Cu 1 : Th trng chng khon l g ?

Th trng chng khon: l mt th trng m ni ngi ta mua bn, chuyn nhng, trao i chng khon nhm mc ch kim li. Tuy nhin, c th l TTCK tp trung hoc phi tp trung. Th trng chng khon l ni din ra cc hot ng giao dch mua bn cc loi chng khon. Vic mua bn c tin hnh hai th trng s cp v th cp. do vy th trng chng khon l ni chng khon c pht hnh v trao i. Vai tr ca th trng chng khon ? + Th trng chng khon l cng c khuyn khch dn chng tit kim v s dng ngun vn tit kim vo cng c u t. + Th trng chng khon l phng tin huy ng vn. + Th trng chng khon l cng c lm gim p lc lm pht. + Th trng chng khon c t chc s l ni cung cp mi thng tin cn thit v cc loi c phiu, chng khon v cc cng ty chng khon. Chc nng ca TTCK 1. Huy ng vn u t cho nn kinh t: Khi cc nh u t mua chng khon do cc cng ty pht hnh, s tin nhn ri ca h c a vo hot ng sn xut kinh doanh v qua gp phn m rng sn xut x hi. Thng qua TTCK, Chnh ph v chnh quyn cc a phng cng huy ng c cc ngun vn cho mc ch s dng v u t pht trin h tng kinh t, phc v cc nhu cu chung ca x hi. 2. Cung cp mi trng u t cho cng chng: TTCK cung cp cho cng chng mt mi trng u t lnh mnh vi cc c hi la chn phong ph. Cc loi chng khon trn th trng rt khc nhau v tnh cht, thi hn v ri ro, cho php cc nh u t c th la chn loi hng ho ph hp vi kh nng, mc tiu v s thch ca mnh. 3. To tnh thanh khon cho cc chng khon: Nh c TTCK cc nh u t c th chuyn i cc chng khon h s hu thnh tin mt hoc cc loi chng khon khc khi h mun. Kh nng thanh khon l mt trong nhng c tnh hp dn ca chng khon i vi ngi u t. y l yu t cho thy tnh linh hot, an ton ca vn u t. TTCK hot ng cng nng ng v c hiu qu th tnh thanh khon ca cc chng khon giao dch trn th trng cng cao. 4. nh gi hot ng ca doanh nghip: Thng qua chng khon, hot ng ca cc doanh nghip c phn nh mt cch tng hp v chnh xc, gip cho vic nh gi v so snh hot ng ca doanh nghip c nhanh chng v thun tin, t cng to ra mt mi trng cnh tranh lnh mnh nhm nng cao hiu qu s dng vn, kch thch p dng cng ngh mi, ci tin sn phm. 5. To mi trng gip Chnh ph thc hin cc chnh sch kinh t v m: Cc ch bo ca TTCK phn nh ng thi ca nn kinh t mt cch nhy bn v chnh xc. Gi cc chng khon tng ln cho thy u t ang m rng, nn kinh t tng trng; ngc li gi chng khon gim s cho thy cc du hiu tiu cc ca nn kinh t. V th, TTCK c gi l phong v biu ca nn kinh t v l mt cng c quan trng gip Chnh ph thc hin cc chnh sch kinh t v m. Thng qua TTCK, Chnh ph c th mua v bn tri phiu Chnh ph to ra ngun thu b p thm ht ngn sch v qun l lm pht. Ngoi ra, Chnh ph cng c th s dng mt s chnh sch, bin php tc ng vo TTCK nhm nh hng u t m bo cho s pht trin cn i ca nn kinh t. Cc thnh phn tham gia trn TTCK ? Nh pht hnh: l cc t chc thc hin huy ng vn thng qua TTCK. Nh pht hnh l ngi cung cp chng khon hng ho ca TTCK.

+ Chnh ph v chnh quyn a phng l nh pht hnh cc tri phiu chnh ph v tri phiu a phng + Cc cng ty l nh pht hnh cc c phiu v tri phiu cng ty. + Cc t chc ti chnh l nh pht hnh cc cng c ti chnh nh cc tri phiuphc v cho hot ng ca h. Nh u t:Nh u t l nhng ngi thc s mua, bn chng khon trn TTCK. Nh u t c th chia thnh 2 loi: Nh u t c nhn v nh u t c t chc. Nh u t c nhn l nhng ngi c vn tm thi nhn ri, tham gia mua bn trn TTCK vi mc ch l tm kim li nhun. Tuy nhin, trong u t th li nhun lun gn lin vi ri ro, li nhun cng ln th ri ro cng cao. Nh u t c t chc, hay cn gi l cc nh ch u t, thng xuyn mua bn chng khon vi s lng ln trn TTCK. u t thng qua cc t chc c u im l c th a dng ho cc danh mc u t. +Cc nh mi gii cng ty chng khon:Cng ty chng khon l nhng cng ty hot ng trong lnh vc chng khon: mi gii, qun l qu u t v t vn u t chng khon Cc t chc qun l iu hnh TTCK: + U ban chng khon: C quan ny c th c nhng tn gi khc nhau, n c thnh lp thc hin chc nng qun l nh nc i vi chng khon. Ti Vit Nam, UBCKNN cng c thnh lp theo ngh nh s 75/CP ngy 28/11/1996 ca chnh ph. +:SGDCK thc hin vn hnh th trng thng qua b my t chc gm nhiu b phn khc nhau. Ngoi ra SGDCK cng ban hnh nhng quy nh iu chnh cc hot ng giao dch chng khon trn s ph hp vi cc quy nh ca php lut v u ban chng khon. Hip hi cc nh kinh doanh chng khon: Hip hi cc nh kinh doanh chng khon l t chc ca cc cng ty chng khon v mt s thnh vin khc hot ng trong ngnh chng khon, c thnh lp vi mc ch bo v li ch cho cc cng ty thnh vin. Nguyn tc hot ng ca TTCK ? Nguyn tc cnh tranh:Gi c trn TTCK phn nh mi quan h cung cu v chng khon v th hin tng quan cnh tranh gia cc cng ty. Nguyn tc cng bng: Nguyn tc ny nhm m bo li ch cho tt c nhng ngi tham gia trn TTCK. Cng bng c ngha l mi ngi tham gia TTCK u phi tun th nhng quy nh chung, c bnh ng trong vic chia s thng tin v trong vic gnh chu cc hnh thc x pht nu vi phm Nguyn tc cng khai:Ngi u t khng th kim tra trc tip c cc chng khon nh cc hng ho thng thng m phi da trn c s cc thng tin c lin quan. V vy TTCK phi c xy dng trn c s h thng cng b thng tin tt. Nguyn tc trung gian:Theo nguyn tc ny, trn TTCK, cc giao dch thc hin thng qua t chc trung gian l cc cng ty chng khon. Nguyn tc tp trung:TTCK phi hot ng trn nguyn tc tp trung. Cc giao dch CK ch din ra trn s giao dch chng khon v th trng OTC, c s kim tra gim st ca c quan qun l nh nc v cc t chc t qun. Cu trc v phn loi c bn ca TTCK ? 1. Cn c vo s lun chuyn cc ngun vn gm : - Th trng s cp l th trng mua bn cc loi chng khon mi pht hnh.Trn th trng ny, vn t nh u t s c chuyn sang nh pht hnh thng qua vic nh u t mua cc chng khon mi pht hnh.

- Th trng th cp l ni giao dch cc chng khon c pht hnh trn th trng s cp, m bo tnh thanh khon cho cc chng khon pht hnh. 2. Cn c vo phng thc hot ng ca th trng Th trng chng khon c phn thnh th trng tp trung (S giao dch chng khon) v phi tp trung ( th trng OTC). 3. Cn c vo hng ho trn th trng ,phn thnh cc th trng gm : - Th trng c phiu: th trng c phiu l th trng giao dch v mua bn cc loi c phiu, bao gm c phiu thng, c phiu u i. - Th trng tri phiu: th trng tri phiu l th trng giao dch v mua bn cc tri phiu c pht hnh, cc tri phiu ny bao gm cc tri phiu cng ty, tri phiu th v tri phiu chnh ph. - Th trng cc cng c chng khon phi sinh l th trng pht hnh v mua i bn li cc chng t ti chnh khc nh: quyn mua c phiu, chng quyn, hp ng quyn chn... Hnh thc giao dch ca TTCK ? 1. Mua bn chng khon ca t chc pht hnh,c th thc hin theo hai hnh thc: - Mua trc tip ti t chc pht hnh(cng ty):nh u t phi ng k mua v np tin trc tip ti t chc pht hnh CK.Hnh thc ny rt bt cp, nht l v mt a l. - Mua thng qua trung gian: tc mua thng qua cc nh i l hoc bo lnh pht hnh, thng thng l cc cng ty chng khon v ngn hng thng mi.. 2. Mua bn chng khon nim yt ti cc s giao dch chng khon: Chng khon nim yt l chng khon c iu kin v tiu chun c ng k mua bn ti cc s giao dch chng khon. Khi mua bn chng khon nim yt phi tun th theo mt s nguyn tc sau: - Mi giao dch mua bn chng khon u phi qua h thng ti s giao dch chng khon theo phng thc khp lnh hoc phng thc tha thun. - Giao dch chng khon thc hin theo phng thc khp lnh trn nguyn tc u tin v gi v u tin v thi gian. - Giao dch chng khon nim yt l l c thc hin trc tip gia ngi u t vi cng ty chng khon thnh vin l thnh vin ca trung tm giao dch chng khon trn nguyn tc tha thun v gi. Quy trnh giao dch chng khon nim yt ti s giao dch chng khon: Ton b quy trnh ny c tin hnh theo nm bc: - Bc 1: Nh u t n m ti khon v t lnh mua hay bn chng khon ti mt cng ty chng khon. - Bc 2: Cng ty chng khon chuyn lnh cho i din ca cng ty ti s giao dch chng khon nhp vo h thng giao dch ca s. - Bc 3: S giao dch chng khon thc hin ghp lnh v thng bo kt qu giao dch cho cng ty chng khon. - Bc 4: Cng ty chng khon thng bo kt qu giao dch cho nh u t. - Bc 5: Nh u t nhn c chng khon (nu l ngi mua) hoc tin (nu l ngi bn) trn ti khon ca mnh ti cng ty chng khon sau ba ngy lm vic k t ngy mua bn nu quy nh v thi gian thc hin thanh ton b tr chng khon l T+3. Phn bit c phiu v tri phiu ?

Ging nhau: - c pht hnh di dng chng ch hoc bt ton ghi s - u c mnh gi c ghi trn b mt c phiu/tri phiu - Li tc c tr theo mt mc c nh Khc nhau: 1.C phiu: - L mt chng th xc nhn quyn s hu trong cng ty v cho php ngi s hu n c hng cc quyn li thng thng trong cng ty c phn c im: - l mt loi chng khon vn, vic pht hnh c phiu lm tng vn ch s hu. - C phiu l mt loi chng khon khng c k hn thanh ton. - C tc s c tr vo cui nin quyt ton - Quyn li v trch nhim ca c ng: + Phn vn gp l vnh vin khng c rt vn li nhng c th chuyn nhng quyn s hu bng cch bn c phiu. Trch nhim ca c ng ch gii hnh trong phn vn gp. + Quyn c hng c tc: c chia li khi cng ty c li tuy nhin c tc ny khng c nh ph thuc vo li nhun v chnh sch chia li hng nm ca cng ty. + Quyn c tham gia qun l cng ty v phi gnh chu nhng ri ro ca cng ty + Quyn li i vi cc t chng khon pht hnh trong tng lai ca cng ty + c hng phc li dnh cho c ng 2.Tri phiu: - L mt lai chng th vay vn do DN pht hnh th hin ngha v v s cam kt ca DN thanh ton s li tc v tin vay vo nhng thi im nht nh cho ngi nm gi tri phiu c im: - L mt lai CK n,vic pht hnh tri phiu huy ng vn vay trung v di hn. - Tri phiu c thi hn: l thi hn i vay ca t chc pht hnh i vi tri ch v c ghi r trn b mt tri phiu - Tri phiu c quy nh li sut v thi hn tr: Khc vi c phiu khng quy nh c th t sut c tc v thi hn tr li. Mi tri phiu c ghi cam kt ca t chc pht hnh thanh ton cho ngi s hu tri phiu mt s tin li c nh vo mt ngy xc nh. - Tri ch l ngi cho vay tin nn c quyn li v ngha v nht nh i vi khon vay ny: + Li tc ca tri phiu khng ph thuc vo kt qu hot ng ca cng ty + c hon vn ng hn hoc trc hn ty tha thun 2 bn + c quyn bn, chuyn i, chuyn nhng, cm c + c thanh ton trc cc c phiu khi cng ty thanh l gii th Phn bit c phiu ph thng v c phiu u i ? CPPT : -mang li li ch t c tc ( phn li nhun sau thu sau khi trch cc qu "u t v pht trin..." chia cho ch s hu v cc ch nhn ca c phiu u i) v gi tr chnh lch khi gi tr th trng ca cng ty nng cao(chnh lch gi c phiu) - mang li quyn b phiu bu ban qun tr cng ty( thng 1 c phiu /1l phiu) v quyn b phiu quyt nh cc vn lin quan n cng ty. - nu cng ty ph sn nhng ngi nm d c phiu thng s c gii quyt quyn li sau khi gii quyt cc khon n v li ch cho ngi nm gi c phiu u i

- nhng ngi nm gi c phiu thng c quyn duy ch t l c phn bng vic c u tin mua trc khi cng ty pht hnh thm c phiu(o p buc) CP U.i : - cho php ch s hu n c tr c tc trc c ng nm gi c phiu thng - ch s hu khng c quyn biu quyt nh c phiu thng - c tr c tc mt lng nht nh ko thay i ngay c khi lm n thua l -khi cng ty ph sn c u tin hon tr ti sn trc! * nhn trung c phiu u i c u th v mt nhn c c tc n nh ch c khuyt im l cng ty lm n tt th c tc vn ko thay i. Cu 3 :Th trng s cp Th trng s cp l ni din ra qu trnh mua bn ln u cc chng khon mi pht hnh. Th trng s cp cn c gi l th trng cp mt hay th trng pht hnh. 2. Chc nng :Th trng s cp thc hin chc nng quan trng nht ca th trng chng khon, l huy ng vn cho u t. Th trng s cp va c kh nng thu gom mi ngun vn tit kim ln nh ca tng h dn c, va c kh nng thu ht ngun vn to ln t nc ngoi; cc ngun vn tm thi nhn ri t cc doanh nghip, cc t chc ti chnh, chnh ph to thnh mt ngun vn khng l ti tr cho nn kinh t, m cc phng thc khc khng th lm c. Nh vy, th trng s cp to ra mi trng cho cc doanh nghip gi vn m rng sn xut kinh doanh, gip Nh nc gii quyt vn thiu ht ngn sch thng qua vic pht hnh tri phiu, c thm vn xy dung c s h tng. N cng trc tip ci thin mc sng ca ngi tiu ding bng cch gip h chn thi im cho vic mua sm ca mnh tt hn. Cc phng php pht hnh chng khon C 2 phng php pht hnh chng khon trn th trng s cp. l pht hnh ring l v pht hnh ra cng chng. 1. Pht hnh ring l Pht hnh ring l l qu trnh trong chng khon c bn trong phm vi mt s ngi nht nh (thng thng l cho cc nh u t c t chc), vi nhng iu kin (khi lng pht hnh) hn ch. Vic pht hnh chng khon ring l thng thng chu s iu chnh ca Lut cng ty. Chng khon pht hnh theo phng thc ny khng phI l i tng giao dch ti S giao dch chng khon. 2. Pht hnh ra cng chng Pht hnh ra cng chng l qu trnh trong chng khon c bn rng ri ra cng chng, cho mt s lng ln ngi u t, trong tng lng pht hnh phi ginh mt t l nht nh cho cc nh u t nh v khi lng pht hnh phi t c mt mc nht nh. Nhng cng ty pht hnh chng khon ra cng chng c gi l cc cng ty i chng. C s khc nhau gia pht hnh c phiu v pht hnh tri phiu ra cng chng? * Pht hnh c phiu ra cng chng c thc hin theo mt trong hai hnh thc sau: - Pht hnh ln u ra cng chng (IPO): l vic pht hnh trong c phiu ca cng ty ln u tin c bn rng ri cho cng chng u t.

- Cho bn s cp (phn phi s cp): l t pht hnh c phiu b sung ca cng ty i chng cho rng ri cng chng u t. * Pht hnh tri phiu ra cng chng c thc hin bng mt hnh thc duy nht, l cho bn s cp (phn phi s cp). Vic pht hnh chng khon ra cng chng phi chu s chi phi ca php lut v chng khon v phi c c quan qun l nh nc v chng khon cp php. Nhng cng ty pht hnh chng khon ra cng chng phi thc hin mt ch bo co, cng b thng tin cng khai v chu s gim st ring theo qui nh ca php lut chng khon. Vit Nam, vic pht hnh chng khon ra cng chng nim yt ti Trung tm giao dch chng khon phi tun theo cc qui nh ti Ngh nh 48/1998/N-CP ngy 11/7/1998 ca Chnh ph v chng khon v th trng chng khon. Ngh nh ny qui nh vic pht hnh chng khon ra cng chng nim yt ti th trng giao dch tp trung phi c U ban chng khon cp php tr vic pht hnh tri phiu Chnh ph. Cc chng khon ny sau khi c pht hnh ra cng chng s c nim yt ti Trung tm giao dch chng khon. Mc ch ca vic phn bit hai hnh thc pht hnh (pht hnh ring l v pht hnh ra cng chng nh trn l nhm c cc bin php bo v cho cng chng u t, nht l nhng nh u t nh khng hiu bit nhiu v lnh vc chng khon. Nhm mc ch ny, c php pht hnh ra cng chng, t chc pht hnh phi l nhng cng ty lm n c cht lng cao, hot ng sn xut kinh doanh c hiu qu, p ng c cc iu kin do c quan qun l nh nc v chng khon (U ban chng khon nh nc) qui nh. Cu 4 : Th trng chng khon th cp l th trng giao dch cc chng khon c pht hnh trn th trng s cp. Th trng th cp l ni giao dch cc chng khon c pht hnh trn th trng th s cp. Th trng m bo tnh thanh khon cho cc chng khon pht hnh. y l ni trao i, mua bn cc chng khon c pht hnh. Nh u t mua i bn li chng khon nhm vo mt trong cc mc ch: ct gi ti sn ti chnh, nhn mt khon thu nhp c nh hng nm, hng chnh lch gi. Th trng th cp: to ra kh nng chuyn i chng khon thnh tin mt d dng, thun tin; Tin thu c y khng thuc v nh pht hnh m thuc v nh u t bn chng khon, nhng li quyn s hu chng khon cho nh u t khc. c im + Th trng c tnh cht cnh tranh hon ho. + Th trng c tnh lin tc. + Khi lng v nhp giao dch ln gp nhiu ln so vi th trng chng khon s cp. + Hot ng ch yu ca th trng chng khon th cp l cc nh u t thc hin chuyn giao quyn s hu chng khon v tin cho nhau. Xt v phng thc t chc v giao dch, th trng chng khon bao gm 3 loi: S giao dch chng khon, Th trng phi tp trung (OTC), v th trng th 3. - Th trng tp trung (S giao dch chng khon): l th trng trong vic giao dch mua bn chng khon c thc hin ti mt a im tp trung gi l sn giao dch (trading floor). Cc chng khon c nim yt ti S giao dch thng thng l chng khon ca nhng cng ty ln, c danh ting, qua th thch ca th trng. Phng thc giao dch ti S giao dch l phng thc u gi, trong cc lnh mua, bn c ghp

vi nhau hnh thnh gi c cnh tranh tt nht. - Th trng phi tp trung (OTC): l th trng trong vic giao dch mua bn chng khon khng din ra ti mt a im tp trung m thng qua h thng computer ni mng gia cc thnh vin ca th trng. Cc chng khon c giao dch trn th trng phi tp trung l chng khon ca cc cng ty va v nh. Phng thc giao dch ti th trng OTC l phng thc tho thun, gi c chng khon c xc nh trn c s tho thun gia cc thnh vin ca th trng. - Th trng th 3: l th trng, trong hot ng giao dch mua bn chng khon khng c thc hin thng qua h thng u gi ca cc S giao dch v h thng computer ca th trng OTC. Hnh thc s hu ca S giao dch S giao dch chng khon l mt t chc c t cch php nhn c thnh lp theo quy nh ca php lut. Lch s pht trin S giao dch chng khon cc nc v ang tri qua cc hnh thc s hu sau y: - Hnh thc s hu thnh vin: S giao dch chng khon do cc thnh vin l cng ty chng khon s hu, c t chc nh mt cng ty trch nhim hu hn, c Hi ng qun tr m thnh phn a s do cc cng ty chng khon thnh vin c ra. VD: S giao dch chng khon Hn Quc, Newyork, Tokyo, ThiLan. - Hnh thc cng ty c phn: S giao dch chng khon c t chc di hnh thc cng ty c phn c bit do cc cng ty chng khon thnh vin, ngn hng, cng ty ti chnh, bo him s hu vi mc tiu l li nhun theo qui nh ca Lut cng ty. VD: c, Malaysia, London, Hongkong - Hnh thc s hu nh nc: S giao dch chng khon do Nh nc s hu (phn ln hoc ton b) nh trng hp S giao dch chng khon Warsawar, Istabul, Vit Nam Trong cc hnh thc trn, hnh thc s hu thnh vin l ph bin nht. Hnh thc ny cho php S giao dch chng khon c quyn t qun mc nht nh, nng cao c tnh hiu qu v s nhanh nhy trong vn qun l hn l hnh thc s hu nh nc. Tuy nhin, trong nhng hon cnh lch s nht nh, vic Chnh ph nm quyn s hu v qun l S giao dch s cho php ngn nga s ln xn, khng cng bng khi hnh thc s hu thnh vin cha c bo v bng h thng php l y v r rng. V d nh trng hp ca Hn Quc, S giao dch chng khon c thnh lp t nm 1956 nhng n nm 1963 b v phi ng ca 57 ngy do cc thnh vin s hu S giao dch chng khon gy ln xn trong th trng; sau Nh nc phi ng ra nm quyn s hu S giao dch chng khon trong thi gian kh di t nm 1963 n 1988.

Cu 9 : Phn bit th trng s cp v th trng th cp Cn c vo thi hn lun chuyn ca vn ngi ta chia TTCK ra lm 2 loi : A, Th trng s cp: - L th trng mua bn cc CK ln u c pht hnh qua huy ng vn a v u t - Th trng ny cung cp hng ha cho TTCK , c kh nng thu gom mi ngun vn tit kim ln nh ca tng h dn c va c kh nng thu ht ngun vn to ln t nc ngoi, cc ngun vn tm thi nhn ri t cc dn, cc t chc ti chnh, chnh ph to thnh mt ngun vn khng l ti tr cho nn kinh t mt cch c hiu qu, h of TTCK cng lm tng vn cho nh pht hnh thng qua vic bn CK cho nh u t - N cng trc tip ci thin mc sng ca ngi tiu dung bng cch gip h chn thi im cho vic mua sm ca mnh tt hn - Vic mua bn CK trn TT s cp thng c tin hnh thng qua trung gian l NH - Phng thc pht hnh chng khon : pht hnh ring l v pht hnh ra cng chng - Th trng ny h khng lin tc B, Th trng th cp: - L th trng mua i bn li cc loi CK c pht hnh ln u th trng s cp - Th trng th cp to k d dng bn nhng CK pht hnh th trng s cp TT th cp ny lm cho cc CK c tnh lng hn, tnh lng ny lm cho CK c a chung v s lm cho cc t chc d dng hn cho cc t chc pht hnh bn chng th trng s cp - TT th cp x gi bn of mi loi CK m t chc pht hnh bn th trng s cp Mc d TT th cp khng lm tng them vn u t cho nn kt nhng chnh nh 2 chc nng ny m th trng th cp c v tr quan trng trong tng th th trng ti chnh - Vic mua bn trn TT th cp c tin hnh thng qua cc cng ty mi gii - Th trng th cp c t chc theo 2 cch: Th trng tp trung, TT phi tp trung, TT th 3 l th trng trong h giao dch mua bn c thc hin thng qua h thng u gi ca S giao dch v h thng my tnh ca th trng OTC - Th trng ny h lin tc,cc CK c mua i bn li lm tng kh nng thanh khon cho CK . 2 th trng ny c mi quan h mt thit vi nhau, th trng s cp to c s hng ha cho TT th cp....,2 th trng ny b sung cho nhau thc y nhau cng pht trin.