{"id":3831,"date":"2020-05-04T23:57:08","date_gmt":"2020-05-04T16:57:08","guid":{"rendered":"https:\/\/hoclamgiau.vn\/?p=3831"},"modified":"2020-05-12T23:37:19","modified_gmt":"2020-05-12T16:37:19","slug":"chung-khoan-phai-sinh-la-gi","status":"publish","type":"post","link":"https:\/\/hoclamgiau.vn\/chung-khoan-phai-sinh-la-gi\/","title":{"rendered":"Ch\u1ee9ng kho\u00e1n ph\u00e1i sinh l\u00e0 g\u00ec? PH\u00c2N LO\u1ea0I v\u00e0 \u0110\u1eb6C \u0110I\u1ec2M"},"content":{"rendered":"
B\u1ea1n ho\u00e0n to\u00e0n c\u00f3 th\u1ec3 ki\u1ebfm \u0111\u01b0\u1ee3c ti\u1ec1n ngay c\u1ea3 khi th\u1ecb tr\u01b0\u1eddng \u0111i xu\u1ed1ng khi s\u1eed d\u1ee5ng c\u00f4ng c\u1ee5 t\u00e0i ch\u00ednh ch\u1ee9ng kho\u00e1n kh\u00e1i sinh. V\u1eady, ch\u1ee9ng kho\u00e1n ph\u00e1i sinh l\u00e0 g\u00ec? Ch\u00fang c\u00f3 nh\u1eefng lo\u1ea1i h\u1ee3p \u0111\u1ed3ng n\u00e0o v\u00e0 \u0111\u1eb7c \u0111i\u1ec3m ra sao. C\u00f9ng <\/b>hoclamgiau.vn<\/b><\/a> t\u00ecm hi\u1ec3u.<\/b><\/span><\/p>\n Nhi\u1ec1u b\u1ea1n ngh\u0129 r\u1eb1ng ch\u1ec9 c\u00f3 th\u1ec3 ki\u1ebfm \u0111\u01b0\u1ee3c ti\u1ec1n tr\u00ean th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n khi gi\u00e1 c\u1ed5 phi\u1ebfu \u0111i l\u00ean. Trong tr\u01b0\u1eddng h\u1ee3p gi\u00e1 c\u1ed5 phi\u1ebfu \u0111i xu\u1ed1ng th\u00ec nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1ebd ch\u1ecbu l\u1ed7.\u00a0<\/span><\/p>\n Tuy nhi\u00ean, nh\u1eefng kh\u00e1i ni\u1ec7m tr\u00ean kh\u00f4ng ho\u00e0n to\u00e0n \u0111\u00fang. Tr\u00ean th\u1ef1c t\u1ebf, c\u00f3 nh\u1eefng c\u00f4ng c\u1ee5 t\u00e0i ch\u00ednh cho ph\u00e9p b\u1ea1n l\u00e0m ra ti\u1ec1n ngay c\u1ea3 khi gi\u00e1 c\u1ed5 phi\u1ebfu s\u1ee5t gi\u1ea3m.<\/strong><\/span><\/p>\n Trong nh\u1eefng c\u00f4ng c\u1ee5 t\u00e0i ch\u00ednh cho ph\u00e9p l\u00e0m \u0111i\u1ec1u n\u00e0y c\u00f3 th\u1ec3 k\u1ec3 \u0111\u1ebfn ch\u1ee9ng kho\u00e1n ph\u00e1i sinh v\u00e0 b\u00e1n kh\u1ed1ng c\u1ed5 phi\u1ebfu.<\/span><\/p>\n Ch\u1ee9ng kho\u00e1n ph\u00e1i sinh l\u00e0 c\u00f4ng c\u1ee5 t\u00e0i ch\u00ednh \u0111\u01b0\u1ee3c ph\u00e1t h\u00e0nh tr\u00ean gi\u00e1 c\u1ee7a t\u00e0i s\u1ea3n c\u01a1 s\u1edf s\u1eb5n c\u00f3 nh\u01b0 c\u1ed5 phi\u1ebfu, tr\u00e1i phi\u1ebfu, ch\u1ec9 s\u1ed1 vn30, c\u00e1c lo\u1ea1i h\u00e0ng h\u00f3a. T\u00e0i s\u1ea3n c\u01a1 s\u1edf d\u00f9ng trong ch\u1ee9ng kho\u00e1n ph\u00e1i sinh g\u1ed3m 2 d\u1ea1ng\u00a0<\/span><\/p>\n c\u00e1c lo\u1ea1i h\u00e0ng h\u00f3a nh\u01b0 s\u1ea3n ph\u1ea9m n\u00f4ng nghi\u1ec7p, x\u0103ng d\u1ea7u, c\u00e1c lo\u1ea1i n\u0103ng l\u01b0\u1ee3ng,…<\/span><\/p>\n T\u00e0i s\u1ea3n c\u01a1 s\u1edf d\u1ef1a v\u00e0o c\u00e1c c\u00f4ng c\u1ee5 t\u00e0i ch\u00ednh nh\u01b0 c\u1ed5 phi\u1ebfu, tr\u00e1i phi\u1ebfu, c\u1ed5 t\u1ee9c, l\u00e3i su\u1ea5t,…<\/span><\/p>\n Ch\u1ee9ng kho\u00e1n ph\u00e1i sinh \u0111\u01b0\u1ee3c t\u1ea1o ra b\u1edfi nhi\u1ec1u m\u1ee5c ti\u00eau kh\u00e1c nhau nh\u01b0 ph\u00e2n t\u00e1n r\u1ee7i ro, b\u1ea3o v\u1ec7 l\u1ee3i nhu\u1eadn ho\u1eb7c t\u1ea1o ra l\u1ee3i nhu\u1eadn.<\/span><\/p>\n T\u1ea1i Vi\u1ec7t Nam, m\u1ecdi ng\u01b0\u1eddi th\u01b0\u1eddng ch\u00fa \u00fd \u0111\u1ebfn s\u1ea3n ph\u1ea9m ph\u00e1i sinh h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai ch\u1ec9 s\u1ed1 VN30. V\u1edbi h\u1ee3p \u0111\u1ed3ng n\u00e0y, n\u1ebfu b\u1ea1n ch\u1ecdn \u0111\u00fang gi\u00e1 c\u1ee7a c\u1ed5 phi\u1ebfu t\u0103ng ho\u1eb7c gi\u1ea3m th\u00ec b\u1ea1n s\u1ebd c\u00f3 \u0111\u01b0\u1ee3c l\u1ee3i nhu\u1eadn.<\/span><\/p>\n >> B\u1ea1n c\u00f3 th\u1ec3 xem b\u00e0i vi\u1ebft Vn30 l\u00e0 g\u00ec v\u00e0 h\u01b0\u1edbng d\u1eabn to\u00e0n t\u1eadp cho ng\u01b0\u1eddi m\u1edbi b\u1eaft \u0111\u1ea7u<\/a> \u0111\u1ec3 c\u00f3 c\u00e1i nh\u00ecn r\u00f5 n\u00e9t h\u01a1n v\u1ec1 ch\u1ec9 s\u1ed1 n\u00e0y<\/strong><\/p><\/blockquote>\n C\u00f3 4 lo\u1ea1i ch\u1ee9ng kho\u00e1n ph\u00e1i sinh c\u01a1 b\u1ea3n\u00a0<\/span><\/p>\n H\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai l\u00e0 s\u1ea3n ph\u1ea9m ch\u1ee9ng kho\u00e1n ph\u00e1i sinh \u0111\u1ea7u ti\u00ean \u0111\u01b0\u1ee3c ra m\u1eaft t\u1ea1i Vi\u1ec7t Nam. H\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai l\u00e0 m\u1ed9t lo\u1ea1i h\u1ee3p \u0111\u1ed3ng th\u1ecfa thu\u1eadn, r\u00e0ng bu\u1ed9c gi\u00e1 c\u1ee7a t\u00e0i s\u1ea3n gi\u1eefa b\u00ean mua v\u00e0 b\u00ean b\u00e1n trong m\u1ed9t th\u1eddi \u0111i\u1ec3m \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh tr\u01b0\u1edbc trong t\u01b0\u01a1ng lai.<\/span><\/p>\n <\/p>\n V\u00ed d\u1ee5 : Gi\u1ea3 s\u1eed r\u1eb1ng gi\u00e1 c\u1ee7a m\u1ed9t c\u1ed5 ph\u1ea7n v\u00e0o th\u1eddi \u0111i\u1ec3m hi\u1ec7n t\u1ea1i l\u00e0 5000\u20ab. B\u1ea1n \u01b0\u1edbc t\u00ednh r\u1eb1ng gi\u00e1 c\u1ed5 ph\u1ea7n \u0111\u00f3 s\u1ebd \u1edf m\u1ee9c d\u01b0\u1edbi 6000 \u0111\u1ed3ng trong 6 th\u00e1ng t\u1edbi. Trong khi \u0111\u00f3, b\u1ea1n c\u1ee7a b\u1ea1n ngh\u0129 r\u1eb1ng c\u1ed5 ph\u1ea7n \u0111\u00f3 s\u1ebd t\u0103ng gi\u00e1 l\u00ean h\u01a1n 6 ngh\u00ecn \u0111\u1ed3ng trong c\u00f9ng kho\u1ea3ng th\u1eddi gian. B\u1ea1n \u0111\u1ed3ng \u00fd b\u00e1n c\u1ed5 ph\u1ea7n n\u00e0y cho anh ta v\u1edbi m\u1ee9c gi\u00e1 6000\u20ab t\u1ea1i th\u1eddi \u0111i\u1ec3m 6 th\u00e1ng sau.\u00a0<\/span><\/p>\n Sau 6 th\u00e1ng, n\u1ebfu gi\u00e1 c\u1ed5 ph\u1ea7n \u0111\u00f3 v\u1eabn \u1edf m\u1ee9c 5000\u20ab th\u00ec b\u1ea1n s\u1ebd \u0111\u01b0\u1ee3c l\u00e3i s\u1ed1 ti\u1ec1n: 6000 – 5000 = 1000\u20ab.\u00a0<\/span><\/p>\n Trong tr\u01b0\u1eddng h\u1ee3p gi\u00e1 c\u1ed5 ph\u1ea7n \u0111\u00f3 t\u0103ng l\u00ean 7000\u20ab th\u00ec b\u1ea1n s\u1ebd b\u1ecb l\u1ed7. B\u1ea1n c\u1ee7a b\u1ea1n s\u1ebd l\u00e3i s\u1ed1 ti\u1ec1n l\u00e0: 7000\u20ab – 6000\u20ab = 1000\u20ab .<\/span><\/p>\n Nh\u1eefng g\u00ec x\u1ea3y ra trong c\u00e2u chuy\u1ec7n tr\u00ean cho th\u1ea5y ng\u01b0\u1eddi mua v\u00e0 ng\u01b0\u1eddi b\u00e1n \u0111\u00e3 tham gia v\u00e0o m\u1ed9t giao d\u1ecbch ch\u1ee9ng kho\u00e1n ph\u00e1i sinh \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai.<\/span><\/p>\n H\u1ee3p \u0111\u1ed3ng quy\u1ec1n ch\u1ecdn l\u00e0 m\u1ed9t d\u1ea1ng h\u1ee3p \u0111\u1ed3ng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh cho ph\u00e9p nh\u00e0 \u0111\u1ea7u t\u01b0 l\u1ef1a ch\u1ecdn n\u1eafm gi\u1eef quy\u1ec1n mua ho\u1eb7c quy\u1ec1n b\u00e1n m\u1ed9t s\u1ed1 l\u01b0\u1ee3ng t\u00e0i s\u1ea3n c\u01a1 s\u1edf v\u1edbi m\u1ee9c gi\u00e1 x\u00e1c \u0111\u1ecbnh, t\u1ea1i m\u1ed9t th\u1eddi \u0111i\u1ec3m th\u1ecfa thu\u1eadn tr\u01b0\u1edbc. C\u00e1c lo\u1ea1i t\u00e0i s\u1ea3n c\u01a1 s\u1edf n\u00e0y c\u00f3 th\u1ec3 l\u00e0 c\u1ed5 phi\u1ebfu, tr\u00e1i phi\u1ebfu, ch\u1ec9 s\u1ed1,… H\u1ee3p \u0111\u1ed3ng quy\u1ec1n ch\u1ecdn bao g\u1ed3m 2 lo\u1ea1i quy\u1ec1n ch\u1ecdn c\u01a1 b\u1ea3n l\u00e0 quy\u1ec1n ch\u1ecdn mua v\u00e0 quy\u1ec1n ch\u1ecdn b\u00e1n.<\/span><\/p>\n \u0110i\u1ec3m kh\u00e1c bi\u1ec7t c\u1ee7a h\u1ee3p \u0111\u1ed3ng quy\u1ec1n ch\u1ecdn:<\/span><\/p>\n Ng\u01b0\u1eddi mua h\u1ee3p \u0111\u1ed3ng quy\u1ec1n ch\u1ecdn c\u00f3 quy\u1ec1n nh\u01b0ng kh\u00f4ng b\u1eaft bu\u1ed9c ph\u1ea3i l\u00e0 ngh\u0129a v\u1ee5 mua ho\u1eb7c b\u00e1n t\u00e0i s\u1ea3n c\u01a1 s\u1edf trong t\u01b0\u01a1ng lai. Ng\u01b0\u1eddi mua c\u00f3 quy\u1ec1n th\u1ef1c hi\u1ec7n ho\u1eb7c kh\u00f4ng th\u1ef1c hi\u1ec7n quy\u1ec1n c\u1ee7a m\u00ecnh.<\/span><\/p>\n Ng\u01b0\u1eddi b\u00e1n h\u1ee3p \u0111\u1ed3ng ch\u1ecdn b\u1eaft bu\u1ed9c ph\u1ea3i th\u1ef1c hi\u1ec7n ngh\u0129a v\u1ee5 h\u1ee3p \u0111\u1ed3ng n\u1ebfu nh\u01b0 b\u00ean mua y\u00eau c\u1ea7u.<\/span><\/p>\n H\u1ee3p \u0111\u1ed3ng k\u1ef3 h\u1ea1n l\u00e0 m\u1ed9t lo\u1ea1i h\u1ee3p \u0111\u1ed3ng gi\u1eefa b\u00ean mua v\u00e0 b\u00ean b\u00e1n v\u1edbi t\u00e0i s\u1ea3n c\u01a1 s\u1edf t\u1ea1i th\u1eddi \u0111i\u1ec3m x\u00e1c \u0111\u1ecbnh trong t\u01b0\u01a1ng lai. Trong h\u1ee3p \u0111\u1ed3ng k\u1ef3 h\u1ea1n, c\u1ea3 hai b\u00ean mua v\u00e0 b\u00ean b\u00e1n b\u1eaft bu\u1ed9c ph\u1ea3i th\u1ef1c hi\u1ec7n \u0111\u00fang quy\u1ec1n c\u1ee7a m\u00ecnh khi \u0111\u1ebfn k\u1ef3 h\u1ea1n.<\/span><\/p>\n V\u00ec v\u1eady, h\u1ee3p \u0111\u1ed3ng k\u1ef3 h\u1ea1n th\u01b0\u1eddng \u0111\u01b0\u1ee3c \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng nh\u1eb1m ng\u0103n ch\u1eb7n r\u1ee7i ro nh\u01b0 r\u1ee7i ro \u0111\u1ed3ng ti\u1ec1n m\u1ea5t gi\u00e1.<\/span><\/p>\n H\u1ee3p \u0111\u1ed3ng k\u1ef3 h\u1ea1n \u0111\u00e1p \u1ee9ng \u0111\u01b0\u1ee3c nh\u1eefng ti\u00eau chu\u1ea9n ri\u00eang, giao d\u1ecbch t\u1eadp trung \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai. V\u1ec1 b\u1ea3n ch\u1ea5t, h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai c\u0169ng l\u00e0 m\u1ed9t lo\u1ea1i h\u1ee3p \u0111\u1ed3ng k\u1ef3 h\u1ea1n v\u1edbi nh\u1eefng t\u00ednh ch\u1ea5t ri\u00eang bi\u1ec7t.<\/span><\/p>\n H\u1ee3p \u0111\u1ed3ng ho\u00e1n \u0111\u1ed5i ti\u1ebfng Anh c\u00f3 t\u00ean g\u1ecdi Swap Contract. H\u1ee3p \u0111\u1ed3ng ho\u00e1n \u0111\u1ed5i l\u00e0 m\u1ed9t d\u1ea1ng ch\u1ee9ng kho\u00e1n ph\u00e1i sinh. Trong \u0111\u00f3, b\u00ean mua v\u00e0 b\u00ean b\u00e1n th\u1ecfa thu\u1eadn d\u01b0\u1edbi d\u1ea1ng h\u1ee3p \u0111\u1ed3ng. Gi\u1eefa hai b\u00ean \u0111\u1ed3ng \u00fd th\u1ef1c hi\u1ec7n vi\u1ec7c thanh to\u00e1n theo nh\u1eefng m\u1ed1c th\u1eddi gian nh\u1ea5t \u0111\u1ecbnh cho nhau \u0111\u1ec3 \u0111\u1ea3m b\u1ea3o d\u00f2ng ti\u1ec1n. C\u00e1c ph\u01b0\u01a1ng th\u1ee9c thanh to\u00e1n n\u00e0y s\u1ebd \u0111\u01b0\u1ee3c 2 b\u00ean th\u1ecfa thu\u1eadn v\u00e0 x\u00e1c \u0111\u1ecbnh trong m\u1ed9t kho\u1ea3ng th\u1eddi gian \u0111\u00e3 \u0111\u1ecbnh.<\/span><\/p>\n H\u1ee3p \u0111\u1ed3ng ho\u00e1n \u0111\u1ed5i c\u00f3 hi\u1ec7u l\u1ef1c v\u00e0o ng\u00e0y \u0111\u1ecbnh gi\u00e1( ng\u00e0y b\u1eaft \u0111\u1ea7u) v\u00e0 s\u1ebd ch\u1ea5m d\u1ee9t v\u00e0o ng\u00e0y \u0111\u00e1o h\u1ea1n h\u1ee3p \u0111\u1ed3ng.<\/span><\/p>\n \u1ede Vi\u1ec7t Nam, nhi\u1ec1u nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111ang giao d\u1ecbch r\u1ea5t s\u00f4i \u0111\u1ed9ng v\u1edbi h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai ch\u1ec9 s\u1ed1 vn30.<\/span><\/p>\n Ch\u1ee9ng kho\u00e1n ph\u00e1i sinh ch\u1ec9 ph\u00f9 h\u1ee3p v\u1edbi nh\u1eefng nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u00e3 c\u00f3 ch\u00fat \u00edt kinh nghi\u1ec7m v\u00e0 ch\u1ea5p nh\u1eadn r\u1ee7i ro cao.\u00a0<\/span><\/p>\n >> B\u00e0i vi\u1ebft \u0111\u1ec1 xu\u1ea5t S\u1ef1 kh\u00e1c bi\u1ec7t gi\u1eefa Trader v\u00e0 Investor | N\u00ean giao d\u1ecbch hay \u0111\u1ea7u t\u01b0<\/a><\/strong><\/span><\/p>\n1. Ch\u1ee9ng kho\u00e1n ph\u00e1i sinh l\u00e0 g\u00ec\u00a0<\/b><\/span><\/h2>\n
2. Ph\u00e2n lo\u1ea1i ch\u1ee9ng kho\u00e1n ph\u00e1i sinh<\/b><\/span><\/h2>\n
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2.1 H\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai<\/b><\/span><\/h3>\n
2.2 H\u1ee3p \u0111\u1ed3ng quy\u1ec1n ch\u1ecdn<\/b><\/span><\/h3>\n
2.3 H\u1ee3p \u0111\u1ed3ng k\u1ef3 h\u1ea1n<\/b><\/span><\/h3>\n
2.4 H\u1ee3p \u0111\u1ed3ng ho\u00e1n \u0111\u1ed5i<\/b><\/span><\/h3>\n
3. \u0110\u1eb7c \u0111i\u1ec3m ch\u1ee9ng kho\u00e1n ph\u00e1i sinh<\/b><\/span><\/h2>\n
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