Trng i Hc Kinh T TPHCM Khoa Ngn hng B Mn Th Trng Ti Chnh ----------

Th trng Ti chnh

GVHD: Thy L Vn Lm

TH TRNG PHI TP TRUNG (OTC) VIT NAM THC TRNG V GII PHP

GVHD: Thy L Vn Lm Thc hin: nhm TC11 - K34 Hunh Minh Trung Phan Phc Ngha Phm Thy Linh V Th Kim Hnh Dng Th M Trang Hunh Xun Quc Nguyn Vit Thng Vng Th Hong Phan Ngc V

Nhm TC 11 K34

Trang 2

Th trng Ti chnh

GVHD: Thy L Vn Lm

LI CAM N Trc het chung em xin chan thanh cam n Thay Le Van Lam a tao eu kien cho nhom TC11 Khoa 34 chung em c t nghien cu ve chu e Th trng phi tap trung (OTC) Viet Nam, Thc trang va Giai Phap. No khong ch giup ch trong van e t nghien cu hoc tap ma con ren luyen rat nhieu ve mat ky nang cho chung em. Hy vong ngay cang se co nhieu bai tieu luan va thc hanh e ngay cang nang cao chat lng trong hoc tap, mang s thc te en vi sinh vien noi chung va ac biet la sinh vien H Kinh te TPHCM noi rieng,mot khoi nganh rat can s thc te va nang ong. Mac du nhom em a co rat nhieu co gang, nhng van khong the nao tranh nhng sai sot ve mat noi dung va nhan thc ve th trng OTC. H KINH TE, TPHCM, 8/12/2009

Nhm TC 11 K34

Trang 3

Th trng Ti chnh

GVHD: Thy L Vn Lm

Nhom trnh

thuyet

Nhm TC 11 K34

Trang 4

Th trng Ti chnh

GVHD: Thy L Vn Lm

Mc lc
Li cm n........................................................................................................................2 Mc lc .............................................................................................................................3 Chng 1: C s l thuyt v th trng chng khon phi tp trung .........................4
1.1. Khi nim th trng OTC .................................................................................4 1.2. V tr v vai tr ca th trng OTC...................................................................4 1.2.1. V tr..................................................................................................4 1.2.2. Vai tr ca th trng OTC.............................................................4 1.3. c im th trng chng khon phi tp trung...............................................5 1.4. So snh th trng tp trung v th trng phi tp trung ................................7 1.5. Bi hc kinh nghim cc nc.............................................................................8

Chng 2: Thc trng th trng OTC Vit Nam...................................................12

2.1. Cch thc t chc v quy m th trng OTC................................................12 2.2. Phng thc giao dch ......................................................................................14 2.3. Phng thc thu thp thng tin .......................................................................18 2.4. Nhng tiu cc v ri ro trn th trng OTC ...............................................20

Chng 3: Gii php pht trin th trng OTC Vit Nam ...................................23 Ti liu tham kho ........................................................................................................24

Nhm TC 11 K34

Trang 5

Th trng Ti chnh

GVHD: Thy L Vn Lm

Chng 1: C S L THUYT V TH TRNG CHNG KHON PHI TP TRUNG

1.1. Khi nim th trng OTC: 1

Th trng OTC hay cn gi l th trng giao dch phi tp trung, l th trng c t chc khng da vi mt mt bng giao dch c nh nh th trng sn giao dch (th trng giao dch tp trung), m da vo h thng vn hnh theo c ch cho gi thng lng v cnh tranh thng qua s tr gip ca cc phng tin thng tin. Th trng OTC khng c khng gian giao dch tp trung. Th trng ny c cc t chc chng khon cng nhau duy tr, vic giao dch thng tin c da vo h thng in thoi v Internet vi s tr gip ca cc thit b u cui. Tnh thanh khon ca cc loi chng khon trn th trng OTC thng thp hn th trng giao dch tp trung, cha ng nhiu ri ro hn, song cng c th em li nhiu li nhun hn.
1.2. V tr v vai tr ca th trng OTC: 2 1.2.1.V tr :

Th trng OTC l mt b phn cu thnh th trng chng khon, lun tn ti v pht trin song song vi th trng chng khon tp trung (cc S giao dch chng khon).Tuy nhin, do c im khc bit vi th trng tp trung c ch xc lp gi thng lng v tha thun l ch yu, hng ha trn th trng a dng. V vy, th trng OTC c v tr quan trng trong cu trc th trng chng khon, l th trng b phn h tr cho th trng tp trung.
1.2.2.Vai tr ca th trng OTC:
1 FPT Securities,

Th trng OTC l g? http://fpts.com.vn/VN/Ho-tro/Kien-thuc/Co-ban/2008/07/3B9B81CB/ 2 Sch C bn v th trng chng khon, trng i Hc Kinh t Quc Dn Nhm TC 11 K34 Trang 6

Th trng Ti chnh

GVHD: Thy L Vn Lm

Th trng OTC ng vai tr th trng th cp, do c nhng vai tr c bn sau: To mi trng u t linh hot, thun li cho cc nh u t. Do cc c phiu trn th trng OTC c tnh thanh khon rt cao nn tha mn c tm l mong mun t sut sinh li cao nhng c th d dng rt vn ca cc nh c vn v mong mun huy ng vn di hn n nh vi chi ph thp ca nh cn vn.

To th trng cho cc chng khon ca cc cng ty va v nh, cc chng khon cha iu kin nim yt. Th trng OTC to ra c hi u t khc nhau km vi ri ro khc nhau nn tha mn c nhu cu ca tt c i tng trong x hi, do cc cng ty va v nh c th tham gia huy ng vn pht trin sn xut kinh doanh.

H tr v thc y th trng chng khon tp trung pht trin. Th trng OTC c c ch rng m hn th trng tp trung, nn d dng huy ng vn hn, tnh thanh khon cng cao hn. T to ra mt s cnh tranh mnh m trong vic thu ht nh u t, thc y cc doanh nghip s dng hiu qu ngun vn huy ng.

Hn ch, thu hp th trng t do, gp phn m bo s n nh v lnh mnh ca th trng chng khon. Hin nay, vic mua bn chng khon chng khon trn th trng t do khng chu s kim sot ca Nh nc nn vic u c, la o, lm gi c th khin th trng chng khon st gim uy tnh, tnh thanh khon, ngun vn. Nn vic pht trin th trng OTC l cn thit hon thin th trng chng khon.

1.1. c im th trng chng khon phi tp trung: 3

1.1.1.Hnh thc t chc:

OTC c t chc theo hnh thc phi tp trung, khng c a im giao dch mang tnh tp trung gia bn mua v bn bn.

Th trng s din ra ti cc a im giao dch ca ngn hng, cng ty chng khon, hoc cc a im thun tin cho ngi mua v ngi bn.
3 Sch

C bn v th trng chng khon, trng i Hc Kinh t Quc Dn Trang 7

Nhm TC 11 K34

Th trng Ti chnh

GVHD: Thy L Vn Lm

1.1.1.Cc loi chng khon giao dch trn th trng: C 2 loi: Loi 1: cc chng khon cha iu kin nim yt trn sn tp trung, nhng p ng c cc iu kin v tnh thanh khon v yu cu ti chnh ti thiu ca th trng OTC, trong ch yu l cc chng khon ca cc cng ty va v nh, cng ty cng ngh cao v c tim nng pht trin. Loi 2: cc chng khon nim yt trn sn tp trung v b hy giao dch
1.1.1.C ch xc lp gi trn th trng:

Ch yu c thc hin thng qua phng thc thng lng v tha thun song phng gia bn mua v bn bn. Gi s ph thuc vo tng nh kinh doanh i tc trong giao dch nn c nhiu mc gi khc nhau i vi 1 chng khon trong cng 1 thi im. Tuy nhin hin nay c cc nh to lp th trng cng vi c ch bo gi tp trung qua mng my tnh dn n cnh tranh gi mnh m gia cc nh kinh doanh. Do , khong chnh lch gia cc mc gi s thu hp li do din ra s u gi gia cc nh to lp th trng vi nhau.
1.1.1.C s tham gia v vn hnh ca cc nh to lp th trng:

l cc cng ty giao dch mi gii. Nhim v quan trng nht ca cc nh to lp th trng l to ra tnh thanh khon cho th trng thng qua vic nm gi mt lng chng khon sn sng mua bn, giao dch vi khch hng.
1.1.2.OTC l th trng s dng h thng mng my tnh in t rng

Lin kt tt c cc i tng tham gia th trng. V vy, th trng OTC cn c gi l th trng mng hay th trng bo gi in t. H thng mng ca th trng c cc i tng tham gia th trng s dng t lnh giao dch, m phn thng lng gi, truy cp v thng bo cc thng tin lin quan n giao dch chng khon ... Chc nng ca mng c s dng rng ri trong giao dch mua bn v qun l trn th trng OTC. 1.1.3.Qun l th trng OTC: Chia thnh 2 cp:

Nhm TC 11 K34

Trang 8

Th trng Ti chnh

GVHD: Thy L Vn Lm

Cp qun l Nh nc: do c quan qun l th trng chng khon trc tip qun l theo Php lut v chng khon v cc lut c lin quan, thng c gi l y ban chng khon. Cp t qun: c th do Hip hi cc nh kinh doanh chng khon qun l (M, Thi Lan, Nht Bn), hoc do s giao dch ng thi qun l (Anh, Php, Canada). Ni dung v mc qun l mi nc l khc nhau, ty thuc vo iu kin, c th tng nc, nhng u c chung mc tiu l m bo n nh v pht trin lin tc ca th trng.
1.1.1.C ch thanh ton trn th trng OTC:

Linh hot v a dng ty theo tng thng v v s pht trin ca thb trng. V d: c ch thng lng v tha thun to nn phng thc thanh thon th trng OTC linh hot gia ngi mua v ngi bn; thi hn thanh ton T+0, T+1, T+2, , T+x trn cng mt th trng, tu theo tng thng v v s pht trin ca th trng.
1.2. So snh th trng tp trung v th trng phi tp trung: 4

1.2.1.Ging nhau: u l th trng c t chc, chu s gim st, qun l ca Nh nc. Hot ng ca th trng chu s chi phi ca h thng Lut chng khon 1.1.1.Khc nhau: Th trng phi tp trung (OTC) - a im giao dch l phi tp trung tha thun gi l ch yu - Trn th trng c nhiu mc gi i vi - Ch c mt mc gi cho mt chng khon mt chng khon trong cng mt thi im trong mt thi im. - Giao dch cc loi chng khon c ri - Giao dch cc loi chng khon c ri ro cao. rng
4 Sch

Th trng tp trung - a im giao dch tp trung

- Giao dch bng c ch thng lng v - Giao dch thng qua u gi tp trung

ro thp hn. hoc khng.

C bn v th trng chng khon, trng i Hc Kinh t Quc Dn Trang 9

- S dng h thng mng my tnh din - C th s dng mng my tnh din rng

Nhm TC 11 K34

Th trng Ti chnh

GVHD: Thy L Vn Lm

- Ch c mt nh to lp th trng cho mt - C cc nh to lp th trng cho mt loi loi chng khon, l cc chuyn gia chng chng khon. - T chc qun l trc tip l S giao dch hoc Hip hi cc nh kinh doanh chng khon. - C ch thanh ton b tr a phng thng - C ch thanh ton l linh hot v a dng. nht.
1.2. Bi hc kinh nghim cc nc: 5

khon ca S - T chc qun l trc tip l S giao dch.

T thc tin ca cc nc trong qu trnh hnh thnh v pht trin th trng OTC, c th rt ra mt s bi hc kinh nghim sau: 1.2.1.V iu kin cn thit xy dng mt OTC y l vn rt quan trng, theo kinh nghim cc nc, th trng OTC ch c th ra i v tn ti c khi c cc iu kin cn thit. Mi c gng ch quan thc p cho th trng OTC ra i khng ng lc s rt nguy him. Cc iu kin cn thit phi c l: 1.2.1.1.iu kin n nh kinh t v th trng (tc l nn kinh t phi c mc tng trng n nh v vng chc, lm pht c kim ch, mi trng chnh tr x hi n nh, i sng ca nhn dn c m bo v c tit kim).

1.2.1.2.iu kin vt cht (tc l phi m bo lng hng ho cho th

trng vi cc loi CK khc nhau, h thng cc t chc ti chnh trung gian a dng, i ng ng o cc nh u t nhit tnh v c thc tit kim cho u t pht trin). 1.2.1.3.iu kin con ngi (tc l phi c i ng cn b qun l, kinh doanh c trnh qun l v kinh doanh, c lc lng ng o cc nh u t c kin thc, dm ng u vi ri ro v mo him).

5 Lun

vn Mt s gii php hnh thnh v pht trin th trng chng khon phi tp trung Vit Nam Nhm TC 11 K34 Trang 10

Th trng Ti chnh

GVHD: Thy L Vn Lm

1.2.1.4.iu kin php l (tc l phi c c s php l y , ng b, bo m cho TTCK phi tp trung hot ng an ton, lnh mnh v n nh). 1.2.1.5.iu kin k thut (tc l h thng thit b k thut in n chng khon, nh gi, chuyn lnh mua, lnh bn, thanh ton tin v chng khon, k thut chuyn quyn s hu chng khon, ng k, lu gi v sang tn).

1.2.2.V s tham gia ca cc nh u t nc ngoi trn th trng OTC

Vic nm gi CK ca cc nh u t nc ngoi i vi cc CK c giao dch trn TTCK phi tp trung rt hn ch v cc nc u t ra thn trng. Mc tiu ca vic hn ch ny l nhm trnh cc hot ng thao tng th trng ca cc nh u t nc ngoi, nht l trong giai on th trng mi i vo hot ng, khi vic n nh th trng v to dng uy tn i vi cc nh u t cng nh nhng ngi tham gia th trng l ht sc quan trng. 1.2.3.V s tham gia ca hng ho CK nc ngoi Kinh nghim pht trin th trng OTC trn th gii cho thy, i vi cc nc trong giai on u khng cho php cc CK nc ngoi tham gia vo th trng, cc CK tham gia th trng ch yu l cc CK Nh nc, CK ca cc cng ty thuc s hu Nh nc, CK ca cc doanh nghip va v nh. Cc chnh sch ny nhm mc tiu tng cng huy ng cc ngun vn phc v cho pht trin kinh t quc gia, ng thi hn ch c nhng tc ng bn ngoi vo th trng trong nc. Tuy nhin vic nim yt cc CK ca cc cng ty trong nc ra th trng quc t li c khuyn khch. 1.2.4.V vic duy tr bin giao dch hp l nhm n nh th trng Mc d vic duy tr bin giao dch c nh hng n tnh linh hot ca th trng, tuy nhin m bo an ton cho th trng, trnh bin ng qu mc, nhiu SGDCK cng nh TTCK phi tp trung vn s dng bin giao dch (t l bin dao ng trong ngy so vi mc gi ng ca ca ngy trc ). 1.2.5.V quy nh i vi cc cng ty tham gia nim yt Hu ht cc TTCK phi tp trung trn th gii u quy nh cc tiu chun c th i vi vic c chn tham gia nim yt CK trn th trng ny nhm m bo cho th trng c hng ho cht lng cao cng nh cc giao dch c thng sut, cc tiu chun thng l v: thi gian thnh lp, vn iu l, vn c phn, s lng cc c ng, t l n, t l li nhun trn vn gp, tnh trng n.
Nhm TC 11 K34 Trang 11

Th trng Ti chnh

GVHD: Thy L Vn Lm

1.2.6.Thnh lp OTC sau mi pht trin ln thnh TTCK tp trung (SDGCK) Lch s pht trin TTCK th gii cho thy, TTCK phi tp trung thng xut hin sm hn TTCK tp trung nhng hot ng ch yu l cc cuc thng lng, trao i ming vi nhau, khng cn giy t cng nh khng cn c hng ho hay mu m trc mt, ni chung hot ng gn nh da vo ch tn, khng c cc ch ti, cc iu chnh c th ca php lut v th trng ny, sau cc quy nh, lut l mi tng bc hnh thnh. Qua mt thi gian hot ng nht nh, th trng dn dn c s iu chnh ca php lut v pht trin thnh TTCK tp trung (SGDCK), nhng nng vi trong qu trnh ny thng phi tri qua nhng c sc ln, gy gin on, suy gim lng tin, nh hng nghim trng n hot ng ca th trng.

1.2.7.V cng khai ho thng tin

Mt trong nhng mc tiu hot ng ca cc TTCK l bo v li ch hp php ca ngi u t. thc hin mc tiu ny, c quan qun l TTCK hu ht cc nc u t ra yu cu bt buc cng khai ho thng tin i vi cc i tng tham gia vo u t hoc kinh doanh chng khon. Chng hn nh phi cng khai cc bo co nh k (nh bng tng kt ti sn, bo co kinh doanh l li, bo co cc khon n phi thu, phi tr) cho cng chng ti a im nim yt v cho bn chng khon. 1.2.8.Qun l th trng OTC 1.2.8.1.V ni dung qun l Nh nc v CK v kinh doanh CK trn OTC, theo kinh nghim ca cc nc v cc kin u c quan im thng nht: Xy dng cc vn bn php lut v CK v kinh doanh CK; cc chnh sch iu chnh TTCK ni chung v th trng OTC ni ring; Kim tra, gim st vic thi hnh php lut v CK v kinh doanh chng khon;

Cp, nh ch v thu hi cc loi giy php trong lnh vc CK v kinh

doanh chng khon.

1.1.1.1.V qun l Nh nc i vi th trng OTC: hu ht cc nc

vic qun l th trng OTC do Hip hi cc nh Kinh doanh CK m nhn. y l mt t chc phi li nhun, ng thi mi hot ng ca Hip hi cng nh hot ng trn TTCK u c lut ho, do vy trnh

Nhm TC 11 K34

Trang 12

Th trng Ti chnh

GVHD: Thy L Vn Lm

c nhiu hin tng tiu cc, bo v nh u t v m bo s cng bng trn th trng.

Nhm TC 11 K34

Trang 13

Th trng Ti chnh

GVHD: Thy L Vn Lm

Chng 2:

THC TRNG TH TRNG OTC VIT NAM

2. 2.1. Cch thc t chc v quy m th trng OTC Th trng OTC l mt b phn ca th trng chng khon. 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 ch en. Hin vn cha c nhng thng k chnh xc v thc trng tnh hnh ca th trng v ngoi cc cng ty nim yt trn cc sn nh HOSE, HNX, hay trn th trng OTC nh UPCOM, th vn cn phn ln cc cng ty i chng vn hin mua bn chng khon trn th trng ch en. Theo thng k khng chnh thc th tnh n 5/2009 th c khong 4000 cng ty c phn i chng v con s ngy cng tng ln, tnh ti thi im hin ti u 2011 th c khong 677 cng ty nim yt trn 2 sn HOSE v HNX, trong c 384 sn H Ni, 293 m sn HOSE, v c, 1743 cng ty c giao dch trn th trng OTC,v cn phn ln cc cng ty c phn i chng khc vn giao dch khng c s kim sot trn th trng ch en. Mi doanh nghip l cng ty c phn i chng th u c quyn tham gia trn th trng OTC khi khng iu kin nim yt, y chnh l ngun cung ln ca th trng OTC hay ni khc l th trng OTC c mt tim nng ln nu bit khai thc. Tuy nhin Vit Nam vn c s nh ng gia th trng OTC v th trng ch en v cc cng ty c phn i chng cha ng k y Ban Chng Khon cn rt nhiu v ngi cng b thng tin minh bch, nn khng th qun l c. Theo thng k vo 5/2009 th c khon 963 cng ty v tp on ng k vi U Ban Chng Khon Nh Nc. Th trng OTC Vit Nam ang tn ti l mt thc th khch quan, nhng th trng ny hot ng cn manh mn, nh l, ri rc cha thc s c t chc v qun l cht ch, cha c ngi to lp v dn dt th trng. Nhng im ging v khc nhau th trng ch en v th trng OTC im khc nhau

Nhm TC 11 K34

Trang 14

Th trng Ti chnh

GVHD: Thy L Vn Lm

Th trng OTC L th trng c qun l, c t chc Giao dch phi thng qua nh mi gii lu k chng im ging nhau

Th trng ch en L th trng khng c qun l, khng c t chc Giao dch t do khng qua nh mi gii Hng ha l c phiu ca cc cng ty i chng cng chng

Chng khon c lu k trung tam Khng c lu k Hng ha l c phiu cc cng ty i v ca c cc cng ty nh l cha pht hnh ra

a im giao dch l phi tp trung. C ch xc nh gi l da trn tha thun. Hng ha giao dch trn th trng ny l cc c phiu ca cc cng ty cha nim yt. Ri ro trong mua bn cao.

Mt s nt v quy m th trng UPCOM Hin nay th nh hng qun l th trng OTC th nh nc ta thnh lp th trng UPcom, th trng ng k giao dch chng khon ca cc cng ty c phn i chng cha nim yt. Mc d th trng ny khng phi l th trng OTC ng ngha nhng vic t chc th trng ny l cp thit qun l giao dch c phiu, cng b thng tin i chng ang din ra mt cch t do nh hin nay,l bc m xy dng th trng OTC chun trong tong lai. Th trng UPCOM ra i to tin cho HASTC xy dng th trng OTC c qun l, gp phn thu hp th trong t do v hng ti mt th trng OTC hin i. Ngy 24/6/2009, sn UPCoM m ca vi 10 c phiu ng k giao dch, tng vn iu l hn 1.285 t ng. n nay, con s ny tng ln 88 c phiu, tng vn iu l t hn 9.365 t ng, tng gi tr vn ha hn 13.899 t ng. Tnh bnh qun ton th trng, vn iu l cc DN ln UPCoM l 111 t ng/cng ty. ng ch , c ti 21/88 cng ty c vn iu l trn 80 t ng (iu kin cn nim yt trn HOSE). Con s ny cho thy, quy m ca doanh nghip trn UPCoM khng thua km cc sn nim yt. Tuy nhin, khi lng v gi tr giao dch trn sn UPCoM lun mc rt thp. T khi m

Nhm TC 11 K34

Trang 15

Th trng Ti chnh

GVHD: Thy L Vn Lm

ca n nay, khi lng giao dch bnh qun mi phin t gn 520.000 n v, gi tr ch t hn 7,6 t ng (bng 0,054% tng gi tr vn ha th trng). Qua biu di th cho thy c t khi thnh lp 2009 th th trng UPCOM bt u thu ht c cc cng ty c phn i chng cha iu kin nim yt trn 2 sn H Ni v HCM, tuy nhin s lng vn cn rt t so vi con s cc cng ty c phn i chng, cc c quan chc nng ang c gng nng cao cht lng cng nh kh nng qun l tng bc nh hng UPCOM thnh mt th trng OTC theo ng ngha.

2.1. Phng thc giao dch 6

Theo nh trn l thuyt th c th mua bn trn th trng OTC, nh u t c th thc hin theo mt trong hai phng thc sau: Bn mua v bn bn trc tip gp nhau thng lng, quyt nh vic mua bn chng khon. y l phng thc ph bin hin nay.
Bn mua v bn bn c th giao dch thng qua cc nh mi gii chng khon.

Hin nay, phng thc ny t ph bin hn, nhng theo xu hng pht trin ca th trng th phng thc ny s chim u th hn so vi phng thc trc tip mua bn.
6 Nhng

cch thc giao dch trn th trng OTC http://www.itaexpress.com.vn/tin_ita/kinh_t/ch_ng_khoan/giao_d_ch_tren_th_tr_ng_otc Nhm TC 11 K34 Trang 16

Th trng Ti chnh

GVHD: Thy L Vn Lm

Hin nay, Vit Nam vn cha c mt th trng OTC ng ngha v y cc tiu chun nh trn th gii, tuy nhin cc c phn cha nim yt vn c giao dch rt si ng theo mt s cch sau:
2.1.1.Thng qua dch v mi gii ca cc cng ty chng khon

Cc cng ty chng khon c mt i ng mi gii sn sng nhn lnh ca nh u t, tha thun tm ngun cung hoc cu ph hp v thc hin vic chuyn quyn s hu chng khon cho khch hng (thng qua dch v lu k v thanh ton b tr ca trung tm giao dch chng khon). Giao dch c tin hnh an ton v quyn li ca nh u t c php lut bo v cht ch qua dch v mi gii ca cng ty chng khon. Tuy nhin, mt s ln cng ty c phn lo ngi v vic thc hin nhng ngha v ca cng ty i chng theo quy nh ca php lut nn s c phiu c th mua bn thng qua dch v mi gii cha thc s phong ph. ng thi, s kin mt s cng ty chng khon ln khng chp nhn cc nh u t khng tim nng khin nhiu nh u t t tin khng cn c hi len chn vo cc sn chng khon. 2.1.2.Qua cho bn trn mng v ngi quen Hin nay c rt nhiu trang web chuyn v chng khon v mt s t bo in t u ng tin rao vt, mua bn chng khon OTC nh cc trang ca chnh cc cng ty chng khon, nh: ANS, ABCS, BVSC,... hoc cc trang chuyn v giao dch OTC; nh: SanOTC.com, OTC24h Website cho php ngi ng nhp a ra cc lnh mua v bn, sau thng k a ra nhng lnh ph hp khch hng la chn. Trn cc website c a ra bng m OTC ca cc cng ty v mnh gi c phiu, tri phiu ca cng ty v c nhng thng k v mc gi ca nhng c phiu khch hng c thm cc thng tin trc khi a ra quyt nh u t v h tr khch hng tm hiu v th trng chng khon thng qua cc phn tch th trng OTC. V quan trng hn c l danh sch cc c phiu OTC c cho mua, cho bn ti hu ht cc sn mng u di gp vi ln danh mc gn 200 doanh nghip nim yt trn sn. Gi trn cc trang web ny ch l gi mang tnh cht tham ch khng phi l gi tr thc ca chng. Thc t, tng i d dng tham gia vo nhng trang web ny, v xc thc ca tin rao khng c kim tra, khng ni no chu trch nhim v nhng thng bo nn rt nhiu ngi

Nhm TC 11 K34

Trang 17

Th trng Ti chnh

GVHD: Thy L Vn Lm

ng nhng tin rao khng ng s tht, gy ra sc p gi to v cung hoc cu lm gi theo hng c li cho mnh. Hnh thc giao dch y ch yu l trao tay. Sau khi khp lnh ng mua bn trn mng, th qu trnh sau din ra rt n gin v d dng. Nu l chng khon c lu k th ngi mua hay ngi bn thng s n tr s chnh ca cng ty ng k chuyn i s hu. Tho thun xong ngi mua v ngi bn n mt chi nhnh ca cng ty pht hnh chng khon v in vo mu phiu (form) chuyn nhng, sau np ph chuyn nhng (khong 0.03%) l 2 tun sau ngi mua c th c giy chng nhn s hu c phn. Rt nhiu trng hp nu chng khon khng c lu k, ngi bn ch vic trao cho ngi mua mt giy chng nhn s hu. Sau vi c in thoi l bn mua cm tin n gp ngi bn (ti nh, qun c ph, c quan...), kim tra s s chng khon, vit cho nhau t cam kt chuyn nhng quyn cho ngi mua. Phn ln cc giao dch ch din ra trong vng 30 pht, nu quen nhau ch 10 pht. 2.1.3.Qua nhng broker hnh ngh t do Broker trn trung tm chng khon chnh thc c o to k cng v c chng ch hnh ngh do y ban Chng khon Nh nc cp, nhng tr thnh broker trn th trng OTC th kh d dng. Ch sau vi v mua bn chng khon l c ngi gi in n nh xem c nhu cu mua/bn th mch bo v cng chia hoa hng vi ngi ta. Cc broker ang hot ng hin nay u l nhng tay nghip d c ngh nghip khc nhau. c ngun hng sn sng cung cp cho nh u t, nhng ngi mi gii i khp ni sn c phiu ca nhng cng ty c phn v th tc l ngi bn lm giy chuyn nhng cho ngi mi gii bng hp ng chuyn nhng nhng phn ngi mua l b trng, cng ty pht hnh s xc nhn vo hp ng ny chp nhn ngi mua l c ng mi ca cng ty (mc d cha bit ch danh ngi mua). Sau khi tm c ngi mua, ngi mi gii ch in tn nh u t vo phn cn trng. Thng thng ngi mi gii c phiu trn th trng OTC hng chnh lch gi. Hot ng ca nhng ngi mi gii t do ny cng da trn nguyn tc khp lnh gia ngi mua v ngi bn. Tuy nhin trong trng hp, cc lnh mua khng mua ht so vi nhu cu bn, th tm thi ngi mi gii mua s c phiu nu ngi mi gii d on gi c phiu ang ln. Cn khi d bo gi c phiu c chiu hng xung th ngi mi gii phi khp lnh mua v lnh bn tng l c phiu. Nhn chung nguyn tc ca
Nhm TC 11 K34 Trang 18

Th trng Ti chnh

GVHD: Thy L Vn Lm

ngi mi gii l mua cao, bn cao, mua thp bn thp. Trong trng hp gp c l c phiu m ngi bn ang cn tin, bn gp, gi h, nhng cha khp c lnh mua, th ngi mi gii cng mua vo v khi gp khch sn sng mua vi gi cao th bn ra. Cng ging nh bt k th trng no, th trng OTC khng th thiu cc nh mi gii. Hot ng ca h thc y th trng OTC pht trin, cc giao dch si ng hn. Nu khng c h, nhu cu mua/bn chng khon khng d dng gp nhau v do tnh thanh khon ca cc chng khon cng b hn ch nht nh. Thc t thi gian qua t khi k mua, ngi bn giao dch c vi nhau qua thng tin trn mng. Cc cuc giao dch thnh cng phn ln l nh broker do cc broker nm bt c nhiu thng tin, bit nhiu khch hng cng nh c nhiu mi quan h nn gip qu trnh thc hin lm cc th tc thanh ton, chuyn nhng chng khon kh d dng. So vi hnh thc t tm n nhau qua mng th nh u t phi mt thm ph cho broker v ph ny cng kh cao.
2.1.4.Giao dch thng qua chnh cng ty pht hnh chng khon cc bn ang

mua/bn Trong s nhng nh mi gii trn th trng OTC cng d dng bt gp chnh cc cn b Vn phng Hi ng qun tr ca mt s Ngn hng thng mi c phn, Cng ty c phn... ni lm th tc chuyn nhng c phiu ca doanh nghip do ang hnh thnh xu hng l mua chng khon ca t chc no th nh chnh nhng ngi t chc mi gii. H c nhiu mi hng, pht gi kh hp l v c trch nhim hn trong vic m bo tnh hp php, hp l chng khon. V vy, i khi c nhng loi chng khon ang rt "nng" trn th trng m li khng thy giao dch trn ch mng nh c phiu ca VPBank, Habubank trong thi gian qua. Thm ch c nhng cng ty pht hnh mun bo v quyn li ca nh u t ng ra lm trung gian mua bn v thc hin chuyn nhng quyn s hu cho khch hng, v d nh cng ty chng khon Bo Vit. Thc ra y l mt hnh thc bin th ca hnh thc giao dch thng qua cc mi gii nhng ci khc nhau l ch, theo quy nh ca y Ban Chng Khon th hot ng ny ca cc cng ty pht hnh chng khon khng c thu ph dch v t cc nh u t, chnh v vy, hnh thc ny s khng tn nhiu chi ph nh giao dch thng qua cc mi gii t do. Th tc chuyn nhng cng ht sc cht ch vi vic xut trnh s h khu, chng minh th, ch k gc... C phiu ca cc cng ty cha nim yt giao dch OTC cng hu ht c ghi r cc giao dch chuyn nhng ch c gi tr khi lm th tc qua
Nhm TC 11 K34 Trang 19

Th trng Ti chnh

GVHD: Thy L Vn Lm

vn phng hi ng qun tr ca doanh nghip . V vy, y l hnh thc giao dch c gi tr. Tuy nhin, cc nh u t chng khon s khng c c hi tip cn vi cc ngun thng tin a chiu v hnh thc ny ch cung cp thng tin ca cng ty pht hnh chng khon ch khng cho bit thng tin ca cc cng ty khc cng vi cc thng tin v bin ng th trng OTC, nh vy cc nh u t khi s dng hnh thc ny s gp phi tnh trng thng tin khng i xng.
2.2. Phng thc thu thp thng tin ca cc loi c phiu 7

c th mua mt loi chng khon no trn th trng, cc nh u t cn phi c thng tin v loi c phiu . c thng tin ny, nh u t c th tm kim t cc ngun sau: 2.2.1.Thng tin t cc bo co ti chnh Theo quy nh ca Ngh nh v kim ton c lp, tr mt s loi hnh doanh nghip phi thc hin kim ton nh bo him, ngn hng, cc doanh nghip c vn u t nc ngoi, doanh nghip nh nc, s cn li (ch yu l cc doanh nghip hot ng theo lut doanh nghip), nh nc ch khuyn khch cc doanh nghip thc hin kim ton cc bo co ti chnh. Nh vy, nhn chung cc cng ty c phn cha nim yt khng c bo co ti chnh c kim ton. Mt doanh nghip c th c nhiu h thng s sch k ton, bo co ti chnh (bo co thu, vay vn ngn hng, iu hnh ni b...) cho nhng mc ch khc nhau. Mt khc, vic c c mt bn bo co ti chnh ca doanh nghip i vi mt ngi bnh thng l iu khng h n gin, nht l trong iu kin m ngay bn thn cc doanh nghip khng bit thng tin no nn cng b, thng tin no khng nn cng b. Do , vic thu thp thng tin t bn thn doanh nghip qua cn ng chnh thc l iu khng h n gin nu nh u t, nht l nhng ngi khng c nhng mi lin h nht nh vi cng ty . 2.2.2.Thu thp thng tin qua cc c quan chc nng Theo quy nh, doanh nghip phi bo co tnh hnh hot ng cho c quan ng k kinh doanh (S K hoch u t). Tuy nhin vic tun th quy nh ny ca cc doanh nghip khng thc s nghim tc. Mt khc, nu c np bo co cho c quan chc
7 Th

trng phi tp trung (OTC) Vit Nam, chng trnh ging dy kinh t FulBright Trang 20

Nhm TC 11 K34

Th trng Ti chnh

GVHD: Thy L Vn Lm

nng th cc thng tin cng rt chung chung. Nhng cc c quan chc nng khng c trnh nhim v ngha v cng b cc thng tin ca doanh nghip. V vy, vic c c thng tin t cc c quan ny gn nh l nhim v l bt kh thi i vi cc nh u t. Ngoi ra, cn c mt t chc lu tr thng tin v cc doanh nghip l trung tm thng tin tn dng (CIC) thuc Ngn hng Nh nc. Trung tm ny lu tr cc thng tin c bn ca cc doanh nghip c quan h tn dng vi cc t chc tn dng. Tuy nhin, Vit Nam th tnh cp nht ca cc thng tin ny khng cao. 2.2.3.Thu thp thng tin t cc phng tin thng tin i chng Khi khng th thu thp thng tin v doanh nghip t cc u mi thng tin nu trn, nh u t c th thu thp thng tin t cc phng tin thng tin i chng. Tuy nhin, nhc im ca ngun d liu ny l ri rc, tnh tin cy khng cao. Hin nay, c nhng ngun thng tin cp nhiu n cc doanh nghip l tp ch chng khon , m mt s trang web nh www.vietstock.com, www.vnn.vn cc cng ty chng khon . 2.2.4.Thu thp thng tin t cc ngun khc Nhn chung, cc ngun thng tin nu trn khng cc nh u t ra quyt nh ca mnh. Nhng trong thc t, cc chng khon vn c mua bn, chuyn nhng, thm ch c nhiu loi chng khon c mua bn, chuyn nhng rt si ng. Nh vy cu hi t ra l cc nh u t ly thng t u? C hai ngun thng tin quan trng nht lm c s cho vic ra quyt nh ca cc nh u t. Loi th nht l thng tin t nhng hi, nhm kinh doanh chng khon. Trn thc t, c nhng a im (caf chng khon) m cc nh u t t do gp g, trao i thng tin v cc loi chng khon, tnh hnh doanh nghip. Loi th hai l thng tin c ly khng chnh thc t bn trong doanh nghip. i vi thng tin ny, nh u t bng s quen bit, hay bng nhng k thut, chin thut ring m h c th ly c t nhng u mi quan trng, phn nh mt cch chnh xc tnh hnh, nhng bin c xy ra bn trong doanh nghip. y l nhng thng tin ht sc quan trng nh u t a ra quyt nh ca mnh. Vi nhng thng tin nh trn, khng phi l cn c tht s vng chc, a ra quyt nh u t. Thc t, nhiu quyt nh mua bn c da trn cm gic ca nh u t. Chnh iu ny, nhiu loi chng khon c mua bn trn c s tin n (tm l by n herd behavior) xut hin trong trng hp ny. Vi nhng trng
Nhm TC 11 K34 Trang 21

Th trng Ti chnh

GVHD: Thy L Vn Lm

hp nh vy, ri ro i vi cc nh u t l rt ln. Kh nng thao tng ca mt nhm no l rt c th xy ra, nht l khi cc giao dch trn th trng OTC tng i si ng 2.3. Nhng tiu cc v ri ro trn th trng OTC Th trng chng khon lun cha ng yu t u c, v vic li cn ph bin hn th trng phi tp trung. Do th trng khng c kim sot cht ch, nn yu t u c d gy ra tc ng dy chuyn lm tng gi c phiu mt cch gi to. c bit l khi c s lm gi ca nhm cc nh u t s gy nh hng nht nh n th trng chng khon. Vic thu thp thng tin i vi nh u t l rt quan trng, do cc giao dch ni gin nhm thu li bt chnh khi mt c nhn nm bt c thng tin ni b ca doanh nghip cng gy nh hng n th trng. y l mt hnh ng phi o c khi s dng thng tin khng c cng b ca doanh nghip, tri vi nguyn tc minh bch thng tin. Do thng tin trn th trng khng c kim chng v khng chu trch nhim, nn nhng thng tin sai s tht c th nh hng c phiu ca mt doanh nhip. Vic tung nhng thng tin bt li c th lm gim gi v s bn ra o t chng khon. c im ca th trng phi tp trung l tnh thanh khon cao, do khi c mt bin ng bt li trn th trng s dn n tnh trng cc nh u t rt vn o t, dn n hong lon v c th gy sp th trng. Nhng tm hiu trn cho ta thy khi tham gia vo th trng OTC, nh u t phi i u vi nhiu ri ro tim n m c th chia thnh 6 loi nh sau:

Tranh chp hay thit hi v quyn mua c phiu mi tng vn: xy ra khi cng ty pht hnh c phiu tng vn, h s cht danh sch c ng trc, nn nhng c ng mua c phiu thi im giao thi khi cht danh sch, c th s khng nhn c phn c phiu mi do thiu thng tin,

Tranh chp hay thit hai v c tc: do thiu thng tin v hp ng chuyn nhng khng c qui nh r rng c th dn n vic ngi mua khng c hng c tc c chia.

Nhm TC 11 K34

Trang 22

Th trng Ti chnh

GVHD: Thy L Vn Lm

Ri ro trong mua bn c phiu cha c chuyn nhng: nhiu loi c phiu c quy nh v thi gian chuyn nhng quyn s hu, do nhng nh u t mua nhng loi c phiu ny v thiu thng tin s khng nhn c khon c tc, c phiu tng vn trong nm (v trn danh sch ca cng ty th ngi bn vn l ch s hu nn s nhn c c tc c chia trong nm)

Ri ro trong mua bn c phiu thi im pht hnh: loi c phiu ny s qui nh nhng li ch m c ng nhn c theo s thng m h nm gi c phiu. Do khi mua c phiu mi, ngi mua c th khng nhn c nhng quyn li tng t nh ngi bn ( v h nm gi c phiu trc y)

Ri ro trong mua bn c phiu khi bin ng gi: chc chn bn c c phiu, ngi mua thng buc ngi bn t cc. Khi bin ng gi gim, ngi mua vn buc phi mua hoc mt tin cc; khi bin ng gi tng, ngi bn c th tho chy, trong khi khng phi lc no ngi mua cng c th thu hi tin cc li c.

Ri ro trong giao dch nhn chuyn nhng quyn mua: xy ra khi c ng, ngi trong cng ty bn quyn mua c phiu tng vn ca mnh cho ngi khc; tuy nhin h vn ng tn quyn s hu, nu thi im nhn c phiu m gi tng th nguy c h tho chy v ha hn tr li tin cho ngi mua l rt cao.

Nhm TC 11 K34

Trang 23

Th trng Ti chnh

GVHD: Thy L Vn Lm

Chng 3: GII PHP PHT TRIN TH TRNG OTC VIT NAM

Hin nay, th trng chng khon phi tp trung Vit Nam vn cn nhiu bt cp nh: s lng c phiu m Nh nc khng kim sot c vn cn rt nhiu, phng thc giao dch ch yu l trao tay nn kh kim sot v kh bo v c nh u t cht ch, thng tin t c cng khai v minh bch nn th trng d bin ng, tc c nhng iu trn cho ta thy Vit Nam vn cha c mt th trng OTC ng ngha, mc d Nh nc c nhiu ci cch hon thin sn UpCom hng ti mt th trng phi tp trung ng ngha. T nhng kin thc tm c, chng em xin c kin pht trin th trng OTC Vit Nam tt hn:
M rng sn UpCom hoc hnh thnh mt sn giao dch mi cho nhng chng

khon khng tiu chun giao dch trn sn UpCom, kt hp vi vic bt buc mt cng ty kh c phn phi c nim yt trn mt sn giao dch v vic mua/ bn phi thng qua h thng ca sn giao dch, k c giao dch trao tay. Vic lm ny Nh nc c th qun l nhng giao dch mua/bn, nhm m bo li ch cho nh u t khi c thit hi hoc tranh chp.
Cng khai v minh bch ha thng tin, bo co ti chnh hng k ca cng ty

trn th trng, nh u t c mt cch nhn ng n, trnh nhng bin ng do cung/ cu o gy nn c th nh hng tiu cc n th trng.
Xy dng h thng php lut ngy cng hon thin hn, c bit l lut php v

kinh doanh chng khon, nhm hn ch nhng giao dch ni gin xy ra, vic broker t do hot ng m khng c giy php hnh ngh,... quan trng hn nhm kim sot th trng, to nim tin cho nh u t.
Pht trin i ng nhn vin mi gii lnh ngh sn sng p ng mi nhu cu

ca nh u t, hon thin h thng giao dch nhm tng tnh thanh khon cho th trng cng vi i ng k thut vin chuyn nghip c th x l nhn vn pht sinh.
Nhm TC 11 K34 Trang 24

Th trng Ti chnh

GVHD: Thy L Vn Lm

TI LIU THAM KHO

1. Sch C bn v th trng chng khon, trng i Hc Kinh t Quc Dn. 2. Lun vn Mt s gii php hnh thnh v pht trin th trng chng khon phi

tp trung Vit Nam.

3. Th trng phi tp trung (OTC) Vit Nam, chng trnh ging dy kinh t

FulBright.
4. Nhng cch thc giao dch trn th trng OTC.

http://www.itaexpress.com.vn/tin_ita/kinh_t/ch_ng_khoan/giao_d_ch_tren_th_tr_ng_o tc
5. FPT Securities, Th trng OTC l g?

http://fpts.com.vn/VN/Ho-tro/Kien-thuc/Co-ban/2008/07/3B9B81CB/

Nhm TC 11 K34

Trang 25