Nâng Cao Hiệu Quả Hoạt Động Kinh Doanh Chứng Khoán Tại Công Ty Chứng Khoán Thăng Long.pdf

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2531 LV ThS DHKTQD [?•' ti.< *1 * X: c y UJ •> i < lH Ml 'O 63 M id ru t’j i>31 TKHtiHG DAI HOC KDKIH TE QUOC DAA fy- £□ •< PHAN ANH TU NANG CAO HIEU QUA HOAT DONG KINH OOANH CHUNG KHOAN TAI CONG TY CHUNG KHOAN THANG LONG ■ ■ ChuyOn nganh: Quan trj Kinh doanh thuang mgi luan vAn thac sT quAn tri kinh doanh DAI HOC KTQD 1^$i^rH ven Ngudi htfdng dan khoa hoc: GS.TS GANG DiNH OAO Ha Xoi - ZOO7 MUC LUC • • DANH MUC CAC CH U TIET TAT DANH MUC BANG, SO DO TOM TAT LUAN VAN LOI MO DAU CHUONG 1: CO SO LY LUAN VE HIEU QUA KINH DOANH CUA CAC CONG TY CHUNG KHOAN 1.1 Nhu-ng van de ve hieu qua hoat dong kinh doanh chung khoan 1.1.1 Tong quan ve chung khoan va thi trudng chung khoan 1.1.2 Kinh doanh chung khoan va hieu qua hoat dong kinh doanh chung khoan nen kinh te thi truong 1.2 Noi dung hoat dong kinh doanh chung khoan cua CTCK 12 1.2.1 Hoat dong moi gioi chung khoan 12 1.2.2 Hoat dong tu doanh 13 F A 1.2.3 Hoat dong tu van dau tu chung khoan 15 1.2.4 Hoat dong bao lanh phat hanh 16 1.2.5 Cac hoat dong phu tro khac 17 1.3 Cac chi tieu ve hieu qqa hoat dong ldnh do^r^li c^irii^ kho^in cua cong ty chung khoan 18 1.3.1 Nhung chi tiuu chung 18 1.3.2 Chi tiuu hieu qua cua hoat dong moi gioi 25 1.3.3 Chi tiuu hieu qua cua hoat dong tu van 26 1.3.4 Chi tiuu hieu qua cua hoat dong tu doa)!! 26 1.3.5 Chi tiuu hieu qua cua hoat dong bao lanh phat haIgO 26 1.4 Nhurng nhan toanh hu'd’ngden hoat dongknih doanh cua cong ty chwng khoan 27 1.4.1 NOnn to khach quan 28 1.4.2 TNhn tochhqqun 30 CHVONG 2: THV’C TRANG VE HIEU QUA HOAT DQNG KINH DOANH CHUNG KHOAN TAI CONG TY CHUNG KHOAN THANG LONG 32 2.1 Vai net ve thi truong chung khoan Viet Nnm va qua trinh phat trien hoat dnng kinh Oonnh chu’ng khoan tai Cnng ty Chung khoan Thang Long 32 2.1.1 Nlnmg net chung ve thi truong chung khoan Viet Nnm 32 2.1.2 Gioi thieu ve cnng ty chung khoan Thang Long 34 2.1.3 NTnmg net chung ve hoat dnng tai Cnng ty Chung khoan Thang Long 39 2.2 Nhnng thuan loi va kho khan tai Cnng ty Chung khoan Thang Long 45 2.2.1 NTnmg thuan loi can cnng ty 45 2.2.2 NTnmg kho khan 46 2.3 Phnn tich hieu qun hoat dnng kinh Oonnh chung khoan tai Cnng ty Chung khoan Thang Long 47 2.3.1 Cac chi tieu hoat dnng kinh Oonnh qun cac nam 47 2.3.2 Phan tich hieu qun hoat dnng kinh Oonnh chung kOoag tai Cnng ty Chung khoan Thang Long 50 2.4 Danh gia ve hieu qun hoat dnng kinh Oonnh chung khoan tai Cong ty Chung khoan Thang Long 53 2.4.1 Hoat dong moi gioi 53 2.4.2 Hoat dong tu van 60 2.4.3 Hoat dong tu doanh 61 2.4.4 Hoat dong bao lanh phat hanh 64 CHVONG 3: PHUONG HUONG VA CAC GIAI PHAP CHU YEU NANG CAO HIEU QUA HOAT DQNG KINH DOANH CHUNG KHOAN TAI CONG TY CHU*NG KHOAN THANG LONG 66 3.1 Dinh hirung phat trien cua Thi triroug chung khoan Viet Nam 66 3.1.1 Dinh hudng cua Uy ban chung khoan Nha nude 66 3.1.2 Dinh huong phat trien kinh doanh tai Cong ty Chung khoan Thang Long 67 3.2 Cac giai phap Nang cao hieu qua hoat dong kinh doanh chung khoan tai cong ty chung khoan Thang Long .70 3.2.1 Nhom cac giai phap chung 70 3.2.2 Nhom giai phap doi voi nghiep vu moi gioi 76 3.2.3 Nhom giai phap doi voi nghiep vu tu doanh va bao lanh phat hanh 86 3.3 Tao lap moi truong va dieu kien nham nang cao hieu qua hoat dong kinh doanh chung khoan 88 3.3.1 Doi voi Ngan hang TMCP Quan doi 88 3.3.2 Doi voi Uy Ban Chung khoan Nha nude va Trung tarn giao dich chung khoan 90 3.3.3 Ve phia chinh phu 90 KET LUAN 94 TAI LIEU THAM KHAO 95 DANH MUC CAC CHtf CAI VIET TAT UBCKNN Uy ban chung khoan Nha nude CTCK Cong ty chung khoan TNHH Trach nhiem huu han CTCP Cong ty co phan QLDM Quan ly danh mpc SGDCK So giao dich chung ■ khoan CK Chung khoan CNH - HDH Cong nghiep hoa - hien dai hoa NHCPTM Ngan hang co phan thuong mai TSC Cong ty chung khoan Thang Long MB Ngan hang Thuong Mai cO phan Quan Doi CP Co phieu NDT Nha dau tu HDKD CK hoat dong kinh doanh chung khoan TTCK Thi trubng chung khoan TNDN Thu nhap doanh nghiep TSCD Tai san co dinh NHNN Ngan hang nha nudc TPCP Trai phieu chinh phu DNNN Doanh nghiep nha nudc DANH MUC CAC BANG, BIEU DO So 01: So to chuc bo may 38 Bang 01: Doanh thu hoat dong kinh doanh 47 Bang 02: Lai gop qua cac nam 48 Bang 03: Chi phi hoat dong 49 Bang 04: Bien dong chi phi 49 Bang 05: Ket qua hoat dong kinh doanh 50 Bang 06: Cac chi tieu tai chinh 51 Bang 07: So luqng tai khoan md tai TSC 54 Bang 08: Cor cau tai khoan md tai TSC nam 2006 55 Bang 9: Doanh thu giao dich 57 Bang 10: Doanh thu giao dich nam 2006 58 Bang 11: Bieu phi giao dich 59 Bang 12: Danh muc dSu tu 62 Bang 13: Bang phi moi gidi OTC 84 TOVdW DAI HOC KIAII TO QUOC I>AA a- LJ PHAN ANH TU NANG CAO HIEU QUA HOAT DONG KINH DOANH CHUNG KHOAN TAI CONG TY CHUNG KHOAN THANG LONG Chuyfin ngdnh: Quan trj Kinh doanh thuung mgi TOM TAT LUAN VAN THAC ST • Ha Mii - 2007 • i LOI Md DAU Tinh cap thiet cua de tai Thi trudng chung khoan ddi vao gitra the ky XV tai nhung nhd cua nude Bi va mdi xuat hien d Viet Nam duoc nam Tuy nhien, thi trudng chung ngan hang thuong mai, thi trudng chung khoan da thuc day su phat trien nhanh chong cua nen kinh te Viet Nam thdi gian qua Chu the tham gia tren thi trudng chung khoan bao gom nhieu doi tuqng nhu; nha dau tu, cac cong ty co phan, cac don vi quan ly va cong ty chung khoan Trong cong ty chung khoan dong gop vi tri rat quan trQng viec tao lap va on dinh thi trudng, thong qua viec cung cAp cac dich vu moi gidi, tu vAn, bao lanh phat hanh va viec nam giu mot so luong chung khoan nhat dinh va thuc hien viec mua ban de hudng phi va chenh l?ch gia thi hoat dong kinh doanh tai cong ty chung khoan khong chi dem lai loi nhuan cho chinh cong ty chung khoan ma dem lai loi ich cho thi trudng chung khoan noi chung, giup cho thi trudng chung khoan tranh duoc nhung bien dong ldn va dam bao su khoan cho thi trudng chung khoan Theo luat chung khoan thi hoat dong kinh doanh cua cong ty chung khoan bao r x gom cac nghiep vu chinh nhu sau: nghiep vu moi gidi, tu doanh, tu van tai chinh, bao lanh phat hanh va luu ky chung khoan Tuy nhien, cac nghiep vu van t \ r chua thuc su phat trien mot each bai ban Mot phan la trinh quan ly va kien thuc kinh nghiem han che, cac nghiep vu doi hoi ngudi hanh nghfi phai nim r r x bat duoc ly thuyet co ban va nang cao ve quy trinh va ky thuat phan tich dinh gia rui ro va ke toan, tai chinh Mot ly khac la thi trudng chung khoan Viet Nam x r non tre chua dung nhieu rui ro, nhung bien dong kho ludng cd the anh hudng true tiep hay gian tiep tdi hoat dong kinh doanh chung khoan cua cong ty chung khoan Do chinh la ly tdi chon de tai: “Nang cao hi|u qua hoat dong kinh doanh chung khoan tai cong ty chung khoan Thang Long” Doi tuQUg nghien cuu; De tai nghien cuu ve co sd ly luan va thuc tien hieu qua hoat dong kinh doanh chung khoan tai cong ty chung khoan Thang Long ii Pham vi nghien cuu; De tai nghien cuu thuc trang hieu qua hoat dong kinh doanh chung khoan tai cong ty chung khoan Thang Long Thong qua ket qua dat duoc va nhung mat han che, tu tim hieu nguyen nhan va dua nhung giai phap kien nghi nham Nang cao hieu qua hoat dong kinh doanh chung khoan tai cong ty chung khoan Thang Long, thoi gian toi Phuong phap nghien cuu; De tai dugc nghien cuu tren co so ket hop cac phuong phap tu bien chung va vat lich su He th6ng ly thuySt ket hop ly luan va thuc tien de phat trien, danh gia, rut' nhung ket luan va de xuat chu yeu Dong thoi de tai su dung phuong phap phan tich doanh nghiep, mo hinh hoa, luong hoa de van de tro nen thuc te hon, de hieu hon thong qua thi va cong thuc toan hoc Ket cau de tai Ben canh phan gioi thieu chung, de tai gom chuong: A Chuang I: Co so ly luan ve hieu qua kinh doanh cua cac cong ty chung khoan Chuang II: Thuc trang ve hieu qua hoat dong kinh doanh chung khoan tai cong ty chung khoan Thang Long Chuang III: Phuong huong va cac giai phap chu yeu nang cao hieu qua hoat dong kinh doanh chung khoan tai cong ty chung khoan Thang Long 82 - Call Center: Trung tam ho tro khach hang r y r r r He thong bao mat cua cong ty chung khoan can dupe thiet ke tuan thu mot so nguyen tic nhat dinh - Duoc thiet ke nhu mQt khoi dong nhat va duQc phan chia cac vung mang khac theo muc dich su dung Cac vung mang co su lien ket chat che vdi bao dam tinh toan v?n cua ca he thong Moi vung mang duoc gan chinh sach bao mat khac theo chuc nang Ngoai ra, viec phan vung mang bao dam tinh an toan, mQt vung bi ldi, de dang tach vung khoi he thong, bao dam he thong van hoat dong tot - He thong can duoc bao dam an ninh boi cac buc tuong lua (Firewall), bao dam kha n3ng bao ve cho cac he thong ben trong, dSc bi?t la vung may chu nhay cam > r x a r y - He thong can co cac co che bao ve d da tang, tu tang ung dung web den tang truy cap vat ly, ngan chan huu hieu cac cuqc tin cong va xam nhap trai phep - Cac thiet bi duQc su dung he thong phai la nhung thiet bi da duoc chung minh la van hanh on dinh va hieu qua Dong thoi can dung cac thiet bi cua nhieu hang san xuat khac dat d cac lop bao ve, tranh viec dung cung mot dong san pham tren nhieu lop Tren day la nhung net co ban cua he thong CNTT duQc trien khai de dap ung nghiep vp cua cong ty chung khoan Giai phap nao la phu hop cho cac cong ty chung khoan Viet Nam van cin co thoi gian tra loi Song, yeu to quan nhat quyet dinh su cong van la sp chuan bi cua cong ty, dac biet la yeu to nguoi 3.2.2.6 Ma chi nhanh, dai ly nhan lenh a Lai ich cua viec trien khai dich vu Viec trien khai dich vp se lam tang gia tri giao dich, doanh thu cho TSC, tang so luong khach hang md tai khoan, Mo rQng thi truong khach hang tai cac tinh ca nudc, giup quang ba va phat trien thuong hieu, nang cao uy tin cua Cong ty 83 b Uu diem Ma chi nhanh, dai ly nhan lenh khong phai dau tu co so vat chat ky thuat cho cac dai ly, Khong phai dao tao nhan vien cho cac dai ly, Tan dung duoc the manh cua Cong nghe thong tin, xoa di duoc khoang each dia ly, Khach hang khong mat nhieu thoi gian di lai neu co nhttng dai ly nhan lenh d gan nha c Nhuqc diem Bq may hoat dong cong kenh, kho quan ly mot each thong nhat tu tren xuong dudi, gay phuc tap cho hoat dQng cua bo phan luu ky chung khoan Nhung sot xuat cua cac chi nhanh, dai ly co the anh huong khong tdt tdi uy tin cua Cong ty, Neu chi r nhanh hoat dpng khong hieu qua cung anh hudng den doanh thu cua Cong ty d Cac quy dinh ve viec ma chi nhanh, dai ly nhan lenh Cong ty chung khoan muon lap chi nhanh phai duoc UBCKNN chap thuan Ho so xin lap chi nhanh bao gdm: don xin lap chi nhanh theo mlu; phuong an hoat dong kinh doanh chung khoan cua chi nhanh du kien 02 nam dau; ban thuyet trinh co sd vat chat ky thuat phuc vu hoat dpng kinh doanh cua chi nhanh kem theo xin cap chung chi hanh nghe kinh doanh chung khoan; ho so hop le cua 02 nhan vien thuc hien nghiep vu luu ky chung khoan Trong qua trinh hoat dong, Cong ty phai chiu trach nhiem hoan toan ve hoat dong cua dai ly nhan lenh r t a Dai ly nhan lenh dugc tien hanh nhan, so kiem va chuyen lenh ve Cong ty chung khoan Dai ly nhan lenh khong duoc md tai khoan giao dich, luu ky chung khoan, tu vAn dAu tu chung khoan true tiep cho khach hang r e Ke hoach to chicc thuc hi?n So dai ly, chi nhanh se thuc hien: vdi muc tieu de ra, Cong ty nen md tdi da khong qua 05 dai ly nhan lenh tai Ha Noi va tdi da khong qua 05 chi nhanh tren ca nudc Dia didm dat chi nhanh, dai ly nhan lenh: dam bao la noi ddng dan cu nhung khong gan cac khu cd nhieu san giao dich cua cac cong ty chung khoan khac Cac chi nhanh, dai ly phai duoc phan bo deu (theo mat dan cu) / ca nudc 84 Tren pham vi ca nudc: dia diem tot de dat chi nhanh, dai ly co the la cumLang Son, Hai Phong, Bic Ninh, Hai Duong, Quang Ninh, Ha Noi, Vinh, Quang Tri (Lao Bao), Da Nang, Nha Trang, mgt so phd Tay Nguyen va cac tinh ddng bang song Cuu Long, Thanh phd Ho Chi Minh Tai Ha Ngi: Quan Cau Giay, Quan Long Bien, Quan Hai Ba Trung, Quan Ddng Da, Quan Thanh Xuan 3.2.2 Hoat dong moi gidi OTC tai TSC a Nhan su Trong giai doan can 02 nhan vien thuc hien chuyen trach cac cong viec lien quan ddn cd phidu OTC, trien khai phuong an quan ly cua UBCKNN ve cong ty dai chung b Ke hoach cong viec gidi OTC tai TSC; Tridn khai cac dich vu moi gidi OTC cua TSC tdi khach hang; Nghien cuu, cap nhat phuong an thuc hien giao dich co phi du cua cong ty dai chung theo luat mdi Len ke hoach cu the de trien khai c Quy dinh hoat ddng OTC Phi mdi gidi OTC: Bang 13: Bang phi mdi gidi OTC STT Duoi 500 trieu 0.4% Tir 500 trieu den ty 0.3% Tir ty trd len 0.2% Cac buoc de thuc hidn dugc dich vu mdi gidi OTC: Md tdi khoan giao dich OTC tai TSC Khach hang mudn giao dich chung khoan OTC phai md tai khoan giao dich OTC tai TSC.Neu khach hang da cd tai khoan giao dich chung khoan niem yet thi 85 TSC se su dung tai khoan lam tai khoan giao dich OTC Khach hang phai ki lai hop dong mo tai khoan giao dich OTC Luu ki chung khoan OTC Khach hang se phai mang chung khoan tdi luu ki tai TSC de thuc hien giao dich Cu the, khach hang thuc hien lenh cam ket ban chung khoan mot thoi gian xac dinh vdi mot muc gia xac dinh Ki quy tien gui giao dich OTC Khach hang muon mua chung khoan phai thuc hien 100% tien ki quy de mua chung khoan trudc thuc hien lenh cam ket mua chung khoan Cac loai lenh dat d Bat tenn hqung cao rnuu ado chung kkhon tai TTC: Nhan vien OTC thuc hien miln phi cac quang cao mua va quang cao ban chung khoan cho khach hang da co tai khoan Trudng hop chua co tai khoan giao dich thi yeu cau khach hang mo tai khoan giao dich d.2 Bat lenh cau ket dOn chung khoOn: r ' a Khach hang dat lenh cam ket ban chung khoan phai mang ho so chung khoan den tai TSC de luu ki Khach hang se lam mot cam ket vdi TSC vl viec ban chung khoan vdi so luong chinh xac mot thdi gian xac dinh va mot muc gia cam ket Viec thuc hien cam ket ban cong TSC se thu mot muc phi theo quy dinh Neu khong cong thdi han TSC se phai thong bao cho khach hang de dieu chinh gia cung nhu thdi gian cam ket ban chung khoan d Bat tenn Uet teuu ahihng Mioon: Khach hang dat lenh cam ket mua chung khoan se phai ki quy tien coc 100% gia tri hop dong r r •> Neu cam ket mua chung khoan cong thi TSC thu phi theo quy dinh bieu phi Neu tdi thdi han ma chua thuc hien khdp duoc chung khoan thi TSC phai thong \ r •» \ r bao cho khach hang ve tinh hinh thuc te de khach hang dieu chinh cam ket mua cho phu hop muc gia khdp 86 d Kiem soat hopt ddng OTC, che bao cao Ho so chung khoan:Phai kiem tra ky ludng ve giay to, thu tuc trudc thuc dong, phai hoi bp phan quan ly sd co dong chung khoan do) Chung khoan luu ki va Tien ki quy tai TSC Thuc hien nghiem chinh che bao cao: hang ngay, tuan, thang, quy, nam 3.2.3 Nhom giaiphap doi vdi nghiep vu tie doanh va bao lanh phat hanh r Nghiep vu tu doanh va nghiep vu bao lanh phat hanh la hai nghiep vu rat quan trong hoat dong cua cong ty chung khoan vice thuc hien cac nghiep vu doi hoi yeu cau rat cao ve cac nguon luc nhu: nhan su, tai chinh phan giai phap chung da de cap den cac bien phap Tuy nhien, d6 dap ung yeu cau dac thu cua A hai nghiep vu cong ty can 3.2.3.1 Tdng cuang nang luc tdi chinh Nghiep vu bao lanh phat hanh doi hoi cong ty phai co nguon tai chinh du ldn de dam bao trudng hop thi trudng co nhung bien co bat loi cho cong ty va don vi phat hanh din den ket qua la cong ty phai mua mpt phan hoac toan bo so luong co phieu phat hanh dot tang vdn cua don vi phat hanh Mat khac su phat trien nhanh cua thi trudng , VN index dat xap xi 300 diem vao cuoi nam 2005 den dat 900 didm cho thay gia co phieu bien dpng rlt manh, chinh didu dat phai co mQt nguon tai chinh du ldn de dam bao cong Cong ty Chung khoan Thang Long la mpt nhung cong ty chung khoan ddi sdm nhat thi trudng chung khoan Viet Nam va phat trien cung vdi thi ? A Z A trudng qua cac giai doan phat trien thang tram Vdn dieu le hien cua cong ty la 120 ty ddng la mpt nhumg cong ty co vdn ldn tren thi trudng Tuy nhien, nam 2006 thi trudng chung khoan Viet Nam co su phat trien vuot bac so cong ty chung khoan tu 13 cong ty vao dau nam 2006 den thdi diem dau nam 2007 da la 52 cong ty va tong vdn hoa thi trudng chiem 20%GDP cong them gan 60 cong ty chung khoan mdi se ddi nam 2007 dieu dat mot yeu cau cung nhu la 87 r mot thach thuc doi hoi cong ty phai nang cao mot buoc hieu qua hoat dong va chat luong dich vu dong thoi phai tang cuong tiem luc tai chinh TSC la cong ty cua Ngan hang Quan Dpi nen viec tang von phu thuoc vao Ngan hang me nhung voi nhu chu tang vdn cua chinh Ngan hang nen viec dap ung luong von nhu vay se tro nen kho khan De dap ung nhu cau tren theo quyet dinh cua dai hoi co dong cua Ngan hang se co phan hoa cong ty chung khoan de huy dong von va du kien tang vdn cua cong ty len 400 ty dong de dap ung nhu cau phat trien 3.2.3 Xay dwmg chien hrac dau tir D6i voi nghiep vu tu doanh, tham gia kinh doanh tren thi truong cong ty can xem xet : Tong quy dau tu, xac dinh ro muc dich dau tuva rui ro co the chap nhan duoc, phai lua chon hang hoa thich hop tren thi truong Xet theo muc dich dau tu cong ty co the su dung cac chien luoc sau: + Chien luoc mua de huong co tuc va tang gia co phieu: neu thay rang qua khu gia chung khoan tang mot cach deu dan thi cong ty co the lua chon chien luoc voi hy vong tuong lai se tang truong nhu vay ma khong phai theo doi sat bien dong hang Chien luoc ap dung thich hop voi nhung co phieu hang dau (blue chip) cac nganh cong nghiep, co suc manh tai chinh va dang thoi ky tang truong Chien luoc duoc ap dung mot cach kha don gian + Chien luoc chi phi thap hon gia trung binh: Cong ty co the su dung nhung khoan tien co dinh de mua co phieu vao nhung thdi diem xac dinh nam nhu thang quy hay nua nam Vay co phieu thi nha dau tu se mua duoc nhieu co phidu gia thAp hon gia tang Chien luoc ky vong tuong lai dai thi chi phi trung binh de mua co phieu thap hon gia trung binh cua co phieu tren thi truong Neu gia lien tuc thi cong ty se bi ld + Chien luoc tdng gia tri dau tu co dinh; luon luon tri mot khoan tien dau tu cd dinh vao mot hdn hop cd phieu ca truong hop tang gia va ca truong hop giam gia tang gia thi ban bot de thu loi, giam gia thi mua them de dua tong gia tri dau tu ve muc ban dau 88 + Chien lugc tri ty le khong doi giua co phieu va trai phieu: Chien luoc cho phep cong ty su dung tu cac chung khoan tang gia de dau tu vao cac chung khoan khac No kha on dinh nhung dam bao dem lai loi nhuan + Chien luoc mua tra cham : Neu cong ty co nhieu kinh nghiem va thich dau tu ngan han co tinh chat dau co No cho phep cong ty chi phai tra mot phan tien de mua co phieu phan lai co the vay cua cac cong ty chung khoan khac De hoan muc tieu tu doanh chung khoan ngoai viec cong ty can xay dung cho minh mot chien luong dau tu hop ly thi cong ty phai xay dung va phat trien bo phan phan tich dau tu mot cac chuyen nghiep vi day chinh la bo phan rat quan r z z x cung cap cac thong tin lien quan den cac quyet dinh dau tu cua cong ty cung nhu la noi cung cap nhung ban bao cao co gia tri phuc vu khach hang 3.3 Tao lap moi truong va dieu kien nham hang cao hiau qua hoat dong kinh doanh chung kquan 3.3.1 Doi vcri Ngan hang TMCP Quan cffii De tao dieu kien thuan loi cho Cong ty chung khoan Thang Long hoat dong kinh doanh co hieu qua, cong ty cung co mot so de xuat, kien nghi len Ngan hang TMCP Quan Dpi nhu sau: - De nghi Hoi dong quan tri Ngan hang TMCP Quan Doi chu chuong thong nhat cho phep mot so chi nhanh Ngan hang TMCP Quan Doi thuc hien cac dich vu hd tro hoat dong chung khoan chung khoan cua cong ty nhu: cho khach hang cua cong ty vay cam co chung khoan, vay bao chung, chuan bi md tai khoan dau tu chung khoan cho to chuc va ca nhan nudc Ngoai Chinh phu cho phep, cho khach hang co tidn gui tren he thOng Ngan hang TMCP Quan Doi md tai khoan da x r x r nang kinh doanh chung khoan co nhu cau, dong thdi tu van niem yet chung khoan cung cong ty cho cac doanh nghiep co phan hoa muon tham gia thi trudng chung khoan, quan tam uu dai tin dung ddi vdi doanh nghiep co phan hoa duoc cong ty cung cap dich vu •t r x x x - Co chu truong cho phep CTCK duoc bo sung tang von dieu le bang nguon thu nhap de lai, thu theo quy dinh cua Bo Tai chinh va nguOn cip bo sung cua Ngan 89 hang TMCP Quan Doi nhung nam tdi Trong tuong lai gan, cong ty se cung X ô 7 ã M ' X A cap nhieu san pham va dich vu hoan hao de dap ung nhu cau cua nha dau tu De tiep tuc hoan thien co so vat chat ky thuat, tang hieu qua, chat luong hoat dong doi hoi cong ty tang von dieu le Theo lo trinh phat trien cua cong ty, den nam 2008 cong • X X A ty se budc vao giai doan phat trien nen nhu cau ve von lai cang ldn vi vay viec tang von dieu lc la khong the khong tinh den - Co chu truong cho cac chi nhanh Ngan hang TMCP Quan Doi lam dai ly nhan lenh cho cong ty hoac mo dich vu ho tro lien quan den chung khoan duoc bo sung kinh phi de dau tu mua sam trang thiet bi, sip xep dia diem va dao tao can bo thuc hien hop dong ky ket vdi CTCK Cho phep cong ty thi diem viec thue AXA A chuyen gia tu van, moi gidi dau tu theo che cong tac vien de han che viec tang A ~ X bien che ma van dap ung nhu cau kinh doanh - Hang nam Ngan hang TMCP Quan Dpi nen danh so von hoat dong khoang 4000 - 5000 ty dong sin sang dau tu vao thi trudng co phieu va trai phieu cua cac td chuc phat hanh la: Chinh phu, Tdng cong ty nha nudc, cong ty bao hi£m, NHTM A A A A nha nudc va thi trudng co phieu (so cap va thu cap) Cong ty se phoi hop vdi cac Phong ban lien quan cua tru sO chinh Ngan hang TMCP Quan Doi xay dung de an kha thi Viec co dieu loi: hinh don trudc nghiep vu chiet khau va tai chiet khau giay td co gia dai han duoc Ngan hang Nha nudc cho phep, da dang hoa kinh doanh cua Ngan hang TMCP Quan Doi, phan tan rui ro tim kiem loi nhuan tdi uu; tao co hoi cho cdng ty phat trien nghiep vu tu v£n, moi gidi bao lanh va dai ly phat hanh; duoc huong uu dai v£ thud d6i vdi cac khoan diu tu vao thi trudng chung khoan thong qua cong ty hoac truc tiep tu Ngan hang TMCP Quan Doi theo quy dinh sap tdi cua Chinh phu Viec su dung va nghien cuu ddng bo cac giai phap va kien nghi tren se gop phan giup cong ty cang hoan thien hon hoat dong kinh doanh dac biet la linh vuc moi gidi chung khoan, ddng thdi cung co vi tri cua cong ty tren thi trudng chung khoan Viet Nam 90 3.3.2 Doi vdi Uy Ban Chirng khoan Nha nudc va Trung tam giao dich chirng khoan - UBCKNN can sdm ban hanh cac vSn ban huong dan nghiep vu moi gioi, tu doanh, bao lanh phat hanh, tu van dau tu, tu van tai chinh dd cac Cong ty chung khoan co co so hoan thien cac quy trinh nghiep vu va dam bao thuc hien thong nhat toan nganh, canh tranh duoc lanh manh Ben canh do, UBCK Nha nudc can phoi hop vdi NHNN dd sua quy che quan ly ngoai hoi doi vdi hoat dong CK va Thi trudng chung khoan, can phoi hop vdi tdng cue thue hudng dan che ve thue vdi hoat dong kinh doanh tren Thi trudng A vdi cong ty quan ly quy va cac quy dau tu CK - UBCK can phoi hop chat che vdi ban chi dao ddi mdi va phat trien doanh nghiep trung uong, bp tai chinh, bp ke hoach va dau tu xay dpmg, chinh sua, bo sung nhung quy dinh ve co phan hoa, xay dung chinh sach thue, phi, le phi cho Thi trudng chung khoan, cac chinh sach uu dai vd thue cho cac ddi tuong tham gia tren thi trudng, xay dung cac quy dinh hudng din cac td chuc nudc Ngoai tham gia thi trudng bang each gop vdn hoac niem yet cd phieu tren thi trudng Cung nhu phoi hop vdi UBND phd ldn la Ha Npi va Tp Ho Chi Minh lua chon nhung tren thi trudng 3.3.3 Vephia chinh phu 3.3.3.1 Day manh edng tac cd phan hoa cac doanh nghiep Nha nudc Viec diy manh cung cap hang hoa cho Thi trudng chung khoan vin la nhiem vu tam va cip bach thdi gian tdi Ngoai cac giai phap UBCK Nha nudc kien nghi truoc day dupe cac bp, nganh lien quan thuc hien nhu: Nghien cuu 91 - Tang cudng cong tac dao tao va phd bidn kien thuc, boi chi nao thuc su co kien thuc ve CK va Thi truong chung khoan thi cac doanh nghiep moi co du tu Z FA tin va quyet tam de tham gia thi truong Va chi nao co kien thuc ve thi trudng thi viec tham gia thi trudng mdi co the thuc su mang lai loi ich kinh td cho tung doanh nghiep va cho ca nen kinh te - Nha nudc can cd nhung thay doi ve co che lai suat trai phieu chinh phu hien hanh, dong thdi cd chinh sach xac lap va hd tro cac to chuc tao lap thi trudng cho trai phieu chinh phu Dieu se giup tang tinh hap dan cho TPCP, va tao dieu kien thu hut duoc nhieu vdn hon nua de dau tu va phat trien Ben canh TPCP, Nha nudc A 7 can day manh hon nua tinh tu chu kinh doanh cua cac doanh nghiep nha nudc de tir dd tien hanh dua cd phan DNNN len giao dich tren Thi trudng chung khoan, dieu giup tao hang hoa la trai phieu cho thi trudng - mot kenh huy dong vdn chu yeu cho Thi trudng chung khoan 3.3.3.2 Hoan thi^n he thong vdn ban phap ly Thi trudng chung khoan la mot linh vuc hoat dong kinh doanh rat mdi me, vay co sd hoan thien mang phap luat ve CK va Thi trudng chung khoan tren thi trudng dSc thu so khai va rat khong dong bo Den thdi diem nay, khung phap ly cho thi trudng hoat dong cung da duoc hoan thien nhung budc co ban Luat Chung Khoan ddi da duoc du luan danh gia cao nhung nd luc cua UBCK Nha nudc viec gop phan hoan thien khung phap ly sau nam thi trudng hoat dong Day la budc phat trien tit ydu, xuAt phat tir chinh nhung yeu cau mang tinh thuc tien cua thi trudng boi co ban da dap ung duoc nhung ddi hoi, vudng rnfic phat sinh qua trinh thi trudng hoat dong Mac du vay tren thuc td vin mQt sd han che nhu: Quyet dinh sd 146/2003/QD - TTg cua Chinh phu ve xur phat vi pham hanh chinh linh vuc CK va Thi trudng chung khoan co nhieu van de can duoc chinh sua thay thd Hau het cac quy pham phap luat chi mdi d cAp nghi dinh, nghi quydt, luat ve CK va Thi trudng chung khoan chua cd nghi dinh hudng dan vay gia tri phap 92 ly cua no chua cao Ben canh cac van ban thieu tinh he thong, manh ? f \ \ A mun, chap va, thieu tinh dong bo va mau thuan chong cheo giua cac quy dinh Hau het cac van ban chua thuc su duoc xay dung tren co so thuc tien cua Viet Nam ma chi mdi la hoc hoi tham khao tren Thi trudng chung khoan the gidi vi the thieu thuc td, thieu co so ap dung Do do, em xin co mot so y kien de xuat nhu sau: - ve lau dai, can xay dung luat CK va Thi trudng chung khoan vdi hieu luc phap ly cao nhat Tuy nhien, de xay dung hoan chinh va hoan thien luat cho phu hop vdi Thi trudng chung khoan theo thdi ky dau la rat ton kem ca ve thdi gian va tien cua Theo kinh nghiem cua cac nudc co Thi trudng chung khoan mdi xay dung, phin ldn ho deu ban hanh cac van ban dudi hinh thuc quy dinh cua Chinh phu de linh hoat va thuan tien cho viec xu ly cac van de cua thi trudng o giai doan diu hoat dong sau nang dan len luat ve CK va Thi trudng chung khoan - Mac du Luat Chung khoan da ddi nhung chua co Nghi dinh hudng dan cu the de dua ND vao thuc tien, chua hoan ND thay the ND 144/CP do can nhanh chong xay dung cac nghi dinh hudng dan luat chung khoan de khan truong dua luat chung khoan vao thuc te - Cac quy dinh ve cong bo thong tin can chat che hon, day du hon, dieu chinh hon den cac doi tuong tham gia thi trudng - Cac quy dinh lien quan den hoat dong cua Thi trudng chung khoan can phai thiet ke theo hudng mo de tao dieu kien thuan loi cho su phat trien hoat dong cua cac dinh che nay, hoan cac nghiep vu kinh doanh mdi tren thi trudng, nang r r a r a cao chat luong dich vu nham thu hut su tham gia cua tat ca cac doi tuong dau tu - Can tang cudng hon nua cac thong tin tren thi trudng, bac bo nhung thong tin sai lech tranh hien tuong xau cho thi trudng, can sdm td bao chinh thuc cua UBCK Nha nudc cung vdi viec cap nhat trang Web de nha dau tu de theo doi - Can kiem tra nhung thong tin mot cach nghiem chinh dong thdi xu phat that nghiem khac doi vdi cac hanh vi vi pham che cong bo thong tin A * ' r - Ben canh do, can co nhung van ban hudng dan cac cong ty niem yet cong bo thong tin mQt cach cu the, lanh mach giup nha dau tu co the yen tam quyet dinh dau tu 93 3.3.3.3 U'u dai thue cho hopt ddng chtmg khoan Uu dai thue cho thi truong chung khoan la mQt chinh sach quan vi no lien quan truc tiep den loi l'ch cua cac cong ty chung khoan Mac du cac cong ty chung khoan hien duoc miln thud gia tri gia tang nhung khong duoc quy dinh cu the Vi vay uy ban chung khoan can de nghi Bo tai chinh quy dinh ro thoi han mien giam thue de cac cong ty chung khoan co the chu dong xay dung chien luoc kinh doanh cho minh Thoi han cung can phai xem xet cho phu hop va thoa dang; boi vi cac cong ty chung khoan di vao hoat dQng, Doanh thu kinh doanh chua nhieu, hieu qua hoat dQng thap neu khong quy dinh thoi han mien giam thue r r hop ly se gay kho khan lon anh huong truc tiep den hoat dong cua cac cong ty chung khoan va vi vay se khong khuyen khich duoc cac to chuc, doanh nghiep tich cuc tham gia vao thi truong chung khoan Them nua, hoat dong kinh doanh chung khoan duoc xep vao dien khong chiu thue gia tri gia tang, nghia la khong duoc khau tru thue dau vao doi voi cac chi phi bo hoat dong kinh doanh chung khoan Cho nen, cac cong ty chung khoan nen duoc ap dung thue suat gia tri gia tang doi voi hoat dong kinh doanh chung khoan la 0% Voi thue suat cac cong ty chung khoan se duoc hoan thue dau vao doi voi cac chi phi bo va day chinh la dieu ma cac cong ty chung khoan mong doi 94 KET LUAN Thi truang chung khoan dai tu the ky thu 16 va cho den da phat trien rong khSp tren toan the gidi Thi truang chung khoan Viet Nam la mot kenh dfiu tu hieu qua, thong qua quy luat kinh te khach quan se thuc diy nhung nganh kinh td co hieu qua va loai bo nhung linh vuc yeu kem Viec hinh nen thi trudng chung khoan la mot budc tien mdi viec thuc hien nen kinh te thi trudng Tuy nhien, thi trudng chung khoan Viet Nam mdi ddi duoc nam nen nhidu kho khSn va vudng mdc Tu thuc trang ve hoat dong kinh doanh chung khoan tai Cong chung khoan Thang Long co the thay mac du da co dang dip ban dau cua mot linh vuc kinh doanh hi?n dai, song ve can ban hoat dong kinh doanh chung khoan chua hieu qua ve phia doi ngu nhan luc tai Cong ty Chung khoan Thang Long canh tranh de ton tai va phat trien Mdi trudng canh tranh cang gay gat, canh tranh co nhieu doanh nghiep tru vung, phat tridn kinh doanh, nhung khong it doanh nghiep da thua 16, giai thd, pha san Nang cao hieu qua kinh doanh chung khoan tuc la da nang cao kha nang su dung cac nguon luc co han cung r f y y r cap dich vu, dat duoc su lua chon tdi uu dau tu Trong dieu kien khan hiem cac nguon luc thi nang cao hi?u qua kinh doanh la dieu kien khong the khong dat doi vdi bat ky hoat dQng cua cong ty chung khoan nao Cac cong ty chung khoan luon phai nang cao chat luong dich vu, giam chi phi, nang cao uy tin nham tdi muc tieu lpi nhuan, day la vin de dupe quan tam cua doanh nghiep va trd dieu kien song cua cac cong ty chung khoan co cong ty chung khoan ThSng Long Vi?c nang cao hi?u qua hoat dong kinh doanh cua cong ty chung khoan mpt mat giup cho chinh cac cong ty chung khoan phat tridn hoat dong, mat khac day la dieu ki?n thuan lai cho ca thi trudng tai chinh phat tridn nhanh va dn dinh Chinh vi vay, Cong ty chung khoan Thang Long cin nhan thuc rd tam quan trQng cua vi?c nang cao hi?u qua hoat dQng kinh doanh chung khoan va tap trung nd lyre vao muc tieu 95 DANH MUC TAI LIEU THAM KHAO Pham Trong Binh - Chu Bien (2006) Tai lieu giang day “Phap Luat ve Chirng khoan va Thi trudng chirng khoan ” NXB Thong ke r Bao cao tong ket cua cong ty Chung khoan Thang Long nam 2004, 2005, 2006 Nguyen Do- (Chu Bien)- “Chirng khoan dau tu va quan ly”, NNXB Lao Dong Xa Hoi Pham Thi Gai - Chu Bien (2004) Giao trinh “Phan Tich hoat dong kinh doanh ” NXB Thong ke Luu Thi Huong, Vu Duy Hao - (Dong Chu bien), Giao trinh “Tdi Chinh Doanh Nghiep ”, NXB Lao Dong Luu thi Huong - Chu Bien (2003) Giao trinh “Tdi chinh doanh nghiep ”, NXB Thong ke r y > Dao Le Minh - Chu bien (2002), Giao trinh “Nhung van de co ban ve chung khoan va thi trudng chung khoan ”, NXB Chinh tri quoc gia Le Thi Mai Linh - Chu Bien (2003), Giao Trinh “Phan tich va dau tu chung khoan ”, NXB Chinh tri quoc gia Bui Kim Yen - Chu Bien (2005), Giao trinh "Thi trudng chirng khoan ”, NXB Lao Dong 10 Tran Dac Sinh - “Thi Trudng chung khoan Viet Nam ”, NXB Thong ke 11.Uy Ban Chung khoan Nha nunc (2005), Hoi thao ve Phat trien thi trudng chirng khoan, UBCKNN to chuc 96 Cac website: www.vse.org.vn www.hastc.org.vn www.ssc.org.vn www.bsc.com.vn www.bvsc.com.vn www.thanglongsc.com.vn