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Mi quan h gia hot ng ca Ngn hng thng mi v hot ng ca th trng chng

khon

Mi quan h gia hot ng


ca Ngn hng thng mi
v hot ng ca th trng
chng khon
Bi:
i Hc Kinh T Quc Dn

Th trng chng khon l mt nh ch ti chnh bc cao, l sn phm ca nn kinh t


th trng pht trin. th trng chng khon c th hot ng minh bch, hiu qu
v an ton, khng th thiu c cc t chc ti chnh trung gian trong phi k n
u tin vai tr ca ngn hng thng mi m i din l cc cng ty chng khon thuc
s hu ca ngn hng . Nh cc cng ty chng khon m cc c phiu v tri phiu
c lu thng tp np trn th trng, qua mt lng vn nhn ri c a vo
u t cho pht trin kinh t t nhng ngun vn l t trong cng chng.

Ni n vai tr ca ngn hng thng mi trn th trng chng khon c th n cc


kha cnh sau: v hng ho, v t chc trung gian, v thng tin , v s iu tit cung cu
v v cc inh ch ti chnh trn th trng. l nhng yu t quan trng nht to nn
s pht trin ca mt th trng ni chung v th trng chng khon ni ring. Thng
qua vic phn tch nhng nh hng v tc ng ca ngn hng thng mi n cc yu
t trn ca th trng chng khon s cho ta thy c hn ht vai tr to ln ca ngn
hng thng mi i vi th trng chng khon.

Vai tr ca Ngn hng thng mi trong vic to hng ho cho th trng


chng kho

Hng ho ca th trng ni chung v th trng chng khon ni ring (chng khon)


l yu t khng th thiu c tn ti v pht trin ca th trng. Chng khon c
th nh ngha nh sau: Chng khon l nhng giy t c gi v c kh nng chuyn
nhng, xc nh s vn u t ( t bn u t ), chng khon xc nhn quyn s hu
hoc quyn in hp php, bao gm cc iu kin v thu nhp v ti sn trong mt thi
gian no .

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Mi quan h gia hot ng ca Ngn hng thng mi v hot ng ca th trng chng
khon

Ngn hng thng mi c vai tr rt to ln trong vic to ra hng ho cho th trng


chng khon di hai gc trc tip v gin tip

Trn gc trc tip, cc ngn hng thng mi c th tham gia hot ng vi t cch
l ngi pht hnh v bn c phiu ca mnh( ngn hng c phn). Cc ngn hng c
phn pht hnh c c phiu to ngun vn khi mi thnh lp hoc vn b sung thm
trong qu trnh hot ng. Ngoi ra, tt c cc Ngn hng thng mi khng phn bit
thnh phn s hu c th pht hnh tri phiu huy ng vn t nn kinh t. Nhng
vic ny to cho th trng chng khon mt khi lng hng ho rt ln th trng
th cp. Nh vy, vi t cch l mt t chc kinh doanh n thun trn th trng, Ngn
hng thng mi thng qua cc hot ng pht hnh ca mnh cung cp mt lng
chng khon ln phong ph, a dng v c bit l c cht lng cao cho th trung.
Ngoi cc loi chng khon truyn thng l c phiu v tri phiu, cc cng ty chng
khon thuc Ngn hng thng mi hin nay cn bn tri phiu chnh ph (trung ng
v a phng), chng quyn, tri quyn, cc hp ng tng lai, hp ng quyn chn
v cc sn phm lai to a dng khc ph hp vi thay i trn th trng v mi trng
kinh doanh. Trong nhng th trng mi ni, hng ho v dch v cn ngho nn, n
diu, nu c t chc pht trin tt, cc Ngn hng thng mi c th gp phn ci
thin mi trng u t ny. Mt mi trng u t tt a dng v sn phm, vi chi
ph dich v thp v c li nhun tho ng s thu ht c ngun vn nhn ri cho tng
trng kinh t.

Bn cnh , Ngn hng vi t cch l mt t chc trung gian, thc hin cc nghip
v trung gian chng khon nh bo lnh pht hnh, t vn u t chng khon, ..
gp phn khng nh gip cc doanh nghip khc pht hnh chng khon, gin tip to
s a dng v hng ho cho th trng chng khon. Th nht, phi k n l Ngn
hng thng mi l nhn t gp phn thc y qu trnh c phn ho cc doanh nghip
Nh nc thnh cc cng ty c phn. Ngn hng tham gia vo vic thnh lp cng ty
c phn hoc c phn ho cc doanh nghip Nh nc vi t l c phiu ng k c
iu kin tham gia qun tr kinh doanh, tn nhim. Cng ty c phn d mi thnh lp
hay c phn ho, vn vn cn hn hp so vi yu cu ca k thut v cng ngh hin
i, do ngn hng phi l tr th c lc cho cng ty c phn, to iu kin cho cc
cng ty vay tn dng. Nh vy, chnh ch tn dng v ngn hng x hi ho cc
ngun vn, gii quyt cc mu thun trong s vn ng ca ngun vn gia cc thnh
phn kinh t, xo b tnh cht t nhn cc bit ca ngun vn trong cng ty c phn.
Mt doanh nghip c th bt u hot ng ca mnh bng mt mn n vay ngn hng.
Vay ngn hng l mt c s hot ng ca cc doanh nghip v nng lc kinh doanh
ca h. Cc ngn hng l ngi u tin lp ra vic kim tra cc hot ng ca cng
ty, h quyt nh c nn cho vay hay khng v c nn tip tc cung cp tn dng hay
khng. Ngn hng s cung cp kinh doanh nu bit c rng mt Cng ty thnh cng
cui cng c th hot ng kinh doanh trn th trng chng khon. Nh vy k cng
ti chnh ca ngn hng s a cng ty vo th trng chng khon, gin tip b sung
mt lng hng ho cho th trng. Th hai, ngn hng thng mi cng gi mt vai

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Mi quan h gia hot ng ca Ngn hng thng mi v hot ng ca th trng chng
khon

tr quan trng trong vic gip cc cng ty pht hnh chng khon trn th trng s cp.
Khi nhng nh sng lp mt cng ty no mun pht hnh chng khon thu ht
vn, h c th da vo uy tn, v kinh nghim ca ngn hng k hp ng v vic
pht hnh v bn cc chng khon ca mnh. Nh vy, Ngn hng thng mi thc hin
chc nng mi gii pht hnh chng khon gia ngi mun bn v ngi mun mua
chng khon. Khi m nhn vai tr ny, Ngn hng s gip cho nhng ngi sng lp
cng ty chn la loi chng khon pht hnh, t vn v cc vn nh li sut chng
khon, thi hn chng khon, v cc vn k thut khc. Trong nhng trng hp c
bit, nh s pht hnh mt lng chng khon kh ln, cc Ngn hng c th cng nhau
chia s vic d nh s pht hnh ny nhm gim thiu ri ro, hoc mua ton b cc c
phiu, tri phiu pht hnh mi v sau bn li cho cng chng. Bn cnh , bng
cch cung cp dch v t vn c phn ho, t vn nim yt, thc hin bo lnh pht hnh
chng khon trong t pht hnh v gip nh u t pht hnh v gip nh u t nh
gi ng v chnh xc v gi tr cc khon u t ca mnh, bng cch d cng ty chng
khon s pht huy c vai tr to sn phm hng ho ni cho th trng.

Vai tr trung gian chng khon ca Ngn hng thng mi

Bt k mt th trng no, th trng ti chnh ni chung v th trng chng khon ni


ring mun hot ng v pht trin th ddeuf n vai tr ca cc trung gian. Khng phi
nh kinh doanh no cng c th gp ngay c nhng i tng cn mua chng khon
c hai cng thc hin vic mua bn ln nhau. Cng nh khng phi bt k ngi dn
no mun u t vo chng khon cng c th nhanh chng hiu bit, thng tin
tm c cho mnh ni mua loi chng kho hp ti tin, c mc li sut v thi gian
o hn ng nh mun. Do nhng hn ch ny v nhu cu tin li cho cc ch th,
trn th trng xut hin nhng ngi trung gian a ng dn li, ngi bn v
ngi mua gp nhau theo ng yu cu ca c hai bn. Cc trung gian s gip cho hot
ng ca cc th trng c sun s, nhanh chng v hiu qu, l iu kin cn v
cho s pht trin ca th trng. V Ngn hng thng mi chnh l mt t chc trung
gian quan trng nht trong th trng ti chnh ni chung v th trng chng khon
ni ring. Trong th trng chng khon, vi t cch l mt t chc trung gian, Ngn
hng thng mi s a ng dn li hai bn gp nhau thng qua cc nghip v ca
ngn hng trn th trng chng khon. Ngn hng thng mi vi kin thc rng, am
hiu tnh hnh kinh t chung v rt rnh hot ng ca cc cng ty. Do vy, ngn hng
thng mi khng phi l mt ngi mi gii thng thng, m gi vai tr v cng
ch ng trong vic thng lng chng khon, thay th thn ch cam kt mua bn
chng khon vi gi nh sn do chnh trung gian chng khon la chn. Vi cc nghip
v ch yu ca minh trn th trng chng khon nh kinh doanh chng khon, mi
gii chng khon v bo lnh chng khon gp phn vo hot ng c hiu qu ca
th trng chng khon. Qu tht, Ngn hng thng mi thng qua cc cng ty chng
khon ca mnh thc hin tt vai tr cu ni gia nh u t vi cc doanh nghip,
gp phn to knh huy ng vn mi thc s hiu qu cho n n kinh t thng qua vic
y mnh hn na nghip v mi gii v bo lnh chng khon, nng cao cht lng v

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Mi quan h gia hot ng ca Ngn hng thng mi v hot ng ca th trng chng
khon

m rng hn na t vn u t chng khon, tng cng tip xc vi cc doanh nghip


di mi hnh thc nhm gii thiu kh nng huy ng vn qua knh th trng chng
khon cho cc doanh nghip. Khi thc hin mi gii chng khon, cc cng ty chng
khon c hai nhim v chnh l: nhim v cung cp thng tin v t vn khch hng (
thng qua cc nhn vin lnh ngh, cng ty chng khon cung cp cho khch hng cc
bo co nghin cu v cc khuyn ngh u t); ng thi, cung cp cc sn phm v
dich v ti chnh, gip khch hng thc hin giao dch theo yu cu v v li ch khch
hng. Vi nhim v ny, nhn vin mi gii nhn n t hng t khch hng v thc
hin giao dch cho h. Qu trnh ny bao gm cc tc nghip t hng dn khch hng
m ti khon ti cng ty, tin hnh truyn lnh, xc nhn giao dch,thanh ton v chuyn
kt qu giao dch cho khch hng. Khng ch dng , sau khi giao dch c thc
hin, ngi mi gii cn phi tip tc qun l ti kon ca khch hng, a ra nhng
khuyn co v cung cp thng tin, theo di nm bt nhng thay i trong i sng,
cng vic ca khch hng m c th dn n nhng thay i trong tnh trng ti chnh
v thi chp nhn ri ro ca khch hng, t xut chin lc u t mi thch
hp hn. Trn th trng s khai, khi sn phm hng ho cn n gin, nh u t c
th cha c nhu cu s dng dch v t vn v do mt bng dn tr thp nn ho ng
tip th, gii thiu sn phm trn din rng li gi vai tr cc k quan trng. C th ni,
hot ng mi gii u t chng khon dng thi cha ng hm lng t vn u t
kh cao, ngi u t trng ch ngi mi gii cho bit khi no th nn mua, lc no
nn bn chng khon v cung cp thng tin v tnh hnh din bin trn th trng.

Qu tht vi vai tr mt trung gian trn th trng chng khon, ngn hng thng mi
ng gp rt to ln vo s pht trin ca th trng. k thm vo nhng ng gp
ca ngn hng thng mi vi t cch mt trung gain chng khon, ta c th k n
vai tr ca ngn hng nhu qun l ti khon tin gi ca php nhn v th nhn to tin
cho vic tch lu vn mua bn chng khon, kinh nghim v hot ng tn dng
ca ngn hng to iu kin cho vic mua bn chng khon c thun li khi c nhu
cu u t v c bit l kinh nghim v t chc thanh ton gip ngn hng thng mi
thc hin tt vic chi tr trong mua bn chng khon. Khi c th trng chng khon,
cc quan h mua bn chng khon din ra thng xuyn, nhiu khi chng mt nht l
th trng chng khon th cp. Cc quan h mau bn bao gi cng ko theo quan h
thanh ton: Ngi mua tr tin cho ngi bn, ngi bn giao chng khon cho ngi
mua. C th ti hng trm mi quan h thanh ton din ra vi tc rt nhanh, hng
ngn giao dch mi ngy ti S giao dch chng khon ca nhiu nc. Qua c th
thy vai tr lm trung gian thanh ton ca ngn hng thng mi trn th trng chng
khon l khng th ph nhn, gp phn thc y cho s pht trin ca th trng chng
khon.

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Mi quan h gia hot ng ca Ngn hng thng mi v hot ng ca th trng chng
khon

Vai tr iu chnh cung cu chng khon ca ngn hng thng mi trn


th trng chng khon.

Ngn hng thng mi l mt trung gian ti chnh quan trn th trng ti chnh vi hot
ng c bn nht l nhn tin gi v tin hnh cho vay nhm p ng cc nhu cu v
vn trong nn kinh t. V chnh hot ng ny c tc ng rt ln n hot ng ca th
trng chng khon, m c th l gi c, cung v cu ca chng khon trn th trng.
Bi l xet cho cng, mc ch ca bt k nh u t no di bt k hnh thc no cng
xut pht t mc tiu cui cng, l mc tiu li nhun. Vic h quyt nh u t vo
lnh vc no l tu thuc vo nhng nhn nh v d on ca h v kh nng sinh li,
em li thu nhp, v mc ri ro ca n. Chnh v vy m li sut tin gi v cho vay
ca cc ngn hng cng c tc ng khng nh n mc cung cu chng khon trn th
trng v gi ca nhng chng khon .

Khi nim li sut dng ch mc li sut p dng cho c khon vay v cho vay gia
c ngn hng trn th trng lin ngn hng v cc khch hng ca h trn th trng.
Cn li sut c phiu hay tri phiu, ni chung l li sut chng khon l mc li sut
qui nh sn trn mi tri phiu hoc mc li d kin s nhn c vo lc chia c tc
ca c phiu. ng thi, i vi c phiu l k vng tng lai v gi c phiu gia
tng.

Quan h gia li sut v li sut chng khon l mi quan h gin tip tc ng i vi


gi ca chng khon. Nu li sut cao hn li sut chng khon th gi chng khon
s gim. Ngc li, nu li sut thp hn li sut chng khon th gi chng khon s
tng. Trng hp li sut ngn hng gi mc thp hn c th dn n hin tng gi
l phi trung gian hng ho. Lc mi ngi s x n rt tin tut kim v dng n
mua chng khon. Ngc li, khi li sut ngn hng cao, iu ny s khin cho hot
ng trn th trng chng khon gim st v ngi ta thch gi tin vo ngn hng hn
l mua chng khon.

Th gi chng khon khng phi ch cn c vo s tin ghi trn chng khon m cn


ph truc rt nhiu vo mi quan h gia li sut tin gi tit kim v t sut li tc
ca chng khon. Th trng chng khon ch c th hot ng bnh thng nu li
sut tim gi tit kim v t sut li tc ca chng khon cnh tranh c vi nhau v
ho nhp vi nhau, gia ngi mua v ngi bn ch cn vic la chn kh nng ri ro
v quyt nh mo him. Chng hn, nu c tc qu bp bnh v ch mc ti a l
30%/nm, trong khi li sut tin gi ngn hng k hn 1 nm l 50%/nm, th khng
ai mua c phiu v th trng chng khon s kh vn hnh. Ngc li, nu li tc c
phn l 30%/ nm v li sut ngn hng l 25%/ nm, th bt u c s la chn. Ngi
a mo him v thch li sut cao s u t tin ca mnh mau c phiu, cn ngi
thch an bi s gi tin ca mnh vo ngn hng. Xu hng ny s to iu kin vn
hnh th trng chng khon.

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Mi quan h gia hot ng ca Ngn hng thng mi v hot ng ca th trng chng
khon

Mt vai tr khc ca ngn hng thng mi i vi cung cu chng khon trn th


trng chng khon l cung cp c ch gi cho cc khon u t. Th nht, ngn
hng thng mi s to c ch gi chng khon trn th trng th cp thng qua cc
S giao dch chng khon. Cng ty chng khon c vai tr gip nh u t nh gi
ng v chnh xc gi tr khon u t ca mnh thng qua trnh chuyn mn chuyn
nghip, kinh nghim dy dn, v thng tin chnh xc, y . Ton b cc lnh mua
bn chng khon c tp hp ti th trng giao dch tp trugn thng qua cc cng
ty chng khon ca ngn hng thng mi, v trn c s gi chng khon s c
xc nh theo quy lut cung cu. Ngoi ra, thng qua hot ng t doanh, cc cng ty
chng khon ca ngn hng thng mi cn c mt chc nng quan trng l can thip
vo th trng, gp phn iu chnh gi chng khon. Th hai, ngn hng thng mi
cn to c ch gi trn th trng s cp: khi thc hin nghip v bo lnh pht hnh
chng khon, cng ty chng khon thc hin vai tr to c ch gi chng khon thng
qua vic xc nh v t vn cho t chc pht hnh mc gi pht hnh hp l i vi
cc chng khon trong t pht hnh. Thng thng, mc gi pht hnh thng do cc
cng ty chng khon xc nh trn c s tip xc, tm hiu, tho thun vi cc nh u
t tim nng trong t pht hnh v t vn cho t chc pht hnh.

Vai tr ca ngn hng thng mi trong vic cung cp thng tin trn th
trng chng khon

i vi th trng chng khon, thng tin gi mt vai tr ht sc quan trng gip cho
th trng duy tr v pht trin. Thng tin gip cc nh u t quyt nh nhng phng
n u t thu c li nhun ln nht v trnh c nhng ri ro trn th trng.
Thng tin gip cho nhng c quan qun l th trng gim st, qun l th trng mt
cch cht ch v hiu qu. C th ni, ngn hng thng mi c mt ngha rt ln
trong vic cung cp mt knh thng tin rt phong ph v tng i ng tin cy cho
th trng. Hot ng mi gii u t chng khon ca cc ngn hng thng mi lun
cha ng c hm lng t vn u t cao, ngi mi gii chng khon cho bit khi
no nn mua, khi no nn bn chng khon v cung cp thng tin v tnh hnh din bin
trn th trng. Cc cng ty chng khon cung cp dch v y khng ch thc thc
hin lnh ca khch hng, m cn tham gia vo nhiu dch v t vn khc nhau thng
qua nghin cu th trng ri cung cp thng tin cho cc t chc v c nhn u t.
Cc dch v y bao gm: thu thp thng tin cung cp theo yu cu ca khch hng; cung
cp thng ti v cc kh nng u t khc nhau cng nh trin vng ngn v di hn ca
cc khon u t trong tng lai; cung cp thng tin v chnh sch tin t ca Chnh
ph c lin quan n cc khon u t m khch hng cn nhc. Bn cnh , cc ngn
hng thng mi cng cung cp cc thng tin rt ng tin cy v tnh hnh din bin th
trng gip cc c quan qun l th trng c nhng iu chnh ph hp nht. l
mt vi v d v vai tr cung cp thng tin ca cc ngn hng thng mi trn th trng
chng khon.

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Mi quan h gia hot ng ca Ngn hng thng mi v hot ng ca th trng chng
khon

Vai tr ca ngn hng thng mi v nh ch qun l th trng chng


khon

Chnh hot ng ca c Cng ty chng khon thuc cc ngn hng thng mi v cc


nhn vin mi gii ca h l mt yu t gp phn hotn thin mi trng php l cho
hot ng kinh doanh chng khon. Nu mi trng php l khng cht ch v vic
thc hin khng nghim th mu thun s pht sinh c th dn n lm v th trng.
Cng ty chng khon cng c nhn vin ca mnh s a php lut n vi ngi u
t, gio ngi u t lun c thc tm hiu v tun th php lut trong qu trnh tm
kim li ch; ng thi cc cng ty chng khon cng kp thi phn nh cho c nh lm
lut kp thi chnh sa nhng bt cp trong cc vn bn quy phm php lut.

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