{"id":31278,"date":"2023-12-07T10:29:38","date_gmt":"2023-12-07T10:29:38","guid":{"rendered":"https:\/\/masterskills.org\/blog\/chung-khe-warrant-la-gi-gia-dinh-truoc-tren-chung-khe.html"},"modified":"2023-12-23T08:01:02","modified_gmt":"2023-12-23T01:01:02","slug":"chung-khe-warrant-la-gi-gia-dinh-truoc-tren-chung-khe","status":"publish","type":"post","link":"https:\/\/masterskills.org\/blog\/chung-khe-warrant-la-gi-gia-dinh-truoc-tren-chung-khe.html","title":{"rendered":"Ch\u1ee9ng kh\u1ebf (Warrant) l\u00e0 g\u00ec? Gi\u00e1 \u0111\u1ecbnh tr\u01b0\u1edbc tr\u00ean ch\u1ee9ng kh\u1ebf"},"content":{"rendered":"
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H\u00ecnh minh ho\u1ea1 (Ngu\u1ed3n: mp1capital)<\/p>\n<\/div>\n<\/div>\n

Ch\u1ee9ng kh\u1ebf<\/font><\/b><\/h2>\n

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

Ch\u1ee9ng kh\u1ebf\u00a0<\/b>hay c\u00f2n g\u1ecdi l\u00e0\u00a0b\u1ea3o ch\u1ee9ng phi\u1ebfu (cam k\u1ebft b\u00e1n)\u00a0<\/b>trong\u00a0<\/b>ti\u1ebfng Anh \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0\u00a0warrant.<\/b><\/p>\n

Ch\u1ee9ng kh\u1ebf\u00a0<\/b>l\u00e0 m\u1ed9t lo\u1ea1i ch\u1ee9ng kho\u00e1n \u0111\u01b0\u1ee3c ph\u00e1t h\u00e0nh c\u00f9ng v\u1edbi tr\u00e1i phi\u1ebfu hay c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i m\u00e0 ng\u01b0\u1eddi s\u1edf h\u1eefu n\u00f3 c\u00f3 quy\u1ec1n \u0111\u01b0\u1ee3c mua m\u1ed9t s\u1ed1 l\u01b0\u1ee3ng ch\u1ee9ng kho\u00e1n nh\u1ea5t \u0111\u1ecbnh t\u1ea1i m\u1ed9t m\u1ee9c gi\u00e1 x\u00e1c \u0111\u1ecbnh v\u00e0 trong m\u1ed9t th\u1eddi h\u1ea1n nh\u1ea5t \u0111\u1ecbnh.<\/p>\n

Quy\u1ec1n n\u00e0y \u0111\u01b0\u1ee3c ph\u00e1t h\u00e0nh trong tr\u01b0\u1eddng h\u1ee3p t\u1ed5 ch\u1ee9c l\u1ea1i c\u00e1c c\u00f4ng ty, ho\u1eb7c khi c\u00f4ng ty ph\u00e1t h\u00e0nh nh\u1eb1m m\u1ee5c ti\u00eau khuy\u1ebfn kh\u00edch c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 ti\u1ec1m n\u0103ng mua c\u00e1c tr\u00e1i phi\u1ebfu ho\u1eb7c c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i c\u00f3 nh\u1eefng \u0111i\u1ec1u ki\u1ec7n k\u00e9m thu\u1eadn l\u1ee3i. \u0110\u1ec3 ch\u1ea5p nh\u1eadn nh\u1eefng \u0111i\u1ec1u ki\u1ec7n \u0111\u00f3, nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 \u0111\u01b0\u1ee3c m\u1ed9t l\u1ef1a ch\u1ecdn \u0111\u1ed1i v\u1edbi s\u1ef1 l\u00ean gi\u00e1 c\u00f3 th\u1ec3 x\u1ea3y ra c\u1ee7a c\u1ed5 phi\u1ebfu th\u01b0\u1eddng.<\/p>\n

L\u00e0 ng\u01b0\u1eddi s\u1edf h\u1eefu ch\u1ee9ng kh\u1ebf nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00f4ng c\u00f3 t\u01b0 c\u00e1ch c\u1ed5 \u0111\u00f4ng trong c\u00f4ng ty, kh\u00f4ng \u0111\u01b0\u1ee3c nh\u1eadn c\u1ed5 t\u1ee9c, v\u00e0 kh\u00f4ng c\u00f3 quy\u1ec1n bi\u1ec3u quy\u1ebft cho t\u1edbi khi th\u1eadt s\u1ef1 chuy\u1ec3n ch\u1ee9ng kh\u1ebf ra th\u00e0nh c\u1ed5 phi\u1ebfu th\u01b0\u1eddng.\u00a0<\/p>\n

Gi\u00e1 \u0111\u1ecbnh tr\u01b0\u1edbc tr\u00ean ch\u1ee9ng kh\u1ebf<\/font><\/b><\/h3>\n

Gi\u00e1 \u0111\u1ecbnh tr\u01b0\u1edbc tr\u00ean ch\u1ee9ng kh\u1ebf th\u01b0\u1eddng cao h\u01a1n gi\u00e1 th\u1ecb tr\u01b0\u1eddng hi\u1ec7n h\u00e0nh c\u1ee7a c\u1ed5 phi\u1ebfu th\u01b0\u1eddng v\u00e0 c\u00f3 th\u1eddi h\u1ea1n d\u00e0i h\u01a1n ch\u1ee9ng quy\u1ec1n, th\u00f4ng th\u01b0\u1eddng th\u1eddi h\u1ea1n c\u1ee7a ch\u1ee9ng kh\u1ebf l\u00e0 m\u1ed9t v\u00e0i n\u0103m ho\u1eb7c v\u0129nh vi\u1ec5n.\u00a0<\/p>\n

C\u00e1c ch\u1ee9ng quy\u1ec1n do c\u00e1c c\u00f4ng ty ph\u00e1t h\u00e0nh ch\u1ee9ng kho\u00e1n ph\u00e1t h\u00e0nh v\u00e0 c\u00e1c ch\u1ee9ng quy\u1ec1n sau m\u1ed9t kho\u1ea3ng th\u1eddi gian nh\u1ea5t \u0111\u1ecbnh c\u00f3 th\u1ec3 t\u00e1ch r\u1eddi kh\u1ecfi c\u00e1c ch\u1ee9ng kho\u00e1n c\u01a1 s\u1edf v\u00e0 khi \u0111\u00f3 ch\u00fang c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c giao d\u1ecbch ri\u00eang bi\u1ec7t tr\u00ean th\u1ecb tr\u01b0\u1eddng.<\/p>\n

–\u00a0Gi\u00e1 tr\u1ecb ch\u1ee9ng kh\u1ebf\u00a0<\/b>= Gi\u00e1 tr\u1ecb n\u1ed9i t\u1ea1i + Gi\u00e1 tr\u1ecb th\u1eddi gian<\/p>\n

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

+ Gi\u00e1 tr\u1ecb n\u1ed9i t\u1ea1i = (Gi\u00e1 c\u1ed5 ph\u1ea7n \u2013 Gi\u00e1 th\u1ef1c hi\u1ec7n) x S\u1ed1 c\u1ed5 ph\u1ea7n \u0111\u01b0\u1ee3c mua c\u1ee7a ch\u1ee9ng kh\u1ebf.<\/p>\n

Khi ch\u1ee9ng kh\u1ebf \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n s\u1ebd l\u00e0m t\u0103ng s\u1ed1 l\u01b0\u1ee3ng c\u1ed5 ph\u1ea7n c\u1ee7a t\u1ed5 ch\u1ee9c ph\u00e1t h\u00e0nh. \u0110i\u1ec1u n\u00e0y s\u1ebd l\u00e0m gi\u1ea3m gi\u00e1 c\u1ed5 ph\u1ea7n do \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn l\u1ee3i nhu\u1eadn t\u00ednh cho m\u1ed7i c\u1ed5 ph\u1ea7n.\u00a0<\/p>\n

Vi\u1ec7c \u0111\u1ecbnh gi\u00e1 ch\u1ee9ng kh\u1ebf \u0111\u01b0\u1ee3c ti\u1ebfn h\u00e0nh theo ph\u01b0\u01a1ng ph\u00e1p \u00e1p d\u1ee5ng \u0111\u1ed1i v\u1edbi h\u1ee3p \u0111\u1ed3ng quy\u1ec1n ch\u1ecdn mua ki\u1ec3u M\u1ef9 song c\u00f3 t\u00ednh \u0111\u1ebfn hi\u1ec7u \u1ee9ng “pha lo\u00e3ng” l\u1ee3i nhu\u1eadn c\u1ee7a quy\u1ec1n.<\/p>\n

–\u00a0Gi\u00e1 h\u1ee3p l\u00ed c\u1ee7a ch\u1ee9ng kh\u1ebf\u00a0<\/b>= [Pc\/ (1+q)] x S\u1ed1 c\u1ed5 ph\u1ea7n \u0111\u01b0\u1ee3c mua c\u1ee7a ch\u1ee9ng quy\u1ec3n<\/p>\n

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

+ Pc: l\u00e0 gi\u00e1 tr\u1ecb c\u1ee7a m\u1ed9t h\u1ee3p \u0111\u1ed3ng quy\u1ec1n ch\u1ecdn mua ki\u1ec3u M\u1ef9 v\u1edbi gi\u00e1 th\u1ef1c hi\u1ec7n v\u00e0 th\u1eddi gian \u0111\u00e1o h\u1ea1n gi\u1ed1ng nh\u01b0 c\u1ee7a ch\u1ee9ng kh\u1ebf.<\/p>\n

+ q: l\u00e0 t\u1ec9 l\u1ec7 t\u0103ng tr\u01b0\u1edfng s\u1ed1 c\u1ed5 ph\u1ea7n n\u1ebfu nh\u01b0 t\u1ea5t c\u1ea3 c\u00e1c ch\u1ee9ng kh\u1ebf \u0111\u1ec1u \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n.<\/p>\n

T\u1ea1i th\u1eddi \u0111i\u1ec3m ph\u00e1t h\u00e0nh ch\u1ee9ng kh\u1ebf, gi\u00e1 mua c\u1ed5 phi\u1ebfu ghi trong ch\u1ee9ng kh\u1ebf bao gi\u1edd c\u0169ng cao h\u01a1n gi\u00e1 th\u1ecb tr\u01b0\u1eddng c\u1ed5 phi\u1ebfu c\u01a1 s\u1edf, v\u00e0 gi\u00e1 \u0111\u00f3 c\u00f3 th\u1ec3 c\u1ed1 \u0111\u1ecbnh, c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c t\u0103ng l\u00ean \u0111\u1ecbnh k\u00ec.<\/p>\n

\u0110\u1ed9 ch\u00ednh x\u00e1c \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh gi\u00e1 tr\u1ecb c\u1ee7a ch\u1ee9ng kh\u1ebf ph\u1ee5 thu\u1ed9c v\u00e0o r\u1ea5t nhi\u1ec1u y\u1ebfu t\u1ed1 nh\u01b0: th\u1eddi h\u1ea1n c\u00f2n l\u1ea1i c\u1ee7a ch\u1ee9ng kh\u1ebf, m\u1ee9c ch\u00eanh l\u1ec7ch gi\u1eefa gi\u00e1 hi\u1ec7n t\u1ea1i c\u1ee7a c\u1ed5 phi\u1ebfu th\u1ea5p h\u01a1n so v\u1edbi m\u1ee9c gi\u00e1 hi\u1ec7n th\u1ef1c, s\u1ef1 xem x\u00e9t c\u1ee7a c\u00f4ng ch\u00fang \u0111\u1ea7u t\u01b0 \u0111\u1ed1i v\u1edbi c\u1ed5 phi\u1ebfu n\u00e0y v\u00e0 vi\u1ec7c tr\u1ea3 c\u1ed5 t\u1ee9c, c\u00e1c m\u1ee9c l\u00e3i su\u1ea5t v\u00e0 c\u00e1c \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng n\u00f3i chung.<\/p>\n

Th\u00f4ng th\u01b0\u1eddng, c\u00e1c m\u1ee9c gi\u00e1 ch\u1ee9ng kh\u1ebf s\u1ebd c\u00f3 xu h\u01b0\u1edbng t\u0103ng trong th\u1ecb tr\u01b0\u1eddng gi\u00e1 l\u00ean v\u00e0 gi\u1ea3m trong m\u1ed9t th\u1ecb tr\u01b0\u1eddng gi\u00e1 xu\u1ed1ng.<\/p>\n

(T\u00e0i li\u1ec7u tham kh\u1ea3o: Gi\u00e1o tr\u00ecnh Th\u1ecb tr\u01b0\u1eddng Ch\u1ee9ng kho\u00e1n, Tr\u01b0\u1eddng \u0110H Kinh t\u1ebf Qu\u1ed1c d\u00e2n, , NXB T\u00e0i ch\u00ednh)<\/i><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

\n Ch\u1ee9ng kh\u1ebf l\u00e0 m\u1ed9t lo\u1ea1i ch\u1ee9ng kho\u00e1n ph\u00e1i sinh. Trong \u0111\u00f3, ng\u01b0\u1eddi s\u1edf h\u1eefu c\u00f3 quy\u1ec1n \u0111\u01b0\u1ee3c mua m\u1ed9t s\u1ed1 l\u01b0\u1ee3ng ch\u1ee9ng kho\u00e1n nh\u1ea5t \u0111\u1ecbnh t\u1ea1i m\u1ed9t m\u1ee9c gi\u00e1 x\u00e1c \u0111\u1ecbnh v\u00e0 trong m\u1ed9t th\u1eddi h\u1ea1n nh\u1ea5t \u0111\u1ecbnh.<\/p><\/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\/31278"}],"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=31278"}],"version-history":[{"count":0,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/31278\/revisions"}],"wp:attachment":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/media?parent=31278"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/categories?post=31278"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/tags?post=31278"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}