{"id":8033,"date":"2025-12-18T14:10:06","date_gmt":"2025-12-18T06:10:06","guid":{"rendered":"https:\/\/www.kpai1.cn\/?p=8033"},"modified":"2025-12-18T14:10:11","modified_gmt":"2025-12-18T06:10:11","slug":"%e5%a5%97%e5%88%a9%e4%b8%ba%e4%bd%95%e5%a4%b1%e6%95%88%ef%bc%9a%e8%ae%ba%e9%87%91%e8%9e%8d%e5%b8%82%e5%9c%ba%e4%b8%ad%e7%9a%84%e6%9c%89%e9%99%90%e5%a5%97%e5%88%a9%e7%8e%b0%e5%ae%9e","status":"publish","type":"post","link":"https:\/\/www.kpai1.cn\/vi\/luu-tru\/8033","title":{"rendered":"T\u1ea1i sao kinh doanh ch\u00eanh l\u1ec7ch gi\u00e1 th\u1ea5t b\u1ea1i: V\u1ec1 th\u1ef1c t\u1ebf \u201ckinh doanh ch\u00eanh l\u1ec7ch gi\u00e1 c\u00f3 gi\u1edbi h\u1ea1n\u201d tr\u00ean th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh"},"content":{"rendered":"

Trong l\u00fd thuy\u1ebft t\u00e0i ch\u00ednh truy\u1ec1n th\u1ed1ng, kinh doanh ch\u00eanh l\u1ec7ch gi\u00e1 \u0111\u01b0\u1ee3c coi l\u00e0 \"c\u01a1 ch\u1ebf s\u1eeda l\u1ed7i\" c\u1ee7a th\u1ecb tr\u01b0\u1eddng: m\u1ed9t khi gi\u00e1 \u0111i ch\u1ec7ch kh\u1ecfi nguy\u00ean t\u1eafc c\u01a1 b\u1ea3n, c\u00e1c nh\u00e0 kinh doanh ch\u00eanh l\u1ec7ch gi\u00e1 h\u1ee3p l\u00fd s\u1ebd nhanh ch\u00f3ng mua t\u00e0i s\u1ea3n \u0111\u01b0\u1ee3c \u0111\u1ecbnh gi\u00e1 th\u1ea5p v\u00e0 b\u00e1n t\u00e0i s\u1ea3n \u0111\u01b0\u1ee3c \u0111\u1ecbnh gi\u00e1 qu\u00e1 cao \u0111\u1ec3 \u0111\u1ea9y gi\u00e1 tr\u1edf l\u1ea1i tr\u1ea1ng th\u00e1i c\u00e2n b\u1eb1ng. Tuy nhi\u00ean, nh\u1eefng sai l\u1ec7ch v\u1ec1 gi\u00e1 trong d\u00e0i h\u1ea1n v\u00e0 th\u1eadm ch\u00ed c\u1ea3 bong b\u00f3ng th\u01b0\u1eddng xuy\u00ean x\u1ea3y ra tr\u00ean th\u1ecb tr\u01b0\u1eddng th\u1ef1c, cho th\u1ea5y r\u1eb1ng kinh doanh ch\u00eanh l\u1ec7ch gi\u00e1 kh\u00f4ng ph\u1ea3i l\u00e0 m\u1ed9t c\u00f4ng c\u1ee5 ho\u00e0n h\u1ea3o kh\u00f4ng t\u1ed1n k\u00e9m v\u00e0 kh\u00f4ng c\u00f3 r\u1ee7i ro. Hi\u1ec7n t\u01b0\u1ee3ng n\u00e0y \u0111\u01b0\u1ee3c c\u00e1c nh\u00e0 khoa h\u1ecdc t\u00e0i ch\u00ednh g\u1ecdi l\u00e0 \"Gi\u1edbi h\u1ea1n \u0111\u1ed1i v\u1edbi kinh doanh ch\u00eanh l\u1ec7ch gi\u00e1\" v\u00e0 n\u00f3 ti\u1ebft l\u1ed9 ngu\u1ed3n g\u1ed1c s\u00e2u xa c\u1ee7a s\u1ef1 k\u00e9m hi\u1ec7u qu\u1ea3 c\u1ee7a th\u1ecb tr\u01b0\u1eddng.<\/p>\n

1. Kinh doanh ch\u00eanh l\u1ec7ch gi\u00e1 l\u00fd t\u01b0\u1edfng v\u00e0 nh\u1eefng r\u00e0ng bu\u1ed9c th\u1ef1c t\u1ebf<\/p>\n

V\u1ec1 m\u1eb7t l\u00fd thuy\u1ebft, kinh doanh ch\u00eanh l\u1ec7ch gi\u00e1 l\u00e0 l\u1ee3i nhu\u1eadn kh\u00f4ng r\u1ee7i ro: mua A \u1edf gi\u00e1 th\u1ea5p, b\u00e1n t\u00e0i s\u1ea3n B c\u00f3 gi\u00e1 tr\u1ecb t\u01b0\u01a1ng \u0111\u01b0\u01a1ng \u1edf gi\u00e1 cao v\u00e0 kh\u00f3a ch\u00eanh l\u1ec7ch gi\u00e1. Nh\u01b0ng tr\u00ean th\u1ef1c t\u1ebf, c\u00e1c c\u01a1 h\u1ed9i kinh doanh ch\u00eanh l\u1ec7ch gi\u00e1 kh\u00f4ng c\u00f3 r\u1ee7i ro th\u1ef1c s\u1ef1 l\u00e0 c\u1ef1c k\u1ef3 hi\u1ebfm v\u00e0 h\u1ea7u h\u1ebft c\u00e1i g\u1ecdi l\u00e0 \u201carbitrage\u201d th\u1ef1c ch\u1ea5t l\u00e0 h\u00e0nh vi ch\u1ea5p nh\u1eadn r\u1ee7i ro.<\/p>\n

Shleifer v\u00e0 Vishny ch\u1ec9 ra r\u1eb1ng c\u00e1c nh\u00e0 kinh doanh ch\u00eanh l\u1ec7ch gi\u00e1 ph\u1ea3i \u0111\u1ed1i m\u1eb7t v\u1edbi ba h\u1ea1n ch\u1ebf c\u01a1 b\u1ea3n:<\/p>\n

R\u1ee7i ro c\u01a1 b\u1ea3n: C\u00e1i g\u1ecdi l\u00e0 \u201c\u0111\u1ecbnh gi\u00e1 sai\u201d c\u00f3 th\u1ec3 l\u00e0 k\u1ebft qu\u1ea3 c\u1ee7a nh\u1eefng thay \u0111\u1ed5i kh\u00f4ng \u0111\u01b0\u1ee3c ph\u00e1t hi\u1ec7n trong c\u00e1c nguy\u00ean t\u1eafc c\u01a1 b\u1ea3n. V\u00ed d\u1ee5, b\u00e1n kh\u1ed1ng m\u1ed9t c\u1ed5 phi\u1ebfu c\u00f4ng ngh\u1ec7 t\u01b0\u1edfng ch\u1eebng nh\u01b0 \u0111\u01b0\u1ee3c \u0111\u1ecbnh gi\u00e1 qu\u00e1 cao nh\u01b0ng l\u1ea1i thu \u0111\u01b0\u1ee3c l\u1ee3i nhu\u1eadn ngo\u00e0i mong \u0111\u1ee3i, d\u1eabn \u0111\u1ebfn kho\u1ea3n l\u1ed7 l\u1edbn h\u01a1n; R\u1ee7i ro c\u1ee7a ng\u01b0\u1eddi giao d\u1ecbch g\u00e2y \u1ed3n \u00e0o: C\u00e1c nh\u00e0 giao d\u1ecbch thi\u1ebfu l\u00fd tr\u00ed c\u00f3 th\u1ec3 \u0111\u1ea9y gi\u00e1 sai l\u00ean cao h\u01a1n n\u1eefa trong th\u1eddi gian ng\u1eafn, bu\u1ed9c c\u00e1c nh\u00e0 kinh doanh ch\u00eanh l\u1ec7ch gi\u00e1 ph\u1ea3i \u0111\u00f3ng v\u1ecb th\u1ebf s\u1edbm do c\u1ea1n ti\u1ec1n; Chi ph\u00ed th\u1ef1c hi\u1ec7n v\u00e0 r\u00e0o c\u1ea3n: bao g\u1ed3m ph\u00ed giao d\u1ecbch, chi ph\u00ed \u0111i vay (\u0111\u1eb7c bi\u1ec7t l\u00e0 b\u00e1n kh\u1ed1ng), tr\u01b0\u1ee3t gi\u00e1 do kh\u00f4ng \u0111\u1ee7 thanh kho\u1ea3n, v.v.<\/p>\n

Nh\u1eefng h\u1ea1n ch\u1ebf n\u00e0y bi\u1ebfn ho\u1ea1t \u0111\u1ed9ng kinh doanh ch\u00eanh l\u1ec7ch gi\u00e1 t\u1eeb \"l\u1ee3i nhu\u1eadn kh\u00f4ng r\u1ee7i ro\" th\u00e0nh \"tr\u00f2 ch\u01a1i c\u00f3 r\u1ee7i ro cao\", l\u00e0m suy y\u1ebfu \u0111\u00e1ng k\u1ec3 kh\u1ea3 n\u0103ng s\u1eeda l\u1ed7i c\u1ee7a n\u00f3.<\/p>\n

2. V\u1ea5n \u0111\u1ec1 ng\u01b0\u1eddi \u0111\u1ea1i di\u1ec7n ch\u00ednh: Ai s\u1ebd gi\u00e1m s\u00e1t c\u00e1c nh\u00e0 kinh doanh ch\u00eanh l\u1ec7ch gi\u00e1?<\/p>\n

Ngay c\u1ea3 khi c\u01a1 h\u1ed9i kinh doanh ch\u00eanh l\u1ec7ch gi\u00e1 t\u1ed3n t\u1ea1i, xung \u0111\u1ed9t gi\u1eefa ng\u01b0\u1eddi \u0111\u1ea1i di\u1ec7n ch\u00ednh v\u00e0 ng\u01b0\u1eddi cung c\u1ea5p v\u1ed1n (nh\u01b0 nh\u00e0 \u0111\u1ea7u t\u01b0 qu\u1ef9) v\u00e0 ng\u01b0\u1eddi kinh doanh ch\u00eanh l\u1ec7ch gi\u00e1 (nh\u00e0 qu\u1ea3n l\u00fd qu\u1ef9) v\u1eabn t\u1ed3n t\u1ea1i. C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 th\u01b0\u1eddng \u0111\u00e1nh gi\u00e1 c\u00e1c nh\u00e0 qu\u1ea3n l\u00fd v\u1ec1 hi\u1ec7u su\u1ea5t ng\u1eafn h\u1ea1n v\u00e0 c\u00e1c chi\u1ebfn l\u01b0\u1ee3c kinh doanh ch\u00eanh l\u1ec7ch gi\u00e1 c\u00f3 th\u1ec3 s\u1edbm duy tr\u00ec thua l\u1ed7 (v\u00ec c\u00e1c nh\u00e0 giao d\u1ecbch \u1ed3n \u00e0o l\u00e0m t\u0103ng th\u00eam s\u1ef1 thi\u00ean v\u1ecb).<\/p>\n

K\u1ebft qu\u1ea3 l\u00e0, c\u00e1c nh\u00e0 kinh doanh ch\u00eanh l\u1ec7ch gi\u00e1 h\u1ee3p l\u00fd kh\u00f4ng d\u00e1m b\u00e1m v\u00e0o c\u00e1c v\u1ecb tr\u00ed ch\u00ednh x\u00e1c l\u00e2u d\u00e0i \u0111\u1ec3 tr\u00e1nh \u00e1p l\u1ef1c mua l\u1ea1i. Shleifer v\u00e0 Vishny g\u1ecdi \u0111\u00e2y l\u00e0 \u201cs\u1ef1 mong manh c\u1ee7a \u0111\u1ed3ng ti\u1ec1n th\u00f4ng minh\u201d \u2013 nh\u1eefng ng\u01b0\u1eddi l\u1ebd ra ph\u1ea3i \u0111i\u1ec1u ch\u1ec9nh th\u1ecb tr\u01b0\u1eddng nhi\u1ec1u nh\u1ea5t l\u1ea1i l\u00e0 nh\u1eefng ng\u01b0\u1eddi r\u00fat lui \u0111\u1ea7u ti\u00ean. \u0110i\u1ec1u n\u00e0y gi\u1ea3i th\u00edch t\u1ea1i sao bong b\u00f3ng c\u00f3 th\u1ec3 t\u1ed3n t\u1ea1i h\u00e0ng th\u00e1ng, th\u1eadm ch\u00ed h\u00e0ng n\u0103m, m\u1eb7c d\u00f9 nhi\u1ec1u chuy\u00ean gia t\u1eeb l\u00e2u \u0111\u00e3 x\u00e1c \u0111\u1ecbnh t\u00ednh kh\u00f4ng b\u1ec1n v\u1eefng c\u1ee7a ch\u00fang.<\/p>\n

\"\u6cd5\u5b98\u7684\u6728\u69cc\u653e\u5728\u6d45\u8272\u80cc\u666f\u4e0a\uff0c\u8fd8\u6709\u4e00\u53e0\u949e\u7968\u3002\"<\/p>\n

3. Suy gi\u1ea3m thanh kho\u1ea3n: th\u1eddi \u0111i\u1ec3m ch\u1ebft ng\u01b0\u1eddi cho ho\u1ea1t \u0111\u1ed9ng kinh doanh ch\u00eanh l\u1ec7ch gi\u00e1<\/p>\n

Chi\u1ebfn l\u01b0\u1ee3c ch\u00eanh l\u1ec7ch gi\u00e1 th\u01b0\u1eddng d\u1ef1a v\u00e0o \u0111\u00f2n b\u1ea9y \u0111\u1ec3 t\u0103ng l\u1ee3i nhu\u1eadn, nh\u01b0ng \u0111\u00f2n b\u1ea9y c\u0169ng mang l\u1ea1i r\u1ee7i ro thanh l\u00fd b\u1eaft bu\u1ed9c. Khi bi\u1ebfn \u0111\u1ed9ng th\u1ecb tr\u01b0\u1eddng ng\u00e0y c\u00e0ng gia t\u0103ng, y\u00eau c\u1ea7u k\u00fd qu\u1ef9 t\u0103ng l\u00ean v\u00e0 gi\u00e1 t\u00e0i s\u1ea3n kh\u00f4ng th\u1ec3 \u0111\u00f3ng v\u1ecb th\u1ebf k\u1ecbp th\u1eddi do thanh kho\u1ea3n c\u1ea1n ki\u1ec7t, c\u00e1c nh\u00e0 kinh doanh ch\u00eanh l\u1ec7ch gi\u00e1 c\u00f3 th\u1ec3 bu\u1ed9c ph\u1ea3i thanh l\u00fd v\u1ecb th\u1ebf v\u00e0o th\u1eddi \u0111i\u1ec3m b\u1ea5t l\u1ee3i nh\u1ea5t.<\/p>\n

S\u1ef1 s\u1ee5p \u0111\u1ed5 c\u1ee7a c\u00e1c qu\u1ef9 \u0111\u1ecbnh l\u01b0\u1ee3ng n\u0103m 2007 v\u00e0 cu\u1ed9c kh\u1ee7ng ho\u1ea3ng Qu\u1ea3n l\u00fd v\u1ed1n d\u00e0i h\u1ea1n (LTCM) n\u0103m 2008 \u0111\u1ec1u b\u1eaft ngu\u1ed3n t\u1eeb \u0111i\u1ec1u n\u00e0y: logic chi\u1ebfn l\u01b0\u1ee3c l\u00e0 \u0111\u00fang, nh\u01b0ng th\u1eddi gian v\u00e0 t\u00ednh thanh kho\u1ea3n kh\u00f4ng \u0111\u1ee9ng v\u1ec1 ph\u00eda h\u1ecd. T\u1ea1i th\u1eddi \u0111i\u1ec3m n\u00e0y, th\u1ecb tr\u01b0\u1eddng kh\u00f4ng nh\u1eefng kh\u00f4ng \u0111\u01b0\u1ee3c \u0111i\u1ec1u ch\u1ec9nh m\u00e0 c\u00f2n b\u1ecb b\u00f3p m\u00e9o th\u00eam b\u1edfi s\u1ef1 thanh l\u00fd t\u1eadp th\u1ec3 c\u00e1c v\u1ecb th\u1ebf c\u1ee7a c\u00e1c nh\u00e0 kinh doanh ch\u00eanh l\u1ec7ch gi\u00e1.<\/p>\n

4. Khai s\u00e1ng cho ti\u1ec3u th\u01b0\u01a1ng: C\u1ea3nh gi\u00e1c v\u1edbi b\u1eaby \u201cl\u1ed7i hi\u1ec3n nhi\u00ean\u201d<\/p>\n

L\u00fd thuy\u1ebft ch\u00eanh l\u1ec7ch gi\u00e1 c\u00f3 gi\u1edbi h\u1ea1n c\u00f3 \u00fd ngh\u0129a s\u00e2u s\u1eafc \u0111\u1ed1i v\u1edbi nh\u1eefng ng\u01b0\u1eddi tham gia th\u00f4ng th\u01b0\u1eddng:<\/p>\n

\u0110\u1eebng cho r\u1eb1ng \"\u0111\u01b0\u1ee3c \u0111\u1ecbnh gi\u00e1 qu\u00e1 cao\/d\u01b0\u1edbi gi\u00e1 tr\u1ecb \u0111\u00e1ng k\u1ec3\" t\u01b0\u01a1ng \u0111\u01b0\u01a1ng v\u1edbi \"s\u1ef1 \u0111\u1ea3o chi\u1ec1u s\u1eafp x\u1ea3y ra\". Th\u1ecb tr\u01b0\u1eddng c\u00f3 th\u1ec3 phi l\u00fd trong th\u1eddi gian d\u00e0i, v\u01b0\u1ee3t xa kh\u1ea3 n\u0103ng ch\u1ecbu \u0111\u1ef1ng c\u1ee7a m\u1ed7i c\u00e1 nh\u00e2n; tr\u00e1nh b\u1eaft ch\u01b0\u1edbc c\u00e1c chi\u1ebfn l\u01b0\u1ee3c ch\u00eanh l\u1ec7ch gi\u00e1 chuy\u00ean nghi\u1ec7p (ch\u1eb3ng h\u1ea1n nh\u01b0 giao d\u1ecbch theo c\u1eb7p, ch\u00eanh l\u1ec7ch gi\u00e1 gi\u1eefa c\u00e1c th\u1ecb tr\u01b0\u1eddng), v\u00ec nh\u1eefng r\u1ee7i ro ti\u1ec1m \u1ea9n v\u01b0\u1ee3t xa b\u1ec1 ngo\u00e0i; hi\u1ec3u r\u00f5 v\u1ecb tr\u00ed c\u1ee7a ch\u00ednh h\u1ecd trong chu\u1ed7i th\u00f4ng tin v\u00e0 v\u1ed1n: ng\u01b0\u1eddi d\u00f9ng b\u00e1n l\u1ebb kh\u00f4ng c\u00f3 kh\u1ea3 n\u0103ng t\u00e0i tr\u1ee3 chi ph\u00ed th\u1ea5p c\u0169ng nh\u01b0 kh\u00f4ng \u0111\u1ee7 ki\u00ean nh\u1eabn \u0111\u1ec3 ch\u1ed1ng l\u1ea1i nh\u1eefng bi\u1ebfn \u0111\u1ed9ng v\u00e0 vi\u1ec7c \u00e9p bu\u1ed9c ch\u00eanh l\u1ec7ch gi\u00e1 c\u00f3 th\u1ec3 d\u1ec5 d\u00e0ng tr\u1edf th\u00e0nh \"ng\u01b0\u1eddi nh\u1eadn\".<\/p>\n

S\u1ef1 h\u1ee3p l\u00fd th\u1ef1c s\u1ef1 kh\u00f4ng ph\u1ea3i l\u00e0 ch\u1ec9 ra nh\u1eefng sai s\u00f3t c\u1ee7a th\u1ecb tr\u01b0\u1eddng m\u00e0 l\u00e0 th\u1eeba nh\u1eadn r\u1eb1ng m\u00ecnh kh\u00f4ng th\u1ec3 s\u1eeda ch\u1eefa n\u00f3 v\u00e0 \u0111i\u1ec1u ch\u1ec9nh ph\u01b0\u01a1ng th\u1ee9c tham gia cho ph\u00f9 h\u1ee3p.<\/p>\n

K\u1ebft lu\u1eadn: Th\u1ecb tr\u01b0\u1eddng \u0111i\u1ec1u ch\u1ec9nh \u0111\u00f2i h\u1ecfi m\u1ed9t m\u1ee9c gi\u00e1, nh\u01b0ng h\u1ea7u h\u1ebft m\u1ecdi ng\u01b0\u1eddi kh\u00f4ng \u0111\u1ee7 kh\u1ea3 n\u0103ng chi tr\u1ea3<\/p>\n

Kinh doanh ch\u00eanh l\u1ec7ch gi\u00e1 kh\u00f4ng ph\u1ea3i l\u00e0 h\u00e0ng h\u00f3a c\u00f4ng mi\u1ec5n ph\u00ed m\u00e0 l\u00e0 m\u1ed9t h\u00e0nh vi ch\u1ea5p nh\u1eadn r\u1ee7i ro t\u1ed1n k\u00e9m. Wmax lu\u00f4n nh\u1ea5n m\u1ea1nh r\u1eb1ng \u0111i\u1ec1u quan tr\u1ecdng h\u01a1n l\u00e0 ph\u1ea3i hi\u1ec3u \"t\u1ea1i sao gi\u00e1 sai v\u1eabn t\u1ed3n t\u1ea1i\" h\u01a1n l\u00e0 lao v\u00e0o khai th\u00e1c ch\u00fang. Trong th\u1ef1c t\u1ebf c\u1ee7a ho\u1ea1t \u0111\u1ed9ng kinh doanh ch\u00eanh l\u1ec7ch gi\u00e1 c\u00f3 gi\u1edbi h\u1ea1n, s\u1ed1ng c\u00f2n t\u1ed1t h\u01a1n l\u00e0 \u0111\u00fang v\u00e0 k\u1ef7 lu\u1eadt t\u1ed1t h\u01a1n hi\u1ec3u bi\u1ebft s\u00e2u s\u1eafc. Ch\u1ec9 b\u1eb1ng c\u00e1ch n\u00e0y, c\u00e1c nh\u00e0 kinh doanh b\u00e1n l\u1ebb m\u1edbi c\u00f3 th\u1ec3 t\u00ecm ra con \u0111\u01b0\u1eddng b\u1ec1n v\u1eefng cho ri\u00eang m\u00ecnh trong m\u1ed9t th\u1ecb tr\u01b0\u1eddng kh\u00f4ng ho\u00e0n h\u1ea3o.<\/p>","protected":false},"excerpt":{"rendered":"

B\u00e0i vi\u1ebft n\u00e0y ph\u00e2n t\u00edch l\u00fd thuy\u1ebft ch\u00eanh l\u1ec7ch gi\u00e1 c\u00f3 gi\u1edbi h\u1ea1n v\u00e0 kh\u00e1m ph\u00e1 l\u00fd do t\u1ea1i sao sai l\u1ec7ch gi\u00e1 th\u1ecb tr\u01b0\u1eddng c\u00f3 th\u1ec3 t\u1ed3n t\u1ea1i trong m\u1ed9t th\u1eddi gian d\u00e0i. Ph\u00e2n t\u00edch nh\u1eefng tr\u1edf ng\u1ea1i m\u00e0 r\u1ee7i ro c\u01a1 b\u1ea3n, r\u1ee7i ro g\u00e2y \u1ed3n \u00e0o c\u1ee7a ng\u01b0\u1eddi giao d\u1ecbch v\u00e0 h\u1ea1n ch\u1ebf thanh kho\u1ea3n \u0111\u1ed1i v\u1edbi c\u01a1 ch\u1ebf s\u1eeda l\u1ed7i, cho th\u1ea5y s\u1ef1 mong manh c\u1ee7a ti\u1ec1n th\u00f4ng minh. H\u01b0\u1edbng d\u1eabn c\u00e1c nh\u00e0 giao d\u1ecbch b\u00e1n l\u1ebb c\u1ea3nh gi\u00e1c v\u1edbi c\u00e1c b\u1eaby l\u1ed7i r\u00f5 r\u00e0ng v\u00e0 \u01b0u ti\u00ean \u0111\u1ea3m b\u1ea3o kh\u1ea3 n\u0103ng s\u1ed1ng s\u00f3t c\u0169ng nh\u01b0 k\u1ef7 lu\u1eadt giao d\u1ecbch trong c\u00e1c th\u1ecb tr\u01b0\u1eddng k\u00e9m hi\u1ec7u qu\u1ea3.<\/p>","protected":false},"author":1,"featured_media":8034,"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":[346,345,344],"class_list":["post-8033","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tutorial","tag-346","tag-345","tag-344"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/posts\/8033","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=8033"}],"version-history":[{"count":1,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/posts\/8033\/revisions"}],"predecessor-version":[{"id":8036,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/posts\/8033\/revisions\/8036"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/media\/8034"}],"wp:attachment":[{"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/media?parent=8033"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/categories?post=8033"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/tags?post=8033"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}