{"id":15066,"date":"2026-05-15T13:46:40","date_gmt":"2026-05-15T06:46:40","guid":{"rendered":"https:\/\/taichinhphowall.com\/index.php\/2026\/05\/15\/rui-ro-lai-suat-doi-voi-cac-cong-ty-chung-khoan-trong-moi-truong-tin-dung-bien-dong\/"},"modified":"2026-05-15T13:46:40","modified_gmt":"2026-05-15T06:46:40","slug":"rui-ro-lai-suat-doi-voi-cac-cong-ty-chung-khoan-trong-moi-truong-tin-dung-bien-dong","status":"publish","type":"post","link":"https:\/\/taichinhphowall.com\/index.php\/2026\/05\/15\/rui-ro-lai-suat-doi-voi-cac-cong-ty-chung-khoan-trong-moi-truong-tin-dung-bien-dong\/","title":{"rendered":"R\u1ee7i ro l\u00e3i su\u1ea5t \u0111\u1ed1i v\u1edbi c\u00e1c c\u00f4ng ty ch\u1ee9ng kho\u00e1n trong m\u00f4i tr\u01b0\u1eddng t\u00edn d\u1ee5ng bi\u1ebfn \u0111\u1ed9ng"},"content":{"rendered":"
\n

R\u1ee7i ro l\u00e3i su\u1ea5t \u0111ang tr\u1edf th\u00e0nh b\u00e0i to\u00e1n h\u00f3c b\u00faa \u0111\u1ed1i v\u1edbi c\u00e1c c\u00f4ng ty ch\u1ee9ng kho\u00e1n khi m\u1eb7t b\u1eb1ng l\u00e3i su\u1ea5t t\u0103ng cao, \u0111\u1eb7t ra nh\u1eefng th\u00e1ch th\u1ee9c tr\u1ef1c ti\u1ebfp l\u00ean bi\u00ean l\u1ee3i nhu\u1eadn v\u00e0 s\u1ee9c kh\u1ecfe t\u00e0i ch\u00ednh c\u1ee7a c\u00e1c \u0111\u1ecbnh ch\u1ebf t\u00e0i ch\u00ednh n\u00e0y. Khi d\u00f2ng ch\u1ea3y t\u00edn d\u1ee5ng th\u1eaft ch\u1eb7t, vi\u1ec7c ph\u1ee5 thu\u1ed9c qu\u00e1 l\u1edbn v\u00e0o ngu\u1ed3n v\u1ed1n vay ng\u1eafn h\u1ea1n khi\u1ebfn c\u00e1c c\u00f4ng ty ch\u1ee9ng kho\u00e1n d\u1ec5 r\u01a1i v\u00e0o th\u1ebf b\u1ecb \u0111\u1ed9ng, ch\u1ecbu \u00e1p l\u1ef1c chi ph\u00ed v\u1ed1n t\u0103ng cao trong khi kh\u1ea3 n\u0103ng linh ho\u1ea1t xoay x\u1edf l\u1ea1i b\u1ecb h\u1ea1n ch\u1ebf b\u1edfi s\u1ef1 c\u1ea1nh tranh kh\u1ed1c li\u1ec7t tr\u00ean th\u1ecb tr\u01b0\u1eddng.<\/p>\n

\n \"R\u1ee7i
\u1ea2nh t\u1eeb ngu\u1ed3n: vneconomy.vn<\/em><\/figcaption><\/figure>\n

C\u01a1 ch\u1ebf t\u00e1c \u0111\u1ed9ng t\u1eeb r\u1ee7i ro l\u00e3i su\u1ea5t l\u00ean bi\u00ean l\u1ee3i nhu\u1eadn<\/h2>\n

Th\u1ef1c t\u1ebf cho th\u1ea5y m\u1ed9t ngh\u1ecbch l\u00fd l\u00e0 trong khi chi ph\u00ed \u0111\u1ea7u v\u00e0o t\u0103ng v\u1ecdt do m\u1eb7t b\u1eb1ng l\u00e3i su\u1ea5t \u0111i l\u00ean, c\u00e1c c\u00f4ng ty ch\u1ee9ng kho\u00e1n l\u1ea1i kh\u00f3 c\u00f3 th\u1ec3 chuy\u1ec3n to\u00e0n b\u1ed9 m\u1ee9c t\u0103ng n\u00e0y sang kh\u00e1ch h\u00e0ng vay k\u00fd qu\u1ef9. S\u1ef1 c\u1ea1nh tranh gay g\u1eaft v\u1ec1 th\u1ecb ph\u1ea7n khi\u1ebfn bi\u00ean l\u00e3i thu\u1ea7n (NIM) c\u00f3 xu h\u01b0\u1edbng co l\u1ea1i r\u00f5 r\u1ec7t. Khi ho\u1ea1t \u0111\u1ed9ng cho vay margin v\u1ed1n chi\u1ebfm t\u1ef7 tr\u1ecdng l\u1edbn trong t\u1ed5ng t\u00e0i s\u1ea3n, s\u1ef1 b\u00e0o m\u00f2n n\u00e0y kh\u00f4ng ch\u1ec9 \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn k\u1ebft qu\u1ea3 kinh doanh ng\u1eafn h\u1ea1n m\u00e0 c\u00f2n \u0111\u1eb7t ra \u00e1p l\u1ef1c l\u00ean n\u0103ng l\u1ef1c t\u00e0i ch\u00ednh d\u00e0i h\u1ea1n c\u1ee7a c\u00e1c c\u00f4ng ty ch\u1ee9ng kho\u00e1n.<\/p>\n

\u0110\u00e1ng ch\u00fa \u00fd, c\u01a1 c\u1ea5u ngu\u1ed3n v\u1ed1n c\u1ee7a to\u00e0n ng\u00e0nh hi\u1ec7n \u0111ang nghi\u00eang l\u1ec7ch m\u1ea1nh v\u1ec1 ng\u1eafn h\u1ea1n. Vi\u1ec7c 96% n\u1ee3 ph\u1ea3i tr\u1ea3 l\u00e0 n\u1ee3 ng\u1eafn h\u1ea1n, trong \u0111\u00f3 ph\u1ea7n l\u1edbn l\u00e0 vay t\u1eeb ng\u00e2n h\u00e0ng, t\u1ea1o ra s\u1ef1 ph\u1ee5 thu\u1ed9c l\u1edbn v\u00e0o cung ti\u1ec1n h\u1ec7 th\u1ed1ng. \u0110i\u1ec1u n\u00e0y khi\u1ebfn c\u00e1c \u0111\u01a1n v\u1ecb d\u1ec5 t\u1ed5n th\u01b0\u01a1ng tr\u01b0\u1edbc c\u00e1c bi\u1ebfn \u0111\u1ed9ng l\u00e3i su\u1ea5t. Nh\u1eefng t\u00e1c \u0111\u1ed9ng n\u00e0y kh\u00f4ng t\u00e1ch r\u1eddi kh\u1ecfi d\u00f2ng ch\u1ea3y chung, gi\u1ed1ng nh\u01b0 c\u00e1ch c\u00e1c tr\u1ee5 ng\u00e2n h\u00e0ng v\u00e0 s\u1ee9c m\u1ea1nh lu\u00e2n chuy\u1ec3n tr\u00ean s\u00e0n ch\u1ee9ng kho\u00e1n<\/a> \u0111ang tr\u1ef1c ti\u1ebfp \u0111\u1ecbnh h\u00ecnh n\u00ean v\u1ecb th\u1ebf c\u1ee7a c\u00e1c d\u00f2ng v\u1ed1n hi\u1ec7n nay.<\/p>\n

R\u1ee7i ro \u0111\u1ecbnh gi\u00e1 l\u1ea1i t\u00e0i s\u1ea3n v\u00e0 \u00e1p l\u1ef1c v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu<\/h2>\n

B\u00ean c\u1ea1nh chi ph\u00ed vay, r\u1ee7i ro l\u00e3i su\u1ea5t c\u00f2n th\u1ec3 hi\u1ec7n r\u00f5 n\u00e9t qua vi\u1ec7c \u0111\u1ecbnh gi\u00e1 l\u1ea1i c\u00e1c t\u00e0i s\u1ea3n t\u00e0i ch\u00ednh. \u0110\u1ed1i v\u1edbi danh m\u1ee5c tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p, \u0111\u1eb7c bi\u1ec7t l\u00e0 c\u00e1c kho\u1ea3n n\u1eafm gi\u1eef d\u01b0\u1edbi d\u1ea1ng \u0111\u1ea7u t\u01b0 ng\u00e0y \u0111\u00e1o h\u1ea1n (HTM), m\u00f4i tr\u01b0\u1eddng l\u00e3i su\u1ea5t cao l\u00e0m gi\u1ea3m gi\u00e1 tr\u1ecb th\u1ef1c t\u1ebf c\u1ee7a c\u00e1c t\u00e0i s\u1ea3n n\u00e0y. D\u00f9 kh\u00f4ng ph\u1ea3i ghi nh\u1eadn tr\u1ef1c ti\u1ebfp l\u1ed7 v\u00e0o b\u00e1o c\u00e1o k\u1ebft qu\u1ea3 kinh doanh, nh\u01b0ng nh\u1eefng kho\u1ea3n l\u1ed7 ch\u01b0a th\u1ef1c hi\u1ec7n n\u00e0y v\u1eabn \u00e2m th\u1ea7m b\u00e0o m\u00f2n v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu, l\u00e0m gi\u1ea3m \u0111i b\u1ed9 \u0111\u1ec7m an to\u00e0n c\u1ee7a c\u00e1c c\u00f4ng ty ch\u1ee9ng kho\u00e1n.<\/p>\n

Trong b\u1ed1i c\u1ea3nh h\u1ec7 th\u1ed1ng ng\u00e2n h\u00e0ng \u0111ang \u0111\u1ed1i m\u1eb7t v\u1edbi c\u0103ng th\u1eb3ng thanh kho\u1ea3n v\u00e0 \u00e1p l\u1ef1c cung t\u00edn d\u1ee5ng t\u1eeb c\u1ea3 khu v\u1ef1c c\u00f4ng l\u1eabn t\u01b0 nh\u00e2n, s\u1ef1 ph\u00e2n h\u00f3a gi\u1eefa c\u00e1c c\u00f4ng ty ch\u1ee9ng kho\u00e1n v\u1ec1 kh\u1ea3 n\u0103ng ch\u1ed1ng ch\u1ecbu l\u00e0 r\u1ea5t l\u1edbn. Nh\u1eefng \u0111\u01a1n v\u1ecb c\u00f3 h\u1ec7 s\u1ed1 an to\u00e0n v\u1ed1n (CAR) th\u1ea5p \u0111ang ph\u1ea3i \u0111\u1ed1i m\u1eb7t v\u1edbi \u00e1p l\u1ef1c l\u1edbn h\u01a1n so v\u1edbi nh\u00f3m c\u00f3 CAR cao nh\u1edd ph\u00e1t h\u00e0nh t\u0103ng v\u1ed1n th\u00e0nh c\u00f4ng. \u0110\u00e2y c\u0169ng l\u00e0 th\u1eddi \u0111i\u1ec3m m\u00e0 c\u00e2u chuy\u1ec7n v\u1ec1 c\u1ed5 ph\u1ea7n h\u00f3a doanh nghi\u1ec7p nh\u00e0 n\u01b0\u1edbc v\u00e0 b\u00e0i to\u00e1n ni\u00eam y\u1ebft b\u1ec1n v\u1eefng<\/a> tr\u1edf th\u00e0nh ti\u00eau \u0111i\u1ec3m, nh\u1ea5n m\u1ea1nh t\u1ea7m quan tr\u1ecdng c\u1ee7a ngu\u1ed3n l\u1ef1c t\u00e0i ch\u00ednh \u1ed5n \u0111\u1ecbnh trong m\u1ed9t th\u1ecb tr\u01b0\u1eddng \u0111\u1ea7y bi\u1ebfn \u0111\u1ed9ng nh\u01b0 khi kh\u1ed1i ngo\u1ea1i \u0111ang th\u1ef1c hi\u1ec7n c\u00e1c giao d\u1ecbch \u0111\u1ea7y kh\u00f3 l\u01b0\u1eddng.<\/p>\n

B\u00e0i to\u00e1n thanh kho\u1ea3n v\u00e0 s\u1ef1 b\u1ec1n v\u1eefng trong qu\u1ea3n tr\u1ecb<\/h2>\n

T\u1ef7 l\u1ec7 thanh kho\u1ea3n c\u1ee7a to\u00e0n ng\u00e0nh \u0111ang c\u00f3 xu h\u01b0\u1edbng gi\u1ea3m d\u1ea7n trong nh\u1eefng n\u0103m g\u1ea7n \u0111\u00e2y, v\u1edbi m\u1ee9c t\u00e0i tr\u1ee3 t\u1eeb t\u00e0i s\u1ea3n thanh kho\u1ea3n nhanh ch\u1ec9 \u0111\u1ea1t 43% so v\u1edbi ngh\u0129a v\u1ee5 tr\u1ea3 n\u1ee3 ng\u1eafn h\u1ea1n. M\u1eb7c d\u00f9 v\u1eabn n\u1eb1m trong ng\u01b0\u1ee1ng quy \u0111\u1ecbnh, nh\u01b0ng kho\u1ea3ng c\u00e1ch an to\u00e0n \u0111ang thu h\u1eb9p \u0111\u00e1ng k\u1ec3. Vi\u1ec7c duy tr\u00ec m\u1ed9t c\u1ea5u tr\u00fac v\u1ed1n l\u1ec7ch v\u1ec1 ng\u1eafn h\u1ea1n kh\u00f4ng ch\u1ec9 l\u00e0 n\u1ed7i lo v\u1ec1 chi ph\u00ed m\u00e0 c\u00f2n l\u00e0 r\u1ee7i ro v\u1ec1 b\u1ea5t c\u00e2n x\u1ee9ng d\u00f2ng ti\u1ec1n.<\/p>\n

N\u1ebfu l\u00e3i su\u1ea5t t\u0103ng qu\u00e1 m\u1ea1nh, kh\u00f4ng ch\u1ec9 c\u00e1c c\u00f4ng ty ch\u1ee9ng kho\u00e1n ch\u1ecbu \u1ea3nh h\u01b0\u1edfng m\u00e0 c\u1ea3 s\u1ee9c kh\u1ecfe c\u1ee7a c\u00e1c doanh nghi\u1ec7p ni\u00eam y\u1ebft c\u0169ng s\u1ebd b\u1ecb \u0111e d\u1ecda. Khi chi ph\u00ed t\u00e0i ch\u00ednh c\u1ee7a doanh nghi\u1ec7p t\u0103ng l\u00ean, tri\u1ec3n v\u1ecdng t\u0103ng gi\u00e1 c\u1ed5 phi\u1ebfu tr\u00ean di\u1ec7n r\u1ed9ng s\u1ebd \u0111\u1ed1i m\u1eb7t v\u1edbi l\u1ef1c c\u1ea3n l\u1edbn, t\u1eeb \u0111\u00f3 gi\u00e1n ti\u1ebfp \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn doanh thu t\u1eeb c\u00e1c ho\u1ea1t \u0111\u1ed9ng d\u1ecbch v\u1ee5 m\u00f4i gi\u1edbi v\u00e0 t\u01b0 v\u1ea5n c\u1ee7a ch\u00ednh c\u00e1c c\u00f4ng ty ch\u1ee9ng kho\u00e1n. \u0110\u00e2y l\u00e0 m\u1ed9t v\u00f2ng xo\u00e1y t\u00e0i ch\u00ednh \u0111\u00f2i h\u1ecfi s\u1ef1 th\u1eadn tr\u1ecdng cao \u0111\u1ed9 t\u1eeb ph\u00eda c\u00e1c nh\u00e0 qu\u1ea3n tr\u1ecb trong vi\u1ec7c \u0111i\u1ec1u ti\u1ebft danh m\u1ee5c v\u00e0 huy \u0111\u1ed9ng v\u1ed1n d\u00e0i h\u1ea1n thay th\u1ebf cho s\u1ef1 ph\u1ee5 thu\u1ed9c v\u00e0o n\u1ee3 ng\u1eafn h\u1ea1n t\u1eeb ng\u00e2n h\u00e0ng.<\/p>\n

B\u00e0i vi\u1ebft \u0111\u00e3 \u0111\u01b0\u1ee3c bi\u00ean t\u1eadp l\u1ea1i t\u1eeb ngu\u1ed3n: vneconomy.vn<\/em><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

R\u1ee7i ro l\u00e3i su\u1ea5t \u0111ang tr\u1edf th\u00e0nh b\u00e0i to\u00e1n h\u00f3c b\u00faa \u0111\u1ed1i v\u1edbi c\u00e1c c\u00f4ng ty ch\u1ee9ng kho\u00e1n khi m\u1eb7t b\u1eb1ng l\u00e3i su\u1ea5t t\u0103ng cao, \u0111\u1eb7t ra nh\u1eefng th\u00e1ch th\u1ee9c tr\u1ef1c ti\u1ebfp l\u00ean bi\u00ean l\u1ee3i nhu\u1eadn v\u00e0 s\u1ee9c kh\u1ecfe t\u00e0i ch\u00ednh c\u1ee7a c\u00e1c \u0111\u1ecbnh ch\u1ebf t\u00e0i ch\u00ednh n\u00e0y. Khi d\u00f2ng ch\u1ea3y t\u00edn d\u1ee5ng th\u1eaft ch\u1eb7t, […]<\/p>\n","protected":false},"author":1,"featured_media":15064,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[44],"tags":[],"class_list":["post-15066","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chung-khoan-viet-nam"],"_links":{"self":[{"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/posts\/15066","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/comments?post=15066"}],"version-history":[{"count":0,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/posts\/15066\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/media\/15064"}],"wp:attachment":[{"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/media?parent=15066"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/categories?post=15066"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/tags?post=15066"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}