B -o0o - NGÔ TH ÀI VI LU PGS TS PHAN TH TP H – B GIÁO D O I H C KIN H T TP.HCM -o0o - N GÔ TH Y B O N G C N TH N G C A HO NG C N GỒI N G CH N G KHỐN VI T N AM CHUYÊN NGÀNH: KINH T - TÀI CHÍNH – NGÂN HÀNG MÃ S : 60.31.12 LU N V N TH C S KIN H T NG D N KHOA H C: PGS TS PHAN TH BÍCH N GUY T TP H Chí Minh – Nh “ ng c a ho n th - m m i c a Lu c ngồi ng ch ng khốn Vi t N am” ng d n khoa h c: PGS.TS Phan Th Bích Nguy t H c viên: Ngơ Th y B o Ng c Khóa h c 2006 – 2010 Nghiên c u lý thuy t v ng c a ho n th ng ch ng khoán Vi t Nam k t qu th c nghi m v ng ho t ng c n th ng ch ng khoán , th ng ch ng khoán Indonesia th ng ch ng khoán Th ng H i c tr ng ho c t n 2009 nh tính v ng c a ho n th ng ch ng khoán Vi t Nam Th c hi ng v nh ng c a ho n th ng ch ng khoán Vi t Nam t c ki nh th sai, xây d c mơ hình h i quy v i bi n ph thu c giá tr ch ng khoán giao d ch c a th ng bi c l p giá tr ch ng khốn giao d ch c c ngồi bên c nh bi n tr c a th n t sau Vi t Nam gia nh p WTO c x y cu c kh ng ho ng kinh t th gi i xu t m t s gi i pháp nh ng tích c ng th i phòng tránh, gi m thi ng tiêu c c c a ho c th ng ch ng khoán Vi th ng phát tri n b n v ng L IC Lu nghi c hoàn thành v i s nhi u m t c a th y cơ, b ng ình - Tơi xin chân thành g i l i c n Quý Th y Cô c i h c Kinh t ã trang b cho nhi u ki n th c quý báu th i gian qua - Tôi xin chân thành g i l i c khoa h c c a lu PGS.TS Phan Th Bích Nguy t ã t n tình h ng d ng d n tơi su t q trình th c hi n hồn thành lu - Các th y cô c a l p Cao H ã gi ng d y cung c p cho nh ng ki n th c làm n n t ng cho cu n lu - Tôi xin chân thành c tình h tr , góp ý giúp n ình, nh ng nghi p nh ib ãt n su t th i gian h c t p nghiên c u Tác gi : Ngô Th y B o Ng c L n“ N G CH N G KHOÁN VI T N AM” cơng trình N TH nghiên c u riêng c Th Bích Nguy t Lu N G C A HO c th c hi is ng d n khoa h c c a PGS.TS Phan t qu c a vi c nghiên c c l p, không chép trái phép tồn b hay m t ph n cơng trình c a b t c khác Các s li u lu s d ng trung th c, t ngu n h c y TP HCM, ngày 05 tháng 04 Tác gi lu N gô Th y B o N g c DAN H M C CÁC T VI T T T CTCK : công ty ch ng khoán TTCK : th HOSE : S giao d ch ch ng khốn thành ph H Chí Minh HNX : S giao d ch ch ng khoán Hà N i TTGDCK : Trung tâm giao d ch ch ng khoán UBCKNN : y ban ch ng khoán n VN-Index : ch s trung bình giá ch ng khốn TTCK Vi t Nam, bao g m ng ch ng khoán c c phi u niêm y t t i HOSE TPCP : trái phi u Chính ph VND ng Vi t Nam TPHCM : thành ph H Chí Minh Hastc–Index : ch s trung bình giá ch ng khoán, bao g m c phi u niêm y t t Mã ch ng khoán ASEAN i) c vi t t c t i HOSE : Hi p h i Qu (ti ng Anh: Association of Southeast Asian Nations) NHNN : Ngân hàng n òng c i di n CTQLQ : công ty qu n lý qu DNNN : doanh nghi c c FII c FDI c ti TTLK c ý GDP : t ng thu nh p qu c n i WTO : T ch i th gi i M DAN H M M 1 S ài Ý ngh M ài nghiên c ph ên c c K ài 1: KHUN G LÝ THUY 1.1 Lý lu ên TTCK 1.1.1 Các ch 4 Vi 1.1.1.1 Các ch 1.1.1.2 1.1.2 N h ên TTCK 6 1.2.1 N h 1.2.2 M c h 10 1.3 K s ên th 1.3.1 TTCK 10 1.3.2 TTCK Indonesia 12 14 1.3.4 Bài h 16 K 17 2: PHÂN TÍCH 18 2.1 Th – 18 25 2.2 Phân tích 2.2.1 Phân tích ch 27 àn th 2.2.1.1 Tóm t ê mơ t 27 2.2.1.2 Ki 28 2.2.1.3 Xem xét m 2.2.1.4 Xây d 30 gian àm kinh t th sai thông qua ùh 32 à3 37 2.2.1.6 K tích d 38 àn th 2.2.2 Phân tích bán c -Index t 2.2.2.1 Tóm t 40 40 kê mô t 2.2.2.2 Ki 40 2.2.2.3 Xem xét m 41 42 2.2.2.5 K d qua phân tích ịng c 44 -Index t 2.2.3 Phân tích k TTCK Vi 45 K 48 C 3: CÁC GI PNH ÒN G TRÁN H VÀ GI ÊU C VI ÊN TTCK 50 3.1 Lý thuy ò ch TTCK Vi N am 50 3.2 Chi 53 - 2020 3.3 M òng tránh gi c 55 ên TTCK Vi ình hình tr ài nói chung TTCK nói riêng nh 55 òc hút th òng v ày 56 3.3.3 Phát tri 60 ch 3.3.3.1 Xây d ng, phát tri n h th ch hóa t ch c, khuy tham gia TTCK 3.3.3.2 T ng 61 u ki n ho ngồi có m n khích t ch n TTCK v c ng v n FII, ng tích c c c a dòng v n v a phòng tránh gi m thi 63 ng tiêu c c c 3.4 K 3.5 H ên c ên c ên c 67 67 K 68 K 70 DAN H M 71 ÀI LI DAN H M PH PH Ê 72 102 PH L ÌN H HÌN H GIAO D THÁN G 122 PH À CCQ C 126 T DAN H M B ình hình niêm y B 2005 – 2009 005 – 2009 18 ài kho 23 116 B ng 2.15: K t qu ki nh Granger t n 1: VAR Granger Causality/Block Exogeneity Wald Tests Sample: 4/01/2005 6/11/2006 Included observations: 459 Dependent variable: DVNI Excluded Chi-sq df Prob DGTM DGTB 0.354869 1.626790 2 0.8374 0.4434 All 2.000006 0.7358 Dependent variable: DGTM Excluded Chi-sq df Prob DVNI DGTB 6.994564 3.394201 2 0.0303 0.1832 All 10.29705 0.0357 Dependent variable: DGTB Excluded Chi-sq df Prob DVNI DGTM 0.795842 1.179618 2 0.6717 0.5544 All 2.108915 0.7157 n2 VAR Granger Causality/Block Exogeneity Wald Tests Sample: 7/11/2006 29/04/2008 Included observations: 364 Dependent variable: DVNI Excluded Chi-sq df Prob DGTM DGTB 0.007131 6.646660 1 0.9327 0.0099 All 7.274774 0.0263 Dependent variable: DGTM Excluded Chi-sq df Prob DVNI DGTB 17.65801 1.253063 1 0.0000 0.2630 All 18.28558 0.0001 n 117 Dependent variable: DGTB Excluded Chi-sq df Prob DVNI DGTM 3.101911 8.645233 1 0.0782 0.0033 All 12.79833 0.0017 n3 VAR Granger Causality/Block Exogeneity Wald Tests Sample: 5/05/2008 31/12/2009 Included observations: 419 Dependent variable: DVNI Excluded Chi-sq df Prob DGTM DGTB 1.166973 4.629452 4 0.8835 0.3275 All 5.607525 0.6911 Dependent variable: DGTM Excluded Chi-sq df Prob DVNI DGTB 20.63346 2.998906 4 0.0004 0.5580 All 25.74490 0.0012 Dependent variable: DGTB Excluded Chi-sq df Prob DVNI DGTM 10.73566 8.429743 4 0.0297 0.0770 All 17.77063 0.0230 B ng 2.16: S gi i thích c a bi n s i c a bi n khác n1 Variance Decomposition of DVNI: Period S.E DVNI DGTM DGTB 0.014232 0.014410 0.014442 0.014461 0.014484 0.014739 0.014797 100.0000 98.91789 98.47606 98.44754 98.33365 98.34650 98.08761 0.000000 0.168103 0.236175 0.237234 0.345548 0.361448 0.512635 0.000000 0.914007 1.287768 1.315228 1.320805 1.292054 1.399752 118 10 0.014807 0.014811 0.014813 97.96867 97.95489 97.94753 0.512920 0.513315 0.519385 1.518406 1.531795 1.533090 Variance Decomposition of DGTM: Period S.E DVNI DGTM DGTB 10 22971755 27925528 28275050 28334681 28442009 28500431 28580229 28633905 28659161 28666265 0.073405 0.197797 1.448274 1.467271 2.090810 2.456758 2.779390 2.846780 2.843621 2.844320 99.92660 99.52057 97.48908 97.08037 96.42339 96.04343 95.52462 95.43930 95.41056 95.40723 0.000000 0.281637 1.062643 1.452363 1.485799 1.499810 1.695988 1.713921 1.745817 1.748451 Variance Decomposition of DGTB: Period S.E DVNI DGTM DGTB 10 13626039 17714015 17757850 17790291 17815915 17840776 17890883 17955854 17992397 17994601 0.936539 0.635938 0.775598 0.906762 0.981982 1.028801 1.038946 1.271417 1.284891 1.285197 0.266149 0.515550 0.552503 0.584037 0.590362 0.769926 0.810182 1.256529 1.357783 1.358561 98.79731 98.84851 98.67190 98.50920 98.42766 98.20127 98.15087 97.47205 97.35733 97.35624 Cholesky Ordering: DVNI DGTM DGTB n2 Variance Decomposition of DVNI: Period S.E DVNI DGTM DGTB 10 0.018630 0.019946 0.019987 0.020011 0.020206 0.020334 0.020386 0.020400 0.020409 0.020417 100.0000 97.22435 96.90848 96.68544 95.99636 95.73703 95.44251 95.33471 95.24793 95.21747 0.000000 1.118059 1.409683 1.616424 2.336761 2.307407 2.574595 2.584601 2.670207 2.670545 0.000000 1.657594 1.681839 1.698134 1.666882 1.955568 1.982900 2.080687 2.081864 2.111982 Variance Decomposition of DGTM: Period S.E DVNI DGTM DGTB 93428052 1.07E+08 1.08E+08 1.09E+08 1.11E+08 0.064139 7.776054 8.414336 9.952675 9.768591 99.93586 92.17055 91.53211 89.72825 89.91787 0.000000 0.053392 0.053555 0.319080 0.313537 119 10 1.11E+08 1.12E+08 1.13E+08 1.13E+08 1.13E+08 9.759538 10.40102 10.33339 10.60327 10.59717 89.76721 88.38860 87.52448 87.17677 87.10127 0.473247 1.210383 2.142130 2.219968 2.301560 Variance Decomposition of DGTB: Period S.E DVNI DGTM DGTB 10 77067219 92333459 95848189 96901483 97700008 97892032 98210615 98229285 98267225 98355974 0.269658 0.860439 1.194280 1.295941 2.160898 2.160407 2.628817 2.637855 2.664713 2.673467 8.160565 12.38955 12.85296 13.74505 14.23485 14.29985 14.35594 14.37106 14.36003 14.35134 91.56978 86.75001 85.95276 84.95900 83.60425 83.53975 83.01525 82.99109 82.97526 82.97519 Cholesky Ordering: DVNI DGTM DGTB n3 Variance Decomposition of DVNI: Period S.E DVNI DGTM DGTB 10 0.020737 0.022295 0.022314 0.022349 0.022584 0.022754 0.022906 0.022974 0.023034 0.023057 100.0000 99.72733 99.56734 99.25272 99.25889 98.56340 97.60817 97.04512 96.57248 96.39758 0.000000 0.044687 0.094013 0.169594 0.171924 0.781726 1.366353 1.854311 2.309455 2.383827 0.000000 0.227981 0.338646 0.577686 0.569191 0.654876 1.025473 1.100569 1.118068 1.218596 Variance Decomposition of DGTM: Period S.E DVNI DGTM DGTB 10 69691606 84052364 85181405 85542082 85681303 85870992 86200885 86577490 86736576 86897782 0.570215 3.009246 3.732225 3.988616 4.281315 4.593915 5.036451 5.685844 5.670784 5.801161 99.42979 96.59723 95.72259 95.24067 94.94678 94.54731 94.09732 93.28341 93.27496 93.14223 0.000000 0.393527 0.545189 0.770711 0.771906 0.858772 0.866232 1.030745 1.054258 1.056605 Variance Decomposition of DGTB: Period S.E DVNI DGTM DGTB 61567491 72016758 72353145 2.951288 3.486838 3.750390 13.11781 14.09036 14.37644 83.93090 82.42280 81.87317 120 10 73074162 73204861 73678520 73760333 74005314 74673226 74705323 5.363128 5.410429 6.178738 6.293273 6.256490 6.387341 6.381898 14.25734 14.23673 14.49508 14.55087 14.48850 14.23652 14.22430 80.37953 80.35284 79.32618 79.15586 79.25501 79.37614 79.39380 Cholesky Ordering: DVNI DGTM DGTB th th ph n ng c a bi n v i s i c a bi n khác n1 Response to Cholesky One S.D Innovations ± S.E Response of DVNI to DGTM Response of DVNI to DGTB 016 016 012 012 008 008 004 004 000 000 -.004 -.004 10 10 10 Response of DGTB to DVNI Response of DGTM to DVNI 15,000,000 30,000,000 10,000,000 20,000,000 5,000,000 10,000,000 0 -5,000,000 -10,000,000 -10,000,000 -15,000,000 -20,000,000 10 Response of DGTB to DGTM Response of DGTM to DGTB 15,000,000 30,000,000 10,000,000 20,000,000 5,000,000 10,000,000 0 -5,000,000 -10,000,000 -10,000,000 -15,000,000 -20,000,000 10 10 121 n2 Response to Cholesky One S.D Innovations ± S.E Response of DVNI to DGTM Res pons e of DVNI to DGTB 025 025 020 020 015 015 010 010 005 005 000 000 - 005 -.005 10 Response of DGTM to DVNI 10 Response of DGTB to DVNI 120,000,000 120,000,000 80,000,000 80,000,000 40,000,000 40,000,000 0 -40,000,000 -40,000,000 -80,000,000 -80,000,000 10 10 10 Response of DGTB to DGTM Response of DGTM to DGTB 120,000,000 120,000,000 80,000,000 80,000,000 40,000,000 40,000,000 0 - 40,000,000 -40,000,000 - 80,000,000 -80,000,000 10 n3 Response to Cholesky One S.D Innovations ± S.E Res ponse of DVNI to DGTM Res pons e of DVNI to DGTB 025 025 020 020 015 015 010 010 005 005 000 000 -.005 -.005 10 10 Res pons e of DGTB to DVNI Res ponse of DGTM to DVNI 80,000,000 80,000,000 40,000,000 40,000,000 0 -40,000,000 -40,000,000 -80,000,000 10 10 10 Res pons e of DGTB to DGTM Res ponse of DGTM to DGTB 80,000,000 80,000,000 40,000,000 40,000,000 0 -40,000,000 -40,000,000 -80,000,000 10 122 PH L C TÌN H HÌN H GIAO D CH C I HOSE THEO THÁN G Phân chia theo lo i ch ng khoán Giá tr Tháng Mua CP 17,678,531 CCQ 859,000 Bán TP CP 30,401,000 CCQ TP 2,117,000 7,301,756 968,000 356,000 127,684,250 41,181,551 4,621,919 128,093,600 6,318,329 75,011,732 15,764,958 5,680,000 61,006,000 10,032,000 28,308,900 25,974,428 166,000 31,022,000 78,300 214,654,300 6,705,000 77,400 204,416,050 3,736,000 14,859,207 10,562,300 3,269,000 84,810,700 25,689,935 242,680,738 15,107,207 53,206,500 15,222,596 51,117,000 13,548,000 196,819,569 10 118,418,762 14,550,000 65,038,500 62,326,000 11 61,316,921 8,424,000 79,041,750 14,657,000 1,893,000 109,828,967 12 2005 53,985,431 15,334,000 45,597,400 6,332,000 11,885,000 10,129,800 C 50,514,319 917,954,338 144,503,536 14,022,300 903,167,818 51,324,285 4,827,914 215,013,900 8,566,134 475,889 102,199,000 196,717,285 9,127,075 30,831,600 53,539,344 6,129,070 333,747,606 1,961,434 186,843,816 7,210,453 10,331,400 415,099,948 11,496,667 10,346,500 160,660,441 21,947,000 161,028,745 278,996,609 1,232,945 104,744,500 147,865,545 3,382,260 340,945,645 2,854,614 137,558,454 1,771,617 52,158,000 597,288,973 558,238 26,866,313 2,501,590 63,890,800 553,567,696 12,888,565 512,955,716 2,586,933 10 526,841,565 11,491,850 11 1,514,915,667 12 2006 425,702,976 3,682,517,368 9,004,918,363 243,546,127 C 21,586,712 63,814,481 346,100 98,850,474 792,235 140,278,116 11,914,151 45,407,500 141,272,196 218,804,051 15,752,830 22,024,637 43,247,696 1,340,686,768 61,407,351 2,584,333,937 133,630,546 457,040,082 80,679,003 463,202,215 64,590,485 3,462,980,438 72,728,192 75,701,864 5,248,522,644 13,112,116 2,903,759,873 43,609,232 4,009,932 2007 8,679,442,221 4,288,878,042 50,807,764 4,074,948,980 59,607,592 2,772,124,167 37,149,610 1,484,731,687 5,382,870 4,491,051,705 37,037,101 1,950,020,347 9,253,727 3,339,859,447 32,348,945 2,131,185,035 56,798,122 3,956,715,371 7,327,716 2,545,107,559 57,319,952 2,942,855,078 63,844,605 1,706,747,906 8,567,160 51,700,500 30,000 123 3,075,228,695 86,179,337 10 6,515,144,999 20,011,366 11 4,598,488,088 116,306,593 26,399,215 1,131,769,637 44,553,437 3,133,984,063 91,663,650 32,470,253 3,669,050,073 5,655,229 137,798,550 2,294,743,383 3,712,830 50,070,000 1,134,240,979 2,047,482 28,321,500 52,203,053,840 442,521,090 309,740,743 29,328,526,577 397,993,248 245,861,846 2,473,799,806 5,602,070 86,277,550 1,934,371,457 8,592,990 450,111,561 1,352,304,587 4,973,000 51,028,000 659,906,820 1,205,210 2,132,980,935 9,529,040 653,165,900 1,199,712,700 6,249,280 260,451,300 2,531,217,669 2,714,610 31,356,150 568,200,300 712,340 115,872,800 1,619,037,600 886,100 427,279,170 1,608,000 34,068,400 1,394,449,156 7,374,860 669,322,220 6,521,340 218,683,450 3,269,644,878 11,486,600 1,743,871,630 7,732,120 20,210,000 3,220,756,891 5,765,210 3,218,797,447 4,483,580 3,446,875,027 8,525,790 3,161,288,785 10,030,230 10 1,448,551,284 10,538,040 2,994,284,367 15,679,160 622,639,200 11 1,229,854,441 4,783,071 1,801,025,922 5,103,520 156,840,000 12 1,205,251,966 2,974,764 1,120,020,883 9,974,140 12 C 2008 C 173,422,500 159,514,050 19,498,081,701 77,891,910 7,569,000 534,556,000 2,753,000 509,982,408 5,992,000 642,934,000 15,413,000 1,064,692,627 23,390,000 910,882,000 6,241,000 1,580,007,817 8,039,000 1,684,793,000 9,961,000 20,901,000 2,851,061,032 27,216,000 2,183,094,000 18,713,000 347,321,000 3,238,210,825 9,522,000 3,341,918,000 94,003,000 4,047,428,437 48,142,000 2,250,527,000 62,694,000 3,475,029,030 26,222,000 2,854,254,000 57,526,000 4,007,756,291 24,945,000 6,089,651,000 111,845,000 10 4,618,127,262 89,947,000 4,246,598,000 69,981,000 11 3,724,280,540 75,939,000 2,780,866,000 28,991,000 12 C 75,153,155 616,200,250 2009 25,324,724,240 1,154,764,150 4,247,388,811 33,770,000 3,135,071,000 33,002,000 33,980,165,330 380,693,000 30,655,144,000 511,123,000 48,699,000 48,699,000 1,878,876,711 67,547,000 97,771,000 533,540,000 c giao d ch t tr ng giao d ch c so v i toàn th ng Giá tr Tháng Mua KL T d Bán TT KL Giao d th àn T (%) TT 2005 5,660,557 43,278,200 963,774 1,153,000 51,055,531 2,720,000,000 1.88 5,007,279 3,262,500 355,977 127,684,250 136,310,006 1,306,000,000 10.44 31,336,870 142,560,200 5,091,329 76,238,732 255,227,131 3,850,000,000 6.63 11,159,126 71,292,180 6,403,609 34,816,043 123,670,958 3,724,000,000 3.32 124 3,627,093 3,077,924 35,013,900 2,590,000,000 1.35 15,887,547 214,580,530 2,575,101 215,893,300 448,936,478 3,466,000,000 12.95 12,312,770 13,108,300 3,269,437 84,810,700 113,501,207 4,126,000,000 2.75 14,127,938 254,242,735 9,348,047 58,965,660 336,684,380 3,888,000,000 8.66 14,717,678 51,622,000 11,311,918 199,055,569 276,707,165 6,462,000,000 4.28 10 46,664,476 151,342,647 26,161,032 36,165,107 260,333,262 7,404,000,000 3.52 11 40,970,506 107,812,067 13,339,098 113,039,967 275,161,638 5,676,000,000 4.85 12 C 46,931,028 67,986,024 18,216,779 10,129,800 143,263,631 5,276,000,000 2.72 257,593,814 1,136,578,227 100,663,194 961,030,052 2,455,865,287 50,488,000,000 33,528,757 237,637,342 4,099,523 107,141,500 382,407,122 5,400,000,000 7.08 150,055,768 86,620,192 48,584,414 11,084,000 296,344,374 4,852,000,000 6.11 106,602,505 229,106,535 150,213,134 54,172,535 540,094,709 12,590,000,000 4.29 165,358,265 271,584,850 170,700,395 172,935,791 780,579,301 15,584,000,000 5.01 209,763,429 175,210,625 85,351,954 65,895,851 536,221,859 15,230,000,000 3.52 216,343,341 127,456,998 27,872,993 163,614,998 535,288,330 10,444,000,000 5.13 565,503,711 32,343,500 25,874,403 67,384,300 691,105,914 10,840,000,000 6.38 494,859,591 93,183,382 54,788,901 9,371,680 652,203,554 14,968,000,000 4.36 300,398,412 215,144,237 80,019,504 19,623,205 615,185,358 13,684,000,000 4.50 10 444,639,015 174,373,403 129,601,267 67,998,500 816,612,185 16,284,000,000 5.01 11 1,530,523,844 125,664,019 223,255,957 33,325,561 1,912,769,381 21,286,000,000 8.99 12 C 3,523,074,126 202,690,938 1,220,467,937 181,626,182 5,127,859,183 31,536,000,000 16.26 7,740,650,764 1,971,016,021 2,220,830,382 954,174,103 12,886,671,270 172,698,000,000 7,864,207,058 879,825,648 3,221,468,550 389,941,944 12,355,443,200 51,718,000,000 23.89 5,002,466,410 259,168,350 2,910,114,555 41,264,482 8,213,013,797 33,952,000,000 24.19 3,796,042,999 543,642,807 3,911,544,725 223,011,847 8,474,242,378 56,168,000,000 15.09 2007 15,490,844 2006 12,818,039 2,419,168,277 390,105,500 1,112,219,957 377,924,600 4,299,418,334 26,308,000,000 16.34 4,354,289,905 225,499,401 1,783,805,074 175,469,000 6,539,063,380 41,328,000,000 15.82 3,320,786,392 51,422,000 2,181,889,157 6,094,000 5,560,191,549 35,996,000,000 15.45 3,243,109,917 720,933,170 1,928,813,921 673,613,590 6,566,470,598 28,478,000,000 23.06 2,911,042,803 95,656,880 1,632,030,186 83,284,880 4,722,014,749 39,440,000,000 11.97 2,998,975,332 278,739,293 1,042,103,890 122,136,000 4,441,954,515 34,174,000,000 13.00 125 10 3,282,280,709 431,322,801 10,248,759,875 91,090,000,000 11.25 4,256,082,824 460,468,129 2,823,697,424 453,740,418 7,993,988,795 54,658,000,000 14.63 12 C 2,200,804,951 147,721,262 1,028,303,999 136,305,962 3,513,136,174 32,800,000,000 10.71 48,435,492,613 4,519,823,060 26,858,272,147 3,114,109,524 82,927,697,344 526,110,000,000 2,050,226,391 515,453,038 1,650,637,706 742,438,299 4,958,755,434 39,336,880,000 12.61 1,353,919,586 54,386,000 658,844,031 2,268,000 2,069,417,617 30,389,080,000 6.81 2,045,791,895 749,883,988 1,129,833,214 336,580,058 4,262,089,155 41,527,400,000 10.26 2,357,174,432 208,113,998 484,358,889 200,426,550 3,250,073,869 18,647,660,000 17.43 1,267,590,037 352,333,672 308,479,338 154,476,223 2,082,879,270 9,011,060,000 23.11 1,308,501,261 266,745,256 593,017,243 301,509,766 2,469,773,526 16,056,480,000 15.38 2,877,168,012 403,963,466 1,503,541,321 268,272,429 5,052,945,228 24,619,800,000 20.52 2,890,765,968 335,756,138 2,725,359,143 497,921,879 6,449,803,128 35,601,380,000 18.12 3,024,888,234 430,512,588 2,715,639,711 455,679,299 6,626,719,832 32,322,320,000 20.50 10 1,240,860,757 377,742,621 2,649,033,074 983,569,649 5,251,206,101 23,741,000,000 22.12 11 891,813,355 342,824,157 1,278,662,308 684,307,134 3,197,606,954 18,680,220,000 17.12 12 C 728,785,994 479,440,737 743,487,085 386,507,937 2,338,221,753 15,298,560,000 15.28 22,037,485,922 4,517,155,659 16,440,893,063 5,013,957,223 48,009,491,867 305,231,840,000 460,960,786 162,808,909 421,310,486 115,998,069 1,161,078,250 6,499,422,240 17.86 411,253,285 104,721,322 533,150,279 192,743,522 1,241,868,408 7,009,011,674 17.72 977,941,968 110,140,633 771,750,119 145,372,907 2,005,205,627 16,815,509,118 11.92 1,525,072,900 62,973,930 1,526,195,500 189,459,487 3,303,701,817 35,698,901,536 9.25 2,552,601,364 325,675,657 1,899,153,186 649,974,825 5,427,405,032 61,504,653,660 8.82 2009 466,640,620 11 2008 6,068,515,745 3,008,903,951 238,828,153 3,128,413,218 307,508,503 6,683,653,825 87,257,258,446 7.66 3,769,305,739 326,265,059 1,934,902,753 378,317,886 6,408,791,437 57,825,611,854 11.08 3,228,311,692 272,940,043 2,717,857,597 193,921,698 6,413,031,030 92,044,155,538 6.97 3,918,359,043 114,341,975 5,955,001,356 246,494,917 10,234,197,291 137,969,755,590 7.42 10 4,485,326,791 271,447,020 4,142,980,717 271,368,734 9,171,123,262 174,911,878,240 5.24 11 3,686,031,877 114,187,519 2,771,495,094 38,362,050 6,610,076,540 105,895,715,044 6.24 12 C 3,901,735,058 379,424,118 2,976,557,489 191,515,146 7,449,231,811 81,870,160,192 9.10 31,925,804,454 2,483,754,338 28,778,767,794 2,921,037,744 66,109,364,330 865,302,033,132 N gu n: HOSE 126 PH L C T L S H U T N G LO I C PHI U C T I HOSE CU STT 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 Mã CK AAM ABT ACL AGF AGR ALP ANV ASP ATA BAS BBC BCI BHS BMC BMI BMP BT6 BTP BVH CAD CII CLC CNT COM CSG CSM CTG CYC D2D DCC DCL DCT DDM DHA DHC DHG DIC DIG DMC DPM DPR Tên công ty CTCP Th CTCP XNK Th CTCP XNK Th CTCP XNK Th CTCP Ch CTCP ALPHANAM CTCP Nam Vi CTCP D CTCP NTACO CTCP BASA CTCP BIBICA Giang ài Gịn ình Chánh ên Hịa CTCP Khống s ình T CTCP Nh ình Minh CTCP Bê tông 620 Châu Th CTCP Nhi àR T àn B CTCP Ch CTCP Cát L CTCP Xây d Kinh doanh v CTCP V CTCP Cáp Sài Gịn CTCP Cơng nghi CTCP G CTCP Phát tri CTCP Xây d Yih CTCP T CTCP Hàng h CTCP Hóa An T CTCP Xu T Hóa ch Kh c niêm y Kh cịn phép mua 11,339,864 8,099,999 9,000,000 12,859,288 120,000,000 41,339,994 66,000,000 22,829,996 10,000,000 9,600,000 15,420,782 54,200,000 18,531,620 8,261,820 75,500,000 16,741,516 10,997,850 60,485,600 573,026,605 8,000,000 50,054,000 13,103,830 8,000,000 8,784,000 29,742,020 25,000,000 121,211,780 1,990,530 10,700,000 10,300,000 9,719,308 18,149,098 12,244,495 10,099,670 8,000,000 26,662,962 8,200,000 70,000,000 17,809,336 380,000,000 40,000,000 5,517,013 2,433,181 3,839,690 5,316,756 58,531,506 17,609,374 27,781,673 8,225,858 4,897,200 4,692,880 10,830,690 8,316,250 3,092,262 17,085,948 127,522 4,333,415 24,980,353 201,693,475 3,182,138 8,689,764 5,960,952 2,528,820 4,248,910 14,492,629 9,701,400 113,216,284 605,689 5,106,194 4,199,040 2,580,882 8,095,692 5,960,544 1,468,066 3,877,310 2,212,817 3,799,096 22,877,871 1,658,836 109,476,960 10,771,830 %S h 0.35 18.96 6.34 7.65 0.22 6.4 6.91 12.97 0.03 0.12 49 29.02 4.12 11.57 26.37 48.24 9.6 7.7 13.8 9.22 31.64 3.51 16.14 0.63 0.27 10.19 6.6 18.57 1.28 8.23 22.45 4.39 0.32 34.46 0.53 40.7 2.67 16.32 39.69 20.19 22.07 127 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 DQC DRC DTT DVD DVP DXG DXV EIB FBT FMC FPC FPT GDT GIL GMC GMD GTA HAG HAP HAS HAX HBC HCM HDC HLA HLG HMC HPG HRC HSG HSI HT1 HT2 HTV HVG ICF IFS IMP ITA ITC KBC KDC KHA KHP KMR KSH L10 LAF LBM CTCP Cao s CTCP K ành ình V CTCP D Xây d àN Ngân hàng TMCP Xu CTCP Xu kh CTCP Th CTCP Full Power CTCP Phát tri CTCP Ch ành CTCP S ình Th CTCP S ài Gòn ên hi CTCP Ch CTCP Hoàng Anh Gia Lai CTCP HAPACO CTCP Xây l àN CTCP D àng Xanh CTCP Xây d ịa Bình CTCP Ch ành ph h CTCP Phát tri Bà R àu CTCP H ên Á Châu CTCP T àn Hồng Long CTCP Kim Khí Thành ph CTCP T àn Hịa Phát CTCP Cao su Hịa Bình CTCP T àn Hoa Sen CTCP V Phân bón hóa sinh CTCP V Tiên CTCP Th - Công nghi T CTCP Xu òa CTCP MIRAE T CTCP LILAMA 10 CTCP Ch àng xu CTCP Khoáng s Nam 18,513,800 15,384,624 5,200,000 11,910,000 20,000,000 8,000,000 9,900,000 876,226,900 15,000,000 8,000,000 13,106,292 142,649,197 10,372,365 10,219,818 8,868,571 47,772,281 10,400,000 270,465,458 18,651,678 8,000,000 8,055,846 15,119,540 39,463,400 8,128,000 19,000,000 29,580,711 21,000,000 196,363,998 17,260,976 57,038,500 10,000,000 110,000,000 88,000,000 10,080,000 59,999,993 12,807,000 6,875,359 11,659,820 203,843,228 23,028,896 199,124,330 79,546,259 14,120,309 20,890,068 7,236,850 11,690,000 9,000,000 8,118,384 8,500,000 6,521,122 5,394,108 2,513,227 1,826,962 9,777,500 3,920,000 4,800,080 9,990,285 7,343,475 3,272,737 4,394,819 14,243,414 3,889,058 2,139,561 3,645,915 10,721,457 5,032,889 72,919,311 4,191,286 2,149,807 2,348,377 5,957,780 2,044,990 3,443,230 9,149,910 14,162,348 10,212,260 35,778,078 5,126,008 24,708,215 4,638,940 49,171,046 35,421,933 4,298,870 21,554,814 5,981,800 172,762 846,521 43,289,246 6,568,500 65,392,241 16,411,917 6,422,831 9,374,772 2,750,646 5,557,760 4,263,970 3,514,404 4,018,530 13.78 13.94 0.67 33.66 0.11 0.51 28.86 0.04 8.09 15.47 39.02 11.51 28.06 7.89 26.56 0.61 22.04 26.53 22.13 19.85 9.6 43.82 6.64 0.84 1.12 0.37 30.78 19.3 5.68 2.61 4.3 8.75 6.35 13.08 2.29 46.49 41.74 27.76 20.48 16.16 28.37 3.51 4.12 10.99 1.46 1.62 5.71 1.72 128 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 LCG LGC LGL LIX LSS MCG MCP MCV MHC MPC MSN MTG NAV NBB NKD NSC NTL OPC PAC PET PGC PGD PHR PHT PIT PJT PNC PNJ PPC PTC PVD PVF PVT RAL RDP REE RIC SAM SAV SBT SC5 SCD SFC SFI SGT SHI SJD 138 139 SJS SMC CTCP LICOGI 16 CTCP B Xây d CTCP In Bao bì M CTCP CAVICO Vi CTCP Hàng h àN CTCP Th CTCP T àn Ma San CTCP MT GAS CTCP Nam Vi CTCP Ch CTCP Gi CTCP Phát tri êm CTCP Pin T CTCP GAS PETROLIMEX CTCP Phân ph òa CTCP S CTCP Xu CTCP V CTCP Vàng b CTCP Nhi CTCP Khoan D T ài CP D T CTCP Nh CTCP Qu àng Gia CTCP Cáp V CTCP H Xu CTCP BOURBON Tây Ninh CTCP Xây d CTCP Nhiên li CTCP Cơng ngh CTCP Qu CTCP Th ài Gịn ài Gịn 25,000,000 8,283,561 8,000,000 9,000,000 30,000,000 13,200,000 8,197,642 8,061,006 13,555,514 70,000,000 476,399,820 8,000,000 8,000,000 15,400,000 14,755,359 8,014,161 16,400,000 8,190,000 20,535,272 55,472,000 26,499,823 33,000,000 81,300,000 11,000,000 10,743,192 8,400,000 10,058,906 39,999,921 326,235,000 10,000,000 157,883,789 500,000,000 147,600,000 11,500,000 11,500,000 81,043,131 15,570,714 65,399,216 9,963,450 44,824,172 10,320,000 8,500,000 8,108,615 8,289,981 67,274,998 15,000,000 29,899,629 8,479,830 3,693,739 3,907,180 4,310,670 12,677,580 6,452,460 3,846,665 1,409,448 5,945,465 24,725,250 168,388,563 3,915,730 3,494,670 4,830,440 3,668,679 2,459,130 4,769,810 3,852,620 3,997,656 21,679,689 9,922,732 15,939,580 33,507,180 5,336,560 5,196,437 3,996,365 3,563,009 9,813,206 102,321,283 4,836,680 34,565,916 84,814,350 61,609,140 4,562,802 5,603,600 8,800,137 57,481 24,576,124 1,877,390 18,956,454 4,602,676 3,667,220 3,721,639 3,826,085 23,093,077 7,310,000 4,704,717 15.08 4.41 0.16 1.1 6.74 0.12 2.08 31.52 5.14 13.68 13.65 0.05 5.32 17.63 24.14 18.32 19.92 1.96 29.53 9.92 11.56 0.7 7.79 0.49 0.63 1.42 13.58 24.47 17.64 0.63 27.11 13.04 7.26 9.32 0.27 38.14 48.63 11.42 30.16 6.71 4.4 5.86 3.1 2.85 14.67 0.27 33.26 80,000,000 14,659,463 21,330,162 5,286,615 22.34 12.94 Khu công nghi 129 140 141 142 143 144 145 146 147 148 149 150 151 152 153 154 155 SRC SRF SSC SSI ST8 STB SVC SZL TAC TBC TCL TCM TCR TDH TIC TIE 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176 177 178 179 180 181 182 183 184 185 186 187 188 TIX TMP TMS TNA TNC TPC TRA TRC TRI TS4 TSC TTF TTP TYA UIC VCB VFC VFG VHC VHG VIC VID VIP VIS VKP VNA VNE VNG VNI VNL VNM VNS VPH CTCP Cao su Sao Vàng CTCP K CTCP Gi CTCP Ch ài Gòn CTCP Siêu Thanh Ngân hàng TMCP Sài Gòn Th CTCP D ài Gòn CTCP SONADEZI Long Thành CTCP D CTCP Th CTCP D CTCP Công nghi CTCP Phát tri ành Công Th ên CTCP TIE CTCP S Tân Bình CTCP Th CTCP Kho v ên Nam CTCP Cao su Th CTCP Nh CTCP TRAPHACO CTCP Cao su Tây Ninh ài Gòn CTCP Th CTCP V CTCP T àn k CTCP Bao bì nh ành CTCP VINAFICO CTCP Kh ùng Vi CTCP V àn àn CTCP VINCOM CTCP V CTCP Thép Vi CTCP Nh CTCP V CTCP T CTCP Du l Nam ên Nam CTCP Giao nh CTCP S CTCP V 10,800,000 8,020,066 10,000,000 153,333,471 9,466,028 670,035,300 24,995,573 10,000,000 18,980,200 63,500,000 17,000,000 37,438,243 8,450,167 25,250,000 16,582,600 9,569,900 5,183,940 3,824,812 1,100,310 5,966,284 11 41,240 10,109,505 4,733,910 7,437,518 29,918,076 8,330,000 6,411,179 816,001 2,392,781 8,110,944 4,045,551 1.31 38 45.11 49 29.99 8.55 1.66 9.81 1.88 12,000,000 70,000,000 10,102,626 8,000,000 19,250,000 20,546,000 10,198,150 30,000,000 27,548,360 8,470,350 8,312,915 20,000,000 14,999,998 5,578,493 8,000,000 112,285,426 20,000,000 8,133,855 30,000,000 25,000,000 199,627,238 21,449,191 59,807,785 15,000,000 8,000,000 20,000,000 32,000,000 13,000,000 10,559,996 8,190,000 351,265,300 20,000,000 20,083,285 3,813,056 33,956,688 784,107 3,749,729 8,972,251 8,925,080 3,685,493 6,862,450 954,092 2,609,236 3,624,918 6,598,869 2,050,822 1,589,032 3,831,370 85,329,957 7,104,500 3,842,288 8,776,100 11,750,699 49,777,805 10,073,037 16,518,564 6,747,410 3,909,200 9,036,800 14,419,310 6,369,800 4,854,852 3,969,510 6,169,424 8,872,660 9,814,279 17.22 0.49 41.24 2.13 2.39 5.56 12.86 26.13 45.54 18.2 5.39 16.01 35.33 20.52 1.11 24.01 13.48 1.76 19.75 4.06 2.04 21.38 4.02 0.14 3.82 3.94 3.03 0.53 44.24 4.64 0.13 31.88 39.34 39.52 0.09 6.73 130 189 190 191 192 193 194 195 196 VPK VPL VSC VSG VSH VST VTB VTO CTCP Bao bì d CTCP Du l CTCP CONTAINER Vi CTCP CONTAINER Phía Nam CTCP Th CTCP V Thuê tàu bi ình CTCP V 8,000,000 100,000,000 9,624,628 11,044,000 206,241,246 40,000,000 11,982,050 60,000,000 3,889,277 32,246,470 2,171,883 4,868,450 50,985,235 19,490,920 5,811,215 26,563,985 0.38 16.75 26.43 4.92 24.28 0.27 0.5 4.73 N gu n: HOSE ... ch ng khoán Vi t Nam k t qu th c nghi m v ng ho t ng c n th ng ch ng khoán , th ng ch ng khoán Indonesia th ng ch ng khoán Th ng H i c tr ng ho c t n 2009 nh tính v ng c a ho n th ng ch ng khoán. .. Vi t Nam Th c hi ng v nh ng c a ho n th ng ch ng khoán Vi t Nam t c ki nh th sai, xây d c mô hình h i quy v i bi n ph thu c giá tr ch ng khoán giao d ch c a th ng bi c l p giá tr ch ng khoán. .. ch ng khoán TTCK Vi t Nam, bao g m ng ch ng khoán c c phi u niêm y t t i HOSE TPCP : trái phi u Chính ph VND ng Vi t Nam TPHCM : thành ph H Chí Minh Hastc–Index : ch s trung bình giá ch ng khoán,