De thuc Men dupe dieu nay, SSC can tap trung vao viee dua ra cac quy dinh Uen quan den viec diu tuCK cua cae nha diu tunudc ngoai nhu sdm dua ra eae quy dinh de cac DNCP ed vb'n dau t[r]
(1)Phat trien thj trirong chung khoan a Viet Nam
thut trang va giai phap
ThS PHAM QUOC TUAN* - ThS NGUYEN THI KIM DOAN**
De day nhanh qua trinh cbng nghiep hba (CNH), Men dai hba (HDH) dat nubc, mpt nhiing nhan tdtae dbng hang dau dd la cung irng vb'n cho nen Mnh te Thi trubng chiing khoan (TTCK) chinh la mpt nhiing ngudn eung quan trpng dd Chinh vi vay, xay dung va phat trien TTCK la mbt mue tieu quan trpng dupe Nha nude ta rat quan tam nham tao dieu Men eho viee huy dpng vb'n dai han cho phat trie'n dat nuoc
1 Tinh hinh phat trien thi truong chihig khoan a nudc ta thoi gian qua
Qua muoi nam phat trien thi trubng chung khoan d Viet Nam, cd the khai quat mbt sdket qua chinh dat dupe nhu sau:
Mot Id, quy mo ciia TTCK ngdy cdng dugc md rong, tao thudn lgi cho nen kinh tethu hiit vd sddung vdn mgt cdch cd hieu qud han
TTCK d nudc ta mdi dbi (7 - 2000), liie dau ehi niem yet ma co phieu (CP) la REE va SAM vdi gia tri vdn hda la 444 ty ddng, nhung sau 10 nam hoat dbng, tfnh den 04-5-2010 tb'ng gia tri vb'n hba cua toan thi trubng la 740.000 ty ddng (gan 40 ty USD), bing 38 % GDP ke hoach cila nam 2010 Sd chung khoan niem yet va dang ky giao dich tren san HOSE va HNX la 576 loai CP, 612 loai trai phieu (TP) va chung chi quy *, " Hoc vien Chinh tri - Hanh chinh khu vwc III
TTCK Viet Nam Men cd 105 cbng ty chirng khoan, 46 cbng ty quan ly quy va ngan hang luu ky, sd cbng ty dai chiing da dang ky vdi IJy ban Chirng khoan Nha nudc (SSC) nhung chua niem yet la 959 Sd lupng tai khoan cua eae nha dau tula 879.730 tai khoan Sau gin 10 nam hoat dbng, theo tinh toan ehua day du cua SSC, tdng lupng vb'n huy dbng qua TTCK dat gan 200.000 ty ddng (khoang 10 ty USD), day la sdrat cd y nghia bdi eanh nen kinh te'nudc ta dang qua trinh CNH, HDH rat can vb'n eho dau tu phat trien
Hai Id, TTCK ngdy cdng trd thdnh kenh huy dong vdn quan trgng cho cdc doanh nghiep
Cd the nhan thay, sir dbi va phat trien eua TTCK d nude ta nhiing nam qua da tao thuan lpi cho cae doanh nghiep (DN) huy dbng vd'n dau tu phat trien Rat nhieu DN da tfch cue khai thae kenh huy dbng vdn thbng qua viee phat hanh co phieu va trai phieu, nha't la nhiing doanh nghiep co phan (DNCP) da Mem yet Nhb dd ma khbng ft DN da cd tdc dp tang trudng vb'n dieu le (VDL) va lpi nhuan kha cao, cb the thay rb qua bang
(2)NGHIEN CUU- TRAODOI
Bang 1: So von dieu le va gia tri von hoa ciia mot so doanh nghiep co phan Ten cbng tyvasd vdn
didu le niem y§t CTCPCKSaiGdn(SSI) VDL: 799 ty ddng CTCPCNn(FPT) Vfi L: 608 ty ddng CTCPHAGL(HAG) VfiL: 1.798 ty ddng CTCP Hba Phat (HPG) VfiL: 1.320 tydong
Nam lap
2000 1999 1988 1992
Ngay niem ydt
29-10-2007 13-12-2006 11-12-2007 15-11-2007
Sd VfiL hien (tydong)
3.511 1.916 2.925 2.945
Gia trj vdn hda (ty ddng)
12.569 13.129 29.236 12.194
s d c d phieu dang lifu hanh(trieu)
351
191,67
292 294
yet Ne'u nhu eae DN chi don thuan keu gpi cae chil sd hiiu gdp them vb'n thi chac ehan thbi gian ngan DN khbng the tang nhanh vb'n dieu le dup-c nhu vay Nhung cac cbng ty kinh doanh dat hieu qua cao, tao dupc uy tin db'i vdi cae nha dau tu, phat hanh bo sung CP va TP chuyen db'i cbng nen da gia tang VDL eua minh mbt each nhanh chdng
Ba Id, viec phdt trien TTCK a nudc ta da tqo thudn lgi cho viec ddi vdphdt trien loai hinh doanh nghiep cophdn
DNCP la loai Mnh DN cd kha nMeu uu die'm so vdi eae loai hinh DN khae nen kinh te thi trubng Loai hinh DN khbng ehi ed kha nang huy dpng mbt lupng vb'n ldn mpt thbi gian ngan (ke ea vdn va ngoai nude) ma nd cdn la loai hinh DN da sd hiiu nen han che dup-c tinh trang tMe'u trach nhiem, tinh trang tham b, tham nhung, lang phi DN
Cd the ndi, uu the ldn nhat ma DNCP cd the khai thae dup-c dd chinh la kha nang huy dbng vb'n tren TTCK Chinh nho kha nang ma cd kha nhieu DNCP sau mpt thbi gian hoat dbng da vuon len trd nhiing tap doan Mnh te' ldn, Mnh doanh da nganh, ed kha nang canh tranh manh me tren thuong trubng Dien hinh nhu Cdng ty eo phan Chiing khoan Sai Gbn (SSI) kM lap nam 2000 VDL ehi ty ddng da tang len de'n 3.511 ty (tang gin 600 lan) Ngoai ra, DNCP ebn eb nhieu thuan lpi viee thuc Men cae Mnh thiic mua ban, sap nhap DN (M&A), rat phd bie'n nen Mnh te thi trubng Day la Mnh thirc giiip cae DN md rbng quy mb hoat dbng vdi ehi phi thap, hieu qua dem lai kha cao Viee mua ban, sap nhap tren TTCK cua cac DNCP ed rat nhieu uru diem: tranh dupc sir canh tranh chdng cheo lin hoat dbng cua cae DN, giam tMeu su lang pM ve
Nguon: Tong hdp cua tdc gia tii cae tai lieu
ngudn lire va khai thac dupe eae the manh cila nhau, Dien hinh trubng hpp sap nhap giiia CTCP dbng lanh Hiing Vuong (HVG) vdi CTCP dbng lanh An Giang (AGF) sau HVG mua 51,08% ed phan tai AGF thang - 2009 HVG la DN xua't khau ea tra va ea ba sa hang dau Viet Nam, ed thi trubng xua't khau rat ldn, gia tri xuat khau eao nhung lai khdng dil hang de xuat kha'u, dd CTCP AGF lai ed ngudn hang ddi dao nhung lai tMe'u thi trubng Sau sap nhap, HVG da tan dung duoe thiet bi, nha xudng, nguon nguyen lieu ddi dao cimg vdi ngudn nhan lire da qua dao tao va cd nhieu Mnh nghiem cila AGF Dieu db'i vdi HVG la hieu qua hon nMeu so vdi viee dau tu mdi mat nhieu thbi gian, lang phi cohpi Mnh doanh; ebn AGF lai sir dung Meu qua hon ngudn nguyen heu cila minh, thi trubng xuat khau va Mnh ngMem quan ly cua HGV Ket qua cho tha'y, quy I nam 2010 AGF thu dupc 12 ty ddng lpi nhuan sau thue, tang gin lan so vdi eiing ky nam trude
Bdn Id, gop phdn hinh thdnh mgt dgi ngU cdn bg, chuyengiagidi linh vuc qudn ly thi truang chiing khodn, qudn ly DNCP vd ddu tu chieng khodn
Trong nhiing nam qua, ciing vdi sir phat trien cua TTCK, d nuac ta da Mnh mbt dpi ngii kha dbng dao can bb quan ly, cac ehuyen gia d cae eo quan quan ly nha nude linh vue chung khoan, d cac DNCP va cac nha dau tu CK Cd nhirng nha quan ly DN tai ba, sb'hp da cd nhiing ngubi da lam eho tai san eua DN tang len hang tram lin chi mpt thbi gian ngin Hay Mnh nen nhung nha diu tu CK gidi, nhirng Waren Buffet^ eua Viet Nam tuong
(3)lai Chfnh hp da gdp phin quan trpng viec phat trien manh me TTCK d nubc ta thbi gian qua, tao dieu Men thuan lpi de cac DNCP huy dbng dup-e cac ngudn vb'n nhan rbi eho diu tuphat trien
Ndm Id, TTCK da budc ddu thu hut dugc mgt lugng ddng ke vdn ddu tugidn tiep cua nuoc ngodi
Ne'u nhunam 2000, kM TTCK dnude ta dbi cM cd vai ehue nha dau tu nubc ngoai dang ky md tai khoan dau tuCK vdi sdvb'n rat nhd be tM den da cd khoang 14.026 tai khoan eua nha diu tunudc ngoai (gdm 1.276 tai khoan cua nha dau tuto ehiic va 12.750 tai khoan cua nha dau tuca nhan), cMem khoang 1,5% td'ng sdtai khoan dupc md de dau tu CK; da ed tren 10 ty USD vb'n dau tugian tie'p (FPI) dupc thu hiit thdng qua TTCK^ Mac dil day la sdvb'n ebn kha kMem ton so vdi tren 60 ty USD ma chiing ta da thu hiit dupe qua diu tu true tie'p nudc ngoai (FDI), nhung sdvb'n da gdp phan giiip cho nMeu DNCP ed dieu Men mdrbng quy mb san xua't Men dai hda thiet bi cbng nghe va gdp phan lam tang tfnh khoan cua thi trubng
Xet ve trung va dai han, day la kenh thu hiit vd'n nudc ngoai quan trpng eua nen Mnh te Khdng phii nhan nhiing han che ma dbng vb'n cd the gay cho nen kinh te, dd la nguy eo gay bat dn khbng cM linh vuc tai chfnh, ngan hang ma ca db'i vdi nen Mnh te dbng vdn dau tu gian tiep mang lai Dieu xuat phat tir dac tfnh nb'i trdi eua ngudn vdn dau tu gian tie'p la su linh hoat luu ehuyen vdn qub'c te'va tinh lay lan, day ehuyen Thbi gian qua, eae ea quan nhu Bb Ke hoach va Dau tu, SSC, Ngan hang Nha nubc da cd nhiing bien phap tfch cue de khai thac nhiing uu diem va han che nhiing tae dbng tieu cue eua dbng vb'n nhu quy dinh room ma cae nha dau tu nuac ngoai dup-c phep mua ddi vdi eae DNCP nube, dua eae dieu Men dbi vdi cac quy dau tunudc ngoai kM thoai vb'n va chuyen tien qua cac qub'c gia khae, tang cubng du trii ngoai hoi CMnh vi vay ma sd vdn dau tu gian tiep mac dii da thu hiit dupc mbt lupng dang ke nhung cd nhiing cM'nh sach hpp ly nen da khbng gay nen bie'n dbng ldn choTTCKvanenMnhte
Ben canh mdt sb ket qua da dat dupe, qua trinh phat trie'n TTCK d nude ta eiing da bpc lb mbt sdmat tdn tai ye'u kem nhu:
Thu nhdt, dd co giai doan de cho TTCKphdt trien qud nong, gdy thiet hqi cho khong it nhd ddu tu
Chiing ta da chiing Men giai doan TTCK Viet Nam
phat trie'n qua ndng nam 2006 va diu nam 2007 Dd la thbi ky TTCK nudc ta phat trien bong bdng, cM sd VN Index tang rat nhanh va len de'n dinh eao 1.170 diem vao 29 - 02 - 2007, sau dd bi vo; gia eua tat ea eae loai CP niem yet deu rat eao, vupt qua xa so vdi gia tri that eua ehiing Vao thbi ky dd, rat nhieu ngubi, dd cd ca cac nha quan ly va cae nha dau tu ngb nhan va eho rang TTCK Viet Nam dang di diing hudng Chinh vi vay ma cac nha quan ly d SSC va d eae san giao dich da khbng cb nhiing bien phap ddi phd Meu qua de ngan ehan da phat trien qua ndng, tMe'u nhiing canh bao cho cac nha dau tu, cae cbng ty ehirng khoan (CTCK) va eae ngan hang thuong mai Ke't qua la thi trubng vo bong bdng, cpng them nhiing tac ddng tieu cue eua cube khung hoang tai cM'nh the gidi, cM sd VN Index tir 1.170 die'm liie xudng thap ehi cdn 234 diem (02 - 2009) Gia eua nhieu ma cd phieu tut ddc phi ma, chang han nhu CP eua CTCP Cdng nghe thbng tin (FPT), thbi ky hoang Mm len den 660.000d/CP, liie giam tha'p nhat cM cbn 45.000d/CP, hay CP cua CTCP Khoang san Binh Dinh (BMC) liie cao diem len tdi 560.000d/CP, luc giam thap chi cbn 40.000d/CP Ke't qua la nhieu nha dau tu da bi tMet hai nang ne Day la bai hpc Mnh ngMem ldn cho ea cac can bb d cac co quan quan ly nha nude ve TTCK va cho ca cac nha dau tu CK d nuoc ta
Thu hai, khong it cdc DNCP, CTCK vi pham cdc quy dinh ciia Nhd nudc
Trong thM gian qua, tinh trang vi pham Luat Chung khoan va eae quy dinh cua Nha nubc linh vue dau tu chiing khoan la kha bie'n vbi cac muc dp va linh vue khae Chang han nhu nhieu cbng ty dai ehiing tien hanh phat hanh cd pMeu nhung khbng bao cao vdi SSC, mbt sd CTCP niem yet cbng bd ke't qua kinh doanh lb hoac lai chenh lech rat ldn so vdi sd lieu Mem toan^, cd CTCP da niem yet hoat dpng thua lb nhieu nam nhung tae dbng vdi edng ty Mem toan de
2 Han Tin: Lap "Id hdng"phap ly tren thj tn/dng chiing khoan, www cafef vn, 14-4-2010
(4)NGHIEN CUU-TRAODOI cbng bdket qua kinh doanh ed lai^; mbt sd co dbng ldn
su dung thbng tin nbi gian de true lpi eho bin than va gia dinh^; mbt sd CTCK da chen lenh tu doanh cua minh hay chen lenh ngubi than trubc lenh cua eae nha diu tu khae, eho phep nha diu tu su dung cac dbn bay tai cMnh vupt qua eae quy dinh cua Nha nubc nhu dupe mua, ban khdng trubc kM CK ve den tai khoan cua hp, tham cM cd CTCK tien khda tai khoan cila nha dau tuma khdng thdng bao trubc; hay mbt sd CTCK cd tinh trang nhan vien mbi gibi tiiy tien sir dung tien, CK cua nha diu tude Mnh doanh CKMem Ibi cho ban than^ Thuba, mgtsdcache, chinh sdch chdm dugc thay doi Mac dil Luat Chung khoan mbi thi hanh dupc nam, nhung da bpc lb mpt sdhan che'nhu:
- Cae dieu Men de dupe cbng nhan la cbng ty dai ehiing qua dd dai, din den tinh trang nhieu cbng ty dai ehiing phat hanh CP khbng dang ky vdi SSC
- Viee thie'u eae quy dinh ve thbi gian cae cbng ty dai chiing phai niem yet dan de'n thi trubng phi tap trung (OTC) cang phat trien so vdi thi trudng niem yet, day la thi trubng tiem an rat nhieu rui ro, ehua dung nhieu nguy ea lira dao
- Trong Luat Chirng khoan hien khbng quy dinh ve viee phat hanh rieng le (phat hanh cho dudi 100 nha diu tu) Tan dung lb hdng nay, nhieu DNCP thay vi phat hanh CP cbng chiing thi hp lai tie'n hanh nhieu dpt phat hanh rieng le va phan phdi CP dai chiing thbng qua viec mua di, ban lai quyen mua, khbng dam bao lpi ich eho cac co dbng Men hiiu De'n diu nam 2010, Chinh phii mbi ban hanh Nghi dinh sd 01/2010/ND-CP hudng din viec chao ban rieng le
- Do siryeu kem khau luu ky CK va tMet bi cbng nghe nen thbi gian toan tien va chung khoan cua cae nha dau tuvan la T+3 ve tien ban CK va T+4 ve CK mua ve Dieu da lam giam dang ke tfnh khoan eua thi trubng va lam tang dp rui ro cho cac nha diu tu
- Viec quy dinh cae thil tuc eho DN cd vb'n diu tu nubc ngoai dupc niem yet trien khai ebn eham Mac dii Chfnh phu da ban hanh Quye't dinh 55/2009/QD-Ttg 15 - - 2009 ve ty le tham gia cua nha diu tu nubc ngoai tren TTCK, nhung thbi gian qua, nhieu DN FDI xin dupe niem yet tren TTCK vin ehua dupe phep vdi ly phai chb thbng tu hudng dan Viee eho phep nhieu DN FDI dupe Mem yet tren san chang nhirng lam cho DN nbi - ngoai dup-c binh dang hon, ma eae co quan quan ly cung dd kie'm soat dbng vb'n chu
ehuyen, tang lupng vb'n hba eho thi trubng
- Miie dp xu phat db'i vdi cac hanh vi vi pham theo quy dinh eua Luat Chung khoan la qua nhe (tu 70 trieu ddng trd xub'ng)'' Do mue xu phat qua thap so vdi cai lpi thu dupe tie'n hanh cac hanh vi thao tiing eung ciu, liing doan gia, mua ban npi gian nen thie'u tinh ran de, nhieu nguM vin cb tinh vi pham
Thu tu, tinh trqng thao tiing gid, gian ldn chung khodn diin khd bien
Viec day, dim gia mpt sd co phieu la chil dfeh cila mbt sdcbng ty ehiing khoan, chil dfeh cila mbt sd vien cbng ty chirng khoan hay nhiing nhdm nha dau tu dpc lap ben ngoai (hay cbn gpi la cac "dpi lai") Thbi gian qua, viee lam gia, gian lan ehung khoan diin kha bie'n nhung ehua ed nhung bien phap hiru hieu de ngan chan, phat Men, da gay thiet hai nang ne eho eae nha dau tu
Dien hinh nhu trubng hpp thao tiing ehi sd HNX h san Ha Nbi thbi gian qua Viee lam da vi pham Khoan Dieu eila Luat Chiing khoan ve tao eung cau gia va thao tiing gia, nhung nhiing vi pham cham dupc xir ly va chua nghiem Hay trubng hpp mpt sd CO dbng ldn eua eae CTCP da niem yet dang ky mua nhung khbng mua ma lai ban, dang ky ban nhung khbng ban ma lai mua hoac dang ky mua, ban nhung lai khbng thuc Men nham true lpi Nhiing trubng hpp vi pham tren mdi ehi bi phat vai ehue trieu ddng la ehua nghiem khae, ehua ed tinh ran de cac db'i tupng khae
Gin day, mbt sd co pMeu cua cae CTCP eb gia tri vdn hda nhb, tinh khoan thap (CP thupe nhom pennys stock) thubng bi lam gia Dieu dang ndi la ca nhiing CTCP bi thua Id keo dai, khbng ed thbng tin gi tb't nhung gia CP van tang tran nMeu pMen lien, ehi mbt
4 Trwdng hap cua CTCP Bdng Bach Tuyet (BBT), mac du Id nam lien nhung kiem toan vin bao eao iai, phat hien thi sold cua cdng ty da chiem gin het tong tai sin eua DN, dieu da gay biic xue Idn eho cac nha diu twnam giw CP eiia edng ty 5 Trwdng hgp IPO a CTCP Xuat nhap khau Ha Ndi (Intimex Ha Ngi) Hay mdt su viec dien da lau nhung gin day mdl bung phat la viec rd ritin mat thdng qua viee hang dwa len mang danh sach tu doanh cua 40 CTCK, cdng ty quin ly quy nhw bao ehi da phanh phui hoi thang 4-2010
6 Chi tinh rieng nam 2009, SdGDCK HNX cho biet, qua theo ddi 484 lugt giao djeh cua 280 cd' ddng Idn, ca quan da phat hien co 155 trwdng hgp vipham ve cdng bd'thdng tin
(5)thbi gian ngan dupe day len vai chuc phin tram Thu nam, tinh khodn tren TTCK a nuac ta cdn thdp
Tfnh khoan cila TTCK thap the'Men khbi lupng CK dupc mua ban tien thi trubng chua nMeu CM tfnh tic dau nam den nay, gia tri giao dieh binh quan cac pMen ciing cM dat khoang 2.300 ty ddng tren ea hai san Tham cM cd pMen cM dat tien 1.000 ty day ed nhiing nguyen cua nd, dd la mac du TTCK d nudc ta da di vao boat dpng dupc 10 nam, nhung vin ebn rat non tie so vbi TTCK dnMeu qub'c gia khac^, nen Mnh tenubc ta van cbn la nen kinh te cham phat trien, thu nhap binh quan dau ngubi thap, sd nha dau tu CK ehuyen ngMep ehua nMeu, sd hang hda ed chat lupng cao ebn ft, tinh trang thao tiing, liing doan gia ehua bi xir ly ngMem khae va kip thbi, thbi gian toan tien hay CK cbn cham Tat ca nhiing dieu da lam cho nMeu ngubi dan chua man ma vbi viec bb tien dau tu vao ehiing khoan, nMeu nha dau tu nudc ngoai bb vdn vao TTCK d Viet Nam
2 Mot so giai phap nham p h a t trien TTCK Viet Nam
De cd the phat trie'n manh TTCK d nubc ta nhiing nam tie'p theo Men nghi mbt sdgiai phap chu ye'u sau:
Thiinhdt, hinh thdnh nhiing hdng hda cd chdt lumg cao decung cdp cho TTCK
De ed dupc nhiing hang hda cb chat lupng eao cung cap cho TTCK, mbt mat nha nubc cin tie'p tuc day manh viec cd phan hba (CPH) nhiing DN nha nudc (DNNN) khdng can tdn tai dudi Mnh thiic DN 100% vdn nha nubc hay hinh thiic edng ty tiach nMem hiiu han mbt vien Viec CPH dupc tie'n hanh ke ea mbt soDN ldn, DN cae tap doan cila Nha nubc nhu Vinaphone, Mobiphone, Viettel, Ngan hang Dau tuphat trien, Ngan hang Nbng ngMep va phat trien nbng thbn, Nha may thuy dien ffoa Binh, Nha may lpe diu Dung Quit, Mat khae, eiing can nhanh chbng hoan tat cac thil tue de eho phep cae DN cb vdn diu tunudc ngoai (DN FDI da chuye'n ddi CTCP) dupc mem yet tren hai san giao dieh CK (GDCK) Cac DN dupe len san chang nhiing giiip cho TTCK d Viet Nam phat tiien manh me ban ma nb cbn tao nen subinh dang giiia DN "npi" va DN "ngoai", ddng thbi cac co quan quan ly ciing dd dang Mem soat dbng vdn diu tir han Tuy nMen, viec CPH cac DNNN Ion tranh lam d at, dd din den viec tang lupng cung CP qua ldn tren thi tinibng, pha bang CP, lam suy giam gia CP
Thu hai, tien hdnh cdc bien phdp nhdm ldm tdng tinh khodn tren TTCK
Lam tang tinh khoan tren TTCK chang nhiing han che bdt dupc rui ro cho eae nha dau tu, ma nd cbn thu hiit dupe nhieu nha diu tu mdi tham gia vao thi trubng, qua dd lam eho thi trubng phat trie'n hieu qui va ben viing hon De thue Men dupc dieu can phai giai quye't tb't mpt sdvan de chu ye'u nhu:
- Uy ban Chirng khoan nha nubc (SSC) va eae CTCK can sbm thuc Men viec nit ngan thbi gian mua ban chirng khoan cho eae nha diu tu, trudc mat la nhanh chdng thuc Men viee toan T+2 eho cae nha diu tu (tien hay ehirng khoan dupc khdp lenh mua hay ban pMen sau phai ve den tai khoan cua nha dau tu chiikhbng phai la nhu Men nay) va sdm tien tdi thuc Men viee toan T+0 eho cac nha diu tu (ngMa la tien va ehung khoan ve tiong pMen giao dich) Ngoai ra, cac CTCK can riit ngan de'n muc thap nhat thbi gian khdp hoac huy lenh eho nha dau tu va eho phep tien hanh eae hoat dpng mua ban ehung khoan true tuyen mpt each rbng rai (chu khbng gidi han nhu Men tai d mbt sdCTCK)
- Can tao thuan lpi hon cho cae nha dau tu su dung eae dbn bay tai ehinh Khi nen Mnh te da vupt qua suy thoai va da Mem che dupc lam phat, TTCK hdi phue va phat trie'n tM cac ngan hang thuong mai nen manh dan tang ty le vdn tfn dung eho cac nha dau tu chirng khoan vay Ben canh db, SSC va eae CTCK eiing nen eho phep nha diu tu dupc vay CK de ban (kM CK da mua ehua ve de'n tai khoan) Cin khuyen khfch cae cbng ty mem yet su dung eae loai CK phai sinh nhu quyen mua co phan, quyen chpn mua, quyen chpn ban, hpp ddng tuong lai de da dang hda viee mua ban eae loai CK tien thi trubng
- Tao mbi trubng thuan lpi tiong viec thu hiit vdn cila eae nha dau tunube ngoai De thuc Men dupe dieu nay, SSC can tap trung vao viee dua cac quy dinh Uen quan den viec diu tuCK cua cae nha diu tunudc ngoai nhu sdm dua eae quy dinh de cac DNCP ed vb'n dau tu nubc ngoai dupe niem yet tren hai sd GDCK, manh dan tang room^ eho cac nha diu tunudc ngoai dnhiing DN ft cd vai trb quan trpng nen Mnh te (Men theo quy dinh eua Nha nubc thi nha dau tu nubc ngoai ehi dupc sdhiiu 49% CP dnhiing DN da mem yet, rieng ddi vdi cac ngan hang eo phin tM nha dau tu nubc ngoai cM
8 TTCK cua Phap da hoat ddng 465 nam, eda Anh la 445 nam, cua My eung la 193 nam
(6)NGHIEN CUU- TRAODOI dupc sb hihi 30% CP) De han che viee thoai vb'n d at d
nhung DN nay, gay bien dbng xau db'i vdi TTCK nude, SSC cin dua cac dieu Men chat che hon viee thoai vb'n va chuyen vb'n nudc ngoai Chang han quy dinh chat che ve thbi gian, sdvb'n dupe riit va ty le vdn dup-c chuyen nude ngoai sau mbi dpt thoai vbn eua cac quy dau tu eila nubc ngoai; cin cd cMnh sach uu dai eho eae nha dau tunudc ngoai la cac co dbng chien lupc d cac CTCP dai chiing, chang ban uu dai ve gia mua CP, uu dai tiong viee mua trai pMeu chuyen ddi nham tao dieu Men cho cac DNCP khai thae dupc the manh ve vb'n, ve cbng nghe, ve Mnh ngMem quan ly, ve thi tnrong xuat khau eiia cac co dbng cMen lupe
Ngoai ra, de thu hiit manh me vb'n diu tu nube ngoai, nha nubc cin khuye'n khich cac DN ldn da Mem yet d sd GDCK manh dan dang ky niem yet d TTCK nubc ngoai Thbi gian qua, mbt sdDNCP niem yet ldn kinh doanh thu dupe nhieu hieu qua nhu VNM, VCB, HAG, ACB, dang tien hanh cac thu tuc de niem yet tren TTCK d Singapore, Hdng Kdng, Anh Day la each thiie huy ddng vb'n nube ngoai rat thuan tien, qua dd lam gia tang tinh khoan eua CP va uy tfn thuong hieu eiia nhiing DN Mnh doanh hieu qua cao dang can vb'n cho dau tuphat trien
- Md cac ldp dao tao, bdi dubng cac Men thuc ve Mnh doanh ehirng khoan eho cae nha dau tu Hien nay, phan ldn cac nha diu tu d nude ta la nha diu tu ca nhan, db hiu he't khbng qua trubng lop dao tao nao Chfnh vi vay hp thubng dau tu CP theo phong trao (ed ngubi gpi la tam ly biy dan) va rat de bi tae dbng tam ly hay dau tutheo cam ti'nh Vi vay, eae eaquan chiic nang nhu iiy ban ehirng khoan, cac sd giao dich chirng khoan, cac cbng ty chiing khoan va cac ea sd dao tao nen mb cac ldp dao tao vdi cac chuong trinh khae de cac nha dau tutham gia nang eao trinh dp Men thirc cila minh
Thie ba, ldm tdt cong tdc kiem tra, kiem sodt viec cong bd thong tin vd xiily nghiem minh cdc hdnh vi vi phqmtrenTTCK
Cac CO quan chiic nang eua SSC va cua cae sd GDCK cin day manh hon niia cac hoat dbng Mem tra, Mem soat db'i vdi cac CTCP dai chiing, CTCP niem yet Dac biet la eae hoat dbng cbng bd thbng tin, mua ban ndi gian hay lung doan gia Chi ed phat Men kip thbi va xir ly nghiem cac hanh vi vi pham mdi lam cho TTCK d nudc ta hoat dbng lanh manh va giam thieu rui ro cho cac nha diu tu Mudn vay, SSC va ban quan
ly cua hai sd GDCK can day manh hon niia viec hpp tac vdi CO quan quan ly TTCK ciia nudc ngoai de hpc tap kinh nghiem, bo sung nhiing can bd cd nghiep vu chuyen mbn gibi vao bb phan tra, giam sat lam cho eae bb phan boat dbng mbt hieu qua han
Thutu, hodn thien khung phdp ly cho TTCK De han che de'n muc thap nhat cae hanh vi vi pham tren TTCK, lam eho hoat dbng eua cac DNCP minh bach hon, qua dd han che eae rui ro va tao dieu Men mpt thuan lpi hon eho cac nha dau tu CK, nha nubc can sdm siia db'i Luat Chung khoan va cac van ban hen quan den cac boat dbng dau tu CK nhu eho phep cac nha dau tu CK dup-c md tren mbt tai khoan tai CTCK Can quy dinh chat che hon eae hanh vi vi pham ve cbng bd thbng tin, ve mua ban nbi gian, ve liing doan gia, ve thao tiing thi trubng, ve phat hanh CP d eae cbng ty dai chiing Tang muc dp xu phat db'i vdi nhiing hanh vi vi pham va tich thu sung cbng toan bp nhiing khoan lpi thu dupe thuc Men cac hanh vi vi pham
Thii ndm, hi$n dai hoa he thdng ket cdu hq tdng ky thudt cho TTCK
Nha nudc can dau tu mbt each thda dang hon cho viec nang cap va Men dai hda he thd'ng ke't eau tang tren TTCK, nha't la cac tMet bi phan ciing va phan mem khdp lenh eua cac sd GDCK va trung tam luu ky CK de dam bao viec giao dich diin an toan va thdng sudt mpi tinh hub'ng De dam bao lpi ich va giam de'n miic thap nhat rui ro eho cae nha dau tu tien hanh sir dung mang de giao dieh, ben canh cac CTCK, trung tam luu ky CK phai sbm trie'n khai cbng nghe, thiet bi de cap nhat kip thbi mpi hoat ddng giao dich eua tat ca cac nha dau tu Cac CTCK can day manh viec ling dung cbng nghe Men dai de tiong thbi gian ngan cac nha dau tu deu cd the tie'n hanh giao dich true tuyen qua trinh mua ban CK cua minh ,
Tai lieu tham khio:
1 Q.'Sdn: Vd'n hoa TTCK dat 45% GDP, Bao Dau twehiing khoan ngay7-5-2010
2 Bui Huy Hoan: Nang cap, hoan thien TTCK Viet Nam, Bdo Sal Gdn giii phdng 19-7- 2010
3 Hoang Liem: TTCK Viet Nam - cung ed'phap ly, nang chat lugng hang, Bao Sal Gdn giii phong 21 -7-2010 4 B.S: Huy dgng vd'n qua thj trwdng chiing khoan dat hdn 45.500tyd6ng, Bao Dautu chiing khoan 24-11 -2010 5 TS Ho Cdng Hudng: TTCK Viet Nam, 10 nam nhin lai, Bao Dau tuehUngkhoan ngay29-11-2010
6 HUu Hoe: Khd xii ly hinh Sli tgl pham chUng khoan, vi sao?, Bao Dau tu chUng khoan 20-11-2010