Chng 6

H thng ti chnh
Tit kim v u t

Nguyn Vit Hng

Mc tiu ca chng

Trnh by cu trc h thng ti chnh

Phn tch m hnh th trng vn vay

Cc nhn t quyt nh ti tit kim

Cc nhn t quyt nh ti u t

Trnh by cc chnh sch thc y u t trong

nc

Mc tiu ca chng

Trnh by cu trc h thng ti chnh

Phn tch m hnh th trng vn vay

Cc nhn t quyt nh ti tit kim

Cc nhn t quyt nh ti u t

Trnh by cc chnh sch thc y u t trong

nc

H thng ti chnh
Gm

cc th ch gip khp ni tit kim ca

ngi ny vi u t ca ngi khc.

N

gip chuyn ngun lc nhn ri t nhng

ngi tit kim ti nhng ngi i vay c

kh nng s dng hiu qu ngun lc.

H thng ti chnh
H

thng ti chnh c chia thnh hai b

phn

Th trng ti chnh

Trung gian ti chnh

Th trng ti chnh
Th

trng ti chnh gm cc th ch m qua

ngi tit kim c th TRC TIP cung

cp vn cho nh u t (doanh nghip).

Th trng c phiu

Th trng tri phiu

Th trng ti chnh
Th trng tri phiu

Tri phiu l chng ch n,

Th trng c phiu

C phiu l chng ch gp

n ghi nhn ngha v n ca

vn, n ghi nhn quyn s

t chc pht hnh tri phiu

hu ca ngi nm gi c

i vi ngi nm gi tri

phiu vi ti sn v li

phiu

nhun ca cng ty pht

hnh c phiu

IOU
7

Th trng ti chnh
Th trng tri phiu

Thi hn xc nh

T chc pht hnh c ngha v

tr li v gc theo mc li sut

Th trng c phiu

no cng ty cn tn ti)

v thi hn ghi trn tri

phiu

Thi hn khng xc nh (khi

Cng ty s chia c tc theo tnh

hnh li nhun

Ngi nm gi c phiu cn
kim li tc t chnh lch gi

Trung gian ti chnh

Trung

gian ti chnh gm cc th ch m qua

ngi tit kim c th GIN TIP cung

cp vn cho nh u t (doanh nghip).

Ngn hng thng mi

Qu h tng

Trung gian ti chnh

Ngn hng thng mi

Nhn tin gi t nhng ngi tit kim v tr li cho h

Cho vay nhng ngi cn vay vn v p mt mc li cao

hn mc li huy ng.

To ra mt phng tin trao i l sc hay ti khon tin

gi khng k hn.

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Trung gian ti chnh

Qu h tng

L th ch pht hnh c phiu ra cng chng v s dng

s tin thu v mua cc danh mc c phiu, tri phiu
ca cc cng ty khc trn th trng.

Cho php nhng ngi tit kim nh l c th a dng ha

u t

Tn dng u th v k nng kinh doanh chng khon ca nh

qun l

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Trung gian ti chnh

Mt

12

s dng khc

Qu tn dng

Cng ty bo him

Cng ty u t

Cng ty cho thu ti chnh

Mc tiu ca chng

Trnh by cu trc h thng ti chnh

Phn tch m hnh th trng vn vay

Cc nhn t quyt nh ti tit kim

Cc nhn t quyt nh ti u t

Trnh by cc chnh sch thc y u t trong

nc

13

M hnh th trng vn vay

Mc

ch ca m hnh

Gii thch xem tit kim v u t trong nn kinh

t c quyt nh nh th no.

Ch ra cc nhn t lm thay i trng thi cn

bng ca tit kim v u t trong nn kinh t.

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M hnh th trng vn vay

ng nht thc thu nhp quc dn

Gi nh nn kinh t ng, NX = 0

GDP = Y = C + I + G
Y C G = I
(Y C T) + (T G) = I
Sn = Sp + Sg = I
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M hnh th trng vn vay

Tit

kim t nhn bng tng thu nhp tr i

phn thu phi np cho chnh ph v tr i

phn tiu dng cho hng ha v dch v.

Tit kim t nhn = Y T - C

16

M hnh th trng vn vay

Tit

kim chnh ph bng ngun thu t thu

ca chnh ph tr i phn chi tiu mua hng

ca chnh ph

Tit kim chnh ph = T - G

17

M hnh th trng vn vay

Hnh vi tit kim ca h gia nh ph thuc:

S thu m h g phi np (thu thu nhp v thu nh

vo tin li tit kim) (nghch chiu)

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Thu nhp k vng trong tng lai (nghch chiu)

Li sut thc t (thun chiu)

Sc mua ca lng ca ci tch ly (nghch chiu)

M hnh th trng vn vay

Hnh

19

vi tit kim ca chnh ph ph thuc

S thu chnh ph thu c

Chng trnh chi tiu ca chnh ph

M hnh th trng vn vay

Hnh

vi u t ph thuc

Li tc k vng
Trin
Tin

vng kinh t (thun chiu)

b cng ngh (thun chiu)

Chnh

20

sch thu (nghch chiu)

Li sut thc t (nghch chiu)

M hnh th trng vn vay

Cung vn vay trn th trng cho bit nn kinh t

(gm h gia nh v chnh ph) s tit kim bao
nhiu ti mi mc li sut thc t.

Cu vn vay trn th trng cho bit nn kinh t

(doanh nghip) mun vay bao nhiu u t ti
mi mc li sut thc t

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M hnh th trng vn vay

Li sut
Cung

5%

Cu

$1,200

Lng vn vay

M hnh th trng vn vay

Li

sut cn bng l 5%

Lng

23

vn vay cn bng l $1200.

Tit kim bng $1200

u t bng $1200

M hnh th trng vn vay

Li sut

2. Nhu cu vay vn
u t vo t bn
mi gim

Cung
1.Tiu dng gim v
tit kim tng

7%
4. y li sut
gim xung

3. D tha
vn

5%

Cu

$1,200

Lng vn vay

M hnh th trng vn vay

Cc nhn t lm dch chuyn ng cung vn vay

S(r) = Y C(r) - G

25

Thu nh vo thu nhp t tin li tit kim

Thu nhp k vng

Sc mua ca lng ca ci tch ly

Chi tiu chnh ph

M hnh th trng vn vay

Cc

nhn t lm dch chuyn ng cu vn

vay I(r)

26

Thu nh vo thu nhp t u t

Trin vng kinh t

Tin b cng ngh

Mc tiu ca chng

Trnh by cu trc h thng ti chnh

Phn tch m hnh th trng vn vay

Cc nhn t quyt nh ti tit kim

Cc nhn t quyt nh ti u t

Trnh by cc chnh sch thc y u t trong

nc

27

Chnh sch thc y u t

1.

Chnh sch gim thu i vi thu nhp t

tin li tit kim

28

Dn chng s gim tiu dng v tng tit kim

Tng tit kim tng lm gim li sut
u t tng

Chnh sch thc y u t

Li sut
Cung1

Cung2

1. D cung

5%

2. Ls gim

4%
Cu
0

$1,200 $1,500
3. u t tng

Lng vn vay

Chnh sch thc y u t

2.

Chnh sch gim chi tiu chnh ph

Chnh ph gim chi tiu

Tit kim chnh ph v tit kim quc dn tng

Li sut gim

u t tng

y c gi l hin tng thoi lui (crowding out), tc l c s

thay th gia chi tiu chnh ph v u t khu vc t nhn.

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Chnh sch thc y u t

Li sut
Cung1

Cung2

1. D cung

5%

2. Ls gim

4%
Cu
0

$1,200 $1,500
3. u t tng

Lng vn vay

Chnh sch thc y u t

3.

32

Chnh sch gim thu u t

Kch thch cc doanh nghip mun u t nhiu hn

Nhu cu vay vn tng lm tng li sut

Tit kim tng p ng nhu cu vn vay tng

u t tng

Chnh sch thc y u t

Li sut
Cung1

6%

1. D cu

2. Ls tng

5%
Cu2
Cu1
0

$1,200 $1,500
3. u t tng

Lng vn vay

Chnh sch thc y u t

Mt

s chnh sch thc y u t khc

Thc y nghin cu trin khai lm tng tin

b cng ngh nhu cu u t tng

To mi trng u t an ton v hp dn, mi

trng kinh t v m sng sa thu ht u t

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