Biến thị trường chứng khoán thành

( Soil (88)-2010 ) ^^y^^ vQT, CAC THA Y CO KHOA TAI CHINH DOANH ^ oHlEP

Bien thi truang chung khoan thanh

"song bac"?

' ' TS. Nguyen Minh Hoang

7ft&i gian gdn day tren cdc dien dan mgng xudt hien tir "dpi lai". Nhwng cd phieu dugc

nhdn dinh cd "dpi lai" thw&ng tdng gid mpt cdch ngogn muc but chdp bdi cdnh chung

cua thi trw&ng, vd ciing thw&ng rai v&i gia tdc tw do chdng khdc trdi tdo Nen'ton. Ngu&i

ta up lip, ma m& rdng cd phieu ndy, cd phieu kia nhiiu khd ndng cd "dpi lai". Nhiing cupc sdn

Iimg tim cd phieu cd "tau trw&ng " ciing dien ra. Ngw&i khen, ngw&i che, ngudi td md, ngw&i

iing hp, ngu&i phdn ddi.

Trong pham vi bai viet

nay tdi khdng cd y dinh phan

tich, danh gia mdt each loan

dien dudi nhieu gdc dp khac

nhau ve hien tugng "dpi Iai".

Tdi se cham pha mdt vai net dc

cac ca quan quan ly nha nudc

va nhirng ngudi dau lu chirng

khoan ciing suy ngam:

Cd mdt thuc le khdng

the chdi cai la "ngirdi dugc"

thi giau len mdt each nhanh

chdng, "ngirdi mat" thi ciing

nhanh chdng "ra de". Cac "tau

trudng" d dau? Hp la ai? Cd ai

ty nhan minh la "tau trudng"

khdng? Cac "lau trudng" lam

nhu vay cd hgp phap khdng?

Hinh nhu "lau trudng" khdng

mudn xung danh?

Sau day la cau chuyen da

dugc hu cau d mdt dien dan khac:

Budc 1: Thanh lap cdng

ly cd phan.

Budc 2: Vay ngan hang

50 ty ddng.

Budc 3; Chia cd tiic 5000

ddng/ cd phieu.

Budc 4: Phat hanh them:

16.000 ddng/ cd phi^u, thu 110

ly ddng.

Budc 5: Cudi nam bao

cao Id.

Budc 6: Hiiy niem yet.

Nhin \'ao do thi phan lich

ky thuat chiing la khdng khd

khan lam trong viec phan doan

cac ma tiem an yeu td "dpi lai".

Viec lam gia va thao tiing gia

ly ban than nd ciing cd yeu td

tich cyc; tao sdng, tang tinh

hap dan va thanh khoan cho

thi Irudng. Tuy nhien, neu

viec Iam gia dugc lien hanh

vdi ddng ca nhu chuyen da

dugc hu cau o- tren va lien

hanh tren quy md ldn thi thi

trudng chiing khoan tro thanh

sdng bac cua mdt nhdm ngudi

la nguy co cd that.

Mot so giai phap tot can

phai lam trong luc nay la:

Vai cdc CO' quan qudn ly

nhd nudc:

- Day nhanh va lien hanh

cd phan hda DNNN tren quy

md Idn: san sang cd phan hda

DNNN vdi gia thap, bii Iai gia

tri xa hdi se cao, vira ban che

dugc nguy ca "VINASHIN"

vira tang "hang" cho thi

trudng niem yet, nha dau tu cd

them nhidu sy lya chpn, nguy

CO thao lung gia sc giam bdt.

- Sap xep va nang cao tieu

chuan niem yet tai HOSE: phai

dam bao HOSE khdng cbi la

nai hdi lu cua nhirng doanh

nghiep ldn ma cdn dai dien

cho van hda va doanh nhan

Viet Nam.

- Dua ra lieu chuan sang

Ipc va chuyen bdt cac ma

lir HOSE, HASTC xudng

UPCOM.

- Tang cudng ap dung

hinh thiic phat hanh cd bao

lanh ciia cac cdng ty chirng

khoan, bao gdm ca bao lanh

phat hanh cd phieu thudng va

trai phieu chuyen ddi thanh cd

phieu: Iam dugc viec nay vii-a

dam bao dp tin cay va linb kha

tbi cua phuang an su dyng vdn

(Xew tiep trang 36)

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