{"id":31460,"date":"2023-12-07T10:39:48","date_gmt":"2023-12-07T10:39:48","guid":{"rendered":"https:\/\/masterskills.org\/blog\/loi-nhuan-bat-thuong-abnormal-returns-la-gi-tam-quan-trong.html"},"modified":"2023-12-23T08:10:58","modified_gmt":"2023-12-23T01:10:58","slug":"loi-nhuan-bat-thuong-abnormal-returns-la-gi-tam-quan-trong","status":"publish","type":"post","link":"https:\/\/masterskills.org\/blog\/loi-nhuan-bat-thuong-abnormal-returns-la-gi-tam-quan-trong.html","title":{"rendered":"L\u1ee3i nhu\u1eadn b\u1ea5t th\u01b0\u1eddng (Abnormal returns) l\u00e0 g\u00ec? T\u1ea7m quan tr\u1ecdng"},"content":{"rendered":"
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L\u1ee3i nhu\u1eadn b\u1ea5t th\u01b0\u1eddng<\/font><\/h2>\n

L\u1ee3i nhu\u1eadn b\u1ea5t th\u01b0\u1eddng<\/b> \u2013 danh t\u1eeb, trong ti\u1ebfng Anh l\u00e0\u00a0Abnormal returns<\/b>.<\/p>\n

Thu\u1eadt ng\u1eef l\u1ee3i nhu\u1eadn b\u1ea5t th\u01b0\u1eddng<\/b> d\u00f9ng \u0111\u1ec3 m\u00f4 t\u1ea3 ph\u1ea7n l\u1ee3i nhu\u1eadn kh\u00e1c th\u01b0\u1eddng c\u1ee7a m\u1ed9t ch\u1ee9ng kho\u00e1n ho\u1eb7c m\u1ed9t danh m\u1ee5c \u0111\u1ea7u t\u01b0 trong m\u1ed9t kho\u1ea3n th\u1eddi gian nh\u1ea5t \u0111\u1ecbnh.<\/p>\n

Khi \u0111\u00f3, t\u1ec9 su\u1ea5t l\u1ee3i nhu\u1eadn c\u1ee7a k\u1ebft qu\u1ea3 \u0111\u1ea7u t\u01b0 n\u00e0y kh\u00f4ng t\u01b0\u01a1ng \u0111\u1ed3ng v\u1edbi t\u1ec9 su\u1ea5t ho\u00e0n v\u1ed1n k\u00ec v\u1ecdng hay t\u1ec9 su\u1ea5t ho\u00e0n v\u1ed1n \u01b0\u1edbc t\u00ednh c\u1ee7a n\u00f3. T\u1ec9 su\u1ea5t ho\u00e0n v\u1ed1n \u01b0\u1edbc t\u00ednh \u0111\u01b0\u1ee3c t\u00ednh d\u1ef1a v\u00e0o m\u00f4 h\u00ecnh \u0111\u1ecbnh gi\u00e1 t\u00e0i s\u1ea3n \u2013 l\u00e0 trung b\u00ecnh c\u1ee7a s\u1ed1 li\u1ec7u th\u1ed1ng k\u00ea qua nhi\u1ec1u n\u0103m ho\u1eb7c l\u00e0 k\u1ebft qu\u1ea3 c\u1ee7a nhi\u1ec1u phuong ph\u00e1p \u0111\u1ecbnh gi\u00e1 kh\u00e1c nhau.<\/p>\n

S\u1ef1 quan tr\u1ecdng c\u1ee7a l\u1ee3i nhu\u1eadn b\u1ea5t th\u01b0\u1eddng<\/font><\/h3>\n

L\u1ee3i nhu\u1eadn b\u1ea5t th\u01b0\u1eddng<\/b> l\u00e0 nh\u00e2n t\u1ed1 quan tr\u1ecdng \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 kh\u1ea3 n\u0103ng qu\u1ea3n l\u00fd r\u1ee7i ro c\u1ee7a m\u1ed9t danh m\u1ee5c khi so s\u00e1nh v\u1edbi th\u1ecb tr\u01b0\u1eddng chung hay c\u00e1c ch\u1ec9 s\u1ed1. L\u1ee3i nhu\u1eadn b\u1ea5t th\u01b0\u1eddng c\u00f3 th\u1ec3 gi\u00fap \u0111\u00e1nh gi\u00e1 k\u0129 n\u0103ng c\u1ee7a m\u1ed9t ng\u01b0\u1eddi qu\u1ea3n l\u00fd danh m\u1ee5c \u0111\u1ea7u t\u01b0 tr\u00ean ph\u01b0\u01a1ng di\u1ec7n ki\u1ec3m so\u00e1t r\u1ee7i ro. N\u00f3 c\u0169ng gi\u00fap cho nh\u00e0 \u0111\u1ea7u t\u01b0 bi\u1ebft \u0111\u01b0\u1ee3c m\u00ecnh c\u00f3 nh\u1eadn \u0111\u01b0\u1ee3c ph\u1ea7n l\u1ee3i nhu\u1eadn t\u01b0\u01a1ng \u1ee9ng v\u1edbi kh\u1ea9u v\u1ecb r\u1ee7i ro c\u1ee7a m\u00ecnh hay kh\u00f4ng.<\/p>\n

L\u1ee3i nhu\u1eadn b\u1ea5t th\u01b0\u1eddng c\u00f3 th\u1ec3 \u00e2m ho\u1eb7c d\u01b0\u01a1ng. Thu\u1eadt ng\u1eef n\u00e0y th\u1ef1c ch\u1ea5t ch\u1ec9 \u00e1m ch\u1ec9 \u0111\u1ebfn vi\u1ec7c l\u1ee3i nhu\u1eadn th\u1ef1c t\u1ebf v\u00e0 l\u1ee3i nhu\u1eadn \u01b0\u1edbc t\u00ednh kh\u00e1c nhau nh\u01b0 th\u1ebf n\u00e0o. V\u00ed d\u1ee5, m\u1ed9t qu\u1ef9 t\u01b0\u01a1ng h\u1ed7 c\u00f3 t\u1ec9 su\u1ea5t l\u1ee3i nhu\u1eadn th\u1ef1c t\u1ebf l\u00e0 30%, trong khi l\u00fac \u0111\u1ea7u ch\u1ec9 \u01b0\u1edbc t\u00ednh l\u00e0 10% th\u00ec l\u1ee3i nhu\u1eadn b\u1ea5t th\u01b0\u1eddng c\u1ee7a n\u00f3 s\u1ebd l\u00e0 d\u01b0\u01a1ng 20%. Ng\u01b0\u1ee3c l\u1ea1i, n\u1ebfu nh\u01b0 l\u1ee3i nhu\u1eadn th\u1ef1c t\u1ebf ch\u1ec9 l\u00e0 5% th\u00ec khi \u0111\u00f3, l\u1ee3i nhu\u1eadn b\u1ea5t th\u01b0\u1eddng c\u1ee7a n\u00f3 s\u1ebd l\u00e0 \u00e2m 5%.<\/p>\n

L\u1ee3i nhu\u1eadn b\u1ea5t th\u01b0\u1eddng t\u00edch l\u0169y (CAR)<\/font><\/h3>\n

L\u1ee3i nhu\u1eadn b\u1ea5t th\u01b0\u1eddng t\u00edch l\u0169y<\/b>, danh t\u1eeb – trong ti\u1ebfng Anh l\u00e0\u00a0Cumulative Abnormal Return<\/b>, hay vi\u1ebft t\u1eaft l\u00e0 CAR<\/b>.<\/p>\n

L\u1ee3i nhu\u1eadn b\u1ea5t th\u01b0\u1eddng t\u00edch l\u0169y<\/b> l\u00e0 t\u1ed5ng c\u1ee7a t\u1ea5t c\u1ea3 l\u1ee3i nhu\u1eadn b\u1ea5t th\u01b0\u1eddng. Th\u01b0\u1eddng th\u00ec vi\u1ec7c t\u00ednh to\u00e1n l\u1ee3i nhu\u1eadn b\u1ea5t th\u01b0\u1eddng t\u00edch l\u0169y ch\u1ec9 x\u1ea3y ra trong khung th\u1eddi gian ng\u1eafn nh\u01b0 l\u00e0 v\u00e0i ng\u00e0y.\u00a0<\/p>\n

L\u1ee3i nhu\u1eadn b\u1ea5t th\u01b0\u1eddng t\u00edch l\u0169y \u0111\u01b0\u1ee3c d\u00f9ng \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 \u1ea3nh h\u01b0\u1edfng c\u1ee7a vi\u1ec7c ki\u1ec7n t\u1ee5ng, thu mua, v\u00e0 nh\u1eefng s\u1ef1 ki\u1ec7n kh\u00e1c \u0111\u1ebfn gi\u00e1 ch\u1ee9ng kho\u00e1n. L\u1ee3i nhu\u1eadn b\u1ea5t th\u01b0\u1eddng t\u00edch l\u0169y c\u00f2n h\u1eefu d\u1ee5ng trong vi\u1ec7c x\u00e1c \u0111\u1ecbnh t\u00ednh ch\u00ednh x\u00e1c c\u1ee7a c\u00e1c m\u00f4 h\u00ecnh \u0111\u1ecbnh gi\u00e1 b\u1eb1ng vi\u1ec7c \u01b0\u1edbc t\u00ednh t\u1ec9 su\u1ea5t sinh l\u1eddi k\u00ec v\u1ecdng.<\/p>\n

M\u00f4 h\u00ecnh \u0111\u1ecbnh gi\u00e1 t\u00e0i s\u1ea3n v\u1ed1n (CAPM)<\/font><\/h3>\n

M\u00f4 h\u00ecnh \u0111\u1ecbnh gi\u00e1 t\u00e0i s\u1ea3n v\u1ed1n<\/b> \u2013 danh t\u1eeb, trong ti\u1ebfng Anh l\u00e0\u00a0Capital Asset Pricing Model<\/b>, vi\u1ebft t\u1eaft l\u00e0 CAPM<\/b>.<\/p>\n

M\u00f4 h\u00ecnh \u0111\u1ecbnh gi\u00e1 t\u00e0i s\u1ea3n v\u1ed1n<\/b> l\u00e0 m\u1ed9t ph\u01b0\u01a1ng ph\u00e1p d\u00f9ng \u0111\u1ec3 t\u00ednh l\u1ee3i nhu\u1eadn k\u00ec v\u1ecdng c\u1ee7a m\u1ed9t ch\u1ee9ng kho\u00e1n hay m\u1ed9t danh m\u1ee5c \u0111\u1ea7u t\u01b0 d\u1ef1a v\u00e0o t\u1ec9 su\u1ea5t ho\u00e0n v\u1ed1n phi r\u1ee7i ro, h\u1ec7 s\u1ed1 beta v\u00e0 l\u1ee3i nhu\u1eadn k\u00ec v\u1ecdng c\u1ee7a th\u1ecb tr\u01b0\u1eddng.\u00a0<\/p>\n

Sau khi t\u00ednh \u0111\u01b0\u1ee3c l\u1ee3i nhu\u1eadn k\u00ec v\u1ecdng c\u1ee7a m\u1ed9t ch\u1ee9ng kho\u00e1n hay danh m\u1ee5c \u0111\u1ea7u t\u01b0, l\u1ee3i nhu\u1eadn b\u1ea5t th\u01b0\u1eddng c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c t\u00ednh b\u1eb1ng c\u00e1ch l\u1ea5y l\u1ee3i nhu\u1eadn th\u1ef1c t\u1ebf tr\u1eeb \u0111i l\u1ee3i nhu\u1eadn k\u00ec v\u1ecdng \u0111\u00e3 t\u00ednh. L\u1ee3i nhu\u1eadn b\u1ea5t th\u01b0\u1eddng c\u00f3 th\u1ec3 \u00e2m ho\u1eb7c d\u01b0\u01a1ng t\u00f9y thu\u1ed9c v\u00e0o hi\u1ec7u su\u1ea5t c\u1ee7a ch\u1ee9ng kho\u00e1n hay danh m\u1ee5c \u0111\u1ea7u t\u01b0 \u0111\u00f3 trong m\u1ed9t giai \u0111o\u1ea1n nh\u1ea5t \u0111\u1ecbnh. <\/p>\n

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

\n L\u1ee3i nhu\u1eadn b\u1ea5t th\u01b0\u1eddng (Ti\u1ebfng Anh: Abnormal returns) l\u00e0 ph\u1ea7n kh\u00e1c bi\u1ec7t gi\u1eefa l\u1ee3i nhu\u1eadn th\u1ef1c t\u1ebf so v\u1edbi l\u1ee3i nhu\u1eadn \u01b0\u1edbc t\u00ednh c\u1ee7a m\u1ed9t ch\u1ee9ng kho\u00e1n.\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\/31460"}],"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=31460"}],"version-history":[{"count":0,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/31460\/revisions"}],"wp:attachment":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/media?parent=31460"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/categories?post=31460"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/tags?post=31460"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}