V DNG SNG, V BIU KHNG GIAN TN HIU, XC NH CC IM BN TIN CHO S IU CH QPSK KHI CHUI BID U VO L 1010111110111100 V DNG SNG,

G, V BIU KHNG GIAN TN HIU, XC NH CC IM BN TIN CHO S IU CH 16-QM KHI CHUI BID U VO L 1010110000111100 V MT PH CNG SUT CA TN HIU IU CH QPSK V BPSK KHI (I) TC S LIU U VO CC S IU CH NY RB = 1,5KB/S (II) TN S SNG MANG FC = 2GHZ (III) CNG SUT PHT P = 5W

V MT PH CNG SUT CA TN HIU IU CH 16-QM V BPSK KHI (I) TC S LIU U VO CC S IU CH NY RB = 1,5KB/S (II) TN S SNG MANG FC = 1,5GHZ (III) CNG SUT PHT P = 7W

Cc loi li sut ca th trng tin t

Cc cng c trong th trng tin t - l ngun cung vn ngn hn - hot ng v tn ti theo c ch cc li sut yield. Mt c ch li sut hp l v hu hiu l yu t nn tng cho cc giao dch chng khon ngn hn. Ngc li, mt th trng vn ngn hn th trng tin t hot ng hiu qu s l c s xc lp cc li sut interest rates trn th trng vn ni chung. Khi kho st v li sut, nht l ti th trng ti chnh M, nu thut ng li sut c vit vi s nhiu - interest rates - th ta nn hiu n mun din t mt tp hp cc li sut c tham kho qua li chnh thc, ang c hiu lc tc ng trn th trng ti chnh. Di y chng ta s tm hiu ngha ca cc loi li sut . Li sut c bn Li sut c bn prime rate, cn gi l prime c cc ngn hng thng mi tm c ti cc trung tm ti chnh ch lc ca mt nn kinh t cng b v p dng i vi cc khon n dnh cho cc doanh nghip l khch hng ln. D cc ngn hng khng nht thit thu li ng nh mc cng b, thng th thu cao hn v i khi thp hn, li sut c bn c xem l c s cc mc li khc tham kho p dng hoc da vo iu chnh. V nhiu l do nh hng khc nhau, khi mt li sut c bn tng ln nhn chung gi c chng khon c xem l bt li. C th nhiu ngi ngh rng li sut c bn ch quan trng i vi cc doanh nghip ln, bi khi cc "i gia" i vay h lun quan tm c bit ti mc

li "u i s mt" ny, tht ra, s chuyn bin ca li sut c bn cn c nh hng trc tip i vi tng nh u t. Trc tin, li sut ny l yu t quyt nh mc li m nh u t phi tr nu gi nh h phi mua chng khon bng tin i vay, theo hnh thc ti khon bo chng margin. Khi li sut c bn tng, li sut p dng trn tin huy ng s tng theo, do vy chi ph mua gi chng khon hoc duy tr mt v th u t trong th trng chng khon cost of carry hay carrying charges s cao, ngi u t d ri vo tnh hung ri ro. Ngc li, mt s ct gim li sut c bn s lm gim chi ph mua gi chng khon i vi cc khon tin huy ng, iu ny li khuyn khch ngi u t mua nhiu chng khon hn, lm lng cu tng, v hn l gi chng khon cng tng. Ta thy , c hai ng c th u l bt li! K l, cc s thay i v li sut c bn l du hiu quan yu cho nhng thay i ang hoc c th xy ra i vi cc loi li sut khc. Chng hn cc t chc cho vay thng nng li sut c bn ln b p s gia tng ca chnh chi ph to lp cc ngun vn ca h, hoc cng c ngha l p ng s cnh tranh trong nhu cu vay n ca khch hng. Nh vy, mt s gia tng li sut c bn c th l du hiu ca mt tro lu i vn. Ngoi ra, cc khon cho vay khi b thu hp c th gy p lc lm tng mt bng cc li sut ni chung. Li sut c bn c xem l mt loi li sut tham kho quan trng trong th trng. Nhn chung n thay i chm hn hu ht cc li sut khc, do n nm trong tm kim sot ca cc t chc cho vay. Nu li sut huy ng nng federal funds rate c th bin ng ln trong thi gian rt ngn, th li sut c bn c duy tr mc tng i n nh lu hn v nu c bin ng, n s din bin theo nhng nc nh 1/4%. Cng cn xc nh rng li sut c bn l loi li sut ngn hn, n c th so snh vi loi li sut ca cc tri khon kho bc ngn hn ca nh nc T- bills. V nh mt tt yu, li sut c bn thng thng thp hn cc li sut c tr cho tri phiu cng ty. Tuy nhin, ta nn lu thm rng, mt s gia tng ca loi li sut ny s lun lun cn l tin ng bun cho th trng tri phiu. Li sut tit kim Li sut tit kim passbook rate l li sut c xc lp bi hot ng tit kim gia khch hng k thc vi ngn hng hoc cc t chc pht trin gia c. Cc nh ch ti chnh ny c lp ra ch yu huy ng vn cho vay phc v cho mc ch pht trin bt ng sn. y l hot ng thu ht tit kim rt ph bin M, t chc theo cc Hip hi Tit kim v Cho vay Savings and Loan Association - S&L. Cc hip hi ny thng c s hu tp th bi nhng ngi gi tin vo , nhng cng c th l t chc ti chnh c lp ra nhm kim li nhun. Li sut tit kim c qun chng rng ri quan tm v n c xem l loi li sut c bin ng rt thp so vi cc li sut khc. Li sut huy ng nng

Li sut huy ng nng hay c th gi l li sut qua m federal funds rate l loi li sut c xc lp bi th trng cho vay tm thi cc khon n p ng cn i d tr theo lut nh m cc ngn hng thng mi phi duy tr ti Ngn hng Trung ng. Nhng ngn hng c cn i d tr vt yu cu c th s dng khon vt ny cho cc ngn hng b ht vay tm. Cc khon cho vay "tnh th" ny ti M thng c thc hin vi s tin tng i ln, t mt triu la tr ln. Mc d cc khon n ny lun lun c thc hin trn c s mt ngy trn o hn, chng c th c gia hn thm. Do bi Ngn hng Trung ng kim tra rt cht ch cc khon d tr bt buc ny, li sut huy ng qua m c xem l mt biu th quan trng v chnh sch tin t ca cp nh nc v chiu hng tng lai ca cc li sut khc. Cc nh phn tch ti chnh theo di rt st cc din bin nhy cm trong lnh vc ny a ra cc tin on v nhng thay i sp xy ra trn cc th trng tn dng. Mt s st gim li sut qua m c th cho thy l Ngn hng Trung ng quyt nh kch thch nn kinh t, mun n nng ln hn, bng cch ni lng cc khon d tr p dng cho c h thng ngn hng. Tuy nhin, cc nh ti chnh khuyn co ta nn thn trng khi s dng ch s ny, v khi s dng cn kt hp mt s tham kho khc ca bi cnh xc nh. Bi v mt li sut st gim c th n gin ch l v cc ngn hng thc hin vic cho vay thng mi thp hn do nhu cu vn bn ngoi gim xung, nh vy theo l t nhin, ngn hng s cn t hn cc khon vay mn cn i d tr. Bn thn li sut qua m mang ngha huy ng vn nng, cho nn y l loi li sut c bin ng nhiu nht trong cc loi li sut n thay i hng ngy phn nh nhu cu vn cn iu chuyn qua li gia cc ngn hng cho hot ng tn dng ca mnh. Li sut chit khu ca Ngn hng Trung ng Li sut chit khu discount rate l li sut c thu trn cc khon tin m Ngn hng Trung ng cho cc ngn hng thnh vin trong h thng vay. y l cng c iu tit v m thng c M v cc nc phng ty s dng rt hiu qu. Cc khon vay c cm c bng cc chng khon ca chnh ph hoc cc giy t c gi hiu lc khc theo quy nh. Thnh thong Ngn hng Trung ng c th iu chnh li sut chit khu khuyn khch hoc hn ch cc ngn hng thnh vin vay mn. V phng din v m, mt s thay i ca li sut ny c xem l mt du hiu chin lc mnh th hin chnh sch ca Ngn hng Trung ng, nhm vo nhng i thay trong tng lai v cung tin t v iu chnh cc li sut th trng. Tng qut m ni, mt li sut chit khu tng ln l bo ng s c tnh trng gia tng cc li sut ca th trng tin t v th trng vn ni chung. y l sit cht lng cung tin t hoc h sit hot ng kinh t. Li sut chit khu l loi li sut thp nht trong tt c cc loi li sut trn th trng.

Li sut LIBOR Li sut LIBOR London Interbank Offered Rate l li sut lm cn c giao dch tn dng bng ng la M ti hi ngoi, c cng b bi mt lin ngn hng ti Lun n. y l li sut trung bnh p dng cho cc khon k thc bng la M do 5 ngn hng ln nht ca Anh cng b ti th trng Lun n. Li sut LIBOR l loi li sut c bn ngn hn. ng la M s dng trong hot ng tn dng ti cc nc bn ngoi nc M c gi chung l "Eurodollar". Lc u Eurodollar c p dng cho th trng chu u thi, nhng dn dn cho ti ngy nay khi nim Eurodollar c ng ho ton cu. Tng t l khi nim Eurocurrency" c gi chung cho bt c ng tin ca nc no c k thc v giao dch ti cc ngn hng nm ngoi nc , k c cc chi nhnh ca h. Li sut LIBOR l cn c cho cc nc tham kho thc hin cc khon huy ng cng nh cho vay bng la M. Khi nim v li sut ny do tng t nh li sut c bn m cc ngn hng ln v d ti M p dng i vi cc khon cho vay trong nc h. Ngoi ra, nh ta c dp kho st v hot ng tn dng trong th trng chng khon vi ti khon u t bng cm c vay mn - ti khon bo chng "margin" cng nh cc sn phm vn ngn hn trong th trng tin t, tt c nhng s trao i, giao dch vn nh vy u c mc c l v ph tn. Cc li sut nhy cm c gi tr tham kho rng ri trong hai loi th trng cn gm c: Li sut bo chng:

L li sut duy tr ti khon u t bng tn dng, gi l "call money rate". Li sut ny l mc m cc nh mi gii chng khon phi tr cho ngn hng khi thc hin nghip v "bo chng" margin cho khch hng. M, khch hng u t sau s tr li cho nh mi gii vi li sut m nh mi gii vay h cng thm thng l 1%, hoc t hn tu khon vay ln hay nh. Ti cc th trng pht trin, li sut bo chng s d c quan tm v n cho bit mc thnh suy ca TTCK. Khi ngi ta i vay vn lm n c ngha l th trng ang pht trin hoc c mt ton cc "bnh yn". Li sut k phiu cng ty rate on commercial paper:

Nh ta bit trong th trng tin t, cc cng ty ti chnh hoc cng ty ln thng tn dng li th v uy tn ca mnh huy ng cc khon vay thng mi ngn hn, thay v phi i vay ngn hng vi li sut cao hn. c bit cc k phiu xp hng cao loi prime paper ca M chng hn c cc t chc v c bit l cc qu u t h tng chng khon ngn hn money market funds mua vo theo hnh thc li sut chit khu. y cng l tham s quan trng nh gi tnh trng lm n chung ca mt nn kinh t. Li sut chng ch tin gi:

L li sut bnh qun c tnh ton da trn mt s cc li sut tiu biu, c tin cy cao nht, do mt s ngn hng hng u trong nn kinh t p dng khi h pht hnh cc chng th k thc certificates of deposit - CD thu ht vn vi lng tin ln New York khng di 100.000 USD. Li sut tri phiu kho bc ngn hn T- bills:

c xc nh bng hnh thc u gi vi khon chit khu trn cc mnh gi ca tri phiu chnh ph c k hn di mt nm. Nhng phn tch trn y c th cng kh gip cho chng ta bit li sut c iu hnh v c nhng ni dung nh th no trong qu trnh chng gi vai tr o lng, tnh ton chi ph u t giao dch, gii quyt nhng tnh hung cung cu ca th trng, lm cn c tham kho, xem xt hiu qu, .... Nh vy nu c mt thng tin v quyt nh tng hay gim li sut ca mt nc, lm ngui bt hay khuyn khch tng trng mt khng gian kinh t. ta c th xc nh c ngay l loi li sut no ?. V chng ta th ghi nhn tham kho thm mt sau: nu khng c mt th trng tin t th s khng c cc li sut th trng. M li sut th trng chnh l nng lng, hay c th ni l cht men, kch hot th trng tri phiu. Khng c cc li sut nhy cm th kh c mt th trng mua bn tri phiu hu hiu.