Vai trò của nhà nước trong quá trình hình thành và phát triển thị trường chứng khoán ở việt nam

TRirdNG DAI HOC KINH TE QUOC DAN LE MAI THANH I DAIHOCKrQD TRUNG TAM I THONG TIN THU VAI TRO CUA NHA NU&C TRONG QUA TRINH HlNH THANH VA PHAT TRIEN THI■ TRUONG CHUNG KHOAN VIET ■ NAM ChuySn nganh: KINH T< CHINH TRI LUAN VAN THAC SY KINH TE* • • Qdgitii luting, dan khoa hae: TS Td DLfC HANH DAI HOC KTQD TRUNGTAMjf o j oq THONG TIN THUVIEN 06 • //a JVo/ - 2OOG J&i (dm on Sau qua trinh hoc tap, nghien cull va hoan luan van, toi da nhan ditOc nhitlu sit giup qui bau Nhan dip nay, toi xin gufi left chan cam on toft: TS To Dtfc Hanh, ngt/di da danh nhieu thdi gian, cong sufc giup dd, htfcftig dan tan tinh de toi hoan thien luan van Cac thay co giao khoa Kinh te chinh tri trUOng Dai hQC kinh te quoc dan da tao dieu kien giup dor va trang bi kien thtfc cho toi qua trinh hoc tap va nghien cufli Trong qua trinh hoc tap, nghien cufti va hoan thien luan van, toi cung da nhan duOc nhidu sU h6 tro, dong gop quy bau cua ban be, dong nghiep va gia dinh Mot lan nOa, toi xin tran gift den cac thay co, dong nghiep, gia dinh va ban be left cam on chan nhat Ha Ndi, 30 thang 10 ndm 2006 Hoc uien Le Mai Thanh MUCLUC MO DAU CHUONG CO SO LY LUAN VA THUC TIEN VE VAI TRO CUA NHA NUOC TRONG QUA TRINH HINH THANH VA PHAT TRIEN TTCK S Z A’ 1.1 TTCK va nhu’ng nhan td anh huong ddn qua trinh hinh phat trien TTCK 1.1.1 Khai quat ve TTCK 1.1.1.1 Khai niem ve CK 1.1.1.2 Khai niem v£ TTCK 1.1.2 Nhu’ng yeu to co1 ban anh hu-o’ng den sy hinh va phat trien TTCK 11 1.1.2.1 Moi trudng kinh te 11 1.1.2.2 Moi trudng chinh tri - xa hoi 15 1.1.2.3 Su quan ly cua Nha nunc doi vdi TTCK 17 1.2 Noi dung va su cin thi§t khach quan v£ vai tro cua Nha nudc qua trinh hinh phat trien TTCK 18 1.2.1 Noi dung vai tro Nha nudc doi vdi sy hinh va phat trien TTCK ’ 18 1.2.1.1 Dinh huong va xay dung ke hoach phat trien TTCK 18 1.2.1.2 Lap cac chinh sach ho tro TTCK phat trien 20 1.2.1.3 To chuc, quan ly va giam sat hoat dong kinh doanh va phat trien TTCK ’ .’ 21 1.2.1.4 Dao tao doi ngu quan ly va kinh doanh CK 23 1.2.1.5 Tham gia phat hanh trai phieu tren TTCK 24 X t t 1.2.2 Sy can thiet khach quan cua vai tro cua nha nudc doi vdi sy hinh va phat trien TTCK 25 1.2.2.1 Xuat phat tu doi hoi cua su phat trien kinh te thi trudng 26 1.2.2.2 Do yeu cau phat trien dong bo cac loai thi truong nen kinh te thi trudng can phat huy vai tro cua TTCK nen kinh te 28 1.2.2.3 Do yeu cau can phai han che nhung nhan to anh hudng tieu cuc toi su phat trien cua TTCK 29 1.3 Kinh nghiem vd vai tro cua nha nircyc qua trinh phat trien TTCK cua mot sd niro’c va bai hoc ddi voi Viet Nam 31 1.3.1 Kinh nghiem ve vai tro cua Nha nuvc qua trinh hinh va phat trien TTCK o mot so nuoc tren the gid'i .31 1.3.2 Bai ho c rut doi voi TTCK Vie t Nam 35 CHUONG THUC TRANG VAI TRO CUA NHA NUOC TRONG QUA TRINH HINH THANH VA PHAT TRIEN TTCK VIET NAM .38 2.1 Tong quan vd vai tro cua Nha nuoc qua trinh hinh va phat trien TTCK Viet nam 38 2.1.1 Khai quat ve TTCK Viet nam 38 2.1.1.1 Qua trinh hinh TTCK Viet nam 38 2.1.1.2 Thyc trang hoat dong TTCK Viet nam 41 2.1.2 Vai trd cua nha nuo’c qua trinh hinh va phat trien TTCK Viet nam 47 2.1.2.1 Chuan bi cac dieu kien cho viec doi TTCK Viet Nam 47 2.1.2.2 Hoach dinh chien luoc phat trien TTCK Viet Nam 49 2.1.2.3 Xay dung moi truong phap ly phat trien TTCK 50 2.1.2.4 Tham gia phat hanh trai phieu tren thi truong 56 2.1.2.5 Quan ly va to churc cac hoat dong cua TTCK 58 2.1.2.6 Lap cac chinh sach ho tro de TTCK phat trien 62 2.2 Danh gia vd vai tro cua Nha nuoc qua trinh phat trien TTCK o Viet Nam .64 2.2.1 Nhung tuu 64 2.2.2 Nhung han che 66 2.2.3 Nguyen nhan va nhung van de dat doi voi vai tro cua Nha nuoc qua trinh phat trien TTCK o Viet Nam 66 CHUONG QUAN DIEM VA GIAI PHAP HOAN THIEN VAI TRO CUA NHA NUOC DOI VOI QUA TRINH PHAT TRIEN TTCK VIET NAM TRONG THOI GIAN TOI 68 3.1 Mot sd quan didm co ban ttong vi$c hoan tthen vai tto cua nha nuoc dOi voi qua trinh phat trien TTCK Viet Nam 68 3.1.1 Muc t teu va nguyyn tac phht t rren TTCK Viet Nam 68 3.1.1.1 Mcc rIUy phat tring TTCK Viet nam dun nam 2010 68 3.1.1.2 Nguyen tcc phat tHen TTCK 69 3.1.2 Quan diem co1 ban nham hoan thien vai tro cua Nha nuoc doi voi qua trinh phat trien TTCK Viet Nam 70 3.1.2.1 Nha nude gi€r vai tro quyet dinh viec dinh hudng phat trwn TTCK ' 70 3.1.2.2 Dam bao su quan ly tap trung thong nhat vao mot co quan nha nude 71 3.1.2.3 TTCK phai phat trien lanh manh, an toan va co hieu qua, bao ve dune lai ich hop phap cua ngudi dau tu 71 3.1.2.4 Phat trien TTCK dam bao quan xuyen dune cac to chuc tham gia, ngan ngua cac hoat dong lira dao, thau tom va thao tung thi trudng 72 3.1.2.5 Xay dung va phat trien TTCK phai phu hop vai boi canh hoi nhap kinh te quoc te 74 3.2 Cac giai phap chu yeu nhdm hoan thien vai tro cua nha nude qua trinh phat trien TTCK viet nam 75 3.2.1 Dam bao moi truong kinh te vT mo on dinh va du- bao du-oc 75 3.2.2 GiCr vfrng on dinh ve chinh tri - xa h§i 79 3.2.3 Thue hien dong bo va thong nhat ve he thong quan ly va he thong tai chinh 80 3.2.4 Hoan thien khung phap ly, som dua Luat CK vao thirc tien 81 3.2.5 Phat trien cung - cau cho TTCK 83 O A A A Ji Ji 3.2.6 Md rong qui mo, nang cao chat luung cung cap dich vu tren thi truong 88 3.2.7 Dam bao thi truong tien te hoat dong on dinh va lanh manh 96 3.2.8 Phat trien cac TTGDCK, tang cirdng cong tac giam sat va cirdng chc thirc thi hoatdong TTCK 98 KETLUAN 100 DANH MUC TAI LIEU THAMKHAO 102 DANH MUC CAC CHC VIET TAT l.CK Chung khoan CNH -HDH Cong nghiep hoa - hien dai hoa CNXH Chu nghia xa hoi DNNN Doanh nghiep nha nudc NHTM Ngan hang thuong mai SGD So giao dich SGDCK So giao dich chUng khoan TTGDCK Trung tam giao dich chUng khoan 9.TTCK Thi truOng chUng khoan 10 UBCK Uy ban chUng khoan 11 UBCKNN Uy ban chUng khoan Nha nudc TRlTdNG DAI HOC KINH TE QUOC DAN esQsa LE MAI THANH VAI TRO CUA NHA NlflJC TRONG QUA TRINH HINH THANH VA PHAT TRIEN THI TRUONG CHUNG KHOAN VIET NAM ■ ■ ChuySn nganh: KINH Tf CHINH TR| TOM tAt LUAN VAN thac sy kinh te' Qlujjiiifi tiling d£n k/uui hoe: TS TO OllC HANH Hu NAi - 2OOG -1 - Md DAU Tfnh cap thiet cua de tai Thi truong chung khoan (TTCK) nude ta doi dat nude dang thdi Kt F F ky CNH-HDH, doi hoi cang phai co nhieu von Vi the, Von dune xac dinh: Dai hoi Dang toan quoc lan thu VIII) va la phuong tien quan de thuc hien muc tieu chien luqc phat trien kinh te xa hoi giai doan 2001 - 2010 la: dua GDP tang binh quan tu 7,5% den tren 8% mot nam Nhu vay, chi co the thong qua Ft A TTCK mdi co kha nang cung cap mot luong von ldn trung han va dai han cho nen kinh te, giam ganh nang ve von cho he thong ngan hang, la phuong tien hieu qua thu hut von dau tu nude ngoai va hoi nhap kinh te the gidi TTCK Viet Nam (hoat dong tu 7/2000) rat non tre so vdi TTCK nhieu nude tren the gidi nhu My (tu 1336), Due (tu 1595), Anh (tir 1802), Nhat (tu 1878), Han Quoc (tir 1956), Thai Lan (tir 1962), nhung da co nhung budc phat trien tai nhung han che chinh nhung tac dong ho tro cua Nha nude gay De danh gia thirc trang tir de xuat mot so giai phap hoan thien vai tro cua Nha nude doi vdi su phat trien TTCK Viet nam, tac gia chon de tai: “Vai tro cua Nha nuro’c qua trinh hinh va phat trien TTCK o’ Viet nam” Tinh hinh nghien cifu Tren thuc te cac nude da cd nhieu cong trinh nghien ciru ve vai tro cua Nha nude doi vdi sir hinh va phat trien TTCK nude ta cung da cd cac cong trinh nghien cuu ve van de nhieu khia canh va cap khac Tuy nhien, cho den chua cd cong trinh nao nghien cuu mot each toan dien ve vai tro cua Nha nude doi vdi qua trinh hinh va phat trien TTCK Viet nam dudi goc kinh te chinh tri - ii - Muc dich nghien ctfu cua de tai 1/ Lam ro nhu’ng van de ly luan va thuc tien ve vai tro cua Nha nude qua trinh hinh thanh, phat trien TTCK; 2/ Phan tich, danh gia thuc trang ve vai tro cua Nha nude qua trinh hinh thanh, phat trien TTCK Viet nam; 3/ De xuat mot so giai phap hoan thien vai tro cua Nha nudc doi vdi phat trien TTCK Viet nam Doi ttfdng va pham vi nghien ctfu r r ô ã , Doi tuong: Vai tro cua Nha nudc doi vdi qua trinh hinh va phat trien TTCK Viet nam thong qua cac cong cu quan ly vi mo cua Nha nudc la cac van ban phap luat, quy hoach ke hoach, chinh sach tao lap moi trudng dau tu chung khoan Pham vi nghien cuu cua de tai la vai tro cua Nha nudc qua trinh hinh thanh, phat trien TTCK d Viet nam Dac biet la vai tro cua Nha nudc Viet nam qua trinh hinh va phat trien TTCK tu nam 2000 den Phtfdng phap nghien ctfu Su dung phuong phap vat bien chung, vat lich sir, truu tuong hoa t r Phuong phap: tong hop, phan tich, thong ke, ke thira cung nhu khao sat thuc nghiem, thu thap thong tin, tai lieu phuc vu cho viec nghien cuu lam sang to chu de NhClng dong gop mcJi cua luan van Luan van trinh bay nhung van de mang tinh chat ly luan va thuc tien ve vai tro r •» cua Nha nudc doi vdi qua trinh hinh va phat trien TTCK Danh gia thuc trang vai tro cua Nha nudc doi vdi qua trinh hinh va phat trien TTCK Viet nam nhung nam qua Neu nhung quan diem va cac giai phap chu yeu nham hoan thien vai tro cua Nha nudc qua trinh hinh thanh, phat trien TTCK Viet nam giai doan tdi Ket cau cua luan van i r r r Ngoai phan mb dau, ket luan, luan van duoc ket cau gom chuong: - iii - f % JL * ■ Chu’O’ng 1: Nhung van de ly luan va thuc tien ve vai tro cua Nha nude doi vai qua trinh hinh va phat trien TTCK Chu’O’ng 2: Thuc trang vai tro cua Nha nude qua trinh hinh va phat trien TTCK Viet nam Chu’O’ng 3: Quan diem va giai phap hoan thien vai tro cua Nha nude qua trinh phat trien TTCK d Viet nam thdi gian tdi Ket luan CHVONG1 C0 SO LY LUAN VA TH^C TIEN VE VAI TRO CUA NHA N00C TRONG QUA TRINH HINH THANH VA PHAT TRIEN TTCK 1.1 TTCK va nhCfng nhan to anh hiking den qua trinh hinh phat trien TTCK 1.1.1 Khai quat ve CK va TTCK CK la mot thuat ngu dugc hieu theo nhieu goc khac nhau: Theo quan diem truyen thong thi CK la phuong tien xac nhan quyen va lqi ich hap phap r f cua ngudi sd huu CK doi vdi tai san hoac von cua ngudi phat hanh CK Theo quan diem hien dai thi CK la moi san pham tai chinh cd the chuyen nhugng dugc CK cd dac diem la: Tinh sinh ldi, Tinh khoan, va Tinh rui ro * TTCK duac dinh nghia theo nhieu each khac nhau, song deu cd chung mot noi dung la: TTCK la mot thi trudng dien cac hoat dong phat hanh, giao dich, mua ban CK theo qui dinh cua phap luat TTCK cd dac diem: 1/ TTCK dupe dac trung bdi hinh thuc tai chinh true tiep 2/ TTCK la thi trudng gan vdi thi trudng canh tranh hoan hao 3/ TTCK ve co ban la thi trudng lien tuc: sau cac CK duac phat hanh tren thi ”, > X f trudng sa cap, nd cd the duac mua di ban lai nhieu lan tren thi trudng thu cap -89- nang, bao gom kinh doanh cac linh vuc tai chinh, ngan hang, bao hiem.v.v Mdi loai hinh cong ty deu co nhung uu the va han che nhat dinh va thuong dugc ap dung d khoi cac thi truang khac Ddi vdi cac cong ty CK chuyen doanh thi ddi tuang kinh doanh la CK, vi vay ky nghe kinh doanh CK rat cao, co nhieu lai the phan tich cac giai phap dau tu va chu dong f f y von dau tu vao CK Con cac ngan hang da nang co igi the cung ung cac dich vu tong hop, tim hieu khach hang cung nhu cac ddi tac dau tu, F * qua giam bdt rui ro tren tung linh vuc nghiep vu, tao dieu kien bu dap dugc rui ro giua cac linh vuc dau tu, qua lam tang kha nang chiu dung cac bien dong cua TTCK Tuy nhien, loai hinh cong ty da nang cung co nhung han che nhat dinh la TTCK se khong phat trien manh bdi lgi ich chu yeu cua he thong ngan hang la dung von di vay de cho vay hudng chenh lech, chu khong phai dau tu vao CK la chu yeu Vi vay, TTCK bien dong thi cac tac dong se lam anh hudng den cac hoat dong cua ngan hang va tac dong tuc thdi vao kha nang toan cua ngan hang cung nhu viec chi tra r cac khoan tien gui tiet kiem cua dan cu r f t trung gian va cac nha hoat dong thi trudng chuyen nghiep rat quan ddi vdi hoat dong cua TTCK Ben canh do yeu cau phat trien cua nen kinh te, qua trinh chuan bi cac dieu kien cho su hinh TTCK Viet Nam dugc dien nhanh chong, vi vay de nang cao tinh khoan, dam bao tinh lien n *> tuc cua cac hoat dong tren thi trudng, Nha nudc can thuc day su hinh cac dinh che tai chinh trung gian de thuc day cac hoat dong giao dich va phat ? T F hanh CK De thuc hien dugc muc dich co the ap dung mot so giai phap nhu: Thanh lap cac cong ty CK d cac NHTM; Thanh lap cac cong ty CK % \ lien doanh, cong ty CK co phan; Thanh lap cac loai hinh qui dau tu -90- / ■X Trong truong hop nay, cac uu dai ve tai chinh va thue co the dune danh cho cac ngan hang, cac cong ty ldn co lap cong ty CK va cho ban than cac dinh che trung gian ke tren De gia tang nang luc hoat dong cua cac cong ty CK, can co van de uu tien chinh la: Thu nhat, UBCKNN can tich cue tim kiem cac du an ho trp ky thuat cua cac to chuc Quoc te de ho tro cac cong ty CK nhanh chong hien dai hoa cac nghiep vu tu van, phan tich va cap nhat kien thuc tai chinh hien dai Thu hai, Khuyen khich cac cong ty CK nang cao nang luc tai chinh bang each nang muc von tdi thieu yeu cau cho mdi loai hinh dich vu CK Cac cong ty CK co tiem luc manh mdi du dieu kien la cong ty da nang, nhung cong ty CK nhd hun se chi dupe thuc hien mot sd loai hinh nhat dinh hoac lam nha mdi gidi phu (subbroker) cho cac cong ty CK da nang Thu ba, khuyen khich cac cong ty CK md rong pham vi kinh doanh bang each ap dung danh sach loai tru dinh nghla ve loai hinh kinh doanh cua cac cong ty CK thay v i xac dinh cu the tirng loai hinh kinh doanh nhu hien Nghia la tru cac cong viec khong lien quan den CK nhu nhan tien giri, r r cac cong ty CK dupe phep tham gia vao bat cu cong viec gi cd lien quan den CK nhu giao dich CK bang tai khoan tin dung (tai khoan ky quy, ban khong, cho vay chd toan, cho vay CK, kinh doanh ngoai hoi, the tin dung, dau tu bat dong san, lap quy dau tu mao hiem, cho the tai chinh, * Chinh sach khuyen khich cong ty dinh mire tin nhiem: Mot trd ngai lap cong ty dinh muc tin nhiem d TTCK mdi noi r la khung phap ly va quan ly doi vdi cac cong ty thudng khong ro rang hoac chua co Hom nua khuon kho cua cong ty dinh muc tin nhiem CK khong dupe de cap den cac van ban phap luat ve CK va TTCK hoac cac khuon kho •> phap ly khac Do do, de cong ty dinh muc tin nhiem lap va phat trien -91 - ■> ’ - ' can phai bo sung vao Luat CK va cac khuon kho phap luat khac nham dua su thua nhan rut khoat khai niem cong ty dinh muc tin nhiem Muon cho cong ty dinh muc tin nhiem ton tai duoc giai doan phat T 'I f ’’i f _ ' trien ban dau cua TTCK mot quoc gia thi can phai co mot so luong day du cac cong cu no phat hanh huy dong von can duoc dinh muc tin nhiem Cac cong cu no bao gom cac cong cu thi truong tien te tu nhan, trai phieu cong ty, CK thi, CK no cua cac doanh nghiep nha nuoc, CK no Chinh phu va TTCK phat trien thi cong ty dinh muc tin nhiem se la mot bo phan cau cua TTCK no Co so tang cua mot thi trudng trai phieu la rat can thiet de dat nen mong cho cong ty dinh muc tin nhiem va thi trudng trai phieu Chinh phu la noi thi diem dau tien Thanh qua cua thi trudng trai phieu Chinh phu va tin phieu kho bac la dieu kien thuc day su phat trien cua TTCK no qua viec cung cap lai suat chuan muc va co sd tang(nhu he thong giao dich, toan bu trir va luu ky ) qua co the md rong cac cong cu no tu nhan va tao dieu kien thuan loi cho viec thiet lap mot so luong du ldn cong cu thi trudng no kha mai vdi yeu cau phai duoc dinh muc tin nhiem Thi trudng trai phieu va thi trudng tien te luon bien dong khong the phat trien duoc neu khong co cac lai suat duoc xac dinh theo thi trudng, tao nen tieu chuan cho viec dinh gia cua dpt phat hanh CK mdi hoac mdi trudng kinh te vi md khong on dinh Ngoai ra, chinh sach cua Chinh phu la phai chu vao cac chinh sach tro giup cac nha dau tu de ho nhan thay rang ho phai dong gop vao su phat trien lau dai cua TTCK De tao thuan loi cho su phat trien cua to chuc dinh muc tin nhiem, thi cac chinh sach ve thue doi vdi viec dau tu , * - * vao thi trudng trai phieu va thi trudng tien te phai thich hop, ro rang va can thao bo cac han che dau tu vao thi trudng tai chinh Cac cong ty dinh muc tin nhiem dong vai tro noi bat TTCK mdi noi cung nhu TTCK phat trien Do nhu cau cap thiet de phat trien -92- mot thi trudng trai phieu va thi trudng tien te nhieu bien dong nham dap ung nhu cau ve von tuong lai, vai tro cua cac to chuc dinh muc tin nhiem cang co vai tro het sue quan Thong thudng, cac cong ty dinh muc tin nhiem cong hon su tu hoa thi trudng tai chinh gay ap luc den thi trudng va quyet dinh cua tu nhan dong vai tro ldn viec tham gia vao TTCK Dong thdi, viec phap luat quy dinh bat buoc phai sur dung dinh muc tin nhiem cung dong mot vai tro quan trong viec thuc day su phat trien cua cac cong ty dinh muc tin nhiem Khi mot cong ty dinh muc tin nhiem da r \ ' r f ton tai vung chac, Chinh phu phai can nhac viec yeu cau tat ca cac dot phat hanh CK ng cong chung bao gom ca cong cu thi trudng tien te tu nhan, * A buoc phai tuan thu cac yeu cau ve dinh muc tin nhiem Mot cong ty dinh muc tin nhiem phu thuoc vao su chinh xac va tin cay cua cac thong tin minh co ve cac nha phat hanh CK Viec tieu chuan hoa cac thong tin tai chinh ve cac cong ty phat hanh CK cong chung se tao dieu r r t kien cho viec so sanh cua cac nha phat hanh va thong nhat hon viec danh gia cac cong ty co muc rui ro nhu Ddi vdi mot TTCK mdi dugc lap khong cd mot so lugng du ldn cac nha phat hanh, cac cong cu va cac nha dau tu thi Chinh phu phai dung r chu tri xay dung cong ty dinh muc tin nhiem va xem xet cap cho cong ty mot giay phep doc quyen tam thdi mot thdi gian quy dinh Viec lap to chuc dinh muc tin nhiem can phai dau tu ldn ve tai » Z F #’ 'i M chinh va cd hieu biet nhat dinh ve ky thuat, do rat can co nha bao trg va trg giup ky thuat quoc te Tai mot TTCK phat trien hay mdi noi, nha bao trg quoc z 7 f 77 f te co the la to chuc phat trien chang han nhu cong ty tai chinh quoc te hay mot to chuc dinh muc tin nhiem noi tieng Neu khong co trg giup ky thuat thich hgp cua to chuc dinh mure tin nhiem lau ddi thi kho cd du uy tin va kha nang x r t a x / f ky thuat can thiet de tao niem tin cho cac nha dau tu nudc va quoc te -93- X x r X f X * Xay dung he thong ke toan virng manh, dp dung chuan muc ke toan quoc r r gia va quoc te: Nguyen tac ke toan la nhung tuyen bo chung nhu cac chuan muc va nhung hudng dan de phuc phuc vu cho viec lap cac ban bao cao tai chinh dat dugc muc tieu de hieu, dang tin cay va de so sanh Cac quy tac nen tang cho F F cac bao cao tai chinh dugc goi la cac nguyen tac ke toan dune thua nhan Cac X nguyen tac bao gom mot so khai niem, cac nguyen tac, cac phuong phap F F F tien hanh va cac yeu cau cho viec dinh gia, ghi chep va bao cao cac hoat dong, cac su hien thuoc van de tai chinh cua mot doanh nghiep Cac nguyen tac dugc thua nhan khong phai la cac quy luat tu nhien ma F no la cac nguyen tac dugc nguoi dat Cac nguyen tac dugc rut tu kinh nghiem va su suy nghi cua cac vien Hoi dong chuan muc ke toan quoc te (IASC) va Lien doan quoc te cac ke toan gia (IFAC) cung nhu rf f F F F F mot so ngudi va to chuc khac Thong thudng cac nguyen tac ke toan quoc te deu xuat phat tu cac hiep hoi ke toan cua Hoa Ky Nguyen tac ke toan chuan quoc gia theo thong le quoc te vua giup doanh nghiep chu dong hach toan ke toan phu hgp tinh hinh thuc te nganh nghe hoat dong kinh doanh cua minh dong thdi giup cac cong ty kiem toan de dang hon viec thuc hien cong tac kiem toan cua minh Viec dua chuan muc ke toan chung se lam cho he thong ke toan nudc ta thong nhat hoa nhap vdi he thong ke toan chung cua quoc te Cho tdi chung ta mdi ap dung bon chan muc ke toan co ban va thdi gian tdi Bo Tai chinh se tiep tuc dua them cac chuan muc ke toan giup cho cac doanh nghiep dan hoan thien viec hach f •> r r r toan ke toan cua minh theo cac chuan muc quoc gia va quoc te Viec ap dung cac chuan muc ke toan chung khong chi giup doanh nghiep chu dong cong tac hach toan ke toan va lap bao cao tai chinh ma nd tieu chuan de cac nha dau tu de dang theo doi tim hieu tinh hinh tai chinh cua -94- doanh nghiep da dirge kiem toan Chinh sur rd rang va thong nhat da lam tang ldng tin cua cong chung dau tu vao thi trudng, lam tien de quan cho su phat trien lau dai va ben vung cua TTCK Ngoai ra, vai viec ap dung va thuc hien cac chuan myrc ke toan quoc te doanh nghiep khong nhung co the nien yet tai Trung tam Giao dich CK dau tu hon tham gia thi truang r Trong nam tai cung vai nhung thay ddi quan trong ca cau va hoat dong cua nen kinh te, quan ly nha nuac, TTCK Viet Nam phat trien va hoat dong vai nhung net ca ban ve mo hinh thi trudng nhu sau: Viec phat hanh CK cong chung se UBCKNN thong nhat quan ly; r cac cong ty co CK phat hanh cong chung, cong ty niem yet, giao dich tren SGDCK, trung tam GDCK, cac cong ty dai chung la ddi tuang phai thuc hien r f f nghia vu cong bo thong tin va quan tri cong ty theo thong le tot nhat To chuc thi trudng giao dich CK - SGD chungkhoan to chuc giao dich CK niem yet tren he thong giao r i> -> dich tap trung, to chuc cua sd theo md hinh phap nhan la to chuc kinh te dac biet tien tdi md hinh to chuc cong ty, hoat dong theo luat CK - TTGDCK to chuc giao dich CK khong niem yet vdi phuang thuc giao dich da dang( co the bao gom ca tap trung va phi tap trung) phu hop vdi nhu TL * - T' cau, trinh cua thi trudng; to chuc cua TTGDCK la phap nhan cd the theo md hinh vien, hoat dong theo luat CK -95- Mot trung tam luu ky CK doc lap cd chuc nang dang ky so huu, dai ly chuyen nhuong va toan chuyen giao CK cho cac hoat dong giao dich va chuyen nhuong Cac to chuc kinh doanh CK bao gom cac cong ty CK da nang hoac chuyen doanh, cac cong ty quan ly quy dau tu CK duoc md rong de huy dong von, lap va quan ly quy dau tu CK cung nhu quan ly danh muc dau tu Cac to chuc phu tro nhu ngan hang chi dinh toan, ngan hang luu F f ky, ngan hang giam sat duoc cap giay phep hoat dong nham ho tro cho qua trinh giao dich, chuyen giao va toan bu tru * Ma rong canh cira hoi nhap: ? r f Ben canh viec hoan thien khuon kho phap ly theo thong le quoc te thi can co nhung giai phap md cua TTCK nhu ap dung giao dich qua mang Internet de thu hut cac nha dau tu nudc ngoai ngoai bien gidi Viet Nam tham gia giao dich CK hang hay nhu giai phap khuyen kich dua doanh nghiep Viet Nam niem yet tai thi trudng nudc ngoai de cac ben tham gia TTCK co dieu kien hoi nhap, cong chung dau tu Viet Nam co dieu kien duoc tu van them tu cac dinh che tai chinh nudc ngoai, co dieu kien so sanh vdi tinh hinh giao dich CK tai Viet Nam • • • De thuc day su phat trien cua thi trudng, gop phan thuc day thuc hien co hieu qua hon nua chinh sach thu hut dau tu nudc ngoai, Chinh phu nen ndi rong ty le von dieu le cua cac nha dau tu nudc ngoai tai cac ngan hang Viet ’ll Nam tang len 49% phu hup vdi Luat Dau tu nudc ngoai Cac quy dinh phap ly khac ve dau tu, hoat dong tien te, can dupe chinh sua, bo sung phu hop Viet Nam gia nhap WTO, tao dieu kien cho cac ■» r X t / ngan hang nudc ngoai md rong viec cho vay va dau tu von vao nen kinh te Viet Nam -96- Trong so cac nha dau tu nuac va ngoai nudc dugc tham gia hoat A f dong tren TTCK, chu cac nha dau tu co to chuc da lam nong cot cho viec phat trien thi trudng Viec tham gia cua cac nha dau tu nudc ngoai duac md cua tung budc phu hop vdi lo trinh hoi nhap thi trudng von theo cac cam ket Viet Nam gia nhap WTO 3.2.7 Dam bao thi trudng tien te hoat dong on dinh va lanh manh Thi trudng tien te la thi trudng cua cac cong cu no ngan han thudng dudi mot nam Thi trudng tao tinh khoan cho cac cong cu ng giao dich tren thi trudng va dap ung nhu cau huy dong von ngan han de chi tieu chua can doi dugc ngan quy cua Chinh phu va cac to chuc kinh doanh nudc ta hien nay, thi trudng tien te ngan hang Nha nudc quan ly va dieu hanh, la mgt phuong tien de thuc hien chinh sach tien te quoc gia Cac cong cu ng dugc giao dich chu yeu tren thi trudng van la cac tin phieu Kho bac (dugc dau thau thudng xuyen ngan hang Nha nudc to chuc dinh ky) f Nghiep vu thi trudng md la mot cong cu dac luc cua ngan hang Nha nudc A r t r a viec thuc hien quan ly tien te quoc gia Bang viec mua ban cac tin phieu V A * A Kho bac ma ngan hang Nha nudc co the dieu khien lugng tien luu thong Thong qua thi trudng tien te cac to chuc tin dung xac dinh dugc muc lai suat co ban , de tren co sd dieu chinh lai suat huy dong va cho vay cua minh phu hgp vdi tinh hinh thi trudng A A f T Thi trudng tien te luon song song ton tai vdi thi trudng von cu the la TTCK Hai thi trudng co moi quan he chat che va bo sung cho nhau, tao r \ p mot ca che tai chinh hoan thien han dap ung nhu cau huy dong von cho cac to chuc phat hanh Dong thdi viec song hanh hai thi trudng tao mot thi trudng tai chinh on dinh va hoan thien cho quoc gia, co y nghTa khong chi ddi vdi Chinh phu ma ca vdi cac to chuc tai chinh cung nhu cac to chuc kinh doanh Thi trudng tien te cung cap ca hoi huy dong von ngan han -97- TTCK lai tao co hoi huy dong von dai han cho cac to chuc phat hanh, md mot co che hoan chinh cho moi to chuc tham gia vao thi trudng Chinh mdi quan he chat che giua hai thi trudng nen su phat trien cua thi trudng tien te cung co y nghia hoan thien TTCK » 'i< v F > Cac to chuc kinh doanh co the thoa man nhu cau von ngan han va dai han thong qua viec tham gia vao hai thi trudng, ho la nhung tac nhan lam cho thi trudng hoat dong soi dong hon va ket gan giua hai thi trudng TTCK khong the phat trien neu thi trudng tien te khong on dinh va lanh manh, nguqc lai su on dinh cua thi trudng tien te la co sd va tien de cho viec xay dung mot TTCK hoan chinh Do vay viec thuc day su phat trien cua thi trudng tien te cung la mot nhung chinh sach quan ho tro de phat trien TTCK Viet nam giai doan tdi bao gom: r Ngan hang Nha nudc vira qua da chinh thuc ap dung lai suat co ban dua tren lai suat dugc xac dinh tren thi trudng tien te Lai suat co ban lam co sd cho viec tinh lai suat cua cac cong cu tai chinh khac, vdi chinh sach lai suat co ban da han che su can thiep true tiep cua Chinh phu vao thi trudng dong % lb F thdi ton quy luat cung cau ve von cua thi trudng Do hang hoa tren thi trudng tien te hien chu yeu la tin phieu Kho bac r •> nen viec phat hanh thudng xuyen, dinh ky cac CK ngan han mot mat bo sung nguon hang cho thi trudng, mat khac lien tuc cung cap lai suat chuan cho thi trudng Vdi bien phap se tri dugc su on dinh cua thi trudng Hoan chinh cac van ban phap luat lien quan tdi thi trudng tien te, Ngan hang nha nudc co trach nhiem phoi hgp voi cac co quan co lien quan de cd nhung bien phap cu the nham khuyen khich cac vien tham gia cung nhu cd nhung hudng dan cu the ve cac giay to thuong mai giao dich tren ■» ■> t f r thi trudng de giup cac to chuc kinh doanh cd the huy d$ng von ngan han tren r r ' f thi trudng vdi chi phi thap nhat Viec ddi phap lenh ve thuong phieu da tao -98- dieu kien thuan lgi cho cac to chuc muon tham gia thi truong va hoan thien khung phap ly cho thi trudng Ngoai cac van ban xu ly doi vdi cac hoat » * dong vi pham phap cua vien la cac NHTM, cong ty bao hiem, quy dau tu cung can sdm duoc ban hanh khong nhung tao khuon kho cho thi truang ma dieu chinh cac hanh vi cua cac to chuc On dinh va lanh manh hoa thi trudng tien te khong chi d viec quan ly kinh te tang trudng on dinh nhu cau von cho hoat dong san xuat kinh doanh cung tang len do se tao duoc cau ve von Han nua, muc thu nhap cua cong chung cung dugc cai thien nen tiet kiem dan cu cung se tang len lam li r tang cung ve von Tren phuong dien quan ly, ngan hang Nha nudc phoi hgp vdi Bo Tai chinh xay dung chuang trinh tang cuong nang luc va tinh canh tranh cho cac vien cua thi trudng cung nhu nhung khuyen khich ve tai chinh cho cac vien thdi gian tdi Hien nay, d nudc ta NHTM dong vai la vien chinh cua thi trudng tien te, moi giao dich tren thi trudng tien te hau nhu deu dien giua cac ngan hang vdi Vay, nen thuc day phat trien va lanh manh hoa thi trudng tien te cung dong nghia vdi viec hien dai hoa va cai to he thong ngan hang nhu cac khau toan, md rong cac loai hinh dich vu, dua cac tuu cua khoa hoc ky thuat den vdi khach hang, tu canh tranh theo lai suat thi trudng, to chuc dao tao va dao tao lai cho cac can bo ngan hang nang cao nang luc quan ly, tham dinh va danh gia du an 3.2.8 Phat trien cac TTGDCK, tang cuong cong tac giam sat va cirdng che thuc thi hoat dong TTCK r f Nha nudc tiep tuc hoan thien co sd vat chat, ky thuat tao dieu kien de sdm nang cap TTGDCK Ho Chi Minh len SGDCK Viet -99- Tang cudng cong tac thanh, giam sat hoat dong tren TTCK, tap trung chu yeu vao van de tuan thu phap luat cua cac to chuc tham gia thi truong Giam sat, cudng che thuc thi phap luat doi vdi cac ddi tuqng tham gia TTCK de ngan chan, phat hien nhung hanh vi pham phap, thao tung thi trudng Dong thdi, xu ly cac hanh vi vi pham hanh chinh lmh vuc CK, dam bao cho thi trudng hoat dong cong khai, minh bach, bao ve loi ich hop phap cua cac chu the tham gia tren thi trudng Tat ca nhung noi dung tren can duac x r_ UBCKNN la co quan quyen luc Nha nudc tien hanh mot each thudng xuyen De tang cudng cong tac dieu hanh va giam sat thuc thi hoat dong TTCK can phai nang cao tinh doc lap cua UBCKNN bang each tach biet cong tac xay dung chinh sach vdi cong tac dieu hanh, giam sat thi trudng: neu UBCKNN vua co chuc nang cap giay phep cho cac ben tham gia thi trudng, vua co chuc nang soan thao Luat, lai vua co chuc nang giam sat thi trudng thi co kha nang xung dot quyen loi De UBCKNN that su doc lap thi ngudi quan ly doanh nghiep, ngudi cap phep khong dune lam chinh sach Vi vay, nen lap mot Vu Chinh sach CK true thuoc Bo Tai chinh sau Luat CK co hieu luc Vu ddi nham tranh xung dot loi ich giua ngudi vua lam cap phep lai vua lam chinh sach Ngudi chuyen lam chinh sach se cd each nhin khach quan hon so vdi ngudi dong vai tro giam sat thi trudng hay ngudi cap phep kinh doanh Ngoai Bo Tai chinh se them mot dau mdi tham muu doc lap nua chinh sach phat trien thi trudng, tranh viec chi dura vao don vi tham muu nhat -100- KET LUAN Qua trinh va phat trien TTCK d Viet Nam la tat yeu va lau dai TTCK nudc ta mdi co thdi gian hoat dong dupe nam, rat non tre, nen f _ r kinh nghiem cong tac quan ly va tao lap thi trudng rat thieu, mdi trudng phap ly chua hoan thien Bdi vay, vai tro Nha nudc ddi vdi qua trinh hinh va phat trien TTCK Viet Nam la rat quan trpng Danh gia thuc trang vai tro cua Nha nudc de tu de xuat nhung giai phap hoan thien vai tro Nha nudc qua trinh hoat dong cua TTCK Viet Nam la mot van de mdi me va luon luon can thiet ca ve sau Trong bdi canh nudc ta, TTCK dupe hinh la ket qua cua su dich chuyen tir nen kinh te tap trung quan lieu bao cap sang nen kinh te thi trudng dinh hudng xa hoi chu nghTa va Nha nudc giu vai tro quan trpng viec chuan bi ve cac dieu kien kinh te, xa hoi, cho viec ddi TTCK Viet Nam tu nhung nam 1990 Su ddi dupe danh dau bang viec khai truong TTGDCK TP.HCM (28/7/2000) Ke tir den nay, vai tro cua Nha nudc doi viec thuc day qua trinh phat trien TTCK nudc ta dupe the hien tren nhieu mat: hoach dinh chien lupc, xay dung cac van ban phap quy lien quan, xay dung, bo sung va hoat thien cac luat, bo luat de tao hanh lang phap ly, cho ddi co quan quan ly chuyen trach quan ly CK va TTCK la UBCKNN, dong vai tro la chu the phat hanh trai phieu tao nguon cung cue ky quan trpng d thdi ky dau phat trien, tao dieu kien thuan lpi de cac dinh che trung gian tham gia vao thi trudng va tung budc md rong quy md, chat lupng cu TTCK Viet Nam Tuy nhien, Vai tro Nha nudc van chua the hien dupe mot each day du, co nhung bat cap so vdi su phat trien cua thi trudng, cac van ban chong cheo, mau thuan, nhung dieu chinh thi trudng ddi chua kip thdi, the - 101 - hien kinh nghiem quan ly va giam sat thi truang thieu Thuc trang doi hoi chung ta phai lien tuc duac rut kinh nghiem, cung co va hoan thien mai co the dap ung duac vai yeu cau dieu tiet va ho tra TTCK Viet Nam phat trien ♦ _ £ » nhanh, on dinh va chu dong hoi nhap duac vai TTCK khu vuc va quoc te De hoan thien vai tro Nha nuac doi vai qua trinh phat trien cua TTCK % r Viet Nam can thuc thi cac giai phap vi mo va cac giai phap truc tiep, giai phap tang truang kinh te vi mo ben vung, on dinh chinh tri xa hoi, thuc hien thong nhat va dong bo ve he thong tai chinh, dam bao thi truang tien te hoat dong on dinh va lanh manh, hoan thien moi truang phap ly, sam dua Luat CK vai thyc tien, phat trien moi quan he cung cau, ma rong va nang cao chat luang hoat dong cua cac dinh che tai chinh tren thi truang, tang cuang cong tac thuc thi, giam sat va cuang che thuc hien tren TTCK la nhung giai phap co y nghia quan - 102 - DANH MVC TAI LIEU THAM KHAO Tieng Viet: Trim Thi Minh Chau TTCK va nhung dieu kien kinh te xa hoi hinh va phat trien TTCK d Viet Nam NXB Chinh tri quoc gia, 2003 Dur thao “Chien ltrqc phat trien kinh te xa hoi Viet Nam tir 2000 - 2010”, Vien chien luoc phat trien, Bq Ke hoach va Dau tu, 2000 Dang cong san Viet Nam; Van kien Dai hoi Dai bieu toan quoc lan thu VIII NXB Chinh tri quoc gia, 2001 Dang cQng san Viet Nam: Van kien Dai hoi Dai bieu toan quoc lan thu X NXB Chinh tri quoc gia, 2006, trang 242 Bui Nguyen Hoan - Raymond L.Chiang (Chu bien) Thuat ngu thong dung ve CK va TTCK NXB Chinh tri quoc gia, Ha Noi, 1998, tr 151 “He thong cac vin ban phap luat ve CK va Thi trudng CK”, 1999, 2000 Le Xuan Nghia(1993), CK va thi rudng CK, kinh nghiem cua cac nuac tren the gidi, Bq tai chinh, Ha nQi “Luat phap ve CK va cong ty CK”, Phuong Tung va Nguyen Hieu, NXB Chinh tri quoc gia, 1997 Tap chi Dau tu CK sd 33 nam 2006 10 Tap chi Dau tu CK so 40 nam 2006 11 Tap chi Dau tu CK so 41 nam 2006 12 TTCK Viet Nam - Mo hinh va nhurng budc di NXB Chinh tri quoc gia, 2000 13 Thi trudng CK Neil F.Stanley NXB Tp.Hd Chi Minh, 1994 14 Dinh Xuan Trinh, Nguyen Thi Quy (1998), TTCK, NXB Giao due, HN 15 Trudng Dai hQc Tai chinh - Ke toan Giao trinh TTCK NXB Tai chinh, Ha Nqi, 1998 tr.8 16 Trudng Dai hoc Ngoai thuang Giao trinh TTCK NXB Giao due, Ha Noi, 1998 tr.8 17 Uy Ban CK nha nudc(2003), Bao cao tong ket nam hoat dQng TTCK (Tai lieu trinh Chinh phu) 18 Uy ban CK nha nudc (2004), Bao cao ve cong tac chi dao, dieu hanh UBCKNN thang dau nam va chuang trinh cong tac thang cudi nam 2004, (Tai lieu luu hanh noi bo 01/7/2004) - 103 - 19 Uy ban CK nha nuac (7/2005), TTCK Viet Nam nam hoat dong va phat trien 20 Uy ban CK nha nudc(1998), He thong cac van ban phap luat ve CK va TTCK, (tap 1), NXB Chinh tri quoc gia, Ha Noi 21 Uy ban CK nha nuoc(1999), He thong cac van ban phap luat ve CK va TTCK, (tap 2), NXB Chinh tri quoc gia, Ha Noi 22 Uy ban CK nha nuac(2001), He thong cac van ban phap luat ve CK va TTCK, (tap 3), NXB Chinh tri quoc gia, Ha Noi 23 Web site Tai chinh Viet Nam Dao chinh Thai Lan: TTCK Viet Nam lieu co bi anh huang www.taichinhvietnam.com Bai d3ng 29.9.2006 Bai dang 29.9.2006 24 Web Viet Nam TTCK: Gia tri cua thong tin www.taichinhvietnam.com, Bai dang 10.5.2006 Bai dang 10.5.2006 site Tai chinh 25 Web site Tai chinh Viet Nam TTCK: San Ha npi se giao dich phien tuan www.taichinhvietnam.com Bai dang 15.5.2006 Tieng Anh: 26 China Securities and Future, Fact book (2000) 27 Foreign Speculators and Emerging Equity Markets; Duke University and Stanford University, 1997 28 How the Stock Market Work -NewYork Institute of Finance 1997 29 How the Bond Market Work - NewYork Institute of Finance 1997 30 Japan Securities Research Institute (1998), Securities Market in Japan 31 Japan Securities Research Institute (2001), Securities Market in Japan 32 Korea securities and exchange commission, securities supervisory board, Fact book (2001) 33 Korea securities and exchange commission, securities supervisory board, Fact book (2002) 34 Opening up of Stock Markets- Lessons from Emerging Economies; Virginia Tech 1997 35 “Securities market development, a guide for policy makers”, Economic Development Institute of the World Bank 36 “Securities and Exchange Law”, Capital Markets Research Institute of Japan 37 Switching Volatility in Latin American Emerging Equity Markets - University of Houston, 1997