THANH PHO HO CHI MINH
3.3.4 Xay dqng m()t chinh sach qm1n ly m1 dia phtidng phil hqp
MuO'n dam bao slf phat tri€n b€n vung cua thi tru'ong tin d1,1ng dja phu'ong n6i chung va thi tru'ong trai phie'u do thi n6i rieng, nha't thie't phai c6 chinh sach quan ly n<J dia phu'ong phu h<Jp. Hi~n nay C1 Vi~t Nam n<J cong chi du'<Jc quan tam C1 ca'p quO'c gia. N<J C1 ca'p dia phu'ong chua du'<Jc quan tam vl vi~c dja phu'ong trlfc tie'p ho~c cac phap nhan cua dja phu'ong l~p ke' ho~ch vay n<J con it. Tuy nhien trong thoi gian toi ne'u nhi€u dja phu'dng siJ' d1,1ng cong Cl,l nay thl day la vft"n d~ c~n du'<Jc quan tam. Chfnh sach quan ly n<J se cung ca'p cho chfnh quy~n dia phu'dng nhung cong Cl,l quan ly rui fO khi vay n<J, khi tham gia vao thi tru'ong tai chinh nha't la khi thi tru'ong vO'n cua dja phu'ong con nho be va d~y bie'n d()ng. D6ng thoi, voi chinh sach quan ly n<J dja phu'ong con c6 co h()i tO'i thi€u boa du'<jc chi phi vay n<J d6ng thoi ciing lam tang uy tin tren thi tru'ong. <J ca'p d() dja phu'ong
IOn c6 du kha nang vS ngu6n nhan h,tc c6 th€ dua ra chinh sach quan ly nq rieng cua mlnh theo each tie"p c~n dang ph6 bie"n tren the' gioi la phu'dng phap quan ly
nq tai san ALM (asset liability management). Ngoai ra chinh sach quan ly nq phai quan tam dung muc toi cac hlnh thuc che" tai d6i voi cac chinh quysn dia phudng khong tuan theo. Trong thl,tc te" c6 nhung dia phudng di vay tl,t do va c6 du kha nang tra nq nhung vftn day du'a khong chiu tra va voi h~ th6ng hanh chinh con kern hi~u qua cua Vi~t Nam thl vi~c ap d~t cac che" tai con kh6 hdn nhiSu vi~c
dua ra cac guy dinh chinh sach. Theo kinh nghi~m the' gioi thl c6 4 phu'dng ph a p chinh d€ ki€m soat nq (j cac dja phu'dng la:
(1) Dl,ta tren qui lu~t thi tru'ong;
(2) Slf hqp tac cua cac cffp chinh quySn trong vi~c phac thao va thi hanh
vi~c ki€m soat nq;
(3) Ki€m soat dl,ta tren cac qui djnh nhu' muc t6i da cua t6ng nq;
(4) Ki€m soat mang tinh chfft hanh chinh nhu' la vi~c hang nam ap d~t
nhung gioi he;tn d6i voi toan b<) nq cho chinh quySn cffp tinh, thanh ph6. Tuy theo tung giai doe;tn phat tri€n rna chung taco th€ ap dl;lng tung phu'dng phap cho thich hqp. Theo kinh nghi~m cua the' gioi, dia phudng nao mu6n dam bao cho qua trlnh vay nq khong n.H ro thl nhfft thie"t dSu phai du'a ra chinh sach quan ly
nq cho phu hqp. Vl v~y, d€ dam bao phat tri€n 6n djnh bSn vung cac dia phudng (J
nuoc ta din phai co chinh sach quan li nq tudng thich, phu hqp voi diSu ki~n kinh t€
xa h<)i te;ti dia phu'dng mlnh.
Voi Thanh ph6 cling v~y, d€ c6 th€ stl' dl;lng cong C\1 trai phie"u do thi m<)t each hi~u qua va bSn vung thl phai c6 m<)t chinh sach quan ly nq huu hi~u: te;to cd
scJ nSn tang cua m<)t chie"n luqc huy d<)ng v6n qua vay nq; bao dam quySn lqi va mang le;ti ni€m tin cho cac nha d§u tu', nang cao uy tin va giup Thanh ph6 quan ly t6t hdn cac ngu6n ll,tc cua mlnh ... M<)t chinh sach nhu' v~y c§n thie"t phai lam ro cac n<)i dung nhu'
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Cac di~u khoan nhiim h~n che' phat hanh trai phie'u va qmln ly mile n<;J
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m6i lo~i trai phie'u
f)~c tinh cua trai phie'u
Xe'p h~ng tin nhi~m
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Qui djnh v~ stl' d\}ng va phu'dng phap Iva chQn cac cd quan tham gia tu ben ngoai
Cong khai thong tin Chinh sach hoan n<;J
Stl' dl.lng ti~n ban trai phie'u Quy trlnh phat hanh
B€ qmln ly n<;J hi~u qua cling cfin thie't phai c6 sv lien ke't va pho'i h<;Jp gitl'a cac ban nganh c6 lien quan cua Thanh pho': UBND Thanh ph6, S(J Tai chinh- V~t
gia, SCJ Ke'ho~ch va Bfiu tu', Quy Bfiu tu'phat tri€n do thj,C\}c Thue'Thanh ph6 ...