Tng quan v th trng chng khon Vit Nam S ra i ca th trng chng khon Vit Nam c nh du bng vic a vo vn hnh

Trung tm giao dch chng khon TP.H Ch Minh vo ngy 20/07/2000. S ra i th trng chng khon Vit Nam thc hin mc tiu n nm 2020 phn u a Vit Nam tr thnh mt nc cng nghip pht trin i hi trong nc phi c mt ngun vn ln p ng nhu cu ngy cng cao ca nn kinh t. V vy, Vit Nam cn phi c chnh sch huy ng ti a mi ngun lc ti chnh trong v ngoi nc chuyn cc ngun vn nhn ri trong nn kinh t thnh ngun vn u t v th trng chng khon tt yu s ra i v n gi vai tr quan trng i vi vic huy ng vn trung v di hn cho hot ng kinh t. Nhn thc r vic xy dng th trng chng khon l mt nhim v chin lc c ngha c bit quan trng i vi tin trnh xy dng v pht trin t nc, trc yu cu i mi v pht trin kinh t, ph hp vi cc iu kin kinh t chnh tr v x hi trong nc v xu th hi nhp kinh t quc t, trn c s tham kho c chn lc cc kinh nghim v m hnh th trng chng khon trn th gii, th trng chng khon Vit Nam ra i. S ra i ca th trng chng khon Vit Nam c nh du bng vic a vo vn hnh Trung tm giao dch chng khon TP.H Ch Minh ngy 20/07/2000 v thc hin phin giao dch u tin vo ngy 28/07/2000. Tng quan v th trng chng khon Vit Nam Th trng chng khonl ni din ra cc hot ng giao dch mua bn chng khon. Vic mua bn ny c tin hnh th trng s cp khi ngi mua mua c chng khon ln u t nhng ngi pht hnh, v nhng th trng th cp khi c s mua i

bn li cc chng khon c pht hnh th trng s cp. 1. Chc nng ca th trng chng khon Vit Nam -TTCK l mt knh huy ng vn cho nn kinh t; -TTCK cung cp mi trng u t cho cng chng; -TTCK to tnh thanh khon cho cc chng khon; -TTCK nh gi hot ng ca cc ch th pht hnh chng khon; -TTCK to mi trng gip Chnh ph thc hin cc chnh sch kinh t v m. 2. Vai tr ca th trng chng khon Vit Nam -TTCK l cng c khuyn khch dn chng tit kim v thu ht mi ngun vn nhn ri vo u t. -TTCK l phng tin huy ng vn. -TTCK l cng c lm gim p lc lm pht. -TTCK thc y cc doanh nghip lm n hiu qu hn. -TTCK to thi quen v u t. -TTCK thu ht vn u t t nc ngoi. 3. Cc ch th tham gia th trng chng khon * U ban Chng khon Nh nc (UBCKNN) UBCKNN thc hin chc nng qun l nh nc v chng khon v th trng chng khon. * S Giao dch chng khon

S giao dch chng khon l c quan thc hin vn hnh th trng v ban hnh nhng quyt nh iu chnh cc hot ng giao dch chng khon trn S ph hp vi cc quy nh ca lut php v UBCKNN. *Trung tm Giao dch Chng khon (TTGDCK) TTGDCK c chc nng t chc, qun l, iu hnh v gim st h thng giao dch v cc hot ng mua, bn chng khon trn th trng. * Cng ty chng khon (CTCK) CTCK l t chc ti chnh trung gian thc hin mt hoc mt s nghip v kinh doanh chng khon bao gm: mi gii, t doanh, bo lnh pht hnh, lu k chng khon. Cng ty chng khon Kim Long l cng ty chng khon th 19 c cp php v hin ang hot ng trn Th trng chng khon Vit Nam. * Cc t chc pht hnh chng khon Cc t chc c php pht hnh chng khon Vit Nam gm: Chnh ph, chnh quyn a phng, cc cng ty c phn, cc qu u t chng khon v cng ty qun l qu. * Nh u t chng khon Nh u t l nhng c nhn hay t chc tham gia mua v bn chng khon trn th trng chng khon. Cc t chc u t c th l cc cng ty u t, cng ty bo him, cng ty ti chnh, ngn hng thng mi v cc cng ty chng khon. * Cc t chc c lin quan khc

-Cc ngn hng thng mi; -Hip hi cc nh kinh doanh chng khon; -Cc t chc ti tr chng khon: 4. Cc nguyn tc hot ng c bn ca th trng chng khon Th trng chng khon hot ng theo cc nguyn tc c bn sau: Nguyn tc cnh tranh: gi c trn th trng phn nh quan h cung cu v chng khon v cc i tng tham gia trn th trng c cnh tranh bnh ng vi nhau. Nguyn tc cng bng: mi ngi tham gia th trng u phi tun th nhng quy nh chung, c bnh ng trong vic chia x thng tin. Nguyn tc cng khai: cng khai v hot ng ca t chc pht hnh, giao dch ca cc loi chng khon trn th trng. Nguyn tc trung gian: mi hot ng mua bn chng khon u phi thc hin thng qua t chc trung gian l cc cng ty chng khon c php hot ng trn th trng. Nguyn tc tp trung: mi giao dch u tp trung ti Trung tm giao dch chng khon m bo vic hnh thnh gi c trung thc, hp l. 5. Cu trc v phn loi c bn ca th trng chng khon * Cn c vo s lun chuyn cc ngun vn Th trng chng khon c chia thnh th trng s cp v th trng th cp.

Th trng s cp: l th trng mua bn cc 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. * 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). *Cn c vo hng ho trn th trng Th trng chng khon cng c th c phn thnh cc th trng: th trng c phiu, th trng tri phiu, th trng cc cng c chng khon phi sinh. 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 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...