[})~lAIrAlflrA~19mtp VOl NGAN , ,,', HANG " BAN VE CHUNG KBOAN BOA H '$n nay, rat nhieu nLlaCtren the giai dang ung dl,Jngchung hoan hoa vai tong gia tri giao dichgan 10.000 tyUSD(1) V~y chung I tri cuat~phqpdongtiennaythanhca~ chungkhoantheonhO'ng m$nhgianhat dinhban dlIqc tren thi trlIang; - Chungkhoanhoala mQtquatrinh t90 them cac chung khoan cho thi trlIang; - CacchungkhoandlIqc phat hanh c6 the dlIqc bao dam bang mQttai san thlfc (tai san the chap) vi dl,JnhlI trlIanghqpchungkhoanhoacackhoan chovayc6 the chap,ho~ckh6ngdlIqc ThS Bioh Ng.,e Bioh * se thu nq va thu lai theo nhung ky h9n da d!nh trlIac BCJiv~y,nhung khoan cho vay dai h9n c6 the h9n che kha khoan hoadlIqc hieu nhlIthe nao? nangchovaytieptheocuanganhang Trong bai viet nay, tac gia de c~p Tuynhien, neunganhanglienhanht~p nhftngnQidung ccr ban nhat ve chung hqpcackhoanchovaynay19i va phan khoan hoanhlI:Khaini$mchlIngkhoan 109icacdongtien khachhangvay van hoa,quytrinh chung khoan hoa, cac to se tra, sau d6 phathanhchungkhoan chuc tham gia VaG quy trinh chlIng trenccrsanhO'ng dongtiennaythi ngan khoanhoa, cac tai san thlIang dlIqc hangc6 thethlfChi$nngaycac khoan bao dam bang mQt tai san thlfc - trang chung khoan hoa, cac dieu ki$n de cho vay khactren so tien thu dlIqc tlr trlIang hqpchungkhoanhoacackhoan ch(rngkhoan hoa va Slf din thiet ung vi$c -ban cac chung khoan d6 Cac phaithu d~ng chung khoan hoa a Vi$t Nam chungkhoanphathanhtrangtrlIang Quy trinh chClngkhoan hoa Khai ni~m chClng khoan hoa hqp se dlIqc bao dam bang tai san (XemOuytrinhdLlaiday) the chap tlr phia nglIaivay van ngan Vao dau nhung nam 70, thu~t ngu Benkhait90chuyennhlIqngcac hang ban dau Do thlfc hi$n chung ch(rng khoan hoa (Securitization) Ian tai san dlIqc chung khoan hoa cho khoanhoa,nganhangse chudQnghcrn dau lien xuat hi$n a My to chuc doanhnghi$pchuyendl,Jng trangkeh09chchovay mang ten Government National 2a) Doanh nghi$p chuyen dl,Jng TCrvi dl,Jtren, c6 the hieu chung Mortgage Association (Ginnie Mae) phat hanh chung khoan,tren ccr sa khoanhoala mQt q uatrinht~phqpcac thl!chi$n vi$c chuyen hoa cac tai san danh gia cac yeu to rui ro, danh gia taisanc6tinhchat t lIcrng dong, c6tinh co the chap chung khoan ban dong tien dlf tinh ma cac tai san thanhkhoanthap,c6 kha nang t90 dlfqctren thi trlIang (Mortgage Backed mang 19i.aday se c6 m~t cua cacto dong tien; va phathanhcacquyendoi Securities- MBS) Vao giua th~p nien chlIcdinh muctin nhi$m nqtrentrenCC1 sacacdongtiend6 dlIai 80, cac tai san khOng c6 the chap cOng d9ng cacchungkhoan 2b)To chucbaolanhpMt hanhtra dlfqc chuyen hoa chung khoan tienmuachungkhoantlr doanhnghi$p V?Y, chUng khoan hoacomQt NhLl (Asset Backed Securities- ABS) chuyendl,Jng s6 d~cdiemcabansau: Chung khoan hoa dlIqc thlfc hi$n 3a)TochlIcbaolanhpMt hanhban nlfac Anh nam 1987, sau d6 la mQt - ChlIngkhoanhoala mQtquatrinh 10