![\"\"](\"https:\/\/economy.theblock101.com\/wp-content\/uploads\/2024\/10\/image-116.png\")
<\/figure>\n\n\n\nH\u00e0ng h\u00f3a ph\u00e1i sinh (commodity derivatives) l\u00e0 c\u00e1c h\u1ee3p \u0111\u1ed3ng t\u00e0i ch\u00ednh m\u00e0 gi\u00e1 tr\u1ecb c\u1ee7a ch\u00fang d\u1ef1a tr\u00ean gi\u00e1 tr\u1ecb c\u1ee7a m\u1ed9t lo\u1ea1i h\u00e0ng h\u00f3a c\u01a1 b\u1ea3n. H\u00e0ng h\u00f3a c\u00f3 th\u1ec3 l\u00e0 n\u00f4ng s\u1ea3n, kim lo\u1ea1i qu\u00fd, n\u0103ng l\u01b0\u1ee3ng ho\u1eb7c h\u00e0ng h\u00f3a kh\u00e1c. H\u00e0ng h\u00f3a ph\u00e1i sinh ch\u1ee7 y\u1ebfu \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng \u0111\u1ec3 ph\u00f2ng ng\u1eeba r\u1ee7i ro v\u00e0 \u0111\u1ea7u c\u01a1 tr\u00ean bi\u1ebfn \u0111\u1ed9ng gi\u00e1 c\u1ea3 c\u1ee7a h\u00e0ng h\u00f3a.<\/p>\n\n\n\n
C\u00e1c lo\u1ea1i h\u00e0ng h\u00f3a ph\u00e1i sinh ph\u1ed5 bi\u1ebfn bao g\u1ed3m h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai (futures), h\u1ee3p \u0111\u1ed3ng quy\u1ec1n ch\u1ecdn (options), v\u00e0 h\u1ee3p \u0111\u1ed3ng k\u1ef3 h\u1ea1n (forwards).<\/p>\n\n\n\n
2. C\u00e1c Lo\u1ea1i H\u00e0ng H\u00f3a Ph\u00e1i Sinh<\/strong><\/h3>\n\n\n\n![\"](\"https:\/\/economy.theblock101.com\/wp-content\/uploads\/2024\/10\/image-117.png\")
H\u1ee3p \u0110\u1ed3ng T\u01b0\u01a1ng Lai (Futures Contract)<\/em><\/figcaption><\/figure><\/div>\n\n\n2.1. H\u1ee3p \u0110\u1ed3ng T\u01b0\u01a1ng Lai (Futures Contract)<\/strong><\/h4>\n\n\n\nH\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai<\/a> l\u00e0 m\u1ed9t th\u1ecfa thu\u1eadn gi\u1eefa hai b\u00ean \u0111\u1ec3 mua ho\u1eb7c b\u00e1n m\u1ed9t l\u01b0\u1ee3ng h\u00e0ng h\u00f3a nh\u1ea5t \u0111\u1ecbnh v\u1edbi m\u1ee9c gi\u00e1 \u0111\u00e3 th\u1ecfa thu\u1eadn v\u00e0o m\u1ed9t th\u1eddi \u0111i\u1ec3m x\u00e1c \u0111\u1ecbnh trong t\u01b0\u01a1ng lai. H\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai th\u01b0\u1eddng \u0111\u01b0\u1ee3c giao d\u1ecbch tr\u00ean c\u00e1c s\u00e0n giao d\u1ecbch t\u00e0i ch\u00ednh l\u1edbn, gi\u00fap t\u0103ng t\u00ednh thanh kho\u1ea3n.<\/p>\n\n\n\nV\u00ed d\u1ee5<\/strong>: M\u1ed9t n\u00f4ng d\u00e2n c\u00f3 th\u1ec3 k\u00fd h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai \u0111\u1ec3 b\u00e1n 100 t\u1ea5n ng\u00f4 v\u1edbi gi\u00e1 5 USD\/t\u1ea5n v\u00e0o th\u00e1ng 8. N\u1ebfu gi\u00e1 ng\u00f4 tr\u00ean th\u1ecb tr\u01b0\u1eddng th\u1ef1c t\u1ebf t\u0103ng l\u00ean 6 USD\/t\u1ea5n, n\u00f4ng d\u00e2n v\u1eabn s\u1ebd b\u00e1n v\u1edbi gi\u00e1 \u0111\u00e3 k\u00fd, b\u1ea3o v\u1ec7 l\u1ee3i nhu\u1eadn c\u1ee7a m\u00ecnh.<\/p>\n\n\n\n2.2. H\u1ee3p \u0110\u1ed3ng Quy\u1ec1n Ch\u1ecdn (Options Contract)<\/strong><\/h4>\n\n\n\nH\u1ee3p \u0111\u1ed3ng quy\u1ec1n ch\u1ecdn<\/a> cung c\u1ea5p cho ng\u01b0\u1eddi mua quy\u1ec1n, nh\u01b0ng kh\u00f4ng b\u1eaft bu\u1ed9c, mua ho\u1eb7c b\u00e1n h\u00e0ng h\u00f3a v\u1edbi m\u1ed9t m\u1ee9c gi\u00e1 \u0111\u00e3 x\u00e1c \u0111\u1ecbnh trong m\u1ed9t kho\u1ea3ng th\u1eddi gian nh\u1ea5t \u0111\u1ecbnh. C\u00f3 hai lo\u1ea1i quy\u1ec1n ch\u1ecdn: quy\u1ec1n ch\u1ecdn mua (call option) v\u00e0 quy\u1ec1n ch\u1ecdn b\u00e1n (put option).<\/p>\n\n\n\nV\u00ed d\u1ee5<\/strong>: M\u1ed9t nh\u00e0 \u0111\u1ea7u t\u01b0 mua quy\u1ec1n ch\u1ecdn mua 100 t\u1ea5n d\u1ea7u v\u1edbi gi\u00e1 70 USD\/t\u1ea5n. N\u1ebfu gi\u00e1 d\u1ea7u l\u00ean \u0111\u1ebfn 80 USD\/t\u1ea5n, h\u1ecd c\u00f3 th\u1ec3 th\u1ef1c hi\u1ec7n quy\u1ec1n ch\u1ecdn \u0111\u1ec3 mua d\u1ea7u v\u1edbi gi\u00e1 70 USD v\u00e0 b\u00e1n l\u1ea1i tr\u00ean th\u1ecb tr\u01b0\u1eddng v\u1edbi gi\u00e1 cao h\u01a1n.<\/p>\n\n\n\n2.3. H\u1ee3p \u0110\u1ed3ng K\u1ef3 H\u1ea1n (Forwards Contract)<\/strong><\/h4>\n\n\n\nH\u1ee3p \u0111\u1ed3ng k\u1ef3 h\u1ea1n t\u01b0\u01a1ng t\u1ef1 nh\u01b0 h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai nh\u01b0ng kh\u00f4ng \u0111\u01b0\u1ee3c chu\u1ea9n h\u00f3a v\u00e0 kh\u00f4ng giao d\u1ecbch tr\u00ean s\u00e0n. H\u1ee3p \u0111\u1ed3ng k\u1ef3 h\u1ea1n th\u01b0\u1eddng \u0111\u01b0\u1ee3c k\u00fd gi\u1eefa hai b\u00ean trong c\u00e1c giao d\u1ecbch c\u00e1 nh\u00e2n.<\/p>\n\n\n\n
V\u00ed d\u1ee5<\/strong>: M\u1ed9t c\u00f4ng ty s\u1ea3n xu\u1ea5t th\u1ef1c ph\u1ea9m c\u00f3 th\u1ec3 k\u00fd h\u1ee3p \u0111\u1ed3ng k\u1ef3 h\u1ea1n v\u1edbi m\u1ed9t nh\u00e0 cung c\u1ea5p \u0111\u1ec3 mua 50 t\u1ea5n g\u1ea1o v\u1edbi gi\u00e1 400 USD\/t\u1ea5n trong ba th\u00e1ng t\u1edbi.<\/p>\n\n\n\n3. T\u1ea1i Sao H\u00e0ng H\u00f3a Ph\u00e1i Sinh Quan Tr\u1ecdng?<\/strong><\/h3>\n\n\n\n![\"T\u1ea1i](\"https:\/\/economy.theblock101.com\/wp-content\/uploads\/2024\/10\/image-118.png\")
T\u1ea1i Sao H\u00e0ng H\u00f3a Ph\u00e1i Sinh Quan Tr\u1ecdng?<\/em><\/figcaption><\/figure><\/div>\n\n\nH\u00e0ng h\u00f3a ph\u00e1i sinh mang l\u1ea1i nhi\u1ec1u l\u1ee3i \u00edch cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0 doanh nghi\u1ec7p, bao g\u1ed3m:<\/p>\n\n\n\n
3.1. Ph\u00f2ng Ng\u1eeba R\u1ee7i Ro<\/strong><\/h4>\n\n\n\nH\u00e0ng h\u00f3a ph\u00e1i sinh l\u00e0 c\u00f4ng c\u1ee5 ph\u00f2ng ng\u1eeba r\u1ee7i ro hi\u1ec7u qu\u1ea3 gi\u00fap b\u1ea3o v\u1ec7 doanh nghi\u1ec7p kh\u1ecfi nh\u1eefng bi\u1ebfn \u0111\u1ed9ng gi\u00e1 c\u1ea3 kh\u00f4ng l\u01b0\u1eddng tr\u01b0\u1edbc \u0111\u01b0\u1ee3c. C\u00e1c nh\u00e0 s\u1ea3n xu\u1ea5t v\u00e0 nh\u00e0 ti\u00eau th\u1ee5 h\u00e0ng h\u00f3a c\u00f3 th\u1ec3 k\u00fd h\u1ee3p \u0111\u1ed3ng ph\u00e1i sinh \u0111\u1ec3 \u0111\u1ea3m b\u1ea3o gi\u00e1 mua ho\u1eb7c gi\u00e1 b\u00e1n trong t\u01b0\u01a1ng lai.<\/p>\n\n\n\n
3.2. T\u0103ng T\u00ednh Thanh Kho\u1ea3n<\/strong><\/h4>\n\n\n\nTh\u1ecb tr\u01b0\u1eddng h\u00e0ng h\u00f3a ph\u00e1i sinh th\u01b0\u1eddng c\u00f3 kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch l\u1edbn, gi\u00fap t\u0103ng t\u00ednh thanh kho\u1ea3n<\/a> cho c\u00e1c h\u00e0ng h\u00f3a c\u01a1 b\u1ea3n. \u0110i\u1ec1u n\u00e0y c\u00f3 ngh\u0129a l\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 d\u1ec5 d\u00e0ng mua ho\u1eb7c b\u00e1n h\u1ee3p \u0111\u1ed3ng m\u00e0 kh\u00f4ng g\u1eb7p kh\u00f3 kh\u0103n.<\/p>\n\n\n\n3.3. C\u01a1 H\u1ed9i \u0110\u1ea7u C\u01a1<\/strong><\/h4>\n\n\n\nNhi\u1ec1u nh\u00e0 \u0111\u1ea7u t\u01b0 tham gia v\u00e0o th\u1ecb tr\u01b0\u1eddng h\u00e0ng h\u00f3a ph\u00e1i sinh v\u1edbi m\u1ee5c ti\u00eau \u0111\u1ea7u c\u01a1, ki\u1ebfm l\u1eddi t\u1eeb vi\u1ec7c d\u1ef1 \u0111o\u00e1n s\u1ef1 bi\u1ebfn \u0111\u1ed9ng gi\u00e1 c\u1ea3 c\u1ee7a h\u00e0ng h\u00f3a. N\u1ebfu d\u1ef1 \u0111o\u00e1n \u0111\u00fang, nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 thu \u0111\u01b0\u1ee3c l\u1ee3i nhu\u1eadn l\u1edbn t\u1eeb vi\u1ec7c ch\u00eanh l\u1ec7ch gi\u00e1.<\/p>\n\n\n\n
4. L\u1ee3i \u00cdch C\u1ee7a H\u00e0ng H\u00f3a Ph\u00e1i Sinh<\/strong><\/h3>\n\n\n\n![\"\"](\"https:\/\/economy.theblock101.com\/wp-content\/uploads\/2024\/10\/image-119-1024x727.png\")
<\/figure>\n\n\n\n4.1. T\u00ednh Linh Ho\u1ea1t<\/strong><\/h4>\n\n\n\nH\u00e0ng h\u00f3a ph\u00e1i sinh mang l\u1ea1i t\u00ednh linh ho\u1ea1t cao cho nh\u00e0 \u0111\u1ea7u t\u01b0. H\u1ecd c\u00f3 th\u1ec3 l\u1ef1a ch\u1ecdn gi\u1eefa nhi\u1ec1u lo\u1ea1i h\u1ee3p \u0111\u1ed3ng kh\u00e1c nhau d\u1ef1a tr\u00ean chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 c\u1ee7a m\u00ecnh.<\/p>\n\n\n\n
4.2. S\u1eed D\u1ee5ng \u0110\u00f2n B\u1ea9y<\/strong><\/h4>\n\n\n\nH\u00e0ng h\u00f3a ph\u00e1i sinh cho ph\u00e9p nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1eed d\u1ee5ng \u0111\u00f2n b\u1ea9y<\/a>, c\u00f3 ngh\u0129a l\u00e0 h\u1ecd ch\u1ec9 c\u1ea7n \u0111\u1eb7t m\u1ed9t ph\u1ea7n nh\u1ecf c\u1ee7a t\u1ed5ng gi\u00e1 tr\u1ecb h\u1ee3p \u0111\u1ed3ng \u0111\u1ec3 m\u1edf v\u1ecb th\u1ebf. \u0110i\u1ec1u n\u00e0y t\u1ea1o ra c\u01a1 h\u1ed9i sinh l\u1ee3i l\u1edbn nh\u01b0ng c\u0169ng \u0111i k\u00e8m v\u1edbi r\u1ee7i ro cao.<\/p>\n\n\n\n4.3. D\u1ec5 D\u00e0ng Qu\u1ea3n L\u00fd R\u1ee7i Ro<\/strong><\/h4>\n\n\n\nC\u00e1c doanh nghi\u1ec7p c\u00f3 th\u1ec3 d\u1ec5 d\u00e0ng qu\u1ea3n l\u00fd r\u1ee7i ro th\u00f4ng qua h\u1ee3p \u0111\u1ed3ng ph\u00e1i sinh, t\u1eeb \u0111\u00f3 gi\u1ea3m thi\u1ec3u \u1ea3nh h\u01b0\u1edfng c\u1ee7a bi\u1ebfn \u0111\u1ed9ng gi\u00e1 \u0111\u1ebfn ho\u1ea1t \u0111\u1ed9ng s\u1ea3n xu\u1ea5t kinh doanh.<\/p>\n\n\n\n
5. R\u1ee7i Ro Li\u00ean Quan \u0110\u1ebfn H\u00e0ng H\u00f3a Ph\u00e1i Sinh<\/strong><\/h3>\n\n\n\nM\u1eb7c d\u00f9 h\u00e0ng h\u00f3a ph\u00e1i sinh mang l\u1ea1i nhi\u1ec1u l\u1ee3i \u00edch, nh\u01b0ng c\u0169ng kh\u00f4ng thi\u1ebfu r\u1ee7i ro:<\/p>\n\n\n\n
5.1. R\u1ee7i Ro Bi\u1ebfn \u0110\u1ed9ng Gi\u00e1<\/strong><\/h4>\n\n\n\nN\u1ebfu gi\u00e1 h\u00e0ng h\u00f3a di chuy\u1ec3n ng\u01b0\u1ee3c v\u1edbi d\u1ef1 \u0111o\u00e1n, nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 g\u1eb7p ph\u1ea3i t\u1ed5n th\u1ea5t l\u1edbn. R\u1ee7i ro n\u00e0y c\u00e0ng cao khi s\u1eed d\u1ee5ng \u0111\u00f2n b\u1ea9y t\u00e0i ch\u00ednh.<\/p>\n\n\n\n
5.2. R\u1ee7i Ro K\u00fd Qu\u1ef9<\/strong><\/h4>\n\n\n\nC\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 ph\u1ea3i duy tr\u00ec m\u1ed9t m\u1ee9c k\u00fd qu\u1ef9 t\u1ed1i thi\u1ec3u \u0111\u1ec3 gi\u1eef v\u1ecb th\u1ebf m\u1edf. N\u1ebfu gi\u00e1 h\u00e0ng h\u00f3a gi\u1ea3m, h\u1ecd c\u00f3 th\u1ec3 b\u1ecb y\u00eau c\u1ea7u n\u1ed9p th\u00eam ti\u1ec1n k\u00fd qu\u1ef9 ho\u1eb7c b\u1ecb \u0111\u00f3ng v\u1ecb th\u1ebf.<\/p>\n\n\n\n
5.3. R\u1ee7i Ro Ph\u00e1p L\u00fd<\/strong><\/h4>\n\n\n\nKhi tham gia v\u00e0o th\u1ecb tr\u01b0\u1eddng h\u00e0ng h\u00f3a ph\u00e1i sinh, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ea7n hi\u1ec3u r\u00f5 c\u00e1c quy \u0111\u1ecbnh ph\u00e1p l\u00fd li\u00ean quan. Vi\u1ec7c kh\u00f4ng tu\u00e2n th\u1ee7 c\u00e1c quy \u0111\u1ecbnh c\u00f3 th\u1ec3 d\u1eabn \u0111\u1ebfn c\u00e1c v\u1ea5n \u0111\u1ec1 ph\u00e1p l\u00fd nghi\u00eam tr\u1ecdng.<\/p>\n\n\n\n
6. C\u00e1ch Tham Gia Th\u1ecb Tr\u01b0\u1eddng H\u00e0ng H\u00f3a Ph\u00e1i Sinh<\/strong><\/h3>\n\n\n\n\u0110\u1ec3 tham gia v\u00e0o th\u1ecb tr\u01b0\u1eddng h\u00e0ng h\u00f3a ph\u00e1i sinh, b\u1ea1n c\u00f3 th\u1ec3 th\u1ef1c hi\u1ec7n c\u00e1c b\u01b0\u1edbc sau:<\/p>\n\n\n\n
\n- Nghi\u00ean c\u1ee9u v\u00e0 Hi\u1ec3u Bi\u1ebft<\/strong>: Tr\u01b0\u1edbc ti\u00ean, h\u00e3y t\u00ecm hi\u1ec3u k\u1ef9 v\u1ec1 h\u00e0ng h\u00f3a ph\u00e1i sinh, c\u00e1c lo\u1ea1i h\u1ee3p \u0111\u1ed3ng v\u00e0 c\u00e1ch th\u1ee9c ho\u1ea1t \u0111\u1ed9ng c\u1ee7a ch\u00fang.<\/li>\n\n\n\n
- M\u1edf T\u00e0i Kho\u1ea3n Giao D\u1ecbch<\/strong>: \u0110\u0103ng k\u00fd t\u00e0i kho\u1ea3n t\u1ea1i m\u1ed9t s\u00e0n giao d\u1ecbch t\u00e0i ch\u00ednh ho\u1eb7c nh\u00e0 m\u00f4i gi\u1edbi uy t\u00edn c\u00f3 cung c\u1ea5p giao d\u1ecbch h\u00e0ng h\u00f3a ph\u00e1i sinh.<\/li>\n\n\n\n
- X\u00e2y D\u1ef1ng Chi\u1ebfn L\u01b0\u1ee3c \u0110\u1ea7u T\u01b0<\/strong>: L\u00ean k\u1ebf ho\u1ea1ch v\u00e0 chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 r\u00f5 r\u00e0ng, bao g\u1ed3m c\u00e1ch th\u1ee9c qu\u1ea3n l\u00fd r\u1ee7i ro v\u00e0 m\u1ee5c ti\u00eau \u0111\u1ea7u t\u01b0.<\/li>\n\n\n\n
- Theo D\u00f5i Th\u1ecb Tr\u01b0\u1eddng<\/strong>: Lu\u00f4n theo d\u00f5i c\u00e1c y\u1ebfu t\u1ed1 c\u00f3 th\u1ec3 \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn gi\u00e1 h\u00e0ng h\u00f3a, bao g\u1ed3m t\u00ecnh h\u00ecnh kinh t\u1ebf, th\u1eddi ti\u1ebft, v\u00e0 nhu c\u1ea7u th\u1ecb tr\u01b0\u1eddng.<\/li>\n<\/ol>\n\n\n\n
7. K\u1ebft Lu\u1eadn<\/strong><\/h3>\n\n\n\nH\u00e0ng h\u00f3a ph\u00e1i sinh l\u00e0 m\u1ed9t c\u00f4ng c\u1ee5 t\u00e0i ch\u00ednh quan tr\u1ecdng, cung c\u1ea5p nhi\u1ec1u c\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0 v\u00e0 ph\u00f2ng ng\u1eeba r\u1ee7i ro cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0 doanh nghi\u1ec7p. Tuy nhi\u00ean, vi\u1ec7c hi\u1ec3u r\u00f5 v\u1ec1 c\u00e1ch th\u1ee9c ho\u1ea1t \u0111\u1ed9ng, l\u1ee3i \u00edch v\u00e0 r\u1ee7i ro li\u00ean quan l\u00e0 \u0111i\u1ec1u c\u1ea7n thi\u1ebft \u0111\u1ec3 tham gia v\u00e0o th\u1ecb tr\u01b0\u1eddng n\u00e0y m\u1ed9t c\u00e1ch hi\u1ec7u qu\u1ea3. V\u1edbi ki\u1ebfn th\u1ee9c v\u00e0 chi\u1ebfn l\u01b0\u1ee3c \u0111\u00fang \u0111\u1eafn, h\u00e0ng h\u00f3a ph\u00e1i sinh c\u00f3 th\u1ec3 l\u00e0 m\u1ed9t ph\u1ea7n kh\u00f4ng th\u1ec3 thi\u1ebfu trong danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee7a b\u1ea1n.<\/p>\n\n\n\n
\u0110\u1ecdc <\/strong>th\u00eam: <\/p>\n\n\n\n\n- Stagflation (l\u1ea1m ph\u00e1t \u0111\u00ecnh tr\u1ec7) l\u00e0 g\u00ec? T\u00e1c \u0111\u1ed9ng c\u1ee7a Stagflation trong th\u1ecb tr\u01b0\u1eddng crypto<\/a><\/li>\n\n\n\n
- Tr\u01b0\u01a1ng V\u0103n Ph\u01b0\u1edbc l\u00e0 ai? T\u00ecm hi\u1ec3u v\u1ec1 chuy\u00ean gia kinh t\u1ebf h\u00e0ng \u0111\u1ea7u c\u1ee7a Vi\u1ec7t Nam<\/a><\/li>\n\n\n\n
- 5ire l\u00e0 g\u00ec? D\u1ef1 \u00e1n Layer 1 gi\u00fap t\u0103ng tr\u01b0\u1edfng kinh t\u1ebf b\u1ec1n v\u1eefng to\u00e0n c\u1ea7u<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"
Trong th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh ng\u00e0y nay, h\u00e0ng h\u00f3a ph\u00e1i sinh \u0111\u00e3 tr\u1edf th\u00e0nh m\u1ed9t c\u00f4ng c\u1ee5 quan tr\u1ecdng, kh\u00f4ng ch\u1ec9 \u0111\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n m\u00e0 c\u00f2n v\u1edbi c\u00e1c doanh nghi\u1ec7p l\u1edbn. Th\u1ecb tr\u01b0\u1eddng h\u00e0ng h\u00f3a ph\u00e1i sinh cho ph\u00e9p ng\u01b0\u1eddi tham gia b\u1ea3o v\u1ec7 m\u00ecnh kh\u1ecfi nh\u1eefng bi\u1ebfn \u0111\u1ed9ng gi\u00e1…<\/p>\n","protected":false},"author":3,"featured_media":1889,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3],"tags":[],"class_list":["post-1809","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-kinh-te-so"],"aioseo_notices":[],"jetpack_featured_media_url":"https:\/\/economy.theblock101.com\/wp-content\/uploads\/2024\/10\/VMEX-KINH-NGHIEM-1024x576-1.jpeg","_links":{"self":[{"href":"https:\/\/economy.theblock101.com\/index.php?rest_route=\/wp\/v2\/posts\/1809","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/economy.theblock101.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/economy.theblock101.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/economy.theblock101.com\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/economy.theblock101.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1809"}],"version-history":[{"count":4,"href":"https:\/\/economy.theblock101.com\/index.php?rest_route=\/wp\/v2\/posts\/1809\/revisions"}],"predecessor-version":[{"id":1817,"href":"https:\/\/economy.theblock101.com\/index.php?rest_route=\/wp\/v2\/posts\/1809\/revisions\/1817"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/economy.theblock101.com\/index.php?rest_route=\/wp\/v2\/media\/1889"}],"wp:attachment":[{"href":"https:\/\/economy.theblock101.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1809"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/economy.theblock101.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1809"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/economy.theblock101.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1809"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
2.1. H\u1ee3p \u0110\u1ed3ng T\u01b0\u01a1ng Lai (Futures Contract)<\/strong><\/h4>\n\n\n\nH\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai<\/a> l\u00e0 m\u1ed9t th\u1ecfa thu\u1eadn gi\u1eefa hai b\u00ean \u0111\u1ec3 mua ho\u1eb7c b\u00e1n m\u1ed9t l\u01b0\u1ee3ng h\u00e0ng h\u00f3a nh\u1ea5t \u0111\u1ecbnh v\u1edbi m\u1ee9c gi\u00e1 \u0111\u00e3 th\u1ecfa thu\u1eadn v\u00e0o m\u1ed9t th\u1eddi \u0111i\u1ec3m x\u00e1c \u0111\u1ecbnh trong t\u01b0\u01a1ng lai. H\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai th\u01b0\u1eddng \u0111\u01b0\u1ee3c giao d\u1ecbch tr\u00ean c\u00e1c s\u00e0n giao d\u1ecbch t\u00e0i ch\u00ednh l\u1edbn, gi\u00fap t\u0103ng t\u00ednh thanh kho\u1ea3n.<\/p>\n\n\n\nV\u00ed d\u1ee5<\/strong>: M\u1ed9t n\u00f4ng d\u00e2n c\u00f3 th\u1ec3 k\u00fd h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai \u0111\u1ec3 b\u00e1n 100 t\u1ea5n ng\u00f4 v\u1edbi gi\u00e1 5 USD\/t\u1ea5n v\u00e0o th\u00e1ng 8. N\u1ebfu gi\u00e1 ng\u00f4 tr\u00ean th\u1ecb tr\u01b0\u1eddng th\u1ef1c t\u1ebf t\u0103ng l\u00ean 6 USD\/t\u1ea5n, n\u00f4ng d\u00e2n v\u1eabn s\u1ebd b\u00e1n v\u1edbi gi\u00e1 \u0111\u00e3 k\u00fd, b\u1ea3o v\u1ec7 l\u1ee3i nhu\u1eadn c\u1ee7a m\u00ecnh.<\/p>\n\n\n\n2.2. H\u1ee3p \u0110\u1ed3ng Quy\u1ec1n Ch\u1ecdn (Options Contract)<\/strong><\/h4>\n\n\n\nH\u1ee3p \u0111\u1ed3ng quy\u1ec1n ch\u1ecdn<\/a> cung c\u1ea5p cho ng\u01b0\u1eddi mua quy\u1ec1n, nh\u01b0ng kh\u00f4ng b\u1eaft bu\u1ed9c, mua ho\u1eb7c b\u00e1n h\u00e0ng h\u00f3a v\u1edbi m\u1ed9t m\u1ee9c gi\u00e1 \u0111\u00e3 x\u00e1c \u0111\u1ecbnh trong m\u1ed9t kho\u1ea3ng th\u1eddi gian nh\u1ea5t \u0111\u1ecbnh. C\u00f3 hai lo\u1ea1i quy\u1ec1n ch\u1ecdn: quy\u1ec1n ch\u1ecdn mua (call option) v\u00e0 quy\u1ec1n ch\u1ecdn b\u00e1n (put option).<\/p>\n\n\n\nV\u00ed d\u1ee5<\/strong>: M\u1ed9t nh\u00e0 \u0111\u1ea7u t\u01b0 mua quy\u1ec1n ch\u1ecdn mua 100 t\u1ea5n d\u1ea7u v\u1edbi gi\u00e1 70 USD\/t\u1ea5n. N\u1ebfu gi\u00e1 d\u1ea7u l\u00ean \u0111\u1ebfn 80 USD\/t\u1ea5n, h\u1ecd c\u00f3 th\u1ec3 th\u1ef1c hi\u1ec7n quy\u1ec1n ch\u1ecdn \u0111\u1ec3 mua d\u1ea7u v\u1edbi gi\u00e1 70 USD v\u00e0 b\u00e1n l\u1ea1i tr\u00ean th\u1ecb tr\u01b0\u1eddng v\u1edbi gi\u00e1 cao h\u01a1n.<\/p>\n\n\n\n2.3. H\u1ee3p \u0110\u1ed3ng K\u1ef3 H\u1ea1n (Forwards Contract)<\/strong><\/h4>\n\n\n\nH\u1ee3p \u0111\u1ed3ng k\u1ef3 h\u1ea1n t\u01b0\u01a1ng t\u1ef1 nh\u01b0 h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai nh\u01b0ng kh\u00f4ng \u0111\u01b0\u1ee3c chu\u1ea9n h\u00f3a v\u00e0 kh\u00f4ng giao d\u1ecbch tr\u00ean s\u00e0n. H\u1ee3p \u0111\u1ed3ng k\u1ef3 h\u1ea1n th\u01b0\u1eddng \u0111\u01b0\u1ee3c k\u00fd gi\u1eefa hai b\u00ean trong c\u00e1c giao d\u1ecbch c\u00e1 nh\u00e2n.<\/p>\n\n\n\n
V\u00ed d\u1ee5<\/strong>: M\u1ed9t c\u00f4ng ty s\u1ea3n xu\u1ea5t th\u1ef1c ph\u1ea9m c\u00f3 th\u1ec3 k\u00fd h\u1ee3p \u0111\u1ed3ng k\u1ef3 h\u1ea1n v\u1edbi m\u1ed9t nh\u00e0 cung c\u1ea5p \u0111\u1ec3 mua 50 t\u1ea5n g\u1ea1o v\u1edbi gi\u00e1 400 USD\/t\u1ea5n trong ba th\u00e1ng t\u1edbi.<\/p>\n\n\n\n3. T\u1ea1i Sao H\u00e0ng H\u00f3a Ph\u00e1i Sinh Quan Tr\u1ecdng?<\/strong><\/h3>\n\n\n\nT\u1ea1i Sao H\u00e0ng H\u00f3a Ph\u00e1i Sinh Quan Tr\u1ecdng?<\/em><\/figcaption><\/figure><\/div>\n\n\nH\u00e0ng h\u00f3a ph\u00e1i sinh mang l\u1ea1i nhi\u1ec1u l\u1ee3i \u00edch cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0 doanh nghi\u1ec7p, bao g\u1ed3m:<\/p>\n\n\n\n
3.1. Ph\u00f2ng Ng\u1eeba R\u1ee7i Ro<\/strong><\/h4>\n\n\n\nH\u00e0ng h\u00f3a ph\u00e1i sinh l\u00e0 c\u00f4ng c\u1ee5 ph\u00f2ng ng\u1eeba r\u1ee7i ro hi\u1ec7u qu\u1ea3 gi\u00fap b\u1ea3o v\u1ec7 doanh nghi\u1ec7p kh\u1ecfi nh\u1eefng bi\u1ebfn \u0111\u1ed9ng gi\u00e1 c\u1ea3 kh\u00f4ng l\u01b0\u1eddng tr\u01b0\u1edbc \u0111\u01b0\u1ee3c. C\u00e1c nh\u00e0 s\u1ea3n xu\u1ea5t v\u00e0 nh\u00e0 ti\u00eau th\u1ee5 h\u00e0ng h\u00f3a c\u00f3 th\u1ec3 k\u00fd h\u1ee3p \u0111\u1ed3ng ph\u00e1i sinh \u0111\u1ec3 \u0111\u1ea3m b\u1ea3o gi\u00e1 mua ho\u1eb7c gi\u00e1 b\u00e1n trong t\u01b0\u01a1ng lai.<\/p>\n\n\n\n
3.2. T\u0103ng T\u00ednh Thanh Kho\u1ea3n<\/strong><\/h4>\n\n\n\nTh\u1ecb tr\u01b0\u1eddng h\u00e0ng h\u00f3a ph\u00e1i sinh th\u01b0\u1eddng c\u00f3 kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch l\u1edbn, gi\u00fap t\u0103ng t\u00ednh thanh kho\u1ea3n<\/a> cho c\u00e1c h\u00e0ng h\u00f3a c\u01a1 b\u1ea3n. \u0110i\u1ec1u n\u00e0y c\u00f3 ngh\u0129a l\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 d\u1ec5 d\u00e0ng mua ho\u1eb7c b\u00e1n h\u1ee3p \u0111\u1ed3ng m\u00e0 kh\u00f4ng g\u1eb7p kh\u00f3 kh\u0103n.<\/p>\n\n\n\n3.3. C\u01a1 H\u1ed9i \u0110\u1ea7u C\u01a1<\/strong><\/h4>\n\n\n\nNhi\u1ec1u nh\u00e0 \u0111\u1ea7u t\u01b0 tham gia v\u00e0o th\u1ecb tr\u01b0\u1eddng h\u00e0ng h\u00f3a ph\u00e1i sinh v\u1edbi m\u1ee5c ti\u00eau \u0111\u1ea7u c\u01a1, ki\u1ebfm l\u1eddi t\u1eeb vi\u1ec7c d\u1ef1 \u0111o\u00e1n s\u1ef1 bi\u1ebfn \u0111\u1ed9ng gi\u00e1 c\u1ea3 c\u1ee7a h\u00e0ng h\u00f3a. N\u1ebfu d\u1ef1 \u0111o\u00e1n \u0111\u00fang, nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 thu \u0111\u01b0\u1ee3c l\u1ee3i nhu\u1eadn l\u1edbn t\u1eeb vi\u1ec7c ch\u00eanh l\u1ec7ch gi\u00e1.<\/p>\n\n\n\n
4. L\u1ee3i \u00cdch C\u1ee7a H\u00e0ng H\u00f3a Ph\u00e1i Sinh<\/strong><\/h3>\n\n\n\n<\/figure>\n\n\n\n4.1. T\u00ednh Linh Ho\u1ea1t<\/strong><\/h4>\n\n\n\nH\u00e0ng h\u00f3a ph\u00e1i sinh mang l\u1ea1i t\u00ednh linh ho\u1ea1t cao cho nh\u00e0 \u0111\u1ea7u t\u01b0. H\u1ecd c\u00f3 th\u1ec3 l\u1ef1a ch\u1ecdn gi\u1eefa nhi\u1ec1u lo\u1ea1i h\u1ee3p \u0111\u1ed3ng kh\u00e1c nhau d\u1ef1a tr\u00ean chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 c\u1ee7a m\u00ecnh.<\/p>\n\n\n\n
4.2. S\u1eed D\u1ee5ng \u0110\u00f2n B\u1ea9y<\/strong><\/h4>\n\n\n\nH\u00e0ng h\u00f3a ph\u00e1i sinh cho ph\u00e9p nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1eed d\u1ee5ng \u0111\u00f2n b\u1ea9y<\/a>, c\u00f3 ngh\u0129a l\u00e0 h\u1ecd ch\u1ec9 c\u1ea7n \u0111\u1eb7t m\u1ed9t ph\u1ea7n nh\u1ecf c\u1ee7a t\u1ed5ng gi\u00e1 tr\u1ecb h\u1ee3p \u0111\u1ed3ng \u0111\u1ec3 m\u1edf v\u1ecb th\u1ebf. \u0110i\u1ec1u n\u00e0y t\u1ea1o ra c\u01a1 h\u1ed9i sinh l\u1ee3i l\u1edbn nh\u01b0ng c\u0169ng \u0111i k\u00e8m v\u1edbi r\u1ee7i ro cao.<\/p>\n\n\n\n4.3. D\u1ec5 D\u00e0ng Qu\u1ea3n L\u00fd R\u1ee7i Ro<\/strong><\/h4>\n\n\n\nC\u00e1c doanh nghi\u1ec7p c\u00f3 th\u1ec3 d\u1ec5 d\u00e0ng qu\u1ea3n l\u00fd r\u1ee7i ro th\u00f4ng qua h\u1ee3p \u0111\u1ed3ng ph\u00e1i sinh, t\u1eeb \u0111\u00f3 gi\u1ea3m thi\u1ec3u \u1ea3nh h\u01b0\u1edfng c\u1ee7a bi\u1ebfn \u0111\u1ed9ng gi\u00e1 \u0111\u1ebfn ho\u1ea1t \u0111\u1ed9ng s\u1ea3n xu\u1ea5t kinh doanh.<\/p>\n\n\n\n
5. R\u1ee7i Ro Li\u00ean Quan \u0110\u1ebfn H\u00e0ng H\u00f3a Ph\u00e1i Sinh<\/strong><\/h3>\n\n\n\nM\u1eb7c d\u00f9 h\u00e0ng h\u00f3a ph\u00e1i sinh mang l\u1ea1i nhi\u1ec1u l\u1ee3i \u00edch, nh\u01b0ng c\u0169ng kh\u00f4ng thi\u1ebfu r\u1ee7i ro:<\/p>\n\n\n\n
5.1. R\u1ee7i Ro Bi\u1ebfn \u0110\u1ed9ng Gi\u00e1<\/strong><\/h4>\n\n\n\nN\u1ebfu gi\u00e1 h\u00e0ng h\u00f3a di chuy\u1ec3n ng\u01b0\u1ee3c v\u1edbi d\u1ef1 \u0111o\u00e1n, nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 g\u1eb7p ph\u1ea3i t\u1ed5n th\u1ea5t l\u1edbn. R\u1ee7i ro n\u00e0y c\u00e0ng cao khi s\u1eed d\u1ee5ng \u0111\u00f2n b\u1ea9y t\u00e0i ch\u00ednh.<\/p>\n\n\n\n
5.2. R\u1ee7i Ro K\u00fd Qu\u1ef9<\/strong><\/h4>\n\n\n\nC\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 ph\u1ea3i duy tr\u00ec m\u1ed9t m\u1ee9c k\u00fd qu\u1ef9 t\u1ed1i thi\u1ec3u \u0111\u1ec3 gi\u1eef v\u1ecb th\u1ebf m\u1edf. N\u1ebfu gi\u00e1 h\u00e0ng h\u00f3a gi\u1ea3m, h\u1ecd c\u00f3 th\u1ec3 b\u1ecb y\u00eau c\u1ea7u n\u1ed9p th\u00eam ti\u1ec1n k\u00fd qu\u1ef9 ho\u1eb7c b\u1ecb \u0111\u00f3ng v\u1ecb th\u1ebf.<\/p>\n\n\n\n
5.3. R\u1ee7i Ro Ph\u00e1p L\u00fd<\/strong><\/h4>\n\n\n\nKhi tham gia v\u00e0o th\u1ecb tr\u01b0\u1eddng h\u00e0ng h\u00f3a ph\u00e1i sinh, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ea7n hi\u1ec3u r\u00f5 c\u00e1c quy \u0111\u1ecbnh ph\u00e1p l\u00fd li\u00ean quan. Vi\u1ec7c kh\u00f4ng tu\u00e2n th\u1ee7 c\u00e1c quy \u0111\u1ecbnh c\u00f3 th\u1ec3 d\u1eabn \u0111\u1ebfn c\u00e1c v\u1ea5n \u0111\u1ec1 ph\u00e1p l\u00fd nghi\u00eam tr\u1ecdng.<\/p>\n\n\n\n
6. C\u00e1ch Tham Gia Th\u1ecb Tr\u01b0\u1eddng H\u00e0ng H\u00f3a Ph\u00e1i Sinh<\/strong><\/h3>\n\n\n\n\u0110\u1ec3 tham gia v\u00e0o th\u1ecb tr\u01b0\u1eddng h\u00e0ng h\u00f3a ph\u00e1i sinh, b\u1ea1n c\u00f3 th\u1ec3 th\u1ef1c hi\u1ec7n c\u00e1c b\u01b0\u1edbc sau:<\/p>\n\n\n\n
\n- Nghi\u00ean c\u1ee9u v\u00e0 Hi\u1ec3u Bi\u1ebft<\/strong>: Tr\u01b0\u1edbc ti\u00ean, h\u00e3y t\u00ecm hi\u1ec3u k\u1ef9 v\u1ec1 h\u00e0ng h\u00f3a ph\u00e1i sinh, c\u00e1c lo\u1ea1i h\u1ee3p \u0111\u1ed3ng v\u00e0 c\u00e1ch th\u1ee9c ho\u1ea1t \u0111\u1ed9ng c\u1ee7a ch\u00fang.<\/li>\n\n\n\n
- M\u1edf T\u00e0i Kho\u1ea3n Giao D\u1ecbch<\/strong>: \u0110\u0103ng k\u00fd t\u00e0i kho\u1ea3n t\u1ea1i m\u1ed9t s\u00e0n giao d\u1ecbch t\u00e0i ch\u00ednh ho\u1eb7c nh\u00e0 m\u00f4i gi\u1edbi uy t\u00edn c\u00f3 cung c\u1ea5p giao d\u1ecbch h\u00e0ng h\u00f3a ph\u00e1i sinh.<\/li>\n\n\n\n
- X\u00e2y D\u1ef1ng Chi\u1ebfn L\u01b0\u1ee3c \u0110\u1ea7u T\u01b0<\/strong>: L\u00ean k\u1ebf ho\u1ea1ch v\u00e0 chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 r\u00f5 r\u00e0ng, bao g\u1ed3m c\u00e1ch th\u1ee9c qu\u1ea3n l\u00fd r\u1ee7i ro v\u00e0 m\u1ee5c ti\u00eau \u0111\u1ea7u t\u01b0.<\/li>\n\n\n\n
- Theo D\u00f5i Th\u1ecb Tr\u01b0\u1eddng<\/strong>: Lu\u00f4n theo d\u00f5i c\u00e1c y\u1ebfu t\u1ed1 c\u00f3 th\u1ec3 \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn gi\u00e1 h\u00e0ng h\u00f3a, bao g\u1ed3m t\u00ecnh h\u00ecnh kinh t\u1ebf, th\u1eddi ti\u1ebft, v\u00e0 nhu c\u1ea7u th\u1ecb tr\u01b0\u1eddng.<\/li>\n<\/ol>\n\n\n\n
7. K\u1ebft Lu\u1eadn<\/strong><\/h3>\n\n\n\nH\u00e0ng h\u00f3a ph\u00e1i sinh l\u00e0 m\u1ed9t c\u00f4ng c\u1ee5 t\u00e0i ch\u00ednh quan tr\u1ecdng, cung c\u1ea5p nhi\u1ec1u c\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0 v\u00e0 ph\u00f2ng ng\u1eeba r\u1ee7i ro cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0 doanh nghi\u1ec7p. Tuy nhi\u00ean, vi\u1ec7c hi\u1ec3u r\u00f5 v\u1ec1 c\u00e1ch th\u1ee9c ho\u1ea1t \u0111\u1ed9ng, l\u1ee3i \u00edch v\u00e0 r\u1ee7i ro li\u00ean quan l\u00e0 \u0111i\u1ec1u c\u1ea7n thi\u1ebft \u0111\u1ec3 tham gia v\u00e0o th\u1ecb tr\u01b0\u1eddng n\u00e0y m\u1ed9t c\u00e1ch hi\u1ec7u qu\u1ea3. V\u1edbi ki\u1ebfn th\u1ee9c v\u00e0 chi\u1ebfn l\u01b0\u1ee3c \u0111\u00fang \u0111\u1eafn, h\u00e0ng h\u00f3a ph\u00e1i sinh c\u00f3 th\u1ec3 l\u00e0 m\u1ed9t ph\u1ea7n kh\u00f4ng th\u1ec3 thi\u1ebfu trong danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee7a b\u1ea1n.<\/p>\n\n\n\n
\u0110\u1ecdc <\/strong>th\u00eam: <\/p>\n\n\n\n\n- Stagflation (l\u1ea1m ph\u00e1t \u0111\u00ecnh tr\u1ec7) l\u00e0 g\u00ec? T\u00e1c \u0111\u1ed9ng c\u1ee7a Stagflation trong th\u1ecb tr\u01b0\u1eddng crypto<\/a><\/li>\n\n\n\n
- Tr\u01b0\u01a1ng V\u0103n Ph\u01b0\u1edbc l\u00e0 ai? T\u00ecm hi\u1ec3u v\u1ec1 chuy\u00ean gia kinh t\u1ebf h\u00e0ng \u0111\u1ea7u c\u1ee7a Vi\u1ec7t Nam<\/a><\/li>\n\n\n\n
- 5ire l\u00e0 g\u00ec? D\u1ef1 \u00e1n Layer 1 gi\u00fap t\u0103ng tr\u01b0\u1edfng kinh t\u1ebf b\u1ec1n v\u1eefng to\u00e0n c\u1ea7u<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"
Trong th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh ng\u00e0y nay, h\u00e0ng h\u00f3a ph\u00e1i sinh \u0111\u00e3 tr\u1edf th\u00e0nh m\u1ed9t c\u00f4ng c\u1ee5 quan tr\u1ecdng, kh\u00f4ng ch\u1ec9 \u0111\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n m\u00e0 c\u00f2n v\u1edbi c\u00e1c doanh nghi\u1ec7p l\u1edbn. Th\u1ecb tr\u01b0\u1eddng h\u00e0ng h\u00f3a ph\u00e1i sinh cho ph\u00e9p ng\u01b0\u1eddi tham gia b\u1ea3o v\u1ec7 m\u00ecnh kh\u1ecfi nh\u1eefng bi\u1ebfn \u0111\u1ed9ng gi\u00e1…<\/p>\n","protected":false},"author":3,"featured_media":1889,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3],"tags":[],"class_list":["post-1809","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-kinh-te-so"],"aioseo_notices":[],"jetpack_featured_media_url":"https:\/\/economy.theblock101.com\/wp-content\/uploads\/2024\/10\/VMEX-KINH-NGHIEM-1024x576-1.jpeg","_links":{"self":[{"href":"https:\/\/economy.theblock101.com\/index.php?rest_route=\/wp\/v2\/posts\/1809","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/economy.theblock101.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/economy.theblock101.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/economy.theblock101.com\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/economy.theblock101.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1809"}],"version-history":[{"count":4,"href":"https:\/\/economy.theblock101.com\/index.php?rest_route=\/wp\/v2\/posts\/1809\/revisions"}],"predecessor-version":[{"id":1817,"href":"https:\/\/economy.theblock101.com\/index.php?rest_route=\/wp\/v2\/posts\/1809\/revisions\/1817"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/economy.theblock101.com\/index.php?rest_route=\/wp\/v2\/media\/1889"}],"wp:attachment":[{"href":"https:\/\/economy.theblock101.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1809"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/economy.theblock101.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1809"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/economy.theblock101.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1809"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
V\u00ed d\u1ee5<\/strong>: M\u1ed9t n\u00f4ng d\u00e2n c\u00f3 th\u1ec3 k\u00fd h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai \u0111\u1ec3 b\u00e1n 100 t\u1ea5n ng\u00f4 v\u1edbi gi\u00e1 5 USD\/t\u1ea5n v\u00e0o th\u00e1ng 8. N\u1ebfu gi\u00e1 ng\u00f4 tr\u00ean th\u1ecb tr\u01b0\u1eddng th\u1ef1c t\u1ebf t\u0103ng l\u00ean 6 USD\/t\u1ea5n, n\u00f4ng d\u00e2n v\u1eabn s\u1ebd b\u00e1n v\u1edbi gi\u00e1 \u0111\u00e3 k\u00fd, b\u1ea3o v\u1ec7 l\u1ee3i nhu\u1eadn c\u1ee7a m\u00ecnh.<\/p>\n\n\n\n H\u1ee3p \u0111\u1ed3ng quy\u1ec1n ch\u1ecdn<\/a> cung c\u1ea5p cho ng\u01b0\u1eddi mua quy\u1ec1n, nh\u01b0ng kh\u00f4ng b\u1eaft bu\u1ed9c, mua ho\u1eb7c b\u00e1n h\u00e0ng h\u00f3a v\u1edbi m\u1ed9t m\u1ee9c gi\u00e1 \u0111\u00e3 x\u00e1c \u0111\u1ecbnh trong m\u1ed9t kho\u1ea3ng th\u1eddi gian nh\u1ea5t \u0111\u1ecbnh. C\u00f3 hai lo\u1ea1i quy\u1ec1n ch\u1ecdn: quy\u1ec1n ch\u1ecdn mua (call option) v\u00e0 quy\u1ec1n ch\u1ecdn b\u00e1n (put option).<\/p>\n\n\n\n V\u00ed d\u1ee5<\/strong>: M\u1ed9t nh\u00e0 \u0111\u1ea7u t\u01b0 mua quy\u1ec1n ch\u1ecdn mua 100 t\u1ea5n d\u1ea7u v\u1edbi gi\u00e1 70 USD\/t\u1ea5n. N\u1ebfu gi\u00e1 d\u1ea7u l\u00ean \u0111\u1ebfn 80 USD\/t\u1ea5n, h\u1ecd c\u00f3 th\u1ec3 th\u1ef1c hi\u1ec7n quy\u1ec1n ch\u1ecdn \u0111\u1ec3 mua d\u1ea7u v\u1edbi gi\u00e1 70 USD v\u00e0 b\u00e1n l\u1ea1i tr\u00ean th\u1ecb tr\u01b0\u1eddng v\u1edbi gi\u00e1 cao h\u01a1n.<\/p>\n\n\n\n H\u1ee3p \u0111\u1ed3ng k\u1ef3 h\u1ea1n t\u01b0\u01a1ng t\u1ef1 nh\u01b0 h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai nh\u01b0ng kh\u00f4ng \u0111\u01b0\u1ee3c chu\u1ea9n h\u00f3a v\u00e0 kh\u00f4ng giao d\u1ecbch tr\u00ean s\u00e0n. H\u1ee3p \u0111\u1ed3ng k\u1ef3 h\u1ea1n th\u01b0\u1eddng \u0111\u01b0\u1ee3c k\u00fd gi\u1eefa hai b\u00ean trong c\u00e1c giao d\u1ecbch c\u00e1 nh\u00e2n.<\/p>\n\n\n\n V\u00ed d\u1ee5<\/strong>: M\u1ed9t c\u00f4ng ty s\u1ea3n xu\u1ea5t th\u1ef1c ph\u1ea9m c\u00f3 th\u1ec3 k\u00fd h\u1ee3p \u0111\u1ed3ng k\u1ef3 h\u1ea1n v\u1edbi m\u1ed9t nh\u00e0 cung c\u1ea5p \u0111\u1ec3 mua 50 t\u1ea5n g\u1ea1o v\u1edbi gi\u00e1 400 USD\/t\u1ea5n trong ba th\u00e1ng t\u1edbi.<\/p>\n\n\n\n H\u00e0ng h\u00f3a ph\u00e1i sinh mang l\u1ea1i nhi\u1ec1u l\u1ee3i \u00edch cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0 doanh nghi\u1ec7p, bao g\u1ed3m:<\/p>\n\n\n\n H\u00e0ng h\u00f3a ph\u00e1i sinh l\u00e0 c\u00f4ng c\u1ee5 ph\u00f2ng ng\u1eeba r\u1ee7i ro hi\u1ec7u qu\u1ea3 gi\u00fap b\u1ea3o v\u1ec7 doanh nghi\u1ec7p kh\u1ecfi nh\u1eefng bi\u1ebfn \u0111\u1ed9ng gi\u00e1 c\u1ea3 kh\u00f4ng l\u01b0\u1eddng tr\u01b0\u1edbc \u0111\u01b0\u1ee3c. C\u00e1c nh\u00e0 s\u1ea3n xu\u1ea5t v\u00e0 nh\u00e0 ti\u00eau th\u1ee5 h\u00e0ng h\u00f3a c\u00f3 th\u1ec3 k\u00fd h\u1ee3p \u0111\u1ed3ng ph\u00e1i sinh \u0111\u1ec3 \u0111\u1ea3m b\u1ea3o gi\u00e1 mua ho\u1eb7c gi\u00e1 b\u00e1n trong t\u01b0\u01a1ng lai.<\/p>\n\n\n\n Th\u1ecb tr\u01b0\u1eddng h\u00e0ng h\u00f3a ph\u00e1i sinh th\u01b0\u1eddng c\u00f3 kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch l\u1edbn, gi\u00fap t\u0103ng t\u00ednh thanh kho\u1ea3n<\/a> cho c\u00e1c h\u00e0ng h\u00f3a c\u01a1 b\u1ea3n. \u0110i\u1ec1u n\u00e0y c\u00f3 ngh\u0129a l\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 d\u1ec5 d\u00e0ng mua ho\u1eb7c b\u00e1n h\u1ee3p \u0111\u1ed3ng m\u00e0 kh\u00f4ng g\u1eb7p kh\u00f3 kh\u0103n.<\/p>\n\n\n\n Nhi\u1ec1u nh\u00e0 \u0111\u1ea7u t\u01b0 tham gia v\u00e0o th\u1ecb tr\u01b0\u1eddng h\u00e0ng h\u00f3a ph\u00e1i sinh v\u1edbi m\u1ee5c ti\u00eau \u0111\u1ea7u c\u01a1, ki\u1ebfm l\u1eddi t\u1eeb vi\u1ec7c d\u1ef1 \u0111o\u00e1n s\u1ef1 bi\u1ebfn \u0111\u1ed9ng gi\u00e1 c\u1ea3 c\u1ee7a h\u00e0ng h\u00f3a. N\u1ebfu d\u1ef1 \u0111o\u00e1n \u0111\u00fang, nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 thu \u0111\u01b0\u1ee3c l\u1ee3i nhu\u1eadn l\u1edbn t\u1eeb vi\u1ec7c ch\u00eanh l\u1ec7ch gi\u00e1.<\/p>\n\n\n\n H\u00e0ng h\u00f3a ph\u00e1i sinh mang l\u1ea1i t\u00ednh linh ho\u1ea1t cao cho nh\u00e0 \u0111\u1ea7u t\u01b0. H\u1ecd c\u00f3 th\u1ec3 l\u1ef1a ch\u1ecdn gi\u1eefa nhi\u1ec1u lo\u1ea1i h\u1ee3p \u0111\u1ed3ng kh\u00e1c nhau d\u1ef1a tr\u00ean chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 c\u1ee7a m\u00ecnh.<\/p>\n\n\n\n H\u00e0ng h\u00f3a ph\u00e1i sinh cho ph\u00e9p nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1eed d\u1ee5ng \u0111\u00f2n b\u1ea9y<\/a>, c\u00f3 ngh\u0129a l\u00e0 h\u1ecd ch\u1ec9 c\u1ea7n \u0111\u1eb7t m\u1ed9t ph\u1ea7n nh\u1ecf c\u1ee7a t\u1ed5ng gi\u00e1 tr\u1ecb h\u1ee3p \u0111\u1ed3ng \u0111\u1ec3 m\u1edf v\u1ecb th\u1ebf. \u0110i\u1ec1u n\u00e0y t\u1ea1o ra c\u01a1 h\u1ed9i sinh l\u1ee3i l\u1edbn nh\u01b0ng c\u0169ng \u0111i k\u00e8m v\u1edbi r\u1ee7i ro cao.<\/p>\n\n\n\n C\u00e1c doanh nghi\u1ec7p c\u00f3 th\u1ec3 d\u1ec5 d\u00e0ng qu\u1ea3n l\u00fd r\u1ee7i ro th\u00f4ng qua h\u1ee3p \u0111\u1ed3ng ph\u00e1i sinh, t\u1eeb \u0111\u00f3 gi\u1ea3m thi\u1ec3u \u1ea3nh h\u01b0\u1edfng c\u1ee7a bi\u1ebfn \u0111\u1ed9ng gi\u00e1 \u0111\u1ebfn ho\u1ea1t \u0111\u1ed9ng s\u1ea3n xu\u1ea5t kinh doanh.<\/p>\n\n\n\n M\u1eb7c d\u00f9 h\u00e0ng h\u00f3a ph\u00e1i sinh mang l\u1ea1i nhi\u1ec1u l\u1ee3i \u00edch, nh\u01b0ng c\u0169ng kh\u00f4ng thi\u1ebfu r\u1ee7i ro:<\/p>\n\n\n\n N\u1ebfu gi\u00e1 h\u00e0ng h\u00f3a di chuy\u1ec3n ng\u01b0\u1ee3c v\u1edbi d\u1ef1 \u0111o\u00e1n, nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 g\u1eb7p ph\u1ea3i t\u1ed5n th\u1ea5t l\u1edbn. R\u1ee7i ro n\u00e0y c\u00e0ng cao khi s\u1eed d\u1ee5ng \u0111\u00f2n b\u1ea9y t\u00e0i ch\u00ednh.<\/p>\n\n\n\n C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 ph\u1ea3i duy tr\u00ec m\u1ed9t m\u1ee9c k\u00fd qu\u1ef9 t\u1ed1i thi\u1ec3u \u0111\u1ec3 gi\u1eef v\u1ecb th\u1ebf m\u1edf. N\u1ebfu gi\u00e1 h\u00e0ng h\u00f3a gi\u1ea3m, h\u1ecd c\u00f3 th\u1ec3 b\u1ecb y\u00eau c\u1ea7u n\u1ed9p th\u00eam ti\u1ec1n k\u00fd qu\u1ef9 ho\u1eb7c b\u1ecb \u0111\u00f3ng v\u1ecb th\u1ebf.<\/p>\n\n\n\n Khi tham gia v\u00e0o th\u1ecb tr\u01b0\u1eddng h\u00e0ng h\u00f3a ph\u00e1i sinh, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ea7n hi\u1ec3u r\u00f5 c\u00e1c quy \u0111\u1ecbnh ph\u00e1p l\u00fd li\u00ean quan. Vi\u1ec7c kh\u00f4ng tu\u00e2n th\u1ee7 c\u00e1c quy \u0111\u1ecbnh c\u00f3 th\u1ec3 d\u1eabn \u0111\u1ebfn c\u00e1c v\u1ea5n \u0111\u1ec1 ph\u00e1p l\u00fd nghi\u00eam tr\u1ecdng.<\/p>\n\n\n\n \u0110\u1ec3 tham gia v\u00e0o th\u1ecb tr\u01b0\u1eddng h\u00e0ng h\u00f3a ph\u00e1i sinh, b\u1ea1n c\u00f3 th\u1ec3 th\u1ef1c hi\u1ec7n c\u00e1c b\u01b0\u1edbc sau:<\/p>\n\n\n\n H\u00e0ng h\u00f3a ph\u00e1i sinh l\u00e0 m\u1ed9t c\u00f4ng c\u1ee5 t\u00e0i ch\u00ednh quan tr\u1ecdng, cung c\u1ea5p nhi\u1ec1u c\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0 v\u00e0 ph\u00f2ng ng\u1eeba r\u1ee7i ro cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0 doanh nghi\u1ec7p. Tuy nhi\u00ean, vi\u1ec7c hi\u1ec3u r\u00f5 v\u1ec1 c\u00e1ch th\u1ee9c ho\u1ea1t \u0111\u1ed9ng, l\u1ee3i \u00edch v\u00e0 r\u1ee7i ro li\u00ean quan l\u00e0 \u0111i\u1ec1u c\u1ea7n thi\u1ebft \u0111\u1ec3 tham gia v\u00e0o th\u1ecb tr\u01b0\u1eddng n\u00e0y m\u1ed9t c\u00e1ch hi\u1ec7u qu\u1ea3. V\u1edbi ki\u1ebfn th\u1ee9c v\u00e0 chi\u1ebfn l\u01b0\u1ee3c \u0111\u00fang \u0111\u1eafn, h\u00e0ng h\u00f3a ph\u00e1i sinh c\u00f3 th\u1ec3 l\u00e0 m\u1ed9t ph\u1ea7n kh\u00f4ng th\u1ec3 thi\u1ebfu trong danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee7a b\u1ea1n.<\/p>\n\n\n\n \u0110\u1ecdc <\/strong>th\u00eam: <\/p>\n\n\n\n Trong th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh ng\u00e0y nay, h\u00e0ng h\u00f3a ph\u00e1i sinh \u0111\u00e3 tr\u1edf th\u00e0nh m\u1ed9t c\u00f4ng c\u1ee5 quan tr\u1ecdng, kh\u00f4ng ch\u1ec9 \u0111\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n m\u00e0 c\u00f2n v\u1edbi c\u00e1c doanh nghi\u1ec7p l\u1edbn. Th\u1ecb tr\u01b0\u1eddng h\u00e0ng h\u00f3a ph\u00e1i sinh cho ph\u00e9p ng\u01b0\u1eddi tham gia b\u1ea3o v\u1ec7 m\u00ecnh kh\u1ecfi nh\u1eefng bi\u1ebfn \u0111\u1ed9ng gi\u00e1…<\/p>\n","protected":false},"author":3,"featured_media":1889,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3],"tags":[],"class_list":["post-1809","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-kinh-te-so"],"aioseo_notices":[],"jetpack_featured_media_url":"https:\/\/economy.theblock101.com\/wp-content\/uploads\/2024\/10\/VMEX-KINH-NGHIEM-1024x576-1.jpeg","_links":{"self":[{"href":"https:\/\/economy.theblock101.com\/index.php?rest_route=\/wp\/v2\/posts\/1809","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/economy.theblock101.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/economy.theblock101.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/economy.theblock101.com\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/economy.theblock101.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1809"}],"version-history":[{"count":4,"href":"https:\/\/economy.theblock101.com\/index.php?rest_route=\/wp\/v2\/posts\/1809\/revisions"}],"predecessor-version":[{"id":1817,"href":"https:\/\/economy.theblock101.com\/index.php?rest_route=\/wp\/v2\/posts\/1809\/revisions\/1817"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/economy.theblock101.com\/index.php?rest_route=\/wp\/v2\/media\/1889"}],"wp:attachment":[{"href":"https:\/\/economy.theblock101.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1809"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/economy.theblock101.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1809"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/economy.theblock101.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1809"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}2.2. H\u1ee3p \u0110\u1ed3ng Quy\u1ec1n Ch\u1ecdn (Options Contract)<\/strong><\/h4>\n\n\n\n
2.3. H\u1ee3p \u0110\u1ed3ng K\u1ef3 H\u1ea1n (Forwards Contract)<\/strong><\/h4>\n\n\n\n
3. T\u1ea1i Sao H\u00e0ng H\u00f3a Ph\u00e1i Sinh Quan Tr\u1ecdng?<\/strong><\/h3>\n\n\n
3.1. Ph\u00f2ng Ng\u1eeba R\u1ee7i Ro<\/strong><\/h4>\n\n\n\n
3.2. T\u0103ng T\u00ednh Thanh Kho\u1ea3n<\/strong><\/h4>\n\n\n\n
3.3. C\u01a1 H\u1ed9i \u0110\u1ea7u C\u01a1<\/strong><\/h4>\n\n\n\n
4. L\u1ee3i \u00cdch C\u1ee7a H\u00e0ng H\u00f3a Ph\u00e1i Sinh<\/strong><\/h3>\n\n\n\n
<\/figure>\n\n\n\n4.1. T\u00ednh Linh Ho\u1ea1t<\/strong><\/h4>\n\n\n\n
4.2. S\u1eed D\u1ee5ng \u0110\u00f2n B\u1ea9y<\/strong><\/h4>\n\n\n\n
4.3. D\u1ec5 D\u00e0ng Qu\u1ea3n L\u00fd R\u1ee7i Ro<\/strong><\/h4>\n\n\n\n
5. R\u1ee7i Ro Li\u00ean Quan \u0110\u1ebfn H\u00e0ng H\u00f3a Ph\u00e1i Sinh<\/strong><\/h3>\n\n\n\n
5.1. R\u1ee7i Ro Bi\u1ebfn \u0110\u1ed9ng Gi\u00e1<\/strong><\/h4>\n\n\n\n
5.2. R\u1ee7i Ro K\u00fd Qu\u1ef9<\/strong><\/h4>\n\n\n\n
5.3. R\u1ee7i Ro Ph\u00e1p L\u00fd<\/strong><\/h4>\n\n\n\n
6. C\u00e1ch Tham Gia Th\u1ecb Tr\u01b0\u1eddng H\u00e0ng H\u00f3a Ph\u00e1i Sinh<\/strong><\/h3>\n\n\n\n
\n
7. K\u1ebft Lu\u1eadn<\/strong><\/h3>\n\n\n\n
\n