THC TRNG V NH HNG PHT TRIN TH TRNG OTC VIT NAM

TRNG H NGOI THNG KHOA TI CHNH NGN HNG

TIU LUN L THUYT TI CHNH TIN T

TI : THC TRNG V NH HNG PHT TRIN TH TRNG OTC VIT NAM.

GIO VIN HNG DN : NHM THC HIN :

TH.S NG TR TH HONG PHAN QUANG HONG QUC HNG NGUYN TH THU THO NGUYN THANH NGA ANH 3 ANH 3 ANH 6 ANH 6

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THC TRNG V NH HNG PHT TRIN TH TRNG OTC VIT NAM

MC LC

Mc Lc A. LI NI U B. NI DUNG

Trang 3 4

I.

TNG QUAN V TH TRNG OTC

1. Khi nim, c im.

4 4 5 6

2. Vai tr th trng OTC vi nn kinh t ni chung 3. Th trng NASDAQ.

II.

THC TRNG TH TRNG OTC VIT NAM HIN NAY. 1. Th trng OTC tn ti song cha chnh thc. 2. Mt tch cc v tiu cc i vi nn kinh t. 3. Hng dn tham gia th trng OTC. 4. K vng nh u t.

8 8 8 16
18

III.

NH HNG PHT TRIN TH TRNG OTC. 1. nh hng ca chnh ph. 2. Tnh kh thi.

20 20 23

C. KT LUN

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THC TRNG V NH HNG PHT TRIN TH TRNG OTC VIT NAM

I. LI M U
Trong bi cnh nn kinh t v m cha n nh nh hin nay, s bin ng ca th trng chng khon ang thu ht s quan tm ca khng nhng cc nh u t chng khon, cc nh kinh t, hay cc nh hoch nh chnh sch m cn ca bo ch, d lun hay bn thn chng tal nhng sinh vin ang hc v nghin cu v ti chnh tin t.

Th trng giao dch chng khon phi tp trung OTC c nh hng rt ln ti th trng chng khon Vit Nam ni ring v c nn kinh t ni chung.. Khng th ph nhn rng, vo giai on cui nm 2006 u 2007, OTC thc s l c my in tin siu tc. Nhng, n thi im ny, c phiu OTC mt i nhiu sc nng vn c, a s cc c phiu OTC gim hn tnh thanh khon v gn nh ng bng. iu ny gy hu qu rt nghim trng cho nhiu nh u t, v c bit l cho th trng chng khon Vit Nam ti thi im ny.

Chnh v sc nh hng ca th trng OTC n nn kinh t nh vy, nn nhm chng ti chn OTC l ti nghin cu cho bi tiu lun ca mnh.

Bi tiu lun nhm mc ch mang n cho cc bn ci nhn tng quan v th trng OTC ni chung v th trng OTC Vit Nam ni ring. ng thi, chng ti cng cp n inh hng pht trin th trng OTC chnh thc Vit Nam, v tnh kh thi ca n.

Vi nhng kin thc rt b ch t thy ng Tr Th, kt hp nhng thng tin thu thp t mng Internet v cc phng tin truyn thng, chng ti hon thnh bi tiu lun ny. Tuy nhin, do cha kin thc v kinh nghim nghin cu trong lnh vc ti chnh tin t, bi tiu lun ca chng ti chc khng trnh khi thiu st. Rt mong s gp ca thy gio v cc bn!

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THC TRNG V NH HNG PHT TRIN TH TRNG OTC VIT NAM

II. TNG QUAN V TH TRNG OTC

1. KHI NIM C IM
1.1. KHI NIM V TH TRNG OTC:
Th trng OTC ( Over The Counter Market) th trng giao dch qua quy, l th trng c t chc khng da vo mt mt bng giao dch c nh (nh th trng sn giao dch). Trn th trng OTC, cc nh bun chng khon (dealer) giao dch ti cc a im khc nhau, cng b mt danh mc chng khon vi gi mua v gi bn c yt sn, v h sn sng mua hoc bn chng khon cho nhng ai chp nhn gi ca h.

1.2.

C IM CA TH TRNG OTC

a. Tnh Phi Tp Trung: OTC khng phi l mt th trng hin hu, n khng c a im tp trung nht nh, thay vo l mt h thng thng tin lin lc hin i m cc bn tham gia th thng s dng mua bn chng khon.

b. Tnh a dng ca cc chng khon trn th trng OTC: Do hnh thc t chc nh vy nn cc
chng khon mua bn ti th trng OTC rt ng o v a dng. N bao gm cc chng khon ca nhng cng ty cha iu kin yt gi ti s giao dch ln nhng cng ty cha mun yt gi ti s giao dch.. Tnh a dng c th hin r nt cc nc pht trin, c th, gi tr cc chng khon c mua bn qua th trng OTC ln hn rt nhiu so vi mua bn ti s giao dch.

c. C ch xc lp gi trn th trng: Gi c ca chng khon trn th trng OTC thng c xc lp

theo phng thc thng lng v tho thun (Negotiated Market). OTC vn ng nh mt mng li lin cng ty ( interdealer network). Cc nh to gi cnh tranh gia h vi nhau, lin tc a ra gi rao mua v gi cho bn (ask), giao dch s c rt li bng thng lng, v a ra gi cui cng sau tho thun. T , gi th trng cng c tham kho t mng li ny.c bit, do tnh a dng ca th trng nn ti mt thi im, trn OTC c th c nhiu mc gi khc nhau cho mt loi chng khon. d. Th trng OTC chu s chi phi ca cc nh to lp th trng: Cc nh to lp th trng ng vai tr quan trng trn th trng OTC. H duy tr tnh thanh khon cho cc loi chng khon mnh m trch, thng qua vic nm gi mt lng ln chng khon lun sn sng mua, bn, giao dch vi khch hang.

e. ng lc chuyn hng gi trn th trng: ng lc chuyn hng gi trn th trng OTC chu
chi phi tng i ln t cc nh to gi ca th trng. Khi nh to gi mun khuyn khch ngi u t bn chng khon ra th h s a ra gi rao mua cao hn. Qua , tc ng n cc nh to gi khc, h

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THC TRNG V NH HNG PHT TRIN TH TRNG OTC VIT NAM

bm theo nhp v lm cho gi chng khon tng ln. Ngc li, khi cc nh to gi mun hp dn ngi mua mua vo, h s gim gi cho bn. V khi xu th ny lan qua cc nh to gi khc, s lm cho gi chng khon gim xung.

f. Tnh nng ng ca giao dch bn ngoi th trng chnh: Cc cng ty kinh doanh chng khon
trn OTC c th duy tr lng chng khon OTC tn kho ring cho mnh m khng cn ng k to gi. Hoc cng c th sn sng mua hay cho bn chng khon OTC cho chnh ti khon ca h bt c thi im no (position trading). Cc cng ty ny c th tu chn cch thc hin lnh cho khch hang ca mnh, giao dch t doanh bng ti khon cng ty, hoc giao dch mi gii hng hoa hng bng cch ch thu xp mua bn cho ti khon ca khch hang.

2.
2.1.

VAI TR CA TH TRNG OTC I VI NN KINH T.

TH TRNG OTC H TR V THC Y HOT NG CA SN GIAO DCH

CHNG KHON.
Bng cc c im ni bt trn, th trng OTC ang to ra sc ht ln vi cc doanh nghip, cc nh u t chng khon. C phiu ca cc doanh nghip c mua bn trao i si ng trn th trng OTC, nh hng ti tm l nh u t, t tc ng n giao dch trn th trng chnh thc. Mt khc, gi c phiu trn th trng OTC cng l c s tham kho cho cc doanh nghip v cc nh u t khi tham gia giao dch trn th trng chng khon. Chnh v th, hot ng ca th trng OTC , ang v s tc ng ln ti hot ng ca sn giao dch chng khon.

2.2.

TH TRNG OTC TO IU KIN CHO CC DOANH NGHIP VA V NH CHA

C IU KIN NIM YT TRN CC SN GIAO DCH CHNG KHON.

L th trng phi tp trung, cc chng khon giao dch trn th trng OTC rt ng o v a dng, (hay ni cch khc, th trng OTC khng kn chng khon giao dch). Chnh v th, OTC l c hi cho cc doanh nghip va v nh, cha iu kin tham gia th trng tp trung, thu ht vn t vic bn c phiu ca mnh m rng kinh doanh sn xut. Cc doanh nghip ny tham gia th trng OTC khng nhng c th thu ht vn t kinh doanh c phiu, m cn c c hi c xt, tng kinh nghim trc khi a c phiu ca doanh nghip mnh tham gia th trng chnh thc. To iu kin cho cc doanh nghip va v nh pht trin chnh l mt vai tr tch cc m TT OTC tc ng n s pht trin ca nn kinh t.

2.3

TH TRNG OTC TO MI TRNG LINH HOT CHO NH U T.

Do tnh nng ng ca th trng, cc nh u t hot ng trn OTC rt d dng trong vic giao

dch, truy cp, chia s thng tin. Do , tit kim thi gian, chi ph m vn m bo hiu qu giao dch.

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THC TRNG V NH HNG PHT TRIN TH TRNG OTC VIT NAM

2.4

TH TRNG OTC GIP TNG TNH THANH KHAN CHO C PHIU TRN TH

TRNG GIAO DCH.

Mt trong nhng l do khin th trng chng khon pht trin nhanh l tnh thanh khon cao ca c phiu. Chng khon c tnh thanh khon (tnh lng) l nhng chng khon c sn th trng cho vic bn li d dng, gi c tng i n nh theo thi gian. L th trng linh hot, nng ng v hiu qu cao, OTC gp phn tch cc tng tnh thanh khon ca c phiu trn th trng chng khon.

3. TH TRNG OTC M (NASDAQ) MT M HNH IN HNH CHO TH TRNG OTC TH GII.

NASDAQ - National Association of Securities Dealers Automated Quotations system, l sn giao dch chng khon phi tp trung(OTC), c gi tr vn ho th trng ng th 3 th gii. Nasdaq c thnh lp nm 1971 bi Hip hi nhng ngi bun bn chng khon Quc gia (NASD), v hin ang c iu hnh bi Nasdaq Stock Market, Inc. NASDAQ l sn giao dch chng khon in t ln nht nc M, vi khong 3,200 cng ty nim yt v s lng c phiu giao dch bnh qun nhiu hn bt k sn giao dch khc M.Khi bt u m ca giao dch vo ngy 8/2/1971, NASDAQ l sn th trng chng khon in t tin phong trn th gii. Lc u, n ch n thun l h thng bn in t nim yt gi ch cha thc s kt ni gia ngi mua vi ngi bn. Tc dng quan trng nht lc l n gip lm gim mc chnh lch gia gi mua(bid price) v gi bn(ask price)c phiu , gy bt li cho nhng tay mi gii chng khon thng kim bn nh chnh lch ny, song li lm th trng chng khon hot ng nhn nhp hn. Vi nm sau, NASDAQ tin gn hn n mt sn giao dch chng khon theo ng ngha ca n, khi a vo hot ng h thng bo co v giao dch chng khon t ng. Cho n nm 1987, hu ht cc giao dch c tin hnh qua in thoi, song trong sut cuc khng hong ca th trng chng khon nm 1987, nhng ngi to lp th trng hu nh khng tr li in thoi. i ph vi vn ny, H thng thc thi cc lnh nh (SOES) ra i, cung cp cho nhng ngi mua bn chng khon mt phng thc giao dch in t hon ton mi, v m bo nhng giao dch nh khng b b qua. NASDAQ cng nim yt c phiu ca chnh h trn sn di m hiu NDAQ. Ch s ch yu trn NASDAQ l ch s tng hp NASDAQ (The Nasdaq Composite), c xy dng da trn gi c phiu ca ton b cc cng ty nim yt trn NASDAQ. Ch s ny l ch s c theo di nhiu nht i vi cc cng ty v cng ngh. Mt s mc chnh vi ch s tng hp NASDAQ:

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THC TRNG V NH HNG PHT TRIN TH TRNG OTC VIT NAM

-17/7/1995: ln u tin ch s tng hp NASDAQ ng ca mc gi trn 1000 im. -10/3/2005: ch s ny t mc giao dch cao k lc 5,132.52 im. -10/10/2002: ch s tng hp NASDAQ tt xung mc thp nht 1,108.49 im. Bn cnh NASDAQ Composite th NASDAQ 100 v Nasdaq Financial 100 cng l nhng ch s chng khon rt quan trng. Nasdaq 100 l ch s chng khon ca 100 cng ty phi ti chnh ln nht c nim yt trn NASDAQ, c cng ty trong nc v quc t, cn Nasdaq Financial 100 l ca cc cng ty ti chnh. c lt vo top 100 cng ty trong ch s NASDAQ 100, mt cng ty phi t c cc s tiu ch sau, bao gm: 1. 2.

c nim yt c quyn trn NASDAQ. nim yt c t nht 2 nm( hoc 1 nm nu tho mn mt s tiu chun v vn ho th

trng).
3. 4. 5. Khi lng giao dch bnh qun ngy ti thiu l 200,000 c phiu.

Lu hnh bo co hng qu v hng nm.

Khng ng trc nguy c ph sn.

Ngoi ra, nu cng ty c nhiu loi c phiu th n ch c php c 1 c phiu vi gi tr vn ho th trng ln nht c tham gia vo ch s NASDAQ 100. Danh mc cng ty nm trong NASDAQ 100 c ti c cu li theo chu k 1 nm hoc sau khi xy ra cc v chia tch, sp nhp cc cng ty trong top 100. Trong danh sch ca NASDAQ 100 c cng b 1/2/2007 c nhiu ci tn kh quen thuc trong lnh vc IT nh: Adobe Systems Incorporated (ADBE), Amazon.com, Inc. (AMZN), Apple Inc. (AAPL), Cisco Systems, Inc. (CSCO), Dell Inc. (DELL), eBay Inc. (EBAY). NASDAQ c nhng n lc ng k nhm thu tm London Stock Exchange. Hin NASDAQ nm c 28.75% c phn ca London Stock Exchange v a ra mc gi 12.43, mc gi cao nht m h tng tr cho mt c phn trn th trng m. (Ngun v th trng NASDAQ: www.saga.vn)

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THC TRNG V NH HNG PHT TRIN TH TRNG OTC VIT NAM

III. THC TRNG TH TRNG OTC VIT NAM HIN NAY

1. TH TRNG OTC VIT NAM TN TI NHNG CHA CHNH THC.
Theo kt qu iu tra ca Tng cc Thng k v thc trng doanh nghip tnh n thi im thng 6 nm 2005, c nc c gn 2000 doanh nghip nh nc c phn ho v trn 3000 cng ty c phn. Tng vn iu l ca cc cng ty ny hn hn rt nhiu ln khi lng vn ho trn th trng chnh thc. y chnh l ngun cung ca th trng OTC. Hay ni theo cch ca mt s ngi thng ni l th trng OTC Vit Nam rt nhiu tim nng. Khng phi c phiu ca tt c cc cng ty c phn u c mua bn, trao i thng xuyn m ch c mt t trong s c giao dch. C nhng loi c phiu gn nh khng bao gi c giao dch, nhng c nhng loi c phiu tuy cha c nim yt trn th trng chnh thc trn sn, nhng chng c giao dch rt si ng nh c phiu ca cc ngn hng c thng mi c phn Chu, Si Gn Thng Tn, Bnh ko Kinh , Vinamilk. y chnh l nhng c phiu m cc nh u t c t chc, nht l cc qu u t rt quan tm. Th trng phi tp trung Vit Nam ang tn ti l mt thc th khch quan. Ch c th ni, rng hot ng ca th trng ny cn manh mn, ri rc, t chc ca th trng ny cha c cht ch, cha c ngi to lp v dn dt th trng ch khng th ni l Vit Nam cha c th trng OTC v Vit nam ang t mc tiu xy dng n nm 2010 s c th trng ny nh mt s ngi thng ni. Th trng OTC l mt tt yu, l mt phn khng th tch ri khi mt nn kinh t ang trong giai on chuyn i nh Vit Nam hin nay. Vic qun l th no l hp l pht huy c tim nng v gim thiu cc nguy c tim n, chnh l bi ton kh t ra khng ch ring cho cc nh qun l th trng chng khon Vit Nam.

2. NH HNG TCH CC V TIU CC.

2.1 TCH CC

2.1.1 Ci thin tnh minh bch trn th trng

Qun l OTC tp trung c p dng cc ch ti cn thit s gip ci thin tnh minh bch trn th trng. Cc Cty i chng phi thc hin ngha v cng b thng tin nh k v bt thng theo Lut DN nh: bo co ti chnh nm c kim ton, thng tin bt thng... Vi vic "nh c" OTC, kim tra gim st qu trnh cng b thng tin ca cc Cty i chng s ngy c tht cht hn, gip cc nh u t hiu hn na tnh hnh hot ng sn xut ca DN pht hnh, t gip ch cho vic xem xt, nh gi chnh xc DN nhm trnh nhng ri ro trong qu trnh giao dch v to iu kin bo v quyn li nh u t,

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THC TRNG V NH HNG PHT TRIN TH TRNG OTC VIT NAM

trnh c cc ri ro trong qu trnh giao dch chng khon OTC. Hu ht cc giao dch trn th trng OTC u mang tnh t pht, cha c mt c ch qun l cht ch nn lun tim n nhiu ri ro. c th thc hin mua bn mt cch d dng, thng thng phi thng qua trung gian ng gia. iu c th dn ti kh nng gy ra cc giao dch thao tng gi khin cc nh u t nh l b p gi. Vic xy dng c ch qun l giao dch OTC cn gip cc nh u t c th tm thy nhau, yn tm hn khi mua c phiu v c khung php l bo v cho h. T gp phn hn ch c ri ro, to ra s an ton trong giao dch, thu ht ngy cng nhiu nh u t tham gia vo th trng. Khi sn OTC chnh thc hot ng, cc t chc ng k giao dch ti sn ngoi vic c th d dng huy ng vn thng qua pht hnh, cn l mt bc m tp dt v cng b, qun tr, iu hnh Cty trc khi chnh thc nim yt c phiu ti sn HaSTC hoc HoSE. Bn cnh , y cng l mt bin php PR hiu qu v kinh t nhm nng cao hnh nh DN, gip DN s c rt nhiu li th khi tip tc pht hnh c phiu. Trong tnh cnh tnh thanh khon ca th trng nim yt cng nh th trng OTC ang rt km nh hin nay, vi ch trng u tin nhng c phiu thuc nhm ngnh ngn hng, chng khon, bo him, nhng c phiu ca nhng ch th ch cht trong h thng ti chnh hin ang c tnh thanh khon cao th s vn hnh ca th trng OTC tp trung c th s l mt du hiu tt gip ci thin tnh thanh khon, mang li nhiu c hi mi cho cc nh u t. Theo ngun tin t website www.tienphongonline.com.vn , www.vnexpress.net , www.vneconomy.vn , www.thanhnien.com.vn .

2.1.2 C hi tim nng cho cc nh u t.

Sau nhng lo ngi v tnh hnh kinh t Vit Nam, nim tin i vi nh u t v doanh nghip nc ngoi vn khng my thay i. Theo thng tin t Th trng chng khon Vit Nam d ang trong giai on nhy cm, nhng vn thu ht c s quan tm ca nhiu nh u t c trong v ngoi nc. Dng tin tim nng vo th trng mc cao th hin qua s d tin gi ti cc cng ty chng khon vn t khong 400-600 t ng/cng ty i vi cc cng ty ln v khong 100-200 t ng/cng ty i vi nhng cng ty nh ngay c trong nhng thng m m. Nh u t nc ngoi trong thi gian qua th hin xu hng bn ch o, nhng h vn quan tm nhiu ti th trng Vit Nam. Tnh ti u thng 9/2008, Trung tm lu k chng khon cp m s giao dch chng khon cho trn 12.000 nh u t nc ngoi, trong c hn 800 m ca nh u t t chc v hn 11.000 m ca nh u t c nhn. Ring trong thng 8, c thm 35 t chc v hn 220 nh u t c nhn m ti khon. C th ni nhu cu u t c tim nng kh ln, trong khi ti sn nim yt c HoSE v HaSTC mi ch c khong 300 m, so vi hn 1.000 loi c phiu tng c giao dch trn th trng OTC trc y qu l

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THC TRNG V NH HNG PHT TRIN TH TRNG OTC VIT NAM

con s b nh.Hn th na, kh khn ln nht trn th trng OTC chnh l khong trng thng tin v ngi c nhu cu mua v bn. V cc dch v m CTCK a ra hin nay ch yu nhm kha lp khong trng ny, trong lp sn giao dch c phiu OTC l mt dch v in hnh. Gim thiu ri ro, trnh b gi thao tng, v giao dch bo m l nhng ci c ln nht ca nh u t OTC khi thc hin giao dch qua cng ty chnh thc.

2.1.3 Th trng tin li cho cc giao dch.

Trong m hnh th trng chng khon quc gia, th trng phi tp trung (OTC) l mt th trng cp cao, hot ng trn c s t ng ha, giao dch cc chng khon cha nim yt hoc cha tiu chun nim yt ca cc doanh nghip va v nh l ch yu. Th trng chng khon (TTCK) OTC l th trng tin li cho vic giao dch, truy cp v chia s thng tin, tit kim thi gian, chi ph giao dch, ng thi vn c th m bo qun l, gim st th trng. TTCK OTC hin nay c coi l th trng c tim nng hu dng ln v kh nng pht trin mnh trong tng lai. Trong Chin lc pht trin TTCK Vit Nam n nm 2010 c Chnh ph ph duyt, s tin hnh xy dng th trng OTC ti Trung tm giao dch chng khon H Ni, to iu kin thu hp cc giao dch chng khon trn th trng t do, bo v nh u t (NT) nh trong cc giao dch chng khon trao tay hin nay. T thng 3/2006 cho n nay, chng ta chng kin s pht trin mnh m ca TTCK Vit Nam. Mt th trng mua bn c phiu trao tay hot ng rt si ng gia cc NT vi hng ngn c phiu, thng tin a chiu, gi dao ng ln. Kh nng sinh li v ri ro y l cao hn hai Trung tm giao dch tp trung. Mc d khng phi l th trng bt hp php, song y l th trng y ri ro. to ra th trng hp php, bo v ngi u t nh, ng thi to ra mi quan h hai chiu gia S giao dch chng khon v th trng OTC tng lai Vit Nam, vic thnh lp th trng OTC theo ng ngha ca n l v cng cn thit. C th ni rng vic hnh thnh TTCK OTC ang l xu hng ph bin, thm ch l tt yu ca hu ht cc TTCK th gii v nhng u th ca th trng ny.

2.2

TIU CC

2.2.1 Cn in OTC: cn s iu chnh ca lut.

Him c th trng chng khon mi ra rng no trn th gii li c mt th trng c phiu khng chnh thc (Over The Counter OTC) hot ng thoi mi v thiu kim sot nh Vit Nam. Nm 2007, cc cng ty c phn thoi mi pht hnh c phiu v ti v ra cng chng, cho hng ngn nh u t c nhn khng c mt khi nim l m v cng ty m mnh mua. nng ca th trng c phiu khng chnh thc ang n cha nhng ri ro ch ngy bng pht khi m ngi mua ang l i nhng phn tch l tr. Nhng y l chuyn ang din ra hng ngy trn th trng chng khon khng chnh thc ca Vit

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THC TRNG V NH HNG PHT TRIN TH TRNG OTC VIT NAM

Nam, khi ngun vn trong dn ang tip tc t vo nhng c phiu ca cc cng ty cha nim yt v cha bit bao gi s nim yt. Song song vi vic ngi gi c phiu bn c phiu ra ngoi l vic tung cc tin c li v cng ty qua cc knh truyn thng chnh thc hoc truyn ming khin cho gi c phiu tng mnh. Vi cch ny, nhiu ngi ang thu v mc li trn vn hng chc ln, mt mc li nhun khng tng nu da trn hot ng kinh doanh n thun. Nhiu chuyn gia trn th trng chng khon trong vi ngy qua cnh bo v du hiu la o ca nhng cng ty v vn, theo cch ni ca ng Dominic

Scriven, gim c Qu u t Dragon Capital.

Thc cht hot ng kinh doanh ca cc cng ty ny ra sao? Tnh hnh ti chnh v chin lc pht trin ca h nh th no? Rt t ngi nm c thc cht, nhng trong khng kh phn khch chung ca th trng ang tng gi hin nay, nh u t ang l i nhng phn tch c l tr. Nhng nh u t ang lao vo cuc c thc ht c nhng ri ro ny khng?Mt quan chc Ngn hng Nh nc nhn xt rng trong cn say chng khon hin nay, nhng ngi b tin u t u thc c mc ri ro, v s thit hi khi nhng c phiu khng thc cht st gi hoc nhng cng ty m h mua sp tim l chi ph k vng m h s phi tr. Hu ht nhng ngi mua bn OTC ang lm ci chuyn ging nh truyn la qua tay nhau, v ai cng hy vng rng mnh s khng phi l ngi cui cng cm la trong tay. Vai tr ca Nh nc trong vic iu chnh nhng hot ng bt bnh thng trn th trng OTC nh th no? Cho n nay, U ban Chng khon nh nc tip tc t ra thn trng trong vic a ra bt k pht biu no v th trng chng khon. Phn ng ca cc quan chc ti U ban Chng khon vi nhng cu hi t gii bo ch xung quanh vn ny l lng trnh. Ngay c cc nh u t ln, chuyn gia c coi l c uy tn trong gii u t chng khon Vit Nam cng trnh bnh lun n nhng vn trn th trng OTC. L do d gii thch nht l v tnh nhy cm ca bt k pht biu no trong thi im hin nay, nhng cn mt l do khc cng d gii thch nhng kh chng minh hn, (khng tnh n cc c quan c thm quyn) l vic hu ht cc i gia chng khon u ang c phn trong s si sc ca th trng OTC hin nay. Xung quanh vn th trng OTC, U ban Chng khon cha pht huy c cng c hnh php mnh nht m c quan ny ang c trong tay, Lut Chng khon vn c hiu lc t u nm 2007. Theo quy nh ca Lut Chng khon, nhng cng ty c trn 100 c ng c coi l cng ty i chng. Nhng cng ty i chng bt buc phi cng b bn co bch v phi ng k vi U ban Chng khon trc khi pht hnh c phiu, huy ng vn. Phi c s kt hp vi y ban chng khon nh nc v cc a phng trong vic kim sot tnh hnh pht hnh c phiu v ti v ca cc cng ty c

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THC TRNG V NH HNG PHT TRIN TH TRNG OTC VIT NAM

phn, ng T Hi, gim c Cng ty chng khon Bo Vit nhn xt. Cng ty i chng phi pht hnh theo lut. Lut Chng khon c hiu lc t nm 2007, nu m bo thi hnh ng lut th tnh trng s kh ti din c. S hp dn ca th trng chng khon ang ko rt nhiu nh u t nh l vo cuc. Vi hiu bit hn ch v kinh doanh c phiu v cng vi vic thiu thng tin ng tin cy, nhng nh u t ny s l nhng nn nhn khng trnh khi ca nhng c phiu dm. Vic mua bn trao tay trn th trng OTC khng c s bo tr ca php lut cng lm cho kh nng ny ln hn, v c th dn n nhng hu qu x hi cha lng trc c. S gim st, iu chnh ca cc c quan c chc nng nh U ban Chng khon v B Ti chnh trong lc ny l ht sc cp thit.

2.2.2 Thng tin m m lm gim tnh thanh khon

Trong lc a s cc c phiu trn th trng OTC gim gi v tnh thanh khon rt thp th mt s c phiu bt ng sn li c cc c thi gi tng mnh. ng Hong Hi - mt nh u t cho bit, ng nghe theo cc c trn din n chng khon mua vo 20.000 c phiu Quc Cng Gia Lai vi gi 110.000 ng. n nay, c phiu ny rt gi xung ch cn 80.000 ng sau khi bo ch a tin cng ty ny ang c d n bt ng sn sai phm. Trc nhng thng tin khng tt v c phiu ang gi, ng vi vng bn chy lng nhng kh ni mun bn r cng khng ai mua. Cha ht bng hong v nhng thng tin trn, ng Hi cn tht s bt ng khi bit thm thng tin li nhun ca Quc Cng Gia Lai c nhiu chi tit mu thun, khng r rng. ng Hi dn chng trn mt t bo chuyn ngnh chng khon, cng ty ny cng b hai con s khc nhau v li nhun ca d n Giai Vit qun 8, TPHCM. Trong khi d n ny cha khi cng xy dng nhng cng ty cng b c li nhun ln n 108,7 t ng. Cng trn t bo ny 10 ngy sau, cng ty li cng b d n ny c mc li nhun t hn 66 t ng, gim hn 40 t ng so vi ln cng b trc. Cc chuyn gia cho rng thng tin ca cc doanh nghip ang rt mp m v thiu s trung thc nn nh hng n tnh thanh khon ca cc c phiu trn th trng OTC. Th trng c phiu OTC hin nay khng cn hp dn nh trc na. iu ny c chng minh bng vic hng lot c phiu trc y c tnh thanh khon cao nhng nay th ngc li nh Dc Cu Long, Vosco, Tn Hoa Sen... Mt khc, th trng chng khon Vit Nam nm nay khng theo quy lut nh mi nm nn gy sc cho nhiu nh u t khi a s nh u t d on th trng s si ng cui nm.

2.2.3 Th trng OTC: ang b lm gi?

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Cng vi s khi sc ca TTCK nim yt, giao dch trn th trng OTC si ng hn ln trong nhng ngy gn y. NT x i tm hng. Hin tng gm hng y gi bt u xut hin mt vi m quen thuc, trong c bit l nhm CP ngn hng. "Hng kh kim" l cu NT d dng nghe c t nhng "c" OTC trong tun qua, sau khi th trng nim yt c du hiu m ln, tnh thanh khon ca th trng tng mnh, bn bn hu nh khng c, cn bn mua d mua vi khi lng ln. Cu khng c p ng, nhiu NT x i tm hng OTC khin cho th trng ny tr nn si ng trong nhng ngy qua, c bit l vo cc bui chiu. Gi CP nhanh chng c y ln tng gi. n c nh CP ca Vietcombank u tun gi ch dao ng trong khong 34.000-36.000/CP nhng n cui tun dao ng trong khong 45.500- 46.000/CP c lc ln n 48.500/CP. Tng t nh MB, PVFC cng c mc tng t 20%-30% trong vng cha y mt tun. Vy u l nguyn nhn dn n hin tng st CP OTC trong mt thi gian ngn nh vy? Phi chng NT khng mua c CP trn sn chuyn sang th trng OTC tm kim c hi? Mt phn l CP trn th trng OTC xung kh thp c bit l CP ca ngnh NH, BS. Nhiu NT l "chn chn" vo th trng ny t lu nhng cha rt ra c, cng c NT ang ch i c hi mua vo khi thy tn hiu ln. Tuy nhin vic gi CP trn th trng OTC b "thi" ln v v nh my ngy qua khng phi l do sc cu ca th trng m phn nhiu l b cc "c" OTC y ln. Kh nng loan tin trn th trng OTC thng qua cc "c" mi gii tht ng kinh ngc: Ch cn vi gi ng h, mt thng tin lin quan n mt m CP no c th bay i khp ni. Cc "c" trn th trng OTC c mng li rng khp, ch cn gi in hi hng vi ni, ngi ny hi ngi kia ch vi chc pht l tm c hng ngay, gi "net" cng thm vi "line" ph nu tha thun xong l giao dch c ngay. Nu ch dng li y th cng khng c g ng ch , song ngh thut lm gi v loan tin n trn th trng OTC tht l a dng. Khi th trng c tn hiu ln c nhiu khch mun mua CP l lp tc mi gii OTC tung tin ngay l hng by gi hi kh kim, hay c mua c gi cng hi cao hoc CP ny ang c t chc gom nhiu lm... to ra cu o. l cha k n mt lot cc thng tin lm nhiu lon th trng nh c tnh gi in hi hng d khng c nhu cu hay tung cc tin mua vi khi lng vi chc n vi trm ngn CP to nn cu gi. Khng him nhng lc th trng OTC nhn nho gom khp ni mt m no nhng ri kt qu l khng khp c vi l do rt n gin: Khng tho thun c gi hoc khng mua na. Nu NT no thiu kinh nghim nghe phong thanh tin n lp tc lao vo th d dng gp phi ri ro. Nhn vin mi gii OTC ti mt CTCK cho bit, c m ch sau mt ngy gi c th tng 20-25% l chuyn bnh thng. Trn thc t khi lng giao dch thnh cng nhng ngy gn y ch yu l l nh nhng gi CP OTC vn b y ln tng ngy.

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ng Nguyn Hu Phng, chuyn vin phn tch CTCK SeABANK cho bit: "TTCK OTC hin ang gn nh b bung lng, dn n tnh trng gi CP b thao tng v lm gi mnh hn th trng nim yt, vic qun l thng tin v cng b thng tin ca nhng Cty OTC khng r rng cng vi s thiu chuyn nghip ca NT th gi c OTC khng hn lon mi l chuyn l".

2.2.4 Su dng ri ro khi mua bn c phiu trn th trng OTC: Mt l, tranh chp hay thit hi v quyn mua c phiu mi tng vn.
Mt trong nhng k vng ln nht v li ch ca ngi mua c phiu l quyn mua c phiu pht hnh tng vn. y l mt khon thu nhp, mt khon li ln ca ngi s hu c phiu. Tuy nhin, thng thng trc khi pht hnh c phiu tng vn, cng ty tin hnh cht danh sch c ng. Ti thi im , nhng ai s hu c phiu nm trong danh sch c ng ca HQT s c mua thm c phiu mi theo t l c n nh da trn s c phiu ang s hu. Vi nhng nh u t mi, ngi mua c phiu mi trong giai on giao thi, hoc khi danh sch c ng c cht, nu khng bit, tin thanh ton cho ngi chuyn nhng, mc d c phiu mnh nm gi, nhng cha lm xong th tc chuyn nhng, nn mt quyn mua. Quyn mua c phiu mi vn thuc v ngi chuyn nhng, trong khi ngi chuyn nhng bn c phiu ca mnh i ri theo gi th trng ti thi im . Nh vy, cc nh u t c phiu trn th trng OTC cn ch lun lun tha thun bng giy, bng hp ng chuyn nhng vi ngi chuyn nhng c phiu, ghi r rng quyn li mua c phiu mi tng vn thuc v ai. Loi ri ro ni l ph bin nht trn th trng OTC trong thi gian qua.

Hai l, tranh chp hay thit hi v c tc.

C tc ca cng ty c chia cho c ng da trn s lng c phn c ng ang nm gi. Ri ro l ch, khi mua c phiu, ngi c chuyn nhng khng nm bt c thng tin, khng tha thun r rng trong hp ng chuyn nhng. Do ngi mua mc d nm gi c phiu ng tn mnh ri, nhng khng nhn c c tc.

Ba l, ri ro trong mua bn c phiu cha c chuyn nhng.

C c phiu theo quy nh ni b cng ty sau 1 nm mi c chuyn nhng, nhng nhiu nh u t khng nm c thng tin, mua loi c phiu . V trong thi hn 1 nm cha lm c th tc chuyn nhng, th cc quyn li v quyn mua thm c phiu tng vn, chia c tc, vn thuc v ngi ng

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THC TRNG V NH HNG PHT TRIN TH TRNG OTC VIT NAM

tn s hu c phiu, cn ngi b tin ra mua, ang nm gi c phiu th b chim ot mt quyn li. Thc t ti Ngn hng Thng mi C phn E, c tr s chnh ti Tp.HCM, thi gian qua xy ra kh nhiu tranh chp quyn li ny. Nhiu ngi ang nh n s can thip ca Ngn hng Nh nc, c quan qun l nh nc v hot ng ngn hng.

Bn l, ri ro trong mua bn c phiu thi im pht hnh.

Loi c phiu ny trong gii mua bn trn th trng OTC cn gi l c phiu c v c phiu mi, tc l thi im pht hnh, km theo l quyn li m nh u t c c: c tc, c phiu thng, quyn mua c phiu. Bi v, thng thng cc cng ty cn c vo nm pht hnh c phiu phn phi quyn li cho c ng. Ngi s hu c phiu ch c hng li ch tng ng vi s thng m c phiu pht hnh. Bi vy b tin ra mua c phiu cng vi gi mua nh nhau, nhng quyn li gia c phiu c v c phiu mi l khc nhau. Nh u t cn ht sc ch chi tit ny.

Nm l, ri ro trong mua bn c phiu khi bin ng gi.

Thng thng chc n v nm ng chui, ngi bn lun yu cu ngi mua c phiu phi t cc tin mt t l no . Khi nu gi c phiu gim, buc ngi mua phi mua s c phiu vi gi cam kt, nu khng b mt tin t cc. Ngc li, khi gi ln, ngi bn c xu hng nh tho v d dng nh tho, cn s tin t cc khng phi lc no v trng hp no cng ly li ngay c.

Su l, ri ro trong giao dch nhn chuyn nhng quyn mua.

Trong cc t pht hnh thm c phiu mi tng vn, c ng hin hu, c ng chin lc, hay cn b nhn vin cng ty c quyn mua c phiu. Khi , nhiu ngi do khng huy ng c tin hoc v nhiu l do khc, bn quyn mua c phiu ca mnh. Gi bn quyn mua thng thp hn gi th trng OTC thi im . Nh u t mi thy gi thp, hp dn thng chp nhn mua. Nhng t khi np tin mua c phiu cho n khi nhn c c phiu l c mt khong thi gian kh di, nn n khi nhn c c phiu th c phiu vn ng tn ch s hu l ngi chuyn nhng. Khi , nu gi c phiu ng nguyn, gim, hay gp phi ngi nghim tc, ng n, th cng vic lm th tc chuyn nhng khng vn g. Trong trng hp gp phi ngi khng trng ch tn, d dng b nh tho v ha hn tr li s tin trc kia nhn km vi li sut tin gi ngn hang.

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THC TRNG V NH HNG PHT TRIN TH TRNG OTC VIT NAM

3.
3.1

HNG DN THC HIN GIAO DCH C PHIU CHA NIM YT (OTC)

Nh u t v t chc ca cc nh u t

Vic tham gia th trng OTC rt n gin, tt c mi ngi u c th tham gia mua bn chng khon. Tuy nhin, hot ng ca cc nh u t trn th trng khng phi l c lp m h thng lp thnh cc nhm, hi, din n trao i thng tin vi nhau. Hin nay, phng thc trao i c cc nh u t t do a thch l trao i qua din n trn mng Internet hoc trao i ti cc im caf chng khon. Vic mt nh u t tham gia u t vo tt c cc lnh vc, cc ni l rt him. Cc nh u t, nhm cc nh u t tp trung vo mt s ngnh, lnh vc trong mt khu vc a l (TP.HCM, H Ni ...) l ch yu. Ngoi ra, vi li th ca ca mnh, cc cng ty chng khon cn tham gia trn trn th trng ny vi t cch l cc nh mi gii.

3.2

Hng ho ca th trng
Hng ho ca th trng OTC chnh l cc loi c phiu ca cch doanh nghip hot ng kinh

doanh hiu qu, c trin vng pht trin trong tng lai hoc c nhng li th thng mi ring bit (c mt v tr mt bng thun li). C hai loi c phiu chnh c cc nh u t quan tm gm: - C phiu ca cc doanh nghip nh nc c c phn ho. i vi cc doanh nghip loi ny, cc loi c phiu c mua bn bn gm: o C phiu ln u tin pht hnh khi c phn ho: Vic mua c, c mua c phiu ca mt s doanh nghip nh nc c c phn ho l vn m cc nh u rt quan tm. V rt nhiu cng ty sau khi c phn ho, gi ca c phiu gia tng rt cao. o C phiu sau khi c phn ho (c phiu ny c mua bn thng thng nh c phiu ca cc cng ty c phn khc). - C phiu ca cc cng ty c phn thng thng: i vi loi ny, c phiu ca cc cng ty hot ng kinh doanh hiu qu, dn u mt lnh vc kinh doanh no l mi quan tm hng u ca cc nh u t. C phiu ca Kinh , ACB, Sacombank thuc loi ny.

C ch mua bn
Vic mua bn cc loi c phiu trn th trng OTC c thc hin theo phng thc thun mua, va bn m khng b bt c mt lc bn ngoi (gii hn gi, lng c phiu) no tc ng. Tuy nhin, nhiu khi cng xy ra vn bt cn xng v thng tin trong qu trnh mua bn, giao dch cc loi chng khon trn th trng ny. Ni chung, c ch mua bn cc loi chng khon trn th trng OTC theo ng c ch th trng. Mc d thc hin theo c ch thun mua va bn, nhng thc t, vic giao dch mua bn, nht l mua bn cc lai c phiu ca cc cng ty c phn ho ln u khng phi lc no cng tun

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THC TRNG V NH HNG PHT TRIN TH TRNG OTC VIT NAM

theo c ch ny.

3.3

Phng thc mua bn, giao dch

c th mua bn c phiu 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 xu hng pht trin ca th trng th phng thc ny s chim u th hn so vi phng thc trc tip mua bn nu trn trong tng lai.

3.4

Thu thp thng tin ca cc loi c phiu

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:

3.4.1

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. Do nhng mc ch khc nhau m nhiu doanh nghip c nhiu h thng s sch k ton, bo co ti chnh (bo co thu, vay vn ngn hng, iu hnh ni b...). 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 , victhu 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 . 3.4.2 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 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

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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, tnh cp nht ca cc thng tin ny khng cao. 3.4.3 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 (trang 13), m mt s trang web nh www.vietstock.com, www.vnn.vn cc cng ty chng khon . 3.4.4 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.

3.

K VNG CA NH U T.
Vi nhng g m Trung tm Lu k Chng khon v Trung tm Giao dch Chng khon H Ni

(HASTC) ang chun b, nhiu kh nng phng n t chc v qun l giao dch chng khon ca cng ty i chng cha nim yt s bt u c trin khai vo u nm 2008. iu m nh u t quan tm l h c li hoc gp nhng hn ch g khi theo khunkh ny ? Trc ht, vi s kin ni bt va qua, Quc hi thng qua Lut thu thu nhp c nhn, trong mc thu i vi thu nhp t chuyn nhng chng khon c xc nh l 20%, nh u t s lo ngi. l khi th trng OTC c qun l, cc giao dch v li nhun ca nh u t b kim sot thay v th ni v kh xc nh nh hin nay. y l lo ngi ln nht, h b mt mt phn li nhun ng thu. Th hai, th trng OTC t trc n nay c mt mi trng linh hot cao, to thun li cho nh u t. H c th giao dch ti bt c u, theo gi no, thi im no; thm ch h c th thanh ton bng tin mt, bng ngoi t v c vng hay i t theo tha thun. Khi i vo qun l, giao dch c xc nh t 10 12 gi v t 13 15 gi cc ngy lm

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THC TRNG V NH HNG PHT TRIN TH TRNG OTC VIT NAM

vic, nh u t phi m ti khon ti cc cng ty chng khon v tun th bin +/-20% theo gi tham chiu Nhng i li, vic a th trng OTC vo qun l nh Phng n m B Ti chnh ph duyt ngy 8/11 va qua li mang li nhng thun li ln. l s hn ch tnh ri ro vn rt cao trong cc giao dch trn th trng OTC hin nay. Tnh php l trong cc hp ng chuyn nhng s c xc minh, chng khon gi mo s c loi tr v ri ro trong thanh ton cng c hn ch. c bit, im m nhiu nh u t mong ch nht l tnh thanh khon ca chng khon cha nim yt. Th trng tng chng minh s sa ly ca nhiu nh u t trn th trng OTC trong bi cnh st gim. Khi phng n trn c trin khai, cc bn tham gia t chc hy vng rng tnh thanh khon s c ci thin v c th mang li tim nng to ln cho nh u t.

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THC TRNG V NH HNG PHT TRIN TH TRNG OTC VIT NAM

IV. NH HNG PHT TRIN TH TRNG OTC VIT NAM.

1. NH HNG CA CHNH PH
Ta nhn thy trong thi gian qua cng vi tnh trng u m trn th trng nim yt, th trng otc cng khng c chiu hng nng m hn. Th trng ri vo ng bng gn nh khng hot ng, mt tnh thanh khon, ri ro ngy cng cao, khng thc hin c vai tr ca mnh trong nn kinh t. ng trc thc trng , chnh ph a ra gii php l xy dng th trng otc c t chc di s qun l ca nh nc v cc c quan chc nng. Ngy 8/11/2007 quyt nh s 3567/Q- BTC do Th trng B Ti chnh Trn Xun H k v phng n t chc v qun l giao dch chng khon ca cc cng ty i chng cha nim yt ( th trng otc c t chc ) c ban hnh. Trong phng n ny cha ghi r thi gian c th thc hin l trnh m ch ra hai giai on thc hin bao gm: giai on trin khai chun b v giai on p dng ng lot. Nh vy, k t nay tt c chng khon ca cc cng ty i chng cha nim yt trn S giao dch Chng khon hoc Trung tm Giao dch chng khon s phi ng k , lu k tp trung ti Trung tm Lu k Chng khon v giao dch ti cng ty chng khon. Kt qu giao dch s c tng hp qua Trung tm Giao dch Chng khon H Ni thc hin thanh ton b tr ti Trung tm Lu k

a, Giai on 1: trin khai chun b

- Hai trung tm Giao dch Chng khon H Ni v Lu k Chng khon s lp phng - ng thi hai trung tm ny s phi hp vi cc thnh vin lu k, cng ty chng khon thng nht phng n hot ng, mua sm my mc thit b, iu chnh v th nghim h thng phn mm trnh xy ra li h thng trong qu trnh hot ng ca th trng, gy tn tht ln - Hai trung tm ny cng s chn ra mt s cng ty i chng p dng th h thng trong th trng otc c tp trung. Cc cng ty chng khon, t chc ti chnh, bo him, ngn hng c h thng qun tr tt s c u tin la chn. b, Giai on 2: p dng ng lot

b1.

iu kin giao dch

Ngi s hu chng khon mun giao dch phi lu k chng khon ti cc thnh vin lu k v

thc hin giao dch ti cc cng ty chng khon. thc hin giao dch cc nh u t phi m ti khon ti cng ty chng khon v k qu y 100% chng khon v tin.

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THC TRNG V NH HNG PHT TRIN TH TRNG OTC VIT NAM

Mi nh u t ch c m mt ti khon giao dch ti mt cng ty chng khon giao dch chng khon ca cng ty i chng cha nim yt. Nu c ti khon giao dch chng khon nim yt th s dng chnh ti khon ny thc hin giao dch v lu k chng khon cha nim yt.

b2.

Mi quan tm ln nht ca vic thnh lp th trng otc c t chc mi l gi, bin

gi v hng ha trn th trng c g thay i, thun li hn cho nh u t hay khng? Th nht v gi v bin dao ng gi.Do c th cng nh tnh hp dn ca th trng otc l tnh linh hot cao, v th ban u ly kin cc thnh vin th trng khng a ra gi tham chiu v khng c bin gi. Song vic ny c th dn n tnh trng lm gi trn th trng ny, hn na cc cng ty chng khon s kh c cn c xc nh ph giao dch. V vy s vn c gi tham chiu v bin gi. Gi tham chiu s do HASTC tnh ton theo phong thc bnh qun gia quyn, giao dch trn th trng ny s khng ch dao ng gi +/- 20?%. Tuy nhin do mi doanh nghip c c th khc nhau nn s c nhng c phiu c giao dch nhiu trn th trng ngc li c nhng c phiu t c giao dch hn hoc khng c giao dch, v vy HASTC s a ra nhiu phng n, c th tp hp nhng c phiu c tnh thanh khon cao thnh mt nhm v a ra thi gian tnh gi bnh qun, nhng c phiu tnh thanh khon km hn s c tnh theo cch khc. Trc mt trong giai on th nghim, s ch c c phiu ngn hng, t chc ti chnh v cng ty chng khon c giao dch, y vn l nhm hng ho c tnh thanh khon cao nn vic xc nh gi tham chiu khng qu kh khn. Th hai, hng ha cho th trng s rt phong ph, a dng. Th trng otc c t chc chia lm 2 giai on, trong giai on u hng ha s tp trung vo cc cng ty chng khon, ngn hng, t chc ti chnh, bo him. Giai on sau s p dng ng lot th hng ho s a dng hn. b3.

Phng thc giao dch.

Phng thc giao dch l tho thun v nh u t c th tha thun giao dch vi nhau bt k thi

gian no trong ngy nhng thi gian yu cu cng ty chng khon nhp bo co kt qu giao dch vo h thng l 10h-12h v t 13h-15h tt c cc ngy lm vic. Ph giao dch do cng ty chng khon quy nh, nhng mc thu khng vt qu mc trn hay thp hn mc sn do b Ti chnh quy nh. c bit, cc bo co kt qu giao dch nhp vo h thng s khng c php hu b. Trong trng hp c sai st trong qu trnh nhp bo co giao dch th cng ty chng khon s thc hin sa bo co giao dch trn h thng theo quy trnh do Trung tm Giao dch Chng khon H Ni hng dn. Tuy nhin trong trng hp thnh vin lu k c giao dch b li hoc ri vo tnh trng tm thi mt kh nng thanh khon b loi b giao dch s phi chu pht theo quy nh ca Trung tm Giao dch Chng khon H Ni, Trung tm Lu k.

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THC TRNG V NH HNG PHT TRIN TH TRNG OTC VIT NAM

Da vo mc h qu pht sinh t vic hu b giao dch, thnh vin c giao dch b hu phi bi thng cho thnh vin c giao dch i ng trn c s tho thun, ti a khng qu 10% gi tr giao dch. Thnh vin sa li s phi chu hon ton trch nhim i vi nhng thit hi pht sinh cho nh u t do vic giao dch b hu b. Mt ngh ht sc thit thc ca cc thnh vin th trng c a vo n l rt ngn hiu lc ca lnh cho mua/ cho bn xung ch cn ti a mt ngy giao dch hoc cho n khi c thc hin hoc b hu b. Nh vy nh u t c th mua v bn cng mt loi c phiu trong mt ngy. b4- Phong thc thanh ton. Phng thc thanh ton vn p dng l b tr a phng v ngy thanh ton T+3. i vi cc giao dch l ln ( trn 100.000 c phiu ) cc thnh vin lu k phi tho thun thi gian thanh ton. - Thi gian khp lnh trn h thng l t 10 gi n 15 gi / ngy lm vic. - Thu thp thng tin v cc c phiu trn th trng OTC. T thc trng ca th trng OTC Vit Nam trong thi gian qua, ta c th thy phn ln nhng ri ro hay gp trn th trng OTC u c chung nguyn nhn l do thiu thng tin chnh xc, y v cc c phiu giao dch trn th trng, hay ni cch khc l thng tin khng cn xng.Cc nh u t khi mun tm thng tin v c phiu m mnh quan tm th cc knh thng tin ch yu ca h l: bo co ti chnh ca cng ty, cc c quan chc nng, phng tin thng tin i chng, v cc ngun khc... Song cc ngun thng tin ny chnh xc l rt thp. + Thng tin t cc bo co ti chnh (BCTC): nhn chung, cc CTCP cha nim yt khng c BCTC c kim ton. Do nhng mc ch khc nhau m DN c nhiu h thng s sch k ton, BCTC. Mt khc, vic c c mt bn BCTC ca DN i vi mt ngi bnh thng l iu khng h n gin, nht l trong iu kin m ngay bn thn DN khng bit thng tin no nn cng b, thng tin no khng nn. Do , vic thu thp thng tin t DN qua con ng chnh thc kh kh khn, nu NT khng c nhng mi lin h nht nh vi cng ty . + Thu thp thng tin qua cc c quan chc nng: Theo quy nh, DN phi bo co tnh hnh hot ng cho c quan ng k kinh doanh (S K hoch v u t). Tuy nhin, vic tun th quy nh ny ca cc DN khng thc s nghim tc hoc cc thng tin cng rt chung chung. V cc c quan chc nng cng khng c trnh nhim v ngha v cng b cc thng tin ca DN. V vy, vic c c thng tin t cc c quan ny gn nh l bt kh thi i vi NT. Ngoi ra, cn c mt t chc lu tr thng tin v cc DN, l Trung tm Thng tin tn dng (CIC) thuc Ngn hng Nh nc. Trung tm ny lu tr thng tin c bn ca cc DN c quan h tn dng vi cc t chc tn dng. Tuy nhin, tnh cp nht ca cc thng tin ny khng cao.

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THC TRNG V NH HNG PHT TRIN TH TRNG OTC VIT NAM

+ Thu thp thng tin t cc phng tin thng tin i chng: khi khng th thu thp thng tin v DN t cc u mi thng tin nu trn, NT 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, tin cy khng cao. + Thu thp thng tin t cc ngun khc: thng tin t nhng hi, nhm kinh doanh chng khon, thng tin khng chnh thc t bn trong DN Nhn chung, cc ngun thng tin nu trn khng cn c vng chc v khng chnh xc NT ra quyt nh. Nhng trong thc t, cc chng khon vn c mua bn, chuyn nhng, thm ch, ti nhng thi im cao tro, nhiu loi chng khon c mua bn, chuyn nhng rt si ng. V thc trng trn nn khi tin hnh xy dng th trng otc c t chc c th m bo tnh minh bch, an ton ca th trng cng nh nh u t th chnh ph cn c cc bin php can thip hnh chnh quyt lit v cng rn hn na nh: buc cc cng ty c phn phi cng b hat ng ca mnh nh p dng i vi cc cng ty nim yt trn sn, chng hn bo co ti chnh nh k, s sch k ton, tnh hnh thay i lin quan n lnh o cng ty, s thay i v t l s hu v c phn ca cc c ng ln, cc thng tin v tnh hnh bt thng cng ty, thnh lp c quan kim ton chuyn gim st, kim tra, nh gi hot ng ca cc cng ty c phn, khuyn khch cc cng ty c phn xy dng vn ho cng khai minh bch trong hot ng ca chnh bn thn doanh nghip.

2.

TNH KH THI CA VIC XY DNG N THNH LP TH TRNG OTC C T

CHC VIT NAM.

Khi a ra gii php cho mt vn no y ta phi xem xt n trn c hai phng din l thuyt v thc t. Tnh kh thi ca mt n l yu t tin quyt quy nh n c c thc hin trong thc t hay khng. Tnh kh thi th hin s hiu qu ca n khi n c trin khai trong thc t c c nh trn l thuyt d tnh. Xy dng th trng OTC c t chc khng phi l mt vn mi m v ln u tin c thc hin trn th gii. cc nc c th trng ti chnh pht trin cao th th trng otc u l c t chc v qun l, nh Anh, Php, c v c bit l th trng chng khon Nasdaq M. Thc t cho thy cc th trng ny hot ng rt tt v c khi lng giao dch cn ln hn th trng nim yt. V vy khi Vit Nam quyt nh xy dng th trng chng khon otc c t chc th tnh kh thi l rt cao, v chng ta c tm gng ca cc nc i trc, bi hc kinh nghim t p dng vo Vit Nam xy dng mt m hnh ph hp vi tnh hnh kinh t ca nc ta. Th trng chng khon ni chung v th trng otc ni ring lun nhn c s quan tm ch c bit ca th trng, v vy khi m n xy dng th trng otc c t chc Vit Nam c hnh

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THC TRNG V NH HNG PHT TRIN TH TRNG OTC VIT NAM

thnh, c rt nhiu nhn xt nh gi ca cc chuyn gia kinh t, chuyn gia chng khon, nh phn tch, nh bo kinh t, nh u t. y chng ti xin trch dn mt vi nhn xt m chng ti thu thp c thay cho s nh gi ch quan ca mnh. T chc th trng otc chnh thc s mang li tnh thanh khon cho th trng vn ng ng

trong thi gian qua. ng Nguyn V Quang Trung , ph gim c trung tm chng khon H Ni HASTC. ( ngun www.baodatviet.vn ngy 3/9/2008 ). Chc chn khi giao dch tp trung thng tin v hot ng ca cng ty, thng tin v gi giao dch

s c cng b r rng hn nn nh u t s yn tm hn v khng s b h nh mua bn trao tay hin nay.iu nay s thu ht thm nhiu nh u t tham gia giao dch trn th trng ny ni ring v trn th trng chng khon ni chung. ng Trng Duy Khim, trng phng mi gii cng ty chng khon ngn hng Chu. ( ngun: www.viettin.vn ngy 10/7/2008 ) Vi th trng otc c t chc s lm tnh thanh khon ca c phiu cao, mc an ton trong

giao dch ln, nh u t c tham vn v thng tin ca c phiu cng nh gi c th trng ca c phiu . _ ng Nguyn H Nam, tng gim c cng ty chng khon ngn hng Si Gn thng tn. ( ngun www.dantri.com.vn ngy 20/4/2007 ) Mt khi h thng ny hot ng, chc chn cc giao dch trn th trng otc s si ng v trt t

hn. _ ng Nguyn Anh Dng , trng phng mi gii otc CTCK Seabank. ( ngun www.saga.vn ngy 20/10/2007 )

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THC TRNG V NH HNG PHT TRIN TH TRNG OTC VIT NAM

V. KT LUN
Vit nam l nc ang pht trin vi nn kinh t tr, nng ng, tng trng nhanh v bn vng, c nh gi l con h mi ca kinh t Chu . Gp phn to ln vo s tng trng y l s ln mnh khng ngng ca th trng ti chnh ni chung v th trng chng khon ni ring. Song do kinh t th gii c nhiu bin ng v tnh hnh kinh t trong nc phi i mt vi nhng vn ca mt nn kinh t ang pht trin, do m th trng chng khon nim yt v th trng otc thi gian qua u hot ng khng tt.

Chng ti tm hiu vai tr, thc trng, cng nh phng hng gii quyt ca chnh ph i vi th trng otc trong qu trnh thc hin tiu lun ny. Vi n xy dng a th trng OTC vo t chc chng ta hy vng v vng tin rng th trng s hot ng tt v n nh hn, tnh thanh khon cao thc hin hiu qu vai tr ca n i vi nn kinh t, thc y kinh t nc ta i ln, pht trin mnh m v bn vng hn. Hin nay n ang nhanh chng c chi tit ho bi Trung tm chng khon H Ni v Trung tm Lu k, vi mc tiu l s hon thnh vo cui nm 2008 hoc u nm 2009.

Th trng otc c t chc ang l s mong i ca khng ch cc nh u t m l ca c nn kinh t Vit nam.

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