Chng 2: Th trng ti chnh

1. Tng quan v th trng ti chnh 2. Chc nng, vai tr ca th trng ti chnh 3. Cu trc ca th trng ti chnh 4. Cc cng c lu thng trn th trng ti chnh 5. Vai tr ca Chnh ph i vi th trng ti chnh

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1. Tng quan v th trng ti chnh

Khi nim th trng ti chnh
a) Khi nim:

Th trng ti chnh l ni din ra cc hot ng chuyn nhng, mua bn quyn s dng cc khon vn ngn hn hoc di hn thng qua cc cng c ti chnh (chng khon)
Mua bn Quyn s dng vn cng c ti chnh chng khon ti sn ti chnh

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Chng khon bao gm Chng khon n (debt securities): xc nhn quyn c nhn li khon vn ng trc cho nh pht hnh vay khi chng khon o hn cng nh quyn c i nhng khon li theo tho thun t vic cho vay. Chng khon vn (equity securities): l chng khon xc nhn quyn c s hu mt phn thu nhp v ti sn ca cng ty pht hnh.
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Khi nim th trng ti chnh

b) Bn cht ca TTTC L ni mua bn quyn s hu Biu hin b ngoi ca TTTC l ni giao dch chuyn i ch th nm gi chng khon. L ni tp trung phn phi cc ngun vn tit kim v l nh ch ti chnh trc tip.

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Cc ch th tham gia trn TTTC

Cc nh pht hnh (cng ty, Chnh ph,) Cc nh u t (h g, cng ty bo him, cc doanh nghip ni chung,
Chnh ph,)

Cc nh cung cp dch v h tr (S giao dch; cc cng ty

cung cp thng tin, nh gi h s tn nhim,

Cc nh qun l (NHTW, B Ti chnh, UBCK Quc Gia, t chc bo him

tin gi,)

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2. Chc nng, vai tr ca TTTC

Vai tr ca th trng ti chnh Phn b hiu qu cc ngun vn tng nng sut v hiu qu nn kinh t. Hnh thnh gi ca cc ti sn ti chnh. To tnh thanh khon cho ti sn ti chnh.

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3. Cu trc ca th trng ti chnh

Cn c theo
3.1. Theo thi gian lun chuyn vn 3.2. Ngun gc chng khon 3.3. Phng thc t chc v giao dch th trng 3.4. Theo cng c ti chnh trn th trng

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3. Cu trc ca th trng ti chnh

3.1. Theo thi gian lun chuyn vn (phn chia thnh th trng tin t v th trng vn): Th trng tin t (money market) l th trng mua bn cc chng khon n ngn hn c thi gian lun chuyn vn khng qu 1 nm.
Cu trc: Th trng cho vay ngn hn trc tip; Th trng lin ngn hng; Th trng m; Th trng hi oi.

Th trng vn (capital market) l th trng mua bn cc chng khon n di hn (c thi gian lun chuyn vn trn 1 nm) v cc chng khon vn.
Cu trc: Tn dng di hn Th trng chng khon
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3. Cu trc ca th trng ti chnh

3.2. Theo ngun gc hay mc ch hot ng ca th trng (Th trng s cp v th trng th cp)
Th trng s cp (primary market) Th trng s cp l th trng pht hnh chng khon ln u tin. Ni duy nht em li vn cho nh pht hnh Gi CK do NPH quy nh Hnh thc bn bun Hot ng khng lin tc Th trng th cp (secondary market) Th trng mua i bn li cc chng khon c pht hnh trn th trng s cp. Lm thay i quyn s hu chng khon Gi c CK do quan h cung cu quyt nh Th trng bn l Hot ng lin tc
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3. Cu trc ca th trng ti chnh

3.3. Theo phng thc t chc v giao dch ca th trng (th trng tp trung v phi tp trung)

Th trng tp trung l th trng m vic giao dch mua bn

chng khon c thc hin c t chc v tp trung ti mt a im nht nh. S giao dch Mua bn qua Broker CK giao dch l Ck c nim yt chng khon cha hoc khng c nim yt trn th trng tp trung, c thc hin phn tn nhng a im khc nhau. Cc giao dch ny thng c thc hin thng qua mng my vi tnh. Giao dch qua quy Gi tho thun CK giao dch cha c nim yt 9/2/2013 10

Th trng phi tp trung l th trng m vic mua bn cc

3. Cu trc ca th trng ti chnh

3.4. Theo cng c ti chnh trn th trng

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4.Cc cng c lu thng trn th trng ti chnh

4.1. Cc cng c trn th trng tin t
Tn phiu kho bc Chng ch tin gi c th chuyn nhng Thng phiu Chp phiu ngn hng Hp ng mua li D tr vt mc Euro dollar

4.2. Cc cng c trn th trng vn

C phiu Tri phiu Cc khon vay th chp, vay thng mi v vay tiu dng

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4.1. Cc cng c lu thng trn th trng tin t

Tn phiu kho bc Chng ch tin gi c th chuyn nhng Thng phiu Chp phiu ngn hng Hp ng mua li D tr vt mc Euro dollar
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a. Tn phiu kho bc (Treasury Bills; T-bills)

Tn phiu kho bc l cng c vay n ngn hn do Kho bc pht hnh ti tr cho nhng khon chi tiu tc thi, cc thm ht ngn hn thng xuyn ca chnh ph hoc ti tr cc khon n n hn

K hn thanh ton: 3 6 9 12 thng

Chng khon chit khu Phng thc pht hnh theo l v u thu c im phn bit vi cc chng khon khc Nh u t

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b. Chng ch tin gi c th chuyn nhng (Negotiable Certificates of Deposit - NCDs)

Chng ch tin gi l mt cng c vay n do ngn hng thng mi pht hnh, cam kt tr li nh k cho khon tin gi v hon tr vn gc (mnh gi chng ch) cho ngi gi (ngi mua) theo gi mua ban u khi n hn thanh ton.

Chng ch tin gi c th chuyn nhng Mnh gi ln (trn 100.000$) Li sut cao hn li sut T - Bills Thi hn (c th thay i) Th trng

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c. Thng phiu (Commercial Paper)

Thng phiu l nhng giy nhn n ngn hn do cc cng ty ln pht hnh vay vn ngn hn phc v cho hot ng sn xut kinh doanh.
Hi phiu nhn n khng m bo (so vi T bills
tn phiu kho bc) Chng khon chit khu (gi bn) Mnh gi Thi hn (ngn hn) Li ch ca vic pht hnh thng phiu

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d. Hi phiu c ngn hng chp nhn Chp phiu ngn hng (Bankers Acceptances - BAs) Hi phiu c ngn hng chp nhn
l cc hi phiu k hn do cc cng ty pht hnh v c cc ngn hng m bo thanh ton bng cch ng du chp nhn ln t hi phiu
To lp BA

an ton cao, c th bn trn TTTC vi gi chit khu ly tin mt

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e. Hp ng mua li (Repurchase Agreements - Repos)

Hp ng mua li l mt hp ng trong ngi i vay ng bn mt s chng khon chnh ph (thng l tn phiu kho bc) m ngi ny nm gi cho ngi cho vay v cam kt s mua li s chng khon vo mt thi im trong tng lai vi mt mc gi nht nh.
Thi hn (rt ngn) Li sut thp Gia cc ngn hng dng tn phiu kho bc lm vt th chp

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c thm: Qu lin bang v la chu u

D tr vt mc: thc cht l nhng khon vay qua m gia cc ngn hng trn khon tin gi t ti NHTW. la Chu u (Euro dollars): l nhng khon tin gi bng ng la M ti cc ngn hng nc ngoi hoc chi nhnh cc ngn hng nc ngoi M.

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4.2. Cc cng c lu thng trn th trng vn

Tri phiu C phiu Cc khon vay th chp, vay thng mi v vay tiu dng

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a. Tri phiu
Tri phiu l mt chng th xc nhn mt khon n ca t chc pht hnh i vi ngi cm gi tri phiu, trong cam kt s tr khon n km vi tin li trong mt thi hn nht nh
Thi hn (thng di 2-5 nm) Mnh gi Li sut Tri ch

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b. C phiu
C phiu l mt chng th hay bt ton ghi s xc nhn tri quyn (quyn hng li - claim) ca ngi nm gi c phiu i vi thu nhp v ti sn ca mt cng ty c phn.
C phn - C ng - C phiu Quyn ca c ng Gi tr ca c phiu C phiu thng v c phiu u i Thi hn: v hn, c th chuyn nhng
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c. Cc khon vay th chp

Cc khon vay th chp l nhng khon tin cho cc c nhn hoc cng ty vay mua nh, t hoc nhng ti sn thc khc, trong ti sn thc v nh t l tr thnh vt th chp m bo cho cc khon vay.

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d. Cc khon vay thng mi, tiu dng

y l cc khon vay cho cc cng ty thng mi v ngi tiu dng, thng do ngn hng cung cp. Do khng chuyn nhng c nn y l cng c km lng nht trn th trng vn.

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5. Vai tr ca Chnh ph i vi TTTC

Ch th quan trng trn th trng ti chnh Ngi iu tit cc hot ng trn th trng ti chnh V sao phi iu tit TTTC?
Cung cp thng tin cho cc nh u t Bo m s pht trin lnh mnh ca h thng ti chnh

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c thm nh gi c phiu: M hnh chit khu dng c tc DDM; Phng php ch s ( P/E ratio) Phng php chit khu dng tin (DCM)

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nh gi tri phiu (thm)

Tng gi tr hin ti ca cc dng thu nhp trong tng lai;
P C

1 kd

1 kd

...

1 kd

1 kd

Gi tr hin ti ca mnh gi v gi tr ca dng tin u (coupon)

PV C ( 1 1 M ) kd k d (1 k d ) N (1 k d ) N

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C phiu thng v c phiu u i (thm)

C phiu thng C tc Quyn tham gia qun l Do HQT quyt nh C phiu u i C nh

Khng Sau tri phiu v trc c phiu thng

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Th t chia li (ti sn khi ph sn)

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Sau cng