DIEN DAN CHUTNG KHOAN !•
THONG T I N , TIN DON
VA NHUNG H i LUY
T
rong linb virc dau tu chimg khoan, yel'u Id thdng tin ludn chiem vi t n quan trpng.Thdng tin chinb xac va mang tinb thdi su la yeu to quyet dinb den 80'~f thanh cdng cua nha diiu tu. Voi su phat trien virpi bac cua cdng nghe thdng tin. nha dau tu du d diiu cung CO the tim kiem vii tiep nhan thdng tin ve chung khoan va thi trudng chung khoan (TTCK) mdt each nhanh chdng. Tuy nhien. trong su da chieu cua cac ludng thdng tin khac nhau, de ^
Bdo chi cung cdp thdng tin TTCK den doc gid can the hien tinh chuyen nghiep, minh bqch vd thong sudt tronq qud trinh thdnq tin.
r Anh Khanh Ha chon lpc dugc nhiing thdng tin
chinh xac nhat nham dau tu dung nhung ma cd phieu cd kha nang sinh leri lerii trong bdi canh thi truong ludn bien ddng nhu bien nay thi khdng phai la chuyen de dang, nhiit la ddi vdi nhiing nha dau tu chua cd kinh nghiem va ky nang de tim kiem, xu ly thdng tin... Chinh dieu nay da tao chd diing cho cac tin ddn that thiet tren cac san giao dich, tac ddng manh den su len xudng ciia TTCK trong thdi gian qua, tao anh hudng khdng nhd tdi nha d i u tu. Cho den nay, nhung cau chuyen rd ri thdng tin, canh tranh thieu lanh manh, tung tin ddn that thiet cho thi trudng cua mdt bd phan tham gia TTCK van dang la van nan gay buc xuc
cho nhieu ngudi ma cff quan quan ly van chua co dii giai phap manh de ngan cbiin mdt cach triet de.
Nhu cdu tdt yeu cua thong tin Chmig kien su trao ddi nhiet tinh cua nha dau tu vtri dien gia ngudi Singapore - dng Benny Lee, till budi Hdi thiio mang chu de: "Phan lieh 20 Hlueehips TICK Viet Nam: DiC'u hihi V.\
Inile.x. HNX-Iutle.x eiic'ti nc'iiii 2009", do Cdng ty chung khoan
(CtyCK) SMES td chuc vao ngay 23/10, mdi thay rang nhu cau ve thdng tin cua nha dau tu tren TTCK Viet Nam la rat ldn. Mac du sd lupng khach mdi du tru khoang tren duiii 200 ngudi, nhung thu'c te lucmg khach den
M A I T H U '
T A P CMt CHV/NG K H O A h
du da vucrt quii 500 ngucri... Cau chuyen ma dien gia trao ddi vdi nhil diiu tu hi nhung kinh nghic-m dau lu, gitri thieu phan tich ky tbuiit cho nha dau tu dugc ling dung tren phan mem chuyen dung S-Pro cua SMES do Tap doan TongYang cung cap da "but" nha dau tu khien thoi gian Hdi thao phai keo dai them hon mot tieng rutri ddng hd...
SMES khong phai la CtyCK duy nhat thuc bien cac chuong t n n h hdi thao nham bd trg kien thuc cho nha dau tu. ma trudc do CO nhieu CtyCK khac nhu CtyCK Rdng Viet, CtyCK KimEng... cung da td chuc cac budi hdi thao tuong tu. Xgoai nhirng thdng tin diiu tu dugc tiep nhiin a cac budi hdi thao.
nhii diiu tu ludn dugc tiep can thdng tin qua cac ban tin phan tich thi truong cua cac CtyCK.
Ngoai ra, thdi gian qua nha dau tu Cling dii dugc tiep can vcri nhiing cd phieu cua cac doanh nghiep co uy tm tren TTCK thdng qua cac budi trao giai thudng "Thuong hieu Chung khoan uy tin". "Le trao giai tdn vinh doanh nghiep va thanh vien diiu thiiu tieu bieu tren HNX"... Voi su nghiem tuc trong qua trinh lam viec cua chuyen gia. cac chutmg t n n h binh chgn dugc td chiic khoa hpc va uy tin, giup cac thanh vien thi trudng va nha dau tu danh gia tdt hon ve chat lupng boat ddng cua
Soli - Thang 11 Nam 2009 Chirng khoan Viet Nam
al DIEN DAN CHUTNG
K H O A NhOng kho«n
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doanh nghiep ndi rieng vn ciia TTCK noi chung.
Theo quy dinb tiii Thdng lu 38/2007/TT-BTC buong diin ve cdng bd thdng tin Iren TTCK tin cac to chuc phiil lumli. to chuc nii^ni yet phiii cong hi) thong tin dinb ky ve bao cao lai chmh (BCTC) niim cua minh de nha diiu tu tham kliiio. Theo do, cac td chirc nay cung phai cdng bo thdng tin kbi co thdng tin bat ihirirng vi> nbiing bii'n ddng Itm lien quan den boiit ddng siin xuat kinh doanh cua cdng ty, nhimg thay ddi ve tai kboiin tiii ngcin biing. thay ddi che dp ke toan ap dung; ve chi tni cd tuc;
bode sua ddi, bd sung dieu le, tai cff Ciiu liii cdng ty, ciic cbi tieu va ke botich hoiit ddng siin xuiit kinh doanh hang nam; cac Nghi quyet khiic cua Dcii hdi ddng cd ddng; quyet dinh dau tu vdn cd phan tu 10*^ trd len, cho vay hoac dau tu vao trai phieu tu 307c trd len vdn cd phan hoiic vd'n gdp cua mdt td chuc khac;
san pham cua cdng ty ban ra tren thi truong cd quyet dinh dinh chi tieu thu; bi thu hdi cd thoi ban vdi gia tri tu 10% trd len vdn cd phan; quyet dinh thay ddi nhan su... tren cac trang web cua doanh nghiep, hoac cac phuong tien truyen thdng. Dieu nay cd nghia la thdng tin ve chiing khoan va TTCK ma nhii dau tu tren TTCK Viet Nam dugc tiep nhan cd quy md khii rdng tu cac kenh chinh thdng nhu: trang web cua UBCKNN, cua 2 Sd Giao dich Chung khoiin (SGDCK), cac cdng ty niem yet (CtyNY), CtyCK... den ciic phuong tien truyen thdng dai chung khac.
Quy dinh la vay, nhung ngoai thdng tin bat budc theo luat dinh phai cdng bd, nhieu doanh nghiep da khdng chii ddng cung
cap thdng tin day dii, kip thdi nbung bien ddng, thay ddi boat ddng ciia doanh nghiep. Thuc te, trong thtri gian quii, nhieu doiinb nghii'p dil tn hoiin nop B ( T C quy, BCTC ban nien, BCTC num. Mdt .so doiiiib nghiep, diic l)iet hi doiiiib iigliit'p chUii niem yet vln cbua i:o triing web de cong bd thdng lin nbir tlii tjuy dinh, bay co trang web nhung sir sai, theing tin cdng bd khdng day dii... Trong kbi nbu ciiu lit'p nbiin ciia nha dau tu tren 7T(!K
Hi f ton t(ji vd
hodnh hanh cua tin (Um trai TTCK trong tluii gian vifa qua thifc .sif dd gdij nhiki dnh hifdng ddi vdi cdc chu the tham gia tren
• r r c x i p
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lai kha cao, nbii diiu lu biiu nhu pbai tim kiem thdng tin tu nhieu kenh cbinh thdng vii khdng chinh thdng kbac. Chinb vi vay, ngudn tin ddn du tich cue hay tieu cue cung treV thiinh mdi quan tam cua cac chu the tham gia tren TTCK, nhiit hi ddi voi cac nha diiu tu "doi" thdng tin.
Nhdy song cung tin ddn Trt)ng cung doan thi truemg tang diem tu thang 9 den thang 10 vua qua, bat ky nhii dau tu nao quan sat dien bien giao dich cung cd the nhan thay, lenh mua cua mdt sd ma cd phieu tren hai SGDCK tang len bat thudng khien gia ciia nhiing cd phieu nay tang len chdng mat. Tuy
nhien, cbi trong mdt thdi gian n g l n sau dd khi doanh nghiep cdng bd tin tci't tbi giii cd phieu dd liii sut giam. NgUt/c lai, mdt sd ma cd phieu bi dim gia bdi nbung tin ddn, sau kbi sut giam miinb, dugc doanh nghiep dinb chinb thdng tin, nha dau tu lai d at diit lenh mua..
(",() the thiiy nhiing ma cd phieu cd mUc tang dang chu y nbu: SJS, TDH, DHC... Theo Ibtmg ke cuii SCIDCK Tp. HCM, tinb tu phien giao dich ngay 2/9 den 1.5/9, gia cd phieu SJS tdng triin 7/9 phien lien tiep, tU
150.000 ddng/cd phieu len 207.000 ddng/ cd phieu; tu ngay
17/9 den 2.5/9; Gia cd phicu TDH tiing triin 5/7 phien hen tiep, tu 91.000 ddng/cd phieu len
118.000 ddng/cd phieu; tu ngay 9/10 den ngay 20/10, cd phieu DHC CO 8 phien tang tran lien tiep, tu 18.500-ddng/cd phieu len 26.900 ddng/cd phieu. Cac cd phieu nay deu co bien ddng gia kha gidng nhau: khi thdng tin tdt dirtrc chinb tbuc cdng bd, gia cd phieu dl xudng truffc lan song nha dau chdt ldi.
Veri bien ddng gia cua cac cd pbit'u noi tren, nhieu nha phan tich cho rang, thdng tin ciia cac doanh nghiep da bi rd ri kha lau truffc khi dugc cdng bd rdng rai. Dieu nay tiio dac quyen, dac lgi cho mdt bd phan nha dau tu CO uu the trong viec tiep can thdng tin va "day" rui ro cho cac nha dau t u khac. Theo cac chuyen gia, rd ri thdng tin dugc coi la mdt trong nhiing van de dao due nguy hai n h a t tren TTCK hien nay. Su rd ri thdng tin cd the dugc bat ngudn tii nbiing ngudi cd lien quan trong cac CtyNY, CtyCK... Thuc te dat dau hdi la lieu nhiing ngudi giU trpng trach tai cac CtyNY, thdng qua cac mdi quan he da tiet Id
Chung khoan Viet Nam Soil - Thang 11 Nam 2009
r iuMiJLIiUU DIEN DAN CHUTNG KHOAN U
cho n h u n g nha dau t u tren TTCK ve ke hoiicb kinh doanh trong quy, thang va ca nhiing van de ndi bd trong doanh nghiep chua cdng bd? Thiim chi.
da xay ra tinh trjing nbiin vien ciia CtyCK kbi biet trudc thdng tin da tbuc bien viec mua ban trudc liim lpi cho ca nbiin boiic bao cho ngucri tbiin quen nnui duoi nhieu hinb Ihuc (do nbiin vien CtyCK khdng dugc pln>p mua ban ngiin ban).
Trong cung doan thang 9.
nhieu nhii dau tu da dat diiu hoi voi nhieu niii cd phieu tren TTCK CO muc tang kha an tupng tu 19-21 phien lien liep tang tran nhu BAS. VNI. DQC...
trong khi ket qua kinh doaiili Quy III/2009 ciia cac doanh nghiep nay bi Id va ke boiich vc chi tieu lpi nhuan nam 2009 cua cac cdng ty nay dugc dua ra kha khiem tdn. Cu the: cd phieu BAS cua CtyCP Ba Sa (tuy Id 427 t n e u ddng trong Quy HL luy ke 9 thang Id hffn 5,17 ty ddng) tang gia g i n gap 3 vdi chudi 19 phien tang tran trong 21 phien giao dich thang 9; Cd phieu VNI cua CtyCP D i u tu Bat ddng san Viet Nam (Quy HI khdng cd doanh thu ve ban hang va dich vu. Id luy ke hon 500 trieu ddng) cd 16 phien tang tran sau khi chao san tai thdi diem dau thang 9, tu muc gia chao san 30.000 ddng/cd phieu tang len g i p ddi; DQC cua CtyCP san xuat bdng den Dien Quang (Quy ni/2009, lgi nhuan thuan tu boat ddng san xuat - kinh doanh am 2,8 ty ddng, liiy ke 9 thiing am 121 ty ddng) cd 12 phien tang t r i n trong thang 10... Theo quan sat, gia cd phieu tang, trong mdt chiing muc nao dd, don gian la su phan anh ky vpng ciia nha d i u t u ve lpi nhuan doanh nghiep. Nhung ddi khi su
Nhu cdu ve thdng tin ciJa nhd ddu tu Iren HCK Vl^l Nam Id rdi ldn
.inh
Klninh Ua
ky vong cbi thuan tuy ff goc dd diiu ctv. Co the, dua viio TTCK hoiit ddng chua dn dinh trong tlitn gian quii va diic bic't la nhirng tac ddng nhiit dinh cua chinb sach, mdt sd cii nhiin mudn diiu ctr gia xudng dii lung tin that thiet ve tinh hinh hoiit ddng, san xuat kinh doanh cua cac doanh nghiep.
Su rd ri thdng tin cdn the hien d viec cdng bd thdng tin cd leri cho doanh nghiep nhu chia cd tuc bang cd phieu thudng, tang quy md vdn... do quan he ca nhan, mdt sd nha d i u tu biet trudc khi thdng tin dugc cdng bd va tranh thu thu mua cd phieu de chd gia len. Den khi cac nha d i u tu khac biet dugc thdng tin thi da qua mudn. Chinh vi vay, khdng cd gi ngac nhien khi dau tu tren TTCK Viet Nam diln ra theo kieu "bay dan", vi cd su suy dien rang, viec mua ban bang loat cd phieu cua mdt nhdm nha dau tu nao do la do co thdng tin biet trudc. Hay nbu viec doanh nghiep cung cap thdng tin khdng cdng bang ddi vcri nha dau tu nhu uu tien cung cap thdng tin cho cac nha d i u tu chien lugc, nha dau td chuc ma khdng cdng bd rdng rai cung gay thiet hai cho cac nha d i u tu nhd le.
Theo cac chuyen gia, hien tugng giao dich ndi gian ludn cd
tr biit ky TTCK nao, ke ca thi trutrng "ducrc tieng" la minh biich nbu TTCK My. Tuy nhien, tai TTCK Viet Nam, bien tucmg tren cd the dut/c ngan ngua, ban che tdi da neu viec cdng bd thdng lin duf/c tbuc hien nghiem tuc.
Trai qua nhieu kbau trung gian, dang cd khoang each thdi gian kha ldn tu thdi diem doanh nghiep gui thdng tin tcri thoi diem SGDCK cdng bd rdng rai.
Chinh khoang cach thoi gian nay dang lam m i t di tinb minh bach cua TTCK Viet Nam?
Nhung de xudt khuyen nghi hqn che, kiem soat tin don
Trong thdi gian qua, tin ddn that thiet cho cac doanh nghiep va thi trudng thudng dugc tung ra tren cac dien dan, san giao dich chiing khoan hoac dugc truyen mieng. Do nha diiu t u chua cd kinh nghiem, ky nang de kiem chung ngudn thdng tin, ddng thoi do cff che thdng tm cua doanh nghiep cdn yeu kem, chiim chiip nen tiio ra tam ly hoang mang, anh huong den gia cd phieu tren tbi trudng. Trong khi dd. cff che phat hien va xii pbat ddi vdi viec tung tin ddn chua rd rang. Va dac biet, cbinh su cham tre dinb chinh su that cua cac chu the lien quan den tin ddn cung se gay anh hudng cho
Soil - Thang 11 Nam 2009 Chung khoan Viet Nam
u DIEN DAN CHUTNG KHOAN
chinh doanh nghiep cua bp.
Nhieu y kien cho rang, ciing scrm giai quyet nhiing tin ddn hiing phuong tien truyen thong diii chung tbi doanh nghiep cang triinh dirp'c riii ro do tin ddn giiy nen. Cac "cbuiin" quy dinb ve cdng bd thdng tin hien dii dugc quy dinh tiu Thdng tu Ibiiy Ihi- Tbong tu 38/2007/TT-BT(^
liinnig diin ve cdng bd thdng tin tren TTCK vUii duffc Bo Tai chinb thdng tiua. Theo quy dinh till Thdng tir intri nay. viec cong hd thong tin phai: i) Diiy tlu.
chinh Xiic Vil kip thtri tliet) quy dinb cuii phiip liiiit; lii Viec cong bd thong till phiil tiu ngutri diii dicMi theo phiip iuiil cuii cong ty hoiic iiguen dirtic uy quyen cdng bd thdng tin thuc hien; iii) Viec
ducrc quy dinh cu the' trong Thdng tu. Ngoai ra, Thdng tu con tjiiy dinb cii tht' thtri giiin phiil tlurc hien cong bo thong tin ddi vtn lioiit ddng giao dich cd phieu ciia cd dong hrii; giiio dich CO pbieu quy; giiio dieb co pbieu ciia cd ddng sang hip trong thtri gian hi hiin che cbuye-n nbutmg;
giao dich chao mua cdng khiii;
viec chao ban chirng khoan va lien dp su dung vdn tbu dut/c tu dtrt chao biin. Nhung quy dinh ve cting ho thong tin tai ciic viin him kbiic tlo Bp Tai chinb ban hiinh trai vtn tjiiy dinb tiii Thdng tir riiiy se hi huy ho vii iip tlung theo t|uy dinh ciiii Thong tu niiy.
Theo do, nhirng cong ty chiim trt' trong viec cong hd thong tin can bi pbat nang de tao thdi quen va
* w De thong tin den vifi ccic nhd ddu tif nhanh chong kip thifi, cdc HGDC-K vin chdc ndng Id ctf quan qudn It) thi Infifng can tlufe hien nghiem tuc viec gidm sdt vd gifdng mdu cong b6 thong dn.KKi
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cdng bd thdng tin phai dugc thuc hien ddng thoi vdi viec bao cao UBCKNN, SGDCK ve ndi dung thdng tin cdng bd; iv) Viec cdng bd thdng tin dui/c tbuc hien qua cac phuffng tien: Bao cao thuemg nien, trang thdng tin dien tu (Website) va ciic an phlm khac ciia td chuc thudc ddi tugng cdng bd thdng tin; Cac ddi tuimg cdng bd thdng tin phai liip trang thdng tin dien tu (Website) cua mmh va thuong xuyen cap nhat cac thdng tin phai cdng bd theo quy dinh, cdng khai ve dia cbi trang thdng tin dien tu va mpi thay ddi lien quan. Thoi gian cdng bd thdng tin dugc thuc hien dinh ky, bat thudng va theo yeu c l u ddi vdi tiing loai thdng tin
tien le lot cho tbi truong. Ngay 26/10, tren t r a n g Web cua UBCKNN dii cd thdng bao ve viec bac bd tin ddn tren TTCK.
Theo do, UBCKNN cho rang tin ddn vdi ndi dung: "UBCKNN se cdng ha thdng tin riit xdu ve thi triroii^ trong thtri ^^iin tiri vd kem theo khuyen nghi nha dau lir nen .\a hdng" la thdng tin khdng chinh xac va khdng cbinh thuc. UBCKNN cung khuyen cao cac nha diiu tu Ciin cln trpng vcri Ciic tin ddn tren tbi trudng.
Dieu nay cho thay su tdn tai va hoanh hanh cua tin ddn tren TTCK trong thdi gian vua qua tbuc su da gay nhieu anh budng ddi voi cac chu the tham gia tren TTCK. Nguyen nhan sau xa d
diiy cbinh hi phuemg tien truyen thdng diii chung chua dii ldn manh dc' dam brio cung cap day till thdng tin den tung doi tugng.
Ngoai ra, mdt .so phucmg tien truyen thdng cung cap thdng tin Sill lech, khdng diiy du. Day khong phai la hien tugng phd bien, nhung vtri chiit lucmg xU ly thdng tin cbua tdt cua cac cff quan truyen thdng bao chi da tac ddng trai chieu den tbi trutmg. Do vay, kbi cung cap thdng tin cho dtic gia, ban than cac ccr quan bao chi can phai hic'u rd biin chat cua su viec, tu do butmg biin dpc den su pbat trien ben vumg ciia TTCK Viet Niim the hien tinh chuyen nghiep, minb biicb va thong sudt trong qua t n n h thdng tin.
De thdng tin den vdi cac nha dau tu nhanh chong kip thoi, cung nhu dam bao tinh cdng kbai minb bach, nen chang cac SGDCK ven chuc nang la cff quan quan ly tbi trucmg can tbuc hien nghiem tuc viec giam sat va guimg mau cdng bd thdng tin.
Thir nhat. neu doanh nghiep cdng bd cham nbiing thdng tin quan trong. co anh hudng true tiep ten gia cd phieu. SGDCK can yeu cau doanh nghiep kip thdi giiii trinh. ciinb cao bay ap dung cac che tai manh bon. Thu hai, ve nbiing thdng tm cham cdng bd, SGDCK can ra soat lai quy t n n h tiep nbiin va cdng bd thdng tin. Neu su cham tre thudc ve khiiu td chuc, SGDCK can nhanh chong cbiin chinh. Thir ba, vdi cac doanh nghiep, de thdng tin cd the tdi nha d i u kip thdi, song song vdi viec giii thdng tin cho SGDCK va UBCK, doanh nghiep nen chu dpng cdng bd tren web- site va qua cac phuong tien thdng tin dai chung.®
(Tai lieu thorn khoo: Bao dau ti; Chung khodn, VN Ecomony, Tgp chi Ngudi idm bdo)
1] Chung khoan Viet Nam Soli - Thang 11 Nam 2009
