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]
Trang 1I 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 trong tUng hUdc di cua cdc chinh sdch, the hien sU cdn thiet vd cdn dugc phdt trien tren thi trUdng chUng khodn (TTCK) trong 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 trong 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 khi Sd Giao
dich Quyen chpn Chicago
(CBOE) dupc thanh 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
ngay trong tUPng lai vdi
gia d i x i c dinh v i o n g i y
hom nay 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 ngay 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 ngay dao ban Trong khi 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 ngay dio ban Gia cua hpp ddng quyen chpn la gia thifc bien, ngay thUe hien hpp ddng la ngay dao b a n [8]
nganhang
So 61 'Thang 04/2011
Trang 2DAU 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 trong
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 trong 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) trong B a n g 1
B a n g 1 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 3 %
KRX (1993-1996) 173,600 434,000
4 0 %
CCFEX (2005-2008) 2,863,000 2,726,667 105%
HOSE (2006-2009) 70,494 211,643
3 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
do 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 ngay 01/7/2011 gop p h a n giai quyet nhiing b a n che trong 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
Trang 3I 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 khi dUa quyen chpn
cd phieu v i o giao dich, do 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
ngay 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
do 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 con 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 do t i c dpng d e n giao dich quyen chpn cd phieu Do do, t h o n g
•;^i^ -dngngh^nganhang
So 61'Thang 04/2011
Trang 4DAU 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, do I i
khi 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 do 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 trong 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 2 cong ty niem yet den nay 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 con 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 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 con 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 khi 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
Trang 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 sao 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
do t i c dpng ciia mpt yeu td
nao do
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 do 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 do 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 trong 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 ngay 31/12/2010 khep lai d mUc 484,66 diem, giam 32,39 diem
so vdi phien giao dich ngay 4/01/2010; HNX-Index vao ngay nay la 114,24 diem, giam 65,6 diem so vdi phien dau nam Tinh hinh nay 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 con 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 nay 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 khi 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 1
t h i n g va tdi da la 3 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 nay 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
nganhang
Trang 6DAU 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, trong khi 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 khi do, b i e n nay TTCK
se con 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 nay 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 duy 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 trong 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 trong 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 do 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 do giiip gia t i n g ty s u i t sinh ldi cho
Congnghe ngan hang
Trang 7I 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 trong do n h i
dau t u CO the i p dung c i c
chien lUpc dau tU k h i c nhau 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 nhau do 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 do 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 khi 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 do 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 nay
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 do, Viet Nam can i p dung thi diem ddi vdi mpt sd^ cd phieu n i e m yet, sau do 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 do 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 con 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 do 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 trong do 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 do 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
nganhang