Kiểm soát và xử lý thông tin không cân xứng trên thị trường chứng khoán việt nam

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Fs,-^ô ÊWsf$ 8BR9H iMKusm-^ b&đH ô8S^ ^SS ttfy-sSp'gi *52 w; Oi R£S$£^ IS e8® TKU'dW DAI HOC KHKH TE QUOC I>AA LB NGUYEN BICH NGOC KIEM SOAT VA xfr LY THONG TIN ((HONG CAN XUNG THEN THI TRUONG CHUNG KHOAN VIET NAM ChuySn nganh: Quan ly kinh t§ LUAN VAN THAC SI KINH TE ■ ■ DAI HOC KTQD THONG TIN TmJVIEN Ngittii hitting dan khoa hoc: TS h6 TH) BICH VAN HA Xoi » MVC LUC r r Danh muc cac chtr viet tat Danh muc bang, bieu, so d6, hinh ve Tom tat luan vSn Mo dau CHUONG I: LY LUAN CHUNG VE THONG TIN KHONG CAN XUNG TREN THI TRUONG CHUNG KHOAN _ 1.1 Thong tin khong can xumg _ 1.1.1 Khai ni?m thong tin khong can xumg 1.1.2 Dac di Am cua hien tuong thong tin khong can xumg _ 1.2 Tac dong cua TTKCX tren thi truong chumg khoan 1.2.1 Sir luu chuyen thong tin tren TTCK: 1.2.2 M6i lien he tuomg h6 ve thong tin gitra cac chu the tren TTCK 1.2.3 Van de thong tin khong can xumg va hi?u qua cua TTCK _ 11 1.2.3.1 TTKCX va hieu ung d6i voi TTCK _ 13 1.2.3.2 BiAu hi?n cua vAn dA TTKCX tren TTCK _ 1.2.4 14 Hinh thurc truyen dan thong tin 16 1.2.4.1 Noi dung co ban cua cong bo thong tin cong ty _ 17 1.2.4.2 Noi dung co ban vA cong b6 thong tin thi truong 18 1.2.4.3 Yeu cAu cua viec cong bo thong tin _ 19 1.2.4.4 D6i tuong cong bo thong tin _ 19 1.3 Kinh nghiem KS va xu ly TTKCX tren TTCK cua mot so nude PT _ 19 1.3.1 Thi truong chumg khoan My _ 20 1.3.1.1 Lich su hinh _ _ 20 1.3.1.2 Cac giai phap kiem soat va xur ly TTKCX tren TTCK cua My _ 22 1.3.2 Thi truong chumg khoan Trung Qu6c _ 24 1.3.2.1 Lich su hinh _ 24 1.3.2.2 Cac giai phap KS va xu ly TTKCX tren TTCK cua Trung Quoc 26 CHUONG II: THONG TIN KHONG CAN XUNG TREN TTCK VIET NAM _ 29 2.1 T6ng quan thi truong chumg khoan Viet Nam _ 29 2.1.1 Nhumg tuu dat dirge nhung nam qua 29 2.1.2 Nhung kho khan, han che cua thi truong chumg khoan Viet Nam _ 33 2.2 Thue trang TTKCX tren TTCK Vi?t Nam _ 34 2.2.1 Thi truong hieu qua va cac chi so hieu qua cua TTCK VN 34 2.2.2 Thue trang nguon thong tin dau tu _ 37 2.2.2.1 Nguon thong tin thi truong: _ 38 2.2.2.2 Ngudn thong tin cong ty: _ 39 2.2.3 Thue trang nguon thong tin dinh hudng diu tu 41 2.2.4 Thue trang nguon thong tin hd tro dau tu _ 41 2.2.4.1 Thue trang ngudn thong tin duoc kiem toan: 42 2.2.4.2 Thue trang nguon thong tin DMTN va dinh gia tai san : 43 2.2.5 Thue trang ve he thong cong bo thong tin dau tu _ 45 2.2.6 Thue trang vd quan ly CBTT va giam sat giao dich bat thudng _ 47 2.3 Nguyen nhan cua van de TTKCX tren TTCK VN 49 2.3.1 Cac chu thd giao dich 49 2.3.1.1 Tu ban than doanh nghiep 49 2.3.1.2 Tu phia cac nha dau tu 50 2.3.2 Cong ty chung khoan 52 2.3.2.1 Han chd khach quan chat luong nguon thong tin dau vao: 52 2.3.2.2 Han chd ban than cac nhan vien tu van: 53 2.3.3 Cac to chuc kiem toan, dinh gia tai san, DGDN, DMTN 53 2.3.3.1 Chit luong hoat dgng cua cong ty kiem toan: 53 2.3.3.2 Chat luong hoat dong cua cac to chuc DMTS va DMTN: _ 55 2.3.4 He thdng luat phap va hoat dpng quan ly _ 56 2.3.4.1 Chat luong khung phap ly 56 2.3.4.2 Cac co quan quan ly _ 57 2.4 Hieu ung cua TTKCX tren TTCK VN 59 2.4.1 Hieu ung Lua chon doi nghich - Khong bao ve duoc cac nha dau tu 59 2.4.2 Hieu ung Rui ro dao due - Thi truong thieu tinh minh bach _ 61 CHUONG III: KIEM SOAT VA XU' LY VAN DE TTKCX TREN TTCK VIET NAM 64 3.1 Chien luge phat trien TTCK VN giai doan: 2006 -2010 64 3.1.1 Muc tieu phat trien cua TTCK VN _ 64 3.1.2 Cac giai doan phat trien _ 64 3.1.3 Dinh hudng phat trien TTCK VN 65 3.2 Giai phap nhim han che hien tugng TTKCX tren TTCK VN 67 3.2.1 Cac giai phap chien luge _ 67 3.2.1.1 Hoan thien cac quy dinh phap ly _ 67 3.2.1.2 Hoat dong quan ly cong bo thong tin _ 69 3.2.1.3 D6i mdi PTHD, MHTC va phoi hgp gitta cac co quan chuc nang _ 70 3.2.1.4 Cac the chd lien quan ddn ngan hang _ 71 3.2.1.5 Phat trien he thdng co so tang, dac bi?t la cong nghe thong tin _ 72 3.2.2 Cac giai phap khac 72 3.2.2.1 Quan ly chit lugng nguon thong tin dau tu 72 3.2.2.2 Quan ly va hoan thien chit lugng nguon TT dinh huong dau tu 75 3.2.2.3 Hoan thien chat lugng ngu6n thong tin h6 trg dau tu 78 KET LUAN CHUNG 82 DANH MUC CAC KY HIEU VIET TAT STT DIEN GIAI KY HIEU • TTCK Thr tthahg churng khoah LCDN Lua choh doi hghrch TTKCX Thohg tih khohg cah xurng RRDD Rui to dao due CTNY Cohg ty hiem yet CTCK Cohg ty Chuhg khoah UBCKNN Uy bah chuhg khoah hha hhic TTGDCK Ti^g tam giao drch chimg khoah SGDCK So giao drch chimg khoah 10 NHNN Ngah hihg Nha hhic Viet Nam 11 TTTC Trahg tam tai chmh 12 CBTT Cohg bo thohg tih 13 TT Thohg tih DIEN GIAI TRANG TT TEN Hinh 1.1 Cau tnic cua tlii tnrdmg chimg l^oiui Hihh 1.2 Moi quan l^e Hinh 1.3 Chu6i anh huorng cua TTKCX den trrhi hi?u qua cua TTCK 16 Hihh 1.4 TTCK tren thd giai co gia tri v6n hoa cao rhiat nam 2006 21 Hihh 1.5 TTCK Chau A co gia tri von hoa cao rhi^t nam 2006 25 Hihh 2.1 S6 lugng chimg lhioehi niem ydt tren TTCK Vi?t Nam 30 Hihh 2.2 Khi6i luong chimg khoan niem yet den nam 2006 31 Hihh 2.3 Quan he khoi luxmg niem y£t va gia tri thi truong 31 Hinh 2.4 Bidu Hilii hrrng giao dich va VN-Idex qua cac namDicn 36 bi£n Sci dd nhan qua cua Thong tin kdiong can ximg 37 10 Hihh 2.5 tin gitta cac the tren TTCK TRlftfAG DAI HOC KIAHTE QUOC DAA NGUYEN BICH NGOC kiem soAt va xur ly thOng tin khOng can xumg THEN THI TRUONG CHUMG KHOAN VIET NAM ■ ■ Chuyen nganh: Quan ly kinh tM TOM tAt luan van thac si Ha - 2007 Ten de tai: Kiem soat va xir ly thong tin khong can xirng tren thi trird’ng chung khoan Viet Nam Tinh cap thiet cua de tai - Viet Nam, nhieu nha dau tu ca nhan da thua 16 mua cd phieu cua cac cong ty lan diu len san co gia bi diy len qua cao Tiep den, la su bat thudng hang loat cac cuqc dau gia c6 phieu, su chenh lech giura cac muc dau gia cong qua cao khien nhieu nha dau tu muon bo tien dat coc Day se khong phai la nhung truong hop ca biet ma nguyen nhan sau xa chinh la hien tuong thong tin khong can can xumg - Thang 07/2002, Cong ty khdng 16 thu linh vuc vien thong Worldcom > r My da nop don pha san mQt loat cac hanh vi gian lan ve ke toan Trude Worldcom co Tap doan Enron, tap doan buon ban nang luong Ion nhat cua My cung da bi pha san Enron lien quan tdi cac thu thuat ke toan tinh vi Trong nhieu nam bo phan tai chinh cua cong ty Enron da tao mot me cung de giau di hang chuc ti dola tien no Vu viec cua Worldcom va Enron da duoc danh gia la hai vu pha san Ion nhat lich su nude My - Nhung hien tuong neu tren chi la mot rat nhieu bieu hien cua van de thong tin khong can xumg tren TTCK Nhung neu hi?n tuong cong hudng he thong tai chinh - ngan hang non tre thi kha nSng khung hoang tai chinh la rat de xay - TTCK la mot thi truong bac cao, hoat dong het sure nhay cam va phuc tap, he thong thong tin phai dam bao nguyen tic cong bang, cong khai va minh bach Mot nhung tinh dac thu cua TTCK la d yeu to tarn ly cua nha dau tu, ma yeu to tarn ly lai chiu tac dong ldn bdi thong tin Doi vdi mot nha dau tu chung khoan don thuan, nhung thong tin chinh xac, dupe phan tich tot se giup dau tu hi?u qua, nhung - Nhu vay, hien tuong TTKCX va hieu ung cua chung da anh hudng rat to ldn den tinh hieu qua cua TTCK noi rieng va thi truong tai chinh noi chung Tu goc nghien cuu ly luan va thuc tien, khuon kho kien thuc han hep cua minh, ii pham vi ban Luan van Thac sy: “Kiem soat va xur ly thong tin khong can xung tren thi truong chung khoan Viet Nam” em xin trinh bay thuc trang TTCK Viet Nam, vi?c kiem soat va xur ly thong tin khong can xumg tren TTCK Viet Nam va xin phep de xuit mot so giai phap de cai thien thuc trang tren K6t c4u bai Luan vdn Thac sy gdm ba phin: Chuang 1: Ly luan chung ve thong tin khong can xung tren TTCK Chuang 2: Van de thong tin khong can xung tren TTCK VN Chuang 3: Kiem soat va xu ly van de thong tin khong can xung tren TTCK Viet Nam r Tuy nhien, linh vuc nghien cuu kha moi me, thbi gian va kien thuc cua hoc vien han che nen qua trinh thuc hicn kho tranh khoi nhung thieu sot Em rSt mong nhan duoc su quan tarn gop y cua cac thay, cac co cung nhung nguoi lam cong tac linh vuc chung khoan de de tai cang duoc hoan thien horn r Tom tat noi dung chinh cua luan van: Ti£p sau day, em xin ducrc trinh My tom luge nhung noi dung chinh luan v5n cua minh CHtTONG I: LY LUAN CHUNG VE THONG TIN KHONG CAN XU*NG TREN THI TRUONG CHU*NG KHOAN 1.1 Thong tin khong can xung 1.1.1 Khai nifm thong tin khong can xung Su6t horn hai thap ky qua, h