Bàn về chứng khoán hóa // Ngân hàng

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VOl NGAN HANG

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BAN VE CHUNG KBOAN BOA

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H'$n nay, rat nhieu nLlaCtren

the giai dang ung dl,Jngchung

hoan hoa vai tong gia tri giao

dichgan 10.000 tyUSD(1). V~ychung

khoanhoadlIqchieu nhlIthe nao?

Trongbai viet nay, tac gia de c~p

nhftngnQidung ccrban nhat ve chung

khoanhoanhlI:Khaini$mchlIngkhoan

hoa,quytrinh chung khoan hoa, cac to

chuc tham gia VaG quy trinh chlIng

khoanhoa, cac tai san thlIang dlIqc

chung khoan hoa, cac dieu ki$n de

ch(rngkhoan hoa va Slf din thiet ung

d~ng chung khoan hoa aVi$t Nam.

Khai ni~m chClng khoan hoa

Vao dau nhung nam 70, thu~t ngu

ch(rngkhoan hoa (Securitization) Ian

dau lien xuat hi$n a My khi to chuc

mang ten Government National

Mortgage Association (Ginnie Mae)

thl!chi$n vi$c chuyen hoa cac tai san

co the chap thanh chung khoan ban

dlfqctren thi trlIang (Mortgage Backed

Securities- MBS). Vao giua th~p nien

80, cac tai san khOngc6 the chap cOng

dlfqc chuyen hoa thanh chung khoan

(Asset Backed Securities- ABS).

Chung khoan hoa dlIqc thlfc hi$n a

nlfac Anh nam 1987, sau d6 la amQt

10<:lt cac nlIac nhlI: Phap, Duc, Italia,

Nh~tBan, HongKong...

V?y chU'ngkhoEInhoa dLlqchieu

nhLltM nao?Gia Sl!mQtngan hang c6

mQtt~p hqp cac khoan cho vay bao

dambang tai san the chap. Ngan hang

Ben co nghia VIJ

thanh toan

Cho

yay

phai

phu

5. Trancr '

(dongti~n

thunhap) . 1.Chuyen

Ben khoi t~ nhlIqngTS

6. Tien thu nq

To chuc quan Iy

tai san 4. Tien mua tai san

ThS. Bioh Ng.,e Bioh *

se thu nq va thu laitheo nhung ky h9n

da d!nh trlIac. BCJiv~y,nhung khoan

cho vay dai h9n c6 the h9n che kha

nangchovaytieptheocuanganhang.

Tuynhien,neunganhanglienhanht~p

hqpcackhoanchovaynay19iva phan

109icacdongtienkhachhangvayvan

se tra, saud6 phathanhchungkhoan

trenccrsanhO'ngdongtiennaythi ngan

hangc6 thethlfChi$nngaycackhoan

cho vaykhactrenso tienthu dlIqc tlr

vi$c-bancac chung khoan d6. Cac

chungkhoanphathanhtrangtrlIang

hqp nay se dlIqcbao dam bang tai san

the chaptlr phianglIaivay van ngan

hang ban dau. Do thlfc hi$n chung

khoanhoa,nganhangse chudQnghcrn

trangkeh09chchovay.

TCrvi dl,Jtren, c6 the hieu chung

khoanhoala mQtquatrinht~phqpcac

taisanc6tinhchattlIcrngdong, c6tinh

thanhkhoanthap,c6 kha nangt90 ra

dong tien; va phathanhcacquyendoi

nqtrentrenCC1sacacdongtiend6 dlIai

d9ng cacchungkhoan.

NhLlV?Y,chUngkhoanhoacomQt

s6 d~cdiemcabansau:

-ChlIngkhoanhoalamQtquatrinh

t~p hqpva phantach;la quatrinhtai

cautrucmQtthlfCthethongnhat.Cac

tai san dlIqc chung khoan hoa trlIac

tienphaidlIqct~p hqp19ithanhnh6m

theodongtienmat~phqptaisan nay

t90 ra. Sau d6, nglIaita 19ichia nh6 gia

QUY TRINHOI"flJNGKHOAN HOA

..

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2a.Phatl

hanhCK t To

chuc beo

lanh phat

hanh

tri cuat~phqpdongtiennaythanhca~

chungkhoantheonhO'ngm$nhgianhat

dinhban dlIqctren thi trlIang;

- ChungkhoanhoalamQtquatrinh

t90 them cac chung khoan cho thi

trlIang;

- CacchungkhoandlIqcphat hanh

ra c6 the dlIqc bao dam bang mQttai

san thlfc (tai san the chap) vi dl,JnhlI

trlIanghqpchungkhoanhoacackhoan

chovayc6 the chap,ho~ckh6ngdlIqc

bao dam bang mQt tai san thlfc -trang

trlIanghqpchungkhoanhoacackhoan

phaithu.

Quy trinh chClngkhoan hoa

(XemOuytrinhdLlaiday)

1.Benkhait90chuyennhlIqngcac

tai san dlIqc chung khoan hoa cho

doanhnghi$pchuyendl,Jng.

2a) Doanh nghi$p chuyen dl,Jng

phat hanh chung khoan,tren ccrsa

danhgia cac yeu to rui ro, danh gia

dong tien dlf tinh ma cac tai san nay

mang19i.aday se c6 m~t cuacacto.

chlIcdinhmuctin nhi$m.

2b)TochucbaolanhpMt hanhtra

tienmuachungkhoantlr doanhnghi$p

chuyendl,Jng.

3a)TochlIcbaolanhpMt hanhban

cacchungkhoannaytrenthitrlIangva

(3b). Thutien.

4. Doanhnghi$pchuyendl,Jngdung

tienthudlIqcdo ban cac chlIngkhoan

vCrapMt hanhde mua tai san dlIqc

chungkhoanhoacuabenkhai.t90.

3a.Ban

CK ~

3b.Thu

tien

2b.Tien

phathanh

CK .D9i h9C Kinh te Quae don

T~ CIIiNGANIIANG- s6 5NAM2004 57