{"id":8282,"date":"2023-11-29T13:11:49","date_gmt":"2023-11-29T13:11:49","guid":{"rendered":"https:\/\/masterskills.org\/blog\/phuong-phap-ti-le-co-phieu-tu-do-chuyen-nhuong-free-float-methodology-la-gi-dac-diem-va-tac-dong.html"},"modified":"2023-12-21T14:23:48","modified_gmt":"2023-12-21T07:23:48","slug":"phuong-phap-ti-le-co-phieu-tu-do-chuyen-nhuong-free-float-methodology-la-gi-dac-diem-va-tac-dong","status":"publish","type":"post","link":"https:\/\/masterskills.org\/blog\/phuong-phap-ti-le-co-phieu-tu-do-chuyen-nhuong-free-float-methodology-la-gi-dac-diem-va-tac-dong.html","title":{"rendered":"Ph\u01b0\u01a1ng ph\u00e1p t\u1ec9 l\u1ec7 c\u1ed5 phi\u1ebfu t\u1ef1 do chuy\u1ec3n nh\u01b0\u1ee3ng (Free-Float Methodology) l\u00e0 g\u00ec? \u0110\u1eb7c \u0111i\u1ec3m v\u00e0 t\u00e1c \u0111\u1ed9ng"},"content":{"rendered":"<div class=\"vnbcbc-body vceditor-content wi-active\" data-role=\"content\">\n<figure class=\"VCSortableInPreviewMode\">\n<div><\/div><figcaption class=\"PhotoCMS_Caption\">\n<p data-placeholder=\"[nh\u1eadp ch\u00fa th\u00edch]\">(\u1ea2nh minh h\u1ecda: Microsoft)<\/p>\n<\/figcaption><\/figure>\n<h2><font style=\"line-height: 22px;font-size: 22px\" color=\"#3d85c6\">Ph\u01b0\u01a1ng ph\u00e1p t\u1ec9 l\u1ec7 c\u1ed5 phi\u1ebfu t\u1ef1 do chuy\u1ec3n nh\u01b0\u1ee3ng<\/font><\/h2>\n<p><b>Kh\u00e1i ni\u1ec7m<\/b><\/p>\n<p><b>Ph\u01b0\u01a1ng ph\u00e1p t\u1ec9 l\u1ec7 c\u1ed5 phi\u1ebfu t\u1ef1 do chuy\u1ec3n nh\u01b0\u1ee3ng <\/b>trong ti\u1ebfng Anh l\u00e0 <b>Free-Float Methodology.<\/b><\/p>\n<p><b>Ph\u01b0\u01a1ng ph\u00e1p t\u1ec9 l\u1ec7 c\u1ed5 phi\u1ebfu t\u1ef1 do chuy\u1ec3n nh\u01b0\u1ee3ng<\/b> l\u00e0 ph\u01b0\u01a1ng ph\u00e1p t\u00ednh to\u00e1n c\u00e1c ch\u1ec9 s\u1ed1 c\u01a1 b\u1ea3n v\u1ed1n h\u00f3a th\u1ecb tr\u01b0\u1eddng c\u1ee7a c\u00f4ng ty.<\/p>\n<p>V\u1ed1n h\u00f3a th\u1ecb tr\u01b0\u1eddng t\u00ednh theo ph\u01b0\u01a1ng ph\u00e1p t\u1ec9 l\u1ec7 c\u1ed5 phi\u1ebfu t\u1ef1 do chuy\u1ec3n nh\u01b0\u1ee3ng \u0111\u01b0\u1ee3c t\u00ednh b\u1eb1ng c\u00e1ch nh\u00e2n gi\u00e1 c\u1ee7a\u00a0v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu\u00a0v\u1edbi s\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu c\u00f3 s\u1eb5n tr\u00ean th\u1ecb tr\u01b0\u1eddng.<\/p>\n<p>Thay v\u00ec s\u1eed d\u1ee5ng t\u1ea5t c\u1ea3 c\u00e1c c\u1ed5 phi\u1ebfu \u0111ang ho\u1ea1t \u0111\u1ed9ng v\u00e0 kh\u00f4ng ho\u1ea1t \u0111\u1ed9ng, nh\u01b0 v\u1edbi ph\u01b0\u01a1ng ph\u00e1p v\u1ed1n h\u00f3a to\u00e0n th\u1ecb tr\u01b0\u1eddng, ph\u01b0\u01a1ng ph\u00e1p t\u1ec9 l\u1ec7 c\u1ed5 phi\u1ebfu t\u1ef1 do chuy\u1ec3n nh\u01b0\u1ee3ng s\u1ebd lo\u1ea1i tr\u1eeb c\u00e1c c\u1ed5 phi\u1ebfu kh\u00f4ng t\u1ef1 do chuy\u1ec3n nh\u01b0\u1ee3ng (Locked-in shares) \u0111\u01b0\u1ee3c n\u1eafm gi\u1eef b\u1edfi ng\u01b0\u1eddi trong cu\u1ed9c, ng\u01b0\u1eddi s\u00e1ng l\u1eadp ho\u1eb7c b\u1edfi ch\u00ednh ph\u1ee7.<\/p>\n<h3><font style=\"line-height: 22px;font-size: 22px\" color=\"#3d85c6\">\u0110\u1eb7c \u0111i\u1ec3m c\u1ee7a Ph\u01b0\u01a1ng ph\u00e1p t\u1ec9 l\u1ec7 c\u1ed5 phi\u1ebfu t\u1ef1 do chuy\u1ec3n nh\u01b0\u1ee3ng<\/font><\/h3>\n<p><b>Ph\u01b0\u01a1ng ph\u00e1p t\u1ec9 l\u1ec7 c\u1ed5 phi\u1ebfu t\u1ef1 do chuy\u1ec3n nh\u01b0\u1ee3ng<\/b> \u0111\u01b0\u1ee3c coi l\u00e0 m\u1ed9t c\u00e1ch t\u1ed1t h\u01a1n \u0111\u1ec3 t\u00ednh to\u00e1n v\u1ed1n h\u00f3a th\u1ecb tr\u01b0\u1eddng, b\u1edfi v\u00ec ph\u01b0\u01a1ng ph\u00e1p n\u00e0y ph\u1ea3n \u00e1nh ch\u00ednh x\u00e1c h\u01a1n v\u1ec1 di\u1ec5n bi\u1ebfn th\u1ecb tr\u01b0\u1eddng v\u00e0 c\u1ed5 phi\u1ebfu c\u00f3 s\u1eb5n \u0111\u1ec3 giao d\u1ecbch.<\/p>\n<p>Khi s\u1eed d\u1ee5ng ph\u01b0\u01a1ng ph\u00e1p t\u1ec9 l\u1ec7 c\u1ed5 phi\u1ebfu t\u1ef1 do chuy\u1ec3n nh\u01b0\u1ee3ng, v\u1ed1n h\u00f3a th\u1ecb tr\u01b0\u1eddng thu \u0111\u01b0\u1ee3c nh\u1ecf h\u01a1n so v\u1edbi ph\u01b0\u01a1ng ph\u00e1p v\u1ed1n h\u00f3a to\u00e0n th\u1ecb tr\u01b0\u1eddng (Full market capitalization method).<\/p>\n<p>Ph\u01b0\u01a1ng ph\u00e1p t\u1ec9 l\u1ec7 c\u1ed5 phi\u1ebfu t\u1ef1 do chuy\u1ec3n nh\u01b0\u1ee3ng \u0111\u00e3 \u0111\u01b0\u1ee3c h\u1ea7u h\u1ebft c\u00e1c ch\u1ec9 s\u1ed1 ch\u00ednh c\u1ee7a th\u1ebf gi\u1edbi \u00e1p d\u1ee5ng, \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng r\u1ed9ng r\u00e3i b\u1edfi\u00a0Standard and Poor&#8217;s, MSCI v\u00e0\u00a0FTSE.<\/p>\n<h3><font style=\"line-height: 22px;font-size: 22px\" color=\"#3d85c6\">T\u00ednh to\u00e1n Ph\u01b0\u01a1ng ph\u00e1p t\u1ec9 l\u1ec7 c\u1ed5 phi\u1ebfu t\u1ef1 do chuy\u1ec3n nh\u01b0\u1ee3ng<\/font><\/h3>\n<p><b>Ph\u01b0\u01a1ng ph\u00e1p t\u1ec9 l\u1ec7 c\u1ed5 phi\u1ebfu t\u1ef1 do chuy\u1ec3n nh\u01b0\u1ee3ng<\/b> (FFM) \u0111\u01b0\u1ee3c t\u00ednh nh\u01b0 sau:<\/p>\n<figure class=\"VCSortableInPreviewMode noCaption\">\n<div><\/div><figcaption class=\"PhotoCMS_Caption\">\n<p data-placeholder=\"[Nh\u1eadp ch\u00fa th\u00edch \u1ea3nh]\" class=\"NLPlaceholderShow\">\n<\/figcaption><\/figure>\n<h3><span><font style=\"line-height: 22px;font-size: 22px\">T\u00e1c \u0111\u1ed9ng c\u1ee7a Ph\u01b0\u01a1ng ph\u00e1p t\u1ec9 l\u1ec7 c\u1ed5 phi\u1ebfu t\u1ef1 do chuy\u1ec3n nh\u01b0\u1ee3ng<\/font><\/span><\/h3>\n<p><b>Ph\u01b0\u01a1ng ph\u00e1p t\u1ec9 l\u1ec7 c\u1ed5 phi\u1ebfu t\u1ef1 do chuy\u1ec3n nh\u01b0\u1ee3ng <\/b>c\u00f3 xu h\u01b0\u1edbng ph\u1ea3n \u00e1nh h\u1ee3p l\u00ed xu h\u01b0\u1edbng th\u1ecb tr\u01b0\u1eddng, v\u00ec n\u00f3 ch\u1ec9 xem x\u00e9t c\u00e1c c\u1ed5 phi\u1ebfu c\u00f3 s\u1eb5n \u0111\u1ec3 giao d\u1ecbch v\u00e0 l\u00e0m cho ch\u1ec9 s\u1ed1 c\u00f3 c\u01a1 s\u1edf h\u01a1n, l\u00e0m gi\u1ea3m s\u1ef1 t\u1eadp trung v\u00e0o m\u1ed9t v\u00e0i c\u00f4ng ty h\u00e0ng \u0111\u1ea7u trong ch\u1ec9 s\u1ed1.<\/p>\n<p>Ngo\u00e0i ra c\u00f2n c\u00f3 m\u1ed1i quan h\u1ec7 gi\u1eefa \u0111\u1ed9 t\u1ec9 l\u1ec7 c\u1ed5 phi\u1ebfu t\u1ef1 do chuy\u1ec3n nh\u01b0\u1ee3ng v\u00e0\u00a0s\u1ef1 bi\u1ebfn \u0111\u1ed9ng. Th\u00f4ng th\u01b0\u1eddng, t\u1ec9 l\u1ec7 c\u1ed5 phi\u1ebfu t\u1ef1 do chuy\u1ec3n nh\u01b0\u1ee3ng l\u1edbn h\u01a1n c\u00f3 ngh\u0129a l\u00e0 m\u1ee9c \u0111\u1ed9 bi\u1ebfn \u0111\u1ed9ng c\u1ee7a c\u1ed5 phi\u1ebfu th\u1ea5p h\u01a1n v\u00ec c\u00f3 nhi\u1ec1u nh\u00e0 giao d\u1ecbch mua v\u00e0 b\u00e1n c\u1ed5 phi\u1ebfu h\u01a1n.<\/p>\n<p>\u0110i\u1ec1u \u0111\u00f3 c\u0169ng c\u00f3 ngh\u0129a l\u00e0 n\u1ebfu t\u1ec9 l\u1ec7 c\u1ed5 phi\u1ebfu t\u1ef1 do chuy\u1ec3n nh\u01b0\u1ee3ng nh\u1ecf h\u01a1n th\u00ec s\u1ebd c\u00f3 nhi\u1ec1u bi\u1ebfn \u0111\u1ed9ng h\u01a1n, v\u00ec c\u00f3 \u00edt giao d\u1ecbch th\u1ef1c hi\u1ec7n v\u00e0 ch\u1ec9 c\u00f3 m\u1ed9t l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu h\u1ea1n ch\u1ebf c\u00f3 s\u1eb5n \u0111\u1ec3 mua v\u00e0 b\u00e1n.<\/p>\n<p>H\u1ea7u h\u1ebft c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ed5 ch\u1ee9c th\u00edch c\u00e1c c\u00f4ng ty giao d\u1ecbch c\u00f3 t\u1ec9 l\u1ec7 c\u1ed5 phi\u1ebfu t\u1ef1 do chuy\u1ec3n nh\u01b0\u1ee3ng l\u1edbn h\u01a1n v\u00ec h\u1ecd c\u00f3 th\u1ec3 mua ho\u1eb7c b\u00e1n m\u1ed9t s\u1ed1 l\u01b0\u1ee3ng l\u1edbn c\u1ed5 phi\u1ebfu m\u00e0 kh\u00f4ng \u1ea3nh h\u01b0\u1edfng l\u1edbn \u0111\u1ebfn gi\u00e1.<\/p>\n<h3><font style=\"line-height: 22px;font-size: 22px\" color=\"#3d85c6\">V\u00ed d\u1ee5 v\u1ec1 Ph\u01b0\u01a1ng ph\u00e1p t\u1ec9 l\u1ec7 c\u1ed5 phi\u1ebfu t\u1ef1 do chuy\u1ec3n nh\u01b0\u1ee3ng<\/font><\/h3>\n<p>Gi\u1ea3 s\u1eed r\u1eb1ng c\u1ed5 phi\u1ebfu ABC \u0111ang giao d\u1ecbch \u1edf m\u1ee9c $100 v\u00e0 c\u00f3 t\u1ed5ng c\u1ed9ng 125.000 c\u1ed5 phi\u1ebfu. Trong \u0111\u00f3, 25.000 c\u1ed5 phi\u1ebfu kh\u00f4ng t\u1ef1 do chuy\u1ec3n nh\u01b0\u1ee3ng, c\u00f3 ngh\u0129a l\u00e0 ch\u00fang \u0111\u01b0\u1ee3c n\u1eafm gi\u1eef b\u1edfi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ed5 ch\u1ee9c l\u1edbn ho\u1eb7c ng\u01b0\u1eddi qu\u1ea3n l\u00ed c\u00f4ng ty.<\/p>\n<p>Sau \u0111\u00f3, v\u1ed1n h\u00f3a th\u1ecb tr\u01b0\u1eddng c\u1ee7a c\u1ed5 phi\u1ebfu ABC s\u1eed d\u1ee5ng <b>ph\u01b0\u01a1ng ph\u00e1p t\u1ec9 l\u1ec7 c\u1ed5 phi\u1ebfu t\u1ef1 do chuy\u1ec3n nh\u01b0\u1ee3ng<\/b>\u00a0\u0111\u01b0\u1ee3c t\u00ednh nh\u01b0 sau:<\/p>\n<p>T\u1ec9 l\u1ec7 c\u1ed5 phi\u1ebfu t\u1ef1 do chuy\u1ec3n nh\u01b0\u1ee3ng: f = (125.000 &#8211; 25.000)\/125.000 = 80%.<\/p>\n<p>V\u1ed1n h\u00f3a th\u1ecb tr\u01b0\u1eddng theo FFM = ($100 * 125.000) * 80% = 10 tri\u1ec7u USD.<\/p>\n<p>(Theo<i> Investopedia)<\/i><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<div class=\"vnbcbc-sapo\" data-role=\"sapo\">\n                            Ph\u01b0\u01a1ng ph\u00e1p t\u1ec9 l\u1ec7 c\u1ed5 phi\u1ebfu t\u1ef1 do chuy\u1ec3n nh\u01b0\u1ee3ng (ti\u1ebfng Anh: Free-Float Methodology) l\u00e0 ph\u01b0\u01a1ng ph\u00e1p t\u00ednh to\u00e1n c\u00e1c ch\u1ec9 s\u1ed1 c\u01a1 b\u1ea3n v\u1ed1n h\u00f3a th\u1ecb tr\u01b0\u1eddng \u0111\u1ed1i v\u1edbi m\u1ed9t c\u00f4ng ty.\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\/8282"}],"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=8282"}],"version-history":[{"count":0,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/8282\/revisions"}],"wp:attachment":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/media?parent=8282"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/categories?post=8282"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/tags?post=8282"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}