TiIII CNiNN W£~~~ULS r.-;,r1I"!vro ~ ro hai chieu cho thi trU'ong.NHTV t~ cOng nhU' bai cac quy d!nh ve can d~t tdi sl! can doi hai hoa giG'a ki~m soat van va tien t~, M~c khac, tinh 6n dinh va khong6n d!nh cua tl cOng de dang tim doi tac hon tren gia d~ gidi h~n sl! can thi~p cac thi trU'dng giao ngay, m9t phan ph~m vi bien d9ng qua Idn cua gia nhG'ng gidi h~n cua doi tac ca, co th~ la tri~u chUngsl,Jp'd6thj thU'dng ft rang bU9c hOn trU'ong.Ve dai h~n, Chfnh phu can LIftJ chpn dja diem va tien t~ co gang cung co niem tin cua thi Ho~t d9ng can thi~p thong thU'dng trU'ongVaGcac chfnh sach kinh te nen thl!C hi~il tren cac thj trU'ong cua minh nU'dc va bang dong tien giao Tfnh minh b(lch Tfnh minh dich ph6 bien nhat nham giam chi b~chtrong chfnhsach tl gia va ml,Jc phf va t~o dieu ki~n de dang cho tieu can thi~p co th~ nang cao d9 tin vi~c toan Can thi~p d cac thi nhi~m cua NHTV Tuy nhien, muc trU'dng ngoai nU'dcco th~ thl!C hi~n d9 minh b~ch lien quan den vi~c co mC)tthi trU'dng ngoai nU'dc thl!C hi~n khon khEm chfnh sach can thi~p co th~ thay d6i theo tU'ng cac ml,Jc tieu Cl,Jth~ Vf dl,J, NHTV co th~ mong muon can thi~p m9t cach bf m~t d~ canh bao ve rui ro hai chieu tren thi trU'ong ho~c t~o m9t nhan to bat ngo Van de' IIftJ cht;Jn thj trt.fO'iJg Ho~t d9ng can thi~p, nhin chung, nen thl!c hi~n tren cac thi trU'ong giao he:lnla tren thi trU'dng ki h~n 5l! can thi~p' tren thi trU'dng giao tac d9ng trl!C tiep den 11 gia giao Can thi~p tren thi trU'dng ki h~n dl!a VaGco che truyen tai W tl gia ki h~n sang tl gia giao ngay, vi v~y, co th~ chiu anh hU'ang bdi cac diE~nbien tren th! trU'dng tien ? ho~t d9ng rat soi d9ng vdi m9t dong tien nhU'ng n6i len dau hi~u giao dich khong 6n dinh, va NHTV muon ngan ch~n ho~t d9ng trU'dc no co th~ gay mat 6n dinh th! trU'dng ngo~i hoi nU'dc Lua chon dOl taco NHTV nen xac cr!nhm~c tieu va tieu chu~n mC)t cach cong khai vi~c Il!a ch9n cac doi tac va giao d!ch d~ thl!C hi~n nghi~p vl,Jcan thi~p, chu yeu vdi cac nha kien t~o thi trU'dng, d~c bi~tla cac thi trU'dng ngo~i hoi hi~u qua va c~nh tranh, Van de' quan If va dieu hanh Can dam bao sl! phOi hc;lPch~t che va cung cap day du cac kenh thong tin giG'acac t6 chuc, ca nhan ch!u A trach nhi~m quyet dinh va thl!C thi chfnh 5ach tien t~ va 11gia M~t khac, NHTV can chu t(9ng den nhG'ng van de quan If thU'dng phat sinh cac nha giao djch cua NHTV thl!C hi~n nghi~p vl,J can thi~p ~t I sa kit luOn Ho~t d9ng can thi~p khong phai la m9t cong cl,Jchfnh sach d9c I~p; d~ dam bao cong, no phI,! thu9c VaGtlnh nhat quan cua tl gia ml,Jctieu vdi cac chfnh sach kinh te vi mo Vi~c phat hi~n 5l! mat thang bang cua tl gia va th! trU'dngthieu khoan- nhG'ng lu~n cu chung nhat cho ho~t d9ng can thi~p - la vo cung kho khan, va doi hoi NHTV het suc phai th~n tr9ng va thau dao ho~t d9ng can thi~p Vi~c xac d!nh thdi di~m va lieu 1U'c;lngcan thi~p la m9t van de mang tfnh phan doan chu quan va phl,Jthu9C nhieu VaG cac dieu ki~n thay d6i cua thi trU'dng; do, m9t Sl! linh ho~t, chu dC)ngla can thiet V~n dl,Jngsl! linh ho~t mC)tcach khon khEm,dam bao tinh minh b~ch va cong khai chfnh sach va ml,Jc tieu can thi~p 113 nhG'ng nhan to quan tr9ng, gop phan tang hi~u qua, dong thdi toi thi~u hoa rui ho~td9ng can thi~p A I I LICHs(fHOA T BONGTHONGTINTINDUNG " I va xe'plo,i tin d\Ulg tren the'gim N am 1996, nha bao Thomas -Friedman da tra Idi phong van tren dai truyen hinh My: 'Theo toi, hi~n tr{m the giai co si{w cLlong la nLlaCMy va Cong ty xep'/o?i tin d/,mg Moody's NLlac My co the.huy di~t b?n bang born d?n, Moody's co the huy di~t b?n bang cach h? xep h?ng cua b?n Va toi tin' ding khO co the biet Ai /a ngLloi rn?nh hdn" V~y t~i sac no~t d9ng thong tin tfn dl,Jng vaxep lo~i tin dl,Jng I~i quan tr9ng va can 64 ThS Nguy~n Him Duong* thiet I")hU'v~y? De tim hieu van de nay, chung ta cung nhin I~i lich sa ho~t d9ng thong tin tin dl,Jngva xep lo~i tin dl,Jngtren the gidi Khi ho~t d9ng xep lo~i trai phieu cua cac t6 chuc xep lo~i d9C I~p bat dau dU'c;lctien hanh a My VaG dau the ky 20, thijh! trU'dng trai phieu va thi trU'dng van noi chung da thl!C sl! ton t~i trU'dc the ky Xa hon nG'a, trU'dc the ky, thj trU'dng van co dien da d~t den quy mo toan cau Chfnh nhd cac ho~t d9ng cua no ma xep lo~i tin dl,Jngda thl!C sl! la m9t phan I!ch sa cua th! trU'dngvan Chfnh W day da sinh m9t so cau hoi: Cong ty xep lo~i tin dl,Jngxuat hi~n Ian dau VaG nao va a dau? D~t dU'c;lckinh nghi~m gi thl!C tien giG'a nhG'ngngU'ditham gia thi trU'dng van vdi ho~t dC)ngxep lo~i tin dl,Jng chung xuat hi~n? Va ho~t d9ng xep NHNN T~ em NcANIIANc - sQ NAM m V tPU """'-"""l lo~itind~nghi~nnaydongvaitrogi th\ tnldng van, ma nhltngth$p nienganday no ltkhoirmvay a M9t the ky sau, nl10cMy gianh dU'ivien d London va Paris, noi ma cac nha dau tll Anh chu y den cac chUng khoan My Cac ngan hang My la nhG'ng nglloi DUc, nglloi Thai nh~p Cll nhll Kuhn Loeb & Co., Seligman Brothers va Goldman c6 th~ g6p von dau tll Chau Au, ho~c thong qua gia dinh va nhG'ngnglloi khac ma da c6 sl! lien h$ khap the giai Cac ngan hang dau tll trllac day da c6 luc khong hi~u t~i sac d My dllong nhll vai tro kiem soat ho~t d('>ngcua cac cong ty I~i chinh la cac ngan hang, nha tai trttrong nhG'ng Iy no la sl! k~t htIy quan r('>ng ho~t d('>ng luc dau phat tr~mg hon d6 chinh la cac ngfm trien rat ch~m ch~p, nhu'ng sau hai hang aau tLl, nhG'ng trung gian tai th~p nien ho~t d('>ng xep 109i tin chinh, nglloi da cam ket tai trngcua cac cong ty da giei phan nao bi thu h~p va g~p kho Ngan hang doi hei nglloi phat khan vi thi trllong trai phieu cua My hanh chUng khoan phai cung cap' thoi ky d6 qua an toan, phan tat ca nhG'ngthong tin xac dang c6 I~i cua thi trllong the giai thi lien quan den ho~t d('>ngcua cong IlIngtac cua ong phat trien cua kinh te the giai, ta se phai dlltvi dl,Jla Yankee (cong ty J P T,w CIIi NCf.NIIhNC - ro NAM 2004 trien m~nh me Vi dl,J: (1) Cong ty S&P nam 1980 chi co 30 chuyen gia phan tich, den nam 1986 c6 40 chuyen gia, den nam 1995 c6 800 chuyen gia phan tich vai t6ng so 1.200 nhan vien Nam 2000 co 1000 chuyen gia phan tich t9i 22 chi nhanh tren the giai, thu th~p va phan tich thong tin cua 70 quoc gia (2) Cong ty Moody's cOng pMt tri~n tllong tl/, nam 1995 co 560 chuyen gia phan tich vai t6ng so 1.700 nhan vien (3) Cong ty Dun&Bradstreet, nam 2000 co 11.000nhan vien, thu th~p va cung cap thong tin cua 230 quoc gia va vung lanh th6 tren the giai SOIi$u tang m~nh ve nhan.vien cua c6ng ty Ian nhat tu nhG'ng nam 1970den da phan lmh toc d('>tang trlldng m9nh cua ho~t d('>ng thong tin tin dl,Jngnoi chung va xep lo~i tin dl,Jngnoi rieng Dieu cOng cho thay so IlIt ho~t d('>ng kinh doanh mang I~i lng thong tin tin dl,Jngcon non tre, vi$c phan tich, xep lo~i tin dl,Jng dang d giai do~n thi diem Mong rang bai viet se gop them m('>t phan nho be vao vi$c nghien cltu de hoan thi$n lo~i hinh ho~t d(mg kinh te dang trd nen cang quan tr9ng Bai viet co su dl,mg tv Ii$u cuo 6ng Richard Syllo Ngon hOng The gioi va \toi tro cuo h$ thong boo coo tin dl,mg nan kinh te quoc te' va su dl,mg tai Ii$u va xep IOQitin dl,mg cuo Roy C Smith va Ingo Walter Truong DQi hQc New York 67 ... vay, nhling nha tin dl:mg va nhling nha Company nam 1859 Nhling ngl1C1i dau tl1 co th~ lay thong tin va ngl1C1i oang ky mua thong tin cua Dun bao vay, ngl1C1i n9 va 51/chia se thong tin gom nhling... cua cac cong ty thong tin la tU' phi, m('>tphan nho ty 1$lai suat cua trai phieu nha phat hanh trai phieu tra cho cong ty tbong tin Doi vai Vi$t Nam, ho~t d('>ng thong tin tin dl,Jngcon non tre,... trai phieu n9 cua nganh dl1C1ngsat Vi~c xep lo~i Ml)t la, bao cao tin dl,lng (credit reporing) Hai la, cac ban tin bao chi va tinh hinh kinh doanh (Business Press) Ba la, cac ngan hang dau tl1