{"id":30085,"date":"2023-12-07T08:56:15","date_gmt":"2023-12-07T08:56:15","guid":{"rendered":"https:\/\/masterskills.org\/blog\/loi-suat-hieu-dung-effective-yield-la-gi-cong-thuc-tinh-loi-suat-hieu-dung.html"},"modified":"2023-12-23T06:11:41","modified_gmt":"2023-12-22T23:11:41","slug":"loi-suat-hieu-dung-effective-yield-la-gi-cong-thuc-tinh-loi-suat-hieu-dung","status":"publish","type":"post","link":"https:\/\/masterskills.org\/blog\/loi-suat-hieu-dung-effective-yield-la-gi-cong-thuc-tinh-loi-suat-hieu-dung.html","title":{"rendered":"L\u1ee3i su\u1ea5t hi\u1ec7u d\u1ee5ng (Effective Yield) l\u00e0 g\u00ec? C\u00f4ng th\u1ee9c t\u00ednh L\u1ee3i su\u1ea5t hi\u1ec7u d\u1ee5ng"},"content":{"rendered":"
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Hi\u0300nh minh ho\u0323a. Ngu\u00f4\u0300n: Investopedia<\/p>\n<\/figcaption><\/figure>\n<\/h2>\n

L\u1ee3i su\u1ea5t hi\u1ec7u d\u1ee5ng<\/font><\/h2>\n

Kha\u0301i ni\u00ea\u0323m<\/b><\/p>\n

L\u1ee3i su\u1ea5t hi\u1ec7u d\u1ee5ng <\/b>trong ti\u00ea\u0301ng Anh la\u0300 Effective Yield.<\/b><\/p>\n

L\u1ee3i su\u1ea5t hi\u1ec7u d\u1ee5ng<\/b> l\u00e0\u00a0t\u1ec9 l\u1ec7 ho\u00e0n v\u1ed1n\u00a0c\u1ee7a m\u1ed9t tr\u00e1i phi\u1ebfu, c\u00f3 c\u00e1c kho\u1ea3n thanh to\u00e1n l\u00e3i (coupon) \u0111\u01b0\u1ee3c t\u00e1i \u0111\u1ea7u t\u01b0 l\u1ea1i v\u1edbi c\u00f9ng m\u1ed9t t\u1ec9 l\u1ec7 ho\u00e0n v\u1ed1n, b\u1edfi tr\u00e1i ch\u1ee7.\u00a0<\/p>\n

L\u1ee3i su\u1ea5t hi\u1ec7u d\u1ee5ng l\u00e0 t\u1ed5ng l\u1ee3i su\u1ea5t m\u00e0 m\u1ed9t nh\u00e0 \u0111\u1ea7u t\u01b0 nh\u1eadn \u0111\u01b0\u1ee3c, kh\u00e1c v\u1edbi l\u1ee3i su\u1ea5t danh ngh\u0129a l\u00e0\u00a0l\u00e3i su\u1ea5t coupon\u00a0c\u1ee7a tr\u00e1i phi\u1ebfu. L\u1ee3i su\u1ea5t hi\u1ec7u d\u1ee5ng c\u00f3 t\u00ednh \u0111\u1ebfn s\u1ee9c m\u1ea1nh c\u1ee7a\u00a0l\u00e3i k\u00e9p\u00a0tr\u00ean t\u1ec9 l\u1ec7 ho\u00e0n v\u1ed1n kho\u1ea3n \u0111\u1ea7u t\u01b0, trong khi l\u1ee3i su\u1ea5t danh ngh\u0129a th\u00ec kh\u00f4ng. \u00a0 \u00a0 \u00a0<\/p>\n

\u0110\u1eb7c \u0111i\u1ec3m L\u1ee3i su\u1ea5t hi\u1ec7u d\u1ee5ng\u00a0<\/font><\/h3>\n

L\u1ee3i su\u1ea5t hi\u1ec7u d\u1ee5ng<\/b> l\u00e0 th\u01b0\u1edbc \u0111o l\u00e3i su\u1ea5t coupon, l\u00e3i su\u1ea5t \u0111\u01b0\u1ee3c ghi tr\u00ean tr\u00e1i phi\u1ebfu v\u00e0 \u0111\u01b0\u1ee3c bi\u1ec3u th\u1ecb b\u1eb1ng ph\u1ea7n tr\u0103m c\u1ee7a\u00a0m\u1ec7nh gi\u00e1. C\u00e1c kho\u1ea3n thanh to\u00e1n l\u00e3i coupon tr\u00e1i phi\u1ebfu th\u01b0\u1eddng \u0111\u01b0\u1ee3c thanh to\u00e1n n\u1eeda n\u0103m m\u1ed9t l\u1ea7n cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 tr\u00e1i phi\u1ebfu.\u00a0<\/p>\n

Hay c\u00f3 ngh\u0129a l\u00e0 c\u00e1c tr\u00e1i ch\u1ee7 th\u01b0\u1eddng s\u1ebd nh\u1eadn \u0111\u01b0\u1ee3c hai l\u1ea7n thanh to\u00e1n coupon m\u1ed7i n\u0103m. L\u1ee3i su\u1ea5t hi\u1ec7u d\u1ee5ng \u0111\u01b0\u1ee3c t\u00ednh b\u1eb1ng c\u00e1ch chia c\u00e1c kho\u1ea3n thanh to\u00e1n coupon cho\u00a0<\/i>gi\u00e1 tr\u1ecb th\u1ecb tr\u01b0\u1eddng\u00a0hi\u1ec7n t\u1ea1i c\u1ee7a tr\u00e1i phi\u1ebfu. \u00a0 \u00a0\u00a0<\/i><\/p>\n

L\u1ee3i su\u1ea5t hi\u1ec7u d\u1ee5ng gi\u00fap c\u00e1c tr\u00e1i ch\u1ee7 c\u00f3 th\u1ec3 \u0111o l\u01b0\u1eddng l\u1ee3i su\u1ea5t\u00a0tr\u00e1i phi\u1ebfu th\u1ef1c s\u1ef1 c\u1ee7a h\u1ecd.\u00a0 <\/p>\n

Ngo\u00e0i ra c\u00f2n c\u00f3 l\u1ee3i su\u1ea5t hi\u1ec7n h\u00e0nh, \u0111\u1ea1i di\u1ec7n cho t\u1ec9 l\u1ec7 ho\u00e0n v\u1ed1n c\u1ee7a tr\u00e1i phi\u1ebfu theo n\u0103m, \u0111\u01b0\u1ee3c t\u00ednh d\u1ef1a tr\u00ean c\u00e1c kho\u1ea3n thanh to\u00e1n coupon h\u00e0ng n\u0103m v\u00e0 gi\u00e1 hi\u1ec7n t\u1ea1i c\u1ee7a tr\u00e1i phi\u1ebfu, tr\u00e1i ng\u01b0\u1ee3c v\u1edbi m\u1ec7nh gi\u00e1. \u00a0 \u00a0 \u00a0<\/i><\/p>\n

M\u1eb7c d\u00f9 t\u01b0\u01a1ng t\u1ef1 nhau, l\u1ee3i su\u1ea5t hi\u1ec7n h\u00e0nh kh\u00f4ng xem x\u00e9t vi\u1ec7c t\u00e1i \u0111\u1ea7u t\u01b0 c\u00e1c kho\u1ea3n thanh to\u00e1n coupon nh\u01b0 l\u1ee3i su\u1ea5t hi\u1ec7u d\u1ee5ng<\/b>.\u00a0<\/p>\n

H\u1ea1n ch\u1ebf c\u1ee7a vi\u1ec7c s\u1eed d\u1ee5ng l\u1ee3i su\u1ea5t hi\u1ec7u d\u1ee5ng l\u00e0 n\u00f3 gi\u1ea3 \u0111\u1ecbnh r\u1eb1ng c\u00e1c kho\u1ea3n thanh to\u00e1n coupon c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c t\u00e1i \u0111\u1ea7u t\u01b0, v\u00e0o c\u00e1c c\u00f4ng c\u1ee5 \u0111\u1ea7u t\u01b0 kh\u00e1c tr\u1ea3 c\u00f9ng m\u1ee9c l\u00e3i su\u1ea5t. \u0110i\u1ec1u n\u00e0y c\u0169ng c\u00f3 ngh\u0129a l\u00e0 n\u00f3 gi\u1ea3 \u0111\u1ecbnh tr\u00e1i phi\u1ebfu \u0111ang b\u00e1n ngang gi\u00e1.<\/i>\u00a0<\/p>\n

Tuy nhi\u00ean, vi\u1ec7c n\u00e0y kh\u00f4ng ph\u1ea3i l\u00fac n\u00e0o c\u0169ng c\u00f3 th\u1ec3 x\u1ea3y ra v\u00ec trong th\u1ef1c t\u1ebf l\u00e3i su\u1ea5t lu\u00f4n thay \u0111\u1ed5i \u0111\u1ecbnh k\u00ec, do c\u00e1c y\u1ebfu t\u1ed1 trong n\u1ec1n kinh t\u1ebf thay \u0111\u1ed5i.\u00a0<\/p>\n

C\u00f4ng th\u1ee9c t\u00ednh L\u1ee3i su\u1ea5t hi\u1ec7u d\u1ee5ng\u00a0<\/font><\/h3>\n

L\u1ee3i su\u1ea5t hi\u1ec7u d\u1ee5ng <\/b>l\u00e0 th\u01b0\u1edbc \u0111o l\u1ee3i su\u1ea5t c\u1ee7a tr\u00e1i phi\u1ebfu v\u1edbi gi\u1ea3 \u0111\u1ecbnh c\u00e1c kho\u1ea3n thanh to\u00e1n coupon \u0111\u01b0\u1ee3c t\u00e1i \u0111\u1ea7u t\u01b0.\u00a0<\/p>\n

N\u1ebfu c\u00e1c kho\u1ea3n thanh to\u00e1n \u0111\u01b0\u1ee3c t\u00e1i \u0111\u1ea7u t\u01b0, th\u00ec l\u1ee3i su\u1ea5t hi\u1ec7u d\u1ee5ng c\u1ee7a tr\u00e1i ch\u1ee7 s\u1ebd l\u1edbn h\u01a1n l\u1ee3i su\u1ea5t hi\u1ec7n h\u00e0nh\u00a0ho\u1eb7c l\u1ee3i su\u1ea5t danh ngh\u0129a, do \u1ea3nh h\u01b0\u1edfng c\u1ee7a l\u00e3i k\u00e9p. C\u00f4ng th\u1ee9c t\u00ednh l\u1ee3i su\u1ea5t hi\u1ec7u d\u1ee5ng nh\u01b0 sau: \u00a0<\/p>\n

I = [1 + (r \/ n)] n – 1\u00a0<\/i><\/b><\/p>\n

Trong \u0111\u00f3: \u00a0<\/p>\n

\u00a0– i l\u00e0 l\u1ee3i su\u1ea5t hi\u1ec7u d\u1ee5ng.<\/p>\n

\u00a0– r l\u00e0 t\u1ec9 l\u1ec7 l\u00e3i su\u1ea5t danh ngh\u0129a.\u00a0<\/p>\n

\u00a0– n l\u00e0 s\u1ed1 k\u00ec thanh to\u00e1n l\u00e3i m\u1ed7i n\u0103m.\u00a0<\/p>\n

L\u1ee3i su\u1ea5t hi\u1ec7u d\u1ee5ng v\u00e0 L\u1ee3i su\u1ea5t \u0111\u00e1o h\u1ea1n (YTM)<\/font><\/h3>\n

L\u1ee3i su\u1ea5t \u0111\u00e1o h\u1ea1n (YTM)\u00a0l\u00e0 t\u1ec9 su\u1ea5t l\u1ee3i nhu\u1eadn ki\u1ebfm \u0111\u01b0\u1ee3c t\u1eeb m\u1ed9t tr\u00e1i phi\u1ebfu n\u1ebfu \u0111\u01b0\u1ee3c gi\u1eef cho \u0111\u1ebfn khi \u0111\u00e1o h\u1ea1n.\u00a0<\/p>\n

\u0110\u1ec3 so s\u00e1nh l\u1ee3i su\u1ea5t hi\u1ec7u d\u1ee5ng<\/b> v\u1edbi l\u1ee3i su\u1ea5t \u0111\u00e1o h\u1ea1n (YTM), h\u00e3y chuy\u1ec3n \u0111\u1ed5i YTM th\u00e0nh l\u00e3i su\u1ea5t th\u1ef1c h\u00e0ng n\u0103m.\u00a0<\/p>\n

N\u1ebfu YTM l\u1edbn h\u01a1n l\u1ee3i su\u1ea5t hi\u1ec7u d\u1ee5ng c\u1ee7a tr\u00e1i phi\u1ebfu, th\u00ec tr\u00e1i phi\u1ebfu \u0111ang giao d\u1ecbch v\u1edbi m\u1ee9c chi\u1ebft kh\u1ea5u. M\u1eb7t kh\u00e1c, n\u1ebfu YTM th\u1ea5p h\u01a1n l\u1ee3i su\u1ea5t hi\u1ec7u d\u1ee5ng, tr\u00e1i phi\u1ebfu \u0111\u01b0\u1ee3c b\u00e1n v\u1edbi gi\u00e1 cao. \u00a0 \u00a0\u00a0<\/p>\n

V\u00ed d\u1ee5 v\u1ec1 L\u1ee3i su\u1ea5t hi\u1ec7u d\u1ee5ng\u00a0<\/font><\/h3>\n

N\u1ebfu m\u1ed9t nh\u00e0 \u0111\u1ea7u t\u01b0 n\u1eafm gi\u1eef m\u1ed9t tr\u00e1i phi\u1ebfu c\u00f3 m\u1ec7nh gi\u00e1 1.000 USD v\u1edbi l\u00e3i coupon 5% \u0111\u01b0\u1ee3c tr\u1ea3 n\u1eeda n\u0103m m\u1ed9t l\u1ea7n v\u00e0o th\u00e1ng 3 v\u00e0 th\u00e1ng 9, anh ta s\u1ebd nh\u1eadn \u0111\u01b0\u1ee3c: (5%\/ 2) x 1.000 USD = 25 USD hai l\u1ea7n\/ n\u0103m thanh to\u00e1n ti\u1ec1n l\u00e3i.\u00a0<\/p>\n

Theo v\u00ed d\u1ee5, l\u1ee3i su\u1ea5t hi\u1ec7u d\u1ee5ng <\/b>c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 tr\u00ean tr\u00e1i phi\u1ebfu phi\u1ebfu gi\u1ea3m gi\u00e1 5% c\u1ee7a anh ta s\u1ebd l\u00e0:\u00a0<\/p>\n

I = [1 + (0,05 \/ 2)] 2 \u2013 1 = 1,0252 \u2013 1 \u00a0= 0,0506 hay 5,06%.<\/p>\n

Nh\u00e0 \u0111\u1ea7u t\u01b0 trong v\u00ed d\u1ee5 tr\u00ean s\u1ebd nh\u1eadn \u0111\u01b0\u1ee3c h\u01a1n 50 USD h\u00e0ng n\u0103m b\u1eb1ng c\u00e1ch s\u1eed d\u1ee5ng c\u00f4ng th\u1ee9c \u0111\u1ecbnh gi\u00e1 theo l\u1ee3i su\u1ea5t hi\u1ec7u d\u1ee5ng.\u00a0 \u00a0\u00a0<\/p>\n

L\u01b0u \u00fd r\u1eb1ng v\u00ec tr\u00e1i phi\u1ebfu tr\u1ea3 l\u00e3i n\u1eeda n\u0103m m\u1ed9t l\u1ea7n, c\u00e1c kho\u1ea3n thanh to\u00e1n s\u1ebd \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n hai l\u1ea7n cho tr\u00e1i ch\u1ee7 m\u1ed7i n\u0103m, do \u0111\u00f3, s\u1ed1 l\u01b0\u1ee3ng thanh to\u00e1n m\u1ed7i n\u0103m l\u00e0 hai. \u00a0\u00a0<\/i><\/p>\n

T\u1eeb k\u1ebft qu\u1ea3 \u1edf tr\u00ean cho \u0111\u01b0\u1ee3c l\u1ee3i su\u1ea5t hi\u1ec7u d\u1ee5ng l\u00e0 5,06%, r\u00f5 r\u00e0ng cao h\u01a1n l\u00e3i su\u1ea5t coupon 5%.\u00a0 \u00a0<\/p>\n

(Theo Investopedia)<\/p>\n

\u00a0<\/p>\n

\u00a0<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

\n L\u1ee3i su\u1ea5t hi\u1ec7u d\u1ee5ng (ti\u1ebfng Anh: Effective Yield) l\u00e0 t\u1ec9 l\u1ec7 ho\u00e0n v\u1ed1n c\u1ee7a m\u1ed9t tr\u00e1i phi\u1ebfu, c\u00f3 c\u00e1c kho\u1ea3n thanh to\u00e1n l\u00e3i (coupon) \u0111\u01b0\u1ee3c t\u00e1i \u0111\u1ea7u t\u01b0 l\u1ea1i v\u1edbi c\u00f9ng m\u1ed9t t\u1ec9 l\u1ec7 ho\u00e0n v\u1ed1n, b\u1edfi tr\u00e1i ch\u1ee7.\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\/30085"}],"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=30085"}],"version-history":[{"count":0,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/30085\/revisions"}],"wp:attachment":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/media?parent=30085"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/categories?post=30085"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/tags?post=30085"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}