Chứng khoán hóa: Giải pháp vốn để phát triển thị trường bất động sản Việt Nam

NGHIEN CU'U TRAO DOI Sd 4 (93)-2011

CHUNG KHOAN HOA: GIAI PHAP VON DE PHAT

TRIEN THI TRUONG BAT DONG SAN VIET NAM

Ths. Dam Thanh Tii

'W ~W^y ^?"» ^^'^ ^" ^'^" ^"' ^"^" ""-^ dang phd bien hoat ddng huy ddng gop vdn tir ngudi

r~B mua bat ddng sdn. Tuy nhien, co' che ve quan he vay vdn ddn sw vd trdch nhiem ciia

J^ Jm^ ben chii dw dn trong cdc giao dich dwd'i hinh thirc ndy khdng rd rdng, de gay mdt niem

tin cho ngwd'i gdp vdn. Cdi vdng ludn qudn tren lai nhwchiec vdng kim cd xiet chat cdc chii dau

tw khi ngan hdng ngiing cho vay. Tir dd ddn den nhieu doanh nghiep kinh doanh bat ddng sdn

ndi dieu dirng. Vi dii cho dudn dd dupe phe duyet, biet nhu cdu mua nhd ciia ngwd'i ddn nhung

cdc chii ddii tw vdn nhirc dau khi dung niit thdt cd chai ngudn cung tin dung.

Thdi gian gan day da

cd mot sd doanh nghiep phat

hanh trai phieu de hiit vdn cho

cac du an nha dat. Tuy nhien,

each nay lai khdng dn ve phap

ly vi tien thu tii' phat hanh trai

phieu, doanh nghiep khdng

gii'i vao mdt ngan hang ddc lap

nen de xay ra hien tugng doanh

nghiep dung tien nay cho muc

dich khac chii' khdng sir dung

de xay mdng. Mat khac, ngudi

mua ciing gap nhieu riii ro tir

phan lai, tinh thanh khoan...

ciia loai trai phieu nay. Vi lai

tir trai phieu thap hon lai ngan

hang va khi can tien mudn ban

lai cung khd khan.

Viec khoi thdng ddng vdn

cho thi tru'dng bat ddng san

hien nay rat cap bach. Vi chi

can cd Idi ra ve vdn la kenh

nha dat se hdi sinh ngay. Mat

khac, theo nhieu nghien ciru

gan day cho thay vdn nhan

roi trong dan cu kha ddi dao

song van chua dugc khai thac

triet de. Vay van de dat ra d

day la lam sao de khoi thdng

ngudn vdn nay mdt each hieu

qua? Hay ndi each khac la phai

cd mdt cdng cu de huy ddng

ngudn vdn til' dan cu cho cac

du an bat ddng san. Cdng cu

dd la gi?

Tir kinh nghiem tren the

gidi. de thiic day phat trien thi

trudng bat ddng san, mot thi

trudng ddng gdp Idn cho tang

trudng kinh te dat nude, cd the

sir dimg cdng cu tai chinh mdi

phi ngan hang nhu "chirng

khodn hda cdc dir dn dau tu

bdt ddng sdii\ tire la dua hang

hda la nha dat len giao dich

tren thi trudng chirng khoan

tap trung. He thdng ngudn

vdn mdi nay se gdp phan giiip

thi trirdng bat ddng san tang

trirdng ben vimg, khdng phu

thugc qua nhieu vao ngudn

vdn tin dung ngan hang.

Vay the nao la "chirng

khodn hda cdc du dn dau tw

bdt ddng sdn"?

Chu'ng khoan hoa la mdt

thuat ngu' chung cho cac giao

dich, trong do cac ludng tien

tuong lai hoac cac tai san tai

chinh dugc "ddng gdi" thanh

cac chung khoan thanh khoan

cd the giao dich hoac cac nghTa

vu tai chinh khac. Cac tai san

cd the dimg cho chung khoan

hda la cac san pham cd ludng

tien tuong tu giong nhau, cd

the du doan, khdng lien quan

den nhau, bao gdm cac khoan

vay mua nha va thuo'ng mai cd

bao dam; cac khoan phai thu

tin dung,...

Tir khai niem chung

khoan hda d tren, chiing ta cd

the dua ra each hieu ve '"chung

khoan hda cac du an dau tu bat

ddng san" nhu sau: dd la hinh

thue chung khoan dugc dam

bao tri gia bang bat ddng san,

cho phep nha dau tu kiem Idi

tren bien ddng gia tri ciia bat

ddng san sau nay ma khdng

nhat thiet phai sd hiru true tiep

mdt phan hay toan bd bat ddng

san dd trong sudt qua trinh sd

hiru chirng khoan.

22/ Tap chf nghien cdu Tdi chfnh ke todn