‫ﺍﻟﺠﻤﻬﻮﺭﻳﺔ ﺍﻟﺠﺰﺍﺋﺮﻳﺔ ﺍﻟﺪﻳﻤﻘﺮﺍﻃﻴﺔ ﺍﻟﺸﻌﺒﻴﺔ‬

‫ﻭﺯﺍﺭﺓ ﺍﻟﺘﻌﻠﻴﻢ ﺍﻟﻌﺎﻟﻲ ﻭ ﺍﻟﺒﺤﺚ ﺍﻟﻌﻠﻤﻲ‬

‫ﺍﻟﻤﺮﻛﺰ ﺍﻟﺠﺎﻣﻌﻲ "ﻳﺤﻲ ﻓﺎﺭﺱ" ﺑﺎﻟﻤﺪﻳﺔ‬
‫ﻣﻌﻬﺪ ﺍﻟﻌﻠﻮﻡ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﻭ ﻋﻠﻮﻡ ﺍﻟﺘﺴﻴﻴﺮ‬
‫ﺩﺍﺋﺮﺓ ﺍﻟﻌﻠﻮﻡ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ‬

‫ﺍﻟﺒﻮﺭﺻﺔ ﻓﻲ ﺍﻟﺠﺰﺍﺋﺮ‬
‫ﻣﺬﻛﺮﺓ ﺗﺨﺮﺝ ﻟﻨﻴﻞ ﺷﻬﺎﺩﺓ ﺍﻟﻠﻴﺴﺎﻧﺲ ﻓﻲ ﻋﻠﻮﻡ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ‬
‫ﺗﺨﺼﺺ " ﻧﻘﻮد ﻣﺎﻟﻴﺔ و ﺑﻨﻮك"‬

‫ﺗﺤﺖ ﺇﺷﺮﺍﻑ ﺍﻷﺳﺘﺎﺫﺓ‪:‬‬ ‫ﻣﻦ ﺇﻋﺪﺍﺩ ﺍﻟﻄﻠﺒﺔ ‪:‬‬

‫* ﺷﻼﺑﻲ ﻧﻌﻴﻤﺔ‬ ‫* ﺟﻠﻴﺨﻲ ﻣﺤﻤﺪ وﻟﻴﺪ‬
‫* ﺑﻦ ﻣﻜﺴﻦ إﺳﻤﺎﻋﻴﻞ‬

‫‪2006-2007‬‬
 ‫ﺍﻟﺤﻤﺪ ﷲ ﺍﻟﺬﻱ ﻭﻓﻘﻨﺎ ﻭﺃﻋﺎﻧﻨﺎ ﻋﻠﻰ ﺇﻋﺪﺍﺩ ﻫﺬﻩ ﺍﻟﻤﺬﻛﺮﺓ‬
‫ﻧﺘﻘﺪﻡ ﺑﺠﺰﻳﻞ ﺗﺸﻜﺮﺍﺗﻨﺎ ﻭ ﺛﻨﺎﺋﻨﺎ ﺇﻟﻰ ﺍﻟﻮﺍﻟﺪﻳﻦ ﺍﻟﻜﺮﻳﻤﻴﻦ‪.‬‬
‫ﺇﻟﻰ ﺍﻷﺳﺘﺎﺫﺓ ﺍﻟﻔﺎﺿﻠﺔ ﺍﻟﻤﺸﺮﻓﺔ‪":‬ﺸﻼﺒﻲ ﻨﻌﻴﻤﺔ" ﺍﻟﺘﻲ ﺃﻓﺎﺩﺗﻨﺎ ﺑﺎﻟﻨﺼﺢ‬
‫ﻭﺍﻹﺭﺷﺎﺩ ﻓﻜﺎﻥ ﻟﻬﺎ ﺍﻟﻔﻀﻞ ﻓﻲ ﺗﻮﺟﻴﻬﻨﺎ ﺇﻟﻰ ﺃﻥ ﺍﻧﺘﻬﻴﻨﺎ ﻣﻦ ﺇﻧﺠﺎﺯ‬
‫ﻣﺬﻛﺮﺗﻨﺎ‪..‬‬
‫ﻭﻋﺮﻓﺎﻧﺎ ﻣﻨﺎ ﺑﺎﻟﺠﻤﻴﻞ ﺍﺗﺠﺎﻩ ﻣﻦ ﺳﺎﻫﻢ ﻣﻦ ﻗﺮﻳﺐ ﺃﻭ ﻣﻦ ﺑﻌﻴﺪ ﻓﻲ ﺇﻧﺠﺎﺯ‬
‫ﻣﺬﻛﺮﺗﻨﺎ ﻫﺎﺗﻪ‪ ،‬ﻧﺘﻘﺪﻡ ﺑﺎﻟﺸﻜﺮ ﺍﻟﺠﺰﻳﻞ ﺇﻟﻰ‪:‬‬
‫ﺍﻷﺳﺘﺎﺫﺓ » ﺳﻌﻴﺪﻱ ﻓﺎﻃﻤﺔ"‪ ،‬ﺍﻟﺘﻲ ﺃﻓﺎﺩﺗﻨﺎ ﺑﻨﺼﺎﺋﺤﻬﺎ ﻭ ﻟﻢ ﺗﺒﺨﻞ ﻋﻠﻴﻨﺎ‬
‫ﺑﻤﺎ ﺗﻌﺮﻓﻪ ‪.‬‬
‫ﻭ ﺇﻟﻰ ﺟﻤﻴﻊ ﺃﺳﺎﺗﺬﺓ ﻣﻌﻬﺪ ﺍﻟﻌﻠﻮﻡ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﻭ ﺍﻟﺘﺴﻴﻴﺮ ﻓﻠﻮﻻ ﻫﻢ ﻣﺎ‬
‫ﻭﺻﻠﻨﺎ ﺇﻟﻰ ﻫﺬﺍ ﻭ ﺍﺧﺺ ﺑﺎﻟﺬﻛﺮ‪:‬‬
‫"ﺍﻷﺳﺘﺎﺫ ﺧﻠﻴﻞ‪.‬ﻉ ‪,‬ﺍﻷﺳﺘﺎﺫ ﺷﺮﻳﻔﻲ‪.‬ﺃ‪ ،‬ﺍﻟﺬﻳﻦ ﻛﺎﻧﻮﺍ ﻧﻌﻢ‪ ‬ﺍﻷﺳﺎﺗﺬﺓ‬

‫* ﻣﺤﻤﺪ ﻭﻟﻴﺪ‬
‫* ﺇﺳﻤﺎﻋﻴﻞ‬
 ‫ﺃﺣﻤﺪ ﺍﷲ ﻭ ﺃﺷﻜﺮﻩ ﻋﻠﻰ ﺟﺰﻳﻞ ﻧﻌﻤﺎﺋﻪ ﻭﻭﺍﻓﺮ ﻋﻄﺎﺋﻪ‬
‫ﻭﻟﻪ ﺍﻟﺸﻜﺮ ﻋﻠﻰ ﺗﻮﻓﻴﻘﻪ ﻭﺇﺣﺴﺎﻧﻪ ﻭﺧﻴﺮﺍﺗﻪ‬
‫ﻭﺃﻓﻀﺎﻟﻪ ﺣﻤﺪﺍ ﻭ ﺷﻜﺮﺍ ﻳﺒﻠﻐﻨﺎ ﺭﺿﺎﻩ ﺃﻣﺎ ﺑﻌﺪ‪ :‬ﺃﻫﺪﻱ ﺛﻤﺮﺓ ﺟﻬﺪﻱ ﺍﻟﻤﺘﻮﺍﺿﻊ‬
‫ﻫﺬﺍ‪:‬‬
‫ﺇﻟﻰ ﻣﻦ ﻗﺎﻝ ﻓﻴﻬﻤﺎ ﻋﺰ ﻣﻦ ﻗﺎﺋﻞ‪) :‬ﻭﻗﻞ ﺭﺑﻲ ﺍﺭﺣﻤﻬﻤﺎ ﻛﻤﺎ ﺭﺑﻴﺎﻧﻲ ﺻﻐﻴﺮﺍ (‪،‬‬
‫ﻭﻗﺎﺭﻥ ﻃﺎﻋﺘﻪ ﺑﻄﺎﻋﺘﻬﻤﺎ‪:‬‬
‫ﺇﻟﻰ )ﺃﻣــــــﻲ( ﺍﻟﺤﻨﻮﻥ ﺍﻟﺘﻲ ﺗﻌﺒﺖ ﻭﺳﻬﺮﺕ ﻷﺻﻞ ﺇﻟﻰ ﻗﻤﺔ ﺍﻟﻨﺠﺎﺡ ﻭﻏﺮﺳﺖ ﻓﻲ‪‬‬
‫ﺭﻭﺡ ﺍﻟﻌﻤﻞ ﻭﺍﻷﺧـﻼﻕ‪.‬‬
‫ﺇﻟﻰ ﻣﻦ ﺃﺧﺬ ﺑﻴﺪﻱ ﺣﺘﻰ ﻭﺻﻠﺖ ﺇﻟﻰ ﻏﺎﻳﺘﻲ ﻭﺃﻣﺪﻧﻲ ﺑﺎﻟﺪﻋﻢ ﻭﺍﻟﻬﻤﺔ ﻷﺻﻞ ﻭﻛﺎﻥ ﻣﻨﺎﻩ‬
‫ﻧﺠﺎﺣﻲ ﻭﻓﺮﺣﺘﻲ ) ﺃﺑــــــــــﻲ (‪.‬‬
‫ﻛﻤﺎ ﺃﻫﺪﻱ ﻫﺬﺍ ﺍﻟﻌﻤﻞ ﺇﻟﻰ ﺃﺯﻫﺎﺭ ﻋﺎﺋﻠﺘﻲ " ﻓﺎﺗﻦ ﺃﻣﺒﺎﺭﻛﺔ‪ .‬ﻫﺎﻟﺔ ‪.‬ﻋﺒﻴﺮ‪ .‬ﻋﺒﺪ ﺍﻟﺮﺣﻤﺎﻥ"‬
‫ﻭ ﺇﻟﻰ ﻛﻞ ﺃﻓﺮﺍﺩ ﺍﻟﻌﺎﺋﻠﺔ ﺍﻟﻜﺮﻳﻤﺔ‬
‫ﺇﻟﻰ ﻛﻞ ﺍﻷﺣﺒﺎﺏ " ﺧﻠﻴﻞ ‪ ،‬ﺑﺮﻳﻜﻲ‪ ،‬ﺇﺑﺮﺍﻫﻴﻢ ﻭ ﺭﺷﻴﺪ‪ ،‬ﻋﻄﺎﺀ ﺍﷲ‪ ،‬ﺟﻼﻝ ﻭ ﻣﻮﺳﻮﻧﻲ ‪ ،‬ﻟﺒﺎﺯ‪،‬ﻧﻮﺡ‬
‫‪،‬ﺣﻨﺔ‪ ،‬ﻣﺎﻳﺪﻱ ﻭ ﺑﻠﻘﺎﺳﻢ ‪ ،‬ﺑﻦ ﻃﺎﻟﺐ ‪ ،‬ﻋﺒﺪ ﺍﻟﺤﻖ ‪ ،‬ﻟﻤﻴﻦ ‪ ،‬ﺑﻦ ﺍﻟﻤﻮﺍﺯ‪ ،‬ﻣﺘﻴﺠﻲ‪،‬ﻗﻠﻌﻲ‪ ،‬ﻋﺒﺪ‬
‫ﺍﻟﻜﺮﻳﻢ ‪ ،‬ﺑﻠﻤﺎﺿﻲ‪".‬‬
‫ﺇﻟﻰ ﻣﻦ ﺟﻤﻌﺘﻨﻲ ﻣﻌﻬﻢ ﻣﺤﺒﺔ ﻭ ﻣﻮﺩﺓ ﻓﻲ ﺍﷲ ﻣﻦ ﻻ ﺃﻧﺴﻰ ﻃﻴﺒﺘﻬﻢ ﻭ ﺫﻛﺮﻳﺎﺕ ‪TAXI PHONE‬‬
‫"ﻣﺤﻤﺪ ‪.‬ﻣﺴﻌﻮﺩ‪.‬ﻋﺎﻣﺮ‪.‬ﺣﺴﻴﻦ‪.‬ﻧﺬﻳﺮ‪.‬ﺇﺳﻤﺎﻋﻴﻞ‪.‬ﻳﻮﺳﻒ‪.‬ﺑﻼﻝ‪ .‬ﻭﺃﺧﻮﻧﺎ ﺍﻟﻜﺒﻴﺮ ﻣﺤﻤﻮﺩ "‬
‫ﺇﻟﻰ ﺑﻮﺟﻤﻌﺔ"ﻓﻴﺮﻭﺯ" ﻭ ﺇﻟﻰ ﺃﺧﻮﺍﺗﻲ"ﺳﻬﺎﻡ" "ﺳﻬﻴﻠﺔ"ﻭ "ﺳﻤﻴﺔ"‬
‫ﺇﻟﻰ ﻛﻞ ﻃﻼﺏ ﺍﻟﺴﻨﺔ ﺍﻟﺮﺍﺑﻌﺔ ﻋﻠﻮﻡ ﺍﻗﺘﺼﺎﺩﻳﺔ "ﻧﻘﻮﺩ ﻣﺎﻟﻴﺔ ﻭﺑﻨﻮﻙ" ﺩﻓﻌﺔ ‪2007‬‬
‫ﻭ ﺃﺧﺺ ﺑﺎﻟﺬﻛﺮ ﺯﻣﻴﻠﻲ ﻓﻲ ﻫﺬﺍ ﺍﻟﻌﻤﻞ ﺑﻦ "ﻣﻜﺴﻦ ﺍﺳﻤﺎﻋﻴﻞ"‬
‫ﺇﻟﻰ ﻛﻞ ﻣﻦ ﻳﻌﺮﻓﻮﻧﻨﻲ ﺇﻟﻰ ﻛﻞ ﻣﻦ ﻧﺴﺎﻫﻢ ﻗﻠﻤﻲ ﻭ ﻟﻢ ﻳﻨﺴﺎﻫﻢ ﻗﻠﺒﻲ ﺇﻟﻰ ﻣﻦ ﺃﺣﺒﺒﻨﻲ‬
‫ﻭ ﻟﻢ ﻳﺤﺒﺒﻨﻲ ﺇﻟﻰ ﻛﻞ ﻣﻦ ﻳﻘﺮﺃ ﻫﺬﻩ ﺍﻟﻤﺬﻛﺮﺓ‪.......‬‬

‫ﻣﺤﻤﺪ ﻭﻟﻴﺪ‬
 ‫ﺇﻟﻰ ﺃﻏﻠﻰ ﻣﺎ ﻓﻲ ﺍﻟﻮﺟﻮﺩ ‪،‬‬

‫ﻧﺒﻌﺎ ﺣﻨﺎﻧﻲ ﻭ ﺃﻣﺎﻧﻲ ﺇﻟﻰ ﻣﻦ ﻋﺸﺖ ﻭ ﻗﺎﺳﻤﺖ ﻣﻌﻬﻢ ﺻﻌﺎﺏ ﺍﻟﺤﻴﺎﺓ‬

‫ﺇﻟﻰ ‪:‬ﺃﻣﻲ ﻭ ﺃﺑﻲ ﺭﻣﺰ ﻧﺠﺎﺣﻲ ﻭ ﻗﻮﺓ ﺻﺒﺮﻱ ﺃﻃﺎﻝ ﺍﷲ ﻓﻲ ﻋﻤﺮﻫﻤﺎ‬

‫ﺇﻟﻰ ﺇﺧﻮﺍﻧﻲ ‪ :‬ﺭﺯﻗﻲ ‪ ،‬ﺣﻤﻴﺪ ‪ ،‬ﺳﻌﻴﺪ ‪،‬ﺣﻜﻴﻢ ‪ ،‬ﻣﺒﺮﻭﻙ‬

‫ﺇﻟﻰ ﻛﻞ ﻣﻦ ‪ :‬ﻛﺘﺎﺏ ﻋﺒﺪ ﺍﻟﻘﺎﺩﺭ ‪ ،‬ﺷﻼﺑﻲ ﺻﺎﻟﺢ ‪ ،‬ﺳﺎﻋﺪ ﻋﻴﺴﺎﻭﻱ‪ ،‬ﺑﻮﻋﻼﻡ ﺷﻼﻟﻲ ‪،‬‬

‫ﻳﻮﺳﻒ ﺳﻼﻣﻲ‪ ،‬ﺍﻟﺤﺎﺝ‪ ،‬ﻋﺒﺪ ﺍﻟﻌﺎﻟﻲ ﻭ ﺃﺧﺺ ﺍﻟﺬﻛﺮ ﺯﻣﻴﻠﻲ ﺟﻠﻴﺨﻲ ﻣﺤﻤﺪ ﻭﻟﻴﺪ‬

‫ﺇﻟﻰ ﻛﻞ ﻣﻦ ﻭﺍﺳﻨﻲ ﻭ ﺳﺎﻋﺪﻭﻧﻲ ﻣﻦ ﻗﺮﻳﺐ ﺃﻭ ﻣﻦ ﺑﻌﻴﺪ ﻓﻲ ﺗﺤﻤﻞ ﻣﺸﻘﺔ ﺍﻟﻌﻠﻢ‬

‫ﻭ ﺗﺨﻄﻲ ﺻﻌﺎﺑﻪ‬

‫ﺇﻟﻰ ﻛﻞ ﺍﻷﺳﺎﺗﺬﺓ ﺍﻟﺬﻳﻦ ﺍﻫﺪﻭﻧﺎ ﺑﻨﻮﺭ ﺍﻟﻌﻠﻢ ﻭ ﺧﺎﺻﺔ ﺃﺳﺎﺗﺬﺓ ﺍﻟﻌﻠﻮﻡ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ‬

‫ﺇﻟﻰ ﻛﻞ ﻃﻠﺒﺔ ﺍﻟﻌﻠﻮﻡ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﺗﺨﺼﺺ" ﻧﻘﻮﺩ ﻣﺎﻟﻴﺔ ﻭﺑﻨﻮﻙ" ﺩﻓﻌﺔ ‪2007‬‬

‫ﺇﺳﻤﺎﻋﻴﻞ‬
 ‫ﻓﻬـﺮﺱ ﺍﻟﻤﺤﺘﻮﻳـــﺎﺕ‬

‫ﺍﻟﺘﺸﻜﺮﺍﺕ‬
‫ﺍﻹﻫﺪﺍﺀ‬
‫ﻗﺎﺋﻤﺔ ﺍﻷﺷﻜﺎﻝ ﻭﺍﻟﺠﺪﺍﻭﻝ‪...............................................................................................................‬‬
‫ﺍﻟﻤﻘﺪﻣﺔ ‪ ......................................................................................................................................‬ﺃ‬
‫ﺍﻟﻔﺼﻞ ﺍﻟﺘﻤﻬﻴﺪﻱ‪ :‬ﺍﻟﺴﻮﻕ ﺍﻟﺘﻤﻮﻳﻠﻴﺔ‪I.................................................................................................‬‬
‫ﺍﻟﻔﺼﻞ ﺍﻷﻭﻝ‪ :‬ﻣﺎﻫﻴﺔ ﺍﻟﺒﻮﺭﺻﺔ ﻭﻋﻤﻠﻴﺎﺗﻬﺎ ﻭﺃﺻﻨﺎﻓﻬﺎ ﻭﺍﻟﻘﻴﻢ ﺍﻟﻤﺘﺪﺍﻭﻟﺔ ﻓﻴﻬﺎ‬
‫ﺍﻟﻤﺒﺤﺚ ﺍﻷﻭﻝ‪ :‬ﻣﺎﻫﻴﺔ ﺍﻟﺒﻮﺭﺻﺔ‪2.........................................................................................................‬‬
‫ﺍﻟﻤﻄﻠﺐ ﺍﻷﻭﻝ‪ :‬ﻧﺸﺄﺓ ﺍﻟﺒﻮﺭﺻﺔ ﻭ ﻣﻔﻬﻮﻣﻬﺎ‪2...................................................................................‬‬
‫ﺍﻟﻔﺮﻉ ﺍﻷﻭﻝ‪ :‬ﺗﺎﺭﻳﺦ ﺍﻟﺒﻮﺭﺻﺔ‪2......................................................................................................‬‬
‫ﺍﻟﻔﺮﻉ ﺍﻟﺜﺎﻧﻲ‪ :‬ﺗﻌﺮﻳﻒ ﺍﻟﺒﻮﺭﺻﺔ‪4.................................................................................................‬‬
‫ﺍﻟﻔﺮﻉ ﺍﻟﺜﺎﻟﺚ ‪ :‬ﺍﻟﺒﻮﺭﺻﺔ ﻭ ﺍﻟﺴﻮﻕ ‪5............................................................................................‬‬
‫ﺍﻟﻤﻄﻠﺐ ﺍﻟﺜﺎﻧﻲ‪ :‬ﺃﻫﻤﻴﺔ ﺍﻟﺒﻮﺭﺻﺔ ﻭ ﻭﻇﺎﺋﻔﻬﺎ‪6................................................................................‬‬
‫ﺍﻟﻔﺮﻉ ﺍﻷﻭﻝ‪ :‬ﺃﻫﻤﻴﺔ ﺍﻟﺒﻮﺭﺻﺔ‪6....................................................................................................‬‬
‫ﺍﻟﻔﺮﻉ ﺍﻟﺜﺎﻧﻲ‪ :‬ﻭﻇﺎﺋﻒ ﺍﻟﺒﻮﺭﺻﺔ‪8................................................................................................‬‬
‫ﺍﻟﻤﻄﻠﺐ ﺍﻟﺜﺎﻟﺚ ‪ :‬ﺷﺮﻭﻁ ﺇﻧﺸﺎﺀ ﺍﻟﺒﻮﺭﺻﺔ ﻭ ﺍﻟﻤﺘﺪﺧﻠﻮﻥ ﻓﻴﻬﺎ‪11......................................................‬‬
‫ﺍﻟﻔﺮﻉ ﺍﻷﻭﻝ‪ :‬ﺷﺮﻭﻁ ﺇﻧﺸﺎﺀ ﺍﻟﺒﻮﺭﺻﺔ‪11........................................................................................‬‬
‫ﺍﻟﻔﺮﻉ ﺍﻟﺜﺎﻧﻲ‪ :‬ﺍﻟﻤﺘﺪﺧﻠﻮﻥ ﻓﻲ ﺍﻟﺒﻮﺭﺻﺔ‪13..................................................................................‬‬
‫ﺍﻟﻤﺒﺤﺚ ﺍﻟﺜﺎﻧﻲ‪ :‬ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ ﻭ ﺃﺻﻨﺎﻓﻬﺎ ﻭ ﺍﻟﻘﻴﻢ ﺍﻟﻤﺘﺪﺍﻭﻟﺔ ﻓﻴﻬﺎ‪18.......................................‬‬
‫ﺍﻟﻤﻄﻠﺐ ﺍﻷﻭﻝ‪ :‬ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ‪18............................................................................................‬‬
‫ﺍﻟﻔﺮﻉ ﺍﻷﻭﻝ‪ :‬ﺍﻟﻌﻤﻠﻴﺎﺕ ﺍﻵﺟﻠﺔ‪18................................................................................................‬‬
‫ﺍﻟﻔﺮﻉ ﺍﻟﺜﺎﻧﻲ‪ :‬ﺍﻟﻌﻤﻠﻴﺎﺕ ﺍﻟﻌﺎﺟﻠﺔ‪19............................................................................................‬‬
‫ﺍﻟﻤﻄﻠﺐ ﺍﻟﺜﺎﻧﻲ‪ :‬ﺃﺻﻨﺎﻑ ﺍﻟﺒﻮﺭﺻﺔ‪20.........................................................................................‬‬
‫ﺍﻟﻔﺮﻉ ﺍﻷﻭﻝ‪ :‬ﺑﻮﺭﺻﺔ ﺍﻟﺒﻀﺎﺋﻊ‪20................................................................................................‬‬
‫ﺍﻟﻔﺮﻉ ﺍﻟﺜﺎﻧﻲ‪ :‬ﺑﻮﺭﺻﺔ ﺍﻟﺬﻫﺐ ﻭ ﺍﻟﻌﻤﻠﺔ ﺍﻟﺼﻌﺒﺔ‪23.....................................................................‬‬
‫ﺍﻟﻔﺮﻉ ﺍﻟﺜﺎﻟﺚ‪ :‬ﺑﻮﺭﺻﺔ ﺍﻟﻘﻴﻢ ﺍﻟﻤﻨﻘﻮﻟﺔ )ﺑﻮﺭﺻﺔ ﺍﻷﻭﺭﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ (‪25............................................‬‬
‫ﺍﻟﻤﻄﻠﺐ ﺍﻟﺜﺎﻟﺚ ‪ :‬ﺍﻟﻘﻴﻢ ﺍﻟﻤﺘﺪﺍﻭﻟﺔ ﻓﻲ ﺍﻟﺒﻮﺭﺻﺔ "ﺍﻷﻭﺭﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ"‪27...........................................‬‬
‫ﺍﻟﻔﺮﻉ ﺍﻷﻭﻝ‪ :‬ﺍﻷﺳﻬﻢ‪28............................................................................................................‬‬
 ‫ﺍﻟﻔﺮﻉ ﺍﻟﺜﺎﻧﻲ‪ :‬ﺍﻟﺴﻨــــﺪﺍﺕ‪35..............................................................................................‬‬
‫ﺍﻟﻔﺮﻉ ﺍﻟﺜﺎﻟﺚ ‪ :‬ﺍﻷﻭﺭﺍﻕ ﺍﻟﻤﺸﺘﻘﺔ‪43.............................................................................................‬‬

‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﻧﻲ‪ :‬ﺁﻟﻴﺔ ﺍﻟﺒﻮﺭﺻﺔ‬

‫ﺍﻟﻤﺒﺤﺚ ﺍﻷﻭﻝ‪ :‬ﻋﻤﻞ ﺍﻟﺒﻮﺭﺻﺔ‪47..........................................................................................................‬‬
‫ﺍﻟﻤﻄﻠﺐ ﺍﻷﻭﻝ‪ :‬ﺗﻨﻈﻴﻢ ﺍﻟﺒﻮﺭﺻﺔ ﻭﺍﻟﻌﻀﻮﻳﺔ ﺑﻬﺎ‪47.............................................................................‬‬
‫ﺍﻟﻔﺮﻉ ﺍﻷﻭﻝ‪ :‬ﺗﻨﻈﻴﻢ ﺍﻟﺒﻮﺭﺻﺔ‪47....................................................................................................‬‬
‫ﺍﻟﻔﺮﻉ ﺍﻟﺜﺎﻧﻲ‪ :‬ﺍﻟﻌﻀﻮﻳﺔ ﺑﺎﻟﺒﻮﺭﺻﺔ ‪48............................................................................................‬‬
‫ﺍﻟﻤﻄﻠﺐ ﺍﻟﺜﺎﻧﻲ‪ :‬ﻣﺆﺳﺴﺎﺕ ﺍﻟﻮﺳﺎﻃﺔ ﺍﻟﻤﺎﻟﻴﺔ ﻓﻲ ﺍﻟﺒﻮﺭﺻﺔ‪49.............................................................‬‬
‫ﺍﻟﻔﺮﻉ ﺍﻷﻭﻝ‪ :‬ﻃﺒﻴﻌﺔ ﻣﺆﺳﺴﺎﺕ ﺍﻟﻮﺳﺎﻃﺔ ‪49.....................................................................................‬‬
‫ﺍﻟﻔﺮﻉ ﺍﻟﺜﺎﻧﻲ‪ :‬ﻭﻇﻴﻔﺔ ﻣﺆﺳﺴﺎﺕ ﺍﻟﻮﺳﺎﻃﺔ ‪51..................................................................................‬‬
‫ﺍﻟﻤﻄﻠﺐ ﺍﻟﺜﺎﻟﺚ ‪ :‬ﺍﻟﻤﻀﺎﺭﺑﺔ ﺑﺎﻷﻭﺭﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ ﻭﺩﻭﺭ ﺍﻟﺤﻜﻮﻣﺔ ﻓﻲ ﻣﺮﺍﻗﺒﺔ ﺍﻟﺒﻮﺭﺻﺔ‪51......................‬‬
‫ﺍﻟﻔﺮﻉ ﺍﻷﻭﻝ ‪ : :‬ﻣﺎﻫﻴﺔ ﺍﻟﻤﻀﺎﺭﺑﺔ‪51................................................................................................‬‬
‫ﺍﻟﻔﺮﻉ ﺍﻟﺜﺎﻧﻲ ‪ :‬ﺩﻭﺭ ﺍﻟﺤﻜﻮﻣﺔ ﻓﻲ ﻣﺮﺍﻗﺒﺔ ﺍﻟﺒﻮﺭﺻﺔ‪56...................................................................‬‬
‫ﺍﻟﻤﺒﺤﺚ ﺍﻟﺜﺎﻧﻲ‪ :‬ﺗﺪﺍﺑﻴﺮ ﺍﻟﺘﻌﺎﻣﻞ ﻓﻲ ﺍﻟﺒﻮﺭﺻﺔ‪58.................................................................................‬‬
‫ﺍﻟﻤﻄﻠﺐ ﺍﻷﻭﻝ‪ :‬ﺍﻷﻭﺍﻣﺮ‪58.............................................................................................................‬‬
‫ﺍﻟﻔﺮﻉ ﺍﻷﻭﻝ‪ :‬ﻣﻔﻬﻮﻡ ﺍﻷﻭﺍﻣﺮ ﻭ ﺷﺮﻭﻃﻬﺎ‪58....................................................................................‬‬
‫ﺍﻟﻔﺮﻉ ﺍﻟﺜﺎﻧﻲ‪ : :‬ﺃﻧﻮﺍﻉ ﺍﻷﻭﺍﻣﺮ ﻭﺗﻜﻠﻔﺔ ﺗﻨﻔﻴﺬﻫﺎ‪61.........................................................................‬‬
‫ﺍﻟﻤﻄﻠﺐ ﺍﻟﺜﺎﻧﻲ‪ :‬ﺍﻟﺘﺴﻌﻴﺮﺓ‪67.........................................................................................................‬‬
‫ﺍﻟﻔﺮﻉ ﺍﻷﻭﻝ‪ :‬ﻣﻔﻬﻮﻡ ﺍﻟﺘﺴﻌﻴﺮﺓ‪67...................................................................................................‬‬
‫ﺍﻟﻔﺮﻉ ﺍﻟﺜﺎﻧﻲ‪ :‬ﻃﺮﻕ ﺍﻟﺘﺴﻌﻴﺮﺓ ‪68..................................................................................................‬‬
‫ﺍﻟﻤﻄﻠﺐ ﺍﻟﺜﺎﻟﺚ‪ :‬ﺍﻟﻤﺆﺷﺮﺍﺕ ‪73.....................................................................................................‬‬
‫ﺍﻟﻔﺮﻉ ﺍﻷﻭﻝ‪ :‬ﻣﻔﻬﻮﻡ ﺍﻟﻤﺆﺷﺮﺍﺕ ﻭ ﺍﺳﺘﺨﺪﺍﻣﺎﺗﻬﺎ ﺍﻷﺳﺎﺳﻴﺔ‪73...........................................................‬‬
‫ﺍﻟﻔﺮﻉ ﺍﻟﺜﺎﻧﻲ‪ :‬ﺣﺴﺎﺏ ﺍﻟﻤﺆﺷﺮﺍﺕ ﻭﻋﻼﻗﺘﻬﺎ ﺑﺎﻟﺤﺎﻟﺔ ﺍﻻﻗﺘﺼﺎﺩﻱ‪75.....................................................‬‬

‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﻟﺚ‪ :‬ﺑﻮﺭﺻﺔ ﺍﻟﺠﺰﺍﺋﺮ‬

‫ﺍﻟﻤﺒﺤﺚ ﺍﻷﻭﻝ‪ :‬ﻧﺸﺄﺓ ﺍﻟﺒﻮﺭﺻﺔ ﻓﻲ ﺍﻟﺠﺰﺍﺋﺮ ﻭ ﻫﻴﺌﺎﺗﻬﺎ ﻭ ﺍﻹﺩﺭﺍﺝ ﻓﻴﻬﺎ‪82...............................................‬‬
‫ﺍﻟﻤﻄﻠﺐ ﺍﻷﻭﻝ‪ :‬ﻧﺸﺄﺓ ﺑﻮﺭﺻﺔ ﺍﻟﺠﺰﺍﺋﺮ‪82.........................................................................................‬‬
‫ﺍﻟﻔﺮﻉ ﺍﻷﻭﻝ ‪ :‬ﺩﻭﺍﻓﻊ ﺇﻧﺸﺎﺀ ﺍﻟﺒﻮﺭﺻﺔ‪82........................................................................................‬‬
 ‫ﺍﻟﻔﺮﻉ ﺍﻟﺜﺎﻧﻲ ‪ :‬ﻣﺮﺍﺣﻞ ﺇﻧﺠﺎﺯ ﺑﻮﺭﺻﺔ ﺍﻟﺠﺰﺍﺋﺮ‪84............................................................................‬‬
‫ﺍﻟﻤﻄﻠﺐ ﺍﻟﺜﺎﻧﻲ‪ :‬ﺍﻟﻬﻴﺌﺎﺕ ﺍﻟﻤﻜﻮﻧﺔ ﻟﻠﺒﻮﺭﺻﺔ‪86...............................................................................‬‬
‫ﺍﻟﻔﺮﻉ ﺍﻷﻭﻝ ‪ :‬ﻟﺠﻨﺔ ﺗﻨﻈﻴﻢ ﻭﻣﺮﺍﻗﺒﺔ ﻋﻤﻠﻴﺔ ﺍﻟﺒﻮﺭﺻﺔ ‪86....................................................COSOB‬‬
‫ﺍﻟﻔﺮﻉ ﺍﻟﺜﺎﻧﻲ ‪ :‬ﺷﺮﻛﺔ ﺇﺩﺍﺭﺓ ﺑﻮﺭﺻﺔ ﺍﻟﻘﻴﻢ ‪89................................................................،SGBV‬‬
‫ﺍﻟﻔﺮﻉ ﺍﻟﺜﺎﻟﺚ ‪ :‬ﺍﻟﻮﺳﻄﺎﺀ ﻓﻲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ ‪90..................................................................IOB‬‬
‫ﺍﻟﻔﺮﻉ ﺍﻟﺮﺍﺑﻊ ‪ :‬ﺍﻟﻤﺆﺗﻤﻦ ﺍﻟﻤﺮﻛﺰﻱ ﻟﻠﺴﻨﺪﺍﺕ‪93.............................................................................‬‬
‫ﺍﻟﻔﺮﻉ ﺍﻟﺨﺎﻣﺲ ‪ :‬ﻫﻴﺌﺎﺕ ﺍﻟﺘﻮﻇﻴﻒ ﺍﻟﺠﻤﺎﻋﻲ ﻟﻠﻘﻴﻢ ﺍﻟﻤﻨﻘﻮﻟﺔ‪95..........................................................‬‬
‫ﺍﻟﻤﻄﻠﺐ ﺍﻟﺜﺎﻟﺚ ‪ :‬ﺍﻹﺩﺭﺍﺝ ﻓﻲ ﺑﻮﺭﺻﺔ ﺍﻟﺠﺰﺍﺋﺮ ﻭ ﺗﺪﺍﻭﻝ ﺍﻷﻭﺭﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ ﻓﻴﻬﺎ‪97..............................‬‬
‫ﺍﻟﻔﺮﻉ ﺍﻷﻭﻝ ‪ :‬ﺍﻹﺩﺭﺍﺝ‪97.............................................................................................................‬‬
‫ﺍﻟﻔﺮﻉ ﺍﻟﺜﺎﻧﻲ ‪ :‬ﺍﻟﻤﺪﺍﻭﻻﺕ ﻓﻲ ﺑﻮﺭﺻﺔ ﺍﻟﺠﺰﺍﺋﺮ …‪101.................................................................‬‬
‫ﺍﻟﻤﺒﺤﺚ ﺍﻟﺜﺎﻧﻲ ‪ :‬ﻭﺍﻗﻊ ﺑﻮﺭﺻﺔ ﺍﻟﺠﺰﺍﺋﺮ ‪102 .......................................................................................‬‬
‫ﺍﻟﻤﻄﻠﺐ ﺍﻷﻭﻝ ‪ :‬ﺍﻟﺸﺮﻛﺎﺕ ﺍﻟﻤﺘﻌﺎﻣﻠﺔ ﻓﻲ ﺍﻟﺒﻮﺭﺻﺔ‪102....................................................................‬‬
‫ﺍﻟﻔﺮﻉ ﺍﻷﻭﻝ ‪ :‬ﻗﺮﺽ ﺍﻟﺴﻨﺪﻱ "ﺳﻮﻧﻄﺮﺍﻙ"‪/‬ﺭﻓﻊ ﺭﺃﺳﻤﺎﻝ ﺑﺎﻟﻠﺠﻮﺀ ﺍﻟﻌﻠﻨﻲ ﻟﻼﺩﺧﺎﺭ"ﺭﻳﺎﺽ ﺳﻄﻴﻒ"‪103...‬‬
‫ﺍﻟﻔﺮﻉ ﺍﻟﺜﺎﻧﻲ ‪ :‬ﺍﻟﻌﺮﺽ ﺍﻟﻌﻤﻮﻣﻲ ﻟﻠﺒﻴﻊ‪110....................................................................................‬‬
‫ﺍﻟﻤﻄﻠﺐ ﺍﻟﺜﺎﻧﻲ ‪ :‬ﺍﻟﺼﻌﻮﺑﺎﺕ ﺍﻟﻤﻌﺮﻗﻠﺔ ﻟﺘﻄﻮﻳﺮ ﺑﻮﺭﺻﺔ ﺍﻟﺠﺰﺍﺋﺮ‪114..................................................‬‬
‫ﺍﻟﻔﺮﻉ ﺍﻷﻭﻝ ‪ :‬ﺍﻟﺼﻌﻮﺑﺎﺕ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﻭ ﺍﻟﺴﻴﺎﺳﻴﺔ‪114.....................................................................‬‬
‫ﺍﻟﻔﺮﻉ ﺍﻟﺜﺎﻧﻲ ‪ :‬ﺍﻟﺼﻌﻮﺑﺎﺕ ﺍﻟﺜﻘﺎﻓﻴﺔ ﻭ ﺍﻻﺟﺘﻤﺎﻋﻴﺔ‪116......................................................................‬‬
‫ﺍﻟﻤﻄﻠﺐ ﺍﻟﺜﺎﻧﻲ ‪ :‬ﻭﺍﻗﻊ ﺑﻮﺭﺻﺔ ﺍﻟﺠﺰﺍﺋﺮ ﻭ ﺍﻹﺟﺮﺍﺀﺍﺕ ﺍﻟﻤﻘﺘﺮﺣﺔ ﻟﺘﻄﻮﻳﺮﻫﺎ‪116..................................‬‬
‫ﺍﻟﻔﺮﻉ ﺍﻷﻭﻝ ‪ :‬ﻣﻜﺎﻧﺔ ﺍﻟﺒﻮﺭﺻﺔ ﻓﻲ ﺍﻻﻗﺘﺼﺎﺩ ﻭ ﻭﺍﻗﻌﻬﺎ‪116.............................................................‬‬
‫ﺍﻟﻔﺮﻉ ﺍﻟﺜﺎﻧﻲ ‪ :‬ﺍﻹﺟﺮﺍﺀﺍﺕ ﺍﻟﻤﻘﺘﺮﺣﺔ ﻟﺘﻄﻮﻳﺮ ﺑﻮﺭﺻﺔ ﺍﻟﺠﺰﺍﺋﺮ‪121...................................................‬‬

‫ﺍﻟﺨﺎﺗﻤﺔ ‪.....................................................................................................................................‬‬
‫ﺍﻟﻤﻼﺣﻖ‪......................................................................................................................‬‬
‫ﻗﺎﺋﻤﺔ ﺍﻟﻤﺮﺍﺟﻊ‪...........................................................................................................................‬‬
 ‫ﻗﺎﺋﻤﺔ ﺍﻟﺠﺪﺍﻭﻝ‪:‬‬

‫ﺍﻟﺼﻔﺤﺔ‬ ‫ﺍﳌﺼﺪﺭ‬ ‫ﺍﻟﻔﺼﻞ‬ ‫ﺭﻗﻢ ﺍﳉﺪﻭﻝ ﺍﺳﻢ ﺍﳉﺪﻭﻝ‬

‫‪42‬‬ ‫ﻣﻦ ﺗﺼﺮﻑ ﺍﻟﻄﻠﺒﺔ‬ ‫ﻣﻘﺎﺭﻧﺔ ﻣﺎ ﺑﲔ ﺍﻟﺴﻬﻢ ﺍﻻﻭﻝ‬ ‫‪01‬‬
‫ﻭ ﺍﻟﺴﻨﺪ‬
‫‪70 J.Peyrard: OP-‬‬ ‫ﻋﺮﺽ ﳐﺘﻠﻒ ﺃﻭﺍﻣﺮ ﺍﻟﺜﺎﱐ‬ ‫‪02‬‬
‫‪CIT PP‬‬ ‫ﺍﻟﺸﺮﺍﺀ ﻭ ﺃﻭﺍﻣﺮ ﺍﻟﺒﻴﻊ‬
‫ﻟﺴﻬﻢ ﻣﻌﲔ‬
‫‪71 J.Peyrard: OP-‬‬ ‫ﻛﻴﻔﻴﺔ ﲢﺪﻳﺪ ﺳﻌﺮ ﺍﻟﺜﺎﱐ‬ ‫‪03‬‬
‫‪CIT PP‬‬ ‫ﺍﻟﺘﻮﺍﺯﻥ ﻟﺴﻬﻢ ﻣﻌﲔ‬
‫ﻣﻨﺸﻮﺭﺍﺕ ‪ SGBV‬ﺳﻨﺔ ‪93‬‬ ‫ﲣﺼﺺ ﺍﻟﻮﺳﻄﺎﺀ ﰲ ﺍﻟﺜﺎﻟﺚ‬ ‫‪04‬‬
‫‪2000‬‬ ‫ﺑﻮﺭﺻﺔ ﺍﳉﺰﺍﺋﺮ‬
‫‪108‬‬ ‫ﻣﻨﺸﻮﺭﺍﺕ ﺭﻳﺎﺽ ﺳﻄﻴﻒ‬ ‫ﺗﻮﺯﻳﻊ ﺍﻷﺳﻬﻢ ﺣﺴﺐ ﺍﻟﺜﺎﻟﺚ‬ ‫‪05‬‬
‫ﺍﳌﻜﺘﺘﺒﲔ‬
‫‪109‬‬ ‫ﻣﻌﻠﻮﻣﺎﺕ ﻣﻦ ﺍﻻﻧﺘﺮﻧﻴﺖ‬ ‫ﻋﺪﺩ ﺍﻻﺳﺘﺜﻤﺎﺭﺍﺕ ﺍﻟﺜﺎﻟﺚ‬ ‫‪06‬‬
‫ﺑﺎﻷﺻﻨﺎﻑ‬
‫‪112‬‬ ‫ﻣﻌﻠﻮﻣﺎﺕ ﻣﻦ ﺍﻻﻧﺘﺮﻧﻴﺖ‬ ‫ﺣﺠﻢ ﺍﻟﻄﻠﺐ ﻋﻠﻰ ﺍﻟﺜﺎﻟﺚ‬ ‫‪07‬‬
‫ﺃﺳﻬﻢ ﺻﻴﺪﺍﻝ‬
 ‫ﻗﺎﺋﻤﺔ ﺍﻷﺷﻜﺎﻝ‪:‬‬

‫ﺍﻟﺼﻔﺤﺔ‬ ‫ﺍﳌﺼﺪﺭ‬ ‫ﺍﻟﻔﺼﻞ‬ ‫ﺍﺳﻢ ﺍﻟﺸﻜﻞ‬ ‫ﺭﻗﻢ‬

‫ﺍﻟﺸﻜﻞ‬
‫ﳏﻤﺪ ﺣﺴﻦ ﳋﻀﺮﻱ‪04 ،‬‬ ‫ﻣﻔﻬﻮﻡ ﺍﻷﻭﻝ‬ ‫ﺟﻮﺍﻧﺐ‬ ‫‪01‬‬
‫ﻛﻴﻒ ﺗﺘﻌﻠﻢ ﺍﻟﺒﻮﺭﺻﺔ ﰲ‬ ‫ﺍﻟﺒﻮﺭﺻﺔ‬
‫‪ 24‬ﺳﺎ‬
‫‪07‬‬ ‫ﳏﺴﻦ ﺃﲪﺪ ﺍﳋﻀﺮﻱ‬ ‫ﺍﻷﻭﻝ‬ ‫ﺃﳘﻴﺔ ﺍﻟﺒﻮﺭﺻﺔ‬ ‫‪01‬‬
‫ﳏﺴﻦ ﺍﲪﺪ ﺍﳋﻀﺮﻱ‪40 .‬‬ ‫ﺍﻟﻌﻮﺍﻣﻞ ﺍﶈﺪﺩﺓ ﻟﺴﻌﺮ ﺍﻷﻭﻝ‬ ‫‪03‬‬
‫ﻛﻴﻒ ﺗﺘﻌﻠﻢ ﺍﻟﺒﻮﺭﺻﺔ ﰲ‬ ‫ﺍﻟﺴﻨﺪ‬
‫‪ 24‬ﺳﺎ‬
‫‪53‬‬ ‫ﳏﺴﻦ ﺃﲪﺪ ﺍﳋﻀﲑﻱ‬ ‫ﻭﻇﺎﺋﻒ ﺍﳌﻀﺎﺭﺑﺔ ﰲ ﺍﻟﺜﺎﱐ‬ ‫‪04‬‬
‫ﺍﻟﺒﻮﺭﺻﺔ‬
‫‪88‬‬ ‫‪la‬‬ ‫‪bource‬‬ ‫ﺍﻟﺜﺎﻟﺚ‬ ‫ﺍﳍﻴﻜﻞ‬ ‫‪05‬‬
‫‪d’Alger légale‬‬ ‫ﺍﻟﺘﻨﻈﻴﻤﻲ‪COSOB‬‬
‫‪et‬‬
‫‪réglementaire,‬‬
‫‪1998, P02.‬‬
 ‫ﺍﻟـﻤـﻘـﺪﻣـﺔ ﺍﻟـﻌـﺎﻣـﺔ‬

‫ﺍﻟﺘﻨﻤﻴﺔ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﺗﻌﺪ ﳏﻮﺭ ﺍﻫﺘﻤﺎﻡ ﺍﻟﺪﻭﻝ ﺍﳌﺘﺨﻠﻔﺔ ‪ ،‬ﻭﻫﺬﺍ ﻫﻮ ﺃﻣﺮ ﺣﺘﻤﻲ ﻋﻠﻴﻬﺎ‪,‬ﻭﻣﻦ ﺿﻤﻨﻬﺎ ﺑﻼﺩﻧﺎ‬
‫‪ ،‬ﺫﻟﻚ ﺃﻥ ﺍﻟﺸﻌﻮﺭ ﺑﺎﻟﺘﺨﻠﻒ ﻣﻦ ﻃﺮﻑ ﻫﺬﻩ ﺍﻟﺪﻭﻝ ﻭ ﺗﻄﻠﻊ ﺷﻌﻮ‪‬ﺎ ﳓﻮ ﺍﻟﺘﻄﻮﺭ ﻭ ﺍﻻﺯﺩﻫﺎﺭ ﻭ ﲝﺜﻬﺎ ﻋﻦ‬
‫ﺍﻟﺴﺒﻞ ﻭ ﺍﻟﺴﻴﺎﺳﺎﺕ ﺍﳌﻮﺻﻠﺔ ﺇﱃ ﻫﺬﺍ ﺍﳍﺪﻑ ‪ ،‬ﻛﻠﻬﺎ ﻋﻮﺍﻣﻞ ﻣﻨﻄﻘﻴﺔ ﺟﻌﻠﺖ ﻣﻦ ﻗﻀﻴﺔ ﺍﻟﺘﻨﻤﻴﺔ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ‬
‫ﻣﻮﺿﻮﻉ ﺍﻟﺴﺎﻋﺔ ﺃﻭ ﳏﻮﺭ ﺍﻻﻫﺘﻤﺎﻡ‪.‬‬
‫ﻭﻛﻮﻥ ﺍﻻﺳﺘﺜﻤﺎﺭﺍﺕ ﺃﺩﺍﺓ ﺍﻟﺘﻨﻤﻴﺔ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﻭ ﳏﺮﻛﻬﺎ ﺍﻷﺳﺎﺳﻲ ‪ ،‬ﻓﺈﻥ ﺗﻨﺎﻭﳍﺎ ﺑﺎﻟﺪﺭﺍﺳﺔ ﻳﻄﺮﺡ‬
‫ﺃﻣﺎﻣﻨﺎ ﺇﺷﻜﺎﻻ ﻋﻮﻳﺼﺎ ﻭ ﺟﺪﻳﺮﺍ ﺑﺎﻻﻫﺘﻤﺎﻡ ﰲ ﺍﻟﻮﻗﺖ ﺫﺍﺗﻪ ﻭ ﻫﻮ ﲢﺪﻳﺪ ﺍﻷﺳﺎﻟﻴﺐ ﺍﻟﺘﻤﻮﻳﻠﻴﺔ ﺍﻻﺳﺘﺜﻤﺎﺭﻳﺔ ﺍﻟﻨﺎﺟﻌﺔ‬
‫ﻭﺍﳉﺪﻳﺔ ﻭ ﺍﻟﱵ ﻣﻦ ﺷﺄ‪‬ﺎ ﺩﻓﻊ ﻋﺠﻠﺔ ﺍﳌﺆﺳﺴﺎﺕ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﳓﻮ ﺍﻷﻣﺎﻡ ﻭ ﻣﻦ ﰒ ﻋﺠﻠﺔ ﺍﻟﺘﻨﻤﻴﺔ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﰲ‬
‫ﻧﻔﺲ ﺍﻻﲡﺎﻩ‪.‬‬
‫ﻭﻷﻥ ﺍﳌﺆﺳﺴﺔ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﻫﻲ ﻣﻨﻄﻠﻖ ﺍﻟﻌﻤﻠﻴﺔ ﺍﻟﺘﻨﻤﻮﻳﺔ ‪ ،‬ﻓﺈﻥ ﳕﻮﻫﺎ ﺿﺮﻭﺭﺓ ﻣﻠﺤﺔ ﻟﺘﺤﻘﻴﻖ ﺍﻟﻌﻤﻠﻴﺔ‬
‫ﺍﻟﺘﻨﻤﻮﻳﺔ ﻣﻦ ﺟﻬﺔ ﻭ ﻣﻮﺍﺟﻬﺔ ﺍﻟﺘﺤﺪﻳﺎﺕ ﺍﻟﱵ ﺗﻔﺮﺯﻫﺎ ﺍﻟﺒﻴﺌﺔ ﺍﻟﱵ ﺗﻨﺸﻂ ﻓﻴﻬﺎ ﺩﺍﺧﻠﻴﺎ ﻭ ﺧﺎﺭﺟﻴﺎ ﻣﻦ ﺟﻬﺔ ﺃﺧﺮﻯ‪،‬‬
‫ﻭ ﺃﺻﺒﺤﺖ ﺃﺳﺎﻟﻴﺐ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻻﺳﺘﺜﻤﺎﺭﻱ ﰲ ﺍﳌﺆﺳﺴﺎﺕ ﻻ ﺗﻔﻲ ﲟﺘﻄﻠﺒﺎﺕ ﺍﳌﺆﺳﺴﺔ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ‪.‬‬
‫ﻭﺑﺎﻟﺘﺎﱄ ﻳﻌﺘﱪ ﺍﳌﺎﻝ ﻣﻦ ﺍﻻﺣﺘﻴﺎﻃﺎﺕ ﺍﻷﺳﺎﺳﻴﺔ ﰲ ﺍﳊﻴﺎﺓ ﺍﻟﻴﻮﻣﻴﺔ‪ ،‬ﻭﻫﻮ ﻋﺼﺐ ﺍﳊﻴﺎﺓ ﻷﻱ ﻣﺆﺳﺴﺔ‬
‫ﺍﻗﺘﺼﺎﺩﻳﺔ ﺑﺎﻋﺘﺒﺎﺭﻩ ﺍﶈﺮﻙ ﺍﻷﺳﺎﺳﻲ ﻟﻠﻮﻇﺎﺋﻒ ﻭﺍﳌﻬﺎﻡ ﺩﺍﺧﻞ ﺍﳌﺆﺳﺴﺔ ﻭﻟﺘﻠﺒﻴﺔ ﻫﺬﻩ ﺍﳊﺎﺟﺔ ﻻ ﺑﺪ ﻣﻦ ﺍﻟﺘﻮﺟﻪ ﺃﻭ‬
‫ﺍﻻﺳﺘﻨﺎﺩ ﳓﻮ ﻧﻈﺎﻡ ﻣﺎﱄ ﺍﻟﺬﻱ ﻭﻇﻴﻔﺘﻪ ﺍﻷﺳﺎﺳﻴﺔ ﲢﻮﻳﻞ ﺍﳌﺎﻝ ﻣﻦ ﻭﺣﺪﺍﺕ ﺇﱃ ﻭﺣﺪﺍﺕ ﺃﺧﺮﻯ ﺫﺍﺕ ﺍﺣﺘﻴﺎﺝ‬
‫ﻣﺎﱄ ﻭ ﻳﺘﻢ ﻫﺬﺍ ﺍﻟﺘﺤﻮﻳﻞ ﻣﻦ ﺧﻼﻝ ﺃﺳﻮﺍﻕ ﻣﺎﻟﻴﺔ ﺍﻟﱵ ﲡﻤﻊ ﺑﲔ ﻋﺎﺭﺿﻲ ﻭﻃﺎﻟﱯ ﺍﻷﻣﻮﺍﻝ‪.‬‬
‫ﻓﺘﻄﻮﺭ ﺍﳊﺎﺟﺎﺕ ﺍﻟﺘﻤﻮﻳﻠﻴﺔ ﻋﻠﻰ ﺍﳌﺴﺘﻮﻯ ﺍﻟﻌﺎﳌﻲ ﺃﺩﻯ ﺇﱃ ﺗﻄﻮﺭ ﻋﻤﻠﻴﺔ ﺗﺪﺍﻭﻝ ﺭﺅﻭﺱ ﺍﻷﻣﻮﺍﻝ ﻭ ﻫﺬﺍ‬
‫ﺑﺪﻭﺭﻩ ﻳﺴﺎﻋﺪ ﻋﻠﻰ ﺗﻄﻮﺭ ﻭﺗﻨﻮﻳﻊ ﺃﺩﻭﺍﺕ ﺍﻟﺴﻮﻕ ﺍﳌﺎﱄ‪ .‬ﻭﻫﻮ ﻻ ﺷﻚ ﻓﻴﻪ ﺃﻥ ﺍﳌﺎﻝ ﻣﻦ ﺍﻻﺣﺘﻴﺎﺟﺎﺕ ﺍﻷﺳﺎﺳﻴﺔ‬
‫ﰲ ﺍﳊﻴﺎﺓ ﺍﻟﻴﻮﻣﻴﺔ ﻣﺜﻞ ﻏﲑﻩ ﻣﻦ ﺍﳊﺎﺟﺎﺕ ﺍﻷﺳﺎﺳﻴﺔ ﻣﻦ ﺳﻠﻊ ﺃﻭ ﺧﺪﻣﺎﺕ ﻭ ﻟﻌﻠﻪ ﻻ ﻳﻐﻴﺐ ﻋﻠﻰ ﺍﻟﺬﻫﻦ ﺃﻥ ﺍﳌﺎﻝ‬
‫ﻫﻮ ﻋﺼﺐ ﺍﳊﻴﺎﺓ ﻷﻱ ﻣﻨﻈﻤﺔ ﺃﻋﻤﺎﻝ ‪,‬ﻭ ﻣﻦ ﰒ ﻻ ﺑﺪ ﺃﻥ ﻳﺘﻮﺍﻓﺮ ﰲ ﺍﻟﻮﻗﺖ ﺍﳌﻨﺎﺳﺐ ﻭﺃﻳﻀﺎ ﺑﺎﻟﻘﺪﺭ ﺍﳌﻨﺎﺳﺐ ‪.‬‬

‫ﻓﻬﺬﻩ ﺍﻻﺣﺘﻴﺎﺟﺎﺕ ﺑﺎﻹﺿﺎﻓﺔ ﻋﻠﻰ ﺍﻟﺘﻄﻮﺭ ﺍﻻﻗﺘﺼﺎﺩﻱ ﺍﻟﺬﻱ ﺷﻬﺪﺗﻪ ﻣﻌﻈﻢ ﺩﻭﻝ ﺍﻟﻌﺎﱂ ﰲ ﳎﺎﻝ‬
‫ﺗﻌﺎﻣﻼ‪‬ﺎ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﺃﺩﻯ ﺇﱃ ﻇﻬﻮﺭ ﻧﻮﻉ ﺟﺪﻳﺪ ﻣﻦ ﺍﻷﺳﻮﺍﻕ ﺗﺘﺪﺍﻭﻝ ﻓﻴﻪ ﺃﻧﻮﺍﻉ ﺟﺪﻳﺪﺓ ﻣﻦ ﺍﻟﺴﻠﻊ ﱂ ﺗﻜﻦ‬
‫ﻣﻌﺮﻭﻓﺔ ﻣﻦ ﻗﺒﻞ ﻭﺑﻌﺪﻣﺎ ﺃﺛﺒﺘﺖ ﺍﻟﺘﺠﺮﺑﺔ ﺍﻟﺘﺎﺭﳜﻴﺔ ﺃﻥ ﻣﻌﻈﻢ ﺍﻟﺪﻭﻝ ﺍﻟﻨﺎﻣﻴﺔ ﺍﻟﱵ ﺷﻬﺪﺕ ﺗﻄﻮﺭﺍ ﻛﺒﲑﺍ ﻣﻌﺘﻨﻘﺔ‬
‫ﺍﻟﻨﻈﺎﻡ ﺍﻟﺮﺃﲰﺎﱄ ﻣﻨﺘﻬﺠﺔ ﺗﺴﻮﻳﻖ ﺍﻻﻗﺘﺼﺎﺩ ﺣﱴ ﺗﺘﻤﺎﺷﻰ ﻭﻣﺘﻄﻠﺒﺎﺕ ﺍﻻﻗﺘﺼﺎﺩ ﺍﳌﻌﺎﺻﺮ ﻭﺫﻟﻚ ﻣﻦ ﺧﻼﻝ ﺇﺗﺒﺎﻉ‬
‫ﻓﻠﺴﻔﺔ ﺍﻗﺘﺼﺎﺩﻳﺔ ﻭﺍﺿﺤﺔ ﺍﳌﻌﺎﱂ ﺗﺆﻣﻦ ﺑﻌﺪﻡ ﺍﺣﺘﻜﺎﺭ ﺍﻟﺪﻭﻟﺔ ﻟﻸﻧﺸﻄﺔ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﻭﺇﻋﻄﺎﺀ ﺩﻭﺭ ﺍﻟﺰﻳﺎﺩﺓ ﻟﻠﻘﻄﺎﻉ‬
‫ﺍﳋﺎﺹ‪.‬‬
‫ﺍﻷﻣﺮ ﺍﻟﺬﻱ ﺩﻓﻊ ﺍﳉﺰﺍﺋﺮ ﻻﻧﺘﻬﺎﺝ ﺇﺻﻼﺣﺎﺕ ﺍﻗﺘﺼﺎﺩﻳﺔ ﺟﺎﺀﺕ ﻛﺮﺩ ﻓﻌﻞ ﺣﺘﻤﻲ ﻟﻠﻤﺸﺎﻛﻞ ﺍﳍﺎﺋﻠﺔ‬
‫ﺍﻟﱵ ﺗﺘﺨﺒﻂ ﻓﻴﻬﺎ‪ ،‬ﻫﺬﻩ ﺍﻹﺻﻼﺣﺎﺕ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﻭﺍﳌﺎﻟﻴﺔ ﺍﻟﱵ ﺗﻘﻮﻡ ‪‬ﺎ ﺍﳊﻜﻮﻣﺔ ﺍﳉﺰﺍﺋﺮﻳﺔ‪ ،‬ﻻﺳﻴﻤﺎ ﺇﻣﻜﺎﻧﻴﺔ‬
‫ﺧﻮﺻﺼﺔ ﻛﺎﻓﺔ ﺍﻟﻘﻄﺎﻋﺎﺕ ﲟﺎ ﰲ ﺫﻟﻚ ﺍﳌﺆﺳﺴﺎﺕ ﺍﻻﺳﺘﺮﺍﺗﻴﺠﻴﺔ‪ ،‬ﻗﺪ ﻓﺘﺤﺖ ﺍﻟﻌﺪﻳﺪ ﻣﻦ ﻓﺮﺹ ﺍﻻﺳﺘﺜﻤﺎﺭ ﰲ‬
‫ﺍﻟﻘﻄﺎﻉ ﺍﳌﺎﱄ‪ ،‬ﻓﺒﻌﺪ ﻓﺸﻞ ﺍﻟﻨﻤﻮﺫﺝ ﺍﻻﺷﺘﺮﺍﻛﻲ ﺍﻟﺬﻱ ﻃﺒﻖ ﰲ ﺍﳉﺰﺍﺋﺮ ﺧﻼﻝ ﺍﻟﺴﺘﻴﻨﺎﺕ ﻭ ﺍﻟﺴﺒﻌﻴﻨﺎﺕ ﻭ ﻣﻄﻠﻊ‬
‫ﺍﻟﺜﻤﺎﻧﻴﻨﺎﺕ‪ .‬ﺩﺧﻠﺖ ﺍﳉﺰﺍﺋﺮ ﰲ ﺇﺻﻼﺣﺎﺕ ﺍﻗﺘﺼﺎﺩﻳﺔ ﻭ ﻣﺎﻟﻴﺔ ﻣﻊ ‪‬ﺎﻳﺔ ﺍﻟﺜﻤﺎﻧﻴﻨﺎﺕ ﻭ ﻣﻄﻠﻊ ﺍﻟﺘﺴﻌﻴﻨﺎﺕ ﺇﻻ ﺃ‪‬ﺎ‬
‫ﺑﻄﻴﺌﺔ‪ .‬ﺑﻐﺮﺽ ﺍﺳﺘﺮﺟﺎﻉ ﺍﻟﺘﻮﺍﺯﻧﺎﺕ ﺍﳌﺎﻟﻴﺔ ﻭ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﻭ ﺇﺯﺍﻟﺔ ﺍﻟﺘﺸﻨﺠﺎﺕ ﺍﳌﺨﺘﻠﻔﺔ ﻭ ﺍﳌﻮﺭﻭﺛﺔ ﻣﻦ ﺍﻟﻌﻬﺪ‬
‫ﺍﻟﺴﺎﺑﻖ ﺑﺘﻄﺒﻴﻖ ﺑﺮﻧﺎﻣﺞ ﺇﻧﻌﺎﺵ ﺍﻗﺘﺼﺎﺩﻱ ﻭ ﰲ ﺳﻨﺔ ‪ 1994‬ﻭ ﲟﺴﺎﻋﺪﺓ ﺍﳌﺆﺳﺴﺎﺕ ﺍﳌﺎﻟﻴﺔ ﺍﻟﺪﻭﻟﻴﺔ ) ‪FMI,‬‬
‫‪ .(BM‬ﺷﺮﻋﺖ ﰲ ﺗﻨﻔﻴﺬ ﺑﺮﻧﺎﻣﺞ ﺗﻌﺪﻳﻞ ﻫﻴﻜﻠﻲ ﺑﺎﻹﺿﺎﻓﺔ ﻋﻠﻰ ﺇﺻﻼﺣﺎﺕ ﻣﺆﺳﺴﺘﻴﻪ ﺗﺘﻤﺜﻞ ﰲ ﺍﺳﺘﻘﻼﻝ‬
‫ﺍﳌﺆﺳﺴﺎﺕ ﺍﻟﻌﻤﻮﻣﻴﺔ ﻭ ﺻﻨﺎﺩﻳﻖ ﺍﳌﺴﺎﳘﺔ ﻭ ﻗﺴﻢ ﺭﺃﲰﺎﻝ ﺍﻻﺟﺘﻤﺎﻋﻲ ﻟﻌﺪﺓ ﻣﻦ ﺍﳌﺆﺳﺴﺎﺕ ﺇﱃ ﺃﺳﻬﻢ ﻭ ﺑﺬﻟﻚ‬
‫ﲢﻮﻟﺖ ﺍﳌﺆﺳﺴﺎﺕ ﻭ ﺍﻟﺸﺮﻛﺎﺕ ﺍﻟﻌﺎﻣﺔ ﺇﱃ ﺷﺮﻛﺔ ﺫﺍﺕ ﺍﺳﻬﻢ ‪ SPA‬ﻭ ﺑﺎﳌﻮﺍﺯﺍﺓ ﻣﻊ ﺫﻟﻚ ﻗﺎﻣﺖ ﺍﳉﺰﺍﺋﺮ ﺑﺈﻧﺸﺎﺀ‬
‫ﺳﻮﻕ ﻣﺎﱄ‪ ،‬ﺗﺘﺒﺎﺩﻝ ﻓﻴﻪ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ‪.‬‬
‫ﻓﻠﻘﺪ ﺗﺄﺧﺮﺕ ﻋﻤﻠﻴﺔ ﺇﻧﺸﺎﺀ ﺑﻮﺭﺻﺔ ﺍﳉﺰﺍﺋﺮ ﻛﺜﲑﺍ ﻋﻠﻰ ﺍﻟﺮﻏﻢ ﻣﻦ ﺃ‪‬ﺎ ﻣﻦ ﺑﲔ ﻣﺸﺎﺭﻳﻊ ﻭ ﻣﺮﺍﺣﻞ‬
‫ﺍﻹﺻﻼﺣﺎﺕ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﺍﻟﱵ ﺃﻗﺮ‪‬ﺎ ﻗﻮﺍﻧﲔ ‪ 1988‬ﻭ ﺗﻮﻓﺮ ﺷﺮﻛﺎﺕ ﺿﺨﻤﺔ ﺟﺪﻳﺪﺓ ﺑﺎﻟﺘﻘﻴﻴﺪ ﰲ ﺍﻟﺴﻮﻕ ﺍﳌﺎﱄ‪،‬‬
‫ﺇﺫ ﻳﺪﺧﻞ ﺇﻧﺸﺎﺀﻫﺎ ﰲ ﺇﺻﻼﺡ ﻧﻈﺎﻡ ﺍﻟﺘﻤﻮﻳﻞ ﺑﺼﻔﺔ ﻋﺎﻣﺔ‪ ،‬ﻻ ﺳﻴﻤﺎ ﻗﺎﻧﻮﻥ ‪ 6-88‬ﺍﻟﺼﺎﺩﺭ ﰲ ‪ 12‬ﺟﺎﻧﻔﻲ‬
‫‪ 1988‬ﺍﻟﺬﻱ ﴰﻞ ﺇﺻﻼﺡ ﲤﻮﻳﻠﻲ ﻭ ﺇﺻﻼﺣﺎﺕ ﺍﻗﺘﺼﺎﺩﻳﺔ ﺍﻟﱵ ﻧﺸﺄﺕ ﲢﺖ ﻇﻠﻬﺎ ﺳﻮﻕ ﺍﻟﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ ﰲ‬
‫ﺍﳉﺰﺍﺋﺮ ﻫﺎﺩﻓﺔ ﻣﻦ ﻭﺭﺍﺀ ﺫﻟﻚ ﲢﻘﻴﻖ ﺗﻨﻤﻴﺔ ﺍﻻﻗﺘﺼﺎﺩ ﺍﳉﺰﺍﺋﺮﻱ ‪.‬‬
‫ﻭ ﻋﻠﻰ ﻫﺬﺍ ﺍﻷﺳﺎﺱ ﺣﺼﺮﻧﺎ ﺩﺭﺍﺳﺘﻨﺎ ﻋﻠﻰ ﺳﻮﻕ ﺍﻟﻘﻴﻢ ﺍﻟﻤﻨﻘﻮﻟﺔ ﻭ ﺗﻢ ﻃﺮﺡ ﺍﻹﺷﻜﺎﻟﻴﺔ‬
‫ﺍﻟﺘﺎﻟﻴﺔ ‪:‬‬
‫© ﲟﺎ ﺃﻥ ﻟﻠﺒﻮﺭﺻﺔ ﺩﻭﺭ ﻛﺒﲑ ﰲ ﺍﳊﻔﺎﻅ ﻋﻠﻰ ﺣﻴﻮﻳﺔ ﻭ ﺩﺍﻓﻌﻴﺔ ﺍﻻﺳﺘﺜﻤﺎﺭ ﻓﻀﻼ ﻋﻠﻰ ﺃ‪‬ﺎ ﺃﺩﺍﺓ ﻓﻌﺎﻟﺔ‬
‫ﻏﲑ ﳏﺪﻭﺩﺓ ﰲ ﺍﻻﻗﺘﺼﺎﺩ‪.‬‬
‫ﻓﺎﻟﺴﺆﺍﻝ ﺍﳉﻮﻫﺮﻱ ﻳﻜﻤﻦ ﰲ‪:‬‬
‫ﻣﺎ ﻣﺪﻯ ﺗﺄﺛﲑ ﺍﻟﺒﻮﺭﺻﺔ ﰲ ﲤﻮﻳﻞ ﺍﳌﺆﺳﺴﺎﺕ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﻭﻫﻞ ﺣﻘﻘﺖ ﺑﻮﺭﺻﺔ ﺍﻟﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ ﰲ‬
‫ﺍﳉﺰﺍﺋﺮ ﺩﻭﺭﻫﺎ ﺍﳌﺮﺟﻮ ﰲ ﲤﻮﻳﻞ ﺍﳌﺆﺳﺴﺎﺕ ﻭﻣﺎ ﻣﱰﻟﺘﻬﺎ ﰲ ﺍﻻﻗﺘﺼﺎﺩ ﺍﻟﻮﻃﲏ؟‬
‫ﺃﻣﺎ ﺍﻟﺘﺴﺎﺅﻻﺕ ﺍﻟﻔﺮﻋﻴﺔ ﺗﻜﻤﻦ ﰲ‪:‬‬
‫* ﻣﺎﺫﺍ ﻧﻌﲏ ﺑﺎﻟﺴﻮﻕ ﺍﳌﺎﻟﻴﺔ ﻭ ﻣﺎ ﻫﻲ ﺍﻟﺒﻮﺭﺻﺔ؟ﻭﻣﺎ ﺍﳌﻘﺼﻮﺩ ﺑﺎﻟﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ؟‬
‫* ﻣﺎ ﻫﻲ ﺭﻛﺎﺋﺰ" ﻗﻮﺍﻋﺪ" ﺍﻻﺳﺘﺜﻤﺎﺭ ﰲ ﺍﻟﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ ﻭ ﻛﻴﻒ ﳝﻜﻦ ﺗﺪﺍﻭﳍﺎ؟‬
‫* ﻣﺎ ﺍﻟﺪﺍﻓﻊ ﻹﻧﺸﺎﺀ ﺑﻮﺭﺻﺔ ﰲ ﺍﳉﺰﺍﺋﺮ؟ﻭﻣﺎ ﻫﻲ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺘﺪﺍﻭﻟﺔ ﻓﻴﻬﺎ؟ﻭﻣﺎ ﻫﻲ‬
‫ﺍﳌﻌﻮﻗﺎﺕ ﺍﳌﻌﺮﻗﻠﺔ ﻟﺘﻄﻮﺭ ﺍﻟﺒﻮﺭﺻﺔ ﰲ ﺍﳉﺰﺍﺋﺮ؟ ﻭﺍﻟﻨﻈﺮﺓ ﺍﳌﺴﺘﻘﺒﻠﻴﺔ ﳍﺎ؟‬

‫ﺇﻥ ﻣﺤﺎﻭﻟﺘﻨﺎ ﺍﻹﺟﺎﺑﺔ ﻋﻦ ﻫﺬﻩ ﺍﻟﺘﺴﺎﺅﻻﺕ ﺟﻌﻠﺘﻨﺎ ﻧﺼﻮﻍ ﺍﻟﻔﺮﺿﻴﺎﺕ ﺍﻟﺘﺎﻟﻴﺔ‪:‬‬

‫* ﺍﳊﺎﺟﺔ ﺍﳌﻠﺤﺔ ﺇﱃ ﺍﻻﺩﺧﺎﺭ ﺍﻟﻔﺮﺩﻱ ﺃﺩﻯ ﺇﱃ ﺇﻧﺸﺎﺀ ﺍﻟﺴﻮﻕ ﺍﳌﺎﱄ‪.‬‬
‫* ﻭﺟﺪﺕ ﺍﻟﺒﻮﺭﺻﺔ ﻟﺘﺸﺠﻴﻊ ﺍﳊﺎﺟﺎﺕ ﻭﺭﻏﺒﺎﺕ ﺍﳌﺘﻌﺎﻣﻠﲔ ﺍﻻﻗﺘﺼﺎﺩﻳﲔ‪ ,‬ﻭﺍﻟﺘﻌﺎﻣﻞ ﺑﺎﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ‬
‫ﺻﻮﺭﺓ ﻣﻦ ﺻﻮﺭ ﺍﻻﻗﺘﺼﺎﺩﻳﺎﺕ ﺍﻟﺪﻭﻟﻴﺔ ﺍﳊﺪﻳﺜﺔ ﺇﺫ ﺗﻌﺘﱪ ﺃﺩﺍﺓ ﻣﻦ ﺃﺩﻭﺍﺕ ﲤﻮﻳﻞ ﺍﳌﺆﺳﺴﺎﺕ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ‪.‬‬
‫* ﺃﻥ ﻋﺪﻡ ﳒﺎﺡ ﺑﻮﺭﺻﺔ ﺍﳉﺰﺍﺋﺮ ﻟﻠﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ ﻻ ﻳﻌﻮﺩ ﺑﺸﻜﻞ ﻛﺒﲑ ﺇﱃ ﺍﺧﺘﻼﻻﺕ ﻓﻴﻬﺎ ﺑﻘﺪﺭ ﻣﺎ‬
‫ﻳﻌﻮﺩ ﺇﱃ ﺍﻻﺧﺘﻼﻻﺕ ﺍﳌﻮﺟﻮﺩﺓ ﰲ ﳏﻴﻄﻬﺎ‪.‬‬
‫ﻟﻜﻲ ﲢﻘﻖ ﺑﻮﺭﺻﺔ ﺍﳉﺰﺍﺋﺮ ﺍﻷﻫﺪﺍﻑ ﺍﳌﺮﺟﻮﺓ ﺇﺻﻼﺡ ﻣﺆﺳﺴﺎﺗﻴﺔ ﻭ ﲢﻔﻴﺰ ﺻﻐﺎﺭ ﺍﳌﺪﺧﺮﻳﻦ ﻋﻠﻰ‬
‫ﺍﻟﺪﺧﻮﻝ ﺇﱃ ﺳﻮﻕ ﺍﻟﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ‪.‬‬
‫ﻭ ﺣﱴ ﻧﺜﺒﺖ ﺻﺤﺔ ﺃﻭ ﺧﻄﺄ ﻫﺬﻩ ﺍﻟﻔﺮﺿﻴﺎﺕ ﺍﺭﺗﺄﻳﻨﺎ ﺗﻘﺴﻴﻢ ﲝﺜﻨﺎ ﻫﺬﺍ ﺇﱃ ﺛﻼﺛﺔ ﻓﺼﻮﻝ‪ ,‬ﻭﻛﻞ ﻓﺼﻞ‬
‫ﻳﺸﻤﻞ ﻣﺒﺤﺜﲔ ﻭﻛﻞ ﻣﺒﺤﺚ ﻳﺸﻤﻞ ﺛﻼﺛﺔ ﻣﻄﺎﻟﺐ‪.‬‬
 ‫ﺃﻫﺪﺍﻑ ﺍﻟﺒﺤﺚ‪:‬‬
‫* ﳏﺎﻭﻟﺔ ﺍﻟﺘﻌﺮﻳﻒ ﺑﺎﻟﺒﻮﺭﺻﺔ ﻭ ﻣﺎ ﻫﻮ ﺩﻭﺭﻫﺎ ﰲ ﺍﻗﺘﺼﺎﺩ ﺑﻠﺪ ﻣﺎ‪.‬‬
‫* ﻓﻬﻢ ﺍﻟﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ ﻭ ﻣﻌﺮﻓﺔ ﺃﺳﺲ ﺍﻻﺳﺘﺜﻤﺎﺭ ﻓﻴﻬﺎ‪.‬‬
‫* ﺇﻋﻄﺎﺀ ﺭﺅﻳﺔ ﻭﺍﺳﻌﺔ ﻭ ﻋﻤﻴﻘﺔ ﻟﺘﺪﺍﻭﻝ ﺍﻟﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ‪.‬‬
‫* ﺍﻟﺘﻌﺮﻳﻒ ﺑﺒﻮﺭﺻﺔ ﺍﻟﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ ﻟﻠﺠﺰﺍﺋﺮ ﻭ ﺁﻟﻴﺔ ﺳﲑ ﺍﻟﺴﻮﻕ ﻓﻴﻬﺎ‪.‬‬
‫* ﺗﺜﻤﲔ ﺭﺻﻴﺪ ﺍﳌﻜﺘﺒﺔ ﺍﳉﺰﺍﺋﺮﻳﺔ‪.‬‬

‫ﺍﻟﻤﻨﻬﺞ ﺍﻟﻤﺘﺒﻊ‪:‬‬
‫ﻟﻘﺪ ﺍﺗﺒﻌﻨﺎ ﰲ ﺩﺭﺍﺳﺘﻨﺎ ﻫﺬﻩ ﻣﻨﻬﺠﲔ ﻭﺻﻔﻲ ﻭ ﲢﻠﻴﻠﻲ ﻭ ﺫﻟﻚ ﰲ ﺍﳉﺎﻧﺐ ﺍﻟﻨﻈﺮﻱ‪ ،‬ﻭ ﰲ ﺩﺭﺍﺳﺘﻨﺎ‬
‫ﳊﺎﻟﺔ ﺍﳉﺰﺍﺋﺮ ﺣﺎﻭﻟﻨﺎ ﻣﻦ ﺧﻼﳍﺎ ﺗﺴﻠﻴﻂ ﺍﻟﻀﻮﺀ ﻋﻠﻰ ﺳﲑ ﻭ ﻋﻤﻞ ﺍﻟﺒﻮﺭﺻﺔ ﺃﻭ ﺑﺎﻷﺣﺮﻯ‪:‬‬
‫ﲪﻞ ﲝﺜﻨﺎ ﻫﺬﺍ ﺑﲔ ﻃﻴﺎﺗﻪ ﺩﺭﺍﺳﺔ ﻧﻈﺮﻳﺔ ﻭﻇﻔﻨﺎ ﻓﻴﻬﺎ ﺍﳌﻨﻬﺞ ﺍﻻﺳﺘﻨﺒﺎﻃﻲ ﻷﺟﻞ ﺍﻹﳌﺎﻡ ﲟﺎ ﳛﻤﻠﻪ ﻣﻔﻬﻮﻡ‬
‫ﺍﻟﺒﻮﺭﺻﺔ ﻣﻦ ﻣﻌﺎﱐ ﻭ ﺩﻻﻻﺕ ﺗﺴﺘﻮﺟﺐ ﺍﻟﻔﻬﻢ‪ ،‬ﻭﻛﻴﻒ ﺃ‪‬ﺎ ﺇﺣﺪﻯ ﺍﻷﺳﺎﻟﻴﺐ ﻟﺘﻤﻮﻳﻞ ﺍﻻﺳﺘﺜﻤﺎﺭﺍﺕ‪ ,‬ﻭﺍﻟﻴﺔ‬
‫ﻋﻤﻠﻬﺎ‪.‬‬
‫ﻭ ﻓﻴﻪ ﺩﺭﺍﺳﺔ ﻣﻴﺪﺍﻧﻴﺔ "" ﻣﻦ ﺧﻼﻝ ﺍﻻﺳﺘﻌﺎﻧﺔ ﺑﺎﳌﻨﻬﺞ ﺍﻻﺳﺘﻘﺮﺍﺋﻲ "" ﻟﻮﺍﻗﻊ ﺑﻮﺭﺻﺔ ﺍﻟﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ ﰲ‬
‫ﺍﳉﺰﺍﺋﺮ ﻭ ﻗﺪ ﺗﻀﻤﻦ ﺩﺭﺍﺳﺔ ﺗﺸﺨﻴﺼﻴﺔ ﻭﺿﺤﻨﺎ ﻓﻴﻬﺎ ﺍﻷﺳﺒﺎﺏ ﺍﻟﱵ ﻧﻌﺘﻘﺪ ﺃ‪‬ﺎ ﻭﺭﺍﺀ ﻓﺸﻞ ﺍﻟﺒﻮﺭﺻﺔ ﰲ ﺍﳉﺰﺍﺋﺮ ‪،‬‬
‫ﻛﻤﺎ ﻗﺪﻣﻨﺎ ﺍﻟﺴﺒﻞ ﺍﻟﱵ ﻧﺮﺍﻫﺎ ﰲ ﻧﻈﺮﻧﺎ ﻗﺎﺩﺭﺓ ﻋﻠﻰ ﺗﻔﻌﻴﻠﻬﺎ"" ﺍﻟﻨﻈﺮﺓ ﺍﳌﺴﺘﻘﺒﻠﻴﺔ ﳍﺎ ""‪.‬‬

‫ﻭﺍﷲ ﻭﻟﻲ ﺍﻟﺘﻮﻓﻴﻖ‪.‬‬

 ‫ﺍﻟﺘﻤﻬﻴﺪ‪:‬‬

‫ﺇﻥ ﺍﻷﺳﻮﺍﻕ ﺍﳌﺎﻟﻴﺔ ﻫﻲ ﻣﻜﺎﻥ ﺍﻟﺘﻘﺎﺀ ﻋﺮﺽ ﺍﻷﻣﻮﺍﻝ"ﺍﳌﺪﺧﺮﻳﻦ" ﺑﺎﻟﻄﻠﺐ ﻋﻠﻴﻬﺎ "ﺍﳌﺴﺘﺜﻤﺮﻳﻦ" ﺣﻴﺚ ﺃ‪‬ﺎ‬
‫ﺗﺴﺎﻋﺪ ﻋﻠﻰ ﲢﻮﻳﻞ ﺟﺎﻧﺐ ﻣﻦ ﻣﺪﺧﺮﺍﺕ ﺍﺠﻤﻟﺘﻤﻊ ﺇﱃ ﺍﺳﺘﺜﻤﺎﺭﺍﺕ ﻣﻔﻴﺪﺓ ﻭ ﺑﺎﻟﺘﺎﱄ ﺗﺴﺎﻋﺪ ﻋﻠﻰ ﻋﻤﻠﻴﺔ ﺍﻟﺘﻜﻮﻳﻦ‬
‫ﺍﻟﺮﺃﺱ ﻣﺎﱄ‪.‬‬
‫ﻭ ﺗﺴﺎﻋﺪ ﻛﺬﻟﻚ ﻋﻠﻰ ﺍﻧﺘﻘﺎﻝ ﺍﻷﻣﻮﺍﻝ ﻣﻦ ﺍﻟﻮﺣﺪﺍﺕ ﺫﺍﺕ ﺍﻟﻔﺎﺋﺾ ﺇﱃ ﻭﺣﺪﺍﺕ ﺫﺍﺕ ﺍﻟﻌﺠﺰ ﻧﻈﺮﺍ‬
‫ﻟﺼﻌﻮﺑﺔ ﺍﻧﺘﻘﺎﻝ ﺍﻷﻣﻮﺍﻝ ﻣﺒﺎﺷﺮﺓ ﺑﲔ ﺍﻟﻄﺮﻓﲔ ﻟﻜﻞ ﺃﻭ ﺑﻌﺾ ﺍﻷﺳﺒﺎﺏ ﺍﻟﺘﺎﻟﻴﺔ‪:‬‬
‫‪ -‬ﻋﺪﻡ ﻣﻌﺮﻓﺔ ﻛﻞ ﻃﺮﻑ ﻟﻶﺧﺮ‪.‬‬
‫‪ -‬ﻋﺪﻡ ﻭﺟﻮﺩ ﺛﻘﺔ ﺑﲔ ﺍﻟﻄﺮﻓﲔ‪.‬‬
‫‪ -‬ﺍﻻﺧﺘﻼﻑ ﺣﻮﻝ ﺳﻌﺮ ﺍﻷﻣﻮﺍﻝ‪.‬‬
‫ﻭ ﻟﻌﻞ ﺍﻟﻮﻇﻴﻔﺔ ﺍﻷﺳﺎﺳﻴﺔ ﻟﻠﺴﻮﻕ ﺗﺘﻤﺜﻞ ﰲ ﺧﻠﻖ ﺍﻟﺴﻴﻮﻟﺔ ﻟﻸﺩﻭﺍﺕ ﺍﳌﺎﻟﻴﺔ ﻭ ﰲ ﺍﻣﻜﺎﻧﻴﺔ ﺗﻮﻓﲑ ﻭﺳﺎﺋﻞ‬
‫ﲢﻮﻳﻞ ﺍﻻﺳﺘﺜﻤﺎﺭﺍﺕ ﻃﻮﻳﻠﺔ ﺍﻷﺟﻞ ﺇﱃ ﺃﺻﻮﻝ ﺳﺎﺋﻠﺔ‪.‬‬
‫ﻓﻬﻲ ﻻ ‪‬ﻴﺊ ﻋﻨﺼﺮ ﺍﻟﺜﻘﺔ ﻟﻌﻤﻠﻴﺎﺕ ﺍﻻﺩﺧﺎﺭ ﻭ ﺍﻻﺳﺘﺜﻤﺎﺭ ﻓﺤﺴﺐ ﺑﻞ ﺗﺆﺩﻱ ﻣﻦ ﺧﻼﻝ ﺍﳊﺮﻛﺔ ﰲ‬
‫ﺳﻮﻕ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﺇﱃ ﲢﺪﻳﺪ ﺃﻓﻀﻞ ﺍﺠﻤﻟﺎﻻﺕ ﻟﻼﺳﺘﺜﻤﺎﺭ ﻭ ﻧﻮﻋﻴﺔ ﺍﳌﺸﺮﻭﻋﺎﺕ ﻛﻤﺎ ﺗﺆﺩﻱ ﺇﱃ ﺗﺴﻴﲑ ﺍﻟﺘﻌﺎﻣﻞ‬
‫ﻣﻦ ﺧﻼﻝ ﺍﻟﺘﻮﻓﲑ ﺍﳌﺴﺘﻤﺮﺓ ﻟﻠﺴﻴﻮﻟﺔ ﺍﻟﱵ ﻳﺘﻄﻠﺒﻬﺎ ﺍﻟﻨﺸﺎﻁ ﺍﻻﻗﺘﺼﺎﺩﻱ‪.‬‬

‫‪ -I‬ﻣﺎﻫﻴﺔ ﺍﻟﺴﻮﻕ ﺍﻟﺘﻤﻮﻳﻠﻴﺔ‪:‬‬

‫ﻫﻲ ﺳﻮﻕ ﻳﺸﺘﻤﻞ ﻋﻠﻰ ﳎﻤﻞ ﺍﻟﻨﻈﺎﻡ ﺍﳌﺎﱄ ﺍﻟﺬﻱ ﻳﺘﻜﻮﻥ ﻣﻦ ﺍﻟﺒﻨﻮﻙ ﺍﻟﺘﺠﺎﺭﻳﺔ ﻭ ﺍﳌﻌﺎﻣﻠﲔ ﺍﳌﺎﻟﻴﲔ‬
‫ﺍﻵﺧﺮﻳﻦ ﻭ ﻛﺬﻟﻚ ﺍﳌﻌﺎﻣﻼﺕ ﺍﳌﺎﻟﻴﺔ ﺍﻟﻐﲑ ﻣﺒﺎﺷﺮﺓ ﺍﻟﻘﺼﲑﺓ ﺍﻷﺟﻞ ﻭ ﺍﻟﻄﻮﻳﻠﺔ ﺍﻷﺟﻞ ﻭ ﳝﻜﻦ ﺇﻋﻄﺎﺀ ﻣﻔﻬﻮﻣﲔ‬
‫ﻟﻠﺴﻮﻕ ﺍﳌﺎﻟﻴﺔ ‪:‬ﺍﳌﻔﻬﻮﻡ ﺍﻟﻮﺍﺳﻊ ﻭ ﺍﳌﻔﻬﻮﻡ ﺍﻟﻀﻴﻖ ﻓﻴﻨﺼﺮﻑ ﺳﻮﻕ ﺍﳌﺎﻝ ﺇﺫﺍ ﺃﻃﻠﻖ ﺑﺪﻭﻥ ﲢﺪﻳﺪ ﺳﻮﻕ ﺍﻷﻭﺭﺍﻕ‬
‫ﺍﳌﺎﻟﻴﺔ‪ ،‬ﺃﻣﺎ ﺍﳌﻔﻬﻮﻡ ﺍﻟﻀﻴﻖ ﻳﻘﺘﺼﺮ ﻋﻠﻰ ﺍﻟﺴﻮﻕ ﺍﳌﻨﻈﻤﺔ ﻟﻸﺳﻬﻢ ﻭ ﺍﻟﺴﻨﺪﺍﺕ‬
‫‪.1‬‬

‫ﳏﻤﺪ ﺻﺎﱀ ﺍﳊﻨﺎﻭﻱ‪ ،‬ﳏﻤﺪ ﻓﺮﻳﺪ ﺍﻟﺼﺤﻦ "ﺍﳌﺎﻝ ﻭ ﺍﻷﻋﻤﺎﻝ" ‪ ،‬ﺍﻟﺪﺍﺭ ﺍﳉﺎﻣﻌﻴﺔ ﺳﻨﺔ ‪ ،1997‬ﺹ‪.361‬‬ ‫‪1‬‬
 ‫‪ -II‬ﺃﻧﻮﺍﻉ ﺍﻟﺴﻮﻕ ﺍﻟﺘﻤﻮﻳﻠﻴﺔ‪:‬‬
‫ﺍﳌﻔﻬﻮﻡ ﺍﳌﻘﺒﻮﻝ ﳍﺬﻩ ﺍﻟﺴﻮﻕ ﻳﺘﻜﻮﻥ ﻣﻦ ﺷﻘﲔ ﺃﺳﺎﺳﻴﲔ ﳘﺎ ﺳﻮﻕ ﺍﳌﺎﻝ ﻭ ﺳﻮﻕ ﺍﻟﻨﻘﺪ‪.‬‬

‫‪/ 1‬ﺳﻮﻕ ﺍﻟﻨﻘﺪ‪:‬‬

‫ﻫﻮ ﺳﻮﻕ ﻏﺎﻟﺒﺎ ﳜﺺ ﺗﺒﺎﺩﻝ ﺍﻻﻟﺘﺰﺍﻣﺎﺕ ﺍﳌﺎﻟﻴﺔ ﺍﻟﻘﺼﲑﺓ ﺍﻷﺟﻞ ﻭ ﳝﻜﻦ ﺃﻥ ﺗﺼﻞ ﺇﱃ ﺍﳌﺪﻯ ﺍﳌﺘﻮﺳﻂ‬
‫ﳒﺪ ﻓﻴﻪ ﺍﻟﺘﻌﺎﻣﻼﺕ ﰲ ﺍﻷﻭﺭﺍﻕ ﺍﻟﺘﺠﺎﺭﻳﺔ ﻭ ﺳﻨﺪﺍﺕ ﺍﳋﺰﻳﻨﺔ ﻭ ﺷﻬﺎﺩﺍﺕ ﺍﻻﺳﺘﺤﻘﺎﻕ ﻷﻗﻞ ﻣﻦ ﺳﻨﺔ ﻳﺘﻤﻴﺰ ﺑﺪﺭﺟﺔ‬
‫ﺳﻴﻮﻟﺔ ﻣﺮﺗﻔﻌﺔ‪ ،‬ﻭ ﺍﳌﺆﺳﺴﺎﺕ ﺍﳌﺸﺎﺭﻛﺔ ﻓﻴﻪ ﻫﻲ ﺍﳌﺆﺳﺴﺎﺕ ﺍﳌﺼﺮﻓﻴﺔ ﺍﻟﻨﻘﺪﻳﺔ‪ .‬ﺍﻟﺒﻨﻮﻙ ﺍﻟﺘﺠﺎﺭﻳﺔ‪ ،‬ﺍﻟﺒﻨﻚ ﺍﳌﺮﻛﺰﻱ‪،‬‬
‫ﺍﳋﺰﻳﻨﺔ ﺍﻟﻌﻤﻮﻣﻴﺔ‪ ،‬ﺷﺮﻛﺎﺕ ﺍﻟﺼﺮﻑ ﻭ ﻛﻞ ﻣﺆﺳﺴﺔ ﻧﻘﺪﻳﺔ ﺗﻌﻤﻞ ﰲ ﺍﳌﺪﻯ ﺍﻟﻘﺼﲑ‪ ،‬ﻳﺴﺘﻌﻤﻞ ﺍﻟﺒﻨﻚ ﺍﳌﺮﻛﺰﻱ ﰲ‬
‫ﻫﺬﺍ ﺍﻟﺴﻮﻕ ﺃﺩﻭﺍﺕ ﺍﻟﺴﻴﺎﺳﺔ ﺍﻟﻨﻘﺪﻳﺔ ﻭ ﻳﻨﻘﺴﻢ ﺇﱃ ﺳﻮﻕ ﺩﺍﺧﻠﻲ ﻭ ﺳﻮﻕ ﺧﺎﺭﺟﻲ ﻫﻮ ﺳﻮﻕ ﺍﻟﺼﺮﻑ‪.‬‬
‫ﻭ ﻫﻮ ﻳﻘﻮﻡ ﺣﺴﺐ ﻭﺿﻌﻴﺘﻪ ﺑﺘﻮﻇﻴﻒ ﻓﻮﺍﺋﺾ ﺃﻭ ﺍﳊﺼﻮﻝ ﻋﻠﻰ ﺍﻟﻘﺮﻭﺽ ﺍﻟﻼﺯﻣﺔ ﳌﻮﺍﺟﻬﺔ ﺍﺣﺘﻴﺎﺟﺎ‪‬ﺎ‪،‬‬
‫ﻭﺫﻟﻚ ﺍﺳﺘﻨﺎﺩﺍ ﺇﱃ ﺇﺣﺘﻴﺎﻃﺎ‪‬ﺎ ﻟﺪﻯ ﺍﻟﺒﻨﻚ ﺍﳌﺮﻛﺰﻱ‪ .‬ﻭﺗﻌﺘﱪ ﺍﻟﻮﺭﻗﺔ ﺍﳌﺎﻟﻴﺔ ﺍﳌﺘﺪﺍﻭﻟﺔ ﰲ ﻫﺬﺍ ﺍﻟﺴﻮﻕ ﺻﻚ ﻣﺪﻳﻮﻧﻴﺔ‬
‫ﺗﻌﻄﻲ ﳊﺎﻣﻠﻬﺎ ﺍﳊﻖ ﰲ ﺍﺳﺘﲑﺍﺩ ﻣﺒﻠﻎ ﻣﻦ ﺍﳌﺎﻝ ﺳﺒﻖ ﺃﻥ ﺍﻗﺘﺮﺿﻪ ﻟﻄﺮﻑ ﺁﺧﺮ‪.‬‬
‫ﺃﻣﺎ ﻃﺒﻴﻌﺔ ﺍﻟﻌﻤﻠﻴﺎﺕ ﻓﻴﻪ ﺗﻨﻘﺴﻢ ﺇﱃ ﻗﺴﻤﲔ ﳘﺎ" ﻋﻤﻠﻴﺎﺕ ﻓﻴﻤﺎ ﺑﲔ ﺍﻟﺒﻨﻮﻙ"‪ ",‬ﻋﻤﻠﻴﺎﺕ ﺍﻟﺴﻮﻕ‬
‫ﺍﳌﻔﺘﻮﺣﺔ"‪ ,‬ﻓﺎﻷﻭﱃ ﳒﺪ ﻓﻴﻬﺎ‪:‬‬
‫‪ -‬ﺍﻷﺧﺬ ﻷﺟﻞ ‪ :Pension‬ﻫﻲ ﻋﻤﻠﻴﺔ ﲢﺼﻞ ﻣﻦ ﺧﻼﳍﺎ ﻣﺆﺳﺴﺔ ﻗﺮﺽ ﻣﻦ ﺯﻣﻴﻼ‪‬ﺎ ﻋﻠﻰ‬
‫ﺗﺴﻬﻴﻼﺕ ﺍﺳﺘﻐﻼﻝ‪Avance de Trésorerie‬ﻣﻘﺎﺑﻞ ﺳﻨﺪﺍﺕ ﻋﻤﻮﻣﻴﺔ ﺃﻭ ﺧﺎﺻﺔ ﺃﻱ ﻫﻲ ﺷﺮﺍﺀ‬
‫ﻟﻠﺴﻨﺪﺍﺕ ﻣﻊ ﻭﻋﻴﺪ ﺍﻟﺒﻴﻊ ﻋﻨﺪ ﺍﺟﻞ ﳏﺪﺩ‪.‬‬
‫‪ -‬ﻗﺮﺽ " ﺍﺑﻴﺾ"‪ :‬ﻭﻫﻮ ﲢﻮﻳﻞ ﺑﺴﻴﻂ ﻟﻸﻣﻮﺍﻝ ﺑﺪﻭﻥ ﺳﻨﺪﺍﺕ ﰲ ﺍﳌﻘﺎﺑﻞ‪.‬‬
‫‪ -‬ﺷﺮﺍﺀ ﺃﻭ ﺑﻴﻊ ﻟﻠﺴﻨﺪﺍﺕ‪.‬‬
‫‪ :SWA -‬ﻫﻲ ﻗﺮﻭﺽ ﻣﺘﺒﺎﺩﻟﺔ ﻣﻮﺿﻮﻋﻬﺎ ﻋﻤﻼﺕ ﺻﻌﺒﺔ‪.‬‬
‫ﺃﻣﺎ ﺍﻟﺜﺎﻧﻴﺔ ﳒﺪ ﻓﻴﻬﺎ‪:‬‬
‫‪ -‬ﻋﻤﻠﻴﺎﺕ ﺑﺎﻟﻨﺪﺍﺀ ﻟﻠﻌﺮﺽ ‪ :Appel d offre‬ﻓﻬﻲ ﺗﺴﻬﻴﻼﺕ ﲤﻨﺢ ﻟﻠﻨﻈﺎﻡ ﺍﳌﺼﺮﰲ ﻭ ﺍﳌﺒﺎﺩﺭﺓ‬
‫ﺗﻜﻮﻥ ﰲ ﺫﻟﻚ ﻟﻠﺒﻨﻚ ﺍﳌﺮﻛﺰﻱ ﻭﻫﺬﺍ ﻷﺟﺎﻝ ﳐﺘﻠﻔﺔ ﻋﻦ ﻃﺮﻳﻖ ﺍﻷﺧﺬ ﻷﺟﻞ‪ ,‬ﻭﻳﻘﻮﻡ ﺑﻌﺮﺽ ﺍﻟﻨﻘﻮﺩ ﺑﺎﳌﺴﺘﻮﻳﺎﺕ‬
‫ﺍﶈﺪﺩﺓ ﺑﺎﻟﺴﻌﺎﺭ ﺍﳌﻨﺎﺳﺒﺔ‪,‬ﻭ ﻣﻘﺎﺑﻞ ﻛﻞ ﻫﺬﺍ ﻭﺛﻴﻘﺔ ﺗﻌﺒﺊ ﻋﺪﺩ ﻣﻦ ﺍﻟﺴﻨﺪﺍﺕ ﺍﳋﺎﺻﺔ ﺃﻭ ﺍﻟﻌﺎﻣﺔ ﻭﲣﻀﻊ ﻟﻠﺸﺮﻭﻁ‬
‫ﺍﶈﺪﺩﺓ ﻣﻦ ﻃﺮﻑ ﺍﻟﺒﻨﻚ ﺍﳌﺮﻛﺰﻱ‪.‬‬
‫‪ -‬ﺍﻷﺧﺬ ﻷﺟﻞ ﻟﺴﺒﻌﺔ ﺃﻳﺎﻡ ﻣﻘﺎﺑﻞ ﺃﺫﻭﻧﺎﺕ ﺍﳋﺰﻳﻨﺔ ﺃﻭ ﺍﻟﺴﻨﺪﺍﺕ ﺍﳋﺎﺻﺔ ‪ ,‬ﳝﻜﻦ ﳌﺆﺳﺴﺎﺕ ﺍﻟﻘﺮﺽ ﺃﻥ‬
‫ﺗﺘﻘﺪﻡ ﻟﻪ ﲢﺖ ﻫﺬﺍ ﺍﻟﺸﻜﻞ ﺑﺸﺮﻁ ﺃﻥ ﻳﻜﻮﻥ ﻟﺪﻳﻬﺎ ﻗﺪﺭ ﻭﻧﻮﻉ ﳏﺪﺩ ﻣﻦ ﺍﻟﺴﻨﺪﺍﺕ ﺍﻟﻘﺎﺑﻠﺔ ﻟﻠﺘﻌﺒﺌﺔ‪.‬‬
‫‪ -‬ﺃﺧﲑﺍ ﻟﻠﺒﻨﻚ ﺍﳌﺮﻛﺰﻱ ﺇﻣﻜﺎﻧﻴﺔ ﺍﻟﺘﺪﺧﻞ ﰲ ﺍﻟﺴﻮﻕ ﺍﻟﻨﻘﺪﻱ ﺑﺸﺮﺍﺀ‪,‬ﺑﻴﻊ‪,‬ﺍﻷﺧﺬ ﻷﺟﻞ‪,‬ﻭﻫﺬﺍ ﻋﻨﺪﻣﺎ‬
‫ﻳﺸﻌﺮ ﺑﻀﺮﻭﺭﺓ ﺫﻟﻚ ﻭ ﺑﺄﺳﻌﺎﺭ ﳏﺪﺩﺓ ﰲ ﺍﻟﺴﻮﻕ‪.‬‬
‫ﻭ ﺗﺘﺄﺛﺮ ﺍﻟﺴﻮﻕ ﺍﻟﻨﻘﺪﻳﺔ ﺑﻄﺒﻴﻌﺔ ﺍﳊﺎﻝ ﺑﻨﻮﻋﻴﺔ ﺍﻟﺴﻴﺎﺳﺔ ﺍﻟﻨﻘﺪﻳﺔ ﺍﳌﻄﺒﻘﺔ ﻭ ﺗﺮﺗﻜﺰ ﻋﻠﻰ ﺳﻌﺮ ﺍﻟﻔﺎﺋﺪﺓ ﺍﻟﺬﻱ‬
‫ﻳﺘﺤﺪﺩ ﺑﻨﺎﺀ ﻋﻠﻰ ﺍﻟﻌﺮﺽ ﻭ ﺍﻟﻄﻠﺐ‪.1‬‬
‫ﻭﺍﻟﺴﻴﺎﺳﺔ ﺍﻟﻨﻘﺪﻳﺔ ﺗﺘﻤﺜﻞ ﰲ ﺍﻟﻮﺳﺎﺋﻞ ﺍﻟﱵ ﲝﻮﺯﺓ ﺍﻟﺴﻠﻄﺎﺕ ﺍﻟﻌﺎﻣﺔ ﳌﺮﺍﻗﺒﺔ ﺧﻠﻖ ﺍﻟﻨﻘﻮﺩ ﻭﺍﺳﺘﻌﻤﺎﳍﺎ ﻣﻦ ﻃﺮﻑ‬
‫ﺍﻟﻮﺣﺪﺍﺕ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﺣﺴﺐ ﺍﻟﺼﺎﱀ ﺍﻟﻌﺎﻡ ﺍﶈﺪﺩ ﰲ ﻫﺪﻑ ﺍﻟﺴﻴﺎﺳﺔ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﺍﻟﻜﻠﻴﺔ‪ ,‬ﻭ‪‬ﺪﻑ ﺍﻟﺴﻴﺎﺳﺔ‬
‫ﺍﻟﻨﻘﺪﻳﺔ ﺃﺳﺎﺳﺎ ﳌﻜﺎﻓﺤﺔ ﺍﻟﺘﻀﺨﻢ ﺑﺪﻭﻥ ﺇﺣﺪﺍﺙ ﺃﺿﺮﺍﺭ ﺑﺎﻹﻧﺘﺎﺝ ﺍﻟﻮﻃﲏ ﻭ ﺍﻟﻌﻤﺎﻟﺔ‪.‬‬
‫‪ / 2‬ﺳﻮﻕ ﺍﳌﺎﻝ‪:‬‬
‫ﺗﺘﺸﻜﻞ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﺑﺘﻨﻈﻴﻤﺎ‪‬ﺎ ﺍﳌﺨﺘﻠﻔﺔ‪ ،‬ﺍﻷﻭﻟﻮﻳﺔ ﻣﻨﻬﺎ ﻭ ﺍﻟﺜﺎﻧﻮﻳﺔ ﺭﻛﻨﺎ ﺃﺳﺎﺳﻴﺎ ﻣﻦ ﺃﺭﻛﺎﻥ ﺍﻟﻘﻄﺎﻉ‬
‫ﺍﳌﺎﱄ ﰲ ﺃﻱ ﺍﻗﺘﺼﺎﺩ ﻳﻜﻮﻥ ﻋﻠﻰ ﺃﺳﺎﺱ ﺍﻟﺘﻌﺎﻣﻞ ﺍﳊﺮ ﻭﻳﺪﺭﻙ ﺃﳘﻴﺔ ﲡﻤﻴﻊ ﻣﺪﺧﺮﺍﺕ ﺍﻷﻓﺮﺍﺩ ﺍﳌﺆﺳﺴﺎﺕ ﻣﻦ‬
‫ﺧﻼﻝ ﺃﺩﻭﺍﺕ ﻣﺎﻟﻴﺔ ﻣﺘﻨﻮﻋﺔ ﺍﻷﺷﻜﺎﻝ ﺗﺼﺪﺭ ﻋﻦ ﻣﺸﺎﺭﻳﻊ ﳐﺘﻠﻔﺔ‪.2‬‬
‫ﻓﺎﻟﺴﻮﻕ ﺍﳌﺎﻟﻴﺔ ﻳﺸﻜﻞ ﺟﺎﻧﺒﺎ ﻫﺎﻣﺎ ﻣﻦ ﺟﻮﺍﻧﺐ ﻧﺸﺎﻁ ﺍﻟﺴﻮﻕ ﺍﻟﺘﻤﻮﻳﻠﻴﺔ ﲟﻔﻬﻮﻣﻬﺎ ﺍﻟﻮﺍﺳﻊ ﻭﺗﻠﻌﺐ ﺩﻭﺭﺍ‬
‫ﺃﺳﺎﺳﻴﺎ ﰲ ﺗﻄﻮﻳﺮ ﻭﺗﻨﻈﻴﻢ ﺃﺳﺎﻟﻴﺐ ﺍﻟﺘﻤﻮﻳﻞ ﺍﳌﺘﻮﺳﻂ ﻭﺍﻟﻄﻮﻳﻞ ﺍﻷﺟﻞ ﻟﻠﻤﺸﺎﺭﻳﻊ ﻭﺗﻮﻓﲑ ﻫﺬﺍ ﺍﻟﺘﻤﻮﻳﻞ ﺑﺎﻷﺣﺠﺎﻡ‬
‫ﺍﳌﻄﻠﻮﺑﺔ‪ ،‬ﻭﺑﺎﻟﺘﺎﱄ ﲤﻜﲔ ﺍﻻﻗﺘﺼﺎﺩ ﻣﻦ ﺃﻥ ﻳﻨﻤﻮ ﲟﻌﺪﻻﺕ ﺗﺮﻓﻊ ﺑﺸﻜﻞ ﻣﺴﺘﻤﺮ ﻣﻦ ﻣﺴﺘﻮﻯ ﺍﳌﻌﻴﺸﺔ‪.‬‬
‫ﻭﻫﻲ ﳎﻤﻮﻋﺔ ﺍﻷﺟﻬﺰﺓ ﻭﺍﳍﻴﺌﺎﺕ ﻭﺍﻷﺳﻮﺍﻕ ﺍﻟﱵ ﺗﺘﺒﺎﺩﻝ ﻓﻴﻬﺎ ﺍﻻﻟﺘﺰﺍﻣﺎﺕ ﺍﳌﺎﻟﻴﺔ ﺍﳌﺘﻮﺳﻄﺔ ﻭﻃﻮﻳﻠﺔ‬
‫ﺍﻷﺟﻞ ﻭﺍﻟﱵ ﺗﻄﺎﺑﻖ ﺍﻟﻌﺮﺽ ﻭﺍﻟﻄﻠﺐ ﻭﺍﻟﱵ ﺗﺘﻌﺎﻣﻞ ﺑﺮﺅﻭﺱ ﺍﻷﻣﻮﺍﻝ ﻭﻗﺪ ﺗﻜﻮﻥ ﻣﻨﻈﻤﺔ ﻭﻏﲑ ﻣﻨﻈﻤﺔ‪.3‬‬

‫ﻛﻤﺎ ﺗﺘﻤﺜﻞ ﻣﻬﻤﺔ ﺍﻟﺴﻮﻕ ﺍﻟﺮﺋﻴﺴﻴﺔ ﰲ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﻄﻮﻳﻞ ﺍﻷﺟﻞ ﺩﻭﻥ ﲢﺪﻳﺪ ﺍﻟﺸﻜﻞ ﺍﻟﺬﻱ ﻳﺘﺨﺬﻩ ﻫﻨﺎ‬
‫ﺍﻟﺘﻤﻮﻳﻞ‪.‬‬
‫ﻭﻳﻨﻘﺴﻢ ﺍﻟﺴﻮﻕ ﺍﳌﺎﱄ ﺇﱃ ﻣﺎ ﻳﻠﻲ‪:‬‬
‫ﺃ‪ -‬ﺍﻟﺴﻮﻕ ﺍﻷﻭﻟﻴﺔ‪:‬‬

‫‪ 1‬ﻗﺮﻳﺎﻗﺺ ﺭﲰﻴﺔ‪ ،‬ﺍﻷﺳﻮﺍﻕ ﺍﳌﺎﻟﻴﺔ ‪ ،‬ﻣﻜﺘﺒﺔ ﻋﲔ ﺍﻟﺸﻤﺲ ﺍﻟﻘﺎﻫﺮﺓ‪ ،‬ﺹ‪.11‬‬

‫‪ 2‬ﺍﳌﺆﺳﺴﺔ ﺍﻟﻌﺮﺑﻴﺔ ﻟﻀﻤﺎﻥ ﺍﻻﺳﺘﺜﻤﺎﺭ‪ ،‬ﺃﺳﻮﺍﻕ ﺍﳌﺎﻟﻴﺔ ‪ 1985 ،‬ﺹ ﻥ‪.‬‬
‫‪ 3‬ﳏﺎﺿﺮﺍﺕ ﺍﻷﺳﺘﺎﺫ ﻓﻮﺿﻴﻠﻲ ﻋﺒﺪ ﺍﳊﻠﻴﻢ‪ ،‬ﲣﺼﺺ ﻣﺎﻟﻴﺔ ﻭﻧﻘﻮﺩ ﻭﺑﻨﻮﻙ‪ ،‬ﺟﺎﻣﻌﺔ ﺳﻌﺪ ﺩﺣﻠﺐ – ﺍﻟﺒﻠﻴﺪﺓ ‪.2003-2002‬‬
‫ﻫﻲ ﺍﻟﺴﻮﻕ ﺍﻟﱵ ﻳﺘﻢ ﻣﻦ ﺧﻼﳍﺎ ﺇﺻﺪﺍﺭ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ‪ ،‬ﺣﻴﺚ ﻳﺘﻢ ﺑﻴﻊ ﺍﻷﺳﻬﻢ ﻭﺍﻟﺴﻨﺪﺍﺕ‬
‫ﻟﻠﻤﺴﺘﺜﻤﺮﻳﻦ ﰲ ﻣﻘﺎﺑﻞ ﻧﻘﺪﻱ ﺗﺬﻫﺐ ﺣﺼﻴﻠﺘﻪ ﺇﱃ ﺍﳉﻬﺎﺕ ﻭﺍﻟﺸﺮﻛﺎﺕ ﺍﳌﺼﺪﺭﺓ ﳍﺬﻩ ﺍﻷﻭﺭﺍﻕ‪ 1‬ﺣﻴﺚ ﻫﻲ‬
‫ﺳﻮﻕ ﻧﺸﺄ ﻓﻴﻬﺎ ﻋﻼﻗﺔ ﻣﺒﺎﺷﺮﺓ ﺑﲔ ﻣﺼﺪﺭ ﺍﻟﻮﺭﻗﺔ ﺍﳌﺎﻟﻴﺔ ﻭﺍﳌﻜﺘﺘﺐ ﺍﻷﻭﻝ ﻓﻴﻬﺎ ﺃﻭ ﺑﲔ ﺍﳌﻘﺮﺽ ﻭﺍﳌﻘﺘﺮﺽ ﻓﻬﻲ‬
‫ﺳﻮﻕ ﲡﻤﻊ ﻓﻴﻬﺎ ﺍﳌﺪﺧﺮﺍﺕ ﺍﳋﺎﺻﺔ ﻟﺘﺤﻮﻳﻠﻬﺎ ﺇﱃ ﺍﺳﺘﺜﻤﺎﺭﺍﺕ ﺟﺪﻳﺪﺓ‪ .‬ﺃﻱ ﺗﺘﺮﺟﻢ ﺍﻟﻌﻼﻗﺔ ﰲ ﻫﺬﻩ ﺍﻟﺴﻮﻕ ﻋﻦ‬
‫ﻃﺮﻳﻖ ﺧﻠﻖ ﺃﻭﺭﺍﻕ ﻭﺍﻟﺘﺰﺍﻣﺎﺕ ﻣﺎﻟﻴﺔ ﱂ ﺗﻜﻦ ﻗﺎﺋﻤﺔ ﺃﻭ ﻣﺘﺪﺍﻭﻟﺔ‪.2‬‬
‫ﻭﳑﺎ ﺳﺒﻖ ﻳﺘﻀﺢ ﺃﻥ ﺍﻟﺴﻮﻕ ﺍﻷﻭﻟﻴﺔ ﺃﻭ ﺳﻮﻕ ﺍﻹﺻﺪﺍﺭﺍﺕ ﻻ ﺗﻌﲏ ﺳﻮﻯ ﺑﺪﺍﻳﺔ ﳊﺮﻛﺔ ﺍﻟﻨﺸﺎﻁ ﺍﳌﺎﱄ‪،‬‬
‫ﻭﺍﻟﻮﻗﻮﻑ ﻋﻨﺪﻫﺎ ﻳﻌﲏ ﲨﻮﺩ ﻻ ﳛﻘﻖ ﻟﻠﻤﺴﺘﺜﻤﺮ ﺍﻷﻣﺎﻥ ﺍﻟﺬﻱ ﻳﻬﺪﻑ ﺇﻟﻴﻬﺎ ﻣﻦ ﻭﺭﺍﺀ ﺍﺳﺘﺜﻤﺎﺭﻩ‪ ،‬ﻓﺎﻟﻮﺍﻗﻊ ﺃﻥ ﺧﻠﻖ‬
‫ﺍﻷﺩﻭﺍﺕ ﺍﳌﻨﺎﺳﺒﺔ ﻭﺗﻌﺪﺩﻫﺎ ﻻ ﻳﺸﻜﻞ ﰲ ﺣﺪ ﺫﺍﺗﻪ ﺳﻮﻯ ﺷﺮﻁ ﻭﺍﺣﺪ ﻓﻘﻂ ﻣﻦ ﺷﺮﻭﻁ ﻗﻴﺎﻡ ﻭﳕﻮ ﺍﻟﺴﻮﻕ‬
‫ﺍﳌﺎﻟﻴﺔ‪.3‬‬
‫ﺏ‪ -‬ﺍﻟﺴﻮﻕ ﺍﻟﺜﺎﻧﻮﻳﺔ‪:‬‬
‫ﻭﻫﻲ ﺳﻮﻕ ﺍﻟﺘﺪﺍﻭﻝ ﺁﻭ ﺍﻟﺴﻮﻕ ﺍﳊﻘﻴﻘﻴﺔ ﺍﻟﱵ ﲢﻤﻞ ﻣﻔﻬﻮﻡ ﺍﻟﺴﻮﻕ ﻭﺍﻟﱵ ﺗﺘﺤﺪ ﻓﻴﻬﺎ ﻗﻴﻢ ﺃﺩﻭﺍﺕ‬
‫ﺍﻻﺳﺘﺜﻤﺎﺭ ﺍﳌﺨﺘﻠﻔﺔ‪ ،‬ﻭﻫﻲ ﺗﺸﻜﻞ ﺍﻟﻌﻤﻮﺩ ﺍﻟﻔﻘﺮﻱ ﻷﻱ ﺍﺳﺘﺜﻤﺎﺭ ﺑﻞ ﻫﻲ ﺩﻭﺭﺓ ﺍﳌﺘﺠﺪﺩﺓ ﻭﺍﻟﻼﺯﻣﺔ ﻟﻀﻤﺎﻥ‬
‫ﺍﺳﺘﻤﺮﺍﺭ ﺣﻴﺎﺓ ﺍﻟﺴﻮﻕ‪.‬‬
‫ﻫﺬﺍ ﻭﻧﺘﻘﺴﻢ ﻫﺬﻩ ﺍﻟﺴﻮﻕ ﺇﱃ‪:4‬‬

‫ﺍﻷﺳﻮﺍﻕ ﺍﳌﻨﻈﻤﺔ‪:‬‬
‫ﻭﻫﻲ ﺍﻟﺒﻮﺭﺻﺎﺕ ﺍﻟﱵ ﲣﻀﻊ ﻟﻠﻘﻮﺍﻧﲔ ﻭﺍﻟﻘﻮﺍﻋﺪ ﺍﻟﱵ ﺗﻀﻌﻬﺎ ﺍﳉﻬﺎﺕ ﺍﻟﺮﻗﺎﺑﻴﺔ ﻭﺗﻨﺎﻭﻝ ﻓﻴﻬﺎ ﻋﺎﺩﺓ‬
‫ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﺍﳌﺴﺠﻠﺔ ﻭﺍﻟﱵ ﺗﺘﺤﺪﺩ ﺃﺳﻌﺎﺭﻫﺎ ﻣﻦ ﺧﻼﻝ ﺍﳌﺰﺍﺩ‪ ،‬ﻷﻥ ﺍﻟﺘﻌﺎﻣﻞ ﳚﺮﻱ ﰲ ﻣﻜﺎﻥ ﻣﺎﺩﻱ ﳏﺪﺩ‪.‬‬
‫ﻭﳝﻜﻦ ﺗﻘﺴﻴﻢ ﻫﺬﻩ ﺍﻷﺳﻮﺍﻕ ﺇﱃ ﺃﺳﻮﺍﻕ ﻣﺮﻛﺰﻳﺔ ﻭﺃﺳﻮﺍﻕ ﺍﳌﻨﺎﻃﻖ ﺃﻭ ﺍﻷﺳﻮﺍﻕ ﺍﶈﻠﻴﺔ ﻭﻳﻘﺼﺪ ﺑﺎﻟﺴﻮﻕ‬
‫ﺍﳌﺮﻛﺰﻱ ﺫﻟﻚ ﺍﻟﺴﻮﻕ ﺍﻟﺬﻱ ﻳﺘﻌﺎﻣﻞ ﰲ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺴﺠﻠﺔ ﻟﺪﻯ ﳉﻨﺔ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﻭﺍﻟﺒﻮﺭﺻﺔ‪ ،‬ﺑﺼﺮﻑ ﺍﻟﻨﻈﺮ‬
‫ﻋﻦ ﺍﳌﻮﻗﻊ ﺍﳉﻐﺮﺍﰲ ﻟﻠﻤﻨﺸﺄﺓ ﺃﻭ ﺍﳌﻨﻈﻤﺔ ﺍﳌﺼﺪﺭﺓ ﻟﺘﻠﻚ ﺍﻟﻮﺭﻗﺔ ﻭ ﻣﻦ ﺍﻷﻣﺜﻠﺔ ﻋﻠﻰ ﺫﻟﻚ ﺑﻮﺭﺻﺔ ﻟﻨﺪﻥ ﻭﺑﻮﺭﺻﺔ‬
‫ﻃﻮﻛﻴﻮ ﻭ ﺑﻮﺭﺻﺔ ﻧﻴﻮﻳﻮﺭﻙ ﻟﻸﺳﻬﻢ‪.‬‬

‫‪ 1‬ﺩ‪ .‬ﻣﻨﲑ ﺇﺑﺮﺍﻫﻴﻢ ﺍﳍﻨﺪﻱ‪" ،‬ﺇﺩﺍﺭﺓ ﺍﻷﺳﻮﺍﻕ ‪ .‬ﺍﳌﻨﺸﺂﺕ ﺍﳌﺎﻟﻴﺔ "‪ ،‬ﻣﻨﺸﺄﺓ ﺍﳌﻌﺎﺭﻑ‪ ،‬ﺳﻨﺔ ‪ ،1999‬ﺹ ‪. 481‬‬
‫‪ 2‬ﳏﻤﺪ ﻋﺒﺪﻩ ﳏﻤﺪ ﻣﺼﻄﻔﻰ‪" ،‬ﺗﻘﻴﻴﻢ ﺍﻟﺸﺮﻛﺎﺕ ﻭﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ" ‪ ،‬ﺹ ‪.4‬‬
‫‪ 3‬ﺍﳊﻨﺎﻭﻱ ﳏﻤﺪ ﺻﺎﱀ‪ ،‬ﻣﺮﺟﻊ ﺳﺎﺑﻖ‪ ،‬ﺹ ‪.363‬‬
‫‪ 4‬ﳏﻤﺪ ﻋﺒﺪﻩ ﳏﻤﺪ ﻣﺼﻄﻔﻰ‪ ،‬ﻣﺮﺟﻊ ﺳﺎﺑﻖ‪ ،‬ﺹ‪.5‬‬
‫ﻭ ﻣﻨﻪ ﳝﻜﻦ ﺍﻟﻘﻮﻝ ﺃﻥ ﺍﻟﺴﻮﻕ ﺍﳌﻨﻈﻤﺔ ﻫﻲ ﻣﻜﺎﻥ ﺍﺟﺘﻤﺎﻉ ﲡﺮﻱ ﻓﻴﻪ ﺍﳌﻌﺎﻣﻼﺕ ﰲ ﻭﻗﺖ ﳏﺪﺩ ﻣﻦ‬
‫ﻗﺒﻞ‪ ،‬ﻭ ﻣﻌﻠﻦ ﻋﻨﻬﺎ ﺑﺎﻟﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ ﻭ ﺫﻟﻚ ﻋﻦ ﻃﺮﻳﻖ ﺍﻟﺴﻤﺎﺳﺮﺓ ﺍﶈﺘﺮﻓﲔ ﺍﳌﺆﻫﻠﲔ‪.‬‬

‫ﺍﻷﺳﻮﺍﻕ ﻏﲑ ﺍﳌﻨﻈﻤﺔ‪:‬‬
‫ﻭ ﻓﻴﻬﺎ ﺗﺘﺪﺍﻭﻝ ﻋﺎﺩﺓ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﻏﲑ ﺍﳌﺴﺠﻠﺔ ﺑﺎﻟﺒﻮﺭﺻﺔ ﻭ ﻳﺘﻢ ﲢﺪﻳﺪ ﺃﺳﻌﺎﺭ ﺍﻟﺘﻌﺎﻣﻞ ﺑﺎﻟﺘﻔﺎﻭﺽ‬
‫ﺣﻴﺚ ﺃﻧﻪ ﻻ ﻳﻮﺟﺪ ﻣﻜﺎﻥ ﻣﺎﺩﻱ ﳏﺪﺩ ﻟﻠﺘﻌﺎﻣﻞ ﺍﻟﺬﻱ ﻳﺘﻢ ﻣﻦ ﺧﻼﻟﻪ ﺷﺒﻜﺔ ﺍﺗﺼﺎﻻﺕ‪ .‬ﻓﻔﻲ ﻛﺜﲑ ﻣﻦ ﺍﻟﺒﻠﺪﺍﻥ ﻻ‬
‫ﺗﻨﺠﺢ ﺑﻌﺾ ﺍﻟﺸﺮﻛﺎﺕ ﰲ ﺩﺧﻮﻝ ﺍﻟﺒﻮﺭﺻﺔ‪.‬‬
‫ﻓﺘﻨﺸﺄ ﻣﺎ ﻳﺴﻤﻰ ﺑﺎﻟﺴﻮﻕ ﺍﳌﻮﺍﺯﻳﺔ ﺃﻭ ﺳﻮﻕ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﻟﻠﺸﺮﻛﺎﺕ ﻏﲑ ﺍﳌﺪﺭﺟﺔ ﰲ ﺍﻟﺒﻮﺭﺻﺔ‪.‬‬
‫‪ -3‬ﺍﻟﺴﻮﻕ ﺍﻟﺜﺎﻟﺚ‪:‬‬

‫ﻫﻲ ﺍﳉﺰﺀ ﻣﻦ ﺍﻟﺴﻮﻕ ﺍﻟﻐﲑ ﺍﳌﻨﻈﻢ ﲟﻌﲎ ﺃﻥ ﺻﻔﻘﺎﺕ ﺑﻴﻊ ﻭ ﺷﺮﺍﺀ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﺗﺘﻢ ﺧﺎﺭﺝ ﺍﻟﺒﻮﺭﺻﺔ‪،‬‬
‫ﻭ ﻳﺘﻢ ﺍﻟﺘﻌﺎﻣﻞ ﻣﻦ ﺧﻼﻝ ﺃﻋﻀﺎﺀ ﻣﻦ ﺑﻴﻮﺕ ﺍﻟﺴﻤﺴﺮﺓ ﺧﺎﺭﺝ ﺃﻋﻀﺎﺀ ﺍﻟﺴﻮﻕ ﺍﳌﻨﻈﻤﻮ ﻫﻢ ﻳﻘﺪﻣﻮﻥ ﺧﺪﻣﺎﺕ ﺍﻟﺒﻴﻊ‬
‫ﻭ ﺍﻟﺸﺮﺍﺀ ﻟﻠﻌﻤﻼﺀ ﻭ ﺧﺎﺻﺔ ﺍﳌﺆﺳﺴﺎﺕ ﺍﻻﺳﺘﺜﻤﺎﺭﻳﺔ ﺍﻟﻜﺒﲑﺓ ﻭ ﻋﺎﺩﺓ ﻣﺎ ﺗﺘﻤﻴﺰ ﻫﺬﻩ ﺍﻟﺴﻮﻕ ﰲ ﺍﳔﻔﺎﺽ ﺗﻜﺎﻟﻴﻒ‬
‫ﺍﳌﻌﺎﻣﻼﺕ ﻭ ﺍﳌﺘﻤﺜﻠﺔ ﰲ ﺍﻟﻌﻤﻮﻟﺔ ﺍﻟﱵ ﺗﺘﻘﺎﺿﺎﻫﺎ ﻣﻦ ﻫﺆﻻﺀ ﺍﻟﻌﻤﻼﺀ‪.1‬‬

‫ﻭ ﻣﻦ ﺃﻫﻢ ﺃﺳﺒﺎﺏ ﻭﺟﻮﺩ ﻫﺬﻩ ﺍﻟﺴﻮﻕ ﺍﻋﺘﻘﺎﺩ ﺍﻟﻌﻤﻼﺀ ﺃﻭ ﺍﳌﺆﺳﺴﺎﺕ ﺍﻻﺳﺘﺜﻤﺎﺭﻳﺔ ﺑﺄﻥ ﺗﻨﻔﻴﺬ ﺍﻟﻌﻤﻠﻴﺎﺕ‬
‫ﻳﺘﻢ ﺑﺴﺮﻋﺔ ﻛﺒﲑﺓ ﻭ ﺃﻳﻀﺎ ﺇﻣﻜﺎﻧﻴﺔ ﺍﻟﺘﻔﺎﻭﺽ ﰲ ﻣﻘﺪﺍﺭ ﺍﻟﻌﻤﻮﻟﺔ ﺍﻟﱵ ﳛﺼﻞ ﻋﻠﻴﻬﺎ ﺃﻋﻀﺎﺀ ﺑﻴﻮﺕ ﺍﻟﺴﻤﺴﺮﺓ ﻣﻦ‬
‫ﺧﺎﺭﺝ ﺍﻟﺒﻮﺭﺻﺔ ﺇﱃ ﺣﺪ ﺍﳊﺼﻮﻝ ﻋﻠﻰ ﲣﻔﻴﻀﺎﺕ ﻣﻐﺮﻳﺔ‪ ،‬ﺧﺎﺻﺔ ﺃﻥ ﺍﻟﺴﻤﺎﺳﺮﺓ ﰲ ﻫﺬﺍ ﺍﻟﺴﻮﻕ ﻏﲑ ﻣﻠﺰﻣﲔ ﲝﺪ‬
‫ﺃﺩﱏ ﻟﻠﻌﻤﻮﻟﺔ‪ ،‬ﻛﺬﻟﻚ ﳒﺪ ﺃﻥ ﺗﻌﺎﻣﻠﻬﻢ ﻣﻊ ﻛﺒﺎﺭ ﺍﳌﺴﺘﺜﻤﺮﻳﻦ ﺫﻭﻱ ﺍﳋﱪﺓ ﺍﻟﻌﺎﳌﻴﺔ ﻻ ﻳﺘﻄﻠﺐ ﻣﻨﻬﻢ ﺗﻘﺪﱘ ﺃﻱ‬
‫ﺧﺪﻣﺎﺕ ﺧﺎﺻﺔ ﺃﻭ ﺇﺿﺎﻓﻴﺔ‪.2‬‬

‫‪ -4‬ﺍﻟﺴﻮﻕ ﺍﻟﺮﺍﺑﻊ‪:‬‬
‫ﻫﻲ ﺍﻟﺴﻮﻕ ﺍﻟﺘﻌﺎﻣﻞ ﺍﳌﺒﺎﺷﺮ ﺑﲔ ﺍﻟﺸﺮﻛﺎﺕ ﺍﻟﻜﺒﲑﺓ ﻣﺼﺪﺭﺓ ﻟﻸﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﻭ ﺑﲔ ﺃﻏﻨﻴﺎﺀ ﺍﳌﺴﺘﺜﻤﺮﻳﻦ‬
‫ﺩﻭﻥ ﺍﳊﺎﺟﺔ ﺇﱃ ﺍﻟﺴﻤﺎﺳﺮﺓ ﺃﻭ ﲡﺎﺭ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﻭ ﻳﺘﻢ ﺍﻟﺘﻌﺎﻣﻞ ﺑﺴﺮﻋﺔ ﻭ ﺑﺘﻜﻠﻔﺔ ﺑﺴﻴﻄﺔ ﻣﻦ ﺧﻼﻝ ﺷﺒﻜﺔ‬

‫‪ 1‬ﻋﺒﻴﺪ ﺳﻌﻴﺪ ﺗﻮﻓﻴﻖ‪ ،‬ﺍﻻﺳﺘﺜﻤﺎﺭ ﰲ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ‪ ،‬ﻣﻜﺘﺒﺔ ﻋﲔ ﺍﻟﺸﻤﺲ ﺍﻟﻘﺎﻫﺮﺓ‪ ،‬ﺹ ‪.76‬‬
‫‪ 2‬ﻗﺮﻳﺎﻗﺺ ﺭﲰﻴﺔ ‪ ،‬ﻣﺼﺪﺭ ﺳﺎﺑﻖ‪ ،‬ﺹ‪.55‬‬
‫ﺍﺗﺼﺎﻻﺕ ﺇﻟﻜﺘﺮﻭﻧﻴﺔ‪ 1‬ﻭ ﻳﺘﻢ ﺍﻟﻠﻘﺎﺀ ﺑﲔ ﺍﻟﺒﺎﺋﻌﲔ ﻭ ﺍﳌﺴﺘﺜﻤﺮﻳﻦ ﻣﻦ ﺧﻼﻝ ﻭﺳﻴﻂ ﻳﻌﻤﻞ ﻹﲤﺎﻡ ﺍﻟﺼﻔﻘﺔ‪ ،‬ﻳﺴﺎﻋﺪﻩ‬
‫ﰲ ﺫﻟﻚ ﺷﺒﻜﺔ ﻗﻮﻳﺔ ﻣﻦ ﺍﻟﺘﻠﻴﻔﻮﻧﺎﺕ ﺃﻭ ﻋﻦ ﻃﺮﻳﻖ ﺍﳊﺎﺳﻮﺏ‪ .‬ﻫﺬﺍ ﻭ ﻻ ﳛﺘﻔﻆ ﺍﻟﻮﺳﻴﻂ ﲟﺨﺰﻭﻥ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ‬
‫‪2‬‬
‫ﺍﳌﺘﻌﺎﻣﻞ ﻓﻴﻬﺎ ﻭ ﻣﻦ ﰒ ﻻ ﺗﻮﺟﺪ ﺃﻱ ﳐﺎﻃﺮﺓ‪.‬‬

‫‪ 1‬ﻋﺒﻴﺪ ﺳﻌﻴﺪ ﺗﻮﻓﻴﻖ ﻣﺼﺪﺭ ﺳﺎﺑﻖ‪ ،‬ﺹ‪.76‬‬

‫‪ 2‬ﻣﻨﲑ ﺇﺑﺮﺍﻫﻴﻢ ﺍﳍﻨﺪﻱ‪ ،‬ﻣﺮﺟﻊ ﺳﺎﺑﻖ ﺹ‪.510‬‬
 ‫ﺍﻟﻔﺼﻞ ﺍﻷﻭﻝ‪ :‬ﻣﺎﻫﻴﺔ ﺍﻟﺒﻮﺭﺻﺔ ﻭﻋﻤﻠﻴﺎﺗﻬﺎ ﻭﺃﺻﻨﺎﻓﻬﺎ ﻭﺍﻟﻘﻴﻢ ﺍﻟﻤﺘﺪﺍﻭﻟﺔ ﻓﻴﻬﺎ‬
‫ﺗﻤﻬﻴـــﺪ‪:‬‬
‫ﺍﻟﺒﻮﺭﺻﺔ ﻫﻲ ﺳﻮﻕ ﻣﺜﺎﻟﻴﺔ ﻳﻠﻌﺐ ﻓﻴﻬﺎ ﺍﻟﻌﺮﺽ ﻭ ﺍﻟﻄﻠﺐ ﺩﻭﺭﻩ ﺍﻟﺮﺋﻴﺴﻲ ﰲ ﺗﻜﻮﻳﻦ ﻭﺣﺪﺓ ﺍﻟﺴﻌﺮ‪ ،‬ﻭ‬
‫ﻫﻲ ﻛﺄﻱ ﺳﻮﻕ ﺃﺧﺮﻯ ﲢﺘﺎﺝ ﺇﱃ ﻣﻨﺘﺠﺎﺕ ﺍﻟﺘﻌﺎﻣﻞ‪ ،‬ﻭ ﻣﻨﺘﺠﺎ‪‬ﺎ ﻫﻲ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ "ﺍﻷﺳﻬﻢ‪ ،‬ﺍﻟﺴﻨﺪﺍﺕ‪،‬‬
‫ﺃﻭﺭﺍﻕ ﻣﺸﺘﻘﺔ" ﻓﻬﺬﻩ ﺍﻟﻘﻄﻌﺔ ﻣﻦ ﺍﻟﻮﺭﻕ ﻫﻲ ﻣﻨﺘﻮﺝ ﻫﺬﺍ ﺍﻟﺴﻮﻕ ﻭ ﻫﻲ ﺩﻟﻴﻞ ﻣﻠﻜﻴﺔ ﻟﻠﻤﺴﺘﺜﻤﺮ ﰲ ﺍﻟﺒﻮﺭﺻﺔ ﻛﻤﺎ‬
‫ﺃ‪‬ﺎ ﲢﺪﺩ ﺣﻘﻮﻗﻪ ﺣﻴﺚ ﺗﺆﺩﻱ ﻫﺬﻩ ﺍﻷﻭﺭﺍﻕ ﻋﺪﺩﺍ ﻣﻦ ﺍﻟﻮﻇﺎﺋﻒ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﺍﻟﻌﺎﻣﺔ ﻭ ﺍﻟﻀﺮﻭﺭﻳﺔ ﻭ ﺫﻟﻚ ﻣﻦ‬
‫ﺧﻼﻝ ﺍﻟﺒﻮﺭﺻﺔ ﻓﺎﻟﺸﺮﻛﺎﺕ ﲢﺘﺎﺝ ﺇﱃ ﻣﺼﺎﺩﺭ ﲤﻮﻳﻞ ﺃﻱ ﻫﻲ ﺗﺴﺎﻋﺪ ﻋﻠﻰ ﺗﻮﻓﲑ ﺍﻟﺘﻤﻮﻳﻞ ﺍﳌﻄﻠﻮﺏ‪.‬‬
‫ﻭ ﺍﻟﺘﻌﺎﻣﻞ ﺑﺎﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﻫﻮ ﺍﻟﺘﻌﺎﻗﺪ ﻋﻠﻰ ﻋﻤﻠﻴﺔ ﻣﺴﺘﻘﺒﻠﻴﺔ ﻳﺘﻨﺒﺄ ‪‬ﺎ‪ ،‬ﻓﻴﻤﻜﻦ ﺃﻥ ﻳﻜﻮﻥ ﺍﻻﺳﺘﺜﻤﺎﺭ ﻓﻴﻬﺎ‬
‫ﺇﳚﺎﺑﻴﺎ ﻛﻤﺎ ﳝﻜﻦ ﺃﻥ ﻳﻜﻮﻥ ﺳﻠﺒﻴﺎ‪ .‬ﳍﺬﺍ ﳚﺐ ﻋﻠﻰ ﺍﳌﺴﺘﺜﻤﺮ ﻓﻴﻬﺎ ﺩﺭﺍﺳﺔ ﺍﻷﻭﺭﺍﻕ ﻭ ﺍﻟﻌﻮﺍﻣﻞ ﺍﳌﺮﺗﺒﻄﺔ ‪‬ﺎ‪.‬‬
‫ﻭ ﺳﻮﻑ ﻧﺪﺭﺱ ﰲ ﻫﺬﺍ ﺍﻟﻔﺼﻞ ﺇﱃ ﻧﺸﺄﺓ ﺍﻟﺒﻮﺭﺻﺔ ﻭ ﻣﻔﻬﻮﻣﻬﺎ ﻭ ﺃﳘﻴﺔ ﺍﻟﺒﻮﺭﺻﺔ ﻭﺍﻟﻌﻤﻠﻴﺎﺕ ﺍﻟﱵ ﺗﻘﺎﻡ ﻓﻴﻬﺎ‬
‫ﺑﺎﻹﺿﺎﻓﺔ ﺇﱃ ﺗﺼﻨﻴﻔﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ ﻭ ﺍﻟﻘﻴﻢ ﺍﳌﺘﺪﺍﻭﻟﺔ ﻓﻴﻬﺎ‪.‬‬
 ‫ﺍﻟﻤﺒﺤﺚ ﺍﻷﻭﻝ‪ :‬ﻣﺎﻫﻴﺔ ﺍﻟﺒﻮﺭﺻﺔ‪.‬‬
‫ﻟﻘﺪ ﺃﺛﺎﺭ ﺟﻬﺎﺯ ﺍﻟﺒﻮﺭﺻﺔ ﺟﺪﻻ ﻛﺒﲑﺍ ﺑﲔ ﺍﻻﻗﺘﺼﺎﺩﻳﲔ ﺇﻻ ﺃ‪‬ﺎ ﰲ ﺍﻟﻮﺍﻗﻊ ﺑﻘﻴﺖ ﻣﺆﺳﺴﺔ ﳎﻬﻮﻟﺔ ﺗﻘﺮﻳﺒﺎ‬
‫ﻣﻦ ﻋﺎﻣﺔ ﺍﻟﻨﺎﺱ‪ .‬ﻭ ﻣﻊ ﺍﻟﺘﻄﻮﺭ ﺍﻟﺬﻱ ﺣﺪﺙ ﰲ ﺍﳊﻴﺎﺓ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﻭ ﺍﻟﻨﻬﻮﺽ ﺑﺎﻻﻗﺘﺼﺎﺩ ﻳﺘﻄﻠﺐ ﲡﻤﻴﻊ ﺭﺅﻭﺱ‬
‫ﺍﻷﻣﻮﺍﻝ ﻭ ﻳﺘﻢ ﺫﻟﻚ ﻋﻦ ﻃﺮﻳﻖ ﻃﺮﺡ ﺃﻭﺭﺍﻕ ﻣﺎﻟﻴﺔ ﰲ ﺳﻮﻕ ﺗﺪﻋﻰ ﺍﻟﺒﻮﺭﺻﺔ‪ .‬ﻭ ﻟﻘﺪ ﺃﺻﺒﺤﺖ ﺍﳊﺎﺟﺔ ﻣﻠﺤﺔ‬
‫ﻟﻠﺠﻮﺀ ﺇﱃ ﺍﻻﺩﺧﺎﺭ ﺍﻟﻔﺮﺩﻱ ﳍﺬﺍ ﺃﻧﺸﺄﺕ ﺷﺮﻛﺎﺕ ﺍﳌﺴﺎﳘﺔ ﻭ ﻋﻤﺪﺕ ﺍﳊﻜﻮﻣﺎﺕ ﺇﱃ ﺇﺻﺪﺍﺭ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﻭ‬
‫ﻛﺎﻥ ﻻ ﺑﺪ ﻣﻦ ﻣﻼﻗﺎﺓ ﺍﻟﺒﺎﺋﻊ ﻭ ﺍﻟﺸﺎﺭﻱ ﰲ ﺟﻮ ﺗﺘﺄﻣﻦ ﻓﻴﻪ ﺣﺮﻳﺔ ﺍﳌﻨﺎﻓﺴﺔ ﺍﻟﺘﺠﺎﺭﻳﺔ ﻭ ﻋﻤﺪﺕ ﺍﳊﻜﻮﻣﺎﺕ ﺇﱃ‬
‫ﺗﻨﻈﻴﻢ ﺍﻷﺳﻮﺍﻕ ﺍﳌﺎﻟﻴﺔ ﻳﺘﻠﻘﻰ ﻓﻴﻪ ﻃﺮﻓﺎ ﺍﳌﺸﺮﻭﻉ‪.‬‬

‫ﺍﻟﻤﻄﻠﺐ ﺍﻷﻭﻝ‪ :‬ﻧﺸﺄﺓ ﺍﻟﺒﻮﺭﺻﺔ ﻭ ﻣﻔﻬﻮﻣﻬﺎ‪.‬‬

‫ﺍﻟﻔﺮﻉ ﺍﻷﻭﻝ‪ :‬ﺗﺎﺭﻳﺦ ﺍﻟﺒﻮﺭﺻﺔ‪.‬‬
‫ﺗﻌﺪ ﺍﻟﺒﻮﺭﺻﺔ ﻣﻦ ﺃﻗﺪﻡ ﺍﳌﻨﺸﺂﺕ ﺍﻟﱵ ﻇﻬﺮﺕ ﺑﻈﻬﻮﺭ ﺃﺩﱏ ﺍﻟﺘﻌﺎﻣﻼﺕ ﺑﲔ ﺍﻷﺷﺨﺎﺹ ﻗﺼﺪ ﺗﺒﺎﺩﻝ‬
‫ﺍﻟﺴﻠﻊ ﻭ ﺍﳋﺪﻣﺎﺕ ﻋﻦ ﻃﺮﻳﻖ ﺍﳌﻘﺎﻳﻀﺔ ﻭ ﺍﻟﻨﻘﻮﺩ ﺍﳌﻌﺪﻧﻴﺔ‪.‬‬
‫ﻓﻴﻌﻮﺩ ﻭﺟﻮﺩ ﺍﻟﺒﻮﺭﺻﺔ ﺇﱃ ﺍﻟﻌﻬﺪ ﺍﻟﺮﻭﻣﺎﱐ‪ ،‬ﺣﻴﺚ ﺗﻮﻟﺖ ﺍﻟﻄﺒﻘﺔ ﺍﻟﺒﻮﺭﺟﻮﺍﺯﻳﺔ ﺍﳌﺎﻟﻴﺔ ﺣﻖ ﲡﻤﻴﻊ‬
‫ﺍﻟﻀﺮﺍﺋﺐ‪ ،‬ﻣﻦ ﺃﺟﻞ ﻣﻮﺍﺟﻬﺔ ﺗﻜﺎﻟﻴﻒ ﺍﻟﺒﻨﺎﺀﺍﺕ ﻭ ﺍﻟﺘﺠﻤﻴﻼﺕ‪ ،‬ﺍﻟﱵ ﺗﻘﺎﻡ ﰲ ﺭﻭﺳﻴﺎ‪ ،‬ﻭ ﻛﺬﺍ ﺗﻜﺎﻟﻴﻒ ﺷﺮﺍﺀ‬
‫ﺍﻷﺩﻭﺍﺕ ﺍﳊﺮﺑﻴﺔ‪ ،‬ﻓﺘﻜﻮﻧﺖ ﺑﺬﻟﻚ ﺑﻌﺾ ﺍﻟﺸﺮﻛﺎﺕ ﺍﻟﱵ ﻛﻠﻔﺖ ﲟﻬﻤﺔ ﲡﻤﻴﻊ ﺍﻷﻣﻮﺍﻝ ﺍﻟﻀﺮﻭﺭﻳﺔ ﻟﻠﻘﻴﺎﻡ‬
‫ﲟﻬﻤﺘﻬﺎ‪.1‬‬
‫ﻭ ﻛﻠﻤﺔ ﺑﻮﺭﺻﺔ ﻣﺸﺘﻘﺔ ﻣﻦ ﺍﺳﻢ ﺃﺣﺪ ﺍﻟﺼﻴﺎﺭﻓﺔ ﺑﱪﻭﺝ "‪ "Bruges‬ﰲ ﺑﻠﺠﻴﻜﺎ ﻭ ﺍﻟﺬﻱ ﻛﺎﻥ ﻳﺪﻋﻰ‬
‫"‪ "Vander Bourse‬ﻭ ﻗﺪ ﻛﺎﻥ ﲡﺎﺭ ﺍﳌﺪﻳﻨﺔ ﳚﺘﻤﻌﻮﻥ ﰲ ﻗﺼﺮﻩ ﺣﻴﺚ ﺗﺘﻢ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻴﻊ ﻭ ﺍﻟﺸﺮﺍﺀ‪.‬‬
‫ﻓﺄﻭﻝ ﺇﻧﺸﺎﺀ ﻟﻠﺒﻮﺭﺻﺔ ﻭ ﻋﺮﻑ ‪‬ﺬﺍ ﺍﻻﺳﻢ ﻫﻮ ﺑﻨﺎﺀ ﻣﺪﻳﻨﺔ ﺃﻧﻔﺮﺱ "‪"Anvers‬ﺳﻨﺔ ‪1460‬‬
‫ﺑﺒﻠﺠﻴﻜﺎ‪ 2‬ﻭ ﺃﻏﻠﺒﻴﺔ ﺍﻟﺒﻮﺭﺻﺎﺕ ﰲ ﺗﻠﻚ ﺍﻟﻔﺘﺮﺓ ﺗﻔﺮﻏﺖ ﻟﺘﺠﺎﺭﺓ ﺍﻟﺴﻠﻊ ﻟﻜﻦ ﲡﺎﺭﺓ ﺍﻟﻨﻘﻮﺩ ﻛﺎﻧﺖ ﲤﺎﺭﺱ ﺃﻳﻀﺎ ﰲ‬
‫ﺍﳌﺪﻥ ﺍﻟﱵ ﺗﻘﺎﻡ ‪‬ﺎ ﺍﻷﺳﻮﺍﻕ ﻣﺜﻞ ﺃﻧﻔﺎﺭﺱ "‪ "Anvers‬ﻭ ﺃﻣﺴﺘﺮﺩﺍﻡ‬

‫"‪ ."Amesterdam‬ﻭ ﰲ ‪ 1571‬ﺍﻓﺘﺘﺤﺖ ﻣﻠﻜﺔ ﺇﳒﻠﺘﺮﺍ ﺍﳌﻠﻜﺔ ﺇﻟﻴﺰﺍﺑﺎﺕ ﺑﻮﺭﺻﺔ ﻟﻨﺪﻥ ﻭ ﺍﻟﱵ ﺗﻘﻊ‬
‫ﰲ ﻣﺒﲎ ﻋﻠﻰ ﻃﺮﺍﺯ ﺑﻮﺭﺻﺔ "ﺃﻧﻔﺎﺭﺱ" ‪.Anvers‬‬

‫‪ 1‬ﺭﺍﺟﻊ‪S.A Boukrami, Vade mecum de la finance , P14.‬‬

‫‪ 2‬ﴰﻌﻮﻥ ﴰﻌﻮﻥ‪ ،‬ﺍﻟﺒﻮﺭﺻﺔ‪ ،‬ﺑﻮﺭﺻﺔ ﺍﳉﺰﺍﺋﺮ‪ .،‬ﺍﻷﻃﻠﺲ ﻟﻠﻨﺸﺮ‪ ،‬ﺍﻟﻄﺒﻌﺔ ﺍﻷﻭﱃ‪ ،‬ﺍﳉﺰﺍﺋﺮ‪ ،‬ﺳﻨﺔ‪ ،1993‬ﺹ‪ 7‬ﻭ ﺹ‪8‬‬
‫ﻓﻤﻨﺬ ﺍﻟﻘﺮﻥ ‪ 17‬ﻛﺎﻧﺖ ﻫﻨﺎﻙ ﻣﺒﺎﺩﻻﺕ ﰲ ﻟﻨﺪﻥ ﻟﻸﺳﻬﻢ ﻭ ﺍﻷﻭﺭﺍﻕ‪ ،‬ﺑﲔ ﺍﻟﺘﺠﺎﺭ ﻭ ﺍﻟﱪ‬
‫ﻭﻛﺮﺱ"‪ "Prokers‬ﺣﻴﺚ ﻛﺎﻧﻮﺍ ﻳﻠﺘﻘﻮﻥ ﰲ ﻣﻘﺮ ﻣﻘﻬﻰ "‪ "Le Jonathans coffee house‬ﰒ ﺑﻌﺪ‬
‫ﻫﺬﺍ ﺃﺻﺒﺤﻮﺍ ﻳﻠﺘﻘﻮﻥ ﰲ ﻣﻘﺮ "‪ "Thread needle street‬ﺃﻳﻦ ﺣﺎﻟﻴﺎ ﻳﻮﺟﺪ ﺑﻨﻚ ﺍﳒﻠﺘﺮﺍ ﻭ ﺃﻭﻝ ﺑﻮﺭﺻﺔ‬
‫ﺃﻧﺸﺄﺕ ﰲ ‪ 1773‬ﰲ ﻟﻨﺪﻥ "‪ "Stock Exchange‬ﻭ ﰲ ﺃﻭﺍﺧﺮ ﺍﻟﻘﺮﻥ ﺍﻟﺴﺎﺑﻊ ﻋﺸﺮ ‪ 17‬ﺣﻮﺍﱄ ‪150‬‬
‫ﺷﺮﻛﺔ ﺃﺻﺪﺭﺕ ﺃﻭﺭﺍﻕ ﻛﺎﻧﺖ ﺗﺴﺘﺒﺪﻝ ﰲ ﺍﻟﺴﻮﻕ‪.1‬‬
‫ﻭ ﰲ ﻧﻔﺲ ﺍﻟﻔﺘﺮﺓ ﻇﻬﺮﺕ ﺃﻭﻝ ﻣﺆﺳﺴﺎﺕ ﲡﺎﺭﻳﺔ ﺑﺎﻷﺳﻬﻢ‪ .‬ﺃﺳﺴﺖ ﻟﺘﻤﻮﻳﻞ ﺃﻛﱪ ﺍﻻﻛﺘﺸﺎﻓﺎﺕ ﻭ‬
‫ﺍﺳﺘﻐﻼﻝ ﺍﻟﻮﻛﺎﻻﺕ ﺍﻟﺘﺠﺎﺭﻳﺔ ﺍﻟﺒﻌﻴﺪﺓ‪ .‬ﻭ ﻫﺬﻩ ﺍﻻﺑﺘﻜﺎﺭﺍﺕ ﲡﺪ ﻣﻌﻬﺎ ﺗﻄﻮﺭﺍﺕ ﺟﺪﻳﺪﺓ ﺑﺎﻟﻨﺴﺒﺔ ﻟﻨﺸﺎﻁ ﺍﻟﺒﻮﺭﺻﺔ‪.‬‬
‫ﻭ ﻟﻘﺪ ﺷﻬﺪﺕ ﺍﻟﺒﻮﺭﺻﺔ ﻣﻨﺬ ﻧﺸﺄ‪‬ﺎ ﺃﻧﻮﺍﻋﺎ ﻋﺪﻳﺪﺓ‪ ،‬ﺍﺑﺘﺪﺍﺀ ﺑﺒﻮﺭﺻﺔ ﺍﻟﺬﻫﺐ ﻭ ﺍﳌﻌﺎﺩﻥ ﺍﻟﻨﻔﺴﻴﺔ‪،‬‬
‫ﻓﺒﻮﺭﺻﺔ ﺍﻟﺒﻀﺎﺋﻊ ﰲ ﺍﻟﻘﺮﻥ ﺍﻟﺴﺎﺑﻊ ﻋﺸﺮ ‪ 17‬ﺍﻟﱵ ﻋﺮﻓﺖ ﺗﻄﻮﺭ ﻛﺒﲑ ﰲ ﺍﻟﻘﺮﻥ ﺍﻟﺘﺎﺳﻊ ﻋﺸﺮ ‪ 19‬ﺑﻌﻀﻪ ﺑﻮﺭﺻﺔ‬
‫ﻟﻴﻔﺮ ﺑﻮﻝ "‪ "Liverpool‬ﻟﻠﻘﻄﻦ ﻋﺎﻡ ‪ ،1842‬ﻭ ﺑﻮﺭﺻﺔ ﺍﻟﻘﻤﺢ ﺳﻨﺔ ‪ ،1842‬ﺍﻟﱵ ﺗﺒﻌﺘﻬﺎ ﺇﻧﺸﺎﺀ ﺑﻮﺭﺻﺔ‬
‫ﺃﺧﺮﻯ ﻟﻠﻘﻄﻦ ﺑﻨﻴﻮﻳﻮﺭﻙ ﺳﻨﺔ ‪.21868‬‬
‫ﺃﻣﺎ ﺑﻮﺭﺻﺔ ﺍﻟﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ ﻓﻬﻲ ﺃﻳﻀﺎ ﻇﻬﺮﺕ ﰲ ﺍﻟﻘﺮﻥ ﺍﻟﺜﺎﻣﻦ ﻋﺸﺮ‪ 18‬ﻣﻊ ﺑﺪﺍﻳﺔ ﺍﻟﺜﻮﺭﺓ ﺍﻟﺼﻨﺎﻋﻴﺔ‪ ،‬ﻭ‬
‫ﻗﺪ ﻛﺎﻧﺖ ﻧﺸﺄ‪‬ﺎ ﻣﺮﺗﺒﻄﺔ ﺑﺘﺰﺍﻳﺪ ﺃﳘﻴﺔ ﺍﻟﻘﺮﻭﺽ ﺍﳊﻜﻮﻣﻴﺔ ‪ ،‬ﺍﻟﱵ ﺍﻋﺘﱪﺕ ﺃﺣﺪ ﺃﻫﻢ ﺍﻟﻌﻮﺍﻣﻞ ﺍﳌﺴﺎﻋﺪﺓ ﻋﻠﻰ‬
‫ﺗﺮﺍﻛﻢ ﺭﺅﻭﺱ ﺍﻷﻣﻮﺍﻝ‪.‬‬
‫ﻭ ﻗﺪ ﺑﻘﻲ ﺩﻭﺭ ﺍﻟﺒﻮﺭﺻﺔ ﳏﺪﻭﺩﺍ ﺇﱃ ﻏﺎﻳﺔ ﻣﻨﺘﺼﻒ ﺍﻟﺴﺘﻴﻨﺎﺕ ‪ 60‬ﻣﻦ ﺍﻟﻘﺮﻥ ﺍﻟﺘﺎﺳﻊ ﻋﺸﺮ ‪ ،19‬ﺣﻴﺚ‬
‫ﻛﺎﻥ ﺍﻟﺘﻌﺎﻣﻞ ﰲ ﺑﺪﺍﻳﺔ ﺍﻷﻣﺮ ﳏﺼﻮﺭﺍ ﻓﻘﻂ ﰲ ﺳﻨﺪﺍﺕ ﺍﻟﻘﺮﺽ ﺍﻟﻌﺎﻡ‪ ،‬ﻟﻜﻦ ﻣﻊ ﺇﻧﺸﺎﺀ ﺷﺮﻛﺎﺕ ﺍﳌﺴﺎﳘﺔ ﻭ‬
‫ﺗﻄﻮﺭﻫﺎ ﺍﺯﺩﺍﺩﺕ ﺍﳊﺎﺟﺔ ﺇﱃ ﺭﺅﻭﺱ ﺍﻷﻣﻮﺍﻝ ﺍﻟﻀﺨﻤﺔ ﻟﺘﻐﻄﻴﺔ ﺗﻜﺎﻟﻴﻒ ﺍﻻﺳﺘﺜﻤﺎﺭﺍﺕ ﻋﻠﻰ ﺍﳌﺪﻯ ﺍﻟﻄﻮﻳﻞ‪ ،‬ﻭ ﻣﻦ‬
‫ﰒ ﺗﺰﺍﻳﺪﺕ ﺇﺻﺪﺍﺭﺍﺕ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﻣﻦ ﺍﻷﺳﻬﻢ ﻭ ﺍﻟﺴﻨﺪﺍﺕ‪ ،‬ﻭ ﺑﺬﻟﻚ ﻟﻌﺒﺖ ﺍﻟﺒﻮﺭﺻﺔ ﺍﻟﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ ﺩﻭﺭﺍ ﻫﺎﻣﺎ‬
‫ﰲ ﺗﻌﺒﺌﺔ ﺍﻻﺩﺧﺎﺭ ﻭ ﺗﻮﻓﲑ ﺍﻟﺴﻴﻮﻟﺔ ﺍﳌﺎﻟﻴﺔ ﺍﻟﻼﺯﻣﺔ ﻟﺘﻤﻮﻳﻞ ﺍﳌﺸﺎﺭﻳﻊ ﺍﻻﺳﺘﺜﻤﺎﺭﻳﺔ‪.‬‬

‫ﺍﻟﻔﺮﻉ ﺍﻟﺜﺎﱐ‪ :‬ﺗﻌﺮﻳﻒ ﺍﻟﺒﻮﺭﺻﺔ‪.‬‬

‫ﺗﻌﺪ ﺍﻟﺒﻮﺭﺻﺎﺕ ﺳﻮﻗﺎ ﻳﻠﺘﻘﻲ ﻓﻴﻬﺎ ﺍﻟﺒﺎﺋﻊ ﻭ ﺍﳌﺸﺘﺮﻱ ﻹﲤﺎﻡ ﻋﻤﻠﻴﺔ ﺍﻟﺘﺒﺎﺩﻝ‪ ،‬ﻭ ﻣﻦ ﰒ ﻓﺈﻥ ﻧﺸﺎﻃﺎﺕ‬
‫ﺍﻟﺒﻮﺭﺻﺎﺕ ﻳﺘﺴﻊ ﻟﻴﺸﻤﻞ ﻛﺎﻓﺔ ﺃﻧﻮﺍﻉ ﺍﳌﻌﺎﻣﻼﺕ ﻭ ﺍﻷﻧﺸﻄﺔ ﺍﻟﱵ ﳝﺎﺭﺳﻬﺎ ﺍﳌﺘﻌﺎﻣﻠﻮﻥ ﻭ ﳛﺘﺎﺟﻮﻥ ﺇﻟﻴﻬﺎ ﻹﺷﺒﺎﻉ‬
‫ﺍﺣﺘﻴﺎﺟﺎ‪‬ﻢ ﻭ ﺭﻏﺒﺎ‪‬ﻢ‪.‬‬

‫‪ 1‬ﺭﺍﺟﻊ ‪J.Peyeard,op,cit,1992,P7 :‬‬

‫‪ 2‬ﺭﺍﺟﻊ ‪S.A.Boukrami / OPCIT , P15 :‬‬
‫ﻓﺎﻟﺒﻮﺭﺻﺔ ﺳﻮﻕ ﺗﻘﻮﻡ ﻋﻠﻰ ﺗﺒﺎﺩﻝ ﻣﻨﺘﻮﺝ )ﺳﻠﻌﺔ‪/‬ﺧﺪﻣﺔ‪/‬ﻓﻜﺮﺓ( ﻣﺎ ﺑﲔ ﺍﻟﺒﺎﺋﻊ ﻭ ﺍﳌﺸﺘﺮﻱ ﻛﻞ ﻣﻨﻬﻢ‬
‫ﻟﺪﻳﻪ ﺍﻟﺮﻏﺒﺔ ﻭ ﺍﻟﻘﺪﺭﺓ ﻋﻠﻰ ﺇﲤﺎﻡ ﻋﻤﻠﻴﺔ ﺍﻟﺘﺒﺎﺩﻝ ‪.‬‬
‫ﻭ ﳌﺎ ﻛﺎﻧﺖ ﺍﻟﺒﻮﺭﺻﺎﺕ ﺍﳌﺘﻨﻮﻋﺔ ﻭ ﺍﳌﺨﺘﻠﻔﺔ ﻧﻈﺮﺍ ﻟﺘﻨﻮﻉ ﻧﺸﺎﻁ ﺍﳌﺘﻌﺎﻣﻠﻮﻥ ﻭ ﺍﺧﺘﻼﻑ ﲣﺼﺺ ﺍﻷﻓﺮﺍﺩ‬
‫ﻭ ﺍﺧﺘﻼﻑ ﻇﺮﻭﻑ ﻛﻞ ﳎﺘﻤﻊ ﻣﻦ ﺍﺠﻤﻟﺘﻤﻌﺎﺕ‪ ،‬ﻓﺈﻧﻪ ﻳﺘﻌﲔ ﺍﻹﺣﺎﻃﺔ ﲜﻮﺍﻧﺐ ﻣﻔﻬﻮﻡ ﺍﻟﺒﻮﺭﺻﺔ ﻭﺍﻟﱵ ﳛﺪﺩﻫﺎ ﻟﻨﺎ‬
‫ﺍﻟﺸﻜﻞ ﺍﻟﺘﺎﱄ‪:‬‬
‫ﺍﻟﺸﻜﻞ ﺭﻗﻢ ‪01:‬‬
‫ﺷﻜﻞ ﻳﻮﺿﺢ‪ :‬ﺟﻮﺍﻧﺐ ﻣﻔﻬﻮﻡ ﺍﻟﺒﻮﺭﺻﺔ‪.‬‬

‫ﻣﻜﺎن ﻣﻌﻠﻮم و ﻣﺤﺪد ﺳﺎﺑﻘﺎ‬

‫ﺗﺴﻴﲑ ﺍﻟﺘﺒﺎﺩﻝ‬ ‫ﻗﺪﺭ ﻣﻨﺎﺳﺐ ﻣﻦ ﺍﻟﺸﻔﺎﻓﻴﺔ ﻭ ﺍﻟﻌﻼﻧﻴﺔ‬

‫ﺗﺴﻴﲑ ﻧﻘﻞ ﺍﳌﻠﻜﻴﺔ‬ ‫ﺭﺻﺪ ﺍﳌﺘﻐﲑﺍﺕ ﻭ ﺍﳌﺴﺘﺠﺪﺍﺕ‬

‫ﺗﺴﻴﲑ ﺍﳊﻴﺎﺯﺓ ﻭ ﺍﻻﻧﺘﻔﺎﻉ‬ ‫ﻗﻴﺎس و ﻣﻌﺮﻓﺔ اﻻﺗﺠﺎهﺎت اﻟﻤﺨﺘﻠﻔﺔ‬

‫إﺗﻤﺎم اﻟﻌﻤﻠﻴﺎت ﺑﺠﻮاﻧﺒﻬﺎ‬

‫ﺍﻟﻤﺼﺪﺭ ‪ :‬ﻣﺤﻤﺪ ﺣﺴﻦ ﻟﺨﻀﺮﻱ‪ ،‬ﻛﻴﻒ ﺗﺘﻌﻠﻢ ﺍﻟﺒﻮﺭﺻﺔ ﻓﻲ ‪ 24‬ﺳﺎ‪.‬‬

‫ﻭ ﺑﻮﺭﺻﺔ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﻫﻲ ﺻﻮﺭﺓ ﻣﺼﻐﺮﺓ ﻣﻦ ﺍﻟﺴﻮﻕ ﺍﳌﺎﻟﻴﺔ ‪‬ﺪﻑ ﺇﱃ ﺍﻟﺘﺴﻌﲑ ﻭﺍﻟﺘﻤﻮﻳﻞ ﻭ ﺍﻟﻌﺮﺽ‬
‫ﻭ ﺍﻟﻄﻠﺐ‪ .‬ﻭ ﻭﺭﺍﺀ ﺍﻟﻌﺮﺽ ﻭ ﺍﻟﻄﻠﺐ ﻭﺳﻄﺎﺀ‪ .‬ﻭ ﺍﻟﻮﺳﺎﻃﺔ ﻫﻨﺎ ﺑﲔ ﺍﻷﺷﺨﺎﺹ ﻭ ﺗﻌﻤﻞ ﺑﻮﺭﺻﺔ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ‬
‫ﰲ ﺇﻃﺎﺭ ﺁﻟﻴﺎﺕ ﻣﻌﻴﻨﺔ ﻭ ﺯﻣﺎﻥ ﻭ ﻣﻜﺎﻥ ﻣﻌﲔ ﻭ ﻣﻮﺿﻮﻋﻬﺎ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ "ﺍﻷﺳﻬﻢ ﻭ ﺍﻟﺴﻨﺪﺍﺕ"‪.1‬‬

‫‪ 1‬ﻣﺼﻄﻔﻰ ﺭﺷﻴﺪ ﺷﻴﺤﺔ‪ ،‬ﺍﻻﻗﺘﺼﺎﺩ ﺍﳌﺼﺮﰲ ﻭ ﺍﻟﺒﻮﺭﺻﺎﺕ‪ ،‬ﺩﺍﺭ ﻭﺍﺋﻞ ﻟﻠﻨﺸﺮ‪ ،‬ﺳﻨﺔ ‪ ،1999‬ﺹ‪.391‬‬
 ‫ﻭ ﻫﻜﺬﺍ ﳝﻜﻦ ﺍﻟﻘﻮﻝ ﺃﻥ ﻋﻨﺎﺻﺮ ﺑﻮﺭﺻﺔ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﺗﺘﻤﺜﻞ ﰲ ‪:‬‬
‫*ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﻭ ﲤﺜﻞ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺘﺪﺍﻭﻟﺔ ﰲ ﺍﻟﺴﻮﻕ ﺍﳌﺎﱄ‪.‬‬
‫*ﺍﳌﺘﻌﺎﻣﻠﻮﻥ ‪ :‬ﻭ ﻫﻢ ﺍﻟﺒﺎﺋﻌﻮﻥ ﻭ ﺍﳌﺸﺘﺮﻭﻥ ﻭ ﺍﻟﺴﻤﺎﺳﺮﺓ ﻭ ﺍﳍﻴﺌﺎﺕ ﻭﺍﻟﺸﺮﻛﺎﺕ ﺍﳌﺮﺗﺒﻄﺔ‬
‫ﺑﻌﻤﻠﻴﺎﺕ ﺗﺪﺍﻭﻝ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ‪.‬‬
‫*ﻣﻌﻠﻮﻣﺎﺕ‪ :‬ﻭ ﲤﺜﻞ ﳏﺮﻛﺎﺕ ﻭ ﻣﺆﺷﺮﺍﺕ ﺍﲣﺎﺫ ﻗﺮﺍﺭﺍﺕ ﺷﺮﺍﺀ ﺃﻭ ﺑﻴﻊ ﺃﻭ ﺍﻻﺣﺘﻔﺎﻅ‬
‫ﺑﺎﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ‪ ،‬ﲟﻌﺮﻓﺔ ﺍﳌﺴﺘﺜﻤﺮﻳﻦ ﺍﳊﺎﻟﻴﲔ ﻭ ﺍﳌﺮﺗﻘﺒﲔ‪.1‬‬
‫ﺍﻟﻔﺮﻉ ﺍﻟﺜﺎﻟﺚ‪ :‬ﺍﻟﺒﻮﺭﺻﺔ ﻭ ﺍﻟﺴﻮﻕ‬
‫ﺍﻟﺒﻮﺭﺻﺔ ﻭﻟﻴﺪﺓ ﺍﻟﺴﻮﻕ ﻭ ﻛﻞ ﻣﻨﻬﻤﺎ ﻳﻠﺘﻘﻲ ﻓﻴﻪ ﺍﻟﻌﺮﺽ ﻭﺍﻟﻄﻠﺐ ﺍﻻ ﺍﻥ ﺍﻟﺴﻮﻕ ﻭﺍﻟﺒﻮﺭﺻﺔ ﳜﺘﻠﻔﺎﻥ ﻣﻦ‬
‫ﻋﺪﺓ ﻧﻮﺍﺣﻲ‪.‬‬
‫ﺃ‪ -‬ﻳﺘﻢ ﺍﻟﺘﻌﺎﻣﻞ ﰲ ﺍﻟﺴﻮﻕ ﻋﻠﻰ ﺳﻠﻊ ﻣﺘﻨﻮﻋﺔ‪ ,‬ﺇﻣﺎ ﺍﻟﺴﻠﻊ ﺍﻟﱵ ﻳﺘﻢ ﺍﻟﻌﺎﻣﻞ ﻓﻴﻬﺎ ﰲ ﺍﻟﺒﻮﺭﺻﺔ‬
‫ﻓﻴﺠﺐ ﺃﻥ ﺗﺘﻮﻓﺮ ﻋﻠﻰ ﺷﺮﻭﻁ ﻣﻌﻴﻨﺔ‪:‬‬
‫* ﳚﺐ ﺇﻥ ﺗﻜﻮﻥ ﺍﻟﺴﻠﻌﺔ ﻗﺎﺑﻠﺔ ﻟﻠﺒﻘﺎﺀ ﻣﺪﺓ ﻃﻮﻳﻠﺔ ﺩﻭﻥ ﺃﻥ ﻳﺼﻴﺒﻬﺎ ﺍﻟﺘﻠﻒ ﻃﻮﺍﻝ ﻓﺘﺮﺓ ﺣﻔﻈﻬﺎ ﺃﻭ‬
‫ﲣﺰﻳﻨﻬﺎ‪ ,‬ﻓﺎﻟﻔﻮﺍﻛﻪ ﻭ ﺍﳋﻀﺮ ﳒﺪ ﳍﺎ ﺃﺳﻮﺍﻗﺎ ﻭﻟﻴﺲ ﳍﺎ ﺑﻮﺭﺻﺎﺕ‪.‬‬
‫* ﳚﺐ ﺇﻥ ﺗﻜﻮﻥ ﺍﻟﺴﻠﻊ ﺍﳌﺘﻌﺎﻣﻞ ‪‬ﺎ ﰲ ﺍﻟﺒﻮﺭﺻﺔ ﻣﺘﻤﺎﺛﻠﺔ ﺃﻱ ﺗﺘﻤﺜﻞ ﰲ ﳎﻤﻮﻋﺔ ﻣﻦ ﺍﻟﺴﻠﻊ ﻣﻮﺣﺪﺓ ﰲ‬
‫ﺍﻟﻨﻮﻉ ﺃﻭ ﺍﻟﺮﺗﺒﺔ ﺇﺫ ﳝﻜﻦ ﻣﻌﺮﻓﺔ ﻣﻘﺎﺩﻳﺮﻫﺎ ﺑﺎﻟﻮﺯﻥ ﺃﻭ ﺍﻟﻌﺪﺩ ﻛﺎﻟﻘﻄﻦ ﻭ ﺍﻟﻘﻤﺢ ﻭﺍﻷﺳﻬﻢ ﻭ ﺍﻟﺴﻨﺪﺍﺕ‪ ...‬ﺍﱁ‪.‬‬
‫* ﳚﺐ ﺇﻥ ﻳﻜﻮﻥ ﻛﻞ ﻣﻦ ﺍﻟﻌﺮﺽ ﻭ ﺍﻟﻄﻠﺐ ﻋﻠﻰ ﺍﻟﺴﻠﻌﺔ ﺧﺎﺿﻌﲔ ﻟﻈﺮﻭﻑ ﻣﺘﻐﲑﺓ ﻭﻣﺘﻘﻠﺒﺔ ﻭ ﺗﻜﻮﻥ‬
‫ﺃﺳﻌﺎﺭﳘﺎ ﻋﺮﺿﺔ ﻟﻠﺘﻘﻠﺒﺎﺕ ﻭ ﺍﻟﺘﻐﲑﺍﺕ ﺣﱴ ﺗﻐﺮﻱ ﺍﳌﺘﻌﺎﻣﻠﲔ ﺃﻱ ﺍﳌﻀﺎﺭﺑﲔ ‪ Spéculateurs‬ﻋﻠﻰ ﺍﻟﺘﻌﺎﻣﻞ‬
‫ﻟﻜﻲ ﳛﻘﻘﻮﺍ ﺃﺭﺑﺎﺣﺎ ﻣﻦ ﻭﺭﺍﺀ ﺗﻘﻠﺒﺎﺕ ﺍﻷﺳﻌﺎﺭ‪.‬‬

‫ﺏ‪ -‬ﻳﺘﺮﺗﺐ ﻋﻠﻰ ﺍﻟﺘﻌﺎﻣﻞ ﰲ ﺍﻷﺳﻮﺍﻕ ﺗﺴﻠﻴﻢ ﺍﻟﺴﻠﻌﺔ ﻣﻮﺿﻮﻉ ﺍﻟﺘﻌﺎﻣﻞ ﺳﻮﺍﺀ ﺩﻓﻊ ﺍﻟﺜﻤﻦ ﻓﻮﺭﺍ ﺃﻭ ﺑﻌﺪ ﺍﺟﻞ ﻣﻌﲔ‬
‫‪ ,‬ﺃﻣﺎ ﰲ ﺍﻟﺒﻮﺭﺻﺔ ﻳﺘﻢ ﺍﻟﺘﺴﻠﻴﻢ ﰲ ﺍﳌﺴﺘﻘﺒﻞ ﻭﻗﺪ ﻻ ﻳﺘﻢ ﺗﺴﻠﻴﻢ ﺍﻟﺒﻀﺎﻋﺔ ﻋﻞ ﺍﻹﻃﻼﻕ ﻭ ﺗﻨﺘﻬﻲ ﺍﻟﻌﻤﻠﻴﺔ ﺑﻘﺒﺾ‬
‫ﻓﻮﺍﺭﻕ ﺍﻷﺳﻌﺎﺭ‪.‬‬
‫ﺕ‪ -‬ﻳﺘﻢ ﻋﻘﺪ ﺍﻟﺼﻔﻘﺎﺕ ﰲ ﺍﻷﺳﻮﺍﻕ ﻋﻠﻰ ﺳﻠﻊ ﻣﻮﺟﻮﺩﺓ ﻓﻌﻼ ﺃﻡ ﰲ ﺍﻟﺒﻮﺭﺻﺔ ﻓﻘﺪ ﺗﻌﻘﺪ ﺍﻟﺼﻔﻘﺎﺕ ﻋﻠﻰ ﻋﻴﻨﺎﺕ‬
‫‪Echantillons‬‬

‫‪ 1‬ﻃﺎﺭﻕ ﻋﺒﺪ ﺍﻟﻌﺎﻝ ﲪﺎﺩ‪ ،‬ﺩﻟﻴﻞ ﺍﳌﺴﺘﺜﻤﺮ ﺇﱃ ﺑﻮﺭﺻﺔ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ‪ ،‬ﺟﺎﻣﻌﺔ ﻋﲔ ﺍﻟﺸﻤﺲ‪ ،‬ﺳﻨﺔ ‪ ، 1997‬ﺹ‪.19‬‬
‫ﺕ‪ -‬ﺍﻟﻌﻤﻠﻴﺎﺕ ﺍﻟﱵ ﺗﺘﻢ ﰲ ﺍﻟﺒﻮﺭﺻﺔ ﺗﺘﺼﻒ ﰲ ﻣﻌﻈﻢ ﺍﻷﺣﻴﺎﻥ ﺑﻜﱪ ﻗﻴﻤﺘﻬﺎ ﻭ ﺗﻜﺮﺍﺭ ﺣﺪﻭﺛﻬﺎ ‪ ,‬ﻭﻳﻜﻮﻥ ﺇﲤﺎﻡ‬
‫ﺍﳌﻌﺎﻣﻼﺕ ﻋﻠﻰ ﻫﺬﺍ ﺍﻟﻨﺤﻮ ﺩﺍﺋﻤﺎ ﺫﺍ ﺗﺄﺛﲑ ﻭﺍﺿﺢ ﻋﻠﻰ ﺍﻷﺳﻌﺎﺭ ﻭﻏﺎﻟﺒﺎ ﻣﺎ ﻳﺆﺩﻱ ﺍﻟﺘﻌﺎﻣﻞ ﺩﺍﺧﻞ ﺍﻟﺒﻮﺭﺻﺔ ﺇﱃ‬
‫ﺍﻟﺘﺄﺛﲑ ﻋﻠﻰ ﺍﻟﻌﻤﻠﻴﺎﺕ ﺍﻟﱵ ﺗﺘﻢ ﺧﺎﺭﺝ ﺍﻟﺒﻮﺭﺻﺔ‪.‬‬
‫ﺙ‪-‬‬
‫ﺍﻟﻤﻄﻠﺐ ﺍﻟﺜﺎﻧﻲ‪ :‬ﺃﻫﻤﻴﺔ ﺍﻟﺒﻮﺭﺻﺔ ﻭ ﻭﻇﺎﺋﻔﻬﺎ‪.‬‬
‫ﺍﻟﻔﺮﻉ ﺍﻷﻭﻝ‪ :‬ﺃﳘﻴﺔ ﺍﻟﺒﻮﺭﺻﺔ ‪.‬‬
‫ﻭﺟﺪﺕ ﺍﻟﺒﻮﺭﺻﺔ ﻟﺘﺸﺒﻊ ﺣﺎﺟﺎﺕ ﻭﺭﻏﺒﺎﺕ ﺍﳌﺘﻌﺎﻣﻠﲔ ﻭ ﻣﻦ ﰒ ﻓﺈﻥ ﺿﺮﻭﺭﺓ ﺣﺘﻤﻴﺔ ﺍﺳﺘﻠﺰﻣﺘﻬﺎ‬
‫ﺍﳌﻌﺎﻣﻼﺕ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﺑﲔ ﺍﻟﺒﺸﺮ ﻭﺍﳌﺆﺳﺴﺎﺕ ﻭ ﺍﻟﺸﺮﻛﺎﺕ‪.‬‬
‫ﻭ ﺟﺎﺀﺕ ﻟﺘﻠﱯ ﺭﻏﺒﺎ‪‬ﻢ ﳌﺎ ﳍﺎ ﻣﻦ ﺃﳘﻴﺔ ﺧﺎﺻﺔ ﰲ ﲪﺎﻳﺔ ﺍﳌﺴﺘﺜﻤﺮﻳﻦ‪ ،‬ﻭ ﺍﻟﻈﻠﻢ ﺍﻟﺬﻱ ﻗﺪ ﻳﻘﻊ ﻓﻴﻪ ﻃﺮﰲ‬
‫ﺍﳌﺒﺎﺩﻟﺔ ﺍﻟﺒﺎﺋﻊ ﻭ ﺍﳌﺸﺘﺮﻱ ﻧﺘﻴﺠﺔ ﺳﻴﺎﺩﺓ ﺣﺎﻟﺔ ﻣﻦ ﻋﺪﻡ ﺍﳌﻌﺮﻓﺔ ﺃﻭ ﺍﳉﻬﻞ ﺑﺄﺣﻮﺍﻝ ﺍﻟﺴﻮﻕ ﻭ ﺍﲡﺎﻫﺎﺕ ﺍﻷﺳﻌﺎﺭ‪ ،‬ﺃﻭ‬
‫ﲢﺖ ﺿﻐﻮﻁ ﺍﻻﺿﻄﺮﺍﺏ ﻭ ﺍﳊﺎﺟﺔ ﻭ ﻋﺪﻡ ﻭﺟﻮﺩ ﻣﻦ ﻳﺮﻏﺐ ﺃﻭ ﳛﺘﺎﺝ ﺇﱃ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﺍﻟﱵ ﳛﻮﺯﻫﺎ‪ ،‬ﺃﻭ‬
‫ﺣﺪﻭﺙ ﺣﺎﻟﺔ ﺍﺣﺘﻜﺎﺭ ﻣﻦ ﺟﺎﻧﺐ ﺷﺨﺺ ﺑﺬﺍﺗﻪ ﻷﻭﺭﺍﻕ ﻣﺎﻟﻴﺔ ﺑﻌﻴﻨﻬﺎ‪ ,...‬ﻭ ﻣﻦ ﰒ ﻓﺈﻥ ﺍﻟﺒﻮﺭﺻﺎﺕ ﺗﻌﻤﻞ ﻋﻠﻰ‬
‫ﲢﻘﻴﻖ ﻣﻮﺍﺯﻧﺔ ﻓﻌﺎﻟﺔ ﻣﺎ ﺑﲔ ﻗﻮﻯ ﺍﻟﻄﻠﺐ ﻭﺍﻟﻌﺮﺽ‪ ،‬ﻭ ﺇﺗﺎﺣﺔ ﺍﳊﺮﻳﺔ ﺍﻟﻜﺎﻣﻠﺔ ﻭ ﺗﻮﻓﲑ ﺍﻟﻌﻠﻨﻴﺔ ﺍﻟﻜﺎﻣﻠﺔ ﻭ ﺍﻟﺸﻔﺎﻓﻴﺔ‬
‫ﺍﻟﻮﺍﺿﺤﺔ ﻹﺟﺮﺍﺀ ﻛﺎﻓﺔ ﺍﳌﻌﺎﺩﻻﺕ ﻭ ﺍﳌﺒﺎﺩﻻﺕ‪ ,...‬ﻭﻣﻦ ﰒ ﺗﻌﻤﻞ ﺍﻟﺒﻮﺭﺻﺔ ﻋﻠﻰ ﺿﻤﺎﻥ ﺣﻘﻮﻕ ﺍﳌﺘﻌﺎﻣﻠﲔ ﲨﻴﻌﺎ‬
‫ﻭ ﲟﺎ ﻳﻜﻔﻞ ﲪﺎﻳﺔ ﻭ ﻭﻗﺎﻳﺔ ﺃﻱ ﻣﻨﻬﻢ ﻣﻦ ﺍﻟﺘﻴﺎﺭﺍﺕ ﺍﻟﻀﺎﺭﺓ ﲟﺼﺎﳊﻬﻢ ﻭ ﺃﻣﻮﺍﳍﻢ ﻭ ﺣﻘﻮﻗﻬﻢ ‪ ,...‬ﻭﺑﺎﻟﺘﺎﱄ ﻓﺈﻥ‬
‫ﺍﻟﺒﻮﺭﺻﺎﺕ ﳍﺎ ﺩﻭﺭ ﺭﺋﻴﺴﻲ ﺗﺰﺩﺍﺩ ﻭ ﺗﻮﺿﺢ ﺃﳘﻴﺘﻪ ﻭ ﺿﺮﻭﺭﺗﻪ ﰲ ﺍﺠﻤﻟﺘﻤﻌﺎﺕ ﺍﳊﺮﺓ ﺍﻗﺘﺼﺎﺩﻳﺎ ﻭﺍﻟﱵ ﻳﻌﺘﻤﺪ‬
‫ﺍﻻﻗﺘﺼﺎﺩ ﻓﻴﻬﺎ ﻋﻠﻰ ﺍﳌﺒﺎﺩﺭﺓ ﺍﻟﻔﺮﺩﻳﺔ ﻭ ﺍﳉﻤﺎﻋﻴﺔ ﻟﻸﺷﺨﺎﺹ ﻭ ﺍﳌﺆﺳﺴﺎﺕ ﻭ ﺍﳌﻨﻈﻤﺎﺕ ﻭ ﺍﻟﱵ ﻣﻌﻬﺎ ﺗﻘﻮﻡ‬
‫ﺍﻟﺒﻮﺭﺻﺔ ﺑﺪﻭﺭ ﻛﺒﲑ ﰲ ﺍﳊﻔﺎﻅ ﻋﻠﻰ ﺣﻴﻮﻳﺔ ﻭ ﺩﺍﻓﻌﻴﺔ ﺍﻻﺳﺘﺜﻤﺎﺭ ﻓﻀﻼ ﻋﻦ ﺍﻟﻘﻴﺎﻡ ﺑﺄﺩﻭﺍﺭ ﻋﺪﻳﺪﺓ ﻭ ﻳﻈﻬﺮﻫﺎ ﻟﻨﺎ‬
‫ﺍﻟﺸﻜﻞ ﺍﻟﺘﺎﱄ‪:1‬‬

‫‪ 1‬ﳏﺴﻦ ﺃﲪﺪ ﺍﳋﻀﺮﻱ‪ ،‬ﺍﳌﺮﺟﻊ ﺍﻟﺴﺎﺑﻖ‪ ،‬ﺹ‪.17‬‬

 ‫أداة ﻓﻌﻞ ﻏﻴﺮ ﻣﺤﺪودة ﻓﻲ اﻻﻗﺘﺼﺎد‬
‫ﺍﻟﺸﻜﻞ ﺭﻗﻢ ‪ : 02‬ﺃﳘﻴﺔ ﺍﻟﺒﻮﺭﺻﺔ‬
‫ﺟﺬ ب اﻟﻔﺎﺋﺾ ﻏﻴﺮ ﻣﻌﺒﺄ‬

‫ﺗﻮﻇﻴﻒ ﺍﻷﻣﻮﺍﻝ ﺑﻔﻌﺎﻟﻴﺔ‬

‫ﺗﺪﺑﻴﺮ اﻟﻤﻮارد و اﻷﻣﻮال‬

‫ﻟﻠﻤﺸﺮوﻋﺎت‬

‫ﺗﻮﺟﻴﻪ ﻣﺠﺎﻻت اﻻﺳﺘﺜﻤﺎر‬

‫أهﻤﻴﺔ‬
‫ﺗﺤﺴﻴﻦ آﻔﺎءة اﻹدارة‬ ‫اﻟﺒﻮرﺻﺎت‬
‫ﻓﻲ‬
‫ﺗﺮﺷﻴﺪ اﻹﻧﻔﺎق اﻻﺳﺘﺜﻤﺎري‬ ‫اﻻﻗﺘﺼﺎد‬

‫أداة ﺗﺤﺬﻳﺮ و ﺗﻨﺒﻴﻪ ﻟﻠﻤﺨﺎﻃﺮ‬

‫زﻳﺎدة ﺣﻴﻮﻳﺔ اﻟﻤﺸﺮوﻋﺎت‬

‫أداة إﺷﺒﺎع ﻟﻠﻤﺴﺘﺜﻤﺮ اﻟﺼﻐﻴﺮ و‬

‫اﻟﻜﺒﻴﺮ‬

‫ﺗﻮﻓﻴﺮ ﻗﻨﻮات ﺳﻠﻴﻤﺔ ﻟﻼﺳﺘﺜﻤﺎر‬

‫ﺍﻟﻤﺼﺪﺭ‪ :‬ﻣﺤﺴﻦ ﺃﺣﻤﺪ ﺍﻟﺨﻀﺮﻱ‪ .‬ﻣﺮﺟﻊ ﺳﺎﺑﻖ ﺹ‪.18‬‬

‫ﻓﺎﻟﺒﻮﺭﺻﺎﺕ ﺗﺴﺘﻤﺪ ﺃﳘﻴﺘﻬﺎ ﻣﻦ ﻭﺟﻮﺩﻫﺎ ﻭ ﻣﻦ ﺩﻭﺭ ﻣﺘﻌﺪﺩ ﺍﻷﻭﺟﻪ ﻭ ﺍﳉﻮﺍﻧﺐ ﺍﻟﱵ ﺗﻘﻮﻡ ‪‬ﺎ ‪,...‬‬
‫ﻓﻬﻲ ﺃﺩﺍﺓ ﻓﻌﻞ ﻏﲑ ﳏﺪﺩﺓ ﰲ ﺍﻻﻗﺘﺼﺎﺩ ﺍﻟﻘﻮﻣﻲ‪ ،‬ﺗﺄﺛﺮ ﰲ ﻛﻞ ﺟﻮﺍﻧﺐ ﺍﻻﻗﺘﺼﺎﺩ ﻛﻤﺎ ﺗﺆﺛﺮ ﰲ ﻛﺎﻓﺔ ﳎﺎﻻﺕ‬
‫ﺍﻟﻨﺸﺎﻁ ﺍﻻﻗﺘﺼﺎﺩﻱ‪ ،‬ﰲ ﺍﻟﻮﻗﺖ ﺫﺍﺗﻪ ﺗﺘﺄﺛﺮ ‪‬ﺬﺍ ﻛﻠﻪ‪ ،‬ﻭ ﻣﻦ ﺧﻼﻝ ﻫﺬﺍ ﺍﻟﺘﺄﺛﲑ ﻭ ﺍﻟﺘﺄﺛﺮ ﺍﳌﺘﺒﺎﺩﻝ ﲢﺪﺙ ﺁﺛﺎﺭ‬
‫ﺟﺪﻳﺪﺓ ‪...‬ﻭ ﻫﻜﺬﺍ‪.1‬‬
‫ﻛﻤﺎ ﺃﻥ ﻟﻠﺒﻮﺭﺻﺎﺕ ﺩﻭﺭ ﺷﺪﻳﺪ ﺍﻷﳘﻴﺔ ﰲ ﺟﻠﺐ ﺭﺃﺱ ﺍﳌﺎﻝ ﺍﻟﻔﺎﺋﺾ ﻏﲑ ﺍﳌﻮﻇﻒ ﻭ ﻏﲑ ﺍﳌﻌﺒﺊ ﰲ‬
‫ﺍﻻﻗﺘﺼﺎﺩ ﺍﻟﻘﻮﻣﻲ‪ ،‬ﻭ ﲢﻮﻳﻠﻪ ﻣﻦ ﻣﺎﻝ ﻋﺎﻃﻞ ﺧﺎﻣﻞ ﻻ ﺃﺛﺮ ﻟﻪ‪ ،‬ﺇﱃ ﺭﺃﺱ ﻣﺎﻝ ﻣﻮﻇﻒ ﻓﻌﺎﻝ ﻟﻪ ﺍﻷﺛﺮ ﺍﻹﳚﺎﰊ ‪،‬‬
‫ﻓﻌﻤﻠﻴﺎﺕ ﻃﺮﺡ ﺍﻷﺳﻬﻢ ﻭ ﺍﻟﺴﻨﺪﺍﺕ ﻭ ﺍﻟﺼﻜﻮﻙ ﲡﺬﺏ ﺭﺃﺱ ﺍﳌﺎﻝ ﻭ ﺗﺴﺘﻮﻋﺐ ﻣﺪﺧﺮﺍﺕ ﺍﻷﻓﺮﺍﺩ ﻭ ﺍﻟﺸﺮﻛﺎﺕ‪،‬‬

‫‪ 1‬ﳏﺴﻦ ﺃﲪﺪ ﺍﳋﻀﺮﻱ‪ ،‬ﺍﳌﺮﺟﻊ ﺍﻟﺴﺎﺑﻖ‪ ،‬ﺹ‪.18‬‬

‫ﻭ ﰲ ﺍﻟﻮﻗﺖ ﺫﺍﺗﻪ ﺗﺪﻓﻊ ﺍﳌﻜﺘﱰﻳﻦ ﺇﱃ ﲢﻮﻳﻞ ﻣﻜﺘﱰﺍ‪‬ﻢ ﺇﱃ ﻣﺪﺧﺮﺍﺕ ﻭ ﺍﺳﺘﺜﻤﺎﺭﺍﺕ ﻭ ﺗﻮﻇﻴﻔﻬﺎ ﺑﺸﻜﻞ ﳛﻘﻖ‬
‫ﻋﺎﺋﺪ ﻣﻨﺎﺳﺐ‪ ,...‬ﻫﺬﺍ ﻣﻦ ﺟﺎﻧﺐ ﻭ ﻣﻦ ﺟﺎﻧﺐ‬

‫ﺁﺧﺮ ﺗﻮﻓﺮ ﺍﻟﺒﻮﺭﺻﺔ ﺍﳌﻮﺍﺭﺩ ﺍﳊﻘﻴﻘﻴﺔ ﺍﻟﻼﺯﻣﺔ ﻟﺘﻤﻮﻳﻞ ﺍﳌﺸﺮﻭﻋﺎﺕ ﻣﻦ ﺧﻼﻝ ﻃﺮﺡ ﺍﻷﺳﻬﻢ ﺃﻭ ﺍﻟﺴﻨﺪﺍﺕ‪ ،‬ﺃﻭ‬
‫ﺇﻋﺎﺩﺓ ﺑﻴﻊ ﻛﻞ ﻣﻦ ﺍﻷﺳﻬﻢ ﻭ ﺍﻟﺴﻨﺪﺍﺕ ﺍﳌﻤﻠﻮﻛﺔ ﻟﻠﻤﺸﺮﻭﻉ ﻭ ﻣﻦ ﰒ ﺗﺄﻛﻴﺪ ﺃﳘﻴﺔ ﺇﺩﺍﺭﺓ ﺍﻟﺸﺮﻛﺎﺕ ﻋﻠﻰ ﲢﺴﲔ‬
‫ﻛﻔﺎﺀ‪‬ﺎ ﻭ ﻋﻠﻰ ﺯﻳﺎﺩﺓ ﻓﻌﺎﻟﻴﺘﻬﺎ ﺣﱴ ﻻ ‪‬ﺒﻂ ﺃﺳﻌﺎﺭ ﺃﺳﻬﻢ ﻫﺬﻩ ﺍﻟﺸﺮﻛﺎﺕ ﻭ ﰲ ﺍﻟﻮﻗﺖ ﺫﺍﺗﻪ ﻓﺈﻥ ﺍﻟﺒﻮﺭﺻﺔ ﺗﻌﻤﻞ‬
‫ﻛﻤﻮﺟﻪ ﺍﻻﺳﺘﺜﻤﺎﺭ ﰲ ﺍﳌﺸﺮﻭﻋﺎﺕ ﺍﻟﱵ ﺗﺮﺗﻔﻊ ﻗﻴﻤﺔ ﺃﺳﻬﻤﻬﺎ ﺃﻭ ﰲ ﺍﺠﻤﻟﺎﻻﺕ ﻭ ﺍﻷﻧﺸﻄﺔ ﺍﳋﺎﺻﺔ ‪‬ﺬﻩ‬
‫ﺍﳌﺸﺮﻭﻋﺎﺕ ﺑﺎﻋﺘﺒﺎﺭﻫﺎ ﻣﺆﺛﺮﺍ ﻫﺎﻣﺎ ﻋﻠﻰ ﺃﻓﻀﻠﻴﺔ ﺍﻻﺳﺘﺜﻤﺎﺭ ﰲ ﺍﺠﻤﻟﺎﻻﺕ ﺍﻷﺧﺮﻯ‪ ،‬ﻭ ﺑﺎﻟﺘﺎﱄ ﺗﻌﻤﻞ ﺍﻟﺒﻮﺭﺻﺔ ﻋﻠﻰ‬
‫ﲢﺬﻳﺮ ﻭ ﺗﻨﺒﻴﻪ ﺍﻷﻓﺮﺍﺩ ﺍﻟﻌﺎﺩﻳﲔ ﻭ ﺍﶈﺘﺮﻓﲔ ﺇﱃ ﳐﺎﻃﺮ ﺍﻻﺳﺘﺜﻤﺎﺭ ﺇﱃ ﻋﺪﻡ ﺍﻟﺪﺧﻮﻝ ﺇﱃ ﺍﺠﻤﻟﺎﻻﺕ ﺍﻻﺳﺘﺜﻤﺎﺭﻳﺔ ﻏﲑ‬
‫ﺍﳌﻨﺎﺳﺒﺔ ﻭ ﰲ ﺍﻟﻮﻗﺖ ﺫﺍﺗﻪ ﺗﺼﺒﺢ ﺍﻟﺒﻮﺭﺻﺔ ﺃﺩﺍﺓ ﺇﺷﺒﺎﻉ ﻟﻠﻤﺴﺘﺜﻤﺮ ﺍﻟﺼﻐﲑ ﺍﻟﺬﻱ ﻻ ﻳﻘﺪﺭ ﻋﻠﻰ ﺇﻧﺸﺎﺀ ﻣﺸﺮﻭﻋﺎﺕ‬
‫ﻟﺼﻐﺮ ﻣﺎ ﳝﻠﻜﻪ ﻣﻦ ﺭﺃﺱ ﻣﺎﻝ‪ ،‬ﻭ ﰲ ﺍﻟﻮﻗﺖ ﺫﺍﺗﻪ ﻟﻠﻤﺴﺘﺜﻤﺮ ﺍﻟﻜﺒﲑ ﻹﺗﺎﺣﺔ ﻓﺮﺹ ﺍﻻﺳﺘﺜﻤﺎﺭ ﺃﻣﺎﻡ ﻛﻠﻴﻬﻤﺎ ﻟﺸﺮﺍﺀ‬
‫ﺍﻷﺳﻬﻢ ﻭ ﺍﻟﺴﻨﺪﺍﺕ ﺍﳌﻄﺮﻭﺣﺔ ﻟﻠﺘﺪﺍﻭﻝ‪.‬‬
‫ﻭ ﻣﻦ ﰒ ﳝﻜﻦ ﺍﻟﻘﻮﻝ ﺃﻥ ﺍﻟﺒﻮﺭﺻﺎﺕ ﺗﻮﻓﺮ ﻗﻨﻮﺍﺕ ﻭ ﻣﺪﺍﺧﻞ ﺳﻠﻴﻤﺔ ﺍﻻﺳﺘﺜﻤﺎﺭ ﺃﻣﺎﻡ ﺍﻷﻓﺮﺍﺩ‪ ،‬ﻛﻤﺎ ﺃ‪‬ﺎ‬
‫ﺃﺩﺍﺓ ﺭﺋﻴﺴﻴﺔ ﻟﺘﺸﺠﻴﻊ ﺍﻟﺘﻨﻤﻴﺔ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﰲ ﺍﻟﺪﻭﻝ ﻭ ﲢﻘﻴﻖ ﲨﻠﺔ ﻣﻦ ﺍﳌﻨﺎﻓﻊ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﺃﳘﻬﺎ ‪ ,...‬ﻣﻨﺎﻓﻊ ﺍﳊﻴﺎﺯﺓ‬
‫ﻭ ﺍﻟﺘﻤﻠﻚ ﻭ ﺍﻻﻧﺘﻔﺎﻉ ﻭ ﺍﻟﻌﺎﺋﺪ ﺍﻻﺳﺘﺜﻤﺎﺭﻱ ﺍﳌﻨﺎﺳﺐ‪.‬‬

‫ﺍﻟﻔﺮﻉ ﺍﻟﺜﺎﱐ‪ :‬ﻭﻇﺎﺋﻒ ﺍﻟﺒﻮﺭﺻﺔ‪.1‬‬

‫ﻟﻘﺪ ﺃﺛﺎﺭ ﺟﻬﺎﺯ ﺍﻟﺒﻮﺭﺻﺔ ﺟﺪﻻ ﻛﺒﲑﺍ ﺑﲔ ﺍﻻﻗﺘﺼﺎﺩﻳﲔ ﺇﻻ ﺃ‪‬ﺎ ﰲ ﺍﻟﻮﺍﻗﻊ ﺑﻘﻴﺖ ﻣﺆﺳﺴﺔ ﳎﻬﻮﻟﺔ ﺗﻘﺮﻳﺒﺎ‬
‫ﻣﻦ ﻋﺎﻣﺔ ﺍﻟﺸﻌﺐ‪ .‬ﺃﻣﺎ ﺍﻟﺴﺒﺐ ﰲ ﺣﺬﺭ ﺍﻟﻨﺎﺱ ﻓﻠﻘﺪ ﺳﺒﺒﺖ ﺍﻟﺒﻮﺭﺻﺔ ﰲ ﻓﺘﺮﺓ ﻣﻌﻴﻨﺔ ﻣﻦ ﺗﺎﺭﻳﺦ ﺍﻟﻌﺎﱂ ﺍﻻﻗﺘﺼﺎﺩﻱ‬
‫ﺿﻴﺎﻉ ﺛﺮﻭﺍﺕ ﺿﺨﻤﺔ ﰲ ﳊﻈﺔ ﻭﺍﺣﺪﺓ ﺑﻴﻨﻤﺎ ﺳﺒﺒﺖ ﻏﻨﺎﺀ ﺍﻵﺧﺮﻳﻦ ﺩﻭﻥ ﺟﻬﺪ ﺣﱴ ﺃﻧﻪ ﰲ ﺍﻷﺯﻣﺎﺕ ﺍﻟﻜﺒﲑﺓ ﺍﻟﱵ‬
‫ﺍﺟﺘﺎﺣﺖ ﺍﻟﻌﺎﱂ ﻃﺎﻟﺐ ﺍﻟﻜﺜﲑﻭﻥ ﺑﺈﻟﻐﺎﺋﻬﺎ‪ ،‬ﻣﺜﺎﻝ ﺑﺘﺎﺭﻳﺦ ‪ 1929/10/24‬ﻭ ﻫﻮ ﺍﻟﻴﻮﻡ ﺍﻟﺬﻱ ﺃﺷﺘﻬﺮ ﺑﻴﻮﻡ ﺍﳉﻤﻌﺔ‬
‫ﺍﻷﺳﻮﺩ ﻭ ﺍﻟﺬﻱ ﺣﺪﺙ ﻓﻴﻪ ﺍﻻ‪‬ﻴﺎﺭ ﺍﻟﻜﺒﲑ) ‪ ( La grande Dépression‬ﺇﻳﺬﺍﻧﺎ ﺑﺄﺯﻣﺔ ﺍﻗﺘﺼﺎﺩﻳﺔ ﺣﺎﺩﺓ ﱂ‬
‫ﻳﺴﺒﻖ ﳍﺎ ﻣﺜﻴﻞ‪ .‬ﻓﻔﻲ ﺑﻮﺭﺻﺔ ﻧﻴﻮﻳﻮﺭﻙ ﻛﺎﻧﺖ ﺃﺳﻌﺎﺭ ﺍﻷﺳﻬﻢ ﻭ ﺍﻟﺴﻨﺪﺍﺕ ﰲ ﺍﺭﺗﻔﺎﻉ ﻣﺴﺘﻤﺮ ﺣﻴﺚ ﻓﻘﺪﺕ ﻛﻞ‬
‫ﺍﻟﺪﻻﻟﺔ ﺍﳊﻘﻴﻘﻴﺔ ﻷﺳﻌﺎﺭﻫﺎ‪ ،‬ﻭ ﻛﻤﺎ ﻫﻮ ﻣﻌﺮﻭﻑ ﻓﺈﻥ ﺍﺭﺗﻔﺎﻉ ﺳﻌﺮ ﺍﻟﺴﻬﻢ ﺳﺒﺒﻪ ﺍﺭﺗﻔﺎﻉ ﺍﻷﺭﺑﺎﺡ ﰲ ﺍﳌﺸﺮﻭﻉ‪ ،‬ﻭ‬
‫ﻋﻨﺪﻣﺎ ﺑﻠﻐﺖ ﺍﳌﻀﺎﺭﺑﺔ ‪ Spéculation‬ﺫﺭﻭ‪‬ﺎ ﺍﻧﺴﺤﺒﺖ ﺍﻟﺒﻨﻮﻙ ﻣﻦ ﺍﻟﺴﻮﻕ ﻭ ﻛﺎﻥ ﺫﻟﻚ ﺇﺷﺎﺭﺓ‬

‫‪ 1‬ﳏﺴﻦ ﺃﲪﺪ ﺍﳋﻀﺮﻱ‪ ،‬ﺍﳌﺮﺟﻊ ﺍﻟﺴﺎﺑﻖ‪ ،‬ﺹ‪.19‬‬

‫ﻟﺒﺪﺀ ﺍﻟﺘﺪﻫﻮﺭ ﰲ ﺍﻷﺳﻌﺎﺭ‪ ،‬ﻭ ﺑﺪﺃ ﺍﳍﺒﻮﻁ ﺍﻟﻌﻈﻴﻢ ﻭ ﺍﺳﺘﻤﺮ ﻋﺪﺓ ﺳﻨﻮﺍﺕ ﻣﺴﺒﺒﺎ ﺷﻠﻞ ﺍﻟﻨﺸﺎﻁ ﺍﻻﻗﺘﺼﺎﺩﻱ ﺍﻟﺬﻱ‬
‫ﺃﺩﻯ ﺇﱃ ﺍﻟﺒﻄﺎﻟﺔ ﻭ ﺍﻟﻔﻘﺮ ﺑﲔ ﺍﻟﻌﻤﺎﻝ ﰲ ﻛﻞ ﺃﺭﺟﺎﺀ ﺍﻟﻌﺎﱂ ﺍﻟﺮﺃﲰﺎﱄ‪ ،‬ﻭ ﱂ ﻳﺒﺪﺃ ﺍﻟﺘﺤﺴﻦ ﰲ ﺍﳌﻮﻗﻒ ﺇﻻ ﺍﺑﺘﺪﺍﺀ ﻣﻦ‬
‫ﻋﺎﻡ ‪ 1933‬ﰲ ﺍﻟﻮﻻﻳﺎﺕ ﺍﳌﺘﺤﺪﺓ ﻭﺳﻨﺔ ‪ 1934‬ﰲ ﺃﻭﺭﻭﺑﺎ‪.‬‬
‫ﺗﺆﺩﻱ ﺍﻟﺒﻮﺭﺻﺔ ﺩﻭﺭﺍ ﻫﺎﻣﺎ ﰲ ﺍﳊﻴﺎﺓ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﺇﺫ ﺗﺘﻴﺢ ﺍﻟﻔﺮﺻﺔ ﻟﺘﻘﺎﺑﻞ ﺍﻟﻌﺮﺽ ﻭﺍﻟﻄﻠﺐ‪ ،‬ﻛﻤﺎ ﺃ‪‬ﺎ‬
‫ﺗﻌﺘﱪ ﻣﻘﻴﺎﺳﺎ ﺩﻗﻴﻘﺎ ‪ Barométre‬ﳊﺮﻛﺔ ﺍﻻﺳﺘﺜﻤﺎﺭ ﻭ ﺍﻻﺩﺧﺎﺭ ﰲ ﺍﻟﺒﻠﺪ‪ ،‬ﻭ ﳝﻜﻦ ﺗﻠﺨﻴﺺ ﻭﻇﺎﺋﻒ ﺍﻟﺒﻮﺭﺻﺔ‬
‫ﺑﺎﻟﻨﻘﺎﻁ ﺍﻟﺘﺎﻟﻴﺔ‪:1‬‬
‫‪ -1‬ﺳﻬﻞ ﺍﻟﺒﻮﺭﺻﺔ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﻋﻤﻠﻴﺔ ﺍﻻﺳﺘﺜﻤﺎﺭ ﺍﳋﺎﺻﺔ ﺑﺎﻵﺟﺎﻝ ﺍﻟﻘﺼﲑﺓ‪ :‬ﻭ ﻛﺜﲑﺍ ﻣﺎ ﺗﻜﻮﻥ‬
‫ﺑﻌﺾ ﺍﻷﻣﻮﺍﻝ ﻗﺪ ﻓﺎﺿﺖ ﰲ ﻓﺘﺮﺓ ﻣﻦ ﺍﻟﺰﻣﻦ ﻋﻦ ﺣﺎﺟﺎﺕ ﺑﻌﺾ ﺍﻟﺸﺮﻛﺎﺕ ﺃﻭ ﺍﻷﻓﺮﺍﺩ ﺇﻣﺎ ﺑﺴﺒﺐ ﺗﻘﻠﺒﺎﺕ‬
‫ﻣﻮﲰﻴﺔ ﺗﻌﺘﺮﻱ ﻣﺎ ﻳﺆﺩﻭﻥ ﻣﻦ ﺃﻋﻤﺎﻝ ﺃﻭ ﺑﺴﺒﺐ ﻛﺴﺎﺩ ﻣﺆﻗﺖ ﻳﻄﺮﺃ ﻋﻠﻰ ﺑﻌﺾ ﺃﻋﻤﺎﳍﻢ ﻟﺬﺍ ﻳﻠﺠﺄ ﺍﻟﺒﻌﺾ ﺇﱃ‬
‫ﺍﺳﺘﺜﻤﺎﺭ ﻫﺬﺍ ﺍﻟﻔﺎﺋﺾ ﰲ ﺃﻭﺭﺍﻕ ﻣﺎﻟﻴﺔ ﻋﻦ ﻃﺮﻳﻖ ﺍﻟﺒﻮﺭﺻﺔ ﻭ ﻫﻢ ﻻ ﻳﻠﺠﺌﻮﻥ ﺇﱃ ﺍﻟﺒﻮﺭﺻﺔ ﰲ ﺗﻠﻚ ﺍﻟﻔﺘﺮﺍﺕ ﺇﻻ‬
‫ﻟﺜﻘﺘﻬﻢ ﺍﻟﺘﺎﻣﺔ ﰲ ﺃ‪‬ﻢ ﻳﺴﺘﻄﻴﻌﻮﻥ ﺑﻴﻊ ﺍﻷﻭﺭﺍﻕ ﰲ ﺃﻱ ﻭﻗﺖ ﻳﺸﺎﺀﻭﻥ ﻭ ﲢﻮﻝ ﻗﻴﻤﺘﻬﺎ ﺇﱃ ﻧﻘﺪ ﺳﺎﺋﻞ ﺑﺎﻟﺴﻌﺮ‬
‫ﺍﳉﺎﺭﻱ‪ ،‬ﻭ ﻟﻮﻻ ﺍﻟﺒﻮﺭﺻﺔ ﻟﻈﻠﺖ ﺗﻠﻚ ﺍﻷﻣﻮﺍﻝ ﺍﻟﻔﺎﺋﻀﺔ ﻣﻌﻄﻠﺔ ﺃﻭ ﻷﻭﺩﻋﻬﺎ ﺃﺻﺤﺎ‪‬ﺎ ﰲ ﺍﳌﺼﺎﺭﻑ ﺣﻴﺚ‬
‫ﳛﺼﻠﻮﻥ ﻋﻠﻰ ﻣﻌﺪﻝ ﻓﺎﺋﺪﺓ ﻣﻨﺨﻔﺾ‪.‬‬
‫‪ -2‬ﺗﺴﻤﺢ ﺩﺭﺍﺳﺔ ﺗﻘﻠﺒﺎﺕ ﺃﺳﻌﺎﺭ ﺍﻟﺒﻮﺭﺻﺔ ﰲ ﺗﻌﻴﲔ ﺍﻟﻔﻌﺎﻟﻴﺎﺕ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﺍﳌﺜﻤﺮﺓ‪ :‬ﻭﺫﻟﻚ ﻋﻦ ﻃﺮﻳﻖ‬
‫ﺍﻻﻃﻼﻉ ﻋﻠﻰ ﺗﻘﻠﺒﺎﺕ ﺍﻷﺳﻌﺎﺭ ﻭﲤﻮﺟﺎ‪‬ﺎ ﺍﻟﱵ ﳍﺎ ﺃﳘﻴﺔ ﻛﱪﻯ ﰲ ﺍﻛﺘﺸﺎﻑ ﺍﻟﺸﺮﻛﺔ ﺍﻟﺘﺠﺎﺭﻳﺔ ﺃﻭ ﺍﻟﺼﻨﺎﻋﻴﺔ ﺍﻟﱵ‬
‫ﳍﺎ ﺃﻣﻞ ﰲ ﺍﻟﻨﺠﺎﺡ‪ ،‬ﻓﺈﻥ ﺑﻴﻊ ﺃﻭ ﺷﺮﺍﺀ ﺍﻷﻭﺭﺍﻕ ﺍﻟﺘﺠﺎﺭﻳﺔ ﰲ ﻗﺎﻋﺔ ﺍﻟﺒﻮﺭﺻﺔ ﻳﻠﻘﻲ ﺿﻮﺀﺍ ﻋﻠﻰ ﻣﺎ ﻭﺻﻠﺖ ﺇﻟﻴﻪ ﺍﻟﻘﻴﻢ‬
‫ﺍﻟﻨﺴﺒﻴﺔ ﻷﻭﺭﺍﻕ ﺍﻟﺸﺮﻛﺎﺕ ﺍﳌﺨﺘﻠﻔﺔ‪.‬‬
‫‪-3‬ﺗﻮﺯﻳﻊ ﺍﳌﺎﻝ ﻋﻠﻰ ﳐﺘﻠﻒ ﺍﻟﻘﻄﺎﻋﺎﺕ‪ :‬ﺣﻴﺚ ﺗﻠﻌﺐ ﺍﻟﺒﻮﺭﺻﺔ ﺩﻭﺭﺍ ﻫﺎﻣﺎ ﻛﺠﻬﺎﺯ ﻟﺘﻮﺯﻳﻊ ﺍﻻﺩﺧﺎﺭ‬
‫ﻋﻠﻰ ﳐﺘﻠﻒ ﺍﻟﻔﻌﺎﻟﻴﺎﺕ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﻭ ﻳﺘﻢ ﻫﺬﺍ ﺍﻟﺘﻮﺯﻳﻊ ﻋﻦ ﻃﺮﻳﻖ ﺑﻴﻊ ﻭ ﺷﺮﺍﺀ ﺍﻷﺳﻬﻢ ﻭ ﺍﻟﺴﻨﺪﺍﺕ ﰲ ﺳﻮﻕ‬
‫ﺍﻟﺒﻮﺭﺻﺔ ﺍﳌﻨﻈﻤﺔ‪،‬ﻭﻟﻌﻞ ﻣﺎ ﳛﺪﺙ ﻣﻦ ﺗﻘﻠﺐ ﰲ ﺍﻷﺳﻌﺎﺭ ﻳﻌﺘﱪ ﻣﻦ ﺃﻫﻢ ﺍﻷﺿﻮﺍﺀ ﺍﻟﱵ ﺗﻌﻜﺲ ﺣﺎﻻﺕ ﺍﳌﺸﺮﻭﻉ‬
‫ﻣﻦ ﺣﻴﺚ ﺳﲑﻩ ﰲ ﻃﺮﻳﻖ ﺍﻟﺘﻘﺪﻡ ﻭ ﺍﻻﺯﺩﻫﺎﺭ‪ ،‬ﺃﻭ ﺍﳓﺮﺍﻓﻪ ﳓﻮ ﺍﻟﻔﺸﻞ ﻭ ﺍﻻ‪‬ﻴﺎﺭ ﻟﺬﻟﻚ ﺗﻌﺘﱪ ﺗﻘﻠﺒﺎﺕ ﺍﻷﺳﻌﺎﺭ ﻋﻨﺪ‬
‫ﺭﺟﺎﻝ ﺍﻷﻋﻤﺎﻝ "ﺑﺎﺭﻭﻣﺘﺮ" ﺍﻟﺬﻱ ﻳﻘﻮﻣﻮﻥ ﺑﻮﺍﺳﻄﺘﻪ ﻣﺪﻯ ﳒﺎﺡ ﺍﳌﺸﺮﻭﻉ ﻛﻠﻤﺎ ﺃﺭﺍﺩﻭﺍ ﺍﺳﺘﺜﻤﺎﺭ ﺃﻣﻮﺍﳍﻢ‪.‬‬

‫‪ 1‬ﴰﻌﻮﻥ ﴰﻌﻮﻥ‪ ،‬ﻣﺮﺟﻊ ﺳﺎﺑﻖ‪ ،‬ﺹ‪.12‬‬

‫‪ -4‬ﺍﳌﺴﺎﻋﺪﺓ ﰲ ﺗﻮﻗﻲ ﺗﻘﻠﺒﺎﺕ ﺍﻷﺳﻌﺎﺭ‪ :1‬ﺗﺴﺎﻋﺪ ﺍﻟﺒﻮﺭﺻﺔ ﺍﳌﺰﺍﺭﻉ ﻭﺍﻟﺘﺎﺟﺮ ﻭﺍﻟﺼﻨﺎﻋﻲ ﻋﻠﻰ ﺗﻼﰲ‬
‫ﺃﺧﻄﺎﺭ ﺗﻘﻠﺒﺎﺕ ﺍﻷﺳﻌﺎﺭ ﻭﺗﺼﺒﺢ ﻭﺳﻴﻠﺔ ﻣﻦ ﻭﺳﺎﺋﻞ ﺍﻟﺘﺎﻣﲔ ﺿﺪﻫﺎ ﻋﻦ ﻃﺮﻳﻖ ﻋﻤﻠﻴﺔ‪ ،‬ﺍﻟﺘﻐﻄﻴﺔ ‪Couverture‬‬
‫ﰲ ﺍﻟﺒﻮﺭﺻﺔ‪ .‬ﻭﺍﻟﺘﻐﻄﻴﺔ ﲣﺘﻠﻒ ﻋﻦ ﻋﻤﻠﻴﺔ ﺍﳌﻀﺎﺭﺑﺔ ‪ Spéculation‬ﺃﻱ ﺃﻥ ﺍﳌﺘﻌﺎﻣﻞ ﰲ ﺍﻟﺒﻮﺭﺻﺔ ﺍﻟﺬﻱ ﻳﺮﻏﺐ‬
‫ﰲ ﺍﻟﺘﺄﻣﲔ ﻣﻦ ﻫﺒﻮﻁ ﺃﻭ ﺍﺭﺗﻔﺎﻉ ﰲ ﺍﻷﺳﻌﺎﺭ ﻟﺴﻠﻌﺔ ﻣﻌﻴﻨﺔ ﻓﺈﻧﻪ ﻳﺸﺘﺮﻱ ﺃﻭ ﻳﺒﻴﻊ ﻛﻤﻴﺔ ﻣﻌﻴﻨﺔ ﻣﻮﺟﻮﺩﺓ ﻟﺪﻳﻪ ﻓﻌﻼ‪،‬‬
‫ﺃﻭ ﻳﺘﻌﺎﻗﺪ ﻋﻠﻴﻪ‪ ،‬ﺃﻭ ﻳﻨﺘﻈﺮ ﻭﺟﻮﺩﻫﺎ ﻟﺪﻳﻪ ﰲ ﺍﳌﺴﺘﻘﺒﻞ ﻛﻤﺎ ﻫﻮ ﺍﳊﺎﻝ ﺑﺎﻟﻨﺴﺒﺔ ﻟﻠﻤﺰﺍﺭﻉ‪ ،‬ﻓﺈﺫﺍ ﻭﺟﺪ ﺍﳌﺰﺍﺭﻉ ﰲ‬
‫ﻭﻗﺖ ﻣﻦ ﺍﻷﻭﻗﺎﺕ ﺃﻥ ﺍﻷﺳﻌﺎﺭ ﺍﻟﺴﺎﺋﺪﺓ ﰲ ﺍﻟﺴﻮﻕ ﻳﻌﺘﱪﻫﺎ ﻣﺮﲝﺔ ﺃﻱ ﺗﻐﻄﻲ ﺗﻜﺎﻟﻴﻔﻪ‪ ،‬ﻭﲢﻘﻖ ﻟﻪ ﺭﲝﺎ ﻣﻌﻘﻮﻻ‪،‬‬
‫ﻭﳜﺸﻰ ﺇﺫﺍ ﺍﻧﺘﻈﺮ ﻭﻗﺖ ﺍﳊﺼﺎﺩ ﺃﻥ ﻳﻨﺨﻔﺾ ﺍﻟﺴﻌﺮ ﻓﺈﻧﻪ ﻳﻘﻮﻡ ﺑﺒﻴﻊ ﻛﻤﻴﺔ ﻣﻦ ﺍﻟﻘﻄﻦ ﻣﺜﻼ ﰲ ﺑﻮﺭﺻﺔ ﺗﻌﺎﺩﻝ‬
‫ﻟﻜﻤﻴﺔ ﺍﻟﱵ ﻳﻨﺘﻈﺮ ﺃﻥ ﳛﺼﻞ ﻋﻠﻴﻬﺎ ﺃﺛﻨﺎﺀ ﺍﳌﻮﺳﻢ ﻭﺫﻟﻚ ﺑﺎﻟﺴﻌﺮ ﺍﻟﺴﺎﺋﺪ ﻭﻗﺖ ﺍﻟﺒﻴﻊ ﻋﻠﻰ ﺃﻥ ﻳﺘﻢ ﺍﻟﺘﺴﻠﻴﻢ ﻭﻗﺖ‬
‫ﺍﳌﻮﺳﻢ‪.‬‬
‫ﻭﻋﻨﺪ ﺣﻠﻮﻝ ﺍﻟﻮﻗﺖ ﻳﺘﻢ ﺍﻟﺘﺴﻠﻴﻢ ‪ ،‬ﻓﺈﺫﺍ ﻫﺒﻂ ﺍﻟﺴﻌﺮ ﺑﻮﺍﺳﻄﺔ ﻋﻤﻠﻴﺔ ﺍﻟﺘﻐﻄﻴﺔ ﻳﻜﻮﻥ ﻗﺪ ﺗﻼﻗﻰ ﺍﳋﺴﺎﺭﺓ‬
‫ﻣﻦ ﻫﺒﻮﻁ ﺍﻷﺳﻌﺎﺭ‪،‬ﺃﻣﺎ ﺍﳌﻀﺎﺭﺑﺔ ﻓﻴﻘﺼﺪ ‪‬ﺎ ﳏﺎﻭﻟﺔ ﺍﳌﺘﻌﺎﻣﻠﲔ ﰲ ﺍﻟﺒﻮﺭﺻﺔ ﺍﻻﺳﺘﻔﺎﺩﺓ ﻣﻦ ﻓﻮﺍﺭﻕ ﺍﻷﺳﻌﺎﺭ ﺑﻨﺎﺀﺍ‬
‫ﻋﻠﻰ ﺗﻘﺪﻳﺮﺍ‪‬ﻢ ﻷﺣﻮﺍﻝ ﺍﻟﻌﺮﺽ ﻭﺍﻟﻄﻠﺐ ﰲ ﺍﳌﺴﺘﻘﺒﻞ ﻭﺍﻟﺒﻮﺭﺻﺔ ﺍﻟﱵ ﻳﺘﻢ ﺍﻟﺘﻌﺎﻣﻞ ‪‬ﺎ ﻷﺟﻞ ‪ à terme‬ﻫﻲ ﺃﺩﺍﺓ‬
‫ﺍﳌﻀﺎﺭﺑﺔ ﻟﻴﺲ ﻫﻨﺎﻙ ﺗﺴﻠﻴﻢ ﻭﻻ ﺍﺳﺘﻼﻡ ﻟﻠﺒﻀﺎﻋﺔ ﻻ ﻣﻦ ﺟﺎﻧﺐ ﻭﻻ ﻣﻦ ﺟﺎﻧﺐ ﺍﳌﺸﺘﺮﻱ ‪ ،‬ﺇﺫ ﻳﻘﺼﺪ ﺍﻻﺛﻨﺎﻥ ﻋﻨﺪ‬
‫ﻋﻘﺪ ﺍﻟﺼﻔﻘﺔ ‪ Transaction‬ﻗﺒﺾ ﺃﻭ ﺩﻓﻊ ﻓﻮﺍﺭﻕ ﺍﻟﺴﻌﺎﺭ ﰲ ﺍﻟﻮﻗﺖ ﺍﶈﺪﺩ ﺍﻟﺘﺴﻠﻴﻢ ﻷﻥ ﺍﳌﻀﺎﺭﺑﺔ ﺿﺮﻭﺭﻳﺔ‬
‫ﻟﻨﺠﺎﺡ ﺍﻟﺒﻮﺭﺻﺔ ﰲ ﺃﺩﺍﺀ ﻭﻇﺎﺋﻔﻬﺎ ‪.‬‬
‫ﺇﻥ ﺍﻟﺒﻮﺭﺻﺔ ﲡﻌﻞ ﻣﻦ ﺍﳌﻤﻜﻦ ﻭﺟﻮﺩ ﻃﻠﺐ ﺩﺍﺋﻢ ﻭﻋﺮﺽ ﺩﺍﺋﻢ ﻟﻠﺴﻠﻌﺔ ﻣﻮﺿﻮﻉ ﺍﻟﺘﻌﺎﻣﻞ ﻟﻜﻦ ﺩﺧﻮﻝ‬
‫ﻋﻮﺍﻣﻞ ﺍﳌﻘﺎﻣﺮﺓ ﰲ ﺍﳌﻀﺎﺭﺑﺔ ﺃﺩﻯ ﺇﱃ ﺍﻹﺿﺮﺍﺭ ﺑﺎﻟﺴﻮﻕ ﻭﲨﻬﻮﺭ ﺍﳌﺘﻌﺎﻣﻠﲔ ‪ ،‬ﻣﺜﻼ ﻧﺸﺮ ﺃﺧﺒﺎﺭ ﻛﺎﺫﺑﺔ ﺗﺆﺛﺮ ﻋﻠﻰ‬
‫ﺍﻟﺴﻌﺮ ﻭﺍﺣﺘﻜﺎﺭ ﺍﻟﺴﻠﻌﺔ ﳌﻨﻊ ﺍﻟﺒﺎﺋﻌﲔ ﻣﻦ ﺇﻣﻜﺎﻧﻴﺔ ﺍﻟﺘﺴﻠﻴﻢ ﰲ ﺍﻟﻮﻗﺖ ﺍﶈﺪﺩ ﳑﺎ ﺃﺩﻯ ﺇﱃ ﺗﻘﻠﺒﺎﺕ ﻋﻨﻴﻔﺔ ﰲ ﺍﻷﺳﻌﺎﺭ‬
‫ﻭﺇﱃ ﻓﻘﺪ ﺍﻟﺜﻘﺔ ﰲ ﺍﻟﺒﻮﺭﺻﺔ ﺑﺪﻻ ﻣﻦ ﺃﻥ ﺗﻜﻮﻥ ﻋﺎﻣﻞ ﺍﺳﺘﻘﺮﺍﺭ ﻛﻤﺎ ﺃﻥ ﺩﺧﻮﻝ ﻓﺌﺎﺕ ﻣﻦ ﺍﻷﻓﺮﺍﺩ ﻻ ﺗﺘﻮﻓﺮ ﻟﺪﻳﻬﻢ‬
‫ﺍﻟﺪﺭﺍﻳﺔ ﺍﳊﻘﻴﻘﻴﺔ ﺑﺄﺻﻮﻝ ﺍﳌﻀﺎﺭﺑﺔ ﻭﺍﻟﺘﻨﺒﺆ ﺍﻟﺴﻠﻴﻢ ﰲ ﺍﻷﺳﻌﺎﺭ ﺃﺿﺮ‪‬ﻢ‪.‬‬

‫‪ -5‬ﺗﺆﻣﻦ ﺍﻟﺒﻮﺭﺻﺔ ﺟﻮ ﺍﳌﻨﺎﻓﺴﺔ ﺍﻟﻀﺮﻭﺭﻳﺔ ﻟﺘﺄﻣﲔ ﺣﺮﻳﺔ ﺍﳌﺒﺎﺩﻻﺕ‪ :‬ﻓﻔﻲ ﻓﺘﺮﺓ ﺍﻻﻧﺘﻌﺎﺵ ﺍﻻﻗﺘﺼﺎﺩﻱ‬
‫‪ Expansion‬ﻳﻼﺣﻆ ﻛﺜﺮﺓ ﺍﻟﺘﻌﺎﻣﻞ ﻓﻴﻬﺎ ﻭﻳﺪﻓﻊ ﺍﻷﻣﻞ ﺑﺮﺑﺢ ﺃﻛﱪ ﺇﱃ ﺍﳌﺘﻌﺎﻣﻠﲔ ﰲ ﺍﻟﺒﻮﺭﺻﺔ ﻭﺇﱃ ﺍﺳﺘﺒﺎﻕ‬

‫‪ 1‬ﴰﻌﻮﻥ ﴰﻌﻮﻥ‪ ،‬ﻣﺮﺟﻊ ﺳﺎﺑﻖ‪ ،‬ﺹ‪.14‬‬

‫ﺍﳊﻮﺍﺩﺙ ﻭﺑﺎﻟﺘﺎﱄ ﺇﱃ ﺩﻓﻊ ﻋﺠﻠﺔ ﺍﻻﻗﺘﺼﺎﺩ ﺇﱃ ﺍﻷﻣﺎﻡ ﻭﰲ ﺣﺎﻟﺔ ﺍﻟﺮﻛﻮﺩ ‪ Récession‬ﻳﻼﺣﻆ ﻛﺴﺎﺩ‬
‫ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ‪.‬‬
‫ﻭ ﺑﺎﺧﺘﺼﺎﺭ ﺗﻌﺘﱪ ﺍﻟﺒﻮﺭﺻﺔ ﺳﻮﻗﺎ ﻣﺜﺎﻟﻴﺎ ﻳﻠﻌﺐ ﻓﻴﻬﺎ ﻗﺎﻧﻮﻥ ﺍﻟﻌﺮﺽ ﻭ ﺍﻟﻄﻠﺐ ﺩﻭﺭﻩ ﺍﻟﺮﺋﻴﺴﻲ ﰲ ﺗﻜﻮﻳﻦ‬
‫ﻭﺣﺪﺓ ﺍﻟﺴﻌﺮ ﻭ ﺫﻟﻚ ﺃﻥ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ ﲡﺮﻱ ﰲ ﺟﻠﺴﺔ ﻭﺍﺣﺔ‪ ،‬ﻭ ﺗﺆﻣﻦ ﺳﻮﻕ ﺍﻟﺒﻮﺭﺻﺔ ﺣﺮﻳﺔ ﺍﳌﻨﺎﻓﺴﺔ ﻭ‬
‫ﺗﻮﺍﻓﺮ ﺍﻟﻌﻼﻧﻴﺔ ﺍﻟﺘﺎﻣﺔ ﻭ ﺍﻟﻜﺎﻓﻴﺔ‪ ،‬ﺃﺧﲑﺍ ﺍﺗﺼﺎﻝ ﳐﺘﻠﻒ ﺍﻟﺒﻮﺭﺻﺎﺕ ﰲ ﳐﺘﻠﻒ ﺍﻟﺪﻭﻝ ﺃﺩﻯ ﺇﱃ ﺗﻌﺎﺩﻝ ﺍﻷﺳﻌﺎﺭ ﳑﺎ‬
‫ﻳﺆﺩﻱ ﺇﱃ ﺍﻋﺘﺒﺎﺭ ﺍﻟﻌﺎﱂ ﻭﺣﺪﺓ ﺍﻗﺘﺼﺎﺩﻳﺔ‪.‬‬

‫ﺍﻟﻤﻄﻠﺐ ﺍﻟﺜﺎﻟﺚ‪ :‬ﺷﺮﻭﻁ ﺇﻧﺸﺎﺀ ﺍﻟﺒﻮﺭﺻﺔ ﻭ ﺍﻟﻤﺘﺪﺧﻠﻮﻥ ﻓﻴﻬﺎ‪.‬‬

‫‪1‬‬
‫ﺍﻟﻔﺮﻉ ﺍﻷﻭﻝ‪ :‬ﺷﺮﻭﻁ ﺇﻧﺸﺎﺀ ﺍﻟﺒﻮﺭﺻﺔ‬
‫ﺇﻥ ﺗﻮﻓﺮ ﺷﺮﻭﻁ ﻣﻌﻴﻨﺔ ﻛﻔﻴﻞ ﺑﺈﻧﻌﺎﺵ ﺍﻟﺒﻮﺭﺻﺔ ﺇﺫﺍ ﻛﺎﻧﺖ ﻗﺎﺋﻤﺔ ﻭ ﻣﺘﻮﺍﺟﺪﺓ‪ ،‬ﺃﻭ ﻗﻴﺎﻣﻬﺎ ﻋﻠﻰ ﺃﺳﺲ‬
‫ﺳﻠﻴﻤﺔ ﺇﺫﺍ ﻛﺎﻧﺖ ﺟﺪﻳﺪﺓ ﻭ ﻫﺬﻩ ﺍﻟﺸﺮﻭﻁ ﻫﻲ ‪:‬‬
‫‪ -1‬ﻣﻨﺎﺥ ﺍﺳﺘﺜﻤﺎﺭﻱ ﻣﺴﺘﻘﺮ‪:‬‬
‫ﳛﺮﺹ ﻋﻠﻰ ﺍﻟﺘﻔﺎﻋﻞ ﺍﻻﻧﺘﻌﺎﺷﻲ ﻭ ﺍﻟﺮﻭﺍﺟﻲ ﻭ ﻳﺘﻴﺢ ﻟﻘﻮﻯ ﺍﻟﻔﻌﻞ ﻭﺍﻻﺳﺘﺜﻤﺎﺭ ﺍﻥ ﺗﺸﺎﺭﻙ ﻭ ﺃﻥ ﺗﻌﻤﻞ‬
‫ﻣﻦ ﺧﻼﻝ ﺍﻟﺸﺮﺍﻛﺔ ﻋﻠﻰ ﺯﻳﺎﺩﺓ ﻭ ﺗﻨﻤﻴﺔ ﻭ ﺗﻮﺳﻴﻊ ﻭ ﲡﺪﻳﺪ ﺭﻗﻌﺔ ﺍﻻﺳﺘﺜﻤﺎﺭ ‪.‬‬
‫ﻭ ﺇﺣﺪﺍﺙ ﻫﺬﺍ ﺍﳌﻨﺎﺥ ﺍﻻﺳﺘﺜﻤﺎﺭﻱ ﻳﺘﻄﻠﺐ ﺇﺣﺪﺍﺙ ﺍﻧﺘﻌﺎﺵ ﻣﺴﺘﻤﺮ ﻣﻦ ﺧﻼﻝ ﺍﻟﻀﺦ ﺍﻟﻨﻘﺪﻱ ﺍﳌﺘﻔﺎﻋﻞ‬
‫ﻭ ﺍﳌﺘﻮﺍﺯﻥ ﺣﺮﻛﻴﺎ ﻭ ﺇﳕﺎﺋﻴﺎ ﻣﻦ ﺧﻼﻝ ﺗﺪﻭﻳﺮ ﺭﺅﻭﺱ ﺍﻷﻣﻮﺍﻝ ﻓﺮﺩﻳﺎ ﻭ ﲨﺎﻋﻴﺎ ﶈﺎﻓﻆ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﻟﻜﻞ ﻣﻦ‬
‫ﺍﻟﺪﻭﻟﺔ ﺑﺎﻋﺘﺒﺎﺭﻫﺎ ﻣﺴﺘﺜﻤﺮ ﻓﻌﺎﻝ ﻗﻮﻱ ﻭ ﻟﺼﻨﺎﺩﻳﻖ ﺍﻻﺳﺘﺜﻤﺎﺭ ﺑﺎﻋﺘﺒﺎﺭﻫﺎ ﻣﺴﺘﺜﻤﺮ ﲨﺎﻋﻲ ﻭﺍﻋﻲ ﻭ ﻣﺪﺭﻙ ‪ ،‬ﻭ‬
‫ﻟﻠﻤﺴﺘﺜﻤﺮ ﺍﻟﻔﺮﺩ ﺑﺎﻋﺘﺒﺎﺭﻩ ﻣﻘﺘﻨﺼﺎ ﻟﻠﻔﺮﺹ ﻭ ﻣﻨﺘﻬﺰﺍ ﳍﺎ ﻭ ﻣﻦ ﻫﻨﺎ ﲢﺮﺹ ﺍﻟﺪﻭﻟﺔ ﻋﻠﻰ ﺗﻮﻓﲑ ﺍﻷﰐ ‪:‬‬
‫‪ -‬ﺃﻭﺿﺎﻉ ﺍﻗﺘﺼﺎﺩﻳﺔ ﻗﺎﺋﻤﺔ ﻋﻠﻰ ﺍﳊﺮﻛﺔ ﺍﻹﳕﺎﺋﻴﺔ ﻭ ﻋﻠﻰ ﺗﺄﻛﻴﺪ ﺍﲡﺎﻩ ﺍﻻﻗﺘﺼﺎﺩ ﻭﺇﺳﺘﻬﺪﺍﻓﻪ ﻟﻼﻧﺘﻌﺎﺵ‬
‫ﻭﺍﻟﺮﻭﺍﺝ ﻭ ﻋﺪﻡ ﺍﲡﺎﻫﻪ ﻟﻼﻧﻜﻤﺎﺵ ﺍﻟﺮﻛﻮﺩ ﻭ ﺇﺫﺍ ﻣﺎ ﺣﺪﺛﺖ ﺃﻭﺿﺎﻉ ﺍﻧﻜﻤﺎﺷﻴﺔ ﺃﻭ ﺭﻛﻮﺩﻳﺔ ‪ ،‬ﻓﺈ‪‬ﺎ ﲢﺎﺭﺏ ﻭ ﻻ‬
‫ﻳﺴﻤﺢ ﺑﺎﺳﺘﻤﺮﺍﺭﻫﺎ‪.‬‬

‫‪ -‬ﺑﻴﺌﺔ ﺳﻴﺎﺳﻴﺔ ﻭﺍﻋﻴﺔ ﻭ ﻣﺪﺭﻛﺔ ﻟﻠﺘﺄﺛﲑ ﺍﻟﺴﻠﱯ ﺃﻭ ﺍﻹﳚﺎﰊ ﻟﻠﻘﺮﺍﺭ ﺍﻟﺴﻴﺎﺳﻲ ﻋﻠﻰ ﺍﻻﲡﺎﻫﺎﺕ‬
‫ﺍﳌﺴﺘﻘﺒﻠﻴﺔ ﺍﻟﱵ ﲢﺘﺎﺝ ﺇﱃ ﺍﻻﺳﺘﻘﺮﺍﺭ ﺍﻟﺴﻴﺎﺳﻲ ‪.‬‬
‫‪ -‬ﺃﻭﺿﺎﻉ ﺍﺟﺘﻤﺎﻋﻴﺔ ﻣﺴﺘﻘﺮﺓ ﻭ ﺣﺮﺍﻙ ﺍﺟﺘﻤﺎﻋﻲ ﻗﺎﺋﻢ ﻋﻠﻰ ﺍﻟﻮﻋﻲ ﺍﻹﺩﺭﺍﻛﻲ ﺑﺄﳘﻴﺔ ﺃﻥ ﻳﺘﻢ ﺍﻟﺘﻐﻴﲑ‬
‫‪‬ﺪﻭﺀ ﻭ ﰲ ﺇﻃﺎﺭ ﺍﻟﻨﻈﻢ ﻭ ﺍﻟﻨﺴﻴﺞ ﺍﻻﺟﺘﻤﺎﻋﻲ ﻭ ﻫﻴﻜﻞ ﺍﻟﻘﻴﻢ ﻭ ﺍﻟﻌﺎﺩﺍﺕ ﻭﺍﻟﺘﻘﺎﻟﻴﺪ ﺍﳌﻌﻤﻮﻝ ‪‬ﺎ ‪.‬‬

‫‪ 1‬ﴰﻌﻮﻥ ﴰﻌﻮﻥ‪ ،‬ﻣﺮﺟﻊ ﺳﺎﺑﻖ‪ ،‬ﺹ‪.15‬‬

 ‫‪ -‬ﺑﻴﺌﺔ ﺛﻘﺎﻓﻴﺔ ﺩﺍﻓﻌﺔ ﳌﺰﻳﺪ ﻣﻦ ﺍﻻﺳﺘﺜﻤﺎﺭ ﻭ ﺍﻻﺩﺧﺎﺭ ﻭ ﺍﻟﺘﻌﺎﻣﻞ ﰲ ﺍﻟﺒﻮﺭﺻﺎﺕ ﺑﺎﻋﺘﺒﺎﺭﻫﺎ ﻭﺳﺎﺋﻞ‬
‫ﺁﻣﻨﺔ ﻭ ﻓﻌﺎﻟﺔ‪.‬‬
‫‪ -2‬ﻫﻴﻜﻞ ﻣﺘﻜﺎﻣﻞ ﻣﻦ ﺍﳌﺆﺳﺴﺎﺕ ﻭ ﺍﳌﻨﻈﻤﺎﺕ ﺍﻟﻔﺎﻋﻠﺔ ﻭ ﺍﳌﺘﻔﺎﻋﻠﺔ ﰲ ﺍﻟﺒﻮﺭﺻﺔ‪:1‬‬
‫ﻳﺘﻀﻤﻦ ﺃﺭﺑﻌﺔ )‪ (04‬ﺃﻧﻮﺍﻉ ﻣﻦ ﺍﳌﺆﺳﺴﺎﺕ ﺍﻟﻘﺎﺩﺭﺓ ﻋﻠﻰ ﺻﻨﺎﻋﺔ ﺍﻷﺳﻮﺍﻕ ﻭ ﻫﻲ ‪:‬‬
‫‪ -‬ﻫﻴﻜﻞ ﻣﺘﻜﺎﻣﻞ ﻣﻦ ﺍﻟﺒﻨﻮﻙ ﺍﻟﺘﺠﺎﺭﻳﺔ ﻭ ﺍﻻﺳﺘﺜﻤﺎﺭﻳﺔ ﻭﺑﻴﻮﺕ ﺍﻻﺋﺘﻤﺎﻥ‪.‬‬
‫‪ -‬ﻣﺆﺳﺴﺎﺕ ﻭﺷﺮﻛﺎﺕ ﻟﻠﺨﺪﻣﺎﺕ ﺍﳌﺎﻟﻴﺔ ﻭﺍﻟﺘﻤﻮﻳﻠﻴﺔ ﻭﺑﺼﻔﺔ ﺧﺎﺻﺔ ﻷﻋﻤﺎﻝ ﺍﻟﺴﻤﺎﺳﺮﺓ ﻭ ﺇﺩﺍﺭﺓ‬
‫ﳏﺎﻓﻆ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ‪.‬‬
‫‪ -‬ﺷﺮﻛﺎﺕ ﺗﺮﻭﻳﺞ ﻟﻠﻤﺸﺮﻭﻋﺎﺕ ﺍﳊﺪﻳﺜﺔ ﻭ ﺍﻹﻋﺪﺍﺩ ﻟﻌﻤﻠﻴﺎﺕ ﺇﺻﺪﺍﺭ ﺍﻷﺳﻬﻢ ﻭﺍﻟﺴﻨﺪﺍﺕ ﻭ‬
‫ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﺍﳌﺨﺘﻠﻔﺔ ﺍﻷﺧﺮﻯ ‪.‬‬
‫‪ -‬ﺻﻨﺎﺩﻳﻖ ﺍﺳﺘﺜﻤﺎﺭ ﻣﺘﻨﻮﻋﺔ ﻭ ﻣﺘﻌﺪﺩﺓ ﺗﻌﻤﻞ ﲟﺜﺎﺑﺔ ﺃﺩﻭﺍﺕ ﺍﺳﺘﻘﺮﺍﺭ ﻭ ﺗﻮﺍﺯﻥ ﻭﲢﺮﻳﻚ ﻟﻠﺘﻌﺎﻣﻞ ﰲ‬
‫ﺍﻟﺒﻮﺭﺻﺔ‪.‬‬
‫‪ -3‬ﻧﻈﺎﻡ ﺇﻋﻼﻣﻲ ﺷﺪﻳﺪ ﺍﻟﻔﺎﻋﻠﻴﺔ ﻭ ﺍﻟﺘﺄﺛﲑ‪:‬‬
‫ﻳﻌﻤﻞ ﻋﻠﻰ ﺇﻋﺎﺩﺓ ﺗﻜﻮﻳﻦ ﻭ ﺭﺳﻢ ﻭ ﺻﻨﺎﻋﺔ ﺭﺃﻱ ﻣﺴﺘﻨﲑ ﻣﺆﻳﺪ ﻭ ﻣﺪﻋﻢ ﻟﻨﻤﻮ ﻣﻌﺎﻣﻼﺕ ﺍﻟﺒﻮﺭﺻﺔ ‪ ،‬ﺑﻞ‬
‫ﻭ ﳏﻔﺰ ﻭ ﳏﺮﺽ ﻋﻠﻰ ﻣﺸﺎﺭﻛﺔ ﺍﻷﻓﺮﺍﺩ ﰲ ﺍﻻﺳﺘﺜﻤﺎﺭ ﰲ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﻭ ﺍﳌﻀﺎﺭﺑﺔ ﻋﻠﻴﻬﺎ ‪.‬‬
‫‪ -4‬ﺃﺩﻭﺍﺕ ﻣﺎﻟﻴﺔ ﻛﺎﻓﻴﺔ ﻣﺘﻨﻮﻋﺔ ﻭ ﻣﺘﻌﺪﺩﺓ ﺗﻘﻠﻴﺪﻳﺔ ﻭ ﻣﺴﺘﺤﺪﺛﺔ‪:‬‬
‫ﺗﺸﻤﻞ ﻛﻞ ﻣﺎ ﻫﻮ ﻗﺎﺩﺭ ﻋﻠﻰ ﺇﺷﺒﺎﻉ ﺍﺣﺘﻴﺎﺟﺎﺕ ﻭ ﺭﻏﺒﺎﺕ ﻛﺎﻓﺔ ﺍﳌﺘﻌﺎﻣﻠﲔ ﰲ ﺍﻟﺒﻮﺭﺻﺔ ﻭ ﻟﻴﺲ ﻓﺌﺔ‬
‫ﻭﺍﺣﺪﺓ ﻣﻨﻬﺎ ﻭ ﺗﺸﻤﻞ ﻣﻌﻬﺎ ﺍﻷﺳﻬﻢ ‪ ،‬ﺍﻟﺴﻨﺪﺍﺕ ‪،‬ﺍﳋﻴﺎﺭﺍﺕ ﻭ ﻋﻘﻮﺩ ﺍﳌﺴﺘﻘﺒﻞ ﻭ ﻛﺎﻓﺔ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﺍﻟﺒﺎﻗﻴﺔ‪. 2‬‬

‫‪ -5‬ﻣﻌﺎﻫﺪﺓ ﻭﺟﺎﻣﻌﺎﺕ ﻭ ﻣﺪﺍﺭﺱ ﻋﻠﻴﺎ ﻭ ﻣﺘﻮﺳﻄﺔ ﻣﺘﺨﺼﺼﺔ ﻭ ﻣﺮﺍﻛﺰ ﺗﺪﺭﻳﺐ‪:‬‬

‫ﺗﺴﻬﻢ ﰲ ﺇﻋﺪﺍﺩ ﻭ ﺗﻨﺸﺌﺔ ﺟﻴﻞ ﻣﻦ ﺍﳋﱪﺍﺀ ﻭ ﺍﻟﻔﻨﻴﲔ ﰲ ﺍﻟﺘﻌﺎﻣﻞ ﰲ ﺍﻟﺒﻮﺭﺻﺎﺕ ﻭ ﰲ ﺗﻜﻮﻳﻦ ﻭ ﺗﺸﻐﻴﻞ‬
‫ﻭ ﺇﺩﺍﺭﺓ ﳏﺎﻓﻆ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﻭ ﺍﺳﺘﺨﺪﺍﻡ ﺍﻷﺳﺎﻟﻴﺐ ﺍﻟﻔﻨﻴﺔ ﺍﳌﺘﻘﺪﻣﺔ ﺍﻟﱵ ﻳﺘﻄﻠﺒﻬﺎ ﺍﻟﺘﻌﺎﻣﻞ ﰲ ﺃﺳﻮﺍﻕ ﺍﳌﺎﻝ‬
‫ﺍﻟﺪﻭﻟﻴﺔ ﻭ ﺍﶈﻠﻴﺔ ‪.‬‬
‫‪ -6‬ﺷﺒﻜﺔ ﻣﻌﻠﻮﻣﺎﺕ ﻭ ﺍﺗﺼﺎﻻﺕ ﻭ ﻧﻈﻢ ﻣﻌﻠﻮﻣﺎﺕ ﻣﺒﻨﻴﺔ ﻋﻠﻰ ﻗﻮﺍﻋﺪ ﺑﻴﺎﻧﺎﺕ‪:‬‬
‫ﺗﺴﺘﻄﻴﻊ ﺗﺰﻭﻳﺪ ﺍﶈﻠﻠﲔ ﻭ ﺍﳌﺴﺘﺜﻤﺮﻳﻦ ﺑﺎﻟﺒﻴﺎﻧﺎﺕ ﻭ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﻟﻼﺯﻣﺔ ﺑﺸﻜﻞ ﻓﻮﺭﻱ ﻣﻦ ﺧﻼﻝ ﺷﺒﻜﺔ‬
‫ﺍﺗﺼﺎﻻﺕ ﻣﺘﻘﺪﻣﺔ ﺗﻜﻨﻮﻟﻮﺟﻴﺎ ‪.‬‬

‫‪ 1‬ﴰﻌﻮﻥ ﴰﻌﻮﻥ‪ ،‬ﻣﺮﺟﻊ ﺳﺎﺑﻖ‪ ،‬ﺹ‪.16‬‬

‫‪ - 2‬ﺳﻨﺘﻌﺮﺽ ﳍﺎ ﰲ ﻣﻄﻠﺐ ﻗﺎﺩﻡ‪.‬‬
 ‫ﺍﻟﻔﺮﻉ ﺍﻟﺜﺎﱐ‪ :‬ﺍﳌﺘﺪﺧﻠﻮﻥ ﰲ ﺍﻟﺒﻮﺭﺻﺔ‪.‬‬
‫ﺇﻥ ﻭﺟﻮﺩ ﻋﺪﺩ ﻛﺒﲑ ﻣﻦ ﺍﻷﻃﺮﻑ ﺍﳌﺸﺎﺭﻛﺔ ﰲ ﺍﻟﺒﻮﺭﺻﺔ ﺷﺮﻁ ﺿﺮﻭﺭﻱ ﻹﻋﻄﺎﺀ ﺍﳊﻴﻮﻳﺔ ﻭ‬
‫ﺍﻟﺪﻳﻨﺎﻣﻴﻜﻴﺔ ﺍﻟﻼﺯﻣﺘﲔ ﺣﱴ ﺗﺼﺒﺢ ﺃﺩﺍﺓ ﻓﻌﺎﻟﺔ ﰲ ﲢﻘﻴﻖ ﺍﻟﺘﻨﻤﻴﺔ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﰲ ﻛﺎﻓﺔ ﺍﺠﻤﻟﺎﻻﺕ ‪ ،‬ﻭ ﺑﺈﻣﻜﺎﻧﻨﺎ ﻭﺿﻊ‬
‫ﻫﺆﻻﺀ ﺍﻷﻃﺮﺍﻑ ﰲ ﳎﻤﻮﻋﺎﺕ ﺛﻼﺙ ‪ 03‬ﻫﻲ‪:‬‬
‫‪ -1‬ﻃﺎﻟﺒﻮﺍ ﺭﺅﻭﺱ ﺍﻷﻣﻮﺍﻝ ‪:‬‬
‫ﻭ ﻫﻢ ﺍﻟﺬﻳﻦ ﻳﻌﺎﻧﻮﻥ ﺃﻭ ﻫﻢ ﲝﺎﺟﺔ ﻟﺘﻤﻮﻳﻼﺕ ﻟﺘﻨﻔﻴﺬ ﻣﺸﺎﺭﻳﻌﻬﻢ ﻭ ﺍﺳﺘﺜﻤﺎﺭﺍ‪‬ﻢ ﻭ ﺗﻮﺳﻴﻌﻬﺎ‪ ،‬ﻭ ﳝﻜﻦ‬
‫ﺣﺼﺮ ﻓﺌﺔ ﻃﺎﻟﺒﻮﺍ ﺭﺅﻭﺱ ﺍﻷﻣﻮﺍﻝ ﻛﻤﺎ ﻳﻠﻲ ‪:‬‬
‫◄ ﺍﻟﺪﻭﻟﺔ ﻭ ﺇﺩﺍﺭﺍ‪‬ﺎ ‪:‬‬
‫ﻓﻘﺪ ﻻ ﲢﺼﻞ ﺍﻟﺪﻭﻟﺔ ﻋﻠﻰ ﺍﳌﻮﺍﺭﺩ ﺍﻟﻜﺎﻓﻴﺔ ﻟﺘﻐﻄﻴﺔ ﻧﻔﻘﺎ‪‬ﺎ ﺍﺠﻤﻟﺴﺪﺓ ﰲ ﺍﳌﻴﺰﺍﻧﻴﺔ ﺍﻟﻌﺎﻣﺔ ﻭ ﺍﳌﺘﺄﺗﻴﺔ ﺃﺳﺎﺳﺎ‬
‫ﻣﻦ ﺍﻻﻗﺘﻄﺎﻋﺎﺕ ﺍﻹﺟﺒﺎﺭﻳﺔ ) ﺍﻟﻀﺮﺍﺋﺐ ﻭ ﺍﻟﺮﺳﻮﻡ ( ﻭ ﰲ ﻫﺬﻩ ﺍﳊﺎﻟﺔ ﺗﻠﺠﺄ ﺇﱃ ﺍﻟﺴﻮﻕ ﺍﳌﺎﱄ ﻟﻄﻠﺐ ﻗﺮﻭﺽ ﻣﻦ‬
‫ﺃﺷﺨﺎﺹ ﻣﻌﻨﻮﻳﺔ ﺃﻭ ﻃﺒﻴﻌﻴﺔ ﺃﻭ ﻛﻼﳘﺎ ﻣﻦ ﺧﻼﻝ ﻣﺎ ﻳﺴﻤﻰ ﺑﺴﻨﺪﺍﺕ ﺍﻟﻘﺮﺽ ﺍﻟﻌﺎﻡ ) ﺳﻨﺪﺍﺕ ﺍﳋﺰﻳﻨﺔ ( ﻟﺘﻐﻄﻴﺔ‬
‫ﻫﺬﺍ ﺍﻟﻌﺠﺰ ‪.‬‬
‫◄ ﺍﻟﻘﻄﺎﻉ ﺍﳋﺎﺹ‪:‬‬
‫ﲢﺘﺎﺝ ﺍﳌﺆﺳﺴﺎﺕ ﺇﱃ ﺭﺅﻭﺱ ﺃﻣﻮﺍﻝ ﻛﺒﲑﺓ ﰲ ﺑﺪﺍﻳﺔ ﻧﺸﺎﻃﻬﺎ ﺃﻭ ﺧﻼﻟﻪ ﳌﻮﺍﺟﻬﺔ ﺍﻟﺰﻳﺎﺩﺓ ﰲ ﻧﻔﻘﺎ‪‬ﺎ ﺃﻭ‬
‫ﻟﻐﺮﺽ ﺍﻟﻘﻴﺎﻡ ﲟﺸﺎﺭﻳﻊ ﻭ ﺑﺮﺍﻣﺞ ﺍﺳﺘﺜﻤﺎﺭﻳﺔ ﺟﺪﻳﺪﺓ ﺃﻭ ﺗﻮﺳﻌﻴﺔ ‪ ،‬ﻟﺬﻟﻚ ﻭ ﺇﺫﺍ ﱂ ﺗﻨﺠﺢ‬

‫ﰲ ﺍﳊﺼﻮﻝ ﻋﻠﻰ ﻣﺴﺎﳘﺎﺕ ﺟﺪﻳﺪﺓ ﻣﻦ ﺍﳌﺴﺎﳘﲔ ﺍﻷﻭﺍﺋﻞ ‪ ،‬ﻓﺒﺈﻣﻜﺎ‪‬ﺎ ﺍﻟﺘﻮﺟﻪ ﳓﻮ ﺍﻟﺴﻮﻕ ﺍﳌﺎﱄ ﻭ ﺇﺻﺪﺍﺭ‬
‫ﺃﻭﺭﺍﻕ ﻣﺎﻟﻴﺔ ﺟﺪﻳﺪﺓ ﻟﻠﺤﺼﻮﻝ ﻋﻠﻰ ﺍﻟﺘﻤﻮﻳﻼﺕ ﺍﳌﻄﻠﻮﺑﺔ ‪.‬‬
‫◄ ﺍﻟﺒﻨﻮﻙ ﻭ ﺍﳌﺆﺳﺴﺎﺕ ﻏﲑ ﺍﳌﺼﺮﻓﻴﺔ‪: 1‬‬
‫ﻫﺆﻻﺀ ﻛﺬﻟﻚ ﻣﻦ ﻃﺎﻟﱯ ﺭﺅﻭﺱ ﺍﻷﻣﻮﺍﻝ ﻭ ﺩﻭﺭﻫﻢ ﺟﺪ ﺧﺎﺹ ﻭ ﺫﻟﻚ ﺃﻧﻪ ﺇﺫﺍ ﻛﺎﻥ ﺟﺰﺀ ﻣﻦ ﺭﺅﻭﺱ‬
‫ﺍﻷﻣﻮﺍﻝ ﻣﻦ ﻗﺒﻞ ﻫﺬﻩ ﺍﻟﻔﺌﺔ ﻣﻦ ﺍﳌﺘﺪﺧﻠﲔ ﻟﻐﺮﺽ ﺗﻄﻮﻳﺮ ﺃﺟﻬﺰ‪‬ﺎ ﺍﳋﺎﺻﺔ ﻓﺈﻥ ﺍﳉﺰﺀ ﺍﻷﻛﱪ ﳜﺼﺺ ﻟﺘﻠﺒﻴﺔ‬
‫ﺍﺣﺘﻴﺎﺟﺎﺕ ﺍﻟﺪﻭﻟﺔ ﻭ ﻣﺆﺳﺴﺎﺕ ﺍﻟﻘﻄﺎﻉ ﺍﻟﻌﺎﻡ ﻭ ﺍﳋﺎﺹ ﻋﻠﻰ ﺍﻟﺴﻮﺍﺀ ﻭ ﺑﺴﺒﺐ ﺧﱪﺓ ﻫﺬﺍ ﺍﻟﻨﻮﻉ ﻣﻦ ﺍﳌﺘﺪﺧﻠﲔ‬
‫ﰲ ﺍﻟﻮﺳﺎﻃﺔ ﺍﳌﺎﻟﻴﺔ ﻓﺈ‪‬ﻢ ﺑﻼ ﺷﻚ ﺃﻛﺜﺮ ﻣﻌﺮﻓﺔ ﺑﺎﻻﺣﺘﻴﺎﺟﺎﺕ ﺍﳊﻘﻴﻘﺔ ﻟﻼﻗﺘﺼﺎﺩ ﺍﻟﻮﻃﲏ‪.‬‬
‫‪ -2‬ﻋﺎﺭﺿﻮﺍ ﺭﺅﻭﺱ ﺍﻷﻣﻮﺍﻝ‪: 1‬‬

‫‪ - 1‬ﺃﺑﻮﺍ ﺍﻟﻌﻼﺀ ﺇﺑﺮﺍﻫﻴﻢ ﳏﻤﺪ ‪ ،‬ﺑﻮﺭﺻﺎﺕ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ‪ ،‬ﻣﻄﺒﻌﺔ ﺩﻟﻴﻠﻚ ‪ ،‬ﻣﺼﺮ ‪ ، 1970‬ﺹ ‪. 23‬‬
‫ﻭﻫﻢ ﺍﻟﺬﻳﻦ ﳝﺘﻠﻜﻮﻥ ﻓﻮﺍﺋﺾ ﻣﺎﻟﻴﺔ ﺳﻮﺍﺀ ﻛﺎﻧﺖ ﻣﺪﺧﺮﺓ ﺃﻭ ﻣﻜﺘﱰﺓ ‪ ،‬ﻓﺒﻮﺍﺳﻄﺘﻬﺎ ﻳﺘﺪﺧﻠﻮﻥ ﰲ ﺍﻟﺒﻮﺭﺻﺔ‬
‫ﻗﺼﺪ ﺍﻻﺳﺘﻔﺎﺩﺓ ﻣﻦ ﺍﻷﺭﺑﺎﺡ ﺍﻟﱵ ﺗﻌﻮﺩ ﻋﻠﻴﻬﻢ ﻣﻦ ﺧﻼﻝ ﺍﺳﺘﺜﻤﺎﺭﻫﺎ ﰲ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﺍﻟﺼﺎﺩﺭﺓ ﻋﻦ ﺍﺠﻤﻟﻤﻮﻋﺔ‬
‫ﺍﻟﱵ ﺗﻌﺎﱐ ﻣﻦ ﺍﻟﻌﺠﺰ ﻭ ﳝﻜﻨﻨﺎ ﺣﺼﺮ ﻫﺬﻩ ﺍﻟﻔﺌﺔ ﻣﻦ ﺍﳌﺘﺪﺧﻠﲔ ﰲ ﺍﻟﻨﻘﺎﻁ ﺍﻟﺘﺎﻟﻴﺔ ‪:‬‬
‫◄ ﺍﻟﻌﺎﺋﻼﺕ‪:‬‬
‫ﻭ ﺗﻌﺘﱪ ﻣﻦ ﺑﲔ ﺍﳌﺪﺧﺮﻳﻦ ﺍﻻﻋﺘﻴﺎﺩﻳﲔ ﻭ ﻣﻦ ﺃﻛﱪ ﺍﳌﺘﻌﺎﻣﻠﲔ ﰲ ﺍﻟﻮﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﺍﳌﺘﺪﺍﻭﻟﺔ ﰲ ﺍﻟﺒﻮﺭﺻﺔ ‪،‬‬
‫ﻧﻈﺮﺍ ﻟﻠﺤﺠﻢ ﺍﳍﺎﺋﻞ ﻣﻦ ﺍﻟﺴﻴﻮﻟﺔ ﺍﻟﻨﻘﺪﻳﺔ ﺍﻟﱴ ﲝﻮﺯ‪‬ﻢ ‪.‬‬
‫◄ ﺍﳌﺴﺘﺜﻤﺮﻭﻥ ‪:‬‬
‫ﻭ ﻳﺘﺠﻠﻰ ﺩﻭﺭﻫﻢ ﰲ ﺍﳊﻴﺎﺓ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﰲ ﻋﻤﻠﻴﺔ ﲡﻤﻴﻊ ﺍﳌﺪﺧﺮﺍﺕ ﺍﻵﺗﻴﺔ ﻣﻦ ﳐﺘﻠﻒ ﺍﻟﻘﻄﺎﻋﺎﺕ ﰲ‬
‫ﺍﻟﺪﻭﻟﺔ ﻭ ﺗﻮﻇﻴﻔﻬﺎ ﰲ ﺷﻜﻞ ﺃﻭﺭﺍﻕ ﻣﺎﻟﻴﺔ ‪ ،‬ﻭ ﻳﻌﺘﱪﻭﻥ ﻛﺬﻟﻚ ﻣﻦ ﺃﻛﱪ ﺍﳌﺎﻟﻜﲔ ﻟﻠﺴﻴﻮﻟﺔ ‪ ،‬ﻭ ﻣﻦ ﺃﻫﻢ‬
‫ﺍﳌﺘﺪﺧﻠﲔ ﰲ ﺍﻟﺒﻮﺭﺻﺔ ﻭ ﳒﺪ ﻣﻨﻬﻢ‪:‬‬
‫‪ -‬ﺷﺮﻛﺎﺕ ﺍﻟﺘﺄﻣﲔ ‪:‬ﲤﻠﻚ ﺷﺮﻛﺎﺕ ﺍﻟﺘﺄﻣﲔ ﺍﳌﺒﺎﻟﻎ ﺍﳌﻮﺩﻋﺔ ﻟﺪﻳﻬﺎ ﻣﻦ ﻗﺒﻞ ﺍﳉﻤﻬﻮﺭ ﻟﻠﺘﺄﻣﲔ ﻋﻠﻰ‬
‫ﺣﻴﺎ‪‬ﻢ ﻭ ﳑﺘﻠﻜﺎ‪‬ﻢ ﻣﻦ ﺍﻷﺿﺮﺍﺭ ﺍﻟﱵ ﳝﻜﻦ ﺃﻥ ﺗﻠﺤﻖ ‪‬ﻢ ﻭ ﺣﱴ ﻻ ﺗﺒﻘﻰ ﻫﺬﻩ ﺍﳌﺒﺎﻟﻎ‬

‫ﺟﺎﻣﺪﺓ ﺗﺴﺘﺨﺪﻣﻬﺎ ﻫﺬﻩ ﺍﻟﺸﺮﻛﺎﺕ ﰲ ﺷﺮﺍﺀ ﺍﻷﺩﻭﺍﺕ ﻭ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﺍﻟﱵ ﳚﺮﻱ ﺍﻟﺘﻌﺎﻣﻞ ‪‬ﺎ ﰲ ﺍﻟﺒﻮﺭﺻﺔ ‪.‬‬
‫‪ -‬ﺻﻨﺎﺩﻳﻖ ﺍﻟﺘﻘﺎﻋﺪ‪:‬‬
‫ﺇﻥ ﺍﳌﺒﺎﻟﻎ ﺍﺠﻤﻟﻤﻌﺔ ﰲ ﻫﺬﻩ ﺍﻟﺼﻨﺎﺩﻳﻖ ﻭ ﺍﳌﺘﺤﺼﻞ ﻋﻠﻴﻬﺎ ﻣﻦ ﺍﻷﻓﺮﺍﺩ ﺍﻟﻌﺎﻣﻠﲔ ﰲ ﺍﺠﻤﻟﺘﻤﻊ ﺗﻮﻇﻒ ﰲ‬
‫ﺍﻟﺒﻮﺭﺻﺔ ﺑﻨﻔﺲ ﺍﻷﺳﻠﻮﺏ ﺍﻟﺴﺎﺑﻖ ﺍﻟﺬﻛﺮ ‪.‬‬
‫‪ -‬ﻫﻴﺌﺎﺕ ﺍﻟﺘﻮﻇﻴﻒ ﺍﳉﻤﺎﻋﻲ ﻟﻸﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ‪:‬‬
‫ﳝﻜﻦ ﻟﻠﻤﺴﺘﺜﻤﺮﻳﻦ ﺃﻥ ﻳﺘﺪﺧﻠﻮﺍ ﺑﻄﺮﻳﻘﺔ ﻏﲑ ﻣﺒﺎﺷﺮﺓ ﺑﺎﺳﺘﻌﻤﺎﻝ ﻧﻈﺎﻡ ﺍﻟﺘﻮﻇﻒ ﺍﳉﻤﺎﻋﻲ ﻟﻸﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ‬
‫ﻭﺣﻴﺚ ﻳﻘﻮﻡ ﺍﻷﻓﺮﺍﺩ‪,‬ﳑﻦ ﻻ ﻳﺘﻘﻨﻮﻥ ﺍﻟﺘﻌﺎﻣﻞ ﰲ ﺍﻟﺒﻮﺭﺻﺔ ﺑﺘﺴﻠﻴﻢ ﻣﺪﺧﺮﺍ‪‬ﻢ‬
‫ﻭ ﺃﻣﻮﺍﳍﻢ ﳍﺬﻩ ﺍﳍﻴﺌﺎﺕ ﺣﱴ ﺗﻘﻮﻡ ﺑﺘﻮﻇﻴﻔﻬﺎ ﰲ ﺍﻟﺒﻮﺭﺻﺔ ﺍﳊﺼﻮﻝ ﻋﻠﻰ ﻋﻮﺍﺋﺪ ﻟﻜﻼ ﺍﻟﻄﺮﻓﲔ ﻭﺗﻨﻘﺴﻢ ﻫﺬﻩ‬
‫ﺍﳍﻴﺌﺎﺕ ﺇﱃ ﺻﻨﻔﲔ ‪:‬‬
‫( ﺷﺮﻛﺔ ﺍﻻﺳﺘﺜﻤﺎﺭ ﰲ ﺍﻟﺮﺃﺱ ﻣﺎﻝ ﺍﳌﺘﻐﲑ ) ‪. 2( SICAV‬‬
‫( ﺍﻟﺼﻨﺪﻭﻕ ﺍﳉﻤﺎﻋﻲ ﻟﻠﺘﻮﻇﻴﻒ ) ‪. ( FCP‬‬

‫‪ 1‬ﺃﺑﻮﺍ ﺍﻟﻌﻼﺀ ﺇﺑﺮﺍﻫﻴﻢ ﳏﻤﺪ ‪ ،‬ﺑﻮﺭﺻﺎﺕ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ‪ ،‬ﻣﻄﺒﻌﺔ ﺩﻟﻴﻠﻚ ‪ ،‬ﻣﺼﺮ ‪ ، 1970‬ﺹ ‪. 23‬‬
‫‪- SICAV : Société d’Investissement en Capital d’Argent Variable.2‬‬
‫ﻭ ﻳﺘﻢ ﺗﺴﻴﲑ ﻫﺬﻩ ﺍﳌﻨﻈﻤﺎﺕ ﻭ ﺍﳍﻴﺌﺎﺕ ﻣﻦ ﻃﺮﻑ ﺃﺧﺼﺎﺋﻴﲔ ﻳﻨﺘﻤﻮﻥ ﺇﱃ ﺍﳌﺆﺳﺴﺎﺕ ﺍﳌﺎﻟﻴﺔ ﺍﳌﺼﺮﻓﻴﺔ‬
‫ﻭﻏﲑ ﺍﳌﺼﺮﻓﻴﺔ ﻭ ﻳﺘﻢ ﺗﺄﺳﻴﺴﻬﺎ ﺍﻧﻄﻼﻗﺎ ﻣﻦ ﺭﺅﻭﺱ ﺍﻷﻣﻮﺍﻝ ﺍﳌﻘﺪﻡ ﻣﻦ ﻗﺒﻞ ﺍﳌﻜﺘﺒﲔ‪.‬‬
‫◄ ﺍﻟﺒﻨﻮﻙ ‪:‬‬
‫ﻧﻈﺮﺍ ﳋﱪﺍ‪‬ﺎ ﺍﻟﻜﺒﲑﺓ ﰲ ﺍﳌﻌﺎﻣﻼﺕ ﺍﳌﺎﻟﻴﺔ ﻓﺈ‪‬ﺎ ﺗﻌﺪ ﻣﻦ ﺃﻫﻢ ﺍﳌﺘﻌﺎﻣﻠﲔ ﰲ ﺍﻟﺒﻮﺭﺻﺔ ﺇﺫ ﳝﻜﻨﻬﺎ ﺃﻥ‬
‫ﺗﺘﺪﺧﻞ ﻟﻠﻌﻤﻞ ﳊﺴﺎ‪‬ﺎ ﺍﳋﺎﺹ ﺑﺸﺮﺍﺀ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﻭﺑﻴﻌﻬﺎ ﻛﻤﺎ ﳝﻜﻦ ﳍﺎ ﺗﺴﻴﲑ ﺍﶈﺎﻓﻆ ﺍﳌﺎﻟﻴﺔ ﻟﻠﻐﲑ ﻣﻘﺎﺑﻞ‬
‫ﻋﻤﻮﻻﺕ‪ ،‬ﻭﰲ ﻫﺬﻩ ﺍﳊﺎﻟﺔ ﺗﻌﺘﱪ ﻛﻮﺳﻴﻂ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ‪ ،‬ﻫﺬﺍ ﺑﺎﻹﺿﺎﻓﺔ ﺇﱃ ﺍﳋﺪﻣﺎﺕ ﺍﻟﱵ ﺗﻘﺪﻣﻬﺎ‬
‫ﺍﳌﺆﺳﺴﺎﺕ ﺍﻟﻘﻄﺎﻋﲔ ﺍﻟﻌﺎﻡ ﻭﺍﳋﺎﺹ ﻋﻠﻰ ﻣﺴﺘﻮﻯ ﺍﻟﺴﻮﻕ ﺍﻷﻭﱃ‪ ،‬ﺗﻄﺮﺡ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﺍﻟﺼﺎﺩﺭﺓ ﻋﻦ ﻣﺆﺳﺴﺔ‬
‫ﻣﺎ ﻟﻼﻛﺘﺘﺎﺏ ﺍﻟﻌﺎﻡ ﻣﻦ ﻗﺒﻞ ﺍﳉﻤﻬﻮﺭ ﺃﻭﻝ ﻣﺮﺓ‪.‬‬
‫◄ ﻣﺘﻌﺎﻣﻠﻮﻥ ﺁﺧﺮﻭﻥ ‪:‬‬
‫ﻭ ﳒﺪ ﰲ ﻫﺬﻩ ﺍﻟﻔﺌﺔ ﻣﻦ ﺍﳌﺘﻌﺎﻣﻠﲔ ﺍﳉﻤﻌﻴﺎﺕ ﺫﺍﺕ ﺍﻟﻄﺎﺑﻊ ﻏﲑ ﺍﻟﺘﺠﺎﺭﻱ )ﺍﳉﻤﻌﻴﺎﺕ ﺍﻟﺜﻘﺎﻓﻴﺔ‪ ،‬ﺍﻟﻌﻠﻤﻴﺔ‪،‬‬
‫ﺍﻟﺮﻳﺎﺿﻴﺔ(‪.‬‬

‫‪ -3‬ﺍﳍﻴﺌﺎﺕ ﺍﳌﻨﻈﻤﺔ ﻟﻠﺒﻮﺭﺻﺔ ‪:1‬‬

‫ﻭ ﻫﻲ ﺍﳍﻴﺌﺎﺕ ﺍﻟﱵ ﻳﻘﻊ ﻋﻠﻰ ﻋﺎﺗﻘﻬﺎ ﻣﻦ ﺗﻨﻈﻴﻢ ﺍﻟﻌﻼﻗﺎﺕ ﺑﲔ ﻃﺎﻟﱯ ﻭ ﻋﺎﺭﺿﻲ ﺭﺅﻭﺱ ﺍﻷﻣﻮﺍﻝ‬
‫ﻟﻀﻤﺎﻥ ﺳﻼﻣﺘﻬﺎ ﻭ ﻧﺰﺍﻫﺘﻬﺎ ﻭ ﺗﺘﻜﻮﻥ ﻫﺬﻩ ﺍﳍﻴﺌﺎﺕ ﻋﺎﺩﺓ ﻣﻦ‪:‬‬
‫◄ ﳉﻨﺔ ﺍﻟﺒﻮﺭﺻﺔ ‪:‬‬
‫ﻭ ﺗﻘﻮﻡ ﺑﺎﻟﻌﺪﻳﺪ ﻣﻦ ﺍﳌﻬﺎﻡ ﻣﻨﻬﺎ ‪:‬‬
‫‪ -‬ﺍﻟﻌﻤﻞ ﻋﻠﻰ ﺣﺴﻦ ﺳﲑ ﺍﻟﻨﺸﺎﻁ ﰲ ﺍﻟﺒﻮﺭﺻﺔ ﺑﺎﲣﺎﺫ ﻣﺎ ﻳﺘﻄﻠﺒﻪ ﺍﻷﻣﺮ ﻣﻦ ﺇﺟﺮﺍﺀﺍﺕ‪.‬‬
‫‪ -‬ﺍﻟﻌﻤﻞ ﻛﺴﻠﻄﺔ ﺗﺄﺩﻳﺒﻴﺔ ﻋﻠﻰ ﲨﻊ ﺃﻋﻀﺎﺀ ﺍﻟﺒﻮﺭﺻﺔ ﻭﻓﻘﺎ ﻟﻠﻘﻮﺍﻋﺪ ﺍﻟﱵ ﻧﺺ ﻋﻠﻴﻬﺎ‬
‫ﺍﻟﻘﺎﻧﻮﻥ‪.‬‬
‫ﻭﻣﻦ ﻫﻨﺎ ﻓﺈﻥ ﳉﻨﺔ ﺍﻟﺒﻮﺭﺻﺔ ﲤﺜﻞ ﺇﺣﺪﻯ ﺍﻟﺘﻨﻈﻴﻤﺎﺕ ﺍﻟﺮﺋﻴﺴﻴﺔ ﺷﺪﻳﺪﺓ ﺍﻷﳘﻴﺔ ﻟﻴﺲ ﻓﻘﻂ ﺍﻹﺩﺍﺭﺓ‬
‫ﺍﻟﺒﻮﺭﺻﺔ ﻭ ﻟﻜﻦ ﺃﻳﻀﺎ ﻟﻺﺷﺮﺍﻑ ﻋﻠﻰ ﺣﺴﻦ ﺳﲑ ﺍﻟﻌﻤﻞ ‪‬ﺎ ﻭ ﻋﻠﻰ ﺣﺴﻦ ﻗﻴﺎﻣﻬﺎ ﺑﻨﺸﺎﻃﻬﺎ ﻭ ﺗﻀﻢ ﻫﺬﻩ‬
‫ﺍﻟﻠﺠﻨﺔ ﰲ ﻫﻴﺎﻛﻠﻬﺎ‪:‬‬
‫‪ -‬ﻣﻜﺘﺐ ﳉﻨﺔ ﺍﻟﺒﻮﺭﺻﺔ ‪:‬‬

‫‪ 1‬ﴰﻌﻮﻥ ﴰﻌﻮﻥ‪ ،‬ﻣﺮﺟﻊ ﺳﺎﺑﻖ‪ ،‬ﺹ‪.12‬‬

‫ﺣﱴ ﺗﻘﻮﻡ ﳉﻨﺔ ﺍﻟﺒﻮﺭﺻﺔ ﺑﻌﻤﻠﻬﺎ ﲢﺘﺎﺝ ﺇﱃ ﻣﻜﺘﺐ ﻳﺒﺎﺷﺮ ﻣﻬﺎﻡ ﺍﻟﺴﻜﺮﺗﺎﺭﻳﺔ ﻭ ﺗﻨﻈﻴﻢ ﺃﻋﻤﺎﻝ ﺍﻟﻠﺠﻨﺔ ﻭ‬
‫ﲢﺪﻳﺪ ﺟﺪﺍﻭﻝ ﺍﺟﺘﻤﺎﻋﺎ‪‬ﺎ ﻭ ﻃﺮﺡ ﺍﳌﻮﺿﻮﻋﺎﺕ ﺍﻟﱵ ﺗﺘﻨﺎﻭﳍﺎ ﻭ ﺍﻹﺷﺮﺍﻑ ﻋﻠﻰ ﺍﻟﻨﻮﺍﺣﻲ ﺍﳌﺎﻟﻴﺔ ﺍﳋﺎﺻﺔ ﺑﺎﻟﻠﺠﻨﺔ‪.‬‬
‫‪ -‬ﺍﻟﻠﺠﺎﻥ ﺍﻟﻔﺮﻋﻴﺔ ‪:‬‬
‫ﳛﻖ ﻟﻠﺠﻦ ﺍﻟﺒﻮﺭﺻﺔ ﺗﺸﻜﻴﻞ ﳉﺎﻥ ﻓﺮﻋﻴﺔ ﺑﻘﺪﺭ ﻣﺎ ﻳﺴﺘﻠﺰﻣﻪ ﻭ ﳛﺘﺎﺝ ﺇﻟﻴﻪ ﺍﻟﻌﻤﻞ ﻭ ﺍﻟﻨﺸﺎﻁ ﰲ‬
‫ﺍﻟﺒﻮﺭﺻﺔ‪ ،‬ﺣﻴﺚ ﺗﺸﻜﻞ ﳉﻨﺔ ﺍﻟﺒﻮﺭﺻﺔ ﰲ ﺃﻭﻝ ﺟﻠﺴﺔ ﺗﻌﻘﺪﻫﺎ ﺑﻌﺪ ﻛﻞ ﺍﻧﺘﺨﺎﺏ ﺳﻨﻮﻱ ﻫﺬﻩ ﺍﻟﻠﺠﺎﻥ ﺍﻟﻔﺮﻋﻴﺔ‪.‬‬
‫ﻭ ﺗﻘﻮﻡ ﻫﺬﻩ ﺍﻟﻠﺠﺎﻥ ﲟﺴﺎﻋﺪﺓ ﳉﻨﺔ ﺍﻟﺒﻮﺭﺻﺔ ﰲ ﺍﳌﺴﺎﺋﻞ ﺍﳌﺨﺘﻠﻔﺔ ﻭ ﺍﻟﱴ ﺗﺘﻄﻠﺐ ﺩﺭﺍﺳﺎﺕ ﻭﺃﲝﺎﺙ‬
‫ﺧﺎﺻﺔ ﻟﻀﻤﺎﻥ ﺣﺴﻦ ﺳﲑ ﺍﻟﻌﻤﻞ ﻭ ﺍﻟﻨﺸﺎﻁ ﰲ ﺍﻟﺒﻮﺭﺻﺔ ﻭﻓﻘﺎ ﻻﺧﺘﺼﺎﺹ ﻛﻞ ﳉﻨﺔ ﻓﺮﻋﻴﺔ ﻭ ﻳﻘﻮﻡ ﻛﻞ ﳉﻨﺔ‬
‫ﻓﺮﻋﻴﺔ ﺑﺘﻘﺪﱘ ﺗﻘﺮﻳﺮﺍ ﻋﻦ ﺃﻋﻤﺎﳍﺎ ﺇﱃ ﳉﻨﺔ ﺍﻟﺒﻮﺭﺻﺔ ‪.‬‬

‫◄ ﺍﳉﻤﻌﻴﺔ ﺍﻟﻌﺎﻣﺔ ‪:‬‬

‫ﻭﻫﻲ ﺃﻫﻢ ﻭ ﺃﺧﻄﺮ ﺍﻟﺘﻨﻈﻴﻤﺎﺕ ﻋﻠﻰ ﻭﺟﻪ ﺍﻹﻃﻼﻕ ﻭﺍﻟﱵ ﻣﻦ ﺧﻼﻝ ﺟﻠﺴﺎ‪‬ﺎ ﻭ ﻗﺮﺍﺭﺍ‪‬ﺎ ﻳﺘﺸﻜﻞ ﻭ‬
‫ﻳﺘﺤﺪﺩ ﺷﻜﻞ ﺍﻟﺒﻮﺭﺻﺔ ﻭﺍﲡﺎﻫﺎ‪‬ﺎ ﻭﻣﻼﳏﻬﺎ ﺍﻟﻌﺎﻣﺔ‪ .‬ﻭﺗﺘﻜﻮﻥ ﺍﳉﻤﻌﻴﺔ ﺍﻟﻌﺎﻣﺔ ﻟﻠﺒﻮﺭﺻﺔ ﻣﻦ ﲨﻴﻊ ﺍﻷﻋﻀﺎﺀ‬
‫ﺍﳌﻨﻈﻤﲔ ﺍﻟﺒﻮﺭﺻﺔ ﺳﻮﺍﺀ ﻛﺎﻧﻮﺍ ﻋﺎﻣﻠﲔ ﺃﻭ ﻣﻨﻈﻤﲔ ﻭ ﺗﻌﻘﺪ ﺍﺟﺘﻤﺎﻋﺎ‪‬ﺎ ﺳﻨﻮﻳﺎ ‪.‬‬
‫ﻭﲣﺘﺺ ﺍﳉﻤﻌﻴﺔ ﺍﻟﻌﺎﻣﺔ ﺑﺎﻟﺘﺼﺪﻳﻖ ﻋﻠﻰ ﺍﳌﻴﺰﺍﻧﻴﺔ ﺍﳌﻘﺪﻣﺔ ﺇﻟﻴﻬﺎ‪ ،‬ﻭﻋﻠﻰ ﺣﺴﺎﺏ ﺍﻹﻳﺮﺍﺩﺍﺕ ﻭﺍﳌﺼﺮﻭﻓﺎﺕ‬
‫ﻭﺇﺑﺪﺍﺀ ﺍﻟﺮﻏﺒﺎﺕ ﰲ ﲨﻴﻊ ﺍﳌﺴﺎﺋﻞ ﺍﻟﱵ ‪‬ﻢ ﺍﻷﻋﻀﺎﺀ ﻭ ﺗﺘﻌﻠﻖ ﺑﺎﻟﺒﻮﺭﺻﺔ ‪.‬‬
‫◄ ﻫﻴﺌﺔ ﺍﻟﺘﺤﻜﻴﻢ ﻭﻓﺾ ﺍﻟﱰﺍﻋﺎﺕ‪:1‬‬
‫ﲢﺎﻝ ﺇﻟﻴﻬﺎ ﺍﻟﱰﺍﻋﺎﺕ ﺍﻟﱴ ﲢﺪﺙ ﺑﲔ ﺃﻋﻀﺎﺀ ﺍﻟﺒﻮﺭﺻﺔ ﻭﻳﻘﻮﻡ ﺍﻟﺘﺤﻜﻴﻢ ﺑﺪﻭﺭ ﻫﺎﻡ ﰲ ﺍﳊﻔﺎﻅ ﻋﻠﻰ‬
‫ﺍﻟﻌﻼﻗﺎﺕ ﺑﲔ ﺃﻓﺮﺍﺩ ﺍﻟﱰﺍﻉ ﻭ ﰲ ﺍﻟﻮﻗﺖ ﺫﺍﺗﻪ ﳛﻘﻖ ﳍﻢ ﺍﻟﺴﺮﻋﺔ ﰲ ﺍﻟﻔﺼﻞ ﰲ ﺍﳋﻼﻑ ﻭ ﺍﳊﻔﺎﻅ ﻋﻠﻰ ﺃﺳﺮﺍﺭﻫﻢ‬
‫‪.‬‬
‫◄ ﳎﻠﺲ ﺍﻟﺘﺄﺩﻳﺐ ‪:‬‬
‫ﻭ ﻫﻮ ﺍﺠﻤﻟﻠﺲ ﺍﻟﺬﻱ ﲢﺎﻝ ﺇﻟﻴﻪ ﺍﳌﺨﺎﻟﻔﺎﺕ ﺍﻟﱵ ﺗﻘﻊ ﰲ ﺍﻟﺒﻮﺭﺻﺔ ﻭ ﻳﺘﻢ ﺗﻌﻴﲔ ﻫﺬﺍ ﺍﺠﻤﻟﻠﺲ ﻣﻦ ﻗﺒﻞ ﳉﻨﺔ‬
‫ﺍﻟﺒﻮﺭﺻﺔ ﺳﻨﻮﻳﺎ ‪.‬‬
‫ﻭﳜﺘﺺ ﳎﻠﺲ ﺍﻟﺘﺄﺩﻳﺐ ﺑﺎﻟﻔﺼﻞ ﻓﻴﻤﺎ ﻭﻗﻊ ﻣﻦ ﳐﺎﻟﻔﺎﺕ ﻷﺣﻜﺎﻡ ﻗﻮﺍﻧﲔ ﺍﻟﺒﻮﺭﺻﺔ ﻭﻟﻮﺍﺋﺤﻬﺎ ﻭﻛﺬﻟﻚ‬
‫ﲨﻴﻊ ﺍﳌﺴﺎﺋﻞ ﺍﻟﱵ ﲣﺺ ﺣﺴﻦ ﺗﺴﲑ ﺍﻟﻌﻤﻞ ﻭﺍﻟﻨﻈﺎﻡ ﰲ ﺍﻟﺒﻮﺭﺻﺔ ﻭﺫﻟﻚ ﻣﻦ ﺗﻠﻘﺎﺀ ﻧﻔﺴﻪ ﺃﻭ ﺑﻨﺎﺀ ﻋﻠﻰ ﺷﻜﺎﻭﻱ‬
‫ﺫﻭﻱ ﺍﻟﺸﺄﻥ ﺃﻭ ﺍﺳﺘﺠﺎﺑﺔ ﻟﻄﻠﺐ ﳉﻨﺔ ﺍﻟﺒﻮﺭﺻﺔ ﺃﻭ ﻣﻨﺪﻭﺏ ﺍﳊﻜﻮﻣﺔ ‪.‬‬
‫◄ ﻣﻨﺪﻭﺏ ﺍﳊﻜﻮﻣﺔ ‪:‬‬

‫‪ 1‬ﺃﺑﻮﺍ ﺍﻟﻌﻼﺀ ﺇﺑﺮﺍﻫﻴﻢ ﳏﻤﺪ ‪ ،‬ﺑﻮﺭﺻﺎﺕ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ‪ ،‬ﻣﻄﺒﻌﺔ ﺩﻟﻴﻠﻚ ‪ ،‬ﻣﺼﺮ ‪ ، 1970‬ﺹ ‪. 25‬‬
‫ﺗﻌﲔ ﺍﻟﻮﺯﺍﺭﺓ ﺍﳌﺨﺘﺼﺔ ﻣﻨﺪﻭﺑﺎ ﺃﻭ ﺃﻛﺜﺮ ﻟﻠﺤﻜﻮﻣﺔ ﻟﺪﻯ ﺍﻟﺒﻮﺭﺻﺔ ‪ ،‬ﺗﻜﻮﻥ ﻣﻬﻤﺘﻪ ﻣﺮﺍﻗﺒﺔ ﺗﻨﻔﻴﺬ ﺍﻟﻘﻮﺍﻧﲔ‬
‫ﻭﺍﻟﻠﻮﺍﺋﺢ‪،‬ﻭﻳﺘﻌﲔ ﺣﻀﻮﺭ ﻣﻨﺪﻭﺏ ﺍﳊﻜﻮﻣﺔ ﻛﺎﻓﺔ ﺍﺟﺘﻤﺎﻋﺎﺕ ﺍﳉﻤﻌﻴﺎﺕ ﺍﻟﻌﺎﻣﺔ ﻭﳉﻨﺔ ﺍﻟﺒﻮﺭﺻﺔ ﻭﳎﻠﺲ ﺍﻟﺘﺄﺩﻳﺐ‬
‫ﻭﻫﻴﺌﺔ ﺍﻟﺘﺤﻜﻴﻢ ﻭﺍﻟﻠﺠﺎﻥ ﺍﻟﻔﺮﻋﻴﺔ ﺍﳌﺨﺘﻠﻔﺔ ﻭﺇﻻ ﻛﺎﻧﺖ ﺑﺎﻃﻠﺔ‪ .‬ﻭﳌﻨﺪﻭﺏ ﺍﳊﻜﻮﻣﺔ ﺣﻖ ﺍﻻﻋﺘﺮﺍﺽ ﻋﻠﻰ ﲨﻴﻊ‬
‫ﻗﺮﺍﺭﺍﺕ ﺍﳉﻤﻌﻴﺎﺕ ﺍﻟﻌﺎﻣﺔ ﻭﳉﻨﺔ ﺍﻟﺒﻮﺭﺻﺔ ﻭﳉﺎ‪‬ﺎ ﺍﻟﻔﺮﻋﻴﺔ ﺇﺫﺍ ﻣﺎ ﺻﺪﺭﺕ ﻫﺬﻩ ﺍﻟﻘﺮﺍﺭﺍﺕ ﳐﺎﻟﻔﺔ ﻟﻠﻘﻮﺍﻧﲔ ﺃﻭ‬
‫ﺍﻟﻠﻮﺍﺋﺢ ﺍﳋﺎﺻﺔ ﺑﺎﻟﺒﻮﺭﺻﺔ ﻭﻣﻌﺎﺭﺿﺔ ﻟﻠﺼﺎﱀ ﺍﻟﻌﺎﻡ ‪.‬‬

‫◄ ﺍﻟﺴﻤﺎﺳﺮﺓ ‪) :‬ﲰﺎﺳﺮﺓ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ (‪:‬‬

‫ﻻ ﳚﻮﺯ ﺍﻟﺘﻌﺎﻣﻞ ﰲ ﺍﻟﺒﻮﺭﺻﺔ ﺇﻻ ﻣﻦ ﺧﻼﻝ ﲰﺎﺳﺮﺓ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ‪ ،‬ﻭﻣﻬﻨﺔ ﺍﻟﺴﻤﺴﺮﺓ ﻣﻬﻨﺔ ﻗﺎﻧﻮﻧﻴﺔ‬
‫ﻗﺎﺋﻤﺔ ﺑﺬﺍ‪‬ﺎ ﻭ ﻫﻲ ﺣﺮﻓﺔ ﳛﺘﺮﻓﻬﺎ ﺧﱪﺍﺀ‪،‬ﺍﺧﺘﺒﺎﺭﻫﻢ ﻭﺗﺴﺠﻴﻠﻬﻢ ﻭ ﻣﻨﺤﻬﻢ ﺇﺟﺎﺭﺓ ﻭ ﺣﻖ ﺍﻟﺘﻌﺎﻣﻞ ﰲ ﺍﻟﺒﻮﺭﺻﺔ ﻭ‬
‫ﻳﻌﺘﱪ ﺍﻟﺴﻤﺴﺎﺭ ﻣﻦ ﺃﺣﺪ ﺍﻟﻌﻨﺎﺻﺮ ﺍﻟﱵ ﺑﺪﻭ‪‬ﺎ ﻻ ﻳﺘﻢ ﺍﻟﺘﻌﺎﻣﻞ ﰲ ﺍﻟﺒﻮﺭﺻﺔ ﻟﻴﺲ ﻓﻘﻂ ﺗﻜﻮﻧﻪ ﺍﻟﻮﺳﻴﻂ ﺍﻟﺬﻱ ﺗﺘﻢ ﺑﻪ‬
‫ﺍﳌﻌﺎﻣﻼﺕ ﻭ ﻟﻜﻦ ﺃﻳﻀﺎ ﳌﺎ ﻳﻘﻮﻡ ﻣﻦ ﺧﺪﻣﺎﺕ ﻭ ﻣﻨﻬﺎ ‪ _ :‬ﺗﻘﺪﱘ ﺍﻟﻨﺼﻴﺤﺔ ﻭ ﺍﳌﺸﻮﺭﺓ ﻭ ﺇﺑﺪﺍﺀ ﺍﻟﺮﺃﻱ ‪.‬‬
‫_ ﺑﻴﻊ ﻭﺷﺮﺍﺀ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﻟﻔﺎﺋﺪﺓ ﻋﻤﻼﺋﻪ ‪.‬‬
‫_ ﺍﻹﺑﻼﻍ ﻋﻦ ﺍﻷﺷﻌﺎﺭ ﻭ ﺗﻘﻠﺒﺎ‪‬ﺎ ‪.‬‬

‫ﺍﻟﻤﺒﺤﺚ ﺍﻟﺜﺎﻧﻲ‪:‬ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ ﻭ ﺃﺻﻨﺎﻓﻬﺎ ﻭ ﺍﻟﻘﻴﻢ ﺍﻟﻤﺘﺪﺍﻭﻟﺔ ﻓﻴﻬﺎ‬

‫ﺍﻟﻤﻄﻠﺐ ﺍﻷﻭﻝ‪ :‬ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ‪.‬‬
‫ﺍﻟﻔﺮﻉ ﺍﻷﻭﻝ‪ :‬ﺍﻟﻌﻤﻠﻴﺎﺕ ﺍﻵﺟﻠﺔ‪.1‬‬
‫ﺗﺘﻤﻴﺰ ﺍﻟﻌﻤﻠﻴﺎﺕ ﺍﻵﺟﻠﺔ ﰲ ﺃﻥ ﺩﻓﻊ ﺍﻟﺜﻤﻦ ﻭﺗﺴﻠﻴﻢ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﻻ ﻳﺘﻤﺎﻥ ﻟﺪﻯ ﻋﻘﺪ ﺍﻟﺼﻔﻘﺔ ﺑﻞ ﺑﻌﺪ‬
‫ﻓﺘﺮﺓ ﺗﻌﲔ ﻣﺴﺒﻘﺎ ﺗﺪﻋﻰ ﻣﻮﻋﺪ ﺍﻟﺘﺼﻔﻴﺔ ‪ ،Liquidation‬ﻭﲡﺮﻱ ﻫﺬﻩ ﺍﻟﺘﺼﻔﻴﺔ ﻋﺎﺩﺓ ﰲ ﻛﻞ ﺷﻬﺮ ﻣﺮﺓ ﻭﺫﻟﻚ‬
‫ﻗﺒﻞ ﺁﺧﺮ ﺟﻠﺴﺔ ﻣﻦ ﺟﻠﺴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ‪ ،‬ﺣﻴﺚ ﺗﺴﻮﻯ ﺍﻟﺼﻔﻘﺎﺕ ‪‬ﺎﺋﻴﺎ ﺑﲔ ﺍﳌﺘﻌﺎﻣﻠﲔ ﰲ ﺳﻮﻕ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ‬
‫ﺑﻴﻌﺎ ﻭﺷﺮﺍﺀ ﻭﻳﺘﻢ ﺩﻓﻊ ﺍﻟﺜﻤﻦ ﻭﺗﺴﻠﻴﻢ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﻓﻌﻠﻴﺎ ﺧﻼﻝ ﻋﺪﺓ ﺃﻳﺎﻡ ﻣﻦ ﺗﺎﺭﻳﺦ ﺍﻟﺘﺼﻔﻴﺔ‪ .‬ﻭﳌﺎ ﻛﺎﻥ ﺩﻓﻊ‬
‫ﺍﻟﺜﻤﻦ ﻭﺗﺴﻠﻴﻢ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﰲ ﺍﻟﻌﻤﻠﻴﺎﺕ ﺍﻵﺟﻠﺔ ﻳﺘﻢ ﺑﻌﺪ ﻓﺘﺮﺓ ﳜﺘﻠﻒ ﺑﺪﻭﺭﻫﺎ ﺣﺴﺐ ﺍﻻﺗﻔﺎﻕ ﺍﳌﻌﻘﻮﺩ ﺑﲔ‬
‫ﺍﻟﻄﺮﻓﲔ‪ ،‬ﻓﺈﻥ ﺃﻧﻈﻤﺔ ﺍﻟﺒﻮﺭﺻﺔ ﺍﺷﺘﺮﻃﺖ ﻋﻠﻰ ﺍﳌﺘﻌﺎﻣﻠﲔ ﰲ ﺍﻟﺴﻮﻕ ﺍﻵﺟﻠﺔ ﺗﻘﺪﱘ ﺗﺄﻣﲔ ﻣﺎﱄ ﺣﱴ ﺇﺑﺮﺍﻡ ﺍﻟﺼﻔﻘﺔ‬
‫‪‬ﺎﺋﻴﺎ ﺑﺸﻜﻞ ﻻ ﻳﻠﺤﻖ ﺍﻟﻀﺮﺭ ﺑﺄﺣﺪ ﺍﳌﺘﻌﺎﻗﺪﻳﻦ‪ ،‬ﻭﻳﺪﻋﻰ ﻫﺬﺍ ﺍﻟﺘﺄﻣﲔ ﺑﺎﻟﺘﻐﻄﻴﺔ )‪.(La couverture‬‬

‫‪ 1‬ﺭﺍﺟﻊ‪S.A Boukrami, Vade mecum de la finance , P54.‬‬

‫ﺗﻌﺘﱪ ﺍﻟﻌﻤﻠﻴﺎﺕ ﺍﻵﺟﻠﺔ ﺍﳌﺜﺎﻝ ﺍﳊﻲ ﻟﻌﻤﻠﻴﺎﺕ ﺍﳌﻀﺎﺭﺑﺔ ﻭﺫﻟﻚ ﻷﻥ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﳝﻜﻦ ﺍﳊﺼﻮﻝ ﺩﺍﺋﻤﺎ‬
‫ﻋﻠﻴﻬﺎ ﰲ ﺍﻟﺒﻮﺭﺻﺔ ﻛﻤﺎ ﺃﻧﻪ ﳝﻜﻦ ﻟﻜﻞ ﻃﺮﻑ ﻣﻦ ﺍﻟﺼﻔﻘﺔ ﺃﻥ ﻳﺘﺤﻠﻞ ﻣﻦ ﺍﻟﺘﺰﺍﻣﺎﺗﻪ ﰲ ﺍﻟﺪﻓﻊ ﻭﺍﻟﺘﺴﻠﻴﻢ ﻋﻦ ﻃﺮﻳﻖ‬
‫ﺩﻓﻊ ﺍﻟﻔﺎﺭﻕ ﻣﺎ ﺑﲔ ﺍﻟﺴﻌﺮ ﺍﳌﺘﻔﻖ ﻋﻠﻴﻪ ﻭﺍﻟﺴﻌﺮ ﺣﲔ ﺣﻠﻮﻝ ﺍﻵﺟﻞ‪ ،‬ﻭﻫﻜﺬﺍ ﻳﻀﺎﺭﺏ ﺍﳌﺸﺘﺮﻱ ﻋﻠﻰ ﺻﻌﻮﺩ‬
‫ﺍﻷﺳﻌﺎﺭ ﰲ ﺣﲔ ﻳﻀﺎﺭﺏ ﺍﻟﺒﺎﺋﻊ ﻋﻠﻰ ﻫﺒﻮﻁ ﺍﻷﺳﻌﺎﺭ‪.‬‬

‫ﺇﻥ ﺃﻫﻢ ﺍﻟﻌﻤﻠﻴﺎﺕ ﺍﻟﱵ ﳚﺮﻱ ﺍﻟﺘﻌﺎﻣﻞ ‪‬ﺎ ﰲ ﺍﻟﺴﻮﻕ ﺍﻵﺟﻠﺔ ﻫﻲ‪:‬‬
‫‪ -‬ﺍﻟﻌﻤﻠﻴﺎﺕ ﺍﻟﺒﺎﺗﺔ ﻭﺍﻟﻘﻄﻌﻴﺔ ‪Les opérations fermes‬‬
‫‪ -‬ﺍﻟﻌﻤﻠﻴﺎﺕ ﺍﻵﺟﻠﺔ ﺑﺸﺮﻁ ﺍﻟﺘﻌﻮﻳﺾ ‪. à primes‬‬
‫‪ -‬ﺍﻟﻌﻤﻠﻴﺎﺕ ﺍﻵﺟﻠﺔ ﺑﺸﺮﻁ ﺍﻻﻗﺘﻨﺎﺀ ‪. Double option‬‬
‫‪ -1‬ﺍﻟﻌﻤﻠﻴﺎﺕ ﺍﻟﺒﺎﺗﺔ ﺍﻟﻘﻄﻌﻴﺔ‪:1‬‬
‫ﺍﻟﻌﻤﻠﻴﺎﺕ ﺍﻟﺒﺎﺗﺔ ﻫﻲ ﺍﻟﻌﻤﻠﻴﺎﺕ ﺍﻟﱵ ﺣﺪﺩ ﺗﻨﻔﻴﺬﻫﺎ ﲟﻮﻋﺪ ﺛﺎﺑﺖ ﻳﺴﻤﻰ ﻣﻮﻋﺪ ﺍﻟﺘﺴﻮﻳﺔ ﺍﻟﻨﻬﺎﺋﻴﺔ ﺣﱴ‬
‫ﻣﻮﻋﺪ ﺗﺼﻔﻴﺔ ﻻﺣﻖ ‪. Report‬ﳚﺐ ﺃﻥ ﺗﺘﻀﻤﻦ ﺃﻭﺍﻣﺮ ﺍﻟﺒﻮﺭﺻﺔ ﰲ ﺍﻟﻌﻤﻠﻴﺎﺕ ﺍﻟﺒﺎﺗﺔ ﻛﺒﻴﺎﻥ ﺻﻔﺔ ﺍﻷﺳﻬﻢ‬
‫ﻭﺍﻟﺴﻨﺪﺍﺕ‪.‬‬
‫‪ -2‬ﺍﻟﻌﻤﻠﻴﺎﺕ ﺍﻵﺟﻠﺔ ﺑﺸﺮﻁ ﺍﻟﺘﻌﻮﻳﺾ‪:‬‬
‫ﻫﻲ ﺍﻟﻌﻤﻠﻴﺎﺕ ﺍﻟﱵ ﲣﻮﻝ ﻟﻠﻤﺘﻌﺎﻣﻠﲔ ﰲ ﺳﻮﻕ ﺍﻟﺒﻮﺭﺻﺔ ﺇﻣﺎ ﺑﺘﻨﻔﻴﺬ ﺍﻟﺼﻔﻘﺔ ﰲ ﺗﺎﺭﻳﺦ ﺍﻟﺘﺼﻔﻴﺔ‪ ،‬ﺃﻭ‬
‫ﺑﺎﻻﻣﺘﻨﺎﻉ ﻋﻦ ﺗﻨﻔﻴﺬ ﺍﻟﺼﻔﻘﺔ ﰲ ﺗﺎﺭﻳﺦ ﺍﻟﺘﺼﻔﻴﺔ ﻟﻘﺎﺀ ﺗﻌﻮﻳﺾ ﻳﻌﲔ ﻣﻘﺪﺍﺭﻩ ﻣﺴﺒﻘﺎ‪.‬‬
‫‪ -3‬ﺍﻟﻌﻤﻠﻴﺎﺕ ﺍﻵﺟﻠﺔ ﺑﺸﺮﻁ ﺍﻻﻗﺘﻨﺎﺀ‪:2‬‬
‫ﺗﺘﻤﻴﺰ ﺍﻟﻌﻤﻠﻴﺔ ﺍﻵﺟﻠﺔ ﰲ ﺃﻥ ﺍﳌﺘﻌﺎﻣﻠﲔ ﳍﻢ ﺍﳋﻴﺎﺭ ﲟﻮﺟﺐ ﻫﺬﺍ ﺍﻟﺸﺮﻁ ﰲ ﺇﺑﺮﺍﻡ ﺍﻟﺼﻔﻘﺔ ﰲ ﻣﻮﻋﺪ‬
‫ﺍﻟﺘﺼﻔﻴﺔ ﺑﺼﻔﺘﻬﻢ ﻣﻦ ﺍﻟﺸﺎﺭﻳﻦ ﺃﻭ ﺍﻟﺒﺎﺋﻌﲔ ﺍﻟﻘﻴﻤﺔ ﻣﻌﻴﻨﺔ ﻣﻦ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﺍﳌﺘﻔﻖ ﻋﻠﻴﻬﺎ ﻣﺴﺒﻘﺎ‪.‬‬
‫ﻭﺗﺮﺗﻜﺰ ﻫﺬﻩ ﺍﻟﻌﻤﻠﻴﺔ ﺍﻵﺟﻠﺔ ﻋﻠﻰ ﺳﻌﺮﻳﻦ‪ ،‬ﻭﻟﻠﻤﺘﻌﺎﻣﻞ ﺍﳋﻴﺎﺭ‪ ،‬ﺍﻟﺸﺮﺍﺀ ﺑﺎﻟﺴﻌﺮ ﺍﻷﻋﻠﻰ ﺃﻭ ﺍﻟﺒﻴﻊ ﺑﺎﻟﺴﻌﺮ‬
‫ﺍﻷﺩﱏ‪.‬‬

‫ﺍﻟﻔﺮﻉ ﺍﻟﺜﺎﱐ‪ :‬ﺍﻟﻌﻤﻠﻴﺎﺕ ﺍﻟﻌﺎﺟﻠﺔ‪.‬‬

‫‪ 1‬ﴰﻌﻮﻥ ﴰﻌﻮﻥ‪ ،‬ﺍﻟﺒﻮﺭﺻﺔ‪ ،‬ﺑﻮﺭﺻﺔ ﺍﳉﺰﺍﺋﺮ‪ .،‬ﺍﻷﻃﻠﺲ ﻟﻠﻨﺸﺮ‪ ،‬ﺍﻟﻄﺒﻌﺔ ﺍﻷﻭﱃ‪ ،‬ﺍﳉﺰﺍﺋﺮ‪ ،‬ﺳﻨﺔ‪ ،1993‬ﺹ‪99‬‬
‫‪ 2‬ﴰﻌﻮﻥ ﴰﻌﻮﻥ‪ ،‬ﺍﻟﺒﻮﺭﺻﺔ‪ ،‬ﺑﻮﺭﺻﺔ ﺍﳉﺰﺍﺋﺮ‪ .،‬ﺍﻷﻃﻠﺲ ﻟﻠﻨﺸﺮ‪ ،‬ﺍﻟﻄﺒﻌﺔ ﺍﻷﻭﱃ‪ ،‬ﺍﳉﺰﺍﺋﺮ‪ ،‬ﺳﻨﺔ‪ ،1993‬ﺹ‪100‬‬
‫ﺗﺘﻤﻴﺰ ﺍﻟﻌﻤﻠﻴﺎﺕ ﺍﻟﻌﺎﺟﻠﺔ ﺑﺄ‪‬ﺎ ﺗﺘﻢ ﻓﻮﺭﺍ‪ ،‬ﻓﻴﺠﺮﻱ ﺩﻓﻊ ﺍﻟﺜﻤﻦ ﻭﺍﺳﺘﻼﻡ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﻣﻮﺿﻮﻉ ﺍﻟﺼﻔﻘﺔ‬
‫ﺣﺎﻻ ﺃﻭ ﺧﻼﻝ ﻓﺘﺮﺓ ﻭﺟﻴﺰﺓ ﺟﺪﺍ‪ .‬ﳚﺐ ﺃﻥ ﺗﺘﻀﻤﻦ ﺃﻭﺍﻣﺮ ﺍﻟﺒﻮﺭﺻﺔ ﰲ ﺍﻟﻌﻤﻠﻴﺎﺕ ﺍﻟﻌﺎﺟﻠﺔ ﺍﻟﻌﻨﺎﺻﺮ ﺍﻟﱵ ﻣﻦ ﺷﺌﻨﻬﺎ‬
‫ﺃﻥ ﺗﻌﲔ ﺑﻜﻞ ﻭﺿﻮﺡ ﺍﻟﺼﻔﻘﺔ ﻛﺒﻴﺎﻥ ﻧﻮﻉ ﻭﺻﻔﺔ ﺍﻟﻮﺭﻗﺔ ﺍﳌﺎﻟﻴﺔ‬

‫ﻭﻛﻤﻴﺔ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﺍﳌﻄﻠﻮﺑﺔ ﺃﻭ ﺍﳌﻌﺮﻭﺿﺔ‪ ،‬ﻭﲢﺪﻳﺪ ﺍﻟﺴﻌﺮ ﺍﻟﺬﻱ ﻳﺮﻏﺐ ﺍﳌﺘﻌﺎﻣﻞ ﰲ ﺍﻟﺒﻮﺭﺻﺔ ﺃﻥ ﻳﻨﻔﺬ ﺃﻭﺍﻣﺮﻩ‬
‫ﲟﻮﺟﺒﻪ‪.‬‬
‫ﻭﳚﺮﻱ ﲢﺪﻳﺪ ﻧﻮﻉ ﺍﻟﻮﺭﻗﺔ ﺍﳌﺎﻟﻴﺔ ﻣﻮﺿﻮﻉ ﺍﻟﺼﻔﻘﺔ ﺑﻜﻞ ﺩﻗﺔ ﻛﺒﻴﺎﻥ ﻣﺎ ﺇﺫﺍ ﻛﺎﻥ ﺍﳌﻘﺼﻮﺩ ﺃﺳﻬﻢ ﺭﺃﲰﺎﻝ‬
‫ﺃﻡ ﺃﺳﻬﻢ ﲤﺘﻊ‪ ،‬ﺃﺳﻬﻢ ﻋﺎﺩﻳﺔ ﺃﻡ ﺃﺳﻬﻢ ﺍﻣﺘﻴﺎﺯ‪.‬‬
‫ﻭﺇﺫﺍ ﻛﺎﻧﺖ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﻣﻮﺿﻮﻉ ﺍﻟﺼﻔﻘﺔ ﻫﻲ ﺳﻨﺪﺍﺕ ﻗﺮﻭﺽ ﳚﺐ ﺑﻴﺎﻥ ﺗﺎﺭﻳﺦ ﺍﻹﺻﺪﺍﺭ ﻭﻧﺴﺒﺔ‬
‫ﺍﻟﻔﺎﺋﺪﺓ ﻭﺍﳊﻘﻮﻕ ﺍﳌﻨﺒﺜﻘﺔ ﻋﻦ ﺍﻟﺴﻨﺪ‪.‬‬
‫ﻛﺬﻟﻚ ﳚﺐ ﲢﺪﻳﺪ ﺣﺼﺺ ﺍﻟﺘﻤﺘﻊ ﺑﻜﻞ ﻭﺿﻮﺡ ﻻ ﺳﻴﻤﺎ ﺇﺫﺍ ﻛﺎﻧﺖ ﻫﺬﻩ ﺍﳊﺼﺺ ﻣﺴﻌﺮﺓ ﰲ‬
‫ﺍﻟﺒﻮﺭﺻﺔ ﻣﻊ ﺍﻷﺳﻬﻢ ﺍﻟﺼﺎﺩﺭﺓ ﻋﻦ ﺍﻟﺸﺮﻛﺔ‪.‬‬
‫ﺃﻣﺎ ﻓﻴﻤﺎ ﻳﺘﻌﻠﻖ ﺑﺎﻟﻜﻤﻴﺔ ﺍﳌﻄﻠﻮﺑﺔ ﻣﻦ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﻓﻴﺠﺐ ﲢﺪﻳﺪﻫﺎ ﺑﻜﻞ ﻭﺿﻮﺡ ﻋﻠﻤﺎ ﺃﻧﻪ ﳝﻜﻦ‬
‫ﺇﺟﺮﺍﺀ ﺍﻟﺼﻔﻘﺎﺕ ﻋﻠﻰ ﺃﻳﺔ ﻛﻤﻴﺔ ﺧﻼﻓﺎ ﳌﺎ ﻫﻮ ﻣﺘﻌﺎﻣﻞ ﺑﻪ ﺑﺼﺪﺩ ﺍﻟﻌﻤﻠﻴﺎﺕ ﺍﻵﺟﻠﺔ ﻭﺍﻟﱵ ﻻ ﳝﻜﻦ ﺍﻟﺘﻌﺎﻣﻞ ‪‬ﺎ ﲝﺪ‬
‫ﺃﺩﱏ ﻳﻌﲔ ‪‬ﺎ ﻣﺴﺒﻘﺎ ﰲ ﻻﺋﺤﺔ ﺍﻷﺳﻌﺎﺭ‪.‬‬
‫ﺃﻣﺎ ﺃﺳﻌﺎﺭ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﻓﻴﺤﺪﺩﻫﺎ ﻗﺎﻧﻮﻥ ﺍﻟﻌﺮﺽ ﻭﺍﻟﻄﻠﺐ ﻧﻈﺮﺍ ﻟﺘﻮﻓﺮ ﺣﺮﻳﺔ ﺍﳌﻨﺎﻓﺴﺔ‪.‬‬
‫ﳚﺐ ﻋﻠﻰ ﺍﻟﺒﺎﺋﻌﲔ ﰲ ﺍﻟﺴﻮﻕ ﺍﻟﻌﺎﺟﻠﺔ ﺃﻥ ﺗﻜﻮﻥ ﺍﻷﻭﺭﺍﻕ ﻣﻮﺿﻮﻉ ﺻﻔﻘﺔ ﲝﻮﺯ‪‬ﻢ ﻳﺴﻠﻤﻮ‪‬ﺎ ﺇﱃ‬
‫ﺍﻟﺴﻤﺎﺳﺮﺓ ﺍﳌﻜﻠﻔﲔ ﺑﺘﻨﻔﻴﺬ ﺍﻷﻭﺍﻣﺮ ﰲ ﺍﻟﺒﻮﺭﺻﺔ‪ ،‬ﻭﺗﺘﻢ ﺍﻟﺒﻴﻮﻉ ﺍﻟﻌﺎﺟﻠﺔ ﺇﻣﺎ ﻋﻠﻰ ﺃﺛﺮ ﺷﺮﺍﺀ ﺳﺎﺑﻖ‪ ،‬ﺃﻭ ﺇﺫﺍ ﻛﺎﻧﺖ‬
‫ﺍﻷﻭﺭﺍﻕ ﺍﻟﱵ ﲝﻮﺯﺓ ﺍﳌﺘﻌﺎﻣﻞ ﻛﺒﲑﺓ ﻳﻌﻤﺪ ﺇﱃ ﺍﻟﺘﺨﻔﻴﻒ ﻣﻦ ﳏﺘﻮﻳﺎﺕ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﺍﻟﱵ ﳝﺘﻠﻜﻬﺎ‪ ،‬ﻭﳛﺪﺙ ﺫﻟﻚ‬
‫ﺇﺫﺍ ﺍﺣﺘﺎﺝ ﺍﳌﺘﻌﺎﻣﻞ ﺇﱃ ﺑﻌﺾ ﺍﳌﺎﻝ ﺃﻭ ﺍﺭﺗﻔﺎﻉ ﺍﻷﺳﻌﺎﺭ‪ ،‬ﻭﳝﻜﻦ ﺃﻥ ﻳﻜﻮﻥ ﺳﺒﺐ ﺍﻟﺒﻴﻊ ﺗﻔﻀﻴﻞ ﻭﺭﻗﺔ ﻣﺎﻟﻴﺔ ﻣﻌﻴﻨﺔ‬
‫ﻋﻠﻰ ﻭﺭﻗﺔ ﺃﺧﺮﻯ‪.‬‬

‫ﺍﻟﻤﻄﻠﺐ ﺍﻟﺜﺎﻧﻲ‪ :‬ﺃﺻﻨﺎﻑ ﺍﻟﺒﻮﺭﺻﺔ‪.‬‬

‫ﺍﻟﺒﻮﺭﺻﺔ ﺳﻮﻕ ﻣﻨﻈﻤﺔ ﻟﻠﻤﺘﻌﺎﻣﻠﲔ ﻓﻴﻪ ﺑﻴﻊ ﻭﺷﺮﺍﺀ ﳐﺘﻠﻒ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﺃﻭ ﺍﶈﺎﺻﻴﻞ ﺍﻟﺰﺭﺍﻋﻴﺔ ﺃﻭ‬
‫ﺍﻟﺴﻠﻊ ﺍﻟﺼﻨﺎﻋﻴﺔ ﺑﺎﻹﺿﺎﻓﺔ ﺇﱃ ﺇﻣﻜﺎﻧﻴﺔ ﺍﻟﺘﻌﺎﻣﻞ ﰲ ﺍﻟﺬﻫﺐ ﻭ ﺍﻟﻌﻤﻼﺕ ﺍﻟﺼﻌﺒﺔ‪.‬‬

‫ﺍﻟﻔﺮﻉ ﺍﻷﻭﻝ ‪ :‬ﺑﻮﺭﺻﺔ ﺍﻟﺒﻀﺎﺋﻊ‪.‬‬

‫ﻣﻮﺿﻮﻉ ﺍﻟﺒﻀﺎﺋﻊ ﳜﺺ ﺑﻌﺾ ﺍﻟﺒﻀﺎﺋﻊ ﺍﻟﱵ ﲤﺘﺎﺯ ﺑﺒﻌﺾ ﺍﳋﺼﺎﺋﺺ ﻣﻨﻬﺎ‪:‬‬

‫_ ﺃﻥ ﺍﻟﺒﻀﺎﺋﻊ ﻣﻮﺿﻮﻉ ﺍﻟﺒﻮﺭﺻﺔ ‪ ،‬ﳚﺐ ﺃﻥ ﲣﺰﻥ ﻟﻔﺘﺮﺓ ﻃﻮﻳﻠﺔ ﻣﻦ ﺍﻟﺰﻣﻦ ﻟﺬﻟﻚ ﻓﺎﳊﻀﺮ ﻭ ﺍﻟﻔﻮﺍﻛﻪ‬
‫ﻻ ﳝﻜﻦ ﺃﻥ ﺗﻜﻮﻥ ﻣﻮﺿﻮﻋﺎ ﻟﺒﻮﺭﺻﺔ ﺍﻟﺒﻀﺎﺋﻊ ‪.‬‬
‫_ ﳚﺐ ﺃﻥ ﺗﻜﻮﻥ ﺍﻟﺒﻀﺎﺋﻊ ﻣﻮﺿﻮﻉ ﺍﻟﺒﻮﺭﺻﺔ ﻣﺘﻤﺎﺛﻠﺔ ‪ ، homogènes‬ﺃﻱ ﻣﻮﺣﺪﺓ ﰲ ﺍﻟﻨﻮﻉ‬
‫ﻭ ﺍﻟﺮﺗﺒﺔ ‪ ،‬ﲝﻴﺚ ﻳﻜﻮﻥ ﺑﺎﻹﻣﻜﺎﻥ ﻣﻌﺮﻓﺔ ﻣﻘﺎﺩﻳﺮﻫﺎ ﺑﺎﻟﻮﺯﻥ ﻭ ﺍﻟﻌﺪﺩ ﻛﺎﻟﻘﻄﻦ ‪ ،‬ﺍﻟﻘﻤﺢ ‪ ،‬ﺍﻟﺴﻜﺮ … ‪.‬‬
‫ﺑﻮﺭﺻﺔ ﺍﻟﺒﻀﺎﺋﻊ ﻫﻲ » ﺳﻮﻕ ﻣﻨﻈﻤﺔ ﺗﺘﻤﺮﻛﺰ ﻓﻴﻬﺎ ﺍﳌﺒﺎﺩﻻﺕ ﺍﻟﺘﺠﺎﺭﻳﺔ ﺍﳋﺎﺻﺔ ﲟﻨﺘﻮﺟﺎﺕ ﻃﺒﻴﻌﻴﺔ‬
‫ﺫﺍﺕ ﺍﻻﺳﺘﻬﻼﻙ ﺍﻟﻜﺒﲑ «‪ ، 1‬ﺗﺆﺩﻱ ﻛﻠﻤﺔ ﺑﻮﺭﺻﺔ ﺍﻟﺒﻀﺎﺋﻊ ﻣﻌﻨﻴﲔ ‪:‬‬
‫ﺍﳌﻜﺎﻥ ﺍﻟﺬﻱ ﳚﺘﻤﻊ ﻓﻴﻪ ﺍﻟﺘﺠﺎﺭ ‪.‬‬
‫ﳎﻤﻮﻉ ﺍﻟﻌﻤﻠﻴﺎﺕ ﺍﻟﱵ ﲤﺎﺭﺱ ﻓﻴﻪ ‪.‬‬
‫ﺇﻥ ﺃﻫﻢ ﺍﳌﺪﻥ ﺍﻟﱵ ﺃﻧﺸﺄﺕ ‪‬ﺎ ﺑﻮﺭﺻﺎﺕ ﺍﻟﺒﻀﺎﺋﻊ ﻫﻲ ‪:‬‬
‫ﺍﻟﻘﺮﻥ ﺍﻟﺮﺍﺑﻊ ﻋﺸﺮ )‪ (14‬ﺑﻐﺎﺭﻭﺷﺎ ) ﺇﻳﻄﺎﻟﻴﺎ ( ‪.‬‬ ‫•‬
‫ﺍﻟﻘﺮﻥ ﺍﻟﺴﺎﺩﺱ ﻋﺸﺮ )‪ (16‬ﺃﻧﺘﺮﺱ‪ ،‬ﻓﺮﻧﻜﻔﻮﺭﺕ ) ﺃﳌﺎﻧﻴﺎ ( ﺑﺮﺷﻠﻮﻧﺔ ) ﺇﺳﺒﺎﻧﻴﺎ(‪.‬‬ ‫•‬
‫ﺍﻟﻘﺮﻥ ﺍﻟﺴﺎﺑﻊ ﻋﺸﺮ )‪ (17‬ﺃﻣﺴﺘﺮﺩﺍﻡ )ﻫﻮﺍﻧﺪﺍ( ﺑﺎﺩﻥ ﻭ ﻟﻨﺪﻥ ) ﺇﳒﻠﺘﺮﺍ (‪.‬‬ ‫•‬
‫ﺍﻟﻘﺮﻥ ﺍﻟﺜﺎﻣﻦ ﻋﺸﺮ )‪ (18‬ﻓﻴﻴﻨﺎ ) ﺍﻟﻨﻤﺴﺎ( ﻧﻴﻮﻳﻮﺭﻙ )ﻭ ﻡ ﺃ(‪.‬‬ ‫•‬
‫• ﺍﻟﻘﺮﻥ ﺍﻟﺘﺎﺳﻊ ﻋﺸﺮ )‪ (19‬ﺑﺮﻭﻛﺴﻞ )ﺑﻠﺠﻴﻜﺎ( ﻣﻴﻼﻧﻮ ﻭﺭﻭﻣﺎ ) ﺇﻳﻄﺎﻟﻴﺎ ( ﻣﺪﺭﻳﺪ‬
‫)ﺇﺳﺒﺎﻧﻴﺎ( ﻭﺟﻨﻴﻒ )ﺳﻮﻳﺴﺮﺍ(‪.‬‬
‫ﺃﻣﺎ ﰲ ﺍﻟﻮﻗﺖ ﺍﳊﺎﺿﺮ ﻓﺄﺷﻬﺮ ﺑﻮﺭﺻﺎﺕ ﺍﻟﺒﻀﺎﺋﻊ ﻫﻲ ‪:‬‬
‫ﺑﺎﻟﻨﺴﺒﺔ ﳌﺎﺩﺓ ﺍﻟﺴﻌﺮ ﻟﺪﻳﻨﺎ ﺑﻮﺭﺻﺔ ﻟﻔﺮﺑﻮﻝ ‪.‬‬ ‫•‬
‫ﺑﺎﻟﻨﺴﺒﺔ ﳌﺎﺩﺓ ﺍﻟﻘﻬﻮﺓ ﻟﺪﻳﻨﺎ ﺑﻮﺭﺻﺔ ﻟﻨﺪﻥ ‪ ،‬ﺑﺎﺭﻳﺲ ‪ ،‬ﻧﻴﻮﻳﻮﺭﻙ ‪ ،‬ﻫﺎﻣﱪﻍ ‪.‬‬ ‫•‬
‫ﺑﺎﻟﻨﺴﺒﺔ ﳌﺎﺩﺓ ﺍﻟﺴﻜﺮ ﻟﺪﻳﻨﺎ ﺑﻮﺭﺻﺔ ﻟﻨﺪﻥ ‪ ،‬ﺑﺎﺭﻳﺲ ‪.‬‬ ‫•‬
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‫ﺑﺎﻟﻨﺴﺒﺔ ﳌﺎﺩﺓ ﺍﻟﻘﻤﺢ ﻟﺪﻳﻨﺎ ﺑﻮﺭﺻﺔ ﺷﻴﻜﺎﻏﻮ‪ ،‬ﻟﻴﻔﺎﺭﺑﻮﻝ‪ ،‬ﻛﻨﺴﺎﺱ ﺳﻴﱵ‪ ،‬ﺑﺎﺭﻳﺲ‪.‬‬ ‫•‬

‫‪ - 1‬ﴰﻌﻮﻥ ﴰﻌﻮﻥ ‪ ،‬ﺍﻟﺒﻮﺭﺻﺔ ﻭ ﺑﻮﺭﺻﺔ ﺍﳉﺰﺍﺋﺮ ‪ ،‬ﺩﺍﺭ ﻫﻮﻳﺔ ﻟﻠﻄﺒﺎﻋﺔ ﻭ ﺍﻟﻨﺸﺮ ‪ ،‬ﺍﳉﺰﺍﺋﺮ ‪ ،‬ﺍﻟﻄﺒﻌﺔ ﺍﻟﺜﺎﻧﻴﺔ ‪ ، 1999 ،‬ﺹ ‪.101‬‬
 ‫ﺗﻘﺴﻢ ﺑﻮﺭﺻﺔ ﺍﻟﺒﻀﺎﺋﻊ ﺇﱃ ﺑﻮﺭﺻﺘﲔ ﻓﺮﻋﻴﺘﲔ ﳘﺎ ‪:‬‬

‫◄ ﺑﻮﺭﺻﺔ ﺍﻟﺒﻀﺎﺋﻊ ﺍﻟﻌﺎﺟﻠﺔ ‪:‬ﰲ ﻫﺬﺍ ﺍﻟﻔﺮﻉ ﺗﻜﻮﻥ ﺍﻟﺒﻀﺎﺋﻊ ﺣﺎﺿﺮﺓ ﻭ ﺟﺎﻫﺰﺓ ﻭ ﻣﻮﺟﻮﺩﺓ ﰲ‬
‫ﺍﳌﺴﺘﻮﺩﻋﺎﺕ ﻭﺍﳌﺨﺎﺯﻥ ﻭ ﺍﳌﺮﺍﻓﺊ ﻭ ﻳﻠﺰﻡ ﺍﻟﺒﺎﺋﻊ ﺑﺘﺴﻠﻴﻤﻬﺎ ﺇﱃ ﺍﳌﺸﺘﺮﻱ ﻓﻮﺭﺍ ﺣﺎﻝ ﺇﺑﺮﺍﻡ ﺍﻟﻌﻘﺪ ﻭ ﺩﻓﻊ ﺍﻟﺜﻤﻦ‬
‫ﻭﲡﺮﻯ ﺍﻟﻌﻤﻠﻴﺎﺕ ﰲ ﻫﺬﺍ ﺍﻟﻨﻮﻉ ﺑﺈﺣﺪﻯ ﺍﻟﻄﺮﻳﻘﺘﲔ ﺍﻟﺘﺎﻟﲔ‪:‬‬

‫*ﺍﻟﺒﻴﻊ ﻋﻠﻰ ﺍﻟﺒﻀﺎﻋﺔ ﺣﺎﺿﺮﺓ ‪.‬‬

‫*ﺍﻟﺒﻴﻊ ﻋﻠﻰ ﺑﻀﺎﻋﺔ ﻣﻊ ﺍﻟﺘﺴﻠﻢ ﰲ ﺍﶈﻄﺔ‪.‬‬
‫◄ ﺑﻮﺭﺻﺔ ﺍﻟﺒﻀﺎﺋﻊ ﺍﻵﺟﻠﺔ ‪:‬‬
‫ﻭﻳﻄﻠﻖ ﻋﻠﻴﻬﺎ ﺃﻳﻀﺎ ﺑﻮﺭﺻﺔ ﺍﻟﻌﻘﻮﺩ ﺍﻵﺟﻠﺔ ‪ ،‬ﻭ ﻣﻮﺿﻮﻋﻬﺎ ﻋﻘﻮﺩ ﺛﻨﺎﺋﻴﺔ ﻣﻀﻤﻮ‪‬ﺎ ﺍﻟﺘﺰﺍﻣﺎﺕ ﻗﺎﺋﻤﺔ ﻋﻠﻰ‬
‫ﺑﻀﺎﺋﻊ ﳕﻮﺫﺟﻴﺔ ﻏﲑ ﻣﻮﺟﻮﺩﺓ ﻭﳝﻜﻦ ﺍﻟﺘﺨﻠﺺ ﻣﻨﻬﺎ ﺑﺪﻓﻊ ﻓﺮﻕ ﺍﻟﺴﻌﺮﻟﺪىﺘﺼﻔﻴﺔﺍﻟﻌﻤﻞ‪.‬‬
‫ﺇﻥ ﺍﳋﺎﺻﻴﺔ ﺍﻷﺳﺎﺳﻴﺔ ﺍﳌﻤﻴﺰﺓ ﻟﺒﻮﺭﺻﺔ ﺍﻟﺒﻀﺎﺋﻊ ﺍﻵﺟﻠﺔ ﺃﻭ ﺑﻮﺭﺻﺔ ﺍﻟﻌﻘﻮﺩ ﺍﻵﺟﻠﺔ ﻫﻲ ﺃﻥ ﺍﻟﺒﻀﺎﺋﻊ ﺍﻟﱵ‬
‫ﳚﺮﻱ ﺍﻟﺘﻌﺎﻣﻞ ‪‬ﺎ ﻋﺒﺎﺭﺓ ﻋﻦ ﺑﻀﺎﺋﻊ ﳕﻮﺫﺟﻴﺔ ﻣﻦ ﺣﻴﺚ ﺍﻟﻨﻮﻉ ‪ ،‬ﻓﻤﺜﻼ ﰲ ﺑﻮﺭﺻﺔ ﺑﺎﺭﻳﺲ ﳚﺮﻱ ﺍﻟﺘﻌﺎﻣﻞ ﻋﻠﻰ‬
‫ﻧﻮﻉ ﻣﻌﲔ ﻣﻦ ﺍﻟﺴﻜﺮ ﺍﻷﺑﻴﺾ ﻭ ﻋﻠﻰ ﻧﻮﻉ ﺧﺎﺹ ﻣﻦ ﺍﻟﺪﻗﻴﻖ ‪ ،‬ﻭ ﰲ ﺑﻮﺭﺻﺔ ﻫﺎﻣﺒﻮﺭﻍ ﻋﻠﻰ ﻧﻮﻉ ﻣﻌﲔ ﻣﻦ‬
‫ﺍﻟﻘﻬﻮﺓ ﻳﺪﻋﻰ ﺳﺎﻧﺪﻭﺯ )‪ ( SAN DOZ‬ﺃﻣﺎ ﰲ ﺑﻮﺭﺻﺔ ﻣﺼﺮﻓﺎ ﻟﺘﻌﺎﻣﻞ ﳚﺮﻱ ﻋﻠﻰ ﺃﻧﻮﺍﻉ ﻣﻌﻴﻨﺔ ﻣﻦ‬
‫ﺍﻟﻘﻄﻦ ‪.‬‬
‫ﺗﻠﻌﺐ ﺑﻮﺭﺻﺔ ﺍﻟﺒﻀﺎﺋﻊ ﺩﻭﺭﺍ ﻫﺎﻣﺎ ﰲ ﺣﻴﺎﺓ ﺍﻟﺒﻼﺩ ﺍﻹﻗﺘﺼﺎﺩﻱ‪ ،‬ﻭ ﳝﻜﻦ ﺗﻠﺨﻴﺺ ﺍﻟﻮﻇﺎﺋﻒ ﺍﻟﱵ ﺗﺆﺩﻳﻬﺎ‬
‫ﺑﻮﺭﺻﺔ ﺍﻟﺒﻀﺎﺋﻊ ﻓﻴﻤﺎ ﻳﻠﻲ ‪:2‬‬
‫_ ﺍﻟﻘﻀﺎﺀ ﻋﻠﻰ ﺧﻄﺮ ﺗﻘﻠﺒﺎﺕ ﺃﺳﻌﺎﺭ ﺍﻟﺒﻀﺎﺋﻊ ‪ :‬ﺫﻟﻚ ﺃﻥ ﺃﺳﻌﺎﺭ ﻛﻞ ﺻﻨﻒ ﻣﻦ ﺍﻟﺒﻀﺎﺋﻊ ﻣﺘﻐﲑﺓ‬
‫ﺑﺎﻟﻀﺮﻭﺭﺓ ﻭ ﺗﺮﺗﻔﻊ ﻫﺬﻩ ﺍﻷﺳﻌﺎﺭ ﺃﻭ ﺗﻨﺨﻔﺾ ﻭﻓﻘﺎ ﻟﺘﻔﺎﻋﻞ ﻗﻮﻯ ﺍﻟﻄﻠﺐ ﻭ ﺍﻟﻌﺮﺽ ﻋﻠﻴﻬﺎ ‪ ،‬ﻭ ﻛﻞ ﺣﺎﺋﺰ ﻟﺼﻨﻒ‬
‫ﻣﻦ ﺍﻟﺒﻀﺎﻋﺔ ﻣﻌﺮﺽ ﺣﺘﻤﺎ ﰲ ﺃﻱ ﻣﺮﺣﻠﺔ ﻣﻦ ﺇﻧﺘﺎﺟﻬﺎ ﺃﻭ ﺗﻮﺯﻳﻌﻬﺎ ﻟﺘﻘﻠﺐ ﺍﻷﺳﻌﺎﺭ ‪ ،‬ﻭ ﻣﻦ ﺃﺟﻞ ﺍﺗﻘﺎﺀ ﺍﳋﻄﺮ ﻭ‬
‫ﲢﺎﺷﻴﻪ ‪ ،‬ﻳﻠﺠﺄ ﺇﱃ ﺳﻮﻕ ﺍﻟﻌﻘﻮﺩ ﻟﺘﻐﻄﻴﺔ ﻣﺮﻛﺰﻩ ﻭ ﺫﻟﻚ ﺑﺒﻴﻊ ﻛﻤﻴﺔ ﳑﺎﺛﻠﺔ ﻣﻦ ﺍﻟﻌﻘﻮﺩ ﰲ ﺍﻟﺒﻮﺭﺻﺔ ‪.‬‬
‫_ ﺗﺴﲑ ﺑﻮﺭﺻﺔ ﺍﻟﻌﻘﻮﺩ ﻋﻤﻠﻴﺔ ﺍﻟﺘﻤﻮﻳﻦ ﺑﺎﳌﻮﺍﺩ ﺍﻟﻀﺮﻭﺭﻳﺔ ﻟﻠﺼﻨﺎﻋﺔ ﻭ ﺑﺄﺳﻌﺎﺭ ﻣﻨﺎﺳﺒﺔ ﻓﺈﺫﺍ ﺃﺭﺍﺩ ﺍﻟﺼﺎﻧﻊ‬
‫ﺃﻥ ﻳﻀﻤﻦ ﺍﺳﺘﻬﻼﻙ ﻣﺼﻨﻌﻪ ﻟﻌﺪﺓ ﺃﺷﻬﺮ ﻭﻭﺟﺪ ﺃﺳﻌﺎﺭ ﺍﻟﻌﻘﻮﺩ ﺃﻗﻞ ﻣﻦ ﺍﻷﺳﻌﺎﺭ ﻟﺴﻮﻕ ﺍﻟﺒﻀﺎﻋﺔ ﺍﻟﻌﺎﺟﻠﺔ ﻛﺎﻥ‬
‫ﺃﺿﻤﻦ ﳌﺼﻠﺤﺔ ﺃﻥ ﻳﺸﺘﺮﻱ ﻋﻘﻮﺩﺍ ﺑﻘﺼﺪ ﺗﺼﻔﻴﺘﻬﺎ ﰲ ﺍﳌﺴﺘﻘﺒﻞ ‪،‬ﻛﺬﻟﻚ ﺇﺫﺍ‬

‫‪ - 1‬ﳌﺰﻳﺪ ﻣﻦ ﺍﻟﺘﻮﺿﻴﺢ ‪ ،‬ﻃﺎﻟﻊ ﴰﻌﻮﻥ ﴰﻌﻮﻥ ‪ ،‬ﺍﳌﺮﺟﻊ ﺍﻟﺴﺎﺑﻖ ‪ ،‬ﺹ ‪ 113‬ﺣﱴ ‪.129‬‬
‫‪ 2‬ﴰﻌﻮﻥ ﴰﻌﻮﻥ‪ ،‬ﺍﻟﺒﻮﺭﺻﺔ‪ ،‬ﺑﻮﺭﺻﺔ ﺍﳉﺰﺍﺋﺮ‪ .،‬ﺍﻷﻃﻠﺲ ﻟﻠﻨﺸﺮ‪ ،‬ﺍﻟﻄﺒﻌﺔ ﺍﻷﻭﱃ‪ ،‬ﺍﳉﺰﺍﺋﺮ‪ ،‬ﺳﻨﺔ‪ ،1993‬ﺹ‪130‬‬
‫ﻭﺟﺪ ﺍﻟﺼﺎﻧﻊ ﺍﻟﺬﻱ ﲝﻮﺯﺗﻪ ﳐﺰﻭﻥ ﻫﺎﻡ ‪ ،‬ﺃﻥ ﺣﺮﻛﺔ ﺑﻴﻊ ﻣﻨﺘﺠﺎﺗﻪ ﺗﺘﺮﺍﺧﻰ ﻳﺮﻯ ﻣﻦ ﺍﳌﻼﺋﻢ ﺗﻐﻄﻴﺔ ﻧﻔﺴﻪ ﺑﺒﻴﻊ‬
‫ﻋﻘﻮﺩ ‪.‬‬
‫_ ﻣﻦ ﺍﻟﻮﻇﺎﺋﻒ ﺍﻷﺳﺎﺳﻴﺔ ﻟﺒﻮﺭﺻﺔ ﺍﻟﻌﻘﻮﺩ ﺍﻵﺟﻠﺔ ﻭ ﺍﻟﻌﻤﻞ ﻋﻠﻰ ﺍﺳﺘﻘﺮﺍﺭ ﺍﻷﺳﻌﺎﺭ ﻓﺎﳌﻀﺎﺭﺏ ﺍﻟﺬﻱ‬
‫ﻳﺮﻳﺪ ﺍﳌﻘﺎﺑﻞ ﰲ ﺑﻮﺭﺻﺔ ﺍﻟﻌﻘﻮﺩ ﺍﻵﺟﻠﺔ ﻳﺒﺎﺷﺮ ﻋﻤﻠﻴﺎﺗﻪ ﻋﻠﻰ ﺃﺳﺎﺱ ﻭ ﺗﻘﺪﻳﺮﻩ ﺍﻻﲡﺎﻫﺎﺕ ﺍﻟﺴﻮﻕ ‪ ،‬ﻭ ﻳﺄﺧﺬ‬
‫ﺑﻌﲔ ﺍﻻﻋﺘﺒﺎﺭ ﳐﺘﻠﻒ ﺍﻟﻌﻮﺍﻣﻞ ﺍﻟﱵ ﳝﻜﻦ ﺃﻥ ﺗﺴﻴﻄﺮ ﻋﻠﻰ ﺍﻷﺳﻌﺎﺭ ﻭ ﺗﺆﺛﺮ ﻓﻴﻬﺎ ﻓﺈﺫﺍ ﻭﺟﺪ ﺃﻥ ﻫﺬﻩ ﺍﻟﻌﻮﺍﻣﻞ ﻣﻦ‬
‫ﺷﺄ‪‬ﺎ ﺃﻥ ﺗﺆﺩﻱ ﺇﱃ ﺭﻓﻊ ﺍﻷﺳﻌﺎﺭ ﺃﻗﺪﻡ ﻋﻠﻰ ﺍﻟﺸﺮﺍﺀ ﺑﻘﺼﺪ ﺇﻋﺎﺩﺓ ﺍﻟﺒﻴﻊ ﻋﻨﺪﻣﺎ ﻳﺘﺤﻘﻖ ﺍﻻﺭﺗﻔﺎﻉ ﺍﳌﻮﺟﻮﺩ ﺃﻣﺎ ﺇﺫﺍ‬
‫ﻭﺟﻪ ﺃﻥ ﻫﺬﻩ ﺍﻟﻌﻮﺍﻣﻞ ﻣﻦ ﺷﺄ‪‬ﺎ ﺃﻥ ﲢﺪﺙ ﻫﺒﻮﻃﺎ ﰲ ﺍﻷﺳﻌﺎﺭ ﻓﺈﻧﻪ ﺑﺮﻡ ﻋﻘﻮﺩﺍ ﻋﻠﻰ ﺃﻥ ﻳﻌﻴﺪ ﺷﺮﺍﺀﻫﺎ ﺑﺴﻌﺮ ﺃﻗﻞ‬
‫ﻭ ﻫﻜﺬﺍ ﻳﻌﻤﻞ ﺍﳌﻀﺎﺭﺏ ﺑﺼﻮﺭﺓ ﻏﲑ ﻣﺒﺎﺷﺮﺓ ﻋﻠﻰ ﺗﻮﺍﺯﻥ ﺍﻟﻌﺮﺽ ﻭ ﺍﻟﻄﻠﺐ ﰲ ﺍﻟﺒﻮﺭﺻﺔ ‪.‬‬
‫_ ﺗﺘﻴﺢ ﺑﻮﺭﺻﺔ ﺍﻟﺒﻀﺎﺋﻊ ﺇﳚﺎﺩ ﺳﻌﺮ ﻋﺎﳌﻲ ﻟﻠﺒﻀﺎﺋﻊ ﺍﻟﱵ ﳚﺮﻱ ﺍﻟﺘﻌﺎﻣﻞ ﻋﻠﻴﻬﺎ ﻭ ﺍﻟﺴﻌﺮ ﺍﻟﺬﻱ ﻳﺒﻠﻐﻪ ﺃﺣﺪ‬
‫ﺍﳌﻨﺘﺠﺎﺕ ﰲ ﺑﻮﺭﺻﺔ ﻣﺎ ﻳﻌﻜﺲ ﺑﺸﻜﻞ ﻛﺒﲑ ﻣﺘﻔﺎﻋﻞ ﺍﻟﻌﺮﺽ ﻭ ﺍﻟﻄﻠﺐ ﻭ ﺳﺎﺋﺮ ﺍﻟﻌﻮﺍﻣﻞ ﺍﻟﱵ ﺗﺴﺎﻫﻢ ﰲ ﲢﺪﻳﺪ‬
‫ﺍﻷﺳﻌﺎﺭ ﻛﺎﳌﺨﺰﻭﻥ ﺍﳌﻮﺟﻮﺩ ‪ ،‬ﻭ ﺗﻘﺪﻳﺮ ﺍﶈﺎﺻﻴﻞ ﻭ ﺣﺠﻢ ﺍﻻﺳﺘﻬﻼﻙ …ﺇﱁ ‪.‬‬

‫ﺍﻟﻔﺮﻉ ﺍﻟﺜﺎﱐ ‪ :‬ﺑﻮﺭﺻﺔ ﺍﻟﺬﻫﺐ ﻭ ﺍﻟﻌﻤﻠﺔ ﺍﻟﺼﻌﺒﺔ ‪:1‬‬

‫ﻣﻮﺿﻮﻉ ﻫﺬﻩ ﺍﻟﺒﻮﺭﺻﺔ ﻭ ﺍﻟﱵ ﰲ ﺣﻘﻴﻘﺔ ﻗﺴﻢ ﺇﱃ ﺑﻮﺭﺻﺘﲔ ﻣﻨﻔﺼﻠﺘﲔ ‪ ،‬ﻫﻮ ﺍﻟﺘﻌﺎﻣﻞ ﰲ ﺍﻟﺬﻫﺐ ﻭ‬
‫ﺍﳌﻌﺎﺩﻥ ﺍﻟﻨﻔﻴﺴﺔ ﻣﻦ ﺟﻬﺔ ﻭ ﺍﻟﺘﻌﺎﻣﻞ ﰲ ﺍﻟﻌﻤﻼﺕ ﻣﻦ ﺟﻬﺔ ﺃﺧﺮﻯ‪.‬‬
‫◄ ﺳﻌﺮ ﺍﻟﺼﺮﻑ ‪:‬‬
‫ﻳﻘﺼﺪ ﺑﺎﻟﻨﻘﻮﺩ ﻛﻞ ﺷﻲﺀ ﻣﺎﺩﻱ ﻗﺎﺑﻞ ﻟﻠﺘﺪﺍﻭﻝ ﻓﻴﺴﺘﻌﻤﻞ ﻛﻮﺳﻴﻂ ﻟﻠﻤﺒﺎﺩﻟﺔ ﻭ ﻣﻘﻴﺎﺱ ﻟﻠﻘﻴﻢ ﻭ ﻣﺴﺘﻮﺩﻉ‬
‫ﻟﻠﺪﻓﻌﺎﺕ ﺍﻵﺟﻠﺔ ﻭﻳﻠﻘﻲ ﻗﺒﻮﻻ ﻋﺎﻣﺎ ﰲ ﺍﻟﺘﺪﺍﻭﻝ ﻭ ﳍﺎ ﻗﻮﺓ ﺇﺑﺮﺍﺋﻴﺔ ﻣﻠﺰﻣﺔ ﺩﺍﺧﻞ ﺍﳊﺪﻭﺩ ﺍﻹﻗﻠﻴﻤﻴﺔ ﻟﻠﺪﻭﻟﺔ ‪ ،‬ﻭ‬
‫ﻟﻠﻨﻘﻮﺩ ﻗﻴﻤﺘﺎﻥ‪:‬‬
‫_ﻗﻴﻤﺔ ﺩﺍﺧﻠﻴﺔ ‪ :‬ﺗﻘﺪﺭ ﺑﻘﻮ‪‬ﺎ ﺍﻟﺸﺮﺍﺋﻴﺔ ﻭ ﺗﻘﺎﺱ ﻋﺎﺩﺓ ﺑﺎﳌﺴﺘﻮﻯ ﺍﻟﻌﺎﻡ ﻟﻸﺳﻌﺎﺭ ‪.‬‬
‫_ﻗﻴﻤﺔ ﺧﺎﺭﺟﻴﺔ ‪ :‬ﻭ ﻳﻌﺘﱪ ﻋﻨﻬﺎ ﺑﺴﻌﺮ ﺍﻟﺼﻨﺪﻭﻕ ﺃﻱ ﻣﻌﺪﻝ ﺗﺒﺎﺩﻝ ﺍﻟﻮﻃﻨﻴﺔ ﺑﺎﻟﻌﻤﻼﺕ ﺍﻷﺟﻨﺒﻴﺔ‪ ،‬ﻳﻘﺼﺪ‬
‫ﺑﻌﻤﻠﻴﺔ ﺍﻟﺼﺮﻑ ﻋﻤﻠﻴﺔ ﺷﺮﺍﺀ ﻭ ﺑﻴﻊ ﺍﻟﻮﺳﺎﺋﻞ ﺍﻟﱴ ﳝﻜﻦ ﲟﻮﺟﺒﻬﺎ ﺗﺴﻮﻳﺔ ﺍﳌﺪﻓﻮﻋﺎﺕ‬

‫‪ 1‬ﴰﻌﻮﻥ ﴰﻌﻮﻥ‪ ،‬ﺍﻟﺒﻮﺭﺻﺔ‪ ،‬ﺑﻮﺭﺻﺔ ﺍﳉﺰﺍﺋﺮ‪ .،‬ﺍﻷﻃﻠﺲ ﻟﻠﻨﺸﺮ‪ ،‬ﺍﻟﻄﺒﻌﺔ ﺍﻷﻭﱃ‪ ،‬ﺍﳉﺰﺍﺋﺮ‪ ،‬ﺳﻨﺔ‪ ،1993‬ﺹ‪131‬‬
‫ﰲ ﺑﻠﺪ ﺁﺧﺮ ﻛﺎﻟﻨﻘﻮﺩ ﺍﻷﺟﻨﺒﻴﺔ ﻭﺍﻷﻭﺭﺍﻕ ﺍﻟﱵ ﺗﻌﻄﻲ ﺣﻘﺎ ﰲ ﺍﳊﺼﻮﻝ ﻋﻠﻰ ﺗﻠﻚ ﺍﻟﻨﻘﻮﺩ ﻣﺜﻞ ﺍﻟﻜﻤﺒﻴﺎﻻﺕ‬
‫ﺍﳌﺴﺤﻮﺑﺔ ﻋﻠﻰ ﺍﳋﺎﺭﺝ ﺃﻭ ﺍﳊﻮﺍﻻﺕ ﺍﳌﺼﺮﻓﻴﺔ ﻋﻠﻰ ﺍﺧﺘﻼﻑ ﺃﻧﻮﺍﻋﻬﺎ‪ ،‬ﻭ ﻳﺘﻢ ﺍﻟﺘﻌﺎﻣﻞ ﻋﻠﻰ ﺍﻟﺼﺮﻑ ﻋﻠﻰ ﺃﺳﺎﺱ‬
‫ﺳﻌﺮ ﻣﻌﲔ ﻫﻮ ﺳﻌﺮ ﺍﻟﺼﺮﻑ ﻭﺍﻟﺬﻱ ﻳﺘﺤﺪﺩ ﺑﻘﺎﻧﻮﻥ ﺍﻟﻌﺮﺽ ﻭ ﺍﻟﻄﻠﺐ ﻋﻠﻰ ﻫﺬﻩ ﺍﻟﻮﺳﺎﺋﻞ‪.‬‬
‫ﳝﻜﻦ ﺍﻟﻘﻮﻝ ﺑﺼﻔﺔ ﻋﺎﻣﺔ ﺑﺄﻥ ﺍﻟﺼﺮﻑ ﻫﻮ ﺍﻟﻨﺴﺒﺔ ﺍﱃ ﳛﺼﻞ ﻋﻠﻰ ﺃﺳﺎﺳﻬﺎ ﻣﺒﺎﺩﻟﺔ ﺍﻟﻨﻘﺪ ﺍﻷﺟﻨﱯ ﺑﺎﻟﻨﻘﺪ‬
‫ﺍﻟﻮﻃﲏ ‪ ،‬ﺃﻫﻮ ﻣﺎ ﻳﺪﻓﻊ ﻣﻦ ﻭﺣﺪﺍﺕ ﺍﻟﻨﻘﺪ ﺍﻟﻮﻃﲏ ﻟﻠﺤﺼﻮﻝ ﻋﻠﻰ ﻭﺣﺪﺓ ﺃﻭ ﻋﺪﺩ‬
‫ﻣﻌﲔ ﻣﻦ ﻭﺣﺪﺍﺕ ﺍﻟﻨﻘﺪ ﺍﻷﺟﻨﱯ ‪ ،‬ﻓﺈﺫﺍ ﻛﺎﻥ ‪ 94‬ﺩﻳﻨﺎﺭ ﺟﺰﺍﺋﺮﻱ ﻳﺒﺎﺩﻝ ﺑـ ‪ 01‬ﺩﻭﻻﺭ ﺃﻣﺮﻳﻜﻲ ﻭﻗﺪ ﻛﺎﻥ‬
‫ﺳﻌﺮ ﺍﻟﺼﻨﺪﻭﻕ ﻟﻠﺪﻭﻻﺭ ﺍﻷﻣﺮﻳﻜﻲ ﻫﻮ ‪ 94‬ﺩﻳﻨﺎﺭ ﺟﺰﺍﺋﺮﻱ ‪ ،‬ﻭ ﲡﺪﺭ ﺍﻹﺷﺎﺭﺓ ﺇﱃ ﺃﻥ ﺳﻌﺮ ﺍﻟﺼﻨﺪﻭﻕ ﻟﻴﺲ ﺛﺎﺑﺘﺎ‬
‫ﺑﻞ ﻫﻮ ﻛﺜﲑ ﺍﻟﺘﻐﲑ ﻭ ﺍﻟﺘﻘﻠﺐ‪.‬‬
‫◄ ﺑﻮﺭﺻﺔ ﺍﻟﻌﻤﻼﺕ ﺍﻟﺼﻌﺒﺔ ‪:1‬‬
‫ﺇﻥ ﺗﻘﻠﺒﺎﺕ ﺳﻌﺮ ﺍﻟﺼﺮﻑ ﺗﺆﺩﻱ ﺇﱃ ﳐﺎﻭﻑ ﻛﺒﲑ ﺑﺎﻟﻨﺴﺒﺔ ﳌﻦ ﻳﻠﺘﺰﻣﻮﻥ ﺑﺪﻓﻊ ﻧﻘﻮﺩ ﺃﺟﻨﺒﻴﺔ ﺃﻭ ﺑﺎﻟﻨﺴﺒﺔ‬
‫ﳌﻦ ﳛﺼﻠﻮﻥ ﻋﻠﻴﻬﺎ ‪ ،‬ﻟﺬﻟﻚ ﻳﻌﻤﺪ ﻫﺆﻻﺀ ﻟﺘﻼﰲ ﺧﻄﺮ ﻫﺬﻩ ﺍﻟﺘﻘﻠﺒﺎﺕ ﺇﱃ ﺇﺟﺮﺍﺀ ﻋﻤﻠﻴﺎﺕ ﺻﺮﻑ ﺁﺟﻠﺔ ﺗﺘﻢ ﰲ‬
‫ﺑﻮﺭﺻﺔ ﺍﻟﻌﻤﻠﺔ ﺍﻟﺼﻌﺒﺔ ﺗﺘﻤﻴﺰ ﻋﻤﻠﻴﺔ ﺑﻴﻊ ﻭﺷﺮﺍﺀ ﺍﻟﺼﺮﻑ ﰲ ﺑﻮﺭﺻﺔ ﺍﻟﻌﻤﻠﺔ ﺍﻟﺼﻌﺒﺔ ‪ ،‬ﺑﺄ‪‬ﺎ ﻻ ﺗﺘﻀﻤﻦ ﺗﺴﻠﻴﻢ‬
‫ﺻﺮﻑ ﺃﺟﻨﱯ ﻭ ﻻ ﺩﻓﻊ ﲦﻨﻪ ﺑﺎﻟﻌﻤﻠﺔ ﺍﻟﻮﻃﻨﻴﺔ ﰲ ﺍﳊﺎﻝ ‪ ،‬ﺑﻞ ﻫﻲ ﳎﺮﺩ ﺇﺗﻔﺎﻕ ﻋﻠﻰ ﺑﻴﻊ ﺃﻭ ﺷﺮﺍﺀ ﺻﺮﻑ ﳚﺮﻱ‬
‫ﺗﺴﻠﻴﻤﻪ ﰲ ﺍﳌﺴﺘﻘﺒﻞ ﺑﻨﺎﺀﺍ ﻋﻠﻰ ﲦﻦ ﻳﺘﻔﻖ ﻋﻠﻴﻪ ﰲ ﺍﳊﺎﻝ ﻭ ﻫﻲ ﲣﺘﻠﻒ ﺑﺬﻟﻚ ﻋﻦ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺼﻨﺪﻭﻕ ﺍﻟﻌﺎﺟﻠﺔ‬
‫ﺍﻟﱵ ﻳﺘﻢ ﻓﻴﻬﺎ ﺗﺴﻠﻴﻢ ﺍﻟﻌﻤﻠﺔ ﺍﻷﺟﻨﺒﻴﺔ ﻓﻮﺭﺍ ﻟﻘﺎﺀ ﺩﻓﻊ ﺍﻟﺜﻤﻦ‪.‬‬
‫◄ ﺑﻮﺭﺻﺔ ﺍﻟﺬﻫﺐ ﻭ ﺍﳌﻌﺎﺩﻥ ﺍﻟﻨﻔﻴﺴﺔ‪:‬‬
‫ﻣﻦ ﺃﺛﺎﺭ ﺍﳊﺮﺏ ﺍﻟﻌﺎﳌﻴﺔ ﺍﻟﺜﺎﻧﻴﺔ ﺃﻥ ﲡﺎﺭﺓ ﺍﳌﻌﺎﺩﻥ ﺍﻟﻨﻔﻴﺴﺔ ﺇﳓﺼﺮﺕ ﰲ ﻳﺪ ﺍﳊﻜﻮﻣﺔ ﻭﻣﺎ ﺗﺰﺍﻝ ﺍﻟﺒﻨﻮﻙ‬
‫ﺍﳌﺮﻛﺰﻳﺔ ﲢﺘﻜﺮ ﲡﺎﺭﺓ ﻫﺬﻩ ﺍﳌﻌﺎﺩﻥ ﻭ ﺃﺻﺒﺢ ﺳﻌﺮ ﺍﻟﺸﺮﺍﺀ ﻭ ﺍﻟﺒﻴﻊ ﳛﺪﺩ ﺑﻨﺸﺮﺓ ﺭﲰﻴﺔ‪.‬‬
‫ﻭﱂ ﻳﻌﺪ ﻗﺎﻧﻮﻥ ﺍﻟﻌﺮﺽ ﻭ ﺍﻟﻄﻠﺐ ﻳﻘﻮﻡ ﺑﺪﻭﺭﻩ ﺍﻟﻄﺒﻴﻌﻲ ﰲ ﲢﺪﻳﺪ ﺃﺳﻌﺎﺭ ﻫﺬﻩ ﺍﳌﻌﺎﺩﻥ‪،‬ﺇﻻ ﺃﻥ ﺑﻌﺾ‬
‫ﺍﻟﺪﻭﻝ ﺃﻃﻠﻘﺖ ﺣﺮﻳﺔ ﺍﻟﺘﺒﺎﺩﻝ ﺩﺍﺧﻞ ﺍﻟﺒﻠﺪ ﺑﻴﻨﻤﺎ ﻗﻴﺪﺕ ﺍﺳﺘﲑﺍﺩ ﺃﻭ ﺗﺼﺪﻳﺮ ﻫﺬﻩ ﺍﳌﻌﺎﺩﻥ ﻭﺃﺧﻀﻌﺘﻬﺎ ﻟﻘﻴﻮﺩ‪.‬‬

‫ﲣﺘﻠﻒ ﺃﺳﻌﺎﺭ ﻫﺬﻩ ﺍﳌﻌﺎﺩﻥ ﺍﻟﻨﻔﻴﺴﺔ )ﲟﺎ ﻓﻴﻬﺎ ﺍﻟﺬﻫﺐ( ﺍﺧﺘﻼﻓﺎ ﻛﺒﲑﺍ ﲝﺴﺐ ﻣﺼﺪﺭﻫﺎ )ﺃﻣﺮﻳﻜﺎ‪،‬‬
‫ﺭﻭﺳﻴﺎ‪ ،‬ﺟﻨﻮﺏ ﺇﻓﺮﻳﻘﻴﺎ‪ ،‬ﺍﻟﱪﺍﺯﻳﻞ ‪ ,(..‬ﻭﺗﺮﺩ ﺫﻟﻚ ﺍﺧﺘﻼﻑ ﻃﺮﻑ ﺍﳊﺼﻮﻝ ﻋﻠﻴﻬﺎ ﻭﲦﻨﻬﺎ ﻭ ﺍﻟﺘﺄﻣﲔ ﻋﻠﻴﻬﺎ‬
‫ﻭﺩﺭﺟﺔ ﺍﻟﺸﻮﺍﺋﺐ ﻓﻴﻬﺎ ‪.‬‬

‫‪ 1‬ﴰﻌﻮﻥ ﴰﻌﻮﻥ‪ ،‬ﺍﻟﺒﻮﺭﺻﺔ‪ ،‬ﺑﻮﺭﺻﺔ ﺍﳉﺰﺍﺋﺮ‪ .،‬ﺍﻷﻃﻠﺲ ﻟﻠﻨﺸﺮ‪ ،‬ﺍﻟﻄﺒﻌﺔ ﺍﻷﻭﱃ‪ ،‬ﺍﳉﺰﺍﺋﺮ‪ ،‬ﺳﻨﺔ‪ ،1993‬ﺹ‪133‬‬
‫ﻳﺒﺎﻉ ﺍﻟﺬﻫﺐ ﻋﺎﺩﺓ ﻋﻠﻰ ﺷﻜﻞ ﺳﺒﺎﺋﻚ ﺃﻭ ﻣﺴﻜﻮﻛﺎﺕ‪ ،‬ﻭ ﻣﻦ ﺑﲔ ﺃﻛﱪ ﺍﻟﺒﻮﺭﺻﺎﺕ ﺍﻟﱴ ﻳﺘﻢ ﺍﻟﺘﻌﺎﻣﻞ‬
‫ﻓﻴﻬﺎ ﻋﻠﻰ ﺍﻟﺬﻫﺐ ﻭ ﺍﳌﻌﺎﺩﻥ ﺍﻟﻨﻔﻴﺴﺔ‪:‬‬
‫ﺑﻮﺭﺻﺔ ﺑﺮﻭﻛﺴﻮﻝ )ﺑﻠﺠﻴﻜﺎ ( ‪.‬‬ ‫•‬
‫ﺑﻮﺭﺻﺔ ﻟﻨﺪﻥ )ﺇﳒﻠﺘﺮﺍ( ‪.‬‬ ‫•‬
‫ﺑﻮﺭﺻﺔ ﻧﻴﻮﻳﻮﺭﻙ )ﻭ ﻡ ﺃ ( ‪.‬‬ ‫•‬

‫‪1‬‬
‫ﺍﻟﻔﺮﻉ ﺍﻟﺜﺎﻟﺚ ‪ :‬ﺑﻮﺭﺻﺔ ﺍﻟﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ )ﺑﻮﺭﺻﺔ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ (‪.‬‬
‫ﻭﺟﺪﻧﺎ ﺃﻥ ﻣﻮﺿﻮﻉ ﺑﻮﺭﺻﺔ ﺍﻟﺒﻀﺎﺋﻊ ﳜﺺ ﺍﻟﺒﻀﺎﺋﻊ ﺍﻟﱵ ﲢﻤﻞ ﺧﺼﺎﺋﺺ ﻣﻌﻴﻨﺔ ‪ ،‬ﻛﻤﺎ ﻭﺟﺪﻧﺎ ﺃﻳﻀﺎ‬
‫ﺃﻥ ﺑﻮﺭﺻﺔ ﺍﻟﺬﻫﺐ ﻭ ﺍﻟﻌﻤﻠﺔ ﺍﻟﺼﻌﺒﺔ ﻟﻴﻘﻮﻡ ﻋﻠﻰ ﺍﻟﺘﻌﺎﻣﻞ ﰲ ﺍﻟﻌﻤﻠﻴﺔ ﺍﻟﺼﻌﺒﺔ ﻭ ﺍﳌﻌﺎﺩﻥ ﺍﻟﻨﻔﻴﺴﺔ‪ ،‬ﻓﻴﺎ ﺗﺮﻯ ﻣﺎ ﻫﻮ‬
‫ﻣﻮﺿﻮﻉ ﺑﻮﺭﺻﺔ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﺃﻭ ﺑﻮﺭﺻﺔ ﺍﻟﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ ؟ ‪.‬‬
‫ﺇﻥ ﻗﻴﺎﻡ ﺍﳌﺸﺎﺭﻳﻊ ﺍﻟﻀﺨﻤﺔ ﻭ ﺍﻟﱵ ﺟﺎﺀﺕ ﻧﺘﻴﺠﺔ ﺣﺘﻤﻴﺔ ﻟﻠﺘﻄﻮﺭ ﺍﻻﻗﺘﺼﺎﺩﻱ ﻭ ﺍﻻﻧﺘﻘﺎﻝ ﻣﻦ ﺍﳌﺮﺣﻠﺔ‬
‫ﺍﻟﺰﺭﺍﻋﻴﺔ ﺇﱃ ﺍﳌﺮﺣﻠﺔ ﺍﻟﺼﻨﺎﻋﻴﺔ ﺃﺩﻯ ﺇﱃ ﺗﺪﺍﻭﻝ ﺳﻠﻊ ﺟﺪﻳﺪﺓ ﱂ ﺗﻜﻦ ﻣﻌﺮﻭﻓﺔ ﻣﻦ ﻗﺒﻞ ﺃﻻ ﻭ ﻫﻲ ﺍﻷﺳﻬﻢ ﻭ‬
‫ﺍﻟﺴﻨﺪﺍﺕ ﻭ ﺣﺼﺺ ﺍﻟﺘﺄﺳﻴﺲ ﻭ ﺣﻘﻮﻕ ﺍﻻﻛﺘﺴﺎﺏ ﻭ ﻏﲑﻫﺎ ﻣﻦ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﺍﻟﻘﺎﺑﻠﺔ ﻟﻠﺘﺪﺍﻭﻝ ﻭ ﺑﻮﺍﺳﻄﺔ ﻫﺬﻩ‬
‫ﺍﻷﻭﺭﺍﻕ ﺃﻣﻜﻦ ﻟﻠﻤﺆﺳﺴﺎﺕ ﺍﳋﺎﺻﺔ ﺃﻭ ﺍﳊﻜﻮﻣﻴﺔ ﺍﻻﺳﺘﻔﺎﺩﺓ ﻣﻦ ﻣﺪﺧﺮﺍﺕ ﺍﻷﻓﺮﺍﺩ ﻭ ﺍﺳﺘﺜﻤﺎﺭﻫﺎ ﰲ ﺍﳌﺸﺎﺭﻳﻊ‬
‫ﺍﻟﻜﱪﻯ ﻭ ﻧﺸﺄ ﺗﺪﺭﳚﻴﺎ ﺇﱃ ﺟﺎﻧﺐ ﺍﻟﺜﺮﻭﺍﺕ ﺍﳌﻨﻘﻮﻟﺔ ﻭﻏﲑ ﺍﳌﻨﻘﻮﻟﺔ ﺍﻟﱵ ﻛﺎﻧﺖ ﻣﻌﺮﻭﻓﺔ ﻧﻮﻉ ﺟﺪﻳﺪ ﻣﻦ ﺍﻟﺜﺮﻭﺓ‬
‫ﻋﺮﻑ ﺑﺎﺳﻢ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﻭﻛﺎﻥ ﺍﻻﺯﺩﻳﺎﺩ ﺃﻭ ﺍﺯﺩﻫﺎﺭ ﻫﺬﻩ ﺍﻷﻭﺭﺍﻕ ﻭﺗﻨﻮﻋﻬﺎ ﻭ ﺇﻗﻔﺎﻝ ﺍﳉﻤﻬﻮﺭ ﻋﻠﻰ ﺗﺪﺍﻭﳍﺎ‬
‫ﺷﺄﻥ ﰲ ﻗﻴﺎﻡ ﺳﻮﻕ ﺟﺪﻳﺪ ﺧﺎﺹ ‪‬ﺎ ﻫﻮ ﺑﻮﺭﺻﺔ ﺍﻟﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ ﺃﻭ ﺑﻮﺭﺻﺔ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﻭﺍﻟﺒﻮﺭﺻﺔ ﺍﻟﻘﻴﻢ‬
‫ﺍﳌﻨﻘﻮﻟﺔ ﺳﻮﻕ ﻣﻨﻈﻢ ﻳﻠﺘﺰﻡ ﺍﳌﺘﻌﺎﻣﻠﻮﻥ ‪‬ﺎ ﻣﺮﺍﻋﺎﺓ ﺍﻟﻘﻮﺍﻧﲔ ﻭﺍﻟﻠﻮﺍﺋﺢ ﺍﻟﱵ ﺗﻨﻈﻢ ﺍﻟﺘﻌﺎﻣﻞ ﺑﻪ ﻭﺗﻘﻮﻡ ﻋﻠﻰ ﺇﺩﺍﺭﺍﺗﻪ ﻫﻴﺌﺔ‬
‫ﺗﺘﻮﱃ ﺍﻹﺷﺮﺍﻑ ﻋﻠﻰ ﻣﺮﺍﻋﺎﺓ ﻭﺍﺣﺘﺮﺍﻡ ﻭ ﺗﻄﺒﻴﻖ ﺗﻠﻚ ﺍﻟﻘﻮﺍﻧﲔ ﻭ ﺍﻟﻠﻮﺍﺋﺢ‪.‬‬
‫ﺗﺆﺩﻱ ﺑﻮﺭﺻﺔ ﺍﻟﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ ﻋﺪﺩﺍ ﻣﻦ ﺍﻟﻮﻇﺎﺋﻒ ﻧﻌﺪﺩ ﺑﻌﻀﻬﺎ ﰲ ‪:‬‬

‫_ ﺍﻟﺘﻌﺎﻣﻞ ﰲ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ‪ :‬ﺇﻥ ﺃﻭﻝ ﻭﻇﻴﻔﺔ ﻟﺒﻮﺭﺻﺔ ﺍﻟﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ‪ ،‬ﻫﻲ ﺍﻟﺴﻤﺎﺡ ﺑﻴﻊ ﻭﺷﺮﺍﺀ‬
‫ﺍﻷﺳﻬﻢ ﻭﺍﻟﺴﻨﺪﺍﺕ ﻭﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﺍﻷﺧﺮﻯ‪ ،‬ﻛﻤﺎ ﺃ‪‬ﺎ ﲢﻘﻖ ﺍﻟﺴﻌﺮ ﺍﳊﻘﻴﻘﻲ ﻟﺘﻠﻚ ﺍﻷﻭﺭﺍﻕ‪.‬‬
‫_ ﺍﺳﺘﺜﻤﺎﺭ ﺭﺅﻭﺱ ﺍﻷﻣﻮﺍﻝ ‪ :‬ﻭ ﳝﺘﺎﺯ ﺍﻻﺳﺘﺜﻤﺎﺭ ﰲ ﺑﻮﺭﺻﺔ ﺍﻟﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ ﲟﺮﻭﻧﺔ ﺍﻟﺘﻌﺎﻣﻞ ﻭﺳﻬﻮﻟﺔ‬
‫ﺍﻟﺒﻴﻊ ﻭﺍﻟﺸﺮﺍﺀ ﻣﻘﺎﺭﻧﺔ ﺑﺼﻌﻮﺑﺔ ﺍﻻﺳﺘﺜﻤﺎﺭ ﻋﻨﺪ ﺷﺮﺍﺀ ﺍﻷﺭﺍﺿﻲ ﺍﻟﺰﺭﺍﻋﻴﺔ ﺃﻭ ﺍﻟﻌﻘﺎﺭﺍﺕ‪،‬‬

‫‪ 1‬ﴰﻌﻮﻥ ﴰﻌﻮﻥ‪ ،‬ﺍﻟﺒﻮﺭﺻﺔ‪ ،‬ﺑﻮﺭﺻﺔ ﺍﳉﺰﺍﺋﺮ‪ .،‬ﺍﻷﻃﻠﺲ ﻟﻠﻨﺸﺮ‪ ،‬ﺍﻟﻄﺒﻌﺔ ﺍﻷﻭﱃ‪ ،‬ﺍﳉﺰﺍﺋﺮ‪ ،‬ﺳﻨﺔ‪ ،1993‬ﺹ‪134‬‬
‫ﻓﻀﻼ ﻋﻦ ﺫﻟﻚ ﺑﺈﻣﻜﺎﻥ ﺃﻱ ﻓﺮﺩ ﺍﻻﺳﺘﺜﻤﺎﺭ ﰲ ﻫﺬﻩ ﺍﻟﺒﻮﺭﺻﺔ ﲟﺒﻠﻎ ﺻﻐﲑﺍ ﺃﻡ ﻛﺒﲑﺍ‪ ،‬ﻭﺗﻮﺳﻴﻊ ﺍﺳﺘﺜﻤﺎﺭﺍﺗﻪ ﻭﻣﻦ ﰒ‬
‫ﺗﺸﺘﻴﺖ ﺍﳋﻄﺮ‪.‬‬
‫_ ﺗﺸﺠﻴﻊ ﺍﻻﺩﺧﺎﺭ ﻭﺍﻻﺳﺘﺜﻤﺎﺭ ﻣﻦ ﺍﳌﻌﻠﻮﻡ ﺃﻥ ﺍﳌﺪﺧﺮ ﻻﺳﺘﺒﺪﺍﻝ ﻧﻘﻮﺩﻩ ﺑﺴﻠﻊ ﺃﻭ ﺧﺪﻣﺎﺕ ﻹﺷﺒﺎﻉ‬
‫ﺭﻏﺒﺔ ﻋﺎﺟﻠﺔ‪ ،‬ﺇﳕﺎ ﻟﻴﺴﺘﻔﻴﺪ ‪‬ﺎ ﰲ ﺳﺪ ﺣﺎﺟﺔ ﻟﻠﻤﺴﺘﻘﺒﻞ ﻭﻫﻨﺎﻙ ﻭﺳﺎﺋﻞ ﻣﺘﻌﺪﺩ ﻟﺘﺸﺠﻴﻊ ﺍﻻﺩﺧﺎﺭ ﻣﻨﻬﺎ‪:‬‬
‫•‬ ‫ﺍﻹﻋﻔﺎﺀﺍﺕ ﺍﻟﻀﺮﻳﺒﻴﺔ ‪.‬‬
‫• ﺗﺸﺠﻴﻊ ﺇﻧﺸﺎﺀ ﻣﺆﺳﺴﺎﺕ ﺍﻻﺩﺧﺎﺭ ﻭ ﺍﻟﺘﻮﻓﲑ ‪.‬‬
‫• ﻧﺸﺮ ﺍﻟﻮﻋﻲ ﺍﻻﺩﺧﺎﺭﻱ ﺑﲔ ﺍﳌﻮﺍﻃﻨﲔ ﻭ ﺗﻮﺟﻴﻬﻬﻢ ﳓﻮ ﺑﻮﺭﺻﺔ ﺍﻟﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ ‪.‬‬
‫_ ﺗﻮﺟﻴﻪ ﺍﻻﺳﺘﺜﻤﺎﺭ ﻓﻌﻨﺪﻣﺎ ﻳﻘﻞ ﺳﻌﺮ ﺍﻟﻔﺎﺋﺪﺓ ﺑﺎﻟﺒﻨﻮﻙ ﻋﻦ ﺍﻟﻔﺎﺋﺪﺓ ﺍﻟﱵ ﺗﻮﻓﺮﻫﺎ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﺳﺤﺐ‬
‫ﺍﳉﻤﻬﻮﺭ ﻭﺩﺍﺋﻌﻪ ﻣﻦ ﺍﻟﺒﻨﻮﻙ ﻭ ﺗﺘﻤﺜﻞ ﺭﺅﻭﺱ ﺍﻷﻣﻮﺍﻝ ﻋﻠﻰ ﺇﺛﺮﻯ ﺫﻟﻚ ﺇﱃ ﺑﻮﺭﺻﺔ ﺍﻟﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ ﻭ ﺍﻟﻌﻜﺲ‬
‫ﺑﺎﻟﻌﻜﺲ ﺻﺤﻴﺢ ‪.‬‬
‫ﺗﻘﺴﻢ ﺍﻟﻌﻤﻠﻴﺎﺕ ﺍﻟﱵ ﺗﺘﻢ ﰲ ﺑﻮﺭﺻﺔ ﺍﻟﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ ﺳﻮﺍﺀ ﰲ ﺍﻟﺒﻴﻊ ﺃﻭ ﺍﻟﺸﺮﺍﺀ ﺇﱃ‪:‬‬
‫ﺍﻟﻌﻤﻠﻴﺎﺕ ﺍﻟﻌﺎﺟﻠﺔ ‪:‬‬ ‫‪.I‬‬
‫ﺗﺘﻤﻴﺰ ﺍﻟﻌﻤﻠﻴﺎﺕ ﺍﻟﻌﺎﺟﻠﺔ ﺑﺄ‪‬ﺎ ﺗﺘﻢ ﻓﻮﺭﺍ ﺇﺫ ﳚﺮﻱ ﺩﻓﻊ ﺍﻟﺜﻤﻦ ﻭﺍﺳﺘﻼﻡ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﻣﻮﺿﻮﻉ ﺍﻟﺼﻔﻘﺔ‬
‫ﺣﺎﻻ ﺃﻭ ﺧﻼﻝ ﻓﺘﺮﺓ ﻭﺟﻴﺰﺓ ﺟﺪﺍ‪ ،‬ﻭﳚﺐ ﺃﻥ ﺗﺘﻀﻤﻦ ﺃﻭﺍﻣﺮ ﺍﻟﺒﻮﺭﺻﺔ‪ 1‬ﰲ ﺍﻟﻌﻤﻠﻴﺎﺕ ﺍﻟﻌﺎﺟﻠﺔ ﺍﻟﻌﻨﺎﺻﺮ ﺍﻟﱵ ﻣﻦ‬
‫ﺷﺄ‪‬ﺎ ﺃﻥ ﺗﻌﲔ ﺑﻜﻞ ﻭﺿﻮﺡ ﺍﻟﺼﻔﻘﺔ ﻛﺒﻴﺎﻥ ﻧﻮﻉ ﻭﺻﻔﺔ ﺍﻟﻮﺭﻗﺔ ﺍﳌﺎﻟﻴﺔ‪ ،‬ﺍﻟﻜﻤﻴﺔ ﺍﳌﻄﻠﻮﺑﺔ ﺃﻭ ﺍﳌﻌﺮﻭﺿﺔ‪ ،‬ﺍﻟﺴﻌﺮ‬
‫ﺍﻟﺬﻱ ﻳﺮﻏﺐ ﺍﳌﺘﻌﺎﻣﻞ ﰲ ﺍﻟﺒﻮﺭﺻﺔ ﺃﻥ ﻳﻨﻔﺬ ﺃﻭﺍﻣﺮﻩ‬

‫ﲟﻮﺟﺒﻬﺎ ﳚﺐ ﻋﻠﻰ ﺍﻟﺒﺎﺋﻌﲔ ﰲ ﺍﻟﻌﻤﻠﻴﺎﺕ ﺍﻟﻌﺎﺟﻠﺔ ﺃﻥ ﺗﻜﻮﻥ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﻣﻮﺿﻮﻉ ﺍﻟﺼﻔﻘﺔ ﲝﻮﺯ‪‬ﻢ ﻳﺴﻠﻤﻮ‪‬ﺎ‬
‫ﺇﱃ ﺍﻟﺴﻤﺎﺳﺮﺓ ﺍﳌﻜﻠﻔﲔ ﺑﺘﻨﻔﻴﺬ ﺍﻷﻭﺍﻣﺮ ﰲ ﺍﻟﺒﻮﺭﺻﺔ‪.‬‬
‫ﺍﻟﻌﻤﻠﻴﺎﺕ ﺍﻵﺟﻠﺔ ‪:‬‬ ‫‪.II‬‬
‫ﺗﺘﻤﻴﺰ ﺍﻟﻌﻤﻠﻴﺎﺕ ﺍﻵﺟﻠﺔ ﺑﺄﻥ ﺩﻓﻊ ﺍﻟﺜﻤﻦ ﻭﺗﺴﻠﻴﻢ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﻟﻴﺘﻤﺎﻥ ﻟﺪﻯ ﻋﻘﺪ ﺍﻟﺼﻔﻘﺔ ﺑﻞ ﺑﻌﺪ ﻓﺘﺮﺓ‬
‫ﳏﺪﺩﺓ‪ ،‬ﻣﺴﺒﻘﺎ ﺗﺪﻋﻰ ﻣﻮﻋﺪ ﺍﻟﺘﺼﻔﻴﺔ ﻭﲡﺮﻱ ﻫﺬﻩ ﻋﺎﺩﺓ ﰲ ﻛﻞ ﺷﻬﺮ ﻣﺮﺓ‪ ،‬ﻭﺫﻟﻚ ﻗﺒﻞ ﺁﺧﺮ ﺟﻠﺴﺔ ﻣﻦ ﺟﻠﺴﺎﺕ‬
‫ﺍﻟﺒﻮﺭﺻﺔ‪ ،‬ﺣﻴﺚ ﺗﺴﻮﻯ ﺍﻟﺼﻔﻘﺎﺕ ‪‬ﺎﺋﻴﺎ ﺑﲔ ﺍﳌﺘﻌﺎﻣﻠﲔ ﰲ ﺑﻮﺭﺻﺔ ﺍﻟﻘﻴﻢ‬

‫‪ - 1‬ﺃﻭﺍﻣﺮ ﺍﻟﺒﻮﺭﺻﺔ ﺗﻌﲏ ﺍﻟﺘﻮﻛﻴﻞ ﺍﻟﺬﻱ ﻳﻨﺤﻪ ﺍﻟﻌﻤﻴﻞ ﺇﱃ ﺃﺣﺪ ﺍﻟﺴﻤﺎﺳﺮﺓ ﺃﻭ ﺍﻟﻮﺳﻄﺎﺀ ﻛﻲ ﻳﺒﻴﻊ ﺃﻭ ﻳﺸﺘﺮﻱ ﻟﻪ ﻣﻦ ﺍﻟﺒﻮﺭﺻﺔ ﻣﺎ ﻳﺮﻏﺐ ﻓﻪ ﻫﺬﺍ ﺍﻟﻌﻤﻴﻞ‪.‬‬
‫ﺍﳌﻨﻘﻮﻟﺔ ﺑﻴﻌﺎ ﻭﺷﺮﺍﺀ ﻭﻳﺘﻢ ﺩﻓﻊ ﺍﻟﺜﻤﻦ ﻭﺗﺴﻠﻴﻢ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﻓﻌﻠﻴﺎ ﺧﻼﻝ ﻋﺪﺓ ﺃﻳﺎﻡ ﻣﻦ ﺗﺎﺭﻳﺦ ﺍﻟﺘﺼﻔﻴﺔ‪ ،‬ﻭﳌﺎ ﻛﺎﻥ‬
‫ﺩﻓﻊ ﺍﻟﺜﻤﻦ ﻭﺗﺴﻠﻴﻢ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﰲ ﺍﻟﻌﻤﻠﻴﺎﺕ ﺍﻵﺟﻠﺔ ﻳﺘﻢ ﺑﻌﺪ ﻓﺘﺮﺓ ﳜﺘﻠﻒ ﺑﺪﺅﻫﺎ ﺣﺴﺐ ﺍﻻﺗﻔﺎﻕ ﺍﳌﻌﻘﻮﺩ ﺑﲔ‬
‫ﺍﻟﻄﺮﻓﲔ‪ ،‬ﻓﺈﻥ ﺃﻧﻈﻤﺔ ﺍﻟﺒﻮﺭﺻﺔ ﺍﺷﺘﺮﻃﺖ ﻋﻠﻰ ﺍﳌﺘﻌﺎﻣﻠﲔ ﰲ ﺍﻟﻌﻤﻠﻴﺎﺕ ﺍﻵﺟﻠﺔ ﺗﻘﺪﱘ ﺗﺄﻣﲔ ﻣﺎﱄ ﺣﱴ ﺇﺑﺮﺍﻡ‬
‫ﺍﻟﺼﻔﻘﺔ ‪‬ﺎﺋﻴﺎ ﺑﺸﻜﻞ ﻻ ﻳﻠﺤﻖ ﺍﻟﻀﺮﺭ ﺑﺄﺣﺪ ﺍﳌﺘﻌﺎﻗﺪﻳﻦ ﻭ ﻳﺪﻋﻰ ﻫﺬﺍ ﺍﻟﺘﺄﻣﲔ ﺑﺎﻟﺘﻐﻄﻴﺔ ‪.‬‬

‫ﺍﻟﻤﻄﻠﺐ ﺍﻟﺜﺎﻟﺚ‪ :‬ﺍﻟﻘﻴﻢ ﺍﻟﻤﺘﺪﺍﻭﻟﺔ ﻓﻲ ﺍﻟﺒﻮﺭﺻﺔ "ﺍﻷﻭﺭﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ"‪.‬‬

‫ﳝﻜﻦ ﰲ ﺑﻮﺭﺻﺔ ﺍﻟﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ ﺗﺪﺍﻭﻝ ﺃﻧﻮﺍﻉ ﳏﺪﺩﺓ ﻣﻦ ﺍﻷﺩﻭﺍﺕ ﺗﺪﻋﻰ ﺑﺎﻟﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ ﺃﻭ ﺍﻷﻭﺭﺍﻕ‬
‫ﺍﳌﺎﻟﻴﺔ ‪ ،‬ﻫﺬﻩ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﺇﱃ ﺟﺎﻧﺐ ﲢﻘﻴﻘﻬﺎ ﻋﺎﺋﺪﺍ ﻣﻨﺎﺳﺒﺎ ﻟﻠﻤﺴﺘﺜﻤﺮﻳﻦ ﻓﺈ‪‬ﺎ ﺗﺘﻴﺢ ﳍﻢ ﺳﻬﻮﻟﺔ ﲢﻮﻳﻠﻬﺎ ﺇﱃ‬
‫ﻧﻘﻮﺩ ﻋﻨﺪ ﺍﳊﺎﺟﺔ ﺇﺫ ﻣﻦ ﺍﳌﻤﻜﻦ ﺑﻴﻌﻬﺎ ﰲ ﺍﻟﺒﻮﺭﺻﺔ ﻭ ﺍﳊﺼﻮﻝ ﻋﻠﻰ ﻧﻘﻮﺩ ﺳﺎﺋﻠﺔ‪.‬‬
‫ﺇﻥ ﻣﻨﺘﺠﺎ‪‬ﺎ ﻭ ﺍﻟﱵ ﺗﺄﺧﺬ ﺛﻼﺛﺔ ﺃﺷﻜﺎﻝ ﺭﺋﻴﺴﻴﺔ ﻭ ﻫﻲ ﺍﻷﺳﻬﻢ ﻭ ﺍﻟﺴﻨﺪﺍﺕ ﻭ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺸﺘﻘﺔ‪ ...‬ﻭ‬
‫ﻟﻜﻞ ﻧﻮﻉ ﻣﻨﻬﺎ ﺧﺼﺎﺋﺺ ﻭ ﻣﺰﺍﻳﺎ ﻭ ﻛﻞ ﻣﻨﻬﺎ ﻳﻨﻘﺴﻢ ﺇﱃ ﺃﻧﻮﺍﻉ ﻭ ﻫﻮ ﻣﺎ ﳚﻌﻠﻨﺎ ﺃﻥ ﻧﻌﺮﺿﻬﺎ ﻛﺎﻟﺘﺎﱄ‪:‬‬

‫ﺍﻟﻔﺮﻉ ﺍﻷﻭﻝ‪ :‬ﺍﻷﺳﻬﻢ ‪.‬‬

‫‪ _ 1‬ﺗﻌﺮﻳﻔﻪ‪:‬‬
‫ﺍﻟﺴﻬﻢ ﻋﺒﺎﺭﺓ ﻋﻦ ﺷﻬﺎﺩﺓ ﲣﻮﻝ ﳌﺎﻟﻜﻬﺎ ﺍﳊﻖ ﰲ ﻣﻠﻜﻴﺔ ﺟﺰﺀ ﻣﻦ ﳑﺘﻠﻜﺎﺕ ﺍﻟﺸﺮﻛﺔ ﺍﻟﱵ ﺃﺻﺪﺭﺕ ﻫﺬﺍ‬
‫ﺍﻟﺴﻬﻢ‪.‬‬
‫ﻭﺍﻷﺳﻬﻢ ﻗﺎﺑﻠﺔ ﻟﻠﺘﺪﺍﻭﻝ ﻭﺍﻻﻧﺘﻘﺎﻝ ﻣﻦ ﺷﺨﺺ ﺇﱃ ﺷﺨﺺ ﺁﺧﺮ‪ .‬ﻓﺎﻟﺴﻬﻢ ﻣﺴﺘﻨﺪ ﻣﻠﻜﻴﺔ‪ ،‬ﻭﻣﻦ ﰒ ﻟﻴﺲ‬
‫ﻟﻪ ﺗﺎﺭﻳﺦ ﺍﺳﺘﺤﻘﺎﻕ‪ ،‬ﻭﺇﻥ ﻣﺴﺆﻭﻟﻴﺔ ﻋﺎﻣﻠﻪ ﳏﺪﻭﺩﺓ ﺑﻘﻴﻤﺔ ﺍﻟﺴﻬﻢ ﻭﻻ ﲢﻖ ﻟﻪ ﺍﳌﻄﺎﻟﺒﺔ ﺑﺎﻷﺭﺑﺎﺡ ﺇﻻ ﺇﺫﺍ ﻗﺮﺭﺕ‬
‫ﺍﻹﺩﺍﺭﺓ ﺗﻮﺯﻳﻌﻬﺎ ﻭﺍﻟﺴﻬﻢ ﺑﺬﻟﻚ ﳝﺜﻞ ﺣﺼﺔ ﺍﻟﺸﺮﻳﻚ ﺍﳌﺴﺎﻫﻢ ﰲ ﺍﻟﺸﺮﻛﺔ ﺍﳌﺴﺎﳘﺔ ﰲ ﺍﻟﺒﻮﺭﺻﺎﺕ‪.‬‬
‫‪ _ 2‬ﺣﻘﻮﻗﻪ‪:‬‬
‫ﻭﺗﻨﺘﻘﻞ ﺣﻘﻮﻕ ﺍﳌﺴﺎﻫﻢ ﺍﳊﺎﺋﺰ ﻟﻠﺴﻬﻢ ﺇﱃ ﻣﺎﻟﻚ ﺍﻟﺴﻬﻢ ﺍﳉﺪﻳﺪ ﻭﺗﺸﻤﻞ ﻫﺬﻩ ﺍﳊﻘﻮﻕ ﻣﺎ ﻳﻠﻲ‪:1‬‬
‫*ﺣﻖ ﺍﳊﺼﻮﻝ ﻋﻠﻰ ﻣﺎ ﳜﺺ ﺍﻟﺴﻬﻢ ﻣﻦ ﺃﺭﺑﺎﺡ ﻭﻓﻘﺎ ﻟﻠﺤﺼﺔ ﺍﳌﺨﺼﺼﺔ ﻟﻜﻞ ﺳﻬﻢ ﻭﺍﳌﻘﺮﺭ ﺗﻮﺯﻳﻌﻬﺎ‬
‫ﻋﻠﻰ ﲪﻠﺔ ﺍﻷﺳﻬﻢ‪.‬‬

‫‪ 1‬ﺩ‪.‬ﳏﻤﺪ ﺃﲪﺪ ﺍﳋﻀﺮﻱ‪ ،‬ﻣﺼﺪﺭ ﺳﺎﺑﻖ‪ ،‬ﺹ‪.59‬‬

‫* ﺣﻘﻮﻕ ﻋﻠﻰ ﺃﺻﻮﻝ ﺍﳌﻮﺟﻮﺩﺍﺕ ﺍﻟﺸﺮﻛﺔ ﺗﻌﺎﺩﻝ ﻧﺼﻴﺐ ﻛﻞ ﺳﻬﻢ ﻣﻦ ﺻﺎﰲ ﺃﺻﻮﻝ ﺍﻟﺸﺮﻛﺔ‪ ،‬ﺃﻭ‬
‫ﻧﺎﺗﺞ ﺑﻴﻊ ﻫﺬﻩ ﺍﻷﺻﻮﻝ ﺑﻌﺪ ﺍﺳﺘﺒﻌﺎﺩ ﺣﻘﻮﻕ ﺍﻟﻐﲑ ﻣﻨﻬﺎ ﻋﻨﺪ ﺗﺼﻔﻴﺔ ﺍﻟﺸﺮﻛﺔ‪ ،‬ﻭﻫﻮ ﻣﺎ ﻳﻌﺎﺩﻝ ﺗﻘﺮﻳﺒﺎ ﻧﺼﻴﺐ ﺍﻟﺴﻬﻢ‬
‫ﻣﻦ ﺭﺃﺱ ﻣﺎﻝ ﻭﺍﺣﺘﻴﺎﻃﺎﺕ ﺍﳌﺴﺘﺜﻤﺮﺓ ﰲ ﺍﳌﺸﺮﻭﻉ‪.‬‬
‫* ﺣﻖ ﺍﳊﺼﻮﻝ ﻋﻠﻰ ﺑﻴﺎﻧﺎﺕ ﻭﻣﻌﻠﻮﻣﺎﺕ ﺩﻭﺭﻳﺔ ﻋﻦ ﻣﻮﻗﻒ ﺍﻟﺸﺮﻛﺔ ﺍﳌﺎﱄ ﻋﻦ ﻧﺎﺗﺞ ﺃﻋﻤﺎﳍﺎ‪.‬‬
‫* ﺣﻖ ﺧﻀﻮﻉ ﺍﳉﻤﻌﻴﺎﺕ ﺍﻟﻌﻤﻮﻣﻴﺔ ﺳﻮﺍﺀ ﺍﻟﻌﺎﺩﻳﺔ ﺃﻭ ﻏﲑ ﺍﻟﻌﺎﺩﻳﺔ ﻭﻣﻨﺎﻗﺸﺔ ﻣﺎ ﻳﻌﺮﺽ ﻓﻴﻬﺎ ﻭﻃﺮﺡ ﻣﺎ‬
‫ﻳﻌﲏ ﻟﻪ ﻣﻦ ﻣﻼﺣﻈﺎﺕ ﻭﺁﺭﺍﺀ ﻭﺍﻗﺘﺮﺍﺣﺎﺕ‪ ،‬ﻭﺣﻖ ﺍﻟﺘﺼﻮﻳﺖ ﻋﻠﻰ ﻣﺸﺮﻭﻋﺎﺕ ﺍﻟﻘﺮﺍﺭ ﺍﳌﻌﺮﻭﺿﺔ ﻭﺫﻟﻚ ﺣﺴﺐ‬
‫ﺣﺼﺘﻪ ﻣﻦ ﺭﺃﺱ ﺍﳌﺎﻝ‪.‬‬
‫* ﺣﻖ ﺍﻻﻣﺘﻴﺎﺯ ﰲ ﺃﻭﻟﻮﻳﺔ ﺍﻻﻛﺘﺘﺎﺏ ﰲ ﺃﺳﻬﻢ ﻭ ﺯﻳﺎﺩﺓ ﺭﺃﺱ ﺍﳌﺎﻝ ﻭ ﺍﳊﺼﻮﻝ ﻋﻠﻰ ﺃﺳﻬﻢ ﻣﻦ ﻫﺬﻩ‬
‫ﺍﻟﺰﻳﺎﺩﺓ‪.‬‬

‫‪ _ 3‬ﺃﻧﻮﺍﻉ ﺍﻷﺳﻬﻢ‪:‬‬
‫ﻧﻈﺮﺍ ﻻﺧﺘﻼﻑ ﻭ ﺗﻔﺎﻭﺕ ﻣﻴﻮﻝ ﺍﳌﺴﺘﺜﻤﺮﻳﻦ ﲡﺎﻩ ﺩﺭﺟﺔ ﺍﳌﺨﺎﻃﺮﺓ ﺍﻟﺬﻱ ﳝﻜﻦ ﲢﻤﻠﻬﺎ ﻓﻘﺪ ﺗﻠﺠﺄ ﺍﻟﻜﺜﲑ‬
‫ﻣﻦ ﺍﻟﺸﺮﻛﺎﺕ ﺇﱃ ﺇﺻﺪﺍﺭ ﻋﺪﺓ ﺃﻧﻮﺍﻉ ﻣﻦ ﺍﻷﺳﻬﻢ ﻛﻞ ﻧﻮﻉ ﻣﻨﻬﺎ ﻳﻘﺪﻡ ﳎﺎﻻ ﳑﻴﺰﺍ ﻣﻦ ﺍﻟﻌﺎﺋﺪ ﻭ ﺍﳌﺨﺎﻃﺮﺓ‬
‫ﺍﳌﺘﻮﻗﻌﺎﻥ ﻭ ﳝﻜﻦ ﺣﺼﺮ ﺍﻷﻧﻮﺍﻉ ﺍﻟﺮﺋﻴﺴﻴﺔ ﻟﻸﺳﻬﻢ ﻓﻴﻤﺎ ﻳﻠﻲ‪:‬‬
‫ﺍﻷﺳﻬﻢ ﺍﻟﻌﺎﺩﻳﺔ‪:‬‬ ‫‪.I‬‬
‫ﺍﻟﺴﻬﻢ ﺍﻟﻌﺎﺩﻱ ﳝﺜﻞ ﺟﺰﺀﺍ ﻣﻦ ﻣﻠﻜﻴﺔ ﺍﻟﺸﺮﻛﺔ ﻣﺼﺪﺭﺓ ﺍﻟﺴﻬﻢ ﻭ ﻟﻪ ﺍﳊﻖ ﰲ ﺍﻟﺘﺼﻮﻳﺖ ﰲ ﺍﳉﻤﻌﻴﺔ‬
‫ﺍﻟﻌﻤﻮﻣﻴﺔ ﰲ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺍﻷﺳﺎﺳﻴﺔ ﻭ ﻣﻨﻬﺎ ﺗﻌﻴﲔ ﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ ﺃﻭ ﺗﻐﻴﲑﻩ‪ ،‬ﻭ ﺍﻟﺴﻬﻢ ﺍﻟﻌﺎﺩﻱ ﺃﺻﺤﺎﺑﻪ ﳛﺼﻠﻮﻥ‬
‫ﻋﻠﻰ ﺭﺑﺢ ﻏﲑ ﳏﺪﺩ ﻭ ﻗﺪ ﳜﺴﺮﻭﻥ ﺣﱴ ﺃﺻﻞ ﻗﻴﻤﺔ ﺍﻟﺴﻬﻢ ﻟﺬﺍ ﻳﻘﺎﻝ ﺃﻥ ﲪﻠﺔ ﺍﻷﺳﻬﻢ ﺍﻟﻌﺎﺩﻳﺔ ﳛﺼﻠﻮﻥ ﻋﻠﻰ‬
‫ﻋﺎﺋﺪ ﻋﺎﱄ ﻭ ﻳﺘﻌﺮﺿﻮﻥ ﳌﺨﺎﻃﺮﺓ ﻋﺎﻟﻴﺔ‪.1‬‬
‫ﺃ – ﺍﻷﺳﻬﻢ ﺍﻟﻌﺎﺩﻳﺔ ﻟﻸﻗﺴﺎﻡ ﺍﻹﻧﺘﺎﺟﻴﺔ‪:‬‬
‫ﺍﻷﺻﻞ ﺃﻥ ﻳﻜﻮﻥ ﻟﻠﻤﻨﺸﺄﺓ ﺍﻟﻮﺍﺣﺪﺓ ﳎﻤﻮﻋﺔ ﻭﺍﺣﺪﺓ ﻣﻦ ﺍﻷﺳﻬﻢ ﺍﻟﻌﺎﺩﻳﺔ ﺗﺮﺗﺒﻂ ﻓﻴﻬﺎ ﺍﻟﺘﻮﺯﻳﻌﺎﺕ‬
‫ﺑﺎﻷﺭﺑﺎﺡ ﺍﻟﱵ ﲢﻘﻘﻬﺎ ﺍﳌﻨﺸﺄﺓ ﻛﻜﻞ ﻭ ﻟﻜﻦ ﺑﻌﺾ ﺍﻟﺸﺮﻛﺎﺕ ﺍﻷﻣﺮﻳﻜﻴﺔ ﺃﺻﺪﺭﺕ ﰲ ﺍﻟﺜﻤﺎﻧﻴﻨﺎﺕ ﺃﻧﻮﺍﻉ ﺃﺧﺮﻯ‬
‫ﻣﻦ ﺍﻷﺳﻬﻢ ﺍﻹﻧﺘﺎﺟﻴﺔ‪ ،‬ﻭ ﻳﺮﺗﺒﻂ ﻛﻞ ﻧﻮﻉ ﻣﻨﻬﺎ ﺑﺎﻷﺭﺑﺎﺡ ﺍﻟﱵ ﳛﻘﻘﻬﺎ ﻗﺴﻢ ﻣﻌﲔ ﻣﻦ ﺍﻷﻗﺴﺎﻡ ﺍﳌﻨﺘﺠﺔ ﺑﺎﻟﺸﺮﻛﺔ ﻭ‬
‫ﻋﻠﻰ ﺍﻟﺮﻏﻢ ﻣﻦ ﺍﳌﺰﺍﻳﺎ ﺍﻟﱵ ﳛﻘﻘﻬﺎ ﻫﺬﺍ ﺍﻟﻨﻮﻉ ﺍﳉﺪﻳﺪ ﻣﻦ ﺍﻷﺳﻬﻢ ﺇﻻ ﺃﻧﻪ ﺧﻠﻖ ﻧﻮﻉ ﻣﻦ ﺗﻀﺎﺭﺏ ﺍﳌﺼﺎﱀ ﺑﲔ‬
‫ﺍﳌﺴﺘﺜﻤﺮﻳﻦ‪.2‬‬

‫‪ 1‬ﳏﻤﺪ ﻣﺼﻄﻔﻰ ﻋﺒﺪﻭ‪ ،‬ﻣﺮﺟﻊ ﺳﺎﺑﻖ‪ ،‬ﺹ‪.13‬‬

‫‪ 2‬ﻣﻨﲑ ﺇﺑﺮﺍﻫﻴﻢ ﺍﳍﻨﺪﻱ‪ ،‬ﺃﺳﺎﺳﻴﺎﺕ ﺍﻻﺳﺘﺜﻤﺎﺭ ﰲ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ‪ ،‬ﻣﻨﺸﺄﺓ ﺍﳌﻌﺎﺭﻑ‪ ،‬ﺍﻹﺳﻜﻨﺪﺭﻳﺔ‪ ،‬ﺳﻨﺔ ‪ ،1997‬ﺹ‪.11‬‬
 ‫ﺏ – ﺍﻷﺳﻬﻢ ﺍﻟﻌﺎﺩﻳﺔ ﺫﺍﺕ ﺍﻟﺘﻮﺯﻳﻌﺎﺕ ﺍﳌﺨﺼﻮﻣﺔ‪:‬‬
‫ﻭ ﺍﻷﺻﻞ ﺃﻥ ﺍﻟﺘﻮﺯﻳﻌﺎﺕ ﺍﻟﱵ ﲢﺼﻞ ﻋﻠﻴﻬﺎ ﲪﻠﺔ ﺍﻷﺳﻬﻢ ﺍﻟﻌﺎﺩﻳﺔ ﻻ ﻳﻌﺘﱪ ﻣﻦ ﺍﻷﻋﺒﺎﺀ ﺍﻟﱵ ﲣﺼﻢ ﻗﺒﻞ‬
‫ﺍﺣﺘﺴﺎﺏ ﺍﻟﻀﺮﻳﺒﺔ ﻭﰲ ﺍﻟﺜﻤﺎﻧﻴﻨﺎﺕ ﻇﻬﺮ ﰲ ﺍﻟﻮﻻﻳﺎﺕ ﺍﳌﺘﺤﺪﺓ ﰲ ﺍﻟﺘﺸﺮﻳﻊ ﺍﻟﻀﺮﻳﱯ ﻳﺴﻤﺢ ﻟﻠﻤﻨﺸﺂﺕ ﺍﻟﱵ ﺗﺒﻴﻊ‬
‫ﺣﺼﺔ ﻣﻦ ﺃﺳﻬﻤﻬﺎ ﺍﻟﻌﺎﺩﻳﺔ ﺇﱃ ﺍﻟﻌﺎﻣﻠﲔ ‪‬ﺎ ﰲ ﻇﻞ ﺧﻄﺔ ﻣﻌﻴﻨﺔ ﳌﺸﺎﺭﻛﺘﻬﻢ ﰲ ﻣﻠﻜﻴﺔ ﺍﻟﺸﺮﻛﺔ ﲞﺼﻢ ﺍﻟﺘﻮﺯﻳﻌﺎﺕ‬
‫ﻋﻠﻰ ﺗﻠﻚ ﺍﻷﺳﻬﻢ ﻣﻦ ﺍﻹﻳﺮﺍﺩﺍﺕ ﻗﺒﻞ ﺍﺣﺘﺴﺎﺏ ﺍﻟﻀﺮﻳﺒﺔ‪ ،‬ﻛﻤﺎ ﻧﺺ ﻋﻠﻰ ﺇﻋﻔﺎﺀ ﺍﳌﺆﺳﺴﺔ ﺍﳌﺎﻟﻴﺔ ﺍﻟﱵ ﲤﻨﺢ ﻗﺮﺿﺎ‬
‫ﻋﻠﻰ ‪ %50‬ﻣﻦ ﺍﻟﻔﻮﺍﺋﺪ ﺍﻟﱵ ﲢﺼﻞ ﻋﻠﻴﻬﺎ‪.‬‬

‫ﺝ – ﺍﻷﺳﻬﻢ ﺍﻟﻌﺎﺩﻳﺔ ﺍﳌﻀﻤﻮﻧﺔ‪:‬‬

‫ﺍﻷﺻﻞ ﰲ ﺍﻟﺴﻬﻢ ﺍﻟﻌﺎﺩﻱ ﺃﻧﻪ ﻟﻴﺲ ﳊﺎﻣﻠﻪ ﺍﳊﻖ ﰲ ﺍﻟﺮﺟﻮﻉ ﻋﻠﻰ ﺍﻟﺸﺮﻛﺔ ﺍﻟﱵ ﺃﺻﺪﺭﺗﻪ ﻭﺫﻟﻚ ﰲ ﺣﺎﻟﺔ‬
‫ﺍﳔﻔﺎﺽ ﻗﻴﻤﺘﻪ ﺍﻟﺴﻮﻗﻴﺔ‪ ،‬ﺇﻻ ﺃﻧﻪ ﻇﻬﺮ ﰲ ﺍﻟﻮﻻﻳﺎﺕ ﺍﳌﺘﺤﺪﺓ ﺳﻨﺔ ‪ 1984‬ﻷﻭﻝ ﻣﺮﺓ ﺃﺳﻬﻤﺎ ﻋﺎﺩﻳﺔ ﺗﻌﻄﻲ ﳊﺎﻣﻠﻬﺎ‬
‫ﺍﳊﻖ ﰲ ﻣﻄﺎﻟﺒﺔ ﺍﳌﻨﺸﺄﺓ ﺑﺎﻟﺘﻌﻮﻳﺾ ﺇﺫﺍ ﺍﳔﻔﻀﺖ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻮﻗﻴﺔ ﻟﻠﺴﻨﺪ ﺇﱃ ﺣﺪ ﻣﻌﲔ ﺧﻼﻝ ﻓﺘﺮﺓ ﳏﺪﺩﺓ ﻋﻘﺐ‬
‫ﺍﻹﺻﺪﺍﺭ‪.‬‬
‫ﺍﻷﺳﻬﻢ ﺍﳌﻤﺘﺎﺯﺓ‪:‬‬ ‫‪.II‬‬
‫ﺑﺎﻹﺿﺎﻓﺔ ﺇﱃ ﺍﻷﺳﻬﻢ ﺍﻟﻌﺎﺩﻳﺔ ﳒﺪ ﺍﻷﺳﻬﻢ ﺍﳌﻤﺘﺎﺯﺓ ﺃﻭ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﺍﳌﻬﺠﻨﺔ ‪ Clonnés‬ﻓﺎﻷﺳﻬﻢ‬
‫ﺍﳌﻤﺘﺎﺯﺓ ﺗﻘﻊ ﺑﲔ ﺍﻷﺳﻬﻢ ﺍﻟﻌﺎﺩﻳﺔ ﻭﺍﻟﺴﻨﺪﺍﺕ‪ .‬ﻓﻬﻲ ﲡﻤﻊ ﻓﻴﻪ ﺧﺼﺎﺋﺼﻬﺎ ﺑﲔ ﻧﻮﻋﲔ‪:‬‬
‫_ ﻓﻬﻲ ﺗﺸﺒﻪ ﺍﻟﺴﻨﺪﺍﺕ ﻣﻦ ﺣﻴﺚ ﺛﺒﺎﺕ ﺍﻟﻌﺎﺋﺪ ﻭﺍﻷﻭﻟﻮﻳﺔ ﰲ ﺍﳊﺼﻮﻝ ﻋﻠﻰ ﺍﻟﻌﺎﺋﺪ ﻗﺒﻞ ﲪﻠﺔ ﺍﻷﺳﻬﻢ‬
‫ﺍﻟﻌﺎﺩﻳﺔ ﻭﻛﺬﺍ ﺍﳊﺎﻝ ﻋﻨﺪ ﺍﻟﺘﺼﻔﻴﺔ‪.1‬‬
‫_ ﻭﺗﺸﺒﻪ ﺍﻷﺳﻬﻢ ﺍﻟﻌﺎﺩﻳﺔ ﻣﻦ ﺣﻴﺚ ﺍﳌﻠﻜﻴﺔ‪ ،‬ﻓﺤﺎﻣﻞ ﺍﻟﺴﻬﻢ ﺍﳌﻤﺘﺎﺯ ﻳﻌﺘﱪ ﻣﺎﻟﻜﺎ ﰲ ﺍﳌﻨﺸﺄﺓ ﻭﻟﻴﺲ ﺩﺍﺋﻨﺎ‪،‬‬
‫ﻛﻤﺎ ﺃﻥ ﺍﻟﺴﻬﻢ ﺍﳌﻤﺘﺎﺯ ﻟﻴﺲ ﻟﻪ ﺗﺎﺭﻳﺦ ﺍﺳﺘﺤﻘﺎﻕ ﻣﻌﲔ ﻓﻬﻲ ﺩﺍﺋﻤﺔ ﻣﺎ ﺩﺍﻣﺖ ﺍﻟﺸﺮﻛﺔ ﻗﺎﺋﻤﺔ ﻭﻣﺴﺘﻤﺮﺓ‪ ،‬ﻭﺍﻟﺴﻬﻢ‬
‫ﺍﳌﻤﺘﺎﺯ ﳛﺼﻞ ﻋﻠﻰ ﺗﻮﺯﻳﻌﺎﺕ ﺍﻷﺭﺑﺎﺡ‪ ,‬ﻭ ﻟﻴﺲ ﻓﻮﺍﺋﺪ ﻣﺜﻞ ﺍﻟﺴﻨﺪﺍﺕ‪،‬‬
‫ﻭﺑﺎﻟﺘﺎﱄ ﻻ ﳛﻖ ﻟﻠﻤﺴﺎﳘﲔ ﺍﳌﻤﺘﺎﺯﻳﻦ ﻃﻠﺐ ﺇﻓﻼﺱ ﺍﻟﺸﺮﻛﺔ ﰲ ﺣﺎﻟﺔ ﻗﺪﺭﺓ ﻫﺬﻩ ﺍﻟﺸﺮﻛﺔ ﻋﻠﻰ ﺩﻓﻊ ﺗﻮﺯﻳﻌﺎﺕ‬
‫ﺍﻷﺭﺑﺎﺡ‪.2‬‬
‫ﻭﺧﻼﺻﺔ ﺍﻟﻘﻮﻝ ﺃﻥ ﺍﻷﺳﻬﻢ ﺍﳌﻤﺘﺎﺯﺓ ﻫﻲ ﺃﻭﺭﺍﻕ ﻣﺎﻟﻴﺔ ﺗﻀﻤﻦ ﳊﺎﻣﻠﻬﺎ ﻣﻴﺰﺍﺕ ﻻ ﺗﻀﻤﻨﻬﺎ ﺍﻷﺳﻬﻢ‬
‫ﺍﻟﻌﺎﺩﻳﺔ‪ ،‬ﻭﻣﺜﺎﻝ ﺫﻟﻚ ﺣﺼﻮﻝ ﺣﺎﻣﻞ ﺍﻟﺴﻬﻢ ﺍﳌﻤﺘﺎﺯ ﻋﻠﻰ ﺃﺭﺑﺎﺡ ﳏﺪﺩﺓ ﺑﻨﺴﺒﺔ ﺳﻨﻮﻳﺔ ﺛﺎﺑﺘﺔ‪.3‬‬

‫‪ 1‬ﻋﺒﺪ ﺍﻟﻐﻔﺎﺭ ﺣﻨﻔﻲ‪" ،‬ﺍﻟﺒﻮﺭﺻﺎﺕ‪ ،‬ﺍﻷﺳﻬﻢ ﻭ ﺍﻟﺴﻨﺪﺍﺕ‪ ،‬ﺻﻨﺎﺩﻳﻖ ﺍﻻﺳﺘﺜﻤﺎﺭ"‪ ،‬ﺍﻟﺪﺍﺭ ﺍﳉﺎﻣﻌﻴﺔ ‪ ،‬ﺳﻨﺔ ‪ ، 1998‬ﺹ‪.41‬‬
‫‪ 2‬ﻋﺒﻴﺪ ﺳﻌﻴﺪ ﺍﻟﺘﻮﻓﻴﻖ‪ ،‬ﻣﺮﺟﻊ ﺳﺎﺑﻖ‪ ،‬ﺹ‪.54‬‬
‫‪ 3‬ﻧﺎﻇﻢ ﳏﻤﺪ‪ ،‬ﻓﺎﺿﻞ ﻇﺎﻫﺮ‪ " ،‬ﺍﻻﺳﺘﺜﻤﺎﺭ ﺍﻟﻌﻴﲏ ﻭ ﺍﳌﺎﱄ"‪ ،‬ﺩﺍﺭ ﻭﺍﺋﻞ ﻟﻠﻨﺸﺮ ﺳﻨﺔ ‪،1999‬ﺹ‪209‬‬
‫ﻛﻤﺎ ﲡﺪﺭ ﺍﻹﺷﺎﺭﺓ ﺇﱃ ﺃﻧﻪ ﳝﻜﻦ ﻟﻠﺸﺮﻛﺔ ﺍﳌﺼﺪﺭﺓ ﻟﻸﺳﻬﻢ ﺍﳌﻤﺘﺎﺯﺓ ﺃﻥ ﺗﺴﺘﺪﻋﻲ ﺣﺎﻣﻠﻲ ﻫﺬﻩ ﺍﻷﺳﻬﻢ‬
‫ﳌﺎ ﻳﺴﻤﻰ ﺑﺎﻹﻃﻔﺎﺀ‪ .‬ﺃﻱ ﺃﻥ ﺍﻟﺸﺮﻛﺔ ﺗﺸﺘﺮﻱ ﺃﺳﻬﻤﻬﺎ ﺍﳌﻤﺘﺎﺯﺓ ﰲ ﺣﺎﻟﺔ ﲢﺴﻦ ﺣﺎﻟﺘﻬﺎ ﺍﳌﺎﻟﻴﺔ‪ ،‬ﻭﰲ ﺣﺎﻟﺔ ﺍﻹﻓﻼﺱ‬
‫ﻓﺈﻥ ﺍﻷﻭﻟﻮﻳﺔ ﻟﺼﺎﺣﺐ ﺍﻷﺳﻬﻢ ﺍﳌﻤﺘﺎﺯﺓ ﰲ ﺍﺳﺘﺮﺟﺎﻉ ﻗﻴﻤﺔ ﺍﻟﺴﻬﻢ‪.1‬‬

‫ﻭ ﺗﺼﻨﻒ ﺍﻷﺳﻬﻢ ﺍﳌﻤﺘﺎﺯﺓ ﺇﱃ ﺻﻨﻔﲔ‪:‬‬

‫ﺃ – ﺍﻷﺳﻬﻢ ﺍﳌﻤﺘﺎﺯﺓ ﺫﺍﺕ ﺍﻟﺘﻮﺯﻳﻌﺎﺕ ﺍﳌﺘﻐﲑﺓ‪:‬‬
‫ﻇﻬﺮ ﰲ ﺍﻟﻮﻻﻳﺎﺕ ﺍﳌﺘﺤﺪﺓ ﺍﻷﻣﺮﻳﻜﻴﺔ ﺳﻨﺔ ‪ 1982‬ﻷﻭﻝ ﻣﺮﺓ ﻧﻮﻉ ﺟﺪﻳﺪ ﻣﻦ ﺍﻷﺳﻬﻢ ﺍﳌﻤﺘﺎﺯﺓ ﺗﺮﺗﺒﻂ‬
‫ﻓﻴﻪ ﺍﻟﺘﻮﺯﻳﻌﺎﺕ ﲟﻌﺪﻝ ﺍﻟﻌﺎﺋﺪ ﻋﻠﻰ ﻧﻮﻉ ﻣﻦ ﺍﻟﺴﻨﺪﺍﺕ ﺍﳊﻜﻮﻣﻴﺔ ﻫﻲ ﺳﻨﺪﺍﺕ ﺍﳋﺰﺍﻧﺔ ﻋﻠﻰ ﺃﻥ ﻳﺘﻢ ﺍﻟﺘﻌﺪﻳﻞ ﻋﻠﻰ‬
‫ﻧﺼﻴﺐ ﺍﻟﺴﻬﻢ ﻣﻦ ﺍﻷﺭﺑﺎﺡ ﻛﻞ ﺛﻼﺛﺔ ﺃﺳﻬﺮ ﺑﻨﺎﺀﺍ ﻋﻠﻰ ﺍﻟﺘﻐﲑﺍﺕ ﺍﻟﱵ ﺗﻄﺮﺃ ﻋﻠﻰ ﻋﺎﺋﺪ ﺗﻠﻚ ﺍﻟﺴﻨﺪﺍﺕ ﻭ‬
‫ﻟﻠﻤﺤﺎﻓﻈﺔ ﻋﻠﻰ ﻣﺴﺘﻮﻯ ﻣﻼﺋﻢ ﻣﻦ ﺍﻟﻄﻠﺐ ﻋﻠﻰ ﺗﻠﻚ ﺍﻷﺳﻬﻢ‪.‬‬
‫ﻋﺎﺩﺓ ﻣﺎ ﻳﻨﺺ ﻋﻠﻰ ﺃﻥ ﻻ ﺗﻘﻞ ﻧﺴﺒﺔ ﺍﻟﺘﻮﺯﻳﻌﺎﺕ ﻋﻦ ‪ %75‬ﻣﻦ ﺍﻟﻘﻴﻤﺔ ﺍﻻﲰﻴﺔ ﻟﻠﺴﻬﻢ‪ ,‬ﻭ ﺇﻥ ﻛﺎﻥ‬
‫ﻳﺸﺘﺮﻁ ﺃﻳﻀﺎ ﺃﻥ ﻻ ﺗﺰﻳﺪ ﺍﻟﻨﺴﺒﺔ ﻋﻦ ‪ %15‬ﻣﻦ ﺗﻠﻚ ﺍﻟﻘﻴﻤﺔ‪.2‬‬
‫ﺏ– ﺍﻷﺳﻬﻢ ﺍﳌﻤﺘﺎﺯﺓ ﳍﺎ ﺣﻖ ﺍﻟﺘﺼﻮﻳﺖ‪:‬‬
‫ﻫﻲ ﺍﻷﺳﻬﻢ ﺍﳌﻤﺘﺎﺯﺓ ﺍﻟﱵ ﺗﻌﻄﻰ ﻛﺘﻌﻮﻳﺾ ﳊﻤﻠﺔ ﺍﻷﺳﻬﻢ ﺍﻟﻌﺎﺩﻳﺔ ﻋﻨﺪ ﺍﳔﻔﺎﺽ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻮﻗﻴﺔ ﻟﻠﺴﻬﻢ‬
‫ﺍﻟﻌﺎﺩﻱ‪ ,‬ﻭ ﺑﺬﻟﻚ ﻓﻤﻬﺎﻡ ﻭ ﻗﺮﺍﺭﺍﺕ ﺍﻟﺸﺮﻛﺔ ﺗﻨﺘﻘﻞ ﺇﱃ ﺍﳌﻼﻙ ﺍﳉﺪﺩ‪ ,‬ﻭ ﺑﺎﻟﺘﺎﱄ ﳍﻢ ﺣﻖ ﺍﻟﺘﺼﻮﻳﺖ ﰲ ﺍﳉﻤﻌﻴﺔ‬
‫ﺍﻟﻌﺎﻣﺔ‪.‬‬
‫‪_4‬ﲢﺪﻳﺪ ﻗﻴﻤﺔ ﺍﻟﺴﻬﻢ‪:‬‬
‫ﲢﺪﺩ ﻗﻴﻤﺔ ﻭ ﺍﻟﺴﻬﻢ ﻣﻦ ﺧﻼﻝ ﺭﺅﻳﺔ ﻣﺘﻜﺎﻣﻠﺔ ﺍﳉﻮﺍﻧﺐ ﺗﺸﻤﻞ ﺑﻌﺪﻳﻦ ﺃﺳﺎﺳﲔ ﳘﺎ‪:‬‬
‫◄ ﺍﻟﺒﻌﺪ ﺍﻷﻭﻝ‪:‬‬
‫ﲢﺪﻳﺪ ﻧﺴﺒﺔ ﺍﻟﻌﺎﺋﺪ ﻋﻠﻰ ﺍﻟﺴﻬﻢ ﺑﺎﻋﺘﺒﺎﺭﻩ ﺃﺣﺪ ﺍﻟﻌﻮﺍﻣﻞ ﺍﶈﻔﺰﺓ ﻋﻠﻰ ﺍﻻﺳﺜﺘﻤﺎﺭ ﻓﻴﻪ‪ ،‬ﻭ ﻳﺘﻢ ﺣﺴﺎﺏ‬
‫ﺍﻟﻌﺎﺋﺪ ﻋﻠﻰ ﺍﻟﺴﻬﻢ ﻣﻦ ﺧﻼﻝ ﲢﺪﻳﺪ ﻧﺴﺒﺔ ﺳﻌﺮ ﺍﻟﺴﻬﻢ ﺇﱃ ﺭﲝﻪ ﺍﻟﺴﻨﻮﻱ ‪ .‬ﺃﻱ ﻭﻓﻘﺎ ﻟﻠﻤﻌﺎﺩﻟﺔ ﺍﻵﺗﻴﺔ‪:‬‬

‫ﻋﺎﺋﺪ اﻟﺴﻬﻢ‬
‫ـــــــــــــــــــــــــــــ ‪%‬‬
‫ﺳﻌﺮ اﻟﺴﻬﻢ‬

‫ﻓﻤﺜﻼ‪ :‬ﺇﺫﺍ ﻛﺎﻥ ﺳﻌﺮ ﺍﻟﺴﻬﻢ ‪ $500‬ﻭ ﻋﺎﺋﺪﻩ ‪ $100‬ﺳﻨﻮﻳﺎ ﻓﺈﻥ‪:‬‬

‫‪ 1‬ﺭﲰﻴﺔ ﻗﺮﻳﺎﻗﺺ‪ ،‬ﻣﺮﺟﻊ ﺳﺎﺑﻖ‪ ،‬ﺹ‪.26‬‬

‫‪ 2‬ﻣﻨﲑ ﺍﺑﺮﺍﻫﻴﻢ ﺍﳍﻨﺪﻱ‪ ،‬ﻣﺮﺟﻊ ﺳﺎﺑﻖ‪ ،‬ﺹ‪.31‬‬
 ‫ﻧﺴﺒﺔ ﺍﻟﻌﺎﺋﺪ = ‪ 0.2 = 500/100‬ﺃﻱ ‪%20‬‬
‫ﻭ ﻣﻦ ﺧﻼﻝ ﻫﺬﻩ ﺍﻟﻨﺴﺒﺔ ﻳﺘﻢ ﺍﻟﺘﻤﻬﻴﺪ ﻟﻠﻘﺮﺍﺭ ﺍﻻﺳﺘﺜﻤﺎﺭﻱ ﻣﻊ ﺍﻷﺧﺬ ﺑﻌﲔ ﺍﻻﻋﺘﺒﺎﺭ ﺍﻟﺮﺅﻳﺔ ﺍﳌﺴﺘﻘﺒﻠﻴﺔ‬
‫ﻟﻜﻞ ﻣﻦ ﺍﻷﻭﺿﺎﻉ ﻭ ﺍﻻﲡﺎﻫﺎﺕ ﺍﻟﺸﺮﻛﺎﺕ ﰲ ﺍﻟﺘﻮﺳﻊ ﻭ ﺍﻟﺰﻳﺎﺩﺓ ﰲ ﺣﺠﻢ ﺍﻷﺳﻬﻢ ﻣﻦ‬

‫ﺧﻼﻝ ﺍﻟﺘﻮﺳﻊ ﰲ ﺍﻹﺻﺪﺍﺭ ﺃﻭ ﺯﻳﺎﺩﺓ ﻛﻞ ﻣﻦ ﺍﻟﻘﻴﻢ ﺍﻟﺮﺃﺱ ﻣﺎﻟﻴﺔ ﺃﻭ ﻧﺴﺒﺔ ﺍﻟﺮﺑﺢ ﺍﳌﻮﺯﻋﺔ ﻭ ﲢﻠﻴﻞ ﺃﺳﺒﺎﺏ ﺫﻟﻚ ﰲ‬
‫ﺇﻃﺎﺭ ﺍﻟﻨﻈﺮﺓ ﺍﻟﺸﺎﻣﻠﺔ ﻭ ﺍﳌﺘﻜﺎﻣﻠﺔ ﻟﻌﻤﻠﻴﺔ ﺍﻻﺳﺘﺜﻤﺎﺭ‪.1‬‬
‫◄ ﺍﻟﺒﻌﺪ ﺍﻟﺜﺎﱐ‪:‬‬
‫ﲢﺪﻳﺪ ﺗﻘﺮﻳﱯ ﻟﻘﻴﻤﺔ ﺍﻟﺴﻬﻢ‪ .‬ﻭ ﻋﺎﺩﺓ ﻣﺎ ﻳﺘﻢ ﺍﻟﺘﻔﺮﻗﺔ ﺑﲔ ﻗﻴﻤﺔ ﺍﻟﺴﻬﻢ"ﺍﻟﺪﻓﺘﺮﻳﺔ‪ ،‬ﺍﻻﲰﻴﺔ‪ ،‬ﺍﳉﺎﺭﻳﺔ ‪ "...‬ﻭ‬
‫ﳍﺬﺍ ﻧﺸﲑ ﺇﱃ ﺍﻟﻔﺮﻕ ﺑﲔ ﺍﻟﻘﻴﻢ ﺍﳌﺨﺘﻠﻔﺔ ﻟﻠﺴﻬﻢ‪:‬‬
‫• ﺍﻟﻘﻴﻤﺔ ﺍﻻﲰﻴﺔ ‪ :‬ﻭ ﻫﻲ ﺗﻠﻚ ﺍﻟﻘﻴﻤﺔ ﺍﻟﱵ ﺍﺻﺪﺭ ‪‬ﺎ ﺍﻟﺴﻬﻢ ﺃﻭ ﻃﺒﻌﺖ ﻋﻠﻰ ﺍﻟﻮﺭﻗﺔ‪ ،‬ﻭ ﻫﻲ ﻗﻴﻤﺔ‬
‫ﻏﲑ ﻗﺎﺑﻠﺔ ﻟﻠﺘﻌﺪﻳﻞ ﺃﻭ ﺍﻟﺘﻐﻴﲑ ﻭ ﺗﻈﻞ ‪‬ﺎ ﻗﻴﻤﺔ ﺍﻟﺴﻬﻢ ﻷ‪‬ﺎ ﺗﺸﻜﻞ ﺇﲨﺎﱄ ﺭﺃﺱ ﻣﺎﻝ ﺍﳌﺴﺎﻫﻢ ‪‬ﺎ ﰲ ﺍﻟﺸﺮﺍﺀ‪،‬‬
‫ﺑﺼﺮﻑ ﺍﻟﻨﻈﺮ ﻋﻦ ﻣﺎ ﻫﻮ ﺳﺎﺋﺪ ﰲ ﺍﻟﺘﻌﺎﻣﻞ ﻭ ﻫﻮ ﻗﻴﻤﺔ ﺛﺎﺑﺘﺔ ﻻ ﺗﺘﻐﲑ‪.‬‬
‫• ﺍﻟﻘﻴﻤﺔ ﺍﻟﺪﻓﺘﺮﻳﺔ ﺃﻭ ﺍﶈﺎﺳﺒﻴﺔ ‪:‬‬
‫ﻓﺘﺘﻤﺜﻞ ﰲ ﻗﻴﻤﺔ ﺍﳊﻘﻮﻕ ﺍﳌﻠﻜﻴﺔ ﺍﻟﱵ ﻻ ﺗﺘﻀﻤﻦ ﺍﻷﺳﻬﻢ ﺍﳌﻤﺘﺎﺯﺓ‪ ،‬ﺑﻞ ﺗﺘﻀﻤﻦ ﻓﻘﻂ ﺍﻻﺣﺘﻴﺎﻃﺎﺕ ﻭ‬
‫ﺍﻷﺭﺑﺎﺡ ﺍﶈﺘﺠﺰﺓ ﻭ ﻋﻼﻭﺓ ﺍﻹﺻﺪﺍﺭ ﻓﻀﻼ ﻋﻦ ﺍﻟﻘﻴﻤﺔ ﺍﻻﲰﻴﺔ ﻟﻠﺴﻬﻢ ﻣﻘﺴﻮﻣﺔ ﻋﻠﻰ ﻋﺪﺩ ﺍﻷﺳﻬﻢ ﺍﻟﻌﺎﺩﻳﺔ‬
‫ﺍﳌﺼﺪﺭﺓ‪.‬‬
‫ﻭ ﳝﻜﻦ ﺍﺳﺘﺨﺮﺍﺝ ﺍﻟﻘﻴﻤﺔ ﺍﶈﺎﺳﺒﻴﺔ ﻟﻠﺴﻬﻢ ﺑﺎﺳﺘﺨﺪﺍﻡ ﺍﳌﻌﺎﺩﻟﺔ ﺍﻟﺘﺎﻟﻴﺔ‪:‬‬
‫* ﰲ ﺣﺎﻟﺔ ﻋﺪﻡ ﻭﺟﻮﺩ ﺃﺳﻬﻢ ﳑﺘﺎﺯﺓ‪:‬‬
‫ﺣﻘﻮﻕ ﻣﻠﻜﻴﺔ‬
‫ﺍﻟﻘﻴﻤﺔ ﺍﻟﺪﻓﺘﺮﻳﺔ = ـــــــــ‬
‫ﻋﺪﺩ ﺍﻷﺳﻬﻢ‬
‫* ﰲ ﺣﺎﻟﺔ ﻭﺟﻮﺩ ﺍﻷﺳﻬﻢ ﺍﳌﻤﺘﺎﺯﺓ‪:‬‬
‫ﺣﻘﻮﻕ ﺍﳌﻠﻜﻴﺔ – ﺣﻘﻮﻕ ﺍﻷﺳﻬﻢ ﺍﳌﻤﺘﺎﺯﺓ‬
‫ﺍﻟﻘﻴﻤﺔ ﺍﻟﺪﻓﺘﺮﻳﺔ =ــــــــــــــــــــ‬
‫ﻋﺪﺩ ﺍﻷﺳﻬﻢ‬

‫ﻭ ﺑﺎﻟﺘﺎﱄ ﺗﺰﺩﺍﺩ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺪﻓﺘﺮﻳﺔ ﻟﻠﺸﺮﻛﺔ ﺑﺎﺯﺩﻫﺎﺭ ﻭ ﺗﻘﺪﻡ ﻫﺬﻩ ﺍﻷﺧﲑﺓ ﻷﻥ ﺍﺣﺘﻴﺎﻃﺎ‪‬ﺎ ﻭ ﺃﺭﺑﺎﺣﻬﺎ‬
‫ﺍﶈﺠﻮﺯﺓ ﺗﻜﻮﻥ ﻣﺮﺗﻔﻌﺔ‪.‬‬

‫‪ 1‬ﳏﺴﻦ ﺃﲪﺪ ﺧﻀﺮﻱ‪ ،‬ﻣﺼﺪﺭ ﺳﺎﺑﻖ‪ ،‬ﺹ ‪.144‬‬

 ‫• ﺍﻟﻘﻴﻤﺔ ﺍﻟﺘﺼﻔﺎﻭﻳﺔ‪:‬‬
‫ﻫﻲ ﺍﻟﻘﻴﻤﺔ ﺍﻟﱵ ﻳﺘﻮﻗﻊ ﺍﳌﺴﺎﻫﻢ ﺃﻥ ﲢﺼﻞ ﻋﻠﻴﻬﺎ ﰲ ﺣﺎﻟﺔ ﺗﺼﻔﻴﺔ ﺍﻟﺸﺮﻛﺔ ﺑﻌﺪ ﺗﺴﺪﻳﺪ ﻛﻞ ﺍﻟﺪﻳﻮﻥ ﻭ‬
‫ﺣﻘﻮﻕ ﲪﻠﺔ ﺍﻷﺳﻬﻢ ﺍﳌﻤﺘﺎﺯﺓ ﻭ ﲢﺴﺐ ﻭﻓﻖ ﺍﳌﻌﺎﺩﻟﺔ ﺍﻟﺘﺎﻟﻴﺔ ‪:‬‬

‫اﻟﻘﻴﻤﺔ اﻟﺴﻮﻗﻴﺔ ﻟﻠﻤﻮﺟﻮدات – اﻻﻟﺘﺰاﻣﺎت و ﺣﻘﻮق اﻷﺳﻬﻢ اﻟﻤﻤﺘﺎزة‬

‫اﻟﻘﻴﻤﺔ اﻟﺘﺼﻔﻮﻳﺔ = ــــــــــــــــــــــــــــــــــــــــــــــــــــــــــــــــــــــــــــــــــــــــــــــــــــ‬
‫ﻋﺪ د اﻷﺳﻬﻢ اﻟﻌﺎدﻳﺔ‬

‫• ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻮﻗﻴﺔ ‪:‬‬

‫ﲨﻴﻊ ﺍﳌﺘﻌﺎﻣﻠﻮﻥ ﰲ ﺍﻟﺴﻮﻕ ﻳﺪﺭﻛﻮﻥ ﺍﻧﻪ ﻻ ﺍﻟﻘﻴﻤﺔ ﺍﻻﲰﻴﺔ ﻭ ﻻ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺪﻓﺘﺮﻳﺔ ﲤﺜﻞ ﺍﻟﺘﻘﻴﻴﻢ ﺍﳊﻘﻴﻘﻲ‬
‫ﻟﻠﺴﻬﻢ‪ ،‬ﺫﻟﻚ ﺃﻥ ﺍﻟﻘﻴﻤﺔ ﺍﳊﻘﻴﻘﻴﺔ ﻟﻠﺴﻬﻢ ﻫﻲ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻮﻗﻴﺔ‪.1‬‬
‫ﻭ ﻫﻲ ﺗﻠﻚ ﺍﻟﻘﻴﻤﺔ ﺍﻟﱵ ﺗﺘﺤﺪﺩ ﰲ ﺍﻟﺴﻮﻕ ﺍﳌﺎﱄ ﻭﻓﻘﺎ ﻟﻘﻮﻯ ﺍﻟﻌﺮﺽ ﻭ ﺍﻟﻄﻠﺐ ﻭ ﻫﻲ ﺍﻟﻘﻴﻤﺔ ﺍﳌﺘﻐﲑﺓ‬
‫ﳋﻀﻮﻋﻬﺎ ﻟﻌﻮﺍﻣﻞ ﻛﺜﲑﺓ ﻣﺘﻨﻮﻋﺔ ﻳﺼﻌﺐ ﺍﻟﺴﻴﻄﺮﺓ ﻋﻠﻴﻬﺎ ﻭ ﻳﺘﻢ ﺣﺴﺎﺏ ﺍﻟﻘﻴﻤﺔ ﺍﳊﻘﻴﻘﻴﺔ ﻟﻠﺴﻬﻢ ﻣﻦ ﺧﻼﻝ‬
‫ﻣﻌﺎﺩﻟﺘﲔ ﺃﺳﺎﺳﻴﺘﲔ ﳘﺎ‪:2‬‬
‫_ﻣﻌﺎﺩﻟﺔ ﺣﺴﺎﺏ ﺍﻟﻘﻴﻤﺔ ﺍﳊﻘﻴﻘﻴﺔ ﺍﻟﺒﺴﻴﻄﺔ ﻟﻠﺴﻬﻢ ‪:‬‬
‫ﻭ ﻫﺬﻩ ﺍﳌﻌﺎﺩﻟﺔ ﻗﺎﺋﻤﺔ ﻋﻠﻰ ﺃﻥ ﺍﳌﺸﺮﻭﻉ ﻭﻟﻴﺪ ﻗﻮﺗﻪ ﺍﻟﺬﺍﺗﻴﺔ ﻭ ﺃﻥ ﻣﺎ ﻫﻮ ﻗﺎﺋﻢ ﺍﻵﻥ ﻻ ﻳﻨﺒﻐﻲ ﺑﺎﻟﻀﺮﻭﺭﺓ‬
‫ﺍﺳﺘﻤﺮﺍﺭﻩ ﻏﺪﺍ ﻭ ﻳﺘﻢ ﺣﺴﺎ‪‬ﺎ ﻋﻠﻰ ﺍﻟﻨﺤﻮ ﺍﻟﺘﺎﱄ‪:‬‬

‫ﺍﻟﻘﻴﻤﺔ ﺍﻻﲰﻴﺔ × ﺍﻟﻌﺎﺋﺪ ﺍﻟﺴﻨﻮﻱ‬

‫ﺍﻟﻘﻴﻤﺔ ﺍﳊﻘﻴﻘﻴﺔ = ــــــــــــــــــــــــــــــــــــــــــــــــــــــــــــــــــــــــ‬
‫‪2‬‬

‫‪ -‬ﻣﻌﺎﺩﻟﺔ ﺣﺴﺎﺏ ﺍﻟﻘﻴﻤﺔ ﺍﳊﻘﻴﻘﻴﺔ ﻟﻠﺴﻬﻢ ﻣﻊ ﺍﻷﺧﺬ ﲟﻌﺪﻝ ﺍﻟﻨﻤﻮ ﺍﻟﺴﻨﻮﻱ ﺍﻟﺬﻱ ﳛﻘﻘﻪ ﺍﳌﺸﺮﻭﻉ ‪ :‬ﻭ‬
‫ﻫﺬﻩ ﺍﳌﻌﺎﺩﻟﺔ ﺗﻌﻄﻲ ﻟﻠﺘﺮﺍﻛﻢ ﺍﻟﺮﺃﲰﺎﱄ‪ ،‬ﺃﳘﻴﺔ ﺧﺎﺻﺔ ﰲ ﺣﺴﺎﺏ ﺍﻟﻘﻴﻤﺔ ﺍﳊﻘﻴﻘﻴﺔ ﻟﻠﺴﻬﻢ ﻋﻠﻰ ﺍﻟﻨﺤﻮ ﺍﻟﺘﺎﱄ‪:‬‬

‫ﺍﻟﻘﻴﻤﺔ ﺍﻻﲰﻴﺔ ×)ﺍﻟﻌﺎﺋﺪ ﺍﻟﺴﻨﻮﻱ‪+‬ﻣﻌﺪﻝ ﺍﻟﻨﻤﻮ ﺍﻟﺴﻨﻮﻱ(‬

‫ﺍﻟﻘﻴﻤﺔ ﺍﳊﻘﻴﻘﻴﺔ = ــــــــــــــــــــــــــــــــــــــــــــــــــــــــــــــــــــــــــــــ‬
‫‪2‬‬ ‫‪ 1‬ﻫﻨﺪﻱ ﻣﻨﲑ ﺍﺑﺮﺍﻫﻴﻢ ‪ ،‬ﻣﺮﺟﻊ ﺳﺎﺑﻖ‪ ،‬ﺹ‪.17‬‬
‫‪ 2‬ﳏﺴﻦ ﺍﲪﺪ ﺧﻀﲑﻱ‪ ،‬ﻣﺮﺟﻊ ﺳﺎﺑﻖ‪ ،‬ﺹ ‪.145‬‬
 ‫‪-5‬ﻣﺰﺍﻳﺎ ﻭ ﻋﻴﻮﺏ ﺍﻟﺘﻤﻮﻳﻞ ﺑﺎﻷﺳﻬﻢ‪:‬‬
‫ﺍﳌﺰﺍﻳﺎ‪:‬‬ ‫‪.I‬‬
‫ﺃ– ﺍﻷﺳﻬﻢ ﺍﻟﻌﺎﺩﻳﺔ‪:‬‬
‫_ ﺇﻥ ﺣﺎﻣﻞ ﺍﻟﺴﻬﻢ ﺍﻟﻌﺎﺩﻱ ﻳﻌﺘﱪ ﻣﺎﻟﻜﺎ ﻭ ﻟﻪ ﺣﻘﻮﻕ ﺍﳌﻠﻜﻴﺔ‪.‬‬
‫_ ﺇﻥ ﺍﳌﺴﺎﻫﻢ ﻳﻌﺘﱪ ﻋﻀﻮﺍ ﰲ ﺍﳉﻤﻌﻴﺔ ﺍﻟﻌﻤﻮﻣﻴﺔ ﻟﻠﺸﺮﻛﺔ ﻭ ﻟﻪ ﺣﻖ ﺍﻟﺘﺼﻮﻳﺖ ﻭ ﺍﻟﺮﻗﺎﺑﺔ‪.‬‬
‫_ ﺇﻥ ﺍﳌﺴﺎﻫﻢ ﻣﺴﺆﻭﻝ ﻣﺴﺆﻭﻟﻴﺔ ﳏﺪﻭﺩﺓ ﺑﻘﺪﺭ ﺣﺼﺘﻪ ﰲ ﺭﺃﺱ ﺍﳌﺎﻝ‪.‬‬
‫_ ﺍﻷﺳﻬﻢ ﺍﻟﻌﺎﺩﻳﺔ ﻟﻠﺸﺮﻛﺎﺕ ﺍﻟﻜﱪﻯ ﺍﳌﺴﻌﺮﺓ ﰲ ﺍﻟﺒﻮﺭﺻﺔ ﻧﺴﺘﻄﻴﻊ ﺍﻟﺘﺨﻠﺺ ﻣﻨﻬﺎ‬
‫ﺑﺴﺮﻋﺔ‪.‬‬
‫_ ﺍﻟﻌﺎﺋﺪ ﺍﳌﺘﻮﻗﻊ ﻣﻦ ﺍﻟﺴﻬﻢ ﺍﻟﻌﺎﺩﻱ ﺃﻛﱪ ﻣﻦ ﺫﻟﻚ ﺍﳌﺘﻮﻗﻊ ﰲ ﺍﻟﺴﻨﺪ ‪.‬‬
‫ﺏ – ﺍﻷﺳﻬﻢ ﺍﳌﻤﺘﺎﺯﺓ‪:‬‬
‫_ ﺍﻟﺸﺮﻛﺔ ﻟﻴﺴﺖ ﻣﻠﺰﻣﺔ ﻗﺎﻧﻮﻧﺎ ﺑﺈﺟﺮﺍﺀ ﺗﻮﺯﻳﻌﺎﺕ ﻛﻞ ﺳﻨﺔ ﺗﺘﺤﻘﻖ ﻓﻴﻬﺎ ﺍﻷﺭﺑﺎﺡ‪.‬‬
‫_ ﺍﻟﺘﻮﺯﻳﻌﺎﺕ ﳏﺪﺩﺓ ﲟﻘﺪﺍﺭ ﻣﻌﲔ‪.‬‬
‫_ ﺇﺻﺪﺍﺭ ﺍﻷﺳﻬﻢ ﺍﳌﻤﺘﺎﺯﺓ ﻳﺴﺎﻫﻢ ﰲ ﲣﻔﻴﺾ ﻧﺴﺒﺔ ﺍﻷﻣﻮﺍﻝ ﺍﳌﻘﺘﺮﺿﺔ ﺇﱃ ﺍﻷﻣﻮﺍﻝ‬
‫ﺍﳌﻤﻠﻮﻛﺔ ﻭ ﻫﻮ ﺃﻣﺮ ﻳﺘﺮﺗﺐ ﻋﻠﻴﻪ ﺯﻳﺎﺩﺓ ﺍﻟﻄﺎﻗﺔ ﺍﻻﻓﺘﺮﺍﺿﻴﺔ ﺍﳌﺴﺘﻘﺒﻠﻴﺔ ﻟﻠﺸﺮﻛﺔ‪.‬‬
‫_ ﻻ ﳛﻖ ﳊﻤﻠﺔ ﺍﻷﺳﻬﻢ ﺍﳌﻤﺘﺎﺯﺓ ﺍﻟﺘﺼﻮﻳﺖ ﻭ ﺑﺎﻟﺘﺎﱄ ﺍﻟﺘﺪﺧﻞ ﰲ ﺍﻹﺩﺍﺭﺓ‪.‬‬
‫‪ .II‬ﺍﻟﻌﻴﻮﺏ‪:‬‬
‫ﺃ_ ﺍﻷﺳﻬﻢ ﺍﻟﻌﺎﺩﻳﺔ‪:‬‬
‫* ﺍﻷﺳﻬﻢ ﺍﻟﻌﺎﺩﻳﺔ ﲢﻤﻞ ﺩﺭﺟﺔ ﺃﻛﺜﺮ ﻣﻦ ﺍﳋﻄﺮ‪.‬‬
‫* ﻻ ﳚﻮﺯ ﳊﺎﻣﻞ ﺍﻟﺴﻬﻢ ﺍﻟﻌﺎﺩﻱ ﺍﻟﺮﺟﻮﻉ ﺇﱃ ﺍﻟﺸﺮﻛﺔ ﺍﳌﺼﺪﺭﺓ ﻻﺳﺘﲑﺍﺩ ﻗﻴﻤﺘﻪ‪ ،‬ﻭ ﺇﺫﺍ ﺃﺭﺍﺩ ﺍﻟﺘﺨﻠﺺ‬
‫ﻣﻦ ﺍﻟﺴﻬﻢ ﻓﻠﻴﺲ ﺃﻣﺎﻣﻪ ﺳﻮﻯ ﻋﺮﺿﺔ ﰲ ﺍﻟﺴﻮﻕ‪.‬‬
‫* ﺍﳌﺆﺳﺴﺔ ﺗﻮﺯﻳﻊ ﺍﻟﺮﺑﺢ ﻋﻠﻰ ﺃﺻﺤﺎﺏ ﺍﻟﺴﻨﺪﺍﺕ ﻗﺒﻞ ﺣﺎﻣﻠﻲ ﺍﻷﺳﻬﻢ ﺍﻟﻌﺎﺩﻳﺔ ﻭ ﻫﻢ ﺁﺧﺮ ﻣﻦ ﻳﺘﻠﻘﻰ‬
‫ﺃﺭﺑﺎﺣﻬﻢ ‪.‬‬
‫* ﻟﻴﺲ ﻣﻦ ﺣﻖ ﺣﺎﻣﻞ ﺍﻟﺴﻬﻢ ﺍﻟﻌﺎﺩﻱ ﺍﳌﻄﺎﻟﺒﺔ ﺑﻨﺼﻴﺒﻪ ﻣﻦ ﺍﻷﺭﺑﺎﺡ ﺇﺫﺍ ﱂ ﲢﻘﻖ ﺍﻟﺸﺮﻛﺔ‬
‫ﺃﺭﺑﺎﺣﺎ‪.‬‬
‫* ﺗﻮﺯﻳﻌﺎﺕ ﺍﻷﺭﺑﺎﺡ ﻟﻸﺳﻬﻢ ﺍﻟﻌﺎﺩﻳﺔ ﻟﻴﺲ ﳍﺎ ﺗﺄﺛﲑ ﺿﺮﻳﱯ ﻛﻤﺎ ﻫﻮ ﺍﳊﺎﻝ ﺑﺎﻟﻨﺴﺒﺔ ﻟﻔﻮﺍﺋﺪ‬
 ‫ﺍﻟﺴﻨﺪﺍﺕ‪ ،‬ﻷﻥ ﺍﻟﺘﻮﺯﻳﻌﺎﺕ ﺗﻘﻮﻡ ﺑﻌﺪ ﺍﻟﺘﺤﺎﺳﺐ ﺍﻟﻀﺮﻳﱯ‪.1‬‬
‫ﺏ– ﺍﻷﺳﻬﻢ ﺍﳌﻤﺘﺎﺯﺓ ‪:‬‬
‫* ﺍﺭﺗﻔﺎﻉ ﺗﻜﻠﻔﺔ ﺍﻟﺘﻤﻮﻳﻞ ﺑﺎﻷﺳﻬﻢ‪.‬‬
‫* ﻋﺪﻡ ﺍﻻﺳﺘﻔﺎﺩﺓ ﺑﺎﻟﻮﻓﺮ ﺍﻟﻀﺮﻳﱯ ﻣﺜﻠﻤﺎ ﺗﺴﺘﻔﻴﺪ ﻣﻨﻪ ﰲ ﺣﺎﻟﺔ ﺍﻟﺴﻨﺪﺍﺕ ﻭ ﺫﻟﻚ ﻷﻥ ﺗﻮﺯﻳﻌﺎﺕ ﺍﻷﺭﺑﺎﺡ‬
‫ﻋﻠﻰ ﺍﳌﺴﺎﳘﲔ ﺍﳌﻤﺘﺎﺯﻳﻦ ﻻ ﺗﻌﺘﱪ ﻣﺼﺮﻭﻓﺎ ﳛﻤﻞ ﻋﻠﻰ ﻗﺎﺋﻤﺔ ﺍﻟﺪﺧﻞ‪ ،‬ﺑﻌﻜﺲ ﺍﻟﻔﻮﺍﺋﺪ ﺍﻟﱵ ﲣﺼﻢ ﻣﻦ ﺍﻷﺭﺑﺎﺡ ﻗﺒﻞ‬
‫ﺩﻓﻊ ﺍﻟﻀﺮﺍﺋﺐ ﺑﺎﻟﻨﺴﺒﺔ ﻟﻠﺴﻨﺪﺍﺕ‪.‬‬
‫* ﺯﻳﺎﺩﺓ ﻣﺴﺘﻮﻯ ﺍﳌﺨﺎﻃﺮ ﺍﳌﺎﻟﻴﺔ ﻧﺘﻴﺠﺔ ﻷﻥ ﺗﻮﺯﻳﻌﺎﺕ ﺍﻷﺭﺑﺎﺡ ﺗﻌﺘﱪ ﻋﺐﺀ ﺛﺎﺑﺖ ﰲ ﺣﺎﻟﺔ ﲢﻘﻴﻖ ﺃﺭﺑﺎﺡ‬
‫ﻭ ﻣﻦ ﰒ ﺗﺰﻳﺪ ﺗﻜﻠﻔﺔ ﺍﻷﻣﻮﺍﻝ ﺑﺴﺒﺐ ﺍﻷﺳﻬﻢ ﺍﳌﻤﺘﺎﺯﺓ‪.‬‬

‫ﺍﻟﻔﺮﻉ ﺍﻟﺜﺎﱐ‪ :‬ﺍﻟﺴﻨــــﺪﺍﺕ‪.‬‬

‫‪_1‬ﺗﻌﺮﻓﻪ‪:‬‬
‫ﺍﻟﺴﻨﺪ ﻫﻮ ﻋﺒﺎﺭﺓ ﻋﻦ ﺟﺰﺀ ﻣﻦ ﻗﺮﺽ ﺗﺼﺪﺭﻩ ﺍﻟﺸﺮﻛﺔ ﺃﻭ ﻫﻴﺌﺔ ﻣﻘﺘﺮﺿﺔ ﻭ ﻳﺘﻢ ﻃﺮﺣﻪ ﻟﻼﻛﺘﺘﺎﺏ ﻓﻴﻪ‬
‫ﻣﻦ ﺟﺎﻧﺐ ﺍﳌﻘﺘﺮﺽ ﻋﻦ ﺍﳌﻘﺘﺮﺿﲔ‪ .2‬ﻭ ﺍﻟﺴﻨﺪ ﻳﻌﺘﱪ ﻭﺭﻗﺔ ﻣﺎﻟﻴﺔ ﺫﺍﺕ ﺩﺧﻞ ﺛﺎﺑﺖ ﻭ ﻫﻲ ﺍﻟﱵ ﺗﻌﺪ ﻣﺴﺘﺜﻤﺮﻳﻬﺎ‬
‫ﺑﺪﺧﻞ ﻧﻘﺪﻱ ﳏﺪﺩ ﻣﻘﺪﻣﺎ ﻳﺘﻢ ﺩﻓﻌﻪ ﻋﻠﻰ ﻓﺘﺮﺍﺕ ﺩﻭﺭﻳﺔ‪ .‬ﻭ ﻫﺬﻩ ﺍﻟﺴﻨﺪﺍﺕ ﺗﻌﱪ ﻋﻠﻰ ﻣﺪﻳﻮﻧﻴﺔ ﺃﻭ ﻗﺮﻭﺽ‪.‬‬
‫ﻳﻌﻄﻲ ﺍﻟﺴﻨﺪ ﺍﳊﻖ ﳊﺎﻣﻠﻪ ﺑﺎﳊﺼﻮﻝ ﻋﻠﻰ ﻓﻮﺍﺋﺪ ﺳﻮﺍﺀ ﺣﻘﻘﺖ ﺍﻟﺸﺮﻛﺔ ﺃﺭﺑﺎﺣﺎ ﺃﻡ ﻻ‪ ،‬ﺑﺎﻹﺿﺎﻓﺔ ﺇﱃ ﺃﻥ‬
‫ﲪﻠﺔ ﺍﻟﺴﻨﺪﺍﺕ ﻳﺸﺘﺮﻛﻮﻥ ﻣﻊ ﺍﻟﺪﺍﺋﻨﲔ ﻋﻨﺪ ﺇﻓﻼﺱ ﺍﻟﺸﺮﻛﺔ‪ .‬ﺇﻻ ﺃ‪‬ﻢ ﻻ ﻳﺘﻤﺘﻌﻮﻥ ﲝﻖ ﺍﻟﺘﺼﻮﻳﺖ ﰲ ﲨﻌﻴﺎﺕ‬
‫ﺍﳌﺴﺎﳘﲔ ﺍﻟﻌﺎﻣﺔ ﻭ ﻳﺘﻀﻤﻦ ﺍﻟﺴﻨﺪ ﻋﺎﺩﺓ‪:‬‬
‫* ﺍﳌﺒﻠﻎ ﺍﳌﺪﻓﻮﻉ ﻻﻗﺘﻨﺎﺀ ﺍﻟﺴﻨﺪ‪.‬‬
‫* ﺍﳌﺒﻠﻎ ﺍﻟﺬﻱ ﺗﺘﻌﻬﺪ ﺍﻟﺸﺮﻛﺔ ﺑﺘﺴﺪﻳﺪﻩ ﺃﻭ ﺍﻟﻘﻴﻤﺔ ﺍﻻﲰﻴﺔ‪.‬‬
‫* ﻣﺪﺓ ﺍﻟﻘﺮﺽ‪.‬‬
‫* ﺳﻌﺮ ﺍﻟﻔﺎﺋﺪﺓ‪.‬‬

‫‪ 1‬ﳏﻤﺪ ﻋﺒﺪﻩ ﳏﻤﺪ ﻣﺼﻄﻔﻰ‪ ،‬ﻣﺮﺟﻊ ﺳﺎﺑﻖ‪ ،‬ﺹ‪.14‬‬

‫‪ 2‬ﳏﻤﺪ ﺣﺴﻦ ﺍﳋﻀﺮﻱ‪ ،‬ﻣﺮﺟﻊ ﺳﺎﺑﻖ ‪ ،‬ﺹ‪.61-60‬‬
‫ﻭ ﺍﻟﺴﻨﺪ ﻗﺪ ﻳﻜﻮﻥ ﳊﺎﻣﻠﻪ ﻭ ﺑﺬﻟﻚ ﻳﻜﻮﻥ ﻭﺭﻗﺔ ﻣﺎﻟﻴﺔ ﻗﺎﺑﻠﺔ ﻟﻠﺘﺪﺍﻭﻝ ﺑﺎﻟﺒﻴﻊ ﺃﻭ ﺍﻟﺸﺮﺍﺀ ﺃﻭ ﺍﻟﺘﻨﺎﺯﻝ ﻭ ﻗﺪ‬
‫ﻳﻜﻮﻥ ﺍﲰﻲ‪.‬‬
‫ﻭ ﻣﻦ ﻧﺎﺣﻴﺔ ﺃﺧﺮﻯ ﻧﻘﻮﻝ ﺃﻥ ﺍﻟﺴﻨﺪﺍﺕ ﺗﻌﺘﱪ ﺫﻭ ﺗﻜﻠﻔﺔ ﺑﺴﻴﻄﺔ ﻋﻠﻰ ﺍﻟﺸﺮﻛﺔ ﺗﺘﻤﺜﻞ ﰲ ﺳﻌﺮ ﺍﻟﻔﺎﺋﺪﺓ‬
‫ﺑﻌﺪ ﺍﺳﺘﱰﺍﻝ ﺍﻟﻮﻓﺮ ﺍﻟﻀﺮﻳﱯ ﻟﻠﻔﻮﺍﺋﺪ‪.1‬‬
‫ﻭ ﳝﻜﻦ ﺍﻟﻘﻮﻝ ﺃﻥ ﻫﻨﺎﻙ ﻋﻼﻗﺔ ﺗﻌﺎﻗﺪﻳﺔ ﺑﲔ ﺣﺎﻣﻞ ﺍﻟﺴﻨﺪ ﻭ ﺍﳉﻬﺔ ﺍﳌﺼﺪﺭﺓ‪ ،‬ﺗﻌﱪ ﻫﺬﻩ ﺍﻟﻌﻼﻗﺔ ﻋﻦ‬
‫ﻋﻼﻗﺔ ﺩﺍﺋﻨﻴﺔ ﻭ ﻣﺪﻳﻮﻧﻴﺔ‪ .‬ﻭ ﲟﻮﺟﺐ ﻫﺬﻩ ﺍﻟﻌﻼﻗﺔ ﻳﺘﺮﺗﺐ ﻟﻠﻄﺮﻓﲔ ﺣﻘﻮﻕ ﻭ ﺍﻟﺘﺰﺍﻣﺎﺕ ﺍﲡﺎﻩ ﻛﻞ ﻣﻨﻬﻤﺎ ﳝﻜﻦ ﻟﻨﺎ‬
‫ﺇﻳﻀﺎﺣﻬﻤﺎ ﰲ ﺃﻫﻢ ﺍﳉﻮﺍﻧﺐ ﻓﻴﻤﺎ ﻳﻠﻲ‪:‬‬
‫_ ﻳﺘﻌﻬﺪ ﺍﳌﻘﺘﺮﺽ ﺑﺪﻓﻊ ﺳﻌﺮ ﻓﺎﺋﺪﺓ ﻣﻌﻠﻮﻡ ﻣﻘﺪﻣﺎ ﻭ ﳏﺪﺩﺍ ﺑﺘﺎﺭﻳﺦ ﺍﺳﺘﺤﻘﺎﻕ ﻣﻌﲔ‪ ،‬ﺑﺼﺮﻑ ﺍﻟﻨﻈﺮ ﻋﻦ‬
‫ﲢﻘﻴﻖ ﺍﻟﺸﺮﻛﺔ ﺃﺭﺑﺎﺡ ﺃﻭ ﺧﺴﺎﺋﺮ‪ ،‬ﻛﻤﺎ ﻳﺘﻌﻬﺪ ﺳﺪﺍﺩ ﻗﻴﻤﺔ ﺍﻟﺴﻨﺪ ﰲ ﺗﺎﺭﻳﺦ ﺍﺳﺘﺤﻘﺎﻗﻪ‪ ،‬ﻭ ﳝﻜﻦ ﻟﻠﻤﻘﺘﺮﺽ‬
‫ﺍﺳﺘﻬﻼﻙ ﻫﺬﻩ ﺍﻟﺴﻨﺪﺍﺕ ﰲ ﺗﺎﺭﻳﺦ ﻣﺒﻜﺮ ﻋﻦ ﻣﻮﻋﺪ ﺳﺪﺍﺩﻫﺎ‪.2‬‬
‫‪_2‬ﺃﻧﻮﺍﻉ ﺍﻟﺴﻨﺪﺍﺕ‪:‬‬
‫ﻳﻮﺟﺪ ﻋﺪﺓ ﺃﻧﻮﺍﻉ ﻣﻦ ﺍﻟﺴﻨﺪﺍﺕ ﻭ ﳝﻜﻦ ﺗﺼﻨﻴﻔﻬﺎ ﻛﺎﻟﺘﺎﱄ‪:‬‬
‫‪_ .I‬ﺍﻟﺘﺼﻨﻴﻒ ﺍﻟﻌﺎﻡ‪:‬‬
‫ﺃ_ ﺳﻨﺪﺍﺕ ﺍﻟﺪﺧﻞ‪:‬‬
‫ﻻ ﳚﻮﺯ ﳊﻤﻠﺔ ﻫﺬﻩ ﺍﻟﺴﻨﺪﺍﺕ ﺍﳌﻄﺎﻟﺒﺔ ﺑﻔﻮﺍﺋﺪ ﰲ ﺍﻟﺴﻨﻮﺍﺕ ﺍﻟﱵ ﱂ ﲢﻘﻖ ﻓﻴﻬﺎ ﺍﳌﻨﺸﺄﺓ ﺃﺭﺑﺎﺣﺎ ﻭ ﻣﻊ ﻫﺬﺍ‬
‫‪3‬‬
‫ﻓﻤﻦ ﺍﳌﻤﻜﻦ ﺃﻥ ﻳﻨﺺ ﰲ ﺑﻌﺾ ﺍﻟﻌﻘﻮﺩ ﻋﻦ ﲢﺼﻴﻞ ﻓﻮﺍﺋﺪ ﻋﻦ ﺳﻨﺔ ﱂ ﲢﻘﻖ ﻓﻴﻬﺎ ﺃﺭﺑﺎﺡ ﻣﻦ ﺃﺭﺑﺎﺡ ﺳﻨﺔ ﻻﺣﻘﺔ‬
‫ﻛﻤﺎ ﺃﻥ ﻫﺬﻩ ﺍﻟﺴﻨﺪﺍﺕ ﲣﺘﻠﻒ ﻋﻦ ﺍﻟﺴﻨﺪﺍﺕ ﺍﻷﺧﺮﻯ ﰲ ﺃﻥ ﺣﺎﻣﻠﻴﻬﺎ ﻟﻴﺲ ﳍﻢ ﺍﳊﻖ ﺑﺎﳌﻄﺎﻟﺒﺔ‬
‫ﺑﺎﻹﻓﻼﺱ ﻭ ﻣﻦ ﰒ ﺗﺼﻔﻴﺔ ﺍﻟﺸﺮﻛﺔ ﰲ ﺣﺎﻟﺔ ﻋﺪﻡ ﺍﻟﻘﺪﺭﺓ ﻋﻦ ﺍﻟﺪﻓﻊ ﺃﻭ ﺍﻟﺴﺪﺍﺩ‪.‬‬

‫ﺏ_ ﺳﻨﺪﺍﺕ ﺍﻟﺮﻫﻦ ﺃﻭ ﺍﳌﻀﻤﻮﻧﺔ ‪:‬‬

‫ﺗﻜﻮﻥ ﻫﺬﻩ ﺍﻟﺴﻨﺪﺍﺕ ﻣﻀﻤﻮﻧﺔ ﺑﺄﺻﻮﻝ ﺛﺎﺑﺘﺔ ﻛﺎﻷﺭﺍﺿﻲ ﺃﻭ ﺍﻟﻌﻘﺎﺭﺍﺕ ﻭ ﺑﺬﻟﻚ ﺗﺴﺘﻮﰲ ﻗﻴﻤﺘﻪ ﻋﻨﺪ‬
‫ﺍﻟﺘﺼﻔﻴﺔ ﻣﻦ ﺍﻷﺻﻞ ﺍﻟﻀﺎﻣﻦ ﳍﺎ‪ ،‬ﻓﺈﺫﺍ ﱂ ﺗﻌﲏ ﻫﺬﻩ ﺍﻷﺻﻮﻝ ﲟﻘﺪﺍﺭ ﺍﻟﺪﻳﻦ ﺑﺎﻟﻜﺎﻣﻞ ﻳﺪﺧﻞ ﲪﻠﺔ ﻫﺬﻩ ﺍﻟﺴﻨﺪﺍﺕ‬
‫ﺑﻌﺪ ﺫﻟﻚ ﻛﺪﺍﺋﻨﲔ ﻋﺎﺩﻳﲔ ﰲ ﻋﻤﻠﻴﺔ ﺍﻟﺘﺼﻔﻴﺔ‪.‬‬

‫‪ 1‬ﻋﺒﻴﺪ ﺳﻌﻴﺪ ﺗﻮﻓﻴﻖ‪ ،‬ﻣﺮﺟﻊ ﺳﺎﺑﻖ ‪،‬ﺹ‪.49‬‬

‫‪ 2‬ﳏﺴﻦ ﺃﲪﺪ ﺧﻀﺮﻱ‪ ،‬ﻣﺮﺟﻊ ﺳﺎﺑﻖ‪ ،‬ﺹ‪.61-60‬‬
‫‪ 3‬ﻗﺮﻳﺎﻗﺺ ﺭﲰﻴﺔ‪ ،‬ﻣﺮﺟﻊ ﺳﺎﺑﻖ‪ ،‬ﺹ‪.29‬‬
 ‫ﺝ_ ﺍﻟﺴﻨﺪﺍﺕ ﻏﲑ ﺍﳌﻀﻤﻮﻧﺔ‪:‬‬
‫ﻫﺬﺍ ﺍﻟﻨﻮﻉ ﻳﻌﺪ ﺣﺎﻣﻠﻪ ﺑﺪﻓﻊ ﻓﻮﺍﺋﺪ ﺩﻭﺭﻳﺔ ﺑﺎﻹﺿﺎﻓﺔ ﺇﱃ ﺭﺩ ﺍﻷﺻﻞ ﰲ ﻣﻴﻌﺎﺩ ﺍﺳﺘﺤﻘﺎﻗﻪ‪ ،‬ﻭ ﻟﻜﻦ ﻧﻈﺮﺍ‬
‫ﻷﻥ ﻫﺬﻩ ﺍﻟﺴﻨﺪﺍﺕ ﻏﲑ ﻣﻀﻤﻮﻧﺔ ﻓﺈﻥ ﲪﻠﺔ ﻫﺬﺍ ﺍﻟﻨﻮﻉ ﻣﻦ ﺍﻟﺴﻨﺪﺍﺕ ﳝﻜﻨﻬﻢ ﺍﳌﻄﺎﻟﺒﺔ ﺑﺈﻋﻼﻥ ﺇﻓﻼﺱ ﺍﻟﺸﺮﻛﺔ ﻭ‬
‫ﺗﺼﻔﻴﺔ ﺃﺻﻮﳍﺎ ﺍﳌﺎﺩﻳﺔ ﻟﻴﺘﻤﻜﻨﻮﺍ ﻣﻦ ﺍﺳﺘﻔﺘﺎﺀ ﺣﻘﻮﻗﻬﻢ ﻗﺒﻞ ﺍﻟﺘﺼﻔﻴﺔ‪.‬‬
‫ﺩ_ ﺍﻟﺴﻨﺪﺍﺕ ﺍﻟﻘﺎﺑﻠﺔ ﻟﻠﺘﺤﻮﻳﻞ ﺇﱃ ﺃﺳﻬﻢ‪:‬‬
‫ﺗﺘﻤﻴﺰ ﲜﻤﻴﻊ ﺧﺼﺎﺋﺺ ﺍﻟﺴﻨﺪﺍﺕ ﻛﺎﳊﺼﻮﻝ ﻋﻠﻰ ﻓﻮﺍﺋﺪ ﺩﻭﺭﻳﺔ‪ .‬ﻭ ﺭﺩ ﺍﻟﻘﻴﻤﺔ ﰲ ﺍﳌﺒﻴﻌﺎﺕ‪ ،‬ﺇﻻ ﺃ‪‬ﺎ‬
‫ﺗﺘﻤﻴﺰ ﺑﺈﻣﻜﺎﻧﻴﺔ ﲢﻮﻳﻠﻬﺎ ﺇﱃ ﺃﺳﻬﻢ ﻋﺎﺩﻳﺔ ﺇﺫﺍ ﺭﻏﺐ ﺍﳌﺴﺘﺜﻤﺮ ﰲ ﺫﻟﻚ‪.‬‬
‫ﻭ ﻫﺬﻩ ﺍﻟﺴﻨﺪﺍﺕ ﻗﺪ ﻳﻔﻀﻠﻬﺎ ﺍﻟﻜﺜﲑ ﻣﻦ ﺍﳌﺴﺘﺜﻤﺮﻳﻦ ﺧﺎﺻﺔ ﺇﺫﺍ ﻛﺎﻧﺖ ﺍﻟﺸﺮﻛﺔ ﻣﻦ ﺍﻟﻨﻮﻉ ﺍﻟﺬﻱ ﻳﻨﻤﻮ‬
‫ﲟﻌﺪﻻﺕ ﻋﺎﻟﻴﺔ‪.‬‬
‫‪ _ .II‬ﺍﻟﺘﺼﻨﻴﻒ ﺍﳌﻌﻤﻖ‪:‬‬
‫ﺃ_ ﺍﻟﺴﻨﺪﺍﺕ ﺑﺄﺳﻌﺎﺭ ﻓﺎﺋﺪﺓ ﻣﺘﻐﲑﺓ‪:‬‬
‫ﻭ ﻫﻲ ﻧﻮﻉ ﺍﺳﺘﺤﺪﺙ ﰲ ﺑﺪﺍﻳﺔ ﺍﻟﺜﻤﺎﻧﻴﻨﺎﺕ ﳌﻮﺍﺟﻬﺔ ﻣﻮﺟﺔ ﺍﻟﺘﻀﺨﻢ ﺍﻟﺬﻱ ﺃﺩﻯ ﺇﱃ ﺍﺭﺗﻔﺎﻉ ﻣﻌﺪﻻﺕ‬
‫ﺍﻟﻔﺎﺋﺪﺓ ﳑﺎ ﻳﺘﺮﺗﺐ ﻋﻠﻴﻪ ﺍﳔﻔﺎﺽ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻮﻗﻴﺔ ﻟﻠﺴﻨﺪﺍﺕ‪ .‬ﻭﻋﺎﺩﺓ ﳛﺪﺩ ﺳﻌﺮ‬
‫ﻓﺎﺋﺪﺓ ﻣﺒﺪﺃﻱ ﻋﻠﻰ ﻫﺬﻩ ﺍﻟﺴﻨﺪﺍﺕ‪ ,‬ﻭ ﻳﻌﺎﺩ ﺍﻟﻨﻈﺮ ﰲ ﻛﻞ ﺳﺘﺔ ﺍﺷﻬﺮ ‪‬ﺪﻑ ﺗﻌﺪﻳﻠﻪ ﻟﻴﺘﻼﺋﻢ ﻣﻊ ﻣﻌﺪﻻﺕ ﺍﻟﻔﺎﺋﺪﺓ‬
‫ﺍﻟﺴﺎﺋﺪﺓ ﰲ ﺍﻟﺴﻮﻕ‪.1‬‬
‫ﻭﺍﺭﺗﻔﺎﻉ ﻣﻌﺪﻻﺕ ﺍﻟﺘﻀﺨﻢ ﻟﻴﺲ ﻣﻦ ﻣﺼﻠﺤﺔ ﺍﳌﻜﺘﺘﺐ ﻷﻥ ﺍﺭﺗﻔﺎﻉ ﻣﻌﺪﻻﺕ ﺍﻟﺘﻀﺨﻢ ﻫﺬﺍ ﻳﺆﺩﻱ ﺇﱃ‬
‫ﺍﺭﺗﻔﺎﻉ ﺍﻷﺳﻌﺎﺭ ﻭﺑﺎﻟﺘﺎﱄ ﻫﺬﺍ ﻣﻦ ﻣﺼﻠﺤﺔ ﺍﳌﺆﺳﺴﺔ ﻭﳍﺬﺍ ﳒﺪ ﻫﺬﺍ ﺍﻟﻨﻮﻉ ﻣﻦ‬
‫ﺍﻟﺴﻨﺪﺍﺕ ﻋﺎﺋﺪﻫﺎ ﻣﺮﺑﻮﻁ ﺑﻘﺎﻋﺪﺓ ﻧﻘﺪﻳﺔ ﺃﻭ ﻗﺎﻋﺪﺓ ﺳﻨﺪﻳﺔ ﺗﻔﺎﺩﻳﺎ ﳍﺬﻩ ﺍﻟﺘﻐﲑﺍﺕ‪ ،‬ﻟﺬﺍ ﳝﻜﻨﻨﺎ ﺗﺴﻤﻴﺘﻬﺎ ﺑﺎﻟﺴﻨﺪﺍﺕ‬
‫ﺍﳌﺮﺑﻮﻃﺔ‪.2‬‬

‫ﺏ_ ﺍﻟﺴﻨﺪﺍﺕ ﺍﻟﺼﻔﺮﻳﺔ‪:3‬‬

‫ﻫﻲ ﺳﻨﺪﺍﺕ ﻟﻴﺴﺖ ﻋﻠﻴﻬﺎ ﻓﻮﺍﺋﺪ ﻭﲢﺪﺩ ﺍﻟﻌﺎﺋﺪ ﺑﻄﺮﺡ ﻣﺒﻠﻎ ﺃﻭ ﻗﻴﻤﺔ ﺍﻹﺻﺪﺍﺭ ﻣﻦ ﻗﻴﻤﺔ ﺍﻟﺴﻨﺪ ﻋﻨﺪ‬
‫ﺍﻟﺘﺴﺪﻳﺪ ﺃﻱ‪:‬‬
‫ﺍﻟﻌﺎﺋﺪ = ﺍﳌﺒﻠﻎ ﻋﻨﺪ ﺍﻟﺘﺴﺪﻳﺪ‪ -‬ﻣﺒﻠﻎ ﺍﻹﺻﺪﺍﺭ‪.‬‬

‫‪ 1‬ﻭﻟﻴﺪ ﺃﲪﺪ ﺻﺎﰲ‪ " :‬ﺳﻮﻕ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﻭ ﺩﻭﺭﻩ ﰲ ﺍﻟﺘﻨﻤﻴﺔ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ" ‪ ،‬ﻣﺬﻛﺮﺓ ﻣﺎﺟﻴﺴﺘﲑ ﰲ ﺍﻟﻌﻠﻮﻡ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ‪ ،‬ﺳﻨﺔ ‪ ،2000‬ﺟﺎﻣﻌﺔ ﺍﳉﺰﺍﺋﺮ‪ ،‬ﺹ‪.29‬‬
‫‪ " 2‬ﳏﺎﺿﺮﺍﺕ ﺍﻷﺳﺘﺎﺫ ﻓﻀﻴﻠﻲ ﻋﺒﺪ ﺍﳊﻠﻴﻢ" ﲣﺼﺺ ﻣﺎﻟﻴﺔ ﻧﻘﻮﺩ ﻭ ﺑﻨﻮﻙ‪.‬‬
‫‪ 3‬ﻭﻟﻴﺪ ﺃﲪﺪ ﺻﺎﰲ‪ " :‬ﺳﻮﻕ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﻭ ﺩﻭﺭﻩ ﰲ ﺍﻟﺘﻨﻤﻴﺔ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ" ‪ ،‬ﻣﺬﻛﺮﺓ ﻣﺎﺟﻴﺴﺘﲑ ﰲ ﺍﻟﻌﻠﻮﻡ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ‪ ،‬ﺳﻨﺔ ‪ ،2000‬ﺟﺎﻣﻌﺔ ﺍﳉﺰﺍﺋﺮ‪ ،‬ﺹ‪.30‬‬
‫ﻭ ﻳﺘﻢ ﲢﺪﻳﺪ ﺍﻟﻌﺎﺋﺪ ﺑﻨﺎﺀﺍ ﻋﻠﻰ ﺗﻨﺒﺆﺍﺕ ﻷﺳﻌﺎﺭ ﺍﻟﻔﺎﺋﺪﺓ ‪ ،‬ﻭ ﻣﻌﺪﻻﺕ ﺍﻟﺘﻀﺨﻢ ﺑﺎﻹﺿﺎﻓﺔ ﺇﱃ ﺭﲝﻴﺔ‬
‫ﺍﻷﻣﻮﺍﻝ‪ .‬ﻭ ﻻ ﻳﻜﻮﻥ ﻫﺬﺍ ﺍﻟﻌﺎﺋﺪ ﻧﺴﺒﺔ ﺃﻭ ﻗﻴﻤﺔ‪.‬‬
‫ﺝ_ ﺳﻨﺪﺍﺕ ﺑﺄﺫﻧﺎﺕ ﺍﻻﻛﺘﺘﺎﺏ‪:‬‬
‫ﰲ ﻫﺬﺍ ﺍﻟﻨﻮﻉ ﺣﺎﻣﻠﻲ ﺍﻟﺴﻨﺪﺍﺕ ﳍﻢ ﺍﳊﻖ ﰲ ﺍﻻﻛﺘﺘﺎﺏ ﻭ ﻋﻠﻰ ﺍﳊﺎﻣﻠﲔ ﺍﳉﺪﺩ ﺷﺮﺍﺀ ﺣﻖ ﺍﻻﻛﺘﺘﺎﺏ‪.‬‬
‫ﻭ ﻟﻠﺸﺮﻛﺔ ﺍﳌﺼﺪﺭﺓ ﺍﻻﻣﺘﻴﺎﺯﺍﺕ ﻷ‪‬ﺎ ﺗﻀﻤﻦ ﳒﺎﺡ ﺍﻹﺻﺪﺍﺭ ﻭ ﺗﻀﻤﻦ ﺃﻳﻀﺎ ﻭﺟﻮﺩ ﻣﺴﺘﺜﻤﺮﻳﻦ ﺟﺪﺩ ﰲ ﺣﺎﻟﺔ ﻣﺎ‬
‫ﺇﺫﺍ ﺯﺍﺩﺕ ﰲ ﺭﺃﺱ ﻣﺎﳍﺎ‪.‬‬
‫ﺩ_ ﺍﻟﺴﻨﺪﺍﺕ ﺍﶈﺮﺭﺓ ﻋﻠﻰ ﻣﺮﺍﺣﻞ‪:‬‬
‫ﺍﻷﺻﻞ ﻫﻮ ﺃﻥ ﻋﻨﺪ ﺍﻻﻛﺘﺘﺎﺏ ﰲ ﺍﻟﺴﻨﺪ ﳛﺮﺭ ﺍﻟﺴﻨﺪ ﺑﺪﻓﻌﺔ ﻭﺍﺣﺪﺓ ﻭ ﺇﳕﺎ ﰲ ﻫﺬﺍ ﺍﻟﻨﻮﻉ ﲤﻨﺢ ﻟﻠﻤﻜﺘﺘﺐ‬
‫ﺇﻣﻜﺎﻧﻴﺔ ﺩﻓﻊ ﺍﳌﺒﻠﻎ ﻋﻠﻰ ﻣﺮﺍﺣﻞ‪ .‬ﻭ ﻫﺬﺍ ﺍﻟﻨﻮﻉ ﻳﻀﻤﻦ ﺗﺪﻓﻘﺎﺕ ﰲ ﺭﺅﻭﺱ ﺍﻷﻣﻮﺍﻝ ﺑﺎﻟﻨﺴﺒﺔ ﻟﻠﻤﺆﺳﺴﺎﺕ ﻭ‬
‫ﺑﺎﻟﻨﺴﺒﺔ ﻟﻠﻤﻜﺘﺘﺐ ﺇﻣﻜﺎﻧﻴﺔ ﺍﻻﻛﺘﺘﺎﺏ ﺑﺎﻟﺪﻓﻊ ﻋﻠﻰ ﺃﻗﺴﺎﻁ ﻭ ﺃﻳﻀﺎ ﺃﻧﻪ ﻫﺬﺍ ﺍﻟﻨﻮﻉ ﻣﻦ ﺍﻟﺴﻨﺪﺍﺕ ﳛﻔﺰ ﺻﻐﺎﺭ‬
‫ﺍﳌﺪﺧﺮﻳﻦ ﻋﻠﻰ ﺍﻻﻛﺘﺘﺎﺏ‪.‬‬
‫ﺫ_ ﺳﻨﺪﺍﺕ ﺑﻨﻮﺍﻓﺬ‪:‬‬
‫ﺍﻷﺻﻞ ﺃﻥ ﺍﻟﺘﺴﺪﻳﺪ ﻭ ﺍﳊﻖ ﰲ ﺍﻟﺘﺴﺪﻳﺪ ﻣﺮﺗﺒﻂ ﺑﻌﻘﺪ‪ .‬ﺇﻣﺎ ﺃﻥ ﻳﺘﻢ ﻣﺮﺓ ﻭﺍﺣﺪﺓ ﺃﻭ ﻋﺪﺓ ﻣﺮﺍﺕ ﺣﺴﺐ‬
‫ﺍﻻﺗﻔﺎﻕ ﻭ ﻫﺬﻩ ﺍﻟﺴﻨﺪﺍﺕ ﺗﻌﻄﻲ ﺍﳊﻖ ﺇﻣﺎ ﻟﻠﻤﻜﺘﺘﺐ ﺃﻭ ﺍﳌﺼﺪﺭ ﺑﺎﳌﻄﺎﻟﺒﺔ ﺑﺎﻟﺘﺴﺪﻳﺪ ﻟﻘﻴﻤﺔ ﺍﻟﺴﻨﺪ ﻗﺒﻞ ﺍﻷﺟﻞ‪ .‬ﻭ‬
‫ﻫﺬﺍ ﻣﺎ ﻧﻘﺼﺪ ﺑﻪ ﺑﺎﻟﻨﺎﻓﺬﺓ ﺃﻱ ﺇﻣﻜﺎﻧﻴﺔ ﺍﻟﺘﻨﺼﻞ ﻣﻦ ﺍﻟﺘﺰﺍﻣﺎﺕ ﺍﻟﺘﺴﺪﻳﺪ ﺑﺂﺟﺎﻝ ﺍﻻﺳﺘﺤﻘﺎﻕ‪.‬‬

‫ﺡ_ ﺍﻟﺴﻨﺪﺍﺕ ﺍﻟﺮﺩﻳﺌﺔ‪:‬‬

‫ﺍﺳﺘﺤﺪﺛﺖ ﰲ ﺍﻟﺜﻤﺎﻧﻴﻨﺎﺕ ﻟﺘﻤﻮﻳﻞ ﺍﻫﺘﻼﻙ ﺃﻋﻀﺎﺀ ﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ ﳊﺼﺔ ﻛﺒﲑﺓ ﻣﻦ ﺭﺃﺱ ﻣﺎﻝ ﺍﳋﺎﺹ‬
‫ﺑﺎﳌﺆﺳﺴﺔ ﺍﻟﱵ ﻳﺪﻳﺮﻭ‪‬ﺎ‪ .‬ﻭ ﺫﻟﻚ ﺑﺈﺻﺪﺍﺭ ﻗﺮﻭﺽ ﺗﺴﺘﺨﺪﻡ ﺣﺼﻴﻠﺘﻬﺎ ﻟﺸﺮﺍﺀ ﺟﺎﻧﺐ ﻛﺒﲑ ﻣﻦ ﺃﺳﻬﻤﻬﺎ ﺍﳌﺘﺪﺍﻭﻟﺔ‬
‫ﰲ ﺍﻟﺴﻮﻕ‪ .‬ﻭ ﻋﺎﺩﺓ ﻣﺎ ﻳﺘﺮﺗﺐ ﻋﻠﻰ ﺫﻟﻚ ﺯﻳﺎﺩﺓ ﻛﺒﲑﺓ ﰲ ﻧﺴﺒﺔ ﺍﻷﻣﻮﺍﻝ ﺍﳌﻘﺘﺮﺿﺔ ﺇﱃ ﺍﻷﻣﻮﺍﻝ ﺍﳌﻤﻠﻮﻛﺔ ﺑﺸﻜﻞ‬
‫ﳚﻌﻼ ﺍﻻﺳﺘﺜﻤﺎﺭ ﳏﻔﻮﻇﺎ ﺑﻘﺪﺭ ﻛﺒﲑ ﻣﻦ ﺍﳌﺨﺎﻃﺮ ﻭ ﻫﻮ ﻣﺎ ﻳﻘﺘﻀﻲ ﻣﺎ ﻳﻜﻮﻥ ﻣﻌﺪﻝ ﺍﻟﻜﻮﺑﻮﻥ ﻣﺮﺗﻔﻊ ﻟﻴﻌﺮﺽ‬
‫ﺗﻠﻚ ﺍﳌﺨﺎﻃﺮ‪.‬‬
‫ﺥ_ ﺍﻟﺴﻨﺪﺍﺕ ﺍﳌﺘﺠﺪﺩﺓ ﻟﻠﺨﺰﻳﻨﺔ‪:1‬‬
‫ﳊﺎﻣﻠﻬﺎ ﺍﳊﻖ ﰲ ﺍﺳﺘﺒﺪﺍﳍﺎ ﰲ ﻣﻨﺼﻒ ﺍﳌﺪﺓ ﻣﻘﺎﺑﻞ ﺳﻨﺪﺍﺕ ﻣﺼﺪﺭﺓ ﺑﻨﻔﺲ ﺍﻟﻘﻴﻤﺔ ﺍﻻﲰﻴﺔ ﻭ ﻳﺘﻢ ﳍﺬﻩ‬
‫ﺍﻟﺴﻨﺪﺍﺕ ﺭﲰﻠﺔ ﺍﻟﻔﻮﺍﺋﺪ ﻭ ﺩﻓﻌﻬﺎ ﺇﻣﺎ ﻋﻦ ﺍﻟﺘﺴﺪﻳﺪ ﺍﻟﻨﻬﺎﺋﻲ ﺃﻭ ﰲ ﻣﻨﺘﺼﻒ ﺍﳌﺪﺓ‬

‫‪ 1‬ﻭﻟﻴﺪ ﺃﲪﺪ ﺻﺎﰲ‪ " :‬ﺳﻮﻕ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﻭ ﺩﻭﺭﻩ ﰲ ﺍﻟﺘﻨﻤﻴﺔ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ" ‪ ،‬ﻣﺬﻛﺮﺓ ﻣﺎﺟﻴﺴﺘﲑ ﰲ ﺍﻟﻌﻠﻮﻡ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ‪ ،‬ﺳﻨﺔ ‪ ،2000‬ﺟﺎﻣﻌﺔ ﺍﳉﺰﺍﺋﺮ‪ ،‬ﺹ‪.31‬‬
‫"ﺃﻱ ﻋﻨﺪ ﺍﻟﺘﺠﺪﻳﺪ"‪ .‬ﻓﻬﺬﻩ ﺍﻟﺴﻨﺪﺍﺕ ﺗﺘﻴﺢ ﻟﻠﺨﺰﻳﻨﺔ ﻓﺮﺻﺔ ﺇﺑﻘﺎﺀ ﻋﻠﻰ ﺍﻷﻣﻮﺍﻝ ﺍﻟﱵ ﲢﺼﻠﺖ ﻋﻠﻴﻬﺎ ﰲ ﺑﺪﺍﻳﺔ‬
‫ﺍﻹﺻﺪﺍﺭ ﳌﺪﺓ ﻃﻮﻳﻠﺔ‪.‬‬
‫ﻭ_ ﺍﻟﺴﻨﺪﺍﺕ ﺍﳌﺘﻤﺜﻠﺔ ﻟﻠﺨﺰﻳﻨﺔ‪:‬‬
‫ﺑﻌﺪ ﺍﻹﺻﺪﺍﺭ ﺍﻷﻭﻝ ﻟﻠﺨﺰﻳﻨﺔ ﺍﳊﻖ ﰲ ﺇﺻﺪﺍﺭ ﺳﻨﺪﺍﺕ ﺃﺧﺮﻯ ﻣﺘﻤﺎﺛﻠﺔ ﻟﻠﺨﺼﺎﺋﺺ ﺍﻹﺻﺪﺍﺭ ﺍﻷﻭﱃ‪ .‬ﻓﻼ‬
‫ﻓﺮﻕ ﺑﲔ ﺍﻹﺻﺪﺍﺭ ﺍﻷﻭﻝ ﻭ ﺍﻟﺜﺎﱐ ﺇﱃ ﺗﺎﺭﻳﺦ ﺍﻹﺻﺪﺍﺭ ﻓﻘﻂ ﻭ ﺗﺪﺧﻞ ﺍﻟﺴﻮﻕ ﺑﺘﺴﻌﲑﺓ ﻭﺍﺣﺪﺓ‪ .‬ﻭ ﻣﻴﺰﺓ ﻫﺬﻩ‬
‫ﺍﻟﺴﻨﺪﺍﺕ ﺗﺼﺪﺭ ﻣﻦ ﺃﺟﻞ ﺗﻨﻤﻴﻂ ﻭ ﺗﻮﺣﻴﺪ ﺍﳌﻨﺘﺠﺎﺕ ﺍﳌﺎﻟﻴﺔ ﺍﳌﺘﺪﺍﻭﻟﺔ ﰲ ﺍﻟﺴﻮﻕ ﺍﳌﺎﱄ‪.‬‬
‫‪ _3‬ﺍﻟﻌﻮﺍﻣﻞ ﺍﶈﺪﺩﺓ ﻟﺴﻌﺮ ﺍﻟﺴﻨﺪ ‪:‬‬
‫ﻳﺘﺒﺎﺩﺭ ﺇﱃ ﺍﻟﺬﻫﻦ ﺗﺴﺎﺅﻝ ﻣﻌﲔ ﻋﻦ ﺍﻷﺳﻠﻮﺏ ﺍﻟﺬﻱ ﻳﺘﺒﻊ ﻟﺘﻘﻴﻴﻢ ﺍﻟﺴﻨﺪ ﰲ ﺑﻮﺭﺻﺔ ﺍﻟﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ‪.‬‬
‫ﻟﻺﺟﺎﺑﺔ ﻋﻠﻰ ﻫﺬﺍ ﺍﻟﺘﺴﺎﺅﻝ ﳚﺐ ﺃﻥ ﻧﺘﻌﺮﻑ ﻋﻠﻰ ﺃﻫﻢ ﺍﻟﻌﻮﺍﻣﻞ ﺍﻟﱵ ﻳﺘﺄﺛﺮ ‪‬ﺎ ﺍﻟﺴﻨﺪ‪ .‬ﻭ ﻗﺒﻞ ﺫﻟﻚ ﳚﺐ ﺍﻟﺘﻔﺮﻗﺔ‬
‫ﺑﲔ ﺍﻟﻘﻴﻤﺔ ﺍﻻﲰﻴﺔ ﻭ ﺍﻟﺴﻮﻗﻴﺔ ﻟﻠﺴﻨﺪ‪:‬‬
‫_ ﺍﻟﻘﻴﻤﺔ ﺍﻻﲰﻴﺔ ﻟﻠﺴﻨﺪ ﻫﻲ ﺍﻟﻘﻴﻤﺔ ﺍﻟﱵ ﻳﺼﺪﺭ ‪‬ﺎ ﺍﻟﺴﻨﺪ ﻭ ﻫﻲ ﺍﻟﻘﻴﻤﺔ ﺍﻟﱵ ﻳﺘﻢ ‪‬ﺎ ﻃﺮﺡ ﺍﻟﺴﻨﺪ ﻷﻭﻝ‬
‫ﻣﺮﺓ‪ ،‬ﻭﺍﻟﱵ ﺗﺒﻘﻰ ﺛﺎﺑﺘﺔ ﻃﻴﻠﺔ ﻣﺪﺓ ﺍﻻﺳﺘﺤﻘﺎﻕ‪.‬‬

‫_ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻮﻗﻴﺔ ﻫﻲ ﺍﻟﻘﻴﻤﺔ ﺍﳉﺎﺭﻳﺔ ﻟﻠﺴﻨﺪ‪ ،‬ﻭ ﺍﻟﱵ ﺗﺘﻌﺮﺽ ﻟﻠﺘﻘﻠﺒﺎﺕ ﺑﺎﺳﺘﻤﺮﺍﺭ ﰲ ﺍﻟﺴﻮﻕ‪.‬‬
‫ﺃﻣﺎ ﺍﻟﻌﻮﺍﻣﻞ ﺍﻟﱵ ﲢﺪﺩ ﺳﻌﺮ ﺍﻟﺴﻨﺪ ﻓﻴﻤﻜﻦ ﺗﻠﺨﻴﺼﻬﺎ ﰲ ﺍﻟﺸﻜﻞ ﺍﻟﺘﺎﱄ‪:‬‬
‫ﺍﻟﺸﻜﻞ ﺭﻗﻢ ‪ :03‬ﺍﻟﻌﻮﺍﻣﻞ ﺍﻟﻤﺤﺪﺩﺓ ﻟﺴﻌﺮ ﺍﻟﺴﻨﺪ‬
‫ﻣﻌﺪﻝ ﺍﻟﻔﺎﺋﺪﺓ‬

‫ﺗﺄﺛﲑ ﺍﻟﻜﻮﺑﻮﻥ ﻭﺻﺮﻑ ﺍﻟﻌﺎﺋﺪ‬

‫ﺍﻟﻌﻮﺍﻣﻞ ﺍﶈﺪﺩﺓ ﻟﺴﻌﺮ ﺍﻟﺴﻨﺪ‬
‫ﻣﺪﺓ ﺍﺳﺘﺤﻘﺎﻕ ﺍﻟﺴﻨﺪ‬

‫ﺩﺭﺟﺔ ﻭﻓﺎﺀ ﺍﳉﻬﺔ ﺍﳌﺼﺪﺭﺓ‬

‫ﺍﻟﻤﺼﺪﺭ‪ :‬ﻣﺤﺴﻦ ﺍﺣﻤﺪ ﺍﻟﺨﻀﺮﻱ‪ .‬ﻛﻴﻒ ﺗﺘﻌﻠﻢ ﺍﻟﺒﻮﺭﺻﺔ ﻓﻲ ‪ 24‬ﺳﺎ‪ ،‬ﺹ‪80‬‬

 ‫ﺃ– ﻣﻌﺪﻝ ﺍﻟﻔﺎﺋﺪﺓ ‪: 1‬‬
‫ﺗﺘﻐﲑ ﺍﻟﻘﻴﻤﺔ ﺍﳉﺎﺭﻳﺔ ﻟﻠﺴﻨﺪ ﺗﺒﻌﺎ ﻟﺘﻘﻠﺒﺎﺕ ﺃﺳﻌﺎﺭ ﺍﻟﻔﺎﺋﺪﺓ ﺍﳉﺎﺭﻳﺔ ﺇﺫ ﺗﺮﺑﻂ ﺑﻴﻨﻬﺎ ﺍﻟﻌﻼﻗﺔ ﺍﻟﻌﻜﺴﻴﺔ‬
‫ﻓﺎﺭﺗﻔﺎﻉ ﺳﻌﺮ ﺍﻟﻔﺎﺋﺪﺓ ﺍﳉﺎﺭﻱ ﻳﺆﺩﻱ ﺇﱃ ﺍﺭﺗﻔﺎﻉ ﺍﻟﻘﻴﻤﺔ ﺍﳉﺎﺭﻳﺔ ﻟﻠﺴﻨﺪ ﻭ ﺍﻟﻌﻜﺲ ﺻﺤﻴﺢ‪ .‬ﻭ ﳒﺪ ﺗﻔﺴﲑﻫﺎ ﻣﻦ‬
‫ﺧﻼﻝ ﺍﳌﻌﺎﺩﻟﺔ ﺍﻟﺮﺋﻴﺴﻴﺔ ﺍﳌﺴﺘﺨﺪﻣﺔ ﰲ ﺍﻟﺮﻳﺎﺿﻴﺎﺕ ﺍﳌﺎﻟﻴﺔ ﺍﳌﺘﻤﺜﻠﺔ ﰲ‪:‬‬
‫‪VN = A (1+k)n‬‬
‫‪ : VN‬ﺍﻟﻘﻴﻤﺔ ﺍﳉﺎﺭﻳﺔ ﻟﻠﺴﻨﺪ‬
‫‪: A‬ﺍﻟﻘﻴﻤﺔ ﺍﻻﲰﻴﺔ ﻟﻠﺴﻨﺪ‬
‫‪ :K‬ﻣﻌﺪﻝ ﺍﻟﻔﺎﺋﺪﺓ ﺍﳉﺎﺭﻱ‬
‫‪ :n‬ﻣﺪﺓ ﺍﻻﺳﺘﺤﻘﺎﻕ‬
‫ﺏ– ﺗﺄﺛﲑ ﺍﻟﻜﻮﺑﻮﻥ ﻭ ﺻﺮﻑ ﺍﻟﻌﺎﺋﺪﺓ‪:‬‬
‫ﺃﻱ ﺃﻧﻪ ﻛﻠﻤﺎ ﻗﺮﺏ ﻣﻮﻋﺪ ﺩﻓﻊ ﺍﻟﻜﻮﺑﻮﻥ ﺍﺭﺗﻔﻊ ﺳﻌﺮ ﺍﻟﺴﻨﺪ ﻭ ﺍﺯﺩﺍﺩ ﺍﻟﻄﻠﺐ ﻋﻠﻴﻪ ﻭ ﺑﺎﻟﺘﺎﱄ ﻛﺜﲑﺍ ﻣﺎ‬
‫ﻳﻘﻮﻡ ﺍﳌﺴﺘﺜﻤﺮﻳﻦ ﺑﺎﻧﺘﻬﺎﺯ ﻫﺬﻩ ﺍﻟﻔﺮﺻﺔ‪ ،‬ﻭ ﺣﺴﺎﺏ ﻣﻌﺪﻝ ﻋﺎﺋﺪ ﺍﳌﺘﻮﻗﻊ ﺃﻭ ﺍﳌﺰﻣﻊ ﺍﳊﺼﻮﻝ ﻋﻠﻴﻪ ﻣﻦ ﺧﻼﻝ‬
‫ﺍﻟﻜﻮﺑﻮﻥ ﺍﻟﺬﻱ ﺳﻴﺘﻢ ﲢﺼﻠﻪ‪.‬‬
‫ﺃﻣﺎ ﺇﺫﺍ ﻛﺎﻥ ﻣﻌﺪﻝ ﻋﺎﺋﺪ ﺍﳌﺘﻮﻗﻊ ﻋﻠﻰ ﺍﻟﻮﺭﻗﺔ ﻣﻨﺨﻔﻀﺎ ﺑﺪﺭﺟﺔ ﻣﻠﺤﻮﻇﺔ ﻋﻦ ﺍﻟﻌﺎﺋﺪ ﺍﻟﺴﺎﺋﺪ ﰲ ﺍﻟﺴﻮﻕ‬
‫ﻛﻠﻤﺎ ﺩﻋﺎ ﺫﻟﻚ ﺇﱃ ﺍﻟﺘﺨﻠﺺ ﻣﻦ ﺍﻟﻮﺭﻗﺔ ﻭ ﻛﺜﲑﺍ ﻣﺎ ﻳﺆﺩﻱ ﺫﻟﻚ ﺇﱃ ﺗﺪﱐ ﻣﻠﺤﻮﻅ ﰲ ﻗﻴﻤﺘﻬﺎ ﺍﻟﺴﻮﻗﻴﺔ‪.2‬‬
‫ﺝ– ﻣﺪﺓ ﺍﺳﺘﺤﻘﺎﻕ ﺍﻟﺴﻨﺪ‪:‬‬
‫ﺇﻥ ﺍﺣﺘﻤﺎﻝ ﺣﺪﻭﺙ ﺗﻘﻠﺒﺎﺕ ﻭ ﺗﺬﺑﺬﺑﺎﺕ ﻳﻜﻮﻥ ﺃﻛﱪ ﻛﻠﻤﺎ ﻛﺎﻧﺖ ﻣﺪﺓ ﺍﺳﺘﺤﻘﺎﻕ ﺍﻟﺴﻨﺪ ﻃﻮﻳﻠﺔ‬
‫ﺍﻷﺟﻞ‪ .‬ﻛﻤﺎ ﺃﻥ ﺍﳌﺮﻛﺰ ﺍﳌﺎﱄ ﻟﻠﺸﺮﻛﺔ ﺍﳌﺼﺪﺭﺓ ﻳﻜﻮﻥ ﺃﻛﱪ ﻗﺎﺑﻠﻴﺔ ﻟﻠﺘﻐﲑ ﻋﻠﻰ ﺍﳌﺪﻯ ﺍﻟﻄﻮﻳﻞ ﻣﻨﻪ ﻋﻠﻰ ﺍﳌﺪﻯ‬
‫ﺍﻟﻘﺼﲑ‪.‬‬
‫ﻓﻜﻠﻤﺎ ﻛﺎﻧﺖ ﻓﺘﺮﺓ ﺍﻟﺴﺪﺍﺩ ﻛﻠﻤﺎ ﻛﺎﻥ ﻣﻌﺪﻝ ﺍﻟﻔﺎﺋﺪﺓ ﺍﻛﱪ‪ .‬ﻓﺎﺭﺗﻔﺎﻉ ﻣﻌﺪﻝ ﺍﻟﻔﺎﺋﺪﺓ ﻳﺆﺩﻱ ﺇﱃ ﺍﳔﻔﺎﺽ‬
‫ﺳﻌﺮ ﺍﻟﺴﻨﺪ ﻭ ﺍﻟﻌﻜﺲ ﺻﺤﻴﺢ‪.‬‬
‫ﺩ– ﺩﺭﺟﺔ ﻭﻓﺎﺀ ﺍﳉﻬﺔ ﺍﳌﺼﺪﺭﺓ‪:‬‬
‫ﻳﺘﺠﻪ ﺍﳌﺴﺘﺜﻤﺮ ﻋﺎﺩﺓ ﺇﱃ ﺷﺮﺍﺀ ﺍﻟﺴﻨﺪﺍﺕ ﺍﻟﱵ ﺗﻘﺪﻡ ﺃﻛﺜﺮ ﺿﻤﺎﻧﺎ ﻓﻜﻠﻤﺎ ﻛﺎﻥ ﺍﺣﺘﺮﺍﻡ ﺍﻟﺸﺮﻛﺔ ﻻﻟﺘﺰﺍﻣﺎ‪‬ﺎ‬
‫ﻛﺒﲑﺍ ﻛﻠﻤﺎ ﺯﺍﺩﺕ ﺛﻘﺔ ﺍﳌﺴﺘﺜﻤﺮ ﻭ ﺑﺎﻟﺘﺎﱄ ﺯﺍﺩﺕ ﺭﻏﺒﺘﻬﻢ ﰲ ﺷﺮﺍﺀ ﺳﻨﺪﺍ‪‬ﺎ ﻭ ﻣﻦ ﰒ ﺍﺭﺗﻔﺎﻉ ﺃﺳﻌﺎﺭﻩ‪.‬‬
‫ﻭ ﺗﻨﻬﺎﺭ ﺍﻟﻘﻴﻤﺔ ﺍﳉﺎﺭﻳﺔ ﻟﻠﺴﻨﺪ ﻛﻠﻤﺎ ﺗﺪﻫﻮﺭﺕ ﺍﻟﺼﺤﺔ ﺍﳌﺎﻟﻴﺔ ﻟﻠﺠﻬﺔ ﺍﻟﱵ ﺍﺻﺪﺭﺗﻪ‪.‬‬

‫‪ 1‬ﻭﻟﻴﺪ ﺃﲪﺪ ﺻﺎﰲ‪ " :‬ﺳﻮﻕ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﻭ ﺩﻭﺭﻩ ﰲ ﺍﻟﺘﻨﻤﻴﺔ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ" ‪ ،‬ﻣﺬﻛﺮﺓ ﻣﺎﺟﻴﺴﺘﲑ ﰲ ﺍﻟﻌﻠﻮﻡ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ‪ ،‬ﺳﻨﺔ ‪ ،2000‬ﺟﺎﻣﻌﺔ ﺍﳉﺰﺍﺋﺮ‪ ،‬ﺹ‪. 33‬‬
‫‪ 2‬ﳏﺴﻦ ﺃﲪﺪ ﺧﻀﺮﻱ‪ ،‬ﻣﺮﺟﻊ ﺳﺎﺑﻖ‪ ،‬ﺹ‪.80‬‬
 ‫‪_4‬ﻣﺰﺍﻳﺎ ﻭ ﻋﻴﻮﺏ ﺍﻟﺘﻤﻮﻳﻞ ﺑﺎﻟﺴﻨﺪﺍﺕ‪:‬‬
‫‪ .I‬ﺍﳌﺰﺍﻳﺎ‪:‬‬
‫• ﺍﻟﺴﻨﺪﺍﺕ ﺗﻘﺪﻡ ﻟﻠﻤﺴﺘﺜﻤﺮﻳﻦ ﻓﻮﺍﺋﺪ ﺳﻨﻮﻳﺔ ﺛﺎﺑﺘﺔ ﺗﻜﻮﻥ ﰲ ﺑﻌﺾ ﺍﻷﺣﻴﺎﻥ ﺃﻛﱪ ﻣﻦ ﺍﻟﻔﻮﺍﺋﺪ‬
‫ﺍﳌﻘﺪﻣﺔ ﻣﻦ ﻃﺮﻑ ﺍﻟﺒﻨﻮﻙ‪.‬‬
‫ﺍﻟﺴﻨﺪﺍﺕ ﺃﻗﻞ ﺧﻄﻮﺭﺓ ﻣﻦ ﺍﻷﺳﻬﻢ ﺍﻟﻌﺎﺩﻳﺔ ﺣﻴﺚ ﺃﻥ ﺍﻷﺭﺑﺎﺡ ﺗﻮﺯﻉ ﻋﻠﻰ ﲪﻠﺔ ﺍﻟﺴﻨﺪﺍﺕ ﻗﺒﻞ‬ ‫•‬
‫ﺍﻷﺳﻬﻢ‪.‬‬
‫ﻭ ﰲ ﺣﺎﻟﺔ ﺍﻟﺘﺼﻔﻴﺔ ﺗﻜﻮﻥ ﺍﻟﺴﻨﺪﺍﺕ ﻣﻀﻤﻮﻧﺔ ﺑﺄﺻﻮﻝ ﺧﺎﺻﺔ ﻣﻦ ﺍﳌﻴﺰﺍﻧﻴﺔ‪.‬‬
‫‪ .II‬ﺍﻟﻌﻴﻮﺏ‪:‬‬
‫ﻋﺎﺋﺪ ﺍﻟﺴﻨﺪ ﻳﻜﻮﻥ ﺃﻗﻞ ﻣﻦ ﻋﺎﺋﺪ ﺍﻟﺴﻬﻢ‪.‬‬ ‫•‬
‫ﺇﺫﺍ ﻛﺎﻥ ﳍﺎ ﻣﻌﺪﻝ ﺍﻟﻔﺎﺋﺪﺓ ﺍﳌﺘﻐﲑ ﻓﺈﻥ ﺍﻟﺴﻨﺪﺍﺕ ﲢﻤﻞ ﺧﻄﻮﺭﺓ‪.‬‬ ‫•‬
‫ﲪﻠﺖ ﺍﻟﺴﻨﺪﺍﺕ ﻟﻴﺲ ﳍﻢ ﺍﳊﻖ ﰲ ﺍﻟﺘﺼﻮﻳﺖ‪.‬‬ ‫•‬
‫ﺟﺪﻭﻝ ﺭﻗﻢ ‪ : 01‬ﻣﻘﺎﺭﻧﺔ ﻣﺎ ﺑﻴﻦ ﺍﻟﺴﻬﻢ ﻭ ﺍﻟﺴﻨﺪ‪:‬‬

‫ﺍﻟﺴﻨﺪ ‪Obligation‬‬ ‫ﺍﻟﺴﻬﻢ ‪Action‬‬

‫‪_1‬ﺩﻳﻦ ﻋﻠﻰ ﺍﻟﺸﺮﻛﺔ‪.‬‬ ‫‪_1‬ﺟﺰﺀ ﻣﻦ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ‪.‬‬
‫‪_2‬ﺣﺎﻣﻠﻪ ﺩﺍﺋﻦ ﻟﻠﺸﺮﻛﺔ ﺑﻘﻴﻤﺔ ﺍﻟﺴﻨﺪ‪.‬‬ ‫‪_2‬ﺣﺎﻣﻠﻪ ﺷﺮﻳﻚ ﰲ ﺍﻟﺸﺮﻛﺔ ﺑﻘﺪﺭ ﺭﺃﲰﺎﻟﻪ‪.‬‬
‫‪_3‬ﺭﺑﺢ ﺍﻟﺴﻬﻢ ﻣﺘﻐﲑ ﺣﺴﺐ ﻧﺸﺎﻁ ﺍﻟﺸﺮﻛﺔ ﻭﻗﺪ ‪_3‬ﺭﺑﺢ ﺍﻟﺴﻨﺪ ﺛﺎﺑﺖ ﻭﻻ ﻳﺘﺄﺛﺮ ﺑﺎﳋﺴﺎﺭﺓ‪.‬‬
‫ﻳﻜﻮﻥ ﻫﻨﺎﻙ ﺧﺴﺎﺭﺓ‪.‬‬
‫‪_4‬ﺣﺎﻣﻠﻪ ﻟﻪ ﺍﳊﻖ ﰲ ﺍﻟﺮﻗﺎﺑﺔ ﻭﺇﺩﺍﺭﺓ ﺍﻟﺸﺮﻛﺔ ﻋﻦ ‪_4‬ﺣﺎﻣﻠﻪ ﻟﻴﺲ ﻟﻪ ﺣﻖ ﰲ ﺍﻹﺩﺍﺭﺓ‪.‬‬
‫ﻃﺮﻳﻖ ﺍﳉﻤﻌﻴﺔ ﺍﻟﻌﺎﻣﺔ‪.‬‬
‫‪_5‬ﺣﺎﻣﻠﻪ ﻻ ﻳﺴﺘﺮﺩ ﺭﺍﲰﺎﻟﻪ ﺇﻻ ﺑﺎﻟﺒﻴﻊ ﰲ ﺍﻟﺒﻮﺭﺻﺔ ﺃﻭ ‪_5‬ﺣﺎﻣﻠﻪ ﻳﺴﺘﺮﺩ ﺭﺍﲰﺎﻟﻪ ﰲ ﺍﳌﻮﻋﺪ ﺍﶈﺪﺩ‬
‫ﻋﻨﺪ ﺗﺼﻔﻴﺔ ﺍﻟﺸﺮﻛﺔ‪,‬ﻭﻻ ﻳﺸﺘﺮﻁ ﺇﻥ ﻳﻜﻮﻥ ﻣﺎ ﺩﻓﻌﻪ ﻻﺳﺘﺤﻘﺎﻕ ﺍﻟﺴﺪﺍﺩ ﻭﺑﺎﻟﻜﺎﻣﻞ‪.‬‬
‫ﻫﻮ ﻣﺎ ﻳﺴﺘﺮﺩﻩ‪,‬ﻭﻫﻮ ﻗﺎﺑﻞ ﻟﻠﺰﻳﺎﺩﺓﺍﻭ ﺍﻟﻨﻘﺼﺎﻥ‪.‬‬

‫‪_6‬ﻋﻨﺪ ﺍﳋﺴﺎﺭﺓ ﻭﺗﺼﻔﻴﺔ ﺍﻟﺸﺮﻛﺔ ﻳﻜﻮﻥ ﻧﺼﻴﺐ ‪_6‬ﺣﺎﻣﻠﻪ ﻳﻜﻮﻥ ﻟﻪ ﺍﻷﻭﻟﻮﻳﺔ ﰲ ﺍﳊﺼﻮﻝ ﻋﻠﻰ‬
‫ﻣﺴﺘﺤﻘﺎﺗﻪ ﻋﻨﺪ ﻭﻗﻮﻉ ﺍﳋﺴﺎﺭﺓ ﺃﻭ ﰲ ﺣﺎﻟﺔ‬ ‫ﺣﺎﻣﻠﻪ ﺍﻟﺒﺎﻗﻲ ﺑﻌﺪ ﺗﺴﺪﻳﺪ ﻛﺎﻓﺔ ﺍﻟﺪﻳﻮﻥ‪.‬‬
‫ﺍﻟﺘﺼﻔﻴﺔ‪.‬‬

‫ﺍﳌﺼﺪﺭ ﻣﻦ ﺗﺼﺮﻑ ﺍﻟﻄﻠﺒﺔ‬

 ‫ﺍﻟﻔﺮﻉ ﺍﻟﺜﺎﻟﺚ‪ :‬ﺍﻷﻭﺭﺍﻕ ﺍﳌﺸﺘﻘﺔ‪.‬‬
‫ﻫﺬﺍ ﺍﻟﻨﻮﻉ ﻣﻦ ﺍﻟﻘﻴﻢ ﺍﳌﺘﺪﺍﻭﻟﺔ ﻻ ﻳﻨﺸﺄ ﻣﻦ ﺗﻠﻘﺎﺀ ﻧﻔﺴﻪ ﻣﺜﻞ ﺍﻷﻧﻮﺍﻉ ﺍﻟﺴﺎﺑﻘﺔ ﺑﻞ ﻳﻌﺘﻤﺪ ﻋﻠﻰ ﻭﺟﻮﺩ‬
‫ﺃﺻﻞ ﻣﺎﺩﻱ ﺃﻱ ﺗﺸﺘﻖ ﻣﻦ ﺃﺻﻞ ﺁﺧﺮ ﻣﻮﺟﻮﺩ‪.‬‬
‫‪ .I‬ﺍﻻﺧﺘﻴﺎﺭﺍﺕ‪:‬‬
‫ﻫﻲ ﺍﻟﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ ﺗﺸﺘﻖ ﻣﻦ ﺍﻷﺳﻬﻢ ﺍﻟﻌﺎﺩﻳﺔ‪ .‬ﻭ ﻫﺬﻩ ﺍﻻﺧﺘﻴﺎﺭﺍﺕ ﻗﺪ ﺗﻌﻄﻲ ﳊﺎﻣﻠﻬﺎ ﺍﳊﻖ ﰲ ﺷﺮﺍﺀ‬
‫ﺍﻟﺴﻬﻢ ﺫﺍﺗﻪ ﺑﻌﺪ ﺃﻭ ﺧﻼﻝ ﻓﺘﺮﺓ ﻣﻌﻴﻨﺔ ﺑﺴﻌﺮ ﻣﻌﲔ ﻭ ﻫﺬﺍ ﺍﻟﻨﻮﻉ ﻳﺴﻌﻰ ﺍﺧﺘﻴﺎﺭ ﺍﻟﺸﺮﺍﺀ ‪. Call Option‬‬
‫ﻛﻤﺎ ﻗﺪ ﻳﻮﺟﺪ ﺍﺧﺘﻴﺎﺭ ﺍﻟﺒﻴﻊ ‪ Pull Option‬ﻭ ﻫﻮ ﺍﻟﺬﻱ ﻳﻌﻄﻲ ﳊﺎﻣﻠﻪ ﺍﳊﻖ ﰲ ﺑﻴﻊ ﺍﻷﺳﻬﻢ‬
‫ﺧﻼﻝ ﻗﺘﺮﺓ ﻣﻌﻴﻨﺔ ﻭ ﺑﺴﻌﺮ ﻣﻌﲔ‪.1‬‬
‫ﻓﻴﻤﻜﻦ ﺍﻟﻘﻮﻝ ﺑﺄﻥ ﺍﻻﺧﺘﻴﺎﺭﺍﺕ ﻋﻼﻭﺓ ﻋﻦ ﺍﺗﻔﺎﻗﺎﺕ ﺑﲔ ﻃﺮﻓﲔ‪ 2‬ﻭ ﳘﺎ ‪:‬‬
‫‪_1‬ﺍﻟﻄﺮﻑ ﺍﻷﻭﻝ ﺍﳌﺸﺘﺮﻱ‪ :‬ﻟﻪ ﺣﻖ ﺷﺮﺍﺀ ﻛﻤﻴﺔ ﳏﺪﺩﺓ ﺑﺴﻌﺮ ﳏﺪﺩ ﻳﺴﻤﻰ ﺳﻌﺮ ﺍﳌﻤﺎﺭﺳﺔ ﺃﻭ ﺍﻟﺘﻨﻔﻴﺬ‬
‫ﺣﱴ ﺗﺎﺭﻳﺦ ﳏﺪﺩ ﻳﺴﻤﻰ ﺍﻟﺘﺎﺭﻳﺦ ﺍﻟﺘﻨﻔﻴﺬﻱ ﺍﻟﻨﻬﺎﺋﻲ ﻟﻼﺧﺘﻴﺎﺭﺍﺕ‪.‬‬
‫‪_2‬ﺍﻟﻄﺮﻑ ﺍﻟﺜﺎﱐ ﺍﻟﺒﺎﺋﻊ‪ :‬ﻓﻬﻮ ﻣﻠﺰﻡ ﺑﺒﻴﻊ ﻭ ﺫﻟﻚ ﺑﺴﻌﺮ ﳑﺎﺭﺳﺔ ﺍﳌﺘﻔﻖ ﻋﻠﻴﻪ ﻓﺈﺫﺍ ﻣﺎ ﻣﺎﺭﺱ ﺍﳌﺸﺘﺮﻱ ﻫﺬﺍ‬
‫ﺍﳊﻖ ﺩﺍﺧﻞ ﺍﻟﻨﻄﺎﻕ ﺍﻟﺰﻣﲏ ﻟﻠﻌﻘﺪ ﻓﺈﻥ ﺍﳌﺸﺘﺮﻱ ﻋﻠﻴﻪ ﺃﻥ ﻳﺪﻓﻊ ﻟﻠﺒﺎﺋﻊ ﻫﺬﺍ ﺍﳊﻖ "ﲦﻦ" ﺃﻱ ﻣﺒﻠﻎ ﻣﻘﺎﺑﻞ ﺣﻖ‪.‬‬
‫ﻭ ﺍﻻﺧﺘﻴﺎﺭﺍﺕ ﺗﺼﺪﺭ ﻣﻦ ﺍﳌﺴﺘﺜﻤﺮﻳﻦ ﻣﺒﺎﺷﺮﺓ ﻭ ﻻ ﺩﺧﻞ ﻟﻠﺸﺮﻛﺔ ﻣﺼﺪﺭﺓ ﺍﻷﺳﻬﻢ ﺍﻟﻌﺎﺩﻳﺔ ﰲ ﻫﺬﻩ‬
‫ﺍﻻﺧﺘﻴﺎﺭﺍﺕ‪.‬‬
‫ﻛﻤﺎ ﺃﻥ ﻟﻔﻆ ﺍﺧﺘﻴﺎﺭ ﻳﺄﰐ ﻣﻦ ﺟﺎﻧﺐ ﺣﺎﻣﻞ ﺍﻻﺧﺘﻴﺎﺭ"ﻣﺸﺘﺮﻳﺔ"‪ .‬ﻭ ﻟﻴﺲ ﺑﺎﺋﻌﻬﻢ‪ ،‬ﻓﺎﻟﺒﺎﺋﻊ ﻟﻴﺲ ﻟﻪ‬
‫ﺍﺧﺘﻴﺎﺭ ﺑﻞ ﻫﻮ ﻣﻠﺰﻡ ﻣﱴ ﺃﺭﺍﺩ ﺣﺎﻣﻞ ﺍﻻﺧﺘﻴﺎﺭ ﺗﻨﻔﻴﺬ ﻋﻘﺪ ﺍﻻﺧﺘﻴﺎﺭ‪.‬‬
‫‪ .II‬ﺃﻭﺭﺍﻕ ﺃﺧﺮﻯ‪:‬‬
‫‪-1‬ﺍﻟﻜﻔﺎﻻﺕ‪ :‬ﺃﻳﻀﺎ ﻫﻲ ﺍﺧﺘﻴﺎﺭﺍﺕ ﻭ ﻟﻜﻦ ﺗﺼﺪﺭﻩ ﺍﻟﺸﺮﻛﺔ‪ .‬ﺣﻴﺚ ﺗﻌﻄﻲ ﻟﻠﻤﺸﺘﺮﻱ ﺍﳊﻖ ﰲ ﺷﺮﺍﺀ‬
‫ﻋﺪﺩ ﻣﻌﲔ ﻣﻦ ﺍﻷﺳﻬﻢ ﺍﻟﻌﺎﺩﻳﺔ ﺧﻼﻝ ﻓﺘﺮﺓ ﺯﻣﻨﻴﺔ ﻣﻌﻴﻨﺔ ﺑﺴﻌﺮ ﻣﺘﻔﻖ ﻋﻠﻴﻪ ﻭ ﺍﻟﻜﻔﺎﻟﺔ ﻻ ﺗﺒﺎﻉ ﺑﻘﻴﻤﺔ ﺍﻟﺴﻬﻢ ﻭ ﺇﳕﺎ‬
‫ﳍﺎ ﻗﻴﻤﺘﻬﺎ ﻭ ﺁﺧﺮ ﻣﻦ ﺗﺴﺘﻘﺮ ﻋﻨﺪﻩ ﺍﻟﻜﻔﺎﻟﺔ ﻳﻜﻮﻥ ﻣﺸﺘﻴﺎ‪.‬‬

‫ﻭ ﻭﺟﻪ ﺍﻻﺧﺘﻼﻑ ﻣﻊ ﺍﻻﺧﺘﻴﺎﺭﺍﺕ ﻫﻮ ﺑﺎﻟﻨﺴﺒﺔ ﻟﻠﻜﻔﺎﻻﺕ ﺃﻥ ﻣﺼﺪﺭ ﺍﻟﻜﻔﺎﻟﺔ ﻫﻮ ﺍﻟﺸﺮﻛﺔ ﻭ ﺍﻟﻔﺘﺮﺓ‬

‫ﺍﻟﺰﻣﻨﻴﺔ ﺍﳌﻤﻨﻮﺣﺔ ﰲ ﺍﻟﻜﻔﺎﻻﺕ ﺗﻌﺘﱪ ﻃﻮﻳﻠﺔ ﺍﻷﺟﻞ ﺣﻴﺚ ﺗﺘﺮﺍﻭﺡ ﺑﲔ ﺳﻨﺔ ﻭ ‪ 10‬ﺳﻨﻮﺍﺕ‪ ،‬ﺃﻣﺎ ﺑﺎﻟﻨﺴﺒﺔ‬
‫ﻟﻼﺧﺘﻴﺎﺭﺍﺕ ﻓﻬﻲ ﻗﺼﲑﺓ ﺍﻷﺟﻞ ﻭ ﻫﻲ ﺗﺘﺮﺍﻭﺡ ﺑﲔ ‪ 03‬ﻭ ‪ 09‬ﺃﺷﻬﺮ‪.‬‬

‫‪ 1‬ﻋﺒﻴﺪ ﺳﻌﻴﺪ ﺗﻮﻓﻴﻖ‪ ،‬ﻣﺮﺟﻊ ﺳﺎﺑﻖ‪ ،‬ﺹ‪.58‬‬

‫‪ 2‬ﻋﺒﺪ ﺍﻟﻐﻔﺎﺭ ﺣﻨﻔﻲ‪ ،‬ﻣﺼﺪﺭ ﺳﺎﺑﻖ ‪ ،‬ﺹ‪.358‬‬
 ‫‪_2‬ﺍﻟﻌﻘﻮﺩ ﺍﻵﺟﻠﺔ ﻭ ﺍﳌﺴﺘﻘﺒﻠﻴﺔ‪:‬‬
‫ﻫﺬﻩ ﺍﻟﻌﻘﻮﺩ ﺗﺘﻢ ﺑﲔ ﻃﺮﻓﲔ ﺑﺎﺋﻊ ﻭ ﻣﺸﺘﺮﻱ‪ ،‬ﻳﺘﻌﻬﺪ ﻓﻴﻬﺎ ﺍﻟﺒﺎﺋﻊ ﺑﺘﺴﻠﻴﻢ ﺃﺻﻞ ﻣﻌﲔ ﺑﻜﻤﻴﺎﺕ ﻣﻌﻴﻨﺔ‬
‫ﺑﺴﻌﺮ ﻣﻌﲔ ﰲ ﺗﺎﺭﻳﺦ ﻣﻌﲔ ﰲ ﺍﳌﺴﺘﻘﺒﻞ‪.‬‬
‫ﰲ ﺍﻟﻌﻘﻮﺩ ﺍﻵﺟﻠﺔ ﻗﺪ ﻳﺮﻏﺐ ﺃﺣﺪ ﺍﻟﺘﺠﺎﺭ ﰲ ﺗﺄﻣﲔ ﺍﳊﺼﻮﻝ ﻋﻠﻰ ﻣﺎ ﳛﺘﺎﺟﻪ ﻣﻦ ﺃﺻﻞ ﻣﻌﲔ ﰲ ﺗﺎﺭﻳﺦ‬
‫ﻻﺣﻖ ﻣﺘﻔﻖ ﻋﻠﻴﻪ‪ .‬ﻭ ﻫﺬﺍ ﺍﻟﻨﻮﻉ ﻣﻦ ﺍﻟﻌﻘﻮﺩ ﻣﺘﻌﺎﺭﻑ ﻋﻠﻴﻪ ﻣﻨﺬ ﻗﺪﱘ ﺍﻟﺰﻣﺎﻥ‪.‬‬
‫ﺃﻣﺎ ﺍﻟﻌﻘﻮﺩ ﺍﳌﺴﺘﻘﺒﻠﻴﺔ ﻭ ﺇﻥ ﻛﺎﻧﺖ ﺗﺸﺒﻪ ﺍﻟﻌﻘﻮﺩ ﺍﻵﺟﻠﺔ ﺇﻻ ﺃ‪‬ﺎ ﺗﻌﺘﱪ ﻋﻘﻮﺩ ﻣﻨﻈﻤﺔ ﺣﻴﺚ ﻇﻬﺮﺕ‬
‫ﺣﺪﻳﺜﺎ ﰲ ﺃﻭﺍﺋﻞ ﺍﻟﺴﺒﻌﻴﻨﺎﺕ ﻧﺘﻴﺠﺔ ﻟﻮﺟﻮﺩ ﺑﻮﺭﺻﺔ ﺍﻟﻌﻘﻮﺩ ﺍﻟﱵ ﺗﺪﺧﻞ ﻛﻄﺮﻑ ﻭﺳﻴﻂ ﺑﲔ‬
‫ﺍﻟﺒﺎﺋﻊ ﻭ ﺍﳌﺸﺘﺮﻱ‪ ،‬ﻭ ﺗﻀﻤﻦ ﺗﻨﻔﻴﺬ ﺍﻟﻌﻘﺪ ﲝﻴﺚ ﺗﻀﻤﻦ ﺃﻥ ﻛﻼ ﻣﻦ ﺍﻟﺒﺎﺋﻊ ﻭ ﺍﳌﺸﺘﺮﻱ ﺳﻮﻑ ﻳﻠﺘﺰﻡ‬
‫ﺑﺘﻨﻔﻴﺬ ﺍﻟﻌﻘﺪ ﻭ ﺑﺎﻟﺘﺎﱄ ﻧﻘﻞ ﺑﻌﺾ ﳐﺎﻃﺮ ﺍﻟﻌﻘﻮﺩ ﺍﻵﺟﻠﺔ ﺍﻟﱵ ﱂ ﺗﻜﻦ ﻣﻀﻤﻮﻧﺔ‪.1‬‬

‫‪ 1‬ﻋﺒﻴﺪ ﺳﻌﻴﺪ ﺗﻮﻓﻴﻖ‪ ،‬ﻣﺼﺪﺭ ﺳﺎﺑﻖ‪ ،‬ﺹ‪.60‬‬

 ‫ﺧﻼﺻﺔ ﺍﻟﻔﺼﻞ ﺍﻷﻭﻝ‪:‬‬

‫ﳌﻌﺮﻓﺔ ﺳﻮﻕ ﻣﺎ ﳚﺐ ﺍﻟﺘﻮﻗﻒ ﻋﻨﺪ ﺛﻼﺛﺔ ﻧﻘﺎﻁ ﺃﺳﺎﺳﻴﺔ ﻭ ﺍﳌﺘﻤﺜﻠﺔ ﰲ ‪:‬‬

‫‪_1‬ﻣﺎﻫﻴﺔ ﻫﺬﺍ ﺍﻟﺴﻮﻕ‪.‬‬
‫‪_2‬ﺃﳘﻴﺘﻪ ﻭ ﻭﻇﺎﺋﻔﻪ‪.‬‬
‫‪_3‬ﻭ ﻣﺎ ﻫﻲ ﻣﻨﺘﺠﺎﺗﻪ‪.‬‬
‫ﻭ ﺍﺳﺘﺨﻠﺼﻨﺎ ﺃﻥ ﺍﻟﺒﻮﺭﺻﺔ ﻫﻲ ﺳﻮﻕ ﻣﺎﻟﻴﺔ ﳍﺎ ﺃﳘﻴﺔ ﺑﺎﻟﻐﺔ ﰲ ﺩﻓﻊ ﻋﺠﻠﺔ ﺍﻟﺘﻘﺪﻡ ﺍﻻﻗﺘﺼﺎﺩﻱ ﻭ ﰲ‬
‫ﺗﻄﻮﻳﺮ ﺍﻟﺜﻘﺎﻓﺔ ﺍﻻﺳﺘﺜﻤﺎﺭﻳﺔ‪.‬‬
‫ﻭ ﻳﺘﻠﺨﺺ ﺩﻭﺭﻫﺎ ﰲ ﺃ‪‬ﺎ ﻣﺼﺪﺭ ﻟﺘﻤﻮﻳﻞ ﺍﳌﺸﺎﺭﻳﻊ ﻭ ﻭﺳﻴﻠﺔ ﻟﺘﻮﻇﻴﻒ ﺍﻷﻣﻮﺍﻝ‪.‬‬
‫ﻭ ﻛﺄﻱ ﺳﻮﻕ ﳍﺎ ﻣﻨﺘﺠﺎﺕ ﺗﺘﺪﺍﻭﻝ ﻓﻴﻬﺎ ﻭ ﺍﳌﺘﻤﺜﻠﺔ ﰲ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﺣﻴﺚ ﺗﻨﻘﺴﻢ ﺇﱃ ﻧﻮﻋﲔ ﺃﺳﺎﺳﲔ‬
‫ﺍﻷﺳﻬﻢ ﻭ ﺍﻟﺴﻨﺪﺍﺕ ﺑﺎﻹﺿﺎﻓﺔ ﺇﱃ ﺃﻭﺭﺍﻕ ﺃﺧﺮﻯ‪.‬‬
‫ﻭ ﺗﻌﺮﺿﻨﺎ ﰲ ﻫﺬﺍ ﺍﻟﻔﺼﻞ ﺃﻳﻀﺎ ﺇﱃ ﻣﺰﺍﻳﺎ ﻭ ﻋﻴﻮﺏ ﻫﺬﻩ ﺍﻷﻭﺭﺍﻕ ﺍﻟﱵ ﳝﻜﻦ ﺃﻥ ﺗﻜﻮﻥ ﳏﻔﺰ ﻟﻼﺳﺘﺜﻤﺎﺭ‬
‫ﻓﻴﻬﺎ ﻛﻤﺎ ﳝﻜﻦ ﺃﻥ ﺗﻜﻮﻥ ﻏﲑ ﳏﻔﺰﺓ‪.‬‬
‫ﻓﻤﺎ ﻫﻲ ﻛﻴﻔﻴﺔ ﻋﻤﻞ ﺍﻟﺒﻮﺭﺻﺔ ﻭ ﺗﺪﺍﺑﲑ ﺍﻟﺘﻌﺎﻣﻞ ﰲ ﺍﻟﺒﻮﺭﺻﺔ؟‬
‫ﻫﺬﺍ ﻣﺎ ﺳﻨﺤﺎﻭﻝ ﺍﻻﺳﺘﻔﺴﺎﺭ ﻋﻠﻴﻪ ﰲ ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﱐ‪.‬‬
 ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﻧﻲ‪ :‬ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ ﻭﺃﺻﻨﺎﻓﻬﺎ ﻭﺍﻟﻘﻴﻢ ﺍﻟﻤﺘﺪﺍﻭﻟﺔ ﻓﻴﻬﺎ‪.‬‬
‫ﺗﻤﻬﻴﺪ‪:‬‬

‫ﻋﺮﺿﻨﺎ ﰲ ﺍﻟﻔﺼﻞ ﺍﻷﻭﻝ ﺍﻟﺒﻮﺭﺻﺔ ﻭﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﺍﳌﺘﺪﺍﻭﻟﺔ ﻓﻴﻬﺎ‪ ،‬ﺍﻻﺳﺘﺜﻤﺎﺭ ﻓﻴﻬﺎ‪ ،‬ﻭﰲ ﻫﺬﺍ ﺍﻟﻔﺼﻞ‬
‫ﻳﺘﻢ ﺍﻟﺮﺑﻂ ﺑﲔ ﻣﻜﺎﻥ ﺍﻟﺘﺪﺍﻭﻝ ﻭﺃﺩﻭﺍﺕ ﺍﻟﺘﺪﺍﻭﻝ ﺃﻱ ﺑﲔ ﺍﻟﺒﻮﺭﺻﺔ ﻭﺑﲔ ﺍﻻﺳﺘﺜﻤﺎﺭ ﰲ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﳍﺬﺍ ﻻﺑﺪ‬
‫ﻣﻦ ﻭﺟﻮﺩ ﺇﺩﺍﺭﺓ ﻭ ﺗﻨﻈﻴﻢ ﳍﺬﻩ ﺍﻟﺴﻮﻕ‪.‬‬
‫ﻭﻫﺬﺍ ﻣﺎ ﺳﻨﺘﻨﺎﻭﻟﻪ ﻣﻦ ﺧﻼﻝ ﺍﻟﻘﻮﺍﻋﺪ ﻭﺍﻹﺟﺮﺍﺀﺍﺕ ﺍﻟﱵ ﲢﻜﻢ ﺍﻟﺘﻌﺎﻣﻞ ﰲ ﺗﻠﻚ ﺍﻷﺳﻮﺍﻕ‪ ،‬ﺃﻱ ﺍﻟﻘﻮﺍﻋﺪ‬
‫ﻭﺍﻹﺟﺮﺍﺀﺍﺕ ﺍﻟﱵ ﲢﻜﻢ ﺗﺼﺮﻓﺎﺕ ﺍﳌﺘﻌﺎﻣﻞ ﰲ ﺍﻷﻭﺭﺍﻕ‪ ،‬ﻭﻣﻦ ﰒ ﻓﺈﻥ ﺩﻗﺔ ﺻﻴﺎﻏﺘﻬﺎ ﻭﻓﻬﻤﻬﻤﺎ ﻣﻄﻠﺒﺎﻥ ﺃﺳﺎﺳﻴﺎﻥ‬
‫ﻟﺘﺴﻴﲑ ﺍﻻﺗﺼﺎﻝ ﺑﲔ ﺍﻷﻃﺮﺍﻑ ﺍﳌﻌﻨﻴﺔ‪ ،‬ﻭﻟﺘﻤﻬﻴﺪ ﺍﻟﺴﺒﻴﻞ ﺃﻣﺎﻡ ﺍﳌﺘﻌﺎﻣﻠﲔ ﻹﺑﺮﺍﻡ ﺻﻔﻘﺎﺕ ﻧﺎﺟﺤﺔ‪ ،‬ﺃﻣﺎﻡ ﺗﻘﻠﺒﺎﺕ‬
‫ﺃﺳﻌﺎﺭ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﺑﺎﻟﺰﻳﺎﺩﺓ ﺃﻭ ﺑﺎﻟﻨﻘﺼﺎﻥ ﳑﺎ ﳛﻘﻖ ﺃﺭﺑﺎﺣﺎ ﺃﻭ ﺧﺴﺎﺋﺮ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻴﻊ ﻭﺍﻟﺸﺮﺍﺀ ﰲ ﺍﻟﺒﻮﺭﺻﺔ‬
‫ﻭﺫﻟﻚ ﻋﻨﺪ ﻗﻴﺎﻡ ﺑﻌﻤﻠﻴﺔ ﺍﻟﺘﺼﻔﻴﺔ ﻟﻼﻟﺘﺰﺍﻣﺎﺕ ﺍﳌﺘﺮﺗﺒﺔ ﻋﻦ ﳎﻤﻮﻋﺔ ﻣﻦ ﺍﻟﻌﻤﻠﻴﺎﺕ‪ ،‬ﻓﺘﺘﻢ ﺍﳌﻀﺎﺭﺑﺔ ﻋﻠﻰ ﺍﺭﺗﻔﺎﻉ‬
‫ﺍﻷﺳﻌﺎﺭ ﺃﻭ ﺍﳔﻔﺎﺿﻬﺎ‪.‬‬

‫ﻭﺑﺎﻟﺘﺎﱄ ﻓﺈﻥ ﺣﺠﻢ ﺍﻷﺭﺑﺎﺡ ﰲ ﺍﻟﺒﻮﺭﺻﺔ ﻳﺘﻮﻗﻒ ﻋﻠﻰ ﺍﻟﺘﻐﲑ ﰲ ﺍﻷﺳﻌﺎﺭ ﻭﺫﻟﻚ ﻭﻓﻘﺎ ﻟﻨﻈﺎﻡ ﻣﺎﱄ ﻳﺮﺑﻂ‬
‫ﺑﲔ ﺍﳌﺆﺳﺴﺎﺕ ﺍﳌﺎﻟﻴﺔ ﻭﺍﻷﺳﻮﺍﻕ ﺍﳌﺎﻟﻴﺔ ﻭﺑﲔ ﺍﻟﻮﺳﻄﺎﺀ ﻭﺍﻟﺰﺑﺎﺋﻦ‪ ،‬ﻭﺑﲔ ﺍﳌﺆﺳﺴﺎﺕ ﺍﳌﻘﻴﺪﺓ ﰲ ﺍﻟﺒﻮﺭﺻﺔ ﻭﺍﳌﺘﻌﺎﻣﻠﲔ‬
‫ﻣﻌﻬﺎ‪ ،‬ﻭﻛﻞ ﻫﺬﺍ ﻳﻘﻮﻡ ﲢﺖ ﻧﺸﺎﻁ ﺗﻘﻮﻡ ﺑﻪ ﺍﻟﺒﻮﺭﺻﺔ‪.‬‬
 ‫ﺍﻟﻤﺒﺤﺚ ﺍﻷﻭﻝ‪ :‬ﻋﻤﻞ ﺍﻟﺒﻮﺭﺻﺔ‪.‬‬

‫ﺍﻟﺒﻮﺭﺻﺔ ﺳﻮﻕ ﻣﻨﻈﻤﺔ ﺗﻨﻌﻘﺪ ﰲ ﻣﻜﺎﻥ ﻣﻌﲔ ﻭ ﰲ ﺃﻭﻗﺎﺕ ﺩﻭﺭﻳﺔ ﺑﲔ ﺍﳌﺘﻌﺎﻣﻠﲔ ﰲ ﺑﻴﻊ ﻭ ﺷﺮﺍﺀ‬
‫ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﻓﺈﺫﺍ ﻗﻠﻨﺎ ﺃ‪‬ﺎ ﺳﻮﻕ ﻣﻨﻈﻤﺔ ﻓﻴﺠﺐ ﺃﻥ ﻧﻌﺮﻑ ﺍﻟﻨﺎﺷﻄﲔ ‪‬ﺬﺍ ﺍﻟﺴﻮﻕ ﻭ ﺗﻨﻈﻴﻤﻬﻢ‪.‬‬
‫ﺍﻟﻤﻄﻠﺐ ﺍﻷﻭﻝ‪ :‬ﺗﻨﻈﻴﻢ ﺍﻟﺒﻮﺭﺻﺔ ﻭﺍﻟﻌﻀﻮﻳﺔ ﺑﻬﺎ‪.‬‬
‫ﺍﻟﻔﺮﻉ ﺍﻷﻭﻝ‪ :‬ﺗﻨﻈﻴﻢ ﺍﻟﺒﻮﺭﺻﺔ‪.1‬‬
‫ﻗﺪ ﺗﻜﻮﻥ ﺍﻟﺒﻮﺭﺻﺔ ﻋﻠﻰ ﺷﻜﻞ ﺷﺮﻛﺎﺕ ﻣﺴﺎﳘﺔ ﻛﻤﺎ ﰲ ﺍﻟﻮﻻﻳﺎﺕ ﺍﳌﺘﺤﺪﺓ ﺍﻷﻣﺮﻳﻜﻴﺔ‪ ،‬ﻛﻤﺎ ﻗﺪ‬
‫ﺗﻜﻮﻥ ﻋﻠﻰ ﺷﻜﻞ ﻣﺆﺳﺴﺔ ﻋﺎﻣﺔ ﻛﻤﺎ ﰲ ﻓﺮﻧﺴﺎ‪.‬‬
‫ﻭﻳﻬﺪﻑ ﺗﻨﻈﻴﻢ ﺑﻮﺭﺻﺔ ﺍﻟﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ ﺇﱃ ﲪﺎﻳﺔ ﺍﳌﺴﺘﺜﻤﺮﻳﻦ ﻣﻦ ﺍﻟﻐﺶ ﻭﺍﻟﺘﻼﻋﺐ ﺑﺎﳌﻌﻠﻮﻣﺎﺕ ﻭﲪﺎﻳﺔ‬
‫ﺍﳌﺼﻠﺤﺔ ﺍﻟﻌﺎﻣﺔ ﺑﺎﳊﻔﺎﻅ ﻋﻠﻰ ﺍﻷﺳﻮﺍﻕ ﺍﳊﺮﺓ ﻭﺍﳌﻔﺘﻮﺣﺔ‪ ،‬ﻭﺫﻟﻚ ﺑﻘﻮﺍﻧﲔ ﻭﻟﻮﺍﺋﺢ ﳐﺘﻠﻔﺔ ﻟﻀﺒﻂ ﺍﻟﺘﻌﺎﻣﻞ ﰲ‬
‫ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ‪.‬‬
‫ﻳﺆﻟﻒ ﳎﻤﻮﻉ ﺍﻷﻋﻀﺎﺀ ﺍﻟﻌﺎﻣﻠﲔ ﻭﺍﳌﻨﻈﻤﲔ ﰲ ﺍﻟﺒﻮﺭﺻﺔ " ﺍﳉﻤﻌﻴﺔ ﺍﻟﻌﺎﻣﺔ " ﻳﺮﺃﺳﻬﺎ ﺭﺋﻴﺲ ﳉﻨﺔ‬
‫ﺍﻟﺒﻮﺭﺻﺔ ﺃﻭ ﻧﺎﺋﺒﻬﺎ ﻭﰲ ﺍﳉﻤﻌﻴﺔ ﺍﻟﻌﺎﻣﺔ ﻳﺘﻢ ﺍﻟﺘﺼﺪﻳﻖ ﻋﻠﻰ ﺍﳌﻴﺰﺍﻧﻴﺔ ﻭﻋﻠﻰ ﺣﺴﺎﺏ ﺍﻹﻳﺮﺍﺩﺍﺕ ﻭﺍﻟﻨﻔﻘﺎﺕ‪ ،‬ﻭﳍﺎ ﺃﻥ‬
‫ﺗﺒﺪﻱ ﺭﻏﺒﺘﻬﺎ ﰲ ﲨﻴﻊ ﺍﳌﺴﺎﺋﻞ ﺍﻟﱵ ﻳﺘﻌﻠﻖ ﺑﺎﻟﺒﻮﺭﺻﺔ ﻭﺑﺎﻷﺧﺺ ﻓﻴﻤﺎ ﻳﺘﻌﻠﻖ ﺑﺘﻌﺪﻳﻞ ﺍﻟﻠﻮﺍﺋﺢ ﻭﺇﺻﺪﺍﺭ ﺍﻟﻘﺮﺍﺭﺍﺕ‬
‫ﻳﻜﻮﻥ ﺑﺄﻏﻠﺒﻴﺔ ﺍﻷﺻﻮﺍﺕ‪.‬‬
‫ﻭﺗﻜﻮﻥ ﰲ ﻛﻞ ﺍﻟﺒﻮﺭﺻﺔ ﻣﻦ ﺑﻮﺭﺻﺎﺕ ﺍﻟﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ ﳉﻨﺔ ﻳﻄﻠﻖ ﻋﻠﻴﻬﺎ " ﳉﻨﺔ ﺍﻟﺒﻮﺭﺻﺔ " ﻣﺆﻟﻔﺔ ﻣﻦ‬
‫ﻋﺪﺓ ﺃﻋﻀﺎﺀ ﳜﺘﺎﺭﻭﻥ ﻣﻦ ﺑﲔ ﺍﻟﺴﻤﺎﺳﺮﺓ ﻭﻣﻦ ﻗﺒﻞ ﺍﻟﺪﻭﻟﺔ‪ ،‬ﻣﻬﻤﺔ ﻫﺬﻩ ﺍﻟﻠﺠﻨﺔ ﺍﻟﺘﺤﻘﻖ ﻣﻦ ﺣﺴﻦ ﺳﲑ ﺍﻟﻌﻤﻞ ﰲ‬
‫ﺍﻟﺒﻮﺭﺻﺔ ﻭﺫﻟﻚ ﺑﺈﺻﺪﺍﺭ ﻧﺸﺮﺓ ﺍﻷﺳﻌﺎﺭ ﻛﻞ ﻳﻮﻡ ﺃﻭ ﻛﻞ ﺟﻠﺴﺔ ﻭﺗﻮﺯﻉ ﰲ ﺍﻟﻴﻮﻡ ﺍﻟﺘﺎﱄ‪.‬‬
‫ﻭﳚﺐ ﺗﻨﻔﻴﺬ ﺍﻷﻭﺍﻣﺮ ﺍﻟﺼﺎﺩﺭﺓ ﻋﻦ ﺍﻟﻮﺳﻄﺎﺀ ﰲ ﺍﳌﻘﺼﻮﺭﺓ ﻭﺇﻻ ﺍﻋﺘﱪﺕ ﺑﺎﻃﻠﺔ‪ ،‬ﻭﺍﳌﻘﺼﻮﺭﺓ ﻫﻲ ﻣﻜﺎﻥ‬
‫ﺍﻟﺬﻱ ﺗﺘﺨﺬﻩ ﺍﻟﻠﺠﻨﺔ ﻟﺘﻨﻔﻴﺬ ﺃﻭﺍﻣﺮ ﺍﻟﺒﻴﻊ ﻭ ﺍﻟﺸﺮﺍﺀ ﻭﳝﻨﻊ ﺩﺧﻮﻝ ﺇﻟﻴﻬﺎ ﻏﲑ ﺍﻟﻮﺳﻄﺎﺀ ﺍﳌﻘﻴﺪﻳﻦ ﰲ ﺟﺪﻭﻝ ﺍﻟﺒﻮﺭﺻﺔ‪،‬‬
‫ﺃﻣﺎ ﻏﺮﻓﺔ ﺍﳌﻘﺎﺻﺔ ﻓﻴﺘﻢ ‪‬ﺎ ﺗﺴﻮﻳﺔ ﻛﺎﻓﺔ ﺍﳌﻌﺎﻣﻼﺕ ﺍﻟﱵ ﺃﺑﺮﻣﺖ ﰲ‬

‫ﺍﻟﺒﻮﺭﺻﺔ ﺑﲔ ﺍﻟﻮﺳﻄﺎﺀ ﺍﻟﺪﺍﺋﻨﲔ ﻭﺍﳌﺪﻳﻨﲔ‪ ،‬ﻭﻳﻘﻮﻡ ﳎﻠﺲ ﺍﻟﺘﺄﺩﻳﺐ ﺑﺎﻟﻨﻈﺮ ﻓﻴﻤﺎ ﻳﻘﻊ ﻣﻦ ﻗﺒﻞ ﺍﻟﺴﻤﺎﺳﺮﺓ ﰲ ﺃﺣﻜﺎﻡ‬
‫ﻭﻗﻮﺍﻧﲔ ﺍﻟﺒﻮﺭﺻﺔ‪ ،‬ﻭﺗﻘﻮﻡ ﻫﻴﺌﺔ ﺍﻟﺘﺤﻜﻴﻢ ﺑﺎﻟﻨﻈﺮ ﰲ ﺍﳌﻨﺎﺯﻋﺎﺕ ﺍﻟﱵ ﺗﻘﻊ ﺑﲔ ﺃﻋﻀﺎﺀ ﺍﻟﺒﻮﺭﺻﺔ ﻭﺣﻠﻬﺎ‪.1‬‬

‫‪ 1‬ﳏﺴﻦ ﺃﲪﺪ ﺍﳋﻀﺮﻱ‪ ،‬ﻣﺮﺟﻊ ﺳﺎﺑﻖ‪ ،‬ﺹ ‪.54‬‬

‫ﻭﺗﺸﺮﻑ ﺍﳊﻜﻮﻣﺔ ﻋﻠﻰ ﲨﻴﻊ ﺍﻟﺒﻮﺭﺻﺎﺕ ﻋﻦ ﻃﺮﻳﻖ ﻭﺿﻊ ﳑﺜﻞ ﳍﺎ ﻣﻬﻤﺘﻪ ﻣﺮﺍﻗﺒﺔ ﺍﻟﻘﻮﺍﻧﲔ ﻭﺍﻟﻠﻮﺍﺋﺢ‪،‬‬
‫ﻭﻳﻜﻮﻥ ﺣﻀﻮﺭﻩ ﻭﺍﺟﺐ ﰲ ﺍﺟﺘﻤﺎﻋﺎﺕ ﺍﳉﻤﻌﻴﺔ ﺍﻟﻌﺎﻣﺔ ﻭﺟﻠﺴﺎﺕ ﳉﻨﺔ ﺍﻟﺒﻮﺭﺻﺔ ﻭﳎﻠﺲ ﺍﻟﺘﺄﺩﻳﺐ ﻭﻫﻴﺌﺔ‬
‫ﺍﻟﺘﺤﻜﻴﻢ‪ ،‬ﻭﺇﻻ ﻛﺎﻧﺖ ﻗﺮﺍﺭﺍ‪‬ﺎ ﺑﺎﻃﻠﺔ‪ ،‬ﻭﻟﻪ ﺍﳊﻖ ﰲ ﺍﻻﻋﺘﺮﺍﺽ ﻋﻠﻰ ﲨﻴﻊ ﻗﺮﺍﺭﺍﺕ ﺍﳉﻤﻌﻴﺔ ﺍﻟﻌﺎﻣﺔ ﻭﳉﻨﺔ ﺍﻟﺒﻮﺭﺻﺔ‬
‫ﺇﺫﺍ ﺃﺻﺪﺭﺕ ﳐﺎﻟﻔﺔ ﻟﻘﻮﺍﻧﲔ ﺃﻭ ﻟﻮﺍﺋﺢ ﺍﻟﺒﻮﺭﺻﺔ‪.‬‬

‫ﺍﻟﻔﺮﻉ ﺍﻟﺜﺎﱐ‪ :‬ﺍﻟﻌﻀﻮﻳﺔ ﰲ ﺍﻟﺒﻮﺭﺻﺔ‪.‬‬

‫ﻻ ﳚﻮﺯ ﺍﻟﺘﻌﺎﻣﻞ ﰲ ﺍﻟﺒﻮﺭﺻﺔ ﺇﻻ ﻣﻦ ﺧﻼﻝ ﻭﺳﻄﺎﺀ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ‪ ،‬ﻭﻣﻬﻨﺔ ﺍﻟﻮﺳﻴﻂ ﻣﻬﻨﺔ ﻗﺎﻧﻮﻧﻴﺔ ﻗﺎﺋﻤﺔ‬
‫ﺑﺬﺍ‪‬ﺎ‪ ،‬ﻭﻫﻲ ﺣﺮﻓﺔ ﳛﺘﺮﻓﻬﺎ ﺧﱪﺍﺀ ﰎ ﺍﺧﺘﺒﺎﺭﻫﻢ ﻭﺗﺴﺠﻴﻠﻬﻢ ﻭﻣﻨﺤﻬﻢ ﺇﺟﺎﺯﺓ ﻭﺣﻖ ﺍﻟﺘﻌﺎﻣﻞ ﰲ ﺍﻟﺒﻮﺭﺻﺔ‪.‬‬
‫ﻭﺑﺎﻟﺘﺎﱄ ﻓﺈﻧﻪ ﻻ ﳚﻮﺯ ﻟﻐﲑ ﺍﻟﻮﺳﻴﻂ ﺍﳌﻘﻴﺪ ﰲ ﺍﻟﺒﻮﺭﺻﺔ ﺍﻟﺘﻌﺎﻣﻞ ﻓﻴﻬﺎ‪ ،‬ﻓﺎﻟﻮﺳﻴﻂ ﺗﺘﻢ ﺍﻟﺼﻔﻘﺔ ﻋﻦ ﻃﺮﻳﻘﻪ‪،‬‬
‫ﻭﻫﻮ ﺿﻤﺎﻥ ﻹﲤﺎﻡ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻴﻊ ﻭﺍﻟﺸﺮﺍﺀ ﻭﺳﻼﻣﺘﻬﺎ ﻭﻗﺎﻧﻮﻧﻴﺘﻬﺎ‪ ،‬ﻭﻳﻌﺪ ﺍﻟﻮﺳﻴﻂ ﻣﻦ ﺃﻫﻢ ﺍﻟﻔﺎﻋﻠﲔ ﺍﻟﺮﺋﻴﺴﻴﲔ ﰲ‬
‫ﺍﻟﺒﻮﺭﺻﺎﺕ ﳌﺎ ﻟﻪ ﻣﻦ ﺩﻭﺭ ﺷﺪﻳﺪ ﺍﻷﳘﻴﺔ ﰲ ﺗﻘﺪﱘ ﳎﻤﻮﻋﺔ ﺍﳋﺪﻣﺎﺕ ﺍﳌﺘﻜﺎﻣﻠﺔ ﺍﻟﱵ ﳛﺘﺎﺝ ﺇﻟﻴﻬﺎ ﺍﳌﺘﻌﺎﻣﻠﻮﻥ ﰲ‬
‫ﺍﻟﺒﻮﺭﺻﺎﺕ‪ ،‬ﻭﻫﻮ ﺃﺣﺪ ﺍﻟﻌﻨﺎﺻﺮ ﺍﻟﱵ ﺑﺪﻭ‪‬ﺎ ﻻ ﻳﺘﻢ ﺍﻟﺘﻌﺎﻣﻞ ﰲ ﺍﻟﺒﻮﺭﺻﺔ ﻟﻴﺲ ﰲ ﻛﻮﻧﻪ ﻭﺳﻴﻂ ﻓﻘﻂ ﻭﻟﻜﻦ ﺃﻳﻀﺎ‬
‫ﳌﺎ ﻳﻘﻮﻡ ﺑﻪ ﻣﻦ ﺧﺪﻣﺎﺕ ﺃﺧﺮﻯ ﺫﺍﺕ ﻃﺎﺑﻊ ﺧﺎﺹ‪ ،‬ﻓﺎﻟﻮﺳﻴﻂ ﻫﻮ ﺍﳌﺴﺘﺸﺎﺭ ﺍﻟﺬﻱ ﻳﺮﺷﺪ ﺍﳌﺴﺘﺜﻤﺮ ﻭﻳﺴﺎﻋﺪﻩ ﻋﻠﻰ‬
‫ﺣﺴﻦ ﺍﺧﺘﻴﺎﺭ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﻟﻠﺸﺮﻛﺎﺕ ﺍﻟﻘﻮﻳﺔ‪ ،‬ﻭﻳﻮﺿﺢ ﻟﻪ ﺃﻓﻀﻞ ﺃﻭﻗﺎﺕ ﺍﻟﺸﺮﺍﺀ ﻭﺍﻟﺒﻴﻊ‪.2‬‬

‫ﻭﺫﻟﻚ ﻣﻘﺎﺑﻞ ﻗﻴﻤﺔ ﺗﺴﺪﺩ ﻋﻠﻰ ﺍﻟﺼﻔﻘﺎﺕ‪ ،‬ﻭﳝﻜﻦ ﺍﻟﺘﻔﺮﻗﺔ ﺑﲔ ﺃﺳﻠﻮﺑﲔ ﻟﺴﺪﺍﺩ ﻗﻴﻤﺔ ﺍﻟﺼﻔﻘﺎﺕ‪:3‬‬
‫‪_1‬ﺍﻷﺳﻠﻮﺏ ﺍﻟﻨﻘﺪﻱ ﺍﻟﻜﺎﻣﻞ‪:‬‬
‫ﻭﻫﻮ ﺃﻥ ﻳﻘﻮﻡ ﺍﻟﺰﺑﻮﻥ ﺑﺴﺪﺍﺩ ﻗﻴﻤﺔ ﻣﺸﺘﺮﻳﺎﺗﻪ ﻧﻘﺪﺍ ﻭﺍﳊﺼﻮﻝ ﻋﻠﻰ ﻗﻴﻤﺔ ﻣﺒﻴﻌﺎﺗﻪ ﻧﻘﺪﺍ‪ ،‬ﻭﺫﻟﻚ ﺧﻼﻝ‬
‫ﻓﺘﺮﺓ ﺯﻣﻨﻴﺔ ﳏﺪﺩﺓ‪.‬‬
‫‪_2‬ﺍﻷﺳﻠﻮﺏ ﺍﻟﻨﻘﺪﻱ ﺍﳉﺰﺋﻲ‪:‬‬
‫ﻓﻴﻘﺼﺪ ﺑﻪ ﰲ ﺣﺎﻟﺔ ﺍﻟﺸﺮﺍﺀ ﻗﻴﺎﻡ ﺍﻟﺰﺑﻮﻥ ﺑﺘﻤﻮﻳﻞ ﺟﺰﺀ ﻣﻦ ﻣﺸﺘﺮﻳﺎﺗﻪ ﻧﻘﺪﺍ‪ ،‬ﻭﺍﻟﺒﺎﻗﻲ ﻳﺘﻢ ﺳﺪﺍﺩﻩ ﺑﺄﻣﻮﺍﻝ‬
‫ﻣﻘﺘﺮﺿﺔ‪ ،‬ﻭﻫﻮ ﻣﺎ ﻳﺴﻤﻰ ﺑﺎﻟﺸﺮﺍﺀ ﺍﳍﺎﻣﺸﻲ‪ ،‬ﺣﻴﺚ ﺗﻌﺘﱪ ﻗﻴﻤﺔ ﺍﳌﺪﻓﻮﻋﺎﺕ ﺍﻟﻨﻘﺪﻳﺔ ﻫﺎﻣﺶ ﻣﺒﺪﺋﻲ ﻟﺼﻔﻘﺔ ﺍﻟﺸﺮﺍﺀ‬
‫ﻭﺍﻟﺒﺎﻗﻲ ﺑﻘﺮﺽ ﻟﻀﻤﺎﻥ ﺃﻭﺭﺍﻕ ﳏﻞ ﺍﻟﺼﻔﻘﺔ‪.‬‬

‫‪ 1‬ﺿﻴﺎﺀ ﺍﺠﻤﻟﻴﺪ ﺍﳌﻮﺳﻲ‪ " ،‬ﺍﻟﺒﻮﺭﺻﺎﺕ‪ .‬ﺃﺳﻮﺍﻕ ﺭﺃﺱ ﺍﳌﺎﻝ ﻭﺃﺩﻭﺍ‪‬ﺎ ) ﺍﻷﺳﻬﻢ‪ ،‬ﺍﻟﺴﻨﺪﺍﺕ( "‪ ،‬ﺹ‪.17‬‬
‫‪ 2‬ﳏﺴﻦ ﺃﲪﺪ ﺍﳋﻀﺮﻱ‪ ،‬ﻣﺮﺟﻊ ﺳﺎﺑﻖ‪ ،‬ﺹ ‪.55‬‬
‫‪ 3‬ﻣﻨﲑ ﺇﺑﺮﺍﻫﻴﻢ ﺍﳍﻨﺪﻱ‪ ،‬ﻣﺮﺟﻊ ﺳﺎﺑﻖ‪ ،‬ﺹ ‪.109‬‬
‫ﺃﻣﺎ ﰲ ﺣﺎﻟﺔ ﺍﻟﺒﻴﻊ ﻓﻴﻘﺼﺪ ﺑﻪ ﺍﻟﺒﻴﻊ ﻋﻠﻰ ﺍﳌﻜﺸﻮﻑ‪ ،‬ﺃﻱ ﻗﻴﺎﻡ ﺍﻟﻌﻤﻴﻞ ﺑﺒﻴﻊ ﺃﺳﻬﻢ ﻻ ﳝﻠﻜﻬﺎ ﻭﻟﻜﻦ ﳝﻜﻦ‬
‫ﺍﻗﺘﺮﺍﺿﻬﺎ ﰲ ﻣﻘﺎﺑﻞ ﺗﺄﻣﲔ ﻳﻮﺩﻉ ﻟﺪﻯ ﺍﳌﻘﺮﺽ‪ ،‬ﻭﻟﻜﻦ ﺍﻷﺻﻞ ﰲ ﺍﳌﻌﺎﻣﻼﺕ ﺃﻥ ﺗﺸﺘﺮﻯ ﺍﻟﻮﺭﻗﺔ ﺍﳌﺎﻟﻴﺔ ﺃﻭﻻ ﰒ‬
‫ﺗﺒﺎﻉ ﻓﻴﻤﺎ ﺑﻌﺪ‪ ،‬ﻭﻫﻮ ﺍﻟﺴﻠﻮﻙ ﺍﳌﺘﻮﻗﻊ ﻣﻦ ﺍﳌﺸﺘﺮﻱ ﺍﻟﺬﻱ ﻳﺸﺘﺮﻱ ﺍﻟﻮﺭﻗﺔ ﻋﻠﻰ ﺃﻣﻞ ﺃﻥ ﺗﺮﺗﻔﻊ ﻗﻴﻤﺘﻬﺎ ﺍﻟﺴﻮﻗﻴﺔ ﻓﻴﻤﺎ‬
‫ﺑﻌﺪ ﻭﲢﻘﻖ ﺑﻌﺾ ﺍﻷﺭﺑﺎﺡ‪.‬‬

‫ﺍﻟﻤﻄﻠﺐ ﺍﻟﺜﺎﻧﻲ‪ :‬ﻣﺆﺳﺴﺎﺕ ﺍﻟﻮﺳﺎﻃﺔ ﺍﻟﻤﺎﻟﻴﺔ ﻓﻲ ﺍﻟﺒﻮﺭﺻﺔ‪.‬‬

‫ﺍﻟﻔﺮﻉ ﺍﻷﻭﻝ‪ :‬ﻃﺒﻴﻌﺔ ﺍﻟﻮﺳﺎﻃﺔ ﺍﳌﺎﻟﻴﺔ ﻟﻠﻤﺆﺳﺴﺎﺕ ﰲ ﺍﻟﺒﻮﺭﺻﺔ‪.‬‬

‫ﻭﻫﻲ ﻣﻨﻈﻤﺎﺕ ﺗﺼﺪﺭ ﺍﻟﺘﺰﺍﻣﺎﺕ ﻣﺎﻟﻴﺔ ﻋﻠﻰ ﻧﻔﺴﻬﺎ‪ ،‬ﺃﻱ ﺃ‪‬ﺎ ﺗﺒﻴﻊ ﺃﺻﻮﻝ ﻣﺎﻟﻴﺔ ﺗﺮﺗﺐ ﺍﻟﺘﺰﺍﻣﺎﺕ ﻣﺎﻟﻴﺔ ﻋﻠﻴﻬﺎ‪ ،‬ﰲ‬
‫ﻣﻘﺎﺑﻞ ﺍﻟﻘﻴﻤﺔ ﺍﻟﻨﻘﺪﻳﺔ ﺍﻟﱵ ﲢﺼﻞ ﻋﻠﻴﻬﺎ ﰒ ﺗﺴﺘﺨﺪﻡ ﻫﺬﻩ ﺍﳊﺼﻴﻠﺔ ﺍﻟﻨﻘﺪﻳﺔ ﻣﻦ ﻫﺬﻩ ﺍﻹﺻﺪﺍﺭﺍﺕ ﰲ ﺷﺮﺍﺀ ﺃﺻﻮﻝ‬
‫ﻣﺎﻟﻴﺔ ﻣﻦ ﺍﻟﻐﲑ‪ ،‬ﻭﺣﻴﺚ ﺃﻥ ﺍﻻﻟﺘﺰﺍﻣﺎﺕ ﺍﳌﺎﻟﻴﺔ ﲤﺜﻞ ﺍﳉﻨﺐ ﺍﻷﻳﺴﺮ ﻣﻦ ﻣﻴﺰﺍﻧﻴﺔ ﺍﳌﺆﺳﺴﺔ ﻓﺈﻥ ﺍﻟﺘﻔﺮﻗﺔ ﺍﻷﺳﺎﺳﻴﺔ ﺑﲔ‬
‫ﺍﳌﺆﺳﺴﺎﺕ ﻭﺍﳌﻨﻈﻤﺎﺕ ﺍﻷﺧﺮﻯ ﺗﺘﺮﻛﺰ ﰲ ﻋﻨﺎﺻﺮ ﺍﳉﺎﻧﺐ ﺍﻷﳝﻦ ﻣﻦ ﺍﳌﻴﺰﺍﻧﻴﺔ‪ ،‬ﻓﻌﻠﻰ ﺳﺒﻴﻞ ﺍﳌﺜﺎﻝ ﻳﺮﺗﺐ ﺍﻟﺒﻨﻚ‬
‫ﺍﻟﺘﺠﺎﺭﻱ ﺍﻟﺘﺰﺍﻣﺎﺕ ﻣﺎﻟﻴﺔ ﻋﻠﻰ ﻧﻔﺴﻪ ﺑﺸﻜﻞ ﻗﺮﻭﺽ‪ ،‬ﻛﻤﺎ ﺃﻥ ﻟﻪ ﺃﻣﻮﺍﻝ ﻣﻠﻜﺎ ﻟﻪ ﺗﻈﻬﺮ ﺑﻨﻔﺲ ﺍﻟﺼﻮﺭﺓ ﺍﻟﱵ ﺗﻈﻬﺮ‬
‫‪‬ﺎ ﰲ ﻣﻴﺰﺍﻧﻴﺔ ﺃﻱ‬

‫ﺷﺮﻛﺔ‪ ،‬ﻭﻟﻜﻦ ﺍﻟﻨﻈﺮﺓ ﺇﱃ ﺟﺎﻧﺐ ﺍﻷﺻﻮﻝ ﰲ ﻣﻴﺰﺍﻧﻴﺔ ﺍﻟﺒﻨﻚ ﺗﻈﻬﺮ ﺃﻥ ﺍﳉﺰﺀ ﺍﻷﻛﱪ ﻣﻦ ﺃﻣﻮﺍﻝ ﺍﻟﺒﻨﻚ ﻳﺘﻢ‬
‫ﺍﺳﺘﺜﻤﺎﺭﻫﺎ ﰲ ﻗﺮﻭﺽ ﺍﻷﻓﺮﺍﺩ ﻭﺍﳌﺆﺳﺴﺎﺕ ﻭﻛﺬﺍ ﰲ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﻣﺜﻞ ﺳﻨﺪﺍﺕ ﺍﳋﺰﻳﻨﺔ‪.‬‬
‫ﰲ ﺣﲔ ﺃﻥ ﺍﻟﺸﺮﻛﺔ ﺍﻟﺼﻨﺎﻋﻴﺔ ﺗﺴﺘﺜﻤﺮ ﺃﺻﻮﳍﺎ ﰲ ﺍﻷﺭﺍﺿﻲ ﻭﺍﳌﺒﺎﱐ ﻭﺍﻵﻻﺕ ﻭﺍﳌﻌﺪﺍﺕ ﻭﳐﺰﻭﻥ‬
‫ﺍﻟﺴﻠﻊ‪ ،‬ﻭﻳﻘﻮﻡ ﺍﻟﺒﻨﻚ ﺃﺳﺎﺳﺎ ﺑﺎﻻﺳﺘﺜﻤﺎﺭ ﰲ ﺍﻷﺻﻮﻝ ﺍﳌﺎﻟﻴﺔ ﰲ ﺣﲔ ﺃﻥ ﺍﻻﺳﺘﺜﻤﺎﺭ ﺍﻷﺳﺎﺳﻲ ﻟﻠﺸﺮﻛﺔ ﺍﻟﺼﻨﺎﻋﻴﺔ‬
‫ﻳﻜﻮﻥ ﰲ ﺃﺻﻮﻝ ﺣﻘﻴﻘﻴﺔ‪ ،‬ﻭﻟﺬﺍ ﻳﺘﻢ ﺗﺼﻨﻴﻒ ﺍﻟﺒﻨﻮﻙ ﺍﻟﺘﺠﺎﺭﻳﺔ ﻛﻤﺆﺳﺴﺔ ﻣﺎﻟﻴﺔ‪.‬‬
‫ﺑﺎﻹﺿﺎﻓﺔ ﺇﱃ ﺍﻟﺒﻨﻮﻙ ﺍﻟﺘﺠﺎﺭﻳﺔ ﻫﻨﺎﻙ ﻣﺆﺳﺴﺎﺕ ﻣﺎﻟﻴﺔ ﺃﺧﺮﻯ ﻣﺜﻞ ﺑﻨﻮﻙ ﺍﻻﺳﺘﺜﻤﺎﺭ ﻭﺷﺮﻛﺎﺕ ﺍﻟﺘﺄﻣﲔ‬
‫ﻭﺻﻨﺎﺩﻳﻖ ﺍﻻﺳﺘﺜﻤﺎﺭ ﻭﻏﲑﻫﺎ‪ ،‬ﻭﳝﻜﻦ ﻟﻠﻤﺆﺳﺴﺎﺕ ﺍﳌﺎﻟﻴﺔ ﺃﻥ ﺗﻮﻓﺮ ﺍﻷﺳﻠﻮﺏ ﻏﲑ ﺍﳌﺒﺎﺷﺮ‪ ،‬ﻭﳝﻜﻦ ﻟﻠﺸﺮﻛﺎﺕ‬
‫ﺍﳊﺼﻮﻝ ﻋﻠﻰ ﺍﻷﻣﻮﺍﻝ ﻣﺒﺎﺷﺮﺓ ﻣﻦ ﺍﳉﻤﻬﻮﺭ ﺍﻟﻌﺎﻡ ﺑﺎﺳﺘﺨﺪﺍﻡ ﺍﻟﺴﻮﻕ ﺍﻷﻭﻟﻴﺔ‪ ،‬ﺃﻣﺎ ﺍﻟﺒﺪﻳﻞ ﻓﻬﻮ ﺍﳊﺼﻮﻝ ﻋﻠﻰ‬
‫ﺍﻷﻣﻮﺍﻝ ﻣﻦ ﺍﳉﻤﻬﻮﺭ ﺍﻟﻌﺎﻡ ﻋﻦ ﻃﺮﻳﻖ ﻣﺆﺳﺴﺎﺕ ﺍﻟﻮﺳﺎﻃﺔ ﺍﳌﺎﻟﻴﺔ‪ ،‬ﰲ ﺣﲔ ﺗﻘﻮﻡ ﺍﳌﺆﺳﺴﺔ ﺍﳌﺎﻟﻴﺔ ﺑﺎﳊﺼﻮﻝ ﻋﻠﻰ‬
‫ﺍﻷﻣﻮﺍﻝ ﻋﻦ ﻃﺮﻳﻖ ﺍﻟﺴﻤﺎﺡ ﻟﻠﺠﻤﻬﻮﺭ ﺍﻟﻌﺎﻡ ﺑﻔﺘﺢ ﺣﺴﺎﺑﺎﺕ ﺟﺎﺭﻳﺔ ﺃﻭ ﺇﻳﺪﺍﻉ ﺍﺳﺘﺜﻤﺎﺭ ﻟﺪﻳﻬﺎ‪.‬‬
 ‫‪_1‬ﺍﻷﺳﻠﻮﺏ ﺍﳌﺒﺎﺷﺮ)‪:(1‬‬
‫ﺇﺻﺪﺍﺭ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ‬
‫ﺍﳉﻤﻬﻮﺭ ﺍﻟﻌﺎﻡ‬ ‫ﺍﻟﺸﺮﻛﺔ‬
‫ﺗﻮﻓﲑ ﺍﻷﻣﻮﺍﻝ‬
‫‪_2‬ﺍﻷﺳﻠﻮﺏ ﻏﲑ ﺍﳌﺒﺎﺷﺮ‪:‬‬

‫ﻓﺘﺢ ﺣﺴﺎﺑﺎﺕ‬ ‫ﺇﺻﺪﺍﺭ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ‬

‫ﺍﳌﺆﺳﺴﺎﺕ ﺍﳌﺎﻟﻴﺔ‬ ‫ﺍﳉﻤﻬﻮﺭ ﺍﻟﻌﺎﻡ‬ ‫ﺍﻟﺸﺮﻛﺔ‬
‫ﺗﻮﻓﲑ ﺍﻷﻣﻮﺍﻝ‬ ‫ﺗﻮﻓﲑ ﺍﻷﻣﻮﺍﻝ‬

‫ﺍﻟﻤﺼﺪﺭ‪ :‬ﻣﺤﻤﺪ ﺻﺎﻟﺢ ﺣﻨﺎﻭﻱ " ﺍﻟﻤﺎﻝ ﻭ ﺍﻷﻋﻤﺎﻝ"‪ ،‬ﺍﻟﺪﺍﺭ ﺍﻟﺠﺎﻣﻌﻴﺔ‪ ،‬ﺳﻨﺔ ‪ ،98‬ﺹ‪.08‬‬

‫ﺍﻟﻔﺮﻉ ﺍﻟﺜﺎﱐ‪ :‬ﻭﻇﻴﻔﺔ ﺍﳌﺆﺳﺴﺔ ﺍﳌﺎﻟﻴﺔ ﰲ ﺍﻟﺒﻮﺭﺻﺔ‪.‬‬

‫ﺗﻌﺘﱪ ﺍﳌﺆﺳﺴﺎﺕ ﺍﳌﺎﻟﻴﺔ ﺟﺰﺀ ﻣﻦ ﺍﻟﻨﻈﺎﻡ ﺍﳌﺎﱄ ﺍﻟﺬﻱ ﳜﺪﻡ ﺍﺠﻤﻟﺘﻤﻊ‪ ،‬ﺣﻴﺚ ﻳﺘﻜﻮﻥ ﻣﻦ ﺷﺒﻜﺔ ﻣﻦ‬
‫ﺍﳌﺆﺳﺴﺎﺕ ﺍﳌﺎﻟﻴﺔ ﻭ ﺍﻟﺒﻮﺭﺻﺔ ﻭﺭﺟﺎﻝ ﺃﻋﻤﺎﻝ ﻭﺍﳊﻜﻮﻣﺎﺕ ﺍﻟﱵ ﺗﺸﺎﺭﻙ ﰲ ﻫﺬﺍ ﺍﻟﻨﻈﺎﻡ ﻭﺗﻨﻈﻴﻢ ﻋﻤﻠﻴﺎﺗﻪ‪ ،‬ﻓﺎﻟﻮﻇﻴﻔﺔ‬
‫ﺍﻷﺳﺎﺳﻴﺔ ﻟﻠﻨﻈﺎﻡ ﺍﳌﺎﱄ ﻫﻲ ﲢﻮﻳﻞ ﺍﻷﻣﻮﺍﻝ ﻣﻦ ﺍﳌﻘﺮﺿﲔ ﺇﱃ ﺍﳌﻘﺘﺮﺿﲔ‪ ،‬ﻭﻣﻦ ﻭﺣﺎﺩﺕ ﺫﺍﺕ ﺍﻟﻔﺎﺋﺾ ﺍﳌﺎﱄ ﺇﱃ‬
‫ﻭﺣﺪﺍﺕ ﺫﺍﺕ ﺍﻟﻌﺠﺰ ﺍﳌﺎﱄ‪ ،‬ﻭﻳﺘﻢ ﻫﺬﺍ ﺍﻟﺘﺤﻮﻳﻞ ﻣﻦ ﺧﻼﻝ ﺍﻷﺳﻮﺍﻕ ﺍﳌﺎﻟﻴﺔ ﺍﻟﱵ ﺗﺘﻮﺳﻂ ﻫﺬﻩ ﺍﳌﻌﺎﻣﻼﺕ‪.1‬‬
‫ﺍﻟﻤﻄﻠﺐ ﺍﻟﺜﺎﻟﺚ‪ :‬ﺍﻟﻤﻀﺎﺭﺑﺔ ﺑﺎﻷﻭﺭﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ ﻭﺩﻭﺭ ﺍﻟﺤﻜﻮﻣﺔ ﻓﻲ ﻣﺮﺍﻗﺒﺔ ﺍﻟﺒﻮﺭﺻﺔ‪.‬‬

‫ﺍﻟﻔﺮﻉ ﺍﻷﻭﻝ‪ :‬ﻣﺎﻫﻴﺔ ﺍﳌﻀﺎﺭﺑﺔ‪.‬‬

‫‪_1‬ﺍﳌﻀﺎﺭﺑﺔ‪:‬‬
‫ﳝﻜﻦ ﺗﻌﺮﻳﻒ ﺍﳌﻀﺎﺭﺑﺔ ﺑﺄ‪‬ﺎ ﺑﻴﻊ ﻭﺷﺮﺍﺀ ﺃﻭﺭﺍﻕ ﻣﺎﻟﻴﺔ ﻻ ﳊﺎﺟﺔ ﺭﺍﻫﻨﺔ ﺑﻞ ﻟﻼﺳﺘﻔﺎﺩﺓ ﻣﻦ ﻓﻮﺍﺭﻕ‬
‫ﺍﻷﺳﻌﺎﺭ ﺍﻟﻨﺎﲡﺔ ﻋﻦ ﺗﻨﺒﺆ ﰲ ﺗﻐﻴﲑ ﻗﻴﻢ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ‪.2‬‬

‫)‪ (1‬ﻣﺤﻤﺪ ﺻﺎﻟﺢ ﺣﻨﺎﻭﻱ " ﺍﻟﻤﺎﻝ ﻭ ﺍﻷﻋﻤﺎﻝ"‪ ،‬ﺍﻟﺪﺍﺭ ﺍﻟﺠﺎﻣﻌﻴﺔ‪ ،‬ﺳﻨﺔ ‪ ،98‬ﺹ‪08‬‬
‫‪ 1‬ﻣﻨﲑ ﺇﺑﺮﺍﻫﻴﻢ ﺍﳍﻨﺪﻱ‪ ،‬ﻣﺮﺟﻊ ﺳﺎﺑﻖ‪ ،‬ﺹ‪.19‬‬
‫‪ 2‬ﴰﻌﻮﻥ ﴰﻌﻮﻥ‪ ،‬ﻣﺮﺟﻊ ﺳﺎﺑﻖ‪ ،‬ﺹ ‪.73‬‬
‫ﻓﺎﻟﺘﻨﺒﺆ ﻫﻮ ﺍﻟﻌﺎﻣﻞ ﺍﻷﺳﺎﺳﻲ ﻟﻠﻤﺘﻌﺎﻣﻞ ﰲ ﺍﻟﺒﻮﺭﺻﺎﺕ ﺑﺸﻜﻞ ﻋﺎﻡ‪ ،‬ﺣﻴﺚ ﻳﺮﺻﺪ ﺍﳌﻀﺎﺭﺏ ﺍﻟﻔﺮﺹ‬
‫ﺍﳌﺘﻮﻗﻌﺔ ﻭﻳﻨﺘﻬﺰﻫﺎ ﻟﺘﺤﻘﻴﻖ ﻣﻜﺴﺐ ﻣﻨﺎﺳﺐ‪ ،‬ﻭﺗﻨﻄﻮﻱ ﻋﻤﻠﻴﺔ ﺍﳌﻀﺎﺭﺑﺔ ﰲ ﺍﻟﺒﻮﺭﺻﺎﺕ ﻋﻠﻰ ﳐﺎﻃﺮ ﺿﺨﻤﺔ ﻋﻨﺪﻣﺎ‬
‫ﺗﻜﻮﻥ ﺍﻟﺴﻮﻕ ﺷﺪﻳﺪﺓ ﺍﻟﺘﺸﺒﻊ ﻭﻋﻨﺪﻣﺎ ﺗﺼﺒﺢ ﺃﺳﻌﺎﺭ ﺍﻷﻭﺭﺍﻕ ﻋﺮﺿﺔ ﻟﻠﺘﺄﺛﺮ ﺑﻌﻮﺍﻣﻞ ﻏﲑ ﻣﻮﺿﻮﻋﻴﺔ ﺗﻨﻄﻮﻱ ﻋﻠﻰ‬
‫ﺃﺣﻜﺎﻡ ﺷﺨﺼﻴﺔ‪ ،‬ﻣﺜﻞ ﺍﻟﺘﺄﺛﺮ ﺑﺎﻟﺘﺼﺮﳛﺎﺕ ﺍﻟﺴﻴﺎﺳﻴﺔ ﻭﺁﺭﺍﺀ ﺍﻟﻨﻘﺎﺩ ﻭﺍﶈﻠﻠﲔ‪. 1‬‬
‫‪ -2‬ﺩﻭﺭ ﺍﳌﻀﺎﺭﺑﺔ‪:‬‬
‫ﺗﻘﻮﻡ ﺍﳌﻀﺎﺭﺑﺔ ﺑﺪﻭﺭ ﺍﻗﺘﺼﺎﺩﻱ ﻫﺎﻡ ﰲ ﺗﺄﻣﲔ ﺍﻟﺘﻮﺍﺯﻥ ﻣﺎ ﺑﲔ ﺍﻟﻌﺮﺽ ﻭﺍﻟﻄﻠﺐ‪ ،‬ﻓﺎﳌﻀﺎﺭﺏ ﻳﺸﺘﺮﻱ‬
‫ﻋﻨﺪﻣﺎ ﺗﻨﺨﻔﺾ ﺍﻷﺳﻌﺎﺭ ﻟﻀﻌﻒ ﺍﻟﻄﻠﺐ ﻭﻗﻠﺘﻪ‪ ،‬ﻭﻛﺜﺮﺓ ﺍﻟﻌﺮﺽ‪ ،‬ﻓﻴﺴﻌﻰ ﺑﺼﻮﺭﺓ ﻏﲑ ﻣﺒﺎﺷﺮﺓ ﺇﱃ ﺯﻳﺎﺩﺓ ﺍﻟﻄﻠﺐ‬
‫ﻭﺑﺎﻟﺘﺎﱄ ﺇﱃ ﺭﻓﻊ ﺍﻟﺴﻌﺮ‪ ،‬ﻛﻤﺎ ﺃﻥ ﺍﳌﻀﺎﺭﺏ ﻳﺒﻴﻊ ﻋﻨﺪﻣﺎ ﺗﺮﺗﻔﻊ ﺍﻷﺳﻌﺎﺭ‬

‫ﻭﻳﻜﺜﺮ ﻣﻦ ﻋﺮﺽ ﺍﻟﺴﻠﻊ ﻭﻛﻤﻴﺎ‪‬ﺎ ﰲ ﺍﻟﺴﻮﻕ ﻓﺘﻨﺨﻔﺾ ﺍﻷﺳﻌﺎﺭ‪ ،‬ﻭﺫﻟﻚ ﺗﻌﻤﺪ ﺍﳌﻀﺎﺭﺑﺔ ﻋﻠﻰ ﺗﻐﺬﻳﺔ ﺍﻟﺴﻮﻕ‬
‫ﺑﺎﻟﺮﺳﺎﻣﻴﻞ ﺍﻟﻀﺮﻭﺭﻳﺔ ﻟﺘﺄﻣﲔ ﺍﻟﺴﻴﻮﻟﺔ ﺍﳌﺎﻟﻴﺔ‪.‬‬
‫ﻭﺗﻌﺘﱪ ﺍﳌﻀﺎﺭﺑﺔ ﺍﻟﻌﻨﺼﺮ ﺍﻷﺳﺎﺳﻲ ﻟﻌﻤﻠﻴﺔ ﺍﻟﺒﻮﺭﺻﺔ ﻭﺍﻟﺪﺍﻓﻊ ﺍﻷﻭﻝ ﳊﺮﻛﺔ ﺍﻷﺳﻌﺎﺭ ﺍﻟﺪﺍﺋﻤﺔ‪ ،‬ﻓﺎﳌﻀﺎﺭﺏ‬
‫ﻟﻴﺲ ﲝﺎﺟﺔ ﻣﺒﺎﺷﺮﺓ ﺇﱃ ﻣﺎ ﻳﺸﺘﺮﻳﻪ ﺃﻭ ﻳﺒﻴﻌﻪ‪ ،‬ﻭﻫﻮ ﻳﻨﺘﻈﺮ ﺭﲝﺎ ﺃﻓﻀﻞ ﻣﻦ ﻗﻴﻤﺔ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﻣﻮﺿﻮﻉ ﺍﻟﺼﻔﻘﺔ‪،‬‬
‫ﻓﺎﳌﺸﺘﺮﻱ ﻳﻀﺎﺭﺏ ﻋﻠﻰ ﺍﺭﺗﻔﺎﻉ ﺍﻷﺳﻌﺎﺭ ﻟﺒﻴﻊ ﻣﺎ ﺍﺷﺘﺮﺍﻩ ﺑﺴﻌﺮ ﺃﻋﻠﻰ‪ ،‬ﻭﺍﻟﺒﺎﺋﻊ ﻳﻀﺎﺭﺏ ﻋﻠﻰ ﻫﺒﻮﻁ ﺍﻷﺳﻌﺎﺭ‬
‫ﻟﻴﺸﺘﺮﻱ ﺑﺴﻌﺮ ﺃﺭﺧﺺ‪ ،‬ﺇﻻ ﺃﻥ ﻫﺬﺍ ﻻ ﳝﻨﻊ ﺃﻥ ﲨﻬﻮﺭﺍ ﻛﺒﲑﺍ ﻣﻦ ﺍﳌﺘﻌﺎﻣﻠﲔ ﰲ ﺳﻮﻕ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﻳﻬﺪﻓﻮﻥ ﺇﱃ‬
‫ﺗﻮﻇﻴﻒ ﺃﻣﻮﺍﳍﻢ ﻋﻠﻰ ﺷﻜﻞ ﳛﻘﻖ ﳍﻢ ﻓﺎﺋﺪﺓ‪ ،‬ﺗﺆﻣﻨﻬﺎ ﳍﻢ ﺃﺭﺑﺎﺡ ﺍﻷﺳﻬﻢ ﺃﻭ ﻓﻮﺍﺋﺪ ﺍﻟﺴﻨﺪﺍﺕ ﺍﻟﺜﺎﺑﺘﺔ‪ ،‬ﻛﻤﺎ ﺃ‪‬ﻢ‬
‫ﻳﺒﻴﻌﻮﻥ ﻫﺬﻩ ﺍﻷﻭﺭﺍﻕ ﻓﻴﻤﺎ ﺑﻌﺪ ﻋﻨﺪﻣﺎ ﺗﺘﺤﺴﻦ ﺃﺳﻌﺎﺭﻫﺎ ﻭﻳﺴﺘﻔﻴﺪﻭﻥ ﻣﻦ ﺍﻷﺭﺑﺎﺡ ﺍﻟﻨﺎﲡﺔ ﻋﻦ ﺫﻟﻚ)‪.(1‬‬
‫ﻭﺗﻌﻄﻲ ﺍﳌﻀﺎﺭﺑﺔ ﻣﺆﺷﺮﺍ ﻫﺎﻣﺎ ﻋﻠﻰ ﺗﻐﲑﺍﺕ ﻣﺴﺘﻮﻯ ﺍﻷﺳﻌﺎﺭ ﻭﺣﺠﻢ ﻫﺬﻩ ﺍﻟﺘﻐﲑﺍﺕ ﻭ ﺍﻟﱵ ﺳﻮﻑ‬
‫ﲢﻜﻢ ﺍﺭﺗﺒﺎﻃﺎﺕ ﺍﳌﺴﺘﻘﺒﻞ‪ ،‬ﻭﺍﻟﱵ ﰎ ﺍﻟﺘﻌﺎﻗﺪ ﻋﻠﻴﻬﺎ ﰲ ﺍﳊﺎﺿﺮ‪ ،‬ﻭﻣﻦ ﰒ ﻳﺘﺤﻘﻖ ﺗﻮﺍﺯﻥ ﻭﺍﺳﺘﻘﺮﺍﺭ ﺳﻌﺮﻱ‪ ،‬ﻳﻐﻄﻲ‬
‫ﺍﻟﻔﺠﻮﺓ ﺍﻟﺰﻣﻨﻴﺔ ﻣﺎ ﺑﲔ ﺍﻟﻮﻗﺖ ﺍﳊﺎﺿﺮ ﻭ ﻣﺎ ﺑﲔ ﺍﻟﻮﻗﺖ ﺍﻟﺬﻱ ﰎ ﺍﻟﺘﻌﺎﻗﺪ ﻋﻠﻴﻪ ﰲ ﺍﳌﺴﺘﻘﺒﻞ‪ ،‬ﻭﺇﳚﺎﺩ ﺍﻟﺘﺠﺎﻧﺲ ﻣﺎ‬
‫ﺑﲔ ﺃﺳﻌﺎﺭ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ‪ ،‬ﻓﺴﻬﻢ ﺍﻟﺸﺮﻛﺔ ﺍﻟﻮﺍﺣﺪﺓ ﺍﳌﺴﺠﻞ ﰲ ﻋﺪﺓ ﺑﻮﺭﺻﺎﺕ ﻳﺼﺒﺢ ﺳﻌﺮﻩ ﻣﺴﺘﻘﺮﺍ ﻭﻣﺘﻮﺍﺯﻧﺎ‬
‫ﰲ ﲨﻴﻊ ﺍﻟﺒﻮﺭﺻﺎﺕ‪ ،‬ﻛﻤﺎ ﺃﻥ ﺍﳌﻀﺎﺭﺑﺔ ﺗﺸﺠﻊ ﻋﻠﻰ ﺩﺧﻮﻝ ﻋﺪﺩ ﻛﺒﲑ ﻣﻦ ﺍﳌﺘﻌﺎﻣﻠﲔ ﺇﱃ ﺍﻟﺴﻮﻕ ﻭﻗﺪ ﺗﺪﻓﻌﻬﻢ‬
‫)‪(2‬‬
‫ﺇﱃ ﺯﻳﺎﺩﺓ ﺍﺳﺘﺜﻤﺎﺭﺍ‪‬ﻢ ﲢﺴﺒﺎ ﻟﻠﺮﺑﺢ ﺍﳌﺴﺘﻘﺒﻠﻲ‪.‬‬

‫‪ 1‬ﳏﺴﻦ ﺃﲪﺪ ﺍﳋﻀﺮﻱ‪ ،‬ﻣﺮﺟﻊ ﺳﺎﺑﻖ‪ ،‬ﺹ ‪.73‬‬

‫)‪ (1‬ﴰﻌﻮﻥ ﴰﻌﻮﻥ‪ ،‬ﻣﺮﺟﻊ ﺳﺎﺑﻖ‪ ،‬ﺹ ‪.73‬‬
‫)‪ (2‬ﳏﺴﻦ ﺃﲪﺪ ﺍﳋﻀﺮﻱ‪ ،‬ﻣﺮﺟﻊ ﺳﺎﺑﻖ‪ ،‬ﺹ ‪.73‬‬
 ‫‪_3‬ﻭﻇﺎﺋﻒ ﺍﳌﻀﺎﺭﺑﺔ‪:‬‬
‫ﺗﺆﺛﺮ ﺍﳌﻀﺎﺭﺑﺔ ﻛﺜﲑﺍ ﰲ ﺣﺮﻛﺔ ﺍﻟﻨﺸﺎﻁ ﺍﻻﻗﺘﺼﺎﺩﻱ ﻣﻦ ﺧﻼﻝ ﺛﻼﺛﺔ )‪ (03‬ﻭﻇﺎﺋﻒ ﺭﺋﻴﺴﻴﺔ ﻳﻈﻬﺮﻫﺎ‬
‫ﺍﻟﺸﻜﻞ ﺍﻟﺘﺎﱄ ‪:‬‬

‫ﺍﻟﺸﻜﻞ ﺭﻗﻢ ‪ :04‬ﻭﻇﺎﺋﻒ ﺍﻟﻤﻀﺎﺭﺑﺔ ﻓﻲ ﺍﻟﺒﻮﺭﺻﺔ‪.‬‬

‫ﺗـﺤﻘـﻴـﻖ ﺗـﻮﺍﺯﻥ ﺍﻷﺳـﻌـــﺎﺭ‬

‫وﻇﺎﺋﻒ اﻟﻤﻀﺎرﺑﺔ‬
‫ﻭﺳﻴﻠﺔ ﻟﺘﻮﺟﻴﻪ ﺍﳌﻨﺘﺠﲔ ﻭ ﺍﳌﺴﺘﺜﻤﺮﻳﻦ‬ ‫ﻓﻲ اﻟﺒﻮرﺻﺔ‬

‫ﺯﻳﺎﺩﺓ ﻭ ﺗﻮﻓﲑ ﻋﺪﺩ ﺃﻛﱪ ﻣﻦ ﺍﳌﺘﻌﺎﻣﻠﲔ‬

‫ﺍﻟﻤﺼﺪﺭ ‪ :‬ﻣﺤﺴﻦ ﺃﺣﻤﺪ ﺍﻟﺨﻀﻴﺮﻱ ‪ ،‬ﻣﺮﺟﻊ ﺳﺎﺑﻖ ﺹ‪. 47:‬‬

‫‪_4‬ﻋﻮﺍﻣﻞ ﺍﳌﻀﺎﺭﺑﺔ‪.‬‬
‫ﺗﺘﻢ ﻋﻤﻠﻴﺔ ﺍﳌﻀﺎﺭﺑﺔ ﺑﻨﺎﺀﺍ ﻋﻠﻰ ﺗﻔﺎﻋﻞ ﻗﻮﻯ ﻋﺎﻣﻠﲔ ﺭﺋﻴﺴﻴﲔ ﳘﺎ‪:‬‬
‫ﻋﺎﻣﻞ ﻣﻮﺿﻮﻋﻲ ﻋﻘﻼﱐ ﺭﺷﻴﺪ‪.‬‬
‫ﻋﺎﻣﻞ ﺷﺨﺼﻲ ﻗﺎﺋﻢ ﻋﻠﻰ ﺍﳊﺮﺹ ﻭﺍﻟﺘﺼﻮﺭ‪.‬‬
‫ﺍﻟﻌﺎﻣﻞ ﺍﳌﻮﺿﻮﻋﻲ‪:‬‬
‫ﻭ ﻫﻮ ﻳﺘﻢ ﺑﻨﺎﺀﺍ ﻋﻠﻰ ﺣﺴﺎﺑﺎﺕ ﺩﻗﻴﻘﺔ ﻟﻜﺎﻓﺔ ﺍﻟﻌﻮﺍﻣﻞ ﻭ ﺍﻟﻌﻨﺎﺻﺮ ﺍﳌﺆﺛﺮﺓ ﻋﻠﻰ ﻗﻮﺓ ﺍﻟﺸﺮﻛﺔ ﺻﺎﺣﺒﺔ‬
‫ﺍﻟﻮﺭﻗﺔ ﺍﳌﺎﻟﻴﺔ‪.‬‬
‫ﺍﳌﻀﺎﺭﺏ ﻋﻠﻴﻬﺎ ﻭ ﻋﻠﻰ ﻣﺘﺎﻧﺔ ﻣﺮﻛﺰﻫﺎ ﺍﳌﺎﱄ ﻭﻗﺪﺭ‪‬ﺎ ﻋﻠﻰ ﺍﻟﻮﻓﺎﺀ ﺑﺎﻟﺘﺰﺍﻣﺎ‪‬ﺎ ﲤﻮﻳﻞ ﺍﺳﺘﺜﻤﺎﺭﺍ‪‬ﺎ ﻭ ﲢﻘﻴﻖ‬
‫ﺭﲝﻴﺔ ﻣﻨﺎﺳﺒﺔ ﰲ ﺍﳌﺴﺘﻘﺒﻞ‪ .‬ﻭ ﻣﻦ ﰒ ﻳﻘﻮﻡ ﺍﳌﻀﺎﺭﺏ ﺑﺮﺻﺪ ﻭ ﻣﺘﺎﺑﻌﺔ ﺍﳌﺘﻐﲑﺍﺕ ﻭ ﺣﺴﺎﺏ ﺩﻗﻴﻖ ﻟﻠﺜﻮﺍﺑﺖ‪ .‬ﻭ‬
‫ﲢﺪﻳﺪ ﻟﻠﻤﺰﻳﺞ ﺍﻷﻣﺜﻞ ﳍﺎ)‪.(1‬‬

‫ﳏﺴﻦ ﺃﲪﺪ ﺍﳋﻀﺮﻱ‪ ،‬ﻣﺮﺟﻊ ﺳﺎﺑﻖ‪ ،‬ﺹ ‪.48‬‬ ‫)‪(1‬‬

‫ﻓﺎﳌﻀﺎﺭﺑﺔ ﰲ ﺍﻟﺒﻮﺭﺻﺔ ﻋﻤﻠﻴﺔ ﻏﲑ ﻋﺸﻮﺍﺋﻴﺔ ﺃﻭ ﺍﺭﲡﺎﻟﻴﺔ‪ ،‬ﺑﻞ ﻫﻲ ﻋﻤﻠﻴﺔ ﺷﺪﻳﺪﺓ ﺍﻟﺬﻛﺎﺀ ﳐﻄﻄﺔ ﻭ‬
‫ﳏﻜﻤﺔ ﻭ ﻣﺒﻨﻴﺔ ﻋﻠﻰ ﺣﺴﺎﺑﺎﺕ ﺩﻗﻴﻘﺔ ﻗﺎﺋﻤﺔ ﻋﻠﻰ ﺑﻴﺎﻧﺎﺕ ﺣﺪﻳﺜﺔ ﺻﺎﺩﻗﺔ ﺗﻌﻄﻲ ﺻﻮﺭﺓ ﻛﺎﻣﻠﺔ ﻣﻌﱪﺓ ﻋﻦ ﻣﺴﺘﻘﺒﻞ‬
‫ﺍﻟﺸﺮﻛﺔ ﺍﳌﺼﺪﺭﺓ ﻟﻠﻮﺭﻗﺔ ﺍﳌﺎﻟﻴﺔ‪.‬‬
‫ﺳﻮﺍﺀ ﻛﺎﻧﺖ ﺳﻬﻤﺎ ﺃﻭ ﺳﻨﺪﺍ ﻭ ﻫﻲ ﻋﻤﻠﻴﺔ ﺗﺸﻤﻞ ﺍﻹﺣﺎﻃﺔ ﺑﻜﻞ ﻣﻦ ‪:‬‬
‫* ﺍﳋﻄﺔ ﺍﻻﺳﺘﺜﻤﺎﺭﻳﺔ ﻟﻠﺸﺮﻛﺔ‪.‬‬
‫* ﻣﻌﺮﻓﺔ ﻋﻨﺎﺻﺮ ﺍﻟﺸﺮﻛﺔ ﻭ ﺍﲡﺎﻫﺎﺕ ﺍﻹﻧﻔﺎﻕ ﻓﻴﻬﺎ ‪.‬‬
‫* ﺍﳌﻮﻗﻒ ﺍﻟﺘﺴﻮﻳﻘﻲ ﳌﻨﺘﺠﺎﺕ ﺍﻟﺸﺮﻛﺔ ‪.‬‬
‫* ﺍﲡﺎﻫﺎﺕ ﺍﻟﺮﲝﻴﺔ ﻭ ﻣﻌﺪﻻ‪‬ﺎ ﺍﳌﺘﻮﻗﻌﺔ ﻣﺴﺘﻘﺒﻼ‪.‬‬
‫ﻭ ﻋﻠﻰ ﻫﺬﺍ ﻳﻘﻮﻡ ﺍﳌﻀﺎﺭﺏ ﺑﺪﺭﺍﺳﺔ ﺟﻴﺪﺓ ﻟﻠﺸﺮﻛﺔ ﺍﳌﺼﺪﺭﺓ ﻟﻠﻮﺭﻗﺔ ﺍﳌﺎﻟﻴﺔ ﻭ ﻣﻌﺮﻓﺔ ﺩﺭﺟﺔ ﺗﺄﺛﺮﻫﺎ‬
‫ﺑﺎﻟﻌﻮﺍﻣﻞ ﺍﻟﺬﺍﺗﻴﺔ ﺍﻟﺪﺍﺧﻠﻴﺔ ﻭ ﺑﺎﻟﻌﻮﺍﻣﻞ ﺍﳋﺎﺭﺟﻴﺔ ﻏﲑ ﺍﻟﺬﺍﺗﻴﺔ ﻭ ﻳﺸﻤﻞ ﻫﺬﺍ ﺑﺎﻟﻄﺒﻊ ﺍﻟﻮﻗﻮﻑ ﻋﻠﻰ ﻋﺪﺓ ﻋﻨﺎﺻﺮ‬
‫ﻫﻲ‪:‬‬
‫* ﺭﺻﻴﺪ ﺍﻟﻨﻘﺪﻳﺔ ﺩﺍﺧﻞ ﺧﺰﻳﻨﺔ ﺍﻟﺸﺮﻛﺔ‪.‬‬
‫* ﺭﺻﻴﺪ ﺍﳌﺪﻳﻨﲔ ﻭ ﻗﺪﺭﺓ ﺍﻟﺸﺮﻛﺔ ﻋﻠﻰ ﲢﺼﻴﻞ ﺩﻳﻮ‪‬ﺎ‪.‬‬
‫* ﻛﻢ ﻭ ﻧﻮﻉ ﺍﻷﺻﻮﻝ ﺍﻟﺜﺎﺑﺘﺔ ﻭ ﻣﻘﺪﺍﺭ ﺍﺳﺘﻐﻼﳍﺎ‪.‬‬
‫ﺍ* ﻷﺻﻮﻝ ﺍﳌﻌﻨﻮﻳﺔ ﻣﺘﻀﻤﻨﺔ ﺍﻟﺸﻬﺮﺓ ﻭ ﺍﻟﻌﻼﻣﺔ ﺍﻟﺘﺠﺎﺭﻳﺔ ﻭ ﺣﻘﻮﻕ ﺍﳌﻌﺮﻓﺔ‪...‬ﺍﱁ‪.‬‬
‫ﺍﻟﺪﺍﺋﻨﲔ ﻭ ﺃﺻﺤﺎﺏ ﺍﳊﻘﻮﻕ ﺍﳌﺎﻟﻴﺔ ﻋﻠﻰ ﺍﻟﺸﺮﻛﺔ‪.‬‬
‫ﺍﻟﻌﺎﻣﻞ ﺍﻟﺸﺨﺼﻲ‪:‬‬
‫ﻭ ﻫﻮ ﻋﺎﻣﻞ ﳜﺘﻠﻒ ﻭﻓﻘﺎ ﻟﺸﺨﺼﻴﺔ ﻭ ﻣﺪﻯ ﺗﺄﺛﺮﻩ ﻛﺘﺄﺛﺮﻩ ﺑﺎﻟﺸﺎﺋﻌﺎﺕ ﻭ ﺍﻵﺭﺍﺀ ﺍﻟﱵ ﻳﻄﻠﻘﻬﺎ‬
‫ﺍﳌﺘﺨﺼﺼﲔ ﻭ ﻏﲑ ﺍﳌﺘﺨﺼﺼﲔ‪.‬‬
‫ﻭ ﻗﺪﺭﺗﻪ ﻋﻠﻰ ﺍﻻﺭﺗﺒﺎﻁ ﻣﻊ ﻣﺘﻄﻠﺒﺎﺕ ﻭ ﻣﺘﻐﲑﺍﺕ ﺍﻟﺘﻌﺎﻣﻞ‪.‬‬
‫ﻭ ﻫﻮ ﻣﺎ ﳚﻌﻠﻨﺎ ﻧﻔﺮﻕ ﺑﲔ ﺛﻼﺙ ﻓﻮﺍﻋﻞ ﺭﺋﻴﺴﻴﺔ ﻣﻦ ﺍﳌﺘﻌﺎﻣﻠﲔ ﰲ ﺍﻟﺒﻮﺭﺻﺎﺕ ﻭ ﻫﻢ ﺍﳌﺴﺘﺜﻤﺮ ﻭ‬
‫ﺍﳌﻀﺎﺭﺏ ﻭ ﺍﳌﻐﺎﻣﺮ‪.‬‬
‫ﻭ ﻣﻦ ﻫﻨﺎ ﻓﺈﻥ ﺍﻻﺳﺘﺜﻤﺎﺭ ﰲ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﳜﺘﻠﻒ ﻋﻦ ﺍﳌﻀﺎﺭﺑﺔ ﻭ ﺍﳌﻐﺎﻣﺮ ﻓﻴﻬﺎ‪ ،‬ﻓﺎﳌﺴﺘﺜﻤﺮ ﻳﻌﻤﻞ ﻋﻠﻰ‬
‫ﲢﻘﻴﻖ ﺍﻷﻣﺎﻥ ﻭ ﺍﻻﺳﺘﻘﺮﺍﺭ ﻭ ﺍﶈﺎﻓﻈﺔ ﻋﻠﻰ ﺭﺃﲰﺎﻟﻪ ﺍﻷﺻﻠﻲ ﻣﻊ ﺿﻤﺎﻥ ﺍﳊﺼﻮﻝ ﻋﻠﻰ ﺩﺧﻞ ﻣﺴﺘﻤﺮ ﺳﻨﻮﻱ ﻣﻦ‬
‫ﻋﺎﺋﺪ ﺍﻷﺭﺑﺎﺡ ﺍﻟﺴﻨﻮﻳﺔ ﺍﻟﱵ ﺗﻮﺯﻉ ﻋﻠﻰ ﲪﻠﺔ ﺍﻷﺳﻬﻢ ﻭﻓﻘﺎ ﻟﻌﺪﺩ ﻣﺎ ﻟﺪﻳﻬﻢ ﻣﻦ ﺃﺳﻬﻢ‪ ،‬ﻣﻊ ﺍﻟﺘﺪﺧﻞ ﰲ ﺍﺧﺘﻴﺎﺭ‬
‫ﺍﻟﻘﺎﺋﻤﲔ ﻋﻠﻰ ﺍﳌﺸﺮﻭﻉ ﻣﻦ ﺧﻼﻝ ﺍﻟﺘﺄﺛﲑ ﻋﻠﻰ ﺍﳉﻤﻌﻴﺎﺕ ﺍﻟﻌﻤﻮﻣﻴﺔ)‪.(1‬‬

‫ﻓﺎﻻﺳﺘﺜﻤﺎﺭ ﰲ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﻫﻮ ﺧﻴﺎﺭ ﻣﻄﺮﻭﺡ ﺍﻟﺬﻱ ﻳﺮﻏﺐ ﰲ ﺍﻟﺪﺧﻮﻝ ﰲ ﻋﻤﻠﻴﺎﺕ ﻃﻮﻳﻠﺔ ﺍﻷﺟﻞ‬
‫ﻧﺴﺒﻴﺎ ﻭ ﺗﻨﻤﻴﺔ ﺛﺮﻭﺗﻪ ﻣﻦ ﺧﻼﻝ ﺍﻻﺳﺘﺜﻤﺎﺭ ﰲ ﺍﻟﺒﻮﺭﺻﺔ‪.‬‬
‫ﻓﻌﻨﺪﻣﺎ ﻳﺘﻜﻮﻥ ﻟﺪﻯ ﻓﺮﺩ ﻣﻦ ﺍﻷﻓﺮﺍﺩ ﻓﺎﺋﺾ ﻓﺈﻧﻪ ﻳﺮﻏﺐ ﰲ ﺍﺳﺘﺨﺪﺍﻣﻪ ﻭ ﺍﻻﺳﺘﻔﺎﺩﺓ ﻣﻨﻪ‪.‬‬
‫ﺧﺎﺻﺔ ﻭ ﺃﻥ ﺳﻮﻕ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﻭ ﺍﻟﺘﻌﺎﻣﻞ ﰲ ﺍﻟﺒﻮﺭﺻﺎﺕ ﻣﻔﺘﻮﺡ ﳝﻜﻦ ﻟﺼﻐﺎﺭ ﻭ ﻛﺒﺎﺭ ﺍﳌﺴﺘﺜﻤﺮﻳﻦ‬
‫ﺍﻟﺪﺧﻮﻝ ﻓﻴﻪ ﻭ ﺍﳋﺮﻭﺝ ﻣﻨﻪ ﰲ ﺃﻱ ﻭﻗﺖ ﻳﺸﺎﺀﻭﻥ ﻭ ﻣﻦ ﰒ ﻳﻜﻮﻥ ﺍﻻﺳﺘﺜﻤﺎﺭ ﰲ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﻣﻦ ﺃﻓﻀﻞ ﺃﻧﻮﺍﻉ‬
‫ﺍﻻﺳﺘﺜﻤﺎﺭﺍﺕ‪.‬‬
‫ﺇﻥ ﱂ ﻳﻜﻦ ﺃﻓﻀﻠﻬﺎ ﻋﻠﻰ ﻭﺟﻪ ﺍﻹﻃﻼﻕ‪ ,‬ﻭﻳﻠﺠﺄ ﺍﳌﺴﺘﺜﻤﺮ ﻋﻠﻰ ﺷﺮﺍﺀ ﺍﻷﺳﻬﻢ ﺍﳉﻴﺪﺓ ﺍﻟﱵ ﺗﺘﻤﺘﻊ‬
‫ﺑﺼﻔﺎﺕ ﺭﺋﻴﺴﻴﺔ ﻫﻲ‪:‬‬
‫ﻣﻌﺪﻝ ﺭﺑﺢ ﻣﻨﺎﺳﺐ‪.‬‬
‫ﳕﻮ ﰲ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺮﺃﲰﺎﻟﻴﺔ ﺑﺸﻜﻞ ﻣﺴﺘﻤﺮ ‪.‬‬
‫ﺍﺳﺘﻘﺮﺍﺭ ﰲ ﺃﺳﻌﺎﺭﻫﺎ ﻋﻨﺪ ﺗﺪﺍﻭﳍﺎ ﰲ ﺍﻟﺒﻮﺭﺻﺔ‪.‬‬
‫ﺃﻣﺎ ﺍﳌﻀﺎﺭﺏ ﻓﺈﻧﻪ ﳝﻴﻞ ﺇﱃ ﺷﺮﺍﺀ ﺍﻷﺳﻬﻢ ﺍﻟﱵ ﻳﺘﻮﻗﻊ ﺃﻥ ﲢﻘﻖ ﺭﲝﺎ ﺳﺮﻳﻌﺎ ﻭﻋﺎﻟﻴﺎ ﰲ ﺍﻷﺟﻞ ﺍﻟﻘﺼﲑ‪.‬‬
‫ﰲ ﺍﻟﻮﻗﺖ ﺍﻟﺬﻱ ﻳﻜﻮﻥ ﻓﻴﻪ ﺍﳌﻐﺎﻣﺮ ﰲ ﺣﺎﻟﺔ ﺗﺮﻗﺐ ﻭ ﲢﻔﺰ ﻻﻗﺘﻨﺎﺹ ﺍﻟﻔﺮﺹ ﻭ ﺍﻧﺘﻬﺎﺯﻫﺎ ﻭ ﺍﻟﺘﻌﺎﻣﻞ‬
‫ﺍﻟﻔﻮﺭﻱ ﻋﻠﻴﻬﺎ ‪.2‬‬
‫‪_5‬ﺃﻧﻮﺍﻉ ﺍﳌﻀﺎﺭﺑﲔ‪:‬‬
‫ﻭ ﰲ ﻣﺎ ﳜﺺ ﺍﻷﺷﺨﺎﺹ ﺍﻟﺬﻳﻦ ﳝﻜﻨﻬﻢ ﺍﻟﻘﻴﺎﻡ ﺑﺎﳌﻀﺎﺭﺑﺔ ﻫﻨﺎﻙ ‪ 5‬ﺃﻧﻮﺍﻉ ﻫﻢ‪:‬‬
‫‪_1‬ﺍﻟﺴﻤﺎﺳﺮﺓ ﺍﻟﻮﻛﻼﺀ‪:‬‬
‫ﺍﻟﺴﻤﺴﺎﺭ ﺍﻟﻮﻛﻴﻞ ﻫﻮ ﺍﻟﺸﺨﺺ ﺍﻟﺬﻱ ﳛﻤﻞ ﻋﻀﻮﻳﺔ ﺍﻟﺒﻮﺭﺻﺔ ﻭ ﻳﻌﻤﻞ ﻛﻮﻛﻴﻞ ﻷﺣﺪ ﺑﻴﻮﺕ ﺍﻟﺴﻤﺴﺮﺓ‬
‫ﻛﻤﺎ ﻗﺪ ﻳﻌﻤﻞ ﻛﺘﺎﺟﺮ ﳊﺴﺎﺑﻪ ﺍﳋﺎﺹ‪ ،‬ﺍﻟﱵ ﺗﻨﺸﺄ ﻣﻦ ﻣﻘﺎﻡ ﺑﻴﺖ ﺍﻟﺴﻤﺴﺮﺓ ﺑﺈﻗﺮﺍﺽ ﲰﺴﺎﺭ ﺭﺳﻢ ﺍﻟﻌﻀﻮﻳﺔ‪ ،‬ﻭ‬
‫ﻳﻈﻞ ﺍﻟﻘﺮﺽ ﻗﺎﺋﻤﺎ ﺩﻭﻥ ﺍﳊﺎﺟﺔ ﺇﱃ ﺳﺪﺍﺩ ﻗﻴﻤﺔ ﻃﺎﳌﺎ ﻇﻞ ﺍﻟﺴﻤﺴﺎﺭ ﰲ ﺧﺪﻣﺔ ﺑﻴﺖ ﺍﻟﺴﻤﺴﺮﺓ‪.‬‬

‫‪ 1‬ﳏﺴﻦ ﺃﲪﺪ ﺍﳋﻀﺮﻱ‪ ،‬ﻣﺮﺟﻊ ﺳﺎﺑﻖ‪ ،‬ﺹ ‪.54‬‬ ‫)‪(1‬‬

‫‪ 2‬ﳏﺴﻦ ﺃﲪﺪ ﺍﳋﻀﺮﻱ‪ ،‬ﻣﺮﺟﻊ ﺳﺎﺑﻖ‪ ،‬ﺹ ‪.54‬‬

 ‫‪_2‬ﲰﺴﺎﺭ ﺍﻟﺼﺎﻟﺔ‪:‬‬
‫ﻳﻄﻠﻖ ﻋﻠﻴﻬﻢ ﺃﺣﻴﺎﻧﺎ ﲰﺴﺎﺭ ﺍﻟﺴﻤﺎﺳﺮﺓ ﻭ ﻫﻮ ﻻ ﻳﻌﻤﻞ ﳊﺴﺎﺏ ﺑﻴﺖ ﺍﻟﺴﻤﺎﺳﺮﺓ ﺑﻞ ﻳﻘﺪﻡ ﺧﺪﻣﺔ ﳌﻦ‬
‫ﻳﻄﻠﺒﻬﺎ‪ ,‬ﻭ ﻣﻦ ﰒ ﻓﺈﻥ ﻋﻠﻴﻪ ﺃﻥ ﻳﺪﻓﻊ ﺭﺳﻢ ﺍﻟﻌﻀﻮﻳﺔ ﻣﻦ ﺃﻣﻮﺍﻟﻪ ﺍﳋﺎﺻﺔ‪.‬‬
‫‪_3‬ﲡﺎﺭ ﺍﻟﺼﺎﻟﺔ‪:‬‬
‫ﻳﻄﻠﻖ ﻋﻠﻴﻬﻢ ﺍﻟﺘﺠﺎﺭ ﺍﳌﺴﺤﺎﺑﻮﻥ ﻭ ﻫﻢ ﻳﺸﺒﻬﻮﻥ ﲰﺎﺳﺮﺓ ﺍﻟﺼﺎﻟﺔ ﻓﺈ‪‬ﻢ ﻳﺪﻓﻌﻮﻥ ﺭﺳﻮﻡ ﺍﻟﻌﻀﻮﻳﺔ ﻣﻦ‬
‫ﺃﻣﻮﺍﳍﻢ ﺍﳋﺎﺻﺔ ﻏﲑ ﺃ‪‬ﻢ ﻳﻌﻤﻠﻮﻥ ﳊﺴﺎ‪‬ﻢ ﺍﳋﺎﺹ ﲟﻌﲎ ﺍ‪‬ﻢ ﻻ ﻳﻨﻔﺬﻭﻥ ﺍﻟﻌﻤﻠﻴﺎﺕ ﳊﺴﺎﺏ ﺍﳉﻤﻬﻮﺭ ﻭ ﳊﺴﺎﺏ‬
‫ﺍﻟﺴﻤﺴﺮﺓ‪.‬‬
‫‪_4‬ﺍﳌﺘﺨﺼﺼﻮﻥ‪:‬‬
‫ﻭ ﻫﻢ ﺃﻋﻀﺎﺀ ﺍﻟﺴﻮﻕ ﻳﺘﺨﺼﺼﻮﻥ ﰲ ﺍﻟﺘﻌﺎﻣﻞ ﺑﻮﺭﻗﺔ ﻣﺎﻟﻴﺔ ﻣﻌﻴﻨﺔ ﺃﻭ ﳎﻤﻮﻋﺔ ﳏﺪﻭﺩﺓ ﻣﻦ ﺍﻷﻭﺭﺍﻕ ﺃﻱ‬
‫ﻻ ﻳﺘﻌﺎﻣﻞ ﰲ ﺍﻟﻮﺭﻗﺔ ﻣﺎ ﺃﻛﺜﺮ ﻣﻦ ﻣﺘﺨﺼﺺ ﻭﺍﺣﺪ ﻓﻬﻮ ﺍﻟﺬﻱ ﻳﻄﻠﻊ ﻋﻠﻰ ﺩﻓﺘﺮ ﺍﻷﻭﺍﻣﺮ ﺍﶈﺪﺩﺓ ﻟﻸﻭﺭﺍﻕ ﻭ ﻳﺪﻓﻊ‬
‫ﺭﺳﻢ ﺍﻟﻌﻀﻮﻳﺔ ﻣﻦ ﺃﻣﻮﺍﻟﻪ ﺍﳋﺎﺻﺔ ﻭ ﳎﻠﺲ ﺍﶈﺎﻓﻈﲔ ﻫﻮ ﺍﻟﺬﻱ ﳛﺪﺩ ﺍﳌﻜﺎﻥ ﺍﳌﺨﺼﺺ ﺑﲔ ﺍﻟﺴﻤﺴﺮﺓ ﻭ ﺍﻟﺘﺠﺎﺭ‪.‬‬
‫‪_5‬ﲡﺎﺭ ﺍﻟﻄﻠﺒﻴﺎﺕ ﺍﻟﺼﻐﲑﺓ‪:‬‬
‫ﻭ ﻫﻢ ﺃﻭﻟﺌﻚ ﺍﻟﺘﺠﺎﺭ ﺍﻟﺬﻳﻦ ﻳﻘﻮﻣﻮﻥ ﺑﺸﺮﺍﺀ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﰲ ﻃﻠﺒﺎﺕ ﺑﻜﻤﻴﺎﺕ ﻛﺒﲑﺓ ﻳﺘﻢ ﺍﻟﺒﻴﻊ ﳌﻦ‬
‫ﻳﺮﻳﺪ ﺍﻟﺸﺮﺍﺀ ﺑﻜﻤﻴﺎﺕ ﺻﻐﲑﺓ ﻭ ﻳﺘﻘﺎﺿﻮﺍ ﻋﻤﻮﻟﺔ ﻭ ﻫﻲ ﺍﻟﻔﺮﻕ ﺑﲔ ﺳﻌﺮ ﺍﻟﺒﻴﻊ ﻭ ﺳﻌﺮ ﺍﻟﺸﺮﺍﺀ‪.1‬‬

‫ﺍﻟﻔﺮﻉ ﺍﻟﺜﺎﱐ‪ :‬ﺩﻭﺭ ﺍﳊﻜﻮﻣﺔ ﰲ ﻣﺮﺍﻗﺒﺔ ﺍﻟﺒﻮﺭﺻﺔ‪.‬‬

‫ﻟﻴﺲ ﺍﻟﻐﺮﺽ ﻫﻮ ﺍﳌﻀﺎﺭﺑﺔ ﰲ ﺳﻮﻕ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ‪ ,‬ﻭﻟﻜﻦ ﰲ ﻭﺿﻊ ﻗﻮﺍﻋﺪ ﺃﺻﻮﻟﻴﺔ ﻣﻮﺿﻮﻋﻴﺔ ﳍﺎ‪,‬‬
‫ﲣﺮﺟﻬﺎ ﻋﻦ ﻣﻔﻬﻮﻡ ﺍﳌﻘﺎﻣﺮﺓ ﻟﺘﻘﻮﻡ ﻫﺬﻩ ﺍﳌﺆﺳﺴﺔ ﺑﺮﺳﺎﻟﺘﻬﺎ ﺍﻟﻄﺒﻴﻌﻴﺔ ﰲ ﺗﺎﻣﲔ ﺍﻟﺘﻮﺍﺯﻥ ﰲ ﺍﻟﺴﻮﻕ ﺍﳌﺎﻟﻴﺔ‪.‬‬
‫ﻛﻤﺎ ﺃﻥ ﻋﻠﻰ ﺍﳊﻜﻮﻣﺔ ﺗﻜﻮﻥ ﺣﺮﻳﺼﺔ ﻛﻞ ﺍﳊﺮﺹ ﻋﻠﻰ ﻣﺮﺍﻗﺒﺔ ﺩﻗﻴﻘﺔ ﻟﻠﺤﻴﻠﻮﻟﺔ ﺩﻭﻥ ﺗﻼﻋﺐ ﺑﻌﺾ‬
‫ﺍﻷﻓﺮﺍﺩ ﰲ ﻣﻘﺪﺭﺍﺕ ﺍﻟﺒﻮﺭﺻﺔ‪ ,‬ﻭﺗﻜﻮﻥ ﺍﻟﻨﺘﻴﺠﺔ ﺍﳊﺘﻤﻴﺔ ﺗﺴﻠﻂ ﻓﺌﺔ ﻋﻠﻰ ﺍﻷﺧﺮﻯ ﻭﺍﻟﺮﺟﻮﻉ ﺇﱃ ﺷﺮﻳﻌﺔ ﺍﻟﻐﺎﺏ ﰲ‬
‫ﺍﳌﻴﺪﺍﻥ ﺍﻻﻗﺘﺼﺎﺩﻱ‪.‬‬

‫ﻋﻠﻰ ﺍﻟﺪﻭﻟﺔ ﺃﻥ ﺗﻀﻊ ﺍﻟﻀﻮﺍﺑﻂ ﺍﻟﻌﻤﻠﻴﺔ ﳌﻨﻊ ﺗﺸﻜﻴﻞ ﺍﺣﺘﻜﺎﺭﺍﺕ ﻣﻦ ﺷﺎ‪‬ﺎ ﺃﻥ ﺗﻔﺴﺪ ﻭ ﺗﺸﻮﻩ ﺃﻋﻤﺎﻝ‬
‫ﺍﻟﺴﻮﻕ ﺍﳌﺎﻟﻴﺔ ﻭ ﺍﻟﱵ ﺗﻌﺘﱪ ﺳﻮﻗﺎ ﻣﺜﺎﻟﻴﺔ ﻟﻠﻤﻨﺎﻓﺴﺔ ﺍﳊﺮﺓ‪.‬‬

‫‪ 1‬ﻣﻨﲑ ﺇﺑﺮﺍﻫﻴﻢ ﺍﳍﻨﺪﻱ‪ ،‬ﻣﺼﺪﺭ ﺳﺎﺑﻖ‪ ،‬ﺹ‪.104‬‬

‫ﻓﺎﳌﻀﺎﺭﺑﻮﻥ ﺍﻟﺬﻳﻦ ﳚﺘﻤﻌﻮﻥ ﻟﻴﺘﻔﻘﻮﺍ ﻋﻠﻰ ﺗﻘﺮﻳﺮ ﺃﺳﻌﺎﺭ ﻣﺘﺠﺎﻧﺴﺔ ﺃﻭ ﻋﻠﻰ ﺗﻘﺴﻴﻢ ﺍﻟﺴﻮﻕ ﺃﻭ ﻋﻠﻰ ﻓﺮﺽ‬
‫ﻗﻴﻮﺩ ﻋﻠﻰ ﺍﳌﻨﺎﻓﺴﺔ‪ ,‬ﺇﳕﺎ ﳜﺮﻗﻮﻥ ﺍﻟﻘﻮﺍﻋﺪ ﻭ ﺍﻟﻘﻮﺍﻧﲔ ﺍﻟﻄﺒﻴﻌﻴﺔ ﺍﻟﻨﺎﻇﻤﺔ ﻟﺸﺆﻭﻥ ﺍﻟﺘﻌﺎﻣﻞ ﺍﳌﺎﱄ ﰲ ﺍﻟﺒﻮﺭﺻﺔ‪.‬‬
‫ﻟﻠﻤﻀﺎﺭﺑﺔ ﺍﻋﺪﺍﺀ ﻛﺜﲑﻭﻥ‪ ,‬ﻟﻜﻦ ﻫﺬﺍ ﺍﻟﻌﺪﺍﺀ ﻳﺄﰐ ﰲ ﺍﻏﻠﺐ ﺍﻷﺣﻴﺎﻥ ﻭﰲ ﺃﻛﺜﺮﻫﺎ ﻣﻦ ﺍﳉﻬﻞ ﺃﻭ ﻣﻦ‬
‫ﺍﳋﻮﻑ ﺍﳊﺬﺭ ﻣﻦ ﻫﺬﺍ ﺍﳌﻌﺘﺮﻙ ﺍﺠﻤﻟﻬﻮﻝ ﺍﻟﻮﺍﺳﻊ ﺣﻴﺚ ﺗﺘﻀﺎﺭﺏ ﺍﳌﻨﺎﻓﻊ ﻭﺗﺘﺼﺎﺭﻉ ﻗﻮﻯ ﺍﳌﺎﻝ‪ ,‬ﳝﻜﻦ ﺍﻟﻘﻮﻝ ﺇﻥ‬
‫ﺍﻟﺴﻮﻕ ﺍﳌﺎﻟﻴﺔ ﺗﻘﻮﻡ ﺑﺎﻟﺮﻏﻢ ﻣﻦ ﻛﻞ ﻣﺴﺎﻭﺋﻬﺎ ﺑﺪﻭﺭ ﺍﳌﻮﺯﻉ ﻟﺮﺅﻭﺱ ﺍﻷﻣﻮﺍﻝ ﰲ ﳐﺘﻠﻒ ﺍﻟﻘﻄﺎﻋﺎﺕ‪.‬‬
‫ﻭﻟﻘﺪ ﺭﺍﻓﻖ ﺗﻄﻮﺭ ﺍﻟﻨﺸﺎﻁ ﺍﻻﻗﺘﺼﺎﺩﻱ ﺗﻄﻮﺭ ﺍﻻﺳﺘﺜﻤﺎﺭ ﻭﺍﻻﺩﺧﺎﺭ‪.‬‬
‫ﺇﻥ ﺻﻐﺎﺭ ﺍﳌﺪﺧﺮﻳﻦ ﻻ ﻳﻘﺒﻠﻮﻥ ﺃﺑﺪﺍ ﺍﺳﺘﺜﻤﺎﺭ ﺍﺩﺧﺎﺭﻫﻢ ﰲ ﻣﺸﺮﻭﻉ ﻣﺎ‪ ,‬ﺇﻻ ﺇﺫﺍ ﺗﺄﻛﺪ ﻟﺪﻳﻬﻢ ﻣﻦ ﺍﻧﻪ‬
‫ﺑﺎﺳﺘﻄﺎﻋﺘﻬﻢ ﺍﳊﺼﻮﻝ ﰲ ﺃﻱ ﻭﻗﺖ ﻛﺎﻥ ﻋﻠﻰ ﺭﺻﻴﺪ ﻫﺬﻩ ﺍﳌﺪﺧﺮﺍﺕ ﻟﺘﻠﺒﻴﺔ ﺍﳊﺎﺟﺎﺕ ﺍﳌﺎﺳﺔ‪.‬‬
‫ﻟﺬﻟﻚ ﻛﺎﻥ ﺇﻧﺸﺎﺀ ﺍﻷﺳﻮﺍﻕ ﺍﳌﺎﻟﻴﺔ ﺣﻼ ﻋﻤﻠﻴﺎ ﳍﺬﻩ ﺍﳊﺎﺟﺔ ﺍﻟﻄﺒﻴﻌﻴﺔ ﻟﺪﻯ ﺍﻷﻓﺮﺍﺩ ﻟﺘﺨﻮﳍﻢ ﺍﳊﺼﻮﻝ‬
‫ﻋﻠﻰ ﺭﺻﻴﺪ ﻣﺪﺧﺮﺍ‪‬ﻢ ﻣﻘﺎﺑﻞ ﺑﻴﻌﻬﻢ ﺍﻷﺳﻬﻢ ﻭﺍﻟﺴﻨﺪﺍﺕ‪.‬‬
‫ﻭﳊﻤﺎﻳﺔ ﻫﺆﻻﺀ ﳛﺘﻢ ﻋﻠﻰ ﺍﻟﺪﻭﻟﺔ ﺗﺎﻣﲔ ﺟﻮ ﻣﻦ ﺍﳌﻨﺎﻓﺴﺔ ﻭ ﺍﳊﺮﻳﺔ ﺑﻌﻴﺪﺍ ﻋﻦ ﺍﻻﺳﺘﻐﻼﻝ ﻭﺍﻻﺣﺘﻜﺎﺭ‪,‬‬
‫ﻛﻤﺎ ﻳﺘﺤﺘﻢ ﻋﻠﻰ ﲨﻬﻮﺭ ﺍﳌﺘﻌﺎﻣﻠﲔ ﰲ ﺍﻟﺒﻮﺭﺻﺔ ﺍﻻﺑﺘﻌﺎﺩ ﻋﻦ ﺍﳌﻀﺎﺭﺑﺔ ﻋﻠﻰ ﺃﺳﺎﺱ ﺍﳌﺨﺎﻃﺮﺓ ﻛﻤﺎ ﻟﻮ ﻛﺎﻥ ﺍﻷﻣﺮ‬
‫ﻳﺘﻌﻠﻖ ﺑﺸﺮﺍﺀ ﻭﺭﻗﺔ ﻳﺎﻧﺼﻴﺐ‪ ,‬ﺑﻞ ﻋﻠﻴﻬﻢ ﺇﺗﺒﺎﻉ ﺍﻟﻘﻮﺍﻋﺪ ﺍﳌﻮﺿﻮﻋﻴﺔ ﺍﻟﱵ ﺗﺴﺎﻋﺪﻫﻢ ﻋﻠﻰ ﺍﻧﺘﻘﺎﺀ ﳎﻤﻮﻋﺔ ﻣﻦ‬
‫)‪(1‬‬
‫ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﺗﺆﻣﻦ ﳍﻢ ﺭﲝﺎ ﻣﻌﻘﻮﻻ‪.‬‬

‫ﻣﻨﲑ ﺇﺑﺮﺍﻫﻴﻢ ﺍﳍﻨﺪﻱ‪ ،‬ﻣﺼﺪﺭ ﺳﺎﺑﻖ‪ ،‬ﺹ‪.106-105‬‬ ‫)‪(1‬‬

 ‫ﺍﻟﻤﺒﺤﺚ ﺍﻟﺜﺎﻧﻲ‪ :‬ﺗﺪﺍﺑﻴﺮ ﺍﻟﺘﻌﺎﻣﻞ ﻓﻲ ﺍﻟﺒﻮﺭﺻﺔ‪.‬‬

‫ﺗﺘﻀﻤﻦ ﺑﻮﺭﺻﺔ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﺷﺮﻭﻃﺎ ﺧﺎﺻﺔ ﻟﻠﻘﺒﻮﻝ ﰲ ﺟﺪﺍﻭﻝ ﺍﻟﺘﺴﻌﲑﺓ‪ ،‬ﻭ ﺷﺮﻭﻁ ﻣﻌﺮﻓﺔ ﺍﲡﺎﻩ‬
‫ﺍﻷﻣﺮ ﻭ ﻳﺘﻢ ﻗﻴﺎﺱ ﻧﺸﺎﻃﻬﺎ ﻋﻦ ﻃﺮﻳﻖ ﻣﺆﺷﺮﺍﺕ‪.‬‬
‫ﻓﻤﺎ ﺍﻷﻣﺮ ﻭ ﻣﺎ ﻫﻲ ﺍﻟﺘﺴﻌﲑﺓ ﻭ ﻣﺎﺫﺍ ﻧﻘﺼﺪ ﲟﺆﺷﺮ ﺍﻟﺒﻮﺭﺻﺔ؟‬
‫ﺍﻟﻤﻄﻠﺐ ﺍﻷﻭﻝ‪ :‬ﺍﻷﻭﺍﻣﺮ‪.‬‬

‫ﺍﻟﻔﺮﻉ ﺍﻷﻭﻝ‪ :‬ﻣﻔﻬﻮﻡ ﺍﻷﻭﺍﻣﺮ ﻭ ﺷﺮﻭﻃﻬﺎ‪.‬‬

‫‪_1‬ﺗﻌﺮﻳﻒ ﺍﻷﻣﺮ‪:‬‬
‫ﻳﻘﺼﺪ ﺑﻪ ﺍﻟﺘﻮﻛﻴﻞ ﺍﻟﺬﻱ ﻳﻌﻄﻴﻪ ﻋﻤﻴﻞ ﻣﺎ ﺇﱃ ﺃﺣﺪ ﺍﻟﺴﻤﺎﺳﺮﺓ ﺃﻭ ﺍﻟﻮﺳﻄﺎﺀ ﻟﻜﻲ ﻳﺒﻴﻊ ﺃﻭ ﻳﺸﺘﺮﻱ ﻟﻪ ﰲ‬
‫ﺍﻟﺒﻮﺭﺻﺔ ﺑﻌﺾ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﺍﻟﱵ ﻳﻌﻨﻬﺎ ﻟﻪ‪ .‬ﻭ ﰲ ﲨﻴﻊ ﺍﳊﺎﻻﺕ ﳚﺐ ﺗﻨﻔﻴﺬ ﺍﻷﻣﺮ ﻭ ﺇﺟﺮﺍﺀ ﺍﻟﻌﻤﻠﻴﺔ ﻭﻓﻘﺎ‬
‫ﻟﻠﻘﻮﺍﻋﺪ ﺍﳌﻘﺮﺭﺓ ﰲ ﺍﻟﺒﻮﺭﺻﺔ‪ ،‬ﻛﻤﺎ ﳚﺐ ﺗﺴﻤﻴﺔ ﺍﻟﻮﺭﻗﺔ ﺍﳌﺎﻟﻴﺔ ﺣﺴﺐ ﻭﺭﻭﺩﻫﺎ ﰲ ﺍﻟﺘﺴﻌﲑﺓ‪ ،‬ﻭ ﺑﻴﺎﻥ ﻧﻮﻋﻬﺎ ﰲ ﻣﺎ‬
‫ﺇﺫﺍ ﻛﺎﻧﺖ ﺃﺳﻬﻤﺎ ﺃﻭ ﺳﻨﺪﺍﺕ‪ ،‬ﻭ ﻛﺬﻟﻚ ﲢﺪﻳﺪ ﻧﻮﻉ ﺍﻟﺴﻬﻢ ﻓﻴﻤﺎ ﺇﺫﺍ ﻛﺎﻧﺖ ﺃﺳﻬﻢ ﺭﺃﲰﺎﻝ ﺃﻭ ﺍﻟﺘﻤﺘﻊ ﻋﺎﺩﻳﺔ ﺃﻭ‬
‫ﳑﺘﺎﺯﺓ‪.‬‬
‫ﺃﻣﺎ ﻓﻴﻤﺎ ﳜﺺ ﺍﻟﺴﻨﺪﺍﺕ ﻓﻴﺠﺐ ﺫﻛﺮ ﺍﻟﻔﺎﺋﺪﺓ ﻭ ﺳﻨﺔ ﺍﻹﺻﺪﺍﺭ ﻭ ﺣﻘﻮﻕ ﺍﻟﺘﻤﺘﻊ ﺍﳌﻨﺒﺜﻘﺔ ﻋﻦ ﺍﻟﺼﻚ‪.‬‬
‫ﻳﺴﺘﻄﻴﻊ ﺻﺎﺣﺐ ﺍﻷﻣﺮ ﲢﺪﻳﺪ ﺍﻟﺴﻌﺮ ﺍﻟﺬﻱ ﻳﺮﻏﺐ ﺃﻥ ﺗﺘﻢ ﺑﻪ ﺍﻟﺼﻔﻘﺔ‪.1‬‬
‫ﻭ ﻣﻦ ﻫﺬﺍ ﻛﻠﻪ ﻓﺈﻥ ﺃﻣﺮ ﺍﻟﺒﻮﺭﺻﺔ ﻫﻮ ﻋﺒﺎﺭﺓ ﻋﻦ ﺗﻌﻠﻴﻤﺎﺕ ﳝﻨﺤﻬﺎ ﺍﳌﺴﺘﺜﻤﺮ ﻟﻠﻮﺳﻴﻂ ﺍﳌﺎﱄ ﻷﺟﻞ ﺷﺮﺍﺀ‬
‫ﺁﻭ ﺑﻴﻊ ﺍﻷﻭﺭﺍﻕ ﺃﻭ ﺍﳌﻨﺘﺠﺎﺕ ﺍﳌﺎﻟﻴﺔ ﺍﳌﺘﺪﺍﻭﻟﺔ ﰲ ﺍﻷﺳﻮﺍﻕ ﺍﳌﺎﻟﻴﺔ‪ ،‬ﻭ ﻫﺬﺍ ﻹﺩﺭﺍﺝ ﺃﻭﺍﻣﺮ ﺑﺸﻜﻞ ﻭﺍﺿﺢ ﻭ ﺫﻟﻚ‬
‫ﻟﺘﺤﺪﻳﺪ ﻧﻮﻉ ﻭ ﻛﻤﻴﺔ ﻭ ﺳﻌﺮ ﺍﻷﻭﺭﺍﻕ ﻭ ﺍﳌﻨﺘﺠﺎﺕ ﺍﳌﺎﻟﻴﺔ ﺍﳌﺮﻏﻮﺏ ﺍﻟﺘﻌﺎﻣﻞ ﻓﻴﻬﺎ‪.‬‬
‫ﻭ ﰲ ﲨﻴﻊ ﺍﳊﺎﻻﺕ ﻳﺘﻢ ﺗﻨﻔﻴﺬ ﺍﻷﻭﺍﻣﺮ ﻭ ﺇﺟﺮﺍﺀﺍﺕ ﺍﻟﻌﻤﻠﻴﺎﺕ ﻭﻓﻖ ﻗﻮﺍﻋﺪ ﺗﻨﻈﻴﻤﻴﺔ ﻣﻘﺮﺭﺓ ﰲ ﺍﻟﺒﻮﺭﺻﺔ‪.‬‬

‫‪ 1‬ﴰﻌﻮﻥ ﴰﻌﻮﻥ‪ ،‬ﻣﺮﺟﻊ ﺳﺎﺑﻖ‪ ،‬ﺹ‪. 47‬‬

 ‫‪_2‬ﺷﺮﻭﻁ ﺍﻷﻣﺮ‪:‬‬
‫ﺍﻟﻮﺳﻄﺎﺀ ﰲ ﺍﻟﺴﻮﻕ ﺍﳌﺎﱄ ﻫﻢ ﺍﻷﺷﺨﺎﺹ ﺍﳌﻜﻠﻔﻮﻥ ﺩﻭﻥ ﺳﻮﺍﻫﻢ ﺑﺎﻟﻘﻴﺎﻡ ﺑﺎﻟﻌﻤﻠﻴﺎﺕ ﺩﺍﺧﻞ ﺍﻟﺒﻮﺭﺻﺔ‪ ،‬ﻭ‬
‫ﺫﻟﻚ ﻓﺈﻥ ﺃﺭﺍﺩﺕ ﺃﻥ ﺗﺸﺘﺮﻱ ﺃﻭ ﺗﺒﻴﻊ ﺃﻭﺭﺍﻕ ﻣﺎﻟﻴﺔ ﻣﺴﺠﻠﺔ ﰲ ﻧﻈﺎﻡ ﺍﻟﺘﺴﻌﲑﺓ ﺑﺎﻟﺒﻮﺭﺻﺔ ﻋﻠﻴﻚ ﺃﻥ ﺗﺘﺼﻞ ﺑﻮﺳﻴﻂ‬
‫ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ ﻹﺩﺭﺍﺝ ﺃﻣﺮﻙ ﺩﺍﺧﻞ ﺍﻟﺒﻮﺭﺻﺔ ﻭﻓﻘﺎ ﻟﺘﻌﻠﻴﻤﺎﺗﻚ‪.‬‬
‫ﻭ ﻟﺘﻨﻔﻴﺬ ﺍﻷﻣﺮ ﳚﺐ ﺃﻥ ﻳﺘﻮﻓﺮ ﻋﻠﻰ ﳎﻤﻮﻋﺔ ﻣﻦ ﺍﻟﺸﺮﻭﻁ ﻭ ﻫﻲ ‪:1‬‬
‫ﺍﲡﺎﻩ ﺍﻟﻌﻤﻠﻴﺔ‪:‬‬
‫ﺃﻣﺮ ﺍﻟﺒﻮﺭﺻﺔ ﳝﻜﻦ ﺃﻥ ﻳﻜﻮﻥ ﺃﻣﺮﺍ ﺑﺎﻟﺸﺮﺍﺀ ﺃﻭ ﺃﻣﺮﺍ ﺑﺎﻟﺒﻴﻊ ﻋﻨﺪﻣﺎ ﺗﻌﻄﻲ ﺗﻌﻠﻴﻤﺎﺗﻚ ﻟﻠﻮﺳﻴﻂ ﻋﻠﻴﻚ ﺃﻥ‬
‫ﲢﺪﺩ ﻟﻪ ﺇﻥ ﻛﻨﺖ ﺗﺮﻳﺪ ﺃﻥ ﺗﺒﻴﻊ ﺃﻭ ﺗﺸﺘﺮﻱ ﺃﻭﺭﺍﻗﺎ ﻣﺎﻟﻴﺔ‪.‬‬
‫ﺗﺒﲔ ﺍﻟﻮﺭﻗﺔ ﺍﳌﺎﻟﻴﺔ ﻭ ﺍﻟﻜﻤﻴﺔ‪:‬‬
‫ﺇﻥ ﺃﻭﺍﻣﺮ ﺍﻟﺒﻮﺭﺻﺔ ﻳﺘﻌﻠﻖ ﺑﻮﺭﻗﺔ ﻣﺎﻟﻴﺔ ﻣﻌﻴﻨﺔ ﻭ ﺑﻜﻤﻴﺔ ﳏﺪﺩﺓ ﻣﻦ ﻫﺬﻩ ﺍﻟﻮﺭﻗﺔ‪ ،‬ﻋﻨﺪﻣﺎ ﺗﻌﻄﻲ ﺗﻌﻠﻴﻤﺎﺕ‬
‫ﻟﻠﻮﺳﻴﻂ ﻋﻠﻴﻚ ﺃﻥ ﲢﺪﺩ ﻟﻪ ﺻﻔﺔ ﻭﺍﺿﺤﺔ ﻻ ﲢﺘﻤﻞ ﺍﻟﻐﻤﻮﺽ ﺍﻟﻮﺭﻗﺔ ﺍﳌﺎﻟﻴﺔ ﻭ ﺍﻷﻣﺮ ﻭ ﻛﺬﺍ ﻛﻤﻴﺔ ﺍﻟﻮﺭﻗﺔ‪.‬‬
‫ﺃﻣﺜﻠﺔ‪:‬‬
‫‪_1‬ﺷﺮﺍﺀ ‪ 100‬ﺳﻬﻢ ﺻﻴﺪﺍﻝ‪.‬‬
‫‪_2‬ﺑﻴﻊ ﺳﻨﺪ ﺳﻮﻧﺎ ﻃﺮﺍﻙ ﺑـ‪100000:‬ﺩﺝ‪.%13 ، 2003 ،‬‬
‫ﺳﻌﺮ ﺍﳌﻌﺎﻣﻠﺔ ‪:‬‬
‫ﻛﻞ ﻣﻌﺎﻣﻠﺔ ﰲ ﺍﻟﺒﻮﺭﺻﺔ ﲢﺘﻮﻱ ﻋﻠﻰ ﺳﻌﺮ ﻓﻌﻨﺪﻣﺎ ﺗﻌﻄﻲ ﺗﻌﻠﻴﻤﺎﺗﻚ ﻟﻠﻮﺳﻴﻂ ﻋﻠﻴﻚ ﺃﻥ ﲢﺪﺩ ﻟﻪ ﺍﻟﺴﻌﺮ‬
‫ﺍﻟﺬﻱ ﻳﺮﺿﻴﻚ ﻹﲤﺎﻡ ﺍﳌﻌﺎﻣﻠﺔ ﻭ) ﺵ‪.‬ﺃ‪.‬ﺏ‪.‬ﻕ()‪ (2‬ﺗﻘﺒﻞ ﻛﻴﻔﻴﺘﲔ ﻟﺘﺤﺪﻳﺪ ﺍﻟﺴﻌﺮ‪:‬‬
‫ﺳﻌﺮ ﺍﻟﺴﻮﻕ‪:‬‬
‫ﺇﺫﺍ ﺃﻋﻄﻴﺖ ﺗﻌﻠﻴﻤﺔ ﻟﻮﺳﻴﻄﻚ ﺑﺈﳒﺎﺯ ﺃﻣﺮ ﺑﻴﻊ ﺁﻭ ﺷﺮﺍﺀ ﻟﺼﺎﳊﻚ ﺑﺴﻌﺮ ﺍﻟﺴﻮﻕ ﻓﺈﻧﻚ ﺗﺒﲔ ﻟﻪ ﺑﺬﻟﻚ‬
‫ﺃﻧﻚ ﺗﻘﺒﻞ ﺍﻟﺴﻌﺮ ﺍﻟﺬﻱ ﳛﺪﺩﻩ ﺍﻟﺴﻮﻕ‪ ،‬ﻳﻨﺠﺰ ﺍﻷﻣﺮ ﺑﺴﻌﺮ ﺍﻟﺴﻮﻕ ﺑﺴﻬﻮﻟﺔ ﻷﻧﻪ ﻻ ﻳﻔﺮﺽ ﺃﻱ ﻗﻴﺪ ﻋﻠﻰ ﺳﻌﺮ‬
‫ﺍﻹﳒﺎﺯ‪.‬‬
‫ﺳﻌﺮ ﳏﺪﺩ‪:‬‬
‫ﰲ ﻫﺬﻩ ﺍﳊﺎﻝ‪ ،‬ﻓﺈﻧﻚ ﲢﺪﺩ ﻟﻮﺳﻴﻄﻚ ﺍﻟﺴﻌﺮ ﺍﻟﺬﻱ ﻻ ﳝﻜﻦ ﲡﺎﻭﺯﻩ ﺑﺈﲤﺎﻡ ﺍﻟﻌﻤﻠﻴﺔ ﻭ ﺳﻴﺤﺎﻭﻝ ﺍﻟﻮﺳﻴﻂ‬
‫ﺃﻥ ﻳﻨﺠﺰ ﻟﻚ ﺍﻷﻣﺮ ﰲ ﺃﺣﺴﻦ ﺍﻷﺣﻮﺍﻝ ﺁﺧﺬ ﺑﻌﲔ ﺍﻻﻋﺘﺒﺎﺭ ﺍﳊﺪ ﺍﻟﺬﻱ ﻭﺿﻌﺘﻪ ﻟﻪ‪.‬‬
‫ﺃﻣﺜﻠﺔ‪:‬‬

‫‪ 1‬ﺩﻟﻴﻞ " ﺃﻭﺍﻣﺮ ﺍﻟﺒﻮﺭﺻﺔ"‪ ،‬ﺻﺎﺩﺭ ﻋﻦ ﺷﺮﻛﺔ ﺇﺩﺍﺭﺓ ﺑﻮﺭﺻﺔ ﺍﻟﻘﻴﻢ ﺑﺎﳉﺰﺍﺋﺮ‪.‬‬
‫)‪ (2‬ﺷﺮﻛﺔ ﺍﺩﺍﺭﺓ ﺍﻟﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ‬
 ‫ﺣﺎﻟﺔ ﺃﻣﺮ ﺑﺎﻟﺸﺮﺍﺀ‪:‬‬
‫ﺍﻷﻣﺮ‪:‬‬
‫ﺷﺮﺍﺀ ‪100‬ﺳﻬﻢ ﺻﻴﺪﺍﻝ ‪ ،‬ﺍﻟﺴﻌﺮ ﺍﶈﺪﺩ = ‪1000‬ﺩﺝ‪ ،‬ﻫﺬﺍ ﺍﻷﻣﺮ ﺍﻟﺬﻱ ﺳﻴﻌﺮﺿﻪ ﻭﺳﻴﻄﻚ ﰲ‬
‫ﺍﻟﺒﻮﺭﺻﺔ ﺳﻴﻨﺠﺰ ﺇﺫﺍ ﻭ ﻓﻘﻂ ﺇﺫﺍ ﰎ ﺗﺪﺍﻭﻝ ﺳﻬﻢ ﺻﻴﺪﺍﻝ ﺑﺴﻌﺮ ‪1000‬ﺩﺝ ﺃﻭ ﺑﺴﻌﺮ ﺃﻗﻞ‪.‬‬
‫ﻓﺈﺫﺍ ﰎ ﺗﺪﺍﻭﻝ ﺳﻬﻢ ﺻﻴﺪﺍﻝ ﺑﺴﻌﺮ ‪950‬ﺩﺝ ﻓﻘﻂ‪ ،‬ﻓﺈﻥ ﺍﻟﻌﻤﻠﻴﺔ ﺳﺘﻜﻠﻔﻚ ‪95000‬ﺩﺝ ﺇﺿﺎﻓﺔ ﺇﱃ‬
‫ﻣﺼﺎﺭﻳﻒ ﺍﻟﻌﻤﻠﻴﺔ‪.‬‬
‫ﺣﺎﻟﺔ ﺍﻷﻣﺮ ﺑﺎﻟﺒﻴﻊ‪:‬‬
‫ﺍﻷﻣﺮ‪:‬‬
‫ﺑﻴﻊ ‪ 100‬ﺳﻬﻢ ﺻﻴﺪﺍﻝ‪ ،‬ﺍﻟﺴﻌﺮ ﺍﶈﺪﺩ = ‪1000‬ﺩﺝ‪ ،‬ﻫﺬﺍ ﺍﻷﻣﺮ ﺍﻟﺬﻱ ﺳﻴﻌﺮﺿﻪ ﻭﺳﻴﻄﻚ ﰲ‬
‫ﺍﻟﺒﻮﺭﺻﺔ ﺳﻴﻨﺠﺰ ﺇﺫﺍ ﻭ ﻓﻘﻂ ﺇﺫﺍ ﰎ ﺗﺪﺍﻭﻝ ﺳﻬﻢ ﺻﻴﺪﺍﻝ ﺑﺴﻌﺮ ‪1000‬ﺩﺝ ﺃﻭ ﺑﺴﻌﺮ ﺃﻛﱪ‪.‬‬
‫ﻓﺈﺫﺍ ﻛﺎﻥ ﺳﻌﺮ ﺗﺪﺍﻭﻝ ﺳﻬﻢ ﺻﻴﺪﺍﻝ ﺑﺴﻌﺮ ‪1100‬ﺩﺝ ‪ ،‬ﻓﺈﻥ ﺍﻟﻌﻤﻠﻴﺔ ﺳﺘﺠﻠﺐ ﻟﻚ ‪110000‬ﺩﺝ‬
‫ﺑﺪﻭﻥ ﺇﺳﻘﺎﻁ ﻣﺼﺎﺭﻳﻒ ﺇﳒﺎﺯ ﺍﻟﻌﻤﻠﻴﺔ‪.‬‬
‫ﻣﺪﺓ ﺻﻼﺣﻴﺔ ﺍﻷﻣﺮ)‪:(1‬‬
‫ﻛﻞ ﺃﻣﺮ ﻳﺼﻞ ﺇﱃ ﺍﻟﺒﻮﺭﺻﺔ ﻻ ﺑﺪ ﺃﻥ ﳛﻤﻞ ﻣﺪﺓ ﺻﻼﺣﻴﺔ‪ ،‬ﻋﻨﺪﻣﺎ ﺗﻌﻄﻲ ﺗﻌﻠﻴﻤﺎﺗﻚ ﺇﱃ ﻭﺳﻴﻄﻚ ﳚﺐ‬
‫ﺃﻥ ﲢﺪﺩ ﻟﻪ ﺍﳌﺪﺓ ﺍﻟﱵ ﺗﻮﺩ ﺍﻻﺣﺘﻔﺎﻅ ﺧﻼﳍﺎ ﺑﺄﻣﺮﻙ ﰲ ﺍﻟﺒﻮﺭﺻﺔ ﰲ ﺍﻧﺘﻈﺎﺭ ﺇﳒﺎﺯﻩ‪.‬‬

‫ﺗﻘﺒﻞ )ﺵ‪.‬ﺍ‪.‬ﺏ‪.‬ﻕ(* ﺃﺭﺑﻌﺔ ﺃﻧﻮﺍﻉ ﳌﺪﺓ ﺍﻟﺼﻼﺣﻴﺔ‪:‬‬

‫‪_1‬ﺃﻣﺮ ﺍﻟﻴﻮﻡ‪:‬‬
‫ﻫﺬﺍ ﺍﻷﻣﺮ ﺻﺎﱀ ﳊﺼﺔ ﺗﺪﺍﻭﻝ ﻭﺍﺣﺪﺓ ﻏﻤﺎ ﺃﻥ ﻳﻨﺠﺰ ﻭ ﺇﻣﺎ ﺃﻥ ﳜﺮﺝ‪.‬‬
‫‪_2‬ﺃﻣﺮ ﻟﻺﻟﻐﺎﺀ‪:‬‬
‫ﻫﺬﺍ ﺍﻷﻣﺮ ﻳﺒﻘﻰ ﺻﺎﳊﺎ ﺣﱴ ﲢﺪﺙ ﺇﺣﺪﻯ ﺍﻷﻣﻮﺭ ﺍﻟﺘﺎﻟﻴﺔ‪:‬‬
‫ﻳﻨﺠﺰ ﺍﻷﻣﺮ‪.‬‬
‫ﳜﺮﺝ ﺍﻷﻣﺮ ﻣﻦ ﺍﻟﺒﻮﺭﺻﺔ‪.‬‬
‫‪‬ﺎﻳﺔ ﺍﻟﺸﻬﺮ ﺍﳌﺪﱐ ﺍﻟﺬﻱ ﺃﺩﺭﺝ ﻓﻴﻪ ﺍﻷﻣﺮ ﺇﱃ ﺍﻟﺒﻮﺭﺻﺔ‪.‬‬

‫)‪(1‬ﳏﺴﻦ ﺃﲪﺪ ﺍﳋﻀﺮﻱ‪ ،‬ﻣﺮﺟﻊ ﺳﺎﺑﻖ‪ ،‬ﺹ‪.151‬‬

‫* ﺷﺮﻛﺔ ﺍﺩﺍﺭﺓ ﺑﻮﺭﺻﺔ ﺍﻟﻘﻴﻢ‬

 ‫‪_3‬ﺃﻣﺮ ﺣﱴ ﺍﻹﳒﺎﺯ‪:‬‬
‫ﻫﺬﺍ ﺍﻷﻣﺮ ﻳﺒﻘﻰ ﺻﺎﳊﺎ ﺣﱴ ﺇﳒﺎﺯﻩ ﻣﻊ ﻣﺪﺓ ‪3‬ﺃﺳﺎﺑﻴﻊ ﺣﻀﻮﺭ ﰲ ﺍﻟﺒﻮﺭﺻﺔ ﻋﻠﻰ ﺍﻷﻛﺜﺮ‪.‬‬
‫‪_4‬ﺃﻣﺮ ﲟﺪﺓ ﳏﺪﺩﺓ ‪:‬‬
‫ﰲ ﻫﺬﻩ ﺍﳊﺎﻟﺔ ﲢﺪﺩ ﻟﻮﺳﻴﻄﻚ ﺍﻟﺘﺎﺭﻳﺦ ﺍﻟﺬﻱ ﳝﻜﻦ ﲡﺎﻭﺯﻩ ﻭ ﺇﻻ ﺃﺧﺮﺝ ﺍﻷﻣﺮ ﻣﻦ ﺍﻟﺴﻮﻕ‪.‬‬
‫ﻣﺜﺎﻝ‪:‬‬
‫ﺷﺮﺍﺀ ‪ 100‬ﺳﻬﻢ ﺻﻴﺪﺍﻝ‪ ،‬ﺍﻟﺴﻌﺮ ﺍﶈﺪﺩ =‪1000‬ﺩﺝ ‪ ،‬ﺃﻣﺮ ﺻﺎﱀ ﺇﱃ ‪ 15‬ﺟﺎﻧﻔﻲ ‪ 1999‬ﻫﺬﺍ‬
‫ﺍﻷﻣﺮ ﻳﻌﲏ ﺃﻥ ﺍﻷﺳﻬﻢ ﺇﺫﺍ ﱂ ﺗﺸﺘﺮﻯ‪ ،‬ﻓﺈﻧﻪ ﺳﻴﺨﺮﺝ ﻣﻦ ﺍﻟﺴﻮﻕ ﻳﻮﻡ ‪ 16‬ﺟﺎﻧﻔﻲ ‪.1999‬‬

‫ﺍﻟﻔﺮﻉ ﺍﻟﺜﺎﱐ‪ :‬ﺃﻧﻮﺍﻉ ﺍﻷﻭﺍﻣﺮ ﻭﺗﻜﻠﻔﺔ ﺗﻨﻔﻴﺬﻫﺎ)‪.(1‬‬

‫‪_1‬ﺃﻧﻮﺍﻉ ﺍﻷﻭﺍﻣﺮ‪:‬‬
‫ﻳﺼﺪﺭ ﺍﻟﻌﻤﻴﻞ ﺃﻭﺍﻣﺮ ﻟﻠﻮﺳﻴﻂ‪ ،‬ﻭﻫﺬﺍ ﺑﺈﺭﺳﺎﳍﺎ ﺑﻄﺮﻕ ﻋﺪﺓ ﻭﺃﳘﻬﺎ‪ :‬ﺍﳍﺎﺗﻒ‪ ،‬ﺍﻟﱪﻳﺪ‪ ،‬ﺍﻟﻔﺎﻛﺲ‪ ،‬ﺍﻷﻧﺘﺮﻧﺖ‬
‫ﻭﻏﲑﻫﺎ ﻣﻦ ﻃﺮﻕ ﺍﻻﺗﺼﺎﻝ‪.‬‬

‫ﻭﺗﻠﺰﻡ ﻗﻮﺍﻧﲔ ﺍﻟﺒﻮﺭﺻﺔ ﺍﻟﻮﺳﻴﻂ ﺑﺈﺭﺳﺎﻝ ﺷﻌﺎﺭ ﺑﺈﲤﺎﻡ ﺍﻟﻌﻤﻠﻴﺔ‪ ،‬ﻭﺍﻟﺬﻱ ﻳﺒﲔ ﻛﻞ ﺍﻟﻌﻨﺎﺻﺮ ﺍﻟﱵ ﲤﺖ‬
‫ﻭﻓﻘﻬﺎ ﺍﻟﻌﻤﻠﻴﺔ‪.‬‬
‫ﻭﰲ ﻫﺬﺍ ﺍﻟﺼﺪﺩ ﺳﻮﻑ ﻳﻜﻮﻥ ﻟﻨﺎ ﻋﺮﺽ ﻣﻮﺟﺰ ﻷﻫﻢ ﺃﻧﻮﺍﻉ ﺃﻭﺍﻣﺮ ﺍﻟﺒﻴﻊ ﻭﺍﻟﺸﺮﺍﺀ ﻛﺎﻵﰐ‪:1‬‬
‫‪_1.1‬ﺍﻷﻣﺮ ﺍﻟﺴﻮﻗﻲ ﺃﻭ ﺃﻣﺮ ﻃﻠﺐ‪:‬‬
‫ﻭﻫﻮ ﻳﺼﺪﺭﻩ ﺍﳌﺴﺘﺜﻤﺮ ﺇﱃ ﺍﻟﺴﻤﺴﺎﺭ ﺃﻭ ﺍﻟﺒﻨﻚ ﺍﻟﻮﺳﻴﻂ ﻟﺘﻨﻔﻴﺬ ﺍﻟﺼﻔﻘﺔ ) ﺑﻴﻊ‪ /‬ﺷﺮﺍﺀ( ﺑﺄﻓﻀﻞ ﺳﻌﺮ‬
‫ﳝﻜﻦ ﺍﳊﺼﻮﻝ ﻋﻠﻴﻪ ﰲ ﺍﻟﺴﻮﻕ‪ ،‬ﻭﰲ ﻫﺬﻩ ﺍﳊﺎﻟﺔ ﻳﻘﻮﻡ ﺍﻟﺴﻤﺴﺎﺭ ﺑﺎﻵﰐ‪:‬‬
‫ﰲ ﺣﺎﻟﺔ ﺍﻟﺸﺮﺍﺀ‪:‬‬
‫ﻳﻘﻮﻡ ﺍﻟﻮﺳﻴﻂ ﺑﺰﻳﺎﺩﺓ ﺍﻟﺴﻌﺮ ﺗﺪﺭﳚﻴﺎ ﺇﱃ ﺃﻥ ﻳﺼﻞ ﺇﱃ ﺍﻟﺴﻌﺮ ﺍﻟﺬﻱ ﻋﻨﺪﻩ ﻳﻘﻮﻡ ﺍﻟﺒﺎﺋﻊ ﺑﺎﻟﺒﻴﻊ ﻭﺑﺎﻟﺘﺎﱄ ﺗﺘﻢ‬
‫ﺍﻟﺼﻔﻘﺔ‪.‬‬
‫ﰲ ﺣﺎﻟﺔ ﺍﻟﺒﻴﻊ‪:‬‬

‫)‪ (1‬ﳏﺴﻦ ﺃﲪﺪ ﺍﳋﻀﺮﻱ‪ ،‬ﻣﺮﺟﻊ ﺳﺎﺑﻖ‪ ،‬ﺹ‪.152‬‬

‫‪ 1‬ﳏﺴﻦ ﺃﲪﺪ ﺍﳋﻀﺮﻱ‪ ،‬ﻣﺮﺟﻊ ﺳﺎﺑﻖ‪ ،‬ﺹ‪.154‬‬

‫ﻳﻘﻮﻡ ﺍﻟﺴﻤﺴﺎﺭ ﲞﻔﺾ ﺍﻟﺴﻌﺮ ﺗﺪﺭﳚﻴﺎ ﺇﱃ ﺃﻥ ﻳﺼﻞ ﺇﱃ ﺍﻟﺴﻌﺮ ﺍﻟﺬﻱ ﻋﻨﺪﻩ ﻳﺮﻏﻢ ﺍﳌﺸﺘﺮﻱ ﰲ ﺍﳊﺼﻮﻝ‬
‫ﺑﻪ ﺍﻟﻮﺭﻗﺔ ﺍﳌﺎﻟﻴﺔ ﺍﳌﻌﺮﻭﺿﺔ ﻭﻋﻨﺪﻫﺎ ﺗﺘﻢ ﺍﻟﺼﻔﻘﺔ‪.‬‬
‫‪_2.1‬ﺃﻣﺮ ﳏﺪﺩ‪:‬‬
‫ﻭﻫﻮ ﺃﻣﺮ ﳏﺪﺩ ﻳﺼﺪﺭ ﺇﱃ ﺍﻟﺴﻤﺴﺎﺭ ﺃﻭ ﺇﱃ ﺍﻟﻮﺳﻴﻂ ﻟﻠﺒﻴﻊ ﺁﻭ ﺍﻟﺸﺮﺍﺀ‪:‬‬
‫ﻋﺪﺩ ﳏﺪﺩ ﻣﻦ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ) ﺃﺳﻬﻢ‪ /‬ﺳﻨﺪﺍﺕ ‪ /‬ﺻﻜﻮﻙ( ﻟﺸﺮﻛﺎﺕ ﳏﺪﺩﺓ ﺑﺬﺍ‪‬ﺎ‪.‬‬
‫ﺑﺴﻌﺮ ﳏﺪﺩ ﳝﻜﻦ ﲡﺎﻭﺯﻫﺎ‪.‬‬
‫ﺧﻼﻝ ﻓﺘﺮﺓ ﳏﺪﺩﺓ ﻻ ﳚﺐ ﲡﺎﻭﺯﻫﺎ‪.‬‬
‫ﻭﻫﺬﺍ ﺍﻷﻣﺮ ﺍﶈﺪﺩ ﺷﻜﻼ ﻭﻣﻮﺿﻮﻋﺎ ﻭﺯﻣﺎﻧﺎ ﻭﻛﻤﺎ ﻭ ﻳﻔﻘﺪ ﻗﻮﺗﻪ ﺇﺫﺍ ﱂ ﻳﺘﻢ ﺗﻨﻔﻴﺬﻩ ﻛﻤﺎ ﰎ ﺍﻻﺗﻔﺎﻕ ﻋﻠﻴﻪ‬
‫ﺃﻭ ﺍﻧﻘﻀﺖ ﺍﳌﻬﻠﺔ ﺍﳋﺎﺻﺔ ﺑﻪ‪.‬‬
‫‪ – 3.1‬ﺃﻣﺮ ﺍﻟﻴﻮﻣﻲ‪:‬‬
‫ﻭ ﻫﻮ ﺃﻣﺮ ﻣﺪﺗﻪ ﺍﻟﺰﻣﻨﻴﺔ ﻳﻮﻡ ﻋﻤﻞ ﺣﻴﺚ ﻳﻘﻮﻡ ﺍﳌﺴﺘﺜﻤﺮ ﺇﱃ ﺍﻟﺴﻤﺴﺎﺭ ﺑﺘﻮﺟﻴﻬﺎﺕ ﻣﻌﻴﻨﺔ ﺧﻼﻝ ﻳﻮﻡ‬
‫ﺍﻟﻌﻤﻞ ﻭ ﻳﻨﺘﻬﻲ ﻫﺬﺍ ﺍﻷﻣﺮ ﺑﺎﻧﺘﻬﺎﺀ ﺳﺎﻋﺎﺕ ﺍﻟﻌﻤﻞ ﺍﻟﺮﲰﻴﺔ ﰲ ﺍﻟﺒﻮﺭﺻﺔ ﺃﻭ ﳝﻜﻦ ﻟﻠﻌﻤﻴﻞ ﺍﳌﺴﺘﺜﻤﺮ ﺇﻟﻐﺎﺀﻩ ﻗﺒﻞ‬
‫ﺍﻧﻘﻀﺎﺋﻬﺎ ﺑﺈﺑﻼﻍ ﺫﻟﻚ ﺇﱃ ﺍﻟﺴﻤﺴﺎﺭ‪.1‬‬

‫‪ – 4.1‬ﺃﻣﺮ ﺳﺎﺭﻱ ﺍﳌﻔﻌﻮﻝ ﺣﱴ ﻳﺘﻢ ﺇﻟﻐﺎﺀﻩ ‪:‬‬

‫ﻭ ﻫﻮ ﺃﻣﺮ ﻳﺄﺧﺬ ﺷﻜﻼ ﻣﺴﺘﺪﳝﺎ ﻟﻔﺘﺮﺓ ﻣﻦ ﺍﻟﺰﻣﻦ ﺣﱴ ﻳﺘﻢ ﺇﻟﻐﺎﺀﻩ ﺃﻭ ﺍﻧﺘﻬﺎﺀ ﺍﻟﻐﺮﺽ ﻣﻨﻪ‪ ،‬ﻣﺜﻞ ‪:‬‬
‫ﺇﺻﺪﺍﺭ ﺍﳌﺴﺘﺜﻤﺮ ﺃﻣﺮ ﻟﻠﺴﻤﺴﺎﺭ ﻟﻠﻘﻴﺎﻡ ﺑﺸﺮﺍﺀ ﻣﺎ ﻳﻌﺮﺽ ﰲ ﺍﻟﺴﻮﻕ ﻣﻦ ﺳﻬﻢ ﻣﻌﲔ‪ ،‬ﻭ ﻋﻠﻰ ﺃﻥ ﻳﺘﻢ‬
‫ﺫﻟﻚ ﺑﺴﻌﺮ ﻣﻌﲔ ﻭ ﺩﻭﻥ ﲢﺪﻳﺪ ﻟﻌﺪﺩ ﺍﻷﺳﻬﻢ‪ ،‬ﺃﻭ ﺩﻭﻥ ﲢﺪﻳﺪ ﳌﺪﺓ ﺍﻟﺘﻨﻔﻴﺬ‪.‬‬
‫ﻭ ﻋﺎﺩﺓ ﻣﺎ ﻳﻘﻮﻡ ﺍﻟﺴﻤﺴﺎﺭ ﲟﺮﺍﺟﻌﺔ ﺍﳌﺴﺘﺜﻤﺮ ﻣﻦ ﻭﻗﺖ ﻵﺧﺮ‪.‬‬
‫‪ –5.1‬ﺃﻣﺮ ﻃﻠﺐ ﻣﺘﺪﺭﺝ‪:‬‬
‫ﻭ ﻫﻮ ﺃﻣﺮ ﻳﺼﺪﺭﻩ ﺍﳌﺴﺘﺜﻤﺮ ﺇﱃ ﺍﻟﺴﻤﺴﺎﺭ ﺑﺸﺮﺍﺀ ﺃﻭ ﺑﻴﻊ ﻋﺪﺩ ﻣﻌﲔ ﻣﻦ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﺑﺄﺳﻌﺎﺭ ﻣﺘﻔﺎﻭﺗﺔ‬
‫ﻋﻠﻰ ﺍﻟﻨﺤﻮ ﺍﻟﺘﺎﱄ‪:‬‬
‫ﺷﺮﺍﺀ ﺃﻭ ﺑﻴﻊ ﺃﺳﻬﻢ ﻣﻌﻴﻨﺔ )ﻋﺪﺩ ‪ 200‬ﺳﻬﻢ( ﺑﺴﻌﺮ ‪15‬ﺩﺝ‪.‬‬
‫ﺷﺮﺍﺀ ﺃﻭ ﺑﻴﻊ ﺃﺳﻬﻢ ﻣﻌﻴﻨﺔ )ﻋﺪﺩ ‪100‬ﺳﻬﻢ( ﺇﺫﺍ ﺑﻠﻎ ﺍﻟﺴﻌﺮ‪175‬ﺩﺝ‪.‬‬
‫ﺷﺮﺍﺀ ﺁﻭ ﺑﻴﻊ ﺃﺳﻬﻢ ﻣﻌﻴﻨﺔ ) ﻋﺪﺩ ‪ 100‬ﺳﻬﻢ( ﺇﺫﺍ ﺑﻠﻎ ﺍﻟﺴﻌﺮ ‪200‬ﺩﺝ‪.‬‬

‫‪ 1‬ﺩ‪.‬ﳏﺴﻦ ﺃﲪﺪ ﺍﳋﻀﺮﻱ‪ ،‬ﻣﺮﺟﻊ ﺳﺎﺑﻖ‪ ،‬ﺹ‪.154‬‬

 ‫ﺷﺮﺍﺀ ﺃﻭ ﺑﻴﻊ ﺃﺳﻬﻢ ﻣﻌﻴﻨﺔ )ﻋﺪﺩ ‪ 100‬ﺳﻬﻢ( ‪.‬‬
‫ﺷﺮﺍﺀ ﺁﻭ ﺑﻴﻊ ﺃﺳﻬﻢ ﻣﻌﻴﻨﺔ )ﻋﺪﺩ ‪ 250‬ﺳﻬﻢ( ‪.‬‬
‫ﻭ ﻫﻲ ﻋﻤﻠﻴﺔ ﲢﺘﺎﺝ ﺇﻟﻴﻬﺎ ﺇﺩﺍﺭﺓ ﺍﶈﺎﻓﻆ ﺍﳌﺎﻟﻴﺔ ﺣﱴ ﻻ ﺗﺼﺎﺏ ﺑﺎﳉﻤﻮﺩ ﻭ ﺗﻔﻘﺪ ﻫﺪﻓﻬﺎ ﺍﻻﺳﺘﺜﻤﺎﺭﻱ)‪.(1‬‬
‫‪ – 6.1‬ﺃﻣﺮ ﻭﻗﻒ ﺍﻟﺘﻌﺎﻣﻞ‪:‬‬
‫ﻭ ﻫﻮ ﻳﻨﻘﺴﻢ ﻋﻠﻰ ﻗﺴﻤﲔ ﺭﺋﻴﺴﻴﲔ ﳘﺎ‪:‬‬
‫‪.6.1‬ﺃ ‪ -‬ﺃﻣﺮ ﻭﻗﻒ ﺍﻟﺸﺮﺍﺀ‪:‬‬
‫ﻭ ﻫﻮ ﻋﺒﺎﺭﺓ ﻋﻦ ﻃﻠﺐ ﺷﺮﺍﺀ ﻣﻦ ﺳﻌﺮ ﺃﻋﻠﻰ ﻣﻦ ﺍﻟﺴﻌﺮ ﺍﻟﺴﺎﺋﺪ ﰲ ﺍﻟﺴﻮﻕ‪ ،‬ﻭ ﺫﻟﻚ ﰲ ﺣﺎﻟﺔ ﻣﺎ ﺇﺫﺍ ﱂ‬
‫ﻳﻜﻦ ﻫﻨﺎﻙ ﻭﺭﻕ ﻣﻄﺮﻭﺡ ﻟﻠﺒﻴﻊ ﻋﻨﺪ ﻫﺬﺍ ﺍﻟﺴﻬﻢ‪ ،‬ﺣﻴﺚ ﺃﻥ ﺍﻟﺒﺎﺋﻊ ﳛﺠﻢ ﻋﻦ ﺑﻴﻊ ﺃﻭﺭﺍﻗﻪ ﺇﺫﺍ ﻣﺎ ﺗﻮﻗﻊ ﺍﳔﻔﺎﺿﺎ‬
‫ﻛﺒﲑﺍ ﰲ ﺃﺳﻌﺎﺭ ﺃﻭﺭﺍﻗﻪ ﺍﳌﺎﻟﻴﺔ ﻓﻴﻀﻊ ﺃﻣﺮﺍ ﻟﻠﺒﻴﻊ ﻋﻨﺪﻣﺎ ﻳﺼﻞ ﺍﻟﺴﻌﺮ ﺇﱃ ﺣﺪ ﻣﻌﲔ‪ ،‬ﻭ ﻳﺼﺒﺢ ﻫﺬﺍ ﺍﻷﻣﺮ‬
‫ﻛﺘﻌﻠﻴﻤﺎﺕ ﻣﺴﺘﺪﳝﺔ ﺳﺎﺭﻳﺔ ﺍﳌﻔﻌﻮﻝ‪ ،‬ﻣﺸﺮﻭﻃﺔ ﺑﺘﺤﻘﻴﻖ ﻫﺬﺍ ﺍﻟﺴﻌﺮ‪.‬‬

‫‪.6.1‬ﺏ – ﺃﻣﺮ ﻭﻗﻒ ﺍﻟﺒﻴﻊ‪:‬‬

‫ﻭ ﻫﻮ ﻋﺒﺎﺭﺓ ﻋﻦ ﻃﻠﺐ ﺑﻴﻊ ﺑﺴﻌﺮ ﺃﻗﻞ ﻣﻦ ﺍﻟﺴﻌﺮ ﺍﻟﺴﺎﺋﺪ ﰲ ﺍﻟﺴﻮﻕ‪ ،‬ﻷﻥ ﺍﻟﺴﺎﺋﺪ ﰲ ﺍﻟﺴﻮﻕ ﻻ ﻳﻮﺟﺪ‬
‫ﻣﻌﻪ ﻃﻠﺐ ﺷﺮﺍﺀ ﻋﻠﻰ ﺍﻟﻮﺭﻗﺔ‪ ،‬ﻭ ﻣﻦ ﺃﺟﻞ ﺫﻟﻚ ﻓﺈﻥ ﺍﻟﺒﺎﺋﻊ ﻳﺮﻏﺐ ﰲ ﺑﻴﻊ ﺃﻭﺭﺍﻗﻪ ﻋﻨﺪ ﺳﻌﺮ ﺃﺩﱏ ﻣﻦ ﺍﻟﺴﻌﺮ‬
‫ﺍﻟﺴﺎﺋﺪ ﺇﺫﺍ ﻭﺻﻞ ﺍﻟﺴﻌﺮ ﺇﻟﻴﻪ‪ ،‬ﺣﱴ ﳚﻨﺐ ﻧﻔﺴﻪ ﺧﺴﺎﺋﺮ ﺗﺪﱐ ﺍﻷﺳﻌﺎﺭ ﺇﱃ ﺃﺩﱏ ﻣﻦ ﺫﻟﻚ ﻭ ﻣﺎ ﺃﻥ ﻳﺼﻞ ﺳﻌﺮ‬
‫ﺍﻟﻮﺭﻗﺔ ﺇﱃ ﻫﺬﺍ ﺍﳌﺴﺘﻮﻯ ﻳﻘﻮﻡ ﺍﻟﺴﻤﺴﺎﺭ ﺑﺒﻴﻊ ﻭ ﺗﺘﻢ ﺍﻟﺼﻔﻘﺔ‪.‬‬
‫ﻭ ﺍﻟﻮﺍﻗﻊ ﺃﻥ ﺍﻷﻣﺮ ﻛﻼ ﺍﻟﺴﻌﺮﻳﻦ ﳘﺎ ﲟﺜﺎﺑﺔ ﺍﻷﻭﺍﻣﺮ ﺍﳌﺴﺘﺪﳝﺔ ﺍﻟﱵ ﻳﺼﺪﺭﻫﺎ ﺍﻟﺒﺎﺋﻊ ﻭ ﺍﳌﺸﺘﺮﻱ ﻟﻜﻞ ﻣﻦ‬
‫ﺍﻟﺴﻤﺴﺎﺭ ﺁﻭ ﺍﻟﻮﺳﻴﻂ ﻟﺘﺠﻨﺐ ﺍﳋﺴﺎﺋﺮ ﺍﻟﱵ ﺗﺘﺮﺗﺐ ﻋﻠﻰ ﺍﻷﺳﻌﺎﺭ ﺑﺪﺭﺟﺔ ﻛﺒﲑﺓ ﻻ ﻳﺴﺘﻄﻴﻊ ﺃﻳﺎ ﻣﻨﻬﻤﺎ‪.‬‬
‫ﻭ ﻫﻮ ﲟﺜﺎﺑﺔ ﺍﺣﺘﺮﺍﺯ ﺃﻭ ﲢﻮﻁ ﻣﻦ ﺗﺼﺎﻋﺪ ﺍﳋﺴﺎﺋﺮ ﺃﻭ ﲟﺜﺎﺑﺔ ﲡﻨﺐ ﺧﺴﺎﺋﺮ ﻛﺒﲑﺓ ﲞﺴﺎﺋﺮ ﳏﺪﻭﺩﺓ‪.‬‬
‫‪ – 7.1‬ﺃﻣﺮ ﺑﺎﻟﺒﻴﻊ ﺍﳌﺴﺒﻖ ﻋﻠﻰ ﺍﻟﺸﺮﺍﺀ‪:‬‬
‫ﻭ ﻫﻲ ﻋﻤﻠﻴﺔ ﺍﺳﺘﺪﺍﻧﺔ ﻣﺆﻗﺘﺔ ﻳﻘﻮﻡ ‪‬ﺎ ﺍﳌﺴﺘﺜﻤﺮ‪ ،‬ﺣﻴﺚ ﻳﺴﺘﺪﱘ ﺃﺳﻬﻢ ﻣﻌﻴﻨﺔ ﻣﻦ ﺍﻟﻮﺳﻴﻂ ﺃﻭ ﺍﻟﺴﻤﺴﺎﺭ ﻭ‬
‫ﳛﺼﻞ ﻋﻠﻴﻬﺎ ﻋﻠﻰ ﺳﺒﻴﻞ ﺍﻹﻋﺎﺭﺓ ﺁﻭ ﺍﻻﺳﺘﻌﺎﺭﺓ ﺍﳌﺆﻗﺘﺔ‪ ،‬ﻭ ﻳﻘﻮﻡ ﺍﳌﺴﺘﺜﻤﺮ ﺑﺒﻴﻊ ﺍﻟﺴﻬﻢ ﰲ ﺍﻟﺴﻮﻕ ﺑﺎﻟﺴﻌﺮ ﺍﻟﺴﺎﺋﺪ‬
‫ﻋﻠﻰ ﺃﻣﻞ ﺃﻥ ﻳﻌﻮﺩ ﻭ ﻳﺸﺘﺮﻳﻪ ﺑﺴﻌﺮ ﺃﺭﺧﺺ‪ ،‬ﻭ ﻳﻌﻴﺪﻩ ﳌﻦ ﺍﺳﺘﻌﺎﺭﻩ ﻣﻨﻪ ﻭ ﻳﺴﺘﻔﻴﺪ ﻣﻦ ﻓﺮﻭﻕ ﺍﻷﺳﻌﺎﺭ )ﺳﻌﺮ ﺍﻟﺒﻴﻊ‬
‫‪ /‬ﺳﻌﺮ ﺍﻟﺸﺮﺍﺀ(‪.‬‬
‫‪ – 8.1‬ﺷﺮﺍﺀ ﺑﺎﳍﺎﻣﺶ ﺃﻭ ﺍﻟﺸﺮﺍﺀ ﺍﳊﺪﻱ‪:‬‬

‫)‪ (1‬ﳏﺴﻦ ﺃﲪﺪ ﺍﳋﻀﺮﻱ‪ ،‬ﻣﺮﺟﻊ ﺳﺎﺑﻖ‪ ،‬ﺹ‪155‬‬

‫ﻳﺘﻢ ﻋﻦ ﻃﺮﻳﻖ ﺍﻟﺘﻤﻮﻳﻞ ﺍﳉﺰﺋﻲ ﻟﻌﻤﻠﻴﺔ ﺍﻟﺸﺮﺍﺀ‪ ،‬ﺃﻱ ﺃﻥ ﻳﻘﻮﻡ ﺍﳌﺴﺘﺜﻤﺮ ﺑﺘﻤﻮﻳﻞ ﺟﺰﺀ ﻣﻦ ﺍﺳﺘﺜﻤﺎﺭﺍﺗﻪ ﰲ‬
‫ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ‪ ،‬ﻋﻠﻰ ﺃﻥ ﻳﺘﻮﱃ ﺍﻟﻮﺳﻴﻂ ﲤﻮﻳﻞ ﺍﳉﺰﺀ ﺍﻟﺒﺎﻗﻲ ﺃﻱ ﺃﻥ ﻳﻘﻮﻡ ﺍﳌﺴﺘﺜﻤﺮ ﺑﺎﻗﺘﺮﺍﺽ ﻣﻦ ﺍﻟﻮﺳﻴﻂ ﻟﺸﺮﺍﺀ‬
‫ﺍﻷﺳﻬﻢ ﺍﻟﱵ ﻳﺮﻏﺐ ﻓﻴﻬﺎ‪ .‬ﻭ ﻫﻮ ﺍﻟﻨﺸﺎﻁ ﺍﻟﻐﺎﻟﺐ ﺍﻟﺬﻱ ﲤﺎﺭﺳﻪ ﺍﻟﺒﻨﻮﻙ ﻭ ﻣﺆﺳﺴﺎﺕ ﺍﻟﺘﻤﻮﻳﻞ ﺷﺒﻪ ﺍﳌﺼﺮﻓﻴﺔ‬
‫ﻟﺘﻤﻮﻳﻞ ﻣﺸﺘﺮﻳﺎﺕ ﻋﻤﻼﺋﻬﺎ ﻣﻦ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ‪.‬‬
‫‪ – 9.1‬ﺃﻣﺮ ﺧﺎﺹ ﺑﺸﺮﺍﺀ ﻋﻘﻮﺩ ﺍﳌﺴﺘﻘﺒﻞ‪:‬‬
‫ﻋﻘﺪ ﺍﳌﺴﺘﻘﺒﻞ ﻫﻮ ﻋﺒﺎﺭﺓ ﻋﻦ ﻋﻘﺪ ﺑﲔ ﺍﻟﺒﺎﺋﻊ ﻭ ﺍﳌﺸﺘﺮﻱ ﻣﻠﺰﻡ ﻟﻠﻄﺮﻓﲔ ﻭ ‪‬ﺎﺋﻲ‪ ،‬ﻭ ﻟﻜﻨﻪ ﻗﺎﺑﻞ ﻟﻠﺘﺤﻮﻳﻞ‬
‫ﻟﻄﺮﻑ ﺁﺧﺮ ﻣﺴﺘﻔﻴﺪ‪ .‬ﻭ ﻳﺘﻢ ﲟﻮﺟﺒﻪ ﺗﺴﻠﻴﻢ ﺻﻔﻘﺔ ﰲ ﺗﺎﺭﻳﺦ ﻻﺣﻖ ﺃﻭ ﺑﺴﻌﺮ ﻣﺘﻔﻖ ﻋﻠﻴﻪ ﻣﺴﺒﻘﺎ)‪.(1‬‬

‫ﻭ ﲟﻮﺟﺐ ﺍﻟﻌﻘﺪ ﻳﺘﻢ ﺍﻻﺗﻔﺎﻕ ﻋﻠﻰ ﺍﻵﰐ‪:‬‬

‫ﻣﻮﻋﺪ ﺍﻟﺘﺴﻠﻴﻢ ﰲ ﺍﳌﺴﺘﻘﺒﻞ‪.‬‬
‫ﺍﻟﺴﻌﺮ ﺍﻟﺬﻱ ﻳﺘﻌﲔ ﺩﻓﻌﻪ ﰲ ﺗﺎﺭﻳﺦ ﺍﻟﺘﺴﻠﻴﻢ‪.‬‬
‫ﻧﻮﻉ ﻭ ﻛﻤﻴﺔ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺘﻔﻖ ﻋﻠﻴﻬﺎ‪.‬‬
‫‪ – 10.1‬ﺃﻣﺮ ﺧﺎﺹ ﺑﺸﺮﺍﺀ ﺍﳋﻴﺎﺭﺍﺕ‪:‬‬
‫ﻋﻘﻮﺩ ﺍﳋﻴﺎﺭﺍﺕ ﻫﻲ ﻋﻘﻮﺩ ﺗﺘﻴﺢ ﻟﻠﻤﺸﺘﺮﻱ ﺃﻥ ﻳﻘﻮﻡ ﺑﺸﺮﺍﺀ ﺻﻔﻘﺔ ﺃﻭﺭﺍﻕ ﻣﺎﻟﻴﺔ ﻣﻌﻴﻨﺔ ﻣﻘﺎﺑﻞ ﺩﻓﻊ‬
‫ﻋﺮﺑﻮﻥ ﻣﻌﲔ‪ ،‬ﻭ ﳝﻜﻦ ﺃﻥ ﻳﻠﻐﻲ ﺍﻟﺼﻔﻘﺔ ﻣﻘﺎﺑﻞ ﺧﺴﺎﺭﺓ ﺍﻟﻌﺮﺑﻮﻥ ﻭ ﺑﺎﻟﺘﺎﱄ ﻓﻬﻮ ﻋﻘﺪ ﻏﲑ ﻣﻠﺰﻡ ﻟﻠﻤﺸﺘﺮﻱ‪ ،‬ﺷﺎﺀ‬
‫ﺃﻥ ﻳﻨﻔﺬﻩ ﺃﻭ ﺷﺎﺀ ﻋﺪﻡ ﺗﻨﻔﻴﺬﻩ ﻭﻓﻘﺎ ﳌﺎ ﲤﻠﻴﻪ ﻋﻠﻴﻪ ﻣﺼﺎﳊﻪ ﻭ ﺍﺭﺗﺒﺎﻃﺎﺗﻪ‪.‬‬
‫‪ – 11.1‬ﺃﻣﺮ ﺧﺎﺹ ﺑﺎﻟﻌﻘﻮﺩ ﺍﻵﺟﻠﺔ‪:‬‬
‫ﻭ ﻫﻮ ﻋﻘﺪ ﻣﻠﺰﻡ ﻟﻠﺒﺎﺋﻊ ﻭ ﺍﳌﺸﺘﺮﻱ ﻟﻌﻘﺪ ﺻﻔﻘﺔ ﻣﻌﻴﻨﺔ ﺑﺴﻌﺮ ﺛﺎﺑﺖ ﺧﻼﻝ ﻓﺘﺮﺓ ﻣﻌﻴﻨﺔ‪ ،‬ﻭ ﻳﺘﻢ ﺍﻻﺗﻔﺎﻕ‬
‫ﻋﻠﻴﻪ ﺑﺎﻟﺘﻔﺎﻭﺽ‪ ،‬ﻭ ﺑﺎﻟﺘﺎﱄ ﻳﺘﻢ ﺩﻓﻊ ﺍﻟﻌﻘﻮﺩ ﺍﻵﺟﻠﺔ ﺑﻮﺳﻴﻠﺘﲔ‪:‬‬
‫ﺍﻟﺪﻓﻊ ﺑﺎﻟﻜﺎﻣﻞ ﺣﺎﺿﺮﺍ‪.‬‬
‫ﺍﻟﺪﻓﻊ ﺍﳉﺰﺋﻲ ﺣﺎﺿﺮﺍ ﻣﻊ ﺍﻻﺳﺘﻜﻤﺎﻝ ﻣﺴﺘﻘﺒﻼ‪.‬‬
‫‪_1‬ﺗﻜﻠﻔﺔ ﺗﻨﻔﻴﺬ ﺍﻷﻭﺍﻣﺮ‪:1‬‬
‫ﻳﻨﻄﻮﻱ ﺗﻨﻔﻴﺬ ﺍﻷﻭﺍﻣﺮ ﻋﻠﻰ ﻧﻮﻋﲔ ﻣﻦ ﺍﻟﺘﻜﺎﻟﻴﻒ‪ :‬ﺗﻜﺎﻟﻴﻒ ﻣﺒﺎﺷﺮﺓ ﻭ ﻏﲑ ﻣﺒﺎﺷﺮ‪.‬‬
‫‪ –2.1‬ﺍﻟﺘﻜﺎﻟﻴﻒ ﺍﳌﺒﺎﺷﺮﺓ‪:‬‬

‫)‪ (1‬ﺩ‪ .‬ﻣﻨﲑ ﺇﺑﺮﺍﻫﻴﻢ ﺍﳍﻨﺪﻱ‪ ،‬ﻣﺮﺟﻊ ﺳﺎﺑﻖ‪ ،‬ﺹ‪.100-99‬‬

‫‪ 1‬ﺩ‪ .‬ﻣﻨﲑ ﺇﺑﺮﺍﻫﻴﻢ ﺍﳍﻨﺪﻱ‪ ،‬ﻣﺮﺟﻊ ﺳﺎﺑﻖ‪ ،‬ﺹ‪.98‬‬

 ‫ﻳﺸﻤﻞ ﻋﻠﻰ ﺗﻜﺎﻟﻴﻒ ﺍﳌﻌﺎﻣﻼﺕ ﺇﱃ ﺟﺎﻧﺐ ﺗﻜﺎﻟﻴﻒ ﺃﺧﺮﻯ‪:‬‬
‫‪.2.1‬ﺃ – ﺗﻜﺎﻟﻴﻒ ﺍﳌﻌﺎﻣﻼﺕ ‪:‬‬
‫ﺗﻌﺘﱪ ﺗﻜﻠﻔﺔ ﺍﳌﻌﺎﻣﻼﺕ ﻣﻦ ﺃﻫﻢ ﻋﻨﺎﺻﺮ ﺍﻟﺘﻜﺎﻟﻴﻒ ﺍﳌﺒﺎﺷﺮﺓ ﻭ ﲤﺜﻞ ‪ %04‬ﻣﻦ ﻗﻴﻤﺔ ﺍﻟﻮﺭﻗﺔ ﺍﳌﺎﻟﻴﺔ‬
‫ﺗﻘﺮﻳﺒﺎ‪ ،‬ﻭ ﻣﻦ ﺃﻫﻢ ﻋﻨﺎﺻﺮﻫﺎ‪ :‬ﻋﻤﻮﻟﺔ ﺍﻟﺴﻤﺴﺮﺓ‪ ،‬ﻭ ﺍﻟﺮﺑﺢ ﺍﻟﺬﻱ ﳛﻘﻘﻪ ﺻﺎﻧﻊ ﺍﻟﺴﻮﻕ ﻟﻠﻮﺭﻗﺔ ﺍﳌﺎﻟﻴﺔ )ﺍﳌﺘﺨﺼﺺ‬
‫ﺃﻭ ﺍﻟﺘﺎﺟﺮ(‪ ،‬ﻭ ﺍﻟﺬﻱ ﻳﺘﻤﺜﻞ ﰲ ﺍﻟﻔﺮﻕ ﺑﲔ ﺍﻟﺴﻌﺮ ﺍﻟﺬﻱ ﻳﺸﺘﺮﻱ ﺑﻪ ﺍﻟﻮﺭﻗﺔ‪ ،‬ﻭ ﺍﻟﺴﻌﺮ ﺍﻟﺬﻱ ﻳﺒﻴﻊ ‪‬ﺎ‪ ،‬ﻭ ﻳﻄﻠﻖ ﻋﻠﻴﻪ‬
‫ﺍﳍﺎﻣﺶ ﺃﻭ ﺍﳌﺪﻯ‪.‬‬
‫ﻛﻤﺎ ﺗﺘﻀﻤﻦ ﺗﻜﻠﻔﺔ ﺍﳌﻌﺎﻣﻼﺕ ﺍﳋﺼﻢ ﻋﻠﻰ ﺍﻟﺴﻌﺮ ﺍﻟﺬﻱ ﳝﻨﺤﻪ ﺍﳌﺸﺘﺮﻱ ﻟﻠﺒﺎﺋﻊ‪ ،‬ﻭ ﺍﻟﻀﺮﻳﺒﺔ ﻭ ﺍﻟﺮﺳﻮﻡ‬
‫ﺍﳌﺴﺘﺤﻘﺔ ﻟﻠﺠﻨﺔ ﺍﻷﻭﺭﺍﻕ ﻭ ﺍﻟﺒﻮﺭﺻﺔ ﻋﻦ ﻛﻞ ﺻﻔﻘﺔ ﻳﺘﻢ ﺇﺑﺮﺍﻣﻬﺎ‪.‬‬
‫‪.2.1‬ﺏ – ﺍﻟﺘﻜﺎﻟﻴﻒ ﺍﳌﺒﺎﺷﺮﺓ ﺍﻷﺧﺮﻯ ‪:‬‬
‫ﻭ ﻻ ﲤﺜﻞ ﺗﻜﺎﻟﻴﻒ ﺍﳌﻌﺎﻣﻼﺕ ﺳﻮﻯ ﺟﺰﺀ ﻣﻦ ﺍﻟﺘﻜﺎﻟﻴﻒ ﺍﳌﺒﺎﺷﺮﺓ ﻟﺘﻨﻔﻴﺬ ﺍﻷﻭﺍﻣﺮ‪ ،‬ﻓﺈﱃ ﺟﺎﻧﺐ ﺗﻠﻚ‬
‫ﺍﻟﺘﻜﺎﻟﻴﻒ ﻓﻬﻨﺎﻙ ﺍﻟﺰﻳﺎﺩﺓ ﺍﻟﺴﻌﺮﻳﺔ ﰲ ﻗﻴﻤﺔ ﺍﻟﻮﺭﻗﺔ ﺩﺍﺧﻞ ﺍﻟﻜﻤﻴﺎﺕ ﺍﻟﻜﺴﺮﻳﺔ‪.‬‬
‫ﻭ ﻫﻨﺎﻙ ﻛﺬﻟﻚ ﺍﻟﻔﻮﺍﺋﺪ ﻋﻠﻰ ﺍﻷﻣﻮﺍﻝ ﺍﻟﱵ ﺗﻘﺘﺮﺽ ﺑﻐﺮﺽ ﲤﻮﻳﻞ ﺻﻔﻘﺔ ﺍﻟﺸﺮﺍﺀ‪ ،‬ﻭ ﺃﻳﻀﺎ ﺍﻟﻔﻮﺍﺋﺪ ﺍﻟﱵ‬
‫ﻳﺪﻓﻌﻬﺎ ﺍﳌﺴﺘﺜﻤﺮ ﻋﻠﻰ ﻋﻤﻠﻴﺎﺕ ﺷﺮﺍﺀ ﺍﳍﺎﻣﺶ‪ ،‬ﺇﺿﺎﻓﺔ ﺇﱃ ﺍﻟﻀﺮﻳﺒﺔ ﺍﳌﺪﻓﻮﻋﺔ ﻋﻦ ﺍﻷﺭﺑﺎﺡ ﺍﻟﱵ ﳛﻘﻘﻬﺎ ﺍﳌﺴﺘﺜﻤﺮ‪.‬‬
‫‪ –2‬ﺍﻟﺘﻜﺎﻟﻴﻒ ﻏﲑ ﺍﳌﺒﺎﺷﺮﺓ‪:‬‬
‫ﺇﱃ ﺟﺎﻧﺐ ﺍﻟﺘﻜﺎﻟﻴﻒ ﺍﳌﺒﺎﺷﺮﺓ‪ ،‬ﻫﻨﺎﻙ ﺍﻟﺘﻜﺎﻟﻴﻒ ﻏﲑ ﺍﳌﺒﺎﺷﺮﺓ ﻭ ﺍﻟﱵ ﲤﺜﻞ ﰲ ﻋﺎﺋﺪ ﺍﻟﻔﺮﺻﺔ ﺍﻟﺒﺪﻳﻠﺔ ﺃﻭ‬
‫ﺍﻟﻀﺎﺋﻌﺔ ‪ ،‬ﺃﻱ ﺍﻟﻌﺎﺋﺪ ﺍﻟﺬﻱ ﻛﺎﻥ ﳝﻜﻦ ﺃﻥ ﻳﺘﺤﻘﻖ ﻟﻮ ﰎ ﺗﻮﺟﻴﻪ ﺍﻷﻣﻮﺍﻝ ﺍﳌﺘﺎﺣﺔ ﺇﱃ ﳎﺎﻻﺕ ﺍﺳﺘﺜﻤﺎﺭ ﺃﺧﺮﻯ‪،‬‬
‫ﺇﺿﺎﻓﺔ ﺇﱃ ﺗﻜﻠﻔﺔ ﺍﻟﻮﻗﺖ ﻭ ﺍﳉﻬﺪ ﺍﳌﺒﺬﻭﻝ ﰲ ﺗﻘﻴﻴﻢ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﺍﶈﺘﻤﻞ ﺍﻻﺳﺘﺜﻤﺎﺭ ﻓﻴﻬﺎ‪ ،‬ﻭ ﺑﻞ ﻭ ﺗﻜﻠﻔﺔ ﺍﻟﻘﻠﻖ‬
‫ﺍﻟﺬﻱ ﻳﻨﻄﻮﻱ ﻋﻠﻴﻪ ﺍﻻﺳﺘﺜﻤﺎﺭ‪.‬‬
‫ﻣﺜﺎﻝ‪ :‬ﺗﻜﻠﻔﺔ ﺇﳒﺎﺯ ﺃﻣﺮ ﺑﺒﻮﺭﺻﺔ ﺍﳉﺰﺍﺋﺮ‪:1‬‬
‫ﻛﻠﻤﺎ ﺗﺸﺘﺮﻱ ﺃﻭ ﺗﺒﻴﻊ ﺃﻭﺭﺍﻗﺎ ﻣﺎﻟﻴﺔ ﻓﻌﻠﻴﻚ ﺃﻥ ﺗﺪﻓﻊ ﻣﺼﺎﺭﻳﻒ‪ ،‬ﻫﺬﻩ ﺍﳌﺼﺎﺭﻳﻒ ﻧﻮﻋﺎﻥ‪:‬‬
‫ﺃ ‪ -‬ﻣﺼﺎﺭﻳﻒ ﺍﻟﺴﻤﺴﺮﺓ‪:‬‬
‫ﻛﻠﻤﺎ ﺃﳒﺰ ﻟﻚ ﻭﺳﻴﻄﻚ ﺃﻭﺍﻣﺮ ﺑﺎﻟﺒﻮﺭﺻﺔ ﻋﻠﻴﻚ ﺃﻥ ﺗﺪﻓﻊ ﻟﻪ ﻋﻤﻮﻟﺔ ‪.‬‬
‫ﻟﻨﻔﺮﺽ ﺃﻥ ‪ 01‬ﺩﻳﺴﻤﱪ ﺍﺷﺘﺮﻳﺖ ‪ 100‬ﺳﻬﻢ ﺻﻴﺪﺍ ﻝ‪ ،‬ﻭ ﺑﻌﺘﻬﺎ ﺃﺳﺒﻮﻋﺎ ﺑﻌﺪ ﺫﻟﻚ ﺃﻱ ﰲ ‪08‬‬
‫ﺩﻳﺴﻤﱪ ﻣﻦ ﺧﻼﻝ ﻧﻔﺲ ﺍﻟﻮﺳﻴﻂ‪ ،‬ﻋﻠﻴﻚ ﺃﻥ ﺗﺪﻓﻊ ﺍﻟﻌﻤﻮﻟﺔ ﻣﺮﺗﲔ ﻟﻮﺳﻴﻄﻚ‪.‬‬
‫ﻭ ﺗﻠﺰﻡ ﻗﻮﺍﻧﲔ ﺍﻟﺒﻮﺭﺻﺔ ﺍﻟﻮﺳﻄﺎﺀ ﺑﺘﺤﺪﻳﺪ ﺍﻟﻌﻤﻮﻟﺔ ﻟﺰﺑﺎﺋﻨﻬﻢ ﻗﺒﻞ ﺇﲤﺎﻡ ﺍﻷﻭﺍﻣﺮ‪.‬‬

‫‪ 1‬ﻧﻔﺲ ﺍﳌﻨﺸﻮﺭ ﺍﳌﺬﻛﻮﺭ ﺳﺎﺑﻘﺎ ﺍﻟﺼﺎﺩﺭ ﻋﻦ ﺷﺮﻛﺔ ﺇﺩﺍﺭﺓ ﺑﻮﺭﺻﺔ ﺍﻟﻘﻴﻢ – ﺍﳉﺰﺍﺋﺮ ‪.-‬‬
 ‫ﺏ – ﻣﺼﺎﺭﻳﻒ ﺍﻟﻌﻤﻠﻴﺔ ﺑﺎﻟﺒﻮﺭﺻﺔ ‪:‬‬
‫ﺗﺘﻠﻘﻰ ﺵ‪.‬ﺍ‪.‬ﺏ‪.‬ﻕ ﻋﻼﻭﺓ ﻋﻠﻰ ﻛﻞ ﺃﻣﺮ ﻳﻨﺠﺰ ﺑﺎﻟﺒﻮﺭﺻﺔ‪ %0.25 :‬ﻣﻦ ﻣﺒﻠﻎ ﺍﻟﻌﻤﻠﻴﺔ ﺑﺎﻟﻨﺴﺒﺔ‬
‫ﻟﻸﺳﻬﻢ‪ %0.15 ،‬ﻣﻦ ﻣﺒﻠﻎ ﺍﻟﻌﻤﻠﻴﺔ ﻟﻠﺴﻨﺪﺍﺕ‪.‬‬

‫ﻭ ﻓﻴﻤﺎ ﻳﻠﻲ ﺳﻨﻌﺮﺽ ﺍﻟﺸﻜﻠﲔ ﺣﻴﺚ ﺍﻷﻭﻝ ﺳﻴﺒﲔ ﺃﻧﻮﺍﻉ ﺍﻷﻭﺍﻣﺮ ﺍﳌﺴﺘﺜﻤﺮ ﰲ ﺍﻟﺒﻮﺭﺻﺔ ﺃﻣﺎ ﺍﻟﺜﺎﱐ‬
‫ﻋﺮﺽ ﺇﺟﺮﺍﺀ ﺗﻨﻔﻴﺬ ﺍﻷﻭﺍﻣﺮ‪.‬‬
‫ﺍﻟﻤﻄﻠﺐ ﺍﻟﺜﺎﻧﻲ‪ :‬ﺍﻟﺘﺴﻌﻴﺮﺓ‪.‬‬

‫ﺍﻟﻔﺮﻉ ﺍﻷﻭﻝ‪ :‬ﻣﻔﻬﻮﻡ ﺍﻟﺘﺴﻌﲑﺓ‪.‬‬

‫‪_1‬ﺳﻌﺮ ﺍﻟﺒﻮﺭﺻﺔ‪:‬‬
‫ﻫﻲ ﺍﻟﻘﻴﻤﺔ ﺍﻟﱵ ﻳﺒﻠﻐﻬﺎ ﺳﻨﺪ ﻣﺎ ﺃﺛﻨﺎﺀ ﺃﺣﺪ ﺍﳉﻠﺴﺎﺕ ﰲ ﺍﻟﺒﻮﺭﺻﺔ‪ ،‬ﻭ ﺍﻟﺬﻱ ﻳﺴﺠﻞ ﺑﻌﺪ ﺍﻧﺘﻬﺎﺋﻬﺎ ﰲ ﻟﻮﺡ‬
‫ﺍﻟﺘﺴﻌﲑﺓ‪ ،‬ﻭ ﻳﻌﻜﺲ ﻫﺬﺍ ﺍﻟﺴﻌﺮ ﺍﻟﻘﻴﻢ ﺍﳌﺨﺘﻠﻔﺔ ﺍﻟﱵ ﺗﻼﻗﺖ ﻋﻨﺪﻫﺎ ﻃﻠﺒﺎﺕ ﺍﻟﺒﻴﻊ ﻭ ﺍﻟﺸﺮﺍﺀ ﻟﻮﺭﻗﺔ ﻣﺎﻟﻴﺔ ﻣﻌﻴﻨﺔ‪.‬‬
‫ﳚﺐ ﺃﻥ ﻳﺆﻣﻞ ﻋﻘﺪ ﺍﻟﺼﻔﻘﺎﺕ ﻷﻛﱪ ﻛﻤﻴﺔ ﳑﻜﻨﺔ ﻣﻦ ﻋﺮﻭﺽ ﺍﻟﺒﻴﻊ ﻭ ﻃﻠﺒﺎﺕ ﺍﻟﺸﺮﺍﺀ‪.‬‬
‫‪_2‬ﺍﻟﺘﺴﻌﲑﺓ ﺍﻟﺮﲰﻴﺔ‪:‬‬
‫ﳝﻜﻦ ﺗﻌﺮﻳﻔﻬﺎ ﺑﺄ‪‬ﺎ ﺍﻟﻮﺛﻴﻘﺔ ﺍﻷﺻﻠﻴﺔ ﺍﻟﱵ ﺗﻨﺸﺮﻫﺎ ﳉﺎﻥ ﺍﻟﺘﺴﻌﲑﺓ ﰲ ﺍﻟﺒﻮﺭﺻﺔ ﰲ ﻛﻞ ﺟﻠﺴﺔ ﻭ ﻏﺎﻳﺘﻬﺎ‬
‫ﺇﻋﻼﻥ ﺍﻟﺴﻌﺮ ﺍﻟﺬﻱ ﻳﺘﻢ ﲟﻮﺟﺒﻪ ﺍﻟﺘﺪﺍﻭﻝ ﺍﻟﻔﻌﻠﻲ ﻟﻸﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﺍﳌﻘﻴﺪﺓ ﺑﺎﻟﺘﺴﻌﲑﺓ ﻫﺬﻩ ﺍﻟﺘﺴﻌﲑﺓ ﲢﺘﻮﻱ ﻋﻠﻰ‬
‫ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﻟﺘﺎﻟﻴﺔ‪:1‬‬
‫*ﻋﺪﺩ ﺍﻟﺴﻨﺪﺍﺕ ﻭ ﻗﻴﻤﺔ ﺍﻟﻘﺮﺽ ﺍﳌﻘﺒﻮﻝ ﰲ ﺍﻟﺘﺴﻌﲑﺓ‪.‬‬
‫*ﻋﺪﺩ ﺍﻟﺴﻨﺪﺍﺕ ﻭ ﻗﻴﻤﺔ ﺍﻟﻘﺮﺽ ﺍﳌﻮﺿﻮﻉ ﰲ ﺍﻟﺘﺪﺍﻭﻝ ‪.‬‬
‫*ﺍﺳﻢ ﺍﻟﻮﺭﻗﺔ ﺍﳌﺎﻟﻴﺔ‪.‬‬
‫ﺑﺎﻟﻨﺴﺒﺔ ﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﺫﺍﺕ ﺍﻟﺪﺧﻞ ﺍﻟﺜﺎﺑﺖ ﻳﺬﻛﺮ ﺃﻳﻀﺎ ﺍﻟﻔﺎﺋﺪﺓ ﻭ ﻣﻘﺪﺍﺭ ﺍﻟﻀﺮﻳﺒﺔ ﻭ ﻣﻮﻋﺪ ﺍﺳﺘﺤﻘﺎﻕ‬
‫ﺍﻟﻔﻮﺍﺋﺪ‪.‬‬
‫*ﻣﻮﻋﺪ ﺍﻟﺴﺤﺐ ﰲ ﺣﺎﻟﺔ ﻭﺟﻮﺩﻩ ‪.‬‬
‫*ﺃﺳﻌﺎﺭ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﰲ ﺟﻠﺴﺔ ﺍﻟﻴﻮﻡ ‪.‬‬
‫*ﺍﻟﺴﻌﺮ ﺍﻟﺴﺎﺑﻖ‪.‬‬

‫‪ 1‬ﺩ‪ .‬ﴰﻌﻮﻥ ﴰﻌﻮﻥ ‪ ،‬ﻣﺮﺟﻊ ﺳﺎﺑﻖ‪ ،‬ﺹ‪.46-45‬‬

 ‫*ﺃﺳﻬﻢ ﺍﻟﺸﺮﻛﺎﺕ ﺍﻟﻮﻃﻨﻴﺔ‪.‬‬

‫ﺍﻟﻔﺮﻉ ﺍﻟﺜﺎﱐ‪ :‬ﻃﺮﻕ ﺍﻟﺘﺴﻌﲑﺓ‪.‬‬

‫‪_1‬ﻃﺮﻕ ﺍﻟﺘﺴﻌﲑﺓ‪:‬‬
‫‪‬ﺪﻑ ﺍﻟﺘﺴﻌﲑﺓ ﺍﻟﻌﺎﻣﺔ ﺇﱃ ﺗﻌﻈﻴﻢ ﺍﻟﻜﻤﻴﺎﺕ ﺍﳌﺘﺒﺎﺩﻟﺔ ﻣﻦ ﳐﺘﻠﻒ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﻭ ﺗﺴﻬﻞ ﺫﻟﻚ‪.‬‬
‫ﻭ ﳕﻴﺰ ﺑﲔ ﻃﺮﻳﻘﺘﲔ )ﻧﻮﻋﲔ( ﻣﻦ ﺍﻟﺘﺴﻌﲑﺓ‪ :‬ﺍﻟﺘﺴﻌﲑﺓ ﺍﻟﺜﺎﺑﺘﺔ ) ﺑﺎﻟﺘﺜﺒﻴﺖ( ﺍﻟﺘﺴﻌﲑﺓ ﺍﳌﺴﺘﻤﺮﺓ‪.‬‬
‫‪ –1.1‬ﺍﻟﺘﺴﻌﲑﺓ ﺍﻟﺜﺎﺑﺘﺔ ‪:‬‬
‫ﻫﻲ ﺇﺟﺮﺍﺀ ﻟﻠﺘﺴﻌﲑﺓ ﻣﻦ ﺍﺟﻞ ﺍﳌﻮﺍﺟﻬﺔ ﺍﻟﻌﺎﻣﺔ ﻟﻜﻞ ﺃﻭﺍﻣﺮ ﺍﻟﺸﺮﺍﺀ ﻭ ﺍﻟﺒﻴﻊ ﻟﻮﺭﻗﺔ ﻣﺎﻟﻴﺔ ﻣﻌﻴﻨﺔ ﰲ ﳊﻈﺔ‬
‫ﺯﻣﻨﻴﺔ ﻣﻌﻄﺎﺓ‪ ،‬ﻭ ﻳﺘﻢ ﺗﻄﺒﻴﻖ ﻧﻔﺲ ﺳﻌﺮ ﺍﻟﺒﻮﺭﺻﺔ ﺍﳌﺴﺘﻤﺮ ﳉﻤﻴﻊ ﺍﳌﻌﺎﻣﻼﺕ ﺍﳌﺘﻌﺪﺩ ﻟﺘﻠﻚ ﺍﻟﻮﺭﻗﺔ ﺍﳌﺎﻟﻴﺔ ﺧﻼﻝ‬
‫ﺟﻠﺴﺔ ﺍﻟﺒﻮﺭﺻﺔ ‪.1‬‬
‫ﺗﻌﻤﻞ ﻫﺬﻩ ﺍﻟﻄﺮﻳﻘﺔ ﻋﻠﻰ ﲢﺪﻳﺪ ﺳﻌﺮ ﺍﻟﺘﻮﺍﺯﻥ ﺍﻟﺬﻱ ﻳﺴﻤﺢ ﺑﻌﺮﺽ ﺃﻛﱪ ﻗﺪﺭ ﳑﻜﻦ ﻣﻦ ﺍﻟﺼﻔﻘﺎﺕ‬
‫‪2‬‬
‫ﺧﻼﻝ ﻓﺘﺮﺓ ﻗﺼﲑﺓ ﻋﺎﺩﺓ ﻣﺎ ﺗﻜﻮﻥ ﻣﺮﺓ ﺃﻭ ﻣﺮﺗﲔ ﰲ ﺍﻟﻴﻮﻡ‬
‫ﲟﻌﲎ ﺁﺧﺮ ﺃ‪‬ﺎ ﺗﻌﻘﺪ ﰲ ﺟﻠﺴﺔ ﻭﺍﺣﺪﺓ ﻭ ﻳﺘﺤﺪﺩ ﻓﻴﻬﺎ ﺳﻌﺮ ﻭﺍﺣﺪ‪ ،‬ﺗﻨﻔﺬ ﺑﻪ ﺍﻷﻭﺍﻣﺮ ﺍﻟﱵ ﺗﻄﺎﺑﻖ ﺍﻟﺴﻌﺮ‪،‬‬
‫ﻭ ﺑﻘﻴﺔ ﺍﻷﺳﻬﻢ ﺗﻨﺘﻈﺮ ﺟﻠﺴﺔ ﺃﺧﺮﻯ‪ ،‬ﻭ ﺍﳉﻠﺴﺔ ﺑﺎﻟﺘﺜﺒﻴﺖ ﺍﻷﻣﺮ ﻳﻨﻔﺬ ﺃﻭ ﻳﻠﻐﻰ ﺩﻭﻥ ﻭﻭﺩ ﻃﺎﺑﻮﺭ‪.‬‬
‫ﻋﻦ ﺍﻟﺴﻌﺮ ﺍﻟﺜﺎﺑﺖ ﰲ ﺍﳉﻠﺴﺔ ﺣﱴ ﺍﳉﻠﺴﺔ ﺍﻟﻘﺎﺩﻣﺔ ﻳﺘﻐﲑ‪.3‬‬
‫ﻳﻮﺟﺪ ﻫﻨﺎﻙ ﺃﺭﺑﻌﺔ ﺗﻘﻨﻴﺎﺕ ﻟﻠﺘﺴﻌﲑﺓ ﺍﻟﺜﺎﺑﺘﺔ ﻭ ﻫﻲ‪:‬‬
‫‪ -1.1.1‬ﺗﺴﻌﲑﺓ ﺍﳌﻨﺎﺩﺍﺓ‪:‬‬
‫ﻭ ﺗﺼﻠﺢ ﻫﺬﻩ ﺍﻟﻄﺮﻳﻘﺔ ﻟﻸﻭﺍﻣﺮ ﺍﻵﺟﻠﺔ ﻋﻠﻰ ﺃﻫﻢ ﺍﻷﻭﺭﺍﻕ ﺫﺍﺕ ﺍﻷﻭﺍﻣﺮ ﺍﻟﻌﺎﺟﻠﺔ ﻭ ﺗﺘﻢ ﺑﺎﺟﺘﻤﺎﻉ ﳑﺜﻠﻲ‬
‫ﲨﻴﻊ ﺍﻟﻌﺮﻭﺽ ﻭ ﺍﻟﻄﻠﺒﺎﺕ ﺣﻮﻝ ﻣﻘﺼﻮﺭﺓ ﺍﻟﺒﻮﺭﺻﺔ‪ ،‬ﺣﻴﺚ ﻳﺘﻢ ﺗﻨﻔﻴﺬ ﺃﻭﺍﻣﺮ ﺍﻟﺸﺮﺍﺀ ﻭ ﺍﻟﺒﻴﻊ ﻭﺫﻟﻚ ﻋﻦ ﻃﺮﻳﻖ‬
‫ﺍﳌﻨﺎﺩﺍﺓ ﲟﻌﲎ ﺃﻥ ﺍﻟﻌﻤﻠﻴﺔ ﺗﺘﻢ ﻋﻦ ﻃﺮﻳﻖ ﺍﻟﻮﺳﻄﺎﺀ ﺑﺎﻟﺒﻮﺭﺻﺔ ﺃﻭ ﻣﻮﻇﻔﻴﻬﻢ ﺣﻴﺚ ﻳﻌﻠﻨﻮﻥ ﺑﺼﻮﺕ ﻣﺮﺗﻔﻊ ﺃﲰﺎﺀ‬
‫ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﺍﻟﱵ ﻳﺮﻏﺐ ﺑﻴﻌﻬﺎ ﺃﻭ ﺷﺮﺍﺋﻬﺎ ﻣﻊ ﺍﻹﺷﺎﺭﺓ ﺇﱃ‬

‫ﺍﻟﻜﻤﻴﺎﺕ ﻭﺍﻷﺳﻌﺎﺭ ﺍﳌﻘﺘﺮﺣﺔ‪ ،‬ﻭﺑﻌﺪ ﺫﻟﻚ ﳚﺮﻯ ﻧﻘﺎﺵ ﺑﲔ ﺍﻟﺒﺎﺋﻌﲔ ﻭﺍﳌﺸﺘﺮﻳﻦ ﺑﺎﻟﻨﺪﺍﺀ ﺑﺄﻋﻠﻰ ﺃﺻﻮﺍ‪‬ﻢ‪.‬‬
‫ﻭﺗﺘﻢ ﺍﳌﺰﺍﻳﺪﺍﺕ ﻭﺍﻟﺘﺨﻔﻴﻀﺎﺕ ﺑﲔ ﺍﻟﻮﺳﻄﺎﺀ ﺣﺴﺐ ﺍﻷﻭﺍﻣﺮ ﺍﻟﱵ ﺃﻋﻄﻴﺖ ﳍﻢ ﻣﻦ ﻗﺒﻞ ﺍﳌﺘﻌﺎﻣﻠﲔ ﺣﱴ‬
‫ﻳﺘﻢ ﲢﺪﻳﺪ ﺍﻟﺘﻮﺍﺯﻥ‪ ،‬ﻭﻷﻥ ﻫﺬﻩ ﺍﻟﻄﺮﻳﻘﺔ ﻳﻨﺠﻢ ﻋﻨﻬﺎ ﺿﺠﻴﺞ ﻭﺻﺨﺐ ﻳﻌﻤﺎﻥ ﺍﻟﻘﺎﻋﺔ‪ ،‬ﻓﺈﻥ ﺍﻟﻮﺳﻄﺎﺀ ﺍﳌﺘﻔﺎﻭﺿﻮﻥ‬
‫‪1‬‬
‫‪Guide de l’emeteur, Cosob, les guides 1997. P69.‬‬
‫‪2‬‬
‫‪J. Reyrard : la bourse – 9 eme Edition – Veuibert édition – Paris – 2000 . P76.‬‬
‫‪ 3‬ﳏﺎﺿﺮﺍﺕ ﺍﻷﺳﺘﺎﺫ ﻓﻮﺿﻴﻠﻲ ﻋﺒﺪ ﺍﳊﻠﻴﻢ – ﻣﻮﺿﻮﻉ ﺍﻟﺘﺴﻌﲑﺓ – ﰲ ﻣﺎﺩﺓ ﺍﻷﺳﻮﺍﻕ ﺍﳌﺎﻟﻴﺔ‪ ،‬ﺳﻨﺔ ‪.2003-2002‬‬
‫ﻳﻠﺠﺌﻮﻥ ﺇﱃ ﺍﺳﺘﻌﻤﺎﻝ ﺃﻳﺪﻳﻬﻢ ﻟﻺﺷﺎﺭﺓ ﺇﱃ ﺍﻗﺘﺮﺍﺣﺎ‪‬ﻢ‪ ،‬ﻭﻳﺘﻮﱃ ﳑﺜﻞ ﺍﻟﺬﻱ ﻳﺪﻋﻰ ﺍﳌﺴﺠﻞ ﺑﺘﺴﺠﻴﻞ ﺍﻷﺳﻌﺎﺭ ﳏﻞ‬
‫ﺍﻟﺘﻔﺎﻭﺽ ﳏﺪﺩﺍ ﺑﺬﻟﻚ ﺍﻟﺘﻮﺍﺯﻥ ﻟﻜﻞ ﻭﺭﻗﺔ‪.‬‬
‫‪ -2.1.1‬ﺗﺴﻌﲑﺓ ﺍﻟﺪﺭﺝ ‪:‬‬
‫ﻻ ﲣﺘﻠﻒ ﻋﻦ ﺳﺎﺑﻘﺘﻬﺎ ﺇﻻ ﰲ ﻛﻮﻥ ﺃﻥ ﺍﻻﻟﺘﺰﺍﻣﺎﺕ ﺗﺘﻢ ﻛﺘﺎﺑﻴﺎ ﻭﺗﻮﺿﻊ ﰲ ﺃﺩﺭﺍﺝ ﺧﺎﺻﺔ )ﻛﻞ ﻧﻮﻉ‬
‫ﻣﻦ ﺍﻷﻭﺭﺍﻕ ﻟﻪ ﺩﺭﺟﻪ ﺍﳋﺎﺹ ﺑﻪ( ﺣﻴﺚ ﻳﺘﻢ ﻭﺿﻊ ﻛﻞ ﳎﻤﻮﻋﺔ ﺃﻭﺭﺍﻕ ﻣﻊ ﺑﻌﻀﻬﺎ‪ ،‬ﻭﺑﻌﺪ ﺫﻟﻚ ﺗﺘﻢ ﻋﻤﻠﻴﺔ ﺍﻟﻔﺮﺯ‬
‫ﻟﻠﻌﺮﻭﺽ ﻭﺍﻟﻄﻠﺒﺎﺕ ﻭﻋﻠﻰ ﻫﺬﺍ ﺍﻷﺳﺎﺱ ﻳﺘﻢ ﲢﺪﻳﺪ ﺳﻌﺮ ﺍﻟﺘﻮﺍﺯﻥ ﻟﻜﻞ ﻭﺭﻗﺔ‪.‬‬
‫ﻭﻳﺘﻢ ﺍﻟﻠﺠﻮﺀ ﺇﱃ ﻫﺬﻩ ﺍﻟﻄﺮﻳﻘﺔ ﺍﺳﺘﺜﻨﺎﺀ ﻋﻨﺪﻣﺎ ﺗﻜﻮﻥ ﺍﻟﻌﺮﻭﺽ ﻭﺍﻟﻄﻠﺒﺎﺕ ﰲ ﺍﻟﺒﻮﺭﺻﺔ ﻛﺜﲑﺓ ﻭﻣﺘﻨﻮﻋﺔ‬
‫ﲟﻌﲎ ﻋﻨﺪﻣﺎ ﺗﻜﻮﻥ ﺍﻟﺒﻮﺭﺻﺔ ﻣﺰﺩﲪﺔ ﻭﻣﻜﺘﻈﺔ ‪.1‬‬
‫‪ – 3.1.1‬ﺗﺴﻌﲑﺓ ﺍﻟﺼﻨﺪﻭﻕ‪:‬‬
‫ﻫﻲ ﻛﺜﲑﺓ ﺍﻟﺸﺒﻪ ﺑﺘﺴﻌﲑﺓ ﺍﻟﺪﺭﺝ‪ ،‬ﻟﻜﻦ ﻳﺘﻢ ﺍﻟﻠﺠﻮﺀ ﺇﱃ ﻫﺬﻩ ﺍﻟﻄﺮﻳﻘﺔ ﺍﺳﺘﺜﻨﺎﺀ ﰲ ﺣﺎﻻﺕ ﻣﻌﻴﻨﺔ ﻣﻨﻬﺎ‬
‫ﺍﻟﻌﺮﻭﺽ ﺃﻭ ﺍﻟﺸﺮﺍﺀ ﺃﻭ ﺍﻟﺒﻴﻊ ﺃﻭ ﻋﻨﺪ ﺗﺴﻌﲑ ﻗﻴﻤﺔ ﺗﻌﺘﺮﻳﻬﺎ ﲨﻠﺔ ﻣﻦ ﺍﳌﺸﺎﻛﻞ ﺍﳋﺎﺭﺟﻴﺔ ﻋﻦ ﺍﻟﻌﺎﺩﺓ‪ ،‬ﻭ ﻳﺘﻌﲔ ﺗﺪﺧﻞ‬
‫ﺍﻟﺴﻠﻄﺎﺕ ﰲ ﺍﻟﺒﻮﺭﺻﺔ ﻻﲣﺎﺫ ﻗﺮﺍﺭﺍﺕ ‪‬ﺬﺍ ﺍﻟﺸﺄﻥ‪.‬‬
‫ﻭ ﻳﺘﻢ ﲢﺪﻳﺪ ﺍﻟﺴﻌﺮ ﻣﻦ ﺧﻼﻝ ﺗﺮﻛﻴﺰ ﻛﻞ ﺍﻷﻭﺍﻣﺮ ﰲ ﺻﻨﺪﻭﻕ ﻭﺍﺣﺪ ﲢﺖ ﻭﺻﺎﻳﺔ ﺳﻠﻄﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ‬
‫ﻭ ﻫﺬﻩ ﺍﻷﺧﲑﺓ ﻭ ﻣﻦ ﺧﻼﻝ ﻣﺎ ﺗﻌﺎﻧﻴﻪ ﻳﺘﻢ ﲢﺪﻳﺪ ﺳﻌﺮ ﺍﻟﺘﻮﺍﺯﻥ‪.‬‬
‫‪ -4.1.1‬ﺗﺴﻌﲑﺓ ﺍﳌﻌﺎﺭﺿﺔ )ﺍﳌﻘﺎﺑﻠﺔ(‪:‬‬
‫ﲤﺰﺝ ﺑﲔ ﻃﺮﻳﻘﺔ ﺍﳌﻨﺎﺩﺍﺓ ﻭ ﻃﺮﻳﻘﺔ ﺍﻟﺪﺭﺝ ﺫﻟﻚ ﻷ‪‬ﺎ ﲢﺎﻭﻝ ﺍﻷﺧﺬ ﲟﺤﺎﺳﻨﻬﺎ ﻛﻮﻥ ﺍﻷﻭﺍﻣﺮ ﺗﺴﺠﻞ‬
‫ﻛﻤﺎ ﻫﻮ ﰲ ﻃﺮﻳﻘﺔ ﺍﻟﺪﺭﺝ ﺇﺿﺎﻓﺔ ﺇﱃ ﺫﻟﻚ ﻓﺈﻥ ﻫﺬﺍ ﺍﻻﻟﺘﺰﺍﻡ ﺍﻟﻜﺘﺎﰊ ﳝﻜﻦ ﺃﻥ ﻳﺘﻢ ﲟﻌﺎﺭﺿﺔ ﺷﻔﻮﻳﺔ ﻋﻠﻰ ﺍﻟﺘﺴﻌﲑﺓ‬
‫ﺍﻟﱵ ﻻ ﺗﻠﱯ ﻃﻠﺒﺎ‪‬ﻢ ﻋﻠﻰ ﺍﻓﻀﻞ ﻭﺟﻪ‪.2‬‬

‫ﲡﺪﺭ ﺍﻹﺷﺎﺭﺓ ﺇﱃ ﺃﻧﻪ ﻇﻬﺮﺕ ﺗﻘﻨﻴﺔ ﺍﻹﻋﻼﻡ ﺍﻵﱄ )ﺍﳊﺎﺳﻮﺏ ( ﻭ ﻫﻲ ﺗﻘﻨﻴﺔ ﺟﺪﻳﺪﺓ ﻳﻌﻤﻞ ‪‬ﺎ‪,‬ﻭ ﺳﻴﺘﻢ‬
‫ﻋﺮﺽ ﻣﻴﻜﺎﻧﺰﻣﺎﺕ ﺍﻟﺘﺴﻌﲑ ﻭﻓﻖ ﻫﺬﻩ ﺍﻟﻄﺮﻳﻘﺔ ﻣﻦ ﺧﻼﻝ ﺍﳉﺪﻭﻟﲔ ﺍﻟﺘﺎﻟﻴﲔ ‪:‬‬

‫‪ 1‬ﳏﻤﺪ ﺑﺮﺍﻕ‪ ،‬ﺑﻮﺭﺻﺔ ﺍﻟﻘﻴﻢ ﺍﳌﺘﺪﺍﻭﻟﺔ ﻭ ﺩﻭﺭﻫﺎ ﰲ ﲢﻘﻴﻖ ﺍﻟﺘﻨﻤﻴﺔ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﻣﻊ ﺩﺭﺍﺳﺔ ﺣﺎﻟﺔ ﺍﳉﺰﺍﺋﺮ‪ ،‬ﺍﳉﺰﺀ ﺍﻷﻭﻝ‪ :‬ﺑﻮﺭﺻﺔ ﺍﻟﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ ﻭ ﲤﻮﻳﻞ ﺍﻟﺘﻨﻤﻴﺔ‪ ،‬ﺩﻛﺘﻮﺭﺍ ﺩﻭﻟﺔ‬
‫ﰲ ﺍﻟﻌﻠﻮﻡ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ – ﺟﺎﻣﻌﺔ ﺍﳉﺰﺍﺋﺮ‪ 1999-1998 -‬ﺹ ‪.168‬‬
‫‪ 2‬ﳏﻤﺪ ﺑﺮﺍﻕ‪ :‬ﻣﺮﺟﻊ ﺳﺎﺑﻖ‪ ،‬ﺹ ‪.168-166‬‬
‫ﺍﻟﺠﺪﻭﻝ ﺭﻗﻢ ‪ :02‬ﻋﺮﺽ ﻣﺨﺘﻠﻒ ﺃﻭﺍﻣﺮ ﺍﻟﺸﺮﺍﺀ ﻭ ﺃﻭﺍﻣﺮ ﺍﻟﺒﻴﻊ ﻟﺴﻬﻢ ﻣﻌﻴﻦ‪.‬‬

‫ﺃﻭﺍﻣﺮ ﺍﻟﺸﺮﺍﺀ‬ ‫ﺣﺪﻭﺩ ﺍﻟﺴﻌﺮ‬ ‫ﺃﻭﺍﻣﺮ ﺍﻟﺒﻴﻊ‬

‫ﺑﺎﻟﺴﻌﺮ ﺍﻷﻭﻝ‬ ‫‪ 50‬ﺳﻬﻢ‬
‫‪ 400‬ﺳﻬﻢ‬ ‫‪ 160‬ﺩﺝ‬ ‫‪ 100‬ﺳﻬﻢ‬
‫‪ 340‬ﺳﻬﻢ‬ ‫‪ 161‬ﺩﺝ‬ ‫‪ 200‬ﺳﻬﻢ‬
‫‪ 320‬ﺳﻬﻢ‬ ‫‪ 162‬ﺩﺝ‬ ‫‪ 280‬ﺳﻬﻢ‬
‫‪ 400‬ﺳﻬﻢ‬ ‫‪ 163‬ﺩﺝ‬ ‫‪ 340‬ﺳﻬﻢ‬
‫‪ 250‬ﺳﻬﻢ‬ ‫‪164‬ﺩﺝ‬ ‫‪ 380‬ﺳﻬﻢ‬
‫‪ 120‬ﺳﻬﻢ‬ ‫‪165‬ﺩﺝ‬ ‫‪ 400‬ﺳﻬﻢ‬
‫‪ 100‬ﺳﻬﻢ‬ ‫‪166‬ﺩﺝ‬ ‫‪ 500‬ﺳﻬﻢ‬
‫‪ 100‬ﺳﻬﻢ‬ ‫ﺑﺎﻟﺴﻌﺮ ﺍﻷﻭﻝ ﺩﺝ‬

‫ﺍﻟﻤﺼﺪﺭ‪J.Peyrard: OP-CIT PP.:78 :‬‬

 ‫ﺍﻟﺠﺪﻭﻝ ﺭﻗﻢ ‪ : 3‬ﻛﻴﻔﻴﺔ ﺗﺤﺪﻳﺪ ﺳﻌﺮ ﺍﻟﺘﻮﺍﺯﻥ ﻟﺴﻬﻢ ﻣﻌﻴﻦ‪.‬‬

‫ﺗﺮﺍﻛﻢ ﺃﻭﺍﻣﺮ ﺍﻟﺸﺮﺍﺀ‪.‬‬ ‫ﺣﺪﻭﺩ ﺍﻟﺴﻌﺮ‬ ‫ﺗﺮﺍﻛﻢ ﺃﻭﺍﻣﺮ ﺍﻟﺒﻴﻊ‬

‫ﺑﺎﻟﺴﻌﺮ ﺍﻷﻭﻝ‬ ‫‪ 50‬ﺳﻬﻢ‬
‫‪2030‬ﺳﻬﻢ }‪{400+1630‬‬ ‫‪160‬‬ ‫‪ 150‬ﺳﻬﻢ}‪{ 50 + 100‬‬
‫‪1630‬ﺳﻬﻢ }‪{340+1290‬‬ ‫‪161‬‬ ‫‪ 350‬ﺳﻬﻢ }‪{200+150‬‬
‫‪162‬‬
‫‪ 1290‬ﺳﻬﻢ }‪{320+970‬‬ ‫‪163‬‬ ‫‪ 630‬ﺳﻬﻢ }‪{280+350‬‬
‫‪ 970‬ﺳﻬﻢ }‪{400+570‬‬ ‫‪164‬‬ ‫‪ 970‬ﺳﻬﻢ }‪{340+630‬‬
‫‪ 570‬ﺳﻬﻢ }‪{250+320‬‬ ‫‪165‬‬ ‫‪ 1350‬ﺳﻬﻢ}‪{380+970‬‬
‫‪166‬‬
‫‪ 320‬ﺳﻬﻢ }‪{120+200‬‬ ‫‪ 1750‬ﺳﻬﻢ }‪{400+1350‬‬
‫ﺑﺎﻟﺴﻌﺮ ﺍﻷﻭﻝ‬
‫‪ 200‬ﺳﻬﻢ }‪{100+100‬‬ ‫‪ 2250‬ﺳﻬﻢ }‪{500+1750‬‬
‫‪ 100‬ﺳﻬﻢ‬

‫ﺍﻟﻤﺼﺪﺭ‪ :‬ﻧﻔﺲ ﺍﻟﻤﺼﺪﺭ ﺍﻟﺠﺪﻭﻝ ﺍﻟﺜﺎﻧﻲ‪.‬‬

‫ﻳﻼﺣﻆ ﻣﻦ ﺧﻼﻝ ﺍﳉﺪﻭﻝ ﺭﻗﻢ ‪ 02‬ﺃﻥ ﺷﺮﻛﺔ ﺍﻟﺒﻮﺭﺻﺔ ﺗﻘﻮﻡ ﺑﺎﺳﺘﻼﻡ ﳐﺘﻠﻒ ﺃﻭﺍﻣﺮ ﺍﻟﺸﺮﺍﺀ ﻭ ﺍﻟﺒﻴﻊ‪،‬‬
‫ﻭ ﻋﺮﺽ ﺍﻷﺳﻬﻢ ﺑﺸﻜﻞ ﺗﺼﺎﻋﺪﻱ ﻭﻓﻖ ﻧﻈﺎﻡ ﺍﻹﻋﻼﻡ ﺍﻵﱄ‪ ،‬ﺍﻟﺬﻱ ﻳﻌﻤﻞ ﻋﻠﻰ ﲢﺪﻳﺪ ﺳﻌﺮ ﺍﻟﺘﻮﺍﺯﻥ ﻣﻦ ﺧﻼﻝ‬
‫ﺗﺴﺎﻭﻱ ﺍﻟﻌﺮﺽ ﻭ ﺍﻟﻄﻠﺐ ﻋﻠﻰ ﺳﻬﻢ ﻣﻌﲔ‪ ،‬ﻛﻤﺎ ﻫﻮ ﻣﻮﺿﺢ ﰲ ﺍﳉﺪﻭﻝ ﺭﻗﻢ ‪ 3‬ﺣﻴﺚ ﳒﺪ ﺍﻟﺴﻌﺮ ‪ 163‬ﺩﺝ‪،‬‬
‫ﻳﺴﻤﺢ ﺑﺘﺒﺎﺩﻝ ﺍﻛﱪ ﻋﺪﺩ ﳑﻜﻦ ﻣﻦ ﺍﻷﺳﻬﻢ‪ ،‬ﻭ ﰲ ﺣﺎﻟﺔ ﻋﺪﻡ ﺗﺴﺎﻭﻱ ﺍﻟﻌﺮﺽ ﻭ ﺍﻟﻄﻠﺐ‪ ،‬ﳚﺐ ﺗﻨﻔﻴﺬ ﺃﻛﱪ ﻋﺪﺩ‬
‫ﳑﻜﻦ ﻣﻦ ﺍﻷﻭﺍﻣﺮ ﺑﺸﻜﻞ ﺟﺰﺋﻲ ﺇﺫﺍ ﺃﻣﻜﻦ ﻃﺒﻘﺎ ﻟﻘﺎﻋﺪﺓ ﺍﻟﺪﺍﺧﻞ ﺃﻭﻻ ﻳﻨﻔﺬ ﺃﻭﻝ)‪(1‬ﺍ‪.‬‬

‫‪J.Peyrard: OP-CIT PP.:78‬‬ ‫)‪(1‬‬

 ‫‪ _ 1.1‬ﺍﻟﺘﺴﻌﲑﺓ ﺍﳌﺴﺘﻤﺮﺓ‪:‬‬
‫ﻫﻲ ﺗﻘﻨﻴﺔ ﻟﺘﻨﻔﻴﺬ ﺍﻷﻭﺍﻣﺮ ﻭ ﻣﺘﺎﺑﻌﺔ ﺗﻄﻮﺭﺍﺕ ﺍﻟﺴﻮﻕ ﺑﺸﻜﻞ ﺳﺮﻳﻊ‪ ،‬ﻭ ﻫﻲ ﲤﻜﻦ ﻣﻦ ﲡﻨﺐ ﻓﺘﺮﺓ‬
‫ﺍﻻﻧﺘﻈﺎﺭ ﻟﺘﺴﻌﲑﺓ ﺍﻷﻭﺍﻣﺮ ﺍﳉﺪﻳﺪﺓ ﻭ ﻧﺸﲑ ﺇﱃ ﺃﻥ ﻣﻌﺎﳉﺔ ﳐﺘﻠﻒ ﺍﻷﻭﺍﻣﺮ ﻭ ﺍﻟﻌﻤﻠﻴﺎﺕ ﺗﺘﻢ ﺑﻮﺍﺳﻄﺔ ﻋﻤﻠﻴﺎﺕ‬
‫ﺍﻹﻋﻼﻡ ﺍﻵﱄ ﺍﻟﺬﻱ ﻳﺘﻴﺢ ﺇﻣﻜﺎﻧﻴﺔ ﺗﻨﻔﻴﺬ ﺃﻛﱪ ﻋﺪﺩ ﳑﻜﻦ ﻣﻦ ﺍﻷﻭﺍﻣﺮ‪ ،‬ﻭﰲ ﺃﻱ ﻭﻗﺖ‪ ،‬ﻭ ﺗﻌﺪ ﻫﺬﻩ ﺍﻟﺘﻘﻨﻴﺔ ﻣﻦ‬
‫ﺍﻟﻌﻤﻠﻴﺎﺕ‪ ،‬ﻭ ﻫﺬﻩ ﺍﻟﻄﺮﻳﻘﺔ ﲢﻘﻖ ﺃﻳﻀﺎ ﺍﻟﺸﻔﺎﻓﻴﺔ ﺍﻟﻜﻠﻴﺔ ﺣﲔ ﺇﺟﺮﺍﺀ ﳐﺘﻠﻒ ﺍﻟﻌﻤﻠﻴﺎﺕ‪.1‬‬
‫ﺗﻮﺟﺪ ﻣﻄﺎﺭﻳﻒ ﻣﺘﺼﻠﺔ ﲝﺎﺳﻮﺏ ﻣﺮﻛﺰﻱ ﲤﻜﻦ ﻣﻦ ﺇﺩﺧﺎﻝ ﺍﻷﻭﺍﻣﺮ ﻣﻦ ﻃﺮﻑ ﺍﻟﻮﺳﻄﺎﺀ ﺍﳌﻌﺘﻤﺪﻳﻦ‪،‬‬
‫ﻫﺬﻩ ﺍﳌﻄﺎﺭﻳﻒ ﺗﻌﺮﺽ ﺑﺎﺳﺘﻤﺮﺍﺭ ﻋﻠﻰ ﺍﻟﺸﺎﺷﺔ ﺣﺎﻟﺔ ﺍﻟﻌﺮﺽ ﻭ ﺍﻟﻄﻠﺐ‪ ،‬ﺑﺄﺳﻌﺎﺭﻫﺎ ﻭ ﻛﻤﻴﺎ‪‬ﺎ ﺍﳌﺘﻌﻠﻘﺔ ﺑﻜﻞ ﻗﻴﻤﺔ‬
‫ﻣﺪﺭﺟﺔ ﻗﺒﻞ ﺍﻻﻓﺘﺘﺎﺡ ﻳﺘﻢ ﲡﻤﻴﻊ ﻭ ﺗﺮﺍﻛﻢ ﻭ ﺗﻜﺪﻳﺲ ﻫﺬﻩ ﺍﻷﻭﺍﻣﺮ ﻭ ﻛﺬﺍ ﺗﺼﻨﻴﻔﻬﺎ ﻭ ﺗﺮﻛﻴﺒﻬﺎ‪ ،‬ﻋﻨﺪ ﺍﻻﻓﺘﺘﺎﺡ‬
‫ﳛﺪﺩ ﺍﳊﺎﺳﻮﺏ ﺃﻭ ﺍﻟﻨﻈﺎﻡ ﺍﻵﱄ ﺳﻌﺮﺍ ﳝﻜﻦ ﻣﻦ ﺗﺪﺍﻭﻝ ﻋﺪﺩ ﺃﻛﱪ ﳑﻜﻦ ﻣﻦ ﺍﻟﻘﻴﻢ‪ ،‬ﺑﻌﺪﻫﺎ ﻳﺘﻢ ﺃﻳﻀﺎ ﺇﺩﺧﺎﻝ‬
‫ﺍﻷﻭﺍﻣﺮ‪ ،‬ﻫﺬﻩ ﺍﻷﻭﺍﻣﺮ ﲤﻜﻦ ﻣﻦ ﻋﻘﺪ ﺻﻔﻘﺔ ﺇﺫﺍ ﻭﺟﺪﺕ ﻣﺎ ﻳﻘﺎﺑﻞ ﰲ ﺍﻟﺴﻮﻕ ﻭ ﺇﻻ ﺃﺧﺬﺕ ﻣﻜﺎ‪‬ﺎ ﰲ ﺍﻟﻄﺎﺑﻮﺭ‪.2‬‬
‫ﻭ ﳝﻜﻦ ﺗﻨﺒﻴﻪ ﺇﱃ ﺃﻥ ﻧﻈﺎﻡ ﺍﻟﺘﺴﻌﲑﺓ ﳝﺮ ﲟﺮﺣﻠﺘﲔ ﺃﺳﺎﺳﻴﺘﲔ ﳘﺎ‪:3‬‬
‫ﻣﺮﺣﻠﺔ ﻣﺎ ﻗﺒﻞ ﺍﻓﺘﺘﺎﺡ ﺍﳉﻠﺴﺔ‪:‬‬
‫ﺣﻴﺚ ﻳﺘﻢ ﲡﻤﻴﻊ ﺍﻷﻭﺍﻣﺮ ﺍﶈﺼﻞ ﻋﻠﻴﻬﺎ ﻗﺒﻞ ﺍﻓﺘﺘﺎﺡ ﺍﳉﻠﺴﺔ ﻭ ﺗﻀﻢ ﻋﻤﻮﻣﺎ ﺃﻭﺍﻣﺮ ﺍﻟﺴﻌﺮ ﺍﶈﺪﺩ ﻭ ﺍﻟﱵ‬
‫ﺗﺸﺎﺭﻙ ﰲ ﲢﺪﻳﺪ ﺳﻌﺮ ﺍﻻﻓﺘﺘﺎﺡ ﻭ ﺃﻭﺍﻣﺮ ﺍﻟﺴﻌﺮ ﺍﻷﺣﺴﻦ ﻭ ﺍﻟﱵ ﲣﻀﻊ ﻣﺒﺎﺷﺮﺓ ﻟﻠﺴﻌﺮ ﺍﻷﺣﺴﻦ ﺍﻟﻨﻈﺮﻱ‬
‫ﻟﻼﻓﺘﺘﺎﺡ‪.‬‬
‫ﻣﺮﺣﻠﺔ ﻣﺎ ﺑﻌﺪ ﺍﻻﻓﺘﺘﺎﺡ‪:‬‬
‫ﺣﻴﺚ ﺃﻥ ﺳﻌﺮ ﺍﻻﻓﺘﺘﺎﺡ ﺍﻟﺬﻱ ﳛﻘﻖ ﺳﻌﺮ ﺍﻟﺘﻮﺍﺯﻥ ﻋﻨﺪ ﺗﻼﻗﻲ ﺍﻟﻌﺮﺽ ﻭ ﺍﻟﻄﻠﺐ ﻭ ﻫﻮ ﺍﻟﺬﻱ ﺗﺘﻢ ﻋﻠﻰ‬
‫ﺃﺳﺎﺳﻪ ﺍﻟﺼﻔﻘﺔ ﺇﺫ ﺃﻥ ﺃﻭﺍﻣﺮ ﺍﻟﺸﺮﺍﺀ ﻟﻠﺴﻌﺮ ﺍﶈﺪﺩ ﺍﳌﻨﻔﺬﺓ ﻫﻲ ﺍﻟﱵ ﻳﻜﻮﻥ ﺳﻌﺮﻫﺎ ﺍﶈﺪﺩ ﺃﻋﻠﻰ ﺃﻭ ﻳﺴﺎﻭﻱ ﺳﻌﺮ‬
‫ﺍﻟﺘﻮﺍﺯﻥ‪ ،‬ﺃﻣﺎ ﲞﺼﻮﺹ ﺃﻭﺍﻣﺮ ﺍﻟﺒﻴﻊ ﺑﺎﻟﺴﻌﺮ ﺍﶈﺪﺩ ﺍﳌﻨﻔﺬﺓ ﻓﺈﻥ ﺳﻌﺮﻫﺎ ﻳﻜﻮﻥ ﺃﺩﱏ ﺃﻭ ﻳﺴﺎﻭﻱ ﺳﻌﺮ ﺍﻟﺘﻮﺍﺯﻥ‪ ،‬ﻭ ﻳﺘﻢ‬
‫ﺫﻟﻚ ﺑﺘﻮﺟﻴﻬﻬﺎ ﺇﱃ ﻧﻈﺎﻡ ﺍﻹﻋﻼﻡ ﺍﻵﱄ ﻟﻠﺘﺴﻌﲑﺓ‪ ،‬ﻭ‬

‫ﺗﻨﻔﻴﺬﻫﺎ ﺣﺴﺐ ﻗﺎﻋﺪﺓ ﺍﻟﺪﺍﺧﻞ ﺃﻭﻻ ﺍﻟﻨﺎﻓﺬ ﺃﻭﻻ ﺃﻱ ﺃﻧﻪ ﺇﺫﺍ ﺩﺧﻠﺖ ﻋﺪﺓ ﺃﻭﺍﻣﺮ ﺑﻨﻔﺲ ﺍﻟﺴﻌﺮ ﺍﶈﺪﺩ ﻓﺈﻥ ﺗﻨﻔﻴﺬﻫﺎ‬
‫ﻳﺘﻢ ﺣﺴﺐ ﺍﻷﻭﻟﻮﻳﺔ‪.‬‬

‫‪ 1‬ﳏﻤﺪ ﺑﺮﺍﻕ‪ ،‬ﺍﳌﺮﺟﻊ ﺍﻟﺴﺎﺑﻖ‪ ،‬ﺹ ‪.168-166‬‬

‫‪ 2‬ﳏﺎﺿﺮﺍﺕ ﺍﻷﺳﺘﺎﺫ ﻓﻮﻇﻴﻠﻲ ﰲ ﻣﺎﺩﺓ ﺍﻷﺳﻮﺍﻕ ﺍﳌﺎﻟﻴﺔ‪.2003-2002.‬‬
‫‪ 3‬ﻣﻨﺸﻮﺭﺍﺕ ﺷﺮﻛﺔ ﺇﺩﺍﺭﺓ ﺑﻮﺭﺻﺔ ﺍﻟﻘﻴﻢ – ﺍﳉﺰﺍﺋﺮ‪ -‬ﺍﳋﺎﺻﺔ ﺑﺎﻷﺳﻬﻢ ‪1999.‬‬
 ‫ﺍﻟﻤﻄﻠﺐ ﺍﻟﺜﺎﻟﺚ‪ :‬ﺍﻟﻤﺆﺷﺮﺍﺕ‪.‬‬

‫ﺍﻟﻔﺮﻉ ﺍﻷﻭﻝ‪ :‬ﻣﻔﻬﻮﻡ ﺍﳌﺆﺷﺮﺍﺕ ﻭ ﺍﺳﺘﺨﺪﺍﻣﺎ‪‬ﺎ ﺍﻷﺳﺎﺳﻴﺔ‪.‬‬

‫ﻣﺆﺷﺮﺍﺕ ﺍﻟﺒﻮﺭﺻﺔ ﺗﻘﻴﺲ ﺍﻟﺘﻄﻮﺭ ﺍﻟﻌﺎﻡ ﻟﻸﺳﻌﺎﺭ‪ ،‬ﻭ ﺗﺴﺎﻋﺪ ﻋﻠﻰ ﺗﺄﺳﻴﺲ ﻣﺼﺎﺩﺭ ﺗﺴﻤﺢ ﺑﺘﻘﺪﻳﺮ‬
‫ﺍﻟﻨﺘﺎﺋﺞ ﺍﻟﻘﻴﺎﺳﻴﺔ ﻟﻠﻤﺸﺎﺭﻳﻊ ﻭ ﻣﺴﲑﻳﻬﺎ‪ ،‬ﻭ ﻫﻲ ﺃﻳﻀﺎ ﻋﺒﺎﺭﺓ ﻋﻦ ﻣﺆﺷﺮﺍﺕ ﺍﻗﺘﺼﺎﺩﻳﺔ ﺗﺴﻤﺢ ﺑﺘﻘﻴﻴﻢ ﺍﻷﺻﻮﻝ ﺍﳌﺎﻟﻴﺔ‬
‫ﻟﻠﻤﺆﺳﺴﺎﺕ‪.1‬‬
‫ﻭ ﻫﻲ ﺣﺮﻛﺔ ﲨﻴﻊ ﺍﻷﺳﻬﻢ ﰲ ﺍﻟﺴﻮﻕ ﺍﳌﺎﱄ ﻭﻳﺘﻢ ﺣﺴﺎﺑﻪ ﰲ ﺻﻮﺭﺓ ﻣﺘﻮﺳﻂ ﻋﻴﻨﺔ ﻣﻦ ﺍﻷﺳﻬﻢ‪ ،‬ﳑﺜﻠﺔ‬
‫ﻟﻠﺴﻮﻕ ﻛﻠﻪ ﲟﺨﺘﻠﻒ ﺃﻧﺸﻄﺘﻪ ﺧﻼﻝ ﻓﺘﺮﺓ ﻣﻌﻴﻨﺔ ﻭ ﺗﻨﺒﻊ ﺃﳘﻴﺘﻪ ﻣﻦ ﺃﻧﻪ ﻳﻌﱪ ﻋﻦ ﺍﻷﺩﺍﺀ ﺍﻟﻜﻠﻲ ﻟﻠﺴﻮﻕ ﻭ ﺑﺎﻟﺘﺎﱄ‬
‫ﳝﻜﻦ ﰲ ﺿﻮﺀﻩ ﺃﻥ ﳓﻜﻢ ﻋﻠﻰ ﺃﻱ ﺍﺳﺘﺜﻤﺎﺭ ﻓﺮﺩﻱ ﺃﻭ ﳏﻔﻈﺔ‪ ،‬ﻛﻤﺎ ﳝﻜﻦ ﺃﻥ ﻧﺴﺘﺨﺪﻣﻪ ﻟﻠﺘﻨﺒﺆ ﺑﺎﻻﲡﺎﻫﺎﺕ‬
‫ﺍﳌﺴﺘﻘﺒﻠﻴﺔ ﻟﻠﺴﻮﻕ‪.2‬‬
‫ﻭ ﻳﻘﻮﻡ ﺍﳌﺆﺷﺮ ﻋﻠﻰ ﻋﻴﻨﺔ ﻣﻦ ﺍﻷﺳﻬﻢ ﺍﻟﺸﺮﻛﺔ ﺍﻟﱵ ﺗﺘﺪﺍﻭﻝ ﰲ ﺃﺳﻮﺍﻕ ﺭﺃﺱ ﺍﳌﺎﻝ ﺍﳌﻨﻈﻤﺔ ﺃﻭ ﺍﻟﻐﲑ‬
‫ﺍﳌﻨﻈﻤﺔ ﻭ ﻋﺎﺩﺓ ﻣﺎ ﲣﺘﺎﺭ ﺍﻟﻌﻴﻨﺔ ﺑﻄﺮﻳﻘﺔ ﺗﺘﻴﺢ ﻟﻠﻤﺆﺷﺮ ﺃﻥ ﻳﻌﻜﺲ ﺍﳊﺎﻟﺔ ﺍﻟﱵ ﻋﻠﻴﻬﺎ ﺳﻮﻕ ﺭﺃﺱ ﺍﳌﺎﻝ ﺍﻟﺬﻱ‬
‫ﻳﺴﺘﻬﺪﻑ ﺍﳌﺆﺷﺮ ﻭ ﻗﻴﺎﺳﻪ‪ ،‬ﻭ ﻃﺎﳌﺎ ﺃﻥ ﻧﺸﺎﻁ ﺍﻟﺸﺮﻛﺔ ﺍﻟﱵ ﺗﺘﺪﺍﻭﻝ ﺃﻭﺭﺍﻗﻬﺎ ﺍﳌﺎﻟﻴﺔ ﰲ ﺍﻟﺴﻮﻕ ﺍﳌﺎﱄ ﳝﺜﻞ ﺍﳉﺎﻧﺐ‬
‫ﺍﻷﻛﱪ ﻣﻦ ﺍﻟﻨﺸﺎﻁ ﺍﻻﻗﺘﺼﺎﺩﻱ ﰲ ﺍﻟﺪﻭﻟﺔ‪ ،‬ﻓﺈﻧﻪ ﺇﺫﺍ ﻣﺎ ﺍﺗﺴﻤﺖ ﺳﻮﻕ ﺍﳌﺎﻝ ﺑﺎﻟﻘﺪﺭﺓ ﻭ ﺍﻟﻜﻔﺎﺀﺓ‪ ،‬ﻓﺈﻥ ﺍﳌﺆﺷﺮ‬
‫ﺍﳌﺼﻤﻢ ﺑﻌﻨﺎﻳﺔ ﻟﻘﻴﺎﺱ ﺣﺎﻟﺔ ﺳﻮﻕ ﺍﳌﺎﻝ ﻛﻜﻞ ﳝﻜﻦ ﺃﻥ ﻳﻜﻮﻥ ﻣﺮﺁﺓ ﻟﻠﺤﺎﻟﺔ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﺍﻟﻌﺎﻣﺔ ﻟﻠﺪﻭﻟﺔ ‪.3‬‬
‫‪-1‬ﺍﻻﺳﺘﺨﺪﺍﻣﺎﺕ ﺍﻷﺳﺎﺳﻴﺔ ﳌﺆﺷﺮﺍﺕ ﺍﻟﺒﻮﺭﺻﺔ ‪:‬‬
‫ﺗﻌﺪ ﺍﳌﺆﺷﺮﺍﺕ ﺍﻟﺒﻮﺭﺻﻴﺔ ﺃﺩﺍﺓ ﻧﺎﻓﻌﺔ ﻟﻠﺘﻨﺒﺆ ﳌﺎ ﺗﻜﻮﻥ ﻋﻠﻴﻪ ﺍﻻﲡﺎﻫﺎﺕ ﺍﳌﺴﺘﻘﺒﻠﻴﺔ ﻟﻠﺒﻮﺭﺻﺔ‪ ،‬ﻏﲑ ﺃﻥ‬
‫ﻫﻨﺎﻙ ﺍﺳﺘﺨﺪﺍﻣﺎﺕ ﺃﺧﺮﻯ ﻋﺪﻳﺪﺓ ‪‬ﻢ ﺍﳌﺴﺘﺜﻤﺮﻳﻦ ﺍﻷﻓﺮﺍﺩ ﻭ ﻏﲑﻫﻢ ﻣﻦ ﺍﻷﻃﺮﺍﻑ ﺍﻟﱵ ﺗﺘﻌﺎﻣﻞ ﰲ ﺍﻟﺒﻮﺭﺻﺔ ﻭ‬
‫ﺃﳘﻬﺎ‪:4‬‬
‫‪_1‬ﺇﻋﻄﺎﺀ ﻓﻜﺮﺓ ﺳﺮﻳﻌﺔ ﻋﻦ ﺃﺩﺍﺀ ﺍﶈﻔﻈﺔ‪:‬‬
‫ﳝﻜﻦ ﻟﻠﻤﺴﺘﺜﻤﺮ ﺃﻥ ﻳﻜﻮﻥ ﻓﻜﺮﺓ ﺳﺮﻳﻌﺔ ﻋﻦ ﺍﻟﺘﻐﲑ ﰲ ﻋﺎﺋﺪ ﳏﻔﻈﺔ ﺍﻻﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ )ﺇﳚﺎﺑﺎ ﺃﻭ ﺳﻠﺒﺎ(‬
‫ﲟﺠﺮﺩ ﻣﻌﺮﻓﺘﻪ ﻻﲡﺎﻩ ﺍﻟﺘﻐﲑ ﺍﻟﺬﻱ ﻃﺮﺃ ﻋﻠﻰ ﻣﺆﺷﺮ ﺣﺎﻟﺔ ﺍﻟﺴﻮﻕ‪ ،‬ﻭ ﺫﻟﻚ ﺩﻭﻥ ﺣﺎﺟﺔ ﺇﱃ ﻣﺘﺎﺑﻌﺔ ﺃﺩﺍﺀ ﻛﻞ ﻭﺭﻗﺔ‬
‫ﻣﺎﻟﻴﺔ ﻋﻠﻰ ﺣﺪ‪ ،‬ﻭ ﺑﺎﻟﻄﺒﻊ ﺇﺫﺍ ﻛﺎﻧﺖ ﺍﺳﺘﺜﻤﺎﺭﺍﺗﻪ ﻛﻠﻬﺎ ﰲ ﺻﻨﺎﻋﺔ ﻣﻌﻴﻨﺔ ﳍﺎ ﻣﺆﺷﺮ ﺧﺎﺹ ‪‬ﺎ‪ ،‬ﺣﻴﻨﺌﺬ ﻳﻜﻮﻥ ﻣﻦ‬
‫ﺍﻷﻓﻀﻞ ﻣﺘﺎﺑﻌﺔ ﺫﻟﻚ ﺍﳌﺆﺷﺮ‪.‬‬
‫‪1‬‬
‫‪Guy Caudamine et Jean Montier : Banque et marché financiers economique, Paris.1998 , P 330-331.‬‬
‫‪ 2‬ﻣﺼﻄﻔﻰ ﳏﻤﺪ ﻋﺒﺪﻩ ﳏﻤﺪ‪ ،‬ﻣﺮﺟﻊ ﺳﺎﺑﻖ ﺹ‪.27‬‬
‫‪ 3‬ﺩ‪ .‬ﻣﻨﲑ ﺇﺑﺮﺍﻫﻴﻢ ﺍﳍﻨﺪﻱ‪ ،‬ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﻭ ﺃﺳﻮﺍﻕ ﺭﺃﺱ ﺍﳌﺎﻝ ﲟﺼﺮ‪ ،‬ﺗﻮﺯﻳﻊ ﻣﻨﺸﺄﺓ ﺍﳌﻌﺎﺭﻑ ﺍﻻﺳﻜﻨﺪﺭﻳﺔ ﺳﻨﺔ ‪ ،1997‬ﺹ ‪.242-241‬‬
‫‪ 4‬ﺩ‪ .‬ﻣﻨﲑ ﺇﺑﺮﺍﻫﻴﻢ ﺍﳍﻨﺪﻱ ﻣﺮﺟﻊ ﺳﺎﺑﻖ‪ ،‬ﺹ ‪.284-247‬‬
 ‫‪_2‬ﺍﳊﻜﻢ ﻋﻠﻰ ﺃﺩﺍﺀ ﺍﳌﺪﻳﺮﻳﻦ ﺍﶈﺘﺮﻓﲔ ‪:‬‬
‫ﻭﻓﻘﺎ ﻟﻔﻜﺮﺓ ﺍﻟﺘﻮﺯﻳﻊ ﺍﻟﺴﺎﺫﺝ ﳝﻜﻦ ﻟﻠﻤﺴﺘﺜﻤﺮ ﺍﻟﻌﺎﺩﻱ ﺃﻥ ﳛﻘﻖ ﻣﻌﺪﻝ ﻋﺎﺋﺪ ﻋﻠﻰ ﳏﻔﻈﺔ ﻣﻜﻮﻧﺔ ﻣﻦ‬
‫ﺍﻻﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﳐﺘﺎﺭﺓ ﻋﺸﻮﺍﺋﻴﺎ‪ ،‬ﻳﻌﺎﺩﻝ ﺗﻘﺮﻳﺒﺎ ﻣﻌﺪﻝ ﻋﺎﺋﺪ ﺍﻟﺴﻮﻕ)ﻣﺘﻮﺳﻂ ﻣﻌﺪﻝ ﺍﻟﻌﺎﺋﺪ ﻋﻠﻰ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺘﺪﺍﻭﻟﺔ‬
‫ﺑﺎﻟﺴﻮﻕ( ﺍﻟﺬﻱ ﻳﻌﻜﺴﻬﺎ ﺍﳌﺆﺷﺮ‪ ،‬ﻫﺬﺍ ﻳﻌﲏ ﺃﻥ ﺍﳌﺪﻳﺮ ﺍﶈﺘﺮﻑ ﺍﻟﺬﻱ ﻳﺸﺮﻑ ﻋﻠﻰ ﳏﻔﻈﺔ ﻣﺆﺳﺴﺔ ﻣﺎﻟﻴﺔ )ﺍﻟﺒﻨﻮﻙ‬
‫ﻭ ﺷﺮﻛﺎﺕ ﺍﻟﺘﺄﻣﲔ ﻭ ﺷﺮﻛﺎﺕ ﺍﻻﺳﺘﺜﻤﺎﺭ ﻭ ﻣﺆﺳﺴﺎﺕ ﺇﺩﺍﺭﺓ ﺃﻣﻮﺍﻝ ﺍﳌﻌﺎﺷﺎﺕ ‪...‬ﺍﱁ( ‪ ،‬ﻳﻜﻮﻥ ﻟﺰﺍﻣﺎ ﻋﻠﻴﻪ ﺃﻥ‬
‫ﳛﻘﻖ ﻋﺎﺋﺪ ﺃﻋﻠﻰ ﻣﻦ ﻣﺘﻮﺳﻂ ﻋﺎﺋﺪ ﺍﻟﺴﻮﻕ‪ ،‬ﻭ ﻟﻠﺘﺤﻘﻖ ﻣﻦ ﺫﻟﻚ ﳝﻜﻦ ﺍﺳﺘﺨﺪﺍﻡ ﻋﺎﺋﺪ ﺃﺣﺪ ﺍﳌﺆﺷﺮﺍﺕ ﺍﻟﺬﻱ‬
‫ﻳﻌﻜﺲ ﻋﺎﺋﺪ ﺍﻟﺴﻮﻕ ﺑﺼﻔﺔ ﻋﺎﻣﺔ ﻛﺄﺳﺎﺱ ﻟﻠﻤﻘﺎﺭﻧﺔ ﻣﻊ ﺍﻟﻌﺎﺋﺪ ﺍﻟﻔﻌﻠﻲ ﺍﻟﺬﻱ ﺣﻘﻘﺘﻪ ﳏﻔﻈﺔ ﻣﺆﺳﺴﺔ ﻣﻌﻴﻨﺔ‪.‬‬
‫‪_3‬ﺍﻟﺘﻨﺒﺆ ﺑﺎﳊﺎﻟﺔ ﺍﻟﱵ ﺳﻴﻜﻮﻥ ﻋﻠﻴﻬﺎ ﺍﻟﺴﻮﻕ‪:‬‬
‫ﺇﺫﺍ ﺃﻣﻜﻦ ﻟﻠﻤﺤﻠﻠﲔ ﺍﻟﻮﻗﻮﻑ ﻋﻠﻰ ﻃﺒﻴﻌﺔ ﺍﻟﻌﻼﻗﺔ ﺑﲔ ﺑﻌﺾ ﺍﳌﺘﻐﲑﺍﺕ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﻭ ﺑﲔ ﺍﻟﺘﻐﲑﺍﺕ ﺍﻟﱵ‬
‫ﺗﻄﺮﺃ ﻋﻠﻰ ﺍﳌﺆﺷﺮﺍﺕ – ﻭﻫﻮ ﻣﺎ ﻳﺸﺎﺭ ﺇﻟﻴﻪ ﻋﺎﺩﺓ ﺑﺎﻟﺘﺤﻠﻴﻞ ﺍﻷﺳﺎﺳﻲ‪ -‬ﻓﺈﻧﻪ ﻗﺪ ﳝﻜﻨﻪ ﺍﻟﺘﻨﺒﺆ ﻣﻘﺪﻣﺎ ﳌﺎ ﺳﺘﻜﻮﻥ‬
‫ﻋﻠﻴﻪ ﺣﺎﻟﺔ ﺍﻟﺴﻮﻕ ﰲ ﺍﳌﺴﺘﻘﺒﻞ‪ ،‬ﻭ ﻫﺬﺍ ﺍﻷﻣﺮ ﺷﺄﻧﻪ ﺃﻥ ﻳﺆﺩﻱ ﺇﱃ ﺍﲣﺎﺫ ﺍﻟﻘﺮﺍﺭ ﺍﻻﺳﺘﺜﻤﺎﺭﻱ ﺍﻟﺴﻠﻴﻢ ﰲ ﺍﻟﻮﻗﺖ‬
‫ﺍﻟﺴﻠﻴﻢ‪ ،‬ﻭ ﻳﻀﻴﻒ ﺃﻧﺼﺎﺭ ﺍﻟﺘﺤﻠﻴﻞ ﺍﻟﻔﲏ ﺃﻥ ﺇﺟﺮﺍﺀ ﲢﻠﻴﻞ ﺗﺎﺭﳜﻲ ﻟﻠﻤﺆﺷﺮﺍﺕ ﺍﻟﱵ ﺗﻘﻴﺲ ﺣﺎﻟﺔ ﺍﻟﺴﻮﻕ‪ ،‬ﻗﺪ‬
‫ﻳﻜﺸﻒ ﻋﻦ ﻭﺟﻮﺩ ﳕﻂ ﻟﻠﺘﻐﲑﺍﺕ ﺍﻟﱵ ﺗﻄﺮﺃ ﻋﻠﻴﻪ‬

‫ﻭ ﺇﺫﺍ ﺗﻮﺻﻞ ﺍﶈﻠﻞ ﺇﱃ ﺫﻟﻚ ﺍﻟﻨﻤﻂ ﻓﻴﻤﻜﻨﻪ ﻋﻨﺪﺋﺬ ﺍﻟﺘﻨﺒﺆ ﺑﺎﻟﺘﻄﻮﺭﺍﺕ ﺍﳌﺴﺘﻘﺒﻠﻴﺔ ﰲ ﺍﻟﺴﻮﻕ‪ ،‬ﻭ ﺍﻟﱵ ﻋﻠﻰ ﺿﻮﺀﻫﺎ‬
‫ﺗﺘﺨﺬ ﻗﺮﺍﺭﺍﺕ ﺍﻻﺳﺘﺜﻤﺎﺭ‪.‬‬
‫‪_4‬ﺗﻘﺪﻳﺮ ﳐﺎﻃﺮ ﺍﶈﻔﻈﺔ‪:‬‬
‫ﳝﻜﻦ ﺍﺳﺘﺨﺪﺍﻡ ﺍﳌﺆﺷﺮﺍﺕ ﻟﻘﻴﺎﺱ ﺍﳌﺨﺎﻃﺮ ﺍﳌﻨﺘﻈﻤﺔ ﶈﻔﻈﺔ ﺍﻻﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ‪ ،‬ﺃﻭ ﻣﺎ ﳝﻜﻦ ﺃﻥ ﻳﻄﻠﻖ ﻋﻠﻴﻪ‬
‫ﺍﳌﺨﺎﻃﺮ ﺫﺍﺕ ﺍﻟﺼﺒﻐﺔ ﺍﻟﻌﺎﻣﺔ‪ ،‬ﻭ ﺗﻘﺎﺱ ﺍﳌﺨﺎﻃﺮ ﲟﻌﺎﻣﻞ ﺍﳓﺪﺍﺭ ﺑﲔ ﻣﻌﺪﻝ ﺍﻟﻌﺎﺋﺪ ﻋﻠﻰ ﺍﻻﺳﺘﺜﻤﺎﺭ ﰲ ﺍﶈﻔﻈﺔ ﻭ‬
‫ﺑﲔ ﻣﻌﺪﻝ ﺍﻟﻌﺎﺋﺪ ﻋﻠﻰ ﳏﻔﻈﺔ ﺍﻟﺴﻮﻕ ﺍﻟﺬﻱ ﻳﻘﺎﺱ ﺑﺪﻭﺭﻩ ﲟﻌﺪﻝ ﺍﻟﻌﺎﺋﺪ ﺍﶈﺴﻮﺏ ﻷﺣﺪ ﺍﳌﺆﺷﺮﺍﺕ ﺍﻟﱵ ﺗﻘﻴﺲ‬
‫ﺣﺎﻟﺔ ﺍﻟﺴﻮﻕ ﺑﺼﻔﺔ ﻋﺎﻣﺔ ﻫﺬﺍ ﻭ ﻳﻄﻠﻖ ﻋﻠﻰ ﺗﻠﻚ ﺍﻟﻌﻼﻗﺔ –ﺍﳋﻂ ﺍﳌﻤﻴﺰ‪.‬‬

‫ﺍﻟﻔﺮﻉ ﺍﻟﺜﺎﱐ‪ :‬ﺣﺴﺎﺏ ﺍﳌﺆﺷﺮﺍﺕ ﻭﻋﻼﻗﺘﻬﺎ ﺑﺎﳊﺎﻟﺔ ﺍﻻﻗﺘﺼﺎﺩﻱ‪.‬‬

 ‫‪_1‬ﺇﺟﺮﺍﺀﺍﺕ ﺣﺴﺎﺏ ﺍﳌﺆﺷﺮﺍﺕ‪:1‬‬
‫ﲣﺘﻠﻒ ﺍﳌﺆﺷﺮﺍﺕ ﻣﻦ ﺣﻴﺚ ﺍﻟﻜﻴﻔﻴﺔ ﺍﻟﱵ ﲢﺴﺐ ﻋﻠﻰ ﺃﺳﺎﺳﻬﺎ‪.‬‬
‫ﻗﻴﻤﺔ ﺍﳌﺆﺷﺮ ﺍﻟﱵ ﺗﻨﺸﺮ ﰲ ﺍﻟﺼﺤﻒ‪ ،‬ﻭﰲ ﻫﺬﺍ ﺍﻟﺼﺪﺩ ﻫﻨﺎﻙ ﳎﻤﻮﻋﺔ ﻣﻦ ﺍﳌﺆﺷﺮﺍﺕ ﲢﺴﺐ ﻗﻴﻤﺘﻬﺎ‬
‫ﻋﻠﻰ ﺃﺳﺎﺱ ﺍﻷﺭﻗﺎﻡ ﺍﻟﻘﻴﺎﺳﻴﺔ‪ ،‬ﻭﳎﻤﻮﻋﺔ ﺃﺧﺮﻯ ﲢﺴﺐ ﻗﻴﻤﺘﻬﺎ ﻋﻠﻰ ﺃﺳﺎﺱ ﻣﺘﻮﺳﻂ ﺃﺳﻌﺎﺭ ﺍﻷﺳﻬﻢ ﺍﻟﱵ ﻳﺘﻜﻮﻥ‬
‫ﻣﻨﻬﺎ ﺍﳌﺆﺷﺮ‪.‬‬
‫ﻭ ﻟﻜﻦ ﻗﺒﻞ ﺍﻟﻘﻴﺎﻡ ﺑﻌﺮﺿﻬﺎ‪ ،‬ﻧﻘﻮﻡ ﺑﺎﻹﺷﺎﺭﺓ ﺇﱃ ﺍﳌﺆﺷﺮﺍﺕ ﺍﻟﺸﺎﺋﻌﺔ ﺍﻻﺳﺘﺨﺪﺍﻡ‪:‬‬
‫ﺑﺎﻟﻨﺴﺒﺔ ﻟﻠﻮﻻﻳﺎﺕ ﺍﳌﺘﺤﺪﺓ ﺍﻷﻣﺮﻳﻜﻴﺔ‪:‬‬
‫ﳝﻜﻦ ﺗﻘﺴﻴﻢ ﺍﳌﺆﺷﺮﺍﺕ ﺇﱃ ﳎﻤﻮﻋﺘﲔ ﺭﺋﻴﺴﻴﺘﲔ‪:‬‬
‫ﻣﺆﺷﺮﺍﺕ ﳛﺴﺐ ﻓﻴﻬﺎ ﺍﻟﻮﺯﻥ ﺍﻟﻨﺴﱯ ﺩﺍﺧﻞ ﺍﻟﻌﻴﻨﺔ ﻋﻠﻰ ﺃﺳﺎﺱ ﺍﻟﺴﻌﺮ ﺍﻟﺬﻱ ﻳﺒﺎﻉ ﺑﻪ ﺍﻟﺴﻬﻢ‪ ،‬ﻭ ﻣﺆﺷﺮ‬
‫ﳛﺴﺐ ﻓﻴﻬﺎ ﺍﻟﻮﺯﻥ ﺍﻟﻨﺴﱯ ﻋﻠﻰ ﺃﺳﺎﺱ ﺍﻟﻘﻤﺔ ﺍﻟﺴﻮﻗﻴﺔ ﻟﻠﺴﻬﻢ ﺍﻟﺬﻱ ﺃﺻﺪﺭﺗﻪ ﺍﻟﺸﺮﻛﺔ‪.‬‬
‫ﻭ ﻣﻦ ﺍﺑﺮﺯ ﺍﻷﻣﺜﻠﺔ ﻋﻠﻰ ﺍﻟﻨﻮﻉ ﺍﻷﻭﻝ‪ :‬ﻣﺆﺷﺮ ﺩﺍﻭ ﺟﻮﻧﺰ ‪ Dow jones‬ﳌﺘﻮﺳﻂ ﺍﻟﺼﻨﺎﻋﺔ‪ ،‬ﻭ ﻋﻠﻰ‬
‫ﺍﻟﻨﻮﻉ ﺍﻟﺜﺎﱐ ﻣﺆﺷﺮ ﺳﺘﺎﻧﺪﺍﺭﺩ ﺃﻧﺪ ﺑﻮﺭ ‪.500‬‬
‫ﺑﺎﻟﻨﺴﺒﺔ ﻟﻠﺴﻮﻕ ﺍﻟﱪﻳﻄﺎﱐ‪ :‬ﻣﺆﺷﺮ ﻓﺎﻳﻨﺎﻧﺸﻞ ﺗﺎﳝﺰ‪. Financial times‬‬

‫ﺑﺎﻟﻨﺴﺒﺔ ﻟﻠﺴﻮﻕ ﺍﻟﻴﺎﺑﺎﱐ‪ :‬ﻣﺆﺷﺮ ﻧﻴﻜﺎﻱ ‪.Nikkei‬‬

‫ﺑﺎﻟﻨﺴﺒﺔ ﻟﺴﻮﻕ ﻓﺮﻧﺴﺎ ‪ :‬ﻣﺆﺷﺮ ﻛﺎﻙ ‪. Cac 40‬‬
‫ﺑﺎﻟﻨﺴﺒﺔ ﻟﺴﻮﻕ ﺃﳌﺎﻧﻴﺎ ‪ :‬ﺩﺍﻛﺲ ‪.Dax‬‬
‫ﻭ ﺍﻵﻥ ﺳﻨﺘﻄﺮﻕ ﻋﻠﻰ ﻣﺎ ﺃﺷﺮﻧﺎﻩ ﰲ ﻫﺬﻩ ﺍﻟﺒﺪﺍﻳﺔ ﺇﱃ ﻛﻴﻔﻴﺔ ﺇﺟﺮﺍﺀ ﺣﺴﺎﺏ ﺍﳌﺆﺷﺮﺍﺕ ﻭﻓﻖ ﻫﺎﺗﲔ‬
‫ﺍﻟﻄﺮﻳﻘﺘﲔ‪:‬‬
‫‪ –1.1‬ﻃﺮﻳﻘﺔ ﺍﳌﺘﻮﺳﻂ ﺍﳊﺴﺎﰊ ﻷﺳﻌﺎﺭ ﺍﻷﺳﻬﻢ ‪:‬‬
‫ﻛﺎﻥ ﳛﺴﺐ ﻣﺆﺷﺮ ﺍﻟﺒﻮﺭﺻﻲ ﻭﻓﻖ ﻫﺬﻩ ﺍﻟﻄﺮﻳﻘﺔ ﰲ ﺍﻟﺒﺪﺍﻳﺔ ﺑﻘﻴﻤﺔ ﳎﻤﻮﻉ ﺃﺳﻌﺎﺭ ﺍﻷﺳﻬﻢ ﻋﻠﻰ ﻋﺪﺩ‬
‫ﺍﻷﺳﻬﻢ ﺍﻟﱵ ﺗﻜﻮﻥ ﺍﻟﻌﻴﻨﺔ )ﺃﻱ ﲟﻌﺪﻝ ﺳﻬﻢ ﻟﻜﻞ ﺷﺮﻛﺔ (‪،‬ﻏﲑ ﺃﻥ ﺍﺗﺒﺎﻉ ﻫﺬﻩ ﺍﻟﻘﺎﻋﺪﺓ ﺃﺻﺒﺢ ﻏﲑ ﻣﻌﻘﻮﻝ ﻋﻨﺪﻣﺎ‬
‫ﻳﻜﻮﻥ ﻫﻨﺎﻙ ﺍﺷﺘﻘﺎﻕ ﺇﺣﺪﻯ ﺃﺳﻬﻢ ﺍﻟﺸﺮﻛﺎﺕ ﺍﻟﱵ ﺗﻜﻮﻥ ﰲ ﺍﻟﻌﻴﻨﺔ‪ ،‬ﺃﻭ ﻋﻨﺪﻣﺎ ﺗﺼﺪﺭ ﺇﺣﺪﻯ ﺍﻟﺸﺮﻛﺎﺕ ﺃﺳﻬﻤﺎ‬
‫ﺟﺪﻳﺪﺓ ﻣﻘﺎﺑﻞ ﺗﻌﻮﻳﻀﺎﺕ ﳑﺎ ﻳﺆﺛﺮ ﺃﻱ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻮﻗﻴﺔ ﻟﻸﺳﻬﻢ‪،‬ﻭ ﺑﺎﻟﺘﺎﱄ ﻳﺆﺛﺮ ﻋﻠﻰ ﻗﻴﻤﺔ ﺍﳌﺆﺷﺮ‪.‬‬

‫‪ 1‬ﻣﻨﲑ ﺇﺑﺮﺍﻫﻴﻢ ﺍﳍﻨﺪﻱ‪ ،‬ﻣﺮﺟﻊ ﺳﺎﺑﻖ‪ ،‬ﺹ ‪.269-268‬‬

 ‫ﻣﺜﺎﻝ‪:‬‬
‫ﻧﻔﺮﺽ ﻣﺆﺷﺮ ﻳﺘﻜﻮﻥ ﻣﻦ ﺛﻼﺛﺔ ‪ 03‬ﺃﺳﻬﻢ ﻟﺜﻼﺙ ﺷﺮﻛﺎﺕ‪ ،‬ﻭ ﺍﻟﺴﻌﺮ ﺍﻟﺬﻱ ﻳﺒﺎﻉ ﺑﻪ ﺍﻟﺴﻬﻢ ﻫﻮ‬
‫‪100‬ﺩﺝ‪140 ،‬ﺩﺝ ‪180،‬ﺩﺝ ﻋﻠﻰ ﺍﻟﺘﻮﺍﱄ ﻭ ﻫﻮ ﻣﺎ ﻳﻌﺎﺩﻝ ﻗﻴﻤﺔ ﻛﻠﻴﺔ ‪420‬ﺩﺝ‪،(180+140+100) ،‬‬
‫ﻭ ﰲ ﻇﻞ ﻫﺬﻩ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺗﺼﺒﺢ ﻗﻴﻤﺔ ﺍﳌﺆﺷﺮ ‪ 140‬ﻧﻘﻄﺔ ])‪. [3/(180+140+100‬‬
‫ﻭ ﺍﻵﻥ ﻧﻔﺘﺮﺽ ﺃﻧﻪ ﺃﺻﺒﺢ ﺣﺪﺙ ﺍﺷﺘﻘﺎﻕ ﻷﺳﻬﻢ ﺍﻟﺸﺮﻛﺔ ﺍﻟﺜﺎﻟﺜﺔ ﲟﻌﺪﻝ ‪ 3‬ﺃﺳﻬﻢ ﻟﻜﻞ ﺳﻬﻢ‪ ،‬ﻭ ﻣﻦ ﰒ‬
‫ﺃﺻﺒﺢ ﺳﻌﺮ ﺍﻟﺴﻬﻢ ﺑﻌﺪ ﺍﻻﺷﺘﻘﺎﻕ ‪100‬ﺩﺝ‪ ،‬ﻭ ﰲ ﻫﺬﻩ ﺍﳊﺎﻟﺔ ﺳﻮﻑ ﻳﻨﺨﻔﺾ ﺍﻟﻮﺯﻥ ﺍﻟﻨﺴﱯ ﻟﻠﺴﻬﻢ ﺩﺍﺧﻞ‬
‫ﺍﻟﻌﻴﻨﺔ ﺍﻟﱵ ﻳﺘﻜﻮﻥ ﻣﻨﻬﺎ ﺍﳌﺆﺷﺮ‪،‬ﻭ ﺗﻨﺨﻔﺾ ﻣﻌﻪ ﺍﻟﻘﻴﻤﺔ ﺍﻟﻜﻠﻴﺔ ﻷﺳﻌﺎﺭ ﺍﻷﺳﻬﻢ ﺍﻟﺜﻼﺛﺔ ﻟﺘﺼﺒﺢ ‪ 340‬ﺩﺝ‬
‫)‪ (100+140+100‬ﻭ ﺇﺫﺍ ﻣﺎﰎ ﺗﻄﺒﻴﻖ ﻗﺎﻋﺪﺓ ﺍﳌﺘﻮﺳﻂ ﺍﳊﺴﺎﰊ ﺍﻟﺒﺴﻴﻂ ﺗﺼﺒﺢ ﻗﻴﻤﺔ ﺍﳌﺆﺷﺮ ‪.113.33‬‬
‫ﻭ ﻫﺬﺍ ﺍﻻﳔﻔﺎﺽ ﻣﻦ ‪ 140‬ﻧﻘﻄﺔ ﺇﱃ ‪ 113.33‬ﻧﻘﻄﺔ‪ ،‬ﻭ ﻫﺬﺍ ﻟﻴﺲ ﺑﺴﺒﺐ ﺳﻮﺀ ﺣﺎﻟﺔ ﺍﻟﺴﻮﻕ ﺇﺫ ﻻ‬
‫ﺗﻮﺟﺪ ﺃﻱ ﻣﻌﻠﻮﻣﺔ ﻋﻦ ﺫﻟﻚ‪ ،‬ﻭ ﺇﳕﺎ ﺑﺴﺒﺐ ﺍﻻﺷﺘﻘﺎﻕ ﺍﻟﺬﻱ ﺣﺪﺙ ﰲ ﺃﺳﻬﻢ ﺍﻟﺸﺮﻛﺔ ﺍﻟﺜﺎﻟﺜﺔ‪.‬‬

‫ﻭ ﻟﻠﺘﻐﻠﺐ ﻋﻠﻰ ﺍﳋﻠﻞ ﺍﻟﻨﺎﺟﻢ ﻋﻦ ﺍﻻﺷﺘﻘﺎﻕ ﺍﻗﺘﺮﺡ ﺣﺴﺎﺏ ﻗﻴﻤﺔ ﺍﳌﺆﺷﺮ ﺑﻘﺴﻤﺔ ﺍﻟﻘﻴﻤﺔ ﺍﻟﻜﻠﻴﺔ ﻟﻠﺴﻬﻢ‬
‫ﻋﻠﻰ ﺭﻗﻢ ﲝﻴﺚ ﻳﻜﻮﻥ ﺍﻟﻨﺎﺗﺞ ﻣﺴﺎﻭﻳﺎ ﲤﺎﻣﺎ ﻟﻠﻘﻴﻤﺔ ﺍﻟﱵ ﻛﺎﻥ ﻋﻠﻴﻬﺎ ﺍﳌﺆﺷﺮ ﻗﺒﻞ ﺍﻻﺷﺘﻘﺎﻕ‪ ،‬ﻭ ﻫﻮ ﻣﺎ ﻳﻌﻜﺲ ﺑﻘﺎﺀ‬
‫ﺣﺎﻟﺔ ﺍﻟﺴﻮﻕ ﻋﻠﻰ ﻣﺎ ﻛﺎﻧﺖ ﻋﻠﻴﻪ‪ ،‬ﻭ ﺗﺘﺤﺪﺩ ﻗﻴﻤﺔ ﺍﳌﻘﺴﻮﻡ ﻋﻠﻴﻪ‬
‫ﺍﻟﱵ ﲢﻘﻖ ﻫﺬﺍ ﺍﻟﺸﺮﻁ ﺑﺎﳌﻌﺎﺩﻟﺔ ﺍﻵﺗﻴﺔ ‪:‬‬
‫ﻕ‬
‫‪‬‬ ‫ﻕ‬
‫ــ = ـــ‬
‫‪‬ﺭ‬ ‫ﺭ‬
‫ﺣﻴﺚ‪:‬‬
‫ﻕ ‪ :‬ﺍﻟﻘﻴﻤﺔ ﺍﻟﻜﻠﻴﺔ ﻷﺳﻌﺎﺭ ﺍﻷﺳﻬﻢ ﻗﺒﻞ ﺍﻻﺷﺘﻘﺎﻕ‬
‫ﻕ ‪ :‬ﺍﻟﻘﻴﻤﺔ ﺍﻟﻜﻠﻴﺔ ﻷﺳﻌﺎﺭ ﺍﻷﺳﻬﻢ ﺑﻌﺪ ﺍﻻﺷﺘﻘﺎﻕ‪.‬‬‫‪‬‬
‫ﺭ‪ :‬ﺍﻟﺮﻗﻢ ﺍﳌﻘﺴﻮﻡ ﻋﻠﻴﻪ ﻗﺒﻞ ﺍﻻﺷﺘﻘﺎﻕ‪.‬‬
‫‪‬ﺭ‪ :‬ﺍﻟﺮﻗﻢ ﺍﳌﻘﺴﻮﻡ ﻋﻠﻴﻪ ﺑﻌﺪ ﺍﻻﺷﺘﻘﺎﻕ‪.‬‬
‫ﻭ ﺇﺫﺍ ﻣﺎ ﻃﺒﻘﻨﺎ ﻫﺬﻩ ﺍﻟﻘﺎﻋﺪﺓ ﻻﺗﻀﺢ ﻟﻨﺎ ﺃﻥ ﺍﳌﻘﺴﻮﻡ ﻋﻠﻴﻪ ﰲ ﺍﳌﺜﺎﻝ ﺍﻟﺴﺎﺑﻖ ﻻﺑﺪ ﻭ ﺃﻥ ﻳﺴﺎﻭﻱ ‪ 2‬ﺇﺫ ﰲ‬
‫ﻇﻠﻪ ﺗﺼﺒﺢ ﻗﻴﻤﺔ ﺍﳌﺆﺷﺮ ‪ 170‬ﻧﻘﻄﺔ )‪ ( 2/ 340‬ﻭ ﻫﻲ ﻧﻔﺲ ﺍﻟﻘﻴﻤﺔ ﺍﻟﱵ ﻛﺎﻥ ﻋﻠﻴﻬﺎ ﻭ ﻫﻲ ﻧﻔﺲ ﺍﻟﻘﻴﻤﺔ ﺍﻟﱵ‬
‫ﻛﺎﻥ ﻋﻠﻴﻬﺎ ﺍﳌﺆﺷﺮ ﻗﺒﻞ ﺍﻻﺷﺘﻘﺎﻕ‪.‬‬
‫ﻭ ﻣﻦ ﺃﺷﻬﺮ ﺍﳌﺆﺷﺮﺍﺕ ﺍﻟﱵ ﺗﺘﺒﻊ ﻫﺬﻩ ﺍﻟﻄﺮﻳﻘﺔ ﻣﺆﺷﺮ ﺩﺍﻭ ﺟﻮﻧﺰ ‪ Dow jones‬ﰲ ﻭ ﻡ ﺃ ﺍﻟﺬﻱ‬
‫ﻳﺘﻜﻮﻥ ﻣﻦ ‪ 30‬ﺷﺮﻛﺔ ﻣﻦ ﺃﻛﱪ ﺍﻟﺸﺮﻛﺎﺕ ﺍﻟﺼﻨﺎﻋﻴﺔ ﺍﻷﻣﺮﻳﻜﻴﺔ ﺣﻴﺚ ﺃﻥ ﻋﻠﻰ ﻛﻞ ﺷﺮﻛﺔ ﻣﻨﻬﺎ ﻗﺎﺋﻤﺔ ﰲ‬
‫ﻗﻄﺎﻋﻬﺎ‪.‬‬
‫‪ – 2.1‬ﻃﺮﻳﻘﺔ ﺍﻷﺭﻗﺎﻡ ﺍﻟﻘﻴﺎﺳﻴﺔ ‪:‬‬
‫ﻣﻦ ﺃﻫﻢ ﺍﳌﺆﺷﺮﺍﺕ ﺍﻟﱵ ﺗﺘﺒﻊ ﻫﺬﻩ ﺍﻟﻄﺮﻳﻘﺔ ﰲ ﺣﺴﺎﺏ ﻗﻴﻤﺘﻬﺎ ﳒﺪ ﻣﺆﺷﺮ ﺳﺘﻨﺪﺍﺭ ﺃﻧﺪﺑﻮﺭ‪ 500‬ﺍﻟﺬﻱ‬
‫‪ 500‬ﺳﻬﻢ ﲤﺜﻞ ‪400‬ﺷﺮﻛﺔ ﺻﻨﺎﻋﻴﺔ‪ 40‬ﺷﺮﻛﺔ ﻣﻨﺎﻓﻊ ﻫﺎﻣﺔ )ﻛﺎﻟﻜﻬﺮﺑﺎﺀ ﻭ ﺍﳌﺎﺀ( ‪ 20‬ﺷﺮﻛﺔ ﻟﻠﻨﻘﻞ ‪40 ،‬‬
‫ﺷﺮﻛﺔ ﺗﻌﻤﻞ ﰲ ﺍﺠﻤﻟﺎﻝ ﺍﳌﺎﱄ‪.‬‬
‫ﻭ ﻛﻠﻬﺎ ﺷﺮﻛﺎﺕ ﻛﺒﲑﺓ ﺍﳊﺠﻢ ﺗﺘﺪﺍﻭﻝ ﺃﺳﻬﻤﻬﺎ ﺇﻣﺎ ﰲ ﺇﺣﺪﻯ ﺍﻟﺒﻮﺭﺻﺎﺕ ﺍﻟﻜﱪﻯ ﺃﻭ ﰲ ﺍﻟﺴﻮﻕ ﺍﻟﻐﲑ‬
‫ﻣﻨﻈﻤﺔ‪ ،‬ﻭ ﻗﺪ ﺍﺷﺘﻖ ﻣﻦ ﻫﺬﺍ ﺍﳌﺆﺷﺮ ‪ 4‬ﻣﺆﺷﺮﺍﺕ‪:‬ﻣﺆﺷﺮ ﺍﻟﺼﻨﺎﻋﺔ ‪ 400‬ﺳﻬﻢ‪ ،‬ﻣﺆﺷﺮ ﺷﺮﻛﺎﺕ ﺍﳌﻨﺎﻓﻊ ﺍﻟﻌﺎﻣﺔ‬
‫‪ 40‬ﺳﻬﻢ ﻭ ﻣﺆﺷﺮ ﺍﻟﻨﻘﻞ ‪ 20‬ﺳﻬﻢ ﻭ ﻣﺆﺷﺮ ﺍﻟﺸﺮﻛﺎﺕ ﺍﳌﺎﻟﻴﺔ ‪ 40‬ﺳﻬﻢ‪.‬‬

‫ﻳﻌﺘﱪ ﻫﺬﺍ ﺍﳌﺆﺷﺮ ﺭﻗﻤﺎ ﻗﻴﺎﺳﻴﺎ ﻓﺘﺮﺓ ﺍﻷﺳﺎﺱ ﻓﻴﻪ ‪ ،1943-1941‬ﻭ ﺃﻋﻄﻰ ﻟﻠﻤﺆﺷﺮ ﻓﻴﻬﺎ ﻗﻴﻤﺔ‬
‫ﺟﺰﺍﻓﻴﺔ ﻣﻘﺪﺍﺭﻫﺎ ‪ ،10‬ﻭ ﻳﺘﻢ ﺣﺴﺎﺑﻪ ﺑﺎﳌﻌﺎﺩﻟﺔ ﺍﻟﺘﺎﻟﻴﺔ‪:‬‬
‫ﻣﺞ ) ﺳﻌﺮ ﺃﺳﻬﻢ ﺍﻟﺸﺮﻛﺎﺕ × ﻋﺪﺩ ﺃﺳﻬﻤﻬﺎ( ﰲ ﻳﻮﻡ ﻣﺎ‪.‬‬
‫ﻗﻴﻤﺔ ﺍﳌﺆﺷﺮ = ــــــــــــــــــــــــ ×‪10‬‬
‫ﻣﺞ ) ﺳﻌﺮ ﺃﺳﻬﻢ ﺍﻟﺸﺮﻛﺎﺕ × ﻋﺪﺩ ﺃﺳﻬﻤﻬﺎ ( ﰲ ﺍﻟﻴﻮﻡ ﺍﻟﺴﺎﺑﻖ‪.‬‬
‫ﺇﻥ ﻣﺆﺷﺮ ﺳﺘﺎ ﻧﺪﺍﺭ ﺃﻧﺪ ﺑﻮﺭ ﻻ ﻳﺘﺄﺛﺮ ﺑﺎﺷﺘﻘﺎﻕ ﺃﻭ ﺑﺈﺻﺪﺍﺭ ﺃﺳﻬﻢ ﰲ ﻣﻘﺎﺑﻞ ﺗﻮﺯﻳﻌﺎﺕ ﻋﻠﻰ ﻋﻜﺲ‬
‫ﻣﺆﺷﺮ ﺩﺍﻭ ﺟﻮﻧﺰ‪ ،‬ﺫﻟﻚ ﺃﻧﻪ ﻳﻌﺪﻝ ﺫﺍﺗﻪ ﺁﻟﻴﺎ ﻓﻔﻲ ﺣﺎﻟﺔ ﺍﻻﺷﺘﻘﺎﻕ ﻣﺜﻼ ﻳﻌﻮﺽ ﺍﳔﻔﺎﺽ ﺍﻟﺴﻌﺮ ﺑﺎﻟﺰﻳﺎﺩﺓ ﰲ ﻋﺪﺩ‬
‫ﺍﻷﺳﻬﻢ ﻭ ﻫﻮ ﻣﺎ ﻳﻌﲏ ﻋﺪﻡ ﺣﺪﻭﺙ ﺃﻱ ﺗﻐﻴﲑ ﰲ ﺍﻟﻘﻴﻤﺔ ﺍﻟﻜﻠﻴﺔ ﻟﻠﺸﺮﻛﺔ‪ ،‬ﻭ ﻧﻔﺲ ﺍﻟﺸﻲﺀ ﻳﻨﻄﺒﻖ ﻋﻠﻰ ﺣﺎﻟﺔ‬
‫ﺇﺻﺪﺍﺭ ﺃﺳﻬﻢ ﻣﻘﺎﺑﻞ ﺗﻮﺯﻳﻌﺎﺕ‪.‬‬
‫ﻋﻼﻗﺔ ﺍﳌﺆﺷﺮﺍﺕ ﺍﻟﺒﻮﺭﺻﻴﺔ ﺑﺎﳊﺎﻟﺔ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ‪:1‬‬
‫ﺫﻛﺮ ﺳﺎﺑﻘﺎ ﺃﻥ ﺍﳌﺆﺷﺮ ﺍﳌﺼﻤﻢ ﺑﻌﻨﺎﻳﺔ ﻟﻘﻴﺎﺱ ﺣﺎﻟﺔ ﺳﻮﻕ ﺍﳌﺎﻝ ﻛﻜﻞ ﳝﻜﻦ ﺍﻥ ﻳﻜﻮﻥ ﻣﺮﺁﺓ ﻟﻠﺤﺎﻟﺔ‬
‫ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﺣﻴﺚ ﺗﺄﻛﺪ ﻧﺘﺎﺋﺞ ﺍﻟﺪﺭﺍﺳﺔ ﺍﻟﱵ ﺃﺟﺮﺍﻫﺎ ﺍﳌﻜﺘﺐ ﺍﻟﻘﻮﻣﻲ ﻟﻠﺒﺤﻮﺙ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﺍﻻﻣﺮﻳﻜﻴﻮ ﺍﻟﱵ ﻏﻄﺖ‬

‫‪ 1‬ﺩ‪.‬ﻣﻨﲑ ﺇﺑﺮﺍﻫﻴﻢ ﺍﳍﻨﺪﻱ‪ ،‬ﺍﳌﺮﺟﻊ ﺍﻟﺴﺎﺑﻖ‪ ،‬ﺹ ‪.241‬‬

‫ﺍﻟﻔﺘﺮﺓ ﻣﺎ ﺑﲔ ﻋﺎﻣﲔ ﺣﻴﺚ ﻭﺟﺪ ﺃﻥ ﻣﺆﺷﺮﺍﺕ ﺃﺳﻌﺎﺭ ﺍﻷﺳﻬﻢ ﳝﻜﻨﻬﺎ ﺃﻥ ﺑﺘﻨﺒﺆ ﺑﺎﻟﺘﻐﻴﲑ ﰲ ﺍﳊﺎﻟﺔ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﻗﺒﻞ‬
‫ﺣﺪﻭﺙ ﺫﻟﻚ ﺍﻟﺘﻐﻴﲑ ﺑﺄﺭﺑﻌﺔ ﺷﻬﻮﺭ ﻋﻠﻰ ﺍﻷﻗﻞ‪ ،‬ﻭ ﻫﻮ ﻣﺎ ﺃﻳﺪﺗﻪ ﻧﺘﺎﺋﺞ ﺩﺭﺍﺳﺔ ﻻﺣﻘﺔ‪ ،‬ﻭ ﺍﻟﻌﻼﻗﺔ ﻋﻠﻰ ﻫﺬﺍ ﺍﻟﻨﺤﻮ‬
‫ﺗﻌﺪ ﺗﺄﻛﻴﺪﺍ ﻗﺎﻃﻌﺎ ﻋﻠﻰ ﺃﻥ ﺣﺮﻛﺔ ﺃﺳﻌﺎﺭ ﺍﻟﺴﻮﻕ ﻫﻲ ﺣﺮﻛﺔ ﺫﺍﺕ ﻣﻐﺰﻯ‪ ،‬ﻛﻤﺎ ﺗﻌﺪ ﻣﱪﺭﺍ ﻛﺎﻓﻴﺎ ﻟﻼﻫﺘﻤﺎﻡ‬
‫ﺑﻨﻔﺲ ﺗﻠﻚ ﺍﳌﺆﺷﺮﺍﺕ ﰲ ﺍﻟﺼﺤﻒ‪ ،‬ﻭ ﻣﱪﺭﺍ ﻛﺬﻟﻚ ﻟﻼﻫﺘﻤﺎﻡ ﺍﻟﺬﻱ ﲢﻀﻰ ﺑﻪ ﻣﻦ ﻗﺒﻞ ﻓﺌﺎﺕ ﳐﺘﻠﻔﺔ ﻣﻦ‬
‫ﺍﳉﻤﻬﻮﺭ‪.‬‬
‫ﻳﻌﺘﻘﺪ ﺑﻌﺾ ﺍﶈﻠﻠﻮﻥ ﺃﻧﻪ ﻻ ﻳﻮﺟﺪ ﺗﻌﺎﺭﺽ ﰲ ﻃﺒﻴﻌﺔ ﺍﻟﻌﻼﻗﺔ ﺑﲔ ﺍﻟﻈﺮﻭﻑ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﻭﻣﺆﺷﺮﺍﺕ‬
‫ﺃﺳﻌﺎﺭ ﺍﻷﺳﻬﻢ ﻫﺬﺍ ﻳﺘﻮﻗﻒ ﻋﻠﻰ ﺗﻘﻴﻴﻢ ﺍﳌﺴﺘﺜﻤﺮ ﻟﻮﺭﻗﺔ ﻣﺎﻟﻴﺔ ﻣﺎ ﻋﻠﻰ ﺍﻷﺭﺑﺎﺡ ﺍﳌﺘﻮﻗﻊ ﺃﻥ ﲢﻘﻘﻬﺎ ﺍﻟﺸﺮﻛﺔ‬
‫ﺍﳌﺼﺪﺭﺓ ﻟﻠﻮﺭﻗﺔ ﺇﻻ ﺃﻥ ﺗﻠﻚ ﺍﻷﺭﺑﺎﺡ ﺍﳌﺘﻮﻗﻌﺔ ﺗﻌﺘﻤﺪ ﻋﻠﻰ ﺍﻟﻈﺮﻭﻑ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﻭ ﻟﻴﺲ ﻋﻠﻰ ﺍﻟﻈﺮﻭﻑ‬
‫ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﺍﻟﺴﺎﺋﺪﺓ ﺃﻭ ﺑﻌﺒﺎﺭﺓ ﺃﺧﺮﻯ ﺃﻥ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﺍﻟﱵ ﺗﺘﺄﺛﺮ ‪‬ﺎ ﺃﺳﻌﺎﺭ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﻫﻲ‬
‫ﻣﻌﻠﻮﻣﺎﺕ ﻋﻦ ﺍﻷﺣﻮﺍﻝ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﺍﳌﺘﻮﻗﻌﺔ ‪ ،‬ﺍﻟﱵ ﺳﺘﺄﺛﺮ ﻋﻠﻰ ﺍﻷﺭﺑﺎﺡ ﺍﳌﺴﺘﻘﺒﻠﻴﺔ‪ ،‬ﺃﻣﺎ ﺍﻷﺣﻮﺍﻝ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﺍﻟﱵ‬
‫ﺗﺘﺄﺛﺮ ‪‬ﺎ ﺍﻷﺭﺑﺎﺡ ﺍﻟﻔﻌﻠﻴﺔ ﻟﻠﺸﺮﻛﺔ ﻓﻬﻲ ﺍﻷﺣﻮﺍﻝ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﺍﻟﺴﺎﺋﺪﺓ‪ ،‬ﻭ ﺍﻟﱵ ﺳﺒﻖ ﺃﻥ ﺗﺄﺛﺮﺕ ‪‬ﺎ ﺃﺳﻌﺎﺭ ﺍﻷﺳﻬﻢ‬
‫ﻋﻨﺪﻣﺎ ﺃﻋﻠﻦ ﺍﺣﺘﻤﺎﻝ ﺣﺪﻭﺛﻬﺎ‪ ،‬ﻓﺴﻮﻕ ﺍﳌﺎﻝ‬

‫ﻳﺘﺄﺛﺮ ﺑﺎﻟﺘﻮﻗﻌﺎﺕ ﻭ ﻻ ﻳﻨﺘﻈﺮ ﻭﻗﻮﻉ ﺍﻷﺣﺪﺍﺙ‪ ،‬ﺑﻴﻨﻤﺎ ﺗﺘﺄﺛﺮ ﺃﺭﺑﺎﺡ ﺍﳌﻨﺸﺂﺕ ﺑﺎﻷﺣﺪﺍﺙ ﻭ ﻟﻴﺲ ﺑﺎﻟﺘﻮﻗﻌﺎﺕ‪.‬‬
‫ﻭ ﻫﺬﺍ ﻭ ﳔﺘﻢ ﺑﺎﻹﺷﺎﺭﺓ ﺇﱃ ﺃﻧﻪ ﻋﻨﺪﻣﺎ ﺗﻜﻮﻥ ﺣﺮﻛﺔ ﺍﳌﺆﺷﺮﺍﺕ ﺍﳌﺘﻮﻗﻌﺔ ﺗﺘﺠﻪ ﳓﻮ ﺍﻟﺼﻌﻮﺩ ﺣﻴﻨﺌﺬ ﻳﻄﻠﻖ‬
‫ﻋﻠﻰ ﺍﻟﺴﻮﻕ ﺍﻟﺴﻮﻕ ﺍﻟﺼﻌﻮﺩﻱ‪ ،‬ﻭ ﻫﺬﺍ ﻋﻨﺪﻣﺎ ﻳﺰﻳﺪ ﻣﻌﺪﻝ ﺍﻟﻌﺎﺋﺪ ﺍﻟﺬﻱ ﳛﻘﻘﻪ ﻭﻓﻘﺎ ﻟﻠﻤﺆﺷﺮ ﻋﻦ ﺍﻟﻌﺎﺋﺪ ﻋﻠﻰ‬
‫ﺍﻻﺳﺘﺜﻤﺎﺭ ﺍﳋﺎﱄ ﻣﻦ ﺍﳌﺨﺎﻃﺮ ‪ ،‬ﻭ ﻋﺎﺩﺓ ﻣﺎ ﻳﻘﺼﺪ ﺑﻪ ﻣﻌﺪﻝ ﺍﻟﻌﺎﺋﺪ ﻋﻠﻰ ﺍﻟﺴﻨﺪﺍﺕ ﺍﻟﱵ ﺗﺼﺪﺭﻫﺎ ﺍﳊﻜﻮﻣﺔ‪ ،‬ﻭ ﻻ‬
‫ﺗﺰﻳﺪ ﻓﺘﺮﺓ ﺍﺳﺘﺤﻘﺎﻗﻬﺎ ﻋﻦ ﺳﻨﺔ ﻭﺍﺣﺪﺓ‪ ،‬ﺃﻣﺎ ﻋﻨﺪﻣﺎ ﺗﻜﻮﻥ ﺣﺮﻛﺔ ﺍﳌﺆﺷﺮ ﺍﳌﺘﻮﻗﻌﺔ ﺗﺘﺠﻪ ﳓﻮ ﺍﻟﱰﻭﻝ ﺣﻴﻨﺌﺬ ﻳﻄﻠﻖ‬
‫ﻋﻠﻰ ﺍﻟﺴﻮﻕ ﺑﺎﻟﺴﻮﻕ ﺍﻟﱰﻭﱄ‪ ،‬ﻭ ﻫﻨﺎ ﻓﻴﻜﻮﻥ ﻣﻌﺪﻝ ﺍﻟﻌﺎﺋﺪ ﺍﻟﺬﻱ ﳛﻘﻘﻪ ﻭﻓﻘﺎ ﳌﺆﺷﺮ ﺃﻗﻞ ﻣﻦ ﻣﻌﺪﻝ ﺍﻟﻌﺎﺋﺪ ﻋﻠﻰ‬
‫ﺍﻻﺳﺘﺜﻤﺎﺭ ﺍﳋﺎﱄ ﻣﻦ ﺍﳌﺨﺎﻃﺮ‪ ،‬ﻭ ﻋﺎﺩﺓ ﻻ ﻳﻮﺻﻒ ﺍﳌﻀﺎﺭﺑﻮﻥ ﰲ ﺍﻟﺴﻮﻕ ﻋﻠﻰ ﻫﺬﺍ ﺍﻷﺳﺎﺱ )ﻣﻀﺎﺭﺏ ﺍﻟﺼﻌﻮﺩ‬
‫ﻋﻨﺪ ﺍﻋﺘﻘﺎﺩﻩ ﺑﺄﻥ ﺃﺳﻌﺎﺭ ﺍﻟﺴﻮﻕ ﺳﻮﻑ ﺗﺄﺧﺬ ﰲ ﺍﻟﺼﻌﻮﺩ‪ ،‬ﻭ ﺍﻟﻌﻜﺲ ﺑﺎﻟﻨﺴﺒﺔ ﳌﻀﺎﺭﺏ ﺍﻟﱰﻭﻝ ﻋﻨﺪ ﺍﻋﺘﻘﺎﺩﻩ‬
‫ﺑﺎﳔﻔﺎﺽ ﺍﻷﺳﻌﺎﺭ)‪. (1‬‬

‫)‪ (1‬ﺩ‪.‬ﻣﻨﲑ ﺇﺑﺮﺍﻫﻴﻢ ﺍﳍﻨﺪﻱ‪ ،‬ﺍﳌﺮﺟﻊ ﺍﻟﺴﺎﺑﻖ‪ ،‬ﺹ ‪242‬‬

 ‫ﺧﻼﺻﺔ ﺍﻟﻔﺼﻞ‪:‬‬

‫ﻟﻠﺒﻮﺭﺻﺔ ﻧﺸﺎﻁ ﻳﺘﻤﺜﻞ ﰲ ﺗﺪﺍﻭﻝ ﺍﻟﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ‪ ،‬ﻓﺨﺼﺼﻨﺎ ﻫﺬﺍ ﺍﻟﻔﺼﻞ ﻟﺪﺭﺍﺳﺔ ﻫﺬﺍ ﺍﻟﻨﺸﺎﻁ‪ ،‬ﻭ ﳌﻌﺮﻓﺔ‬
‫ﻫﺬﺍ ﳚﺐ ﻣﻌﺮﻓﺔ ﺍﻟﻨﻈﺎﻡ ﺍﻟﺪﺍﺧﻠﻲ ﻟﻠﺒﻮﺭﺻﺔ‪ ،‬ﻭ ﻣﻨﻬﻢ ﺍﳌﺆﺳﺴﺎﺕ ﺍﳌﺴﻤﻮﺡ ﳍﺎ ﺑﺎﻟﺘﺪﺧﻞ ﰲ ﺍﻟﺒﻮﺭﺻﺔ ﻭ ﺍﳌﺘﻤﺜﻠﺔ ﰲ‬
‫ﻣﺆﺳﺴﺎﺕ ﺍﻟﻮﺳﺎﻃﺔ ﺍﳌﺎﻟﻴﺔ ﻭ ﺍﳌﺘﻌﺎﻣﻠﲔ ﻣﻌﻬﺎ‪ ،‬ﺣﻴﺚ ﺗﺒﲔ ﻟﻨﺎ ﺃﻥ ﺍﻟﻌﺎﻣﻞ ﳌﺘﻌﺎﻣﻞ ﰲ ﺍﻟﺒﻮﺭﺻﺎﺕ ﻭ ﺍﻟﺘﻨﺒﺆ ﰲ ﺗﻐﻴﲑ‬
‫ﻗﻴﻢ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﻭ ﺍﻟﺬﻱ ﳝﻜﻨﻨﺎ ﻣﻦ ﲢﺪﻳﺪ ﻓﺮﻭﻕ ﺍﻷﺳﻌﺎﺭ ﻭ ﺍﻟﺬﻱ ﻫﻮ ﻗﺎﺋﻤﺔ ﻋﻠﻴﻪ ﺍﳌﻀﺎﺭﺑﺔ‪.‬‬
‫ﻛﻤﺎ ﺳﻠﻄﻨﺎ ﺍﻟﻀﻮﺀ ﻋﻠﻰ ﺃﻫﻢ ﺍﻹﺟﺮﺍﺀﺍﺕ ﺍﳌﺘﻌﺎﻣﻞ ‪‬ﺎ ﰲ ﺍﻟﺒﻮﺭﺻﺔ ﻭ ﺍﳌﺘﻤﺜﻠﺔ ﰲ ﺍﻷﻭﺍﻣﺮ‪ ،‬ﺍﻟﺘﺴﻌﲑﺓ ﺑﺎﻹﺿﺎﻓﺔ ﺇﱃ‬
‫ﺍﳌﺆﺷﺮﺍﺕ ﺍﳌﺘﻌﻠﻘﺔ ﺑﺎﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ‪.‬‬

‫ﻭ ﺑﻌﺪ ﻫﺬﻩ ﺍﻟﺪﺭﺍﺳﺔ ﺍﻟﻨﻈﺮﻳﺔ ﻟﻠﺒﻮﺭﺻﺔ ﻭ ﻧﺸﺎﻃﻬﺎ‪.‬‬

‫ﻣﺎ ﻫﻲ ﲡﺮﺑﺔ ﺍﳉﺰﺍﺋﺮ ﰲ ﺇﻧﺸﺎﺀ ﺳﻮﻕ ﻣﺎﱄ )ﺍﻟﺒﻮﺭﺻﺔ(؟‬

‫ﻫﺬﺍ ﻣﺎ ﺳﻨﺤﺎﻭﻝ ﺍﺳﺘﻔﺴﺎﺭﻩ ﰲ ﺍﻟﻔﺼﻞ ﺍﻵﰐ‪.‬‬

 ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﻟﺚ‪ :‬ﺑﻮﺭﺻﺔ ﺍﻟﺠﺰﺍﺋﺮ‪.‬‬

‫ﺍﻟﻤﻘﺪﻣﺔ‬
‫ﺑﻌﺪ ﻓﺸﻞ ﺍﻟﻨﻤﻮﺫﺝ ﺍﻻﺷﺘﺮﺍﻛﻲ ﺍﻟﺬﻱ ﻃﺒﻖ ﰲ ﺍﳉﺰﺍﺋﺮ ﺧﻼﻝ ﺍﻟﺴﺘﻴﻨﺎﺕ ﻭﺍﻟﺴﺒﻌﻴﻨﺎﺕ ﻭﺍﻟﺬﻱ ﺍﺗﺴﻢ‬
‫ﺃﺳﺎﺳﺎ ﺑﺎﻟﺘﺨﻄﻴﻂ ﺍﳌﺮﻛﺰﻱ ﺍﳉﺎﻣﺪ‪ .‬ﺗﺪﺧﻞ ﺍﻟﺪﻭﻟﺔ ﰲ ﺍﳊﻴﺎﺓ ﺍﻻﻗﺘﺼﺎﺩﻱ ﺿﻌﻒ ﺍﻷﺩﺍﺀ ﺍﻻﻗﺘﺼﺎﺩﻱ ﺍﻻﺭﺗﻔﺎﻉ ﻏﲑ‬
‫ﺍﳌﱪﺭ ﻟﻘﻴﻤﺔ ﺍﻟﺪﻳﻨﺎﺭ ﻭ‪‬ﻤﻴﺶ ﺍﻟﻘﻄﺎﻉ ﺍﳋﺎﺹ ﻭﻏﲑﻫﺎ ﻣﻦ ﺍﻟﻨﻘﺎﺋﺺ ﻗﻀﺖ ﺍﻟﺴﻠﻄﺎﺕ ﺍﻟﻌﻤﻮﻣﻴﺔ ﻋﺸﺮﻳﺔ ﻛﺎﻣﻠﺔ ﰲ‬
‫ﺇﻋﺎﺩﺓ ﺗﻨﻈﻴﻢ ﺍﻻﻗﺘﺼﺎﺩ ﺍﻟﻮﻃﲏ ﻭﻭﺿﻊ ﺃﺳﺲ ﺟﺪﻳﺪﺓ ﻟﻠﺘﻨﻤﻴﺔ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ‪ .‬ﻣﺒﻨﻴﺔ ﺃﺳﺎﺱ ﻋﻠﻰ ﻧﻮﻉ ﻣﻦ ﺍﻟﻼﻣﺮﻛﺰﻳﺔ‬
‫ﻓﻘﺎﻣﺖ ﺧﻼﳍﺎ ﺑﺈﻋﺎﺩﺓ ﻫﻴﻜﻠﺔ ﺍﻟﻘﻄﺎﻉ ﺍﻟﻌﻤﻮﻣﻲ ﳉﻌﻠﻪ ﺍﻛﺜﺮ ﻓﻌﺎﻟﻴﺔ ﻭﺗﻨﺎﻓﺴﻴﺔ‪ ،‬ﳑﺎ ﺃﺩﻯ ﺫﻟﻚ ﺇﺧﻀﺎﻋﻪ ﻟﻠﻘﺎﻧﻮﻥ‬
‫ﺍﻟﺘﺠﺎﺭﻱ‪ .‬ﻭﺇﻋﻄﺎﺀ ﺃﳘﻴﺔ ﺃﻛﺜﺮ ﻓﻌﺎﻟﻴﺔ ﻟﻠﻘﻄﺎﻉ ﺍﳋﺎﺹ ﻭﺗﺸﺠﻴﻌﻪ ﻟﻴﻠﻌﺐ ﺩﻭﺭﻩ ﻛﺎﻣﻼ‪.‬‬
‫ﻭﺑﻐﺮﺽ ﺍﻟﺘﺤﻮﻝ ﳓﻮ ﺍﻗﺘﺼﺎﺩ ﺍﻟﺴﻮﻕ ﲢﺎﻭﻝ ﺍﻟﺴﻠﻄﺎﺕ ﺍﻟﻌﻤﻮﻣﻴﺔ ﺗﻮﻓﲑ ﻣﻨﺎﺥ ﻣﻼﺋﻢ ﻟﻼﺳﺘﺜﻤﺎﺭ ﰲ‬
‫ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ‪ .‬ﺧﺎﺻﺔ ﻣﻊ ﺍﻟﺘﺤﺴﻦ ﺍﻟﻨﺴﱯ ﺍﻟﺬﻱ ﺗﺸﻬﺪﻩ ﺍﳉﺰﺍﺋﺮ ﺍﻗﺘﺼﺎﺩﻳﺎ ﻭﺃﻣﻨﻴﺎ ﳑﺎ ﻗﻠﻞ ﻣﻦ ﳐﺎﻃﺮ ﺍﻻﺳﺘﺜﻤﺎﺭ‪،‬‬
‫ﺇﺫ ﺗﻐﲑﺕ ﺍﻟﺘﺸﺮﻳﻌﺎﺕ ﰲ ﻫﺬﺍ ﺍﻻﲡﺎﻩ ﻭﺃﻗﺮﺕ ﻗﺎﻧﻮﻧﺎ ﺟﺪﻳﺪﺍ ﻟﻠﻤﻨﺎﻓﺴﺔ ﻭﺁﺧﺮ ﻟﻼﺳﺘﺜﻤﺎﺭ ﲤﻴﺰ ﺑﺄﻧﻪ ﺃﻛﺜﺮ ﻭﺿﻮﺣﺎ‬
‫ﻭﺍﺳﺘﻘﺮﺍﺭ ﻣﻦ ﺣﻴﺚ ﺳﻴﺎﺳﺎﺕ ﻭﺃﻭﻟﻮﻳﺎﺕ ﺍﻻﺳﺘﺜﻤﺎﺭ‪.‬‬
‫ﺃﺳﺎﺳﻪ ﺗﺸﺠﻴﻊ ﺍﻟﻘﻄﺎﻉ ﺍﳋﺎﺹ ﰲ ﻛﺎﻓﺔ ﺍﺠﻤﻟﺎﻻﺕ ﻭﺿﻤﺎﻥ ﺍﻟﺸﻔﺎﻓﻴﺔ ﻭﺍﳌﻨﺎﻓﺴﺔ ﺍﻟﱰﻳﻬﺔ ﺑﲔ ﺍﳌﺘﻌﺎﻣﻠﲔ‪،‬‬
‫ﻭﺳﻬﻠﺖ ﺇﺟﺮﺍﺀﺍﺕ ﺍﳊﺼﻮﻝ ﻋﻠﻰ ﺗﺮﺍﺧﻴﺺ ﺍﻻﺳﺘﺜﻤﺎﺭ ﻭﺍﻟﺘﻌﺎﻣﻞ ﻣﻊ ﺍﳉﻬﺎﺕ ﺍﻟﺮﲰﻴﺔ ‪ .‬ﻭﻗﺎﻣﺖ ﺑﻔﺘﺢ ﺑﻮﺭﺻﺔ‬
‫ﺍﻟﺸﻲﺀ ﺍﻟﺬﻱ ﻳﺰﻳﺪ ﻣﻦ ﻓﺮﺹ ﺍﻻﺳﺘﺜﻤﺎﺭ ﰲ ﺳﻮﻕ ﺍﳌﺎﻝ ﺍﳉﺰﺍﺋﺮﻳﺔ‪ ،‬ﻭﺫﻟﻚ ﻟﻠﺴﻤﺎﺡ ﳍﺎ ﺑﺎﺣﺘﻼﻝ ﻣﻜﻨﺔ ﺟﻴﺪﺓ ﻋﻠﻰ‬
‫ﺍﳌﺴﺘﻮﻯ ﺍﻟﻌﺮﰊ ﺃﻭﻻ ﻭﺍﻟﻌﺎﳌﻲ ﺛﺎﻧﻴﺎ‪ ،‬ﻭﺃﻣﺎﻡ ﻫﺬﺍ ﺍﳌﻄﻠﺐ ﻭﺟﺐ ﻋﻠﻰ ﺍﳉﺰﺍﺋﺮ ﻭﺿﻊ ﺳﻮﻕ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ‪.‬‬
‫ﻭ ﻟﺘﺤﻘﻴﻖ ﻫﺬﺍ ﺍﳍﺪﻑ ﻭﺟﺐ ﻋﻠﻰ ﺍﳉﺰﺍﺋﺮ ﺇﻧﺸﺎﺀ ﺳﻮﻕ ﻳﺘﻢ ﺗﺪﺍﻭﻝ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﻓﻴﻬﺎ ﻭ ﻫﻲ ﻣﺎ‬
‫ﺗﻌﺮﻑ ﺑﺎﻟﺒﻮﺭﺻﺔ‪.‬‬
 ‫ﺍﻟﻤﺒﺤﺚ ﺍﻷﻭﻝ ‪:‬ﻧﺸﺄﺓ ﺍﻟﺒﻮﺭﺻﺔ ﻓﻲ ﺍﻟﺠﺰﺍﺋﺮ ﻭ ﻫﻴﺌﺎﺗﻬﺎ ﻭ ﺍﻹﺩﺭﺍﺝ ﻓﻴﻬﺎ‬
‫ﺗﻌﻤﻞ ﺍﳉﺰﺍﺋﺮ ﻋﻠﻰ ﻣﺴﺎﻳﺮﺓ ﺍﻟﺘﺤﻮﻻﺕ ﺍﻟﺴﺮﻳﻌﺔ ﰲ ﺍﻻﻗﺘﺼﺎﺩ ﺍﻟﻌﺎﳌﻲ‪ ،‬ﻭﺫﻟﻚ ﺑﺎﺳﺘﺨﺪﺍﻡ ﺇﻣﻜﺎﻧﻴﺎ‪‬ﺎ‬
‫ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﺍﻟﱵ ﻓﺮﺿﺖ ﺇﻋﺎﺩﺓ ﻣﺮﺍﺟﻌﺔ ﺍﻻﺳﺘﺮﺍﺗﻴﺠﻴﺎﺕ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﻭ ﺍﻟﺒﺤﺚ ﻋﻦ ﺍﻹﻳﺪﻳﻮﻟﻮﺟﻴﺎﺕ ﺍﳉﺪﻳﺪﺓ ﺍﻟﱵ‬
‫ﺗﺘﻼﺀﻡ ﻣﻊ ﺍﻟﻮﺿﻊ ﺍﻟﺮﺍﻫﻦ‪ .‬ﺍﻟﺬﻱ ﻫﻮ ﻭﻟﻴﺪ ﺗﻌﺎﻣﻼﺕ ﺍﻗﺘﺼﺎﺩﻳﺔ ﻋﺮﻓﺖ ﰲ ﻇﻠﻬﺎ ﺗﺮﺍﻛﻢ ﺍﻟﺪﻳﻮﻥ ﺍﳋﺎﺭﺟﻴﺔ‪ .‬ﻭﺑﺎﻟﺘﺎﱄ‬
‫ﺃﺯﻣﺎﺕ ﺳﻴﺎﺳﻴﺔ ﻭﺍﻗﺘﺼﺎﺩﻳﺔ ﻭﺍﺟﺘﻤﺎﻋﻴﺔ ﳑﺎ ﺃﻭﺟﺐ ﻋﻠﻴﻬﺎ ﺇﻋﺎﺩﺓ ﺟﺪﻭﻟﺔ ﻫﺬﻩ ﺍﻟﺪﻳﻮﻥ‪ .‬ﻭﺑﺎﻟﺘﺎﱄ ﺍﻻﻧﺘﻘﺎﻝ ﻣﻦ‬
‫ﺍﻻﻗﺘﺼﺎﺩ ﺍﳌﻮﺟﻪ ﺇﱃ ﺍﻗﺘﺼﺎﺩ ﺍﻟﺴﻮﻕ‪ .‬ﻭﳌﺴﺎﻳﺮﺓ ﻫﺬﺍ ﺍﻻﻗﺘﺼﺎﺩ ﺍﳉﺪﻳﺪ ﻭﺗﻄﻮﻳﺮ ﺍﻻﻗﺘﺼﺎﺩ ﺍﻟﻮﻃﲏ ﻭﲤﻮﻳﻠﻪ‪،‬‬
‫ﻭﺍﻋﺘﻤﺪﺕ ﻓﺘﺢ ﺑﻮﺭﺻﺔ ﺍﻟﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ ﻻﺳﺘﻐﻼﻝ ﺍﻻﺩﺧﺎﺭ ﺍﻟﻌﺎﻡ ﻭﺑﺎﻟﺘﺎﱄ ﲤﻮﻳﻞ ﺍﻻﻗﺘﺼﺎﺩ ﺍﻻﺳﺘﺜﻤﺎﺭﻱ ﻭﺗﻄﻮﻳﺮ‬
‫ﺍﳌﺆﺳﺴﺎﺕ‪.‬‬
‫ﺍﻟﻤﻄﻠﺐ ﺍﻷﻭﻝ‪ :‬ﻧﺸﺄﺓ ﺑﻮﺭﺻﺔ ﺍﻟﺠﺰﺍﺋﺮ‪.‬‬

‫ﺍﻟﻔﺮﻉ ﺍﻷﻭﻝ‪ :‬ﺩﻭﺍﻓﻊ ﺇﻧﺸﺎﺀ ﺍﻟﺒﻮﺭﺻﺔ‪.‬‬

‫ﻟﻘﺪ ﻣﺮ ﺍﻻﻗﺘﺼﺎﺩ ﺍﻟﻮﻃﲏ ﺑﻌﺪﺓ ﻣﺮﺍﺣﻞ ‪ ،‬ﺑﻌﺪ ﺍﻻﺳﺘﻘﻼﻝ ﻓﻜﺎﻧﺖ ﻣﺮﺣﻠﺔ ﺍﻻﻗﺘﺼﺎﺩ ﺍﳌﺨﻄﻂ ﻭ ﺍﻟﱵ‬
‫ﺩﺍﻣﺖ ﺣﱴ ‪‬ﺎﻳﺔ ﺍﻟﺴﺒﻌﻴﻨﺎﺕ ﻭﲤﻴﺰﺕ ﺑﺴﻴﻄﺮﺓ ﺍﻟﻘﻄﺎﻉ ﺍﻟﻌﺎﻡ ﻭﺳﻮﺀ ﺗﻮﺍﺯﻥ ﺍﻟﺼﻼﺣﻴﺔ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﺍﻟﺸﺎﻣﻠﺔ ﰒ‬
‫ﺧﻼﻝ ﻋﺸﺮﻳﺔ ﺍﻟﺜﻤﺎﻧﻴﻨﺎﺕ ﻭﺑﺪﺍﻳﺔ ﻋﺸﺮﻳﺔ ﺍﻟﺘﺴﻌﻴﻨﺎﺕ ﻗﺎﻣﺖ ﺗﻠﻚ ﺍﻟﺴﻠﻄﺎﺕ ﺑﺈﻋﺎﺩﺓ ﻫﻴﻜﻠﺔ ﻗﻄﺎﻋﻬﺎ ﺍﻟﻌﻤﻮﻣﻲ‬
‫ﻟﺘﺘﻤﻜﻦ ﻣﻦ ﺍﻟﺴﻴﻄﺮﺓ ﻋﻠﻴﻪ ﰒ ﺃﻋﻄﺖ ﺍﻻﺳﺘﻘﻼﻟﻴﺔ ﻟﻠﻌﺪﻳﺪ ﻣﻦ ﺍﳌﺆﺳﺴﺎﺕ ﺍﻟﻮﻃﻨﻴﺔ‪ .‬ﻟﻜﻦ ﱂ ﺗﻜﻦ ﻫﻨﺎﻙ ﻧﺘﺎﺋﺞ‬
‫ﺇﳚﺎﺑﻴﺔ ﻣﻠﻤﻮﺳﺔ ﻟﺘﻠﻚ ﺍﻟﻌﻤﻠﻴﺎﺕ ‪ ،‬ﺍﻟﺸﻲﺀ ﺍﻟﺬﻱ ﺟﻌﻞ ﺗﻠﻚ ﺍﻟﺴﻠﻄﺎﺕ ﺗﺮﺷﺢ ﺗﻠﻚ ﺍﳌﺆﺳﺴﺎﺕ ﻟﻠﺨﻮﺻﺼﺔ ﻭ‬
‫ﻫﻲ ﻣﺮﺣﻠﺔ ﲢﻮﻝ ﺍﻻﻗﺘﺼﺎﺩ ﺍﻟﻮﻃﲏ ﻣﻦ ﺍﻻﻗﺘﺼﺎﺩ ﺍﳌﻮﺟﻪ ﺇﱃ ﺍﻗﺘﺼﺎﺩ ﺍﻟﺴﻮﻕ‪.‬‬
‫ﺣﻴﺚ ﺃﺛﺒﺘﺖ ﺍﻟﺘﺠﺮﺑﺔ ﺍﻟﺘﺎﺭﳜﻴﺔ ﺃﻥ ﻣﻌﻈﻢ ﺍﻟﺪﻭﻝ ﺍﻟﻨﺎﻣﻴﺔ ﺍﻟﱵ ﺷﻬﺪﺕ ﺗﻄﻮﺭﺍ ﻛﺒﲑﺍ ﺍﻋﺘﻨﻘﺖ ﺍﻟﻨﻈﺎﻡ‬
‫ﺍﻟﺮﺃﲰﺎﱄ ﻣﻨﺘﻬﺠﺔ ﺗﺴﻮﻳﻖ ﺍﻻﻗﺘﺼﺎﺩ ‪،‬ﺣﱴ ﺗﺘﻤﺎﺷﻰ ﻭﻣﺘﻄﻠﺒﺎﺕ ﺍﻻﻗﺘﺼﺎﺩ ﺍﳌﻌﺎﺻﺮ ﻭﺫﻟﻚ ﻣﻦ ﺧﻼﻝ ﺍﺗﺒﺎﻉ ﻓﻠﺴﻔﺔ‬
‫ﺍﻗﺘﺼﺎﺩﻳﺔ ﻭﺍﺿﺤﺔ ﺍﳌﻌﺎﱂ ﺗﺆﻣﻦ ﺍﺣﺘﻜﺎﺭ ﺍﻟﺪﻭﻟﺔ ﻟﻸﻧﺸﻄﺔ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﻭﺇﻋﻄﺎﺀ ﺩﻭﺭ ﺍﻟﺮﻳﺎﺩﺓ ﻟﻠﻘﻄﺎﻉ ﺍﳋﺎﺹ‪،‬‬
‫ﻭﺇﻧﺸﺎﺀ ﺃﻛﱪ ﻋﺪﺩ ﳑﻜﻦ ﻣﻦ ﺷﺮﻛﺎﺕ ﺍﳌﺴﺎﳘﺔ‪ .‬ﻭﻫﺬﻩ ﺍﻟﻔﻠﺴﻔﺔ ﻻ ﳝﻜﻦ ﺍﻟﻌﻤﻞ ‪‬ﺎ ﺇﻻ ﰲ ﺇﻃﺎﺭ ﺍﻗﺘﺼﺎﺩ ﺍﻟﺴﻮﻕ‬
‫ﺍﻟﺬﻱ ﻳﻮﻓﺮ ﺍﶈﻴﻂ ﺍﻻﻗﺘﺼﺎﺩﻱ ﺍﳌﻼﺋﻢ ﻭﺍﳌﺮﻭﻧﺔ ﺍﻟﻼﺯﻣﺔ ﻟﻠﺘﻌﺎﻣﻼﺕ ﺍﻟﺘﺠﺎﺭﻳﺔ‪ ،‬ﻭﻳﺮﻓﻊ ﻛﻞ ﺍﻟﻌﻘﺒﺎﺕ ﺍﳌﻮﺿﻮﻋﺔ ﻣﻦ‬
‫ﻃﺮﻑ ﺍﻻﻗﺘﺼﺎﺩ ﺍﳌﺨﻄﻂ‪.‬‬

‫ﻭﻣﻦ ﻣﺘﻄﻠﺒﺎﺕ ﺍﻗﺘﺼﺎﺩ ﺍﻟﺴﻮﻕ ‪،‬ﺗﻮﻓﲑ ﺍﳌﻨﺎﺥ ﺍﻻﺳﺘﺜﻤﺎﺭﻱ ﻟﻘﻴﺎﻡ ﻣﺸﺎﺭﻳﻊ ﺍﻗﺘﺼﺎﺩﻳﺔ ﺿﺨﻤﺔ ‪ ،‬ﻭﻛﻞ‬
‫ﻫﺬﺍ ﺗﻮﻟﺪ ﻋﻨﻪ ﺳﻠﻊ ﺟﺪﻳﺪﺓ ﱂ ﺗﻜﻦ ﻣﻌﺮﻭﻓﺔ ﻣﻦ ﻗﺒﻞ ﻫﻲ ﺍﻷﺳﻬﻢ ﻭﺍﻟﺴﻨﺪﺍﺕ ﺃﻭ ﻣﺎ ﺗﺴﻤﻰ ﺑﺎﻟﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ‪.‬‬
‫ﻛﻤﺎ ﺃﻥ ﺗﻄﻮﺭ ﻭﺗﻨﻮﻉ ﻫﺬﻩ ﺍﻷﻭﺭﺍﻕ ﻭﺇﻗﺒﺎﻝ ﺍﳉﻤﻬﻮﺭ ﻋﻠﻰ ﺗﺪﺍﻭﳍﺎ ﻛﺎﻥ ﻣﻦ ﺷﺄﻧﻪ ﻗﻴﺎﻡ ﺳﻮﻕ ﺧﺎﺻﺔ‬
‫‪‬ﺎ ﻭﻫﻲ ﻣﺎ ﺗﺴﻤﻰ ﺑﺴﻮﻕ ﺍﻟﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ‪.‬‬
‫ﺣﻴﺚ ﻣﺮﺕ ﻫﺬﻩ ﻟﺴﻮﻕ ﰲ ﺍﳉﺰﺍﺋﺮ ﲟﺮﺍﺣﻞ ﺃﻗﺮ‪‬ﺎ ﺍﻹﺻﻼﺣﺎﺕ ﺍﻟﱵ ﺣﺪﺛﺖ‪ .‬ﻭ ﰎ ﺇﻧﺸﺎﺋﻬﺎ ﲟﺮﺳﻮﻡ‬
‫ﺗﺸﺮﻳﻌﻲ ﺭﻗﻢ ‪ 10/93‬ﺍﳌﺆﺭﺥ ﰲ ‪ 1993/03/23‬ﻭﺍﻟﺬﻱ ﻳﻨﺺ ﻋﻠﻰ ﻣﺎﻳﻠﻲ)‪:(1‬‬
‫ﺗﺄﺳﻴﺲ ﺑﻮﺭﺻﺔ ﺍﻟﻘﻴﻢ ﺍﳌﺘﺪﺍﻭﻟﺔ‪.‬‬ ‫•‬
‫ﺗﻌﺮﻑ ﺑﻮﺭﺻﺔ ﺍﻟﻘﻴﻢ ﺑﺄ‪‬ﺎ ﺇﻃﺎﺭ ﺗﻨﻈﻴﻢ ﻭﺇﺟﺮﺍﺀ ﺍﻟﻌﻤﻠﻴﺎﺕ ﻋﻠﻰ ﺍﻟﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ ﺍﻟﺼﺎﺩﺭﺓ ﻣﻦ ﺍﻟﺪﻭﻟﺔ‬ ‫•‬
‫ﻭﻣﻦ ﺑﺎﻗﻲ ﺍﻷﺷﺨﺎﺹ ﺍﳌﻌﻨﻮﻳﺔ ﺫﺍﺕ ﺍﻟﻘﺎﻧﻮﻥ ﺍﻟﻌﺎﻡ ﺑﺎﻹﺿﺎﻓﺔ ﺇﱃ ﻣﺆﺳﺴﺎﺕ ﺍﳌﺴﺎﳘﺔ‪.‬‬
‫ﺗﻌﺮﻑ ﺍﳍﻴﺌﺎﺕ ﺍﳌﻜﻮﻧﺔ ﻟﻠﺒﻮﺭﺻﺔ)‪:(2‬‬ ‫•‬
‫ﳉﻨﺔ ﺗﻨﻈﻴﻢ ﻭﻣﺮﺍﻗﺒﺔ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ ﻭﻫﻲ ﲤﺜﻞ ﺳﻠﻄﺔ ﺳﻮﻕ ﺭﺅﻭﺱ ﺍﻷﻣﻮﺍﻝ‬
‫)‪. (COSOB‬‬
‫ﺷﺮﻛﺔ ﺇﺩﺍﺭﺓ ﺑﻮﺭﺻﺔ ﺍﻟﻘﻴﻢ )‪. (SGBV‬‬
‫ﺍﻟﺘﺪﺍﻭﻝ ﻭﺍﻟﺼﻔﻘﺎﺕ ﺩﺍﺧﻞ ﺍﻟﺒﻮﺭﺻﺔ ﺗﻨﻔﺬ ﻣﻦ ﻃﺮﻑ ﺍﻟﻮﺳﻄﺎﺀ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ‬
‫)‪.(IOB‬‬
‫ﺍﳌﺆﲤﻦ ﺍﳌﺮﻛﺰﻱ ﻟﻠﺴﻨﺪﺍﺕ‬
‫ﻫﻴﺌﺎﺕ ﺍﻟﺘﻮﻇﻴﻒ ﺍﳉﻤﺎﻋﻲ ﻟﻠﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ‬
‫ﻭﻣﺮﺕ ﺍﻟﺒﻮﺭﺻﺔ ﺍﳉﺰﺍﺋﺮﻳﺔ ﺑﺈﺻﻼﺣﺎﺕ ﺍﻗﺘﺼﺎﺩﻳﺔ ﺣﻴﺚ ﺃﻧﻪ ﺻﺪﺭ ﰲ ﺍﻟﻨﺼﻒ ﺍﻷﻭﻝ ﻣﻦ ﺍﻟﺘﺴﻌﻴﻨﺎﺕ‬
‫ﺍﻟﻌﺪﻳﺪ ﻣﻦ ﺍﻟﻘﻮﺍﻧﲔ ﻭﺍﳌﺮﺍﺳﻴﻢ ﺍﻟﱵ ﺗﻨﻈﻢ ﺍﻟﺒﻮﺭﺻﺔ ﻭﺗﺸﺮﺡ ﺍﻷﺩﻭﺍﺕ ﺍﳌﺎﻟﻴﺔ ﺍﳌﻤﻜﻦ ﺗﺪﺍﻭﳍﺎ ﻏﲑ ﺃﻥ ﻋﺪﻡ ﻭﺿﻮﺡ‬
‫ﺩﻭﺭﻫﺎ ﻟﺪﻯ ﺍﻟﺴﻠﻄﺎﺕ ﺍﳌﺎﻟﻴﺔ ﻭﻛﺬﺍ ﺍﳌﺸﺎﻛﻞ ﺍﻟﻌﻮﻳﺼﺔ ﺍﻟﱵ ﻭﺍﺟﻬﺘﻬﺎ‬

‫ﻭﺿﻌﻒ ﺍﻻﺩﺧﺎﺭ ﻭﻋﺪﻡ ﻭﺟﻮﺩ ﺷﺮﻛﺎﺕ ﻣﺴﺎﳘﺔ ﺭﺃﲰﺎﳍﺎ ﻣﻔﺘﻮﺡ ﻟﻠﺠﻤﻬﻮﺭ ﻭﻏﲑﻫﺎ ﻣﻦ ﺍﻷﺳﺒﺎﺏ ﺣﺎﻟﺖ ﺩﻭﻥ‬
‫ﺍﻧﺘﻌﺎﺵ ﺑﻮﺭﺻﺔ ﺍﳉﺰﺍﺋﺮ‪.‬‬
‫ﻭﻣﻦ ﺑﲔ ﺍﳌﺆﺳﺴﺎﺕ ﺍﻟﻮﻃﻨﻴﺔ ﺍﻟﱵ ﺗﺴﺎﺭﻋﺖ ﺇﱃ ﺗﻨﺸﻴﻂ ﻫﺬﻩ ﺍﻟﺴﻮﻕ ﻣﻨﺬ ﺍﻟﺒﺪﺍﻳﺔ ﳒﺪ ﺷﺮﻛﺔ‬
‫ﺳﻮﻧﺎﻃﺮﺍﻙ‪ .‬ﻭﻫﺬﺍ ﻟﺘﻜﻮﻥ ﺣﺎﻓﺰ ﻟﻠﻤﺆﺳﺴﺎﺕ ﺍﻟﻮﻃﻨﻴﺔ ﺍﻷﺧﺮﻯ‪ ،‬ﻭﺑﻌﺪﻫﺎ ﻣﺒﺎﺷﺮﺓ ﺟﺎﺀﺕ ﻣﺆﺳﺴﺔ ﺭﻳﺎﺽ ‪-‬‬

‫ﴰﻌﻮﻥ ﴰﻌﻮﻥ ‪ ،‬ﻣﺮﺟﻊ ﺳﺎﺑﻖ ‪ ،‬ﺹ ‪.79‬‬ ‫)‪(1‬‬

‫ﺍﳉﺮﻳﺪﺓ ﺍﻟﺮﲰﻴﺔ ‪ ،‬ﺍﳌﺮﺳﻮﻡ ﺍﻟﺘﻨﻔﻴﺬﻱ ‪ 10/93‬ﺍﳌﺆﺭﺥ ﰲ ‪1993/03/23‬‬ ‫)‪(2‬‬

‫ﺳﻄﻴﻒ – ﺍﻟﱵ ﺍﻧﺒﺜﻘﺖ ﻣﻦ ﺇﻋﺎﺩﺓ ﺍﳍﻴﻜﻠﺔ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ‪‬ﺪﻑ ﺭﻓﻊ ﺭﺃﲰﺎﳍﺎ ﻭﻫﺬﺍ ﺑﺎﻟﻠﺠﻮﺀ ﺍﻟﻌﻠﲏ ﻟﻼﺩﺧﺎﺭ‪.‬‬
‫ﻭﺑﻌﺪﳘﺎ ﳎﻤﻊ ﺻﻴﺪﺍﻝ ﻭﻓﻨﺪﻕ ﺍﻷﻭﺭﺍﺳﻲ ﻋﻦ ﻃﺮﻳﻖ ﺍﻟﻌﺮﻭﺽ ﺍﻟﻌﻤﻮﻣﻴﺔ ﻟﺒﻴﻊ ‪ .OPV‬ﻭﺗﻌﺘﱪ ﻣﻦ ﺃﻫﻢ‬
‫ﺍﳌﺆﺳﺴﺎﺕ ﺍﻟﱵ ﺗﻄﻤﺢ ﺇﱃ ﺗﻨﺸﻴﻂ ﻫﺬﻩ ﺍﻟﺴﻮﻕ‪.‬‬

‫ﺍﻟﻔﺮﻉ ﺍﻟﺜﺎﱐ‪ :‬ﻣﺮﺍﺣﻞ ﺇﳒﺎﺯ ﺑﻮﺭﺻﺔ ﺍﳉﺰﺍﺋﺮ‪.‬‬

‫ﻣﺮﺓ ﺑﻮﺭﺻﺔ ﺍﻟﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ ﰲ ﺍﳉﺰﺍﺋﺮ ﻋﱪ ﺛﻼﺙ ﻣﺮﺍﺣﻞ ﻭﻫﻲ‪:‬‬
‫ﻣﺮﺣﻠﺔ ﺍﻻﻧﻄﻼﻕ‪.‬‬ ‫‪.1‬‬
‫ﻣﺮﺣﻠﺔ ﺍﻟﺘﻄﻮﺭ‪.‬‬ ‫‪.2‬‬
‫ﻣﺮﺣﻠﺔ ﺍﻟﻨﺸﺄﺓ‪.‬‬ ‫‪.3‬‬
‫ﻣﺮﺣﻠﺔ ﺍﻻﻧﻄﻼﻕ‪:‬‬ ‫‪.1‬‬
‫ﺑﻌﺪ ﺍﻟﺴﻤﺎﺡ ﺑﻮﺿﻊ ﺍﺳﺘﻐﻼﻝ ﺗﺪﺭﳚﻲ ﻟﺒﻮﺭﺻﺔ ﺍﻟﻘﻴﻢ ﰲ ﺍﳉﺰﺍﺋﺮ ﻛﺎﻥ ﻣﺘﻔﻖ ﻋﻠﻰ ﺇﺩﺧﺎﻝ ﺍﻷﻭﺭﺍﻕ‬
‫ﰲ ﺍﻟﻮﺍﺟﻬﺔ ﻭﺍﺣﺪﺓ ﺑﻮﺍﺣﺪﺓ ﻭﺍﻟﺬﻱ ﻳﺴﻤﺢ ﳉﻤﻴﻊ ﺍﳌﺘﺪﺧﻠﲔ ﰲ ﺍﻟﺴﻮﻕ ﺑﺘﻄﺒﻴﻖ ﺃﻭ ﺍﻟﻘﻴﺎﻡ ﲟﻬﺎﻣﻬﻢ ﺍﻟﺘﻘﺪﻳﺮﻳﺔ ﻣﻦ‬
‫ﺟﻬﺔ ﻭﺍﻟﻘﻴﺎﻡ ﺑﺎﻟﺘﺪﺭﻳﺒﺎﺕ ﺑﺴﺮﻋﺔ ﻣﻦ ﺟﻬﺔ ﺃﺧﺮﻯ‪.‬‬
‫ﻭﻣﻦ ﺟﺎﻧﺐ ﺁﺧﺮ ﻣﻦ ﺍﳌﻬﻢ ﺃﻳﻀﺎ ﰲ ﻫﺬﻩ ﺍﳌﺮﺣﻠﺔ ﻻﻧﻄﻼﻗﺔ ﻭﺳﻌﺖ ﳎﻤﻮﻋﺔ ﺇﻣﻜﺎﻧﻴﺎﺕ ﺗﻘﻨﻴﺔ‬
‫ﺳﺎﻣﻴﺔ ﻗﺎﻧﻮﻧﻴﺔ ﻭﺗﻨﻈﻴﻤﻴﺔ ﻗﺒﻞ ﺍﳌﺮﻭﺭ ﺇﱃ ﺣﺠﻢ ﻣﻌﺘﱪ ﻣﻦ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ‪.‬‬
‫ﻭﳍﺬﺍ ﺍﻋﺘﻤﺪﺕ ‪ SGBV‬ﻭﺿﻊ ﻋﻤﻠﻴﺔ ﻣﺘﻮﺍﺻﻠﺔ ﻭﺣﻴﻮﻳﺔ ﻣﻊ ﻧﻈﺮﺓ ﺃﻭﻟﻴﺔ ﻟﻠﺘﺄﻗﻠﻢ ﻭﺍﻟﺘﻄﻮﺭ ﺍﳌﺴﺘﻤﺮ‬
‫‪:‬‬
‫ﺟﻠﺴﺔ ﻭﺍﺣﺪﺓ ﻟﻠﻤﻔﺎﻭﺿﺎﺕ ﰲ ﺍﻷﺳﺒﻮﻉ‪.‬‬ ‫•‬
‫ﺗﺴﻌﲑﺓ ﺍﳌﻌﻤﻮﻝ ‪‬ﺎ ﻫﻲ ﺍﻟﺘﺴﻌﲑﺓ ﺑﺎﻟﺘﺜﺒﻴﺖ‪.‬‬ ‫•‬
‫ﺗﻄﺒﻴﻖ ﺗﺴﻌﲑﺓ ﻭﺍﺣﺪﺓ ﻋﻠﻰ ﳎﻤﻮﻉ ﺍﳌﻌﺎﻣﻼﺕ ﺍﶈﺪﺩﺓ ﻟﻜﻞ ﻭﺭﻗﺔ ﻣﺎﻟﻴﺔ‪.‬‬ ‫•‬
‫ﺍﻟﻌﻤﻞ ﻳﺪﻭﻱ ‪.‬‬ ‫•‬

‫ﺃﻭﺭﺍﻕ ﻣﺎﻟﻴﺔ ﻣﺎﺩﻳﺔ ﺍﲰﻴﺔ‪ .‬ﻣﺮﺍﻗﺒﺔ ﻣﻦ ﻃﺮﻑ ‪.SGBV‬‬ ‫•‬

‫ﺍﻟﺘﻌﻮﻳﻀﺎﺕ ﺑﲔ ﺍﻟﻮﺳﻄﺎﺀ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ ﻣﻦ ﻃﺮﻑ ‪.SGBV‬‬ ‫•‬
‫ﻭﺿﻊ ﺇﺟﺮﺍﺀﺍﺕ ﻧﺴﺒﻴﺔ ﻟﻌﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ‪.‬‬ ‫•‬
‫ﻣﺮﺣﻠﺔ ﺍﻟﺘﻄﻮﺭ‪:‬‬ ‫‪.2‬‬
‫ﻣﺮﺣﻠﺔ ﺗﻄﻮﺭ ﺳﻮﻕ ﺭﺅﻭﺱ ﺍﻷﻣﻮﺍﻝ ﰲ ﺍﳉﺰﺍﺋﺮ ﺃﻋﻄﺖ ﺣﺎﻓﺰ ﻭﺩﺍﻓﻊ ﻛﺒﲑ ﻭﺳﺮﻳﻊ ﻟﻠﻨﺸﺎﻁ ﰲ‬
‫ﺍﳉﺰﺍﺋﺮ‪ ،‬ﻭﻣﻨﻪ ﺗﻘﺮﺭ ﺗﻄﻮﻳﺮ ﻣﻬﻤﺎﺕ ﻛﻞ ﻣﺘﺪﺧﻞ ﻭﻫﺬﺍ ﻳﻮﺿﺢ ﳐﺘﻠﻒ ﻭﺳﺎﺋﻞ ﺍﻻﺗﺼﺎﻝ ﺑﲔ ﺍﳌﺴﺘﺜﻤﺮﻳﻦ ﰲ‬
‫ﺍﻟﺴﻮﻕ ﺍﳌﺎﱄ‪ .‬ﻭﺗﺘﻤﺜﻞ ﺃﻫﺪﺍﻑ ﻫﺬﻩ ﺍﳌﺮﺣﻠﺔ ﰲ ﺍﻻﻗﺘﺮﺍﺏ ﻣﻦ ﻋﻤﻖ ﺍﻟﺴﻮﻕ ﻋﻦ ﻃﺮﻳﻖ‪:‬‬
‫ﺯﻳﺎﺩﺓ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺮﺃﲰﺎﻟﻴﺔ ﻟﻠﺒﻮﺭﺻﺔ‪.‬‬ ‫•‬
‫ﲢﺴﲔ ﻣﻌﺪﻝ ﺍﻟﺪﻭﺭﺍﻥ ﻋﻦ ﻃﺮﻳﻖ ﺍﻟﺮﻓﻊ ﻣﻦ ﺣﺠﻢ ﺍﻟﻌﻤﻼﺕ ‪.‬‬ ‫•‬
‫ﺗﺮﻗﻴﺔ ﻧﻮﻋﻴﺔ ﺍﳋﺪﻣﺎﺕ ﻋﻠﻰ ﻣﺴﺘﻮﻯ ﺍﻟﺴﻮﻕ‪.‬‬ ‫•‬
‫ﺇﻥ ﺍﻟﻨﺘﺎﺋﺞ ﺍﻷﺳﺎﺳﻴﺔ ﳌﺮﺣﻠﺔ ﺍﻟﺘﻄﻮﺭ ﺗﺘﺤﻘﻖ ﺑﻨﺎﺀﺍ ﻋﻠﻰ ﺍﻷﺳﻬﻢ ﺍﻟﱵ ﺗﻜﻮﻥ ﰲ ﻣﺴﺘﻮﻯ ﻛﻞ ﳑﺜﻠﻲ‬
‫ﺍﻟﺴﻮﻕ ﻟﻠﺴﻠﻊ ﻟﻠﺴﻤﺎﺡ ﺑﺘﻄﻮﻳﺮﻫﺎ ﺍﳋﺎﺹ ﻭﻫﺬﺍ ﺑﺎﺣﺘﺮﺍﻡ ﻣﺘﻄﻠﺒﺎﺕ ﺍﻟﺘﺄﻣﲔ ﻭﺍﻟﺸﻔﺎﻓﻴﺔ‪.‬‬
‫ﻳﻮﺟﺪ ﻣﻜﺎﻥ ﻟﻮﺿﻊ ﻏﺮﻓﺔ ﺍﻟﺘﻌﻮﻳﺾ ﻭﺍﻟﻮﺿﻊ ﺍﻟﺬﻱ ﻳﺴﻤﺢ ﲞﻠﻖ ﺷﺮﻭﻁ ﻻ ﻣﺎﺩﻳﺔ ﻟﻸﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ‬
‫ﻭﺟﻌﻠﻬﺎ ﻳﻮﻣﻴﺎ ﰲ ﺍﻟﺘﺪﺍﻭﻝ‪.‬‬
‫ﻭﻋﻨﺪﻣﺎ ﺗﻜﻮﻥ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﰲ ﻣﺘﻨﺎﻭﻝ ﺣﺴﺎﺑﺎﺕ ﺍﻟﺒﺎﺋﻌﲔ ﳛﻮﻟﻮﻥ ﺑﻄﺮﻳﻘﺔ ﺃﻭﺗﻮﻣﺎﺗﻴﻜﻴﺔ ﻋﻦ‬
‫ﻃﺮﻳﻖ ﻧﻈﺎﻡ ﺁﱄ ﻟﻠﻤﺸﺘﺮﻳﻦ‪.‬‬
‫ﺃﻭﺍﻣﺮ ﺍﻟﺸﺮﺍﺀ ﻭﺍﻟﺒﻴﻊ ﺍﳋﺎﺻﺔ ﺑﺎﻟﻮﺳﻄﺎﺀ ﺗﻜﻮﻥ ﻣﻄﺒﻘﺔ ﻣﺒﺎﺷﺮﺓ ﻋﻦ ﻃﺮﻳﻘﻬﻢ ﰲ ﺻﺎﻟﺔ ﺍﳌﻘﺼﻮﺭﺓ‬
‫ﻃﻮﻝ ﺳﺎﻋﺔ ﻭﺍﺣﺪﺓ ‪ .‬ﻭ ﻧﺘﺎﺋﺞ ﺍﳌﻔﺎﻭﺿﺎﺕ ﺗﻜﻮﻥ ﻣﻮﺟﻬﺔ ﻣﺒﺎﺷﺮﺓ ﻭ ﺁﻟﻴﺎ ﺇﱃ ﻏﺮﻓﺔ ﺍﻟﺘﻌﻮﻳﺾ ﻭ ﻣﻮﺩﻉ ﻟﻠﺤﻔﻆ‬
‫ﺍﳌﺮﻛﺰﻱ‪.‬‬
‫ﻣﺮﺣﻠﺔ ﺍﻟﻨﺸﺄﺓ‪:‬‬ ‫‪.3‬‬
‫ﺇﻥ ﻧﺸﺄﺓ ﻣﻜﺎﻥ ﻣﺎﱄ ﰲ ﺍﳉﺰﺍﺋﺮ ﻋﻠﻰ ﺍﳌﺴﺘﻮﻯ ﺍﳉﻬﻮﻱ ﻭﺍﻟﺪﻭﱄ ﻛﺎﻥ ﻧﺘﻴﺠﺔ ﳊﻴﻮﻳﺔ ﻭﻣﺴﺎﳘﺔ‬
‫ﺍﻟﺪﻭﻟﺔ ﺑﻮﺿﻊ ﺍﻹﺻﻼﺣﺎﺕ ﺍﻟﺘﻘﻨﻴﺔ ﺍﳌﺎﻟﻴﺔ ﻭﺍﻻﻗﺘﺼﺎﺩﻳﺔ‪ .‬ﻫﺬﻩ ﺍﳌﺮﺣﻠﺔ ﻫﻲ ﺗﻜﻤﻴﻞ ﻟﺘﺤﻘﻴﻖ ﺍﻷﻫﺪﺍﻑ ﺍﳌﺒﺪﺋﻴﺔ‬
‫ﺍﳌﺘﻮﻗﻌﺔ ﰲ ﻣﺮﺣﻠﱵ ﺍﻻﻧﻄﻼﻕ ﻭﺍﻟﺘﻄﻮﺭ ﺍﻟﱵ ﺗﺴﻌﻰ ﻟﻀﻤﺎﻥ ﺍﻟﺸﻔﺎﻓﻴﺔ‪ ،‬ﺍﻟﺘﺄﻣﲔ‬

‫ﻭﺍﻟﻔﻌﺎﻟﻴﺔ ﻣﻬﻤﺔ ﻟﻺﺟﺎﺑﺔ ﻋﻠﻰ ﺍﻟﻌﺮﺽ ﺍﳌﻄﻠﻮﺏ ﻟﻸﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﻣﻦ ﺍﳌﺆﺳﺴﺎﺕ ﺍﳌﺨﻮﺻﺼﺔ‪ .‬ﺇﺫﺍ ﻣﺮﺣﻠﺔ ﺍﻟﻨﺸﺄﺓ‬
‫ﻫﻲ ﻇﺎﻫﺮﺓ ﺃﺻﻠﻴﺔ ﺩﺍﺧﻠﻴﺔ ﻣﺴﺠﻠﺔ ﺑـ‪:‬‬
‫ﺗﺄﻣﲔ ﻭﲪﺎﻳﺔ ﺍﳌﻌﺪﻻﺕ‪.‬‬ ‫•‬
‫ﺳﻴﻮﻟﺔ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ‪.‬‬ ‫•‬
‫ﺍﻷﺩﺍﺀ ﳉﻤﻴﻊ ﳑﺜﻠﻲ ﺍﻟﺴﻮﻕ‪.‬‬ ‫•‬
‫ﺍﻟﺘﺨﻄﻴﻂ ﻋﻠﻰ ﻣﻘﻴﺎﺱ ﺩﻭﱄ‪.‬‬ ‫•‬
 ‫ﺭﻓﻊ ﻋﺮﺽ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﰲ ﻫﻴﺌﺔ ﺃﺳﻬﻢ ﻭﺳﻨﺪﺍﺕ‪.‬‬ ‫•‬
‫ﺇﻋﺎﺩﺓ ﻫﻴﻜﻠﺔ ‪‬ﺎﺋﻴﺔ ﻟﺮﺃﲰﺎﻝ ﺍﳌﺆﺳﺴﺎﺕ ﺍﳋﺎﺻﺔ ﻭﺍﻟﻌﺎﻣﻠﺔ‪.‬‬ ‫•‬

‫ﺍﻟﻤﻄﻠﺐ ﺍﻟﺜﺎﻧﻲ‪ :‬ﺍﻟﻬﻴﺌﺎﺕ ﺍﻟﻤﻜﻮﻧﺔ ﻟﻠﺒﻮﺭﺻﺔ‬

‫ﻧﺸﺎﺓ ﺍﻟﺒﻮﺭﺻﺔ ﲟﺮﺳﻮﻡ ﺗﺸﺮﻳﻌﻲ ﺭﻗﻢ ‪ 10/93‬ﺍﳌﺆﺭﺥ ﰲ ‪ 1993/03/23‬ﻭﺍﻟﺬﻱ ﻳﻨﺺ ﻋﻠﻰ‪:‬‬
‫"ﺍﻟﻔﻘﺮﺓ ‪." 03‬‬
‫ﺗﻌﺮﻑ ﺍﳍﻴﺌﺎﺕ ﺍﳌﻜﻮﻧﺔ ﻟﻠﺒﻮﺭﺻﺔ‪:‬‬
‫ﳉﻨﺔ ﺗﻨﻈﻴﻢ ﻭﻣﺮﺍﻗﺒﺔ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ‪ :‬ﻭﻫﱯ ﲤﺜﻞ ﺳﻠﻄﺔ ﺳﻮﻕ ﺭﺅﻭﺱ ﺍﻷﻣﻮﺍﻝ ‪. COSOB‬‬
‫ﺷﺮﻛﺔ ﺇﺩﺍﺭﺓ ﺑﻮﺭﺻﺔ ﺍﻟﻘﻴﻢ ‪.SGBV‬‬
‫ﺍﻟﺘﺪﺍﻭﻝ ﻭﺍﻟﺼﻔﻘﺎﺕ ﺩﺍﺧﻞ ﺍﻟﺒﻮﺭﺻﺔ ﺗﻨﻔﺬ ﻣﻦ ﻃﺮﻑ ﺍﻟﻮﺳﻄﺎﺀ ﰲ ﻋﻤﻠﻴﺔ ﺍﻟﺒﻮﺭﺻﺔ ‪.IOB‬‬
‫ﺍﳌﺆﲤﻦ ﺍﳌﺮﻛﺰﻱ ﻟﻠﺴﻨﺪﺍﺕ‬
‫ﻫﻴﺌﺎﺕ ﺍﻟﺘﻮﻇﻴﻒ ﺍﳉﻤﺎﻋﻲ ﻟﻠﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ‬
‫ﺍﻟﻔﺮﻉ ﺍﻷﻭﻝ‪ :‬ﳉﻨﺔ ﺗﻨﻈﻴﻢ ﻭﻣﺮﺍﻗﺒﺔ ﻋﻤﻠﻴﺔ ﺍﻟﺒﻮﺭﺻﺔ ‪.1COSOB‬‬
‫ﻧﺼﺒﺖ ﺭﲰﻴﺎ ﻫﺬﻩ ﺍﻟﻠﺠﻨﺔ ﰲ ﻓﻴﻔﺮﻱ ‪ 1996‬ﺑﻌﺪ ﺗﻌﻴﲔ ﺃﻋﻀﺎﺋﻬﺎ ﰲ ‪ 1995/12/27‬ﻭﻫﺬﻩ‬
‫ﺍﻟﻠﺠﻨﺔ ﻣﻮﺿﻮﻋﺔ ﲢﺖ ﻭﺻﺎﻳﺔ ﺍﻟﻮﺯﺍﺭﺓ ﺍﳌﻜﻠﻔﺔ ﺑﺎﳌﺎﻟﻴﺔ ﺑﺎﳉﺰﺍﺋﺮ ﺣﻴﺚ ﺗﻘﻮﻡ ﰲ‬

‫ﺍﻷﺳﺎﺱ ﺑﺘﻨﻈﻴﻢ ﻭﻣﺮﺍﻗﺒﺔ ﺃﺳﻮﺍﻕ ﺍﻟﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ ﻭﺫﻟﻚ ﺑﻐﻴﺔ ﲪﺎﻳﺔ ﺍﳌﺴﺘﺜﻤﺮﻳﻦ ﻭﺍﻟﺴﻬﺮ ﻋﻠﻰ ﺍﻟﺴﲑ ﺍﳉﻴﺪ ﻭﻋﻠﻰ‬
‫ﺷﻔﺎﻓﻴﺔ ﺍﻟﺴﻮﻕ‪ ،‬ﻭﻗﺪ ﺃﻭﻛﻞ ﺍﳌﺸﺮﻉ ﳍﺬﻩ ﺍﻟﻠﺠﻨﺔ ﺍﻟﻘﻴﺎﻡ ﻋﻠﻰ ﺫﻟﻚ‪.‬‬
‫ﻭﺣﱴ ﺗﺘﻤﻜﻦ ﻣﻦ ﺍﻟﻘﻴﺎﻡ ﲟﻬﺎﻣﻬﺎ ﻓﺈﻧﻪ ﻗﺪ ﺧﻮﻝ ﳍﺬﻩ ﺍﻟﻠﺠﻨﺔ ﳑﺎﺭﺳﺔ ﳎﻤﻮﻋﺔ ﻣﻦ ﺍﻟﺴﻠﻄﺎﺕ‬
‫ﺍﻷﺳﺎﺳﻴﺔ ﻫﻲ‪:‬‬
‫ﺍﻟﺴﻠﻄﺔ ﺍﻟﺘﻨﻈﻴﻤﻴﺔ ﻭﺍﻟﻘﺎﻧﻮﻧﻴﺔ‪:‬‬ ‫‪.1‬‬
‫ﻭﺗﻌﺘﱪ ﻣﻦ ﺃﻫﻢ ﺳﻠﻄﺎﺕ ﺍﻟﻠﺠﻨﺔ ﺣﻴﺚ ﺗﻘﻮﻡ ﻋﻠﻰ ﲢﺪﻳﺪ ﺍﳉﺎﻧﺐ ﺍﻟﻘﺎﻧﻮﱐ ﻟﺘﻨﻈﻴﻢ ﻭﺳﲑ ﺳﻮﻕ ﺍﻟﻘﻴﻢ‬
‫ﺍﳌﺘﺪﺍﻭﻟﺔ ﻭﺫﻟﻚ ﺑﺈﺻﺪﺍﺭ ﺃﻧﻈﻤﺔ ﺗﺘﻌﻠﻖ ﺑﺴﲑ ﺍﳌﻌﺎﻣﻼﺕ ﻭﺍﻟﺼﻔﻘﺎﺕ ﺩﺍﺧﻞ ﺍﻟﺒﻮﺭﺻﺔ‪ ،‬ﺣﻴﺚ ﺗﻘﻨﻦ ﺍﻟﻠﺠﻨﺔ ﻟﺘﺴﻴﲑ‬
‫ﺳﻮﻕ ﺍﻟﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ ﺑﺈﻣﻼﺀ ﻗﻮﺍﻧﲔ ﻣﺘﻌﻠﻘﺔ ‪‬ﺎ‪ ،‬ﻓﺎﻟﻘﻮﺍﻧﲔ ﺍﻟﺼﺎﺩﺭﺓ ﻣﻦ ﻗﺒﻞ ﺍﻟﻠﺠﻨﺔ ﻣﻮﺍﻓﻖ ﻋﻠﻴﻬﺎ ﺑﻘﺮﺍﺭ ﻣﻦ ﻭﺯﺍﺭﺓ‬
‫ﺍﳌﺎﻟﻴﺔ ﻭﺗﻨﺸﺮ ﰲ ﺍﳉﺮﻳﺪﺓ ﺍﻟﺮﲰﻴﺔ ﻣﺮﻓﻘﺔ ﺑﻨﺺ ﺍﳌﻮﺍﻓﻘﺔ‪.‬‬
‫‪ 1‬ﳉﻨﺔ ﻣﺮﺍﻗﺒﺔ ﻭﺗﻨﻈﻴﻢ ﺃﻋﻤﺎﻝ ﺍﻟﺒﻮﺭﺻﺔ‪ ،‬ﳎﻤﻮﻉ ﺍﻟﻘﻮﺍﻧﲔ‪ ،‬ﻧﻮﻓﻤﱪ ‪.1997‬‬
‫ﺣﻴﺚ ﺃﻥ ﺍﳌﻀﺎﺭﺑﺎﺕ ﻟﻠﻮﺳﻄﺎﺀ ﲤﻮﻩ ﺍﻟﺴﻮﻕ ﻭﺗﻐﻠﻂ ﺍﳌﺴﺘﺜﻤﺮﻳﻦ‪ ،‬ﺣﻴﺚ ﺃﻱ ﻣﻌﻠﻮﻣﺎﺕ ﺧﺎﻃﺌﺔ ﺃﻭ‬
‫ﺩﻋﺎﺋﻴﺔ ﳝﻜﻦ ﻛﺬﻟﻚ ﻧﺸﺮﻫﺎ ‪‬ﺪﻑ ﺍﻟﺘﺄﺛﲑ ﻋﻠﻰ ﺍﲡﺎﻫﺎﺕ ﺍﻟﺴﻮﻕ‪.‬‬
‫ﺗﺴﻬﺮ ﺍﻟﻠﺠﻨﺔ ﻋﻠﻰ ﲡﻨﺐ ﻣﺜﻞ ﻫﺬﻩ ﺍﶈﺎﻭﻻﺕ ﺍﳌﺨﺘﻠﻔﺔ ﺍﻟﺮﺍﻣﻴﺔ ﺇﱃ ﺍﻟﺘﻼﻋﺐ ﺑﺎﻷﺳﻌﺎﺭ ﻛﺬﻟﻚ ﻣﻦ‬
‫ﺧﻼﻝ ﺍﻟﻌﻨﺎﻳﺔ ﺑﺎﻟﺴﻮﻕ ﻭﺍﳌﺮﺍﻗﺒﺔ ﺍﻟﺪﺍﺋﻤﺔ ﻷﻧﺸﻄﺔ ﺍﳌﺘﺪﺧﻠﲔ‬
‫ﺳﻠﻄﺔ ﺍﻟﺘﺤﻘﻴﻖ‪:‬‬ ‫‪.2‬‬
‫ﻳﻘﻮﻡ ﺃﻋﻀﺎﺀ ﻫﺬﻩ ﺍﻟﻠﺠﻨﺔ ﺑﺎﻹﻃﻼﻉ ﻋﻠﻰ ﲨﻴﻊ ﺍﻟﻮﻗﺎﺋﻊ ﻭﺍﻷﻋﻤﺎﻝ ﺍﻟﺘﻨﻈﻴﻤﻴﺔ ﺑﻐﻴﺔ ﺍﳌﺮﺍﻗﺒﺔ ﻭﺍﻟﻀﻤﺎﻥ‬
‫ﻟﺘﻨﻔﻴﺬ ﺍﻷﺣﻜﺎﻡ ﺍﻟﺘﺸﺮﻳﻌﻴﺔ ﻭﺫﻟﻚ ﻣﻦ ﺍﺟﻞ ﺍﻟﺘﺄﻛﺪ ﻣﻦ ﻣﺎ ﻳﻠﻲ‪:‬‬
‫ﺇﺟﺮﺍﺀﺍﺕ ﺗﻨﻈﻴﻤﻴﺔ ﻣﻦ ﻗﺒﻞ ﺍﻟﻮﺳﻄﺎﺀ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ‪.‬‬ ‫‪-‬‬
‫ﺍﻣﺘﺜﺎﻝ ﺍﻟﺸﺮﻛﺎﺕ ﺍﻟﱵ ﺗﻘﻮﻡ ﺍﳌﺼﺪﺭﺓ ﻟﻮﺍﺟﺒﺎﺕ ﺍﻹﻋﻼﻡ ﺍﻟﱵ ﲣﻀﻊ ﳍﺎ‪.‬‬ ‫‪-‬‬
‫ﺍﻟﺘﺄﻛﺪ ﻣﻦ ﺍﻟﺘﺼﺤﻴﺤﺎﺕ ﻗﺪ ﲤﺖ ﰲ ﺣﺎﻟﺔ ﻣﻼﺣﻈﺔ ﺃﻱ ﺧﻠﻞ‪.‬‬ ‫‪-‬‬
‫ﺑﺈﻣﻜﺎ‪‬ﺎ ﻓﺘﺢ ﲢﻘﻴﻖ ﻣﻌﲏ ﺃﻱ ﻣﺮﺍﺟﻌﺔ ﳊﺴﺎﺑﺎﺕ ﺍﳌﺆﺳﺴﺔ‪.‬‬ ‫‪-‬‬
‫ﲢﻘﻴﻖ ﰲ ﻣﻠﻔﺎﺕ ﺍﳌﺆﺳﺴﺔ ﺍﻟﱵ ﺗﺮﻳﺪ ﺍﻹﺩﺭﺍﺝ‪.‬‬ ‫‪-‬‬
‫ﻭﻟﻠﺠﻨﺔ ﺍﻟﺼﻼﺣﻴﺎﺕ ﻭﺍﳊﻖ ﰲ ﺍﻟﻘﻴﺎﻡ ‪‬ﺬﻩ ﺍﻟﺘﺤﻘﻴﻘﺎﺕ‪.‬‬

‫ﺍﻟﺴﻠﻄﺔ ﺍﻟﺘﺄﺩﻳﺒﻴﺔ ﻭﺍﻟﺘﺤﻜﻴﻤﻴﺔ‪:‬‬ ‫‪.3‬‬

‫ﻋﻨﺪﻣﺎ ﳛﺪﺙ ﺇﻱ ﻋﻤﻞ ﳐﺎﻟﻒ ﺍﻟﻘﺎﻧﻮﻥ ﺃﻭ ﺍﻹﺟﺮﺍﺀﺍﺕ ﺍﻟﺘﺸﺮﻳﻌﻴﺔ ﻭﺍﻟﺘﻨﻈﻴﻤﻴﺔ ﻣﻦ ﺷﺎﻧﻪ ﺇﳊﺎﻕ ﺿﺮﺭ‬
‫ﲝﻘﻮﻕ ﺍﳌﺴﺘﺜﻤﺮﻳﻦ‪ ،‬ﻓﻴﻄﻠﺐ ﻭﺿﻊ ﺣﺪ ﻟﻠﻤﺨﺎﻟﻔﺎﺕ ﻭﳍﺬﺍ ﰎ ﺇﻧﺸﺎﺀ ﻏﺮﻓﺔ ﺗﺄﺩﻳﺐ ﺗﺘﻠﻘﻰ ﺍﻟﺸﻜﺎﻭﻯ‪ ،‬ﻭﺗﻌﺎﻗﺐ‬
‫ﺍﳌﺨﺎﻟﻔﺎﺕ ﰲ ﺇﻃﺎﺭ ﺻﻼﺣﻴﺎ‪‬ﺎ ﻭﺗﺄﺳﺲ ﻛﻄﺮﻑ ﻣﺪﱐ ﺃﻣﺎ ﺍﻟﻌﺪﺍﻟﺔ‪.‬‬
‫ﻭﲤﺎﺭﺱ ﻫﺬﻩ ﺍﻟﺴﻠﺔ ﻋﻨﺪ ﺇﺧﻼﻝ ﺍﻟﻮﺳﻄﺎﺀ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ ﺑﺎﻟﻌﻤﻠﻴﺎﺕ ﺍﳌﻬﻨﻴﺔ ﻭﺍﻷﺧﻼﻗﻴﺔ‪ ،‬ﺃﻭ‬
‫ﺍﳌﺨﺎﻟﻔﺎﺕ ﻹﺟﺮﺍﺀﺍﺕ ﻗﺎﻧﻮﻧﻴﺔ ﻭﺍﻟﺘﻨﻈﻴﻤﻴﺔ‪ ،‬ﻭﲤﺎﺭﺱ ﺳﻠﻄﺔ ﲢﻜﻴﻢ ﻋﻨﺪ ﺍﻟﻠﺠﻮﺀ ﻟﻠﺠﻨﺔ ﻣﻦ ﺃﺟﻞ ﺣﻞ ﺑﺎﻟﱰﺍﻋﺎﺕ‬
‫ﺍﻟﻨﺎﺷﺌﺔ ﺑﲔ ﺍﻟﻮﺳﻄﺎﺀ ﺃﻧﻔﺴﻬﻢ ﻭﺑﲔ ﺍﻟﻮﺳﻄﺎﺀ ﻭﺍﻟﺰﺑﺎﺋﻦ ﺃﻭ ﺑﻦ ﺍﻟﻮﺳﻄﺎﺀ ﻭﺑﲔ ﻫﻴﺌﺎﺕ ﺍﳌﺮﺍﻗﺒﺔ ﺃﻭ ﺍﻹﺩﺍﺭﺓ‪ ....‬ﺍﱁ‪.‬‬
‫ﻭﺧﻼﺻﺔ ﺍﻟﻘﻮﻝ ﺃﻥ ﳍﺬﻩ ﺍﻟﻠﺠﻨﺔ ﺍﻟﺴﻠﻄﺔ ﰲ ﻋﻼﺝ ﺍﻟﱰﺍﻋﺎﺕ ﺍﻟﺘﻘﻨﻴﺔ ﺍﻟﻨﺎﲡﺔ ﻋﻦ ﺗﺄﻭﻳﻞ ﺍﻟﻘﻮﺍﻧﲔ ﺍﻟﱵ‬
‫ﺗﺪﻳﺮ ﺳﲑ ﺍﻟﺒﻮﺭﺻﺔ‪ ،‬ﺗﻌﺎﰿ ﻛﻞ ﺇﻧﻘﺎﺹ ﰲ ﺍﻟﻮﺍﺟﺒﺎﺕ ﺍﳌﻬﻨﻴﺔ ﻭﺍﻷﺧﻼﻗﻴﺔ ﻟﻮﺳﻄﺎﺀ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ ﻭﺍﳌﺘﻌﺎﻣﻠﻮﻥ‬
‫ﻣﻌﻬﻢ‪.‬‬
 ‫ﺍﻟﺸﻜﻞ ﺭﻗﻢ ‪ : 05‬ﺍﻟﻬﻴﻜﻞ ﺍﻟﺘﻨﻈﻴﻤﻲ ﻟـ‪.COSOB :‬‬

‫ﺍﻟﺮﺋﻴﺲ‬

‫ﺍﻷﻣﲔ ﺍﻟﻌﺎﻡ‬

‫ﻣﺪﻳﺮﻳﺔ اﻟﺸﺆون‬ ‫ﻣﺪﻳﺮﻳﺔ اﻹﻋﻼم‬ ‫ﻣﺪﻳﺮﻳﺔ ﺗﻄﻮﻳﺮ‬

‫اﻟﻘﺎﻧﻮﻧﻴﺔ واﻹدارﻳﺔ‬ ‫واﻟﻌﻤﻠﻴﺎت اﻟﻤﺎﻟﻴﺔ‬ ‫وﻣﺮاﻗﺒﺔ اﻟﺴﻮق‬
‫‪DAJA‬‬ ‫‪DOJPH‬‬ ‫‪DESM‬‬

‫‪Source : la bource d’Alger légale et réglementaire, 1998,‬‬

‫‪P02‬‬

‫ﺍﻟﻔﺮﻉ ﺍﻟﺜﺎﱐ‪ :‬ﺷﺮﻛﺔ ﺇﺩﺍﺭﺓ ﺑﻮﺭﺻﺔ ﺍﻟﻘﻴﻢ ‪ ،SGBV‬ﺍﻟﻮﺳﻄﺎﺀ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ‪. IOB‬‬
‫ﺷﺮﻛﺔ ﺗﺴﻴﲑ ﺑﻮﺭﺻﺔ ﺍﻟﻘﻴﻢ ‪:SGBV‬‬ ‫‪.1‬‬
‫ﻋﻤﻠﺖ ﺷﺮﻛﺔ ﺇﺩﺍﺭﺓ ﺍﻟﺒﻮﺭﺻﺔ ﺍﻟﻘﻴﻢ ﻣﻨﺬ ﺇﻧﺸﺎﺀﻫﺎ ﻋﻠﻰ ﻭﺿﻊ ﺍﻟﺘﺮﺗﻴﺒﺎﺕ ﺍﻟﻌﻤﻠﻴﺔ ﻭﺍﻟﺘﻘﻨﻴﺔ ﻟﻌﻤﻠﻴﺎﺕ‬
‫ﺍﻟﺘﺪﺍﻭﻝ ﻋﻠﻰ ﺍﻟﻮﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ‪ ،‬ﻭﻫﻲ ﺗﺸﻜﻞ ﺇﻃﺎﺭﺍ ﻋﻤﻮﻣﻴﺎ ﻭﻣﻨﻈﻤﺎ ﰲ ﺧﺪﻣﺔ ﺍﻟﻮﺳﻄﺎﺀ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ‬
‫ﺑﺎﻋﺘﺒﺎﺭﻫﻢ ﻣﻬﻨﻴﲔ ﻣﺘﺨﺼﺼﲔ ﰲ ﺑﻴﻊ ﻭﺷﺮﺍﺀ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ‪ ،‬ﻟﺘﻤﻜﻴﻨﻬﻢ ﻣﻦ ﳑﺎﺭﺳﺔ ﻣﻬﺎﻣﻬﻢ ﻃﺒﻘﺎ ﻟﻠﻘﻮﺍﻧﲔ‬
‫ﻭﺍﻟﺘﻨﻈﻴﻤﺎﺕ ﺍﳌﻌﻤﻮﻝ ‪‬ﺎ‪ ،‬ﻭﺗﺄﺧﺬ ﺷﻜﻞ ﺷﺮﻛﺔ ﻣﺴﺎﳘﺔ ﻳﺸﺘﺮﻙ ﺍﻟﻮﺳﻄﺎﺀ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ ﰲ ﺗﻜﻮﻳﻦ‬
‫ﺭﺃﲰﺎﳍﺎ ﺍﳌﻜﻮﻥ ﻣﻦ ‪ 24‬ﻣﻠﻴﻮﻥ ﺩﺝ‪.‬‬
‫ﻓﻬﻲ ﺷﺮﻛﺔ ﺫﺍﺕ ﺍﺳﻬﻢ ﻣﻜﻮﻧﺔ ﻣﻦ ﺍﻟﻮﺳﻄﺎﺀ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ ‪ ،IOB‬ﻭﻫﻲ ﲢﺖ ﻭﺻﺎﻳﺔ‬
‫ﳉﻨﺔ ﺗﻨﻈﻴﻢ ﻭﻣﺮﺍﻗﺒﺔ ﺍﻟﺒﻮﺭﺻﺔ ‪ ،COSOB‬ﻭﺗﻘﻮﻡ ﺃﺳﺎﺳﺎ ﺑﺎﻟﺘﺴﻴﲑ ﺍﻟﻌﻠﻤﻲ ﻭﺍﻟﻴﻮﻣﻲ ﺍﻟﱵ ﲡﺮﻱ ﺣﻮﻝ ﺍﻟﻘﻴﻢ‬
‫ﺍﳌﻨﻘﻮﻟﺔ ﰲ ﺍﻟﺒﻮﺭﺻﺔ ﻭﻧﺸﺮ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﳋﺎﺻﺔ ‪‬ﺎ ﻭﻋﻠﻴﻪ ﻓﺈﻥ ﺍﻟﺸﺮﻛﺔ ﺗﺴﻬﺮ ﻋﻠﻰ ﺍﺣﺘﺮﺍﻡ ﻗﻮﺍﻋﺪ ﺗﻨﻈﻴﻢ ﺍﻟﺴﻮﻕ‬
‫ﻭﺳﲑﻫﺎ ﻭﺗﱪﺯ ﺃﳘﻴﺘﻬﺎ ﰲ‪:1‬‬
‫ﺩﻋﻢ ﺍﻻﻗﺘﺼﺎﺩ ﺍﻟﻮﻃﲏ ﻭﺫﻟﻚ ﻣﻦ ﺧﻼﻝ ﻭﺿﻊ ﺇﺟﺮﺍﺀﺍﺕ ﻟﻠﺘﻔﺎﻭﺽ ﻋﻠﻰ ﺍﻟﻘﻴﻢ‪.‬‬ ‫•‬
‫ﺍﻟﻘﻴﺎﻡ ﺑﺎﻟﺘﺴﻴﲑ ﺍﻟﻔﻌﻠﻲ ﻟﻠﻤﻌﺎﻣﻼﺕ ﺍﻟﱵ ﺗﺪﻭﺭ ﺣﻮﻝ ﺍﻟﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ‪.‬‬ ‫•‬
‫ﺑﺎﻹﺿﺎﻓﺔ ﺇﱃ ﻣﻬﺎﻡ ﺃﺧﺮﻯ ﻟـ ‪ SGBV‬ﲢﺖ ﺇﺷﺮﺍﻑ ‪ COSOB‬ﻣﺘﻤﺜﻠﺔ ﰲ ﻣﺎ ﻳﻠﻲ‪:‬‬
‫ﺍﻟﺘﻨﻈﻴﻢ ﻹﺩﺭﺍﺝ ﺍﻟﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ ﰲ ﺍﻟﺒﻮﺭﺻﺔ‪.‬‬ ‫•‬
‫ﺍﻟﺘﻨﻈﻴﻢ ﺍﻟﻨﺎﺗﺞ ﳊﺼﺺ ﺍﻟﺒﻮﺭﺻﺔ ﻭﺗﻨﻈﻴﻢ ﻭﺗﺴﻴﲑ ﻧﻈﺎﻡ ﺍﻟﺘﺪﺍﻭﻝ ﻭﺍﻟﺘﺴﻌﲑﺓ‪.‬‬ ‫•‬
‫ﻧﺸﺮ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﳌﺘﻌﻠﻘﺔ ﺑﺎﻟﺼﻔﻘﺎﺕ ﰲ ﺍﻟﺒﻮﺭﺻﺔ ﻭﺃﺩﺍﺓ ﺍﻟﻨﺸﺮﺓ ﺍﻟﺮﲰﻴﺔ ﳉﺪﻭﻝ ﺍﻟﺘﺴﻌﲑﺓ‪.‬‬ ‫•‬

‫ﺍﻟﻮﺳﻄﺎﺀ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ ‪:IOB‬‬ ‫‪.2‬‬

‫ﻹﺭﺳﺎﻝ ﺃﻣﺮ ﺇﱃ ﺍﻟﺒﻮﺭﺻﺔ ﳚﺐ ﺍﺗﺼﺎﻝ ﺣﺘﻤﻴﺎ ﺑﻮﺳﻴﻂ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ ﻣﻌﺘﻤﺪ ﻣﻦ ﳉﻨﺔ‬
‫ﺍﻟﺘﻨﻈﻴﻢ ﻭ ﻣﺮﺍﻗﺒﺔ ﺍﻟﺒﻮﺭﺻﺔ ‪ COSOB‬ﺣﻴﺚ ﳚﻤﻊ ﺃﻭﺍﻣﺮ ﺍﻟﺒﻴﻊ ﻭ ﺍﻟﺸﺮﺍﺀ ﺍﳌﺘﻌﻠﻘﺔ ﺑﻮﺭﻗﺔ ﻣﺎﻟﻴﺔ ﻣﺴﺠﻠﺔ ﰲ‬
‫ﻧﻈﺎﻡ ﺍﻟﺘﺴﻌﲑﺓ ﺑﺎﻟﺒﻮﺭﺻﺔ‪.‬‬
‫ﺣﻴﺚ ﻳﺸﺘﺮﻁ ﰲ ﺍﻟﻮﺳﻴﻂ ﺃﻥ ﻳﻜﻮﻥ ﺍﻟﺸﺨﺺ ﻣﺆﻫﻞ‪ ،‬ﲣﺘﻠﻒ ﺃﻧﻮﺍﻋﻪ ﺑﺎﺧﺘﻼﻑ ﺍﳌﻬﺎﻡ ﺍﳌﺴﻨﺪﺓ ﺇﻟﻴﻪ‬
‫ﺣﻴﺚ ﻟﻪ ﺩﻭﺭﺍ ﻓﻌﺎﻝ ﰲ ﲢﺮﻳﻚ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ‪.‬‬
‫ﻓﺎﻟﻮﺳﻴﻂ ﻫﻮ ﺷﺨﺺ ﻃﺒﻴﻌﻲ ﻳﻘﻮﻡ ﺑﺎﻟﻮﺳﺎﻃﺔ ﺑﲔ ﺷﺨﺼﲔ ﻷﺟﻞ ﺃﻥ ﻳﺘﻌﺎﻗﺪﺍ ﺣﺎﺻﻼ ﻣﻘﺎﺑﻞ ﺫﻟﻚ‬
‫ﻋﻠﻰ ﻋﻤﻮﻟﺔ ﻏﺎﻟﺒﺎ ﻣﺎ ﺗﻜﻮﻥ ﻧﺴﺒﺔ ﻣﻌﻴﻨﺔ ﻣﻦ ﺍﻟﺼﻔﻘﺔ ﺍﻟﱵ ﺃﳒﺰ‪‬ﺎ‪ ،‬ﺣﻴﺚ ﻳﻨﺤﺼﺮ ﻋﻤﻠﻪ ﰲ ﺑﻴﻊ ﻭ ﺷﺮﺍﺀ ﺍﻷﻭﺭﺍﻕ‬
‫ﺍﳌﺎﻟﻴﺔ ﳌﻤﺎﺭﺳﺔ ﻧﺸﺎﻃﻪ‪.‬‬
‫ﻭ ﻟﻘﺪ ﳋﺺ ﺍﳌﺮﺳﻮﻡ ﺍﻟﺘﺸﺮﻳﻌﻲ ﺭﻗﻢ ‪ 10-93‬ﺍﳌﺆﺭﺥ ﰲ ‪ 23‬ﻣﺎﺭﺱ ‪ 1993‬ﻣﻬﺎﻣﻪ ﻓﻴﻤﺎ ﻳﻠﻲ ‪:‬‬
‫ﺗﺪﺍﻭﻝ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﰲ ﺍﻟﺒﻮﺭﺻﺔ ﻟﺼﺎﱀ ﺯﺑﺎﺋﻨﻪ‪.‬‬ ‫•‬
‫ﺍﻟﺘﺴﻴﲑ ﻋﻦ ﻃﺮﻳﻖ ﺗﻮﻛﻴﻞ ﳏﻔﻈﺔ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ‪.‬‬ ‫•‬
‫ﺍﻟﻘﻴﺎﻡ ﺑﺎﻟﺴﻌﻲ ﻹﺑﺮﺍﻡ ﺍﻟﺼﻔﻘﺎﺕ ﺍﳌﺘﻌﻠﻘﺔ ﺑﺄﺣﺪ ﺍﻟﻨﺸﺎﻃﺎﺕ ﺃﻋﻼﻩ‪.‬‬ ‫•‬
‫ﺷﺮﻭﻁ ﺍﻷﺷﺨﺎﺹ ﺍﻟﻄﺒﻴﻌﻴﲔ ﺍﻟﺮﺍﻏﺒﲔ ﰲ ﳑﺎﺭﺳﺔ ﻧﺸﺎﻁ ﺍﻟﻮﺳﺎﻃﺔ‪:2‬‬

‫‪ 1‬ﲟﻘﺘﻀﻰ ﺍﳌﺮﺳﻮﻡ ﺍﻟﺘﺸﺮﻳﻌﻲ‪ ،‬ﻟﻨﻈﺎﻡ ﳉﻨﺔ ﺗﻨﻈﻴﻢ ﻭﻣﺮﺍﻗﺒﺔ ﺍﻟﺒﻮﺭﺻﺔ‪ ،‬ﺭﻗﻢ ‪ 03-97‬ﺍﳌﺆﺭﺥ ﰲ ‪.1997/11/18‬‬
‫‪2‬‬
‫‪La bourse d’alger : cadre légale, et reglementaire, IBID, 1998, P03.‬‬
 ‫ﺍﻟﺴﻦ ‪ 25‬ﺳﻨﺔ ﻋﻨﺪ ﺗﻘﺪﱘ ﺍﻟﻄﻠﺐ ‪.‬‬ ‫•‬
‫ﺃﻥ ﻳﻜﻮﻥ ﺣﺎﺋﺰ ﻋﻠﻰ ﺷﻬﺎﺩﺓ ﻟﻴﺴﺎﻧﺲ ﰲ ﺍﻟﺘﻌﻠﻴﻢ ﺍﻟﻌﺎﱄ ﺃﻭ ﺷﻬﺎﺩﺓ ﻣﻌﺎﺩﻟﺔ ﳍﺎ‪.‬‬ ‫•‬
‫ﺗﻜﻮﻳﻦ ﰲ ﺍﻟﺘﺠﺎﺭﺓ ﻭ ﺗﺴﻴﲑ ﺍﻟﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ ‪.‬‬ ‫•‬
‫ﺃﻥ ﻳﺘﻤﺘﻊ ﺑﺎﻟﱰﺍﻫﺔ ﺍﳌﻄﻠﻮﺑﺔ ﳊﻤﺎﻳﺔ ﺍﳌﺪﺧﺮﻳﻦ‪.‬‬ ‫•‬
‫ﺗﻮﻓﺮ ﳏﻼ ﻭﺍﺿﺤﺎ ﻭ ﻣﻼﺋﻢ ﳌﻤﺎﺭﺳﺔ ﺍﻟﻨﺸﺎﻁ‪.‬‬ ‫•‬
‫ﺃﻥ ﻳﻘﻮﻡ ﺑﺈﺛﺒﺎﺕ ﻛﻔﺎﻟﺔ ﻣﻘﺪﺭﺓ ﺑـ‪500000:‬ﺩﺝ ‪.‬‬ ‫•‬
‫ﺃﻥ ﻳﻘﺪﻡ ﻃﻠﺐ ﺍﻋﺘﻤﺎﺩ ﻟﺪﻯ ‪.COSOB‬‬ ‫•‬

‫ﺷﺮﻭﻁ ﺷﺮﻛﺔ ﺍﳌﺴﺎﳘﺔ ﺍﻟﺮﺍﻏﺒﺔ ﰲ ﳑﺎﺭﺳﺔ ﻧﺸﺎﻁ ﺍﻟﻮﺳﻴﻂ)‪:(1‬‬

‫ﺇﻫﺘﻼﻙ ﺭﺃﺱ ﻣﺎﻝ ﺃﺩﱏ ﻗﺪﺭﻩ ﻣﻠﻴﻮﻥ ﺩﻳﻨﺎﺭ ﺟﺰﺍﺋﺮﻱ‪.‬‬ ‫•‬
‫ﺍﻣﺘﻼﻙ ﳏﻼﺕ ﻣﻼﺋﻤﺔ ﻟﻀﻤﺎﻥ ﺃﻣﻦ ﺍﻟﺰﺑﺎﺋﻦ‪.‬‬ ‫•‬
‫ﻣﻘﺮ ﺍﻟﺸﺮﻛﺔ ﺃﻥ ﻳﻜﻮﻥ ﺑﺎﳉﺰﺍﺋﺮ‪.‬‬ ‫•‬
‫ﺃﻥ ﻳﻜﻮﻥ ﻟﺪﻯ ﺍﻟﺸﺮﻛﺔ ﻋﻠﻰ ﺍﻷﻗﻞ ﻣﺴﺆﻭﻝ ﻣﺆﻫﻞ ‪.‬‬ ‫•‬
‫ﺇﻳﺪﺍﻉ ﻃﻠﺐ ﻋﻨﺪ ‪.COSOB‬‬ ‫•‬
‫ﺃﻧﻮﺍﻉ ﺍﻟﻮﺳﻄﺎﺀ ﺍﳌﺎﻟﻴﻮﻥ‪:‬‬
‫ﺗﻘﺴﻢ ﻋﺎﻡ ‪:1‬‬ ‫‪.1‬‬
‫ﺃ‪-‬ﺍﻟﻮﺳﻴﻂ ﰲ ﻋﻤﻠﻴﺔ ﺍﻟﺒﻮﺭﺻﺔ ﺫﻱ ﻧﺸﺎﻁ ﻏﲑ ﳏﺪﻭﺩ‪ :‬ﻭ ﻫﻮ ﻛﻞ ﻭﺳﻴﻂ ﳝﺎﺭﺱ ﺇﺿﺎﻓﺔ ﺇﱃ‬
‫ﻣﻬﻨﺔ ﺍﻟﺘﻔﺎﻭﺽ ﺍﳌﺘﻌﻠﻘﺔ ﺑﺎﻟﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ ﺍﻟﻘﺎﺑﻠﺔ ﻟﻠﺘﺪﺍﻭﻝ ﰲ ﺍﻟﺒﻮﺭﺻﺔ ﻭ ﺑﺎﳌﻨﺘﻮﺟﺎﺕ ﺍﳌﺎﻟﻴﺔ‬
‫ﺍﻷﺧﺮﻯ‪ ،‬ﺃﺣﺪ ﺍﻟﻨﺸﺎﻃﺎﺕ ﺍﻟﺘﺎﻟﻴﺔ ﺃﻭ ﺍﻟﻌﺪﻳﺪ ﻣﻨﻬﺎ‪:‬‬
‫ﻋﻤﻠﻴﺔ ﺷﺮﺍﺀ ﺃﻭ ﺑﻴﻊ ﻗﻴﻢ ﻣﻨﻘﻮﻟﺔ ﻟﺼﺎﳊﻪ ﺳﻮﺍﺀ ﺑﺼﻔﺔ ﺭﺋﻴﺴﻴﺔ ﺃﻭ ﺛﺎﻧﻮﻳﺔ‪.‬‬ ‫•‬
‫ﺗﻮﻇﻴﻒ ﺍﻟﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ ﳊﺴﺎﺏ ﺍﻟﻐﲑ‪.‬‬ ‫•‬
‫ﺗﺴﻴﲑ ﺣﺎﻓﻈﺎﺕ ﺍﻟﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ ﲟﻮﺟﺐ ﺗﻮﻛﻴﻞ‪.‬‬ ‫•‬
‫ﺍﻟﻘﻴﺎﻡ ﺑﺴﻌﻲ ﻣﺼﻔﻘﻲ ﻣﺮﺗﺒﻂ ﺑﺄﺣﺪ ﺍﻟﻨﺸﺎﻃﺎﺕ ﺍﳌﺬﻛﻮﺭﺓ ‪.‬‬ ‫•‬
‫ﻛﻞ ﻧﺸﺎﻁ ﺁﺧﺮ ﲢﺪﺩﻩ ﳉﻨﺔ ﺍﻟﺘﻨﻈﻴﻢ ﻭ ﻣﺮﺍﻗﺒﺔ ﻋﻤﻠﻴﺔ ﺍﻟﺒﻮﺭﺻﺔ‪.‬‬ ‫•‬

‫ﻣﻦ ﳏﺎﺿﺮﺍﺕ ﺍﻷﺳﺘﺎﺫ ﻓﻮﺿﻴﻠﻲ ﻋﺒﺪ ﺍﳊﻠﻴﻢ ﲣﺼﺺ ﻣﺎﻟﻴﺔ ﻭ ﺑﻨﻮﻙ ﺳﻨﺔ ‪ 2003-2002‬ﺟﺎﻣﻌﺔ ﺍﻟﺒﻠﻴﺪﺓ‬ ‫)‪(1‬‬

‫‪2‬‬
‫ﺍﳌﺎﺩﺓ ‪ ،2‬ﻣﻦ ﻧﻈﺎﻡ ﳉﻨﺔ ﺗﻨﻈﻴﻢ ﻭ ﻣﺮﺍﻗﺒﺔ ﻋﻤﻠﻴﺔ ﺍﻟﺒﻮﺭﺻﺔ ‪ ،‬ﺭﻗﻢ ‪ 03– 96‬ﺍﳌﺆﺭﺥ ﰲ ‪.1996/07/03‬‬
‫ﺏ‪-‬ﺍﻟﻮﺳﻴﻂ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ ﺫﻱ ﻧﺸﺎﻁ ﳏﺪﻭﺩ‪ :‬ﻭﻫﻮ ﻛﻞ ﻭﺳﻴﻂ ﻳﻨﻮﻱ ﲢﺪﻳﺪ ﻧﺸﺎﻃﻪ‬
‫ﻋﻠﻰ ﺍﻟﻮﺳﺎﻃﺔ ﰲ ﺍﻟﺘﻔﺎﻭﺽ ﰲ ﺍﻟﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ ﻟﻴﺲ ﳊﺴﺎﺑﻪ ﺍﳋﺎﺹ ﺑﻞ ﳊﺴﺎﺏ ﺍﻟﻐﲑ ﻓﻘﻂ‬
‫ﺩﻭﻥ ﺇﻣﻜﺎﻧﻴﺔ ﺗﻘﺪﱘ ﺧﺪﻣﺎﺕ ﰲ ﳎﺎﻝ ﺗﺴﻴﲑ ﺣﺎﻓﻈﺎﺕ ﺍﻟﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ ﺃﻭ ﰲ ﺗﻮﻇﻴﻒ ﺃﻭ‬
‫ﺍﻟﺴﻌﻲ ﺍﳌﺼﻔﻘﻲ ‪.‬‬

‫ﺗﻘﺴﻴﻢ ﺧﺎﺹ ‪:1‬‬ ‫‪.2‬‬

‫ﺍﻟﺘﺎﻟﻴﲔ‪:‬‬ ‫ﻻ ﺗﺘﻢ ﺍﻟﻌﻤﻠﻴﺎﺕ ﺍﳌﻨﺠﺰﺓ ﰲ ﺍﻟﺒﻮﺭﺻﺔ ﺇﻻ ﻋﻦ ﻃﺮﻳﻖ ﻭﺳﻄﺎﺀ ﻭ ﳕﻴﺰ ﺑﲔ ﺍﻟﻮﺳﻄﺎﺀ‬
‫‪ :Broker‬ﻫﻮ ﻭﺳﻴﻂ ﻣﻨﻔﺬ ﻟﻸﻭﺍﻣﺮ ﻣﻘﺎﺑﻞ ﻋﻤﻮﻟﺔ ﺳﻮﺍﺀ ﻛﺎﻧﺖ ﺃﻭﺍﻣﺮ ﺑﺎﻟﺒﻴﻊ ﺃﻭ ﺍﻟﺸﺮﺍﺀ‬ ‫•‬
‫ﻣﻘﺎﺑﻞ ﻋﻤﻮﻟﺔ ﺛﺎﺑﺘﺔ ﲢﺪﺩﻫﺎ ‪. COSOB‬‬
‫‪ : Dealer‬ﻭ ﻫﻮ ﻭﺳﻴﻂ ﻳﻨﻔﺬ ﺃﻭﺍﻣﺮ ﺑﺎﻟﺒﻴﻊ ﺃﻭ ﺑﺎﻟﺸﺮﺍﺀ ﻭ ﻳﺸﺘﺮﻱ ﻭﻳﺒﻴﻊ ﳊﺴﺎﺑﻪ ﺍﳋﺎﺹ‪ ،‬ﻭ‬ ‫•‬
‫ﻳﺘﻠﻘﻰ ﻛﻤﻘﺎﺑﻞ ﻓﺮﻕ ﺍﻷﺳﻌﺎﺭ ﻋﻮﺽ ﺍﻟﻌﻤﻮﻟﺔ ﻭ ﻟﻘﺪ ﺣﺪﺩﺕ ‪ COSOB‬ﻧﺴﺒﺔ ﻟﺬﻟﻚ ﺍﻟﻔﺎﺭﻕ ﺣﻴﺚ ﻻ‬
‫ﻳﺴﺘﻄﻴﻊ ﺃﻥ ﻳﺸﺘﺮﻱ ﺃﻭ ﻳﺒﻴﻊ ﺑﺴﻌﺮ ﺃﻋﻠﻰ ﺃﻭ ﺃﺩﱏ ﻣﻦ ﺳﻌﺮ ﺍﻟﺴﻮﻕ ﺣﺴﺐ ﺗﻠﻚ ﺍﻟﻨﺴﺒﺔ ﺍﶈﺪﺩﺓ ‪.‬‬
‫‪ :Jober‬ﻳﻌﻤﻞ ﳊﺴﺎﺑﻪ ﺍﳋﺎﺹ ﻓﻘﻂ‪ ،‬ﺃﻱ ﻻ ﻳﺘﻠﻘﻰ ﺣﱴ ﺃﻣﺮ ﺣﻴﺚ ﻻ ﻳﺘﻌﺎﻣﻞ ﺇﻻ ﻣﻊ‬ ‫•‬
‫‪. Broker‬‬
‫‪ : Odd Lot Dealer‬ﻓﻴﻘﻮﻡ ﺑﺸﺮﺍﺀ ﺃﺟﺰﺍﺀ ﻣﻦ ﺍﳌﺎﺋﺔ ﺃﻭ ﺃﺟﺰﺍﺀ ﻣﻦ ﺍﳊﺰﻣﺔ ‪Odd‬‬ ‫•‬
‫‪ lot‬ﻭ ﺑﻴﻊ ﺃﺿﻌﺎﻑ ﺍﳌﺎﺋﺔ ﺃﻭ ﺃﺿﻌﺎﻑ ﺍﳊﺰﻣﺔ‪ ،‬ﻭ ﺍﻟﻌﻜﺲ ﺃﻱ ﺷﺮﺍﺀ ﺃﺿﻌﺎﻑ ﺍﳊﺰﻣﺔ ﻭ ﺑﻴﻊ ﺃﺟﺰﺍﺀ ﺍﳊﺰﻣﺔ ﻣﻘﺎﺑﻞ‬
‫ﻓﺎﺭﻕ ﻟﻸﺳﻌﺎﺭ ﳏﺪﺩ ﻣﻦ ﻃﺮﻑ ‪. COSOB‬‬
‫‪ : Odd Lot broker‬ﻫﺬﺍ ﺍﻟﻮﺳﻴﻂ ﻳﺘﺪﺧﻞ ﻟﺸﺮﺍﺀ ﻭ ﺑﻴﻊ ﻛﻤﻴﺎﺕ ﻛﺴﺮﻳﺔ ﻟﺼﺎﱀ‬ ‫•‬
‫ﻭﺳﻄﺎﺀ ﺁﺧﺮﻳﻦ ﻭ ﻟﻴﺲ ﻟﻪ ﻻ ﺯﺑﺎﺋﻦ ﻭ ﻻ ﻣﻜﺎﺗﺐ ﲤﺜﻴﻞ ‪.‬‬
‫ﺍﻟﻮﺳﻄﺎﺀ ﺍﳌﻌﺘﻤﺪﻭﻥ ﰲ ﺍﳉﺰﺍﺋﺮ‪:2‬‬ ‫‪o‬‬
‫ﺍﻟﺒﻨﻮﻙ ﺍﻟﻮﻃﻨﻴﺔ‪.BDL,BEA,BADR,BNA,CPA,CNEP,CNMA:‬‬ ‫•‬
‫ﺷﺮﻛﺎﺕ ﺍﻟﺘﺄﻣﲔ ﺍﻟﻮﻃﻨﻴﺔ‪SAA,CAAT,CAAR,CCR :‬‬ ‫•‬
‫ﺑﻨﻚ ﺧﺎﺹ ‪Union Bank,:‬‬ ‫•‬
‫ﻭ ﺍﺑﺘﺪﺍﺀﺍ ﻣﻦ ‪ 1998/07/15‬ﲣﺼﺺ ﺍﻟﻮﺳﻄﺎﺀ ﰲ ﺑﻮﺭﺻﺔ ﺍﳉﺰﺍﺋﺮ ﻛﺎﻵﰐ ‪:‬‬

‫‪ 1‬ﻣﻦ ﳏﺎﺿﺮﺍﺕ ﺍﻷﺳﺘﺎﺫ ﻓﻮﺿﻴﻠﻲ ﻋﺒﺪ ﺍﳊﻠﻴﻢ ﲣﺼﺺ ﻣﺎﻟﻴﺔ ﻭ ﺑﻨﻮﻙ ﺳﻨﺔ ‪ 2003-2002‬ﺟﺎﻣﻌﺔ ﺍﻟﺒﻠﻴﺪﺓ‪.‬‬
‫‪ 2‬ﻣﻨﺸﻮﺭﺍﺕ ﺷﺮﻛﺔ ﺇﺩﺍﺭﺓ ﺑﻮﺭﺻﺔ ﺍﻟﻘﻴﻢ ‪ SGBV‬ﺳﻨﺔ ‪.2000‬‬
 ‫ﺍﻟﺠﺪﻭﻝ ﺭﻗﻢ ‪ :04‬ﺗﺨﺼﺺ ﺍﻟﻮﺳﻄﺎﺀ ﻓﻲ ﺑﻮﺭﺻﺔ ﺍﻟﺠﺰﺍﺋﺮ‬
‫ﻣﺆﺳﺴﺔ ﻣﻦ ﻃﺮﻑ‬ ‫ﺍﻟﺮﻣﺰ‬ ‫ﺍﻹﺳﻢ‬
‫‪CNMA, ERRACHED‬‬ ‫‪El‬‬ ‫ﺍﻟﺮﺍﺷﺪ ﺍﳌﺎﱄ‬
‫‪BEA,CCR‬‬ ‫‪Mali‬‬
‫ﺍﳌﺆﺳﺴﺔ ﺍﳌﺎﻟﻴﺔ ﻟﻺﺭﺷﺎﺩ ﻭ ﺍﻟﺘﻮﻇﻴﻒ‬
‫‪CPA,CNEP,CAAT‬‬ ‫‪SOGEFI‬‬
‫ﺍﳌﺆﺳﺴﺔ ﺍﳌﺎﻟﻴﺔ ﺍﻟﻌﺎﻣﺔ‬
‫‪BNA,BDL,SAA‬‬ ‫‪SOFICOP‬‬
‫‪CAAR,BADR‬‬ ‫‪SPVM‬‬ ‫ﻣﺆﺳﺴﺔ ﺗﻮﻇﻴﻒ ﺍﻟﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ‬
‫‪Union Bank Union Broker AGE‬‬ ‫ﺷﺮﻛﺔ ﺧﺎﺻﺔ‬

‫ﺍﻟﻤﺼﺪﺭ‪ :‬ﻣﻨﺸﻮﺭﺍﺕ ‪ SGBV‬ﺳﻨﺔ ‪.2000‬‬

‫)‪(1‬‬
‫ﺍﻟﻔﺮﻉ ﺍﻟﺮﺍﺑﻊ‪ :‬ﺍﳌﺆﲤﻦ ﺍﳌﺮﻛﺰﻱ ﻟﻠﺴﻨﺪﺍﺕ‬
‫‪/1‬ﺗﺴﻤﻴﺘﻪ ﻭ ﻭﺿﻌﻪ ﺍﻟﻘﺎﻧﻮﱐ‪ :‬ﰎ ﺗﺄﺳﻴﺲ ﻫﺬﻩ ﺍﳍﻴﺌﺔ ﲟﻮﺟﺐ ﺍﻟﻘﺎﻧﻮﻥ ‪ 4/03‬ﺍﳌﺆﺭﺥ ﰲ‬
‫‪ 2003/02/17‬ﻭ ﻫﻮ ﺷﺮﻛﺔ ﺫﺍﺕ ﺃﺳﻬﻢ ﲢﻤﻞ ﺗﺴﻤﻴﺘﻪ ﲡﺎﺭﻳﺔ ﺍﳉﺰﺍﺋﺮ ﻟﻠﺘﺴﻮﻳﺔ ﲣﻀﻊ ﻟﻠﻘﺎﻧﻮﻥ ﺍﻷﺳﺎﺳﻲ ﻭ‬
‫ﺗﻌﲔ ﻣﺴﲑﺗﻪ ﲟﻮﺍﻓﻘﺔ ﻭﺯﻳﺮ ﺍﳌﺎﻟﻴﺔ ﺑﻌﺪ ﺇﺳﺘﻄﻼﻉ ‪cosob‬‬
‫‪/2‬ﺍﳌﺴﺎﳘﲔ ﻓﻴﻪ‪:‬ﺍﳌﺴﺎﳘﲔ ﺍﳌﺆﺳﺴﲔ ﻫﻢ ‪ 5‬ﺑﻨﻮﻙ ﻋﻤﻮﻣﻴﺔ ﻭ ‪ 3‬ﺷﺮﻛﺎﺕ ﻣﺴﻌﺮﺓ ﰲ ﺍﻟﺒﻮﺭﺻﺔ ﻭ‬
‫ﻫﻲ ﺍﻷﻭﺭﺍﺱ ‪.‬ﺭﻳﺎﺽ ﺳﻄﻴﻒ ﻭ ﺻﻴﺪﺍﻝ ﺗﻘﺪﺭ ﺍﳌﺴﺎﳘﺔ ﺍﻟﺪﻧﻴﺎ ‪2‬ﻣﻠﻴﻮﻥ ﺩﺝ ﻭ ﺍﳌﺴﺎﳘﺔ ﰲ ﺭﺃﺱ ﻣﺎﻟﻪ ﻣﻔﺘﻮﺣﺔ‬
‫ﻟﻠﺸﺮﻛﺎﺕ ﺍﳌﺪﺭﺟﺔ ﻭ ﺍﻟﻮﺳﻄﺎﺀ ﺍﳌﺎﻟﻴﲔ ﺑﻨﻚ ﺍﳉﺰﺍﺋﺮ ﻭ ﺍﳋﺰﻳﻨﺔ ﺍﻟﻌﻤﻮﻣﻴﺔ ﺍﳌﺴﺎﳘﺎﻥ ﺑﻘﻮﺓ ﺍﻟﻘﺎﻧﻮﻥ‬
‫‪/3‬ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﺍﳌﻘﺒﻮﻟﺔ ﰲ ﻋﻤﻠﻴﺎﺗﻪ ‪:‬‬
‫‪-‬ﺳﻨﺪﺍﺕ ﺍﳋﺰﻳﻨﺔ ﺍﻟﻌﻤﻮﻣﻴﺔ‬
‫‪-‬ﺳﻨﺪﺍﺕ ﺍﻟﺪﻳﻦ ﺍﻟﻘﺎﺑﻠﺔ ﻟﻠﺘﺪﺍﻭﻝ‬
‫‪-‬ﺃﺳﻬﻢ ﻫﻴﺌﺎﺕ ﺍﳌﺼﺪﺭﺓ ﻋﻠﻰ ﺃﺳﺎﺱ ﺍﻟﻘﻮﺍﻧﲔ ﺍﻷﺟﻨﺒﻴﺔ‬

‫‪ /4‬ﻭﻇﺎﺋﻒ ﺍﳌﺆﲤﻦ ﺍﳌﺮﻛﺰﻱ ﻟﻠﺴﻨﺪﺍﺕ)‪:(1‬‬

‫)‪ (1‬ﻣﻦ ﳏﺎﺿﺮﺍﺕ ﺍﻷﺳﺘﺎﺫﺓ ﺳﻌﻴﺪﻱ ﻓﺎﻃﻤﺔ ﺍﻟﺰﻫﺮﺍﺀ ﲣﺼﺺ ﻣﺎﻟﻴﺔ ﻭ ﺑﻨﻮﻙ ﺳﻨﺔ ‪ 2007-2006‬ﺍﳌﺮﻛﺰ ﺍﳉﺎﻣﻌﻲ ﺑﺎﳌﺪﻳﺔ‪.‬‬
‫)‪ (1‬ﻣﻦ ﳏﺎﺿﺮﺍﺕ ﺍﻷﺳﺘﺎﺫﺓ ﺳﻌﻴﺪﻱ ﻓﺎﻃﻤﺔ ﺍﻟﺰﻫﺮﺍﺀ ﲣﺼﺺ ﻣﺎﻟﻴﺔ ﻭ ﺑﻨﻮﻙ ﺳﻨﺔ ‪ 2007-2006‬ﺍﳌﺮﻛﺰ ﺍﳉﺎﻣﻌﻲ ﺑﺎﳌﺪﻳﺔ‬
‫*ﻳﺪﻳﺮ ﺣﺴﺎﺑﺎﺕ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﺍﳉﺎﺭﻳﺔ ﻟﺼﺎﱀ ﻣﺎﺳﻚ ﺣﺴﺎﺑﺎﺕ ﺣﺎﻓﻆ ﺍﻟﺴﻨﺪﺍﺕ ﻭ ﺑﺬﻟﻚ ﳛﻔﻆ‬
‫ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﻭ ﻳﺴﻬﻞ ﻣﺎ ﺑﲔ ﺍﻟﻮﺳﻄﺎﺀ ﺍﳌﺎﻟﻴﲔ‬
‫*ﻳﻨﻔﺬ ﺍﻟﻌﻤﻠﻴﺎﺕ ﻋﻠﻰ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﺍﻟﱵ ﺗﻘﺮﺭﻫﺎ ﺍﻟﺸﺮﻛﺎﺕ ﺍﳌﺪﺭﺟﺔ "ﺩﻓﻊ ﺃﺭﺑﺎﺡ ﺍﻷﺳﻬﻢ‪.‬ﺩﻓﻊ‬
‫ﻓﻮﺍﺋﺪ ﺍﻟﺴﻨﺪﺍﺕ"‬
‫*ﻧﺸﺮ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﳌﺘﻌﻠﻘﺔ ﺑﺎﻟﺴﻮﻕ ﺍﳌﺎﱄ‬
‫‪ /5‬ﺇﳚﺎﺑﻴﺎﺕ ﺍﳌﺆﲤﻦ ﺍﳌﺮﻛﺰﻱ ﻟﻠﺴﻨﺪﺍﺕ ‪:‬‬
‫‪-‬ﻳﺴﻤﺢ ﲟﺴﺎﻳﺮﺓ ﺍﳌﻘﺎﻳﻴﺲ ﺍﻟﺪﻭﻟﻴﺔ ﰲ ﳎﺎﻝ ﺗﺴﻴﲑ ﺍﻟﻮﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ‬
‫‪-‬ﻳﺴﻤﺢ ﺑﺈﺯﺍﻟﺔ ﺍﻟﻄﺎﺑﻊ ﺍﳌﺎﺩﻱ ﻋﻦ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ‬
‫‪-‬ﻳﺴﻤﺢ ﳌﺼﺪﺭﻱ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﺑﺎﻥ ﻳﻘﻠﺼﻮﺍ ﺗﻜﺎﻟﻴﻒ ﺍﻟﻠﺠﻮﺀ ﺍﻟﻌﻠﲏ ﻟﻼﺩﺧﺎﺭ‬
‫‪-‬ﻳﻀﻤﻦ ﺗﺰﺍﻣﻦ ﻋﻤﻠﻴﱵ ﺍﻟﺘﺴﻮﻳﺔ ﻭ ﺍﻟﺘﺴﻠﻢ‬
‫‪-‬ﺗﺰﻳﻞ ﺧﻄﺮ ﺿﻴﺎﻉ ﺍﻟﺸﻬﺎﺩﺍﺕ ﺍﳌﺎﺩﻳﺔ ﺃﻭ ﺳﺮﻗﺘﻬﺎ‬
‫‪-‬ﻳﺴﻤﺢ ﺑﺘﻘﻠﻴﺺ ﺃﺟﺎﻝ ﺇﲤﺎﻡ ﺍﻟﺼﻔﻘﺎﺕ‬
‫‪ /6‬ﺷﺮﻛﺎﺅﻩ ‪ :‬ﻣﺎﺳﻚ ﺍﳊﺴﺎﺑﺎﺕ ﻭ ﺣﺎﻓﻆ ﺍﻟﺴﻨﺪﺍﺕ‬
‫ﳝﻜﻦ ﺍﻥ ﻳﻜﻮﻥ ﻣﺎﺳﻚ ﺍﳊﺴﺎﺏ ﻭ ﺣﺎﻓﻆ ﺍﻟﺴﻨﺪﺍﺕ ﻋﺒﺎﺭﺓ ﻋﻦ ﻣﺆﺳﺴﺎﺕ ﻣﺎﻟﻴﺔ ﻭﺳﻄﺎﺀ ﺷﺮﻛﺎﺕ‬
‫ﻣﺪﺭﺟﺔ‬
‫ﺃﻣﺎ ﺑﺎﻟﻨﺴﺒﺔ ﻟﻠﺸﺮﻭﻁ ﻻﺑﺪ ﺍﻥ ﺗﺘﻮﻓﺮ ﰲ ﻣﺎﺳﻚ ﺍﳊﺴﺎﺏ ﻭ ﺣﺎﻓﻆ ﺍﻟﺴﻨﺪﺍﺕ ﻋﺪﺓ ﺷﺮﻭﻁ ‪:‬‬
‫‪-‬ﳚﺐ ﺍﻥ ﻳﻜﻮﻥ ﻣﻌﺘﻤﺪ ﻣﻦ ﻃﺮﻑ ‪cosob‬‬
‫‪-‬ﺍﻥ ﺗﺘﻮﻓﺮ ﻟﺪﻳﻪ ﺍﻟﻮﺳﺎﺋﻞ ﻻﻣﺎﺩﻳﺔ ﻭ ﺍﻟﺒﺸﺮﻳﺔ ﺍﻟﻼﺯﻣﺔ ﻟﺬﻟﻚ‬
‫‪-‬ﺍﻥ ﳝﺘﺜﻞ ﳌﺒﺎﺩﺉ ﳏﺎﺳﺒﺔ ﺍﻻﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ‬
‫‪-‬ﺍﻥ ﻳﻜﻮﻥ ﻟﺪﻳﻪ ﺗﺮﺗﻴﺒﺎﺕ ﳊﻤﺎﻳﺔ ﺃﺭﺻﺪﺓ ﺍﻟﺰﺑﺎﺋﻦ‬
‫‪-‬ﺍﻥ ﻳﻜﻮﻥ ﻟﺪﻳﻪ ﺗﺮﺗﻴﺒﺎﺕ ﻟﻠﺮﻗﺎﺑﺔ ﺍﻟﺪﺍﺧﻠﻴﺔ‬
‫‪-‬ﺍﻥ ﻳﻨﺨﺮﻁ ﰲ ﺍﳌﺆﲤﻦ ﺍﳌﺮﻛﺰﻱ ﻟﻠﺴﻨﺪﺍﺕ‬

‫ﻭ ﻳﺘﻮﱃ ﻣﺎﺳﻚ ﺍﳊﺴﺎﺏ ﻭ ﺣﺎﻓﻆ ﺍﻟﺴﻨﺪﺍﺕ ﳎﻤﻮﻋﺔ ﻣﻦ ﺍﳋﺪﻣﺎﺕ ﳝﻜﻦ ﺗﻘﺪﳝﻬﺎ‪:‬‬

‫‪-‬ﺣﻔﻆ ﻭ ﺇﺩﺍﺭﺓ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﺍﻟﱵ ﻳﺘﻌﻬﺪ ‪‬ﺎ ﺑﺎﺳﻢ ﺃﺻﺤﺎ‪‬ﺎ‬
‫‪-‬ﺗﻨﻔﻴﺬ ﺍﻟﺘﻌﻠﻴﻤﺎﺕ ﺍﻟﱵ ﻳﺘﺴﻠﻤﻬﺎ‬
‫‪-‬ﻳﻄﺒﻖ ﺍﻟﻌﻤﻠﻴﺎﺕ ﻋﻠﻰ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ‪:‬ﺩﻓﻊ ﺍﻷﺭﺑﺎﺡ ‪.‬ﺍﻟﻔﻮﺍﺋﺪ ‪ .‬ﻭﻧﻘﻞ ﺍﳊﻘﻮﻕ‬
 ‫ﻳﻌﻠﻢ ﺃﺻﺤﺎﺏ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﻣﺎﻳﻠﻰ ‪:‬‬
‫*ﺗﻨﻔﻴﺬ ﺗﻌﻠﻴﻤﺎ‪‬ﻢ‬
‫*ﺣﺮﻛﺔ ﺣﺴﺎﺑﺎ‪‬ﻢ‬
‫*ﺍﻟﻌﻤﻠﻴﺎﺕ ﻋﻠﻰ ﺍﻟﺴﻨﺪﺍﺕ ﺍﻟﱵ ﺗﺘﻌﻠﻖ ﺑﺎﻟﺴﻨﺪﺍﺕ ﺍﻟﱵ ﲤﺎﺭﺱ ﻋﻠﻴﻬﺎ ﺃﺻﺤﺎ‪‬ﺎ ﺣﻘﻬﺎ‬
‫=ﺇﺷﻌﺎﺭ ﺑﺎﻟﻌﻤﻠﻴﺎﺕ‬

‫)‪(1‬‬
‫ﺍﻟﻔﺮﻉ ﺍﳋﺎﻣﺲ ‪:‬ﻫﻴﺌﺎﺕ ﺍﻟﺘﻮﻇﻴﻒ ﺍﳉﻤﺎﻋﻲ ﻟﻠﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ‬
‫ﻳﺪﺧﻞ ﺗﺄﺳﻴﺲ ﻫﻴﺌﺎﺕ ﺍﻟﺘﻮ ﺿﻴﻒ ﺍﳉﻤﺎﻋﻲ ﻟﻠﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ ﰲ ﺇﻃﺎﺭ ﺇﻧﺸﺎﺀ ﺍﻟﺴﻮﻕ ﺍﳌﺎﱄ ﲟﻘﺘﻀﻰ‬
‫ﺍﻟﻘﺎﻧﻮﻥ ‪ 08/96‬ﺍﳌﺆﺭﺥ ﰲ ‪10‬ﺟﺎﻧﻔﻲ ‪ 1996‬ﻭ ﺍﻟﱵ ‪‬ﺪﻑ ﺇﱃ ﺗﻜﻮﻳﻦ ﺣﺎﻓﻈﺔ ﺍﻟﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ ﻭ ﺍﳌﻨﺘﺠﺎﺕ‬
‫ﺍﳌﺎﻟﻴﺔ ﺍﻷﺧﺮﻯ ﻭ ﺗﺴﻴﲑﻫﺎ ﳊﺴﺎﺏ ﺍﻟﻐﲑ ﻭ ﻫﻲ ﻣﺆﻫﻠﺔ ﲟﺠﻤﻊ ﺍﻻﺩﺧﺎﺭ ﻣﻬﻤﺎ ﻳﻜﻦ ﻗﺮﻳﺐ ﻻﺳﺘﺜﻤﺎﺭﻩ ﰲ ﺍﻟﺴﻮﻕ‬
‫ﺍﳌﺎﻟﻴﺔ ﺳﻮﻕ ﺍﻟﻨﻘﺪﻱ ﻭ ﺳﻮﻕ ﺭﺍﺱ ﺍﳌﺎﻝ ﺣﺴﺐ ﺳﻴﺎﺳﺔ ﺍﻟﺘﻮﻇﻴﻒ ﳏﺪﺩﺓ ﻳﺘﻤﺜﻞ ﺍﳌﺪﺧﺮﻭﻥ ﰲ ﺃﻭﻟﺌﻚ ﺍﻟﺬﻳﻦ ﻻ‬
‫ﻳﺮﻏﺒﻮﻥ ﺍﺳﺘﺜﻤﺎﺭ ﺍﺩﺧﺎﺭﻫﻢ ﻣﺒﺎﺷﺮﺓ ﰲ ﺍﻟﺴﻮﻕ ﺍﳌﺎﻟﻴﺔ ﺑﺎﺧﺘﻴﺎﺭ ﻫﺬﺍ ﺍﻟﺴﻨﺪ ﻓﻴﺘﻌﻬﺪﻭﻥ ﺍﱃ ﻣﺴﲑ ﳏﺘﺮﻑ ﻳﻘﻮﻡ‬
‫ﺑﺘﻮﻇﻴﻒ ﺇﺩﺧﺎﺭﺍ‪‬ﻢ ﰲ ﺍﻟﺴﻮﻕ ﺍﳌﺎﻟﻴﺔ ﻭ ﺍﻟﱵ ﺗﺼﻨﻒ ﻋﻠﻰ ﺃﺳﺎﺳﻬﺎ ﻫﻴﺌﺎﺕ ﺍﻟﺘﻮﻇﻴﻒ ﺍﳉﻤﺎﻋﻲ ﻟﻠﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ‬
‫ﻓﺎﻟﻨﺴﺒﺔ ﻟﻠﻬﻴﺌﺎﺕ ﺗﻮﻇﻴﻒ ﺍﳉﻤﺎﻋﻲ ﻟﻠﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ ﺫﺍﺕ ﺃﺳﻬﻢ ﺗﺘﻜﻮﻥ ﺍﳊﺎﻓﻈﺔ ﻣﻦ ‪ 100/60‬ﺃﺳﻬﻢ ﻭ ﻫﻴﺌﺎﺕ‬
‫ﺍﻟﺘﻮﻇﻴﻒ ﺍﳉﻤﺎﻋﻲ ﺫﺍﺕ ﺳﻨﺪﺍﺕ ﺗﺘﻜﻮﻥ ﻣﻦ ‪ 100/60‬ﺳﻨﺪﺍﺕ ﻭ ﺍﻟﻨﻘﺪﻳﺔ ‪ 100/60‬ﻣﻦ ﺃﺩﻭﺍﺕ ﺍﻟﺴﻮﻕ‬
‫ﺍﻟﻨﻘﺪﻳﺔ‬
‫ﺃﻣﺎ ﺑﺎﻟﻨﺴﺒﺔ ﳍﻴﺌﺎﺕ ﺍﻟﺘﻮﻇﻴﻒ ﺍﳉﻤﺎﻋﻲ ﺍﳌﺘﻨﻮﻋﺔ ﻻ ﲢﺪﺩ ﺃﻱ ﻧﺴﺒﺔ ﻣﻦ ﺍﻟﺴﻨﺪﺍﺕ ﺍﶈﻤﻮﻟﺔ ﰲ ﺍﶈﻔﻈﺔ‬
‫ﺍﳌﺎﻟﻴﺔ ﻓﻬﻲ ﺗﺴﺘﻨﺪ ﺇﱃ ﻣﺒﺪﺃ ﺍﻟﺘﺴﻴﲑ ﺍﻟﻨﺸﻴﻂ ﻟﻠﻤﺤﻔﻈﺔ‬
‫ﻳﺘﻢ ﺍﻟﺘﻤﻴﻴﺰ ﺑﲔ ﻧﻮﻋﲔ ﺃﻱ ﻋﺎﺋﻠﺘﲔ ﻣﻦ ﻫﻴﺌﺎﺕ ﺍﻟﺘﻮﻇﻴﻒ ﺍﳉﻤﺎﻋﻲ ﻟﻠﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ ﻭ ﳘﺎ ‪:‬‬

‫‪/1‬ﺷﺮﻛﺔ ﺍﺳﺘﺜﻤﺎﺭ ﺫﺍﺕ ﺭﺍﺱ ﻣﺎﻝ ﻣﺘﻐﲑ‬

‫‪/2‬ﻭﺍﻟﺼﻨﺪﻭﻕ ﺍﳌﺸﺘﺮﻙ ﻟﻠﺘﻮﻇﻴﻒ‬
‫ﻣﺰﺍﻳﺎ ﺍﻟﺘﻮﻇﻴﻒ ﰲ ﻫﻴﺌﺎﺕ ﺍﻟﺘﻮﻇﻴﻒ ﺍﳉﻤﺎﻋﻲ ﻟﻠﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ ‪:‬‬
‫ﻫﻨﺎﻙ ﳎﻤﻮﻋﺔ ﻣﻦ ﺍﳌﺰﺍﻳﺎ ﺗﻘﺪﻣﻬﺎ ﻫﻴﺌﺎﺕ ﺍﻟﺘﻮﻇﻴﻒ ﺍﳉﻤﺎﻋﻲ ﻟﻠﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ ﻭ ﻫﻲ ‪:‬‬
‫‪-1‬ﺇﻣﻜﺎﻧﻴﺔ ﺍﻟﺸﺮﺍﺀ ﻭ ﺍﻟﺒﻴﻊ ﰲ ﺃﻱ ﺍﻟﻮﻗﺖ‬

‫)‪ (1‬ﻣﻦ ﳏﺎﺿﺮﺍﺕ ﺍﻷﺳﺘﺎﺫﺓ ﺳﻌﻴﺪﻱ ﻓﺎﻃﻤﺔ ﺍﻟﺰﻫﺮﺍﺀ ﲣﺼﺺ ﻣﺎﻟﻴﺔ ﻭ ﺑﻨﻮﻙ ﺳﻨﺔ ‪ 2007-2006‬ﺍﳌﺮﻛﺰ ﺍﳉﺎﻣﻌﻲ ﺑﺎﳌﺪﻳﺔ‬
‫‪-2‬ﺍﳊﺼﻮﻝ ﻣﻦ ﺧﻼﻝ ﺍﳊﺎﻓﻈﺔ ﻋﻠﻰ ﺃﻧﻮﺍﻉ ﳐﺘﻠﻔﺔ ﻣﻦ ﺍﻟﺴﻨﺪﺍﺕ >ﲨﻴﻊ ﺃﻭﺭﺍﻕ ﺍﳌﺘﺪﺍﻭﻟﺔ ﰲ‬
‫ﺍﻟﺴﻮﻕ ﺍﳌﺎﻟﻴﺔ ﻭ ﻏﲑ ﺍﳌﺎﻟﻴﺔ<‬
‫‪-3‬ﺗﺴﻴﲑ ﺗﻘﻮﻡ ﺑﻪ ﳏﺘﺮﻓﻮﻥ‬
‫‪-4‬ﺇﻃﺎﺭ ﻗﺎﻧﻮﱐ ﻭ ﺗﻨﻈﻴﻤﻲ ﻣﺄﻣﻮﻥ ﻓﻴﻤﺎ ﳜﺺ ﺍﳌﻜﺘﺘﺒﲔ‬
‫ﺗﺄﺳﻴﺲ ﻫﻴﺌﺎﺕ ﺍﻟﺘﻮﻇﻴﻒ ﺍﳉﻤﺎﻋﻲ ﻟﻠﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ‬
‫ﻳﺘﻄﻠﺐ ﺗﺄﺳﻴﺲ ﻫﻴﺌﺎﺕ ﺍﻟﺘﻮﻇﻴﻒ ﺍﳉﻤﺎﻋﻲ ﻟﻠﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ ﰲ ﺍﻟﺒﺪﺍﻳﺔ ﺇﻳﺪﺍﻉ ﻣﻠﻒ ﺍﻋﺘﻤﺎﺩ ﻟﺪﻯ‬
‫‪ cosob‬ﻭ ﻳﺘﻀﻤﻦ ﻣﺎ ﻳﻠﻲ ‪:‬‬
‫‪-‬ﻣﺸﺮﻭﻉ ﺍﻟﻘﺎﻧﻮﻥ ﺍﻷﺳﺎﺳﻲ ﻓﻴﻤﺎ ﳜﺺ ﺷﺮﻛﺔ ﺍﺳﺘﺜﻤﺎﺭ ﺫﺍﺕ ﺭﺃﺱ ﻣﺎﻝ ﻣﺘﻐﲑ ﻭ ﻣﺸﺮﻭﻉ ﻧﻈﺎﻡ‬
‫ﻓﺒﻤﺎ ﳜﺺ ﺍﻟﺼﻨﺪﻭﻕ ﺍﳌﺸﺘﺮﻙ ﻟﻠﺘﻮﻇﻴﻒ‬
‫‪-‬ﺍﻟﺒﺎﻳﺎﻧﺎﺕ ﺍﳌﺘﻌﻠﻘﺔ ﲟﺴﲑﻱ ﻫﻴﺌﺎﺕ ﺍﻟﺘﻮﻇﻴﻒ ﺍﳉﻤﺎﻋﻲ ﻟﻠﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ‬
‫‪-‬ﺗﻨﻈﻴﻢ ﻫﻴﺌﺎﺕ ﺍﻟﺘﻮﻇﻴﻒ ﺍﳉﻤﺎﻋﻲ ﻟﻠﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ ﻭ ﺍﻟﻮﺳﺎﺋﻞ ﺍﳌﺨﻮﻟﺔ ﳍﺎ‬
‫‪-‬ﲢﺪﻳﺪ ﺭﺍﺱ ﺍﳌﺎﻝ ﺑﺎﻟﻨﺴﺒﺔ ﻟﻠﺸﺮﻛﺔ ﺍﻹﺳﺘﺜﻤﺎﺭ ﺍﳌﺘﻐﲑ ﺏ ‪5‬ﻣﻠﻴﻮﻥ ﺩﺝ ﻭ ﺭﺃﺱ ﻣﺎﻝ ﺍﻟﺼﻨﺪﻭﻕ‬
‫ﺍﳌﺸﺘﺮﻙ ﻟﻠﺘﻮﻇﻴﻒ‬
‫ﺏ‪1:‬ﻣﻠﻴﻮﻥ ﺩﺝ‬
‫*ﺗﺴﻴﲑ ﻫﻴﺌﺎﺕ ﺍﻟﺘﻮﻇﻴﻒ ﺍﳉﻤﺎﻋﻲ ﻟﻠﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ‪:‬‬
‫ﻳﺘﺠﺴﺪ ﺩﺧﻮﻝ ﻫﻴﺌﺎﺕ ﺍﻟﺘﻮﻇﻴﻒ ﺍﳉﻤﺎﻋﻲ ﻟﻠﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ ﻃﻮﺭ ﺍﻟﻨﺸﺎﻁ ﻣﻦ ﺧﻼﻝ ﺇﺻﺪﺍﺭ ﺃﺳﻬﻤﺎ ﻭ‬
‫ﺣﺼﺼﻬﺎ ﻭ ﺗﺴﻮﻳﻘﻬﺎ ﻟﺪﻯ ﺍﳉﻤﻬﻮﺭ ﺍﳌﺴﺘﺜﻤﺮ ﻏﲑ ﺃﻥ ﻫﺬﻩ ﺍﳌﺮﺣﻠﺔ ﺗﻜﻮﻥ ﻣﺴﺒﻮﻗﺔ ﻧﺸﺮ ﻭﺛﻴﻘﺔ ﺇﻋﻼﻣﻴﺔ ﺗﺴﻤﻰ‬
‫ﺍﻟﻨﺸﺮﺓ ﺍﻹﻋﻼﻣﻴﺔ‬
‫ﺗﺆﺷﺮ ﻋﻠﻴﻬﺎ ﻗﺎﻧﻮﻧﺎ ‪ cosob‬ﻭﺗﺘﻤﺜﻞ ﺍﳌﻌﻠﻮﻣﺎﺕ ﻓﻴﻤﺎ ﻳﻠﻲ ‪:‬‬

‫‪-1‬ﺗﻘﺪﱘ ﻫﻴﺌﺎﺕ ﺍﻟﺘﻮﻇﻴﻒ ﺍﳉﻤﺎﻋﻲ ﻟﻠﻘﲔ ﳌﻨﻘﻮﻟﺔ‬

‫‪-2‬ﺳﻴﺎﺳﺔ ﺍﻟﺘﻮﻇﻴﻒ‬
‫‪-3‬ﻣﻠﻮﻣﺎﺕ ﲣﺺ ﺍﳌﺆﺳﺴﺘﲔ ﻭ ﺍﳌﺴﲑﻳﻦ‬
‫‪-4‬ﺳﲑ ﻫﻴﺌﺎﺕ ﺍﻟﺘﻮﻇﻴﻒ ﺍﳉﻤﺎﻋﻲ ﻟﻠﻘﲔ ﺍﳌﻨﻘﻮﻟﺔ‬
‫‪-5‬ﻛﻴﻔﻴﺎﺕ ﺍﻻﻛﺘﺘﺎﺏ ﻭ ﺍﻟﺸﺮﺍﺀ‬
‫‪-6‬ﻧﻔﻘﺎﺕ ﺍﻟﻌﻤﻮﻻﺕ ﻭ ﺍﻟﺘﺴﻴﲑ‬
‫‪-7‬ﺍﳌﺆﺳﺴﺎﺕ ﺍﳌﻌﻨﻴﺔ ﻻﺳﺘﻼﻡ ﺍﻹﻛﺘﺘﺎﺏ ﻭ ﺇﻋﺎﺩﺓ ﺍﻟﺸﺮﺍﺀ‬
‫ﺗﻮﺿﺢ ﻫﺬﻩ ﺍﻟﻮﺛﻴﻘﺔ ﺍﻟﱵ ﺗﺸﻜﻞ ﺑﻄﺎﻗﺔ ﺗﻌﺮﻳﻒ ﺣﻘﻴﻘﻴﺔ ﳍﻴﺌﺎﺕ ﺕ ﺝ ﻕ ﻡ ﲢﺖ ﺗﺼﺮﻑ ﺍﳉﻤﻬﻮﺭ‬
‫ﻋﻠﻰ ﻣﺴﺘﻮﻯ ﺍﳌﺆﺳﺴﺎﺕ ﺍﳌﺎﻟﻴﺔ ﺍﳌﻌﻨﻴﺔ‬
‫ﺗﺘﻮﱃ ﻣﺮﺍﻗﺒﺔ ﻫﻴﺌﺎﺕ ﺗﻮﻇﻴﻒ ﺍﳉﻤﺎﻋﻲ ﻟﻠﻘﻴﻢ ﳌﻨﻘﻮﻟﺔ ﺍﳌﺆﺳﺴﺔ ﺍﻟﱵ ﺗﺮﺍﻗﺐ ﻗﺎﻧﻮﻧﻴﺎ ﺃﻋﻤﺎﻝ ﺍﻟﺘﺴﻴﲑ‬ ‫•‬
‫ﻭ ﳘﺎ ‪:‬‬
‫‪-‬ﳏﺎﻓﻆ ﺍﳊﺴﺎﺑﺎﺕ ﺍﳌﻜﻠﻒ ﺑﺎﻟﺘﺼﺪﻳﻖ ﻋﻠﻰ ﺍﻟﻜﺸﻮﻑ ﺍﳌﻠﻴﺔ‬
‫‪-‬ﳉﻨﺔ ﺗﻨﻈﻴﻢ ﻭ ﻣﺮﺍﻗﺒﺔ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ‬
‫‪-‬ﺃﻣﺎ ﰲ ﺍﺠﻤﻟﺎﻝ ﺍﳉﺒﺎﺋﻲ ﻳﻌﻔﻰ ﺍﻷﺩﺍﺀ ﻣﻦ ﺍﻟﻀﺮﻳﺒﺔ ﳌﺪﺓ ‪ 5‬ﺳﻨﻮﺍﺕ‬

‫ﺍﻟﻤﻄﻠﺐ ﺍﻟﺜﺎﻟﺚ‪ :‬ﺍﻹﺩﺭﺍﺝ ﻓﻲ ﺑﻮﺭﺻﺔ ﺍﻟﺠﺰﺍﺋﺮ ﻭ ﺗﺪﺍﻭﻝ ﺍﻷﻭﺭﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ ﻓﻴﻬﺎ‪.‬‬

‫ﺍﻟﻔﺮﻉ ﺍﻷﻭﻝ‪ :‬ﺍﻹﺩﺭﺍﺝ‪.‬‬

‫ﻗﺒﻞ ﺃﻥ ﻳﻘﺮﺭ ﻣﺴﲑﻭ ﺍﳌﺆﺳﺴﺔ ﺇﺩﺧﺎﻝ ﺃﻭ ﻋﺪﻡ ﺇﺩﺧﺎﻝ ﻗﻴﻤﻬﻢ ﰲ ﺍﻟﺒﻮﺭﺻﺔ ﻳﺘﻮﺟﺐ ﻋﻠﻴﻬﻢ ﺃﻥ‬
‫ﻳﻘﻮﻣﻮﺍ ﺑﻮﺯﻥ ﳏﺎﺳﻦ ﻭ ﻣﺴﺎﻭﺉ ﻫﺬﺍ ﺍﻟﻘﺮﺍﺭ‪ ،‬ﻭ ﰲ ﺍﳊﺎﻟﺔ ﺍﻟﻘﺮﺍﺭ ﺑﺎﻟﻘﺒﻮﻝ ﳚﺐ ﺃﻥ ﻳﺘﻢ ﰲ ﺃﺣﺴﻦ ﺍﻟﻈﺮﻭﻑ ‪‬ﺬﺍ‬
‫ﺍﻟﺼﺪﺩ ﻓﺈﻥ ﻫﺆﻻﺀ ﺍﳌﺴﲑﻳﻦ ﻳﻮﺍﺟﻬﻮﻥ ﻧﻮﻋﲔ ﻣﻦ ﺍﻟﻘﺮﻭﺽ‪.‬‬
‫ﻗﻴﺪ ﻣﺎﺩﻱ‪ :‬ﻛﺘﺸﻜﻴﻞ ﻣﻠﻒ ﻭﺍﺧﺘﻴﺎﺭ ﻭﺳﻴﻂ ﻟﻌﻤﻠﻴﺔ ﺍﻟﺒﻮﺭﺻﺔ‪.‬‬ ‫‪.1‬‬
‫)‪(1‬‬
‫‪.2‬ﻗﻴﺪ ﺍﺳﺘﺮﺍﺗﻴﺠﻲ‪ :‬ﺍﻟﺬﻱ ﻳﺘﻤﺜﻞ ﰲ ﻗﻴﺎﺱ ﻧﺘﺎﺋﺞ ﻣﺜﻞ ﻫﺬﺍ ﺍﻟﻘﺮﺍﺭ ﻋﻠﻰ ﺣﻴﺎﺓ ﺍﳌﺆﺳﺴﺔ‬

‫ﺇﺟﺮﺍﺀﺍﺕ ﺍﻹﺩﺭﺍﺝ ‪:1‬‬

‫ﻣﻠﻒ ﺍﻹﺩﺭﺍﺝ‪:‬‬ ‫‪.1‬‬
‫ﺇﻥ ﺍﳌﺆﺳﺴﺔ ﺍﻟﱵ ﺗﺮﻏﺐ ﺃﻥ ﻳﺘﻢ ﻗﺒﻮﳍﺎ ﰲ ﺍﻟﺒﻮﺭﺻﺔ ﳚﺐ ﺃﻥ ﺗﻘﺪﻡ ﻟـ‪ COSOB:‬ﻣﻠﻒ‬
‫ﻣﻌﻠﻮﻣﺎﺕ ﻳﺘﻀﻤﻦ ﺃﺭﺑﻊ ﺃﺟﻨﺤﺔ ‪:‬‬
‫ﺍﳉﻨﺎﺡ ﺍﻷﻭﻝ ‪ :‬ﻭﺛﺎﺋﻖ ﻋﺎﻣﺔ ﺣﻮﻝ ﺍﳌﺆﺳﺴﺔ ‪.‬‬ ‫ﺃ‪-‬‬
‫ﺍﳉﻨﺎﺡ ﺍﻟﺜﺎﱐ‪ :‬ﻭﺛﺎﺋﻖ ﻣﺘﻌﻠﻘﺔ ﺑﺮﺃﲰﺎﻝ ﺍﳌﺆﺳﺴﺔ ‪.‬‬ ‫ﺏ‪-‬‬
‫ﺍﳉﻨﺎﺡ ﺍﻟﺜﺎﻟﺚ‪ :‬ﻭﺛﺎﺋﻖ ﺍﻗﺘﺼﺎﺩﻳﺔ ﻭ ﻣﺎﻟﻴﺔ ‪.‬‬ ‫ﺕ‪-‬‬
‫ﺍﳉﻨﺎﺡ ﺍﻟﺮﺍﺑﻊ‪ :‬ﻭﺛﺎﺋﻖ ﻗﺎﻧﻮﻧﻴﺔ ‪.‬‬ ‫ﺙ‪-‬‬

‫)‪ (1‬ﴰﻌﻮﻥ ﴰﻌﻮﻥ ‪ ،‬ﻣﺮﺟﻊ ﺳﺎﺑﻖ ‪ ،‬ﺹ‪87‬‬

‫‪1‬‬
‫‪Guide de l’admission par la COSOB, 1998, P20.‬‬
 ‫ﺍﳉﻨﺎﺡ ﺍﻷﻭﻝ ‪ :‬ﻭﺛﺎﺋﻖ ﻋﺎﻣﺔ ﺣﻮﻝ ﺍﳌﺆﺳﺴﺔ‪.‬‬
‫ﺃ‪ -‬ﺭﺳﺎﻟﺔ ﺗﻄﻠﺐ ﻣﻦ ﺧﻼﳍﺎ ﺍﳌﺆﺳﺴﺔ ﻗﺒﻮﻝ ﺃﺳﻬﻤﻬﺎ ﻭ ﺳﻨﺪﺍ‪‬ﺎ ﻟﻠﺘﺪﺍﻭﻝ ﰲ ﺍﻟﺒﻮﺭﺻﺔ ﻭ‬
‫ﺗﺘﻀﻤﻦ‪:‬‬
‫ﺍﻹﺳﻢ ﻭ ﺍﻟﻨﻈﺎﻡ ﺍﻟﺪﺍﺧﻠﻲ ﺍﻟﻘﻀﺎﺋﻲ ﻟﻠﻤﺆﺳﺴﺔ ﺍﻟﱵ ﺗﻄﻠﺐ ﺍﻹﺩﺭﺍﺝ‪.‬‬ ‫ﺝ‪-‬‬
‫ﺗﺎﺭﻳﺦ ﺍﻟﺘﺴﺠﻴﻞ ﰲ ﺍﻟﺴﺠﻞ ﺍﻟﺘﺠﺎﺭﻱ ﻭ ﺭﻗﻢ ﺍﻹﺛﺒﺎﺕ ﺍﳉﺒﺎﺋﻲ‪.‬‬ ‫ﺡ‪-‬‬
‫ﺗﺎﺭﻳﺦ ﻃﻠﺐ ﻗﻴﻢ ﺍﳌﺆﺳﺴﺔ ﰲ ﺍﻟﺒﻮﺭﺻﺔ‪.‬‬ ‫ﺥ‪-‬‬
‫ﻃﻠﺐ ﺭﲰﻲ ﳛﺪﺩ ﻣﺒﻠﻎ‪ ،‬ﻋﺪﺩ‪ ،‬ﺻﻨﻒ‪ ،‬ﻭ ﻣﺼﺪﺭ ﺍﻷﺳﻬﻢ ﺃﻭ ﺍﻟﺴﻨﺪﺍﺕ ﺍﻟﱵ ﺗﻮﺩ‬ ‫ﺩ‪-‬‬
‫ﺍﳌﺆﺳﺴﺔ ﺗﺴﺠﻴﻠﻬﺎ ﰲ ﻻﺋﺤﺔ ﺍﻷﺳﻌﺎﺭ‪.‬‬
‫ﻭﺻﻒ ﻋﺎﻡ ﻷﻧﺸﻄﺔ ﺍﳌﺆﺳﺴﺔ ﻭ ﻓﺮﻭﻋﻬﺎ ‪.‬‬ ‫‪-‬‬
‫ﻗﺎﺋﻤﺔ ﺃﻋﻀﺎﺀ ﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ ﻭ ﳎﻠﺲ ﺍﳌﺮﺍﻗﺒﺔ‪ ،‬ﺑﺎﻹﻇﺎﻓﺔ ﺇﱃ ﺃﻫﻢ ﻣﺴﲑﻱ ﺍﳌﺆﺳﺴﺔ‪.‬‬ ‫‪-‬‬
‫ﳚﺐ ﺃﻥ ﺗﻜﺸﻒ ﺍﳌﺆﺳﺴﺔ ﻋﻠﻰ ﻛﻞ ﻧﺰﺍﻉ ﻗﻴﺪ ﺍﶈﺎﻛﻤﺔ‪.‬‬ ‫‪-‬‬
‫ﻗﺎﺋﻤﺔ ﺍﳌﺆﺳﺴﺎﺕ ﺍﳌﻜﻠﻔﺔ ﺑﺎﳋﺪﻣﺎﺕ ﺍﳌﺎﻟﻴﺔ ﻟﻠﻤﺆﺳﺴﺔ ‪.‬‬ ‫‪-‬‬
‫ﻧﺴﺨﺔ ﻋﻦ ﺍﻟﻨﺸﺮ ﰲ ﺍﻟﻨﺸﺮﺓ ﺍﻟﺮﲰﻴﺔ ﰲ ﺍﻹﻋﻼﻧﺎﺕ ﺍﻟﻘﺎﻧﻮﻧﻴﺔ ﻟﻠﺒﻴﺎﻥ‪.‬‬ ‫‪-‬‬
‫ﻣﺸﺮﻭﻉ ﺍﻟﺒﻴﺎﻥ ﺍﻹﻋﻼﻣﻲ ﺍﳋﺎﺿﻊ ﻟـ‪.COSOB:‬‬ ‫‪-‬‬

‫ﺍﳉﻨﺎﺡ ﺍﻟﺜﺎﱐ‪ :‬ﺍﻟﻮﺛﺎﺋﻖ ﺍﳌﺘﻌﻠﻘﺔ ﺑﺮﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ‪.‬‬

‫ﺍﻟﻌﺪﺩ ﺍﻟﻜﻠﻲ ﻟﻠﺴﻨﺪﺍﺕ ﺍﳌﺼﺪﺭﺓ‪ ،‬ﻭ ﺍﳌﺒﻠﻎ ﺍﻟﻜﻠﻲ ﻟﻺﺻﺪﺍﺭ ﻭ ﺗﺎﺭﳜﻪ ﺑﺎﻹﺿﺎﻓﺔ ﺇﱃ‬ ‫ﺃ‪-‬‬
‫ﺍﳌﺒﻠﻎ ﺍﻟﺼﺎﰲ‪.‬‬
‫ﺍﻷﻧﺸﻄﺔ ﺍﻟﱵ ﰎ ﲤﻮﻳﻠﻬﺎ ﻣﻦ ﺍﳌﺒﻠﻎ ﺍﳌﺘﺤﺼﻞ ﻋﻠﻴﻪ ﻣﻦ ﺍﻹﺻﺪﺍﺭ ﻭ ﺍﳌﺒﻠﻎ ﺑﺎﻟﺘﺪﻗﻴﻖ ‪.‬‬ ‫ﺏ‪-‬‬
‫ﻋﺪﺩ ﺍﳌﺴﺎﳘﲔ ﰲ ﺻﻨﻒ ﺍﻷﺳﻬﻢ ﻭ ﺇﺳﻢ ﺍﳌﺴﺎﳘﲔ ﺍﳌﻬﻤﲔ ﺍﻟﺬﻳﻦ ﳝﺘﻠﻜﻮﻥ ﺃﻛﺜﺮ‬ ‫ﺕ‪-‬‬
‫ﻣﻦ ‪ %5‬ﻣﻦ ﺭﺃﺱ ﺍﳌﺎﻝ ﺍﻻﺟﺘﻤﺎﻋﻲ ﻭ ﺍﻟﻌﺪﺩ ﺑﺎﻟﺘﺮﺗﻴﺐ ﻟﻸﺳﻬﻢ ﺍﻟﱵ‬
‫ﳝﺘﻠﻜﻮ‪‬ﺎ‪.‬‬
‫ﺷﻬﺎﺩﺓ ﺗﻮﺯﻳﻊ ﻗﺎﻧﻮﻧﻴﺔ ﻭ ﻣﺼﺎﺩﻗﺔ ﻣﻦ ﻃﺮﻑ ﺃﺣﺪ ﻣﺴﲑﻱ ﺍﳌﺆﺳﺴﺔ ‪.‬‬ ‫ﺙ‪-‬‬
‫ﺍﳉﻨﺎﺡ ﺍﻟﺜﺎﻟﺚ‪ :‬ﺍﻟﻮﺛﺎﺋﻖ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﻭ ﺍﳌﺎﻟﻴﺔ ‪.‬‬
‫ﺗﻌﻠﻴﻤﺔ ﺣﻮﻝ ﻧﺸﺎﻃﺎ‪‬ﺎ ﺍﻟﺼﻨﺎﻋﻴﺔ ﻭ ﺍﻟﺘﺠﺎﺭﻳﺔ ‪.‬‬ ‫ﺃ‪-‬‬
‫ﺍﻟﻮﺿﻌﻴﺔ ﺍﳌﺎﻟﻴﺔ ﻟﻠﻤﺆﺳﺴﺔ ﻣﺮﻓﻮﻗﺔ ﺑﺎﳌﻴﺰﺍﻧﻴﺔ ﻟﻠﺨﻤﺲ ﺳﻨﻮﺍﺕ ﺍﻟﺴﺎﺑﻘﺔ‬ ‫ﺏ‪-‬‬
‫ﻟﻠﻄﻠﺐ‪.‬‬
‫ﻧﺴﺨﺘﲔ ﻣﻦ ﺣﺴﺎﺏ ﺍﻟﻨﺘﺎﺋﺞ‪.‬‬ ‫ﺕ‪-‬‬
‫ﺟﺪﻭﻝ ﺗﻮﺯﻳﻊ ﺍﻷﺭﺑﺎﺡ ﻭ ﺗﻘﺮﻳﺮ ﲢﻠﻴﻠﻲ ﻳﻮﺿﺢ ﺍﻷﺭﺑﺎﺡ ﻭ ﺍﳋﺴﺎﺋﺮ‪.‬‬ ‫ﺙ‪-‬‬
‫ﺍﳉﻨﺎﺡ ﺍﻟﺮﺍﺑﻊ‪ :‬ﺍﻟﻮﺛﺎﺋﻖ ﺍﻟﻘﺎﻧﻮﻧﻴﺔ ‪.‬‬
‫ﲬﺲ ﻧﺴﺦ ﻣﻦ ﺍﻟﻘﻮﺍﻧﲔ ﺍﻷﺳﺎﺳﻴﺔ ﺍﳌﻮﺿﺤﺔ ﻵﺧﺮ ﻭﺿﻌﻴﺔ ﳍﺎ‪.‬‬ ‫ﺃ‪-‬‬
‫ﲬﺲ ﻋﻴﻨﺎﺕ ﻣﻦ ﺍﻟﺸﻬﺎﺩﺍﺕ ﻟﻜﻞ ﺻﻨﻒ ﻣﻦ ﺍﻟﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ ‪.‬‬ ‫ﺏ‪-‬‬
‫ﲬﺲ ﻧﺴﺦ ﺗﺸﻬﺪ ﺃﻥ ﺍﳌﺆﺳﺴﺔ ﻗﺪ ﺳﺪﺩﺕ ﺍﻟﻀﺮﺍﺋﺐ ﺍﳌﺴﺘﺤﻘﺔ‪.‬‬ ‫ﺕ‪-‬‬
‫ﻭﺛﻴﻘﺔ ﻟﻜﻞ ﺍﻟﻌﻘﻮﺩ ﺍﳍﺎﻣﺔ ﻭ ﺍﻟﱵ ﺗﻜﻮﻥ ﺍﳌﺆﺳﺴﺔ ﻃﺮﻓﺎ ﻓﻴﻬﺎ‪.‬‬ ‫ﺙ‪-‬‬
‫ﻛﻤﺎ ﺗﺘﺄﻛﺪ ﺃﻳﻀﺎ ‪ COSOB‬ﻣﻦ ﻗﺎﻧﻮﻧﻴﺔ ﺍﻟﺸﺮﻭﻁ ﻭ ﻗﺎﺑﻠﻴﺔ ﺍﻟﺘﻔﺎﻭﺽ ﻋﻠﻰ ﺍﻷﻭﺭﺍﻕ ﺍﻟﱵ ﰎ‬
‫ﻃﻠﺐ ﻗﺒﻮﳍﺎ ‪.‬‬

‫ﺷﺮﻭﻁ ﺍﻹﺩﺭﺍﺝ ‪:‬‬ ‫‪.2‬‬

‫ﲤﺎﺷﻴﺎ ﻣﻊ ﺍﻟﻘﻮﺍﻧﲔ ﺍﳌﻌﻤﻮﻝ ‪‬ﺎ ﻓﺈﻥ ﺍﻟﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ ﻭ ﺍﻟﱵ ﳝﻜﻦ ﺃﻥ ﻳﺘﻢ ﻗﺒﻮﳍﺎ ﺑﺎﻟﺘﻔﺎﻭﺽ ﰲ ﺳﻮﻕ‬
‫ﺍﻟﺒﻮﺭﺻﺔ ﲣﻀﻊ ﻟﻠﺸﺮﻭﻁ ﺍﻟﺘﺎﻟﻴﺔ‪:‬‬
‫ﺃ‪ .‬ﺑﺎﻟﻨﺴﺒﺔ ﻟﻸﻭﺭﺍﻕ ﻣﻮﺿﻮﻉ ﺍﻟﻘﺒﻮﻝ ‪:‬‬
‫ﳚﺐ ﺃﻥ ﻳﺘﻢ ﺇﺻﺪﺍﺭ ﺍﻟﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ ﻣﻦ ﻃﺮﻑ ﺷﺮﻛﺔ ﺃﺳﻬﻢ ‪.‬‬ ‫‪-‬‬
‫ﳚﺐ ﲢﺮﻳﺮ ﻛﻞ ﺍﻷﺳﻬﻢ ‪.‬‬ ‫‪-‬‬
‫ﳚﺐ ﺃﻥ ﻳﺘﻢ ﺗﻮﺯﻳﻊ ﺍﻷﺳﻬﻢ ﺍﳌﻌﺮﻭﺿﺔ ﻋﻠﻰ ﺍﳉﻤﻬﻮﺭ ﲟﺎ ﻻ ﻳﻘﻞ ﻋﻦ ‪ 300‬ﻣﺴﺎﻫﻢ‬ ‫‪-‬‬
‫ﺇﻥ ﺍﻟﺴﻨﺪﺍﺕ ﻣﻮﺿﻮﻉ ﻃﻠﺐ ﺍﻟﻘﺒﻮﻝ ﳚﺐ ﺃﻥ ﺗﻜﻮﻥ ﻣﻮﺯﻋﺔ ﻋﻠﻰ ‪ 100‬ﻣﻜﺘﺘﺐ ﻋﻠﻰ‬ ‫‪-‬‬
‫ﺍﻷﻛﺜﺮ‪.‬‬
‫ﺏ‪ .‬ﺑﺎﻟﻨﺴﺒﺔ ﻟﻠﺸﺮﻛﺔ ﺍﻟﻄﻠﺒﺔ ﻟﻘﺒﻮﻝ ﻗﻴﺎﻣﻬﺎ‪:‬‬
‫ﳚﺐ ﺃﻥ ﻳﻜﻮﻥ ﻟﺪﻳﻬﺎ ﺭﺃﺱ ﻣﺎﳍﺎ ﺃﻛﺜﺮ ﻣﻦ ‪ 100‬ﻣﻠﻴﻮﻥ ﺩﺝ‬ ‫‪-‬‬
‫ﳚﺐ ﺃﻥ ﺗﻘﻮﻡ ﺑﻨﺸﺮ ﻋﺪﺩ ﻣﻦ ﺍﻷﻭﺭﺍﻕ ﳝﺜﻞ ‪ %20‬ﻋﻠﻰ ﺍﻷﻗﻞ ﻣﻦ ﺭﺃﺱ ﻣﺎﳍﺎ ﺍﻹﲨﺎﱄ‪.‬‬ ‫‪-‬‬
‫ﳚﺐ ﺃﻥ ﺗﻘﻮﻡ ﺑﻨﺸﺮ ﺃﻭﺿﺎﻋﻬﺎ ﺍﳌﺎﻟﻴﺔ ﺍﳌﺼﺎﺩﻕ ﻋﻠﻴﻬﺎ ﰲ ﺍﻟﺴﻨﺘﲔ ﺍﻟﺴﺎﺑﻘﺘﲔ ﻟﻠﺴﻨﺔ ﺍﳉﺎﺭﻳﺔ‬ ‫‪-‬‬
‫ﺍﻟﱵ ﻗﺪﻣﺖ ﺧﻼﳍﺎ ﻃﻠﺐ ﺍﻟﻘﺒﻮﻝ‪.‬‬
‫ﳚﺐ ﺃﻥ ﺗﻘﺪﻡ ﻣﺬﻛﺮﺓ ﺇﻋﻼﻣﻴﺔ ﺗﻜﻮﻥ ‪ COSOB‬ﻗﺪ ﺻﺎﺩﻗﺖ ﻋﻠﻴﻬﺎ‪.‬‬ ‫‪-‬‬
‫ﳚﺐ ﺃﻥ ﺗﻜﻮﻥ ﻗﺪ ﺣﻘﻘﺖ ﺭﲝﺎ ﺧﻼﻝ ﻧﺸﺎﻁ ﺍﻟﺴﻨﺔ ﺍﻟﺴﺎﺑﻘﺔ ﻟﻠﻄﻠﺐ ‪.‬‬ ‫‪-‬‬
‫ﺇﺫﺍ ﻛﺎﻥ ﻻ ﺑﺪ ﻣﻦ ﺍﻟﺘﻮﻗﻒ ﺃﻭ ﺍﻟﺘﺨﻠﻲ ﻋﻦ ﺑﻌﺾ ﻋﻨﺎﺻﺮ ﺍﻷﺻﻮﻝ ﻗﺒﻞ ﺩﺧﻮﳍﺎ ﰲ ﺍﻟﺒﻮﺭﺻﺔ‬ ‫‪-‬‬
‫ﺇﺫ ﻳﺘﻌﲔ ﻋﻠﻴﻬﺎ ﺇﻋﻼﻡ ‪ COSOB‬ﺑﺬﻟﻚ‪.‬‬
‫ﳚﺐ ﺃﻥ ﺗﻘﺪﻡ ﺗﻘﺮﻳﺮﺍ ﻟﺘﻘﻴﻴﻢ ﺃﺻﻮﳍﺎ ﻣﻌﺪ ﻣﻦ ﻃﺮﻑ ﺃﺣﺪ ﺃﻋﻀﺎﺀ ﻫﻴﺌﺔ ﺍﶈﺎﺳﺒﲔ ﺍﳌﻌﺘﻤﺪﻳﻦ‬ ‫‪-‬‬
‫ﰲ ﺍﳉﺰﺍﺋﺮ‪.‬‬
‫ﻭ ﺗﻌﻴﲔ ﺗﱪﻳﺮ ﺍﻟﺒﻨﻴﺔ ﺍﳌﺮﺍﺟﻌﺔ ﺍﻟﺪﺍﺧﻠﻴﺔ ﻭ ﻫﺬﻩ ﺍﻟﺒﻨﻴﺔ ﳚﺐ ﺃﻥ ﺗﻜﻮﻥ ﻣﻮﺿﻮﻉ ﺗﻘﺪﻳﺮ ‪.‬‬ ‫‪-‬‬

‫ﺍﻟﻔﺮﻉ ﺍﻟﺜﺎﱐ‪ :‬ﺍﳌﺪﺍﻭﻻﺕ ﰲ ﺑﻮﺭﺻﺔ ﺍﳉﺰﺍﺋﺮ ‪.‬‬

‫ﺑﻮﺭﺻﺔ ﺍﳉﺰﺍﺋﺮ ﻫﻲ ﺳﻮﻕ ﻣﺮﻛﺰﻳﺔ‪ .‬ﺣﻴﺚ ﻫﺬﻩ ﺍﻟﺴﻮﻕ ﻟﻴﺴﺖ ﻣﺘﻔﺮﻋﺔ ﻭ ﻛﻞ ﺍﻟﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ ﻳﺘﻢ‬
‫ﺗﺪﺍﻭﳍﺎ ﰲ ﺳﻮﻕ ﺭﲰﻴﺔ ﻭﺣﻴﺪﺓ ﻭ ﻣﻜﺎﻥ ﺛﺎﺑﺖ ﺣﻴﺚ ﻗﺎﻋﺔ ﺍﻟﺘﺪﺍﻭﻝ ﻣﻮﺟﻮﺩﺓ ﲟﻘﺮ ﺷﺮﻛﺔ ﺇﺩﺍﺭﺓ ﺑﻮﺭﺻﺔ ﺍﻟﻘﻴﻢ‬
‫ﺃﻳﻦ ﻳﻠﺘﻘﻲ ﺍﻟﻮﺳﻄﺎﺀ ﻟﻌﺮﺽ ﺃﻭﺍﻣﺮﻫﻢ‪ .‬ﻭ ﺫﻟﻚ ﺑﺴﻌﺮ ﻭﺣﻴﺪ ﺠﻤﻟﻤﻮﻉ ﺍﻟﺼﻔﻘﺎﺕ ﺍﳌﻨﺠﺰﺓ ﻟﻜﻞ ﻧﻮﻉ ﻣﻦ ﺍﻟﻮﺭﻗﺔ‬
‫ﺍﳌﺎﻟﻴﺔ ﺣﺴﺐ ﺍﻟﺸﺮﻛﺔ ﺍﳌﺼﺪﺭﺓ ﳍﺎ‪ .‬ﺃﻱ ﺃﻥ ﺍﻟﺘﺴﻌﲑﺓ ﺍﳌﻨﺘﻬﺠﺔ ﰲ ﺑﻮﺭﺻﺔ ﺍﳉﺰﺍﺋﺮ ﻫﻲ ﺍﻟﺘﺴﻌﲑﺓ‬
‫ﺑﺎﻟﺘﺜﺒﻴﺖ"‪ . "Fixing‬ﻭ ﻫﺬﺍ ﺍﻟﺴﻌﺮ ﻳﻨﺘﺞ ﻋﻦ ﻣﻼﻗﺎﺓ ﲨﻴﻊ ﺃﻭﺍﻣﺮ ﺍﻟﺒﻴﻊ ﻭ ﺍﻟﺸﺮﺍﺀ ﺍﳌﻌﺮﻭﺿﺔ ﻣﻦ ﻃﺮﻑ ﺍﻟﻮﺳﻄﺎﺀ‬
‫ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ‪ .‬ﻭ ﻳﻘﻮﻡ ﺑﺘﺤﻘﻴﻖ ﺃﻋﻠﻰ ﻣﺴﺘﻮﻯ ﻟﻠﻜﻤﻴﺔ ﺍﳌﺘﺪﺍﻭﻟﺔ‪.‬‬
‫ﻭ ﳚﺐ ﻛﻞ ﺍﻟﻌﻤﻠﻴﺎﺕ ﺣﻮﻝ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﺍﳌﺴﺤﺎﺑﺔ ﰲ ﻧﻈﺎﻡ ﺍﻟﺘﺴﻌﲑﺓ ﺑﺎﻟﺒﻮﺭﺻﺔ ﳚﺐ ﺃﻥ ﺗﻨﺠﺰ‬
‫ﺑـ‪ SGVB:‬ﻭ ﻣﻦ ﻃﺮﻑ ﻭﺳﻴﻂ ﻣﻌﺘﻤﺪ ﻣﻦ ﻃﺮﻑ ‪ COSOB‬ﻭ ﺇﻻ ﺍﻋﺘﱪﺕ ﺍﳌﻌﺎﻣﻠﺔ ﻣﻠﻐﻴﺔ‪.‬‬
‫ﺣﻴﺚ ﺗﻨﻄﻠﻖ ﻫﺬﻩ ﺍﻟﻌﻤﻠﻴﺔ ﺍﺑﺘﺪﺍﺀﺍ ﻣﻦ ﺗﻠﻘﻲ ﺍﻟﻮﺳﻴﻂ ﺃﻣﺮﺍ ﺑﺸﺮﺍﺀ ﺃﻭ ﺑﻴﻊ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﺍﳌﺴﺤﺎﺑﺔ ﰲ‬
‫ﻧﻈﺎﻡ ﺍﻟﺘﺴﻌﲑﺓ ﺑﺎﻟﺒﻮﺭﺻﺔ ﺣﻴﺚ ﳚﺐ ﺃﻥ ﺗﺘﻮﻓﺮ ﰲ ﻫﺬﻩ ﺍﻷﻭﺍﻣﺮ ﺍﻟﺸﺮﻭﻁ ﺍﻟﺘﺎﻟﻴﺔ‪:‬‬
‫ﺍﲡﺎﻩ ﺍﻟﻌﻤﻠﻴﺔ ﺃﻱ ﻫﻞ ﺷﺮﺍﺀ ﺃﻡ ﺑﻴﻊ‪.‬‬ ‫‪.1‬‬
‫ﺭﻣﺰ ﺍﻟﻮﺭﻗﺔ ﺍﳌﺎﻟﻴﺔ ‪.‬‬ ‫‪.2‬‬
‫ﻛﻤﻴﺔ ﺍﻟﻮﺭﻗﺔ ﻭ ﻧﻮﻋﻬﺎ "ﺳﻬﻢ ﺃﻡ ﺳﻨﺪ"‬ ‫‪.3‬‬
‫ﺳﻌﺮ ﺍﳌﻌﺎﻣﻠﺔ ﻭ ﳝﻜﻦ ﻟـ‪ SGBV:‬ﻗﺒﻮﻝ ﻛﻴﻔﻴﺘﲔ ﻟﺘﺤﺪﻳﺪ ﺍﻟﺴﻌﺮ ‪ - :‬ﺳﻌﺮ ﺍﻟﺴﻮﻕ‪ -‬ﺳﻌﺮ‬ ‫‪.4‬‬
‫ﳏﺪﺩ‪.‬‬
‫ﳝﻜﻦ ﺍﻷﻣﺮ ﺃﻥ ﻳﺮﻓﻖ ﺑﺈﺷﺎﺭﺓ ﺍﻟﻜﻞ ﺃﻭ ﻻ ﺷﻲﺀ ﺣﻴﺚ ﻳﻠﺰﻡ ﺍﻟﻮﺳﻴﻂ ﺑﺎﲣﺎﺫ ﻣﺎ ﻳﻘﺎﺑﻞ ﻫﺬﻩ ﺍﻟﻜﻤﻴﺔ‬ ‫‪.5‬‬
‫ﰲ ﺍﻟﺴﻮﻕ‪.‬‬
‫ﺇﺫﺍ ﻛﺎﻥ ﺍﻷﻣﺮ ﻳﻔﻮﻕ ﻣﺴﺘﻮﻯ ﻣﻌﲔ ﻳﻌﺘﱪ ﻫﺬﺍ ﺍﻷﻣﺮ ﺑﺎﳉﻤﻠﺔ ﺣﻴﺚ ﰲ ﺑﻮﺭﺻﺔ ﺍﳉﺰﺍﺋﺮ ﻫﻮ ﺍﻷﻣﺮ‬ ‫‪.6‬‬
‫ﺍﻟﺬﻱ ﺗﻔﻮﻕ ﻓﻴﻪ ﺍﻟﻜﻤﻴﺔ ‪ 5000‬ﻭﺣﺪﺓ ﻭ ﻫﺬﺍ ﺑﺎﻟﻨﺴﺒﺔ ﻟﻸﺳﻬﻢ‬

‫ﺃﻣﺎ ﺑﺎﻟﻨﺴﺒﺔ ﻟﻠﺴﻨﺪﺍﺕ ﻓﻴﺠﺐ ﺃﻥ ﺗﻔﻮﻕ ﻓﻴﻪ ﺍﻟﻘﻴﻤﺔ ﺛﻼﺛﺔ ﻣﻼﻳﲔ ﺩﻳﻨﺎﺭ ﺟﺰﺍﺋﺮﻱ‬ ‫‪.7‬‬
‫‪3000000‬ﺩﺝ ﺣﻴﺚ ﻫﺬﻩ ﺍﻷﻭﺍﻣﺮ ﺻﺎﳊﺔ ﻟﻴﻮﻡ ﻭﺍﺣﺪ‪.‬‬
‫ﺍﻟﺘﻌﺎﻣﻞ ﺑﲔ ﺍﻟﻮﺳﻄﺎﺀ ﺍﳌﻌﺘﻤﺪﻳﻦ ﻳﺘﻢ ﺁﻟﻴﺎ‪ .‬ﻭ ﻭﺻﻞ ﻣﻌﺪﻝ ﺩﻭﺭﺍﻥ ‪ %5.69‬ﻟﻠﻘﺘﺮﺓ ﺍﳌﺪﺭﻭﺳﺔ‬
‫‪ 2002/2001‬ﻭ ﻣﻌﺪﻝ ﻋﺎﺋﺪ ﻋﻠﻰ ﺍﻻﺳﺘﺜﻤﺎﺭﺍﺕ ﻳﺴﺎﻭﻱ ‪.%8.32‬‬
‫ﻭ ﺑﻌﺪ ﺃﻥ ﻳﺘﺴﻠﻢ ﺍﻟﻮﺳﻴﻂ ﻫﺬﻩ ﺍﻷﻭﺍﻣﺮ ﻳﻘﻮﻡ ﺑﻌﺮﺿﻬﺎ ﰲ ﺣﺼﺺ ﺍﻟﺘﺪﺍﻭﻝ ﺍﻟﱵ ﺗﻨﻌﻘﺪ ﺩﻭﺭﻳﺎ ﰲ‬
‫ﻗﺎﻋﺔ ﺍﻟﺘﺪﺍﻭﻝ‪.‬‬
‫ﻣﻼﺣﻈﺔ‪:‬ﳝﻜﻦ ﻟﻮﻛﺎﻟﺔ ﺑﻨﻜﻴﺔ ﺃﻥ ﺗﻘﻮﻡ ﺑﺎﺳﺘﻼﻡ ﺃﻭﺍﻣﺮ ﺍﻟﺰﺑﺎﺋﻦ ﻭ ﲢﻮﻳﻠﻬﺎ ﺇﱃ ﺍﻟﻮﺳﻴﻂ‬
‫ﻭ ﻋﻠﻰ ﺍﻟﻮﺳﻴﻂ ﻗﺒﻞ ﺃﻥ ﻳﺪﺭﺝ ﺍﻷﻣﺮ ﰲ ﺩﻓﺘﺮ ﺍﻷﻭﺍﻣﺮ ﻋﻠﻴﻪ ﺃﻥ ﻳﺘﺄﻛﺪ ﺃﻥ ﺍﻟﺰﺑﻮﻥ ﳝﻠﻚ‪:‬‬
‫ﰲ ﺣﺎﻟﺔ ﺍﻟﺸﺮﺍﺀ‪ :‬ﺍﳌﺒﻠﻎ ﺍﻟﻜﺎﰲ ﻹﳒﺎﺯ ﺍﻷﻣﺮ‪.‬‬ ‫‪−‬‬
‫ﰲ ﺣﺎﻟﺔ ﺍﻟﺒﻴﻊ‪ :‬ﻣﺮﺍﺟﻌﺔ ﺍﻷﻭﺍﻣﺮ ﻭ ﺻﺤﺘﻬﺎ‪.‬‬ ‫‪−‬‬
‫ﻭ ﺑﻌﺪﻫﺎ ﻳﺪﺭﺝ ﺍﻟﻮﺳﻴﻂ ﺍﻷﻣﺮ ﰲ ﺩﻓﺘﺮ ﺍﻷﻭﺍﻣﺮ ﺍﻟﺬﻱ ﻳﻘﺪﻡ ﻟﻺﳒﺎﺯ ﰲ ﺣﺼﺔ ﺍﻟﺘﺪﺍﻭﻝ ﺍﳌﻮﺍﻟﻴﺔ‪.‬‬

‫ﺍﻟﻤﺒﺤﺚ ﺍﻟﺜﺎﻧﻲ‪ :‬ﻭﺍﻗﻊ ﺑﻮﺭﺻﺔ ﺍﻟﺠﺰﺍﺋﺮ‪.‬‬

‫ﺇﻥ ﺗﻄﺒﻴﻖ ﺍﻟﺴﻴﺎﺳﺎﺕ ﺍﳌﺎﻟﻴﺔ ﺑﺄﺩﻭﺍ‪‬ﺎ ﺍﳌﺨﺘﻠﻔﺔ ﰲ ﺍﳉﺰﺍﺋﺮ ﻻ ﻳﺰﺍﻝ ﰲ ﻣﺮﺣﻠﺔ ﺍﺑﺘﺪﺍﺋﻴﺔ‪ ،‬ﻛﻤﺎ ﺃﻥ‬
‫ﻣﺆﺷﺮﺍﺕ ﺍﳌﺮﺣﻠﺔ ﺍﳌﺴﺘﻘﺒﻠﻴﺔ ﰲ ﻇﻞ ﺍﻟﺘﻐﲑﺍﺕ ﺍﳍﺎﺋﻠﺔ ﺁﻟﱵ ﺗﺸﻬﺪﻫﺎ ﺍﻟﺒﻼﺩ ﻣﻦ ﺧﻼﻝ ﺍﻻﻧﺘﻘﺎﻝ ﺇﱃ ﺍﻗﺘﺼﺎﺩ ﺍﻟﺴﻮﻕ‬
‫ﺗﻔﺮﺽ ﻋﻠﻴﻬﺎ ﲢﺪﻳﺎﺕ ﺣﺎﺩﺓ ﻻ ﺑﺪ ﻣﻦ ﺍﻻﺳﺘﻌﺪﺍﺩ ﳌﻮﺍﺟﻬﺘﻬﺎ‪ ،‬ﻭ ﻻ ﳝﻜﻦ ﺃﻥ ﻳﺘﺤﻘﻖ ﺫﻟﻚ ﺇﻻ ﺑﺘﻜﺎﻣﻞ ﺟﻬﻮﺩ ﰲ‬
‫ﺳﺒﻴﻞ ﺗﻨﺴﻴﻖ ﳐﺘﻠﻒ ﺍﻟﺴﻴﺎﺳﺎﺕ ﺍﳌﺎﻟﻴﺔ ﺍﻟﺮﺍﻣﻴﺔ ﺇﱃ ﺗﻄﻮﻳﺮ ﺍﻟﺴﻮﻕ ﺍﳌﺎﱄ ﰲ ﺍﳉﺰﺍﺋﺮ‪.‬‬
 ‫ﺍﻟﻤﻄﻠﺐ ﺍﻷﻭﻝ‪ :‬ﺍﻟﺸﺮﻛﺎﺕ ﺍﻟﻤﺘﻌﺎﻣﻠﺔ ﻓﻲ ﺍﻟﺒﻮﺭﺻﺔ‪.‬‬
‫ﻣﺒﺎﺷﺮﺓ ﺑﻌﺪ ﺇﻋﻼﻥ ﻋﻦ ﺍﻓﺘﺘﺎﺡ ﺍﻟﺒﻮﺭﺻﺔ ﺩﺧﻠﺖ ﺃﺭﺑﻌﺔ ﺷﺮﻛﺎﺕ ﻟﺒﻌﺾ ﺭﻭﺡ ﺍﻟﺒﻮﺭﺻﺔ ﻭ ﺫﻟﻚ ﻋﻦ‬
‫ﻃﺮﻳﻖ ﺍﻟﻘﺮﺽ ﺍﻟﺴﻨﺪﻱ "ﻟﺴﻮﻧﺎﻃﺮﺍﻙ"‪ .‬ﺭﻓﻊ ﺭﺃﲰﺎﻝ ﺑﺎﻟﻠﺠﻮﺀ ﺍﻟﻌﻠﲏ ﻟﻼﺩﺧﺎﺭ "ﺭﻳﺎﺽ ﺳﻄﻴﻒ" ﻭ ﺑﺎﻟﻌﺮﺽ‬
‫ﺍﻟﻌﻤﻮﻣﻲ ﻟﻠﺒﻴﻊ ﻟـ‪":‬ﳎﻤﻊ ﺻﻴﺪﺍﻝ" ﻭ "ﻓﻨﺪﻕ ﺍﻷﻭﺭﺍﺳﻲ" ‪.‬‬

‫ﺍﻟﻔﺮﻉ ﺍﻷﻭﻝ‪ :‬ﺍﻟﻘﺮﺽ ﺍﻟﺴﻨﺪﻱ "ﺳﻮﻧﻄﺮﺍﻙ" ‪ /‬ﺭﻓﻊ ﺭﺃﲰﺎﻝ ﺑﺎﻟﻠﺠﻮﺀ ﺍﻟﻌﻠﲏ ﻟﻼﺩﺧﺎﺭ"ﺭﻳﺎﺽ ﺳﻄﻴﻒ"‪.‬‬
‫‪ – I‬ﺍﻟﻘﺮﺽ ﺍﻟﺴﻨﺪﻱ ﻟﺴﻮﻧﺎﻃﺮﺍﻙ‪:‬‬
‫ﰲ ﺍﳉﺰﺍﺋﺮ ﺃﻭﻝ ﺳﻨﺪ ﻣﻔﺎﻭﺽ ﺃﻧﺸﺄ ﻣﻊ ﺍﻹﺻﺪﺍﺭ ﺍﻟﺴﻨﺪﻱ ﻟﺴﻮﻧﻄﺮﺍﻙ ﻫﺬﺍ ﺍﻟﻘﺮﺽ ﳌﺪﺓ ﺣﻴﺎﺓ ‪5‬‬
‫ﺳﻨﻮﺍﺕ ﺣﻴﺚ ﺍﻧﺘﻬﻰ ﰲ ‪ 04‬ﺟﺎﻧﻔﻲ ‪ 2003‬ﻳﻄﺮﺡ ﺑﻔﺎﺋﺪﺓ ﺳﻨﻮﻳﺔ ﺗﻘﺪﺭ ﺑـ‪ %13 :‬ﻭ ﻫﻮ ﻣﺴﺠﻞ‬
‫ﺑـ‪ %97.5:‬ﻣﻦ ﺍﻟﻘﻴﻤﺔ ﺍﻹﲰﻴﺔ ﻟﻸﻭﺭﺍﻕ ﺑـ‪10000):‬ﺩﺝ‪50000-‬ﺩﺝ‪100000 -‬ﺩﺝ( ﻭ ﳝﻜﻦ‬
‫ﺍﻟﻘﻮﻝ ﺃﻥ ﺳﻨﺪ ﺳﻮﻧﻄﺮﺍﻙ ﻭﺿﻊ ﺃﻗﻞ ﻣﻦ ﺳﻌﺮﻩ ﺍﳊﻘﻴﻘﻲ‪.‬‬
‫ﻭ ﻷﻛﺜﺮ ﻣﻌﺮﻓﺔ ﳍﺬﺍ ﺍﻟﻘﺮﺽ ﳚﺐ ﻣﻌﺮﻓﺔ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﻟﺘﺎﻟﻴﺔ‪:‬‬
‫ﺍﳌﺼﺪﺭ‪ :‬ﺷﺮﻛﺔ ﺳﻮﻧﻄﺮﺍﻙ ﺭﺃﲰﺎﳍﺎ ﻳﻘﺪﺭ ﺑـ‪ 245:‬ﻣﻠﻴﺎﺭ ﺩﻳﻨﺎﺭ‪.‬‬ ‫•‬
‫ﺍﻹﺻﺪﺍﺭ‪ :‬ﻳﻘﺪﺭ ﺑـ‪ 208256:‬ﺳﻨﺪ ﻣﻘﺴﻤﺔ ﺇﱃ ﺛﻼﺙ ﻓﺌﺎﺕ ﲤﺜﻞ ﻗﻴﻢ ﺍﻹﲰﻴﺔ‬ ‫•‬
‫‪10000‬ﺩﺝ‪50000-‬ﺩﺝ‪100000-‬ﺩﺝ‪.‬‬
‫ﺳﻌﺮ ﺍﻟﻌﻤﻠﻴﺔ ‪ :‬ﻭ ﺍﻟﺬﻱ ﳝﺜﻞ ﳎﻤﻮﻉ ﺍﻟﺘﺴﺒﻴﻖ ﺍﳌﻄﻠﻮﺏ ﻟﻠﻤﻜﺘﺘﺒﲔ‪ .‬ﻫﺬﺍ ﺍﻟﺴﻌﺮ ﻣﻨﺸﻮﺭ ﺑﻨﺴﺒﺔ‬ ‫•‬
‫‪ %97.5‬ﻣﻦ ﺍﻟﻘﻴﻤﺔ ﺍﻹﲰﻴﺔ ﻟﻠﺴﻨﺪ ‪.‬‬
‫ﺇﺫﺍ ﻛﺎﻥ ﺍﻟﺴﻌﺮ =‪ %97.5‬ﻧﻘﻮﻝ ﺃﻥ ﺍﻟﻮﺭﻗﺔ ﺍﳌﺎﻟﻴﺔ ﻣﻮﺿﻮﻋﺔ) ﺃﻗﻞ ﻣﻦ ﺍﻟﺴﻌﺮ ﺍﳌﻌﺎﺩﻝ(‪.‬‬ ‫‪o‬‬
‫ﺇﺫﺍ ﻛﺎﻥ ﺍﻟﺴﻌﺮ= ‪ %100‬ﻧﻘﻮﻝ ﺃﻥ ﺍﻟﻮﺭﻗﺔ ﺍﳌﺎﻟﻴﺔ ﻣﻮﺿﻮﻋﺔ )ﰲ ﺍﻟﺴﻌﺮ ﺍﳌﻌﺪﻝ(‪.‬‬ ‫‪o‬‬
‫ﺇﺫﺍ ﻛﺎﻥ ﺍﻟﺴﻌﺮ =‪ %102‬ﻧﻘﻮﻝ ﺃﻥ ﺍﻟﺴﻨﺪ ﻣﻮﺿﻮﻉ )ﺃﻛﱪ ﻣﻦ ﺍﻟﺴﻌﺮ ﺍﳌﻌﺪﻝ(‪.‬‬ ‫‪o‬‬
‫ﻋﻤﻮﻟﺔ ﺍﻹﺻﺪﺍﺭ‪ :‬ﲤﺜﻞ ﺍﻟﻔﺮﻕ ﺑﲔ ﺳﻌﺮ ﺍﻹﺻﺪﺍﺭ ﻭ ﺍﻟﻘﻴﻤﺔ ﺍﻹﲰﻴﺔ ﻭ ﺍﳌﻘﺪﺭ ﺑـ‪ %2.5:‬ﺇﺫﺍ‬ ‫•‬
‫ﻛﺎﻧﺖ ﺍﻟﻘﻴﻤﺔ ﺍﻹﲰﻴﺔ ﻣﻘﺪﺭﺓ ﺑـ‪10000:‬ﺩﺝ ﻭ ﻣﻨﻪ ﺍﻟﻌﻤﻮﻟﺔ ‪250 =10000×%2.5:‬ﺩﺝ‪.‬‬
‫ﻓﺎﺋﺪﺓ ﺍﻟﺴﻨﺪ‪ :‬ﻫﻲ ﻓﻮﺍﺋﺪ ﺗﻮﺯﻉ ﰲ ﺣﺴﺎﺏ ﺍﻟﺴﻨﺪ ﻋﻨﺪ ﺍﻟﺘﺴﺒﻴﻖ ﻟﻠﻤﻜﺘﺘﺒﲔ ﻭ ﻫﻲ ‪%13‬‬ ‫•‬
‫ﻣﺴﺪﺩﺓ ﺳﻨﻮﻳﺎ ﰲ ‪ 04‬ﺟﺎﻧﻔﻲ ﻣﻦ ﻛﻞ ﺳﻨﺔ ﻣﺘﺎﺑﻌﺔ ﻟﺴﻨﺔ ﺍﻹﺻﺪﺍﺭ ﺣﱴ ‪‬ﺎﻳﺔ ﻣﺪﺓ ﺍﻟﻘﺮﺽ‪.‬‬

‫ﺍﻟﺴﻨﻮﻳﺔ‬ ‫ﺍﻟﻔﺎﺋﺪﺓ‬ ‫ﻓﺈﻧﻪ‬ ‫‪100000‬‬ ‫ﺍﻹﲰﻴﺔ‬ ‫ﺍﻟﻘﻴﻤﺔ‬ ‫ﻛﺎﻧﺖ‬ ‫ﺇﺫﺍ‬ ‫•‬

‫‪13000=%13×100000:‬ﺩﺝ‪.‬‬
 ‫ﺗﺎﺭﻳﺦ ﺍﻟﺴﻨﺪ‪ :‬ﻫﻮ ﺗﺎﺭﻳﺦ ﺗﺴﺪﻳﺪ ﻗﻴﻤﺔ ﺍﻟﺴﻨﺪ ﰲ ﻛﻞ ‪ 04‬ﺟﺎﻧﻔﻲ ﻣﻦ ﻛﻞ ﺳﻨﺔ ‪.‬‬ ‫•‬
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‫ﻃﺮﻕ ﺍﻟﺘﺴﺪﻳﺪ ‪ :‬ﲤﺜﻞ ﻛﻴﻔﻴﺔ ﺍﻟﺘﺴﺪﻳﺪ ﻣﻦ ﻃﺮﻑ ﺍﳌﺼﺪﺭ ﻣﺮﺓ ﻭﺍﺣﺪﺓ ﰲ ‪‬ﺎﻳﺔ ﺍﻟﻘﺮﺽ‬ ‫•‬
‫ﻋﻤﻠﻴﺔ ﺇﺻﺪﺍﺭ ﺍﻟﻘﺮﺽ ﺍﻟﺴﻨﺪﻱ‪:‬‬
‫ﻭﻓﻘﺎ ﻟﺘﺄﺷﲑﺓ ﳉﻨﺔ ﺗﻨﻈﻴﻢ ﻭ ﻣﺮﺍﻗﺒﺔ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ ‪ COSOB‬ﺍﶈﺮﺭﺓ ﲢﺖ ﺭﻗﻢ ‪97/001‬‬
‫ﺑﺘﺎﺭﻳﺦ ‪ 18‬ﻧﻮﻓﻤﱪ ‪ 1997‬ﺃﻋﻄﻴﺖ ﺍﳌﻮﺍﻓﻘﺔ ﻟﺸﺮﻛﺔ ﺳﻮﻧﻄﺮﺍﻙ ﻹﺻﺪﺍﺭ ﻗﺮﺽ ﺳﻨﺪﻱ ﺑﺎﳋﺼﺎﺋﺺ ﻭ ﺍﻟﺸﺮﻭﻁ‬
‫ﺍﳌﺘﻤﺜﻠﺔ ﰲ‪:‬‬
‫ﺳﻮﻧﻄﺮﺍﻙ ‪.Sonatrach‬‬ ‫ﺍﳌﺼﺪﺭ‬ ‫•‬
‫ﺑﻨﻚ ﺍﳉﺰﺍﺋﺮ ﺍﳋﺎﺭﺟﻲ‪.BEA‬‬ ‫ﺍﻟﻀﺎﻣﻦ‬ ‫•‬
‫‪ 5 000 000 000‬ﺩﺝ‪.‬‬ ‫ﺍﳌﺒﻠﻎ‬ ‫•‬
‫ﺳﻨﺪﺍﺕ ﳊﺎﻣﻠﻬﺎ )‪.(Au porteur‬‬ ‫ﻃﺒﻴﻌﺔ ﺍﻟﻮﺭﻗﺔ‬ ‫•‬
‫‪ 5‬ﺳﻨﻮﺍﺕ ﺍﺑﺘﺪﺍﺀﺍ ﻣﻦ ‪ 04‬ﺟﺎﻧﻔﻲ ‪1998‬‬ ‫ﺍﳌﺪﺓ‬ ‫•‬
‫ﺷﻬﺮﻳﻦ ﻣﻦ ‪ 04‬ﺟﺎﻧﻔﻲ ‪ 98‬ﺇﱃ ‪ 28‬ﻓﻴﻔﺮﻱ‪1998‬‬ ‫ﻓﺘﺮﺓ ﺍﻻﻛﺘﺘﺎﺏ‬ ‫•‬
‫‪ 01‬ﻣﺎﺭﺱ ‪.1998‬‬ ‫ﺗﺎﺭﻳﺦ ﺍﳊﻴﺎﺯﺓ‬ ‫•‬
‫‪ %13‬ﺛﺎﺑﺘﺔ ﺗﺪﻓﻊ ﺳﻨﻮﻳﺎ‪.‬‬ ‫ﺳﻌﺮ ﺍﻟﻔﺎﺋﺪﺓ‬ ‫•‬
‫‪%97.5‬‬ ‫ﺳﻌﺮ ﺍﻹﺻﺪﺍﺭ ﻟﻠﺠﻤﻬﻮﺭ‬ ‫•‬
‫‪ 115000‬ﻭﺭﻗﺔ ﻣﻘﺴﻤﺔ ﻛﺎﻵﰐ‪:‬‬ ‫ﻋﺪﺩ ﺍﻻﻭﺭﺍﻕ‬ ‫•‬
‫‪10000‬ﺩﺝ )‪ 50000‬ﺳﻨﺪ(‬ ‫‪o‬‬
‫‪50000‬ﺩﺝ ) ‪40000‬ﺳﻨﺪ(‬ ‫‪o‬‬
‫‪100000‬ﺩﺝ )‪25000‬ﺳﻨﺪ(‬ ‫‪o‬‬
‫ﻣﺮﺓ ﻭﺍﺣﺪﺓ ﰲ ‪‬ﺎﻳﺔ ﺍﻟﺴﻨﺔ ﺍﳋﺎﻣﺴﺔ‪.‬‬ ‫ﺍﻟﺘﺴﺪﻳﺪ‬ ‫•‬
‫ƒ‬

‫ﺻﻌﻮﺑﺎﺕ ﺇﺻﺪﺍﺭ ﺍﻟﻘﺮﺽ ﺍﻟﺴﻨﺪﻱ‪:‬‬ ‫ƒ‬

‫ﺑﻌﺪ ﻗﺮﺍﺭ ﺇﻧﺸﺎﺀ ﺑﻮﺭﺻﺔ ﺍﳉﺰﺍﺋﺮ ﻃﻠﺒﺖ ﻭﺯﺍﺭﺓ ﺍﳌﺎﻟﻴﺔ ﻣﻦ ﻭﺯﺍﺭﺓ ﺍﻟﻄﺎﻗﺔ ﻭ ﺍﳌﻨﺎﺟﻢ ﺍﻻﺗﺼﺎﻝ ﺑﺸﺮﻛﺔ‬
‫ﺳﻮﻧﻄﺮﺍﻙ ﻭ ﻫﺬﺍ ﻣﻦ ﺃﺟﻞ ﺍﻟﻘﻴﺎﻡ ﺑﻌﻤﻠﻴﺔ ﻗﺮﺽ ﺳﻨﺪﻱ ﻭ ﻛﺎ ﻫﺬﺍ ‪‬ﺪﻑ ﺇﻋﻼﻥ ﺍﻟﺒﻮﺭﺻﺔ‪ .‬ﻭ ﺍﻹﺷﻬﺎﺭ ‪‬ﺎ‪،‬‬
‫ﻓﻜﺎﻧﺖ ﺷﺮﻛﺔ ﺳﻮﻧﻄﺮﺍﻙ ﻋﻠﻰ ﺍﻟﻘﺒﻮﻝ ﺭﻏﻢ ﺍﳌﻌﺎﺭﺿﺔ ﺍﻟﱵ ﺻﺮﺡ ‪‬ﺎ ﻣﺴﺆﻭﱄ ﺍﻟﺸﺮﻛﺔ ﻭ ﺣﺪﺩﺕ ﻗﻴﻤﺔ ﺍﻟﻘﺮﺽ‬

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‫‪Notice D’information de l’emprunt obligatoire sonatrach.‬‬
‫ﺑـ‪ 5 000 000 000:‬ﺩﺝ ﻟﺘﻤﻮﻳﻞ ﺍﳌﺸﺮﻭﻋﺎﺕ ﺍﻟﱵ ﺗﺒﻠﻎ ﻗﻴﻤﺔ ﲤﻮﻳﻠﻬﺎ ﺍﳊﻘﻴﻘﻴﺔ ﻣﺎ ﻳﻘﺎﺭﺏ ‪ 19‬ﻣﻠﻴﺎﺭ‬
‫ﺩﻭﻻﺭ ﻟﱪﻧﺎﻣﺞ ﺍﺳﺘﺜﻤﺎﺭﻱ ﳌﺪ ‪ 5‬ﺳﻨﻮﺍﺕ‪ .‬ﻭ ﻗﺪ ﰎ ﺍﺧﺘﻴﺎﺭ ﺷﺮﻛﺔ ﺳﻮﻧﻄﺮﺍﻙ ﺑﺎﻋﺘﺒﺎﺭﻫﺎ ﺃﻛﱪ ﺷﺮﻛﺔ ﻋﻤﻮﻣﻴﺔ ﻣﻦ‬
‫ﺍﻟﻨﺎﺣﻴﺔ ﺍﳌﺎﻟﻴﺔ‪ .‬ﻻ ﺗﻌﺎﱐ ﻣﻦ ﻋﺠﺰ ﻣﺎﱄ ﻭ ﻟﺪﻳﻬﺎ ﺍﻟﺴﻴﻮﻟﺔ ﺍﻟﻜﺎﻓﻴﺔ ﻟﺘﺤﺘﻤﻞ ﺃﻋﺒﺎﺀ ﻫﺬﻩ ﺍﻟﻌﻤﻠﻴﺔ ﻭ ﲢﻤﻞ ﺍﳋﺴﺎﺭﺓ ﰲ‬
‫ﺣﺎﻟﺔ ﻭﻗﻮﻋﻬﺎ ﺃﻱ ﺇﻣﻜﺎﻧﻴﺔ ﺗﺴﺪﻳﺪ ﻛﻞ ﻣﺴﺘﺤﻘﺎ‪‬ﺎ ﰲ ﺍﻵﺟﺎﻝ ﺍﳌﺘﻔﻖ ﻋﻠﻴﻬﺎ ﺩﻭﻥ ﺃﻱ ﺇﺷﻜﺎﻝ‪.‬‬
‫ﻭ ﻛﻮﻥ ﻫﺬﻩ ﺍﻟﻌﻤﻠﻴﺔ ﺑﻴﺪﺍﻏﻮﺟﻴﺔ ﻗﺪ ﰎ ﲢﺪﻳﺪ ﻣﺒﻠﻎ ﻭ ﺳﻌﺮ ﺍﻟﻔﺎﺋﺪﺓ ﺣﺴﺐ ﺇﺣﺘﻴﺎﺟﺎﺕ ﺍﻟﺴﻮﻕ ﻫﺬﺍ‬
‫ﻳﻌﲏ ﺃﻥ ﺍﳌﺒﻠﻎ ﺍﳌﻘﺘﺮﺡ ‪ 05‬ﻣﻼﻳﲑ ﺩﺝ ‪ .‬ﺃﺧﺘﲑ ﻛﻘﻴﻤﺔ ﺍﺑﺘﺪﺍﺋﻴﺔ ﻟﻴﺴﺖ ﺃﺻﻠﻴﺔ ﻟﻘﻴﻤﺔ ﺍﻻﺣﺘﻴﺎﺟﺎﺕ ﺍﻟﻜﻠﻴﺔ‪ .‬ﺃﻣﺎ‬
‫ﺍﻟﻔﺎﺋﺪﺓ ﻓﻘﺪ ﺣﺪﺩﺕ ﺃﻭﻻ ﺑﻨﻴﺔ ‪ %19‬ﻭ ﻟﻜﻨﻬﺎ ﻟﻘﻴﺖ ﻣﻌﺎﺭﺿﺔ ﻭ ﻫﻨﺎ ﺧﻮﻓﺎ ﻣﻦ ﺍﳌﻨﺎﻓﺴﺔ ﺍﻟﺒﻨﻜﻴﺔ ﻭ ﺑﺎﻟﺘﺎﱄ ﰎ‬
‫ﺍﻓﺘﺮﺍﺽ ﻧﺴﺒﺔ ‪ %13‬ﻛﻔﺎﺋﺪﺓ ‪‬ﺎﺋﻴﺔ ﳍﺬﺍ ﺍﻟﻘﺮﺽ ﻭ ﲟﺎ ﺃﻥ ﺷﺮﻛﺔ ﺳﻮﻧﻄﺮﺍﻙ ﺃﻛﱪ ﺷﺮﻛﺔ ﻋﻠﻰ ﺍﳌﺴﺘﻮﻯ ﺍﻟﻮﻃﲏ‬
‫ﻭ ﻟﺪﻳﻬﺎ ﻣﻜﺎﻧﺔ ﺟﺪ ﺣﺴﺎﺳﺔ ﻋﻠﻰ ﺍﳌﺴﺘﻮﻯ ﺍﻟﺪﻭﱄ‪ .‬ﻭ ﺧﻮﻓﺎ ﻣﻨﻬﺎ ﻋﻠﻰ ﻫﺬﻩ ﺍﳌﻜﺎﻧﺔ ﻭ ﺣﻔﻈﺎ ﻣﻨﻬﺎ ﻋﻠﻰ ﲰﻌﺘﻬﺎ‬
‫ﺍﻟﺪﺍﺧﻠﻴﺔ ﻭ ﺍﳋﺎﺭﺟﻴﺔ ﻓﻘﺪ ﻋﻤﻠﺖ ﺟﺎﻫﺪﺓ ﻟﻨﺠﺎﺡ ﻫﺬﻩ ﺍﻟﻌﻤﻠﻴﺔ ﺍﻟﱵ ﺗﻌﺘﱪ ﺍﻷﻭﱃ ﻣﻦ ﻧﻮﻋﻬﺎ ﰲ ﺣﻴﺎﺓ ﺍﻟﺸﺮﻛﺔ ﻭ‬
‫ﺍﻟﱵ ﱂ ﺗﻔﻜﺮ ﺇﻃﻼﻗﺎ ﺑﺎﻟﻘﻴﺎﻡ ‪‬ﺬﻩ ﺍﻟﻄﺮﻳﻘﺔ ﺍﳋﺎﺻﺔ ﰲ ﺍﻟﺴﻮﻕ ﺍﳉﺰﺍﺋﺮﻳﺔ‪.‬‬
‫ﻫﺪﻑ ﺍﻹﺻﺪﺍﺭ‪:‬‬
‫ﻳﻬﺪﻑ ﻫﺬﺍ ﺍﻟﻘﺮﺽ ﺍﻟﺴﻨﺪﻱ ﺍﻟﺬﻱ ﻳﻌﺪ ﻛﺄﻭﻝ ﻋﻤﻠﻴﺔ ﻣﻦ ﻧﻮﻋﻬﺎ ﰲ ﺍﳉﺰﺍﺋﺮ ﺇﱃ ﺗﻐﻄﻴﺔ‬
‫ﺍﻻﺣﺘﻴﺎﺟﺎﺕ ﺍﳌﺎﻟﻴﺔ ﻟﺸﺮﻛﺔ ﺳﻮﻧﻄﺮﺍﻙ ﻭ ﺍﻟﱵ ﺳﻄﺮ‪‬ﺎ ﰲ ﺑﺮﻧﺎﻣﺞ ﺍﺳﺘﺜﻤﺎﺭﻱ ﻳﺘﻤﺤﻮﺭ ﺣﻮﻝ ﺛﻼﺙ ﻧﻘﻂ‪:‬‬
‫ﺗﻄﻮﻳﺮ ﺍﻟﻨﺎﺗﺞ‪ .‬ﻧﻘﻞ ﻭ ﲤﻴﻴﻊ ﺍﻟﻐﺎﺯ ﺑﻐﻴﺔ ﺍﻹﺳﺘﺠﺎﺑﺔ ﻟﻺﻟﺘﺰﺍﻣﺎﺕ ﺍﻟﺘﻌﺎﻗﺪﻳﺔ ﻟﺘﺴﻠﻴﻢ‬ ‫‪-‬‬
‫ﺍﻟﻐﺎﺯ‪.‬‬
‫ﺍﺳﺘﺮﺟﺎﻉ ﺍﻟﻐﺎﺯﺍﺕ ﺍﳌﺸﺘﺮﻛﺔ ﰲ ﺣﻘﻮﻕ ﺍﻟﺒﺘﺮﻭﻝ ﻭ ﺍﻟﻐﺎﺯ‪.‬‬ ‫‪-‬‬

‫ﺍﻟﺘﻨﻘﻴﺐ ﻋﻠﻰ ﺣﻘﻮﻝ ﺟﺪﻳﺪﺓ ﻭ ﺗﻄﻮﻳﺮ ﺗﻠﻚ ﺍﻟﱵ ﺍﻛﺘﺸﻔﺖ ﻟﺮﻓﻊ ﺍﻹﻧﺘﺎﺝ‬ ‫‪-‬‬
‫ﺍﳋﺎﻡ‪.‬‬
‫‪ – II‬ﺭﻓﻊ ﺭﺃﲰﺎﻝ ﺑﺎﻟﻠﺠﻮﺀ ﺍﻟﻌﻠﲏ ﻟﻼﺩﺧﺎﺭ "ﺍﻟﺮﻳﺎﺽ – ﺳﻄﻴﻒ"‪:‬‬
‫ﺗﻌﺘﱪ ﺷﺮﻛﺔ "ﺍﻟﺮﻳﺎﺽ ﺳﻄﻴﻒ " ﺇﱃ ﺳﻨﺔ ‪ 1983‬ﺑﻌﺪ ﺇﻋﺎﺩﺓ ﻫﻴﻜﻠﺔ ﺍﳌﺆﺳﺴﺔ ﺍﻟﻌﻤﻮﻣﻴﺔ ﻟﻠﺴﻤﻴﺪ‪،‬‬
‫ﺍﳌﻄﺎﺣﻦ‪ ،‬ﺍﻟﻌﺠﺎﺋﻦ ﺍﻟﻐﺬﺍﺋﻴﺔ ﻭ ﺍﳌﻌﺮﻭﻓﺔ ﺁﻧﺬﺍﻙ ﺑﺎﺳﻢ ‪ ، SEMPAC‬ﺣﻮﻟﺖ ﺑﻌﺪﻫﺎ ﻫﺬﻩ ﺍﳌﺆﺳﺴﺔ ﺳﻨﺔ‬
‫‪ 1990‬ﺇﱃ ﺷﺮﻛﺔ ﺃﺳﻬﻢ ﻭ ﻛﺎﻧﺖ ﺿﻤﻦ ﺃﻭﻝ ﺩﻓﻌﺔ ﻣﻦ ﺍﳌﺆﺳﺴﺎﺕ ﺍﻟﱵ ﻣﺮﺕ ﺇﱃ ﺍﻻﺳﺘﻘﻼﻟﻴﺔ ﺑﺮﺃﲰﺎﻝ‬
‫ﺍﺟﺘﻤﺎﻋﻲ ﻳﻘﺪﺭ ﺑـ‪ 100) :‬ﻣﻠﻴﻮﻥ ﺩﻳﻨﺎﺭ ﺟﺰﺍﺋﺮﻱ(‪ ،‬ﻭ ﻗﺪ ﺍﺭﺗﻔﻊ ﻫﺬﺍ ﺍﻷﺧﲑ ﺇﱃ ‪ 850‬ﻣﻠﻴﻮﻥ ﺩﻳﻨﺎﺭ ﺟﺰﺍﺋﺮﻱ‪.‬‬
‫ﺣﻴﺚ ﺣﻮﻝ ﻫﺬﺍ ﺍﳌﺒﻠﻎ ﺑﺄﻛﻤﻠﻪ ﰲ ﺳﻨﺔ ‪ 1994‬ﻟﺼﺎﱀ ﺻﻨﺎﺩﻳﻖ ﺍﳌﺴﺎﳘﺔ ﻟﻠﺼﻨﺎﻋﺎﺕ ﺍﻟﻔﻼﺣﻴﺔ ﺍﻟﻐﺬﺍﺋﻴﺔ‪.‬‬
‫ﺍﻣﺎ ﰲ ﺳﻨﺔ ‪ 1997‬ﻭ ﻭﻓﻘﺎ ﻟﻠﻤﺮﺳﻮﻡ ﺍﻟﺘﺸﺮﻳﻌﻲ ﺭﻗﻢ ‪ 25-95‬ﺍﻟﺼﺎﺩﺭ ﰲ ﺳﺒﺘﻤﱪ ‪1995‬‬
‫ﺍﳌﺘﻌﻠﻖ ﺑﺘﺴﻴﲑ ﺭﺅﻭﺱ ﺍﻷﻣﻮﺍﻝ ﺍﳌﺘﻌﻠﻘﺔ ﺑﺎﻟﺪﻭﻟﺔ‪ ،‬ﺣﻴﺚ ﺣﻮﻟﺖ ﺃﺳﻬﻢ ﺭﻳﺎﺽ ﺳﻄﻴﻒ ﺇﱃ ﺍﻟﺸﺮﻛﺔ ﺍﻟﻘﺎﺑﻀﺔ‬
‫ﺍﻟﻌﻤﻮﻣﻴﺔ ﺍﻟﺰﺭﺍﻋﻴﺔ ﺍﻟﻐﺬﺍﺋﻴﺔ ﺍﻷﺳﺎﺳﻴﺔ ‪ Holding agro-alimentaire‬ﺣﻴﺚ ﻛﺎﻧﺖ ﻣﺎ ﺑﲔ ‪-1995‬‬
‫‪ 1997‬ﻫﻨﺎﻙ ﻋﺪﺓ ﺍﺳﺘﺜﻤﺎﺭﺍﺕ ﻣﻦ ﺃﺟﻞ ﺍﻟﺰﻳﺎﺩﺓ ﰲ ﺍﻟﻄﺎﻗﺎﺕ ﻭ ﺍﻟﱵ ﻫﻲ ﰲ ﻃﻮﺭ ﺍﻹﳒﺎﺯ ﻭ ﻗﺪ ﻭﺻﻞ ﺭﻗﻢ‬
‫ﺍﻷﻋﻤﺎﻝ ﻟﺴﻨﱵ ‪ 1997-1996‬ﺣﻮﺍﱄ ‪ 21‬ﻣﻠﻴﺎﺭ ﺩﻳﻨﺎﺭ ﻟﻜﻞ ﺳﻨﺔ ﻭ ﺍﻟﺬﻱ ﳚﻌﻞ ﻣﻨﻬﺎ ﻭﺍﺣﺪﺓ ﻣﻦ ﺃﻛﱪ‬
‫ﺍﳌﺆﺳﺴﺎﺕ ﺍﳉﺰﺍﺋﺮﻳﺔ ‪.‬‬
‫ﺯ ﻣﻨﺬ ﺃﻛﺘﻮﺑﺮ ﺃﺻﺒﺤﺖ ﺍﻟﺬﻣﺔ ﺍﳌﺎﻟﻴﺔ ﻭ ﺃﻧﺸﻄﺔ ﺍﳌﺆﺳﺴﺔ ﺍﳌﺴﲑﺓ ﻭ ﻣﺴﺘﻌﻤﻠﺔ ﻣﻦ ﻃﺮﻑ ‪10‬‬
‫ﺷﺮﻛﺎﺕ ﻣﺴﺎﳘﺔ ﺣﻴﺚ ﻭﺍﻓﻖ ﺃﻭﻝ ﻳﻮﻡ ﺍﻓﺘﺘﺎﺡ ﻓﻴﻪ ﺃﺑﻮﺍﺏ ﻣﻘﺼﻮﺭﺓ ﺍﻟﺒﻮﺭﺻﺔ ﺃﻭﻝ ﺗﺴﻌﲑﺓ ﲤﺖ ﻷﺳﻬﻢ ﺭﻳﺎﺽ‬
‫ﺳﻮﻑ ﻧﺘﻄﺮﻕ ﺇﱃ ﺩﺭﺍﺳﺔ ﻫﺬﻩ ﺍﻟﺸﺮﻛﺔ ﻭ ﺫﻟﻚ ﻣﻦ ﺧﻼﻝ ﺍﻟﻨﻘﺎﻁ ﺍﻟﺘﺎﻟﻴﺔ‪:‬‬
‫ﻃﺤﻦ ﺍﳊﺒﻮﺏ‪ 07 :‬ﺷﺮﻛﺎﺕ‬ ‫•‬
‫ﻧﻘﻞ ﺍﻟﺒﻀﺎﺋﻊ‪ :‬ﺷﺮﻛﺔ ﻭﺍﺣﺪﺓ‪.‬‬ ‫•‬
‫ﺍﻹﳒﺎﺯ ﻭ ﺍﻟﺼﻴﺎﻧﺔ ﺍﻟﺼﻨﺎﻋﻴﺔ‪ :‬ﺷﺮﻛﺔ ﻭﺍﺣﺪﺓ‪.‬‬ ‫•‬
‫ﺍﺳﺘﺼﻼﺡ ﺍﻷﺭﺍﺿﻲ ﺍﻟﻔﻼﺣﻴﺔ‪ :‬ﺷﺮﻛﺔ ﻭﺍﺣﺪﺓ‪.‬‬ ‫•‬
‫ﻭ ﻛﺎﻥ ﺍﻻﻫﺘﻼﻙ ﻟﺮﺃﲰﺎﻝ ﺍﳉﻤﺎﻋﻲ ﻟﻜﺎﻓﺔ ﻭﺣﺪﺍ‪‬ﺎ ‪ 2.525‬ﻣﻠﻴﺎﺭ ﺩﻳﻨﺎﺭ ﻛﻤﺎ ﲤﻠﻚ ﺭﻳﺎﺽ‬
‫ﺳﻄﻴﻒ ﻧﺴﺒﺔ ‪ %20‬ﻣﻦ ﺃﺳﻬﻢ ﺷﺮﻛﺔ ﺍﳍﻨﺪﺳﺔ ﻭ ﺻﻨﺎﻋﺔ ﺍﻟﺘﺠﻬﻴﺰﺍﺕ ﺍﶈﺪﺩ ﺭﺃﲰﺎﳍﺎ ﺑـ‪ 63:‬ﻣﻠﻴﻮﻥ ﺩﻳﻨﺎﺭ ﺍﻟﱵ‬
‫ﺃﻧﺸﺄﺕ ﲝﺼﺺ ﻣﺘﺴﺎﻭﻳﺔ ﺑﲔ ﻣﺆﺳﺴﺎﺕ ﺍﻟﺮﻳﺎﺽ ﺍﳉﺰﺍﺋﺮ‪ ،‬ﻗﺴﻨﻄﻴﻨﺔ‪ ،‬ﺳﻴﺪﻱ‬

‫ﺑﻠﻌﺒﺎﺱ ‪ ،‬ﺗﻴﺎﺭﺕ ﻭ ﺳﻄﻴﻒ ﺗﺸﻐﻞ ﺭﻳﺎﺽ ﺳﻄﻴﻒ ﺣﺎﻟﻴﺎ ‪ 3021‬ﻋﻮﻧﺎ ‪ %84‬ﻣﻨﻬﻢ ﻣﻮﺟﻪ ﻟﻠﻨﺸﺎﻁ ﺍﻟﺮﺋﻴﺴﻲ‬
‫ﺑﻴﻨﻤﺎ ﻳﺸﺮﻑ ﻋﻠﻰ ﺍﻟﺘﺴﻴﲑ ‪ 326‬ﺇﻃﺎﺭ‪.‬‬
‫ﻳﺘﻜﻮﻥ ﺍﻟﺮﺃﲰﺎﻝ ﺍﻻﺟﺘﻤﺎﻋﻲ ﺍﻷﺳﺎﺳﻲ ﳍﺬﻩ ﺍﻟﺸﺮﻛﺔ ﻣﻦ ‪4000000‬ﺳﻬﻢ ﺑﻘﻴﻤﺔ ﺇﲰﻴﺔ‬
‫‪1000‬ﺩﺝ‪.‬‬
‫ﺍﻟﺬﻱ ﰎ ﺩﻓﻌﻪ ﺇﱃ ‪5000000‬ﺳﻬﻢ ﺑﻨﻔﺲ ﺍﻟﻘﻴﻤﺔ ﺍﻹﲰﻴﺔ ﻟﺘﺤﻘﻴﻖ ﺑﺮﻧﺎﻣﺞ ﺍﺳﺘﺜﻤﺎﺭﻱ ﻳﺮﺗﻜﺰ ﻋﻠﻰ‬
‫‪:‬‬
‫ﺗﻨﻤﻴﺔ ﺇﻧﺘﺎﺝ ﺍﻟﺴﻤﻴﺪ ﻭ ﺍﻟﺪﻗﻴﻖ ﻭ ﺍﻟﻌﺠﺎﺋﻦ ﺍﻟﻐﺬﺍﺋﻴﺔ ‪.‬‬ ‫•‬
‫ﻣﻜﺘﺒﺔ ﺍﻟﺘﻮﻇﻴﻒ ﻭ ﺍﻹﺭﺳﺎﻝ ﻋﻠﻰ ﻣﺴﺘﻮﻯ ﺍﳌﻄﺎﺣﻦ‪.‬‬ ‫•‬
‫ﺇﺩﺧﺎﻝ ﻧﻈﺎﻡ ﻣﻌﻠﻮﻣﺎﰐ ﰲ ﺗﺴﻴﲑ ﺍﻟﺸﺮﻛﺎﺕ‪.‬‬ ‫•‬
‫ﺩﺧﻮﻝ ﺭﻳﺎﺽ ﺳﻄﻴﻒ ﻋﻠﻰ ﺍﻟﺒﻮﺭﺻﺔ‪:‬‬ ‫•‬
‫ﺗﻘﺮﺭ ﺩﺧﻮﻝ ﺭﻳﺎﺽ ﺳﻄﻴﻒ ﺇﱃ ﺍﻟﺒﻮﺭﺻﺔ ﰲ ﺇﻃﺎﺭ ﺧﻮﺻﺼﺔ ﺍﳌﺆﺳﺴﺎﺕ ﺍﻟﻌﻤﻮﻣﻴﺔ ﺍﶈﺪﺩ ﻣﻦ‬
‫ﻃﺮﻑ ﺍﺠﻤﻟﻠﺲ ﺍﻟﻮﻃﲏ ﳌﺴﺎﳘﺎﺕ ﺍﻟﺪﻭﻟﺔ ﻭ ﺫﻟﻚ ﰲ ﺍﺧﺘﻴﺎﺭ ﻳﻮﻡ ‪ 05‬ﻓﻴﻔﺮﻱ ‪ 1998‬ﻋﻠﻰ ﺇﺛﺮ ﻫﺬﺍ ﺍﻟﻘﺮﺍﺭ ﰒ‬
‫ﺍﺟﺘﻤﺎﻉ ﺍﳉﻤﻌﻴﺔ ﺍﻟﻌﺎﻣﺔ ﺍﻟﻐﲑ ﻋﺎﺩﻳﺔ ﻟﻠﺸﺮﻛﺔ ﻭ ﺫﻟﻚ ﻳﻮﻡ ‪29‬ﺃﻓﺮﻳﻞ‪ 1998‬ﺣﻴﺚ ﻗﺮﺭ ﺭﻓﻊ ﺭﺃﲰﺎﻝ ﺭﻳﺎﺽ‬
‫ﺳﻄﻴﻒ ﺑﺎﻟﻠﺠﻮﺀ ﺍﻟﻌﻠﲏ ﻟﻼﺩﺧﺎﺭ‪.‬‬
‫ﳜﺺ ﻫﺬﺍ ﺍﻻﺭﺗﻔﺎﻉ ‪ 1‬ﻣﻠﻴﻮﻥ ﺳﻬﻢ ﺑﻘﻴﻤﺔ ﺍﲰﻴﺔ ‪ 1000‬ﺩﻳﻨﺎﺭ ﻟﻠﺴﻬﻢ‪ ،‬ﺇﻥ ﻫﺬﻩ ﺍﻷﺳﻬﻢ ﺍﻻﲰﻴﺔ‬
‫ﳏﺮﺭﺓ ﻛﻠﻴﺎ ﻟﻼﻛﺘﺴﺎﺏ‪ ،‬ﻭﻗﺎﺑﻠﺔ ﻟﻠﺘﻨﺎﺯﻝ‪ ،‬ﻓﻬﻲ ﲣﻮﻝ ﳊﺎﻣﻠﻬﺎ ﺣﻖ ﺍﻻﻧﺘﺨﺎﺏ ﰲ ﺍﳉﻤﻌﻴﺎﺕ ﺍﻟﻌﺎﻣﺔ‪ ،‬ﺍﳊﻖ ﰲ‬
‫ﺍﻷﺭﺑﺎﺡ ﻭﻛﺬﻟﻚ ﺍﳊﻖ ﰲ ﺍﻟﺮﺑﺢ ﺍﻹﺿﺎﰲ ﰲ ﺣﺎﻟﺔ ﺍﻟﺘﺼﻔﻴﺔ‪ ،‬ﺪﻑ ﺗﺸﺠﻴﻊ ﺍﻟﺸﺮﺍﻛﺔ ﺍﳋﺎﺻﺔ‪ ،‬ﻓﺈﻥ ﺍﻟﺸﺮﺍﻛﺔ‬
‫ﺍﻟﻘﺎﺑﻀﺔ ﺍﻟﺰﺭﺍﻋﻴﺔ ﺍﻟﻐﺬﺍﺋﻴﺔ ﺍﻷﺳﺎﺳﻲ‪ ،‬ﻓﻘﺪ ﺗﻨﺎﺯﻟﺖ ﻋﻦ ﺣﻘﻮﻗﻬﺎ ﺍﻹﻣﺘﻴﺎﺯﻳﺔ ﰲ ﻫﺬﻩ ﺍﻟﻌﻤﻠﻴﺔ‪.‬‬
‫ﺇﻥ ﺯﻳﺎﺩﺓ ﺭﺃﲰﺎﻝ ﻋﻦ ﻃﺮﻳﻖ ﺇﺻﺪﺍﺭ ﺃﺳﻬﻢ ﺟﺪﻳﺪﺓ ﻟﺪﻯ ﺍﳉﻤﻬﻮﺭ ‪‬ﺪﻑ ﻋﻠﻰ ﲤﻮﻳﻞ ﺗﻨﻤﻴﺔ‬
‫ﺍﻟﻘﺪﺭﺍﺕ ﺍﻹﻧﺘﺎﺟﻴﺔ ﻭﻋﺼﺮﻧﺔ ﺍﻟﺘﺠﻬﻴﺰﺍﺕ ﺍﶈﻴﻄﺔ ﻭﺍﻟﱵ ﺗﺴﻤﺢ ﻟﻠﺸﺮﻛﺔ ﺑﺘﺤﺴﲔ ﻇﺮﻭﻑ ﺗﺮﺍﻛﻢ ﺍﻷﺭﺑﺎﺡ ﻋﻠﻰ‬
‫ﺍﳌﺪﻯ ﺍﳌﺘﻮﺳﻂ ﻭﺍﻟﻄﻮﻳﻞ)‪.(1‬‬

‫ﻭﻳﺘﻢ ﺍﳊﺼﻮﻝ ﻋﻠﻰ ﺍﻷﺳﻬﻢ ﻟﺪﻯ ﺷﺒﺎﺑﻴﻚ ﺍﻟﺒﻨﻮﻙ ﺍﻟﱵ ﻛﻮﻧﺖ ﻧﻘﺎﺑﺔ ﺧﺼﻴﺼﺎ ﳍﺬﻩ ﺍﻟﻌﻤﻠﻴﺔ ﺭﺃﺳﻬﺎ‬
‫ﺑﻨﻚ ﺍﻟﻔﻼﺣﺔ ﻭﺍﻟﺘﻨﻤﻴﺔ ﺍﻟﺮﻳﻔﻴﺔ "‪."BADR‬‬
‫ﻳﺘﻜﻮﻥ ﺭﺃﲰﺎﻝ ﺍﻻﺟﺘﻤﺎﻋﻲ ﻟﺮﻳﺎﺽ ﺳﻄﻴﻒ ﺣﺎﻟﻴﺎ ﻣﻦ ‪ 4000000‬ﺳﻬﻢ ﺍﲰﻲ ﺑﻘﻴﻤﺔ ﺍﲰﻴﺔ ﺗﻘﺪﺭ‬
‫ﺑـ‪ 1000 :‬ﺩﺝ ﻋﻠﻰ ﺇﺛﺮ ‪‬ﺎﻳﺔ ﺇﳒﺎﺯ ﻋﻤﻠﻴﺔ ﺍﻟﻠﺠﻮﺀ ﺍﻟﻌﻠﲏ ﻟﻼﺩﺧﺎﺭ ﻣﻮﺿﻮﻉ ﻫﺬﺍ ﺍﻹﺻﺪﺍﺭ‪.‬‬
‫ﺇﻥ ﺍﻷﺳﻬﻢ ﺍﳌﻌﺮﻭﺿﺔ ﻋﻠﻰ ﺍﳉﻤﻬﻮﺭ ﺃﻱ ‪ 1000000‬ﺳﻬﻢ ﺍﲰﻲ ﺑﻘﻴﻤﺔ ﺍﲰﻴﺔ ‪ 1000‬ﺩﺝ ﲤﺜﻞ‬
‫‪ %20‬ﻣﻦ ﺭﺃﲰﺎﻝ ﺍﻻﺟﺘﻤﺎﻋﻲ ﺑﻌﺪ ﺍﻟﺰﻳﺎﺩﺓ ﺣﱴ ﳝﻜﻦ ﺍﻟﻘﺒﻮﻝ ﺑﺎﻟﺘﺴﻌﲑﺓ ﻟﻴﺴﺘﻮﺟﺐ ﺃﻥ ﺗﻜﺘﺘﺐ ﻫﺬﻩ ﺍﻷﺳﻬﻢ‬
‫ﻣﻦ ﻃﺮﻑ ‪ 300‬ﺷﺨﺺ ﻋﻠﻰ ﺍﻻﻗﻞ‪.‬‬
‫ﻗﺎﻣﺖ ﺑﺈﺻﺪﺍﺭ ﻫﺬﻩ ﺍﻻﺳﻬﻢ ﺑﺴﻌﺮ ﺇﺻﺪﺍﺭ ﺑﻘﻴﻤﺔ ‪ 2300‬ﺩﺝ ﲟﺎ ﻓﻴﻬﺎ ﻣﺼﺎﺭﻳﻒ ﺍﻟﻌﻤﻮﻻﺕ‬
‫ﻭﺍﻟﺮﺳﻮﻡ ﺣﻴﺚ ﺑﺪﺍﺕ ﻋﻤﻠﻴﺔ ﺍﻻﻛﺘﺘﺎﺏ ﰲ ﺃﺳﻬﻤﻬﺎ ﰲ ‪ 02‬ﻧﻮﻓﻤﱪ ﺇﱃ ﻏﺎﻳﺔ ‪ 15‬ﺩﻳﺴﻤﱪ ‪ 1998‬ﺣﻴﺚ ﰎ‬
‫ﺗﺼﺮﻳﻒ ‪ %50‬ﻣﻦ ﺍﻷﺳﻬﻢ ﺍﳌﻌﺮﻭﺿﺔ‪ .‬ﻭﲢﺼﻠﺖ ﺷﺮﻛﺔ ﺭﻳﺎﺽ ﺳﻄﻴﻒ ﻋﻠﻰ ﺍﻟﺘﺄﺷﲑﺓ ﻣﻦ ﳉﻨﺔ ﺗﻨﻈﻴﻢ ﻭ‬
‫ﻣﺮﺍﻗﺒﺔ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ ﺭﻗﻢ ‪ 98/01‬ﺍﳌﺆﺭﺥ ﰲ ‪.11998/06/27‬‬

‫)‪ (1‬ﻣﻨﺸﻮﺭﺍﺕ ﺭﻳﺎﺽ ﺳﻄﻴﻒ‪ ،‬ﻣﺮﺟﻊ ﺳﺎﺑﻖ‪ ،‬ﺹ ‪.11‬‬

‫‪ 1‬ﻣﻨﺸﻮﺭﺍﺕ ﺭﻳﺎﺽ ﺳﻄﻴﻒ‪ ،‬ﻣﺮﺟﻊ ﺳﺎﺑﻖ‪ ،‬ﺹ ‪.13‬‬

 ‫ﻭﻛﺎﻥ ﺗﻮﺯﻳﻊ ﺍﳌﻜﺘﺘﺒﲔ ﻛﺎﻟﺘﺎﱄ‪:‬‬
‫ﻋﺪﺩ ﺍﻻﺳﺘﺜﻤﺎﺭﺍﺕ ‪.5566‬‬ ‫‪-1‬‬
‫ﻋﺪﺩ ﺍﳌﻜﺘﺘﺒﲔ ‪.5180‬‬ ‫‪-2‬‬
‫ﺍﻟﺠﺪﻭﻝ ﺭﻗﻢ )‪ :(05‬ﺗﻮﺯﻳﻊ ﺍﻷﺳﻬﻢ ﺣﺴﺐ ﺍﻟﻤﻜﺘﺘﺒﻴﻦ ‪.‬‬
‫ﻋﺪﺩ ﺍﻷﺳﻬﻢ‬ ‫ﻋﺪﺩ ﺍﳌﻜﺘﺘﺒﲔ‬ ‫ﺍﻟﺘﻌﺮﻳﻒ‬
‫‪63.082‬‬ ‫‪68‬‬ ‫‪ .1‬ﺍﻷﺷﺨﺎﺹ ﺍﳌﻌﻨﻮﻳﲔ‪.‬‬
‫‪395.844‬‬ ‫‪5106‬‬ ‫‪ .2‬ﺍﻷﺷﺨﺎﺹ ﺍﻟﻄﺒﻴﻌﻴﲔ‪.‬‬
‫‪541.074‬‬ ‫‪6‬‬ ‫‪ .3‬ﺍﻟﺒﻨﻮﻙ‪.‬‬
‫‪1000000‬‬ ‫‪5180‬‬ ‫‪ .4‬ﺍﺠﻤﻟﻤﻮﻉ‬

‫ﺍﻟﻤﺼﺪﺭ ‪ :‬ﻣﻨﺸﻮﺭﺍﺕ ﺭﻳﺎﺽ ﺳﻄﻴﻒ‬

‫ﺟﺪﻭﻝ ﺭﻗﻢ )‪ :(06‬ﻋﺪﺩ ﺍﻻﺳﺘﺜﻤﺎﺭﺍﺕ ﺑﺎﻷﺻﻨﺎﻑ‪.‬‬

‫‪ - 1501 - 400 -‬ﺍﺠﻤﻟﻤﻮﻉ‬ ‫ﺳﻬﻢ ﻭﺍﺣﺪ ‪100 99 - 21 20 - 2‬‬

‫‪ 2000 1500‬ﺍﻟﻜﻠﻲ‬ ‫‪399‬‬
‫‪5566‬‬ ‫‪44‬‬ ‫‪230‬‬ ‫‪731‬‬ ‫‪882‬‬ ‫‪2660‬‬ ‫ﺍﺠﻤﻟﻤﻮﻉ ‪1019‬‬
‫‪%100 %0.49 %4.13 %13.13 %15.85 %47.49 %18.31‬‬ ‫‪%‬‬
‫ﺍﻟﻤﺼﺪﺭ‪ :‬ﻣﻌﻠﻮﻣﺎﺕ ﻣﻦ ﺍﻻﻧﺘﺮﻧﻴﺖ‪.‬‬

‫ﻧﺴﺘﺨﻠﺺ ﻣﻦ ﺍﳉﺪﻭﻟﲔ ﺃﻥ ﻋﻤﻠﻴﺔ ﺭﻓﻊ ﺭﺃﲰﺎﻝ ﺑﺎﻟﻠﺠﻮﺀ ﺍﻟﻌﻠﲏ ﻟﻼﺩﺧﺎﺭ ﱂ ﲢﻀﻲ ﺑﻨﺠﺎﺡ ﻛﺒﲑ ﰲ‬
‫ﻭﺳﻂ ﺍﳉﻤﻬﻮﺭ ﺍﳌﺘﻌﺎﻣﻠﲔ ﺇﺫ ﱂ ﻳﺘﻢ ﺗﺼﺮﻳﻒ ﺇﻻ ‪ %51‬ﻣﻦ ﺍﻹﺻﺪﺍﺭ ﺍﻟﻜﻠﻲ‪ .‬ﺃﻣﺎ ﺍﻟﺒﺎﻗﻲ ﻓﻘﺪ ﰎ ﺇﻛﺘﺘﺎﺑﻪ ﻣﻦ‬
‫ﻃﺮﻑ ﺍﻟﺒﻨﻮﻙ ﺍﳌﺸﻜﻠﺔ ﻟﻨﻘﺎﺑﺔ ﺍﻟﺘﻮﻇﻴﻒ‪ ،‬ﺍﻟﱵ ﺗﻌﻬﺪﺕ ﰲ ﻫﺬﺍ ﺍﻹﻃﺎﺭ ﺑﻀﻤﺎﻥ ﺍﻟﻨﻬﺎﻳﺔ ﺍﳊﺴﻨﺔ ﻟﻠﻌﻤﻠﻴﺔ‪.‬‬
 ‫ﺍﻟﻔﺮﻉ ﺍﻟﺜﺎﱐ‪ :‬ﺍﻟﻌﺮﺽ ﺍﻟﻌﻤﻮﻣﻲ ﻟﻠﺒﻴﻊ‪.‬‬
‫ﳎﻤﻊ ﺻﻴﺪﺍﻝ‪:‬‬ ‫‪-I‬‬
‫ﺍﻧﺒﺜﻖ ﳎﻤﻊ ﺻﻴﺪﺍﻝ ﺍﻟﺼﻨﺎﻋﻲ ﻋﻦ ﺇﻋﺎﺩﺓ ﻫﻴﻜﻠﺔ ﺍﳌﺆﺳﺴﺔ ﺍﻟﻌﻤﻮﻣﻴﺔ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﺻﻴﺪﺍﻝ ﻭﺫﻟﻚ‬
‫ﺑﺘﺎﺭﻳﺦ ‪ 02‬ﻓﻴﻔﺮﻱ ‪.1998‬‬
‫‪‬ﺘﻢ ﻫﺬﻩ ﺍﳌﺆﺳﺴﺔ ﻋﻤﻮﻣﺎ ﺑﺈﻧﺘﺎﺝ‪ ،‬ﺍﺳﺘﲑﺍﺩ‪ ،‬ﻭﺗﺼﺪﻳﺮ ﻭﺗﺴﻮﻳﻖ ﺍﳌﻨﺘﻮﺟﺎﺕ ﺍﻟﺼﻴﺪﻻﻧﻴﺔ ﻭﺍﳌﻮﺍﺩ‬
‫ﺍﻟﻜﻴﻤﻴﺎﺋﻴﺔ ﻋﻠﻰ ﺷﻜﻞ ﺇﻣﺎ ﻣﻮﺍﺩ ﺃﻭﻟﻴﺔ‪ ،‬ﻣﻨﺘﻮﺟﺎﺕ ﻧﺼﻒ ﻣﺼﻨﻌﺔ ﺃﻭ ﻣﻨﺘﻮﺟﺎﺕ ﺗﺎﻣﺔ ﺍﻻﺳﺘﻐﻼﻝ ﺍﻟﺒﺸﺮﻱ‬
‫ﻭﺍﻟﺒﻴﻄﺮﻱ‪ .‬ﺗﻀﻢ ﺛﻼﺙ ﻓﺮﻭﻉ ﺇﻧﺘﺎﺟﻴﺔ ﻭﻭﺣﺪﺗﲔ ﻟﻠﺨﺪﻣﺎﺕ‪.‬‬
‫ﻓﺎﺭﻣﺎﻝ ‪.‬‬ ‫•‬
‫ﻓﺮﻉ ﺍﳌﻀﺎﺩﺍﺕ ﺍﳊﻴﻮﻳﺔ‪.‬‬ ‫•‬
‫ﻓﺮﻉ ﺑﻴﻮﺗﻴﻚ‪.‬‬ ‫•‬
‫ﺍﻟﻮﺣﺪﺓ ﺍﻟﺘﺠﺎﺭﻳﺔ ﻟﻠﻮﺳﻂ‪.‬‬ ‫•‬
‫ﻭﺣﺪﺓ ﺍﻟﺒﺤﺚ ﻭﺍﻟﺘﻄﻮﻳﺮ‪.‬‬ ‫•‬
‫ﻛﻤﺎ ﳝﺘﻠﻚ ﻫﺬﺍ ﺍﺠﻤﻟﻤﻊ ﻣﺴﺎﳘﺎﺕ ﰲ ﺭﺃﲰﺎﻝ ﺍﳌﺆﺳﺴﺎﺕ ﺍﻟﺘﺎﻟﻴﺔ‪:‬‬
‫ﻓﺎﺑﺰﺭﻓﺎﺭﻡ ﺍﳉﺰﺍﺋﺮ‪.‬‬ ‫‪−‬‬
‫ﺳﻮﻣﻴﺪﺍﻝ‪.‬‬ ‫‪−‬‬
‫ﺃﻟﺪﺍﻑ‪.‬‬ ‫‪−‬‬
‫ﺳﻮﺭﻳﻔﺎﻝ‪.‬‬ ‫‪−‬‬
‫ﺃﻛﺪﳝﺎ‪.‬‬ ‫‪−‬‬
‫ﻧﻮﻓﺮ‪.‬‬ ‫‪−‬‬
‫ﻋﻤﻠﻴﺔ ﺍﻟﻌﺮﺽ ﺍﻟﻌﻤﻮﻣﻲ ﻟﻠﺒﻴﻊ ﺃﺳﻬﻢ "ﺻﻴﺪﺍﻝ"‪:‬‬ ‫•‬
‫ﻳﺘﻤﻴﺰ ﺳﻮﻕ ﺍﻷﺩﻭﻳﺔ ﰲ ﺍﳉﺰﺍﺋﺮ ﲝﺠﻤﻪ ﺍﳌﺮﺗﻔﻊ ﻧﺴﺒﻴﺎ‪ .‬ﺇﺫ ﻻ ﻳﺰﺍﻝ ﺍﻹﻧﺘﺎﺝ ﺍﻟﻮﻃﲏ ﲢﺖ ﺍﺣﺘﻜﺎﺭ‬
‫ﺻﻴﺪﺍﻝ ﺇﺫ ﻳﻐﻄﻲ ‪ %35‬ﻣﻦ ﺣﺎﺟﻴﺎﺕ ﺍﻟﺴﻮﻕ ﺍﳉﺰﺍﺋﺮﻱ‪ .‬ﻭ‪‬ﺪﻑ ﺻﻴﺪﺍﻝ ﺇﱃ ﺗﻌﺰﻳﺰ ﻣﻜﺎﻧﺘﻬﺎ ﰲ ﺍﻟﺴﻮﻕ ﻭﻫﺬﺍ‬
‫ﻻﺣﺘﻼﻝ ‪ %50‬ﻣﻦ ﺣﺎﺟﻴﺎﺕ ﺍﻟﺴﻮﻕ ﻭﺫﻟﻚ ﻋﻦ ﻃﺮﻳﻖ‪:‬‬
‫ﺗﻌﻮﻳﺪ ﻣﻨﺘﻮﺟﺎ‪‬ﺎ ‪.‬‬ ‫‪-‬‬
‫ﺗﻮﻓﲑ ﺃﺩﻭﻳﺔ ﻋﻠﻰ ﳎﺎﻝ ﺍﳌﻨﺎﻓﺴﺔ ‪.‬‬ ‫‪-‬‬
‫‪ -‬ﺗﻜﺜﻴﻒ ﺍﺠﻤﻟﻬﻮﺩﺍﺕ ﰲ ﺍﳌﻴﺪﺍﻥ ﺍﻟﺘﺴﻮﻳﻖ ﻭﺍﻹﻋﻼﻡ ﺍﻟﻄﱯ ﻳﻘﺪﺭ ﺍﻟﺮﺃﲰﺎﻝ ﺍﻻﺟﺘﻤﺎﻋﻲ ﳌﺆﺳﺴﺔ ﺻﻴﺪﺍﻝ‬
‫ﺑـ‪ %2.5) :‬ﻣﻠﻴﺎﺭ ﺩﻳﻨﺎﺭ ﺟﺰﺍﺋﺮﻱ ( ﻣﻮﺯﻉ ﻋﻠﻰ ‪ 10‬ﻣﻼﻳﲔ ﺳﻬﻢ ﻣﻮﺯﻋﺔ ﻛﺎﻵﰐ‪:‬‬
‫‪ % 80 -‬ﻣﻠﻚ ﺍﻟﺸﺮﻛﺔ ﺍﻟﻘﺎﺑﻀﺔ ﺍﻟﻌﻤﻮﻣﻴﺔ ﻟﻠﻜﻴﻤﻴﺎﺀ ﺍﻟﺼﻨﺎﻋﻴﺔ‪.‬‬
‫‪ % 20 -‬ﻣﻠﻚ ﺣﺎﻣﻠﻲ ﺍﻟﺼﻐﺎﺭ "ﺍﳌﺴﻌﺮﻳﻦ ﺑﺎﻟﺒﻮﺭﺻﺔ"‪.1‬‬
‫ﺍﲣﺬ ﻗﺮﺍﺭ ﺇﺩﺧﺎﻝ ﳎﻤﻊ ﺻﻴﺪﺍﻝ ﺇﱃ ﺑﻮﺭﺻﺔ ﻗﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ ﺍﳌﻤﻠﻮﻛﺔ ﻣﻦ ﻃﺮﻑ ﳉﻨﺔ ﻭﻃﻨﻴﺔ ﳌﺴﺎﳘﺎﺕ‬
‫ﺍﻟﺪﻭﻟﺔ ﺑﺘﺎﺭﻳﺦ ‪ 18‬ﺟﻮﺍﻥ ‪ 1998‬ﻣﺘﻨﻮﻋﺔ ﺑﻠﺠﻨﺔ ﻋﺎﻣﺔ ﻏﲑ ﻋﺎﺩﻳﺔ ﳌﺴﺎﳘﻲ ﺍﻟﺸﺮﻛﺔ ﺍﻟﻌﻤﻮﻣﻴﺔ ﺍﻟﻮﻃﻨﻴﺔ ﺻﻴﺪﺍﻝ‬
‫ﺑﺘﺎﺭﻳﺦ ‪ 22‬ﺟﻮﺍﻥ ‪.1998‬‬
‫ﰎ ﻓﺘﺢ ﺭﺃﲰﺎﻝ ﳎﻤﻊ ﺻﻴﺪﺍﻝ ﻋﻦ ﻃﺮﻳﻖ ﺍﻟﻌﺮﺽ ﺍﻟﻌﻤﻮﻣﻲ ﻟﻠﺒﻴﻊ ‪ OPV‬ﺍﻟﺬﻱ ﳜﺺ ‪ %20‬ﻣﻦ‬
‫ﺍﻟﺮﺃﲰﺎﻝ ﺍﻻﺟﺘﻤﺎﻋﻲ ﺃﻱ ﻣﺎ ﻳﻌﺎﺩﻝ ‪ 500‬ﻣﻠﻴﻮﻥ ﺩﺝ‪،‬ﻭﻣﻮﺯﻋﺔ ﻋﻠﻰ ‪ 2‬ﻣﻠﻴﻮﻥ ﺳﻬﻢ ﺑﻘﻴﻤﺔ ﺍﲰﻴﺔ ﺑـ‪250 :‬ﺩﺝ‬
‫ﻟﻠﺴﻬﻢ‪ ،‬ﺃﻣﺎ ﺑﺎﻗﻲ ﺭﺃﲰﺎﻝ ﺍﺠﻤﻟﻤﻊ ﻓﻴﺒﻘﻲ ﻣﻠﻚ ﻟﻠﺸﺮﻛﺔ ﺍﻟﻐﺎﻳﺔ ﺍﻟﻌﻤﻮﻣﻴﺔ ﻟﻠﻜﻴﻤﻴﺎﺀ ﺍﻟﺼﻴﺪﻻﻧﻴﺔ‪.‬‬
‫ﺑﺪﺃﺕ ﻋﻤﻠﻴﺔ ﺍﻹﻛﺘﺘﺎﺏ ﻳﻮﻡ ‪ 15‬ﻓﻴﻔﺮﻱ ﺇﱃ ﻏﺎﻳﺔ ‪ 15‬ﻣﺎﺭﺱ ‪1999‬ﻡ ‪‬ﺪﻑ ﺧﻮﺻﺼﺔ ﺟﺰﺋﻴﺔ‬
‫ﳍﺬﺍ ﺍﺠﻤﻟﻤﻊ ﻭﻟﻘﺪ ﻓﺎﻗﺖ ﻋﺪﺩ ﺍﻷﺳﻬﻢ ﺍﳌﺒﺎﻋﺔ ﺧﻼﻝ ﻫﺬﺍ ﺍﻟﻴﻮﻡ ‪ 1500‬ﺳﻬﻢ‪.‬‬
‫ﻭﺗﻌﺘﱪ ﺃﺳﻬﻢ ﺻﻴﺪﺍﻝ ﺍﺳﻬﻢ ﻋﺎﺩﻳﺔ ﺧﺎﻟﻴﺔ ﻣﻦ ﺃﻱ ﺍﻟﺘﺰﺍﻡ ﻭﳏﺮﺭﺓ ﻛﻠﻴﺎ ﻭﺑﻠﻎ ﲦﻦ ﺍﻟﻌﺮﺽ ‪ 800‬ﺩﺝ‬
‫ﻭﻳﻀﻢ ﻫﺬﺍ ﺍﳌﺒﻠﻎ ﻛﻞ ﺍﻟﺘﻜﺎﻟﻴﻒ ﻭﺍﳌﻌﺎﻣﻼﺕ ﻭﺍﻟﻨﻔﻘﺎﺕ ‪.‬‬
‫ﻭﻗﺪ ﰎ ﺗﻜﺎﻟﻴﻒ ﺍﳌﺆﺳﺴﺔ ﺍﳌﺎﻟﻴﺔ ﺍﻟﻌﺎﻣﻠﺔ ‪ .SOGEFI‬ﺣﻴﺚ ﲤﺖ ﺃﻭﻝ ﻣﻌﺎﻣﻠﺔ ﻳﻮﻡ ‪ 20‬ﺳﺒﺘﻤﱪ‬
‫‪ 1999‬ﻭﻗﺪﺭﺕ ﺑـ‪825 :‬ﺩﺝ‪.‬‬
‫ﻭﻛﺎﻥ ﺣﺠﻢ ﺍﻟﻄﻠﺐ ﻋﻠﻰ ﺍﻷﺳﻬﻢ ‪:‬‬

‫ﺍﻟﺠﺪﻭﻝ ﺭﻗﻢ ‪ :07‬ﺣﺠﻢ ﺍﻟﻄﻠﺐ ﻋﻠﻰ ﺃﺳﻬﻢ ﺻﻴﺪﺍﻝ‪.‬‬

‫‪ 1‬ﺍﳉﺮﻳﺪﺓ ﺍﻟﺸﻬﺮﻳﺔ ﺠﻤﻟﻤﻊ ﺻﻴﺪﺍﻝ ﺭﻗﻢ ‪ 04‬ﻟﺴﻨﺔ ‪ 1999‬ﺹ ‪.02‬‬

 ‫ﺍﳌﺮﻓﻮﺽ‬ ‫ﺍﳌﻘﺒﻮﻝ‬ ‫ﺣﺠﻢ ﺍﻟﻄﻠﺐ‬
‫‪425000‬‬ ‫‪292500‬‬ ‫‪717500‬‬ ‫ﻣﺆﺳﺴﺎﺕ ﻋﻤﻮﻣﻴﺔ‬
‫‪219500‬‬ ‫‪89215‬‬ ‫ﻣﻌﻨﻮﻳﲔ ‪308715‬‬ ‫ﺃﺷﺨﺎﺹ‬
‫ﺁﺧﺮﻭﻥ‬
‫‪00‬‬ ‫‪16514‬‬ ‫‪16514‬‬ ‫ﻋﻤﺎﻝ ﺻﻴﺪﺍﻝ‬
‫‪17424‬‬ ‫‪1791260‬‬ ‫ﻃﺒﻴﻌﻴﲔ ‪1808684‬‬ ‫ﺃﺷﺨﺎﺹ‬
‫ﺁﺧﺮﻭﻥ‬
‫‪661924‬‬ ‫‪2189489‬‬ ‫‪2851413‬‬ ‫ﺍﺠﻤﻟﻤﻮﻉ‬

‫ﺍﻟﻤﺼﺪﺭ‪ :‬ﻣﻌﻠﻮﻣﺎﺕ ﻣﻦ ﺍﻻﻧﺘﺮﻧﻴﺖ‪.‬‬

‫ﻣﻦ ﻫﺬﻩ ﺍﻹﺣﺼﺎﺋﻴﺎﺕ ﻳﺘﻀﺢ ﺃﻥ ﺃﺳﻬﻢ ﺻﻴﺪﺍﻝ ﲨﻌﺖ ﻛﻞ ﺷﺮﻭﻁ ﺍﻟﻘﺒﻮﻝ ﰲ ﺍﻟﺘﺴﻌﲑﺓ ﺍﳌﺒﻴﻨﺔ ﰲ‬
‫ﺍﻟﺘﻨﻈﻴﻤﺎﺕ ﻭﺍﻟﻘﻮﺍﻧﲔ ﺍﻟﻌﺎﻣﺔ ﻟﻠﺒﻮﺭﺻﺔ‪.‬‬
‫ﺍﺳﺘﻄﺎﻋﺖ ﺻﻴﺪﺍﻝ ﺑﻌﺮﺿﻬﺎ ‪ %20‬ﻣﻦ ﺭﺃﲰﺎﳍﺎ ﺃﻥ ﺗﺒﻴﻊ ﺃﻛﺜﺮ ﻣﻦ ﻋﺪﺩ ﺍﻷﺳﻬﻢ ﺍﻟﱵ ﻃﺮﺣﺘﻬﺎ ﺣﻴﺚ ﻓﺈﻥ‬ ‫•‬
‫ﺍﻟﻄﻠﺐ ﻋﻠﻰ ﺍﻟﻌﺮﺽ ﲟﻌﺪﻝ )‪ .(%43+‬ﻓﻠﻘﺪ ﲢﺼﻠﺖ ﻋﻠﻰ ‪ 230000‬ﺳﻬﻢ ﺑﺎﻟﺸﺮﺍﺀ ﻋﻨﺪ ‪‬ﺎﻳﺔ ﺍﻟﻌﻤﻠﻴﺔ ﻭﻗﺪ‬
‫ﰎ ﺑﻴﻊ ‪ 1.4‬ﻣﻠﻴﻮﻥ ﺳﻬﻢ ﻟﻸﺷﺨﺎﺹ ﺍﻟﻄﺒﻴﻌﻴﲔ ﻛﻤﺎ ﰎ ﺑﻴﻊ ‪ 705000‬ﺳﻬﻢ ﻟﻠﻤﺆﺳﺴﺎﺕ ﺍﳌﺎﻟﻴﺔ ﻭ‬
‫‪ 233000‬ﻟﻸﺷﺨﺎﺹ ﺍﳌﻌﻨﻮﻳﲔ ﻭ ‪ 16500‬ﻟﻌﻤﺎﻝ ﺍﺠﻤﻟﻤﻊ ﺻﻴﺪﺍﻝ‪.1‬‬
‫ﻓﻨﺪﻕ ﺍﻷﻭﺭﺍﺳﻲ‪:‬‬ ‫‪-II‬‬
‫ﺍﻷﻭﺭﺍﺳﻲ ﻓﻨﺪﻕ ﺫﻭ ‪ 05‬ﳒﻮﻡ ﰎ ﺗﺪﺷﻴﻨﻪ ﰲ ‪ 02‬ﻣﺎﻱ ‪ ، 1975‬ﻭﻗﺪ ﻛﺎﻥ ﳏﻞ ﲡﺪﻳﺪﻩ ﻭﺇﻋﺎﺩﺓ‬
‫ﲡﻬﻴﺰﻩ ﺳﻨﺔ ‪.1988‬‬
‫ﻳﺘﺠﻤﻊ ﰲ ﻫﺬﺍ ﺍﻟﻔﻨﺪﻕ ﻗﺪﺭﺍﺕ ﺗﻘﻨﻴﺔ ﺟﺪ ﻫﺎﻣﺔ ﳑﺎ ﺟﻌﻠﻪ ﳛﺘﻞ ﻣﺮﺗﺒﺔ ﻣﻌﺘﱪﺓ ﰲ ﺍﻟﺼﻒ ﺍﻷﻭﻝ‬
‫ﻟﻠﻔﻨﺎﺩﻕ ﺍﳉﺰﺍﺋﺮﻳﺔ‪ ،‬ﻳﻌﺘﱪ ﻓﻨﺪﻕ ﺍﻷﻭﺭﺍﺳﻲ ﻣﺆﺳﺴﺔ ﻋﺎﻟﻴﺔ ﺍﻷﺩﺍﺀ ﻳﺘﻀﺢ ﻣﻦ ﺧﻼﻝ ﺭﻗﻢ‬

‫‪ 1‬ﺍﳉﺮﻳﺪﺓ ﺍﻟﺸﻬﺮﻳﺔ ﺍﻟﺼﺎﺩﺭﺓ ﰲ ﻣﺎﺭﺱ ‪ ،1999‬ﺹ‪.01‬‬

‫ﺍﻷﻋﻤﺎﻝ ﺍﶈﻘﻖ ﺳﻨﺔ ‪ 1998‬ﻭﺍﻟﺬﻱ ﻗﺪﺭ ﺑـ ‪ 893‬ﻣﻠﻴﻮﻥ ﺩﺝ ﺃﻱ ﺯﻳﺎﺩﺓ ﰲ ‪ %30‬ﺑﺎﻟﻨﺴﺒﺔ ﻟﺴﻨﺔ ‪.1997‬‬
‫ﺃﻣﺎ ﺭﺃﲰﺎﻝ ﺍﻻﺟﺘﻤﺎﻋﻲ ﻟﻠﻔﻨﺪﻕ ﻗﺪﺭ ‪ 1.5‬ﻣﻠﻴﺎﺭ ﺩﻳﻨﺎﺭ ﻣﻮﺯﻉ ﻋﻠﻰ ‪ 6‬ﻣﻠﻴﻮﻥ ﺳﻬﻢ ﺍﲰﻴﺔ ‪ 250‬ﺩﺝ ﻟﻠﺴﻬﻢ‬
‫ﺍﻟﻮﺍﺣﺪ‪.‬‬
‫ﻋﻤﻠﻴﺔ ﺍﻟﻌﺮﺽ ﺍﻟﻌﻤﻮﻣﻲ ﻟﺒﻴﻊ ﺃﺳﻬﻢ "ﻓﻨﺪﻕ ﺍﻷﻭﺭﺍﺳﻲ"‪:‬‬ ‫•‬
‫ﺍﻋﺘﻤﺪ ﻓﻨﺪﻕ ﺍﻷﻭﺭﺍﺳﻲ ﰲ ﺍﻟﺒﻮﺭﺻﺔ‪ .‬ﻓﻘﺪ ﺩﺧﻞ ﻗﺮﺍﺭ ﻗﺒﻮﻝ ﺍﻟﻔﻨﺪﻕ ﰲ ﺇﻃﺎﺭ ﻗﺮﺍﺭﺍﺕ ﺍﻟﻠﺠﻨﺔ‬
‫ﺍﻟﻮﻃﻨﻴﺔ ﳌﺴﺎﳘﺎﺕ ﺍﻟﺪﻭﻟﺔ ﺍﳋﺎﺻﺔ ﺑﺎﳋﻮﺻﺼﺔ ﺍﳉﺰﺍﺋﺮﻳﺔ ﻟﻠﻤﺆﺳﺴﺎﺕ ﺍﻟﻌﻤﻮﻣﻴﺔ‪ ،‬ﻭﺫﻟﻚ ﰲ ﺍﺟﺘﻤﺎﻋﻪ ﻳﻮﻡ ‪05‬‬
‫ﻓﻴﻔﺮﻱ ‪ ،1998‬ﻭﻳﻬﺪﻑ ﻓﻨﺪﻕ ﺍﻷﻭﺭﺍﺳﻲ ﻣﻦ ﺧﻼﻝ ﻫﺬﺍ ﻟﻠﺒﻴﻊ ‪ %20‬ﻣﻦ ﺭﺃﲰﺎﻟﻪ ﺇﱃ ﲡﺴﻴﺪ ﻭﺗﻮﻓﲑ ﺟﺰﺀ ﻣﻦ‬
‫ﺭﺅﻭﺱ ﺍﻷﻣﻮﺍﻝ ﻟﺘﺤﻘﻴﻖ ﺍﻟﱪﻧﺎﻣﺞ ﺍﻟﻄﻤﻮﺡ ﺍﳌﺮﺳﻮﻡ ﰲ ﺇﻃﺎﺭ ﲡﺪﻳﺪ ﺍﻟﺸﺮﻛﺔ ﻭﺍﻟﺬﻱ ﳝﺘﺪ ﺇﱃ ﻏﺎﻳﺔ ‪2005‬ﻡ‪.‬‬
‫ﻭﻗﺪﺭ ﻣﺒﻠﻎ ﺍﻹﺻﺪﺍﺭ ﺑـ‪ %20‬ﻣﻦ ﺭﺃﲰﺎﻝ ﺍﻻﺟﺘﻤﺎﻋﻲ ﻟﻠﺸﺮﻛﺔ ﺃﻱ ﻣﺎ ﻳﻌﺎﺩﻝ ‪ 250‬ﺩﺝ ﻟﻠﺴﻬﻢ‬
‫ﺍﻟﻮﺍﺣﺪ ﺃﻣﺎ ‪ %80‬ﺍﻟﺒﺎﻗﻴﺔ ﻓﺘﻤﺜﻞ ﺣﺼﺔ ﺍﻟﺪﻭﻟﺔ ﻋﻦ ﻃﺮﻳﻖ ﺍﳌﺆﺳﺴﺔ ﺍﻟﻘﺎﺑﻀﺔ ﺍﻟﻌﻤﻮﻣﻴﺔ ﻟﻠﺨﺪﻣﺎﺕ‪ .‬ﺣﻴﺚ ﻗﺪﺭ‬
‫ﺳﻌﺮ ﺍﻹﺻﺪﺍﺭ ﺑـ ‪400‬ﺩﺝ ﻟﻠﺴﻬﻢ ﺍﻟﻮﺍﺣﺪ‪ ،‬ﻭﻫﻮ ﺍﻗﻞ ﺳﻌﺮ ﰎ ﻋﺮﺿﻪ ﰲ ﺍﻟﺒﻮﺭﺻﺔ ﺇﱃ ﺣﺪ ﺍﻵﻥ‪ .‬ﻳﻜﺘﺴﻲ‬
‫ﺷﻜﻞ ﻭﻧﻮﻋﻴﺔ ﺍﻷﺳﻬﻢ ﺍﳌﺼﺪﺭﺓ ﻣﻦ ﻃﺮﻑ ﻓﻨﺪﻕ ﺍﻷﻭﺭﺍﺳﻲ ﺷﻜﻞ ﺍﻷﺳﻬﻢ ﺍﻟﻌﺎﺩﻳﺔ‪ .‬ﻛﻤﺎ ﺃ‪‬ﺎ ﳏﺮﺭﺓ ﻛﻠﻴﺎ ﻋﻠﻰ‬
‫ﺷﻜﻞ ﺃﺳﻬﻢ ﺍﲰﻴﺔ ﺩﺍﻣﺖ ﻓﺘﺮﺓ ﺍﻻﻛﺘﺘﺎﺏ ﻣﻦ ‪ 15‬ﺟﻮﺍﻥ ﺇﱃ ﻏﺎﻳﺔ ‪ 15‬ﺟﻮﻳﻠﻴﺔ ‪.1999‬‬
‫ﺣﻴﺚ ﺑﺪﺃ ﲟﺒﻠﻎ ‪ 52370000‬ﺩﺝ ﺣﻴﺚ ﻛﻠﻒ ﺍﻟﺮﺍﺷﺪ ﺍﳌﺎﱄ ﻛﻮﺳﻴﻂ ﺑﺘﻠﻘﻲ ﺍﻷﻭﺍﻣﺮ ﺍﳌﺘﻌﻠﻘﺔ‬
‫ﺑﺎﻟﺒﻴﻊ ﺃﻭ ﺑﺸﺮﺍﺀ‪.1‬‬
‫ﻛﻤﺎ ﻳﻌﺘﱪ ﺍﻟﻌﺮﺽ ﺍﻟﻌﻤﻮﻣﻲ ﻟﺒﻴﻊ ﺃﺳﻬﻢ "ﻓﻨﺪﻕ ﺍﻷﻭﺭﺍﺳﻲ" ﻋﺮﺿﺎ ﺇﳚﺎﺑﻴﺎ‪ ،‬ﺣﻴﺚ ﻓﺎﻗﺖ ﻓﻴﻪ ﻧﺴﺒﺔ‬
‫ﺍﻟﻄﻠﺐ ﻋﻠﻰ ﻧﺴﺒﺔ ﺍﻟﻌﺮﺽ ﲟﺎ ﻳﻘﺪﺭ ﺑـ ‪ 1237‬ﺳﻬﻢ‪.‬‬
‫ﻛﻤﺎ ﻳﺘﺒﲔ ﻣﻦ ﺧﻼﻝ ﺍﻹﺣﺼﺎﺋﻴﺎﺕ ﺃﻥ ﺃﺳﻬﻢ ﻓﻨﺪﻕ ﺍﻷﻭﺭﺍﺳﻲ ﴰﻠﺖ ﻛﻞ ﺍﻟﺸﺮﻭﻁ ﺍﻟﻀﺮﻭﺭﻳﺔ‬
‫ﻟﻠﺘﺴﻌﲑﺓ ﺑﺎﻟﺒﻮﺭﺻﺔ ﻻ ﺳﻴﻤﺎ ﺗﻮﺯﻳﻊ ‪ %20‬ﻣﻦ ﺭﺃﺱ ﻣﺎﻝ ﺍﻟﻔﻨﺪﻕ ﻭ ﺗﻮﺯﻳﻊ ‪ % 20‬ﻣﻦ ﺍﻷﺳﻬﻢ ﻋﻠﻰ ﺃﻛﺜﺮ ﻣﻦ‬
‫‪ 300‬ﻣﺴﺎﻫﻢ‪.‬‬

‫ﺑﻌﺪ ﺍﻟﻨﺠﺎﺡ ﻟﻌﻤﻠﻴﺔ ﺍﻟﻌﺮﺽ ﺍﻟﺬﻱ ﺳﺠﻠﺘﻪ ﻋﻤﻠﻴﺔ ﺍﻟﻌﺮﺽ ﺍﻟﻌﻤﻮﻣﻲ ﺑﺎﻟﻨﺴﺒﺔ ﳍﺬﻩ ﺍﻷﺳﻬﻢ ﻋﻠﻰ‬
‫ﻣﺴﺘﻮﻯ ﺳﻮﻕ ﺍﻹﺻﺪﺍﺭ ﻭ ﲢﻘﻴﻘﻬﺎ ﻟﻠﺸﺮﻭﻁ ﺍﻟﻀﺮﻭﺭﻳﺔ ﺑﺎﻟﺘﺴﻌﲑﺓ ﻋﻠﻰ ﻣﺴﺘﻮﻯ ﺍﻟﺴﻮﻕ ﺍﻟﺘﺪﺍﻭﻝ‪.‬‬

‫‪1‬‬
‫‪Hotel EL AURASSI. Notice d’information, Algerie, édition el Aurassi, 1999, P 05.‬‬
‫ﻓﻘﺪ ﲤﺖ ﻫﺬﻩ ﺍﻟﻌﻤﻠﻴﺔ ﺑﺘﺎﺭﻳﺦ ‪ 14‬ﻓﻴﻔﺮﻱ ﻭ ﻫﻮ ﺗﺎﺭﻳﺦ ﺩﺧﻮﻝ ﻓﻨﺪﻕ ﺍﻷﻭﺭﺍﺳﻲ ﻟﻠﺒﻮﺭﺻﺔ ﺑﺴﻌﺮ‬
‫‪400‬ﺩﺝ ﻟﻠﺴﻬﻢ‪ ،‬ﻭ ﺍﳍﺪﻑ ﺍﻟﺮﺋﻴﺴﻲ ﻣﻦ ﺍﻟﺘﺴﻌﲑ ﻋﻠﻰ ﻣﺴﺘﻮﻯ ﺍﻟﺴﻮﻕ ﺇﳕﺎ ﻳﻜﻮﻥ ﰲ ﺿﻤﺎﻥ ﺍﻟﺴﻴﻮﻟﺔ ﺍﻟﻜﺎﻓﻴﺔ‬
‫ﳍﺬﻩ ﺍﻷﺳﻬﻢ‪ ،‬ﻭ ﰲ ﻫﺬﺍ ﺍﻹﻃﺎﺭ ﻓﺈﻧﻨﺎ ﻧﺸﲑ ﺇﱃ ﺃﻧﻪ ﰎ ﺇﺑﺮﺍﻡ ﻋﻘﺪ ﺳﻴﻮﻟﺔ ﺑﲔ ﻓﻨﺪﻕ ﺍﻷﻭﺭﺍﺳﻲ ﻭ ﺍﻟﺮﺍﺷﺪ ﺍﳌﺎﱄ‬
‫ﻛﻮﺳﻴﻂ ﰲ ﻋﻤﻠﻴﺔ ﺍﻟﺒﻮﺭﺻﺔ‪.‬‬
‫ﺣﻴﺚ ﻳﺘﻤﻜﻦ ﻣﻦ ﻟﻠﺮﺍﺷﺪ ﺍﳌﺎﱄ ﻣﻦ ﺧﻼﻝ ﻫﺬﺍ ﺍﻟﻌﻘﺪ ﻣﻦ ﺍﻟﺘﺪﺧﻞ ﻋﻠﻰ ﻣﺴﺘﻮﻯ ﺍﻟﺒﻮﺭﺻﺔ ﺧﻼﻝ‬
‫ﺟﻠﺴﺎﺕ ﻣﻔﺎﻭﺿﺔ ﺑﺼﻔﺔ ﻣﺸﺘﺮﻱ ﺃﻭ ﺑﺎﺋﻊ ﺣﺴﺐ ﺍﻟﻮﺿﻌﻴﺔ ﻛﻤﺎ ﺍﺳﺘﻮﺟﺐ ﺍﻷﻣﺮ ﺫﻟﻚ‪ ،‬ﻳﻬﺪﻑ ﺿﻤﺎﻥ ﺣﺪ‬
‫ﻣﻌﲔ ﻣﻦ ﺳﻴﻮﻟﺔ ﻫﺬﻩ ﺍﻷﺳﻬﻢ ﻭ ﻣﺴﺎﻧﺪﺓ ﺳﻌﺮ ﺍﻟﺴﻮﻕ ﺣﻴﺚ ﻗﺪﺭﺕ ﺍﻟﻌﻤﻠﻴﺎﺕ ﺍﳌﻨﺠﺰﺓ ﻋﻠﻰ ﻏﺎﻳﺔ ‪ 27‬ﺟﻮﺍﻥ‬
‫‪26786880 : 2002‬ﺩﺝ ﺃﻱ ﻣﺎ ﻳﻌﺎﺩﻝ ‪ 66967‬ﺳﻬﻢ ﻣﺘﺒﺎﺩﻝ‪.‬‬

‫ﺍﻟﻤﻄﻠﺐ ﺍﻟﺜﺎﻧﻲ‪ :‬ﺍﻟﺼﻌﻮﺑﺎﺕ ﺍﻟﻤﻌﺮﻗﻠﺔ ﻟﺘﻄﻮﻳﺮ ﺑﻮﺭﺻﺔ ﺍﻟﺠﺰﺍﺋﺮ‪.‬‬

‫ﺇﻥ ﺑﻮﺭﺻﺔ ﺍﳉﺰﺍﺋﺮ ﻭﺍﺟﻬﺖ ﺻﻌﻮﺑﺎﺕ ﻛﺜﲑﺓ ﺃﺩﺕ ﺇﱃ ﺑﻄﺊ ﺧﻄﻮﺍﺕ ﺳﲑﻫﺎ ﳓﻮ ﺍﻟﺘﻄﻮﺭ ﻭ ﺃﻫﻢ‬
‫ﻫﺬﻩ ﺍﻟﺼﻌﻮﺑﺎﺕ ﺗﺘﻤﺜﻞ ﻓﻴﻤﺎ ﻳﻠﻲ‪:‬‬
‫ﺍﻟﻔﺮﻉ ﺍﻷﻭﻝ‪ :‬ﺍﻟﺼﻌﻮﺑﺎﺕ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﻭ ﺍﻟﺴﻴﺎﺳﻴﺔ ‪.‬‬
‫ﻣﻦ ﺃﻫﻢ ﺍﻟﻌﻮﺍﻣﻞ ﺍﻟﱵ ﻣﻦ ﺷﺄ‪‬ﺎ ﺍﻟﺘﺄﺛﲑ ﻋﻠﻰ ﺍﻟﺴﲑ ﺍﳊﺴﻦ ﻟﻠﺒﻮﺭﺻﺔ ﰲ ﺍﳉﺰﺍﺋﺮ ﻧﺬﻛﺮ‪:‬‬
‫ﻭﺿﻌﻴﺔ ﺍﳌﺆﺳﺴﺔ ﺍﳉﺰﺍﺋﺮﻳﺔ‪ :‬ﺇﻥ ﺃﻏﻠﺒﻴﺔ ﺍﳌﺆﺳﺴﺎﺕ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﺍﳉﺰﺍﺋﺮﻳﺔ ﺗﺎﺑﻌﺔ ﻟﻠﻘﻄﺎﻉ ﺍﻟﻌﻤﻮﻣﻲ ﻭ ﺃﻫﻢ ﻣﺎ‬ ‫•‬
‫ﺗﺘﻤﻴﺰ ﺑﻪ ﻣﺆﺳﺴﺎﺕ ﻫﺬﺍ ﺍﻟﻘﻄﺎﻉ ﺃ‪‬ﺎ ﻣﺴﺘﻬﻠﻜﺔ ﻟﻠﺜﺮﻭﺓ ﻃﺎﻗﺘﻬﺎ ﺍﻹﻧﺘﺎﺟﻴﺔ ﻻ ﺗﺘﻌﺪﻯ ‪ %50‬ﰲ ﺃﺣﺴﻦ ﺍﳊﺎﻻﺕ‬
‫ﺑﺴﺒﺐ ﺳﻮﺀ ﺍﻟﺘﺴﻴﲑ ﻭ ﻋﺪﻡ ﺍﳌﻮﺿﻮﻋﻴﺔ ﰲ ﺍﺧﺘﻴﺎﺭ ﺍﳌﺴﺆﻭﻟﲔ ﻭﺍﻟﻌﻤﺎﻝ‪ .‬ﻭ ﺑﺼﻔﺔ ﻋﺎﻣﺔ ﻓﺈﻥ ﺍﳌﺆﺳﺴﺎﺕ ﺍﻟﻌﻤﻮﻣﻴﺔ‬
‫ﻏﲑ ﻣﺘﻮﺍﺯﻧﺔ ﻣﺎﻟﻴﺎ‪ .‬ﻭ ﺃﻏﻠﺒﻬﺎ ﻟﻴﺲ ﻟﺪﻳﻪ ﳏﺎﺳﺒﺔ ﺳﻠﻴﻤﺔ ﻭ ﻧﺰﻳﻬﺔ ﻭ ﻫﺬﺍ ﻳﻌﺘﱪ ﻋﺎﺋﻘﺎ ﺑﺎﻟﻨﺴﺒﺔ ﳍﺎ ﻷﻥ ﺩﺧﻮﳍﺎ‬
‫ﻟﻠﺒﻮﺭﺻﺔ ﻳﻠﺰﻣﻬﺎ ﺍﻟﺸﻔﺎﻓﻴﺔ ﺍﻟﺘﺎﻣﺔ ﻭ ﺗﻘﺪﱘ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﻟﺼﺮﳛﺔ ﻭ ﺍﻟﺪﻭﺭﻳﺔ ﻋﻦ ﻭﺿﻌﻴﺘﻬﺎ‪.‬‬

‫ﺍﻟﺘﻀﺨﻢ‪ :‬ﻳﺘﻤﻴﺰ ﺍﻟﺘﻀﺨﻢ ﺑﺎﺭﺗﻔﺎﻉ ﻋﺎﻡ ﻣﺴﺘﻤﺮ ﻷﺳﻌﺎﺭ ﺍﻟﺴﻠﻊ ﻭ ﺍﳋﺪﻣﺎﺕ ﻭ ﻣﻦ ﺃﻫﻢ ﺃﺳﺒﺎﺑﻪ ﰲ ﺍﳉﺰﺍﺋﺮ‬ ‫•‬
‫ﻋﺠﺰ ﻣﻴﺰﺍﻧﻴﺔ ﺍﻟﺪﻭﻟﺔ ﻭ ﺍﻟﻮﺿﻌﻴﺔ ﺍﳌﺘﺨﻠﻔﺔ ﻟﻠﻤﺆﺳﺴﺎﺕ ﻭ ﺿﻌﻒ ﻣﺮﺩﻭﺩﻳﺘﻬﺎ‪ ،‬ﳑﺎ ﺃﺩﻯ ﺇﱃ ﺍﺧﺘﻼﻝ ﺑﲔ ﺍﻹﻧﺘﺎﺝ ﻭ‬
‫ﺍﻟﻜﺘﻠﺔ ﺍﻟﻨﻘﺪﻳﺔ ﻭ ﺍﻻﻋﺘﻤﺎﺩ ﺑﺼﻔﺔ ﺭﺋﻴﺴﻴﺔ ﻋﻠﻰ ﻣﺪﺍﺧﻴﻞ ﺍﶈﺮﻭﻗﺎﺕ‪ ،‬ﻭﺭﻏﻢ ﺍﻟﺘﺤﺴﻦ ﺍﻹﳚﺎﰊ ﳌﻌﺪﻝ ﺍﻟﺘﻀﺨﻢ ﺇﻻ‬
‫ﺃﻥ ﺍﳊﺎﻟﺔ ﻏﲑ ﺍﳌﺴﺘﻘﺮﺓ‬
‫ﻟﻼﻗﺘﺼﺎﺩ ﺍﻟﻮﻃﲏ ﺍﻟﻨﺎﲡﺔ ﻋﻦ ﻋﺪﻡ ﺍﻻﺳﺘﻘﺮﺍﺭ ﰲ ﺃﺳﻌﺎﺭ ﺍﶈﺮﻭﻗﺎﺕ ﻗﺪ ﺗﺆﺩﻱ ﺇﱃ ﺍﺭﺗﻔﺎﻉ ﻣﻌﺪﻝ ﺍﻟﺘﻀﺨﻢ‪.‬‬
‫ﺍﻟﺴﻮﻕ ﺍﳌﻮﺍﺯﻳﺔ ﻭ ﺍﻟﻀﻐﻂ ﺍﳉﺒﺎﺋﻲ‪ :‬ﺗﺘﻜﻮﻥ ﺍﻟﺴﻮﻕ ﺍﳌﻮﺍﺯﻳﺔ ﻣﻦ ﺍﳌﺆﺳﺴﺎﺕ ﻭ ﺍﻟﻴﺪ ﺍﻟﻌﺎﻣﻠﺔ ﻏﲑ ﺍﳌﺼﺮﺡ ‪‬ﺎ‬ ‫•‬
‫ﻟﺪﻯ ﺍﳌﺼﺎﱀ ﺍﳉﺒﺎﺋﻴﺔ‪ .‬ﻭ ﲡﲏ ﻫﺬﻩ ﺍﻷﺳﻮﺍﻕ ﺃﺭﺑﺎﺣﺎ ﻛﺒﲑﺓ ﺟﺪﺍ‪ ،‬ﻟﻜﻦ ﻫﺬﻩ ﺍﻷﻣﻮﺍﻝ ﻻ ﲤﺮ ﺑﺈﺩﺍﺭﺍﺕ ﺍﻟﺘﻤﻮﻳﻞ‬
‫ﺍﻟﺮﲰﻴﺔ‪ ،‬ﻭ ﻫﺬﺍ ﻣﺎ ﻳﺆﺩﻱ ﺇﱃ ﺍﻟﺰﻳﺎﺩﺓ ﰲ ﺇﺻﺪﺍﺭ ﺍﻷﻭﺭﺍﻕ ﺍﻟﻨﻘﺪﻳﺔ ﻭ ﺑﺎﻟﺘﺎﱄ ﺍﻟﺘﻀﺨﻢ‪ ،‬ﺣﻴﺚ ﻫﺬﻩ ﺍﻟﺴﻮﻕ ﲡﺘﺬﺏ‬
‫ﺃﻏﻠﺒﻴﺔ ﺍﳌﺴﺘﺜﻤﺮﻳﻦ ﻭ ﺍﳌﺪﺧﺮﻳﻦ ﺑﺎﳌﺰﺍﻳﺎ ﺍﻟﱵ ﲤﻨﺤﻬﺎ ﳍﻢ ﻛﺤﺼﻮﻝ ﻋﻠﻰ ﺃﺭﺑﺎﺡ ﻛﺒﲑﺓ ﺩﻭﻥ ﻋﻨﺎﺀ ﻛﺒﲑ ﻭ ﺩﻭﻥ‬
‫ﻭﺟﻮﺩ ﻋﻨﺼﺮ ﺍﳌﺨﺎﻃﺮ ﰲ ﺣﲔ ﳜﻀﻊ ﺍﻷﻋﻮﺍﻥ ﺍﳌﺼﺮﺣﻮﻥ ﻟﻠﻀﺮﻳﺒﺔ ﺍﻟﱵ ﻳﺰﺩﺍﺩ ﺿﻐﻄﻬﺎ ﻛﻠﻤﺎ ﺣﺪﺙ ﻋﺠﺰ ﰲ‬
‫ﻣﻴﺰﺍﻧﻴﺔ ﺍﻟﺪﻭﻟﺔ‪ ،‬ﺗﺴﺘﻔﻴﺪ ﺍﳌﺆﺳﺴﺎﺕ ﻏﲑ ﺍﳌﺼﺮﺡ ‪‬ﺎ ﺑﺄﺭﺑﺎﺡ ﻫﺎﺋﻠﺔ ﻻ ﺗﺪﻓﻊ ﻋﻠﻴﻬﺎ ﺿﺮﺍﺋﺐ‪ ،‬ﻭ ﺍﻟﻀﺮﺭ ﺍﳉﺒﺎﺋﻲ‬
‫ﺍﻟﺬﻱ ﻳﺼﻴﺐ ﺑﻌﺾ ﺍﳌﺴﺘﺜﻤﺮﻳﻦ ﻗﺪ ﻳﺆﺛﺮ ﰲ ﺳﻠﻮﻛﺎ‪‬ﻢ ﻭ ﻧﻠﺤﻆ ﳑﺎ ﺳﺒﻖ ﺃﻥ ﻭﺟﻮﺩ ﺍﻟﺴﻮﻕ ﺍﳌﻮﺍﺯﻳﺔ ﺍﻟﱵ ﲢﻘﻖ‬
‫ﻟﻠﻤﺴﺘﺜﻤﺮﻳﻦ ﺃﻏﺮﺍﺿﻬﻢ ﺍﻟﺮﲝﻴﺔ‪ ،‬ﲟﺎ ﺍ‪‬ﻢ ﻳﺒﺤﺜﻮﻥ ﻋﻦ ﺃﻗﺼﻰ ﺭﺑﺢ ﳑﻜﻦ ﻻ ﻳﺸﺠﻊ ﻋﻠﻰ ﺍﻻﺳﺘﺜﻤﺎﺭﺍﺕ ﰲ‬
‫ﺍﻟﺒﻮﺭﺻﺔ‪.‬‬
‫‪ -2‬ﺍﻟﺼﻌﻮﺑﺎﺕ ﺍﻟﺴﻴﺎﺳﻴﺔ‪:‬‬
‫ﻳﻌﺘﱪ ﻋﺎﻣﻞ ﺍﻻﺳﺘﻘﺮﺍﺭ ﺍﻟﺴﻴﺎﺳﻲ ﻭ ﺍﻷﻣﻦ ﻣﻦ ﺃﻫﻢ ﻋﻮﺍﻣﻞ ﺗﻨﺸﻴﻂ ﺍﻟﺒﻮﺭﺻﺔ ﻭ ﺍﻻﺳﺘﺜﻤﺎﺭﺍﺕ ﺑﺼﻔﺔ‬
‫ﻋﺎﻣﺔ‪ .‬ﻓﻜﻞ ﻣﺴﺘﺜﻤﺮ ﻳﺒﺤﺚ ﻋﻦ ﺃﻛﱪ ﻗﺪﺭ ﳑﻜﻦ ﻣﻦ ﺍﻟﻀﻤﺎﻧﺎﺕ ﻻﺳﺘﺜﻤﺎﺭﺍﺗﻪ ﺧﺎﺻﺔ ﺍﺳﺘﻘﺮﺍﺭ ﺍﻟﻘﻮﺍﻧﲔ ﻭ‬
‫ﺍﻷﻭﺿﺎﻉ ﺍﻷﻣﻨﻴﺔ ﻭ ﻫﺬﺍ ﺑﺎﻟﺘﺤﺪﻳﺪ ﻣﺎ ﻛﺎﻧﺖ ﺗﻔﺘﻘﺮ ﺇﻟﻴﻪ ﺍﳉﺰﺍﺋﺮ ﺧﺎﺻﺔ ﰲ ﻓﺘﺮﺓ ﺇﻧﺸﺎﺀ ﺍﻟﺒﻮﺭﺻﺔ ﺑﺎﻹﺿﺎﻓﺔ ﻋﻠﻰ‬
‫ﺫﻟﻚ ﻳﺴﻮﺩ ﻧﻮﻉ ﻣﻦ ﺍﻟﻐﻤﻮﺽ ﰲ ﺍﻹﺩﺍﺭﺓ ﺍﻟﺴﻴﺎﺳﻴﺔ ﻣﻦ ﻧﺎﺣﻴﺔ ﺑﻌﺾ ﺍﻟﻘﻀﺎﻳﺎ ﻛﻌﻤﻠﻴﺔ ﺍﳋﺼﺨﺼﺔ ﺍﻟﱵ ﻭﺿﻌﺖ‬
‫ﻷﺟﻠﻬﺎ ﺍﻟﻜﺜﲑ ﻣﻦ ﺍﻟﱪﺍﻣﺞ ﻟﻜﻦ ﺃﻏﻠﺒﻬﺎ ﺑﺎﻗﻴﺔ ﺣﱪ ﻋﻠﻰ ﻭﺭﻕ ‪.‬‬

‫ﺍﻟﻔﺮﻉ ﺍﻟﺜﺎﱐ‪ :‬ﺍﻟﺼﻌﻮﺑﺎﺕ ﺍﻟﺜﻘﺎﻓﻴﺔ ﻭ ﺍﻻﺟﺘﻤﺎﻋﻴﺔ ‪.‬‬

‫ﻟﻘﺪ ﺍﺟﺘﻤﻌﺖ ﻋﺪﺓ ﻋﻮﺍﻣﻞ ﺧﺎﺻﺔ ﺑﺎﻟﻮﺍﻗﻊ ﺍﻻﺟﺘﻤﺎﻋﻲ ﻟﻠﻤﺠﺘﻤﻊ ﺍﳉﺰﺍﺋﺮﻱ‪ .‬ﻭ ﻟﻘﺪ ﺍﻧﻌﻜﺴﺖ ﻫﺬﻩ‬
‫ﺍﻟﻈﺮﻭﻑ ﺳﻠﺒﺎ ﻋﻠﻰ ﺍﻻﺳﺘﺜﻤﺎﺭ ﰲ ﺍﳉﺰﺍﺋﺮ ﺧﺎﺻﺔ ﺍﻹﺳﺘﺜﻤﺎﺭ ﰲ ﺍﻻﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ‪ ،‬ﻓﺎﻹﻧﻔﺠﺎﺭ ﺍﻟﺴﻜﺎﱐ ﳚﱪ‬
‫ﺍﻟﻌﺎﺋﻼﺕ ﻋﻠﻰ ﻣﺼﺎﺭﻳﻒ ﻛﺒﲑﺓ ﻟﺘﻠﺒﻴﺔ ﺣﺎﺟﻴﺎﺕ ﺃﻓﺮﺍﺩﻫﺎ ﺍﳋﺎﺻﺔ ﻣﻊ ﺗﺪﻫﻮﺭ ﺍﻟﻘﺪﺭﺓ ﺍﻟﺸﺮﺍﺋﻴﺔ ﻭ ﺍﻟﺘﺼﺮﻳﺢ‬
‫ﺍﳉﻤﺎﻋﻲ ﻟﻠﻌﻤﺎﻝ‪ ،‬ﻫﺬﺍ ﻳﻌﲏ ﺍﳔﻔﺎﺽ ﺍﻟﻘﺪﺭﺓ ﺍﻹﺩﺧﺎﺭﻳﺔ‪ .‬ﻭ ﺑﺎﻟﺘﺎﱄ ﻧﻘﺺ ﺍﻻﺳﺘﺜﻤﺎﺭ ﰲ ﺷﱴ ﺍﺠﻤﻟﺎﻻﺕ ﻭ ﺧﺎﺻﺔ‬
‫ﺍﻻﺳﺘﺜﻤﺎﺭ ﰲ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﺍﻟﺬﻱ ﻳﺘﻄﻠﺐ ﺍﳋﱪﺓ ﻭ ﺍﳌﻌﺮﻓﺔ ﺍﻟﱵ ﻻ ﻳﺘﻤﺘﻊ ‪‬ﺎ ﺟﻞ ﺍﳉﺰﺍﺋﺮﻳﲔ ﺃﻭ ﺃﻏﻠﺒﻴﺘﻬﻢ‪.‬‬
‫ﻓﺎﳌﺴﺘﻮﻯ ﺍﻟﺘﻌﻠﻴﻤﻲ ﻣﻨﺨﻔﺾ‪ ،‬ﺃﺿﻒ ﺇﱃ ﺫﻟﻚ ﻋﺪﻡ ﺍﻧﺘﺸﺎﺭ ﺍﻟﻮﻋﻲ ﻭ ﻋﺪﻡ ﻭﺿﻊ ﺍﻟﺜﻘﺔ ﰲ ﺍﻻﺳﺘﺜﻤﺎﺭ ﺑﺎﻷﻭﺭﺍﻕ‬
‫ﺍﳌﺎﻟﻴﺔ‪.‬‬
‫ﻭ ﲟﺎ ﺃﻥ ﺍﻟﺒﻮﺭﺻﺔ ﻣﺆﺳﺴﺔ ﺟﺪﻳﺪﺓ ﰲ ﺍﳉﺰﺍﺋﺮ ﻓﻤﺎﻫﻴﺘﻬﺎ ﻭ ﺃﳘﻴﺘﻬﺎ ﻭ ﻃﺮﻕ ﺍﻻﺳﺘﺜﻤﺎﺭ ‪‬ﺎ ﳎﻬﻮﻟﺔ‬
‫ﻣﻦ ﻗﺒﻞ ﺃﻏﻠﺒﻴﺔ ﺍﳉﺰﺍﺋﺮﻳﲔ‪ .‬ﻭ ﺣﱴ ﻗﺒﻞ ﺍﺳﺘﺤﺪﺍﺙ ﺍﻟﺒﻮﺭﺻﺔ ﻓﺈﻥ ﺍﻟﺜﻘﺎﻓﺔ ﺍﳌﺎﻟﻴﺔ ﺗﻜﺎﺩ ﺗﻜﻮﻥ ﻣﻨﻌﺪﻣﺔ‪ .‬ﻓﺎﻟﻌﺎﺋﻼﺕ‬
‫ﺗﻔﻀﻞ ﺍﻛﺘﻨﺎﺯ ﺃﻣﻮﺍﳍﺎ ﻋﻠﻰ ﺍﺳﺘﺜﻤﺎﺭﻫﺎ ﰲ ﻣﺸﺎﺭﻳﻊ ﻣﺮﲝﺔ ﺑﺴﺒﺐ ﺍﳋﻮﻑ ﻣﻦ ﺍﳋﺴﺎﺭﺓ ﻭ ﺣﱴ ﻋﻨﺪ ﺍﺳﺘﺜﻤﺎﺭ‬
‫ﺃﻣﻮﺍﳍﻢ ﰲ ﺷﺮﻛﺎﺕ ﺗﻜﻮﻥ ﺃﻏﻠﺒﻬﺎ ﻋﺎﺋﻠﻴﺔ ﻓﺈ‪‬ﻢ ﻳﻠﺠﺆﻭﻥ ﺇﱃ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺬﺍﰐ ﻭ ﻳﺮﻓﻀﻮﻥ ﻓﻜﺮﺓ ﻓﺘﺢ ﺭﺃﲰﺎﳍﻢ‬
‫ﻟﻠﻐﺮﺑﺎﺀ‪ ،‬ﻭ ﺣﱴ ﻋﻨﺪ ﳉﻮﺀﻫﻢ ﺇﱃ ﺍﻟﺘﻤﻮﻳﻞ ﺍﳋﺎﺭﺟﻲ ﻓﻬﻢ ﻳﻔﻀﻠﻮﻥ ﺍﻟﺘﻌﺎﻣﻞ ﻣﻊ ﺍﻟﺒﻨﻮﻙ‪.‬‬
‫* ﻭ ﺭﻏﻢ ﻫﺬﻩ ﺍﻟﻌﻘﺒﺎﺕ ﻓﺈﻥ ﺍﳉﺰﺍﺋﺮ ﺍﺳﺘﻄﺎﻋﺖ ﺇﻧﺸﺎﺀ ﺑﻮﺭﺻﺔ ﳍﺎ ﻭ ﺃﺭﺳﺖ ﻗﻮﺍﻋﺪﻫﺎ ﻭ ﻫﻴﻜﻠﻬﺎ‬
‫ﺍﻟﺘﻨﻈﻴﻤﻲ‪ ،‬ﻭ ﻫﺬﺍ ﰲ ﺣﺪ ﺫﺍﺗﻪ ﻳﻌﺘﱪ ﺧﻄﻮﺓ ﺇﳚﺎﺑﻴﺔ ﳓﻮ ﺗﻄﻮﻳﺮ ﺍﻟﺜﻘﺎﻓﺔ ﺍﻻﺳﺘﺜﻤﺎﺭﻳﺔ ﰲ ﺍﳉﺰﺍﺋﺮ‪.‬‬
‫ﺍﻟﻤﻄﻠﺐ ﺍﻟﺜﺎﻧﻲ‪ :‬ﻭﺍﻗﻊ ﺑﻮﺭﺻﺔ ﺍﻟﺠﺰﺍﺋﺮ ﻭ ﺍﻹﺟﺮﺍﺀﺍﺕ ﺍﻟﻤﻘﺘﺮﺣﺔ ﻟﺘﻄﻮﻳﺮﻫﺎ‪.‬‬

‫ﺍﻟﻔﺮﻉ ﺍﻷﻭﻝ ‪ :‬ﻣﻜﺎﻧﺔ ﺍﻟﺒﻮﺭﺻﺔ ﰲ ﺍﻻﻗﺘﺼﺎﺩ ﻭ ﻭﺍﻗﻌﻬﺎ ‪.‬‬

‫‪ – I‬ﻣﻜﺎﻧﺔ ﺍﻟﺒﻮﺭﺻﺔ ﰲ ﺍﻻﻗﺘﺼﺎﺩ ﺍﻟﻮﻃﲏ‪:‬‬
‫ﺭﻏﻢ ﺃﻥ ﺑﻮﺭﺻﺔ ﺍﳉﺰﺍﺋﺮ ﻣﻮﺟﻮﺩﺓ ﻣﻨﺬ ‪ 1999‬ﺇﻻ ﺃ‪‬ﺎ ﱂ ﲡﺪ ﺇﻗﺒﺎﻝ ﻣﻦ ﻃﺮﻑ ﺍﳌﺆﺳﺴﺎﺕ ﺳﻮﺍﺀ‬
‫ﻛﺎﻧﺖ ﻋﻤﻮﻣﻴﺔ ﺃﻭ ﺧﺎﺻﺔ‪ ،‬ﻭ ﺑﻮﺭﺻﺔ ﺍﳉﺰﺍﺋﺮ ﺍﻟﻴﻮﻡ ﺗﺴﲑ ﺑﻔﻀﻞ ﺃﺭﺑﻊ ﻣﺆﺳﺴﺎﺕ ﻫﻲ ‪ :‬ﳎﻤﻊ ﺻﻴﺪﺍﻝ‪ -‬ﺭﻳﺎﺽ‬
‫ﺳﻄﻴﻒ – ﻓﻨﺪﻕ ﺍﻷﻭﺭﺍﺳﻲ – ﺳﻮﻧﻄﺮﺍﻙ‪ .‬ﻭ ﺗﻌﺘﱪ ﺳﻨﺪﺍﺕ ﺳﻮﻧﻄﺮﺍﻙ ﺃﳘﻬﺎ ﺣﻴﺖ ﲤﺜﻞ ﻫﺬﻩ ﺍﻷﺧﲑﺓ ‪%70‬‬
‫ﻣﻦ ﻧﺸﺎﻁ ﺍﻟﺒﻮﺭﺻﺔ ﻭ ﻫﻲ ﻣﺘﺪﺍﻭﻟﺔ ﺃﻳﻀﺎ ﺧﺎﺭﺝ‬

‫ﺍﻟﺒﻮﺭﺻﺔ‪ ،‬ﻛﻤﺎ ﳒﺪ ﺃﻥ ﺃﻏﻠﺐ ﺍﳌﺆﺳﺴﺎﺕ ﺍﳋﺎﺻﺔ ﻣﻨﻬﺎ ﲤﺘﻨﻊ ﻭ ﻣﻨﻬﺎ ﻣﻦ ﺗﺘﺮﺩﺩ ﻋﻠﻰ ﺍﻟﺪﺧﻮﻝ ﺇﱃ ﺍﻟﺒﻮﺭﺻﺔ ﻭ ﻫﻮ‬
‫ﻣﺎ ﳚﻌﻞ ﺍﻹﺷﻜﺎﻝ ﻗﺎﺋﻢ ﰲ ﺃﺣﺪ ﺍﳌﻠﻘﻴﺎﺕ‪ ،‬ﻭ ﳍﺬﺍ ﺍﻹﺷﻜﺎﻝ ﺳﻮﻑ ﻧﺘﻄﺮﻕ ﺇﱃ ﺗﺼﺮﳛﺎﺕ ﺃﻃﺮﻑ ﳐﺘﻠﻔﺔ ﰲ ﻫﺬﺍ‬
‫‪1‬‬
‫ﺍﳌﻴﺪﺍﻥ‬
‫ﰲ ﺃﺣﺪ ﺍﳌﻠﺘﻘﻴﺎﺕ ﺍﻟﱵ ﻧﻈﻤﺖ ﰲ ﺧﺼﻮﺹ ﺳﲑ ﻭ ﻋﻤﻞ ﺍﻟﺒﻮﺭﺻﺔ ﲢﺖ ﻣﻮﺿﻮﻉ "ﺑﻮﺭﺻﺔ ﺍﳉﺰﺍﺋﺮ‬
‫ﻭ ﻣﺴﺎﳘﺘﻬﺎ ﰲ ﺇﻧﺸﺎﺀ ﺍﻟﺴﻮﻕ ﺍﳌﺎﱄ ﰲ ﺍﳉﺰﺍﺋﺮ"‪ ،‬ﻭ ﺍﻟﺬﻱ ﻧﻈﻢ ﰲ ‪ 2001/10/02‬ﻃﺮﺡ ﺍﳌﺪﻳﺮ ﺍﻟﻌﺎﻡ ﻟﺒﻮﺭﺻﺔ‬
‫ﺍﳉﺰﺍﺋﺮ ﺍﻟﺴﻴﺪ ﺇﻳﺮﺍﺗﲏ ﺃﻥ ﺍﻟﻄﺒﻴﻌﺔ ﺍﻟﻌﺎﺋﻠﻴﺔ ﻟﻠﻤﺆﺳﺴﺎﺕ ﺍﳋﺎﺻﺔ ﻭ ﻧﻘﺺ ﺛﻘﺘﻬﻢ ﺟﻌﻠﺘﻬﻢ ﳝﺘﻨﻌﻮﻥ ﻋﻦ ﺍﻟﺪﺧﻮﻝ ﺇﱃ‬
‫ﺍﻟﺒﻮﺭﺻﺔ‪.‬‬
‫ﻭ ﺣﺴﺐ ﺗﺼﺮﳛﺎﺕ ﺍﻟﺴﻴﺪ ﺍﳌﺪﻳﺮ ﺍﻟﻌﺎﻡ ﺠﻤﻟﻤﻊ "ﺳﻴﻔﻴﺘﺎﻝ ‪ "Cevital‬ﺍﻟﺴﻴﺪ ﻳﺴﻌﺪ ﺭﺑﺮﺍﺏ ﻓﻘﺪ‬
‫ﺍﻋﺘﻤﺪ ﰲ ﺗﺆﻭﻳﻞ ﺍﻷﺳﺒﺎﺏ ﺍﻟﱵ ﺗﺴﺘﺒﻌﺪ ﺍﻟﺪﺧﻮﻝ ﺇﱃ ﺍﻟﺒﻮﺭﺻﺔ ﺍﻟﱵ ﺗﺘﻄﻮﺭ ﻓﻴﻬﺎ ﺍﻟﺒﻮﺭﺻﺔ ﺇﺫ ﻻ ﳝﻜﻦ ﺫﻛﺮ ﺃﻣﺮ‬

‫‪ 1‬ﺟﺮﻳﺪﺓ ‪ ،Libérté economie du 22 au 28/01/2003‬ﺹ ‪.09‬‬

‫ﻭﺟﻮﺩ ﺑﻮﺭﺻﺔ ﺣﻘﻴﻘﻴﺔ ﺑﺎﳉﺰﺍﺋﺮ‪ ،‬ﻭ ﻫﺬﺍ ﻷﻧﻪ ﻻ ﻳﻮﺟﺪ ﺳﻮﻯ ﺃﺭﺑﻊ ﻣﺆﺳﺴﺎﺕ ﻣﺴﻌﺮﺓ ﻭ ﻣﺴﺘﻮﻯ ﺍﻟﻌﻤﻠﻴﺎﺕ‬
‫ﺍﻟﺒﻮﺭﺻﻴﺔ ﻟﻴﺲ ﻣﺸﺠﻊ ‪ .‬ﻭ ﻫﺬﻩ ﺍﻟﻮﺿﻌﻴﺔ ﻧﺎﲡﺔ ﺃﺳﺎﺳﺎ ﻋﻦ ﻓﺘﺢ ﻫﺬﻩ ﺍﳌﺆﺳﺴﺎﺕ ﺍﳌﺴﻌﺮ ﻟـ‪ %20:‬ﻓﻘﻂ ﻣﻦ‬
‫ﺭﺃﺱ ﻣﺎﳍﺎ‪ ،‬ﻫﺬﺍ ﺍﳌﻌﺪﻝ ﻻ ﻳﺸﺠﻊ ﺃﺑﺪﺍ ﺍﳌﺴﺘﺜﻤﺮﻳﻦ ﺍﳌﻬﺘﻤﲔ ﺑﺎﻟﺴﻴﻄﺮﺓ ﻋﻠﻰ ﺍﳌﻌﻨﻴﺔ‪ ،‬ﻭ ﰲ ﺍﻟﻮﺿﻌﻴﺔ ﺍﳊﺎﻟﻴﺔ‬
‫ﻟﻠﻤﺘﻌﺎﻣﻠﲔ ﺑﺎﻷﺳﻬﻢ ﻟﻴﺲ ﳍﻢ ﺣﻖ ﰲ ﺇﺑﺪﺍﺀ ﺍﻷﺭﺍﺀ ‪.‬‬
‫ﻓﻤﻦ ﺍﻟﻀﺮﻭﺭﻱ ﻗﺘﺢ ﺭﺃﺱ ﻣﺎﻝ ﺍﳌﺆﺳﺴﺎﺕ ﺍﻟﻌﻤﻮﻣﻴﺔ ﺇﱃ ﺣﺪ ‪ %80‬ﺣﻴﺚ ﳚﺐ ﺃﻥ ﻳﻜﻮﻥ ﻫﻨﺎﻙ‬
‫ﻣﺆﺳﺴﺎﺕ ﻋﻤﻮﻣﻴﺔ ﻭ ﺧﺎﺻﺔ ﺃﻛﺜﺮ ﰲ ﺍﻟﺒﻮﺭﺻﺔ‪ .‬ﻭ ﺣﺴﺐ ﺍﻟﺴﻴﺪ ﺭﺑﺮﺍﺏ ﺩﺍﺋﻤﺎ ﻓﺈﻧﻪ ﰲ ﺷﻬﺮ ﺃﻛﺘﻮﺑﺮ ‪2002‬‬
‫ﻳﺴﺠﻞ ﳎﻤﻊ ﺳﻴﻔﻴﺘﺎﻝ ﺃﻭﻝ ﻣﺆﺳﺴﺔ ﻭﻃﻨﻴﺔ ﺧﺎﺻﺔ ﺳﺘﺪﺧﻞ ﺍﻟﺒﻮﺭﺻﺔ‪ ،‬ﻭ ﻟﻜﻦ ﻫﺬﺍ ﺍﻟﺪﺧﻮﻝ ﰲ ﺍﻟﺒﻮﺭﺻﺔ ﺍﻟﻌﺎﳌﻴﺔ‬
‫ﻭ ﺩﺧﻮﳍﺎ ﺳﻮﻑ ﻳﻜﻮﻥ ﰲ ﺑﻮﺭﺻﺔ ﺑﺎﺭﻳﺲ‪.1‬‬
‫ﻳﺘﻀﺢ ﻣﻦ ﺧﻼﻝ ﻫﺬﺍ ﺍﻟﺘﺼﺮﻳﺢ ﺍﻥ ﺩﺧﻮﻝ ﺍﳌﺘﻌﺎﻣﻠﲔ ﰲ ﺑﻮﺭﺻﺔ ﺍﳉﺰﺍﺋﺮ ﻣﺴﺘﺒﻌﺪ‪ ،‬ﻭ ﺃﻣﺎ ﻋﻦ ﺭﺋﻴﺲ‬
‫ﳉﻨﺔ ﺍﻟﺘﻨﻈﻴﻢ ﻭ ﻣﺮﺍﻗﺒﺔ ﺍﻟﺒﻮﺭﺻﺔ ‪ . COSOB‬ﺍﻟﺴﻴﺪ ﻋﻠﻲ ﺻﺎﺩﻣﻲ ﻳﺮﺟﻊ ﺿﻌﻒ ﺍﻟﺴﻮﻕ ﺍﳌﺎﱄ ﻭ ﺍﻷﺳﻬﻢ ﺍﻟﱵ‬
‫ﺗﻌﺘﻤﺪ ‪ COSOB‬ﻋﻠﻰ ﻣﺪﺍﺧﻴﻠﻬﺎ ﻟﺘﺤﺮﻳﻜﻪ ﺇﱃ ﻋﺪﺓ ﺃﺳﺒﺎﺏ ﻭ ﺍﻟﱵ ﺍﺳﺘﺨﻠﺼﻬﺎ ﰲ ﻛﻮﻥ ﺃﻥ ﺳﻮﻕ ﺍﻟﺒﻮﺭﺻﺔ‬
‫ﺍﻟﻴﻮﻡ ﻳﻌﻤﻞ ﻓﻘﻂ ﺑﺜﻼﺛﺔ ﺃﺳﻬﻢ ‪ :‬ﺍﻷﻭﺭﺍﺳﻲ ‪ ،‬ﺻﻴﺪﺍﻝ‪ ،‬ﺭﻳﺎﺽ ﺳﻄﻴﻒ‪ ،‬ﺑﺎﻹﺿﺎﻓﺔ ﺇﱃ ﺳﻨﺪﺍﺕ ﺳﻮﻧﻄﺮﺍﻙ‪ .‬ﻛﻤﺎ‬
‫ﳝﻜﻦ ﻣﻼﺣﻈﺘﻪ ﺃﻥ ﻋﺪﺩ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﺍﳌﺘﺪﺍﻭﻟﺔ ﺿﻌﻴﻒ ﺟﺪﺍ ﻭ ﻧﺘﻴﺠﺔ ﻟﺬﻟﻚ ﻓﺈﻥ ﻣﺴﺘﻮﻯ ﺍﻟﻨﺸﺎﻁ ﻏﲑ ﻛﺎﰲ‪.‬‬
‫ﺧﺎﺻﺔ ﻭ ﳓﻦ ﻧﻌﻠﻢ ﺃﻥ ﻓﺘﺢ‬

‫ﺭﺃﲰﺎﳍﺎ ﱂ ﻳﻜﻦ ﺳﻮﻯ ‪ ،% 20‬ﻫﺬﺍ ﻳﻌﲏ ﻭﺟﻮﺩ ﻋﺎﺋﺪ ﺿﻌﻴﻒ ﺟﺪﺍ‪ .‬ﻟﺬﻟﻚ ﳚﺐ ﺍﻟﻘﻮﻝ ﺃﻥ ﺳﲑ ﺍﻟﺴﻮﻕ ﻧﺴﺒﻴﺎ‬
‫ﺍﺑﺘﺪﺍﺋﻲ‪.‬‬
‫ﲡﻤﻴﻊ ﺍﻟﻌﺮﻭﺽ ﻭ ﻣﻌﺎﳉﺘﻬﺎ ﻳﺄﺧﺬ ﻭﻗﺖ ﻃﻮﻳﻞ ﻭ ﻫﺬﺍ ﻣﺎ ﻻ ﻳﺸﺠﻊ ﺍﳌﺴﺘﺜﻤﺮﻳﻦ ﺃ‪‬ﻢ ﻟﻴﺴﻮﺍ‬
‫ﻣﻘﺘﻨﻌﲔ ﺑﻄﺮﻳﻘﺔ ﺍﻟﻌﻤﻞ‪.‬‬
‫ﻭ ﻫﺬﺍ ﺍﻟﺒﻂﺀ ﺃﺩﻯ ﺑـ‪ COSOB :‬ﻟﻌﺪﺓ ﻋﻤﻠﻴﺎﺕ ﻣﻦ ﻃﺒﻴﻌﺘﻬﺎ ﲢﺮﻳﻚ ﺍﻟﺒﻮﺭﺻﺔ‪ .‬ﻫﺬﻩ ﺍﻟﻌﻤﻠﻴﺔ‬
‫ﺍﲣﺬﺕ ﻋﺪﺓ ﺃﺷﻜﺎﻝ ﻣﻦ ﺑﻴﻨﻬﺎ ﺗﻨﻈﻴﻢ ﻣﻠﺘﻘﻴﺎﺕ ﻭ ﻧﺪﻭﺍﺕ ﻣﺜﻞ ﺍﻟﺬﻱ ﻧﻈﻢ ﰲ ﺃﻛﺘﻮﺑﺮ ‪ 2001‬ﺣﻮﻝ ﺍﻟﺪﺧﻮﻝ ﺇﱃ‬
‫ﺍﻟﺒﻮﺭﺻﺔ ﻭ ﻣﻠﺘﻘﻰ ﺁﺧﺮ ﰲ ﻣﻄﻠﻊ ‪ 2002‬ﻳﻬﺪﻑ ﺇﱃ ﲢﺴﲔ ﻭ ﻟﺼﺒﻐﺔ ﻗﻠﻴﻠﺔ ﺃﳘﻴﺔ ﺍﻟﺒﻮﺭﺻﺔ‪.‬‬
‫ﻭ ﻳﻀﺎﻑ ﺃﻳﻀﺎ ﺃﻧﻪ ﻋﻨﺪ ﺇﻧﺸﺎﺀ ﺑﻮﺭﺻﺔ ﺍﳉﺰﺍﺋﺮ ﺍﺗﺒﻌﺖ ﻃﺮﻳﻘﺔ ﺗﺪﺭﳚﻴﺔ ﳑﺎ ﺃﺩﻯ ﺇﱃ ﺍﻻﻧﺘﻈﺎﺭ ﻣﻄﻮﻻ‪.‬‬
‫ﻭ ﻟﻜﻦ ﻣﺎ ﳚﺐ ﻣﻌﺮﻓﺘﻪ ﺃﻧﻪ ﻟﻴﺲ ﻣﻦ ﺍﳌﻤﻜﻦ ﻭﺿﻊ ﻛﻞ ﺍﳍﻴﺎﻛﻞ ﰲ ﻧﻔﺲ ﺍﻟﻮﻗﺖ ﻣﻊ ﺍﻟﺘﻨﻈﻴﻤﺎﺕ ﻭ ﻫﺬﺍ ﻣﺎ ﻻ‬
‫ﻳﺮﻳﺪ ﺍﻟﻜﺜﲑ ﺗﻘﺒﻠﻪ‪.2‬‬

‫‪ 1‬ﺟﺮﻳﺪﺓ ‪ ،La tribune de l’économie du 28/11/2002‬ﺹ ‪.11‬‬

‫‪ 2‬ﺟﺮﻳﺪﺓ ‪ ، Liberté économie du 22 au 28/01/2003.‬ﺹ‪.9‬‬
‫ﻭ ﻧﺘﻴﺠﺔ ﻟﻀﻌﻒ ﻣﺴﺘﻮﻯ ﻧﺸﺎﻁ ﺍﻟﺒﻮﺭﺻﺔ ﺣﺎﻟﻴﺎ‪ ،‬ﻭﺿﻊ ﺟﻬﺎﺯ ﻳﻌﻤﻞ ﻣﻦ ﺭﻓﻊ ﻣﺮﺩﻭﺩﻳﺘﻪ ﺇﺫ ﳚﺐ‬
‫ﺗﻘﺒﻞ ﺃﻧﻪ ﰲ ﺍﻟﻌﺎﻡ ﺍﻻﻭﻝ ﻭ ﺍﻟﺜﺎﱐ ﻫﺬﺍ ﺍﳉﻬﺎﺯ ﻳﻌﻤﻞ ﻧﻮﻋﺎ ﻣﺎ ﺑﺎﳋﺴﺎﺭﺓ ﻷﻧﻪ ﻟﻴﺲ ﻣﻦ ﺍﳌﻤﻜﻦ ﺟﻌﻠﻪ ﺫﻭ ﻣﺮﺩﻭﺩﻳﺔ‬
‫ﺑﺴﺒﺐ ﻋﺪﻡ ﻭﺟﻮﺩ ﻣﺴﺘﻮﻯ ﻋﲔ ﻣﻦ ﺍﻟﻨﺸﺎﻁ ﻭ ﻫﺬﺍ ﺍﻷﺧﲑ ﻳﺄﰐ ﲟﺎ ﻳﺴﻤﻰ ﺑﺎﻟﺘﻴﺎﺭ ﺍﻻﻧﺘﻘﺎﺩﻱ ﻟﻸﻭﺭﺍﻕ ‪ .‬ﻭ‬
‫ﺍﻟﺒﻌﺾ ﻳﻈﻦ ﺃﻥ ﻭﺟﻮﺩ ﺃﻗﻞ ﻣﻦ ‪ 15‬ﻭﺭﻗﺔ ﻣﺎﻟﻴﺔ ﰲ ﺍﻟﺴﻮﻕ ﻳﺼﺒﺢ ﻏﲑ ﻣﻬﻢ ‪.‬‬
‫ﺇﻥ ﺗﻄﻮﺭ ﺍﻟﺒﻮﺭﺻﺔ ﻳﺮﺗﻜﺰ ﻋﻠﻰ ﺗﻜﻮﻳﻦ ﻭ ﺗﺄﻫﻴﻞ ﳑﺜﻠﻲ ﺍﻟﺴﻮﻕ ﻫﺬﺍ ﻳﻌﲏ ﺃﻥ ﺍﻟﻠﺠﻨﺔ ﺗﻌﻤﻞ ﺃﻳﻀﺎ‬
‫ﻋﻠﻰ ﺭﻓﻊ ﻣﺴﺘﻮﻯ ﺻﻼﺣﻴﺔ ﺍﳌﻤﺜﻠﲔ ﻛﻮﻧﻪ ﺳﻮﻕ ﻣﺴﲑ ﻣﻦ ﻗﺒﻞ ﺍﶈﺘﺮﻓﲔ‪ .‬ﺃﻣﺎ ﻋﻦ ﺩﺧﻮﻝ ﺍﳌﺆﺳﺴﺎﺕ ﻓﺈﻧﻪ ﻭ‬
‫ﺣﱴ ﺍﻟﻮﻗﺖ ﺍﳊﺎﱄ ﻻ ﻳﻮﺟﺪ ﻣﺆﺳﺴﺔ ﻋﻤﻮﻣﻴﺔ ﻭ ﻻ ﺧﺎﺻﺔ ﻋﺮﺿﺖ ﻣﻠﻔﺎﺕ ﻗﺒﻮﳍﺎ ﰲ ﺍﻟﺒﻮﺭﺻﺔ ﻟﻠﺪﺧﻮﻝ‪ ،‬ﺇﻥ‬
‫ﺗﺮﺩﺩ ﻫﺬﻩ ﺍﳌﺆﺳﺴﺎﺕ ﰲ ﺍﻟﺪﺧﻮﻝ ﻟﻠﺒﻮﺭﺻﺔ ﻛﺎﻥ ﻣﻦ ﺟﺮﺍﺀ ﺃﺳﺒﺎﺏ ﻋﺪﻳﺪﺓ‪ ،‬ﻓﺒﺎﻟﻨﺴﺒﺔ ﻟﻠﻤﺆﺳﺴﺎﺕ ﺍﻟﻌﻤﻮﻣﻴﺔ‬
‫ﻓﻬﻲ ﰲ ﺣﺎﻟﺔ ﺇﻋﺎﺩﺓ ﺍﳍﻴﻜﻠﺔ ﻛﻮ‪‬ﺎ ﻣﻌﺮﺿﺔ ﻟﻠﺨﻮﺻﺼﺔ ﺍﻟﻌﻤﻮﻣﻴﺔ‪ .‬ﺃﻣﺎ ﺍﳌﺆﺳﺴﺎﺕ ﺍﳋﺎﺻﺔ ﻓﺄﻏﻠﺒﻬﺎ ﻣﺆﺳﺴﺎﺕ‬
‫ﻋﺎﺋﻠﻴﺔ ﻣﻐﻠﻘﺔ ﻭ ﻏﲑ ﻣﻔﺘﻮﺣﺔ ﻟﻴﺴﺖ ﺑﺸﺮﻛﺎﺕ ﺫﺍﺕ ﺃﺳﻬﻢ ‪. SPA‬‬

‫ﻭ ﻗﺪ ﺻﺮﺡ ﺍﻟﺴﻴﺪ ﺻﺎﺩﻣﻲ ﺃﻧﻪ ﻟﻴﺲ ﻟﺪﻳﻨﺎ ﺛﻘﺎﻓﺔ ﺍﻟﺸﻔﺎﻓﻴﺔ ﻭ ﺍﻻﻧﻔﺘﺎﺡ ﻋﻠﻰ ﻣﺴﺘﻮﻯ ﺍﳌﺆﺳﺴﺎﺕ‬
‫ﺍﳉﺰﺍﺋﺮﻳﺔ ﻫﺬﺍ ﻣﻦ ﻧﺎﺣﻴﺔ‪ ،‬ﻭ ﻣﻦ ﻧﺎﺣﻴﺔ ﺃﺧﺮﻯ ﺇﻥ ﻫﺬﻩ ﺍﳌﺆﺳﺴﺎﺕ ﺗﻨﺘﻈﺮ ﺍﻟﺴﲑ ﳓﻮ ﺍﻷﺣﺴﻦ ﺑﺎﻟﻨﺴﺒﺔ ﻟﺒﻮﺭﺻﺔ‬
‫ﺍﳉﺰﺍﺋﺮ ‪.‬‬
‫‪ – II‬ﻭﺍﻗﻊ ﺑﻮﺭﺻﺔ ﺍﳉﺰﺍﺋﺮ‪:‬‬
‫ﻣﻨﺬ ﺇﻧﺸﺎﺋﻬﺎ ﰲ ‪‬ﺎﻳﺔ ﺍﻟﺘﺴﻌﻴﻨﺎﺕ ﻻ ﺗﺰﺍﻝ ﺑﻮﺭﺻﺔ ﺍﻟﻘﻴﻢ ﻟﻠﺠﺰﺍﺋﺮ ﺣﺒﻴﺴﺔ ﺁﻟـ‪ 120:‬ﻣﻠﻴﺎﺭ ﺩﻭﻻﺭ ﻭ‬
‫ﻫﻮ ﻣﺴﺘﻮﻯ ﺣﺠﻢ ﺍﻷﺳﻬﻢ ﻭ ﺍﻟﺴﻨﺪﺍﺕ ﺍﳌﺘﺪﺍﻭﻟﺔ ‪‬ﺎ ﻭ ﺍﻗﺘﺼﺎﺭ ﺍﳌﺸﺎﺭﻛﺔ ﻓﻴﻬﺎ ﻋﻠﻰ ﺛﻼﺙ ﻣﺆﺳﺴﺎﺕ ﻭﻃﻨﻴﺔ ﻭ‬
‫ﻋﻤﻮﻣﻴﺔ ﻫﻲ ‪ :‬ﺭﻳﺎﺽ ﺳﻄﻴﻒ‪ ،‬ﺍﻷﻭﺭﺍﺳﻲ‪ ،‬ﺻﻴﺪﺍﻝ‪ ،‬ﻭ ﻫﺬﺍ ﺑﻌﺪ ﺍﻧﺘﻬﺎﺀ ﻣﺪﺓ ﺍﻟﻘﺮﺽ ﺍﻟﺴﻨﺪﻱ ﻟﺴﻮﻧﻄﺮﺍﻙ‪ .‬ﻋﻠﻤﺎ‬
‫ﺃﻥ ﺻﻴﺪﺍﻝ ﻣﻬﺪﺩﺓ ﺣﻴﺚ ﺃﻋﺎﺩ ﺍﻟﺴﻴﺪ ﻋﻠﻲ ﻋﻮﻥ ﺍﻟﺘﺄﻛﻴﺪ ﻋﻠﻰ ﻗﻀﻴﺔ ﻣﻄﺎﻟﺒﺘﻪ ﺑﺘﺠﻤﻴﺪ ﺗﺴﻌﲑﺓ ﺃﺳﻬﻢ ﺻﻴﺪﺍﻝ ﰲ‬
‫ﺍﻟﺒﻮﺭﺻﺔ ﳌﺪﺓ ﳏﺪﺩﺓ ﺭﻳﺜﻤﺎ ﻳﺘﻢ ﺇﳚﺎﺩ ﺣﻞ ﻟﻮﺿﻊ ﻏﲑ ﻃﺒﻴﻌﻲ ﻳﻬﺪﺩ ﺍﺠﻤﻟﻤﻊ ﺑﺎﻟﺰﻭﺍﻝ ﻋﻠﻰ ﺍﳌﺪﻯ ﺍﳌﺘﻮﺳﻂ ﻭ ﺍﻟﺒﻌﲑ‬
‫ﻭ ﺭﺩﺩ ﻋﻠﻰ ﻋﻮﻥ ﺃﻥ ﺍﻹﺟﺮﺍﺀ ﺍﻟﺘﻘﲏ ﺍﳌﻌﻤﻮﻝ ﺑﻪ ﺩﻭﻟﻴﺎ ﻭ ﺑﺼﻮﺭﺓ ﻋﺎﺩﻳﺔ ﻭ ﺩﻭﺭﻳﺔ‪ ،‬ﻭ ﺃﻧﻪ ﻻ ﻳﻬﺪﻑ ﺇﱃ ﺗﻮﻗﻴﻒ ﺃﻭ‬
‫ﺧﺮﻭﺝ ﳎﻤﻊ ﺻﻴﺪﺍﻝ ﻣﻦ ﺍﻟﺒﻮﺭﺻﺔ‪ .‬ﻟﻜﻦ ﻳﻬﺪﻑ ﺇﱃ ﺇﳚﺎﺩ ﺣﻞ ﻟﻮﺿﻊ ﻏﲑ ﻃﺒﻴﻌﻲ ﺑﻌﺪ ﺗﺴﺠﻴﻞ ﻗﻴﻤﺔ ﺃﺳﻬﻢ‬
‫ﺻﻴﺪﺍﻝ ﰲ ﺍﻟﺒﻮﺭﺻﺔ ﺑﺘﺮﺍﺟﻊ ﳏﺴﻮﺱ‪.‬‬
‫ﻭ ﺳﻴﺼﺪﺭ ﻫﻨﺎ ﻗﺎﻧﻮﻥ ﺟﺪﻳﺪ ﺣﻮﻝ ﺍﻟﺒﻮﺭﺻﺔ ﻭ ﳓﻦ ﻧﻨﺘﻈﺮ ﻣﺎ ﺳﺘﺆﻭﻝ ﺇﻟﻴﻪ ﺍﻷﻣﻮﺭ‪ ،‬ﻛﻤﺎ ﻧﺮﻯ ﺃﻥ‬
‫ﻫﻨﺎﻙ ﺇﻣﻜﺎﻧﻴﺔ ﻟﺘﺪﺧﻞ ﺍﻟﺴﻠﻄﺎﺕ ﺍﻟﻌﻤﻮﻣﻴﺔ ﻣﻦ ﺧﻼﻝ ﻋﺮﺽ ﺍﻟﺸﺮﺍﺀ ﺍﻟﻌﻤﻮﻣﻲ‪.‬‬
‫ﻭ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﻟﱵ ﺭﺩﺩﻫﺎ ﻧﻮﺍﺏ ﺍﺠﻤﻟﻠﺲ ﺍﻟﺸﻌﱯ ﺍﻟﻮﻃﲏ ﻭ ﻫﻢ ﻳﺴﺄﻟﻮﻥ ﻭﺯﻳﺮ ﺍﳌﺎﻟﻴﺔ ﻋﻦ ﺣﺎﻟﺔ ﺍﻟﺘﺮﺩﻱ‬
‫ﺍﻟﱵ ﲤﺮ ‪‬ﺎ ﺑﻮﺭﺻﺔ ﺍﳉﺰﺍﺋﺮ‪ ،‬ﺗﻘﻮﻝ ﺃﻥ ﺑﻮﺭﺻﺔ ﲨﻬﻮﺭﻳﺔ ﺟﻨﻮﺏ ﺇﻓﺮﻳﻘﻴﺎ ‪‬ﺎ ‪ 50‬ﻣﻠﻴﺎﺭ ﺩﻭﻻﺭ ﻭ ﻫﻲ ﺣﺪﻳﺜﺔ‬
‫ﺍﻟﻨﺸﺄﺓ‪ ،‬ﻭ ﺑﻮﺭﺻﺔ ﺍﳌﻐﺮﺏ ﻭ ﺗﻮﻧﺲ ﻭ ‪‬ﺎ ﺃﻛﺜﺮ ﻣﻦ ‪ 50‬ﻣﺆﺳﺴﺔ ﰲ ﻛﻞ ﻣﻨﻬﺎ ﻭ ﻣﺎ ﺑﲔ ﺍﻟﻜﺒﲑﺓ ﻭ ﺍﳌﺘﻮﺳﻄﺔ‪.‬‬
‫ﻓﻠﻤﺎ ﺗﺄﺧﺮﺕ ﺑﻮﺭﺻﺔ ﺍﳉﺰﺍﺋﺮ ﻋﻦ ﲢﻘﻴﻖ ﺍﻻﻧﻄﻼﻗﺔ؟‬
‫ﺭﻏﻢ ﺍﺧﺘﻼﻑ ﻧﻮﺍﺏ ﺍﳍﻴﺌﺔ ﺍﻟﺘﺸﺮﻳﻌﻴﺔ ﰲ ‪ 08‬ﺟﺎﻧﻔﻲ ‪ 2003‬ﰲ ﻣﻨﺎﻗﺸﺘﻬﻢ ﳌﺸﺮﻭﻉ ﺍﻟﻘﺎﻧﻮﻥ‬
‫ﺍﳌﻌﺪﻝ ﻭ ﺍﳌﺘﻤﻢ ﻟﺒﻮﺭﺻﺔ ﺍﻟﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ‪ ،‬ﰲ ﲢﺪﻳﺪ ﺃﺳﺒﺎﺏ ﺍﳌﺮﺽ ﺍﻟﺬﻱ ﺃﺻﺎﺏ ﺑﻮﺭﺻﺔ ﺍﳉﺰﺍﺋﺮ‪ ،‬ﻭﺫﻟﻚ ﺑﺎﻟﻨﻈﺮ‬
‫ﺇﱃ ﺍﺧﺘﻼﻑ ﺇﱃ ﺗﻮﺟﻴﻬﺎ ﻛﻞ ﺣﺰﺏ‪ ،‬ﺇﻻ ﺃﻥ ﺍﻟﺘﺪﺧﻼﺕ ﺗﻘﺎﻃﻌﺖ ﰲ ﻧﻘﻄﺔ ﻭﺍﺣﺪﺓ "ﺍﳊﻜﻮﻣﺔ ﱂ ﺗﻘﻢ ﺑﺄﻱ ﻋﻤﻞ‬
‫ﻳﺸﺠﻊ ﺍﳌﺪﺧﺮﻳﻦ ﻭﺍﳌﺘﻌﺎﻣﻠﲔ ﻋﻠﻰ ﺍﻟﺪﺧﻮﻝ ﺇﱃ ﺍﻟﺒﻮﺭﺻﺔ"‪.‬‬

‫ﻭﺗﺮﺍﻭﺣﺖ ﺗﺪﺧﻼﺕ ﺍﻟﻨﻮﺍﺏ ﺑﲔ ﺍﻟﺮﺍﻓﻀﲔ ﻟﻠﻤﺸﺮﻭﻉ ﺍﻟﻘﺎﻧﻮﱐ‪ ،‬ﻓﺤﺎﺫﺭ ﺍﻟﺒﻌﺾ ﻣﻦ ﳐﺎﻃﺮ‬

‫ﺍﻟﺒﻮﺭﺻﺔ ﻋﻠﻰ ﺍﻻﻗﺘﺼﺎﺩ ﺍﻟﻮﻃﲏ ﺑﺪﻟﻴﻞ ﺗﻀﻴﻴﻊ ‪ 500‬ﻣﻠﻴﻮﻥ ﺩﺝ ﰲ ﻇﺮﻑ ﺃﺳﺒﻮﻉ ﻓﻘﻂ‪.‬‬
‫ﻛﻤﺎ ﺃﻗﺮ ﺍﻟﺒﻌﺾ ﻋﻠﻰ ﺍﻧﻪ ﺗﻌﺪ ﺍﻟﺒﻮﺭﺻﺔ ﻋﺎﻣﻼ ﻟﺘﺸﺠﻴﻊ ﺗﺴﺮﻳﺢ ﺍﻟﻌﻤﺎﻝ‪ ،‬ﻭﻏﻠﻖ ﺍﻟﺸﺮﻛﺎﺕ‬
‫ﺍﻹﻧﺘﺎﺟﻴﺔ‪ ،‬ﻭﺃﻥ ﺍﻟﺘﺮﺩﺩ ﰲ ﺍﳊﺴﻢ ﰲ ﺍﳋﻴﺎﺭﺍﺕ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﻣﻨﺬ ﻋﺸﺮﻳﺔ ﻛﺎﻣﻠﺔ ﻟﺪﻯ ﺍﻟﺴﻠﻄﺎﺕ ﺍﻟﻌﻤﻮﻣﻴﺔ ﻛﺎﻥ ﻣﻦ‬
‫ﺿﺤﺎﻳﺎﻩ ﺑﻮﺭﺻﺔ ﺍﳉﺰﺍﺋﺮ‪ ،‬ﻭﺍﻟﺴﺒﺐ ﰲ ﺗﺄﺧﺮ ﻭﺿﻌﻴﺔ ﺍﻟﺒﻮﺭﺻﺔ ﻳﻌﻮﺩ ﻟﻐﻴﺎﺏ ﺍﻹﺭﺍﺩﺓ ﺍﻟﺴﻴﺎﺳﻴﺔ ﻭﺍﳋﻮﻑ ﻣﻦ‬
‫ﺍﻟﺸﻔﺎﻓﻴﺔ‪.‬‬
‫ﻭﺍﻟﺘﺴﺎﺅﻝ ﺍﳌﻄﺮﻭﺡ‪:‬‬
‫ﻣﺎ ﻫﻲ ﺍﻷﺳﺒﺎﺏ ﺍﻟﱵ ﺁﺩﺕ ﺇﱃ ﺍﳔﻔﺎﺽ ﺍﻷﺳﻬﻢ ﰲ ﺍﻟﺒﻮﺭﺻﺔ ﺭﻏﻢ ﺍﻟﺼﺤﺔ ﺍﳌﺎﻟﻴﺔ ﺍﳉﻴﺪﺓ‬
‫ﻟﻠﻤﺆﺳﺴﺎﺕ ﺍﻟﺜﻼﺙ؟‪.‬‬
‫ﻫﻞ ﺍﻹﺻﻼﺡ ﰲ ﺍﳌﻨﻈﻮﻣﺔ ﺍﻟﺒﻨﻜﻴﺔ ﻣﻦ ﺷﺎﻧﻪ ﺇﻧﻌﺎﺵ ﺑﻮﺭﺻﺔ ﺍﳉﺰﺍﺋﺮ؟‪.‬‬
‫ﻫﻞ ﻏﻤﻮﺽ ﺍﳊﺼﻴﻠﺔ ﻋﻦ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﺔ ﻫﻮ ﺍﻟﺴﺒﺐ ﰲ ﺗﻮﺍﺟﺪ ﺍﻟﺒﻮﺭﺻﺔ ﰲ ﻫﺬﻩ ﺍﻟﻮﺿﻌﻴﺔ؟‪.‬‬
‫ﻓﺄﺟﺎﺏ ﻭﺯﻳﺮ ﺍﳌﺎﻟﻴﺔ ﻗﺎﺋﻼ " ﺍﻟﺒﻮﺭﺻﺔ ﻻ ﻫﻲ ﻓﺮﺽ ﻭﻻ ﻫﻲ ﺳﻨﺔ‪ ،‬ﺑﻞ ﻭﺳﻴﻠﺔ ﻟﺘﻔﻌﻴﻞ ﺍﳊﺮﻛﺔ‬
‫ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﻭﺃﺩﺍﺓ ﻣﻦ ﺃﺩﻭﺍﺕ ﺍﻟﺘﻨﻤﻴﺔ‪ ،‬ﻭﻟﻴﺲ ﻟﺪﻳﻨﺎ ﺃﻱ ﺇﺷﻜﺎﻝ ﰲ ﺃﻥ ﻳﺘﺤﻜﻢ ﺍﻟﻘﻄﺎﻉ ﺍﳋﺎﺹ ﰲ ﻛﺎﻣﻞ ﺍﻟﺒﻮﺭﺻﺔ‬
‫"‪.‬‬
‫ﻭﺃﺷﺎﺭ ﺇﱃ ﺃﻧﻪ ﺍﻹﻃﺎﺭ ﺍﻟﻘﺎﻧﻮﱐ ﻭﺍﻟﻮﺳﺎﺋﻞ ﺍﳌﺎﺩﻳﺔ ﻻ ﺗﻜﻔﻲ ﻭﺣﺪﻫﺎ ﻹﺣﺪﺍﺙ ﺍﻧﻄﻼﻗﺔ ﰲ ﺍﻟﺒﻮﺭﺻﺔ‪.‬‬
‫ﻭﻧﺴﺘﺨﻠﺺ ﻣﻦ ﻫﺬﺍ ﺍﻟﻠﺒﺲ‪ ،‬ﺃﻥ ﱂ ﻳﺘﻮﻓﺮ ﺑﻌﺪ ﺍﳌﻨﺎﺥ ﻟﻼﺳﺘﺜﻤﺎﺭ ﰲ ﺍﻟﺒﻮﺭﺻﺔ‪ ،‬ﻭﻋﺪﻡ ﻭﺟﻮﺩ ﺍﻹﺭﺍﺩﺓ‬
‫ﻟﺪﻯ ﺍﳌﺪﺧﺮﻳﻦ‪.‬‬
 ‫ﺍﻟﻔﺮﻉ ﺍﻟﺜﺎﱐ‪ :‬ﺍﻹﺟﺮﺍﺀﺍﺕ ﺍﳌﻘﺘﺮﺣﺔ ﻟﺘﻄﻮﻳﺮ ﺑﻮﺭﺻﺔ ﺍﳉﺰﺍﺋﺮ‪.‬‬
‫ﺇﻥ ﺗﻄﺒﻴﻖ ﺍﻟﺴﻴﺎﺳﺎﺕ ﺍﳌﺎﻟﻴﺔ ﺑﺄﺩﻭﺍ‪‬ﺎ ﺍﳌﺨﺘﻠﻔﺔ ﰲ ﺍﳉﺰﺍﺋﺮ ﻻ ﻳﺰﺍﻝ ﰲ ﺍﳌﺮﺣﻠﺔ ﺍﻻﺑﺘﺪﺍﺋﻴﺔ ﻭﻻ ﳝﻜﻦ‬
‫ﺗﻄﻮﻳﺮﻫﺎ ﺇﻻ ﺑﺘﻜﺎﻣﻞ ﺟﻬﻮﺩ ﰲ ﺳﺒﻴﻞ ﺗﻨﺴﻴﻖ ﳐﺘﻠﻒ ﺍﻟﺴﻴﺎﺳﺎﺕ ﺍﳌﺎﻟﻴﺔ ﺍﻟﺮﺍﻣﻴﺔ ﻟﺘﻄﻮﻳﺮ ﺍﻟﺴﻮﻕ ﺍﳌﺎﱄ ﺍﳉﺰﺍﺋﺮﻱ‪،‬‬
‫ﻭﰲ ﻇﻞ ﺫﻟﻚ ﳓﺎﻭﻝ ﺗﻘﺪﱘ ﺑﻌﺾ ﺍﻻﻗﺘﺮﺍﺣﺎﺕ ﻟﻠﻮﺻﻮﻝ ﺇﱃ ﺑﻮﺭﺻﺔ ﻗﻴﻢ ﻣﻨﻘﻮﻟﺔ ﻓﻌﺎﻟﺔ‪ ،‬ﳝﻜﻨﻬﺎ ﲢﻘﻴﻖ ﺃﻫﺪﺍﻓﺎ‬
‫ﺍﻗﺘﺼﺎﺩﻳﺔ ﻣﻨﺸﻮﺩ ﺇﻟﻴﻬﺎ‪ ،‬ﻭﳝﻜﻦ ﺗﻠﺨﻴﺺ ﻫﺬﻩ ﺍﻻﻗﺘﺮﺍﺣﺎﺕ ﲢﺖ ﺍﻟﻌﻨﺎﻭﻳﻦ ﺍﻟﺘﺎﻟﻴﺔ‪:‬‬
‫ﺇﺻﻼﺡ ﺍﳌﺆﺳﺴﺔ ﺍﳉﺰﺍﺋﺮﻳﺔ‪:‬‬ ‫‪.1‬‬
‫ﺇﻥ ﺍﻟﻮﺿﻌﻴﺔ ﺍﳊﺎﻟﻴﺔ ﳌﻌﻈﻢ ﺍﳌﺆﺳﺴﺎﺕ ﺍﳉﺰﺍﺋﺮﻳﺔ ﺗﺘﻮﺍﺟﺪ ﰲ ﺣﺎﻟﺔ ﻣﺘﺪﻫﻮﺭﺓ‪ ،‬ﻭﺍﻟﲏ ﻻ ﺗﺘﻼﺀﻡ ﻣﻊ‬
‫ﻭﺿﻊ ﺍﻟﺴﻮﻕ ﺍﳌﺎﻟﻴﺔ‪ ،‬ﻭﺍﻟﱵ ﻳﻘﺘﺮﻥ ﻭﺟﻮﺩﻫﺎ ﺑﻮﺟﻮﺩ ﻣﺆﺳﺴﺎﺕ ﺻﻠﺒﺔ ﻗﻮﻳﺔ‪ ،‬ﻭﻣﻨﻪ ﻳﺴﺘﻮﺟﺐ ﻭﺟﻮﺩ ﻭﺗﺪﻋﻴﻢ‬
‫ﺍﻹﺻﻼﺣﺎﺕ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﻭﺇﻋﺎﺩﺓ ﺍﻟﻨﻈﺮ ﰲ ﺍﻟﺘﻨﻈﻴﻢ ﺍﳊﺎﱄ ﳌﺨﺘﻠﻒ ﺍﻟﻘﻄﺎﻋﺎﺕ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﺧﺎﺻﺔ ﺍﳌﺆﺳﺴﺎﺕ‬
‫ﺍﻟﻌﻤﻮﻣﻴﺔ‪ ،‬ﻭﺍﻟﱵ ﺗﺸﻜﻞ ﺍﻟﻌﻤﻮﺩ ﺍﻟﻔﻘﺮﻱ ﻟﻼﻗﺘﺼﺎﺩ ﺍﳉﺰﺍﺋﺮﻱ ﻭﺍﻟﱵ ﺗﺴﺘﻠﺰﻡ ﺍﺻﻼﺣﺎ ﻋﻤﻴﻘﺎ ﺑﻌﺪ ﻓﺸﻞ ﻛﻞ‬
‫ﺍﻟﻨﻤﺎﺫﺝ ﺍﻟﱵ ﻃﺒﻘﺖ ﻋﻠﻴﻬﺎ‪ ،‬ﻭ‪‬ﺬﺍ ﻓﺈﻥ ﺧﻮﺻﺼﺔ ﻫﺬﺍ ﺍﻟﻘﻄﺎﻉ ﺗﺼﺒﺢ ﻣﻦ ﺃﻭﻟﻮﻳﺎﺕ ﺍﻹﺻﻼﺣﺎﺕ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ‪.‬‬
‫ﲢﺴﲔ ﺍﻟﺘﺴﻴﲑ ﺍﳌﺎﱄ‪:‬ﻻ ﺷﻚ ﺃﻥ ﺍﻹﻣﻜﺎﻧﻴﺎﺕ ﺍﳌﺎﺩﻳﺔ ﻭﺍﳌﺎﻟﻴﺔ ﻭﺍﻟﺒﺸﺮﻳﺔ ﺍﻟﱵ ﳝﻜﻦ ﺃﻥ ﺗﺘﻤﺘﻊ ‪‬ﺎ‬
‫ﺍﳌﺆﺳﺴﺔ ﺍﳉﺰﺍﺋﺮﻳﺔ ﻻ ﺗﻜﻔﻲ ﻭﺣﺪﻫﺎ ﳉﻌﻞ ﻫﺬﻩ ﺍﻷﺧﲑﺓ ﻛﻔﺄﺓ ﻭﺗﻨﺎﻓﺴﻴﺔ ﻣﻊ ﻏﻴﺎﺏ ﻛﻔﺎﺀﺓ ﺍﳌﺴﲑﻳﻦ‬
‫ﻭﳒﺎﻋﺔ ﺍﻟﺘﺴﻴﲑ ﺍﻟﺬﻱ ﳜﻀﻊ ﻟﺘﻘﻨﻴﺎﺕ ﺣﺪﻳﺜﺔ‪ ،‬ﻭﺍﻟﱵ ﻃﺎﳌﺎ ﻣﺎ ﺍﻓﺘﻘﺮﺕ ﺇﻟﻴﻬﺎ ﺍﳌﺆﺳﺴﺎﺕ ﺍﳉﺰﺍﺋﺮﻳﺔ‪.‬‬
‫ﻭ ﺇﻥ ﺍﻟﻀﻤﺎﻥ ﺍﻟﺘﺴﻴﲑ ﺍﻟﻔﻌﺎﻝ ﻭ ﺍﻟﻜﻔﺆ‪ ،‬ﻣﻦ ﺷﺄﻧﻪ ﺃﻥ ﻳﻀﻤﻦ ﻛﻔﺎﺀﺓ ﻭ ﲢﺴﲔ ﺍﻟﻮﺿﻌﻴﺔ ﺍﳌﺎﻟﻴﺔ‬
‫ﻟﻠﻤﺆﺳﺴﺔ ﺍﻟﱵ ﺗﺴﺘﺠﻴﺐ ﻟﺸﺮﻭﻁ ﺍﻟﺸﻔﺎﻓﻴﺔ ﺍﻟﱵ ﺗﺘﻄﻠﺒﻬﺎ ﻋﻤﻠﻴﺔ ﺍﻹﺩﺍﺭﺝ ﺇﱃ ﺍﻟﺒﻮﺭﺻﺔ ‪.‬‬
‫ﲢﻘﻴﻖ ﺍﳌﻨﺎﻓﺴﺔ‪:‬‬ ‫‪.2‬‬
‫ﳚﺐ ﻋﻠﻰ ﺍﳌﺆﺳﺴﺔ ﺍﳉﺰﺍﺋﺮﻳﺔ ﺍﻟﺪﺧﻮﻝ ﰲ ﻣﻌﺮﻛﺔ ﺗﻨﺎﻓﺴﻴﺔ ﻓﻴﻤﺎ ﺑﻴﻨﻬﺎ‪ ،‬ﻭ ﻣﻊ ﺍﳌﺆﺳﺴﺎﺕ ﺍﻷﺟﻨﺒﻴﺔ‪،‬‬
‫ﺍﻟﱵ ﲡﻌﻠﻬﺎ ﺗﻌﻤﻞ ﻣﻦ ﺃﺟﻞ ﺗﻌﺪﻳﻞ ﺳﻠﻮﻛﻬﺎ ﻭ ﻣﻦ ﺃﺟﻞ ﺍﻟﺘﺄﻗﻠﻢ ﻣﻊ ﻣﺘﻄﻠﺒﺎﺕ‪ ،‬ﻭ ﺍﻻﺑﺘﻌﺎﺩ ﻋﻦ ﺍﳌﺨﺎﻃﺮ ﺍﻟﱵ‬
‫‪‬ﺪﺩﻫﺎ ﺑﺎﻟﺰﻭﺍﻝ‪.‬‬

‫‪.3‬ﲢﺴﲔ ﻭ ﺗﻨﻮﻳﻊ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ‪:‬‬

‫ﻟﻼﺳﺘﺠﺎﺑﺔ ﳌﺨﺘﻠﻒ ﻣﺘﻄﻠﺒﺎﺕ ﺍﳌﺴﺘﺜﻤﺮﻳﻦ‪ ،‬ﻋﻠﻰ ﺍﻟﺴﻠﻄﺎﺕ ﺍﳉﺰﺍﺋﺮﻳﺔ ﺧﺎﺻﺔ ﻫﻴﺌﺎﺕ ﺇﺩﺍﺭﺓ ﺍﻟﺒﻮﺭﺻﺔ‬
‫ﺃﻥ ﺗﻌﻤﻞ ﻋﻠﻰ ﲢﻀﲑ ﻋﺪﺩ ﻫﺎﺋﻞ ﻣﻦ ﺍﻷﺩﻭﺍﺕ ﺍﻟﱵ ﺳﻴﺘﻢ ﺗﺪﺍﻭﳍﺎ ﰲ ﻫﺬﻩ ﺍﻟﺴﻮﻕ‪ ،‬ﰲ ﻫﺬﺍ ﺍﻹﻃﺎﺭ ﳝﻜﻦ ﺍﻟﺒﺪﺃ ﰲ‬
‫ﲢﺴﲔ ﺷﺮﻭﻁ ﺍﻹﺩﺍﺭﺝ ﻭ ﺷﺮﻭﻁ ﻗﺒﻮﻝ ﺗﺪﺍﻭﻝ ﺍﻷﻭﺭﺍﻕ ﻭ ﺗﻨﻮﻳﻊ ﺍﻻﻭﺭﺍﻕ ﺍﳌﺘﺪﺍﻭﻟﺔ ﺑﲔ ﺳﻨﺪﺍﺕ ﻭ ﺃﺳﻬﻢ ﻭ‬
‫ﺳﻨﺪﺍﺕ ﻗﺎﺑﻠﺔ ﻟﻠﺘﺤﻮﻳﻞ ﺇﱃ ﺃﺳﻬﻢ‪ ،‬ﻭ ﺃﺳﻬﻢ ﳑﺘﺎﺯﺓ‪ ،‬ﳑﺎ ﻳﺪﻓﻊ ﺇﱃ ﺍﻧﺘﻌﺎﺵ ﺍﻟﺴﻮﻕ‪ ،‬ﻭ ﺇﺿﺎﻓﺔ ﺇﱃ ﺫﻟﻚ ﻓﺈﻧﻪ ﻣﻦ‬
‫ﺍﳌﻬﻢ ﺟﺪﺍ ﺍﻟﻌﻤﻞ ﻋﻠﻰ ﺭﻓﻊ ﻛﻔﺎﺀﺓ ﺍﻟﺒﻮﺭﺻﺔ ﻋﻦ ﻃﺮﻳﻖ ﺍﻟﺘﻘﻴﻴﻢ ﺍﳊﺴﻦ ﻟﻸﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﻣﻦ ﺟﻬﺔ‪ ،‬ﻭ ﲢﺴﲔ ﻃﺮﻕ‬
‫ﺗﺴﻌﲑﻫﺎ ﻣﻦ ﺟﻬﺔ ﺃﺧﺮﻯ ‪.‬‬
‫‪.4‬ﻣﻜﺎﻓﺤﺔ ﺍﻟﺴﻮﻕ ﺍﳌﻮﺍﺯﻳﺔ ‪:‬‬
‫ﻳﺸﻜﻞ ﺗﻮﺍﺟﺪ ﺍﻟﺴﻮﻕ ﺍﳌﻮﺍﺯﻳﺔ ﻟﻠﺴﻮﻕ ﺍﻟﺮﲰﻴﺔ ﻋﺎﺋﻘﺎ ﺣﺎﺩﺍ ﺑﺎﻟﻨﺴﺒﺔ ﳍﺬﻩ ﺍﻷﺧﲑﺓ‪ ،‬ﺇﺫ ﳝﻜﻦ ﺍﻟﺘﻌﺎﻣﻞ‬
‫ﰲ ﺍﻟﺴﻮﻕ ﺍﳌﻮﺍﺯﻳﺔ ﻣﻦ ﲢﻘﻴﻖ ﺍﺭﺑﺎﺡ ﺳﻬﻠﺔ ﺩﻭﻥ ﻋﻨﺎﺀ ﻛﺒﲑ ﺇﺿﺎﻓﺔ ﺇﱃ ﻫﺮﻭﺏ ﺍﳌﺘﻌﺎﻣﻠﲔ ﰲ ﻫﺬﻩ ﺍﻟﺴﻮﻕ ﻣﻦ‬
‫ﻣﺼﺎﱀ ﺿﺮﻳﺒﻴﺔ‪ ،‬ﳍﺬﺍ ﻓﺈﻥ ﺗﻮﺍﺟﺪ ﻣﺜﻞ ﻫﺬﻩ ﺍﻟﺴﻮﻕ ﻳﻌﻮﻕ ﺍﻟﺘﺸﺠﻴﻌﺎﺕ ﺍﳌﻮﺟﻬﺔ ﻟﻠﻌﺎﺋﻼﺕ ﻭ ﺍﳌﺴﺘﺜﻤﺮﻳﻦ‪ ،‬ﰲ‬
‫ﺳﺒﻴﻞ ﺗﻮﺟﻴﻪ ﻣﺪﺧﺮﺍ‪‬ﻢ ﳓﻮ ﺍﻻﺳﺘﺜﻤﺎﺭ ﰲ ﻧﺸﺎﻃﺎﺕ ﻣﺎﻟﻴﺔ‪ ،‬ﻭ ﺫﻟﻚ ﺑﺴﺒﺐ ﺍﳌﺮﺩﻭﺩ ﺍﳌﺮﺗﻔﻊ ﻭ ﺍﻟﺴﺮﻳﻊ ﺍﻟﺬﻱ ﳚﻠﺒﻪ‬
‫ﺍﻟﺘﻌﺎﻣﻞ ‪‬ﺬﻩ ﺍﻟﺴﻮﻕ ‪.‬‬
‫ﺍﻹﺷﻬﺎﺭ ﻭ ﺍﻹﻋﻼﻡ‪:‬‬ ‫‪.5‬‬
‫ﻳﻘﺘﻀﻲ ﺍﻟﺘﻌﺮﻳﻒ ﺑﺎﻟﺒﻮﺭﺻﺔ ﺍﻟﻘﻴﺎﻡ ﲟﺤﻼﺕ ﺇﺷﻬﺎﺭﻳﺔ ﻭﺍﺳﻌﺔ‪ ،‬ﺑﺎﺳﺘﻌﻤﺎﻝ ﳐﺘﻠﻒ ﻭﺳﺎﺋﻞ ﺍﻹﻋﻼﻡ‬
‫ﻟﻠﺘﻌﺮﻳﻒ ﲟﻜﺎﻧﺔ ﻭ ﺃﳘﻴﺔ ﺍﻟﺒﻮﺭﺻﺔ ﻓﺎﻻﻗﺘﺼﺎﺩ ﺍﳌﻌﺎﺻﺮ‪ ،‬ﻭ ﺍﻟﺪﻭﺭ ﺍﻟﻔﻌﺎﻝ ﺍﻟﺬﻱ ﺗﻘﻮﻡ ﺑﻪ ﰲ ﳎﺎﻝ ﺗﻮﺟﻴﻪ ﺍﻻﺩﺧﺎﺭ ﻭ‬
‫ﲤﻮﻳﻞ ﺍﻻﺳﺘﺜﻤﺎﺭﺍﺕ ﺍﳌﻨﺘﺠﺔ‪.‬‬
‫ﻛﻤﺎ ﳚﺐ ﺍﻹﺷﻬﺎﺭ ﻣﻦ ﺃﺟﻞ ﲢﻔﻴﺰ ﺍﳉﻤﻬﻮﺭ ﻭ ﺍﳌﺆﺳﺴﺎﺕ ﺍﳌﺎﻟﻴﺔ ﻋﻠﻰ ﺭﻓﻊ ﻣﺴﺘﻮﻯ ﺍﻻﺩﺧﺎﺭ ﻭ‬
‫ﲣﺼﻴﺺ ﺟﺰﺀ ﻣﻨﻪ ﺃﻭ ﻛﻠﻪ ﺑﺎﻻﺳﺘﺜﻤﺎﺭ ﰲ ﺍﻟﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ‪.‬‬
‫ﻧﺸﺮ ﺍﻟﺜﻘﺎﻓﺔ ﺍﻻﺳﺘﺜﻤﺎﺭﻳﺔ ﰲ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ‪:‬‬ ‫‪.6‬‬
‫ﺇﻥ ﺟﻬﻞ ﺍﻟﺜﻘﺎﻓﺔ ﺑﺎﻟﺒﻮﺭﺻﺔ ﰲ ﺍﳉﺰﺍﺋﺮ‪ ،‬ﻭ ﻭﺟﻮﺩ ﳐﺘﻠﻒ ﺍﻟﻌﻘﺒﺎﺕ ﺍﻟﱵ ﲢﻮﻝ ﺩﻭﻥ ﺇﻧﺸﺎﺀ ﻭ ﺗﻄﻮﻳﺮ‬
‫ﺑﻮﺭﺻﺔ ﺍﳉﺰﺍﺋﺮ‪ ،‬ﻻ ﺑﺪ ﺃﻥ ﻳﻘﺎﺑﻞ ﺑﺘﻄﺒﻴﻖ ﺇﺟﺮﺍﺀﺍﺕ ﺍﻟﺘﻌﺮﻳﻒ ﺑﺎﻻﺳﺘﺜﻤﺎﺭ ﰲ ﺍﻟﺴﻮﻕ ﺍﳌﺎﱄ‪ ،‬ﻭ ﺟﻌﻞ ﳏﻔﺰﺍﺕ ﻟﺬﻟﻚ‬
‫ﻭ ﺫﻟﻚ ﻣﻦ ﺃﺟﻞ ﺟﻠﺐ ﺍﳌﺴﺘﺜﻤﺮﻳﻦ ﺍﻷﺟﺎﻧﺐ ﻭ ﺍﶈﻠﻴﲔ ﻟﺘﻮﺟﻴﻪ ﻣﺪﺧﺮﺍ‪‬ﻢ ﺇﱃ ﺍﻟﺴﻮﻕ‪.‬‬
 ‫ﺧﺎﺗﻤﺔ ‪:‬‬

‫ﻣﻨﺬ ‪ 1992‬ﺃﻱ ﺇﻧﺸﺎﺀ ﺷﺮﻛﺔ ﺍﻟﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ ‪ ،‬ﻣﺮﺕ ﺑﻮﺭﺻﺔ ﺍﳉﺰﺍﺋﺮ ﺑﺎﻟﻌﺪﻳﺪ ﻣﻦ ﺍﳌﺮﺍﺣﻞ ﻭ ﺑﻌﺪ‬
‫ﺗﺄﺟﻴﻞ ﻓﺘﺤﻬﺎ ﻟﻌﺪﺓ ﻣﺮﺍﺕ ﺑﺴﺒﺐ ﻋﺪﻡ ﺇﻛﺘﻤﺎﻝ ﲢﻈﲑ ﺍﳌﺆﺳﺴﺎﺕ‪ ،‬ﻓﺘﺤﺖ ﰲ ‪ 13‬ﺳﺒﺘﻤﱪ ‪ 1999‬ﻷﻭﻝ ﻣﺮﺓ‬
‫ﻭ ﺑﺎﻹﺿﺎﻓﺔ ﺇﱃ ﺳﻨﺪﺍﺕ ﺳﻮﻧﻄﺮﺍﻙ‪ ،‬ﺗﺘﺪﺍﻭﻝ ﺣﺎﻟﻴﺎ ﰲ ﺑﻮﺭﺻﺔ ﺍﳉﺰﺍﺋﺮ ﺛﻼﺙ ﺷﺮﻛﺎﺕ ﻫﻢ ‪ :‬ﳎﻤﻊ ﺭﻳﺎﺽ‬
‫ﺳﻄﻴﻒ‪ ،‬ﳎﻤﻊ ﺻﻴﺪﺍﻝ ﻭ ﻣﺆﺳﺴﺔ ﺍﻷﻭﺭﺍﺳﻲ‪.‬‬
‫ﺣﻴﺚ ﺃﻥ ﻋﻤﻠﻴﺔ ﺇﺩﺭﺍﺝ ﺍﳌﺆﺳﺴﺎﺕ ﰲ ﺍﻟﺒﻮﺭﺻﺔ ﺗﺘﻄﻠﺐ ﲢﻀﲑﺍﺕ ﺧﺎﺻﺔ ﺑﺎﻹﺿﺎﻓﺔ ﺇﱃ ﻭﺟﻮﺏ‬
‫ﺍﺳﺘﻴﻔﺎﺀ ﺍﻟﺸﺮﻭﻁ ﺍﻟﻼﺯﻣﺔ ﻭ ﺑﺎﻟﺘﺎﱄ ﺗﻘﺪﱘ ﻣﻠﻒ ﺍﻟﺪﺧﻮﻝ‪.‬‬
‫ﻭ ﻟﻘﺪ ﲣﻠﺖ ﻛﻞ ﻣﻦ ﻫﺬﻩ ﺍﻟﺸﺮﻛﺎﺕ ﻋﻠﻰ ‪ %20‬ﻣﻦ ﺭﺃﺱ ﻣﺎﳍﺎ ﻟﻼﺳﺘﺜﻤﺎﺭ ﺍﳋﺎﺹ‪ ،‬ﻭ ﺫﻟﻚ‬
‫ﻷﻥ ﺍﻟﻘﺎﻧﻮﻥ ﳛﺘﻢ ﻋﻠﻴﻬﺎ ﺗﻠﻚ ﺍﻟﻨﺴﺒﺔ ﻋﻠﻰ ﺍﻷﻗﻞ‪ ،‬ﺣﱴ ﺗﺘﻤﻜﻦ ﻣﻦ ﺍﻟﺪﺧﻮﻝ ﺇﱃ ﺍﻟﺒﻮﺭﺻﺔ‪ ،‬ﻭ ﻳﺘﻢ ﺍﻟﺘﻌﺎﻣﻞ ﰲ‬
‫ﺑﻮﺭﺻﺔ ﺍﳉﺰﺍﺋﺮ ﲟﻌﺪﻝ ﺣﺼﺔ ﺃﺳﺒﻮﻋﻴﺎ ﻭ ﺫﻟﻚ ﻛﻞ ﻳﻮﻡ ﺇﺛﻨﲔ ﺣﻴﺚ ﻭﺻﻞ ﻣﻌﺪﻝ ﺍﻟﺪﻭﺭﺍﻥ ﰲ ﺑﻮﺭﺻﺔ ﺍﳉﺰﺍﺋﺮ‬
‫‪ %5.69‬ﻭ ﻣﻌﺪﻝ ﺍﻟﻌﺎﺋﺪ ﻋﻠﻰ ﺍﻻﺳﺘﺜﻤﺎﺭ ‪ %8.32‬ﻭ ﻫﺬﺍ ﻟﻔﺘﺮﺓ ‪. 2002-2001‬‬
‫ﻭ ﺷﺄ‪‬ﺎ ﻭ ﺷﺄﻥ ﺃﻱ ﺑﻮﺭﺻﺔ ﻣﻨﺸﺄﺓ ﺣﺪﻳﺜﺎ ﺗﻌﺮﻑ ﺑﻮﺭﺻﺔ ﺍﳉﺰﺍﺋﺮ ﻣﺸﺎﻛﻞ ﲨﺔ ﻣﺜﻞ ﺿﻌﻒ ﺍﻟﻄﻠﺐ‬
‫ﻭ ﻧﻘﺺ ﺍﻟﺴﻴﻮﻟﺔ‪ ،‬ﻭ ﺍﻟﱵ ﺗﺮﺟﻊ ﺃﺳﺎﺳﺎ ﺇﱃ ﻧﻘﺺ ﺍﻹﻋﻼﻡ‪ ،‬ﻭ ﺍﻧﻌﺪﺍﻡ ﺍﻟﺜﻘﺎﻓﺔ ﺍﻻﺩﺧﺎﺭﻳﺔ ﻭ ﺍﻻﺳﺘﺜﻤﺎﺭﻳﺔ ﻟﺸﺮﺍﺋﺢ‬
‫ﻭﺍﺳﻌﺔ ﻣﻦ ﺍﺠﻤﻟﺘﻤﻊ ﻭ ﺿﻌﻒ ﺍﻻﺩﺧﺎﺭ ﻟﺸﺮﺍﺋﺢ ﺃﺧﺮﻯ‪ ،‬ﻛﻤﺎ ﺯﺍﺩ ﻣﺴﺎﺭ ﺗﺄﺧﺮ ﺍﳋﻮﺻﺼﺔ ﻣﻦ ﻫﺬﻩ ﺍﳌﺸﺎﻛﻞ‪،‬‬
‫ﻟﺴﺒﺐ ﻗﻠﺔ ﺍﻟﺸﺮﻛﺎﺕ ﺍﳌﻘﻴﺪﺓ ﺑﺎﻟﺒﻮﺭﺻﺔ ﺃﺩﺕ ﺗﻠﻚ ﺍﳌﺸﺎﻛﻞ ﺇﱃ ﺇﻣﻀﺎﺀ ﻋﻘﻮﺩ ﺳﻴﻮﻟﺔ ‪Contrat de‬‬
‫‪. liquidité‬‬
‫ﻭ ﳝﻜﻦ ﺍﻋﺘﺒﺎﺭ ﺃﻥ ﺑﻮﺭﺻﺔ ﺍﳉﺰﺍﺋﺮ ﻣﻨﺬ ﻓﺘﺤﻬﺎ ﺇﱃ ﻏﺎﻳﺔ ﺍﻟﻴﻮﻡ ﻻ ﺗﺰﺍﻝ ﰲ ﺍﻧﻄﻼﻗﺘﻬﺎ ﻓﻬﻞ ﺗﺪﻭﻡ‬
‫ﻣﺮﺣﻠﺔ ﺍﻻﻧﻄﻼﻗﺔ ﻃﻮﻳﻼ؟‬
 ‫ﺍﻟـﺨـﺎﺗـﻤـﺔ ﺍﻟـﻌـﺎﻣـﺔ‬

‫ﻣﺮﺕ ﺩﺭﺍﺳﺘﻨﺎ ﳌﻮﺿﻮﻉ ﺑﻮﺭﺻﺔ ﺍﻟﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ ﺇﱃ ﺃﺑﺮﺯ ﺍﻟﻨﻘﺎﻁ ﺍﻷﺳﺎﺳﻴﺔ ﻭﺍﳋﺎﺻﺔ ‪‬ﺬﻩ ﺍﻟﺴﻮﻕ ﺍﳌﺎﻟﻴﺔ‬
‫ﻣﻊ ﺩﺭﺍﺳﺔ ﺣﺎﻟﺔ ﺍﳉﺰﺍﺋﺮ ﻭﲡﺮﺑﺔ ﺍﻧﻄﻼﻗﺘﻬﺎ ﻋﻠﻰ ﺣﺪ ﺍﻟﻘﻮﻝ‪.‬‬

‫ﻻﺣﻈﻨﺎ ﺍﻧﻪ ﻻ ﳝﻜﻦ ﺃﻥ ﻧﺘﺼﻮﺭ ﻭﺟﻮﺩ ﺑﻮﺭﺻﺔ ﰲ ﺑﻠﺪ ﻣﺎ ﺩﻭﻥ ﺃﻥ ﻳﺪﻳﺮ ﻫﺬﺍ ﺍﻟﺒﻠﺪ ﺍﻗﺘﺼﺎﺩ ﺍﻟﺴﻮﻕ‪,‬‬
‫ﻓﺈﺫﺍ ﺍﻟﻘﻴﻨﺎ ﻧﻈﺮﺓ ﻭﻟﻮ ﺑﺴﻴﻄﺔ ﺇﱃ ﺍﻟﺪﻭﺭ ﺍﻟﺬﻱ ﺗﻠﻌﺒﻪ ﺍﻟﺒﻮﺭﺻﺔ ﰲ ﺍﻟﺪﻭﻝ ﺍﻟﺮﺃﲰﺎﻟﻴﺔ ﻟﺘﺠﻠﻰ ﻟﻨﺎ ﺃﻥ ﺍﻟﺒﻮﺭﺻﺔ ﻫﻲ ﺍﳌﺮﺁﺓ‬
‫ﺍﻟﱵ ﺗﻌﻜﺲ ﺍﻗﺘﺼﺎﺩ ﺍﻟﺒﻠﺪ‪.‬‬

‫ﻓﺒﺪﺀﺍ ﳍﺬﺍ ﻗﻤﻨﺎ ﺑﻌﺮﺽ ﺍﻟﺴﻮﻕ ﺍﻟﱵ ﳝﻜﻨﻬﺎ ﺃﻥ ﲤﻮﻝ ﺍﻟﻘﻄﺎﻋﺎﺕ ﻭﺍﳌﻨﺸﺂﺕ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ‪ ،‬ﻓﺎﻟﺴﻮﻕ‬
‫ﺍﻟﺘﻤﻮﻳﻠﻴﺔ ﻫﻲ ﺍﺷﺘﺮﺍﻙ ﺳﻮﻗﲔ ﺷﻘﻴﻘﲔ ﳘﺎ ﺳﻮﻕ ﺍﻟﻨﻘﺪ ﻭﺳﻮﻕ ﺍﳌﺎﻝ‪ ،‬ﺣﻴﺚ ﻫﺬﺍ ﺍﻷﺧﲑ ﺑﺪﻭﺭﻩ ﻳﻨﻘﺴﻢ ﺇﱃ ﺃﺳﻮﺍﻕ‬
‫ﻓﺮﻋﻴﺔ ﻣﻨﻬﺎ ﺍﳌﻨﻈﻤﺔ ﻭﻏﲑ ﺍﳌﻨﻈﻤﺔ‪.‬‬

‫ﻭﺍﻟﺒﻮﺭﺻﺔ ﻫﻲ ﺳﻮﻕ ﻣﻨﻈﻢ ﻳﺴﲑ ﻭﻓﻖ ﻗﻴﻮﺩ ﲢﻜﻤﻪ ﻓﺘﻌﺮﺿﻨﺎ ﻟﻪ ﻣﺴﻠﻄﲔ ﺍﻟﻀﻮﺀ ﻋﻠﻰ ﺃﻋﺮﺽ‬
‫ﺍﻟﻌﻨﺎﻭﻳﻦ ﻓﻴﻬﺎ ﻓﺘﺠﻠﺖ ﺃﳘﻴﺘﻬﺎ ﰲ ﺃ‪‬ﺎ ﻭﺳﻴﻠﺔ ﻟﻘﻴﺎﺱ ﺃﺻﻮﻝ ﺍﳌﺆﺳﺴﺎﺕ‪ ،‬ﻭﻭﺳﻴﻠﺔ ﻟﻠﺘﻤﻮﻳﻞ ﺍﳌﺒﺎﺷﺮ ﻟﻼﺳﺘﺜﻤﺎﺭﺍﺕ ﻋﻦ‬
‫ﻃﺮﻳﻖ ﺍﻻﺩﺧﺎﺭ ﺍﻟﻌﻤﻮﻣﻲ‪،‬ﻛﻤﺎ ﺃ‪‬ﺎ ﻭﺳﻴﻠﺔ ﻟﺘﻮﻓﲑ ﺍﻟﺴﻴﻮﻟﺔ ﻟﻠﻤﺴﺘﺜﻤﺮﻳﻦ‪ ،‬ﺇﺫ ﲰﺤﺖ ﻟﻨﺎ ﻫﺬﻩ ﺍﻟﺪﺭﺍﺳﺔ ﺑﺎﻟﻮﻗﻮﻑ ﻋﻠﻰ‬
‫ﺣﻘﻴﻘﺘﲔ ﺟﻮﻫﺮﻳﺘﲔ ﳘﺎ‪:‬‬

‫‪ -1‬ﺇﻥ ﺍﻟﺒﻮﺭﺻﺔ ﻫﻲ ﺃﺩﺍﺓ ﻣﻬﻤﺔ ﻟﺘﻤﻮﻳﻞ ﺍﳌﺆﺳﺴﺎﺕ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﺑﻔﻀﻞ ﻣﺎ ﺗﻘﺪﻣﻪ ﻣﻦ ﺧﺪﻣﺎﺕ ﻭ‬
‫ﺗﺆﺩﻳﻪ ﻣﻦ ﻭﻇﺎﺋﻒ ﻓﻬﻲ ﺗﺘﻮﱃ‪:‬‬
‫‪ -‬ﲤﻮﻳﻞ ﺍﳌﺸﺎﺭﻳﻊ ﺍﻻﺳﺘﺜﻤﺎﺭﻳﺔ ﺍﻟﱵ ﺗﻌﺪ ﺍﻷﺳﺎﺱ ﺍﻟﺬﻱ ﺗﻀﻤﻦ ﻣﻦ ﻭﺭﺍﺀﻩ ﺍﳌﺆﺳﺴﺎﺕ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ‬
‫ﺑﻘﺎﺋﻬﺎ ﻭﺍﺳﺘﻤﺮﺍﺭﻫﺎ ﻭﺗﻮﻓﲑ ﺗﻠﻚ ﺍﻟﺘﻤﻮﻳﻼﺕ ﺑﺎﻷﺣﺠﺎﻡ ﻭﺍﻟﺘﻜﻠﻔﺔ ﺍﳌﻄﻠﻮﺑﺘﲔ‪.‬‬
‫‪ -‬ﺗﻌﺒﺌﺔ ﺍﻻﺩﺧﺎﺭ ﻭﺍﳉﻤﻊ ﺑﲔ ﻣﻦ ﻳﺒﺤﺚ ﻋﻦ ﺗﻮﻇﻴﻔﺎﺕ ﻣﻼﺋﻤﺔ )ﻣﻦ ﺣﻴﺚ ﺍﻟﺴﻴﻮﻟﺔ‪ ،‬ﺍﻟﻀﻤﺎﻧﺎﺕ‪،‬‬
‫ﺍﳌﺮﺩ ﻭﺩﻳﺔ …( ﻭﺑﲔ ﻣﻦ ﻳﺒﺤﺚ ﻋﻦ ﲤﻮﻳﻞ ﻣﻨﺎﺳﺐ )ﺍﳊﺠﻢ‪ ,‬ﺍﻟﺘﻜﻠﻔﺔ‪,‬ﺍﻷﺟﻞ(‪.‬‬

‫ﻏﲑ ﺃﻥ ﺍﺳﺘﺨﺪﺍﻡ ﻫﺬﻩ ﺍﻷﺩﺍﺓ ﰲ ﺗﻮﻓﲑ ﲤﻮﻳﻼﺕ ﻣﺎﻟﻴﺔ ﻣﻼﺋﻤﺔ ﱂ ﻳﻜﻦ ﳑﻜﻨﺎ ﻟﻠﻤﺆﺳﺴﺔ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ‬
‫ﺍﳉﺰﺍﺋﺮﻳﺔ ﺍﻻﺳﺘﻔﺎﺩﺓ ﻣﻨﻬﺎ ﺇﱃ ﻋﻬﺪ ﻗﺮﻳﺐ‪ ,‬ﺑﺴﺒﺐ ﻃﺒﻴﻌﺔ ﺍﻟﺘﻮﺟﻪ ﺍﻻﻗﺘﺼﺎﺩﻱ ﺍﻟﺴﺎﺋﺪ ﻭﺍﳌﻄﺒﻖ‪ ،‬ﻭﺑﻌﺪ ﺍﻧﺘﻘﺎﻝ‬
‫ﺍﻻﻗﺘﺼﺎﺩ ﺍﳉﺰﺍﺋﺮﻱ ﺍﳌﺨﻄﻂ ﺇﱃ ﺍﻻﻗﺘﺼﺎﺩ ﺍﳊﺮ‪ ,‬ﻭﻣﺎ ﺗﺒﻊ ﺫﻟﻚ ﻣﻦ ﺍﻧﺴﺤﺎﺏ ﺍﳋﺰﻳﻨﺔ ﺍﻟﻌﻤﻮﻣﻴﺔ ﻣﻦ ﲤﻮﻳﻞ‬
‫ﺍﻻﺳﺘﺜﻤﺎﺭﺍﺕ ﻭﻣﻨﺢ ﺍﻻﺳﺘﻘﻼﻟﻴﺔ ﻟﻠﻌﺪﻳﺪ ﻣﻦ ﺍﳌﺆﺳﺴﺎﺕ ﺍﻟﻮﻃﻨﻴﺔ ﻇﻬﺮﺕ ﺛﻐﺮﺓ ﲤﻮﻳﻠﻴﺔ ﻛﺒﲑﺓ ﻟﻼﺳﺘﺜﻤﺎﺭﺍﺕ‪ ,‬ﱂ ﺗﻜﻦ‬
‫ﺍﻟﺒﻨﻮﻙ ﻭﺣﺪﻫﺎ ﻗﺎﺩﺭﺓ ﻋﻠﻰ ﻣﻮﺍﺟﻬﺘﻬﺎ‪ ,‬ﺍﻷﻣﺮ ﺍﻟﺬﻱ ﺩﻓﻊ ﺍﻟﺴﻠﻄﺎﺕ ﺍﻟﻌﻤﻮﻣﻴﺔ ﺇﱃ ﺇﳚﺎﺩ ﺣﻠﻮﻝ ﲤﻮﻳﻠﻴﺔ ﺟﺪﻳﺪﺓ ﻣﻨﻬﺎ‬
‫ﺇﻧﺸﺎﺀ ﺑﻮﺭﺻﺔ ﺍﻟﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ‪ ,‬ﱂ ﺗﻜﻦ ﻓﻌﺎﻟﺔ ﺇﱃ ﺣﺪ ﺍﻵﻥ‪.‬‬

‫ﻭﺑﺎﻹﺿﺎﻓﺔ ﺇﱃ ﺍﻟﺒﻮﺭﺻﺔ ﺗﻌﺮﺿﻨﺎ ﳌﻨﺘﺠﺎ‪‬ﺎ ﻭﺍﳌﺘﻤﺜﻠﺔ ﰲ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﺃﻭﺍﻟﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ " ﺑﻮﺭﺻﺔ ﺍﻟﻘﻴﻢ‬
‫ﺍﳌﻨﻘﻮﻟﺔ" ﻭﺍﳌﺘﻤﺜﻠﺔ ﰲ ﻗﻄﻊ ﻭﺭﻗﻴﺔ ﲤﺜﻞ ﺣﻖ ﺩﻳﻦ ﺃﻭﺣﻖ ﻣﻠﻜﻴﺔ ﻭﺃﻫﻢ ﻫﺬﻩ ﺍﻷﻭﺭﺍﻕ ﺍﻷﺳﻬﻢ ﻭﺍﻟﺴﻨﺪﺍﺕ‪.‬‬

‫ﻭﻟﻜﻦ ﻣﻌﺮﻓﺔ ﺃﻧﻮﺍﻉ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﻻ ﻳﻜﻔﻲ ﻭﺣﺪﻩ ﻟﻠﺘﻔﺮﻗﺔ ﺑﻴﻨﻬﺎ‪ ،‬ﻓﻬﻨﺎﻙ ﺭﻛﺎﺋﺰ ﻭﻗﻮﺍﻋﺪ "‬
‫ﻣﻴﻜﺎﻧﻴﺰﻣﺎﺕ" ﻳﺘﺒﻌﻬﺎ ﺍﻟﻜﺎﺗﺐ ﻭﺍﳌﻜﺘﺘﺐ ﻟﻼﺳﺘﺜﻤﺎﺭ ﰲ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﻭﺃﻫﻢ ﺍﻟﻌﻮﺍﻣﻞ ﺍﳌﺮﺗﺒﻄﺔ ‪‬ﺎ ﻛﺎﻟﻌﺎﺋﺪ‬
‫ﻭﺍﳌﺨﺎﻃﺮﺓ‪.‬‬

‫ﻭﺍﻟﺒﻮﺭﺻﺔ ﺷﺄ‪‬ﺎ ﺷﺄﻥ ﺃﻱ ﺳﻮﻕ ﺗﺴﲑ ﻭﻓﻖ ﺇﺟﺮﺍﺀﺍﺕ ﻟﻠﺘﻌﺎﻣﻞ ﻭﺫﻟﻚ ﺗﺒﻌﺎ ﻟﻠﻨﺸﺎﻁ ﺍﻟﺬﻱ ﺗﻘﻮﻡ ﺑﻪ‬
‫ﻭﺍﳌﺘﻤﺤﻮﺭ ﺣﻮﻝ ﺗﺒﺎﺩﻝ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ‪ ،‬ﻭﺃﻫﻢ ﻫﺬﻩ ﺍﻹﺟﺮﺍﺀﺍﺕ ﺗﺘﻤﺜﻞ ﰲ ﺍﻷﻭﺍﻣﺮ ﺍﻟﱵ ﲣﺘﻠﻒ ﺣﺴﺐ ﺍﻻﲡﺎﻩ ﻭﺍﳌﺪﺓ‬
‫ﻭﺍﻟﻜﻤﻴﺔ ‪...‬ﺍﱁ‪ ,‬ﻭﺍﻟﺘﺴﻌﲑﺓ ﺍﻟﱵ ﲣﺘﻠﻒ ﻣﻦ ﺍﻟﺘﺴﻌﲑﺓ ﺑﺎﻟﺘﺜﺒﻴﺖ ﺇﱃ ﺍﻟﺘﺴﻌﲑﺓ ﺍﳌﺴﺘﻤﺮﺓ‪ ،‬ﺣﻴﺚ ﲣﺘﻠﻒ ﺍﻷﻭﱃ ﻋﻦ‬
‫ﺍﻟﺜﺎﻧﻴﺔ ﻣﻦ ﺣﻴﺚ ﺩﺭﺟﺔ ﺍﻧﺘﻌﺎﺵ ﺍﻟﺴﻮﻕ ﻭﺍﻟﻴﺘﻪ‪.‬‬

‫ﻭﺑﻨﺎﺀﺍ ﻋﻠﻰ ﻫﺬﺍ ﻗﻤﻨﺎ ﺑﺪﺭﺍﺳﺔ ﺣﺎﻟﺔ ﺑﻮﺭﺻﺔ ﺍﳉﺰﺍﺋﺮ ﳏﺎﻭﻟﲔ ﺍﻹﳚﺎﺏ ﻋﻠﻰ ﺍﻹﺷﻜﺎﻟﻴﺔ ﻭﺍﳌﺘﻤﺜﻠﺔ ﰲ "‬
‫ﻣﺎ ﻣﱰﻟﺔ ﻭﻭﺍﻗﻊ ﺑﻮﺭﺻﺔ ﺍﳉﺰﺍﺋﺮ ﰲ ﺍﻻﻗﺘﺼﺎﺩ ﺍﻟﻮﻃﲏ "‪.‬‬

‫ﻭﻟﻺﺟﺎﺑﺔ ﻋﻠﻰ ﻫﺬﺍ ﳚﺐ ﺍﻻﻧﻄﻼﻗﺔ ﻣﻦ ﺍﻷﺳﺎﺱ‪ ،‬ﻓﻘﻤﻨﺎ ﺑﻌﺮﺽ ﺃﻫﻢ ﺍﻟﺪﻭﺍﻓﻊ ﺍﻟﱵ ﺃﺩﺕ ﺑﺎﳉﺰﺍﺋﺮ ﺇﱃ‬
‫ﺇﻧﺸﺎﺀ ﺳﻮﻕ ﻣﺎﻟﻴﺔ ﻭﺍﻷﻫﺪﺍﻑ ﺍﳌﺮﺟﻮﺓ ﻣﻦ ﻭﺭﺍﺀ ﺫﻟﻚ‪ ،‬ﻭﲟﺎ ﺃﻥ ﺍﻟﺒﻮﺭﺻﺔ ﺳﻮﻕ ﻣﻨﻈﻤﺔ‪ ،‬ﻫﻨﺎﻙ ﻫﻴﺌﺘﺎﻥ ﻣﻨﻈﻤﺘﺎﻥ ﳍﺎ‬
‫ﰲ ﺍﳉﺰﺍﺋﺮ ﳘﺎ "‪COSOB‬ﻭ‪ " SGBV‬ﺑﺎﻹﺿﺎﻓﺔ ﺇﱃ ﺫﻟﻚ ﻳﻮﺟﺪ ﺍﻟﻮﺳﻄﺎﺀ ﰲ ﻋﻤﻠﻴﺔ ﺍﻟﺒﻮﺭﺻﺔ ‪ IOB‬ﻭﻫﻢ‬
‫ﺍﻟﺴﺎﻫﺮﻳﻦ ﻋﻠﻰ ﺗﻘﺪﱘ ﺍﳋﺪﻣﺎﺕ ﻭﺗﻨﻔﻴﺬ ﺍﻷﻭﺍﻣﺮ ﺍﳌﻘﺪﻣﺔ ﻣﻦ ﺍﻟﺰﺑﺎﺋﻦ ﻣﻘﺎﺑﻞ ﻋﻤﻮﻟﺔ ﺟﺮﺍﺀ ﺗﺒﺎﺩﻝ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ‬
‫ﺍﳌﺘﺪﺍﻭﻟﺔ ﰲ ﺍﻟﺴﻮﻕ ﺍﳉﺰﺍﺋﺮﻳﺔ ﺣﻴﺚ ﺗﻮﺟﺪ ﺛﻼﺙ ﺃﻭﺭﺍﻕ ﻣﺎﻟﻴﺔ ﻣﺘﺪﺍﻭﻟﺔ ﰲ ﺍﻟﺴﻮﻕ ﺍﳌﺎﻟﻴﺔ ﺍﳉﺰﺍﺋﺮﻳﺔ ﻭﻫﻲ ﺃﺳﻬﻢ‬
‫ﳎﻤﻊ ﺻﻴﺪﺍﻝ‪ ،‬ﻭﺫﻟﻚ ﺑﺎﻟﻌﺮﺽ ﺍﻟﻌﻤﻮﻣﻲ ﻟﻠﺒﻴﻊ‪ ,‬ﻭﻧﻔﺲ ﺍﻟﺸﻲﺀ ﺑﺎﻟﻨﺴﺒﺔ ﻟﻔﻨﺪﻕ ﺍﻷﻭﺭﺍﺳﻲ‪ ،‬ﻭﺃﻳﻀﺎ ﺑﺎﻟﻠﺠﻮﺀ ﺍﻟﻌﻠﲏ‬
‫ﻟﻼﺩﺧﺎﺭ ﻣﺜﻞ ﺃﺳﻬﻢ ﺭﻳﺎﺽ ﺳﻄﻴﻒ‪ ،‬ﻭﺑﺎﻹﺿﺎﻓﺔ ﺇﱃ ﺫﻟﻚ ﻫﻨﺎﻙ ﺍﻟﻘﺮﺽ ﺍﻟﺴﻨﺪﻱ ﻟﺴﻮﻧﺎ ﻃﺮﺍﻙ ﺍﻟﺬﻱ ﻛﺎﻥ ﺗﺎﺭﻳﺦ‬
‫ﺍﺳﺘﺤﻘﺎﻗﻪ ﰲ ﻣﻄﻠﻊ ﻫﺬﻩ ﺍﻟﺴﻨﺔ ﺃﻱ ﰲ ‪ 08‬ﺟﺎﻧﻔﻲ ‪.2003‬‬

‫‪ -2‬ﺇﻥ ﻋﺪﻡ ﳒﺎﺡ ﺑﻮﺭﺻﺔ ﺍﻟﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ ﰲ ﺍﳉﺰﺍﺋﺮ ﳊﺪ ﺍﻟﺴﺎﻋﺔ‪ ،‬ﻳﻌﻮﺩ ﺑﺸﻜﻞ ﻛﺒﲑ ﺇﱃ ﻣﺎ ﻳﺘﻮﺍﺟﺪ‬
‫ﰲ ﳏﻴﻄﻬﺎ ﻣﻦ ﻣﻌﻮﻗﺎﺕ ﻭﻋﺮﺍﻗﻴﻞ ﺃﺛﺮﺕ ﻋﻠﻰ ﺃﺩﺍﺋﻬﺎ ﺳﻠﺒﺎ ﺃﻛﺜﺮ ﳑﺎ ﺗﻌﺎﻧﻴﻪ ﻫﺬﻩ ﺍﻟﺒﻮﺭﺻﺔ ﻣﻦ ﺇﺧﺘﻼﻻﺕ ﻭﻋﺮﺍﻗﻴﻞ‬
‫ﺩﺍﺧﻠﻴﺔ ﻟﺬﻟﻚ ﻳﺘﻮﺟﺐ ﺍﻹﺳﺮﺍﻉ ﰲ ﺇﺻﻼﺡ ﳏﻴﻄﻬﺎ ﺣﱴ ﻳﺘﺴﲎ ﰲ ﺗﺄﺩﻳﺔ ﺩﻭﺭﻫﺎ ﺍﳌﻨﻮﻁ ‪‬ﺎ‪ ،‬ﻭﻗﺪ ﺣﺎﻭﻟﻨﺎ ﻣﻦ‬
‫ﺧﻼﻝ ﻫﺬﻩ ﺍﻟﺪﺭﺍﺳﺔ ﺗﻘﺪﱘ ﻣﺎ ﳝﻜﻦ ﺗﻘﺪﳝﻪ ﻭﺍﻗﺘﺮﺍﺣﻪ ﻣﻦ ﺗﺪﺍﺑﲑ ﻟﺘﻔﻌﻴﻞ ﻭﺗﻨﺸﻴﻂ ﻫﺬﻩ ﺍﻷﺩﺍﺓ ﻋﻠﻰ ﻣﺴﺘﻮﻯ ﳏﻴﻄﻬﺎ‬
‫ﺃﻭﰲ ﺣﺪ ﺫﺍ‪‬ﺎ ﺣﱴ ﺗﺼﺒﺢ ﺃﺩﺍﺓ ﻓﻌﺎﻟﺔ ﻟﺘﻤﻮﻳﻞ ﺍﳌﺆﺳﺴﺔ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ‪.‬‬

‫ﻓﻤﻊ ﻗﻠﺔ ﺍﳌﺆﺳﺴﺎﺕ ﺃﻭﺍﳌﻨﺸﺂﺕ ﺍﳌﺪﺭﺟﺔ ﰲ ﺍﻟﺒﻮﺭﺻﺔ‪ ,‬ﻭﺍﳊﻘﻴﻘﺔ ﳑﺎﺛﻠﺔ ﺃﻣﺎﻣﻨﺎ ﻭﺍﻧﻪ ﰎ ﺇﻧﺸﺎﺀ ﺑﻮﺭﺻﺔ‬
‫ﺩﻭﻥ ﺃﻥ ﻧﺆﻣﻦ ‪‬ﺎ ﺣﻘﻴﻘﺔ ﻭﺍﻟﻄﺮﻳﻖ ﻻ ﻳﺰﺍﻝ ﻃﻮﻳﻼ ﺃﻣﺎﻡ ﺑﻮﺭﺻﺔ ﺍﳉﺰﺍﺋﺮ‪.‬‬
‫ﻳﺒﻘﻰ ﺃﻥ ﻧﺸﲑ ﺇﱃ ﺃﻥ ﺍﻟﺒﻮﺭﺻﺔ ﰲ ﺍﳉﺰﺍﺋﺮ ﺿﺮﻭﺭﺓ ﻣﻠﺤﺔ ﻭﺣﺘﻤﻴﺔ ﻟﺘﻮﻓﲑ ﻗﻨﻮﺍﺕ ﻭﻣﺪﺍ ﺧﻴﻞ ﺳﻠﻴﻤﺔ‬
‫ﻟﻼﺳﺘﺜﻤﺎﺭ ﻭﺯﻳﺎﺩﺓ ﺣﻴﻮﻳﺔ ﺍﳌﺆﺳﺴﺎﺕ ﺍﻟﻮﻃﻨﻴﺔ ﺍﻟﻌﺎﻣﺔ ﻣﻨﻬﺎ ﻭﺍﳋﺎﺻﺔ‪ ,‬ﻭﲢﺴﲔ ﻛﻔﺎﺀ‪‬ﺎ ﺍﻹﻧﺘﺎﺟﻴﺔ ﻭﺍﻟﺮﻓﻊ ﻣﻦ ﻗﺪﺭﺍ‪‬ﺎ‬
‫ﺍﻟﺘﻨﺎﻓﺴﻴﺔ ﻭﻫﻲ ﻛﻠﻬﺎ ﺃﻫﺪﺍﻑ ﺇﻥ ﲢﻘﻘﺖ‪ ,‬ﲢﻘﻘﺖ ﻣﻌﻬﺎ ﺍﻟﺘﻨﻤﻴﺔ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﺍﳌﻨﺸﻮﺩﺓ‪ ,‬ﻏﲑ ﺃﻥ ﻫﺬﺍ ﺍﻟﻘﻮﻝ ﻻ ﻳﻌﲏ‬
‫ﺑﺄﻱ ﺣﺎﻝ ﻣﻦ ﺍﻷﺣﻮﺍﻝ ﺃﻥ ﺍﻟﺒﻮﺭﺻﺔ ﺗﻌﺪ ﺍﻷﺩﺍﺓ ﺍﻟﻮﺣﻴﺪﺓ ﻟﻠﺮﻓﻊ ﻣﻦ ﺍﻟﻜﻔﺎﺀﺓ ﺍﻟﺘﻨﺎﻓﺴﻴﺔ ﳌﺆﺳﺴﺎﺗﻨﺎ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ‬
‫ﺑﺘﺰﻭﻳﺪﻫﺎ ﲟﻮﺍﺭﺩ ﻭﲤﻮﻳﻼﺕ ﻣﺎﻟﻴﺔ ﻣﻼﺋﻤﺔ‪.‬‬
‫ﺑﺮﺯﺕ ﻟﻠﻮﺟﻮﺩ ﺃﳘﻴﺔ ﺍﻟﺒﻮﺭﺻﺔ ﻭﺑﺬﻟﻚ ﺃﺻﺒﺤﺖ ﺣﺪﺙ ﺍﻟﺴﺎﻋﺔ‪ ,‬ﺑﻞ ﲦﺔ ﺃﺩﻭﺍﺕ ﺃﺧﺮﻯ ‪ -‬ﻣﻮﺟﻮﺩﺓ‬
‫ﺃﻭ ﳝﻜﻦ ﺇﳚﺎﺩﻫﺎ ‪ -‬ﳚﺐ ﺃﻥ ﺗﺴﺘﺨﺪﻡ ﻫﻲ ﺍﻷﺧﺮﻯ ﺣﱴ ﺗﺘﺤﻘﻖ ﺍﻟﻨﺠﺎﻋﺔ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﳌﺆﺳﺴﺎﺗﻨﺎ‪ ,‬ﺗﺒﻘﻰ ﺃﺑﺮﺯﻫﺎ‬
‫ﻋﻠﻰ ﺍﻹﻃﻼﻕ ‪ -‬ﰲ ﻧﻈﺮﻧﺎ‪ -‬ﺍﻟﻌﻨﺎﻳﺔ ﺍﻟﱵ ﳚﺐ ﺃﻥ ﳛﻈﻰ ‪‬ﺎ ﺍﻟﻌﻨﺼﺮ ﺃﻭ ﺍﳌﻮﺭﺩ ﺍﻟﺒﺸﺮﻱ‪.‬‬
 ‫ﻣﺆﺳﺴﺔ ﻣﻦ ﻃﺮﻑ‬ ‫ﺍﻟﺮﻣﺰ‬ ‫ﺍﻻﺳﻢ‬
‫‪CNMA, BEA,CCR ERRACHED El Mali‬‬ ‫اﻟﺮاﺷﺪ اﻟﻤﺎﻟﻲ‬
‫‪CPA,CNEP,CAAT‬‬ ‫اﻟﻤﺆﺳﺴﺔ اﻟﻤﺎﻟﻴﺔ ﻟﻺرﺷﺎد واﻟﺘﻮﻇﻴﻒ ‪SOGEFI‬‬
‫‪BNA, BDL, SAA‬‬ ‫‪SOFICOP‬‬ ‫اﻟﻤﺆﺳﺴﺔ اﻟﻤﺎﻟﻴﺔ اﻟﻌﺎﻣﺔ‬
‫‪CAAR, BADR‬‬ ‫‪SPVM‬‬ ‫ﻣﺆﺳﺴﺔ ﺗﻮﻇﻴﻒ اﻟﻘﻴﻢ اﻟﻤﻨﻘﻮﻟﺔ‬
‫‪Union Bank‬‬ ‫‪Union Broker AGE‬‬ ‫ﺷﺮآﺔ ﺧﺎﺻﺔ‬
‫ﺍﳌﻠﺤﻖ ﺭﻗﻢ ‪:01‬‬
‫ﺍﻟﻤﺼﺪﺭ‪ :‬ﻣﻨﺸﻮﺭﺍﺕ ‪ SGBV‬ﺳﻨﺔ ‪.2003‬‬

‫ﺍﳌﻠﺤﻖ ﺭﻗﻢ ‪:02‬‬

‫اﻟﻌﺸﺮﻳﻦ ﺑﻮرﺻﺔ اﻷآﺜﺮ ﻧﺸﺎﻃﺎ ﻓﻲ اﻟﻌﺎﻟﻢ ﻣﻦ ﺣﻴﺚ ﺣﺠﻢ اﻟﻌﻤﻠﻴﺎت ﻋﻠﻰ اﻷﺳﻬﻢ‬
‫)ﺑﺎﻟﻤﻠﻴﻮن دوﻻر أﻣﺮﻳﻜﻲ (‬
‫ﺣﺠﻢ اﻟﻌﻤﻠﻴﺎت ﻋﻠﻰ اﻷﺳﻬﻢ‬
‫ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻮﻗﻴﺔ ﻟﻸﺳﻬﻢ‬ ‫ﺍﳌﺪﻥ‬
‫‪1994 $‬‬ ‫‪1993 $‬‬ ‫‪1994 $‬‬ ‫‪1993 $‬‬
‫‪4.164.759,90 4.220.974,30 1.270.365,50‬‬ ‫‪2.283.389,60‬‬ ‫‪New York‬‬ ‫ﻧﻴﻮﻳﻮرك‬
‫‪1.118.771,50 1.188.554,10‬‬ ‫‪538.597,50‬‬ ‫‪857.330,90‬‬ ‫‪Londres‬‬ ‫ﻟﻨﺪن‬
‫‪3.851.728,40 2.906.298,70‬‬ ‫‪502.981,90‬‬ ‫‪792.976,70‬‬ ‫‪Tokyo‬‬ ‫ﻃﻮآﻴﻮ‬
‫‪464.626,70‬‬ ‫‪460.753,60‬‬ ‫‪362.022,10‬‬ ‫‪594.943,10‬‬ ‫‪Allemagne‬‬ ‫أﻟﻤﺎﻧﻴﺎ‬
‫‪208.961,70‬‬ ‫‪193.251,50‬‬ ‫‪324.389,00‬‬ ‫‪352.624,40‬‬ ‫‪Taiwan‬‬ ‫ﺗﺎﻳﻮان‬
‫‪276.254,90‬‬ ‫‪270.879,10‬‬ ‫‪136.644,00‬‬ ‫‪209.884,50‬‬ ‫‪Suisse‬‬ ‫ﺳﻮﻳﺴﺮا‬
‫‪159.445,30‬‬ ‫‪139.583,90‬‬ ‫‪132.286,80‬‬ ‫‪211.968,40‬‬ ‫‪Corée‬‬ ‫آﻮرﻳﺎ‬
‫‪434.822,90‬‬ ‫‪455.484,60‬‬ ‫‪108.130,20‬‬ ‫‪171.780,10‬‬ ‫‪paris‬‬ ‫ﺑﺎرﻳﺲ‬
‫‪3.219.684,60‬‬ ‫‪95.165,30‬‬ ‫‪131.998,80‬‬ ‫‪Osaka‬‬ ‫أوﺳﺎآﺎ‬
‫‪184.341,50‬‬ ‫‪144.045,00‬‬ ‫‪84.946,40‬‬ ‫‪66.035,70‬‬ ‫‪Italie‬‬ ‫إﻳﻄﺎﻟﻴﺎ‬
‫‪289.884,70‬‬ ‫‪385.042,70‬‬ ‫‪75.387,80‬‬ ‫‪HongKong‬‬ ‫هﻮﻧﻎ آﻨﻎ‬
‫‪132.286,60‬‬
‫‪300.859,40‬‬ ‫‪325.246,80‬‬ ‫‪70.462,20‬‬ ‫‪110.634,80 Toronto‬‬ ‫ﺗﻮروﻧﺘﻮ‬
‫‪173.838,60‬‬ ‫‪219.758,70‬‬ ‫‪54.195,50‬‬ ‫آﻮاﻻ ﻟﻤﺒﻮ ‪145.528,80 KaulaLumpur‬‬
‫‪209.590,50‬‬ ‫‪199.891,40‬‬ ‫‪50.425,30‬‬ ‫‪67.791,80 Australie‬‬ ‫أﺳﺘﺮاﻟﻴﺎ‬
‫‪174.324,40‬‬ ‫‪200.865,20‬‬ ‫‪47.122,60‬‬ ‫‪63.733,10 Mexico‬‬ ‫ﻣﻜﺴﻴﻜﻮ‬
‫‪201.375,10‬‬ ‫‪182.628,50‬‬ ‫‪47.013,10‬‬ ‫‪67.019,70 Amsterdam‬‬ ‫أﻣﺴﺘﺮدام‬
‫‪41.390,40‬‬ ‫‪44.055,10‬‬ ‫‪46.180,90‬‬ ‫ﺑﻴﻮﻧﺲ ﺁرس‪49.690,30 Bue nos Aires‬‬
‫‪112.014,90‬‬ ‫‪127.473,70‬‬ ‫‪41.314,10‬‬ ‫‪83.529,40 Thaïlande‬‬ ‫ﺗﺎﻳﻠﻨﺪا‬
‫‪129.844,60‬‬ ‫‪132.677,80‬‬ ‫‪40.714,70‬‬ ‫ﺳﻨﻐﺎﻓﻮرة ‪83.529,40 Singapour‬‬
‫‪103.532,40‬‬ ‫‪106.968,00‬‬ ‫‪38.864,90‬‬ ‫ﺳﺘﻮآﻬﻮﻟﻢ ‪42.753,40 Stockholm‬‬
‫ﺍﳌﻠﺤﻖ ﺭﻗﻢ ‪ :03‬ﻣﻠﺨﺺ ﻟﻠﻘﻴﻢ ﺍﳌﻜﺘﺘﺒﺔ ﻭﻛﺬﺍ ﺍﻟﻌﻤﻮﻻﺕ ﺍﶈﺼﻠﺔ ﻣﻦ ﻃﺮﻑ ﻛﻞ ﻣﺆﺳﺴﺔ ﻣﻦ ﺍﳌﺆﺳﺴﺎﺕ‬
‫ﻟﻠﻤﺸﻜﻠﺔ ﻟﻨﻘﺎﺑﺔ ﺍﻹﺻﺪﺍﺭ‪.‬‬
‫ﺍﶈﺼﻞ‬ ‫ﺍﻟﻌﻤﻮﻟﺔ‬ ‫ﺇﲨﺎﱄ ﺍﻻﻛﺘﺘﺎﺏ‬ ‫ﺍﲨﺎﱄ ﺍﻻﻛﺘﺘﺎﺏ ﺑﺎﻟﻘﻴﻤﺔ ﺍﳌﻌﺪﻝ‬ ‫ﺍﳌﺆﺳﺴﺎﺕ‬
‫ﻋﻠﻴﻬﺎ‬ ‫ﺳﻌﺮ ﺍﻹﺻﺪﺍﺭ ‪97,5‬‬ ‫ﺍﳌﺎﻟﻴﺔ‬
‫‪40.843.860‬‬ ‫‪3.526.906.500‬‬ ‫‪29 ,83‬‬ ‫‪3.617.340.000‬‬ ‫ﺑﻨﻚ ﺍﳉﺰﺍﺋﺮ‬
‫ﺍﳋﺎﺭﺟﻲ‬
‫‪12.789.161‬‬ ‫‪1.894.269.000‬‬ ‫‪16,02‬‬ ‫‪1.942.840.000‬‬ ‫ﺍﻟﺒﻨﻚ ﺍﻟﻮﻃﲏ‬
‫ﺍﳉﺰﺍﺋﺮﻱ‬
‫‪25.012.172‬‬ ‫‪1.471.304.250‬‬ ‫‪12,44‬‬ ‫‪1.509.030.000‬‬ ‫ﺍﻟﻘﺮﺽ ﺍﻟﺸﻌﱯ‬
‫ﺍﳉﺰﺍﺋﺮﻱ‬
‫‪14.769.154‬‬ ‫‪868.773.750‬‬ ‫‪7,37‬‬ ‫‪891.050.000‬‬ ‫ﺑﻨﻚ ﺍﻟﺘﻨﻤﻴﺔ ﻭ‬
‫ﺍﻟﻔﻼﺣﻴﺔ ﺍﻟﺮﻳﻔﻴﺔ‬
‫‪24.373.869‬‬ ‫‪1.433.757.000‬‬ ‫‪12,13‬‬ ‫‪1.470.520.000‬‬ ‫ﺍﻟﺼﻨﺪﻭﻕ‬
‫ﺍﻟﻮﻃﲏ ﻟﻠﺘﻮﻓﲑ‬
‫ﻭﺍﻻﺣﺘﻴﺎﻁ‬
‫‪13.260.000‬‬ ‫‪780.000.000‬‬ ‫‪6,60‬‬ ‫‪800.000.000‬‬ ‫ﺍﻟﺼﻨﺪﻭﻕ‬
‫ﺍﻟﻮﻃﲏ ﻟﻠﺘﻌﺎﻭﻥ‬
‫ﺍﻟﻔﻼﺣﻲ‬
‫‪9.0206.806‬‬ ‫‪544.518.000‬‬ ‫‪4,61‬‬ ‫‪558.480.000‬‬ ‫ﺑﻨﻚ ﺍﻟﺘﻨﻤﻴﺔ‬
‫ﺍﶈﻠﻴﺔ‬
‫‪6.414.525‬‬ ‫‪377.325.000‬‬ ‫‪3,19‬‬ ‫‪387.000.000‬‬ ‫ﺍﻟﺼﻨﺪﻭﻕ‬
‫ﺍﳉﺰﺍﺭﻱ‬
‫ﻟﺘﺄﻣﻴﻨﺎﺕ ﺍﻟﻨﻘﻞ‬
‫‪4.611.750‬‬ ‫‪390.000.000‬‬ ‫‪3,30‬‬ ‫‪400.000.000‬‬ ‫ﺍﻟﺸﺮﻛﺔ‬
‫ﺍﳉﺰﺍﺋﺮﻳﺔ‬
‫ﺍﳉﺰﺍﺋﺮﻳﺔ ﻟﻠﺘﺄﻣﲔ‬
‫ﻭﺇﻋﺎﺩﺓ ﺍﻟﺘﺄﻣﲔ‬
‫‪9.116.250‬‬ ‫‪536.250.000‬‬ ‫‪4,54‬‬ ‫‪550.000.000‬‬ ‫ﺍﻟﺸﺮﻛﺔ‬
‫ﺍﳉﺰﺍﺋﺮﻳﺔ ﻟﻠﺘﺄﻣﲔ‬
‫‪160.447.546‬‬ ‫‪11.823.103.500 100,00 12.126.260.000‬‬ ‫ﺍﻹﲨﺎﱄ‬

‫ﺍﻟﻤﺼﺪﺭ‪ :‬ﺑﻨﻚ ﺍﻟﺠﺰﺍﺋﺮ ﺍﻟﺨﺎﺭﺟﻲ‪.‬‬

‫ﺍﳌﻠﺤﻖ ﺭﻗﻢ ‪:4‬‬

 Données avant et après traitement du titre Saidal.
Période du 01 janvier 2003 jusqu'au mois doctobre 2003.

Meilleur Meilleur Mouvements

cours a cours a la
l’achat vente
Séance Valeur DA Cours de Volume Volume
clôture des ordres des ordre
a l’achat a la vente
02/01/03 0.000 410.00 NF 0 0
06/01/03 000.00 410.00 000.00 0 0
08/01/03 430.00 410.00 430.00 1000 190
13/01/03 430.00 410.00 430.00 1000 190
15/01/03 435.00 410.00 435.00 1000 389
20/01/03 435.00 410.00 435.00 1000 389
27/01/03 435.00 415.00 420.00 670 170
29/01/03 435.00 415.00 420.00 670 170
03/02/03 420.00 400.00 420.00 532 88
05/02/03 420.00 400.00 420.00 508 165
17/02/03 420.00 400.00 420.00 306 110
24/02/03 435.00 400.00 420.00 156 105
03/03/03 425.00 420.00 425.00 1055 825
10/03/03 435.00 405.00 430.00 135 100
17/03/03 440.00 410.00 435.00 107 67
24/03/03 450.00 415.00 450.00 1605 433
31/03/03 450.00 430.00 450.00 2172 105
07/04/03 450.00 430.00 450.00 650 1115
21/04/03 450.00 430.00 450.00 1527 1558
28/04/03 470.00 430.00 470.00 842 755
05/05/03 470.00 450.00 470.00 89 169
12/05/03 455.00 450.00 455.00 10 134
02/06/03 435.00 435.00 435.00 22 185
23/06/03 415.00 415.00 415.00 103 123
06/10/03 400.00 375.00 400.00 235 360

10 Sep – Oct. – 2003 ; Infos Bourse ; Saidal News :‫ﺍﻟﻤﺼﺩﺭ‬

05 ‫ﺍﳌﻠﺤﻖ ﺭﻗﻢ‬
 Mouvement du titre Saidal.
Données avant et après traitement du titre Saidal par la SGVB.
Cperiode du 1er janvier 2003 jusqu'au 6 octobre 2003.

Meilleur Meilleur Mouvements

cours a cours a la
l’achat vente
Séance Valeur DA Cours de Volume Volume
clôture des ordres des ordre
a l’achat a la vente
02/01/03 0.000 410.00 NF 0 0
06/01/03 000.00 410.00 000.00 0 0
08/01/03 430.00 410.00 430.00 1000 190
13/01/03 430.00 410.00 430.00 1000 190
15/01/03 435.00 410.00 435.00 1000 389
20/01/03 435.00 410.00 435.00 1000 389
27/01/03 435.00 415.00 420.00 670 170
29/01/03 435.00 415.00 420.00 670 170
03/02/03 420.00 400.00 420.00 532 88
05/02/03 420.00 400.00 420.00 508 165
17/02/03 420.00 400.00 420.00 306 110
24/02/03 435.00 400.00 420.00 156 105
03/03/03 425.00 420.00 425.00 1055 825
10/03/03 435.00 405.00 430.00 135 100
17/03/03 440.00 410.00 435.00 107 67
24/03/03 450.00 415.00 450.00 1605 433
31/03/03 450.00 430.00 450.00 2172 105
07/04/03 450.00 430.00 450.00 650 1115
21/04/03 450.00 430.00 450.00 1527 1558
28/04/03 470.00 430.00 470.00 842 755
05/05/03 470.00 450.00 470.00 89 169
12/05/03 455.00 450.00 455.00 10 134
02/06/03 435.00 435.00 435.00 22 185
23/06/03 415.00 415.00 415.00 103 123
06/10/03 400.00 375.00 400.00 235 360
10 Sep – Oct. – 2003 ; Infos Bourse ; Saidal News :‫ﺍﻟﻤﺼﺩﺭ‬
 ‫ﻗﺎﺋﻤﺔ ﺍﻟﻤﺮﺍﺟﻊ‬
‫ﺍﻟﻤﺮﺍﺟﻊ ﺑﺎﻟﻠﻐﺔ ﺍﻟﻌﺮﺑﻴﺔ‬ ‫‪.I‬‬
‫‪ .1‬اﻟﻜﺘﺐ‬
‫‪ - 1‬ﳏﻤﺪ ﺻﺎﱀ ﺍﳊﻨﺎﻭﻱ‪ ،‬ﳏﻤﺪ ﻓﺮﻳﺪ ﺍﻟﺼﺤﻦ‪" ،‬ﺍﳌﺎﻝ ﻭﺍﻷﻋﻤﺎﻝ"‪ ،‬ﺍﻟﺪﺍﺭ ﺍﳉﺎﻣﻌﻴﺔ‪ ،‬ﺳﻨﺔ ‪.1997‬‬
‫‪ - 2‬ﻗﺮﻳﺎ ﻗﺺ ﺭﲰﻴﺔ‪ "،‬ﺍﻷﺳﻮﺍﻕ ﺍﳌﺎﻟﻴﺔ‪ ،‬ﻣﻜﺘﺒﺔ ﻋﲔ ﺍﻟﺸﻤﺲ"‪ ،‬ﺍﻟﻘﺎﻫﺮﺓ‪ ،‬ﻃﺒﻌﺔ ‪.1999‬‬
‫‪ - 3‬ﺭﲰﻴﺔ ﻗﺮﻳﺎ ﻗﺺ‪ " ،‬ﺃﺳﻮﺍﻕ ﺍﳌﺎﻝ‪ ،‬ﺃﺳﻮﺍﻕ ﺭﺃﺱ ﺍﳌﺎﻝ‪ -‬ﺍﳌﺆﺳﺴﺎﺕ"‪.‬‬
‫‪ - 4‬ﻣﻨﲑ ﺇﺑﺮﺍﻫﻴﻢ ﺍﳍﻨﺪﻱ‪ " ،‬ﺇﺩﺍﺭﺓ ﺍﻷﺳﻮﺍﻕ‪ .‬ﺍﳌﻨﺸﺂﺕ ﺍﳌﺎﻟﻴﺔ "‪ ،‬ﻣﻨﺸﺄﺓ ﺍﳌﻌﺎﺭﻑ‪ ،‬ﺳﻨﺔ ‪.1999‬‬
‫‪ – 5‬ﻣﻨﲑ ﺇﺑﺮﺍﻫﻴﻢ ﺍﳍﻨﺪﻱ‪ "،‬ﺃﺳﺎﺳﻴﺎﺕ ﺍﻻﺳﺘﺜﻤﺎﺭ ﰲ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ "‪ ،‬ﻣﻨﺸﺄﺓ ﺍﳌﻌﺎﺭﻑ‪ ،‬ﺍﻹﺳﻜﻨﺪﺭﻳﺔ‪ ،‬ﺳﻨﺔ ‪.1997‬‬
‫‪ – 6‬ﻣﻨﲑ ﺇﺑﺮﺍﻫﻴﻢ ﺍﳍﻨﺪﻱ‪ "،‬ﺇﺩﺍﺭﺓ ﺍﳌﻨﺸﺂﺕ ﺍﳌﺎﻟﻴﺔ ﻭﺇﺩﺍﺭﺓ ﺍﻷﺳﻮﺍﻕ "‪ ،‬ﻣﻨﺸﺄﺓ ﺍﳌﻌﺎﺭﻑ ﺑﺎﻹﺳﻜﻨﺪﺭﻳﺔ‪ ،‬ﺳﻨﺔ ‪.1999‬‬
‫‪ – 7‬ﻣﻨﲑ ﺇﺑﺮﺍﻫﻴﻢ ﺍﳍﻨﺪﻱ‪ "،‬ﺇﺩﺍﺭﺓ ﺍﻷﺳﻮﺍﻕ ﺍﳌﺎﻟﻴﺔ ﻭﺍﳌﻨﺸﺂﺕ ﺍﳌﺎﻟﻴﺔ"‪ ،‬ﻣﻨﺸﺄﺓ ﺍﳌﻌﺎﺭﻑ‪ ،‬ﺍﻹﺳﻜﻨﺪﺭﻳﺔ‪ ،‬ﲟﺼﺮ‪ ،‬ﺳﻨﺔ ‪.1999‬‬
‫‪ - 8‬ﻣﻨﲑ ﺇﺑﺮﺍﻫﻴﻢ ﺍﳍﻨﺪﻱ‪ "،‬ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﻭﺃﺳﻮﺍﻕ ﺭﺃﺱ ﺍﳌﺎﻝ "‪ ،‬ﲟﺼﺮ‪ ،‬ﺗﻮﺯﻳﻊ ﻣﻨﺸﺄﺓ ﺍﳌﻌﺎﺭﻑ ﺍﻹﺳﻜﻨﺪﺭﻳﺔ‪ ،‬ﺳﻨﺔ ‪.1997‬‬
‫‪ – 9‬ﳏﻤﺪ ﻋﺒﺪﻩ ﳏﻤﺪ ﻣﺼﻄﻔﻰ" ﺗﻘﻴﻴﻢ ﺍﻟﺸﺮﻛﺎﺕ ﻭﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ"‪ ،‬ﻣﻄﺒﻌﺔ ﺍﳉﺎﻣﻌﺔ‪ ،‬ﺍﻟﻘﺎﻫﺮﺓ‪ ،‬ﺳﻨﺔ ‪.1993‬‬
‫‪ - 10‬ﻋﺒﻴﺪ ﺳﻌﻴﺪ ﺗﻮﻓﻴﻖ‪ "،‬ﺍﻻﺳﺘﺜﻤﺎﺭ ﰲ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ "‪ ،‬ﻣﻜﺘﺒﺔ ﻋﲔ ﺍﻟﺸﻤﺲ‪ ،‬ﺍﻟﻘﺎﻫﺮﺓ‪ ،‬ﺳﻨﺔ ‪.1995‬‬
‫‪ – 11‬ﴰﻌﻮﻥ ﴰﻌﻮﻥ‪ ،‬ﺍﻟﺒﻮﺭﺻﺔ‪ ،‬ﺑﻮﺭﺻﺔ ﺍﳉﺰﺍﺋﺮ‪ ،‬ﺍﻷﻃﻠﺲ ﻟﻠﻨﺸﺮ‪ ،‬ﺍﻟﻄﺒﻌﺔ ﺍﻷﻭﱃ‪ ،‬ﺍﳉﺰﺍﺋﺮ‪ ،‬ﺳﻨﺔ ‪.1993‬‬
‫‪ – 12‬ﴰﻌﻮﻥ ﴰﻌﻮﻥ‪ ،‬ﺍﻟﺒﻮﺭﺻﺔ ﻭﺑﻮﺭﺻﺔ ﺍﳉﺰﺍﺋﺮ‪ ،‬ﺩﺍﺭ ﻫﻮﻳﺔ ﻟﻠﻄﺒﺎﻋﺔ ﻭﺍﻟﻨﺸﺮ‪ ،‬ﺍﳉﺰﺍﺋﺮ‪ ،‬ﺍﻟﻄﺒﻌﺔ ﺍﻟﺜﺎﻧﻴﺔ‪.1999 ،‬‬
‫‪ - 13‬ﻣﺼﻄﻔﻰ ﺭﺷﻴﺪ ﺷﻴﺤﺔ‪ "،‬ﺍﻻﻗﺘﺼﺎﺩ ﺍﳌﺼﺮﰲ ﻭﺍﻟﺒﻮﺭﺻﺎﺕ "‪ ،‬ﺩﺍﺭ ﻭﺍﺋﻞ ﻟﻠﻨﺸﺮ‪ ،‬ﻣﺼﺮ‪ ،‬ﺳﻨﺔ ‪.1999‬‬
‫‪ - 14‬ﻣﺼﻄﻔﻰ ﺭﺷﻴﺪ ﺷﻴﺨﺔ‪ "،‬ﺍﻻﻗﺘﺼﺎﺩ ﺍﻟﻨﻘﺪﻱ ﻭﺍﳌﺼﺮﰲ "‪ ،‬ﺩﺍﺭ ﺍﳉﺎﻣﻌﺔ‪ ،‬ﻣﺼﺮ‪ ،‬ﺳﻨﺔ ‪.1985‬‬
‫‪ - 15‬ﻃﺎﺭﻕ ﻋﺒﺪ ﺍﻟﻌﺎﻝ ﲪﺎﺩ‪ "،‬ﺩﻟﻴﻞ ﺍﳌﺴﺘﺜﻤﺮ ﺇﱃ ﺑﻮﺭﺻﺔ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ "‪ ،‬ﺟﺎﻣﻌﺔ ﻋﲔ ﺍﻟﺸﻤﺲ‪ ،‬ﻣﺼﺮ‪ ،‬ﺳﻨﺔ ‪.1997‬‬
‫‪ - 16‬ﳏﺴﻦ ﺃﲪﺪ ﺍﳋﻴﻀﺮﻱ ‪ "،‬ﻛﻴﻒ ﺗﺘﻌﻠﻢ ﺍﻟﺒﻮﺭﺻﺔ ﰲ ‪ 24‬ﺳﺎﻋﺔ "‪ ،‬ﺍﺷﺘﺮﺍﻙ ﻟﻠﻨﺸﺮ ﻭﺍﻟﺘﻮﺯﻳﻊ‪ ،‬ﺍﻟﻘﺎﻫﺮﺓ‪ ،‬ﺳﻨﺔ ‪.1996‬‬
‫‪ - 17‬ﺃﺑﻮﺍ ﺍﻟﻌﻼﺀ ﺇﺑﺮﺍﻫﻴﻢ ﳏﻤﺪ‪ "،‬ﺑﻮﺭﺻﺎﺕ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ "‪ ،‬ﻣﻄﺒﻌﺔ ﺩﻟﻴﻠﻚ‪ ،‬ﻣﺼﺮ‪ ،‬ﺳﻨﺔ ‪.1970‬‬
‫‪ - 18‬ﻋﺒﺪ ﺍﻟﻐﻔﺎﺭ ﺣﻨﻔﻲ‪ "،‬ﺍﻟﺒﻮﺭﺻﺎﺕ‪ ،‬ﺍﻷﺳﻬﻢ ﻭﺍﻟﺴﻨﺪﺍﺕ‪ ،‬ﺻﻨﺎﺩﻳﻖ ﺍﻻﺳﺘﺜﻤﺎﺭ"‪ ،‬ﺍﻟﺪﺍﺭ ﺍﳉﺎﻣﻌﻴﺔ‪ ،‬ﺳﻨﺔ ‪.1998‬‬
‫‪ - 19‬ﻧﺎﻇﻢ ﳏﻤﺪ‪ ،‬ﻓﺎﺿﻞ ﻇﺎﻫﺮ‪ " ،‬ﺍﻻﺳﺘﺜﻤﺎﺭ ﺍﻟﻌﻴﲏ ﻭﺍﳌﺎﱄ"‪ ،‬ﺩﺍﺭ ﻭﺍﺋﻞ ﻟﻠﻨﺸﺮ‪ ،‬ﻣﺼﺮ‪ ،‬ﺳﻨﺔ ‪.1999‬‬
‫‪ - 20‬ﳏﻤﺪ ﻋﺒﺪ ﺍﻟﻌﺰﻳﺰ ﻋﺠﻴﻤﺔ‪ ،‬ﺍﻟﺘﻨﻤﻴﺔ ﻭﺍﻟﺘﺨﻄﻴﻂ‪ ،‬ﺩﺍﺭ ﺍﻟﻨﻬﻀﺔ ﺍﻟﻌﺮﺑﻴﺔ‪ ،‬ﺑﲑﻭﺕ‪ ،‬ﺳﻨﺔ ‪.1983‬‬
‫‪ - 21‬ﻓﺆﺍﺩ ﻣﺮﺳﻲ‪ ،‬ﺍﻟﺘﻤﻮﻳﻞ ﺍﳌﺼﺮﰲ ﻟﻠﺘﻨﻤﻴﺔ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ‪ ،‬ﺩﺍﺭ ﺍﳌﻌﺎﺭﻑ‪ ،‬ﺍﻹﺳﻜﻨﺪﺭﻳﺔ‪ ،‬ﻣﺼﺮ‪ ،‬ﺳﻨﺔ ‪.1980‬‬
‫‪ - 22‬ﺷﺎﻛﺮ ﺍﻟﻘﺰ ﻭﻳﲏ‪ ،‬ﳏﺎﺿﺮﺍﺕ ﰲ ﺍﻗﺘﺼﺎﺩ ﺍﻟﺒﻨﻮﻙ‪ ،‬ﺩﻳﻮﺍﻥ ﺍﳌﻄﺒﻮﻋﺎﺕ ﺍﳉﺎﻣﻌﻴﺔ‪ ،‬ﺍﳉﺰﺍﺋﺮ‪ ،‬ﺳﻨﺔ ‪.1992‬‬
‫‪ - 23‬ﺻﺎﺩﻕ ﺣﻨﲔ ﺑﺎﺷﺎ‪ ،‬ﲝﻮﺙ ﰲ ﺃﻋﻤﺎﻝ ﺍﻟﺒﻮﺭﺻﺎﺕ‪ ،‬ﻣﻜﺘﺒﺔ ﺍﻟﻨﻬﻀﺔ ﺍﻟﻌﺮﺑﻴﺔ‪ ،‬ﺍﻟﻘﺎﻫﺮﺓ‪ ،‬ﻣﺼﺮ‪ ،‬ﺳﻨﺔ ‪.1987‬‬
‫‪ - 24‬ﺃﲪﺪ ﻓﻬﻤﻲ ﺍﻹﻣﺎﻡ‪ ،‬ﺃﺳﻮﺍﻕ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﺍﻟﻌﺮﺑﻴﺔ‪ ،‬ﺇﲢﺎﺩ ﺍﳌﺼﺎﺭﻑ ﺍﻟﻌﺮﺑﻴﺔ‪ ،‬ﻣﺼﺮ‪ ،‬ﺳﻨﺔ ‪.1989‬‬
‫‪ - 25‬ﲨﺎﻝ ﺍﻟﺪﻳﻦ ﺍﻟﺸﻴﺸﻴﲏ‪ ،‬ﺍﻷﺳﻮﺍﻕ ﺍﳌﺎﻟﻴﺔ ﺍﻟﻌﺮﺑﻴﺔ‪ ،‬ﺇﲢﺎﺩ ﺍﳌﺼﺎﺭﻑ ﺍﻟﻌﺮﺑﻴﺔ‪ ،‬ﻣﺼﺮ‪ ،‬ﺳﻨﺔ ‪.1989‬‬
 ‫‪ - 26‬ﺿﻴﺎﺀ ﺍﺠﻤﻟﻴﺪ ﺍﳌﻮﺳﻲ‪ " ،‬ﺍﻟﺒﻮﺭﺻﺎﺕ‪ ،‬ﺃﺳﻮﺍﻕ ﺭﺃﺱ ﺍﳌﺎﻝ ﻭﺃﺩﻭﺍ‪‬ﺎ ) ﺍﻷﺳﻬﻢ‪ ،‬ﺍﻟﺴﻨﺪﺍﺕ( "‪ ،‬ﺟﺎﻣﻌﺔ ﻋﲔ ﺍﻟﺸﻤﺲ‪،‬‬
‫ﻣﺼﺮ‪ ،‬ﺳﻨﺔ ‪.1995‬‬
‫‪ – 27‬ﻛﺘﺎﺏ ﳉﻨﺔ ﻣﺮﺍﻗﺒﺔ ﻭﺗﻨﻈﻴﻢ ﺍﻋﻤﺎﻝ ﺍﻟﺒﻮﺭﺻﺔ‪ ،‬ﳎﻤﻮﻉ ﺍﻟﻘﻮﺍﻧﲔ‪ ،‬ﻧﻮﻓﻤﱪ ‪.1997‬‬
‫‪ .2‬اﻟﻤﺬآﺮات‬
‫‪ - 1‬ﺯﺭﻓﺔ ﺯﻫﻴﺔ‪ ،‬ﺑﻮﺭﺻﺔ ﺍﻟﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ ﻭﺃﳘﻴﺔ ﺍﻟﻮﺳﺎﻃﺔ ﰲ ﺍﻟﻌﻤﻠﻴﺎﺕ ﺍﻟﺒﻮﺭﺻﻴﺔ‪ ،‬ﻣﻊ ﺩﺭﺍﺳﺔ ﺣﺎﻟﺔ ﺍﳉﺰﺍﺋﺮ‪،‬‬
‫ﺭﺳﺎﻟﺔ ﻣﺎﺟﺴﺘﲑ‪ ،‬ﺟﺎﻣﻌﺔ ﺍﳉﺰﺍﺋﺮ‪ ،‬ﻓﺮﻉ ﺗﺴﻴﲑ‪." 2000/1999 " ،‬‬
‫‪ - 2‬ﻭﻟﻴﺪ ﺃﲪﺪ ﺻﺎﰲ‪ " :‬ﺳﻮﻕ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﻭﺩﻭﺭﻩ ﰲ ﺍﻟﺘﻨﻤﻴﺔ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ"‪ ،‬ﻣﺬﻛﺮﺓ ﻣﺎﺟﻴﺴﺘﲑ ﰲ ﺍﻟﻌﻠﻮﻡ‬
‫ﺍﻻﻗﺘﺼﺎﺩﻳﺔ‪ ،‬ﺟﺎﻣﻌﺔ ﺍﳉﺰﺍﺋﺮ‪ ،‬ﺳﻨﺔ ‪.2000‬‬
‫‪ - 3‬ﳏﻤﺪ ﺑﺮﺍﻕ‪ " ،‬ﻣﺬﻛﺮﺓ ﻣﺎﺟﺴﺘﲑ"‪.‬‬
‫‪ - 4‬ﳏﻤﺪ ﺑﺮﺍﻕ‪ " ،‬ﺑﻮﺭﺻﺔ ﺍﻟﻘﻴﻢ ﺍﳌﺘﺪﺍﻭﻟﺔ ﻭﺩﻭﺭﻫﺎ ﰲ ﲢﻘﻴﻖ ﺍﻟﺘﻨﻤﻴﺔ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ"‪ ،‬ﻣﻊ ﺩﺭﺍﺳﺔ ﺣﺎﻟﺔ ﺍﳉﺰﺍﺋﺮ‪،‬‬
‫ﺍﳉﺰﺀ ﺍﻷﻭﻝ‪ " :‬ﺑﻮﺭﺻﺔ ﺍﻟﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ ﻭﲤﻮﻳﻞ ﺍﻟﺘﻨﻤﻴﺔ "‪ ،‬ﺩﻛﺘﻮﺭﺍ ﺩﻭﻟﺔ ﰲ ﺍﻟﻌﻠﻮﻡ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ‪ ،‬ﺟﺎﻣﻌﺔ ﺍﳉﺰﺍﺋﺮ"‬
‫‪." 1999 -1998‬‬
‫‪ .3‬اﻟﺠﺮﻳﺪة اﻟﺮﺳﻤﻴﺔ‬
‫‪ - 1‬ﺍﳉﺮﻳﺪﺓ ﺍﻟﺮﲰﻴﺔ‪ ،‬ﺍﻟﻌﺪﺩ ‪ ،16‬ﻗﺎﻧﻮﻥ" ‪ "10 -90‬ﺍﳌﺆﺭﺥ ﰲ ‪ 14‬ﺃﺑﺮﻳﻞ ‪ 1990‬ﺍﳌﺘﻌﻠﻖ ﺑﺎﻟﻨﻘﺪ ﻭﺍﻟﻘﺮﺽ‪.‬‬
‫‪ - 2‬ﺍﳉﺮﻳﺪﺓ ﺍﻟﺮﲰﻴﺔ‪ ،‬ﺍﻟﻌﺪﺩ ‪ ،13‬ﺍﳌﺮﺳﻮﻡ ﺍﻟﺘﻨﻔﻴﺬﻱ" ‪ "101-90‬ﺍﳌﺆﺭﺥ ﰲ ‪ 27‬ﻣﺎﺭﺱ ‪ 1990‬ﺍﳌﺘﻌﻠﻖ ﲟﻔﺎﻭﺿﺔ ﻗﻴﻢ‬
‫ﺍﳋﺰﻳﻨﺔ‪.‬‬
‫‪ - 3‬ﺍﳉﺮﻳﺪﺓ ﺍﻟﺮﲰﻴﺔ‪ ،‬ﺍﻟﻌﺪﺩ ‪ ،13‬ﺍﳌﺮﺳﻮﻡ ﺍﻟﺘﻨﻔﻴﺬﻱ" ‪ "102-90‬ﺍﳌﺆﺭﺥ ﰲ ‪ 27‬ﻣﺎﺭﺱ ‪ 1990‬ﺍﳌﺘﻌﻠﻖ ﺑﺸﻬﺎﺩﺍﺕ‬
‫ﺍﻷﺳﻬﻢ‪.‬‬
‫‪ - 4‬ﺍﳉﺮﻳﺪﺓ ﺍﻟﺮﲰﻴﺔ‪ ،‬ﺍﻟﻌﺪﺩ ‪ ،27‬ﺍﳌﺮﺳﻮﻡ ﺍﻟﺘﻨﻔﻴﺬﻱ "‪ "08 - 93‬ﺍﳌﺆﺭﺥ ﰲ ‪ 25‬ﺃﺑﺮﻳﻞ ‪ 1993‬ﺍﳌﺘﻌﻠﻖ ﻭﺍﳌﺘﻀﻤﻦ ﻟﻠﻘﺎﻧﻮﻥ‬
‫ﺍﻟﺘﺠﺎﺭﻱ‪.‬‬

‫‪ .4‬اﻟﺠﺮاﺋﺪ واﻟﻤﻘﺎﻻت واﻟﻤﻨﺸﻮرات وﻣﺨﺘﻠﻒ اﻟﻮﺛﺎﺋﻖ‬

‫‪ – 1‬ﺟﺮﻳﺪﺓ ﺍﻷﺧﺒﺎﺭ ﺍﻟﺪﺍﺧﻠﻴﺔ ﺠﻤﻟﻤﻊ ﺻﻴﺪﺍﻝ‪ ،Saidal News ،‬ﺍﻟﻌﺪﺩ ‪ "10‬ﺳﺒﺘﻤﱪ – ﺃﻛﺘﻮﺑﺮ" ‪.2003‬‬
‫‪ - 2‬ﺍﳉﺮﻳﺪﺓ ﺍﻟﺸﻬﺮﻳﺔ ﺠﻤﻟﻤﻊ ﺻﻴﺪﺍﻝ ﺭﻗﻢ ‪ ،4‬ﺳﻨﺔ ‪.1999‬‬
‫‪ - 3‬ﺍﳉﺮﻳﺪﺓ ﺍﻟﺸﻬﺮﻳﺔ ﺠﻤﻟﻤﻊ ﺻﻴﺪﺍﻝ ﺍﻟﺼﺎﺩﺭﺓ ﰲ ﻣﺎﺭﺱ ‪.1999‬‬
‫‪ - 4‬ﺟﺮﻳﺪﺓ ﺍﻟﻔﺠﺮ‪ ،‬ﺍﻟﻘﺴﻢ ﺍﻻﻗﺘﺼﺎﺩﻱ‪ » ،‬ﺳﻮﻧﺎ ﻃﺮﺍﻙ ﺗﻨﺴﺤﺐ ﺑﺼﻮﺭﺓ ﻛﺎﻣﻠﺔ ﻣﻦ ﺑﻮﺭﺻﺔ ﺍﳉﺰﺍﺋﺮ «‪ ،‬ﺍﻟﻌﺪﺩ ‪ 10‬ﺑﺘﺎﺭﻳﺦ‬
‫‪ 12‬ﺟﺎﻧﻔﻲ ‪.2003‬‬
‫‪ - 5‬ﺟﺮﻳﺪﺓ ﺍﳌﺴﺎﺀ‪ ،‬ﳌﲔ ﻟﻴﺎﺩﻱ‪ ،‬ﻣﻘﺎﻟﻠﺔ‪ » :‬ﺳﻮﻧﺎ ﻃﺮﺍﻙ ﺗﻄﺮﺡ ‪ 115‬ﺃﻟﻒ ﺳﻨﺪ ﻟﻼﻛﺘﺘﺎﺏ ﺇﺑﺘﺪﺍﺀﺍ ﻣﻦ ﺟﺎﻧﻔﻲ «‪ ،‬ﺍﻟﻌﺪﺩ‪:‬‬
‫ﺍﻟﺜﻼﺛﺎﺀ ‪.1997/12/30‬‬
 .1999 ‫ ﺳﻨﺔ‬،‫ ﺍﳉﺰﺍﺋﺮ‬،"‫ ﺃﻭﺍﻣﺮ ﺍﻟﺘﺴﻌﲑﺓ‬،‫ ﺳﻨﺪﺍﺕ‬،‫ ﻣﻨﺸﻮﺭﺍﺕ ﺷﺮﻛﺔ ﺇﺩﺍﺭﺓ ﺑﻮﺭﺻﺔ ﺍﻟﻘﻴﻢ " ﺃﺳﻬﻢ‬- 6
.2000 ‫ ﺳﻨﺔ‬،SGBV ‫ ﻣﻨﺸﻮﺭﺍﺕ ﺷﺮﻛﺔ ﺇﺩﺍﺭﺓ ﺑﻮﺭﺻﺔ ﺍﻟﻘﻴﻢ‬- 7
.‫ ﺻﺎﺩﺭ ﻋﻦ ﺷﺮﻛﺔ ﺇﺩﺍﺭﺓ ﺑﻮﺭﺻﺔ ﺍﻟﻘﻴﻢ ﺑﺎﳉﺰﺍﺋﺮ‬،"‫ ﺩﻟﻴﻞ " ﺃﻭﺍﻣﺮ ﺍﻟﺒﻮﺭﺻﺔ‬- 8
.1997/11/18 ‫ ﺍﳌﺆﺭﺥ ﰲ‬03-97 ‫ ﺭﻗﻢ‬،‫ ﻟﻨﻈﺎﻡ ﳉﻨﺔ ﺗﻨﻈﻴﻢ ﻭﻣﺮﺍﻗﺒﺔ ﺍﻟﺒﻮﺭﺻﺔ‬،‫ ﲟﻘﺘﻀﻰ ﺍﳌﺮﺳﻮﻡ ﺍﻟﺘﺸﺮﻳﻌﻲ‬- 9
.1996/07/03 ‫ ﺍﳌﺆﺭﺥ ﰲ‬،" 03 – 96 " ‫ ﺭﻗﻢ‬،‫ ﻣﻦ ﻧﻈﺎﻡ ﳉﻨﺔ ﺗﻨﻈﻴﻢ ﻭﻣﺮﺍﻗﺒﺔ ﻋﻤﻠﻴﺔ ﺍﻟﺒﻮﺭﺻﺔ‬،2 ‫ ﺍﳌﺎﺩﺓ‬- 10
.‫ ﺑﻨﻚ ﺍﳉﺰﺍﺋﺮ ﺣﺎﻟﻴﺎ‬- 11
.2003 ‫ ﺳﻨﺔ‬،‫ ﻭﺛﺎﺋﻖ ﻣﻦ ﺳﻮﻧﺎ ﻃﺮﺍﻙ‬-12
.2003 ‫ ﺳﻨﺔ‬،‫ ﻭﺛﺎﺋﻖ ﻣﻦ ﳎﻤﻊ ﺻﻴﺪﺍﻝ‬-13
.2003 ‫ ﺳﻨﺔ‬،‫ ﻭﺛﺎﺋﻖ ﻣﻦ ﺭﻳﺎﺽ ﺳﻄﻴﻒ‬-14
.2003 ‫ ﺳﻨﺔ‬،‫ ﻭﺛﺎﺋﻖ ﻣﻦ ﻓﻨﺪﻕ ﺍﻻﻭﺭﺍﺳﻲ‬-15

:‫ﺑﺎﻟﻠﻐﺔ ﺍﻟﻔﺮﻧﺴﻴﺔ‬ .II

‫ اﻟﻜﺘﺐ‬.1
1- S.A Boukrami, Vade mecum de la finance.
2- J.Peyeard, op, cit, 1992.
‫ اﻟﺠﺮاﺋﺪ واﻟﻤﻨﺸﻮرات واﻟﻤﻘﺎﻻت وﻣﺨﺘﻠﻒ اﻟﻮﺛﺎﺋﻖ‬.2
1- SICAV : Société d’Investissement en Capital d’Argent
Variable.
2- Pierre BERGER, que suis-je ?« Le Marché Monétaire », Ed
Dalhab, 1996.
3- Guide de l’emeteur, Cos Ob, les guides 1997.
4-Guide de l’admission par la COSOB, 1998.
5-J. Reyrard : la bourse – 9 eme Edition – Veuibert édition –
Paris – 2000.
6-Guy Caudamine et Jean Montier : Banque et marché
financiers économique, Paris, 1998.
7-La bourse d’Alger : cadre légale, et réglementaire, IBID,
1998.
8-A.LAMIRI, Gérer l’entreprise algérienne en économie de
comm. Ed, 1993, A. LAMIRI, Op-cit. marché, Prest
9- Journal Liberté économie du 22 au 28/01/2003.
10- Journal La tribune de l’économie du 28/11/2002.
11- S. DJEKBOUB, PME : élément de relance, Etude faite pour
le CNES, 1997.
12- A. BAGNASCO-CF. SABEL, PME et développement
économique en Europe, ed le découvert, 1994.