l^NGHIEN Cau-TRAO D 6 I
I Thifc trang va giai piiap tai cau true
Cung vdi tien trinh thiet lap, hoan thien va phat trien cua thi trifomg chijfng khoan Viet Nam hcfn 11 nam qua, he thong CTCK tren thi trif&ng cung da difoc thiet lap va hoat dong ngay mot dap ling tot hon nhu clu cua thi traorng. Qua trinh hinh thanh va phat trien cung nhif cau true cua he thong cac CTCK tren thi'trifdng Viet Nam trong tliori gian qua CO thi difgfc danh gia tren mot so khia canh chii yeu sau.
Ve so luong cong ty chiing Icliodn (CTCK), tai thdi diem khi thi tnfdng chiitag khoin Viet nam ehinh thffc dffdc thidt lip thing 7/2000, sd Iffdng CTCK trdn thi tnfdng chi li 5 edng ty, chii yeu dffdc thanh lap bdi cic dinh che tii cMnh trdn thi trffdng nhff Tdng cdng ty CO phin bao hiem Viet Nam, Ngin hing diu tff va phit trien Viet nam, Ngan hang thffdng mai ed phin A chau.
Ddn cudi nam 2010 sd Iffdng CTCK li 105 cong ty.
Ve mo hinh to chik, da phin cic CTCK Viet nam Men td chffc theo m6 Mnh cong ty cd phin, chiem tdi 92,4%
tdng sd cdng ty trdn thi tnfdng, sd cdn lai hoat dpng theo dang c6ng ty trich nhiem hvtu han.
Ve mo hinh hoat dong. Men cic CTCK chi dtfdc phep hoat ddng theo md Mnh da nang mpt phin hoac mo Mnh chuydn doanh. De'n cudi nim 2010, theo bio cao thtfdng mdn ciia cic cdng ty chffng khoin, cM cd 37/105 cdng ty dang hoat ddng trdn thi trffdng cd sff tham gia cua Ngin hing thffdng mai, Cdng ty bao Mem hoac C6ng ty tii cMnh vdi tff cich la cd ddng, thinh vidn sang lip hoac cd ddng, thanh vien ldn cd ty Id sd hifu tff 5% trd ldn.
Ve ndng life tdi chinh vd cau tnic tdi chinh cua he thdng CTCK, theo cic quy dinh tnfdc Luit chffng khoin 2006, tdng mffc vdn phip dinh de CTCK thtfc Men toin bp cic nghiep vu kinh doanh chu yeu li 43 ty ddng. Theo quy dinh cua Luat chffng khoan Men hinh, CTCK mudn thffc hidn tat ca cic ngMep vu kinh doanh cMnh phai cd vdn dieu Id tdi tMeu li 300 ty ddng tang 6 lln so vdi quy dinh trffdc do. Ciing vdi stf gia ting sd Itfdng cic CTCK vi de dip ffng dffdc cic quy dinh cua phip luit ve vdn phip dinh, vd'n dieu Id thtfc gdp cua cic CTCK trdn thi trtfdng di khdng ngffng tang trffdng.
PGS.TS. HOANG VAN QUYNH THS. NGUYJN LE CtftfNG Khoa Ngdn hdng Bdo hiem - Hoc vien Tdi chinh
(h
Den 31/12/2010, tdng vdn dieu Id thffc gdp cua cic CTCK trdn tM trffdng di tang 925,5% so vdi 31/12/2006.
Nguyen nhan chii yd'u cua sif tang tnfdng manh me ve vdn dieu Id li do:
(i) stf tang ldn manh me cua sd Itfdng CTCK trdn thi trtfdng; (ii) trong nhflng nam qua nMeu CTCK cung di chu trpng den gia tang tiem life tii cMnh thdng qua huy ddng vd'n gdp cua cic chii sd hu\i.
Cung vdi stf tang trtfdng manh ciia vdn dieu Id thifc gdp, tdng tii san, ngudn vdn chii sd hifu cua cac CTCK trdn thi trtfdng cung cd stf tang tnfdng.
(Bing 1) ^ ^
Qua bang sd lieu d bang 1 cd the thay, tdng tii san, ngudn vdn chu sd hffu cung nhff nd phai tra cua cac CTCK trdn thi trffdng deu cd xu hffdng gia tang die bidt trong hai nam trd lai diy, td'c do tang li khi cao. Tuy nhidn, tde dp ting vd nd phai tra cua cac CTCK cao hdn tde dp tang tdng tii san vi cao hdn nMeu so vdi tde dp gia tang ngudn vdn chu sd huii.
Ve do rong cua stf gia tdng quy mo nguon von chu sd hOu ciing nhff tdng tii san ciia cic CTCK trdn thi trffdng cd the nhin didn qua bang 2.
Xet ve ngudn vdn chu sd hfiii, sd CTCK dat mtfc 5.000 ty ddng, tffdng dtfdng khoang 250 trieu USD li rat it, den nam 2010 cM cd duy nhat mdt cdng
Bing 1. Tinh hinh bi^n d^ng Id! sin - Ngudn v6n CTCK mot sd nam qua
Thdi gian Chitieu TSngTS NffdSn v6n cf^sdhfiu N(i phdi trd
31/12/2007
56.406 20.198 36.208
31/12/2008 (tyVND)
54.118 24.108 30.010
Thay doi
(%)
-4,06%
19,36%
-17,12%
31/12/2009 (tyVND)
79.542 32.695 46.847
Thay ddi
(%)
46,98%
35,62%
56,10%
31/12/2010 (tyVND)
107.059 38.832 68.227
ThqydSi
(%)
34,59%
18,77%
45,64%
N^k: BCTC CTCK cdc ndm vd tde gid tSng hgp
TAI CHiNH DOANH NGHIEP So 12-2011
NGHIEN CL/U-TRAO D O I ;
Bang 2. So liri^g CTCK theo quy mo NVCSH va tong TS
Nam Tieu thifc
Ve Von chu sdhUu Tren 5.000 ty VND Ty trpng
Tuf 1.000 den 5.000 ty VND Ty trpng
Tiif 300 den 1.000 ty VND Ty trpng
Dirdi 50 ty VND Tj trpng
VitSngTaisan Tren 10.000 ty VND Tf trpng
TiJf 5.000 den 10.000 ty VND Ty trpng
Tuf 1.000 den 5.000 ty VND Ty trpng
Tuf 300 dg'n 1.000 ty VND Tf trpng
Dufdi 100 ty VNp Tp trpng
Tong so CTCK tren thi tritbng
Nam 2007
0 3 3,85%
19 24,36%
15 19,23%
0 2 2,56%
13 16,67%
18 23,08%
14 17,95%
78
Nam 2008
0 5 4,90%
22 21,57%
24 23,53%
0 3 2,94%
10 9,80%
26 25,49%
34 33,33%
102
Nam 2009
0 7 6,60%
27 25,47%
28 26,42%
1 0,94%
2 1,89%
15 14,15%
33 31,13%
26 24,53%
106
Nam 2010
1 0,95%
9 8,57%
26 24,76%
28 26,67%
1
ap5%
3 2,86%
25 2J,8i%
26 24,76%
21 20,00%
105
Nguon: BCTC CTCK cdc nam vd tde gid tdng hap
ty dat mffc vdn nay li Cdng ty CP chffng khoin Sai gdn.
Trong 4 nam gin diy, sd Iffdng CTCK cd quy md ngudn vdn chu sd hffu dtfdi 300 ty VND (ttfdng dtfdng khoang 15 trieu USD) chid'm khoang 70% sd Itfdng CTCK trdn thi tnfdng.
Die bidt, sd Itfdng CTCK cd quy md ngudn v6'n chu sd hffu dffdi 50 ty VND (tffdng dtfdng dtfdi 2,5 trieu USD) cd xu htfdng gia tang qua cic nim.
Ttfdng ttf nhtf vay, nd'u xet theo quy md tdng ngudn vdn kinh doanh, hlu het cic CTCK dang hoat dpng trdn thi trtfdng cd quy md vd'n dtfdi 1.000 ty VND (dtfdi 50 trieu USD).
CTCK cd tdng ngudn vd'n kinh doanh ldn nhi't trdn thi trtfdng tai thdi diem cud'i nam 2010 li CTCK Ngin hing ndng nghidp vi phit trien ndng thon.
dat mffc 14.168 ty ddng, tffdng dffdng khoang 700 trieu USD.
Quy md vdn nhff vay thi'p hdn nhieu so vdi cac dinh che tii chinh khic nhff Ngan hing thffdng mai, Cdng ty bao Mem, Cdng ty tii chinh dang hoat dpng tren thi trffdng Viet nam.
Neu so vdi mdt sd CTCK quy md trung binh d mdt sd thi trffdng chffng khoin trong khu vffc nhff trdn thi trffdng Thii lan, thi trffdng Dii Loan, thi trffdng Trung qud'c tM tiem life tii cMnh ciia cic CTCK Viet Nam li nhd.
(Bang 3)
Nd'u xem xet nhdm 20 CTCK cd quy md tii san ldn nhat vi nhd nhat d moi nam, cd the tha'y 20 CTCK ed quy md tii san ldn nha't da cMem tdi trdn 72% tdng tii san cua cic CTCK trdn
thi tnfdng. Nhdm 20 CTCK cd quy mo tii san nhd nha't trdn thi trtfdng cMem dffdi 2,5% tdng tii san eua toan bp cic cdng ty. Nhffng ty trpng quy md tii san cua hai nhdm niy deu cd xu htfdng ngiy mdt giam xudng nhtfiig khoang cich giffa hai nhdm ngiy mdt xa hdn.
Nim 2007, tdng tii san cua nhdm 20 CTCK ldn nha't trdn thi tnfdng so vdi nhdm 20 CTCK nhd nhlt gap 37,9 lan nhffng den nim 2009 da ting len 67,3 lln vi den cudi nim 2010 dang d mffc 65,9 lan.
Ve cau true nguon von cua cic CTCK. Xet tdng the toin nginh, he sd nd trung binh ciia cic CTCK li ttfdng ddi an toan. Trong 4 nam gin day, he sd nd ludn dtfdc duy tn dtfdi mffc 0,65 hay ty Id Nd phai tra/NVCSH dtfdc duy tri dffdi mffc 2:1. Tuy nMdn, ndu
Sd 12-2011 TAI CHINH DOANH NGHIEP
i^NGHIEN CL/U-TRAOD6I
I
B S n g 3 . S o s d n h v^ t ^ n g T S h o ^ t d ^ n g c i i a n h d m 2 0 c 6 n g ty 16rn n h 4 t vd n h d n h 4 t tr6n T T C K V i f t N a m
N a m C h i t i d u
T o S n nK^uih (t^ V N D ) 2 0 CdiiK t y c 6 T S 16n nhAt TSng TS rtp VND)
J^^9"K^
2 0 C 6 n g t y c 6 T S n h 6 nh4t
TSng TS (tf VND) T^tTQng
Turong qiian v ^ T S giiia hai nh6in c6nj? t y (l§ii')
2 0 0 7 5 6 . 4 0 6 4 6 . 3 2 9 8 2 , 1 3 %
1.222 2 , 1 7 %
37.9
2 0 0 8 5 4 . 1 1 8 4 1 . 3 8 1 7 6 , 4 6 %
711 1,31%
58.2
2 0 0 9 7 9 . 5 4 2 5 9 . 1 2 9 7 4 , 3 4 %
8 7 9 1,11%
67,3
2 0 1 0 107.059
11.601 12^9%
1.178 1,10%
63, P
xet theo nhdm edng ty tW nhdm 20 cdng ty cd tdng TS ldn nhi't cd he sd nd cao hdn mffc trung binh nginh trong kM nhdm 20 cdng ty cd tdng TS nhd nha't trdn thi trffdng lai ed he sd nd khi thi'p. Ndi cich khac, mffc dp an toin tii cMnh tdng quit cua cic c6ng ty ldn ed xu hffdng thap hdn cic cdng ty cd quy md nhd. Dong thdi, sd Iffdng CTCK cd he sd nd cao, trdn 0,8 cd xu hffdng gia ting manh. Nam 2010, sd Iffdng CTCK cd he sd nd trdn 0,8 ldn tdi 19 cdng ty, gap hdn 2 lln so vdi ba nam trffdc dd.
Cung vdi dd, he sd nd ngan han/
TS ngan han cung cd xu hffdng ddng dieu vdi he sd nd. Nim 2010, mffc trung binh nginh cua he sd niy la 0,68 tM nhdm 20 cdng ty cd TS ldn nhlt dat
NguSn: BCTC CTCK cac nam vit tAc gi& tSng h^p
tdi 0,74 gap gin 2 lln so vdi mffc cua cua khich hang. Dieu dd the Men cic 20 cdng ty cd TS nhd nhlt thi trffdng.
Ci Met cd CTCK he sd niy da ldn mffc trdn 1 nhff CTCK Me kdng nam 2009, dat mffc gin 1,3; Agriseco dat mffc tren 1,2 nam 2009 vi 1,05 nam 2010.
Ve cau true tdi sdn cua cic CTCK trdn thi trffdng. (Bang 4)
Xu hffdng chung cua toin nginh ciing nhff nhdm cic CTCK li ty trpng tai san ngan han ngiy mdt gia ting vi cMem the ip dao. Nhtfng cd mot diem ding Itfu y li ty trpng niy d nhdm cic cdng ty cd tdng TS nhd cao hdn nhdm cac cdng ty cd tdng TS ldn trdn thi trtfdng. Dong thdi, da phin trong TS ngan han cua CTCK li cic khoan dau ttf CK ngan han va cac khoan phai thu
CTCK trdn thi tnfdng die bidt li nhffng cdng ty nhd dang tip trung ri't nMeu ngudn life vio cac hoat ddng ngan han trdn thi trtfdng.
Ve dau tU TSCD cua cic CTCK, hoat ddng kinh doanh chffng khoin khdng ddi hdi nMeu TSCD do do mffc dp diu W TSCD trong cic CTCK thffdng cMem ty trpng nhd. Tuy the, mpt xu htfdng ding quan tim li ty trpng gii tri TSCD/NVCSH ciia cic cdng ty thdi gian qua cd xu htfdng ngay mpt giam vi mffc dp diu ttf ngtfdc chieu vdi quy mo tii san cua c6ng ty.
(Con nita)
Bang 4. T^ trgng TS cfla cic nhom CTCK
'i'V
A.
1.
2.
3.
B.
1.
2.
3.
C 1.
2.
3 .
Nam C h i t i g u
Trung binh todn ngdnh T y trpng T S n g i n hgnZ T 6 n g T S fi^ trpng TS dai hgn/ f 6 n g TS T y trpng T S C D / N V C S H Nhom 20 cdng ty TS l&n nhdi Tf trpng T S ngSn h?n/ f 6 n g TS T y trpng T S d ^ hgn/ T § n g f s T y trpng T S C D / N V C S H
Nhdm 20 cdng ty TS nhd nhdt Tf trpng T S ngan hgn? T^ng TS Tf trpnK T S 6ki han/ T 6 n g TS Kf trpni? T S C D / N V C S H
2 0 0 7
8 1 , 1 0 % 18,90%
2,65%
8 0 , 4 1 % 19,59%
1,90%
9 1 , 0 1 % 8,99%
16,00%
2 0 0 8
73,87%
2 6 , 1 3 % 4,81%
7 3 , 3 4 % 26,66%
3,59%
8 i , 6 9 % 18,31%
14,20%
2 0 0 9
81,49%
18,51%
4,44%
81,50%
18,50%
3,48%
85,16%
14,84%
12,96%
2 0 1 0
84,67%
15,33%
3,94%
82,62%
17,38%
3,25%
8 5 , 8 9 % 14,11%
11,71%
