{"id":30998,"date":"2023-12-07T10:14:11","date_gmt":"2023-12-07T10:14:11","guid":{"rendered":"https:\/\/masterskills.org\/blog\/vay-ki-qui-margin-loan-la-gi-ti-le-ki-qui-la-gi.html"},"modified":"2023-12-23T07:24:23","modified_gmt":"2023-12-23T00:24:23","slug":"vay-ki-qui-margin-loan-la-gi-ti-le-ki-qui-la-gi","status":"publish","type":"post","link":"https:\/\/masterskills.org\/blog\/vay-ki-qui-margin-loan-la-gi-ti-le-ki-qui-la-gi.html","title":{"rendered":"Vay k\u00ed qu\u0129 (Margin loan) l\u00e0 g\u00ec? T\u1ec9 l\u1ec7 k\u00ed qu\u0129 l\u00e0 g\u00ec?"},"content":{"rendered":"
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H\u00ecnh minh h\u1ecda. Ngu\u1ed3n: medium.com<\/p>\n<\/div>\n<\/div>\n

Vay k\u00ed qu\u0129 (Margin loan)<\/font><\/h2>\n

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

Vay k\u00ed qu\u0129<\/b> trong ti\u1ebfng Anh l\u00e0 Margin loan<\/b>.<\/p>\n

Vay k\u00ed qu\u0129\u00a0<\/b>l\u00e0 vi\u1ec7c nh\u00e0 \u0111\u1ea7u t\u01b0 mua c\u1ed5 phi\u1ebfu c\u00f3 s\u1eed d\u1ee5ng h\u1ea1n m\u1ee9c t\u00edn d\u1ee5ng do c\u00f4ng ty ch\u1ee9ng kho\u00e1n c\u1ea5p. N\u00f3 \u0111\u01b0\u1ee3c \u0111\u1ea3m b\u1ea3o b\u1eb1ng m\u1ed9t ph\u1ea7n ti\u1ec1n \u1ee9ng tr\u01b0\u1edbc c\u1ee7a ng\u01b0\u1eddi mua ho\u1eb7c th\u1ebf ch\u1ea5p b\u1eb1ng ch\u00ednh c\u1ed5 phi\u1ebfu \u0111\u01b0\u1ee3c mua.<\/p>\n

T\u1ec9 l\u1ec7 k\u00ed qu\u0129<\/font><\/span><\/h3>\n

T\u1ec9 l\u1ec7 k\u00ed qu\u0129 ban \u0111\u1ea7u (Initial margin rate)<\/b><\/p>\n

T\u1ec9 l\u1ec7 k\u00ed qu\u0129 ban \u0111\u1ea7u<\/b> l\u00e0 t\u1ec9 l\u1ec7 gi\u00e1 tr\u1ecb t\u00e0i s\u1ea3n th\u1ef1c c\u00f3 so v\u1edbi gi\u00e1 tr\u1ecb ch\u1ee9ng kho\u00e1n d\u1ef1 ki\u1ebfn mua \u0111\u01b0\u1ee3c b\u1eb1ng l\u1ec7nh giao d\u1ecbch k\u00ed qu\u0129 t\u00ednh theo gi\u00e1 th\u1ecb tr\u01b0\u1eddng t\u1ea1i th\u1eddi \u0111i\u1ec3m giao d\u1ecbch.<\/p>\n

Theo\u00a087\/Q\u0110-UBCK, t\u1ec9 l\u1ec7 k\u00ed qu\u0129 ban \u0111\u1ea7u do c\u00f4ng ty ch\u1ee9ng kho\u00e1n qui \u0111\u1ecbnh nh\u01b0ng kh\u00f4ng th\u1ea5p h\u01a1n 50%.<\/b><\/p>\n

V\u00ed d\u1ee5: M\u1ed9t ch\u1ee7 t\u00e0i kho\u1ea3n mu\u1ed1n mua 1.000 c\u1ed5 phi\u1ebfu CTD, gi\u00e1 hi\u1ec7n t\u1ea1i 100 ngh\u00ecn \u0111\u1ed3ng\/c\u1ed5 phi\u1ebfu, t\u1ec9 l\u1ec7 k\u00ed qu\u0129 ban \u0111\u1ea7u l\u00e0 50%. B\u1ecf qua c\u00e1c y\u1ebfu t\u1ed1\u00a0chi ph\u00ed giao d\u1ecbch, s\u1ed1 ti\u1ec1n ng\u01b0\u1eddi mua ph\u1ea3i k\u00ed qu\u0129 ban \u0111\u1ea7u \u0111\u1ec3 mua \u0111\u01b0\u1ee3c 1.000 c\u1ed5 phi\u1ebfu v\u1edbi gi\u00e1 100 ngh\u00ecn \u0111\u1ed3ng\/c\u1ed5 phi\u1ebfu l\u00e0: 50% * 1.000 * 100 = 50.000 (ngh\u00ecn \u0111\u1ed3ng).<\/p>\n

T\u1ec9 l\u1ec7 k\u00ed qu\u0129 duy tr\u00ec (Maintenance margin rate)<\/b><\/p>\n

\u0110\u1ec3 ng\u0103n ch\u1eb7n t\u1ed5n th\u1ea5t trong tr\u01b0\u1eddng h\u1ee3p gi\u00e1 c\u1ed5 phi\u1ebfu gi\u1ea3m m\u1ea1nh, c\u00e1c c\u00f4ng ty ch\u1ee9ng kho\u00e1n y\u00eau c\u1ea7u ng\u01b0\u1eddi mua k\u00ed qu\u0129 lu\u00f4n c\u00f3 s\u1ed1 ti\u1ec1n t\u1ed1i thi\u1ec3u. M\u1ee9c t\u1ed1i thi\u1ec3u n\u00e0y \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 y\u00eau c\u1ea7u k\u00ed qu\u0129 duy tr\u00ec.<\/p>\n

T\u1ec9 l\u1ec7 k\u00ed qu\u0129 duy tr\u00ec<\/b> l\u00e0 t\u1ef7 l\u1ec7 t\u1ed1i thi\u1ec3u gi\u1eefa t\u00e0i s\u1ea3n th\u1ef1c c\u00f3 so v\u1edbi gi\u00e1 tr\u1ecb t\u1ed5ng t\u00e0i s\u1ea3n tr\u00ean t\u00e0i kho\u1ea3n giao d\u1ecbch k\u00fd qu\u1ef9.<\/p>\n

Theo quy\u1ebft \u0111\u1ecbnh 87\/Q\u0110-UBCK, t\u1ec9 l\u1ec7 n\u00e0y do c\u00f4ng ty ch\u1ee9ng kho\u00e1n qui \u0111\u1ecbnh nh\u01b0ng kh\u00f4ng th\u1ea5p h\u01a1n 30%.<\/b><\/p>\n

N\u1ebfu gi\u00e1 tr\u1ecb c\u1ee7a v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu gi\u1ea3m d\u01b0\u1edbi m\u1ee9c y\u00eau c\u1ea7u k\u00ed qu\u0129 duy tr\u00ec, ng\u01b0\u1eddi mua s\u1ebd nh\u1eadn \u0111\u01b0\u1ee3c th\u00f4ng b\u00e1o t\u1eeb c\u00f4ng ty ch\u1ee9ng kho\u00e1n y\u00eau c\u1ea7u n\u1ed9p th\u00eam ti\u1ec1n (\u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 call margin). N\u1ebfu ng\u01b0\u1eddi mua kh\u00f4ng n\u1ed9p th\u00eam ti\u1ec1n k\u1ecbp th\u1eddi, c\u00f4ng ty ch\u1ee9ng kho\u00e1n s\u1ebd \u0111\u00f3ng v\u1ecb th\u1ebf (b\u00e1n x\u1eed l\u00ed) \u0111\u1ec3 ng\u0103n ch\u1eb7n t\u1ed5n th\u1ea5t th\u00eam v\u00e0 \u0111\u1ea3m b\u1ea3o ho\u00e0n tr\u1ea3 kho\u1ea3n vay k\u00ed qu\u0129.<\/p>\n

V\u00ed d\u1ee5 v\u1ec1 vi\u1ec7c x\u00e1c \u0111\u1ecbnh gi\u00e1 c\u1ed5 phi\u1ebfu r\u01a1i v\u00e0o m\u1ee9c x\u1eed l\u00ed<\/b><\/i><\/p>\n

M\u1ed9t nh\u00e0 \u0111\u1ea7u t\u01b0 mua c\u1ed5 phi\u1ebfu BID v\u1edbi t\u1ec9 l\u1ec7 k\u00ed qu\u0129 ban \u0111\u1ea7u 50%, gi\u00e1 mua 42 ngh\u00ecn \u0111\u1ed3ng. Y\u00eau c\u1ea7u k\u00ed qu\u0129 duy tr\u00ec cho v\u1ecb th\u1ebf n\u00e0y l\u00e0 30%. C\u00e2u h\u1ecfi \u0111\u1eb7t ra l\u00e0 d\u01b0\u1edbi m\u1ee9c gi\u00e1 n\u00e0o th\u00ec kho\u1ea3n vay c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1ebd r\u01a1i v\u00e0o m\u1ee9c x\u1eed l\u00ed?<\/p>\n

X\u00e9t tr\u00ean m\u1ed9t c\u1ed5 phi\u1ebfu (b\u1ecf qua c\u00e1c ph\u00ed giao d\u1ecbch, hoa h\u1ed3ng…):<\/p>\n

S\u1ed1 ti\u1ec1n nh\u00e0 \u0111\u1ea7u t\u01b0 b\u1ecf ra ban \u0111\u1ea7u l\u00e0: 50% * 42 = 21 (ngh\u00ecn \u0111\u1ed3ng).<\/p>\n

V\u00ec t\u1ec9 l\u1ec7 y\u00eau c\u1ea7u k\u00ed qu\u0129 duy tr\u00ec l\u00e0 30% n\u00ean h\u1ee3p \u0111\u1ed3ng k\u00ed qu\u0129 r\u01a1i v\u00e0o t\u00ecnh tr\u1ea1ng x\u1eed l\u00ed khi gi\u00e1 tr\u1ecb t\u00e0i s\u1ea3n r\u00f2ng (t\u00ednh cho m\u1ed9t c\u1ed5 phi\u1ebfu theo gi\u00e1 hi\u1ec7n t\u1ea1i) chia cho gi\u00e1 hi\u1ec7n t\u1ea1i nh\u1ecf h\u01a1n 30%<\/p>\n

Hay (21 + P – 42)\/P < 30% => P < 30 (ngh\u00ecn \u0111\u1ed3ng).<\/p>\n

Nh\u01b0 v\u1eady, khi gi\u00e1 c\u1ed5 phi\u1ebfu nh\u1ecf h\u01a1n 30 ngh\u00ecn \u0111\u1ed3ng th\u00ec t\u00e0i kho\u1ea3n k\u00ed qu\u0129 c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1ebd r\u01a1i v\u1ec1 m\u1ee9c x\u1eed l\u00ed.<\/p>\n

T\u1ec9 l\u1ec7 \u0111\u00f2n b\u1ea9y (Financial leverage ho\u1eb7c Leverage)<\/font><\/h3>\n

Mua ch\u1ee9ng kho\u00e1n k\u00ed qu\u0129 c\u00f3 th\u1ec3 l\u00e0m t\u0103ng \u0111\u00e1ng k\u1ec3 c\u00e1c kho\u1ea3n l\u00e3i ho\u1eb7c l\u1ed7 tr\u00ean m\u1ed9t m\u1ee9c v\u1ed1n nh\u1ea5t \u0111\u1ecbnh v\u00ec nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 mua nhi\u1ec1u ch\u1ee9ng kho\u00e1n h\u01a1n so v\u1edbi vi\u1ec7c kh\u00f4ng vay.<\/p>\n

M\u1ed1i quan h\u1ec7 gi\u1eefa r\u1ee7i ro v\u00e0 kho\u1ea3n vay \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0\u00a0\u0111\u00f2n b\u1ea9y t\u00e0i ch\u00ednh (financial leverage), th\u01b0\u1eddng \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 \u0111\u00f2n b\u1ea9y.\u00a0T\u1ec9 l\u1ec7 \u0111\u00f2n b\u1ea9y cho bi\u1ebft v\u1ecb tr\u00ed \u0111\u00f2n b\u1ea9y c\u00f3 r\u1ee7i ro cao h\u01a1n bao nhi\u00eau so v\u1edbi vi\u1ec7c kh\u00f4ng s\u1eed d\u1ee5ng \u0111\u00f2n b\u1ea9y.<\/p>\n

T\u1ec9 l\u1ec7 \u0111\u00f2n b\u1ea9y t\u1ed1i \u0111a (Maximum leverage) = 1\/ T\u1ec9 l\u1ec7 y\u00eau c\u1ea7u k\u00ed qu\u0129 ban \u0111\u1ea7u.<\/b><\/p>\n

V\u00ed d\u1ee5: N\u1ebfu t\u1ec9 l\u1ec7 y\u00eau c\u1ea7u k\u00ed qu\u0129 ban \u0111\u1ea7u l\u00e0 40% th\u00ec t\u1ef7 l\u1ec7 \u0111\u00f2n b\u1ea9y t\u1ed1i \u0111a l\u00e0 2,5 (= 1\/40%). N\u1ebfu m\u1ed9t c\u1ed5 phi\u1ebfu \u0111\u01b0\u1ee3c mua v\u1edbi t\u1ec9 l\u1ec7 k\u00ed qu\u0129 40% t\u0103ng 10%, ng\u01b0\u1eddi mua s\u1ebd nh\u1eadn \u0111\u01b0\u1ee3c l\u1ee3i nhu\u1eadn 25% (2,5 \u00d7 10%). Nh\u01b0ng n\u1ebfu c\u1ed5 phi\u1ebfu gi\u1ea3m 10%, m\u1ee9c thua l\u1ed7 l\u00e0 25% (tr\u01b0\u1edbc l\u00e3i su\u1ea5t vay k\u00ed qu\u0129 v\u00e0 tr\u01b0\u1edbc khi tr\u1ea3 hoa h\u1ed3ng).<\/p>\n

(T\u00e0i li\u1ec7u tham kh\u1ea3o: Gi\u00e1o tr\u00ecnh CFA level I n\u0103m nay <\/i>v\u00e0\u00a0Quy\u1ebft \u0111\u1ecbnh\u00a087\/Q\u0110-UBCK<\/i>)<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

\n Vay k\u00ed qu\u0129 (ti\u1ebfng Anh: Margin loan) l\u00e0 vi\u1ec7c nh\u00e0 \u0111\u1ea7u t\u01b0 mua c\u1ed5 phi\u1ebfu c\u00f3 s\u1eed d\u1ee5ng h\u1ea1n m\u1ee9c t\u00edn d\u1ee5ng do c\u00f4ng ty ch\u1ee9ng kho\u00e1n c\u1ea5p. N\u00f3 \u0111\u01b0\u1ee3c \u0111\u1ea3m b\u1ea3o b\u1eb1ng m\u1ed9t ph\u1ea7n ti\u1ec1n \u1ee9ng tr\u01b0\u1edbc c\u1ee7a ng\u01b0\u1eddi mua ho\u1eb7c th\u1ebf ch\u1ea5p b\u1eb1ng ch\u00ednh c\u1ed5 phi\u1ebfu \u0111\u01b0\u1ee3c mua.\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\/30998"}],"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=30998"}],"version-history":[{"count":0,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/30998\/revisions"}],"wp:attachment":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/media?parent=30998"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/categories?post=30998"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/tags?post=30998"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}