{"id":686,"date":"2019-04-27T05:17:37","date_gmt":"2019-04-27T02:17:37","guid":{"rendered":"https:\/\/super-news.info\/vi\/nhung-luu-y-khi-dau-tu-vao-cac-co-phieu-nganh-chung-khoan\/"},"modified":"2019-04-27T05:17:39","modified_gmt":"2019-04-27T02:17:39","slug":"nhung-luu-y-khi-dau-tu-vao-cac-co-phieu-nganh-chung-khoan","status":"publish","type":"post","link":"https:\/\/super-news.info\/vi\/nhung-luu-y-khi-dau-tu-vao-cac-co-phieu-nganh-chung-khoan\/","title":{"rendered":"Nh\u1eefng l\u01b0u \u00fd khi \u0111\u1ea7u t\u01b0 v\u00e0o c\u00e1c c\u1ed5 phi\u1ebfu ng\u00e0nh Ch\u1ee9ng kho\u00e1n"},"content":{"rendered":"

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Ph\u1ea7n I: T\u1ed5ng quan v\u1ec1 ng\u00e0nh ch\u1ee9ng kho\u00e1n<\/b><\/p>\n

Th\u1ee9 nh\u1ea5t lo\u1ea1i h\u00ecnh kinh doanh:<\/i> M\u1ed9t c\u00f4ng ty ch\u1ee9ng kho\u00e1n c\u00f3 th\u1ec3 c\u00f3 1 ho\u1eb7c h\u01a1n 1 trong 4 lo\u1ea1i h\u00ecnh kinh doanh bao g\u1ed3m: M\u00f4i gi\u1edbi ch\u1ee9ng kho\u00e1n, cho vay k\u00fd qu\u1ef9, t\u1ef1 doanh v\u00e0 ng\u00e2n h\u00e0ng \u0111\u1ea7u t\u01b0. Khi ph\u00e2n t\u00edch, \u0111\u00e1nh gi\u00e1 m\u1ed9t c\u00f4ng ty ch\u1ee9ng kho\u00e1n nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ea7n thi\u1ebft t\u00ecm hi\u1ec3u xem c\u00f4ng ty \u0111\u00f3 kinh doanh nh\u1eefng lo\u1ea1i h\u00ecnh n\u00e0o, c\u00e1c lo\u1ea1i h\u00ecnh \u0111\u00f3 mang l\u1ea1i t\u1ef7 tr\u1ecdng k\u1ebft qu\u1ea3 kinh doanh ra sao \u0111\u1ec3 t\u1eeb \u0111\u00f3 \u0111\u01b0a ra nh\u1eefng \u0111\u00e1nh gi\u00e1 ph\u00f9 h\u1ee3p.<\/p>\n

– M\u1ed9t c\u00f4ng ty m\u1ea1nh trong m\u1ea3ng m\u00f4i gi\u1edbi v\u00e0 margin s\u1ebd \u0111\u01b0\u1ee3c h\u01b0\u1edfng l\u1ee3i l\u1edbn khi th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n s\u00f4i \u0111\u1ed9ng v\u1edbi thanh kho\u1ea3n cao, ng\u01b0\u1ee3c l\u1ea1i c\u00f4ng ty \u0111\u00f3 s\u1ebd b\u1ecb \u1ea3nh h\u01b0\u1edfng ti\u00eau c\u1ef1c n\u1ebfu th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n tr\u1ea7m l\u1eafng v\u1edbi thanh kho\u1ea3n th\u1ea5p.<\/p>\n

– M\u1ed9t c\u00f4ng ty ch\u1ee9ng kho\u00e1n thi\u00ean v\u1ec1 ho\u1ea1t \u0111\u1ed9ng t\u1ef1 doanh s\u1ebd l\u00e3i l\u1edbn khi c\u00e1c c\u1ed5 phi\u1ebfu \u0111\u1ea7u t\u01b0 trong danh m\u1ee5c c\u1ee7a h\u1ecd c\u0169ng nh\u01b0 th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n n\u00f3i chung t\u0103ng gi\u00e1 m\u1ea1nh, ng\u01b0\u1ee3c l\u1ea1i c\u00f4ng ty \u0111\u00f3 s\u1ebd b\u1ecb l\u1ed7 n\u1ebfu c\u00e1c c\u1ed5 phi\u1ebfu trong danh m\u1ee5c c\u1ee7a h\u1ecd \u0111i xu\u1ed1ng.<\/p>\n

– M\u1ed9t c\u00f4ng ty ch\u1ee9ng kho\u00e1n ch\u1ee7 l\u1ef1c v\u1ec1 m\u1ea3ng ng\u00e2n h\u00e0ng \u0111\u1ea7u t\u01b0 c\u00f3 k\u1ebft qu\u1ea3 kinh doanh t\u1ed1t trong \u0111i\u1ec1u ki\u1ec7n c\u00f3 nhi\u1ec1u c\u00e1c th\u01b0\u01a1ng v\u1ee5 tho\u00e1i v\u1ed1n, M&A m\u1ea1nh m\u1ebd, ng\u01b0\u1ee3c l\u1ea1i h\u1ecd s\u1ebd c\u00f3 k\u1ebft qu\u1ea3 kinh doanh k\u00e9m khi th\u1ecb tr\u01b0\u1eddng v\u1eafng b\u00f3ng c\u00e1c th\u01b0\u01a1ng v\u1ecb tho\u00e1i v\u1ed1n v\u00e0 m&A.<\/p>\n

Th\u1ee9 hai \u0111\u1eb7c \u0111i\u1ec3m v\u00e0 tri\u1ec3n v\u1ecdng c\u1ee7a ng\u00e0nh ch\u1ee9ng kho\u00e1n trong t\u01b0\u01a1ng lai:<\/i><\/p>\n

– Ch\u1ee9ng kho\u00e1n l\u00e0 m\u1ed9t ng\u00e0nh t\u0103ng tr\u01b0\u1edfng m\u1ea1nh \u1edf Vi\u1ec7t Nam trong 5 -10 n\u0103m t\u1edbi d\u1ef1a tr\u00ean c\u01a1 s\u1edf:<\/p>\n

1. T\u1ef7 l\u1ec7 nh\u00e0 \u0111\u1ea7u t\u01b0\/d\u00e2n s\u1ed1 \u1edf Vi\u1ec7t Nam c\u00f2n th\u1ea5p: t\u00ednh \u0111\u1ebfn ng\u00e0y 31\/01\/2019 theo th\u1ed1ng k\u00ea c\u1ee7a TTLK \u0111\u00e3 c\u00f3 t\u1ed5ng c\u1ed9ng 2.197.735 t\u00e0i kho\u1ea3n giao d\u1ecbch ch\u1ee9ng kho\u00e1n \u0111\u01b0\u1ee3c m\u1edf, trong \u0111\u00f3 c\u00f3 2.159.850 t\u00e0i kho\u1ea3n nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n trong n\u01b0\u1edbc, trong \u0111\u00f3 theo ph\u1ecfng \u0111o\u00e1n c\u1ee7a ch\u00fang t\u00f4i th\u00ec s\u1ed1 nh\u00e0 \u0111\u1ea7u t\u01b0 kho\u1ea3ng d\u01b0\u1edbi 1tr tr\u00ean g\u1ea7n 100tr d\u00e2n (r\u1ea5t nhi\u1ec1u ng\u01b0\u1eddi c\u00f3 t\u1eeb 2 t\u00e0i kho\u1ea3n tr\u1edf l\u00ean b\u00ean c\u1ea1nh \u0111\u00f3 nhi\u1ec1u t\u00e0i kho\u1ea3n \u0111\u01b0\u1ee3c m\u1edf theo phong tr\u00e0o, ch\u1ec9 ti\u00eau m\u00e0 kh\u00f4ng th\u1ef1c hi\u1ec7n giao d\u1ecbch). T\u1ef7 l\u1ec7 n\u00e0y so v\u1edbi c\u00e1c n\u01b0\u1edbc trong khu v\u1ef1c c\u00f2n r\u1ea5t th\u1ea5p (b\u1eb1ng kho\u1ea3ng 1\/3 Th\u00e1i Lan); Gi\u00e1 tr\u1ecb giao d\u1ecbch c\u00f2n r\u1ea5t th\u1ea5p trung b\u00ecnh kho\u1ea3ng 6.000 t\u1ef7\/phi\u00ean (b\u1eb1ng 1\/5 Th\u00e1i Lan kho\u1ea3ng 30.000 t\u1ef7); Quy m\u00f4 th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n \u0111\u00e3 t\u0103ng m\u1ea1nh trong n\u0103m 2018 tuy nhi\u00ean m\u1edbi ch\u1ec9 \u0111\u1ea1t 80% GDP, ch\u1ec9 m\u1ee9c trung b\u00ecnh th\u1ea5p.<\/p>\n

2. T\u1ea7ng l\u1edbp trung l\u01b0u v\u00e0 th\u01b0\u1ee3ng l\u01b0u t\u0103ng l\u00ean nhanh ch\u00f3ng, t\u00e0i s\u1ea3n v\u00e0 ti\u1ec1n t\u00edch l\u0169y sau m\u1ed7i n\u0103m ng\u00e0y c\u00e0ng nhi\u1ec1u trong khi nhu c\u1ea7u \u0111\u1ea7u t\u01b0 ch\u01b0a th\u1ef1c s\u1ef1 m\u1ea1nh m\u1ebd nh\u01b0 c\u00e1c qu\u1ed1c gia ph\u00e1t tri\u1ec3n. Do \u0111\u00f3 trong t\u01b0\u01a1ng lai k\u00eanh \u0111\u1ea7u t\u01b0 ch\u1ee9ng kho\u00e1n l\u00e0 1 k\u00eanh \u0111\u01b0\u1ee3c h\u01b0\u1edfng l\u1ee3i khi c\u00e1c d\u00f2ng ti\u1ec1n tich l\u0169y, h\u01b0u tr\u00ed \u0111\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 v\u00e0o ch\u1ee9ng kho\u00e1n<\/p>\n

3. Xu h\u01b0\u1edbng tho\u00e1i v\u1ed1n nh\u00e0 n\u01b0\u1edbc v\u1eabn s\u1ebd c\u00f2n ti\u1ebfp di\u1ec5n m\u1ea1nh trong v\u00e0i n\u0103m t\u1edbi v\u00e0 s\u1ebd t\u1ea1o ra s\u1ef1 thu h\u00fat v\u1edbi d\u00f2ng ti\u1ec1n l\u1edbn qu\u1ed1c t\u1ebf, t\u0103ng kh\u1ea3 n\u0103ng n\u00e2ng h\u1ea1ng th\u1ecb tr\u01b0\u1eddng, t\u1ea1o ra nhi\u1ec1u th\u01b0\u01a1ng v\u1ee5 cho c\u00e1c c\u00f4ng ty ch\u1ee9ng kho\u00e1n th\u1ef1c hi\u1ec7n v\u00e0 thu ph\u00ed<\/p>\n

4. Nh\u00e0 \u0111\u1ea7u t\u01b0 n\u01b0\u1edbc ngo\u00e0i tham gia ng\u00e0y c\u00e0ng t\u0103ng theo n\u0103m<\/p>\n

5. Kh\u1ea3 n\u0103ng n\u00e2ng h\u1ea1ng trong 3-5 n\u0103m t\u1edbi \u0111\u01b0\u1ee3c \u0111\u00e1nh gi\u00e1 cao<\/p>\n

– Ch\u1ee9ng kho\u00e1n c\u0169ng l\u00e0 1 ng\u00e0nh c\u00f3 t\u00ednh chu k\u1ef3 r\u1ea5t m\u1ea1nh v\u00e0 c\u00e1c y\u1ebfu t\u1ed1 t\u00e1c \u0111\u1ed9ng \u0111\u1ebfn ng\u00e0nh ch\u1ee9ng kho\u00e1n bao g\u1ed3m: Kinh t\u1ebf v\u0129 m\u00f4: GDP, L\u00e3i su\u1ea5t, t\u1ef7 gi\u00e1; x\u1ebfp h\u1ea1ng th\u1ecb tr\u01b0\u1eddng; ch\u00ednh s\u00e1ch ch\u00ednh ph\u1ee7; t\u0103ng tr\u01b0\u1edfng index; thanh kho\u1ea3n; C\u1ed5 ph\u1ea7n h\u00f3a v\u00e0 b\u00e1n v\u1ed1n c\u00e1c doanh nghi\u1ec7p nh\u00e0 n\u01b0\u1edbc.<\/p>\n

– \u0110\u1eb7c \u0111i\u1ec3m kinh doanh c\u1ee7a ng\u00e0nh ch\u1ee9ng kho\u00e1n kh\u00e1 t\u1eadp trung: Th\u1ecb ph\u1ea7n, doanh thu v\u00e0 l\u1ee3i nhu\u1eadn t\u1eadp trung \u1edf top 5 c\u00f4ng ty ch\u1ee9ng kho\u00e1n h\u00e0ng \u0111\u1ea7u: SSI, HCM, VCI, TCBS, VND. Do \u0111\u00f3 v\u1ec1 c\u01a1 b\u1ea3n c\u01a1 h\u1ed9i s\u1ebd \u0111\u1ebfn v\u1edbi nh\u1eefng doanh nghi\u1ec7p n\u00e0y nhi\u1ec1u nh\u1ea5t<\/p>\n

Th\u1ee9 ba y\u1ebfu t\u1ed1 d\u1eabn d\u1eaft s\u1ef1 ph\u00e1t tri\u1ec3n c\u1ee7a ng\u00e0nh ch\u1ee9ng kho\u00e1n trong t\u01b0\u01a1ng lai: <\/i>C\u00f4ng ngh\u1ec7 v\u00e0 c\u00e1c s\u1ea3n ph\u1ea9m ph\u00e1i sinh kh\u00e1c (ngo\u00e0i c\u1ed5 phi\u1ebfu) \u0111ang d\u1eabn d\u1eaft s\u1ef1 ph\u00e1t tri\u1ec3n c\u1ee7a ng\u00e0nh: Th\u1eddi gian g\u1ea7n \u0111\u00e2y c\u00e1c c\u00f4ng ty ch\u1ee9ng kho\u00e1n kh\u00f4ng ch\u1ec9 ch\u1ee7 y\u1ebfu cung c\u1ea5p c\u00e1c d\u1ecbch v\u1ee5 s\u1ea3n ph\u1ea9m li\u00ean quan \u0111\u1ebfn c\u1ed5 phi\u1ebfu m\u00e0 h\u1ecd \u0111ang ng\u00e0y c\u00e0ng \u0111a d\u1ea1ng h\u00f3a c\u00e1c s\u1ea3n ph\u1ea9m kh\u00e1c nh\u01b0 tr\u00e1i phi\u1ebfu, ch\u1ee9ng ch\u1ec9 qu\u1ef9 \u0111\u1ea7u t\u01b0, ph\u00e1i sinh, b\u1ea3o hi\u1ec3m, thu x\u1ebfp v\u1ed1n \u2026; \u0111\u1eb7c bi\u1ec7t trong xu h\u01b0\u1edbng ph\u00e1t tri\u1ec3n m\u1ea1nh v\u1ec1 c\u00f4ng ngh\u1ec7, h\u1ecd \u0111ang c\u00f3 xu h\u01b0\u1edbng \u0111\u1ea9y m\u1ea1nh khai th\u00e1c d\u1eef li\u1ec7 l\u1edbn v\u1ec1 kh\u00e1ch h\u00e0ng (x\u00e2y d\u1ef1ng h\u1ec7 sinh th\u00e1i), kh\u00e1ch h\u00e0ng l\u00e0 trung t\u00e2m v\u00e0 thi\u1ebft k\u1ebf r\u1ea5t nhi\u1ec1u c\u00e1c s\u1ea3n ph\u1ea9m d\u1ecbch v\u1ee5 \u0111\u00e1p \u1ee9ng nhu c\u1ea7u \u0111\u1ea7u t\u01b0 to\u00e0n di\u1ec7n h\u01a1n cho kh\u00e1ch h\u00e0ng.<\/p>\n

Th\u1ee9 t\u01b0 t\u00ednh ch\u1ea5t c\u1ea1nh tranh: M\u1ee9c \u0111\u1ed9 c\u1ea1nh tranh ng\u00e0y c\u00e0ng gay g\u1eaft h\u01a1n do c\u00f3 s\u1ef1 gia nh\u1eadp c\u1ee7a c\u00e1c t\u1eadp \u0111o\u00e0n t\u00e0i ch\u00ednh l\u1edbn \u0111\u1ebfn t\u1eeb H\u00e0n Qu\u1ed1c, Trung Qu\u1ed1c v\u00e0 \u0110\u00e0i Loan v\u1edbi ngu\u1ed3n v\u1ed1n d\u1ed3i d\u00e0o, gi\u00e1 r\u1ebb. \u0110i\u1ec1u n\u00e0y s\u1ebd gi\u00fap TTCK Vi\u1ec7t nam trong d\u00e0i h\u1ea1n s\u1ebd ph\u00e1t tri\u1ec3n nhanh h\u01a1n, \u0111a d\u1ea1ng h\u01a1n v\u00e0 hi\u1ec7u qu\u1ea3 h\u01a1n.<\/p>\n

Ph\u1ea7n II: Nh\u1eefng \u0111i\u1ec1u c\u1ea7n ch\u00fa \u00fd khi ph\u00e2n t\u00edch b\u00e1o c\u00e1o t\u00e0i ch\u00ednh c\u00e1c c\u00f4ng ty ch\u1ee9ng kho\u00e1n:<\/b><\/p>\n

C\u00e1c doanh nghi\u1ec7p ti\u00eau bi\u1ec3u trong ng\u00e0nh ch\u1ee9ng kho\u00e1n: SSI, HCM, VCI, TCBS, VND, MBS<\/p>\n

Ng\u00e0nh ch\u1ee9ng kho\u00e1n n\u00f3i ri\u00eang v\u00e0 t\u00e0i ch\u00ednh n\u00f3i chung c\u00f3 nh\u1eefng \u0111\u1eb7c th\u00f9 ri\u00eang c\u00f3 n\u00ean kh\u00f4ng th\u1ec3 \u00e1p d\u1ee5ng c\u00e1c ph\u01b0\u01a1ng ph\u00e1p ph\u00e2n t\u00edch \u0111\u00e1nh gi\u00e1 b\u00e1o c\u00e1o t\u00e0i ch\u00ednh nh\u01b0 c\u00e1c \u0111\u1ed1i t\u01b0\u1ee3ng doanh nghi\u1ec7p kh\u00e1c. \u0110\u1ed1i v\u1edbi ng\u00e0nh n\u00e0y, \u0111i\u1ec1u quan tr\u1ecdng nh\u1ea5t l\u00e0 xem x\u00e9t doanh nghi\u1ec7p m\u1ee5c ti\u00eau c\u00f3 th\u1ec3 m\u1ea1nh v\u00e0 chi\u1ebfn l\u01b0\u1ee3c kinh doanh thu\u1ed9c nh\u1eefng m\u1ea3ng n\u00e0o \u0111\u1ec3 ch\u00fang ta ch\u00fa tr\u1ecdng v\u00e0o ph\u00e2n tich chi ti\u1ebft th\u1ebf m\u1ea1nh \u0111\u00f3:<\/p>\n

Th\u1ee9 nh\u1ea5t<\/b> theo quy \u0111\u1ecbnh c\u00f3 hi\u1ec7u l\u1ef1c t\u1eeb \u0111\u1ea7u n\u0103m 2017 C\u00f4ng ty ch\u1ee9ng kho\u00e1n c\u00f3 3 lo\u1ea1i t\u00e0i s\u1ea3n t\u00e0i ch\u00ednh (TSTC) l\u00e0: FVTPL, AFS v\u00e0 HTM.<\/p>\n

– HTM ch\u1ee7 y\u1ebfu l\u00e0 ti\u1ec1n g\u1eedi ng\u00e2n h\u00e0ng (\u1edf m\u1ed1t s\u1ed1 c\u00f4ng ty c\u00f3 kho\u1ea3n m\u1ee5c n\u00e0y r\u1ea5t l\u1edbn nh\u01b0 SSI, VND l\u00e0 do h\u1ecd c\u00f3 nghi\u1ec7p v\u1ee5 kinh doanh ngu\u1ed3n v\u1ed1n h\u01b0\u1edfng ch\u00eanh l\u00e3i su\u1ea5t) n\u00ean kh\u00f4ng li\u00ean quan \u0111\u1ebfn vi\u1ec7c ghi nh\u1eadn l\u00e3i kh\u00f4ng th\u01b0\u1eddng xuy\u00ean t\u1eeb danh m\u1ee5c t\u1ef1 doanh. C\u00f2n l\u1ea1i l\u00e0 FVTPL v\u00e0 AFS.<\/p>\n

– T\u00e0i s\u1ea3n t\u00e0i ch\u00ednh ghi nh\u1eadn qua l\u00e3i l\u1ed7 (FVTPL) \u2013 theo quy \u0111\u1ecbnh m\u1edbi, TSTC FVTPL s\u1ebd \u0111\u01b0\u1ee3c h\u1ea1ch to\u00e1n theo gi\u00e1 th\u1ecb tr\u01b0\u1eddng thay v\u00ec gi\u00e1 v\u1ed1n \u0111i\u1ec1u ch\u1ec9nh cho c\u00e1c kho\u1ea3n l\u1ed7 ch\u01b0a th\u1ef1c hi\u1ec7n t\u1eeb 2016 tr\u1edf v\u1ec1 tr\u01b0\u1edbc. Theo \u0111\u00f3 c\u00e1c kho\u1ea3n l\u00e3i ch\u01b0a th\u1ef1c hi\u1ec7n nh\u1edd th\u1ecb gi\u00e1 cao h\u01a1n gi\u00e1 v\u1ed1n s\u1ebd \u0111\u01b0\u1ee3c ghi nh\u1eadn cho d\u00f9 ch\u1ee9ng kho\u00e1n \u0111\u00e3 \u0111\u01b0\u1ee3c b\u00e1n hay ch\u01b0a v\u00e0 th\u1ecb gi\u00e1 v\u00e0o ng\u00e0y cu\u1ed1i qu\u00fd tr\u01b0\u1edbc s\u1ebd \u0111\u01b0\u1ee3c l\u1ea5y l\u00e0m gi\u00e1 \u0111\u1ec3 t\u00ednh l\u1ed7\/l\u00e3i ch\u01b0a th\u1ef1c hi\u1ec7n cho qu\u00fd ti\u1ebfp theo.<\/p>\n

– T\u00e0i s\u1ea3n t\u00e0i ch\u00ednh s\u1eb5n s\u00e0ng \u0111\u1ec3 b\u00e1n (AFS): l\u00e3i\/ l\u1ed7 ch\u01b0a th\u1ef1c hi\u1ec7n s\u1ebd kh\u00f4ng h\u1ea1ch to\u00e1n tr\u00ean b\u1ea3ng b\u00e1o c\u00e1o k\u1ebft qu\u1ea3 kinh doanh. L\u1ed7 ch\u01b0a th\u1ef1c hi\u1ec7n s\u1ebd \u0111i v\u00e0o b\u1ea3ng c\u00f3 t\u00ean “b\u00e1o c\u00e1o thu nh\u1eadp to\u00e0n di\u1ec7n kh\u00e1c”. Sau \u0111\u00f3 \u0111\u01b0\u1ee3c ghi nh\u1eadn tr\u1ef1c ti\u1ebfp v\u00e0o m\u1ee5c “\u0111\u00e1nh gi\u00e1 l\u1ea1i t\u00e0i s\u1ea3n” trong ph\u1ea7n v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu tr\u00ean b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n. L\u00e3i ch\u01b0a th\u1ef1c hi\u1ec7n (th\u1ecb gi\u00e1 cao h\u01a1n gi\u00e1 v\u1ed1n) s\u1ebd kh\u00f4ng \u0111\u01b0\u1ee3c ghi nh\u1eadn v\u00e0o l\u1ee3i nhu\u1eadn. \u0110\u1ebfn khi ch\u1ee9ng kho\u00e1n \u0111\u01b0\u1ee3c b\u00e1n th\u00ec kho\u1ea3n l\u00e3i n\u00e0y m\u1edbi \u0111\u01b0\u1ee3c ghi nh\u1eadn v\u00e0o l\u1ee3i nhu\u1eadn tr\u00ean b\u1ea3ng b\u00e1o c\u00e1o k\u1ebft qu\u1ea3 kinh doanh.<\/p>\n

– Vi\u1ec7c ph\u00e2n lo\u1ea1i TSTC FVTPL v\u00e0 AFS c\u00f3 th\u1ec3 g\u00e2y kh\u00f3 hi\u1ec3u cho nh\u00e0 \u0111\u1ea7u t\u01b0 do c\u00e1c c\u00f4ng ty ch\u1ee9ng kho\u00e1n \u0111\u01b0\u1ee3c ph\u00e9p ph\u00e2n lo\u1ea1i TSTC l\u00e0 FVTPL hay AFS theo mong mu\u1ed1n ch\u1ee7 quan c\u1ee7a h\u1ecd. Do v\u1eady c\u00e1c c\u00f4ng ty ch\u1ee9ng kho\u00e1n s\u1ebd c\u00f3 ch\u00ednh s\u00e1ch ri\u00eang khi ph\u00e2n lo\u1ea1i c\u00e1c TSTC n\u00e0y.<\/p>\n

Th\u1ee9 hai<\/b> \u0111\u00e1nh gi\u00e1 hi\u1ec7u qu\u1ea3 kinh doanh t\u1eebng m\u1ea3ng c\u1ee7a c\u00f4ng ty ch\u1ee9ng kho\u00e1n:<\/p>\n

– Kh\u00e1c v\u1edbi c\u00e1c doanh nghi\u1ec7p s\u1ea3n xu\u1ea5t th\u01b0\u01a1ng m\u1ea1i hay c\u00e1c lo\u1ea1i h\u00ecnh kh\u00e1c doanh thu v\u00e0 chi ph\u00ed ghi tr\u00ean b\u00e1o c\u00f3 KQKD l\u00e0 con s\u1ed1 t\u1ed5ng h\u1ee3p, \u0111\u1ed1i v\u1edbi c\u00f4ng ty ch\u1ee9ng kho\u00e1n doanh thu v\u00e0 chi ph\u00ed c\u1ee7a t\u1eebng m\u1ea3ng \u0111\u01b0\u1ee3c t\u00e1ch bi\u1ec7t r\u1ea5t r\u00f5 r\u00e0ng v\u00e0 chi ti\u1ebft. Do \u0111\u00f3 t\u00ednh hi\u1ec7u qu\u1ea3 kinh doanh c\u1ee7a m\u1ed7i m\u1ea3ng th\u01b0\u1eddng r\u1ea5t \u0111\u01a1n gi\u1ea3n, ch\u00fang ta l\u1ea5y doanh thu c\u1ee7a t\u1eebng m\u1ea3ng tr\u1eeb \u0111i chi ph\u00ed l\u00e0 ra l\u1ee3i nhu\u1eadn g\u1ed9p c\u1ee7a m\u1ed7i m\u1ea3ng \u0111\u00f3<\/p>\n

– Nh\u1eefng c\u00f4ng ty ch\u1ee9ng kho\u00e1n c\u00f3 th\u1ecb ph\u1ea7n m\u00f4i gi\u1edbi l\u1edbn nh\u1ea5t th\u01b0\u1eddng \u0111i k\u00e8m v\u1edbi \u0111\u00f3 l\u00e0 k\u1ebft qu\u1ea3 kinh doanh t\u1eeb cho vay k\u00fd qu\u1ef9 c\u0169ng r\u1ea5t l\u1edbn. Tuy nhi\u00ean, r\u1ee7i ro \u0111\u1ed1i v\u1edbi ho\u1ea1t \u0111\u1ed9ng cho vay c\u0169ng t\u01b0\u01a1ng \u0111\u1ed1i l\u1edbn b\u1edfi nhi\u1ec1u c\u00f4ng ty ch\u1ee9ng kho\u00e1n \u0111\u1ea9y m\u1ea1nh cho vay v\u00e0 qu\u1ea3n l\u00fd l\u1ecfng l\u1ebbo \u0111\u00e3 g\u1eb7p r\u1ee7i ro n\u1ee3 x\u1ea5u v\u00e0 thua l\u1ed7 r\u1ea5t l\u1edbn trong c\u00e1c n\u0103m 2010-2014. Do \u0111\u00f3, ch\u00fang ta c\u1ea7n t\u00ecm hi\u1ec3u, thu th\u1eadp c\u00e1c th\u00f4ng tin ngo\u00e0i l\u1ec1 v\u1ec1 ho\u1ea1t \u0111\u1ed9ng cho vay, danh m\u1ee5c cho vay, ph\u01b0\u01a1ng th\u1ee9c QTRR m\u00e0 c\u00f4ng ty ch\u1ee9ng kho\u00e1n \u0111\u00f3 \u0111ang l\u00e0m<\/p>\n

– C\u00e1c c\u00f4ng ty ch\u1ee9ng kho\u00e1n c\u00f3 t\u00e0i kho\u1ea3n HTM l\u1edbn th\u01b0\u1eddng \u0111i k\u00e8m v\u1edbi n\u1ee3 vay r\u1ea5t l\u1edbn \u0111\u1ec3 ph\u1ee5c v\u1ee5 cho kinh doanh ngu\u1ed3n v\u1ed1n, \u0111\u00e2y l\u00e0 c\u00e1c kho\u1ea3n g\u1eedi r\u1ea5t an to\u00e0n. Do \u0111\u00f3 kh\u00f4ng h\u1eb3n nh\u1eefng c\u00f4ng ty ch\u1ee9ng kho\u00e1n n\u00e0y c\u00f3 n\u1ee3 vay cao h\u01a1n v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu nhi\u1ec1u m\u00e0 c\u00f3 r\u1ee7i ro cao h\u01a1n c\u00e1c c\u00f4ng ty kh\u00e1c.<\/p>\n

– R\u1ee7i ro l\u1edbn nh\u1ea5t \u0111\u1ed1i v\u1edbi m\u1ed9t c\u00f4ng ty ch\u1ee9ng kho\u00e1n th\u01b0\u1eddng l\u00e0 r\u1ee7i ro \u0111\u1ebfn t\u1eeb danh m\u1ee5c t\u1ef1 doanh l\u1edbn (FVTPL v\u00e0 AFS) n\u00ean khi \u0111\u1ea7u t\u01b0 ch\u00fang ta lu\u00f4n ph\u1ea3i l\u01b0u \u00fd theo s\u00e1t c\u00e1c c\u1ed5 phi\u1ebfu chi\u1ebfm t\u1ef7 tr\u1ecdng l\u1edbn trong danh m\u1ee5c t\u1ef1 doanh c\u1ee7a h\u1ecd \u0111\u1ec3 tr\u00e1nh c\u00e1c r\u1ee7i ro c\u1ed5 phi\u1ebfu gi\u1ea3m m\u1ea1nh g\u00e2y thua l\u1ed7 cho c\u00f4ng ty ch\u1ee9ng kho\u00e1n<\/p>\n

– C\u00e1c c\u00f4ng ty ch\u1ee9ng kho\u00e1n c\u00f3 m\u1ea3ng ng\u00e2n h\u00e0ng \u0111\u1ea7u t\u01b0 m\u1ea1nh th\u01b0\u1eddng s\u1ebd c\u00f3 m\u1ea3ng thu x\u1ebfp v\u1ed1n hi\u1ec7u qu\u1ea3 v\u00e0 kh\u00e1ch h\u00e0ng t\u1ed5 ch\u1ee9c ph\u00e1t tri\u1ec3n h\u01a1n.<\/p>\n

Th\u1ee9 ba<\/b> \u0111\u00e1nh gi\u00e1 d\u00f2ng ti\u1ec1n c\u1ee7a c\u00f4ng ty ch\u1ee9ng kho\u00e1n r\u1ea5t kh\u00e1c v\u1edbi c\u00e1c lo\u1ea1i h\u00ecnh kinh doanh kh\u00e1c<\/p>\n

– \u0110\u1ed1i v\u1edbi 1 doanh nghi\u1ec7p phi t\u00e0i ch\u00ednh th\u00ec d\u00f2ng ti\u1ec1n ra v\u00e0 v\u00e0o c\u1ee7a c\u00f4ng ty v\u00f4 c\u00f9ng quan tr\u1ecdng, c\u00f2n \u0111\u1ed1i v\u1edbi c\u00e1c c\u00f4ng ty ch\u1ee9ng kho\u00e1n d\u00f2ng ti\u1ec1n kh\u00f4ng c\u00f3 nhi\u1ec1u \u00fd ngh\u0129a so v\u1edbi ch\u1ea5t l\u01b0\u1ee3ng t\u00e0i s\u1ea3n trong b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n v\u00e0 hi\u1ec7u qu\u1ea3 kinh doanh b\u1ec1n v\u1eefng c\u1ee7a t\u1eebng m\u1ea3ng trong b\u1ea3ng b\u00e1o c\u00e1o k\u1ebft qu\u1ea3 kinh doanh<\/p>\n

– L\u01b0u chuy\u1ec3n t\u1eeb ho\u1ea1t \u0111\u1ed9ng \u0111\u1ea7u t\u01b0 th\u01b0\u1eddng r\u1ea5t nh\u1ecf v\u00e0 c\u00f3 th\u1ec3 b\u1ecf qua ngay do: 1.C\u00f4ng ty ch\u1ee9ng kho\u00e1n \u0111\u1ea7u t\u01b0 r\u1ea5t \u00edt v\u00e0o t\u00e0i s\u1ea3n c\u1ed1 \u0111\u1ecbnh; 2. N\u1ebfu c\u00f3 \u0111\u1ea7u t\u01b0 t\u00e0i ch\u00ednh l\u1edbn th\u00ec v\u1edbi c\u00f4ng ty ch\u1ee9ng kho\u00e1n \u0111\u00f3 thu\u1ed9c ho\u1ea1t \u0111\u1ed9ng kinh doanh ch\u1ee9 kh\u00f4ng ph\u1ea3i ho\u1ea1t \u0111\u1ed9ng \u0111\u1ea7u t\u01b0.<\/p>\n

– L\u01b0u chuy\u1ec3n t\u1eeb ho\u1ea1t \u0111\u1ed9ng kinh doanh c\u1ee7a c\u00f4ng ty ch\u1ee9ng kho\u00e1n \u00e2m nhi\u1ec1u n\u0103m li\u00ean ti\u1ebfp kh\u00f4ng h\u1eb3n l\u00e0 x\u1ea5u th\u1eadm ch\u00ed c\u00f2n r\u1ea5t t\u1ed1t: ngo\u00e0i vi\u1ec7c ph\u1ee5 thu\u1ed9c l\u00e3i l\u1ed7 kinh doanh th\u00ec v\u1ea5n \u0111\u1ec1 quan tr\u1ecdng nh\u1ea5t l\u00e0 n\u00f3 ph\u1ee5 thu\u1ed9c v\u00e0o vi\u1ec7c m\u1edf r\u1ed9ng kinh doanh c\u1ee7a c\u00f4ng ty. N\u1ebfu 1 c\u00f4ng ty ch\u1ee9ng kho\u1ea3n m\u1edf r\u1ed9ng \u0111\u1ea7u t\u01b0 v\u00e0o c\u00e1c t\u00e0i s\u1ea3n t\u00e0i ch\u00ednh th\u00ec d\u00f2ng ti\u1ec1n kinh doanh lu\u00f4n \u00e2m.<\/p>\n

– L\u01b0u chuy\u1ec3n ho\u1ea1t \u0111\u1ed9ng t\u00e0i ch\u00ednh d\u01b0\u01a1ng nhi\u1ec1u ch\u01b0a ch\u1eafc \u0111\u00e3 x\u1ea5u th\u1eadm ch\u00ed c\u00f2n t\u1ed1t n\u1ebfu vi\u1ec7c d\u01b0\u01a1ng l\u00e0 do ho\u1ea1t \u0111\u1ed9ng kinh doanh m\u1edf r\u1ed9ng m\u1ea1nh (\u1edf Vi\u1ec7t Nam c\u00e1c c\u00f4ng ty ch\u1ee9ng kho\u00e1n l\u1edbn \u0111\u1ec1u m\u1edf r\u1ed9ng kh\u00f4ng ng\u1eebng h\u00e0ng n\u0103m)<\/p>\n

– Ti\u1ec1n v\u00e0 t\u01b0\u01a1ng \u0111\u01b0\u01a1ng ti\u1ec1n c\u1ee7a c\u00e1c c\u00f4ng ty ch\u1ee9ng kho\u00e1n kh\u00f4ng quan tr\u1ecdng b\u1eb1ng c\u00e1c t\u00e0i s\u1ea3n t\u00e0i ch\u00ednh c\u1ee7a c\u00f4ng ty ch\u1ea5t l\u01b0\u1ee3ng c\u00f3 t\u1ed1t kh\u00f4ng, v\u00ec kh\u00e1c v\u1edbi c\u00e1c lo\u1ea1i h\u00ecnh kh\u00e1c c\u00e1c t\u00e0i s\u1ea3n t\u00e0i ch\u00ednh r\u1ea5t d\u1ec5 chuy\u1ec3n \u0111\u1ed5i th\u00e0nh ti\u1ec1n n\u1ebfu c\u00f3 ch\u1ea5t l\u01b0\u1ee3ng t\u1ed1t v\u1edbi ch\u00ed ph\u00ed chuy\u1ec3n \u0111\u1ed5i r\u1ea5t th\u1ea5p. Do \u0111\u00f3 c\u00e1c c\u00f4ng ty ch\u1ee9ng kho\u00e1n hi\u1ec7u qu\u1ea3 th\u01b0\u1eddng kh\u00f4ng d\u1ef1 tr\u1eef ti\u1ec1n m\u1eb7t nhi\u1ec1u nh\u01b0 c\u00e1c ng\u00e0nh kh\u00e1c.<\/p>\n

Ph\u1ea7n III: Ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh gi\u00e1 th\u01b0\u1eddng d\u00f9ng v\u1edbi ng\u00e0nh ch\u1ee9ng kho\u00e1n<\/b><\/p>\n

Do \u0111\u1eb7c th\u00f9 l\u00e0 ng\u00e0nh c\u00f3 t\u00ednh ch\u1ea5t chu k\u1ef3 v\u00e0 ph\u1ee5 thu\u1ed9c v\u00e0o s\u1ef1 bi\u1ebfn \u0111\u1ed9ng c\u1ee7a th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n r\u1ea5t cao, ngo\u00e0i ra \u0111\u00e2y l\u00e0 ng\u00e0nh t\u00e0i ch\u00ednh (m\u1ed9t ng\u00e0nh kinh doanh ti\u1ec1n). Ch\u00ednh v\u00ec th\u1ebf ng\u01b0\u1eddi ta th\u01b0\u1eddng \u0111\u1ecbnh gi\u00e1 theo ph\u01b0\u01a1ng ph\u00e1p k\u1ebft h\u1ee3p gi\u1eefa P\/B v\u00e0 P\/E<\/p>\n

– D\u00f9ng P\/E \u0111\u1ec3 \u0111\u1ecbnh gi\u00e1 m\u1ea3ng kinh doanh m\u00f4i gi\u1edbi, ng\u00e2n h\u00e0ng \u0111\u1ea7u t\u01b0<\/p>\n

– D\u00f9ng P\/B \u0111\u1ecbnh gi\u00e1 cho m\u1ea3ng kinh doanh ngu\u1ed3n v\u1ed1n, t\u1ef1 doanh, cho vay k\u00fd qu\u1ef9.<\/p>\n<\/div>\n

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[ad_1] Ph\u1ea7n I: T\u1ed5ng quan v\u1ec1 ng\u00e0nh ch\u1ee9ng kho\u00e1n Th\u1ee9 nh\u1ea5t lo\u1ea1i h\u00ecnh kinh doanh: M\u1ed9t c\u00f4ng ty ch\u1ee9ng kho\u00e1n c\u00f3 th\u1ec3 c\u00f3 1 ho\u1eb7c h\u01a1n 1 trong 4 lo\u1ea1i h\u00ecnh kinh doanh bao g\u1ed3m: M\u00f4i gi\u1edbi ch\u1ee9ng kho\u00e1n, cho vay k\u00fd qu\u1ef9, t\u1ef1 doanh v\u00e0 ng\u00e2n h\u00e0ng \u0111\u1ea7u t\u01b0. 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