28 CHNG2. THTRNGTICHNHphngilccCDO,ribnliccCDOchoccnhuttrnthtrngchngkhon(5).CcnhutkhimuaccCDOnhvytrthnhnhngngichovaythchpgintip(khngphi lchomtngi cthnovay, mlchochungtonbnhngngitrongrcckhonvaythchpvay),vchurirovncanhngngivaythchp.2.3 CphiuMtcngtycphnlmtcngtytrchnhimhuhn(tclccchshukhngctrchnhimphitrnchocngtytrongtrnghpbvn),mquynshu n c chia lm nhiu phn, gi l cc cphn. Giy t ghi nhn quyn s hu cccphnthngcgi lcphiu(stock, share): thngthngth mi cphiungvimtcphn.Nhngngishucccphnny,tclnhngnginmgicc c phiu, chnh l cc ch s hu ca cng ty, v c gi l cc c ng (stockholderhayshareholder).Vd:cngtycphnSaVitNam(Vinamilk,mcphiutrnthtrngVitNam:VNM)ctngcngkhong351triucphiuluhnhvounm2010.iucnghalquynshucngtycchiathnh351triuphn,vnungi noc1000cphiucaVinamilkth tclshu1000phn351triu(bngkhong0,000285%)cngty.Khi mtcngtycphnmuncthmvnphttrin, th cthgi vnbngcchphthnhthmcphiu,tclinra cphiumibnchoccnhut.Khilm nh vy, th t l s hu cng ty ca mi c phiu gim i (v d nh khi s c phiucacngtytngt9triuln10triu,thmicphnangtshu1phn9triucngtygimxungcn1phn10triu),nhngblitnggitrcacngtytngln(v cthmtinbncphiuvoti sncacngty). Ngcli, khi cngtycthatindtr,cthmualibtcphiucachnhcngtytrnthtrngchngkhon.Khilmnhvythscphiucacngtygimi,kotheotlshucngtycamicphntngln,nhngblitnggitrcacngtycnggimivchitinchovicmuacphn.Cccngtycphnthngcchphthnhmtscphiucacngtychoccnhnvincacngty,theomtchuivgivthihnmua.Vicbncphiuui nylmthnhthctrthlaochoccnhnvincacngty, lmchocc nhn vin cng tr thnh c ng ca cng ty, vi mc ch khin cho h gn b hn(5)Xem: http://en.wikipedia.org/wiki/Collateralized_debt_obligation