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'E OUOC DAN LO NGAN HA TANG HEM YET TAI SO GIAO DICH TRUING BAI HQC KINH TE QUOC DAN - LO NGAN HA DAI HQC KTQD TT THONG TIN TH U" VIEN PHONG LUAN AN-TU LIEU | TANG Cl'()NG QUAN LY CUA UY BAN CHUNG KHOAN NHA NI CK DOI v6l CAC CONG TY NIEM YET TAI • Sd GIAO DICH • CHUNG KHOAN HA NOI Chuyen nganh : QTKD Thirang mai i LUAN VAN THAC SI QUAN TRI KINH DOANH /M ?33dH NGUCII HUCfNG DAN KHOA HQC : PGS.TS NGUYEN XUAN QUANG Ha Npi -2013 fr- IL BO GIAO DUC VA DAO TAO CQNG HOA XA HQI CHU NGHIA VIET NAM RLTONG DAI HOC KINH Te QUOC DAN Doc lap - Tir - Hanh phuc BIEN BAN HOI DONG CHAM LUAN VAN THAC SI Sn cu quyet dinh so 3078/QD-DHKTQD 08/11/2013 cua Hieu truong trirang Dai hoc KTQD, oi d6ng cham luan van thac si da to chuc cham luan van cho hoc vien: MSHV: CH200854 LoNganHa e tai luan van: “Tang cirong quan ly cua Uy ban chung khoan Nha nude doi voi cac cong ty niem yet tai Sa giao dich chung khoan Ha NQi” huyen nganh: QTKD Thiroug mai Khoa: 20 (CH20V) 'ao hoi: 14h00, 10/12/2013 tai p.401, Truong Dai hoc Kinh te Quoc dan lac vien hoi dong co mat tai phien hop gom: Chjuky Ho ten, hoc ham hoc vi Chu ky Ho ten, hoc ham hoc vi TK: TS Tran Van Bao T GS.TS Hoang Due Than z B 1: PGS.TS Phan To Uyen c -UV: PGS.TS Ha Van Su •B PGS.TS Dinh Van Thanh )ai bieu tai du: p’dfv't )ai dien co so dao tao: jiao vien huang dan: PGS TS Nguyen Xuan Quang - Truong DH Kinh te Quoc dan 4oi dung chinh cua phien bao ve I Hoc vien da trinh bay trudc hoi dong noi dung tom tat cua luan van I Hoi dong da nghe nhan xet luan van cua 02 phan bien (cd van ban kern theo) J Hoi dong da nghe hoc vien tra lai cac cau hoi Sau hop danh gia chat luang cua luan van, Hoi dong quyet nghi: Luan van cua hoc vien Lo Ngan Ha da dap ung day du cac yeu cau ve noi dung va hinh thuc cua mot luan van Thac si Hoi dong nhat tri danh gia luan van nhu sau: Cdc phan diem Diem cua cac vien Tong diem Trung binh Diem noi dung luan vdn (*) Z Diem trinh bay luan van Diem qui doi Trpng so 0.7 ■A 0.3 Diem thuong cong trinh nghien cuu khoa hoc (khong vwcrt qua 0.5 diem) Diem ket luan cua Hoi dong (lay diem le den chu so thapphan) Nhung diem mdi noi dung luan, van (nSu diem noi dung (*) >9,0 phan bat buocphdi co) Hoi d6ng kinh de nghi Hieu truang trucrng Dai hoc KTQD xet duyet va cap bang thac si cho hoc vien Cac vien HD bieu quyet cong khai, nhat tri thong qua: tt/sAp £A ) Hoi dong cham luan van thac si ket thuc vao hoi rY £?gia CZ’ phut, A1.C.J.PPL /2013Thu ky Hoi dong Chu tjch Hoi dong CtPTS tic / I iruy: DiSm cu6i cung cua LV khong duoc virot qua 10 di6m Neu diem noi dung LV tir 9.0 diem, nha trirdng se to chiic tham dinh YEU CAU CUA HQI DONG CHAM LUAN VAN THAC SI Ve nhtrng diem can sura chua, bo sung triroc nop luan van chinh thuc cho VDTSDH &£? 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(Uxu |c.u.vL L, rACizt A zAzx • r.LtXMQ * * "> ' 7- C V /'1 f—'• "I ’J I f ,I [ I □, p t—ci— r ■ - r>- Z' p / Hoc vien (Ky va ghi ro ho ten) rQJ^ - Neu hoc vien c6 trdch nhiem chinh sira theo yeu cAu cua Hoi dong chAm luan vin Trong tnrong h aau day: f r n Tinh cap thiet, y nghia khoa hoc va thirc tien cua de tai luan van TTCK la mot loai thi trudng hang hoa dac biet, co su tham gia cua nhieu chu the khac nhau, dai dien cho nhung nhom quyen lqi khac (quyen lqi cua nha dau tu, cua chu the phat hanh,niem yet, chu the kinh doanh chung khoan ) Be r \ a dung hoa duqc lqi ich cua cua cac chu the nay, dac biet la van de bao ve quyen lqi cua nha dau tu, tao su minh bach hoat dong mua, ban chung khoan va canh tranh lanh manh hoat dong kinh doanh chung khoan ddi hoi can cd su quan ly cua Uy ban chung khoan nha nude (UBCKNN) UBCKNN la ca quan true tiep quan ly va giam sat thi trudng chung khoan Viet Nam, dong vai tro rat quan trong su hinh va phat trien thi trudng chung khoan Viet Nam Thdi gian qua, ben canh nhung ket qua dat duqc, cong tac quan ly cua UBCKNN cung sinh nhieu bat cap Cac sai pham cua cong ty niem yet ( CTNY ), cd cac CTNY tai SGDCK Ha Noi cd xu hudng cang gia tang Dieu anh hudng xau den quyen lqi cua nha dau tu, tac dong tieu cue den tarn ly, niem tin cua nha lau tu tren thi trudng chung khoan Do do, viec tim giai phap tang cudng quan boi canh Viet Nam hien Chinh vi vay, toi dong tinh va danh gia cao viec tac gia chon de tai: “Tang circrng quan ly cua Uy ban chirng khoan nha nude van thac sy De tai phu hop vdi chuyen nganh dao tao la Quan tri kinh doanh thuong mai, dong thdi co tinh ung dung thuc tien cao Luan van co doi tuong nghien cuu phu hop Noi dung ban tom tat luan van phan anh trung nhung noi dung chinh cua luan van thac sy Ket qua nghien cuu Ve co ban, luan van dat dupe nhung cong sau: - Ket cau theo kieu truyen thong, chuong hop ly va tuong doi chat che ve r r r \ r noi dung tuong doi mat can doi ve so trang theo ty le 41/42/28 - Thanh cong cua chuong la da trinh bay dupe nhung van de co ban ve quan ly nha nude doi vdi cac cong ty niem yet tren thi trudng chung khoan - Cac noi dung phan tich tai chuong da tao khung khd ly luan co ban ve quan ly nha nude doi vdi cac cong ty niem yet tren thi trudng chung khoan de tu* luan van di sau phan tich thuc trang quan ly cua UBCKNN doi vdi cac cong ty niem yet tai So giao dich chung khoan Ha Noi tai chuong - Trong chuong cua luan van, tac gia da trinh bay thuc trang quan ly cua UBCKNN doi vdi cac cong ty niem yet tai So giao dich chung khoan Ha Noi bao gom : (1) Tao lap moi truemg phdp ly cho cong ty’ niem yet ;(2) Td chuc quan ly cua UBCKNN ddi vdi cac edng ty niem yet tai SGDCK Ha Noi;(3) Tinh h 'lnh thuc hien giam sat va tra hoat dong tren TTCK; (4) phttemg thuc va quy trinh giam sat, r r tra; Ket qua thuc hien giam sat tra cac cong ty niem yet tai SGDCK Ha Noi tu rut cac ket luan danh gia va rut nguyen nhan tai chuong da bam sat ten de tai luan van va the hien ro muc tieu nghien cuu cua de tai - Phan Ion noi dung cua chuong luan van duoc tac gia de quan diem va giai phap tang cudng quan ly cua UBCKNN doi vdi cong ty niem yet tai So GDCK Ha Noi ; Nhin chung cac giai phap tang cudng quan ly cua UBCKNN ddi voi cong ty niem yet tai So GDCK Ha Noi la tuong ddi kha thi Nhirng diem gop y voi tac gia Se cong hem nwa, neu luan van khac phuc chcac nhirng van de saw - Mot sd loi danh may - Luan van se cd chat luong cao horn neu tac gia Rut bai hoc kinh nghiem r r cho viec quan ly nha nude ddi vdi cac cong ty niem yet tai cac Sd giao dich chung khoan tren thi trudng chung khoan Viet Nam Cau hoi : Theo tac gia khau yeu kern nhat viec quan ly cua UBCKNN doi vdi cong ty niem yet tai Sd GDCK Ha Noi la gi ? Va giai phap nao la quan nhat ? Ket luan Mac du mot sd han che tren nhung ve co ban day la mot cong trinh nghien cuu doc lap, cong phu va nghiem tuc cua tac gia Luan van dap ung cac yeu cau co ban cua luan van Thac sy chuyen nganh Quan tri kinh doanh thuong mai va co the dua bao ve de tac gia nhan hoc vi thac sy Ha Ndi, ngdy thcing 12 nam 2013 Ngtrd'i nhan xet PGS.TS Phan To Uyen Ldl CAM DOAN Toi xin cam doan day la cong trinh nghien cuu khoa hQC dpc lap cua toi Cac thong tin, so li?u luyn van la trung thyc va cd nguon goc ro rang, cy the K6t qua nghien cuu luyn van la trung thyc va chua tirng cong bo bat ky cong trinh nghien cuu nao khac Tac gia luan van Ld Ngan Ha 100 nham bao quat va nam ro thyc trang cua cac CTNY Ngoai ra, Luat can quy dinh gia tang thoi han tra, kiem tra doi vdi nhttng vu vipc phuc tap lien quan den lugng can bp tra - giam sat chung khoan Cy the, By Tai chinh can nghien cuu dd trinh Thu tudng Chinh phu ban hanh co chd tai chinh phu hyp ddi vdi UBCK, tu cd the thu hut, khuyen khich can bp cd nang lyc va chuyen mon lam vipc tai co quan quan ly, giam sat thj trudng chung khoan Ddng thdi, cung cin cd co che dao tyo bdi dudng thich hyp de nang cao trinh dp chuyen mon cua can bp Ba la, hoan thipn hp thdng cac tieu chi giam sat thi trudng, dam bao thyc hipn giam sat toan dipn Cac tieu chi can dupe xay dyng khoa hpc de dam bao hoan tat vipc danh gia cd the dua cac canh bao sdm ve rui ro Chang han, xay dyng cac tieu chi danh gia muc dp minh bach cua CTNY, cac tieu chi can dupc xay dung dua tren tinh day du cua npi dung thdng tin can minh bach tren thi trudng, bao gdm ca thdng tin dinh ky, thdng tin bat thudng va thdng tin theo yeu cdu Cac npi dung cof ban la minh bach thdng tin ve co cau sd httu, hpi ddng quan tri, quydn r va nghia vu cua cd ddng; hoat dong tai chinh va kinh doanh cua doanh nghipp, che dp dai ngp vdi hpi ddng quan tri va ban dieu hanh , dd, ty trpng nhom thdng tin ve tai chinh va hpi ddng quan tri, ban giam ddc can dupc xay dyng cao hon cac nhom thdng tin khac /■ ? r a Bon la, xay dyng va trien khai mpt hp thdng giam sat chuan dua tren nen tang cdng nghp thdng tin hipn dai Theo kinh nghipm giam sat TTCK tai cac TTCK phat tridn, mpt nhttng bi quyet dd giam sat mpt each hipu qua la td chuc hoyt dong giam sat cho vipc thu thap thdng tin la nhanh nhat va don gian nhat Dieu cd lien quan den chi tieu danh gia hipu qua cua giam sat CTNY la kha nang phat hipn sdm va chinh xac cac hoyt dpng nghi vdn Dd thyc hipn myc tieu nay, edn 101 phai thiet lap va ung dyng phan mem giam sat hiyn dyi, dong thcri, phat trien hy thong co so dur liyu giam sat Phan mem giam sat CTNY sd cho phep cai dat ty dyng cac chi tieu giam sat, co kha nang ket noi hy thong co so dtr liyu dirge tich hyp tir hy thong giao djeh, hy thong cong bo thong tin va hy thong dang ky - liru ky y , y • r toan bii trir chung khoan Day la yeu cau rat quan trQng nham hudng toi myc tieu nang cao kha nang phat hiyn sum va chinh xac cac hoyt dQng nghi van Voi viyc xay dyng co so du liyu va ung dyng phan mem giam sat, viyc xac minh, xu ly vi pham cung de dang hon thong tin dugc luu gifr va truy xuat nhanh chong, kem theo la kha nang bao mat du liyu cung duyc dam bao thong giam sat vai tro cua no viyc cung cap toan bo cac du liyu ve giao dich va cong bd thong tin phyc vy cho cong tac giam sat hoat dQng cua CTNY Cac thong tin co duyc tu hy thong giao djeh la cac thong tin vd giao djeh dien tren TTCK, co thong tin ve giao djeh cua vien HQi ddng quan trj, Ban giam doc, Ke toan trudng, Ban kiem soat cua CTNY va nhung ngudi cd lien quan Thong tin bao gom ngay, gid thyc hiyn giao djeh, khdi luyng giao djeh, phuong thuc giao djeh, tri dieu kiyn niem yet cua CTNY va cong bd thong tin cua cac Z f f F A • doi tuyng cd lien quan Hy thong cong bd thong tin cung cap cac thong tin ve tinh r r hinh thuc hiyn che dQ bao cao va cong bd thong tin cua cac vien tren thj trudng, dd cd CTNY, gom cd: cac bao cao tai chinh cua CTNY, thong tin bat thudng, thong tin theo yeu cau va thong tin ve cac giao djeh dac biyt nhu giao djeh cua cd ddng ldn, cd dong nQi bQ va ngudi cd lien quan Hy thong luu ky - toan bu tru chung khoan ho try cho hy thong giam sat viyc giam sat CTNY gom: Thong tin chi tiet sd chung khoan luu ky ban dau cua mdi cd ddng cua CTNY Can cu vao thong tin chi tiet sd chung khoan luu ky ban dau nay, hy thdng giam sat sd dung chuong trinh ket noi dir liyu giao djeh phat sinh de biet duyc chi tiet sd du chung khoan tren tirng tai khoan cua nha ddu tu; Thdng tin chung khoan tren tai khoan cua vien HQi ddng quan trj, Ban 102 giam doc, Ke toan truong, Ban kiem soat cua CTNY va nhung nguoi co lien quan Khi so du chung khoan tren cac tai khoan cua cac dOi tuyng tren co sy thay doi, • h? thong may xu ly se ty dpng phat hi?n va dua thong bao de nhan vien giam sat biet va kiem tra lai; Thong tin chung khoan luu ky cua doi tuyng can theo doi theo yeu cau nhu chung khoan luu ky nao, so luyng nam gift co du ldn de thau tom cong ty hay khong, tinh hinh luan chuyen chung khoan tren tai khoan Hi?n nay, UBCKNN da budc dau trien khai h? thong giam sat giao djch MSS va h? thong cong bo thong tin cua cong ty dai chung IDS Tuy nhien, r t r \ \ r qua trinh ap dyng trien khai da sinh myt so van de can khac phyc Do do, h? A F thong IDS va MSS can duyc hoan thi?n hon theo hudng tich hyp day du cac chuc nang phan tich, thong ke, tong hyp va cac co so du li?u ve quan ly TTCK cung nhu quan ly cac CTNY tai SGDCKHN nhu cac thong tin ve phat hanh, giao djch cua co dong ldn, co dong nyi by va nguoi co lien quan Dong thoi, co quan quan ly cung can nghien cuu de dong by co so tang hai h? thong IDS cua UBCKNN vdi h? thong CIMS cua SGDCKHN nham giup cac CTNY chi can thyc hien bao cao va cong bo thong tin myt lan, tranh gay mat thoi gian va chi phi cho cac doanh nghi?p Nam la, nham thu thap thong tin tu cong chung cho vi?c theo doi, phan tich, kiem tra, UBCKNN va SGDCKHN phai tao nhung kenh cung cap thong tin myt cach de dang, chang han tai website cua UBCKNN va SGDCKHN co phan cung cap thong tin hoac tao link tu nhieu trang web noi tieng khac dan vao myc cung cap thong tin noi tren Chu the giam sat cung can co nhung dja chi de nhan phan anh tu cong chung cung nhu cac vien cua thj truong qua duong buu di?n, di?n thoai, fax, email hoac to chuc cac hyi nghj gap gd cac nha dau tu, qua r ■ \ r tiep nhan thong tin phan anh cua nha dau tu Kinh nghi?m cac nudc tren the gidi cho thay, cac nguon tin co myt vai tro vo cung quan tryng va n£u duyc td chuc tot, thong tin ma chu the giam sat nhan duyc se rat nhieu va phong phu Ngoai ra, vi?c thu thong tin de giam sat qua tin don cung dong vai tro quan tryng va chiem ty tryng tuong doi ldn cac nguon tin UBCKNN can lap cac nhom thu thap tin 103 x X ■ • , ? don, cac nhom co the khong phai la chuyen vien cua UBCKNN ma co the la cac nhom cyng tac vien hoac lam viyc theo hgp ddng Sau la, UBCKNN tang cudng giam sat SGDCKHN hoat dpng giam sat niem yet dya tren cac bao cao dinh ky, bat thudng hoyc theo yeu cau Trong bdi canh cac SGDCK da trd cac doanh nghiyp dye lyp, khong tryc thuyc UBCKNN nhu trudc kia; chuc nang cua cac SGDCK vira la myt to chuc cung cap djch vy vi myc tieu lyi nhuan, vua la mQt td chuc cd vai trd quan ly, giam sat doi vdi cac vien thi trudng thuyc pham vi quan ly, xung dyt lyi ich la dieu kho tranh khoi Mat khac, myt hiyn thyc cd the de dang nhan la ban than SGDCK phai la khong the xay Chinh vi vay, vai trd cua UBCKNN viyc theo ddi, giam sat cac hoat dyng cua SGDCK, dac biyt viyc tuan thu cac quy dinh phap luat cua ban than SGDCK, cung nhu viyc dam bao nguyen tac cdng khai, cdng bang ddi vdi cdng tac quan ly, giam sat cac vien thi trudng pham vi chuc nang, tham quyen cua cac SGDCK la dieu het sue can thiet Bay la, quy che niem yet tai SGDCKHN la myt nhung cdng cy giam sat hoat dyng cua cac CTNY Tuy nhien, hiyn SGDCKHN van chua ban hanh quy che niem yet mdi ke tir nam 2010 ma Nghi dinh 58 da cd hiyu lyc tu 15/09/2013 va Thdng tu 73 cd hiyu lyc tir 15/07/2013 cd quy dinh ve cac dieu kiyn niem ydt mdi tren SGDCKHN Do dd, myt sd nyi dung quy djnh Quy che niem ydt hiyn hanh cua SGDCKHN khong phu hyp vdi thyc tidn Vi the, UBCKNN edn chi dyo, ddc thuc SGDCKHN sdm dy thao va ban hanh Quy chd niem ydt mdi, cung cd them co sd va cdng cy dd giam sat ddi vdi cac CTNY canh bao, kiem soat, dinh chi va huy bd niem ydt, ddng thdi quy dinh vd viyc cdng bd thdng tin djnh ky, thdng tin bat thudng, thdng tin theo yeu cau cua chu the giam 104 sat doi vdi cac CTNY va dieu chinh mQt so hoat dQng cua to chuc Quy djnh a ? r r hi?n ve kiem soat giao dich ddi vdi chung khoan niem yet duQC chia hai muc, muc thu nhat la canh bao, neu nang hon se chuyen sang muc thu hai la kiem soat Tuy nhiyn, cd hai van de phat sinh viyc bao z z dau hi?u canh bao chung khoan niem yet: vq nha dau tu thdng qua cac z z t e ' Thu nhat, cac dau hiyu vi phym da qua rd rang, tren thyc te, nguy co pha san tiem an cua cac CTNY khong phai luon bieu hiyn rd rang qua nhttng dau hiyu Thu hai, quy djnh khong rd rang ve cac trudng hqp SGDCK xu ly “SGDCK thay can”, vay nhu the nao la “thay can”? De khac phyc hai van de nay, can dua mo hinh canh bao nguy co tai chinh cua cac CTNY Dya vao ket luyn cua mo hinh nay, cd the lugng hoa chinh xac duQC cac dau hiyu rui ro cua CTNY do, tir do, SGDCKHN cd the dua quyet dinh canh r bao sdm, tham chi quyet dinh vdi cac muc dQ cao hon sau da thyc hien phan tich sau cac CTNY Tam la, tren cor sd Nghi dinh 108 ddi ve xu ly vi pham tren TTCK thay the X Z Z Z Nghi dinh 85, can quyet liyt va nghiem khac hon xu ly vi phym ddi vdi cac CTNY Cac don vi chuc nang thuQC UBCKNN can phoi hyp chat che vdi SGDCKHN nham kip thdi phat hiyn va xu ly cac vi pham tranh tinh trang giai quyet, xu ly chain chd Ddng thdi, che tai xu phat dua phai can cu vao muc dQ, tinh chat nghiem trQng cua vy vi?c, khong danh ddng chung cac loi vi pham Ben canh dd, UBCKNN can lap quan he chyt che vdi cac co quan tu phap va an ninh z x viyc xay dung va hoan thiyn hy thdng phap ly ve giam sat va xu ly nhttng z hanh vi pham tQi Sy phoi hyp chat che vdi cac co quan tu phap va an ninh se cd tac dyng ran de, lam giam di cac vi phym tren TTCK noi chung va vi phym cua cac CTN Y tyi SGDCKHN noi rieng Chin la, ddi vdi cac CTNY thudng xuyen cd chenh lych sd liyu trudc va sau f kiem toan, UBCKNN can xem xet va yeu cau nhttng cong ty khong duyc ty 5 105 cong bo BCTC minh Up ma phai dpi kiem toan soat xet xong mdi cong bd de tranh vipc chenh lech so lipu Ion Ho$c cac cong ty da lien tyc - nam bj lpch so lipu thi sau cong ty cong bo BCTC, SGDCKHN nen co canh bao cho •» khao, khong phai nhung thong tin chuan xac Voi cac giai trinh cua CTNY so sai, don gian, mang tinh chat doi pho, UBCKNN cung nhu SGDCKHN cAn yeu cAu Mirdi la, can xay dung mpt he thong thang diem de danh gia chAt lugng thuc hipn trach nhipm CBTT va cong bo tren phuong tipn thong tin dai chung de co quan quan ly va cac nha dau tu co the so sanh, danh gia 3.2.4 Cac giaiphap khac - Nang cap website cua UBCKNN cung nhu cua SGDCKHN nham nang cao kha nang tim kiem thong tin mpt each chuyen nghipp theo cac tieu chi khac hay qua nhieu phuong thuc khac nhau, vi du nhu tim theo nganh nghe, tim theo chi so P/E Dieu se giup cho viec khai thac thong tin cua co quan quan ly cung nhu nha dau tu dugc de dang, nhanh chong > r r - Tang cudng dao tao, thong tin tuyen truyen, bien cac kien thuc phap luat ve CK&TTCK cung nhu cac quy che hoat dpng tren SGDCKHN tdi cac CTNY giup CTNY nam vung cac quy dinh tren TTCK de tranh vi pham, phat huy tinh chu dpng, y thuc tuan thu phap luat cua chinh cac cong ty - Tang cudng co che trao ddi, ddi thogi gitta co quan quan ly la UBCKNN va SGDCKHN doi vdi cac CTNY cung nhu gitta UBCKNN vdi SGDCKHN qua trinh quan ly nhAm giup co quan quan ly nam bat nhanh tinh hinh hopt dpng cua 106 cdng ty, dong thoi cd phan hoi, giai dap thac mac va dinh hirdng giup cdng ty khac phuc dugc cac nhung han che qua trinh tham gia tren TTCK - Td chuc cac dien dan de thu thpp y kien phan anh nhung bat cap chinh sach va tiep thu cac gop y cua cdng chung nham mpc dich hoan thipn hon ntta cac chinh sach quan ly CTNY, cung nhu chinh sach quan ly va phat trien TTCK ndi chung - Chu dpng hpi nhap kinh te qudc te, md rpng hgp tac va trao doi chuyen gia vdi nude ngoai de hgc hoi them kinh nghipm va trinh dp quan ly ddi song xa hpi cua tat ca cac nude, cd linh vpc CK&TTCK Dd la qua trinh xoa bd nhung khac bipt ve CK&TTCK cua qudc gia khac nhau, gan thj trudng cua mdi nude trd bp phan cua thj trudng thd gidi Dd chu dgng hpi nhap UBCKNN can phai: • Tang cudng hgp tac qudc te theo phuang thuc thoa thuan song phuang hoac da phwong, tren cac mat tu van xay dpng chinh sach phat trien va quan ly thi trudng, hoan thipn khuon kho phap lupt cho TTCK; dao tao dpi ngu can bp, cdng chuc quan ly, hpp tac quan ly va chia se thdng tin nham giam sat, phat hien va xu ly cac hanh vi 1pm dpng thi trudng • Chu dpng sua ddi phap luat ve CK&TTCK theo chuan mpc qudc te Day la • Trong xu the toan cau hoa, TTCK Vipt Nam khong the phat trien ma khong hpi nhap vdi khu vpc va the gidi, do vipc dua cac tieu chuan qudc te ve quan tri r ■> r y cong ty, cdng bd thdng tin, tieu chuan niem yet vao ap dpng tai Vipt Nam la dieu phai lam cang sdm cang tot • Tham gia trao ddi quan hp nghiep vp CK&TTCK vdi cac td chuc qudc td cung nhu cac UBCKNN, SGDCK cac nude khu vpc va tren the gidi nham r t t y tan dpng mdi quan hp giup da ve chuyen mon 107 • Thyc hipn cac dy an ho try ve ky thuat cua cac to chuc quoc te va cac UBCKNN va SGDCK cac nude • Hipn dai hoa co sd vat chat de hpi nhap kinh te quoc te la dudng ngan F Z nhat de hai hoa vdi cac nude khu vyc va the gidi 3.3 Dieu kipn thyc hipn cac giai phap r r MQt la, nang cao tham quyen, dam bao vj the tuong ddi dpc Up cua UBCKNN bp may QLNN Bp Tai chinh khong nen can thipp vao vipc dieu hanh hang cua UBCKNN ma chi nen giam sat hoat dpng cua UBCKNN va tao sy gan ket cua co quan vdi cac Cyc, Vy cd lien quan vipc ban hanh cac chinh sach quan ly CTNY Vdi nhttng ket qua dat dupe co the thay mo hinh hipn ve to chuc co r r Tuy vay, mo hinh hipn van mpt so han che nhu da de cap d chuong r > cua Luan van Boi vtiy, can nang cao tinh chu dong va dpc lap tuong ddi cua UBCKNN qua trinh thyc hipn cac chuc nang, nhipm vy cua minh Can xac dinh rd trach nhipm, quyen han va vi the phap ly cua UBCKNN UBCKNN thupc Bp Tai chinh ve mat phap ly hanh chinh, chi true tiep bao cao, chiu trach nhipm va chiu sy chi dao tryc tiep cua Bp trudng Bp Tai chinh, khong chiu sy chi phdi cua cac Cue, Vu va Uy ban khac true thupc Bp Tai chinh Tren co sd nang cao tham quyen cho UBCKNN, tra UBCKNN cung can dupe trao tham quyen rpng rai hon: + Quyen chat van ca nhttng ngudi bj nghi ngd lam dyng thj trudng lan ngudi cd thdng tin lien quan den vipc Um dyng thj trudng + Tripu tap, xet hoi ca nhan va to chuc nghi ngd cd hanh vi vi pham > r + Yeu cau ca nhan va to chuc xuat trinh tai lipu lien quan 108 + Kham xet tai san cua ca nhan, to chuc co lien quan » ? y r De co the thu thap dupe chung cu chung minh vi pham, can thiet phai quy djnh cho phep UBCKNN cd quyen triyu tap duong sy va cac ddi tuyng co lien quan den de phdng van, xet hoi Trudng hyp can thiet duyc ghi am lai ldi khai cua ca ddi tuyng de lam chung cu Ddi vdi cac vy viyc giao dich nyi gian phuc tap, cd sy trao ■» r ' r y ? doi, cung cap thdng tin, tiet ly thdng tin nyi by cd gia tri cho nhieu ngudi de mua ban chung khoan thu ldi bat chinh hoac ddi vdi cac vy viyc cd sy thdng ddng cua nhieu ddi tuyng de thao tiing thi trudng, phap luat can trao quyen cho UBCKNN duyc chu dyng, dye lap hoat dyng dieu tra, xac minh vi phym; cho phep UBCKNN duyc chu dyng yeu cau cac co quan, td chuc cd lien quan nhu buu diyn, r r y ngan hang cung cap thdng tin ve cac cuyc diyn thoai giua cac ddi tuyng, cac thdng tin ra, vao cua luong tien cua cac ddi tuyng de xac minh duyc cac hanh vi vi pham va xu phat theo quy dinh Hai la, nha nude nam gid ti ly sd httu ldn cac CTNY, nha nude phai la “ngudi tien phong” thuc day cac thdng ly quan tri cong ty tdt Nha nude thdng qua dai diyn cua minh tai cac cong ty ma nha nude nam phan von da sd yeu cau cac cong ty thyc hien quan tri cong ty tdt thdng qua viyc ap dyng Hudng dan ve Quan trj cong ty danh cho Doanh nghiyp cd von nha nude cua OECD Ba la, tang cudng cac tieu chuan chuyen mon, thdng ly ve ke toan, kiem toan > • r y cua Viyt Nam nham dam bao cung cap thdng tin phu hyp, chinh xac, kip thdi ve myi van de tai chinh quan tryng cua cong ty tdi nha dau tu Hoat dyng hyi nhap cac che dy ke toan, kiem toan theo chuan qudc te dang duyc trien khai va can duyc khuyen khich Thdi gian tien hanh hQi nhap phai bao dam muyn nhat tir nam 2015 A t hay 2016 Can lap myt co quan giam sat kiem toan dye lyp Ban hanh hudng dan ve bao cao tai chinh ve nhung van de d$c thu cua thj trudng Viyt Nam va nhttng cua co quan quan ly va sy bao dam on djnh tai chinh 109 Bon la, tang cudng vai tro cua cac Hipp hpi: Hipp hpi cac nha dau tu tai chinh, Hipp hpi kiem toan vien, Hipp hpi kinh doanh chung khoan, Hipp hpi cac •> r CTNY Sy quan ly cua UBCKNN du chyt che, cq the den dau cung khong the thay the sy quan ly cua cac Hipp hpi nganh nghe thong qua co che ty quan vipc nang cao dao duc nghe nghipp cua cac vien (xay dyng, bien va giam sat cac qui tac ve dao duc hanh nghe, giam sat chat luyng cong bd thong tin, giam sat cac quy trinh nghipp vq, ve kiem soat npi bp, quan tri rui ro) lam cho thi trudng phat trien lanh manh r •> i r Nam la, gap rut lap mpt to chuc phat trien, ho try nang cao chat luyng quan trj cong ty, cung nhu ho try cac vien Hpi ddng quan trj nang cao kien thuc, cap nhat cac dien bien tren the gidi vi quan trj cong ty Nen lap mpt Vipn hay Trung tam quan trj cong ty nham xuc tien cac thong lp toi uu ve quan • 'a ' ' trj cong ty, gop phan nang cao nhan thuc ve tam quan tryng cua quan trj cong ty, tap huan cho vien Hpi dong quan trj, cung cap djch vq, hudng dan cho Hpi dong quan trj Day se la nhung dau moi cua Vipt Nam ve quan trj cong ty Sau la, SGDCKHN tang cudng cong tac to chuc kiem tra, giam sat tinh hinh cac CTNY thyc hipn quy che cua Sd ve CBTT djnh ky, dam bao thong tin duyc cong bo kjp thdi theo dung quy djnh cua luat phap Kien nghj va ho try cac CTNY thyc hipn nang cap trang web cong ty nham da dang npi dung thong tin , phqc vq A A A r A A • yeu cau cong bo thong tin Bay la, SGDCKHN to chuc dao tao, tap huan cho cac nhan vien cac CTNY phap luat ve CK&TTCK, nham dam bao cac doanh nghipp hieu ro tinh quan tryng cua vipc tuan thu cac quy djnh tren TTCK KhuyPn cao cac CTNY thyc hipn tot cong tac quan trj, dieu hanh cong ty, xay dyng hp thong kiem tra npi bp, de dam bao minh bach hoa tu npi bp doanh nghipp Tam la, SGDCKHN hoan thipn hp thong cong nghp thong tin nham dam bao yeu cau cong bo thong tin cua cac CTNY, mat khac SGDCKHN cung xem xet va 110 ho try cac CTNY to chuc thay doi nien dQ ke toan theo tung linh vyc nganh nghi nham phu hyp voi thyc td cua cac doanh nghiQp, dong thdi giam tai cho h? thdng * z thong tin hipn cung cap djch vu, va dam bao tinh kip thcri cong bo thong tin tren TTCK Chin la, SGDCKHN tang cuong hon nua cong tac thdng hoa cac luat Iq hiQn hanh cd lien quan den TTCK cho cac chu the tham gia thj trudng bang nhieu hinh thuc khac nhau, xem day cung la ngudn nhan lyc tidp tay cho cong tac kidm tra, giam sat cac hoat dQng cua thi trudng, theo ddi, giam sat cac CTNY viQc thyc hi^n cac quy dinh tren TTCK Ill KET LUAN • Thi truong chung khoan phat trien se gia tang nguon lyc tai chinh, gop phan cho sy phat trien cua nen kinh te dat nunc Tuy nhien, giai doan suy thoai kinh te hiyn nay, sy quan ly cua nha nuac doi vai thj trudng chung khoan cang phai tra nen linh hoat hon de thi trudng thich ung duyc vdi tinh hinh chung cua ndn kinh te, loai bd cac tac dyng tieu eye va han che tdi da cac hanh vi vi phym, lyi dyng thj trudng Quan ly cac CTNY la myt cac yeu cau quan ly buc thiet tren thj trudng chung khoan hiyn nham hudng den thj trudng chung khoan Viyt Nam lanh manh, minh bach, cdng bang va hiyu qua Bang viyc tong hyp cac phuang phap nghien cuu, luan van da neu byt duyc cac van de chu yeu sau: Hy thdng hoa co sd ly luan ve QLNN ddi vdi CTNY thdng qua viyc trinh bay khai niym , vai trd va sy can thiet cua QLNN ddi vdi CTNY Nyi dung va cac phuang phap quan ly cung duyc phan tich ro Phan tich thyc trang quan ly cua UBCKNN ddi vdi cac CTNY tyi SGDCKHN nhung njim qua, neu cac tyu, nhung myt han che cua hoat dyng quan ly ddi vdi cac cdng ty va rut nguyen nhan cua nhung ton tai han che Tren co sd quan diem va myc tieu phat trien TTCK da duyc neu Chien luyc phat trien TTCK Viet Nam giai doan 2011 - 2020, tac gia da lam rd yeu cau phai tang cudng quan ly ddi vdi cac CTNY giai doyn Xuat phat tu phan tich thyc tryng quan ly cua UBCKNN ddi vdi CTNY tyi SGDCKHN thdi gian qua, dac biyt tu nhung hyn che da neu, Iuyn van da de xuat cac giai phap co ban nham tang cudng quan ly ddi vdi cac cdng ty tir hoan thiyn khuon kho phap luyt, khung phap ly, td chuc by may quan ly, tang cudng hoyt dyng tra giam sat, xu ly vi pham Day la nhung giai phap ca ban quan tryng neu duyc thyc thi dung dan chic chan sd gop phan hoan thiyn quan ly cua UBCKNN ddi vdi cac CTNY ndi 112 chung va CTNY tyi SGDCKHN noi rieng de gop phan giup TTCK phat •> M trien dong bQ voi cac loai thj trudng khac QLNN doi voi thj trudng chung khoan hay quan ly cua UBCKNN doi vdi cac CTNY la mQt van de phong phu va phuc tap, co phym vi nghien cuu rQng M£c du da co gang song kho tranh khoi khiem khuyet nhat djnh, tac gia mong nhyn dugc dong gop, chi dan cy the cua cac thay, co giao cung dong nghiQp di giup cho luyn van dugc hoan thiQn hon 113 DANH MVC TAI LIEU THAM KHAO Dao Le Minh (2009), Giao trinh Nhung van de ca ban ve chung khoan va thi truang chung khoan, NXB Van hoa thong tin, Ha N^i Dang Dinh Dao va Hoang Due Than (2012), Giao trinh Kinh te thuang mai, NXB Dai hQe Kinh te Quoe dan, Ha NQi Do Hoang Toan va Mai Van Buu (2008), Giao trinh QLNN ve kinh te, NXB Dai hQe Kinh te Quoe dan, Ha NQi Hoang Duy (2013), Tranh chap co dong ldn - nho: Luat thieu ca che giai quyet, Tap ehi Dau tu Chung khoan, (101), trang 18-19 Huu Dao (2013), Bat hap ly quy dinh 1/3 vien HDQT doc lap, Tap ehi DSu tu Chung khoan, (101), trang 12 Khanh Ha, Quan tri cong ty niem yet: Mdi dung a muc doi pho, http://tholaw.viVgoc-tholaw/doanh-nghiep/445-quan-tri-cong-ty-niem-vet-moidung-o-mue-doi-pho Manh Ha, Bao huy niem yet: Bdt 'rac' tren san chung khoan, h^tr^n-sanehung-khoan.html Minh An, Giai trinh thong tin van mang tinh doi pho, http://tinnhanhchunglk'ioan.vn/GL/N/DJHHBB/giai-trinh-thong-tin-van-mang-tinhdoi-pho.html Nguyen Minh, Nang chuan niem yet: Sang loc chua tri£t de, http://thoibaokinhdoanh.vn/441/news-detail/3 81724/ehung-khoan/'nang-ehuan- niem-vet-sang-loc-chua-triet-de.html 10 Nguyen Quang, Tieu chuan niem yet mdi., 175 doanh nghiep “hut hai” , http://tinnhanhchungkhoan.vrnGL/N/CIBAAB/tieu-chuan-niem-yet-nioi-175- doanh-nghiep hut-hoi.html 11 Le Hoang Nga (2010), “Bao ve nha dau tu nho tren thi truang chung khoan Vi?t Nam ”, Tap ehi Ngan hang (20) 114 12 Le Toan, Minh HDQT: Giai han nhiem track den dau?, http://tintuc.vibonline.c om.vn/Home/Xay-dung-phap-luat/10877/HDQT-Gioi-hantrach-nhiem-den-dau 13 SGDCK Ha Npi (2010), Bao cao thudng nien 14 SGDCK Ha Npi (2011), Bao cao thudng nien 15 SGDCK Ha Npi (2012), Bao cao thudng nien 16 SGDCK Ha Npi (2011), Bao cao thong tin quan ly thi trudng 17 SGDCK Ha Npi (2012), Bao cao thong tin quan ly thi trudng 18 SGDCK Ha Npi (Quy 2/2013), Bao cao thong tin quan ly thi trudng 19 Ta Thanh Binh, Pham Thi Hang Nga (2013), Day manh hoat dong cong bd thong tin tren TTCK, Tap chi chung khoan, (180), trang 7-12 20 To chuc Tai chinh quoc te, Dien dan Quan trj Cong ty Toan cau, Uy ban chung khoan Nha nuoc (2011,2012), Bao cao the diem quan tri cong ty r •> 21 To Ngpc Hung (2011), Vai tro cua cac ca quan giam sat doi vaiphat trien thi trudng chung khoan hieu qua, Tap chi dao tao khoa hpc ngan hang, (112) 22 Uy ban chung khoan Nha nuoc (2010), Bao cao thudng nien 23 Uy ban chung khoan Nha nuoc (2011), Bao cao thudng nien 24 Uy ban chung khoan Nha nuoc (2012), Bao cao thudng nien 25 Uy ban chung khoan Nha nuoc (2011), De tai NCKH cap Uy ban Hoan r r thien he thong cong bo thong tin cong ty dai chung 26 Uy ban chung khoan Nha nuoc (2004), De tai NCKH cap Bp Giai phap r hoan thien hoat dong giam sat, tra cac to chuc niem yet tren thi trudng chung khoan Viet Nam 27 Vu Giam sat (2012), Tang cudng cong tac giam sat giao dich tren TTCK, Tap chi chung khoan, (165), trang 24-26
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