{"id":31183,"date":"2023-12-07T10:24:38","date_gmt":"2023-12-07T10:24:38","guid":{"rendered":"https:\/\/masterskills.org\/blog\/ti-le-loi-tuc-phi-rui-ro-thuc-va-danh-nghia-real-and-nominal-risk-free-rates-la-gi.html"},"modified":"2023-12-23T07:29:00","modified_gmt":"2023-12-23T00:29:00","slug":"ti-le-loi-tuc-phi-rui-ro-thuc-va-danh-nghia-real-and-nominal-risk-free-rates-la-gi","status":"publish","type":"post","link":"https:\/\/masterskills.org\/blog\/ti-le-loi-tuc-phi-rui-ro-thuc-va-danh-nghia-real-and-nominal-risk-free-rates-la-gi.html","title":{"rendered":"T\u1ec9 l\u1ec7 l\u1ee3i t\u1ee9c phi r\u1ee7i ro th\u1ef1c v\u00e0 danh ngh\u0129a (Real and nominal risk free rates) l\u00e0 g\u00ec?"},"content":{"rendered":"
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H\u00ecnh minh ho\u1ea1 (Ngu\u1ed3n: etftrends)<\/p>\n<\/div>\n<\/div>\n

T\u1ec9 l\u1ec7 l\u1ee3i t\u1ee9c phi r\u1ee7i ro th\u1ef1c v\u00e0 danh ngh\u0129a<\/font><\/b><\/h2>\n

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

T\u1ec9 l\u1ec7 l\u1ee3i t\u1ee9c phi r\u1ee7i ro<\/b> th\u1ef1c<\/b> trong ti\u1ebfng Anh \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 real risk-free rate <\/b>hay real\u00a0risk-free\u00a0interest\u00a0rate.<\/b><\/p>\n

T\u1ec9 l\u1ec7 l\u1ee3i t\u1ee9c phi r\u1ee7i ro danh ngh\u0129a\u00a0<\/b>trong ti\u1ebfng Anh \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 nominal risk-free rate<\/b> hay\u00a0nominal risk-free\u00a0interest\u00a0rate.<\/b><\/p>\n

– T\u1ec9 l\u1ec7 l\u1ee3i t\u1ee9c phi r\u1ee7i ro th\u1ef1c <\/b>l\u00e0 t\u1ec9 l\u1ec7 l\u00e3i su\u1ea5t c\u01a1 b\u1ea3n v\u1edbi gi\u1ea3 \u0111\u1ecbnh kh\u00f4ng c\u00f3 r\u1ee7i ro l\u1ea1m ph\u00e1t v\u00e0 kh\u00f4ng c\u00f3 r\u1ee7i ro thanh to\u00e1n.\u00a0<\/p>\n

M\u1ed9t nh\u00e0 \u0111\u1ea7u t\u01b0 trong n\u1ec1n kinh t\u1ebf kh\u00f4ng c\u00f3 r\u1ee7i ro l\u1ea1m ph\u00e1t hi\u1ec3u r\u1eb1ng h\u1ecd s\u1ebd ch\u1eafc ch\u1eafn nh\u1eadn \u0111\u01b0\u1ee3c ti\u1ec1n v\u00e0o \u0111\u00fang th\u1eddi \u0111i\u1ec3m \u0111\u00e3 tho\u1ea3 thu\u1eadn v\u00e0 s\u1ebd \u0111\u00f2i h\u1ecfi t\u1ec9 l\u1ec7 l\u1ee3i t\u1ee9c phi r\u1ee7i ro th\u1ef1c cho kho\u1ea3n \u0111\u1ea7u t\u01b0 c\u1ee7a anh ta.<\/p>\n

Tr\u01b0\u1edbc \u0111\u00e2y, ch\u00fang ta g\u1ecdi t\u1ec9 l\u1ec7 n\u00e0y l\u00e0 gi\u00e1 tr\u1ecb th\u1eddi gian c\u1ee7a ti\u1ec1n b\u1edfi v\u00ec nh\u00e0 \u0111\u1ea7u t\u01b0 hi sinh ti\u00eau d\u00f9ng kho\u1ea3n ti\u1ec1n \u0111\u00f3 trong m\u1ed9t th\u1eddi gian. T\u1ec9 l\u1ec7 l\u1ee3i t\u1ee9c phi r\u1ee7i ro th\u1ef1c l\u00e0 gi\u00e1 c\u1ea3 trao \u0111\u1ed5i gi\u1eefa h\u00e0ng ho\u00e1 trong hi\u1ec7n t\u1ea1i v\u1edbi h\u00e0ng ho\u00e1 trong t\u01b0\u01a1ng lai.<\/p>\n

– T\u1ec9 l\u1ec7 l\u00e3i su\u1ea5t phi r\u1ee7i ro danh ngh\u0129a<\/b> \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh b\u1edfi t\u1ec9 l\u1ec7 l\u00e3i su\u1ea5t th\u1ef1c c\u00f9ng v\u1edbi c\u00e1c nh\u00e2n t\u1ed1 t\u00e1c \u0111\u1ed9ng tr\u00ean th\u1ecb tr\u01b0\u1eddng nh\u01b0 l\u1ea1m ph\u00e1t d\u1ef1 ki\u1ebfn v\u00e0 tr\u1ea1ng th\u00e1i c\u1ee7a th\u1ecb tr\u01b0\u1eddng v\u1ed1n.<\/p>\n

T\u1ec9 l\u1ec7 l\u00e3i su\u1ea5t phi r\u1ee7i ro danh ngh\u0129a kh\u00f4ng \u1ed5n \u0111\u1ecbnh trong d\u00e0i h\u1ea1n c\u0169ng nh\u01b0 trong ng\u1eafn h\u1ea1n, m\u1eb7c d\u00f9 nh\u1eefng nh\u00e2n t\u1ed1 t\u00e1c \u0111\u1ed9ng \u0111\u1ebfn t\u1ec9 l\u1ec7 l\u1ee3i t\u1ee9c phi r\u1ee7i ro danh ngh\u0129a v\u1eabn \u1ed5n \u0111\u1ecbnh.<\/p>\n

Nh\u00e2n t\u1ed1 \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn t\u1ec9 l\u1ec7 l\u1ee3i t\u1ee9c phi r\u1ee7i ro th\u1ef1c<\/font><\/b><\/h3>\n

– Nh\u00e2n t\u1ed1 ch\u1ee7 quan<\/b><\/p>\n

L\u00e0 s\u1ef1 \u01b0u ti\u00ean v\u1ec1 th\u1eddi gian c\u1ee7a m\u1ed9t c\u00e1 nh\u00e2n khi ti\u00eau d\u00f9ng c\u00e1c kho\u1ea3n thu nh\u1eadp. Khi m\u1ed9t c\u00e1 nh\u00e2n t\u1eeb b\u1ecf ti\u00eau d\u00f9ng 100$ n\u0103m nay, anh ta s\u1ebd \u0111\u00f2i h\u1ecfi bao nhi\u00eau m\u1ed9t n\u0103m sau \u0111\u1ec3 b\u00f9 \u0111\u1eafp cho s\u1ef1 hi sinh \u0111\u00f3? Nhu c\u1ea7u \u0111\u1ed1i v\u1edbi kho\u1ea3n ti\u1ec1n ti\u00eau d\u00f9ng hi\u1ec7n t\u1ea1i \u1ea3nh h\u01b0\u1edfng t\u1edbi t\u1ec9 l\u1ec7 l\u1ee3i t\u1ee9c y\u00eau c\u1ea7u.\u00a0<\/p>\n

S\u1ef1 \u01b0u ti\u00ean v\u1ec1 th\u1eddi gian c\u1ee7a m\u1ed7i ng\u01b0\u1eddi l\u00e0 kh\u00e1c nhau v\u00e0 th\u1ecb tr\u01b0\u1eddng t\u1ea1o ra m\u1ed9t t\u1ec9 l\u1ec7 t\u1ed5ng h\u1ee3p bao g\u1ed3m s\u1ef1 \u01b0u ti\u00ean c\u1ee7a t\u1ea5t c\u1ea3 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0. T\u1ec9 l\u1ec7 t\u1ed5ng h\u1ee3p n\u00e0y thay \u0111\u1ed5i d\u1ea7n theo th\u1eddi gian b\u1edfi n\u00f3 b\u1ecb t\u00e1c \u0111\u1ed9ng b\u1edfi t\u1ea5t c\u1ea3 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 trong n\u1ec1n kinh t\u1ebf.<\/p>\n

– Nh\u00e2n t\u1ed1 kh\u00e1ch quan<\/b>\u00a0<\/p>\n

L\u00e0 t\u1eadp h\u1ee3p c\u00e1c c\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0 trong n\u1ec1n kinh t\u1ebf. C\u00e1c c\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0 \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh l\u1ea7n l\u01b0\u1ee3t b\u1edfi t\u1ec9 l\u1ec7 t\u0103ng tr\u01b0\u1edfng th\u1ef1c trong d\u00e0i h\u1ea1n c\u1ee7a n\u1ec1n kinh t\u1ebf. Khi n\u1ec1n kinh t\u1ebf ph\u00e1t tri\u1ec3n nhanh, s\u1ebd c\u00f3 nhi\u1ec1u c\u01a1 h\u1ed9i t\u1ed1t h\u01a1n \u0111\u1ec3 \u0111\u1ea7u t\u01b0.\u00a0<\/p>\n

S\u1ef1 thay \u0111\u1ed5i t\u1ec9 l\u1ec7 t\u0103ng tr\u01b0\u1edfng th\u1ef1c trong d\u00e0i h\u1ea1n s\u1ebd g\u00e2y ra s\u1ef1 thay \u0111\u1ed5i trong t\u1ea5t c\u1ea3 c\u00e1c c\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0 v\u00e0 s\u1ef1 thay \u0111\u1ed5i trong t\u1ec9 l\u1ec7 l\u1ee3i t\u1ee9c y\u00eau c\u1ea7u c\u1ee7a c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0.\u00a0<\/p>\n

L\u00fac n\u00e0y, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 cung c\u1ea5p v\u1ed1n y\u00eau c\u1ea7u t\u1ec9 l\u1ec7 l\u1ee3i t\u1ee9c cao h\u01a1n khi t\u1ec9 l\u1ec7 t\u0103ng tr\u01b0\u1edfng th\u1ef1c cao, c\u00f2n nh\u1eefng ng\u01b0\u1eddi t\u00ecm ki\u1ebfm c\u00e1c ngu\u1ed3n \u0111\u1ea7u t\u01b0 c\u0169ng s\u1eb5n l\u00f2ng tr\u1ea3 l\u00e3i cao h\u01a1n b\u1edfi v\u00ec t\u1ec9 l\u1ec7 t\u0103ng tr\u01b0\u1edfng cao.\u00a0<\/p>\n

Do \u0111\u00f3, t\u1ed3n t\u1ea1o m\u1ed9t m\u1ed1i quan h\u1ec7 t\u1ec9 l\u1ec7 thu\u1eadn gi\u1eefa t\u1ec9 l\u1ec7 t\u0103ng tr\u01b0\u1edfng th\u1ef1c c\u1ee7a n\u1ec1n kinh t\u1ebf v\u00e0 t\u1ec9 l\u1ec7 l\u1ee3i t\u1ee9c phi r\u1ee7i ro.<\/p>\n

Nh\u00e2n t\u1ed1 t\u00e1c \u0111\u1ed9ng t\u1edbi t\u1ec9 l\u1ec7 l\u00e3i su\u1ea5t phi r\u1ee7i ro danh ngh\u0129a<\/font><\/b><\/h3>\n

– Tr\u1ea1ng th\u00e1i c\u1ee7a th\u1ecb tr\u01b0\u1eddng v\u1ed1n<\/b> (n\u1edbi l\u1ecfng hay th\u1eaft ch\u1eb7t)<\/p>\n

T\u1ec9 l\u1ec7 l\u00e3i su\u1ea5t l\u00e0 gi\u00e1 c\u1ea3 \u0111\u01b0\u1ee3c h\u00ecnh th\u00e0nh b\u1edfi cung v\u00e0 c\u1ea7u v\u1ec1 v\u1ed1n tr\u00ean th\u1ecb tr\u01b0\u1eddng v\u1ed1n. S\u1ef1 thay \u0111\u1ed5i trong tr\u1ea1ng th\u00e1i ho\u1ea1t \u0111\u1ed9ng c\u1ee7a th\u1ecb tr\u01b0\u1eddng v\u1ed1n l\u00e0 hi\u1ec7n t\u01b0\u1ee3ng nh\u1ea5t th\u1eddi do s\u1ef1 m\u1ea5t c\u00e2n b\u1eb1ng t\u1ea1m th\u1eddi trong cung v\u00e0 c\u1ea7u v\u1ec1 v\u1ed1n.<\/p>\n

– T\u1ec9 l\u1ec7 l\u1ea1m ph\u00e1t d\u1ef1 ki\u1ebfn<\/b><\/p>\n

C\u00f3 m\u1ed9t \u0111i\u1ec1u \u0111\u00e1ng ch\u00fa \u00fd l\u00e0 n\u1ebfu nh\u00e0 \u0111\u1ea7u t\u01b0 d\u1ef1 ki\u1ebfn m\u1ee9c gi\u00e1 c\u1ea3 chung s\u1ebd t\u0103ng trong giai \u0111o\u1ea1n anh ta ti\u1ebfn h\u00e0nh \u0111\u1ea7u t\u01b0 th\u00ec anh ta s\u1ebd y\u00eau c\u1ea7u t\u1ec9 l\u1ec7 thu nh\u1eadp bao g\u1ed3m c\u1ea3 ph\u1ea7n b\u00f9 \u0111\u1eafp cho l\u1ea1m ph\u00e1t.<\/p>\n

V\u00ec v\u1eady, t\u1ec9 l\u1ec7 l\u1ee3i t\u1ee9c y\u00eau c\u1ea7u tr\u00ean danh ngh\u0129a c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u1ed1i v\u1edbi kho\u1ea3n \u0111\u1ea7u t\u01b0 phi r\u1ee7i ro ph\u1ea3i l\u00e0:<\/p>\n

NRFR = (1 + RFR th\u1ef1c t\u1ebf) x (1 + t\u1ec9 l\u1ec7 l\u1ea1m ph\u00e1t d\u1ef1 ki\u1ebfn) – 1<\/p>\n

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

RRFR: t\u1ec9 l\u1ec7 l\u1ee3i t\u1ee9c th\u1ef1c phi r\u1ee7i ro<\/p>\n

NRFR: t\u1ec9 l\u1ec7 l\u1ee3i t\u1ee9c danh ngh\u0129a phi r\u1ee7i ro<\/p>\n

Bi\u1ebfn \u0111\u1ed5i c\u00f4ng th\u1ee9c tr\u00ean, ta c\u00f3 c\u00f4ng th\u1ee9c t\u00ednh t\u1ec9 l\u1ec7 l\u1ee3i t\u1ee9c th\u1ef1c \u0111\u1ed1i v\u1edbi t\u00e0i s\u1ea3n kh\u00f4ng r\u1ee7i ro:<\/p>\n

RRFR = [(1+ NRFR)\/(1 + t\u1ec9 l\u1ec7 l\u1ea1m ph\u00e1t)] – 1<\/p>\n

(T\u00e0i li\u1ec7u tham kh\u1ea3o: Gi\u00e1o tr\u00ecnh Kinh t\u1ebf C\u00f4ng c\u1ed9ng, 2012, NXB \u0110\u1ea1i h\u1ecdc Kinh t\u1ebf Qu\u1ed1c d\u00e2n)<\/i><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

\n T\u1ec9 l\u1ec7 l\u1ee3i t\u1ee9c phi r\u1ee7i ro th\u1ef1c v\u00e0 danh ngh\u0129a (ti\u1ebfng Anh: Real and nominal risk free rates) l\u00e0 c\u00e1c t\u1ec9 l\u1ec7 l\u1ee3i t\u1ee9c c\u00f3 r\u1ee7i ro b\u1eb1ng 0. M\u1ed7i t\u1ec9 l\u1ec7 l\u1ee3i t\u1ee9c l\u1ea1i b\u1ecb nh\u1eefng nh\u00e2n t\u1ed1 kh\u00e1c nhau t\u00e1c \u0111\u1ed9ng.\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\/31183"}],"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=31183"}],"version-history":[{"count":0,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/31183\/revisions"}],"wp:attachment":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/media?parent=31183"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/categories?post=31183"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/tags?post=31183"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}