{"id":30575,"date":"2023-12-07T09:34:08","date_gmt":"2023-12-07T09:34:08","guid":{"rendered":"https:\/\/masterskills.org\/blog\/gia-ki-han-forward-price-la-gi-cong-thuc-tinh-gia-ki-han.html"},"modified":"2023-12-23T06:13:33","modified_gmt":"2023-12-22T23:13:33","slug":"gia-ki-han-forward-price-la-gi-cong-thuc-tinh-gia-ki-han","status":"publish","type":"post","link":"https:\/\/masterskills.org\/blog\/gia-ki-han-forward-price-la-gi-cong-thuc-tinh-gia-ki-han.html","title":{"rendered":"Gi\u00e1 k\u00ec h\u1ea1n (Forward Price) l\u00e0 g\u00ec? C\u00f4ng th\u1ee9c t\u00ednh Gi\u00e1 k\u00ec h\u1ea1n"},"content":{"rendered":"
\n
\n
<\/div>
\n

Hi\u0300nh minh ho\u0323a. Ngu\u00f4\u0300n: Coindesk.com<\/p>\n<\/figcaption><\/figure>\n

Gi\u00e1 k\u00ec h\u1ea1n<\/font><\/h2>\n

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

Gi\u00e1 k\u00ec h\u1ea1n<\/b> hay c\u00f2n g\u1ecdi l\u00e0 gi\u00e1 giao sau, gi\u00e1 th\u1ecfa thu\u1eadn ng\u00e0y h\u00f4m nay<\/b> trong ti\u00ea\u0301ng Anh la\u0300 Forward Price.<\/b><\/p>\n

Gi\u00e1 k\u00ec h\u1ea1n<\/b> l\u00e0 gi\u00e1 giao h\u00e0ng \u0111\u00e3 x\u00e1c \u0111\u1ecbnh tr\u01b0\u1edbc cho m\u1ed9t lo\u1ea1i h\u00e0ng h\u00f3a, ti\u1ec1n t\u1ec7 ho\u1eb7c t\u00e0i s\u1ea3n t\u00e0i ch\u00ednh c\u01a1 s\u1edf theo th\u1ecfa thu\u1eadn c\u1ee7a ng\u01b0\u1eddi mua v\u00e0 ng\u01b0\u1eddi b\u00e1n h\u1ee3p \u0111\u1ed3ng k\u00ec h\u1ea1n, \u0111\u01b0\u1ee3c thanh to\u00e1n v\u00e0o m\u1ed9t ng\u00e0y \u0111\u1ecbnh tr\u01b0\u1edbc trong t\u01b0\u01a1ng lai.<\/p>\n

T\u1ea1i th\u1eddi \u0111i\u1ec3m ban \u0111\u1ea7u c\u1ee7a h\u1ee3p \u0111\u1ed3ng k\u00ec h\u1ea1n, gi\u00e1 tr\u1ecb c\u1ee7a h\u1ee3p \u0111\u1ed3ng k\u00ec h\u1ea1n s\u1ebd b\u1eb1ng 0, tuy nhi\u00ean gi\u00e1 t\u00e0i s\u1ea3n c\u01a1 s\u1edf thay \u0111\u1ed5i trong su\u1ed1t th\u1eddi h\u1ea1n h\u1ee3p \u0111\u1ed3ng s\u1ebd khi\u1ebfn cho gi\u00e1 h\u1ee3p \u0111\u1ed3ng k\u00ec h\u1ea1n c\u00f3 gi\u00e1 tr\u1ecb d\u01b0\u01a1ng ho\u1eb7c \u00e2m.\u00a0 \u00a0 \u00a0 \u00a0<\/p>\n

\u0110\u1eb7c \u0111i\u1ec3m Gi\u00e1 k\u00ec h\u1ea1n\u00a0<\/font><\/h3>\n

Gi\u00e1 k\u00ec h\u1ea1n<\/b> \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh d\u1ef1a tr\u00ean gi\u00e1 giao ngay hi\u1ec7n t\u1ea1i c\u1ee7a t\u00e0i s\u1ea3n c\u01a1 s\u1edf, c\u1ed9ng v\u1edbi t\u1ea5t c\u1ea3 c\u00e1c chi ph\u00ed t\u1ed3n \u0111\u1ecdng (Carrying cost) nh\u01b0 l\u00e3i su\u1ea5t, chi ph\u00ed l\u01b0u kho, ti\u1ec1n l\u00e3i qu\u00e1 kh\u1ee9 v\u00e0 c\u00e1c chi ph\u00ed kh\u00e1c nh\u01b0 chi ph\u00ed c\u01a1 h\u1ed9i. \u00a0\u00a0<\/p>\n

M\u1eb7c d\u00f9 h\u1ee3p \u0111\u1ed3ng k\u00ec h\u1ea1n kh\u00f4ng c\u00f3 gi\u00e1 tr\u1ecb n\u1ed9i t\u1ea1i \u1edf th\u1eddi \u0111i\u1ec3m ban \u0111\u1ea7u, theo th\u1eddi gian h\u1ee3p \u0111\u1ed3ng c\u00f3 th\u1ec3 t\u0103ng ho\u1eb7c m\u1ea5t gi\u00e1 tr\u1ecb. S\u1ef1 b\u00f9 \u0111\u1eafp c\u1ee7a c\u00e1c v\u1ecb th\u1ebf trong h\u1ee3p \u0111\u1ed3ng k\u00ec h\u1ea1n gi\u1ed1ng nh\u01b0 m\u1ed9t\u00a0tr\u00f2 ch\u01a1i c\u00f3 t\u1ed5ng b\u1eb1ng kh\u00f4ng\u00a0(Zero-Sum Game)<\/i>.\u00a0<\/p>\n

V\u00ed d\u1ee5 n\u1ebfu m\u1ed9t nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 m\u1ed9t v\u1ecb th\u1ebf mua trong th\u1ecfa thu\u1eadn h\u1ee3p \u0111\u1ed3ng k\u00ec h\u1ea1n th\u1ecbt heo v\u00e0 m\u1ed9t nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00e1c c\u00f3 v\u1ecb th\u1ebf b\u00e1n, th\u00ec m\u1ee9c l\u1ee3i nhu\u1eadn n\u00e0o c\u00f3 \u0111\u01b0\u1ee3c t\u1eeb v\u1ecb th\u1ebf mua s\u1ebd b\u1eb1ng m\u1ee9c t\u1ed5n th\u1ea5t m\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 th\u1ee9 hai ph\u1ea3i ch\u1ecbu t\u1eeb v\u1ecb th\u1ebf b\u00e1n.\u00a0<\/p>\n

Do ban \u0111\u1ea7u gi\u00e1 tr\u1ecb c\u1ee7a h\u1ee3p \u0111\u1ed3ng b\u1eb1ng 0, c\u1ea3 b\u00ean mua v\u00e0 b\u00ean b\u00e1n \u0111\u1ec1u b\u00ecnh \u0111\u1eb3ng khi b\u1eaft \u0111\u1ea7u h\u1ee3p \u0111\u1ed3ng. \u00a0<\/i><\/p>\n

C\u00f4ng th\u1ee9c t\u00ednh Gi\u00e1 k\u00ec h\u1ea1n\u00a0<\/font><\/h3>\n

Khi t\u00e0i s\u1ea3n c\u01a1 s\u1edf trong m\u1ed9t h\u1ee3p \u0111\u1ed3ng k\u00ec h\u1ea1n kh\u00f4ng tr\u1ea3 c\u1ed5 t\u1ee9c, gi\u00e1 k\u00ec h\u1ea1n c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c t\u00ednh b\u1eb1ng c\u00f4ng th\u1ee9c sau:\u00a0 <\/p>\n

F = S * e(<\/sup>r<\/sup>*<\/sup>t<\/sup>)<\/sup> <\/sup> \u00a0\u00a0<\/b><\/p>\n

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

– F l\u00e0 gi\u00e1 k\u00ec h\u1ea1n c\u1ee7a h\u1ee3p \u0111\u1ed3ng\u00a0<\/p>\n

– S l\u00e0 gi\u00e1 giao ngay hi\u1ec7n t\u1ea1i c\u1ee7a t\u00e0i s\u1ea3n c\u01a1 s\u1edf\u00a0<\/p>\n

– e l\u00e0 h\u1eb1ng s\u1ed1 x\u1ea5p x\u1ec9 b\u1eb1ng 2.7183\u00a0<\/p>\n

– R l\u00e0 l\u00e3i su\u1ea5t phi r\u1ee7i ro \u00e1p d\u1ee5ng cho v\u00f2ng \u0111\u1eddi c\u1ee7a h\u1ee3p \u0111\u1ed3ng k\u00ec h\u1ea1n\u00a0<\/p>\n

– T l\u00e0 ng\u00e0y chuy\u1ec3n giao t\u00e0i s\u1ea3n t\u00ednh theo n\u0103m\u00a0<\/p>\n

Gi\u1ea3 s\u1eed ch\u1ee9ng kho\u00e1n A hi\u1ec7n \u0111ang giao d\u1ecbch \u1edf m\u1ee9c 100$ m\u1ed7i c\u1ed5 phi\u1ebfu. Nh\u00e0 \u0111\u1ea7u t\u01b0 B mu\u1ed1n mua m\u1ed9t h\u1ee3p \u0111\u1ed3ng k\u00ec h\u1ea1n s\u1ebd h\u1ebft h\u1ea1n sau m\u1ed9t n\u0103m. L\u00e3i su\u1ea5t phi r\u1ee7i ro h\u00e0ng n\u0103m hi\u1ec7n nay l\u00e0 6%. S\u1eed d\u1ee5ng c\u00f4ng th\u1ee9c tr\u00ean, gi\u00e1 k\u00ec h\u1ea1n s\u1ebd \u0111\u01b0\u1ee3c t\u00ednh nh\u01b0 sau: \u00a0\u00a0<\/p>\n

F = 100$ \u00d7 e(0,06 \u00d7 1)<\/sup> = 106,18$. \u00a0\u00a0<\/p>\n

N\u1ebfu c\u00f3 chi ph\u00ed t\u1ed3n \u0111\u1ecdng th\u00ec c\u00f4ng th\u1ee9c tr\u1edf th\u00e0nh: \u00a0<\/p>\n

F = S \u00d7 e(r + q) \u00d7 t<\/sup>\u00a0 \u00a0<\/b><\/p>\n

Trong \u0111\u00f3, q l\u00e0 chi ph\u00ed t\u1ed3n \u0111\u1ecdng. \u00a0\u00a0<\/p>\n

N\u1ebfu t\u00e0i s\u1ea3n c\u01a1 s\u1edf c\u00f3 tr\u1ea3 c\u1ed5 t\u1ee9c trong su\u1ed1t th\u1eddi h\u1ea1n h\u1ee3p \u0111\u1ed3ng, th\u00ec c\u00f4ng th\u1ee9c cho gi\u00e1 k\u00ec h\u1ea1n l\u00e0: \u00a0\u00a0<\/p>\n

F = (S \u2212 D) \u00d7 e(r \u00d7 t)<\/sup> \u00a0\u00a0<\/b><\/p>\n

Trong \u0111\u00f3, D l\u00e0 t\u1ed5ng gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i c\u1ee7a m\u1ed7i c\u1ed5 t\u1ee9c, \u0111\u01b0\u1ee3c t\u00ednh b\u1eb1ng c\u00e1ch chi\u1ebft kh\u1ea5u c\u00e1c c\u1ed5 t\u1ee9c \u0111\u00e3 \u0111\u01b0\u1ee3c tr\u1ea3 v\u1ec1 n\u0103m hi\u1ec7n t\u1ea1i. \u00a0 \u00a0\u00a0<\/p>\n

S\u1eed d\u1ee5ng l\u1ea1i v\u00ed d\u1ee5 tr\u00ean, gi\u1ea3 s\u1eed r\u1eb1ng ch\u1ee9ng kho\u00e1n A tr\u1ea3 c\u1ed5 t\u1ee9c 0,5$ 3 th\u00e1ng m\u1ed9t l\u1ea7n. \u0110\u1ea7u ti\u00ean c\u1ea7n x\u00e1c \u0111\u1ecbnh gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i c\u1ee7a m\u1ed7i c\u1ed5 t\u1ee9c r\u1ed3i t\u00ednh t\u1ed5ng c\u1ee7a c\u00e1c kho\u1ea3n c\u1ed5 t\u1ee9c, ta c\u00f3 l\u00e0 1.927$.\u00a0<\/p>\n

L\u1ea5y gi\u00e1 tr\u1ecb n\u00e0y \u0111\u01b0a v\u00e0o c\u00f4ng th\u1ee9c t\u00ednh gi\u00e1 k\u00ec h\u1ea1n \u0111\u01b0\u1ee3c \u0111i\u1ec1u ch\u1ec9nh theo c\u1ed5 t\u1ee9c:\u00a0<\/p>\n

F = (100$ \u2212 1.927$) * e(<\/sup>0.06<\/sup>\u00d7<\/sup>1<\/sup>)<\/sup> = 104.14$.<\/p>\n

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

\n Gi\u00e1 k\u00ec h\u1ea1n (ti\u1ebfng Anh: Forward Price) l\u00e0 gi\u00e1 giao h\u00e0ng \u0111\u00e3 x\u00e1c \u0111\u1ecbnh tr\u01b0\u1edbc cho m\u1ed9t lo\u1ea1i h\u00e0ng h\u00f3a, ti\u1ec1n t\u1ec7 ho\u1eb7c t\u00e0i s\u1ea3n t\u00e0i ch\u00ednh c\u01a1 s\u1edf theo th\u1ecfa thu\u1eadn c\u1ee7a ng\u01b0\u1eddi mua v\u00e0 ng\u01b0\u1eddi b\u00e1n h\u1ee3p \u0111\u1ed3ng k\u00ec h\u1ea1n, \u0111\u01b0\u1ee3c thanh to\u00e1n v\u00e0o m\u1ed9t ng\u00e0y \u0111\u1ecbnh tr\u01b0\u1edbc trong t\u01b0\u01a1ng lai.\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\/30575"}],"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=30575"}],"version-history":[{"count":0,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/30575\/revisions"}],"wp:attachment":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/media?parent=30575"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/categories?post=30575"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/tags?post=30575"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}