Cu hi tho lun 5: So snh trnh n ri ro v hon

chuyn ri ro.
1. Cc khi nim:
1.1 Trnh n ri ro:
Theo cc nh nghin cu, trnh n ri ro chnh l vic thc hin nhng la chn tt,
ly cc quyt nh thch nghi trong cuc sng hng ngy. y l cch x s hin nhin
nht bi v ng nhin s cng tt nu nh ngi ta trnh n c cng nhiu ri ro, tn
tht.
V d:
Sau s kin 11/09/2001 ti M, mt s ngi khng i my bay n trnh ri
ro khng b.
Mt ngi mun trnh ri ro b nhim bnh ng h hp do mi trng b
nhim bi khi cng nghip th c th v nng thn hay v vng i ni
sinh sng.
Trn thc t, ch c th trnh n ri ro khi c th c s la chn v trong vic chp
nhn ri ro ny, trnh n ri ro kia l hp l. Trong iu kin mt nn kinh t th trng,
s hp l (hay khng hp l) ca phng thc trnh n c quyt nh bi gi ph ca
s la chn trong s so snh vi gi ph ca cc la chn khc.
V d: Ngi ta khng th trnh n ri ro chy nh bng cch bn nh v ...
lang thang ngoi ng ph, khng th gii p thc mc ngy no s cht
bng cch t vn ngay tc khc.
Khi khng th p dng phng thc trnh n, ngi ta buc phi tm cc phng thc
khc gii quyt.
1.2 Hon chuyn ri ro
Ri ro khng th trnh n, nhng nu chp nhn gnh chu ton b ri ro th s l qu
liu lnh. Trong trng hp ny, ngi ta tm cch chuyn mt phn, c lc ton b ri ro
sang ngi khc. Mt s hnh thc hon chuyn ri ro c th k nh sau:
Nghch hnh
L vic tham gia vo hai chiu tri ngc nhau ca cng mt s vic v nh vy ri
ro b v hiu ha. Phng php ny c cc nh kinh doanh s dng bng cc mua bn non sn phm (mua - bn short) vi iu kin giao hng trong tng lai (phng

php Hedging). Trong trng hp ny ri ro tng v gim gi c chuyn t ngi sn

xut (ngi bn non) sang ngi mua non hng ha.
V d: Nh u t nm gi v th nghch o trn th trng cng c phi sinh
so vi th trng giao ngay: nh u t hin ang nm gi ti sn th s tham
gia vo mt hp ng bn giao sau.
Cho thu li (ton b hay mt phn)
Nh thu chnh trng thu xy dng mt cao c c th cho thu li ton b hoc mt
s cng trnh ph (in, nc...). Lc ny, mt phn ri ro s chuyn t nh thu chnh
sang nh thu ph.
Bo him
K thut bo him s gip cho ngi ta quy t c mt s ng ngi, trong , s
ch c mt s t ngi gp ri ro v b tn tht. H s c ngi bo him bi thng v
s tin bi thng c ly t qu bo him do m ng cng tham gia ng gp
di hnh thc Ph bo him. Bng cch ny, ri ro c th s c c cng ng gnh
chu hay ni cch khc n c hon chuyn tng phn nh qua tng ngi khc.
Nh vy, bo him cng l mt hnh thc hon chuyn ri ro, nhng cn phi thy
rng: cch thc hon chuyn ca n cch x l ca n l trit hn ht. V rng: hon
chuyn ri ro ca bo him l hon chuyn cho s ng ngi va mi ngi
khng b ri ro tc ng lm nh hng trm trng, trong khi cc hnh thc hon
chuyn ri ro khc, vic hon chuyn ch gii quyt li ch cc b ca mt ngi, ri ro
vn cn tip tc e da li ch ca ngi khc v li ch ca c nn kinh t x hi.

2. So snh:
Trnh n ri ro

Hon chuyn ri ro