{"id":7980,"date":"2025-12-16T09:22:43","date_gmt":"2025-12-16T01:22:43","guid":{"rendered":"https:\/\/www.kpai1.cn\/?p=7980"},"modified":"2025-12-16T09:22:48","modified_gmt":"2025-12-16T01:22:48","slug":"%e5%9c%a8%e9%9d%9e%e5%ae%8c%e5%85%a8%e6%9c%89%e6%95%88%e5%b8%82%e5%9c%ba%e4%b8%ad%ef%bc%8c%e9%9b%b6%e5%94%ae%e4%ba%a4%e6%98%93%e8%80%85%e7%9a%84%e7%90%86%e6%80%a7%e5%ae%9a%e4%bd%8d","status":"publish","type":"post","link":"https:\/\/www.kpai1.cn\/vi\/luu-tru\/7980","title":{"rendered":"\u0110\u1ecbnh v\u1ecb h\u1ee3p l\u00fd c\u1ee7a c\u00e1c nh\u00e0 kinh doanh b\u00e1n l\u1ebb trong c\u00e1c th\u1ecb tr\u01b0\u1eddng hi\u1ec7u qu\u1ea3 kh\u00f4ng ho\u00e0n h\u1ea3o"},"content":{"rendered":"

L\u00fd thuy\u1ebft t\u00e0i ch\u00ednh hi\u1ec7n \u0111\u1ea1i th\u01b0\u1eddng l\u1ea5y \u201cGi\u1ea3 thuy\u1ebft th\u1ecb tr\u01b0\u1eddng hi\u1ec7u qu\u1ea3\u201d (EMH) l\u00e0m \u0111i\u1ec3m kh\u1edfi \u0111\u1ea7u, tin r\u1eb1ng gi\u00e1 t\u00e0i s\u1ea3n \u0111\u00e3 ph\u1ea3n \u00e1nh \u0111\u1ea7y \u0111\u1ee7 m\u1ecdi th\u00f4ng tin s\u1eb5n c\u00f3 n\u00ean kh\u00f4ng th\u1ec3 li\u00ean t\u1ee5c \u0111\u00e1nh b\u1ea1i th\u1ecb tr\u01b0\u1eddng. Tuy nhi\u00ean, th\u1ecb tr\u01b0\u1eddng th\u1ef1c kh\u00f4ng ho\u00e0n to\u00e0n hi\u1ec7u qu\u1ea3 c\u0169ng kh\u00f4ng ho\u00e0n to\u00e0n kh\u00f4ng hi\u1ec7u qu\u1ea3 m\u00e0 l\u00e0 m\u1ed9t\u0111\u1ea5u tr\u01b0\u1eddng th\u00f4ng tin b\u1ea5t c\u00e2n x\u1ee9ng, \u0111a c\u1ea5p<\/strong>. Trong m\u00f4i tr\u01b0\u1eddng n\u00e0y, n\u1ebfu c\u00e1c nh\u00e0 kinh doanh nh\u1ecf l\u1ebb thi\u1ebfu hi\u1ec3u bi\u1ebft r\u00f5 r\u00e0ng v\u1ec1 v\u1ecb tr\u00ed th\u00f4ng tin v\u00e0 nh\u1eefng h\u1ea1n ch\u1ebf v\u1ec1 h\u00e0nh vi c\u1ee7a b\u1ea3n th\u00e2n, h\u1ecd r\u1ea5t d\u1ec5 r\u01a1i v\u00e0o b\u1eaby giao d\u1ecbch \u201csi\u00eang n\u0103ng nh\u01b0ng kh\u00f4ng hi\u1ec7u qu\u1ea3\u201d. B\u00e0i vi\u1ebft n\u00e0y ph\u00e2n t\u00edch th\u1ef1c t\u1ebf c\u1ea5u tr\u00fac n\u00e0y t\u1eeb ba chi\u1ec1u.<\/p>\n

1. Ba h\u00ecnh th\u1ee9c th\u1ecb tr\u01b0\u1eddng hi\u1ec7u qu\u1ea3 \u0111i ch\u1ec7ch kh\u1ecfi th\u1ef1c t\u1ebf<\/p>\n

Fama (1970) chia hi\u1ec7u qu\u1ea3 th\u1ecb tr\u01b0\u1eddng th\u00e0nh ba lo\u1ea1i:<\/p>\n

H\u1ee3p l\u1ec7 d\u1ea1ng y\u1ebfu<\/strong>: Gi\u00e1 \u0111\u00e3 ph\u1ea3n \u00e1nh t\u1ea5t c\u1ea3 d\u1eef li\u1ec7u giao d\u1ecbch l\u1ecbch s\u1eed v\u00e0 ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt kh\u00f4ng h\u1ee3p l\u1ec7; H\u1ee3p l\u1ec7 d\u1ea1ng b\u00e1n m\u1ea1nh<\/strong>: Gi\u00e1 \u0111\u00e3 ph\u1ea3n \u00e1nh t\u1ea5t c\u1ea3 th\u00f4ng tin c\u00f4ng khai v\u00e0 ph\u00e2n t\u00edch c\u01a1 b\u1ea3n kh\u00f3 ki\u1ebfm \u0111\u01b0\u1ee3c l\u1ee3i nhu\u1eadn b\u1ec1n v\u1eefng; H\u1ee3p l\u1ec7 \u1edf d\u1ea1ng m\u1ea1nh<\/strong>: Gi\u00e1 ch\u1ee9a t\u1ea5t c\u1ea3 th\u00f4ng tin (bao g\u1ed3m c\u1ea3 th\u00f4ng tin n\u1ed9i b\u1ed9) v\u00e0 m\u1ecdi ph\u00e2n t\u00edch \u0111\u1ec1u kh\u00f4ng h\u1ee3p l\u1ec7.<\/p>\n

Tr\u00ean th\u1ef1c t\u1ebf, c\u00e1c th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh ch\u00ednh th\u1ed1ng \u0111ang ti\u1ebfn g\u1ea7n \u0111\u1ebfn d\u1ea1ng y\u1ebfu \u0111\u1ebfn d\u1ea1ng n\u1eeda m\u1ea1nh<\/strong>: thu\u1eadt to\u00e1n t\u1ea7n s\u1ed1 cao c\u00f3 th\u1ec3 nhanh ch\u00f3ng x\u1eed l\u00fd d\u1eef li\u1ec7u c\u00f4ng khai, nh\u01b0ng v\u1eabn c\u00f2n nh\u1eefng l\u1ed7 h\u1ed5ng trong c\u00e1ch gi\u1ea3i th\u00edch th\u00f4ng tin m\u1edd nh\u01b0 k\u1ef3 v\u1ecdng ch\u00ednh s\u00e1ch v\u00e0 r\u1ee7i ro \u0111\u1ecba ch\u00ednh tr\u1ecb, d\u1eabn \u0111\u1ebfn sai l\u1ec7ch gi\u00e1 trong ng\u1eafn h\u1ea1n. Tuy nhi\u00ean, kho\u1ea3ng th\u1eddi gian sai l\u1ec7ch n\u00e0y c\u1ef1c k\u1ef3 ng\u1eafn (th\u01b0\u1eddng \u0111\u01b0\u1ee3c t\u00ednh b\u1eb1ng mili gi\u00e2y) v\u00e0 y\u00eau c\u1ea7u s\u1ee9c m\u1ea1nh t\u00ednh to\u00e1n m\u1ea1nh m\u1ebd c\u0169ng nh\u01b0 c\u00e1c k\u00eanh c\u00f3 \u0111\u1ed9 tr\u1ec5 th\u1ea5p \u0111\u1ec3 n\u1eafm b\u1eaft\u2014\u0111\u00e2y l\u00e0 kho\u1ea3ng c\u00e1ch \u0111\u1ea7u ti\u00ean<\/strong> gi\u1eefa t\u1ed5 ch\u1ee9c v\u00e0 b\u00e1n l\u1ebb.<\/p>\n

2. C\u1ea5p \u0111\u1ed9 th\u00f4ng tin: Ai l\u00e0 ng\u01b0\u1eddi \u0111\u1ecbnh gi\u00e1 v\u00e0 ai l\u00e0 ng\u01b0\u1eddi theo d\u00f5i?<\/p>\n

C\u00f3 m\u1ed9t chu\u1ed7i truy\u1ec1n t\u1ea3i th\u00f4ng tin<\/strong> r\u00f5 r\u00e0ng tr\u00ean th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh:<\/p>\n

Ngu\u1ed3n th\u00f4ng tin g\u1ed1c<\/strong>: Ng\u00e2n h\u00e0ng Trung \u01b0\u01a1ng, C\u1ee5c Th\u1ed1ng k\u00ea, b\u00e1o c\u00e1o t\u00e0i ch\u00ednh doanh nghi\u1ec7p (\u0111\u01b0\u1ee3c c\u00e1c \u0111\u01b0\u1eddng d\u00e2y n\u00f3ng c\u1ee7a t\u1ed5 ch\u1ee9c n\u1eafm b\u1eaft ngay sau khi c\u00f4ng b\u1ed1); L\u1edbp gi\u1ea3i th\u00edch c\u1ea5p m\u1ed9t<\/strong>: B\u1ed9 ph\u1eadn nghi\u00ean c\u1ee9u c\u1ee7a ng\u00e2n h\u00e0ng \u0111\u1ea7u t\u01b0, qu\u1ef9 ph\u00f2ng h\u1ed9 v\u0129 m\u00f4, k\u1ebft h\u1ee3p v\u1edbi c\u00e1c m\u00f4 h\u00ecnh \u0111\u1ec3 nhanh ch\u00f3ng t\u1ea1o ra t\u00edn hi\u1ec7u giao d\u1ecbch; L\u1edbp cung c\u1ea5p thanh kho\u1ea3n<\/strong>: C\u00e1c nh\u00e0 t\u1ea1o l\u1eadp th\u1ecb tr\u01b0\u1eddng \u0111i\u1ec1u ch\u1ec9nh linh ho\u1ea1t b\u00e1o gi\u00e1 d\u1ef1a tr\u00ean lu\u1ed3ng \u0111\u01a1n h\u00e0ng v\u00e0 m\u1ee9c \u0111\u1ed9 r\u1ee7i ro; L\u1edbp theo d\u00f5i b\u00e1n l\u1ebb<\/strong>: Nh\u1eadn th\u00f4ng tin qua tin t\u1ee9c, m\u1ea1ng x\u00e3 h\u1ed9i ho\u1eb7c n\u1ec1n t\u1ea3ng giao d\u1ecbch v\u1edbi \u0111\u1ed9 tr\u1ec5 t\u1eeb v\u00e0i gi\u00e2y \u0111\u1ebfn v\u00e0i ph\u00fat.<\/p>\n

C\u00e1c nh\u00e0 giao d\u1ecbch b\u00e1n l\u1ebb th\u01b0\u1eddng \u1edf cu\u1ed1i chu\u1ed7i v\u00e0 \"gi\u00e1\" m\u00e0 h\u1ecd nh\u00ecn th\u1ea5y \u0111\u00e3 l\u00e0 k\u1ebft qu\u1ea3 c\u1ee7a c\u00e1c l\u1edbp tr\u00f2 ch\u01a1i tr\u01b0\u1edbc \u0111\u00f3. Tham gia th\u1ecb tr\u01b0\u1eddng l\u00fac n\u00e0y th\u1ef1c ch\u1ea5t l\u00e0 ch\u1ea5p nh\u1eadn r\u1ee7i ro bi\u1ebfn \u0111\u1ed9ng \u0111u\u00f4i<\/strong> trong v\u00f9ng suy gi\u1ea3m th\u00f4ng tin. Quan tr\u1ecdng h\u01a1n, khi m\u1ed9t s\u1ed1 l\u01b0\u1ee3ng l\u1edbn c\u00e1c qu\u1ef9 b\u00e1n l\u1ebb c\u00f9ng h\u00e0nh \u0111\u1ed9ng v\u00ec c\u00f9ng m\u1ed9t tin t\u1ee9c (ch\u1eb3ng h\u1ea1n nh\u01b0 \"v\u00e0ng d\u00e0i phi n\u00f4ng nghi\u1ec7p\"), thay v\u00e0o \u0111\u00f3, ch\u00fang tr\u1edf th\u00e0nh ngu\u1ed3n thanh kho\u1ea3n cho c\u00e1c t\u1ed5 ch\u1ee9c thu ho\u1ea1ch theo h\u01b0\u1edbng ng\u01b0\u1ee3c l\u1ea1i.<\/p>\n

\"\u5e26\u6709\u91d1\u6761\u7684\u65e5\u5143\u949e\u7968\"<\/p>\n

3. Xu h\u01b0\u1edbng h\u00e0nh vi: Nh\u1eefng h\u1ea1n ch\u1ebf v\u1ec1 nh\u1eadn th\u1ee9c khu\u1ebfch \u0111\u1ea1i nh\u1eefng b\u1ea5t l\u1ee3i v\u1ec1 c\u1ea5u tr\u00fac nh\u01b0 th\u1ebf n\u00e0o<\/p>\n

Ngay c\u1ea3 khi b\u1ecf qua nh\u1eefng b\u1ea5t l\u1ee3i v\u1ec1 th\u00f4ng tin, nh\u1eefng th\u00e0nh ki\u1ebfn \u200b\u200bc\u1ed1 h\u1eefu trong nh\u1eadn th\u1ee9c c\u1ee7a con ng\u01b0\u1eddi \u0111\u00e3 l\u00e0m suy gi\u1ea3m ch\u1ea5t l\u01b0\u1ee3ng quy\u1ebft \u0111\u1ecbnh m\u1ed9t c\u00e1ch c\u00f3 h\u1ec7 th\u1ed1ng:<\/p>\n

Th\u00e0nh ki\u1ebfn \u200b\u200bx\u00e1c nh\u1eadn<\/strong> (Th\u00e0nh ki\u1ebfn \u200b\u200bx\u00e1c nh\u1eadn): ch\u1ec9 t\u1eadp trung v\u00e0o th\u00f4ng tin \u1ee7ng h\u1ed9 quan \u0111i\u1ec3m c\u1ee7a ch\u00ednh m\u00ecnh v\u00e0 b\u1ecf qua b\u1eb1ng ch\u1ee9ng ti\u00eau c\u1ef1c; Qu\u00e1 t\u1ef1 tin<\/strong> (T\u1ef1 tin qu\u00e1 m\u1ee9c): \u0111\u00e1nh gi\u00e1 qu\u00e1 cao kh\u1ea3 n\u0103ng ph\u00e2n t\u00edch c\u1ee7a b\u1ea3n th\u00e2n v\u00e0 \u0111\u00e1nh gi\u00e1 th\u1ea5p t\u00ednh ng\u1eabu nhi\u00ean c\u1ee7a th\u1ecb tr\u01b0\u1eddng; \u00c1c c\u1ea3m thua l\u1ed7<\/strong> (\u00c1c c\u1ea3m thua l\u1ed7): d\u1eebng l\u00e3i qu\u00e1 s\u1edbm v\u00e0 gi\u1eef l\u1ec7nh qu\u00e1 l\u00e2u do s\u1ee3 thua l\u1ed7, ph\u00e1 h\u1ee7y t\u00ednh nh\u1ea5t qu\u00e1n c\u1ee7a chi\u1ebfn l\u01b0\u1ee3c.<\/p>\n

Barber & Odean (2000) \u0111\u00e3 nghi\u00ean c\u1ee9u h\u00e0ng ch\u1ee5c ngh\u00ecn t\u00e0i kho\u1ea3n b\u00e1n l\u1ebb v\u00e0 nh\u1eadn th\u1ea5y r\u1eb1ng t\u1ea7n su\u1ea5t giao d\u1ecbch c\u00e0ng cao th\u00ec thu nh\u1eadp r\u00f2ng c\u00e0ng th\u1ea5p<\/strong>. Nguy\u00ean nh\u00e2n ch\u00ednh l\u00e0 do sai l\u1ec7ch n\u00eau tr\u00ean c\u1ed9ng v\u1edbi chi ph\u00ed giao d\u1ecbch. Trong m\u00f4i tr\u01b0\u1eddng c\u00f3 \u0111\u00f2n b\u1ea9y, hi\u1ec7u \u1ee9ng n\u00e0y c\u00f2n \u0111\u01b0\u1ee3c khu\u1ebfch \u0111\u1ea1i h\u01a1n n\u1eefa - nh\u1eefng l\u1ed7i nh\u1eadn th\u1ee9c nh\u1ecf c\u00f3 th\u1ec3 d\u1eabn \u0111\u1ebfn t\u1ed5n th\u1ea5t v\u1ed1n kh\u00f4ng t\u01b0\u01a1ng x\u1ee9ng.<\/p>\n

4. \u0110i\u1ec1u ki\u1ec7n ti\u00ean quy\u1ebft cho s\u1ef1 tham gia h\u1ee3p l\u00fd: ch\u1ea5p nh\u1eadn \u0111\u1ecbnh v\u1ecb \u201ct\u00ednh h\u1ee3p l\u00fd c\u00f3 gi\u1edbi h\u1ea1n\u201d<\/p>\n

\u0110\u1ed1i m\u1eb7t v\u1edbi th\u1ef1c t\u1ebf c\u01a1 c\u1ea5u \u1edf tr\u00ean, c\u00e1c nh\u00e0 kinh doanh b\u00e1n l\u1ebb n\u00ean thi\u1ebft l\u1eadp s\u1ef1 t\u1ef1 nh\u1eadn th\u1ee9c c\u1ee7a \"Ng\u01b0\u1eddi tham gia c\u00f3 t\u00ednh h\u1ee3p l\u00fd c\u00f3 gi\u1edbi h\u1ea1n<\/strong>\":<\/p>\n

Th\u1eeba nh\u1eadn r\u1eb1ng b\u1ea1n kh\u00f4ng th\u1ec3 d\u1ef1 \u0111o\u00e1n gi\u00e1 ng\u1eafn h\u1ea1n m\u1ed9t c\u00e1ch nh\u1ea5t qu\u00e1n m\u00e0 thay v\u00e0o \u0111\u00f3 h\u00e3y t\u1eadp trung v\u00e0o ki\u1ec3m so\u00e1t r\u1ee7i ro v\u00e0 k\u1ef7 lu\u1eadt h\u00e0nh vi<\/strong>; hi\u1ec3u r\u1eb1ng th\u1ecb tr\u01b0\u1eddng h\u1ea7u h\u1ebft lu\u00f4n \u1edf tr\u1ea1ng th\u00e1i \"hi\u1ec7u qu\u1ea3 g\u1ea7n \u0111\u00fang\" v\u00e0 nh\u1eefng c\u01a1 h\u1ed9i b\u1ea5t th\u01b0\u1eddng l\u00e0 r\u1ea5t hi\u1ebfm v\u00e0 t\u1ed3n t\u1ea1i trong th\u1eddi gian ng\u1eafn<\/strong>; coi giao d\u1ecbch nh\u01b0 m\u1ed9t tr\u00f2 ch\u01a1i x\u00e1c su\u1ea5t<\/strong> thay v\u00ec kinh doanh ch\u00eanh l\u1ec7ch gi\u00e1 x\u00e1c \u0111\u1ecbnh v\u00e0 t\u1eadp trung v\u00e0o gi\u00e1 tr\u1ecb k\u1ef3 v\u1ecdng d\u00e0i h\u1ea1n thay v\u00ec m\u1ed9t th\u1eafng ho\u1eb7c thua duy nh\u1ea5t.<\/p>\n

Nh\u01b0 Soros \u0111\u00e3 n\u00f3i: \u201cTh\u1ecb tr\u01b0\u1eddng lu\u00f4n sai, nh\u01b0ng b\u1ea1n kh\u00f4ng bi\u1ebft n\u00f3 s\u1ebd sai trong bao l\u00e2u\u201d. \u0110\u1ed1i v\u1edbi ng\u01b0\u1eddi d\u00f9ng b\u00e1n l\u1ebb, l\u1ee3i th\u1ebf th\u1ef1c s\u1ef1 kh\u00f4ng n\u1eb1m \u1edf vi\u1ec7c \u201cnh\u00ecn \u0111\u00fang h\u01b0\u1edbng\u201d m\u00e0 \u1edf vi\u1ec7c duy tr\u00ec kh\u1ea3 n\u0103ng t\u1ed3n t\u1ea1i trong t\u00ecnh tr\u1ea1ng kh\u00f4ng ch\u1eafc ch\u1eafn v\u00e0 ch\u1edd \u0111\u1ee3i nh\u1eefng c\u01a1 h\u1ed9i c\u00f3 t\u1ef7 l\u1ec7 c\u01b0\u1ee3c cao.<\/p>\n

K\u1ebft lu\u1eadn: Ranh gi\u1edbi nh\u1eadn th\u1ee9c l\u00e0 ranh gi\u1edbi ki\u1ec3m so\u00e1t r\u1ee7i ro<\/p>\n

Th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh kh\u00f4ng ph\u1ea3i l\u00e0 m\u1ed9t s\u00e2n ch\u01a1i c\u00f4ng b\u1eb1ng m\u00e0 l\u00e0 m\u1ed9t h\u1ec7 th\u1ed1ng tr\u00f2 ch\u01a1i ph\u1ee9c t\u1ea1p v\u1ec1 th\u00f4ng tin, c\u00f4ng ngh\u1ec7 v\u00e0 t\u00e2m l\u00fd. Wmax lu\u00f4n nh\u1ea5n m\u1ea1nh r\u1eb1ng hi\u1ec3u c\u00e1ch th\u1ee9c ho\u1ea1t \u0111\u1ed9ng c\u1ee7a th\u1ecb tr\u01b0\u1eddng quan tr\u1ecdng h\u01a1n vi\u1ec7c v\u1ed9i v\u00e3 tham gia<\/strong>. Ch\u1ec9 b\u1eb1ng c\u00e1ch nh\u1eadn ra v\u1ecb tr\u00ed c\u1ee7a h\u1ecd trong chu\u1ed7i th\u00f4ng tin, x\u00e1c \u0111\u1ecbnh s\u1ef1 can thi\u1ec7p c\u1ee7a nh\u1eefng sai l\u1ec7ch h\u00e0nh vi v\u00e0 ch\u1ea5p nh\u1eadn nh\u1eefng h\u1ea1n ch\u1ebf v\u1ec1 l\u1ee3i nhu\u1eadn, c\u00e1c nh\u00e0 kinh doanh b\u00e1n l\u1ebb m\u1edbi c\u00f3 th\u1ec3 tham gia th\u1ef1c s\u1ef1 b\u1ec1n v\u1eefng v\u00e0o m\u1ed9t m\u00f4i tr\u01b0\u1eddng ph\u1ee9c t\u1ea1p\u2014kh\u00f4ng ph\u1ea3i \u0111\u00e1nh b\u1ea1i th\u1ecb tr\u01b0\u1eddng m\u00e0 c\u00f9ng t\u1ed3n t\u1ea1i v\u1edbi th\u1ecb tr\u01b0\u1eddng.<\/p>","protected":false},"excerpt":{"rendered":"

Th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh kh\u00f4ng ph\u1ea3i l\u00e0 m\u1ed9t s\u00e2n ch\u01a1i b\u00ecnh \u0111\u1eb3ng. B\u00e0i vi\u1ebft n\u00e0y ph\u00e2n t\u00edch t\u00e1c \u0111\u1ed9ng c\u1ee7a gi\u1ea3 thuy\u1ebft th\u1ecb tr\u01b0\u1eddng hi\u1ec7u qu\u1ea3, chu\u1ed7i truy\u1ec1n t\u1ea3i th\u00f4ng tin c\u00f3 th\u1ee9 b\u1eadc v\u00e0 xu h\u01b0\u1edbng h\u00e0nh vi \u0111\u1ed1i v\u1edbi c\u00e1c nh\u00e0 giao d\u1ecbch b\u00e1n l\u1ebb. Ch\u1ec9 b\u1eb1ng c\u00e1ch nh\u1eadn ra nh\u1eefng nh\u01b0\u1ee3c \u0111i\u1ec3m v\u1ec1 m\u1eb7t c\u01a1 c\u1ea5u v\u00e0 thi\u1ebft l\u1eadp kh\u1ea3 n\u0103ng t\u1ef1 \u0111\u1ecbnh v\u1ecb \u201ch\u1ee3p l\u00fd c\u00f3 gi\u1edbi h\u1ea1n\u201d th\u00ec m\u1edbi c\u00f3 th\u1ec3 \u0111\u1ea1t \u0111\u01b0\u1ee3c s\u1ef1 tham gia b\u1ec1n v\u1eefng v\u00e0 ki\u1ec3m so\u00e1t r\u1ee7i ro.<\/p>","protected":false},"author":1,"featured_media":7981,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[122],"tags":[320,321,319],"class_list":["post-7980","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tutorial","tag-320","tag-321","tag-319"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/posts\/7980","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/comments?post=7980"}],"version-history":[{"count":1,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/posts\/7980\/revisions"}],"predecessor-version":[{"id":7983,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/posts\/7980\/revisions\/7983"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/media\/7981"}],"wp:attachment":[{"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/media?parent=7980"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/categories?post=7980"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/tags?post=7980"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}