Lý Thuyết Thông Tin Bất Cân Xứng Vận Dụng Trên Thị Trường Tài Chính

7/24/2019 L Thuyt Thng Tin Bt Cn Xng Vn Dng Trn Th Trng Ti Chnh

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TRNG I HC NGOI THNG H NIKHOA KINH T V KINH DOANH QUC T

----------

KHO LUN TT NGHIP

TN TI:

Thng tin bt cn xng trn th trng

ti chnh Vit nam, thc trng v gii php

H v tn sinh vin :Nguyn Th Phng Nht

Lp : Anh 14

Kho : K42 D

Gio vin hng dn : THS.Nguyn Th Tng Anh

H ni, thng11/2007


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MC LCDanh mc t vit ttLi m u........................................................................................................................... 2CHNG I: L lun chung v th trng ti chnh v l thuyt thng tin bt cn xng . 6

I. L lun chung v th trng ti chnh...................................................................... 61. Cc th trng cu thnh...................................................................................... 61.1. Theo thi gian o hn ca cc cng c ti chnh......................................... 6

1.1.1. Th trng tin t:.................................................................................... 61.1.2. Th trng vn:....................................................................................... 7

1.2. Theo cch thc huy ng vn........................................................................ 71.2.1. Th trng n:......................................................................................... 71.2.2. Th trng c phn:................................................................................. 8

1.3. Theo thi im cc cng c ti chnh c a ra th trng....................... 81.3.1. Th trng s cp.................................................................................... 81.3.2. Th trng th cp:................................................................................. 8

2. Cc loi hnh nh ch ti chnh........................................................................... 92.1. Cc nh ch ti chnh nhn tin gi............................................................. 92.1.1. Ngn hng thng mi:..........................................................................102.1.2. Hip hi tit tim v cho vay:.................................................................102.1.3. Ngn hng tit kim tng h:................................................................102.1.4. Lin hip tn dng:..................................................................................11

2.2. Cc nh ch tit kim theo hp ng:..........................................................112.2.1. Cng ty bo him:..................................................................................112.2.2. Qu hu tr:............................................................................................12

2.3. Cc nh ch u t trung gian.....................................................................122.3.1. Cng ty ti chnh:...................................................................................12

2.3.2. Qu u t:............................................................................................122.3.3. Qu tng h th trng tin t:.............................................................132.3.4. Ngn hng u t:..................................................................................13

3. Ba vn c hu ca th trng ti chnh..........................................................143.1. Chi ph giao dch...........................................................................................143.2. Bt cn xng v thng tin.............................................................................143.3. Bt n nh mang tnh h thng....................................................................15

II. L thuyt thng tin bt cn xng ...............................................................................151. Gii thiu chung v l thuyt thng tin bt cn xng . .......................................151.1. La chn ngc............................................................................................171.2. Ri ro o c...............................................................................................20

1.3. Pht tn hiu..................................................................................................222. Thng tin bt cn xng trong th trng ti chnh .............................................232.1. La chn ngc............................................................................................232.2. Ri ro o c...............................................................................................25


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3. Tc ng ca tnh trng thng tin bt cn xng ti tnh hiu qu ca th trng 284. Nhng bin php chung hn ch tr ngi thng tin bt cn xng .....................284.1. Sng lc.........................................................................................................28

4.2. Pht tn hiu..................................................................................................294.3. Gim st trc tip..........................................................................................304.4. Gim st gin tip thng qua cc ng c khuyn khch:.............................31

Chng II: Thc trng thng tin bt cn xng trn th trng ti chnh Vit Nam ........33I. Tng quan v th trng ti chnh vit nam...........................................................33II. Thc trng thng tin bt cn xng trn th trng ti chnh ............................38

1. Thng tin bt cn xng trn th trng tn dng ngn hng.............................381.1. La chn ngc trong phn phi tn dng...................................................381.2. Ri ro o c ca ngi i vay vn v ca bn thn cc ngn hng..........44

1.2.1. Ri ro o c ca ngi i vay vn trong s dng vn vay...................441.2.2. Ri ro o c ca bn thn cc ngn hng...........................................48

2. Thng tin bt cn xng trn th trng chng khon ........................................561.1. La chn ngc ca cc nh u t.............................................................57

1.1.1. Thng tin bt cn xng gia nh u t v cng ty pht hnh chngkhon. ...............................................................................................................571.1.2. Thng tin bt cn xng gia cc nh u t vi nhau............................61

1.2. Ri ro o c ca cc cng ty pht hnh chng khon..............................673. Thng tin bt cn xng trn th trng tin t: ..................................................704. nh gi chung v th trng ti chnh...............................................................71

Chng III: nh hng pht trin v gii php khc phc tnh trng thng tin bt cnxng trn th trng ti chnh vit nam.............................................................................72

I. nh hng pht trin th trng ti chnh Vit Nam - T tng v quan im cho ca ng v nh nc..............................................................................................72

1. Qun trit y quan im, ch trng ca ng v pht trin th trng tichnh v nhn thc ng th trng ti chnh ............................................................722. m bo s vn hnh ca th trng ti chnh trn c s cc quan h thtrng tht s..............................................................................................................733. t qu trnh pht trin v hon thin th trng ti chnh trong tng th hnhthnh ng b th ch th trng, ci cch c cu v hi nhp kinh t quc t........744. Hng ti hnh thnh v pht trin mt th trng ti chnh cn i hn, xcnh v la chn m hnh qun l ti chnh ph hp vi s pht trin ca th trngti chnh........................................................................................................................745. Tng cng hiu lc v hiu qu qun l Nh nc i vi th trng ti chnh

..............................................................................................................................756. Xy dng h thng ch s nh gi ri roti chnh v m hnh cnh bo sm.77


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II. Gii php khc phc tnh trng thng tin bt cn xng trn th trng ti chnhVit Nam..........................................................................................................................77

1. Trn th trng tn dng ngn hng...................................................................771.1. Bin php hn ch la chn ngc trong phn phi tn dng.....................77

1.1.1. Cc quy nh php l r rng, cht ch lin quan n hot ng tn dng.................................................................................................................771.1.2. H thng thng tin v c s d liu y , ng tin cy ........................78

a. Pht trin trung tm thng tin tn dng t nhn.........................................78b. H thng thng tin ni b ca bn thn cc t chc tn dng......................84

1.1.3. H thng cc tiu chun v k thut nh gi thng nht v ph hp vichun mc quc t.................................................................................................851.1.4. H thng ng k ti sn hiu qu...........................................................86

1.2. Bin php hn ch ri ro o c trong s dng vn vay .Error! Bookmark notdefined.

1.2.1. Vt th chp v s d b..............................................................................881.2.2. Cc iu kin hn ch:.................................................................................89

1.3. Bin php hn ch ri ro o c trong hot ng tn dng.............................901.3.1. iu chnh hp l cc chnh sch h tr ca Nh nc i vi hot ng tndng.......................................................................................................................90

a. Dng ti cp vn cho cc ngn hng quc doanh.......................................90b. Xy dng mt chnh sch bo him tin gi ph hp..................................90

1.3.2. Tng cng gim st Nh nc i vi hot ng Ngn hng......................92a. Hn ch i vi vic nm gi ti sn v yu cu v vn..............................92b. Gim st v kim tra ngn hng.................................................................94c. nh gi hot ng qun tr ri ro.............................................................95d. Yu cu v cng b thng tin......................................................................96

2. Trn th trng chng khon..............................................................................972.1. Tng cng hot ng gim st Nh nc i vi th trng chng khon 972.2. Tng cng cc quy nh php l v cng b thng tin ................................992.3. Nng cao hiu qu ca cc cng ty nh mc tn nhim (Credit RatingAgency)................................................................................................................... 1012.4. H tr hot ng kim ton......................................................................... 106Kt lun.................................................................................................................. 109


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DANH MC T VIT TT

TTTC: Th trng ti chnhTTCK: Th trng chng khon

NHTM: Ngn hng thng mi

NHTW: Ngn hng Trung ng

TTTD: Thng tin tn dng

DNNN: Doanh nghip nh nc

TTGDCK: Trung tm giao dch chng khon

SGDCK: S Giao dch chng khon

UBCKNN: y ban Chng khon Nh nc


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Thng tin bt cn xng trn th trng ti chnh Vit Nam - Thc trng v gii php------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------Nguyn Th Phng Nht - Anh 14 K42D -Kinh t v kinh doanh quc t

2

LI M U

1. Tnh cp thit ca ti:

Th trng ti chnh bao gm th trng tin t, th trng chng

khon v th trng tn dng ngn hng, gi mt vai tr quan trng trong

vic phn b hu hiu cc ngun vn trong nn kinh t. C c th trng

ti chnh pht trin lnh mnh l mt nhn t thit yu m bo n nh v

m, tng trng v nng cao kh nng cnh tranh ca nn kinh t. c bit

trong bi cnh ton cu ha v hi nhp kinh t quc t nh hin nay, khiVit Nam tr thnh thnh vin ca T chc thng mi th gii WTO, vai

tr ca th trng ti chnh cng tr nn quan trng hn. Nhng p lc hi

nhp, cam kt m ca mnh m trong khu vc ti chnh t ra mt yu

cu cp thit phi nghin cu nhng bt cp ang tr thnh tr lc i vi

s pht trin ca th trng ti chnh Vit Nam hin nay, t tm ra nhng

phng hng khc phc, gii quyt ph hp.

Chnh v vy, ti la chn ti kha lun tt nghip l: Thng

tin bt cn xng trn th trng ti chnh Vit nam, thc trng v gii php.

C rt nhiu vn ang tn ti cn tr s pht trin lnh mnh ca th

trng ti chnh Vit Nam nh s can thip khng hp l ca Nh nc,

thng tin thiu minh bch v khng hiu qu, thiu s tham gia ca nhiu

nh ch ti chnh trung gian, vn ha kinh doanh ca cc doanh nghip

cha c, c s h tng cha tng xng,... Kha lun ny xin c tip cn

nhng tn ti, bt cp trn trong th trng ti chnh trn c s l thuyt

Thng tin bt cn xng - mt l thuyt ang chim gi v tr quan trng


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3

trong nn kinh t hc hin i do nhm ba nh khoa hc George Akerlof,

Michael Spence v Joseph Stiglitz a ra.

2. i tng v ni dung nghin cu:

i tng nghin cu ca kha lun l th trng ti chnh Vit Nam

vi cc th trng cu thnh l th trng tin t, th trng tn dng v th

trng chng khon. Ni dung nghin cu l tnh trng thng tin bt cn

xngvi nhng biu hin c th trn tng th trng.

3. Mc tiu nghin cu:Mc tiu nghin cu ca kha lun l a li mt ci nhn c th, y

v tnh trng thng tin bt cn xng trn th trng ti chnh Vit Nam,

phn tch nguyn nhn nhm xut nhng bin php gii quyt ph hp.

4. Phng php nghin cu:

Phng php nghin cu ca ngi vit l i t c s l thuyt

chung v dn chiu n cc biu hin c th trn thc t th trng ti chnh,

t a ra nhng phng hng gii quyt tng ng.

5. Kt cu ca kha lun:

Ngoi li m u, kt lun v danh mc ti liu tham kho, kha lun

gm c 3 chng:

Chng 1: L lun chung v th trng ti chnh v L thuyt thng

tin bt cn xng.

Chng 2: Thc trng Thng tin bt cn xng trn th trng ti chnh Vit

Nam

Chng 3: Gii php kin ngh khc phc tnh trng thng tin bt cn

xng trn th trng ti chnh Vit Nam


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Ngi vit hy vng kha lun ny s ng gp mt ci nhn tng qut

v th trng ti chnh thng qua mt cch tip cn kh mi, v xut mt

vi gii php c th khc phc tnh trng thng tin bt cn xng.

Qua y, ti cng xin c gi li cm n ti c gio Th.S Nguyn Th

Thy Anh gi cho ti chn ti ny, T.S V Tr Thnh - Trng ban

Nghin cu Chnh sch v Hi nhp, Vin nghin cu kinh t Trung ng

hng dn phng php nghin cu v h tr ti trong qu trnh thu thp ti liu,

v trn ht l li cm n chn thnh ti c gio - Th.S Nguyn Th Tng Anh, nhit tnh hng dn, gip ti hon thnh kha lun trong sut thi gian

qua.


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6

CHNG I

L LUN CHUNG V TH TRNG TI CHNH V L

THUYT THNG TIN BT CN XNG

I.L LUN CHUNG V TH TRNG TI CHNH

Th trng ti chnh l ni trao i, giao dch cc loi hng haca

th trng, l cc quyn i n ti chnh (financial claims).1

1. Cc th trng cu thnh

Th trng ti chnh c th c phn loi theo nhiu cch thc khc

nhau, theo thi gian o hn ca cng c ti chnh, theo cch thc huy ng

vn hoc theo thi im pht hnh cng c ti chnh ra cng chng.

1.1.Theo thi gian o hn ca cc cng c ti chnh

1.1.1.Th trng tin t:

Th trng tin t l th trng pht hnh v mua bn cc cng c ti

chnh ngn hn (k hn di 1 nm). Th trng tin t thng bao gm th

trng ni t lin ngn hng, th trng ngoi t lin ngn hng v th trng

u thu tn phiu kho bc. Cc ch th tham gia th trng tin t bao gmNgn hng trung ng, cc ngn hng thng mi, v cc t chc ti chnh

phi ngn hng, chnh ph, cc doanh nghip, cc c nhn v cc nh mi

gii tin t.

Cc cng c ti chnh c giao dch trn th trng tin t c ri ro thp,

tnh thanh khon cao. Cc cng c ca th trng tin t bao gm tn phiu

kho bc, chng ch tin gi, thng phiu, chp phiu ca ngn hng, tha

thun mua li, tn phiu NHTW.

1.1.2.Th trng vn:

1V Tr Thnh (ch bin), L Xun Sang (ng ch bin), inh Hin Minh, Trnh Quang


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Th trng vn l th trng pht hnh v mua bn li cc cng c ti

chnh (cc cng c n v cc cng c vn) c thi hn trn 1 nm. Th

trng vn gm th trng tn dng v TTCK (th trng c phiu v th

trng tri phiu). Cc ch th chnh tham gia th trng vn l ngn hng

thng mi, t chc ti chnh phi ngn hng, chnh ph, cc doanh nghip,

c nhn, cc nh mi gii chng khon.

Hng ha giao dch trn th trng vn bao gm c phiu, tri phiu

chnh ph, tri phiu cng ty, kh c th chp v tn dng trung - di hn

ca ngn hng. Cc cng c ca th trng vn thng c ri ro ln hn

v c mc li tc cao hn cc cng c ca th trng tin t.Th trng vn v th trng tin t c mi quan h qua li mt thit

vi nhau. Trong mt th trng ti chnh pht trin, nhng bin ng trong

nn kinh t lc u tc ng ln mt th trng cu thnh sau s d dng

lan truyn n cc th trng khc trong ton b h thng. Chng hn, vic

thay i li sut c tc ng lan ta ln th trng tin t ln th trng vn.

T gi hi oi bin ng s c tc ng ln dng vn ngn hn cng nh

di hn.

Ngy nay, khi th trng ti chnh ngy cng pht trin, cc cng c

ti chnh c s dng an xen gia cc th trng. Nhng cng c mi

khng ngng ra i v mang c trng ca nhiu loi cng c ti khc.

Chnh v vy, ranh gii phn nh gia cc cng c ti chnh v cc th

trng cu thnh ca th trng ti chnh ngy cng mang tnh tng i.

Th trng tin t v th trng vn do cng tr nn gn b cht ch hn.

1.2.Theo cch thc huy ng vn

1.2.1.Th trng n:


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Th trng n l th trng trong ngi cn vn huy ng vn

bng cch pht hnh cc cng c vay n hay thc hin mt mn vay th

chp. Ngi vay thanh ton cho ngi nm gi cc cng c n mt khon

tin c nh (li sut) trong nhng khong thi gian u n cho ti mt thi

im quy nh trc (ngy o hn) l lc t thanh ton cui cng c

thc hin. K hn thanh ton ca mt cng c n l thi gian tnh ti ngy

kt thc ca cng c vay n. Cng c vay n c th c thi gian o hn t

1 nm tr xung, cng c n trung hn c thi gian o hn t 1 nm ti 10

nm, v cng c n dihn c thi gian o hn trn 10 nm.

1.2.2.Th trng c phn:Th trng c phn l th trng trong ngi cn huy ng vn

bng cch pht hnh cc c phiu. Cc c phiu l quyn c chia phn

trn li rng (sau khi tr chi ph v thu) v ti sn ca cng ty pht hnh c

phiu. Ngi nm gi c phiu c gi l c ng. Cc c ng thng

c thanh ton c tc theo nh k. Cc c phiu khng c thi gian o

hn v c coi l cc chng khon di hn.

1.3.Theo thi im cc cng c ti chnh c a ra th trng

1.3.1.Th trng s cp

Th trng s cp l ni din ra cc hot ng mua bn ln u

cc cng c ti chnh. Th trng ny thu ht cc khon tit kim ca cc

h gia nh v cc khon vn nhn ri ca cc doanh nghip v ca chnh

ph thnh cc khon u t vn. iu ny c ngha l cc ch th pht

hnh thu c tin t vic bn cc cng c ti chnh ti tr cho vic

u t ngn hn hoc di hn.

1.3.2.Th trng th cp:


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Th trng th cp l ni din ra cc hot ng mua bn li cc cng c

ti chnh c pht hnh trn th trng s cp. Khc vi th trng s

cp, khon tin thu c t bn chng khon trn th trng th cp

thuc v cc nh u t, cc nh kinh doanh chng khon/ t doanh

chng khon, ch khng thuc v cc t chc pht hnh chng khon.

2. Cc loi hnh nh ch ti chnh

Nh cp trn, cc ch th tham gia trn th trng ti chnh

bao gm cc doanh nghip, cc nh u t, cc c nhn, chnh ph, v cc

nh ch ti chnh trung gian. Trong , cc nh ch ti chnh trung gian l

cc ch th quan trng nht tham gia th trng.Cc nh ch ti chnh c phn loi theo nhiu cch khc nhau nh

theo cc c trng v chp nhn ri ro, theo thi hn ca cc khon vay v

cc khon cho vay hoc theo cch chuyn i cc tha thun ti chnh. Cch

thng thng l cc nh ch ti chnh c phn loi theo loi hnh dch v

cung cp, bao gm: cc nh ch ti chnh nhn tin gi, cc nh ch u

t. Cch phn loi cc nh ch ti chnh ch c tnh tng i.2

2.1.Cc nh ch ti chnh nhn tin gi

Cc nh ch ti chnh nhn tin gi thng nhn tin gi t cc c nhn, t

chc khc ri sau cho vay li. Cc nh ch ny c c im chung l u

nhn tin gi t dn c v cc php nhn. S tin gi ny c em cho vay

trc tip ti cc c nhn hay t chc khc cn vn, mt phn khc c th

c u t vo cc chng khon. Thu nhp ca cc nh ch ny c to

ra t hai ngun: Thu nhp t cc khon cho vay v mua chng khon, v thu

2 Trong cc ti liu v th trngti chnh, quan nim v cch phn loi v cc nh ch

ti chnh c th khc nhau. Kha lun ny da theo s phn loi ca cun Th trng tichnh Vit Nam - Thc trng, vn v gii php chnh sch, nhm tc gi V Tr Thnh(ch bin), L Xun Sang (ng ch bin), inh Hin Minh, Trnh Quang Long, NhXut bn Ti chnh, 2004.


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nhp t cc khon l ph. Cc nh ch ti chnh nhn tin gi bao gm cc

ngn hng thng mi, cc hip hi tit kim v cho vay, cc ngn hng tit

kim tng h (mutual savings banks) v cc lin hip tn dng (credit

unions).

2.1.1.Ngn hng thng mi:

Ngn hng thng mi c 2 chc nng c bn l cung cp dch v

thanh ton v ti phn b vn t ngi tit kim (c vn nhn ri) sang

ngi vay tin (c nhu cu v vn). Ngn hng thng mi ng vai tr

trung gian gia ngi tit kim v ngi i vay, huy ng vn ch yu bng

2 cch l nhn tin gi v pht hnh tri phiu. Ngn hng c th s dngvn huy ng c cho vay li v mua chng khon.

2.1.2.Hip hi tit tim v cho vay:

Ngun vn hng u ca cc hip hi ny l cc khon tin gi tit

kim, cc khon tin gi c k hn, cc khon tin gi c th chuyn thnh

sc. Thng thng, cc ngun vn thu c dng cho vay th chp. Ngy

nay, cc hip hi tit kim v cho vay c php pht hnh cc khon sc,

thc hin cc khon cho vay tiu dng v thc hin nhiu hot ng trc

y ch dnh cho cc ngn hng thng mi. Tng t nh cc ngn hng

thng mi, cc hip hi tit kim v cho vay cng c yu cu gi tin ti

ngn hng trung ng.

2.1.3.Ngn hng tit kim tng h:

Hot ng ca cc ngn hng tit kim tng h tng i ging vi

cc qu tit kim v cho vay. H nhn cc khon tin gi v dng chng

trc ht l cho vay th chp. Cu trc t chc ca cc ngn hng tit

kim tng h hi khc cc qu tit kim v cho vay ch h lun c t

chc nh c s tng tr ln nhau, tc l h hot ng nh mt hp tc


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x trong nhng ngi s hu tin gi li l cc ch s hu ngn hng.

Ngy nay, cc ngn hng tit kim tng h cng c th pht hnh sc v

thc hin cc khon cho vay khc ngoi cc khon cho vay th chp.

2.1.4.Lin hip tn dng:

Cc lin hip, qu tn dng l cc t chc cho vay rt nh c tnh cht

nh cc hp tc x c t chc xung quanh mt nhm x hi c bit. Cc

thnh vin ca qu tn dng l nhng ngi lao ng ca mt cng ty no

. H thu nhn vn t cc khon tin gi v trc ht l thc hin cckhon cho vay. Cc qu tn dng cng c php pht hnh cc khon tin

gi c th chuyn thnh sc v c th thc hin cc khon cho vay tiu

dng.

2.2.Cc nh ch tit kim theo hp ng:

Cc nh ch tit kim theo hp ng l nhng nh ch ti chnh

nhn vn theo nh k trn c s cc hp ng. Do c th d tnh c

nhng khon phi thanh ton trong tng lai, cc nh ch tit kim ny

khng phi lo lng nhiu v vic thiu ht vn nh cc nh ch ti chnh

nhn tin gi. Cc nh ch tit kim theo hp ng c xu hng u t vn

vo cc chng khon di hn nh tri phiu cng ty, c phiu v cc khon

cho vay th chp. Cc nh ch tit kim theo hp ng ch yu bao gm

cc cng ty bo him v cc qu hu tr.

2.2.1.Cng ty bo him:

Cng ty bo him l nh ch ti chnh m nhn vic thc hin mt

khon thanh ton mi khi c mt s vic xy ra vi mt khon ng gp

trc ca ngi tham gia bo him. Cng ty bo him hot ng vi t


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cch l ngi chp nhn ri ro. Cng ty bo him thu ph t nhng ngi

mua bo him huy ng vn v sau ch yu u t khon tin nhn

c vo chng khon. C 2 loi hnh cng ty bo him chnh l cc cng ty

bo him nhn th v cc cng ty bo himphi nhn th.

2.2.2.Qu hu tr:

Cc qu hu tr c cng ty t nhn, chnh ph hoc chnh quyn a

phng, cc nghip on lao ng i din cho cc thnh vin ca mnh, v

cc c nhn c nhu cu thnh lp thanh ton nhng khon phc li cho

ngi lao ng khi h v hu. c im ca qu ny l chng lin quan n vic

u t vo mt ti sn c tnh thanh khon rt thp, l hp ng hu tr. Mtnhn t quan trng thc y s pht trin nhanh chng ca cc qu hu tr l cc

khon ng gp ca ch s dng lao ng v ca ngi lao ng cng nh cc

khon thu c t ti sn ca qu u khng b nh thu. V thc cht, qu

hu tr l mt hnh thc tr cng cho ngi lao ng m khng b nh thu cho

n khi s tin ny c rt ra, nc tc dng khuyn khch ngi lao ng

li vi doanh nghip.

2.3.Cc nh ch u t trung gian

2.3.1.Cng ty ti chnh:

Cc cng ty ti chnh thng huy ng vn bng cch bn thng

phiu (cng c n ngn hn) v pht hnh cc c phiu v tri phiu. Cc

cng ty ti chnh c th cho vay tiu dng hoc cho cc doanh nghip vay

u t. Mt s cng ty ti chnh do cng ty m thnh lp vi mc ch h tr

tn dng mua hng t cng ty m.

2.3.2.Qu u t:

Qu u t l mt t chc ti chnh phi ngn hng huy ng vn

bng hnh thc hn vn u t (investment pool) thng qua vic pht hnh


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cc c phiu hoc cc chng ch hng li. Vic hn vn m bo cho thnh

vin ca qu mua c c phiu v tri phiu vi chi ph giao dch thp. Cc

c ng cng c th bn c phiu ca mnh c trong Qu vo bt k lc no

vi gi tr ph thuc vo gi tr ca c phiu m Qu u t ti thi im

.

Cc qu u t thc hin cc hot ng u t vn bng 2 cch: trc

tip (tc l tham gia vo mt cng ty vi t cch l mt c ng thnh lp)

v gin tip (tham gia TTCK, hoc cho thc hin cc khon cho vay c th

chuyn thnh c phn).

2.3.3.Qu tng h th trng tin t:Cc qu tng h th trng tin t pht hnh cc c phiu thu ht

vn, sau vn ny c dng mua cc cng c chnh trn th trng

tin t. Li sut thu c t cc cng c ti chnh c thanh ton cho cc

c ng. Cc c ng ca qu c th pht hnh sc ng vi gi tr phn ti

sn c phn ca h c trong qu. Tuy vy, qu ny cng c nhng hn ch

i vi vic s dng c quyn pht hnh sc. Sc thng khng c pht

hnh vi mt tng gi tr nh hn mc ti thiu quy nh trc.

2.3.4.Ngn hng u t:

Ngn hng u t thng tin hnh cc hot ng sau: (i)H tr cc

doanh nghip huy ng vn trn TTCK nh t vn pht hnh c phiu, tri

phiu v bo lnh pht hnh, (ii) kinh doanh chng khon nh mi gii

chng khon, t doanh chng khon, v qun l qu u t chng khon,

(iii) t vn v sp nhp v mua li cng ty. Ngy nay, cc ngn hng u t

c xu hng m rng hot ng sang lnh vc hot ng ca cc ngn hng

thng mi. Cc ngn hng u t cng nhn tin gi v cho vay. iu ny

to p lc cnh tranh ln ln cc ngn hng thng mi.


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3. Ba vn c hu ca th trng ti chnh

3.1.Chi ph giao dch

Cc giao dch ti chnh thng ko theo nhng chi ph v thi gian v

tin bc. Chi ph giao dch l mt vn ln i vi nhng ngi tit kim

nh, n l trong vic vay vn v mua chng khon. Tin li thu c t cc

khon cho vay nh c th khng b p cc chi ph k kt cc kh

c vay vn. Ngi tit kim s phi tr chi ph giao dch ln trong trng

hp mua chng khon do s tin tit kim ch mua mt s lng nh

chng khon. V vy, ngi tit kim ch c th thc hin mt s khon ut nhv phi i mt vi nhiu ri ro do khng c kh nng a dng ha

cc khon u t. Nh vy chi ph giao dch cao loi tr nhiu ngi c

mn tin tit kim nh v nhng ngi i vay cc mn n nh c tham

gia trc tip trn th trng ti chnh.

3.2.Bt cn xng v thng tin

Mt trong nhng nhn t thit yu th trng ti chnh hot ng

hiu qu l s c c thng tin y , kp thi v cht lng, gi c v s

sn c ca cc sn phm hoc dch v ti chnh trn th trng. Vic thiu

thng tin trn th trng ti chnh c th lm cho nhng ngi tham gia th

trng ra cc quyt nh sai lch.

Mt trng hp ca tnh trng thng tin khng y l tnh trng bt

cn xng v thng tin. Bt cn xng v thng tin xy ra trong trng hp

nhng ngi tham gia th trng c c cc thng tin khc nhau lin quan

n cc giao dch ti chnh. Mt bn giao dch thng khng bit y cc

thng tin cn thit v i tc c nhng quyt nh ng n. V d, mt

ngi i vay mt khon tin thng c thng tin tt hn v li ch tim n


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v ri ro km theo vi d n u t m anh ta d nh tin hnh so vi ngi

cho vay.

Tnh trng bt cn xng v thng tin c th xy ra trc, trong

v/hoc sau khi giao dch ti chnh c thc hin. TNH trng ny lm cho

th trng ti chnh khng cn l mt c ch phn b cc ngun vn mt

cch c hiu qu. Bt cn xng v thng tin c th dn n cc vn nh:

la chn ngc, ri ro o c v hnh vi by n (hay hnh vi m ng).

3.3.Bt n nh mang tnh h thng

Sbt n nh mang tnh h thng l mt c tnh c bn ca th

trng ti chnh so vi cc th trng khc. S bt n nh mang tnh hthng xy ra khi mt nh ch ti chnh khng th thc hin cam kt ti

chnh; iu ny c th dn n tnh trng hong lon chung trong ton h

thng ti chnh khi c nhiu ngi s rng mt nh ch no cng s

khng thc hin cc cam kt ti chnh ca mnh. Mt cuc khng hong c

th xy ra khi s lan truyn kiu ny lm cho cc nh ch ti chnh khc

ang hot ng c hiu qu b ri vo tnh trng nguy him. Khng phi

ngu nhiu m ri ro c xem l yu t trung tm c nh hng ti hnh

vi ti chnh.

II. L THUYT THNG TIN BT CN XNG

1. Gii thiu chung v l thuyt thng tin bt cn xng3.

Trong sut hn3 thp k tr li y, l thuyt v th trng vi thng

tin bt cn xng tr thnh mt lnh vc nghin cu kinh t quan trng v

3 Cc v d minh ha trong phn ny c tham kho ti Bi ging Thng tin bt cn

xng trong ti chnh, Hc k Xun 2005, B mn Ti chnh pht trin, Chng trnhging dykinh t Fulbright, tc gi Xun Thnh, L Hng Nht, bin dch Thch Qun.


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ht sc th v. Cc m hnh kinh t vi tnh trng thng tin khng hon ho

tr thnh mt cng c khng th thiu c ca cc nh nghin cu kinh

t. T l thuyt ny c khng bit bao nhiu ng dng trong thc t, t

nhng nn th trng nng nghip truyn thng ca cc quc gia ang pht

trin cho n nhng th trng ti chnh hin i nhng nn kinh t pht

trin. C s cho l thuyt thng tin bt cn xng ny c a ra ln u

tin vo nhng nm 1970 bi mt nhm ba nh khoa hc gm George

Akerlof, Michael Spence v Joseph Stiglitz. n nm 2001 th l thuyt ny

khng nh c v tr trong nn kinh t hc hin i khi cc nh nghin

cu ni trn cng vinh d c trao gii thng Nobel Kinh t cho cngtrnh nghin cu phn tch cc th trng vi tnh trng thng tin bt cn

xng.

L thuyt thng tin bt cn xng ra i khi l thuyt kinh t hc tn

c in tht bi trong vic gii thch mt cch hiu qu ti sao cc th ch

th trng xut hin. L thuyt kinh t tn c in v th trng gi nh

ngi bn v ngi mua c thng tin hon ho v: (i) i tc bn kia ca

giao dch, (ii) cht lng, c im ca hng ha hay dch v c trao i,

v (iii) cu trc th trng. Gi nh trn l hon ton hp l nu nh ta d

dng c c cc thng tin. Tuy nhin, trn thc t phi tn chi ph mi c

c thng tin, thm ch trong nhiu trng hp mt i tng tham gia

giao dch khng th bit c thng tin ca i tc bn kia cho d c b bao

nhiu tin thu thp thng tin i na. Trong nhiu th trng hng ha,

ngi mua thng kh phn bit c gia sn phm cht lng tt vi sn

phm cht lng ti. Trong th trng lao ng, cc cng ty v ngi s

dng lao ng thng gp rt nhiu kh khn trong vic xc nh k nng v

nng lc ca nhn vin trong cng ty mnh khi mi bt u tuyn dng.


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Trong th trng ti chnh, ngi cho vay thng phi mtchi ph kh cao

xc nh c mc uy tn hay thnh tch tn dng ca ngi i vay

tim nng.

L thuyt Thng tin bt cn xng i vo nghin cu tnh trng cc bn

tham gia vo giao dch khng c cc lng thng tin cn xng nhau. Mt

bn trong giao dch c li th v thng tin (informed party) cn bn kia b

bt li v thng tin (uninformed party). Thng tin y c th l mt hnh

ng (action) hay mt c im (characteristic) ca bn c li th v thng

tin. V d ca s bt cn xng thng tin v c im ca mt bn c th thy

th trng hng ha c, nh xe c chng hn: ngi bn hng thng cthng tin y v chnh xc hn v thc trng cht lng ca chic xe

mnh s dng, cn ngi mua thng ri vo trng thi bt li v thng

tin. Cn v d cho s bt cn xng thng tin v hnh ng l mi quan h

gia ngi ch doanh nghip vi nhng nhn vin ca mnh nh nhn vin

bn hng. Ngi ch doanh nghip khng th bit mt cch chnh xc liu

nhn vin ca mnh c thc s tn tm vi cng vic hay khng, c tm mi

cch tng doanh s bn hng hay khng, v s n lc khng phi lc no

cng c th c quan st trc tip v o lng mt cch chnh xc.

L thuyt ny a ra ba lp bi ton quan trng l la chn ngc

(hay cn gi l la chn bt li - adverse selection), ri ro o c (hay cn

c dch l tm l li - moral harzard) v pht tn hiu(signalling). La

chn ngc v tm l li l hai h qu trc tip ca hin tng thng tin

bt cn xng, cn pht tn hiu l bin php hn ch tnh trng ny.

1.1. La chn ngc

La chn ngc l tnh hung thng tin bt cn xng xy ra trc khi

tin hnh giao dch: khi mt bn trong giao dch c li th thng tin v mt


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c imno (chng hn nh cht lng sn phm, tnh trngsc khe, s

lnh mnh v ti chnh, ) m bn kia khng th quan st vi chnh xc

tuyt i khin bn kia khng th a ra quyt nh chnh xc v ti u. Bn c

li th v thng tin c th li dng c im ny che du, bp mo thng tin

theo hng c li cho mnh. Cn bn thiu thng tin hn cn hiu c bt li

ny tm cc bin php buc bn c nhiu thng tin phi bc l nhng c

im hay thng tin cn bit.

Hy xem xt mt v d trong hot ng bo him. Mt cng ty bo

him pht hnh mt hp ng bo him ri ro mt xe. Kt qu c nhiu kh

nng xy ra l a s nhng ngi phi xe nhng ni khng an ton smua bo him. Thng tin v ni m ngi s dng xe hay gi xe l thng tin

ch ring anh hay ch ta bit. Ni mt cch khc, l thng tin m ngi

ngoi v c th l cng ty bo him khng th quan st c. Do vy, cng

ty khng th phnbit c tnh mc ph bo him khc nhau vi ri

ro khc nhau. Ai cng ni l mnh lun gi xe nhng ni an ton hy

vng c hng ph bo him thp. Trng hp ny, cng ty bo him s

p dng mt mc ph bo him bnh qun. Vi mt mc ph bo him bnh

qun nh vy, th nhng ngi thc s lun gi xe ni an ton khch

hng m cng ty bo him mun hng ti - s thy khng ng mua bo

him, cn nhng ngi c ri ro cao - i tng khch hng cng ty bo

him mun trnh - s sn sng mua. Nh vy, ch c nhng ngi c ri

ro mt xe cao mi mua bo him. Nh vy, cng ty bo him b t trong

tnh trng la chnngc v thc cht, cng ty bo him ch mun bn bo

him cho nhng khch hng gi xe ni an ton.


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Hy xem xt mt v d khc trong th trng xe c 4. Nhng ngi

mun mua xe thng khng th bit mt cch chnh xc cht lng ca

nhng chic xe qua s dng. Vn ny cn c miu t trong kinh t

hc vi hnh nh nhng tri chanh (The Lemons problem *)5

H khng th phn bit c u l chic xe tt (mt qu o), u l

chic xe qu c, cht lng ti (mt qu chanh). V th, ci gi m h sn

sng tr mua mt chic xe c s phn nh cht lng trung bnh ca

nhng chic xe c trn th trng, s l mt mc gi nm gia gi ca mt

chic xe ti v gi ca mt chic xe tt.

V pha ngi bn xe c, anh ta bit r hn ai ht cht lng thc sca chic xe ca mnh. Nu chic xe ca anh ta l mt tri chanh, th

ngi ch xe s cc k sn lng bn cho bn vi mc gi trung bnh m bn

chp nhn, bi mc gi ny cao hn gi tr thc s ca chic xe. Trong khi

, nu chic xe ca anhta l mt tri o, tc l mt chic xe cht lng

tt, th anh ta s khng mun bn cho bn theo mc gi trung bnh . Bi v

nh chng ta ni trn, mc gi trung bnh cao hn mc gi ca chic

xe ti nhng li thp hn mc gi ca mt chic xe tt thc s. Anh ta bit

rng chic xe tt ca mnh b tr gi thp hn gi tr, v th s khng

mun bn n trn th trng. Chnh v hin tng ny, trn th trng s ch

c rt t nhng chic xe tt v ngi mua xe s ch mua c nhng chic xe

4Frederic S. Mishkin, Columbia University, 2004. The Economics of Money, banking

and Financial markets, Chapter 1: Why study money, banking and financial markets?Asymmetric Information: Adverse Selection and Moral Hazard,Pearson Addison Wisley,New York, USA.

5Nghin cu c th v nhng tho lun xung quanh Vn nhng tri chanh (Lemons

problem) c th c tham kho a ch :www.nobel.se/economics/laureates/2001/public.html
http://www.nobel.se/economics/laureates/2001/public.htmlhttp://www.nobel.se/economics/laureates/2001/public.htmlhttp://www.nobel.se/economics/laureates/2001/public.html


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cht lng km, vi mc gi cao hn gi tr thc s ca n. y chnh l

hin tng la chn ngc.

Hin tng ny c th thy r th trng xe my Trung Quc ti

Vit Nam. Th trng ny c 2 loi xe: xe cht lng tt v xe dm. Gi s

xe cht lng tt chim mt phn t s xe bn. V gi s nhng ngi c xe

tt sn lng bn vi gi 700$, cn nhng ngi c xe dm sn lng bn vi

gi 300$. Ngi mua xe sn lng tr 800$ cho xe tt nhng ch tr 400$ cho

xe dm. Nu c cch bit r c loi xe m mnh mua, th ngi mua xe s

tr trong khong 700 - 800$ cho mt chic xe tt, v khong 300 - 400$ cho

mt chic xe dm.Tuy nhin thc t l ngi bn xe bit c cht lng ca chic xe

anh ta bn, cn ngi mua th khng c cch no quan st c cht lng

ca nhng chic xe trc khi mua. ng c ca ngi bn xe dm l lun

che du thng tin v ni rng xe anh ta l xe tt. Do lun c kh nng mua

phi xe dm (vi xc sut l 3/4) nn ngi mua khng bao gi tr 700 -

800$ cho mt chic xe. Anh ta s tr mt mc gi k vng l 3/4*400 +

1/4*800 = 500$. Nh vy ngi c xe tt s khng bn v anh ta i 700$.

Vn la chn ngc ny sinh v nhng ngi c ng c bn xe ch ton

l nhng ngi c xe dm.

1.2. Ri ro o c

Hin tng ri ro o c ltnh trng thng tin bt cn xng xy ra

saugiao dch, trong mt bn trong giao dch c t thng tin hn bn kia

v hnh ng ca bn kia sau khi giao kt hp ng. Do bn c nhiu thng

tin hn c th d dng che y hnh ng ca mnh, nn h c xu hng

hnh ng i ngc li li ch ca bn kia v theo hng c li cho mnh.

Hin tng ny cn c nghin cu di hnh thc l vn ngi y thc


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- i l (principal - agent problem). Vn ny sinh khi c s phn ly v

quyn li. Mt cng ty mun nhn vin bn hng ca mnh ch ng tm

kim khch hng, nhng cc nhn vin th thch ngi khng v ung tr.

Khc bit v quyn li i km vi thc t l ch cng ty khng th quan st

c hnh ng ca cc nhn vin bn hng ca mnh. Ni mt cch khc,

ta gp phi vn hnh ng b che y. Nu nh ngi ch s hu c th

quan st c nhn vin lm vic c trch nhim nh th no, th s khng

c vn v ng c khuyn khch nhn vin b b cng vic lm vic

ring. Bi lc , ngi ch s hu n gin ch cn tr lng cn c trn

n lc ngi nhn vin b ra. Nhng thng th vic o lng cc hot ngca nhn vin, vic kim chng cc thng tin c bo co i vi ngi

ch s hu l v cng tn km hoc thm ch khng th thc hin c.

hiu r hn v khi nim ri ro o c, ta hy dng mt v d v

bo him, ni thut ng ny bt ngun. Trong phn ni v la chn ngc

trn, chng ta s dng v d v ri ro mt xe my minh ha cho khi

nim la chn ngc. Ta thy rng trc khi k hp ng bo him, cng ty

bo him khng bit c c im ca cc khch hng (thng tin b che y

dn ti la chn ngc). Thm ch sau khi k hp ng, cng ty bo him

cng khng cng khng quan st c hnh vi ca khch hng. Nhngngi

sau khi mua bo him thng tr nn bt cn hn. H khng cn gi xe cn

thn nh trc na v li rng nu mt th cng c cng ty bo him n

b. y chnh l tm l li hay ri ro o c. Kt qu l xc sut mt xe ca

nhng ngi bo him tng ln ng k, t ko theo chi ph n b ca cng

ty bo him tng ln.

Nu quan st c hnh vi ca khch hng, cng ty bo him s a

vo trong hp ng cc iu khon xc nh r nhng hnh vi (bt cn)


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no dn ti mt xe th s khng c bi thng v s thc thi nhng iu

khon . Tuy nhin, vic quan st hnh vi l rt tn km, nu khng mun

ni l khng kh thi. Do vy, khi mt khch hng n i n b th cng ty

bo him thng khng c cch no xc nh c l khch c thc

hin ng cc iu khon hp ng hay khng.

1.3.Pht tn hiu

Trong th trng xy ra tnh trng thng tin bt cn xng, khng phi

lc no bn c nhiu thng tin cng l bn c li th. Chng hn trong th

trng xe my Trung Quc, nhng ngi sn xut xe my tt thc s l bnc nhiu thng tin hn v cht lng sn phm ca mnh nhng h vn

khng th bn c hng do pha ngi mua khng c thng tin y v

cht lng sn phm. Trong nhng trng hp th ny, ngi nm gi

nhng thng tin ring bit cn ch ng thc hin nhng hot ng lm cho

i tc trong giao dch bit c thng tin v mnh. Ngi bn xe cht lng

tt s c ng c khuyn khch pht ra tn hiunhm mc ch lm cho

ngi mua bit c mnh bn xe tt v sn lng tr gi cao cho xe tt ny.

Mt tn hiu m ngi bn xe c th pht i ngi mua xe nhn bit

c, chnh l iu khon bo hnh.

Nu ngi bn mun thc hin mt hnh vi no pht tn hiu th

s phi tn chi ph. im then cht l chi ph pht tn hiu ca ngi bn sn

phm cht lng xu lun lun cao hn chi ph pht tn hiu ca ngi bn

sn phm cht lng cao. Do vy, ngi bn sn phm ti s khng c ng

c tm cch pht tn hiu v ni di. V d, vic cung cp ch bo hnh

i vi ngi bn xe cht lng km s i hi nhiu chi ph hn ngi bn

xe hi tt. Khi , bo hnh xe tr thnh mt tn hiu ht sc hiu qu.


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Trong th trng tn dng, nu mt c nhn trc tn nhiu

cng sc thit lp thnh tch tn dng tt, li tuyn b ca anh ta rng anh

ta c nh hon tr mn n s ng tin hn. Thnh tch tn dng ca anh ta

khi s ng vai tr nh mt tn hiu.

2. Thng tin bt cn xng trong th trng ti chnh

Nh trnh by phn l lun chung v th trng ti chnh, mt

trong nhng vn c hu ca th trng ti chnh chnh l chi ph giao

dch. S tn ti ca chi ph giao dch trong th trng ti chnh phn no l

gii c ti sao cc trung gian ti chnh v ti chnh gin tip li ng vai

tr quan trng trong th trng ti chnh nh vy. Mt l do khc na ltrong th trng ti chnh, mt bn thng khng bit thng tin v bn

kia a ra cc quyt nh ng n. V d mt ngi i vay thng c

nhiu thng tin v ngun thu nhp tim nng trong tng lai cng nh nhng

ri ro lin quan vi d n u t ca h hn l ngi cho vay. Tnh trng thng

tin bt cn xng ny trong th trng ti chnh cng dn ti 2 vn trong h

thng ti chnh vo 2 thi im: trc v sau giao dch.

2.1.La chn ngc

La chn ngc l vn gy ra bi tnh trng thng tin bt cn xng

trc khi giao dch c tin hnh. La chn ngc trong th trng ti

chnh xy ra khi hu ht nhng ngi i vay c nhiu kh nng to ra kt

qu u t ti nht - ri ro tn dngcao - li l nhng ngi c kh nng s

vay c n nht.

hiu c ti sao li xy ra tnh hung la chn ngc, hy gi

thit l bn c 2 ngi bn m bn c th cho vay tin l A v B. A l kiu

ngi cn thn, truyn thng, ch i vay khi anh ta c mt k hoch u t

chc chn mang li li nhun. Cn B th ngc li, anh ta l mt k a liu


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lnh. B ch va mi ngh ti mt k hoch lm giu nhanh chng m s bin

anh ta thnh mt triu ph ch trong mt m nu anh ta c th kim c s

u t ban u l 1000$. Tuy nhin, khng may l nhng d n lm giu

nhanh kiu nh th ny li thng i lin vi ri ro rt cao: c nhiu kh

nng l khon u t ca B s khng mang li kt qu v anh ta s mt trng

1000$.

Vy th ai c nhiu kh nng s tm n bn hi vay hn? A hay B?

Tt nhin ngi s l B, bi v anh ta s kim c bn tin nu khon

u t thnh cng. Tuy nhin bn c th s khng thch cho B vay v c

nhiu kh nng B s tht bi v khng th tr li cho bn mn tin 1000$.Nu bn bit c A v B rt r, c ngha l thng tin hon ton cn xng, th

bn s khng gp vn g trong vic cho vay, bi v bn bit r rng B l

mt ri ro tn dng ln v bn s khng cho B vay. Gi thit l bn khng

bit r v c 2 th c khnng l bn s cho B vay bi v B s lun tm mi

cch vay c 1000$. Khi bn t t mnh vo tnh hung ri ro

cao. Nhng nu gi thit bn hiu r tnh trng thng tin bt cn xng ca

mnh v quyt nh khng cho ai vay m bo an ton vn, th li gy ra

mt tnh trng lng ph ngun lc bi nhng ngi nh A - c thnh tch tn

dng tt hoc c tim nng tr n cao - li khng th tm c mt ngun

vn u t cho d n kh thi ca mnh.

Tng t nh v d v th trng bo him xem xt trc, nu

cng tng ph bo him th cng lm cho nhng ngi c ri ro cao mua v y

nhng ngi ri ro thp ra, t li lm tng chi ph bi thng bo him.

Trong th trng tn dng, li sut m ngn hng quy nh cc i tng vay

phi tr snh hng ti s chn la nhng ai np h s xin vay vn. Li sut

cng cao th ch c nhng ai c d n u t ri ro cao mi sn sng vay. Nh


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vy, tng li sut c th dn ti s gia tng cc d n u t ri ro v gia tng

n kh i cho ngn hng. Vn ct li dn ti tnh trng ny l ngn hng

khng th phn bit c nhng ngi vay vn xem ai l ngi u t an tan

v ai l ngi u t ri ro.

2.2.Ri ro o c

Ri ro o c l vn gy nn bi tnh trng thng tin bt cn xng

sau khi giao dch xy ra. Ri ro o c chnh l nguy c (ri ro) ngi i

vay s tham gia vo nhng hot ng khng mong mun (phi o c) - xt

trn quan im ca ngi cho vay v anh ta tin rng nhng hot ng nh

th ny s lm gim kh nng thanh ton n ca ngi i vay. V v vn ri ro o c khin cho kh nng thu hi n gim i nn nhng ngi cho

vay s khng tip tc cho vay n na.

Hy xem xt mt v d v ri ro o c. Gi s bn cho mt ngi

ch C vay 1000$. C cn khon tin ny mua mt chic my son tho vn

bn anh ta c th m ca hng nh my thu cho i tng l sinh vin

vit kha lun. Tuy nhin, sau khi bn cho C vay n, C c v nh khng

mun u t vo ca hng nh my na m thay vo , anh ta bt u i

c cc trng ua nga. Nu anh ta c cc 1 n 20 v thng bng s tin

cho vay ca bn, th anh ta s c kh nng hon tr s n cho bn v ngoi ra

cn c th b ti s tin kh ln l 19000$. Nhng nu anh ta thua - m iu

ny rt d xy ra - th bn s mt trng 1000$, nhng nhng g anh ta mt

ch l uy tn ca mt ngi ch ng tin trong gia nh m thi. V th anh ta

s c ng c i ti c cc trng ua nga bi phn anh ta thu v nu c

cc ng (19000$) ln hn rt nhiu so vi nhng g anh ta mt (uy tn).

Nu bn bit r C nh lm g, th hin nhin bn s ngn cn anh ta n

trng ua nga, v anh ta s khng th lm tng ri ro o c. Tuy nhin,


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26

nm r thng tin v mi hot ng ca ngi i vay l rt kh, thm ch

khng th, c ngha l thngtin l bt cn xng, nn c nhiu kh nng l C

s tham gia c cc v bn c th s khng thu hi c s tin cho vay ca

mnh. Ri ro o c khin bn khng mun cho vay d bn bit r nu C

dng tin u t th bn s thu hi c n.

Trong cc hp ng ti chnh, tm l li hay ri ro o c l mt

vn c hu. Cc cng ty hot ng nh vo vn vay mn, nhng trong

trng hp ph sn th ch c trch nhim hu hn (i vi cc cng ty

TNHH). V vy, cng ty s tham gia vo nhng d n ri ro hn mc mong

mun ca ngn hng. iu ny c bit ng vi cc doanh nghip angtrn b vc ph sn. L do l nu d n thnh cng (cho d vi c hi rt

thp), th doanh nghip s thot khi tnh trng kh khn, cn nu khng

thnh cng th cng khngsao bi ng no cng ty cng ph sn. V d sau

y minh ha cho tnh hung ny.

ABC Co. l mt cng ty hin ang vay n ngn hng. Gi tr ti sn

(theo th trng) ca cng ty l 100 triu $ v gi tr c phn (cng theo th

trng) l 50 triu$. HinABC Co. c mt c hi u t vi chi ph u t

l 10 triu $. Sau mt nm d n kt thc, c 2 kh nng xy ra: hoc d n

to ra ngun thu rng (sau khi tr i chi ph) 96 triu$ (vi xc sut 10%)

hoc to ra ngun thu rng bng 0 (vi xc sut 90%). Gi s t l chit

khu hp l (sau khi hiu chnh ri ro) p dng cho d n l 20%. Gi tr

hin ti rng ca d n u t l:

NPV= -10 + (10%*96 + 90%*0)/(1 + 20%) = -2 (triu $)

Vic thc hin d n s lm gim gi tr doanh nghip v do vy ABC Co.

s khng thc hin d n.


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27

Mt nm sau, tnh hnh kinh doanh v ti chnh ca ABC Co. tr nn

xu i. Vo lc ny, gi tr ti sn ch cn 40 triu $ (trong c 10 triu $

tin mt). Nghim trng hn, ch cn ng mt nm na l ABC phi hon

tr ngn hng mt khon n l 50 triu $. Gi s rng c hi u t vo d

n trn vn cn vi cc chi tit k thut v ti chnh khng thay i.

Lc ny, nu khng thc hin d n, ABC Co. c th s phi tuyn b

ph sn v/hay pht mi ton b ti sn thanh ton cho khon n ngn

hng. Cn nu thc hin d n v tnh hung tt xy ra, cng ty s c 96

triu $, tha trang tri khon n 50 triu $. Mt khc, nu thc hin d

n v tnh hung xu xy ra th cng ty ph sn, cng nh trng hp khngthc hin d n.

Vy ABC Co. s thc hin d n cho d NPV c m. L do cn bn l

d n c ri ro rt cao v li nhun trong trng hp tt ln a

cng ty thot khi kh khn ti chnh. Ngn hng ch n ca doanh nghip

r rng s chu thit khi cngty thc hin d n ri ro cao v gi tr k vng

ca khon n m cng ty tr cho ngn hng gim i (Nh rng vic thc

hin d n ht i mt 10 triu $ t gi tr ti sn ca doanh nghip v gi tr

hin ti k vng ca d n ch l 8 triu).

Chnh v thm ta thng thy nhng hot ng khng th thiu ca

ngn hng l thm nh tn dng, nh gi ti sn th chp, theo di hot

ng ca i tng cho vay n v i khi cn thit k hp ng tn dng

sao cho c th rt vn ngay lp tc khi thy khng yntm v kh nng chi

tr ca ngi cho vay. Nhng c ch ny chnh l phng tm l li

ca nhng ngi vay vn.

Nhng vn gy nn bi tnh trng La chn ngc v Ri ro o

c l nhng tr lc ln khin th trng ti chnh hot ng km hiu qu.


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Trong nhiu trng hp, tnh trng thng tin bt cn xng c th khin th

trng hon ton sp .

3. Tc ng ca tnh trng thng tin bt cn xng ti tnh hiu qu ca

th trng

Tnh trng thng tin bt cn xng khin cc th trng hot ng km

hiu qu. Chng hn trong th trng hng ha, ngi bn hng tt khng

cn ng c sn xut v bn nhng hng cht lng cao, trong khi th

trng ch cn li nhng ngi bn hng km cht lng. Nu ngi mua

vn quyt nh mua hng, th anh ta phi tr s tin ln hn gi tr thc ca

hng ha, ch lm li cho mt s c nhn nhng li gy hao ph cho ton xhi. Nu nghim trng hn, anh ta nhn thc c vn ny v quyt nh

khng tin hnh giao dch th th trng lc s sp . Trong th trng

ti chnh, vn thng tin bt cn xng gy ra tnh trng lng ph cc ngun

lc x hi vo cc d n ti trong khi nhiu d n tt li khng c vn

thc hin, gy lng ph ln. Vn thng tin bt cn xng nu khng c

hn ch s c th khin th trng hot ng lch lc v sp .

Nhn chung, thng tin bt cn xng khin cc ngun lc ca x hi

c phn b khng hiu qu, gy lng ch chung cho ton x hi, v e da

s tn ti ca mt s th trng, km hm s pht trin chung ca nn kinh

t.

4. Nhng bin php chung hn ch tr ngi thng tin bt cn xng

4.1.

Sng lc

Quay tr li v d v la chn ngc trong ngnh bo him. Mt cch

khc phc tnh trng ny l cng ty bo him thit k hp ng bo him

sao cho c th tch bit 2 loi khch hng: nhm ri ro mt xe cao v nhm


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ri ro mt xe thp. Hp ng bo him gm 2 la chn, bt c khch hng

no cng c th la chn mt trong hai. La chn th nht: bo him ton

b gi tr ca chic xe. La chn th hai: ch bo him mt phn vi mt

mc ph thp hn mc ph trong la chn th nht. Mo y l xc nh

mc ph bo him v t l gi tr xe c bo him sao cho nhm ri ro cao

lun thy c li nht khi chn hp ng th nht, cn nhm ri ro thp ch

chn hp ng th 2. Trc ht, chi ph bo him trong hp ng th nht

c nh mc cnh tranh sao cho b p chi ph k vng phi bi

thng i vi nhm ri ro cao cng vi chi ph qun l. i vi hp ng

th hai, ta chn mt mc ph thp hn ph hp vi mc ri ro thp hn (vd bng mt na ph bo him trong hp ng th nht), nhng khch hng

trong hp ng ny ch c bo him mt phn gi tr ti sn (v d bo

him 40% gi tr). Nhng ngi c ri ro mt xe thp thy rng chng ti g

chn hp ng th nht v mc ph qu cao (cho d c c bo him ton

b gi tr xe). Cn nhng ngi c ri ro cao li thy rng hp ng th

nht l tt hn c. i vi h, ng l c th c li t mc ph thp hp

ng th hai, nhng v ch c bo him mt phn trong khi ri ro mt xe

cao nn vic mua hp ng th hai khng cn hp dn. Cn nh rng mc

d tch bit c hai loi khch hng, nhng nhm c ri ro thp khng

c hng bo him ton b gi tr. chnh l chi ph ca thng tin bt

cn xng.

4.2.Pht tn hiu

Michael Spence ch ra c c ch pht tn hiu (signaling): bn c

nhiu thng tin c th pht tn hiu n nhng bn t thng tin mt cch

trung thc v tin cy. V d trong th trng hng ha, pht tn hiu v

cht lng hng ha ti ngi tiu dng, ngi bn c th a ra cc iu


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khon bo hnh thi hn di nhm chng t cht lng cao ca sn phm.

Trong th trng tn dng, nhng ngi i vay vn thng phi tch ly

thnh tch tn dng tt, chng minh tnh kh thi ca d n v tim nng tr

n ca mnh, ngn hng c th nh gi c ri ro tn dng v quyt

nh cho vay. Spence ly v d bng th trng lao ng. Ngi bn trn th

trng lao ng l nhng ng c vin i xin vic v ngi mua l nh tuyn

dng. Nh tuyn dng khng th trc tip quan st cc kh nng ca ng c

vin m ch c th nh gi gin tip thng qua bng cp ca h. Nu nhng

ngi km nng lc phi mt nhiu thi gian v n lc hn nhng ngi c

nng lc t c cng trnh hc vn th nhng ngi c nng lc cth pht tn hiu bng cch t c nhng bng cp m ngi km nng lc

khng th t c. Hay mt v d khc, vic trin khai cc chng trnh

qung co t tin, vic duy tr ch bo hnh cho sn phm, vic chia c

tc cho c ng... u l nhng cch pht tn hiu trn thng trng. 6

4.3.Gim st trc tip

Gim st trc tip l c ch trong mt bn trong giao dch b ra

ngun lc t c vic kim sot thng tin i vi bn kia. Vic gim

st ny c th bao gm gia tng ngun lc dnh cho vic kim sot v kim

chng. Trong th trng ti chnh, gii php ny gn vi cc yu cu v

kim ton bo co ti chnh ca cc cng ty do cc cng ty kim ton c

lp tin hnh trc khi c php cng b. Trong hot ng tn dng ngn

hng ca nhiu quc gia, bo co ti chnh c kim ton tr thnh mt

iu kin quan trng ngn hng nh gi ri ro tn dng, thm nh d n

v quyt nh cho vay. Ngi ch cng ty c mt nhn vin gim st nhm

kim tra, theo di hnh vi ca cc nhn vin ca mnh, v a ra cc quyt

6Th.S.Nguyn Thy Anh, khoa Qun tr kinh doanh, i hc Ngoi Thng, Thng tin

bt cn xng -Ri ro tim n, Tp ch Tia sng, s ra ngy 19/03/2007.


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nh tng lng, thng da trn kt qu nh gi ca gim st vin ny.

Nhng ngi gi tin tit kim vo ngn hng cn c nhng yu cu c th

i vi hot ng u t ca ngn hng, v yu cu cng b thng tin lin

quan nhm gim st hot ng s dng vn huy ng ca ngn hng, m

bo an ton vn. Cc t chc u t mo him khi quyt nh u t vo cc

d n kinh doanh mi thng trc tip c mt ngi ca qu tham gia vo

qu trnh to lp cng ty nhm hn ch tnh trng thng tin bt cn xng,

m bo hiu qu s dng ng vn ca h.

4.4.Gim st gin tip thng qua cc ng c khuyn khch:

Gim st gin tip thng qua cc ng c khuyn khch l vic mtbn trong giao dch thit k hp ng sao cho bn kia cm thy khng c

ng c thc hin nhng hnh vi i ngc li li ch ca anh ta, v khin

bn kia cm thy rng vic tun th cc iu khon s c li cho mnh.

Trong hp ng c th thit k cc iu khon hn ch ngn cn bn kia

tham gia vo cc hot ng c ri ro cao, hn ch vn ri ro o c.

Quay tr li v d bn cho ngi ch C vay 1000$ u t vo ca hng

nh my thu cho sinh vin vit kha lun. Nu bn bit r rng ngi ch

ca mnh s dng ngun tin vay ng mc ch th bn s yn tm cho vay,

bi kh nng thu hi vn l chc chn. Tuy nhin, v c kh nng cao l ch

C s dng khon tin i c cc trng ua nga, nn bn phi ngn

chn tnh trng ny bng cch quy nh r trong hp ng rng khon tin

ch c s dng mua my son tho vn bn. Trong cc hp ng

vay n ni chung, kim sot tnh trng ri ro o c, bn cho vay cn

a vo nhng iu khon hn ch loi tr nhng hnh vi khng mong

mun, ng thi khuyn khch nhng hnh vi tch cc. C bn loi iu

khon hn ch thng gp: iu khon ngn cn hnh vi khng mong mun,


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iu khon khuyn khch hnh vi mong mun, iu khon m bo gi tr

vt th chp, iu khon cung cp thng tin. Nhng iu khon ny s c

ni k hn trong chng III.


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33

CHNG II

THC TRNG THNG TIN BT CN XNG TRN TH

TRNG TI CHNH VIT NAM

I. TNG QUAN V TH TRNG TI CHNH VIT NAM

Th trng ti chnh, bao gm th trng tin t, th trng chng

khon (th trng c phiu, th trng triphiu) v th trng tn dng ngn

hng, gi mt vai tr c bit trong vic phn b hu hiu cc ngun vn

trong nn kinh t. C c th trng ti chnh pht trin lnh mnh l mt

nhn t thit yu m bo n nh v m, tng trng kinh t v nng ca o

kh nng cnh tranh ca nn kinh t, nht l trong bi cnh ton cu ha v

hi nhp kinh t quc t .

Vi cng cuc i mi v ci cch kinh t, nn kinh t Vit Nam

tng bc chuyn i t c ch k hoch tp trung sang c ch th trng v

ngy cng hi nhp su rng hn vo nn kinh t khu vc v th gii. Trong

bi cnh , th trng ti chnh cng c hnh thnh v ci cch theocc nguyn tc th trng, gp phn phn b cc ngun lc ti chnh mt

cch hiu qu hn v thc y tng trng kinh t. Ngy 7/11/2006, Vit

Nam chnh thc gia nhp T chc Thng mi th gii (WTO), ng

ngha vi vic m ra nhiu c hi cng nh thch thc i vi nn kinh t

t nc ni chung v th trng ti chnh ni ring.

Trong nhng nm qua, cng vi qu trnh ci cch kinh t, th trng

ti chnh Vit Nam c nhng bc pht trin nht nh. Trc ht, cc th

trng cu thnh c bn ca th trng ti chnh c hnh thnh v tng

bc hon thin. Nhiu loi hnh nh ch trung gian ti chnh c thnh


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34

lp. c bit, th trng chng khon c thit lp v c nhng ng

gp ban u trong vic huy ng cc ngun vn di hn cho nn kinh t.

Th hai, trong hn 5 nm li y, h thng ngn hng c c cu

li nhm gim thiu nhng yu km ca h thng v nhng sai lch trong

chnh sch tn dng. Chng trnh c cu li tp trung vo vic lnh mnh

ho v tng cng nng lc ti chnh ca h thng ngn hng, c bit l cc

ngn hng thng mi Nh nc. Hot ng tn dng c i mitheo

hng cc t chc tn dng c quyn t ch, t chu trch nhim trong

quyt nh cho vay, la chn khch hng v bin php m bo tin vay trn

nguyn tc thng mi, m bo an ton v hiu qu.Th ba, cc nguyn tc qun l ti chnh tin tin v chun mc quc

t v tnh minh bch, k ton, kim ton, gim st... v ang tng bc

c th ch ho v ng dng rng ri hn trong thc t. Cc th ch v

qun tr doanh nghip (k c ngn hng) cng c hon thin mt bc,

nht l i vi cc cng ty nim yt trn th trng chng khon.

Cui cng, song khng km phn quan trng, khung php lut ca th

trng ti chnh ang ngy cng ph hp hn vi cc chun mc v thng l

quc t. Chnh sch tn dng ngy cng i x bnh ng hn i vi cc

doanh nghip t nhn v c vn u t nc ngoi. Cc nh ch ti chnh

nc ngoi ngy cng c php m rng phm vi, lnh vc hot ng kinh

doanh ca mnh.

Tuy t c khng t thnh tu, song th trng ti chnh Vit Nam

vn c xem l cn km pht trin. su ti chnh o bng t l ca tng

phng tin thanh ton (M2)/GDP v tng tn dng trong nc/GDP tng

ng k, u t di 20% nm 1990 tng ng ln 50,5% v 35,1% nm

2000 v 79,0% v 70,2% nm 2005. Song nhng ch s ny ch tng ng


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35

vi ch s ca cc nc trong khu vc vo nhng nm cui thp nin 1980 -

u thp nin 19907.

Th trng chng khon, tuy c nhng bc pht trin nhanh trong

nm 2006, song vn cn nh b. Tng vn ho th trng ca 54 cng ty

nim yt trn Trung tm Giao dch Chng khon Thnh ph H Ch Minh

ti thi im 16/11/2006 t 58.562 t ng, tng ng 3,64 t USD hay

gn 7% GDP nm 2005; nu tnh c chng ch qu, tng vn ho th trng

t 60.522,7 t ng, tng ng 3,77 t USD hay 7,2% GDP nm 2005.

Cng thi im, tng gi tr tri phiu nim yt cng ch t khong 6,9%

GDP nm 2005, trong hu ht thuc tri phiu Chnh ph v chnh quyna phng (chim khong 97%)8. C rt t tri phiu cng ty c pht

hnh. Th trng chng khon cho n nay vn cha l hn th biu ca

nn kinh t v knh huy ng vn quan trng ca cc doanh nghip Vit

Nam.

Mu hnh th trng ti chnh Vit Nam c bn l da vo ngn hng

hay do ngn hng chi phi (bank-based or bank dominated financial market),

trong khi th trng tn dng li cha ng khng t vn nh:

(1) Mc tch t v phn khc th trng cn cao. Cc Ngn hng

thng mi (NHTM) nh nc hin chim gn 80% th phn huy ng tin

gi v tn dng ca ton h thng ngn hng. Nhm khch hng truyn

thng ca cc NHTM Nh nc l cc doanh nghip Nh nc (DNNN).

Cc ngn hng thng mi c phn ch yu tp trung vo i tng cc

7TS. V Tr Thnh, Trng ban NCCS hi nhp - Vin nghin cu qun l kinh t TW,

tham lun Th trng ti chnh Vit Nam: Thc trng v tc ng ca vic Vit Nam gianhp WTO.

8Nghin cu trao i,Bc tranh ton cnh v th trng chng khon, (08/01/200716:18),http://www.mof.gov.vn/Default.aspx?tabid=612&ItemID=39818
http://www.mof.gov.vn/Default.aspx?tabid=612&ItemID=39818http://www.mof.gov.vn/Default.aspx?tabid=612&ItemID=39818http://www.mof.gov.vn/Default.aspx?tabid=612&ItemID=39818http://www.mof.gov.vn/Default.aspx?tabid=612&ItemID=39818


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doanh nghip nh v va. Nhm khch hng ca cc ngn hng lin doanh

v chi nhnh ngn hng nc ngoi l khu vc cc doanh nghip c vn u

t nc ngoi. Tn dng theo ngnh cng phn nh s phn khc th trng

tn dng, nht l i vi cc NHTM Nh nc, mc d vi mc ang

gim.

(2) Ri ro tn dng, nht l vn n xu vn cn hin hu. T l n

qu hn so vi tng d n ca h thng NHTM c cng b gim t

13% nm 2000 xung cn 3,4% nm 20059. Tuy nhin, nu da trn cch

phn loi quc t v n, th t l n xu ca h thng NHTM c th ln gp

nhiu ln con s cng b. Hn na, nguy c tip tc pht sinh n qu hn lkh cao do nhiu d n u t cha c kim nh cht ch v tnh hiu

qu v kh thi, trong khi qu trnh ci cch cc DNNN ln mi ch thc s

c trin khai t nm 2005.

(3) Vn sai lch kp cng ng lo ngi. Vi t trng ngun vn

huy ng khng k hn v ngn hn vn chim khong 75%, nguy c sai

lch v c cu thi hn trong bng cn i ti sn ca h thng NHTM l

tng i ln. Nguy c ny c th tng trong bi cnh cc NHTM c th s

dng ti 25-30% tng huy ngvn ngn hn cho vay trung v di hn.

Sai lch v c cu ng tin tuy c gim trong hai ba nm li y, song mc

vn cn kh ln v li rt nhy cm vi bin ng t gi, li sut, nht l

trong mi trng la ha cao.

(4) Ri ro tn dng c th tng cn do thu nhp ca cc NHTM ch

yu da trn ngun thu t chnh lch li sut huy ng v li sut cho vay,

mc d nhiu loi hnh dch v ngn hng c bc pht trin trong 3-4

nm li y. Phn ln cc khon vay li c th chp bng bt ng sn,

9T.S Phan Minh Ngc, H Kyushu Nht Bn,N xu cha c x l t gc? Thi boKinh t Vit Nam, s 50 - 2006, ra ngy 10/12/2006.


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trong khi th trng bt ng sn bin ng mnh. Cc khon vay c th

chp chng khon tuy c t trng cha ln song cng ng lo ngi khi nng

lc ca cc nh u t c nhn cn thp v th trng chng khon (TTCK)

vn tim n nhiu yu t gy bin ng ln v gi c.

Trong khi , nng lc gim st, qun tr ngn hng cn nhiu hn

ch. Cng tc gim st cha p ng c yu cu. Qu trnh gim st t xa

cn bt cp trong vic tng hp, thu thp v x l thng tin, c bit trong

bi cnh cc chun mc v k ton, kim ton cha c p dng tht rng

ri, nht qun. Cng tc gim st tn dng cng cha bao qut ht ton b

cc nh ch ti chnh c lin quan n hot ng tn dng do thiu s phihp cht ch gia cc c quan qun l Nh nc v do m hnh qun l h

thng ti chnh hin ti v thc cht l qun l theo nh ch ti chnh. Cc

quy nh qun l theo tiu chun quc t nh qun l ri ro, qun tr ti sn

c, ti sn n, kim ton ni b,mi c p dng, nn cha tht s c

hiu lc v hiu qu. Nhn chung, trnh qun tr ni ti ngn hng cha

p ng tt cc chun mc quc t nh CAMEL v BASEL.

Th trng chng khon vn cn t cc nh ch ti chnh quan trng

nh cc qu hu tr, quu t tng h. Cc cng ty nh mctn nhim tuy

xut hin nhng hot ng cha thc s chuyn nghip, cha c th gii

cng nhn. Cc nh bo lnh pht hnh ch yu l cc NHTM Nh nc. Cc

cng ty chng khon cha ng vai tr nh to lp th trng quan trng trn

th trng, mi ch thc hin bo lnh pht hnh i vi tri phiu chnh ph.

Cc nh u t c nhn nhn chung cha c tnh chuyn nghip; hnh vi u t

thng mang tnh ngn hn, by n, gy bin ng mnh v gi v lm

gim tin cy i vi th trng, nht l trong bi cnh mc cng khai,

minh bch ca th trng cha cao.


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Li sut tri phiu chnh ph vn cha to c ng cong li sut

chun lm c s cho vic pht hnh tri phiu cng ty v cc hot ng u

t trn th trng ti chnh. Cch thc huy ng vn qua pht hnh tri phiu

quc gia trn th trng quc t dng nh vn thiu tm nhn, cha tht r

rng v mc tiu di hn. Thnh phn tham gia u thu tri phiu Chnh

ph trn thc t ch yu vn l cc NHTM Nh nc. Th trng th cp

km pht trin. S tham gia u t vo tri phiu Chnh ph ca cng chng

cn hn ch. H thng t php, cc chun mc v cng b thng tin v k

ton, h thng thanh ton,... cn c ci thin nhiu. Vic thiu vng cc t

chc nh mc tn nhim cng l nguyn nhn km hm th trng. C thni, hin Vit Nam cn thiu nhiu iu kin nn tng pht trin th

trng tri phiu cng ty.

II. THC TRNG THNG TIN BT CN XNG TRN TH

TRNG TI CHNH

1. Thng tin bt cn xng trn th trng tn dng ngn hng

La chn ngc trong phn phi tn dng

Vn thng tin bt cn xng l mt trong ba vn c hu ca th

trng ti chnh, bn cnh vn chi ph giao dch v s bt n nh mang

tnh h thng. c bit trong lnh vc tn dng ngn hng, thng tin bt cn

xng l mt vn ni cm. Nguyn nhn l do cc ngn hng lun c t

thng tin v d n v ngi xin cp vn hn bn thn anh ta, v th gp

nhiu kh khn trong cng tc thm nh d n vay vn v nh gi ri ro

tn dng lin quan n i tng i vay. Chnh vn thng tin bt cn

xng dn n la chn ngc trong hot ng phn phi tn dng, tc l

nhng d n c ri ro tn dng cao li c la chn cp vn, trong


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khi nhng d n c tnh kh thi v t ri ro th li khng tm c ngun vn

ti tr. y cng l nguyn nhn dn n nhiu bt cp trong hot ng ca

th trng tn dng ti Vit Nam.

Trc ht l vn n xu. Trong th trng ti chnh Vit Nam,

cc ngn hng chim t trng cao trong th trng ti chnh. Hu h t cc giao

dch u c thc hin qua h thng ngn hng, TTCK ch chim mt vai

tr kh khim tn. Cc ngn hng Vit Nam ngy cng c vai tr quan trng

i vi nn kinh t. Hin ngn hng l knh huy ng, cung ng vn

chnh cho nn kinh t vi 30% vn u t pht trin hng nm v 40% tng

nhu cu vn ca cc doanh nghip c ti tr bi tn dng ngn hng. Tuycn thp hn so vi mt s nc khc, nhng tng d n tn dng qua h

thng ngn hng vo cui nm 2005 trn 60% GDP, cao hn mc bnh

qun chung ca cc nc c thu nhp thp10.

Tuy nhin, vn cht lng tn dng v t l n xu l nhng vn

cn bo ng. Theo bo co thng nin ca Ngn hng Nh nc Vit

nam, n cui nm 2003, t l n xu (qu hn) ca cc ngn hng thng

mi Vit Nam chim 4,74% trong tng d n cho vay gn 300.000 t VN

(tng ng vi 14.200 t VN). Nhng theo kin ca b Susan Adams

i din thng tr cao cp ca IMF ti Vit Nam v ng Klaus Rohland -

Gim c quc gia Ngn hng Th gii (WB) ti Vit Nam th n xu ca

h thng ngn hng Vit Nam vo khong 15-20% (tng ng 45.000-

60.000 t VN), chim t 7-10% GDP Vit nam. Theo nh gi ca mt s

chuyn gia th t l n xu ln n 30%.

10Hunh Th Du, Ging vin chng trnh ging dy kinh t Fulbright, Ci cch ngn

hng, cn lm chng gai, Thi bo Kinh t Si Gn, s 52 - 2005 (784), ra ngy22/12/2005.


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n nm 2005, t l n xu theo cng b ca Ngn hng Nh nc

trong bo co thng nin 3,18% (trn 7% i vi ngn hng quc doanh).

D t l n xu trn tng d n gim nhng con s tuyt i n xu li tng.

Vn con s thng k n xu l bao nhiu cng ang gy nhiu tranh ci.

Theo Ngn hng th gii World Bank v Qu tin t quc t IMF trong cc

bn bo co nh k thng trch dn kin cho rng n qu hn ca h

thng ngn hng Vit Nam khng thp hn hai con s. Nu ch dng con s

cng b chnh thc vi t l trn 10% ca Ngn hng u t v Pht trin

Vit Nam v di 5% ca ba ngn hng cn li th khi lng n xu ang

nm trong bng cn i k ton ca cc NHTM Nh nc cng trn 20.000t ng.

C nhiu nguyn nhn dn ti t l n xu trn tng mc d n ca cc

ngn hng Vit Nam lun mc cao nhng ch yu l do tnh trng thng tin

bt cn xngtrong qu trnh thm nh cho vay. Cng tc nh gi khch hng,

thm nh d n xin cp vn ca cc ngn hng Vit Nam cn yu km, gp

nhiu kh khn.

Cn c vo quy nh ca Lut cc t chc tn dng v cc vn bn

hng dn km theo, tt c cc ngn hng u xy dng cho mnh quy trnh

tn dng tch bch gia khu thm nh v quyt nh cho vay. Tuy nhin

vi nhng vn thc t nu trn, vic sng lc, la chn khch hng, d n

c hiu qu, tin cy, c mc ri ro thp, m bo kh nng tr n

ngn hng l mt thch thc rt ln i vi cc t chc tn dng. tin cy

v tnh chnh xc ca trong kt qu nh gi, thm nh khch hng, thm

nh d n ti cc t chc tn dng cn rt nhiu iu phi bn. Hu nh

khng c t chc tn dng no t tin quyt nh cp tn dng ch da vo

bng kt qu ny m khng da vo ti sn m bo hoc nhng cn c


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khc. Nhu cu vn u t pht trin ca nn kinh t vn l thit yu, cc t

chc tn dng huy ng vn vn phi cung tn dng, nhng quyt nh cp

tn dng ca cc t chc tn dng cn c vo cc tiu chun no. Liu cc

quyt nh ny c tin cy, gim thiu vic to ra n xu hay khng l

cu hi rt ln i vi tng t chc tndng ni ring h thng ti chnh

ngn hng Vit Nam ni chung.

Mc d cc quy nh php l v tiu chun cp tn dng kh r

rng v gn st vi thng l quc t, nhng cc iu kin h tr cho ngn

hng trong cng tc thm nh vn cn thiu. Ngn hng kh c th kim tra

tnh xc thc ca cc h s vay vn, v khng th gim st hot ng cadoanh nghip sau khi cp tn dng. V th, doanh nghip c rt nhiu cch

che mt ngn hng, thm ch la o vay vn. C th ly v d mt vi

hnh vi che mt ngn hng sau y:

H s giy t gi vay vn: Do ngn hng kh c kh nng xc

minh mt cch tuyt i tnh chn thc, hp php ca h s giy t vay vn

nn nhiu c nhn li dng hin tng ny la o chim dng vn

ngn hng. Mt v d l v n hng chc ngn hng mc la ng dy lm

gi s gn y ti Nng. Ba b co lm gi hng lot s cng vi

nhiu giy t khc la o, vay vn hng chc ngn hng Nng v

Qung Nam , chim dng hn 20 t ng11. Cng gn y,Cng an qun 3,

TP HCM va bt gi mt gim c v hnh vi li dng tn nhim chim

11Hng chc ngn hng l nn nhn ca ng dy lm gi s , 04/06/2007; 04:06:48

PM,http://www.icb.com.vn/v/02/0101.php?id=0741168&page=1&sheet=1&cid=244&nid
http://www.icb.com.vn/v/02/0101.php?id=0741168&page=1&sheet=1&cid=244&nidhttp://www.icb.com.vn/v/02/0101.php?id=0741168&page=1&sheet=1&cid=244&nidhttp://www.icb.com.vn/v/02/0101.php?id=0741168&page=1&sheet=1&cid=244&nid


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ot ti sn. B co dng 12 b giy t nh t gi la o gn 6,5 t

ng.12

Bn cnh nhng hnh vi trn l v s cc th thut, mnh li lp d

n gi vay vn ngn hng, mc ngoc vi cc t chc ti chnh en, ph

php bo co ti chnh che giu tnh trng ti chnh khng lnh mnh, ...

Hng lot cc v n la o chim dng vn ngn hng trong thi gian qua

bo ng v cng tc nh gi khch hng, thm nh vn vay ca ngn

hng.

Mt hp ng vay nhiu ngn hng: Do h thng thng tin tn dng

gia cc t chc tn dng hin nay cha thng sut, nn xy ra nhiu trnghp mt hp ng, mt d n kinh doanh c th c s dng vay vn

nhiu ln ti ccngn hng khc nhau. Doanh nghip ABC trng thu xy

dng mt cng trnh h tng H. ABC k hp ng ph vi cc n v thnh

vin ca mnh hoc mt s n v khc lm B' cho mnh. Cc n v ny li

k hp ng tip vi cc n v khc na lm B''... Khi , tt c cc n v

c hp ng xy dng cng trnh H em n cc ngn hng vay vn. Do

khng c h thng thng tin kim tra mt cch y , kh nng tt c cc

hp ng thi cng nu trn u c vay vn l c th xy ra. C th tm tt

theo s sau:

S 1: Mt hp ng vay vn nhiu ngn hng.

12Gim c dng giy t nh gi la o 6,5 t ng, 25/04/2007; 09:04:28 AM

http://www.icb.com.vn/v/02/0101.php?id=0741007&page=2&sheet=1&cid=244&nid
http://www.icb.com.vn/v/02/0101.php?id=0741007&page=2&sheet=1&cid=244&nidhttp://www.icb.com.vn/v/02/0101.php?id=0741007&page=2&sheet=1&cid=244&nid


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Xc minh c li nhun gi li: y cng l vn rt kh khn i

vi ngn hng v li nhun ca doanh nghip hon ton ph thuc vo cc

khon phi thu, cc loi chi ph ch phn b Vi h thngs sch k ton

khng minh bch, khng c kim ton th rt kh c th xc nh c

doanh nghip li tht hay li gi.Ni chung, khi thm nh kh nng gp vn t c ca khch hng

trong vic thc hin d n ngn hng ch yu tn vo s trung thc ca

khch hng. rt kh khng nh l khch hng c thc s b vn vo thc

hin d n hay ton b l vn vay. Mt phng thc m cc doanh nghip

c th "qua mt" cc t chc tn dng l s dng bin php nng gi trong

cc hp ng. Gi s d n u t ch cn 7 t ng l c th hon thnh

nhng bn vay lp d n tng ln thnh 10 t ng. Bng mt vi bin php

chuyn tin vng vo qua li theo mt vi hp ng l bn vay c th chng

minh vi ngn hng l mnh b ra trc 3 t ng u t d n m

thc t h chng b ra ng no c. Vi s khng minh bch v kh xc


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nh tnh xc thc, hp l, hp l cng nh gi tr ca cc loi ti sn gy

rt nhiu kh khn cho cc ngn hng trong vic a ra quyt nh cp tn

dng ca mnh.

Trn y ch l mt vi v d minh chng cho tnh trng thiu

thng tin phc v cho cng tc nh gi, thm nh cho vay ca ngn hng.

Vn thng tin bt cn xng khu phn phi tn dng khin cc ngn

hng phi vng vo cc khon cho vay kh c kh nng thu hi.

Ri ro o c ca ngi i vay vn v ca bn thn cc

ngn hng

Ri ro o c ca ngi i vay vn trong s dng vn vayVi nhng vn nn trn, vic x l la chn bt li i vi khch

hng trong hot ng tn dng ca cc t chc tn dng Vit Nam hin nay

ang l vn rt ln. mi l nhng vn trc khi quyt nh cho

vay. By gi chng ta cng xem xt vn x l ri ro o c ca cc t

chc tn dng sau khi cho vay.

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