{"id":30735,"date":"2023-12-07T09:48:39","date_gmt":"2023-12-07T09:48:39","guid":{"rendered":"https:\/\/masterskills.org\/blog\/rui-ro-xuong-cap-hang-muc-tin-nhiem-downgrade-risk-la-gi.html"},"modified":"2023-12-23T06:14:24","modified_gmt":"2023-12-22T23:14:24","slug":"rui-ro-xuong-cap-hang-muc-tin-nhiem-downgrade-risk-la-gi","status":"publish","type":"post","link":"https:\/\/masterskills.org\/blog\/rui-ro-xuong-cap-hang-muc-tin-nhiem-downgrade-risk-la-gi.html","title":{"rendered":"R\u1ee7i ro xu\u1ed1ng c\u1ea5p h\u1ea1ng m\u1ee9c t\u00edn nhi\u1ec7m (Downgrade risk) l\u00e0 g\u00ec?"},"content":{"rendered":"
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H\u00ecnh minh h\u1ecda<\/p>\n<\/div>\n<\/div>\n

R\u1ee7i ro xu\u1ed1ng c\u1ea5p h\u1ea1ng m\u1ee9c t\u00edn nhi\u1ec7m (Downgrade risk)<\/font><\/h2>\n

\u0110\u1ecbnh ngh\u0129a<\/b><\/p>\n

R\u1ee7i ro xu\u1ed1ng c\u1ea5p h\u1ea1ng m\u1ee9c t\u00edn nhi\u1ec7m<\/b> trong ti\u1ebfng Anh l\u00e0 Downgrade risk<\/b>.<\/p>\n

R\u1ee7i ro v\u1ec1 xu\u1ed1ng c\u1ea5p h\u1ea1ng m\u1ee9c t\u00edn nhi\u1ec7m <\/i>\u0111\u1ec1 c\u1eadp \u0111\u1ebfn r\u1ee7i ro m\u00e0 ch\u1ee9ng kho\u00e1n n\u1ee3 hay tr\u00e1i phi\u1ebfu m\u1ed9t c\u00f4ng ty ph\u00e1t h\u00e0nh s\u1ebd b\u1ecb h\u1ea1 b\u1eadc do t\u00ecnh tr\u1ea1ng t\u00e0i ch\u00ednh c\u1ee7a t\u1ed5 ch\u1ee9c ph\u00e1t h\u00e0nh x\u1ea5u \u0111i.<\/p>\n

Hi\u1ec3u v\u1ec1 r\u1ee7i ro xu\u1ed1ng c\u1ea5p h\u1ea1ng m\u1ee9c t\u00edn nhi\u1ec7m (Downgrade risk)<\/font><\/h3>\n

– M\u1ed9t khi x\u1ebfp h\u1ea1ng t\u00edn nhi\u1ec7m \u0111\u01b0\u1ee3c c\u00f4ng b\u1ed1 \u0111\u1ed1i v\u1edbi c\u00e1c kho\u1ea3n n\u1ee3, c\u00f4ng ty x\u1ebfp h\u1ea1ng s\u1ebd gi\u00e1m s\u00e1t ch\u1ea5t l\u01b0\u1ee3ng t\u00edn d\u1ee5ng c\u1ee7a t\u1ed5 ch\u1ee9c ph\u00e1t h\u00e0nh, n\u1ebfu c\u00f3 s\u1ef1 c\u1ea3i thi\u1ec7n trong ch\u1ea5t l\u01b0\u1ee3ng t\u00edn d\u1ee5ng c\u1ee7a t\u1ed5 ch\u1ee9c ph\u00e1t h\u00e0nh, m\u1ee9c x\u1ebfp h\u1ea1ng c\u00f3 th\u1ec3 t\u0103ng l\u00ean (upgrade); Ng\u01b0\u1ee3c l\u1ea1i, n\u1ebfu ch\u1ea5t l\u01b0\u1ee3ng t\u00edn d\u1ee5ng gi\u1ea3m, m\u1ee9c x\u1ebfp h\u1ea1ng s\u1ebd gi\u1ea3m theo (downgrade).<\/p>\n

– X\u1ebfp h\u1ea1ng t\u00edn nhi\u1ec7m l\u00e0 th\u01b0\u1edbc \u0111o c\u1ee7a r\u1ee7i ro v\u1ee1 n\u1ee3 ti\u1ec1m \u1ea9n, t\u1eeb \u0111\u00f3 cho th\u1ea5y r\u1ee7i ro t\u00edn d\u1ee5ng c\u1ee7a nh\u00e0 ph\u00e1t h\u00e0nh. N\u1ebfu m\u1ee9c x\u1ebfp h\u1ea1ng b\u1ecb gi\u1ea3m xu\u1ed1ng \u0111\u1ed3ng ngh\u0129a v\u1edbi r\u1ee7i ro t\u00edn d\u1ee5ng s\u1ebd t\u0103ng l\u00ean, nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1ebd y\u00eau c\u1ea7u l\u1ee3i su\u1ea5t cao h\u01a1n \u0111\u1ec3 b\u00f9 v\u00e0o ph\u1ea7n r\u1ee7i ro \u0111\u00f3 l\u00e0m cho gi\u00e1 tr\u00e1i phi\u1ebfu tr\u00ean th\u1ecb tr\u01b0\u1eddng b\u1ecb gi\u1ea3m xu\u1ed1ng.<\/p>\n

– Th\u00f4ng th\u01b0\u1eddng, nh\u00e0 qu\u1ea3n l\u00ed danh m\u1ee5c \u0111\u1ea7u t\u01b0 s\u1ebd xem kh\u1ea3 n\u0103ng (x\u00e1c su\u1ea5t) xu\u1ed1ng c\u1ea5p h\u1ea1ng m\u1ee9c t\u00edn nhi\u1ec7m c\u1ee7a m\u1ed9t \u0111\u1ee3t ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu b\u1eb1ng th\u00f4ng tin th\u1ed1ng k\u00ea cung c\u1ea5p t\u1eeb c\u00e1c c\u00f4ng ty x\u1ebfp h\u1ea1ng t\u00edn nhi\u1ec7m.<\/p>\n

– Nh\u1eefng t\u1ed5 ch\u1ee9c n\u00e0y s\u1ebd th\u1ed1ng k\u00ea trong n\u0103m v\u1edbi c\u00e1c \u0111\u1ee3t ph\u00e1t h\u00e0nh \u0111\u00e3 di\u1ec5n ra v\u00e0 s\u1ed1 l\u01b0\u1ee3ng c\u00e1c c\u00f4ng ty \u0111\u00e3 ph\u00e1t h\u00e0nh xu\u1ed1ng h\u1ea1ng ho\u1eb7c l\u00ean h\u1ea1ng trong n\u0103m \u0111\u00f3, \u0111\u01b0\u1ee3c bi\u1ec3u di\u1ec5n b\u1eb1ng ma tr\u1eadn c\u00e1c m\u1ee9c x\u1ebfp h\u1ea1ng.<\/p>\n

V\u00ed d\u1ee5<\/font><\/h3>\n
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Ngu\u1ed3n: Gi\u00e1o tr\u00ecnh Th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh v\u00e0 c\u00e1c \u0111\u1ecbnh ch\u1ebf t\u00e0i ch\u00ednh, NXB Kinh t\u1ebf Th\u00e0nh ph\u1ed1 H\u1ed3 Ch\u00ed Minh<\/p>\n<\/div>\n<\/div>\n

B\u1ea3ng 3.4 cho th\u1ea5y t\u1ea1i c\u1ed9t \u0111\u1ea7u ti\u00ean l\u00e0 c\u00e1c m\u1ee9c x\u1ebfp h\u1ea1ng t\u1ea1i th\u1eddi \u0111i\u1ec3m \u0111\u1ea7u n\u0103m, d\u00f2ng \u0111\u1ea7u ti\u00ean th\u1ec3 hi\u1ec7n c\u00e1c m\u1ee9c x\u1ebfp h\u1ea1ng t\u1ea1i th\u1eddi \u0111i\u1ec3m cu\u1ed1i n\u0103m. Ta h\u00e3y xem m\u1ee9c \u00f4 c\u00f3 x\u1ebfp h\u1ea1ng AA v\u00e0o \u0111\u1ea7u n\u0103m v\u00e0 v\u00e0o cu\u1ed1i n\u0103m, \u0111\u00e2y l\u00e0 \u00f4 \u0111\u1ea1i di\u1ec7n cho t\u1ec9 l\u1ec7 % c\u00e1c \u0111\u1ee3t ph\u00e1t h\u00e0nh v\u00e0o \u0111\u1ea7u n\u0103m v\u00e0 kh\u00f4ng thay \u0111\u1ed5i m\u1ee9c x\u1ebfp h\u1ea1ng cho \u0111\u1ebfn cu\u1ed1i n\u0103m.<\/p>\n

V\u1eady l\u00e0 92,75% c\u00e1c \u0111\u1ee3t ph\u00e1t h\u00e0nh \u0111\u01b0\u1ee3c x\u1ebfp h\u1ea1ng AA v\u00e0o \u0111\u1ea7u n\u0103m v\u1eabn l\u00e0 m\u1ee9c AA v\u00e0o cu\u1ed1i n\u0103m. \u00d4 c\u00f3 m\u1ee9c x\u1ebfp h\u1ea1ng AA v\u00e0o \u0111\u1ea7u n\u0103m nh\u01b0ng cu\u1ed1i n\u0103m l\u1ea1i l\u00e0 m\u1ee9c A, k\u1ebft qu\u1ea3 cho th\u1ea5y 5,07% c\u00e1c \u0111\u1ee3t ph\u00e1t h\u00e0nh c\u00f3 m\u1ee9c x\u1ebfp h\u1ea1ng AA \u0111\u00e3 b\u1ecb xu\u1ed1ng h\u1ea1ng (downgrade) v\u00e0o cu\u1ed1i n\u0103m.<\/p>\n

\u0110\u00e2y c\u0169ng ch\u00ednh l\u00e0 x\u00e1c su\u1ea5t cho th\u1ea5y kh\u1ea3 n\u0103ng xu\u1ed1ng h\u1ea1ng c\u1ee7a c\u00e1c \u0111\u1ee3t ph\u00e1t h\u00e0nh c\u00f3 m\u1ee9c AA hay r\u1ee7i ro xu\u1ed1ng c\u1ea5p h\u1ea1ng m\u1ee9c t\u00edn nhi\u1ec7m (Downgrade risk)<\/b> l\u00e0 bao nhi\u00eau ph\u1ea7n tr\u0103m t\u1eeb AA xu\u1ed1ng A.<\/p>\n

Ta c\u00f3 th\u1ec3 \u01b0\u1edbc t\u00ednh t\u1ed5ng m\u1ee9c r\u1ee7i ro xu\u1ed1ng c\u1ea5p h\u1ea1ng m\u1ee9c t\u00edn nhi\u1ec7m t\u1eeb A \u0111\u1ebfn D v\u00e0o th\u1eddi \u0111i\u1ec3m cu\u1ed1i n\u0103m, c\u1ee5 th\u1ec3 Total\u00a0Downgrade risk of Issues rated AA = 5,07% +0,36% + 0,11% + 0,07% 0,03% + 0,01% = 5,65%. V\u1eady kh\u1ea3 n\u0103ng 5,65% m\u1ee9c x\u1ebfp h\u1ea1ng AA s\u1ebd b\u1ecb xu\u1ed1ng h\u1ea1ng v\u00e0o cu\u1ed1i n\u0103m.<\/p>\n

Ngo\u00e0i ra, ta c\u00f3 th\u1ec3 th\u1ea5y kh\u1ea3 n\u0103ng l\u00ean h\u1ea1ng (upgrade) t\u1eeb AA th\u00e0nh AAA v\u00e0o th\u1eddi \u0111i\u1ec3m cu\u1ed1i n\u0103m l\u00e0 1,6%.<\/p>\n

C\u1ed9t c\u00f3 m\u1ee9c h\u1ea1ng D cho th\u1ea5y kh\u1ea3 n\u0103ng v\u1ee1 n\u1ee3 (m\u1ea5t kh\u1ea3 n\u0103ng thanh to\u00e1n) c\u1ee7a b\u1ea5t k\u00ec m\u1ee9c x\u1ebfp h\u1ea1ng n\u00e0o trong n\u0103m.<\/p>\n

V\u00ed d\u1ee5, x\u00e1c su\u1ea5t \u0111\u1ec3 \u0111\u1ee3t ph\u00e1t h\u00e0nh c\u00f3 m\u1ee9c x\u1ebfp h\u1ea1ng AA b\u1ecb v\u1ee1 n\u1ee3 (default) v\u00e0o cu\u1ed1i n\u0103m l\u00e0 0,01%, trong khi x\u00e1c su\u1ea5t \u0111\u1ec3 m\u1ee9c x\u1ebfp h\u1ea1ng CCC v\u1ee1 n\u1ee3 v\u00e0o cu\u1ed1i n\u0103m l\u00e0 25,9%.<\/p>\n

(T\u00e0i li\u1ec7u tham kh\u1ea3o: Gi\u00e1o tr\u00ecnh Th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh v\u00e0 c\u00e1c \u0111\u1ecbnh ch\u1ebf t\u00e0i ch\u00ednh, NXB Kinh t\u1ebf Th\u00e0nh ph\u1ed1 H\u1ed3 Ch\u00ed Minh;\u00a0Investopedia)<\/i><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

\n R\u1ee7i ro xu\u1ed1ng c\u1ea5p h\u1ea1ng m\u1ee9c t\u00edn nhi\u1ec7m (ti\u1ebfng Anh: Downgrade risk) \u0111\u1ec1 c\u1eadp \u0111\u1ebfn r\u1ee7i ro m\u00e0 ch\u1ee9ng kho\u00e1n n\u1ee3 hay tr\u00e1i phi\u1ebfu m\u1ed9t c\u00f4ng ty ph\u00e1t h\u00e0nh s\u1ebd b\u1ecb h\u1ea1 b\u1eadc do t\u00ecnh tr\u1ea1ng t\u00e0i ch\u00ednh c\u1ee7a t\u1ed5 ch\u1ee9c ph\u00e1t h\u00e0nh x\u1ea5u \u0111i.\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\/30735"}],"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=30735"}],"version-history":[{"count":0,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/30735\/revisions"}],"wp:attachment":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/media?parent=30735"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/categories?post=30735"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/tags?post=30735"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}