{"id":8041,"date":"2025-12-18T16:02:59","date_gmt":"2025-12-18T08:02:59","guid":{"rendered":"https:\/\/www.kpai1.cn\/?p=8041"},"modified":"2025-12-18T16:03:04","modified_gmt":"2025-12-18T08:03:04","slug":"%e6%b3%a2%e5%8a%a8%e7%8e%87%e4%b8%ba%e4%bd%95%e6%89%8e%e5%a0%86%e5%87%ba%e7%8e%b0%ef%bc%9f%e8%ae%ba%e9%87%91%e8%9e%8d%e9%a3%8e%e9%99%a9%e7%9a%84%e9%9d%9e%e7%ba%bf%e6%80%a7%e6%9c%ac","status":"publish","type":"post","link":"https:\/\/www.kpai1.cn\/vi\/luu-tru\/8041","title":{"rendered":"T\u1ea1i sao c\u00e1c c\u1ee5m bi\u1ebfn \u0111\u1ed9ng xu\u1ea5t hi\u1ec7n? V\u1ec1 b\u1ea3n ch\u1ea5t phi tuy\u1ebfn t\u00ednh c\u1ee7a r\u1ee7i ro t\u00e0i ch\u00ednh"},"content":{"rendered":"

Tr\u00ean th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh, m\u1ed9t hi\u1ec7n t\u01b0\u1ee3ng \u0111\u01b0\u1ee3c quan s\u00e1t r\u1ed9ng r\u00e3i nh\u01b0ng th\u01b0\u1eddng b\u1ecb hi\u1ec3u l\u1ea7m l\u00e0 c\u00e1c giai \u0111o\u1ea1n bi\u1ebfn \u0111\u1ed9ng cao c\u00f3 xu h\u01b0\u1edbng x\u1ea3y ra theo c\u1ee5m v\u00e0 giai \u0111o\u1ea1n b\u00ecnh \u1ed5n c\u0169ng k\u00e9o d\u00e0i trong th\u1eddi gian d\u00e0i. \"C\u1ee5m bi\u1ebfn \u0111\u1ed9ng\" n\u00e0y kh\u00f4ng ph\u1ea3i l\u00e0 ti\u1ebfng \u1ed3n ng\u1eabu nhi\u00ean m\u00e0 l\u00e0 k\u1ebft qu\u1ea3 c\u1ee7a t\u00e1c \u0111\u1ed9ng t\u1ed5ng h\u1ee3p c\u1ee7a c\u1ea5u tr\u00fac vi m\u00f4 th\u1ecb tr\u01b0\u1eddng, h\u00e0nh vi c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0 lu\u1ed3ng th\u00f4ng tin. Hi\u1ec3u \u0111\u01b0\u1ee3c c\u01a1 ch\u1ebf ph\u00e1t sinh c\u1ee7a n\u00f3 l\u00e0 r\u1ea5t quan tr\u1ecdng \u0111\u1ec3 x\u00e2y d\u1ef1ng m\u1ed9t khu\u00f4n kh\u1ed5 qu\u1ea3n l\u00fd r\u1ee7i ro hi\u1ec7u qu\u1ea3.<\/p>\n

1. T\u1ed5ng h\u1ee3p bi\u1ebfn \u0111\u1ed9ng: t\u1eeb hi\u1ec7n t\u01b0\u1ee3ng th\u1ef1c nghi\u1ec7m \u0111\u1ebfn n\u1ec1n t\u1ea3ng l\u00fd thuy\u1ebft<\/p>\n

V\u00e0o nh\u1eefng n\u0103m 1980, nh\u00e0 kinh t\u1ebf h\u1ecdc Robert Engle \u0111\u00e3 ph\u00e2n t\u00edch d\u1eef li\u1ec7u l\u1ea1m ph\u00e1t c\u1ee7a Anh v\u00e0 ph\u00e1t hi\u1ec7n ra r\u1eb1ng nh\u1eefng thay \u0111\u1ed5i l\u1edbn th\u01b0\u1eddng k\u00e9o theo nh\u1eefng thay \u0111\u1ed5i l\u1edbn v\u00e0 nh\u1eefng thay \u0111\u1ed5i nh\u1ecf c\u00f3 nhi\u1ec1u kh\u1ea3 n\u0103ng k\u00e9o theo nh\u1eefng thay \u0111\u1ed5i nh\u1ecf. Hi\u1ec7n t\u01b0\u1ee3ng n\u00e0y kh\u00f4ng th\u1ec3 \u0111\u01b0\u1ee3c gi\u1ea3i th\u00edch b\u1eb1ng m\u00f4 h\u00ecnh ph\u00e2n ph\u1ed1i chu\u1ea9n truy\u1ec1n th\u1ed1ng, m\u00f4 h\u00ecnh \u0111\u00e3 khai sinh ra lo\u1ea1t m\u00f4 h\u00ecnh ARCH\/GARCH v\u00e0 \u0111\u00e3 mang v\u1ec1 cho \u00f4ng gi\u1ea3i Nobel Kinh t\u1ebf n\u0103m 2003.<\/p>\n

Trong gi\u00e1 t\u00e0i s\u1ea3n, ph\u00e2n c\u1ee5m bi\u1ebfn \u0111\u1ed9ng xu\u1ea5t hi\u1ec7n d\u01b0\u1edbi d\u1ea1ng:<\/p>\n

Sau khi s\u1ed1 li\u1ec7u phi n\u00f4ng nghi\u1ec7p \u0111\u01b0\u1ee3c c\u00f4ng b\u1ed1, th\u1ecb tr\u01b0\u1eddng duy tr\u00ec m\u1ee9c \u0111\u1ed9 bi\u1ebfn \u0111\u1ed9ng cao trong nhi\u1ec1u ng\u00e0y li\u00ean ti\u1ebfp. Trong nh\u1eefng ng\u00e0y \u0111\u1ea7u c\u1ee7a cu\u1ed9c xung \u0111\u1ed9t \u0111\u1ecba ch\u00ednh tr\u1ecb, s\u1ef1 bi\u1ebfn \u0111\u1ed9ng c\u1ee7a v\u00e0ng v\u00e0 d\u1ea7u th\u00f4 t\u0103ng cao v\u00e0 ti\u1ebfp t\u1ee5c trong v\u00e0i tu\u1ea7n. Trong \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng b\u00ecnh l\u1eb7ng, c\u00e1c c\u1eb7p ti\u1ec1n t\u1ec7 ch\u00ednh c\u00f3 th\u1ec3 dao \u0111\u1ed9ng d\u01b0\u1edbi 0,5% trong nhi\u1ec1u ng\u00e0y li\u00ean ti\u1ebfp.<\/p>\n

\u0110i\u1ec1u n\u00e0y cho th\u1ea5y b\u1ea3n th\u00e2n s\u1ef1 bi\u1ebfn \u0111\u1ed9ng c\u00f3 \"b\u1ed9 nh\u1edb\" v\u00e0 \"t\u1ef1 t\u01b0\u01a1ng quan\", thay v\u00ec l\u00e0 m\u1ed9t bi\u1ebfn ng\u1eabu nhi\u00ean \u0111\u1ed9c l\u1eadp v\u00e0 \u0111\u01b0\u1ee3c ph\u00e2n ph\u1ed1i gi\u1ed1ng h\u1ec7t nhau.<\/p>\n

2. Ph\u00e2n t\u00edch nguy\u00ean nh\u00e2n: lu\u1ed3ng th\u00f4ng tin, \u0111\u00f2n b\u1ea9y v\u00e0 ph\u1ea3n h\u1ed3i h\u00e0nh vi<\/p>\n

Nguy\u00ean nh\u00e2n s\u00e2u xa c\u1ee7a s\u1ef1 t\u1ed5ng h\u1ee3p bi\u1ebfn \u0111\u1ed9ng n\u1eb1m \u1edf ba c\u01a1 ch\u1ebf ch\u00ednh:<\/p>\n

C\u00f4ng b\u1ed1 th\u00f4ng tin kh\u00f4ng \u0111\u1ed3ng nh\u1ea5t: C\u00e1c ch\u00ednh s\u00e1ch l\u1edbn, d\u1eef li\u1ec7u kinh t\u1ebf ho\u1eb7c c\u00e1c tr\u01b0\u1eddng h\u1ee3p kh\u1ea9n c\u1ea5p th\u01b0\u1eddng \u0111\u01b0\u1ee3c c\u00f4ng b\u1ed1 m\u1ed9t c\u00e1ch t\u1eadp trung, g\u00e2y ra ph\u1ea3n \u1ee9ng d\u00e2y chuy\u1ec1n. Th\u1ecb tr\u01b0\u1eddng c\u1ea7n c\u00f3 th\u1eddi gian \u0111\u1ec3 ti\u1ebfp thu th\u00f4ng tin, d\u1eabn \u0111\u1ebfn s\u1ef1 bi\u1ebfn \u0111\u1ed9ng li\u00ean t\u1ee5c; t\u00e1c \u0111\u1ed9ng thu\u1eadn chu k\u1ef3 c\u1ee7a \u0111\u00f2n b\u1ea9y: bi\u1ebfn \u0111\u1ed9ng cao g\u00e2y ra l\u1ec7nh g\u1ecdi k\u00fd qu\u1ef9, bu\u1ed9c c\u00e1c nh\u00e0 giao d\u1ecbch s\u1eed d\u1ee5ng \u0111\u00f2n b\u1ea9y ph\u1ea3i \u0111\u00f3ng v\u1ecb th\u1ebf, l\u00e0m thay \u0111\u1ed5i gi\u00e1 tr\u1ea7m tr\u1ecdng h\u01a1n, h\u00ecnh th\u00e0nh m\u1ed9t v\u00f2ng ph\u1ea3n h\u1ed3i t\u00edch c\u1ef1c; \u0111i\u1ec1u ch\u1ec9nh th\u00edch \u1ee9ng nh\u1eadn th\u1ee9c r\u1ee7i ro c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0: m\u1ecdi ng\u01b0\u1eddi \u0111i\u1ec1u ch\u1ec9nh k\u1ef3 v\u1ecdng c\u1ee7a h\u1ecd d\u1ef1a tr\u00ean nh\u1eefng bi\u1ebfn \u0111\u1ed9ng g\u1ea7n \u0111\u00e2y v\u00e0 c\u00f3 xu h\u01b0\u1edbng tr\u00e1nh r\u1ee7i ro ho\u1eb7c theo \u0111u\u1ed5i gi\u00e1 c\u1ea3 trong m\u00f4i tr\u01b0\u1eddng bi\u1ebfn \u0111\u1ed9ng cao, l\u00e0m t\u0103ng th\u00eam bi\u1ebfn \u0111\u1ed9ng.<\/p>\n

Nh\u1eefng c\u01a1 ch\u1ebf n\u00e0y l\u00e0m cho s\u1ef1 bi\u1ebfn \u0111\u1ed9ng tr\u1edf th\u00e0nh m\u1ed9t bi\u1ebfn n\u1ed9i sinh - n\u00f3 kh\u00f4ng ch\u1ec9 ph\u1ea3n \u00e1nh nh\u1eefng c\u00fa s\u1ed1c b\u00ean ngo\u00e0i m\u00e0 c\u00f2n \u0111\u01b0\u1ee3c t\u1ea1o ra b\u1edfi ch\u00ednh c\u1ea5u tr\u00fac c\u1ee7a th\u1ecb tr\u01b0\u1eddng.<\/p>\n

\"Business<\/p>\n

3. Nh\u1eefng th\u00e1ch th\u1ee9c \u0111\u1ed1i v\u1edbi qu\u1ea3n l\u00fd r\u1ee7i ro truy\u1ec1n th\u1ed1ng<\/p>\n

C\u00e1c m\u00f4 h\u00ecnh r\u1ee7i ro ch\u00ednh th\u1ed1ng (ch\u1eb3ng h\u1ea1n nh\u01b0 VaR) th\u01b0\u1eddng cho r\u1eb1ng \u0111\u1ed9 bi\u1ebfn \u0111\u1ed9ng l\u00e0 kh\u00f4ng \u0111\u1ed5i ho\u1eb7c thay \u0111\u1ed5i ch\u1eadm, nh\u01b0ng trong m\u00f4i tr\u01b0\u1eddng t\u1ed5ng h\u1ee3p \u0111\u1ed9 bi\u1ebfn \u0111\u1ed9ng, gi\u1ea3 \u0111\u1ecbnh n\u00e0y kh\u00f4ng c\u00f3 gi\u00e1 tr\u1ecb nghi\u00eam tr\u1ecdng:<\/p>\n

C\u00e1c ph\u01b0\u01a1ng ph\u00e1p m\u00f4 ph\u1ecfng l\u1ecbch s\u1eed \u0111\u00e1nh gi\u00e1 th\u1ea5p r\u1ee7i ro \u0111u\u00f4i: N\u1ebfu VaR \u0111\u01b0\u1ee3c t\u00ednh to\u00e1n b\u1eb1ng c\u00e1ch s\u1eed d\u1ee5ng d\u1eef li\u1ec7u bi\u1ebfn \u0111\u1ed9ng th\u1ea5p trong 30 ng\u00e0y qua, r\u1ee7i ro th\u1ef1c s\u1ef1 trong giai \u0111o\u1ea1n bi\u1ebfn \u0111\u1ed9ng cao hi\u1ec7n t\u1ea1i s\u1ebd b\u1ecb \u0111\u00e1nh gi\u00e1 th\u1ea5p nghi\u00eam tr\u1ecdng; gi\u1ea3 \u0111\u1ecbnh v\u1ec1 ph\u00e2n ph\u1ed1i chu\u1ea9n b\u1ecb s\u1ee5p \u0111\u1ed5: ph\u00e2n ph\u1ed1i l\u1ee3i nhu\u1eadn th\u1ef1c t\u1ebf cho th\u1ea5y m\u1ed9t \"\u0111u\u00f4i d\u00e0y v\u00e0 \u0111\u1ec9nh\" v\u00e0 t\u1ea7n su\u1ea5t c\u1ee7a c\u00e1c s\u1ef1 ki\u1ec7n c\u1ef1c \u0111oan v\u01b0\u1ee3t xa k\u1ef3 v\u1ecdng c\u1ee7a m\u00f4 h\u00ecnh; ph\u00f2ng ng\u1eeba r\u1ee7i ro \u0111\u1ed9ng kh\u00f4ng th\u00e0nh c\u00f4ng: ph\u00f2ng ng\u1eeba r\u1ee7i ro delta t\u00f9y ch\u1ecdn kh\u00f4ng ch\u00ednh x\u00e1c do tr\u01b0\u1ee3t gi\u00e1 v\u00e0 suy gi\u1ea3m thanh kho\u1ea3n khi bi\u1ebfn \u0111\u1ed9ng thay \u0111\u1ed5i.<\/p>\n

Trong cu\u1ed9c kh\u1ee7ng ho\u1ea3ng t\u00e0i ch\u00ednh n\u0103m 2008, nhi\u1ec1u t\u1ed5 ch\u1ee9c \u0111\u00e3 ch\u1ecbu t\u1ed5n th\u1ea5t l\u1edbn h\u01a1n nhi\u1ec1u so v\u1edbi d\u1ef1 ki\u1ebfn \u200b\u200bkhi s\u1ef1 bi\u1ebfn \u0111\u1ed9ng t\u0103ng cao do h\u1ecd ph\u1ee5 thu\u1ed9c v\u00e0o c\u00e1c m\u00f4 h\u00ecnh bi\u1ebfn \u0111\u1ed9ng t\u0129nh.<\/p>\n

4. X\u00e2y d\u1ef1ng kh\u1ea3 n\u0103ng ki\u1ec3m so\u00e1t r\u1ee7i ro linh ho\u1ea1t: t\u1eeb \u201cd\u1ef1 \u0111o\u00e1n bi\u1ebfn \u0111\u1ed9ng\u201d \u0111\u1ebfn \u201cth\u00edch \u1ee9ng v\u1edbi bi\u1ebfn \u0111\u1ed9ng\u201d<\/p>\n

\u0110\u1ed1i m\u1eb7t v\u1edbi b\u1ea3n ch\u1ea5t phi tuy\u1ebfn t\u00ednh c\u1ee7a s\u1ef1 bi\u1ebfn \u0111\u1ed9ng, c\u00e1c chi\u1ebfn l\u01b0\u1ee3c h\u1ee3p l\u00fd n\u00ean chuy\u1ec3n sang qu\u1ea3n l\u00fd r\u1ee7i ro th\u00edch \u1ee9ng:<\/p>\n

\u00c1p d\u1ee5ng c\u00e1c m\u00f4 h\u00ecnh bi\u1ebfn \u0111\u1ed9ng thay \u0111\u1ed5i theo th\u1eddi gian: ch\u1eb3ng h\u1ea1n nh\u01b0 GARCH, EWMA, v.v. \u0111\u1ec3 c\u1eadp nh\u1eadt linh ho\u1ea1t c\u00e1c th\u00f4ng s\u1ed1 r\u1ee7i ro; b\u00ecnh th\u01b0\u1eddng h\u00f3a ki\u1ec3m tra c\u0103ng th\u1eb3ng: kh\u00f4ng ch\u1ec9 ki\u1ec3m tra c\u00e1c k\u1ecbch b\u1ea3n c\u1ef1c \u0111oan trong l\u1ecbch s\u1eed m\u00e0 c\u00f2n m\u00f4 ph\u1ecfng t\u00e1c \u0111\u1ed9ng ph\u1ee9c h\u1ee3p c\u1ee7a \"s\u1ef1 bi\u1ebfn \u0111\u1ed9ng t\u0103ng v\u1ecdt + suy gi\u1ea3m thanh kho\u1ea3n\"; gi\u1ea3m s\u1ef1 ph\u1ee5 thu\u1ed9c v\u00e0o m\u1ed9t ch\u1ec9 b\u00e1o duy nh\u1ea5t: k\u1ebft h\u1ee3p c\u00e1c t\u00edn hi\u1ec7u \u0111a chi\u1ec1u nh\u01b0 bi\u1ebfn \u0111\u1ed9ng ng\u1ee5 \u00fd (VIX), \u0111\u1ed9 s\u00e2u s\u1ed5 l\u1ec7nh, t\u01b0\u01a1ng quan t\u00e0i s\u1ea3n ch\u00e9o, v.v.; gi\u1eef l\u1ea1i v\u1ed1n d\u1ef1 ph\u00f2ng: t\u00edch c\u1ef1c thu h\u1eb9p v\u1ecb th\u1ebf trong th\u1eddi k\u1ef3 bi\u1ebfn \u0111\u1ed9ng th\u1ea5p v\u00e0 d\u00e0nh kh\u00f4ng gian \u0111\u1ec7m cho th\u1eddi k\u1ef3 bi\u1ebfn \u0111\u1ed9ng cao.<\/p>\n

Qu\u1ea3n l\u00fd r\u1ee7i ro th\u1ef1c s\u1ef1 kh\u00f4ng ph\u1ea3i l\u00e0 c\u1ed1 g\u1eafng d\u1ef1 \u0111o\u00e1n ch\u00ednh x\u00e1c c\u00e1c c\u01a1n b\u00e3o m\u00e0 l\u00e0 \u0111\u1ea3m b\u1ea3o r\u1eb1ng th\u00e2n t\u00e0u \u0111\u1ee7 ch\u1eafc ch\u1eafn \u0111\u1ec3 s\u1ed1ng s\u00f3t tr\u01b0\u1edbc nh\u1eefng c\u01a1n gi\u00f3 v\u00e0 s\u00f3ng ch\u01b0a bi\u1ebft.<\/p>\n

K\u1ebft lu\u1eadn: Bi\u1ebfn \u0111\u1ed9ng l\u00e0 nh\u1ecbp th\u1edf c\u1ee7a th\u1ecb tr\u01b0\u1eddng<\/p>\n

S\u1ef1 t\u1ed5ng h\u1ee3p bi\u1ebfn \u0111\u1ed9ng cho th\u1ea5y m\u1ed9t th\u1ef1c t\u1ebf s\u00e2u s\u1eafc: th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh kh\u00f4ng ph\u1ea3i l\u00e0 nh\u1eefng c\u1ed7 m\u00e1y v\u1eadn h\u00e0nh tr\u01a1n tru m\u00e0 l\u00e0 nh\u1eefng h\u1ec7 th\u1ed1ng ph\u1ee9c t\u1ea1p v\u1edbi nh\u1ecbp s\u1ed1ng. Wmax lu\u00f4n nh\u1ea5n m\u1ea1nh r\u1eb1ng vi\u1ec7c hi\u1ec3u c\u00e1c \u0111\u1eb7c \u0111i\u1ec3m phi tuy\u1ebfn t\u00ednh c\u1ee7a r\u1ee7i ro l\u00e0 c\u01a1 b\u1ea3n h\u01a1n vi\u1ec7c theo \u0111u\u1ed5i c\u00e1c d\u1ef1 \u0111o\u00e1n ch\u00ednh x\u00e1c. Ch\u1ec9 b\u1eb1ng c\u00e1ch th\u1eeba nh\u1eadn s\u1ef1 t\u00edch t\u1ee5 c\u1ee7a c\u00e1c bi\u1ebfn \u0111\u1ed9ng v\u00e0 ch\u1ea5p nh\u1eadn t\u00ednh quy lu\u1eadt c\u1ee7a s\u1ef1 kh\u00f4ng ch\u1eafc ch\u1eafn, c\u00e1c nh\u00e0 giao d\u1ecbch m\u1edbi c\u00f3 th\u1ec3 duy tr\u00ec l\u00fd tr\u00ed trong nh\u1eefng th\u0103ng tr\u1ea7m c\u1ee7a chu k\u1ef3 v\u00e0 \u0111\u1ea1t \u0111\u01b0\u1ee3c s\u1ef1 t\u1ed3n t\u1ea1i l\u00e2u d\u00e0i v\u00e0 tham gia \u1ed5n \u0111\u1ecbnh.<\/p>","protected":false},"excerpt":{"rendered":"

B\u00e0i vi\u1ebft n\u00e0y ph\u00e2n t\u00edch hi\u1ec7n t\u01b0\u1ee3ng t\u1ed5ng h\u1ee3p bi\u1ebfn \u0111\u1ed9ng v\u00e0 nguy\u00ean nh\u00e2n c\u1ee7a n\u00f3, \u0111\u1ed3ng th\u1eddi kh\u00e1m ph\u00e1 t\u00e1c \u0111\u1ed9ng khu\u1ebfch \u0111\u1ea1i c\u1ee7a lu\u1ed3ng th\u00f4ng tin v\u00e0 hi\u1ec7u \u1ee9ng \u0111\u00f2n b\u1ea9y \u0111\u1ed1i v\u1edbi bi\u1ebfn \u0111\u1ed9ng. Do s\u1ef1 th\u1ea5t b\u1ea1i c\u1ee7a c\u00e1c m\u00f4 h\u00ecnh ki\u1ec3m so\u00e1t r\u1ee7i ro truy\u1ec1n th\u1ed1ng trong th\u1eddi k\u1ef3 bi\u1ebfn \u0111\u1ed9ng cao, n\u00ean s\u1eed d\u1ee5ng c\u00e1c m\u00f4 h\u00ecnh bi\u1ebfn \u0111\u1ed9ng thay \u0111\u1ed5i theo th\u1eddi gian v\u00e0 ki\u1ec3m tra s\u1ee9c ch\u1ecbu \u0111\u1ef1ng \u0111\u1ec3 h\u01b0\u1edbng d\u1eabn c\u00e1c nh\u00e0 giao d\u1ecbch thi\u1ebft l\u1eadp khu\u00f4n kh\u1ed5 qu\u1ea3n l\u00fd r\u1ee7i ro th\u00edch \u1ee9ng v\u00e0 \u0111\u1ea1t \u0111\u01b0\u1ee3c s\u1ef1 tham gia \u1ed5n \u0111\u1ecbnh v\u00e0o c\u00e1c th\u0103ng tr\u1ea7m c\u1ee7a chu k\u1ef3 th\u1ecb tr\u01b0\u1eddng.<\/p>","protected":false},"author":1,"featured_media":8042,"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":[348,349,261],"class_list":["post-8041","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tutorial","tag-348","tag-349","tag-261"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/posts\/8041","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=8041"}],"version-history":[{"count":1,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/posts\/8041\/revisions"}],"predecessor-version":[{"id":8044,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/posts\/8041\/revisions\/8044"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/media\/8042"}],"wp:attachment":[{"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/media?parent=8041"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/categories?post=8041"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/tags?post=8041"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}