{"id":31274,"date":"2023-12-07T10:29:25","date_gmt":"2023-12-07T10:29:25","guid":{"rendered":"https:\/\/masterskills.org\/blog\/bao-lanh-phat-hanh-chung-khoan-la-gi-cac-phuong-thuc-bao-lanh.html"},"modified":"2023-12-23T08:01:01","modified_gmt":"2023-12-23T01:01:01","slug":"bao-lanh-phat-hanh-chung-khoan-la-gi-cac-phuong-thuc-bao-lanh","status":"publish","type":"post","link":"https:\/\/masterskills.org\/blog\/bao-lanh-phat-hanh-chung-khoan-la-gi-cac-phuong-thuc-bao-lanh.html","title":{"rendered":"B\u1ea3o l\u00e3nh ph\u00e1t h\u00e0nh ch\u1ee9ng kho\u00e1n l\u00e0 g\u00ec? C\u00e1c ph\u01b0\u01a1ng th\u1ee9c b\u1ea3o l\u00e3nh"},"content":{"rendered":"
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H\u00ecnh minh ho\u1ea1 (Ngu\u1ed3n: thebank)<\/p>\n<\/div>\n<\/div>\n

B\u1ea3o l\u00e3nh ph\u00e1t h\u00e0nh ch\u1ee9ng kho\u00e1n<\/font><\/h2>\n

Kh\u00e1i ni\u1ec7m<\/b><\/p>\n

B\u1ea3o l\u00e3nh ph\u00e1t h\u00e0nh ch\u1ee9ng kho\u00e1n<\/b>\u00a0t\u1ea1m d\u1ecbch sang ti\u1ebfng Anh l\u00e0 Securities issuance guarantee.<\/b><\/p>\n

– B\u1ea3o l\u00e3nh ph\u00e1t h\u00e0nh ch\u1ee9ng kho\u00e1n<\/b> l\u00e0 vi\u1ec7c t\u1ed5 ch\u1ee9c b\u1ea3o l\u00e3nh gi\u00fap t\u1ed5 ch\u1ee9c ph\u00e1t h\u00e0nh th\u1ef1c hi\u1ec7n c\u00e1c th\u1ee7 t\u1ee5c tr\u01b0\u1edbc khi ch\u00e0o b\u00e1n ch\u1ee9ng kho\u00e1n, t\u1ed5 ch\u1ee9c vi\u1ec7c ph\u00e2n ph\u1ed1i ch\u1ee9ng kho\u00e1n v\u00e0 gi\u00fap b\u00ecnh \u1ed5n gi\u00e1 ch\u1ee9ng kho\u00e1n trong giai \u0111o\u1ea1n \u0111\u1ea7u sau khi ph\u00e1t h\u00e0nh.<\/p>\n

– B\u1ea3o l\u00e3nh ph\u00e1t h\u00e0nh ch\u1ee9ng kho\u00e1n<\/b> l\u00e0 vi\u1ec7c cam k\u1ebft v\u1edbi t\u1ed5 ch\u1ee9c ph\u00e1t h\u00e0nh nh\u1eadn mua m\u1ed9t ph\u1ea7n hay to\u00e0n b\u1ed9 ch\u1ee9ng kho\u00e1n c\u1ee7a t\u1ed5 ch\u1ee9c ph\u00e1t h\u00e0nh \u0111\u1ec3 b\u00e1n l\u1ea1i ho\u1eb7c mua s\u1ed1 ch\u1ee9ng kho\u00e1n c\u00f2n l\u1ea1i ch\u01b0a \u0111\u01b0\u1ee3c ph\u00e2n ph\u1ed1i h\u1ebft c\u1ee7a t\u1ed5 ch\u1ee9c ph\u00e1t h\u00e0nh ho\u1eb7c c\u1ed1 g\u1eafng t\u1edbi m\u1ee9c t\u1ed1i \u0111a \u0111\u1ec3 b\u00e1n h\u1ebft s\u1ed1 ch\u1ee9ng kho\u00e1n c\u1ea7n ph\u00e1t h\u00e0nh cho t\u1ed5 ch\u1ee9c ph\u00e1t h\u00e0nh. (Lu\u1eadt Ch\u1ee9ng kho\u00e1n)<\/i><\/p>\n

B\u1ea3o l\u00e3nh ph\u00e1t h\u00e0nh bao g\u1ed3m c\u1ea3 vi\u1ec7c t\u01b0 v\u1ea5n t\u00e0i ch\u00ednh v\u00e0 ph\u00e2n ph\u1ed1i ch\u1ee9ng kho\u00e1n.<\/p>\n

C\u00e1c ph\u01b0\u01a1ng th\u1ee9c b\u1ea3o l\u00e3nh ph\u00e1t h\u00e0nh<\/font><\/h3>\n

Vi\u1ec7c b\u1ea3o l\u00e3nh ph\u00e1t h\u00e0nh th\u01b0\u1eddng th\u1ef1c hi\u1ec7n theo m\u1ed9t trong c\u00e1c ph\u01b0\u01a1ng th\u1ee9c sau:\u00a0<\/p>\n

– B\u1ea3o l\u00e3nh v\u1edbi cam k\u1ebft ch\u1eafc ch\u1eafn (Firm commitment underwriting)<\/b>: l\u00e0 ph\u01b0\u01a1ng th\u1ee9c b\u1ea3o l\u00e3nh trong \u0111\u00f3 t\u1ed5 ch\u1ee9c b\u1ea3o l\u00e3nh cam k\u1ebft s\u1ebd mua to\u00e0n b\u1ed9 s\u1ed1 ch\u1ee9ng kho\u00e1n ph\u00e1t h\u00e0nh cho d\u00f9 c\u00f3 ph\u00e2n ph\u1ed1i \u0111\u01b0\u1ee3c h\u1ebft ch\u1ee9ng kho\u00e1n hay kh\u00f4ng.\u00a0<\/p>\n

Th\u00f4ng th\u01b0\u1eddng, trong ph\u01b0\u01a1ng th\u1ee9c n\u00e0y m\u1ed9t nh\u00f3m c\u00e1c t\u1ed5 ch\u1ee9c b\u1ea3o l\u00e3nh h\u00ecnh th\u00e0nh m\u1ed9t t\u1ed5 h\u1ee3p \u0111\u1ec3 mua ch\u1ee9ng kho\u00e1n c\u1ee7a t\u1ed5 ch\u1ee9c ph\u00e1t h\u00e0nh v\u1edbi gi\u00e1 chi\u1ebft kh\u1ea5u v\u00e0 b\u00e1n l\u1ea1i c\u00e1c ch\u1ee9ng kho\u00e1n theo gi\u00e1 ch\u00e0o b\u00e1n ra c\u00f4ng ch\u00fang (POP) v\u00e0 h\u01b0\u1edfng ph\u1ea7n ch\u00eanh l\u1ec7ch gi\u00e1.<\/p>\n

– B\u1ea3o l\u00e3nh v\u1edbi c\u1ed1 g\u1eafng cao nh\u1ea5t (Best efforts underwriting)<\/b>: l\u00e0 ph\u01b0\u01a1ng th\u1ee9c b\u1ea3o l\u00e3nh m\u00e0 theo \u0111\u00f3 t\u1ed5 ch\u1ee9c b\u1ea3o l\u00e3nh tho\u1ea3 thu\u1eadn l\u00e0m \u0111\u1ea1i l\u00ed cho t\u1ed5 ch\u1ee9c ph\u00e1t h\u00e0nh.\u00a0<\/p>\n

T\u1ed5 ch\u1ee9c b\u1ea3o l\u00e3nh kh\u00f4ng cam k\u1ebft b\u00e1n to\u00e0n b\u1ed9 s\u1ed1 ch\u1ee9ng kho\u00e1n m\u00e0 cam k\u1ebft s\u1ebd c\u1ed1 g\u1eafng h\u1ebft s\u1ee9c \u0111\u1ec3 b\u00e1n ch\u1ee9ng kho\u00e1n ra th\u1ecb tr\u01b0\u1eddng, nh\u01b0ng n\u1ebfu kh\u00f4ng ph\u00e2n ph\u1ed1i h\u1ebft s\u1ebd tr\u1ea3 l\u1ea1i cho t\u1ed5 ch\u1ee9c ph\u00e1t h\u00e0nh ph\u1ea7n c\u00f2n l\u1ea1i v\u00e0 kh\u00f4ng ph\u1ea3i ch\u1ecbu h\u00ecnh ph\u1ea1t n\u00e0o.<\/p>\n

– B\u1ea3o l\u00e3nh theo ph\u01b0\u01a1ng th\u1ee9c t\u1ea5t c\u1ea3 ho\u1eb7c kh\u00f4ng (All or Nothing)<\/b>: trong ph\u01b0\u01a1ng th\u1ee9c n\u00e0y, t\u1ed5 ch\u1ee9c ph\u00e1t h\u00e0nh y\u00eau c\u1ea7u t\u1ed5 ch\u1ee9c b\u1ea3o l\u00e3nh b\u00e1n m\u1ed9t s\u1ed1 l\u01b0\u1ee3ng ch\u1ee9ng kho\u00e1n nh\u1ea5t \u0111\u1ecbnh, n\u1ebfu kh\u00f4ng ph\u00e2n ph\u1ed1i \u0111\u01b0\u1ee3c h\u1ebft s\u1ebd hu\u1ef7 to\u00e0n b\u1ed9 \u0111\u1ee3t ph\u00e1t h\u00e0nh. T\u1ed5 ch\u1ee9c b\u1ea3o l\u00e3nh ph\u1ea3i tr\u1ea3 l\u1ea1i ti\u1ec1n cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u00e3 mua ch\u1ee9ng kho\u00e1n.<\/p>\n

– B\u1ea3o l\u00e3nh theo ph\u01b0\u01a1ng th\u1ee9c t\u1ed1i thi\u1ec3u \u2013 t\u1ed1i \u0111a<\/b>: l\u00e0 ph\u01b0\u01a1ng th\u1ee9c trung gian gi\u1eefa ph\u01b0\u01a1ng th\u1ee9c b\u1ea3o l\u00e3nh v\u1edbi c\u1ed1 g\u1eafng cao nh\u1ea5t v\u00e0 ph\u01b0\u01a1ng th\u1ee9c b\u1ea3o l\u00e3nh b\u00e1n t\u1ea5t c\u1ea3 ho\u1eb7c kh\u00f4ng.\u00a0<\/p>\n

Theo ph\u01b0\u01a1ng th\u1ee9c n\u00e0y, t\u1ed5 ch\u1ee9c ph\u00e1t h\u00e0nh y\u00eau c\u1ea7u t\u1ed5 ch\u1ee9c b\u1ea3o l\u00e3nh \u0111\u01b0\u1ee3c t\u1ef1 do ch\u00e0o b\u00e1n ch\u1ee9ng kho\u00e1n \u0111\u1ebfn m\u1ee9c t\u1ed1i \u0111a quy \u0111\u1ecbnh (m\u1ee9c tr\u1ea7n). N\u1ebfu l\u01b0\u1ee3ng ch\u1ee9ng kho\u00e1n b\u00e1n \u0111\u01b0\u1ee3c \u0111\u1ea1t t\u1ec9 l\u1ec7 th\u1ea5p h\u01a1n m\u1ee9c s\u00e0n th\u00ec to\u00e0n b\u1ed9 \u0111\u1ee3t ph\u00e1t h\u00e0nh s\u1ebd b\u1ecb h\u1ee7y b\u1ecf.<\/p>\n

– B\u1ea3o l\u00e3nh theo ph\u01b0\u01a1ng th\u1ee9c d\u1ef1 ph\u00f2ng (Standby underwriting)<\/b>: \u0110\u00e2y l\u00e0 ph\u01b0\u01a1ng th\u1ee9c th\u01b0\u1eddng \u0111\u01b0\u1ee3c \u00e1p d\u1ee5ng khi m\u1ed9t c\u00f4ng ty \u0111\u1ea1i ch\u00fang ph\u00e1t h\u00e0nh b\u1ed5 sung th\u00eam c\u1ed5 phi\u1ebfu th\u01b0\u1eddng v\u00e0 ch\u00e0o b\u00e1n cho c\u00e1c c\u1ed5 \u0111\u00f4ng c\u0169 tr\u01b0\u1edbc khi ch\u00e0o\u00a0\u00a0b\u00e1n ra c\u00f4ng ch\u00fang b\u00ean ngo\u00e0i. Tuy nhi\u00ean, s\u1ebd c\u00f3 m\u1ed9t s\u1ed1 c\u1ed5 \u0111\u00f4ng kh\u00f4ng mu\u1ed1n mua th\u00eam c\u1ed5 phi\u1ebfu c\u1ee7a c\u00f4ng ty.<\/p>\n

V\u00ec v\u1eady, c\u00f4ng ty c\u1ea7n c\u00f3 m\u1ed9t t\u1ed5 ch\u1ee9c b\u1ea3o l\u00e3nh d\u1ef1 ph\u00f2ng s\u1eb5n s\u00e0ng mua nh\u1eefng quy\u1ec1n mua kh\u00f4ng \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n v\u00e0 chuy\u1ec3n th\u00e0nh nh\u1eefng c\u1ed5 phi\u1ebfu \u0111\u1ec3 ph\u00e2n ph\u1ed1i ra ngo\u00e0i c\u00f4ng ch\u00fang. C\u00f3 th\u1ec3 n\u00f3i, b\u1ea3o l\u00e3nh theo ph\u01b0\u01a1ng th\u1ee9c d\u1ef1 ph\u00f2ng l\u00e0 vi\u1ec7c t\u1ed5 ch\u1ee9c b\u1ea3o l\u00e3nh cam k\u1ebft s\u1ebd l\u00e0 ng\u01b0\u1eddi mua cu\u1ed1i c\u00f9ng ho\u1eb7c ch\u00e0o b\u00e1n h\u1ed9 s\u1ed1 c\u1ed5 phi\u1ebfu c\u1ee7a c\u00e1c quy\u1ec1n mua kh\u00f4ng \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n.<\/p>\n

(T\u00e0i li\u1ec7u tham kh\u1ea3o: Gi\u00e1o tr\u00ecnh Th\u1ecb tr\u01b0\u1eddng Ch\u1ee9ng kho\u00e1n, Tr\u01b0\u1eddng \u0110H Kinh t\u1ebf Qu\u1ed1c d\u00e2n, , NXB T\u00e0i ch\u00ednh)<\/i><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

\n B\u1ea3o l\u00e3nh ph\u00e1t h\u00e0nh ch\u1ee9ng kho\u00e1n l\u00e0 vi\u1ec7c t\u1ed5 ch\u1ee9c b\u1ea3o l\u00e3nh gi\u00fap t\u1ed5 ch\u1ee9c ph\u00e1t h\u00e0nh th\u1ef1c hi\u1ec7n c\u00e1c th\u1ee7 t\u1ee5c tr\u01b0\u1edbc khi ch\u00e0o b\u00e1n ch\u1ee9ng kho\u00e1n, t\u1ed5 ch\u1ee9c vi\u1ec7c ph\u00e2n ph\u1ed1i ch\u1ee9ng kho\u00e1n v\u00e0 gi\u00fap b\u00ecnh \u1ed5n gi\u00e1 ch\u1ee9ng kho\u00e1n.\n <\/div>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[417],"tags":[],"_links":{"self":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/31274"}],"collection":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/comments?post=31274"}],"version-history":[{"count":0,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/31274\/revisions"}],"wp:attachment":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/media?parent=31274"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/categories?post=31274"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/tags?post=31274"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}