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‫ﺍﻟﻔﺼﻞ‪3‬‬ ‫ﻣﺎﺩﻭﺭﺍ‪:‬ﺍﻹﺩﺍﺭﺓ ﺍﻟﻤﺎﻟﻴﺔ ﺍﻟﺪﻭﻟﻴﺔ‬

‫ﺃﻫﺪﺍﻑﺍﻟﻔﺼﻞ‬
‫‪3‬‬ ‫ﺍﻟﻔﺼﻞ‬

‫ﻟﻮﺻﻒﺍﻟﺨﻠﻔﻴﺔ ﻭﺍﺳﺘﺨﺪﺍﻡ ﺍﻟﺸﺮﻛﺎﺕ ﻟﻸﺳﻮﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ‬ ‫•‬ ‫ﺍﻷﺳﻮﺍﻕﺍﻟﻤﺎﻟﻴﺔ ﺍﻟﺪﻭﻟﻴﺔ‬

‫ﺍﻟﺪﻭﻟﻴﺔ ﺍﻟﺘﺎﻟﻴﺔ‪:‬‬

‫‪ ¤‬ﺳﻮﻕ ﺻﺮﻑ ﺍﻟﻌﻤﻼﺕ ﺍﻷﺟﻨﺒﻴﺔ‪،‬‬

‫‪ ¤‬ﺳﻮﻕ ﺍﻟﻌﻤﻼﺕ ﺍﻷﻭﺭﻭﺑﻴﺔ ‪،‬‬
‫‪ ¤‬ﺳﻮﻕ ﻳﻮﺭﻭﻛﺮﻳﺪﻳﺖ ‪،‬‬
‫‪ ¤‬ﺳﻮﻕ ﺍﻟﺴﻨﺪﺍﺕ ﺍﻟﺪﻭﻟﻴﺔ ‪ ،‬ﻭ‬
‫‪ ¤‬ﺃﺳﻮﺍﻕ ﺍﻷﺳﻬﻢ ﺍﻟﺪﻭﻟﻴﺔ‪.‬‬

‫‪A3 -2‬‬ ‫‪South-Western / Thomson Learning ©2003‬‬

‫‪2‬‬ ‫‪1‬‬

‫ﺩﻭﺍﻓﻊﺍﻻﺳﺘﺨﺪﺍﻡ‬
‫ﺍﻷﺳﻮﺍﻕﺍﻟﻤﺎﻟﻴﺔ ﺍﻟﺪﻭﻟﻴﺔ‬
‫ﻳﺴﺘﺜﻤﺮﺍﻟﻤﺴﺘﺜﻤﺮﻭﻥ ﻓﻲ ﺍﻷﺳﻮﺍﻕ ﺍﻟﺨﺎﺭﺟﻴﺔ‪:‬‬
‫‪ ¤‬ﻟﻼﺳﺘﻔﺎﺩﺓ ﻣﻦ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﺍﻟﻤﻮﺍﺗﻴﺔ‬
‫ﺷﺮﻭﻁ؛‬
‫‪ ¤‬ﻋﻨﺪﻣﺎ ﻳﺘﻮﻗﻌﻮﻥ ﺍﻟﻌﻤﻼﺕ ﺍﻷﺟﻨﺒﻴﺔ ﻝ‬
‫ﻧﻘﺪﺭﺿﺪﻫﻢ ؛ ﻭ‬
‫‪ ¤‬ﻟﺠﻨﻲ ﺍﻟﻔﻮﺍﺉﺪ ﺍﻟﺪﻭﻟﻴﺔ‬
‫ﺗﻨﻮﻳﻊ‪.‬‬
‫ﺩﻭﺍﻓﻊﺍﻻﺳﺘﺨﺪﺍﻡ‬
‫ﺍﻷﺳﻮﺍﻕﺍﻟﻤﺎﻟﻴﺔ ﺍﻟﺪﻭﻟﻴﺔ‬
‫•‬ ‫ﻳﺘﻢﻣﻨﻊ ﺃﺳﻮﺍﻕ ﺍﻷﺻﻮﻝ ﺍﻟﺤﻘﻴﻘﻴﺔ ﺃﻭ ﺍﻟﻤﺎﻟﻴﺔ ﻣﻦ ﺍﻟﺘﻜﺎﻣﻞ‬ ‫•‬
‫ﺍﻟﺘﺎﻡ ﺑﺴﺒﺐ ﺣﻮﺍﺟﺰ ﻣﺜﻞ ﺍﻟﻔﺮﻭﻕ ﺍﻟﻀﺮﻳﺒﻴﺔ ‪ ،‬ﻭﺍﻟﺘﻌﺮﻳﻔﺎﺕ ‪،‬‬
‫ﻭﺍﻟﺤﺼﺺ ‪ ،‬ﻭﻋﺪﻡ ﺗﺤﺮﻙ ﺍﻟﻌﻤﺎﻟﺔ ‪ ،‬ﻭﺗﻜﺎﻟﻴﻒ ﺍﻻﺗﺼﺎﻻﺕ ‪،‬‬
‫ﻭﺍﻻﺧﺘﻼﻓﺎﺕ ﺍﻟﺜﻘﺎﻓﻴﺔ ‪ ،‬ﻭﺍﻻﺧﺘﻼﻓﺎﺕ ﻓﻲ ﺇﻋﺪﺍﺩ ﺍﻟﺘﻘﺎﺭﻳﺮ‬
‫ﺍﻟﻤﺎﻟﻴﺔ‪.‬‬
‫ﻭﻣﻊﺫﻟﻚ ‪ ،‬ﻳﻤﻜﻦ ﺃﻥ ﺗﺨﻠﻖ ﻫﺬﻩ ﺍﻟﺤﻮﺍﺟﺰ ﺃﻳﻀﺎً ﻓﺮﺻﺎً ﻓﺮﻳﺪﺓ‬ ‫•‬
‫ﻷﺳﻮﺍﻕ ﺟﻐﺮﺍﻓﻴﺔ ﻣﺤﺪﺩﺓ ﺗﺠﺬﺏ ﺍﻟﻤﺴﺘﺜﻤﺮﻳﻦ ﺍﻷﺟﺎﻧﺐ‪.‬‬

‫‪A3 -4‬‬ ‫‪A3 -3‬‬

‫‪4‬‬ ‫‪3‬‬

‫ﺻﻔﺤﺔ‪1-3‬‬ ‫‪South-Western / Thomson Learning ©2003‬‬

 ‫ﺍﻟﻔﺼﻞ‪3‬‬ ‫ﻣﺎﺩﻭﺭﺍ‪:‬ﺍﻹﺩﺍﺭﺓ ﺍﻟﻤﺎﻟﻴﺔ ﺍﻟﺪﻭﻟﻴﺔ‬

‫ﺩﻭﺍﻓﻊﺍﻻﺳﺘﺨﺪﺍﻡ‬ ‫ﺩﻭﺍﻓﻊﺍﻻﺳﺘﺨﺪﺍﻡ‬
‫ﺍﻷﺳﻮﺍﻕﺍﻟﻤﺎﻟﻴﺔ ﺍﻟﺪﻭﻟﻴﺔ‬ ‫ﺍﻷﺳﻮﺍﻕﺍﻟﻤﺎﻟﻴﺔ ﺍﻟﺪﻭﻟﻴﺔ‬
‫ﻳﻘﺘﺮﺽﺍﻟﻤﻘﺘﺮﺿﻮﻥ ﻓﻲ ﺍﻷﺳﻮﺍﻕ ﺍﻟﺨﺎﺭﺟﻴﺔ‪:‬‬ ‫•‬ ‫ﻳﻘﺪﻡﺍﻟﺪﺍﺉﻨﻮﻥ ﺍﻻﺉﺘﻤﺎﻥ ﻓﻲ ﺍﻷﺳﻮﺍﻕ ﺍﻟﺨﺎﺭﺟﻴﺔ‪:‬‬ ‫•‬
‫‪ ¤‬ﻟﻼﺳﺘﻔﺎﺩﺓ ﻣﻦ ﻣﻌﺪﻻﺕ ﺍﻟﻔﺎﺉﺪﺓ ﺍﻷﺟﻨﺒﻴﺔ ﺍﻟﻤﻨﺨﻔﻀﺔ ؛‬
‫ﻭ‬ ‫‪ ¤‬ﻟﻼﺳﺘﻔﺎﺩﺓ ﻣﻦ ﺍﻟﻔﻮﺍﺉﺪ ﺍﻷﺟﻨﺒﻴﺔ ﺍﻟﻤﺮﺗﻔﻌﺔ‬
‫‪ ¤‬ﻋﻨﺪﻣﺎ ﻳﺘﻮﻗﻌﻮﻥ ﺍﻟﻌﻤﻼﺕ ﺍﻷﺟﻨﺒﻴﺔ ﻝ‬ ‫ﻣﻌﺪﻻﺕ؛‬
‫ﺗﻨﺨﻔﺾﻣﻘﺎﺑﻞ ﺍﻟﺨﺎﺻﺔ ﺑﻬﻢ‪.‬‬ ‫‪ ¤‬ﻋﻨﺪﻣﺎ ﻳﺘﻮﻗﻌﻮﻥ ﺍﻟﻌﻤﻼﺕ ﺍﻷﺟﻨﺒﻴﺔ ﻝ‬
‫ﻧﻘﺪﺭﺿﺪﻫﻢ ؛ ﻭ‬
‫‪ ¤‬ﻟﺠﻨﻲ ﺍﻟﻔﻮﺍﺉﺪ ﺍﻟﺪﻭﻟﻴﺔ‬
‫ﺗﻨﻮﻳﻊ‪.‬‬

‫‪A3 -6‬‬ ‫‪A3 -5‬‬

‫‪6‬‬ ‫‪5‬‬

‫ﺳﻮﻕﺻﺮﻑ ﺍﻟﻌﻤﻼﺕ ﺍﻷﺟﻨﺒﻴﺔ‬ ‫ﺳﻮﻕﺻﺮﻑ ﺍﻟﻌﻤﻼﺕ ﺍﻷﺟﻨﺒﻴﺔ‬

‫‪ ¤‬ﺃﻋﻘﺐ ﺫﻟﻚ ﻓﺘﺮﺓ ﻣﻦ ﻋﺪﻡ ﺍﻻﺳﺘﻘﺮﺍﺭ ‪،‬‬
‫ﻋﻨﺪﻣﺎﺑﺪﺃﺕ ﺍﻟﺤﺮﺏ ﺍﻟﻌﺎﻟﻤﻴﺔ ﺍﻷﻭﻟﻰ ﻭﺗﺒﻌﻬﺎ‬
‫ﺍﻟﻜﺴﺎﺩ ﺍﻟﻌﻈﻴﻢ‪.‬‬
‫‪ ¤‬ﻋﺎﻡ ‪ 1944‬ﺍﺗﻔﺎﻗﻴﺔ ﺑﺮﻳﺘﻮﻥ ﻭﻭﺩﺯ ﻣﺴﻤﻰ‬
‫ﻷﺳﻌﺎﺭﺻﺮﻑ ﺍﻟﻌﻤﻼﺕ ﺍﻟﺜﺎﺑﺘﺔ‪.‬‬
‫‪ ¤‬ﺑﺤﻠﻮﻝ ﻋﺎﻡ ‪ ، 1971‬ﻇﻬﺮ ﺍﻟﺪﻭﻻﺭ ﺍﻷﻣﺮﻳﻜﻲ‬
‫ﻣﺒﺎﻟﻎﻓﻴﻬﺎ‪ .‬ﺍﻝﺍﺗﻔﺎﻗﻴﺔ ﺳﻤﻴﺜﺴﻮﻧﻴﺎﻥﺧﻔﻀﺖ ﻗﻴﻤﺔ‬
‫ﺍﻟﺪﻭﻻﺭ ﺍﻷﻣﺮﻳﻜﻲ ﻭﻭﺳﻌﺖ ﺣﺪﻭﺩ ﺗﻘﻠﺒﺎﺕ ﺃﺳﻌﺎﺭ‬
‫ﺍﻟﺼﺮﻑ ﻣﻦ ‪ ٪1 ±‬ﺇﻟﻰ ‪.٪2 ±‬‬
‫ﻳﺴﻤﺢﺳﻮﻕ ﺍﻟﺼﺮﻑ ﺍﻷﺟﻨﺒﻲ ﺑﺘﺒﺎﺩﻝ ﺍﻟﻌﻤﻼﺕ ﻣﻦ ﺃﺟﻞ‬ ‫•‬
‫ﺗﺴﻬﻴﻞ ﺍﻟﺘﺠﺎﺭﺓ ﺍﻟﺪﻭﻟﻴﺔ ﺃﻭ ﺍﻟﻤﻌﺎﻣﻼﺕ ﺍﻟﻤﺎﻟﻴﺔ‪.‬‬
‫ﺗﻄﻮﺭﻧﻈﺎﻡ ﺗﺤﺪﻳﺪ ﺃﺳﻌﺎﺭ ﺍﻟﺼﺮﻑ ﺑﻤﺮﻭﺭ ﺍﻟﻮﻗﺖ‪.‬‬ ‫•‬
‫‪ ¤‬ﻣﻦ ﻋﺎﻡ ‪ 1876‬ﺇﻟﻰ ﻋﺎﻡ ‪ ، 1913‬ﻛﺎﻧﺖ ﻛﻞ ﻋﻤﻠﺔ‬
‫ﻗﺎﺑﻞﻟﻠﺘﺤﻮﻳﻞ ﺇﻟﻰ ﺫﻫﺐ ﺑﺴﻌﺮ ﻣﺤﺪﺩ ‪ ،‬ﻋﻠﻰ ﺍﻟﻨﺤﻮ ﺍﻟﺬﻱ‬
‫ﺗﻤﻠﻴﻪ ﻣﻌﻴﺎﺭ ﺍﻟﺬﻫﺐ‪.‬‬

‫‪A3 -8‬‬ ‫‪A3 -7‬‬

‫‪8‬‬ ‫‪7‬‬

‫ﺻﻔﺤﺔ‪2 - 3‬‬ ‫‪South-Western / Thomson Learning ©2003‬‬

 ‫ﺍﻟﻔﺼﻞ‪3‬‬ ‫ﻣﺎﺩﻭﺭﺍ‪:‬ﺍﻹﺩﺍﺭﺓ ﺍﻟﻤﺎﻟﻴﺔ ﺍﻟﺪﻭﻟﻴﺔ‬

‫ﺳﻌﺮﺻﺮﻑ ﺍﻟﻌﻤﻼﺕ‬
‫ﺍﻟﻤﻌﺎﻣﻼﺕ‬ ‫ﺳﻮﻕﺻﺮﻑ ﺍﻟﻌﻤﻼﺕ ﺍﻷﺟﻨﺒﻴﺔ‬

‫ﻻﻳﻮﺟﺪ ﻣﺒﻨﻰ ﺃﻭ ﻣﻮﻗﻊ ﻣﺤﺪﺩ ﻳﺘﺒﺎﺩﻝ ﻓﻴﻪ ﺍﻟﺘﺠﺎﺭ‬ ‫•‬
‫ﺍﻟﻌﻤﻼﺕ‪ .‬ﻳﺤﺪﺙ ﺍﻟﺘﺪﺍﻭﻝ ﺃﻳﻀﺎً ﻋﻠﻰ ﻣﺪﺍﺭ ﺍﻟﺴﺎﻋﺔ‪.‬‬
‫ﻳﻌُﺮﻑﺳﻮﻕ ﺍﻟﺘﺒﺎﺩﻝ ﺍﻟﻔﻮﺭﻱ ﺑﺎﺳﻢ ﺍﻟﺴﻮﻕ ﺍﻟﻔﻮﺭﻳﺔ‪.‬‬ ‫•‬
‫‪ ¤‬ﺣﺘﻰ ﺫﻟﻚ ﺍﻟﺤﻴﻦ ‪ ،‬ﻛﺎﻧﺖ ﺍﻟﺤﻜﻮﻣﺎﺕ ﻻ ﺗﺰﺍﻝ ﺗﻮﺍﺟﻪ ﺻﻌﻮﺑﺎﺕ‬
‫ﺍﻟﺤﻔﺎﻅﻋﻠﻰ ﺃﺳﻌﺎﺭ ﺍﻟﺼﺮﻑ ﺩﺍﺧﻞ ﺍﻟﺤﺪﻭﺩ ﺍﻟﻤﺬﻛﻮﺭﺓ‪ .‬ﻓﻲ‬
‫ﻋﺎﻡ ‪ ، 1973‬ﺗﻢ ﺇﻟﻐﺎء ﺍﻟﺤﺪﻭﺩ ﺍﻟﺮﺳﻤﻴﺔ ﻟﻠﻌﻤﻼﺕ‬
‫ﺍﻟﻤﺘﺪﺍﻭﻟﺔ ﻋﻠﻰ ﻧﻄﺎﻕ ﻭﺍﺳﻊ ﻭﻧﻈﺎﻡ ﺳﻌﺮ ﺍﻟﺼﺮﻑ ﺍﻟﻌﺎﺉﻢ‬
‫ﺩﺧﻞ ﺣﻴﺰ ﺍﻟﺘﻨﻔﻴﺬ‪.‬‬

‫ﺍﻝﺍﻟﺴﻮﻕ ﺍﻵﺟﻞ ﺗﻤﻜﻦ ﺍﻟﺸﺮﻛﺎﺕ ﻣﺘﻌﺪﺩﺓ ﺍﻟﺠﻨﺴﻴﺎﺕ‬ ‫•‬

‫ﻣﻦ ﺗﺜﺒﻴﺖ ﺳﻌﺮ ﺍﻟﺼﺮﻑ ﺍﻟﺬﻱ ﺳﺘﺸﺘﺮﻱ ﺑﻪ ﺃﻭ ﺗﺒﻴﻊ ﻛﻤﻴﺔ‬
‫ﻣﻌﻴﻨﺔ ﻣﻦ ﺍﻟﻌﻤﻠﺔ ﻓﻲ ﺗﺎﺭﻳﺦ ﻣﺴﺘﻘﺒﻠﻲ ﻣﺤﺪﺩ‪.‬‬

‫‪A3 -10‬‬ ‫‪A3 -9‬‬

‫‪10‬‬ ‫‪9‬‬

‫ﺳﻌﺮﺻﺮﻑ ﺍﻟﻌﻤﻼﺕ‬ ‫ﺳﻌﺮﺻﺮﻑ ﺍﻟﻌﻤﻼﺕ‬

‫ﺍﻟﻤﻌﺎﻣﻼﺕ‬
‫ﺗﻌﺘﺒﺮﺍﻟﺴﻤﺎﺕ ﺍﻟﺘﺎﻟﻴﺔ ﻟﻠﺒﻨﻮﻙ ﻣﻬﻤﺔ ﻟﻌﻤﻼء ﺍﻟﺼﺮﻑ ﺍﻷﺟﻨﺒﻲ‪:‬‬
‫‪ ¤‬ﺍﻟﻘﺪﺭﺓ ﺍﻟﺘﻨﺎﻓﺴﻴﺔ ﻟﻼﻗﺘﺒﺎﺱ‬
‫‪ ¤‬ﻋﻼﻗﺔ ﺧﺎﺻﺔ ﺑﻴﻦ ﺍﻟﺒﻨﻚ ﻭ‬
‫ﺯﺑﻮﻧﻬﺎ‬
‫‪ ¤‬ﺳﺮﻋﺔ ﺍﻟﺘﻨﻔﻴﺬ‬
‫‪ ¤‬ﻧﺼﻴﺤﺔ ﺣﻮﻝ ﻇﺮﻭﻑ ﺍﻟﺴﻮﻕ ﺍﻟﺤﺎﻟﻴﺔ‬
‫‪ ¤‬ﻧﺼﻴﺤﺔ ﺍﻟﺘﻨﺒﺆ‬
‫ﺍﻟﻤﻌﺎﻣﻼﺕ‬
‫•‬ ‫ﺗﻘﻮﻡﻣﺉﺎﺕ ﺍﻟﺒﻨﻮﻙ ﺑﺘﺴﻬﻴﻞ ﻣﻌﺎﻣﻼﺕ ﺍﻟﺼﺮﻑ ﺍﻷﺟﻨﺒﻲ ‪،‬‬ ‫•‬
‫ﻋﻠﻰ ﺍﻟﺮﻏﻢ ﻣﻦ ﺃﻥ ﺍﻟﻤﺮﺍﻛﺰ ﺍﻟﻌﺸﺮﻳﻦ ﺍﻷﻭﻟﻰ ﺗﺘﻌﺎﻣﻞ ﻣﻊ‬
‫ﺣﻮﺍﻟﻲ ‪ ٪50‬ﻣﻦ ﺍﻟﻤﻌﺎﻣﻼﺕ‪.‬‬
‫ﻓﻲﺃﻱ ﻭﻗﺖ ‪ ،‬ﺗﻀﻤﻦ ﺍﻟﻤﺮﺍﺟﺤﺔ ﺃﻥ ﺗﻜﻮﻥ ﺃﺳﻌﺎﺭ ﺍﻟﺼﺮﻑ‬ ‫•‬
‫ﻣﺘﺸﺎﺑﻬﺔ ﻋﺒﺮ ﺍﻟﺒﻨﻮﻙ‪.‬‬
‫ﺍﻟﺘﺪﺍﻭﻝﺑﻴﻦ ﺍﻟﺒﻨﻮﻙ ﻳﺤﺪﺙ ﻓﻲﺳﻮﻕ ﻣﺎ ﺑﻴﻦ ﺍﻟﺒﻨﻮﻙ‪.‬‬ ‫•‬
‫ﻓﻲ ﻫﺬﺍ ﺍﻟﺴﻮﻕ ‪ ،‬ﺗﻌﻤﻞ ﺷﺮﻛﺎﺕ ﻭﺳﺎﻃﺔ ﺍﻟﺼﺮﻑ‬
‫ﺍﻷﺟﻨﺒﻲ ﺃﺣﻴﺎﻧﺎً ﻛﻮﺳﻄﺎء‪.‬‬

‫‪A3 -12‬‬ ‫‪A3 -11‬‬

‫‪12‬‬ ‫‪11‬‬

‫ﺻﻔﺤﺔ‪3 - 3‬‬ ‫‪South-Western / Thomson Learning ©2003‬‬

 ‫ﺍﻟﻔﺼﻞ‪3‬‬ ‫ﻣﺎﺩﻭﺭﺍ‪:‬ﺍﻹﺩﺍﺭﺓ ﺍﻟﻤﺎﻟﻴﺔ ﺍﻟﺪﻭﻟﻴﺔ‬

‫ﺳﻌﺮﺻﺮﻑ ﺍﻟﻌﻤﻼﺕ‬ ‫ﺳﻌﺮﺻﺮﻑ ﺍﻟﻌﻤﻼﺕ‬

‫ﺍﻟﻤﻌﺎﻣﻼﺕ‬ ‫ﺍﻟﻤﻌﺎﻣﻼﺕ‬
‫ﻋﺎﺩﺓﻣﺎ ﻳﻜﻮﻥ ﻓﺎﺭﻕ ﺍﻟﻌﺮﺽ ‪ /‬ﺍﻟﻄﻠﺐ ﺃﻛﺒﺮ ﺑﺎﻟﻨﺴﺒﺔ‬ ‫•‬ ‫ﺗﻘﺪﻡﺍﻟﺒﻨﻮﻙ ﺧﺪﻣﺎﺕ ﺍﻟﺼﺮﻑ ﺍﻷﺟﻨﺒﻲ ﻣﻘﺎﺑﻞ ﺭﺳﻮﻡ‪ :‬ﺍﻟﺒﻨﻚ‬ ‫•‬
‫ﻟﻠﻌﻤﻼﺕ ﺍﻟﺘﻲ ﻳﺘﻢ ﺗﺪﺍﻭﻟﻬﺎ ﺑﺸﻜﻞ ﺃﻗﻞ‪.‬‬ ‫ﺍﻟﻤﻨﺎﻗﺼﺔ ) ﻋﺮﺽ ﺃﺳﻌﺎﺭ ﻟﻌﻤﻠﺔ ﺃﺟﻨﺒﻴﺔ ﺳﻴﻜﻮﻥ ﺃﻗﻞ ﻣﻦ‬
‫ﺳﻌﺮﻩ (‪buy‬ﻳﻄﻠﺐ)ﺑﻴﻊ( ﺍﻻﻗﺘﺒﺎﺱ‪ .‬ﻫﺬﺍ ﺍﻝﺍﻟﻌﺮﺽ‬
‫ﺍﻟﻔﺎﺭﻕﺃﻛﺒﺮ ﺃﻳﻀﺎً ﺑﺎﻟﻨﺴﺒﺔ ﻟﻤﻌﺎﻣﻼﺕ "ﺍﻟﺘﺠﺰﺉﺔ"‬ ‫•‬ ‫ﻭﺍﻟﻄﻠﺐ ﻧﺸﺮ‪.‬‬
‫ﻣﻨﻪ ﻓﻲ ﻣﻌﺎﻣﻼﺕ "ﺍﻟﺒﻴﻊ ﺑﺎﻟﺠﻤﻠﺔ" ﺑﻴﻦ ﺍﻟﺒﻨﻮﻙ ﺃﻭ‬ ‫ﺳﻌﺮﺍﻟﻌﺮﺽ ‪ /‬ﺍﻟﻄﻠﺐ‪ ٪‬ﺍﻧﺘﺸﺎﺭ = ﺳﻌﺮ ﺍﻟﻄﻠﺐ ‪ -‬ﺳﻌﺮ ﺍﻟﻌﻄﺎء‬ ‫•‬
‫ﺍﻟﺸﺮﻛﺎﺕ ﺍﻟﻜﺒﻴﺮﺓ‪.‬‬ ‫ﻧﺴﺄﻝﻣﻌﺪﻝ‬
‫ﻣﺜﺎﻝ‪:‬ﺍﻓﺘﺮﺽ ﺃﻥ ﺳﻌﺮ ﺍﻟﻤﺰﺍﻳﺪﺓ ‪، $ = 1.52 £‬‬ ‫•‬
‫ﺍﻟﺴﺆﺍﻝﻋﻦ ﺍﻟﺴﻌﺮ = ‪ 1.60‬ﺩﻭﻻﺭ‪.‬‬

‫ﻧﺴﺒﺔﺍﻟﻌﺮﺽ ‪ /‬ﺍﻟﻄﻠﺐ‪ ٪‬ﺍﻧﺘﺸﺎﺭ = )‪٪5 = 1.60/ (1.52-1.60‬‬

‫‪A3 -14‬‬ ‫‪A3 -13‬‬

‫‪14‬‬ ‫‪13‬‬

‫ﺍﻟﺘﺮﺟﻤﺔ‬
‫ﻋﺮﻭﺽﺃﺳﻌﺎﺭ ﺻﺮﻑ ﺍﻟﻌﻤﻼﺕ ﺍﻷﺟﻨﺒﻴﺔ‬
‫ﺍﻻﻗﺘﺒﺎﺳﺎﺕﺍﻟﻤﺒﺎﺷﺮﺓ ﺗﻤﺜﻞ ﻗﻴﻤﺔ ﺍﻟﻌﻤﻠﺔ ﺍﻷﺟﻨﺒﻴﺔ‬
‫ﺑﺎﻟﺪﻭﻻﺭ ‪ ،‬ﺑﻴﻨﻤﺎ ﺍﻻﻗﺘﺒﺎﺳﺎﺕ ﻏﻴﺮ ﺍﻟﻤﺒﺎﺷﺮﺓ ﺗﻤﺜﻞ ﻋﺪﺩ‬
‫ﻭﺣﺪﺍﺕ ﺍﻟﻌﻤﻠﺔ ﺍﻷﺟﻨﺒﻴﺔ ﻟﻜﻞ ﺩﻭﻻﺭ‪.‬‬
‫ﺍﻟﺘﺮﺟﻤﺔ‬
‫ﻋﺮﻭﺽﺃﺳﻌﺎﺭ ﺻﺮﻑ ﺍﻟﻌﻤﻼﺕ ﺍﻷﺟﻨﺒﻴﺔ‬
‫•‬ ‫ﻛﺜﻴﺮﺍًﻣﺎ ﻳﺘﻢ ﺳﺮﺩ ﻋﺮﻭﺽ ﺃﺳﻌﺎﺭ ﺍﻟﺼﺮﻑ ﻟﻠﻌﻤﻼﺕ‬ ‫•‬
‫ﺍﻟﻤﺘﺪﺍﻭﻟﺔ ﻋﻠﻰ ﻧﻄﺎﻕ ﻭﺍﺳﻊ ﻓﻲ ﻭﺳﺎﺉﻞ ﺍﻹﻋﻼﻡ ﻋﻠﻰ‬
‫ﺃﺳﺎﺱ ﻳﻮﻣﻲ‪ .‬ﻗﺪ ﻳﺘﻢ ﻋﺮﺽ ﺍﻷﺳﻌﺎﺭ ﺍﻵﺟﻠﺔ ﺃﻳﻀﺎً‪.‬‬

‫ﻻﺣﻆﺃﻥ ﻋﺮﻭﺽ ﺃﺳﻌﺎﺭ ﺍﻟﺼﺮﻑ ﺗﺘﻀﻤﻦ ﺃﺣﻴﺎﻧﺎً ﺣﻘﻮﻕ‬ ‫•‬ ‫ﺗﻌﻜﺲﻋﺮﻭﺽ ﺍﻷﺳﻌﺎﺭ ﻋﺎﺩﺓ ًﺃﺳﻌﺎﺭ ﺍﻟﻄﻠﺐ ﻟﻠﻤﻌﺎﻣﻼﺕ‬ ‫•‬
‫ﺍﻟﺴﺤﺐ ﺍﻟﺨﺎﺻﺔ ﺑﺼﻨﺪﻭﻕ ﺍﻟﻨﻘﺪ ﺍﻟﺪﻭﻟﻲ )‪.(SDRs‬‬ ‫ﺍﻟﻜﺒﻴﺮﺓ‪.‬‬

‫ﻳﻤﻜﻦﺃﻳﻀﺎً ﺍﺳﺘﺨﺪﺍﻡ ﻧﻔﺲ ﺍﻟﻌﻤﻠﺔ ﻣﻦ ﻗﺒﻞ ﺃﻛﺜﺮ ﻣﻦ ﺩﻭﻟﺔ‬ ‫•‬

‫ﻭﺍﺣﺪﺓ‪.‬‬
‫‪A3 -16‬‬ ‫‪A3 -15‬‬

‫‪16‬‬ ‫‪15‬‬

‫ﺻﻔﺤﺔ‪4-3‬‬ ‫‪South-Western / Thomson Learning ©2003‬‬

 ‫ﺍﻟﻔﺼﻞ‪3‬‬ ‫ﻣﺎﺩﻭﺭﺍ‪:‬ﺍﻹﺩﺍﺭﺓ ﺍﻟﻤﺎﻟﻴﺔ ﺍﻟﺪﻭﻟﻴﺔ‬

‫ﺍﻟﺘﺮﺟﻤﺔ‬
‫ﺳﻮﻕﺍﻟﻌﻤﻼﺕ ﺍﻵﺟﻠﺔ ﻭﻋﻘﻮﺩ ﺍﻟﺨﻴﺎﺭﺍﺕ‬ ‫ﻋﺮﻭﺽﺃﺳﻌﺎﺭ ﺻﺮﻑ ﺍﻟﻌﻤﻼﺕ ﺍﻷﺟﻨﺒﻴﺔ‬
‫ﺃﻋﻘﻮﺩ ﺍﻟﻌﻤﻼﺕ ﺍﻵﺟﻠﺔ ﻳﺤﺪﺩ ﺣﺠﻤﺎً ﻗﻴﺎﺳﻴﺎً ﻟﻌﻤﻠﺔ ﻣﻌﻴﻨﺔ‬ ‫•‬ ‫ﺃﻋﺒﺮ ﺳﻌﺮ ﺍﻟﺼﺮﻑ ﻳﻌﻜﺲ ﻣﺒﻠﻎ ﻋﻤﻠﺔ ﺃﺟﻨﺒﻴﺔ ﻭﺍﺣﺪﺓ ﻟﻜﻞ‬ ‫•‬
‫ﻟﻴﺘﻢ ﺗﺒﺎﺩﻟﻬﺎ ﻓﻲ ﺗﺎﺭﻳﺦ ﺗﺴﻮﻳﺔ ﻣﺤﺪﺩ‪ .‬ﻋﻠﻰ ﻋﻜﺲ ﺍﻟﻌﻘﻮﺩ‬ ‫ﻭﺣﺪﺓ ﻋﻤﻠﺔ ﺃﺟﻨﺒﻴﺔ ﺃﺧﺮﻯ‪.‬‬
‫ﺍﻵﺟﻠﺔ ‪ ،‬ﻳﺘﻢ ﺑﻴﻊ ﺍﻟﻌﻘﻮﺩ ﺍﻵﺟﻠﺔ ﻓﻲ ﺍﻟﺒﻮﺭﺻﺎﺕ‪.‬‬
‫ﻗﻴﻤﺔ‪ 1‬ﻭﺣﺪﺓ ﻣﻦ ﺍﻟﻌﻤﻠﺔ ﺃ ﻓﻲ ﻭﺣﺪﺍﺕ‬ ‫•‬
‫ﺍﻟﻌﻤﻠﺔﺏ = ﻗﻴﻤﺔ ﺍﻟﻌﻤﻠﺔ ‪ A‬ﺑﺎﻟﺪﻭﻻﺭ‬
‫ﻋﻘﻮﺩﺧﻴﺎﺭﺍﺕ ﺍﻟﻌﻤﻼﺕ ﻣﻨﺢ ﺍﻟﺤﻖ ﻓﻲ ﺷﺮﺍء ﺃﻭ ﺑﻴﻊ ﻋﻤﻠﺔ‬ ‫•‬ ‫ﻗﻴﻤﺔﺍﻟﻌﻤﻠﺔ ﺏ ﺑﺎﻟﺪﻭﻻﺭ‬
‫ﻣﻌﻴﻨﺔ ﺑﺴﻌﺮ ﻣﺤﺪﺩ ﺧﻼﻝ ﻓﺘﺮﺓ ﺯﻣﻨﻴﺔ ﻣﺤﺪﺩﺓ‪ .‬ﻳﺘﻢ ﺑﻴﻌﻬﺎ‬
‫ﻓﻲ ﺍﻟﺒﻮﺭﺻﺎﺕ ﺃﻳﻀﺎً‪.‬‬

‫‪A3 -18‬‬ ‫‪A3 -17‬‬

‫‪18‬‬ ‫‪17‬‬

‫ﺳﻮﻕﺍﻟﻌﻤﻼﺕ ﺍﻷﻭﺭﻭﺑﻴﺔ ‪$‬‬ ‫ﺳﻮﻕﺍﻟﻌﻤﻼﺕ ﺍﻷﻭﺭﻭﺑﻴﺔ ‪$‬‬

‫ﻳﺘﻜﻮﻥﺳﻮﻕ ﺍﻟﻌﻤﻼﺕ ﺍﻷﻭﺭﻭﺑﻴﺔ ﻣﻦ ﻋﺪﺓ ﺑﻨﻮﻙ ﻛﺒﻴﺮﺓ‬
‫ﺗﺴﻤﻰ ‪Eurobanks‬ﺍﻟﺘﻲ ﺗﻘﺒﻞ ﺍﻟﻮﺩﺍﺉﻊ ﻭﺗﻘﺪﻡ ﺍﻟﻘﺮﻭﺽ‬
‫ﺑﻌﻤﻼﺕ ﻣﺨﺘﻠﻔﺔ‪.‬‬
‫ﻋﻠﻰﺳﺒﻴﻞ ﺍﻟﻤﺜﺎﻝ ‪ ،‬ﻗﺎﻡ ﺳﻮﻕ ﺍﻟﻌﻤﻼﺕ ﺍﻷﻭﺭﻭﺑﻴﺔ ﺗﺎﺭﻳﺨﻴﺎً‬
‫ﺑﺈﻋﺎﺩﺓ ﺗﺪﻭﻳﺮ ﻋﺎﺉﺪﺍﺕ ﺍﻟﻨﻔﻂ )ﺍﻟﺒﺘﺮﻭﺩﻭﻻﺭ( ﻣﻦ ﺍﻟﺪﻭﻝ‬
‫ﺍﻟﻤﺼﺪﺭﺓ ﻟﻠﻨﻔﻂ )ﺃﻭﺑﻚ( ﺇﻟﻰ ﺩﻭﻝ ﺃﺧﺮﻯ‪.‬‬
‫•‬ ‫ﺗﺴﻤﻰﺍﻟﻮﺩﺍﺉﻊ ﺑﺎﻟﺪﻭﻻﺭ ﺍﻷﻣﺮﻳﻜﻲ ﺍﻟﻤﻮﺿﻮﻋﺔ ﻓﻲ‬ ‫•‬
‫ﺍﻟﺒﻨﻮﻙ ﻓﻲ ﺃﻭﺭﻭﺑﺎ ﻭﺍﻟﻘﺎﺭﺍﺕ ﺍﻷﺧﺮﻯﺍﻟﻴﻮﺭﻭ ﺩﻭﻻﺭ‪.‬‬
‫ﻓﻲﺍﻟﺴﺘﻴﻨﻴﺎﺕ ﻭﺍﻟﺴﺒﻌﻴﻨﻴﺎﺕ ﻣﻦ ﺍﻟﻘﺮﻥ ﺍﻟﻤﺎﺿﻲ ‪ ،‬ﻛﺎﻥ‬ ‫•‬
‫•‬ ‫ﺳﻮﻕ ﺍﻟﻴﻮﺭﻭ ﺩﻭﻻﺭ ‪ ،‬ﺃﻭ ﻣﺎ ﻳﺸﺎﺭ ﺇﻟﻴﻪ ﺍﻵﻥ ﺑﺎﺳﻢﺳﻮﻕ‬
‫ﺍﻟﻌﻤﻼﺕ ﺍﻷﻭﺭﻭﺑﻴﺔ ‪ ،‬ﻧﻤﺖ ﻻﺳﺘﻴﻌﺎﺏ ﺍﻷﻋﻤﺎﻝ ﺍﻟﺘﺠﺎﺭﻳﺔ‬
‫ﺍﻟﺪﻭﻟﻴﺔ ﺍﻟﻤﺘﺰﺍﻳﺪﺓ ﻭﻟﺘﺠﺎﻭﺯ ﺍﻟﻠﻮﺍﺉﺢ ﺍﻷﻣﺮﻳﻜﻴﺔ ﺍﻷﻛﺜﺮ‬
‫ﺻﺮﺍﻣﺔ ﻋﻠﻰ ﺍﻟﺒﻨﻮﻙ ﻓﻲ ﺍﻟﻮﻻﻳﺎﺕ ﺍﻟﻤﺘﺤﺪﺓ‬

‫‪A3 -20‬‬ ‫‪A3 -19‬‬

‫‪20‬‬ ‫‪19‬‬

‫ﺍﻟﺼﻔﺤﺔ‪5 - 3‬‬ ‫‪South-Western / Thomson Learning ©2003‬‬

 ‫ﺍﻟﻔﺼﻞ‪3‬‬ ‫ﻣﺎﺩﻭﺭﺍ‪:‬ﺍﻹﺩﺍﺭﺓ ﺍﻟﻤﺎﻟﻴﺔ ﺍﻟﺪﻭﻟﻴﺔ‬

‫ﺳﻮﻕﺍﻟﻌﻤﻼﺕ ﺍﻷﻭﺭﻭﺑﻴﺔ ‪$‬‬ ‫ﺳﻮﻕﺍﻟﻌﻤﻼﺕ ﺍﻷﻭﺭﻭﺑﻴﺔ ‪$‬‬

‫ﻋﺰﺯﺍﻟﺘﻮﺣﻴﺪ ﺍﻷﺧﻴﺮ ﻟﻸﻧﻈﻤﺔ ﺣﻮﻝ ﺍﻟﻌﺎﻟﻢ ﻋﻮﻟﻤﺔ ﺍﻟﺼﻨﺎﻋﺔ‬
‫ﺍﻟﻤﺼﺮﻓﻴﺔ‪.‬‬
‫ﻋﻠﻰﻭﺟﻪ ﺍﻟﺨﺼﻮﺹ ‪ ،‬ﻓﺈﻥ ﻓﻌﻞ ﺍﻭﺭﺑﻲ ﻣﻨﻔﺮﺩ ﻓﺘﺤﺖ‬
‫ﺍﻟﺼﻨﺎﻋﺔ ﺍﻟﻤﺼﺮﻓﻴﺔ ﺍﻷﻭﺭﻭﺑﻴﺔ‪.‬‬
‫‪1988‬ﺍﺗﻔﺎﻕ ﺑﺎﺯﻝ ﺍﻟﺘﻲ ﻭﻗﻌﺘﻬﺎ ﺍﻟﺒﻨﻮﻙ ﺍﻟﻤﺮﻛﺰﻳﺔ ‪G-10‬‬
‫ﺣﺪﺩﺕ ﻣﻌﺎﻳﻴﺮ ﺭﺃﺱ ﺍﻟﻤﺎﻝ ﺍﻟﻤﺸﺘﺮﻛﺔ ‪ ،‬ﻣﺜﻞ ﻫﻴﻜﻞ‬
‫ﺃﻭﺯﺍﻥ ﺍﻟﻤﺨﺎﻃﺮ ‪ ،‬ﻟﻠﺼﻨﺎﻋﺎﺕ ﺍﻟﻤﺼﺮﻓﻴﺔ‪.‬‬
‫•‬ ‫ﻋﻠﻰﺍﻟﺮﻏﻢ ﻣﻦ ﺃﻥ ﺳﻮﻕ ﺍﻟﻌﻤﻼﺕ ﺍﻷﻭﺭﻭﺑﻴﺔ ﻳﺮﻛﺰ ﻋﻠﻰ‬ ‫•‬
‫ﺍﻟﻤﻌﺎﻣﻼﺕ ﻛﺒﻴﺮﺓ ﺍﻟﺤﺠﻢ ‪ ،‬ﺇﻻ ﺃﻥ ﻫﻨﺎﻙ ﺃﻭﻗﺎﺗﺎً ﻻ ﻳﺮﻏﺐ‬
‫ﻓﻴﻬﺎ ﺑﻨﻚ ﻭﺍﺣﺪ ﻓﻲ ﺇﻗﺮﺍﺽ ﺍﻟﻤﺒﻠﻎ ﺍﻟﻤﻄﻠﻮﺏ‪.‬‬
‫•‬
‫ﺃﻧﻘﺎﺑﺔ ﻳﻤﻜﻦ ﺑﻌﺪ ﺫﻟﻚ ﺗﺸﻜﻴﻞ ‪ Eurobanks‬ﻟﻼﻛﺘﺘﺎﺏ ﻓﻲ‬ ‫•‬
‫•‬ ‫ﺍﻟﻘﺮﻭﺽ‪ .‬ﻋﺎﺩﺓ ﻣﺎ ﻳﺘﻢ ﺗﺤﺼﻴﻞ ﺭﺳﻮﻡ ﺇﺩﺍﺭﺓ ﺍﻟﻮﺍﺟﻬﺔ‬
‫ﺍﻷﻣﺎﻣﻴﺔ ﻭﺍﻻﻟﺘﺰﺍﻡ ﻣﻘﺎﺑﻞ ﻗﺮﻭﺽ ﺍﻟﻌﻤﻠﺔ ﺍﻷﻭﺭﻭﺑﻴﺔ‬
‫ﺍﻟﻤﺸﺘﺮﻛﺔ ﻫﺬﻩ‪.‬‬

‫‪A3 -22‬‬ ‫‪A3 -21‬‬

‫‪22‬‬ ‫‪21‬‬

‫ﻗﺮﻭﺽ‬ ‫ﺳﻮﻕﻳﻮﺭﻭﻛﺮﻳﺪﻳﺖ‬ ‫‪$‬‬ ‫ﺳﻮﻕﺍﻟﻌﻤﻼﺕ ﺍﻷﻭﺭﻭﺑﻴﺔ‬

‫ﻳﺘﻢﺗﻤﺪﻳﺪ ﺍﻟﻘﺮﻭﺽ ﻟﻤﺪﺓ ﻋﺎﻡ ﻭﺍﺣﺪ ﺃﻭ ﺃﻛﺜﺮ ﻣﻦ ﻗﺒﻞ‬ ‫•‬ ‫ﻳﺸﺎﺭﺃﺣﻴﺎﻧﺎً ﺇﻟﻰ ﺳﻮﻕ ﺍﻟﻌﻤﻼﺕ ﺍﻷﻭﺭﻭﺑﻴﺔ ﻓﻲ ﺁﺳﻴﺎ‬ ‫•‬
‫‪ Eurobanks‬ﻟﻠﺸﺮﻛﺎﺕ ﻣﺘﻌﺪﺩﺓ ﺍﻟﺠﻨﺴﻴﺎﺕ ﺃﻭ ﺍﻟﻮﻛﺎﻻﺕ‬ ‫ﺑﺸﻜﻞ ﻣﻨﻔﺼﻞ ﺑﺎﺳﻢﺳﻮﻕ ﺍﻟﺪﻭﻻﺭ ﺍﻵﺳﻴﻮﻱ‪.‬‬
‫ﺍﻟﺤﻜﻮﻣﻴﺔ ﻓﻲ ﺳﻮﻕ ﻳﻮﺭﻭﻛﺮﻳﺪﻳﺖ‪ .‬ﺗﻌُﺮﻑ ﻫﺬﻩ ﺍﻟﻘﺮﻭﺽ‬
‫ﺑﺎﺳﻢ ﻗﺮﻭﺽ ﻳﻮﺭﻭﻛﺮﻳﺪﻳﺖ‪.‬‬ ‫ﺗﺘﻤﺜﻞﺍﻟﻮﻇﻴﻔﺔ ﺍﻷﺳﺎﺳﻴﺔ ﻟﻠﺒﻨﻮﻙ ﻓﻲ ﺳﻮﻕ ﺍﻟﺪﻭﻻﺭ‬ ‫•‬
‫ﺗﺴُﺘﺨﺪﻡﺍﻟﻤﻌﺪﻻﺕ ﺍﻟﻌﺎﺉﻤﺔ ﺑﺸﻜﻞ ﺷﺎﺉﻊ ‪ ،‬ﻧﻈﺮﺍً ﻷﻥ‬ ‫•‬ ‫ﺍﻵﺳﻴﻮﻱ ﻓﻲ ﺗﺤﻮﻳﻞ ﺍﻷﻣﻮﺍﻝ ﻣﻦ ﺍﻟﻤﻮﺩﻋﻴﻦ ﺇﻟﻰ‬
‫ﺁﺟﺎﻝ ﺍﺳﺘﺤﻘﺎﻕ ﺍﻷﺻﻮﻝ ﻭﺍﻟﺨﺼﻮﻡ ﻟﺪﻯ ﺍﻟﺒﻨﻮﻙ ﻗﺪ ﻻ‬ ‫ﺍﻟﻤﻘﺘﺮﺿﻴﻦ‪.‬‬
‫ﺗﺘﻄﺎﺑﻖ ‪ -‬ﺗﻘﺒﻞ ﺍﻟﺒﻨﻮﻙ ﺍﻷﻭﺭﻭﺑﻴﺔ ﺍﻟﻮﺩﺍﺉﻊ ﻗﺼﻴﺮﺓ ﺍﻷﺟﻞ‬ ‫ﻭﻇﻴﻔﺔﺃﺧﺮﻯ ﻫﻲ ﺍﻹﻗﺮﺍﺽ ﻭﺍﻻﻗﺘﺮﺍﺽ ﺑﻴﻦ ﺍﻟﺒﻨﻮﻙ‪.‬‬ ‫•‬
‫ﻭﻟﻜﻨﻬﺎ ﺗﻘﺪﻡ ﺃﺣﻴﺎﻧﺎً ﻗﺮﻭﺿﺎً ﻃﻮﻳﻠﺔ ﺍﻷﺟﻞ‪.‬‬

‫‪A3 -24‬‬ ‫‪A3 -23‬‬

‫‪24‬‬ ‫‪23‬‬

‫ﺻﻔﺤﺔ‪6 - 3‬‬ ‫‪South-Western / Thomson Learning ©2003‬‬

 ‫ﺍﻟﻔﺼﻞ‪3‬‬ ‫ﻣﺎﺩﻭﺭﺍ‪:‬ﺍﻹﺩﺍﺭﺓ ﺍﻟﻤﺎﻟﻴﺔ ﺍﻟﺪﻭﻟﻴﺔ‬

‫ﺳﻨﺪﺍﺕ‬ ‫ﺳﻮﻕﺍﻟﺴﻨﺪﺍﺕ ﺍﻟﺪﻭﻟﻴﺔ‬ ‫ﺳﻨﺪﺍﺕ‬ ‫ﺳﻮﻕﺍﻟﺴﻨﺪﺍﺕ ﺍﻟﺪﻭﻟﻴﺔ‬

‫ﻳﻌﻮﺩﻇﻬﻮﺭ ﺳﻮﻕ ﺍﻟﺴﻨﺪﺍﺕ ﺍﻟﺪﻭﻟﻴﺔ ﺟﺰﺉﻴﺎً ﺇﻟﻰ ﺍﻟﻔﺎﺉﺪﺓ ﻓﻲ‬
‫ﻋﺎﻡ ‪1963‬‬
‫ﻣﻌﺎﺩﻟﺔﺍﻟﻀﺮﻳﺒﺔ ﺍﻟﻤﻔﺮﻭﺿﺔ ﻓﻲ ﺍﻟﻮﻻﻳﺎﺕ ﺍﻟﻤﺘﺤﺪﺓ‬
‫ﺃﺛﻨﺖﺍﻟﻀﺮﻳﺒﺔ ﺍﻟﻤﺴﺘﺜﻤﺮﻳﻦ ﺍﻷﻣﺮﻳﻜﻴﻴﻦ ﻋﻦ ﺍﻻﺳﺘﺜﻤﺎﺭ ﻓﻲ‬
‫ﺍﻷﻭﺭﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ ﺍﻷﺟﻨﺒﻴﺔ ‪ ،‬ﻟﺬﻟﻚ ﺑﺤﺚ ﺍﻟﻤﻘﺘﺮﺿﻮﻥ ﻏﻴﺮ‬
‫ﺍﻷﻣﺮﻳﻜﻴﻴﻦ ﻓﻲ ﻣﻜﺎﻥ ﺁﺧﺮ ﻋﻦ ﺍﻷﻣﻮﺍﻝ‪.‬‬
‫ﺛﻢﻓﻲ ﻋﺎﻡ ‪ ، 1984‬ﺳﻤُﺢ ﻟﻠﺸﺮﻛﺎﺕ ﺍﻷﻣﺮﻳﻜﻴﺔ ﺑﺈﺻﺪﺍﺭ‬
‫ﺳﻨﺪﺍﺕ ﻟﺤﺎﻣﻠﻬﺎ ﻣﺒﺎﺷﺮﺓ ﺇﻟﻰ ﻣﺴﺘﺜﻤﺮﻳﻦ ﻏﻴﺮ ﺃﻣﺮﻳﻜﻴﻴﻦ ‪،‬‬
‫ﻭﺃﻟﻐﻴﺖ ﺍﻟﻀﺮﻳﺒﺔ ﺍﻟﻤﻘﺘﻄﻌﺔ ﻋﻠﻰ ﻣﺸﺘﺮﻳﺎﺕ ﺍﻟﺴﻨﺪﺍﺕ‪.‬‬
‫•‬
‫ﻫﻨﺎﻙﻧﻮﻋﺎﻥ ﻣﻦ ﺍﻟﺴﻨﺪﺍﺕ ﺍﻟﺪﻭﻟﻴﺔ‪.‬‬
‫‪-‬ﺗﺴﻤﻰ ﺍﻟﺴﻨﺪﺍﺕ ﺍﻟﻤﻘﻮﻣﺔ ﺑﻌﻤﻠﺔ ﺍﻟﺒﻠﺪ ﺍﻟﺬﻱ ﻭﺿﻌﺖ ﻓﻴﻪ‬
‫ﻭﻟﻜﻦ ﺻﺎﺩﺭﺓ ﻋﻦ ﻣﻘﺘﺮﺿﻴﻦ ﺃﺟﺎﻧﺐ ﻟﻠﺒﻠﺪ ﺍﻟﺴﻨﺪﺍﺕ‬
‫•‬
‫ﺍﻷﺟﻨﺒﻴﺔ ﺃﻭ ﺭﻭﺍﺑﻂ ﻣﻮﺍﺯﻳﺔ‪.‬‬
‫‪-‬ﺗﺴﻤﻰ ﺍﻟﺴﻨﺪﺍﺕ ﺍﻟﺘﻲ ﺗﺒﺎﻉ ﻓﻲ ﺩﻭﻝ ﻏﻴﺮ ﺍﻟﺪﻭﻟﺔ ﺍﻟﺘﻲ‬
‫•‬
‫ﺗﻤﺜﻠﻬﺎ ﺍﻟﻌﻤﻠﺔ ﺍﻟﻤﺤﺪﺩﺓ ﻟﻬﺎﺳﻨﺪﺍﺕ ﺍﻟﻴﻮﺭﻭ‪.‬‬

‫‪A3 -26‬‬ ‫‪A3 -25‬‬

‫‪26‬‬ ‫‪25‬‬

‫ﺳﻨﺪﺍﺕ‬ ‫ﺳﻮﻕﺍﻟﺴﻨﺪﺍﺕ ﺍﻟﺪﻭﻟﻴﺔ‬ ‫ﺳﻨﺪﺍﺕ‬ ‫ﺳﻮﻕﺍﻟﺴﻨﺪﺍﺕ ﺍﻟﺪﻭﻟﻴﺔ‬

‫ﺗﺘﻐﻴﺮﺃﺳﻌﺎﺭ ﺍﻟﻔﺎﺉﺪﺓ ﻟﻜﻞ ﻋﻤﻠﺔ ﻭﻇﺮﻭﻑ ﺍﻻﺉﺘﻤﺎﻥ ﻓﻲ ﺳﻮﻕ‬
‫ﺳﻨﺪﺍﺕ ﺍﻟﻴﻮﺭﻭﺑﻮﻧﺪ ﺑﺎﺳﺘﻤﺮﺍﺭ ‪ ،‬ﻣﻤﺎ ﻳﺘﺴﺒﺐ ﻓﻲ ﺍﺧﺘﻼﻑ‬
‫ﺷﻌﺒﻴﺔ ﺍﻟﺴﻮﻕ ﺑﻴﻦ ﺍﻟﻌﻤﻼﺕ‪.‬‬
‫ﺣﻮﺍﻟﻲ‪ ٪70‬ﻣﻦ ﺳﻨﺪﺍﺕ ﺍﻟﻴﻮﺭﻭﺑﻮﻧﺪﺯ ﻣﻘﻮﻣﺔ‬
‫ﺑﺎﻟﺪﻭﻻﺭ ﺍﻷﻣﺮﻳﻜﻲ‪.‬‬
‫ﻓﻲﺍﻟﺴﻮﻕ ﺍﻟﺜﺎﻧﻮﻳﺔ ‪ ،‬ﻏﺎﻟﺒﺎً ﻣﺎ ﻳﻜﻮﻥ ﺻﺎﻧﻌﻮ ﺍﻟﺴﻮﻕ ﻫﻢ‬
‫ﻧﻔﺲ ﺍﻟﻤﺘﻌﻬﺪﻳﻦ ﺍﻟﺬﻳﻦ ﻳﺒﻴﻌﻮﻥ ﺍﻹﺻﺪﺍﺭﺍﺕ ﺍﻷﺳﺎﺳﻴﺔ‪.‬‬
‫•‬ ‫ﻳﺘﻢﺗﺄﻣﻴﻦ ﺳﻨﺪﺍﺕ ﺍﻟﻴﻮﺭﻭﺑﻮﻧﺪ ﻣﻦ ﻗﺒﻞ ﻧﻘﺎﺑﺔ ﺑﻨﻮﻙ‬ ‫•‬
‫ﺍﻻﺳﺘﺜﻤﺎﺭ ﻣﺘﻌﺪﺩﺓ ﺍﻟﺠﻨﺴﻴﺎﺕ ﻭﻳﺘﻢ ﻭﺿﻌﻬﺎ ﻓﻲ ﻧﻔﺲ‬
‫ﺍﻟﻮﻗﺖ ﻓﻲ ﺍﻟﻌﺪﻳﺪ ﻣﻦ ﺍﻟﺒﻠﺪﺍﻥ ﻣﻦ ﺧﻼﻝ ﺍﻟﻤﺮﺣﻠﺔ‬
‫ﺍﻟﺜﺎﻧﻴﺔ ‪ ،‬ﻭﻓﻲ ﻛﺜﻴﺮ ﻣﻦ ﺍﻟﺤﺎﻻﺕ ‪ ،‬ﺍﻟﻤﺮﺣﻠﺔ ﺍﻟﺜﺎﻟﺜﺔ ‪،‬‬
‫•‬ ‫ﺷﺮﻛﺎﺕ ﺍﻟﺘﺄﻣﻴﻦ‪.‬‬
‫ﻳﺘﻢﺇﺻﺪﺍﺭ ﺳﻨﺪﺍﺕ ﺍﻟﻴﻮﺭﻭﺑﻮﻧﺪ ﻋﺎﺩﺓ ًﻓﻲ ﺷﻜﻞ ﻟﺤﺎﻣﻠﻬﺎ ‪،‬‬ ‫•‬
‫•‬ ‫ﻭﺩﻓﻊ ﻛﻮﺑﻮﻧﺎﺕ ﺳﻨﻮﻳﺔ ‪ ،‬ﻭﻗﺪ ﺗﻜﻮﻥ ﻗﺎﺑﻠﺔ ﻟﻠﺘﺤﻮﻳﻞ ‪ ،‬ﻭﻗﺪ‬
‫ﻳﻜﻮﻥ ﻟﻬﺎ ﻣﻌﺪﻻﺕ ﻣﺘﻐﻴﺮﺓ ‪ ،‬ﻭﻋﺎﺩﺓ ﻣﺎ ﻳﻜﻮﻥ ﻟﻬﺎ ﺍﻟﻘﻠﻴﻞ‬
‫ﻣﻦ ﺍﻟﺘﻌﻬﺪﺍﺕ ﺍﻟﻮﻗﺎﺉﻴﺔ‪.‬‬

‫‪A3 -28‬‬ ‫‪A3 -27‬‬

‫‪28‬‬ ‫‪27‬‬

‫ﺍﻟﺼﻔﺤﺔ‪7 - 3‬‬ ‫‪South-Western / Thomson Learning ©2003‬‬

 ‫ﺍﻟﻔﺼﻞ‪3‬‬ ‫ﻣﺎﺩﻭﺭﺍ‪:‬ﺍﻹﺩﺍﺭﺓ ﺍﻟﻤﺎﻟﻴﺔ ﺍﻟﺪﻭﻟﻴﺔ‬

‫ﻣﻘﺎﺭﻧﺔﺃﺳﻌﺎﺭ ﺍﻟﻔﺎﺉﺪﺓ‬ ‫ﻣﻘﺎﺭﻧﺔﺃﺳﻌﺎﺭ ﺍﻟﻔﺎﺉﺪﺓ‬

‫ﺑﻴﻦﺍﻟﻌﻤﻼﺕ‬
‫ﻧﻈﺮﺍًﻷﻥ ﺟﺪﺍﻭﻝ ﺍﻟﻌﺮﺽ ﻭﺍﻟﻄﻠﺐ ﺗﺘﻐﻴﺮ ﺑﻤﺮﻭﺭ ﺍﻟﻮﻗﺖ‬ ‫•‬
‫ﻟﻌﻤﻠﺔ ﻣﻌﻴﻨﺔ ‪ ،‬ﻓﺈﻥ ﺳﻌﺮ ﺍﻟﻔﺎﺉﺪﺓ ﺍﻟﻤﺘﻮﺍﺯﻥ ﻟﺘﻠﻚ ﺍﻟﻌﻤﻠﺔ‬
‫ﺳﻴﺘﻐﻴﺮ ﺃﻳﻀﺎً‪.‬‬
‫ﻻﺣﻆﺃﻥ ﺣﺮﻳﺔ ﺗﺤﻮﻳﻞ ﺍﻷﻣﻮﺍﻝ ﻋﺒﺮ ﺍﻟﺒﻠﺪﺍﻥ ﺗﺆﺩﻱ ﺇﻟﻰ‬ ‫•‬
‫ﺗﻜﺎﻣﻞ ﺷﺮﻭﻁ ﺍﻟﻌﺮﺽ ﻭﺍﻟﻄﻠﺐ ﻟﻸﻣﻮﺍﻝ ﺇﻟﻰ ﺣﺪ ﻣﺎ ‪،‬‬
‫ﺑﺤﻴﺚ ﻳﺘﻢ ﺩﻣﺞ ﺗﺤﺮﻛﺎﺕ ﺃﺳﻌﺎﺭ ﺍﻟﻔﺎﺉﺪﺓ ﺃﻳﻀﺎً‪.‬‬
‫ﺑﻴﻦﺍﻟﻌﻤﻼﺕ‬
‫ﺗﺨﺘﻠﻒﺃﺳﻌﺎﺭ ﺍﻟﻔﺎﺉﺪﺓ ﺑﺸﻜﻞ ﻛﺒﻴﺮ ﺑﺎﺧﺘﻼﻑ ﺍﻟﺒﻠﺪﺍﻥ ‪ ،‬ﺣﻴﺚ‬ ‫•‬
‫ﺗﺘﺮﺍﻭﺡ ﻣﻦ ﺣﻮﺍﻟﻲ ‪ ٪1‬ﻓﻲ ﺍﻟﻴﺎﺑﺎﻥ ﺇﻟﻰ ﺣﻮﺍﻟﻲ ‪ ٪60‬ﻓﻲ ﺭﻭﺳﻴﺎ‪.‬‬
‫ﺗﻌﺘﺒﺮﺃﺳﻌﺎﺭ ﺍﻟﻔﺎﺉﺪﺓ ﺣﺎﺳﻤﺔ ﻷﻧﻬﺎ ﺗﺆﺛﺮ ﻋﻠﻰ ﺗﻜﻠﻔﺔ‬ ‫•‬
‫ﺗﻤﻮﻳﻞ ﺍﻟﺸﺮﻛﺎﺕ ﻣﺘﻌﺪﺩﺓ ﺍﻟﺠﻨﺴﻴﺎﺕ‪.‬‬
‫ﻳﺘﻢﺗﺤﺪﻳﺪ ﺳﻌﺮ ﺍﻟﻔﺎﺉﺪﺓ ﻟﻌﻤﻠﺔ ﻣﻌﻴﻨﺔ ﻣﻦ ﺧﻼﻝ ﺍﻟﻄﻠﺐ‬ ‫•‬
‫ﻋﻠﻰ ﺍﻷﻣﻮﺍﻝ ﻭﺗﻮﺭﻳﺪﻫﺎ ﺑﻬﺬﻩ ﺍﻟﻌﻤﻠﺔ‪.‬‬

‫‪A3 -30‬‬ ‫‪A3 -29‬‬

‫‪30‬‬ ‫‪29‬‬

‫ﺃﺳﻮﺍﻕﺍﻷﺳﻬﻢ ﺍﻟﻌﺎﻟﻤﻴﺔ‬ ‫ﺃﺳﻮﺍﻕﺍﻷﺳﻬﻢ ﺍﻟﻌﺎﻟﻤﻴﺔ‬

‫ﻳﺘﻢﺍﺳﺘﺪﻋﺎء ﺍﻷﺳﻬﻢ ﺍﻟﺼﺎﺩﺭﺓ ﻓﻲ ﺍﻟﻮﻻﻳﺎﺕ ﺍﻟﻤﺘﺤﺪﺓ ﻣﻦ‬ ‫•‬ ‫ﺑﺎﻹﺿﺎﻓﺔﺇﻟﻰ ﺇﺻﺪﺍﺭ ﺍﻷﺳﻬﻢ ﻣﺤﻠﻴﺎً ‪ ،‬ﻳﻤﻜﻦ ﻟﻠﺸﺮﻛﺎﺕ ﻣﺘﻌﺪﺩﺓ‬ ‫•‬
‫ﻗﺒﻞ ﺍﻟﺸﺮﻛﺎﺕ ﺃﻭ ﺍﻟﺤﻜﻮﻣﺎﺕ ﻏﻴﺮ ﺍﻷﻣﺮﻳﻜﻴﺔ ﻋﺮﻭﺽ ﺍﻷﺳﻬﻢ‬ ‫ﺍﻟﺠﻨﺴﻴﺎﺕ ﺃﻳﻀﺎً ﺍﻟﺤﺼﻮﻝ ﻋﻠﻰ ﺃﻣﻮﺍﻝ ﻋﻦ ﻃﺮﻳﻖ ﺇﺻﺪﺍﺭ‬
‫ﻳﺎﻧﻜﻲ‪ .‬ﻧﺘﺞ ﺍﻟﻌﺪﻳﺪ ﻣﻦ ﻋﺮﻭﺽ ﺍﻷﺳﻬﻢ ﻫﺬﻩ ﻋﻦ ﺑﺮﺍﻣﺞ‬ ‫ﺍﻷﺳﻬﻢ ﻓﻲ ﺍﻷﺳﻮﺍﻕ ﺍﻟﺪﻭﻟﻴﺔ‪.‬‬
‫ﺍﻟﺨﺼﺨﺼﺔ ﻓﻲ ﺃﻣﺮﻳﻜﺎ ﺍﻟﻼﺗﻴﻨﻴﺔ ﻭﺃﻭﺭﻭﺑﺎ‪.‬‬ ‫ﺳﻴﺆﺩﻱﺫﻟﻚ ﺇﻟﻰ ﺗﺤﺴﻴﻦ ﺻﻮﺭﺓ ﺍﻟﺸﺮﻛﺔ ﻭﺍﻟﺘﻌﺮﻑ ﻋﻠﻰ‬ ‫•‬
‫ﺃﺳﻤﺎﺉﻬﺎ ‪ ،‬ﻭﺗﻨﻮﻳﻊ ﻗﺎﻋﺪﺓ ﺍﻟﻤﺴﺎﻫﻤﻴﻦ‪ .‬ﻳﻤﻜﻦ ﺃﻳﻀﺎً ﻫﻀﻢ‬
‫ﻗﺪﺗﺼﺪﺭ ﺍﻟﺸﺮﻛﺎﺕ ﻏﻴﺮ ﺍﻷﻣﺮﻳﻜﻴﺔ ﺃﻳﻀﺎً ﺇﻳﺼﺎﻻﺕ ﺍﻹﻳﺪﺍﻉ‬ ‫•‬ ‫ﺍﻟﻤﺨﺰﻭﻧﺎﺕ ﺑﺴﻬﻮﻟﺔ ﺃﻛﺒﺮ‪.‬‬
‫ﺍﻷﻣﺮﻳﻜﻴﺔ )‪ ، (ADRs‬ﻭﻫﻲ ﺷﻬﺎﺩﺍﺕ ﺗﻤﺜﻞ ﺣﺰﻡ ﻣﻦ‬
‫ﺍﻟﻤﺨﺰﻭﻥ‪ .‬ﺍﻟﺘﻔﺎﻋﻼﺕ ﺍﻟﺪﻭﺍﺉﻴﺔ ﺍﻟﻀﺎﺉﺮﺓ ﺃﻗﻞ ﺗﻨﻈﻴﻤﺎً‬ ‫ﻻﺣﻆﺃﻥ ﺍﻟﻤﻨﺎﻓﺴﺔ ﻓﻲ ﺍﻟﺴﻮﻕ ﻳﺠﺐ ﺃﻥ ﺗﺰﻳﺪ ﻣﻦ‬ ‫•‬
‫ﺑﺸﻜﻞ ﺻﺎﺭﻡ‪.‬‬ ‫ﻛﻔﺎءﺓ ﺍﻹﺻﺪﺍﺭﺍﺕ ﺍﻟﺠﺪﻳﺪﺓ‪.‬‬
‫‪A3 -32‬‬ ‫‪A3 -31‬‬

‫‪32‬‬ ‫‪31‬‬

‫ﺍﻟﺼﻔﺤﺔ‪8 - 3‬‬ ‫‪South-Western / Thomson Learning ©2003‬‬

 ‫ﺍﻟﻔﺼﻞ‪3‬‬ ‫ﻣﺎﺩﻭﺭﺍ‪:‬ﺍﻹﺩﺍﺭﺓ ﺍﻟﻤﺎﻟﻴﺔ ﺍﻟﺪﻭﻟﻴﺔ‬

‫ﺃﺳﻮﺍﻕﺍﻷﺳﻬﻢ ﺍﻟﻌﺎﻟﻤﻴﺔ‬ ‫ﺃﺳﻮﺍﻕﺍﻷﺳﻬﻢ ﺍﻟﻌﺎﻟﻤﻴﺔ‬

‫ﺗﻢﺇﻧﺸﺎء ﺷﺒﻜﺎﺕ ﺍﻻﺗﺼﺎﻻﺕ ﺍﻹﻟﻜﺘﺮﻭﻧﻴﺔ )‪ (ECN‬ﻟﻤﻄﺎﺑﻘﺔ‬ ‫•‬ ‫ﻳﻤﻜﻦﺃﻥ ﺗﺆﺛﺮ ﻣﻮﺍﻗﻊ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺸﺮﻛﺎﺕ ﻣﺘﻌﺪﺩﺓ ﺍﻟﺠﻨﺴﻴﺎﺕ‬ ‫•‬
‫ﺍﻟﻄﻠﺒﺎﺕ ﺑﻴﻦ ﺍﻟﻤﺸﺘﺮﻳﻦ ﻭﺍﻟﺒﺎﺉﻌﻴﻦ ﻓﻲ ﺍﻟﺴﻨﻮﺍﺕ ﺍﻷﺧﻴﺮﺓ‪.‬‬ ‫ﻋﻠﻰ ﺍﻟﻘﺮﺍﺭ ﺑﺸﺄﻥ ﻣﻜﺎﻥ ﻭﺿﻊ ﺍﻟﻤﺨﺰﻭﻥ ‪ ،‬ﻓﻲ ﺿﻮء‬
‫ﺍﻟﺘﺪﻓﻘﺎﺕ ﺍﻟﻨﻘﺪﻳﺔ ﺍﻟﻼﺯﻣﺔ ﻟﺘﻐﻄﻴﺔ ﻣﺪﻓﻮﻋﺎﺕ ﺍﻷﺭﺑﺎﺡ‪.‬‬

‫ﻧﻈﺮﺍًﻷﻥ ﺷﺒﻜﺎﺕ ‪ ECN‬ﺃﺻﺒﺤﺖ ﺃﻛﺜﺮ ﺷﻴﻮﻋﺎً ﺑﻤﺮﻭﺭ‬ ‫•‬ ‫ﺧﺼﺎﺉﺺﺍﻟﺴﻮﻕ ﻣﻬﻤﺔ ﺃﻳﻀﺎ‪ .‬ﻗﺪ ﺗﺨﺘﻠﻒ ﺃﺳﻮﺍﻕ ﺍﻷﺳﻬﻢ‬ ‫•‬
‫ﺍﻟﻮﻗﺖ ‪ ،‬ﻓﻘﺪ ﻳﺘﻢ ﺩﻣﺠﻬﺎ ﻓﻲ ﺍﻟﻨﻬﺎﻳﺔ ﻣﻊ ﺑﻌﻀﻬﺎ ﺍﻟﺒﻌﺾ ﺃﻭ‬ ‫ﻓﻲ ﺍﻟﺤﺠﻢ ‪ ،‬ﻭﻣﺴﺘﻮﻯ ﻧﺸﺎﻁ ﺍﻟﺘﺪﺍﻭﻝ ‪ ،‬ﻭﺍﻟﻤﺘﻄﻠﺒﺎﺕ‬
‫ﻣﻊ ﺍﻟﺒﻮﺭﺻﺎﺕ ﺍﻷﺧﺮﻯ ﻹﻧﺸﺎء ﺑﻮﺭﺻﺔ ﻋﺎﻟﻤﻴﺔ ﻭﺍﺣﺪﺓ‪.‬‬ ‫ﺍﻟﺘﻨﻈﻴﻤﻴﺔ ‪ ،‬ﻭﻣﻌﺪﻝ ﺍﻟﻀﺮﺍﺉﺐ ‪ ،‬ﻭﻧﺴﺒﺔ ﻣﻠﻜﻴﺔ ﺍﻟﻔﺮﺩ‬
‫ﻣﻘﺎﺑﻞ ﻣﻠﻜﻴﺔ ﺍﻷﺳﻬﻢ ﺍﻟﻤﺆﺳﺴﻴﺔ‪.‬‬

‫‪A3 -34‬‬ ‫‪A3 -33‬‬

‫‪34‬‬ ‫‪33‬‬

‫ﻣﻘﺎﺭﻧﺔ‬
‫ﺍﻷﺳﻮﺍﻕﺍﻟﻤﺎﻟﻴﺔ ﺍﻟﺪﻭﻟﻴﺔ‬
‫‪-‬ﺍﻻﺳﺘﺜﻤﺎﺭ ﺍﻷﺟﻨﺒﻲ ﺍﻟﻤﺒﺎﺷﺮ )‪ .(DFI‬ﺍﻟﺘﺪﻓﻘﺎﺕ ﺍﻟﻨﻘﺪﻳﺔ‬
‫ﺍﻟﺨﺎﺭﺟﺔ ﻟﻠﺤﺼﻮﻝ ﻋﻠﻰ ﺍﻷﺻﻮﻝ ﺍﻷﺟﻨﺒﻴﺔ ﺗﻮﻟﺪ‬
‫ﺗﺪﻓﻘﺎﺕ ﻣﺴﺘﻘﺒﻠﻴﺔ‪.‬‬
‫‪-‬ﺍﺳﺘﺜﻤﺎﺭ ﺃﻭ ﺗﻤﻮﻳﻞ ﻗﺼﻴﺮ ﺍﻷﺟﻞ ﻓﻲ ﺍﻷﻭﺭﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ‬
‫ﺍﻷﺟﻨﺒﻴﺔ ‪ ،‬ﻋﺎﺩﺓ ﻓﻲ ﺳﻮﻕ ﺍﻟﻌﻤﻼﺕ ﺍﻷﻭﺭﻭﺑﻴﺔ‪.‬‬
‫‪-‬ﺗﻤﻮﻳﻞﻃﻮﻳﻞ ﺍﻷﺟﻞ ﻓﻲ ‪ Eurocredit‬ﺃﻭ ‪ Eurobond‬ﺃﻭ‬
‫ﺃﺳﻮﺍﻕ ﺍﻷﺳﻬﻢ ﺍﻟﺪﻭﻟﻴﺔ‪.‬‬
‫ﻣﻘﺎﺭﻧﺔ‬
‫ﺍﻷﺳﻮﺍﻕﺍﻟﻤﺎﻟﻴﺔ ﺍﻟﺪﻭﻟﻴﺔ‬
‫ﻳﻤﻜﻦﺗﺼﻨﻴﻒ ﺣﺮﻛﺎﺕ ﺍﻟﺘﺪﻓﻖ ﺍﻟﻨﻘﺪﻱ ﺍﻷﺟﻨﺒﻲ ﻟﺸﺮﻛﺔ‬ ‫•‬
‫ﻧﻤﻮﺫﺟﻴﺔ ﻣﺘﻌﺪﺩﺓ ﺍﻟﺠﻨﺴﻴﺎﺕ ﺇﻟﻰ ﺃﺭﺑﻊ ﻭﻇﺎﺉﻒ ﻣﺆﺳﺴﻴﺔ ‪،‬‬
‫ﺗﺘﻄﻠﺐ ﺟﻤﻴﻌﻬﺎ ﺑﺸﻜﻞ ﻋﺎﻡ ﺍﺳﺘﺨﺪﺍﻡ ﺃﺳﻮﺍﻕ ﺍﻟﺼﺮﻑ‬
‫ﺍﻷﺟﻨﺒﻲ‪.‬‬
‫‪-‬ﺍﻟﺘﺠﺎﺭﺓ ﺍﻟﺨﺎﺭﺟﻴﺔ‪ .‬ﺗﻮﻟﺪ ﺍﻟﺼﺎﺩﺭﺍﺕ ﺗﺪﻓﻘﺎﺕ ﻧﻘﺪﻳﺔ ﺃﺟﻨﺒﻴﺔ‬
‫ﺑﻴﻨﻤﺎ ﺗﺘﻄﻠﺐ ﺍﻟﻮﺍﺭﺩﺍﺕ ﺗﺪﻓﻘﺎﺕ ﻧﻘﺪﻳﺔ ﺧﺎﺭﺟﻴﺔ‪.‬‬

‫‪A3 -36‬‬ ‫‪A3 -35‬‬

‫‪36‬‬ ‫‪35‬‬

‫ﺍﻟﺼﻔﺤﺔ‪9 - 3‬‬ ‫‪South-Western / Thomson Learning ©2003‬‬

 ‫ﺍﻟﻔﺼﻞ‪3‬‬
‫ﻣﺮﺍﺟﻌﺔﺍﻟﻔﺼﻞ‬
‫ﺩﻭﺍﻓﻊﺍﺳﺘﺨﺪﺍﻡ ﺍﻷﺳﻮﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ ﺍﻟﺪﻭﻟﻴﺔ‬
‫‪ ¤‬ﺩﻭﺍﻓﻊ ﺍﻻﺳﺘﺜﻤﺎﺭ ﻓﻲ ﺍﻷﺳﻮﺍﻕ ﺍﻟﺨﺎﺭﺟﻴﺔ‬
‫‪ ¤‬ﺩﻭﺍﻓﻊ ﺗﻘﺪﻳﻢ ﺍﻻﺉﺘﻤﺎﻥ ﻓﻲ ﺍﻟﺨﺎﺭﺝ‬
‫ﺍﻷﺳﻮﺍﻕ‬
‫‪ ¤‬ﺩﻭﺍﻓﻊ ﺍﻻﻗﺘﺮﺍﺽ ﻓﻲ ﺍﻷﺳﻮﺍﻕ ﺍﻷﺟﻨﺒﻴﺔ‬
‫‪A3 -38‬‬
‫ﻣﺮﺍﺟﻌﺔﺍﻟﻔﺼﻞ‬
‫ﺳﻮﻕﺍﻟﻌﻤﻼﺕ ﺍﻷﻭﺭﻭﺑﻴﺔ‬
‫‪ ¤‬ﺗﻄﻮﻳﺮ ﺳﻮﻕ ﺍﻟﻌﻤﻼﺕ ﺍﻷﻭﺭﻭﺑﻴﺔ‬
‫‪ ¤‬ﺗﻜﻮﻳﻦ ﺳﻮﻕ ﺍﻟﻌﻤﻼﺕ ﺍﻷﻭﺭﻭﺑﻴﺔ‬
‫‪ ¤‬ﻗﺮﻭﺽ ﺍﻟﻌﻤﻼﺕ ﺍﻷﻭﺭﻭﺑﻴﺔ ﺍﻟﻤﺸﺘﺮﻛﺔ‬
‫‪ ¤‬ﺗﻮﺣﻴﺪ ﻟﻮﺍﺉﺢ ﺍﻟﺒﻨﻚ ﺩﺍﺧﻞ‬
‫ﺳﻮﻕﺍﻟﻌﻤﻼﺕ ﺍﻷﻭﺭﻭﺑﻴﺔ‬
‫‪ ¤‬ﺳﻮﻕ ﺍﻟﺪﻭﻻﺭ ﺍﻵﺳﻴﻮﻱ‬
‫ﺳﻮﻕﻳﻮﺭﻭﻛﺮﻳﺪﻳﺖ‬
‫‪A3 -40‬‬
‫ﺻﻔﺤﺔ‪10 - 3‬‬
‫ﻣﺎﺩﻭﺭﺍ‪:‬ﺍﻹﺩﺍﺭﺓ ﺍﻟﻤﺎﻟﻴﺔ ﺍﻟﺪﻭﻟﻴﺔ‬
‫ﺗﺄﺛﻴﺮﺍﻷﺳﻮﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ ﺍﻟﻌﺎﻟﻤﻴﺔ‬
‫ﻋﻠﻰﻗﻴﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻣﺘﻌﺪﺩﺓ ﺍﻟﺠﻨﺴﻴﺎﺕ‬
‫ﺗﻜﻠﻔﺔﺍﻗﺘﺮﺍﺽ ﺍﻷﻣﻮﺍﻝ‬ ‫ﺗﺤﺴﻴﻦﺍﻟﺼﻮﺭﺓ ﺍﻟﻌﺎﻟﻤﻴﺔ ﻣﻦ ﺇﺻﺪﺍﺭ‬
‫ﻓﻲﺍﻷﺳﻮﺍﻕ ﺍﻟﻌﺎﻟﻤﻴﺔ‬ ‫ﺍﻷﺳﻬﻢ ﻓﻲ ﺍﻷﺳﻮﺍﻕ ﺍﻟﻌﺎﻟﻤﻴﺔ‬
‫•‬
‫ﺗﻜﻠﻔﺔﺃﻣﻮﺍﻝ ﺍﻟﺸﺮﻛﺔ ﺍﻷﻡ‬ ‫ﺗﻜﻠﻔﺔﺣﻘﻮﻕ ﻣﻠﻜﻴﺔ ﺍﻟﻮﺍﻟﺪﻳﻦ‬
‫ﺍﻟﻤﻘﺘﺮﺿﺔ ﻓﻲ ﺍﻷﺳﻮﺍﻕ ﺍﻟﻌﺎﻟﻤﻴﺔ‬ ‫ﻓﻲﺍﻷﺳﻮﺍﻕ ﺍﻟﻌﺎﻟﻤﻴﺔ‬
‫‪E )CF‬ﻱ ‪ ،‬ﺕ ( = ﺍﻟﺘﺪﻓﻘﺎﺕ ﺍﻟﻨﻘﺪﻳﺔ ﺍﻟﻤﺘﻮﻗﻌﺔ ﺑﺎﻟﻌﻤﻠﺔ ﻱ ﻟﻴﺘﻢ ﺍﻻﺳﺘﻼﻡ‬
‫ﻣﻦﻗﺒﻞ ﺍﻟﻮﺍﻟﺪ ﺍﻷﻣﺮﻳﻜﻲ ﻓﻲ ﻧﻬﺎﻳﺔ ﺍﻟﻔﺘﺮﺓ ﺭ‬
‫‪E )ER‬ﻱ ‪ ،‬ﺕ ( = ﺳﻌﺮ ﺍﻟﺼﺮﻑ ﺍﻟﻤﺘﻮﻗﻊ ﺑﺄﻱ ﻋﻤﻠﺔ ﻱ ﻋﻠﺒﺔ‬
‫ﻳﺘﻢﺗﺤﻮﻳﻠﻬﺎ ﺇﻟﻰ ﺩﻭﻻﺭﺍﺕ ﻓﻲ ﻧﻬﺎﻳﺔ ﺍﻟﻔﺘﺮﺓ ﺭ= ﻣﺘﻮﺳﻂ ﺍﻟﺘﻜﻠﻔﺔ‬
‫‪A3 -37‬‬
‫ﺍﻟﻤﺮﺟﺢ ﻟﺮﺃﺱ ﻣﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺍﻷﻡ‬ ‫ﻙ‬
‫‪38‬‬ ‫‪37‬‬
‫ﻣﺮﺍﺟﻌﺔﺍﻟﻔﺼﻞ‬
‫•‬ ‫ﺳﻮﻕﺻﺮﻑ ﺍﻟﻌﻤﻼﺕ ﺍﻷﺟﻨﺒﻴﺔ‬ ‫•‬
‫‪ ¤‬ﺗﺎﺭﻳﺦ ﺍﻟﺼﺮﻑ ﺍﻷﺟﻨﺒﻲ‬
‫‪ ¤‬ﻣﻌﺎﻣﻼﺕ ﺍﻟﺼﺮﻑ ﺍﻷﺟﻨﺒﻲ‬
‫‪ ¤‬ﺗﻔﺴﻴﺮ ﻋﺮﻭﺽ ﺃﺳﻌﺎﺭ ﺍﻟﺼﺮﻑ ﺍﻷﺟﻨﺒﻲ‬
‫‪ ¤‬ﺃﺳﻮﺍﻕ ﺍﻟﻌﻤﻼﺕ ﺍﻵﺟﻠﺔ ﻭﻋﻘﻮﺩ ﺍﻟﺨﻴﺎﺭﺍﺕ‬
‫•‬
‫‪A3 -39‬‬
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‫‪South-Western / Thomson Learning ©2003‬‬
 ‫ﺍﻟﻔﺼﻞ‪3‬‬ ‫ﻣﺎﺩﻭﺭﺍ‪:‬ﺍﻹﺩﺍﺭﺓ ﺍﻟﻤﺎﻟﻴﺔ ﺍﻟﺪﻭﻟﻴﺔ‬

‫ﻣﺮﺍﺟﻌﺔﺍﻟﻔﺼﻞ‬ ‫ﻣﺮﺍﺟﻌﺔﺍﻟﻔﺼﻞ‬

‫ﺃﺳﻮﺍﻕﺍﻷﺳﻬﻢ ﺍﻟﻌﺎﻟﻤﻴﺔ‬ ‫•‬ ‫ﺳﻮﻕﺍﻟﺴﻨﺪﺍﺕ ﺍﻟﺪﻭﻟﻴﺔ‬ ‫•‬

‫‪ ¤‬ﺇﺻﺪﺍﺭ ﺍﻷﻭﺭﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ ﺍﻷﺟﻨﺒﻴﺔ ﻓﻲ ﺍﻟﻮﻻﻳﺎﺕ ﺍﻟﻤﺘﺤﺪﺓ‬ ‫‪ ¤‬ﺗﻄﻮﻳﺮ ﺳﻮﻕ ﺍﻟﺴﻨﺪﺍﺕ ﺍﻟﺪﻭﻟﻴﺔ‬
‫‪ ¤‬ﺇﺻﺪﺍﺭ ﺍﻷﺳﻬﻢ ﻓﻲ ﺍﻷﺳﻮﺍﻕ ﺍﻷﺟﻨﺒﻴﺔ‬ ‫‪ ¤‬ﻋﻤﻠﻴﺔ ﺍﻻﻛﺘﺘﺎﺏ‬
‫ﻣﻘﺎﺭﻧﺔﺍﻷﺳﻮﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ ﺍﻟﺪﻭﻟﻴﺔ‬ ‫•‬ ‫‪ ¤‬ﺳﻤﺎﺕ‬
‫ﻣﻘﺎﺭﻧﺔﺃﺳﻌﺎﺭ ﺍﻟﻔﺎﺉﺪﺓ ﺑﻴﻦ ﺍﻟﻌﻤﻼﺕ‬ ‫•‬
‫ﻛﻴﻒﺗﺆﺛﺮ ﺍﻷﺳﻮﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ ﻋﻠﻰ ﻗﻴﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻣﺘﻌﺪﺩﺓ‬ ‫•‬
‫ﺍﻟﺠﻨﺴﻴﺎﺕ‬ ‫‪ ¤‬ﺍﻟﺘﻜﺎﻣﻞ ﺍﻟﻌﺎﻟﻤﻲ ﻷﺳﻌﺎﺭ ﺍﻟﻔﺎﺉﺪﺓ‬

‫‪A3 -42‬‬ ‫‪A3 -41‬‬

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‫ﺍﻟﺼﻔﺤﺔ‪11 - 3‬‬ ‫‪South-Western / Thomson Learning ©2003‬‬