{"id":7984,"date":"2025-12-16T11:36:59","date_gmt":"2025-12-16T03:36:59","guid":{"rendered":"https:\/\/www.kpai1.cn\/?p=7984"},"modified":"2025-12-16T11:37:04","modified_gmt":"2025-12-16T03:37:04","slug":"%e6%9d%a0%e6%9d%86%e4%ba%a4%e6%98%93%e7%9a%84%e9%a3%8e%e9%99%a9%e6%9c%ac%e8%b4%a8%e4%b8%8e%e8%b5%84%e6%9c%ac%e8%84%86%e5%bc%b1%e6%80%a7","status":"publish","type":"post","link":"https:\/\/www.kpai1.cn\/vi\/luu-tru\/7984","title":{"rendered":"B\u1ea3n ch\u1ea5t r\u1ee7i ro v\u00e0 t\u00ednh d\u1ec5 b\u1ecb t\u1ed5n th\u01b0\u01a1ng v\u1ec1 v\u1ed1n c\u1ee7a giao d\u1ecbch \u0111\u00f2n b\u1ea9y"},"content":{"rendered":"

S\u1ef1 ph\u1ed5 bi\u1ebfn r\u1ed9ng r\u00e3i c\u1ee7a c\u00e1c c\u00f4ng c\u1ee5 ph\u00e1i sinh c\u00f3 \u0111\u00f2n b\u1ea9y nh\u01b0 H\u1ee3p \u0111\u1ed3ng ch\u00eanh l\u1ec7ch (CFD) v\u00e0 ngo\u1ea1i h\u1ed1i k\u00fd qu\u1ef9 cho ph\u00e9p c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 b\u00e1n l\u1ebb tham gia v\u00e0o bi\u1ebfn \u0111\u1ed9ng gi\u00e1 t\u00e0i s\u1ea3n to\u00e0n c\u1ea7u v\u1edbi m\u1ed9t l\u01b0\u1ee3ng v\u1ed1n nh\u1ecf. Tuy nhi\u00ean, m\u1eb7c d\u00f9 \u0111\u00f2n b\u1ea9y l\u00e0m t\u0103ng ti\u1ec1m n\u0103ng l\u1ee3i nhu\u1eadn nh\u01b0ng n\u00f3 c\u0169ng l\u00e0m thay \u0111\u1ed5i s\u00e2u s\u1eafc b\u1ea3n ch\u1ea5t c\u1ee7a r\u1ee7i ro - n\u00f3 kh\u00f4ng ch\u1ec9 l\u00e0m t\u0103ng m\u1ee9c \u0111\u1ed9 thua l\u1ed7 m\u00e0 c\u00f2n g\u00e2y ra r\u1ee7i ro phi tuy\u1ebfn t\u00ednh<\/strong> v\u00e0 hi\u1ec7u \u1ee9ng ph\u1ee5 thu\u1ed9c \u0111\u01b0\u1eddng d\u1eabn<\/strong>, khi\u1ebfn k\u1ebft qu\u1ea3 giao d\u1ecbch r\u1ea5t nh\u1ea1y c\u1ea3m v\u1edbi qu\u1ef9 \u0111\u1ea1o gi\u00e1 ng\u1eafn h\u1ea1n thay v\u00ec c\u00e1c ph\u00e1n \u0111o\u00e1n \u0111\u1ecbnh h\u01b0\u1edbng d\u00e0i h\u1ea1n. Hi\u1ec3u \u0111\u01b0\u1ee3c c\u01a1 ch\u1ebf n\u00e0y l\u00e0 \u0111i\u1ec1u ki\u1ec7n ti\u00ean quy\u1ebft cho s\u1ef1 tham gia h\u1ee3p l\u00fd.<\/p>\n

1. \u0110\u00f2n b\u1ea9y kh\u00f4ng ph\u1ea3i l\u00e0 \u201cb\u1ed9 khu\u1ebfch \u0111\u1ea1i mi\u1ec5n ph\u00ed\u201d m\u00e0 l\u00e0 m\u1ed9t c\u00f4ng c\u1ee5 \u0111\u1ecbnh gi\u00e1 l\u1ea1i r\u1ee7i ro.<\/p>\n

T\u1eeb g\u00f3c \u0111\u1ed9 l\u00fd thuy\u1ebft c\u1ea5u tr\u00fac v\u1ed1n, vi\u1ec7c s\u1eed d\u1ee5ng \u0111\u00f2n b\u1ea9y t\u01b0\u01a1ng \u0111\u01b0\u01a1ng v\u1edbi vi\u1ec7c \u00e1p d\u1ee5ng \u201ct\u00e0i tr\u1ee3 b\u1eb1ng n\u1ee3\u201d tr\u00ean c\u01a1 s\u1edf v\u1ed1n t\u1ef1 c\u00f3. Theo \u0111\u1ecbnh l\u00fd Modigliani-Miller (trong \u0111i\u1ec1u ki\u1ec7n kh\u00f4ng c\u00f3 thu\u1ebf), gi\u00e1 tr\u1ecb doanh nghi\u1ec7p kh\u00f4ng li\u00ean quan g\u00ec \u0111\u1ebfn c\u01a1 c\u1ea5u v\u1ed1n; nh\u01b0ng trong m\u1ed9t th\u1ecb tr\u01b0\u1eddng th\u1ef1c t\u1ebf v\u1edbi chi ph\u00ed ph\u00e1 s\u1ea3n v\u00e0 th\u00f4ng tin b\u1ea5t c\u00e2n x\u1ee9ng, \u0111\u00f2n b\u1ea9y cao l\u00e0m t\u0103ng \u0111\u00e1ng k\u1ec3 t\u00ednh d\u1ec5 b\u1ecb t\u1ed5n th\u01b0\u01a1ng v\u1ec1 t\u00e0i ch\u00ednh<\/strong>. Logic n\u00e0y c\u0169ng \u00e1p d\u1ee5ng cho t\u00e0i kho\u1ea3n giao d\u1ecbch c\u00e1 nh\u00e2n.<\/p>\n

Khi ng\u01b0\u1eddi d\u00f9ng gi\u1eef m\u1ed9t v\u1ecb th\u1ebf mua v\u1edbi \u0111\u00f2n b\u1ea9y 1:30, m\u1ee9c r\u1ee7i ro th\u1ef1c t\u1ebf c\u1ee7a ng\u01b0\u1eddi \u0111\u00f3 g\u1ea5p 30 l\u1ea7n ti\u1ec1n g\u1ed1c. \u0110i\u1ec1u n\u00e0y c\u00f3 ngh\u0129a l\u00e0t\u00e0i s\u1ea3n c\u01a1 b\u1ea3n ch\u1ec9 c\u1ea7n bi\u1ebfn \u0111\u1ed9ng ng\u01b0\u1ee3c kho\u1ea3ng 3,3% l\u00e0 c\u00f3 th\u1ec3 \u0103n m\u00f2n to\u00e0n b\u1ed9 s\u1ed1 ti\u1ec1n g\u1ed1c<\/strong>. Quan tr\u1ecdng h\u01a1n, do s\u1ef1 t\u1ed3n t\u1ea1i c\u1ee7a c\u01a1 ch\u1ebf thanh l\u00fd b\u1eaft bu\u1ed9c, t\u1ed5n th\u1ea5t kh\u00f4ng t\u00edch l\u0169y tuy\u1ebfn t\u00ednh m\u00e0 ngay l\u1eadp t\u1ee9c tr\u1edf v\u1ec1 0 khi \u0111\u1ea1t \u0111\u1ebfn ng\u01b0\u1ee1ng k\u00fd qu\u1ef9, t\u1ea1o th\u00e0nh \u0111\u1eb7c \u0111i\u1ec3m \u201cr\u1ee7i ro \u0111u\u00f4i\u201d \u0111i\u1ec3n h\u00ecnh.<\/p>\n

2. S\u1ef1 ph\u1ee5 thu\u1ed9c v\u00e0o \u0111\u01b0\u1eddng l\u1ed1i: T\u1ea1i sao \u201c\u0111i \u0111\u00fang h\u01b0\u1edbng\u201d v\u1eabn c\u00f3 th\u1ec3 g\u00e2y thanh l\u00fd<\/p>\n

Trong \u0111\u1ea7u t\u01b0 truy\u1ec1n th\u1ed1ng, n\u1ebfu ph\u00e1n \u0111o\u00e1n \u0111\u00fang nh\u01b0ng x\u1ea3y ra s\u1ef1 tho\u00e1i lui ng\u1eafn h\u1ea1n th\u00ec kho\u1ea3n l\u1ed7 c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c s\u1eeda ch\u1eefa b\u1eb1ng c\u00e1ch gi\u1eef cho \u0111\u1ebfn khi gi\u00e1 tr\u1ecb trung b\u00ecnh tr\u1edf l\u1ea1i. Nh\u01b0ng trong giao d\u1ecbch c\u00f3 \u0111\u00f2n b\u1ea9y, k\u1ebft qu\u1ea3 cu\u1ed1i c\u00f9ng ph\u1ee5 thu\u1ed9c r\u1ea5t nhi\u1ec1u v\u00e0o \u0111\u01b0\u1eddng d\u1eabn hi\u1ec7n th\u1ef1c gi\u00e1<\/strong> (Ph\u1ee5 thu\u1ed9c v\u00e0o \u0111\u01b0\u1eddng d\u1eabn). Ngay c\u1ea3 khi xu h\u01b0\u1edbng d\u00e0i h\u1ea1n ph\u00e1t tri\u1ec3n nh\u01b0 mong \u0111\u1ee3i, n\u1ebfu c\u00f3 bi\u1ebfn \u0111\u1ed9ng nghi\u00eam tr\u1ecdng ho\u1eb7c thanh kho\u1ea3n c\u1ea1n ki\u1ec7t, t\u00e0i kho\u1ea3n c\u00f3 th\u1ec3 b\u1ecb thanh l\u00fd tr\u01b0\u1edbc khi xu h\u01b0\u1edbng th\u00e0nh hi\u1ec7n th\u1ef1c.<\/p>\n

V\u00ed d\u1ee5: trong s\u1ef1 ki\u1ec7n gi\u00e1 d\u1ea7u th\u00f4 \u00e2m v\u00e0o n\u0103m 2020, m\u1ed9t s\u1ed1 l\u01b0\u1ee3ng l\u1edbn t\u00e0i kho\u1ea3n k\u00fd qu\u1ef9 mua WTI \u0111\u00e3 bu\u1ed9c ph\u1ea3i \u0111\u00f3ng v\u1ecb th\u1ebf c\u1ee7a h\u1ecd sau khi gi\u00e1 gi\u1ea3m xu\u1ed1ng d\u01b0\u1edbi 0 trong th\u1eddi gian ng\u1eafn. M\u1eb7c d\u00f9 gi\u00e1 nhanh ch\u00f3ng ph\u1ee5c h\u1ed3i v\u1ec1 gi\u00e1 tr\u1ecb d\u01b0\u01a1ng v\u00e0i ng\u00e0y sau \u0111\u00f3, nh\u01b0ng ng\u01b0\u1eddi d\u00f9ng kh\u00f4ng th\u1ec3 tham gia v\u00e0o \u0111\u1ee3t ph\u1ee5c h\u1ed3i sau \u0111\u00f3. \u0110i\u1ec1u n\u00e0y cho th\u1ea5y ngh\u1ecbch l\u00fd c\u1ed1t l\u00f5i c\u1ee7a giao d\u1ecbch \u0111\u00f2n b\u1ea9y: Ngo\u00e0i t\u1ef7 l\u1ec7 th\u1eafng v\u00e0 t\u1ef7 l\u1ec7 l\u00e3i-l\u1ed7, th\u1eddi gian t\u1ed3n t\u1ea1i tr\u1edf th\u00e0nh m\u1ed9t kh\u00eda c\u1ea1nh r\u1ee7i ro \u0111\u1ed9c l\u1eadp<\/strong>.<\/p>\n

\"\u653f\u5e9c\u519b\u4e8b\u56fd\u9632\u6280\u672f\u62bd\u8c61\u80cc\u666f\uff0c\u5e26\u6709\u7f8e\u5143\u949e\u7968\u5377\u7684\u76f4\u5347\u673a\uff0c\u73b0\u4ee3\u519b\u4e8b\u884c\u52a8\u6210\u672c\u6982\u5ff5\"<\/p>\n

3. Th\u1ea5t b\u1ea1i trong vi\u1ec7c \u0111\u1ecbnh gi\u00e1 r\u1ee7i ro bi\u1ebfn \u0111\u1ed9ng v\u00e0 r\u1ee7i ro \u0111u\u00f4i<\/p>\n

Trong th\u1ecb tr\u01b0\u1eddng quy\u1ec1n ch\u1ecdn, hi\u1ec7n t\u01b0\u1ee3ng \"n\u1ee5 c\u01b0\u1eddi bi\u1ebfn \u0111\u1ed9ng\" ch\u1ec9 ra r\u1eb1ng ph\u1ea7n b\u00f9 r\u1ee7i ro ng\u1ee5 \u00fd c\u1ee7a th\u1ecb tr\u01b0\u1eddng \u0111\u1ed1i v\u1edbi c\u00e1c kho\u1ea3n s\u1ee5t gi\u1ea3m c\u1ef1c \u0111\u1ed9 (\u0111u\u00f4i b\u00ean tr\u00e1i) cao h\u01a1n nhi\u1ec1u so v\u1edbi c\u00e1c gi\u1ea3 \u0111\u1ecbnh c\u1ee7a m\u00f4 h\u00ecnh. Tuy nhi\u00ean, h\u1ea7u h\u1ebft c\u00e1c s\u1ea3n ph\u1ea9m c\u00f3 \u0111\u00f2n b\u1ea9y b\u00e1n l\u1ebb kh\u00f4ng \u0111\u1ecbnh gi\u00e1 r\u00f5 r\u00e0ng r\u1ee7i ro \u0111u\u00f4i<\/strong>\u2014ch\u00eanh l\u1ec7ch gi\u00e1 v\u00e0 ph\u00ed x\u1eed l\u00fd c\u00f3 v\u1ebb r\u1ebb trong \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng b\u00ecnh th\u01b0\u1eddng, nh\u01b0ng trong c\u00e1c s\u1ef1 ki\u1ec7n thi\u00ean nga \u0111en, c\u00e1c chi ph\u00ed ti\u1ec1m \u1ea9n nh\u01b0 tr\u01b0\u1ee3t gi\u00e1, ch\u1eadm tr\u1ec5 v\u00e0 thi\u1ebfu thanh kho\u1ea3n t\u0103ng m\u1ea1nh, khi\u1ebfn chi ph\u00ed giao d\u1ecbch th\u1ef1c t\u1ebf v\u01b0\u1ee3t xa k\u1ef3 v\u1ecdng.<\/p>\n

\u0110i\u1ec1u \u0111\u00e1ng b\u00e1o \u0111\u1ed9ng h\u01a1n n\u1eefa l\u00e0 s\u1ef1 bi\u1ebfn \u0111\u1ed9ng trong l\u1ecbch s\u1eed kh\u00f4ng th\u1ec3 d\u1ef1 \u0111o\u00e1n \u0111\u1ea7y \u0111\u1ee7 c\u00e1c s\u1ef1 ki\u1ec7n c\u1ef1c \u0111oan trong t\u01b0\u01a1ng lai<\/strong>. C\u00e1c m\u00f4 h\u00ecnh nh\u01b0 GARCH c\u00f3 kh\u1ea3 n\u0103ng n\u1eafm b\u1eaft t\u1ed1t c\u00e1c bi\u1ebfn \u0111\u1ed9ng theo c\u1ee5m nh\u01b0ng kh\u00f3 c\u1ea3nh b\u00e1o c\u00e1c \u0111\u1ee9t g\u00e3y c\u1ea5u tr\u00fac (ch\u1eb3ng h\u1ea1n nh\u01b0 xung \u0111\u1ed9t \u0111\u1ecba ch\u00ednh tr\u1ecb v\u00e0 thay \u0111\u1ed5i ch\u00ednh s\u00e1ch). Khi ng\u01b0\u1eddi d\u00f9ng \u0111\u1eb7t m\u1ee9c d\u1eebng l\u1ed7 d\u1ef1a tr\u00ean \"m\u1ee9c gi\u1ea3m t\u1ed1i \u0111a trong qu\u00e1 kh\u1ee9\", h\u1ecd r\u1ea5t d\u1ec5 \u0111\u00e1nh gi\u00e1 th\u1ea5p m\u1ee9c \u0111\u1ed9 r\u1ee7i ro th\u1ef1c s\u1ef1.<\/p>\n

4. Quan \u0111i\u1ec3m t\u00e0i ch\u00ednh h\u00e0nh vi: \u0110\u00f2n b\u1ea9y l\u00e0m sai l\u1ec7ch nh\u1eadn th\u1ee9c r\u1ee7i ro nh\u01b0 th\u1ebf n\u00e0o<\/p>\n

Nghi\u00ean c\u1ee9u t\u00e2m l\u00fd cho th\u1ea5y \u0111\u00f2n b\u1ea9y b\u00f3p m\u00e9o m\u1ed9t c\u00e1ch c\u00f3 h\u1ec7 th\u1ed1ng kh\u1ea3 n\u0103ng ph\u00e1n \u0111o\u00e1n r\u1ee7i ro c\u1ee7a con ng\u01b0\u1eddi:<\/p>\n

C\u00f4 l\u1eadp t\u00e0i kho\u1ea3n tinh th\u1ea7n<\/strong>: Coi \"k\u00fd qu\u1ef9\" l\u00e0 \"s\u1ed1 ti\u1ec1n nh\u1ecf c\u00f3 th\u1ec3 b\u1ecb m\u1ea5t\" v\u00e0 b\u1ecf qua m\u1ecdi r\u1ee7i ro v\u1ec1 v\u1ed1n m\u00e0 n\u00f3 \u0111\u1ea1i di\u1ec7n; C\u1ee7ng c\u1ed1 sai l\u1ea7m c\u1ee7a ng\u01b0\u1eddi c\u1edd b\u1ea1c<\/strong>: \u0110\u00e1nh gi\u00e1 qu\u00e1 cao quy\u1ec1n ki\u1ec3m so\u00e1t sau nh\u1eefng chi\u1ebfn th\u1eafng nh\u1ecf li\u00ean ti\u1ebfp, t\u0103ng d\u1ea7n v\u1ecb th\u1ebf v\u00e0 cu\u1ed1i c\u00f9ng \u0111\u1ea3o ng\u01b0\u1ee3c l\u1ee3i nhu\u1eadn t\u1ed5ng th\u1ec3 do thua l\u1ed7 l\u1edbn; \u01afu ti\u00ean ph\u1ea3n h\u1ed3i t\u1ee9c th\u00ec<\/strong>: Ph\u1ea3n h\u1ed3i l\u00e3i v\u00e0 l\u1ed7 nhanh ch\u00f3ng do \u0111\u00f2n b\u1ea9y mang l\u1ea1i k\u00edch ho\u1ea1t m\u1ea1ch t\u01b0\u1edfng th\u01b0\u1edfng c\u1ee7a n\u00e3o, th\u00fac \u0111\u1ea9y giao d\u1ecbch t\u1ea7n su\u1ea5t cao, l\u00e0m tr\u1ea7m tr\u1ecdng th\u00eam t\u1ed5n th\u1ea5t.<\/p>\n

\"Hi\u1ec7u \u1ee9ng x\u1eed l\u00fd\" do Odean (1998) \u0111\u1ec1 xu\u1ea5t \u0111\u1eb7c bi\u1ec7t c\u00f3 \u00fd ngh\u0129a trong m\u00f4i tr\u01b0\u1eddng c\u00f3 \u0111\u00f2n b\u1ea9y: ng\u01b0\u1eddi d\u00f9ng c\u00f3 xu h\u01b0\u1edbng b\u00e1n c\u00e1c v\u1ecb th\u1ebf sinh l\u1eddi s\u1edbm nh\u01b0ng gi\u1eef c\u00e1c v\u1ecb th\u1ebf thua l\u1ed7 trong th\u1eddi gian d\u00e0i \u0111\u1ec3 tr\u00e1nh nh\u1eadn ra thua l\u1ed7, l\u00e0m x\u1ea5u \u0111i s\u1ef1 ph\u00e2n b\u1ed5 r\u1ee7i ro.<\/p>\n

K\u1ebft lu\u1eadn: B\u1ea3n ch\u1ea5t c\u1ee7a \u0111\u00f2n b\u1ea9y l\u00e0 \u0111\u1ed1i t\u00e1c c\u1ee7a th\u1eddi gian v\u00e0 s\u1ef1 bi\u1ebfn \u0111\u1ed9ng<\/p>\n

S\u1eed d\u1ee5ng giao d\u1ecbch \u0111\u00f2n b\u1ea9y v\u1ec1 c\u01a1 b\u1ea3n l\u00e0 r\u00fat ng\u1eafn s\u1ef1 bi\u1ebfn \u0111\u1ed9ng v\u00e0 \u1ed5n \u0111\u1ecbnh th\u1eddi gian<\/strong>. Mi\u1ec5n l\u00e0 th\u1ecb tr\u01b0\u1eddng \u1ed5n \u0111\u1ecbnh, ng\u01b0\u1eddi d\u00f9ng c\u00f3 th\u1ec3 thu \u0111\u01b0\u1ee3c l\u1ee3i nhu\u1eadn \"nh\u1ea5t \u0111\u1ecbnh\"; nh\u01b0ng m\u1ed9t khi bi\u1ebfn \u0111\u1ed9ng t\u0103ng \u0111\u1ed9t bi\u1ebfn ho\u1eb7c t\u0103ng v\u1ecdt, t\u1ed5n th\u1ea5t s\u1ebd t\u0103ng l\u00ean m\u1ed9t c\u00e1ch kh\u00f4ng t\u01b0\u01a1ng x\u1ee9ng. V\u00ec v\u1eady, ch\u00eca kh\u00f3a cho s\u1ef1 tham gia b\u1ec1n v\u1eefng kh\u00f4ng n\u1eb1m \u1edf ph\u01b0\u01a1ng h\u01b0\u1edbng d\u1ef1 b\u00e1o m\u00e0 n\u1eb1m \u1edf:<\/p>\n

Th\u1eeba nh\u1eadn v\u1ecb tr\u00ed c\u1ee7a b\u1ea1n l\u00e0 \"ng\u01b0\u1eddi b\u00e1n r\u1ee7i ro\"; h\u1ea1n ch\u1ebf nghi\u00eam ng\u1eb7t vi\u1ec7c ti\u1ebfp x\u00fac m\u1ed9t l\u1ea7n v\u00e0 gi\u1eef l\u1ea1i v\u1ed1n cho nhi\u1ec1u l\u1ea7n th\u1eed v\u00e0 sai s\u00f3t; ch\u1ea5p nh\u1eadn r\u1eb1ng \u201ckh\u00f4ng giao d\u1ecbch h\u1ea7u h\u1ebft th\u1eddi gian\u201d l\u00e0 \u0111i\u1ec1u b\u00ecnh th\u01b0\u1eddng.<\/p>\n

Wmax lu\u00f4n nh\u1ea5n m\u1ea1nh: Hi\u1ec3u c\u01a1 ch\u1ebf t\u1ea1o ra r\u1ee7i ro l\u00e0 \u0111i\u1ec1u c\u01a1 b\u1ea3n h\u01a1n vi\u1ec7c theo \u0111u\u1ed5i l\u1ee3i nhu\u1eadn<\/strong>. Ch\u1ec9 b\u1eb1ng c\u00e1ch t\u00f4n tr\u1ecdng t\u00ednh mong manh c\u1ee7a \u0111\u00f2n b\u1ea9y, c\u00e1c nh\u00e0 giao d\u1ecbch b\u00e1n l\u1ebb m\u1edbi c\u00f3 th\u1ec3 th\u1ef1c s\u1ef1 c\u00f3 \u0111\u01b0\u1ee3c ch\u1ed7 \u0111\u1ee9ng trong c\u00e1c th\u1ecb tr\u01b0\u1eddng ph\u1ee9c t\u1ea1p.<\/p>","protected":false},"excerpt":{"rendered":"

C\u00e1c c\u00f4ng c\u1ee5 ph\u00e1i sinh c\u00f3 \u0111\u00f2n b\u1ea9y s\u1ebd khu\u1ebfch \u0111\u1ea1i l\u1ee3i nhu\u1eadn \u0111\u1ed3ng th\u1eddi g\u00e2y ra r\u1ee7i ro phi tuy\u1ebfn t\u00ednh. B\u00e0i vi\u1ebft n\u00e0y ph\u00e2n t\u00edch b\u1ea3n ch\u1ea5t c\u1ee7a vi\u1ec7c \u0111\u1ecbnh gi\u00e1 l\u1ea1i r\u1ee7i ro, t\u00e1c \u0111\u1ed9ng ph\u1ee5 thu\u1ed9c v\u00e0o \u0111\u01b0\u1eddng d\u1eabn, th\u1ea5t b\u1ea1i r\u1ee7i ro \u0111u\u00f4i v\u00e0 s\u1ef1 bi\u1ebfn d\u1ea1ng thi\u00ean l\u1ec7ch h\u00e0nh vi c\u1ee7a \u0111\u00f2n b\u1ea9y. C\u00e1c nh\u00e0 giao d\u1ecbch b\u00e1n l\u1ebb ph\u1ea3i nh\u1eadn ra s\u1ef1 mong manh c\u1ee7a m\u00ecnh v\u00e0 \u0111\u1ea1t \u0111\u01b0\u1ee3c giao d\u1ecbch b\u1ec1n v\u1eefng d\u1ef1a tr\u00ean vi\u1ec7c ki\u1ec3m so\u00e1t r\u1ee7i ro.<\/p>","protected":false},"author":1,"featured_media":7985,"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":[323,156,322],"class_list":["post-7984","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tutorial","tag-323","tag-156","tag-322"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/posts\/7984","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=7984"}],"version-history":[{"count":1,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/posts\/7984\/revisions"}],"predecessor-version":[{"id":7987,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/posts\/7984\/revisions\/7987"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/media\/7985"}],"wp:attachment":[{"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/media?parent=7984"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/categories?post=7984"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/tags?post=7984"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}