{"id":8239,"date":"2023-11-30T01:41:54","date_gmt":"2023-11-30T01:41:54","guid":{"rendered":"https:\/\/masterskills.org\/blog\/li-thuyet-danh-doi-dong-dynamic-trade-off-theory-la-gi.html"},"modified":"2023-12-05T22:05:01","modified_gmt":"2023-12-05T22:05:01","slug":"li-thuyet-danh-doi-dong-dynamic-trade-off-theory-la-gi","status":"publish","type":"post","link":"https:\/\/masterskills.org\/blog\/li-thuyet-danh-doi-dong-dynamic-trade-off-theory-la-gi.html","title":{"rendered":"L\u00ed thuy\u1ebft \u0111\u00e1nh \u0111\u1ed5i \u0111\u1ed9ng (Dynamic Trade-off Theory) l\u00e0 g\u00ec?"},"content":{"rendered":"
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\"L\u00ed<\/div>
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H\u00ecnh minh ho\u1ea1 (Ngu\u1ed3n: slideplayer)<\/p>\n<\/figcaption><\/figure>\n

L\u00ed thuy\u1ebft \u0111\u00e1nh \u0111\u1ed5i \u0111\u1ed9ng<\/font><\/h2>\n

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

L\u00ed thuy\u1ebft \u0111\u00e1nh \u0111\u1ed5i \u0111\u1ed9ng <\/b>trong ti\u1ebfng Anh \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 Dynamic Trade-off Theory.<\/b><\/p>\n

L\u00ed thuy\u1ebft \u0111\u00e1nh \u0111\u1ed5i \u0111\u1ed9ng<\/b> cho r\u1eb1ng doanh nghi\u1ec7p c\u00f3 l\u1ee3i nhu\u1eadn c\u00e0ng cao th\u00ec vi\u1ec7c h\u01b0\u1edfng l\u1ee3i t\u1eeb l\u00e1 ch\u1eafn thu\u1ebf c\u00e0ng l\u1edbn khi h\u1ecd vay n\u1ee3 c\u00e0ng nhi\u1ec1u.<\/p>\n

Ngu\u1ed3n g\u1ed1c ra \u0111\u1eddi\u00a0<\/font><\/h3>\n

K\u00ea\u0301 th\u01b0\u0300a k\u00ea\u0301t qua\u0309 nghie\u0302n c\u01b0\u0301u cu\u0309a Miller va\u0300 Modigliani, l\u00ed thuy\u1ebft\u00a0\u0111a\u0301nh \u0111\u00f4\u0309i \u0111\u1ed9ng v\u00ea\u0300 co\u031b c\u00e2\u0301u v\u00f4\u0301n \u0111\u01b0\u1ee3c ra \u0111\u01a1\u0300i \u0111\u00ea\u0309 gia\u0309i thi\u0301ch v\u00ea\u0300 co\u031b c\u00e2\u0301u v\u00f4\u0301n cu\u0309a doanh nghi\u1eb9\u0302p.<\/p>\n

L\u00ed thuy\u1ebft\u00a0\u0111a\u0301nh \u0111\u00f4\u0309i \u0111\u1ecd\u0302ng \u0111u\u031b\u01a1\u0323c \u0111u\u031ba ra b\u01a1\u0309i Fischer & c\u1ecd\u0302ng s\u01b0\u0323 (1989). Ho\u0323 cho r\u0103\u0300ng co\u0301 s\u01b0\u0323 hi\u1eb9\u0302n di\u1eb9\u0302n cu\u0309a chi phi\u0301 v\u00f4\u0301n ho\u0301a c\u00f4\u0309 ph\u00e2\u0300n trong l\u01b0\u0323a cho\u0323n mo\u0302 hi\u0300nh cu\u0309a co\u031b c\u00e2\u0301u v\u00f4\u0301n t\u00f4\u0301i u\u031bu \u0111\u1ecd\u0302ng. \u0110i\u00ea\u0300u na\u0300y cho th\u00e2\u0301y r\u0103\u0300ng co\u031b c\u00e2\u0301u v\u00f4\u0301n cu\u0309a doanh nghi\u1eb9\u0302p tre\u0302n th\u01b0\u0323c t\u00ea\u0301 kho\u0302ng pha\u0309i luo\u0302n luo\u0302n tru\u0300ng kh\u01a1\u0301p co\u031b c\u00e2\u0301u v\u00f4\u0301n t\u00f4\u0301i u\u031bu.<\/p>\n

No\u0301i ca\u0301ch kha\u0301c, doanh nghi\u1eb9\u0302p xa\u0301c \u0111i\u0323nh m\u1ecd\u0302t bie\u0302n \u0111\u1ecd\u0302 dao \u0111\u1ecd\u0302ng cho ty\u0309 s\u00f4\u0301 n\u01a1\u0323. Trong mo\u0302 hi\u0300nh cu\u0309a co\u031b c\u00e2\u0301u v\u00f4\u0301n t\u00f4\u0301i u\u031bu \u0111\u1ecd\u0302ng, quy\u00ea\u0301t \u0111i\u0323nh ta\u0300i tr\u01a1\u0323 phu\u0323 thu\u1ecd\u0302c cu\u0323 th\u00ea\u0309 va\u0300o ta\u0300i tr\u01a1\u0323 c\u1ea1\u0302n bie\u0302n ma\u0300 doanh nghi\u1eb9\u0302p d\u01b0\u0323 \u0111oa\u0301n trong giai \u0111oa\u0323n t\u01a1\u0301i. D\u00e2\u0300n d\u00e2\u0300n, co\u031b c\u00e2\u0301u v\u00f4\u0301n cu\u0309a doanh nghi\u1eb9\u0302p se\u0303 ti\u1eb9\u0302m c\u1ea1\u0302n co\u031b c\u00e2\u0301u v\u00f4\u0301n t\u00f4\u0301i u\u031bu.<\/p>\n

N\u1ed9i dung<\/font><\/h3>\n

Nh\u01b0 \u0111\u1ec1 c\u1eadp \u1edf tr\u00ean, l\u00ed thuy\u1ebft<\/span> na\u0300y cho r\u1eb1ng doanh nghi\u1eb9\u0302p co\u0301 l\u01a1\u0323i nhu\u1ea1\u0302n ca\u0300ng cao thi\u0300 vi\u1eb9\u0302c hu\u031b\u01a1\u0309ng l\u01a1\u0323i t\u01b0\u0300 la\u0301 ch\u0103\u0301n thu\u00ea\u0301 ca\u0300ng l\u01a1\u0301n khi ho\u0323 vay n\u01a1\u0323 ca\u0300ng nhi\u00ea\u0300u. Chi\u0301nh vi\u0300 v\u1ea1\u0302y, doanh nghi\u1eb9\u0302p ne\u0302n hoa\u0323t \u0111\u1ecd\u0302ng v\u01a1\u0301i \u0111o\u0300n b\u00e2\u0309y cao ho\u031bn \u0111\u00ea\u0309 t\u1ea1\u0302n du\u0323ng u\u031bu th\u00ea\u0301 cu\u0309a la\u0301 ch\u0103\u0301n thu\u00ea\u0301.\u00a0<\/p>\n

M\u1ea1\u0306c du\u0300 chi phi\u0301 ki\u1eb9\u0302t qu\u1eb9\u0302 ta\u0300i chi\u0301nh ho\u1ea1\u0306c kha\u0309 na\u0306ng pha\u0301 sa\u0309n cu\u0303ng se\u0303 cao ho\u031bn khi doanh nghi\u1eb9\u0302p hoa\u0323t \u0111\u1ecd\u0302ng v\u01a1\u0301i m\u01b0\u0301c \u0111\u1ecd\u0302 \u0111o\u0300n b\u00e2\u0309y cao, nhi\u00ea\u0300u nghie\u0302n c\u01b0\u0301u chi\u0309 ra r\u0103\u0300ng chi phi\u0301 pha\u0301 sa\u0309n co\u0301 t\u00f4\u0300n ta\u0323i nhu\u031bng no\u0301 chi\u0309 chi\u00ea\u0301m m\u1ecd\u0302t ph\u00e2\u0300n tu\u031bo\u031bng \u0111\u00f4\u0301i nho\u0309 so v\u01a1\u0301i l\u01a1\u0323i i\u0301ch t\u01b0\u0300 la\u0301 ch\u0103\u0301n thu\u00ea\u0301.\u00a0<\/p>\n

Vi\u0300 v\u1ea1\u0302y, l\u00ed thuy\u1ebft<\/span> na\u0300y gia\u0309i thi\u0301ch v\u00ea\u0300 m\u00f4\u0301i quan h\u1eb9\u0302 cu\u0300ng chi\u00ea\u0300u gi\u01b0\u0303a co\u031b c\u00e2\u0301u v\u00f4\u0301n va\u0300 hi\u1eb9\u0302u qua\u0309 hoa\u0323t \u0111\u1ecd\u0302ng cu\u0309a doanh nghi\u1eb9\u0302p.\u00a0<\/p>\n

Nh\u01b0\u0303ng nghie\u0302n c\u01b0\u0301u cu\u0309a Roden & LewMasterskillsn (1995); Hadlock, C. & James, C. (2002); Berger & Bonaccorsi di Patti (2006) la\u0300 nh\u01b0\u0303ng minh ch\u01b0\u0301ng cho m\u00f4\u0301i quan h\u1eb9\u0302 thu\u1ea1\u0302n chi\u00ea\u0300u na\u0300y.<\/p>\n

Thu\u1eadt ng\u1eef li\u00ean quan<\/b><\/p>\n

L\u00ed thuy\u1ebft c\u1ee7a Modigliani v\u00e0 Miller\u00a0<\/b>cho r\u0103\u0300ng trong m\u1ecd\u0302t thi\u0323 tru\u031b\u01a1\u0300ng hoa\u0300n ha\u0309o, co\u031b c\u00e2\u0301u v\u00f4\u0301n kho\u0302ng a\u0309nh hu\u031b\u01a1\u0309ng \u0111\u00ea\u0301n gia\u0301 tri\u0323 doanh nghi\u1eb9\u0302p.<\/p>\n

(T\u00e0i li\u1ec7u tham kh\u1ea3o: T\u00e0i li\u1ec7u Ca\u0301c nha\u0302n t\u00f4\u0301 a\u0309nh hu\u031b\u01a1\u0309ng \u0111\u00ea\u0301n c\u00e2\u0301u tru\u0301c v\u00f4\u0301n ca\u0301c doanh nghi\u1eb9\u0302p nie\u0302m y\u00ea\u0301t tre\u0302n thi\u0323 tru\u031b\u01a1\u0300ng ch\u01b0\u0301ng khoa\u0301n Vi\u1eb9\u0302t Nam, \u0110\u1ea1i h\u1ecdc H\u00e0ng h\u1ea3i Vi\u1ec7t Nam)<\/i><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

\n L\u00ed thuy\u1ebft \u0111\u00e1nh \u0111\u1ed5i \u0111\u1ed9ng (ti\u1ebfng Anh: Dynamic Trade-off Theory) cho r\u1eb1ng doanh nghi\u1ec7p c\u00f3 l\u1ee3i nhu\u1eadn c\u00e0ng cao th\u00ec vi\u1ec7c h\u01b0\u1edfng l\u1ee3i t\u1eeb l\u00e1 ch\u1eafn thu\u1ebf c\u00e0ng l\u1edbn khi h\u1ecd vay n\u1ee3 c\u00e0ng nhi\u1ec1u.\n <\/div>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[416],"tags":[],"_links":{"self":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/8239"}],"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=8239"}],"version-history":[{"count":0,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/8239\/revisions"}],"wp:attachment":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/media?parent=8239"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/categories?post=8239"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/tags?post=8239"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}