{"id":1155,"date":"2025-08-06T10:51:27","date_gmt":"2025-08-06T10:51:27","guid":{"rendered":"https:\/\/blog.ngocha.biz\/?p=1155"},"modified":"2026-05-27T18:23:00","modified_gmt":"2026-05-27T18:23:00","slug":"tai-chinh-hanh-vi-p1","status":"publish","type":"post","link":"https:\/\/blog.ngocha.biz\/?p=1155","title":{"rendered":"Th\u1ecb tr\u01b0\u1eddng hi\u1ec7u qu\u1ea3 v\u00e0 T\u00e0i ch\u00ednh h\u00e0nh vi P1"},"content":{"rendered":"<p>T\u00e0i ch\u00ednh h\u00e0nh vi = T\u00e0i ch\u00ednh + H\u00e0nh vi; \u0111\u01a1n gi\u1ea3n hi\u1ec3u l\u00e0 x\u00e9t h\u00e0nh vi c\u1ee7a con ng\u01b0\u1eddi trong l\u0129nh v\u1ef1c t\u00e0i ch\u00ednh. Con ng\u01b0\u1eddi th\u00ec c\u00f3 ph\u1ea7n Con v\u00e0 c\u00f3 ph\u1ea7n ng\u01b0\u1eddi, c\u00f3 ph\u1ea7n phi l\u00fd tr\u00ed v\u00e0 c\u00f3 ph\u1ea7n l\u00fd tr\u00ed. Ph\u1ea7n con \u0111\u01b0\u1ee3c h\u00ecnh th\u00e0nh t\u1eeb khi con ng\u01b0\u1eddi c\u00f2n l\u00e0 v\u01b0\u1ee3n trong khi ph\u1ea7n ng\u01b0\u1eddi th\u00ec ng\u1eafn h\u01a1n nhi\u00eau. V\u00ec v\u1eady cho d\u00f9 r\u1ea5t mu\u1ed1n nh\u01b0ng con ng\u01b0\u1eddi v\u1eabn th\u01b0\u1eddng xuy\u00ean c\u00f3 c\u00e1c h\u00e0nh vi phi l\u00fd tr\u00ed v\u00e0 t\u1eeb \u0111\u00f3 \u1ea3nh h\u01b0\u1edfng t\u1edbi hi\u1ec7u qu\u1ea3 trong \u0111\u1ea7u t\u01b0 ch\u1ee9ng kho\u00e1n.<\/p>\n<p><strong>1. Hi\u1ec7u \u1ee9ng quy m\u00f4 doanh nghi\u1ec7p<\/strong><\/p>\n<p>M\u1ed7i ch\u00fang ta th\u01b0\u1eddng s\u1ebd v\u1eeba mi\u1ebfng v\u1edbi m\u1ed9t m\u1ee9c g\u00eda c\u1ed5 phi\u1ebfu nh\u1ea5t \u0111\u1ecbnh n\u00e0o \u0111\u00f3. Ti\u1ec1n c\u00e0ng \u00edt th\u00ec ta c\u00e0ng th\u00edch \u0111\u1ea7u t\u01b0 v\u00e0o c\u1ed5 phi\u1ebfu c\u00f3 m\u1ee9c gi\u00e1 th\u1ea5p t\u01b0\u01a1ng \u1ee9ng. V\u00ed d\u1ee5 b\u1ea1n c\u00f3 100 tri\u1ec7u, b\u1ea1n s\u1ebd th\u00edch mua 10.000 c\u1ed5 phi\u1ebfu A c\u00f3 gi\u00e1 10.000 \u0111 h\u01a1n l\u00e0 mua 1000 c\u1ed5 phi\u1ebfu B c\u00f3 gi\u00e1 \u0111ang l\u00e0 100.000\u0111. B\u1ea3n ch\u1ea5t gi\u00e1 tr\u1ecb v\u1eabn l\u00e0 100tr nh\u01b0ng s\u1edf h\u1eefu 10.000cp s\u1ebd th\u00edch h\u01a1n l\u00e0 1.000cp.<\/p>\n<p>\u0110\u1ee9ng v\u1ec1 gi\u00e1 tr\u1ecb t\u00e0i s\u1ea3n l\u00e0 nh\u01b0 nhau nh\u01b0ng \u1edf \u0111\u00e2y n\u1ebfu b\u1ea1n t\u00ednh l\u1ee3i nhu\u1eadn tr\u00ean % hay tr\u00ean gi\u00e1 tr\u1ecb tuy\u1ec7t \u0111\u1ed1i l\u1ea1i kh\u00e1c nhau. Khi t\u00ednh l\u1ee3i nhu\u1eadn thu \u0111\u01b0\u1ee3c ta th\u01b0\u1eddng t\u00ednh theo hai c\u00e1ch l\u00e0 gi\u00e1 tr\u1ecb tuy\u1ec7t \u0111\u1ed1i v\u00e0 gi\u00e1 tr\u1ecb t\u01b0\u01a1ng \u0111\u1ed1i.<\/p>\n<p>V\u00ed d\u1ee5:<\/p>\n<p>B\u1ea1n mua 5.000 cp A gi\u00e1 10.000\u0111 sau \u0111\u00f3 b\u00e1n n\u00f3 v\u1edbi gi\u00e1 11.000\u0111 thu v\u1ec1 l\u1ee3i nhu\u1eadn g\u1ed9p t\u1eeb ch\u00eanh l\u1ec7ch l\u00e0 5.000cp x 1000\u0111=5.000.000\u0111. B\u1ea1n mua 5000cp C gi\u00e1 20.000\u0111 sau \u0111\u00f3 b\u00e1n v\u1edbi gi\u00e1 21.000\u0111 thu v\u1ec1 l\u1ee3i nhu\u1eadn c\u0169ng l\u00e0 5.000.000\u0111.<\/p>\n<p>N\u1ebfu ch\u1ec9 nh\u00ecn gi\u00e1 tr\u1ecb tuy\u1ec7t \u0111\u1ed1i th\u00ec l\u00e0 gi\u1ed1ng nhau thu v\u1ec1 5tr \u0111 nh\u01b0ng v\u1ec1 t\u01b0\u01a1ng \u0111\u1ed1i th\u00ec kh\u00e1c nhau. CP A l\u00e3i 5.000.000\/50.000.000 = 10% v\u00e0 CP C l\u00e3i 5.000.000\/100.000.000\u0111- 5%.<\/p>\n<p>N\u1ebfu b\u1ea1n th\u1eeba ti\u1ec1n m\u1eb7t th\u00ec s\u1ebd r\u1ea5t d\u1ec5 ngh\u0129 r\u1eb1ng \u0111\u1eb1ng n\u00e0o th\u00ec s\u1ed1 ti\u1ec1n t\u00f4i kh\u00f4ng \u0111\u1ea7u t\u01b0 c\u0169ng n\u1eb1m nguy\u00ean trong t\u00e0i kho\u1ea3n v\u00e0 h\u01b0\u1edfng m\u1ee9c l\u00e3i kh\u00f4ng \u0111\u00e1ng k\u1ec3. Nh\u01b0ng th\u1ef1c t\u1ebf l\u00e0 l\u1ee3i nhu\u1eadn r\u00f2ng c\u1ee7a hai kho\u1ea3n \u0111\u1ea7u t\u01b0 n\u00e0y l\u00e0 kh\u00e1c nhau do chi ph\u00ed kh\u00e1c nhau:<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"685\" src=\"https:\/\/chienluocsong.com\/wp-content\/uploads\/bang-phi-min-1024x685.jpg\" alt=\"\" class=\"wp-image-18945\" srcset=\"https:\/\/chienluocsong.com\/wp-content\/uploads\/bang-phi-min-1024x685.jpg 1024w, https:\/\/chienluocsong.com\/wp-content\/uploads\/bang-phi-min-300x201.jpg 300w, https:\/\/chienluocsong.com\/wp-content\/uploads\/bang-phi-min-768x513.jpg 768w, https:\/\/chienluocsong.com\/wp-content\/uploads\/bang-phi-min-1536x1027.jpg 1536w, https:\/\/chienluocsong.com\/wp-content\/uploads\/bang-phi-min.jpg 1629w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<p>M\u1ed9t c\u1ed5 phi\u1ebfu \u0111ang c\u00f3 m\u1ee9c gi\u00e1 l\u1edbn nh\u00ecn gi\u00e1 tr\u1ecb tuy\u1ec7t \u0111\u1ed1i t\u0103ng\/gi\u1ea3m c\u00f3 v\u1ebb l\u1edbn nh\u01b0ng nh\u00ecn v\u1ec1 % th\u00ec l\u1ea1i r\u1ea5t th\u1ea5p. M\u1ed9t c\u1ed5 phi\u1ebfu \u0111ang c\u00f3 m\u1ee9c gi\u00e1 th\u1ea5p th\u00ec t\u0103ng\/gi\u1ea3m v\u00e0i tr\u0103m \u0111\u1ed3ng th\u00f4i nh\u01b0ng x\u00e9t v\u1ec1 % c\u00f3 khi l\u1ea1i r\u1ea5t l\u1edbn.<\/p>\n<p>M\u1ed9t nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 h\u00e0ng tr\u0103m t\u1ef7 trong t\u00e0i kho\u1ea3n r\u00f5 r\u00e0ng l\u00e0 th\u00edch giao d\u1ecbch c\u00e1c cp ho\u1eb7c l\u00e0 c\u00f3 kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch h\u00e0ng ng\u00e0y l\u1edbn ho\u1eb7c l\u00e0 kh\u1ed1i l\u01b0\u1ee3ng v\u1eeba ph\u1ea3i nh\u01b0ng cp c\u00f3 gi\u00e1 l\u1edbn. Ti\u00eau ch\u00ed c\u1ee7a anh ta ph\u1ea3i l\u00e0 ch\u1ecdn c\u1ed5 phi\u1ebfu m\u00e0 trong tr\u01b0\u1eddng h\u1ee3p c\u1ea7n thi\u1ebft c\u00f3 th\u1ec3 b\u00e1n to\u00e0n b\u1ed9 trong 1 phi\u00ean ho\u1eb7c v\u00e0i phi\u00ean. S\u1edf h\u1eefu 500.000cp A nh\u01b0ng A ch\u1ec9 c\u00f3 kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch h\u00e0ng ng\u00e0y ch\u01b0a t\u1edbi 200.000cp th\u00ec qu\u00e1 r\u1ee7i ro.<\/p>\n<p>\u1ede \u0111\u00e2y b\u1ea1n ph\u1ea3i nh\u00ecn t\u1ed5ng gi\u00e1 tr\u1ecb giao d\u1ecbch thay v\u00ec ch\u1ec9 nh\u00ecn s\u1ed1 l\u01b0\u1ee3ng cp. B\u1ea1n ho\u00e0n to\u00e0n c\u00f3 th\u1ec3 giao d\u1ecbch cp c\u00f3 gi\u00e1 \u0111ang r\u1ea5t cao cho d\u00f9 ti\u1ec1n \u0111ang kh\u00f4ng c\u00f3 nhi\u1ec1u. C\u00e1i b\u1ea1n c\u1ea7n nh\u00ecn l\u00e0 t\u1ef7 l\u1ec7 th\u1eafng\/thua, gi\u00e1 tr\u1ecb n\u1ebfu th\u1eafng\/gi\u00e1 tr\u1ecb n\u1ebfu thua, th\u1eddi gian n\u1eafm gi\u1eef. M\u1ed9t cp \u0111ang r\u1ebb c\u00f3 th\u1ec3 r\u1ebb th\u00eam trong khi m\u1ed9t cp gi\u00e1 cao c\u00f3 th\u1ec3 cao th\u00eam; n\u1ebfu b\u1ea1n \u0111\u1ec3 cho s\u1ed1 ti\u1ec1n m\u00ecnh \u0111ang c\u00f3 gi\u1edbi h\u1ea1n m\u1ed9t nh\u00f3m cp c\u00f3 m\u1ee9c gi\u00e1 nh\u1ea5t \u0111\u1ecbnh n\u00e0o \u0111\u00f3 l\u00e0 \u0111ang gi\u1edbi h\u1ea1n b\u1ea3n th\u00e2n.<\/p>\n<p>B\u1ea3ng c\u0169ng cho ta th\u1ea5y % cho m\u1ed7i th\u01b0\u01a1ng v\u1ee5 c\u1ee7a ta t\u1ed1i thi\u1ec3u l\u00e0 0,3%; tr\u01b0\u1eddng h\u1ee3p s\u1eed d\u1ee5ng margin n\u1eefa th\u00ec l\u1ea1i c\u00e0ng nhi\u1ec1u. M\u1ed9t n\u0111t m\u1edbi th\u01b0\u1eddng \u00edt nh\u1eadn th\u1ee9c v\u1ec1 ph\u00ed giao d\u1ecbch v\u00ec v\u1eady h\u1ecd giao d\u1ecbch r\u1ea5t nhi\u1ec1u d\u1eabn t\u1edbi v\u1eeba x\u00e1c su\u1ea5t thua t\u0103ng l\u00ean v\u1eeba ph\u1ea3i ch\u1ecbu m\u1ee9c ph\u00ed l\u1edbn.<\/p>\n<p>Ngo\u00e0i m\u1ee9c l\u1ee3i nhu\u1eadn thu \u0111\u01b0\u1ee3c h\u00e0ng th\u00e1ng th\u00ec t\u1ed5ng k\u1ebft th\u00e1ng t\u00f4i lu\u00f4n c\u00f3 m\u1ee5c l\u00e0 th\u1ef1c hi\u1ec7n bao nhi\u00eau giao d\u1ecbch. L\u00fac \u0111\u1ea7u s\u1ed1 giao d\u1ecbch c\u1ee7a t\u00f4i c\u00f3 th\u1ec3 \u0111\u1ebfn c\u1ea3 tr\u0103m, h\u1ea7u nh\u01b0 h\u00f4m n\u00e0o c\u0169ng c\u00f3 ho\u1ea1t \u0111\u1ed9ng mua b\u00e1n. Nh\u01b0ng sau \u0111\u00f3 t\u00f4i nh\u00ecn b\u1ea3ng ph\u00ed ph\u1ea3i tr\u1ea3 c\u00f9ng s\u1ef1 ch\u00edn ch\u1eafn h\u01a1n trong m\u1ed7i quy\u1ebft \u0111\u1ecbnh m\u00e0 s\u1ed1 giao d\u1ecbch h\u00e0ng th\u00e1ng c\u1ee7a t\u00f4i gi\u1ea3m d\u1ea7n. Theo s\u00e1ch th\u00ec c\u00e1c n\u0111t l\u00e3o luy\u1ec7n c\u1ea3 n\u0103m h\u1ecd ch\u1ec9 th\u1ef1c hi\u1ec7n v\u00e0i giao d\u1ecbch.<\/p>\n<p>Margin c\u0169ng l\u00e0 kho\u1ea3n ph\u00ed r\u1ea5t l\u1edbn n\u1ebfu b\u1ea1n kh\u00f4ng \u0111\u1ec3 \u00fd. Tr\u01b0\u1edbc \u0111\u00e2y t\u00f4i c\u0169ng d\u00f9ng margin v\u00f4 t\u1ed9i v\u1ea1 nh\u01b0ng sau n\u00e0y t\u00f4i c\u0169ng th\u1ed1ng k\u00ea c\u1ea3 s\u1ed1 ti\u1ec1n m\u1eb7t trong t\u00e0i kho\u1ea3n. Ngay khi n\u00f3 l\u00e0 s\u1ed1 \u00e2m t\u00f4i s\u1ebd c\u1ed1 g\u1eafng cho n\u00f3 v\u1ec1 d\u01b0\u01a1ng c\u00e0ng s\u1edbm c\u00e0ng t\u1ed1t. Ta ch\u1ec9 d\u00f9ng margin khi m\u1ed9t th\u01b0\u01a1ng v\u1ee5 n\u00e0o \u0111\u00f3 c\u00f3 x\u00e1c su\u1ea5t th\u00e0nh c\u00f4ng c\u1ef1c l\u1edbn.<\/p>\n<p><strong>2. Hi\u1ec7u \u1ee9ng th\u1eddi gian<\/strong><\/p>\n<ul class=\"wp-block-list\">\n<li>Trong ng\u00e0y: N\u1ebfu ng\u00e0y h\u00f4m tr\u01b0\u1edbc \u0111\u00f3ng c\u1eeda cp \u0111ang t\u0103ng th\u00ec m\u1edf phi\u00ean ng\u00e0y h\u00f4m sau cp s\u1ebd t\u0103ng ti\u1ebfp theo \u0111\u00e0 nh\u01b0ng sau \u0111\u00f3 th\u01b0\u1eddng s\u1ebd gi\u1ea3m. Ng\u01b0\u1ee3c l\u1ea1i, ng\u00e0y h\u00f4m tr\u01b0\u1edbc \u0111ang gi\u1ea3m th\u00ec \u0111\u1ea7u phi\u00ean ng\u00e0y h\u00f4m sau s\u1ebd gi\u1ea3m theo \u0111\u00e0 v\u00e0 r\u1ed3i l\u1ea1i h\u1ed3i l\u1ea1i. Ta s\u1ebd ch\u1ecdn th\u1eddi \u0111i\u1ec3m mua hay b\u00e1n cho ph\u00f9 h\u1ee3p.<\/li>\n<li>Trong tu\u1ea7n: Khi m\u00e0 th\u1ecb tr\u01b0\u1eddng th\u1eadn tr\u1ecdng th\u00ec c\u00e0ng v\u1ec1 phi\u00ean cu\u1ed1i tu\u1ea7n ng\u01b0\u1eddi ta c\u00e0ng ng\u1ea1i n\u1eafm gi\u1eef cp qua m\u1ea5y ng\u00e0y ngh\u1ec9 v\u00ec s\u1ee3 tin b\u1ea5t l\u1ee3i v\u00ec v\u1eady l\u1ef1c b\u00e1n t\u0103ng, gi\u00e1 s\u1ebd gi\u1ea3m. Ng\u01b0\u1ee3c l\u1ea1i khi th\u1ecb tr\u01b0\u1eddng h\u01b0ng ph\u1ea5n v\u00e0 tin t\u1ed1t ra m\u1ed7i ng\u00e0y th\u00ec cu\u1ed1i tu\u1ea7n th\u01b0\u1eddng l\u1ef1c mua t\u0103ng \u0111\u1ec3 r\u1ed3i \u0111\u1ea7u tu\u1ea7n l\u1ea1i gi\u1ea3m.<\/li>\n<li>Trong n\u0103m: Gi\u00e1 c\u1ee7a cp bi\u1ebfn \u0111\u1ed9ng theo c\u00e1c b\u00e1o c\u00e1o t\u00e0i ch\u00ednh qu\u00fd; m\u1ed9t DN c\u00f3 th\u1ec3 chuy\u1ec3n l\u1ee3i nhu\u1eadn hay l\u1ed7 t\u1eeb qu\u00fd n\u00e0y sang qu\u00fd kh\u00e1c. Ho\u1eb7c c\u00f3 th\u1ec3 chu k\u1ef3 kd c\u1ee7a doanh nghi\u1ec7p; \u0111\u1ea7u n\u0103m b\u1ecf v\u1ed1n cu\u1ed1i n\u0103m thu ti\u1ec1n v\u00ec v\u1eady b\u00e1o c\u00e1o qu\u00fd 1 kh\u00f4ng th\u1ec3 \u0111\u1eb9p nh\u01b0 qu\u00fd 4 \u0111\u01b0\u1ee3c. M\u1eb7t kh\u00e1c n\u1ebfu m\u1ed9t DN \u0111\u01b0a ra k\u1ebf ho\u1ea1ch doanh thu 1000 t\u1ef7 m\u00e0 t\u1edbi h\u1ebft qu\u00fd 3 m\u1edbi d\u1ea1t 400 t\u1ef7 th\u00ec kh\u1ea3 n\u0103ng b\u00e1o cao qu\u00fd IV s\u1ebd t\u0103ng \u0111\u1ed9t bi\u1ebfn \u0111\u1ec3 ho\u00e0n th\u00e0nh k\u1ebf ho\u1ea1ch.<\/li>\n<\/ul>\n<p>Khi \u0111\u1ea7u t\u01b0 m\u1ed9t cp \u0111ang trong xu h\u01b0\u1edbng t\u0103ng b\u1ea1n n\u00ean nh\u00ecn n\u1ebfn tu\u1ea7n thay v\u00ec ng\u00e0y. M\u1ed9t cp trong xu h\u01b0\u1edbng t\u0103ng c\u00f3 th\u1ec3 gi\u1ea3m \u0111\u1ea7u tu\u1ea7n nh\u01b0ng cu\u1ed1i tu\u1ea7n v\u1eabn \u0111\u00f3ng c\u1eeda v\u1edbi m\u1ed9t c\u00e2y n\u1ebfn tu\u1ea7n xanh. \u0110i\u1ec1u n\u00e0y c\u00f3 th\u1ec3 \u0111\u00e1nh l\u1eeba n\u0111t b\u00e1m b\u1ea3ng; anh ta c\u00f3 th\u1ec3 m\u1ea5t h\u00e0ng v\u00e0o \u0111\u1ea7u tu\u1ea7n v\u00ec lo s\u1ee3 cp gi\u1ea3m nh\u01b0ng sau \u0111\u00f3 c\u00f3 khi l\u1ea1i mua v\u00e0o cu\u1ed1i tu\u1ea7n v\u00ec th\u1ea5y r\u1eb1ng m\u00ecnh \u0111\u00e3 \u0111o\u00e1n sai v\u00e0 mu\u1ed1n n\u1eafm gi\u1eef l\u1ea1i.<\/p>\n<p>T\u00e2m l\u00fd c\u1ee7a con ng\u01b0\u1eddi c\u0169ng \u1ea3nh h\u01b0\u1edfng t\u1edbi th\u1ecb tr\u01b0\u1eddng. Th\u1ee9 hai \u0111\u1ea7u tu\u1ea7n ta th\u01b0\u1eddng c\u00f3 t\u00e2m tr\u1ea1ng kh\u00f4ng t\u1ed1t do m\u1edbi qua 2 ng\u00e0y ngh\u1ec9. Th\u1ee9 t\u01b0 l\u00e0 l\u00fac c\u01a1 th\u1ec3 \u0111\u00e3 th\u00edch nghi v\u00e0 ta ch\u1ec9 c\u00f2n \u0111i l\u00e0m 2 ng\u00e0y n\u1eefa l\u00e0 l\u1ea1i &#8230;\u0111\u01b0\u1ee3c ngh\u1ec9 v\u00ec v\u1eady t\u00e2m tr\u1ea1ng l\u00e0 t\u1ed1t nh\u1ea5t. T\u00e2m tr\u1ea1ng ti\u00eau c\u1ef1c c\u00f3 xu h\u01b0\u1edbng khu\u1ebfch \u0111\u1ea1i m\u1ed9t tin ti\u00eau c\u1ef1c l\u00ean g\u1ea5p nhi\u1ec1u l\u1ea7n trong khi m\u1ed9t t\u00e2m tr\u1ea1ng ph\u1ea5n kh\u00edch c\u00f3 th\u1ec3 xoa d\u1ecbu m\u1ed9t tin ti\u00eau c\u1ef1c v\u00e0 khu\u1ebfch \u0111\u1ea1i m\u1ed9t tin t\u00edch c\u1ef1c.<\/p>\n<p>T\u00f3m v\u00e1y l\u1ea1i; n\u1ebfu b\u1ea1n \u0111\u1ea7u t\u01b0 v\u00e0o m\u1ed9t cp n\u00e0o \u0111\u00f3 th\u00ec n\u00ean xem quy lu\u1eadt th\u1eddi gian \u1ee9ng v\u1edbi cp \u0111\u00f3 nh\u01b0 th\u1ebf n\u00e0o. M\u1ea5t bao nhi\u00eau n\u0103m \u0111\u1ec3 m\u1ed9t cp k\u1ebft th\u00fac m\u1ed9t chu k\u1ef3 t\u0103ng gi\u1ea3m, khi t\u0103ng hay gi\u1ea3m n\u00f3 t\u1ea1o ra c\u00e2y n\u1ebfn ng\u00e0y hay n\u1ebfn tu\u1ea7n nh\u01b0 th\u1ebf n\u00e0o. <\/p>\n<p>Hai hi\u1ec7u \u1ee9ng tr\u00ean th\u1ec3 hi\u1ec7n s\u1ef1 phi l\u00fd tr\u00ed c\u1ee7a con ng\u01b0\u1eddi trong c\u00e1c quy\u1ebft \u0111\u1ecbnh, n\u00f3 quy v\u1ec1 m\u1ed9t m\u00f4n khoa h\u1ecdc nghi\u00ean c\u1ee9u v\u1ec1 l\u1ed7i h\u00e0nh vi c\u1ee7a con ng\u01b0\u1eddi trong c\u00e1c quy\u1ebft \u0111\u1ecbnh t\u00e0i ch\u00ednh.<\/p>\n<p class=\"has-medium-font-size\"><strong><span style=\"text-decoration: underline;\">L\u00fd thuy\u1ebft T\u00e0i ch\u00ednh h\u00e0nh vi<\/span><\/strong><\/p>\n<p><strong>A\/ <em>C\u00f3 3 gi\u1ea3 \u0111\u1ecbnh trong l\u00fd thuy\u1ebft t\u00e0i ch\u00ednh h\u00e0nh vi<\/em><\/strong><\/p>\n<p><strong>1. N\u1ed7i lo t\u1ed5n th\u1ea5t (loss aversion): <\/strong><\/p>\n<p>N\u1ed7i \u0111au khi m\u1ea5t 5% gi\u00e1 tr\u1ecb t\u00e0i s\u1ea3n l\u1edbn h\u01a1n nhi\u1ec1u so v\u1edbi ni\u1ec1m vui khi \u0111\u01b0\u1ee3c 5% gi\u00e1 tr\u1ecb t\u00e0i s\u1ea3n. C\u1ea3m x\u00fac c\u1ee7a ch\u00fang ta khi m\u1ea5t m\u00e1t m\u1ea1nh m\u1ebd h\u01a1n nhi\u1ec1u so v\u1edbi khi c\u00f3 \u0111\u01b0\u1ee3c v\u00ec v\u1eady ch\u00fang ta c\u00f3 xu h\u01b0\u1edbng h\u00e0nh \u0111\u1ed9ng thi\u1ebfu l\u00fd tr\u00ed:<\/p>\n<ul class=\"wp-block-list\">\n<li>Gi\u1eef l\u1ea1i c\u00e1 cp \u0111ang l\u1ed7 v\u00ec b\u00e1n \u0111i l\u00e0 hi\u1ec7n th\u1ef1c h\u00f3a kho\u1ea3n l\u1ed7; ta hy v\u1ecdng r\u1eb1ng cp s\u1ebd t\u0103ng tr\u1edf l\u1ea1i v\u00e0 ta kh\u00f4ng b\u1ecb &#8220;m\u1ea5t m\u00e1t&#8221;<\/li>\n<li>B\u00e1n cp \u0111ang c\u00f3 l\u00e3i v\u00ec lo s\u1ee3 r\u1eb1ng cp s\u1ebd gi\u1ea3m v\u00e0 ta m\u1ea5t l\u00e3i.<\/li>\n<\/ul>\n<p>C\u00e1c n\u0111t th\u01b0\u1eddng t\u00ecm c\u00e1ch h\u1ea1n ch\u1ebf t\u1ed3n th\u1ea5t c\u1ee7a c\u00e1c kho\u1ea3n l\u1ed7 ti\u1ec1m n\u0103ng h\u01a1n l\u00e0 c\u00e1c kho\u1ea3n l\u00e3i ti\u1ec1m n\u0103ng. C\u00e1c kho\u1ea3n l\u1ed7 lu\u00f4n k\u00edch th\u00edch h\u1ecd h\u00e0nh \u0111\u1ed9ng \u0111\u1eb7c bi\u1ec7t l\u00e0 l\u00fac ban \u0111\u1ea7u; nh\u01b0ng khi kho\u1ea3n l\u1ed7 v\u01b0\u1ee3t qu\u00e1 m\u1ed9t m\u1ee9c th\u1ecb h\u1ecd c\u00f3 th\u1ec3 \u0111i v\u00e0o t\u00e2m tr\u1ea1ng bu\u00f4ng xu\u00f4i, kh\u00f4ng \u0111\u1ed1i m\u1eb7t s\u1ef1 th\u1eadt.<\/p>\n<p>Ch\u00fang ta ch\u00fa \u00fd l\u00e0 c\u00e1c t\u1ed5n th\u1ea5t nhi\u1ec1u khi ch\u1ec9 l\u00e0 trong suy ngh\u0129. V\u00ed d\u1ee5 khi quan s\u00e1t m\u1ed9t cp bi\u1ebfn thi\u00ean theo th\u1eddi gian th\u1ef1c trong ng\u00e0y, l\u00fac n\u00f3 10.000\u0111 nh\u01b0ng do d\u1ef1 kh\u00f4ng mua; sau 1 ti\u1ebfng quay l\u1ea1i, anh ta th\u1ea5y n\u00f3 \u0111\u00e3 l\u00ean 10.300\u0111. L\u00fac n\u00e0y trong t\u00e2m th\u1ee9c c\u1ee7a anh ta xu\u00e2t hi\u1ec7n \u00fd ngh\u0129 r\u1eb1ng anh ta \u0111\u00e3 thi\u1ec7t h\u1ea1i 300\u0111\/cp v\u00ec d\u00e3 kh\u00f4ng h\u00e0nh \u0111\u1ed9ng. V\u00ec suy ngh\u0129 n\u00e0y m\u00e0 anh ta c\u00f3 th\u1ec3 s\u1ebd quy\u1ebft \u0111\u1ecbnh ngay l\u1eadp t\u1ee9c khi gi\u00e1 quay tr\u1edf l\u1ea1i 10.000\u0111; ch\u00ednh \u0111i\u1ec1u n\u00e0y s\u1ebd sinh ra t\u00e2m tr\u1ea1ng Fomo (v\u00e0 \u0111\u01b0\u01a1ng nhi\u00ean tay to hi\u1ec3u \u0111i\u1ec1u n\u00e0y)<\/p>\n<p><strong>2. T\u00ednh h\u1ee3p l\u00fd c\u00f3 gi\u1edbi h\u1ea1n (bounded rationality):<\/strong> <\/p>\n<p>Khi n\u0111t \u0111\u1ee7 n\u0103ng l\u1ef1c ph\u00e2n t\u00edch m\u1ed9t cp tr\u00ean t\u1ea5t c\u1ea3 c\u00e1c g\u00f3c c\u1ea1nh th\u00ec n\u0111t s\u1ebd c\u00f3 th\u1ec3 \u0111\u01b0a ra m\u1ed9t quy\u1ebft \u0111\u1ecbnh t\u00e0i ch\u00ednh h\u1ee3p l\u00fd nh\u01b0ng th\u1ef1c t\u1ebf do gi\u1edbi h\u1ea1n v\u1ec1 ti\u1ebfp c\u1eadn th\u00f4ng tin, kh\u1ea3 n\u0103ng x\u1eed l\u00fd th\u00f4ng, c\u1ea3m x\u00fac v\u00e0 gi\u1edbi h\u1ea1n th\u1eddi gian n\u00ean n\u0111t ch\u1ec9 c\u00f3 th\u1ec3 \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh \u0111\u1ee7 t\u1ed1t d\u01b0\u1edbi g\u00f3c nh\u00ecn c\u1ee7a anh ta m\u00e0 kh\u00f4ng ph\u1ea3i t\u1ed1i \u01b0u nh\u1ea5t. <\/p>\n<p>Do v\u1eady khi \u0111\u01b0a ra c\u00e1c quy\u1ebft \u0111\u1ecbnh t\u00e0i ch\u00ednh, n\u0111t ch\u1ec9 c\u0103n c\u1ee9 v\u00e0o v\u00e0o l\u1ef1a ch\u1ecdn h\u1ea1n ch\u1ebf v\u00e0 kh\u00f4ng th\u1ec3 xem x\u00e9t \u0111\u1ea7y \u0111\u1ee7 c\u00e1c l\u1ef1a ch\u1ecdn c\u00f3 th\u1ec3 x\u1ea3y ra d\u1eabn t\u1edbi k\u00e9m hi\u1ec7u qu\u1ea3 trong c\u00e1c quy\u1ebft \u0111\u1ecbnh \u0111\u01b0a ra.<\/p>\n<p>T\u00ednh h\u1ee3p l\u00fd c\u00f3 gi\u1edbi h\u1ea1n \u0111\u01b0\u1ee3c hi\u1ec3u l\u00e0 c\u00e1c N\u0110T c\u00f3 th\u1ec3 h\u00e0nh \u0111\u1ed9ng m\u1ed9t c\u00e1ch h\u1ee3p l\u00fd, <strong>nh\u01b0ng s\u1ef1 h\u1ee3p l\u00fd ch\u1ec9 \u0111\u1ebfn m\u1ed9t gi\u1edbi h\u1ea1n nh\u1ea5t \u0111\u1ecbnh <\/strong>do s\u1ef1 h\u1ea1n ch\u1ebf c\u1ee7a ch\u00ednh b\u1ea3n th\u00e2n h\u1ecd trong qu\u00e1 tr\u00ecnh thu th\u1eadp, x\u1eed l\u00fd c\u00e1c th\u00f4ng tin \u0111\u1ec3 \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh.<\/p>\n<p><strong>3. T\u1eeb ch\u1ed1i r\u1ee7i ro (risk aversion): <\/strong><\/p>\n<p>Gi\u1ea3 \u0111\u1ecbnh cho r\u1eb1ng c\u00e1c n\u0111t c\u00f3 th\u1ec3 bi\u1ebft t\u1ef7 l\u1ec7 c\u01b0\u1ee3c th\u1ed1ng k\u00ea nh\u01b0ng t\u1eeb ch\u1ed1i tin v\u00e0o t\u1ef7 l\u1ec7 c\u01b0\u1ee3c n\u00e0y. V\u00ed d\u1ee5 nh\u01b0 con s\u1ed1 90% t\u1edbi 95% n\u0111t thua l\u1ed7 tr\u00ean th\u1ecb tr\u01b0\u1eddng th\u00ec ai c\u0169ng bi\u1ebft nh\u01b0ng khi tham gia th\u1ecb tr\u01b0\u1eddng h\u1ecd \u0111\u1ec1u tin r\u1eb1ng m\u00ecnh l\u00e0 ngo\u1ea1i l\u1ec7. H\u1ecd tham gia v\u00e0o c\u00e1c h\u00e0nh vi c\u00f3 t\u00ednh r\u1ee7i ro cao (m\u00e0 kh\u00f4ng \u0111\u00e1nh gi\u00e1 \u0111\u00fang m\u1ee9c \u0111\u1ed9 nguy hi\u1ec3m th\u1ef1c s\u1ef1) v\u00e0 tin r\u1eb1ng l\u1ea7n n\u00e0y m\u00ecnh \u0111\u00fang.<\/p>\n<p>H\u1ecd mua c\u00e1c cp \u0111ang s\u1eafp b\u1ecb h\u1ee7y ni\u00eam y\u1ebft, mua c\u00e1c cp c\u00f3 t\u00ecnh h\u00ecnh kd b\u1ebft b\u00e1t nhi\u1ec1u n\u0103m li\u1ec1n, mua cp c\u1ee7a cty m\u00e0 l\u00e3nh \u0111\u1ea1o h\u1ea7u nh\u01b0 kh\u00f4ng xu\u1ea5t hi\u1ec7n,&#8230;..M\u1ed9t n\u0111t l\u00e3o luy\u1ec7n s\u1ebd \u0111\u00e1nh gi\u00e1 \u0111\u00fang m\u1ee9c \u0111\u1ed9 r\u1ee7i ro v\u00e0 h\u1ecd s\u1ebd kh\u00f4ng tham gia v\u00e0o nh\u1eefng cp nh\u01b0 v\u1eady.<\/p>\n<p class=\"has-vivid-red-color has-text-color has-link-color wp-elements-df5583bc96e952bf284388646e25c27d\"><strong>B\/ T\u00e0i ch\u00ednh h\u00e0nh v\u00ec c\u00f3 4 \u0111\u1eb7c \u0111i\u1ec3m<\/strong><\/p>\n<p>T\u00e0i ch\u00ednh h\u00e0nh vi mang \u0111\u1eb7c tr\u01b0ng c\u1ee7a b\u1ed1n nh\u00f3m h\u00e0nh vi : S\u1ef1 t\u1ef1 nghi\u1ec7m (Heuristics), S\u1ef1 \u0111\u00f3ng khung (Framing), C\u1ea3m x\u00fac (Emotion) v\u00e0 T\u00e1c \u0111\u1ed9ng l\u00ean th\u1ecb tr\u01b0\u1eddng (Market impact).<\/p>\n<p><strong>1<\/strong>. <strong>S\u1ef1 t\u1ef1 nghi\u1ec7m: <\/strong><\/p>\n<p>N\u0110T th\u01b0\u1eddng gi\u1ea3i quy\u1ebft v\u1ea5n \u0111\u1ec1 v\u00e0 \u0111\u01b0a ra c\u00e1c quy\u1ebft \u0111\u1ecbnh t\u00e0i ch\u00ednh d\u1ef1a tr\u00ean kinh nghi\u1ec7m c\u1ee7a b\u1ea3n th\u00e2n h\u1ecd. Thay v\u00ec ph\u1ea3i th\u00f4ng qua m\u1ed9t m\u00f4 h\u00ecnh ph\u1ee9c t\u1ea1p th\u00ec h\u1ecd s\u1ebd t\u00ecm l\u1ed1i t\u1eaft nhanh ch\u00f3ng v\u00e0 cho r\u1eb1ng h\u1ecd c\u00f3 \u0111\u1ee7 tr\u1ea3i nghi\u1ec7m \u0111\u1ec3 ch\u1ec9 c\u1ea7n li\u1ebfc qua m\u1ed9t hi\u1ec7n tr\u1ea1ng l\u00e0 \u0111\u00e3 c\u00f3 th\u1ec3 ra \u0111\u01b0\u1ee3c quy\u1ebft \u0111\u1ecbnh \u0111\u00fang.<\/p>\n<p>Kinh nghi\u1ec7m c\u1ee7a n\u0111t m\u1ed7i ng\u01b0\u1eddi m\u1ed7i kh\u00e1c nhau \u0111\u01b0\u1ee3c h\u00ecnh th\u00e0nh t\u1eeb khi sinh ra t\u1edbi th\u1eddi \u0111i\u1ec3m hi\u1ec7n t\u1ea1i (r\u00e2t d\u00e0i) trong khi kinh nghi\u1ec7m tr\u00ean th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n th\u01b0\u1eddng r\u00e2t ng\u1eafn.<\/p>\n<p><strong>2.S\u1ef1 \u0111\u00f3ng khung:<\/strong><\/p>\n<p>N\u0110T th\u01b0\u1eddng c\u00f3 m\u1ed9t t\u1eadp c\u00e1c l\u1ef1a ch\u1ecdn (b\u1ecb \u0111\u00f3ng khung) v\u00e0 h\u1ecd c\u00f3 xu h\u01b0\u1edbng ch\u1ecdn m\u1ed9t trong c\u00e1c l\u1ef1a ch\u1ecdn \u0111\u00f3. Khi \u0111\u1ee9ng tr\u01b0\u1edbc c\u00e1c quy\u1ebft \u0111\u1ecbnh (mua\/b\u00e1n\/gi\u1eef) m\u1ed7i nh\u00e0 n\u0111t s\u1ebd c\u00f3 m\u1ed9t t\u1eadp c\u00e1c c\u00e2u h\u1ecfi kh\u00e1c nhau (m\u1ed7i n\u0111t b\u1ecb \u0111\u00f3ng khung trong m\u1ed9t t\u1eadp c\u00e2u h\u1ecfi) d\u1eabn t\u1edbi h\u1ecd \u0111\u01b0a ra c\u00e1c quy\u1ebft \u0111\u1ecbnh kh\u00e1c nhau trong c\u00f9ng m\u1ed9t th\u1ef1c t\u1ebf kh\u00e1ch quan.<\/p>\n<p><strong>3. C\u1ea3m x\u00fac<\/strong>:<\/p>\n<p>C\u1ea3m x\u00fac, c\u00e1c nhu c\u1ea7u trong v\u00f4 th\u1ee9c, tr\u00ed t\u01b0\u1edfng t\u01b0\u1ee3ng v\u00e0 n\u1ed7i s\u1ee3 h\u00e3i th\u00fac \u0111\u1ea9y c\u00e1c quy\u1ebft \u0111\u1ecbnh c\u1ee7a n\u0111t. Tr\u00ean th\u1ecb tr\u01b0\u1eddng n\u0111t thua l\u00e0 v\u00ec c\u1ea3m x\u00fac; c\u1ea3m x\u00fac bi\u1ebfn thi\u00ean li\u00ean t\u1ee5c d\u1eabn t\u1edbi vi\u1ec7c anh ta m\u1eb7c d\u00f9 x\u00e1c \u0111\u1ecbnh \u0111\u01b0\u1ee3c m\u1ee5c ti\u00eau d\u00e0i h\u1ea1n nh\u01b0ng l\u1ea1i r\u1ebd sai \u1edf m\u1ed9t kh\u00fac ngo\u1eb7t ng\u1eafn h\u1ea1n.<\/p>\n<p><strong>4. T\u00e1c \u0111\u1ed9ng l\u00ean th\u1ecb tr\u01b0\u1eddng:<\/strong><\/p>\n<p>N\u1ebfu nh\u01b0 t\u1ea5t c\u1ea3 c\u00e1c n\u0111t \u0111\u1ec1u \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh sai v\u00ed d\u1ee5 nh\u01b0 h\u1ecd \u0111\u1ec1u tin r\u1eb1ng cp ph\u1ea3i gi\u1ea3m trong khi \u0111\u00fang th\u00ec cp ph\u1ea3i t\u0103ng th\u00ec c\u00f3 khi cp s\u1ebd gi\u1ea3m th\u1eadt. M\u1ed9t t\u1eadp h\u1ee3p c\u00e1c quy\u1ebft \u0111\u1ecbnh sai c\u00f3 th\u1ec3 l\u00e0m thay \u0111\u1ed5i m\u1ed9t kh\u00e1ch quan; bi\u1ebfn c\u00e1c q\u0111 sai tr\u1edf th\u00e0nh q\u0111 \u0111\u00fang.<\/p>\n<p>V\u1ea5n \u0111\u1ec1 l\u00e0 tr\u00ean th\u1ecb tr\u01b0\u1eddng c\u00f3 r\u1ea5t nhi\u1ec1u c\u00e1c n\u0111t l\u00fd tr\u00ed; h\u1ecd s\u1ebd t\u1eadn d\u1ee5ng c\u00e1 q\u0111 sai c\u1ee7a c\u00e1c n\u0111t phi l\u00fd \u0111\u1ec3 thu l\u1ee3i v\u00e0 khi\u1ebfn th\u1ecb tr\u01b0\u1eddng tr\u1edf v\u1ec1 l\u1ed9 tr\u00ecnh \u0111\u00fang. M\u1eb7t kh\u00e1c v\u1ec1 ng\u1eafn h\u1ea1n c\u00e1c n\u0111t c\u00f3 th\u1ec3 q\u0111 sai d\u1eabn t\u1edbi m\u1ed9t cp \u0111\u00e1ng nh\u1ebd ph\u1ea3i t\u0103ng th\u00ec l\u1ea1i gi\u1ea3m th\u00ec x\u00e9t d\u00e0i h\u1ea1n cp s\u1ebd \u0111i v\u1ec1 gi\u00e1 tr\u1ecb \u0111\u00fang khi s\u1ef1 l\u1ec7ch chu\u1ea9n n\u00e0y \u0111\u1ee7 l\u1edbn \u0111\u1ec3 h\u1ea7u h\u1ebft c\u00e1c n\u0111t tr\u00ean th\u1ecb tr\u01b0\u1eddng nh\u1eadn ra s\u1ef1 b\u1ea5t h\u1ee3p l\u00fd c\u1ee7a n\u00f3.<\/p>\n<p>N\u1ebfu m\u1ed9t th\u1ecb tr\u01b0\u1eddng th\u1ef1c s\u1ef1 hi\u1ec7u qu\u1ea3 s\u1ebd kh\u00f3 c\u00f3 th\u1ec3 t\u1ea1o ra c\u00e1c kho\u1ea3n l\u1ee3i nhu\u1eadn l\u1edbn \u0111\u01b0\u1ee3c. Gi\u00e1 m\u1ed9t cp kh\u00f4ng bao gi\u1edd \u0111\u00fang b\u1eb1ng v\u1edbi gi\u00e1 tr\u1ecb th\u1ef1c t\u1ebf c\u1ee7a n\u00f3. M\u1ed9t n\u0111t l\u00fd tr\u00ed s\u1ebd mua cp \u1edf gi\u00e1 th\u1ea5p h\u01a1n gi\u00e1 tr\u1ecb th\u1ef1c (trong hi\u1ec7n t\u1ea1i ho\u1eb7c t\u01b0\u01a1ng lai) c\u00e0ng th\u1ea5p c\u00e0ng t\u1ed1t v\u00e0 \u0111\u1ee3i gi\u00e1 tr\u1edf v\u1ec1 gi\u00e1 tr\u1ecb th\u1ef1c ho\u1eb7c g\u1ea5p nhi\u1ec1u l\u1ea7n gi\u00e1 tr\u1ecb th\u1ef1c.<\/p>\n<p class=\"has-vivid-red-color has-text-color has-link-color wp-elements-1d2111dc7f720b506b7ce89e7bee976f\"><strong>C\/ T\u00e0i ch\u00ednh h\u00e0nh vi c\u00f3 3 \u0111i\u1ec1u ki\u1ec7n<\/strong><\/p>\n<p>Tr\u00ean th\u1ecb tr\u01b0\u1eddng c\u1ea7n t\u1ed3n t\u1ea1i 3 \u0111i\u1ec1u ki\u1ec7n sau th\u00ec l\u00fd thuy\u1ebft h\u00e0nh vi s\u1ebd d\u1ef1 b\u00e1o r\u1eb1ng vi\u1ec7c <strong>\u0111\u1ecbnh gi\u00e1 cp sai l\u00e0 hi\u1ec3n nhi\u00ean<\/strong> : T\u1ed3n t\u1ea1i h\u00e0nh vi kh\u00f4ng h\u1ee3p l\u00fd, H\u00e0nh vi b\u1ea5t h\u1ee3p l\u00fd mang t\u00ednh h\u1ec7 th\u1ed1ng, Gi\u1edbi h\u1ea1n kh\u1ea3 n\u0103ng kd ch\u00eanh l\u1ec7ch gi\u00e1 tr\u00ean th\u1ecb tr\u01b0\u1eddng.<\/p>\n<p><strong>1. C\u00e1c h\u00e0nh vi kh\u00f4ng h\u1ee3p l\u00fd<\/strong><\/p>\n<p>H\u00e0nh vi kh\u00f4ng h\u1ee3p l\u00fd c\u1ee7a n\u0111t xu\u1ea5t hi\u1ec7n khi h\u1ecd kh\u00f4ng ph\u00e2n t\u00edch v\u00e0 x\u1eed l\u00fd th\u00f4ng tin h\u1ecd c\u00f3 \u0111\u01b0\u1ee3c m\u1ed9t c\u00e1ch \u0111\u00fang \u0111\u1eafn, t\u1eeb \u0111\u00f3 d\u1eabn t\u1edbi c\u00e1c k\u1ef3 v\u1ecdng sai l\u1ec7ch v\u1ec1 gi\u00e1 c\u1ee7a cp trong t\u01b0\u01a1ng lai. H\u1ecd c\u0169ng g\u1eb7p ph\u1ea3i nh\u1eefng &#8220;l\u1ec7ch l\u1ea1c trong nh\u1eadn th\u1ee9c&#8221; (Cognitive biasses) do ch\u1ee7 quan v\u00e0o kinh nghi\u1ec7m hay nh\u1eadn th\u1ee9c c\u1ee7a b\u1ea3n th\u00e2n h\u1ecd. H\u00e0nh vi kh\u00f4ng h\u1ee3p l\u00fd \u0111\u01b0\u1ee3c ph\u00e2n t\u00edch k\u1ebft h\u1ee3p b\u1edfi hai tr\u01b0\u1eddng ph\u1ea3i t\u00e2m l\u00fd h\u1ecdc l\u00e0 T\u00e2m l\u00fd nh\u1eadn th\u1ee9c (Cognitive psychology) v\u00e0 T\u00e2m l\u00fd h\u00e0nh vi (Behavioral pssychology)<\/p>\n<p><strong>2. H\u00e0nh vi b\u1ea5t h\u1ee3p l\u00fd mang t\u00ednh h\u1ec7 th\u1ed1ng<\/strong><\/p>\n<p>N\u1ebfu m\u1ed9t n\u0111t c\u00f3 h\u00e0nh vi kh\u00f4ng h\u1ee3p l\u00fd th\u00ec h\u00e0nh vi c\u1ee7a anh ta kh\u00f4ng th\u1ec3 \u1ea3nh h\u01b0\u1edfng t\u1edbi th\u1ecb tr\u01b0\u1eddng. Nh\u01b0ng n\u1ebfu m\u1ed9t t\u1eadp h\u1ee3p c\u00e1c n\u0111t c\u00f9ng th\u1ef1c hi\u1ec7n m\u1ed9t h\u00e0nh v\u00ec kh\u00f4ng h\u1ee3p l\u00fd gi\u1ed1ng nhau th\u00ec h\u00e0nh vi kh\u00f4ng h\u1ee3p l\u00fd l\u00fac n\u00e0y \u0111\u00e3 mang t\u00ednh h\u1ec7 th\u1ed1ng tr\u00ean th\u1ecb tr\u01b0\u1eddng v\u00e0 c\u00f3 th\u1ec3 k\u00e9o d\u00e0i trong nhi\u1ec1u ng\u00e0y.<\/p>\n<p>M\u1ed9t t\u1eadp h\u1ee3p n\u0111t \u0111\u1ee7 l\u1edbn th\u1ef1c hi\u1ec7n h\u00e0nh vi kh\u00f4ng h\u1ee3p l\u00fd v\u00ec d\u1ee5 \u1ed3 \u1ea1t b\u00e1n ra cp t\u1eeb ng\u00e0y n\u00e0y sang ng\u00e0y kh\u00e1c l\u00e0m cho cp v\u1ec1 m\u1ee9c gi\u00e1 b\u00e2t h\u1ee3p l\u00fd. H\u00e0nh \u0111\u1ed9ng c\u1ee7a nh\u00f3m \u0111\u00f3 s\u1ebd t\u1ea1o ra hi\u1ec7u \u1ee9ng b\u1ea7y \u0111\u00e0n khi\u1ebfn cho c\u00e1c n\u0111t l\u00fd tr\u00ed kh\u00e1c d\u1ea7n \u0111\u1ea7n b\u1ecb lung lay v\u00e0 c\u0169ng h\u00e0nh \u0111\u1ed9ng cho d\u00f9 h\u00e0nh \u0111\u1ed9ng \u0111\u00f3 c\u00e0ng ng\u00e0y c\u00e0ng kh\u00f4ng h\u1ee3p l\u00fd.<\/p>\n<p>T\u01b0\u01a1ng t\u1ef1 khi cp t\u0103ng; m\u1ed9t nh\u00f3m n\u0111t th\u1ef1c hi\u1ec7n h\u00e0nh \u0111\u1ed9ng b\u1ea5t h\u1ee3p l\u00fd l\u00e0 mua v\u00e0o m\u1ed9t cp khi gi\u00e1 c\u1ee7a n\u00f3 \u0111ang ng\u00e0y c\u00e0ng xa gi\u00e1 tr\u1ecb th\u1ef1c,, P\/E ng\u00e0y c\u00e0ng cao. H\u00e0nh \u0111\u1ed9ng \u0111\u00f3 s\u1ebd khi\u1ebfn c\u00e1c n\u0111t l\u00fd tr\u00ed kh\u00e1c ban \u0111\u1ea7u r\u00f5 r\u00e0ng th\u1ea5y n\u00f3 b\u1ea5t h\u1ee3p l\u00fd v\u00e0 kh\u00f4ng h\u00e0nh \u0111\u1ed9ng nh\u01b0ng khi nh\u00ecn cp t\u0103ng t\u1eebng ng\u00e0y v\u00e0 khi nh\u1eefng ng\u01b0\u1eddi xung quanh \u0111ang khoe l\u00e3i; h\u1ecd th\u1ef1c hi\u1ec7n h\u00e0nh \u0111\u1ed9ng b\u1ea5t h\u1ee3p l\u00fd t\u1ea1i l\u00fac m\u00e0 gi\u00e1 c\u1ee7a cp \u0111\u00e3 c\u1ef1c k\u1ef3 b\u1ea5t h\u1ee3p l\u00fd.<\/p>\n<p><strong>3. Gi\u1edbi h\u1ea1n kh\u1ea3 n\u0103ng kinh doanh ch\u00eanh l\u1ec7ch gi\u00e1 tr\u00ean th\u1ecb tr\u01b0\u1eddng<\/strong><\/p>\n<p>L\u00fd thuy\u1ebft th\u1ecb tr\u01b0\u1eddng hi\u1ec7u qu\u1ea3 cho r\u1eb1ng khi t\u1ed3n t\u1ea1i m\u1ed9t \u0111\u1ecbnh gi\u00e1 sai l\u00e0m gi\u00e1 l\u1ec7ch kh\u1ecfi c\u00e2n b\u1eb1ng th\u00ec l\u1eadp t\u1ee9c s\u1ebd c\u00f3 n\u0111t ph\u00e1t hi\u1ec7n ra v\u00e0 th\u1ef1c hi\u1ec7n h\u00e0nh vi thu l\u1ee3i th\u00f4ng qua b\u00e1n ho\u1eb7c mua nh\u1edd v\u1eady cp \u0111\u00f3 tr\u1edf v\u1ec1 v\u1edbi tr\u1ea1ng th\u00e1i c\u00e2n b\u1eb1ng.<\/p>\n<p>Theo tr\u01b0\u1eddng ph\u00e1i t\u00e0i ch\u00ednh h\u00e0nh vi, th\u1ecb tr\u01b0\u1eddng s\u1ebd t\u1ed3n t\u1ea1i hai d\u1ea1ng sau: <\/p>\n<ul class=\"wp-block-list\">\n<li>\u0110\u1ecbnh gi\u00e1 sai s\u1ebd th\u01b0\u1eddng xuy\u00ean x\u1ea3y ra v\u00e0 c\u00e1c n\u0111t c\u00f3 th\u1ec3 kinh doanh ch\u00eanh l\u1ec7ch gi\u00e1<\/li>\n<li>\u0110\u1ecbnh gi\u00e1 sai s\u1ebd kh\u00f4ng th\u01b0\u1eddng xuy\u00ean x\u1ea3y ra nh\u01b0ng th\u1ecb tr\u01b0\u1eddng kh\u00f4ng th\u1ec3 kinh doanh ch\u00eanh l\u1ec7ch gi\u00e1 \u0111\u01b0\u1ee3c. V\u00ed d\u1ee5 gi\u00e1 c\u00e2n b\u1eb1ng l\u00e0 10.000\u0111, khi gi\u00e1 v\u1ec1 9.500\u0111 th\u00ec s\u1ef1 ch\u00eanh l\u1ec7ch gi\u00e1 n\u00e0y r\u00f5 r\u00e0ng nh\u00ecn th\u1ea5y nh\u01b0ng kh\u00f4ng ai bi\u1ebft ch\u1eafc \u0111\u01b0\u1ee3c \u0111\u00f3 c\u00f3 ph\u1ea3i l\u00e0 bi\u00ean cu\u1ed1i ch\u01b0a, r\u1ea5t c\u00f3 th\u1ec3 gi\u00e1 s\u1ebd v\u1ec1 ti\u1ebfp 9.000\u0111 v\u00e0 v\u00ec v\u1eady anh ta s\u1ebd kh\u00f4ng mua v\u00e0o cho d\u00f9 nh\u00ecn r\u00f5 s\u1ef1 ch\u00eanh l\u1ec7ch.<\/li>\n<\/ul>\n<p>S\u1ef1 ch\u00eanh l\u1ec7ch n\u00e0y c\u00f3 th\u1ec3 t\u1ed3n t\u1ea1i nhi\u1ec1u ng\u00e0y, nhi\u1ec1u th\u00e1ng, nhi\u1ec1u n\u0103m m\u00e0 kh\u00f4ng \u0111\u01b0\u1ee3c \u0111i\u1ec1u ch\u1ec9nh.<\/p>\n<p class=\"has-vivid-red-color has-text-color has-link-color wp-elements-8f5057826dc0547e487975ee283b8553\"><strong>D\/ C\u00e1c l\u1ed7i v\u1ec1 t\u00e0i ch\u00ednh h\u00e0nh vi th\u01b0\u1eddng th\u1ea5y c\u1ee7a n\u0111t c\u00e1 nh\u00e2n<\/strong><\/p>\n<p>Vi\u1ec7c x\u1eed l\u00fd th\u00f4ng tin c\u00f3 th\u1ec3 \u0111\u00fang nh\u01b0ng c\u00e1c c\u00e1 nh\u00e2n c\u00f3 xu h\u01b0\u1edbng \u0111\u01b0a ra c\u00e1c quy\u1ebft \u0111\u1ecbnh k\u00e9m h\u1ee3p l\u00fd trong vi\u1ec7c s\u1eed d\u1ee5ng th\u00f4ng tin \u0111\u00f3. B\u1edbi v\u00ec h\u1ea7u h\u1ebft c\u00e1c quy\u1ebft \u0111\u1ecbnh t\u00e0i ch\u00ednh \u0111\u1ec1u b\u1ecb chi ph\u1ed1i b\u1edfi c\u1ea3m x\u00fac, c\u00e1c nhu c\u1ea7u v\u00f4 th\u1ee9c, tr\u00ed t\u01b0\u1edfng t\u01b0\u1ee3ng, n\u1ed7i s\u1ee3 h\u00e3i v\u00e0 \u0111\u1eb7c \u0111i\u1ec3m t\u00e2m l\u00fd c\u1ee7a con ng\u01b0\u1eddi. N\u00f3 c\u00f3 th\u1ec3 chia ra l\u00e0m 3 lo\u1ea1i: L\u00fd thuy\u1ebft tri\u1ec3n v\u1ecdng v\u00e0 \u0111\u1ecbnh khung (Prospect theory and framing), S\u1ef1 t\u1ef1 nghi\u1ec7m (Heuristics) v\u00e0 c\u00e1c sai l\u1ec7ch kh\u00e1c.<\/p>\n<p>Nh\u1eefng th\u00e0nh ki\u1ebfn v\u00e0 sai l\u1ec7ch v\u1ec1 nh\u1eadn th\u1ee9c n\u00e0y n\u1eb1m s\u00e2u trong t\u00e2m l\u00fd c\u1ee7a h\u1ecd v\u00e0 l\u00e0 m\u1ed9t ph\u1ea7n b\u1ea3n ch\u1ea5t con ng\u01b0\u1eddi:<\/p>\n<p><strong>1. T\u1ef1 tin th\u00e1i qu\u00e1: <\/strong><\/p>\n<p>Khi n\u0111t qu\u00e1 tin t\u01b0\u1edfng v\u00e0o nh\u1eefng suy ngh\u0129, l\u1eadp lu\u1eadn, \u0111\u00e1nh gi\u00e1 ch\u1ee7 quan c\u1ee7a b\u1ea3n th\u00e2n. Khi h\u1ecd tin r\u1eb1ng cp \u0111\u00f3 l\u00e0 m\u1ed9t cp t\u1ed1t th\u00ec h\u1ecd s\u1ebd t\u00ecm m\u1ecdi th\u00f4ng tin, c\u01a1 s\u1edf \u0111\u1ec3 ch\u1ee9ng minh cho nh\u1eadn \u0111\u1ecbnh, \u0111\u00e1nh gi\u00e1 c\u0169ng nh\u01b0 quy\u1ebft \u0111\u1ecbnh c\u1ee7a m\u00ecnh t\u1ea1o ra sai l\u1ea7m trong \u0111\u00e1nh gi\u00e1.<\/p>\n<p><strong>2. Hai xu h\u01b0\u1edbng c\u00e1c n\u0111t th\u01b0\u1eddng g\u1eb7p:<\/strong><\/p>\n<ul class=\"wp-block-list\">\n<li>Qu\u00e1 t\u1ef1 tin v\u00e0o d\u1ef1 \u0111o\u00e1n: \u0111\u00e1nh gi\u00e1 th\u1ea5p nh\u1eefng r\u1ee7i ro v\u00e0 d\u1ef1a v\u00e0o s\u1ef1 tin c\u1eady qu\u00e1 nh\u1ecf. V\u00ed d\u1ee5 anh ta tin r\u1eb1ng doanh thu c\u1ee7a DN s\u1ebd t\u0103ng v\u1edbi ch\u1ec9 k\u1ef3 v\u1ecdng r\u1eb1ng th\u1ecb tr\u01b0\u1eddng b\u1ea5t \u0111\u1ed9ng s\u1ea3n n\u0103m t\u1edbi s\u1ebd tho\u00e1t kh\u1ecfi \u0111\u00f3ng b\u0103ng.<\/li>\n<li>Qu\u00e1 t\u1ef1 tin m\u1ed9t c\u00e1ch ch\u1eafc ch\u1eafn: n\u0111t qu\u00e1 t\u1ef1 tin v\u00e0o \u0111\u00e1nh gi\u00e1 c\u1ee7a m\u00ecnh t\u1eeb \u0111\u00f3 d\u1eabn t\u1edbi giao d\u1ecbch qu\u00e1 nhi\u1ec1u v\u00e0 kh\u00f4ng \u0111a d\u1ea1ng h\u00f3a danh m\u1ee5c \u0111\u1ea7u t\u01b0.<\/li>\n<\/ul>\n<p><strong>3. Ph\u1ee5 thu\u1ed9c v\u00e0o kinh nghi\u1ec7m hay thu\u1eadt to\u00e1n: <\/strong><\/p>\n<p>D\u1ef1a v\u00e0o kinh nghi\u1ec7m s\u1ebd c\u00f3 q\u0111 nhanh v\u00e0 hi\u1ec7u qu\u1ea3 nh\u01b0ng \u0111\u00f3 l\u00e0 v\u1edbi ng\u01b0\u1eddi \u0111\u1ee7 kinh nghi\u1ec7m. H\u1ecd l\u1eb7p \u0111i l\u1eb7p l\u1ea1i m\u1ed9t ho\u00e0n c\u1ea3nh n\u00e0o \u0111\u00f3 \u0111\u1ee7 nhi\u1ec1u \u0111\u1ec3 d\u1ef1 \u0111o\u00e1n \u0111\u01b0\u1ee3c t\u01b0\u01a1ng lai s\u1ebd x\u1ea3y ra.<\/p>\n<p><strong>4. Thi\u00ean l\u1ec7ch trong t\u00ecnh hu\u1ed1ng \u0111i\u1ec3n h\u00ecnh: <\/strong><\/p>\n<p>N\u0110T c\u00f3 xu h\u01b0\u1edbng quan t\u00e2m t\u1edbi nh\u1eefng t\u00ecnh hu\u1ed1ng \u0111i\u1ec3n h\u00ecnh ng\u1eafn h\u1ea1n v\u00e0 \u00e1p n\u00f3 cho c\u00e1c t\u00ecnh hu\u1ed1ng kh\u00e1c ch\u1ec9 v\u00ec n\u00f3 c\u00f3 \u0111\u1eb7c \u0111i\u1ec3m t\u01b0\u01a1ng \u0111\u1ed3ng v\u1edbi t\u00ecnh hu\u1ed1ng \u0111i\u1ec3n h\u00ecnh. V\u00ed d\u1ee5 c\u00f3 cp s\u1ebd t\u0103ng khi c\u00f3 th\u00f4ng tin v\u1ec1 chia c\u1ed5 t\u1ee9c nh\u01b0ng kh\u00f4ng ph\u1ea3i cp n\u00e0o c\u0169ng th\u1ebf.<\/p>\n<p><strong>5. B\u00e1o th\u00f9: <\/strong><\/p>\n<p>N\u0110T ph\u1ea3n \u1ee9ng ch\u1eadm v\u1edbi c\u00e1c thay \u0111\u1ed5i trong ng\u1eafn h\u1ea1n, nh\u1eadn \u0111\u1ecbnh \u0111\u00e1nh gi\u00e1 c\u1ee7a h\u1ecd ch\u1ee7 y\u1ebfu d\u1ef1a v\u00e0o di\u1ec5n bi\u1ebfn giai \u0111o\u1ea1n d\u00e0i tr\u01b0\u1edbc \u0111\u00f3. N\u00f3 ng\u01b0\u1ee3c l\u1ea1i v\u1edbi \u00fd tr\u00ean khi n\u0111t ph\u1ea3n \u1ee9ng v\u1edbi nh\u1eefng \u0111i\u1ec3n h\u00ecnh ng\u1eafn h\u1ea1n.<\/p>\n<p><strong>6. \u0110\u1ecbnh ngh\u0129a h\u1eb9p: <\/strong><\/p>\n<p>Thay v\u00ec ph\u00e2n t\u00edch v\u1ea5n \u0111\u1ec1 trong m\u1ed9t b\u1ed1i c\u1ea3nh to\u00e0n \u0111i\u1ec7n, n\u0111t l\u1ea1i c\u00f4 l\u1eadp v\u1ea5n \u0111\u1ec1 trong m\u1ed9t khu\u00f4n kh\u1ed5 h\u1eb9p, t\u00e1ch bi\u1ec7t v\u00e0 c\u1ed1 g\u1eafng \u0111\u01b0a ra c\u00e1c quy\u1ebft \u0111\u1ecbnh t\u1ed1i \u01b0u trong ph\u1ea1m vi h\u1eb9p \u0111\u00f3.<\/p>\n<p><strong>7. T\u00ednh to\u00e1n b\u1ea5t h\u1ee3p l\u00fd: <\/strong><\/p>\n<p>Ch\u00fang ta c\u00f3 xu h\u01b0\u1edbng t\u00e1ch ri\u00eang c\u00e1c quy\u1ebft \u0111\u1ecbnh m\u00e0 \u0111\u00fang ra ph\u1ea3i k\u1ebft h\u1ee3p ch\u00fang l\u1ea1i trong m\u1ed9t t\u1eadp h\u1ee3p. M\u1ed9t quy\u1ebft \u0111\u1ecbnh ri\u00eang l\u1ebb c\u00f3 th\u1ec3 \u0111\u00fang trong m\u1ed9t ph\u1ea1m vi h\u1eb9p nh\u01b0ng khi k\u1ebft h\u1ee3p v\u1edbi c\u00e1c quy\u1ebft \u0111\u1ecbnh \u0111\u01a1n l\u1ebb kh\u00e1c l\u1ea1i sai. V\u00ed d\u1ee5 ch\u00fang ta c\u1ea7n nh\u00ecn nh\u1eadn c\u00e1c cp trong danh m\u1ee5c nh\u01b0 m\u1ed9t t\u1eadp h\u1ee3p b\u1ed5 tr\u1ee3 cho nhau thay v\u00ec r\u1eddi r\u1ea1c t\u1eebng cp.<\/p>\n<p class=\"has-vivid-red-color has-text-color has-link-color wp-elements-593942f55def3631d192875439ff7144\"><strong>E\/ L\u00fd thuy\u1ebft Th\u1ecb tr\u01b0\u1eddng hi\u1ec7u qu\u1ea3 v\u00e0 L\u00fd thuy\u1ebft t\u00e0i ch\u00ednh h\u00e0nh vi<\/strong><\/p>\n<p><strong>1. Kh\u1ea3 n\u0103ng ti\u1ebfp c\u1eadn v\u00e0 c\u00f3 s\u1eb5n c\u1ee7a th\u00f4ng tin<\/strong><\/p>\n<p>L\u00fd thuy\u1ebft th\u1ecb tr\u01b0\u1eddng hi\u1ec7u qu\u1ea3 (EMH) cho r\u1eb1ng th\u1ecb tr\u01b0\u1eddng hi\u1ec7u qu\u1ea3 v\u1ec1 m\u1eb7t th\u00f4ng tin. M\u1ecdi c\u00e1 nh\u00e2n \u0111\u1ec1u c\u00f3 th\u1ec3 ti\u1ebfp c\u1eadn th\u00f4ng tin s\u1eb5n c\u00f3 v\u00e0 k\u1ebft qu\u1ea3 l\u00e0 c\u00e1c c\u00e1 nh\u00e2n kh\u00f4ng th\u1ec3 l\u1ee3i d\u1ee5ng c\u00e1c th\u00f4ng tin \u0111\u1ea7u t\u01b0 n\u00e0y \u0111\u1ec3 t\u00ecm ki\u1ebfm m\u1ee9c l\u1ee3i nhu\u1eadn b\u1ea5t th\u01b0\u1eddng.<\/p>\n<p>Tuy nhi\u00ean Kh\u1ea3 n\u0103ng ti\u1ebfp c\u1eadn v\u00e0 S\u1eb5n c\u00f3 l\u00e0 kh\u00f4ng th\u1ec3. Ch\u00fang ta cho d\u00f9 c\u00f3 bi\u1ebft ch\u1ed7 ti\u1ebfp c\u1eadn th\u00f4ng tin th\u00ec c\u0169ng kh\u00f4ng \u0111\u1ee7 th\u1eddi gian v\u00e0 n\u0103ng l\u1ef1c \u0111\u1ec3 khai th\u00e1c. M\u1eb7t kh\u00e1c &#8220;s\u1eb5n c\u00f3&#8221; c\u0169ng kh\u00f4ng \u0111\u00fang, m\u1ed9t n\u0111t c\u00e1 nh\u00e2n nh\u1ecf l\u1ebb kh\u00f4ng th\u1ec3 ti\u1ebfp c\u1eadn \u0111\u1ea7y \u0111\u1ee7 th\u00f4ng tin b\u1eb1ng ng\u01b0\u1eddi n\u1ed9i b\u1ed9 hay t\u1ed5 ch\u1ee9c \u0111\u01b0\u1ee3c. Th\u00f4ng tin &#8220;s\u1eb5n c\u00f3&#8221; \u0111\u1ebfn v\u1edbi ch\u00fang ta th\u00ec n\u00f3 \u0111\u00e3 qua bao nhi\u00eau t\u1ea7ng l\u1edbp r\u1ed3i.<\/p>\n<p>T\u00e0i ch\u00ednh h\u00e0nh vi cho r\u1eb1ng th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n l\u00e0 kh\u00f4ng hi\u1ec7u qu\u1ea3 v\u1ec1 m\u1eb7t th\u00f4ng tin bao g\u1ed3m c\u1ea3 kh\u1ea3 n\u0103ng ti\u1ebfp c\u1eadn v\u00e0 t\u00ednh s\u1eb5n c\u00f3.<\/p>\n<p><strong>2. T\u00ednh th\u1ed1ng nh\u1ea5t trong \u0111\u1ea7u t\u01b0<\/strong><\/p>\n<p>L\u00fd thuy\u1ebft th\u1ecb tr\u01b0\u1eddng hi\u1ec7u qu\u1ea3 cho r\u1eb1ng c\u00e1c c\u00e1 nh\u00e2n tham \u0111\u1ea7u t\u01b0 l\u00e0 \u0111\u1ed3ng nh\u1ea5t h\u1ecd c\u00f3 chung \u0111\u1eb7c \u0111i\u1ec3m, th\u00e1i \u0111\u1ed9, ph\u01b0\u01a1ng ph\u00e1p v\u00e0 ph\u1ea1m vi \u0111\u1ea7u t\u01b0. C\u00e1c \u0111\u1eb7c \u0111i\u1ec3m kh\u00e1c nh\u01b0 kinh nghi\u1ec7m, gi\u1edbi t\u00ednh, gia \u0111\u00ecnh v\u00e0 b\u1ea1n b\u00e8 kh\u00f4ng c\u00f3 t\u00e1c \u0111\u1ed9ng \u0111\u1ebfn quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 c\u1ee7a h\u1ecd.<\/p>\n<p>T\u00e0i ch\u00ednh h\u00e0nh vi cho r\u1eb1ng ch\u00ednh c\u00e1c \u0111\u1eb7c \u0111i\u1ec3m kh\u00e1c m\u1edbi l\u00e0 c\u00e1c y\u00eau t\u1ed1 ch\u00ednh \u1ea3nh h\u01b0\u1edfng t\u1edbi c\u00e1c quy\u1ebft \u0111\u1ecbnh c\u1ee7a n\u0111t.<\/p>\n<p><strong>3. \u0110\u1ea7u t\u01b0 v\u00e0 c\u1ea3m x\u00fac<\/strong><\/p>\n<p>L\u00fd thuy\u1ebft th\u1ecb tr\u01b0\u1eddng hi\u1ec7u qu\u1ea3 cho r\u1eb1ng c\u1ea3m x\u00fac kh\u00f4ng c\u00f3 v\u1ecb tr\u00ed trong quy\u1ebft \u0111\u1ecbnh c\u1ee7a n\u0111t. T\u00e0i ch\u00ednh h\u00e0nh vi cho r\u1eb1ng ch\u00ednh c\u1ea3m x\u00fac l\u00e0 y\u1ebfu t\u1ed1 c\u1ed1t l\u00f5i v\u00e0 n\u00f3 t\u1ea1o ra m\u1ed9t th\u1ecb tr\u01b0\u1eddng kh\u00f4ng lu\u00f4n lu\u00f4n \u0111\u00fang. <\/p>\n<p>L\u00fd thuy\u1ebft th\u1ecb tr\u01b0\u1eddng hi\u1ec7u qu\u1ea3 cho r\u1eb1ng lu\u00f4n t\u1ed3n t\u1ea1i m\u1ed9t c\u01a1 ch\u1ebf \u0111\u1ec3 th\u1ecb tr\u01b0\u1eddng v\u1ec1 tr\u1ea1ng th\u00e1i c\u00e2n b\u1eb1ng hi\u1ec7u qu\u1ea3, \u0111\u00f3 l\u00e0 c\u01a1 ch\u1ebf kinh doanh ch\u00eanh l\u1ec7ch gi\u00e1. Khi c\u00f3 s\u1ef1 ch\u00eanh l\u1ec7ch cho d\u00f9 nh\u1ecf th\u00ec n\u0111t l\u00fd tr\u00ed s\u1ebd ph\u00e1t hi\u1ec7n ra v\u00e0 t\u1eadn d\u1ee5ng \u0111\u1ea9y n\u00f3 v\u1ec1 tr\u1ea1ng th\u00e1i c\u00e2n b\u1eb1ng nh\u01b0 c\u0169. <\/p>\n<p>Nh\u01b0ng T\u00e0i ch\u00ednh h\u00e0nh vi l\u1ea1i ch\u1ec9 ra t\u00ecnh hu\u1ed1ng c\u00e1c n\u0111t &#8220;h\u1ee3p l\u00fd&#8221; nhi\u1ec1u khi kh\u00f4ng chi\u1ebfn th\u1eafng \u0111\u01b0\u1ee3c c\u00e1c n\u0111t &#8220;b\u1ea5t h\u1ee3p l\u00fd&#8221; v\u00e0 \u0111i\u1ec1u \u0111\u00f3 t\u1ea1o ra m\u1ed9t th\u1ecb tr\u01b0\u1eddng kh\u00f4ng hi\u1ec7u qu\u1ea3. <\/p>\n<p>C\u00e1c n\u0111t &#8220;h\u1ee3p l\u00fd&#8221; c\u00f3 th\u1ec3 l\u1ee3i d\u1ee5ng s\u1ef1 &#8220;b\u1ea5t h\u1ee3p l\u00fd&#8221; \u0111\u1ec3 c\u00f3 th\u1ec3 mua hay b\u00e1n cp v\u1edbi gi\u00e1 h\u1ecd c\u00f3 l\u1ee3i h\u01a1n. N\u00f3i chung th\u00ec n\u0111t &#8220;h\u1ee3p l\u00fd&#8221; c\u00f3 th\u1ec3 thua n\u1ebfu nh\u01b0 kh\u00f4ng ph\u00e2n t\u00edch h\u00e0nh vi c\u1ee7a c\u00e1c n\u0111t &#8220;b\u1ea5t h\u1ee3p l\u00fd&#8221;. Ng\u01b0\u1ee3c l\u1ea1i, n\u0111t &#8220;b\u00e2t h\u1ee3p l\u00fd&#8221; th\u01b0\u1eddng kh\u00f4ng quan t\u00e2m t\u1edbi h\u00e0nh vi c\u1ee7a n\u0111t &#8220;h\u1ee3p l\u00fd&#8221; v\u00ec h\u1ecd \u0111ang coi h\u00e0nh vi c\u1ee7a h\u1ecd l\u00e0 &#8220;h\u1ee3p l\u00fd&#8221;.<\/p>\n<\/p>\n<hr>\n<p><strong>Ngu\u1ed3n:<\/strong> <a href=\"https:\/\/chienluocsong.com\/tai-chinh-hanh-vi-p1\/\" target=\"_blank\" rel=\"noopener noreferrer\">Th\u1ecb tr\u01b0\u1eddng hi\u1ec7u qu\u1ea3 v\u00e0 T\u00e0i ch\u00ednh h\u00e0nh vi P1 \u2014 chienluocsong.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: https:\/\/chienluocsong.com\/tai-chinh-hanh-vi-p1\/<\/p>\n","protected":false},"author":1,"featured_media":1156,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26],"tags":[],"class_list":["post-1155","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chienluocsong"],"_links":{"self":[{"href":"https:\/\/blog.ngocha.biz\/index.php?rest_route=\/wp\/v2\/posts\/1155","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.ngocha.biz\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.ngocha.biz\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.ngocha.biz\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.ngocha.biz\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1155"}],"version-history":[{"count":1,"href":"https:\/\/blog.ngocha.biz\/index.php?rest_route=\/wp\/v2\/posts\/1155\/revisions"}],"predecessor-version":[{"id":1465,"href":"https:\/\/blog.ngocha.biz\/index.php?rest_route=\/wp\/v2\/posts\/1155\/revisions\/1465"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.ngocha.biz\/index.php?rest_route=\/wp\/v2\/media\/1156"}],"wp:attachment":[{"href":"https:\/\/blog.ngocha.biz\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1155"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.ngocha.biz\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1155"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.ngocha.biz\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1155"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}