{"id":30040,"date":"2023-12-07T08:53:49","date_gmt":"2023-12-07T08:53:49","guid":{"rendered":"https:\/\/masterskills.org\/blog\/thoi-gian-dao-han-binh-quan-hieu-dung-effective-duration-la-gi-dac-diem.html"},"modified":"2023-12-23T06:11:26","modified_gmt":"2023-12-22T23:11:26","slug":"thoi-gian-dao-han-binh-quan-hieu-dung-effective-duration-la-gi-dac-diem","status":"publish","type":"post","link":"https:\/\/masterskills.org\/blog\/thoi-gian-dao-han-binh-quan-hieu-dung-effective-duration-la-gi-dac-diem.html","title":{"rendered":"Th\u1eddi gian \u0111\u00e1o h\u1ea1n b\u00ecnh qu\u00e2n hi\u1ec7u d\u1ee5ng (Effective Duration) l\u00e0 g\u00ec? \u0110\u1eb7c \u0111i\u1ec3m"},"content":{"rendered":"<div class=\"vnbcbc-body vceditor-content wi-active\" data-role=\"content\">\n<figure class=\"VCSortableInPreviewMode\" type=\"Photo\" style=\"\">\n<div><\/div><figcaption class=\"PhotoCMS_Caption\">\n<p data-placeholder=\"[nh\u1eadp ch\u00fa th\u00edch]\">Hi\u0300nh minh ho\u0323a. Ngu\u00f4\u0300n: Investopedia<\/p>\n<\/figcaption><\/figure>\n<h2><font style=\"line-height: 22px; font-size: 22px;\" color=\"#3d85c6\">Th\u1eddi gian \u0111\u00e1o h\u1ea1n b\u00ecnh qu\u00e2n\u00a0hi\u1ec7u d\u1ee5ng<\/font><\/h2>\n<p><b>Kha\u0301i ni\u00ea\u0323m<\/b><\/p>\n<p><b>Th\u1eddi gian \u0111\u00e1o h\u1ea1n b\u00ecnh qu\u00e2n\u00a0hi\u1ec7u d\u1ee5ng<\/b> trong ti\u00ea\u0301ng Anh la\u0300 <b>Effective Duration.<\/b><\/p>\n<p><b>Th\u1eddi gian \u0111\u00e1o h\u1ea1n b\u00ecnh qu\u00e2n hi\u1ec7u d\u1ee5ng<\/b> l\u00e0 m\u1ed9t ph\u00e9p \u0111o th\u1eddi gian \u0111\u00e1o h\u1ea1n b\u00ecnh qu\u00e2n\u00a0cho c\u00e1c tr\u00e1i phi\u1ebfu c\u00f3 ch\u1ee9a c\u00e1c quy\u1ec1n ch\u1ecdn \u0111\u00ednh k\u00e8m.\u00a0<\/p>\n<p>Th\u01b0\u1edbc \u0111o th\u1eddi gian \u0111\u00e1o h\u1ea1n b\u00ecnh qu\u00e2n n\u00e0y t\u00ednh \u0111\u1ebfn vi\u1ec7c d\u00f2ng ti\u1ec1n d\u1ef1 ki\u1ebfn s\u1ebd dao \u0111\u1ed9ng khi l\u00e3i su\u1ea5t thay \u0111\u1ed5i v\u00e0 do \u0111\u00f3, n\u00f3 c\u0169ng l\u00e0 m\u1ed9t th\u01b0\u1edbc \u0111o r\u1ee7i ro.<\/p>\n<p>Th\u1eddi gian \u0111\u00e1o h\u1ea1n b\u00ecnh qu\u00e2n hi\u1ec7u d\u1ee5ng c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c \u01b0\u1edbc t\u00ednh b\u1eb1ng c\u00e1ch s\u1eed d\u1ee5ng th\u1eddi gian \u0111\u00e1o h\u1ea1n b\u00ecnh qu\u00e2n \u0111i\u1ec1u ch\u1ec9nh n\u1ebfu tr\u00e1i phi\u1ebfu v\u1edbi c\u00e1c quy\u1ec1n ch\u1ecdn \u0111\u00ednh k\u00e8m c\u00f3 th\u1ec3 ho\u1ea1t \u0111\u1ed9ng gi\u1ed1ng nh\u01b0 m\u1ed9t tr\u00e1i phi\u1ebfu kh\u00f4ng c\u00f3 quy\u1ec1n ch\u1ecdn.\u00a0 \u00a0<\/p>\n<h3><font style=\"line-height: 22px; font-size: 22px;\" color=\"#3d85c6\">\u0110\u1eb7c \u0111i\u1ec3m Th\u1eddi gian \u0111\u00e1o h\u1ea1n b\u00ecnh qu\u00e2n hi\u1ec7u d\u1ee5ng\u00a0<\/font><\/h3>\n<p>Tr\u00e1i phi\u1ebfu c\u00f3 t\u00ednh n\u0103ng \u0111\u00ednh k\u00e8m c\u00f3 s\u1ef1 kh\u00f4ng ch\u1eafc ch\u1eafn v\u1ec1 d\u00f2ng ti\u1ec1n t\u0103ng l\u00ean, do \u0111\u00f3 khi\u1ebfn cho nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00f3 x\u00e1c \u0111\u1ecbnh t\u1ec9 l\u1ec7 ho\u00e0n v\u1ed1n c\u1ee7a tr\u00e1i phi\u1ebfu h\u01a1n.\u00a0<\/p>\n<p><b>Th\u1eddi gian \u0111\u00e1o h\u1ea1n b\u00ecnh qu\u00e2n hi\u1ec7u d\u1ee5ng<\/b> gi\u00fap t\u00ednh to\u00e1n m\u1ee9c \u0111\u1ed9 bi\u1ebfn \u0111\u1ed9ng trong l\u00e3i su\u1ea5t c\u00f3 li\u00ean quan \u0111\u1ebfn \u0111\u01b0\u1eddng cong l\u1ee3i su\u1ea5t, t\u1eeb \u0111\u00f3 suy sang d\u00f2ng ti\u1ec1n d\u1ef1 ki\u1ebfn c\u1ee7a tr\u00e1i phi\u1ebfu.\u00a0<\/p>\n<p>Th\u1eddi gian \u0111\u00e1o h\u1ea1n b\u00ecnh qu\u00e2n hi\u1ec7u d\u1ee5ng x\u00e1c \u0111\u1ecbnh m\u1ee9c chi\u1ebft kh\u1ea5u d\u1ef1 ki\u1ebfn c\u1ee7a tr\u00e1i phi\u1ebfu khi l\u00e3i su\u1ea5t t\u0103ng l\u00ean 1%. Gi\u00e1 tr\u1ecb c\u1ee7a n\u00f3 s\u1ebd lu\u00f4n th\u1ea5p h\u01a1n th\u1eddi gian \u0111\u00e1o h\u1ea1n c\u1ee7a tr\u00e1i phi\u1ebfu.  \u00a0  \u00a0\u00a0<\/p>\n<p>M\u1ed9t tr\u00e1i phi\u1ebfu v\u1edbi c\u00e1c quy\u1ec1n ch\u1ecdn \u0111\u00ednh k\u00e8m ho\u1ea1t \u0111\u1ed9ng gi\u1ed1ng nh\u01b0 m\u1ed9t tr\u00e1i phi\u1ebfu kh\u00f4ng c\u00f3 quy\u1ec1n ch\u1ecdn, n\u1ebfu nh\u01b0 vi\u1ec7c th\u1ef1c hi\u1ec7n\u00a0quy\u1ec1n ch\u1ecdn \u0111\u00ednh k\u00e8m\u00a0s\u1ebd kh\u00f4ng mang l\u1ea1i l\u1ee3i \u00edch cho nh\u00e0 \u0111\u1ea7u t\u01b0.\u00a0<\/p>\n<p><i>V\u00ec v\u1eady, nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1ebd kh\u00f4ng k\u00ec v\u1ecdng d\u00f2ng ti\u1ec1n tr\u00e1i phi\u1ebfu s\u1ebd thay \u0111\u1ed5i khi c\u00f3 s\u1ef1 thay \u0111\u1ed5i v\u1ec1 l\u1ee3i su\u1ea5t.   \u00a0\u00a0<\/i><\/p>\n<p>V\u00ed d\u1ee5 n\u1ebfu l\u00e3i su\u1ea5t hi\u1ec7n t\u1ea1i l\u00e0 10% trong khi tr\u00e1i phi\u1ebfu c\u00f3 th\u1ec3 thu h\u1ed3i ch\u1ec9 tr\u1ea3 l\u00e3i\u00a0coupon\u00a06%.  Tr\u00e1i phi\u1ebfu c\u00f3 th\u1ec3 thu h\u1ed3i s\u1ebd ho\u1ea1t \u0111\u1ed9ng gi\u1ed1ng nh\u01b0 tr\u00e1i phi\u1ebfu kh\u00f4ng \u0111\u00ednh k\u00e8m quy\u1ec1n ch\u1ecdn trong tr\u01b0\u1eddng h\u1ee3p n\u00e0y, v\u00ec c\u00f4ng ty s\u1ebd kh\u00f4ng th\u1ec3\u00a0thu h\u1ed3i tr\u00e1i phi\u1ebfu\u00a0v\u00e0 ph\u00e1t h\u00e0nh l\u1ea1i v\u1edbi l\u00e3i su\u1ea5t cao h\u01a1n.\u00a0 \u00a0 \u00a0<\/p>\n<p><i>Th\u1eddi gian \u0111\u00e1o h\u1ea1n c\u1ee7a tr\u00e1i phi\u1ebfu c\u00e0ng d\u00e0i th\u00ec th\u1eddi gian \u0111\u00e1o h\u1ea1n b\u00ecnh qu\u00e2n hi\u1ec7u d\u1ee5ng c\u1ee7a n\u00f3 c\u00e0ng l\u1edbn.\u00a0<\/i><\/p>\n<h3><font style=\"line-height: 22px; font-size: 22px;\" color=\"#3d85c6\">C\u00f4ng th\u1ee9c t\u00ednh Th\u1eddi gian \u0111\u00e1o h\u1ea1n b\u00ecnh qu\u00e2n hi\u1ec7u d\u1ee5ng\u00a0<\/font><\/h3>\n<p>C\u00f4ng th\u1ee9c t\u00ednh<b> th\u1eddi gian \u0111\u00e1o h\u1ea1n b\u00ecnh qu\u00e2n hi\u1ec7u d\u1ee5ng <\/b>ch\u1ee9a 4 bi\u1ebfn, g\u1ed3m c\u00f3:  \u00a0\u00a0<\/p>\n<p>\u00a0&#8211; P (0) l\u00e0 gi\u00e1 g\u1ed1c c\u1ee7a tr\u00e1i phi\u1ebfu tr\u00ean m\u1ed7i 100 USD m\u1ec7nh gi\u00e1.  \u00a0\u00a0<\/p>\n<p>\u00a0&#8211; P (i) l\u00e0 gi\u00e1 c\u1ee7a tr\u00e1i phi\u1ebfu n\u1ebfu l\u1ee3i su\u1ea5t gi\u1ea3m i ph\u1ea7n tr\u0103m.  \u00a0\u00a0<\/p>\n<p>\u00a0&#8211; Y l\u00e0 m\u1ee9c thay \u0111\u1ed5i l\u1ee3i su\u1ea5t d\u1ef1 ki\u1ebfn, \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng \u0111\u1ec3 t\u00ednh P(1) v\u00e0 P(2).  \u00a0<\/p>\n<p>C\u00f4ng th\u1ee9c ho\u00e0n ch\u1ec9nh t\u00ednh th\u1eddi gian \u0111\u00e1o h\u1ea1n b\u00ecnh qu\u00e2n hi\u1ec7u d\u1ee5ng l\u00e0:  \u00a0\u00a0<\/p>\n<p><b><i>Th\u1eddi gian \u0111\u00e1o h\u1ea1n b\u00ecnh qu\u00e2n hi\u1ec7u d\u1ee5ng = (P (1) &#8211; P (2)) \/ (2 * P(0) * Y)  \u00a0\u00a0<\/i><\/b><\/p>\n<h3><font style=\"line-height: 22px; font-size: 22px;\" color=\"#3d85c6\">V\u00ed d\u1ee5 v\u1ec1 Th\u1eddi gian \u0111\u00e1o h\u1ea1n b\u00ecnh qu\u00e2n hi\u1ec7u d\u1ee5ng\u00a0<\/font><\/h3>\n<p>Gi\u1ea3 s\u1eed r\u1eb1ng nh\u00e0 \u0111\u1ea7u t\u01b0 mua tr\u00e1i phi\u1ebfu v\u1edbi 100% m\u1ec7nh gi\u00e1 v\u00e0 hi\u1ec7n \u0111ang tr\u1ea3 l\u00e3i coupon 6%.   Gi\u00e1 s\u1eed n\u1ebfu l\u1ee3i su\u1ea5t gi\u1ea3m xu\u1ed1ng 10 \u0111i\u1ec3m ph\u1ea7n tr\u0103m (0,1%), th\u00ec gi\u00e1 tr\u00e1i phi\u1ebfu s\u1ebd t\u0103ng l\u00ean 101 USD.\u00a0<\/p>\n<p>C\u00f2n n\u1ebfu t\u0103ng l\u1ee3i su\u1ea5t th\u00eam 10 \u0111i\u1ec3m ph\u1ea7n tr\u0103m, gi\u00e1 c\u1ee7a tr\u00e1i phi\u1ebfu d\u1ef1 ki\u1ebfn s\u1ebd l\u00e0 99,25 USD.   V\u1edbi th\u00f4ng tin n\u00e0y, <b>th\u1eddi gian \u0111\u00e1o h\u1ea1n b\u00ecnh qu\u00e2n hi\u1ec7u d\u1ee5ng<\/b> s\u1ebd \u0111\u01b0\u1ee3c t\u00ednh nh\u01b0 sau:  \u00a0\u00a0<\/p>\n<p>Th\u1eddi gian \u0111\u00e1o h\u1ea1n b\u00ecnh qu\u00e2n hi\u1ec7u d\u1ee5ng = (101 USD &#8211; 99,25 USD) \/ (2 * 100 USD * 0,001) = 1,75 \/ 0,20 = 8,75.  \u00a0\u00a0<\/p>\n<p>Th\u1eddi gian \u0111\u00e1o h\u1ea1n b\u00ecnh qu\u00e2n hi\u1ec7u d\u1ee5ng l\u00e0 8,75 c\u00f3 ngh\u0129a l\u00e0 n\u1ebfu l\u1ee3i su\u1ea5t thay \u0111\u1ed5i 100 \u0111i\u1ec3m ph\u1ea7n tr\u0103m, hay 1%, th\u00ec gi\u00e1 c\u1ee7a tr\u00e1i phi\u1ebfu d\u1ef1 ki\u1ebfn s\u1ebd thay \u0111\u1ed5i 8,75%.\u00a0<\/p>\n<p>Tuy nhi\u00ean, \u0111\u00e2y l\u00e0 m\u1ed9t gi\u00e1 tr\u1ecb x\u1ea5p x\u1ec9, \u0111\u1ec3 t\u00ednh ch\u00ednh x\u00e1c h\u01a1n c\u00f3 th\u1ec3 xem x\u00e9t th\u00eam\u00a0\u0111\u1ed9 l\u1ed3i\u00a0hi\u1ec7u d\u1ee5ng c\u1ee7a tr\u00e1i phi\u1ebfu.  \u00a0 <\/p>\n<p>(Theo Investopedia)<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<div class=\"vnbcbc-sapo\" data-role=\"sapo\">\n                            Th\u1eddi gian \u0111\u00e1o h\u1ea1n b\u00ecnh qu\u00e2n hi\u1ec7u d\u1ee5ng (ti\u1ebfng Anh: Effective Duration) l\u00e0 m\u1ed9t ph\u00e9p \u0111o th\u1eddi gian \u0111\u00e1o h\u1ea1n b\u00ecnh qu\u00e2n cho c\u00e1c tr\u00e1i phi\u1ebfu c\u00f3 ch\u1ee9a c\u00e1c quy\u1ec1n ch\u1ecdn \u0111\u00ednh k\u00e8m.\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\/30040"}],"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=30040"}],"version-history":[{"count":0,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/30040\/revisions"}],"wp:attachment":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/media?parent=30040"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/categories?post=30040"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/tags?post=30040"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}