Cac nha dau tu ca nhan nho le nhieu lan that vong voi dien bien cua TTCK

Tu thoi diem thi truong chung khoan Viet Nam giam manh sau Tet Nguyen dan, Tong cong ty dau tu va Kinh doanh von Nha nuoc (SCIC) da tuyen bo se bo ra nhieu nghin ty de mua vao mot so ma chung khoan nham ho tro thi truong.

Gan hai thang sau khi tuyen bo tren duoc dua ra, thi truong chung khoan Viet Nam van chua co dau hieu hoi phuc, tham chi con giam sau va lau hon. Co nha dau tu cho rang, chinh nhung tuyen bo tren cua SCIC da tao ra mot Bull Trap (bay tang gia) khien nhieu nha dau tu, dac biet la nhung nha dau tu ca nhan, nho le mua theo xu huong "tang gia" nay chiu thiet hai nang ne.

Nhung thong tin ve thoi diem mua, ma chung khoan duoc chon, va luong tien bo ra de mua chung khoan deu duoc giu kin. Chinh nhung yeu to nay da khien gioi dau tu "doan gia doan non" ve viec lieu SCIC co dung tien ho tro thi truong nhu da cam ket hay khong.

Anh Son, mot nha dau tu tai cong ty chung khoan Thang Long nghi ngo rang, thuc chat SCIC chua mua vao nhu da tuyen bo ma chi phat bieu nham on dinh tam ly cho nha dau tu. Theo du tinh cua anh, de giai cuu thi truong SCIC can chi khoang 5.000 den 15.000 ty dong.

Tu thang 3/2008 den nay, thi truong co gia tri giao dich trung binh khoang 500 ty dong mot phien. Neu thuc su co viec mua vao cua SCIC, khoi luong giao dich va luong cau duong nhien se phai tang manh. Qua quan sat cua anh Son, khong co nhieu dot bien ve khoi luong giao dich tu thoi diem 10/3 khi tuyen bo cua SCIC duoc dua ra.

Nhan vien moi gioi tai mot cong ty chung khoan giai thich, viec mua vao cua SCIC co le duoc thuc hien duoi hinh thuc giao dich thoa thuan (GDTT). Nhung neu lam nhu vay thi viec cuu gia se thanh nua voi, khong hieu qua. Hon nua, gia tri giao dich thoa thuan trong thoi gian vua qua cung khong lon du lon de thuyet phuc cac nha dau tu tin vao no luc cua SCIC.

Mot chuyen gia phan tich tai mot cong ty chung khoan to ra khong ngac nhien truoc tin don ve viec SCIC da khong mua lai co phieu. Theo anh, viec SCIC khong "manh tay" mua lai co phieu nhu cac nha dau tu mong doi neu co cung la dieu de hieu. Khong nhu nhieu nguoi lam tuong, viec mua lai co phieu cua cac cong ty khong tac dong len loi nhuan cua cong ty - yeu to quan trong nhat anh huong toi gia co phieu.

Thu hai, mua va giu lai co phieu voi so luong lon se lam giam tinh thanh khoan cua thi truong Viet Nam von da suy giam nhieu trong thoi gian gan day.

Thu ba, ban chat cua viec mua lai co phieu cua SCIC la chuyen dich von tu khu vuc tu nhan sang khu vuc nha nuoc. dieu nay di nguoc lai voi xu the co phan hoa chung cua kinh te Viet Nam hien nay.

Thu tu, viec phai giu kin thong tin ve co phieu duoc mua lai lam day len moi nghi ngo ve viec cong ty nao "quan he" tot voi SCIC thi se duoc mua. dieu nay neu co se rat anh huong toi uy tin cua sieu tong cong ty.

Thu nam, gia co phieu bien dong khong chi theo quy luat cung cau ma con phan anh niem tin cua nha dau tu ve trien vong cua nen kinh te noi chung va chung khoan noi rieng. Nhin chung kinh te Viet Nam va thi truong chung khoan the gioi dang trong giai doan kho khan, vay nen thi truong chung khoan Viet Nam chiu anh huong cua cac nhan to bat loi tren va sut giam cung la chuyen binh thuong. Vi the tang cau tren thi truong chi la giai phap tam ly ngan han chu khong giai quyet tan goc van de.

Cuoi cung, Viet Nam dang phai doi mat voi tinh trang lam phat kha nghiem trong. Chinh phu can can nhac that ky luong viec bo mot luong tien lon de cuu thi truong chung khoan hay danh de giai quyet bai toan lam phat. Ông Nguyen Van Quan, Giam doc du an cong ty co phan bat dong san Ba dinh, vi von: "Chinh phu co ly khi chon cuu 80 trieu dan thay vi cuu 300 nghin tai khoan chung khoan".

Theo ba Le Thi Bang Tam, nguyen chu tich SCIC, Tong cong ty nay ve ban chat khong phai la mot quy duoc thanh lap dieu hoa thi truong chung khoan nhu moi nguoi lam tuong.

SCIC la mot to chuc tai chinh dac biet, hoat dong nhu mot tap doan dau tu tai chinh trong nen kinh te thi truong. No co trach nhiem dam bao dong von Nha nuoc duoc dau tu, quan ly, va kinh doanh co hieu qua nham bao toan va phat trien. Ben canh do, muc tieu cua SCIC la giup doanh nghiep cai thien mo hinh quan tri, tao long tin cho thi truong thong qua viec tao ra hang hoa co chat luong (phan anh dung gia tri thuc cua doanh nghiep) giup thi truong chung khoan phat trien lau dai. Khong nen lam ton hai uy tin va muc tieu cai cach va quan ly von Nha nuoc dat ra khi thanh lap SCIC.

Hon nua, theo ba Tam, tai san cua SCIC la rat lon nhung chu yeu la co phieu cua cac doanh nghiep, con luong tien mat lai kha han che. Co phieu giai chap va Repo co gia tri toi hang chuc nghin ty, viec cac nha dau tu doi hoi SCIC tung tien ra mua het la khong kha thi. Gia su, neu SCIC duoc Chinh phu "bom" tien de thuc hien viec mua lai het co phieu giai chap va Repo thi chac chan rui ro lo va mat von Nha nuoc rat lon. Nhung khoan lo va rui ro nay le ra cac nha dau tu phai chiu theo dung thong le va ban chat cua thi truong.