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Theo do, quyen chgn cd phieu vd cdc logi chUng khodn phdi sinh dugc the hien ro trong tUng hUdc di cua cdc chinh sdch, the hien sU cdn thiet vd cdn dugc phdt trien tren thi trUdng chUn[r]
(1)I l l DAUTU TAI CHI'NH
ifNG DUNG QUYEN CHQN CO PHI^U
TREN THI TRl/dNG CH&NG KHOAN VIETNAM TS Than Thi Thu Thiiy DH Kinh te TP HCM
^ ^ ^ ^^e tU ngdy 11/01/2007 Viet Nam chinh thUc gia nhap WTO, tham gia vdo thi
K^T^ trUdng ldn co tinh todn cdu Nhdn thUe dUgc vdn de quan trgng ndy, De dn
^ P ^ ^ k Phdt trien thi trUdng vdn Viet Nam den ndm 2010 vd tdm nhin den ndm 2020 ^ ^ L ^ ^ ^ dugc Chinh phd phe duyet ngdy 02/8/2007 co neu cu the "Phdt trien thi trUdng
vdn theo hUdng hien dgi, hodn chinh ve cdu true (hao gom thi trUdng ed phieu, thi trUdng trdi phieu, thi trUdng cdc cong cu phdi sinh, thi trUdng tap trung, thi trUdng phi tap trung ), van hdnh theo cdc thong le qude te tdt nhdt, co khd ndng lien ket vdi cdc thi trUdng khu vUc vd qude te" Theo do, quyen chgn cd phieu vd cdc logi chUng khodn phdi sinh dugc the hien ro tUng hUdc di cua cdc chinh sdch, the hien sU cdn thiet vd cdn dugc phdt trien tren thi trUdng chUng khodn (TTCK) tien trinh hoi nhap kinh te Ben canh dd, qua gdn 11 ndm hoat dgng vdi nhUng thdng trdm, cung dd den Idc edn nghien cdu iing dung cdng cu quyen chgn co phieu vdo TTCK Viet Nam
Quyen chon co p h i e u Quyen chpn - mpt nhOng cong cu phong chdng riii ro hUu hieu d i xui't hien tU dau the ky 18 va phat trien manh me tu nam 1973 Sd Giao dich Quyen chpn Chicago (CBOE) dupc lap
Quyen chpn cd phieu I i mpt hpp ddng giifa bai ben ngUcfi mua va ngudi ban -trong dd cung cap cho ngUdi mua quyen, nbUng khong phai I i nghla vu, de mua hoac b a n cd phieu v i o mot tUPng lai vdi gia d i x i c dinh v i o n g i y hom NgUdi mua quyen ebon p h a i t r a cho ngUdi b a n mot so' t i e n gpi I i phi quyen chpn Cd nhieu loai quyen chpn:
- Quyen chpn mua (Call Option) cho phep ngUcfi mua quyen dUpc quyen mua cd phieu vao mpt xae dinh vdi mpt gia nha't dinh - Quyen chpn ban (Put Option) cho phep ngUdi mua quyen dUpc quyen b i n cd phieu vao mpt n g i y xac dinh vdi mpt gia nha't dinh Quyen chpn kieu chiu Au (European Style Option) cho phep ngudi nam gid quyen chpn thifc bien hpp ddng vio dao ban Trong quyen chpn kieu My (American style Option) cho phep ngUcfi nam giU co the thifc bien v i o b i t ky thdi gian n i o trUde dio ban Gia cua hpp ddng quyen chpn la gia thifc bien, thUe hien hpp ddng la dao b a n [8]
(2)DAU Tl/TAI CHINH
Viec giao dich quyen chpn se tao r a nhieu lpi ich cho cac chu t h e t h a m gia t r e n TTCK Bang viec mua quyen chpn, nha dau tU co t h e cd^ dinh gia mua v i g i i b a n cd phieu mpt khoang t h d i gian co' dinh Khi van dung c i c chien lUpc kinh doanh quyen chpn ket hpp vdi mua b i n ed phieu se tao r a mpt lpi n h u a n mpt c i c h hieu qua [7]
Ben canh do, de quyen chpn dupe niem yet t r e n t h i trUcfng thi cong ty niem yet phai d i p Ung dupe nhOng dieu kien ciia Uy Ban ChUng k h o i n (UBCK) Nha nUdc ve sd lupng cd phieu dang lUu b i n h , sd^ lupng cd phieu giao dich t r e n t h i trUdng, sd^ lupng cd dong, g i i cd phieu Khi quyen chpn b i n dupc mua b a n lien tuc tdc la n h a dau tU dang dU d o i n g i i cd phieu ciia cong ty se giam v i se a n h hudng den t i n h h i n h b o a t dpng cua cong ty Do do, viec giao dich quyen chpn se giiip cong ty n h i n biet dUpc sU d i n h gia ciia thi trUdng de kip t h d i dieu chinh chien lUpe k i n h doanh n h a m giU uy t i n t r e n thi trUcfng
N h u vay, q u y e n c h p n ed p h i e u vifa I i m p t cong cu p h o n g c h o n g r u i ro v i vUa bao ve lpi n h u a n cho n h i dau t u n h u n g c u n g la b a n g h o a dupc giao dich t r e n TTCK Dieu n a y giup da d a n g h d a s a n p h a m cho t h i t r u d n g vUa giiip n h a dau tU CO t h e m n h i e u ccf h p i de lUa
chpn, l a m t a n g k h a n a n g t h a m gia cua n h a d a u tU, d d n g t h d i se l i m t a n g t h u n h i p cho c i c cong ty chUng k h o a n qua viec t h u p h i m o i gidi v i t u v a n D i y c h i n h I i m p t n h a n t d t h u c d a y TTCK p h a t t r i e n
Cd b a y yeu to' co b a n m i b i t cU m p t quoc gia n i o mud^n x i y dUng t h i trUdng q u y e n c h p n cd p h i e u c a n p h a i CO gdm: sU p h a t t r i e n ciia TTCK, h a n h l a n g p h i p ly, h a t a n g k y t h u a t - cong
dpng va TTCK p h a i la mpt k e n h dau tU thu h u t vd^n quan t r p n g v i k h o n g t h e thieu do'i vdi mpi t a n g ldp d a n eU Co t h e so s i n h sif p h i t t r i e n cua TTCK Viet N a m va mpt sd^ t h i trUcfng khu vifc qua ty le vd^n boa t h i trUdng so vdi GDP d Sd GDCK An Dp (NSE), Sd GDCK H a n Quoc (KRX) va Sd giao dich hpp ddng p h i i sinh cua Trung Qude (CCFEX) B a n g B a n g cho tha'y m a c du ve m a t quy mo, TTCK Viet N a m
B a n g 1: Gia tri v o n hoa/GDP & mpt so' thi trvCiSng
^~^~~^^^ Sa G D C K
Cac chi ti&u — ^ ^ _ ^
Gia tri von hoa thi truong (triSu USD)
GDP (trieu USD) Gia tri von hoa thi tnrtmg/GDP (%)
N S E (1997-2000)
140,470 425,667 3 %
KRX (1993-1996)
173,600 434,000 %
CCFEX (2005-2008)
2,863,000 2,726,667 105%
HOSE (2006-2009)
70,494 211,643 3 %
Nguon: Tdng hap tU Sd GDCK An Dp
n g h e , t h o n g t i n t h i trUdng q u y e n c h p n ed p h i e u , h a n g h d a cho t h i trUdng, n h a n thUe ciia n h i d a u tU ve t h i trUdng, n g u d n n h i n lUc p h u c vu t h i trUdng [6]
D a n h g i a t i e n d e c h o s\i h i n h t h a n h v a p h a t t r i e n c i i a t h i t r t f d n g q u y e n c h o n CO p h i e u
Thd nhat, TTCK ca sd hoat dgng tdt
Dieu k i e n co b a n nha't de a p dung quyen chpn cd phieu vao TTCK la TTCK ciia mpt nUde p h a i p h i t t r i e n , giao dich chUng k h o a n (GDCK) p h a i soi
con nhd be so vdi c i c t h i trUdng k h i c , nhUng ve c i c chi sd tucjng ddi, TTCK Viet N a m CO sif tUcfng ddng vdi c i c TTCK k h i c v i o thdi diem c i c t h i trUdng n a y b a t dau t r i e n k h a i GDCK p h i i sinh
Thd hai, ca sd phdp ly cho viec dp dung quyen chgn cd phieu
Qude hpi d i t h o n g qua Luat siia ddi, bd sung Luat ChUng k h o i n sd 70/2006/QH va co hieu life t h i b a n h tU 01/7/2011 gop p h a n giai quyet nhiing b a n che thifc t i l n b o a t dpng TTCK t h d i gian qua, n i n g cao t i n h cong
Congrrgh'nganhang
(3)I I y DAU Tl/TAI CHINH
k h a i , m i n h bach va cong b a n g cho t h i trudng v i ddng t h d i thiic day sif g i i m s i t v i quan ly ciia n h i nUdc Theo do, UBCK N h i nUdc dang xay dung de i n TTCK p h i i sinh Viec xay dUng de i n n i y gan lien vdi chien lUpc p h i t t r i e n TTCK giai d o a n 2011-2020 v i de i n T a i ca'u triic td ehUc TTCK N h u vay, eP sd p h a p ly eho GDCK p h a i s i n h noi chung va quyen chpn cd p h i e u noi r i e n g d i b a t dau b i n h t h i n h
Thd ba, hg tdng ky thudt -cdng nghe cho viec dp dung quyen chgn cd phieu
Ben canh yeu td ve p h i p luat thi mot yeu td^ nUa can chuan bi chu d i o dUa quyen chpn cd phieu v i o giao dich, la dieu kien b a t a n g ky t h u a t -eong nghe
N g i y 12/1/2009 tai HOSE va 8/02/2010 tai HNX da t r i e n k h a i giao dich trifc tuye'n, cho p h e p he thdng giao dich ciia cac cong ty chUng k h o i n k e t ndi trUe tiep vdi be thd^ng giao dich tai sd de thifc h i e n GDCK, tif dpng boa va rut n g a n qua t r i n h n h i n lenh, xuf ly v i x i c n h i n giao dich ciia n h a dau tU
Trung t i m Lifu ky ChUng k h o i n Viet Nam (VSD) da dUa v i o v a n b i n h be thdng p h a n m e m Ung dung mdi vao n g i y 01/6/2010 P h a n m e m n i y giiip VSD quan ly va theo doi den tUng t i i k h o a n cua
n h a dau tU vi d i ddng bp hoa lieu cua n h a dau t u t a i VSD vdi cong ty chUng k h o i n Dieu n i y t a o sU cong b a n g t r o n g b o a t dpng GDCK Ve phia c i c cong ty chUng k h o a n cung d i n i n g c i p he thd^ng cong n g h e de phue vu k h i c h h a n g td^t hofn [2] N h u vay, eP sd b a t a n g ky t h u a t ciia Sd GDCK, VSD va c i c cong ty chUng k h o i n t h i n h v i e n d i dupe n i n g c i p , h o i n t h i e n h p n de co k h a n a n g d i p Ung dUpc yeu cau phUe t a p ciia b e tho'ng giao dich quyen chpn va p h a i d a m bao c a n h t r a n h cong b a n g , phong ngUa riii ro eho cac t h i n h v i e n t h a m gia t h i t r u d n g t h o n g qua h e thd^ng g i i m s i t t h i trUdng, q u a n ly t h i n h vien n h a m p h i t h i e n dupc c i c h a n h vi liing doan, gian lin t r e n TTCK v i TTCK p h i i sinh
Thd tu, dieu kien ve thdng tin tren thi trUdng
Viec cung cap day dii va kip t h d i c i c t h o n g t i n dong vai tro v6 cung quan t r p n g cho TTCK v i t h i trUdng quyen chpn cd phieu Cac t h o n g t i n n a y co t h e bao gdm: t h o n g tin ve moi trUdng p h i p ly, cof che v a n h i n h t h i trUdng, ke hoach v i k e t qua b o a t dpng k i n h doanh, t i n h b i n h t a i chinh cua c i c eong ty
Ke t u k h i b o a t dpng d e n nay, TTCK Viet N a m ri't nhieu b a t cap t r o n g viec cong bd^ t h o n g t i n va q u a n ly cong
bd t h o n g tin, n e n viec cong bd thong tin day du, chinh x i c va kip t h d i luon dUpe c i c ccf quan quan ly q u a n t i m Ngay 18/04/2007, T h o n g tU 38/2007/TT-BTC dupe Bp Tai chinh b a n b a n h de hudng d a n viec cong bd^ t h o n g tin theo L u a t ChUng k h o i n , nhUng nhCfng qui dinh chUa cu t h e da t a o dieu kien cho mdi cong ty cong bd^ khac n h a u Do do, n g i y 15/1/2010, T h o n g t u sd 09/2010/TT-BTC dupe t h a y t h e cho Thong tU sd 38/2007/TT-BTC n h a m k h a c p h u c n h i i n g t d n tai t r o n g tbife t e va cd nhiing qui d i n h m d i ve n g h i a vu e o n g bd^ t h o n g t i n do'i vdi cac chii t h e t h a m gia thi trUdng B e n c a n h do, c i c Sd GDCK luon n a n g cap c i c phUPng t i e n cong bo' t h o n g t i n t u B a n t i n TTCK la phUcfng t i e n t h o n g t i n vao giai d o a n d a u cua TTCK den b o m n a y la T r a n g t i n Dien tuf v i cac sd da ky k e t vdi n h d n g h a n g t i n nUde ngoai n h u T h o m s o n Reuters, Bloomberg de c i c nUdc co t h e t h e o ddi dUpc giao dich t r e n TTCK V i e t N a m Viec h o a n t h i e n qui t r i n h , bUdng d i n eong viec va a p dung e i e p h a n m e m bd t r p cho v i e c cong bo' t h o n g t i n ciing dupe cac Sd GDCK quan t a m d u n g mUc [2]
Nbifng t h o n g t i n n h a n dUpc se a n h b u d n g tdi sU bien dpng gia co phieu, tU t i c dpng d e n giao dich quyen chpn cd phieu Do do, t h o n g •;^i^ -dngngh^nganhang
(4)DAU Tl/TAI CHINH I I I
tin m i n h bach v i kip thcfi la mpt dieu k i e n de n h i dau tU CO ccf sd ro r i n g v i chinh x i c de thifc b i e n c i c quyet d i n h dau tu
Thd ndm, dieu kien ve hdng hoa cho thi trUdng quyen chgn
Hang boa cho t h i trUcfng quyen chpn cd phieu k h a c vdi h i n g boa t r e n TTCK, I i mpt quyen chpn dupe p h i t b a n h thi td chUc co cd phieu dupc giao dich k h o n g huy dpng dupc von nhUng lai doi hoi CO mpt lupng cd phieu co sd nhi't dinh cua chinh cong ty l i m d a m bao Do do, viec x i y dUng b a n g boa cho thi trudng quyen chpn cd phieu ddng nghia vdi hai viec: da dang boa va tieu chuan boa ed phieu t h o n g thudng de l i m cd phieu ccf sd cho hpp ddng quyen chpn, ddng thdi p h i t b i n h cac hpp ddng quyen chpn theo nhUng tieu chuan nha't dinh
Yeu t d chat lUpng h a n g boa CO a n h hudng ldn viec thu h u t nhieu ngUcfi t h a m gia, d i e b i e t t r e n TTCK - m p t t h i trUcfng chu yeu dUa vao long t i n ciia n h a dau tU C h i t l u p n g h a n g b o a quyen c h p n phu thupc vao c h a t lupng ciia cd p h i e u cu sd va uy t i n cua n h a p h i t h a n h quyen chpn So' lUpng cd p h i e u cof sd p h a i du l d n de d a m b a o t h i t r u d n g p h i t t r i e n dn d i n h va d i p Ung dupe nhUng t i e u c h u a n c h i t lupng cua CO quan q u a n ly t h i trUdng, d d n g t h d i p h a i ed t i n h t h a n h k h o a n cao t h i mdi cd k h a n a n g t h u h u t sU quan t a m cua n h i dau tU t r o n g b o a t d p n g giao dich Vdi thdi gian gan 11 n a m b o a t dpng, qui mo thi trUdng da t a n g len, tU cong ty niem yet den da co 623 cong ty n i e m yet vdi mUc vd^n boa t h i trudng t r e n 40% GDP Ddng thdi CO bai chi sd^ I i VN-Index CO t u n g i y 28/7/2000 v i HNX-Index CO tU 14/7/2005, d i y la ngudn cung h a n g boa ccf sd cho quyen chpn cd phieu
Thd sdu, nhdn thdc cua nhd ddu tU ve quyen chgn CO phieu
Muon dUa quyen chpn vao thi t r u d n g n h a dau tU p h a i hieu biet ve s a n p h a m d i e biet n i y Khi da n h i n thUc dUpc d i e diem, cong dung v i lpi Ich ciia quyen chpn, n h i n t h a y s a n p h a m n a y d i p Ung dupc nbu cau c i n h a n thi se
kich t h i c h suf d u n g s a n p h a m m d i n a y
Thcfi gian qua, bieu biet cua n h a dau tU ve chUng k h o i n v i TTCK dupe n i n g len mot budc, nbUng m a t b a n g kien tbUc chung ve TTCK b a n che C b l n b vi kien thUe khong vOng v a n g n e n da sd c i c n h a dau t u deu dau tU n g a n b a n , chii t r p n g tim kiem lpi n h u a n b a n g c b e n b lech g i i , do dS bi xu budng d i m dong t i c dpng Mac du, vUa qua c i c n g i n b i n g thuung m a i Viet N a m d i co t r i e n k h a i giao dich quyen chpn vang, t i e n te v i I i i s u i t nbUng mUe dp am bieu ve nbOng s a n p h a m n i y ciia n h i dau tU r i t t h i p C h i n h vi vay, UBCK N h i nUde can d i e biet quan t i m den dieu k i e n t i e n de n i y ling dung giao dich quyen chpn cd phieu
Thd hay, nguon nhdn lUc phuc vu cho thi trUdng
quyen chgn co phieu
Thi trudng quyen chpn la thi t r u d n g phUc t a p doi hdi p h a i CO dpi ngii n h i n life vdi t r i n h dp chuyen mon vUng vang, co k i n h n g h i e m b o a t dpng t r e n TTCK
Cung vdi sU p h i t t r i e n cua TTCK, sd lupng ngUcfi h a n h n g h e chUng k h o a n t a n g n h a n h , phu h p p vdi sU t a n g t r u d n g cua c i c dinh che t r u n g gian t i i chinh vdi 105 cong ty chUng k h o a n va 47 cong ty q u a n ly quy TU n a m 2007 d e n nam 2009 d i co 8.400 nganhang ^^i
(5)\iiW' DAU Tl/TAI CHINH
ngUdi b a n h n g h e dUpc cap ebUng chi [4]
Dpi ngii n h a n life phuc vu t a i c i c CTCK se I i ngUcfi eung c i p kie'n tbUc, quy t r i n h giao dich cho n h a dau tU, tU v i n giao dich v i la t r u n g gian giifa n h a dau tU v i ccf quan quan ly t h i trUdng Vi t h e , n a n g life chuyen mon v i k i n h n g h i e m cua nbUng ngUdi n a y I i mpt yeu to' ri't quan t r p n g de thu h u t va tao long tin vdi n h i dau tu
Ben canh do, de t h i trUdng h o a t dpng hieu qua v i t h o n g sudt, doi bdi dpi ngu n h i n sif dieu h a n h p h a i co n i n g life Vai tro ciia nhUng ngUcfi n i y ri't quan t r p n g vi vUa dieu h a n h b o a t dpng eho lpi ich ciia n h a dau tU dUpe d a m bao d mUc tdt n h i ' t vUa t h a n h tra, g i i m s i t c i c b o a t dpng cua t a t ca c i c t h i n h vien t h a m gia giao dich n h a m t r a n h sif sup dd ciia thi trUdng t i c dpng ciia mpt yeu td nao
D a n h g i a n h u c a u p h a t t r i e n t h i triicfng q u y e n c h o n CO p h i e u
N a m 2008 chiu sU t i c dpng ciia khung h o a n g k i n h te t o i n cau, n e n k i n h te Viet N a m dUng trudc nhieu kho k h i n : lai s u i t bien dpng m a n h , l a m p h i t t a n g cao, TTCK giam d i l i m cho c i c n h i dau tU ebUng k h o i n thua Id vi khong co nhUng cong cu t a i chinh n h a m phong ngUa rui ro N a m 2010, n e n k i n h te Viet N a m v i n
eon nhieu kho k h a n k h u n g h o a n g t i i chinh de lai C i c chi tieu k i n h te vi mo n h u chi sd^ g i i tieu dung CPI t h i n g 12/2010 t i n g de'n 11,75%, I i i s u i t n g a n h a n g t i n g cao k h o a n g 17%-18%, ty g i i hdi doii bien dpng m a n h va tang trudng tin dung giam, t h e m v i o thi trUdng v i n g d i l n bien phUe t a p v i thi trUcfng b i t dpng san dong bang da t i c dpng m a n h me den TTCK dUpc the bien qua g i i cua nhieu cd phieu tha'p hcfn g i i tri sd sich, tdng g i i tri giao dich t r e n ca hai sd giao dich co nhifng thdi diem ehUa dat dUpc 1.000 ty ddng/phien, t h a n h khoan thi trUcfng giam m a n h Trong n i m 2010, TTCK Viet Nam vdi nhieu t h i n g t r a m va lien tuc dieu chinh thcfi gian d i i da lam cho g i i cic cd phieu deu giam m a n h tU 15%-20%; cu the VN-Index ciia phien giao dich 31/12/2010 khep lai d mUc 484,66 diem, giam 32,39 diem so vdi phien giao dich 4/01/2010; HNX-Index vao la 114,24 diem, giam 65,6 diem so vdi phien dau nam Tinh hinh da lam cho khong it cac cong ty v i n h a dau t u lam vao canh kinh doanh kho k h a n va thua 16
Tren thifc te thdi gian qua, mot sd cong ty chUng k h o i n da trien khai giao dich quyen chpn cd phieu vdi k h i c h h i n g C i c cong ty chUng k h o i n dUng vi the la ngUdi ban hpp ddng quyen chpn hoac dUng vi the moi gidi cho k h i c h hang mua v i b i n hpp ddng quyen chpn
C i c cong ty chUng k h o i n d i thifc hien giao dich hpp ddng quyen chpn cd phieu rieng le vdi n h i dau tU co td chUc, k h i c h h a n g 16n v i san p h a m ehi sd co nhifng diem gidng nhU san pham p h i i sinh cho eac nha dau tu c i nhan
Cong ty ChUng k h o i n Vietcombank dupe phep ciia UBCK N h a nUdc t r i e n khai t h i diem quyen chpn cd phieu vdi cae n h i dau tU ca n h i n va td chUc Tuy nhien, sd^ lupng hpp ddng dupc ky ket va doanh thu ri't b a n che N i m 2008, Cong ty ChUng k h o i n Sacombank da trien k h a i giao dich quyen chpn nhifng gap kho k h a n ve khung p b i p ly n e n d i t a m thdi dUng lai NhUng h i e n cong ty dang l a p r a ke hoach de thifc h i e n s a n p h a m n a y co t h o n g tin UBCK N h i nUdc dang xay difng de i n TTCK p h a i sinh Cong ty ChUng k h o i n VnDirect cung da thifc h i e n quyen chpn cd phieu vdi 20 m a cd phieu niem ydt tai HOSE v i HNX vdi thdi gian td^i thieu cho hpp ddng I i t h i n g va tdi da la t h i n g , mUe phi I i 7%/gii tri hpp d d n g / t h i n g hoac 10-12%/3 t h i n g tiiy theo m i cd phieu va hpp ddng co khdi lUpng tdi thieu I i 10.000 cd phieu N g o i i ra, b i e n cung co mpt sd^ cong ty chUng k h o i n k h i c thuc h i e n n g h i e p vu n i y khong chinh thUc Nhifng theo qui dinh ciia Khoan 1, Dieu 60 ciia Luat ChUng k h o i n , cong ty chUng k h o i n k h o n g dUpc thifc b i e n nghiep vu n i y Tuy
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(6)DAU Tl/TAI CHINH II
nhien cho den nay, UBCK Nha nUdc chUa co mpt van ban nao cho phep thifc h i e n cic nghiep vu p h i i sinh t r e n TTCK, nhu cau cua cic n h i dau tU t h a t sif da co Nhu vay, viec t r i e n k h a i va giao dich hpp ddng quyen chpn cd phieu giffa cac cong ty chUng k h o i n vdi n h a dau tU v i n tdn tai ri't nhieu riii ro ve ccf sd p h i p ly l i n nghiep vu Trong do, b i e n TTCK se bien dpng vdi nbUng du b i o n i m 2011 n e n k i n h te Viet N a m v i n chiu i p life tU ty gia v i lam p h i t , ehinh s i c h tien te eo the p h a i tiep tuc t h a t chat v i c i c n h i dau tu chUng k h o i n can theo hudng t h i n trpng Vi the quyen chpn cd phieu can dupe cho phep t r i e n k h a i thifc h i e n de bao ve n h a dau tU trudc sif bien dpng ciia t h i trUdng
Viec t r i e n k h a i n a y se dem d e n nhieu lpi Ich cho ca n h a
dau t u va t h i trUcfng nhU: (i) Da d a n g boa chung loai h i n g boa: TTCK Viet N a m chi t i p trung v i o hai loai ccf b a n I i cd phieu v i t r i i phieu, m i chUa CO c i c loai cong cu phai sinh Dieu n a y the h i e n sif p h a t t r i e n chUa h o a n chinh ciia TTCK Viet N a m d i n tdi b a n che CO bpi cho c i c n h i dau tU Su p h i t t r i e n TTCK p h i i sinh noi chung v i t h i trUcfng quyen chpn cd phieu noi rieng se gop p h a n t a n g t h e m chiing loai h i n g boa cho TTCK Viet Nam; (ii) Giup n h a dau tU bao h i e m rui ro: vdi TTCK Viet N a m b i e n t h i n h i dau tU chi CO mpt lUa chpn la hoac v i o t h i t r u d n g v i c h i p n h a n c i c riii ro hoac r a khdi thi trUdng v i k h o n g p h a i quan t i m den c i c rui ro t r e n t h i trudng Dudng n b u cong cu quan ly riii ro n h i ' t ciia c i c n h i dau tU la mua v i b a n t h a t n h a n h theo dien bien cua t h i trudng v i dieu n a y
k h o n g t r i n h khoi viec giao dich mua b i n n g a n b a n m i k h o n g khuyen khich dau t u d i i b a n n h u ky vpng cua c i c n h a quan ly thi trUdng Vdi giao dich quyen chpn cd phieu noi r i e n g v i giao dich p h i i sinh noi chung, n h a dau t u CO t h e suf dung de t i c h rui ro d a n h muc chUng k h o i n ccf sd cua m i n h va q u i n ly t h o n g qua c i c giao dich t r e n t h i trUdng quyen chpn cd phieu; (iii) Phu hpp vdi cac n h i dau tU co thu n h a p t h i p , vdn k i n h doanh nhd: xui't p h i t t u d i e t i n h cua giao dich quyen chpn, n h a dau tU chi can bd r a mpt k h o a n ehi phi, chiem k h o a n g 10 -15% g i i tri ciia hpp ddng I i co t h e n a m giu mpt lupng ldn chUng k h o a n cP sd v i qua neu g i i chUng k h o a n cp sd bien dpng diing n b u dif d o i n thi se giup n h a dau tU kiem ldi gap nhieu lan sd von bd ra, qua giiip gia t i n g ty s u i t sinh ldi cho
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(7)I l l DAU Tl/TAI CHINH
n h i dau tU; (iv) Giiip cho TTCK Viet N a m p h i t t r i e n h o i n ehinh: TTCK hoan chinh I i t h i trUdng m a n h i dau t u CO the i p dung c i c chien lUpc dau tU k h i c de CO dupe mpi mUc lpi n h u a n ky vpng v i c h i p n h a n rui ro Neu c i c cong cu t i i chinh t r e n thi trUcfng khong dii da dang v i phong phu de eho phep thifc hien c i c chien lUpc dau tU k h i c thi thi trUcfng se dupe coi I i khong hoan ehinh Tuy viec dat den mpt thi trUcfng hoan chinh la ly tudng va kho dat dupc t r e n thifc te nbUiig thi trUdng c i n g den g a n vdi mUc dp h o a n chinh bao nhieu t h i lpi ich no m a n g lai cho cac t h a n h vien t h i t r u d n g cang n h i e u de dap Ung nhu cau dau tU da d a n g cung cac mUc lpi n h u a n mong dpi k h a c n h a u cua cac n h i dau tu Do do, viec x i y dUng t h i t r u d n g giao dich quyen chpn cd phieu se t a n g t i n h hi'p d a n cua TTCK Viet Nam, giup cho t h i t r u d n g n g i y cang p h i t t r i e n h o a n chinh t h o n g qua viec p h a i ddi mdi hofn niia, p h a t t r i e n hcfn nUa ve t r i n h dp quan ly, c h i t lupng ngudn n h a n life, co sd v a t c h i t cong n g h e , cung cap da d a n g phong phu c i c b i n h thUc dau t u n h a m gia t a n g hcfn nifa lpi ich cho n h i dau t u noi r i e n g v i cac t h a n h v i e n t h i trUdng noi chung N h u vay, co t h e thi'y, tU nbu cau k h i c h quan sU p h i t t r i e n cua tbi trUcfng, tif tbifc te t r i e n khai t r e n thi trUdng,
mpt t h i t r u d n g giao dich quyen chpn cd phieu da va dang n h e n n h o m b i n h t h a n h t a i Viet N a m v i mpt d i h i n h t h i n h t h i se p h i t t r i e n m a n h nhufng d i e t i n h Uu viet V i n de d d i y la p h a i lifa chpn x i y dUng mo h i n h td chUc b o a t dpng va mo b i n h quan ly giam s i t t h i trUdng quyen chpn cd phieu n h a m b a n che dupc nhUng riii ro t i e m an, nhiJng m a t t r a i ciia thi trUdng
T r e n ccf sd t h a m k h a o mo h i n h td chufc sd giao dich quyen chpn cd phieu t a i mpt sd nude t r e n t h e gidi va nhUng b i i hpc k i n h n g h i e m dUpe r u t ra, Viet N a m co t h e xay difng mpt mo b i n h sd giao dich quyen chpn ed phieu difa vao quy mo va dieu k i e n h i e n t a i Vi giao dich quyen chpn ed phieu la k h i mdi ddi vdi TTCK Viet Nam, do, Viet Nam can i p dung thi diem ddi vdi mpt sd^ cd phieu n i e m yet, sau d i n h g i i k e t qua thifc hien, r u t k i n h n g h i e m de t u CO t h e i p dung rpng r a i cho t o a n bp cd phieu t r e n TTCK
Cong cu chUng k h o i n p h i i sinh noi chung v i quyen chpn cd phieu noi r i e n g nhU dao bai lUdi Mpt m a t no la cong cu phong chd^ng riii ro va kiem ldi, n h u n g ddng thcfi no cQng l a m n a y sinh rui ro Cupc k h u n g h o a n g t a i chinh ciia My chinh I i sif p h i t t r i e n qua n o n g ciia c i c cong cu p h a i sinh va la sif
p h i t t r i e n qua mUc cong cu ciia t h i trUdng b i t dpng s a n la chUng k h o a n h o a b i t dpng s i n nhUng k h o n g dUpc quan ly kip thdi Khi cong cu phai sinh k h o n g dupc quan ly chat che d i d i n de'n riii ro co he tho'ng, t u se co a n h budng va t i c dpng ri't ldn den sif tdn t a i va p h i t t r i e n ben vUng ciia t h i trudng t a i chinh ciia mpt quoc g i a "
Tai li§u tham khio
1 Thu tudng Chinh phu (2007), Quyet dinh 128 /2007/ QB-TTg ve phe duyet de dn Phdt trien thi trudng vdn Viet Nam den ndm 2010 vd tdm nhin den ndm 2020 2 Sd Giao dich Chdng khodn TP HCM (2010), 10 nam xay dUng vd phdt trien
-3 Ngo Xudn Thanh (2009), Nhin lai TTCK Viet Nam sau 10 ndm hoat dpng, Tap chi Chdng khodn Viet Nam, (sd 134 ) , tr 3-6
4 Uy ban Chdng khodn Nhd nUdc (2005-2009), Bdo cdo thudng nien 5 Website: www.ssc.gov.vn, www hsx.vn, www.vneconomy.vn 6 Bai hgc George Washington (2009), Chdng khodn phdi sinh vd trien vong trien khai tai Sd Giao dich Chdng khodn TP.HCM, tdi li$u hpi thdo
7 Chance, BM (2010), An introduction to derivatives and risk management Mason, Ohio, South-western Cengage Learning 8 John C.Hull (2006), "Option , Futures and Other Berivaties", Pearson Prentice Hall, Upper Saddle River, New Jersey 07458
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www.ssc.gov.vn, www.vneconomy.vn