{"id":31239,"date":"2026-05-06T17:27:35","date_gmt":"2026-05-06T10:27:35","guid":{"rendered":"https:\/\/edutrade.vn\/?p=31239"},"modified":"2026-05-06T17:31:40","modified_gmt":"2026-05-06T10:31:40","slug":"lich-su-ban-khong","status":"publish","type":"post","link":"https:\/\/edutrade.vn\/en\/lich-su-ban-khong\/","title":{"rendered":"L\u1ecbch s\u1eed b\u00e1n kh\u1ed1ng"},"content":{"rendered":"
B\u00e1n kh\u1ed1ng<\/span><\/em><\/strong>\u00a0, m\u1ed9t ho\u1ea1t \u0111\u1ed9ng cho ph\u00e9p nh\u00e0 \u0111\u1ea7u t\u01b0 ki\u1ebfm l\u1eddi t\u1eeb vi\u1ec7c gi\u00e1 c\u1ed5 phi\u1ebfu gi\u1ea3m, c\u00f3 m\u1ed9t<\/span>\u00a0l\u1ecbch s\u1eed<\/span><\/strong>\u00a0l\u00e2u d\u00e0i v\u00e0 \u0111\u1ea7y tranh c\u00e3i . N\u00f3 b\u1eaft \u0111\u1ea7u t\u1eeb th\u1ebf k\u1ef7 17 v\u1edbi v\u1ee5 \u0111\u1eb7t c\u01b0\u1ee3c c\u1ee7a th\u01b0\u01a1ng gia ng\u01b0\u1eddi H\u00e0 Lan Isaac Le Maire ch\u1ed1ng l\u1ea1i C\u00f4ng ty \u0110\u00f4ng \u1ea4n H\u00e0 Lan. B\u00e0i vi\u1ebft n\u00e0y s\u1ebd kh\u00e1m ph\u00e1 c\u00e1c s\u1ef1 ki\u1ec7n l\u1ecbch s\u1eed quan tr\u1ecdng, nh\u1eefng thay \u0111\u1ed5i v\u1ec1 quy \u0111\u1ecbnh v\u00e0 cu\u1ed9c tranh lu\u1eadn \u0111ang di\u1ec5n ra xung quanh ho\u1ea1t \u0111\u1ed9ng b\u00e1n kh\u1ed1ng.<\/span><\/h6>\n

Ngu\u1ed3n g\u1ed1c c\u1ee7a b\u00e1n kh\u1ed1ng<\/span><\/h2>\n

\"B\u00e1n<\/p>\n

C\u00e2u chuy\u1ec7n v\u1ec1 b\u00e1n kh\u1ed1ng b\u1eaft \u0111\u1ea7u v\u1edbi Isaac Le Maire, m\u1ed9t th\u01b0\u01a1ng gia ng\u01b0\u1eddi H\u00e0 Lan c\u00f3 m\u1ed1i th\u00f9 c\u00e1 nh\u00e2n v\u1edbi C\u00f4ng ty \u0110\u00f4ng \u1ea4n H\u00e0 Lan. V\u00e0o \u0111\u1ea7u th\u1ebf k\u1ef7 17, Le Maire tr\u1edf th\u00e0nh ng\u01b0\u1eddi b\u00e1n kh\u1ed1ng \u0111\u1ea7u ti\u00ean \u0111\u01b0\u1ee3c ghi nh\u1eadn khi b\u00e1n c\u1ed5 phi\u1ebfu c\u1ee7a c\u00f4ng ty v\u1edbi d\u1ef1 \u0111o\u00e1n gi\u00e1 tr\u1ecb c\u1ee7a ch\u00fang s\u1ebd gi\u1ea3m. \u0110\u1ed9ng c\u01a1 c\u1ee7a \u00f4ng kh\u00f4ng ch\u1ec9 \u0111\u01a1n thu\u1ea7n l\u00e0 v\u00ec l\u1ee3i \u00edch t\u00e0i ch\u00ednh; sau khi b\u1ecb c\u1ea5m ho\u1ea1t \u0111\u1ed9ng trong c\u00f4ng ty, Le Maire \u0111\u00e3 t\u00ecm c\u00e1ch tr\u1ea3 th\u00f9 b\u1eb1ng c\u00e1ch \u0111\u1eb7t c\u01b0\u1ee3c ch\u1ed1ng l\u1ea1i c\u1ed5 phi\u1ebfu c\u1ee7a c\u00f4ng ty.<\/span><\/p>\n

B\u00e1n kh\u1ed1ng xu\u1ea5t hi\u1ec7n nh\u01b0 m\u1ed9t ph\u1ea3n \u1ee9ng tr\u01b0\u1edbc nh\u1eadn \u0111\u1ecbnh v\u1ec1 vi\u1ec7c th\u1ecb tr\u01b0\u1eddng b\u1ecb \u0111\u1ecbnh gi\u00e1 qu\u00e1 cao. C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 nh\u01b0 Le Maire tin r\u1eb1ng m\u1ed9t s\u1ed1 c\u1ed5 phi\u1ebfu b\u1ecb \u0111\u1ecbnh gi\u00e1 qu\u00e1 cao v\u00e0 cu\u1ed1i c\u00f9ng s\u1ebd gi\u1ea3m gi\u00e1, t\u1ea1o c\u01a1 h\u1ed9i ki\u1ebfm l\u1eddi. Tuy nhi\u00ean, ho\u1ea1t \u0111\u1ed9ng n\u00e0y \u0111\u00e3 v\u1ea5p ph\u1ea3i s\u1ef1 nghi ng\u1edd v\u00e0 tranh c\u00e3i. N\u00f3 b\u1ecb coi l\u00e0 tr\u1ee5c l\u1ee3i t\u1eeb s\u1ef1 b\u1ea5t h\u1ea1nh c\u1ee7a ng\u01b0\u1eddi kh\u00e1c, d\u1eabn \u0111\u1ebfn s\u1ef1 ch\u1ec9 tr\u00edch v\u00e0 m\u1ea5t l\u00f2ng tin r\u1ed9ng r\u00e3i.<\/span><\/p>\n

Ch\u00ednh ph\u1ee7 H\u00e0 Lan \u0111\u00e3 nhanh ch\u00f3ng ph\u1ea3n \u1ee9ng v\u1edbi chi\u1ebfn l\u01b0\u1ee3c giao d\u1ecbch m\u1edbi n\u00e0y. Lo ng\u1ea1i v\u1ec1 t\u00e1c \u0111\u1ed9ng ti\u00eau c\u1ef1c ti\u1ec1m t\u00e0ng c\u1ee7a n\u00f3 \u0111\u1ed1i v\u1edbi th\u1ecb tr\u01b0\u1eddng, h\u1ecd \u0111\u00e3 ban h\u00e0nh l\u1ec7nh c\u1ea5m b\u00e1n kh\u1ed1ng. Quy \u0111\u1ecbnh ban \u0111\u1ea7u n\u00e0y nh\u1eb1m m\u1ee5c \u0111\u00edch ki\u1ec1m ch\u1ebf c\u00e1c ho\u1ea1t \u0111\u1ed9ng \u0111\u1ea7u c\u01a1 c\u00f3 th\u1ec3 g\u00e2y b\u1ea5t \u1ed5n cho th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n. B\u1ea5t ch\u1ea5p nh\u1eefng h\u1ea1n ch\u1ebf ban \u0111\u1ea7u n\u00e0y, ho\u1ea1t \u0111\u1ed9ng b\u00e1n kh\u1ed1ng v\u1eabn ti\u1ebfp di\u1ec5n, ph\u00e1t tri\u1ec3n theo th\u1eddi gian v\u00e0 lan r\u1ed9ng sang c\u00e1c th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh kh\u00e1c.<\/span><\/p>\n

S\u1ef1 kh\u1edfi \u0111\u1ea7u \u0111\u1ea7y tranh c\u00e3i c\u1ee7a ho\u1ea1t \u0111\u1ed9ng b\u00e1n kh\u1ed1ng \u0111\u00e3 \u0111\u1ecbnh h\u00ecnh t\u01b0\u01a1ng lai c\u1ee7a n\u00f3. \u0110\u1ed1i v\u1edbi m\u1ed9t s\u1ed1 ng\u01b0\u1eddi, n\u00f3 l\u00e0 c\u00f4ng c\u1ee5, c\u00f2n \u0111\u1ed1i v\u1edbi nh\u1eefng ng\u01b0\u1eddi kh\u00e1c, n\u00f3 l\u00e0 m\u1ed1i \u0111e d\u1ecda, d\u1eabn \u0111\u1ebfn m\u1ed1i quan h\u1ec7 ph\u1ee9c t\u1ea1p gi\u1eefa nh\u1eefng ng\u01b0\u1eddi b\u00e1n kh\u1ed1ng v\u00e0 c\u00e1c c\u01a1 quan qu\u1ea3n l\u00fd. Trong h\u00e0nh tr\u00ecnh n\u00e0y, ch\u00fang ta s\u1ebd th\u1ea5y \u0111\u1ed9ng l\u1ef1c n\u00e0y \u0111\u00e3 di\u1ec5n ra nh\u01b0 th\u1ebf n\u00e0o trong c\u00e1c s\u1ef1 ki\u1ec7n l\u1ecbch s\u1eed v\u00e0 nh\u1eefng thay \u0111\u1ed5i v\u1ec1 quy \u0111\u1ecbnh.<\/span><\/p>\n

<\/span>C\u00e1c quy \u0111\u1ecbnh ban \u0111\u1ea7u v\u00e0 nh\u1eefng tranh c\u00e3i<\/span><\/h2>\n
\"\u0110\u1ea7u<\/div>\n

\u0110\u1ea7u th\u1ebf k\u1ef7 18 ch\u1ee9ng ki\u1ebfn \u200b\u200bm\u1ed9t trong nh\u1eefng cu\u1ed9c kh\u1ee7ng ho\u1ea3ng t\u00e0i ch\u00ednh kh\u00e9t ti\u1ebfng nh\u1ea5t trong l\u1ecbch s\u1eed: bong b\u00f3ng Bi\u1ec3n Nam. S\u1ef1 ki\u1ec7n n\u00e0y kh\u00f4ng ch\u1ec9 l\u00e0m n\u1ed5i b\u1eadt nh\u1eefng nguy hi\u1ec3m c\u1ee7a ho\u1ea1t \u0111\u1ed9ng \u0111\u1ea7u c\u01a1 m\u00e0 c\u00f2n d\u1eabn \u0111\u1ebfn nh\u1eefng c\u1ea3i c\u00e1ch \u0111\u00e1ng k\u1ec3 trong c\u00e1c quy \u0111\u1ecbnh giao d\u1ecbch. C\u00f4ng ty Bi\u1ec3n Nam, n\u1eafm gi\u1eef m\u1ed9t ph\u1ea7n l\u1edbn n\u1ee3 qu\u1ed1c gia c\u1ee7a Anh, b\u1ecb c\u00e1o bu\u1ed9c thao t\u00fang gi\u00e1 c\u1ed5 phi\u1ebfu, khi\u1ebfn gi\u00e1 c\u1ed5 phi\u1ebfu t\u0103ng \u0111\u1ed9t bi\u1ebfn t\u1eeb kho\u1ea3ng 130 b\u1ea3ng Anh l\u00ean h\u01a1n 1.000 b\u1ea3ng Anh.<\/span><\/p>\n

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Khi bong b\u00f3ng v\u1ee1, h\u1ec7 th\u1ed1ng t\u00e0i ch\u00ednh r\u01a1i v\u00e0o h\u1ed7n lo\u1ea1n. H\u1eadu qu\u1ea3 r\u1ea5t nghi\u00eam tr\u1ecdng, v\u00e0 ch\u00ednh ph\u1ee7 Anh \u0111\u00e3 c\u00f3 nh\u1eefng h\u00e0nh \u0111\u1ed9ng quy\u1ebft \u0111o\u00e1n \u0111\u1ec3 ng\u0103n ch\u1eb7n th\u1ea3m h\u1ecda t\u01b0\u01a1ng t\u1ef1 x\u1ea3y ra l\u1ea7n n\u1eefa. Anh \u0111\u00e3 c\u1ea5m b\u00e1n kh\u1ed1ng kh\u00f4ng c\u00f3 t\u00e0i s\u1ea3n \u0111\u1ea3m b\u1ea3o v\u00e0o n\u0103m 1733, \u0111\u00e1nh d\u1ea5u m\u1ed9t trong nh\u1eefng ph\u1ea3n \u1ee9ng ph\u00e1p l\u00fd l\u1edbn \u0111\u1ea7u ti\u00ean \u0111\u1ed1i v\u1edbi ho\u1ea1t \u0111\u1ed9ng giao d\u1ecbch \u0111\u1ea7u c\u01a1. Quy \u0111\u1ecbnh n\u00e0y nh\u1eb1m m\u1ee5c \u0111\u00edch h\u1ea1n ch\u1ebf h\u00e0nh vi b\u00e1n c\u1ed5 phi\u1ebfu m\u00e0 kh\u00f4ng vay m\u01b0\u1ee3n tr\u01b0\u1edbc, v\u1ed1n b\u1ecb coi l\u00e0 h\u00e0nh vi thao t\u00fang v\u00e0 g\u00e2y b\u1ea5t \u1ed5n.<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

V\u1ee5 kh\u1ee7ng ho\u1ea3ng bong b\u00f3ng Bi\u1ec3n Nam v\u00e0 h\u1eadu qu\u1ea3 c\u1ee7a n\u00f3 \u0111\u00e3 nh\u1ea5n m\u1ea1nh s\u1ef1 c\u1ea7n thi\u1ebft c\u1ee7a m\u1ed9t th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh \u0111\u01b0\u1ee3c qu\u1ea3n l\u00fd ch\u1eb7t ch\u1ebd h\u01a1n. Ph\u1ea3n \u1ee9ng c\u1ee7a ch\u00ednh ph\u1ee7 Anh l\u00e0 m\u1ed9t minh ch\u1ee9ng r\u00f5 r\u00e0ng cho nh\u1eefng kh\u00f3 kh\u0103n trong qu\u00e1 tr\u00ecnh ph\u00e1t tri\u1ec3n c\u1ee7a h\u1ec7 th\u1ed1ng t\u00e0i ch\u00ednh. Cu\u1ed9c kh\u1ee7ng ho\u1ea3ng \u0111\u00e3 cho th\u1ea5y r\u1eb1ng b\u00e1n kh\u1ed1ng c\u00f3 th\u1ec3 v\u1eeba l\u00e0 c\u00f4ng c\u1ee5 \u0111i\u1ec1u ch\u1ec9nh th\u1ecb tr\u01b0\u1eddng, v\u1eeba l\u00e0 ngu\u1ed3n g\u1ed1c c\u1ee7a vi\u1ec7c thao t\u00fang th\u1ecb tr\u01b0\u1eddng.<\/span><\/p>\n

Nh\u1eefng quy \u0111\u1ecbnh v\u00e0 tranh c\u00e3i ban \u0111\u1ea7u n\u00e0y \u0111\u00e3 \u0111\u1eb7t n\u1ec1n m\u00f3ng cho s\u1ef1 ph\u00e1t tri\u1ec3n trong ho\u1ea1t \u0111\u1ed9ng b\u00e1n kh\u1ed1ng sau n\u00e0y. Ch\u00fang minh h\u1ecda s\u1ef1 c\u00e2n b\u1eb1ng tinh t\u1ebf m\u00e0 c\u00e1c nh\u00e0 qu\u1ea3n l\u00fd ph\u1ea3i duy tr\u00ec gi\u1eefa vi\u1ec7c cho ph\u00e9p \u0111\u1ed5i m\u1edbi th\u1ecb tr\u01b0\u1eddng v\u00e0 ng\u0103n ch\u1eb7n c\u00e1c h\u00e0nh vi l\u1ea1m d\u1ee5ng th\u1ecb tr\u01b0\u1eddng. Khi b\u01b0\u1edbc sang th\u1ebf k\u1ef7 19 v\u00e0 20, ch\u00fang ta s\u1ebd th\u1ea5y s\u1ef1 c\u00e2n b\u1eb1ng n\u00e0y ti\u1ebfp t\u1ee5c \u0111\u1ecbnh h\u00ecnh l\u1ecbch s\u1eed b\u00e1n kh\u1ed1ng nh\u01b0 th\u1ebf n\u00e0o.<\/span><\/p>\n

<\/span>B\u00e1n kh\u1ed1ng \u1edf Ph\u00e1p: \u1ea2nh h\u01b0\u1edfng c\u1ee7a Napoleon<\/span><\/h2>\n

\u0110\u1ea7u th\u1ebf k\u1ef7 19, ho\u1ea1t \u0111\u1ed9ng b\u00e1n kh\u1ed1ng ph\u1ea3i \u0111\u1ed1i m\u1eb7t v\u1edbi th\u00e1ch th\u1ee9c \u0111\u00e1ng k\u1ec3 \u1edf Ph\u00e1p, do tham v\u1ecdng c\u1ee7a m\u1ed9t trong nh\u1eefng nh\u00e2n v\u1eadt bi\u1ec3u t\u01b0\u1ee3ng nh\u1ea5t l\u1ecbch s\u1eed: Napoleon Bonaparte. Napoleon \u0111\u00e3 ban h\u00e0nh l\u1ec7nh c\u1ea5m b\u00e1n kh\u1ed1ng v\u00e0o n\u0103m 1801, coi \u0111\u00f3 l\u00e0 m\u1ed1i \u0111e d\u1ecda \u0111\u1ed1i v\u1edbi s\u1ef1 \u1ed5n \u0111\u1ecbnh c\u1ee7a h\u1ec7 th\u1ed1ng t\u00e0i ch\u00ednh Ph\u00e1p. \u0110\u1ed9ng c\u01a1 c\u1ee7a \u00f4ng g\u1eafn b\u00f3 m\u1eadt thi\u1ebft v\u1edbi c\u00e1c m\u1ee5c ti\u00eau ch\u00ednh tr\u1ecb v\u00e0 qu\u00e2n s\u1ef1 r\u1ed9ng l\u1edbn h\u01a1n c\u1ee7a \u00f4ng.<\/span><\/p>\n

L\u1ec7nh c\u1ea5m b\u00e1n kh\u1ed1ng c\u1ee7a Napoleon l\u00e0 ph\u1ea3n \u1ee9ng tr\u1ef1c ti\u1ebfp tr\u01b0\u1edbc ho\u1ea1t \u0111\u1ed9ng \u0111\u1ea7u c\u01a1 tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7, \u0111i\u1ec1u m\u00e0 \u00f4ng cho l\u00e0 c\u00f3 h\u1ea1i cho nh\u00e0 n\u01b0\u1edbc. \u00d4ng tin r\u1eb1ng b\u1eb1ng c\u00e1ch c\u1ea5m b\u00e1n kh\u1ed1ng, \u00f4ng c\u00f3 th\u1ec3 \u1ed5n \u0111\u1ecbnh m\u00f4i tr\u01b0\u1eddng t\u00e0i ch\u00ednh \u1edf Ph\u00e1p, t\u1eeb \u0111\u00f3 \u0111\u1ea3m b\u1ea3o ngu\u1ed3n l\u1ef1c c\u1ea7n thi\u1ebft cho c\u00e1c chi\u1ebfn d\u1ecbch qu\u00e2n s\u1ef1 c\u1ee7a m\u00ecnh tr\u00ean kh\u1eafp ch\u00e2u \u00c2u. \u0110\u1ed9ng th\u00e1i n\u00e0y ph\u1ea3n \u00e1nh chi\u1ebfn l\u01b0\u1ee3c r\u1ed9ng l\u1edbn h\u01a1n c\u1ee7a Napoleon nh\u1eb1m c\u1ee7ng c\u1ed1 quy\u1ec1n l\u1ef1c v\u00e0 ki\u1ec3m so\u00e1t c\u00e1c \u0111\u00f2n b\u1ea9y kh\u00e1c nhau c\u1ee7a nh\u00e0 n\u01b0\u1edbc.<\/span><\/p>\n

Vi\u1ec7c thi h\u00e0nh l\u1ec7nh c\u1ea5m c\u1ee7a Napoleon r\u1ea5t nghi\u00eam kh\u1eafc. Nh\u1eefng ng\u01b0\u1eddi tham gia b\u00e1n kh\u1ed1ng ph\u1ea3i \u0111\u1ed1i m\u1eb7t v\u1edbi \u00e1n t\u00f9, cho th\u1ea5y nh\u1eefng bi\u1ec7n ph\u00e1p h\u00e0 kh\u1eafc m\u00e0 \u00f4ng s\u1eb5n s\u00e0ng \u00e1p d\u1ee5ng \u0111\u1ed1i v\u1edbi nh\u1eefng m\u1ed1i \u0111e d\u1ecda m\u00e0 \u00f4ng cho l\u00e0 \u0111\u1ed1i v\u1edbi ch\u1ebf \u0111\u1ed9 c\u1ee7a m\u00ecnh. Giai \u0111o\u1ea1n n\u00e0y trong l\u1ecbch s\u1eed t\u00e0i ch\u00ednh Ph\u00e1p l\u00e0m n\u1ed5i b\u1eadt s\u1ef1 giao thoa gi\u1eefa ch\u00ednh s\u00e1ch kinh t\u1ebf v\u00e0 quy\u1ec1n l\u1ef1c ch\u00ednh tr\u1ecb, cho th\u1ea5y b\u00e1n kh\u1ed1ng kh\u00f4ng ch\u1ec9 l\u00e0 m\u1ed9t ho\u1ea1t \u0111\u1ed9ng t\u00e0i ch\u00ednh m\u00e0 c\u00f2n l\u00e0 m\u1ed9t v\u1ea5n \u0111\u1ec1 ch\u00ednh tr\u1ecb.<\/span><\/p>\n

Khi chuy\u1ec3n sang Hoa K\u1ef3, ch\u00fang ta s\u1ebd th\u1ea5y ho\u1ea1t \u0111\u1ed9ng b\u00e1n kh\u1ed1ng \u0111\u00e3 ph\u00e1t tri\u1ec3n nh\u01b0 th\u1ebf n\u00e0o trong m\u1ed9t b\u1ed1i c\u1ea3nh kh\u00e1c, ch\u1ecbu \u1ea3nh h\u01b0\u1edfng b\u1edfi c\u00e1c \u0111i\u1ec1u ki\u1ec7n kinh t\u1ebf v\u00e0 khung ph\u00e1p l\u00fd thay \u0111\u1ed5i. C\u00e2u chuy\u1ec7n v\u1ec1 b\u00e1n kh\u1ed1ng ti\u1ebfp t\u1ee5c l\u00e0 m\u1ed9t c\u00e2u chuy\u1ec7n v\u1ec1 s\u1ef1 th\u00edch nghi v\u00e0 tranh c\u00e3i, ph\u1ea3n \u00e1nh c\u00e1c xu h\u01b0\u1edbng r\u1ed9ng h\u01a1n tr\u00ean th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh to\u00e0n c\u1ea7u.<\/span><\/p>\n

<\/span>S\u1ef1 ph\u00e1t tri\u1ec3n c\u1ee7a ho\u1ea1t \u0111\u1ed9ng b\u00e1n kh\u1ed1ng t\u1ea1i Hoa K\u1ef3<\/span><\/h2>\n
\"S\u1ef1<\/div>\n

L\u1ecbch s\u1eed b\u00e1n kh\u1ed1ng t\u1ea1i Hoa K\u1ef3 \u0111\u01b0\u1ee3c \u0111\u00e1nh d\u1ea5u b\u1eb1ng c\u00e1c giai \u0111o\u1ea1n c\u1ea5m \u0111o\u00e1n v\u00e0 \u0111i\u1ec1u ti\u1ebft, ph\u1ea3n \u00e1nh b\u1ed1i c\u1ea3nh t\u00e0i ch\u00ednh \u0111ang ph\u00e1t tri\u1ec3n c\u1ee7a qu\u1ed1c gia. Trong Chi\u1ebfn tranh n\u0103m 1812, b\u00e1n kh\u1ed1ng l\u1ea7n \u0111\u1ea7u ti\u00ean b\u1ecb c\u1ea5m \u1edf M\u1ef9 do lo ng\u1ea1i v\u1ec1 ho\u1ea1t \u0111\u1ed9ng \u0111\u1ea7u c\u01a1. Tuy nhi\u00ean, l\u1ec7nh c\u1ea5m n\u00e0y \u0111\u00e3 \u0111\u01b0\u1ee3c d\u1ee1 b\u1ecf v\u00e0o nh\u1eefng n\u0103m 1850, cho ph\u00e9p ho\u1ea1t \u0111\u1ed9ng n\u00e0y ti\u1ebfp t\u1ee5c di\u1ec5n ra trong b\u1ed1i c\u1ea3nh th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n \u0111ang ph\u00e1t tri\u1ec3n v\u00e0 n\u0103ng \u0111\u1ed9ng.<\/span><\/p>\n

V\u1ee5 s\u1ee5p \u0111\u1ed5 th\u1ecb tr\u01b0\u1eddng n\u0103m 1929 l\u00e0 m\u1ed9t th\u1eddi \u0111i\u1ec3m then ch\u1ed1t \u0111\u1ed1i v\u1edbi ho\u1ea1t \u0111\u1ed9ng b\u00e1n kh\u1ed1ng t\u1ea1i Hoa K\u1ef3. V\u1ee5 s\u1ee5p \u0111\u1ed5 n\u00e0y d\u1eabn \u0111\u1ebfn vi\u1ec7c xem x\u00e9t k\u1ef9 l\u01b0\u1ee1ng c\u00e1c ho\u1ea1t \u0111\u1ed9ng b\u00e1n kh\u1ed1ng, v\u1edbi nh\u1eefng c\u00e1o bu\u1ed9c v\u1ec1 s\u1ef1 th\u00f4ng \u0111\u1ed3ng gi\u1eefa c\u00e1c nh\u00e0 b\u00e1n kh\u1ed1ng g\u00f3p ph\u1ea7n v\u00e0o s\u1ef1 s\u1ee5p \u0111\u1ed5 c\u1ee7a th\u1ecb tr\u01b0\u1eddng. Do \u0111\u00f3, Qu\u1ed1c h\u1ed9i \u0111\u00e3 h\u00e0nh \u0111\u1ed9ng \u0111\u1ec3 \u0111i\u1ec1u ch\u1ec9nh ho\u1ea1t \u0111\u1ed9ng b\u00e1n kh\u1ed1ng, \u0111\u1ec9nh \u0111i\u1ec3m l\u00e0 vi\u1ec7c th\u00e0nh l\u1eadp \u1ee6y ban Ch\u1ee9ng kho\u00e1n v\u00e0 Giao d\u1ecbch (SEC) v\u00e0o n\u0103m 1934.<\/span><\/p>\n

Vi\u1ec7c th\u00e0nh l\u1eadp SEC \u0111\u00e1nh d\u1ea5u m\u1ed9t b\u01b0\u1edbc ti\u1ebfn quan tr\u1ecdng trong vi\u1ec7c \u0111i\u1ec1u ch\u1ec9nh ho\u1ea1t \u0111\u1ed9ng b\u00e1n kh\u1ed1ng. SEC \u0111\u01b0\u1ee3c giao nhi\u1ec7m v\u1ee5 gi\u00e1m s\u00e1t c\u00e1c ho\u1ea1t \u0111\u1ed9ng th\u1ecb tr\u01b0\u1eddng, bao g\u1ed3m c\u1ea3 b\u00e1n kh\u1ed1ng, \u0111\u1ec3 \u0111\u1ea3m b\u1ea3o c\u00e1c ho\u1ea1t \u0111\u1ed9ng giao d\u1ecbch c\u00f4ng b\u1eb1ng v\u00e0 minh b\u1ea1ch. Giai \u0111o\u1ea1n n\u00e0y ch\u1ee9ng ki\u1ebfn \u200b\u200bs\u1ef1 ra \u0111\u1eddi c\u1ee7a c\u00e1c quy \u0111\u1ecbnh quan tr\u1ecdng \u0111\u01b0\u1ee3c thi\u1ebft k\u1ebf \u0111\u1ec3 h\u1ea1n ch\u1ebf c\u00e1c h\u00e0nh vi l\u1ea1m d\u1ee5ng v\u00e0 b\u1ea3o v\u1ec7 t\u00ednh to\u00e0n v\u1eb9n c\u1ee7a th\u1ecb tr\u01b0\u1eddng.<\/span><\/p>\n

Khi \u0111i s\u00e2u h\u01a1n v\u00e0o c\u00e1c chi ti\u1ebft c\u1ee5 th\u1ec3 c\u1ee7a nh\u1eefng quy \u0111\u1ecbnh n\u00e0y, ch\u00fang ta s\u1ebd t\u00ecm hi\u1ec3u t\u00e1c \u0111\u1ed9ng c\u1ee7a \u0110\u1ea1o lu\u1eadt Ch\u1ee9ng kho\u00e1n n\u0103m 1934 v\u00e0 nh\u1eefng ph\u00e1t tri\u1ec3n ti\u1ebfp theo trong c\u00e1c quy \u0111\u1ecbnh v\u1ec1 b\u00e1n kh\u1ed1ng. Nh\u1eefng thay \u0111\u1ed5i n\u00e0y ph\u1ea3n \u00e1nh nh\u1eefng n\u1ed7 l\u1ef1c kh\u00f4ng ng\u1eebng nh\u1eb1m c\u00e2n b\u1eb1ng gi\u1eefa s\u1ef1 \u0111\u1ed5i m\u1edbi th\u1ecb tr\u01b0\u1eddng v\u1edbi nhu c\u1ea7u gi\u00e1m s\u00e1t v\u00e0 \u1ed5n \u0111\u1ecbnh.<\/span><\/p>\n

<\/span>\u0110\u1ea1o lu\u1eadt Ch\u1ee9ng kho\u00e1n n\u0103m 1934<\/span><\/h3>\n

\u0110\u1ea1o lu\u1eadt Ch\u1ee9ng kho\u00e1n n\u0103m 1934 l\u00e0 m\u1ed9t \u0111\u1ea1o lu\u1eadt mang t\u00ednh b\u01b0\u1edbc ngo\u1eb7t trong l\u1ecbch s\u1eed qu\u1ea3n l\u00fd t\u00e0i ch\u00ednh c\u1ee7a Hoa K\u1ef3. \u0110\u01b0\u1ee3c ban h\u00e0nh sau v\u1ee5 s\u1ee5p \u0111\u1ed5 th\u1ecb tr\u01b0\u1eddng n\u0103m 1929, \u0111\u1ea1o lu\u1eadt n\u00e0y nh\u1eb1m m\u1ee5c \u0111\u00edch kh\u00f4i ph\u1ee5c ni\u1ec1m tin c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 b\u1eb1ng c\u00e1ch \u0111i\u1ec1u ch\u1ec9nh nhi\u1ec1u kh\u00eda c\u1ea1nh c\u1ee7a th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n, bao g\u1ed3m c\u1ea3 b\u00e1n kh\u1ed1ng. M\u1ed9t \u0111i\u1ec1u kho\u1ea3n quan tr\u1ecdng li\u00ean quan \u0111\u1ebfn b\u00e1n kh\u1ed1ng l\u00e0 Quy t\u1eafc 10a-1, nh\u1eb1m m\u1ee5c \u0111\u00edch ch\u1ed1ng l\u1ea1i vi\u1ec7c b\u00e1n kh\u1ed1ng kh\u00f4ng h\u1ea1n ch\u1ebf v\u00e0 ng\u0103n ch\u1eb7n thao t\u00fang th\u1ecb tr\u01b0\u1eddng.<\/span><\/p>\n

Quy t\u1eafc 10a-1, c\u00f2n \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 quy t\u1eafc gi\u00e1 t\u0103ng, y\u00eau c\u1ea7u c\u00e1c giao d\u1ecbch b\u00e1n kh\u1ed1ng ch\u1ec9 \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n \u1edf m\u1ee9c gi\u00e1 cao h\u01a1n giao d\u1ecbch tr\u01b0\u1edbc \u0111\u00f3, ngo\u1ea1i tr\u1eeb trong m\u1ed9t s\u1ed1 tr\u01b0\u1eddng h\u1ee3p nh\u1ea5t \u0111\u1ecbnh. M\u1ee5c ti\u00eau l\u00e0 \u0111\u1ec3 ng\u0103n ch\u1eb7n nh\u1eefng ng\u01b0\u1eddi b\u00e1n kh\u1ed1ng \u0111\u1ea9y gi\u00e1 c\u1ed5 phi\u1ebfu xu\u1ed1ng qu\u00e1 m\u1ee9c v\u00e0 h\u1ea1n ch\u1ebf c\u00e1c h\u00e0nh vi giao d\u1ecbch l\u1ea1m d\u1ee5ng. Tuy nhi\u00ean, theo th\u1eddi gian, hi\u1ec7u qu\u1ea3 c\u1ee7a quy t\u1eafc gi\u00e1 t\u0103ng \u0111\u00e3 b\u1ecb \u0111\u1eb7t d\u1ea5u h\u1ecfi.<\/span><\/p>\n

\u0110\u1ea7u nh\u1eefng n\u0103m 2000, SEC k\u1ebft lu\u1eadn r\u1eb1ng quy t\u1eafc “t\u0103ng gi\u00e1 \u0111\u1ed9t bi\u1ebfn” kh\u00f4ng c\u00f2n hi\u1ec7u qu\u1ea3 trong vi\u1ec7c ng\u0103n ch\u1eb7n c\u00e1c h\u00e0nh vi l\u1ea1m d\u1ee5ng v\u00e0 h\u1ea1n ch\u1ebf t\u00ednh thanh kho\u1ea3n c\u1ee7a th\u1ecb tr\u01b0\u1eddng. \u0110i\u1ec1u n\u00e0y d\u1eabn \u0111\u1ebfn nh\u1eefng thay \u0111\u1ed5i \u0111\u00e1ng k\u1ec3 trong c\u00e1c quy \u0111\u1ecbnh v\u1ec1 b\u00e1n kh\u1ed1ng, ph\u1ea3n \u00e1nh s\u1ef1 hi\u1ec3u bi\u1ebft ng\u00e0y c\u00e0ng s\u00e2u s\u1eafc v\u1ec1 \u0111\u1ed9ng l\u1ef1c th\u1ecb tr\u01b0\u1eddng v\u00e0 nhu c\u1ea7u v\u1ec1 c\u00e1c ph\u01b0\u01a1ng ph\u00e1p qu\u1ea3n l\u00fd hi\u1ec7n \u0111\u1ea1i h\u01a1n.<\/span><\/p>\n

<\/span>B\u00e3i b\u1ecf v\u00e0 Quy \u0111\u1ecbnh SHO<\/span><\/h3>\n

Quy t\u1eafc “t\u0103ng gi\u00e1 \u0111\u1ed9t bi\u1ebfn” \u0111\u00e3 b\u1ecb b\u00e3i b\u1ecf v\u00e0o n\u0103m 2007, \u0111\u00e1nh d\u1ea5u m\u1ed9t s\u1ef1 thay \u0111\u1ed5i \u0111\u00e1ng k\u1ec3 trong c\u00e1c quy \u0111\u1ecbnh v\u1ec1 b\u00e1n kh\u1ed1ng. Quy\u1ebft \u0111\u1ecbnh n\u00e0y xu\u1ea5t ph\u00e1t t\u1eeb k\u1ebft lu\u1eadn r\u1eb1ng quy t\u1eafc n\u00e0y kh\u00f4ng hi\u1ec7u qu\u1ea3 trong vi\u1ec7c ng\u0103n ch\u1eb7n b\u00e1n kh\u1ed1ng qu\u00e1 m\u1ee9c v\u00e0 \u0111ang c\u1ea3n tr\u1edf t\u00ednh thanh kho\u1ea3n c\u1ee7a th\u1ecb tr\u01b0\u1eddng. Vi\u1ec7c b\u00e3i b\u1ecf n\u00e0y \u0111\u00e3 m\u1edf \u0111\u01b0\u1eddng cho c\u00e1c khu\u00f4n kh\u1ed5 ph\u00e1p l\u00fd m\u1edbi nh\u1eb1m gi\u1ea3i quy\u1ebft nh\u1eefng th\u00e1ch th\u1ee9c c\u1ee7a th\u1ecb tr\u01b0\u1eddng hi\u1ec7n \u0111\u1ea1i.<\/span><\/p>\n

M\u1ed9t trong nh\u1eefng khu\u00f4n kh\u1ed5 nh\u01b0 v\u1eady l\u00e0 Quy \u0111\u1ecbnh SHO, \u0111\u01b0\u1ee3c ban h\u00e0nh v\u00e0o th\u00e1ng 1 n\u0103m 2005 \u0111\u1ec3 hi\u1ec7n \u0111\u1ea1i h\u00f3a c\u00e1c quy \u0111\u1ecbnh v\u1ec1 b\u00e1n kh\u1ed1ng. Quy \u0111\u1ecbnh SHO \u0111\u1eb7c bi\u1ec7t nh\u1eafm v\u00e0o c\u00e1c h\u00e0nh vi b\u00e1n kh\u1ed1ng kh\u00f4ng c\u00f3 t\u00e0i s\u1ea3n \u0111\u1ea3m b\u1ea3o, t\u1ee9c l\u00e0 b\u00e1n c\u1ed5 phi\u1ebfu m\u00e0 kh\u00f4ng t\u00ecm ki\u1ebfm ho\u1eb7c m\u01b0\u1ee3n ch\u00fang m\u1ed9t c\u00e1ch h\u1ee3p ph\u00e1p. Quy \u0111\u1ecbnh n\u00e0y \u0111\u01b0a ra c\u00e1c y\u00eau c\u1ea7u m\u1edbi \u0111\u1ed1i v\u1edbi ng\u01b0\u1eddi b\u00e1n kh\u1ed1ng, bao g\u1ed3m vi\u1ec7c c\u1ea7n ph\u1ea3i t\u00ecm ki\u1ebfm v\u00e0 m\u01b0\u1ee3n c\u1ed5 phi\u1ebfu tr\u01b0\u1edbc khi th\u1ef1c hi\u1ec7n giao d\u1ecbch b\u00e1n kh\u1ed1ng.<\/span><\/p>\n

Cu\u1ed9c kh\u1ee7ng ho\u1ea3ng t\u00e0i ch\u00ednh n\u0103m 2008 \u0111\u00e3 khi\u1ebfn c\u00e1c ho\u1ea1t \u0111\u1ed9ng b\u00e1n kh\u1ed1ng b\u1ecb gi\u00e1m s\u00e1t ch\u1eb7t ch\u1ebd h\u01a1n, d\u1eabn \u0111\u1ebfn c\u00e1c l\u1ec7nh c\u1ea5m t\u1ea1m th\u1eddi v\u00e0 c\u00e1c quy \u0111\u1ecbnh h\u1ea1n ch\u1ebf m\u1edbi nh\u1eb1m \u1ed5n \u0111\u1ecbnh th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh. Nh\u1eefng bi\u1ec7n ph\u00e1p n\u00e0y ph\u1ea3n \u00e1nh nh\u1eefng n\u1ed7 l\u1ef1c kh\u00f4ng ng\u1eebng nh\u1eb1m c\u00e2n b\u1eb1ng gi\u1eefa s\u1ef1 \u0111\u1ed5i m\u1edbi th\u1ecb tr\u01b0\u1eddng v\u1edbi nhu c\u1ea7u gi\u00e1m s\u00e1t v\u00e0 \u1ed5n \u0111\u1ecbnh, \u0111\u1ea3m b\u1ea3o r\u1eb1ng b\u00e1n kh\u1ed1ng v\u1eabn c\u00f3 th\u1ec3 \u0111\u00f3ng vai tr\u00f2 trong hi\u1ec7u qu\u1ea3 th\u1ecb tr\u01b0\u1eddng m\u00e0 kh\u00f4ng l\u00e0m t\u1ed5n h\u1ea1i \u0111\u1ebfn t\u00ednh to\u00e0n v\u1eb9n c\u1ee7a th\u1ecb tr\u01b0\u1eddng.<\/span><\/p>\n

<\/span>Quan \u0111i\u1ec3m to\u00e0n c\u1ea7u hi\u1ec7n \u0111\u1ea1i v\u1ec1 b\u00e1n kh\u1ed1ng<\/span><\/h2>\n

\"Quan<\/p>\n

Vi\u1ec7c b\u00e1n kh\u1ed1ng ch\u1ecbu s\u1ef1 \u0111i\u1ec1u ch\u1ec9nh kh\u00e1c nhau tr\u00ean to\u00e0n c\u1ea7u, ph\u1ea3n \u00e1nh nh\u1eefng quan \u0111i\u1ec3m kh\u00e1c nhau v\u1ec1 t\u00e1c \u0111\u1ed9ng c\u1ee7a n\u00f3 \u0111\u1ed1i v\u1edbi th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh. Trong c\u00e1c cu\u1ed9c kh\u1ee7ng ho\u1ea3ng t\u00e0i ch\u00ednh, nhi\u1ec1u qu\u1ed1c gia \u0111\u00e3 \u00e1p d\u1ee5ng c\u00e1c h\u1ea1n ch\u1ebf b\u00e1n kh\u1ed1ng \u0111\u1ec3 duy tr\u00ec s\u1ef1 \u1ed5n \u0111\u1ecbnh th\u1ecb tr\u01b0\u1eddng v\u00e0 ng\u0103n ch\u1eb7n c\u00e1c h\u00e0nh vi giao d\u1ecbch thao t\u00fang. V\u00ed d\u1ee5, trong cu\u1ed9c kh\u1ee7ng ho\u1ea3ng n\u1ee3 khu v\u1ef1c \u0111\u1ed3ng euro, c\u00e1c qu\u1ed1c gia nh\u01b0 T\u00e2y Ban Nha, \u00dd v\u00e0 Ph\u00e1p \u0111\u00e3 \u00e1p \u0111\u1eb7t l\u1ec7nh c\u1ea5m b\u00e1n kh\u1ed1ng \u0111\u1ec3 b\u1ea3o v\u1ec7 l\u0129nh v\u1ef1c t\u00e0i ch\u00ednh c\u1ee7a h\u1ecd.<\/span><\/p>\n

Trung Qu\u1ed1c, n\u1ed5i ti\u1ebfng v\u1edbi c\u00e1c quy \u0111\u1ecbnh nghi\u00eam ng\u1eb7t, \u0111\u00e3 \u00e1p d\u1ee5ng l\u1ec7nh c\u1ea5m t\u1ea1m th\u1eddi \u0111\u1ed1i v\u1edbi b\u00e1n kh\u1ed1ng trong th\u1eddi k\u1ef3 th\u1ecb tr\u01b0\u1eddng bi\u1ebfn \u0111\u1ed9ng \u0111\u1ec3 ng\u0103n ch\u1eb7n t\u00ecnh tr\u1ea1ng b\u00e1n th\u00e1o ho\u1ea3ng lo\u1ea1n. Trung Qu\u1ed1c \u0111\u00e3 c\u1ea5m b\u00e1n kh\u1ed1ng hi\u1ec7u qu\u1ea3 t\u1eeb n\u0103m 2015 b\u1eb1ng c\u00e1ch \u00e1p \u0111\u1eb7t c\u00e1c h\u1ea1n ch\u1ebf ph\u00e1p l\u00fd \u0111\u1ed1i v\u1edbi vi\u1ec7c vay c\u1ed5 phi\u1ebfu. T\u01b0\u01a1ng t\u1ef1, H\u00e0n Qu\u1ed1c \u0111\u00e3 c\u1ea5m b\u00e1n kh\u1ed1ng \u00edt nh\u1ea5t \u0111\u1ebfn th\u00e1ng 3 n\u0103m 2025 do c\u00e1c cu\u1ed9c \u0111i\u1ec1u tra \u0111ang di\u1ec5n ra v\u1ec1 c\u00e1c h\u00e0nh vi b\u00e1n kh\u1ed1ng kh\u00f4ng c\u00f3 t\u00e0i s\u1ea3n \u0111\u1ea3m b\u1ea3o.<\/span><\/p>\n

Hi\u1ec7u qu\u1ea3 c\u1ee7a c\u00e1c l\u1ec7nh c\u1ea5m b\u00e1n kh\u1ed1ng v\u1eabn l\u00e0 m\u1ed9t ch\u1ee7 \u0111\u1ec1 g\u00e2y tranh c\u00e3i. M\u1ed9t s\u1ed1 ng\u01b0\u1eddi cho r\u1eb1ng ch\u00fang gi\u00fap \u1ed5n \u0111\u1ecbnh th\u1ecb tr\u01b0\u1eddng trong th\u1eddi k\u1ef3 h\u1ed7n lo\u1ea1n, trong khi nh\u1eefng ng\u01b0\u1eddi kh\u00e1c tin r\u1eb1ng ch\u00fang c\u00f3 th\u1ec3 l\u00e0m sai l\u1ec7ch \u0111\u1ed9ng th\u00e1i th\u1ecb tr\u01b0\u1eddng v\u00e0 c\u1ea3n tr\u1edf qu\u00e1 tr\u00ecnh x\u00e1c \u0111\u1ecbnh gi\u00e1 c\u1ea3. S\u1ef1 ho\u00e0n thi\u1ec7n v\u00e0 hi\u1ec7u qu\u1ea3 c\u1ee7a c\u00e1c khung ph\u00e1p l\u00fd \u1edf c\u00e1c qu\u1ed1c gia kh\u00e1c nhau \u1ea3nh h\u01b0\u1edfng \u0111\u00e1ng k\u1ec3 \u0111\u1ebfn c\u00e1ch th\u1ee9c b\u00e1n kh\u1ed1ng \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n tr\u00ean to\u00e0n c\u1ea7u.<\/span><\/p>\n

V\u00e0o th\u00e1ng 9 n\u0103m 2008, \u00dac \u0111\u00e3 c\u1ea5m ho\u00e0n to\u00e0n vi\u1ec7c b\u00e1n kh\u1ed1ng kh\u00f4ng c\u00f3 t\u00e0i s\u1ea3n \u0111\u1ea3m b\u1ea3o nh\u01b0 m\u1ed9t ph\u1ea7n c\u1ee7a chi\u1ebfn l\u01b0\u1ee3c r\u1ed9ng h\u01a1n nh\u1eb1m \u1ed5n \u0111\u1ecbnh th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh trong cu\u1ed9c kh\u1ee7ng ho\u1ea3ng t\u00e0i ch\u00ednh to\u00e0n c\u1ea7u. C\u01a1 quan D\u1ecbch v\u1ee5 T\u00e0i ch\u00ednh c\u1ee7a Anh c\u0169ng \u0111\u00e3 \u00e1p \u0111\u1eb7t l\u1ec7nh c\u1ea5m b\u00e1n kh\u1ed1ng \u0111\u1ed1i v\u1edbi 29 c\u1ed5 phi\u1ebfu t\u00e0i ch\u00ednh h\u00e0ng \u0111\u1ea7u \u0111\u1ec3 \u0111\u1ed1i ph\u00f3 v\u1edbi cu\u1ed9c kh\u1ee7ng ho\u1ea3ng t\u00e0i ch\u00ednh n\u0103m 2008. Nh\u1eefng v\u00ed d\u1ee5 n\u00e0y minh h\u1ecda c\u00e1c ph\u01b0\u01a1ng ph\u00e1p qu\u1ea3n l\u00fd \u0111a d\u1ea1ng \u0111\u1ed1i v\u1edbi vi\u1ec7c b\u00e1n kh\u1ed1ng, \u0111\u01b0\u1ee3c \u0111\u1ecbnh h\u00ecnh b\u1edfi b\u1ed1i c\u1ea3nh kinh t\u1ebf v\u00e0 t\u00e0i ch\u00ednh \u0111\u1ed9c \u0111\u00e1o c\u1ee7a m\u1ed7i qu\u1ed1c gia.<\/span><\/p>\n

<\/span>H\u1ea1n ch\u1ebf b\u00e1n kh\u1ed1ng kh\u00f4ng c\u00f3 t\u00e0i s\u1ea3n \u0111\u1ea3m b\u1ea3o<\/span><\/h2>\n

B\u00e1n kh\u1ed1ng kh\u00f4ng c\u00f3 t\u00e0i s\u1ea3n \u0111\u1ea3m b\u1ea3o l\u00e0 m\u1ed9t h\u00ecnh th\u1ee9c b\u00e1n kh\u1ed1ng \u0111\u1eb7c bi\u1ec7t g\u00e2y tranh c\u00e3i, li\u00ean quan \u0111\u1ebfn vi\u1ec7c b\u00e1n c\u1ed5 phi\u1ebfu m\u00e0 kh\u00f4ng t\u00ecm ki\u1ebfm ho\u1eb7c m\u01b0\u1ee3n ch\u00fang tr\u01b0\u1edbc. Th\u1ef1c ti\u1ec5n n\u00e0y ti\u1ec1m \u1ea9n r\u1ee7i ro \u0111\u00e1ng k\u1ec3 \u0111\u1ed1i v\u1edbi t\u00ednh to\u00e0n v\u1eb9n c\u1ee7a th\u1ecb tr\u01b0\u1eddng, v\u00ec n\u00f3 c\u00f3 th\u1ec3 d\u1eabn \u0111\u1ebfn t\u00ecnh tr\u1ea1ng kh\u00f4ng giao h\u00e0ng (FTD), trong \u0111\u00f3 ng\u01b0\u1eddi b\u00e1n kh\u00f4ng cung c\u1ea5p s\u1ed1 c\u1ed5 phi\u1ebfu \u0111\u00e3 b\u00e1n. Quy \u0111\u1ecbnh SHO, \u0111\u01b0\u1ee3c SEC ban h\u00e0nh n\u0103m 2005, nh\u1eafm m\u1ee5c ti\u00eau c\u1ee5 th\u1ec3 v\u00e0o c\u00e1c h\u00e0nh vi l\u1ea1m d\u1ee5ng n\u00e0y.<\/span><\/p>\n

M\u1ed9t r\u1ee7i ro l\u1edbn li\u00ean quan \u0111\u1ebfn b\u00e1n kh\u1ed1ng kh\u00f4ng c\u00f3 t\u00e0i s\u1ea3n \u0111\u1ea3m b\u1ea3o l\u00e0 kh\u1ea3 n\u0103ng thua l\u1ed7 kh\u00f4ng gi\u1edbi h\u1ea1n n\u1ebfu gi\u00e1 t\u00e0i s\u1ea3n t\u0103ng l\u00ean, \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn gi\u00e1 tr\u1ecb c\u1ee7a t\u00e0i s\u1ea3n. R\u1ee7i ro n\u00e0y c\u00e0ng tr\u1ea7m tr\u1ecdng h\u01a1n b\u1edfi th\u1ef1c t\u1ebf l\u00e0 b\u00e1n kh\u1ed1ng kh\u00f4ng c\u00f3 t\u00e0i s\u1ea3n \u0111\u1ea3m b\u1ea3o c\u00f3 th\u1ec3 d\u1eabn \u0111\u1ebfn nh\u1eefng bi\u1ebfn d\u1ea1ng th\u1ecb tr\u01b0\u1eddng \u0111\u00e1ng k\u1ec3 v\u00e0 l\u00e0m suy y\u1ebfu ni\u1ec1m tin c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0. C\u00e1c nh\u00e0 ph\u00ea b\u00ecnh cho r\u1eb1ng b\u00e1n kh\u1ed1ng kh\u00f4ng c\u00f3 t\u00e0i s\u1ea3n \u0111\u1ea3m b\u1ea3o \u0111\u00e3 g\u00f3p ph\u1ea7n g\u00e2y ra c\u00e1c cu\u1ed9c kh\u1ee7ng ho\u1ea3ng t\u00e0i ch\u00ednh, m\u1eb7c d\u00f9 b\u1eb1ng ch\u1ee9ng li\u00ean k\u1ebft tr\u1ef1c ti\u1ebfp n\u00f3 v\u1edbi s\u1ef1 s\u1ee5p \u0111\u1ed5 c\u1ee7a th\u1ecb tr\u01b0\u1eddng v\u1eabn c\u00f2n g\u00e2y tranh c\u00e3i.<\/span><\/p>\n

C\u00e1c c\u01a1 quan qu\u1ea3n l\u00fd \u0111\u00e3 th\u1ef1c hi\u1ec7n c\u00e1c bi\u1ec7n ph\u00e1p nghi\u00eam ng\u1eb7t \u0111\u1ec3 h\u1ea1n ch\u1ebf b\u00e1n kh\u1ed1ng kh\u00f4ng c\u00f3 t\u00e0i s\u1ea3n \u0111\u1ea3m b\u1ea3o. Quy \u0111\u1ecbnh SHO c\u1ee7a SEC y\u00eau c\u1ea7u ng\u01b0\u1eddi b\u00e1n kh\u1ed1ng ph\u1ea3i t\u00ecm ki\u1ebfm v\u00e0 m\u01b0\u1ee3n c\u1ed5 phi\u1ebfu tr\u01b0\u1edbc khi th\u1ef1c hi\u1ec7n giao d\u1ecbch b\u00e1n kh\u1ed1ng \u0111\u1ec3 tr\u00e1nh tr\u01b0\u1eddng h\u1ee3p kh\u00f4ng giao \u0111\u01b0\u1ee3c c\u1ed5 phi\u1ebfu v\u00e0 duy tr\u00ec t\u00ednh to\u00e0n v\u1eb9n c\u1ee7a th\u1ecb tr\u01b0\u1eddng. Ngo\u00e0i ra, SEC c\u0169ng c\u00f3 c\u00e1c quy \u0111\u1ecbnh nh\u1eb1m h\u1ea1n ch\u1ebf b\u00e1n kh\u1ed1ng khi gi\u00e1 c\u1ed5 phi\u1ebfu gi\u1ea3m 10% tr\u1edf l\u00ean so v\u1edbi gi\u00e1 \u0111\u00f3ng c\u1eeda tr\u01b0\u1edbc \u0111\u00f3, t\u1ea1o ra m\u1ed9t bi\u1ec7n ph\u00e1p b\u1ea3o v\u1ec7 ch\u1ed1ng l\u1ea1i \u00e1p l\u1ef1c gi\u1ea3m gi\u00e1 qu\u00e1 m\u1ee9c \u0111\u1ed1i v\u1edbi c\u1ed5 phi\u1ebfu.<\/span><\/p>\n

B\u1ea5t ch\u1ea5p nh\u1eefng h\u1ea1n ch\u1ebf n\u00e0y, m\u1ed9t s\u1ed1 nh\u00e0 t\u1ea1o l\u1eadp th\u1ecb tr\u01b0\u1eddng quy\u1ec1n ch\u1ecdn v\u1eabn tham gia b\u00e1n kh\u1ed1ng kh\u00f4ng c\u00f3 t\u00e0i s\u1ea3n \u0111\u1ea3m b\u1ea3o \u0111\u1ec3 duy tr\u00ec thanh kho\u1ea3n, l\u1ee3i d\u1ee5ng c\u00e1c mi\u1ec5n tr\u1eeb kh\u1ecfi c\u00e1c y\u00eau c\u1ea7u vay m\u01b0\u1ee3n th\u00f4ng th\u01b0\u1eddng. \u0110i\u1ec1u n\u00e0y cho th\u1ea5y nh\u1eefng th\u00e1ch th\u1ee9c hi\u1ec7n t\u1ea1i trong vi\u1ec7c \u0111i\u1ec1u ch\u1ec9nh ho\u1ea1t \u0111\u1ed9ng b\u00e1n kh\u1ed1ng kh\u00f4ng c\u00f3 t\u00e0i s\u1ea3n \u0111\u1ea3m b\u1ea3o v\u00e0 \u0111\u1ea3m b\u1ea3o m\u1ed9t th\u1ecb tr\u01b0\u1eddng c\u00f4ng b\u1eb1ng v\u00e0 minh b\u1ea1ch cho t\u1ea5t c\u1ea3 c\u00e1c b\u00ean tham gia.<\/span><\/p>\n

<\/span>Vai tr\u00f2 c\u1ee7a ng\u01b0\u1eddi b\u00e1n kh\u1ed1ng trong hi\u1ec7u qu\u1ea3 th\u1ecb tr\u01b0\u1eddng<\/span><\/h2>\n
\"Vai<\/div>\n

Nh\u1eefng ng\u01b0\u1eddi b\u00e1n kh\u1ed1ng th\u01b0\u1eddng b\u1ecb nh\u00ecn nh\u1eadn v\u1edbi s\u1ef1 nghi ng\u1edd, nh\u01b0ng vai tr\u00f2 c\u1ee7a h\u1ecd trong vi\u1ec7c duy tr\u00ec hi\u1ec7u qu\u1ea3 th\u1ecb tr\u01b0\u1eddng l\u00e0 r\u1ea5t quan tr\u1ecdng. Nh\u1eefng ng\u01b0\u1eddi \u1ee7ng h\u1ed9 l\u1eadp lu\u1eadn r\u1eb1ng b\u00e1n kh\u1ed1ng l\u00e0 m\u1ed9t ph\u1ea7n thi\u1ebft y\u1ebfu c\u1ee7a c\u01a1 ch\u1ebf x\u00e1c \u0111\u1ecbnh gi\u00e1 c\u1ea3, gi\u00fap x\u00e1c \u0111\u1ecbnh c\u00e1c c\u1ed5 phi\u1ebfu b\u1ecb \u0111\u1ecbnh gi\u00e1 qu\u00e1 cao v\u00e0 \u0111i\u1ec1u ch\u1ec9nh c\u00e1c sai l\u1ec7ch v\u1ec1 gi\u00e1 tr\u00ean th\u1ecb tr\u01b0\u1eddng. Vi\u1ec7c \u0111\u1eb7t c\u01b0\u1ee3c ch\u1ed1ng l\u1ea1i c\u00e1c c\u00f4ng ty c\u00f3 gi\u00e1 c\u1ed5 phi\u1ebfu b\u1ecb th\u1ed5i ph\u1ed3ng cho ph\u00e9p nh\u1eefng ng\u01b0\u1eddi b\u00e1n kh\u1ed1ng b\u00e1o hi\u1ec7u c\u00e1c v\u1ea5n \u0111\u1ec1 ti\u1ec1m \u1ea9n, th\u00fac \u0111\u1ea9y vi\u1ec7c \u0111i\u1ec1u tra v\u00e0 xem x\u00e9t k\u1ef9 l\u01b0\u1ee1ng h\u01a1n.<\/span><\/p>\n

Nh\u1eefng nh\u00e0 \u0111\u1ea7u t\u01b0 n\u1ed5i ti\u1ebfng nh\u01b0 Seth Klarman v\u00e0 Warren Buffett \u0111\u00e3 ca ng\u1ee3i vai tr\u00f2 c\u1ee7a nh\u1eefng ng\u01b0\u1eddi b\u00e1n kh\u1ed1ng, th\u1eeba nh\u1eadn \u0111\u00f3ng g\u00f3p c\u1ee7a h\u1ecd v\u00e0o hi\u1ec7u qu\u1ea3 th\u1ecb tr\u01b0\u1eddng. Nh\u1eefng nh\u00e0 \u0111\u1ea7u t\u01b0 n\u00e0y nh\u1ea5n m\u1ea1nh r\u1eb1ng nh\u1eefng ng\u01b0\u1eddi b\u00e1n kh\u1ed1ng th\u01b0\u1eddng ti\u1ebfn h\u00e0nh nghi\u00ean c\u1ee9u k\u1ef9 l\u01b0\u1ee1ng \u0111\u1ec3 ph\u00e1t hi\u1ec7n ra nh\u1eefng sai l\u1ec7ch t\u00e0i ch\u00ednh ho\u1eb7c c\u00e1c ho\u1ea1t \u0111\u1ed9ng gian l\u1eadn, \u0111\u00f3ng vai tr\u00f2 nh\u01b0 nh\u1eefng ng\u01b0\u1eddi gi\u00e1m s\u00e1t tr\u00ean th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh. V\u00ed d\u1ee5, Jim Chanos \u0111\u00e3 \u0111\u01b0\u1ee3c bi\u1ebft \u0111\u1ebfn nh\u1edd vi\u1ec7c b\u00e1n kh\u1ed1ng c\u1ed5 phi\u1ebfu Enron sau khi ph\u00e1t hi\u1ec7n ra nh\u1eefng chi ti\u1ebft \u0111\u00e1ng b\u00e1o \u0111\u1ed9ng trong b\u00e1o c\u00e1o t\u00e0i ch\u00ednh c\u1ee7a c\u00f4ng ty, cu\u1ed1i c\u00f9ng \u0111\u00e3 ph\u01a1i b\u00e0y m\u1ed9t trong nh\u1eefng v\u1ee5 b\u00ea b\u1ed1i doanh nghi\u1ec7p l\u1edbn nh\u1ea5t trong l\u1ecbch s\u1eed.<\/span><\/p>\n

Nh\u1eefng nh\u00e0 \u0111\u1ea7u t\u01b0 b\u00e1n kh\u1ed1ng d\u1ef1a tr\u00ean nghi\u00ean c\u1ee9u \u0111\u00f3ng vai tr\u00f2 quan tr\u1ecdng trong vi\u1ec7c ph\u00e1t hi\u1ec7n c\u00e1c tr\u01b0\u1eddng h\u1ee3p sai ph\u1ea1m t\u00e0i ch\u00ednh. Vi\u1ec7c David Einhorn ch\u1ec9 tr\u00edch Lehman Brothers n\u0103m 2007 l\u00e0 m\u1ed9t v\u00ed d\u1ee5 \u0111i\u1ec3n h\u00ecnh. Nh\u1eefng ti\u1ebft l\u1ed9 c\u1ee7a \u00f4ng v\u1ec1 s\u1ef1 b\u1ea5t \u1ed5n t\u00e0i ch\u00ednh c\u1ee7a ng\u00e2n h\u00e0ng \u0111\u00e3 g\u00f3p ph\u1ea7n l\u00e0m m\u1ea5t l\u00f2ng tin, d\u1eabn \u0111\u1ebfn s\u1ef1 s\u1ee5p \u0111\u1ed5 c\u1ee7a n\u00f3. Nh\u1eefng h\u00e0nh \u0111\u1ed9ng nh\u01b0 v\u1eady cho th\u1ea5y c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 b\u00e1n kh\u1ed1ng c\u00f3 th\u1ec3 t\u0103ng c\u01b0\u1eddng t\u00ednh minh b\u1ea1ch v\u00e0 tr\u00e1ch nhi\u1ec7m gi\u1ea3i tr\u00ecnh trong th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh.<\/span><\/p>\n

Ng\u01b0\u1eddi b\u00e1n kh\u1ed1ng kh\u00f4ng ch\u1ec9 nh\u1eb1m m\u1ee5c \u0111\u00edch ki\u1ebfm l\u1eddi t\u1eeb s\u1ef1 s\u1ee5t gi\u1ea3m c\u1ee7a th\u1ecb tr\u01b0\u1eddng m\u00e0 c\u00f2n \u0111\u1ec3 h\u01b0\u1edfng l\u1ee3i t\u1eeb vi\u1ec7c \u0111\u1ecbnh gi\u00e1 sai m\u1ed9t s\u1ed1 s\u1ea3n ph\u1ea9m nh\u1ea5t \u0111\u1ecbnh. \u0110i\u1ec1u n\u00e0y gi\u00fap \u0111\u01b0a gi\u00e1 c\u1ed5 phi\u1ebfu \u0111\u1ebfn g\u1ea7n h\u01a1n v\u1edbi gi\u00e1 tr\u1ecb th\u1ef1c c\u1ee7a ch\u00fang, th\u00fac \u0111\u1ea9y m\u1ed9t th\u1ecb tr\u01b0\u1eddng hi\u1ec7u qu\u1ea3 v\u00e0 c\u00f4ng b\u1eb1ng h\u01a1n. S\u1ef1 c\u00e2n b\u1eb1ng n\u00e0y nh\u1ea5n m\u1ea1nh t\u1ea7m quan tr\u1ecdng c\u1ee7a b\u00e1n kh\u1ed1ng trong vi\u1ec7c duy tr\u00ec t\u00ednh to\u00e0n v\u1eb9n v\u00e0 ho\u1ea1t \u0111\u1ed9ng c\u1ee7a th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh.<\/span><\/p>\n

<\/span>C\u00e1c s\u1ef1 ki\u1ec7n b\u00e1n kh\u1ed1ng \u0111\u00e1ng ch\u00fa \u00fd<\/span><\/h2>\n
\"C\u00e1c<\/div>\n

Trong su\u1ed1t l\u1ecbch s\u1eed, b\u00e1n kh\u1ed1ng \u0111\u00e3 \u0111\u00f3ng vai tr\u00f2 quan tr\u1ecdng trong nhi\u1ec1u s\u1ef1 ki\u1ec7n th\u1ecb tr\u01b0\u1eddng kh\u00e1c nhau, ch\u1ee9ng minh c\u1ea3 ti\u1ec1m n\u0103ng l\u1ee3i nhu\u1eadn v\u00e0 r\u1ee7i ro thua l\u1ed7 t\u00e0i ch\u00ednh \u0111\u00e1ng k\u1ec3. M\u1ed9t trong nh\u1eefng v\u00ed d\u1ee5 n\u1ed5i ti\u1ebfng nh\u1ea5t l\u00e0 Jesse Livermore, ng\u01b0\u1eddi n\u1ed5i ti\u1ebfng nh\u1edd b\u00e1n kh\u1ed1ng th\u00e0nh c\u00f4ng c\u1ed5 phi\u1ebfu trong v\u1ee5 s\u1ee5p \u0111\u1ed5 th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n n\u0103m 1929. Nh\u1eefng h\u00e0nh \u0111\u1ed9ng t\u00e1o b\u1ea1o c\u1ee7a \u00f4ng \u0111\u00e3 mang v\u1ec1 cho \u00f4ng 100 tri\u1ec7u \u0111\u00f4 la, cho th\u1ea5y l\u1ee3i nhu\u1eadn kh\u1ed5ng l\u1ed3 c\u00f3 th\u1ec3 thu \u0111\u01b0\u1ee3c t\u1eeb b\u00e1n kh\u1ed1ng.<\/span><\/p>\n

G\u1ea7n \u0111\u00e2y h\u01a1n, v\u1ee5 “\u00e9p b\u00e1n kh\u1ed1ng” GameStop n\u0103m 2021 \u0111\u00e3 l\u00e0m n\u1ed5i b\u1eadt t\u00e1c \u0111\u1ed9ng m\u1ea1nh m\u1ebd m\u00e0 vi\u1ec7c b\u00e1n kh\u1ed1ng c\u00f3 th\u1ec3 g\u00e2y ra \u0111\u1ed1i v\u1edbi gi\u00e1 c\u1ed5 phi\u1ebfu. C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n tr\u00ean c\u00e1c n\u1ec1n t\u1ea3ng nh\u01b0 Reddit \u0111\u00e3 c\u00f9ng nhau mua c\u1ed5 phi\u1ebfu c\u1ee7a GameStop, \u0111\u1ea9y gi\u00e1 c\u1ed5 phi\u1ebfu l\u00ean cao v\u00e0 g\u00e2y ra t\u1ed5n th\u1ea5t t\u00e0i ch\u00ednh \u0111\u00e1ng k\u1ec3 cho c\u00e1c qu\u1ef9 \u0111\u1ea7u c\u01a1 \u0111\u00e3 b\u00e1n kh\u1ed1ng m\u1ea1nh c\u1ed5 phi\u1ebfu n\u00e0y. S\u1ef1 ki\u1ec7n n\u00e0y \u0111\u00e3 \u0111\u01b0a vi\u1ec7c b\u00e1n kh\u1ed1ng ra tr\u01b0\u1edbc c\u00f4ng ch\u00fang, l\u00e0m d\u1ea5y l\u00ean c\u00e1c cu\u1ed9c tranh lu\u1eadn v\u1ec1 thao t\u00fang th\u1ecb tr\u01b0\u1eddng v\u00e0 s\u1ef1 ch\u00eanh l\u1ec7ch quy\u1ec1n l\u1ef1c gi\u1eefa c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n v\u00e0 c\u00e1c nh\u00e0 giao d\u1ecbch t\u1ed5 ch\u1ee9c.<\/span><\/p>\n

M\u1ed9t s\u1ef1 ki\u1ec7n \u0111\u00e1ng ch\u00fa \u00fd kh\u00e1c l\u00e0 b\u00e1o c\u00e1o c\u1ee7a Andrew Left v\u1ec1 Valeant Pharmaceuticals n\u0103m 2015, d\u1eabn \u0111\u1ebfn vi\u1ec7c gi\u00e1 c\u1ed5 phi\u1ebfu c\u1ee7a c\u00f4ng ty gi\u1ea3m 39%. Nghi\u00ean c\u1ee9u c\u1ee7a Left \u0111\u00e3 ph\u00e1t hi\u1ec7n ra nh\u1eefng kh\u00eda c\u1ea1nh \u0111\u00e1ng lo ng\u1ea1i trong ho\u1ea1t \u0111\u1ed9ng kinh doanh c\u1ee7a Valeant, ch\u1ee9ng minh vai tr\u00f2 c\u1ee7a nh\u1eefng ng\u01b0\u1eddi b\u00e1n kh\u1ed1ng trong vi\u1ec7c \u0111\u01b0a nh\u1eefng th\u00f4ng tin quan tr\u1ecdng ra \u00e1nh s\u00e1ng.<\/span><\/p>\n

T\u01b0\u01a1ng t\u1ef1, v\u1ecb th\u1ebf b\u00e1n kh\u1ed1ng tr\u1ecb gi\u00e1 1 t\u1ef7 \u0111\u00f4 la c\u1ee7a Bill Ackman \u0111\u1ed1i v\u1edbi Herbalife nh\u1eb1m m\u1ee5c \u0111\u00edch v\u1ea1ch tr\u1ea7n c\u00e1i m\u00e0 \u00f4ng cho l\u00e0 m\u1ed9t m\u00f4 h\u00ecnh kim t\u1ef1 th\u00e1p, minh h\u1ecda th\u00eam c\u00e1ch nh\u1eefng ng\u01b0\u1eddi b\u00e1n kh\u1ed1ng c\u00f3 th\u1ec3 \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn nh\u1eadn th\u1ee9c c\u1ee7a th\u1ecb tr\u01b0\u1eddng v\u00e0 \u0111\u1ecbnh gi\u00e1 c\u00f4ng ty.<\/span><\/p>\n

Nh\u1eefng s\u1ef1 ki\u1ec7n n\u00e0y nh\u1ea5n m\u1ea1nh b\u1ea3n ch\u1ea5t hai m\u1eb7t c\u1ee7a b\u00e1n kh\u1ed1ng: n\u00f3 c\u00f3 th\u1ec3 l\u00e0 m\u1ed9t c\u00f4ng c\u1ee5 m\u1ea1nh m\u1ebd \u0111\u1ec3 ph\u00e1t hi\u1ec7n h\u00e0nh vi sai tr\u00e1i v\u1ec1 t\u00e0i ch\u00ednh v\u00e0 \u0111i\u1ec1u ch\u1ec9nh s\u1ef1 \u0111\u1ecbnh gi\u00e1 sai tr\u00ean th\u1ecb tr\u01b0\u1eddng, nh\u01b0ng n\u00f3 c\u0169ng ti\u1ec1m \u1ea9n nh\u1eefng r\u1ee7i ro \u0111\u00e1ng k\u1ec3 v\u00e0 c\u00f3 th\u1ec3 d\u1eabn \u0111\u1ebfn s\u1ef1 bi\u1ebfn \u0111\u1ed9ng m\u1ea1nh tr\u00ean th\u1ecb tr\u01b0\u1eddng. Nh\u00ecn l\u1ea1i nh\u1eefng v\u00ed d\u1ee5 l\u1ecbch s\u1eed n\u00e0y, r\u00f5 r\u00e0ng l\u00e0 b\u00e1n kh\u1ed1ng s\u1ebd ti\u1ebfp t\u1ee5c l\u00e0 m\u1ed9t ph\u1ea7n g\u00e2y tranh c\u00e3i nh\u01b0ng thi\u1ebft y\u1ebfu c\u1ee7a th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh.<\/span><\/p>\n

<\/span>T\u00f3m l\u1ea1i:<\/span><\/h2>\n

Vi\u1ec7c b\u00e1n kh\u1ed1ng c\u1ed5 phi\u1ebfu c\u00f3 m\u1ed9t l\u1ecbch s\u1eed \u0111\u1ea7y m\u00e0u s\u1eafc v\u00e0 ph\u1ee9c t\u1ea1p, \u0111\u01b0\u1ee3c \u0111\u00e1nh d\u1ea5u b\u1eb1ng c\u00e1c giai \u0111o\u1ea1n \u0111\u1ed5i m\u1edbi, \u0111i\u1ec1u ch\u1ec9nh v\u00e0 tranh c\u00e3i. T\u1eeb ngu\u1ed3n g\u1ed1c v\u1edbi Isaac Le Maire v\u00e0o th\u1ebf k\u1ef7 17 \u0111\u1ebfn vai tr\u00f2 c\u1ee7a n\u00f3 trong th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh hi\u1ec7n \u0111\u1ea1i, b\u00e1n kh\u1ed1ng \u0111\u00e3 ph\u00e1t tri\u1ec3n \u0111\u00e1ng k\u1ec3, \u0111\u01b0\u1ee3c \u0111\u1ecbnh h\u00ecnh b\u1edfi c\u00e1c khu\u00f4n kh\u1ed5 ph\u00e1p l\u00fd v\u00e0 c\u00e1c s\u1ef1 ki\u1ec7n th\u1ecb tr\u01b0\u1eddng kh\u00e1c nhau. Ho\u1ea1t \u0111\u1ed9ng n\u00e0y v\u1eeba \u0111\u01b0\u1ee3c ca ng\u1ee3i v\u00ec vai tr\u00f2 c\u1ee7a n\u00f3 trong vi\u1ec7c n\u00e2ng cao hi\u1ec7u qu\u1ea3 th\u1ecb tr\u01b0\u1eddng, v\u1eeba b\u1ecb ch\u1ec9 tr\u00edch v\u00ec ti\u1ec1m n\u0103ng g\u00e2y b\u1ea5t \u1ed5n th\u1ecb tr\u01b0\u1eddng.<\/span><\/p>\n

C\u00e1c c\u1ed9t m\u1ed1c ph\u00e1p l\u00fd quan tr\u1ecdng, ch\u1eb3ng h\u1ea1n nh\u01b0 \u0110\u1ea1o lu\u1eadt Ch\u1ee9ng kho\u00e1n n\u0103m 1934 v\u00e0 Quy \u0111\u1ecbnh SHO, nh\u1eb1m m\u1ee5c \u0111\u00edch c\u00e2n b\u1eb1ng l\u1ee3i \u00edch c\u1ee7a vi\u1ec7c b\u00e1n kh\u1ed1ng v\u1edbi nhu c\u1ea7u b\u1ea3o v\u1ec7 t\u00ednh to\u00e0n v\u1eb9n c\u1ee7a th\u1ecb tr\u01b0\u1eddng. C\u00e1c qu\u1ed1c gia kh\u00e1c nhau \u0111\u00e3 \u00e1p d\u1ee5ng c\u00e1c ph\u01b0\u01a1ng ph\u00e1p ti\u1ebfp c\u1eadn \u0111a d\u1ea1ng \u0111\u1ed1i v\u1edbi vi\u1ec7c b\u00e1n kh\u1ed1ng, ph\u1ea3n \u00e1nh b\u1ed1i c\u1ea3nh kinh t\u1ebf v\u00e0 tri\u1ebft l\u00fd qu\u1ea3n l\u00fd \u0111\u1ed9c \u0111\u00e1o c\u1ee7a h\u1ecd. Cu\u1ed9c tranh lu\u1eadn \u0111ang di\u1ec5n ra v\u1ec1 hi\u1ec7u qu\u1ea3 c\u1ee7a c\u00e1c l\u1ec7nh c\u1ea5m v\u00e0 h\u1ea1n ch\u1ebf b\u00e1n kh\u1ed1ng cho th\u1ea5y s\u1ef1 ph\u1ee9c t\u1ea1p trong vi\u1ec7c qu\u1ea3n l\u00fd ho\u1ea1t \u0111\u1ed9ng n\u00e0y trong m\u1ed9t h\u1ec7 th\u1ed1ng t\u00e0i ch\u00ednh to\u00e0n c\u1ea7u.<\/span><\/p>\n

Nh\u1eefng s\u1ef1 ki\u1ec7n b\u00e1n kh\u1ed1ng \u0111\u00e1ng ch\u00fa \u00fd, t\u1eeb v\u1ee5 s\u1ee5p \u0111\u1ed5 th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n n\u0103m 1929 \u0111\u1ebfn v\u1ee5 “\u00e9p b\u00e1n kh\u1ed1ng” GameStop, cho th\u1ea5y t\u00e1c \u0111\u1ed9ng \u0111\u00e1ng k\u1ec3 m\u00e0 nh\u1eefng ng\u01b0\u1eddi b\u00e1n kh\u1ed1ng c\u00f3 th\u1ec3 g\u00e2y ra \u0111\u1ed1i v\u1edbi gi\u00e1 c\u1ed5 phi\u1ebfu v\u00e0 \u0111\u1ed9ng th\u00e1i th\u1ecb tr\u01b0\u1eddng. Nh\u1eefng s\u1ef1 ki\u1ec7n n\u00e0y c\u0169ng nh\u1ea5n m\u1ea1nh t\u1ea7m quan tr\u1ecdng c\u1ee7a t\u00ednh minh b\u1ea1ch v\u00e0 tr\u00e1ch nhi\u1ec7m gi\u1ea3i tr\u00ecnh trong th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh, nh\u1eefng vai tr\u00f2 m\u00e0 nh\u1eefng ng\u01b0\u1eddi b\u00e1n kh\u1ed1ng d\u1ef1a tr\u00ean nghi\u00ean c\u1ee9u th\u01b0\u1eddng \u0111\u1ea3m nhi\u1ec7m.<\/span><\/p>\n

Khi ch\u00fang ta k\u1ebft th\u00fac h\u00e0nh tr\u00ecnh t\u00ecm hi\u1ec3u l\u1ecbch s\u1eed b\u00e1n kh\u1ed1ng, r\u00f5 r\u00e0ng l\u00e0 ho\u1ea1t \u0111\u1ed9ng n\u00e0y s\u1ebd ti\u1ebfp t\u1ee5c l\u00e0 m\u1ed9t kh\u00eda c\u1ea1nh quan tr\u1ecdng nh\u01b0ng c\u0169ng \u0111\u1ea7y tranh c\u00e3i c\u1ee7a th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh. Hi\u1ec3u r\u00f5 l\u1ecbch s\u1eed v\u00e0 khung ph\u00e1p l\u00fd c\u1ee7a n\u00f3 c\u00f3 th\u1ec3 cung c\u1ea5p nh\u1eefng hi\u1ec3u bi\u1ebft gi\u00e1 tr\u1ecb cho c\u1ea3 nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0 c\u00e1c nh\u00e0 ho\u1ea1ch \u0111\u1ecbnh ch\u00ednh s\u00e1ch, gi\u00fap \u0111\u1ecbnh h\u01b0\u1edbng nh\u1eefng ph\u1ee9c t\u1ea1p c\u1ee7a th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh hi\u1ec7n \u0111\u1ea1i.<\/span><\/p>\n

<\/span>C\u00e2u h\u1ecfi th\u01b0\u1eddng g\u1eb7p<\/span><\/h2>\n

<\/span>B\u00e1n kh\u1ed1ng l\u00e0 g\u00ec?<\/span><\/h3>\n

B\u00e1n kh\u1ed1ng l\u00e0 chi\u1ebfn l\u01b0\u1ee3c m\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 vay c\u1ed5 phi\u1ebfu, b\u00e1n ch\u00fang v\u00e0 mua l\u1ea1i v\u1edbi gi\u00e1 th\u1ea5p h\u01a1n \u0111\u1ec3 thu l\u1ee3i nhu\u1eadn t\u1eeb s\u1ef1 gi\u1ea3m gi\u00e1 c\u1ee7a c\u1ed5 phi\u1ebfu. Ph\u01b0\u01a1ng ph\u00e1p n\u00e0y ti\u1ec1m \u1ea9n nhi\u1ec1u r\u1ee7i ro v\u00e0 \u0111\u00f2i h\u1ecfi s\u1ef1 c\u00e2n nh\u1eafc k\u1ef9 l\u01b0\u1ee1ng.<\/span><\/p>\n

<\/span>T\u1ea1i sao b\u00e1n kh\u1ed1ng l\u1ea1i g\u00e2y tranh c\u00e3i?<\/span><\/h3>\n

B\u00e1n kh\u1ed1ng g\u00e2y tranh c\u00e3i v\u00ec n\u00f3 thu l\u1ee3i t\u1eeb s\u1ef1 suy gi\u1ea3m c\u1ee7a m\u1ed9t c\u00f4ng ty, \u0111i\u1ec1u m\u00e0 nhi\u1ec1u ng\u01b0\u1eddi cho l\u00e0 l\u00e0m suy y\u1ebfu s\u1ef1 th\u00e0nh c\u00f4ng c\u1ee7a c\u00f4ng ty \u0111\u00f3. N\u00f3 c\u0169ng c\u00f3 th\u1ec3 l\u00e0m t\u0103ng s\u1ef1 bi\u1ebfn \u0111\u1ed9ng c\u1ee7a th\u1ecb tr\u01b0\u1eddng v\u00e0 g\u00f3p ph\u1ea7n g\u00e2y ra b\u1ea5t \u1ed5n t\u00e0i ch\u00ednh.<\/span><\/p>\n

<\/span>B\u00e1n kh\u1ed1ng kh\u00f4ng c\u00f3 t\u00e0i s\u1ea3n \u0111\u1ea3m b\u1ea3o l\u00e0 g\u00ec?<\/span><\/h3>\n

B\u00e1n kh\u1ed1ng kh\u00f4ng c\u00f3 t\u00e0i s\u1ea3n \u0111\u1ea3m b\u1ea3o l\u00e0 h\u00e0nh vi b\u1ea5t h\u1ee3p ph\u00e1p b\u00e1n c\u1ed5 phi\u1ebfu m\u00e0 kh\u00f4ng m\u01b0\u1ee3n ch\u00fang tr\u01b0\u1edbc, g\u00e2y ra r\u1ee7i ro \u0111\u00e1ng k\u1ec3 cho t\u00ednh to\u00e0n v\u1eb9n c\u1ee7a th\u1ecb tr\u01b0\u1eddng, bao g\u1ed3m c\u1ea3 vi\u1ec7c kh\u00f4ng giao \u0111\u01b0\u1ee3c c\u1ed5 phi\u1ebfu \u0111\u00e3 b\u00e1n. Ho\u1ea1t \u0111\u1ed9ng n\u00e0y vi ph\u1ea1m Quy \u0111\u1ecbnh SHO t\u1ea1i Hoa K\u1ef3.<\/span><\/p>\n

<\/span>C\u00e1c l\u1ec7nh c\u1ea5m b\u00e1n kh\u1ed1ng \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn th\u1ecb tr\u01b0\u1eddng nh\u01b0 th\u1ebf n\u00e0o?<\/span><\/h3>\n

C\u00e1c l\u1ec7nh c\u1ea5m b\u00e1n kh\u1ed1ng c\u00f3 th\u1ec3 gi\u00fap \u1ed5n \u0111\u1ecbnh th\u1ecb tr\u01b0\u1eddng trong th\u1eddi k\u1ef3 kh\u1ee7ng ho\u1ea3ng, nh\u01b0ng ch\u00fang th\u01b0\u1eddng l\u00e0m sai l\u1ec7ch \u0111\u1ed9ng th\u00e1i th\u1ecb tr\u01b0\u1eddng v\u00e0 c\u1ea3n tr\u1edf vi\u1ec7c x\u00e1c \u0111\u1ecbnh gi\u00e1 ch\u00ednh x\u00e1c. Do \u0111\u00f3, hi\u1ec7u qu\u1ea3 t\u1ed5ng th\u1ec3 c\u1ee7a ch\u00fang v\u1eabn c\u00f2n g\u00e2y tranh c\u00e3i gi\u1eefa c\u00e1c b\u00ean tham gia th\u1ecb tr\u01b0\u1eddng.<\/span><\/p>\n

<\/span>Trong l\u1ecbch s\u1eed, c\u00f3 nh\u1eefng s\u1ef1 ki\u1ec7n b\u00e1n kh\u1ed1ng \u0111\u00e1ng ch\u00fa \u00fd n\u00e0o?<\/span><\/h3>\n

Nh\u1eefng s\u1ef1 ki\u1ec7n b\u00e1n kh\u1ed1ng \u0111\u00e1ng ch\u00fa \u00fd bao g\u1ed3m th\u00e0nh c\u00f4ng c\u1ee7a Jesse Livermore trong v\u1ee5 s\u1ee5p \u0111\u1ed5 th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n n\u0103m 1929, v\u1ee5 “\u00e9p b\u00e1n kh\u1ed1ng” c\u1ed5 phi\u1ebfu GameStop n\u0103m 2021 v\u00e0 b\u00e1o c\u00e1o c\u1ee7a Andrew Left v\u1ec1 Valeant Pharmaceuticals n\u0103m 2015, minh h\u1ecda cho \u1ea3nh h\u01b0\u1edfng m\u1ea1nh m\u1ebd c\u1ee7a b\u00e1n kh\u1ed1ng \u0111\u1ed1i v\u1edbi th\u1ecb tr\u01b0\u1eddng.<\/span><\/p>","protected":false},"excerpt":{"rendered":"

B\u00e1n kh\u1ed1ng\u00a0, m\u1ed9t ho\u1ea1t \u0111\u1ed9ng cho ph\u00e9p nh\u00e0 \u0111\u1ea7u t\u01b0 ki\u1ebfm l\u1eddi t\u1eeb vi\u1ec7c gi\u00e1 c\u1ed5 phi\u1ebfu gi\u1ea3m, c\u00f3 m\u1ed9t\u00a0l\u1ecbch s\u1eed\u00a0l\u00e2u d\u00e0i v\u00e0 \u0111\u1ea7y tranh c\u00e3i . N\u00f3 b\u1eaft \u0111\u1ea7u t\u1eeb th\u1ebf k\u1ef7 17 v\u1edbi v\u1ee5 \u0111\u1eb7t c\u01b0\u1ee3c c\u1ee7a th\u01b0\u01a1ng gia ng\u01b0\u1eddi H\u00e0 Lan Isaac Le Maire ch\u1ed1ng l\u1ea1i C\u00f4ng ty \u0110\u00f4ng \u1ea4n H\u00e0 Lan. […]<\/p>","protected":false},"author":86,"featured_media":31240,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jnews-multi-image_gallery":[],"jnews_single_post":{"format":"standard","override":[{"template":"1","parallax":"1","layout":"right-sidebar-narrow","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_share_counter":"1","show_view_counter":"1","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"0","post_reading_time_wpm":"300","post_calculate_word_method":"str_word_count","show_zoom_button":"0","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"1","show_prev_next_post":"1","show_popup_post":"1","show_comment_section":"1","number_popup_post":"1","show_author_box":"0","show_post_related":"0"}],"image_override":[{"single_post_thumbnail_size":"no-crop","single_post_gallery_size":"crop-715"}],"trending_post_position":"meta","trending_post_label":"Trending","sponsored_post_label":"Sponsored by","disable_ad":"0","subtitle":"B\u00e1n kh\u1ed1ng , m\u1ed9t ho\u1ea1t \u0111\u1ed9ng cho ph\u00e9p nh\u00e0 \u0111\u1ea7u t\u01b0 ki\u1ebfm l\u1eddi t\u1eeb vi\u1ec7c gi\u00e1 c\u1ed5 phi\u1ebfu gi\u1ea3m, c\u00f3 m\u1ed9t l\u1ecbch s\u1eed l\u00e2u d\u00e0i v\u00e0 \u0111\u1ea7y tranh c\u00e3i . N\u00f3 b\u1eaft \u0111\u1ea7u t\u1eeb th\u1ebf k\u1ef7 17 v\u1edbi v\u1ee5 \u0111\u1eb7t c\u01b0\u1ee3c c\u1ee7a th\u01b0\u01a1ng gia ng\u01b0\u1eddi H\u00e0 Lan Isaac Le Maire ch\u1ed1ng l\u1ea1i C\u00f4ng ty \u0110\u00f4ng \u1ea4n H\u00e0 Lan. B\u00e0i vi\u1ebft n\u00e0y s\u1ebd kh\u00e1m ph\u00e1 c\u00e1c s\u1ef1 ki\u1ec7n l\u1ecbch s\u1eed quan tr\u1ecdng, nh\u1eefng thay \u0111\u1ed5i v\u1ec1 quy \u0111\u1ecbnh v\u00e0 cu\u1ed9c tranh lu\u1eadn \u0111ang di\u1ec5n ra xung quanh ho\u1ea1t \u0111\u1ed9ng b\u00e1n kh\u1ed1ng."},"jnews_primary_category":[],"footnotes":""},"categories":[150],"tags":[],"class_list":["post-31239","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-kien-thuc-hang-hoa"],"acf":[],"_links":{"self":[{"href":"https:\/\/edutrade.vn\/en\/wp-json\/wp\/v2\/posts\/31239","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/edutrade.vn\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/edutrade.vn\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/edutrade.vn\/en\/wp-json\/wp\/v2\/users\/86"}],"replies":[{"embeddable":true,"href":"https:\/\/edutrade.vn\/en\/wp-json\/wp\/v2\/comments?post=31239"}],"version-history":[{"count":3,"href":"https:\/\/edutrade.vn\/en\/wp-json\/wp\/v2\/posts\/31239\/revisions"}],"predecessor-version":[{"id":31249,"href":"https:\/\/edutrade.vn\/en\/wp-json\/wp\/v2\/posts\/31239\/revisions\/31249"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/edutrade.vn\/en\/wp-json\/wp\/v2\/media\/31240"}],"wp:attachment":[{"href":"https:\/\/edutrade.vn\/en\/wp-json\/wp\/v2\/media?parent=31239"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/edutrade.vn\/en\/wp-json\/wp\/v2\/categories?post=31239"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/edutrade.vn\/en\/wp-json\/wp\/v2\/tags?post=31239"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}