{"id":30994,"date":"2023-12-07T10:13:54","date_gmt":"2023-12-07T10:13:54","guid":{"rendered":"https:\/\/masterskills.org\/blog\/muc-chiu-rui-ro-risk-tolerance-la-gi-y-nghia-va-cach-xac-dinh.html"},"modified":"2023-12-07T10:13:54","modified_gmt":"2023-12-07T10:13:54","slug":"muc-chiu-rui-ro-risk-tolerance-la-gi-y-nghia-va-cach-xac-dinh","status":"publish","type":"post","link":"https:\/\/masterskills.org\/blog\/muc-chiu-rui-ro-risk-tolerance-la-gi-y-nghia-va-cach-xac-dinh.html","title":{"rendered":"M\u1ee9c ch\u1ecbu r\u1ee7i ro (Risk Tolerance) l\u00e0 g\u00ec? \u00dd ngh\u0129a v\u00e0 c\u00e1ch x\u00e1c \u0111\u1ecbnh"},"content":{"rendered":"
\n
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\"Author<\/div>\n
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H\u00ecnh minh h\u1ecda<\/p>\n<\/div>\n<\/div>\n

M\u1ee9c ch\u1ecbu r\u1ee7i ro (Risk Tolerance)<\/font><\/h2>\n

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

M\u1ee9c ch\u1ecbu r\u1ee7i ro<\/b> trong ti\u1ebfng Anh l\u00e0 Risk Tolerance<\/b>.\u00a0M\u1ee9c ch\u1ecbu r\u1ee7i ro<\/i> l\u00e0 th\u01b0\u1edbc \u0111o \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 kh\u1ea3 n\u0103ng s\u1eb5n s\u00e0ng ch\u1ea5p nh\u1eadn r\u1ee7i ro c\u1ee7a c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0.<\/p>\n

N\u00f3i c\u00e1ch kh\u00e1c, c\u00f9ng m\u1ed9t m\u1ee9c r\u1ee7i ro nh\u01b0 nhau, nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 quy\u1ebft \u0111\u1ecbnh l\u1ef1a ch\u1ecdn hay kh\u00f4ng l\u1ef1a ch\u1ecdn danh m\u1ee5c \u0111\u1ea7u t\u01b0.<\/p>\n

\u00dd ngh\u0129a<\/font><\/h3>\n

– Vi\u1ec7c x\u00e1c \u0111\u1ecbnh m\u1ee9c ch\u1ecbu r\u1ee7i ro c\u1ee7a t\u1eebng nh\u00e0 \u0111\u1ea7u t\u01b0 nh\u1eb1m gi\u00fap cho b\u1ea3n th\u00e2n c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 l\u01b0\u1ee3ng h\u00f3a \u0111\u01b0\u1ee3c c\u00e1c quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 c\u1ee7a m\u00ecnh, thay v\u00ec nh\u1eefng quy\u1ebft \u0111\u1ecbnh mang t\u00ednh c\u1ea3m t\u00ednh.<\/p>\n

– Gi\u1ea3 s\u1eed r\u1eb1ng m\u1ed1i nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 x\u00e1c \u0111\u1ecbnh m\u1ee9c \u0111\u1ed9 h\u1eefu d\u1ee5ng (hay m\u1ee9c \u0111\u1ed9 h\u00e0i l\u00f2ng) c\u1ee7a vi\u1ec7c n\u1eafm gi\u1eef danh m\u1ee5c \u0111\u1ea7u t\u01b0 tr\u00ean c\u01a1 s\u1edf c\u00e1c m\u1ee9c l\u1ee3i t\u1ee9c k\u00ec v\u1ecdng v\u00e0 r\u1ee7i ro c\u1ee7a danh m\u1ee5c \u0111\u1ea7u t\u01b0 n\u00e0y.<\/p>\n

– Gi\u00e1 tr\u1ecb h\u1eefu d\u1ee5ng c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c coi l\u00e0 ph\u01b0\u01a1ng ti\u1ec7n \u0111\u1ec3 x\u1ebfp lo\u1ea1i c\u00e1c danh m\u1ee5c \u0111\u1ea7u t\u01b0. C\u00e1c danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u00f3 m\u1ee9c t\u01b0\u01a1ng quan r\u1ee7i ro – l\u1ee3i nhu\u1eadn h\u1ea5p d\u1eabn h\u01a1n l\u00e0 nh\u1eefng danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u00f3 gi\u00e1 tr\u1ecb h\u1eefu d\u1ee5ng cao h\u01a1n.<\/p>\n

C\u00e1c danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u00f3 c\u00f9ng m\u1ed9t m\u1ee9c r\u1ee7i ro th\u00ec s\u1ebd c\u00f3 \u0111i\u1ec3m h\u1eefu d\u1ee5ng cao h\u01a1n khi l\u1ee3i t\u1ee9c k\u00ec v\u1ecdng cao h\u01a1n v\u00e0 ng\u01b0\u1ee3c l\u1ea1i.<\/p>\n

C\u00e1ch x\u00e1c \u0111\u1ecbnh gi\u00e1 tr\u1ecb h\u1eefu d\u1ee5ng<\/font><\/h3>\n

X\u00e1c \u0111\u1ecbnh gi\u00e1 tr\u1ecb h\u1eefu d\u1ee5ng theo c\u00f4ng th\u1ee9c sau:<\/p>\n

U = E(r) – 0,5 x A x \u03c32<\/sup>\u00a0 \u00a0 \u00a0(1)<\/p>\n

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

U l\u00e0 gi\u00e1 tr\u1ecb h\u1eefu d\u1ee5ng<\/p>\n

A l\u00e0 h\u1ec7 s\u1ed1 th\u1ec3 hi\u1ec7n m\u1ee9c ch\u1ecbu r\u1ee7i ro c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0<\/p>\n

H\u1ec7 s\u1ed1 0,5 l\u00e0 m\u1ed9t qui \u01b0\u1edbc th\u1ed1ng k\u00ea cho th\u1ea5y m\u1ed1i quan h\u1ec7 gi\u1eefa l\u1ee3i t\u1ee9c k\u00ec v\u1ecdng E(R) v\u00e0 \u0111\u1ed9 l\u1ec7ch chu\u1ea9n \u03c32<\/sup>.<\/p>\n

Nh\u1eadn x\u00e9t<\/b><\/p>\n

Trong ph\u01b0\u01a1ng tr\u00ecnh (1), \u0111\u1ed1i v\u1edbi danh m\u1ee5c \u0111\u1ea7u t\u01b0 phi r\u1ee7i ro, ngh\u0129a l\u00e0 ph\u01b0\u01a1ng sai b\u1eb1ng 0 th\u00ec gi\u00e1 tr\u1ecb h\u1eefu d\u1ee5ng c\u1ee7a n\u00f3 s\u1ebd b\u1eb1ng l\u1ee3i t\u1ee9c k\u00ec v\u1ecdng. \u0110i\u1ec1u n\u00e0y cung c\u1ea5p cho ch\u00fang ta m\u1ed9t ti\u00eau chu\u1ea9n thu\u1eadn l\u1ee3i \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 c\u00e1c danh m\u1ee5c \u0111\u1ea7u t\u01b0.<\/p>\n

M\u1ed1i nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00e1c nhau s\u1ebd c\u00f3 m\u1ed9t h\u1ec7 s\u1ed1 A kh\u00e1c nhau, t\u00f9y thu\u1ed9c v\u00e0o t\u00e2m l\u00ed v\u00e0 kh\u1ed1i l\u01b0\u1ee3ng t\u00e0i s\u1ea3n m\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111ang n\u1eafm gi\u1eef. Tuy nhi\u00ean, kh\u00f3 c\u00f3 th\u1ec3 \u0111\u00e1nh gi\u00e1 m\u1ee9c ch\u1ecbu r\u1ee7i ro c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0.<\/p>\n

V\u00ed d\u1ee5<\/font><\/h3>\n

M\u1ed9t nh\u00e0 \u0111\u1ea7u t\u01b0 ph\u1ea3i l\u1ef1a ch\u1ecdn gi\u1eefa danh m\u1ee5c \u0111\u1ea7u t\u01b0 X v\u00e0 Y, trong \u0111\u00f3:<\/p>\n

– Danh m\u1ee5c X c\u00f3 l\u1ee3i t\u1ee9c k\u00ec v\u1ecdng l\u00e0 10% v\u00e0 \u0111\u1ed9 l\u1ec7ch chu\u1ea9n l\u00e0 20%.<\/p>\n

– Danh m\u1ee5c Y \u0111\u1ea7u t\u01b0 v\u00e0o t\u00edn phi\u1ebfu kho b\u1ea1c c\u00f3 t\u1ec9 su\u1ea5t l\u1ee3i t\u1ee9c phi r\u1ee7i ro l\u00e0 5%.<\/p>\n

Gi\u1ea3 s\u1eed nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 h\u1ec7 s\u1ed1 ch\u1ea5p nh\u1eadn r\u1ee7i ro A = 3, m\u1ed9t m\u1ee9c ch\u1ea5p nh\u1eadn r\u1ee7i ro trung b\u00ecnh, khi \u0111\u00f3 gi\u00e1 tr\u1ecb h\u1eefu d\u1ee5ng c\u1ee7a danh m\u1ee5c \u0111\u1ea7u t\u01b0 l\u00e0:<\/p>\n

U = E(r) – 0,5 x A x \u03c32<\/sup>\u00a0= 0,1 x 0,5 x 3 x (0,2)2<\/sup> = 0,04 = 4% < l\u00e3i su\u1ea5t phi r\u1ee7i ro.<\/p>\n

Nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 t\u1eeb ch\u1ed1i danh m\u1ee5c \u0111\u1ea7u t\u01b0 X \u0111\u1ec3 \u0111\u1ea7u t\u01b0 v\u00e0o t\u00edn phi\u1ebfu kho b\u1ea1c. \u0110\u00e2y l\u00e0 nh\u1eefng nh\u00e0 \u0111\u1ea7u t\u01b0 ng\u1ea1i r\u1ee7i ro.<\/p>\n

(T\u00e0i li\u1ec7u tham kh\u1ea3o: Gi\u00e1o tr\u00ecnh Ph\u00e2n t\u00edch \u0111\u1ea7u t\u01b0 ch\u1ee9ng kho\u00e1n, NXB \u0110\u1ea1i h\u1ecdc Kinh t\u1ebf Qu\u1ed1c d\u00e2n;\u00a0Risk Tolerance, Investopedia)<\/i><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

\n M\u1ee9c ch\u1ecbu r\u1ee7i ro (ti\u1ebfng Anh: Risk Tolerance) l\u00e0 th\u01b0\u1edbc \u0111o \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 kh\u1ea3 n\u0103ng s\u1eb5n s\u00e0ng ch\u1ea5p nh\u1eadn r\u1ee7i ro c\u1ee7a c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0. N\u00f3i c\u00e1ch kh\u00e1c, c\u00f9ng m\u1ed9t m\u1ee9c r\u1ee7i ro nh\u01b0 nhau, nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 quy\u1ebft \u0111\u1ecbnh l\u1ef1a ch\u1ecdn hay kh\u00f4ng l\u1ef1a ch\u1ecdn danh m\u1ee5c \u0111\u1ea7u t\u01b0.\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\/30994"}],"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=30994"}],"version-history":[{"count":0,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/30994\/revisions"}],"wp:attachment":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/media?parent=30994"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/categories?post=30994"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/tags?post=30994"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}