{"id":30000,"date":"2023-12-07T08:51:49","date_gmt":"2023-12-07T08:51:49","guid":{"rendered":"https:\/\/masterskills.org\/blog\/li-thuyet-dinh-gia-quyen-chon-option-pricing-theory-la-gi.html"},"modified":"2023-12-23T06:11:14","modified_gmt":"2023-12-22T23:11:14","slug":"li-thuyet-dinh-gia-quyen-chon-option-pricing-theory-la-gi","status":"publish","type":"post","link":"https:\/\/masterskills.org\/blog\/li-thuyet-dinh-gia-quyen-chon-option-pricing-theory-la-gi.html","title":{"rendered":"L\u00ed thuy\u1ebft \u0111\u1ecbnh gi\u00e1 quy\u1ec1n ch\u1ecdn (Option Pricing Theory) l\u00e0 g\u00ec?"},"content":{"rendered":"<div class=\"vnbcbc-body vceditor-content wi-active\" data-role=\"content\">\n<figure type=\"Photo\" class=\"VCSortableInPreviewMode\" style=\"\">\n<div><\/div><figcaption class=\"PhotoCMS_Caption\">\n<p class=\"\" data-placeholder=\"[Nh\u1eadp ch\u00fa th\u00edch \u1ea3nh]\">H\u00ecnh minh h\u1ecda.<\/p>\n<\/figcaption><\/figure>\n<h2><font color=\"#3d85c6\" style=\"line-height: 22px; font-size: 22px;\">L\u00ed thuy\u1ebft \u0111\u1ecbnh gi\u00e1 quy\u1ec1n ch\u1ecdn<\/font><\/h2>\n<p><b>Kh\u00e1i ni\u1ec7m<\/b><\/p>\n<p><b>L\u00ed thuy\u1ebft \u0111\u1ecbnh gi\u00e1 quy\u1ec1n ch\u1ecdn<\/b> trong ti\u1ebfng Anh l\u00e0 <b>Option Pricing Theory<\/b>.<\/p>\n<p><b>L\u00ed thuy\u1ebft gi\u00e1 quy\u1ec1n ch\u1ecdn<\/b>\u00a0l\u00e0 vi\u1ec7c s\u1eed d\u1ee5ng c\u00e1c bi\u1ebfn s\u1ed1 (gi\u00e1 c\u1ed5 phi\u1ebfu, gi\u00e1 th\u1ef1c hi\u1ec7n, \u0111\u1ed9 bi\u1ebfn \u0111\u1ed9ng c\u1ee7a t\u00e0i s\u1ea3n c\u01a1 s\u1edf, l\u00e3i su\u1ea5t, th\u1eddi gian h\u1ebft h\u1ea1n) \u0111\u1ec3 \u0111\u1ecbnh gi\u00e1 theo l\u00ed thuy\u1ebft m\u1ed9t\u00a0h\u1ee3p \u0111\u1ed3ng quy\u1ec1n ch\u1ecdn.<\/p>\n<h3><font color=\"#3d85c6\" style=\"line-height: 22px; font-size: 22px;\">N\u1ed9i dung<\/font><\/h3>\n<p>V\u1ec1 c\u01a1 b\u1ea3n, l\u00ed thuy\u1ebft n\u00e0y \u01b0\u1edbc t\u00ednh\u00a0gi\u00e1 tr\u1ecb h\u1ee3p l\u00ed\u00a0c\u1ee7a m\u1ed9t quy\u1ec1n ch\u1ecdn m\u00e0 c\u00e1c nh\u00e0 giao d\u1ecbch k\u1ebft h\u1ee3p v\u1edbi c\u00e1c chi\u1ebfn l\u01b0\u1ee3c c\u1ee7a h\u1ecd \u0111\u1ec3 t\u1ed1i \u0111a h\u00f3a l\u1ee3i nhu\u1eadn. M\u1ed9t s\u1ed1 m\u00f4 h\u00ecnh th\u01b0\u1eddng \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng \u0111\u1ec3 \u0111\u1ecbnh gi\u00e1 quy\u1ec1n ch\u1ecdn l\u00e0 Black-Scholes,\u00a0m\u00f4 h\u00ecnh nh\u1ecb th\u1ee9c\u00a0v\u00e0\u00a0m\u00f4 h\u00ecnh Monte-Carlo.<\/p>\n<p>Nh\u1eefng l\u00ed thuy\u1ebft n\u00e0y c\u00f3 kho\u1ea3ng sai s\u1ed1 l\u1edbn do \u0111\u1ecbnh gi\u00e1 ch\u00fang d\u1ef1a tr\u00ean c\u00e1c t\u00e0i s\u1ea3n kh\u00e1c, th\u01b0\u1eddng l\u00e0 gi\u00e1 c\u1ee7a\u00a0c\u1ed5 phi\u1ebfu ph\u1ed5 th\u00f4ng\u00a0c\u1ee7a c\u00f4ng ty.<\/p>\n<p>M\u1ee5c ti\u00eau ch\u00ednh c\u1ee7a l\u00ed thuy\u1ebft \u0111\u1ecbnh gi\u00e1 quy\u1ec1n ch\u1ecdn l\u00e0 t\u00ednh x\u00e1c su\u1ea5t \u0111\u1ec3 m\u1ed9t quy\u1ec1n ch\u1ecdn s\u1ebd \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n ho\u1eb7c trong tr\u1ea1ng th\u00e1i c\u00f3 l\u00e3i (ITM) khi ch\u1ee9ng quy\u1ec1n h\u1ebft h\u1ea1n.<\/p>\n<p>Gi\u00e1 t\u00e0i s\u1ea3n c\u01a1 s\u1edf (gi\u00e1 c\u1ed5 phi\u1ebfu), gi\u00e1 th\u1ef1c hi\u1ec7n, \u0111\u1ed9 bi\u1ebfn \u0111\u1ed9ng c\u1ee7a t\u00e0i s\u1ea3n c\u01a1 s\u1edf, l\u00e3i su\u1ea5t v\u00e0 th\u1eddi gian c\u00f2n l\u1ea1i \u0111\u1ebfn khi h\u1ebft h\u1ea1n (s\u1ed1 ng\u00e0y gi\u1eefa ng\u00e0y \u0111\u1ecbnh gi\u00e1 v\u00e0 ng\u00e0y th\u1ef1c hi\u1ec7n quy\u1ec1n ch\u1ecdn) l\u00e0 c\u00e1c bi\u1ebfn th\u01b0\u1eddng \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng \u0111\u01b0\u1ee3c \u0111\u01b0a v\u00e0o m\u00f4 h\u00ecnh to\u00e1n h\u1ecdc \u0111\u1ec3 t\u00ednh gi\u00e1 tr\u1ecb h\u1ee3p l\u00ed v\u1ec1 m\u1eb7t l\u00ed thuy\u1ebft.<\/p>\n<p>Th\u1eddi gian c\u00f2n l\u1ea1i c\u00e0ng l\u00e2u th\u00ec ITM s\u1ebd c\u00e0ng l\u1edbn. T\u01b0\u01a1ng t\u1ef1, t\u00e0i s\u1ea3n c\u01a1 s\u1edf c\u00e0ng bi\u1ebfn \u0111\u1ed9ng th\u00ec ITM c\u00e0ng l\u1edbn. L\u00e3i su\u1ea5t c\u00e0ng cao th\u00ec gi\u00e1 quy\u1ec1n ch\u1ecdn s\u1ebd c\u00e0ng cao.<\/p>\n<p>Quy\u1ec1n ch\u1ecdn c\u00f3 th\u1ec3 giao d\u1ecbch tr\u00ean th\u1ecb tr\u01b0\u1eddng th\u00ec y\u00eau c\u1ea7u c\u00e1c ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh gi\u00e1 kh\u00e1c nhau so v\u1edbi c\u00e1c quy\u1ec1n ch\u1ecdn kh\u00f4ng giao d\u1ecbch tr\u00ean th\u1ecb tr\u01b0\u1eddng. Gi\u00e1 giao d\u1ecbch c\u1ee7a quy\u1ec1n ch\u1ecdn \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh trong th\u1ecb tr\u01b0\u1eddng m\u1edf nh\u01b0 t\u1ea5t c\u1ea3 c\u00e1c lo\u1ea1i t\u00e0i s\u1ea3n, gi\u00e1 c\u00f3 th\u1ec3 kh\u00e1c v\u1edbi gi\u00e1 l\u00ed thuy\u1ebft. Tuy nhi\u00ean, gi\u00e1 l\u00ed thuy\u1ebft cho ph\u00e9p c\u00e1c nh\u00e0 giao d\u1ecbch \u0111\u00e1nh gi\u00e1 kh\u1ea3 n\u0103ng thu l\u1ee3i nhu\u1eadn t\u1eeb giao d\u1ecbch c\u00e1c quy\u1ec1n ch\u1ecdn \u0111\u00f3.<\/p>\n<p>N\u0103m 1973, Fischer Black v\u00e0 Myron Scholes c\u00f4ng b\u1ed1 m\u00f4 h\u00ecnh \u0111\u1ecbnh gi\u00e1 quy\u1ec1n ch\u1ecdn, \u0111\u00e1nh d\u1ea5u s\u1ef1 ph\u00e1t tri\u1ec3n c\u1ee7a th\u1ecb tr\u01b0\u1eddng quy\u1ec1n ch\u1ecdn hi\u1ec7n \u0111\u1ea1i. Tuy nhi\u00ean, \u0111\u00e2y kh\u00f4ng ph\u1ea3i l\u00e0 m\u00f4 h\u00ecnh duy nh\u1ea5t. M\u00f4 h\u00ecnh \u0111\u1ecbnh gi\u00e1 quy\u1ec1n ch\u1ecdn nh\u1ecb th\u1ee9c Cox, Ross v\u00e0 Rubinstein v\u00e0 m\u00f4 h\u00ecnh Monte-Carlo c\u0169ng \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng r\u1ed9ng r\u00e3i.<\/p>\n<p>(Ngu\u1ed3n tham kh\u1ea3o: <i>Investopedia<\/i>)<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<div class=\"vnbcbc-sapo\" data-role=\"sapo\">\n                            L\u00ed thuy\u1ebft \u0111\u1ecbnh gi\u00e1 quy\u1ec1n ch\u1ecdn (ti\u1ebfng Anh: Option Pricing Theory) l\u00e0 vi\u1ec7c s\u1eed d\u1ee5ng c\u00e1c bi\u1ebfn s\u1ed1 (gi\u00e1 c\u1ed5 phi\u1ebfu, gi\u00e1 th\u1ef1c hi\u1ec7n, \u0111\u1ed9 bi\u1ebfn \u0111\u1ed9ng c\u1ee7a t\u00e0i s\u1ea3n c\u01a1 s\u1edf, l\u00e3i su\u1ea5t, th\u1eddi gian h\u1ebft h\u1ea1n) \u0111\u1ec3 \u0111\u1ecbnh gi\u00e1 theo l\u00ed thuy\u1ebft m\u1ed9t h\u1ee3p \u0111\u1ed3ng quy\u1ec1n ch\u1ecdn.\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\/30000"}],"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=30000"}],"version-history":[{"count":0,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/30000\/revisions"}],"wp:attachment":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/media?parent=30000"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/categories?post=30000"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/tags?post=30000"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}