{"id":31317,"date":"2023-12-07T10:32:02","date_gmt":"2023-12-07T10:32:02","guid":{"rendered":"https:\/\/masterskills.org\/blog\/truong-nhom-bao-lanh-phat-hanh-lead-underwriter-la-gi-dac-diem-va-trach-nhiem-lon-nhat.html"},"modified":"2023-12-23T08:01:20","modified_gmt":"2023-12-23T01:01:20","slug":"truong-nhom-bao-lanh-phat-hanh-lead-underwriter-la-gi-dac-diem-va-trach-nhiem-lon-nhat","status":"publish","type":"post","link":"https:\/\/masterskills.org\/blog\/truong-nhom-bao-lanh-phat-hanh-lead-underwriter-la-gi-dac-diem-va-trach-nhiem-lon-nhat.html","title":{"rendered":"Tr\u01b0\u1edfng nh\u00f3m b\u1ea3o l\u00e3nh ph\u00e1t h\u00e0nh (Lead Underwriter) l\u00e0 g\u00ec? \u0110\u1eb7c \u0111i\u1ec3m v\u00e0 tr\u00e1ch nhi\u1ec7m l\u1edbn nh\u1ea5t"},"content":{"rendered":"
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Hi\u0300nh minh ho\u0323a. Ngu\u00f4\u0300n: Thestreet.com<\/i><\/p>\n<\/div>\n<\/div>\n

Tr\u01b0\u1edfng nh\u00f3m b\u1ea3o l\u00e3nh ph\u00e1t h\u00e0nh<\/span><\/font><\/h2>\n

Kha\u0301i ni\u00ea\u0323m<\/b><\/p>\n

Tr\u01b0\u1edfng nh\u00f3m b\u1ea3o l\u00e3nh ph\u00e1t h\u00e0nh <\/b>hay tr\u01b0\u1edfng nh\u00f3m bao ti\u00eau\u00a0<\/b>trong ti\u00ea\u0301ng Anh la\u0300 Lead Underwriter<\/b>.<\/p>\n

Tr\u01b0\u1edfng nh\u00f3m b\u1ea3o l\u00e3nh ph\u00e1t h\u00e0nh<\/span><\/i> l\u00e0 m\u1ed9t ng\u00e2n h\u00e0ng \u0111\u1ea7u t\u01b0 ho\u1eb7c t\u1ed5 ch\u1ee9c t\u00e0i ch\u00ednh kh\u00e1c \u0111\u01b0\u1ee3c ch\u1ecdn l\u00e0 ng\u01b0\u1eddi \u0111\u1ee9ng \u0111\u1ea7u t\u1ed5 ch\u1ee9c b\u1ea3o l\u00e3nh ph\u00e1t h\u00e0nh \u0111\u1ec3 th\u1ef1c hi\u1ec7n \u0111\u1ee3t IPO ho\u1eb7c ch\u00e0o b\u00e1n th\u1ee9 c\u1ea5p cho c\u00e1c c\u00f4ng ty \u0111\u00e3 giao d\u1ecbch c\u00f4ng khai.
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Tr\u01b0\u1edfng nh\u00f3m b\u1ea3o l\u00e3nh ph\u00e1t h\u00e0nh<\/span> <\/b>th\u01b0\u1eddng s\u1ebd l\u00e0m vi\u1ec7c v\u1edbi c\u00e1c ng\u00e2n h\u00e0ng \u0111\u1ea7u t\u01b0 kh\u00e1c \u0111\u1ec3 th\u00e0nh l\u1eadp m\u1ed9t t\u1ed5 ch\u1ee9c b\u1ea3o l\u00e3nh ph\u00e1t h\u00e0nh hay nh\u00f3m c\u00e1c t\u1ed5 ch\u1ee9c b\u1ea3o l\u00e3nh ph\u00e1t h\u00e0nh.\u00a0<\/p>\n

T\u1ed5 ch\u1ee9c b\u1ea3o l\u00e3nh ph\u00e1t h\u00e0nh <\/i>l\u00e0 l\u1ef1c l\u01b0\u1ee3ng b\u00e1n h\u00e0ng ban \u0111\u1ea7u cho c\u00f4ng ty ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu.\u00a0<\/i><\/p>\n

Tr\u01b0\u1edfng nh\u00f3m b\u1ea3o l\u00e3nh ph\u00e1t h\u00e0nh s\u1ebd \u0111\u00e1nh gi\u00e1 t\u00e0i ch\u00ednh c\u1ee7a c\u00f4ng ty v\u00e0 c\u00e1c \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng hi\u1ec7n t\u1ea1i \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh gi\u00e1 tr\u1ecb ban \u0111\u1ea7u v\u00e0 s\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu s\u1ebd \u0111\u01b0\u1ee3c b\u00e1n.\u00a0 \u00a0 \u00a0<\/p>\n

C\u1ed5 phi\u1ebfu c\u00f4ng ty n\u00e0y sau \u0111\u00f3 s\u1ebd \u0111\u01b0\u1ee3c b\u00e1n cho c\u00e1c kh\u00e1ch h\u00e0ng t\u1ed5 ch\u1ee9c v\u00e0 c\u00e1 nh\u00e2n.\u00a0<\/p>\n

Nh\u1eefng c\u1ed5 phi\u1ebfu n\u00e0y s\u1ebd \u0111\u01b0\u1ee3c t\u00ednh m\u1ed9t kho\u1ea3n hoa h\u1ed3ng b\u00e1n h\u00e0ng k\u00e8m theo kh\u00e1 cao (cao nh\u1ea5t c\u00f3 th\u1ec3 t\u1eeb 6 \u0111\u1ebfn 8 %) cho t\u1eadp \u0111o\u00e0n bao ti\u00eau. Ph\u1ea7n l\u1edbn c\u1ed5 phi\u1ebfu \u0111\u01b0\u1ee3c n\u1eafm gi\u1eef b\u1edfi tr\u01b0\u1edfng nh\u00f3m b\u1ea3o l\u00e3nh ph\u00e1t h\u00e0nh<\/span>. \u00a0\u00a0<\/p>\n

\u0110\u1eb7c \u0111i\u1ec3m Tr\u01b0\u1edfng nh\u00f3m b\u1ea3o l\u00e3nh ph\u00e1t h\u00e0nh<\/span>\u00a0<\/font><\/h3>\n

L\u00e0 tr\u01b0\u1edfng nh\u00f3m b\u1ea3o l\u00e3nh ph\u00e1t h\u00e0nh<\/span> cho \u0111\u1ee3t ch\u00e0o b\u00e1n c\u1ed5 phi\u1ebfu, \u0111\u1eb7c bi\u1ec7t l\u00e0 IPO<\/b>, c\u00f3 th\u1ec3 \u0111em l\u1ea1i\u00a0kho\u1ea3n cho vay Payday\u00a0l\u1edbn n\u1ebfu th\u1ecb tr\u01b0\u1eddng cho th\u1ea5y nhu c\u1ea7u cao \u0111\u1ed1i v\u1edbi c\u1ed5 phi\u1ebfu.\u00a0<\/p>\n

Th\u00f4ng th\u01b0\u1eddng, c\u00f4ng ty ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu s\u1ebd cho quy\u1ec1n tr\u01b0\u1edfng nh\u00f3m b\u1ea3o l\u00e3nh ph\u00e1t h\u00e0nh<\/span> ph\u00e2n b\u1ed5 qu\u00e1 m\u1ee9c c\u1ed5 ph\u1ea7n n\u1ebfu c\u00f3 nhu c\u1ea7u th\u1ecb tr\u01b0\u1eddng cao, \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0\u00a0quy\u1ec1n ch\u1ecdn Greenshoe.\u00a0<\/p>\n

Quy\u1ec1n ch\u1ecdn n\u00e0y cho ph\u00e9p c\u00e1c nh\u00e0 b\u1ea3o l\u00e3nh ph\u00e1t h\u00e0nh ki\u1ebfm \u0111\u01b0\u1ee3c nhi\u1ec1u ti\u1ec1n h\u01a1n do l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu \u0111\u01b0\u1ee3c b\u00e1n t\u0103ng l\u00ean. \u00a0<\/p>\n

Tuy nhi\u00ean, v\u1eabn c\u00f3 nh\u1eefng r\u1ee7i ro ti\u1ec1m t\u00e0ng khi ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu b\u1ea3o l\u00e3nh – b\u1ea5t k\u00ec m\u1ed9t c\u00f4ng ty n\u00e0o c\u0169ng c\u00f3 th\u1ec3 xu\u1ed1ng d\u1ed1c tr\u00ean th\u1ecb tr\u01b0\u1eddng m\u1edf khi b\u1eaft \u0111\u1ea7u giao d\u1ecbch c\u00f4ng khai.\u00a0<\/p>\n

\u0110\u00e2y l\u00e0 l\u00ed do t\u1ea1i sao c\u00e1c ng\u00e2n h\u00e0ng \u0111\u1ea7u t\u01b0 l\u1edbn t\u00ecm c\u00e1ch ti\u1ebfn h\u00e0nh nhi\u1ec1u \u0111\u1ee3t ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu \u0111a d\u1ea1ng trong m\u1ed9t n\u0103m.\u00a0 \u00a0\u00a0<\/p>\n

\u0110\u1ed1i v\u1edbi c\u00f4ng ty ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu, m\u1ed9t ho\u1eb7c hai \u0111\u1ee3t ph\u00e1t h\u00e0nh l\u1edbn m\u1ed7i n\u0103m c\u00f3 th\u1ec3 \u0111\u1ee7 \u0111\u1ec3 \u0111\u00e1p \u1ee9ng c\u00e1c m\u1ee5c ti\u00eau thu nh\u1eadp c\u1ee7a h\u1ecd. Ng\u01b0\u1ee3c l\u1ea1i, c\u00e1c \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng s\u1ebd quy\u1ebft \u0111\u1ecbnh m\u1ee9c l\u1ee3i nhu\u1eadn t\u01b0\u01a1ng \u0111\u1ed1i m\u00e0 c\u00e1c ng\u00e2n h\u00e0ng \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 ki\u1ebfm \u0111\u01b0\u1ee3c t\u1eeb c\u00e1c \u0111\u1ee3t ph\u00e1t h\u00e0nh n\u00e0y.\u00a0<\/p>\n

Trong giai \u0111o\u1ea1n th\u1ecb tr\u01b0\u1eddng ph\u00e1t tri\u1ec3n m\u1ea1nh v\u00e0o cu\u1ed1i nh\u1eefng n\u0103m 1990 \u1edf M\u1ef9, c\u00e1c\u00a0ng\u00e2n h\u00e0ng \u0111\u1ea7u t\u01b0\u00a0<\/b>ki\u1ebfm \u0111\u01b0\u1ee3c m\u00f3n h\u1eddi l\u1edbn khi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 n\u00f3ng l\u00f2ng \u0111\u1ea7u t\u01b0 b\u1ea5t k\u00ec c\u1ed5 phi\u1ebfu m\u1edbi n\u00e0o \u0111\u01b0\u1ee3c tung ra th\u1ecb tr\u01b0\u1eddng.\u00a0<\/p>\n

Ngo\u00e0i ra, c\u00e1c ng\u00e2n h\u00e0ng \u0111\u1ea7u t\u01b0 c\u00f2n giao d\u1ecbch ch\u00fang v\u1edbi gi\u00e1 cao h\u01a1n nhi\u1ec1u l\u1ea7n tr\u00ean s\u00e0n giao d\u1ecbch do th\u1ecb tr\u01b0\u1eddng r\u1ea5t t\u00edch c\u1ef1c trong kho\u1ea3ng th\u1eddi gian n\u00e0y.\u00a0<\/i><\/p>\n

Khi th\u1ecb tr\u01b0\u1eddng s\u1ee5p \u0111\u1ed5 v\u00e0o cu\u1ed1i n\u0103m 2000, c\u1ed9ng \u0111\u1ed3ng b\u1ea3o l\u00e3nh ph\u00e1t h\u00e0nh chuy\u1ec3n sang ch\u1ebf \u0111\u1ed9 ng\u1ee7 \u0111\u00f4ng, th\u1eadm ch\u00ed h\u1ecd c\u00f2n khuy\u00ean nh\u1eefng c\u00f4ng ty t\u01b0 nh\u00e2n t\u1ed1t h\u00e3y “ch\u1edd qua c\u01a1n b\u00e3o” tr\u01b0\u1edbc khi ph\u00e1t h\u00e0nh c\u00f4ng khai. \u00a0\u00a0<\/p>\n

Tr\u00e1ch nhi\u1ec7m l\u1edbn nh\u1ea5t c\u1ee7a Tr\u01b0\u1edfng nh\u00f3m b\u1ea3o l\u00e3nh ph\u00e1t h\u00e0nh<\/span>\u00a0<\/font><\/h3>\n

X\u00e1c \u0111\u1ecbnh gi\u00e1 ch\u00e0o b\u00e1n cu\u1ed1i c\u00f9ng l\u00e0 m\u1ed9t trong nh\u1eefng tr\u00e1ch nhi\u1ec7m l\u1edbn nh\u1ea5t c\u1ee7a m\u1ed9t Tr\u01b0\u1edfng nh\u00f3m b\u1ea3o l\u00e3nh ph\u00e1t h\u00e0nh<\/span><\/b>.\u00a0<\/p>\n

– \u0110\u1ea7u ti\u00ean, gi\u00e1 b\u00e1n x\u00e1c \u0111\u1ecbnh s\u1ed1 ti\u1ec1n thu \u0111\u01b0\u1ee3c cho t\u1ed5 ch\u1ee9c ph\u00e1t h\u00e0nh.\u00a0<\/p>\n

– Th\u1ee9 hai, n\u00f3 x\u00e1c \u0111\u1ecbnh m\u1ee9c \u0111\u1ed9 d\u1ec5 d\u00e0ng \u0111\u1ec3 b\u00e1n ch\u1ee9ng kho\u00e1n cho ng\u01b0\u1eddi mua c\u1ee7a nh\u00e0 b\u1ea3o l\u00e3nh ph\u00e1t h\u00e0nh.<\/p>\n

Th\u00f4ng th\u01b0\u1eddng, c\u00f4ng ty ph\u00e1t h\u00e0nh v\u00e0 Tr\u01b0\u1edfng nh\u00f3m b\u1ea3o l\u00e3nh ph\u00e1t h\u00e0nh<\/span> s\u1ebd l\u00e0m vi\u1ec7c v\u1edbi nhau \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh gi\u00e1.\u00a0<\/p>\n

Khi hai b\u00ean \u0111\u1ed3ng \u00fd v\u1ec1 gi\u00e1 b\u00e1n ch\u1ee9ng kho\u00e1n v\u00e0 \u1ee6y ban ch\u1ee9ng kho\u00e1n v\u00e0 s\u00e0n giao d\u1ecbch (SEC) duy\u1ec7t gi\u1ea3i tr\u00ecnh \u0111\u0103ng k\u00ed ph\u00e1t h\u00e0nh<\/b>, c\u00e1c nh\u00e0 b\u1ea3o l\u00e3nh ph\u00e1t h\u00e0nh s\u1ebd g\u1ecdi cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u00e3 \u0111\u0103ng k\u00ed mua \u0111\u1ec3 x\u00e1c nh\u1eadn l\u1ec7nh mua c\u1ee7a h\u1ecd.\u00a0<\/p>\n

N\u1ebfu nhu c\u1ea7u qu\u00e1 cao so v\u1edbi d\u1ef1 ki\u1ebfn, c\u00e1c nh\u00e0 b\u1ea3o l\u00e3nh ph\u00e1t h\u00e0nh v\u00e0 c\u00f4ng ty ph\u00e1t h\u00e0nh c\u00f3 th\u1ec3 t\u0103ng gi\u00e1 v\u00e0 x\u00e1c nh\u1eadn l\u1ea1i giao d\u1ecbch v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u00e3 \u0111\u0103ng k\u00ed.\u00a0 \u00a0<\/p>\n

(Theo Investopedia<\/i>)<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

\n Tr\u01b0\u1edfng nh\u00f3m b\u1ea3o l\u00e3nh ph\u00e1t h\u00e0nh (ti\u1ebfng Anh: Lead Underwriter) l\u00e0 m\u1ed9t ng\u00e2n h\u00e0ng \u0111\u1ea7u t\u01b0 ho\u1eb7c t\u1ed5 ch\u1ee9c t\u00e0i ch\u00ednh kh\u00e1c \u0111\u01b0\u1ee3c ch\u1ecdn l\u00e0 ng\u01b0\u1eddi \u0111\u1ee9ng \u0111\u1ea7u t\u1ed5 ch\u1ee9c b\u1ea3o l\u00e3nh ph\u00e1t h\u00e0nh \u0111\u1ec3 th\u1ef1c hi\u1ec7n \u0111\u1ee3t IPO ho\u1eb7c ch\u00e0o b\u00e1n th\u1ee9 c\u1ea5p cho c\u00e1c c\u00f4ng ty \u0111\u00e3 giao d\u1ecbch c\u00f4ng khai.\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\/31317"}],"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=31317"}],"version-history":[{"count":0,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/31317\/revisions"}],"wp:attachment":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/media?parent=31317"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/categories?post=31317"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/tags?post=31317"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}