{"id":30853,"date":"2023-12-07T09:57:45","date_gmt":"2023-12-07T09:57:45","guid":{"rendered":"https:\/\/masterskills.org\/blog\/giao-dich-song-hanh-mao-hiem-merger-arbitrage-la-gi-nhung-dac-diem-can-luu-y.html"},"modified":"2023-12-23T07:23:25","modified_gmt":"2023-12-23T00:23:25","slug":"giao-dich-song-hanh-mao-hiem-merger-arbitrage-la-gi-nhung-dac-diem-can-luu-y","status":"publish","type":"post","link":"https:\/\/masterskills.org\/blog\/giao-dich-song-hanh-mao-hiem-merger-arbitrage-la-gi-nhung-dac-diem-can-luu-y.html","title":{"rendered":"Giao d\u1ecbch song h\u00e0nh m\u1ea1o hi\u1ec3m (Merger Arbitrage) 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: ETF Trends<\/p>\n<\/figcaption><\/figure>\n

Giao d\u1ecbch song h\u00e0nh m\u1ea1o hi\u1ec3m<\/font><\/h2>\n

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

Giao d\u1ecbch song h\u00e0nh m\u1ea1o hi\u1ec3m<\/b>, ti\u1ebfng Anh g\u1ecdi l\u00e0 merger arbitrage<\/b> hay risk arbitrage<\/b>.<\/p>\n

Giao d\u1ecbch song h\u00e0nh m\u1ea1o hi\u1ec3m<\/b> th\u01b0\u1eddng \u0111\u01b0\u1ee3c coi l\u00e0 m\u1ed9t chi\u1ebfn l\u01b0\u1ee3c c\u1ee7a qu\u0129 ph\u00f2ng v\u1ec7<\/i>, n\u00f3 bao g\u1ed3m vi\u1ec7c \u0111\u1ed3ng th\u1eddi th\u1ef1c hi\u1ec7n mua v\u00e0 b\u00e1n c\u1ed5 phi\u1ebfu c\u1ee7a hai c\u00f4ng ty \u0111ang ti\u1ebfn h\u00e0nh h\u1ee3p nh\u1ea5t \u0111\u1ec3 t\u1ea1o ra l\u1ee3i nhu\u1eadn “phi r\u1ee7i ro”.<\/p>\n

Ng\u01b0\u1eddi giao d\u1ecbch song h\u00e0nh m\u1ea1o hi\u1ec3m xem x\u00e9t \u0111\u1ebfn x\u00e1c su\u1ea5t m\u00e0 qu\u00e1 tr\u00ecnh h\u1ee3p nh\u1ea5t s\u1ebd kh\u00f4ng ho\u00e0n th\u00e0nh v\u00e0o \u0111\u00fang ng\u00e0y ho\u1eb7c kh\u00f4ng th\u1ec3 ho\u00e0n th\u00e0nh \u0111\u01b0\u1ee3c.<\/p>\n

V\u00ec s\u1ef1 kh\u00f4ng ch\u1eafc ch\u1eafn n\u00ean gi\u00e1 c\u1ed5 phi\u1ebfu c\u1ee7a c\u00f4ng ty m\u1ee5c ti\u00eau th\u01b0\u1eddng \u0111\u01b0\u1ee3c b\u00e1n d\u01b0\u1edbi m\u1ee9c gi\u00e1 mua l\u1ea1i. Ng\u01b0\u1eddi giao d\u1ecbch song h\u00e0nh m\u1ea1o hi\u1ec3m s\u1ebd mua c\u1ed5 phi\u1ebfu tr\u01b0\u1edbc khi qu\u00e1 tr\u00ecnh mua l\u1ea1i \u0111\u01b0\u1ee3c ti\u1ebfn h\u00e0nh v\u1edbi k\u00ec v\u1ecdng \u0111\u1ea1t \u0111\u01b0\u1ee3c l\u1ee3i nhu\u1eadn khi m\u00e0 th\u01b0\u01a1ng v\u1ee5 h\u1ee3p nh\u1ea5t ho\u1eb7c mua l\u1ea1i \u0111\u01b0\u1ee3c ho\u00e0n th\u00e0nh.<\/p>\n

Hi\u1ec3u r\u00f5 h\u01a1n v\u1ec1 giao d\u1ecbch song h\u00e0nh m\u1ea1o hi\u1ec3m<\/font><\/h3>\n

Giao d\u1ecbch song h\u00e0nh m\u1ea1o hi\u1ec3m<\/b> l\u00e0 m\u1ed9t bi\u1ebfn th\u1ec3 c\u1ee7a vi\u1ec7c giao d\u1ecbch ho\u1eb7c \u0111\u1ea7u t\u01b0 d\u1ef1a tr\u00ean s\u1ef1 ki\u1ec7n. N\u00f3 t\u1eadn d\u1ee5ng s\u1ef1 kh\u00f4ng hi\u1ec7u qu\u1ea3 c\u1ee7a th\u1ecb tr\u01b0\u1eddng tr\u01b0\u1edbc ho\u1eb7c sau qu\u00e1 tr\u00ecnh h\u1ee3p nh\u1ea5t hay mua l\u1ea1i.<\/p>\n

M\u1ed9t nh\u00e0 qu\u1ea3n l\u00ed danh m\u1ee5c \u0111\u1ea7u t\u01b0 th\u00f4ng th\u01b0\u1eddng s\u1ebd t\u1eadp trung v\u00e0o x\u00e1c su\u1ea5t c\u1ee7a th\u01b0\u01a1ng v\u1ee5 h\u1ee3p nh\u1ea5t. Ng\u01b0\u1ee3c l\u1ea1i, ng\u01b0\u1eddi giao d\u1ecbch song h\u00e0nh m\u1ea1o hi\u1ec3m l\u1ea1i t\u1eadp trung v\u00e0o x\u00e1c su\u1ea5t th\u01b0\u01a1ng v\u1ee5 \u0111\u01b0\u1ee3c ch\u1ea5p thu\u1eadn v\u00e0 kho\u1ea3ng th\u1eddi gian c\u1ea7n thi\u1ebft \u0111\u1ec3 ho\u00e0n t\u1ea5t n\u00f3.\u00a0<\/p>\n

V\u00ec v\u1eabn t\u1ed3n t\u1ea1i x\u00e1c su\u1ea5t th\u01b0\u01a1ng v\u1ee5 kh\u00f4ng \u0111\u01b0\u1ee3c ch\u1ea5p thu\u1eadn n\u00ean chi\u1ebfn l\u01b0\u1ee3c giao d\u1ecbch song h\u00e0nh m\u1ea1o hi\u1ec3m v\u1eabn ch\u1ee9a m\u1ed9t s\u1ed1 r\u1ee7i ro.<\/p>\n

C\u00e1ch th\u1ee9c ho\u1ea1t \u0111\u1ed9ng c\u1ee7a giao d\u1ecbch song h\u00e0nh m\u1ea1o hi\u1ec3m<\/font><\/h3>\n

C\u00f3 hai d\u1ea1ng h\u1ee3p nh\u1ea5t doanh nghi\u1ec7p l\u00e0 h\u1ee3p nh\u1ea5t b\u1eb1ng ti\u1ec1n <\/i>v\u00e0 h\u1ee3p nh\u1ea5t b\u1eb1ng c\u1ed5 phi\u1ebfu<\/i>.\u00a0<\/p>\n

Trong c\u00e1ch th\u1ee9c h\u1ee3p nh\u1ea5t b\u1eb1ng ti\u1ec1n<\/i>, c\u00f4ng ty mua l\u1ea1i s\u1ebd thu mua c\u1ed5 phi\u1ebfu c\u1ee7a c\u00f4ng ty m\u1ee5c ti\u00eau b\u1eb1ng ti\u1ec1n m\u1eb7t. Ng\u01b0\u1ee3c l\u1ea1i, c\u00e1ch th\u1ee9c h\u1ee3p nh\u1ea5t b\u1eb1ng c\u1ed5 phi\u1ebfu<\/i> l\u00e0 vi\u1ec7c d\u00f9ng c\u1ed5 phi\u1ebfu c\u1ee7a c\u00f4ng ty mua l\u1ea1i \u0111\u1ec3 \u0111\u1ed5i l\u1ea5y c\u1ed5 phi\u1ebfu c\u1ee7a c\u00f4ng ty m\u1ee5c ti\u00eau.<\/p>\n

Khi m\u1ed9t doanh nghi\u1ec7p c\u00f4ng b\u1ed1 \u00fd \u0111\u1ecbnh mua l\u1ea1i m\u1ed9t doanh nghi\u1ec7p kh\u00e1c th\u00ec c\u1ed5 phi\u1ebfu c\u1ee7a c\u00f4ng ty mua l\u1ea1i th\u01b0\u1eddng b\u1ecb gi\u1ea3m gi\u00e1 v\u00e0 c\u1ed5 phi\u1ebfu c\u1ee7a c\u00f4ng ty m\u1ee5c ti\u00eau th\u00ec l\u1ea1i t\u0103ng gi\u00e1. \u0110\u1ec3 \u0111\u1ea3m b\u1ea3o cho s\u1ed1 c\u1ed5 ph\u1ea7n c\u1ee7a c\u00f4ng ty m\u1ee5c ti\u00eau th\u00ec c\u00f4ng ty mua l\u1ea1i ph\u1ea3i \u0111\u01b0a ra m\u1ee9c ch\u00e0o gi\u00e1 cao h\u01a1n gi\u00e1 hi\u1ec7n t\u1ea1i c\u1ee7a s\u1ed1 c\u1ed5 ph\u1ea7n \u0111\u00f3.<\/p>\n

Gi\u00e1 c\u1ed5 phi\u1ebfu c\u1ee7a c\u00f4ng ty mua l\u1ea1i b\u1ecb gi\u1ea3m v\u00ec ho\u1ea1t \u0111\u1ed9ng \u0111\u1ea7u c\u01a1 tr\u00ean th\u1ecb tr\u01b0\u1eddng \u0111\u1ed1i v\u1edbi c\u00f4ng ty m\u1ee5c ti\u00eau ho\u1eb7c do m\u1ee9c gi\u00e1 ch\u00e0o mua cho c\u00f4ng ty m\u1ee5c ti\u00eau. Tuy v\u1eady, gi\u00e1 c\u1ed5 phi\u1ebfu c\u1ee7a c\u00f4ng ty m\u1ee5c ti\u00eau th\u01b0\u1eddng \u0111\u01b0\u1ee3c duy tr\u00ec d\u01b0\u1edbi m\u1ee9c gi\u00e1 mua l\u1ea1i, ph\u1ea3n \u00e1nh s\u1ef1 kh\u00f4ng ch\u1eafc ch\u1eafn c\u1ee7a th\u01b0\u01a1ng v\u1ee5.<\/p>\n

Trong c\u00e1ch th\u1ee9c h\u1ee3p nh\u1ea5t b\u1eb1ng ti\u1ec1n<\/i>, nh\u00e0 \u0111\u1ea7u t\u01b0 th\u01b0\u1eddng n\u1eafm gi\u1eef v\u1ecb th\u1ebf mua \u0111\u1ed1i v\u1edbi c\u00f4ng ty m\u1ee5c ti\u00eau. C\u00f2n trong c\u00e1ch th\u1ee9c h\u1ee3p nh\u1ea5t b\u1eb1ng c\u1ed5 phi\u1ebfu<\/i>, ng\u01b0\u1eddi giao d\u1ecbch song h\u00e0nh m\u1ea1o hi\u1ec3m<\/b> s\u1ebd mua c\u1ed5 phi\u1ebfu c\u1ee7a c\u00f4ng ty m\u1ee5c ti\u00eau v\u00e0 gi\u1eef v\u1ecb th\u1ebf b\u00e1n <\/i>tr\u00ean c\u1ed5 phi\u1ebfu c\u1ee7a c\u00f4ng ty mua l\u1ea1i.\u00a0<\/p>\n

N\u1ebfu th\u01b0\u01a1ng v\u1ee5 \u0111\u01b0\u1ee3c ho\u00e0n th\u00e0nh v\u00e0 s\u1ed1 c\u1ed5 phi\u1ebfu c\u1ee7a c\u00f4ng ty m\u1ee5c ti\u00eau \u0111\u01b0\u1ee3c chuy\u1ec3n th\u00e0nh c\u1ed5 phi\u1ebfu c\u1ee7a c\u00f4ng ty mua l\u1ea1i, th\u00ec ng\u01b0\u1eddi giao d\u1ecbch song h\u00e0nh m\u1ea1o hi\u1ec3m c\u00f3 th\u1ec3 s\u1eed d\u1ee5ng s\u1ed1 c\u1ed5 phi\u1ebfu \u0111\u01b0\u1ee3c chuy\u1ec3n \u0111\u1ed5i \u0111\u1ec3 tr\u1ea3 cho v\u1ecb th\u1ebf b\u00e1n<\/i>.\u00a0<\/p>\n

Ng\u01b0\u1eddi giao d\u1ecbch song h\u00e0nh m\u1ea1o hi\u1ec3m c\u0169ng c\u00f3 th\u1ec3 t\u00e1i t\u1ea1o chi\u1ebfn l\u01b0\u1ee3c n\u00e0y b\u1eb1ng c\u00e1ch s\u1eed d\u1ee5ng h\u1ee3p \u0111\u1ed3ng quy\u1ec1n ch\u1ecdn<\/i>, v\u00ed d\u1ee5 nh\u01b0 mua c\u1ed5 phi\u1ebfu c\u1ee7a c\u00f4ng ty m\u1ee5c ti\u00eau v\u00e0 quy\u1ec1n ch\u1ecdn b\u00e1n<\/i> c\u1ee7a c\u00f4ng ty mua l\u1ea1i.<\/p>\n

N\u1ebfu ng\u01b0\u1eddi giao d\u1ecbch song h\u00e0nh k\u00ec v\u1ecdng th\u01b0\u01a1ng v\u1ee5 s\u1ebd \u0111\u1ed5 v\u1ee1 th\u00ec h\u1ecd c\u00f3 th\u1ec3 gi\u1eef v\u1ecb th\u1ebf b\u00e1n<\/i> tr\u00ean c\u1ed5 phi\u1ebfu c\u1ee7a c\u00f4ng ty m\u1ee5c ti\u00eau. Khi th\u01b0\u01a1ng v\u1ee5 h\u1ee3p nh\u1ea5t b\u1ecb \u0111\u1ed5 v\u1ee1 th\u00ec gi\u00e1 c\u1ed5 phi\u1ebfu c\u1ee7a c\u00f4ng ty m\u1ee5c ti\u00eau s\u1ebd gi\u1ea3m v\u1ec1 m\u1ee9c gi\u00e1 tr\u01b0\u1edbc khi th\u01b0\u01a1ng v\u1ee5 \u0111\u01b0\u1ee3c c\u00f4ng b\u1ed1.<\/p>\n

Th\u01b0\u01a1ng v\u1ee5 h\u1ee3p nh\u1ea5t c\u00f3 th\u1ec3 b\u1ecb \u0111\u1ed5 v\u1ee1 v\u00ec nhi\u1ec1u l\u00ed do, v\u00ed d\u1ee5 nh\u01b0 l\u00ed do ph\u00e1p l\u00ed, t\u00e0i ch\u00ednh kh\u00f4ng \u1ed5n \u0111\u1ecbnh, hay b\u1ea5t l\u1ee3i v\u1ec1 thu\u1ebf.<\/p>\n

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

\n Giao d\u1ecbch song h\u00e0nh m\u1ea1o hi\u1ec3m (ti\u1ebfng Anh: Merger arbitrage) l\u00e0 vi\u1ec7c \u0111\u1ed3ng th\u1eddi th\u1ef1c hi\u1ec7n mua v\u00e0 b\u00e1n c\u1ed5 phi\u1ebfu c\u1ee7a hai c\u00f4ng ty \u0111ang ti\u1ebfn h\u00e0nh h\u1ee3p nh\u1ea5t \u0111\u1ec3 t\u1ea1o ra l\u1ee3i nhu\u1eadn “phi r\u1ee7i ro”.\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\/30853"}],"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=30853"}],"version-history":[{"count":0,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/30853\/revisions"}],"wp:attachment":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/media?parent=30853"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/categories?post=30853"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/tags?post=30853"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}