{"id":21555,"date":"2023-12-06T02:46:37","date_gmt":"2023-12-06T02:46:37","guid":{"rendered":"https:\/\/masterskills.org\/blog\/ytm-la-gi-hay-yield-to-maturity-la-gi.html"},"modified":"2023-12-22T04:55:34","modified_gmt":"2023-12-21T21:55:34","slug":"ytm-la-gi-hay-yield-to-maturity-la-gi","status":"publish","type":"post","link":"https:\/\/masterskills.org\/blog\/ytm-la-gi-hay-yield-to-maturity-la-gi.html","title":{"rendered":"YTM l\u00e0 g\u00ec hay yield to maturity l\u00e0 g\u00ec?"},"content":{"rendered":"
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<\/figure>\n

YTM l\u00e0 g\u00ec<\/strong>?<\/span><\/h2>\n

YTM ti\u1ebfng Anh l\u00e0 Yield to Maturity l\u00e0 l\u00e3i su\u1ea5t h\u00f2a v\u1ed1n trung b\u00ecnh c\u1ee7a m\u1ed9t tr\u00e1i phi\u1ebfu, v\u1edbi gi\u1ea3 \u0111\u1ecbnh r\u1eb1ng nh\u00e0 \u0111\u1ea7u t\u01b0 mua v\u00e0 n\u1eafm gi\u1eef tr\u00e1i phi\u1ebfu cho t\u1edbi ng\u00e0y \u0111\u1ebfn h\u1ea1n thanh to\u00e1n. Tr\u01b0\u1edbc khi \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0, ch\u00fang ta c\u1ea7n hi\u1ec3u r\u00f5 v\u1ec1 YTM \u0111\u1ec3 tr\u00e1nh nh\u1eefng nh\u1ea7m l\u1eabn \u0111\u00e1ng ti\u1ebfc. D\u01b0\u1edbi \u0111\u00e2y l\u00e0 nh\u1eefng th\u00f4ng tin c\u01a1 b\u1ea3n nh\u1ea5t b\u1ea1n c\u1ea7n bi\u1ebft!<\/p>\n

Hi\u1ec3u \u0111\u00fang v\u1ec1 l\u1ee3i su\u1ea5t \u0111\u00e1o h\u1ea1n YTM l\u00e0 g\u00ec?<\/strong><\/span><\/h2>\n

M\u1ed9t c\u00f4ng ty ho\u1eb7c m\u1ed9t t\u1ed5 ch\u1ee9c t\u00e0i ch\u00ednh c\u00f3 th\u1ec3 c\u1ea7n ti\u1ec1n cho nhi\u1ec1u m\u1ee5c \u0111\u00edch kh\u00e1c nhau nh\u01b0 m\u1edf r\u1ed9ng kinh doanh, x\u00e2y nh\u00e0 m\u00e1y m\u1edbi, trang b\u1ecb m\u00e1y m\u00f3c\u2026 M\u1ed9t trong nh\u1eefng c\u00e1ch \u0111\u1ec3 huy \u0111\u1ed9ng ti\u1ec1n l\u00e0 ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu.<\/p>\n

V\u1edbi t\u01b0 c\u00e1ch l\u00e0 m\u1ed9t nh\u00e0 \u0111\u1ea7u t\u01b0, khi mua tr\u00e1i phi\u1ebfu, b\u1ea1n \u0111ang cho c\u00f4ng ty ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu vay kho\u1ea3n ti\u1ec1n \u0111\u00f3. \u0110\u1ed5i l\u1ea1i, c\u00f4ng ty h\u1ee9a s\u1ebd tr\u1ea3 l\u1ea1i ti\u1ec1n g\u1ed1c cho b\u1ea1n v\u00e0o m\u1ed9t ng\u00e0y x\u00e1c \u0111\u1ecbnh tr\u01b0\u1edbc (ng\u00e0y \u0111\u00e1o h\u1ea1n) c\u1ed9ng th\u00eam m\u1ee9c l\u00e3i su\u1ea5t c\u1ee5 th\u1ec3.<\/p>\n

Tuy nhi\u00ean, d\u00f2ng ti\u1ec1n t\u1eeb tr\u00e1i phi\u1ebfu l\u00e0 kh\u00f4ng ch\u1eafc ch\u1eafn. R\u1ee7i ro c\u00f3 th\u1ec3 \u0111\u1ebfn t\u1eeb vi\u1ec7c c\u00f4ng ty ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu ph\u00e1 s\u1ea3n v\u00e0 kh\u00f4ng th\u1ec3 chi tr\u1ea3 cho nh\u00e0 \u0111\u1ea7u t\u01b0. Khi l\u1ea1m ph\u00e1t t\u0103ng, gi\u00e1 tr\u1ecb \u0111\u1ed3ng ti\u1ec1n gi\u1ea3m \u0111i, tr\u00e1i phi\u1ebfu s\u1ebd b\u1ecb suy gi\u1ea3m gi\u00e1 tr\u1ecb, khi\u1ebfn nh\u00e0 \u0111\u1ea7u t\u01b0 b\u1ecb l\u1ed7.<\/p>\n

M\u1ed7i lo\u1ea1i tr\u00e1i phi\u1ebfu tr\u00ean th\u1ecb tr\u01b0\u1eddng c\u00f3 m\u1ee9c \u0111\u1ed9 r\u1ee7i ro kh\u00e1c nhau, v\u00e0 \u0111\u1ec3 quy\u1ebft \u0111\u1ecbnh c\u00f3 n\u00ean \u0111\u1ea7u t\u01b0 hay kh\u00f4ng, ta c\u1ea7n c\u00f3 m\u1ed9t \u0111\u1ea1i l\u01b0\u1ee3ng \u0111o l\u01b0\u1eddng m\u1ee9c \u0111\u1ed9 r\u1ee7i ro c\u1ee7a tr\u00e1i phi\u1ebfu.<\/p>\n

\n

\u201cYTM l\u00e0 g\u00ec? \u0110\u00f3 l\u00e0 t\u1ef7 l\u1ec7 ho\u00e0n v\u1ed1n ho\u1eb7c l\u00e3i su\u1ea5t \u0111\u1ea7u c\u01a1 c\u1ee7a tr\u00e1i phi\u1ebfu c\u00f3 l\u00e3i su\u1ea5t c\u1ed1 \u0111\u1ecbnh.\u201d<\/strong><\/em><\/p>\n<\/blockquote>\n

\u00a0<\/p>\n

T\u1ea7m quan tr\u1ecdng c\u1ee7a l\u1ee3i su\u1ea5t \u0111\u00e1o h\u1ea1n yield to maturity l\u00e0 g\u00ec?<\/strong><\/span><\/h2>\n

Nh\u01b0 \u0111\u00e3 \u0111\u1ec1 c\u1eadp, vai tr\u00f2 quan tr\u1ecdng nh\u1ea5t c\u1ee7a l\u1ee3i su\u1ea5t \u0111\u00e1o h\u1ea1n l\u00e0 \u0111\u1ec3 \u01b0\u1edbc t\u00ednh xem vi\u1ec7c mua tr\u00e1i phi\u1ebfu c\u00f3 ph\u1ea3i l\u00e0 m\u1ed9t kho\u1ea3n \u0111\u1ea7u t\u01b0 t\u1ed1t hay kh\u00f4ng. C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u1ec1u mong mu\u1ed1n th\u00eam v\u00e0o danh m\u1ee5c \u0111\u1ea7u t\u01b0 nh\u1eefng tr\u00e1i phi\u1ebfu c\u00f3 l\u1ee3i. Nh\u1edd YTM, nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 so s\u00e1nh YTM c\u1ee7a c\u00e1c tr\u00e1i phi\u1ebfu kh\u00e1c nhau tr\u00ean th\u1ecb tr\u01b0\u1eddng, v\u00e0 d\u1ef1a tr\u00ean l\u00e3i su\u1ea5t m\u00e0 b\u1ea3n th\u00e2n k\u1ef3 v\u1ecdng \u0111\u1ec3 quy\u1ebft \u0111\u1ecbnh c\u00f3 n\u00ean mua hay kh\u00f4ng.<\/p>\n

L\u1ee3i su\u1ea5t \u0111\u00e1o h\u1ea1n c\u0169ng r\u1ea5t h\u1eefu \u00edch trong vi\u1ec7c h\u1ed7 tr\u1ee3 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 hi\u1ec3u \u0111\u01b0\u1ee3c nh\u1eefng thay \u0111\u1ed5i tr\u00ean th\u1ecb tr\u01b0\u1eddng \u1ea3nh h\u01b0\u1edfng ra sao \u0111\u1ebfn danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee7a h\u1ecd. V\u00ed d\u1ee5 nh\u01b0 khi ch\u1ee9ng kho\u00e1n gi\u1ea3m gi\u00e1, l\u1ee3i t\u1ee9c t\u0103ng v\u00e0 ng\u01b0\u1ee3c l\u1ea1i.<\/p>\n

C\u00f4ng th\u1ee9c t\u00ednh L\u1ee3i su\u1ea5t \u0111\u00e1o h\u1ea1n (YTM)<\/strong><\/p>\n

YTM \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh b\u1eb1ng c\u00e1ch s\u1eed d\u1ee5ng c\u00f4ng th\u1ee9c sau:<\/p>\n

P=C (1+YTM) + C (1+YTM) 2 + C (1+YTM) 3+\u2026+ FV (1+YTM) n<\/p>\n

Ho\u1eb7c b\u1eb1ng c\u00f4ng th\u1ee9c:<\/p>\n

P=(C1-1(1+YTM) nYTM) + (FV1(1+YTM) n)<\/p>\n

Trong \u0111\u00f3:<\/p>\n

P: Gi\u00e1 th\u1ecb tr\u01b0\u1eddng c\u1ee7a tr\u00e1i phi\u1ebfu
C: S\u1ed1 ti\u1ec1n l\u00e3i h\u00e0ng n\u0103m
n: S\u1ed1 n\u0103m cho \u0111\u1ebfn khi tr\u00e1i phi\u1ebfu \u0111\u00e1o h\u1ea1n
FV: M\u1ec7nh gi\u00e1 c\u1ee7a ch\u1ee9ng kho\u00e1n khi \u0111\u00e1o h\u1ea1n<\/p>\n

M\u1ee5c \u0111\u00edch c\u1ee7a c\u00f4ng th\u1ee9c t\u00ednh YTM l\u00e0 g\u00ec? \u0110\u00f3 l\u00e0 x\u00e1c \u0111\u1ecbnh l\u1ee3i t\u1ee9c c\u1ee7a tr\u00e1i phi\u1ebfu theo gi\u00e1 th\u1ecb tr\u01b0\u1eddng g\u1ea7n \u0111\u00e2y nh\u1ea5t c\u1ee7a n\u00f3. D\u1ef1a tr\u00ean l\u00e3i k\u00e9p, c\u00f4ng th\u1ee9c t\u00ednh YTM \u0111\u01b0\u1ee3c x\u00e2y d\u1ef1ng \u0111\u1ec3 cho th\u1ea5y m\u1ee9c l\u1ee3i t\u1ee9c m\u1ed9t tr\u00e1i phi\u1ebfu ph\u1ea3i c\u00f3 khi \u0111\u1ebfn ng\u00e0y \u0111\u00e1o h\u1ea1n.<\/p>\n

H\u1ea1n ch\u1ebf c\u1ee7a l\u1ee3i su\u1ea5t \u0111\u00e1o h\u1ea1n YTM l\u00e0 g\u00ec?<\/strong><\/span><\/h2>\n

Tuy l\u00e0 m\u1ed9t c\u00f4ng c\u1ee5 \u0111\u1eafc l\u1ef1c cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0, l\u1ee3i su\u1ea5t \u0111\u00e1o h\u1ea1n v\u1eabn c\u00f3 h\u1ea1n ch\u1ebf nh\u1ea5t \u0111\u1ecbnh.\u00a0<\/p>\n

Th\u1ee9 nh\u1ea5t, c\u00e1c t\u00ednh to\u00e1n YTM th\u01b0\u1eddng kh\u00f4ng t\u00ednh \u0111\u1ebfn c\u00e1c kho\u1ea3n thu\u1ebf m\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 tr\u1ea3 \u0111\u1ec3 s\u1edf h\u1eefu tr\u00e1i phi\u1ebfu, c\u0169ng kh\u00f4ng t\u00ednh \u0111\u1ebfn chi ph\u00ed mua ho\u1eb7c b\u00e1n tr\u00e1i phi\u1ebfu.<\/p>\n

Th\u1ee9 hai, YTM c\u0169ng ch\u1ec9 gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u01b0a ra nh\u1eefng gi\u1ea3 \u0111\u1ecbnh v\u1ec1 t\u01b0\u01a1ng lai kh\u00f4ng th\u1ec3 ch\u1eafc ch\u1eafn. Nh\u01b0 \u0111\u00e3 n\u00f3i \u1edf ph\u1ea7n YTM l\u00e0 g\u00ec, nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 g\u1eb7p nhi\u1ec1u r\u1ee7i ro nh\u01b0 kh\u00f4ng th\u1ec3 t\u00e1i \u0111\u1ea7u t\u01b0 t\u1ea5t c\u1ea3 c\u00e1c tr\u00e1i phi\u1ebfu c\u00f3 th\u1ec3 kh\u00f4ng \u0111\u01b0\u1ee3c gi\u1eef \u0111\u1ebfn ng\u00e0y \u0111\u00e1o h\u1ea1n, r\u1ee7i ro c\u00f4ng ty ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu c\u00f3 th\u1ec3 v\u1ee1 n\u1ee3\u2026<\/p>\n

C\u1ee5 th\u1ec3, r\u1ee7i ro t\u00e1i \u0111\u1ea7u t\u01b0 l\u00e0 khi ti\u1ec1n l\u00e3i tr\u00e1i phi\u1ebfu \u0111\u01b0\u1ee3c t\u00e1i \u0111\u1ea7u t\u01b0 \u1edf l\u1ee3i su\u1ea5t \u0111\u00e1o h\u1ea1n, khi\u1ebfn nh\u00e0 \u0111\u1ea7u t\u01b0 ph\u1ea3i \u0111\u1ed1i m\u1eb7t v\u1edbi l\u00e3i su\u1ea5t t\u01b0\u01a1ng lai th\u1ea5p h\u01a1n l\u00e3i su\u1ea5t t\u1ea1i th\u1eddi \u0111i\u1ec3m mua tr\u00e1i phi\u1ebfu. C\u00f2n n\u1ebfu tr\u00e1i phi\u1ebfu kh\u00f4ng gi\u1eef \u0111\u1ebfn ng\u00e0y \u0111\u00e1o h\u1ea1n, nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 ph\u1ea3i b\u00e1n tr\u00e1i phi\u1ebfu th\u1ea5p h\u01a1n gi\u00e1 mua, d\u1eabn t\u1edbi l\u1ee3i t\u1ee9c nh\u1eadn \u0111\u01b0\u1ee3c s\u1ebd th\u1ea5p h\u01a1n l\u1ee3i t\u1ee9c \u0111\u00e1o h\u1ea1n. \u0110\u00f3 \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 r\u1ee7i ro l\u00e3i su\u1ea5t.<\/p>\n

C\u00e1c thu\u1eadt ng\u1eef li\u00ean quan \u0111\u1ebfn YTM<\/strong><\/p>\n

M\u1ec7nh gi\u00e1<\/strong><\/p>\n

M\u1ec7nh gi\u00e1 l\u00e0 gi\u00e1 tr\u1ecb c\u1ee7a tr\u00e1i phi\u1ebfu khi \u0111\u00e1o h\u1ea1n. N\u00f3i c\u00e1ch kh\u00e1c, \u0111\u00e2y l\u00e0 gi\u00e1 tr\u1ea3 cho nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0o ng\u00e0y \u0111\u00e1o h\u1ea1n.<\/p>\n

Gi\u00e1 tr\u1ecb th\u1ecb tr\u01b0\u1eddng<\/strong><\/p>\n

Gi\u00e1 tr\u1ecb th\u1ecb tr\u01b0\u1eddng c\u1ee7a tr\u00e1i phi\u1ebfu l\u00e0 gi\u00e1 th\u1ecb tr\u01b0\u1eddng hi\u1ec7n t\u1ea1i. Gi\u00e1 tr\u00e1i phi\u1ebfu c\u00f3 th\u1ec3 bi\u1ebfn \u0111\u1ed9ng tr\u00ean c\u01a1 s\u1edf s\u1ef1 thay \u0111\u1ed5i c\u1ee7a l\u00e3i su\u1ea5t. C\u1ea3 gi\u00e1 c\u1ea3 v\u00e0 s\u1ea3n l\u01b0\u1ee3ng \u0111\u1ec1u c\u00f3 m\u1ed1i quan h\u1ec7 ngh\u1ecbch \u0111\u1ea3o.<\/p>\n

L\u00e3i su\u1ea5t<\/strong><\/p>\n

L\u00e3i su\u1ea5t tr\u00e1i phi\u1ebfu l\u00e0 l\u00e3i su\u1ea5t m\u00e0 c\u00f4ng ty ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu tr\u1ea3 cho ch\u1ee7 \u0111\u1ea7u t\u01b0. L\u00e3i su\u1ea5t phi\u1ebfu gi\u1ea3m gi\u00e1 \u0111\u01b0\u1ee3c tr\u1ea3 tr\u00ean m\u1ec7nh gi\u00e1 c\u1ee7a tr\u00e1i phi\u1ebfu ch\u1ee9 kh\u00f4ng ph\u1ea3i theo gi\u00e1 th\u1ecb tr\u01b0\u1eddng.<\/p>\n

Gi\u1ea3m gi\u00e1 v\u00e0 ph\u00ed b\u1ea3o hi\u1ec3m<\/strong><\/p>\n

Tr\u00e1i phi\u1ebfu giao d\u1ecbch theo chi\u1ebft kh\u1ea5u ho\u1eb7c ph\u00ed b\u1ea3o hi\u1ec3m khi:<\/p>\n

Gi\u00e1 tr\u1ecb th\u1ecb tr\u01b0\u1eddng = M\u1ec7nh gi\u00e1, tr\u00e1i phi\u1ebfu \u0111\u01b0\u1ee3c giao d\u1ecbch ngang gi\u00e1<\/p>\n

M\u1ec7nh gi\u00e1 < Gi\u00e1 tr\u1ecb th\u1ecb tr\u01b0\u1eddng, tr\u00e1i phi\u1ebfu \u0111\u01b0\u1ee3c giao d\u1ecbch \u1edf m\u1ee9c ph\u00ed b\u1ea3o hi\u1ec3m<\/p>\n

M\u1ec7nh gi\u00e1 > Gi\u00e1 tr\u1ecb th\u1ecb tr\u01b0\u1eddng, tr\u00e1i phi\u1ebfu \u0111ang \u0111\u01b0\u1ee3c giao d\u1ecbch chi\u1ebft kh\u1ea5u<\/p>\n

Th\u1eddi gian \u0111\u00e1o h\u1ea1n<\/strong><\/p>\n

\u0110\u00e1o h\u1ea1n l\u00e0 th\u1eddi h\u1ea1n ho\u1eb7c ng\u00e0y m\u00e0 s\u1ed1 ti\u1ec1n g\u1ed1c c\u1ee7a tr\u00e1i phi\u1ebfu \u0111\u01b0\u1ee3c ho\u00e0n tr\u1ea3 k\u00e8m theo l\u00e3i su\u1ea5t. V\u00ed d\u1ee5, tr\u00e1i phi\u1ebfu c\u00f3 k\u1ef3 h\u1ea1n 10 n\u0103m s\u1ebd \u0111\u00e1o h\u1ea1n sau 10 n\u0103m. Nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1ebd nh\u1eadn \u0111\u01b0\u1ee3c s\u1ed1 ti\u1ec1n g\u1ed1c c\u00f9ng v\u1edbi ti\u1ec1n l\u00e3i t\u1ea1i th\u1eddi \u0111i\u1ec3m \u0111\u00f3.<\/p>\n

Qua c\u00e1c th\u00f4ng tin chia s\u1ebb tr\u00ean \u0111\u00e2y, hi v\u1ecdng b\u1ea1n \u0111\u00e3 hi\u1ec3u YTM l\u00e0 g\u00ec c\u0169ng nh\u01b0 c\u00e1c thu\u1eadt ng\u1eef li\u00ean quan.<\/p>\n

\u00a0<\/strong><\/p>\n

H\u00e0 Ph\u01b0\u01a1ng<\/strong><\/p>\n

<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

YTM l\u00e0 g\u00ec? YTM ti\u1ebfng Anh l\u00e0 Yield to Maturity l\u00e0 l\u00e3i su\u1ea5t h\u00f2a v\u1ed1n trung b\u00ecnh c\u1ee7a m\u1ed9t tr\u00e1i phi\u1ebfu, v\u1edbi gi\u1ea3 \u0111\u1ecbnh r\u1eb1ng nh\u00e0 \u0111\u1ea7u t\u01b0 mua v\u00e0 n\u1eafm gi\u1eef tr\u00e1i phi\u1ebfu cho t\u1edbi ng\u00e0y \u0111\u1ebfn h\u1ea1n thanh to\u00e1n. Tr\u01b0\u1edbc khi \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0, ch\u00fang ta c\u1ea7n hi\u1ec3u r\u00f5 v\u1ec1 […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[429],"tags":[],"_links":{"self":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/21555"}],"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=21555"}],"version-history":[{"count":0,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/21555\/revisions"}],"wp:attachment":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/media?parent=21555"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/categories?post=21555"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/tags?post=21555"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}