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Tir ap luc ciia viec cit giam ngudn hd trp lai suit uu dai trong nam 2009, cac doanh nghiep cdn khd khan hon khi he thdng ngan hang siet chat cap tin dung, dac biet la tin dung bat dd[r]
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H|T,RiraNGCHl/N y\ij NAM NAM 201.1
Kenh huy dong von quan cua doanh nghiep I S NGUYEN SON - (ly ban Chiing khoan Nha nude
Kinh te Viet Nam bUdc vdo ndm 2010 vdi nhieu thdch thdc cdc gdi kich thich kinh te'md Chinh phu dp dung ndm 2009 hit hieu lUc Cdc doanh nghiep gap khd ho trp Idi sudt vd Uu ddi mien, gidm, gidn thue het hiiu lUc Trong bdi cdnh do, nhieu doanh nghiep dd tim den kinh huy dpng vdn quan trpng Id TTCK
Boi canh kinh te qud'c te va nUdc
Nam 2010, kinh td the gidi, dac biet la kinh td My va cac qud'c gia chau A da cd su hdi phuc dang ke TTCK toan ciu cd su hdi phuc nhanh, nhien, van dd khung hoang np chau Au nhimg b i t dn tham hut ngan sach \-a su yeu kem ciia he thdng cac ngan hang d mdt so qudc gia Trung Au (Hy Lap, Tay Ban Nha) da lam day len lo ngai \'e cudc khiing hoing kep da khidn kinh td toan ciu va cac TTCK tren thd gidi didn bidn phuc tap Thi trudng tidn te the gidi vdi ndi lo vd mdt cudc "chien tidn te" \ a o cudi nam ddng USD mat gia kha nhanh \"a su len gia cua mdt sd ddng tien chii chdt khac (ddng Yen Nhat va ddng Nhan dan te cua Trung Qudc), ciing nhu nhiing bidn dpng tren thi trudng vang thd gidi da lam cho thi trudng tai chinh toan ciu nam 2010 khdng thuc su "yen i"
Trong bdi cinh dd, kinh td Viet Nam nam 2010 cung cd nhidu thach thiic cac gdi kich thich kinh td ma Chinh phu ap dung nam 2009 bet hieu luc Cac doanli nghiep phai timg budc tidp can \'di cac ddng \'d'n theo quan he cung ciu \-dn ciia thi trudng, "bau siia" hd trp lai suit \-a uu dai midn, giam, gian thudhdt hieu
luc da dat cho doanh nghiep nhieu khd khan gia ci nguyen lieu tang nhanh, lam phat tang trudng tid lai, lai suit ngan hang len cao Ben canh dd, nhiing yeu kem quan ly tai chinh ciia cac tap doan nha nudc d i n bdc Id ma khdi d i u la vu " d i m " tau Vinashin, vdn dupc xem la "bieu tupng" ciia md hinh tap doan nha nudc da nang ciia Viet Nam, ciing lam day len lo ngai tiong cdng ddng cac nha d i u tu nudc va qudc te Dil gap nhieu khd khan, song vdi su nd luc dieu hanh ciia Chinh phii va ca nen kinh td, cac chi tieu kinh td tiong nam 2010 vin dat miic dat ra: tang trudng GDP (dat 6,78°o); kim ngach xuat khau dat miic tang trudng kha Tuy nhien, ben canh dd, nhieu chi tieu kinh td khac chua dupc nhu mong mudn nhu lai suit ngan hang tang cao (14-17%), chi sd gia tieu dimg (CPI) tang manh (11,75% so vdi miic dat ciia Chinh phii 7%) da day len lo ngai bimg phat lam phat trang nam 2010 lam cho ty gia VND/USD bidn ddng manh, gay khd khan cho khu \-uc doanh nghiep va ndn kinh te
Dien bien cua TTCK Viet Nam nam
TTCK Viet Nam nam 2010 khdng cd nhidu bien
BI^N DONG C H I SO V N - I N D E X VA HNX-INDEX N A M 2010 (DIEM)
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Thang
(2)tMCHim-thang 1/201 ^
ddng Idn nhu nam 2009: chi sd gia cd phieu VN-Index ngay 31/12/2010 la 484,66 diem, giam 2% so nam 2009 Tdng gia tri vd'n hda thi trudng ciia 623 cdng ty niem yet ti-en cac sd giao dich chiing khoan (SGDCK) la 650.150 ty VND (trong HOSE la 523.933 ty VND; HNX la 121.217 ty VND), chiem 39,56% GDP nam 2009 va du kien khoing 37% GDP nam 2010 Mac dii sd lupng cdng ty niem yet gia tang dang ke (623 cdng ty so vdi 455 cdng ty ciia nam 2009) nhung miic vd'n hda thi ti-udng tang khdng dang ke (39,56% so \'di 38% GDP nam 2009)
Dil sd lupng cac trung gian tai chinh khdng gia tang (105 cdng ty chiing khoan; 47 cdng ty quin ly quy) nhung sd lupng tai khoan giao dich chiing khoan ciia nha diu tu tang dang ke (1.031.000 tai khoan, tang 126% so vdi 793.000 tai khoan nam 2009) Trong dd, sd lupng tai khoan nha d i u tu nudc ngoai khoang 15.000 tai khoan va gdp phin dang ke giao dich dan dat thi trudng, dac biet la cac thang cud'i nam lupng mua rdng ciia nha d i u tu kha Idn (khoing 15.000 ty VND) va keo dai qua nhidu phien giao dich tren TTCK
Kenh huy dong von cua doanh nghiep
Nam 2010 la nam cd chi sd lam phat tang nhanh, keo theo dd lai suit huy ddng va lai suit cho vay cua ngan hang thuang mai tang kha cao (khoing tii 14-19%) Dieu khien cho khu vuc doanh nghiep rat khd tiep can dupc ngudn vd'n vay ngan hang Mat khac, viec tang cudng kiem soat ve he sd an toan tai chinh ddi vdi cac ngan hang thuang mai tir NHNN thdng qua cac Thdng tu 13/2010/TT-NHNN va Thdng tu 19/2010/TT-NHNN khidn cho he sd sii dung vdn ciing nhu kha nang cap tin dung ciia ngan hang ddi \'di nen kinh td ciing nhu khu vuc TTCK bi giim sut dang ke Ngoai ra, viec tang vdn ciia cac ngan hang thuong mai de dap ling yeu ciu miic vd'n phap dinh la 3.000 ty VND theo Nghi dinh 141/2006/ND-CP cung dat nhiem vu cho cac doanh nghiep ndi chung va cac ngan hang la phai tim kiem ngudn vdn thdng qua TTCK
Tir ap luc ciia viec cit giam ngudn hd trp lai suit uu dai nam 2009, cac doanh nghiep cdn khd khan hon he thdng ngan hang siet chat cap tin dung, dac biet la tin dung bat ddng sin va cho vay d i u tu chiing khoan, kiem soat va thu hdi cac khoan d i u tu tai chinh vuot qua gidi ban an toan, lam cho tdng mirc du np tin dung toan nen kinh te xudng tha'p (khoang 19%) so vdi tdng miic du np tin dung nam 2009 la 37% Muc tieu kiem soat tang trudng tin dung toan he thdng la 25% ddng nghia vcVi \'iec ban che cap vdn vay ngan hang cho nen kinh te va khu vuc doanh nghiep khidn cac doanh nghiep phai tu can dd'i ngudn vdn thdng qua TTCK Ngoai ra, vdi ap luc lai suit vay qua cao, cac doanh nghiep sin xuat kinh doanh khd dap ling miic loi suit diu tu cao de can ddi chi phi \'d'n va lai kinh doanh,
Mot goc Sd giao djch Chiimg khoan TP Ho Chi Minh
vay huy ddng vdn thdng qua phat hanh cd phidu de dap ling vdn kinh doanh se la each lam tdt nhat vi khdng bi ap luc vd lai suit cao (chi tri cd tiic cho c6 ddng neu doanh nghiep lam an cd lai)
Vdi cac ap luc tim kiem ngudn \'dn ndi tren nen dii nam 2010 nen kinh td cd nhieu khd khan nhung viec huy dpng vdn cua cac doanh nghiep qua TTCK lai cd miic tang trudng dang ke Tdng miic huy ddng vdn qua TTCK nam 2010 (diu gia cd phin hda; phat hanh tang vd'n; phat hanh tiai phieu) khoang 110.000 ty VND, tang gin lan so vdi muc huy ddng ciia ci nam 2009 la 39.000 ddng va nam 2008 la 27.000 ty VND (nam 2007, TTCK tang trudng manh nen ky luc huy ddng vdn qua TTCK dat 127.000 ty VND)
Danh gia chung
Vupt qua nhung khd khan, thach thiic giai doan "hau suy giam kinh td", vdi cac chinh sach dieu chinh hop ly tir Chinh phu \'a cac ca quan hiiu quan, TTCK Viet Nam dupc giii vung, dan di vao dn dinh va timg budc phat trien phii hop vdi su dn dinh kinh te vi md TTCK Viet Nam timg budc dupc hoan thien theo cau triic hpp ly, bao gdm: khu vuc niem ydt cd phieu quy md vdn Idn (HOSE), khu vuc doanh nghiep quy md viia va nhd (HNX), khu vuc cdng ty dai chung chua niem yet (Upcom), khu \'uc giao dich trai phieu CP chuyen biet (HNX) He thdng giao dich timg budc dupc hoan thien, vdi viec dua vao giao dich be thdng giao dich true tuydn tai HOSE va HNX ciing nhu khu vuc Upcom da cho phep gia tang nhanh khdi lupng giao dich va giam thieu cac riii ro, sai sdt qua trinh nhap lenh tai san giao dich Ben canh dd, de timg budc thu hep thi trudng tu va dua cac boat ddng giao dich tu phat (thdng qua cac "san" giao dich tai cac td chiic phat hanh va cdng ty chung khoan) vao quy dao quin ly, Uy ban Chiing khoan Nha nudc (UBCKNN) da day manh viec kiem tra, giam sat viec lap cac san giao dich tu phat tai cac cdng ty chiing khoan, chin chinh viec lap cac san vang va san giao dich chi sd ciia mdt sd cdng ty chiing khoan
(3)Ben cann c:*, ,->; • \ e r a o " ciia cac cdng tv chirno-k h o a n chirno-khi cho chirno-khach n a n g sii d u n g cac " d d n bay tai c h i n h " (cho vay ky quy; cho ban chiing khoan trudc nga\' T+3; cho \ a y c h u n g khoan de ban ) cung duoc c h i n chinh \-a cham dirt UBCKNX da phdi hc)p \ d i co quan didu tra de xem xet \ a xii ly cac trudng h p p thao tiing gia cd phidu tren thi trudng Trong p h a m \ i xii Iv h a n h chinh, budc d i u L T B C K N N da xii phat nghiem ddi \-di cac vu thao tiing gia c6 phidu VTV va AAA, phdi hpp vdi CO quan an ninh dieu tra de khdi td hinh su ddi \ d i vu \ i e c thao tiing gia cd phidu D\T), DHT
Giai phap phat trien on djnh, ben vuTng TTCK
Kinh td thd gidi da qua giai d o a n khd k h a n n h a t d i n h , tuv nhien cac veu td tidm an \'an cdn kha Idn Nhiing thach thiic dat cho bdi canh kinh t d n a m 2011 \'a thi t r u d n g tai chinh la khd ludng Vdi Viet N a m , trudc n h u n g tac d d n g cua kinh td the gidi, kiiil-i td nudc ben canh n h i i n g t h u a n Ipi nhat dinh v i n cdn nhieu khd khan, thach thiic Idn Cac chi tieu kinh t d \ i md n a m 2010 vd ca ban tao tien dd cho su p h a t
Nam 2010 danh dau chang dudng 10 nam cua TTCK Viet Nam Thj trudng da co nhUng phat trien vUOt bac, vUOt xa ke hoach ban dau ve quy mo vdn hoa TTCK da trd kenh huy dpng vdn cho DN vdi hang tram ngan ty dong Nam 2010, thi trudng dat ky luc len san niem yet: them 81 CO phieu tren HOSE, 110 cd phieu niem yet tren HNX va 82 co phieu dang ky giao dich tren UPCoM Nam 2010 cung la nam ky luc cua DN huy dong vdn qua TTCK vdi tdng gia trj huy ddng vdn len tdi 110.000 ty VND, tang lan so vdi nam 2009 va tang lan so vdi nam 2008
^ hda a, dia lao ban dich tren
trien ciia n a m 2011, nhien van de chi sd gia tieu diing tang cao, chi sd d i u tu ICO cao ddi hdi p h i i cd cac giai p h a p de kiem soat muc tang trudng tin d u n g ; kidm soat lam phat \-a xem xet lai hieu qua d i u t u toan xa hdi
N h i m muc tieu phat tridn dn dinh, ben \'iing ciia TTCK nam 2011 va chuan bi cac dieu kien cho su phuc hdi va tang trudng giai doan tiep theo, cac giai p h a p phat tridn TTCK n a m 2011 c i n tap trung:
(i) H o a n thien kl-iung p h a p ly, the chd, chinh sach cho thi trudng thdng qua \ i e c ban h a n h cac Nghi dinh, Thdng til h u d n g d i n thi h a n h Luat Chirng khoan sua ddi, bd sung \-iia dupc Qudc hdi thdng qua H o a n thien \ a trii-ili Tlru tuong Chinh phii Chien lupc phat tridn thi ti-udng 2011-2020; De an quan ly vd'n dau tir gian tidp Timg budc dua \ a o ap d i m g cac s i n p h i m mdi cua thi trudng (nha d i u tu dupc md nhidu tai khoan; m u a ban chiing khoan giao dich; ban chiing khoan T+2; giao dich ky quv iil-iim gia tang tinh
khoan ciia thi trudng
(ii) Tang cudng cdng tac quan ly, phat trie"' thi trudng: Tidp tuc phdi h p p \ d i cac bo p h u o n g d e g i n cdng tac cd p h i n hda ^ chiing khoan cdng chiing \'a d u a vao -
thi t r u d n g cd td chiic; Tang c u d n g gian- sat, kiem tra, q u i n ly chat che viec chao ban chirng k h o a n cdng chiing va \-iec sii d u n g vd'n h u v d d n g cua cac td chiic p h a t hanh
(iii) Thuc hien cdng tac quan Iv, p h a t trien cac dinh chd t r u n g gian h o a t d d n g tren thi t r u d n g : Tridn khai \-iec thuc hien cac tieu chi an toan tai chiiih cac cdng tv chirng k h o a n , co chd xii ly riii ro cac td chiic kinlt d o a n h chirng k h o a n ; T a n g c u d n g cdng tac q u i n ly, giam sat cac dinh chd t r u n g gian, van phdng dai dien nudc ngoai; Trien khai cac n g h i e p \-u mdi nhu repo, margin, ban c h u n g khoan nga\' T-i- va cac nghiep \-u giao dich p h a i sinh n h a m tang tinh t h a n h khoan nl-iimg phai d a m bao kha n a n g q u a n Iv, giam sat chat che \"a an toan cho thi t r u d n g
(i\-) Timg b u d c trien khai tai c i u true TTCK Viet N a m thdng qua \ i e c h o a n thien he t h d n g cac tl"u trudng niem ydt; Thi trudng giao dich cd phidu dai c h u n g chua n i e m ydt (Upcom); Thi t r u d n g trai phidu Chinh phii chuyen biet H o a n thien \'iec n a n g cap he thdng cdng n g h e t h d n g tin ciia SGDCK \'a TTLKCK n h i m tang cudng giam sat cac boat d d n g giao dich tren thi trudng
(v) Tang c u d n g q u i n ly, g i a m sat boat d d n g thi trudng, xay d u n g q u y trinh t h a n h tra ve cdng bd thdng tin ciia cac td chiic t h a m gia TTCK; Thuc hien cdng tac kidm tra d i n h ky va bat t h u d n g dd'i vdi SGDCK, TTLKCK va cac thaiih vien thi t r u d n g ; Tang cudng p h a n cap, liy quydn cdng tac giam sat, kiem tra vien dd'i vdi SGDCK va TTLKCK
(vi) Tang c u d n g cdng tac dao tao, nghien cuu khoa hpc, thdng tin tuyen truyen; Phdi h p p vdi cac ca quan thdng t i n , bao chi dd tuyen truyen, p h d cap kidn thuc vk chiing k h o a n \-a TTCK \'a qua dd tuyen truyen cac chinh sach chii t r u o n g ve q u a n ly thi trudng, xii ly va cdng b d cac tin d d n tren thi trudng; H o a n thien cdng tac td chiic thi sat hach h a n h nghd, c a chd cap c h u n g chi h a n h nghd, he t h d n g n g a n h a n g dd thi theo thdng le qud'c td
(vii) T a n g c u d n g vai trd ciia H i e p hdi kinh doanh chiing khoan, Hdi kiem toan vien hanJi n g h e , Hiep hdi cac nha d a u t u tai chinh, Cau lac bd cdng ty niem ydt, Cau lac bd cdng t\' quan ly quy d i u t u vd: N a n g cao dao due nghe nghiep ciia cac \ i e n the ^ yj^^ ^^y d u n g , p h d bidn va giam sat cac quy t i c A^^ hanh nghd; Phdi h p p vdi ca quan quan ly th\
chat lupng cdng bd thdng tin ciia cac t h p p vdi cac vien dd xay d u n g , bai sat cac cac quy trinh npi bd ve kiem soa, tri riii ro, cac quy trinh nghiep \ u
iam sat n; Phdi giam
l u a n