Huy động vốn thông qua hình thức phát hành cổ phiếu ra công chúng trên thị trường chứng khoán việt nam giai đoạn 2000 2015 thực trạng và giải pháp

TRUCJNG DAI HOC KINH TE QUOC DAN * ** NGUYEN THANH TRUONG OAlHOCKTQV r, iHONGTINTHaVIEN p ■ nix an -Tvm HUY DONG VON THONG QUA HINH THIC PHAT HANH CO PHIEU RA CONG CHUNG TREN THI TRUONG CHlTNG KHOAN VIET NAM GIAI DOAN 2000 -2015 : THUC TRANG VA GIAI PHAP • • • • • Chuyen nganh : KINH TE DAU TV LUAN VAN THAC SY KINH TE • • NGtrdl HUONG DAN KHOA HOC: TS PHAM VAN HUNG hk 77/S • Ha Noi, Nam 2010 MUC LUC • • LOI MO DAU CHtfONG I - HUY DONG VON QUA THI TRUING CHlTNG KHOAN - NHLTNG VAN DE LY LUAN CHUNG 1.1 Ban chat va vai tro cua huy dong von thong qua thi trird’ng chung khoan r 1.1.1 Cac hinh thuc huy dong von cua doanh nghiep 1.1.1.1 Tie nguon ben 1.1.1.2 Tie nguon benngoai 1.1.2 Ban chat cua huy dong von qua thi trudng chung khoan 1.1.3 Vai tro cua huy dong von thong qua thi truang chicng khoan / x r 1.1.3.1 Vai tro cua huy dong von doi vai nen kinh te 10 a 1.1.3.2 Vai tro cua huy dong von doi vai chinh phu 10 r r 1.1.3.3 Vai tro cua huy dong von doi vai doanh nghiep 11 1.2 Cac chu the phat hanh chirng khoan 11 1.2.1 Chinh phu 12 1.2.2 Doanh nghiep 12 1.2.3 Quy dau tu 13 1.3 Dieu kien, thu tuc phat hanh chung khoan cong chung 13 X 1.3.1 Dieu kien de phat hanh chung khoan Ian dau cong chung 13 1.3.1.1 Cac tieu chuan dinh luang 14 1.3.1.2 Cac tieu chuan dinh tinh 15 X X 1.3.1.3 Thu tuc phat hanh chung khoan Ian dau cong chung 16 1.3.2 Thu tuc phat hanh chung khoan 17 1.3.2.1 Chuan bi ho so dang ky phat hanh 17 1.3.2.2 Nop ho so xin phep phat hanh len Uy ban Chung khoan Nha nuoc 19 1.3.2.3 Phan phoi chung khoan 20 1.4 Phoang phap phat hanh chung khoan cong chung 211 1.4.1 Phan loai nghiep vu phat hanh chung khoan 211 1.4.1.1 Phan loai theo dot phat hanh 22 1.4.1.2 Phat hanh thoo dOi tuong mua ban chung khoan 22 1.4.1.3 Phan loaiphat ennh thoophuongphap dinh gia chung khoan 23 1.4.1.4 Phan loai thoo phuongphap phat hanh 23 1.4.2 Cac phuong phap chao ban cong chung 214 1.4.2.1, Phat hanh truc tiep (tuphat enne) 24 1.4.2.2, Phuong phap phat hnne qua bao lanh phat hanh 24 y r y 1.4.2.3, Phuong phap chao ban bang dau thau 28 1.5 Nghiep vu phat hanh co phieu .30 7 Z A 1.5.1 Phat hanh co phieu lap cong ty co phan 30 z z 1.5.2 Phat hanh co phieu cong ty tang von 31 r y y r 1.5.2.1 Tang von bang cach phat hanh co phieu moi thu tien mat 31 1.5.2.2 Tang von bang cach phat hnne co phieu moi bang hien vat 35 1.5.2.3 Tang von tu quy du tru 35 1.5.2.4 Tang von bang cach chuyen tu trai phieu chuyen doi sang co phieu r 36 z 1.5.2.5 Phat hanh co phieu moi tach hoac gop co phieu 37 Z \ 7 A Z 1.5.2.6 Tang von bang cach tra co tuc bang co phieu 38 Z A z 1.5.2.7 Tang von bang cach phat hanh co phieu thuong 38 1.6 Cac nhan to anh hoong den huy dong von thong qua thi trinnig chung khoan 39 1.6.1 Nhan to kinh te 39 1.6.2 Nhom nhan to phi kinh te 40 1.6.3 Nhom nhan to thi truorng 41 CHUONG II - THUC TRANG HUY DONG VON QUA HINH THUC PHAT HANH CO PHIEU RA CONG CHUNG TREN THI TRUONG CHUNG KHOAn VIET NAM GIAI DOAN 2000 - 2009 43 2.1 KhOi quat qua trinh hinh phat trien thi truvng chirng khoan Viet Nam 43 2.2 TOuh tuahg Ooat dohg Ouy dohg voh qua OihO tOnh pOat OnhO ho pOieu 51 2.2.1 Tinh hinh huy dong von thong qua thi trudng chung khoan vao Nhung nam dau hoat dong giai doan tu 2000-2005 55 2.2.2 Tinh hinh huy dong von thong qua thi trudng chung khoan vao giai doan thinh 2006-2007 63 2.2.3 Tinh hinh huy dong von thong qua thi trudng chung khoan 'vao Giai doan suy thoai 2008- dau 2009 70 2.3 POu’o’hg pOap, tOu tuh tOiuh Oieh pOat OnhO hOnhg kOoah ua cohg hOuhg tai Viet Nam 76 2.3.1 Thu tucphat hanh .76 2.3.2 Phuongphapphat hanh chung khoan cong chung 85 2.4 TDnh giii kht qua, hleu qua tto hOt vvn tt^^i^^ qua hOnh ttiirn phOt OnhO ho pOita tueh tuird'hg hOnhg hOoah ViUt Nam 818 2.4.1 Nhung tuu dat dupe 88 2.4.2 Nhung mat yeu kem 92 CHUO’NG III - MOT SO GIAI PHAP TANG CUONG HUY DONG • • x a x.xa xx _ /v _ VON THONG QUA HINH THUC PHAT HANH CO PHIEU TREN THI TRUONG CHUNG KHOAN VIET NAM 97 3.1 Xu hirong huy dong von thong qua thi truong chung khoan Viet r XX XX x A Nam boi canh chuyen doi sang sang nen kinh te thi truong va hoi nhap kinh te quoc te 97 3.1.1 Xu hucmg van dong cua thi truong chung khoan Viet Nam 97 r 3.1.2 Dinh huongphat trien thi truong von Viet Nam 98 3.2 Cac giai phap tang cuong huy dong von thong qua thi truong chung khoan 105 3.2.1 Hoan thien he thdngphap luat ve CK va TTCK Viet Nam 105 3.2.1.1 Sir can thiet phai hoan thien he thong phap luat ve chung khoan: 105 3.2.1.2 Noi dung giai phap 111 3.2.2 Giai phap ve phuong phap dinh gid cd phieu 117 r X 3.2.3 Tiep tuc day manh co phan hoa 130 r 3.2.4 Tang cudng su hoi nhap giiea thi truong von Viet Nam vdi thi p p 9' p truong von quoc te .135 3.2.5 Dam bao tinh cdng khai, minh bach qua trinh phat hanh 136 x ? r x 3.2.6 Tuyen truyen, bien kien thuc ve chung khoan va TTCK .139 KET LUAN 142 DANH MUC TV VIET TAT TTCK Thi trudng chung khoan UBCKNN IPO Uy ban chung khoan nha nude A A Phat hanh chung khoan lan dau CP Cd phieu DN Doanh nghiep NDT NDTNN Nha dau tu A Nha dau tu nude ngdai TTGDCK Trung tarn giao dich chung khoan NHNN Ngan hang Nha nude NHTM Ngan hang thucmg mai CPH Co phan hoa DANH MUC SO DO, BANG BlEU DANH MUC SO DO Sa 1.1 - Bao lanh phat hanh chung khoan 27 DANH MUC BANG Bang 2.1 Cac cot moc danh dau su phat trien cua TTCK d Viet Nam 45 Bang 2.2 Giao dich CK tai SGDCK TP HCM 48 Bang 2.3 Giao dich thu cap tai SGDCK Ha Noi 48 Bang 2.4 Cac chi tieu phan anh muc phat trien thi truong von d Viet Nam (Bao gom ca so GDCK Ha Noi va TP HCM) 49 Bang 2.5 So lieu thong ke NDT tren thi truong Vdn Viet Nam 52 Bang 2.6 So luong cong ty chung khoan va quy dau tu tren TTCK VN 53 Bang 2.7 Phat hanh cd phieu lan dau qua cac so GDCK 2005-2009 54 Bang 2.8 Von cua cac DNNN CPH d giai doan thi diem tinh den 31/12/2005 56 Bang 2.9 Tien co phan hoa DNNN 58 Bang 2.10 Co cau vdn dieu le cua VINAMILK (ty dong) 60 Bang 2.11 Ket qua dau gia cd phan cua VINAMILK 61 Bang 2.12 Thong ke hoat dong dau gia tai TTGDCK Ha Noi 62 Bang 2.13 Thong ke hoat dong IPO giai doan 2006 -2007 64 Bang: 2.14 : Danh sach cac doanh nghiep IPO tai so giao dich chung khoan TP Ho Chi Minh (HSX) giai doan 2006 -2007 64 Bang 2.15 : Thong ke hoat dong IPO giai doan 2008 -2009 71 Bang 2.16 : Danh sach cac doanh nghiep IPO tai so giao dich chung khoan TP Ho Chi Minh (HSX) giai doan 2006 -2007 71 Bang 3.1 Su thay doi von trudc va sau IPOcua mot so cong ty () 131 TRUING DAI HOC KINH TE QUOC DAN * * * NGUYEN THANH TRUONG HUY DONG VON THONG QUA HINH THUt PHAT HANH CO PHIEU RA CONG CHUNG TREN THI• TRUONG CHlTNG KHOAN VIET NAM • GIAI DOAN 2000 -2015 : THUC TRANG VA GIAI PHAP • • • TOM TAT LUAN VAN THAC SY KINH TE • • Ha Noi, Nam 2010 i C1IUONG I - HUY DONG VON QUA THI TRl/ONG CHlTNG KHOAN - NHLrNG VAN DE LY LUAN CHUNG 1.1 Ban chat va vai tro cua huy dong von thong qua thi trudng chung khoan Cac hinh thuc huy dong von cua doanh nghiep 1.1.1 1.1.1.1 Tic nguon ben r r * Tir khau hao tai san cd dinh x * Tir dieu chinh ccf cau tai san t r X 1.1.1.2 Tic nguon ben ngoai * Tir ngan sach nha nude * Tir nguon von lien doanh, lien ket * Tir phat hanh co phieu * Tir phat hanh trai phieu * Tir nguon tin dung ngan hang * Tir tin dung thuong mai * Mua vat tu-, thiet bi theo phuong thuc tra chain * Tin dung thue mua (Leasing) z X * Tii’ su’ ket hop cong va tir xay durng co’ so’ tang * Tir nguon ODA * Tir nguon FDI 1.1.2 Ban chat cua huy dong vdn qua thi trudng chung khoan Vai tro cua huy dong von thong qua thi trudng chung khoan x 1.1.3.1 Vai tro cua huy dong vdn doi vdi nen kinh te 1.1.3 r r r 1.1.3.2 Vai tro cua huy dong vdn doi vdi chinh phit 1.1.3.3 Vai tro cua huy dong vdn doi vdi doanh nghiep 130 ngan han, nhung lai gay kho khan dinh gia quyen chon dai han Neu tai san tren khong duoc dinh gia tren thi trudng thi khong the su dung cac thong r r \ i so va bien doi ve gia tri cua tai san tu cac thi trudng tai chinh ma phai uoc r ■> tinh chung mot cach cu the Do do, ket qua dinh gia tu cac mo hinh dinh gia X A y quyen chon dai han se co nhieu sai sot hon so voi cac mo hinh dinh gia quyen chon tieu chuan (dinh gia quyen chon duoc giao dich ngan han) Tom lai: Co phuong phap dinh gia co ban Phuong phap thu nhat la r r \ r y phuong phap chiet khau dong tien, ket qua dinh gia duoc uoc tinh bang cach ez z ' ' ' chiet khau cac dong tien du kien tai muc lai suat phi rui ro Cac phan tich dinh X Z Z gia thuc hien dua tren mong doi cua cac co dong bang cach chiet khau dong tien von chu so huu ky vong tai muc chi phi von hoac co the duoc thuc hien ' • X ' z dua tren nhan dinh cua tat ca nhung doi tuong co quyen truy doi doi voi z z ' doanh nghiep bang cach chiet khau dong tien cua doanh nghiep tai muc chi r phi von binh quan cua doanh nghiep Phuong phap thu hai la dinh gia tuong r r doi, gia tri von chu so huu mot cong ty duoc tinh dua tren gia tri cua cac z # x z doanh nghiep so sanh theo bien so chung nhu thu nhap, dong tien, gia tri so x sach, doanh thu Phuong phap thu ba la dinh gia dua tren quyen chon, gia tri tai san co cac dac tinh cua quyen chon duoc uoc tinh qua cac mo hinh dinh gia quyen chon Z 9 y 3.2.3 Tiep tuc day manh co phan hoa •> x Theo nhu quy dinh chi co cac cong ty co phan duoc lap moi hoac y z co phan hoa cac doanh nghiep nha nuoc la duoc phep phat hanh co phieu lan trai phieu Do vay, de co the huy dong von thong qua TTCK thi cac DN Nha nuoc can day manh cong tac CPH Trong nam 2005, Chinh phu da ban hanh quyet dinh 528/QD-TTg 14/06/2005 ve viec phe duyet danh sach cac cong ty co phan hoa thuc hien ban dau gia co phan, niem yet, dang ky giao dich tai cac TTGDCK Thuc hien 131 r a r \ xong co phan hoa TTCK Viet Nam da thay su tang trudng ve von vuot bac cua cac DN sau IPO nhu: Bang 3.1 Su thay doi von trudc va sau IPO cua mot so cong ty (8) Don vi: Ty VND Trudc IPO Sau IPO Bao Viet 1.800 6.800 VCB 4.300 15.000 Sabeco 2.200 6.400 r r r x z Neu di dung phuong hudng, co ke hoach IPO tot, nguon huy dong von r 99 cua DN la rat ldn Nhung trudc tien cac cong ty phai day manh qua trinh co r a phan hoa Mot so giai phap dua la: Z A * Hoat dong dau gia co phan A Trong nam 2007, co the noi la nam hoat dong dau gia co phan dien r a kha soi dong, da mang loi cho Nha nudc mot nguon von ldn nhu da ' phan tich r r a a d tren Tuy nhien, cac van de phai duoc xem xet dau gia co phan theo Thong tu 126, Quyet dinh 491 ve viec ban hanh Quy che mau ve ban dau gia co phan da quy dinh xu ly cac trudng hop vi pham ban dau gia co phan A A tai dieu 16 “ Dang ky nhung khong dat mua (toan bo hoac mot phan), se A 9 A khong nhan lai tien dat coc tuong ung vdi so co phan khong dat mua” nhu r \ r r vay neu NDT trung thau vdi khoi luong ldn nhung lai tu choi mua se tac dong r r r \ den tam ly cua cac doi tuong tham gia dau thau, dac biet la cac NDTNN, anh hudng ldn den tinh on dinh, trat tu cua thi trudng Dien hinh la cuoc dau gia http://www.asset.vn/CQhoigiaotluiong/Thitriiong l/Tliitruongchungkhoan/Churigkhoanchiiiaiiiemyet'/ 9989.saga 132 18/01/2006 cua cong ty xay dung so da bi CTCP tai chinh dau - PVFC tu chbi mua 940.600 c6 phan, chap nhan mat tien dat coc Day cung chinh la tong co phan chao ban nen PVFC tir chbi mua da gay hau qua nghiem cho Cong ty Xay dung so Ro rang theo thong tu 126 va quyet dinh 491 chua quy dinh ro ve cac trudng hop dac biet Vi vay, can co r A 7 Z tu cau thi trudng, cu the can quy dinh ro budc gia, so mire gia, mire tdi thieu cua mdi muc gia theo tung quy md hay nganh nghe cua td chuc phat hanh Vi yeu td tac dong rat ldn den gia trung thau, xac dinh gia dau binh quan, mire gia la co sd de tinh uu dai cho cac cd dong la CBCNV cua cong ty A A A r Cac quy dinh ve xir ly tien dat coc can chi tiet hon, quy dinh ro trach nhiem va tham quyen cua TTGDCK va dai ly dau gia * Dinh gia gid tri DN r r r r Co hai yeu td rat quan ma cac doanh nghiep tien hanh IPO A can phai quan tam, la viec xac dinh gia tri doanh nghiep de tir xac dinh gia khdi diem cua cd phieu dpt IPO; thu la viec xac dinh thdi diem nao thuc hien IPO la thfch hop nhat de sau nha dau tu se don nhan mot each niem nd Doanh nghiep can phai xac dinh rd yeu td de dam bao su cong cho dpt IPO cua minh Mot tam guong ldn cho viec lua chon thdi diem IPO chinh la dpt IPO cua Tap doan Bao Viet Do la quang thbi gian ma thi trubng chung khoan Viet Nam dang suy giam sau mot thbi gian tang nong A A dau nam va nha dau tu tran ngap mot tam ly lo au Viec lua chon thbi diem nhu vay de tung 60 trieu co phieu da khien can can cung cau mat thang bang va phan nao gay nhung tac dong tieu cue cho thi trubng tai thbi diem bay gib Cac doanh nghiep IPO sau co the lay Bao Viet nhu mot bai hoc can thiet de chuan bi ky ludng hon cho doanh nghiep minh trudc moi dpt IPO 133 Viec dinh gia ga tri DN co anh hudng rat ldn doi vdi muc gia khdi r diem dot dau gia Theo thong tu 126, dinh gia DN hien theo hai phuong phap: 1) xac dinh gia tri DN theo tai san hien co va phuong phap chiet khau dong tien la chu yeu; 2) Phuong phap co ky thuat tinh toan rat r r \ phuc tap, chi su dung co hieu qua neu hoi du nhung thong tin can thiet nhu phai xac dinh ddng tien tuong lai mot each chuan xac cung nhu viec tinh toan muc lai suat chiet khau Do do, nha nudc can ban hanh cac van ban hudng dan chi tiet cho viec dinh gia DN theo phuong phap 2, can khuyen khich cac DN cd quy md ldn dinh gia theo phuong phap Tuy nhien thuc te viec dinh gia DN phu thuoc vao cac yeu to chu quan cua ban giam doc DN da dan tdi gia tri DN duoc xac dinh khdng chinh xac, doi lam anh hudng tdi thdi gian CPH Trong dieu kien hien nay, dich vu tu van CPH da so CTCK A thuc hien nen dan tdi su canh tranh viec thuc hien dich vu nham thu hut khach hang nen doi da dan tdi sai lech dinh gia DN Ve chi phi CPH cung la ap luc doi vdi cac DN thuc hien CPH Theo Thong tu 126 thi “Chi phi CPH duoc xac dinh theo gia tri DN” vi du nhu: Doi A vdi doanh nghiep co gia tri dudi 30 ty ddng duoc chi khdng qua 200 trieu ddng, cong ty co gia tri 30-50 ty ddng thi chi phi khdng qua 300 trieu ddng dieu cung la ap luc cho cac DN Do do, cac DN thuc hien CPH thudng tim kiem cac CTCK chao mure phi tu van CPH thap nen de dan den tieu cue viec xac dinh gia tri DN Mat khac, chi phi Cho hoat dong dau gia cd phan cung khdng du de thuc hien gioi thieu quang ba, tiep thi cho dot phat hanh Vay, nha nudc nen ndi long chi phi CPH, can A xac dinh theo ty le phan tram tren tong gia tri thu duoc tir dot phat hanh duoc r a tinh theo gia khdi diem hoac gia dau thau binh quan 134 * Sica ddi ty le cd phan Nha niedc sd him Theo nghi dinh 144/2003/ ND-CP 28/11/2003 ve viec niem yet chung khoan d Dieu 20, muc quy dinh “ Toi thieu 20% von co phan cua z r ' cong ty it nhat 50 co dong ngoai to chuc phat hanh nam giu Doi vdi cong ty cd von co phan tu 100 ty VND trd len thi ty le la 15% von co phan” Nen cac DNNN CPH phat hanh co phieu lan dau cd ty le ban ngoai dudi 20% von co phan cua cong ty se khong du dieu kien de niem yet lam anh z • A hudng den tinh khoan cua co phieu va dac biet la quyen loi cua cac NDT Dien hinh la cong ty CP sua Viet Nam - VINAMILK phai ban them co phan thuoc sd huu nha nudc de du dieu kien niem yet tren TTCK sau da phat hanh lan dau Do vay, can thao gd ty le co phan thuoc sd huu cua nha nudc d cac DNNN CPH hien theo xu hudng giam co phan Nha nudc sd r \ \ \ huu, tang cd phan ban ben ngoai nham gan lien viec phat hanh chung khoan va niem yet chung khoan Ve viec sd huu co phan cac DNNN CPH ddi vdi cac DN ma Nha A A nudc can sd huu cd the dua giai phap la: Nha nudc khong can sd huu true r A tiep ma thong qua mot to chuc tai chinh la Tong cong ty dau tu va kinh doanh von nha nudc Cong ty cd toan quyen tham gia dau gia de sd huu co phan r a nha nudc Nhu vay se giam dupc tye le co phan Nha nudc nam giu va tang ty le ban cho DN ngoai Ngoai ra, de tao ngudn hang cd chat lupng cao cho thi trudng, Nha nudc can tien hanh CPH cac DN cd quy md ldn, cac DN hoat dong z r ~ nhung linh vuc kinh te mui nhon cua dat nudc nhu: Dien luc, vien thong, A A ngan hang, dau Giam bdt sd huu Nha nudc se tao dieu kien cho cac DN thuc hien lo trinh hoi nhap TTTC 135 3.2.4 Tang cngng su hoi nhap giua t!oi trgcmg von Viet Nam voi thi truang von quoc te Viet Nam gia nhap WTO va khoi ASEAN thi viec hoi nhap thi truong von nuoc va thi truong von quoc te la mot dieu tat yeu, cac cam r r \ r r \ ket ve hop tac va md cua thi truong von doi voi cac doi tac, nha dau tu ben ngoai se phai duoc thuc hien mot cach day du va ro rang Hoi nhap thi truong von nham thuc day mot thi truong von phat trien ben r ax r \ vung, thuc day qua trinh huy dong von va dau tu tren thi truong quoc te nham giup cac DN va NDT tiep can thi truong quoc te tot hon, da dang hoa danh muc dau tu; tang cuong nang luc canh tranh cua thi truong von nuoc Hoi nhap thi truong von cung la mot bien phap nham phong ve ngan chan cac x r a hoat dong tieu cuc cau hoat dong dau co, rua tien, cung nhu cac cu soc tu ben r a ngoai co the anh hudng den su an toan va lanh manh cua he thong tai chinh nuoc Cac giai phap hoi nhap thi truong von can duoc thuc hien nhu sau: - Hoan thien khung phap ly thuc day su tham gia cua cac NDTNN, cua AX cac to chuc tai chinh nuoc ngoai vao thi truong von Viet Nam, dong thoi cung nghien cuu cho phep cac NDT nuoc dau tu thi truong von nuoc e A A A ngoai Cac qui dinh cu the lien quan den viec phat hanh, niem yet, co cau sd A X huu cac cong ty co phan nuoc Theo cam ket cua Viet Nam gia nhap wto sau nam ke tu thoi diem gia nhap se cho phep lap cac cong ty chung khoan 100% von nuoc ngoai - Chinh phu nen hop tac va tham gia vao viec xac dinh han muc tin nhiem voi cac to chuc xac dinh han muc tin nhiem co uy tin tren the gioi de A X duoc cac to chuc danh gia va xep hang tin nhiem cho Viet Nam, dong thoi thuc hien cac bien phap de cai thien han muc tin nhiem cua Viet Nam A A A tren thi truong von quoc te 136 - nang cao nang luc cua cac to chuc cung cap dich vu tai chinh nuoc hudng tdi tieu chuan va chuan muc quoc te, ho tro cac NDT nudc X dau tu nudc ngoai x r - Tang cudng hoat dong cung cap thong tin ve tinh hinh hoat dong tai chinh nudc cho cac NDTNN r x x r x - Go bo dan cac han che ve di chuyen vdn cac qui dinh ve quan ly z ' r x ngoai hoi, chinh sach quan ly tai khoan vdn, cac chinh sach ve thue, chuyen loi nhuan cua NDTNN 3.2.5 Dam bao tinh cong khai, minh bach qua trinh phat hanh ' Khi phat hanh cd phieu cong chung, thi viec cong khai hoa thong tin r r khien cho NDT nam dupe tinh hinh hoat dong cua cong ty, se cd nhung phan tich gia phu hop (tranh trudng hop khdng cd su phan tich gia de xay tinh ? r r r x x trang gia mua cd phieu cao gap rat nhieu lan gia tri thuc trudng hop phat hanh cua VINAMILK) giup dam bao quyen loi cua NDT, mat khac se X lam cho nguon cd ddng cua cong ty phong phu va da dang hon Cd mot dac diem chung cua khdi doanh nghiep cd phan hoa IPO la rat ngheo nan, chi phi quan ly doanh nghiep cao, noi dung cac ban cao bach thong tin khdng day du rd rang, phan vdn thang du sau IPO khdng biet dupe giu lai bao nhieu, don vi tu van thi cd lai chinh cong ty cua minh nhu VCB VCBS lieu cd cong tam hoan toan viec cong bo thong tin VCBS lai la de cua VCB, thong tin ngheo nan, chi so tai chinh khdng hap dan Nha dau tu dau gia luon tinh trang vira doc vira doan, vira ky x X vong ve mot su bung nd nao sau cd phan hoa nhu PVD chang han Phai ' XX chang da khdng cuon hut dupe ddng dao nha dau tu tham gia nhu dau nam 2007? 137 r ' r Sir thieu minh bach cong bo thong tin doanh nghiep lai chu yeu xuat phat tir ban than chinh doanh nghiep: che dau thong tin ve doi tac lien doanh, quyen su dung dat de mot so lanh dao cong ty Intimex trung gia dau, VCB dua vao qui dir phong qua cao, cac khoan dau tu tai chinh thong tin chua cu the, bao cao tai chinh tu nhien xau di so voi cac nam truoc, van de xung dot loi ich duoc dat bdi le lanh dao can bo cong nhan vien cua doanh nghiep ho duoc mua co phan uu dai giam 40% so voi gia dau binh quan Moi cua ho len cao r De qua trinh phat hanh co hieu qua tot, dam bao tinh cong khai, minh bach thi DN can chu nhung cong tac sau: + Ve quan ly va cong khai hoa thong tin: Viec cong khai hoa thong tin cd tam quan dac biet nham thu hut von dau tu hoac kinh doanh chung r a khoan, bao gom viec thong bao dinh ky ket qua kinh doanh, lb lai, cac khoan r ' \ r no, tong ket tai san cua cac cong ty phat hanh chung khoan Mot van de rat quan la thong tin kinh te, cac thong tin can phai dap ung ba yeu cau: Cong khai, chinh xac, kip thdi Cac co quan quan ly nha nudc phai co chien r a lupc ve thong tin, co co sd vat chat va doi ngu can bo thich hop, xay dung he thong thong tin phu hop tren cac phuong tien bao chi, ban tin dien tu, mang thong tin thi trudng va ngoai nudc Thanh lap to chuc dieu tra, thu thap A r 7 + Ve to chuc va hoat dong cua he thong kiem toan: Kiem toan la cong viec can thiet doi vdi phat hanh chung khoan, cong tac kiem toan se phan anh 138 trung thuc tinh trang cua cac doanh nghiep cung nhu chung khoan cua ho phat hanh thi trudng Cac doanh nghiep muon phat hanh chung khoan va dua vao giao dich tren thi trudng, phai cong bo cong khai cac bao cao tai chinh, ket qua kinh doanh va cac tai lieu khac co lien quan den viec phat hanh chung khoan da dupc kiem toan va xac nhan cua co quan kiem toan Can cu vao cac bao cao kiem toan, hoi dong xet quyet quyet dinh chung khoan cua DN nao se dua phat hanh, giao dich tai TTCK va day la tai lieu chinh thuc de cong bo cong khai tren TTCK De tao dieu kien thuan lpi cho viec giao dich CP, trai phieu cua cac cong ty chua niem yet chung khoan va nham phat trien thi trudng von, de nghi chinh phu ban hanh nghi dinh ve viec luu ky chung khoan cua nhung cong ty co von dieu le tu 10 ty VND tro len tai NHNN hoac cac TTGDCK cUng vdi su phoi hop hoat dong cua he thong Ngan hang va kho bac Nha nudc tren TTCK theo mo hinh nhe da neu tren, de nghi khuyen khich r e r lap cac cong ty tu van, cong ty quan ly quy va cong ty niem yet phat hanh CK chung Doi vdi trai phieu, mac du day la loai hinh chung khoan np, phan anh cac khoan vay np cua to chuc phat hanh (Chinh phu, Doanh nghiep) doi vdi nha dau tu Mac du viec nam giu trai phieu khong co kha nang chi phoi anh huong den chien lupc phat trien cua to chuc phat hanh, nhung trudng hop nha dau tu nam giuc vdi so lupng qua ldn trai phieu cua mot to chuc dong loat ban hoac mua vao thi se lam anh huong den gia ca trai phieu va kha nang tra np cua to chuc phat hanh Vi vay, viec quy dinh nam giu trai phieu doi vdi nha dau tu giai doan dau TTCK mdi di vao van hanh la het suc can thiet Tom lai cac hoat dong phat hanh chung khoan cong chung: Phat hanh, so lupng, menh gia, tinh hinh hoat dong cua cong ty phai dupc niem yet 139 ro rang giao dich kinh doanh va cac hoat dong co lien quan khac phai dam ' ' ' • bao nguyen tac cong khai, cong bang, minh bach bao ve quyen loi cua nha dau tu Ben canh su cong khai va minh bach hoa cac hoat dong cua DN, thi y Chinh phu cung can co su minh bach tir chinh sach dieu hanh tien te, chinh y y sach kinh te vi md, chien luqc phat trien dai han, cac linh vuc kinh te xa hoi, chinh tri Giup cho TTCK Viet Nam hoi nhap the gioi mot each vung manh y r r y 3.2.6 Tuyen truyen, bien kien thuc ve chung khoan va TTCK Trong mot thi truong, de co cac giao dich kinh te thi phai co cung va y y y y cau Nguon cung la cac cong ty phat hanh, Cau la cac nha dau tu Nhung TTCK doi vdi cac NDT Viet Nam kha mdi me, hon nua thdi gian gia nhap TTCK khoang 10 nam thi TTCK Viet Nam da trai qua cuoc khung hoang kinh te ldn vdi quy md toan cau Do vay TTCK Viet Nam hoat dong nhung nam khdng tuan theo nhung quy luat vdn cd Do cang gay kho khan cho cac NDT, dac biet la cac NDT nudc cdn it kinh nghiem so vdi NDTNN Vay viec bien kien thuc chung khoan va TTCK la mot dieu cd y nghTa vo cung quan Khi cac NDT da am hieu ve thi trudng thi DN phat hanh cd phieu de dang thu hut vdn hon cua nhieu NDT khach Theo thong ke ca nudc hien cd tren 400.000 tai khoan cua nha dlu tu to chuc, ca nhan thi so NDT cd bai ban va chien luqc tren cac san CK qua la khdng nhieu Nghich ly dan tdi chuyen nhieu NDT thieu chuyen nghiep len san mo doi doi bang duoc phut choc kien thuc, kinh nghiem thieu khien cho mdi chi so chung khoan sut giam thi ho la nhung ngudi bi anh hudng dau tien Trong chien luqc phat trien TTCK, gan vdi tien trinh cai each doi 140 mdi nen kinh te giai doan hoi nhap; mot noi dung kha can thiet dang dupc dat hien la cong tac cap kien thuc CK Co the noi, viec cap kien thuc CK hien chua dupe thuc hien “tan goc” va day cung chinh la mot nhung yeu to han che sir phat trien cua TTCK Hien nay, cong tac dao tao va cap hien mdi bo hep UBCKNN Cac hoat dong cua UBCKNN khau moi chi gidi han d viec true tiep md mot so khoa dao tao nghiep vu ngan ngay, chu yeu d Ha Noi, Tp.HCM vdi tong so ngudi hoc qua khiem ton, chi vai ngan ngudi Mat khac, cac khoa dao tao cua UBCKNN la nhung chung chi can thiet cho cac ca nhan muon hoat dong mdi gidi CK nen phan nao bo hep mot so ddi tupng cua cac CTCK Cac phan khac nhu NDT, ca nhan dupc cap chua nhieu Mot han che ldn nhat cong tac tuyen truyen ve CK va TTCK la chua cd su ket hpp vdi cac phuong tien truyen thong dai chung Viec dua tin ve TTCK la hoan toan tu nguyen Hien mdi chi cd td bao chuyen ve TTCK Mot sd bao va tap chi kinh te, tai chinh chi dua tin ve TTCK trang muc kinh te - xa hoi hoac thi trudng tai chinh noi chung Cac co quan bao chi cung chua dupc giup nhieu viec dao tao phong vien co kien thuc ve CK, chua dupc hoan nghenh cong tac tuyen truyen ve CK va TTCK, chua co co hoi va kinh nghiem viec tiep can vdi kinh nghiem TTCK nudc ngoai Do vay, can phai cd chien lupc cu the de tuyen truyen cap kien thuc ve TTCK Md rong tuyen truyen, cap kien thuc cho cong chung tren cac phuong tien thong tin dai chung nhu: bao chi, dai phat thanh, dai truyen hinh, mang Internet, cac khoa dao tao mien phi, xay dung cac ban tin, cac chuyen muc ve CK va TTCK, 141 To chuc cac tro chai tim hieu ve CK va TTCK tren cac phuong tien truyen thanh, truyen hinh, bao chi, to chuc cac cuoc thi CK ao, thi phan tich bien phap bien kien thuc cho cong chung y r Trung tam nghien cuu dao tao UBCKNN can thiet phai mb cac lap /w r •> y e •> y hoc mau ngan han, to chuc cac buoi noi chuyen chuyen de ve CK va TTCK tai cac Trung tam van hoa quan, huyen hay Nha van hoa nien cho cac doi tuong dang sinh hoat tai day de vua co dip vui chai, giai tri vua co dip hoc tap bo ich bbi vi nhu cau tim hieu va tham gia TTCK cong chung la rat lon Cac trubng Dai hoc tiep tuc hinh va phat trien han nua bo mon CK cung nhu dua cac mon hoc chuyen sau vao chuong trinh de vua phuc y vu cong tac dao tao tai trubng vua dap ung nhu cau hoc hoi nang cao trinh cua nhung ngubi lam viec linh vuc ' ' ' Khuyen khich tat ca giao vien day ve CK phai co kinh nghiem thuc r r y te, tham gia dau tu CK, tien tbi xoa bo viec day chay Dao tao bai ban ve chung khoan cho tat ca phong vien ve kinh te UBCKNN phoi hop dao tao vbi cac nubc co TTCK phat trien de hoc y r y r hoi kinh nghiem dau tu va tiep can vbi nen van hoa CK tien tien cua the gibi 142 KET LUAN TTCK Viet Nam da qua 10 nam hinh va phat trien, co nhung giai r t ■x doan thang tram nhung hien TTCK nuoc ta dang phat trien theo xu the cua TTCK tren the gioi Qua 10 nam phat trien TTCK da co mot tuu rat ldn ve huy dong von cho cac doanh nghiep nudc ta TTCK nam 2010 da cd mure vdn hoa toan thi trudng udc tinh chien 40% - 50% GDP do huy dong vdn qua viec phat hanh cd phieu cua cac doanh nghiep cang trd nen hieu x x r qua va giup cho cac doanh nghiep cd dupe nguon vdn kinh doanh doi dao, x r giup xa hoi tan dung dupe nhung nguon vdn du thira dan cu, nhung nha dau tu , ' Tuy vay de cd the thuc hien dupe viec huy dong vdn qua viec phat bai viet da dua nhu: Hoan thien he thong chinh sach cua Nha nudc, kich thich hoat dong san xuat kinh doanh cua cac doanh nghiep mot phat trien, tao niem tin cho nha dau tu, thu hut nhung nha dau tu nudc ngoai r x r r x Trong de tai da giai quyet dupe mot so van de nhu: Dua thuc trang ve tinh hinh hoat dong cua TTCK Viet Nam noi chung va tinh hinh huy dong r f X von qua TTCK nhung nam tir xay dung va phat trien den De tai dua r x r mot so giai phap nham huy dong vdn hieu qua hon qua TTCK TAI LIEU THAM KHAO TS Pham van Hung (2008) Giao trinh thi trudng von, Dai hoc kinh te A A quoc dan Bach Due Hien (2008), Giao trinh thi trudng chung khoan, Nxb Tai chinh, Ha Noi Bao Ha Noi mdi: http://www.hanoimoi.com.vn FA A Dao Le Minh (2002), Giao trinh nhung van de co ban ve chung khoan r va thi trudng chung khoan, Nxb Chinh tri quoc gia, Ha Noi Dich vu du lieu, thong tin tai chinh chuyen sau: http://cafef.vn Do Van Than (2001), Phan tich tai chinh doanh nghiep, Nxb Thong ke, Ha Noi Le Thi Mai Linh (2003), Giao trinh phan tich va dau tu chung khoan, Nxb Chinh tri quoc gia, Ha Noi Mang xa hoi: http://my.opera.com N.Gregory Manliw (2002), Kinh te vi mo, Nxb Thong ke, Ha Noi 10 Nguyen Due Thanh (2000), Kinh te Viet Nam 2008 Suy y iam va thach thuc doi mdi, Nxb Tri Thuc, Ha Noi ll/NNuusn Duu Thanh ^OlO), LLa chon de tang truung ben vung, NnO Tri Thuc, Ha Noi 12.Nguyen Minh Kieu (2008), Th chinh hoanh h ghihp, NnIx TT^ng ke, Th Ho Chi Minh 13.Sd giao dich chung khoan Ha Noi: http://hnx.vn r a 14.Sd giao dich chung khoan Ho Chi Minh: http://hsx.vn 15 Thi tuu k inh ddann kaii chinh: http://vneconomy.vv 16 Tran Dang Kham (2002), Giao trinh thi truung chung khoan Dai hoc Kinh te quoc dan, Nxb Tai chinh, Ha Noi 17 Tran Thi Thai Ha, Le Thi Phuong Thao (2009), Giao trinh cac thi r r iruogg va dinh che tai chinh, Nxb Dai hoc Quoc gia Ha Noi 18 Th thuc - ky n gng g ing d oang: http://www.asset.vv 19 Truug tain Internet Viet Nam - VNNIC: http://www.cpv.ggv.vn 20 Thing tam nggien cuc khhv hoc vv dao tao chung khhVn: hiiv://www.sric.vrg.vg 21 hrugg iam Nghieg ccu Kigh ie va Chfgh snch: hitv://www.vevr.vrg.vn 22 Uy b an u hong khovn uUO n uuc: /r ttpiV/wwc^c.ggvA'n 23 Vu Duy Hao, Luu Thi Huung g2000), Quan tri tai chinh doanh hggi^^p, Nxb hai COinO, Hn Noi