{"id":31373,"date":"2023-12-07T10:35:17","date_gmt":"2023-12-07T10:35:17","guid":{"rendered":"https:\/\/masterskills.org\/blog\/dinh-gia-phi-chenh-lech-arbitrage-free-valuation-la-gi-nhung-dac-diem-can-luu-y.html"},"modified":"2023-12-23T08:01:34","modified_gmt":"2023-12-23T01:01:34","slug":"dinh-gia-phi-chenh-lech-arbitrage-free-valuation-la-gi-nhung-dac-diem-can-luu-y","status":"publish","type":"post","link":"https:\/\/masterskills.org\/blog\/dinh-gia-phi-chenh-lech-arbitrage-free-valuation-la-gi-nhung-dac-diem-can-luu-y.html","title":{"rendered":"\u0110\u1ecbnh gi\u00e1 phi ch\u00eanh l\u1ec7ch (Arbitrage-free Valuation) l\u00e0 g\u00ec? Nh\u1eefng \u0111\u1eb7c \u0111i\u1ec3m c\u1ea7n l\u01b0u \u00fd"},"content":{"rendered":"
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H\u00ecnh minh h\u1ecda. Ngu\u1ed3n: Brightnetwork.co.uk<\/p>\n<\/div>\n<\/div>\n

\u0110\u1ecbnh gi\u00e1 phi ch\u00eanh l\u1ec7ch<\/font><\/h2>\n

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

\u0110\u1ecbnh gi\u00e1 phi ch\u00eanh l\u1ec7ch<\/b>, ti\u1ebfng Anh g\u1ecdi l\u00e0 Arbitrage-free valuation<\/b>.<\/p>\n

\u0110\u1ecbnh gi\u00e1 phi ch\u00eanh l\u1ec7ch<\/b> l\u00e0 vi\u1ec7c \u0111\u1ecbnh gi\u00e1 m\u1ed9t t\u00e0i s\u1ea3n m\u00e0 kh\u00f4ng c\u1ea7n quan t\u00e2m \u0111\u1ebfn gi\u00e1 tr\u00ean th\u1ecb tr\u01b0\u1eddng thay th\u1ebf hay ph\u00e1i sinh.\u00a0<\/p>\n

Kinh doanh ch\u00eanh l\u1ec7ch gi\u00e1 <\/b>l\u00e0 vi\u1ec7c mua v\u00e0 b\u00e1n c\u00f9ng m\u1ed9t lo\u1ea1i c\u1ed5 phi\u1ebfu, h\u00e0ng h\u00f3a, ti\u1ec1n t\u1ec7, hay t\u00e0i s\u1ea3n tr\u00ean nh\u1eefng th\u1ecb tr\u01b0\u1eddng kh\u00e1c nhau \u0111\u1ec3 ki\u1ebfm l\u1ee3i nhu\u1eadn t\u1eeb s\u1ef1 kh\u00e1c nhau v\u1ec1 gi\u00e1 tr\u00ean nh\u1eefng th\u1ecb tr\u01b0\u1eddng n\u00e0y. V\u00ed d\u1ee5, mua m\u1ed9t ch\u1ee9ng kho\u00e1n tr\u00ean s\u00e0n NYSE v\u00e0 b\u00e1n l\u1ea1i n\u00f3 v\u1edbi gi\u00e1 cao h\u01a1n t\u1ea1i s\u00e0n LSE \u1edf Anh \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 kinh doanh ch\u00eanh l\u1ec7ch gi\u00e1.<\/p>\n

C\u00f4ng d\u1ee5ng c\u1ee7a \u0111\u1ecbnh gi\u00e1 phi ch\u00eanh l\u1ec7ch<\/font><\/h3>\n

Kinh doanh ch\u00eanh l\u1ec7ch gi\u00e1 c\u00f3 th\u1ec3 th\u1ed5i ph\u1ed3ng hay \u0111\u00e1nh gi\u00e1 th\u1ea5p qu\u00e1 m\u1ee9c gi\u00e1 tr\u1ecb th\u1eadt s\u1ef1 c\u1ee7a m\u1ed9t t\u00e0i s\u1ea3n. Kh\u00e1c bi\u1ec7t duy nh\u1ea5t c\u1ee7a t\u00e0i s\u1ea3n \u0111\u00f3 l\u00e0 vi\u1ec7c n\u00f3 \u0111ang \u0111\u01b0\u1ee3c giao d\u1ecbch tr\u00ean s\u00e0n n\u00e0o ho\u1eb7c gi\u00e1 c\u1ee7a n\u00f3 tr\u00ean th\u1ecb tr\u01b0\u1eddng ph\u00e1i sinh.<\/p>\n

\u0110\u1ecbnh gi\u00e1 phi ch\u00eanh l\u1ec7ch<\/b> l\u00e0 khi nh\u1eefng y\u1ebfu t\u1ed1 gi\u00e1 kh\u00f4ng nh\u1ea5t qu\u00e1n b\u1ecb lo\u1ea1i b\u1ecf v\u00e0 cho ra b\u1ee9c tranh ch\u00ednh x\u00e1c h\u01a1n v\u1ec1 gi\u00e1 tr\u1ecb d\u1ef1a v\u00e0o nh\u1eefng th\u01b0\u1edbc \u0111o hi\u1ec7u su\u1ea5t th\u1ef1c s\u1ef1.<\/p>\n

\u0110\u1ecbnh gi\u00e1 phi ch\u00eanh l\u1ec7ch<\/b> c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c \u1ee9ng d\u1ee5ng theo nhi\u1ec1u c\u00e1ch kh\u00e1c nhau. \u0110\u1ea7u ti\u00ean, n\u00f3 c\u00f3 th\u1ec3 l\u00e0 gi\u00e1 tr\u1ecb t\u01b0\u01a1ng lai tr\u00ean l\u00ed thuy\u1ebft c\u1ee7a m\u1ed9t ch\u1ee9ng kho\u00e1n hay h\u00e0ng h\u00f3a, \u0111\u01b0\u1ee3c t\u00ednh d\u1ef1a tr\u00ean gi\u00e1 th\u1ecb tr\u01b0\u1eddng, l\u00e3i su\u1ea5t, chi ph\u00ed n\u1eafm gi\u1eef, t\u1ec9 gi\u00e1 h\u1ed1i \u0111o\u00e1i, chi ph\u00ed v\u1eadn chuy\u1ec3n, gi\u00e1 tr\u1ecb ti\u1ec7n \u00edch,\u2026 Chi ph\u00ed n\u1eafm gi\u1eef l\u00e0 kho\u1ea3n chi ph\u00ed ph\u1ea3i b\u1ecf ra \u0111\u1ec3 gi\u1eef h\u00e0ng t\u1ed3n kho.<\/p>\n

N\u00f3 c\u0169ng c\u00f3 th\u1ec3 l\u00e0 gi\u00e1 th\u1ecb tr\u01b0\u1eddng t\u01b0\u01a1ng lai l\u00ed thuy\u1ebft c\u1ee7a ch\u1ee9ng kho\u00e1n hay h\u00e0ng h\u00f3a \u0111\u01b0\u1ee3c t\u00ednh d\u1ef1a tr\u00ean l\u00e3i su\u1ea5t t\u01b0\u01a1ng lai, chi ph\u00ed n\u1eafm gi\u1eef, gi\u00e1 tr\u1ecb ti\u1ec7n \u00edch, t\u1ec9 gi\u00e1 h\u1ed1i \u0111o\u00e1i, chi ph\u00ed v\u1eadn chuy\u1ec3n,\u2026 Gi\u00e1 tr\u1ecb ti\u1ec7n \u00edch l\u00e0 gi\u00e1 tr\u1ecb c\u00f3 \u0111\u01b0\u1ee3c khi b\u1ea1n n\u1eafm gi\u1eef t\u00e0i s\u1ea3n th\u1ef1c thay v\u00ec t\u00e0i s\u1ea3n lu\u00e2n chuy\u1ec3n. V\u00ed d\u1ee5 l\u00e0 khi b\u1ea1n n\u1eafm gi\u1eef th\u00f9ng d\u1ea7u thay v\u00ec h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai c\u1ee7a d\u1ea7u.<\/p>\n

Khi gi\u00e1 tr\u1ecb t\u01b0\u01a1ng lai th\u1ef1c s\u1ef1 th\u1ef1c s\u1ef1 kh\u00e1c v\u1edbi gi\u00e1 tr\u1ecb t\u01b0\u01a1ng lai l\u00ed thuy\u1ebft, b\u1ea1n c\u00f3 th\u1ec3 ki\u1ebfm l\u1eddi b\u1eb1ng kinh doanh ch\u00eanh l\u1ec7ch gi\u00e1.<\/p>\n

Nh\u1eefng l\u01b0u \u00fd \u0111\u1eb7c bi\u1ec7t<\/font><\/h3>\n

Giao d\u1ecbch cash v\u00e0 carry, cash v\u00e0 carry ng\u01b0\u1ee3c v\u00e0 dollar roll l\u00e0 nh\u1eefng c\u00e1ch th\u1ee9c \u0111\u1ec3 nh\u00e0 giao d\u1ecbch ph\u00e1i sinh ki\u1ebfm l\u1eddi khi gi\u00e1 tr\u1ecb l\u00ed thuy\u1ebft v\u00e0 gi\u00e1 th\u1ef1c t\u1ebf c\u1ee7a t\u00e0i s\u1ea3n kh\u00e1c nhau. Giao d\u1ecbch cash v\u00e0 carry t\u1eadn d\u1ee5ng s\u1ef1 kh\u00e1c bi\u1ec7t v\u1ec1 gi\u00e1 c\u1ee7a t\u00e0i s\u1ea3n v\u00e0 gi\u00e1 ph\u00e1i sinh c\u1ee7a n\u00f3. Vi\u1ec7c ph\u00e2n t\u00edch v\u00e0 th\u1ef1c hi\u1ec7n nh\u1eefng giao d\u1ecbch n\u00e0y l\u00e0 r\u1ea5t ph\u1ee9c t\u1ea1p.<\/p>\n

\u0110\u1ec3 m\u1ed9t giao d\u1ecbch ho\u00e0n to\u00e0n phi r\u1ee7i ro, r\u1ea5t nhi\u1ec1u y\u1ebfu t\u1ed1 ph\u1ea3i \u0111\u01b0\u1ee3c t\u00ednh m\u1ed9t c\u00e1ch ch\u1eafc ch\u1eafn v\u00e0 ph\u00ed giao d\u1ecbch c\u0169ng ph\u1ea3i \u0111\u01b0\u1ee3c \u0111\u1ec1 c\u1eadp \u0111\u1ebfn. H\u1ea7u h\u1ebft c\u00e1c th\u1ecb tr\u01b0\u1eddng \u0111\u1ec1u ho\u1ea1t \u0111\u1ed9ng qu\u00e1 hi\u1ec7u qu\u1ea3 \u0111\u1ec3 c\u00f3 th\u1ec3 t\u1ed3n t\u1ea1i m\u1ed9t giao d\u1ecbch ch\u00eanh l\u1ec7ch gi\u00e1 phi r\u1ee7i ro, \u0111\u00f3 l\u00e0 l\u00ed do ch\u00eanh l\u1ec7ch gi\u1eefa gi\u00e1 b\u00e1n v\u00e0 gi\u00e1 mua th\u01b0\u1eddng kh\u00e1 cao.<\/p>\n

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

\n \u0110\u1ecbnh gi\u00e1 phi ch\u00eanh l\u1ec7ch (ti\u1ebfng Anh: Arbitrage-free valuation) l\u00e0 vi\u1ec7c \u0111\u1ecbnh gi\u00e1 m\u1ed9t t\u00e0i s\u1ea3n m\u00e0 kh\u00f4ng c\u1ea7n quan t\u00e2m \u0111\u1ebfn gi\u00e1 tr\u00ean th\u1ecb tr\u01b0\u1eddng thay th\u1ebf hay ph\u00e1i sinh.\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\/31373"}],"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=31373"}],"version-history":[{"count":0,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/31373\/revisions"}],"wp:attachment":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/media?parent=31373"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/categories?post=31373"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/tags?post=31373"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}