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Th hai, ri ro v tn dng. Ri ro v mt tn
dng c th hiu n gin l kh nng chu tn
tht do pha cc i tc tr chm hoc mt kh
nng chi tr cc khon vay n hoc cc khon
phi thu. Thng thng, phng php qun tr,
c bit i vi cc ngn hng bao gm hng lot
cc th tc nh gi, r sot thng tin i tc vay
n, hoc c cam kt hp tc mua bn. Cc th tc
ny gip doanh nghip vch ra cc hn mc ri ro
nhm trnh vic tch t cng n qu ln vo mt
vi i tc. Ngoi ra, i vi c ri ro v th
trng ti chnh, cng nh cc ri ro v mt tn
dng u c th c hn ch bi cc cng c ti
chnh phi sinh (bao gm hp ng tng lai,
quyn la chn, hp ng hon i) (Bng 1).
Dy
Hp ng k hn (Forward Contracts)
ho
ta cp n nhng ri ro xy ra thun ty do
nhng nhm ln ca con ngi, ca h thng
55
c s khoa hc a ra quyt nh dn ti
nhng tn tht nht nh.
Vit Nam, hin nay, gii nghin cu lun
c gng va ch ra cc ri ro c trng i vi
th trng trong nc, va xc nh cp ri
ro. Tuy nhin, vic tm ra mt phng thc qun
tr ri ro nhm hn ch ti a nhng tn tht do
cc vn nu trn gy ra vn cha c tnh thc
tin cao, ng thi mt phn do t duy qun l
ca doanh nghip cn kh mi m vi vic s
dng cc cng c ton hc cng nh cha hnh
thnh c mt vn ha qun tr ri ro mt cch
y .
Nhn t u tin gy ra ri ro th trng ti
chnh Vit Nam l mc lm pht. Sau thi
k khng hong 2007-2009, lm pht vn duy tr
mc cao trong nm 2011 (18%). Nm 2012,
lm pht gim xung cn 6,8%(1). Chnh sch
tin t ca Chnh ph c tc ng phn no,
tuy nhin iu ng ni l hng tn kho ti rt
nhiu doanh nghip ni a li tng mt cch bt
thng. Ch s tn kho bnh qun c nc duy tr
mc cao ti nhiu thi im trong nm. iu
ny cho thy sc mua trung bnh c nc st
gim ng k ch khng hn chnh sch tin t l
nguyn nhn chnh kim ch lm pht. Ngoi ra,
vic kim ch lm pht t mt mc cao xung
mt mc thp bt thng trong thi ngn cha
hn l mt hin tng tch cc v n gy ra
nhng t gy bt thng trong qun l dng
tin, th hin tnh ngn hn trong cc gii php
c s dng.
Thc t cho thy ch s CPI nm 2012 t
mc 18%, nhng trong 5 thng u nm 2013,
c thi im 3 thng lin tc duy tr mc m;
ch trong thng 6 va qua, cc thnh ph ln,
CPI ca mt vi ngnh hng mi tng nh tr li.
Ngoi ra GDP vn m bo mc tng trng
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(1)
56
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(2)
57
Ch tiu
S bng hi pht ra
S lng
S bng hi nhn v
153
S bng cu hi chun
102
250
27
46
27
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(3)(4)(5)
S lng
Trung bnh
74
28
2,4
2,8
74
28
2,4
2,7
74
28
2,4
2,7
58
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(6)
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[3]
[4]
[5]
[6]
[7]
Abstract: Financial Risk Management is a subject much talked about among Vietnamese scientists,
but for the Vietnamese enterprises which are yet to be well aware of it. Studying the level of financial
risks that includes market risks, credit risks, operation risks and liquidity risks remains much left to be
desired and unforeseeable. On the other hand, there is yet to be any tool that could help carry out the first
steps. Thus, it is necessary to put forth the decisions on governing risks and minimizing the hidden
losses. This paper attempts to systemize again in a fundamental way the concepts relating to financial
risks and the degree of potential risks in the Vietnam market, at the same time interpret the negligence or
imperfectness in the way of governing risks among enterprises. Besides, a few standards and criteria
have also been touched upon in order to help the managers to prepare better in their managerial work.
Keywords: Financial risk management, market risks, credit risks, derivative financial instrument.