{"id":26978,"date":"2023-12-07T03:15:29","date_gmt":"2023-12-07T03:15:29","guid":{"rendered":"https:\/\/masterskills.org\/blog\/chung-khoan-hoa-securitization-la-gi-loi-ich-va-rui-ro-cua-chung-khoan-hoa.html"},"modified":"2023-12-22T14:43:48","modified_gmt":"2023-12-22T07:43:48","slug":"chung-khoan-hoa-securitization-la-gi-loi-ich-va-rui-ro-cua-chung-khoan-hoa","status":"publish","type":"post","link":"https:\/\/masterskills.org\/blog\/chung-khoan-hoa-securitization-la-gi-loi-ich-va-rui-ro-cua-chung-khoan-hoa.html","title":{"rendered":"Ch\u1ee9ng kho\u00e1n h\u00f3a (Securitization) l\u00e0 g\u00ec? L\u1ee3i \u00edch v\u00e0 r\u1ee7i ro c\u1ee7a ch\u1ee9ng kho\u00e1n h\u00f3a"},"content":{"rendered":"
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H\u00ecnh minh h\u1ecda (Ngu\u1ed3n: image.bizlive.vn)<\/p>\n<\/div>\n<\/div>\n

Ch\u1ee9ng kho\u00e1n h\u00f3a (Securitization)<\/font><\/h2>\n

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

Ch\u1ee9ng kho\u00e1n h\u00f3a<\/b> trong ti\u1ebfng Anh l\u00e0 Securitization.
<\/b><\/p>\n

Ch\u1ee9ng kho\u00e1n h\u00f3a (Securitization)<\/b> l\u00e0 nghi\u1ec7p v\u1ee5 ph\u00e1t h\u00e0nh nh\u1eefng c\u00f4ng c\u1ee5 t\u00e0i ch\u00ednh (financial instruments) m\u1edbi b\u1eb1ng c\u00e1ch k\u1ebft h\u1ee3p c\u00e1c t\u00e0i s\u1ea3n t\u00e0i ch\u00ednh kh\u00e1c l\u1ea1i v\u1edbi nhau (“\u0111\u00f3ng g\u00f3i” ch\u00fang l\u1ea1i r\u1ed3i chia nh\u1ecf ra), sau \u0111\u00f3 b\u00e1n nh\u1eefng s\u1ea3n ph\u1ea9m n\u00e0y cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0. Qu\u00e1 tr\u00ecnh c\u00f3 th\u1ec3 bao g\u1ed3m b\u1ea5t c\u1ee9 lo\u1ea1i t\u00e0i s\u1ea3n t\u00e0i ch\u00ednh v\u00e0 th\u00fac \u0111\u1ea9y t\u00ednh thanh kho\u1ea3n tr\u00ean th\u1ecb tr\u01b0\u1eddng.<\/p>\n

C\u00e1c s\u1ea3n ph\u1ea9m ch\u1ee9ng kho\u00e1n h\u00f3a<\/b><\/p>\n

– Tr\u00e1i phi\u1ebfu \u0111\u01b0\u1ee3c ch\u1ee9ng kho\u00e1n h\u00f3a t\u1eeb c\u00e1c kho\u1ea3n vay th\u1ebf ch\u1ea5p b\u1ea5t \u0111\u1ed9ng s\u1ea3n (Mortgage backed securities – MBS)<\/i>: l\u00e0 lo\u1ea1i ch\u1ee9ng kho\u00e1n \u0111\u01b0\u1ee3c t\u1ea1o ra t\u1eeb vi\u1ec7c t\u1eadp h\u1ee3p (“\u0111\u00f3ng g\u00f3i”) c\u00e1c kho\u1ea3n vay \u0111\u01b0\u1ee3c \u0111\u1ea3m b\u1ea3o b\u1eb1ng t\u00e0i s\u1ea3n th\u1ebf ch\u1ea5p l\u1ea1i (th\u00f4ng th\u01b0\u1eddng l\u00e0 b\u1ea5t \u0111\u1ed9ng s\u1ea3n) h\u00ecnh th\u00e0nh n\u00ean m\u1ed9t kho\u1ea3n n\u1ee3 v\u1edbi gi\u00e1 tr\u1ecb l\u1edbn (a pool of mortgages) v\u00e0 chia nh\u1ecf kho\u1ea3n n\u1ee3 n\u00e0y th\u00e0nh nh\u1eefng ph\u1ea7n nh\u1ecf b\u1eb1ng nhau (shares or participation certificates in pool).<\/p>\n

– Tr\u00e1i phi\u1ebfu \u0111\u01b0\u1ee3c ch\u1ee9ng kho\u00e1n h\u00f3a t\u1eeb c\u00e1c kho\u1ea3n vay t\u00e0i s\u1ea3n (Asset-Backed Securities – ABS)<\/i>: l\u00e0 lo\u1ea1i ch\u1ee9ng kho\u00e1n \u0111\u01b0\u1ee3c \u0111\u1ea3m b\u1ea3o b\u1edfi gi\u00e1 tr\u1ecb c\u1ee7a m\u1ed9t s\u1ed1 l\u01b0\u1ee3ng c\u00e1c kho\u1ea3n vay hay c\u00e1c kho\u1ea3n ph\u1ea3i thu g\u1ed9p l\u1ea1i (a pool of loans or receivables). \u0110\u00e2y l\u00e0 m\u1ed9t c\u00f4ng c\u1ee5 c\u00f3 thu nh\u1eadp c\u1ed1 \u0111\u1ecbnh v\u00e0 ngu\u1ed3n thu c\u0169ng d\u1ef1a tr\u00ean ngu\u1ed3n thu d\u1ef1 ki\u1ebfn t\u1eeb t\u00e0i s\u1ea3n c\u01a1 s\u1edf (c\u00e1c kho\u1ea3n vay hay c\u00e1c kho\u1ea3n ph\u1ea3i thu \u0111\u00f3).<\/p>\n

– Tr\u00e1i phi\u1ebfu \u0111\u01b0\u1ee3c ch\u1ee9ng kho\u00e1n h\u00f3a t\u1eeb c\u00e1c ngh\u0129a v\u1ee5 n\u1ee3 c\u00f3 \u0111\u1ea3m b\u1ea3o (CDOs):<\/i> l\u00e0 m\u1ed9t s\u1ea3n ph\u1ea9m c\u00f3 l\u1ee3i su\u1ea5t c\u1ed1 \u0111\u1ecbnh, l\u00e0 m\u1ed9t ph\u1ea7n c\u1ee7a th\u1ecb tr\u01b0\u1eddng giao d\u1ecbch c\u00e1c ch\u1ee9ng kho\u00e1n \u0111\u1ea3m b\u1ea3o b\u1eb1ng c\u00e1c t\u00e0i s\u1ea3n.<\/p>\n

N\u1ebfu h\u00e0ng h\u00f3a c\u01a1 s\u1edf c\u1ee7a c\u00e1c tr\u00e1i phi\u1ebfu CDOs bao g\u1ed3m c\u00e1c lo\u1ea1i tr\u00e1i phi\u1ebfu (tr\u00e1i phi\u1ebfu c\u00f4ng ty, tr\u00e1i phi\u1ebfu \u1edf th\u1ecb tr\u01b0\u1eddng m\u1edbi n\u1ed5i) th\u00ec tr\u00e1i phi\u1ebfu CDOs c\u00f2n \u0111\u01b0\u1ee3c g\u1ecdi theo thu\u1eadt ng\u1eef ti\u1ebfng Anh l\u00e0 collateralized bond obligation (CBO). Khi h\u00e0ng h\u00f3a c\u01a1 s\u1edf c\u1ee7a tr\u00e1i phi\u1ebfu CDOs g\u1ed3m c\u00e1c kho\u1ea3n vay ng\u00e2n h\u00e0ng tr\u00e1i phi\u1ebfu CDOs \u0111\u01b0\u1ee3c g\u1ecdi theo thu\u1eadt ng\u1eef ti\u1ebfng Anh l\u00e0\u00a0collateralized loan obligation (CLO).<\/p>\n

L\u1ee3i \u00edch v\u00e0 r\u1ee7i ro c\u1ee7a ch\u1ee9ng kho\u00e1n h\u00f3a<\/font><\/h2>\n

L\u1ee3i \u00edch<\/b><\/p>\n

+ Ch\u1ee9ng kho\u00e1n h\u00f3a gi\u00fap cho d\u00f2ng v\u1ed1n \u0111\u01b0\u1ee3c lu\u00e2n chuy\u1ec3n li\u00ean t\u1ee5c, gi\u00fap cung \u1ee9ng v\u1ed1n k\u1ecbp th\u1eddi cho c\u00e1c ch\u1ee7 th\u1ec3 trong n\u1ec1n kinh t\u1ebf, \u0111\u1eb7c bi\u1ec7t l\u00e0 nh\u1eefng ch\u1ee7 s\u1edf h\u1eefu ban \u0111\u1ea7u c\u1ee7a c\u00e1c t\u00e0i s\u1ea3n c\u01a1 s\u1edf (c\u00e1c kho\u1ea3n vay).<\/p>\n

Theo \u0111\u00f3, th\u00f4ng qua vi\u1ec7c ch\u1ee9ng kho\u00e1n h\u00f3a c\u00e1c kho\u1ea3n cho vay c\u00f3 c\u00f9ng t\u00ednh ch\u1ea5t, l\u00e3i su\u1ea5t v\u00e0 th\u1eddi h\u1ea1n c\u1ee7a c\u00e1c ng\u00e2n h\u00e0ng th\u01b0\u01a1ng m\u1ea1i gi\u00fap cho \u0111\u1ed3ng v\u1ed1n tr\u00ean th\u1ecb tr\u01b0\u1eddng \u0111\u01b0\u1ee3c l\u01b0u th\u00f4ng nhanh h\u01a1n kh\u00f4ng ph\u1ee5 thu\u1ed9c v\u00e0o nh\u1eefng kho\u1ea3n cho vay hi\u1ec7n th\u1eddi. \u0110\u1ed3ng th\u1eddi ch\u00ednh c\u00f4ng c\u1ee5 n\u00e0y c\u0169ng s\u1ebd thu h\u00fat, khai th\u00e1c m\u1ecdi ngu\u1ed3n v\u1ed1n nh\u1ecf l\u1ebb, nh\u00e0n r\u1ed7i trong n\u1ec1n kinh t\u1ebf, tr\u00e1nh t\u00ecnh tr\u1ea1ng v\u1ed1n n\u1eb1m b\u1ea5t \u0111\u1ed9ng, t\u1ea1o kh\u1ea3 n\u0103ng sinh l\u1ee3i cao, g\u00f3p ph\u1ea7n th\u00fac \u0111\u1ea9y n\u1ec1n kinh t\u1ebf ph\u00e1t tri\u1ec3n.<\/p>\n

+ Ch\u1ee9ng kho\u00e1n h\u00f3a gi\u00fap nh\u1eefng ng\u01b0\u1eddi cho vay c\u00f3 th\u1ec3 thu h\u1ed3i \u0111\u01b0\u1ee3c v\u1ed1n s\u1edbm h\u01a1n, n\u00ean gi\u00fap h\u1ecd gi\u1ea3m thi\u1ec3u chi ph\u00ed, t\u0103ng kh\u1ea3 n\u0103ng sinh l\u1eddi trong t\u01b0\u01a1ng lai khi s\u1edbm t\u00e1i \u0111\u1ea7u t\u01b0. M\u1eb7t kh\u00e1c, nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1edf h\u1eefu c\u00f4ng c\u1ee5 ch\u1ee9ng kho\u00e1n h\u00f3a \u0111\u01b0\u1ee3c h\u01b0\u1edfng c\u1ea3 l\u00e3i v\u00e0 g\u1ed1c chia \u0111\u1ec1u \u0111\u1ecbnh k\u00ec h\u00e0ng th\u00e1ng n\u00ean thu h\u1ed3i v\u1ed1n nhanh h\u01a1n so v\u1edbi vi\u1ec7c s\u1edf h\u1eefu tr\u00e1i phi\u1ebfu coupon ch\u1eb3ng h\u1ea1n th\u00ec \u0111\u1ecbnh k\u00ec 6 th\u00e1ng ho\u1eb7c 1 n\u0103m ch\u1ec9 \u0111\u01b0\u1ee3c h\u01b0\u1edfng ph\u1ea7n l\u00e3i ph\u00e1t sinh, \u0111\u1ebfn k\u00ec tr\u1ea3 l\u00e3i cu\u1ed1i m\u1edbi \u0111\u01b0\u1ee3c nh\u1eadn ph\u1ea7n l\u00e3i k\u00ec cu\u1ed1i v\u00e0 n\u1ee3 g\u1ed1c.<\/p>\n

+\u00a0Ch\u1ee9ng kho\u00e1n h\u00f3a t\u1ea1o th\u00eam nhi\u1ec1u lo\u1ea1i ch\u1ee9ng kho\u00e1n m\u1edbi cung \u1ee9ng cho th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh, t\u1ea1o \u0111i\u1ec1u ki\u1ec7n cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 \u0111a d\u1ea1ng h\u00f3a danh m\u1ee5c \u0111\u1ea7u t\u01b0, l\u00e0m t\u0103ng t\u00ednh thanh kho\u1ea3n cho th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh, gi\u00fap c\u00e1c ch\u1ee7 th\u1ec3 ph\u00e1t h\u00e0nh c\u00e1c kho\u1ea3n n\u1ee3 c\u00f3 c\u01a1 h\u1ed9i huy \u0111\u1ed9ng nh\u1eefng ngu\u1ed3n v\u1ed1n m\u1edbi.<\/p>\n

+ Qu\u00e1 tr\u00ecnh th\u1ef1c hi\u1ec7n ch\u1ee9ng kho\u00e1n h\u00f3a ch\u00ednh l\u00e0 qu\u00e1 tr\u00ecnh ho\u00e1n chuy\u1ec3n v\u00e0 chia s\u1ebb r\u1ee7i ro m\u00e0 theo \u0111\u00f3, r\u1ee7i ro ban \u0111\u1ea7u c\u1ee7a ch\u1ee7 th\u1ec3 cho vay n\u00e0y s\u1ebd \u0111\u01b0\u1ee3c ph\u00e2n t\u00e1n cho c\u00e1c ch\u1ee7 th\u1ec3 tham gia trong qu\u00e1 tr\u00ecnh ch\u1ee9ng kho\u00e1n h\u00f3a. Do \u0111\u00f3,\u00a0ch\u1ee9ng kho\u00e1n h\u00f3a gi\u00fap gi\u1ea3m thi\u1ec3u r\u1ee7i ro c\u00e1c kho\u1ea3n n\u1ee3, g\u00f3p ph\u1ea7n n\u00e2ng cao ch\u1ea5t l\u01b0\u1ee3ng t\u00edn d\u1ee5ng.<\/p>\n

+ V\u1edbi ng\u01b0\u1eddi s\u1edf h\u1eefu c\u00e1c c\u00f4ng c\u1ee5 ch\u1ee9ng kho\u00e1n h\u00f3a n\u00e0y, r\u1ee7i ro thanh to\u00e1n c\u0169ng \u0111\u01b0\u1ee3c gi\u1ea3m thi\u1ec3u do c\u00f3 s\u1ef1 tham gia c\u1ee7a ng\u01b0\u1eddi qu\u1ea3n l\u00ed c\u00e1c kho\u1ea3n n\u1ee3 (the asset manager), ch\u1ee7 th\u1ec3 \u0111\u1eb7c bi\u1ec7t v\u00e0 t\u1ed5 ch\u1ee9c x\u1ebfp h\u1ea1ng t\u00edn nhi\u1ec7m (rating agencies) t\u01b0 v\u1ea5n t\u00e1i c\u1ea5u tr\u00fac c\u00e1c d\u00f2ng ti\u1ec1n v\u00e0 c\u00f3 th\u1ec3 n\u00e2ng cao m\u1ee9c x\u1ebfp h\u1ea1ng t\u00edn nhi\u1ec7m c\u1ee7a c\u00e1c c\u00f4ng c\u1ee5\u00a0ch\u1ee9ng kho\u00e1n h\u00f3a n\u00e0y so v\u1edbi m\u1ee9c x\u1ebfp h\u1ea1ng c\u0169 c\u1ee7a c\u00e1c kho\u1ea3n n\u1ee3 g\u1ed1c.<\/p>\n

+ V\u00ec c\u00e1c ch\u1ee7 s\u1edf h\u1eefu ban \u0111\u1ea7u c\u1ee7a nh\u1eefng kho\u1ea3n n\u1ee3 \u0111\u00e3 s\u1edbm “b\u00e1n” c\u00e1c kho\u1ea3n n\u1ee3 n\u00e0y cho ch\u1ee7 th\u1ec3 \u0111\u1eb7c bi\u1ec7t l\u00e0m cho th\u00f4ng tin th\u1ec3 hi\u1ec7n tr\u00ean b\u00e1o c\u00e1o t\u00e0i ch\u00ednh c\u1ee7a h\u1ecd c\u0169ng t\u1ed1t h\u01a1n, \u0111\u00e1p \u1ee9ng \u0111\u01b0\u1ee3c nh\u1eefng ti\u00eau chu\u1ea9n kh\u1eaft khe v\u1ec1 h\u1ec7 s\u1ed1 n\u1ee3, h\u1ec7 s\u1ed1 an to\u00e0n v\u1ed1n trong ho\u1ea1t \u0111\u1ed9ng kinh doanh.<\/p>\n

R\u1ee7i ro<\/b><\/p>\n

– V\u1edbi c\u00e1c kho\u1ea3n n\u1ee3 \u0111\u01b0\u1ee3c thanh to\u00e1n l\u00e3i v\u00e0 g\u1ed1c \u0111\u1ecbnh k\u00ec h\u00e0ng th\u00e1ng, ng\u01b0\u1eddi \u0111i vay v\u1eabn c\u00f3 quy\u1ec1n \u0111\u01b0\u1ee3c tr\u1ea3 tr\u01b0\u1edbc m\u1ed9t ph\u1ea7n n\u1ee3 g\u1ed1c ho\u1eb7c to\u00e0n b\u1ed9 n\u1ee3 g\u1ed1c; do \u0111\u00f3, th\u1eddi h\u1ea1n c\u1ee7a c\u00e1c kho\u1ea3n n\u1ee3 b\u1ecb r\u00fat ng\u1eafn l\u1ea1i, l\u00e0m cho l\u00e3i t\u00ednh tr\u00ean d\u01b0 n\u1ee3 c\u1ee7a th\u00e1ng ti\u1ebfp theo c\u00f3 th\u1ec3 th\u1ea5p h\u01a1n d\u1eabn \u0111\u1ebfn r\u1ee7i ro tr\u1ea3 tr\u01b0\u1edbc (prepayment risk) \u0111\u1ed1i v\u1edbi ng\u01b0\u1eddi s\u1edf h\u1eefu kho\u1ea3n n\u1ee3 \u0111\u00f3, t\u1ea1o ra t\u00ednh kh\u00f4ng ch\u1eafc ch\u1eafn c\u1ee7a d\u00f2ng thu nh\u1eadp trong t\u01b0\u01a1ng lai.<\/p>\n

– V\u00ec kho\u1ea3n n\u1ee3 \u0111\u01b0\u1ee3c chuy\u1ec3n h\u00f3a qua nhi\u1ec1u c\u00f4ng \u0111o\u1ea1n, c\u00f3 th\u1ec3 d\u1eabn \u0111\u1ebfn s\u1ef1 v\u1ee1 n\u1ee3 d\u00e2y chuy\u1ec1n c\u1ee7a nh\u1eefng ch\u1ee7 th\u1ec3 c\u00f3 li\u00ean quan n\u1ebfu nh\u01b0 ng\u01b0\u1eddi \u0111i vay kh\u00f4ng thanh to\u00e1n \u0111\u01b0\u1ee3c c\u00e1c kho\u1ea3n n\u1ee3 g\u1ed1c v\u00e0 l\u00e3i \u0111\u1ecbnh k\u00ec.<\/p>\n

(T\u00e0i li\u1ec7u tham kh\u1ea3o: Gi\u00e1o tr\u00ecnh Th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh v\u00e0 c\u00e1c \u0111\u1ecbnh ch\u1ebf t\u00e0i ch\u00ednh, NXB Kinh t\u1ebf Th\u00e0nh ph\u1ed1 H\u1ed3 Ch\u00ed Minh)<\/i><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

\n Ch\u1ee9ng kho\u00e1n h\u00f3a (ti\u1ebfng Anh: Securitization) l\u00e0 nghi\u1ec7p v\u1ee5 ph\u00e1t h\u00e0nh nh\u1eefng c\u00f4ng c\u1ee5 t\u00e0i ch\u00ednh m\u1edbi b\u1eb1ng c\u00e1ch k\u1ebft h\u1ee3p c\u00e1c t\u00e0i s\u1ea3n t\u00e0i ch\u00ednh kh\u00e1c l\u1ea1i v\u1edbi nhau, sau \u0111\u00f3 b\u00e1n nh\u1eefng s\u1ea3n ph\u1ea9m n\u00e0y cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0.\n <\/div>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[414],"tags":[],"_links":{"self":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/26978"}],"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=26978"}],"version-history":[{"count":0,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/26978\/revisions"}],"wp:attachment":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/media?parent=26978"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/categories?post=26978"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/tags?post=26978"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}