"Ma tran" tin don tren thj tru'dng chuiig khoan

WS, Tfli

¥A1I OHHilNlHl

"Ma tran"

tin don tren thj tru'dng

chuiig khoan

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hd cd the ndi het sy phan khich, hio hung ciia cie NDT tren TTCK trong gin 3 thing qua. Chi sd VN-lndex di lien tue but phi di len, den nay da ting gin 140% so vdi miic diy thing 2/2009. Giao djeh d mirc cao

vdi gia tri giao dich 2 sin trong thdi diem thing 9 va 10 thudng xuyen dat mirc 4.000 - 5.000 ty ddng/phien. TTCK chiem "the thugng phong" vi la kenh diu tu hip din nhat so vdi diu tu vio vang, bit ddng sin hay gui tiet

kiem. Trong dieu kien ddn biy tai chinh dugc sti dung phd bien. da ting ctia thi trudng dugc tiep sire bdi tam ly cua cic NDT dang rit hung phin vdi mdt lugng tien ldn da ao at "dd" vao chirng khoin. Yeu td ky vgng va ddn biy tai chinh la

S6 25/rhang 11 - 2009- NGHIEN t i n KHOA HIK KIEM TOAN 4 5

iiHI

dgng lyc ldn eua thi trudng trong giai doan TTCK tang ndng vira qua.

Du loai tin ddn...

Trong bdi canh TTCK tang ndng va NDT trong nudc cudn theo con ldc cua thi trudng, nhin djnh ctia nhieu chuyen gia cho rang cac NDT can het siie than trgng, theo sit nhung bien ddng cua thi trudng d i cd nhiing quyet dinh dting din:

khdng tudt mat ca hgi "ngan vang", ddng thdi ciing khdng bj "sip biy"

khi lin sdng tranh mua tren TTCK chim dut. Mdt trong nhiing riii ro ldn nhit ddi vdi cic NDT ci nhan hien nay la nan tin ddn dang nd rg vi lan tran tren san chirng khoin.

Theo nhin xet ctia nhieu chuyen gia, TTCK Viet Nam hien dang dugc dau ca khi ldn dya theo tin ddn. Cd the ke den vd sd cic kieu tin ddn da lien tiep duge tung ra tren TTCK Viet Nam thdi gian qua lam cho khdng it NDT choing ving trong ma trin tin ddn. Nao la cd phieu HPG eiia Cdng ty Cd phin Tap doan Hda Phit chia thudng vdi ty le 5:2; Cdng ty Cd phin Thep Viet Y (ma VIS) tang vdn dieu le;

Cdng ty Cd phan Mia dudng Lam Son (ma LSS) chia thudng ed phieu vdi ty le 2:1; Cdng ty Cd phan Hoang Anh Gia Lai lai ldn khi chuin bi ban mdt sd dy in bit ddng sin cho mdt ngan hang "dai gia".

Hoac tin ddn sd ng xiu hing tram ty ddng ctia Cdng ty Cd phin bdng den Dien Quang (ma DQC) dugc phia ddi tic Cu Ba xem xet thanh toin bang dudng - the manh cua Cu Ba va dang la mat hang cd gia trong nam 2009. Chua biet thyc hu, diing sai ra sao; va trong Itic chd dgi cic cdng ty niem yet neu tren ra thdng

bio xic minh ve tin ddn thi nhirng ldi ddn dai nhu tren da nhanh chdng khuech dai theo cap sd nhan, lim cho khdi lugng giao djch va gii ed phieu tren ting vim vut.

Tren TTCK thdi gian qua, cic loai tin ddn tip trung vio nhung cd phieu cua DN cd nen tang ve sin xuat, vdn, thi trudng vung; cd phieu cd qui trinh tich liiy ve gii, khdi lugng giao dich tdt..., nen chi phdi ding ke den dim ddng NDT. Vdi eic DN cd ngudn vdn chii sd hiiu ldn thi rg len tin ddn chia thudng ed phieu. Hau het cic DN trudc diy cdng bd Id trinh tang vdn deu trd thanh "nan nhin". Tin ddn khdng chi la nhirng thdng tin mang tinh chit "mdi" va "la", cdn cd ca nhirng thdng tin cii dugc xao len, de thiy nhit chinh la cic DN nganh bat ddng san khi cd phieu bj diy gii len, biet dugc nhu cau tim hieu ctia NDT. ben tung tin da Iiy lai nhiing dy in d i dugc cdng bd tir liu rdi gia cd them bang nhiing yeu td nhu du in cd mirc lai khdng Id... Mdt dieu ciing rit de thiy tren thi trudng la nhirng cd phieu nao ed bien ddng manh nhit, thudng dugc bao bgc bdi nhieu tin ddn. Tren thyc ti, tin ddn xuit phat nhiiu nhit tir cic DN, cdng ty chtrng khoin vi sau dd dugc phit tin rat nhanh tren cic dien dan.

Dieu rit ding chii y trong thdi gian qua la khdng it tin ddn lai trd thinh... tin that, ching ban nhu mgt sd ke hoach chia thudng cua mdt sd DN niem yet la cd that; hoic tin ddn ve viec dinh gii lai gii tri bit ddng san tai mdt sd DN gdp vdn bing quyen sii dung dit trong cic dy in lien dganh - thu nhap eua DN cd thi

tang len ca tram ty ddng... Nhung NDT ed nhieu kinh nghiem diic ket, Igai tin ddn ve chia thudng thudng cd dg chinh xic cag. Neu thdng tin loai nay xuat hien, sdm hay mudn ciing se xay ra?!

Sy that - ao, diing - sai giiia mdt ma tran tin chinh thiic va ddn dgan cing lam NDT bdi rdi khd kiem chiing. Trong khi dd, phin ldn DN chgn cich im ling khi iing xii vdi tin ddn. Den nay, sd DN len tieng bic bd tin ddn chi chiem phan nhd so vdi nhiing ddn thdi dang tran lan tren thj trudng. Chinh sy hu ao ciia nhiing tin ddn tren TTCK da hinh thanh nen mdt trudng phai dau tu

"dinh" theo tin ddn dirge khdng it NDT ua chudng trong thdi gian qua. TTCK cang tang, tin ddn cing nhieu, va nhu vdng luan quan, tin ddn dd lai giup day gii ed' phieu di len hon nua, day index Ien hon niia.

Va eudi citng, khdng ai khie chinh nhiing NDT lai phai ginh chju nhirng hau hga ma diu tu kieu 5 in 5 thua nay dem lai. Mua theo tin ddn cd the nim dugc ca hdi diu tu tdt, nhung ciing cd khi lai chiu qua dang mi khdng biet keu ai.

Ton tai giira ma tran tin don?

TTCK da bude sang thing 11 ciia nam, cie NDT dang ddn nhin mdt dgt cap nhat mdi tinh hinh san xuat kinh dganh quy 3 ciia cac cdng ty niem yet vdi nhieu ket qua kha quan. Ben canh dd, TTCK cung ddn nhin them nhieu thdng tin tich eye tir tinh hinh kinh te vT md tir nay den eudi nam, trong bdi canh dd cac NDT cin ed tim the ehii ddng ban de chung sdng vdi tin ddn.

Lam the nao de khdng bi dan dat

46 NGHIEN r n KHOA HIK.' KIEM TOAN

-S6 25/rhang 11 - 2009

IAO ClHli

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bdi tin ddn va khdng bi kich ddng bdi nhiing yeu td tam ly khi mua bin, diu tu tren thi trudng? Diy qua thyc la mdt vin de rit quan trgng va thiet thyc ddi vdi cic NDT d nudc ta hien nay. Thyc te eho thay, tim ly eiia phin ddng cic NDT ludn bi chi phdi rit ldn tir nhiing ludng thdng tin mi hg nhin dugc. Hien nay, thdng tin den vdi NDT qua rit nhieu kenh va vd ciing phong phii, duge xuat phat tir rit nhieu "ddng ca". Ddi vdi nhung thdng tin chinh thdng thi khdng phii NDT nao ciing cd duge nhiing thdng tin tdt, hon the khdng phai ai cung dii kha nang phan tich thiu dio nhiing thdng tin nay. Trong khi dd, nhirng thdng tin sai lech ludn tran ngap tren thi trudng, kieu ngirdi nay ri tai ngudi kia khien nhimg NDT thieu kinh nghiem hoang mang, mua vao, ban ra thieu tinh toan da tao ea hdi lam

giau eho nhiing ke lam an bit chinh.

De bio toan ddng vdn eua minh, cic chuyen gia khuyen cio nhirng NDT nen than trgng vdi tat ca cac thdng tin, nhat la nhung thdng tin phit ra tir kenh khdng chinh thiic.

Trudc khi quyet dinh diu tu, ein tim hieu ky ve mgi mat, trinh tinh trang mua bin theo kieu chi nghe ndi de rdi tien mat tit mang. Cie NDT phai biet cich sing loc thdng tin, ehii ddng ty bdi dudng kien thirc, ban ITnh kinh doanh cua minh.

Ben canh dd, da den liie cic ca quan quan ly Nha nudc cin nhanh chdng ting cudng cdng tic cung cap thdng tin de giiip NDT hiiu dung bin chit va cie dien bien ctia nen kinh te nham giiip hg ed nhiing quyet djnh dung dan. ddng thdi cin cd bien phip xii ly nghiem khic vdi nhirng tin ddn. Uy ban Chirng

khoin Nha nudc dang hoan tit dy thao Nghj djnh thay the Nghj djnh 36/2007/ND-CP vi xii phat vi pham hinh chinh trong ITnh vyc chirng khoin vi TTCK, dy kien se dua ra nhieu miic xii phat khi nang. Cu the, phat tien tir 50 - 70 trieu ddng ddi vdi td chiic phit hanh, cdng ty dai chiing, td chiic niem yet...

khdng cdng bd thdng tin, hoac cdng bd thdng tin khdng kjp thdi; cdng bd thdng tin sai lech; lam Id hi mat sd lieu bl mat thudc thdng tin khdng edng bd hoac chua cdng bd... Tuy nhien, trong khi chd Nghi dinh mdi di vao thyc te vdi nhiing che tai tang nang hon, cic NDT van phii hgc cich tdn tai giira ma tran tin ddn.

LE MINH QUANG Bo Tdi chinh

So 2 5 / r h a n g 11 - 2 0 0 9 L _ NGHlfeN cia KHOA HIK' KIEM TOAN 4 7