{"id":26285,"date":"2025-03-05T14:01:32","date_gmt":"2025-03-05T07:01:32","guid":{"rendered":"https:\/\/wp-blog-test.realstake.net\/blog\/?p=26285"},"modified":"2025-03-05T14:01:32","modified_gmt":"2025-03-05T07:01:32","slug":"huong-dan-toan-dien-ve-rui-ro-lai-suat-trong-quy-tuong-ho-tc","status":"publish","type":"post","link":"https:\/\/infina.vn\/blog\/huong-dan-toan-dien-ve-rui-ro-lai-suat-trong-quy-tuong-ho-tc\/","title":{"rendered":"H\u01b0\u1edbng D\u1eabn To\u00e0n Di\u1ec7n V\u1ec1 R\u1ee7i Ro L\u00e3i Su\u1ea5t Trong Qu\u1ef9 T\u01b0\u01a1ng H\u1ed7"},"content":{"rendered":"\n\n<div class=\"kk-star-ratings kksr-auto kksr-align-right kksr-valign-top\"\n    data-payload='{&quot;align&quot;:&quot;right&quot;,&quot;id&quot;:&quot;26285&quot;,&quot;slug&quot;:&quot;default&quot;,&quot;valign&quot;:&quot;top&quot;,&quot;ignore&quot;:&quot;&quot;,&quot;reference&quot;:&quot;auto&quot;,&quot;class&quot;:&quot;&quot;,&quot;count&quot;:&quot;0&quot;,&quot;legendonly&quot;:&quot;&quot;,&quot;readonly&quot;:&quot;&quot;,&quot;score&quot;:&quot;0&quot;,&quot;starsonly&quot;:&quot;&quot;,&quot;best&quot;:&quot;5&quot;,&quot;gap&quot;:&quot;2&quot;,&quot;greet&quot;:&quot;\u0110\u00e1nh gi\u00e1 t\u1ea1i \u0111\u00e2y&quot;,&quot;legend&quot;:&quot;0\\\/5 - (0 votes)&quot;,&quot;size&quot;:&quot;24&quot;,&quot;title&quot;:&quot;H\u01b0\u1edbng D\u1eabn To\u00e0n Di\u1ec7n V\u1ec1 R\u1ee7i Ro L\u00e3i Su\u1ea5t Trong Qu\u1ef9 T\u01b0\u01a1ng H\u1ed7&quot;,&quot;width&quot;:&quot;0&quot;,&quot;_legend&quot;:&quot;{score}\\\/{best} - ({count} {votes})&quot;,&quot;font_factor&quot;:&quot;1.25&quot;}'>\n            \n<div class=\"kksr-stars\">\n    \n<div class=\"kksr-stars-inactive\">\n            <div class=\"kksr-star\" data-star=\"1\" style=\"padding-right: 2px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 24px; height: 24px;\"><\/div>\n        <\/div>\n            <div class=\"kksr-star\" data-star=\"2\" style=\"padding-right: 2px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 24px; height: 24px;\"><\/div>\n        <\/div>\n            <div class=\"kksr-star\" data-star=\"3\" style=\"padding-right: 2px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 24px; height: 24px;\"><\/div>\n        <\/div>\n            <div class=\"kksr-star\" data-star=\"4\" style=\"padding-right: 2px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 24px; height: 24px;\"><\/div>\n        <\/div>\n            <div class=\"kksr-star\" data-star=\"5\" style=\"padding-right: 2px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 24px; height: 24px;\"><\/div>\n        <\/div>\n    <\/div>\n    \n<div class=\"kksr-stars-active\" style=\"width: 0px;\">\n            <div class=\"kksr-star\" style=\"padding-right: 2px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 24px; height: 24px;\"><\/div>\n        <\/div>\n            <div class=\"kksr-star\" style=\"padding-right: 2px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 24px; height: 24px;\"><\/div>\n        <\/div>\n            <div class=\"kksr-star\" style=\"padding-right: 2px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 24px; height: 24px;\"><\/div>\n        <\/div>\n            <div class=\"kksr-star\" style=\"padding-right: 2px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 24px; height: 24px;\"><\/div>\n        <\/div>\n            <div class=\"kksr-star\" style=\"padding-right: 2px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 24px; height: 24px;\"><\/div>\n        <\/div>\n    <\/div>\n<\/div>\n                \n\n<div class=\"kksr-legend\" style=\"font-size: 19.2px;\">\n            <span class=\"kksr-muted\">\u0110\u00e1nh gi\u00e1 t\u1ea1i \u0111\u00e2y<\/span>\n    <\/div>\n    <\/div>\n<p>R\u1ee7i ro l\u00e3i su\u1ea5t l\u00e0 nguy c\u01a1 gi\u00e1 tr\u1ecb \u0111\u1ea7u t\u01b0 gi\u1ea3m khi l\u00e3i su\u1ea5t th\u1ecb tr\u01b0\u1eddng thay \u0111\u1ed5i. Hi\u1ec3u r\u00f5 r\u1ee7i ro n\u00e0y gi\u00fap b\u1ea1n b\u1ea3o v\u1ec7 v\u1ed1n v\u00e0 t\u1ed1i \u01b0u h\u00f3a l\u1ee3i nhu\u1eadn. D\u01b0\u1edbi \u0111\u00e2y l\u00e0 c\u00e1c \u0111i\u1ec3m ch\u00ednh:<\/p>\n<ul>\n<li><strong>Khi l\u00e3i su\u1ea5t t\u0103ng<\/strong>: Gi\u00e1 tr\u1ecb tr\u00e1i phi\u1ebfu gi\u1ea3m, qu\u1ef9 tr\u00e1i phi\u1ebfu ch\u1ecbu t\u00e1c \u0111\u1ed9ng l\u1edbn nh\u1ea5t.<\/li>\n<li><strong>Khi l\u00e3i su\u1ea5t gi\u1ea3m<\/strong>: Tr\u00e1i phi\u1ebfu c\u0169 h\u1ea5p d\u1eabn h\u01a1n, gi\u00e1 tr\u1ecb t\u0103ng.<\/li>\n<li><strong>Lo\u1ea1i qu\u1ef9 b\u1ecb \u1ea3nh h\u01b0\u1edfng<\/strong>:\n<ul>\n<li><strong>Qu\u1ef9 tr\u00e1i phi\u1ebfu<\/strong>: Nh\u1ea1y c\u1ea3m nh\u1ea5t v\u1edbi bi\u1ebfn \u0111\u1ed9ng l\u00e3i su\u1ea5t.<\/li>\n<li><strong>Qu\u1ef9 c\u1ed5 phi\u1ebfu<\/strong>: \u1ea2nh h\u01b0\u1edfng gi\u00e1n ti\u1ebfp qua chi ph\u00ed v\u1ed1n.<\/li>\n<li><strong>Qu\u1ef9 th\u1ecb tr\u01b0\u1eddng ti\u1ec1n t\u1ec7<\/strong>: \u1ed4n \u0111\u1ecbnh h\u01a1n nh\u1edd \u0111\u1ea7u t\u01b0 ng\u1eafn h\u1ea1n.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_73 ez-toc-wrap-center counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">N\u1ed9i dung ch\u00ednh<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" 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ez-toc-heading-2\" href=\"https:\/\/infina.vn\/blog\/huong-dan-toan-dien-ve-rui-ro-lai-suat-trong-quy-tuong-ho-tc\/#Cac_Yeu_To_Chinh_Tao_Nen_Rui_Ro_Lai_Suat\" title=\"C\u00e1c Y\u1ebfu T\u1ed1 Ch\u00ednh T\u1ea1o N\u00ean R\u1ee7i Ro L\u00e3i Su\u1ea5t\">C\u00e1c Y\u1ebfu T\u1ed1 Ch\u00ednh T\u1ea1o N\u00ean R\u1ee7i Ro L\u00e3i Su\u1ea5t<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/infina.vn\/blog\/huong-dan-toan-dien-ve-rui-ro-lai-suat-trong-quy-tuong-ho-tc\/#Bien_Dong_Lai_Suat_Thi_Truong\" title=\"Bi\u1ebfn \u0110\u1ed9ng L\u00e3i Su\u1ea5t Th\u1ecb Tr\u01b0\u1eddng\">Bi\u1ebfn \u0110\u1ed9ng L\u00e3i Su\u1ea5t Th\u1ecb Tr\u01b0\u1eddng<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/infina.vn\/blog\/huong-dan-toan-dien-ve-rui-ro-lai-suat-trong-quy-tuong-ho-tc\/#Cau_Truc_Danh_Muc_Dau_Tu\" title=\"C\u1ea5u Tr\u00fac Danh M\u1ee5c \u0110\u1ea7u T\u01b0\">C\u1ea5u Tr\u00fac Danh M\u1ee5c \u0110\u1ea7u T\u01b0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/infina.vn\/blog\/huong-dan-toan-dien-ve-rui-ro-lai-suat-trong-quy-tuong-ho-tc\/#Yeu_To_Kinh_Te_va_Chinh_Sach\" title=\"Y\u1ebfu T\u1ed1 Kinh T\u1ebf v\u00e0 Ch\u00ednh S\u00e1ch\">Y\u1ebfu T\u1ed1 Kinh T\u1ebf v\u00e0 Ch\u00ednh S\u00e1ch<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/infina.vn\/blog\/huong-dan-toan-dien-ve-rui-ro-lai-suat-trong-quy-tuong-ho-tc\/#Rui_Ro_Lai_Suat_Theo_Loai_Quy\" title=\"R\u1ee7i Ro L\u00e3i Su\u1ea5t Theo Lo\u1ea1i Qu\u1ef9\">R\u1ee7i Ro L\u00e3i Su\u1ea5t Theo Lo\u1ea1i Qu\u1ef9<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/infina.vn\/blog\/huong-dan-toan-dien-ve-rui-ro-lai-suat-trong-quy-tuong-ho-tc\/#Tac_Dong_Den_Quy_Trai_Phieu\" title=\"T\u00e1c \u0110\u1ed9ng \u0110\u1ebfn Qu\u1ef9 Tr\u00e1i Phi\u1ebfu\">T\u00e1c \u0110\u1ed9ng \u0110\u1ebfn Qu\u1ef9 Tr\u00e1i Phi\u1ebfu<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/infina.vn\/blog\/huong-dan-toan-dien-ve-rui-ro-lai-suat-trong-quy-tuong-ho-tc\/#Tac_Dong_Den_Quy_Co_Phieu_va_Quy_Hon_Hop\" title=\"T\u00e1c \u0110\u1ed9ng \u0110\u1ebfn Qu\u1ef9 C\u1ed5 Phi\u1ebfu v\u00e0 Qu\u1ef9 H\u1ed7n H\u1ee3p\">T\u00e1c \u0110\u1ed9ng \u0110\u1ebfn Qu\u1ef9 C\u1ed5 Phi\u1ebfu v\u00e0 Qu\u1ef9 H\u1ed7n H\u1ee3p<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/infina.vn\/blog\/huong-dan-toan-dien-ve-rui-ro-lai-suat-trong-quy-tuong-ho-tc\/#Tac_Dong_Den_Quy_Thi_Truong_Tien_Te\" title=\"T\u00e1c \u0110\u1ed9ng \u0110\u1ebfn Qu\u1ef9 Th\u1ecb Tr\u01b0\u1eddng Ti\u1ec1n T\u1ec7\">T\u00e1c \u0110\u1ed9ng \u0110\u1ebfn Qu\u1ef9 Th\u1ecb Tr\u01b0\u1eddng Ti\u1ec1n T\u1ec7<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/infina.vn\/blog\/huong-dan-toan-dien-ve-rui-ro-lai-suat-trong-quy-tuong-ho-tc\/#Phuong_Phap_Do_Luong_Rui_Ro\" title=\"Ph\u01b0\u01a1ng Ph\u00e1p \u0110o L\u01b0\u1eddng R\u1ee7i Ro\">Ph\u01b0\u01a1ng Ph\u00e1p \u0110o L\u01b0\u1eddng R\u1ee7i Ro<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/infina.vn\/blog\/huong-dan-toan-dien-ve-rui-ro-lai-suat-trong-quy-tuong-ho-tc\/#Phan_Tich_Duration_va_Convexity\" title=\"Ph\u00e2n T\u00edch Duration v\u00e0 Convexity\">Ph\u00e2n T\u00edch Duration v\u00e0 Convexity<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/infina.vn\/blog\/huong-dan-toan-dien-ve-rui-ro-lai-suat-trong-quy-tuong-ho-tc\/#Kiem_Tra_Kich_Ban_Lai_Suat\" title=\"Ki\u1ec3m Tra K\u1ecbch B\u1ea3n L\u00e3i Su\u1ea5t\">Ki\u1ec3m Tra K\u1ecbch B\u1ea3n L\u00e3i Su\u1ea5t<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/infina.vn\/blog\/huong-dan-toan-dien-ve-rui-ro-lai-suat-trong-quy-tuong-ho-tc\/#Tinh_Toan_VaR_Value_at_Risk\" title=\"T\u00ednh To\u00e1n VaR (Value at Risk)\">T\u00ednh To\u00e1n VaR (Value at Risk)<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/infina.vn\/blog\/huong-dan-toan-dien-ve-rui-ro-lai-suat-trong-quy-tuong-ho-tc\/#Cac_Buoc_Quan_Ly_Rui_Ro\" title=\"C\u00e1c B\u01b0\u1edbc Qu\u1ea3n L\u00fd R\u1ee7i Ro\">C\u00e1c B\u01b0\u1edbc Qu\u1ea3n L\u00fd R\u1ee7i Ro<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/infina.vn\/blog\/huong-dan-toan-dien-ve-rui-ro-lai-suat-trong-quy-tuong-ho-tc\/#Chien_Luoc_Phan_Bo_Danh_Muc\" title=\"Chi\u1ebfn L\u01b0\u1ee3c Ph\u00e2n B\u1ed5 Danh M\u1ee5c\">Chi\u1ebfn L\u01b0\u1ee3c Ph\u00e2n B\u1ed5 Danh M\u1ee5c<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/infina.vn\/blog\/huong-dan-toan-dien-ve-rui-ro-lai-suat-trong-quy-tuong-ho-tc\/#Phuong_Phap_Phong_Ngua_Rui_Ro\" title=\"Ph\u01b0\u01a1ng Ph\u00e1p Ph\u00f2ng Ng\u1eeba R\u1ee7i Ro\">Ph\u01b0\u01a1ng Ph\u00e1p Ph\u00f2ng Ng\u1eeba R\u1ee7i Ro<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/infina.vn\/blog\/huong-dan-toan-dien-ve-rui-ro-lai-suat-trong-quy-tuong-ho-tc\/#Quan_Ly_Duration\" title=\"Qu\u1ea3n L\u00fd Duration\">Qu\u1ea3n L\u00fd Duration<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/infina.vn\/blog\/huong-dan-toan-dien-ve-rui-ro-lai-suat-trong-quy-tuong-ho-tc\/#Ket_Luan\" title=\"K\u1ebft Lu\u1eadn\">K\u1ebft Lu\u1eadn<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/infina.vn\/blog\/huong-dan-toan-dien-ve-rui-ro-lai-suat-trong-quy-tuong-ho-tc\/#Nhung_Diem_Chinh_Can_Ghi_Nho\" title=\"Nh\u1eefng \u0110i\u1ec3m Ch\u00ednh C\u1ea7n Ghi Nh\u1edb\">Nh\u1eefng \u0110i\u1ec3m Ch\u00ednh C\u1ea7n Ghi Nh\u1edb<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/infina.vn\/blog\/huong-dan-toan-dien-ve-rui-ro-lai-suat-trong-quy-tuong-ho-tc\/#Infina_Co_The_Ho_Tro_Gi\" title=\"Infina C\u00f3 Th\u1ec3 H\u1ed7 Tr\u1ee3 G\u00ec?\">Infina C\u00f3 Th\u1ec3 H\u1ed7 Tr\u1ee3 G\u00ec?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h3><span class=\"ez-toc-section\" id=\"Tom_tat_tac_dong_theo_loai_quy\"><\/span>T\u00f3m t\u1eaft t\u00e1c \u0111\u1ed9ng theo lo\u1ea1i qu\u1ef9<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<table>\n<colgroup>\n<col \/>\n<col \/>\n<col \/><\/colgroup>\n<tbody>\n<tr>\n<th colspan=\"1\" rowspan=\"1\">Lo\u1ea1i Qu\u1ef9<\/th>\n<th colspan=\"1\" rowspan=\"1\">Khi L\u00e3i Su\u1ea5t T\u0103ng<\/th>\n<th colspan=\"1\" rowspan=\"1\">Khi L\u00e3i Su\u1ea5t Gi\u1ea3m<\/th>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\"><strong>Qu\u1ef9 Tr\u00e1i Phi\u1ebfu<\/strong><\/td>\n<td colspan=\"1\" rowspan=\"1\">Gi\u00e1 tr\u1ecb gi\u1ea3m m\u1ea1nh<\/td>\n<td colspan=\"1\" rowspan=\"1\">Gi\u00e1 tr\u1ecb t\u0103ng m\u1ea1nh<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\"><strong>Qu\u1ef9 C\u1ed5 Phi\u1ebfu<\/strong><\/td>\n<td colspan=\"1\" rowspan=\"1\">\u1ea2nh h\u01b0\u1edfng gi\u00e1n ti\u1ebfp<\/td>\n<td colspan=\"1\" rowspan=\"1\">H\u01b0\u1edfng l\u1ee3i t\u1eeb chi ph\u00ed v\u1ed1n th\u1ea5p<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\"><strong>Qu\u1ef9 Th\u1ecb Tr\u01b0\u1eddng Ti\u1ec1n T\u1ec7<\/strong><\/td>\n<td colspan=\"1\" rowspan=\"1\">\u1ed4n \u0111\u1ecbnh, \u00edt b\u1ecb \u1ea3nh h\u01b0\u1edfng<\/td>\n<td colspan=\"1\" rowspan=\"1\">\u1ed4n \u0111\u1ecbnh, thanh kho\u1ea3n cao<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>\u0110\u1ec3 qu\u1ea3n l\u00fd r\u1ee7i ro, b\u1ea1n c\u1ea7n \u0111a d\u1ea1ng h\u00f3a danh m\u1ee5c, qu\u1ea3n l\u00fd duration, v\u00e0 s\u1eed d\u1ee5ng c\u00f4ng c\u1ee5 ph\u00f2ng ng\u1eeba nh\u01b0 h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Cac_Yeu_To_Chinh_Tao_Nen_Rui_Ro_Lai_Suat\"><\/span>C\u00e1c Y\u1ebfu T\u1ed1 Ch\u00ednh T\u1ea1o N\u00ean R\u1ee7i Ro L\u00e3i Su\u1ea5t<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Bien_Dong_Lai_Suat_Thi_Truong\"><\/span>Bi\u1ebfn \u0110\u1ed9ng L\u00e3i Su\u1ea5t Th\u1ecb Tr\u01b0\u1eddng<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Khi l\u00e3i su\u1ea5t th\u1ecb tr\u01b0\u1eddng thay \u0111\u1ed5i, gi\u00e1 tr\u1ecb qu\u1ef9 c\u00f3 th\u1ec3 b\u1ecb \u1ea3nh h\u01b0\u1edfng \u0111\u00e1ng k\u1ec3. M\u1ed9t nghi\u00ean c\u1ee9u ch\u1ec9 ra r\u1eb1ng n\u1ebfu l\u00e3i su\u1ea5t t\u0103ng 1%, gi\u00e1 tr\u1ecb tr\u00e1i phi\u1ebfu c\u00f3 k\u1ef3 h\u1ea1n 5 n\u0103m c\u00f3 th\u1ec3 gi\u1ea3m t\u1edbi 5%.<\/p>\n<p>M\u1ed1i quan h\u1ec7 gi\u1eefa l\u00e3i su\u1ea5t v\u00e0 gi\u00e1 tr\u1ecb qu\u1ef9 \u0111\u01b0\u1ee3c minh h\u1ecda qua b\u1ea3ng d\u01b0\u1edbi \u0111\u00e2y:<\/p>\n<table>\n<colgroup>\n<col \/>\n<col \/>\n<col \/><\/colgroup>\n<tbody>\n<tr>\n<th colspan=\"1\" rowspan=\"1\">Lo\u1ea1i T\u00e0i S\u1ea3n<\/th>\n<th colspan=\"1\" rowspan=\"1\">T\u00e1c \u0110\u1ed9ng Khi L\u00e3i Su\u1ea5t T\u0103ng<\/th>\n<th colspan=\"1\" rowspan=\"1\">M\u1ee9c \u0110\u1ed9 Nh\u1ea1y C\u1ea3m<\/th>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">Tr\u00e1i Phi\u1ebfu Ch\u00ednh Ph\u1ee7 D\u00e0i H\u1ea1n<\/td>\n<td colspan=\"1\" rowspan=\"1\">Gi\u1ea3m m\u1ea1nh nh\u1ea5t<\/td>\n<td colspan=\"1\" rowspan=\"1\">Cao nh\u1ea5t<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">Tr\u00e1i Phi\u1ebfu Doanh Nghi\u1ec7p<\/td>\n<td colspan=\"1\" rowspan=\"1\">Gi\u1ea3m v\u1eeba ph\u1ea3i<\/td>\n<td colspan=\"1\" rowspan=\"1\">Trung b\u00ecnh<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">Tr\u00e1i Phi\u1ebfu Ng\u1eafn H\u1ea1n<\/td>\n<td colspan=\"1\" rowspan=\"1\">Gi\u1ea3m \u00edt<\/td>\n<td colspan=\"1\" rowspan=\"1\">Th\u1ea5p<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Kh\u00f4ng ch\u1ec9 bi\u1ebfn \u0111\u1ed9ng l\u00e3i su\u1ea5t th\u1ecb tr\u01b0\u1eddng, c\u00e1ch s\u1eafp x\u1ebfp danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u0169ng \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn m\u1ee9c \u0111\u1ed9 ch\u1ecbu t\u00e1c \u0111\u1ed9ng.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Cau_Truc_Danh_Muc_Dau_Tu\"><\/span>C\u1ea5u Tr\u00fac Danh M\u1ee5c \u0110\u1ea7u T\u01b0<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>M\u1ed9t danh m\u1ee5c \u0111\u01b0\u1ee3c x\u00e2y d\u1ef1ng h\u1ee3p l\u00fd, c\u00e2n \u0111\u1ed1i c\u00f3 th\u1ec3 gi\u1ea3m thi\u1ec3u t\u00e1c \u0111\u1ed9ng t\u1eeb vi\u1ec7c l\u00e3i su\u1ea5t t\u0103ng. Peter Essele, Ph\u00f3 Ch\u1ee7 t\u1ecbch C\u1ea5p cao t\u1ea1i Commonwealth, chia s\u1ebb:<\/p>\n<blockquote><p>&#8220;C\u00f3 l\u1ebd c\u00e1ch t\u1ed1t nh\u1ea5t \u0111\u1ec3 \u0111\u1ed1i ph\u00f3 v\u1edbi l\u00e3i su\u1ea5t t\u0103ng l\u00e0 t\u1eadn h\u01b0\u1edfng l\u1ee3i su\u1ea5t b\u1ed5 sung.&#8221;<\/p><\/blockquote>\n<p>Ngo\u00e0i ra, c\u00e1c y\u1ebfu t\u1ed1 kinh t\u1ebf v\u0129 m\u00f4 v\u00e0 ch\u00ednh s\u00e1ch c\u0169ng \u0111\u00f3ng vai tr\u00f2 quan tr\u1ecdng trong vi\u1ec7c x\u00e1c \u0111\u1ecbnh m\u1ee9c r\u1ee7i ro.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Yeu_To_Kinh_Te_va_Chinh_Sach\"><\/span>Y\u1ebfu T\u1ed1 Kinh T\u1ebf v\u00e0 Ch\u00ednh S\u00e1ch<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Rob Haworth, Gi\u00e1m \u0111\u1ed1c C\u1ea5p cao v\u1ec1 Chi\u1ebfn l\u01b0\u1ee3c \u0110\u1ea7u t\u01b0 t\u1ea1i U.S. Bank Asset Management, nh\u1eadn x\u00e9t:<\/p>\n<blockquote><p>&#8220;M\u1ee9c n\u1ee3 ch\u00ednh ph\u1ee7 \u0111ang tr\u1edf th\u00e0nh m\u1ed9t y\u1ebfu t\u1ed1 quan tr\u1ecdng tr\u00ean th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu. Quy\u1ebft \u0111\u1ecbnh cu\u1ed1i c\u00f9ng c\u1ee7a Qu\u1ed1c h\u1ed9i v\u1ec1 c\u1eaft gi\u1ea3m thu\u1ebf v\u00e0 chi ti\u00eau c\u00f9ng t\u00e1c \u0111\u1ed9ng c\u1ee7a n\u00f3 l\u00ean n\u1ee3 c\u00f3 th\u1ec3 \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn l\u1ee3i su\u1ea5t tr\u00e1i phi\u1ebfu kho b\u1ea1c trong t\u01b0\u01a1ng lai.&#8221;<\/p><\/blockquote>\n<p>C\u00e1c y\u1ebfu t\u1ed1 kinh t\u1ebf v\u0129 m\u00f4 ch\u00ednh c\u1ea7n l\u01b0u \u00fd bao g\u1ed3m:<\/p>\n<ul>\n<li><strong>L\u1ea1m ph\u00e1t<\/strong>: Khi l\u1ea1m ph\u00e1t v\u01b0\u1ee3t m\u1ee9c 2-3%\/n\u0103m, Fed th\u01b0\u1eddng t\u0103ng l\u00e3i su\u1ea5t \u0111\u1ec3 ki\u1ec3m so\u00e1t gi\u00e1 c\u1ea3.<\/li>\n<li><strong>Ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7<\/strong>: Nh\u1eefng thay \u0111\u1ed5i v\u1ec1 l\u00e3i su\u1ea5t th\u01b0\u1eddng m\u1ea5t kho\u1ea3ng 12 th\u00e1ng \u0111\u1ec3 t\u00e1c \u0111\u1ed9ng ho\u00e0n to\u00e0n.<\/li>\n<li><strong>\u0110i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng to\u00e0n c\u1ea7u<\/strong>: Chi ph\u00ed vay v\u1ed1n t\u0103ng c\u00f3 th\u1ec3 \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn c\u1ea3 qu\u1ed1c gia v\u00e0 doanh nghi\u1ec7p.<\/li>\n<\/ul>\n<p>T\u1ea5t c\u1ea3 nh\u1eefng y\u1ebfu t\u1ed1 n\u00e0y c\u00f9ng nhau g\u00f3p ph\u1ea7n t\u1ea1o n\u00ean m\u1ee9c \u0111\u1ed9 r\u1ee7i ro l\u00e3i su\u1ea5t m\u00e0 c\u00e1c qu\u1ef9 t\u01b0\u01a1ng h\u1ed7 ph\u1ea3i \u0111\u1ed1i m\u1eb7t.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Rui_Ro_Lai_Suat_Theo_Loai_Quy\"><\/span>R\u1ee7i Ro L\u00e3i Su\u1ea5t Theo Lo\u1ea1i Qu\u1ef9<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Tac_Dong_Den_Quy_Trai_Phieu\"><\/span>T\u00e1c \u0110\u1ed9ng \u0110\u1ebfn Qu\u1ef9 Tr\u00e1i Phi\u1ebfu<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Qu\u1ef9 tr\u00e1i phi\u1ebfu ch\u1ecbu t\u00e1c \u0111\u1ed9ng m\u1ea1nh nh\u1ea5t t\u1eeb bi\u1ebfn \u0111\u1ed9ng l\u00e3i su\u1ea5t. Ch\u1ec9 c\u1ea7n l\u00e3i su\u1ea5t thay \u0111\u1ed5i 1%, gi\u00e1 tr\u1ecb tr\u00e1i phi\u1ebfu s\u1ebd bi\u1ebfn \u0111\u1ed9ng theo t\u1ef7 l\u1ec7 thu\u1eadn v\u1edbi th\u1eddi gian \u0111\u00e1o h\u1ea1n.<\/p>\n<table>\n<colgroup>\n<col \/>\n<col \/>\n<col \/><\/colgroup>\n<tbody>\n<tr>\n<th colspan=\"1\" rowspan=\"1\">K\u1ef3 H\u1ea1n Tr\u00e1i Phi\u1ebfu<\/th>\n<th colspan=\"1\" rowspan=\"1\">\u0110\u1ed9 nh\u1ea1y<\/th>\n<th colspan=\"1\" rowspan=\"1\">Th\u1eddi Gian Ph\u1ee5c H\u1ed3i<\/th>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">1 n\u0103m<\/td>\n<td colspan=\"1\" rowspan=\"1\">Th\u1ea5p<\/td>\n<td colspan=\"1\" rowspan=\"1\">Nhanh (1 n\u0103m)<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">10 n\u0103m<\/td>\n<td colspan=\"1\" rowspan=\"1\">Cao<\/td>\n<td colspan=\"1\" rowspan=\"1\">Ch\u1eadm (kho\u1ea3ng 9\u201310 n\u0103m)<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">20\u201330 n\u0103m<\/td>\n<td colspan=\"1\" rowspan=\"1\">R\u1ea5t cao<\/td>\n<td colspan=\"1\" rowspan=\"1\">R\u1ea5t ch\u1eadm (h\u01a1n 15 n\u0103m)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Tac_Dong_Den_Quy_Co_Phieu_va_Quy_Hon_Hop\"><\/span>T\u00e1c \u0110\u1ed9ng \u0110\u1ebfn Qu\u1ef9 C\u1ed5 Phi\u1ebfu v\u00e0 Qu\u1ef9 H\u1ed7n H\u1ee3p<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>C\u00e1c qu\u1ef9 c\u1ed5 phi\u1ebfu v\u00e0 h\u1ed7n h\u1ee3p \u00edt b\u1ecb \u1ea3nh h\u01b0\u1edfng b\u1edfi bi\u1ebfn \u0111\u1ed9ng l\u00e3i su\u1ea5t ng\u1eafn h\u1ea1n. Tuy nhi\u00ean, khi l\u00e3i su\u1ea5t t\u0103ng, c\u00e1c qu\u1ef9 n\u00e0y c\u00f3 th\u1ec3 ch\u1ecbu t\u00e1c \u0111\u1ed9ng gi\u00e1n ti\u1ebfp qua vi\u1ec7c chi ph\u00ed vay v\u1ed1n t\u0103ng, \u0111\u1ecbnh gi\u00e1 th\u1ecb tr\u01b0\u1eddng thay \u0111\u1ed5i v\u00e0 d\u00f2ng ti\u1ec1n \u0111\u1ea7u t\u01b0 chuy\u1ec3n h\u01b0\u1edbng sang tr\u00e1i phi\u1ebfu.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Tac_Dong_Den_Quy_Thi_Truong_Tien_Te\"><\/span>T\u00e1c \u0110\u1ed9ng \u0110\u1ebfn Qu\u1ef9 Th\u1ecb Tr\u01b0\u1eddng Ti\u1ec1n T\u1ec7<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Nh\u1edd t\u1eadp trung v\u00e0o c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 ng\u1eafn h\u1ea1n, qu\u1ef9 th\u1ecb tr\u01b0\u1eddng ti\u1ec1n t\u1ec7 ph\u1ea3n \u1ee9ng nhanh h\u01a1n v\u00e0 \u00edt bi\u1ebfn \u0111\u1ed9ng h\u01a1n tr\u01b0\u1edbc thay \u0111\u1ed5i l\u00e3i su\u1ea5t. \u0110\u1ec3 gi\u1ea3m r\u1ee7i ro, nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3:<\/p>\n<ul>\n<li>\u0110a d\u1ea1ng h\u00f3a danh m\u1ee5c \u0111\u1ea7u t\u01b0 v\u1edbi nhi\u1ec1u lo\u1ea1i t\u00e0i s\u1ea3n kh\u00e1c nhau.<\/li>\n<li>Xem x\u00e9t c\u00e1c qu\u1ef9 \u0111\u01b0\u1ee3c qu\u1ea3n l\u00fd ch\u1ee7 \u0111\u1ed9ng \u0111\u1ec3 d\u1ec5 d\u00e0ng \u0111i\u1ec1u ch\u1ec9nh.<\/li>\n<li>L\u1ef1a ch\u1ecdn k\u1ef3 h\u1ea1n \u0111\u1ea7u t\u01b0 ph\u00f9 h\u1ee3p v\u1edbi m\u1ee5c ti\u00eau t\u00e0i ch\u00ednh.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Phuong_Phap_Do_Luong_Rui_Ro\"><\/span>Ph\u01b0\u01a1ng Ph\u00e1p \u0110o L\u01b0\u1eddng R\u1ee7i Ro<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Phan_Tich_Duration_va_Convexity\"><\/span>Ph\u00e2n T\u00edch Duration v\u00e0 Convexity<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Duration v\u00e0 convexity l\u00e0 hai c\u00f4ng c\u1ee5 quan tr\u1ecdng \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 m\u1ee9c nh\u1ea1y c\u1ea3m c\u1ee7a danh m\u1ee5c \u0111\u1ea7u t\u01b0 tr\u01b0\u1edbc bi\u1ebfn \u0111\u1ed9ng l\u00e3i su\u1ea5t. <strong>Duration<\/strong> gi\u00fap \u0111o l\u01b0\u1eddng m\u1ee9c thay \u0111\u1ed5i gi\u00e1 tr\u1ecb c\u1ee7a danh m\u1ee5c khi l\u00e3i su\u1ea5t thay \u0111\u1ed5i, trong khi <strong>convexity<\/strong> ph\u00e2n t\u00edch \u0111\u1ed9 cong trong m\u1ed1i quan h\u1ec7 gi\u1eefa gi\u00e1 v\u00e0 l\u1ee3i su\u1ea5t.<\/p>\n<table>\n<colgroup>\n<col \/>\n<col \/>\n<col \/><\/colgroup>\n<tbody>\n<tr>\n<th colspan=\"1\" rowspan=\"1\">Ch\u1ec9 S\u1ed1<\/th>\n<th colspan=\"1\" rowspan=\"1\">M\u1ee5c \u0110\u00edch<\/th>\n<th colspan=\"1\" rowspan=\"1\">\u1ee8ng D\u1ee5ng<\/th>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">Duration<\/td>\n<td colspan=\"1\" rowspan=\"1\">\u0110o l\u01b0\u1eddng \u0111\u1ed9 nh\u1ea1y c\u1ea3m v\u1edbi l\u00e3i su\u1ea5t<\/td>\n<td colspan=\"1\" rowspan=\"1\">\u01af\u1edbc t\u00ednh thay \u0111\u1ed5i gi\u00e1 tr\u1ecb danh m\u1ee5c<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">Convexity<\/td>\n<td colspan=\"1\" rowspan=\"1\">\u0110o l\u01b0\u1eddng \u0111\u1ed9 cong c\u1ee7a quan h\u1ec7 gi\u00e1-l\u1ee3i su\u1ea5t<\/td>\n<td colspan=\"1\" rowspan=\"1\">D\u1ef1 \u0111o\u00e1n ch\u00ednh x\u00e1c h\u01a1n khi l\u00e3i su\u1ea5t thay \u0111\u1ed5i m\u1ea1nh<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>C\u00e1c nghi\u00ean c\u1ee9u ch\u1ec9 ra r\u1eb1ng \u0111\u1ed1i v\u1edbi c\u00e1c ng\u00e2n h\u00e0ng l\u1edbn, kho\u1ea3ng c\u00e1ch gi\u1eefa duration v\u00e0 convexity th\u01b0\u1eddng c\u00f3 gi\u00e1 tr\u1ecb d\u01b0\u01a1ng. \u0110i\u1ec1u n\u00e0y \u00e1m ch\u1ec9 r\u1eb1ng khi l\u00e3i su\u1ea5t t\u0103ng, gi\u00e1 tr\u1ecb r\u00f2ng c\u1ee7a danh m\u1ee5c c\u00f3 xu h\u01b0\u1edbng gi\u1ea3m, v\u00e0 ng\u01b0\u1ee3c l\u1ea1i.<\/p>\n<p>Ti\u1ebfp theo, h\u00e3y xem x\u00e9t c\u00e1ch ki\u1ec3m tra c\u00e1c k\u1ecbch b\u1ea3n l\u00e3i su\u1ea5t \u0111\u1ec3 hi\u1ec3u r\u00f5 h\u01a1n v\u1ec1 t\u00e1c \u0111\u1ed9ng c\u1ee7a bi\u1ebfn \u0111\u1ed9ng l\u00e3i su\u1ea5t.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Kiem_Tra_Kich_Ban_Lai_Suat\"><\/span>Ki\u1ec3m Tra K\u1ecbch B\u1ea3n L\u00e3i Su\u1ea5t<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Ph\u01b0\u01a1ng ph\u00e1p ki\u1ec3m tra k\u1ecbch b\u1ea3n l\u00e3i su\u1ea5t gi\u00fap m\u00f4 ph\u1ecfng t\u00e1c \u0111\u1ed9ng c\u1ee7a c\u00e1c bi\u1ebfn \u0111\u1ed9ng l\u00e3i su\u1ea5t kh\u00e1c nhau l\u00ean danh m\u1ee5c \u0111\u1ea7u t\u01b0. M\u1ed9t s\u1ed1 lo\u1ea1i r\u1ee7i ro th\u01b0\u1eddng \u0111\u01b0\u1ee3c ph\u00e2n t\u00edch bao g\u1ed3m:<\/p>\n<ul>\n<li>R\u1ee7i ro t\u00e1i \u0111\u1ecbnh gi\u00e1<\/li>\n<li>R\u1ee7i ro c\u01a1 s\u1edf<\/li>\n<li>R\u1ee7i ro \u0111\u01b0\u1eddng cong l\u00e3i su\u1ea5t<\/li>\n<li>R\u1ee7i ro quy\u1ec1n ch\u1ecdn<\/li>\n<\/ul>\n<p>Ngo\u00e0i ra, ph\u01b0\u01a1ng ph\u00e1p t\u00ednh to\u00e1n VaR c\u0169ng mang l\u1ea1i m\u1ed9t c\u00e1ch ti\u1ebfp c\u1eadn \u0111\u1ecbnh l\u01b0\u1ee3ng \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 r\u1ee7i ro.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Tinh_Toan_VaR_Value_at_Risk\"><\/span>T\u00ednh To\u00e1n VaR (Value at Risk)<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>VaR l\u00e0 m\u1ed9t c\u00f4ng c\u1ee5 \u0111\u1ecbnh l\u01b0\u1ee3ng m\u1ee9c t\u1ed5n th\u1ea5t ti\u1ec1m n\u0103ng trong m\u1ed9t kho\u1ea3ng th\u1eddi gian c\u1ee5 th\u1ec3. C\u00f4ng c\u1ee5 n\u00e0y \u0111\u1eb7c bi\u1ec7t h\u1eefu \u00edch trong qu\u1ea3n l\u00fd qu\u1ef9 v\u00ec:<\/p>\n<ul>\n<li>Cung c\u1ea5p m\u1ed9t con s\u1ed1 c\u1ee5 th\u1ec3 v\u1ec1 m\u1ee9c \u0111\u1ed9 r\u1ee7i ro.<\/li>\n<li>\u00c1p d\u1ee5ng \u0111\u01b0\u1ee3c cho nhi\u1ec1u lo\u1ea1i t\u00e0i s\u1ea3n kh\u00e1c nhau.<\/li>\n<li>H\u1ed7 tr\u1ee3 so s\u00e1nh r\u1ee7i ro gi\u1eefa c\u00e1c danh m\u1ee5c \u0111\u1ea7u t\u01b0.<\/li>\n<\/ul>\n<p>Tuy nhi\u00ean, VaR kh\u00f4ng ph\u1ea3i l\u00e0 c\u00f4ng c\u1ee5 ho\u00e0n h\u1ea3o. M\u1ed9t s\u1ed1 chuy\u00ean gia c\u1ea3nh b\u00e1o r\u1eb1ng n\u00f3 c\u00f3 th\u1ec3 t\u1ea1o ra c\u1ea3m gi\u00e1c an to\u00e0n kh\u00f4ng th\u1ef1c t\u1ebf v\u00ec kh\u00f4ng \u0111\u01b0a ra \u0111\u01b0\u1ee3c m\u1ee9c t\u1ed5n th\u1ea5t t\u1ed1i \u0111a c\u00f3 th\u1ec3 x\u1ea3y ra.<\/p>\n    <div class=\"infina-box\">\n\t\t <div class=\"qr-code\" style=\"margin-top: 20px;\">\n            <a href=\"https:\/\/infina.vn\/?utm_content=blog_thuc\" target=\"_blank\">\n                <img decoding=\"async\" src=\"http:\/\/infina.vn\/blog\/wp-content\/uploads\/2025\/02\/app_banner-09-1-1.png\" alt=\"QR Code Infina\" title=\"\">\n            <\/a>\n        <\/div>\n        <p style=\"color: black;\"><strong>T\u00e0i kho\u1ea3n nh\u1eadn ti\u1ec1n, Sinh l\u1eddi t\u1ef1 \u0111\u1ed9ng nh\u01b0 g\u1eedi ti\u1ebft ki\u1ec7m!<\/strong><\/p>\n        <p class=\"my-3\">T\u00e0i kho\u1ea3n sinh l\u1eddi <a href=\"https:\/\/infina.vn\" data-internallinksmanager029f6b8e52c=\"2\" title=\"Infina\" target=\"_blank\" rel=\"noopener\">Infina<\/a> l\u00e0 s\u1ef1 l\u1ef1a ch\u1ecdn l\u00fd t\u01b0\u1edfng cho t\u1ea5t c\u1ea3 m\u1ecdi ng\u01b0\u1eddi, nh\u1eefng ai mu\u1ed1n t\u1ed1i \u01b0u h\u00f3a t\u00e0i ch\u00ednh c\u00e1 nh\u00e2n v\u00e0 sinh l\u1eddi tr\u00ean d\u00f2ng ti\u1ec1n c\u1ee7a m\u00ecnh.<\/p>\n        <p class=\"my-3\">N\u1ea1p v\u00e0 r\u00fat ti\u1ec1n nhanh ch\u00f3ng trong v\u00f2ng 30 gi\u00e2y, nh\u1eadn l\u1ee3i nhu\u1eadn h\u00e0ng ng\u00e0y v\u00e0 r\u00fat v\u1ed1n b\u1ea5t k\u1ef3 l\u00fac n\u00e0o m\u00e0 kh\u00f4ng b\u1ecb m\u1ea5t l\u1ee3i nhu\u1eadn.<\/p>\n        <p class=\"my-3\">\u0110\u01b0\u1ee3c C\u00f4ng ty TNHH MTV qu\u1ea3n l\u00fd qu\u1ef9 ACB (ACBC), C\u00f4ng ty c\u1ed5 ph\u1ea7n qu\u1ea3n l\u00fd qu\u1ef9 PVI (PVI AM) qu\u1ea3n l\u00fd \u0111\u1ea7u t\u01b0 v\u00e0 Ng\u00e2n h\u00e0ng BIDV l\u01b0u k\u00fd. Qu\u1ef9 ACBC, v\u00e0 Qu\u1ef9 PVI AM s\u1ebd th\u1ef1c hi\u1ec7n g\u1eedi ti\u1ec1n t\u1ea1i c\u00e1c ng\u00e2n h\u00e0ng, t\u1ed5 ch\u1ee9c t\u00edn d\u1ee5ng uy t\u00edn.<\/p>\n        <a class=\"infina-button\" href=\"https:\/\/infina.vn\/?utm_content=blog_thuc\" style=\"margin-bottom: 20px; display: inline-block;\">Tr\u1ea3i nghi\u1ec7m sinh l\u1eddi mi\u1ec5n ph\u00ed<\/a>\n    <\/div>\n    \n<h2><span class=\"ez-toc-section\" id=\"Cac_Buoc_Quan_Ly_Rui_Ro\"><\/span>C\u00e1c B\u01b0\u1edbc Qu\u1ea3n L\u00fd R\u1ee7i Ro<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u0110\u1ec3 qu\u1ea3n l\u00fd r\u1ee7i ro l\u00e3i su\u1ea5t sau khi \u0111\u00e3 \u0111o l\u01b0\u1eddng b\u1eb1ng c\u00e1c c\u00f4ng c\u1ee5 \u0111\u1ecbnh l\u01b0\u1ee3ng, c\u1ea7n \u00e1p d\u1ee5ng c\u00e1c bi\u1ec7n ph\u00e1p c\u1ee5 th\u1ec3 nh\u1eb1m b\u1ea3o v\u1ec7 danh m\u1ee5c \u0111\u1ea7u t\u01b0.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Chien_Luoc_Phan_Bo_Danh_Muc\"><\/span>Chi\u1ebfn L\u01b0\u1ee3c Ph\u00e2n B\u1ed5 Danh M\u1ee5c<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Ph\u00e2n b\u1ed5 t\u00e0i s\u1ea3n \u0111\u00fang c\u00e1ch \u0111\u00f3ng vai tr\u00f2 quan tr\u1ecdng trong vi\u1ec7c gi\u1ea3m thi\u1ec3u r\u1ee7i ro l\u00e3i su\u1ea5t. Ch\u1ec9 s\u1ed1 Bloomberg US Aggregate Bond Index hi\u1ec7n c\u00f3 duration 6,02 n\u0103m, cao h\u01a1n m\u1ee9c trung b\u00ecnh d\u00e0i h\u1ea1n l\u00e0 4,96 n\u0103m, cho th\u1ea5y t\u1ea7m quan tr\u1ecdng c\u1ee7a vi\u1ec7c \u0111i\u1ec1u ch\u1ec9nh danh m\u1ee5c \u0111\u1ea7u t\u01b0 sao cho ph\u00f9 h\u1ee3p.<\/p>\n<p>M\u1ed9t s\u1ed1 c\u00e1ch ph\u00e2n b\u1ed5 hi\u1ec7u qu\u1ea3 g\u1ed3m:<\/p>\n<ul>\n<li><strong>\u0110a d\u1ea1ng h\u00f3a k\u1ef3 h\u1ea1n<\/strong>: K\u1ebft h\u1ee3p tr\u00e1i phi\u1ebfu ng\u1eafn h\u1ea1n v\u00e0 d\u00e0i h\u1ea1n \u0111\u1ec3 gi\u1ea3m thi\u1ec3u r\u1ee7i ro.<\/li>\n<li><strong>X\u00e2y d\u1ef1ng b\u1eadc thang tr\u00e1i phi\u1ebfu<\/strong>: Chia \u0111\u1ec1u c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 v\u00e0o c\u00e1c k\u1ef3 h\u1ea1n kh\u00e1c nhau.<\/li>\n<li><strong>C\u00e2n \u0111\u1ed1i \u0111\u1ecbnh k\u1ef3<\/strong>: Th\u01b0\u1eddng xuy\u00ean t\u00e1i c\u00e2n b\u1eb1ng \u0111\u1ec3 duy tr\u00ec t\u1ef7 tr\u1ecdng m\u1ee5c ti\u00eau.<\/li>\n<\/ul>\n<p>Ngo\u00e0i ph\u00e2n b\u1ed5 t\u00e0i s\u1ea3n, vi\u1ec7c s\u1eed d\u1ee5ng c\u00e1c c\u00f4ng c\u1ee5 ph\u00f2ng ng\u1eeba c\u0169ng gi\u00fap b\u1ea3o v\u1ec7 danh m\u1ee5c tr\u01b0\u1edbc nh\u1eefng thay \u0111\u1ed5i l\u00e3i su\u1ea5t.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Phuong_Phap_Phong_Ngua_Rui_Ro\"><\/span>Ph\u01b0\u01a1ng Ph\u00e1p Ph\u00f2ng Ng\u1eeba R\u1ee7i Ro<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>C\u00e1c c\u00f4ng c\u1ee5 nh\u01b0 h\u1ee3p \u0111\u1ed3ng ho\u00e1n \u0111\u1ed5i, h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai v\u00e0 quy\u1ec1n ch\u1ecdn h\u1ed7 tr\u1ee3 \u0111i\u1ec1u ch\u1ec9nh r\u1ee7i ro khi l\u00e3i su\u1ea5t bi\u1ebfn \u0111\u1ed9ng. C\u00e1c qu\u1ef9 t\u01b0\u01a1ng h\u1ed7 hi\u1ec7n n\u1eafm gi\u1eef kho\u1ea3ng 500 t\u1ef7 USD h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai Kho b\u1ea1c, t\u0103ng t\u1eeb 30% gi\u1eefa n\u0103m 2022 l\u00ean 43% v\u00e0o cu\u1ed1i n\u0103m 2023.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Quan_Ly_Duration\"><\/span>Qu\u1ea3n L\u00fd Duration<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Duration l\u00e0 m\u1ed9t trong nh\u1eefng c\u00f4ng c\u1ee5 ch\u00ednh \u0111\u1ec3 \u0111o l\u01b0\u1eddng v\u00e0 ki\u1ec3m so\u00e1t r\u1ee7i ro l\u00e3i su\u1ea5t. V\u00ed d\u1ee5, tr\u00e1i phi\u1ebfu c\u00f3 duration 1 n\u0103m s\u1ebd gi\u1ea3m 1% gi\u00e1 tr\u1ecb, trong khi tr\u00e1i phi\u1ebfu v\u1edbi duration 10 n\u0103m gi\u1ea3m t\u1edbi 10% khi l\u00e3i su\u1ea5t t\u0103ng 1%.<\/p>\n<p>\u0110\u1ec3 qu\u1ea3n l\u00fd duration hi\u1ec7u qu\u1ea3, nh\u00e0 \u0111\u1ea7u t\u01b0 n\u00ean:<\/p>\n<ul>\n<li><strong>Gi\u1eef duration ng\u1eafn<\/strong> khi d\u1ef1 \u0111o\u00e1n l\u00e3i su\u1ea5t s\u1ebd t\u0103ng.<\/li>\n<li><strong>T\u0103ng duration<\/strong> n\u1ebfu k\u1ef3 v\u1ecdng l\u00e3i su\u1ea5t gi\u1ea3m.<\/li>\n<li>\u0110\u1ea3m b\u1ea3o duration kh\u00f4ng v\u01b0\u1ee3t qu\u00e1 th\u1eddi gian \u0111\u1ea7u t\u01b0 d\u1ef1 ki\u1ebfn.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Ket_Luan\"><\/span>K\u1ebft Lu\u1eadn<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Nhung_Diem_Chinh_Can_Ghi_Nho\"><\/span>Nh\u1eefng \u0110i\u1ec3m Ch\u00ednh C\u1ea7n Ghi Nh\u1edb<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\u0110\u1ec3 qu\u1ea3n l\u00fd r\u1ee7i ro l\u00e3i su\u1ea5t hi\u1ec7u qu\u1ea3, c\u1ea7n c\u00f3 m\u1ed9t chi\u1ebfn l\u01b0\u1ee3c r\u00f5 r\u00e0ng v\u00e0 ph\u00f9 h\u1ee3p. Theo Corporate Finance Institute, \u201cr\u1ee7i ro l\u00e3i su\u1ea5t l\u00e0 x\u00e1c su\u1ea5t suy gi\u1ea3m gi\u00e1 tr\u1ecb t\u00e0i s\u1ea3n do bi\u1ebfn \u0111\u1ed9ng l\u00e3i su\u1ea5t kh\u00f4ng l\u01b0\u1eddng tr\u01b0\u1edbc \u0111\u01b0\u1ee3c\u201d.<\/p>\n<p>Ba y\u1ebfu t\u1ed1 quan tr\u1ecdng c\u1ea7n l\u01b0u \u00fd:<\/p>\n<ul>\n<li><strong>\u0110a d\u1ea1ng h\u00f3a danh m\u1ee5c \u0111\u1ea7u t\u01b0<\/strong>: Gi\u1ea3m thi\u1ec3u t\u00e1c \u0111\u1ed9ng t\u1eeb nh\u1eefng bi\u1ebfn \u0111\u1ed9ng l\u00e3i su\u1ea5t.<\/li>\n<li><strong>Ch\u1ecdn c\u00f4ng ty qu\u1ea3n l\u00fd qu\u1ef9 \u0111\u00e1ng tin c\u1eady<\/strong>: \u0110\u1ea3m b\u1ea3o t\u00e0i s\u1ea3n \u0111\u01b0\u1ee3c qu\u1ea3n l\u00fd chuy\u00ean nghi\u1ec7p.<\/li>\n<li><strong>Theo d\u00f5i v\u00e0 \u0111i\u1ec1u ch\u1ec9nh th\u01b0\u1eddng xuy\u00ean<\/strong>: Gi\u1eef cho chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 lu\u00f4n ph\u00f9 h\u1ee3p v\u1edbi m\u1ee5c ti\u00eau c\u00e1 nh\u00e2n.<\/li>\n<\/ul>\n<p>Nh\u1eefng y\u1ebfu t\u1ed1 n\u00e0y c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c h\u1ed7 tr\u1ee3 th\u00f4ng qua c\u00e1c n\u1ec1n t\u1ea3ng \u0111\u1ea7u t\u01b0 hi\u1ec7n \u0111\u1ea1i v\u00e0 ti\u1ec7n l\u1ee3i.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Infina_Co_The_Ho_Tro_Gi\"><\/span><a class=\"\" href=\"https:\/\/infina.vn\/\" target=\"_blank\" rel=\"noopener noreferrer\">Infina<\/a> C\u00f3 Th\u1ec3 H\u1ed7 Tr\u1ee3 G\u00ec?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><img decoding=\"async\" contenteditable=\"false\" draggable=\"true\" src=\"https:\/\/mars-images.imgix.net\/seobot\/screenshots\/infina.vn-d7fbacf3169311c3733d7a95e4858b8b-2025-03-04.jpg?auto=compress\" alt=\"Infina\" title=\"\"><\/p>\n<p>V\u1edbi Infina, b\u1ea1n c\u00f3 th\u1ec3 b\u1eaft \u0111\u1ea7u \u0111\u1ea7u t\u01b0 ch\u1ec9 t\u1eeb <strong>100.000 VN\u0110<\/strong> v\u00e0 qu\u1ea3n l\u00fd danh m\u1ee5c c\u1ee7a m\u00ecnh th\u00f4ng qua m\u1ed9t t\u00e0i kho\u1ea3n duy nh\u1ea5t. \u0110i\u1ec1u n\u00e0y gi\u00fap vi\u1ec7c theo d\u00f5i v\u00e0 \u0111i\u1ec1u ch\u1ec9nh \u0111\u1ea7u t\u01b0 tr\u1edf n\u00ean \u0111\u01a1n gi\u1ea3n h\u01a1n bao gi\u1edd h\u1ebft.<\/p>\n<p>Infina hi\u1ec7n nh\u1eadn \u0111\u01b0\u1ee3c \u0111\u00e1nh gi\u00e1 cao v\u1edbi \u0111\u00e1nh gi\u00e1 <strong>4,9\/5\u2b50<\/strong>, v\u00e0 \u0111\u00e3 \u0111\u01b0\u1ee3c h\u01a1n <strong>2 tri\u1ec7u ng\u01b0\u1eddi d\u00f9ng<\/strong> tin t\u01b0\u1edfng. \u0110\u00e2y l\u00e0 m\u1ed9t l\u1ef1a ch\u1ecdn \u0111\u00e1ng c\u00e2n nh\u1eafc cho nh\u1eefng ai mu\u1ed1n t\u1ed1i \u01b0u h\u00f3a l\u1ee3i nhu\u1eadn m\u00e0 v\u1eabn ki\u1ec3m so\u00e1t t\u1ed1t r\u1ee7i ro l\u00e3i su\u1ea5t.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>R&#7911;i ro l&atilde;i su&#7845;t l&agrave; nguy c&#417; gi&aacute; tr&#7883; &#273;&#7847;u t&#432; gi&#7843;m khi l&atilde;i su&#7845;t th&#7883; tr&#432;&#7901;ng thay &#273;&#7893;i. Hi&#7875;u r&otilde; r&#7911;i ro n&agrave;y gi&uacute;p b&#7841;n b&#7843;o v&#7879; v&#7889;n v&agrave; t&#7889;i &#432;u h&oacute;a l&#7907;i nhu&#7853;n. D&#432;&#7899;i &#273;&acirc;y l&agrave; c&aacute;c &#273;i&#7875;m ch&iacute;nh: Khi l&atilde;i su&#7845;t t&#259;ng: Gi&aacute; tr&#7883; tr&aacute;i phi&#7871;u gi&#7843;m, qu&#7929; tr&aacute;i phi&#7871;u ch&#7883;u t&aacute;c [&hellip;]<\/p>\n","protected":false},"author":40,"featured_media":26286,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":{"0":"post-26285","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-kien-thuc-tai-chinh"},"_links":{"self":[{"href":"https:\/\/infina.vn\/blog\/wp-json\/wp\/v2\/posts\/26285","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infina.vn\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infina.vn\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infina.vn\/blog\/wp-json\/wp\/v2\/users\/40"}],"replies":[{"embeddable":true,"href":"https:\/\/infina.vn\/blog\/wp-json\/wp\/v2\/comments?post=26285"}],"version-history":[{"count":0,"href":"https:\/\/infina.vn\/blog\/wp-json\/wp\/v2\/posts\/26285\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/infina.vn\/blog\/wp-json\/wp\/v2\/media\/26286"}],"wp:attachment":[{"href":"https:\/\/infina.vn\/blog\/wp-json\/wp\/v2\/media?parent=26285"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infina.vn\/blog\/wp-json\/wp\/v2\/categories?post=26285"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infina.vn\/blog\/wp-json\/wp\/v2\/tags?post=26285"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}