TP CH KHOA HC V CNG NGH, I HC NNG - S 3(44).

2011

NHN THC NG V TH TRNG OTC V MT S KHUYN NGH I VI TH TRNG OTC VIT NAM
PROPER AWARENESS OF THE OTC MARKET AND SOME RECOMMENDATIONS FOR VIETNAMESE OTC MARKET Lm Ch Dng
Trng i hc Kinh t, i hc Nng

TM TT Bi bo tin hnh kho st cc c trng ca th trng OTC ca Hoa K, ni pht sinh thit ch th trng ny, qua , xc nh li nhng nhn thc chun xc hn v th trng OTC. Bi bo cng xut mt s khuyn ngh v vai tr to lp th trng ca cc cng ty chng khon; v phn tng th trng; v h thng tiu ch cng khai thng tin v iu kin gia nhp th trng v v t chc giao dch trn th trng OTC ca Vit Nam. Nhng khuyn ngh ny hng n vic hon thin v pht trin th trng UPCoM, lm cho th trng ny tr thnh mt th trng OTC c cht lng vi quy m giao dch khng ngng gia tng, ng gp vo s pht trin ca th trng chng khon Vit Nam ni chung. ABSTRACT This paper deals with a survey on the characteristics of the US OTC market; whereby, more accurate perceptions of the OTC market will be redefined. The article also suggests some recommendations on the role of securities companies as market makers, on the market stratification, on the system of criteria for information disclosure and the market entry conditions and on the models of organizing transactions for Vietnamese OTC market. These recommendations are aimed to improve and develop Vietnamese UPCoM market, turning it into an OTC market with high quality and with continuous increases in transaction size, contributing to the general development of Vietnamese stock market.

1. t vn Th trng OTC (Over the Counter Market) l mt cch thc t chc th trng th cp cho cc giao dch chng khon v l mt b phn cu thnh ca th trng chng khon. Tn gi th trng OTC gn lin vi nhng c trng trong cch thc t chc v lch s hnh thnh, pht trin ca th trng chng khon Hoa K (M). V vy, khi thy, khi nim ny ch l mt khi nim c th. Tuy nhin, cng vi thi gian, n cng ngy cng mang tnh ph qut. Trn thc t, Vit Nam, tn ti nhng cch hiu cha chun xc v cha y v th trng OTC trn c hai phng din: thc tin v hc thut. Do , cn tin hnh nhng nghin cu v c trng ca th trng OTC ni pht sinh ra thit ch th trng ny, tc Hoa K, qua , rt ra cc khuyn ngh cn thit cho vic xy dng, hon thin thit ch th trng ny ph hp vi bi cnh pht
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trin ca th trng chng khon Vit Nam. Bi bo ny l mt trong nhng nghin cu theo hng . 2. Nhng c trng ca th trng OTC Mt cch tng qut, cu trc ca th trng chng khon bao gm ba b phn: th trng chng khon tp trung; th trng bn tp trung v th trng phi tp trung. Th trng bn tp trung l mt khi nim tng ng vi th trng OTC. Theo cch nh ngha v cn c vo thc t t chc cc thit ch th trng chng khon ca M, th trng OTC l mt phng php khc (ngoi phng thc t chc S giao dch chng khon Stock Exchanges) t chc cc giao dch th cp v chng khon (The other method of organizing a secondary market is to have an overthe counter (OTC) market[4]). Mt cch chung nht, c th nhn din th trng bn tp trung qua nhng c im ch yu sau: - Cc chng khon giao dch l cc chng khon cha c nim yt trn th trng tp trung nhng cng tha mn nhng tiu chun nht nh v iu kin giao dch; - Giao dch qua nhng nh kinh doanh (dealers/market makers) hoc qua nh mi gii; - Khng c mt a im tp trung nh S giao dch chng khon; - Phng thc giao dch khng thc hin trn c s u gi tp trung nh S Giao dch chng khon m trn c s thng lng, tha thun; - Pht trin t hnh thi t pht, khng c t chc n th trng c s qun l ca chnh ph hoc ca cc t chc t qun, thng l cc hip hi. Thut ng th trng bn tp trung c s dng phn bit vi cc giao dch v chng khon (cha c nim yt) trn th trng khng c t chc v thng l giao dch trc tip gia nhng nh u t hoc gia nh u t v ngi pht hnh. Th trng ny tng ng vi khi nim th trng phi tp trung ni trn. y l th trng giao dch trc tip gia ngi mua v ngi bn chng khon c trn th trng s cp v th cp. Cc giao dch ny c th qua ngi mi gii hoc ngi bo lnh pht hnh (trong trng hp th trng s cp) nhng vn khng thay i tnh cht phi tp trung ca n nu khng tha mn ng thi nhng c im ca th trng tp trung hoc th trng bn tp trung ni trn. c im ni bt nht ca th trng ny l cc giao dch din ra phn tn, khng c a im c nh v tnh cht t pht, khng c t chc. Vit Nam, khi nim thng c dng ch th trng ny l th trng t do. C mt thc t, i vi nhng quc gia c h thng thit ch th trng ti chnh pht trin, cc giao dch trc tip theo kiu nh trn c quy m khng ng k. Do , chng hn, M, cc giao dch khng qua S Giao dch chng khon thng c tin
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hnh trn th trng OTC. V vy, cu trc ca th trng thng ch c cp di gc cc thit ch, bao gm 2 thit ch: S Giao dch chng khon ( Stock Exchanges) v th trng OTC. Chnh iu ny to ra nhng cch hiu ng nht th trng OTC vi th trng phi tp trung, mt nhn thc khng ph hp vi thc t giao dch th trng chng khon cc nc ang pht trin M hnh in hnh t chc giao dch cho cc chng khon cha nim yt l m hnh th trng OTC ca M. y l mt th trng c mc t chc cao. Theo F.S. Mishkin, th trng OTC ca M c c im c bn l dealers at different locations who have an inventory of securities stand ready to buy and sell securities over the counter to anyone who comes to them and is willing to accept their prices [4] (cc nh kinh doanh cc a im khc nhau c chng khon d tr sn sng mua, bn khng qua S giao dch/ngoi S giao dch cho nhng ngi chp nhn gi ca h). Th trng OTC [6] ca M c nhng c im c bn sau y: a. Cc thnh phn (hay cn gi l cc tc nhn) ca th trng, bao gm: (i) Cc cng ty (Companies) Cc cng ty tham gia th trng ny vi t cch ngi pht hnh, tc ngi to hng ha cho th trng. Cc cng ty ny c th pht hnh trn th trng OTC, tuy nhin vic pht hnh mi him khi c thc hin ti th trng ny. Ty theo mc cng khai thng tin, cc cng ty s c phn nhm vo cc b phn th trng thch hp. (ii) Nh u t (Investors) (iii) Broker-dealers (ngi mi gii kinh doanh chng khon) Cng ging nh trn th trng tp trung, trn th trng OTC, cc Brokerdealers c th thc hin cc lnh mua, bn cho khch hng (vi t cch ngi mi gii broker) hoc cho chnh mnh (vi t cch ngi kinh doanh -dealer). Cc Broker-dealer hot ng trn th trng ny phi ng k v chu s gim st ca C quan gim st ngnh ti chnh (The Financial Industry Regulatory Authority- FINRA). (iv) C quan gim st (Regulators) C quan gim st v iu tit th trng OTC bao gm: C quan gim st ngnh ti chnh, y ban chng khon Hoa K (US.SEC) v cc c quan gim st chng khon khc. Nhng khiu ni lin quan n cc cng ty s c chuyn n SEC, lin quan n broker-dealers v nhng chuyn gia u t s c x l bi FINRA. (v) H thng bo gi/h thng giao dch (Inter-dealer Quotation/Trading Systems) H thng bo gi/giao dch cho php broker-dealers a cc mc gi yt ln; truyn thng n th trng v trong trng hp ca h thng OTC Link, c th tin hnh thng lng cc giao dch mc gi chp nhn.
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Th trng OTC ca M c vn hnh da trn hai h thng bo gi/giao dch ch yu sau: - H thng OTC Link: H thng ny cn c gi l h thng thng lng giao dch v thng ip in t ca t hp cc th trng OTC (OTC Markets Groups electronic messaging and trade negotiation system) [6]. c trng ca h thng ny l n va cho php cc broker dealers a cc mc gi yt, xem tt c cc mc gi yt ca cc chng khon OTC, va c th tin hnh cc giao dch qua h thng thng ip in t. - H thng FINRA BB (FINRA C quan gim st ngnh ti chnh): H thng ny ch n thun thc hin chc nng bo gi, n khng c chc nng thng ip in t nh h thng OTC. V vy, cc broker dealers lin lc qua in thoi tin hnh giao dch. b. Cu trc th trng/cc tng ca th trng OTC (OTC Market Tiers) Do th trng giao dch qu nhiu loi chng khon khc nhau v nhiu mt, nn cc chng khon c phn chia nhiu tng (Tier) theo mc minh bch v cng khai thng tin. Nhn chung th trng OTC ca M c phn thnh 3 tng: OTCQX l tng trn cng ca th trng OTC bao gm chng khon ca cc cng ty p ng nhng tiu chun cao nht v minh bch v cng khai thng tin trn th trng OTC. OTCQX cn c gi l th trng c kim sot cht lng (The Quality- Controlled Marketplace). Tng th hai gi l OTCQB. Tng ny cn c gi l th trng c ng k (US. Registered Marketplace). Cc chng khon giao dch c ng k v bo co thng tin vi SEC hoc vi mt c quan gim st ngnh ngn hng Hoa K. Tuy nhin khng c chun mc v cht lng thng tin hoc ti chnh cho b phn th trng ny. Tng Pink Sheet c gi l th trng giao dch u c (The Speculative Trading Marketplace). y l b phn th trng khng c yu cu v bo co v chun mc ti chnh. Cc cng ty tham gia la chn cp cung cp thng tin cho ngi u t: y , hn ch hoc khng cung cp thng tin. c. C ch giao dch Do khng c sn giao dch tp trung, cc broker-dealer lin lc v giao dch trc tip vi nhau. Cch thc t chc hin th trng ny ang p dng l a (post) cc mc gi yt ca tng thnh vin ln mng qua h thng bo gi/yt gi gia nhng nh kinh doanh (Inter-dealer Quotation system) nh h thng Pink Quote hoc h thng OTC Bulletin Board. Mt thnh vin c th giao dch vi cc thnh vin khc bng cch s dng hoc h thng Pink Link (h thng thng ip in t v tha thun mua, bn ca Pink OTC) hoc qua in thoi. 3. Cc khuyn ngh Kho st v th trng OTC ca M cho php rt ra mt s kt lun nh chnh nhng nhn thc khng ng v th trng OTC v ang tn ti, l:
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- Th trng OTC l mt th trng bn tp trung, theo nhng c im nh xc nh trn, khng phi l th trng phi tp trung. Tuy nhin, do khi nim th trng phi tp trung c th c din gii khc nhau, nn ni mt cch chnh xc hn, th trng OTC khng ng nht vi ton b cc giao dch khng qua S Giao dch chng khon, xt trong bi cnh ca th trng ti chnh Vit Nam. - Th trng OTC khng phi l th trng khng c t chc m ngc li, n l mt th trng c t chc (hiu theo ngha rng ca t ny) vi cc mc khc nhau. - Mt vi nhn nh cho rng th trng OTC l h thng giao dch in t qua mng. Trn thc t, khi nim th trng OTC khng ng nht vi khi nim h thng giao dch in t. Bn cht ca th trng ny c xc nh bi hng ha giao dch (cc chng khon cha nim yt ti S giao dch chng khon) v phng thc t chc giao dch khng qua S Giao dch chng khon. H thng giao dch in t ch th hin trnh cng ngh ca cch t chc giao dch hin ang c th trng OTC ca M vn hnh. tng c thi k, th trng ny cha p dng giao dch qua mng. Trong nhiu nm, th trng OTC ch l mt mng li in thoi khng chnh thc ga nhng nh kinh doanh cnh tranh nhau Mi n nm 1970, Hip Hi nhng nh kinh doanh chng khon (NASDAQ), mt th trng OTC t qun, mi p dng h thng giao dch in t NASDAQ [2]. Lu rng, NASDAQ tuy hin gi l mt S Giao dch chng khon thuc loi ln trn th gii nhng khi u nh l mt th trng OTC [7 ]. Ti Vit Nam, m hnh th trng UPCoM (Unlisted Public Company Market th trng giao dch cho chng khon ca cc Cng ty i chng cha nim yt) l mt m hnh t chc chnh thc cho th trng OTC v l mt b phn ca S Giao dch chng khon H Ni. Th trng ny c t chc vi mc ch to mi trng giao dch cng bng, minh bch, an ton gim thiu ri ro cho nh u t, tng tnh thanh khon cho cc chng khon cha nim yt v tng kh nng huy ng vn cho cc doanh nghip [3] Chng khon c giao dch trn th trng UPCoM gm c phiu ca Cng ty i chng cha nim yt hoc b hy nim yt ti S Giao dch chng khon H Ni (HaSTC) hay S Giao dch chng khon TP. HCM (HoSE); tri phiu chuyn i ca Cng ty i chng cha nim yt hoc hy nim yt. c ng k giao dch, cc chng khon phi tha mn cc iu kin: - L chng khon ca cng ty i chng theo qui nh ti iu 25 Lut Chng khon, khng nim yt ti S Giao dch chng khon. - c ng k lu k ti Trung tm Lu k Chng khon Vit Nam. - Phi c mt cng ty chng khon l thnh vin ca HaSTC cam kt h tr. Theo l trnh, gn 1.000 cng ty i chng cha nim yt s phi a c phiu ln giao dch (gi l th tc ng k giao dch) trn sn ny, chia lm 2 t, t 15/6 n
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thng 9/2009; v sau thng 9/2009. Quy nh ca UPCoM yu cu cc cng ty c c phiu giao dch phi cng b thng tin nh k v bt thng theo yu cu ca HASTC. Cc cng ty ny cn phi cng b thng tin v giao dch c phiu qu, giao dch ca thnh vin hi ng qun tr, ban gim c, ban kim sot v nhng ngi c lin quan... V phng thc giao dch, S Giao dch chng khon t chc giao dch i vi chng khon ng k giao dch thng qua h thng ng k giao dch theo 2 phng thc: - Phng thc khp lnh lin tc l phng thc giao dch c thc hin trn c s so khp cc lnh mua v lnh bn chng khon ngay khi lnh c nhp vo h thng ang k giao dch. - Phng thc tho thun l phng thc giao dch trong bn mua, bn bn t tho thun vi nhau v cc iu kin giao dch v thng tin giao dch c nhp vo h thng ng k giao dch xc nhn. C th thy, trong iu kin hin ti v trong mt thi gian khng ngn na, th trng OTC s ng mt vai tr ngy cng quan trng trong cu trc ca th trng chng khon Vit Nam. Bi v, mt nhn t c bn l cc doanh nghip Vit Nam v c bn vn l doanh nghip nh v va. i vi chng khon ca phn kh ln cc doanh nghip loi ny, th trng OTC l mt thit ch giao dch tng i thch hp. hon thin v pht trin th trng UPCoM, qua nghin cu kinh nghim t chc th trng OTC ca M, c th rt ra mt s khuyn ngh sau: (i) c im c bn ca th trng UPCoM ca Vit Nam so vi th trng OTC ca M v mt s nc khc l cc Cng ty chng khon ch mi ng vai tr l ngi mi gii ch cha ng vai tr l ngi to lp th trng (market makers). Ngi to lp th trng l mt nh kinh doanh trn th trng OTC cung cp nhng lnh t mua, cho bn lin tc i vi mt loi chng khon [1] v l ngi chp nhp ri ro ca vic nm gi mt s lng ca mt chng khon nht nh to thun li cho giao dch ca chng khon . [5] Trong iu kin ngi u t trn th trng cn thiu cc k nng chuyn nghip cng thm tnh trng thng tin bt i xng ca th trng cn rt nghim trng, vi chc nng c bn l chia s ri ro (Risk Sharing) nh vy, tc nhn to lp th trng s c ng gp ln vo qu trnh gia tng li ch ca th trng, qua gia tng quy m th trng v t c cc li ch ca chnh mnh. V vy, cn c quy ch khuyn khch, to iu kin cc Cng ty chng khon tr thnh ngi to lp th trng cho cc chng khon giao dch ti th trng UPCoM. ng nhin, cc Cng ty chng khon cn phi nng cp kh nng chu ng ri ro bng cch gia tng vn t c; k nng qun tr ri ro v mt lot cc k nng khc. (ii) c th gia tng s lng nhng Cng ty ng k giao dch v ph hp vi thc trng h thng thng tin v mc cng khai thng tin ca cc doanh nghip
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hin nay, nn tin hnh phn tng cc chng khon ng k giao dch theo mc cng khai v minh bch thng tin v cc chun mc ti chnh c yu cu. Cch phn chia cu trc th trng thnh 3 tng (tng th trng c kim sot cht lng; tng th trng c ng k v tng th trng giao dch u c) nh th trng OTC ca M c l l mt m hnh ng c tham kho. (iii) Xy dng h thng cc tiu ch v nhng thng tin cn cng khai, minh bch cng nh cc iu kin gia nhp th trng (i vi cc Cng ty i chng ng k giao dch) theo hai nh hng c bn: - Tng bc m rng hn na bin ph hp vi kh nng qun l th trng chng khon v s pht trin ca nn kinh t; - Chp nhn s khc bit gia cc tng ca th trng, khng th p t cc h tiu ch chung cho ton b th trng. V gim st th trng, cch t chc ca th trng OTC ca M gi nn a dng ha cc c quan gim st (thay v ch tp trung vo mt c quan l y ban chng khon Nh nc) v tin ti chp nhn nng cao vai tr t qun thng qua Hip hi ca cc thnh vin th trng. (iv) V t chc giao dch, chuyn t h thng giao dch m cc Cng ty chng khon ch ng vai tr mi gii nh hin nay sang h thng m cc cng ty chng khon m nhim thm vai tr ngi to lp th trng nh xut trn, cn phi p dng cc c ch giao dch mi bn cnh cc phng thc giao dch hin c. Trong , c ch yt gi/bo gi ca ngi to lp th trng qua mng kt hp vi cc phng tin giao dch in t khc cn phi c ch nh bng cc quy phm php lut mi v trin khai trn thc t giao dch. 4. Kt lun Xut pht t vic nghin cu cc c trng ca th trng OTC ca M, ni pht sinh thit ch th trng ny, bi bo nh chnh nhng nhn thc c phn cha chun xc v th trng OTC Vit Nam. Mt khc, nghin cu v th trng OTC ca M trong so snh vi th trng UPCoM ca Vit Nam cng cho php xut cc khuyn ngh gip hon thin v pht trin th trng ny p ng nhng yu cu v nng cao hiu qu ca th trng chng khon Vit Nam. l cc khuyn ngh v chc nng to lp th trng ca cc Cng ty chng khon; v phn tng th trng; v h thng tiu ch thng tin v iu kin gia nhp th trng; v t chc giao dch. TI LIU THAM KHO A. Ting Vit [1] B Ti chnh, Vin nghin cu Ti chnh, T in thut ng chng khon, Nh xut bn Ti chnh, 1998.
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[2] Richard F. Teweles; Edward S. Bradley; Ted M. Teweles, Th trng chng khon t chc v hot ng, Bn dch ca L Minh c, Nh xut bn Tr, 1996. [3] http://tuoitre.vn/Kinh-te/Tai-chinh-Chung-khoan/320629/Thi-truongUPCoM%C2%A0tiep-tuc-lo-trinh-hien%C2%A0dai%C2%A0TTCK.html Th trng UPCoM tip tc l trnh hin i TTCK B. Ting Anh [4] FS. Mishkin, Economics of Money, Banking, and Financial Markets, 7ed. [5] http://www.investopedia.com/terms/m/marketmaker.asp [6] http//www.otcmarkets.com/learn/intro [7] http://en.wikipedia.org/wiki/NASDAQ (BBT nhn bi: 28/05/2011, phn bin xong: 02/06/2011)

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