1. Cong ty co phan

Su phat trien cua nen kinh te tu ban chu nghia va quan he tin dung da tien toi su

hinh thanh cac cong ty co phan.

Cong ty co phan la mot xi nghiep lon tu ban chu nghia, ma von cua no duoc hinh

thanh tu su dong gop cua nhieu nguoi thong qua phat hanh co phieu.

Co phieu la mot thu chung khoan co gia, ghi nhan quyen so huu co phan, dong

thoi bao dam cho nguoi chu so huu co phieu co quyen linh mot phan thu nhap cua cong

ty tuong ung voi so tien ghi tren co phieu goi la loi tuc co phan (co tuc). Nguoi so huu

co phan goi la co dong.

Trong thuc te cua xa hoi tu ban, nhung nguoi sang lap ra cong ty co phan thuc

hien viec phat hanh cac co phieu de ban, con cac co dong thi mua cac co phieu do va

hang nam can cu vao co phieu cua minh ma lay lai (loi tuc co phan). Muc loi tuc co

phan khong on dinh, ma phu thuoc vao doanh loi hang nam cua xi nghiep.

Co phieu duoc mua, ban tren thi truong chung khoan. Khi mua ban, gia ca cua co

phieu khong nhat thiet theo menh gia cua no, ma can cu vao gia ca thi truong, goi la thi

gia co phieu.

Thi gia co phieu khong phai la so tien ghi tren co phieu (menh gia co phieu), ma la mot so tien neu dem gui vao ngan hang thi cung mang lai so loi tuc bang loi tuc co

phan. Noi cach khac, thi gia co phieu phu thuoc vao hai nhan to:

Mot la, loi tuc co phan ma co phieu mang lai: loi tuc co phan cang cao thi thi gia co

phieu cung cang cao va nguoc lai.

Hai la, ty suat loi tuc gui vao ngan hang: ty suat loi tuc ngan hang cang cao thi thi

gia co phieu cang thap va nguoc lai.

Viec sang lap ra cong ty co phan va phat hanh co phieu la mot nguon loi lon doi

voi cac nha tu ban. Nho co cong ty co phan ma quy mo san xuat duoc mo rong, vuot ra

khoi pham vi cua tu ban ca biet. Voi viec thanh lap cong ty co phan thi quyen so huu tu

ban hoan toan tach khoi quyen su dung tu ban.

2. Thi truong chung khoan

Co phieu cung nhu trai khoan va cac chung khoan co gia nhu cong trai, tin phieu,

ky phieu, cac van tu cam co... deu co the mua di ban lai tren thi truong chung khoan.

Thi truong chung khoan la noi mua ban cac chung khoan.

Thi truong chung khoan bao gom: thi truong so cap, la thi truong mua ban cac

chung khoan phat hanh dau tien va thi truong thu cap (hay la so giao dich chung

khoan), la thi truong mua ban lai cac chung khoan. Nghiep vu tai so giao dich chung

khoan thuong duoc thuc hien tren ba mat:

Mot la, mua ban bang tien mat.

Hai la, mua ban bang thanh toan chung khoan theo dinh ky vao giua thang hay

cuoi thang.

Ba la, giao dich theo hinh thuc tin dung, nguoi mua chung khoan chi tra mot

phan, phan con lai do nguoi moi gioi cua so giao dich ung truoc va huong loi tuc ve so

tien ung truoc cho nguoi mua.

Thi truong chung khoan la loai thi truong phan ung rat nhay ben doi voi cac thay

doi cua nen kinh te. Vi vay, nguoi ta thuong vi thi truong chung khoan la "phong vu bieu" cua nen kinh te.