{"id":8241,"date":"2023-11-29T18:32:38","date_gmt":"2023-11-29T18:32:38","guid":{"rendered":"https:\/\/masterskills.org\/blog\/li-thuyet-danh-doi-tinh-static-trade-off-theory-stt-la-gi.html"},"modified":"2023-12-21T14:10:52","modified_gmt":"2023-12-21T07:10:52","slug":"li-thuyet-danh-doi-tinh-static-trade-off-theory-stt-la-gi","status":"publish","type":"post","link":"https:\/\/masterskills.org\/blog\/li-thuyet-danh-doi-tinh-static-trade-off-theory-stt-la-gi.html","title":{"rendered":"L\u00ed thuy\u1ebft \u0111\u00e1nh \u0111\u1ed5i t\u0129nh (Static Trade-Off Theory – STT) l\u00e0 g\u00ec?"},"content":{"rendered":"
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H\u00ecnh minh ho\u1ea1 (Ngu\u1ed3n: slideplayer)<\/p>\n<\/figcaption><\/figure>\n

L\u00ed thuy\u1ebft\u00a0\u0111a\u0301nh \u0111\u00f4\u0309i ti\u0303nh<\/font><\/h2>\n

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

L\u00ed thuy\u1ebft\u00a0\u0111a\u0301nh \u0111\u00f4\u0309i ti\u0303nh <\/b>trong ti\u1ebfng Anh \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 Static Trade-Off Theory – STT.<\/b><\/p>\n

L\u00ed thuy\u1ebft\u00a0\u0111a\u0301nh \u0111\u00f4\u0309i ti\u0303nh<\/b> xem xe\u0301t m\u1ecd\u0302t co\u031b c\u00e2\u0301u v\u00f4\u0301n mu\u0323c tie\u0302u (t\u00f4\u0301i u\u031bu) cu\u0309a m\u1ecd\u0302t doanh nghi\u1eb9\u0302p ma\u0300 co\u031b c\u00e2\u0301u v\u00f4\u0301n na\u0300y \u0111u\u031b\u01a1\u0323c xa\u0301c \u0111i\u0323nh d\u01b0\u0323a va\u0300o s\u01b0\u0323 \u0111a\u0301nh \u0111\u00f4\u0309i gi\u01b0\u0303a l\u01a1\u0323i i\u0301ch c\u1ea1\u0302n bie\u0302n cu\u0309a thu\u00ea\u0301 (la\u0301 ch\u0103\u0301n thu\u00ea\u0301) va\u0300 chi phi\u0301 lie\u0302n quan \u0111\u00ea\u0301n n\u01a1\u0323 (chi phi\u0301 ki\u1eb9\u0302t qu\u1eb9\u0302 ta\u0300i chi\u0301nh va\u0300 chi phi\u0301 \u0111a\u0323i di\u1eb9\u0302n).\u00a0<\/p>\n

Ngu\u1ed3n g\u1ed1c h\u00ecnh th\u00e0nh<\/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 ti\u0303nh 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

\u01a0\u0309 nghie\u0302n c\u01b0\u0301u n\u00e0y, Miller & Modigliani (1963) \u0111a\u0303 n\u01a1\u0301i lo\u0309ng ca\u0301c gia\u0309 \u0111i\u0323nh b\u0103\u0300ng ca\u0301ch xem xe\u0301t thu\u00ea\u0301 thu nh\u1ea1\u0302p doanh nghi\u1eb9\u0302p nhu\u031b m\u1ecd\u0302t nha\u0302n t\u00f4\u0301 xa\u0301c \u0111i\u0323nh co\u031b c\u00e2\u0301u v\u00f4\u0301n. Du\u031b\u01a1\u0301i go\u0301c \u0111\u1ecd\u0302 doanh nghi\u1eb9\u0302p, s\u01b0\u0309 du\u0323ng n\u01a1\u0323 co\u0301 th\u00ea\u0309 la\u0300m ta\u0306ng gia\u0301 tri\u0323 cu\u0309a doanh nghi\u1eb9\u0302p do l\u01a1\u0323i i\u0301ch cu\u0309a la\u0301 ch\u0103\u0301n thu\u00ea\u0301 t\u01b0\u0300 n\u01a1\u0323.\u00a0<\/p>\n

Chi\u0301nh vi\u0300 v\u1ea1\u0302y, theo Miller & Modigliani (1963), doanh nghi\u1eb9\u0302p ne\u0302n s\u01b0\u0309 du\u0323ng n\u01a1\u0323 ca\u0300ng nhi\u00ea\u0300u ca\u0300ng t\u00f4\u0301t \u0111\u00ea\u0309 t\u00f4\u0301i \u0111a ho\u0301a gia\u0301 tri\u0323 doanh nghi\u1eb9\u0302p. Tuy nhie\u0302n, vi\u1eb9\u0302c s\u01b0\u0309 du\u0323ng qua\u0301 nhi\u00ea\u0300u n\u01a1\u0323 cu\u0303ng pha\u0301t sinh chi phi\u0301 cho doanh nghi\u1eb9\u0302p nhu\u031b chi phi\u0301 ki\u1eb9\u0302t qu\u1eb9\u0302 ta\u0300i chi\u0301nh va\u0300 chi phi\u0301 \u0111a\u0323i di\u1eb9\u0302n (Jensen & Meckling, 1976; Myers, 1977).<\/p>\n

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

Khi doanh nghi\u1eb9\u0302p ta\u0306ng t\u1ec9 l\u1eb9\u0302 n\u01a1\u0323 tre\u0302n v\u00f4\u0301n c\u00f4\u0309 ph\u00e2\u0300n, l\u01a1\u0323i i\u0301ch cu\u0309a la\u0301 ch\u0103\u0301n t\u01b0\u0300 thu\u00ea\u0301 se\u0303 ta\u0306ng. M\u01b0\u0301c \u0111\u1ecd\u0302 \u0111o\u0300n b\u00e2\u0309y cao cu\u0303ng thu\u0301c \u0111\u00e2\u0309y hi\u1eb9\u0302u qua\u0309 hoa\u0323t \u0111\u1ecd\u0302ng cu\u0309a doanh nghi\u1eb9\u0302p tho\u0302ng qua vi\u1eb9\u0302c gia\u0309m ma\u0302u thu\u00e2\u0303n l\u01a1\u0323i i\u0301ch gi\u01b0\u0303a c\u00f4\u0309 \u0111o\u0302ng va\u0300 nha\u0300 qua\u0309n l\u00ed<\/span> lie\u0302n quan \u0111\u00ea\u0301n do\u0300ng ti\u00ea\u0300n t\u01b0\u0323 do (Jensen, 1986), chi\u00ea\u0301n lu\u031b\u01a1\u0323c \u0111\u00e2\u0300u tu\u031b t\u00f4\u0301i u\u031bu (Myers, 1977).\u00a0<\/p>\n

Tuy nhie\u0302n, m\u01b0\u0301c \u0111\u1ecd\u0302 \u0111o\u0300n b\u00e2\u0309y cao \u0111\u00f4\u0300ng th\u01a1\u0300i la\u0300m ta\u0306ng chi phi\u0301 ki\u1eb9\u0302t qu\u1eb9\u0302 ta\u0300i chi\u0301nh. Ta\u0306ng m\u01b0\u0301c \u0111\u1ecd\u0302 s\u01b0\u0309 du\u0323ng n\u01a1\u0323 se\u0303 la\u0300m ta\u0306ng ga\u0301nh n\u1ea1\u0306ng tra\u0309 g\u00f4\u0301c va\u0300 la\u0303i trong tu\u031bo\u031bng lai, qua \u0111o\u0301 la\u0300m ta\u0306ng kha\u0309 na\u0306ng doanh nghi\u1eb9\u0302p ro\u031bi va\u0300o ti\u0300nh tra\u0323ng pha\u0301 sa\u0309n.\u00a0<\/p>\n

Ty\u0309 s\u00f4\u0301 n\u01a1\u0323\/v\u00f4\u0301n c\u00f4\u0309 ph\u00e2\u0300n se\u0303 \u0111a\u0323t m\u01b0\u0301c t\u00f4\u0301i u\u031bu (\u0111i\u00ea\u0309m ca\u0302n b\u0103\u0300ng) khi gia\u0301 tri\u0323 hi\u1eb9\u0302n ta\u0323i cu\u0309a la\u0301 ch\u0103\u0301n thu\u00ea\u0301 t\u01b0\u0300 n\u01a1\u0323 b\u0103\u0300ng v\u01a1\u0301i gia\u0301 tri\u0323 hi\u1eb9\u0302n ta\u0323i cu\u0309a chi phi\u0301 t\u01b0\u0300 vi\u1eb9\u0302c s\u01b0\u0309 du\u0323ng n\u01a1\u0323.\u00a0<\/p>\n

N\u00ea\u0301u doanh nghi\u1eb9\u0302p ti\u00ea\u0301p tu\u0323c ta\u0306ng ty\u0309 l\u1eb9\u0302 n\u01a1\u0323 tre\u0302n v\u00f4\u0301n c\u00f4\u0309 ph\u00e2\u0300n va\u0300 vu\u031b\u01a1\u0323t qua\u0301 \u0111i\u00ea\u0309m ca\u0302n b\u0103\u0300ng, lu\u0301c \u0111o\u0301, gia\u0301 tri\u0323 hi\u1eb9\u0302n ta\u0323i cu\u0309a chi phi\u0301 t\u01b0\u0300 vi\u1eb9\u0302c s\u01b0\u0309 du\u0323ng n\u01a1\u0323 se\u0303 l\u01a1\u0301n ho\u031bn gia\u0301 tri\u0323 hi\u1eb9\u0302n ta\u0323i cu\u0309a la\u0301 ch\u0103\u0301n thu\u00ea\u0301 t\u01b0\u0300 n\u01a1\u0323. \u0110i\u00ea\u0300u na\u0300y kho\u0302ng nh\u01b0\u0303ng kho\u0302ng mang la\u0323i l\u01a1\u0323i i\u0301ch t\u01b0\u0300 vi\u1eb9\u0302c s\u01b0\u0309 du\u0323ng n\u01a1\u0323 ma\u0300 co\u0300n la\u0300m gia\u0309m gia\u0301 tri\u0323 doanh nghi\u1eb9\u0302p.<\/p>\n

Chi\u0301nh vi\u0300 v\u1ea1\u0302y, ca\u0301c nha\u0300 qua\u0309n l\u00ed<\/span> ta\u0300i chi\u0301nh doanh nghi\u1eb9\u0302p c\u00e2\u0300n pha\u0309i ti\u0301nh toa\u0301n s\u01b0\u0323 \u0111a\u0301nh \u0111\u00f4\u0309i gi\u01b0\u0303a l\u01a1\u0323i i\u0301ch va\u0300 chi phi\u0301 cu\u0309a vi\u1eb9\u0302c s\u01b0\u0309 du\u0323ng n\u01a1\u0323 nh\u0103\u0300m xa\u0301c \u0111i\u0323nh m\u1ecd\u0302t co\u031b c\u00e2\u0301u v\u00f4\u0301n t\u00f4\u0301i u\u031bu phu\u0300 h\u01a1\u0323p v\u01a1\u0301i doanh nghi\u1eb9\u0302p mi\u0300nh, t\u01b0\u0300 \u0111o\u0301 se\u0303 \u0111a\u0323t \u0111u\u031b\u01a1\u0323c mu\u0323c tie\u0302u t\u00f4\u0301i \u0111a ho\u0301a 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 t\u0129nh (ti\u1ebfng Anh: Static Trade-Off Theory – STT) xem x\u00e9t m\u1ed9t c\u01a1 c\u1ea5u v\u1ed1n m\u1ee5c ti\u00eau c\u1ee7a m\u1ed9t doanh nghi\u1ec7p m\u00e0 c\u01a1 c\u1ea5u v\u1ed1n n\u00e0y \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh d\u1ef1a v\u00e0o s\u1ef1 \u0111\u00e1nh \u0111\u1ed5i gi\u1eefa l\u1ee3i \u00edch c\u1eadn bi\u00ean c\u1ee7a thu\u1ebf v\u00e0 chi ph\u00ed li\u00ean quan \u0111\u1ebfn n\u1ee3.\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\/8241"}],"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=8241"}],"version-history":[{"count":0,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/8241\/revisions"}],"wp:attachment":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/media?parent=8241"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/categories?post=8241"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/tags?post=8241"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}