Bài giảng và tài liệu tham khảo Quản trị Rủi ro

<span class='text_page_counter'>(1)</span>Qu n tr R i ro. ! !. "#. $. $%. &'. &'. &'. $%. $. !. " # ! ( ) * )+ , - . / 0 &' 1% 1% 1% &' 0 ($ 2 3 4 5 6* / - 71 8 ' 0$8& %% 8%% 908% $9 8&019 8$&77 8 $ : ;4 3 4 5 6* / - 71 8$9<$%. $ $. !% & !!&! !'() * +, - . / . 0 $ !% &!&! ! ) * +, 12 3 4/ -2 . 5 5 64 / 7 &! !! , 08 / 9 5 9 5 69 5: 5 9 / ' !&! ! * +, . !&! !! , 08 ; <=> ? / !&! ! * +, . !% &!&! !3 / > @? / @ A B *;(*! C D !C % ;( ; ! * +, '() . % ! ' ; , *, = . ( E C *!&! !! ! +F1" ! () ( = 7+*; (<!&! != ) !%() () = () E !&! !! , 08 ? / 6@ @ 7 &! !! , 08 * (! , C= 9 / G = !C & *!& !&! !2 !&! !% = E) 4 σ7 / 6 6 9√ /6 6 7 & ! != ) ! * 2 *;(*!& ! ! C &E ; !! ) E H= 4 7 µ7 / E σ7 / 6 6 F1" / 5 96 6 /6 @ @ I 7J; (<F1" E) !&! !! , 08 ! , K =. Th.s Tr n Quang Trung. 1.

<span class='text_page_counter'>(2)</span> Qu n tr R i ro 6 @ @ ? / 6 ( E + ; E) ! J= )* C ! ! + ! J; )* C = ) ) ! J; )* C I 66 =K G K + ! + ! L (< K , *, % = E) !8D +< '( % &! , ! , < !& !&! ! KE) !& !&! !! , 08 & ! / .. *. C. M!( 02 N4. E. / ! * ! , 08 > / 7 &! !! , 08 ' E + &> 9 0 ! * ! , 08 > / G = &> 2 − 4= . 9 9. O/. .. O. = @. P * ! + Q ; ! * ! , 08 E +& . ! > R S 9 @ N 5 9 @ T/R @ N T P * ! + Q !&! !! , 08 E +& . ! > R .@ ON . @OT ! * ! , 08 > / . G = &> 2 − 4= . 9 9 = @ P. * ! + Q ; ! * ! , 08 E +& . ! > R . S 9 @ N . 5 9 @ T / R. @ N . @T P * ! + Q !&! !! , 08 E +& . ! R .@ N . . @ T ' 7(0 * & ; ! * U! , * RN 0T / R S N 5 T E) ; !# ! != Q • P / . * RN 0T / R N T E) * R @ N T. ! ! + ; !% &; ! * U! , * R N T *) Q % D + !%M 0 * & • P / . . * RN 0T / R . N . T E) * R. @ N . @T. ! ! + ; !% &; ! * U ! , * R. N . T = ) ) Q % D + !%M ! (0 * & • V ) * (< ! (0 * & E 0 * & %() %M ! ( () ! ,8 2 − 4 / /. / B * () ! ,8 ! , C. ! 7(0 * & RN 0T / R S. Th.s Tr n Quang Trung. ; ! N 5. W6@. * U! , T / R N T E). * ; !# !. !=. Q. 2.

<span class='text_page_counter'>(3)</span> Qu n tr R i ro. •. •. •. P. / . * RN 0T / R N T E) * R @ N T. ! ! + ; !% &; ! * U! , * RN T = ) ) Q % D + !%M ! (0 * & P / . . * RN 0T / R N . T E) * R. @ N . @T. ! ! + ; !% &; ! * U ! , * RN . T = ) ) Q % D + !%M ! (0 * & V ) * (< ! (0 * & E 0 * & %() %M ! ( () ! ,8 2 − 4 / /. •. / B * () ! ,8 ! , C. ! W6 C; '( 2F1"4 E +& . ! > . O9 / . OE) ' ; , *, = Q C ; '( 2F1"4 E +& . O9 . @ / . . @ OE) ' ; , *, = Q. .. ! >. %. ! ! , * 2; ! ! , 08 ! , 12 # ! ! ! ! ,. ! C C 4 4 / S 12. C. 1 ;;. C. !. .!. ; =. ! ,. /. 4. −. / 0 Y K () < 12 Z $. X /6 6 Q = % . ;(*' 6= % ! , 6 () % C +!. '. *D + !! ( ;(*' = % J;(*' = % # ! ! ! ! , 6 4 / S 12! , 6 +! ; / 2; ! ! , 08 ! , 6 ; !; ! * +, ! , 0 * '() % C + 6 1. 6 6. 66. 7(% ! ! # %() ; ! K! 8 = 7(0 * & ; ! U! , RN 0T / R N 5 T / RN T E) Y) = ; D ; ! J &! ! # %() ; !;. Th.s Tr n Quang Trung. !. ('. ! % =@! 4. 4. @ @. @ Q * ; !# !. ! ,. != U! ,. Q * RN 0T =. 3.

<span class='text_page_counter'>(4)</span> Qu n tr R i ro. 1 ($ ≤ 0 ) = 1 [ ≤. 0−. =1 [≤. =. 7(% ! =. @. ≈ 26. '. ;(*' = % ! , 6 . + ;(*' 6= % ! , ! ) !8; <D + !%M ! (0 * & ' ! )' '(%M ;(*' = % !8 ! = % ! , 08 = 6 " #! , 08 !! =6 ! , " # =+ = 6 ! , % ( % *! ! , ! )# ! != . \=; ! ! , 1 1 08 ! , ! * ! C C * *# ! != * 0.5 = !8 3 6 =+ ) %() =%! D * Z+'. Th.s Tr n Quang Trung. 4.

<span class='text_page_counter'>(5)</span> Qu n tr R i ro = >. : ;4 # E) ; ) ) / . @ . 6 . @ . 6 . . 6 . . 6 . @ .. ?. >@= > A2@B A2 C: D :2@C :. ). ) ; ) ). F6 F. . . . . . . . @. @. @. A F# ) ;) ) --- @ ------- 6 A F# : ;) ) --- . . --- 6. 6. --- . . --- .. Th.s Tr n Quang Trung. ) ;) ) : ;) ) * G * G H F ) GH 6 F 4 5 > GH 4 5 @ @ @. 6. 6 @6 6 @ @. ,H ) ; ) ) ; - 4 I J 5H. ). @ 6 ,- 5 3 ) ;) ) ; - 4 I J 5H ) . . . @ . @. 5.

<span class='text_page_counter'>(6)</span> Qu n tr R i ro $ : *H ) ; ) ). J 5 H ). K 5 3 ) ; ) ) ------- 6. @. 1 C. *!& !&! ! ! (. C. *. : ;4) ; ) ). .. *!& !&! ! ! (. C. @ @. =K. J 5H. ). 6 6 6. 6 @. 1 C. J 5 ; -4 I H ). *. : ;4) ; ) ). .. =K. J 5H @. ). @. 6 @. Th.s Tr n Quang Trung. 6 6. 6.

<span class='text_page_counter'>(7)</span> Qu n tr R i ro & J 5H. ). : *H ) ;). )L / -. @ ::. 1 C. 1 ;;. 9'. *!K; !&! ! .!. ; = 6. A. @. @. 6. @. 6. 6. %. 7 &! !. 7# ! ,M +E > F2Z4 / 1 Z F2Z4 / .6 5 .6. 5 .. 7 K; .6 .6 . . .. 5 .. 5 .. /. 7# % = &> σ 2Z4 / 1 RZ S F2Z4T Z. 1 .6 .6 . . .. RZ S F2Z4T @ @ @ @ @ @ @. 1 RZ S F2Z4T 6. @ @ @ @. Y +σ 2Z4 / @ @ % % =. Th.s Tr n Quang Trung. &>σ ( L) = σ 2 ( L) = 4594600 = 2143,5 ≈ 2144. 7.

<span class='text_page_counter'>(8)</span> Qu n tr R i ro. 6. 7#. ; =. >. α 3 ( L) = Z. 1 .6 .6 . . .. 6. Th.s Tr n Quang Trung. 2Z4 =. 6. Pi [ Li − M ( L)]3 [σ ( L)]3. RZ S F2Z4T6 @ @ 6 @@6. 1 RZ S F2Z4T6 M @ 6 M @6 M @6 @. @ 6 @@. @ 6 @ 2 @6 46. =6. 6 @ &07%7&0%999. @ @. 8.

<span class='text_page_counter'>(9)</span> Qu n tr R i ro N. 2 O @ 2 P@. :@ >2Q 2. 2 R19S T U : I ) 5)+ 5) : R%9S T ) 5) * : ;4) H , H ) )+ F P>A $R> F4)VOU. R&9S T. @. R'9S T. @. @. 6@ 6 @. 9 '0. 9 %'. 6. 9 '1. U K @ JT. $ ; ! ]^_7 Z < Z) ! ( ! ,() ! 7 2@ Q4 Z) ! ( ! K ) 7 & ! ; * Z) ; !! , CY"1 H ) )+ 4(W )+ F P>A 3 X3 ; 2 3 H ( ) F. Th.s Tr n Quang Trung. 6 @ @ @ @. @. @ 6. 9 91 9 91% 911. 9.

<span class='text_page_counter'>(10)</span> Qu n tr R i ro. $ ; ! ]^_7 Z <2 Q4 Z) ! ( ! ,() ! 7 2@ Q4 Z) ! ( ! K )2 Q4 7 & ! ; * Z) ; !! , CY"1 H ) )+ 4(W )+ F P>A 3 X3 ; 2 3 H ( ) F. 6 @ @. @. @. @. @@@@ @ @ @. @@ @ @ 6666. 6@@@ @ @ 66. 9 9 9171 9 1&'. $ ; ! ]^_7 Z <2 Q4 Z) ! ( ! ,() ! 7 2@ Q4 Z) ! ( ! K )2 Q4 7 & ! ; * Z) ; !! , CY"1 H ) )+ 4(W )+ F P>A 3 X3 ; 2 3 H ( ) F $ ; ! ]^_7 Z <2 @Q4 Z) ! ( ! ,() ! 7 2@ Q4 Z) ! ( ! K )2 Q4 7 & ! ; * Z) ; !! , CY"1 H ) )+ 4(W )+ F P>A 3 X3 ; 2 3 H ( ) F. Th.s Tr n Quang Trung. 6 @ 6 @6 6. @ @. 6. -. @ @ 9 %% 9 90 9 <1. @ @. 6 @ 6. @ @@ @ @ 6 @. @. - @. @ @@ @ @ @ 9 &< 9 &1 9 70&. @ @ @. 10.

<span class='text_page_counter'>(11)</span> Qu n tr R i ro. 7 &. !! ,. 0 * ;. :GX3 Y L: 9S 9S H ) )+ 4(W )+ F P>A 9 91 9 3 X3 ; 9 91% 9 9171 2 3 H ( ) F 9 1 1 9 1&'. &R> F4)VZ U. ;4) H 19S 9 %% 9 90 9 <1. , '9S 9 &< 9 &1 9 70&. :U T. : )+ ( [4 $ ; ! ! ]^_7 Z < * ) L Z < * )' Z) ! ( ! ,() ! 7 2@ Q4 Z) ! ( ! K ) 7 & ! ; * UA R OT UA )+ 4(W 3 X3 ; :GX3 :U. Th.s Tr n Quang Trung. > ; #. 6. @. 6. - 5. 6. @. 6 6 @. @. @. 6 6 6. @. 6. 6. 6. 6 @. @. @ @. % %$0. 1<<0 1<<0 9%' 9 <11 &%00. < $0. 6. % %90. 11 9 11 9 9 01% 9 100 ' 999. '' $. 11.

<span class='text_page_counter'>(12)</span> Qu n tr R i ro A2@\ ]= :2 ]UC : O@ 2 K ? > @ 2 UD K RA P@ _ @ : `. ". , *, = % = E % K. !E). :^. T. >. Z = 2 i. = 2@. 4. 5 )+a)+ 4(W. • M. ) (W b F. L1 + L 2 + ... + L n M (L1 ) + M (L 2 ) + ... + M (L n ) = / n n 3 X3. • D. ,) ; ). ;. ,) ; ). ) (W b F. L1 + L 2 + ... + L n D(L1 ) + D(L 2 ) + ... + D(L n ) = n n2. /. / Z +Z +. •. J 5H. ". #'(. +Z. )#. 5 H ,Y. 0 K!() Z9. 1 Z. Z9. 7, 0 *. =@. =1 [. CEM. −. !`G^` /. =1 [. − @. 5 /. = 1 ([. .. ). &. !. 12[ 3 . 4 / . Q Y +. !% & C ! +. Th.s Tr n Quang Trung. ; *= > . Q. 12.

<span class='text_page_counter'>(13)</span> Qu n tr R i ro $. 7. C !( ! #. Z +. +Z. () ;. *'. +. +. I. ≠I. =. 0 * ≠I. =. !& ! ! * ) %K 0 * = ; '() . ! %(). D. 2. Z +. +Z. + ≠I. =. 7 ! +! (*; ! , \= ; ! () !8 ! ,M! , 08. D. rij. rij. &. =. a= !& * ! , 08 C ! &! ! ). 2. (;. I. C. n+. 2. i. &. i≠ j. E. ; ! (). rij. ; ! () D . ' % !! * ; ! () ! , E C(. C; D. + + % K '(). &. ]2Z4 /. σZ / σ .I / @ ". , *, =. Z +. F. =. =&. M(L i ). /µ. /. Z +. Y). =. +Z. !. +Z. + ≠I. =. I. / 9. +. 9@. Th.s Tr n Quang Trung. =. 13.

<span class='text_page_counter'>(14)</span> Qu n tr R i ro =. .. 7() ! (. ! ,(). J 5" ) #. 1 Z. .!. !D *;. 5 H ,Y. Z9 Z9. ). =1 [. Y) ! ,M % b !( " 0+;. −. ≤. Z9. * ! E. σ# J A c. −. () = (). ! , C *. ;. !. ; *0 U 0 !. (;. 6 @@. 6 6 @. 6 @. 6 @ 6 @. P ;(*' 0 !% b !( " 0+; E % &() = () ) ! , C * ; ! ; * ! !() %() ! ,M = ). != *7 C 0 ! # ; ! ; *= 0 C. J0 != C ! +0 * & K !8 ; ! + C E()!D @ Q 7,. ! ,() ) , *, C % = E) .! &E8 C ! * < % K *%M = + ) D * * ; ! ; * ' J & E) !( " 0+; E. ! ! + ;( C = , != ). σ#. Th.s Tr n Quang Trung. 6. 6 6. 6. C ! &;(*' J ! , !C ; ! ! , C 0)*0 !% b. 6 @. 6. 14.

<span class='text_page_counter'>(15)</span> Qu n tr R i ro. σ# J A c JJ> ;. 6 @@Q Q. Q 6Q. 6 6 @ Q Q. 6 @ Q Q. 6 @ 6 @ Q Q. %. •. `) % K 0 *. &. *. µc / 6 σc / ,c. I / c. /. .. 7 ! # () ; ! ( C !( ;. Z +. * !& ! !08 D C ! , C. +. +Z. =. +. I. ≠I. ≠I. =. rF,ij. ! ) %K 0 *. i. &. *. I. σ F = 158.2 •. 7() ! (! ! # % = & ! (;. &. !& ! !08 D C ! , C. ! ) %K 0 *. σ A = 223.6 G = & * !& ! !08 D C ! , C ! ) % K 0 * & *d %() ! # '( E % = & !& ! !08 D C ! , C !) %K 0 * & * E ! (; > c. (. c c. + +. d. d). d. =. @. 0 G = & *!&! !08 D C! , C = +%() ! # (;. !) %K 0 *. &! ,. µZ /. Th.s Tr n Quang Trung. 15.

<span class='text_page_counter'>(16)</span> Qu n tr R i ro. σZ / 6 ,Z. I / Z. /. .. 7 ! #. Z +. () ; * !& ! !08 D C ! , C = +! ( C !( ;. +Z. + ≠I. =. +. I. ≠I. =. rL,ij. ! ) %K 0 *. i. &! ,. I. σ L = 67.11 d. E d ) !E) ! , C !) %K 0 * &0 U = E) !&! ! ! E ! ,. D. /. !! # () ; * !& ! !08 D C C !( E) *! !!&! ! * % = +. F1 + ... + FnF + A1 + ... + An A + L1 + ... + LnL nF + n A + nL. =. n F2 σ F2 + n A2 σ A2 + n L2σ L2 + 2. i. j. rAi L j σ Aσ L. (n F + n A + n L ) 2. 6. G =. &=. Th.s Tr n Quang Trung. 6. 16.

<span class='text_page_counter'>(17)</span> Qu n tr R i ro ]= :2 ]UC : :2`:. P C. @ > 5. 3 ##. 4H. ). 4 54Y. ♦ " E 2d.^4 / ,d^9 σd9σ ^ / . 9 .@9 . / . ♦ " E 2d."4 / ,d"9σ d9σ " / .@9 .@9 . / . 6 ♦ " E 2^."4 / ,^"9σ ^9σ " /- . 9 . 9 . /- . ( P1. H )- 4 ,! *) Y / ed Pd 5 e^ P^ 5 e" P" / . 9 .6 5 . 9 . 5 2- .649 . / . 2 Q4 3 X3. 1. =. e. /. ;. ,X H. + 2 * [e d e ^. @ 5 9R . . .. )-. 4. ,!. E2d. ^4 + e d e ". -. *) Y. E2d. "4 + e ^ e ". E2^. "4T. 52- 64 5 5 . 2- .64 . 6 5 . 2- .64 2- . 4T. / .6 ! :+ 4H F - , 54 5> 5 - G 7, ; '() \= % K! (0 *! KE E +! KE) =<; ! Q +0 (. * 4W d ( ". . C= % K! ( = ); ! Q. @ $ 4::>N R K TY. β P / Vc 5 2 F - Vc 4 P > 7+*; !Z) %) >Z <; ! C , *, Vc > Z) ; ! %) *' F β > ; 0 C ! * (. Th.s Tr n Quang Trung. *" (. P. !M! ,(). 17.

<span class='text_page_counter'>(18)</span> Qu n tr R i ro. B *;(* 7, 7+*; !Z). 0. 7+*; !Z) !M! ,() F / 6Q. β/ . β/ β/ G() !M! ,() ( 0 ! ; , *, 0 !. Vc. / Q I / 6Q Q d/. ! * (. / Q. %M = );. ! *. ! (. %. 7 Z +C K. SML : ki = kRF + (kM - kRF).βi KA = 17. 1 K0 % L , *, *"P. KA = KM = 13. ^ % L, *, !M! ,(). KL = 11 KRF = 9 kRF. 0. Th.s Tr n Quang Trung. 0,5. 1. 2. ` ; βi. 18.

<span class='text_page_counter'>(19)</span> Qu n tr R i ro 4: a:+. 4P. R>K T Y +E) =<;. E(r). !rf CML. " E +E) =<; !,A. ]c- G(). % K!(. D *. M. rM. rf. σM. V *, , σ(r). F=' % K! (!M! ,() ,A = =<; ! C , *, G() !M! ,() E !! + () % K! (%() % K! ( D * ! ) % K! (! , C !M! ,() ( E +E) =<; ! C , *, ,A @ & 7# = ); ! %) d ' C !( > / Vc 52 F - Vc4 β E) Vc / . F / . . d / . ^ / . " / / . . ] /. % K! ( *% K J = ". /. βC =. ! (. 52 52 52 52 52. (. . . . . .. -. *! ! ( %() E) E E +E. >. . . . . .. 4 . 4 4 . 4 4 2- .. / / / / 4/. . . . @ . .. %() = ); ! %) ! , C & "= . ; , *, 0 ! * & " " ! & (; > . 52 .. - . 4 β" /. !8 K. .. 0.17 − 0.1 = 0.875 0.18 − 0.1. Th.s Tr n Quang Trung. 19.

<span class='text_page_counter'>(20)</span> Qu n tr R i ro :@= @\ : P@ :. 7 > G() G(). D *% K! (! ,() D *% K! (;. * *. @ : D :2@C :. * +, >" 2 _4 / 6 _. * +, >" 2_f4 / 6 _.. 7 !0M! ,M > O/ ! , " #E * C ! +>, / Q / F( % K! (! ( ! ,() !&! ! * +, 2 _9 4 = ! ,M! * F R" 2_4 ? 2 5,4 S_T / F R6 _ ? - _T Z +% ! _ * R" 2_4 ? 2 5,4 S_T E 0 U . ! %() 6 ?. 9 . 9 _ - / 9 _= *% ! _. +_9 /6. ! , 7(% ! ! # %() "2_4 / @. ! , B ! ,M% K! ( = ; !&! ! > _f/ 6 / ! , "2_f4 / 6 _ / 6 2 4 /6 Z) * # 0M * >@. S 6. / . @ + . @ ?@. / 6 Q. ! () ( E) K% K ! ( * S 2 . ?6. 4 / _VV *% K! (0 % KE ! % K! ( _VV / 2@. S 6. 4 ?6. / Q _VVf/ R2@. S6. 4 S . T ? . / 6 . Q. .. Q. $ )% K ( E ! % K! ( ! &= ! ! C ! ,M )> • 1 KD C !% % ( D C!K! ! ,() !&! ! B *;(*D + C! ,() !&! != D + C= ( % ! ,M *' Z +!8%() D *% K! (0 % K= d^ B *;(*! + D * 9 9 9 % K! (= % K = A 2_4 . E) _ = ( % K ! (! ( 2_/ d"4 YM! ,#! !+ ( 9 E) ( % K! (! ( _ ! % _VV/ , P !&! !d] * +, > K= ( C C 0 !!8; !& ! !%() D *% K ! ( = ]c %) * J'M + & E K0 C ! , !% d] E C 0M0 ' . K % K! ( * ! ( d" ]". D *% K ! ( *! ("2 4 "2 4 E ! ! )*+ => " 2 4 S " 2 4 / A 2_94 - A 2_9 - d]4 G & K C = D + C !% % D + C!K ! ! ,() !& ! !!8' *% K ! (! C !% `" % &% ! ( % K ! (! ( _9 2]`/d"4 F( % K! ( +; < C = ( ! C' " 2 4 )* + (! ,() !& ! ! * + , 7+*; ! 0 C! = >. Th.s Tr n Quang Trung. 20.

<span class='text_page_counter'>(21)</span> Qu n tr R i ro _VV / A 2_94 - A 2_9- d]4 Sd] d] Y % K! ( +%( !! (% & $ % % & g ! , C]c % & K!& % K ! ( ( ( 0 % K 1 K %() D *% K ! ( + , <, ' ) %() #E . \ = _VV 3 , G K + * ! C D + !%M % K! ( • K= ( ! =H !8; !& ! ! * +, %() D *% K ! (; <0M0 ' ! %() ]B . + A 2_4 . U '() ]c E) ( %K ! ( . %() ! C ' *! (" 2 4 "2 4 % % &= ( % ! ,M * ' !8 * K;( ! ) !% % ( % <!K ! ! ,() !& ! ! . " 2 4. 0 U E (*= + ! D * !& ! ! . !& ! ! 0 U E K= ;( !% * + ! !0M% & + ! & ) E !% = ( < 7+*; ! 0 C! ; <=> 9 9 _VV / A 2_4 - A 2_ - d]4 Sd] d] _VV / RA 2_94 - A 2_9 - d]4 T 5RA 2_94 - A 2_9 - d]4 T Sd] d] 7, K aE C !( ! ! ! +! , ! (* * _VV E J; + < % *% &! C D D + !%M ! % K ! (7 + C ! ! C; ! , a E C !( . 0 & !M;( K= ! , ! C0 U ! , ; * !! ,() !&! ! * +, +'() % = ) ! +! E ( % C! , *E %M ! , ; * !' !&! ! C +, 7 = ! +*; ! * K! % K ! ( K> P !D *' K= D + C! ( P !D *! C E ' K= ;( ! ) ! ( K= (. Th.s Tr n Quang Trung. 21.

<span class='text_page_counter'>(22)</span> Qu n tr R i ro. C(2). F. B Y. C0(2) C1(2). X. G C2(2). O. H. C. E. & B ! ,M + & () " #% K! ( + ) 7 ,/ Q ! ;. 1Y/ =. / ` ! 0. 2 + @. A. W. C(1). W’. O 6. 4. *'. !. = ). ). ! ,M. +&. (). CD + !%M !. !% ! !0M0M * E C 0 * &. #% K! ( + )= ) ) *' ! CD + !%M C ! % K! ( C 0 * & * #0 * & *). @. Th.s Tr n Quang Trung. 22.

<span class='text_page_counter'>(23)</span> Qu n tr R i ro %. C= ( ! (! % K! ( " # (*= + ! &! , 1 !E8 C !( `G $ ^ a !0 U. -. 7,( #! % K! ( " # C +'( F ; L! , ! !0M @ 7,() '. ). +!8 C. Th.s Tr n Quang Trung. ! ,M% = ' K! ! *! % K! (. =. ! % K! (. E +.. 23.

<span class='text_page_counter'>(24)</span> Qu n tr R i ro :@ :. ? @ : D :2@C :. $. 7 ! ,); ]^_7 2! ,. !&! !2! 4. Z <2! , 4 Z) ! ( ! ,() ! 2! , 4 7 2 *;(*! ; ! Q4 Z) ! ( ! K2! , 4 ]1 2O4 Z) ; ! %) * &% C B & K2O4 7 M E & K2! , 4 ) < ) ) 2 Q4 ? ) 7 M ' 2! , 4 & <2! , 4 i d"" Y + / . N+/ .@6Nh/ x=. 10.000.000 z + 1.000.000. C ! ! ,()* 4 7,() 77. 77. 7 % K! (; !&! ! ^ U ) ^ U Y"1 .. . . @ .@6 .@6. . 6.66 6.66. 2 4 . . @ 2+4 .@6 .@6. . .66 .66. 2h4 .@6. 6.66. .66. .@6. . @. .. . @. . @. & y=. x 0.14. z=. 10 .000 .000 y. ! 7 M *E & K! =C! , * ! ,() ) ! % K! (0 U ) + ! ! C & ) % D + !%M ! % K! ( 7 % K! (0 U ! ! C & ) !M E & K ) ; E) ! % K! (0 U ) Y8E +D + !%M ! % K! (0 U ! ! C & ). Th.s Tr n Quang Trung. 24.

<span class='text_page_counter'>(25)</span> Qu n tr R i ro & : 5 *). [4. ]^_7 Z < Z) ! ( ! ,() ! 7 Z) ! ( ! K ]1 Z) ; ! %) *% C 7 % ! ! ,()* ! , 08 2 4 B ! & K 7 M Y"1 ) <2 Q4 ) ) 2 Q4? ) 7 M Y"1 < 7 M Y"1 ) 7 M < i d"" B *;(*E ! % K! ( = ! , 7 ! &; ;. ' ;(. 6@ @ @ .@ . . 6 6. 6. • •. • •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h.s Tr n Quang Trung. * & ! ); < ! &. 25.

<span class='text_page_counter'>(26)</span> Qu n tr R i ro :@ :. ♦ B. &. ? >2 : D :2@C :: : @e Uf A2@= A @ 2 UD K. ! ,() E ;. !&! ! * +, > :+ 5) ; ). U : R)+ 3. F XT. : * XIR)+ 3. F XT. ) 5)+ 5) :. ). ) ;). ). $1. $&. 9. 9. R)+ 3. F XT. $1. $&. X ) 5R%9S T R)+ 3. F XT. 9. 7. 1. %. $g 999g 999. $g 999g 999. <19. ' 79. 9 1. 9 '. 19. %% 1$. ) 5H. ). R)+ 3. F XT. ; # UA R F XT H. @. )-. 5 ; #. 4. , ; F4. R F XT. :GX3 4 , -4 5 ; # R M AH LA)T 9 7 % < *%M ! ; !! = )! ( =@ QE ! # %() ! J= * !& ! ! * +, = Q H' &! , *%M E K! ; ! + % ! J= * & $ " C ! + 0 * &! E βS = N * βB E ] / ] S ]Z / S / 9 6 / &'0% β; /. & C *. ()*. K>. ♦ " #E & K %() ! ( C8 "d1F ]2,;4 / ,A 5β; R]2, 4 S,AT ]2,;4 / 5 6 @2 S 4 / 9 '0%$ 0 ". βS =. #E. C ! +. C. 0 *. &. EN E * β B − L * β RM E E. Th.s Tr n Quang Trung. 26.

<span class='text_page_counter'>(27)</span> Qu n tr R i ro. βS =. 10 0 .5 * 1 .3 − * 0 .5 9 .5 9 .5. β; / 6 @ S ♦ " #E & ]2,;4 / ,A 5β; R]2, ]2,;4 / 5 6@ ]2,;4 / 9 '<. 6 / &%$ K * C ! 4 S ,AT 92 S 4. Th.s Tr n Quang Trung. 27.

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