LUAT KINH Tt 39
CAN LUAT HOA HOAT D O N G BAN KHONG TREN THI TRUONG CHUNG KHOAN VIK I N VM
LE VU NAM*
1. Dat van de
CJ nhidu nude, ban khdng chiing khoan, hay cdn gpi la ban khdng (short-selling), la mgt hoat ddng dau tu da dugc phap lugt cho phep va frd thanh mot frong nhimg nhan td tao nen su soi dgng ciia thj trudng chirng khoan (TTCK). Tuy nhien, boat dpng nay ciing CO the gay nen nhirng hieu iing tieu cyc nhat dinh nhu: tang nguy co thua Id cho nha dau tu, tao ap lyc giam gia chiing khoan...
Chinh vi vay, tai Viet Nam, theo quy djnh cua phap lugt hien hanh thi nha dau tu van chua dugc phep thuc hien hogt dgng nay.
The nhung, fren thyc td hoat dgng ban khdng chiing khoan van am thim dien ra dudi nhieu hinh thuc khac nhau ma co quan quan ly van chua cd mpt co chd hiiu hieu de phat hidn va xir Iy. Didu do da anh hudng khdng nho den tinh hieu qua trong quan Iy nha nude ddi vdi TTCK, tinh cdng bang va minh bach cua thi trudng.
Do vgy, da den liic can tien hanh nghidn Cliu va danh gia nghiem tiic vd vai trd va ban chat phap ly cua boat ddng ban khdng cung nhu xem xet kha nang "luat hoa" hoat ddng nay fren TTCK Viet Nam nham nang cao hieu qua quan ly nha nude ciing nhu tgo didu kidn dd TTCK boat dgng lanh manh, mmh bach, cdng bang va diing phap luat, phii hgp vdi thdng le qudc te.
2. Ban chat phap ty cua ban khong Trong khoa hpc kinh td - tai chinh, ban khdng la "bdn mgt logi chiing khodn md
ngudi bdn khong sd hiiu tgi thdi diim ban"'.
Hay noi each khac, ban khdng la "mgt giao dich trong dd nhd ddu lu dgt linh bdn chung khodn khi khdng co chung khodn trong tdi khodn"^. Nhin tir giac dp dau tu, ban khdng la mpt cong cu giiip nha dau tu co the tim kiem Igi nhuan tir sy giam gia ciia chiing khoan.
Dudi gdc do phap ly, ban khdng la mot giao dich dac thu. Tinh dac thii cua ban khong so vdi cac loai giao dich khac dugc the hidn fren cac phuang dien nhu sau:
Mot Id, chii the tham gia giao dieh ban khdng gom ba ben. Chu the thir nhat ggi la ngudi ban khong, la to chiic hoac ca nhan co nhu cau vay chiing khoan de ban d gia cao hy vpng khi chiing khoan giam gia se thyc hidn mua vao dd kiem ldi^ Tai cac nude, chii the tham gia ban khdng thudng la cac nha dau tu chuyen nghidp nhu cac quy dau tu riii ro (Hedge funds) hogc cac chu the cd chiic nang tao tinh thanh khoan trdn TTCK nhu nha tao lap thj trudng (Market makers/Principal dealers) hogc cac nha dau tu ngan hgn la ca nhan.
Chil the tiep theo la ngudi cho vay chiing khoan de ban khdng. Chii the nay co the la cac nha dau tu dai ban chua co nhu cau ban
*TS Luat hgc, Tnrimg DH Kinh t6 - Luat DH Quoc
giaTp.H6 Chi Minh.
' Bill Nguyen Hoan (1999), Thi trudng chung khodn vd cdng ty cd phdn, Nxb Chinh trj Quoc gia, HaNpi, tr 157.
^ Dao Le Minh (2002), Nhimg vdn de ca bdn vi chting khodn vd thi trudng chting khodn, Nxb Chinh tri Qu6c gia, Ha Noi, tr. 225.
' Bui Thj Hanh Hircmg (2009), Gido trinh Mdi gidi vd tu vdn ddu tu chung khodn (Danh cho cac Chucmg trinh dao tgo c2p chung chi hanh nghg chiing khodn cua Uy ban Chiing khoan Nha nuac), Nxb Thong ke, HaNoi, tr. 115-116.
40 TAPCHIKHOA HOC PHAP LYSO1/201.
chirng khoan cua minh nhirng muon tim Iciem mot khoan lai suat tren so chirng khoan minh dang so hCru.
Chu the cuoi cung tham gia vao quan he ban khdng la cac cong ty chirng khoan (CTCK) dong vai tro trung gian giira nguai ban khong va ngucri cho vay chirng khoan. Chii th^ nay se dirng ra "thu xep" va tien hanh thirc hien lenh ban khong de huong hoa hong moi gioi.
Ngoai ra, CTCK con dong vai tro la chii th8 dam bao thirc hien cac quyen va nghTa vu phat sinh giira nguoi ban khong va nguoi cho vay chimg khoan thong viec quan Iy tai khoan ky quy hay con ggi la tai khoan bao chung {Margin account) cua chii the ban kh6ng.
Hai la, doi tugng cua giao dich ban khdng la nhihig chumg khoan co ch^t lugng va co tinh thanh khoan cao. Mgt trong nhimg yeu cau quan trgng dat ra d6i voi nha dju hr thirc hien ban khong la tinh chat nhanh chong cua giao dich nay giiip nha dAu tu kip thai njm bat dugc co hgi "ban ngay" hoac "mua ngay"
nen doi hoi chimg khoan la d6i tirgng cua giao dich ban khdng phai la chiing khoan de mua, de ban hie la co tinh thanh khoan t3t.
Cac yeu to tac dgng ddn tinh thanh khoan ciia mgt loai chung khoan bao gdm: tinh hinh tai chinh va tinh hinh san xu4t kinh doanh cua doanh nghiep, khoi lugng chimg khoan niem yet, tong khdi lugng va tdng gia tri giao dich binh quan tren mdi phien giao dich, va tinh minh bach...*.
Ba la, ban khdng la mdt giao dich bat huge ap dung bien phap ky quy dk dam bao thuc hien nghTa vu cua ngudi ban khdng. Mdt trong nliirng nghia vu quan trgng cua ngudi ban khdng ddi vdi ngudi cho vay chirng khoan la hoan tra diing han sd chimg khoan da vay ciing vdi cac khoan lai su4t da thda thuan. Tuy vay, trong thirc td nghTa vu nay cd the bj vi pham khi diln bien gia tren thj trudng ddi vai loai chiing khoan dugc vay
* Chi list vi cac yen 16 lac dong din linh lhanh khoan cua chmg khoan xem: Lc Vu Nam, Phan Thi Tirong Tim (2005), Ndng cao linh Ihanh khoan Iren thi tnimg chins khodn. Tap chi Cong ngh? Ng4n
hang, so 06, lr. 25-28. ^
de ban khdng trai vai xu hudng du doancA ngudi ban khdng. Tire la, sau khi ban kh6iig gia chirng khoan khdng giam ma lai tang Vi vay, de dam bao an toan cho ngudi che vay, phdp luat cua nhieu nude cd quy djni bat budc ngudi ban khdng phai md mot tai khoan bag chimg tai CTCK nai hg dat Ifinii ban khdng va phai dua mpt lugng tien nhit djnh vao ky qu^, ddng thdi ngudi ban khong s6 khdng dugc nit sd tien thu dugc tirviec da ban khdng chiing khoan. Ty le ky quy dugc quy djnh khdc nhau hjy theo moi nude.
Bon la, bin khdng la mdt "giao djch kep' nen cd cSu true phiic tap. Ban khdng xit lap cimg mdt liic hai nhdm quan h$ tai sin:
nhdm quan he phdt sinh tir hgp ddng vay chirng khoan cd ap dung bien phdp bao dam thirc hien nghTa vu thdng qua hiiih thirc ky quy gitta ngudi ban khdng va ngudi cho vay chimg khoan va nhdm quan he phdt sinh tir hgp ddng mua bdn chiing khoan giira nguoi ban khdng vdi ngudi mua chiing khodn thong qua viec khdp l^nh giao djch tren thi tntmg.
The nen, van de dat ra la cdn phdi xac dinl ai la ngudi sd hiiu va thu hudmg cac quySn va Igi ich tir sd chiing khoan da dupe vay de bdn khdng: ngudi cho vay chimg khoin hay ngudi da mua duge chung thdng qua he thdng giao djch tren thi trudng?
Theo thdng 16 cdc nude, ngudi sd hiiu chimg khodn trong trudng hgp nay la ngiroi mua chimg khoan thdng qua he thdng giao dich va dugc Trung tam luu ky dang ky quyin sd hihi h-en c a sd ket qua giao djch chimg khoan chuyen ddn tir Sd giao djch chiing khoan va le dT nhien, hg se la ngudi dupe nhan cd hie hgac lai suit ddi voi c6 phiju hgac trai phieu ma hp mua dugc tir td chit phat hanh. The nhung, ngudi cho vay ciing la ngudi nam giii cd phidu hen tai khoan ciia hp tai CTCK nen hp van mong mudn nhanco tiic hpdc lai suat dpi vdi so cd phiiu hoac trai phieu hg da cho vay. Do dd, nguoi bdn kh6ng se cd trach nhiem thanh toan sd co tiic hoSc lai suat do eho ngudi cho vay. Co tiic ho^
lai suat do ngudi ban khdng tra cho ngu&i cho vay trong hudng hgp nay gpi la c6 tiii
LUAT K I N H T E
ban khong (Short the dividend)^ hoac lai su^t ban khong (Short the interest). D6i voi quy^n bieu quyet phat sinh tir viec n^m giu c6 phi^u ban khong thi nguoi cho vay co phieu se phai CO thoa thuan tru6c ve su lir bo quy^n bi6u quyet trong thoi ky ban kh6ng*.
3. Kinh nghiem q u a n iy ban khong tren the gioi
Nghien cuu hoat dpng ban khfing tren TTCK eua cac nuac phat trien cho thSy, day la mot hinh thuc dau tu kha phiic tap va mang tinh "hai mat" ro ret. Ben canh nhOtig 1^11'ch ma ban khong mang lai nhu: giiip nha diu tu gia tang Igi nhuan va da dang hoa ca hpi kiem loi, giup cac CTCK t3ng nguon thu tir viec cung cap cac djch vu lien quan den ban khong, gop phan giup cho TTCK tu can bang mpt each tu dong va tang tinh thanh khoan cho cac chung khoan... thi hoat dpng nay Cling tiem an nhieu rui ro. Do la ban khong co the lam cho tinh trang thua lo cua nha dau tu dien ra nhanh chong va tram trong ban, dong thai, ban khong se hinh thanh xu huang dau tu gia xuong tao nen nguy c a giam gia nhanh chong cua cac loai chung khoan la nguyen nhan ciia nhieu cupc khung hoang tai chinh - tien te da dien ra trong Ijch s u . . . '
Tuy vay, cr hau het cac nuoc co TTCK phat trien, phap luat deu cong nhan ban khong la mpt hinh thirc dau tu hop phap. Bai le, nhu cau ban khong la mot nhu cau co that va vai tro cua no doi vai TTCK la khong the phii nhan. Van de dat ra la can quan ly va kiem soat hoat dpng ban khong nhu the nao de ban che toi da nhung uu diem va ban che mat trai ciia no. Kinh nghiem mot so nuoc cho thay,
* Xem tai; hflp://en .wikipedia.org/wi ki/Shorl_(fi- nance).
^ Xem: "What happens to the voting rights on shares when the shares are used in a short sale trans- action?" . Investopedia. Retrieved 4 December 2008.
^ Le Vii Nam (2008), Khung hodng Idi chinh todn cdu vd nhirng tdc dpng den Viet Nam: nhin lir gdc do ngdn hdng vd chiing khodn, Ky yeu hoi thao khoa hoc
"Tac d$ng ciia khung hoang tai chinh toan cau doi vai ngn kinh te Viet Nam" do Khoa Kinh ti, BHQG TP.
H6 Chi Minh t6 chiic thang 12/2008, Nxb DHQG TP.
H6ChfMinh-2008,tr. 173-1983.
d^ trien khai va quan ly mpt each hieu qua boat dpng ban khong thi nhiJng van de sau day can phai duoc dat biet luu y:
- Can binh thanh mpt khung phap ly vai nhChig quy djnh chat che va ddy dii dihu chinh boat dpng ban kh6ng. Nhu da trinh bay a tren, ban khong ben canh nhijng Igi ich ma no mang lai luon an chua nhieu nii ro cho nha dau tu va thj trucmg. Do vay, de dam bao thj tmong boat dong thong suot, on djnh va tranh nhihig bien dpng lon, bao ve quy^n va Ipi ich hpp phap ciia cac nha dau tu, phap luat cac nuoc deu co nhiJng quy dinh kha ro rang ve nhiing dieu kien th\rc hien ban khong nhu:
chiing khoan la doi tupng ban khong phai dat nhihig dieu kien ve chat lupng va tinh thanh khoan, nha dau tu ban khong phai tien hanh ky quy de dam bao thiic hien nghia vu hoan tra so chiing khoan da vay, cac van de lien quan den viec thu huong va thuc hien cac quyen va loi ich phat sinh tir chiing khoan ban khong, kha nang tai chinh toi thieu cua nha dau tu ban khong, giai ban cho vay, lai suat cho vay^..
Mpt trong nhung yeu cau mang tinh chat nguyen tac ciia hoat dpng ban khong la phai cong khai va minh bach. To chiic Quoc te cac Uy ban chiing khoan (International Organization of Securities Commissions - IOSCO) ciing timg xem xet cac quy djnh quan ly ban khong va cho vay chiing khoan a mot so nuoc va dua ra khuyen nghj nen minh bach thong tin ban khfing hon la cam ban. To chirc nay ciing da xu4t ban tai lieu tham khao dua ra cac quy tac quan Iy ban khong nham tang cuong tinh minh bach va ban che lam dung ban khong'. Theo Quy djnh so 236/2012 cua Nghj vien va Hpi dong chau Au de ngay 14/3/2012, voi hSu bet cac CO phieu niem yet tai san chiing khoan ciia 27 niroc thupc Lien minh chau Au (EU) bupc
* Dao Lt Minh (2002), Gido trinh Nhitngvdn de ca bdn ve chting khodn vd thj trudng chting khodn, Nxb Chinh tri Qu6c gia, tr. 227-228.
' Xem: IOSCO ting hd nd luc cua cdc nude G-20 tdng cudng tinh minh bgch vd todn ven thi tmdng, tai: http//
www.ssc.gov. vn/portal/page/portal/ubck/l096905?p_
page_id=l096905&persjd-l 09534 l&folder_
id=&item_id=1l5l9256&p_details=].
42 TAP CHI KHOA HQC PHAP Lf SO 1/201]
phai minh bach thong tin ve thi truong niem yet, luong chimg khoan ban khong. Neu lupng ban khong tir 0,2% den 0,4% lupng co phieu cong ty nam giu, nhihig thong tin nay can dupe thong bao cho ca quan quan ly. Neu lupng ban khong tren 0.5%, cac thong tin can dupe thong bao cho ca co quan quan ly va cong khai tren thi truong.
- Viec quan iy ban khong duoc thuc hipn mpt each kha linh boat. Tiiy thupc nhirng tin hieu cua thj truang ma cac quy djnh ve ban khong CO the duoc ap dung hoac sira doi, bo sung hay thay the mpt each linh boat nham ban che nhimg tac dpng tieu cyc ciia ban khong. Vi vu, trong cupc khiing hoang tai chinh toan cau nam 2008 co tam diem xuat phat tir Hoa Ky, Uy ban chiing khoan va giao djch chirng khoan ciia nay da ap dung lenh cam ban kh6ng 799 co phieu ciia nganh tai chinh - ngan hang tir ngay 19/9/2008 d6n 2/10/2008 nham tranh sir sup d6 ciia TTCK'^
Vao thang 7/2011, cac nuoc Phap, Tay Ban Nha, Y ciing tam cam ban kh6ng vi li do tuong tu. D§n thang 2/2011, Hoa Ky lai ban hanh Quy djnh moi \h ban khdng (SSR).
Theo do, neu mot chirng khoan giam 10% so voi gia dong cira ngay hom truoc, thi SSR se bat dau CO hieu lyc va nha dau tu chi diroc phep bari khong tai mot mirc gia cao hon mpt don vj yet gia so vai gia dat mua t6t nhat cho thai gian con lai trong ngay va ngay k^ ti8p.
Quy djnh nay se giiip tranh dupe cac dpt ban hoang loan tren TTCK Hoa Ky".
- Tarig cuong quan ly, giam sat boat dpng ban khong va nang cao dao dire nghe nghiep nhan vien moi giai cua cong ty chimg khoan:
Cong tac quan ly, giam sat hoat dpng ban khong chimg khoan a cac nuac co TTCK phat yien dupe thuc hien a nhi^u cap dp khac. cap dp dau tien la tai cong ty chimg khoan thong qua bp phan kiem soat npi bp, tiep theo la cac to chuc ty quan nhu Hi6p h6i
'" Xem tai: http://en.wikipedia.org/wlki/Short (fi-
lance). ~
" Bdn khong - nhin tir Ihi gidi, tai: http://www in- :eves.com/moduIes.php?name=News&op=viewst&- iid=29025.
cac nha kinh doanh chirng khoan. So giao djch chimg khoan va cuoi ciing la Uy ban chiing khoan. Ben canh do, viec giao due va yeu cau bat bupc cac nhan vien moi gioi cua cong ty chiing khoan phai tuan thii cac chuSn muc dao diic nghS nghiep trong kinh doanh chiing khoan ciing dupfc d^c biet chu trpng.
4. Ban khong tai Viet Nam: tu* quy djnh phap luat den thirc tien thi trurvng va nhirng kien nghi
Xuat phat tir nhan thiic dupe tinh chat "con dao hai luai" va kha nang tac dpng tieu cue den TTCK Viet Nam con non tre ciia ban khong ma cac nha lam luat Viet Nam da "noi khong" doi vai boat dpng nay. Nghi djnh sfi 48/1998/ND-CP ngay 11/07/1998 ciia Chinh phu ve chiing khoan va thi trudng chung khoan la van ban phap quy diu tien ciia Viet Nam dieu chinh cac quan he phat sinh tren TTCK da dua ban khong vao danh sach cac hanh vi bj cam. Dieu 69 cua Nghi dinh nay quy dinh: "Cdm mgi to chac, cd nhdn ban chimg khodn duai mgi hinh thac khi khongsa hOu chung khodn vdo thai diem giao dfch".
Nghi djnh 144/2q03/ND-CP ngay 28/11/2003 cua Chinh phu ve chiing khoan va thi truong chimg khoan thay th6 Nghj djnh s6 48/1998/
ND-CP vhi tiep tuc ke thira quan di^m dut khoat ciia cac nha lam luat doi voi ban khfing.
Theo do, "cdm mgi to chuc. cd nhdn ban chang khodn md khong sd hihi chimg khom vdo thai diem giao dich" (DiSu 106).
Luat Clhimg khoan s6 70/2006/QH-ll duoc Qu6c hpi thong qua ngay 29/06/2006 da CO cai nhin thoang han ve ban khong khi khong dua ban khong vao danh sach cac hanh vi bj cam tai Dieu 9. Tuy vay, dieu do khot^
CO nghia la ban khong mac nhien duprc phep thyc hien. Khoan 9 Dieu 71 cua Luat nay quy dinh, cong ty chiing khoan dupe "thytc hien viec bdn hogc cho khdch hdng bdn chw^
khodn khi khong sd hihi chung khodn vd cho khdch hdng vay chimg khodn de bdn theo quy dinh cua Bg tdi chinh". Dieu nay cung co nghia, cac nh^ lam luat da trao quyen cho Bg tai chinh huang dan hoat dpng ban khong va nhiing van de lien quan den ban kh6ng. Day
LU^T KINH TE 43 la mpt CO che dieu chinh phap luat tao ra su
linh hoat can thiet cho mpt hoat dpng mang tinh chat nhay cam va doi hoi co nhirng dieu chinh kip thai va linh hoat nhu ban khong.
Mac dii vay, cho den thai diem nay Bp tai chinh van chua co mot van ban nao huong dan vS van de nay va vo hinh trung da dat cac nha diu tu vao tinh the mac dii ban khong khong bi cam nhimg van chua duac phep thyc hien.
Trong thoi gian cha huang dan tir Bp tai chinh vh hoat dpng ban khong thi Uy ban Chirng khoan Nha nuoc (UBCKNN). ca quan true ti^p thyc hien quan ly nha nuoc tren TTCK da co nhihig n6 lyc nhat djnh trong viec ngan chan ban khong. Do la viec yeu elu cac CTCK phai tuan thu cac quy dinh vh ki§m tra ky quy giao dich doi vai khach hang tai Cong van s6 557/UBCK-PTTT ngay 7/04/2008 nhim ngan chSn nhiing tac dpng tieu cyc ciia ban khdng trong b6i canh thj truang chiing khoan sut giam keo dai. Va moi gin day, truoc tinh trang nhung vu ban khSng lien tuc bi phat hien, UBCKNN da ban hanh Cong van s6 3229/UBCK-QLKD ngay 07/09/2012; trong do yeu ciu cac CTCK, cong ty quan ly quS (CTQLQ) khong dupe thyc hien hoac dirng ra lam trung gian cho viec ban hoac cho khach hang ban chiing khoan khi khong so hiru chiing khoan va cho khach hang vay chiing khoan dl ban khi chua CO van ban phap luat huong dan.
Ca so dk UBCKNN ban hanh Cong van neu tren la tinh trang "ban khong chui" van diln ra kha cong khai'^ tren TTCK duoi nhiSu hinh thiic khac nhau tac dpng tieu cue den tinh minh beich va cong bing trong giao djch chiing khoan. Dpng thai kien quyet cua co quan quan ly nhim ngan chan tirih trang ban kh6ng chiing khoan trai phep the hi?n thong qua viec UBCKNN dS ra kha nhieu quyk dinh xuphat vi pham hanh chinh doi vcri hanh '^ D6 c^inh tranh thu hut nha diu tu tham gia ban
kh6ng, nhiSu CTCK da qu4ng cdo cong khai dich vu niy, xem: Canh tranh thu hut khdch, CTCK qudng cdo cho nhd ddu tu bdn khong, t^i: http://tinnhanhchun- gkhoan.vn/GL/N/CFGIEF/canh-tranh-hut-khach-ct- ck-quang-cao-cho-ndt-ban-khong.html
vi ban khong cua mpt so to chiic, ca nhan tren thj truang'^
Qua quan sat thyc te, chiing toi nhan thay ban khdng 6 Viet Nam khac vai ban khong 6 cac nuoc nhu da khai quat o phan tren. Neu can cii vao dau hieu co ban ciia ban khong la ban chimg khoan trong tinh trang nguoi ban khong co sa hiiu tai thai diem ban, thi ca quan quan ly gan nhu khong the tim ra bing chiing cho boat dong ban khong, bai lenh ban chiing khoan bao gio ciing xuat phat tir tai khoan thyc so hiiu, vi co nhu vay thi lenh mai duac khap tren he thong ciia cac So giao djch chiing khoan.
Co che ban khong tai Viet Nam co the duac torn tat nhu sau: nguai ban khong ky hpp dong hoac thoa thuan mieng voi to chiic hoac ca nhan sa hiiu mot hoac mpt so loai chiing khoan nhimg chua co nhu cau ban ve viec se vay so chiing khoan do trong mpt khoang thai gian nhat dinh de ban. Nguoi dat lenh ban chiing khoan la nguoi cho vay, sau khi ban dupe ngucri nay mai chuyen tien thu dupe tir viec ban chiing cho nguoi vay.
D§n thai ban phai hoan tra, nguoi vay se phai chuyin mpt luong tien tuong irng vai tong gia tri chiing khoan da vay (kem theo mot khoan lai suit da thoa thuan) theo miic gia tai thoi di6m hoan tra cho nguai cho vay de nguai nay dat lenh mua chiing khoan tren tai khoan cua chinh minh. Nhu vay, giao dich ban va mua lai chimg khoan deu thyc hien tren tai khoan cua nguoi cho vay va do chinh ngucri nay dat lenh ma khong c6 su chuyen giao chiing khoan tir nguoi cho vay sang nguai vay nhu boat dpng ban khong thong thuong.
Nhu vay, co thi thiy ring "ban khdng kieu Viet Nam" la hit siic tinh vi va rat kho dl nha quan ly co thi phat hien va xir ly. Cac nha diu tu tham gia ban khong da "lach luat"
bang cac hpfp d6ng dan sy nhu vay, mupn chiing khoan.
'^ Vi du: Ngay 11/9, UBCK da ky quyit dinh xij phat Cong ty chiing khoan Dai Nam voi miic phat 250 trieu ddng cho hai loi vi pham: hoat dong tu doanh trai phep thong qua tai khoan nhan vien va cho khach hang vay chiing khoan d l ban, Xem tai- http://datxanh.com vn/tin- tuc/chi-tiet^254-6-hieu-dung-ve-ban-khongaspx.
44
Duai goc dp quan ly, boat dpng "ban khing chui" da tac dpng tieu cue den TTCK Viet Nam, nhat la trong dieu kien suy thoai keo dai nhu thai gian qua. Nhung 6 goe nhin khac, thi boat dpng "ban khing chui" da cho thay nhu ciu ban khing tren TTCK Vi^t Nam la CO that. Cac nha quan ly can can nhae gifra mpt trong hai lya chpn sau: hoac la tiip tyc
"noi khong" voi ban khong nhung roi hoat dpng nay van tiep tuc dien ra nhu hien nay ma CO quan quan ly van chua co mpt co c h i huu hieu de kiem soat va phat hien, tao nen nhiing nii ro tiem an rat Ion cho nha dau tu va cho ca thj truong; hoac la cho ph6p ban khing dl minh bach boa hoat dpng nay nhim giiip moi truang dau tu chiing khoan cong bang, dung phap luat hem va thj trucmg co them mpt cong cy de ty dieu tiet, tao dieu kien de co quan quan ly thuc hien cac boat dpng kiem tra, giam sat ban khong mpt each hieu qua hem.
Neu xet tren quan diem phat trien TTCK Viet Nam theo huang ben viing, hieu qua va phil hpp voi cac chuan muc quoc te thi chiing toi cho rang, lua chpn thii hai la can thiet.
Tuy nhien, ban khong la mot boat dpng phiic tap mang tinh "hai mat" nen viec ap dung ban khong tren TTCK Viet Nam can co 16 trinh hop ly de tranli nhung tac dpng tieu cyc co the anh huong den qua trinh phat triin TTCK von de bj ton thuong va dang con rit non tre a Viet Nam. Chung toi cho ring, viec ap dyng ban khing tai TTCK Viet Nam cin tien hanh thong qua hai giai doan:
Giai doan truac mat, can tap trung hinh thanh cae dilu kien cin thiit dk tao tiin d l cho boat dpng ban k h i n g theo diing thong le quoc t l CO t h i duac triin khai va phat huy tac dung nhu: dao tao nghiep vu quan ly ban khong va nang cao dao diic n g h i nghiep cho nhan vien moi giai ciia CTCK;
tuyen truyen, p h i b i i n eac k i l n thirc va ky nang ve ban k h i n g (bao gom nhirng mat ich cyc va han che) cho nha d i u tu; da dang hoa cac loai hang hoa cho thi TTCK, trong do dac biet chu trpng hinh thanh cac san pham phai sinh nhu: hop d i n g tuang
TAP CHI KHOA HOC PHAP L YSd 1/201S lai, hop d i n g k5' han, q u y i n c h p n ' \ . . ; b5 simg mpt so loai lenh giao dich von dupe xem la cong cy de han che rui ro trong hoat dpng dSu tir chiing khoan noi chung va b ^ khing noi rieng nhu: lenh dimg dh mua, lenh dimg d l ban|^..
Giai doan tiep theo, khi TTCK thoat khoi suy thoai keo dai va bat d i u tang trucmg tro lai va di vao hoat dpng on djnh, Bp tai chinh can ban hanh thong tu huang dan hoat dpng ban khing tren TTCK Viet Nam. Viec soan thao va ban hanh thong tu nay can dupe tien hanh tren co sa nghien ciru, khao sat cac quy djnh ctia ph^
luat mpt so nucrc co TTCK phat trien dieu chinh boat dpng ban khong. Tren co so do, chpn lgc nhOng kinh nghi?m phii hop voi dieu kien va hoan canh ciia TTCK Viet Nam. Churffi toi cho rang, ve npi dung, thong tu noi tren can co nhiing quy djnh cu the cho nhiing van de quan trpng nhu: dieu kien doi voi chiing khoan dugc ban khong; ty le ky quy va quan ly tai khoan ky quy; cac truang hop va thai diem khong dupe ban khong; lai suat va giai ban cho vay ban khong; che dp bao cao va cong bo thong tin trong hoat dpng ban khong; trach nhiem Idem tra, giam sat va xu ly vi pham trong boat dpng ban khong...
Thiet nghT, neu viec ap dung boat dpng ban khong dupic trien khai theo diing Ip trinh de xuat tren se giiip cho TTCK Viet Nam s6 co them mpt cong cu de nha diu tu co the sir dung mpt each linh boat de tim kiem Ipi nhuan ngJQ' ca trong giai doan giam gia ciia thj trucmg. Vii, vi vay, TTCK Viet Nam se co ca hpi tang them su hap dan va tinh thanh khoan trong khi co quan quan ly ciing co the kiem tra, ^lam sat boat dpng nay mpt each hiiu hieu nhSm giam thieu toi da tac dpng tieu cyc ciia hoat dpng ban khong. Ngoai ra, viec ap dung ban khong s£
danh dau mpt buoc phat trien quan trpng cOa TTCK Viet Nam trong tiin trinh hpi nhap quoc te. thu hut ngay cang dong cac nha diu tu nuoc ngoai tham gia. •
'" Ve hop dong tuong lai, hop dong ky han, quyen chon va cac tpai chiing khoan phai sinh khac, xem:
Biii Le Ha, N^uySn Van Scm, Ngo Thi N^oc HuySn.
Nguyen Thj Hong Thu (2000), Gidi thieu vi thi trudns future vd option, Nxb T b i n g Ke, Ha N^i.
" V^ ban chSt v i cich thiic su dung cie loai lenh nay, xem: Bai Nguyen Hoan (1999), tldd, tr 153-157.
