{"id":7988,"date":"2025-12-16T14:41:45","date_gmt":"2025-12-16T06:41:45","guid":{"rendered":"https:\/\/www.kpai1.cn\/?p=7988"},"modified":"2025-12-16T14:41:50","modified_gmt":"2025-12-16T06:41:50","slug":"%e6%b5%81%e5%8a%a8%e6%80%a7%e5%88%86%e5%b1%82%e4%b8%8e%e9%9b%b6%e5%94%ae%e4%ba%a4%e6%98%93%e8%80%85%e7%9a%84%e9%9a%90%e6%80%a7%e6%88%90%e6%9c%ac","status":"publish","type":"post","link":"https:\/\/www.kpai1.cn\/vi\/luu-tru\/7988","title":{"rendered":"Ph\u00e2n t\u1ea7ng thanh kho\u1ea3n v\u00e0 chi ph\u00ed \u1ea9n cho nh\u00e0 giao d\u1ecbch b\u00e1n l\u1ebb"},"content":{"rendered":"

Trong th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh hi\u1ec7n \u0111\u1ea1i, \"t\u00ednh thanh kho\u1ea3n\" th\u01b0\u1eddng \u0111\u01b0\u1ee3c \u0111\u01a1n gi\u1ea3n h\u00f3a l\u00e0 \"s\u1ef1 d\u1ec5 d\u00e0ng mua v\u00e0 b\u00e1n\", nh\u01b0ng c\u1ea5u tr\u00fac th\u1ef1c s\u1ef1 c\u1ee7a n\u00f3 ph\u1ee9c t\u1ea1p h\u01a1n nhi\u1ec1u so v\u1edbi v\u1ebb ngo\u00e0i c\u1ee7a n\u00f3. Thanh kho\u1ea3n kh\u00f4ng ph\u1ea3i l\u00e0 m\u1ed9t ngu\u1ed3n l\u1ef1c c\u00f4ng c\u1ed9ng \u0111\u01b0\u1ee3c ph\u00e2n b\u1ed5 \u0111\u1ed3ng \u0111\u1ec1u m\u00e0 l\u00e0 m\u1ed9t h\u1ec7 sinh th\u00e1i ph\u00e2n t\u1ea7ng cao, n\u0103ng \u0111\u1ed9ng v\u00e0 \u0111\u1ed9c quy\u1ec1n<\/strong>. Hi\u1ec3u c\u01a1 ch\u1ebf ph\u00e2n l\u1edbp n\u00e0y l\u00e0 ch\u00eca kh\u00f3a \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh chi ph\u00ed \u1ea9n c\u1ee7a giao d\u1ecbch v\u00e0 tr\u00e1nh nh\u1eefng th\u00e0nh ki\u1ebfn \u200b\u200bv\u1ec1 m\u1eb7t nh\u1eadn th\u1ee9c. \u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 giao d\u1ecbch b\u00e1n l\u1ebb, th\u00e1ch th\u1ee9c th\u1ef1c s\u1ef1 th\u01b0\u1eddng kh\u00f4ng n\u1eb1m \u1edf vi\u1ec7c \u0111\u00e1nh gi\u00e1 h\u01b0\u1edbng \u0111i m\u00e0 \u1edf b\u1ea5t l\u1ee3i v\u1ec1 c\u01a1 c\u1ea5u<\/strong> v\u1ec1 m\u1ee9c \u0111\u1ed9 thanh kho\u1ea3n.<\/p>\n

1. Ba c\u1ea5p \u0111\u1ed9 thanh kho\u1ea3n: Ai cung c\u1ea5p v\u00e0 ai ti\u00eau d\u00f9ng?<\/p>\n

Theo l\u00fd thuy\u1ebft c\u1ea5u tr\u00fac vi m\u00f4 th\u1ecb tr\u01b0\u1eddng (O\u2019Hara, 1995), thanh kho\u1ea3n c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c chia th\u00e0nh ba c\u1ea5p \u0111\u1ed9:<\/p>\n

Thanh kho\u1ea3n s\u01a1 c\u1ea5p<\/strong> (Thanh kho\u1ea3n s\u01a1 c\u1ea5p): \u0110\u01b0\u1ee3c cung c\u1ea5p b\u1edfi c\u00e1c ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng, qu\u1ef9 c\u00f3 ch\u1ee7 quy\u1ec1n, c\u00e1c nh\u00e0 t\u1ea1o l\u1eadp th\u1ecb tr\u01b0\u1eddng l\u1edbn v\u00e0 c\u00e1c t\u1ed5 ch\u1ee9c kh\u00e1c, d\u1ef1a tr\u00ean s\u1ee9c m\u1ea1nh c\u1ee7a b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n v\u00e0 c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng c\u00f3 \u0111\u1ed9 tr\u1ec5 th\u1ea5p, n\u00f3 c\u00f3 th\u1ec3 th\u1ef1c hi\u1ec7n c\u00e1c l\u1ec7nh l\u1edbn v\u1edbi m\u1ee9c ch\u00eanh l\u1ec7ch gi\u00e1 h\u1eb9p nh\u1ea5t. Thanh kho\u1ea3n th\u1ee9 c\u1ea5p<\/strong> (Thanh kho\u1ea3n th\u1ee9 c\u1ea5p): N\u00f3 bao g\u1ed3m giao d\u1ecbch thu\u1eadt to\u00e1n v\u00e0 c\u00e1c nh\u00e0 t\u1ea1o l\u1eadp th\u1ecb tr\u01b0\u1eddng t\u1ea7n s\u1ed1 cao. N\u00f3 s\u1eed d\u1ee5ng d\u1ef1 \u0111o\u00e1n d\u00f2ng l\u1ec7nh v\u00e0 b\u00e1o gi\u00e1 \u0111\u1ed9ng ch\u00eanh l\u1ec7ch gi\u00e1 gi\u1eefa c\u00e1c th\u1ecb tr\u01b0\u1eddng, nh\u01b0ng c\u00f3 m\u1ee9c \u0111\u1ed9 ch\u1ea5p nh\u1eadn r\u1ee7i ro th\u1ea5p v\u00e0 d\u1ec5 d\u00e0ng h\u1ee7y \u0111\u01a1n h\u00e0ng khi c\u00f3 bi\u1ebfn \u0111\u1ed9ng. Thanh kho\u1ea3n c\u1ea5p ba<\/strong>: \u0110\u00e2y l\u00e0 c\u1ea5p \u0111\u1ed9 m\u00e0 c\u00e1c nh\u00e0 giao d\u1ecbch b\u00e1n l\u1ebb t\u1ecda l\u1ea1c, th\u01b0\u1eddng l\u00e0 ng\u01b0\u1eddi nh\u1eadn thanh kho\u1ea3n<\/strong> (ng\u01b0\u1eddi nh\u1eadn thanh kho\u1ea3n), d\u1ef1a v\u00e0o hai c\u1ea5p \u0111\u1ed9 \u0111\u1ea7u ti\u00ean \u0111\u1ec3 cung c\u1ea5p kh\u1ea3 n\u0103ng giao d\u1ecbch.<\/p>\n

Trong \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng b\u00ecnh l\u1eb7ng, ba c\u1ea5p \u0111\u1ed9 thanh kho\u1ea3n d\u01b0\u1eddng nh\u01b0 \u0111\u01b0\u1ee3c k\u1ebft n\u1ed1i li\u1ec1n m\u1ea1ch; tuy nhi\u00ean, trong c\u00e1c s\u1ef1 ki\u1ec7n l\u1edbn ho\u1eb7c th\u1eddi k\u1ef3 th\u1ecb tr\u01b0\u1eddng c\u0103ng th\u1eb3ng, thanh kho\u1ea3n s\u01a1 c\u1ea5p v\u00e0 th\u1ee9 c\u1ea5p gi\u1ea3m nhanh ch\u00f3ng v\u00e0 ng\u01b0\u1eddi d\u00f9ng c\u1ea5p ba s\u1ebd tr\u1ef1c ti\u1ebfp g\u1eb7p ph\u1ea3i kho\u1ea3ng tr\u1ed1ng thanh kho\u1ea3n<\/strong>, d\u1eabn \u0111\u1ebfn \u0111\u1ed9 tr\u01b0\u1ee3t t\u0103ng, giao d\u1ecbch b\u1ecb tr\u00ec ho\u00e3n v\u00e0 th\u1eadm ch\u00ed kh\u00f4ng th\u1ec3 \u0111\u00f3ng c\u00e1c v\u1ecb th\u1ebf.<\/p>\n

2. S\u1ef1 b\u1ea5t \u0111\u1ed1i x\u1ee9ng c\u1ee7a vi\u1ec7c kh\u00e1m ph\u00e1 gi\u00e1: th\u00f4ng tin ph\u00e2n r\u00e3 t\u1eebng l\u1edbp nh\u01b0 th\u1ebf n\u00e0o<\/p>\n

Kh\u00e1m ph\u00e1 gi\u00e1 l\u00e0 qu\u00e1 tr\u00ecnh th\u1ecb tr\u01b0\u1eddng k\u1ebft h\u1ee3p th\u00f4ng tin m\u1edbi v\u00e0o gi\u00e1 t\u00e0i s\u1ea3n. V\u1ec1 l\u00fd thuy\u1ebft, t\u1ea5t c\u1ea3 nh\u1eefng ng\u01b0\u1eddi tham gia \u0111\u1ec1u nh\u1eadn \u0111\u01b0\u1ee3c th\u00f4ng tin \u0111\u1ed3ng th\u1eddi v\u00e0 \u0111i\u1ec1u ch\u1ec9nh h\u00e0nh vi c\u1ee7a m\u00ecnh. Tr\u00ean th\u1ef1c t\u1ebf, c\u00f3 s\u1ef1 s\u1ef1 suy gi\u1ea3m \u0111\u00e1ng k\u1ec3 v\u1ec1 th\u1eddi gian v\u00e0 ch\u1ea5t l\u01b0\u1ee3ng<\/strong> trong vi\u1ec7c truy\u1ec1n t\u1ea3i th\u00f4ng tin:<\/p>\n

C\u00e1c t\u1ed5 ch\u1ee9c nh\u1eadn \u0111\u01b0\u1ee3c gi\u00e1 tr\u1ecb ban \u0111\u1ea7u t\u00ednh b\u1eb1ng mili gi\u00e2y<\/strong> sau khi d\u1eef li\u1ec7u \u0111\u01b0\u1ee3c ph\u00e1t h\u00e0nh th\u00f4ng qua c\u00e1c \u0111\u01b0\u1eddng d\u00e2y chuy\u00ean d\u1ee5ng (ch\u1eb3ng h\u1ea1n nh\u01b0 Reuters SAPI, Bloomberg EMSX); ng\u01b0\u1eddi d\u00f9ng b\u00e1n l\u1ebb th\u01b0\u1eddng nh\u1eadn \u0111\u01b0\u1ee3c th\u00f4ng tin t\u00f3m t\u1eaft trong v\u00e0i gi\u00e2y<\/strong> th\u00f4ng qua c\u00e1c c\u00f4ng c\u1ee5 t\u1ed5ng h\u1ee3p tin t\u1ee9c ho\u1eb7c giao di\u1ec7n n\u1ec1n t\u1ea3ng giao d\u1ecbch; l\u00fac n\u00e0y, gi\u00e1 ban \u0111\u1ea7u \u0111\u00e3 \u0111\u01b0\u1ee3c \u0111\u1ecbnh gi\u00e1 b\u1edfi hai l\u1edbp thanh kho\u1ea3n \u0111\u1ea7u ti\u00ean, c\u00f2n c\u00e1c l\u1ec7nh b\u00e1n l\u1ebb v\u1ec1 c\u01a1 b\u1ea3n l\u00e0 \u0111u\u1ed5i theo c\u00e1c l\u1ec7nh trong m\u1ed9t th\u1ecb tr\u01b0\u1eddng \u0111\u00e3 \u201cti\u00eau h\u00f3a th\u00f4ng tin\u201d.<\/p>\n

S\u1ef1 b\u1ea5t \u0111\u1ed1i x\u1ee9ng n\u00e0y c\u00f3 ngh\u0129a l\u00e0 c\u00e1c nh\u00e0 giao d\u1ecbch b\u00e1n l\u1ebb th\u01b0\u1eddng tham gia v\u00e0o giai \u0111o\u1ea1n \u0111i\u1ec1u ch\u1ec9nh gi\u00e1 mu\u1ed9n<\/strong>, ch\u1ecbu s\u1ef1 kh\u00f4ng ch\u1eafc ch\u1eafn cao h\u01a1n v\u00e0 \u0111i\u1ec1u ki\u1ec7n th\u1ef1c hi\u1ec7n k\u00e9m h\u01a1n, nh\u01b0ng l\u1ea1i nh\u1ea7m t\u01b0\u1edfng r\u1eb1ng h\u1ecd \u0111ang \"ph\u1ea3n \u1ee9ng ngay l\u1eadp t\u1ee9c\".<\/p>\n

\"\u76d8\u4e0a\u5e26\u7b26\u53f7\u7684\u73b0\u91d1\u6298\u65e7\u3002\"<\/p>\n

3. Chi ph\u00ed \u1ea9n: ch\u1ed3ng ch\u1ea5t tr\u01b0\u1ee3t gi\u00e1, \u0111\u1ed9 tr\u1ec5 v\u00e0 chi ph\u00ed c\u01a1 h\u1ed9i<\/p>\n

Chi ph\u00ed r\u00f5 r\u00e0ng (ch\u1eb3ng h\u1ea1n nh\u01b0 ch\u00eanh l\u1ec7ch gi\u00e1, hoa h\u1ed3ng) r\u1ea5t d\u1ec5 \u0111\u1ecbnh l\u01b0\u1ee3ng, nh\u01b0ng chi ph\u00ed ng\u1ea7m<\/strong> l\u00e0 nh\u1eefng k\u1ebb gi\u1ebft ng\u01b0\u1eddi ti\u1ec1m \u1ea9n \u0111\u1ed1i v\u1edbi hi\u1ec7u su\u1ea5t d\u00e0i h\u1ea1n:<\/p>\n

Tr\u01b0\u1ee3t gi\u00e1<\/strong> (Tr\u01b0\u1ee3t gi\u00e1): Do \u0111\u1ed9 s\u00e2u c\u1ee7a s\u1ed5 l\u1ec7nh kh\u00f4ng \u0111\u1ee7 n\u00ean gi\u00e1 giao d\u1ecbch th\u1ef1c t\u1ebf sai l\u1ec7ch so v\u1edbi mong \u0111\u1ee3i, \u0111\u1eb7c bi\u1ec7t l\u00e0 \u1edf c\u00e1c s\u1ea3n ph\u1ea9m c\u00f3 t\u00ednh thanh kho\u1ea3n th\u1ea5p ho\u1eb7c th\u1eddi k\u1ef3 bi\u1ebfn \u0111\u1ed9ng cao; Tr\u00ec ho\u00e3n th\u1eddi gian<\/strong> (\u0110\u1ed9 tr\u1ec5): Kho\u1ea3ng th\u1eddi gian t\u1eeb khi \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh \u0111\u1ebfn khi th\u1ef1c hi\u1ec7n d\u1eabn \u0111\u1ebfn thi\u1ebfu khung gi\u00e1 t\u1ed1i \u01b0u; Chi ph\u00ed c\u01a1 h\u1ed9i<\/strong>: Bu\u1ed9c ph\u1ea3i tho\u00e1t v\u1ecb th\u1ebf do h\u1ea1n ch\u1ebf ki\u1ec3m so\u00e1t r\u1ee7i ro (ch\u1eb3ng h\u1ea1n nh\u01b0 bu\u1ed9c ph\u1ea3i thanh l\u00fd) v\u00e0 kh\u00f4ng th\u1ec3 tham gia v\u00e0o c\u00e1c xu h\u01b0\u1edbng thu\u1eadn l\u1ee3i ti\u1ebfp theo.<\/p>\n

Nghi\u00ean c\u1ee9u cho th\u1ea5y (Hasbrouck, 2009) r\u1eb1ng trong qu\u00e1 tr\u00ecnh c\u00f4ng b\u1ed1 d\u1eef li\u1ec7u kinh t\u1ebf l\u1edbn, m\u1ee9c ch\u00eanh l\u1ec7ch hi\u1ec7u qu\u1ea3 trung b\u00ecnh c\u1ee7a c\u00e1c \u0111\u01a1n \u0111\u1eb7t h\u00e0ng b\u00e1n l\u1ebb c\u00f3 th\u1ec3 \u0111\u1ea1t g\u1ea5p 3-5 l\u1ea7n so v\u1edbi c\u00e1c t\u1ed5 ch\u1ee9c. M\u1eb7c d\u00f9 nh\u1eefng chi ph\u00ed n\u00e0y kh\u00f4ng xu\u1ea5t hi\u1ec7n tr\u1ef1c ti\u1ebfp tr\u00ean t\u1edd ti\u1ec1n nh\u01b0ng ch\u00fang v\u1eabn ti\u1ebfp t\u1ee5c l\u00e0m x\u00f3i m\u00f2n c\u01a1 s\u1edf c\u1ee7a l\u00e3i su\u1ea5t k\u00e9p.<\/p>\n

4. Ph\u1ea3n \u1ee9ng h\u1ee3p l\u00fd: Ch\u1ea5p nh\u1eadn quan \u0111i\u1ec3m th\u1ef1c t\u1ebf v\u1ec1 \u201cquy\u1ec1n truy c\u1eadp h\u1ea1n ch\u1ebf\u201d<\/p>\n

\u0110\u1ed1i m\u1eb7t v\u1edbi th\u1ef1c t\u1ebf c\u1ea5u tr\u00fac c\u1ee7a ph\u00e2n t\u1ea7ng thanh kho\u1ea3n, c\u00e1c nh\u00e0 giao d\u1ecbch b\u00e1n l\u1ebb n\u00ean thi\u1ebft l\u1eadp khu\u00f4n kh\u1ed5 nh\u1eadn th\u1ee9c sau:<\/p>\n

Kh\u00f4ng theo \u0111u\u1ed5i \"c\u00e1ch th\u1ef1c thi t\u1ed1i \u01b0u\"<\/strong> m\u00e0 h\u00e3y theo \u0111u\u1ed5i \"c\u00e1ch th\u1ef1c hi\u1ec7n c\u00f3 th\u1ec3 ch\u1ea5p nh\u1eadn \u0111\u01b0\u1ee3c\": thi\u1ebft k\u1ebf chi\u1ebfn l\u01b0\u1ee3c ph\u1ea3i bao g\u1ed3m kh\u1ea3 n\u0103ng ch\u1ecbu tr\u01b0\u1ee3t gi\u00e1; Tr\u00e1nh nh\u1eefng kho\u1ea3ng th\u1eddi gian c\u00f3 t\u00ednh thanh kho\u1ea3n y\u1ebfu<\/strong>: ch\u1eb3ng h\u1ea1n nh\u01b0 m\u1edf c\u1eeda v\u00e0o d\u1ecbp ngh\u1ec9 l\u1ec5 v\u00e0 30 ph\u00fat tr\u01b0\u1edbc v\u00e0 sau khi c\u00f4ng b\u1ed1 d\u1eef li\u1ec7u l\u1edbn; \u01afu ti\u00ean c\u00e1c m\u1ee5c ti\u00eau c\u00f3 t\u00ednh thanh kho\u1ea3n cao<\/strong>: c\u00e1c c\u1eb7p ti\u1ec1n t\u1ec7 ch\u00ednh, ch\u1ec9 s\u1ed1 ch\u1ee9ng kho\u00e1n ch\u00ednh th\u1ed1ng, v\u00e0ng, v.v., c\u00f3 thanh kho\u1ea3n s\u01a1 c\u1ea5p s\u00e2u v\u00e0 kh\u1ea3 n\u0103ng ch\u1ed1ng s\u1ed1c m\u1ea1nh; Hi\u1ec3u r\u1eb1ng \"kh\u00f4ng giao d\u1ecbch\" c\u0169ng l\u00e0 m\u1ed9t h\u00ecnh th\u1ee9c qu\u1ea3n l\u00fd r\u1ee7i ro<\/strong>: Khi c\u1ea5u tr\u00fac vi m\u00f4 th\u1ecb tr\u01b0\u1eddng x\u1ea5u \u0111i, ch\u1edd xem s\u1ebd t\u1ed1t h\u01a1n l\u00e0 b\u1eaft bu\u1ed9c ph\u1ea3i tham gia.<\/p>\n

Nh\u01b0 nh\u00e0 khoa h\u1ecdc t\u00e0i ch\u00ednh Larry Harris \u0111\u00e3 n\u00f3i: \u201cThanh kho\u1ea3n kh\u00f4ng ph\u1ea3i l\u00e0 b\u1eefa tr\u01b0a mi\u1ec5n ph\u00ed. N\u00f3 c\u1ea7n \u0111\u01b0\u1ee3c cung c\u1ea5p b\u1edfi ng\u01b0\u1eddi ch\u1ea5p nh\u1eadn r\u1ee7i ro\u201d. N\u1ebfu ng\u01b0\u1eddi d\u00f9ng b\u00e1n l\u1ebb kh\u00f4ng nh\u1eadn th\u1ee9c \u0111\u01b0\u1ee3c v\u1ecb tr\u00ed c\u1ee7a h\u1ecd trong h\u1ec7 sinh th\u00e1i thanh kho\u1ea3n, h\u1ecd c\u00f3 th\u1ec3 d\u1ec5 d\u00e0ng tr\u1edf th\u00e0nh ng\u01b0\u1eddi ch\u1ecbu r\u1ee7i ro cu\u1ed1i c\u00f9ng.<\/p>\n

K\u1ebft lu\u1eadn: Nh\u00ecn th\u1ea5y nh\u1eefng chi ph\u00ed v\u00f4 h\u00ecnh<\/p>\n

S\u1ef1 tr\u01b0\u1edfng th\u00e0nh th\u1ef1c s\u1ef1 c\u1ee7a th\u1ecb tr\u01b0\u1eddng b\u1eaft \u0111\u1ea7u t\u1eeb nh\u1eadn th\u1ee9c v\u1ec1 \u201cchi ph\u00ed v\u00f4 h\u00ecnh\u201d. Wmax lu\u00f4n l\u1eadp lu\u1eadn r\u1eb1ng \u0111i\u1ec1u quan tr\u1ecdng h\u01a1n l\u00e0 hi\u1ec3u c\u00e1ch th\u1ee9c ho\u1ea1t \u0111\u1ed9ng c\u1ee7a th\u1ecb tr\u01b0\u1eddng h\u01a1n l\u00e0 v\u1ed9i v\u00e0ng tham gia<\/strong>. Ch\u1ec9 b\u1eb1ng c\u00e1ch nh\u1eadn ra th\u1ef1c t\u1ebf c\u1ee7a vi\u1ec7c ph\u00e2n t\u1ea7ng thanh kho\u1ea3n v\u00e0 ch\u1ea5p nh\u1eadn v\u1ecb tr\u00ed c\u1ee7a h\u1ecd trong chu\u1ed7i th\u00f4ng tin v\u00e0 th\u1ef1c thi, c\u00e1c nh\u00e0 giao d\u1ecbch b\u00e1n l\u1ebb m\u1edbi c\u00f3 th\u1ec3 \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh r\u00f5 r\u00e0ng v\u00e0 b\u1ec1n v\u1eefng h\u01a1n trong m\u1ed9t m\u00f4i tr\u01b0\u1eddng ph\u1ee9c t\u1ea1p\u2014kh\u00f4ng ph\u1ea3i c\u1ed1 g\u1eafng v\u01b0\u1ee3t qua c\u00e1c c\u1ea5p \u0111\u1ed9 m\u00e0 l\u00e0 t\u1ed1i \u01b0u trong c\u1ea5p \u0111\u1ed9 m\u00e0 h\u1ecd thu\u1ed9c v\u1ec1.<\/p>","protected":false},"excerpt":{"rendered":"

Thanh kho\u1ea3n kh\u00f4ng ph\u1ea3i l\u00e0 m\u1ed9t ngu\u1ed3n t\u00e0i nguy\u00ean c\u00f4ng \u0111\u1ed3ng nh\u1ea5t m\u00e0 l\u00e0 m\u1ed9t h\u1ec7 sinh th\u00e1i c\u00f3 t\u00ednh ph\u00e2n t\u1ea7ng cao. B\u00e0i vi\u1ebft n\u00e0y ph\u00e2n t\u00edch ba m\u1ee9c \u0111\u1ed9 thanh kho\u1ea3n, s\u1ef1 b\u1ea5t c\u00e2n x\u1ee9ng trong vi\u1ec7c ph\u00e1t hi\u1ec7n gi\u00e1 v\u00e0 c\u00e1c chi ph\u00ed ti\u1ec1m \u1ea9n nh\u01b0 tr\u01b0\u1ee3t gi\u00e1 v\u00e0 ch\u1eadm tr\u1ec5. C\u00e1c nh\u00e0 giao d\u1ecbch b\u00e1n l\u1ebb ph\u1ea3i ch\u1ea5p nh\u1eadn \u0111\u1ecbnh v\u1ecb \"quy\u1ec1n truy c\u1eadp h\u1ea1n ch\u1ebf\" v\u00e0 t\u1ed1i \u01b0u h\u00f3a vi\u1ec7c qu\u1ea3n l\u00fd r\u1ee7i ro \u1edf c\u1ea5p \u0111\u1ed9 c\u1ee7a ri\u00eang h\u1ecd.<\/p>","protected":false},"author":1,"featured_media":7989,"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":[324,271,325],"class_list":["post-7988","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tutorial","tag-324","tag-271","tag-325"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/posts\/7988","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=7988"}],"version-history":[{"count":1,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/posts\/7988\/revisions"}],"predecessor-version":[{"id":7991,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/posts\/7988\/revisions\/7991"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/media\/7989"}],"wp:attachment":[{"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/media?parent=7988"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/categories?post=7988"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/tags?post=7988"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}