{"id":8000,"date":"2025-12-16T16:45:55","date_gmt":"2025-12-16T08:45:55","guid":{"rendered":"https:\/\/www.kpai1.cn\/?p=8000"},"modified":"2025-12-16T16:46:01","modified_gmt":"2025-12-16T08:46:01","slug":"%e4%ba%a4%e6%98%93%e4%b8%ad%e7%9a%84%e8%ae%a4%e7%9f%a5%e8%be%b9%e7%95%8c%ef%bc%9a%e9%a3%8e%e9%99%a9%e5%8f%af%e8%ae%a1%e7%ae%97%ef%bc%8c%e4%b8%8d%e7%a1%ae%e5%ae%9a%e6%80%a7%e4%b8%8d%e5%8f%af","status":"publish","type":"post","link":"https:\/\/www.kpai1.cn\/vi\/luu-tru\/8000","title":{"rendered":"Ranh gi\u1edbi nh\u1eadn th\u1ee9c trong giao d\u1ecbch: r\u1ee7i ro c\u00f3 th\u1ec3 t\u00ednh to\u00e1n \u0111\u01b0\u1ee3c, s\u1ef1 kh\u00f4ng ch\u1eafc ch\u1eafn kh\u00f4ng th\u1ec3"},"content":{"rendered":"

Tr\u00ean th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh, t\u1eeb \u201cr\u1ee7i ro\u201d th\u01b0\u1eddng \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng m\u1ed9t c\u00e1ch t\u1ed5ng qu\u00e1t nh\u01b0ng \u0111\u1eb1ng sau n\u00f3 \u1ea9n ch\u1ee9a hai tr\u1ea1ng th\u00e1i ho\u00e0n to\u00e0n kh\u00e1c nhau: r\u1ee7i ro c\u00f3 th\u1ec3 \u0111\u1ecbnh l\u01b0\u1ee3ng \u0111\u01b0\u1ee3c<\/strong> (Risk) v\u00e0 s\u1ef1 kh\u00f4ng ch\u1eafc ch\u1eafn kh\u00f4ng th\u1ec3 \u0111\u1ecbnh l\u01b0\u1ee3ng \u0111\u01b0\u1ee3c<\/strong> (S\u1ef1 kh\u00f4ng ch\u1eafc ch\u1eafn). S\u1ef1 kh\u00e1c bi\u1ec7t n\u00e0y l\u1ea7n \u0111\u1ea7u ti\u00ean \u0111\u01b0\u1ee3c nh\u00e0 kinh t\u1ebf h\u1ecdc Frank H. Knight \u0111\u1ec1 xu\u1ea5t v\u00e0o n\u0103m 1921 v\u00e0 v\u1eabn l\u00e0 khu\u00f4n kh\u1ed5 c\u1ed1t l\u00f5i \u0111\u1ec3 hi\u1ec3u h\u00e0nh vi th\u1ecb tr\u01b0\u1eddng c\u0169ng nh\u01b0 nh\u1eefng h\u1ea1n ch\u1ebf c\u1ee7a vi\u1ec7c ra quy\u1ebft \u0111\u1ecbnh. \u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 giao d\u1ecbch, vi\u1ec7c nh\u1ea7m l\u1eabn gi\u1eefa hai \u0111i\u1ec1u n\u00e0y s\u1ebd kh\u00f4ng ch\u1ec9 d\u1eabn \u0111\u1ebfn th\u1ea5t b\u1ea1i trong chi\u1ebfn l\u01b0\u1ee3c m\u00e0 c\u00f2n c\u00f3 th\u1ec3 d\u1eabn \u0111\u1ebfn nh\u1eefng \u0111\u00e1nh gi\u00e1 sai l\u1ea7m c\u00f3 h\u1ec7 th\u1ed1ng.<\/p>\n

1. Ph\u00e2n bi\u1ec7t Knightian: r\u1ee7i ro c\u00f3 x\u00e1c su\u1ea5t, s\u1ef1 kh\u00f4ng ch\u1eafc ch\u1eafn kh\u00f4ng c\u00f3 ph\u00e2n ph\u1ed1i<\/p>\n

R\u1ee7i ro<\/strong> (R\u1ee7i ro): \u0110\u1ec1 c\u1eadp \u0111\u1ebfn th\u1ef1c t\u1ebf l\u00e0 m\u1eb7c d\u00f9 ch\u01b0a x\u00e1c \u0111\u1ecbnh \u0111\u01b0\u1ee3c k\u1ebft qu\u1ea3 trong t\u01b0\u01a1ng lai nh\u01b0ng ph\u00e2n b\u1ed5 x\u00e1c su\u1ea5t c\u1ee7a n\u00f3 \u0111\u00e3 \u0111\u01b0\u1ee3c bi\u1ebft ho\u1eb7c c\u00f3 th\u1ec3 \u01b0\u1edbc t\u00ednh \u0111\u01b0\u1ee3c. V\u00ed d\u1ee5: x\u00e1c su\u1ea5t ra m\u1eb7t ng\u1eeda khi tung \u0111\u1ed3ng xu l\u00e0 50%; bi\u1ebfn \u0111\u1ed9ng l\u1ecbch s\u1eed c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng \u0111\u1ec3 \u01b0\u1edbc t\u00ednh ph\u1ea1m vi gi\u00e1 trong t\u01b0\u01a1ng lai c\u1ee7a m\u1ed9t t\u00e0i s\u1ea3n. Trong k\u1ecbch b\u1ea3n n\u00e0y, n\u00f3 c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c qu\u1ea3n l\u00fd th\u00f4ng qua c\u00e1c c\u00f4ng c\u1ee5 nh\u01b0 b\u1ea3o hi\u1ec3m, ph\u00f2ng ng\u1eeba r\u1ee7i ro v\u00e0 \u0111a d\u1ea1ng h\u00f3a. S\u1ef1 kh\u00f4ng ch\u1eafc ch\u1eafn<\/strong> (S\u1ef1 kh\u00f4ng ch\u1eafc ch\u1eafn): C\u00f3 ngh\u0129a l\u00e0 k\u1ebft qu\u1ea3 c\u00f3 th\u1ec3 x\u1ea3y ra c\u1ee7a c\u00e1c s\u1ef1 ki\u1ec7n trong t\u01b0\u01a1ng lai v\u00e0 x\u00e1c su\u1ea5t c\u1ee7a ch\u00fang l\u00e0 kh\u00f4ng x\u00e1c \u0111\u1ecbnh. V\u00ed d\u1ee5, li\u1ec7u xung \u0111\u1ed9t \u0111\u1ecba ch\u00ednh tr\u1ecb c\u00f3 leo thang hay kh\u00f4ng, li\u1ec7u ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng c\u00f3 \u0111\u1ed9t ng\u1ed9t thay \u0111\u1ed5i khung ch\u00ednh s\u00e1ch hay kh\u00f4ng v\u00e0 li\u1ec7u c\u00e1c c\u00f4ng ngh\u1ec7 m\u1edbi c\u00f3 ph\u00e1 v\u1ee1 c\u1ea5u tr\u00fac ng\u00e0nh hay kh\u00f4ng. Kh\u00f4ng c\u00f3 ti\u1ec1n l\u1ec7 l\u1ecbch s\u1eed n\u00e0o cho m\u1ed9t s\u1ef1 ki\u1ec7n nh\u01b0 v\u1eady v\u00e0 n\u00f3 kh\u00f4ng th\u1ec3 \u0111\u01b0\u1ee3c d\u1ef1 \u0111o\u00e1n m\u1ed9t c\u00e1ch \u0111\u00e1ng tin c\u1eady b\u1eb1ng c\u00e1c m\u00f4 h\u00ecnh th\u1ed1ng k\u00ea.<\/p>\n

Th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh d\u00e0nh ph\u1ea7n l\u1edbn th\u1eddi gian c\u1ee7a m\u00ecnh trong l\u0129nh v\u1ef1c \u201cr\u1ee7i ro\u201d, l\u0129nh v\u1ef1c n\u00e0y c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c qu\u1ea3n l\u00fd b\u1eb1ng c\u00e1c c\u00f4ng c\u1ee5 nh\u01b0 VaR v\u00e0 ki\u1ec3m tra s\u1ee9c ch\u1ecbu \u0111\u1ef1ng; nh\u01b0ng \u0111i\u1ec1u th\u1ef1c s\u1ef1 g\u00e2y ra t\u1ed5n th\u1ea5t l\u1edbn l\u00e0 nh\u1eefng s\u1ef1 ki\u1ec7n thi\u00ean nga \u0111en b\u1ecb \u0111\u00e1nh gi\u00e1 sai l\u00e0 \"r\u1ee7i ro cao\" nh\u01b0ng th\u1ef1c ra l\u1ea1i l\u00e0 \"s\u1ef1 kh\u00f4ng ch\u1eafc ch\u1eafn s\u00e2u s\u1eafc\"<\/strong>.<\/p>\n

2. \u0110i\u1ec3m m\u00f9 c\u1ee7a c\u00e1c m\u00f4 h\u00ecnh t\u00e0i ch\u00ednh hi\u1ec7n \u0111\u1ea1i: \u0111\u01a1n gi\u1ea3n h\u00f3a s\u1ef1 kh\u00f4ng ch\u1eafc ch\u1eafn th\u00e0nh r\u1ee7i ro<\/p>\n

C\u00e1c l\u00fd thuy\u1ebft t\u00e0i ch\u00ednh ch\u00ednh th\u1ed1ng (nh\u01b0 m\u00f4 h\u00ecnh CAPM v\u00e0 Black-Scholes) d\u1ef1a tr\u00ean ti\u1ec1n \u0111\u1ec1 \"r\u1ee7i ro c\u00f3 th\u1ec3 \u0111o l\u01b0\u1eddng \u0111\u01b0\u1ee3c\" v\u00e0 cho r\u1eb1ng gi\u00e1 tu\u00e2n theo m\u1ed9t ph\u00e2n ph\u1ed1i \u0111\u00e3 bi\u1ebft (ch\u1eb3ng h\u1ea1n nh\u01b0 ph\u00e2n ph\u1ed1i chu\u1ea9n). Tuy nhi\u00ean, th\u1ecb tr\u01b0\u1eddng th\u1ef1c t\u1ebf th\u01b0\u1eddng xuy\u00ean x\u1ea3y ra hi\u1ec7n t\u01b0\u1ee3ng Fat Tails<\/strong> - c\u00e1c s\u1ef1 ki\u1ec7n c\u1ef1c \u0111oan x\u1ea3y ra th\u01b0\u1eddng xuy\u00ean h\u01a1n nhi\u1ec1u so v\u1edbi d\u1ef1 \u0111o\u00e1n c\u1ee7a m\u00f4 h\u00ecnh.<\/p>\n

C\u00e1c s\u1ef1 ki\u1ec7n nh\u01b0 cu\u1ed9c kh\u1ee7ng ho\u1ea3ng t\u00e0i ch\u00ednh n\u0103m 2008, gi\u00e1 d\u1ea7u th\u00f4 \u00e2m v\u00e0o n\u0103m 2020 v\u00e0 cu\u1ed9c kh\u1ee7ng ho\u1ea3ng l\u01b0\u01a1ng h\u01b0u \u1edf Anh n\u0103m 2022 \u0111\u1ec1u l\u00e0 k\u1ebft qu\u1ea3 c\u1ee7a c\u00e1c m\u00f4 h\u00ecnh ph\u00e2n lo\u1ea1i sai nh\u1eefng y\u1ebfu t\u1ed1 kh\u00f4ng ch\u1eafc ch\u1eafn v\u1ec1 c\u01a1 c\u1ea5u (nh\u01b0 \u0111\u1ee9t g\u00e3y chu\u1ed7i \u0111\u00f2n b\u1ea9y v\u00e0 thay \u0111\u1ed5i ch\u00ednh s\u00e1ch) th\u00e0nh nh\u1eefng r\u1ee7i ro c\u00f3 th\u1ec3 \u0111\u1ecbnh l\u01b0\u1ee3ng \u0111\u01b0\u1ee3c. Khi t\u1ea5t c\u1ea3 nh\u1eefng ng\u01b0\u1eddi tham gia d\u1ef1a v\u00e0o c\u00f9ng m\u1ed9t b\u1ed9 logic \"c\u00f3 th\u1ec3 ki\u1ec3m so\u00e1t r\u1ee7i ro\", h\u1ec7 th\u1ed1ng s\u1ebd tr\u1edf n\u00ean d\u1ec5 b\u1ecb t\u1ed5n th\u01b0\u01a1ng h\u01a1n tr\u01b0\u1edbc t\u00e1c \u0111\u1ed9ng c\u1ee7a s\u1ef1 kh\u00f4ng ch\u1eafc ch\u1eafn.<\/p>\n

\"\u5546\u4eba\u5728\u7ecf\u6d4e\u5d29\u6e83\u65f6\u575a\u6301\u53cd\u5bf9\u6761\u5f62\u56fe\u7684\u4e0b\u964d\"<\/p>\n

3. S\u1ef1 kh\u00e1c bi\u1ec7t trong ph\u1ea3n \u1ee9ng h\u00e0nh vi: \u0110\u1ed1i m\u1eb7t v\u1edbi r\u1ee7i ro v\u00e0 \u0110\u1ed1i m\u1eb7t v\u1edbi s\u1ef1 kh\u00f4ng ch\u1eafc ch\u1eafn<\/p>\n

Nghi\u00ean c\u1ee9u t\u00e2m l\u00fd cho th\u1ea5y con ng\u01b0\u1eddi c\u00f3 c\u01a1 ch\u1ebf \u0111\u1ed1i ph\u00f3 ho\u00e0n to\u00e0n kh\u00e1c nhau \u0111\u1ed1i v\u1edbi hai lo\u1ea1i tr\u1ea1ng th\u00e1i:<\/p>\n

\u0110\u1ed1i m\u1eb7t v\u1edbi r\u1ee7i ro<\/strong>: C\u00f3 xu h\u01b0\u1edbng t\u01b0 duy theo x\u00e1c su\u1ea5t, ch\u1ea5p nh\u1eadn thua l\u1ed7 nh\u1ecf \u0111\u1ec3 thu \u0111\u01b0\u1ee3c l\u1ee3i nhu\u1eadn l\u1edbn (nh\u01b0 mua b\u1ea3o hi\u1ec3m, \u0111\u1eb7t l\u1ec7nh d\u1eebng l\u1ed7); \u0110\u1ed1i m\u1eb7t v\u1edbi s\u1ef1 kh\u00f4ng ch\u1eafc ch\u1eafn<\/strong>: B\u1ed9 n\u00e3o r\u01a1i v\u00e0o tr\u1ea1ng th\u00e1i \"\u00c1c c\u1ea3m m\u01a1 h\u1ed3\", qu\u00e1 b\u1ea3o th\u1ee7 (ho\u00e0n to\u00e0n n\u00e9 tr\u00e1nh) ho\u1eb7c chuy\u1ec3n sang \u0111\u1ed9ng l\u1ef1c k\u1ec3 chuy\u1ec7n (ch\u1eb3ng h\u1ea1n nh\u01b0 tin r\u1eb1ng \"l\u1ea7n n\u00e0y s\u1ebd kh\u00e1c\") v\u00e0 t\u1eeb b\u1ecf kh\u1ea3 n\u0103ng ph\u00e1n \u0111o\u00e1n x\u00e1c su\u1ea5t.<\/p>\n

C\u00e1c nh\u00e0 giao d\u1ecbch b\u00e1n l\u1ebb th\u01b0\u1eddng r\u01a1i v\u00e0o t\u00ecnh hu\u1ed1ng sau khi c\u00f3 nh\u1eefng thay \u0111\u1ed5i l\u1edbn v\u1ec1 ch\u00ednh s\u00e1ch ho\u1eb7c kh\u1ee7ng ho\u1ea3ng \u0111\u1ecba ch\u00ednh tr\u1ecb: kh\u00f4ng th\u1ec3 l\u1eadp m\u00f4 h\u00ecnh v\u00e0 kh\u00f4ng mu\u1ed1n r\u1eddi kh\u1ecfi th\u1ecb tr\u01b0\u1eddng, thay v\u00e0o \u0111\u00f3, h\u1ecd d\u1ef1a v\u00e0o t\u01b0\u1eddng thu\u1eadt c\u1ee7a ph\u01b0\u01a1ng ti\u1ec7n truy\u1ec1n th\u00f4ng ho\u1eb7c t\u00e2m l\u00fd c\u1ed9ng \u0111\u1ed3ng \u0111\u1ec3 \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh, d\u1eabn \u0111\u1ebfn nguy c\u01a1 b\u1ecb ph\u01a1i nhi\u1ec5m t\u1ed1i \u0111a khi h\u1ecd n\u00ean th\u1eadn tr\u1ecdng nh\u1ea5t.<\/p>\n

4. X\u00e2y d\u1ef1ng chi\u1ebfn l\u01b0\u1ee3c ph\u1ee5c h\u1ed3i: s\u1ed1ng s\u00f3t trong b\u1ea5t \u1ed5n<\/p>\n

V\u00ec kh\u00f4ng th\u1ec3 lo\u1ea1i b\u1ecf s\u1ef1 kh\u00f4ng ch\u1eafc ch\u1eafn n\u00ean c\u00e1c chi\u1ebfn l\u01b0\u1ee3c h\u1ee3p l\u00fd n\u00ean t\u1eadp trung v\u00e0o n\u00e2ng cao kh\u1ea3 n\u0103ng ph\u1ee5c h\u1ed3i c\u1ee7a h\u1ec7 th\u1ed1ng<\/strong> (Kh\u1ea3 n\u0103ng ph\u1ee5c h\u1ed3i) thay v\u00ec theo \u0111u\u1ed5i \u0111\u1ed9 ch\u00ednh x\u00e1c c\u1ee7a d\u1ef1 \u0111o\u00e1n:<\/p>\n

Nh\u1eadn bi\u1ebft ranh gi\u1edbi nh\u1eadn th\u1ee9c<\/strong>: L\u00e0m r\u00f5 nh\u1eefng bi\u1ebfn s\u1ed1 n\u00e0o c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c m\u00f4 h\u00ecnh h\u00f3a (ch\u1eb3ng h\u1ea1n nh\u01b0 s\u1ef1 bi\u1ebfn \u0111\u1ed9ng trong l\u1ecbch s\u1eed) v\u00e0 bi\u1ebfn s\u1ed1 n\u00e0o kh\u00f4ng th\u1ec3 (ch\u1eb3ng h\u1ea1n nh\u01b0 c\u00e1c \u0111\u1ed9t bi\u1ebfn ch\u00ednh tr\u1ecb); Gi\u1eef l\u1ea1i v\u1ed1n d\u01b0 th\u1eeba<\/strong>: Tr\u00e1nh v\u1ecb th\u1ebf \u0111\u1ea7y \u0111\u1ee7 v\u00e0 \u0111\u1ea3m b\u1ea3o kh\u1ea3 n\u0103ng t\u00e1i tham gia sau c\u00e1c s\u1ef1 ki\u1ec7n kh\u1eafc nghi\u1ec7t; \u00c1p d\u1ee5ng t\u00ednh ch\u1ed1ng gi\u00f2n C\u1ea5u tr\u00fac y\u1ebfu<\/strong>: Nh\u01b0 Taleb \u0111\u00e3 n\u00f3i, h\u00e3y thi\u1ebft k\u1ebf chi\u1ebfn l\u01b0\u1ee3c \"thua l\u1ed7 nh\u1ecf nh\u01b0ng l\u1ee3i nhu\u1eadn l\u1edbn\" - h\u1ea7u h\u1ebft c\u00e1c kho\u1ea3n l\u1ed7 nh\u1ecf v\u00e0 l\u1ee3i nhu\u1eadn phi tuy\u1ebfn t\u00ednh trong m\u1ed9t s\u1ed1 s\u1ef1 ki\u1ec7n kh\u00f4ng ch\u1eafc ch\u1eafn; Gi\u1ea3m t\u1ea7n su\u1ea5t ra quy\u1ebft \u0111\u1ecbnh<\/strong>: \u0110\u1ed9 kh\u00f4ng ch\u1eafc ch\u1eafn c\u00e0ng cao th\u00ec c\u00e0ng n\u00ean can thi\u1ec7p \u00edt t\u00edch c\u1ef1c h\u01a1n \u0111\u1ec3 tr\u00e1nh di\u1ec5n gi\u1ea3i th\u1ecb tr\u01b0\u1eddng m\u1ed9t c\u00e1ch g\u01b0\u1ee3ng \u00e9p trong th\u1eddi k\u1ef3 ch\u00e2n kh\u00f4ng th\u00f4ng tin.<\/p>\n

S\u1ef1 chuy\u00ean nghi\u1ec7p th\u1ef1c s\u1ef1 kh\u00f4ng ph\u1ea3i l\u00e0 \"nh\u00ecn th\u1ea5u t\u01b0\u01a1ng lai\", m\u00e0 l\u00e0 lu\u00f4n khi\u00eam t\u1ed1n khi \u0111\u1ed1i m\u1eb7t v\u1edbi nh\u1eefng \u0111i\u1ec1u ch\u01b0a bi\u1ebft v\u00e0 ch\u1eeba ch\u1ed7 cho tr\u01b0\u1eddng h\u1ee3p x\u1ea5u nh\u1ea5t<\/strong>.<\/p>\n

K\u1ebft lu\u1eadn: S\u1ef1 kh\u00f4ng ch\u1eafc ch\u1eafn l\u00e0 b\u1ea3n ch\u1ea5t c\u1ee7a th\u1ecb tr\u01b0\u1eddng, kh\u00f4ng ph\u1ea3i l\u00e0 m\u1ed9t sai s\u00f3t<\/p>\n

L\u00fd do t\u1ea1i sao c\u01a1 h\u1ed9i sinh l\u1ee3i v\u01b0\u1ee3t tr\u1ed9i t\u1ed3n t\u1ea1i tr\u00ean th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh ch\u00ednh x\u00e1c l\u00e0 do s\u1ef1 kh\u00f4ng ch\u1eafc ch\u1eafn kh\u00f4ng th\u1ec3 \u0111\u01b0\u1ee3c \u0111\u1ecbnh gi\u00e1 ho\u00e0n to\u00e0n. Nh\u01b0ng \u0111i\u1ec1u n\u00e0y c\u0169ng c\u00f3 ngh\u0129a l\u00e0 b\u1ea5t k\u1ef3 h\u1ec7 th\u1ed1ng n\u00e0o tuy\u00ean b\u1ed1 \u201cki\u1ec3m so\u00e1t ho\u00e0n to\u00e0n r\u1ee7i ro\u201d \u0111\u1ec1u ng\u1ea7m b\u1ecf qua s\u1ef1 kh\u00f4ng ch\u1eafc ch\u1eafn. Wmax lu\u00f4n nh\u1ea5n m\u1ea1nh: Hi\u1ec3u r\u00f5 ranh gi\u1edbi gi\u1eefa \"c\u00f3 th\u1ec3 bi\u1ebft\" v\u00e0 \"kh\u00f4ng th\u1ec3 bi\u1ebft\" l\u00e0 b\u01b0\u1edbc \u0111\u1ea7u ti\u00ean \u0111\u1ec3 t\u1ed3n t\u1ea1i l\u00e2u d\u00e0i<\/strong>. C\u00e1c nh\u00e0 giao d\u1ecbch kh\u00f4ng c\u1ea7n ph\u1ea3i lo\u1ea1i b\u1ecf s\u1ef1 kh\u00f4ng ch\u1eafc ch\u1eafn, h\u1ecd ch\u1ec9 c\u1ea7n \u0111\u1ea3m b\u1ea3o r\u1eb1ng h\u1ecd kh\u00f4ng \u0111\u1ec3 n\u00f3 bi\u1ebfn m\u1ea5t.<\/p>","protected":false},"excerpt":{"rendered":"

B\u00e0i vi\u1ebft n\u00e0y ph\u00e2n t\u00edch s\u1ef1 kh\u00e1c bi\u1ec7t gi\u1eefa r\u1ee7i ro v\u00e0 s\u1ef1 kh\u00f4ng ch\u1eafc ch\u1eafn do Knight \u0111\u1ec1 xu\u1ea5t: R\u1ee7i ro c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c \u0111\u1ecbnh l\u01b0\u1ee3ng v\u00e0 c\u00f3 x\u00e1c su\u1ea5t, trong khi s\u1ef1 kh\u00f4ng ch\u1eafc ch\u1eafn kh\u00f4ng c\u00f3 ph\u00e2n ph\u1ed1i. Th\u1ea3o lu\u1eadn v\u1ec1 nh\u1eefng \u0111i\u1ec3m m\u00f9, th\u00e0nh ki\u1ebfn \u200b\u200btrong h\u00e0nh vi v\u00e0 c\u00e1c s\u1ef1 ki\u1ec7n c\u1ef1c \u0111oan trong m\u00f4 h\u00ecnh t\u00e0i ch\u00ednh. X\u00e2y d\u1ef1ng c\u00e1c chi\u1ebfn l\u01b0\u1ee3c ph\u1ee5c h\u1ed3i th\u1eeba nh\u1eadn ranh gi\u1edbi nh\u1eadn th\u1ee9c v\u00e0 t\u1eadp trung v\u00e0o kh\u1ea3 n\u0103ng s\u1ed1ng s\u00f3t h\u01a1n l\u00e0 t\u00ednh ch\u00ednh x\u00e1c trong d\u1ef1 \u0111o\u00e1n.<\/p>","protected":false},"author":1,"featured_media":8001,"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":[330,329,331],"class_list":["post-8000","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tutorial","tag-330","tag-329","tag-331"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/posts\/8000","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=8000"}],"version-history":[{"count":1,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/posts\/8000\/revisions"}],"predecessor-version":[{"id":8003,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/posts\/8000\/revisions\/8003"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/media\/8001"}],"wp:attachment":[{"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/media?parent=8000"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/categories?post=8000"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/tags?post=8000"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}