{"id":38082,"date":"2025-10-24T10:34:18","date_gmt":"2025-10-24T03:34:18","guid":{"rendered":"https:\/\/1office.vn\/?p=38082"},"modified":"2025-10-29T14:36:56","modified_gmt":"2025-10-29T07:36:56","slug":"trai-phieu-doanh-nghiep-la-gi","status":"publish","type":"post","link":"https:\/\/1office.vn\/trai-phieu-doanh-nghiep-la-gi","title":{"rendered":"Tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p l\u00e0 g\u00ec? Ph\u00e2n lo\u1ea1i &#038; Quy tr\u00ecnh ph\u00e1t h\u00e0nh"},"content":{"rendered":"<p><a href=\"https:\/\/1office.vn\/trai-phieu-doanh-nghiep-la-gi\"><strong>Tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p l\u00e0 g\u00ec?<\/strong><\/a> Vai tr\u00f2, ph\u00e2n lo\u1ea1i v\u00e0 quy tr\u00ecnh ph\u00e1t h\u00e0nh ch\u00fang trong ho\u1ea1t \u0111\u1ed9ng kinh doanh v\u00e0 \u0111\u1ea7u t\u01b0 nh\u00e9. Tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p l\u00e0 m\u1ed9t thu\u1eadt ng\u1eef ph\u1ed5 bi\u1ebfn trong vi\u1ec7c huy \u0111\u1ed9ng v\u1ed1n v\u00e0 qu\u1ea3n l\u00fd t\u00e0i ch\u00ednh. N\u00f3 cung c\u1ea5p c\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0 h\u1ea5p d\u1eabn, t\u1ea1o s\u1ef1 k\u1ebft n\u1ed1i gi\u1eefa c\u00e1c doanh nghi\u1ec7p v\u00e0 th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh. Trong b\u00e0i vi\u1ebft n\u00e0y, h\u00e3y c\u00f9ng <a href=\"https:\/\/1office.vn\">1Office<\/a> t\u00ecm hi\u1ec3u c\u1ee5 th\u1ec3 nh\u00e9!<\/p>\n<h2>1. Tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p l\u00e0 g\u00ec?<\/h2>\n<p><strong>Tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p (Corporate Bonds) l\u00e0 m\u1ed9t lo\u1ea1i c\u00f4ng c\u1ee5 t\u00e0i ch\u00ednh \u0111\u01b0\u1ee3c ph\u00e1t h\u00e0nh b\u1edfi doanh nghi\u1ec7p d\u01b0\u1edbi d\u1ea1ng b\u00fat to\u00e1n ghi n\u1ee3, ch\u1ee9ng ch\u1ec9 v\u00e0 th\u01b0\u1eddng \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng \u0111\u1ec3 huy \u0111\u1ed9ng v\u1ed1n t\u1eeb c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0.<\/strong> \u0110\u00e2y l\u00e0 m\u1ed9t h\u1ee3p \u0111\u1ed3ng n\u1ee3 gi\u1eefa doanh nghi\u1ec7p ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 mua tr\u00e1i phi\u1ebfu, trong \u0111\u00f3 doanh nghi\u1ec7p cam k\u1ebft tr\u1ea3 l\u1ea1i s\u1ed1 ti\u1ec1n vay (g\u1ed1c) c\u00f9ng v\u1edbi l\u00e3i su\u1ea5t theo m\u1ed9t k\u1ef3 h\u1ea1n nh\u1ea5t \u0111\u1ecbnh.<\/p>\n<figure id=\"attachment_38083\" aria-describedby=\"caption-attachment-38083\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" class=\"wp-image-38083 size-large\" title=\"Tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p l\u00e0 g\u00ec? Ph\u00e2n lo\u1ea1i &amp; quy tr\u00ecnh ph\u00e1t h\u00e0nh\" src=\"https:\/\/1office.vn\/wp-content\/uploads\/2023\/09\/trai-phieu-doanh-nghiep-la-gi-1024x731.jpg\" alt=\"Tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p l\u00e0 g\u00ec? Ph\u00e2n lo\u1ea1i &amp; quy tr\u00ecnh ph\u00e1t h\u00e0nh\" width=\"1024\" height=\"731\" srcset=\"https:\/\/1office.vn\/wp-content\/uploads\/2023\/09\/trai-phieu-doanh-nghiep-la-gi-1024x731.jpg 1024w, https:\/\/1office.vn\/wp-content\/uploads\/2023\/09\/trai-phieu-doanh-nghiep-la-gi-300x214.jpg 300w, https:\/\/1office.vn\/wp-content\/uploads\/2023\/09\/trai-phieu-doanh-nghiep-la-gi-768x548.jpg 768w, https:\/\/1office.vn\/wp-content\/uploads\/2023\/09\/trai-phieu-doanh-nghiep-la-gi-1536x1097.jpg 1536w, https:\/\/1office.vn\/wp-content\/uploads\/2023\/09\/trai-phieu-doanh-nghiep-la-gi-2048x1463.jpg 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption id=\"caption-attachment-38083\" class=\"wp-caption-text\">Tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p l\u00e0 g\u00ec? Ph\u00e2n lo\u1ea1i &amp; quy tr\u00ecnh ph\u00e1t h\u00e0nh<\/figcaption><\/figure>\n<h2>2. C\u00e1c lo\u1ea1i tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p \u1edf Vi\u1ec7t Nam<\/h2>\n<p>Tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c chia th\u00e0nh hai lo\u1ea1i ch\u00ednh l\u00e0 tr\u00e1i phi\u1ebfu ni\u00eam y\u1ebft v\u00e0 tr\u00e1i phi\u1ebfu OTC, t\u00f9y thu\u1ed9c v\u00e0o vi\u1ec7c tr\u00e1i phi\u1ebfu n\u00e0y \u0111\u00e3 \u0111\u01b0\u1ee3c ni\u00eam y\u1ebft tr\u00ean th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ch\u00ednh th\u1ee9c (s\u00e0n giao d\u1ecbch) hay ch\u01b0a.<\/p>\n<ul>\n<li aria-level=\"1\"><strong>Tr\u00e1i phi\u1ebfu ni\u00eam y\u1ebft<\/strong>: \u0110\u00e2y l\u00e0 lo\u1ea1i tr\u00e1i phi\u1ebfu \u0111\u00e3 \u0111\u01b0\u1ee3c ni\u00eam y\u1ebft tr\u00ean c\u00e1c s\u00e0n giao d\u1ecbch ch\u1ee9ng kho\u00e1n ch\u00ednh th\u1ee9c t\u1ea1i Vi\u1ec7t Nam c\u1ee5 th\u1ec3 l\u00e0 c\u00e1c S\u1edf Giao d\u1ecbch Ch\u1ee9ng kho\u00e1n nh\u01b0 HOSE, HNX, UPCoM. Tr\u00e1i phi\u1ebfu ni\u00eam y\u1ebft c\u00f3 quy \u0111\u1ecbnh r\u00f5 r\u00e0ng v\u1ec1 vi\u1ec7c giao d\u1ecbch v\u00e0 th\u00f4ng tin t\u00e0i ch\u00ednh ph\u1ea3i \u0111\u01b0\u1ee3c c\u00f4ng b\u1ed1 m\u1ed9t c\u00e1ch \u0111\u1ecbnh k\u1ef3.<\/li>\n<li aria-level=\"1\"><strong>Tr\u00e1i phi\u1ebfu ch\u01b0a ni\u00eam y\u1ebft (tr\u00e1i phi\u1ebfu OTC)<\/strong>: C\u00f2n \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 tr\u00e1i phi\u1ebfu phi t\u1eadp trung, ch\u00fang kh\u00f4ng \u0111\u01b0\u1ee3c ni\u00eam y\u1ebft tr\u00ean c\u00e1c s\u00e0n giao d\u1ecbch ch\u1ee9ng kho\u00e1n m\u00e0 \u0111\u01b0\u1ee3c giao d\u1ecbch t\u1ea1i th\u1ecb tr\u01b0\u1eddng ngo\u1ea1i tr\u00e1i OTC. Tr\u00e1i phi\u1ebfu n\u00e0y th\u01b0\u1eddng kh\u00f4ng c\u00f4ng b\u1ed1 th\u00f4ng tin t\u00e0i ch\u00ednh v\u00e0 giao d\u1ecbch kh\u00f4ng c\u00f4ng khai nh\u01b0 tr\u00e1i phi\u1ebfu ni\u00eam y\u1ebft. Ch\u00fang \u0111\u01b0\u1ee3c giao d\u1ecbch gi\u1eefa c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 v\u1edbi doanh nghi\u1ec7p ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu v\u00e0 kh\u00f4ng b\u1ecb r\u00e0ng bu\u1ed9c b\u1edfi c\u00e1c ch\u00ednh s\u00e1ch ph\u00e1p l\u00fd.<\/li>\n<\/ul>\n<p>Ngo\u00e0i hai lo\u1ea1i tr\u00e1i phi\u1ebfu tr\u00ean c\u00f2n c\u00f3 th\u1ec3 c\u00f3 c\u00e1c lo\u1ea1i h\u00ecnh kh\u00e1c nh\u01b0 tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i, tr\u00e1i phi\u1ebfu kh\u00f4ng chuy\u1ec3n \u0111\u1ed5i, tr\u00e1i phi\u1ebfu c\u00f3 k\u1ef3 h\u1ea1n v\u00e0 tr\u00e1i phi\u1ebfu v\u00f4 k\u1ef3 h\u1ea1n t\u00f9y thu\u1ed9c v\u00e0o \u0111i\u1ec1u ki\u1ec7n, y\u00eau c\u1ea7u c\u1ee7a t\u1eebng doanh nghi\u1ec7p ph\u00e1t h\u00e0nh.<\/p>\n<h2>3. \u0110\u1eb7c \u0111i\u1ec3m c\u1ee7a tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p<\/h2>\n<figure id=\"attachment_38086\" aria-describedby=\"caption-attachment-38086\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" class=\"wp-image-38086 size-large\" title=\"\u0110\u1eb7c \u0111i\u1ec3m c\u1ee7a tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p\" src=\"https:\/\/1office.vn\/wp-content\/uploads\/2023\/09\/trai-phieu-doanh-nghiep-1024x635.jpg\" alt=\"\u0110\u1eb7c \u0111i\u1ec3m c\u1ee7a tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p\" width=\"1024\" height=\"635\" srcset=\"https:\/\/1office.vn\/wp-content\/uploads\/2023\/09\/trai-phieu-doanh-nghiep-1024x635.jpg 1024w, https:\/\/1office.vn\/wp-content\/uploads\/2023\/09\/trai-phieu-doanh-nghiep-300x186.jpg 300w, https:\/\/1office.vn\/wp-content\/uploads\/2023\/09\/trai-phieu-doanh-nghiep-768x476.jpg 768w, https:\/\/1office.vn\/wp-content\/uploads\/2023\/09\/trai-phieu-doanh-nghiep.jpg 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption id=\"caption-attachment-38086\" class=\"wp-caption-text\">\u0110\u1eb7c \u0111i\u1ec3m c\u1ee7a tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p<\/figcaption><\/figure>\n<p>Vi\u1ec7c hi\u1ec3u \u0111\u1eb7c \u0111i\u1ec3m c\u1ee7a tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p r\u1ea5t quan tr\u1ecdng cho c\u1ea3 nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0 c\u00f4ng ty ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu. N\u00f3 gi\u00fap t\u1ed1i \u01b0u h\u00f3a quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0, qu\u1ea3n l\u00fd <a href=\"https:\/\/1office.vn\/rui-ro-kinh-doanh\">r\u1ee7i ro kinh doanh<\/a>, \u0111\u1ea3m b\u1ea3o t\u00ednh hi\u1ec7u qu\u1ea3 v\u00e0 an to\u00e0n c\u1ee7a giao d\u1ecbch tr\u00e1i phi\u1ebfu.<\/p>\n<table style=\"width: 100%;\">\n<tbody>\n<tr>\n<td style=\"width: 17.2973%;\"><strong>Ti\u00eau ch\u00ed<\/strong><\/td>\n<td style=\"width: 81.7568%;\"><strong>\u0110\u1eb7c \u0111i\u1ec3m c\u1ee7a tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 17.2973%;\"><strong>K\u1ef3 h\u1ea1n c\u1ee7a tr\u00e1i phi\u1ebfu<\/strong><\/td>\n<td style=\"width: 81.7568%;\">&#8211; Th\u1eddi gian m\u00e0 tr\u00e1i phi\u1ebfu ph\u1ea3i \u0111\u01b0\u1ee3c tr\u1ea3 v\u1ed1n g\u1ed1c v\u00e0 l\u00e3i su\u1ea5t ph\u1ee5 thu\u1ed9c v\u00e0o nhu c\u1ea7u s\u1eed d\u1ee5ng v\u1ed1n c\u1ee7a doanh nghi\u1ec7p.<br \/>\n&#8211; \u0110\u00e2y c\u00f3 th\u1ec3 l\u00e0 tr\u00e1i phi\u1ebfu c\u00f3 k\u1ef3 h\u1ea1n ng\u1eafn h\u1ea1n (d\u01b0\u1edbi 1 n\u0103m), trung h\u1ea1n (1 \u0111\u1ebfn 5 n\u0103m) ho\u1eb7c d\u00e0i h\u1ea1n (tr\u00ean 5 n\u0103m).<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 17.2973%;\"><strong>S\u1ed1 l\u01b0\u1ee3ng ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu<\/strong><\/td>\n<td style=\"width: 81.7568%;\">&#8211; L\u00e0 t\u1ed5ng s\u1ed1 tr\u00e1i phi\u1ebfu \u0111\u01b0\u1ee3c ph\u00e1t h\u00e0nh b\u1edfi doanh nghi\u1ec7p hay t\u1ed5ng gi\u00e1 tr\u1ecb c\u1ee7a tr\u00e1i phi\u1ebfu c\u00f3 th\u1ec3 \u0111\u1eb7t mua.<br \/>\n&#8211; S\u1ed1 l\u01b0\u1ee3ng n\u00e0y t\u00f9y thu\u1ed9c v\u00e0o nhu c\u1ea7u v\u1ec1 v\u1ed1n v\u00e0 kh\u1ea3 n\u0103ng huy \u0111\u1ed9ng c\u1ee7a th\u1ecb tr\u01b0\u1eddng.<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 17.2973%;\"><strong>\u0110\u1ed3ng ti\u1ec1n ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu<\/strong><\/td>\n<td style=\"width: 81.7568%;\">&#8211; Lo\u1ea1i ti\u1ec1n t\u1ec7 m\u00e0 tr\u00e1i phi\u1ebfu \u0111\u01b0\u1ee3c ph\u00e1t h\u00e0nh v\u00e0 s\u1eed d\u1ee5ng trong thanh to\u00e1n g\u1ed1c, l\u00e3i tr\u00e1i phi\u1ebfu.<br \/>\n&#8211; Ch\u00fang th\u01b0\u1eddng l\u00e0 \u0111\u1ed3ng ti\u1ec1n qu\u1ed1c gia v\u00e0 d\u1ef1a tr\u00ean quy \u0111\u1ecbnh c\u1ee7a th\u1ecb tr\u01b0\u1eddng ph\u00e1t h\u00e0nh (v\u00ed d\u1ee5 VND cho Vi\u1ec7t Nam, USD cho Hoa K\u1ef3,&#8230;).<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 17.2973%;\"><strong>M\u1ec7nh gi\u00e1 c\u1ee7a tr\u00e1i phi\u1ebfu<\/strong><\/td>\n<td style=\"width: 81.7568%;\">&#8211; \u0110\u00e2y l\u00e0 gi\u00e1 tr\u1ecb g\u1ed1c c\u1ee7a m\u1ed7i tr\u00e1i phi\u1ebfu, th\u01b0\u1eddng l\u00e0 s\u1ed1 ti\u1ec1n m\u00e0 c\u00f4ng ty ph\u1ea3i tr\u1ea3 l\u1ea1i khi \u0111\u00e1o h\u1ea1n.<br \/>\n<span style=\"font-family: inherit; font-size: inherit;\">&#8211; \u1ede Vi\u1ec7t Nam m\u1ec7nh gi\u00e1 c\u1ee7a tr\u00e1i phi\u1ebfu s\u1ebd l\u00e0 b\u1ed9i s\u1ed1 c\u1ee7a 100.000 VND c\u00f2n n\u01b0\u1edbc ngo\u00e0i s\u1ebd d\u1ef1a tr\u00ean quy \u0111\u1ecbnh c\u1ee7a th\u1ecb tr\u01b0\u1eddng ph\u00e1t h\u00e0nh.\u00a0<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 17.2973%;\"><strong>H\u00ecnh th\u1ee9c ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu<\/strong><\/td>\n<td style=\"width: 81.7568%;\">&#8211; C\u00e1ch c\u00f4ng ty ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu c\u00f3 th\u1ec3 th\u00f4ng qua \u0111\u1ee3t ph\u00e1t h\u00e0nh ri\u00eang l\u1ebb (Private Placement) ho\u1eb7c \u0111\u1ee3t ph\u00e1t h\u00e0nh c\u00f4ng khai (Public Offering).<br \/>\n&#8211; D\u01b0\u1edbi h\u00ecnh th\u1ee9c b\u00fat to\u00e1n ghi n\u1ee3, ch\u1ee9ng ch\u1ec9 ho\u1eb7c d\u1eef li\u1ec7u \u0111i\u1ec7n t\u1eed t\u00f9y v\u00e0o quy\u1ebft \u0111\u1ecbnh c\u1ee7a doanh nghi\u1ec7p.<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 17.2973%;\"><strong>L\u00e3i su\u1ea5t danh ngh\u0129a c\u1ee7a tr\u00e1i phi\u1ebfu<\/strong><\/td>\n<td style=\"width: 81.7568%;\">&#8211; \u0110\u01b0\u1ee3c t\u00ednh d\u1ef1a tr\u00ean m\u1ec7nh gi\u00e1 c\u1ee7a tr\u00e1i phi\u1ebfu v\u00e0 ph\u00f9 h\u1ee3p v\u1edbi t\u00ecnh h\u00ecnh t\u00e0i ch\u00ednh c\u00f9ng kh\u1ea3 n\u0103ng thanh to\u00e1n n\u1ee3 tr\u00e1i phi\u1ebfu c\u1ee7a doanh nghi\u1ec7p \u0111\u1ed3ng th\u1eddi ph\u1ea3i tu\u00e2n th\u1ee7 quy \u0111\u1ecbnh v\u1ec1 l\u00e3i su\u1ea5t c\u1ee7a Ng\u00e2n h\u00e0ng Nh\u00e0 n\u01b0\u1edbc.<br \/>\n&#8211; C\u00f3 th\u1ec3 x\u00e1c \u0111\u1ecbnh l\u00e3i su\u1ea5t danh ngh\u0129a c\u1ee7a tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p theo c\u00e1c h\u00ecnh th\u1ee9c l\u00e3i su\u1ea5t th\u1ea3 n\u1ed5i, l\u00e3i su\u1ea5t c\u1ed1 \u0111\u1ecbnh ho\u1eb7c k\u1ebft h\u1ee3p c\u1ea3 hai.<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 17.2973%;\"><strong>Lo\u1ea1i h\u00ecnh c\u1ee7a tr\u00e1i phi\u1ebfu<\/strong><\/td>\n<td style=\"width: 81.7568%;\">&#8211; Tr\u00e1i phi\u1ebfu th\u01b0\u1eddng (Fixed-Rate Bonds) v\u1edbi l\u00e3i su\u1ea5t c\u1ed1 \u0111\u1ecbnh<br \/>\n&#8211; Tr\u00e1i phi\u1ebfu bi\u1ebfn \u0111\u1ed5i (Floating-Rate Bonds) v\u1edbi l\u00e3i su\u1ea5t thay \u0111\u1ed5i theo m\u1ed9t ch\u1ec9 s\u1ed1 c\u1ee5 th\u1ec3<br \/>\n&#8211; Tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i (Convertible Bonds) c\u00f3 kh\u1ea3 n\u0103ng chuy\u1ec3n \u0111\u1ed5i th\u00e0nh c\u1ed5 phi\u1ebfu c\u00f4ng ty ph\u00e1t h\u00e0nh.<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 17.2973%;\"><strong>Quy\u1ec1n l\u1ee3i c\u1ee7a ch\u1ee7 s\u1edf h\u1eefu tr\u00e1i phi\u1ebfu<\/strong><\/td>\n<td style=\"width: 81.7568%;\">Quy\u1ec1n l\u1ee3i m\u00e0 ng\u01b0\u1eddi n\u1eafm gi\u1eef tr\u00e1i phi\u1ebfu \u0111\u01b0\u1ee3c h\u01b0\u1edfng bao g\u1ed3m vi\u1ec7c nh\u1eadn l\u00e3i su\u1ea5t, \u0111\u00f2i h\u1ecfi tr\u1ea3 v\u1ed1n khi \u0111\u00e1o h\u1ea1n v\u00e0 c\u00e1c quy\u1ec1n kh\u00e1c \u0111\u01b0\u1ee3c quy \u0111\u1ecbnh trong t\u00e0i li\u1ec7u ph\u00e1t h\u00e0nh nh\u01b0 chuy\u1ec3n nh\u01b0\u1ee3ng, th\u1eeba k\u1ebf,&#8230;<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p style=\"text-align: center;\"><em>B\u1ea3ng ph\u00e2n t\u00edch \u0111\u1eb7c \u0111i\u1ec3m tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p<\/em><\/p>\n<h2>4. L\u1ee3i \u00edch c\u1ee7a doanh nghi\u1ec7p khi ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu<\/h2>\n<p>L\u01b0u \u00fd r\u1eb1ng tr\u00e1i phi\u1ebfu c\u00f3 th\u1ec3 mang l\u1ea1i nhi\u1ec1u r\u1ee7i ro v\u1ec1 thanh to\u00e1n n\u1ebfu doanh nghi\u1ec7p ph\u00e1t h\u00e0nh \u0111ang g\u1eb7p kh\u00f3 kh\u0103n t\u00e0i ch\u00ednh. Nh\u01b0ng nh\u00ecn chung, lo\u1ea1i h\u00ecnh n\u00e0y v\u1eabn \u0111\u01b0\u1ee3c nhi\u1ec1u doanh nghi\u1ec7p \u01b0u ti\u00ean l\u1ef1a ch\u1ecdn b\u1edfi n\u00f3 mang l\u1ea1i nhi\u1ec1u l\u1ee3i \u00edch so v\u1edbi c\u00e1c h\u00ecnh th\u1ee9c kh\u00e1c:<\/p>\n<figure id=\"attachment_38087\" aria-describedby=\"caption-attachment-38087\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" class=\"wp-image-38087 size-large\" title=\"L\u1ee3i \u00edch c\u1ee7a doanh nghi\u1ec7p khi ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu\" src=\"https:\/\/1office.vn\/wp-content\/uploads\/2023\/09\/phat-hanh-trai-phieu-doanh-nghiep-1024x685.png\" alt=\"L\u1ee3i \u00edch c\u1ee7a doanh nghi\u1ec7p khi ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu\" width=\"1024\" height=\"685\" srcset=\"https:\/\/1office.vn\/wp-content\/uploads\/2023\/09\/phat-hanh-trai-phieu-doanh-nghiep-1024x685.png 1024w, https:\/\/1office.vn\/wp-content\/uploads\/2023\/09\/phat-hanh-trai-phieu-doanh-nghiep-300x201.png 300w, https:\/\/1office.vn\/wp-content\/uploads\/2023\/09\/phat-hanh-trai-phieu-doanh-nghiep-768x514.png 768w, https:\/\/1office.vn\/wp-content\/uploads\/2023\/09\/phat-hanh-trai-phieu-doanh-nghiep.png 1366w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption id=\"caption-attachment-38087\" class=\"wp-caption-text\">L\u1ee3i \u00edch c\u1ee7a doanh nghi\u1ec7p khi ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu<\/figcaption><\/figure>\n<ol>\n<li><strong>L\u00e3i su\u1ea5t cao h\u01a1n so v\u1edbi ti\u1ebft ki\u1ec7m:<\/strong> L\u00e3i su\u1ea5t c\u1ee7a tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p cao h\u01a1n so v\u1edbi l\u00e3i su\u1ea5t ti\u1ebft ki\u1ec7m t\u1ea1i ng\u00e2n h\u00e0ng ho\u1eb7c c\u00e1c t\u00e0i kho\u1ea3n ti\u1ebft ki\u1ec7m. Ch\u00ednh \u0111i\u1ec1u n\u00e0y l\u00e0m cho tr\u00e1i phi\u1ebfu tr\u1edf th\u00e0nh m\u1ed9t c\u00e1ch \u0111\u00e1ng \u0111\u1ec3 \u0111\u1ea7u t\u01b0 v\u1edbi l\u1ee3i su\u1ea5t t\u1ed1t h\u01a1n.<\/li>\n<li><strong>R\u1ee7i ro th\u1ea5p h\u01a1n so v\u1edbi c\u1ed5 phi\u1ebfu:<\/strong> Trong tr\u01b0\u1eddng h\u1ee3p doanh nghi\u1ec7p ph\u00e1 s\u1ea3n, nh\u00e0 \u0111\u1ea7u t\u01b0 tr\u00e1i phi\u1ebfu s\u1ebd \u0111\u01b0\u1ee3c \u01b0u ti\u00ean trong vi\u1ec7c nh\u1eadn ti\u1ec1n tr\u01b0\u1edbc c\u1ed5 \u0111\u00f4ng t\u1eeb \u0111\u00f3 gi\u00fap gi\u1ea3m r\u1ee7i ro t\u00e0i ch\u00ednh cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0.<\/li>\n<li><strong>C\u00f3 kh\u1ea3 n\u0103ng mua \u0111i b\u00e1n l\u1ea1i:<\/strong> Tr\u00e1i phi\u1ebfu c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c mua b\u00e1n tr\u00ean th\u1ecb tr\u01b0\u1eddng m\u1edf (Secondary Market). \u0110i\u1ec1u n\u00e0y c\u00f3 ngh\u0129a l\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 b\u00e1n tr\u00e1i phi\u1ebfu tr\u01b0\u1edbc khi n\u00f3 \u0111\u00e1o h\u1ea1n.<\/li>\n<li><strong>Thanh to\u00e1n l\u00e3i su\u1ea5t \u0111\u1ecbnh k\u1ef3:<\/strong> C\u00e1c tr\u00e1i phi\u1ebfu th\u01b0\u1eddng c\u00f3 m\u1ed9t l\u1ecbch tr\u1ea3 l\u00e3i su\u1ea5t \u0111\u1ecbnh k\u1ef3 (th\u01b0\u1eddng h\u00e0ng th\u00e1ng ho\u1eb7c h\u00e0ng n\u0103m) cho ph\u00e9p nh\u00e0 \u0111\u1ea7u t\u01b0 nh\u1eadn l\u00e3i su\u1ea5t \u0111\u1ecbnh k\u1ef3 m\u00e0 h\u1ecd c\u00f3 th\u1ec3 s\u1eed d\u1ee5ng ho\u1eb7c t\u00e1i \u0111\u1ea7u t\u01b0.<\/li>\n<li><strong>T\u0103ng gi\u00e1 tr\u1ecb n\u1ebfu gi\u00e1 tr\u00e1i phi\u1ebfu t\u0103ng:<\/strong> N\u1ebfu gi\u00e1 tr\u00e1i phi\u1ebfu t\u0103ng l\u00ean tr\u00ean m\u1ec7nh gi\u00e1 (Par Value), nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 b\u00e1n tr\u00e1i phi\u1ebfu v\u1edbi gi\u00e1 cao h\u01a1n m\u1ec7nh gi\u00e1 t\u1eeb \u0111\u00f3 t\u1ea1o ra l\u1ee3i nhu\u1eadn t\u1eeb vi\u1ec7c t\u0103ng gi\u00e1 tr\u1ecb c\u1ee7a tr\u00e1i phi\u1ebfu.<\/li>\n<li><strong>M\u1edf r\u1ed9ng c\u01a1 h\u1ed9i t\u00e0i ch\u00ednh qu\u1ed1c t\u1ebf:<\/strong> Doanh nghi\u1ec7p c\u00f3 th\u1ec3 ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu tr\u00ean th\u1ecb tr\u01b0\u1eddng qu\u1ed1c t\u1ebf, thu h\u00fat c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 qu\u1ed1c t\u1ebf v\u00e0 m\u1edf r\u1ed9ng c\u01a1 h\u1ed9i t\u00e0i ch\u00ednh to\u00e0n c\u1ea7u.<\/li>\n<li><strong>Qu\u1ea3n l\u00fd c\u00e1c r\u1ee7i ro t\u00e0i ch\u00ednh:<\/strong> Tr\u00e1i phi\u1ebfu c\u00f3 l\u00e3i su\u1ea5t c\u1ed1 \u0111\u1ecbnh v\u00e0 th\u1eddi h\u1ea1n c\u1ee5 th\u1ec3 gi\u00fap doanh nghi\u1ec7p qu\u1ea3n l\u00fd c\u00e1c r\u1ee7i ro t\u00e0i ch\u00ednh c\u00f3 th\u1ec3 x\u1ea3y ra t\u1eeb \u0111\u00f3 \u0111\u01b0a ra d\u1ef1 \u0111o\u00e1n v\u00e0 l\u1eadp k\u1ebf ho\u1ea1ch t\u00e0i ch\u00ednh d\u1ec5 d\u00e0ng h\u01a1n.<\/li>\n<\/ol>\n<blockquote><p>&gt;&gt; Tham kh\u1ea3o: <a href=\"https:\/\/1office.vn\/cac-hinh-thuc-huy-dong-von\">C\u00e1c h\u00ecnh th\u1ee9c huy \u0111\u1ed9ng v\u1ed1n th\u00f4ng minh, x\u00e2y d\u1ef1ng n\u1ec1n t\u00e0i ch\u00ednh v\u1eefng m\u1ea1nh<\/a><\/p><\/blockquote>\n<h2>5. Quy tr\u00ecnh ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu trong doanh nghi\u1ec7p<\/h2>\n<p><strong>B\u01b0\u1edbc 1: X\u00e1c \u0111\u1ecbnh nhu c\u1ea7u ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu<\/strong><br \/>\nDoanh nghi\u1ec7p c\u1ea7n x\u00e1c \u0111\u1ecbnh t\u1ea1i sao h\u1ecd c\u1ea7n ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu (m\u1ee5c \u0111\u00edch ph\u00e1t h\u00e0nh). \u0110i\u1ec1u n\u00e0y c\u00f3 th\u1ec3 l\u00e0 huy \u0111\u1ed9ng v\u1ed1n cho c\u00e1c d\u1ef1 \u00e1n m\u1edf r\u1ed9ng, t\u00e1i c\u01a1 c\u1ea5u n\u1ee3, \u0111\u1ea7u t\u01b0 v\u00e0o c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng, c\u00f4ng c\u1ee5 t\u00e0i ch\u00ednh ho\u1eb7c c\u00e1c m\u1ee5c ti\u00eau kh\u00e1c.<\/p>\n<p><strong>B\u01b0\u1edbc 2: Chu\u1ea9n b\u1ecb k\u1ebf ho\u1ea1ch t\u00e0i ch\u00ednh<\/strong><br \/>\n\u1ede b\u01b0\u1edbc n\u00e0y, doanh nghi\u1ec7p c\u1ea7n x\u00e2y d\u1ef1ng k\u1ebf ho\u1ea1ch t\u00e0i ch\u00ednh chi ti\u1ebft, kh\u1ea3 thi nh\u1eb1m x\u00e1c \u0111\u1ecbnh s\u1ed1 l\u01b0\u1ee3ng v\u00e0 gi\u00e1 tr\u1ecb tr\u00e1i phi\u1ebfu c\u1ea7n ph\u00e1t h\u00e0nh. Bao g\u1ed3m vi\u1ec7c c\u00e2n nh\u1eafc v\u1ec1 k\u1ef3 h\u1ea1n, l\u00e3i su\u1ea5t v\u00e0 th\u1eddi h\u1ea1n tr\u1ea3 n\u1ee3. K\u1ebf ho\u1ea1ch n\u00e0y ph\u1ea3i ph\u00f9 h\u1ee3p v\u1edbi m\u1ee5c ti\u00eau t\u00e0i ch\u00ednh d\u00e0i h\u1ea1n c\u1ee7a doanh nghi\u1ec7p.<\/p>\n<figure id=\"attachment_36046\" aria-describedby=\"caption-attachment-36046\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" class=\"wp-image-36046 size-large\" title=\"7 b\u01b0\u1edbc l\u1eadp k\u1ebf ho\u1ea1ch t\u00e0i ch\u00ednh hi\u1ec7u qu\u1ea3 d\u00e0nh ri\u00eang cho CFO\" src=\"https:\/\/1office.vn\/wp-content\/uploads\/2023\/06\/ke-hoach-tai-chinh-1office-1024x640.png\" alt=\"7 b\u01b0\u1edbc l\u1eadp k\u1ebf ho\u1ea1ch t\u00e0i ch\u00ednh hi\u1ec7u qu\u1ea3 d\u00e0nh ri\u00eang cho CFO\" width=\"1024\" height=\"640\" srcset=\"https:\/\/1office.vn\/wp-content\/uploads\/2023\/06\/ke-hoach-tai-chinh-1office-1024x640.png 1024w, https:\/\/1office.vn\/wp-content\/uploads\/2023\/06\/ke-hoach-tai-chinh-1office-300x188.png 300w, https:\/\/1office.vn\/wp-content\/uploads\/2023\/06\/ke-hoach-tai-chinh-1office-768x480.png 768w, https:\/\/1office.vn\/wp-content\/uploads\/2023\/06\/ke-hoach-tai-chinh-1office-1536x960.png 1536w, https:\/\/1office.vn\/wp-content\/uploads\/2023\/06\/ke-hoach-tai-chinh-1office-2048x1280.png 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption id=\"caption-attachment-36046\" class=\"wp-caption-text\">7 b\u01b0\u1edbc l\u1eadp k\u1ebf ho\u1ea1ch t\u00e0i ch\u00ednh hi\u1ec7u qu\u1ea3 d\u00e0nh ri\u00eang cho CFO<\/figcaption><\/figure>\n<p><strong>B\u01b0\u1edbc 3: L\u1ef1a ch\u1ecdn lo\u1ea1i tr\u00e1i phi\u1ebfu<\/strong><br \/>\nDoanh nghi\u1ec7p ph\u1ea3i quy\u1ebft \u0111\u1ecbnh lo\u1ea1i tr\u00e1i phi\u1ebfu ph\u00f9 h\u1ee3p v\u1edbi m\u1ee5c ti\u00eau t\u00e0i ch\u00ednh c\u1ee7a m\u00ecnh. M\u1ed9t s\u1ed1 lo\u1ea1i tr\u00e1i phi\u1ebfu th\u00f4ng d\u1ee5ng hi\u1ec7n nay bao g\u1ed3m tr\u00e1i phi\u1ebfu c\u1ed1 \u0111\u1ecbnh, tr\u00e1i phi\u1ebfu bi\u1ebfn \u0111\u1ed5i, tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i (c\u00f3 kh\u1ea3 n\u0103ng chuy\u1ec3n \u0111\u1ed5i th\u00e0nh c\u1ed5 phi\u1ebfu c\u00f4ng ty ph\u00e1t h\u00e0nh)&#8230; Vi\u1ec7c l\u1ef1a ch\u1ecdn lo\u1ea1i tr\u00e1i phi\u1ebfu ph\u00f9 h\u1ee3p ph\u1ea3i d\u1ef1a tr\u00ean m\u1ee5c ti\u00eau t\u00e0i ch\u00ednh v\u00e0 kh\u1ea3 n\u0103ng thanh to\u00e1n trong t\u01b0\u01a1ng lai c\u1ee7a doanh nghi\u1ec7p.<\/p>\n<p><strong>B\u01b0\u1edbc 4: Chu\u1ea9n b\u1ecb t\u00e0i li\u1ec7u ph\u00e1p l\u00fd<\/strong><br \/>\n\u0110\u00e2y l\u00e0 b\u01b0\u1edbc quan tr\u1ecdng trong quy tr\u00ecnh ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu, doanh nghi\u1ec7p ph\u1ea3i chu\u1ea9n b\u1ecb c\u00e1c t\u00e0i li\u1ec7u ph\u00e1p l\u00fd li\u00ean quan \u0111\u1ebfn vi\u1ec7c ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu g\u1ed3m v\u0103n b\u1ea3n ph\u00e1t h\u00e0nh, h\u1ee3p \u0111\u1ed3ng tr\u00e1i phi\u1ebfu v\u00e0 c\u00e1c t\u00e0i li\u1ec7u li\u00ean quan kh\u00e1c. T\u1ea5t c\u1ea3 c\u00e1c t\u00e0i li\u1ec7u n\u00e0y ph\u1ea3i tu\u00e2n th\u1ee7 quy \u0111\u1ecbnh ph\u00e1p lu\u1eadt v\u00e0 \u0111\u01b0\u1ee3c ki\u1ec3m tra k\u1ef9 l\u01b0\u1ee1ng b\u1edfi lu\u1eadt s\u01b0 ho\u1eb7c chuy\u00ean gia t\u00e0i ch\u00ednh.<\/p>\n<p><strong>B\u01b0\u1edbc 5: L\u00e0m vi\u1ec7c v\u1edbi c\u00f4ng ty t\u01b0 v\u1ea5n t\u00e0i ch\u00ednh<\/strong><br \/>\nDoanh nghi\u1ec7p c\u00f3 th\u1ec3 h\u1ee3p t\u00e1c v\u1edbi c\u00e1c c\u00f4ng ty t\u01b0 v\u1ea5n t\u00e0i ch\u00ednh \u0111\u1ec3 h\u1ed7 tr\u1ee3 trong qu\u00e1 tr\u00ecnh ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu. C\u00e1c chuy\u00ean gia t\u00e0i ch\u00ednh c\u00f3 th\u1ec3 gi\u00fap \u0111\u01a1n v\u1ecb x\u00e1c \u0111\u1ecbnh c\u1ea5u tr\u00fac tr\u00e1i phi\u1ebfu, \u0111\u00e1nh gi\u00e1 r\u1ee7i ro t\u00e0i ch\u00ednh v\u00e0 t\u00ecm ki\u1ebfm c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 ti\u1ec1m n\u0103ng.<\/p>\n<p><strong>B\u01b0\u1edbc 6: \u0110\u0103ng k\u00fd v\u00e0 ph\u00ea duy\u1ec7t<\/strong><br \/>\nSau khi t\u00e0i li\u1ec7u \u0111\u00e3 \u0111\u01b0\u1ee3c chu\u1ea9n b\u1ecb, c\u1ea7n ti\u1ebfn h\u00e0nh \u0111\u0103ng k\u00fd v\u00e0 xin ph\u00ea duy\u1ec7t ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu t\u1eeb c\u01a1 quan qu\u1ea3n l\u00fd t\u00e0i ch\u00ednh ho\u1eb7c s\u1edf giao d\u1ecbch ch\u1ee9ng kho\u00e1n (n\u1ebfu c\u00f3). Quy tr\u00ecnh xin ph\u00ea duy\u1ec7t \u0111\u00f2i h\u1ecfi m\u1ed9t kho\u1ea3ng th\u1eddi gian nh\u1ea5t \u0111\u1ecbnh v\u00e0 c\u00e1c t\u00e0i li\u1ec7u c\u1ea7n \u0111\u01b0\u1ee3c tu\u00e2n th\u1ee7 nghi\u00eam ng\u1eb7t.<\/p>\n<p><strong>B\u01b0\u1edbc 7: Ph\u00e1t h\u00e0nh v\u00e0 ti\u1ebfp th\u1ecb<\/strong><br \/>\nSau khi \u0111\u01b0\u1ee3c ph\u00ea duy\u1ec7t vi\u1ec7c ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu, doanh nghi\u1ec7p n\u00ean ti\u1ebfn h\u00e0nh x\u00e2y d\u1ef1ng c\u00e1c chi\u1ebfn l\u01b0\u1ee3c ti\u1ebfp th\u1ecb cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 ti\u1ec1m n\u0103ng. Vi\u1ec7c ti\u1ebfp th\u1ecb n\u00e0y bao g\u1ed3m qu\u1ea3ng c\u00e1o tr\u00e1i phi\u1ebfu v\u00e0 tr\u00ecnh b\u00e0y l\u1ee3i \u00edch c\u1ee7a vi\u1ec7c \u0111\u1ea7u t\u01b0 v\u00e0o tr\u00e1i phi\u1ebfu c\u1ee7a c\u00f4ng ty. C\u00f4ng ty c\u00f3 th\u1ec3 s\u1eed d\u1ee5ng c\u00e1c ng\u00e2n h\u00e0ng ho\u1eb7c t\u1ed5 ch\u1ee9c t\u00e0i ch\u00ednh \u0111\u1ec3 h\u1ed7 tr\u1ee3 trong vi\u1ec7c ti\u1ebfp th\u1ecb.<\/p>\n<p><strong>B\u01b0\u1edbc 8: Qu\u1ea3n l\u00fd tr\u00e1i phi\u1ebfu<br \/>\n<\/strong>Doanh nghi\u1ec7p c\u1ea7n qu\u1ea3n l\u00fd ch\u1eb7t ch\u1ebd tr\u00e1i phi\u1ebfu c\u1ee7a m\u00ecnh, \u0111\u1ea3m b\u1ea3o thanh to\u00e1n l\u00e3i su\u1ea5t v\u00e0 v\u1ed1n g\u1ed1c \u0111\u00fang h\u1ea1n theo l\u1ecbch tr\u1ea3 n\u1ee3 \u0111\u00e3 x\u00e1c \u0111\u1ecbnh. Vi\u1ec7c qu\u1ea3n l\u00fd tr\u00e1i phi\u1ebfu \u1edf b\u01b0\u1edbc n\u00e0y c\u0169ng \u0111\u00f2i h\u1ecfi s\u1ef1 ch\u00fa \u00fd v\u00e0 tu\u00e2n th\u1ee7 quy \u0111\u1ecbnh.<\/p>\n<p><strong>B\u01b0\u1edbc 9: Thanh to\u00e1n l\u00e3i v\u00e0 v\u1ed1n g\u1ed1c<br \/>\n<\/strong>Trong su\u1ed1t th\u1eddi gian \u0111\u00e1o h\u1ea1n, doanh nghi\u1ec7p ph\u1ea3i thanh to\u00e1n l\u00e3i su\u1ea5t v\u00e0 v\u1ed1n g\u1ed1c cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 theo l\u1ecbch tr\u1ea3 n\u1ee3 \u0111\u00e3 x\u00e1c \u0111\u1ecbnh. Vi\u1ec7c n\u00e0y ph\u1ea3i \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n \u0111\u00fang h\u1ea1n \u0111\u1ec3 duy tr\u00ec uy t\u00edn t\u00e0i ch\u00ednh v\u00e0 tin c\u1eady c\u1ee7a c\u00f4ng ty.<\/p>\n<h2>6. Nguy\u00ean t\u1eafc ph\u00e1t h\u00e0nh v\u00e0 s\u1eed d\u1ee5ng v\u1ed1n tr\u00e1i phi\u1ebfu<\/h2>\n<figure id=\"attachment_37704\" aria-describedby=\"caption-attachment-37704\" style=\"width: 640px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" class=\"wp-image-37704 size-full\" title=\"Huy \u0111\u1ed9ng v\u1ed1n b\u1eb1ng ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu\" src=\"https:\/\/1office.vn\/wp-content\/uploads\/2023\/09\/huy-dong-von-tu-phat-hanh-trai-phieu.jpg\" alt=\"Huy \u0111\u1ed9ng v\u1ed1n b\u1eb1ng ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu\" width=\"640\" height=\"426\" srcset=\"https:\/\/1office.vn\/wp-content\/uploads\/2023\/09\/huy-dong-von-tu-phat-hanh-trai-phieu.jpg 640w, https:\/\/1office.vn\/wp-content\/uploads\/2023\/09\/huy-dong-von-tu-phat-hanh-trai-phieu-300x200.jpg 300w\" sizes=\"(max-width: 640px) 100vw, 640px\" \/><figcaption id=\"caption-attachment-37704\" class=\"wp-caption-text\">Huy \u0111\u1ed9ng v\u1ed1n b\u1eb1ng ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu<\/figcaption><\/figure>\n<p>Khi ph\u00e1t h\u00e0nh v\u00e0 s\u1eed d\u1ee5ng v\u1ed1n tr\u00e1i phi\u1ebfu, doanh nghi\u1ec7p c\u1ea7n ph\u1ea3i tu\u00e2n th\u1ee7 c\u00e1c quy \u0111\u1ecbnh \u0111\u01b0\u1ee3c c\u0103n c\u1ee9 theo<a href=\"https:\/\/vanban.chinhphu.vn\/?pageid=27160&amp;docid=202224\"> \u0110i\u1ec1u 5 Ngh\u1ecb \u0111\u1ecbnh 153\/2020\/N\u0110-CP<\/a> v\u00e0 theo Kho\u1ea3n 2, Kho\u1ea3n 3 \u0110i\u1ec1u 1 Ngh\u1ecb \u0111\u1ecbnh 65\/2022\/N\u0110-CP, c\u1ee5 th\u1ec3:<\/p>\n<ol>\n<li aria-level=\"1\">Doanh nghi\u1ec7p ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu ph\u1ea3i t\u1ef1 ch\u1ecbu tr\u00e1ch nhi\u1ec7m v\u1ec1 vi\u1ec7c s\u1eed d\u1ee5ng v\u1ed1n t\u1eeb tr\u00e1i phi\u1ebfu v\u00e0 \u0111\u1ea3m b\u1ea3o kh\u1ea3 n\u0103ng tr\u1ea3 n\u1ee3.<\/li>\n<li aria-level=\"1\">Doanh nghi\u1ec7p ph\u1ea3i n\u00eau r\u00f5 m\u1ee5c \u0111\u00edch c\u1ee5 th\u1ec3 c\u1ee7a vi\u1ec7c ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu, bao g\u1ed3m vi\u1ec7c th\u1ef1c hi\u1ec7n c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh, d\u1ef1 \u00e1n \u0111\u1ea7u t\u01b0 ho\u1eb7c c\u01a1 c\u1ea5u l\u1ea1i n\u1ee3. Vi\u1ec7c s\u1eed d\u1ee5ng v\u1ed1n t\u1eeb tr\u00e1i phi\u1ebfu ph\u1ea3i tu\u00e2n th\u1ee7 m\u1ee5c ti\u00eau \u0111\u00e3 \u0111\u01b0\u1ee3c c\u00f4ng b\u1ed1 v\u1edbi nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0 ph\u00f9 h\u1ee3p v\u1edbi ph\u00e1p lu\u1eadt.<\/li>\n<li aria-level=\"1\">\u0110\u1ed1i v\u1edbi tr\u00e1i phi\u1ebfu xanh, ngu\u1ed3n v\u1ed1n t\u1eeb ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu ph\u1ea3i \u0111\u01b0\u1ee3c h\u1ea1ch to\u00e1n, qu\u1ea3n l\u00fd v\u00e0 gi\u1ea3i ng\u00e2n cho c\u00e1c d\u1ef1 \u00e1n li\u00ean quan \u0111\u1ebfn b\u1ea3o v\u1ec7 m\u00f4i tr\u01b0\u1eddng ho\u1eb7c mang l\u1ea1i l\u1ee3i \u00edch v\u1ec1 m\u00f4i tr\u01b0\u1eddng.<\/li>\n<li aria-level=\"1\">\u0110\u1ec3 thay \u0111\u1ed5i \u0111i\u1ec1u ki\u1ec7n v\u00e0 \u0111i\u1ec1u kho\u1ea3n c\u1ee7a tr\u00e1i phi\u1ebfu \u0111\u00e3 ph\u00e1t h\u00e0nh t\u1ea1i th\u1ecb tr\u01b0\u1eddng trong n\u01b0\u1edbc, doanh nghi\u1ec7p c\u1ea7n tu\u00e2n th\u1ee7 \u0111i\u1ec1u ki\u1ec7n: \u0111\u01b0\u1ee3c th\u00f4ng qua b\u1edfi c\u1ea5p c\u00f3 th\u1ea9m quy\u1ec1n c\u1ee7a doanh nghi\u1ec7p v\u00e0 s\u1ef1 ch\u1ea5p thu\u1eadn t\u1eeb 65% t\u1ed5ng s\u1ed1 tr\u00e1i phi\u1ebfu c\u00f9ng lo\u1ea1i \u0111ang l\u01b0u h\u00e0nh tr\u1edf l\u00ean t\u1eeb c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1edf h\u1eefu tr\u00e1i phi\u1ebfu.<\/li>\n<li aria-level=\"1\">Doanh nghi\u1ec7p ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu ph\u1ea3i c\u00f4ng b\u1ed1 th\u00f4ng tin li\u00ean quan \u0111\u1ebfn vi\u1ec7c thay \u0111\u1ed5i \u0111i\u1ec1u ki\u1ec7n v\u00e0 \u0111i\u1ec1u kho\u1ea3n c\u1ee7a tr\u00e1i phi\u1ebfu \u0111\u1ec3 \u0111\u1ea3m b\u1ea3o t\u00ednh minh b\u1ea1ch th\u00f4ng tin cho nh\u00e0 \u0111\u1ea7u t\u01b0.<\/li>\n<\/ol>\n<h2>7. Ph\u00e2n bi\u1ec7t tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p v\u1edbi: tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7, c\u1ed5 phi\u1ebfu v\u00e0 ti\u1ec1n g\u1eedi<\/h2>\n<figure id=\"attachment_38088\" aria-describedby=\"caption-attachment-38088\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" class=\"wp-image-38088 size-large\" title=\"Ph\u00e2n bi\u1ec7t tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p v\u1edbi: tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7\" src=\"https:\/\/1office.vn\/wp-content\/uploads\/2023\/09\/trai-phieu-chinh-phu-la-gi-1024x576.png\" alt=\"Ph\u00e2n bi\u1ec7t tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p v\u1edbi: tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7\" width=\"1024\" height=\"576\" srcset=\"https:\/\/1office.vn\/wp-content\/uploads\/2023\/09\/trai-phieu-chinh-phu-la-gi-1024x576.png 1024w, https:\/\/1office.vn\/wp-content\/uploads\/2023\/09\/trai-phieu-chinh-phu-la-gi-300x169.png 300w, https:\/\/1office.vn\/wp-content\/uploads\/2023\/09\/trai-phieu-chinh-phu-la-gi-768x432.png 768w, https:\/\/1office.vn\/wp-content\/uploads\/2023\/09\/trai-phieu-chinh-phu-la-gi.png 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption id=\"caption-attachment-38088\" class=\"wp-caption-text\">Ph\u00e2n bi\u1ec7t tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p v\u1edbi: tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7<\/figcaption><\/figure>\n<h3><strong>So s\u00e1nh tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p v\u00e0 tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7<\/strong><\/h3>\n<p>D\u01b0\u1edbi \u0111\u00e2y l\u00e0 b\u1ea3ng so s\u00e1nh gi\u1eefa tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p v\u00e0 tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 d\u1ef1a tr\u00ean m\u1ed9t s\u1ed1 ti\u00eau ch\u00ed v\u1ec1 \u0111\u01a1n v\u1ecb, m\u1ee5c \u0111\u00edch, l\u00e3i su\u1ea5t, k\u1ef3 h\u1ea1n ph\u00e1t h\u00e0nh:<\/p>\n<table>\n<tbody>\n<tr>\n<td><strong>Ti\u00eau ch\u00ed<\/strong><\/td>\n<td><strong>Tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p<\/strong><\/td>\n<td><strong>Tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7<\/strong><\/td>\n<\/tr>\n<tr>\n<td>\u0110\u01a1n v\u1ecb ph\u00e1t h\u00e0nh<\/td>\n<td>Doanh nghi\u1ec7p t\u01b0 nh\u00e2n ho\u1eb7c c\u00e1c c\u00f4ng ty.<\/td>\n<td>Ch\u00ednh ph\u1ee7, Nh\u00e0 n\u01b0\u1edbc (nh\u01b0 ng\u00e2n h\u00e0ng, kho b\u1ea1c, b\u1ed9 t\u00e0i ch\u00ednh\u2026)<\/td>\n<\/tr>\n<tr>\n<td>M\u1ee5c \u0111\u00edch ph\u00e1t h\u00e0nh<\/td>\n<td>Huy \u0111\u1ed9ng v\u1ed1n cho kinh doanh, m\u1edf r\u1ed9ng m\u1ee5c ti\u00eau chi\u1ebfn l\u01b0\u1ee3c, gi\u1ea3i quy\u1ebft v\u1ea5n \u0111\u1ec1 t\u00e0i ch\u00ednh,\u2026<\/td>\n<td>Huy \u0111\u1ed9ng v\u1ed1n cho ng\u00e2n s\u00e1ch, b\u00f9 \u0111\u1eafp thi\u1ebfu h\u1ee5t t\u00e0i ch\u00ednh t\u1ea1m th\u1eddi.<\/td>\n<\/tr>\n<tr>\n<td>Ngu\u1ed3n th\u1ee5 \u0111\u1ed9ng<\/td>\n<td>T\u1eeb nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0 th\u1ecb tr\u01b0\u1eddng.<\/td>\n<td>T\u1eeb ng\u01b0\u1eddi d\u00e2n v\u00e0 th\u1ecb tr\u01b0\u1eddng.<\/td>\n<\/tr>\n<tr>\n<td>L\u00e3i su\u1ea5t<\/td>\n<td>C\u1ed1 \u0111\u1ecbnh ho\u1eb7c th\u1ea3 n\u1ed5i t\u00f9y thu\u1ed9c v\u00e0o doanh nghi\u1ec7p v\u00e0 th\u01b0\u1eddng c\u00f3 l\u00e3i su\u1ea5t cao h\u01a1n so v\u1edbi tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7.<\/td>\n<td>Th\u01b0\u1eddng gi\u1eef c\u1ed1 \u0111\u1ecbnh v\u00e0 c\u00f3 l\u00e3i su\u1ea5t th\u1ea5p h\u01a1n n\u00ean \u0111\u01b0\u1ee3c coi l\u00e0 t\u00e0i s\u1ea3n an to\u00e0n.<\/td>\n<\/tr>\n<tr>\n<td>K\u1ef3 h\u1ea1n<\/td>\n<td>Th\u1eddi h\u1ea1n c\u1ed1 \u0111\u1ecbnh k\u00e9o d\u00e0i trong ng\u1eafn h\u1ea1n trong kho\u1ea3ng 1 n\u0103m \u0111\u1ebfn 3 n\u0103m.<\/td>\n<td>K\u00e9o d\u00e0i trung h\u1ea1n ho\u1eb7c d\u00e0i h\u1ea1n t\u1eeb 5 n\u0103m \u0111\u1ebfn 30 n\u0103m.<\/td>\n<\/tr>\n<tr>\n<td>Kh\u1ea3 n\u0103ng chuy\u1ec3n \u0111\u1ed5i sang c\u1ed5 phi\u1ebfu (tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i)<\/td>\n<td>C\u00f3 kh\u1ea3 n\u0103ng chuy\u1ec3n \u0111\u1ed5i sang c\u1ed5 phi\u1ebfu.<\/td>\n<td>Kh\u00f4ng c\u00f3 kh\u1ea3 n\u0103ng chuy\u1ec3n \u0111\u1ed5i sang c\u1ed5 phi\u1ebfu.<\/td>\n<\/tr>\n<tr>\n<td>Kh\u1ea3 n\u0103ng b\u1ea3o t\u1ed3n v\u1ed1n<\/td>\n<td>T\u01b0\u01a1ng \u0111\u1ed1i<\/td>\n<td>G\u1ea7n nh\u01b0 tuy\u1ec7t \u0111\u1ed1i<\/td>\n<\/tr>\n<tr>\n<td>R\u1ee7i ro t\u00e0i ch\u00ednh<\/td>\n<td>Ch\u1ee7 y\u1ebfu ph\u1ee5 thu\u1ed9c v\u00e0o kh\u1ea3 n\u0103ng thanh to\u00e1n n\u1ee3 v\u00ec th\u1ebf doanh nghi\u1ec7p c\u1ea7n t\u1ef1 qu\u1ea3n l\u00fd v\u00e0 ch\u1ecbu tr\u00e1ch nhi\u1ec7m v\u1ec1 r\u1ee7i ro.<\/td>\n<td>L\u00e0 ngu\u1ed3n t\u00edn d\u1ee5ng an to\u00e0n, c\u00f3 m\u1ee9c r\u1ee7i ro th\u1ea5p h\u01a1n b\u1edfi ch\u1ecbu \u1ea3nh h\u01b0\u1edfng c\u1ee7a t\u1ef7 gi\u00e1 h\u1ed1i \u0111o\u00e1i.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p style=\"text-align: center;\"><em>B\u1ea3ng ph\u00e2n bi\u1ec7t tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p v\u1edbi tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7<\/em><\/p>\n<h3><strong>So s\u00e1nh tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p v\u1edbi c\u1ed5 phi\u1ebfu v\u00e0 ti\u1ec1n g\u1eedi<\/strong><\/h3>\n<figure id=\"attachment_38058\" aria-describedby=\"caption-attachment-38058\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" class=\"wp-image-38058 size-large\" title=\"K\u00eau g\u1ecdi v\u1ed1n \u0111\u1ea7u t\u01b0 b\u1eb1ng vi\u1ec7c ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu\" src=\"https:\/\/1office.vn\/wp-content\/uploads\/2023\/09\/cach-dinh-gia-co-phieu-1024x576.jpg\" alt=\"K\u00eau g\u1ecdi v\u1ed1n \u0111\u1ea7u t\u01b0 b\u1eb1ng vi\u1ec7c ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu\" width=\"1024\" height=\"576\" srcset=\"https:\/\/1office.vn\/wp-content\/uploads\/2023\/09\/cach-dinh-gia-co-phieu-1024x576.jpg 1024w, https:\/\/1office.vn\/wp-content\/uploads\/2023\/09\/cach-dinh-gia-co-phieu-300x169.jpg 300w, https:\/\/1office.vn\/wp-content\/uploads\/2023\/09\/cach-dinh-gia-co-phieu-768x432.jpg 768w, https:\/\/1office.vn\/wp-content\/uploads\/2023\/09\/cach-dinh-gia-co-phieu.jpg 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption id=\"caption-attachment-38058\" class=\"wp-caption-text\">K\u00eau g\u1ecdi v\u1ed1n \u0111\u1ea7u t\u01b0 b\u1eb1ng vi\u1ec7c ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu<\/figcaption><\/figure>\n<p>S\u1ef1 l\u1ef1a ch\u1ecdn gi\u1eefa tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p, c\u1ed5 phi\u1ebfu v\u00e0 ti\u1ec1n g\u1eedi ph\u1ee5 thu\u1ed9c v\u00e0o m\u1ee5c ti\u00eau, th\u1eddi h\u1ea1n \u0111\u1ea7u t\u01b0, t\u1ef7 l\u1ec7 r\u1ee7i ro v\u00e0 ti\u1ec1n l\u1eddi m\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 mong mu\u1ed1n. Tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p l\u00e0 m\u1ed9t c\u00f4ng c\u1ee5 n\u1ee3, trong khi c\u1ed5 phi\u1ebfu l\u00e0 m\u1ed9t ph\u1ea7n s\u1edf h\u1eefu c\u1ee7a c\u00f4ng ty v\u00e0 ti\u1ec1n g\u1eedi l\u00e0 ti\u1ec1n m\u1eb7t \u0111\u01b0\u1ee3c g\u1eedi v\u00e0o ng\u00e2n h\u00e0ng. D\u01b0\u1edbi \u0111\u00e2y l\u00e0 b\u1ea3ng so s\u00e1nh ba h\u00ecnh th\u1ee9c n\u00e0y:<\/p>\n<table>\n<tbody>\n<tr>\n<td><strong>Ti\u00eau ch\u00ed<\/strong><\/td>\n<td><strong>Tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p<\/strong><\/td>\n<td><strong>C\u1ed5 phi\u1ebfu<\/strong><\/td>\n<td><strong>Ti\u1ec1n g\u1eedi<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Lo\u1ea1i t\u00e0i s\u1ea3n<\/td>\n<td>C\u00f4ng c\u1ee5 ghi n\u1ee3 m\u00e0 nh\u00e0 ph\u00e1t h\u00e0nh ph\u1ea3i tr\u1ea3<\/td>\n<td>M\u1ed9t ph\u1ea7n s\u1edf h\u1eefu c\u1ee7a c\u00f4ng ty<\/td>\n<td>Lo\u1ea1i ti\u1ec1n m\u1eb7t \u0111\u01b0\u1ee3c g\u1eedi v\u00e0o ng\u00e2n h\u00e0ng<\/td>\n<\/tr>\n<tr>\n<td>Vai tr\u00f2 nh\u00e0 \u0111\u1ea7u t\u01b0<\/td>\n<td>Tr\u00e1i ch\u1ee7<\/td>\n<td>C\u1ed5 \u0111\u00f4ng<\/td>\n<td>Ng\u01b0\u1eddi g\u1eedi ti\u1ec1n<\/td>\n<\/tr>\n<tr>\n<td>L\u00e3i su\u1ea5t<\/td>\n<td>L\u00e3i su\u1ea5t \u0111\u01b0\u1ee3c bi\u1ebft tr\u01b0\u1edbc, th\u01b0\u1eddng cao h\u01a1n so v\u1edbi c\u1ed5 phi\u1ebfu v\u00e0 ti\u1ec1n g\u1eedi<\/td>\n<td>L\u00e3i su\u1ea5t c\u00f3 th\u1ec3 thay \u0111\u1ed5i ph\u1ee5 thu\u1ed9c v\u00e0o s\u1ef1 bi\u1ebfn \u0111\u1ed9ng gi\u00e1 c\u1ee7a c\u1ed5 phi\u1ebfu<\/td>\n<td>L\u00e3i su\u1ea5t th\u1ea5p h\u01a1n, th\u01b0\u1eddng c\u1ed1 \u0111\u1ecbnh v\u00e0 \u0111\u01b0\u1ee3c bi\u1ebft tr\u01b0\u1edbc<\/td>\n<\/tr>\n<tr>\n<td>K\u1ef3 h\u1ea1n<\/td>\n<td>C\u1ed1 \u0111\u1ecbnh, c\u00f3 th\u1ec3 ng\u1eafn h\u1ea1n v\u00e0 d\u00e0i h\u1ea1n<\/td>\n<td>Kh\u00f4ng c\u00f3 th\u1eddi h\u1ea1n c\u1ed1 \u0111\u1ecbnh<\/td>\n<td>Th\u01b0\u1eddng d\u01b0\u1edbi 1 n\u0103m v\u00e0 c\u00f3 th\u1ec3 r\u00fat m\u1ecdi l\u00fac<\/td>\n<\/tr>\n<tr>\n<td>Kh\u1ea3 n\u0103ng b\u1ea3o to\u00e0n v\u1ed1n<\/td>\n<td>Trung b\u00ecnh<\/td>\n<td>Th\u1ea5p<\/td>\n<td>Cao<\/td>\n<\/tr>\n<tr>\n<td>Kh\u1ea3 n\u0103ng chuy\u1ec3n nh\u01b0\u1ee3ng<\/td>\n<td>C\u00f3<\/td>\n<td>Cao<\/td>\n<td>Th\u1ea5p<\/td>\n<\/tr>\n<tr>\n<td>Ph\u01b0\u01a1ng ph\u00e1p r\u00fat ti\u1ec1n \u0111\u1ea7u t\u01b0<\/td>\n<td>Nh\u1eadn l\u00e3i su\u1ea5t \u0111\u1ecbnh k\u1ef3 v\u00e0 g\u1ed1c khi \u0111\u00e1o h\u1ea1n<\/td>\n<td>B\u00e1n c\u1ed5 phi\u1ebfu tr\u00ean th\u1ecb tr\u01b0\u1eddng th\u1ee9 c\u1ea5p<\/td>\n<td>Nh\u1eadn ti\u1ec1n g\u1ed1c v\u00e0 l\u00e3i su\u1ea5t khi \u0111\u00e1o h\u1ea1n<\/td>\n<\/tr>\n<tr>\n<td>R\u1ee7i ro<\/td>\n<td>Kh\u00f4ng thanh to\u00e1n \u0111\u01b0\u1ee3c kho\u1ea3n n\u1ee3 theo k\u1ef3 h\u1ea1n<\/td>\n<td>C\u1ed5 phi\u1ebfu bi\u1ebfn \u0111\u1ed9ng v\u00e0 m\u1ea5t gi\u00e1 tr\u00ean th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n<\/td>\n<td>R\u1ee7i ro th\u1ea5p h\u01a1n do b\u1ea3o v\u1ec7 b\u1edfi ng\u00e2n h\u00e0ng v\u00e0 ch\u00ednh ph\u1ee7 (tr\u1eeb tr\u01b0\u1eddng h\u1ee3p ng\u00e2n h\u00e0ng ph\u00e1 s\u1ea3n)<\/td>\n<\/tr>\n<tr>\n<td>\u0110\u1ed9 linh ho\u1ea1t<\/td>\n<td>\u00cdt linh ho\u1ea1t, v\u1ed1n ph\u1ea3i gi\u1eef \u0111\u1ebfn khi \u0111\u00e1o h\u1ea1n.<\/td>\n<td>Linh ho\u1ea1t, c\u00f3 th\u1ec3 b\u00e1n b\u1ea5t c\u1ee9 l\u00fac n\u00e0o.<\/td>\n<td>Linh ho\u1ea1t, c\u00f3 th\u1ec3 r\u00fat ti\u1ec1n b\u1ea5t c\u1ee9 l\u00fac n\u00e0o.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p style=\"text-align: center;\"><em>B\u1ea3ng ph\u00e2n bi\u1ec7t tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p v\u1edbi c\u1ed5 phi\u1ebfu v\u00e0 ti\u1ec1n g\u1eedi<\/em><\/p>\n<h2 data-start=\"0\" data-end=\"63\">8. R\u1ee7i ro khi \u0111\u1ea7u t\u01b0 v\u00e0 ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p<\/h2>\n<p data-start=\"65\" data-end=\"366\">M\u1eb7c d\u00f9 tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p \u0111\u01b0\u1ee3c xem l\u00e0 k\u00eanh huy \u0111\u1ed9ng v\u1ed1n hi\u1ec7u qu\u1ea3 v\u00e0 h\u1ea5p d\u1eabn, nh\u01b0ng c\u1ea3 nh\u00e0 \u0111\u1ea7u t\u01b0 l\u1eabn doanh nghi\u1ec7p ph\u00e1t h\u00e0nh \u0111\u1ec1u \u0111\u1ed1i m\u1eb7t v\u1edbi nhi\u1ec1u r\u1ee7i ro ti\u1ec1m \u1ea9n. Vi\u1ec7c hi\u1ec3u r\u00f5 nh\u1eefng r\u1ee7i ro n\u00e0y gi\u00fap c\u00e2n b\u1eb1ng gi\u1eefa c\u01a1 h\u1ed9i sinh l\u1eddi v\u00e0 m\u1ee9c \u0111\u1ed9 an to\u00e0n, t\u1eeb \u0111\u00f3 ra quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 th\u00f4ng minh h\u01a1n.<\/p>\n<h3 data-start=\"368\" data-end=\"397\"><strong data-start=\"373\" data-end=\"395\">8.1. R\u1ee7i ro t\u00edn d\u1ee5ng<\/strong><\/h3>\n<p data-start=\"398\" data-end=\"808\">\u0110\u00e2y l\u00e0 lo\u1ea1i r\u1ee7i ro l\u1edbn nh\u1ea5t \u2014 x\u1ea3y ra khi doanh nghi\u1ec7p m\u1ea5t kh\u1ea3 n\u0103ng thanh to\u00e1n g\u1ed1c v\u00e0 l\u00e3i \u0111\u00fang h\u1ea1n. Nguy\u00ean nh\u00e2n c\u00f3 th\u1ec3 \u0111\u1ebfn t\u1eeb ho\u1ea1t \u0111\u1ed9ng kinh doanh suy gi\u1ea3m, d\u00f2ng ti\u1ec1n y\u1ebfu, ho\u1eb7c qu\u1ea3n tr\u1ecb t\u00e0i ch\u00ednh k\u00e9m. Khi \u0111\u00f3, nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00f4ng ch\u1ec9 m\u1ea5t l\u1ee3i nhu\u1eadn m\u00e0 c\u00f2n c\u00f3 nguy c\u01a1 m\u1ea5t v\u1ed1n.<br data-start=\"671\" data-end=\"674\" \/><em data-start=\"677\" data-end=\"685\">V\u00ed d\u1ee5:<\/em> M\u1ed9t doanh nghi\u1ec7p ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu \u0111\u1ec3 m\u1edf r\u1ed9ng d\u1ef1 \u00e1n nh\u01b0ng kh\u00f4ng \u0111\u1ea1t doanh thu nh\u01b0 k\u1ef3 v\u1ecdng, d\u1eabn \u0111\u1ebfn m\u1ea5t kh\u1ea3 n\u0103ng tr\u1ea3 n\u1ee3.<\/p>\n<h3 data-start=\"810\" data-end=\"842\"><strong data-start=\"815\" data-end=\"840\">8.2. R\u1ee7i ro thanh kho\u1ea3n<\/strong><\/h3>\n<p data-start=\"843\" data-end=\"1215\">Tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p \u1edf Vi\u1ec7t Nam th\u01b0\u1eddng kh\u00f4ng c\u00f3 th\u1ecb tr\u01b0\u1eddng th\u1ee9 c\u1ea5p s\u00f4i \u0111\u1ed9ng, khi\u1ebfn nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00f3 b\u00e1n l\u1ea1i khi c\u1ea7n ti\u1ec1n g\u1ea5p. Vi\u1ec7c t\u00ecm ng\u01b0\u1eddi mua ho\u1eb7c chuy\u1ec3n nh\u01b0\u1ee3ng c\u00f3 th\u1ec3 m\u1ea5t th\u1eddi gian, th\u1eadm ch\u00ed ph\u1ea3i b\u00e1n l\u1ed7 \u0111\u1ec3 r\u00fat v\u1ed1n s\u1edbm.<br data-start=\"1070\" data-end=\"1073\" \/><em data-start=\"1076\" data-end=\"1098\">T\u00ecnh hu\u1ed1ng ph\u1ed5 bi\u1ebfn:<\/em> Tr\u00e1i phi\u1ebfu ph\u00e1t h\u00e0nh ri\u00eang l\u1ebb th\u01b0\u1eddng b\u1ecb gi\u1edbi h\u1ea1n chuy\u1ec3n nh\u01b0\u1ee3ng trong 1 n\u0103m \u0111\u1ea7u, g\u00e2y kh\u00f3 kh\u0103n cho nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n.<\/p>\n<h3 data-start=\"1217\" data-end=\"1260\"><strong data-start=\"1222\" data-end=\"1258\">8.3. R\u1ee7i ro l\u00e3i su\u1ea5t v\u00e0 th\u1ecb tr\u01b0\u1eddng<\/strong><\/h3>\n<p data-start=\"1261\" data-end=\"1594\">Khi l\u00e3i su\u1ea5t th\u1ecb tr\u01b0\u1eddng t\u0103ng, gi\u00e1 tr\u1ecb tr\u00e1i phi\u1ebfu hi\u1ec7n c\u00f3 (v\u1edbi l\u00e3i su\u1ea5t c\u1ed1 \u0111\u1ecbnh th\u1ea5p h\u01a1n) s\u1ebd gi\u1ea3m. \u0110i\u1ec1u n\u00e0y \u1ea3nh h\u01b0\u1edfng tr\u1ef1c ti\u1ebfp \u0111\u1ebfn l\u1ee3i nhu\u1eadn k\u1ef3 v\u1ecdng c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 n\u1ebfu c\u1ea7n b\u00e1n l\u1ea1i tr\u01b0\u1edbc h\u1ea1n. Ngo\u00e0i ra, bi\u1ebfn \u0111\u1ed9ng kinh t\u1ebf v\u0129 m\u00f4 (l\u1ea1m ph\u00e1t, ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7, t\u1ef7 gi\u00e1) c\u0169ng c\u00f3 th\u1ec3 l\u00e0m gi\u1ea3m s\u1ee9c h\u1ea5p d\u1eabn c\u1ee7a tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p.<\/p>\n<h3 data-start=\"1596\" data-end=\"1647\"><strong data-start=\"1601\" data-end=\"1645\">8.4. R\u1ee7i ro ph\u00e1p l\u00fd v\u00e0 minh b\u1ea1ch th\u00f4ng tin<\/strong><\/h3>\n<p data-start=\"1648\" data-end=\"1980\">M\u1ed9t s\u1ed1 doanh nghi\u1ec7p ch\u01b0a tu\u00e2n th\u1ee7 \u0111\u1ea7y \u0111\u1ee7 quy \u0111\u1ecbnh c\u00f4ng b\u1ed1 th\u00f4ng tin, ho\u1eb7c thi\u1ebfu minh b\u1ea1ch v\u1ec1 t\u00e0i ch\u00ednh v\u00e0 m\u1ee5c \u0111\u00edch s\u1eed d\u1ee5ng v\u1ed1n. Nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 g\u1eb7p r\u1ee7i ro n\u1ebfu th\u00f4ng tin b\u1ecb che gi\u1ea5u ho\u1eb7c sai l\u1ec7ch.<br data-start=\"1853\" data-end=\"1856\" \/><em data-start=\"1859\" data-end=\"1867\">V\u00ed d\u1ee5:<\/em> Tr\u00e1i phi\u1ebfu \u0111\u01b0\u1ee3c ph\u00e1t h\u00e0nh \u0111\u1ec3 \u201c\u0111\u1ea3o n\u1ee3\u201d thay v\u00ec \u0111\u1ea7u t\u01b0 cho d\u1ef1 \u00e1n m\u1edbi \u2013 h\u00e0nh vi n\u00e0y l\u00e0m t\u0103ng nguy c\u01a1 v\u1ee1 n\u1ee3.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p l\u00e0 g\u00ec? Vai tr\u00f2, ph\u00e2n lo\u1ea1i v\u00e0 quy tr\u00ecnh ph\u00e1t h\u00e0nh ch\u00fang trong ho\u1ea1t \u0111\u1ed9ng kinh doanh v\u00e0 \u0111\u1ea7u t\u01b0 nh\u00e9. Tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p l\u00e0 m\u1ed9t thu\u1eadt ng\u1eef ph\u1ed5 bi\u1ebfn trong vi\u1ec7c huy \u0111\u1ed9ng v\u1ed1n v\u00e0 qu\u1ea3n l\u00fd t\u00e0i ch\u00ednh. N\u00f3 cung c\u1ea5p c\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0 h\u1ea5p d\u1eabn, t\u1ea1o [&hellip;]<\/p>\n","protected":false},"author":44,"featured_media":38083,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[582,85,165],"tags":[],"class_list":["post-38082","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","category-kien-thuc-quan-tri","category-quan-tri-dieu-hanh"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p l\u00e0 g\u00ec? Ph\u00e2n lo\u1ea1i &amp; quy tr\u00ecnh ph\u00e1t h\u00e0nh<\/title>\n<meta name=\"description\" content=\"Tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p l\u00e0 g\u00ec? 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