{"id":29946,"date":"2023-12-07T08:49:09","date_gmt":"2023-12-07T08:49:09","guid":{"rendered":"https:\/\/masterskills.org\/blog\/mo-hinh-dinh-gia-gia-dinh-thong-tin-mark-to-model-la-gi.html"},"modified":"2023-12-23T06:11:10","modified_gmt":"2023-12-22T23:11:10","slug":"mo-hinh-dinh-gia-gia-dinh-thong-tin-mark-to-model-la-gi","status":"publish","type":"post","link":"https:\/\/masterskills.org\/blog\/mo-hinh-dinh-gia-gia-dinh-thong-tin-mark-to-model-la-gi.html","title":{"rendered":"M\u00f4 h\u00ecnh \u0111\u1ecbnh gi\u00e1 gi\u1ea3 \u0111\u1ecbnh th\u00f4ng tin (Mark-to-Model) l\u00e0 g\u00ec?"},"content":{"rendered":"
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(H\u00ecnh minh h\u1ecda: Cisco)<\/p>\n<\/figcaption><\/figure>\n

M\u00f4 h\u00ecnh \u0111\u1ecbnh gi\u00e1 gi\u1ea3 \u0111\u1ecbnh th\u00f4ng tin<\/font><\/h2>\n

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

M\u00f4 h\u00ecnh \u0111\u1ecbnh gi\u00e1 gi\u1ea3 \u0111\u1ecbnh th\u00f4ng tin<\/b> trong ti\u1ebfng Anh l\u00e0 Mark-to-Model.<\/b><\/p>\n

M\u00f4 h\u00ecnh \u0111\u1ecbnh gi\u00e1 gi\u1ea3 \u0111\u1ecbnh th\u00f4ng tin<\/b> l\u00e0 m\u1ed9t ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh gi\u00e1 cho m\u1ed9t v\u1ecb tr\u00ed ho\u1eb7c danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee5 th\u1ec3 d\u1ef1a tr\u00ean c\u00e1c m\u00f4 h\u00ecnh t\u00e0i ch\u00ednh. \u0110i\u1ec1u n\u00e0y tr\u00e1i ng\u01b0\u1ee3c v\u1edbi ph\u01b0\u01a1ng ph\u00e1p\u00a0h\u1ea1ch to\u00e1n theo gi\u00e1 tr\u1ecb th\u1ecb tr\u01b0\u1eddng\u00a0truy\u1ec1n th\u1ed1ng, m\u00e0 trong \u0111\u00f3, gi\u00e1 tr\u1ecb th\u1ecb tr\u01b0\u1eddng \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng \u0111\u1ec3 t\u00ednh gi\u00e1 tr\u1ecb c\u0169ng nh\u01b0 t\u1ed5n th\u1ea5t ho\u1eb7c l\u1ee3i nhu\u1eadn t\u1ea1i c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0.\u00a0<\/p>\n

C\u00e1c t\u00e0i s\u1ea3n ph\u1ea3i s\u1eed d\u1ee5ng m\u00f4 h\u00ecnh \u0111\u1ecbnh gi\u00e1 v\u1edbi c\u00e1c gi\u1ea3 \u0111\u1ecbnh th\u00f4ng tin<\/b>, c\u00f3 th\u1ec3 l\u00e0 do:<\/p>\n

– kh\u00f4ng c\u00f3 th\u1ecb tr\u01b0\u1eddng th\u01b0\u1eddng xuy\u00ean cung c\u1ea5p \u0111\u1ecbnh gi\u00e1 ch\u00ednh x\u00e1c; ho\u1eb7c<\/p>\n

– c\u00f3 \u0111\u1ecbnh gi\u00e1 d\u1ef1a tr\u00ean m\u1ed9t t\u1eadp h\u1ee3p c\u00e1c bi\u1ebfn tham chi\u1ebfu v\u00e0 khung th\u1eddi gian tham chi\u1ebfu ph\u1ee9c t\u1ea1p.\u00a0<\/p>\n

\u0110i\u1ec1u n\u00e0y t\u1ea1o ra m\u1ed9t t\u00ecnh hu\u1ed1ng trong \u0111\u00f3 c\u00e1c ph\u1ecfng \u0111o\u00e1n v\u00e0 gi\u1ea3 \u0111\u1ecbnh ph\u1ea3i \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng \u0111\u1ec3 g\u00e1n gi\u00e1 tr\u1ecb cho m\u1ed9t t\u00e0i s\u1ea3n, khi\u1ebfn cho t\u00e0i s\u1ea3n \u0111\u00f3 r\u1ee7i ro h\u01a1n.\u00a0<\/p>\n

H\u1ea1n ch\u1ebf c\u1ee7a m\u00f4 h\u00ecnh \u0111\u1ecbnh gi\u00e1 gi\u1ea3 \u0111\u1ecbnh th\u00f4ng tin<\/font><\/h3>\n

M\u00f4 h\u00ecnh \u0111\u1ecbnh gi\u00e1 theo gi\u1ea3 \u0111\u1ecbnh th\u00f4ng tin \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng ch\u1ee7 y\u1ebfu trong c\u00e1c th\u1ecb tr\u01b0\u1eddng k\u00e9m thanh kho\u1ea3n m\u00e0 t\u1ea1i \u0111\u00f3, c\u00e1c s\u1ea3n ph\u1ea9m kh\u00f4ng \u0111\u01b0\u1ee3c giao d\u1ecbch th\u01b0\u1eddng xuy\u00ean.<\/p>\n

M\u00f4 h\u00ecnh \u0111\u1ecbnh gi\u00e1 gi\u1ea3 \u0111\u1ecbnh th\u00f4ng tin v\u1ec1 c\u01a1 b\u1ea3n \u0111\u1ec3 m\u1eb7c c\u00e1c v\u1ea5n \u0111\u1ec1 c\u1ea7n l\u00e0m s\u00e1ng t\u1ecf v\u00e0 \u0111i\u1ec1u n\u00e0y c\u00f3 th\u1ec3 t\u1ea1o ra r\u1ee7i ro cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0. Nh\u00e0 \u0111\u1ea7u t\u01b0 huy\u1ec1n tho\u1ea1i, Warren Buffett, \u0111\u00e3 g\u1ecdi ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh gi\u00e1 n\u00e0y l\u00e0 “\u0111\u1ecbnh gi\u00e1 hoang \u0111\u01b0\u1eddng”, do s\u1ef1 \u0111\u00e1nh gi\u00e1 th\u1ea5p r\u1ee7i ro c\u1ee7a n\u00f3.\u00a0\u00a0<\/p>\n

S\u1ef1 nguy hi\u1ec3m c\u1ee7a m\u00f4 h\u00ecnh \u0111\u1ecbnh gi\u00e1 n\u00e0y \u0111\u00e3 x\u1ea3y ra trong cu\u1ed9c kh\u1ee7ng ho\u1ea3ng\u00a0th\u1ebf ch\u1ea5p d\u01b0\u1edbi chu\u1ea9n\u00a0b\u1eaft \u0111\u1ea7u v\u00e0o n\u0103m 2007 do vi\u1ec7c \u0111\u1ecbnh gi\u00e1 sai r\u1ee7i ro v\u00e0 d\u1eabn t\u1edbi \u0111\u1ecbnh gi\u00e1 sai t\u00e0i s\u1ea3n. H\u00e0ng t\u1ec9 \u0111\u00f4 la t\u00e0i s\u1ea3n th\u1ebf ch\u1ea5p \u0111\u01b0\u1ee3c ch\u1ee9ng kho\u00e1n h\u00f3a \u0111\u00e3 b\u1ecb x\u00f3a tr\u00ean b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n c\u1ee7a c\u00f4ng ty v\u00ec c\u00e1c gi\u1ea3 \u0111\u1ecbnh \u0111\u1ecbnh gi\u00e1 kh\u00f4ng ch\u00ednh x\u00e1c.\u00a0<\/p>\n

Nhi\u1ec1u \u0111\u1ecbnh gi\u00e1 theo mark-to-model \u0111\u00e3 gi\u1ea3 \u0111\u1ecbnh th\u1ecb tr\u01b0\u1eddng th\u1ee9 c\u1ea5p c\u00f3 thanh kho\u1ea3n v\u00e0 tr\u1eadt t\u1ef1, v\u00e0 c\u00f3 m\u1ee9c m\u1eb7c \u0111\u1ecbnh nh\u01b0 trong qu\u00e1 kh\u1ee9. Nh\u1eefng gi\u1ea3 \u0111\u1ecbnh n\u00e0y \u0111\u00e3 ch\u1ee9ng minh l\u00e0 n\u00f3 sai khi thanh kho\u1ea3n c\u1ee7a th\u1ecb tr\u01b0\u1eddng th\u1ee9 c\u1ea5p c\u1ea1n ki\u1ec7t v\u00e0 l\u00e3i su\u1ea5t m\u1eb7c \u0111\u1ecbnh th\u1ebf ch\u1ea5p t\u0103ng v\u1ecdt l\u00ean tr\u00ean m\u1ee9c b\u00ecnh th\u01b0\u1eddng.<\/p>\n

C\u00e1c t\u00e0i s\u1ea3n \u0111\u01b0\u1ee3c \u0111\u1ecbnh gi\u00e1 b\u1edfi market-to-model<\/font><\/h3>\n

Tuy\u00ean b\u1ed1 157 c\u1ee7a \u1ee6y ban Chu\u1ea9n m\u1ef1c K\u1ebf to\u00e1n T\u00e0i ch\u00ednh (FASB) c\u1ee7a M\u1ef9 \u0111\u00e3\u00a0gi\u1edbi thi\u1ec7u m\u1ed9t h\u1ec7 th\u1ed1ng ph\u00e2n lo\u1ea1i nh\u1eb1m m\u1ee5c \u0111\u00edch mang l\u1ea1i s\u1ef1 r\u00f5 r\u00e0ng cho vi\u1ec7c n\u1eafm gi\u1eef t\u00e0i s\u1ea3n t\u00e0i ch\u00ednh c\u1ee7a c\u00e1c t\u1eadp \u0111o\u00e0n.\u00a0T\u00e0i s\u1ea3n (c\u0169ng nh\u01b0 n\u1ee3 ph\u1ea3i tr\u1ea3) \u0111\u01b0\u1ee3c chia th\u00e0nh ba lo\u1ea1i:<\/p>\n

– T\u00e0i s\u1ea3n c\u1ea5p 1 \u0111\u01b0\u1ee3c \u0111\u1ecbnh gi\u00e1 theo gi\u00e1 tr\u1ecb th\u1ecb tr\u01b0\u1eddng quan s\u00e1t \u0111\u01b0\u1ee3c. C\u00e1c t\u00e0i s\u1ea3n trong mark-to-model n\u00e0y bao g\u1ed3m ch\u1ee9ng kho\u00e1n kho b\u1ea1c, ch\u1ee9ng kho\u00e1n th\u1ecb tr\u01b0\u1eddng, ngo\u1ea1i t\u1ec7, h\u00e0ng h\u00f3a v\u00e0 c\u00e1c t\u00e0i s\u1ea3n l\u01b0u \u0111\u1ed9ng kh\u00e1c m\u00e0 gi\u00e1 tr\u1ecb th\u1ecb tr\u01b0\u1eddng hi\u1ec7n t\u1ea1i c\u00f3 th\u1ec3 d\u1ec5 d\u00e0ng ki\u1ebfm \u0111\u01b0\u1ee3c.\u00a0<\/p>\n

– T\u00e0i s\u1ea3n c\u1ea5p 2 \u0111\u01b0\u1ee3c \u0111\u1ecbnh gi\u00e1 d\u1ef1a tr\u00ean gi\u00e1 ni\u00eam y\u1ebft tr\u00ean th\u1ecb tr\u01b0\u1eddng kh\u00f4ng ho\u1ea1t \u0111\u1ed9ng v\u00e0\/ho\u1eb7c gi\u00e1n ti\u1ebfp d\u1ef1a v\u00e0o c\u00e1c \u0111\u1ea7u v\u00e0o c\u00f3 th\u1ec3 quan s\u00e1t \u0111\u01b0\u1ee3c nh\u01b0 l\u00e3i su\u1ea5t, t\u1ec9 l\u1ec7 v\u1ee1 n\u1ee3 v\u00e0 \u0111\u01b0\u1eddng cong l\u1ee3i su\u1ea5t. Tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p, c\u00e1c kho\u1ea3n vay ng\u00e2n h\u00e0ng v\u00e0 c\u00e1c c\u00f4ng c\u1ee5 ph\u00e1i sinh OTC c\u0169ng thu\u1ed9c lo\u1ea1i n\u00e0y.<\/p>\n

– T\u00e0i s\u1ea3n c\u1ea5p 3 \u0111\u01b0\u1ee3c \u0111\u1ecbnh gi\u00e1 b\u1eb1ng c\u00e1c m\u00f4 h\u00ecnh b\u00ean trong. Gi\u00e1 c\u1ea3 kh\u00f4ng th\u1ec3 quan s\u00e1t tr\u1ef1c ti\u1ebfp, v\u00e0 c\u00e1c gi\u1ea3 \u0111\u1ecbnh c\u00f3 th\u1ec3 ch\u1ecbu s\u1ef1 ch\u00eanh l\u1ec7ch l\u1edbn, ph\u1ea3i \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n trong mark-to-model. V\u00ed d\u1ee5 l\u00e0 c\u00e1c kho\u1ea3n n\u1ee3 c\u1ee7a c\u00f4ng ty s\u1eafp ph\u00e1 s\u1ea3n, c\u00e1c c\u00f4ng c\u1ee5 ph\u00e1i sinh ph\u1ee9c t\u1ea1p v\u00e0 c\u1ed5 phi\u1ebfu c\u1ee7a qu\u0129 \u0111\u1ea7u t\u01b0 t\u01b0 nh\u00e2n.\u00a0<\/p>\n

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

\n M\u00f4 h\u00ecnh \u0111\u1ecbnh gi\u00e1 gi\u1ea3 \u0111\u1ecbnh th\u00f4ng tin (ti\u1ebfng Anh: Mark-to-Model) l\u00e0 m\u1ed9t ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh gi\u00e1 cho m\u1ed9t v\u1ecb tr\u00ed ho\u1eb7c danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee5 th\u1ec3 d\u1ef1a tr\u00ean c\u00e1c m\u00f4 h\u00ecnh t\u00e0i ch\u00ednh.\n <\/div>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[417],"tags":[],"_links":{"self":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/29946"}],"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=29946"}],"version-history":[{"count":0,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/29946\/revisions"}],"wp:attachment":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/media?parent=29946"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/categories?post=29946"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/tags?post=29946"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}