MỤC LỤC
MỤC LỤC
DANH MỤC BẢNG, BIỂU, ĐỒ THỊ, HÌNH VẼ
PHẦN MỞ ĐẦU
CHƯƠNG 1: LÝ LUẬN CHUNG VỀ HIỆU QUẢ HOẠT ĐỘNG ĐẦU TƯ
TRÊN THỊ TRƯỜNG CHỨNG KHOÁN
. 
 
 !"#$%&" '"%( )*"%$+
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,-+(./"% 56./"%78"9
,,-+(./"%:;<="%78"
,-+(./"%(>5"%%4"
4(>?034034%&" '"%( )*"%$+(>-"%"@"A" (B( C(>)D"%E
,FG
, H"%A -!"I
, !"#$7'.J0.K$0340 H"%A -!"
,,L &"M-+0 H"%A -!"
,,N5()0 H"%A -!"034%&" '"%( )*"%$+O
,, !"#$P.J0.K$ -+(./"%.N5()0 H"%A -!"034
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,,,L &"M-+ -+(./"%.N5()
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#5U52.N5()7'0 V(W5.!" %! #5U52.N5()I
 !"#$I
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,#5U52 -+(./"%.N5()0 H"%A -!",
, !"#$,
,,!00 V(W5.!" %! #5U52.N5()0 H"%A -!",,
,!0" &"(82"  )Y"%.B" -+(./"%.N5()0 H"%A -!"034,9

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,
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CHƯƠNG 3: GIẢI PHÁP PHÁT TRIỂN HOẠT ĐỘNG ĐẦU TƯ CHỨNG
KHOÁN CỦA NGÂN HÀNG CÔNG TH ƯƠNG VIỆT NAMiO
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iO
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_Si
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6B5zPa !((>K" -+(./"%.N5()%!"(BaU540e"%(60 H"%A -!"P
0e"%(6U52"MmU5v.N5()0 H"%A -!"II
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,i!0%2a !aA !0X,

PHẦN MỞ ĐẦU
1. Tính cấp thiết của đề tài
>Y( '" $/((xa '"('0 g" 7h"%$+" M'$=0(W50N":]$.+(.)f0
034%&" '"%e"%( )*"%#(4$K.+(.)f0$=0(W5.tP"%&" '"%0N"
.Q$] -+(./"%A" <-4" Pa !1k†( B./004" ‡(>-"%M}" 7r0(g"<="%" )
#""46-+(./"%.N5()0 H"%A -!"M' -+(./"%A e"%( K( B57'>b(0N"
( B(034$/((xa '"('0 g" …$/("%&" '"%.4"q"% #".+#0"% W"
0H5P(`$AB$%2a !aa !((>K" -+(./"%.N5()0 H"%A -!"" ˆ$.4<+"%
-!:2"a •$<C0 7="%&" '"%P +"0 B>3>-P(`$AB$Mf" 5x"P.{"%( DP
7‰"0t( K.!aH"%.)f0" 50N5( 4" A -2"A 0N"( B(M'" 50N51H0Š~0034
%&" '"%e"%( )*"%#("4$(>-"%%4 +" #""46
@('u†Giải pháp nâng cao hiệu quả hoạt động đầu tư chứng khoán của
ngân hàng Công thương Việt Nam trên thị trường chứng khoán hiện nay‡.)f0
Mr40 ^""% W"0H5" ˆ$.!aH"%.? k1H0Š~0.t
2. Mục đích nghiên cứu của luận văn
…% W"0H5" h"%7b".@MmM5x"0*12"7@ -+(./"%.N5()0 H"%A -!"
034%&" '"%( )*"%$+
…L &"(g0 ( r0(>+"% -+(./"%.N5()0 H"%A -!"034%&" '"%e"%
( )*"%#(4$P(‚.tP.!" %!AB(U52P +"0 B7'0!0"%56W"" &"M'$ +"
0 B -+(./"%.N5()0 H"%A -!"034%&" '"%
…@Š5b( #( 8"%%2a !a" ˆ$a !((>K" -+(./"%.N5()0 H"%A -!"
034%&" '"%e"%( )*"%#(4$
3. Đối tượng và phạm vi nghiên cứu
…8()f"%"% W"0H5M' -+(./"%.N5()0 H"%A -!"034%&" '"%
( )*"%$+
…L +$7"% W"0H5M' -+(./"%.N5()0 H"%A -!"034%&" '"%
R
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4. Phương pháp nghiên cứu
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'"%7'0!0 -+(./"%A" <-4" A !00tMW"U54"7`$=0(W5Mf" 5x"P%ta
a N"( r0 #"0!0$=0(W5A" (B034 '")]0
 )7x6P7@12"0 b(P%&" '"%( )*"%$+M'$/(<-4" "% #a.J0( ‹P
(g" 0 b(.J0( ‹( K #"Y0 Ž.8()f"%(!0"% #aM'(@"(#%&" '"%( )*"%
$+A e"%(>r0(Ba:2"Š5b(>4034027x(0 b(" )0!0<-4" "% #a( 5/0M}"
7r0:2"Š5b(•A" <-4" " )"%(+-.@5A#"( 5x"Mf0 -U5!(>`" :2"Š5b(P
M)5( e"%7'a &"a 8:2"a •$Šs /1ˆ"%0!0 05"%H"%78"(g"<="%P78"
.N5()0 -0!0<-4" "% #aP(Q0 H0A" (B$Y>/"%A" <-4" P%taa N"(q"%
" 4" (80./a !((>K"A" (B
1.1.2. Hoạt động cơ bản của Ngân hàng Thương mại
q"0H7'-(g" 0 b(0!0 -+(./"%7'7C(>g('0 g" 034"%&" '"%( )*"%
$+(>-"%U54" #7]A !0  '"% -+(./"%"%&" '"%( )*"%$+.)f00 4
I
( '" 14" t$0*12"" ):45u
1.1.2.1. Hoạt động huy động vốn
%-'"%5{"78"0 3:Y h5P.K(B" '" 0!0 -+(./"%A" <-4" P0!0
"%&" '"%( )*"%$+14-%D0Œ"%1w(.N5 -+(./"%034$`" 1ˆ"%7#0 56
./"%0!0"%5{"78"8()f"% 56./"%034"%&" '"%( )*"%$+M'(b(020!0
"%5{"(@"" '">Ž(>-"%0!0<-4" "% #aP0!0(Q0 H0 g" a 37'<&"0)7]
1b(A• `" ( H0PU56$e7'( D +""'-ZQ:5"%( W$0 -"%5{"78" 56./"%P
0!0"%&" '"%( )*"%$+0t( K.746034"%&" '"%>5"%*"%7'(‚0!0"%&"
'"%A !01ˆ"%" @5 `" ( H0
ZW"0+" .t78"0 3:Y h50Œ"%M'$/(1/a x"U54"(>^"%(>-"%"%5{"
78"034"%&" '"%( )*"%$+%5{"78""'6(560 B$$/((•(>^"%" k(>-"%
(Q"%"%5{"78" -+(./"%:-"%U56$e78"0 3:Y h5M+U56B(.C" A 2"q"%
56./"%78"7'56(g"034$/("%&" '"%(>W"( )*"%(>)D"%
1.1.2.2. Hoạt động sử dụng vốn
-+(./"%:;<="%78".N5(W"7'0 B$(•(>^"%M]"" b(0340!0"%&"
'"%( )*"%$+M'0 -746!0:2"a •$0 -7460t( Ka &"0 4( •-" @5
(W5( H0A !0" 45" )( D%4"P.8()f"%74678"P(g" 0 b(:;<="%P77 5

0!00!" &"746(@".Ka =07=0 -" 50N5(W5<‹"% #"(+!0 -+(./"%"'6
.s.!" <b5$/(1)]0a !((>K"$](>-"%:;<="%78"034"%&" '"%P( r0 #"
.4<+"% -!0!0 `" ( H00 -74654"(>^"% *""h4P0!0 -+(./"%:;<="%
78".N5()PA" <-4" 0 H"%A -!"PA" <-4" "%-+ 8PA" <-4" 1b(./"%
:2"P77’0Œ"%>b(.)f00 ~(>^"%7'"%'60'"%0 B$(•(>^"%04- *"(>-"%<4"
$=0':2"0340!0)*"%H"%P( 5" xa$4"%M+(‚0!0 -+(./"%"'6
"%'60'"%0 B$(•(>^"%04-(>-"%(Q"%( 5" xa0340!0"%&" '"% #".+
1.1.3. Vai trò của của Ngân hàng thương mại trong nền kinh tế thị trường
 >-"%U5!(>`" .Q$]P #( 8"%"%&" '"%0t(N$U54"(>^"%.J01#(PM'
AW" 0*12"05"%H"%78"0 -"@"A" (B.K( r0 #"0!00 V(W57}$e034"@"
O
A" (B%-'0 -746( )*"%$+.87]0!0(Q0 H07'0!" &"P #( 8"%"%&"
'"%0?"M'"%5{"('0 g" U54"(>^"%.K( r0 #"0!00 3(>)*"%P0 g" :!0
0342"%7' g" a 3" )0 -746.87] /"% “-P7‹"%:&5P7‹"%Š4P%ta
a N" +"0 B.!"%AK:r0 W" M#0 a !((>K"%h40!0" t$( 5" xa7'%h40!0
7‹"%(>-"%")]0P(‚"%1)]00 56K"<C0 0*0b5A" (B( •- )]"%e"%"% #a
t4P#".+ t4>-"%.@5A#"( C(>)D"%('0 g" 0?":*A 4P(g"<="%"%&"
'"%M'AW" 0 36B505"%H"%78"0 -0 56K"<C0 0*0b57'a !((>K"A" (B
>-"%(‚"%( DA•P.Q$] -+(./"%"%&" '"%.)f00-M'./(a !A •57'0t
" h"%  .t"% %ta (g0 0r0  0 - U5! (>`"  .Q  $] 7' a !( (>K"  A"  (B #(
4$P(>-"%"@"A" (B( C(>)D"%"%&" '"%( )*"%$+( K #"Y" h"%74(>?
0 g" :45u
Thứ nhất,.t"%74(>?U54"(>^"%(>-"%7#0.•6M‹7'A@$0 BM+$a !(P
(‚"%1)]0<56(>`:rQ".C" %!(>C.{"%(@"7'(V%!P%taa N"02( #"A" (B
7}$eP$e(>)D"%.N5()7':2"Š5b(A" <-4" ”
Thứ hai,%taa N"( ~0.•6 -+(./"%.N5()Pa !((>K":2"Š5b(A" <-4"
7' -+(./"%Š5b(" xaA •5&6M'AB(U52(!0./"%" @5$J(034.Q$] -+(
./"%"%&" '"%P" b(M'" h"%08%w"%034"%'" "%&" '"%(>-"%7#0 56./"%
0!0"%5{"78"(>-"%")]00 -.N5()a !((>K"P(>-"%7#0.Q$]0 g" :!0 0 -
7467'0*0b5(g"<="%( •- )]"%0q"0H0 36B57'-(g" A 2( 7' #5U52034

0e"%"% #a•Š&6<r"%0 B$A -2"%9O–7'A 57r0"e"%•M&$"% #a•( 36
:2"0 B$,,–
 x"( H0:&5:w0U54".K$A" (B" @5( '" a N"7'74(>?0340!0A 5
7r0A" (BP #( 8"%"%&" '"%#(4$.s0t" h"%0 56K"1B"0q"12"7@
-+(./"%(g"<="%P(V(>^"%0 -746A 57r0A" (B"%-'U580<-4" .s(q"%(‚
A -2"%,O–"q$XIXMW"A -2"%EO–(>-"%%4 +" #""46 D.tP0!0
<-4" "% #a"%-'U580<-4" .s$Y>/"%:2"Š5b(A" <-4" P.t"%%ta"%'6
0'"%" @50 -(q"%(>)Y"%A" (BP(+-7#0M'$7'( 5" xa0 -"%)DM4-./"%
#""46P0!0<-4" "% #a7‚47'" k.t"%%taA -2"%–%!(>C:2"Š5b(
,
0e"%"% #a7',R–€LP(+-0e"%q"7#0M'$0 -,R–M4-./"%(>-"%")]0
!"%0 ~mP"%'" "%&" '"%.s0-.Q$] -+(./"%(g"<="%"%&" '"%M'
A &5U54"(>^"%(>-"%.Q$]U52"MmA" (BP(‚"%1)]0Št41ka )*"%( H0U52"
Mm14-0ba:4"%U52"Mm( •-0 B./ +0 (-!"A" (BP"&"%04- #5U52:2"Š5b(
A" <-4" 7':;<="%78""%&" '"%!0<-4" "% #a.sa !( 56(" ( N"(r
0 37'(r0 C5(>!0 " #$(>-"%:2"Š5b(A" <-4" P%2$<N":r•M+7'(>e"%0 D
7'-:r14-0ba034 g" a 3%'" "%&" '"%0Œ"%.t"%%ta.!"%AK7'-7#0
a !( 56"/Mr0P 56./"%0!0"%5{"78"(>-"%")]00 -:2"Š5b(A" <-4" 7'
.N5()a !((>K"P%taa N"0 56K".Q(‚"@"A" (BAB -+0  t4(xa(>5"%:4"%
A" (B( C(>)D"%( •-.C"  )]"%Šs /0 3"% }4P(‚"@"A" (BA naAg"7'a =
( 5/07'-" xaA •5:4"%"@"A" (B$Y.C"  )]"%Š5b(A •5P(q"%<N"A 2"q"%
0+" (>4" 7' /" xaA" (BU580(B0340!0<-4" "% #a#(4$
1.2. HOẠT ĐỘNG ĐẦU TƯ CHỨNG KHOÁN CỦA NGÂN HÀNG THƯƠNG MẠI
1.2.1. Chứng khoán
1.2.1.1. Khái niệm và các đặc trưng của chứng khoán
Chứng khoánM'" h"%%b6(D0t%!7'0tA 2"q"%0 56K"" )f"%PŠ!0
.C" :878".N5()”0 H"%A -!"Š!0" x"U56@":Y h5 -J0U56@".?"f fa
a !aP14-%{$0!0.@5A#"7@( 5" xa7'(':2"(>-"%$/(( D +""'-.t
 H"%A -!"14-%{$0Qa B5P(>!a B5P0 H"%0 VU5v.N5()7'0!0M-+0 H"%
A -!"A !0

78"%ta7'0!0U56@" faa !aA !0.87](Q0 H0a !( '" +<#"0 -
0 H"%A -!"78"M'0Qa B57'0 H"%0 VU5v.N5()
Các chứng khoán phái sinh: M'0!00e"%0=('0 g" 0t"%5{"%80(‚
0 H"%A -!"7'0tU54" #0 J(0 ƒ7]0!00 H"%A -!"%80!00 H"%A -!"
a !:" .)f0 `" ( '" <-" 50N5%4-<C0 034"%)D$54P"%)D1!"7'a !(
(>K"a =( 5/07'-$H0./a !((>K"034( C(>)D"%0 H"%A -!"!00 H"%
A -!"a !:" 14-%{$0!0M-+" )u56@"$54(>)]0P0 H"%A BP fa.{"%
9
A• +"P fa.{"%()*"%M4PU56@"0 ^"
b. Phân loại chứng khoán theo khả năng chuyển nhượng:  •-0!0 "'6
0 H"%A -!".)f0a &"( '" 0 H"%A -!"% <4" 7'0 H"%A -!"7e<4" 
Chứng khoán vô danhM'M-+%b6Š!0" x"U56@":Y h5 -J0U56@".?
"fA e"%% (W""%)D:Y h5j-+0 H"%A -!""'6.)f00 56K"" )f"%<—
<'"%PA e"%0N"( 3(=0Š!0" x"034e"%(6 -J00*U54"0e"%0 H"%
Chứng khoán ghi danhM'M-+%b6Š!0" x"U56@":Y h5 -J0U56@".?
"f0t% (W"0 3:Y h5j-+0 H"%A -!""'60t( K.)f00 56K"" )f"%
" )"%a 2(5&"( •-0!0U56.C" a !aMm0=( K
c. Phân loại chứng khoán theo tính chất thu nhập:
Chứng khoán có thu nhập cố định:M'M-+0 H"%A -!"0tU56@"6W50N5
( 5" xa08.C" A e"%a =( 5/07'-AB(U52 -+(./"%034" 'a !( '" t0t
( KM'0 H"%A -!"7e<4" P0 H"%A -!"% <4" P0t( KM'(g"a B5P(>!a B5
-J00Qa B5)5.s0Q(H0
Chứng khoán có thu nhập biến đổi:j'M-+0 H"%A -!"$'( 5" xaa =
( 5/07'-AB(U52 -+(./"%034" 'a !( '" Qa B5( )D"%.+<#"0 -M-+
0 H"%A -!"0t( 5" xa1B".Q 5" xa<-7#0:Y h50Qa B5$4"%M+%^
M'0Q(H0P"t1B"./"%( •-AB(U52A" <-4" 034e"%(6P7]0‹"%$/(0 g"
:!0 0 40Q(H0( `A Mf" 5x":45( 5B034e"%(6(q"%MW"( `0Q(H00Œ"%
(q"%MW"7'"%)f0M+
Chứng khoán hỗn hợp: `" ( H0 Ž" fa0340 H"%A -!"7‚4$4"%
(g" 0 b(0340 H"%A -!"0t( 5" xa0t.C" P7‚4$4"%(g" 0 b(0340 H"%

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" 45P( D%4".!- +"A !0" 45P$H0./>3>-P:" MDA !0" 45PA 2"q"%
0 56K".Q( '" (@"A !0" 45’
 Yêu cầu an toàn vốn cao, chứng khoán có tính thanh khoản lớn.
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56./"%0 B$$/((•M#M]"(>-"%(Q"%"%5{"78"034P<-7x6(>-"%U5!
(>`"  -+(./"%6W50N54"(-'"78".)f0.J(MW" '"%.N5P.@5.t.? k0!0
0 H"%A -!".)f0.N5()a 20t(g" ( 4" A -2"M]"P0tMs:5b(08.C" !0
R
0 H"%A -!".)f0.N5()a 2%h.)f074(>?M'<r(>h( H0ba0 -"%&" '"%
(>-"%7b".@( 4" A -2"%-'>4P"%5{"78" 56./"%(‚0!0(Q0 H07'0!
" &"0 36B5a 2(>2Ms:5b(08.C" "W".K0&"1ˆ"%( 5" xa7'0 a g(>-"%
-+(./"%P.2$12-0tMsP%&" '"%( )D"%Mr40 ^"0!00 H"%A -!"0tMs
:5b(08.C" .K.N5()
 Hoạt động đầu tư bị kiểm soát
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:-!(03412"( &"0!0"%&" '"%M'" ˆ$.!aH"%6W50N57@(g" 4"(-'"(>-"%
-+(./"%=0.g0 034 '")]0(>-"%7#0AK$:-!( -+(./"%.N5()0 H"%
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")]0#0AK$:-!( -+(./"%.N5()0 H"%A -!".)f0( r0 #"(>W"0!0
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 Sử dụng các công cụ phòng vệ
 ˆ$.!aH"%6W50N57@4"(-'"78"PQ".C"  -!Mf" 5x"P0!0
( )D"%:;<="%0!00e"%0=a ?"%7#(>-"% -+(./"%.N5()0 H"%A -!"" )

y%5{"u%!-(>`" ('0 g" <-4" 
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O
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"'6Đầu tư chênh lệch giá :j'7#00!0$54(':2"Y$/($H0%!( ba
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"% #aPM'" h"%"%)D( )D"% +"0 B>3>-1ˆ"%0!0 :;<="%0!0Av( 5x(M-+
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 Đầu tư nắm quyền kiểm soátu#0"w$%h$/(:8M)f"%0Qa B5(]
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b. Theo phương thức đầu tư
 Đầu tư trực tiếp:M'7#00!0(>r0(Ba1k78"7'-0!0(':2"( r0
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 Đầu tư gián tiếpuM'7#00!0( r0 #" -+(./"%.N5()( e"%U54
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c. Theo sản phẩm đầu tư
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1.3.HIỆU QUẢ HOẠT ĐỘNG ĐẦU TƯ CHỨNG KHOÁN
1.3.1. Hiệu quả đầu tư và chỉ tiêu đánh giá hiệu quả đầu tư
1.3.1.1.Khái niệm:

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