Kinh nghiệm của các công ty chứng khoán tại hàn quốc và áp dụng vào công ty chứng khoán an phát

TRUCJNG DAI HOC KINH TE QUOC DAN *** HOANG THI LAN PHUONG DAI HOC KTQD TT THONG TIN THlfVIEN PHONG LUAN AN - TU LIEU KINH NGHIEM CUA CAC CONG TY CHUNG KHOAN TAI HAN QUOC VA AP DUNG VAO CONG TY CHUNG KHOAN AN PHAT Chuyen nganh: KINH TE DOI NGOAI LUA• n VAN THAC SY KINH it • NGVOl HUONG dAn KHOA HOC: PGS.TS PHAM TAT THANG HA NOI, NAM 2011 LOI CAM DOAN r Toi xin cam doan luan van la ket qua nghien cuu cua rieng toi, khong chep cua Noi dung luan van co tham khao va su dung cac tai lieu, thong tin duqc dang tai tren cac tac pham, tap chi va cac trang web theo danh muc tai lieu cua luan van Tac gia luan van Hoang Thi Lan Phuong LOI CAM ON Trong qua trinh nghien cuu tac gia da nhan dupe su giup cua cac thay co giao Truong Dai hoc Kinh te quoc dan, cac dong nghiep va ban be Toi xin gui loi cam on chan toi cac thay cd giao Truong Dai hoc , < < > r r Kinh te quoc dan noi chung, cac thay co giao Khoa Kinh te Doi ngoai noi rieng da cung cap cho toi nhung kien thuc co ban qua trinh hoc tap va viet luan van Dac biet, toi xin gui loi cam on sau sac den PGS.TS Pham Tat Thang, ngubi da true tiep hudng dan toi qua trinh viet va hoan thien luan van Nhan day, toi cung xin gui loi cam on chan toi ban be va cac r A r dong nghiep tai Cong ty chung khoan An Phat da cung cap so lieu va giup toi hoan luan van Toi xin chan cam on! Cao hoc vien Hoang Thi Lan Phuong MUC LUC • • DANH MUC TU VIET TAT DANH MUC BANG BIEU, SO DO TOM TAT LUAN VAN LO’I NOI DAU CHUONG 1: THI• TRUONG CHlTNG KHOAN VA KINH NGHIEM • CUA CAC CONG TY CHUNG KHOAN TAI HAN QUOC 1.1 1.2 1.3 Tong quan chung ve Thi truong chung khoan Han Quoc .4 1.1.1 Thi truong chung khoan - san phain cua nen kinh te thi truong 1.1.2 Qua trinh hinh va phat trien TTCK Han Quoc (KRA) 1.1.3 He thong to chuc va giao dich 1.1.4 Kinh nghiem doi voi TTCK Viet Nam 12 Khai quat chung ve Cong ty chung khoan Han Quoc 17 1.2.1 Hoat dong cua cac CTCK Han Quoc 17 1.2.2 Kinh nghiem cua cac CTCK Han Quoc 23 Kinh nghiem cua cac CTCK Han Quoc va mot so van de dat cho qua trinh phat trien cong ty chung khoan Anphat 30 1.3.1 Ve mo hinh to chuc cong ty chung khoan 30 1.3.2 Ve linh vuc hoat dong kinh doanh 31 1.3.3 Ve doi ngu nhan str .33 1.3.4 Ve quan tri cong ty .34 CHUONG 2: THl/C TRANG HOAT DONG CUA CONG TY CHU*NG KHOAN AN PHAT 2.1 2.2 37 Dac diem cua Cong ty chung khoan An Phat 37 2.1.1 Qua trinh lap va phat trien 37 2.1.2 Chuc nang, nhiem vu cua Cong ty 38 Thue trang hoat dong cua Cong ty chung khoan An Phat 39 2.2.1 Lua chon mo hinh to chuc 39 2.3 2.2.2 Linh vuc hoat dong kinh doanh ' 39 2.2.3 Ve doi ngu nhan su 49 2.2.4 Ve quan tri cong ty 51 Danh gia thuc trang hoat dong kinh doanh cua CTCK An Phat 52 2.3.1 Ket qua dat dune 52 2.3.2 Han che va nguyen nhan 55 CHVONG 3: AP DyNG KINH NGHIEM CUA CAC CONG TY CHUNG KHOAN TAI HAN QUOC VAO CONG TY CHlTNG KHOAN AN PHAT 61 3.1 Kinh nghiem cua cac Cong ty chung khoan tai Han Quoc va kha nang ap dung vao Cong ty chung khoan An Phat 61 3.2 Ap dung kinh nghiem cua cac Cong ty chung khoan tai Han Quoc vao Cong ty chung khoan An Phat 62 3.2.1 Dieu chinh mo hinh to chuc 62 3.2.2 Phat trien linh vuc kinh doanh 63 3.2.3 Xay dung doi ngu nhan su theo huong chuyen sau 68 3.2.4 Dieu chinh he thong quan tri cong ty phu hop vdi su thay doi cua thi \ truong 3.3 r 69 Kien nghi voi cac co’ quan quan ly nha nude 74 3.3.1 Hoan chinh he thong quy pham phap luat de dieu chinh cac hoat dong kinh doanh 75 3.3.2 Tiep tuc on dinh moi truong kinh te vT mo 77 3.3.3 Nang cao vai tro cua cac hiep hoi chung khoan 78 3.3.4 Tung buoc hinh to chuc xep hang tin nhiem 79 3.3.5 Xay dung va phat trien chung khoan phai sinh 81 3.3.6 Phat trien he thong nha dau tu va ngoai nuoc 82 KET LUAN TAI LIEU THAM KHAO r 83 DANH MUC CHU VIET TAT APG Cong ty chung khoan An Phat Cong ty Cong ty chung khoan An Phat CTCK Cong ty chung khoan HASTC So giao dich chung khoan Ha Noi HOSE So giao dich chung khoan Ho Chi Minh IPO Phat hanh lan dau cong chung MGCK Moi gidi chung khoan NH Ngan hang QLDMDT Quan ly danh muc dau tu BCTC Bao cao cao tai chinh TTCK Thi trudng chung khoan UBCKNN Uy ban chung khoan Nha nude HQ Han Quoc TVTC&DTCK Tu van tai chinh va dau tu chung khoan TPCP Trai phieu chinh phu DANH MUC BANG BIEU, SO DO DANH MUC BANG BIEU r r r Bang 1.1: Niem yet co phieu tren thi truong chung khoan Han Quoc 15 Bang 1.2: Bude gia quy dinh tuong ung vdi gia cd phieu 16 Bang 2.4: Doanh thu hoat dong kinh doanh chung khoan cua cong ty 45 Bang 2.5: Chi phi hoat dong kinh doanh chung khoan cua cong ty 46 Bang 2.6: Tom tat mot so chi tieu hoat dong kinh doanh cua Cong ty 47 * r r Bang 3.1: Danh sach mot so CTCK ban co phan cho doi tac nude ngoai 71 DANH MUC BIEU DO r Bieu 2.3: Bien dong cua doanh thu moi gidi cua cong ty 41 r Bieu 2.4: Bien dong cua doanh thu tu doanh cua cong ty 42 75 r r Bieu 2.5: Bien dong doanh thu kinh doanh nguon von cua cong ty .43 DANH MUC SO DO So 1.1: So to chuc quan ly TTCK Han Quoc So 2.2: So co cau to chuc cong ty chung khoan An Phat 38 LOI NOI DAU Kinh nghiem Qudc te noi chung, kinh nghiem cua Han Quoc cho thay su phat trien vung chac cua TTCK phu thuoc rat lbn vao hoat dong cua cac td chuc tham gia thi trubng, vao moi trubng phap ly Thue te cung cho thay sir da dang, phong phu, co kinh nghiem va hieu qua hoat dong cua cac to chuc tham gia thi trubng co anh hubng rat quan den viec thuc day thi trubng chung khoan phat trien Bbi vay, viec khuyen khich, tao dieu kien cho su phat trien cua cac cong ty chung khoan la het sue can thiet chien luge day nhanh su phat trien vung chac cua thi truong chung khoan Do do, tac gia da chon de tai “Kinh nghiem cua cac cong ty chung khoan tai Han Quoc va ap dung vao Cong ty cluing khoan An Phat” lam luan van nghien cuu Tren co so nghien cuu mot each khoa hoc ve kinh nghiem cua cac cong ty chung khoan Han Quoc, thuc trang hoat dong cua cong ty chung khoan An Phat, luan van huong den nhung muc tieu cu the sau: - Tu thuc tien hoat dong va phat trien cac cong ty chung khoan Han Quoc rut bai hoc kinh nghiem - Phan tich thuc trang va danh gia hoat dong cua Cong ty chung khoan An Phat - Ung dung nhung kinh nghiem cua CTCK Han Quoc, de xuat mot so giai phap nham nang cao hieu qua hoat dong cua Cong ty chung khoan An Phat - Doi tuong nghien cuu: Kinh nghiem hoat dong kinh doanh cua CTCK Han Quoc va each ung dung nhung kinh nghiem - Pham vi nghien cuu cua de tai: Trong khuon khb han hep cua luan van nay, ngubi viet chi tap trung nghien cuu nhung nhung kinh nghiem cua CTCK Han Quoc co the ap dung vao cong ty chung khoan b Viet Nam, tren co sb thuc trang hoat dong kinh doanh, nhung ton tai va han che cua CTCK An Phat va de xuat cac giai phap nham nang cao hieu qua hoat dong cong ty Luan van nghien cuu gom chuong: 70 can xay dung duoc chien lucre, lap ke hoach kinh doanh va dieu hanh hoat ddng kinh doanh nham dat duoc hieu qua cao nhat Co rat nhieu chien luoc mdi tao nen gia tri khac biet nham giup cdng ty dat duoc cdng tren thi trudng Chien Iuqc san pham dich vu canh tranh' Hien tai vdi uu the cd khach hang truyen thong cdng ty van dang tap trung vao san pham dich vu mdi gidi vdi chien luoc cdng nghe hien dai: md tai khoan, dat lenh hay su dung dich vu tai chinh true r r tuyen Trong bdi canh hoi nhap, san pham phai the hien dupe tinh da dang, dap ung nhu cau cua khach hang ca d nudc va nudc ngoai Cu the, cac san pham cung cap true tuyen cd the su dung dupe bang ca hai thu tieng la tieng Anh va tieng Viet Day la uu the de thu hut nha dau tu nudc ngoai su dung dich vu cua cdng ty Ngoai day manh nghien cuu dich vu phu tro tao uu the rieng biet cho cdng ty r \ r Chien luac ve khach hang: Doi vdi tung giai doan cdng ty phai xac dinh dupe doi tuong khach hang muc tieu vdi tung nghiep vu cu the nhu khach hang cua nghiep vu mdi gidi la cac cd ddng gop von cua cdng ty, khach hang nudc hay nudc ngoai, sinh vien hay tang lop giau cd khach hang cua hoat dong tu van la cac doanh nghiep nha nudc hay cac doanh nghiep la cd ddng cdng ty Chien luac gid cd: APG can xac dinh chien luoc gia ca phai phan chia rd rang cac yeu to khach hang truyen thong, khach hang thuong xuyen giao dich, khach hang giao dich gia tri ldn de cd sir dieu chinh linh hoat phu hop vdi tirng thdi ky nhat dinh Tuy nhien, de dua mot ban chien luoc tot mdi chi la budc dau Viec dieu hanh linh hoat chien luoc mdi la yeu to xac dinh cdng cua cdng ty Vi vay, de chien luoc kinh doanh mang lai ket qua tot: chien luoc phai xuat phat tu kha nang cua chinh cdng ty (bao gom tiem lire von, nhan luc, co cau to chuc cd dap ung dupe chien luoc kinh doanh mdi hay khdng), cu the hoa chien luoc cdng viec hang cua nhan vien, co thuoc qua trinh thuc hien va ghi nhan cdng lao, phan thudng ap dung chien luoc 71 Tom lai, chien luoc phai dugc tat ca cac nha quan ly, co dong hieu ro va chia se cung nhu phai de nhung nhan vien cong ty dinh hudng ro rang va dugc cung cap cac cdng cu nhu quy trinh can thiet de ho trg viec thuc thi chien luge 3.2.4.2 Tang nang luc tdi chinh cua APG Trong dieu kien hoi nhap nhu hien nay, nang luc tai chinh la yeu to co tinh chat quyet dinh va quyet dinh den ca nang luc canh tranh ve cdng nghe cung nhu trinh chuyen mon Ben canh do, nang luc tai chinh tot se giup CTCK lam tot chuc nang tao lap thi truong, gop phan binh on gia chung khoan Tren thuc te hien nay, APG quy md vdn van thap do can cd bien phap tang nang luc tai chinh thong qua ngudn co ban sau: Trong boi canh TTCK rot gia nhu hien nay, phuong an huy dong vdn thong qua phat hanh cd phieu va trai phieu chuyen ddi kho cd tinh kha thi Vi vay, APG z z co the lua chon cac ddi tac chien luge va ngoai nudc de thuc hien phuong an Qua do, nang cao nang luc tai chinh, tan dung kinh nghiem quan tri dieu hanh va cdng nghe cua cac ddi tac Tinh tir nam 2005 den nay, linh vuc chung khoan Viet Nam cac vu mua ban, sap nhap (M&A) cd xu hudng tang len ca ve sd lugng va gia tri giao dich: Congty Hudng Viet So co phan chao ban (1000 co phan) 14.500 Doi tac nude ngoai Von dieu le (tyVND) Morgan Stanley (Singapore) Holding Pte.ltd 300 Au Lac 4.900 Cong ty Technology CX 100 Viet Nam 6.700 Tap doan ngan hang RHB (Malaysia) 135 Nhap va goi 6.615 CTTNHH chung khoan va dau tu Golden Bridge 135 Thanh Cong 17.640 CTCK Seamico Thai Lan 360 Gia Quyen 6.615 CTCK KIS cua Han Quoc 135 7.Hoa Anh Dao 2.009 CTCK cua Nhat Dau 7.587 CTCK Nikko Cordial cua Nhat 41 500 Ngudn: Bao cao tong ket cua UBCKNN 72 Thi truong chung khoan hien co 102 cong ty chung khoan dang hoat dong - so kha ldn so vdi quy mo thi trudng mdi tren mot trieu tai khoan Day cung la ngoai vdi nang luc vdn, cdng nghe, nhan luc, uy tin va thuong hieu de thay ddi manh me ve co cau vdn, quan tri dieu hanh va hieu qua hoat dong kinh doanh r 3.2.4.3 Ke hoach hoa hoat dong Marketing Thuc te hien nay, nha dau tu van thieu tin tuong d cac CTCK, mot cac ly phai ke den la hoat dong cdng chung cua CTCK noi chung va APG noi rieng van chua dupe quan tarn Trong thdi ky khung hoang, hieu qua cua cac hoat dong quang cao se giam sut neu doanh nghiep khong cd nhung hanh dong cu the de ngan chan tinh trang Nen nghi den mot sd bien phap tang doanh thu ma khong can mat nhieu chi phi quang cao nhu sau: - Xay dung cac chuong trinh PR (quan he cdng chung) mien phi: cac hoat dong PR thudng dem lai hieu qua cao hon cac chuong trinh quang cao viec tao doanh thu cd chi phi thap hon Chang han, APG cd the viet bai ve mot de tai dang dupe khach hang muc tieu quan tarn va gui den cac to bao ma doi tuong khach hang cua minh thudng xuyen theo ddi - APG cd the to chuc cac buoi giao luu, hoi thao, thuyet trinh ve nhan dinh xu the bien dong chi sd hay gia cd phieu nham the hien nang luc chuyen mon cung nhu tang su hieu biet cua cdng chung Dai dien cua APG cung nen thudng xuyen tham gia tra loi phong van tren cac phuong tien truyen thdng dai chung vdi hi vong nhung cau tra loi xac dang, nhung hien dien thich hpp se nhac khach hang nho den cdng ty Cd rat nhieu each tao nen khac biet hoat dong truyen thdng Lua chon su ket hpp cac phuong tien truyen thdng khac nhau, muc dau tu cho mdi phuong tien, hinh thuc quang ba deu dong vai tro nhat dinh Tai chinh la mot linh vuc nhay cam, xuat hien qua hoanh trang chua chac hieu qua bang hien dien phu hpp vdi hieu irng lau ben, co the dac va dieu chinh lien tuc, hon the nua, hay tra loi 73 cau hoi: co bao nhieu don vi lam truyen thong co chuyen mon mang tai chinh Khi hieu tinh dac thu va nhay cam mang cong viec do, APG phai chu y den don vi truyen thong chuyen ve linh vuc nham thu hut su quan tam hon cua nha dau tu 3.2.4.4 Dau tu nang cap co' so vat chat ky thuat Co so vat chat ky thuat la mot nhung yeu td gop phan quan vao uu the canh tranh giua APG vdi cac cong ty chung khoan khac Do cong ty can phai khong ngung dau tu phat trien, cap nhat va hien dai hoa co so vat chat, cdng nghe hien dai va phuong tien kinh doanh, bat kip vdi xu the phat trien cua thi trudng Dac biet phai tao duoc su gan ket giua phong cong nghe thong tin va phong phan tich dau tu de co the dua cac ban phan tich tinh hinh thi trudng cung nhu cong bd thong tin ve cong ty, len mang internet va website cua cong ty Dac biet, cong ty can phai nang cap website cong ty su dung duoc thu tieng la tieng Viet va tieng Anh phuc vu cho qua trinh hoi nhap quoc te cang cao Cai thien toc dudng truyen de khach hang co the theo doi dien bien thi trudng mot cach cap nat la yeu cau cap thiet can duoc tien hanh Boi tren thuc te van trudng hop toc dudng truyen chua tot, co bi cham hon so vdi cac cong ty chung khoan khac, dieu lam anh huong den quyen loi cua nha dau tu cung nhu anh huong den uy tin cua cong ty Hoan thien he thong cong nghe thong tin dap ung dich vu chung khoan: He thong cong nghe thong tin giup cho hoat dong giao dich chung khoan dien nhanh chong, nhat la thuc hien mo rong pham vi hoat dong kinh doanh Muon thuc hien, cong ty phai tien hanh hoan thien he thong cong nghe thong tin mot cach dong bo tu tru so chinh den chi nhanh va cac dai ly nhan lenh Do la: r r Ddi voi he thong cong nghe thong tin da xay dung: - Duy tri su dn dinh cua he thong thong tin chung khoan APG duoc hoat dong thong suot dn dinh 74 - Cung co, phat trien va hoan thien he thong cac phan mem ung dung de tri, on dinh va nang cao hon nua chat luong cac dich vu cung cap - Tiep tuc cai thien he thdng cong bo thong tin nham cung cap thong tin day du, kip thdi, chinh xac, dang tin cay va co gia tri su dung cho cac nha dau tu - Chuan bi cac nguon luc, tri thuc va su dao tao can thiet de co the chu dong phoi hop vdi su thay doi sd giao dich chung khoan nam cac nam tdi; Ddi vdi phat trien he thong cdng nghe thdng tin - Phat trien lie thdng dat lenh tren mang Internet, qua dien thoai di dong dam bao giao dich qua mang Internet dat hieu qua, an toan, bao mat, phu hop vdi quy dinh cua phap luat va su thoa man cua khach hang - Phat trien he thdng quan ly thdng tin, xay dung he thdng cac phan mem ung dung tien tien nhu dinh gia chung khoan, xac dinh gia tri doanh nghiep, phan tich co ban, phan tich ky thuat va dat lenh true tuyen de ho tro kip thdi, cd hieu qua qua trinh quyet dinh cua cac nha dau tu - Viec dau tu he thdng cdng nghe thdng tin mdi se tao he thdng quan tri tai chinh hien dai, lanh manh, cd kha nang hoi nhap thi trudng tai chinh quoc te va du sue canh tranh vdi cac cdng ty chung khoan 100% vdn nudc ngoai sap tdi se vao Viet Nam 3.2.4.5 Phat trien bo phan quan tri rui ro Bo phan dac biet chiu trach nhiem true tiep xet duyet ngudn vdn cho nha dau tu, ddng thdi quan tri rui ro ca nhung khau cd the xay rui ro nhu dat lenh, chuyen tien, ky ket hop ddng Hoan thien quy trinh quan ly rui ro de dam bao an toan cho cdng ty chung khoan va tai khoan cua nha dau tu Can chu tuyen dung nhan sir co nang luc, cd dao due nghe nghiep vao bo phan nham nang cao nang luc giam sat, day manh hieu qua quan tri rui ro cho cdng ty chung khoan An Phat 3.3 Kien nghi vdi cac co’ quan quan iy nha nude Nghien cuu, dieu chinh cac chinh sach ddi vdi thi trudng chung khoan va cac cdng ty chung khoan: 75 3.3.1 Hoan chinh he thdng quy pliant phap luat de dieu chinh cac hoat dong kinh doanh - Luat chung khoan co hieu luc ttr 1/1/2007, do doi vdi hoat dong tren thi trudng chung khoan thi se duoc dieu chinh bdi luat chung khoan va khong cd su thdng nhat gitra cac van ban phap luat khac vdi luat chung khoan thi luat chung khoan se duoc uu tien ap dung Vi the, de tao su thdng nhat cac quy dinh ve linh vuc chung khoan thi chinh phu can hoan thien dong bo cac phap luat khac cd lien quan den CK & TTCK nhu phap luat lao dong, phap luat hanh chinh tu phap, phap luat hinh su, giai quyet tranh chap, giai the, pha san Nhu vay, se tao dupe mdi trudng phap ly hoan chinh giup cac doanh nghiep noi chung va APG noi rieng - Bo sung cac che tai xu phat nang hon nua ddi vdi cac trudng hop vi pham phat hanh chung khoan nham ngan ngua tai pham va bao ve quyen lpi nha dau tu dac biet la cac doanh nghiep chua du dieu kien phat hanh chung khoan cdng chung van tien hanh phat hanh Bo sung cac che tai de cac cdng ty niem yet, cdng ty chung khoan, cdng ty quan ly quy thuc hien nghiem ngat che bao cao thdng tin, cac giao dich cd phieu cua cac cd dong ldn , cdng bo thdng tin bat thudng, tang cudng giam sat cua SGDCK, UBCKNN ddi vdi cdng ty, cac quy dinh ve bao ve nha dau r a > r a tu, bao dam tat ca nha dau tu cd quyen tiep nhan thdng tin mot each cdng bang Mat khac, UBCKNN can thudng xuyen giam sat nham thuc hien cac hanh vi thao tung thi trudng, giao dich noi gian, tung tin gia tao cua cac nha dau tu, to chuc kinh doanh chung khoan, to chuc niem yet Khi phat hien cac sai pham, Co quan quan ly can xu nghiem cac hanh vi vi pham nham dam bao cho thi trudng chung khoan phat trien on dinh va ben vung - Nghien cuu ban hanh cac van ban phap ly cho phep lap quy binh on gia va vai tro cua nha tao lap thi trudng Bdi le de dieu hoa cung cau tren thi trudng, cdn can phai cd nha tao lap thi trudng De cd trudng hpp hoac cung cao cau thap, cd phieu ban nhieu dan den giam gia, hoac cung thap cau cao, nhieu ngudi mua lam tang gia Do do, de can bang cung cau, de gia chung khoan khong bien dong qua ldn, cung vdi nhung quy dinh ve bien gia, de nghi Chinh phu can nghien cuu ban 76 hanh cac van ban phap ly cho phep lap quy binh on gia Quy nen to chuc dudi hinh thuc CTCK Nha nude vdi chuc nang tu doanh la tam Von cua cac cdng ty nay, mot phan chinh la luong co phieu ma Nha nudc nam giu cac doanh nghiep CPH, nhung Nha nudc lai duoc su dung luong von mot each chu dong hon - Can co nghi dinh hudng dan cu the ve M&A M&A la giao dich thuong mai, tai chinh Giao dich ddi hoi phai co quy dinh cu the, co mot co che thi trudng de chao ban, chao mua doanh nghiep, gia ca, cung cap thong tin, chuyen giao va xac lap sd huu, chuyen dich tu each phap nhan, cac nghia vu tai chinh, thuong hieu Ddng thdi, hang loat van de lien quan true tiep den M&A ma phap luat Viet Nam chua co quy dinh cu the nhu kiem toan, dinh gia, tu van, mdi gidi, bao mat, thong tin, - Co quan quan ly nha nudc ve chung khoan - UBCKNN can tap trung giam sat viec tuan thu phap luat hoat dong tu doanh, cung cap cac dich vu chung khoan, chap hanh che bao cao, giam sat va kiem tra quy trinh md tai khoan, dat lenh va giao dich tai cac CTCK, nham han che hien tuong chen lenh, ban khdng Ddng thdi, UBCKNN can tap trung giam sat viec tuan thu cac quy dinh cua phap luat viec chap hanh cac dieu kien niem yet, che bao cao va cung cap thong tin cua cac to chuc niem yet - Hoan thien khung phap ly va the che chinh sach thong qua viec sua ddi Nghi dinh 14/CP, sua ddi bo sung Nghi dinh 36 va xay dung cac thong tu hudng dan ve giao dich, ve cac chi tieu an toan tai chinh ddi vdi cac cdng ty chung khoan, cdng ty quan ly quy, thong tu thay the thong tu 38/BTC ve cdng bo thong tin Bo sung cac van ban phap luat can thiet de dieu chinh cac giao dich tren thi trudng OTC - Khi thi trudng chung khoan suy giam, khdi luong giao dich thap, can ap dung a r i r cac bien phap nham khuyen khich su tham gia thi trudng cua cac to chuc niem yet cac doanh nghiep niem yet va hoan ke hoach danh thue thu nhap tu hoat dong dau tu chung khoan 77 - Can tiep tuc cai tien cac quy dinh ve ky thuat giao dich tren thi trudng, giam thieu nhung rao can ky thuat nham dam bao tinh on dinh, giam thieu rui ro va nang cao hieu qua hoat dong cua thi truong Trong tuong lai, can cai tien he thong toan, giam chu ky toan xuong T+2 nham tang tinh khoan cua thi truong So giao dich tiep tuc ap dung quy dinh ve bien dao dong nham tranh tinh trang ban thao cd phieu, nhien can co su dieu chinh linh hoat nham han che nhung mat tieu cue ddi vdi thi trudng Ben canh do, can tao su linh hoat giao dich nhu cho phep giao dich le, giao dich ban khdng, giao dich ky quy - Tung budc md cua thi trudng cd phieu ddi vdi nha dau tu nudc ngoai, tien tdi md cua hoan toan thi trudng Md cua thi trudng vdn noi chung va thi trudng cd phieu noi rieng se thuc day su luu thdng ngudn vdn giua nudc va quoc te, cd tac dung tot viec tan dung tiem nang vdn nudc va quoc te r •> r 3.3.2 Tiep tuc on (tinh moi truong kinh te vi mo Mdi trudng tai chinh - tien te ddng mot vai trd vo cung quan ddi vdi TTCK vi chinh la cai noi cua TTCK Muon vay, phai cd mot nen tai chinh quoc gia lanh manh, niQt ddng tien on dinh thdng qua su dieu tiet chinh sach tien te va lai suat cua Ngan hang trung uong - Ben canh viec tao lap mot mdi trudng kinh te va phap ly can thiet, Nha nudc can phai tri mot chinh sach tai khoa theo hudng ndi long khuyen khich cac phan kinh te phat trien, khac phuc tinh trang giam phat va thieu phat Trude het, Nha nudc can chu hon tdi viec can ddi thu chi ngan sach, bao dam nguyen tac chi tieu ngan sach dua vao ngudn thu ma chu yeu la thu thue Ddng thdi, phat huy vai trd dieu tiet vi md cua chinh sach thue, can chu hon cac tac dong cua thue 78 doanh nghiep Tu nhung co so ly luan va thuc te d Viet Nam hien nay, dinh huong xay dung va dieu hanh chinh sach tien te quoc gia la ket hop su dung nhung tac dong cung chieu cac bien phap kinh te vdi vai tro quan ly Nha nudc de dua mot chinh sach dieu hanh tien te qudc gia sat thuc, hop ly va huu hieu; tung budc hoa nhap vdi thdng le qudc te xay dung va dieu hanh chinh sach tien te 3.3.3 Nang cao vai tro cua cac hiep lioi chung khoan Tang cudng vai tro, chuc nang cua cac hiep hoi chung khoan bao gom: Hiep hoi kinh doanh chung khoan (VASB), Hoi kiem toan vien hanh nghe, Hiep hoi cac nha dau tu tai chinh, Cau lac bo niem yet, Cau lac bo cdng ty quan ly quy dau tu viec nang cao dao due nghe nghiep cua cac vien thdng qua viec xay dung, bien va giam sat cac quy tac dao due hanh nghe; phoi hop vdi cac co quan quan ly thuc hien giam sat chat luong cdng bo thdng tin cua cac vien Phoi hop vdi cac vien de xay dung, ban hanh va giam sat cac quy trinh noi bo ve quy trinh nghiep vu, kiem soat noi bo, quan tri rui ro TTCK luon chiu anh huong nhieu ttr chinh sach, dac biet la chinh sach tidn te, do, ngoai nhung kien nghi mang tinh nghiep vu, hiep hoi kinh doanh chung khoan nen tap trung vao viec dong gop hoan thien chinh sach “Vdi chuc nang, nhiem vu cua minh, dinh ky hang nam, VASB nen phdi hop CTCK vien to chuc dien dan ve tai chinh, tien te de gop them y kien cho co quan quan ly cac van de lien quan den chinh sach va thi trudng”, ong Bang nhan manh Ve dinh huong dao tao, day manh cdng tac tuyen truyen, nhat la cdng tac tuyen truyen ve thuc thi phap luat dao due nghe nghiep, VASB can sdm cung vdi hoi vien tieu chuan hoa va xay dung md hinh dao tao nghe cho cac nhan vien hanh 79 nghe chung khoan; chuan hoa va dua vao thuc thi dao due nghe nghiep Vdi vai tro la cau noi cua cac CTCK vien vdi co quan quan ly, UBCK de nghi VASB, ngoai viec van ban nhac nhd ddi vdi cac trudng hop vi pham dao due nghe nghiep, VASB nen true tiep gui cho UBCK danh sach cu the cac trudng hop vi pham Lien quan den dinh hudng phat trien quan he qudc te, Trong thdi gian tdi Hiep hoi nen md rong hop tac vdi Hiep hoi cac nudc Trong nhiem ky nay, VASB se la dau mdi giup cho cac hoi vien tham gia Hiep hoi Chung khoan qudc te va khu vuc; xue tien viec dam phan vdi Hiep hoi chung khoan nudc ngoai de nhd tro giup ky thuat cho cac CTCK vien; tim cac nguon tai tro va cac giang vien qudc te chuyen nghiep nham ho tro cho cdng tac dao tao; to chuc cac doan khao sat cho CTCK vien tai nudc ngoai thong qua cac to chuc qudc te ■? r 3.3.4 Tung buoc lunli to chiic xep hang tin nhiem Hien nay, d Viet Nam chua cd cac cdng ty dinh muc tin nhiem O cac nudc cd TTCK phat trien, to chuc xep hang tin nhiem ddng vai trd cue ky quan trong, vi cac to chuc vua cd vai trd thuc day hoat dong thi trudng, vua giup nha dau tu danh gia, xep hang chung khoan lam co sd cho viec quyet dinh dau tu, bao ve nha dau tu tranh rui ro Cac nha phat hanh cung dung xep hang tin nhiem nhu la mot chien luoc de huy dong von Cho den thdi diem hien nay, cac to chuc dinh muc tin nhiem ddng vai trd nhu mot cau noi giua nha dau tu va thi trudng Khi thi trudng tai chinh va viec toan cau hoa cang phat trien, mot vai trd quan mdi nua cua viec xep hang tin nhiem la duoc dung nhu mot cdng cu de giam sat thi trudng tai chinh, nham giam thieu rui ro cho cac nha dau tu va rui ro he thong noi chung Tinh doc lap cua cac to chuc dinh muc tin nhiem Tinh doc lap cua mot to chuc djnh muc tin nhiem la tdi quan cho tinh tin cay va cdng cuoi cung cho nha cung cap dich vu Vi vay, quyen sd huu va cau true quan ly quan ddi vdi su cdng cuoi cung cua mot to chuc dinh muc tin nhiem Mot to chuc dinh muc tin nhiem phai tu tir ca anh hudng chinh tri va ap luc ldn tu cac to chuc phai 80 chiu su danh gia tin nhiem Co mot su khuyen khich kinh te manh me cho mot to chuc dinh muc tin nhiem tri tinh doc lap cua no tu cam nhan cua cong chung ve tinh cong bang va khach quan danh gia se quyet dinh sir cong cuoi cung hoac that bai cua mot to chuc dinh muc tin nhiem du cho thi truong ma no phuc vu la thi trudng da phat trien, mdi noi hay thi trudng quoc te Cac loai cdng cu duoc dinh muc tin nhiem Mot loat cac cdng cu tai chinh rong rai co the phai chiu su dinh muc tin nhiem bao gdm cac chung tu thuong mai, trai phieu cdng ty, cac cdng cu tai chinh cd cau true va cd phieu uu dai hau het cac quoc gia, dinh muc tin nhiem gidi han ddi vdi cac cdng cu thi trudng trai phieu va tien te nhung d mot sd quoc gia cd phieu thudng va cd phieu uu dai cung dupe dinh muc tin nhiem Khdng phai la khdng bien ddi vdi cac td chuc nhan tien gui, cac quy dau tu va cac td chuc tai chinh khac nhu kha nang chi tra tien boi thudng cua cac cdng ty bao hiem cung dupe djnh muc Tinh san sang cua dinh muc tin nhiem cung ddng gop cho su phat trien cac san pham tai chinh phuc tap nhu cac cdng cu tai chinh cd cau true Khdng cd su san sang cua cdng tac dinh muc tin nhiem cua cac td chuc dinh muc tin nhiem, se rat kho ban cac san pham cho cac nha dau tu td chuc tinh vi De cho mot td chuc dinh muc tin nhiem ton tai ve mat kinh te d giai doan dau cua su phat trien cua thi trudng vdn phai cd mot sd luong cdng cu no du tieu chuan cho dinh muc tin nhiem Sd ldn cdng cu no quan cd the bao gdm cac cdng cu thi trudng tien te, trai phieu cdng ty, chung khoan chinh quyen, trai phieu doanh nghiep nha nude, trai phieu chinh phu, va thi trudng bat dau r r r trudng la chung khoan the chap bat dong san Trong su lap td chuc dinh muc tin nhiem la mot phan chu yeu cho su phat trien cua thi trudng vdn, su cdng cuoi cung cua nd phu thuoc vao khuon kho chinh sach dan dat cho su phat trien dai han cua thi trudng trai phieu va tien te Vi vay, de TTCK Viet Nam phat trien on dinh va ben vung, cung vdi viec phat trien mot mang ludi td chuc xep hang tin nhiem la van de mang tinh chien lucre de phat trien thi trudng De td chuc 81 xep hang tin nhiem thuc hien tot vai tro cua minh, thi can phai xay dung tieu chuan xep hang tin nhiem, he thdng ke toan, bao cao va cdng bo thdng tin chuan muc 3.3.5 Xay dung va pluit trien chung khoan phai sinh Cdng cu phai sinh la mot loai hinh bao hiem rui ro tai chinh thuc hien cac hop dong kinh te ma ban chat la phan tan rui ro tiem an va duong nhien, lpi nhuan cua cac giao dich cimg dupe chia se cho cac ben Cdng cu phai sinh gom hpp dong ky han (Forward), hoan doi (Swaps), quydn chon (Options) va tuong lai (Futures) Thi trudng chung khoan phai sinh se giup cho nha dau tu da dang hoa danh muc dau tu va quan ly rui ro cung tot hon, nhung ban than thi trudng cung tiem an nhieu bat trac neu thi trudng co sd chua quan ly dupc nhung ru-i ro cua no Vi vay, trudng hpp chung ta van hanh luon thi trudng chung khoan phai sinh lap tire co the se phan tac dung Tren thuc te, Thi trudng chung khoan phai sinh Viet Nam chi mdi hinh tren linh vuc ngoai hoi va gan day tren thi trudng hang hoa (vang va ca phe), hau nhu chua xuat hien cac giao dich tren thi trudng chung khoan Nhan thuc ve cac cdng cu phai sinh va su van dung chung vao hoat dong kinh doanh cang bien va hieu qua Tuy nhien, cung khong the doi hoi xay dung thi trudng phai sinh mot each qua cap bach va voi vang Viec chuan bi cho su ddi thi trudng la rat nhieu, ben canh thi phai lua chon tai san co sd Hon nua, phai nghien cuu va xay dung khung phap ly van hanh cho thi trudng cung nhu cac co che khac de ho tro cho hoat dong cua thi trudng nhu co che toan bu tru, co che vien Viet Nam thieu rat nhieu dieu kien de co the hinh dupc thi trudng chung khoan phai sinh nhu: thiet lap chi so lien ngan hang that tot, dong vai tro tuong duong nhu lai suat Libor (chuan so sanh dupc su dung nhieu nhat cho lai suat cac khoan vay ngan han; rat quan vi la lai suat ma tai do, nhung ngudi vay no ldn nhat the gidi cd the vay tien Ngudi ta cung can cu tren lai suat de quyet dinh lai suat nhung ngudi di vay nho hon ); tao khung phap ly rd rang hon cho nha dau tu nudc cung nhu ngoai nudc (vi du nhu van de ve thue); thiet lap cac van 82 ban chuan (ISDA); lap mot trung tam toan bh tru co the quan ly tat ca cac san pham bao gom ca co phieu OTC va giao dich qua san; tao dieu kien de co the thuc hien ban khong trai phieu Chinh phu Do do, theo tinh hinh phat trien thuc te cua thi truong ma xay dung lo trinh phat trien thich hop 3.3.6 Phat trien he thong nha dau tu va ngoai nuoc Tuy TTCK la mdi me, chua dung nhieu rui ro nhung cung khong phai la it tiem nang dang doi So dong cac nha dau tu ca nhan va to chuc deu co mong muon duoc hieu biet ve CK & TTCK Vi vay, UBCKNN cdn phbi hop vdi cac co quan chuc nang viec tuyen truyen va dao tao kien thuc ve CK &TTCK mot cach hieu qua nhat Tang cuong hon nua cac chuong trinh giang day ve CK & TTCK tren truyen hinh va cac phuong tien thong tin dai chung cung nhu la ket hop vdi cac truong, cac co so, cac to chuc, doanh nghiep to chuc cac buoi noi chuyen theo tung chuyen de cu the Tren co so do, tao dieu kien cho cong chung hieu biet sau hon ve chung khoan va cac luat choi tren TTCK lam can cu de dua cac quyet dinh dau tu dung dan Can co mot to chuc phi loi nhuan nham muc dich dao tao kien thuc va xay dung van hoa dau tu To chuc chuyen dam nhan trach nhiem dao tao kien thuc ve thi truong chung khoan, ve ky nang dau tu va xay dung van hoa dau tu Dieu dac biet quan doi vdi cac thi truong mdi noi, noi ma cac nha dau tu ca nhan chiem ty dang ke tren thi truong chung khoan Hien nay, o Viet Nam co rat nhieu kenh truyen hinh cung cap cac thong tin ve co phieu, nhien cach lam chua thuc su phat huy hieu qua 83 KET LU AN • Su hinh va phat trien TTCK Viet Nam la mot qua trinh tat yeu, phu hop vdi xu hudng phat trien cua nen kinh te Tuy nhien, thdi gian thi trudng chung khoan phat trien qua nong hang loat cdng ty chung khoan ddi nham tim kiem loi nhuan Do lich su phat trien TTCK d Viet Nam cdn mdi me nen su phat trien cua CTCK noi chung va CTCK An Phat noi rieng van chua dam bao duoc tinh ddng bo, tinh tuong thich vdi cac bo phan khac cua thi trudng Vi vay, bai luan tap trung nghien cuu van de ve kinh nghiem cua cac cdng ty chung khoan tai Han Quoc va ap dung vao cdng ty chung khoan An Phat Duoc su giup nhiet tinh cua thay giao hudng dan va cac can bo cdng ty chung khoan An Phat, khoa luan da hoan cac nhiem vu sau: Mot la, Tu nhung thuc tien hoat dong va phat trien cac cdng ty chung khoan Han Quoc rut bai hoc kinh nghiem Hai la, phan tich danh gia toan dien thuc trang hoat dong cua cdng ty chung khoan An Phat thdi gian qua va rut nhung cai dupe, chua dupe, nhung van de can nghien cuu giai quyet Ba la, ung dung nhung kinh nghiem cua Han Quoc, de xuat mot sd giai phap nham nang cao hieu qua hoat dong cua Cdng ty chung khoan An Phat Do kha nang, trinh hieu biet va thdi gian nghien cuu cd han, luan van khdng tranh khoi nhung thieu sot Tac gia rat mong sir ddng gop hon nua cua cac thay cd giao, cac can bo va ddng nghiep de luan van dupe hoan chinh hon DANH MUC TAI LIEU THAM KHAO • • Dinh Van San (2010), Thong tin chung khoan va giao dich chung khoan tai sd giao dich chung khoan Ha Noi, NXB Tai chinh, Ha Noi A Dinh Van San (2009), Phat trien ben vung thi trudng chung khoan Viet Nam, NXB Tai chinh, Ha Noi Do Thi Kim Dung (2008), Phat trien hoat ddng kinh doanh tai Cdng ty chung khoan An Binh, Luan van Thac sy, Dai hoc Kinh te quoc dan, Ha Noi Le Hoang Nga (2011), 77?Z trudng chung khoan, NXB Tai chinh, Ha Noi Le Thi Huang Lan (2008), Phat trien hoat dong cua cdng ty chung khoan d Viet Nam, Luan an Tien sy kinh te, Dai hoc Kinh te quoc dan, Ha Noi Le Van Te (2011), Thi trudng tai chinh va cac dinh che tai chinh trung gian, NXB Phuang Ddng, TP.Ho Chi Minh Le Van Tu (2006), Thi trudng chung khoan, NXB Thong ke, Ha Noi Nguyen Thi Quy (2009), Phat trien san pham mdi linh vuc tai chinh d Viet Nam, NXB Khoa hoc va ky thuat, Ha Noi Nguyen Thanh Phuang (2010), Nang cao hieu qua hoat dong cua cac cdng ty chung khoan Viet Nam bdi canh hoi nhap qudc te, Luan an Tien sy kinh te, TP.Ho Chi Minh 10 Tran Quoc Tuan (2004), Aug dung md hinh cdng ty chiing khoan hoat dong cua thi trudng chiing khoan Viet Nam, Luan an Tien sy Kinh te, TP.Ho Chi Minh