{"id":30680,"date":"2023-12-07T09:43:06","date_gmt":"2023-12-07T09:43:06","guid":{"rendered":"https:\/\/masterskills.org\/blog\/thuc-hien-som-quyen-chon-early-exercise-la-gi-nguyen-nhan-thuc-hien-som-quyen-chon.html"},"modified":"2023-12-23T06:14:11","modified_gmt":"2023-12-22T23:14:11","slug":"thuc-hien-som-quyen-chon-early-exercise-la-gi-nguyen-nhan-thuc-hien-som-quyen-chon","status":"publish","type":"post","link":"https:\/\/masterskills.org\/blog\/thuc-hien-som-quyen-chon-early-exercise-la-gi-nguyen-nhan-thuc-hien-som-quyen-chon.html","title":{"rendered":"Th\u1ef1c hi\u1ec7n s\u1edbm quy\u1ec1n ch\u1ecdn (Early Exercise) l\u00e0 g\u00ec? Nguy\u00ean nh\u00e2n th\u1ef1c hi\u1ec7n s\u1edbm quy\u1ec1n ch\u1ecdn"},"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: Gutmann-center.at<\/p>\n<\/figcaption><\/figure>\n<h2><font style=\"line-height: 22px; font-size: 22px;\" color=\"#3d85c6\"><b style=\"\">Th\u1ef1c hi\u1ec7n s\u1edbm quy\u1ec1n ch\u1ecdn<\/b><\/font><\/h2>\n<p><b>Kha\u0301i ni\u00ea\u0323m<\/b><\/p>\n<p><b>Th\u1ef1c hi\u1ec7n s\u1edbm quy\u1ec1n ch\u1ecdn<\/b> trong ti\u00ea\u0301ng Anh la\u0300<b> Early Exercise.<\/b><\/p>\n<p><b>Th\u1ef1c hi\u1ec7n s\u1edbm h\u1ee3p \u0111\u1ed3ng quy\u1ec1n ch\u1ecdn<\/b> l\u00e0 qu\u00e1 tr\u00ecnh mua ho\u1eb7c b\u00e1n c\u1ed5 phi\u1ebfu d\u1ef1a tr\u00ean c\u00e1c \u0111i\u1ec1u kho\u1ea3n c\u1ee7a h\u1ee3p \u0111\u1ed3ng quy\u1ec1n ch\u1ecdn \u0111\u00f3 tr\u01b0\u1edbc ng\u00e0y h\u1ee3p \u0111\u1ed3ng \u0111\u00e1o h\u1ea1n.\u00a0<\/p>\n<p>&#8211; \u0110\u1ed1i v\u1edbi quy\u1ec1n ch\u1ecdn mua, ng\u01b0\u1eddi s\u1edf h\u1eefu quy\u1ec1n ch\u1ecdn y\u00eau c\u1ea7u ng\u01b0\u1eddi b\u00e1n quy\u1ec1n ch\u1ecdn b\u00e1n c\u1ed5 phi\u1ebfu c\u01a1 s\u1edf \u1edf m\u1ee9c gi\u00e1 th\u1ef1c hi\u1ec7n quy\u1ec1n \u0111\u00e3 qui \u0111\u1ecbnh trong h\u1ee3p \u0111\u1ed3ng.\u00a0<\/p>\n<p>&#8211; Ng\u01b0\u1ee3c l\u1ea1i, \u0111\u1ed1i v\u1edbi quy\u1ec1n ch\u1ecdn b\u00e1n, ng\u01b0\u1eddi s\u1edf h\u1eefu quy\u1ec1n ch\u1ecdn y\u00eau c\u1ea7u ng\u01b0\u1eddi b\u00e1n quy\u1ec1n ch\u1ecdn mua c\u1ed5 phi\u1ebfu c\u01a1 s\u1edf \u1edf m\u1ee9c gi\u00e1 th\u1ef1c hi\u1ec7n quy\u1ec1n \u0111\u00e3 qui \u0111\u1ecbnh trong h\u1ee3p \u0111\u1ed3ng.  \u00a0  \u00a0\u00a0<\/p>\n<h3><font style=\"line-height: 22px; font-size: 22px;\" color=\"#3d85c6\">\u0110\u1eb7c \u0111i\u1ec3m Th\u1ef1c hi\u1ec7n s\u1edbm quy\u1ec1n ch\u1ecdn\u00a0<\/font><\/h3>\n<p><b>Th\u1ef1c hi\u1ec7n s\u1edbm quy\u1ec1n ch\u1ecdn<\/b> ch\u1ec9 c\u00f3 th\u1ec3 \u00e1p d\u1ee5ng v\u1edbi c\u00e1c\u00a0h\u1ee3p \u0111\u1ed3ng quy\u1ec1n ch\u1ecdn ki\u1ec3u M\u1ef9\u00a0<i>(American option)<\/i>, v\u1edbi h\u00ecnh th\u1ee9c n\u00e0y ch\u1ee7 s\u1edf h\u1eefu quy\u1ec1n c\u00f3 th\u1ec3 th\u1ef1c hi\u1ec7n quy\u1ec1n b\u1ea5t c\u1ee9 th\u1eddi gian n\u00e0o cho \u0111\u1ebfn khi h\u1ee3p \u0111\u1ed3ng h\u1ebft h\u1ea1n.\u00a0<\/p>\n<p>V\u1edbi c\u00e1c\u00a0h\u1ee3p \u0111\u1ed3ng quy\u1ec1n ch\u1ecdn ch\u00e2u \u00c2u<i>\u00a0(European option)<\/i>, ch\u1ee7 s\u1edf h\u1eefu quy\u1ec1n ch\u1ec9 c\u00f3 th\u1ec3 th\u1ef1c hi\u1ec7n quy\u1ec1n v\u00e0o ng\u00e0y \u0111\u00e1o h\u1ea1n khi\u1ebfn cho vi\u1ec7c th\u1ef1c hi\u1ec7n quy\u1ec1n s\u1edbm l\u00e0 kh\u00f4ng th\u1ec3.  \u00a0  \u00a0\u00a0 <\/p>\n<p><i>H\u1ea7u h\u1ebft c\u00e1c nh\u00e0 giao d\u1ecbch kh\u00f4ng th\u1ef1c hi\u1ec7n quy\u1ec1n s\u1edbm cho c\u00e1c quy\u1ec1n ch\u1ecdn h\u1ecd n\u1eafm gi\u1eef, thay v\u00e0o \u0111\u00f3, h\u1ecd th\u01b0\u1eddng b\u00e1n quy\u1ec1n ch\u1ecdn \u0111\u1ec3 \u0111\u00f3ng v\u1ecb th\u1ebf, trong khi v\u1eabn c\u00f3 th\u1ec3 thu \u0111\u01b0\u1ee3c m\u1ed9t kho\u1ea3n l\u1ee3i nhu\u1eadn do ch\u00eanh l\u1ec7ch gi\u00e1.  \u00a0\u00a0<\/i><\/p>\n<p>Khi theo chi\u1ebfn l\u01b0\u1ee3c <i>mua quy\u1ec1n ch\u1ecdn mua (long call)<\/i> hay <i>mua quy\u1ec1n ch\u1ecdn b\u00e1n (long put)<\/i>, ch\u1ee7 s\u1edf h\u1eefu quy\u1ec1n th\u01b0\u1eddng \u0111\u00f3ng giao d\u1ecbch b\u1eb1ng c\u00e1ch b\u00e1n quy\u1ec1n ch\u1ecdn \u0111\u00f3, thay v\u00ec th\u1ef1c hi\u1ec7n quy\u1ec1n ch\u1ecdn.\u00a0<\/p>\n<p>Giao d\u1ecbch n\u00e0y th\u01b0\u1eddng mang l\u1ea1i l\u1ee3i nhu\u1eadn cao h\u01a1n do gi\u00e1 tr\u1ecb th\u1eddi gian c\u00f2n l\u1ea1i trong trong v\u00f2ng \u0111\u1eddi quy\u1ec1n ch\u1ecdn c\u00f2n d\u00e0i.\u00a0<\/p>\n<h3><font style=\"line-height: 22px; font-size: 22px;\" color=\"#3d85c6\">Nguy\u00ean nh\u00e2n Th\u1ef1c hi\u1ec7n s\u1edbm quy\u1ec1n ch\u1ecdn<\/font><\/h3>\n<p>Th\u1eddi gian \u0111\u00e1o h\u1ea1n c\u00f2n d\u00e0i th\u00ec gi\u00e1 tr\u1ecb th\u1eddi gian c\u00f2n l\u1ea1i trong quy\u1ec1n ch\u1ecdn c\u00e0ng l\u1edbn.\u00a0<\/p>\n<p>N\u1ebfu <b>th\u1ef1c hi\u1ec7n s\u1edbm quy\u1ec1n ch\u1ecdn<\/b>, gi\u00e1 tr\u1ecb th\u1eddi gian c\u00f2n l\u1ea1i n\u00e0y s\u1ebd b\u1ecb m\u1ea5t.  Tuy nhi\u00ean v\u1eabn c\u00f3 m\u1ed9t s\u1ed1 tr\u01b0\u1eddng h\u1ee3p nh\u1ea5t \u0111\u1ecbnh th\u1ef1c hi\u1ec7n s\u1edbm quy\u1ec1n ch\u1ecdn c\u00f3 th\u1ec3 \u0111em l\u1ea1i l\u1ee3i th\u1ebf nhi\u1ec1u h\u01a1n cho nh\u00e0 giao d\u1ecbch.  \u00a0\u00a0<\/p>\n<p>V\u00ed d\u1ee5, m\u1ed9t nh\u00e0 giao d\u1ecbch c\u00f3 th\u1ec3 ch\u1ecdn th\u1ef1c hi\u1ec7n m\u1ed9t quy\u1ec1n ch\u1ecdn mua <i>\u0111ang l\u1eddi (ITM) <\/i>v\u00e0 \u0111ang s\u1eafp h\u1ebft h\u1ea1n do quy\u1ec1n ch\u1ecdn ITM th\u01b0\u1eddng c\u00f3 gi\u00e1 tr\u1ecb th\u1eddi gian kh\u00f4ng \u0111\u00e1ng k\u1ec3.  \u00a0\u00a0<\/p>\n<p>M\u1ed9t l\u00ed do th\u01b0\u1eddng th\u1ea5y khi c\u00e1c nh\u00e0 giao d\u1ecbch th\u1ef1c hi\u1ec7n s\u1edbm quy\u1ec1n ch\u1ecdn kh\u00e1c l\u00e0 ng\u00e0y chia c\u1ed5 t\u1ee9c c\u1ee7a c\u1ed5 phi\u1ebfu c\u01a1 s\u1edf b\u1ecb ho\u00e3n.\u00a0<\/p>\n<p><i>V\u00ec ch\u1ee7 s\u1edf h\u1eefu quy\u1ec1n ch\u1ecdn kh\u00f4ng \u0111\u01b0\u1ee3c h\u01b0\u1edfng c\u1ed5 t\u1ee9c th\u00f4ng th\u01b0\u1eddng v\u00e0 c\u1ed5 t\u1ee9c \u0111\u1eb7c bi\u1ec7t t\u1eeb c\u00f4ng ty ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu c\u01a1 s\u1edf, khi th\u1ef1c hi\u1ec7n s\u1edbm quy\u1ec1n ch\u1ecdn v\u00e0 tr\u1edf th\u00e0nh c\u1ed5 \u0111\u00f4ng c\u1ee7a c\u00f4ng ty. Ph\u1ea7n c\u1ed5 t\u1ee9c \u0111\u01b0\u1ee3c tr\u1ea3 s\u1ebd b\u00f9 \u0111\u1eafp gi\u00e1 tr\u1ecb th\u1eddi gian c\u1eadn bi\u00ean b\u1ecb m\u1ea5t do th\u1ef1c hi\u1ec7n quy\u1ec1n s\u1edbm.  \u00a0\u00a0<\/i><\/p>\n<h3><font style=\"line-height: 22px; font-size: 22px;\" color=\"#3d85c6\">Quy\u1ec1n ch\u1ecdn nh\u00e2n vi\u00ean\u00a0<\/font><\/h3>\n<p><b>Th\u1ef1c hi\u1ec7n s\u1edbm quy\u1ec1n ch\u1ecdn<\/b> c\u0169ng \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng trong c\u00e1c quy\u1ec1n ch\u1ecdn c\u1ed5 phi\u1ebfu \u0111\u01b0\u1ee3c c\u00f4ng ty trao th\u01b0\u1edfng cho nh\u00e2n vi\u00ean (ESO).\u00a0<\/p>\n<p>N\u1ebfu \u0111i\u1ec1u l\u1ec7 ch\u01b0\u01a1ng tr\u00ecnh trao th\u01b0\u1edfng cho nh\u00e2n vi\u00ean cho ph\u00e9p, nh\u00e2n vi\u00ean c\u00f3 th\u1ec3 th\u1ef1c hi\u1ec7n c\u00e1c quy\u1ec1n ch\u1ecdn c\u1ed5 phi\u1ebfu \u0111\u01b0\u1ee3c th\u01b0\u1edfng tr\u01b0\u1edbc khi tr\u1edf th\u00e0nh nh\u00e2n vi\u00ean \u0111\u01b0\u1ee3c giao quy\u1ec1n ho\u00e0n to\u00e0n.\u00a0<\/p>\n<p>Nh\u00e2n vi\u00ean th\u1ef1c hi\u1ec7n s\u1edbm quy\u1ec1n ch\u1ecdn \u0111\u1ec3 c\u00f3 \u0111\u01b0\u1ee3c m\u1ed9t kho\u1ea3n gi\u1ea3m thu\u1ebf. Tuy nhi\u00ean, nh\u00e2n vi\u00ean s\u1ebd ph\u1ea3i tr\u1ea3 ph\u00ed \u0111\u1ec3 mua c\u1ed5 ph\u1ea7n tr\u01b0\u1edbc khi nh\u1eadn to\u00e0n quy\u1ec1n s\u1edf h\u1eefu.\u00a0<\/p>\n<p><i>Ngo\u00e0i ra, m\u1ecdi c\u1ed5 phi\u1ebfu \u0111\u00e3 mua v\u1eabn ph\u1ea3i tu\u00e2n theo l\u1ecbch tr\u00ecnh qui \u0111\u1ecbnh c\u1ee7a c\u00f4ng ty.\u00a0<\/i><\/p>\n<p>Kho\u1ea3n ti\u1ec1n chi ra cho vi\u1ec7c th\u1ef1c hi\u1ec7n quy\u1ec1n s\u1edbm c\u0169ng gi\u1ed1ng nh\u01b0 chi ph\u00ed ch\u1edd \u0111\u1ee3i cho \u0111\u1ebfn khi c\u00f4ng ty ho\u00e0n t\u1ea5t giao quy\u1ec1n n\u1ebfu b\u1ecf qua gi\u00e1 tr\u1ecb th\u1eddi gian c\u1ee7a ti\u1ec1n.   \u00a0\u00a0<\/p>\n<h3><font style=\"line-height: 22px; font-size: 22px;\" color=\"#3d85c6\">V\u00ed d\u1ee5 v\u1ec1 Th\u1ef1c hi\u1ec7n s\u1edbm quy\u1ec1n ch\u1ecdn\u00a0<\/font><\/h3>\n<p>Gi\u1ea3 s\u1eed m\u1ed9t nh\u00e2n vi\u00ean \u0111\u01b0\u1ee3c trao 10.000 quy\u1ec1n ch\u1ecdn \u0111\u1ec3 mua gi\u00e1 c\u1ed5 phi\u1ebfu c\u1ee7a c\u00f4ng ty ABC v\u1edbi gi\u00e1 10$ m\u1ed7i c\u1ed5 phi\u1ebfu, quy\u1ec1n ch\u1ecdn s\u1ebd \u0111\u01b0\u1ee3c chuy\u1ec3n giao sau hai n\u0103m.\u00a0<\/p>\n<p>Ng\u01b0\u1eddi n\u00e0y th\u1ef1c hi\u1ec7n s\u1edbm 5.000 quy\u1ec1n ch\u1ecdn \u0111\u1ec3 mua c\u1ed5 phi\u1ebfu c\u1ee7a ABC, tr\u1ecb gi\u00e1 t\u1ea1i th\u1eddi \u0111i\u1ec3m mua l\u00e0 15$ sau m\u1ed9t n\u0103m.\u00a0<\/p>\n<p><b>Th\u1ef1c hi\u1ec7n s\u1edbm c\u00e1c quy\u1ec1n ch\u1ecdn<\/b> \u0111\u00f3 s\u1ebd ti\u00eau t\u1ed1n c\u1ee7a ng\u01b0\u1eddi n\u00e0y 7.000$ theo m\u1ee9c thu\u1ebf t\u1ed1i thi\u1ec3u thay th\u1ebf (AMT) l\u00e0 28%.<\/p>\n<p>Tuy nhi\u00ean, ng\u01b0\u1eddi n\u00e0y v\u1eabn c\u00f3 th\u1ec3 gi\u1ea3m t\u1ec9 l\u1ec7 thu\u1ebf xu\u1ed1ng 15% (d\u1ef1a tr\u00ean t\u1ec9 l\u1ec7 n\u0103m nay) b\u1eb1ng c\u00e1ch gi\u1eef c\u00e1c quy\u1ec1n ch\u1ecdn s\u1ebd \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n trong n\u0103m ti\u1ebfp theo (hai n\u0103m sau khi \u0111\u01b0\u1ee3c c\u00f4ng ty trao th\u01b0\u1edfng) \u0111\u1ec3 \u0111\u00e1p \u1ee9ng c\u00e1c y\u00eau c\u1ea7u thu\u1ebf v\u1ec1 l\u00e3i v\u1ed1n d\u00e0i h\u1ea1n.\u00a0 \u00a0<\/p>\n<p>(Theo <i>Investopedia<\/i>)<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<div class=\"vnbcbc-sapo\" data-role=\"sapo\">\n                            Th\u1ef1c hi\u1ec7n s\u1edbm quy\u1ec1n ch\u1ecdn (ti\u1ebfng Anh: Early Exercise) l\u00e0 qu\u00e1 tr\u00ecnh mua ho\u1eb7c b\u00e1n c\u1ed5 phi\u1ebfu d\u1ef1a tr\u00ean c\u00e1c \u0111i\u1ec1u kho\u1ea3n c\u1ee7a h\u1ee3p \u0111\u1ed3ng quy\u1ec1n ch\u1ecdn \u0111\u00f3 tr\u01b0\u1edbc ng\u00e0y h\u1ee3p \u0111\u1ed3ng \u0111\u00e1o h\u1ea1n.\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\/30680"}],"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=30680"}],"version-history":[{"count":0,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/30680\/revisions"}],"wp:attachment":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/media?parent=30680"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/categories?post=30680"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/tags?post=30680"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}