Cac cong cu phdi sinh sCr dung trong qudn ly rui ro ngdnh ndng luang
T h S . N g 6 T h | Mai Hanh Viin Ddu khi Vlft Nam
Tdm t i t
Rdi ro Id vdn di md bdt ky doanh nghiip ndo tham gia hogt dpng kinh doanh trin thl trUdng diu gdp phil. Trong linh vUe ndng lUOng, rui ro gid cd du^e col id rui ro ph6 biin han so vdi ede logi rdi ro khdc do gid cdc sdn phdm nang luang rdt nhgy cdm vd di bUn ddng trUdc dnh hudng cua nhHu yiu td khde nhau, ti/yiu td kinh ti, chlnh tri din cic yeu td th^ tUt, miia vu. M6t trong nhUng cdng cu hOu hiiu di qudn ly rdi ro gid trin thf trUdng ndng lUOng Id sddung cde sdn phdm tdi ehinh phdi sinh. Bdi viit ndy gidi thliu mdt sd cdng cu phdl sinh ea bdn sit dung trong qudn lyruiro ngdnh nang luang; ddng thdi, cung cdp thdng tin khdi qudt vi qud trinh hinh thdnh vd phdt triin thj trUdng pftdf sinh ndng lUOng tgi mdt sdkhu vUe trin thi gidi. Ngodi ra, bdi vHt eung phdn tieh mdt sd vdn di llin quan din triin rong phdt triin thj trUdng phdi sinh cho ngdnh ndng lUOng Viit Nam.
1. Tong quan ve cac cong cu phii sinh [2, 4, 5]
Cie edng cu p h i i smh 11 cac cdng ey t i i ehinh, dflpe p h i t h i n h tren co sd mdt loai t i i sin nhat dinh, dflpe gpi l i t i i sin gde hay t i i sin eO sd.Trdn thi trfldng nang Iflong, t i i san eo sd m l cic cdng eu p h l i sinh phu thude v i o l i cac h i n g hda n i n g lflpng nha: d i u thd, sin p h I m d i u , khi thien nhien v l dien. Cdng eu p h l i sinh dape coi I I edng cu hflu hieu de ban che v i q u i n tri rfli ro ma khdng eIn p h l i sdhflu hang hda. Vdi edng eu p h l i sinh, nhflng ngfldi mudn g i i m rui ro cd the chuyen giao, p h i n t i n rfli ro eho nhflng ngfldi s i n sing chap nhan rfli ro.
Cdng eu tai ehinh p h l i sinh cd the dflpc mua b i n , trao ddi tren thj trfldng thdng qua cic sin giao djch hang hda q u i n ly t i p trung (hay edn gpi I I thj trfldng tap trung) hole qua ele thj trfldng giao djeh phi t i p trung (thj trfldng OTC').Thj trfldng tap trung I I thi trfldng giao djeh qua sin, tai dd, ngfldi ban va ngfldi mua giao djeh v l mua b i n ele sin pham phai sinh n i n g Iflpng thdng qua ngfldi trung gian, mdi gidi. San giao djeh ed eo c h l hd trp tin dung d l dam b i o thfle hien giao djch v l thanh t o i n hop ddng.
Thj trfldng phi tap trung la thj trfldng tai dd ngfldi b i n v i ngfldi mua eie san p h I m p h i i sinh nang Iflpng tfl giao djch vdi nhau, hole qua dien thoai hole qua mang. Hal ben cd the thda thuan cae hpp dong rieng theo nhu elu c l nhin, n h l m d i p flng ele yeu eau rieng efla moi ben.
'OTC Id td viit tdt cua td tieng Anh Over-the-counter
Thi trfldng t i p trung, giao dich qua sin cung cap cic sin p h I m dflpc tieu chuan hda, g i l c i minh bach, rui ro tin dung t h l p , k h i n i n g thanh k h o i n cao. Nhflpc diem chfl ydu efla thj trfldng t i p trung I I ehi mua bin, trao ddi cic s i n p h I m d l dflpc tieu ehuan hda nen ed tiie khdng d i p flng dflpc het nhu c i u cfla tflng cdng ty rieng Id. Trong khi do, thi trfldng phi t i p trung lai lam dfloc d i l u n i y do c i c hop ddng trao ddi tren thj trfldng nay dflpe thda t h u i n theo nhu e l u cfla cic ben. Tuy nhiSn, thi trfldng phi t i p trung lai cd nhflpc di^m: thieu minh b?ch ve g i i , rui ro tin dyng eao, chi pht giao djch Idn vS thidu tinh thanh k h o i n .
Cdng cu p h i i smh l i nhflng cdng cu mang tinh iiOp ddng, khdng the hien quydn sd hCru ddi vdi tai sin hay h i n g hda n i o v i cflng khdng ed g i l trj eua rieng nd. GiS tn cic cdng cu p h l i sinh cd dflpc l i nhd v i o gia trj cOa h&ng hda hole tai sin khie. Ndi eleh khic, gia tri eua cdng eg p h l i sinh dflpc xle djnh theo t i l sin gde hay t i i sin cO sd. Vi du, hpp ddng tflOng lai khi thien nhien II cdng cu t i i chinh phai sinh cd g i l trj phu thude vao mat hang khi thidn nhidn dflpc mua b i n , trao ddi tren thj trfldng hang hda giao djeh thfle td.
Hpp ddng p h l i sinh dflpc thda thuan gifla ngifdi mua v i ngfldi ban, trong dd moi ben se thflc hien nghia vu n h i t djnh cho ben kia. Cie hpp ddng phai sinh cflng
PETROVIETNAM
CO g i l c l , ngfldi mua se cd g i n g mua vdi g i l c i n g t h l p cang tdt, cdn ngfldi b i n eo g i n g b i n vdi g i l e i n g cao eang tot. Tuy nhien, ele hpp ddng n i y thfldng khdng di kdm vdi giao hang thfle te m i ehi mua b i n trdn g i l y t d v l dflpc dflng nha l i cdng cu de q u i n tri eic rfli ro do g i l el bien ddng.
Tfltrflde den nay, eie cdng ty n i n g Iflpng thfldng sfl dung edng ey tai ehinh p h l i sinh d ^ tham gia v i o cie giao djch n h l m muc dich t f l b i o hi^m cho h i n g hda, t i i sin efla minh v l g i i m thieu k h i nang p h l i chju ele rfli ro t i l chinh. Ngoai ra, eie n g i n h i n g thflOng mai v l d i u tfl cung d l sfldung thj tradng p h l i sinh n i n g Iflpng d l d i u c o v i o mdt hing hda cu thd hole d l bfl d i p eho cic rfli ro ed the phat sinh tflquan hd kinh doanh vdi eic cdng ty n i n g lflpng.
2. Cde logi cdng eu phdi sinh ca bdn dp dung trong qudn l'frdiro[2,4,S,9]
Bat ky mpt doanh nghidp n i o khi tham gia thj trudng cung phai ddi m i t vdi nhieu loai rfli ro khic nhau. Cic rui ro CO b i n m l t i t e l mpi doanh nghiep deu cd t h l gap phai duac ehia t h i n h 5 nhdm, Dd l i : (1) rfli ro thj trfldng (nhQTig thay doi ngoai dfl kien ve III suit, t;^ g i i hdi d o l i hoac gia el); (2) rfli ro tin dung/vd np; (3) rfli ro t i c nghiep (may mdc thiet bj true trie, chat Iflpng khdng d i p flng yeu cau); (4) rfli ro thanh khoin (khdng co k h i nang mua hole ban hang hda theo g i l nidm yet) v i (5) rfli ro chinh tri (chinh sich, quy djnh mdi eua chinh phfl). Cae doanh nghiep hoat ddng trong n g i n h n i n g lflpng d i e biet nhay cam vdi rfli ro thj tradng, nhat la rui ro g i l c i , bdi g i i eae sin pham nang lapng rat nhay e l m v i d l bien ddng trade Inh hadng cua nhieu yeu to khic nhau: kinh te, ehinh tri, tham chf cic yeu td thdi tiet, mua vu.
Khi p h i i ddi mat vdi rui ro, cic n h i d i u ta, nha q u i n ly hay ehfl doanh nghiep ed thd sfl dung nhidu cdng eu khic nhau de g i i m thieu rfli ro, bao gdm eic cdng eu phli sinh va cac bien p h l p truyen thong nhfl: da dang hda d i u tfl, ky hpp ddng dai han, duy tri h i n g ton kho v l mua bao hiem. Nhin chung, ele cdng cu p h l i sinh dflpe sfl dung thfldng xuyen hOn trong q u i n ly rui ro ve g i i . NhOng edng cu n i y cd k h i n i n g xfl ly linh hoat cae rui ro ve g i l , d i m b i o eho eae k h o i n thu nhap khdng bj i n h hadng trfldc bien ddng g i i e l . Ddn nay, eae hpp dong phli sinh dddc sfldung thfldng xuydn n h i t la hpp dong ky han (forward contract), hpp ddng tflOng lai (future contract), hpp ddng quyen Ifla ehpn (options) v i hpp ddng hoan doi (sw/ap).
2.1. Hap ddng ky hgn
Hpp ddng ky han la hpp ddng trong dd ngadi ban v l ngadi mua thda thuan giao djeh mdt loai hang hda vdi khdi lflpng v l mflc g l l xie djnh v i o thdi didm ky hpp ddng (mflc g i i ky han). Thdi gian giao hing dflpc xle djnh v i o mdt thdi diem cu the trong tflong lai. Tat c l eae hop ddng ky han deu ghi rd loai hing, c h i t Iflpng, khdi Iflpng, mflc gia ky han, thdi gian v l dia diem giao h i n g trong tflong lai, Khi ky kdt hop ddng ky han, cic ben lien quan p h l i chiu sfl ring budc p h l p ly c h i t che va p h l i thflc hien cic nghTa vu trong hpp ddng, trfl khi c l hai ben thda t h u i n hfly hop ddng. Hpp ddng ky han dflpc giao djch tren thj trudng phi t i p trung va kha linh hoat vi hop ddng loai nay cho phdp ngudi mua va ngadi ban dam phan them hole bdt mdt sd dieu khoin tuy vao nhu cau cua minh. Tuy nhien, hpp ddng ky han lai thieu k h i nang thanh khoin vi hop ddng da ky cd nhieu d i l u khoin thda thuan gifla hai ben nen viec b i n lai hop ddng cho mdt ben thfl ba khdng d l dang va tdn kem chi phi tim kidm ben mua lal tren thj tradng. Ngoai ra, khi mflc chenh lech gifla gia san pham tren thj trfldng tai thdi diem giao hang va gia d l thda thuan qua Idn, rui ro khdng thue hien hpp dong cd the xay ra do khdng ed ben thfl ba nao dflng ra d i m b i o viecthfle hien nay.
Vidu: Vao ngay 1/2, khi dau sfldi cd g l l 3,25USD/
gallon, Cdng ty A ky hpp ddng vdi Cdng ty B b i n 3.000 gallons dau sfldi giao trong vdng 1 t u I n vao eae ngay lam viee, bat dau t f l ngay 1/4, vdi mflc gia 3,25USD. Dau dflpc giao bang xe tai vao budi traa tdi kho do Cdng ty B chi dinh. Tien dflpc thanh toan khi giao hang. Nhu vay, b i t d i u t f l ngay 1/4 va trong 4 ngiy tiep theo, Cdng ty B se nhan 3.000 gallons dau sfldi. Viec thanh t o i n dflpc thflong lflpng trfldc vdi mflc g i l 3,25USD/gallon va dflpe t r i eho Cdng ty A trfldc ngiy 5/ 4.
2.2. Hap ddng tuang lai
De khIe phue cac nhflpc diem cua hpp ddng ky han, hop ddng tflong lai ra ddi tren co sd cai tien hpp ddng ky han. TflOng t f l nhfl hop ddng ky han, hpp ddng tflong lai van la thda thuan gifla ngfldi b i n va ngfldi mua de giao djch mdt loai hang hda vdi khdi Iflpng v l mflc gia xac djnh vao thdi diem ky hpp ddng, giao h i n g v i o mpt thdi diem trong tflong lai. Tuy nhien, khae vdi hpp ddng ky han, ngfldi mua va ngfldi ban cua hop ddng tflOng lai tham gia v i o san giao dich ehinh thflc chfl khdng giao dich trflc tidpvdinhau, Nh'- • •• ' ; n san giao djeh
ndn rfli ro khdng thfle hidn hpp ddng cflng dflpc g i i m d i n g ke. Ngoii ra, c l ngfldi b i n v i ngfldi mua cfla h(?p ddng taong lai ddu cd thd b i n l^i hpp ddng cho mdt bdn thfl ba nen tfnh thanh khoin cfla hop ddng dflpc t i n g Idn.
Tuy nhidn, hpp ddng tflpng lal thfldng t h i l u tinh Ilnh ho?t do p h i i t u I n thfl ele d i l u khoin nghidm n g i t efla cic s i n giao djch chinh thflc v l t | p trung.
VIdu: Thing 10, Cdng ty A lo ngai g i i khi thidn nhidn cd t h l chju I n h hfldng cfla mfla ddng g l l l^nh ndn mua hop ddng tflpng lai khi thidn nhidn, d i o h^n v i o t h i n g 1 n i m sau. Vio t h i n g 10, g i l giao ngay v i g i i tuong lai khi thidn nhidn d i u daoe giao dich d mflc 12,2USD/tri§u Btu,
Phuang dn A - khi thiin nhiin tdng gid
Thing 11, Cdng ty A mua khi thidn nhidn c i n dung cho mua lanh trdn thj trfldng giao ngay. Lflc dd, g i l khi thidn nhidn giao ngay I I 13,7USD/tridu Btu v l hpp ddng tflong lai t h i n g 1 eflng dfloe mua b i n tai mfle g i l 13,7USD/tridu Btu. Do Cdng ty A da mua khi thidn nhidn ndn ed t h l b i n hop ddng tflOng lal efla minh trdn sin giao djch.
Nhd mua hpp ddng tuong lai vdi gia 12,2USD/tridu Btu v l b i n hpp ddng tflong lai vdi g i l 13,7USD/tridu Btu, Cdng ty A d l lai 1,5USD/trieu Btu qua giao djch t i i chinh niy. Khoin Ipi nhuIn niy bu d i p cho mfle t i n g g i l khi thien nhidn giao ngay. Vi vay, ehi phi rdng Cdng ty A bd ra de mua khi thien nhien tren thj trudng giao ngay la 13,7USD/tridu Btu trfl di khoin lai l,5USD/trieu Btu ed dflpe t f l giao djeh mua ban hop ddng tflOng lai. Ddi vdi Cdng ty A, g i l mua khi thien nhien thae te la 12,2USD/
tridu Btu.
PhUdng dn B - khi thiin nhiin gidm gid
Thing 11, Cdng ty A mua khi thien nhien c i n dung cho mfla lanh tren thi tradng giao ngay. Lflc dd, g i l khi thidn nhien giao ngay la 10,2USD/tridu Btu v l hpp ddng tflong lai t h i n g 1 cung dflpe mua b i n theo mflc g i i 10,2USD/
tridu Btu. Do Cdng ty A da mua dflpc khi thien nhidn eIn dung nen ed the ban hop ddng taong lai tai s i n giao djeh.
Khi mua hpp dong taong lal vdi g i l 12,2USD/tridu Btu v l b i n hpp ddng tUOng lai vdi g i l 10,2USD/trldu Btu, cdng ty bj 16 2USD/trieu Btu. Khoin 16 nay dapc bfl b i n g mflc tang gia tren thj trfldng giao ngay khi thien nhidn. Vi viy, chi phi rdng Cdng ty A p h i i t r i de mua khi thien nhien tren thj trfldng giao ngay la 10,2USD/tridu Btu cdng vdi khoin 16 2USD/trieu Btu t f l giao djch mua b i n hpp ddng tflpng lai. Ddi vdi Cdng ty A, g i i mua thflc te khi thien nhien la 12,2USD/trieu Btu.
2.3. Hpp ddng quyin lUa chpn
Hpp ddng q u y i n Ifla chpn l i hpp ddng ky kit gida bdn mua hpp ddng v l bdn b i n hpp ddng. Theo dd, bin mua hpp ddng cd q u y i n dflpc mua (theo hpp dong q u y i n chpn mua - call option) hay q u y i n dflpc bin (theo hpp ddng q u y i n chpn b i n - put option) mdt loai hang hda ey t h l t?l mdt mflc g l l xic djnh (strike price) vio mot thdi d i l m xic djnh trong tflong lal. Du hop ddng quyen li/a chpn dflpe giao dich thdng qua sin giao djeh chinh thflc hay giao d|ch qua thl trfldng phi t i p trung thi ngu&l mua cung d i u p h l i t r i trfldc mdt khoin phi nhat dinh cho q u y i n ehpn mua hay q u y i n chpn b i n . Mfle phiquy^n chpn thfldng eao ndn cdng ey n i y k h i tdn k i m . Hon nda, mflc phi q u y i n chpn dflpc thanh t o i n trade nin ngiiM mua hpp ddng khdng ed Ipi v l m i t tin dung. Khi giao djch qua thl trfldng phi t i p trung, ngfldi mua ed t h l phli chiu rfli ro p h i t sinh n i u ngfldi b i n hop ddng khdng cduy tin trdn thj trfldng. Mic dfl v|y, hpp ddng quyin lua chgn cung cd nhflng flu d i l m n h i t djnh, Ngfldi mua hpp dong cd t h l xle dinh v i khdng c h l dflpc mflc g i l t r i n eua hang hda eIn mua neu sfl dyng hpp ddng quyin chon mua va mflc g i i sin neu sfl dyng hpp ddng q u y i n ehpn bin.
Vfdu
Quyin chgn mua: Cdng ty A mua mdt hpp ddng quyen ehpn mua t f l Cdng ty B de mua 40.000 gallons diu sflcn vdi mfle g i i 3USD/gallon, n g i y h i t han hpp ddng la ngay 31/3. Nhfl viy, Cdng ty A ed q u y i n mua d i u sfldi ciia Cong ty B tai mflc g i l d l b i l t l i 3USD/gallon. Chflng nao miJlc g i i d i u sfldi t h l p hon 3 USD/gallon thl Cdng ty A se khong thflc hidn q u y i n chpn mua d i u t f l Cdng tyBvi cdngty nay cd t h l mua d i u vdi mfle g i l t h l p hon. Ngay khi gia diu sfldi ldn eao hon 3 USD/gallon, viec thflc hien quyen lua chpn v i mua d i u sfldi t f l Cdng ty B vdi g i l 3USD/gallon m& cd y nghia. N i u g i i d i u sfldi l i 4USD/gallon, viec thfle hidn q u y i n ehpn mang lai Ipi nhuIn cho Cdng tyA, Loi nhuIn l i 1 USD/gallon hay 40.000USD c l hppd6ng.
Khoin loi nhuIn n i y eung I I k h o i n thua 16 cfla Cdngty B. Ndi cieh khic, bdn mua trong hpp ddng quyen chon mua dat dflpc k h o i n III dflng b i n g khoin 16 cfla ben bSn.
Quyen chpn bdn: Cdng ty A mua mdt hpp dong q V "
ehpn b i n t f l Cong ty B d l b i n 50.000 gallons diu sU^vai mfle g i i 3USD/gallon trfldc n g i y 31/3. Nhfl vay, Cdng tyA cd q u y i n ban dau sfldi cho Cdng ty B tai mflc gll da bl^t la 3U5D/gallon. Chung n i o gia d i u sfldi cao hon 3USD/
gallon, Cdng ty A se khdng thflc hien q u y i n chpn bin d i u eho Cdng ty B vl cdng ty n i y cd the tim thiy ngi*"
58 DJ(uiail-sd5<
PETROVIETNAM
mua san sang t r i mflc gia eao hon. N i u g i l d i u sfldi g i i m xudng dfldi 3USD/gallon, Cdng ty A se thflc hidn quyin ehpn ban va b i n dau sfldi eho Cdng ty B vdi g i l 3USD/
gallon. Neu g i l dau sfldi la 2USD/gallon, vide thfle hien quyen chpn b i n mang lai Ipi nhuin cho Cdng ty A vi nd ed the b i n dau sfldi vdi g i i 3USD/gallon, eao hon 1U5D so vdi gia dau tren thj trfldng thflc t l . Khoin Ipi nhu|n I I 1 USD/gallon hay 50.000USD eho c l hpp ddng. Khoin Hi nay cung I I khoin 16 cfla Cdng ty B. Ndi cieh khic, khoin lai ngfldi mua q u y i n ehpn b i n dat dflpe chlnh I I khoin 16 cCia ngfldi b i n quyen Ifla chpn.
2.4. Hap ddng hodn doi
Hpp ddng h o i n ddi l i thda t h u i n h o l n ddi chudi ele ddng tien trong mdt khoing thdi gian xic djnh gifla hai ben mua v l b i n . Hop ddng h o i n doi khdng dfloc thflc hien thdng qua sin giao djch v l khdng cd giao dich h i n g hda thue te. Do khdng cd giao djch h i n g hda thflc t l ndn hai ben mua v l b i n p h i l xic djnh khdi lupng fldc tinh efla hpp dong de lam eo sd tinh toan ddng tien dflpc h o i n ddi djnh ky.Theo dinh ky, bdn b i n hay ben mua se thanh t o i n cho ben cdn lai khoin tien chdnh lech phat smh gifla 2 ddng tien hoan ddi. Vi cic hop ddng hoan ddi thfldng do hai ben t f l thfle hien ma khdng thdng qua san giao djeh nen cae ben khdng eIn t u I n theo eae dieu kien ehuan hda eua san va de d i n g thflong Iflpng eac dieu khoan eua hpp ddng. Tuy nhien, do khdng cd mdt td ehflc nhfl san giao dieh dflng ra d i m bao nen mfle dp rfli ro se eao hOn v i tinh thanh khoin cua hpp dong h o l n doi eung kdm hOn.
V/dy; Cdng ty A thda thuan b i n 100.000 gallons d i u sfldi cho Cdng ty B vdi mflc g i i cd djnh 5USD/gallon v i o cudi mdi t h i n g trong vdng 3 n i m . Ddi lai, Cdng ty B sin sing ban 100.000 gallons d i u sfldi cho Cdng ty A trong ei^ng khoing thdi gian theo mfle g l l tha noi hay gia khdng cd dinh.
Trong 3 t h i n g d i u tien eua giao djch h o l n ddi, g i i I dau sfldi nhfl sau:
Thing 1:6USD/gallon Thang2:5USD/gallon Thing 3:4USD/gallon
i Vao cudi thdng ddu tiin, khi thj trfldng thfle t l giao
^ dich dau sfldi theo gia 6USD/gallon, Cdng ty A b i n d i u vdi g i l 5USD/gallon eho Cdng ty B, cdn Cdng ty B ban d i u vdi g i l 6USD/gallon eho Cdng ty A. Cdng ty A se nhan khoan thanh toan 500.000USD t f l Cdng ty B eho Id dau t ban, edn Cdng ty B se nhan khoin thanh toan 600.000USD
tfl Cdng ty A. Hai cdng ty thda t h u i n "bu trfl" hai khoin thanh t o i n niy, do dd, Cdng ty A thanh t o i n phan chenh lech 10O.OOOUSD eho Cdng ty B.
Vdo cudi thdng thd hai, khi thj trfldng thac te giao dieh d i u sfldi theo g i l 5USD/gallon, Cdng ty A nhan t f l Cdng ty B khoin thanh t o i n 500.000USD cho Id dau ban, edn Cdng ty B cCing n h i n tfl Cdng ty A khoin thanh toan 500.000USD. N i u bu trfl hai khoin thanh t o i n niy cho nhau, khdng cd ddng t i l n n i o dflpc trao doi gifla hai edng ty.
Vdo cudi thdng thCfba, khi thj trudng thfle te giao dieh d i u sUdl theo g l l 4USD/gallon, Cdng ty A nhin khoin thanh t o i n 400.000U5D tfl edng ty B eho Id d i u b i n , cdn Cdng ty B n h i n khoin thanh toan 500.000USD tfl Cdng ty A. N i u bu trfl hai khoin thanh t o i n cho nhau, Cdng ty B se n h i n dflpc p h i n chdnh lech 100.000USD tfl Cdng ty A.
Cic n h i d i u t u v i kinh doanh trong linh vdc nang lupng cd the sfl dung cic cdng cu phai sinh ndi tren de phdng trinh, p h i n t i n , han ehe tdi da rui ro v l b i o ve, tao Ipi nhuan, ehdng bien ddng g i l trj, d i m b i o mdt mfle Ipi nhuan mong mudn hole tham chi dau co thu Ipi nhuan.
Khi q u i n tri rfli ro b i n g eleh niy, cac doanh nghiep cd the t i l n hanh t u b i o hilm. Tfl do, giup cho hoat dpng sin xuat kinh doanh dflpe hieu qua v l on djnh. Ngoli ra, sfl dung hieu qua eae edng cu phai sinh cung giflp eho doanh nghiep t u bao hiem khi gia efldc van t i i , g i l nhien lieu, ty gia hdi doll, lal suit, gia ehflng khoin bien ddng tang hole g i i m .
3. SO Ifldc qua trinh hinh thanh va phat trien t h j trfldng cong cu phai sinh cho mot so h i n g hda nang IflOng [ 1 , 2 , 3 , 6 , 7 , 8 ]
Cic cdng cu phai sinh dflpc sfl dung trong nganh ndng nghiep My tfl gifla the ky XVIll, I I edng eu chinh tren thi trfldng lal suat va thj tradng ngoai hoi eua nhieu qudc gia. Tuy nhidn, nhflng cdng eu nay mdi ehi dflpe sfl dung trong ITnh vflc nang Iflpng trong khoang 30 nam qua khi gia c l tren thi trfldng n i n g Iflong khdng con bi d i l u tiet nhfl trfldc. Cdng eu p h l i sinh cho hang hda nang Iflpng ehi x u l t hien vao nhflng n i m eudi thap nien 70 eua the ky XX, vdi sfl ra ddi eua eae hpp ddng tflOng lai eho dau sfldi tren San giao dich h i n g hda New York nam 1978.
V I mat ly thuyet, thj trfldng tai chinh phai sinh va thj trfldng hang hda thflc te dde l i p vdi nhau. Tuy nhien, tren thfle t l , cae thl trudng nay ro quan he mat thiet vdi nhau.
Vidu, neu mot •-, - s p - i " ' > mudn b i o hiem eho hoat ddngslnxuat ' ' ' ^.-'nvuatratrong
tuong lai thi n h i s i n x u l t n i y ed t h l sfl dyng cic hpp ddng tflOng lai giao djch trdn Sin giao djch h i n g hda New York (NYMEX) ddi vdi d i u thd WTI hay Sin giao djch h i n g hda qude t l (ICE) ho|c Sin giao djch d i u qude t l (IPE) ddi vdi d i u thd ngot nh? Brent Blln Ble ( d i u Brent).
Trong sd eie h i n g hda n i n g Iflpng, cdng cy t i l chlnh p h i i sinh dflpe I p dyng sdm n h i t trong q u i n ly rfli ro g i i d i u . Sfl xult hidn ele hpp ddng tflOng lal v l cic s i n p h I m t i l chlnh dfla trdn tai sin gdc l i d i u thd v i o nhflng n i m 80 eua t h l ky trfldc cd ngudn gde tfl ele eu sdc g l l d i u md n i m 1973 v l 1979. Ldnh elm v i n d i u cflaTd ehflc cie nflde xuit k h i u d i u md A-r|p (OAPEC)' n i m 1973 v l cude eleh mang cfla Iran n i m 1979 d l l i m d i y Idn ndi lo sp v l tinh tr^ng thi^u ngudn eung d i u thd, Cic cu sdc d i u , d i e biet l i eu sde d i u thfl hai d l budc n g i n h d i u md p h l i thuc hidn t i i elu true v l cho ra ddi thj trfldng giao ngay hoat ddng tfl do.
Trong nhflng n i m 70 cua t h l ky trfldc, khi cic cdng ty d i u qudc gia tai Trung Ddng n i m quyen kiem soit eie ngudn tai nguyen dau md quan trpng, ele cdng ty d i u qude t l Idn khdng edn k h i n i n g dua v i o ele md d i u tfl khai t h i c v l p h i n t i n rfli ro g i l dpc theo chudi g i l trj tfl khau thflong nguon den ha ngudn. Do dd, eic edng ty Idn budc p h l i tim k i l m ngudn cung d i u theo ele hop ddng d l i han cd g i i cd djnh vdi cic nude cung c l p d i u . Tuy nhien, khi To ehflc ele nflde x u l t khau d i u md (OPEC) n i n g g i l d i u tfl mflc 12,70 USD/thung v i o cudi n i m 1978 len 32 USD/thflng eudi nam 1980 do eie ddng eo kinh te ehinh tri t f l Iran v l Libya, cac cdng ty d i u ldn p h i i chuyen sang thj trfldng giao ngay noi ed g i l c l t h l p hon.
Khi thj tradng giao ngay boat ddng tfl do ra ddi, ngudn cung d i u trong cie hpp ddng d l i han chuyen djch ngay cang nhieu sang thj trfldng niy. Thdm v i o dd, s i n Iflpng d i u mdi gia tang t f l khu vflc ngoii OPEC ehfl ydu ddac giao djeh tren thj tradng giao ngay. Khi thj tradng cd thdm eic ngudn eung g i l rd t f l bien Bic v l Mexico, mfle g i l OPEC dinh ra eho d i u thd eac nflde n i y s i n x u l t ra da khdng theo sat thj trfldng. VI viy, OPEC bude p h i i t i l n h i n h dot g i i m gia manh ehfla tflng thiy, t f l mfle 34USD/
thung xudng cdn 29USD/thung v i o t h i n g 3/1983. Cd t h l thay, p h i t trien giao djch trdn thi trfldng giao ngay dong nghia vdi viee d i u dflpc djnh gia mdt eleh minh bach theo tflong quan eung c i u , khdng theo y ehi eua cic nflde OPEC nhfltrfldc kia.
Vi^c bd cie quy djnh k i l m s o i t g i i ddi vdi d i u cung gdp p h i n md ra mdt ky nguydn mdi, ky nguyin minh b?ch g i i . N i m 1981, Tdng thdng My Ronald Reagan b6 k i l m soit g l l ndi dja d6l vdi d i u thd do Richard Nixon d | t ra v i o nhflng n i m 1970. Nhd dd, cic loai diu tha cfla My nhfl d i u thd Tiy Texas (WTI) v l d i u thd ngot nhe Louisiana (LLS) dflpc trao ddi theo g i i nidm yet edng khai tr^n thj trfldng.
Hpp ddng tflong lal cho d i u thd WTI efla NYMEX du'^c tung ra trdn thj trfldng v i o n g i y 30/3/1983, trung thdi d i l m vdi q u y i t djnh g i i m g i l mang tinh lich sfl eua OPEC Mie du thdi d i l m I I trung hop nhflng sa xult hi^n cCia cdng cy p h i l sinh cho d i u thd n i y chfl y i u lidn quan din q u i trinh phi d i l u t i l t dang didn ra tai My, su k i t thuc thdi ky cfla cartel dde q u y i n v l sfl ra ddi efla cO ehe djnh g\& u do, minh bach hon trdn thj trfldng.
N i m 1986, Saudi Arabia q u y i t djnh dfla ra thl trudng mdt Iflpng eung d i u ldn, khiln eho g i i d i u sut glSm m?nh t f l mfle 31,75USD/thflng t h i n g 11/1985 xudng cdn 9,75USD/thung t h i n g 4/1986. SU syt g i i m g i i dot ngot d l khiln cho cie edng ty d i u t h i y eIn t h i l t phli sfldung edng ey t i i ehfnh p h i i sinh d l b i o h i l m rfli ro gii. Oa c6 khoing 8.313.529 hop ddng tflong lai eho d i u thd duoc giao djch tai NYMEX v i o n i m 1986, t i n g tc^ 2472,6% so vdi thdi d i l m ra m i t 3 n i m trfldc dd. Khi cupe chien tranh vung Vinh l i n thfl n h i t nd ra v i o t h i n g 8/1990, gia dau thd da t i n g t f l 21 USD len 46USD chl trong vdng hon 2 t h i n g . D i n thdi diem niy, ele cdng ty d i u cang nhan ro t l m quan trpng cfla cic cdng eu p h l i sinh trong quin ly rfli ro d l t r i n h eic h i u qfla khdn Ifldng do bien dong gia g i y ndn.
Khi NYMEX d l k h i sdi ddng vdi ele giao djeh hop ddng tflong lal eho d i u thd WTI thi tai chau Au, San giao djch d i u qudc t l (IPE) v i n that bai trong vide tung ra hop ddng tflong lai eho d i u Brent. Sau hai l i n t h i t bai, hop ddng tflong lai eho d i u Brent cung ra m i t thanh cong tai IPE v i o n g i y 23/6/1988, cham hon 5 n i m so vdi thi trfldng My.
Cupc c l l cieh t i i chfnh dien ra tai thi trfldng diu dcic nflde phflong Tiy v i o nhflng nam 1980, edn d chau Asau dd mdt thdi gian k h i l l u (vio khoing d i u the ky XXI). Khu vflc c h i u A - T h i i Binh Dflong dflpe coi la khu vfle tang trfldng manh nhu c i u n i n g lflpng, l i trung t l m dSu tU cho d i u , khi va didn. Tai diy, moi quan tam h i n g diu Iu6n ' OAPEC (Organization of Arab Petroleum Exporting Countries) Id to chdc liin chlnh phd, dugc thdnh ldp ndm 1968, cd tru sdtc Bdy nudc thdnh viin cua OAPEC deu tham gia OPEC.
6 0 DAU KHl-SO 5/2012
PETROVIETNAM
II an t o i n nguon cung, khdng p h i i l i rfli ro gia. Cic cdng eu quan ly rui ro n i n g Iflpng, n h i t I I hop ddng tflPng lai da nhieu lan dflpc I p dung nhflng khdng thanh cdng.
Tranh rui ro chfl khdng p h l i l i q u i n ly rfli ro tflng la khli niem xuat hien phd b l l n tren thi trfldng d i u c h i u A.Tuy nhien, quan diem n i y d l thay ddi khi l i n sdng phi dieu tiet va t f l nhan hda trong ITnh vflc n i n g Iflpng dflpc thue day tai khu vfle. Hon nfla, sfl phy thude n g i y c i n g nhieu vao dau n h i p k h i u se d i n d i n tinh trang b l l n ddng gia v i bat on ngudn eung. Do dd, nhu e l u sfl dung cae edng ey q u i n ly rill ro n g i y c i n g gia t i n g trdn thj trfldng c h i u A. Q u i n ly rfli ro, tflng bj col I I k h l i nidm khdng quan trpng, nay eung d l trd t h i n h edng cu q u i n ly cdt y i u tai khu vflc niy. Tuy nhidn, so vdi nhflng thi trfldng d l p h i t t r i l n tai c h i u Au v i Ble My, thi tradng phai sinh nang lapng tai e h l u A mdi ehi b i t dau p h i t trien elu trfle giao dich t i i ehinh eIn thiet de q u i n ly rfli ro gia n i n g Iflpng.
Trong qua trinh p h i t then, thi trudng phai sinh n i n g lflpng ehlu A ed nhflng ndt khIe biet nhat dinh so vdi chau Au v i My. Tai ehlu A, ben eanh cae loai dau dflpc col la dau ehi djnh g i l cho d i u thd nhfl Tapis v l Dubai, thj tradng edn sfl dyng nhieu loai d i u thd khae nhau efla Indonesia, Oe, Trung Qudc, Viet Nam va Alaska. Trong khi dd, chau Au va My chi sfl dung mdt djnh chuan cho d i u thd nha WTI hay Brent hoac sfl dung mdt loai san p h I m dau ehuan. Mdt khic biet d i n g k l nfla I I phan Idn cic cdng cy giao djch tren thj trfldng p h i l sinh chau A thadng ngan han, dfldi 1 nam, khdng gidng nhflcic cdng cy dflpe dinh han l l u hcfn tai ehlu Au v l Ble My.
Ddi vdi cic s i n pham nang Iflpng khic nhfl dien va khi thien nhien, thj trfldng h i n g hda thfle te p h i n tan theo khu vUc dia ly va khdng dat dflpc mfle dp thong n h i t cao nhfl thj trfldng d i u . D i l u n i y x u l t p h i t t f l d i e diem dien va khi thien nhien I I loai h i n g hda khdng cat trfl dupe; viee p h i n phoi nhflng sin pham nay den ngfldi tieu dung phu thudc v i o he thdng truyin t i i v l phan phdi eho tflng khu vucTuy nhien, mac dfl mudn hon thi trfldng dau nhung thj tradng p h l i sinh cho dien va khi thien nhien cung da daoc hinh t h i n h va phat trien khi qua trinh phi dieu tiet dien ra trong eic n g i n h niy. Hpp ddng tflong lal dau tien eho khi thidn nhien v i dien xuat hidn tren sin giao djch NYMEX l i n IflOt vao eic n i m 1990 va 1996. Do dac thu hang hda nhfl tren ndn tde dp va mflc dp phat trien cic edng cu phai sinh eho dien va khi thien nhien khdng nhanh v i manh nhfl ddi vdi dau.
D i n nay, sau hon 30 nam k l tfl khi cie cdng eu t i l ehinh p h i l sinh dflpe ap dung cho hang hda nang luong, thj trfldng n i y da phat trien manh cflng vdi nhu cau t f l b i o hiem n g i y c i n g gia tang, sfl ho trp eua cdng nghe thdng tin v i sfl tham gia efla hd thdng eie ngan hang thflong mai - d i u tfl. Giao djeh thflong mai tren thi trfldng p h i i sinh cd the Idn gap h i n g ehue l i n so vdi giao djeh h i n g hda tren thi tradng thae te. Trong tflong lai, khi tinh hinh kinh t l - ehinh trj the gidi cdn nhilu bat dn, l i n sdng phi dieu t i l t trong nginh n i n g lupng cdn tiep tuc d i l n ra, q u i trinh t u n h i n hda v l t f l do hda thuong m^l trong ITnh vflc nang Iflpng dfloe thfle d i y d nhieu nflde, thj trfldng p h i l sinh nang Iflong se cdn tiep tuc p h i t t r i l n khdng ngflng.
4. T r i l n vong phat trien thj triTdng phai sinh cho nganh nang Iflong Viet Nam [2,9,10]
Nha tren d l d l cap, eac edng cu phai sinh dac biet hull hieu trong q u i n ly rui ro g i i , mdt loai rui ro g i n l i l n vdi thl trfldng h i n g hda nang Iflpng do dae diem gia c l nhflng mat hang nay cd the bien ddng rat manh theo sfl chuyen djeh eung cau hay dUdi t i e ddng cCia cac yeu td kinh te, ehinh trj, xa hdi. Khi thi trudng nang lupng hoat ddng tfl do, gia ea cae sin pham trdn thi trudng nay ed the bien ddng nhieu hon so vdi cac loai hing hda khae. Gii ca bien ddng nhanh ehdng khdng ehi de dpa ngin sleh va k l hoaeh tai ehinh ma edn khien eie khoin dau t a cung nhu hoat ddng sin x u l t kinh doanh ed mflc dp rfli ro cao hon. Do rfli ro gia ddng vai trd thdng trj trong nginh nang Iflpng nen viee sfl dung cdng ey phli sinh la xu hfldng tat yeunhlmgiupeaeedngtynanglflpng, e l e n h a d l u tflva khich h i n g quan ly dupc rui ro p h i t sinh tfl sfl bien ddng Idn cfla gia sin pham nang Iflpng.
Tuy nhien, quan ly rfli ro g i l hidn v i n edn tflong ddi mdi md v l chfla trd thanh nhu elu t h i l t y i u trong nganh n i n g Iflong Viet Nam vi cho den nay, ele hang hda tren thi trfldng nang Iflong chfl yeu van chju sfl dieu tiet va quan ly cfla N h i nflde. Thi trfldng cic sin phIm nang lflpng van ehfla thflc sfl p h i t trien theo hfldng trd t h i n h cic thj trfldng t f l do eanh tranh hoan toan. Mae du Chinh phu da cd chu trflong cho phep ele m i t h i n g dien, than, xang dau phat trien theo eo che thj trfldng nhflng den nay gia eic mat h i n g n i y van do N h i nflde quy djnh de gdp phan thfle hien eae mye tieu on dinh kinh t l vi md, dam bao an sinh xa hpi. Khi lan sdng phi dieu tiet ehfla dfloc tien h i n h triet deva dien re T ' ^ I " .TL?, nhflng ITnh vUe nay van hoat ddng dfldi SL. ' "'•fnh '''^u nen it co nhu
61
elu q u i n ly rfli ro ndi ehung cung nhfl q u i n ly rui ro g i l ndi ridng.
Trong taong lai, cflng vdi q u i trinh phi d i l u t i l t trong ITnh vi/e n i n g luong v l q u i trinh hdi nh$p v i o thj trfldng t h l gldl, vl^e sfl dyng eic cdng ey p h l i sinh d l q u i n ly rfli ro se trd t h i n h nhu elu t i t y i u cfla ele doanh nghidp n i n g Iflpng Vi^t Nam. Tfly v i o d|c d i l m cfla tflng lo?l h i n g hda, k h i n i n g i p dung v l mflc dd i p dyng cie edng ey p h l i sinh cd the khic nhau,Thj trfldng eie cdng cu p h i i sinh ehi ed t h l p h i t t r i l n khi thj trudng t i l sin gde hay t i i sin eo sd hoat ddng tdt. Vdi cic h i n g hda khdng e l t trfl dflpc nhfl d i l n , khi thidn nhidn, cic n h i q u i n ly rui ro cd t h l g | p p h i l nhilu khd khin hon khi d i n h g i i eie rfli ro g i n vdi cic cdng cu p h i i sinh cho nhflng m^t h i n g niy,
Bdn canh nhflng c i n trd lidn quan trflc t i l p d i n thj trfldng t i l s i n gde efla ele edng eu p h i l sinh, vide I p dung cic cdng cy n i y cdn cd t h l bi h?n c h l bdi cic v i n de Hdn quan d i n dieu kien kinh t l , mdi trudng chlnh sich, h§
thdng p h l p ly v l cic v i n de ve k l t o i n . Nhin mdt d c h tdng q u i t , mflc dd i p dyng cie edng cy p h l i sinh d Vidt Nam edn r i t han c h l trfldc h i t la do x u l t p h i t diem t h l p cfla nen kinh te ehfla eho phdp I p dung eic ky t h u l t t i i chinh hien dai. Ndi cieh khie, thdi quen v i t i p q u i n kinh doanh I I nhflng ein trd Idn ddi vdi q u i trinh phd b i i n cic cdng cu p h i i sinh d nfldc ta. Tiep theo la nhflng trd ngai ve mat p h l p ly doi vdi sfl phat t r i l n thj trfldng p h i i smb.
Dd chinh I I nhflng quy djnh p h i p luat edn thieu va khdng phu hop nhflquy djnh ve mflc thue d i n h tren lai thu dflpe tfl viec thflc hien nghiep vu h o i n ddi. Mdt trd ngai Idn khae I I trd ngai lien quan den v i n de hach t o i n ke t o i n . Hach t o i n ke t o i n dfldng nhflchi ehfl trpng tdi p h i n 111/16 thflc te p h i t sinh, trong khi p h i n lii/l6 dfl kiln, chfla p h i t sinh dfldng nhfl ehfla dflpe quan t l m . Ngoii ra, cdn mdt so van d l khic nhfl: t i e dpng efla cic cdng cu p h l i sinh khdng rd ring trong cic b i o c i o t i l chinh; hfldng d i n ke t o i n ddi vdi ele edng cu p h i l sinh v l boat ddng tfl b i o hiem ehfla h o l n ehinh, khdng n h i t q u i n v i khd i p dung, De eie edng eu phai sinh nang Iflpng dflpe trien khai hieu q u i v l ben vflng, c i n t r i n h tinh trang eic cdng eu phdng ehdng rui ro n i y bj sfl dung v i o cic mye dieh d i u CO khdng lanh manh. Cae eO quan q u i n ly n h i nfldc eIn phoi hpp thfle hien mpt sd g i l l p h i p vT md n h l m bfldc d i u djnh hinh v i phat t r i l n thj trfldng nay trong tflOng lai. Trfldc m i t , can tap trung v i o ele bien p h l p nhfl: x i y dflng, d i l u ehinh khung phap ly phfl hpp; n i n g eao hieu q u i thj trfldng thdng qua viee edng khai hda v l minh
b?ch hda thdng tin; thay ddi, h o l n thidn nhflng quy dinh t i l chinh k l t o i n lidn quan.
B i n c?nh cic g i l l p h l p mang tinh vi md, thj trfldng p h i l sinh mudn p h i t t r i l n b i n vflng, an t o i n v i hidu qui cdn eIn cd sfl n6 lyc cfla t i t c l ele chfl t h l kinh t l tham gia tri/c t i l p v i o thj trfldng niy. Rilng ddi vdi eic doanh nghidp n i n g Iflpng Vl^t Nam, q u i n ly rfli ro b i n g eie cdng cy p h l i sinh hidn v i n l i mOt linh vi/c h o i n t o i n mdi ml ndn trfldc m i t eIn t i p trung nghidn cflu cic cdng eu quin trj rui ro, nghidp vy t f l b i o h i l m cung nhfleieh thflc tham gia ele sin giao djch Idn trdn t h l gidi, p h i t t r i l n cdng tic p h i n tieh dfl b i o thj trfldng v l trang bj mdt ddi ngu cin bd dflpe d i o tao b l i b i n , d i p flng dfloc cic ydu c i u dit ra trong q u i trinh t r i l n khai.
T i l li^u t h a m k h i o
1 Energy Charter Secretariat, 2007. Putting a price on energy • International pricing mechanisms for oil and gas.
2. Energy Information Administration, 2002.
Derivatives and risk management m the petroleum, naturrA gas and electricity industries.
3. Energyrisk.com, 2009. OH Derivatives: In the beginning.
4. Global Association of Risk Professionals, 2009, Foundations of energy risk management: An overview of the energy sector and its physical and dnanciai markets.
5. International Energy Agency, 2011. The mechanics of the derivatives markets: What they are and how they function • special supplement to the April 201J oil market report.
6. Peter C.Fusaro, 2003. Why oil trading & fiaper markets are different in Asia Pacific. Asian Oil - Commodities Now.
7. S. Stoft,T. Beiden, C. Goldman, and 5. Pickle, 1998, Primer on electricity futures and other derivatives.
8. SJ. Deng, S.S. Oren, 2006. Electricity Derivatives and Risk Management, Energy 3 1 , p. 940 - 953, www.
seieneedlrect.com.
9. Tdng cdng ty D i u Viet Nam, 2008. Bdo cdo nghiin edu ldp sdn giao djeh ddu thd vd cdc sdn pham ddu md.
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Cdng eu tdi chfnh phdi sinh d Viit Nam - mdi hay cu?
I 62 Ulu KHi-sd 5/2012
