TN DUNG VA LAI

SUAT

CHNG

TAI CHNH TIEN TE

02/16/17 1
 NI DUNG NGHIN CU
Khai niem va ac iem tn dung
Vai tro cua tn dung
Cac hnh thc tn dung
Lai suat

02/16/17 2
 KHAI NIM VA AC IEM TN
DUNG
Khai niem:Tn dung la mot pham tru kinh
te phn nh s chuyn nhng quyn s dng
vn t ngi s hu sang ngi s dng trong
mt thi gian nht nh v vi mt khon ph nht nh.
3 ac trng c ban:
Ch lam thay oi quyen s dung khong
lam thay oi quyen s hu von
Thi han tn dung c xac nh da tren s
thoa thuan gia cac ben tham gia quan he
tn dung
Chu s hu von c nhan lai mot phan
thu nhap di dang li tc tn dung

02/16/17 3
 PHAN LOI TN DUNG
Can c vao yeu to thi han tn dung
Tn dung ngan han
Tn dung trung han
Tn dung dai han
Can c vao yeu to oi tng cua
tn dung
Tn dung von lu ong
Tn dung von co nh
Can c vao muc ch s dung von
Tn dung san xuat lu thong hang hoa
Tn dung tieu dung
02/16/17 4
 PHAN LOI TN DUNG

Can c vao yeu to chu the

Tn dung thng mai
Tn dung ngan hang
Tn dung nha nc
Can c vao tnh chat am bao
tn dung
Tn dung co am bao trc tiep
Tn dung khong co am bao trc
tiep

02/16/17 5
CHC NANG VA VAI TRO TN
DUNG
Chc nang
Chc nang tap trung va phan
phoi lai von tien te theo nguyen
tac co hoan tra
khau tap trung: thu hut c mo bo
phan nguon von cua xa hoi di cac
hnh thai tien te hoac vat chat tam
thi nhan roi
khau phan phoi :ap ng c cac
nhu cau ve von cho cac doanh nghiep,
dan c, cac to chc xa hoi va cung
nh cua nha nc
02/16/17 6
CHC NANG VA VAI TRO TN
DUNG
Chc nang
Chc nang kiem soat cac hoat ong
kinh te: Kiem soat di hnh thai gia tr
tien te, da tren c s van ong cua cac
luong gia tr tien te
am bao li ch thiet thc cho cac chu the kinh
te tham gia
Hieu qua cho nen kinh te quoc dan va toan
xa hoi
Phan anh tnh trang cua nen kinh te e t o
nha nc e ra nhng giai phap ieu tiet kp
thi nham khac phuc nhng khuyet iem, mat
can oi, cung nh phat huy hn na tnh hp ly
va tiem nang

02/16/17 7
CHC NANG VA VAI TRO TN
DUNG
Vai tro
Cong cu thc hien tch tu, tap trung von va
tai tr von cho cac nganh kinh te, gop phan
thuc ay san xuat kinh doanh phat trien
Rut ngan c thi gian tch luy von nhanh chong
cho au t m rong san xuat, va gop phan
thuc ay nhanh toc o tap trung va tch luy von
cho nen kinh te
Kch thch kha nang canh tranh, tao ieu kien cho
cac doanh nghiep chuyen hng san xuat kinh
doanh co li
ieu chnh c cau kinh te, tai tr cho cac nganh
kem phat trien, cac nganh kinh te mui nhon trong
chien lc phat trien kinh te cua at nc

02/16/17 8
CHC NANG VA VAI TRO TN
DUNG
Vai tro
Cong cu gop phan on nh tien te,
on nh gia ca va kiem che kiem
soat lam phat
Tang toc o luan chuyen hang hoa va tien
von
Thu hut c mot lng tien mat d tha trong
lu thong va khong phai phat hanh tien
them ma tnh trang thieu tien mat cuc bo
La cong cu e nha nc co the can thiep
hu hieu vao th trng e on nh tnh hnh
tai chnh tien te quoc gia
Tao ieu kien m rong cong tac thanh toan
khong dung tien mat

02/16/17 9
CHC NANG VA VAI TRO TN
DUNG
Vai tro
Gop phan on nh i song,
tao cong an viec lam va on
nh trat t xa hoi
Trng on nh ve gia ca, tien te
la ieu kien nang cao dan i song
cua cac tang lp dan c
Bo sung hang hoa tieu dung
Thc hien cac chng trnh chnh sach
xa hoi

02/16/17 10
CHC NANG VA VAI TRO TN
DUNG
Vai tro
La mot trong nhng phng
tien ket noi nen kinh te quoc
gia vi nen kinh te cua cong
ong the gii, gop phan phat
trien moi quan he oi ngoai
Chuyen giao von gia cac quoc gia
Chuyen giao cong nghe gia cac
quoc gia

02/16/17 11
 CAC HNH THC TN DUNG

Tn dung thng mai

Tn dung ngan hang
Tn dung nha nc

02/16/17 12
 TN DUNG THNG MAI

La quan he tn dung gia cac nha san

xuat kinh doanh vi nhau, c bieu hien
di hnh thc mua-ban chu hang hoa
ac trng tn dung thng mai
oi tng: la hang hoa, qua hnh thc mua
ban chu hang hoa
Chu the tham gia: la cac doanh nghiep trc
tiep san xuat kinh doanh hang hoa hoac
cung ng dch vu
S van ong phat trien cua tn dung thng
mai phu hp tng oi vi qua trnh phat
trien cua san xuat va lu thong hang hoa

02/16/17 13
 TN DUNG NGAN HANG
La quan he tn dung gia mot ben la ngan
hang, cac to chc tn dung vi ben kia la cac
phap nhan hoac the nhan trong nen kinh te
quoc dan.
ac trng tn dung ngan hang
Hnh thc tn dung ngan hang c thc hien di
hnh thai tien te gom tien mat va but te la
hang hoa.
Chu the tham gia: ngan hang thng mai, cac to
chc tn dung ong vai tro la chu the trung tam.
Qua trnh van ong va phat trien cua tn dung
ngan hang khong hoan toan phu hp vi quy mo
phat trien cua san xuat va lu thong hang hoa.

02/16/17 14
 TN DUNG NHA NC

La quan he tn dung gia nha nc

va cac chu the trong va ngoai nc.
ac trng tn dung nha nc
The hien li ch kinh te mang tnh t
nguyen, tnh cng che va tnh chnh tr
xa hoi.
Hnh thc tn dung a dang, pham vi huy
ong von rong.
Viec huy ong von va s dung von
gn lin vi cac chnh sach tai chnh-tien
te v chnh sch kinh t - x hi cua nha nc.
02/16/17 15
CAC KHOAN VAY N CUA NHA NC

Vay trong nc: Nha nc vay n

thong qua hnh thc phat hanh trai
phieu, chu yeu cac hnh thc trai
phieu sau: chnh phu, trai phieu chnh
quyen a phng. Cu the bao gom:
Trai phieu chnh phu: tn phieu KBNN;
trai phieu KBNN; trai phieu cong trnh
TW; trai phieu au t; trai phieu
ngoai te; cong trai xay dng to
quoc.
Trai phieu chnh quyen a phng
02/16/17 16
CAC KHOAN VAY N CUA NHA NC

Chu the phat hanh trai phieu

Trai phieu chnh phu la chnh phu
Trai phieu chnh quyen a phng
la Uy ban Nhan dan cap tnh
ong tien phat hanh va thanh
toan c xac nh trong tng t
phat hanh, thong thng la ong
noi te hay la cac ngoai te manh.

02/16/17 17
CAC KHOAN VAY N CUA NHA NC

Hnh thc phat hanh di dang

chng ch hoac but toan ghi so,
co ghi hoac khong ghi ten.
Menh gia trai phieu
Trai phieu phat hanh thanh
toanbang n v tien te khi phat
hanh vi menh gia phu hp.
Trai phieu phat hanh thanh toan
bang ngoai te c quy nh cu
the tng lan phat hanh.
02/16/17 18
CAC KHOAN VAY N CUA NHA NC

oi tng mua trai phieu la to chc, ca

nhan trong va ngoai nc.
To chc bao lanh, ai ly phat hanh la
cong ty chng khoan, quy au t, cong ty
tai chnh, cac ngan hang hoat ong hp
phap.
Nien yet va giao dch:
Trai phieu chnh phu, chnh quyen a phng
c mua ban tren th trng tien te hoac
chiet khau cam co NHTM
Trai phieu chnh phu, trai phieu c chnh phu
bao lanh, trai phieu chnh quyen a phng
c mua ban tren th trng chng khoan.

02/16/17 19
CAC KHOAN VAY N CUA NHA NC

Phng thc phat hanh

Bao lanh phat hanh
ai ly phat hanh
au thau qua NHNN, S GDCK
Gia ban trai phieu
oi vi phng thc bao lanh phat hanh
Gia ban ngang menh gia:

Trai phieu thanh toan goc, lai mot lan khi en

han
Gia ban bang 100% menh gia
Tien thanh toan = MG x (1+Ls)n
Trai phieu thanh toan lai nh ky
Gia ban bang 100% menh gia Ls
Lai thanh toan hang ky = MG x thanhtoan
soky trongnam

02/16/17 20
CAC KHOAN VAY N CUA NHA NC

Vi phng thc bao lanh(tiep theo)

Hnh thc chiet khau
MG
Gia ban xac nh = n
(1 Ls)

Khi thanh toan bang menh gia

Vi phng thc ai ly phat hanh
Ban cao hn menh gia: ngay ban sau

ngay phatGhanh MG x Ls x n
MG
365
Ban thap hn menh gia: ngay ban
trc ngay Gphat MG x Ls x n
hanh
MG -
365

02/16/17 21
CAC KHOAN VAY N CUA NHA NC
au thau qua th trng GDCK tap trung
Gia ban ngang bang menh gia va
gia ban trai phieu chiet khau giong
nh phng thc bao lanh phat hanh.
Gia ban cao hn hoac thap hn menh
gia xac nh theo cong thc:

Lx 1
1-
G= (1 r)n + MG
r
( 1 r ) n

02/16/17 22
Trong o:

Ls
r
K
G: Gia ban trai phieu
L: So tien lai thanh toan hang ky
MG: Menh gia trai phieu
Ls: Lai suat trung thau (%/nam)
K: So ky thanh toan lai trong nam
n: So ky tra lai trong ca ky han trai
phieu Laisuatnhky
thanhtoannam
L MG x
K
02/16/17 23
 V du
Tri phiu c k hn 5 nm. Li sut tri phiu thanh ton nh k xc
nh trc khi t chc u thu l 8,5%/nm. Li sut tr sau, thanh
ton mi nm 2 ln.
Gi s c cc trng hp sau:
Trng hp 1: Li sut pht hnh xc nh thng qua u thu l
8%/nm.
Nu nh u t mua khi lng tri phiu vi gi tr l 500.000.000
ng, th gi bn tri phiu c xc nh nh sau
L: S tin li thanh ton nh k = (8,5%/2) x 500.000.000

ng = 21.250.000 ng
MG:Mnh gi tri phiu = 500.000.000 ng

n: S k tr li trong c k hn tri phiu: 10 k

Ls: Li sut trng thu (%/nm) = 8%/nm

k: S ln thanh ton li trong 1 nm: 2 ln

r = 4%

02/16/17 24
 Ap dung cong thc ta co
ket qua
1
21.250.000 x 1-
500.000.00 0
10
(1 0,04)
G= +
( 1 0,04) 10
0,04
= 510.138.620 ong
Trng hp 2: Li sut pht hnh xc nh thng qua u thu l
9%/nm. Nu nh u t mua khi lng tri phiu vi gi tr l
500.000.000 ng. Tnh tng t nh trng hp 1, gi bn tri
phiu c xc nh nh sau:
1
21.250.000 x 1- 10

(1 0,045) 500.000.000
G= +
0,045
( 1 0,045)10
= 490.109.102 ong
02/16/17 25
(tiep theo)

Tien lai hang ky thanh toan ca 2

8,5%
trng hp tren
500.000.00
0x la =
2
21.250.000 ong
So tien se thanh toan trai phieu khi ti
han la
500.000.000 + 21.250.000 = 521.250.000

02/16/17 26
 V du
Tri phiu c k hn 5 nm. Li sut tri phiu thanh ton nh k xc
nh trc khi t chc u thu l 10%/nm. Li sut tr sau, thanh
ton mi nm 2 ln.
Gi s c cc trng hp sau:
Trng hp 1: Li sut pht hnh xc nh thng qua u thu l
9,5%/nm.
Nu nh u t mua khi lng tri phiu vi gi tr l 100.000.000
ng, th gi bn tri phiu c xc nh nh sau
L: S tin li thanh ton nh k = (10%/2) x 100.000.000 ng

= 5.000.000 ong
MG:Mnh gi tri phiu = 100.000.000 ng

t: S k tr li trong c k hn tri phiu: 10 k

Ls: Li sut trng thu (%/nm) 9,5%/nm

k: S ln thanh ton li trong 1 nm: 2 ln

r = 4,75%

02/16/17 27
 Ap dung cong thc ta co
ket qua
1
5.000.000 x 1- 10

100.000.00
0
(1 0,0475)
G= +
) 10
( 1 0,0475
0,0475
= 101.954.087 ong
Trng hp 2: Li sut pht hnh xc nh thng qua u thu l
11%/nm. Nu nh u t mua khi lng tri phiu vi gi tr l
100.000.000 ng. Tnh tng t nh trng hp 1, gi bn tri
phiu c xc nh nh sau:
1
1-
5.000.000 x 10
(1 0,055) 100.000.00 0
G= +
0,055
( 1 0,055)10
= 96.231.187 ong
02/16/17 28
(tiep theo)

Tien lai hang ky thanh toan ca 2

10%
trng hp tren
100.000.00
0x la =
2
5.000.000 ong
So tien se thanh toan trai phieu khi ti
han la
100.000.000 + 5.000.000 = 105.000.000

02/16/17 29
CAC KHOAN VAY N CUA NHA NC

Tn phieu KBNN la loai trai phieu chnh phu co

ky han di 1 nam do KBNN phat hanh nham
phat trien th trng tien te va huy ong von
bu ap thieu hut tam thi trong nam tai chnh.
Phat hanh theo phng thc au thau qua NHNN,
vi oi tng la cac TCTD, cong ty bao hiem,
quy bao hiem, quy au t, trong trng hp
cac to chc nay khong mua het th NHNN mua
phan con lai.
Toan bo tien phat hanh tn phieu KBNN tap
trung vao NSTW s dung theo quy nh cua luat
NSNN.
NSTW am bao thanh toan ca tien goc va lai
tn phieu khi en han va cac khoan chi ph khac
co lien quan en phat hanh va thanh toan.

02/16/17 30
CAC KHOAN VAY N CUA NHA NC

Trai phieu kho bac va trai phieu cong trnh: co

ky han t 1 nam tr len do KBNN phat hanh huy
ong bu ap thieu hut NSNN theo d toan va
theo cac d an thuoc nguon von au t cua
NSTW ghi trong ke hoach nh cha bo tr c nguon
von au t.
Phng thc phat hanh: ban le qua he thong
KBNN; au thau qua TTGDCK; bao lanh phat hanh;
ai ly phat hanh.
Lai suat do BT Bo tai chnh quyet nh tren c s
tnh hnh cua TTTC tai thi iem phat hanh.
Toan bo tien phat hanh trai phieu c tap
trung vao NSTW s dung theo ung quy nh cua
luat NSNN. NSTW am bao nguon thanh toan goc,
lai va chi ph cho viec to chc phat hanh va
thanh toan.
02/16/17 31
CAC KHOAN VAY N CUA NHA NC

Trai phieu au t: la trai phieu chnh phu co

ky han t 1 nam tr len do cac to chc tai
chnh cua nha nc, cac to chc tai chnh, tn
dung c thu tng ch nh phat hanh nham
huy ong von e au t theo chnh sach cua
chnh phu.
Nguyen tac phat hanh:
Phat hanh rieng cho tng muc tieu kinh te.
Tong mc phat hanh khong vt qua ch tieu
c chnh phu phe duyet.
Phng an phat hanh c bo tai chnh tham
nh.
Mc phat hanh, menh gia, ky han, thi iem do
to chc phat hanh thong nhat vi bo tai chnh.
Bo trng bo tai chnh quyet nh tran lai suat
phat hanh.

02/16/17 32
CAC KHOAN VAY N CUA NHA NC

Phng thc phat hanh: ban le qua he thong

KBNN; au thau qua TTGDCK; bao lanh phat
hanh; ai ly phat hanh.
Tien thu t phat hanh trai phieu c theo doi
rieng va ch s dung vao muc ch kinh te a
c thu tng phe duyet.
To chc phat hanh co trach nhiem thanh toan
goc lai trai phieu khi ti han va cac khoan chi
ph khac co lien quan en phat hanh va thanh
toan trai phieu.
Ngoai ra, NSNN thanh toan mot phan hay toan
bo lai trai phieu hoac cap bu phan chenh
lech lai suat cho to phat hanh theo quyet nh
cua thu tng chnh phu oi vi tng muc
tieu kinh te cu the.

02/16/17 33
CAC KHOAN VAY N CUA NHA NC

Cong trai do chnh phu phat hanh

nham huy ong von trong dan au t
xay dng cac cong trnh quan trong va
cac cong trnh thiet yeu khac phuc vu
cho san xuat i song va tao c s
vat chat ky thuat cho at nc.
Phat hanh cong trai theo cac quy nh
tai phap lenh so 12/1999/PL-UBTVQH10
ngay 27/4/1999 do UBTVQH ve viec phat
hanh cong trai xay dng to quoc.

02/16/17 34
CAC KHOAN VAY N CUA NHA NC

Trai phieu chnh quyen a phng: la loai

trai phieu do UBND cap tnh uy quyen cho
KBNN hoac to chc tai chnh phat hanh,
nham huy ong von cho cac d an, cong
trnh thuoc nguon von au t cua NSP a
ghi trong ke hoach nhng cha bo tr von NS
trong nam.
D an cong trnh au t trong ke hoach au
t 5 nam a c HND cap tnh quyet
nh.
Gii han toi a tong von huy ong bang
phat hanh trai phieu chnh quyen a phng
theo quy nh tai khoan 3 ieu 8 luat NSNN,
rieng Ha Noi va TP. HCM co quy nh rieng.
02/16/17 35
CAC KHOAN VAY N CUA NHA NC

La nguon von thuoc chng trnh

hp tac phat trien gia chnh phu
vi chnh phu nc ngoai, cac to
chc lien chnh phu va cac to
chc phi chnh phu nc ngoai.
Qua cac hnh thc ODA song phng;
ODA a phng; phat hanh trai
phieu ra th trng tai chnh quoc
te.

02/16/17 36
 LAI SUAT TN DUNG

Cac van e nghien cu

Khai nien va phan loai
Phng phap xac nh lai suat
C che hnh thanh va cac nhan
to anh hng en lai suat tn
dung

02/16/17 37
 KHAI NIEM LAI SUAT TN
DUNG
Lai suat la gia ca ma ngi i
vay phai tra cho viec s dung tien
cua ngi cho vay. La loai gia c
ban cua th trng tai chnh va
co anh hng quan trong en cac
hoat ong kinh te va tai chnh.
2 cach thc giai thch cho s ton
tai cua lai suat
Gia tr thi gian cua tien te
Chi ph c hoi
02/16/17 38
 PHAN LOAI LAI SUAT

Trong giao dch tn dung

Lai suat danh ngha: la loai lai suat phai thanh
toan
Lai suat thc: la loai lai suat o lng sc mua
tien lai nhan c
Can c vao tnh chat cua cac khoan vay
Lai suat tien gi ngan hang
Lai suat tn dung ngan hang
Lai suat chiet khau
Lai suat tai chiet khau
Lai suat lien ngan hang
Lai suat c ban

02/16/17 39
 PHNG PHAP XAC NH
LAI SUAT
Phng phap tnh lai: co 2 phng
phap tnh lai
Cach tnh lai n :Theo phng phap nay, c
moi mot n v von cho vay, th nha au t
1 i c (
nhan ) tien lai
Neu nh i* lai suat tnh theo hang ky, th
cong thc tnh lai n tren c viet
thanh:
FV PV (1 n i )
*

Trong o: n la so ky han lai trong ky cho vay.

02/16/17 40
 PHNG PHAP XAC NH
LAI SUAT
Cach tnh lai kep: Theo cach tnh
lai kep, tien lai cua ky trc
c cong vao tien goc e tnh
tien lai cua ky sau. Cong thc
tong quat tnh lai kep cua mot
khoan FVntien
FVn 1 (au t(1vi
1 i ) PV i ) n ky han lai
eu nhau:

02/16/17 41
 FV
PV
(1 i ) n

PHNG PHAP XAC NH

LAI SUAT
Hien gia: Khai niem hien gia cho
phep chung ta giai thch tai sao mot n
v von nhan c hom nay co gia tr
ln hn mot n v von nhan c trong
tng lai.
e xac nh hien gia tr mot lng tien
tng lai chung ta ap dung cong thc:
FV
PV
(1 i ) n
trong o 1/(1+i)n la he so gia tr hien
tai
02/16/17 42
 PHNG PHAP XAC NH
LAI SUAT
Lai suat hoan von: Lai suat hoan von
la loai lai suat lam can bang hien gia
cua tat ca khoan thu nhan c t mot
cong cu n vi gia tr hien tai cua no.
Can c vao cach thc tra lai va tien
goc, co the chia cac cong cu n thanh
bon nhom: n n, trai phieu chiet khau,
trai phieu coupon va n thanh toan co nh
e hieu c lai suat hoan von, chung ta
xem xet mot so cong cu n pho bien tren
th trng tn dung

02/16/17 43
 PHNG PHAP XAC NH
LAI SUAT
Cac cong cu n n: do cac ngan hang, chnh
phu va cong ty phat hanh, khi i vay ngi vay n
ong y tra cho ngi cho vay gom: tien goc cong
vi tien lai khi ao han

e tnh lai suat hoan von i*, chung ta

bien oi cong tren:
11.000 10 .000
i 0,10 10%
10.000
Qua ket qua tnh toan tren ta rut ra nhan
xet: oi vi n n, lai suat n bang
vi lai suat hoan von
02/16/17 44
 PHNG PHAP XAC NH
LAI SUAT
Trai phieu chiet khau: ngi i vay tra cho
ngi cho vay mot khoan thanh toan n bang
ung menh gia cua trai phieu

F P
Cong thc tnh lai suati*hoan
von cua trai
P
phieu chiet khau co thi han 1 nam (i*) nh sau:
Trong o: F: menh gia trai phieu; P: Gia hien
hanh cua trai phieu chiet khau
Neu trai phieu chiet khau co thi F gian n nam,
P nh *sau:
th lai suat hoan von c tnh (1 i ) n
T cong thc tnh lai kep ta suy ra:
F
i *

Bien oi cong thc lai suat hoan
n von
1
P
02/16/17 45
 PHNG PHAP XAC NH
LAI SUAT
Trai phieu coupon: ngi i vay thc hien thanh
toan nhieu lan so tien lai theo nh ky chang han
nh na nam hoac mot nam mot lan va thanh
toan tien goc khi ao han.

Cong thc tnh gia ca hien hanh cua coupon (P)

vi lai suat C C von C (i*) C F
P *hoan
...
1 i (1 i* )2 (1 i* )3 (1 i* )n (1 i* )n
n
1 F
Hay P C

j 1 (1 i ) (1 i* ) n
* j

Tren c s biet c cac tham so P, C, va F, giai

phng trnh tren chung ta se tm c lai suat hoan
von i*

02/16/17 46
Cac cong cu n
N vay thanh toan co nh: ngi i vay phai
thanh toan cho ngi cho vay theo nh ky: thang,
quy hoac nam. So tien thanh toan bao gom lai
va tien goc; v the, khi ao han se khong thanh
toan tong tien goc

P la so tien cho vay hoan tra co nh; FP la so

tien tra co nh hang nam
FP FP FP n 1
P * ... Hay P FP * j

1 i (1 i ) (1 i ) j 1 (1 i )
* 2 * n

e tnh lai suat hoan von i* chung ta giai phng

trnh tren
02/16/17 47
 PHNG PHAP XAC NH LAI
SUAT
Moi quan he gia lai suat va gia
trai phieu: 3 moi quan he gia lai suat
ao han, lai suat hien hanh va lai suat
coupon cua trai phieu nh sau:

Neu nh gia hien hanh cua trai phieu P

bang vi gia danh ngha F, th khong co
nay sinh khoan li von hay lo von t viec
nam gi trai phieu cho en khi ao han. V
the lai suat hoan von i bang vi lai suat
hien hanh C/P, va bang vi lai suat coupon
02/16/17 48
Moi quan he gia lai suat va gia
trai phieu
Neu nh gia hien hanh nho hn gia
danh ngha (P < F), mot nha au t
nhan c khoan li von khi nam gi
trai phieu cho en khi ao han. V the,
lai suat hoan von i ln hn lai suat
hien hanh C/P va ln hn lai suat
coupon C/F .
Neu nh gia hien hanh ln hn gia
danh ngha (P > F), mot nha au t b
lo von khi nam gi trai phieu cho
en khi ao han. V the, lai suat hoan
von i nho hn lai suat hien hanh C/P
va nho hn lai suat coupon C/F.
02/16/17 49
LAI SUAT VA TY SUAT LI
TC
Ty suat li tc cua trai phieu: la tong
so cua lai suat hien hanh cong vi
mc li cua von hoac mc lo cua
von.
C Pt 1 Pt
R
Pt Pt

02/16/17 50
 C CHE HNH THANH LAI
SUAT
Lai suat th trng c quyet nh bi quan
he cung cau trai phieu va quy cho vay. e
xem. xet lai suat thiet lap nh the nao,
chung ta tap trung vao phan tch s thay oi
cung cau trai phieu va quy cho vay.
Trai phieu la Quyen s dung von
hang hoa la hang hoa
Ngi Ngi cho vay mua Ngi i vay huy ong
mua trai phieu von
Ngi Ngi i vay phat Ngi cho vay cung cap
ban hanh trai phieu von
Gia
Gia ca trai phieu Lai suat
ca
02/16/17 51
 C CHE HNH THANH LAI SUAT

ng cau ng cung

Cau trai phieu Cung quy cho vay

Gia ca Lai suat ( i
trai phieu (P: %) Ls
$)
B
9.500 25% A

A
8.000 5,3% B

Bd

KL gia tr trai phieu, (B $) Quy cho vay, (L $)

02/16/17 52
 C CHE HNH THANH LAI
SUAT
ng cung ng cau
Cung trai phieu Cau quy cho vay
Lai
suat
Gia ca ( i %) Ld
trai phieu
(P:$)

D
9.500 C 25%

8.000 D 5,3% C

Bs

KL gia tr trai phieu, (B $) Quy cho vay, (L :$)

02/16/17 53
 C CHE HNH THANH LAI
SUAT
iem can bang

Cung cau trai Cung - cau quy cho

phieu vay
Gaia ca Bd Bs Lai suat Ld
trai phieu ( i %) Ls
(P $) Cung vt qua Cung vt qua

9.500 25%
B C D A

P* E i* E

D A B C
8.000 5,3%
Cau vt qua Cau vt qua

KL gia tr trai phieu, (B $) Quy cho vay, (L $)

02/16/17 54
 CAC NHAN TO ANH HNG
EN LAI SUAT
Cac nhan to lam thay oi ng cau trai phieu va quy
cho vay

Thu nhap bnh quan

Cung cau trai Cung - cau quy cho
Gaia ca Lai
(P $) phieu
1b. Nhu cau trai suat vay L
2a. Kha nang
cho vay giam
s2

phieu tang Bs ( i %)

Ls0

P1 i2
E1 E2
Ls1
1a.Gia tang
P0 i0 2b. LS tang
E0 E0
Bd1
1b. LS giam
P2 2b. Gaia 2a. Kha nang
giam 2a. Nhu cau trai cho vay tang
E2 i1
phieu giam
E1

Bd2 Bd0 Ld

KL gia tr trai phieu, (B $) Quy cho vay, (L $)

02/16/17 55
 CAC NHAN TO ANH HNG
EN LAI SUAT
Cac nhan to lam thay oi ng
cau trai phieu va quy cho vay
Li tc va lam phat ky vong
S gia tang li tc ky vong oi vi tai
san khac se lam giam i nhu cau trai
phieu. ng cau trai phieu dch chuyen
sang trai, gia ca trai phieu giam va lai
suat th trng tang len. Ngc lai
S gia tang lam phat ky vong se lam
giam nhu cau trai phieu. ng cau trai
phieu dch sang trai, gia ca trai phieu
giam va lai suat tang len. Ngc lai

02/16/17 56
 CAC NHAN TO ANH HNG
EN LAI SUAT
Cac nhan to lam thay oi ng
cau trai phieu va quy cho vay
Rui ro
Rui ro au t trai phieu se lam giam nhu
cau trai phieu; ng cau trai phieu
dch chuyen sang trai va gia ca trai
phieu giam xuong, va ngc lai.
Mot s giam i rui ro trai phieu se lam
gia tang kha nang cua ngi cho vay trong
viec cung cap von. ng cung quy cho
vay dch chuyen sang phai va lam giam
lai suat, va ngc lai
02/16/17 57
 CAC NHAN TO ANH HNG
EN LAI SUAT
Cac nhan to lam thay oi ng
cau trai phieu va quy cho vay
Tnh long
Trai phieu co tnh long cao th cong chung
san long nam gi trai phieu nhieu hn.
ieu nay lam gia tang nhu cau trai
phieu. ng cau trai phieu dch chuyen
sang phai va gia ca trai phieu tang len
S thay oi tnh long cua cac tai san
khac cau trai phieu se dch sang trai va
gia ca trai phieu giam.

02/16/17 58
 CAC NHAN TO ANH HNG
EN LAI SUAT
Cac nhan to lam thay oi ng
cau trai phieu va quy cho vay
Chi ph thong tin
Th trng co ay u thong tin se lam
giam i rat nhieu chi ph thu thap thong tin
cua cac nha au t lam cho trai phieu
hap dan hn so vi cac tai san khac,
ng cau trai phieu se dch chuyen sang
phai va gia ca trai phieu tang len.
Chi ph thong tin cang thap se lam gia
tang tnh san long cua ngi cho vay e
cung cap von. ng cung quy cho vay dch
chuyen sang phai va lai suat giam
xuong.
02/16/17 59
 CAC NHAN TO ANH HNG
EN LAI SUAT
Cac nhan to lam thay oi ng
cung trai phieu va quy cho vay
Li nhuan ky vong cua von
au t
Cung - cau trai Cung cau quy cho
phieu
2a. Nhu cau phat hanh
vay
Gia ca Bs2
(P $)
trai phieu giam Lai
suat 1b. Nhu cau vay n tang Ls
( i %)
Bs0
P2 i1
E2 E1
Bs1
1b.LS tang
P0 2b. Gia tang
i0
E0 E0
1b. Gia giam Ld1
1a. Nhu cau phat 2b. LS
i2 2a. Nhu cau vay n
P1 hanh trai phieu giam E2
E1 tang giam

Bd Ld2 Ld0

KL gia tr trai phieu, (B $) Quy cho vay, (L $)

02/16/17 60
 CAC NHAN TO ANH HNG
EN LAI SUAT
Cac nhan to lam thay oi ng
cung trai phieu va quy cho vay
Chnh sach thue
Chnh sach u ai thue co tac ong en
li nhuan ky vong va gia tang tnh san
long cua cong ty trong viec phat hanh trai
phieu huy ong von gia ca trai phieu
giam. Thue lam gia tang nhu cau vay mn
von cua cac cong ty. ng cau quy cho
vay dch chuyen sang phai lai suat tang.
Ganh nang thue anh vao li nhuan cang
cao se lam giam tnh san long cua cac
cong ty trong viec phat hanh trai phieu
gia trai phieu tang. ng cau quy cho
vaydch chuyen sang trai lai suat giam
02/16/17 61
 CAC NHAN TO ANH HNG
EN LAI SUAT
Cac nhan to lam thay oi ng
cung trai phieu va quy cho vay
Lam phat ky vong
Lam phat ky vong cang cao lam dch
chuyen ng cung trai phieu sang
phai gia trai phieu giam. oi vi
quy cho vay, lam phat ky vong cang
cao lam gia tang nhu cau vay von cua
ngi i vay lai suat tang.
Ngc lai, ng cung trai phieu dch
chuyen sang trai, gia trai phieu tang,
lai suat giam.
02/16/17 62
 CAC NHAN TO ANH HNG
EN LAI SUAT
Cac nhan to lam thay oi ng
cung trai phieu va quy cho vay
Vay n cua chnh phu
Vay n cua chnh phu lam cho
ng cung trai phieu dch chuyen
sang phai, gia ca trai phieu giam
xuong, se lam gia tang lai suat
Ngc lai, gia trai phieu tang, lai
suat se giam.

02/16/17 63
 CAU TRUC RUI RO VA CAU TRUC KY HAN
CUA LAI SUAT

Cau truc rui ro cua lai suat

Tom tat cau truc rui ro cua lai suat
Mot s Dan en Bi v
gia tang lai suat
. cua tai
san .
nhng ngi tiet kiem phai
Rui ro v
gia tang c bu ap do phai ganh
n
chu them rui ro
nhng ngi tiet kiem ton t
Tnh long giam chi ph trong viec oi tai san
sang tien mat
nhng ngi tiet kiem mat
Chi ph
tang nhieu chi ph e anh gia tai
thong tin
02/16/17 san 64
 CAU TRUC RUI RO VA CAU TRUC KY HAN
CUA LAI
Tom SUAT
tat cac ly thuyet cau truc ky han lai suat

ng cong lai suat la o th phan anh moi quan he gia lai

suat so vi ky han cua no. Lai suat trai phieu dai han bang
trung bnh lai suat ngan han co ky au t giong nhau ` Q1098
DF ][POFFD

Ly Gia thiet Tien oan anh gia

thuyet
Th Cac ky han khong Lai suat oi vi cac Giai thch hnh dang
trng co s thay the. Ky ky han khac nhau c ng cong nhng khong
b han cang ngan hn quyet nh trong nhng giai thch tai sao lai suat
phan c a chuong hn th trng rieng biet ngan han va lai suat
khuc ky han dai han dai han cung di chuyen
vi nhau
Ky Cac ky han Lai suat cua trai phieu Giai thch tai sao lai suat
vong c thay co n ky bang trung ngan han va lai suat
the hoan hao bnh cong nhng lai suat dai han cung di chuyen
cua trai phieu 1 ky qua n vi nhau nhng khong
ky tiep theo cua ng giai thch tai sao o doc
cong lai suat thng hng i len
La Cac ky han c Lai suat cua trai phieu Giai thch va hnh dang
chon thay the nhng co n ky bang trung bnh ng cong lai suat va
ky khong hoan hao cong cua nhng lai suat tai sao lai suat ngan han
han cua trai phieu 1 ky qua n va lai suat dai han
ky tiep theo cong them cung di chuyen vi nhau
02/16/17 phan bu ap rui ro. 65