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WtFKNLQKWɼYjWKʈWUɉ͝QJFŸQJFyWiFGͥQJ
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GDQKPͥFQɼXYLʄFWăQJOmLVXɢWNK{QJPRQJPX͑QGLʂQUD*KLQK͛UɮQJYLʄFGͱEiR

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TXDQWU͍QJE͟LYuVDXNKLOmLVXɢWWăQJOmLVXɢWVɺ͕QÿʈQKP͙WWK͝LJLDQWUɉ͛FNKLJLɠP
YjFK~QJWDPX͑QFKX\ʀQÿ͕LGDQKPͥFÿʀÿɞWÿɉͣFOͣLQKXɪQFDRYjOmLY͑Q
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TX\ɾQPXDKLʄQWɞLQKͯQJWUiLSKLɼXQj\FyJLiWKɢSKɇQQKͯQJJuÿDQJFyWUrQWKʈ
WUɉ͝QJKLʄQ WɞL .ɼWTXɠOj OmL VXɢW FͧD Qy FDR KɇQPͩF EuQK WKɉ͝QJ 9t Gͥ P͙W WUiL
SKLɼXQăPOmLVXɢWJLiPXDKLʄQWɞLOjQɼXPmLVXɢWWKʈWUɉ͝QJOjJLi
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OmLVXɢWVɺ͟PͩFWKD\Yu1KͯQJQKjTXɠQOêGDQKPͥFWUiLSKLɼXWuPNLʀP
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40
ĈӇ có nhӳng chi tiӃt cӫa thҧo luұn vӅ lӧi ích cӫa viӋc ÿҫu tѭ vào trái phiӃu quӕc tӃ cNJng nhѭ là vҩn ÿӅ nào có liên quan
trong nhӳng phân tích này, xem “Công cө và thӏ trѭӡng trái phiӃu quӕc tӃ” cӫa Christopher B.Steward, “Ĉҫu tѭ vào công
cө có thu nhұp cӕ ÿӏnh quӕc tӃ : lý thuyӃt và thӵc hành” cӫa Micheal R.Rosemberg, “Quҧn lý danh mөc trái phiӃu công ty
(corporate) toàn cҫu” cӫa Jack Malvey, “ quҧn lý danh mөc và ÿҫu tѭ trái phiӃu quӕc tӃ” cӫa B.Steward và Adam Greshin.
Tҩt cҧ 4 tác phҭm này ÿӅu có dүn chiӃu trong cuӕn “Sә tay cӫa các công cө tài chính có thu nhұp cӕ ÿӏnh”, sӕ thӭ 6. Tѭѫng
tӵ, cNJng có thӇ xem tác phҭm “quҧn lý thu nhұp cӕ ÿ ӏnh: kӻ thuұt và thӵc hành” cӫa Dwight D.Churchhill (Charlottesville,
Va: Tә chӭc nghiên cӭu và quҧn lý ÿҫu tѭ, 1994), “Quҧn lý danh mөc toàn cҫu” cӫa Jan R.Squires (Charlottesville, Va: Tә
chӭc nghiên cӭu và quҧn lý ÿҫu tѭ, 1996), “ Quҧn lý trái phiӃu toàn cҫu” cӫa Jan R.Squires (Charlottesville, Va: Tә chӭc
nghiên cӭu và quҧn lý ÿҫu tѭ, 1997), “Quҧn lý rӫi ro tiӅn tӋ” (Charlottesville, Va: Tә chӭc nghiên cӭu và quҧn lý ÿҫu tѭ,
1997), “ Quҧn lý trái phiӃu toàn cҫu II: nghiên cӭu cӫa Alpha” (Charlottesville, Va: Tә chӭc nghiên cӭu và quҧn lý ÿҫu tѭ,
2000), và “quҧn lý thu nhұp cӕ ÿӏnh trong thӃ kӹ 21” cӫa Katheryn Dixon Jost (Charlottesville, Va: Tә chӭc nghiên cӭu và
quҧn lý ÿҫu tѭ, 2002)

377

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KLʄXTXɠÿɼQQ͗LQyNK{QJW͑QQKLɾXWK͝LJLDQYjFKLSKtÿʀF͑JɬQJWKXÿɉͣFNKRɠQWKX
QKɪSSKͥWU͙LWURQJSKɞPYLQKͯQJNKXYͱFQj\3KɤQFzQOɞLFͧDGDQKPͥFQrQÿɉͣF
TXɠQOêFKͧÿ͙QJWURQJP͙WKRɴFP͙WYjLNKXYͱFWKrPQɇLPjFɠPWKɢ\UɮQJFyP͙W
NKɠQăQJFDRKɇQÿʀÿɞWÿɉͣFWͷOʄWKXQKɪSNKiFWKɉ͝QJWtFKFͱFGRVͱNK{QJKLʄXTXɠ
WLɾPQăQJ1KͯQJNKXYͱFFKtQKÿɾQJKʈFKRSKɤQJLDWăQJFͧDGDQKPͥFÿɦXWɉEDR
J͓PWUiLSKLɼXFyOmLVXɢWFDRWUiLSKLɼX+<WUiLSKLɼXQɉ͛FQJRjLYjNKRɠQQͣQ͕LEɪW
FͧDWKʈWUɉ͝QJ1KͯQJÿLɾXQj\ÿɉͣF[HP[pWQKɉOjQKͯQJÿɾQJKśW͑WFKRVͱTXɠQOê
QăQJÿ͙QJNʀWͫNKLFK~QJÿmNLɼPÿɉͣFWͷOʄWKXQKɪSWUrQPͩFWUXQJEuQKQKɉQJ
WURQJNKLFK~QJFyUͧLURF͕QJF͙QJFDRQKɉÿmÿɉͣFÿROɉ͝QJE͟Lÿ͙OʄFKFKXɦQFͧDWKX
QKɪSWKuFK~QJFyUͧLURKʄWK͑QJWKɢSVRY͛LP͙WGDQKPͥFWKʈWUɉ͝QJWUiLSKLɼXW͕QJ
F͙QJE͟LYuFK~QJFyP͑LWɉɇQJTXDQWKɢSY͛LQKͯQJNKXYͱFWKXQKɪSF͑ÿʈQKNKiF0͙W
YtGͥYɾWUiLSKLɼX+<WUiLSKLɼXQj\Fyÿ͙OʄFKFKXɦQUɢWFDRQKɉQJWɉɇQJTXDQFKʆ
NKRɠQJY͛LWUiLSKLɼXÿɤXWɉYjKRɴFÿLʀPFKXɦQWUiLSKLɼXO͛QNKiFYuWKɼFK~QJ
FyUͧLURKʄWK͑QJWKɢS
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0LQKK͍D%ɠQJNrFͧDWjLVɠQQͣ


41
Hai cuӝc hӝi thҧo ÿѭӧc tә chӭc gҫn ÿây bӣi Tә chӭc nghiên cӭu và quҧn lý ÿҫu tѭ xem xét khái niӋm này và thҧo luұn

vӅ nhӳng khu vӵc tiӅm nă ng cho quҧn lý năng ÿӝng. Xem Quҧn lý trái phiӃu toàn cҫu II: nghiên cӭu Alpha (charlottesville,
Va Tә chӭc quҧn lý và nghiên cӭu ÿҫu tѭ, 8/2000); và quҧn lý trái phiӃu cӕt lõi tăng thêm (Charlottesville, Va: Tә chӭc
nghiên cӭu và quҧn lý ÿҫu tѭ, 3/2001).

380

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WɞSFKtSKkQWtFKWjLFKLQKÿɉͣFVͱÿ͓QJêFͧDW͕FKͩFQJKLrQFͩXYjÿɤXWɉ
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FKʆWURQJEɠQJ
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GDQKPͥFW͕QJWKͥÿ͙QJE͟LYuQyÿɉͣFWKLɼWNɼÿʀPjEɢWNƒVͱQKɪQÿɉͣFWUɉ͛FQjR
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7iLÿɤXWɉFKX\rQGͥQJQyJL͑QJQKɉN͹WKXɪWWLɾQPɴWWKXɤQNKLɼWÿɉͣFKzDKͣS
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Pj OmLVXɢW YɉͣW TXi ÿɼQGɉ͛L %͟LYu Vͱ WKD\ÿ͕L OmL VXɢW ÿiQJNʀ Qj\UɢW
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ɦQNKLWͷVXɢWWͫÿɼQÿɼPͩFGDQKQJKśDYjWUrQNKLWͷVXɢW[X͑QJG͑F

42
Tәng quan cӫa nhӳng chiӃn lѭӧc ÿѭӧc lӵa chӑn này ÿӅu có trong “ danh mөc trái phiӃu chuyên dөng cho quƭ hѭu trí –
phҫn I: ÿӝng cѫ và cѫ bҧn” cӫa Martin L. Leibowwitz, tҥp chí phân tích tài chính 42, sӕ 1 ( tháng 1 – 2 năm 1986): 68 –

75; và “danh mөc trái phiӃ u chuyên dөng”, sә tay hѭӟng dүn cӫa chӭng khoán thu nhұp cӕ ÿӏnh, phҫn 6 cӫa Frank J.
Fabozzi và Perter F. Christensen

381

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43

quan ÿiӇm này ÿ ã ÿѭӧc thҧo luұn chi tiӃt trong chѭѫng 19 và trong “ sách vӅ lӧi tӭc bên trong”, chѭѫng 1 cӫa Homer và
Leibowitz.

382

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44
F. M. Redington, “Xem lҥi hӑc thuyӃt vӅ giá trӏ cӫa bҧo hiӇm nhân thӑ” Tҥp chí cӫa Tә chӭc các chuyên viên tính toán
các rӫi ro và tiӅn ÿóng bҧo hiӇm 78 (1952)”: 286 – 340

45
Lawrence Fisher và Roman L. Weil “ Ĉӕi phó vӟi rӫi ro do sӵ thay ÿәi thҩt thѭӡng cӫa lãi suҩt: thu nhұp cho ngѭӡi nҳm
giӳ trái phiӃu tӯ nhӳng chiӃn lѭӧc thô sѫ tӕt nhҩt” Tҥp chí doanh nghiӋp 44, sӕ 4 (tháng 10 năm 1971): 408 – 431.
46
ĈiӅu này cNJng ÿѭӧc ghi chú và thҧo luұn trong “Ĉӕi phó vӟi rӫi ro do sӵ thay ÿәi bҩt thѭӡng cӫa lãi suҩt: mӝt ghi chú”
cӫa G. O. Bierwag và George G. Kaufman, Tҥp chí doanh nghiӋp 50, sӕ 3 (tháng 7/1977): 364 – 370 và G. O. Bierwag “Sӵ
phòng vӋ, giai ÿoҥn và cҩu trúc ÿiӅu khӓan cӫa lãi suҩt”, Tҥp chí phân tích tài chính và ÿӏnh lѭӧng 12 sӕ 5 ( 12/1977): 725-
742

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47
Beirwag và Kaufman, “Ĉӕi phó vӟi rӫi ro do sӵ thay ÿәi bҩt thѭӡng cӫa lãi suҩt”: 364 - 370
48
Frederick R. Macaulay, Mӝt vài vҩn ÿӅ có tính lý thuyӃt ÿѭӧc ÿӅ nghӏ bӣi sӵ thay ÿәi lãi suҩt, lӧi tӭc trái phiӃu, giá cә
phiӃu ӣ Mӻ tӯ năm 1856 (Newyork: Cөc nghiên cӭu kinh tӃ quӕc gia , 1938)
49
Fisher và Weil “ Ĉӕi phó vӟi sӵ thay ÿ әi bҩt thѭӡng cӫa lãi suҩt” 408 – 431.
50
Bierwag và Kaufman, “Ĉӕi phó vӟi sӵ thay ÿәi bҩt thѭӡng cӫa lãi suҩt” 367
51
Chúng tôi sӱ dөng kӃt hӧp hҵng năm ÿӇ tính toán tӹ sӕ tài sҧn cuӕi cùng bӣi vì thí dө sӱ dөng sӵ quan sát hҵng năm

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OmLFRXSRQYjOͣLWͩFÿiRKɞQ<70Oj&K~QJWDELɼWWͫYLʄFWtQKWRiQWUɉ͛FUɮQJ
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KjQJQăP%ɠQJ$FKʆWͷVXɢWWăQJWUɉ͟QJNpSWͫWULʄX86'ÿɼQPͩFJLiWUʈNƒ
Y͍QJOj86'7URQJEɠQJ%JLɠÿʈQKUɮQJYjRFX͑LQăPWKͩOmLVXɢW

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385

WKD\ ÿ͕L ͟ QăP WKͩ  JLi WUʈ FͧD GDQK PͥF Vɺ WăQJ Y͛L OmL NpS  ÿɼQ 
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FͧDGDQKPͥFQj\JLiJLiWUʈFͧDGDQKPͥFVɺJLɠPÿʀSKɠQiQKOmLVXɢWFDRKɇQYj
WͷVXɢWWiLÿɤXWɉWͷOʄWăQJWUɉ͟QJVɺWăQJÿɼQ0͙WFkXK͏LTXDQWU͍QJOjJLi
WUʈGDQKPͥFJLɠPEDRQKLrX"&kXWUɠO͝LSKͥWKX͙FYjRWK͝LJLDQWKD\ÿ͕LFͧDGDQKPͥF
NKLOmLVXɢWWKD\ÿ͕L)LVKHUYj:HLOFKʆUDUɮQJQɼXWK͝LJLDQÿLɾXFKʆQKEɮQJY͛LSKɞPYL
FzQOɞLVͱWKD\ÿ͕LJLiFɠVɺÿ~QJEɮQJPͩFWiLÿɤXWɉP͛LJLiWUʈGDQKPͥFÿɤX
WɉP͛LVɺWăQJÿɼQYʈWKɼWjLVɠQNƒY͍QJ%ɞQFyWKʀJɬQVͱWKD\ÿ͕LJLiWUʈGDQKPͥF
EɮQJFiFKVͭGͥQJJLDLÿRɞQÿLɾXFKʆQKYjVͱWKD\ÿ͕LOmLVXɢWWKʈWUɉ͝QJQKɬFOɞLUɮQJ
ÿk\VɺNK{QJSKɠLOjP͙WVͱɉ͛FOɉͣQJFKtQK[iFE͟LYuÿ͙O͓LGDQKPͥF6ͱWKD\ÿ͕L
JɤQ[ɢS[ʆFͧDJLiFɠOjGͱDYjRJLDLÿRɞQWKD\ÿ͕LFͧDQăPYjVͱWKD\ÿ͕L
ÿLʀPFɇEɠQĈLɾXQj\QJͥêP͙WJLiWUʈGDQKPͥF[ɢS[ʆ͟PͩF
7KͱFWɼJLiWUʈWKͱFVͱVɺOjQKɬFOɞLUɮQJJLiWUʈɉ͛FOɉͣQJGͱDYjR
YLʄFVͭGͥQJJLDLÿRɞQWKD\ÿ͕LWKuWKɢSKɇQJLiWUʈÿͱɇFQJͥêEɮQJÿɉ͝QJFRQJJLi±OͣL
WͩF1ɼXJLiWUʈGDQKPͥFP͛LQj\WăQJQăPWURQJVX͑WQăPJLiWUʈWjLVɠQFX͑L
FQJVɺOj
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ĈLʀPNKiFELʄWJLͯDJLiWUʈNƒY͍QJYjJLiWUʈKRɞFKÿʈQKWKuGRFKXNƒ7KtGͥQj\FKʆUD
UɮQJVͱJLɠPJLiFɠOjFKtQK[iFKɤXQKɉOjVͱEÿɬSE͟LWͷVXɢWWiLÿɤXWɉFDRKɇQ*Lɠ
ÿʈQKUɮQJJLDL ÿRɞQWKD\ ÿ͕L FͧD GDQK PͥFÿɤX Wɉ ͟ WK͝L ÿLʀP FͧDVͱ WKD\ÿ͕L OmLOj
QJDQJEɮQJY͛LSKɞPYLÿɤXWɉKLʄQKͯX
0LQKK͍D
Ĉɉ͝QJWăQJWUɉ͟QJÿɼQJLiWUʈWjLVɠQFX͑LFQJNƒY͍QJYjKLʄX
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doi voi pham vi dau tu
C. Hieu ung tang lai suat voi thoi han
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D. Hieu ung giam lai suat voi thoi han rong
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386

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ĈLɾXJuVɺ[ɠ\UDQɼXGDQKPͥFWKuNK{QJÿɉͣFKzDKͣSWKtFKͩQJ"1ɼXWK͝LJLDQWKD\
ÿ͕LO͛QKɇQSKɞPYLÿɤXWɉKLʄQKͯXVͱWKD\ÿ͕LJLiVɺO͛QKɇQ1KɉYɪ\QɼXOmLVXɢW
JLiWUʈFͧDGDQKPͥFVDXVͱWKD\ÿ͕LOmLVɺWKɢSKɇQ7URQJWUɉ͝QJKͣSQj\
PɴFGJLiWUʈP͛LFͧDGDQKPͥFWăQJ͟PͩFQăPQyFŸQJVɺNK{QJÿɞWÿɼQJLi
WUʈWjLVɠQFX͑LFQJÿɉͣFNƒY͍QJ9LʂQFɠQKQj\ÿɉͣFFKʆUDWURQJEɠQJ&͟ÿyQy
ÿɉͣF JLɠ ÿʈQK UɮQJ JLi WUʈ GDQK PͥF Vɺ JLɠP ÿɼQ   1ɼX JLi WUʈ P͛L Qj\
WăQJQăPFKRWK͝LJLDQQăPFzQOɞLWKuJLiWUʈFX͑LFQJVɺOj
[FKRJLDLÿ͍DQ 
%͟LYɪ\VͱJLɠPFͧDJLͯDJLiWUʈWjLVɠQNƒY͍QJYjJLiWUʈQKɪQWKɢ\OjGR
GDQKPͥFNK{QJFKtQK[iFOjJLDLÿRɞQWKtFKKͣSÿɉͣFSKzQJYʄNKLOmLVXɢWWKtFKKͣS
&yVͱFK͍QOͱDQɼXOmLVXɢWJLɠPYjWK͝LJLDQÿLɾXFKʆQKGjLKɇQQăPJLiWUʈGDQK
PͥFVɺWăQJQKɉWKɼJLiWUʈGDQKPͥFP͛LVɺO͛QKɇQJLiWUʈ\rXFɤX%ɠQJ'FKʆUD
ÿLɾXJuFyWKʀ[ɠ\UDQɼXGDQKPͥFWKuNK{QJFKtQK[iFKzDKͣSYjOmLVXɢWJLɠP
ÿLʀP ÿɼQ  ĈɤX WLrQ QɼX GDQK PͥF SK KͣS FKtQK [iF JLi WUʈ Vɺ WăQJ ÿɼQ
1ɼXJLiWUʈGDQKPͥFP͛LQj\WăQJFKRQăPJLiWUʈFX͑LFQJVɺOj
[FKRJLDLÿ͍DQ 
0͙WOɤQQͯDÿLɾXQj\KɇLOɞFÿɉ͝QJWͫJLiWUʈNƒY͍QJFX͑LFQJGRFKXNƒ1KɉVͱFK͍Q
OͱDQɼXWK͝LJLDQÿLɾXFKʆQKWUrQQăPJLiWUʈGDQKPͥFP͛LVɺO͛QKɇQJLiWUʈ\rXFɤX
KLʄQWɞL*LɠÿʈQKUɮQJE͟LYuWK͝LKɞQFͧDGDQKPͥFYɉͣWSKɞPYLWK͝LJLDQ
QɬPJLͯJLiWUʈGDQKPͥFWăQJOrQ1KɉWKɼJLiWUʈGDQKPͥFFX͑LFQJOj
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7URQJYtGͥQj\JLiWUʈWjLVɠQFX͑LFQJO͛QKɇQJLiWUʈWjLVɠQNƒY͍QJE͟LYuFK~QJWD
ÿmEɬWWUɉͣWYjOmLVXɢWÿmÿLWKHRKɉ͛QJW͑W1ɼXFK~QJWDEɬWWUɉͣFWK͝LKɞQFK~QJWD
ÿDQJÿɤXFɇWUrQVͱWKD\ÿ͕LOmLVXɢWYjNɼWTXɠOjFyWKʀUɢWW͑WKRɴFUɢW[ɢX0ͥFÿtFK
FͧDVͱSKzQJQJͫDOjÿʀWUiQKQKͯQJUͧLURQKɉWKɼYjÿʀÿɠPEɠRJLiWUʈWjLVɠQFX͑L

FQJNK{QJTXDQWkPÿɼQVͱWKD\ÿ͕LOmLVXɢW
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Y͛LWUiLSKLɼXFKLɼWNKɢXFͧDWK͝LKɞQEɮQJQKDXFK~QJWDNK{QJSKɠLWKͱFKLʄQOɞLYLʄF
WiLFkQEɮQJ
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7KͩEDFK~QJWDQrQQK͛OɞLWKɠROXɪQÿɤXWLrQYɾSKzQJQJͫDFyP͙WJLɠWKLɼWOjNKLOmL
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