{"id":30675,"date":"2023-12-07T09:42:27","date_gmt":"2023-12-07T09:42:27","guid":{"rendered":"https:\/\/masterskills.org\/blog\/khoan-chac-chan-tuong-duong-certainty-equivalent-la-gi-nhung-dac-diem-can-luu-y.html"},"modified":"2023-12-23T06:14:02","modified_gmt":"2023-12-22T23:14:02","slug":"khoan-chac-chan-tuong-duong-certainty-equivalent-la-gi-nhung-dac-diem-can-luu-y","status":"publish","type":"post","link":"https:\/\/masterskills.org\/blog\/khoan-chac-chan-tuong-duong-certainty-equivalent-la-gi-nhung-dac-diem-can-luu-y.html","title":{"rendered":"Kho\u1ea3n ch\u1eafc ch\u1eafn t\u01b0\u01a1ng \u0111\u01b0\u01a1ng (Certainty Equivalent) l\u00e0 g\u00ec? Nh\u1eefng \u0111\u1eb7c \u0111i\u1ec3m c\u1ea7n l\u01b0u \u00fd"},"content":{"rendered":"
\n
\n
<\/div>
\n

H\u00ecnh minh h\u1ecda. Ngu\u1ed3n: Feltpresence.com<\/p>\n<\/figcaption><\/figure>\n

Kho\u1ea3n ch\u1eafc ch\u1eafn t\u01b0\u01a1ng \u0111\u01b0\u01a1ng<\/font><\/h2>\n

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

Kho\u1ea3n ch\u1eafc ch\u1eafn t\u01b0\u01a1ng \u0111\u01b0\u01a1ng<\/b>, ti\u1ebfng Anh g\u1ecdi l\u00e0 certainty equivalent<\/b>.<\/p>\n

Kho\u1ea3n ch\u1eafc ch\u1eafn t\u01b0\u01a1ng \u0111\u01b0\u01a1ng<\/b> l\u00e0 kho\u1ea3n l\u1ee3i nhu\u1eadn b\u1ea3o \u0111\u1ea3m m\u00e0 m\u1ed9t ng\u01b0\u1eddi c\u00f3 th\u1ec3 nh\u1eadn ngay b\u00e2y gi\u1edd thay cho c\u01a1 h\u1ed9i c\u00f3 \u0111\u01b0\u1ee3c kho\u1ea3n l\u1ee3i nhu\u1eadn cao h\u01a1n trong t\u01b0\u01a1ng lai, nh\u01b0ng kh\u00f4ng ch\u1eafc ch\u1eafn.<\/p>\n

N\u00f3i c\u00e1ch kh\u00e1c, kho\u1ea3n ch\u1eafc ch\u1eafn t\u01b0\u01a1ng \u0111\u01b0\u01a1ng l\u00e0 l\u01b0\u1ee3ng ti\u1ec1n m\u1eb7t b\u1ea3o \u0111\u1ea3m m\u00e0 m\u1ed9t ng\u01b0\u1eddi c\u1ea3m th\u1ea5y l\u00e0 c\u00f3 c\u00f9ng m\u1ee9c \u0111\u1ed9 th\u00e8m mu\u1ed1n nh\u01b0 m\u1ed9t t\u00e0i s\u1ea3n r\u1ee7i ro.<\/p>\n

Hi\u1ec3u r\u00f5 h\u01a1n v\u1ec1 kho\u1ea3n ch\u1eafc ch\u1eafn t\u01b0\u01a1ng \u0111\u01b0\u01a1ng<\/font><\/h3>\n

Nh\u1eefng kho\u1ea3n \u0111\u1ea7u t\u01b0 ph\u1ea3i \u0111\u01b0a ra \u0111\u01b0\u1ee3c m\u1ed9t ph\u1ea7n b\u00f9 r\u1ee7i ro<\/i> \u0111\u1ec3 b\u00f9 \u0111\u1eafp cho kh\u1ea3 n\u0103ng m\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 kh\u00f4ng nh\u1eadn l\u1ea1i \u0111\u01b0\u1ee3c ti\u1ec1n c\u1ee7a h\u1ecd; v\u00e0 r\u1ee7i ro c\u00e0ng cao th\u00ec ph\u1ea7n b\u00f9 r\u1ee7i ro<\/i> so v\u1edbi l\u1ee3i nhu\u1eadn trung b\u00ecnh m\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 mong mu\u1ed1n c\u00e0ng cao.<\/p>\n

N\u1ebfu m\u1ed9t nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 hai s\u1ef1 l\u1ef1a ch\u1ecdn l\u00e0 tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 l\u00e3i su\u1ea5t 3% v\u00e0 tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p l\u00e3i su\u1ea5t 8%, v\u00e0 anh \u1ea5y ch\u1ecdn tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7, th\u00ec ph\u1ea7n ch\u00eanh l\u1ec7ch chi tr\u1ea3 n\u00e0y ch\u00ednh l\u00e0 kho\u1ea3n ch\u1eafc ch\u1eafn t\u01b0\u01a1ng \u0111\u01b0\u01a1ng. Doanh nghi\u1ec7p tr\u00ean c\u1ea7n ph\u1ea3i \u0111\u01b0a cho nh\u00e0 \u0111\u1ea7u t\u01b0 n\u00e0y m\u1ed9t kho\u1ea3n l\u1ee3i nhu\u1eadn k\u00ec v\u1ecdng cao h\u01a1n 8% tr\u00ean tr\u00e1i phi\u1ebfu c\u1ee7a h\u1ecd \u0111\u1ec3 thuy\u1ebft ph\u1ee5c \u0111\u01b0\u1ee3c anh \u1ea5y mua.<\/p>\n

M\u1ed9t c\u00f4ng ty \u0111ang t\u00ecm nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 s\u1eed d\u1ee5ng kho\u1ea3n ch\u1eafc ch\u1eafn t\u01b0\u01a1ng \u0111\u01b0\u01a1ng l\u00e0m c\u01a1 s\u1edf \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh xem h\u1ecd c\u1ea7n tr\u1ea3 th\u00eam bao nhi\u00eau \u0111\u1ec3 thuy\u1ebft ph\u1ee5c c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e2n nh\u1eafc \u0111\u1ebfn s\u1ef1 l\u1ef1a ch\u1ecdn c\u00f3 r\u1ee7i ro cao h\u01a1n n\u00e0y. Kho\u1ea3n ch\u1eafc ch\u1eafn t\u01b0\u01a1ng \u0111\u01b0\u01a1ng kh\u00f4ng c\u1ed1 \u0111\u1ecbnh v\u00ec m\u1ed7i nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u1ec1u c\u00f3 m\u1ee9c \u0111\u1ed9 ch\u1ecbu r\u1ee7i ro<\/i> ri\u00eang.<\/p>\n

Kh\u00e1i ni\u1ec7m n\u00e0y c\u0169ng \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng trong c\u1edd b\u1ea1c, \u0111\u1ea1i di\u1ec7n cho ph\u1ea7n ti\u1ec1n m\u00e0 m\u1ed9t ng\u01b0\u1eddi mong mu\u1ed1n \u0111\u1ec3 c\u00e2n nh\u1eafc gi\u1eefa n\u00f3 v\u1edbi m\u1ed9t canh b\u1ea1c nh\u1ea5t \u0111\u1ecbnh. \u0110i\u1ec1u n\u00e0y \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 kho\u1ea3n ch\u1eafc ch\u1eafn t\u01b0\u01a1ng \u0111\u01b0\u01a1ng c\u1ee7a canh b\u1ea1c.<\/p>\n

V\u00ed d\u1ee5 v\u1ec1 kho\u1ea3n ch\u1eafc ch\u1eafn t\u01b0\u01a1ng \u0111\u01b0\u01a1ng<\/font><\/h3>\n

Kh\u00e1i ni\u1ec7m kho\u1ea3n ch\u1eafc ch\u1eafn t\u01b0\u01a1ng \u0111\u01b0\u01a1ng c\u00f3 th\u1ec3 \u00e1p d\u1ee5ng tr\u00ean d\u00f2ng ti\u1ec1n c\u1ee7a m\u1ed9t kho\u1ea3n \u0111\u1ea7u t\u01b0. D\u00f2ng ti\u1ec1n ch\u1eafc ch\u1eafn t\u01b0\u01a1ng \u0111\u01b0\u01a1ng l\u00e0 d\u00f2ng ti\u1ec1n phi r\u1ee7i ro m\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ea3m th\u1ea5y t\u01b0\u01a1ng \u0111\u1ed3ng v\u1edbi m\u1ed9t d\u00f2ng ti\u1ec1n k\u00ec v\u1ecdng kh\u00e1c, tuy nhi\u1ec1u h\u01a1n nh\u01b0ng c\u0169ng r\u1ee7i ro h\u01a1n.<\/p>\n

C\u00f4ng th\u1ee9c t\u00ednh d\u00f2ng ti\u1ec1n ch\u1eafc ch\u1eafn t\u01b0\u01a1ng \u0111\u01b0\u01a1ng l\u00e0:<\/p>\n

D\u00f2ng ti\u1ec1n ch\u1eafc ch\u1eafn t\u01b0\u01a1ng \u0111\u01b0\u01a1ng = D\u00f2ng ti\u1ec1n k\u00ec v\u1ecdng\/(1 + Ph\u1ea7n b\u00f9 r\u1ee7i ro)<\/b><\/p>\n

Ph\u1ea7n b\u00f9 r\u1ee7i ro<\/i> \u0111\u01b0\u1ee3c t\u00ednh b\u1eb1ng c\u00e1ch tr\u1eeb t\u1ec9 l\u1ec7 ho\u00e0n v\u1ed1n \u0111i\u1ec1u ch\u1ec9nh r\u1ee7i ro<\/i> cho l\u00e3i su\u1ea5t phi r\u1ee7i ro<\/i>. D\u00f2ng ti\u1ec1n k\u00ec v\u1ecdng \u0111\u01b0\u1ee3c t\u00ednh b\u1eb1ng c\u00e1ch l\u1ea5y gi\u00e1 tr\u1ecb c\u1ee7a m\u1ed7i d\u00f2ng ti\u1ec1n k\u00ec v\u1ecdng<\/i> theo t\u1ec9 tr\u1ecdng x\u00e1c su\u1ea5t v\u00e0 c\u1ed9ng ch\u00fang l\u1ea1i.<\/p>\n

V\u00ed d\u1ee5, gi\u1ea3 s\u1eed m\u1ed9t nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111ang \u0111\u1ee9ng gi\u1eefa hai s\u1ef1 l\u1ef1a ch\u1ecdn, m\u1ed9t l\u00e0 ch\u1ea5p nh\u1eadn m\u1ed9t d\u00f2ng ti\u1ec1n \u0111\u1ea3m b\u1ea3o 10 tri\u1ec7u \u0111\u00f4 ho\u1eb7c ch\u1ea5p nh\u1eadn m\u1ed9t d\u00f2ng ti\u1ec1n c\u00f3 k\u00ec v\u1ecdng nh\u01b0 sau:<\/p>\n

– 30% nh\u1eadn \u0111\u01b0\u1ee3c 7,5 tri\u1ec7u \u0111\u00f4.<\/p>\n

– 50% nh\u1eadn \u0111\u01b0\u1ee3c 15,5 tri\u1ec7u \u0111\u00f4.<\/p>\n

– 20% nh\u1eadn \u0111\u01b0\u1ee3c 4 tri\u1ec7u \u0111\u00f4.<\/p>\n

D\u1ef1a tr\u00ean x\u00e1c su\u1ea5t tr\u00ean, d\u00f2ng ti\u1ec1n k\u00ec v\u1ecdng trong b\u1ed1i c\u1ea3nh n\u00e0y l\u00e0:<\/p>\n

D\u00f2ng ti\u1ec1n k\u00ec v\u1ecdng = 0,3 * 7,5 tri\u1ec7u \u0111\u00f4 + 0,5 * 15,5 tri\u1ec7u \u0111\u00f4 + 0,2 * 4 tri\u1ec7u \u0111\u00f4 = 10,8 tri\u1ec7u \u0111\u00f4<\/p>\n

Gi\u1ea3 s\u1eed t\u1ec9 l\u1ec7 ho\u00e0n v\u1ed1n \u0111i\u1ec1u ch\u1ec9nh r\u1ee7i ro<\/i> \u0111\u01b0\u1ee3c d\u00f9ng \u0111\u1ec3 chi\u1ebft kh\u1ea5u s\u1ef1 l\u1ef1a ch\u1ecdn n\u00e0y l\u00e0 12% v\u00e0 l\u00e3i su\u1ea5t phi r\u1ee7i ro<\/i> l\u00e0 3%. V\u1eady th\u00ec ph\u1ea7n b\u00f9 r\u1ee7i ro <\/i>s\u1ebd\u00a0<\/i>l\u00e0 (12% – 3%) hay 9%. S\u1eed d\u1ee5ng c\u00f4ng th\u1ee9c \u1edf tr\u00ean, d\u00f2ng ti\u1ec1n ch\u1eafc ch\u1eafn t\u01b0\u01a1ng \u0111\u01b0\u01a1ng l\u00e0:<\/p>\n

D\u00f2ng ti\u1ec1n ch\u1eafc ch\u1eafn t\u01b0\u01a1ng \u0111\u01b0\u01a1ng = 10,8 tri\u1ec7u \u0111\u00f4\/(1 + 0,09) = 9,908 tri\u1ec7u \u0111\u00f4<\/p>\n

D\u1ef1a tr\u00ean k\u1ebft qu\u1ea3 n\u00e0y, n\u1ebfu nh\u00e0 \u0111\u1ea7u t\u01b0 mu\u1ed1n tr\u00e1nh r\u1ee7i ro, th\u00ec anh \u1ea5y n\u00ean ch\u1ea5p nh\u1eadn b\u1ea5t k\u00ec s\u1ef1 l\u1ef1a ch\u1ecdn \u0111\u1ea3m b\u1ea3o n\u00e0o c\u00f3 gi\u00e1 tr\u1ecb cao h\u01a1n 9,908 tri\u1ec7u \u0111\u00f4.<\/p>\n

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

\n Kho\u1ea3n ch\u1eafc ch\u1eafn t\u01b0\u01a1ng \u0111\u01b0\u01a1ng (ti\u1ebfng Anh: Certainty equivalent) l\u00e0 kho\u1ea3n l\u1ee3i nhu\u1eadn b\u1ea3o \u0111\u1ea3m m\u00e0 m\u1ed9t ng\u01b0\u1eddi c\u00f3 th\u1ec3 nh\u1eadn ngay b\u00e2y gi\u1edd thay cho c\u01a1 h\u1ed9i c\u00f3 \u0111\u01b0\u1ee3c kho\u1ea3n l\u1ee3i nhu\u1eadn cao h\u01a1n trong t\u01b0\u01a1ng lai, nh\u01b0ng kh\u00f4ng ch\u1eafc ch\u1eafn.\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\/30675"}],"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=30675"}],"version-history":[{"count":0,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/30675\/revisions"}],"wp:attachment":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/media?parent=30675"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/categories?post=30675"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/tags?post=30675"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}