Chương 9 Định Chế Tài Chính Trung Gian

Chng :
CAC NH CHE TAI CHNH

TRUNG GIAN
Ti chnh tien te

Chng : Cac nh che tai chnh trung gian
1. Khai niem va ac iem nh che tai chnh trung gian
1.1. Khai niem
1.2. ac iem
1.3. Phan loai
2. Vai tro cua cac nh che tai chnh trung gian
2.1. Chu chuyen von
2.2. Khac phuc tnh trang thong tin bat can xng tren TTTC
2.3. Gop phan lam giam chi ph xa hoi
2.4. Nang cao hieu qua va ieu kien song
3. Mot so nh che tai chnh trung gian chu yeu
3.1. Cac nh che ngan hang
3.2. Cac nh che phi ngan hang

KHAI NIEM
Thuat ng nh che hieu theo goc o:
Cac to chc
Cac nguyen tac, quy nh hoat ong cua to chc
nh che tai chnh la to chc huy ong cac nguon von
e tai tr cho cac nha au t (cho vay, chiet khau.).
nh che trung gian tai chnh la nhng to chc thc hien
huy ong nguon tien cua nhng ngi tiet kiem cuoi
cung va sau o cung cap cho nhng ngi can von cuoi
cung.

KHAI NIEM CTCTG
1.1. Khai niem:
Cac nh che trung gian tai chnh la nhng to chc thc hien huy ong
nguon tien cua nhng ngi tiet kiem cuoi cung va sau o cung cap cho
nhng ngi can von cuoi cung.

Nhng ngi
tiet kiem

Ho gia nh
Doanh nghiep
Chnh phu
Nhng ngi can von
cuoi cung
Ho gia nh
Doanh nghiep
Chnh phu

nh che
trung gian
tai
chnh
Ve hnh thc kinh doanh
Cac nh che trung gian tai chnh la cac c s kinh doanh tien te va
giay t co gia c to chc va hoat ong e at nhng muc ch
sinh li nhat nh

AC IEM C.TCTG
Cac yeu to au vao
at ai
Lao ong
Von bang tien
Quan ly
Cac au ra
Huy ong cac khoan tien
tiet kiem
Cho vay
Cac dch vu tai chnh khac
nh che
trung gian
tai chnh
AC IEM C.TCTG (tt)
Tien trnh tao ra cac san pham au ra cua cac trung
gian tai chnh gom 2 giai oan:
Huy ong tien tiet kiem t nhng ngi tha von
Chuyen so von tiet kiem nay cho nhng ngi can
von cuoi cung
AC IEM C.TCTG (tt)
- Ve phng thc luan chuyen von:
von van ong qua trnh kinh doanh cua cac TGTC van hanh theo cong thc T T

ma khong co s xuat hien cua hang hoa.
- Cac nh che trung gian tai chnh am nhan nhng hoat ong trung gian nh sau:
Trung gian menh gia: hien huy ong cac khoan tien tiet kiem co quy mo nho tap
trung thanh quy cho vay co quy mo ln e tai tr cho nhng ngi can von
Trung gian rui ro ngam nh:phat hanh nhng loai chng khoan th cap tng oi an
toan va de lu hoat e thu hut tien tiet kiem cua nhng ngi khong chap nhan
rui ro, ong thi cac nh che trung gian tai chnh lai chap nhan nhng chng khoan
s cap co rui ro cao do nhng ngi can von phat hanh

AC IEM C.TCTG (tt)

Trung gian ky han: huy ong nhng khoan tien tiet kiem co
nhng thi han khac nhau, sau o chuyen hoa tai tr cho
nhng ngi can von vi nhng ky han cung khac nhau.
Trung gian thanh khoan: cac nh che trung gian tai chnh co the
chuyen oi cac loai chng khoan lu hoat thanh tien.
Trung gian thong tin: cung cap thong tin va anh gia kha nang
cua ngi can von cuoi cung e anh gia va at von au t
mot cach co hieu qua.

PHAN LOAI CAC NH CHE TRUNG GIAN TAI CHNH
Can c vao ac iem hoat ong
Ngan hang thng mai.
Cac loai quy tiet kiem
Cac quy tn dung
Cac cong ty bao hiem
Cac cong ty tai chnh.
Cac loai quy ho tng
Cac cong ty chng khoan
Can c vao mc o thc hien chc nang trung gian
Cac nh che nhan tien gi
Cac nh che tiet kiem theo hp ong
Cac loai quy au t/quy ho tng
PHAN LOAI CAC NH CHE TRUNG GIAN TAI CHNH
Can c vao muc ch hoat ong:
Cac trung gian tai chnh kinh doanh
Cac trung gian tai chnh v muc ch xa hoi
Cac trung gian tai chnh Viet Nam:
Ngn hng thng mi
Cng ty chng khon
Cng ty ti chnh
Cng ty bo him
Qu u t chngkhoan
VAI TRO CUA CAC NH CHE TRUNG GIAN TAI CHNH TRONG NEN
KINH TE TH TRNG
Chu chuyen cac nguon von
Kenh huy ong von au t trong nc
Kenh huy ong von t nc ngoai
Khac phuc tnh trang thong tin bat can xng tren th trng tai chnh
Mot tien trnh giao dch von, oi vi nha au t tc la ngi can von bao gi
cung nam ro thong tin ve mc o rui ro va ty suat sinh li cua d an au t
ma anh ta ang tien hanh hn la ngi cung cap von. Van e nay con goi la
thong tin bat can xng.
Vi s xuat hien cua TGTC giai quyet c 2 van e
La chon oi nghch, xay ra trc khi giao dch von ngi can von co khuynh
hng a ra mc lai suat huy ong von rat cao, ngi cung cap von co le
cung khong san long cung cap von v cha biet ro.
VAI TRO (tt)
Rui ro ao c khi thc hien giao dch von. Ngui i vay co khuynh
hng s dung so von vay au t vao nhng d an co lai suat cao
hn nhng lai co nhieu rui ro tiem nang. Ngi cho vay khong co u
kha nang e giam sat nhng hoat ong cua ngi i vay sau khi a
cung cap von.
S ton tai cua cac nh che trung gian tai chnh giai quyet van e
thong tin bat can xng va hai van e lien i la la chon oi
nghch va rui ro ao c do tnh chuyen mon hoa trong viec anh
gia rui ro tiem nang.

VAI TRO (tt)
Cac trung gian tai chnh co tn chuyen nghiep hoa trong kinh
doanh nen:
Phat hanh cac cong cu giao dch rui ro thap nhng li nhuan
thoa ang cho ngi tiet kiem
Co kha nang ang gia nang lc ngi i vay. a ra nhng
rang buoc oi vi ngi i vay e am bao an toan oi vi
von cho vay.
VAI TRO CUA CAC NH CHE TRUNG GIAN TAI CHNH TRONG NEN
KINH TE TH TRNG
Gop phan giam chi ph giao dch cua xa hoi
Chi ph giao dch von
Ch ph thong tin
Gop phan nang cao hieu qua kinh te va tieu chuan cuoc song xa
hoi
Li ch oi vi ngi tiet kiem
Kha nang sinh li von tiet kiem
Thu nhap gia tang
Li ch oi vi ngi vay von
Thoa man nhu cau von au t
M rong san xuat
am bao viec lam cho ngi lao ong

3.1. Cac nh che ngan hang
La nhng TGTC ma hoat ong chu yeu va thng xuyen la huy
ong von qua phng thc nhan tien gi khach hanh sau o phan
phoi lai von chu yeu la cap tn dung cho vay. Tieu bieu cho loai hnh
nay la:
Ngan hang thng mai
Cac loai hnh ngan hang xa hoi
Cac ngan hang tiet kiem tng tr khac.
Trong phan nay chu yeu gii thieu loai hnh tieu bieu la ngan hang
thng mai.
3.2. Cac nh che tai chnh phi ngan hang
Quy tn dung
Cong ty bao hiem
Cong ty tai chnh
Cong ty au t
Cong ty chng khoan
Hoat ong kinh doanh cua cac nh che tai chnh nay gan vi cac
hp ong tiet kiem co ieu kien hoac phat hanh chng ch huy ong
von hoac chng ch gop von t cac nha tiet kiem au t, khong qua
hnh thc huy ong tien gi khong ky han hay tien gui tiet kiem nh
ngan hang. Phan phoi s dung von chu yeu qua hnh thc au t tai
chnh va cho vay co ky han. Nghiep vu trung gian thanh toan cac nh che
tai chnh nay khong thc hien c.
Quy tn dung
nh che tai chnh thuoc s hu tap the
Huy ong von qua hnh thc nhan tien gi co ky
han, tien gui tiet kiem, phat hanh cac loai chng
khoan n
Cap tn dung cho cac thanh vien gop von, cac to
chc ca nhan
Cong ty tai chnh
Cong ty tai chnh la mot trung gian tai chnh, hoat ong chu yeu la cho vay va tai tr
cac d an au t phat trien.
Khac vi ngan hang thng mai, cong ty tai chnh khong c nhan tien gi thng
xuyen di dang tien gi khong ky han cua khach hang khong thc hien cac nghiep
vu trung gian thanh toan
Cac loai cong ty tai chnh
Cong ty tai chnh ban hang (Sales finance company): thuoc s hu bi mot cong ty che bien
hay ban le va cung cap nhng khoan tn dung cho ngi tieu dung e mua hang cua
cong ty o.
Cong ty tai chnh tieu dung (Consumer finance company): chuyen cung cap cac khoan tn dung
cho ngi tieu dung e mua nhng vat dung.
Cong ty tai chnh kinh doanh (Bussiness finance company): cung cap cac hnh thc tn dung ac
biet cho nhng hoat ong kinh doanh bang viec mua cac khoan n hoac cac giay t co gia

Quy au t
Quy au t la trung gian tai chnh thc hien huy ong von t cac
nha au t ca nhan thong qua phat hanh chng ch gop von au t
e au t vao cac co phieu, trai phieu, tien te, hay cac danh muc
tai san khac.
Cong ty quan ly quy va c che giam sat
Quy au t
Cong ty quan quy
au t
Huy ong
Tien Tien
Li nhuan
Li nhuan

Tiet kiem cua ca nhan
va ho gia nh

Danh muc au t
Chng khoan
Bat ong san
San xuat kinh doanh

Quy au t
QUY AU T
Cong ty
quan ly quy
C quan
Nha nc
Ngan hang
giam sat
Cong ty
kiem toan
Quan ly; giam sat
Kiem toan
ieu hanh
Quan ly au t
Nghien cu
Lu ky
Giam sat
Quy au t
Danh muc au t cua Quy :
au t trc tiep vao doanh nghiep
au t vao th trng chng khoan
Cac loai quy au t:
Quy au t dang ong: theo ieu le qui nh thng ch tao von qua
mot lan ban chng khoan cho cong chung.
Quy au t dang m : phat hanh them nhng co phieu mi e
tang von va cung san sang mua lai nhng co phieu a phat hanh.

Cong ty bao hiem
Hoat ong chu yeu nham bao ve tai chnh cho nhng ngi co hp
ong bao hiem ve nhng rui ro thuoc trach nhiem bao hiem tren c
s ngi nay phai tra mot khoan tien ph bao hiem.
Bao hiem tai san
Bao hiem nhan tho
Phat trien bao hiem phat trien cong nghe phong chong rui ro.
Danh muc au t cua bao hiem
Chng khoan chnh phu
Trai phieu cong ty
Co phieu
au t trc tiep vao bat ong san
Thc hien cac hoat ong au t tai chnh khac.

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
KHAI NIEM LAI SUAT TN DUNG
Lai suat la biu hin gia ca vn tn dng 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
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

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 nhan c ( ) tien lai
Neu nh i* lai suat tnh theo hang ky, th cong thc tnh lai n tren c
viet thanh:

Trong o: n la so ky han lai trong ky cho vay.
i 1
) 1 (
*
i n PV FV + =
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 tien au t vi ky han lai eu nhau:
n
n n
i PV i FV FV ) 1 ( ) 1 (
1
+ = + =

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:

trong o 1/(1+i)n la he so gia tr hien tai
n
i
FV
PV
) 1 ( +
=
n
i
FV
PV
) 1 ( +
=
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.
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:

% 10 10 , 0
000 . 10
000 . 10 000 . 11
= =
= i

Qua ket qua tnh toan tren ta rut ra nhan xet: oi vi n n, lai suat
n bang vi lai suat hoan von
Trai phieu chiet khau: ngi i vay tra cho ngi cho vay mot khoan thanh toan n bang
ung menh gia cua trai phieu

Cong thc tnh lai suat hoan von cua trai 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 gian n nam, th lai suat hoan von c tnh nh sau:
T cong thc tnh lai kep ta suy ra:
Bien oi cong thc lai suat hoan von
P
P F
i

=
*
n
i
F
P
) 1 (
*
+
=
n
P
F
i 1
*
=
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 hoan von (i*)

Hay

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*
n n
i
F
i
C
i
C
i
C
i
C
P
) 1 ( ) 1 (
...
) 1 ( ) 1 ( 1
* * 3 * 2 * *
+
+
+
+ +
+
+
+
+
+
=
n
n
j
j
i
F
i
C P
) 1 ( ) 1 (
1
*
1
*
+
+
|
|
.
|
\
|
+
=

=
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

e tnh lai suat hoan von i* chung ta giai phng trnh tren
n
i
FP
i
FP
i
FP
P
) 1 (
...
) 1 ( 1
* 2 * *
+
+ +
+
+
+
=
|
|
.
|
\
|
+
=

=
n
j
j
i
FP P
1
*
) 1 (
1
Hay
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
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.

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.
1 t t
t t
P P C
R
P P
+

= +
LAI SUAT VA TY SUAT LI TC
C CHE HNH THANH LAI SUAT
.

Trai phieu la hang hoa Quyen s dung von la hang hoa
Ngi mua Ngi cho vay mua trai phieu Ngi i vay huy ong von
Ngi ban Ngi i vay phat hanh trai phieu Ngi cho vay cung cap von
Gia ca Gia ca trai phieu 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.
Gia ca
trai phieu (P:$)
KL gia tr trai phieu, (B $)
9.500
8.000
B
A
Lai suat ( i %)
Quy cho vay, (L $)
25%
5,3%
A
B
Cau trai phieu Cung quy cho vay
B
d

L
s

ng cau ng cung

Gia ca
trai phieu (P:$)
9.500
8.000
C
D
Lai suat
( i %)
Quy cho vay, (L :$)
25%
5,3%
D
C
Cung trai phieu
Cau quy cho vay
B
s

L
d

ng cung ng cau
iem can bang
Gaia ca
trai phieu (P $)
9.500
8.000
C
D
Lai suat ( i %)
Quy cho vay, (L $)
25%
5,3%
D
C
Cung cau trai phieu Cung - cau quy cho vay
B
d
L
d

B
A
A
B
L
s

B
s

Cau vt qua Cau vt qua
Cung vt qua Cung vt qua
P
*
i
*
E E
CAC NHAN TO ANH HNG EN LAI SUAT
Gaia ca
(P $)
P
1

P
2

Lai
suat
( i %)
Quy cho vay, (L $)
i
2

i
1

E
1

B
d0
L
d

L
s0

B
s

P
0
i
0

E
1

E
0

E
2

B
d1

B
d2

2b. Gaia
giam
1a.Gia tang
1b
.
Nhu cau trai
phieu tang
2a. Nhu cau trai
phieu giam
E
0

E
2

L
s1

L
s2

2b. LS tang
1b. LS giam
2a
.
Kha nang
cho vay giam
2a
.
Kha nang
cho vay tang
Cung cau trai phieu Cung - cau quy cho vay
Thu nhap bnh quan
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

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

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.
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.
Li nhuan ky vong cua von au t

Cac nhan to lam thay oi ng cung trai phieu va quy cho vay
Quy cho vay, (L $)
Gia ca
(P $)
i
1

i
2

Lai
suat
( i %)
P
2

P
1

E
1

Cung cau quy cho vay
Cung - cau trai phieu
L
d0

B
d

B
s0

L
s

i
0

P
0

E
1

E
0

E
2

L
d1

L
d2

2b. LS
giam
1b.LS tang
1b
.
Nhu cau vay n tang
2a. Nhu cau vay n giam
E
0

E
2

B
s1

B
s2

2b. Gia tang
1b. Gia giam
2a
.
Nhu cau phat hanh trai phieu giam
1a
.
Nhu cau phat hanh trai
phieu tang
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
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.
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.
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 gia tang .
Dan en lai suat cua
tai san .
Bi v

Rui ro v n gia tang
nhng ngi tiet kiem phai c bu ap do phai ganh
chu them rui ro
Tnh long giam
nhng ngi tiet kiem ton t chi ph trong viec oi tai
san sang tien mat
Chi ph thong tin tang
nhng ngi tiet kiem mat nhieu chi ph e anh gia
tai san
Thue tang
nhng ngi tiet kiem quan tam en tien li sau thue
va phai c bu ap tien nop thue
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
CAU TRUC RUI RO VA CAU TRUC KY HAN CUA LAI SUAT
Tom tat cac ly thuyet cau truc ky han lai suat

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

Chương 9 Định Chế Tài Chính Trung Gian

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