LOGO

L THUYT TI CHNH

CHUYN NGNH TI CHNH

3 TN CH
 NI DUNG MN HC

Chng 1: Vai tr ca th trng ti chnh v

cc nh ch ti chnh
Chng 2: Xc nh li sut
chng 3
chng 6
chng 7
chng 10
chng 13,14,15,16
chng 17
 CHNG 1: VAI TR CA TH TRNG TI
CHNH V CC NH CH TI CHNH

M t cc loi th trng ti chnh ni lun chuyn cc

ngun vn
M t cc loi chng khon giao dch trn cc th
trng ny
M t vai tr ca cc nh ch ti chnh trn th trng
ti chnh
Gii thch cc nh ch ti chnh b ri ro nh th no
vi khng hong tn dng.
VAI TR CA TH TRNG TI CHNH

Khi thng cc ngun ti tr

Lm thun li cho cc quyt nh u t

Th trng s cp v th trng th cp
 CC CHNG KHON GIAO DCH
TRN TH TRNG TI CHNH

1. Cc chng khon th trng tin t

2. Cc chng khon th trng vn
Tri phiu
Cc khon cho vay th chp mua nh
Chng khon c th chp (hay gi y
l chng khon n dng cc khon cho vay
th chp mua nh lm ti sn m bo-
MBS)
C phiu
3. Cc Chng khon phi sinh
VAI TR CA CC NH CH TC
VAI TR CA CC NH CH TC
 CC NH CH TI CHNH &
KHNG HONG TI CHNH

Khng hong tn dng v cc nh ch

ti chnh

Khng hong tin t, khng hong

ngn hng v khng hong n

Ri ro h thng trong giai on khng

hong

Phn ng ca chnh ph
 TM LC CHNG 1

Th trng ti chnh gp phn lm khi thng dng vn t

ni thng d n ni thm ht.
Cc chng khon c th c phn loi thnh chng khon
th trng tin t (ngn hn) v chng khon th trng
vn (tri phiu, c phiu v cc MBS). Gi tr ca mt
chng khon l hin gi ca dng tin trong tng lai.
Cc nh ch tn dng v phi tn dng h tr nhu cu vn
cho cc n v thm ht. Cc t chc tn dng ch yu gm
c ngn hng thng mi, t chc tit kim v hp tc tn
dng. Cc t chc phi tn dng chnh gm c cng ty ti
chnh, qu h tng, qu hu bng v cng ty bo him.
Cuc khng hong tn dng 2008-2009 c tc ng su sc
n cc nh ch ti chnh vi vic y l ni khi ngun
hoc u t qu mnh vo cc khon cho vay th chp nn
phi gnh chu cc khon thua l nng n.
 NI DUNG CHNG 2:

p dng l thuyt ngun vn cho vay

(loanable funds theory) gii thch ti sao
li sut thay i
Nhn din hu ht cc nhn t c lin quan
tc ng n bin ng li sut
Gii thch phng php d bo li sut.
L THUYT CC NGUN VN C TH TO
NN N VAY
CU NGUN VN T CC I TNG:

Cu ngun vay ca cc h gia nh

Cu ngun vn vay ca cc doanh nghip

Cu ca chnh ph i vi ngun vn vay

Cu ca cc chnh quyn th

Cu ca nc ngoi i vi vn vay
 Mc cung ngun vn vay

Mc cung ngun vn vay: Cc ngun vn c cc

nh tit kim (n v thng d) cung ng ra th trng,
bao gm ngun cung vn vay t
Khu vc h gia nh
Khu vc doanh nghip
Khu vc chnh ph
Khu vc chnh quyn th
Khu vc nc ngoi
Tng cu i vi cc ngun vn

Dh:Mc cu cu h gia nh
Db: Mc cu ca doanh nghip
Dg: Mc cu ca chnh ph
Dm: Mc cu ca chnh quyn th
Df: Mc cu ca nc ngoi
 Tng cung ngun vn

Sh:Mc cung cu h gia nh

Sb: Mc cung ca doanh nghip
Sg: Mc cung ca chnh ph
Sm: Mc cung ca chnh quyn th
Sf: Mc cung ca nc ngoi
CC NHN T TC NG N LI SUT

1. TC NG CA TNG TRNG KINH T

LN LI SUT
2. LM PHT
3. HIU NG FISHER
4. TC NG CA CHNH SCH TIN T
5. TC NG CA THM HT NGN SCH
6. TC NG CA DNG VN NC NGOI
 CC NHN T TC NG N LI
SUT

d bo li sut tng lai, trc tin phi d bo mc cu

rng (ND) i vi ngun vn vay:

ND = DA SA = (Dh + Db + Dg + Dm + Df) (Sh + Sb + Sg

+ Sm + Sf)

Nu mc d bo ND l dng hoc m th s mt cn bng

ch l tm thi.
Nu ND dng, s mt cn bng s c iu chnh theo
hng ln, nu ND m s mt cn bng s iu chnh xung
trong li sut. Mc d bo cng ln th mc iu chnh
trong li sut cng ln.
D

BO

LI

SUT
 TM LC CHNG 2
Li sut cn bng ph thuc vo tng cung ngun vn v
tng cu nh th no. Do cc iu kin quyt nh tng
cung v tng cu thay i nn li sut lun hng v
trng thi cn bng mi.
Cc nhn t nh hng n bin ng li sut bao gm:
thay i trong tng trng kinh t, lm pht, thm ht
ngn sch, li sut nc ngoi v cung tin. Cc nhn t
ny c th c tc ng mnh ln tng cung ngun vn
v/ hoc tng cu, v v th c th nh hng n li
sut cn bng.
Li sut cn bng c xc nh bi cc iu kin cung
v cu, nhng thay i trong li sut c th c d bo
thng qua d bo s thay i trong cung v cu ngun
vn.
MC TIU CA CHNG 3

1. M t cc c im ca chng khon n lm
thay i li sut chng khon nh th no
2. Xc nh lm cch no c tnh t sut
sinh li thch hp cho mt chng khon n
3. Gii thch cc l thuyt n cha ng sau
cu trc k hn li sut (mi quan h gia
thi gian n khi o hn v t sut sinh li
chng khon).
TI SAO LI SUT CA CHNG
KHON N THAY I?

Cc chng khon n a ra cc mc li
sut khc nhau v chng c nhng c
im khc nhau tc ng n mc li sut
a ra.
Li sut ca cc chng khon n b nh
hng bi cc c im sau y:
o Ri ro tn dng (ri ro v n)
o Thanh khon
o Tnh trng thu
o Thi gian n khi o hn
 C TNH LI SUT THCH HP
M hnh c tnh li sut thch hp nh sau:

Yn = Rf,n + DP + LP + TA

Trong
Yn = li sut ca chng khon n k hn n ngy
Rf,n = li sut (t sut sinh li) ca tri phiu kho bc (phi ri ro) k hn n
ngy
DP = phn b v n b p cho ri ro tn dng
LP = phn b thanh khon b p cho tnh t thanh khon
TA = iu chnh do chnh lch v thu
VD: TRANG 58
NGHIN CU SU HN V CU TRC K
HN

1. L thuyt k vng thun nht

2. L thuyt phn b thanh khon

3. L thuyt th trng phn cch.

1. L THUYT K VNG THUN NHT

V D
Xem xt mi quan h gia li sut ca chng khon 2 nm v chng
khon 1 nm sau y:

Trong :
t i2 : li sut tnh theo nm ca chng khon 2 nm ti thi im t
t i1 : li sut tnh theo nm ca chng khon 1 nm ti thi im t
t+1r1 : li sut mt nm c tnh ti thi im t+1 (mt nm ti)
2. L THUYT PHN B THANH KHON

c tnh li sut k hn da trn phn b thanh khon

Khi l thuyt k vng kt hp vi l thuyt thanh khon, ng cong li
sut ca mt chng khon s khng nht thit phi bng vi ng cong
li sut t vic u t lin tip vo cc chng khon ngn hn hn vi
cng thi k u t.
V d, ng cong li sut ca chng khon 2 nm hin ti c xc
nh nh sau:

Trong LP2 i din cho phn b thanh khon ca chng khon hai
nm. Li sut c to ra t chng khon 2 nm s vt li sut t u
t lin tip vo cc chng khon 1 nm bi mt phn b cho nh u t
t thanh khon.
KT HP CC L THUYT CU TRC K HN

hiu c lm th no tt c ba l thuyt c th tc ng
ng thi ln ng cong li sut, trc tin gi nh cc
iu kin sau y:

1. Cc nh u t v nh cho vay la chn k hn ca

chng khon da trn k vng hin ti l li sut s tng.
2. Hu ht nhng ngi i vay ang cn vn di hn trong
khi hu ht cc nh u t ch c ngun vn ngn hn.
3. Cc nh u t thch chng khon c tnh thanh khon
hn.
KT HP CC L THUYT CU TRC K HN
Hnh 3.7 Hiu ng ca cc iu kin trong v d ng cong
li sut
TM LC CHNG 3

1. Li sut nim yt ca cc chng khon n ti

bt k thi im no c th thay i v nhng l do
sau:

Cc chng khon c ri ro tn dng (ri ro v n)

cao hn c li sut cao hn.
Cc chng khon t thanh khon hn c li sut
cao hn.
Cc chng khon chu thu c li sut trc thu
cao hn chng khon khng chu thu.
Cc chng khon c thi gian o hn di hn c
li sut khc
TM LC

2. Li sut thch hp ca bt k mt chng khon

n no c th c c tnh nh sau:

Trc tin, xc nh li sut phi ri ro hin hnh

ca chng khon Kho bc c cng k o hn.
Sau iu chnh theo ri ro tn dng, tnh thanh
khon, thu v cc yu t khc.
TM LC
3. Cu trc k hn ca li sut c th c gii thch
theo ba l thuyt:
L thuyt k vng thun nht cho rng hnh dng ng
cong li sut tun theo k vng li sut.
L thuyt phn b thanh khon cho rng cc chng khon
c k o hn ngn hn c tnh thanh khon cao hn v do
khng phi cho bn vi li sut cao nh cc chng
khon c k hn di hn.
L thuyt th trng phn cch gii thch cc nh u t v
ngi i vay c nhu cu khc nhau v iu ny lm cho cc
iu kin cung v cu thay i ty theo k o hn.
Kt hp cc l thuyt ny, cu trc k hn li sut
ph thuc vo k vng li sut, s a thch ca nh u
t v thanh khon v nhu cu ca nh u t v ngi
i vay mi th trng c k o hn khc nhau.
 MC TIU CA CHNG 5

1. M t c ch ca chnh sch tin t;

2. Gii thch cc nh i khi thc hin
chnh sch tin t;
3. M t cch m cc i tng tham gia
th trng ti chnh phn ng li vi
chnh sch tin t ca Cc d tr lin
bang (FED);
4. Gii thch chnh sch tin t b tc
ng bi mi trng kinh t ton cu
nh th no.
 THEO DI CC CH S LIN QUAN
N TNG TRNG KINH T

1. Tng sn phm trong nc (GDP)

2. Thu nhp quc gia (GNP)

3. T l tht nghip

4. Cc ch bo kinh t
 XC NH LI SUT LIN NGN HNG MC
TIU
HN CH CA CHNH SCH TIN T
TR CA CHNH SCH TIN T
TC NG CA CS TIN T M RNG LN
LM PHT
S NH I TRONG VIC S DNG CHNH
SCH TIN T
S THAY I CHNH SCH TIN T THEO
THI GIAN
 CHNH SCH TIN T THAY I THEO
CHNH SCH TI KHA NH TH NO

S nh i gia ci thin tnh hnh tht nghip hay

lm pht cao cng tr nnphc tp hn khi phi quan
tm ti chnh sch ti kha hin ti.
Mc d FED c th c lp thc hin chnh sch tin t
nhng cc quyt nh ca FED thng b tc ng bi
chnh sch ti kha ca chnh ph.
Nu cc chnh sch ti kha ny to ra thm ht ngn
sch ln, iu ny c th gy p lc lm tng li sut.
Lc ny, FED s lo ngi li sut cao do chnh sch ti
kha c th lm suy yu nn kinh t v do FED s c
xu hng thc hin chnh sch tin t m rng gim
li sut.
TC NG CA CHNH SCH TIN T

Tc ng ln th trng TC

Tc ng ln cc nh ch
TC
TC NG LN TH TRNG TC

NH
LS V
CST GI
TNG
T TRNG
CHNG
KHON
 TM LC CHNG 5

1. Bng cch s dng chnh sch tin t, FED c th tc

ng n mi quan h gia cung v cu tin t, iu ny
nh hng n li sut, chi tiu, v tng trng kinh t. Khi
FED tng cung tin, li sut s gim, chi tiu tng v tng
trng kinh t tng. Khi FED gim cung tin, li sut tng, chi
tiu gim, tng trng kinh t gim v lm pht cng gim.
2. Chnh sch tin t c th c dng kch cu kinh
t, nhng cng c th gy ra lm pht do cu ko. Chnh
sch tin t tht cht c th lm gim lm pht nhng cng c
th lm gim tc tng trng kinh t. Nh vy, FED phi i
mt vi mt s nh i khi thc hin chnh sch tin t. FED
s quan tm nhiu hn n tht nghip hay lm pht v nh
gi li ch cng nh bt li khi thc hin cc chnh sch ny.

 TM LC CHNG 5
3. Do chnh sch tin t nh hng ln li sut v tng
trng kinh t, n nh hng n vic nh gi hu ht cc
chng khon c giao dch trn th trng. Cc thnh phn
tham gia th trng ti chnh s c gng d bo chnh sch tin t
ca FED trong tng lai v cc tc ng ca cc chnh sch ny
ln cc iu kin kinh t. Khi FED thc hin chnh sch tin t, cc
thnh phn tham gia th trng ti chnh s c gng nh gi
nn kinh t s b tc ng nh th no iu chnh danh mc
u t ca mnh cho ph hp.
4. Chnh sch tin t ca Fed phi da vo nhng iu kin
kinh t ton cu. Vic ng USD yu c th tng xut khu ca
M v kch thch nn kinh t M tng trng. iu ny s lm tng
xut khu ca M v thc y kinh t M pht trin. Nh vy, FED
c th khng phi thc hin chnh sch tin t m rng. Ngc li,
FED c th phi xem xt chnh sch tin t tch cc hn kch
thch mt nn kinh t M v trong mt s trng hp, FED khng
th da vo cc nn kinh t khc thc y kinh t M.
 NI DUNG CHNG 6

M t cc c im ca cc loi chng khon

ang c lu hnh ph bin nht trn th
trng tin t.
Gii thch cc nh u t s dng th trng
tin t nh th no.
Gii thch vic nh gi v ri ro ca cc
chng khon trn th trng tin t
Gii thch th trng tin t ngy cng tr
nn c tnh ton cu nh th no.
CHNG KHON TH TRNG TIN T

Hnh 6.1 Th trng tin t v vai tr iu

chuyn dng vn
CHNG KHON TH TRNG TIN T

Cc chng khon th trng tin t ph

bin bao gm:
Tn phiu chnh ph (Treasury bills)
Thng phiu(Commercial paper)
Chng ch tin gi kh nhng (Negotiable
certifi cates of deposit)
Hp ng mua li REPO (Repurchase
agreements)
Th trng lin ngn hng (Federal funds)
Hi phiu c chp nhn bi ngn hng
(Bankers acceptances)
HOT NG CA CC NH CH TI
CHNH TRN TH TRNG TIN T
Hnh 6.5: Nhng nh ch ti chnh ca th trng
tin t
NH GI CC CK TRN TH TRNG
TIN T
Gi th trng ca mt chng khon trn th
trng tin t c th c xc nh nh sau:
NH GI CC CK TRN TH TRNG
TIN T
Hnh 6.6 gip xc nh cc nhn t c bn nh hng n li
sut phi ri ro (li sut tn phiu chnh ph T-bill) v phn b
ri ro
TON CU HA CC TH TRNG TIN T

Cc chng khon eurodollar -

Eurodollar CDs, Euronotes, Euro-
Commercial Paper (Euro-CP)
Th trng lin ngn hng quc t
(International Interbank Market)
Thnh qu t u t chng khon
trn th trng tin t nc ngoi
 TM LC CHNG 6
1. Cc chng khon chnh yu trn th trng tin
t bao gm tn phiu chnh ph (Treasury Bills),
thng phiu (commercial paper), chng ch tin gi
(NCDs), hp ng mua li (repurchase agreements),
th trng lin ngn hng (federal funds), v hi
phiu c xc nhn (bankers acceptances).
2. Cc nh ch ti chnh qun l thanh khon
trong ti sn u t ca mnh bng cch tham
gia vo cc th trng tin t. Nhng t chc ny
c th pht hnh cc chng khon th trng tin t
khi h thiu ht tin mt hoc cn gia tng lng
tin mt nm gi
 TM LC CHNG 6
1. Gi tr ca chng khon th trng tin t chnh
l hin gi ca cc khon thu nhp trong tng
lai m chng khon c th to ra. Bi v cc
chng khon trn th trng tin t l nhng cng c
n, nn dng tin k vng nhn c trong tng lai
t nhng chng khon ny u c th c xc nh
r rng.
2. Cc quc gia khc nhau thng c cc mc li
sut khc nhau. Mt s nh u t b hp dn bi
mc li sut cao trn th trng tin t nc ngoi
v iu ny to nn dng chy vn ti nhng
quc gia . H qu l cc th trng tin t
ngy cng tr nn hi nhp quy m ton cu
 NI DUNG CHNG 7

Gii thiu kin thc nn tng v tri

phiu
M t cc loi tri phiu khc nhau
cng nhng c im ca cc loi
ny.
Gii thch th trng tri phiu hi
nhp ton cu nh th no
M t cc loi chng khon n khc

49
KIN THC NN TNG V TRI PHIU

c im tri phiu
Phn loi tri phiu
S tham gia ca cc nh ch trn th
trng tri phiu
T sut sinh li tri phiu

50
 PHN LOI TRI PHIU

1. TRI PHIU CHNH PH :

Tri phiu chnh ph stripped
Tri phiu chnh ph da vo ch s lm
pht
Tri phiu tit kim
Tri phiu t chc lin bang
2. TRI PHIU TH
3. TRI PHIU CNG TY

51
 TRI PHIU CNG TY
CC C IM TRI PHIU CNG TY
1. iu khon qu chm
2. Tha thun bo v
3. iu khon mua li (thu hi) tri phiu
4. Th chp tri phiu
5. Tri phiu c li coupon thp v tri phiu
Zero-Coupon
6. Tri phiu c li sut kh bin
7. Tnh chuyn i
8. T l v n
9. Xp hng tri phiu
52
 TRI PHIU CNG TY
TRI PHIU U C
Phn b ri ro tri phiu u c
Tri phiu u c cung ng t sut sinh li cao do c cha
trong phn b ri ro b p li phn ri ro cao m nh
u t gnh chu.
Thng th phn b ri ro dao ng khong 3 n 7 im
phn trm cao hn so vi tri phiu chnh ph, vi cng thi
gian o hn. Chnh lch s ln hn trong sut giai on nn
kinh t ri vo suy thoi.
Mc d cc nh u t lun i hi tri phiu u c cung
ng mc sinh li cao hn cc tri phiu khc, h vn i hi
mt phn b ri ro cao hn khi nn kinh t suy thoi bi v c
mt kh nng ln l cc nh pht hnh s khng to ra
lng tin mt thanh ton cc khon n.

53
 Tri phiu s dng nh th no
ti tr cho ti cu trc

S dng tri phiu ti tr cho thng v mua

li bng vn vay - LBO
S dng tri phiu iu chnh cu trc vn -
Chin lc ny c gi l hon i n thnh c
phn.

54
 CC LOI CHNG KHON N
DI HN KHC

Tn phiu cu trc
Tn phiu h tng - (ETN)
Chng khon u gi li sut

55
 TM LC CHNG 7
Tri phiu c pht hnh ti tr cho chi tiu chnh ph, mua
nh v chi tiu vn ca cc cng ty. Nhiu nh ch ti chnh, chng
hn nh cc ngn hng thng mi, pht hnh tri phiu ti tr cho cc
hot ng ca mnh.
Tri phiu c th phn loi thnh bn nhm da theo nh pht
hnh: Tri phiu chnh ph, tri phiu cc t chc lin bang, tri phiu
th v tri phiu cng ty. Mi nh pht hnh c mc ri ro tn
dng khc nhau. Ngoi ra cc tri phiu u c mc thanh khon v
cc iu khon khc nhau. Do vy t sut sinh li nim yt vo bt
k thi im no cng thay i ty theo tng loi tri phiu.
T sut sinh li tri phiu thay i khc nhau cc quc gia.
Quc gia no c tri phiu t sut sinh li cao s thu ht cc nh u t
nc ngoi v iu ny s lm cho dng vn chy vo cc quc gia ny.
Kt qu l cc th trng tri phiu ngy cng tr nn hi nhp ton
cu.
Tn phiu cu trc & Tn phiu h tng (ETN)
 Ni dung chng 10

M t th trng c phiu t nhn,

M t s tham gia ca nh u t trn th
trng chng khon,
M t quy trnh pht hnh c phiu ln u
ra cng chng
M t quy trnh pht hnh c phiu th cp,
Gii thch cch thc gim st v kim sot
cng ty thng qua th trng chng khon,
M t s ton cu ha ca th trng chng
khon.
57
 VN C PHN T NHN

TI TR BI QU U T MO HIM
Th trng vn mo him
Cc iu khon ca hp ng vn mo him
Chin lc rt vn

58
 VN C PHN T NHN
TI TR BI QU VN C PHN T NHN
Qu vn c phn t nhn tp hp tin t
nhng nh u t t chc (nh qu hu tr v
cng ty bo him) v u t vo doanh
nghip.
Qu vn c phn t nhn thng tip qun v
qun l doanh nghip. Cc nh qun l qu
thng trch mt phn li nhun t d n u
t bo m hot ng ca qu. H cng thu
ph qun l thng nin.

59
 VN C PHN I CHNG

Khi pht hnh c phiu ra cng chng,

doanh nghip pht hnh c phiu trn
th trng s cp v thu tin mt.
Quyn s hu v quyn biu quyt
C phiu u i
Quyt nh ca nh u t nh hng
n gi chng khon nh th no?
S ph thuc ca nh u t vo thng
tin
60
PHT HNH C PHIU LN U RA
CNG CHNG
IPO khng ch gip doanh nghip tng vn m cn
to c hi cho nhng nh sng lp v qu VC rt vn
cht li.
Quy trnh pht hnh
Nhng n lc ca nh bo lnh n nh gi
nh thi im IPO
T sut sinh li ban u ca IPO
IPO ca Google (c)
Nhng tiu cc trong th trng IPO
Thnh qu di hn sau IPO
Tc ng ca o lut Sarbanes-Oxley n IPO
(c) 61
 PHT HNH C PHIU V MUA
LI
Pht hnh c phiu th cp
Pht hnh c phiu th cp l vic pht hnh c phiu ca nhng
cng ty i chng. Mt s cng ty i chng pht hnh nhiu t
c phiu th cp tng vn.
Mua li c phiu
Cc gim c c thng tin v trin vng ca cng ty trong khi
nh u t li khng c, vn ny c gi l thng tin bt
cn xng.
Khi cc gim c tin rng c phiu ca cng ty b nh gi
thp, h c th s dng lng tin mt nhn ri mua li
mt phn c phiu ca cng ty trn th trng ti mc gi
thp hn mc tnh ton ca h.

62
 SN GIAO DCH CHNG KHON
SN GIAO DCH TP TRUNG
Nh mi gii trn sn bao gm nh mi gii
hng hoa hng v nh mi gii c lp.
Cc chuyn gia l ngi khp lnh mua v bn.
Tiu chun nim yt

TH TRNG PHI TP TRUNG

Nasdaq
Bng nim yt OTC
Bng hng
Giao dch ngoi gi
63
 VN GIM ST CC CNG TY
I CHNG

VAI TR CA NH PHN TCH:

Cc quy tc giao dch chng khon
Cc vi phm k ton
HNH NG CA C NG: Lin lc vi doanh
nghip, Cuc chin y quyn, Kin tng
TH TRNG MUA BN DOANH NGHIP

S dng LBO mua doanh nghip

Ro cn trong th trng mua bn doanh nghip
Th trng mua bn doanh nghip c th gp nhng ro cn
khin cho vic thu tm mt nhiu chi ph. iu ny gii hn
kh nng gim thiu vn i din ca th trng mua bn
doanh nghip. Sau y l mt s ro cn in hnh trong th
trng ny.
iu khon chng thu tm
Chin lc vin thuc c
Chic d vng
 TON CU HA TH TRNG
CHNG KHON

T NHN HA
CC TH TRNG CHNG KHON MI
NI
 TON CU HA TH TRNG
CHNG KHON
S khc bit gia cc th trng chng khon
cc quc gia:

Lut php v c im cc quc gia

Quyn ca c ng mi quc gia
S bo v v mt php l cho c ng
S thi hnh lut chng khon
Mc cng b thng tin ti chnh i vi cc cng
ty i chng
 TON CU HA TH TRNG
CHNG KHON
CC HNH THC U T VO C PHIU NC
NGOI
Mua trc tip
Chng ch u t ca ngi M (ADR). Qu h
tng quc t (IMFs)
Qu u t ch s (ETF) quc t
 TM LC CHNG 10
1. Khi mi thnh lp, doanh nghip thng da vo vn ch s hu v
vn vay. Mt s doanh nghip t nhn mun m rng hot ng c th
huy ng thm vn c phn t cc qu u t mo him. Khi u t, cc
qu mo him thng mun rt vn sau khong 4 n 7 nm. Vic pht hnh
c phiu ra cng chng lm thay i cu trc s hu ca doanh nghip thng
qua vic tng s lng c ng, v lm thay i cu trc vn ca doanh
nghip thng qua vic tng t l vn c phn. Nhng i tng tham gia th
trng chng khon bao gm nh u t c nhn, nh u t t chc nh qu
h tng chng khon, qu hu tr, v cng ty bo him. Khi mt thng tin
mi v cng ty c cng b, nh u t c th phn ng bng cch mua vo
hoc bn ra c phiu ca cng ty. Hnh ng ca h lm nh hng n cung
v cu ca chng khon v do tc ng n mc gi cn bng.
2. IPO l hot ng pht hnh c phiu ln u ra cng chng. Nhiu
doanh nghip thc hin IPO nhm huy ng vn m rng hot ng v to
c hi cho nhng ngi sng lp cng nh qu u t mo him rt vn.
Nhng doanh nghip mun tin hnh IPO phi cung cp bn co bch cho
SEC, v doanh nghip thng s dng hnh thc qung b gii thiu vic
pht hnh. Doanh nghip thng thu mt nh bo lnh h tr qu trnh
xy dng bn co bch, qung b v bn c phiu cho nh u t.
 TM LC CHNG 10

3. Pht hnh c phiu th cp l nhng t pht hnh c phiu

ca cc cng ty i chng. Cng ty pht hnh c phiu th cp
huy ng vn nhm m rng hot ng.
4. C rt nhiu cch khc nhau gim st cc cng ty i
chng. Cc nh phn tch gim st doanh nghip a ra xp hng
cho c phiu. C ng c th gim st thnh qu v a ra hnh ng
m bo ban gim c s ti a ha gi tr c ng. Th trng
mua bn doanh nghip cho php cc doanh nghip thu tm, thay th
ban gim c v iu chnh hot ng cho nhng doanh nghip km
hiu qu.
5. Nhiu doanh nghip M pht hnh c phiu nc ngoi, cng nh
M, khi doanh nghip c th tip cn rt nhiu nh u t v
nng cao hnh nh ton cu. S ton cu ha trong th trng
chng khon thc y hot ng giao dch quc t. Nh u
t M c th u t vo chng khon nc ngoi bng cch trc tip
mua c phiu trn sn giao dch nc ngoi, mua ADR, u t vo qu
h tng quc t hay u t vo qu ETF.
S hnh thnh v pht trin ca cc cng c QTRR

Cc sn phm phi sinh ph bin nht:

Hp ng k hn (Forward)

Hp ng giao sau (Future)

Hp ng quyn chn (Option)

Hp ng hon i (Swap)

6/13/2017
 HP NG K HN V GIAO SAU

Hp ng k hn (forward) l mt tha thun

gia hai bn, ngi mua v ngi bn, mua
hoc bn ti sn vo mt ngy trong tng lai
vi gi c ng ngy hm nay.

Hp ng giao sau (future) l mt hp ng

k hn c tiu chun ha, chng c giao
dch trn mt sn giao dch v c iu chnh
theo th trng hng ngy, trong khon l
ca mt bn c chi tr cho bn cn li.

6/13/2017
 TH TRNG K HN

Th trng k hn l mt th trng ln v rng khp trn

ton th gii. Nhng thnh vin ca th trng l cc ngn
hng, cc cng ty, v cc chnh ph.
L th trng OTC - th trng khng c th ch ha.
Hai bn k kt hp ng k hn phi ng thc hin
ngha v vi nhau tc l mi bn phi chp nhn ri ro tn
dng ca bn kia.
Nhng u im v hn ch ca H k hn

6/13/2017
C ch giao dch giao sau

6/13/2017
 C ch giao dch giao sau

Cng ty thanh ton b tr

Cng ty thanh ton b tr l mt nh ch v l nh bo

m cho cc giao dch giao sau.
Cng ty thanh ton b tr l mt cng ty c lp v c
ng ca n l cc cng ty thanh ton thnh vin.
Mi thnh vin duy tr mt s d ti khon vi cng ty
thanh ton b tr v phi p ng nhng iu kin nht
nh v mt ti chnh.

6/13/2017
 HP NG QUYN CHN

Quyn chn l mt hp ng gia hai bn

ngi mua v ngi bn trong cho ngi mua
quyn, mua hoc bn mt ti sn no vo
mt ngy trong tng lai vi gi ng vo
ngy hm
Ngi mua quyn chn tr cho ngi bn mt s
tin gi l ph quyn chn
Mt quyn chn mua ti sn gi l quyn
chn mua (call option). Mt quyn chn bn
ti sn gi l quyn chn bn (put option)
TNH TRNG ITM, OTM, ATM
6/13/2017
 TH TRNG QUYN CHN

C tnh cht l mt th trng OTC nn tn ti

nhiu khuyt im.

Khng c tnh thanh khon

Ri ro tn dng rt cao
Ph giao dch ln

6/13/2017
 Th trng quyn chn phi tp trung

Cc li th
Quyn chn c thit k ph hp vi nhu cu ca c hai pha
L th trng t nhn - cng chng hay cc nh u t khc,
bao gm c cc i th cnh tranh khng c bit v cc giao
dch hon tt.
Giao dch phi tp trung v bn cht khng b kim sot. Cc qui
nh ca giao dch ny thuc v tnh trung thc v php c x
thng thng trong kinh doanh. Cc t chc khng tun th s
khng th tm c i tc giao dch.
Cc hn ch
Ri ro tn dng tn ti v loi tr nhiu khch hng vn khng
th thit lp tn nhim cho mnh ra khi th trng ny
Qui m ca cc giao dch trn th trng phi tp trung ln hn
kh nng ca nhiu nh u t.

6/13/2017
 Th trng quyn chn tp trung

Sn giao dch c t chc p ng vic thiu chun

ha v thanh khon ca th trng phi tp trung.
Hnh thnh mt th trng th cp dnh cho cc
hp ng c to lp, khin cho quyn chn
d tip cn hn v hp dn hn i vi cng
chng.
Vic cung cp thit b tin ch, qui nh c th cc
iu l, qui tc v chun ha cc hp ng gip
cc quyn chn c th c mua bn nh c
phiu.

6/13/2017
Th trng quyn chn tp trung

iu kin nim yt

Qui m hp ng

Gi thc hin

Ngy o hn

Hn mc v th v hn mc thc hin

6/13/2017
Th trng quyn chn tp trung

6/13/2017
 Hp ng hon i

Hon i l mt sn phm phi sinh ti chnh

bao gm hai bn giao dch thc hin mt chui
cc thanh ton cho bn cn li vo nhng ngy
c th.

Cc loi hon i:

Hon i tin t

Hon i li sut

Hon i chng khon

Hon i hng ha
6/13/2017
 Hp ng hon i

Ngy bt u
Ngy kt thc
Ngy thanh ton l ngy m vic thanh ton c
thc hin
K thanh ton l khong thi gian gia cc ln thanh
ton
Khng c cc khon thanh ton trc t bn ny
cho bn kia
Ri ro nu mt bn b v n (credit risk)

6/13/2017
 Hon i li sut

Hon i li sut l mt chui cc thanh ton tin li

gia hai pha. Mi tp hp thanh ton c da trn
li sut c nh hoc th ni.
Hon i vanilla thun nht l mt hon i li sut
m mt bn thc hin thanh ton theo li sut c nh
cn bn cn li thc hin thanh ton theo li sut th
ni.

6/13/2017
 Hon i tin t

Hon i tin t l mt chui cc thanh ton gia

hai bn m c hai tp hp thanh ton u da trn
nhng ng tin khc nhau.
C bn loi hon i tin t:
Thanh ton c hai ng tin theo li sut c nh

C hai khon thanh ton theo li sut th ni

Thanh ton ng tin u tin theo li sut th ni v

ng tin th hai theo li sut c nh

Thanh ton ng tin u tin theo li sut c nh v

ng tin th hai theo li sut th ni

6/13/2017
 NI DUNG CHNG 17

M t cu trc th trng ca cc ngn

hng thng mi,
M t nhng ngun vn ph bin nht ca
ngn hng thng mi,
M t nhng knh s dng vn ph bin
nht ca ngn hng thng mi,
Gii thch nhng hot ng ngoi bng cn
i k ton in hnh ca ngn hng thng
mi.
 Cu trc th trng ngn hng

Cu trc th trng v ang c nhng

thay i ng k, trong phi k n xu
hng hp nht gia cc ngn hng.
sp nhp l mt trong nhng phng
thc c th gip cc ngn hng y
nhanh tc tng trng.
XU HNG HP NHT GIA CC NGN
HNG.
 NGUN VN CA NGN HNG

1. TI KHON TIN GI: Tin gi thanh ton,

Tin gi tit kim, Tin gi c k hn, Ti khon tin
gi th trng tin t.

2. VN VAY: Ngun vn lin bang (i vay), Vay t cc

ngn hng D tr Lin bang, Cc tha thun mua li,
Cc khon vay Eurodollar

3. VN DI HN: Tri phiu ngn hng pht hnh,

Vn t c
Ngun vn lin bang
2.1 Vay t cc ngn hng D
tr Lin bang

2.2 Cc tha thun mua li

2.3 Cc khon vay Eurodollar

VN DI HN

Pht hnh tri phiu

Vn t c
 Vn di hn: vn t c

Vn t c bao gm vn c phn v li nhun

gi li. i vi ngun vn ny, ngn hng
khng c ngha v tr vn trong tng lai.
Vn t c c phn loi thnh vn s cp v
vn th cp:
Vn s cp l vn c t vic pht hnh c phn
thng, c phn u i hoc li nhun gi li.
Vn th cp n t vic pht hnh n th cp v
tri phiu.
CC KNH S DNG VN CA
NGN HNG
NGN HNG THNG S DNG VN CHO CC
KHON MC SAU:
Tin mt
Cc khon cho vay
u t chng khon
Cho vay vn lin bang
Tha thun mua li
Cc khon cho vay Eurodollar
Ti sn c nh
T doanh chng khon
 CC KHON CHO VAY
CC HNH THC CHO VAY THNG MI
Cho vay vn lu ng (cho vay p ng nhu cu thanh khon),
Cho vay c k hn cng vi cc tha thun m bo nhm gip
ngn hng hn ch ri ro v n.
Ngn hng c th mua ti sn v cho doanh nghip thu, gi l tn
dng cho thu trc tip
Cung cp hn mc tn dng khng chnh thc
Tn dng tun hon
LI SUT CHUN
CHO VAY NG TI TR
CHO VAY H TR MUA T BNG VN VAY
Cc hnh thc cho vay tiu dng
Cho vay bt ng sn
 CC KHON CHO VAY

Yu cu ti sn th chp i vi khon cho vay

thng mi
Trch nhim php l ca ngi cho vay trong cho
vay thng mi
Gi tr cc khon vay thng mi
 CC HOT NG NGOI BNG

Cam kt cho vay

Th tn dng d phng
Hp ng k hn tin t
Hp ng hon i li sut
Hp ng hon i ri ro v n tn
dng
HOT NG NGN HNG QUC T

CNH TRANH TON CU NC NGOI

TC NG CA NG EURO N CNH
TRANH TON CU
 TM LC CHNG 17

1. NHTM c xu hng hp nht tn dng li th theo

quy m v tng hiu qu hot ng.
2. Ngun vn ph bin nht ca NHTM l t ti khon tin
gi, vn vay, v cc ngun vn di hn. Cc hnh thc
ph bin ca ti khon tin gi l ti khon tin gi
thanh ton, tin gi tit kim, tin gi c k hn, v tin
gi th trng tin t.
3. NHTM c th ti tr cho s thiu ht vn trong ngn hn
bng cch vay t cc ngn hng khc (trn th trng
vn lin bang), t Cc D tr Lin bang, hoc pht hnh
chng khon ngn hn nh hp ng mua li. Khi NH cn
vn di hn m rng hot ng, h c th s dng li
nhun gi li, pht hnh c phiu mi hoc tri phiu
mi.
 TM LC CHNG 17

4. NH s dng vn huy ng ch yu vo hot ng cho vay v u

t vo chng khon, s dng vn thng d cho cc NH khc
vay hoc mua CK ngn hn.

5. NH tham gia nhng hot ng ngoi bng nh cam kt cho vay,

th tn dng d phng, hp ng k hn v hp ng hon i
nhm mang li ph cho NH, Tuy nhin, nhng cam kt ny cng
khin NH phi chu thm nhiu ri ro.