{"id":29031,"date":"2023-12-07T05:32:53","date_gmt":"2023-12-07T05:32:53","guid":{"rendered":"https:\/\/masterskills.org\/blog\/ton-qui-muc-tieu-cash-fund-la-gi-cac-mo-hinh-xac-dinh.html"},"modified":"2023-12-23T06:07:58","modified_gmt":"2023-12-22T23:07:58","slug":"ton-qui-muc-tieu-cash-fund-la-gi-cac-mo-hinh-xac-dinh","status":"publish","type":"post","link":"https:\/\/masterskills.org\/blog\/ton-qui-muc-tieu-cash-fund-la-gi-cac-mo-hinh-xac-dinh.html","title":{"rendered":"T\u1ed3n qu\u0129 m\u1ee5c ti\u00eau (Cash fund) l\u00e0 g\u00ec? C\u00e1c m\u00f4 h\u00ecnh x\u00e1c \u0111\u1ecbnh"},"content":{"rendered":"
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\"Growing-funds\"<\/div>\n
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H\u00ecnh minh ho\u1ea1 (Ngu\u1ed3n: financialeconomyblog)<\/p>\n<\/div>\n<\/div>\n

T\u1ed3n qu\u0129 m\u1ee5c ti\u00eau<\/font><\/h2>\n

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

T\u1ed3n qu\u0129 m\u1ee5c ti\u00eau<\/b> hay t\u1ed3n qu\u0129 ti\u1ec1n m\u1eb7t <\/b>trong ti\u1ebfng Anh \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0\u00a0Cash fund.<\/b><\/p>\n

T\u1ed3n qu\u0129 m\u1ee5c ti\u00eau<\/b> l\u00e0 gi\u00e1 tr\u1ecb ti\u1ec1n m\u1eb7t t\u1ed1i \u01b0u m\u00e0 c\u00f4ng ty c\u1ea7n l\u01b0u gi\u1eef d\u01b0\u1edbi h\u00ecnh th\u1ee9c ti\u1ec1n m\u1eb7t.\u00a0<\/p>\n

Quy\u1ebft \u0111\u1ecbnh t\u1ed3n qu\u0129 m\u1ee5c ti\u00eau li\u00ean quan \u0111\u1ebfn vi\u1ec7c \u0111\u00e1nh \u0111\u1ed5i gi\u1eefa chi ph\u00ed c\u01a1 h\u1ed9i do gi\u1eef qu\u00e1 nhi\u1ec1u v\u00e0\u00a0chi ph\u00ed giao d\u1ecbch\u00a0do gi\u1eef qu\u00e1 \u00edt ti\u1ec1n m\u1eb7t.\u00a0<\/p>\n

Chi ph\u00ed c\u01a1 h\u1ed9i<\/b> l\u00e0 chi ph\u00ed m\u1ea5t \u0111i do gi\u1eef ti\u1ec1n m\u1eb7t, khi\u1ebfn cho ti\u1ec1n m\u1eb7t kh\u00f4ng \u0111\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 v\u00e0o m\u1ee5c \u0111\u00edch sinh l\u1ee3i.\u00a0<\/p>\n

Chi ph\u00ed giao d\u1ecbch <\/b>l\u00e0 chi ph\u00ed li\u00ean quan \u0111\u1ebfn chuy\u1ec3n \u0111\u1ed5i t\u1eeb t\u00e0i s\u1ea3n \u0111\u1ea7u t\u01b0 th\u00e0nh ti\u1ec1n m\u1eb7t s\u1eb5n s\u00e0ng cho chi ti\u00eau.\u00a0<\/p>\n

N\u1ebfu c\u00f4ng ty gi\u1eef qu\u00e1 nhi\u1ec1u ti\u1ec1n m\u1eb7t thi chi ph\u00ed giao d\u1ecbch s\u1ebd nh\u1ecf, nh\u01b0ng ng\u01b0\u1ee3c l\u1ea1i chi ph\u00ed c\u01a1 h\u1ed9i s\u1ebd l\u1edbn. T\u1ed5ng chi ph\u00ed gi\u1eef ti\u1ec1n m\u1eb7t ch\u00ednh l\u00e0 t\u1ed5ng chi ph\u00ed c\u01a1 h\u1ed9i v\u00e0 chi ph\u00ed giao d\u1ecbch.<\/p>\n

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\u0110i\u1ec3m C*\u00a0<\/sup>tr\u00ean h\u00ecnh tr\u00ean ch\u00ednh l\u00e0 \u0111i\u1ec3m t\u1ed3n qu\u0129<\/span> ti\u1ec1n m\u1eb7t t\u1ed1i \u01b0u, \u0111\u00e2y ch\u00ednh l\u00e0 t\u1ed3n qu\u0129<\/span> m\u1ee5c ti\u00eau m\u00e0 c\u00f4ng ty c\u1ea7n ho\u1ea1ch \u0111\u1ecbnh.\u00a0<\/p>\n

M\u1ed9t s\u1ed1 m\u00f4 h\u00ecnh x\u00e1c \u0111\u1ecbnh<\/font><\/h3>\n

Sau \u0111\u00e2y l\u00e0 m\u1ed9t s\u1ed1 m\u00f4 h\u00ecnh x\u00e1c \u0111\u1ecbnh t\u1ed3n qu\u0129<\/span> t\u1ed1i \u01b0u:<\/p>\n

– M\u00f4 h\u00ecnh Baumol<\/b>\u00a0<\/p>\n

+ Nh\u1eefng gi\u1ea3 \u0111\u1ecbnh c\u1ee7a m\u00f4 h\u00ecnh n\u00e0y:\u00a0<\/b><\/p>\n

C\u00f4ng ty \u00e1p d\u1ee5ng t\u1ec9 l\u1ec7 b\u00f9 \u0111\u1eafp ti\u1ec1n m\u1eb7t kh\u00f4ng \u0111\u1ed5i\u00a0<\/p>\n

Kh\u00f4ng c\u00f3 s\u1ed1 thu ti\u1ec1n m\u1eb7t trong k\u00ec ho\u1ea1ch \u0111\u1ecbnh\u00a0<\/p>\n

Kh\u00f4ng c\u00f3 d\u1ef1 tr\u1eef ti\u1ec1n m\u1eb7t cho m\u1ee5c \u0111\u00edch an to\u00e0n\u00a0<\/p>\n

D\u00f2ng ti\u1ec1n m\u1eb7t r\u1eddi r\u1ea1c, kh\u00f4ng li\u00ean t\u1ee5c v\u00e0 \u0111\u1ec1u \u0111\u1eb7n<\/p>\n

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+ C\u00f4ng th\u1ee9c<\/b><\/p>\n

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

F: chi ph\u00ed giao d\u1ecbch c\u1ed1 \u0111\u1ecbnh cho m\u1ed7i l\u1ea7n mua\/ b\u00e1n ch\u1ee9ng kho\u00e1n ng\u1eafn h\u1ea1n\u00a0<\/p>\n

T: t\u1ed5ng s\u1ed1 ti\u1ec1n m\u1eb7t m\u1edbi c\u1ea7n thi\u1ebft cho m\u1ee5c \u0111\u00edch giao d\u1ecbch trong th\u1eddi k\u00ec ho\u1ea1ch \u0111\u1ecbnh l\u00e0 m\u1ed9t n\u0103m\u00a0<\/p>\n

K: chi ph\u00ed c\u01a1 h\u1ed9i do gi\u1eef ti\u1ec1n \u00a0<\/p>\n

– M\u00f4 h\u00ecnh Miller- Orr <\/b><\/p>\n

Kh\u00e1c v\u1edbi Baumol, Merton Miller v\u00e0 Daniel Orr ph\u00e1t tri\u1ec3n m\u00f4 h\u00ecnh s\u1ed1 d\u01b0 ti\u1ec1n m\u1eb7t v\u1edbi lu\u1ed3ng thu v\u00e0 chi bi\u1ebfn \u0111\u1ed9ng ng\u1eabu nhi\u00ean h\u00e0ng ng\u00e0y, m\u00f4 h\u00ecnh Miller-orr li\u00ean quan \u0111\u1ebfn c\u1ea3 d\u00f2ng ti\u1ec1n v\u00e0o v\u00e0 d\u00f2ng ti\u1ec1n ra, v\u00e0 gi\u1ea3 \u0111\u1ecbnh d\u00f2ng ti\u1ec1n r\u00f2ng (d\u00f2ng ti\u1ec1n v\u00e0o tr\u1eeb d\u00f2ng ti\u1ec1n ra) c\u00f3 ph\u00e2n ph\u1ed1i chu\u1ea9n, d\u00f2ng ti\u1ec1n r\u00f2ng h\u00e0ng ng\u00e0y c\u00f3 th\u1ec3 \u1edf m\u1ee9c k\u00ec v\u1ecdng, \u1edf m\u1ee9c cao nh\u1ea5t ho\u1eb7c \u1edf m\u1ee9c th\u1ea5p nh\u1ea5t.\u00a0<\/p>\n

Tuy nhi\u00ean ch\u00fang ta gi\u1ea3 \u0111\u1ecbnh d\u00f2ng ti\u1ec1n r\u00f2ng = 0, t\u1ee9c l\u00e0 d\u00f2ng ti\u1ec1n v\u00e0o b\u1eb1ng d\u00f2ng ti\u1ec1n ra.\u00a0<\/p>\n

\u0110\u1ec3 s\u1eed d\u1ee5ng m\u00f4 h\u00ecnh n\u00e0y nh\u00e0 qu\u1ea3n tr\u1ecb t\u00e0i ch\u00ednh c\u1ea7n l\u00e0m 4 vi\u1ec7c:<\/p>\n

+ Thi\u1ebft l\u1eadp gi\u1edbi h\u1ea1n d\u01b0\u1edbi cho t\u1ed3n qu\u0129<\/span><\/p>\n

Gi\u1edbi h\u1ea1n n\u00e0y li\u00ean quan \u0111\u1ebfn m\u1ee9c \u0111\u1ed9 an to\u00e0n chi ti\u00eau do ban qu\u1ea3n l\u00ed quy\u1ebft \u0111\u1ecbnh.\u00a0<\/p>\n

+ \u01af\u1edbc l\u01b0\u1ee3ng \u0111\u1ed9 l\u1ec7ch chu\u1ea9n c\u1ee7a d\u00f2ng ti\u1ec1n thu chi h\u00e0ng ng\u00e0y\u00a0<\/p>\n

+ Quy\u1ebft \u0111inh m\u1ee9c l\u00e3i su\u1ea5t \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh chi ph\u00ed giao d\u1ecbch h\u00e0ng ng\u00e0y\u00a0<\/p>\n

+ \u00a0\u01af\u1edbc l\u01b0\u1ee3ng chi ph\u00ed giao d\u1ecbch li\u00ean quan \u0111\u1ebfn vi\u1ec7c mua b\u00e1n ch\u1ee9ng kho\u00e1n ng\u1eafn h\u1ea1n<\/p>\n

D\u00f2ng ti\u1ec1n \u1ee9ng d\u1ee5ng m\u00f4 h\u00ecnh n\u00e0y l\u00e0 d\u00f2ng ti\u1ec1n bi\u1ebfn \u0111\u1ed9ng ng\u1eabu nhi\u00ean h\u00e0ng ng\u00e0y.<\/p>\n

M\u00f4 h\u00ecnh t\u1ed3n\u00a0qu\u0129\u00a0t\u1ed1i \u01b0u c\u1ee7a Miller \u2013 Orr<\/b><\/p>\n

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M\u00f4 h\u00ecnh t\u1ed3n qu\u0129 t\u1ed1i \u01b0u c\u1ee7a Miller \u2013 Orr<\/p>\n<\/div>\n<\/div>\n

C\u00f4ng th\u1ee9c<\/b><\/p>\n

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

Z*<\/sup>: t\u1ed3n qu\u0129<\/span> m\u1ee5c ti\u00eau<\/p>\n

H : gi\u1edbi h\u1ea1n tr\u00ean<\/p>\n

L : gi\u1edbi h\u1ea1n d\u01b0\u1edbi<\/p>\n

\u03b42<\/sup>: Ph\u01b0\u01a1ng sai c\u1ee7a d\u00f2ng ti\u1ec1n m\u1eb7t h\u00e0ng ng\u00e0y<\/p>\n

F : chi ph\u00ed giao d\u1ecbch<\/p>\n

k : chi ph\u00ed c\u01a1 h\u1ed9i do gi\u1eef ti\u1ebfn m\u1eb7t b\u00ecnh qu\u00e2n ng\u00e0y<\/p>\n

Ctb<\/sub>: t\u1ed3n qu\u0129<\/span> trung b\u00ecnh<\/p>\n

C\u0169ng gi\u1ed1ng nh\u01b0 m\u00f4 h\u00ecnh Baumol, m\u00f4 h\u00ecnh Miller-Orr ph\u1ee5 thu\u1ed9c v\u00e0o chi ph\u00ed giao d\u1ecbch v\u00e0 chi ph\u00ed c\u01a1 h\u1ed9i, chi ph\u00ed giao d\u1ecbch li\u00ean quan \u0111\u1ebfn vi\u1ec7c mua b\u00e1n ch\u1ee9ng kho\u00e1n ng\u1eafn h\u1ea1n l\u00e0 F c\u1ed1 \u0111\u1ecbnh v\u00e0 chi ph\u00ed c\u01a1 h\u1ed9i do gi\u1eef ti\u1ec1n m\u1eb7t l\u00e0 k b\u1eb1ng l\u00e3i su\u1ea5t ng\u1eafn h\u00e0ng.\u00a0<\/p>\n

Kh\u00e1c v\u1edbi m\u00f4 h\u00ecnh Baumol, trong m\u00f4 h\u00ecnh Miller-Orr, s\u1ed1 l\u1ea7n giao d\u1ecbch c\u1ee7a m\u1ed7i th\u1eddi k\u00ec l\u00e0 s\u1ed1 ng\u1eabu nhi\u00ean thay \u0111\u1ed5i t\u00f9y thu\u1ed9c v\u00e0o s\u1ef1 bi\u1ebfn \u0111\u1ed9ng c\u1ee7a d\u00f2ng ti\u1ec1n v\u00e0o v\u00e0 d\u00f2ng ti\u1ec1n ra.\u00a0<\/p>\n

K\u1ebft qu\u1ea3 l\u00e0 chi ph\u00ed giao d\u1ecbch ph\u1ee5 thu\u1ed9c v\u00e0o s\u1ed1 l\u1ea7n giao d\u1ecbch ch\u1ee9ng kho\u00e1n ng\u1eafn h\u1ea1n k\u00ec v\u1ecdng, c\u00f2n chi ph\u00ed c\u01a1 h\u1ed9i ph\u1ee5 thu\u1ed9c v\u00e0o s\u1ed1 d\u01b0 ti\u1ec1n m\u1eb7t k\u00ec v\u1ecdng.<\/p>\n

(T\u00e0i li\u1ec7u tham kh\u1ea3o: Quy\u1ebft \u0111\u1ecbnh qu\u1ea3n tr\u1ecb ti\u1ec1n m\u1eb7t, \u0110H Duy T\u00e2n)<\/i><\/p>\n


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

\n T\u1ed3n qu\u0129 m\u1ee5c ti\u00eau (ti\u1ebfng Anh: Cash fund) l\u00e0 gi\u00e1 tr\u1ecb ti\u1ec1n m\u1eb7t t\u1ed1i \u01b0u m\u00e0 c\u00f4ng ty c\u1ea7n l\u01b0u gi\u1eef d\u01b0\u1edbi h\u00ecnh th\u1ee9c ti\u1ec1n m\u1eb7t. Doanh nghi\u1ec7p d\u1ef1a v\u00e0o m\u1ed9t s\u1ed1 m\u00f4 h\u00ecnh \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh m\u1ee9c t\u1ed3n qu\u0129 t\u1ed1i \u01b0u.\n <\/div>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[416],"tags":[],"_links":{"self":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/29031"}],"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=29031"}],"version-history":[{"count":0,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/29031\/revisions"}],"wp:attachment":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/media?parent=29031"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/categories?post=29031"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/tags?post=29031"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}