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.
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Sd 4 (93)-2011 NGHIEN CU'U TRAO DO!
Toan bd bat ddng san tham gia se dugc chia nhd thanh nhung chirng chi cd gia tri nhu nhau. Dieu nay ciing cd nghia la, thay vi chi xoay vong viec mua ban nha, dat don thuan vdi cac thii tUc phuc tap nhu hien nay, mdt DN cd ngudn thu trong tuong lai Cd the chuyen giao quyen sd hilu ngudn thu nay cho cac nha dau tu de ddi lay mdt khoan tien mat ngay tai thdi diem thdng qua viec phat hanh chung khoan ma khdng can thdng qua cac dinh che tai chinh trung gian.
Cac chii the tham gia kinh doanh chung chi bat ddng san nay bao gdm: don vi phat hanh (chii dau tu du an), don vj phan phdi, ngan hang giam sat va cac nha dau tu. Tai thdi diem phat hanh chirng khoan se dugc phat hanh rdng rai cho mgi ddi tugng quan tam khdng gidi han sd lugng hay khdi lugng tham gia. Trong qua trinh thuc hien du an, chirng khoan bat ddng san se dugc tu do chuyen nhirgng.
Tat ca cac thdng tin ve chung khoan tai thdi diem phat hanh, trong qua trinh thirc hien dir an dugc cdng bd cdng khai cho cac nha dau tu vdi su giam sat ciia mdt td chirc trung gian la ngan hang giam sat. Dieu nay dam bao cho du an dau tu dugc hoan thanh dung tien do va chat lugng da cam ket, han che hien tugng tieu cire trong giao dich bat ddnu san.
Day dugc xem nhu mdt trong cac ky thuat thanh cdng nhat trong viec han che riii ro cho td chuc phat hanh. Ngugc lai, cac nha dau tu cd co hdi dau tu vao nhieu dir an khac nhau de giam thieu riii ro cho chinh minh. Ngoai ra, viec cdng khai thdng tin nay se phan nao han che hien tugng dau tu bat ddng san.
Tai thdi diem ket thuc du an dau tu bat ddng san, toan bd du an dugc ban dau gia, ngudi mua san pham bat ddng san se la ngudi cd nhu cau thirc su, do do se tranh dugc hien tugng dau CO' bat ddng san. Cdn cac nha dau tu se dugc chia lai dua tren Igi nhuan thu dugc tir viec dau gia du an da hoan thanh.
Tuy nhien, khi mudn dau tu vao thj tru'dng nay, ngudi tham gia phai cd thdi gian theo ddi, nghien ciru cac hoat ddng ciia nhu'ng cdng ty mdi phat trien de nam thdng tin va dua ra quyet dinh cudi ciing.
Viec ""nam thdng tin" d day phai la thdng tin that ve cac hoat ddng ciia cac cdng ty sap len san. Trudc khi len san, cac cdng ty phai cdng khai mire cd tire cua cd ddng, Igi nhuan hang nam, phuong hudng hoat ddng kinh doanh..., nhung dd khdng phai la tat ca vi khdng loai trii' cd kha nang nhirng thdng tin cdng khai kia chi la be ndi ciia tang bang chim.
Ngoai ra. cac nha dau tu cdn phai can nhac hinh thirc dau tu va ITnh vuc dau tu. Neu
chua cd kinh nghiem, kien thuc va thdng tin thi nha dau tu cd the dau tu thdng qua cac quT dau tu. o' dd cd cac nha dau tu chuyen nghiep, cd kha nang phan tich tinh hinh de dua ra cac quyet dinh dau tu nhung dd la dau tu vao chu'ng chi bat ddng san vdi gia tri dugc dam bao bang bat ddng san chang ban.
Viec chia nho san pham bat ddng san ciing la mdt uu diem ciia chu'ng chi dau tu bat ddng san. se tang tinh thanh khoan cho bat ddng san va md rgng cho cac nha dau tu it vdn mac dii khdng cd kha nang sd hiru hoan loan mdt bat ddng san, van cd the tham gia dau tu vao thi trirdng nay, thi trudng ma til' trudc tdi nay chi danh rieng cho nhiing nha dau tu nhieu vdn.
Ngoai ra, viec tach nhu cau dau tu va nhu cau sd hii'u bat ddng san ciing se thu hut dugc su tham gia cua kieu bao, cac ca nhan va cac td chuc kinh te nude ngoai dau tu vao thi trirdng bat ddng san. Nhu vay, chung chi bat ddng san la sir gan ket d muc cao ghia thi tru'dng tai chinh va thi trudng bat ddng san.
Chung khoan hda la mdt trong nhirng nghiep vu phd bien trong hoat ddng tai chinh, tien te tren the gidi, dac biet d cac nen kinh te cd thi trudng tai chinh phat trien. Chirng khoan hda khdng chi la mdt phuong thirc huy ddng von
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NGHIEN CU'U TRAO DOI Sd 4 (93)-2^1 )
thdng dung, mdt cdng cii han che riii ro cho cac ngan hang, ma cdn gdp phan da dang hoa hang hoa cho thi trudng tai chinh. Chung khoan hda la cdng cu tai chinh hien dai.
dugc phat trien tir nam 1977 tai My xa phat trien manh xao nhii'ng nam 90 cua the ky trudc. Tai My 2 td chirc la Fannie Mae va Freddie Mac. la hai td chirc tai chinh Idn nhat thuc hien vai tro la td chirc trung gian chu\'en trach thuc hien nghiep vii chu'ng khoan hoa. Theo dd 2 dinh che tai chinh trung gian nay mua cac khoan ng cho vay the chap nha d; bat ddng san ciia cac ngan hang thuong mai va thuc hien chiing khoan hoa cac khoan ng nay thanh cac chu'ng khoan ng (phat hanh chirng khoan tren ca sd cac khoan tin dung the chap, cd bao dam bang nha a;
bat ddng san) va ban cho nha dau tu (thdng qua giao djch tren thi trudng chii'ng khoan).
Qua trinh nay khdng chi da}' nhanh tdc do chu chu\'en \'dn cho cac ngan hang thuang mai va cho thi trudng tai chinh \'a nang cao hieu qua su dung \'dn trong toan bd nen kinh te. Tai Viet Nam, Tdng cdng ty Dia dc Sai Gdn la doanh nghiep dau tien dua ra md hinh ""chirng khoan hda cac du an dau tu bat ddng san". Tdng cdng t) nay sau mdt thdi gian ap dung phuong thirc na>' cho rang day la mdt hinh thii'c dau tu cd hieu qua kinh te-xa hdi. Neu md hinh na\' duoc thi diem
thuc hien dudi su hd trg cua cac CO quan Nha nude thi cac Cdng ty kinh doanh bat ddng san se mo rdng dau tu \'di cac du an quy md Idn ho'u \'a dieu chinh qui trinh phat hanh sao cho dat hieu qua kinh te xa tdc do qua)' xbng vdn dau tu. Hon the niia, neu cac chirng chi bat ddng san cd tinh thanh khoan cao se dugc niem yet tren thi trudng chirng khoan. khi dd se lam tang them san pham cho thi trudng xa giup boat ddng ciia thi tru'dng sdi ddng ban.
Tuy nhien, de cdng cii chirng khoan hda tra thanh mdt cdng cu hii'u hieu nham phat trien thi trudng bat ddng san thi can cd nhirng giai phap ddng bd sau:
Thii' nhat, Nha nude phai xa}' dung dugc khung khd phap ly hoan thien. sao cho ngudi gdp vdn dugc phap luat bao hd nhu cd cac loai gia}' td xac nhan giao dich bao dam, giay cam ket cd cdng chirng, hoac chirng khoan hda cdng trinh qua san giao dich chinh thirc...
Thii' hai, de tien hanh md hinh ""chimg khoan hda cac du an dau tu bat ddng san" thi can phai cd CO che minh bach cho phdng ngiia, kiem soat riii ro, dac biet can phai thdng qua thdng tin ve xep hang tin dung du do tin cay cao.
Thii- ba, de cd the thu hut vdn dau tu tir dan cu. can thiet phai giam thieu cac rui ro cho
nha dau tu bao gdm cac rui ro trong thiet ke, trien khai, van hanh du an va dam bao kha nang sinh Idi hgp ly til' ngudn
\dn dau tu cho cac nha dau tu.
Thii- tu-, de phat trien
\'a ung dung ky thuat chirng khoan hda tai Viet Nam can mdt qua trinh chuan bi ky ludng ca ve co sd ha tang ky thuat, luat phap, cac td chirc tai chinh lien quan, ca che chinh sach.
Tuy nhien, chiing khoan hda ciing nhu cac san pham phai sinh khac deu cd tinh chat hai mat cua mdt van de.
Cho nen, van de la kha nang irng dung vao thuc tien ciia doanh nghiep va nang lire xa hdi ciing nhu he thdng co che ciia nha nude trong vai trd dieu tiet va kiem soat de han che tac hai do chiing gay ra.
Cay kiem giup ngudi nam giii nd tu ve khi bj dich thu tan cdng, nhung chinh nd cung cd the gay sat thuang cho ngudi su dung neu ngudi sir dung khdng biet dieu khien. Mgi
\'an de thugc ve con ngudi.
Tai lieu tham khao:
/. Website hach khoa todn thu ma: http:-'/vi.'\rikipedia.org
2. Website: http:/www.
saga.vn
3. Website Bdo Phdp luat TPHCM Online: http://www.
phaphiattp.vn
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