{"id":30125,"date":"2023-12-07T08:58:46","date_gmt":"2023-12-07T08:58:46","guid":{"rendered":"https:\/\/masterskills.org\/blog\/trai-phieu-chuyen-doi-khong-lai-zero-coupon-convertible-la-gi-dac-diem.html"},"modified":"2023-12-23T06:11:58","modified_gmt":"2023-12-22T23:11:58","slug":"trai-phieu-chuyen-doi-khong-lai-zero-coupon-convertible-la-gi-dac-diem","status":"publish","type":"post","link":"https:\/\/masterskills.org\/blog\/trai-phieu-chuyen-doi-khong-lai-zero-coupon-convertible-la-gi-dac-diem.html","title":{"rendered":"Tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i kh\u00f4ng l\u00e3i (Zero-coupon convertible) l\u00e0 g\u00ec? \u0110\u1eb7c \u0111i\u1ec3m"},"content":{"rendered":"
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\u1ea2nh minh h\u1ecda. Ngu\u1ed3n: Investopedia.<\/p>\n<\/div>\n<\/div>\n

Tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i kh\u00f4ng l\u00e3i<\/font><\/b><\/h2>\n

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

Tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i kh\u00f4ng l\u00e3i<\/b> ti\u1ebfng Anh l\u00e0 Zero-coupon convertible.<\/b><\/p>\n

Tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i kh\u00f4ng l\u00e3i<\/b> l\u00e0 m\u1ed9t c\u00f4ng c\u1ee5 thu nh\u1eadp c\u1ed1 \u0111\u1ecbnh k\u1ebft h\u1ee3p gi\u1eefa\u00a0tr\u00e1i phi\u1ebfu zero-coupon\u00a0v\u00e0\u00a0tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i.\u00a0Do t\u00ednh n\u0103ng kh\u00f4ng l\u00e3i, tr\u00e1i phi\u1ebfu n\u00e0y kh\u00f4ng tr\u1ea3 l\u00e3i v\u00e0 \u0111\u01b0\u1ee3c ph\u00e1t h\u00e0nh v\u1edbi gi\u00e1 chi\u1ebft kh\u1ea5u theo m\u1ec7nh gi\u00e1, trong khi \u0111\u00f3 t\u00ednh n\u0103ng chuy\u1ec3n \u0111\u1ed5i c\u00f3 ngh\u0129a l\u00e0 tr\u00e1i phi\u1ebfu c\u00f3 th\u1ec3 chuy\u1ec3n \u0111\u1ed5i th\u00e0nh\u00a0c\u1ed5 phi\u1ebfu ph\u1ed5 th\u00f4ng\u00a0c\u1ee7a t\u1ed5 ch\u1ee9c ph\u00e1t h\u00e0nh \u1edf m\u1ed9t m\u1ee9c gi\u00e1 chuy\u1ec3n \u0111\u1ed5i nh\u1ea5t \u0111\u1ecbnh.<\/p>\n

\u0110\u1eb7c \u0111i\u1ec3m c\u1ee7a tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i kh\u00f4ng l\u00e3i<\/font><\/b><\/h3>\n

Tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i kh\u00f4ng l\u00e3i c\u00f3 hai t\u00ednh n\u0103ng – kh\u00f4ng l\u00e3i v\u00e0 c\u00f3 th\u1ec3 chuy\u1ec3n \u0111\u1ed5i. Ch\u1ee9ng kho\u00e1n kh\u00f4ng l\u00e3i l\u00e0 m\u1ed9t c\u00f4ng c\u1ee5 n\u1ee3 kh\u00f4ng thanh to\u00e1n l\u00e3i. M\u1ed9t nh\u00e0 \u0111\u1ea7u t\u01b0 mua ch\u1ee9ng kho\u00e1n n\u00e0y v\u1edbi gi\u00e1 chi\u1ebft kh\u1ea5u v\u00e0 nh\u1eadn m\u1ec7nh gi\u00e1 c\u1ee7a tr\u00e1i phi\u1ebfu v\u00e0o ng\u00e0y \u0111\u00e1o h\u1ea1n. B\u1edfi v\u00ec kh\u00f4ng c\u00f3 kho\u1ea3n thanh to\u00e1n n\u00e0o tr\u01b0\u1edbc ng\u00e0y \u0111\u00e1o h\u1ea1n, tr\u00e1i phi\u1ebfu zero coupon kh\u00f4ng c\u00f3 r\u1ee7i ro t\u00e1i \u0111\u1ea7u t\u01b0. Ch\u1ee9ng kho\u00e1n chuy\u1ec3n \u0111\u1ed5i l\u00e0 m\u1ed9t c\u00f4ng c\u1ee5 n\u1ee3 c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c chuy\u1ec3n \u0111\u1ed5i th\u00e0nh v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu c\u1ee7a c\u00f4ng ty ph\u00e1t h\u00e0nh t\u1ea1i m\u1ed9t th\u1eddi \u0111i\u1ec3m nh\u1ea5t \u0111\u1ecbnh. <\/p>\n

Do \u0111\u00f3, m\u1ed9t tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i kh\u00f4ng l\u00e3i l\u00e0 m\u1ed9t tr\u00e1i phi\u1ebfu kh\u00f4ng l\u00e3i c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c chuy\u1ec3n \u0111\u1ed5i th\u00e0nh v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu c\u1ee7a c\u00f4ng ty ph\u00e1t h\u00e0nh sau khi c\u1ed5 phi\u1ebfu \u0111\u1ea1t \u0111\u1ebfn m\u1ed9t m\u1ee9c gi\u00e1 nh\u1ea5t \u0111\u1ecbnh. M\u1ed9t tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i kh\u00f4ng l\u00e3i c\u0169ng c\u00f3 th\u1ec3 \u0111\u1ec1 c\u1eadp \u0111\u1ebfn m\u1ed9t\u00a0tr\u00e1i phi\u1ebfu zero coupon\u00a0do m\u1ed9t c\u00f4ng ty ph\u00e1t h\u00e0nh c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c chuy\u1ec3n \u0111\u1ed5i th\u00e0nh tr\u00e1i phi\u1ebfu tr\u1ea3 l\u00e3i v\u00e0o m\u1ed9t th\u1eddi \u0111i\u1ec3m nh\u1ea5t \u0111\u1ecbnh tr\u01b0\u1edbc ng\u00e0y \u0111\u00e1o h\u1ea1n. <\/p>\n

C\u00e1c t\u00ednh n\u0103ng kh\u00f4ng l\u00e3i v\u00e0 c\u00f3 th\u1ec3 chuy\u1ec3n \u0111\u1ed5i b\u00f9 tr\u1eeb cho nhau v\u1ec1 n\u0103ng su\u1ea5t m\u00e0 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 y\u00eau c\u1ea7u. Tr\u00e1i phi\u1ebfu kh\u00f4ng l\u00e3i th\u01b0\u1eddng l\u00e0 kho\u1ea3n \u0111\u1ea7u t\u01b0 c\u00f3 thu nh\u1eadp c\u1ed1 \u0111\u1ecbnh d\u1ec5 bi\u1ebfn \u0111\u1ed9ng nh\u1ea5t v\u00ec ch\u00fang kh\u00f4ng c\u00f3 kho\u1ea3n thanh to\u00e1n l\u00e3i \u0111\u1ecbnh k\u00ec \u0111\u1ec3 gi\u1ea3m thi\u1ec3u r\u1ee7i ro khi n\u1eafm gi\u1eef ch\u00fang, do \u0111\u00f3, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u00f2i h\u1ecfi l\u1ee3i su\u1ea5t cao h\u01a1n \u0111\u1ed1i v\u1edbi lo\u1ea1i t\u00e0i s\u1ea3n n\u00e0y. M\u1eb7t kh\u00e1c, tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i tr\u1ea3 l\u00e3i su\u1ea5t th\u1ea5p h\u01a1n so v\u1edbi c\u00e1c tr\u00e1i phi\u1ebfu kh\u00e1c c\u00f3 c\u00f9ng k\u00ec h\u1ea1n v\u00e0 ch\u1ea5t l\u01b0\u1ee3ng v\u00ec c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 s\u1eb5n s\u00e0ng tr\u1ea3 ph\u00ed b\u1ea3o hi\u1ec3m cho t\u00ednh n\u0103ng chuy\u1ec3n \u0111\u1ed5i.<\/p>\n

Tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i kh\u00f4ng l\u00e3i \u0111\u01b0\u1ee3c \u0111\u1ecbnh gi\u00e1 b\u1eb1ng c\u00e1ch s\u1eed d\u1ee5ng c\u00e1c m\u00f4 h\u00ecnh \u0111\u1ecbnh gi\u00e1 quy\u1ec1n ch\u1ecdn nh\u01b0 Black-Scholes, lo\u1ea1i m\u00f4 h\u00ecnh c\u00e2y nh\u01b0\u00a0m\u00f4 h\u00ecnh nh\u1ecb th\u1ee9c\u00a0ho\u1eb7c tam th\u1ee9c, ho\u1eb7c m\u00f4 h\u00ecnh \u0111\u1ecbnh gi\u00e1 c\u1ed5 t\u1ee9c. Gi\u00e1 c\u1ed5 phi\u1ebfu c\u01a1 b\u1ea3n, c\u00e1c gi\u1ea3 \u0111\u1ecbnh v\u1ec1 h\u00e0nh vi c\u1ee7a gi\u00e1, \u0111\u1ecbnh gi\u00e1 v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu gi\u1ea3 \u0111\u1ecbnh v\u00e0 m\u1ee9c \u0111\u1ed9 bi\u1ebfn \u0111\u1ed9ng gi\u1ea3 \u0111\u1ecbnh l\u00e0 nh\u1eefng y\u1ebfu t\u1ed1 \u0111\u1ea7u v\u00e0o c\u1ea7n thi\u1ebft \u0111\u1ec3 \u0111\u1ecbnh gi\u00e1 ch\u1ee9ng kho\u00e1n. Do s\u1ef1 ph\u1ee9c t\u1ea1p c\u1ee7a tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i kh\u00f4ng l\u00e3i, ch\u1ec9 c\u00f3 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ea5p cao m\u1edbi giao d\u1ecbch ch\u00fang. <\/p>\n

(Theo\u00a0Investopedia<\/i>)<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

\n Tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i kh\u00f4ng l\u00e3i (ti\u1ebfng Anh: Zero-coupon convertible) l\u00e0 m\u1ed9t c\u00f4ng c\u1ee5 thu nh\u1eadp c\u1ed1 \u0111\u1ecbnh k\u1ebft h\u1ee3p gi\u1eefa tr\u00e1i phi\u1ebfu zero-coupon v\u00e0 tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i.\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\/30125"}],"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=30125"}],"version-history":[{"count":0,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/30125\/revisions"}],"wp:attachment":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/media?parent=30125"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/categories?post=30125"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/tags?post=30125"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}