PHT TRIN V HON THIN TH TRNG CHNG KHON VIT NAM TRONG B I CNH TI C U TRC H TH NG TI CHNH TS.

V Th Kim Lin Ph Ch Tch U ban Chng khon Nh nc

Trong nhng n m va qua, kinh t th gii tri qua nhng giai on h t sc kh khn v i mt vi rt nhiu nhng thch thc nh suy thoi kinh t, lm pht, tht nghip... Khng i ngoi xu hng chung , kinh t Vit nam cng tri qua nhng th i im v cng kh khn vi kinh t v m cn nhiu b t n khi lm pht vn mc cao, thm ht ngn sch cha gim ng k, t l n cng vn cha c kim sot mc k vng, t gi bin ng kh lng v thm ht th ng mi vn ch a c kim sot hiu qu , h thng ti chnh ngn hng km bn vng, cha h tr tt cho n n kinh t,... S b t n kinh t v m ny khng nh ng xut pht t cc yu t bn ngoi nh n n kinh t th gii gp nhiu kh kh n, s bt n chnh tr ca mt s qu c gia trn th gii m cn xut pht t chnh nhng yu t ni ti ca nn kinh t Vit Nam. Cc nh kinh t, cc nh hoch nh chnh sch trong v ngoi nc ch ra rng nhng bt n ny xut pht t c cu kinh t v m hnh tng trng kinh t ca Vit Nam ch a hiu qu v khng hp l.

V vy, vic ti cu trc nn kinh t l m t nhim v ht s c cp bch v l u tin chnh sch pht trin hng u Vit Nam trong nm 2012 v nhng nm tip theo. c th ho ng l i chnh sch ny, Qu c Hi giao cho Chnh ph khn trng hon thnh n tng th ti c cu nn kinh t gn vi i mi m hnh tng trng theo hng nng cao ch t lng, hiu qu v kh nng cnh tranh. Trong n trnh Quc hi, Chnh ph xc nh vic ti c cu nn kinh t c 3 trng tm l: ti cu trc u t cng, ti cu trc h thng ngn hng thng m i v ti cu trc doanh nghip nh nc. Trong bi cnh ny, ti cu trc Th trng chng khon Vit Nam c coi nh l mt iu kin quan trng thc hin c hiu qu vic ti cu trc 3 lnh vc trn. Thc vy, th trng ch ng khon pht trin b n vng th mi pht huy knh dn vn trung v di h n thay th dn cho u t cng, gim p lc cho tn dng ngn hng v ri ro h th ng ca cc ngn hng; mt khc, vic ti cu trc doanh nghip Nh nc ch thnh cng khi th trng chng khon h p dn to thun li cho tin trnh c phn ha, huy ng vn v t ch c li cc DNNN.

A. NH GI THC TRNG HOT NG CA TH TR NG CH NG KHON V S CN THIT CA VIC TI CU TRC I. nh gi hot ng ca TTCK (t nm 2000 n 2011). 1. Nhng kt qu t c: Th trng chng khon Vit Nam c thnh lp t thng 7/2000, qua hn 11 nm hot ng, th trng chng khon (TTCK) tng bc tr thnh knh dn vn trung v di h n c a nn kinh t, h tr tin trnh c phn ho v sp xp li doanh nghip nh nc (DNNN) ng thi gp phn huy ng vn cho ngn sch nh nc (NSNN) v cho u t pht trin gp phn thc hin cng nghip ha, hin i ha t nc. Kt qu hot ng th trng chng khon c th hin trn cc phng din ch yu sau: a) Th trng chng khon to iu kin cho Chnh ph, cc doanh nghip huy ng vn cho u t pht trin v m rng sn xu t kinh doanh . Thng qua th trng, Chnh ph huy ng c 625 nghn t ng tri phiu; doanh nghip huy ng c 400 nghn t ng thng qua u gi c phn ho v pht hnh c phiu, tri phiu, chng ch qu u t gp phn lm tng quy m vn u t x h i v thc y tng trng kinh t. b) Quy m v tnh thanh khon ca th trng chng khon ngy mt ci thin, gp phn thu h p th trng t do, thu ht ng o cc nh u t trong nc, nc ngoi. Cho n cui nm 2010 c 642 cng ty nim yt, 05 lo i chng ch qu u t v 500 loi tri phiu nim yt trn cc S giao dch chng khon (GDCK) vi gi tr vn ho th trng t 36,5% GDP nm 2010. Trong nm 2011, mc d yu t kinh t v m cn kh khn, song vn c nhiu doanh nghip pht hnh, nim yt c phiu trn th trng ch ng khon nng tng s cng ty nim yt ln 699 cng ty v 450 loi tri phiu nim yt. T ng gi tr giao dch giai on 2006 2010 t 2.315 nghn t ng, gp 45 ln so vi giai on trc . c) Th trng ch ng khon thu ht ng o cc nh u t trong nc v nc ngoi. Cho n nay c gn 1,2 triu ti kho n giao dch, trong c hn 5.000 nh u t c t ch c (chim khong 4%). Vic tham gia ca cc nh u t lm tng kh nng lun chuyn vn trong nc, ng th i huy ng mt lng vn u t nc ngoi ng k. Tnh n cui nm 2011, gi tr danh mc u t nc ngoi t 7 t USD. d) H thng cc t chc kinh doanh dch v chng khon c s pht trin nhanh v s lng, quy m vn, nghip v v cng ngh vi mng li chi nhnh, phng giao dch t i cc tnh, thnh ph trong c nc. Cho n nay TTCK c 105

cng ty ch ng khon vi vn ch s hu t 38 nghn t ng; c 47 cng ty qu n l qu ang hot ng vi vn ch s hu t trn 2.600 t ng. Cc cng ty qu n l qu huy ng v qun l qu u t chng khon, cc hp ng qun l danh mc u t vi gi tr ti sn ln ti 125 nghn t ng. Cc t ch c kinh doanh chng khon th c s tr thnh trung gian ti chnh gia nh u t vi th trng. ) Cc S GDCK, TTLKCK th c hin chc nng giao dch, lu k, thanh ton chuyn giao ch ng khon an ton, ng thi ch trng pht trin cng ngh thng tin, pht trin ngun nhn lc, qun tr n i b v cung cp cc sn ph m, dch v a dng cho th trng. S GDCK H Ni, S GDCK thnh ph H Ch Minh c thnh lp trn c s cu trc li cc trung tm GDCK t m hnh n v s nghip sang ho t ng theo m hnh doanh nghip; ho t ng lu k, thanh ton b tr c tch ra thnh Trung tm Lu k chng khon (TTLKCK) c lp theo thng l quc t. e) Khung php lu t v TTCK ngy cng c hon thin gp phn hon chnh th ch kinh t th trng c s qun l ca Nh nc. Lu t Chng khon c ban hnh nm 2006 v c b sung sa i nm 2010, trn c s Chnh ph, B Ti chnh ban hnh nhiu vn bn hng d n Ngh nh, thng t, to ra hnh lang php l tng i y cho th trng hot ng. C quan qun l nh nc m trc tip l U ban Chng khon nh nc (UBCKNN) c tng cng m nhim chc nng qun l gim st, thanh tra x pht, cng ch thc thi, gp ph n quan trng lm cho th trng pht trin an ton trong sut nhiu nm qua. Nh vy, hot ng th trng chng khon trong thi gian qua c bc pht trin quan trng, khng nh v tr v vai tr trong n n kinh t v tng bc tr thnh knh huy ng, u t vn trong di hn, gp phn thc y tng trng v m bo an sinh x hi. 2. Nhng m t cn h n ch, tn t i. Mc d t c kt qu quan trng ni trn song th trng chng khon v cc t chc ti chnh nh cng ty chng khon, cng ty qu n l qu vn cn nhng hn ch tn ti c th l: a) V hng ho c a th trng: S lng chng khon nhiu nhng cht lng cn thp, sn phm th trng cha a dng, cha p ng c yu cu ca cc nh u t. i vi tri phiu, s lng m tri phiu c nim yt l kh ln nhng khi lng mi m li nh, y l ro cn ln i vi vic tng cng thanh kho n c a th trng.

a s cc cng ty nim yt, ng k giao dch l nhng cng ty va v nh; trong s 710 cng ty nim yt/ng k giao dch ch c 368 cng ty (kho ng 50%) c vn iu l trn 100 t ng; ch t lng ca cc cng ty nim yt cha cao, c bit l qun tr cng ty v tnh cng khai, minh bch. Trong thi k kh khn c bit l giai on 2010-2011 nhiu cng ty nim yt lm n thua l, nh hng n s hp d n c a c phiu nim yt v nim tin ca cc nh u t. Sn phm th trng cn ngho nn, ngoi c phiu v mt s loi tri phiu doanh nghip, chng ch qu , cha c cc sn ph m phi sinh v cc cng c u t khc, v vy hng ho th trng cn khim khuyt, cha c cng c phng nga ri ro. b) V c s cc nh u t: C s nh u t cha vng chc do thiu vng nh u t c t chc lm nn tng. S lng cc nh u t tham gia th trng ch ng khon nhiu song ch yu l cc nh u t c nhn, cc nh u t c t chc ch chim 4% s lng ti khon giao dch v tp trung vo cc t chc tn dng, cng ty b o him, qu u t. Cc loi hnh cng ty u t chng khon, qu m, qu hu tr t nguyn cha c pht trin. Cc t chc tn dng tham gia vo lnh v c chng khon vi cc hnh thc khc nhau nh: u t vo tri phiu, gp v n thnh lp cng ty ch ng khon, cng ty qun l qu v u thc u t. S lin kt gi a t chc tn dng vi th trng chng khon l cn thit, tuy nhin cng c ri ro tim n. Mt khc, do lm pht v li su t ngn hng cao, lm cho u t chng khon tr nn khng cnh tranh lm cho kh nng thu ht vn u t trn th trng b hn ch rt nhiu. c) V cc t chc kinh doanh chng khon: - Cc t chc kinh doanh chng khon nhiu nhng quy m v nng lc ti chnh th p, khng m bo hiu qu hot ng, tim n r i ro h thng. c bit c mt s cng ty chng khon c hn ch v nng lc nghip v, kim sot ni b v qun tr r i ro d n n tnh trng khng hiu qu (c bit l hot ng t doanh) dn n tnh trng thua l. Theo nh gi phn loi cc cng ty ch ng khon theo tiu ch an ton ti chnh, c 40/105 cng ty ch ng khon c kh khn v thanh khon khng m bo ch tiu an ton ti chnh; c 71 cng ty chng khon b thua l ch yu l nghip v t doanh (do gi c phiu gim thp v u t khng hiu qu ). - Cc cng ty qun l qu hot ng khng ng u, ngoi tr cc cng ty qun l qu thuc t chc tn dng, cng ty bo him, cc cng ty qun l qu khc rt kh khn trong vic huy ng vn, ch yu ch qu n l danh mc u t ngn hn,

nng l c hot ng c a cc cng ty cn hn ch, kt qu ho t ng qun l ti sn, u t cho khch hng t thp, cha chuyn nghip. Theo nh gi phn loi cc cng ty qun l qu theo theo tiu ch an ton ti chnh, c 04 cng ty qu n l qu khng t yu cu v an ton ti chnh v thua l trn 50% vn iu l, ngoi ra, c 23/47 cng ty qun l qu b thua l. d) V t chc th trng: Th trng giao dch chng khon pht trin khng n nh, c thi k pht trin nng nh nm 2007 vi gi tr giao d ch bnh qun t 1086 t ng/phin. Tuy nhin, c thi k (c bit l nm 2011) gi tr giao dch gim thp, c thi m ch t 600 t ng/phin; ch s gi ch ng khon cui nm 2011 gim 24% so vi nm 20101. Vic duy tr hot ng ca 2 S GDCK gp phn pht trin TTCK trong th i gian qua, tuy nhin iu ny cng lm cho th trng chng khon b chia ct. Hin nay, trn 2 S GDCK c 3 th trng c phiu (2 th trng nim yt ti 2 S giao dch ch ng khon v 1 th trng c phiu cha nim yt ti S GDCK H Ni) bn cnh cn c hnh thc chuyn quyn s hu cho cc chng khon ca cc cng ty i chng cha nit yt (ho c cha ng k giao dch). Tnh trng ny d n n s khng thng nh t trong vic qu n l th trng, c bit l cng tc qu n tr cng ty, cng b thng tin c a cc doanh nghip, lm tng chi ph x hi, chi ph u t c a cc t chc kinh doanh chng khon cng nh cc nh u t. Th trng tri phiu chuyn bit c thnh lp v hot ng ti S Giao dch chng khon H Ni, song ch yu l tri phiu Chnh ph . S lng tri phiu Chnh ph nim yt trn th trng kh ln (160 nghn t ng) song do c qu nhiu loi tri phiu (hin nay c 135 loi tri phiu vi cc k hn khc nhau). Mt khc s lin kt vi th trng tin t cn lng lo, cha hnh thnh h thng cc nh to lp th trng (Primary Dealers) cng vi yu t v m cha thun li (lm pht, li sut cao) nn cha to ra c ng cong li su t chun, th trng giao dch tri phiu c tnh thanh khon yu. S lng tri phiu doanh nghip t, ch yu l tri phiu c a Ngn hng pht trin Vit Nam v Ngn hng chnh sch x h i, Tng cng ty ng cao tc pht hnh tri phiu c Chnh ph bo lnh; cc doanh nghip sn xut kinh doanh khc rt kh khn trong vic huy ng vn thng qua tri phiu do li sut th trng cn cao2. 3. Nguyn nhn ca tn ti v hn ch.

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Ch s gi chng khon u nm 2011 l 485,97, n ngy 19/12/2011 l 367,4. D n tri phiu doanh nghip khng k tri phiu ca NHCSXH v NHPT l 6,6% GDP nm 2010.

Nhng tn ti v hn ch trn l do nguyn khch quan, ch quan sau: a) Th ch i vi hot ng TTCK c s hon thin mt bc, c bit l b sung sa i Lut ch ng khon trong nm 2010. Tuy nhin, nhng c i cch v th ch vn cha p ng c yu cu pht trin ca th trng, c bit l trong bi cnh th trng ti chnh quc t c nhiu bin ng nh trong giai on va qua. - V hng ho c a th trng, mc tiu trong giai on u pht trin TTCK l thu ht nhiu hng ho nim yt giao d ch trn th trng, v vy c s gim nh trong iu kin v tiu chun i vi vic pht hnh, nim yt chng khon cng nh yu cu v qu n tr cng ty. - V c s cc nh u t, cha c chnh sch ph hp m rng nh u t c t chc nh cc cng ty u t chng khon, qu m , qu hu tr, mt khc do tnh cht nh y cm i vi mt s loi hnh u t mi (nh sn phm phi sinh) ni trn cng c s thn trng trong vic m rng. - V cc t chc kinh doanh chng khon: th ch i vi vic thnh lp v hot ng c a cc t chc ny c hon thin, iu kin thnh lp v ho t ng c nng cao, nht l tiu ch v ti chnh, ngun nhn lc v iu kin k thut, tuy nhin so vi chu n m c quc t cn th p, yu cu v qu n tr ri ro c bit l an ton ti chnh cha c ch trng. Mt khc, do s pht trin nhanh ca th trng nh t l nm 2007-2008 nn nhiu t chc, c nhn vn thnh lp cng ty chng khon lm cho c s gia tng v s lng cc nh ch ti chnh song nng lc ti chnh v ngun nhn lc cha thc s m bo. - V t ch c th trng: to iu kin cho th trng chng khon pht trin, trong thi gian qua duy tr hot ng c a 2 S Giao dch chng khon. Xt v mt th ch khng c g vng mc, song cch thc t chc th trng nh hin nay to ra s thiu hiu qu, gy lng ph chi ph v ngun nhn lc. Trong khi xu hng qu c t hin nay l hp nht, sp nh p cc s GDCK to lp th trng ln, c sc hp dn, ang dng sn phm, cng c u t v tng kh nng qun tr iu hnh trong bi cnh hi nhp ngy cng su rng gia cc th trng vn trong khu vc cng nh trn th gii. b) Mi trng kinh t v m cha thc s thun li, l m pht v li sut ngn hng cao nh hng n kh nng thanh khon chung ca nn kinh t cng nh th trng ti chnh trong c th trng chng khon . Trong nm 2006, 2007 nht l sau khi Vit Nam tham gia T chc Thng mi th gii (WTO), kinh t c s tng trng nhanh, xu t khu pht trin, d tr ngoi hi tng, v vy cc nh u t k vng nhiu vo TTCK Vit Nam. Tuy nhin, t nm 2009 do nh hng c a khng

hong, suy thoi kinh t, kinh t v m Vit nam cn kh khn, lm pht, li sut tng cao lm cho TTCK gim rt m nh. Tc ng ny c nh hng cho c nm 2010 2011 v mt s nm tip theo. i vi Vit Nam, vic xy dng v pht trin TTCK cng c nhng c th ring, v a phi xy dng th ch, v a phi t chc th trng, p dng cc bin php to hng khuyn khch cc doanh nghip pht hnh c phiu v nim yt trn th trng; ng th i h tr cc t chc ti chnh trung gian nh cng ty chng khon, cng ty qu n l qu hnh thnh v pht trin. Mi trng u t kinh doanh cha hon thin, yu t cung cu trn TTCK cha phn nh thc ch t m cn chu nh hng nhiu bi yu t tm l, u t theo phong tro, u t ngn h n vi s r i ro cao, c bit cn c hin tng u c, lm gi trn th trng chng khon. c) Hot ng ca cc cng ty chng khon, cng ty nim yt khng n nh (lc li, lc l tu theo tnh hnh th trng); mt khc do cng tc qun tr cng ty, cng khai minh bch ca cc cng ty chng khon, cng ty nim yt cha cao nh hng n nim tin ca th trng cng nh cng chng u t. Hin tng u t km hiu qu, cc ti sn u t km tnh thanh khon lm cho kh nng ti chnh ca cc cng ty chng khon (vn kh dng). d) S lin thng gia cc khi th trng trong nc nh: tn dng ngn hng, chng khon, bt ng sn, cng nh s lin thng gia th trng trong nc, nc ngoi lm cho th trng chng khon c s nh hng; iu ny c th gy ri ro tim n trong an ton h th ng ti chnh. ) Cng tc qun l gim st ca c quan qun l nh nc (B Ti chnh, U ban ch ng khon nh nc) c tng cng, t chc b my c hon thin, ngun nhn lc c o to thng xuyn, tuy nhin do tnh phc tp, nhy cm ca th trng v vy cng tc gim st cn c kh khn; thanh tra, kim tra pht hin nhiu v vic vi phm, x l xong ch ti cha mnh cng ch thc thi. II. S cn thit ca vic ti cu trc th trng chng khon v cc nh ch ti chnh. T thc trng ca th trng chng khon v cc nh ch ti chnh ni trn v nh hng chin lc pht trin trong giai on ti (2011-2020), vic cu trc li th trng chng khon v cc nh ch ti chnh l h t sc cn thit, xu t pht t cc l do sau y: - Vic ti cu trc TTCK nh m p ng yu cu v vn di h n cho n n kinh t, cng c h thng th trng c s qu n l ca Nh nc trong c th trng vn, th trng chng khon v cc d ch v ti chnh.

- Ti cu trc TTCK nhm kh c phc nhng hn ch yu km ca th trng nhm nng cao hiu qu ho t ng ca th trng chng khon tng cng thu ht u t, lun chuyn vn v m bo qun tr r i ro, an ton h thng ti chnh. - Vic ti cu trc th trng chng khon v cc nh ch ti chnh l thc hin ch trng chung ca ng v Nh nc v ti cu trc nn kinh t trong c ti cu trc ti chnh, ngn hng, pht huy hiu qu u t, hiu qu s dng vn, thc y pht trin kinh t th trng nh hng x hi ch ngh a. - Ti cu trc th trng vn l mt hng i m nhiu nc tng tri qua sau mi th i k hng thnh, suy thoi v vic ti cu trc nh vy s to ra kh nng tip cn c vi cc th trng khu vc cng nh quc t. c bit trong giai on hin nay, th trng ti chnh qu c t c s bin i nhanh trong cu trc th trng cng nh hot ng nghip v v tiu ch an ton ti chnh i hi th trng chng khon Vit Nam cn ph i c bc i thch hp. B. NI DUNG PHNG N TI CU TRC TTCK I. Mc tiu ca vic ti cu trc: Th nht, nng cao ch t lng hng ha kt hp vi vic a dng ha cc sn phm chng khon; nng cao ch t lng qun tr doanh nghip, qu n tr ri ro ti cc t chc pht hnh; b o m tnh cng khai, minh b ch; tng bc p dng cc tiu chu n, chun mc v thng l quc t v qun tr cng ty, k ton, kim ton, qun tr r i ro, bo v li ch ca nh u t, c ng, cng c lng tin c a th trng. Th hai, thu hp s lng cc t chc ti chnh trung gian, c bit l cc cng ty chng khon c ho t ng yu km, khng hiu qu ; kin ton m hnh hot ng cc t ch c kinh doanh chng khon theo thng l qu c t; nng cao cht lng qun tr doanh nghip, qun tr ri ro ti cc t chc ny. Th ba, a dng ha c s nh u t; tp trung pht trin h thng nh u t t chc, bao gm qu hu tr v cc loi hnh qu u t chng khon, pht trin cc sn phm b o him lin kt u t m bo tnh an ton v hiu qu. Tp trung khuyn khch dng vn u t gin tip nc ngoi trung v di hn, kt hp vi vic tng cng cng tc qun l, gim st, c gii php ph hp, kp thi ch ng i ph vi bin ng c a dng vn ny. Th t, ti cu trc t chc th trng, ti cu trc cc SGDCK theo cc mc tiu phttrin di hn ca TTCK Vit Nam c ra trong Chin lc pht trin TTCK Vit Nam giai on 2011-2020, b o m th trng hot ng lnh mnh,vng chc, c qu n l, gim st cht ch ; c cu qun tr iu hnh minh b ch, r rng, chuyn nghip theo thng l v cc chun m c quc t; c cu sn ph m a dng,

hon ch nh, nhiu cp va c s thng nh t v sn ph m giao d ch, va c s chuyn nghip, chuyn bit ha trong d ch v cung cp; hot ng thanh ton b tr an ton. II. Quan im ch o ca vic ti c u trc: M t l, ti cu trc th trng chng khon phi da trn c s cc tiu chun v thng l qu c t tt nht, ph hp vi iu kin th c t v k ho ch ti c cu c nn kinh t, h thng ti chnh ngn hng ni chung. Hai l, vic ti cu trc TTCK phi thc hin mt cch ng b, ton din, tt c cc mt, bao gm ti cu trc hng ha sn ph m dch v, ti cu trc c s nh u t, ti cu trc h thng t chc kinh doanh chng khon v ti cu trc t chc qun l, vn hnh th trng. Ba l, vic ti cu trc TTCK c thc hin mt cch ch ng, c l trnh c th, c bc i thn tr ng, chc chn, khng lm xo trn hot ng ca th trng ch ng khon cng nh cc hot ng kinh t x h i ca t nc, hn ch tc ng ti cc hot ng kinh doanh v u t trn TTCK m bo quyn v li ch hp php ca cng chng u t, khch hng v s an ton ca c h thng; tit gim chi ph x hi. B n l , cc ho t ng ti cu trc phi th c hin theo ng quy nh php lut. Trng hp cc quy nh php lut cha y , r rng cn b sung, sa i (ch yu l Ngh nh, Thng t) c cn c php l thc hin. Cc hot ng ti cu trc thc hin theo nguyn tc th trng, doanh nghip phi t chu trch nhim v phi tun th cc quy nh php lut, c quan qun l nh nc ch thc hin vai tr ch o, gim st, khng lm thay doanh nghip; Nm l, ch ng hi nhp th trng ti chnh quc t, tng bc tip cn vi cc chun mc chung v thng l qu c t, nng cao kh nng cnh tranh, kh nng chng ri ro, thu hp v kho ng cch pht trin vi cc quc gia trong khu vc. III. Ni dung ca vic ti cu trc. 1. Ti c u trc hng ho. 1.1. Mc tiu: - Tng bc nng cao cht lng v a dng ha chng khon pht hnh v nim yt, b o m chng khon giao dch trn th trng c qun l p ng cc iu kin v tiu ch v li nhun, thi gian ho t ng v qun tr doanh nghip theo cc chu n mc, thng l quc t. Phn loi chng khon r rng theo nhiu cp , ph hp vi nhu cu ca cng chng u t.

- Hon thin phng thc, n i dung thng tin phi cng b cho cng chng u t, bo m m i thng tin c nh hng n ch ng khon phi c cng b y , kp thi, chnh xc. - Hon thin c ch qu n tr doanh nghip ti cc t chc pht hnh, tng cng kh nng gim st v cng ch thc thi i vi cc quy nh v qu n tr doanh nghip. Tng cng cng tc o to, ph cp kin thc v quyn v trch nhim c a c ng; trch nhim, ngha v ca doanh nghip. 1.2. V gii php: 1.2.1. Gii php cho Mc tiu th nht. Th nht, nng tiu ch pht hnh, nim yt: B sung quy nh ch t ch hn v iu kin pht hnh, nim yt chng khon, c bit cc tiu ch v vn, li nhun, thi gian ho t ng v qu n tr cng ty theo chun m c v thng l qu c t, phn loi hng ha theo tiu ch c cu li th trng. Th hai, trin khai pht trin v a vo giao dch cc chng khon phi sinh, trc m t l chng khon phi sinh ch s, bao gm cc hp ng tng lai ch s, quyn chn ch s, qu ch s, qu ETF. Kt hp vi vic ti cu trc cc SGDCK, bo m tnh thng nht v chuyn bit v hng ha nim yt, dch v cung cp. Th ba, tng cng cng tc qun l, gim st i vi hot ng cho bn. Cng tc qun l, gim st i vi ho t ng cho bn chng khon cn c tng cng ng thi hp l ha cc ch ti x l vi ph m. Tng cng cng tc qun l, gim st v x l vi phm. Tng bc nghin cu chuyn t cp php pht hnh sang c ch pht hnh da theo vic cng b thng tin y . 1.2.2. Gii php cho Mc tiu th hai. Th nht, hon thin phng thc v c ch cng b thng tin theo quy m (vn v s lng c ng) c a cng ty m khng phn bit l cng ty i chng nim yt hay cha nim yt, nhm m bo tt c cc cng ty i chng quy m vn ln u phi th c hin cng b thng tin y v mc cao hn so vi cng ty c quy m vn nh, theo l tng cng gim st, cng ch thc thi v o to, ph cp kin thc cho doanh nghip v cng chng. Th hai, tng bc p d ng cc chun mc quc t v nghip v k ton v kim ton (IAS) v bo co ti chnh (IFRS), nh m ci thin cht lng cc bo co ti chnh, bo m cc thng tin cng b l tin cy, y , chnh xc v kp th i, c bit l cc thng tin v cc vn ti chnh trng yu ca cng ty.

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1.2.3. Gii php cho Mc tiu th ba. Th nht, tng cng kh nng gim st qun tr cng ty ca UBCKNN, bao gm c c cu t chc v nhn s. Nghin cu, thit lp mt b ph n tch bit thu c UBCKNN, chuyn gim st cng ty i chng bao gm c gim st qu n tr cng ty. Xy dng chng trnh o to, cp nht kin thc v lnh vc qun tr cng ty cho cn b gim st cc cng ty i chng. Th hai, tng cng s tham gia, gim st ca cc thnh vin th trng i vi hot ng qun tr cng ty ti doanh nghip; thc y p dng cc thng l qun tr cng ty tt trong cc cng ty i chng v nim yt, cc t ch c kinh doanh chng khon. Th ba, nghin cu thnh lp mt Trung tm (H c vin) v qu n tr cng ty nhm qung b vic p dng cc thng l qu n tr cng ty tt, cp nht thng tin v cc chu n mc qun tr cng ty qu c t v nghin cu, nh gi tnh hnh qu n tr cng ty ti Vit nam....vvv. Th t, ban hnh cc quy nh ngi i din v ng th i tng cng cng tc o to v qun tr cng ty cho i din s hu nh nc trong cc cng ty nim yt ni ring v cng ty c phn ni chung. 2. Ti c u trc li c s cc nh u t. 2.1. Mc tiu: - Tng bc a dng ha c s nh u t, tin ti cu trc c s nh u t c sc cu n nh, chuyn nghip. Trong giai on 2012-2015, cn tp trung pht trin mnh nh u t t ch c, lm nn tng h tr s tng trng ca TTCK, nh hng bi hot ng u t gi tr ca cc nh u t t chc. - Tip tc duy tr s tham gia ng o ca nh u t c nhn, ci thin m c thanh khon c a th trng. - Thu ht vn u t gin tip nc ngoi trung v di hn, gp phn pht trin TTCK, ci thin cn cn thanh ton quc t, b sung ngun vn u t cho s nghip hin i ha, cng nghip ha t nc. Kt hp vi vic tng cng cng tc qun l, gim st, c gii php ph hp, kp thi ch ng i ph vi bin ng ca dng vn ny. Nng cao nng lc, kh nng cnh tranh v tng cng kh nng chng ca h th ng ti chnh ngn hng v nn kinh t. 2.2. Gi i php: 2.2.1. Gii php cho Mc tiu th nh t: Tng bc a dng ha c s nh u t, tin ti cu trc c s nh u t c sc cu n nh, chuyn nghip. Tp trung

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pht trin mnh nh u t t chc, lm nn tng h tr s tng trng ca TTCK, nh hng bi hot ng u t gi tr ca cc nh u t t chc. Th nht, ban h nh v hon thin cc quy nh hng dn ng b cc sn phm qu u t chng khon dnh cho cc nh u t c mc chp nhn ri ro khc nhau v cc qu u t a mc tiu, nhm kt ni th trng bo him, th trng tri phiu, th trng tin t, th trng bt ng sn vi TTCK. C th l: (i) qu khng c t cch php nhn, bao gm qu th nh vin, qu ng, qu m, qu ETF; (ii) qu c t cch php nhn, bao gm cng ty u t chng khon ring l, cng ty u t chng khon i chng; (iii) sn phm bo him lin kt u t; (iv) qu th trng tin t; (v) qu u t bt ng sn (REITS); (vi) qu mo him/vn c phn t nhn. Th hai, trin khai th im cc qu hu tr t nguyn, trc mt cho php cc cng ty qun l qu huy ng v qun l cc qu hu tr t nguyn trong khi cc doanh nghip c vn u t nc ngoi, vn phng i din cc t chc nc ngoi, cc ngn hng thng mi c phn... Th ba, xy dng c ch thu nhm khuyn khch cc hnh thc u t tp th, khuyn khch vic tham gia u t vo TTCK thng qua qu u t, ph hp vi thng l quc t t t nh t. u i hoc min hon ton thu thu nh p t cc kho n u t vo cc sn ph m u t tp th nh cc sn phm tit kim lin kt u t, bo him lin kt u t, hu tr lin kt u t, trnh tnh trng b nh thu hai ln. V d, (i) min thu thu nhp c nhn i vi cc khon c tc t qu , cng ty u t ch ng khon (thc t, y l nhng khon li nhun c tr thu), bao gm c cc qu hu tr t nguyn; (ii) cho php hch ton vo chi ph cc khon ng gp vo cc qu hu tr t nguyn, min thu thu nhp c nhn i vi cc kho n thu nhp c c khi h t thi gian ng gp vo qu hu tr; (iii) xy d ng li chnh sch thu, b o m cng b ng v c ch tnh thu gia qu u t (khng c t cch php nhn) v cng ty u t chng khon (qu c t cch php nhn), gim thu thu nhp c nhn i vi cc khon thu nhp t ho t ng u t vo qu... Th t, nng cao cht lng v o c ngi h nh ngh qun l ti sn. X hi ha hot ng o to ngi h nh ngh kinh doanh chng khon. To c ch, phi hp vi cc t chc o to c uy tn nc ngoi xy dng cc b giao trnh o to ngi h nh ngh c cht lng theo chun mc quc t, bo m ngi hnh ngh c k nng cn thit t vn v qu n l ti sn. Ban hnh cc quy nh theo hng cng nhn cc chng ch hnh ngh quc t, chng ch chuyn gia quc t nh CFA, CIIA, CPA... 2.2.2. Gii php cho Mc tiu th hai: Tip t c duy tr s tham gia ng o ca nh u t c nhn, ci thin mc thanh kho n c a th trng.

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Th nht, xy dng c ch v thu da trn vic phn loi thu nhp t hot ng u t nhm khuyn khch u t di hn, khng khuyn khch cc hot ng u c. V d: (i) min ho n ton thu i vi cc khon thu nhp t c tc, tri tc; (ii) gim thu thu nhp i vi li vn i vi cc hng mc u t di hn (t hai nm tr ln), thu sut tng dn nu thi hn u t ngn. Th hai, to iu kin v c s h tng v s tin li trong hot ng giao dch cho nh u t: Hin i ha h thng giao dch h tr nhiu phng thc v hnh thc giao dch, hin i ha c ch giao dch v tng bc trin khai p dng cc k thut giao dch hin i ph h p vi thng l quc t. C th: b bin giao dch; a dng ha cc loi lnh giao dch; trin khai p dng c ch mua vo, bn ra bt buc... Th ba, tip tc ho n thin c ch cng b thng tin, bo m s minh bch trong hot ng TTCK. Kin quyt x l nghim minh cc hin tng lm dng th trng nhm cng c lng tin ca nh u t. Th t, y mnh cng tc o to cng chng, nng cao nhn thc x hi v chng khon v TTCK. 2.2.3. Gii php cho Mc tiu th ba: Thu ht vn u t gin tip nc ngoi trung v di h n, gp ph n pht trin TTCK, ci thin cn cn thanh ton qu c t, b sung ngun vn u t cho s nghip hin i ha, cng nghip ha t nc. Kt hp vi vic tng cng cng tc qun l, gim st, c gii php ph hp, kp thi ch ng i ph vi bin ng ca dng vn ny. Nng cao nng lc, kh nng cnh tranh v tng cng kh nng chng ca h thng ti chnh ngn hng v nn kinh t. Th nh t, thu ht vn u t gin tip nc ngoi trung v di hn thng qua: a) y m nh c phn ha cc doanh nghip nh nc v bn bt phn vn nh nc ti doanh nghip nh nc. b) Nghin cu iu chnh quy nh v t l tham gia ca nh u t nc ngoi ti cc doanh nghip Vit Nam ph hp vi cc cam kt qu c t v l trnh pht trin th trng v n; c) Xy dng c ch, chnh sch thng thong, thu n li, tng bc g b cc th t c hnh chnh, to iu kin cho nh u t nc ngoi d tip cn TTCK Vit Nam. p d ng chnh sch khuyn khch thng qua thu , th tc hnh chnh... i vi dng vn u t trung v di hn, nh u t chin lc. Kim sot dng vn ngn hn. M ca th trng dch v chng khon theo cam kt WTO, ph h p vi iu kin thc t v bo m s pht trin bn vng ca TTCK;

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d) Phn nh r hot ng u t trc tip v u t gin tip. Gii quyt m i quan h gia u t trc tip nc ngoi v u t gin tip nc ngoi, trong c c ch chuyn i t doanh nghip c vn u t trc tip nc ngoi sang cng ty c phn nim yt; Th hai, gim st v ch ng c gii php x l tnh hung i vi dng lu chuyn vn u t gin tip nc ngoi: a) Tch cc tch ly d tr ngo i hi, m b o kh nng thanh ton nhm nng cao kh nng phng v ti chnh ca nn kinh t. Nng cao hiu qu qun l d tr qu c t, kt hp vi cc bin php nhm tng bc ch m dt tnh trng la ha nn kinh t. b) Tng bc hin i ha cch iu hnh chnh sch tin t, t gi nh m tng tnh ch ng v d a ng ph kp thi vi s bin ng ca dng vn nc ngoi. c) Thc y qu trnh ci cch, c cu li h thng ngn hng nh m nng cao cht lng cc t chc tn dng. d) Nghin cu xy d ng cc gii php, ph n ng chnh sch ph hp vi thc tin Vit Nam i vi s bin ng c a dng vn nc ngoi, c bit khi dng vn vo qu nhiu, hoc ra qu nhiu. Th ba, cc gii php v m nhm n nh h thng ti chnh qu c gia, nng cao kh nng phng v trc r i ro pht sinh t dng lu chuyn vn quc t: a) Th c hin chnh sch ti kha v chnh sch qu n l n cng hp l, thn trng, ph hp vi chnh sch tin t, bo m m c tiu duy tr tng trng b n vng ca nn kinh t. Nng cao hiu qu u t cng v qun l n cng cht ch , an ton, trong bao gm n cng, n nc ngoi ca qu c gia. b) Nghin cu c ch chnh sch nh m nng cao hiu qu s dng vn nc ngoi, khuyn khch thu ht vn nc ngoi vo cc d n s dng cng ngh cao, hin i, thn thin vi mi trng, tit kim nng lc, pht trin ngun nhn lc cht lng cao. Tng t l tit kim, tng t trng u t ca khu vc t nhn, tng bc gim d n t trng u t cng: thc y cc chng trnh, d n theo m hnh i tc cng - t, c bit i vi cc mc tiu gim ngho, pht trin c s h tng, dch v x hi c bn nh nc sch, in, y t.... c) Tng bc gim thm ht ti khon vng lai, ci thin cn cn thanh ton qu c t thng qua vic thc y xut khu, kim ch nhp kh u: to c ch, chnh sch y mnh sn xut v hng ha, cung ng dch v xut khu; khuyn khch tiu

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dng hng ha ni a, tng bc thay th hng nhp kh u; iu tit cung cu i vi cc hng ha thit yu, gim nh p khu cc hng ha tiu dng, c bit l hng xa x v cc hng ha c th sn xu t trong nc. d) Phn nh trch nhim trong hot ng qun l vn u t gin tip nc ngoi: (i) B Ti chnh thc hin cc chnh sch pht trin th trng vn v dch v ti chnh nh m thu ht vn u t gin tip nc ngoi trung v di hn, qun l cc hot ng chng khon ca cc t ch c pht hnh c vn nc ngoi; (ii) B K hoch v u t qun l cc cng ty tip nhn vn u t trc tip nc ngoi; hot ng chuyn i cc cng ty ny t u t trc tip sang u t gin tip (di hnh thc cng ty c ph n cha i chng); (iii) Ngn hng Nh nc Vit Nam thc hin cc chnh sch qu n l ngoi hi, trong c dng lu chuyn vn u t gin tip nc ngoi. 3. Ti c u trc th trng TPCP v tri phiu doanh nghip. 3.1. Mc tiu. - Thc y s pht trin c a th trng TPCP s cp, tr thnh mt knh huy ng vn quan trng vi chi ph hp l cho Chnh ph nhm mc tiu u t, pht trin v tng hiu qu trong iu hnh chnh sch v m. Tng tnh thanh khon c a th trng giao d ch th cp, thu hp s lng tri phiu nim yt, tng khi lng nim yt c a tng m. - Tp trung pht trin m t th trng n th cp thng nht, c s qu n l m trng tm l th trng tri phiu chnh ph. Th c hin ti cu trc hng ha trn th trng TPCP th cp tng tnh thanh khon v gip hnh thnh ng cong li sut chu n cho th trng. a dng ha sn ph m, hon thin h thng, thc y tnh thanh kho n trn th trng giao dch th cp. - Tng bc pht trin th trng tri phiu doanh nghip, a dng ha hnh thc tip cn vn, gim mc ph thuc c a doanh nghip vo ngun vn tn dng. 3.2. Gii php. 3.2.1. Gii php cho Mc tiu th nht: a) Hon thin cc vn bn php l hng dn Lu t Qun l n cng nhm kim sot vic vay, tr n v qu n l n cng minh b ch v c tnh d bo; ban hnh cc Thng t hng dn Ngh nh s 01/2011/N-CP; xy dng v ban hnh h thng vn bn php l quy nh v pht hnh TPCP, tri phiu c CP bo lnh, tri phiu CQP v tri phiu doanh nghip ph hp vi Lu t Chng khon v cc Thng l qu c t, bao gm cc sn ph m mi theo s pht trin ca th trng;

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b) Ci tin v phng thc pht hnh, lch biu pht hnh, k hn pht hnh; trin khai lch biu pht hnh TPCP theo l ln ph hp vi yu cu s dng vn ca Chnh ph; c) Trin khai hot ng ti c cu hng ha, c th : t chc cc t pht hnh b sung nhm tng quy m nim yt ln m c chu n; thc hin vic mua li, hon i TPCP to lp cc tri phiu chun; d) Xy dng ng cong li sut chun cho cc k h n chun ca th trng, h tr t chc pht hnh a ra m c li su t trng thu; ) Nghin cu, xy dng quy nh cho php pht hnh cc lo i hnh tri phiu khc, c th: tri phiu c ngun thu t d n; tri phiu c li sut th ni, gn vi ch s lm pht; tri phiu c bn li trc khi o hn (callable); tri phiu giao dch trc khi pht hnh (when-issued); e) Pht trin cc nh u t c t chc nh qu bo him, qu hu tr tr thnh nh u t chnh trn th trng chng khon, gim b t t trng ca cc ngn hng thng mi; f) Xy d ng h thng cc thnh vin th trng tri phiu s cp (Primary Dealer - i l cp I ) v thit lp c ch lin kt vi thnh vin th trng th cp tri phiu, tng bc hnh thnh cc nh to lp th trng tri phiu. 3.2.2. Gii php cho Mc tiu th hai: a) Trin khai cho php giao d ch th cp tn phiu KBNN ti h thng giao dch TPCP, tng bc thit lp mt th trng n cng th cp ng b, thng nht; b) Hon thin v nng cp h thng giao dch TPCP chuyn bit theo hng gn kt th trng u thu s cp vi th trng giao dch th cp, to lin kt m vi cc h thng ph tr, i tc lin kt trong khu vc v th gii; Tng tnh linh hot cho h thng, b sung cc gii php k thut nh m h tr giao dch Repo v cc sn phm, tin ch dch v khc; c) Xy dng h thng thanh ton tin v tri phiu hin i, gim ri ro thanh ton v tip cn vi cc th trng ti chnh khc trong khu vc; d) Xy dng h thng cc nh to lp th trng tri phiu, h tr thanh khon cho th trng giao dch th cp. 3.2.3. Gii php cho Mc tiu th ba: a) Hon thin khun kh php l v tiu chun v iu kin pht hnh; thc hin c ch cp Giy ch ng nh n ng k pht hnh treo, tng bc tin ti vic th c

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hin ng k pht hnh trn c s cng b y thng tin v doanh nghip t ch u trch nhim trong vic huy ng vn trn c s m bo hiu qu v kh nng tr n . b) a dng ha cc loi hnh tri phiu, nh tri phiu c bo m bng ti sn, c bo m thanh ton, tri phiu chuyn i, tri phiu km chng quyn; sn phm phi sinh TPCP; c) Nghin cu, xy dng c ch chnh sch, iu kin, t chc ho t ng; thnh lp t chc nh mc tn nhim; d) Xy dng trung tm x l d liu v giao d ch th cp tri phiu doanh nghip, tng hp thng tin v din bin th trng tri phiu, xu th giao dch, v m bo s hp l gia nh m c tn nhim c a tng doanh nghip v phn chnh lch li su t gia li sut giao d ch v li sut ca TPCP cng k hn. 4. Ti c u trc cc t chc kinh doanh chng khon. 4.1. Ti cu trc cng ty chng khon: 4.1.1. Mc tiu. - C cu li s lng cc cng ty chng khon theo hng duy tr s lng ph hp vi quy m ca th trng, x l thanh lc cc cng ty chng khon yu km, khng hiu qu (khng phn bit cng ty ln hay b). - Cu trc li m hnh t chc hot ng ca cc cng ty chng khon nhm nng cao ch t lng hot ng, nng lc ti chnh, qu n tr doanh nghip v kh nng kim sot ri ro. - C cu li thnh phn tham gia gp vn trong cng ty chng khon trong c cc ngn hng, tng cng ty, tp on, gp vn ca Nh Nc theo hng hiu qu v ph hp vi thng l quc t. - Tng cng kh nng, hiu qu qun l, gim st i vi hot ng cng ty chng khon. - M ca th trng dch v ti chnh theo l trnh hi nhp cam kt. 4.1.2. Gii php a) Xy dng tiu ch nh gi v phn loi cng ty chng khon theo 3 nhm: - Nhm 1: Nhm ho t ng bnh thng; bao gm cc cng ty chng khon c t l v n kh dng/tng ri ro t trn 150%.

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- Nhm 2: Nhm kim sot: bao gm cc cng chng khon c t l v n kh dng/t ng ri ro di 150% ti trn 120%. - Nhm 3: Nhm kim sot c bit: bao gm cc cng ty chng khon c t l vn kh dng/ tng ri ro di 120% v c l lu k trn 50% vn iu l. b) p dng cc bin php i vi cc nhm cng ty chng khon theo kt qu phn lo i: - i vi nhm 1: Nhm hot ng bnh thng: Tip tc cng c hot ng nhm nng cao nng lc ti chnh, cht lng hot ng, tng cng qun tr ri ro. - i vi nhm 2: t vo tnh trng kim sot v p dng cc bin php khc phc nh tng vn iu l, c cu li danh mc u t, cc khon vay n; gim chi ph hot ng; thc hin hp nht, st nhp cc cng ty chng khon theo quy nh ca php lu t. - i vi nhm 3: t vo tnh trng kim sot c bit v p dng cc bin php (ngoi cc bin php nh nhm 2) nh: yu cu sot xt v tnh hnh ti chnh, u t, cng n; rt bt nghip v mi gii thu h p ph m vi hot ng nhm bo v khch hng; gii th , ph sn theo quy nh ca php lut nu khng khc phc c. c) Nng cao iu kin thnh lp cc cng ty chng khon, c bit l tiu ch v ti chnh, k thut v ngun nhn lc nhm nng cao cht lng cc cng ty chng khon. d) Tng cng kh nng, hiu qu qun l, gim st i vi cng ty chng khon: - Ban hnh quy nh nh gi xp hng, phn loi ho t ng ca cng ty chng khon theo tiu chun quc t. - Xy d ng h thng chm im mc r i ro v quy trnh hot ng c a cng ty chng khon; p dng c ch kim tra, gim st theo mc ri ro. 4.2. Ti cu trc cng ty qun l qu : 4.2.1. Mc tiu. - Khng tng s lng cc cng ty qun l qu , x l thanh lc cc cng ty qun l qu yu km, ho t ng khng hiu qu, khng c kh nng huy ng ti sn qun l. Nng cao hiu qu hot ng ca cc cng ty qun l qu . - M c a th trng dch v qu n l ti sn theo l trnh h i nhp cam kt, kt h p vi vic nng cao sc cnh tranh c a ngnh qun l ti sn Vit Nam, nng cao nng lc v cht lng dch v qun l ti sn, nng l c qun tr ri ro, o c ngh nghip v nng lc qu n tr doanh nghip.

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- Tng cng kh nng, hiu qu qu n l, gim st i vi hot ng cng ty qun l qu . 4.2.2. Gii php. a) nh gi, phn loi cng ty qu n l qu x l theo tiu ch an ton ti chnh nh i vi cng ty chng khon. Hin nay c 43 cng ty qun l qu p ng c yu cu v ch tiu an ton ti chnh (nhm 1), khng c cng ty qun l qu thu c din kim sot v 04 cng ty qun l qu thu c din kim sot c bit (nhm 3). b) Nng cao iu kin c bit l cc tiu ch k thu t v quy nh nhm hn ch thnh lp cc cng ty qun l qu ; gim s lng cc cng ty qu n l qu , sp xp li cc cng ty qun l qu hot ng khng c hiu qu; nng cao hiu qu hot ng ca cng ty qun l qu . c) M rng th trng dch v qun l ti sn theo l trnh cam kt, nng cao nng l c v cht lng hot ng ca cc cng ty qu n l qu , thng qua cc gii php nh b sung cc quy nh nh m hon thin t chc cng ty qun l qu ; xy dng quy trnh hng d n ho t ng qun tr r i ro v kim sot n i b theo thng l quc t. d) Tng cng kh nng, hiu qu qun l, gim st i vi cng ty trong qun l qu ; p dng c ch kim tra, gim st theo mc ri ro nh i vi cng ty ch ng khon. 5. C cu li S GDCK, th trng giao dch chng khon. 5.1. Mc tiu: - Pht trin TTCK n nh, vng chc, cu trc hon ch nh vi nhiu cp , ng b v cc yu t cung - cu; tng quy m v cht lng hot ng, a dng ha cc sn phm, nghip v, m bo th trng hot ng hiu qu v tr thnh knh huy ng vn trung v di hn quan trng ca nn kinh t; - Bo m tnh cng khai, minh bch, cc tiu chun v thng l qun tr cng ty, tng cng nng lc qun l, gim st v cng ch thc thi, bo v li ch ca nh u t v lng tin ca th trng; - Ch ng hi nhp th trng ti chnh quc t, tng bc tip cn vi cc chun mc chung v thng l quc t, nng cao kh nng cnh tranh, kh nng chng ri ro, tng bc thu hp v khong cch pht trin gia th trng 5.2. Gi i php.

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a) C cu li cc S GDCK theo hng hp nht ph hp vi xu hng m hnh t ch c v hot ng c a S GDCK trn th gii v khu v c. c) C cu li th trng c phiu theo hng phn khu v c nim yt cho cc doanh nghip ln, doanh nghip va v nh v cng ty i chng cha nim yt. d) Pht trin th trng tri phiu chuyn bit, c cu li cc tri phiu ang lu hnh, pht hnh tri phiu theo l ln tng tnh thanh khon, hnh thnh h thng nh to lp th trng tri phiu (Primary Dealers) v thnh lp cng ty nh mc tn nhim nh gi ri ro th trng n. 6. C cu li h thng lu k, ng k, b tr, thanh ton chng khon. 6.1. Mc tiu: - Hon thin v pht trin h thng lu k, ng k, thanh ton, b tr p ng c yu cu v mc tiu pht trin ca th trng chng khon trong 10 nm ti. - C y cc c ch phng nga v qun l ri ro, c bit l cho h thng thanh ton m bo cho th trng hot ng an ton, hiu qu. - T chc lu gi v bo qun ti sn chuyn nghip, cung cp y cc dch v lin quan n qun l ti sn l chng khon ng k, lu k tp trung bo v quyn li ca nh u t. 6.2. Gi i php. - Ti cu trc ton b h thng b tr tin v chng khon giao d ch, thit lp y cc c ch qu n l ri ro cho hot ng thanh ton b tr, hon thin h thng thanh ton chng khon bao gm thanh ton TPCP v thanh ton c phiu, tri phiu cng ty v chng ch qu u t, c th : a) Tng bc ti cu trc m h nh t ch c hot ng b tr theo hng b sung chc nng i tc thanh ton trung tm (CCP), nhm tng hiu qu hot ng v s n nh ca cc TTCK cng nh tng cng kh nng kim sot ri ro cho ton h thng. b) i mi phng thc b tr thanh ton i vi TPCP theo phng thc thanh ton theo th i gian thc i vi tng giao dch tri phiu, tng bc chuyn ngn hng thanh ton tri phiu t 1 ngn hng sang Ngn hng Nh nc tip cn vi thng l quc t. c) i mi phng thc b tr thanh ton i vi cc giao dch c phiu v chng ch qu theo phng thc VSD s ng thi qun l chng khon v tin ca nh u t nhm gim thiu thi gian thanh ton v chi ph cho cc giao dch ny.

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- Nghin cu v trin khai hot ng ng k giao dch b o m i vi ti sn l chng khon lu k ti VSD. - Nghin cu p dng phi vt cht hon ton i vi ch ng ch chng khon ngay t khi pht hnh hoc ngay sau khi IPO, gim chi ph chung cho nh nc v cc t chc lin quan, gim thiu cc th tc v chi ph lin quan n thc hin ti lu k, gim thu thi gian hon tt cc th tc ng k chng khon v nim yt, gp phn thc y vic tham gia nim yt ca cc t chc ngay sau khi hon thnh IPO.

K t lu n : qua phn tch nhu cu v gii php ti cu trc th trng chng khon nu trn, chng ta thy vic cu trc li v pht trin TTCK khng th tch ri vic ti cu trc nn kinh t ni chung, c bit l ti cu trc DNNN v h thng ngn hng. Nhiu gii php ti cu trc v pht trin TTCK li thuc v vic lanh mnh ha cc ngn hng, c phn ha v tng cng minh bch cc DNNNN, pht trin h thng thanh ton lin ngn hng vi vai tr trung tm ca NHNNDo , hn bao gi ht, vic ti cu trc TTCK gn lin vi s nghip ti cu trc nn kinh t ni chung, c bit l ti cu trc h thng ngn hng v DNNN. thnh cng, s nghip ny i h i quyt tm chnh tr cao ca c h thng chnh tr, tronng s phi chnh sch v iu hnh chnh sch ti kha tin t phi cht ch v nhp nhng hn hin nay rt nhiu

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