‫ﺟﺎﻣﻌﺔ ﻗﺎﺻﺪﻱ ﻣﺮﺑﺎﺡ‪ ،‬ﻭﺭﻗﻠﺔ – ﺍﳉﺰﺍﺋﺮ‬

‫ﻛﻠﻴﺔ ﺍﻟﻌﻠﻮﻡ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﻭﺍﻟﻌﻠﻮﻡ ﺍﻟﺘﺠﺎﺭﻳﺔ ﻭﻋﻠﻮﻡ ﺍﻟﺘﺴﻴﲑ‬

‫ﻗﺴﻢ ﺍﻟﻌﻠﻮﻡ ﺍﳌﺎﻟﻴﺔ ﻭﺍﳌﺤﺎﺳﺒﺔ‬

‫ﻣﺬﻛﺮﺓ ﻣﻘﺪﻣﺔ ﻻﺳﺘﻜﻤﺎﻝ ﻣﺘﻄﻠﺒﺎﺕ ﺷﻬﺎﺩﺓ ﻣﺎﺳﺘﺮ ﺃﻛﺎﺩﳝﻲ‪ ،‬ﺍﻟﻄﻮﺭ ﺍﻟﺜﺎﱐ‬

‫ﺍﳌﻴﺪﺍﻥ‪ :‬ﻋﻠﻮﻡ ﺍﻗﺘﺼﺎﺩﻳﺔ‪ ،‬ﻋﻠﻮﻡ ﺍﻟﺘﺴﻴﲑ ﻭﻋﻠﻮﻡ ﲡﺎﺭﻳﺔ‬

‫ﻓﺮﻉ ﻋﻠﻮﻡ ﻣﺎﻟﻴﺔ ﻭﳏﺎﺳﺒﺔ‪ ،‬ﲣﺼﺺ ﻣﺎﻟﻴﺔ ﺍﳌﺆﺳﺴﺔ‬

‫ﺑﻌﻨــــــــــــﻮﺍﻥ‪:‬‬

‫ﺃﺛﺮ ﻣﺆﺷﺮﺍﺕ ﺍﳌﻼءﺓ ﺍﳌﺎﻟﻴﺔ ﻋﻠﻰ ﻗﻴﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ‬

‫ﺩﺭﺍﺳﺔ ﻋﻠﻰ ﻋﻴﻨﺔ ﻣﻦ ﺍﻟﺸﺮﻛﺎﺕ ﺍﳌﺪﺭﺟﺔ ﰲ ﺑﻮﺭﺻﺔ ﻋﻤﺎﻥ ﺧﻼﻝ ﺍﻟﻔﺘﺮﺓ ‪- 2013‬‬
‫‪2022‬‬

‫ﻣ" إﻋ&اد‪:‬‬
‫أﺣ‪,‬ﺎد‪ .‬أﻣ‪0/‬ة ﻋﻠ‪/‬ﺎء‬
‫ﺑ" ﺣ‪65/‬ﺔ ﺷ‪,/‬ﺎء‬
‫ﻧﻮﻗﺸﺖ ﻋﻠﻨﺎ ﺑﺘﺎﺭﻳﺦ ‪2023/06/19‬‬
‫ﺃﻣﺎﻡ ﺍﻟﻠﺠﻨﺔ ﺍﳌﻜﻮﻧﺔ ﻣﻦ‪:‬‬
‫)ﺃﺳﺘﺎﺫ‪-‬ﺟﺎﻣﻌﺔ ﻗﺎﺻﺪﻱ ﻣﺮﺑﺎﺡ ﻭﺭﻗﻠﺔ( ﺭﺋﻴﺴﺎ‬ ‫ﺃ‪ /‬ﺣﺠﺎﺝ ﻧﻔﻴﺴﺔ‬
‫)ﺃﺳﺘﺎﺫ‪-‬ﺟﺎﻣﻌﺔ ﻗﺎﺻﺪﻱ ﻣﺮﺑﺎﺡ ﻭﺭﻗﻠﺔ( ﻣﺸﺮﻓﺎ ﻭ ﻣﻘﺮﺭﺍ‬ ‫ﺃ‪ /‬ﻋﻤﺎﱐ ﳌﻴﺎء‬
‫)ﺃﺳﺘﺎﺫ‪-‬ﺟﺎﻣﻌﺔ ﻗﺎﺻﺪﻱ ﻣﺮﺑﺎﺡ ﻭﺭﻗﻠﺔ( ﻣﻨﺎﻗﺸﺎ‬ ‫ﺃ‪ /‬ﻛﻴﺤﻠﻲ ﻋﺎﺋﺸﺔ ﺳﻠﻤﻰ‬

‫ﺍﻟﺴﻨﺔ ﺍﳉﺎﻣﻌﻴﺔ‪2023/2022 :‬‬

 ‫ﻗﺎل رﺳﻮل ﷲ ‪-‬ﺻﲆ ﷲ ‪,‬ﻠﯿﻪ وﺳﲅ‪: -‬‬
‫" ٕواذا ٔ‪7‬ردت ﺑﻌﺒﺎدك ﻓ@ﻨًﺔ ﻓﻘ‪E‬ﻀﻨﺎ ٕاﻟﯿﻚ ‪I‬ﲑ‬
‫ﻣﻔ@ﻮﻧﲔ ‪ O‬رب اﻟﻌﺎﳌﲔ "‬
 ‫إﻻﻫﺪاء‬
‫ﱂ ‪#‬ﻜﻦ اﻟﺮ)* ﻗﺼﲑة و ﻻ ﯾ‪32‬ﻐﻲ ﻟﻬﺎ ٔ‪8‬ن ‪#‬ﻜﻮن ﱂ <ﻜﻦ اﳊﲅ ﻗﺮﯾﺒًﺎ وﻻ اﻟﻄﺮﯾﻖ ﰷن ﳏﻔﻮﻓﺎ‬
‫‪G‬ﻟ‪H‬ﺴﻬﯿﻼت ﻟﻜﲏ ﻓﻌﻠﳤﺎ ‪ ،‬ﻓﺎ‪R‬ﻠﻬﻢ ‪ T‬اﶵﺪ ٔ‪W‬ﻧﻚ وﻓﻘ[ﲏ \ﲆ اﲤﺎم ﻫﺬا اﻟﻌﻤﻞ و ﲢﻘ‪e‬ﻖ ﳒﺎ‪g‬‬
‫اﻫﺪي ﲣﺮ‪ٕ j‬اﱃ ﻣﻦ ٔ‪8‬ﲪﻞ اﲰﻪ ‪q‬ﲁ ﳀﺮ ٕاﱃ ﻣﻦ ﺣﺼﺪ أ‪W‬ﺷﻮاك ﻋﻦ درﰊ {ﳰﻬﺪ ﱄ ﻃﺮﯾﻖ اﻟﻌﲅ‬
‫ٕاﱃ " ٔ‪8‬ﰊ اﻟﻐﺎﱄ "‬
‫ﺑﻌﺪ ﻓﻀﻞ ﷲ ﻣﺎ ٔ‪ ƒ8‬ﻓ‪e‬ﻪ ﯾﻌﻮد ٕاﱃ ٔ‪8‬ﰊ ‪ ،‬اﻟﺮ„ﻞ ا…ي ﱂ ﯾﻨﻞ و ﻟﻮ ﺟﺰء ‪Š‬ﺴ‹ﯿﻂ ﳑﺎ ﺣﺼﻠﻨﺎ \ﻠﯿﻪ ‪ ،‬و اﻟﺮ„ﻞ‬
‫ا…ي ﺳﻌﻰ ﻃﻮال ﺣ‪e‬ﺎﺗﻪ ﻟﲄ “ﻜﻮن ٔ‪8‬ﻓﻀﻞ ﻣ”ﻪ‬
‫ٕاﱃ اﻟﯿﺪ اﳋﻔ‪e‬ﺔ اﻟﱵ ٔ‪8‬زاﻟﺖ ﻋﻦ ﻃﺮﯾﻘﻲ أ‪W‬ﺷﻮاك ‪ ،‬و ﻣﻦ ﲢﻤﻠﺖ ﰻ ﳊﻈﺔ ٔ‪8‬ﱂ ﻣﺮرت ﲠﺎ و ﺳﺎﻧﺪﺗﲏ‬
‫ﻋﻨﺪ ﺿﻌﻔﻲ " ٔ‪8‬ﱊ اﳊﺒ‪3Ÿ‬ﺔ "‬
‫ٔ‪W‬ﺧﻮﰐ و ﻟﻀﻠﻌﻲ اﻟﺜﺎﺑﺖ ٕاﳝﺎن ‪ ،‬ﻣﺮوة ‪ ،‬ﺻﻔﺎء‪ٓ 8 ،‬ﯾﺔ ‪¦8ٔ ،‬ﺮم ‪ ،‬ر§ن‬
‫و ﻟﺮﻓﺎق اﻟﺴ‹ﻨﲔ ‪ ،‬و {ﲁ ﻣﻦ ﰷن ﻋﻮً‪ ƒ‬و ﺳ‹ﻨﺪًا ﰲ ﻫﺬا اﻟﻄﺮﯾﻖ‬
‫ﳑﺘﻨﺔ ﻟﲂ ﲨﯿﻌًﺎ ‪ ،‬ﻣﺎ ﻛﻨﺖ ٔ‪W‬ﺻﻞ ﻟﻮﻻ ﻓﻀﻠﲂ ﻣﻦ ﺑﻌﺪ ﷲ‬

‫ٔ‪8‬ﻣ¯‪e‬ـﺮة ﻋ¯ﻠ¯‪¯e‬ﺎء‬

‫‪V‬‬
 ‫ﺍﻻﻫﺪﺍء‬
‫ﺃﲪﺪ ﺍﷲ ﻋﺰﻭﺟﻞ ﻋﻠﻰ ﻣﻨﻪ ﻭﻋﻮﻧﻪ ﻹﲤﺎﻡ ﻫﺬﺍ ﺍﻟﺒﺤﺚ ‪ .‬ﺇﱃ ﺍﻟﺬﻱ ﻭﻫﺒﲏ ﻛﻞ‬

‫ﻣﺎﳝﻠﻚ ﺣﱴ ﺍﺣﻘﻖ ﻟﻪ ﺍﻣﺎﻟﻪ ﺍﱃ •ﺠﺔ ﻭ ﲨﺎﻝ ﺣﻴﺎﰐ ‪ .‬ﺃﰊ ﲨﺎﻝ‬

‫ﺍﻟﻐﺎﱄ ﻋﻠﻰ ﻗﻠﱯ ﺍﻃﺎﻝ ﺍﷲ ﰲ ﻋﻤﺮﻩ ‪ .‬ﺇﱃ ﺳﻨﺪﻱ ﰲ ﺍﻟﺸﺪﺍﺋﺪ ﺇﱃ ﺍﻟﱵ ﻛﺎﻧﺖ ﺩﻋﻮﺍﻫﺎ ﱄ‬

‫ﺑﺎﻟﺘﻮﻓﻴﻖ ﺗﺘﺒﻌﲏ ﺧﻄﻮﺓ ﺧﻄﻮﺓ ﰲ ﻋﻤﻠﻲ ﺍﱃ ﻣﻦ ﺇﺭﲢﺖ ﻛﻠﻤﺎ ﺗﺬﻛﺮﺕ ﺍﺑﺘﺴﺎﻣﺘﻬﺎ ﰲ‬

‫ﻭﺟﻬﻲ ﻧﺒﻊ ﺍﳊﻨﺎﻥ ﻗﻮﰐ ﰲ ﺍﳊﻴﺎﺓ ﺇﱃ ﲨﻴﻠﱵ ﺃﻣﻲ ﲨﻴﻠﺔ ﺃﻋﺰ ﻣﻼﻙ ﻋﻠﻰ ﻗﻠﱯ ﻭﺍﻟﻌﲔ ﺍﻃﺎﻝ ﺍﷲ ﰲ ﻋﻤﺮﻫﺎ‬

‫ﺇﱃ ﺭﻭﺡ ﺃﺧﱵ ﺍﻟﺰﻛﻴﺔ ﺍﻟﻄﺎﻫﺮﺓ ﺍﻟﱵ ﻛﺎﻧﺖ ﺳﻨﺪﻱ ﻭﻣﺴﻨﺪﻱ ﰲ ﺍﳊﻴﺎﺓ ﺇﱃ ﺍﻟﻮﻓﻴﺔ ﺃﺧﱵ ﻭﻓﺎء ﺭﲪﻬﺎ ﺍﷲ‬

‫ﺑﺮﲪﺘﻪ ﺇﱃ ﺟﻮﺍﻫﺮ ﺍﻟﺒﻴﺖ ﺃﺧﻮﺍﰐ ﻭﺳﻴﻠﺔ ‪ ,‬ﻭﻫﻴﺒﺔ ‪ ,‬ﻳﻮﻳﺎ ﺇﱃ ﻗﻮﰐ‬

‫ﺍﱃ ﻛﺘﻔﻲ ﺍﻷﳝﻦ ﻭ ﺍﻷﻳﺴﺮ ﺇﺧﻮﰐ ﻣﻴﻬﺎﺩ ‪ ,‬ﺩﻭﺩﻭ ‪.‬ﺇﱃ ﻋﺼﺎﻓﲑﻱ ﺻﻐﺎﺭ ﻟﺆﻱ ‪ ,‬ﺍﻧﺲ ‪ ,‬ﻗﺼﻲ ‪.‬‬

‫ﺷﻴﻤﺎء‬

‫‪VI‬‬
 ‫ﺷﻜﺮ و ﺗﻘﺪ‪W‬ﺮ‬
‫رﰊ ٔ‪8‬وزﻋﲏ ٔ‪8‬ن ٔ‪8‬ﺷﻜﺮ ﻧﻌﻤﺘﻚ \ﲇ و \ﲆ وا‪²‬ي و ٔ‪8‬ن ٔ‪8‬ﲻﻞ ﺻﺎﳊﺎ ‪#‬ﺮﺿﺎﻩ و ٔ‪8‬د‪µ‬ﻠﲏ‬
‫‪q‬ﺮﲪﺘﻚ ﰲ ﻋﺒﺎدك اﻟﺼﺎﳊﲔ‬
‫ﰒ ﻻ ·ﺴﻌﻨﺎ ٕاﻻ ٔ‪8‬ن ﻧﺘﻘﺪم ‪G‬ﻟﺸﻜﺮ اﳉﺰﯾﻞ ٕاﱃ أ‪W‬ﺳ‹ﺘﺎذة "ﻋﲈﱐ ﳌﯿﺎء" اﻟﱵ ﴍﻓ[ﻨﺎ ٕ‪G‬ﴍاﻓﻬﺎ \ﲆ اﳌﺬ¦ﺮة و ﻛﺬ‪\ T‬ﲆ‬
‫اﻟﺘﻮﺟﳱﺎت اﻟﱵ ﻣ”ﺤﳤﺎ ﻟﻨﺎ‬

‫ﻛﻤﺎ ﻧﺘﻘﺪﻡ ﲜﺰﻳﻞ ﺍﻟﺸﻜﺮ ﺇﱃ ﺍﻷﺳﺘﺎﺫ" ﻫﺘﻬﺎﺕ ﺍﻟﺴﻌﻴﺪ" ﺍﻟﺬﻱ ﱂ ﻳﺒﺨﻞ ﻋﻠﻴﻨﺎ ﺑﻮﻗﺘﻪ ﺍﻟﺜﻤﲔ ﻭﻻ ﻧﻨﺴﻰ‬
‫ﺃﻥ ﻧﺘﻘﺪﻡ ﺏ ﺟﺰﻳﻞ ﺍﻟﺸﻜﺮ ﺇﱃ ﺍﻟﺴﻴﺪ "ﺃﲪﺎﺩﻱ ﻋﻠﻲ" ﺧﺒﲑ ﺍﳊﺴﺎﺑﺎﺕ ﻋﻠﻰ ﻧﺼﺎﺋﺤﻪ ﻭ ﺇﺭﺷﺎﺩﺍﺗﻪ ﰲ‬
‫ﺍﳌﺠﺎﻝ ﺍﳌﺎﱄ ﻭ ﺇﱃ ﺍﻟﺼﺪﻳﻘﺔ ﺍﻟﻄﺎﻟﺒﺔ "ﻣﺄﻣﻮﻥ ﺍﻧﻔﺎﻝ" ﻋﻠﻰ ﺍﻟﻨﺼﺎﺋﺢ ﻭﺍﻟﺘﻮﺟﻬﺎﺕ ﺍﻟﱵ ﻗﺪﻣﺘﻬﺎ ﻟﻨﺎ‬

‫ﻭﻻ ﻳﻔﻮﺗﻨﺎ ﺃﻥ ﻧﺘﻘﺪﻡ ﲜﺰﻳﻞ ﺍﻟﺸﻜﺮ ﺇﱃ ﻛﻞ ﻣﻦ ﺳﺎﻋﺪﻧﺎ ﻭ ﻣﺪ ﻟﻨﺎ ﻳﺪ ﺍﻟﻌﻮﻥ ﻣﻦ ﻗﺮﻳﺐ ﺃﻭ ﺑﻌﻴﺪ‬

‫ﻭ ﻧﺴﺄﻝ ﺍﷲ ﻋﺰ ﻭﺟﻞ ﺃﻥ ﻳﺰﺩﻧﺎ ﻋﻠﻤﺎ ﻭ ﻳﻨﻔﻌﻤﺎ ﲟﺎ ﻋﻠﻤﻨﺎ ﺇﻧﻪ ﻭﱄ ﺫﻟﻚ‬

‫ﻭ ﺍﻟﻘﺎﺩﺭ ﻋﻠﻴﻪ‬

‫‪VII‬‬
‫ ™ﺪﻑ ﻫﺬﻩ ﺍﻟﺪﺭﺍﺳﺔ ﺇﱃ ﺍﺧﺘﺒﺎﺭ ﺃﺛﺮ ﻣﺆﺷﺮﺍﺕ ﺍﳌﻼءﺓ ﺍﳌﺎﻟﻴﺔ ﻋﻠﻰ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻮﻗﻴﺔ ﻟﻸﺳﻬﻢ ﻣﻦ ﺧﻼﻝ ﻋﻴﻨﺔ ﻣﻜﻮﻧﺔ ﻣﻦ‬: ‫ﺍﳌﻠﺨﺺ‬
‫ ﻭﻣﻦ ﺃﺟﻞ ﻣﻌﺎﳉﺔ ﻫﺬﻩ ﺍﻹﺷﻜﺎﻟﻴﺔ‬.(2022-2013) ‫ﺷﺮﻛﺎﺕ ﺻﻨﺎﻋﻴﺔ ﻣﺪﺭﺟﺔ ﰲ ﺑﻮﺭﺻﺔ ﻋﻤﺎﻥ ﻟﻸﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﺧﻼﻝ ﺍﻟﻔﺘﺮﺓ‬09
،‫ ﺣﻴﺚ ﰎ ﺍﻟﺘﻌﺒﲑ ﻋﻠﻰ ﺍﳌﻼءﺓ ﺍﳌﺎﻟﻴﺔ ﻛﻤﺘﻐﲑ ﻣﺴﺘﻘﻞ ﺑﻜﻞ ﻣﻦ ﻧﺴﺒﺔ ﺣﻘﻮﻕ ﺍﳌﻠﻜﻴﺔ‬، ‫ﰎ ﺍﻹﻋﺘﻤﺎﺩ ﻋﻠﻰ ﳕﺎﺫﺝ ﺍﻟﺴﻼﺳﻞ ﺍﻟﺰﻣﻨﻴﺔ ﺍﳌﻘﻄﻌﻴﺔ‬
.‫ ﺑﻴﻨﻤﺎ ﰎ ﺍﻟﺘﻌﺒﲑ ﻋﻦ ﻗﻴﻤﺔ ﺍﻟﺸﺮﻛﺔ ﻛﻤﺘﻐﲑ ﺗﺎﺑﻊ ﺑﺎﻟﺘﻐﲑ ﰲ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻮﻗﻴﺔ ﻟﻸﺳﻬﻢ‬،‫ ﺭﺍﻓﻌﺔ ﺍﳌﺎﻟﻴﺔ‬،‫ﻧﺴﺐ ﺍﻟﺴﻴﻮﻟﺔ‬
‫ﺗﻮﺻﻠﺖ ﺍﻟﺪﺭﺍﺳﺔ ﺇﱃ ﻋﺪﻡ ﻭﺟﻮﺩ ﻋﻼﻗﺔ ﺫﺍﺕ ﺩﻻﻟﺔ ﺇﺣﺼﺎﺋﻴﺔ ﺑﲔ ﻛﻞ ﻣﻦ ﻧﺴﺒﺔ ﺣﻘﻮﻕ ﺍﳌﻠﻜﻴﺔ ﻭﻧﺴﺐ ﺍﻟﺴﻴﻮﻟﺔ ﻭﺍﻟﺮﺍﻓﻌﺔ ﺍﳌﺎﻟﻴﺔ‬
.‫ﻛﻤﺆﺷﺮﺍﺕ ﻟﻠﻤﻼءﺓ ﺍﳌﺎﻟﻴﺔ ﻭﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻮﻗﻴﺔ ﻟﻸﺳﻬﻢ ﻟﻌﻴﻨﺔ ﺍﻟﺪﺭﺍﺳﺔ ﺧﻼﻝ ﻫﺬﻩ ﺍﻟﻔﺘﺮﺓ‬

‫ﺍﻟﻜﻠﻤﺎﺕ ﺍﳌﻔﺘﺎﺣﻴﺔ‬

.‫ ﻗﻴﻤﺔ ﺳﻮﻗﻴﺔ ﻟﻸﺳﻬﻢ‬،‫ ﺭﺍﻓﻌﺔ ﻣﺎﻟﻴﺔ‬،‫ ﻣﺆﺷﺮﺍﺕ ﺍﻟﺴﻴﻮﻟﺔ‬،‫ ﺣﻘﻮﻕ ﺍﳌﻠﻜﻴﺔ‬،‫ﻣﻼءﺓ ﻣﺎﻟﻴﺔ‬

AbstractThis study aims to test the impact of financial solvency indicators on the market value
of shares through a sample of 09 industrial companies listed on the Amman Stock Exchange
during the period (2013-2022). Panel Data", where the solvency was expressed as an
independent variable in each of the equity ratio, liquidity ratios, and financial leverage, while the
value of the company was expressed as a dependent variable in the market value of shares.
The study concluded that there is no statistically significant relationship between each of the
equity ratio, liquidity ratios, and financial leverage as indicators of financial solvency and the
market value of shares for the study sample during this period.

Key Wordssolvency,Property rights, Liquidity Index, leverage liv Index,,stock market value
‫ﻗﺎﺋﻤﺔ ﺍﳌﺤﺘﻮﻳﺎﺕ‬

‫ﻗﺎﺋﻤﺔ ﺍﳌﺤﺘﻮﻳﺎﺕ‬
‫ﻗﺎﺋﻣﺔ اﻟﻣﺣﺗوﯾﺎت‪VI ...............................................................................................................................‬‬
‫ﻗﺎﺋﻣﺔ اﻟﺟداول ‪VII ................................................................................................................................‬‬
‫ﻗﺎﺋﻣﺔ اﻷﺷﻛﺎل اﻟﺑﯾﺎﻧﯾﺔ ‪XIII .......................................................................................................................‬‬
‫ﻗﺎﺋﻣﺔ اﻷﺧﺗﺻﺎرات واﻟرﻣوز ‪XIV ...............................................................................................................‬‬
‫ﻣﻘدﻣﺔ‪ ......................................................................................................................................... :‬ب‬
‫ﺍﻟﻔﺼﻞ ﺍﻷﻭﻝ‪ :‬ﺍﻹﻃﺎﺭ ﺍﻟﻨﻈﺮﻱ ﻭ ﺍﳌﻔﺎﻫﻴﻤﻲ ﻟﻠﻤﻼءﺓ ﺍﳌﺎﻟﻴﺔ ﻭ ﻭ ﺃﺛﺮﻫﺎ ﻋﻠﻰ ﻗﻴﻤﺔ ﺍﻟﺸﺮﻛﺔ ‪1 ....................................................................‬‬

‫ﺗﻣﮭﯾد‪2 ........................................................................................................................................... :‬‬

‫اﻟﻣﺑﺣث اﻷول‪ :‬ﻣدﺧل ﻟﻠﻣﻼءة اﻟﻣﺎﻟﯾﺔ وﻗﯾﻣﺔ اﻟﺷرﻛﺔ ‪3 ..........................................................................................‬‬
‫اﻟﻣطﻠب اﻷول‪ :‬ﻣﺎھﯾﺔ اﻟﻣﻼءة اﻟﻣﺎﻟﯾﺔ ﻓﻲ اﻷدﺑﯾﺎت اﻟﻧظرﯾﺔ ‪3 ..................................................................................‬‬
‫اﻟﻣطﻠب اﻟﺛﺎﻧﻲ‪ :‬ﺧﺻوﺻﯾﺔ اﻟﻣﻼءة اﻟﻣﺎﻟﯾﺔ و طرق ﺗﻘﯾﯾﻣﮭﺎ ‪6 .................................................................................‬‬
‫اﻟﻣطﻠب اﻟﺛﺎﻟث‪ :‬أﺛر اﻟﻣﻼءة اﻟﻣﺎﻟﯾﺔ ﻋﻠﻰ ﻗﯾﻣﺔ اﻟﺷرﻛﺎت اﻟﻣدرﺟﺔ ﻓﻲ اﻟﺑورﺻﺔ ‪Error! Bookmark not defined. ..................‬‬
‫اﻟﻣﺑﺣث اﻟﺛﺎﻧﻲ ‪ :‬اﻟدراﺳﺎت اﻟﺳﺎﺑﻘﺔ اﻟﺗﻲ ﺗﻧﺎوﻟت ﻣوﺿوع اﻟﻣﻼءة اﻟﻣﺎﻟﯾﺔ ‪14 .................................................................‬‬
‫اﻟﻣطﻠب اﻷول‪ :‬ﺗﻘدﯾم اﻟدراﺳﺎت اﻟﺳﺎﺑﻘﺔ اﻟﻌرﺑﯾﺔ و اﻷﺟﻧﺑﯾﺔ ‪14 ...............................................................................‬‬
‫اﻟﻣطﻠب اﻟﺛﺎﻧﻲ‪ :‬اﻟﻣﻘﺎرﻧﺔ ﺑﯾن اﻟدراﺳﺎت اﻟﺳﺎﺑﻘﺔ و اﻟدراﺳﺔ اﻟﺣﺎﻟﯾﺔ ‪17 ........................................................................‬‬
‫ﺧﻼﺻﺔ اﻟﻔﺻل اﻷول‪21 ....................................................................................................................... :‬‬
‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﱐ‪ :‬ﺍﻟﺪﺭﺍﺳﺔ ﺍﻟﺘﻄﺒﻴﻘﻴﺔ ﻷﺛﺮ ﻣﺆﺷﺮﺍﺕ ﺍﳌﻼءﺓ ﺍﳌﺎﻟﻴﺔ ﻋﻠﻰ ﻗﻴﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﺍﳌﺪﺭﺟﺔ ﰲ ﺑﻮﺭﺻﺔ ﻋﻤﺎﻥ ‪22 .............................................‬‬

‫ﺗﻣﮭﯾد‪23 ......................................................................................................................................... :‬‬

‫اﻟﻣﺑﺣث اﻷول‪ :‬اﻟطرﯾﻘﺔ و اﻷدوات اﻟﻣﺳﺗﺧدﻣﺔ ﻓﻲ اﻟدراﺳﺔ ‪24 ...............................................................................‬‬
‫اﻟﻣطﻠﺑﺎﻷول‪ :‬اﻟطرﯾﻘﺔ اﻟﻣﻌﺗﻣد ﻋﻠﯾﮭﺎ ﻓﻲ اﻟدراﺳﺔ ‪24 ...........................................................................................‬‬
‫اﻟﻣطﻠب اﻟﺛﺎﻧﻲ‪ :‬اﻷدوات اﻟﻣﺳﺗﺧدﻣﺔ ﻓﻲ اﻟدراﺳﺔ ‪27 ...........................................................................................‬‬
‫اﻟﻣﺑﺣث اﻟﺛﺎﻧﻲ‪ :‬ﻋرض وﻣﻧﺎﻗﺷﺔ اﻟﻧﺗﺎﺋﺞ اﻟﻣﺗوﺻل إﻟﯾﮭﺎ ‪29 ....................................................................................‬‬
‫اﻟﻣطﻠب اﻷول‪ :‬ﻋرض و ﺗﺣﻠﯾل ﻧﺗﺎﺋﺞ اﻟدراﺳﺔ ‪29 ........................................................................................... :‬‬
‫اﻟﻣطﻠب اﻟﺛﺎﻧﻲ‪ :‬ﺗﺣﻠﯾل اﻟﻧﺗﺎﺋﺞ اﻟﻣﺗوﺻل إﻟﯾﮭﺎ و ﻣﻧﺎﻗﺷﺗﮭﺎ ‪33 ..................................................................................‬‬
‫ﺧﻼﺻﺔ اﻟﻔﺻل اﻟﺛﺎﻧﻲ ‪39 ......................................................................................................................:‬‬
‫ﺧﺎﲤــــــــــــــﺔ ‪41 ...........................................................................................................‬‬

‫ﺍﳌﺼﺎﺩﺭ ﻭﺍﳌﺮﺍﺟﻊ ‪39 ................................................................................................................................‬‬

‫ﺍﳌﻼﺣﻖ ‪42 .........................................................................................................................................‬‬

‫‪VI‬‬
‫ﻗﺎﺋ‪$‬ﺔ اﻟ)*اول‬

‫ﻗﺎﺋﻤﺔ ﺍﳉﺪﺍﻭﻝ‬
‫ﺍﳉﺪﻭﻝ ﺭﻗﻢ ‪ 1‬ﻛﻴﻔﻴﺔ ﺣﺴﺎﺏ ﻫﺎﻣﺶ ﺍﳌﻼءﺓ ﺍﳌﺎﻟﻴﺔ ‪10 ................................................................‬‬
‫ﺍﳉﺪﻭﻝ ﺭﻗﻢ ‪ 2‬ﺷﺮﻛﺎﺕ ﻋﻴﻨﻴﺔ ﺍﻟﺪﺭﺍﺳﺔ ‪25 ..........................................................................‬‬
‫ﺍﳉﺪﻭﻝ ﺭﻗﻢ ‪ 3‬ﻃﺮﻳﻘﺔ ﺣﺴﺎﺏ ﺍﳌﺘﻐﲑﺍﺕ ﺍﳌﻌﺘﻤﺪﺓ ﰲ ﺍﻟﺪﺭﺍﺳﺔ ‪26 .......................................................‬‬
‫ﺍﳉﺪﻭﻝ ﺭﻗﻢ ‪ 4‬ﻧﺘﺎﺋﺞ ﺍﻟﺪﺭﺍﺳﺔ ﺍﻟﻮﺻﻔﻴﺔ ﳌﺘﻐﲑﺍﺕ ﺍﻟﺪﺭﺍﺳﺔ ‪30 ...........................................................‬‬
‫ﺍﳉﺪﻭﻝ ﺭﻗﻢ‪ 5‬ﻣﺼﻔﻮﻓﺔ ﺍﻻﺭﺗﺒﺎﻁ ﺑﲔ ﺍﳌﺆﺷﺮﺍﺕ ‪30 ....................................................................‬‬
‫ﺍﳉﺪﻭﻝ ﺭﻗﻢ ‪ 6‬ﻧﺘﺎﺋﺞ ﺍﻟﻨﻤﻮﺫﺝ ﺍﻟﺘﺠﻤﻴﻌﻲ ‪31 .........................................................................‬‬
‫ﺍﳉﺪﻭﻝ ﺭﻗﻢ ‪ 7‬ﻧﺘﺎﺋﺞ ﳕﻮﺫﺝ ﺗﺄﺛﲑﺍﺕ ﺛﺎﺑﺘﺔ ‪32 .........................................................................‬‬
‫ﺍﳉﺪﻭﻝ ﺭﻗﻢ ‪ 8‬ﻧﺘﺎﺋﺞ ﳕﻮﺫﺝ ﺗﺄﺛﲑﺍﺕ ﺍﻟﻌﺸﻮﺍﺋﻴﺔ ‪33 ....................................................................‬‬

‫‪VII‬‬
‫ﻗ ﺎ ﺋ ﻤ ﺔ ﺍﻷ ﺷ ﻜ ﺎ ﻝ ﺍﻟ ﺒ ﻴ ﺎ ﻧ ﻴ ﺔ‬

‫ﻗﺎﺋﻤﺔ ﺍﻷﺷﻜﺎﻝ ﺍﻟﺒﻴﺎﻧﻴﺔ‬

‫ﺍﻟﺸﻜﻞ ﺭﻗﻢ‪ 1‬ﻣﺼﻄﻠﺤﺎﺕ ﻣﺮﺗﺒﻄﺔ ﺑﺎﳌﻼءﺓ ﺍﳌﺎﻟﻴﺔ ‪5 ....................................................................‬‬
‫ﺍﻟﺸﻜﻞ ﺭﻗﻢ‪ 2‬ﳕﻮﺫﺝ ﻣﺘﻐﲑﺍﺕ ﺍﻟﺪﺭﺍﺳﺔ ‪27 ..........................................................................‬‬

‫‪XIII‬‬
‫ﻗ ﺎ ﺋ ﻤ ﺔ ﺍﻻ ﺧ ﺘ ﺼ ﺎ ﺭ ﺍ ﺕ ﻭ ﺍﻟ ﺮ ﻣ ﻮ ﺯ‬

‫ﻗﺎﺋﻤﺔ ﺍﻷﺧﺘﺼﺎﺭﺍﺕ ﻭﺍﻟﺮﻣﻮﺯ‬

‫ﺍﻟﺪ ﻻ ﻟ ﺔ‬ ‫ﺍﻻ ﺧ ﺘﺼ ﺎﺭ ‪ /‬ﺍﻟﺮ ﻣ ﺰ‬
‫اﻟﻘ‪%$‬ﺔ اﻟ()ﻗ‪$‬ﺔ ﻟﻸﺳﻬ‪.‬‬ ‫‪MVS‬‬

‫ﻧ(‪0‬ﺔ ﺣﻘ)ق اﻟ‪%‬ﻠ‪$4‬ﺔ‬ ‫‪PDP‬‬

‫ﺳ‪)$‬ﻟﺔ اﻷﺻ)ل‬ ‫‪LA‬‬

‫إﺟ‪%‬ﺎﻟﻲ اﻷﺻ)ل‬ ‫‪TA‬‬

‫اﻟا<ﻓﻌﺔ اﻟ‪%‬ﺎﻟ‪$‬ﺔ‬ ‫‪LE‬‬

‫ﻧ(‪0‬ﺔ اﻟ?@اول‬ ‫‪CR‬‬

‫‪XIV‬‬
‫ﻣﻘﺪﻣﺔ‬
‫ﻣﻘﺪ ﻣﺔ‬

‫ﻣﻘﺪﻣﺔ‪:‬‬
‫ﺗﻌﺰﺯ ﺍﳌﻼءﺓ ﺍﳌﺎﻟﻴﺔ ﻗﺪﺭﺓ ﺍﻟﺸﺮﻛﺎﺕ ﻋﻠﻰ ﺍﻟﻨﻤﻮ ﻭ ﺍﻟﺘﻮﺳﻊ‪ ،‬ﻭ ﺍﻟﺸﺮﻛﺎﺕ ﺍﻟﱵ ﺗﺘﻤﺘﻊ ﺑﺎﳌﻼءﺓ ﺍﳌﺎﻟﻴﺔ ﺗﺘﻮﻓﺮ ﻟﺪﻳﻬﺎ ﻗﺎﻋـﺪﺓ‬
‫ﻗﻮﻳﺔ ﻟﻠﺘﺨﻄﻴﻂ ﺍﻹﺳﺘﺮﺍﺗﻴﺠﻲ ﻭﻟﺮﺳﻢ ﺍﻻﺳﺘﺮﺍﺗﻴﺠﻴﺔ ﺍﳌﺎﻟﻴﺔ ﺍﳌﻨﺎﺳﺒﺔ ﻭﺍﲣﺎﺫ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺍﳌﺎﻟﻴﺔ ﺑﺄﺭﳛﻴﺔ‪ ،‬ﻭ ﺍﻟﺬﻱ ﳝﻜﻨﻬﺎ ﻣﻦ ﺍﻟﺘﻌﺎﻣﻞ ﻣـﻊ‬
‫ﺍﳌ ﺨ ﺎﻃ ﺮ ﺍﳌﺴ ﺘﻘ ﺒﻠﻴ ﺔ ﺑﺸ ﻜ ﻞ ﺃﻓ ﻀ ﻞ ﻭ ﲢ ﻘ ﻴﻖ ﺍﻻ ﺳ ﺘﻘ ﻼ ﻝ ﺍﳌ ﺎ ﱄ ‪.‬‬

‫ﺇ ﻥ ﲢ ﻠ ﻴ ﻞ ﻣ ﺆ ﺷ ﺮ ﺍ ﺕ ﺍ ﳌ ﻼ ء ﺓ ﺍ ﳌ ﺎ ﻟ ﻴ ﺔ ﻭ ﻋ ﻼ ﻗ ﺘ ﻬ ﺎ ﺑ ﻘ ﻴ ﻤ ﺔ ﺍ ﻟﺸ ﺮ ﻛ ﺎ ﺕ ﺍﳌ ﺪ ﺭ ﺟ ﺔ ﰲ ﺍ ﻷ ﺳ ﻮ ﺍ ﻕ ﺍﳌ ﺎ ﻟ ﻴ ﺔ ﻳ ﻮ ﻓ ﺮ ﺭ ﺅ ﻳ ﺔ ﺣ ﻮ ﻝ ﺍ ﺳ ﺘ ﺪ ﺍ ﻣ ﺔ ﺍ ﻟ ﺸ ﺮ ﻛ ﺎ ﺕ‬
‫ﻭ ﻗ ﺪ ﺭ ™ ﺎ ﻋ ﻠ ﻰ ﺍ ﻟ ﺘ ﻜ ﻴ ﻒ ﻣ ﻊ ﺍ ﻟ ﺘ ﺤ ﺪ ﻳ ﺎ ﺕ ﺍﳌ ﺎ ﻟ ﻴ ﺔ ﺍﳌ ﺘ ﻐ ﲑ ﺓ ‪ ،‬ﻓ ﺎ ﻟ ﺸ ﺮ ﻛ ﺎ ﺕ ﺫ ﺍ ﺕ ﺍ ﳌ ﻼ ء ﺓ ﺍ ﳌ ﺎ ﻟ ﻴ ﺔ ﺍ ﳉ ﻴ ﺪ ﺓ ﺗ ﻜ ﻮ ﻥ ﺃ ﻛ ﺜ ﺮ ﻗ ﺪ ﺭ ﺓ ﻋ ﻠ ﻰ ﲤ ﻮ ﻳ ﻞ ﳕ ﻮ ﻫ ﺎ ﻭ‬
‫ﺍﻻ ﺳ ﺘﻔ ﺎﺩ ﺓ ﻣ ﻦ ﻓﺮ ﺹ ﺍﻻ ﺳ ﺘﺜﻤ ﺎﺭ ﺍﳉ ﺪ ﻳﺪ ﺓ ‪.‬‬

‫ﻳﺘﻄﻠﺐ ﲢﻘﻴﻖ ﺍﳌﻼءﺓ ﺍﳌﺎﻟﻴﺔ ﺍﻟﺘﺨﻄﻴﻂ ﺍﳌﺎﱄ ﺍﳉﻴﺪ‪ ،‬ﻭ ﻗﺪﺭﺓ ﺍﻟﺸﺮﻛﺎﺕ ﻋﻠﻰ ﺍﲣﺎﺫ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺍﳌﺎﻟﻴﺔ ﺍﻟﺼﺎﺋﺒﺔ ﻟﻠﺤﻔﺎﻅ ﻋﻠـﻰ‬
‫ﻣ ﻜ ﺎ ﻧ ﺘ ﻬ ﺎ ﺍ ﻟ ﺘ ﻨ ﺎ ﻓ ﺴ ﻴ ﺔ ﻭ ﺗ ﻌ ﻈ ﻴ ﻢ ﺍ ﻟ ﻘ ﻴ ﻤ ﺔ ﺍ ﻟ ﺴ ﻮ ﻗ ﻴ ﺔ ﻷ ﺳ ﻬ ﻢ ﺍ ﻟ ﺸ ﺮ ﻛ ﺔ ﻭ ﺑ ﺎ ﻟ ﺘ ﺎ ﱄ ﺧ ﻠ ﻖ ﺍ ﻟ ﻘ ﻴ ﻤ ﺔ ﻟ ﻠ ﻤ ﺴ ﺎ ﳘ ﲔ ﺍ ﻟ ﺬ ﻱ ﻳ ﻌ ﺘ ﱪ ﻫ ـﺪ ﻓ ﺎ ﺃ ﺳ ﺎ ﺳ ـﻴ ﺎ ﻟ ﻜ ـﻞ‬
‫ﺍﺳ ﺘﺮ ﺍﺗﻴﺠ ﻴ ﺔ ﻣ ﺎﻟﻴ ﺔ ‪.‬‬

‫• ﺍﻧﻄ ﻼ ﻗ ﴼ ﳑ ﺎ ﺳ ﺒﻖ ﳝ ﻜ ﻦ ﻃ ﺮ ﺡ ﺍﻹ ﺷ ﻜ ﺎﻟﻴ ﺔ ﺍﻟﺮ ﺋﻴﺴ ﻴ ﺔ ﺍﻟﺘﺎﻟﻴ ﺔ ‪:‬‬

‫‪ -‬ﻣﺎ ﻣﺪﻯ ﺗﺄﺛﲑ ﻣﺆﺷﺮﺍﺕ ﺍﳌﻼءﺓ ﺍﳌﺎﻟﻴﺔ ﻋﻠﻰ ﻗﻴﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﺍﳌﺪﺭﺟﺔ ﰲ ﺑﻮﺭﺻﺔ ﻋﻤﺎﻥ ﺧﻼﻝ ﺍﻟﻔﺘﺮﺓ )‪(2022-2013‬؟‬

‫ﺍﻹﺷﻜﺎﻟﻴﺎﺕ ﺍﻟﻔﺮﻋﻴﺔ‬
‫ﻣ ﺎ ﻣ ﺪ ﻯ ﺗ ﺄ ﺛ ﲑ ﻧ ﺴ ﺒ ﺔ ﺣ ﻘ ﻮ ﻕ ﺍ ﳌ ﻠ ﻜ ﻴ ﺔ ﻋ ﻠ ﻰ ﻗ ﻴ ﻤ ﺔ ﺍ ﻟﺸ ﺮ ﻛ ﺔ ؟‬ ‫‪-‬‬
‫ﻣ ﺎ ﻣ ﺪ ﻯ ﺗ ﺄ ﺛ ﲑ ﻣ ﺆ ﺷ ﺮ ﺍ ﺕ ﺍ ﻟ ﺴ ﻴ ﻮ ﻟ ﺔ ﻋ ﻠ ﻰ ﻗ ﻴ ﻤ ﺔ ﺍﻟ ﺸ ﺮ ﻛ ﺔ ؟‬ ‫‪-‬‬
‫ﻣ ﺎ ﻣ ﺪ ﻯ ﺗﺄﺛﲑ ﻧﺴ ﺒ ﺔ ﺍﻟﺮ ﺍﻓﻌ ﺔ ﺍﳌ ﺎﻟﻴ ﺔ ﻋ ﻠﻰ ﻗ ﻴﻤ ﺔ ﺍﻟﺸ ﺮ ﻛ ﺔ ؟‬ ‫‪-‬‬
‫ﻓﺮﺿﻴﺎﺕ ﺍﻟﺪﺭﺍﺳﺔ‬
‫ﺑ ﻨ ﺎ ء ﴽ ﻋ ﻠ ﻰ ﺍ ﻟ ﺪ ﺭ ﺍ ﺳ ﺎ ﺕ ﺍ ﻟ ﺴ ﺎ ﺑ ﻘ ﺔ ﺍ ﻟ ﱵ ﰎ ﲡ ﻤ ﻴﻌ ﻬ ﺎ ﻭ ﲢ ﻠ ﻴ ﻠ ﻬ ﺎ ﻭ ﺗ ﻠ ﺨ ﻴﺺ ﻧﺘﺎ ﺋ ﺠ ﻬ ﺎ ﰎ ﺻ ﻴﺎ ﻏ ﺔ ﻓ ﺮ ﺿ ﻴﺎ ﺕ ﺍﻟ ﺪ ﺭ ﺍﺳ ﺔ ﻛ ﻤ ﺎ ﻳ ﻠ ﻲ ‪:‬‬

‫• ﺍ ﻟ ﻔ ﺮ ﺿ ﻴ ﺔ ﺍ ﻷ ﻭ ﱃ ‪ :‬ﺗ ﻮ ﺟ ﺪ ﻋ ﻼ ﻗ ﺔ ﻃ ﺮ ﺩ ﻳ ﺔ ﺫ ﺍﺕ ﺩ ﻻ ﻟ ﺔ ﺇﺣ ﺼ ﺎﺋﻴ ﺔ ﺑﲔ ﻣ ﺆ ﺷ ﺮ ﺣ ﻘ ﻮ ﻕ ﺍﳌ ﻠﻜ ﻴ ﺔ ﺍﻟﺬ ﻱ ﻳﻌ ﱪ ﻋ ﻦ ﺍﳌ ﻼ ء ﺓ ﺍﳌ ﺎﻟﻴ ﺔ ﻭ ﺍ ﻟ ﻘ ﻴ ﻤ ﺔ‬

‫ﺍﻟﺴ ﻮ ﻗ ﻴ ﺔ ﻟﻠﺸ ﺮ ﻛ ﺔ ‪ ،‬ﻭ ﻳﺮ ﺟ ﻊ ﺳ ﺒ ﺐ ﺫ ﻟﻚ ﻷ ﳘ ﻴ ﺔ ﺍﻟﺘﻮ ﺍﺯ ﻥ ﺿ ﻤ ﻦ ﺍﳍ ﻴﻜ ﻞ ﺍﳌ ﺎ ﱄ ﻹ ﺳ ﺘ ﻤ ﺮ ﺍﺭ ﺣ ﻴﺎﺓ ﺍﻟﺸ ﺮ ﻛ ﺎ ﺕ ﻷ ﻧﻪ ﳝ ﻮ ﻝ ﺇﺳ ﺘﺜﻤ ﺎﺭ ﺍ™ ﺎ ﻭ ﳛ ﺪ ﺩ‬
‫ﳍ ﺎ ﻓﺮ ﺹ ﺍﻟﻨﻤ ﻮ ﺍﳌﺴ ﺘﻘ ﺒﻠﻴﺔ ﺍﻟﱵ ﺳ ﺘﻘ ﺎﺑﻠﻬ ﺎ‪.‬‬
‫• ﺍ ﻟ ﻔ ﺮ ﺿ ﻴ ﺔ ﺍ ﻟ ﺜ ﺎ ﻧ ﻴ ﺔ ‪ :‬ﺗ ﻮ ﺟ ﺪ ﻋ ﻼ ﻗ ﺔ ﻃ ﺮ ﺩ ﻳ ﺔ ﺫ ﺍ ﺕ ﺩ ﻻ ﻟ ﺔ ﺇ ﺣ ﺼ ﺎ ﺋ ﻴ ﺔ ﺑ ﲔ ﻣ ﺆ ﺷ ﺮ ﺍ ﺕ ﺍ ﻟ ﺴ ﻴ ﻮ ﻟ ﺔ ﺍ ﻟ ﱵ ﺗ ﻌ ﱪ ﻋ ﻦ ﺍ ﳌ ﺮ ﻭ ﻧ ﺔ ﺍ ﳌ ﺎ ﻟ ﻴ ـ ﺔ ﻭ ﺍ ﻟ ﻘ ﻴ ﻤ ـﺔ‬
‫ﺍ ﻟ ﺴ ﻮ ﻗ ﻴ ﺔ ﻟ ﻠ ﺸ ﺮ ﻛ ﺔ ‪ ،‬ﻷ ﻥ ﺍﻟﺴ ﻴ ﻮ ﻟ ﺔ ﺃﻭ ﺍﳌ ﻮ ﺟ ﻮ ﺩ ﺍﺕ ﺍﻟﻨﻘ ﺪ ﻳ ﺔ ﻫ ﻲ ﺍ ﻟ ﺴ ﺒ ﻴ ﻞ ﺍ ﻷ ﻭ ﻝ ﻟ ﺰ ﻳ ﺎ ﺩ ﺓ ﺍ ﻟ ﺘ ﺪ ﻓ ﻘ ﺎ ﺕ ﺍ ﻟ ﻨ ﻘ ﺪ ﻳ ﺔ ﻭ ﺍ ﳌ ﺴ ﺎ ﻋ ﺪ ﺓ ﻋ ﻠ ﻰ ﺇ ﲣ ﺎ ﺫ ﺍ ﻟ ﻘ ﺮ ﺍ ﺭ ﺍ ﺕ‬
‫ﻭ ﻣ ﻮ ﺍﺟ ﻬ ﺔ ﺍﻹ ﻟﺘﺰ ﺍﻣ ﺎﺕ ﻭ ﺍﻟﺼ ﺪ ﻣ ﺎﺕ ﺍﻟﺴ ﻠﺒﻴﺔ ﺍﻟﻄ ﺎﺭ ﺋﺔ‪.‬‬
‫• ﺍﻟﻔﺮﺿﻴﺔ ﺍﻟﺜﺎﻟﺜﺔ‪ :‬ﺗﻮﺟﺪ ﻋﻼﻗﺔ ﻃﺮﺩﻳﺔ ﺫﺍﺕ ﺩﻻﻟﺔ ﺇﺣﺼﺎﺋﻴﺔ ﺑﲔ ﺍﻟﺮﺍﻓﻌﺔ ﺍﳌﺎﻟﻴﺔ ﻭﻗﻴﻤﺔ ﺍﻟﺸﺮﻛﺔ‪ ،‬ﻣﻦ ﺧﻼﻝ ﻗﺪﺭﺓ ﺍﻟﺸﺮﻛﺎﺕ‬
‫ﻋ ﻠ ﻰ ﺍ ﻻ ﻗ ﺘ ﺮ ﺍ ﺽ ﻭ ﻋ ﻠ ﻰ ﺇ ﺳ ﺘ ﺜ ﻤ ﺎ ﺭ ﺍ ﻷ ﻣ ﻮ ﺍ ﻝ ﺍ ﳌﻘ ﺘ ﺮ ﺿ ﺔ ﻭ ﺍ ﻟ ﺘ ﺤ ﻜ ﻢ ﰲ ﺍﳌ ﺨ ﺎ ﻃ ﺮ ﺍ ﻟ ﻨ ﺎ ﲡ ﺔ ﻋ ﻨ ﻬ ﺎ ﻭ ﺇ ﺩ ﺍ ﺭ ™ ﺎ ﺑ ﺸ ﻜ ﻞ ﺟ ﻴ ﺪ ﻟ ﻼ ﺳ ﺘ ﻔ ﺎ ﺩ ﺓ ﻣ ﻦ ﺁ ﺛ ﺎ ﺭ ﺍ ﻟ ﺮ ﻓ ﻊ‬
‫ﺍﳌ ﺎﻟﻴ ﺎ ﻹ ﳚ ﺎ ﺑ ﻴ ﺔ ﰲ ﻇ ﻞ ﺇ ﺩ ﺍ ﺭ ﺓ ﺟ ﻴ ﺪ ﺓ ﻟ ﻠ ﺪ ﻳ ﻮ ﻥ ‪.‬‬

‫ب‬
‫ﻣﻘﺪ ﻣﺔ‬

‫ﺃﻫﺪﺍﻑ ﺍﻟﺪﺭﺍﺳﺔ‬
‫™ ﺪ ﻑ ﻫ ﺬ ﻩ ﺍ ﻟ ﺪ ﺭ ﺍﺳ ﺔ ﺇ ﱃ ‪:‬‬

‫ﻻ ﺗ ﺰ ﺍ ﻝ ﻣ ﻔ ﻬ ﻮ ﻣ ﴼ ﻏ ﺎ ﻣ ﻀ ﴼ‪ ،‬ﺃ ﻭ ﳏ ﺪ ﻭ ﺩ‬ ‫أﻧﮭﺎ‬ ‫‪ -‬ﺗ ﻘ ﺪ ﱘ ﺇ ﻃ ﺎ ﺭ ﻧ ﻈ ﺮ ﻱ ﻣ ﻨ ﺎ ﺳ ﺐ ﻟ ﻠ ﻤ ﻼ ء ﺓ ﺍﳌ ﺎﻟﻴ ﺔ ﺍﻟﱵ ﺗﺸ ﲑ ﺍﻟﻜ ﺜﲑ ﻣ ﻦ ﺍﻷ ﺩ ﺑﻴﺎﺕ ﺇﱃ‬

‫ﺍﻻﺳﺘﻌﻤﺎﻝ ﻭﺿﻤﻦ ﻗﻄﺎﻋﺎﺕ ﳏﺪﺩﺓ ﻛﺎﻟﺘﺄﻣﲔ ﻭ ﻛﺬﻟﻚ ﻟﻠﻌﻼﻗﺔ ﺍﳌﻔﺘﺮﺿﺔ ﺑﲔ ﺍﳌﻼءﺓ ﺍﳌﺎﻟﻴﺔ ﻭﻗﻴﻤﺔ ﺍﻟﺸﺮﻛﺔ‪.‬‬
‫‪ -‬ﺇﺧﺘﺒﺎﺭ ﺗﺄﺛﲑ ﺍﳌﻼءﺓ ﺍﳌﺎﻟﻴﺔ ﻋﻠﻰ ﻗﻴﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﺍﳌﺪﺭﺟﺔ ﰲ ﺑﻮﺭﺻﺔ ﻋﻤﺎﻥ ﺧﻼﻝ ﺍﻟﻔﺘﺮﺓ )‪.(2022-2013‬‬
‫ﺃﳘﻴﺔ ﺍﻟﺪﺭﺍﺳﺔ‬
‫ﺗﻜﻤﻦ ﺃﳘﻴﺔ ﺍﻟﺪﺭﺍﺳﺔ ﰲ ﺑﻴﺎﻥ ﺗﺄﺛﲑ ﺍﳌﻼءﺓ ﺍﳌﺎﻟﻴﺔ ﻋﻠﻰ ﻗﻴﻤﺔ ﺍﻟﺸﺮﻛﺔ ﻣﻦ ﺧﻼﻝ ﲢﻠﻴﻞ ﻋﺪﺓ ﻣﺆﺷﺮﺍﺕ ﳍﺎ ﻋﻼﻗﺔ ﻣﺒﺎﺷﺮﺓ ﻣﻌﻬﺎ‬
‫ﻟﻜ ﻮ ‪ º‬ﺎ ﲤ ﺜﻞ ﻋ ﻨﺼ ﺮ ﴽ ﻫ ﺎ ﻣ ﴼ ﰲ ﺍﻹ ﺳ ﺘﺮ ﺍﺗﻴﺠ ﻴ ﺔ ﺍﳌ ﺎﻟﻴ ﺔ ﻟ ﻠﺸ ﺮ ﻛ ﺔ ﻣ ﻦ ﺧ ﻼ ﻝ ﺍﻟﻘ ﺪ ﺭ ﺓ ﻋ ﻠﻰ ﻣ ﻮ ﺍﺟ ﻬ ﺔ ﺍﻻ ﻟﺘﺰ ﺍﻣ ﺎ ﺕ ﺣ ﺴ ﺐ ﺍﻻ ﺳ ﺘﺤ ﻘ ﺎ ﻗ ﺎ ﺕ ‪ ،‬ﺩ ﻭ ﻥ‬
‫ﺍﻟﺘﺄ ﺛﲑ ﺍﻟﺴ ﻠﱯ ﻋ ﻠﻰ ﺍﻟﺮ ﲝ ﻴ ﺔ ﻭ ﺍﻟﻘ ﻴﻤ ﺔ ‪.‬‬

‫ﺩﻭﺍﻓﻊ ﺇﺧﺘﻴﺎﺭ ﺍﳌﻮﺿﻮﻉ‬

‫ﺃ ﳘ ﻴ ﺔ ﻭ ﺟ ﺎ ﺫ ﺑ ﻴ ﺔ ﺍ ﳌ ﻮ ﺿ ﻮ ﻉ ﺿ ﻤ ﻦ ﲣ ﺼ ﺺ ﻣ ﺎ ﻟﻴ ﺔ ﺍﳌ ﺆ ﺳ ﺴ ﺔ ‪.‬‬ ‫‪-‬‬
‫ﻗ ﻴ ﻤ ﺔ ﻭ ﺃ ﳘ ﻴ ﺔ ﺍﳌ ﻮ ﺿ ﻮ ﻉ ﺑ ﺎ ﻟ ﻨﺴ ﺒ ﺔ ﻟ ﻠ ﺸ ﺮ ﻛ ﺔ ﻛ ﻮ ﻧ ﻪ ﻳ ﺴ ﺎ ﻋ ﺪ ﰲ ﺇ ﲣ ﺎ ﺫ ﺍ ﻟ ﻘ ﺮ ﺍ ﺭ ﺍ ﺕ ﺍ ﳌ ﺎ ﻟ ﻴ ﺔ ﻭ ﻭ ﺿ ﻊ ﺍ ﻻ ﺳ ﺘ ﺮ ﺍ ﺗ ﻴ ﺠ ﻴ ﺔ ﺍ ﳌ ﺎ ﻟ ﻴ ﺔ ﺍ ﳌ ﻼ ﺋ ﻤ ﺔ ‪.‬‬ ‫‪-‬‬
‫ﳏ ﺎ ﻭ ﻟ ﺔ ﺗ ﻘ ﺪ ﱘ ﺇ ﺿ ﺎ ﻓ ﺔ ﺗ ﺴ ﺎ ﻋ ﺪ ﻋ ﻠ ﻰ ﻓ ﻬ ﻢ ﺍﳌ ﺘ ﻐ ﲑ ﺍ ﺕ ﺍﳌ ﺘ ﻌ ﻠ ﻘ ﺔ ﺑ ﺎ ﳌ ﻼ ء ﺓ ﻭ ﻣ ﻌ ﺮ ﻓ ﺔ ﺗ ﺄ ﺛ ﲑ ﻫ ﺎ ﻋ ﻠ ﻰ ﻗ ﻴ ﻤ ﺔ ﺍ ﻟ ﺸ ﺮ ﻛ ﺔ ‪.‬‬ ‫‪-‬‬
‫ﺍﻹﻃﺎﺭ ﺍﻟﺰﻣﲏ ﻭﺍﳌﻜﺎﱐ‬
‫ﺗﺘﻤﺜﻞ ﺍﳊﺪﻭﺩ ﺍﻟﺰﻣﻨﻴﺔ ﻟﻠﺪﺭﺍﺳﺔ ﰲ ﺍﻟﻔﺘﺮﺓ )‪ ، (2022-2013‬ﺃﻣﺎ ﻋﻦ ﺍﳊﺪﻭﺩ ﺍﳌﻜﺎﻧﻴﺔ ﻓﺘﺘﻤﺜﻞ ﰲ ﺑﻮﺭﺻﺔ ﻋﻤﺎﻥ ﻣﻦ ﺧﻼﻝ‬
‫ﻋ ﻴ ﻨ ﺔ ﻣ ﻦ ﺍ ﻟﺸ ﺮ ﻛ ﺎ ﺕ ﺍﳌ ﺪ ﺭ ﺟ ﺔ ﻓ ﻴ ﻬ ﺎ ﻭ ﺑ ﺎ ﻟ ﺘ ﺮ ﻛ ﻴ ﺰ ﻋ ﻠ ﻰ ﻗ ﻄ ﺎ ﻉ ﺍ ﻟ ﺼ ﻨ ﺎ ﻋ ﺔ‬

‫ﺍﳌﻨﻬﺞ ﺍﳌﻌﺘﻤﺪ‬
‫ﺗﻌﺘﻤﺪ ﺍﻟﺪﺭﺍﺳﺔ ﻋﻠﻰ ﺍﳌﻨﻬﺞ ﺍﻟﻮﺻﻔﻲ ﺍﻟﺘﺤﻠﻴﻠﻲ ﻟﺪﺭﺍﺳﺔ ﺍﻹﺷﻜﺎﻟﻴﺔ ﻭﺇﺧﺘﺒﺎﺭ ﺻﺤﺔ ﺍﻟﻔﺮﺿﻴﺎﺕ ﻭ ﻣﻨﺎﻗﺸﺔ ﺍﻟﻨﺘـﺎﺋﺞ ﻭﻟﻔﻬـﻢ‬
‫ﺍﳌ ﻮ ﺿ ﻮ ﻉ ﻭ ﺗﻨﻈ ﻴ ﻤ ﻪ ‪ ،‬ﻣ ﻦ ﺧ ﻼ ﻝ ﺩ ﺭ ﺍ ﺳ ﺔ ﺍ ﳊ ﺎ ﻟ ﺔ ﺑ ﺎ ﺳ ﺘ ﺨ ﺪ ﺍ ﻡ ﺃ ﺩ ﻭ ﺍ ﺕ ﻭ ﳕ ﺎ ﺫ ﺝ ﻗ ﻴ ﺎ ﺳ ﻴ ﺔ ﻣ ﻦ ﺃﺟ ﻞ ﲢ ﻘ ﻴﻖ ﺃﻫ ﺪ ﺍﻑ ﺍﻟﺒ ﺤ ﺚ ‪.‬‬

‫ﻣﺮﺍﺟﻊ ﺍﻟﺪﺭﺍﺳﺔ‬
‫ﰎ ﺍ ﻹ ﺳ ﺘ ﻌ ﺎ ﻧ ﺔ ﲟ ﺠ ﻤ ﻮ ﻋ ﺔ ﻣ ﻦ ﺍﳌ ﺼ ﺎ ﺩ ﺭ ﺫ ﺍ ﺕ ﺍﻟ ﺼ ﻠ ﺔ ﺑ ﺎ ﻟ ﺪ ﺭ ﺍ ﺳ ﺔ ﺍ ﳌ ﺘ ﻤ ﺜ ﻠ ﺔ ﰲ ‪:‬‬

‫‪ ü‬ﻣ ﺼ ﺎ ﺩ ﺭ ﺛ ﺎ ﻧ ﻮ ﻳ ﺔ ‪ :‬ﺗﺘﻤ ﺜﻞ ﰲ ﺍﻟﻜ ﺘﺐ ﻭ ﺍﳌﻘ ﺎﻻ ﺕ ﻭ ﺍﳌ ﺬ ﻛ ﺮ ﺍﺕ ﺍﳉ ﺎﻣ ﻌ ﻴﺔ ﻭ ﺍﻟﺪ ﺭ ﺍﺳ ﺎﺕ ﺍﻟﺴ ﺎﺑﻘ ﺔ ﺍﻟﱵ ﳍ ﺎ ﻋ ﻼ ﻗ ﺔ ﲟ ﻮ ﺿ ﻮ ﻉ ﺍﻟﺪ ﺭ ﺍﺳ ﺔ‪.‬‬
‫‪ ü‬ﻣﺼﺎﺩﺭ ﺃﻭﻟﻴﺔ‪:‬ﺗﺘﻤﺜﻞ ﰲ‪:‬‬
‫‪-‬ﺍﻟﻘﻮﺍﺋﻢ ﻭﺍﻟﺘﻘﺎﺭﻳﺮ ﺍﳌﺎﻟﻴﺔ ﺍﻟﺼﺎﺩﺭﺓ ﻋﻦ ﺍﻟﺸﺮﻛﺎﺕ ﺍﳌﺪﺭﺟﺔ ﰲ ﺑﻮﺭﺻﺔ ﻋﻤﺎﻥ ﻟﻠﻔﺘﺮﺓ )‪ .(2022-2013‬ﺍﳌﻨﺸﻮﺭﺓ ﰲ ﺍﳌﻮﻗﻊ ﺍﻟﺮﲰﻲ‬
‫ﻟﻠﺒﻮ ﺭ ﺻ ﺔ‪.‬‬
‫‪ -‬ﺍﻟﺘﻘ ﺎﺭ ﻳﺮ ﺍﻹ ﺣ ﺼ ﺎﺋﻴ ﺔ ﺍﻟﺴ ﻨﻮ ﻳ ﺔ ﻭ ﺃﺳ ﻌ ﺎﺭ ﺍﻹ ﻏ ﻼ ﻕ ﺍﻟﻴﻮ ﻣ ﻴ ﺔ ﻣ ﻦ ﺍﳌ ﻮ ﻗ ﻊ ﺍﻟﺮ ﲰ ﻲ ﻟﺒﻮ ﺭ ﺻ ﺔ ﻋ ﻤ ﺎﻥ ‪.‬‬

‫ج‬
‫ﻣﻘﺪ ﻣﺔ‬

‫ﺻﻌﻮﺑﺎﺕ ﺍﻟﺪﺭﺍﺳﺔ‬
‫ﰲ ﺇﻃ ﺎﺭ ﺇﻋ ﺪ ﺍﺩ ﻫ ﺬ ﺍ ﺍﻟﺒﺤ ﺚ ﰎ ﻣ ﻮ ﺍﺟ ﻬ ﺔ ﺑﻌ ﺾ ﺍﻟﺼ ﻌ ﻮ ﺑﺎﺕ ﻣﻦ ﺿ ﻤ ﻨﻬ ﺎ‪:‬‬

‫‪ -‬ﻧ ﻘ ﺺ ﺍ ﳌ ﺮ ﺍ ﺟ ﻊ ﺑ ﺎ ﻟ ﻠ ﻐ ﺔ ﺍ ﻟ ﻌ ﺮ ﺑ ﻴ ﺔ ﺍﻟﱵ ﺗﻨﺎﻭ ﻟﺖ ﻣ ﻮ ﺿ ﻮ ﻉ ﺍﳌ ﻼ ء ﺓ ﺍﳌ ﺎﻟﻴ ﺔ ‪.‬‬

‫‪ -‬ﻧ ﻘ ﺺ ﺍ ﻟ ﻜ ﻔ ﺎ ء ﺓ ﻭ ﺍ ﳋ ﱪ ﺓ ﰲ ﺍ ﻟ ﱪ ﺍﻣ ﺞ ﺍ ﻹ ﺣ ﺼ ﺎ ﺋ ﻴ ﺔ ﺃ ﺩ ﻯ ﺇ ﱃ ﺑ ﻄ ﻰ ء ﺳ ﲑ ﻭ ﺭ ﺓ ﺍ ﻟ ﻌ ﻤ ﻞ ‪.‬‬

‫ﻫﻴﻜﻞ ﺍﻟﺪﺭﺍﺳﺔ‬
‫ﻟ ﻺ ﺟ ﺎ ﺑ ﺔ ﻋ ﻠ ﻰ ﺇ ﺷ ﻜ ﺎ ﻟ ﻴ ﺔ ﺍ ﻟ ﺪ ﺭ ﺍ ﺳ ﺔ ﻭ ﺣ ﻠ ﻬ ﺎ ﰎ ﺗ ﻘ ﺴ ﻴ ﻢ ﺍﳌ ﻮ ﺿ ﻮ ﻉ ﺇ ﱃ ﻓ ﺼ ﻠ ﲔ ﺗ ﺒ ﺪ ﺃ ﺑ ﺎﳌ ﻘ ﺪ ﻣ ﺔ ﻭ ﺗ ﻨ ﺘ ﻬ ﻲ ﺑ ﺎ ﳋ ﺎ ﲤ ﺔ ﻣ ﻊ ﺍ ﻹ ﻟ ﺘ ﺰ ﺍ ﻡ ﺑ ﺘ ﻄ ﺒ ﻴ ﻖ‬
‫ﻃﺮﻳﻘﺔ ‪ ،IMRAD‬ﲝﻴﺚ ﺗﻀﻤﻨﺖ ﻓﺼﻮﻝ ﻫﺬﻩ ﺍﻟﺪﺭﺍﺳﺔ ﻣﺎ ﻳﻠﻲ‪:‬‬

‫‪ ü‬ﺍﻟﻔﺼﻞ ﺍﻷﻭﻝ‪:‬ﻣﺘﻌﻠﻖ ﺑﺎﳉﺎﻧﺐ ﺍﻟﻨﻈﺮﻱ ﻟﻠﺪﺭﺍﺳﺔ ﲝﻴﺚ ﰎ ﺗﻘﺴﻴﻤﻪ ﺇﱃ ﻣﺒﺤﺜﲔ ‪ ،‬ﻳﺘﻨﺎﻭﻝ ﺍﳌﺒﺤﺚ ﺍﻷﻭﻝ ﻣﺎﻫﻴﺔ ﺍﳌﻼءﺓ ﺍﳌﺎﻟﻴﺔ‪،‬‬
‫ﻭ ﰲ ﺍ ﻷ ﺧ ﲑ ﺗ ﻀ ﻤ ﻦ ﺍﳌ ﺒ ﺤ ﺚ ﺍ ﻟ ﺜ ﺎ ﱐ ﻋ ﺮ ﺽ ﻭ ﺗ ﻘ ﻴ ﻴ ﻢ ﺍ ﻟ ﺪ ﺭ ﺍ ﺳ ﺎ ﺕ ﺍ ﻟ ﺴ ﺎ ﺑ ﻘ ﺔ ﺫ ﺍ ﺕ ﺍ ﻟ ﺼ ﻠ ﺔ ﺑ ﺎ ﳌ ﻮ ﺿ ﻮ ﻉ ‪.‬‬
‫‪ ü‬ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﱐ‪:‬ﻭﻫﻮ ﺍﻟﻔﺼﻞ ﺍﳌﺘﻌﻠﻖ ﺑﺎﳉﺎﻧﺐ ﺍﻟﺘﻄﺒﻴﻘﻲ ﻣﻦ ﺧﻼﻝ ﺩﺭﺍﺳﺔ ﴰﻠﺖ ﻋﻴﻨﺔ ﻣﻦ ﺃﺳﻬﻢ ﺍﻟﺸﺮﻛﺎﺕ ﺍﳌﺪﺭﺟﺔ ﰲ ﺑﻮﺭﺻﺔ‬
‫ﻋﻤﺎﻥ ﻟﻠﻔﺘﺮﺓ ﺍﳌﻤﺘﺪﺓ )‪.(2022-2013‬ﰎ ﺗﻘﺴﻴﻤﻪ ﺇﱃ ﻣﺒﺤﺜﲔ‪ ،‬ﺧﺼﺺ ﺍﳌﺒﺤﺚ ﺍﻷﻭﻝ ﻟﻌﺮﺽ ﺍﻟﻄﺮﻳﻘﺔ ﻭﺍﻷﺩﻭﺍﺕ‬
‫ﺇﻟﻴﻬ ﺎ‪.‬‬ ‫ﺍﳌ ﺘﻮ ﺻ ﻞ‬ ‫ﺍﻟﺪ ﺭ ﺍﺳ ﺔ‬ ‫ﻧﺘﺎﺋﺞ‬ ‫ﻭ ﻣﻨﺎﻗﺸ ﺔ‬ ‫ﻟﺘﺤ ﻠﻴﻞ‬ ‫ﻓﺨ ﺼ ﺺ‬ ‫ﺍﻟﺜﺎ ﱐ‬ ‫ﺍﳌ ﺒ ﺤ ﺚ‬ ‫ﺃﻣ ﺎ‬ ‫ﺍﳌﺴ ﺘ ﺨ ﺪ ﻣ ﺔ‬

‫د‬
‫ﺍﻟﻔﺼﻞ ﺍﻷﻭﻝ‪:‬ﺍﻹﻃﺎﺭ ﺍﻟﻨﻈﺮﻱ ﻭﺍﳌﻔﺎﻫﻴﻤﻲ‬
‫ﻟﻠﻤﻼءﺓﺍﳌﺎﻟﻴﺔ ﻭ ﺃﺛﺮﻫﺎ ﻋﻠﻰ ﻗﻴﻤﺔ ﺍﻟﺸﺮﻛﺔ‬
 ‫ﺍﻟﻔ ﺼ ﻞ ﺍﻷ ﻭ ﻝ ‪ :‬ﺍﻹ ﻃ ﺎﺭ ﺍﻟﻨﻈ ﺮ ﻱ ﻭ ﺍﳌ ﻔ ﺎﻫ ﻴﻤ ﻲ ﻟ ﻠ ﻤ ﻼ ء ﺓ ﺍﳌ ﺎ ﻟﻴ ﺔ ﻭ ﺃ ﺛ ﺮ ﻫ ﺎ ﻋ ﻠ ﻰ ﻗ ﻴ ﻤ ﺔ ﺍ ﻟ ﺸ ﺮ ﻛ ﺔ‬

‫ﲤﻬﻴﺪ‪:‬‬
‫ﺗﻌﺘﱪ ﺍﳌﻼءﺓ ﺍﳌﺎﻟﻴﺔ ﻭ ﺃﺛﺮﻫﺎ ﻋﻠﻰ ﻗﻴﻤﺔ ﺍﻟﺸﺮﻛﺔ ﻣﻦ ﺿﻤﻦ ﺍﻷﲝﺎﺙ ﺍﳊﺪﻳﺜﺔ ﺍﻷﺳﺎﺳﻴﺔ ﰲ ﺍﻹﻗﺘﺼـﺎﺩ ﺍﻟﻨﺎﺷـﻰء ‪ ،‬ﻭ ﻧﻈـﺮﺍ‬
‫ﻟ ﻸ ﺯ ﻣ ﺎ ﺕ ﺍ ﻟ ﺬ ﻱ ﻳ ﺸ ﻬ ﺪ ﻫ ﺎ ﺍ ﻟ ﻌ ﺎ ﱂ ﺍ ﻟ ﻴ ﻮ ﻡ ﻭ ﺍ ﻟ ﱵ ﺑ ﺪ ﻭ ﺭ ﻫ ﺎ ﺗ ﺆ ﺛ ﺮ ﰲ ﺍ ﻹ ﻗ ﺘ ﺼ ﺎ ﺩ ﺍ ﻟ ﻌ ﺎ ﳌ ﻲ ﺣ ﻴ ﺚ ﺗ ﺆ ﺩ ﻱ ﺇ ﱃ ﻭ ﺟ ﻮ ﺩ ﺗ ﻘ ﻠ ﺒ ﺎ ﺕ ﰲ ﺍ ﻟﺴ ﻮ ﻕ ﺍ ﳌ ﺎ ﱄ ﻭ‬
‫ﻇ ﻬ ﻮ ﺭ ﺑ ﻴ ﺌ ﺔ ﺃ ﻋ ﻤ ﺎﻝ ﻣ ﻀ ﻄ ﺮ ﺑ ﺔ ﻭ ﺃﻣ ﺎ ﻡ ﻫ ﺬ ﺍ ﺍﻟﻮ ﺿ ﻊ ﻳ ﺘﻄ ﻠ ﺐ ﻣ ﻦ ﺍﻟﺸ ﺮ ﻛ ﺎ ﺕ ﺍﻟ ﱵ ﺗﺮ ﻏ ﺐ ﰲ ﺍﻟﺒﻘ ﺎء ﻭ ﺍﻹ ﺳ ﺘ ﻤ ﺮ ﺍﺭ ﻳ ﺔ ﺃﻥ ﺗﻜ ﻮ ﻥ ﻣ ﻼ ء ™ ﺎ ﻋ ﺎ ﻟﻴ ﺔ ‪،‬‬
‫ﻟ ﺬ ﺍ ﰎ ﺍ ﻟ ﺘ ﻄ ﺮ ﻕ ﻣ ﻦ ﺧ ﻼ ﻝ ﻫ ﺬ ﺍ ﺍ ﻟ ﻔ ﺼ ﻞ ﺇ ﱃ ﻋ ﺮ ﺽ ﺍ ﳉ ﻮ ﺍ ﻧ ﺐ ﺍ ﻟ ﻨ ﻈ ﺮ ﻳ ﺔ ﺍﳌ ﺮ ﺗ ﺒ ﻄ ﺔ ﺑ ﺎ ﻟ ﺪ ﺭ ﺍ ﺳ ﺔ ‪.‬‬

‫ﺇ ﺿ ﺎ ﻓ ﺔ ﻋ ﻦ ﺫ ﻟ ﻚ ﺳ ﻴ ﺘ ﻢ ﺍ ﻟ ﺘ ﻄ ﺮ ﻕ ﺇ ﱃ ﺍ ﻟ ﺪ ﺭ ﺍ ﺳ ﺎ ﺕ ﺍﻟﺴ ﺎ ﺑ ﻘ ﺔ ﺍﻟ ﱵ ﳍ ﺎ ﻋ ﻼ ﻗ ﺔ ﻣ ﺒ ﺎ ﺷ ﺮ ﺓ ﻭ ﻏ ﲑ ﻣ ﺒ ﺎ ﺷ ﺮ ﺓ ﺑ ﺎ ﳌ ﻮ ﺿ ﻮ ﻉ ﺑ ﻐ ﺮ ﺽ ﺗ ﻮ ﺿ ﻴ ﺢ ﻭ ﻓ ﻬ ﻢ‬
‫ﺍﳌﺘﻐﲑﺍﺕ ﺍﻷﺳﺎﺳﻴﺔ‪ ،‬ﻓﻜﺎﻥ ﻫﻴﻜﻞ ﺍﻟﻔﺼﻞ ﺍﻷﻭﻝ ﻛﺎﻟﺘﺎﱄ‪:‬‬

‫‪ ü‬ﺍﳌﺒﺤﺚ ﺍﻷﻭﻝ‪ :‬ﻣﺎﻫﻴﺔ ﺍﳌﻼءﺓ ﺍﳌﺎﻟﻴﺔ‪.‬‬

‫‪ ü‬ﺍﳌﺒﺤﺚ ﺍﻟﺜﺎﱐ‪:‬ﺍﻟﺪﺭﺍﺳﺎﺕ ﺍﻟﺴﺎﺑﻘﺔ ﺍﻟﱵ ﺗﻨﺎﻭﻟﺖ ﻣﻮﺿﻮﻉ ﺍﳌﻼءﺓ ﺍﳌﺎﻟﻴﺔ‪.‬‬

‫‪2‬‬
 ‫ﺍﻟﻔ ﺼ ﻞ ﺍﻷ ﻭ ﻝ ‪ :‬ﺍﻹ ﻃ ﺎﺭ ﺍﻟﻨﻈ ﺮ ﻱ ﻭ ﺍﳌ ﻔ ﺎﻫ ﻴﻤ ﻲ ﻟ ﻠ ﻤ ﻼ ء ﺓ ﺍﳌ ﺎ ﻟﻴ ﺔ ﻭ ﺃ ﺛ ﺮ ﻫ ﺎ ﻋ ﻠ ﻰ ﻗ ﻴ ﻤ ﺔ ﺍ ﻟ ﺸ ﺮ ﻛ ﺔ‬

‫ﺍﳌﺒﺤﺚ ﺍﻷﻭﻝ ‪ :‬ﻣﺪﺧﻞ ﺇﱃ ﺍﳌﻼءﺓ ﺍﳌﺎﻟﻴﺔ ﻭﻗﻴﻤﺔ ﺍﻟﺸﺮﻛﺔ‬

‫ﺗ ﺮ ﺗ ﺒ ﻂ ﺍ ﳌ ﻼ ء ﺓ ﺍ ﳌ ﺎ ﻟ ﻴ ﺔ ﲜ ﻮ ﺍ ﻧ ﺐ ﻣ ﻬ ﻤ ﺔ ﰲ ﺣ ﻴ ﺎ ﺓ ﺍ ﳌ ﻨ ﻈ ﻤ ﺎ ﺕ ﻭ ﺍ ﻟ ﺸ ﺮ ﻛ ﺎ ﺕ ﲟ ﺨ ﺘ ﻠ ﻒ ﺃ ﻧ ﻮ ﺍ ﻋ ﻬ ﺎ ﻓ ﻬ ﻲ ﺿ ﻤ ﻦ ﺍﻹ ﺳ ﺘ ﺮ ﺍﲡ ﻴ ﺔ ﺍﳌ ﺎ ﻟ ﻴ ﺔ ﺍﻟﻔ ﻌ ﺎ ﻟ ﺔ‬
‫ﳌ ﻮ ﺍ ﺟ ﻬ ﺔ ﺍ ﻹ ﻟ ﺘ ﺰ ﺍ ﻣ ﺎ ﺕ ﺍ ﳌ ﺨ ﺘ ﻠ ﻔ ﺔ ﺍ ﻟ ﱵ ﺗ ﻮ ﺍ ﺟ ﻪ ﺍ ﻟ ﺸ ﺮ ﻛ ﺎ ﺕ ﻟ ﺬ ﺍ ﰎ ﺍ ﻟ ﺘ ﻄ ﺮ ﻕ ﰲ ﻫ ﺬ ﺍ ﺍ ﳌ ﺒ ﺤ ﺚ ﺇ ﱃ ﻣ ﻔ ﻬ ﻮ ﻡ ﺍ ﳌ ﻼ ء ﺓ ﺍ ﳌ ﺎ ﻟ ﻴ ﺔ ‪ ،‬ﺃ ﻫ ﻢ ﺍ ﳌ ﺼ ـﻄ ﻠ ﺤ ﺎ ﺕ‬
‫ﺍﳌ ﺘﻌ ﻠﻘ ﺔ • ﺎ ‪ ،‬ﻃ ﺮ ﻕ ﺗﻘ ﻴﻴ ﻤ ﻬ ﺎ ﻭ ﻋ ﻼ ﻗ ﺘﻬ ﺎ ﺑﻘ ﻴ ﻤ ﺔ ﺍﳌ ﺆ ﺳ ﺴ ﺔ‬

‫ﺍﳌﻄﻠﺐ ﺍﻷﻭﻝ ‪ :‬ﻣﺎﻫﻴﺔ ﺍﳌﻼءﺓ ﺍﳌﺎﻟﻴﺔ ﰲ ﺍﻷﺩﺑﻴﺎﺕ ﺍﻟﻨﻈﺮﻳﺔ‬

‫ﺳ ﻨﺘﻄ ﺮ ﻕ ﰲ ﻫ ﺬ ﺍ ﺍﳌ ﻄ ﻠ ﺐ ﺇﱃ ﻇ ﻬ ﻮ ﺭ ﻭ ﺗﻄ ﻮ ﺭ ﺍﳌ ﻼ ء ﺓ ﺍﳌ ﺎﻟﻴ ﺔ ﻭ ﺇﱃ ﻣ ﻔ ﻬ ﻮ ﻡ ﺍﳌ ﻼ ء ﺓ ﺍﳌ ﺎﻟﻴ ﺔ‬

‫ﺍﻟﻔ ﺮ ﻉ ﺍﻷ ﻭ ﻝ ‪ :‬ﻇ ﻬ ﻮ ﺭ ﻭ ﺗ ﻄ ﻮ ﺭ ﻣ ﻔ ﻬ ﻮ ﻡ ﺍﳌ ﻼ ء ﺓ ﺍﳌ ﺎ ﻟﻴ ﺔ‬

‫ﻣﻨﺬ ﻇﻬﻮﺭ ﺍﳌﻼءﺓ ﰲ ﻋﺎﻡ ‪ ,1974‬ﻛﺎﻧﺖ ﳎﻤﻮﻋﺔ ﺩﺭﺍﺳﺔ ﺍﻟﺘﺄﻣﲔ ﺍﻟﻌﺎﻣﺔ ﺗﺪﺭﺱ ﺟﻮﺍﻧﺐ ﳐﺘﻠﻔﺔ ﻣﻦ ﺍﳌﻼءﺓ ﺍﳌﺎﻟﻴﺔ ﻟﺸﺮﻛﺎﺕ‬
‫ﺍﻟﺘﺄﻣﲔ ﺍﻟﻌﺎﻣﺔ ﻭ ﰎ ﺍﻟﺘﻮﺻﻞ ﺇﱃ ﻋﺪﺩ ﻣﻦ ﺍﻟﻨﺘﺎﺋﺞ ﳌﻨﺎﻗﺸﺘﻬﺎ ﰲ ﻋﺪﺓ ﻧﺪﻭﺍﺕ‪.‬ﻭ ﰎ ﺇﻳﺪﺍﻋﻬﺎ ﰲ ﺍﳌﻜﺘﺒﺔ ﰲ ‪ Staple Inn‬ﻭﻟﻜﻦ ﱂ ﻳﺘﻢ‬
‫ﺗﻘﺪﳝﻬﺎ ﺃﻭ ﺍﺗﺎﺣﺘﻬﺎ ﻟﻠﺠﻤﻴﻊ ﰲ ﺍﳌﻬﻨﺔ ‪ ,‬ﰲ ﻧﺪﻭﺓ ﺩﺑﻠﻦ ﰲ ﺃﻛﺘﻮﺑﺮ ‪ 1981‬ﰎ ﺍﻟﻌﻤﻞ ﻋﻠﻰ ﺟﻮﺍﻧﺐ ﳐﺘﻠﻔﺔ ﻟﻠﻤﻼءﺓ ﺍﳌﺎﻟﻴﺔ ‪) :‬ﺍﳌﺨﺎﻃﺮ‬
‫ﺍ ﻟ ﺘ ﻘ ﻨ ﻴ ﺔ ( ‪ ) ,‬ﳐ ﺎ ﻃ ﺮ ﺍ ﻻ ﺳ ﺘ ﺜ ﻤ ﺎ ﺭ ( ‪ ) ,‬ﳐ ﺎ ﻃ ﺮ ﺇ ﻋ ﺎ ﺩ ﺓ ﺍ ﻟ ﺘ ﺄ ﻣ ﲔ ( ‪ .‬ﻏ ﻄ ﺖ ﻫ ﺬ ﻩ ﺍﳉ ﻮ ﺍ ﻧ ﺐ ﳎ ﺎ ﻻ ﻭ ﺍ ﺳ ﻌ ﺎ ﻟ ﻜ ﻨ ﻬ ﺎ ﺍ ﻓ ﺘ ﻘ ﺮ ﺕ ﺍ ﱃ ﻣ ﻮ ﺿ ﻮ ﻉ ﻣ ﺘ ﻤ ﺎ ﺳ ﻚ ‪،‬‬
‫ﰎ ﻭﺿﻊ ﺑﻌﺾ ﺍﻷﻋﻤﺎﻝ ﻣﻌﺎ ﰲ ﻧﺪﻭﺓ ﺳﺘﺮﺍﺗﻔﻮﺭﺩ ﰲ ﻧﻮﻓﻤﱪ ‪, 1982‬ﻛﺎﻥ ﺑﻮﳍﲑ ﰲ ﺫﻟﻚ ﺍﻟﻮﻗﺖ ﻣﻬﺘﻤﺎ ﺑﺪﺭﺍﺳﺔ ﺍﳌﻼءﺓ ﺍﻟﻔﻨﻠﻨﺪﻳـﺔ‬
‫ﺍﻟﱵ ﰎ ﺗﻘﺪﳝﻬﺎ ﻣﺆﺧﺮﺍ ﺍﱃ ﻧﺪﻭﺓ ‪ ASTIN‬ﰲ ﻟﻴﻴﺞ‬

‫ﰲ ﺃ ﻋ ﻘ ﺎ ﺏ ﻧ ﺪ ﻭ ﺓ ﺳ ﺘ ﺮ ﺍ ﺗ ﻔ ﻮ ﺭ ﺩ ‪ ,‬ﰎ ﺗﺸ ﻜ ﻴ ﻞ ﻓ ﺮ ﻳ ﻖ ﻋ ﻤ ﻞ ﺟ ﺪ ﻳ ﺪ ﺣ ﻮ ﻝ ﺍ ﳌ ﻼ ء ﺓ ﻭ ﻛ ﺎ ﻧ ﺖ ﺍ ﻻ ﺧ ﺘ ﺼ ﺎ ﺻ ﺎ ﺕ ﻛ ﺎ ﻟ ﺘ ﺎ ﱄ ‪:‬‬

‫ﺃ‪ .‬ﻣ ﺮ ﺍﺟ ﻌ ﺔ ﺍﻟﺪ ﺭ ﻭ ﺱ ﺍﳌﺴ ﺘﻔ ﺎﺩ ﺓ ﻣ ﻦ ﺍﻟﺘﻘ ﺮ ﻳﺮ ﺍﻟﻔ ﻨﻠﻨ ﺪ ﻱ ﺣ ﻮ ﻝ ﻣ ﻼ ء ﺓ ﺷ ﺮ ﻛ ﺎ ﺕ ﺍﻟﺘﺄﻣ ﲔ ﻭ ﺍﺣ ﺘﻴﺎﻃ ﺎ ﺕ ﺍﻟﺘﻜ ﺎ ﻓ ﺆ ‪ ,‬ﻭ ﺍﻗ ﺘﺮ ﺍﺡ ﲢ ﻘ ﻴﻘ ﺎ ﺕ‬
‫ﳏ ﺪ ﺩ ﺓ ﳝ ﻜ ﻦ ﺇﺟ ﺮ ﺍﺅ ﻫ ﺎ ﰲ ﺍﳌ ﻤ ﻠﻜ ﺔ ﺍﳌ ﺘﺤ ﺪ ﺓ ﻣ ﻦ ﺃﺟ ﻞ ﺗﻄ ﻮ ﻳﺮ ﺍﻟﻌ ﻤ ﻞ ﺍﻟﻔ ﻨﻠﻨﺪ ﻱ‬
‫ﺏ ‪ .‬ﺍﻟﻨﻈ ﺮ ﰲ ﺍﳌ ﺪ ﻯ ﺍﻟﺬ ﻱ ﻳﻨﺒﻐ ﻲ ﺃﻥ ﻳﻨﻌ ﻜ ﺲ ﻓ ﻴﻪ ﺗﻐ ﲑ ﻧﺘﺎﺋﺞ ﺍﻟﺸ ﺮ ﻛ ﺔ ﰲ ﺍﻷ ﺳ ﺎﻟﻴﺐ ﻭ ﺍﻷ ﺳ ﺲ ﺍﳌﺴ ﺘﺨ ﺪ ﻣ ﺔ ﰲ ﺗﻘ ﻴﻴﻢ ﺍﻷ ﺻ ﻮ ﻝ ﻭ‬
‫ﺍﳋﺼﻮﻡ‪.1‬‬

‫ﺗﻌﻮﺩ ﻇﻬﻮﺭ ﻓﻜﺮﺓ ﺍﳌﻼءﺓ ﺍﳌﺎﻟﻴﺔ ) ﲟﻔﻬﻮﻡ ﺿﻴﻖ (‪ .‬ﺗﺰﺍﻣﻨﺎ ﻣﻊ ﻇﻬﻮﺭ ﺍﻟﺘﺤﻠﻴﻞ ﺍﳌﺎﱄ ﰲ ﺍﻟﻘﺮﻥ ﺍﻝ ‪ , 19‬ﻓﻘﺪ ﺃﺛﺒﺖ ﺍﻟﺒﺎﺣﺜـﺎﻥ‬
‫)‪.( doogar and jensen 1990‬ﺃﻥ ﻋﻨﺼﺮ ﺍﳌﻼءﺓ ﻣﻦ ﺃﻫﻢ ﺍﻟﻌﻮﺍﻣﻞ ﺍﻟﻨﺠﺎﻋﺔ ﻭ ﻫﻮ ﺍﻷﻛﺜﺮ ﺍﻋﺘﻤﺎﺩﺍ ﰲ ﻣﻌﺮﻓﺔ ﻣـﺪﻯ ﻗـﺪﺭﺓ‬
‫ﺍﻟﺸﺮﻛﺎﺕ ﻋﻠﻰ ﺍﻟﻮﻓﺎء ﺑﺎﻟﺘﺰﺍﻣﺎ™ﺎ ﺍﲡﺎﻩ ﺍﻟﻐﲑ‪.2‬‬

‫ﻭﻋﻠﻴﻪ ﻣﻊ ﺑﺪﺍﻳﺔ ﺳﻨﺔ ‪ , 1990‬ﺗﺰﺍﻳﺪﺕ ﺍﻟﺪﻋﻮﺓ ﻟﺘﻄﻮﻳﺮ ﺃﺳﺎﻟﻴﺐ ﻗﻴﺎﺱ ﺍﳌﻼءﺓ ‪ ,‬ﻓﺎﻧﺘﻘﻠﺖ ﻣﻌﻈﻢ ﺍﻻﻗﺘﺼﺎﺩﻳﺎﺕ ﺍﻟﺮﺋﻴﺴﻴﺔ ﰲ‬
‫ﺍﻟﻌﺎﱂ ﻟﻘﻴﺎﺱ ﻣﻼء™ﺎ ﺍﳌﺎﻟﻴﺔ ﻣﻦ ﻣﻌﺎﻳﲑ ﺭﺃﺱ ﺍﳌﺎﻝ ﺍﻟﺜﺎﺑﺖ ﺍﳌﺴﺘﻨﺪ ﺇﱃ ﺍﻟﻘﻮﺍﻋﺪ ﺍﳌﺤﺎﺳﺒﻴﺔ ﺇﱃ ﺷﻜﻞ ﻣﻦ ﺃﺷﻜﺎﻝ ﺭﺃﺱ ﺍﳌـﺎﻝ ﺍﻟـﺬﻱ‬
‫ﻳﺄﺧﺬ ﺑﻌﲔ ﺍﻻﻋﺘﺒﺎﺭ ﺍﳌﺨﺎﻃﺮ‪.1‬‬

‫‪1‬‬
‫‪D. Daykin et al, The Solvency of General Insurance Companies, Journal of the Institute of Actuaries, Vol 111, No 02, (SEPTEMBER‬‬
‫‪1984), p 229-239‬‬
‫‪2‬‬
‫‪Sharon A. DeVaney, The Usefulness of Financial Ratios as Predictors of Household Insolvency: Two Perspectives, Financial‬‬
‫‪Counseling and Planning, Vol 5, 1994, p 06.‬‬

‫‪3‬‬
 ‫ﺍﻟﻔ ﺼ ﻞ ﺍﻷ ﻭ ﻝ ‪ :‬ﺍﻹ ﻃ ﺎﺭ ﺍﻟﻨﻈ ﺮ ﻱ ﻭ ﺍﳌ ﻔ ﺎﻫ ﻴﻤ ﻲ ﻟ ﻠ ﻤ ﻼ ء ﺓ ﺍﳌ ﺎ ﻟﻴ ﺔ ﻭ ﺃ ﺛ ﺮ ﻫ ﺎ ﻋ ﻠ ﻰ ﻗ ﻴ ﻤ ﺔ ﺍ ﻟ ﺸ ﺮ ﻛ ﺔ‬

‫ﺍﻟﻔ ﺮ ﻉ ﺍﻟﺜﺎﱐ ‪ :‬ﻣ ﻔ ﻬ ﻮ ﻡ ﺍﳌ ﻼ ء ﺓ ﺍﳌ ﺎ ﻟﻴ ﺔ‬

‫ﻳ ﺘ ﻢ ﻋ ﺮ ﺽ ﺑ ﻌ ﺾ ﺍ ﳌ ﻔ ﺎ ﻫ ﻴ ﻢ ﻟ ﻠ ﻤ ﻼ ء ﺓ ﺍﳌ ﺎ ﻟﻴ ﺔ ﻛ ﻤ ﺎ ﻳ ﻠ ﻲ ‪:‬‬

‫‪ . 1‬ﺍﳌ ﻼ ء ﺓ ﺍﳌ ﺎ ﻟﻴ ﺔ ﺗﻌ ﲏ ﺑﺸ ﻜ ﻞ ﻋ ﺎﻡ ‪ ,‬ﺍﻟﻘ ﺪ ﺭ ﺓ ﺃﻭ ﺍﻟﻜ ﻔ ﺎءﺓ ﺃﻭ ﺍﳉ ﺪ ﺍﺭ ﺓ ﰲ ﻣ ﻮ ﺍﺟ ﻬ ﺔ ﺍﻻ ﻟﺘﺰ ﺍﻣ ﺎﺕ ﺑﺼ ﻮ ﺭ ﺓ ﻛ ﺎﻣ ﻠ ﺔ ﻋ ﻨﺪ ﺍﺳ ﺘﺤ ﻘ ﺎﻗﻬ ﺎ ‪. 2‬‬

‫‪.2‬ﻋﺮﻑ)‪ (Daykin et al , 1984‬ﺍﳌﻼءﺓ ﺍﳌﺎﻟﻴﺔ ﺑﺄ‪º‬ﺎﺗﺴﺘﺨﺪﻡ ﺃﺣﻴﺎﻧﺎ ﰲ ﺇﻃﺎﺭ ﺃﻭﺳﻊ ﻟﻺﺷﺎﺭﺓ ﺇﱃ ﺍﻟﻘﻮﺓ ﺍﳌﺎﻟﻴﺔ ‪ ،‬ﺍﻟﺮﲝﻴﺔ‬
‫ﻋﻠﻰ ﺍﳌﺪﻯ ﺍﻟﻄﻮﻳﻞ ﻭ ﺍﻟﻨﻤﻮ ﺍﳌﺘﻮﻗﻊ‪.3‬‬

‫‪.3‬ﻋﺮﻑ)‪ (Lu Xiong , 2014‬ﺍﳌﻼءﺓ ﺍﳌﺎﻟﻴﺔ ﻣﻦ ﺯﺍﻭﻳﺘﲔ ‪ ،‬ﻣﻦ ﺯﺍﻭﻳﺔ "ﻧﻈﺮﻳﺔ ﺍﻹﻓﻼﺱ ‪ "Ruin Theory‬ﺃﻥ ﺷﺮﻛﺔ‬
‫ﺍﻟﺘﺄﻣﲔ ﺗﻜﻮﻥ ﺫﺍﺕ ﻣﻼءﺓ ﻣﺎ ﺇﺫﺍ ﻛﺎﻥ ﺃﺻﻮﻝ ﺍﻟﺸﺮﻛﺔ ﺃﻛﱪ ﻣﻦ ﺍﻟﺘﺰﺍﻣﺎ™ﺎ ‪ ،‬ﻭﻣﻦ ﺯﺍﻭﻳﺔ " ﻧﻈﺮﻳـﺔ ﺍﻟﺴـﻴﻮﻟﺔ ‪Liquidity‬‬
‫‪ "Theory‬ﺃﻥ ﺷﺮﻛﺔ ﺍﻟﺘﺄﻣﲔ ﺗﻜﻮﻥ ﺫﺍﺕ ﻣﻼءﺓ ﰲ ﺣﺎﻟﺔ ﻗﺪﺭ™ﺎ ﻋﻠﻰ ﺍﻟﻮﻓﺎء ﺑﺎﻟﺘﺰﺍﻣﺎ™ﺎ ﺍﳊﺎﻟﻴﺔ‪.‬‬

‫‪.4‬ﻋﺮﻑ )‪ (Ran , 1983‬ﺍﳌﻼءﺓ ﺍﳌﺎﻟﻴﺔ ﻫﻲ ﺍﻟﻔﺮﻕ ﺑﲔ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻮﻗﻴﺔ ﻟﻸﺻﻮﻝ ﻭ ﺍﻟﻘﻴﻤﺔ ﺍﳊﺎﻟﻴﺔ ﻟﻼﻟﺘﺰﺍﻣـﺎﺕ ﻋﻠـﻰ ﺃﻥ‬
‫ﻳﻜ ﻮ ﻥ ﺩ ﺍﺋﻤ ﺎ ﻟﺼ ﺎﱀ ﺍﻟﻘ ﻴﻤ ﺔ ﺍﻟﺴ ﻮ ﻗﻴ ﺔ ﻟﻸ ﺻ ﻮ ﻝ ‪.‬‬

‫‪.5‬ﻭ ﻃﺒﻘﺎ ﻟـ ‪ Oxford English Dictionary‬ﺍﳌﻼءﺓ ﺍﳌﺎﻟﻴﺔ ﺗﻌﲏ ﻭﺟﻮﺩ ﺍﳌﺎﻝ ﺍﻟﻜﺎﰲ ) ﺍﻷﺻـﻮﻝ < ﺍﳌﻄﻠﻮﺑـﺎﺕ(‪.‬‬
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‫ﳌ ﻮ ﺍﺟ ﻬ ﺔ ﺍﻻ ﻟﺘﺰ ﺍﻣ ﺎ ﺕ ﺍﳌ ﺘﻮ ﻗ ﻌ ﺔ‬

‫‪ . 6‬ﺍ ﳌ ﻼ ء ﺓ ﺍ ﳌ ﺎ ﻟ ﻴ ﺔ ﺗﻌ ﺮ ﻑ ﺑﺄ ‪ º‬ﺎ ﺍﻟﻘ ﺪ ﺭ ﺓ ﻋ ﻠﻰ ﺍﻟﺪ ﻓ ﻊ ﻭ ﲢ ﺴ ﺐ ﺑﻄ ﺮ ﺡ ﻗ ﻴﻤ ﺔ ﻣ ﻄ ﻠﻮ ﺑﺎﺕ ﺍﳌ ﺆ ﺳ ﺴ ﺔ ﻣ ﻦ ﻗ ﻴﻤ ﺔ ﻣ ﻮ ﺟ ﻮ ﺩ ﺍ™ ﺎ ‪ ،‬ﻭ ﻳﻌ ﱪ ﻋ ﻨﻬ ﺎ‬

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‫ﺑﺘﻮ ﻓﺮ ﺍﻟﻨﻘ ﺪ ﺍﻟﻜ ﺎﰲ ﻋ ﻠﻰ ﺍﳌ ﺪ ﻯ ﺍﻟﻄ ﻮ ﻳﻞ ﻟﻠﻮ ﻓﺎء ﺑﺎﻻ ﻟﺘﺰ ﺍﻣ ﺎﺕ ﺍﳌ ﺎﻟﻴﺔ ﻋ ﻨﺪ ﺍﺳ ﺘﺤ ﻘ ﺎﻗﻬ ﺎ‬

‫• ﻭ ﳝ ﻜ ﻦ ﺗﻠﺨ ﻴﺺ ﺃﻫ ﻢ ﺍﳌ ﺼ ﻄ ﻠﺤ ﺎﺕ ﺍﳌﺮ ﺗﺒﻄ ﺔ ﺑﺎﳌﻼ ءﺓ ﺍﳌﺎﻟﻴﺔ ﻓﻴﻤ ﺎ ﻳﻠﻲ ‪:‬‬

‫‪1‬ﺳﻌﺎﺩﺑﻮﺷﻠﻮﺵ‪،‬إدارةاﻟﻣﺧﺎطراﻟﻣﺎﻟﯾﺔﻓﯾﺷرﻛﺎﺗﺎﻟﺗﺄﻣﯾﻧوإﺟراءاﺗﺎﻟرﻗﺎﺑﺔﻓﯾﮭﺎ–دراﺳﺔﻣﯾداﻧﯾﺔﻋﻠﯨﻌﯾﻧﺔﻣﻧﺷرﻛﺎﺗﺎﻟﺗﺄﻣﯾﻧﺎﻟﺟزاﺋرﯾﺔ‪،-‬ﺭﺳﺎﻟﺔ ﺩﻛﺘﻮﺭﺍﻩ ‪،‬ﲣﺼﺺ ﺗﺴﻴﲑ‬

‫ﺍﳌﻨﻈﻤﺎﺕ‪،‬ﻛﻠﻴﺔ ﺍﻟﻌﻠﻮﻡ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ‪ ،‬ﺍﻟﺘﺠﺎﺭﻳﺔ ﻭ ﻋﻠﻮﻡ ﺍﻟﺘﺴﻴﲑ – ﺟﺎﻣﻌﺔ ﺍﳌﺤﻤﺪ ﺑﻮﻗﺮﺓ ﺑﻮﻣﺮﺩﺍﺱ‪، -‬ﺍﳉﺰﺍﺋﺮ‪،2015،‬ﺹ‪01‬‬
‫‪2‬ﻋﺒﺪﺍﻟﻠﻄﻴﻔﻌﺒﻮﺩ‪،‬اﻟﻣﻼءةﺷرطﺎﻟوﺟودوﺷرطﺎﻻﺳﺗﻣرار‪،‬ﳎﻠﺔﺍﻟﺘﻨﻤﻴﺔﻭﺍﻟﺘﺄﻣﲔ‪،‬ﺍﻟﻌﺪﺩ‪،26‬ﻧﻮﻓﻤﱪ‪،2004‬ﺹ‪05‬‬
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‫‪D. Daykin et al, The Solvency of General Insurance Companies, Journal of the Institute of Actuaries, Vol 111, No 02, (SEPTEMBER‬‬
‫‪1984), p 283.‬‬
‫‪4‬طﺎر ﻋﺑد اﻟﻘدوس‪،‬ﺑﻧﺎء ﻧﻣوذج ﻟﻘﯾﺎس وﺗﻘﯾﯾم اﻟﻣﻼءة اﻟﻣﺎﻟﯾﺔ ﻟﺷرﻛﺎت اﻟﺗﺄﻣﯾن– دراﺳﺔ ﻗﯾﺎﺳﯾﺔ ﺗﺣﻠﯾﻠﯾﺔ ﻟﻠﺗﺄﻣﯾﻧﺎت اﻟﻌﺎﻣﺔ ﻓﻲ اﻟﺟزاﺋر ﻟﻔﺗرة ‪-2010‬‬
‫‪ – 2015‬رﺳﺎﻟﺔ دﻛﺗوراه‪ ،‬ﺗﺧﺻص ﺑﻧوك و ﺗﺄﻣﯾﻧﺎت ‪ ،‬ﻛﻠﯾﺔ اﻟﻌﻠوم اﻻﻗﺗﺻﺎدﯾﺔ واﻟﺗﺳﯾﯾر و ﻋﻠوم ﺗﺟﺎرﯾﺔ – ﺟﺎﻣﻌﺔ ﻗﺎﺻدي ﻣرﺑﺎح ورﻗﻠﺔ ‪،-‬اﻟﺟزاﺋر‬
‫‪ 2019‬ص ‪07-06‬‬
‫‪5‬ﺷﺎھر ﻓﻼح اﻟﻌرود‪ ،‬اﺛر اﻟﻣﻼءة اﻟﻣﺎﻟﯾﺔ ﻋﻠﻰ اﻟﻘﯾﻣﺔ اﻟﺳوﻗﯾﺔ ﻟﺳﻌر اﻟﺳﮭم ﻓﻲ اﻟﺑﻧوك اﻟﺗﺟﺎرﯾﺔ اﻷردن‪ ،‬اﻟﻣؤﺗﻣر اﻟدوﻟﻲ اﻟﺗﺎﺳﻊ )اﻟوﺿﻊ اﻻﻗﺗﺻﺎدي‬
‫وﺧﯾﺎرات اﻟﻣﺳﺗﻘﺑل(‪ ،‬ﺟﺎﻣﻌﺔ اﻟﻘﺻﯾم‪ ،‬ﻛﻠﯾﺔ اﻻﻗﺗﺻﺎد واﻹدارة ﻗﺳم اﻟﻣﺣﺎﺳﺑﺔ‪ ،‬اﻟﻣﻣﻠﻛﺔ اﻟﻌرﺑﯾﺔ اﻟﺳﻌودﯾﺔ‪ ،‬دون ﺳﻧﺔ اﻟﻧﺷر‪ ،‬ص‪05‬‬

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 ‫ﺍﻟﻔ ﺼ ﻞ ﺍﻷ ﻭ ﻝ ‪ :‬ﺍﻹ ﻃ ﺎﺭ ﺍﻟﻨﻈ ﺮ ﻱ ﻭ ﺍﳌ ﻔ ﺎﻫ ﻴﻤ ﻲ ﻟ ﻠ ﻤ ﻼ ء ﺓ ﺍﳌ ﺎ ﻟﻴ ﺔ ﻭ ﺃ ﺛ ﺮ ﻫ ﺎ ﻋ ﻠ ﻰ ﻗ ﻴ ﻤ ﺔ ﺍ ﻟ ﺸ ﺮ ﻛ ﺔ‬

‫ﺍﻟﺸ ﻜ ﻞ ﺭ ﻗ ﻢ ‪ : 1‬ﻣ ﺼ ﻄ ﻠ ﺤ ﺎ ﺕ ﻣ ﺮ ﺗﺒﻄ ﺔ ﺑﺎﳌ ﻼ ء ﺓ ﺍﳌ ﺎ ﻟﻴ ﺔ‬

‫ﺍ ﳌ ﺼ ﺪ ﺭ ‪ :‬ﻣ ﻦ ﺇﻋ ﺪ ﺍﺩ ﺍ ﻟ ﻄ ﺎ ﻟ ﺒ ﺘ ﺎ ﻥ ‪.‬‬

‫ﺃﻭﻻ‪-‬ﺍﻟﻴﺴﺮ ﺍﳌﺎﱄ ‪ :‬ﻳﺮﺗﺒﻂ ﺍﻟﻴﺴﺮ ﺍﳌﺎﱄ ﲟﺼﻄﻠﺢ ﺍﳌﻼءﺓ ﻣﻦ ﺟﺎﻧﺒﲔ ‪ ،‬ﻓﺎﳉﺎﻧﺐ ﺍﻷﻭﻝ ﻭﺍﻟﺬﻱ ﳝﺜﻞ ﺍﻟﻴﺴﺮ ﺍﳌﺎﱄ ﺍﻟﻔﻌﻠـﻲ ﺃﻭ‬

‫ﺍﻟﻘ ﺎﻧﻮ ﱐ ﻳﻬ ﺪ ﻑ ﺇﱃ ﺩ ﺭ ﺍﺳ ﺔ ﻣ ﻼ ء ﺓ ﺷ ﺮ ﻛ ﺎ ﺕ ﺍﻟﺘﺄﻣ ﲔ ﻋ ﻠﻰ ﺍﳌ ﺪ ﻯ ﺍﻟﻄ ﻮ ﻳﻞ ‪ ،‬ﻭ ﻫ ﻮ ﻣ ﺎ ﻳﺘﻌ ﺎﺭ ﺽ ﻣ ﻊ ﻣ ﺒﺪ ﺃ ﺍﺳ ﺘﻤ ﺮ ﺍﺭ ﻳ ﺔ ﺍﻟﺸ ﺮ ﻛ ﺎﺕ ﻭ ﺑﻘ ﺎء ﻫ ﺎ‬

‫ﰲ ﻣﻴﺪﺍﻥ ﻧﺸﺎﻃﻬﺎ ‪ ،‬ﺃﻱ ﲢﻘﻴﻖ ﺍﳌﻼءﺓ ﺩﻭﻥ ﲢﻘﻴﻖ ﻋﻨﺼﺮ ﺍﻹﻳﻔﺎﺋﻴﺔ ﻋﻠﻰ ﺍﳌﺪﻯ ﺍﻟﻘﺼﲑ ‪ ، 1‬ﻭ ﻳﻘﺼﺪ ﺑﺎﻟﻴﺴﺮ ﺍﳌﺎﱄ ﺍﻟﻔﻌﻠـﻲ ﻗـﺪﺭﺓ‬
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‫ﺍ ﻟ ﺸ ﺮ ﻛ ﺔ ﻋ ﻠ ﻰ ﺳ ﺪ ﺍ ﺩ ﲨ ﻴ ﻊ ﺍ ﻟ ﺘ ﺰ ﺍ ﻣ ﺎ ™ ﺎ ﺍ ﲡ ﺎ ﻩ ﺍ ﻟ ﻐ ﲑ ﰲ ﺣ ﺎ ﻟ ﺔ ﺍ ﻟ ﺘ ﺼ ﻔ ﻴ ﺔ ﺍ ﻟ ﻔ ﻌ ﻠ ﻴ ﺔ ﻷ ﺻ ﻮ ﻝ ﺍ ﻟﺸ ﺮ ﻛ ﺔ‬

‫ﺛﺎﻧﻴﺎ‪-‬ﺍﻟﻔﺸﻞ ﺍﳌﺎﱄ ‪ :‬ﻳﺘﺮﺍﻭﺡ ﺍﻟﻔﺸﻞ ﺍﳌﺎﱄ ‪ Financial Failure‬ﺑﲔ ﺍﻟﻌﺴﺮ ﺍﻟﻔﲏ ‪ Technical Insolvency‬ﺃﻱ ﺍﳊﺎﻟﺔ‬

‫ﺍﻟﱵ ﺗﻜﻮﻥ ﻓﻴﻬﺎ ﺃﺻﻮﻝ ﺍﻟﺸﺮﻛﺔ ﺃﻛﱪ ﻣﻦ ﺧﺼﻮﻣﻬﺎ ﻟﻜﻨﻬﺎ ﻏﲑ ﻗﺎﺩﺭﺓ ﻋﻠﻰ ﺃﺩﺍء ﺍﻟﺘﺰﺍﻣﺎ™ﺎ ﺍﲡﺎﻩ ﺍﻟﻐﲑ‪ ،‬ﻭﺑﲔ ﺍﻟﻌﺴﺮ ﺍﻟﻘـﺎﻧﻮﱐ ‪Real‬‬

‫‪ Insolvency‬ﺣﻴﺚ ﺗﺰﻳﺪ ﻗﻴﻤﺔ ﺍﳋﺼﻮﻡ ﻋﻦ ﺍﻷﺻﻮﻝ ﻭﻳﺼﺒﺢ ﺭﺃﺱ ﺍﳌﺎﻝ ﺑﺎﻟﺴﺎﻟﺐ ﻭﻋﺎﺩﺓ ﻣﺎ ﻳﻜﻮﻥ ﺍﻟﻌﺴﺮ ﺍﻟﻘﺎﻧﻮﱐ ﻛﻤﺤﺼـﻠﺔ‬

‫‪ 1‬ﻛراش ﺣﺳﺎم‪ ،‬ﻧﺣو ﻧﻣوذج ﻣﻘﺗرح ﻟﻣﻌﺎﯾﯾر اﻟﻣﻼءة اﻟﻣﺎﻟﯾﺔ ﻓﻲ ﺷرﻛﺎت اﻟﺗﺄﻣﯾن اﻟﺟزاﺋرﯾﺔ ﻋﻠﻰ ﺿوء ﺗﺟﺎرب ﺑﻌض اﻷﻧظﻣﺔ اﻟدوﻟﯾﺔ–اﻻﺗﺣﺎد‬
‫اﻻوروﺑﻲ‪ ،‬ﻛﻧدا‪ ،‬اﻟوﻻﯾﺎت اﻟﻣﺗﺣدة اﻷﻣرﯾﻛﯾﺔ ‪ ،-‬رﺳﺎﻟﺔ ﻣﺎﺟﺳﺗﯾر ﻏﯾر ﻣﻧﺷورة ﻓﻲ اﻟﻌﻠوم اﻻﻗﺗﺻﺎدﯾﺔ‪ ،‬ﺗﺧﺻص اﻗﺗﺻﺎدﯾﺎت اﻟﺗﺄﻣﯾن‪ ،‬ﻛﻠﯾﺔ اﻟﻌﻠوم‬
‫اﻻﻗﺗﺻﺎدﯾﺔ و اﻟﺗﺟﺎرﯾﺔ و ﻋﻠوم اﻟﺗﺳﯾﯾر‪ ،‬ﺟﺎﻣﻌﺔ ﻓرﺣﺎت ﻋﺑﺎس ﺳطﯾف‪ ،2014 ،‬ص ‪43‬‬
‫‪ 2‬طﺎر ﻋﺑد اﻟﻘدوس‪ ،‬ﻣرﺟﻊ ﺳﺑق ذﻛره‪ ،‬ص ‪08‬‬

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 ‫ﺍﻟﻔ ﺼ ﻞ ﺍﻷ ﻭ ﻝ ‪ :‬ﺍﻹ ﻃ ﺎﺭ ﺍﻟﻨﻈ ﺮ ﻱ ﻭ ﺍﳌ ﻔ ﺎﻫ ﻴﻤ ﻲ ﻟ ﻠ ﻤ ﻼ ء ﺓ ﺍﳌ ﺎ ﻟﻴ ﺔ ﻭ ﺃ ﺛ ﺮ ﻫ ﺎ ﻋ ﻠ ﻰ ﻗ ﻴ ﻤ ﺔ ﺍ ﻟ ﺸ ﺮ ﻛ ﺔ‬

‫‪º‬ﺎﺋﻴﺔ ﻟﻠﻌﺴﺮ ﺍﻟﻔﲏ‪ ،‬ﻟﺬﺍ ﻛﺜﲑﺍ ﻣﺎ ﻳﻘﻮﺩ ﻫﺬﺍ ﺍﻟﻨﻮﻉ ﻣﻦ ﺍﻟﻌﺴﺮ ﺇﱃ ﺍﻻﻓﻼﺱ ﺃﻭ ﺍﻟﺘﺼﻔﻴﺔ ‪ ،1‬ﻛﻤﺎ ﺑﻌﺪ ﺍﻟﻌﺴﺮ ﺍﳌﺎﱄ ﻛﺤﺎﻟـﺔ ﻋﻜﺴـﻴﺔ‬

‫ﻟ ﻠ ﻴ ﺴ ﺮ ﺍ ﳌ ﺎ ﱄ ‪ ،‬ﻭ ﺣ ﺴ ﺐ ﺑ ﻌ ﺾ ﺍ ﻟ ﺒ ﺎ ﺣ ﺜ ﲔ ﻓ ﲑ ﻯ ﺃ ﻥ ﺍ ﻟ ﻔ ﺸ ﻞ ﺍ ﳌ ﺎ ﱄ ﺃ ﻧ ﻪ ﺍ ﻟ ﻌ ﺴ ﺮ ﺍ ﳌ ﺎ ﱄ ﺍ ﻟ ﻔ ﲏ ﻧ ﻔ ﺴ ﻪ ﻭ ﻫ ﻮ ﻋ ﺪ ﻡ ﻗ ﺪ ﺭ ﺓ ﺍ ﻟ ﺸ ﺮ ﻛ ﺔ ﻋ ﻠ ـﻰ ﺍ ﻟ ﻮ ﻓ ـﺎ ء‬

‫ﺑﺎﻟﺘﺰﺍﻣﺎ™ﺎ ﺍﲡﺎﻩ ﺍﻟﻐﲑ ﰲ ﺍﳌﻮﺍﻋﻴﺪ ﺍﳌﻘﺮﺭﺓ ﰲ ﺍﻷﺟﻠﲔ ﺍﻟﻘﺼﲑ ﻭﺍﻟﻄﻮﻳﻞ‪ ،2‬ﻭﰲ ﻧﻔﺲ ﺍﻟﺴﻴﺎﻕ ﻳﺘﻔﻖ ﺍﻟﻌﺪﻳﺪ ﻣﻦ ﺍﻟﺒﺎﺣﺜﲔ ﻋﻠﻰ ﻭﺟـﻮﺩ‬

‫ﻧﻮﻋﲔ ﻣﻦ ﺍﻟﻔﺸﻞ‪ ،‬ﻓﺸﻞ ﺍﻗﺘﺼﺎﺩﻱ ﻭﻫﻮ ﺍﳊﺎﻟﺔ ﺍﻟﺬﻱ ﳛﺪﺙ ﻓﻴﻬﺎ ﻋﻨﺪﻣﺎ ﻳﻜﻮﻥ ﺍﻟﻌﺎﺋﺪ ﺍﳌﺘﺤﻘﻖ ﻋﻠﻰ ﺍﳌﺎﻝ ﺍﳌﺴﺘﺜﻤﺮ ﺃﻗﻞ ﻣﻦ ﻣﺘﻮﺳﻂ‬

‫ﺗﻜ ﻠﻔ ﺔ ﺍﻷ ﻣ ﻮ ﺍﻝ ‪ ،‬ﻛ ﻤ ﺎ ﻻ ﻳﺘﺮ ﺗﺐ ﻋ ﻠﻰ ﺍﻟﻔﺸ ﻞ ﺍﻻ ﻗﺘﺼ ﺎﺩ ﻱ ﺍﺷ ﻬ ﺎﺭ ﺍﻓﻼ ﺱ ﺍﻟﺸ ﺮ ﻛ ﺔ ﻭ ﺇﻥ ﻛ ﺎﻥ ﻳﺴ ﺘﻮ ﺟ ﺐ ﺗﺼ ﻔ ﻴﺘﻬ ﺎ‪ ،‬ﻭ ﻓﺸ ﻞ ﻣ ﺎﱄ ﻭ ﺍﻟﺬ ﻱ‬

‫ﻳﻌﱪ ﻋﻦ ﺣﺎﻟﺔ ﻋﺪﻡ ﻛﻔﺎﻳﺔ ﺍﻟﺴﻴﻮﻟﺔ ﺃﻭ ﺣﺎﻟﺔ ﺍﻋﺴﺎﺭ ﺍﳌﺎﱄ ﻋﻠﻤﺎ ﺃﻥ ﺍﻟﺸﺮﻛﺔ ﺇﺫﺍ ﻭﻗﻌﺖ ﰲ ﻓﺸﻞ ﻗﺎﻧﻮﱐ ﻓﻴﻔﻀﻞ ﺍﲣـﺎﺫ ﺍﺟـﺮﺍءﺍﺕ‬

‫ﺗ ﺼ ﺤ ﻴ ﺤ ﻴ ﺔ ﺃ ﻭ ﺇ ﻋ ﺎ ﺩ ﺓ ﺗ ﻨ ﻈ ﻴ ﻢ ﺍ ﻟﺸ ﺮ ﻛ ﺔ ‪.‬‬

‫ﺛ ﺎ ﻟ ﺜ ﺎ ‪ -‬ﺍﻟﻌ ﺠ ﺰ ﺍﳌ ﺎﱄ ‪ :‬ﻭ ﻫ ﻮ "ﻋ ﻤ ﻠﻴﺔ" ﻭ "ﺣ ﺎﻟﺔ"‪ ،‬ﻓﻤ ﻦ ﺣ ﻴﺚ ﺃﻧﻪ "ﻋ ﻤ ﻠﻴﺔ" ﻓﻬ ﻮ ﻟﻴﺲ ﻧﺘﻴﺠ ﺔ ﺍﻟﻠﺤ ﻈ ﺔ‪ ،‬ﻭ ﻟﻜ ﻦ ﻧﺎﺟ ﻢ ﻋ ﻦ ﺍﻟﻌ ﺪ ﻳﺪ‬

‫ﻣ ﻦ ﺍ ﻷ ﺳ ﺒ ﺎ ﺏ ﺍ ﻟ ﱵ ﺗ ﻔ ﺎ ﻋ ﻠ ﺖ ﻭ ﺗ ﺘ ﻔ ﺎ ﻋ ﻞ ﻋ ﱪ ﻣ ﺮ ﺍ ﺣ ﻞ ﺯ ﻣ ﻨ ﻴ ﺔ ﺗ ﻄ ﻮ ﻝ ﺃ ﻭ ﺗ ﻘ ﺼ ﺮ ‪ ،‬ﻭ ﺗ ﺆ ﺩ ﻱ ﺇ ﱃ " ﺍ ﳊ ﺎ ﻟ ﺔ " ﺍ ﻟ ﱵ ﻋ ﻠ ﻴ ﻬ ﺎ ﺍ ﳌ ﺆ ﺳ ﺴ ﺔ ﻣ ﻦ ﻋ ﺪ ﻡ ﻗ ـﺪ ﺭ ™ ﺎ‬

‫ﻋﻠﻰ ﺳﺪﺍﺩ ﺍﻟﺘﺰﺍﻣﺎ™ﺎ ﻭﺍﳊﺼﻮﻝ ﻋﻠﻰ ﺍﻟﺘﺰﺍﻣﺎﺕ ﺟﺪﻳﺪﺓ‪ ،‬ﰲ ﺍﳌﻘﺎﺑﻞ ﻳﺘﻔﻖ ﺍﻟﻌﺪﻳﺪ ﻣﻦ ﺍﻟﺒﺎﺣﺜﲔ ﺃﻥ ﺍﻟﺸﺮﻛﺔ ﺍﻟﻌﺎﺟﺰﺓ ﺃﺳﺎﺳﻬﺎ ﺇﱃ ﻋﺪﻡ‬

‫ﻗ ﺪ ﺭ ™ ﺎ ﻋ ﻠ ﻰ ﺳ ﺪ ﺍ ﺩ ﺍ ﻟ ﺘ ﺰ ﺍ ﻣ ﺎ ™ ﺎ ﺍ ﳌ ﺎ ﻟ ﻴ ﺔ ﺍ ﻟ ﱵ ﺍ ﺳ ﺘ ﺤ ﻘ ﺖ ﻓ ﻌ ﻼ ‪ ،‬ﺃ ﻭ ﺍ ﻟ ﱵ ﺗ ﺴ ﺘ ﺤ ﻖ ﰲ ﺍ ﻷ ﺟ ﻞ ﺍ ﻟ ﻘ ﺼ ﲑ ﻭ ﺇ ﻥ ﻫ ﺬ ﺍ ﺍ ﻟ ﻌ ﺠ ﺰ ﻧ ﺎ ﺟ ﻢ ﺃ ﺳ ﺎ ﺳ ﺎ ﻋ ﻦ ﻋ ـﺪ ﻡ‬

‫ﺍﻟﺘﻮﺍﺯﻥ ﺑﲔ ﺍﳌﻮﺍﺭﺩ ﺍﻟﺬﺍﺗﻴﺔ ﻭﺍﻻﻟﺘﺰﺍﻣﺎﺕ ﺍﳋﺎﺭﺟﻴﺔ‪.3‬‬

‫ﺭ ﺍ ﺑ ﻌ ﺎ – ﺍ ﻹ ﻓ ﻼ ﺱ ﺍ ﳌ ﺎ ﱄ ‪ :‬ﻭ ﻫ ﻲ ﺍﳌ ﺮ ﺣ ﻠ ﺔ ﺍ ﻟ ﻨ ﻬ ﺎ ﺋ ﻴ ﺔ ‪ ،‬ﻭ ﺗ ﻜ ﻮ ﻥ ﻧ ﺘ ﻴ ﺠ ﺔ ﻻ ﺳ ﺘ ﻤ ﺮ ﺍ ﺭ ﺍ ﻟ ﻌ ﺠ ﺰ ﰲ ﺍ ﻟﺴ ﻴ ﻮ ﻟ ﺔ ﻭ ﺍ ﻟ ﻌ ﺴ ﺮ ﺍﳌ ـﺎ ﱄ ﺍﳌ ﺴ ـﺘ ﻤ ﺮ ‪،‬‬

‫ﻭﺑﺎﻟﺘﺎﱄ ﳚﺐ ﺗﺼﻔﻴﺔ ﺍﻟﺸﺮﻛﺔ ﻟﻐﺮﺽ ﺗﻮﻓﲑ ﺍﻟﻨﻘﺪ ﺍﻟﻼﺯﻡ ﻟﺘﺴﺪﻳﺪ ﺍﻟﺪﻳﻮﻥ ﻭ ﺍﲣﺎﺫ ﺍﻹﺟﺮﺍءﺍﺕ ﺍﻟﻘﺎﻧﻮﻧﻴﺔ ﳊﻤﺎﻳﺔ ﺣﻘﻮﻕ ﺍﳌﻘﺮﺿـﲔ ‪،‬ﻭ‬

‫ﳝ ﻜ ﻦ ﺍﻟﻘ ﻮ ﻝ ﺃﻥ ﺍﻹ ﻓﻼ ﺱ ﻫ ﻮ ﻧﺘﻴﺠ ﺔ ﻟﻌ ﺪ ﻡ ﺍﻟﺘﻤ ﻜ ﻦ ﻣ ﻦ ﻣ ﻮ ﺍﺟ ﻬ ﺔ ﳐ ﻄ ﺮ ﺍﻟﻔ ﺸ ﻞ ﺍﳌ ﺎﱄ ‪. 4‬‬

‫ﺍﳌﻄﻠﺐ ﺍﻟﺜﺎﱐ‪ :‬ﺧﺼﻮﺻﻴﺔ ﺍﳌﻼءﺓ ﺍﳌﺎﻟﻴﺔ ﻭ ﻃﺮﻕ ﺗﻘﻴﻴﻤﻬﺎ‬

‫™ ﺘ ﻢ ﺍﳌ ﻨ ﻈ ﻤ ﺎ ﺕ ﻭ ﺍ ﻟﺸ ﺮ ﻛ ﺎ ﺕ ﺑ ﺎ ﳌ ﻼ ء ﺓ ﺍﳌ ﺎ ﻟ ﻴ ﺔ ﻷ ‪ º‬ﺎ ﺗ ﻌ ﱪ ﻋ ﻦ ﻗ ﺪ ﺭ ﺓ ﺍﳌ ﺆ ﺳ ﺴ ﺔ ﻋ ﻠ ﻰ ﺍ ﻟ ﻮ ﻓ ﺎ ء ﺑ ﺈ ﻟ ﺘ ﺰ ﺍﻣ ﺎ ™ ﺎ ﻋ ﻠ ﻰ ﺍﳌ ﺪ ﻯ ﺍ ﻟ ﻄ ﻮ ﻳ ﻞ ﻭ ﻟ ﺬ ﻟ ﻚ‬
‫ﺳ ﻮ ﻑ ﻧﺘﻄ ﺮ ﻕ ﰲ ﻫ ﺬ ﺍ ﺍﳌ ﻄ ﻠ ﺐ ﺇﱃ ﺧ ﺼ ﻮ ﺻ ﻴ ﺔ ﺍﳌ ﻼ ء ﺓ ﺍﳌ ﺎﻟﻴ ﺔ ﻭ ﻃ ﺮ ﻕ ﺗﻘ ﻴﻴﻤ ﻬ ﺎ ‪.‬‬

‫ﺍﻟﻔ ﺮ ﻉ ﺍﻷ ﻭ ﻝ ‪ :‬ﺧ ﺼ ﻮ ﺻ ﻴ ﺔ ﺍﳌ ﻼ ء ﺓ ﺍﳌ ﺎﻟﻴ ﺔ‬

‫‪ 1‬طﺎر ﻋﺑد اﻟﻘدوس‪ ،‬ﻣرﺟﻊ ﺳﺑق ذﻛره‪ ،‬ص ‪09-08‬‬

‫‪2‬ﺳﻌﺎد ﺑو ﺷﻠوش‪ ،‬ﻣرﺟﻊ ﺳﺑق ذﻛره‪ ،‬ص ‪04‬‬
‫‪ 3‬طﺎر ﻋﺑد اﻟﻘدوس‪ ،‬ﻣرﺟﻊ ﺳﺑق ذﻛره‪ ،‬ص ‪09-08‬‬
‫‪4‬ﻋﺑد اﻟﺧﺎﻟق أودﯾﻧﺔ‪ ،‬أﺑوﺑﻛر ﺑوﺳﺎﻟم‪ ،‬أﺣﻣد ﺷﻌﺷوع‪ ،‬اﺳﺗﺧدام ﻧﻣوذﺟﻲ "‪ "Kida‬و"‪ "Sherrod‬ﻓﻲ اﻟﺗﻧﺑؤ ﺑﺎﻟﻔﺷل اﻟﻣﺎﻟﻲ ﻟﻠﺷرﻛﺎت‪-‬دراﺳﺔ ﺗطﺑﯾﻘﯾﺔ‬
‫ﻋﻠﻰ اﻟﺷرﻛﺎت اﻟﻣدرﺟﺔ ﻓﻲ ﺑورﺻﺔ اﻟﺟزاﺋر )‪،(2018/2014‬ﻣﻘﺎل ﻣﻧﺷور ﻓﻲ ﻣﺟﻠﺔ اﻟﺑﺣوث و اﻟدراﺳﺎت اﻟﺗﺟﺎرﯾﺔ ‪،‬ﻣﺟﻠد ‪ 05‬ﻋدد‪01‬‬
‫)‪،(2021‬ص‪119‬‬

‫‪6‬‬
 ‫ﺍﻟﻔ ﺼ ﻞ ﺍﻷ ﻭ ﻝ ‪ :‬ﺍﻹ ﻃ ﺎﺭ ﺍﻟﻨﻈ ﺮ ﻱ ﻭ ﺍﳌ ﻔ ﺎﻫ ﻴﻤ ﻲ ﻟ ﻠ ﻤ ﻼ ء ﺓ ﺍﳌ ﺎ ﻟﻴ ﺔ ﻭ ﺃ ﺛ ﺮ ﻫ ﺎ ﻋ ﻠ ﻰ ﻗ ﻴ ﻤ ﺔ ﺍ ﻟ ﺸ ﺮ ﻛ ﺔ‬

‫ﻋ ﻨ ﺪ ﺩ ﻓ ﻊ ﺍ ﻻ ﻟ ﺘ ﺰ ﺍﻣ ﺎ ﺕ ﺍ ﳌ ﺎ ﻟ ﻴ ﺔ ﺍ ﳌ ﺨ ﺘ ﻠ ﻔ ﺔ ﳚ ﺐ ﻋ ﺪ ﻡ ﺍ ﳌ ﺴ ﺎ ﺱ ﺑ ﺄ ﺻ ﻮ ﻝ ﺍ ﻟ ﺸ ﺮ ﻛ ﺔ ‪ ،‬ﲟ ﻌ ﲎ ﺃ ﻧ ﻪ ﻣ ﻦ ﺍ ﻟ ﻄ ﺒ ﻴ ﻌ ﻲ ﺃ ﻥ ﺍ ﻟ ﺸ ﺮ ﻛ ﺔ ﺗ ﺴ ﺘ ﻄ ﻴ ﻊ ﺍ ﻟ ﻮ ﻓ ﺎ ء‬
‫ﺑﺎﻟﺘﺰ ﺍﻣ ﺎ™ ﺎ ﻋ ﻦ ﻃ ﺮ ﻳﻖ ﺩ ﻓﻊ ﺍﳌﻄ ﺎﻟﺒﺎﺕ ﻣ ﻦ ﺍﻟﺪ ﺧ ﻞ ﺍﳋ ﺎﺹ ﺑﺎﻷ ﻗﺴ ﺎﻁ ﺍﳉ ﺪ ﻳﺪ ﺓ ﺣ ﱴ ﻻ ﺗﻌ ﺮ ﺽ ﺍﻟﺸ ﺮ ﻛ ﺔ ﺃﺻ ﻮ ﳍ ﺎ ﻟﻠﻮ ﻓﺎء ﺑﺎﻟﺘﺰ ﺍﻣ ﺎ™ ﺎ‪ .‬ﻓﺤ ﻤ ﻠﺔ‬
‫ﺍﻟﻮﺛﺎﺋﻖ ﻻ ﻳﻬﻤﻬﻢ ﻓﻘﻂ ﻗﺪﺭﺓ ﺍﻟﺸﺮﻛﺔ ﻋﻠﻰ ﺍﻟﻮﻓﺎء ﺑﺎﻟﺘﺰﺍﻣﺎ™ﺎ ﺍﻵﻥ‪ ،‬ﻭﺇﳕﺎ ﻳﻬﻤﻬﻢ ﻗﺪﺭﺓ ﺍﻟﺸﺮﻛﺔ ﻋﻠﻰ ﺍﻟﻮﻓﺎء ﺑﺎﻟﺘﺰﺍﻣﺎ™ﺎ ﻃﻮﺍﻝ ﻣـﺪﺓ‬
‫ﺳ ﺮ ﻳﺎﻥ ﺍﻟﻮ ﺛﻴﻘ ﺔ ‪.‬‬

‫ﻛﻤﺎ ﻳﻌﺪ ﺃﺳﻠﻮﺏ ﺍﳌﺆﺷﺮﺍﺕ ﺃﻭ ﺍﻟﻨﺴﺐ ﺍﳌﺎﻟﻴﺔ ﻣﻦ ﺃﺣﺪﺙ ﺃﺳﺎﻟﻴﺐ ﺍﻟﺘﺤﻠﻴﻞ ﺍﳌﺎﱄ‪ ،‬ﺣﻴﺚ ﻳﺮﺟﻊ ﺇﱃ ﺑﺪﺍﻳﺔ ﺍﻟﻘﺮﻥ ﺍﻟﻌﺸـﺮﻳﻦ‬
‫ﻧﺘﻴﺠﺔ ﻇﻬﻮﺭ ﺍﳌﺪﻳﺮﻳﻦ ﺍﳌﺤﺘﺮﻓﲔ ﻭﺍﻧﻔﺼﺎﻝ ﺍﳌﻠﻜﻴﺔ ﻋﻦ ﺍﻹﺩﺍﺭﺓ ﰲ ﺍﳌﺸﺮﻭﻉ ﻭﻣﺎ ﺍﺳﺘﺘﺒﻊ ﺫﻟﻚ ﻣﻦ ﺿﺮﻭﺭﺓ ﻧﺸﺮ ﺍﻟﻨﺘـﺎﺋﺞ ﻭﺍﻟﺘﻘـﺎﺭﻳﺮ‬
‫ﺍﻟﺪ ﻭ ﺭ ﻳ ﺔ ‪ ،‬ﳑ ﺎ ﻧﺘﺞ ﻋ ﻨﻬ ﺎ ﺍﻟﻜ ﺜﲑ ﻣ ﻦ ﺍﻟﻨﺴ ﺐ ﻭ ﺍﳌ ﺆ ﺷ ﺮ ﺍﺕ ﺍﳌ ﺎﻟﻴ ﺔ ﺍﻟﱵ ﲣ ﺪ ﻡ ﲨ ﻴﻊ ﺍﻷ ﻃ ﺮ ﺍﻑ ‪ ،‬ﻭ ﻳﺮ ﺟ ﻊ ﺍﻟﻔ ﻀ ﻞ ﰲ ﺫ ﻟﻚ ﻟ ﻠ ﺒ ﻨ ﻮ ﻙ ﰲ ﺍ ﻛ ﺘ ﺸ ﺎ ﻑ‬
‫ﻧﺴﺒﺔ ﻫﺎﻣﺔ ﰲ ﺍﻟﺘﺤﻠﻴﻞ ﺍﳌﺎﱄ ﻋﺎﻡ ‪ 1908‬ﻭﻫﻲ ﻧﺴﺒﺔ ﺍﻟﺘﺪﺍﻭﻝ ‪.‬‬

‫ﻳ ﻌ ﺘ ﻤ ﺪ ﺃ ﺳ ﻠ ﻮ ﺏ ﺍ ﳌ ﺆ ﺷ ﺮ ﺍ ﺕ ﺍ ﳌ ﺎ ﻟ ﻴ ﺔ ﻋ ﻠ ﻰ ﺣ ﻘ ﻴ ﻘ ﺔ ﺃ ﻥ ﻫ ﻨ ﺎ ﻙ ﺩ ﺍ ﺋ ﻤ ﺎ ﺣ ﺠ ﻮ ﻣ ﺎ ﻧ ﺴ ﺒ ﻴ ﺔ ﺃ ﻭ ﻣ ﻌ ﺪ ﻻ ﺕ ﺃ ﻭ ﻋ ﻼ ﻗ ﺎ ﺕ ﺑ ﲔ ﻋ ﻨ ﺎ ﺻ ﺮ ﺍ ﻟ ﻘ ـﻮ ﺍ ﺋ ﻢ‬
‫ﺍﳌﺎﻟﻴﺔ ﺍﳌﺨﺘﻠﻔﺔ ﰲ ﺗﺎﺭﻳﺦ ﻣﻌﲔ‪ ،‬ﻭﻳﺘﻠﺨﺺ ﻫﺬﺍ ﺍﻷﺳﻠﻮﺏ ﰲ ﺣﺴﺎﺏ ﳎﻤﻮﻋﺔ ﻣﻦ ﺍﻟﻨﺴﺐ ﺃﻭ ﺍﳌﺆﺷﺮﺍﺕ ﺍﳌﺎﻟﻴﺔ ﺍﻟﻨﻤﻄﻴﺔ ﻣﻘﺪﻣﺎ ﺑـﲔ‬
‫ﻋ ﻨ ﺎ ﺻ ﺮ ﺍ ﻟ ﻘ ﻮ ﺍ ﺋ ﻢ ﺍﳌ ﺎ ﻟ ﻴ ﺔ ﺍﳌ ﺨ ﺘ ﻠ ﻔ ﺔ ‪ ،‬ﻭ ﲣ ﺘ ﻠ ﻒ ﻫ ﺬ ﻩ ﺍ ﻟ ﻨ ﺴ ﺐ ﻭ ﺍﳌ ﺆ ﺷ ﺮ ﺍ ﺕ ﺣ ﺴ ﺐ ﺍ ﻟ ﻨ ﺸ ﺎ ﻁ ‪ ،‬ﻭ ﺧ ﱪ ﺓ ﺍﳌ ﺤ ﻠ ﻞ ‪ ،‬ﻭ ﺧ ـ ﱪ ﺓ ﺍ ﳌ ﺸ ـ ﺮ ﻭ ﻉ ﻭ ﻫ ـ ﺪ ﻑ‬
‫ﺍﻟﺸ ﺨ ﺺ ﺍﻟﻘ ﺎﺋﻢ ﺑﺎﻟﺘﺤ ﻠﻴﻞ ‪.‬‬

‫ﻛﻤﺎ ﺗﺘﻮﻗﻒ ﺍﻟﺪﻗﺔ ﰲ ﻫﺬﻩ ﺍﳌﺆﺷﺮﺍﺕ ﺍﳌﺎﻟﻴﺔ ﻋﻠﻰ ﺳﻼﻣﺔ ﺍﻟﻔﺮﻭﺽ ﻭﺍﳌﺒﺎﺩﺉ ﺍﻟﻌﻠﻤﻴﺔ ﻭﺍﻟﻘﻮﺍﻋـﺪ ﻭﺍﻟﻌـﺮﻑ ﰲ ﺍﻟﺴـﻨﻮﺍﺕ‬
‫ﺍﳌ ﺨ ﺘﻠﻔ ﺔ ‪ ،‬ﻭ ﺑﺎﻟﺮ ﻏ ﻢ ﻣ ﻦ ﺫ ﻟﻚ ﻓ ﺈﻥ ﻫ ﺬ ﻩ ﺍﻟﻨﺴ ﺐ ﻭ ﺍﳌ ﺆ ﺷ ﺮ ﺍﺕ ﻻ ﺗﻌ ﺘﱪ ﺛﺎﺑﺘ ﺔ ﺑﻞ ﳚ ﺐ ﺃﻥ ﺗﺘ ﻤ ﺘ ﻊ ﺑ ﺎ ﳌ ﺮ ﻭ ﻧ ﺔ ﺍ ﻟ ﻜ ﺎ ﻓ ﻴ ﺔ ﳌ ﻮ ﺍ ﺟ ﻬ ﺔ ﻛ ﺎ ﻓ ﺔ ﺍﳌ ﺘ ﻐ ﲑ ﺍ ﺕ‬
‫ﺍﻟﺪ ﺍﺧ ﻠﻴ ﺔ ﻭ ﺍﳋ ﺎﺭ ﺟ ﻴ ﺔ ‪ ،‬ﻭ ﻟﺬ ﻟﻚ ﳚ ﺐ ﺃﻥ ﺗﺘﻐ ﲑ ﺑﺎﺳ ﺘﻤ ﺮ ﺍﺭ ﰲ ﻛ ﻞ ﻓ ﺘﺮ ﺓ ﺃﻭ ﰲ ﻛ ﻞ ﻋ ﺪ ﺩ ﻣ ﻌ ﲔ ﻣ ﻦ ﺍﻟﺴ ﻨﻮ ﺍﺕ ‪.‬‬

‫ﻛ ﻤ ﺎ ﺃﻧﻪ ﻭ ﰱ ‪ º‬ﺎﻳﺔ ﻛ ﻞ ﻓﺘﺮ ﺓ ﺯ ﻣ ﻨﻴﺔ ﻳﻘ ﻮ ﻡ ﺍﳌﺴ ﺆ ﻟﻮ ﻥ ﰱ ﺍﳌ ﺆ ﺳ ﺴ ﺔ ﲝ ﺴ ﺎﺏ ﳎ ﻤ ﻮ ﻋ ﺔ ﺍﻟﻨﺴ ﺐ ﻭ ﺍﳌ ﺆ ﺷ ﺮ ﺍﺕ ﺍﻟﻔ ﻌ ﻠﻴﺔ ﺃﻭ ﺍﻟﻮ ﺍﻗﻌ ﻴﺔ‪ ،‬ﰒ‬
‫ﺗﻘﺎﺭﻥ ﻫﺬﻩ ﺍﻟﻨﺴﺐ ﲟﺜﻴﻠﺘﻬﺎ ﻣﻦ ﺍﻟﻨﺴﺐ ﻭﺍﳌﺆﺷﺮﺍﺕ ﺍﻟﻨﻤﻄﻴﺔ ﻭﺍﳌﺤﺴﻮﺑﺔ ﻣﻘﺪﻣﺎ‪ ،‬ﻭﺫﻟﻚ ﻟﺘﺤﺪﻳـﺪ ﺍﻟﻔـﺮﻭﻕ ﻭﺍﻻﳓﺮﺍﻓـﺎﺕ ﺑـﲔ‬
‫ﺍﻟﻔﻌﻠﻴﻮﺍﳌﺘﻮﻗﻊ ﻭﻣﻦ ﰒ ﺩﺭﺍﺳﺔ ﻫﺬﻩ ﺍﻻﳓﺮﺍﻓﺎﺕ ﻭﲢﻠﻴﻞ ﺃﺳﺒﺎ•ﺎ‪.1‬‬

‫ﺍﻟﻔ ﺮ ﻉ ﺍﻟﺜﺎﱐ ‪ :‬ﻃ ﺮ ﻕ ﺗﻘ ﻴﻴﻢ ﺍﳌ ﻼ ء ﺓ ﺍﳌ ﺎﻟﻴ ﺔ‬

‫ﻓ ﻴ ﻤ ﺎ ﻳ ﻠ ﻲ ﻳ ﺘ ﻢ ﺗ ﻮ ﺿ ﻴ ﺢ ﻃ ﺮ ﻕ ﺗ ﻘ ﻴ ﻴ ﻢ ﺍﳌ ﻼ ء ﺓ ﺍ ﳌ ﺎ ﻟ ﻴ ﺔ ‪.‬‬

‫• ﺃﻭ ﻻ ‪ -‬ﻧﺴ ﺐ ﺗﻘ ﻴﻴ ﻢ ﺍﳌ ﻼ ء ﺓ ﻗ ﺼ ﲑ ﺓ ﺍﻷ ﺟ ﻞ ‪:‬‬
‫ﻧﺴﺒﺔ ﺍﻟﺘﺪﺍﻭﻝ ‪:‬ﻟﺪﺭﺍﺳﺔ ﻣﻘﺪﺭﺓ ﺍﳌﺆﺳﺴﺔ ﻋﻠﻰ ﺳﺪﺍﺩ ﺩﻳﻮ‪º‬ﺎ ﻋﻨﺪ ﺍﺳﺘﺤﻘﺎﻗﻬﺎ ﺗﺴﺘﺨﺪﻡ ﻫﺬﻩ ﺍﻟﻨﺴﺒﺔ ﻭﺍﻟﱵ ﻫﻲ ﻋﺒـﺎﺭﺓ ﻋـﻦ‬ ‫‪(1‬‬
‫ﻋ ﻼ ﻗ ﺔ ﺍ ﻷ ﺻ ﻮ ﻝ ﺍﳌ ﺘ ﺪ ﺍ ﻭ ﻟ ﺔ ﺑ ﺎ ﳋ ﺼ ﻮ ﻡ ﺍﳌ ﺘ ﺪ ﺍ ﻭ ﻟ ﺔ ‪.‬‬

‫ﻧﺴ ﺒ ﺔ ﺍﻟﺘ ﺪ ﺍﻭ ﻝ = ﺍﻷ ﺻ ﻮ ﻝ ﺍﳌ ﺘ ﺪ ﺍﻭ ﻟ ﺔ ‪ /‬ﺍﳋ ﺼ ﻮ ﻡ ﺍﳌ ﺘ ﺪ ﺍﻭ ﻟ ﺔ‬

‫‪1‬ﻣﺣﻣد اﻟﺣﺑﯾب ﺷرﺑﻲ‪ ،‬دور اﻟﻣﻼءة ﻓﻲ ﺗﺳﯾﯾر اﻟﻣﺧﺎطر اﻟﻣﺎﻟﯾﺔ ﻓﻲ اﻟﻣؤﺳﺳﺎت اﻻﻗﺗﺻﺎدﯾﺔ– دراﺳﺔ ﺣﺎﻟﺔ ﻣؤﺳﺳﺔ ﺗﺳوﯾﺔ و أﺷﻐﺎل اﻟطرق ورﻗﻠﺔ‬
‫ﻟﻠﻔﺗرة ‪ ، -2012/2015‬ﻣذﻛرة ﻣﺎﺳﺗر ‪ ،‬ﻛﻠﯾﺔ اﻟﻌﻠوم اﻻﻗﺗﺻﺎدﯾﺔ و اﻟﺗﺟﺎرﯾﺔ و ﻋﻠوم اﻟﺗﺳﯾﯾر‪ ،‬ﺟﺎﻣﻌﺔ ﻗﺎﺻدي ﻣرﺑﺎح ورﻗﻠﺔ ‪،‬اﻟﺟزاﺋر‪ ،‬ص ‪02‬‬

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 ‫ﺍﻟﻔ ﺼ ﻞ ﺍﻷ ﻭ ﻝ ‪ :‬ﺍﻹ ﻃ ﺎﺭ ﺍﻟﻨﻈ ﺮ ﻱ ﻭ ﺍﳌ ﻔ ﺎﻫ ﻴﻤ ﻲ ﻟ ﻠ ﻤ ﻼ ء ﺓ ﺍﳌ ﺎ ﻟﻴ ﺔ ﻭ ﺃ ﺛ ﺮ ﻫ ﺎ ﻋ ﻠ ﻰ ﻗ ﻴ ﻤ ﺔ ﺍ ﻟ ﺸ ﺮ ﻛ ﺔ‬

‫ﻧ ﺴ ﺒ ﺔ ﺍ ﻟ ﺴ ﻴ ﻮ ﻟ ﺔ ﺍ ﻟ ﺴ ﺮ ﻳ ﻌ ﺔ ‪ :‬ﻭ ﻳ ﻘ ﺼ ﺪ ﺑ ﺎ ﻷ ﺻ ﻮ ﻝ ﺍ ﻟﺴ ﺎ ﺋ ﻠ ﺔ ﳎ ﻤ ﻮ ﻉ ﺍ ﻷ ﺻ ﻮ ﻝ ﺍ ﳌ ﺘ ﺪ ﺍ ﻭ ﻟ ﺔ ﻣ ﻄ ﺮ ﻭ ﺡ ﻣ ﻨ ﻪ ﺍ ﳌ ﺨ ﺰ ﻭ ﻥ ﺍ ﻟ ﺴ ﻠ ﻌ ﻲ ﻭ ﺍ ﳌ ﺼ ﺮ ﻭ ﻓ ﺎ ﺕ‬ ‫‪(2‬‬
‫ﺍﳌ ﺪ ﻓ ﻮ ﻋ ﺔ ﻣ ﻘ ﺪ ﻣ ﺎ ‪.‬‬

‫ﻭ ﻫ ﺬ ﻩ ﺍ ﻟ ﻨ ﺴ ﺒ ﺔ ﳑ ﺎ ﺛ ﻠ ﺔ ﻟ ﻨ ﺴ ﺒ ﺔ ﺍ ﻟ ﺘ ﺪ ﺍ ﻭ ﻝ ‪ ،‬ﺇ ﻻ ﺃ ‪ º‬ﺎ ﻻ ﺗ ﺸ ﻤ ﻞ ﻋ ﻠ ﻰ ﳐ ﺰ ﻭ ﻭ ﻥ ﺍ ﻟ ﺒ ﻀ ﺎ ﻋ ﺔ ‪ ،‬ﻛ ﺄ ﺻ ﻮ ﻝ ﳝ ﻜ ﻦ ﺗ ﺼ ﻔ ﻴ ﺘ ﻬ ﺎ ﺑ ﺎ ﻟﺴ ﺮ ﻋ ﺔ ﺍﳌ ﻄ ﻠ ﻮ ﺑ ﺔ‬

‫ﻭ ﺑ ﺎ ﻟ ﺘ ﺎ ﱄ ﻓ ﺈ ﻥ ﻫ ﺬ ﻩ ﺍ ﻟ ﻨ ﺴ ﺒ ﺔ ﺗ ﺴ ﺘ ﺨ ﺪ ﻡ ﻣ ﻌ ﺎ ﻳ ﲑ ﺃ ﻛ ﺜ ﺮ ﺗ ﺸ ﺪ ﺩ ﺍ ﰲ ﻗ ﻴ ﺎ ﺱ ﻗ ﺪ ﺭ ﺓ ﺍ ﻟ ﺸ ﺮ ﻛ ﺔ ﻋ ﻠ ﻰ ﺗ ﻐ ﻄ ﻴ ﺔ ﺍ ﻟ ﺘ ﺰ ﺍ ﻣ ﺎ ™ ﺎ ﻗ ﺼ ﲑ ﺓ ﺍﻷ ﺟ ﻞ ‪.‬‬

‫ﻧ ﺴ ﺒ ﺔ ﺍ ﻟ ﺴ ﻴ ﻮ ﻟ ﺔ ﺍ ﻟ ﺴ ﺮ ﻳ ﻌ ﺔ = ﺍ ﻷ ﺻ ﻮ ﻝ ﺍ ﻟ ﺴ ﺎ ﺋ ﻠ ﺔ ‪ /‬ﺍ ﳋ ﺼ ﻮ ﻡ ﺍﳌ ﺘ ﺪ ﺍ ﻭ ﻟ ﺔ‬

‫ﻧﺴﺐ ﺍﻟﻨﻘﺪﻳﺔ ‪:‬ﻭ ﺗﺒﲔ ﻧﺴﺐ ﺍﻟﻨﻘﺪﻳﺔ ﻋﺪﺩ ﻣﺮﺍﺕ ﻗﺎﺑﻠﻴﺔ ﺍﻷﺻﻮﻝ ﺍﻟﻨﻘﺪﻳﺔ ﻋﻠﻰ ﺗﻐﻄﻴﺔ ﺍﻻﻟﺘﺰﺍﻣﺎﺕ ﺍﳌﺘﺪﺍﻭﻟﺔ ‪ ،‬ﻭ ﺗﻌﺘﱪ ﺍﳌﺆﺷﺮ‬ ‫‪(3‬‬
‫ﻋ ﻠ ﻰ ﺍﳌ ﺪ ﻯ ﺍ ﻟ ﺬ ﻱ ﺗ ﺴ ﺘ ﻄ ﻴ ﻊ ﺍﳌ ﺆ ﺳ ﺴ ﺔ ﺩ ﻓ ﻊ ﺍ ﻟ ﺘ ﺰ ﺍﻣ ﺎ ™ ﺎ ﺍﳌ ﺘ ﺪ ﺍ ﻭ ﻟ ﺔ ‪ ،‬ﺑ ﻮ ﺍ ﺳ ﻄ ﺔ ﺍ ﻟﺴ ﻴ ﻮ ﻟ ﺔ ﺍ ﻟ ﻨ ﻘ ﺪ ﻳ ﺔ ﺍﳌ ﺘ ﻮ ﻓ ﺮ ﺓ ﻟ ﺪ ﻳ ﻬ ﺎ ‪ ،‬ﻭ ﲡ ﺪ ﺭ ﺍ ﻹ ﺷ ﺎ ﺭ ﺓ ﺇ ﱃ‬
‫ﺃ ﻥ ﻋ ﺪ ﺩ ﻗ ﻠ ﻴ ﻞ ﻣ ﻦ ﺍﳌ ﺆ ﺳ ﺴ ﺎ ﺕ ﲢ ﺘﻔ ﻆ ﺑﺴ ﻴﻮ ﻟ ﺔ ﻧﻘ ﺪ ﻳ ﺔ ﻛ ﺎ ﻓ ﻴ ﺔ ﳌ ﻮ ﺍﺟ ﻬ ﺔ ﻛ ﻞ ﺍﻻ ﻟﺘﺰ ﺍﻣ ﺎ ﺕ ﻗ ﺼ ﲑ ﺓ ﺍﻷ ﺟ ﻞ ‪ ،‬ﻭ ﺑﺎ ﻟﺘﺎ ﱄ ﻓ ﺈﻥ ﻫ ﺬ ﻩ ﺍﻟﻨﺴ ﺒ ﺔ‬
‫ﻏﲑ ﺷﺎﺋﻌﺔ ﺍﻻﺳﺘﺨﺪﺍﻡ ‪ ،‬ﺧﺎﺻﺔ ﻭ ﺃ‪º‬ﺎ ﺗﺘﺠﺎﻫﻞ ﻣﻮﺍﻋﻴﺪ ﺍﺳﺘﺤﻘﺎﻕ ﺍﻻﻟﺘﺰﺍﻣﺎﺕ ﻗﺼﲑﺓ ﺍﻻﺟﻞ ﺧﻼﻝ ﺍﻟﺴﻨﺔ ﺍﳌﺎﻟﻴﺔ‪.1‬‬
‫ﻧﺴ ﺒ ﺔ ﺍﻟﻨﻘ ﺪ ﻳ ﺔ = ﺍﻟﻨﻘ ﺪ ﻭ ﻣ ﺎ ﰲ ﺣ ﻜ ﻤ ﻪ ‪ /‬ﺍﳋ ﺼ ﻮ ﻡ ﺍﳌ ﺘ ﺪ ﺍﻭ ﻟ ﺔ‬
‫• ﺛﺎﻧﻴﺎ ‪ -‬ﻣ ﻼ ء ﺓ ﻧﺴ ﺒ ﺔ ﺗﻐ ﻄ ﻴ ﺔ ﺍﻟﻔ ﻮ ﺍﺋﺪ ﻭ ﺍﻟﻀ ﺮ ﺍﺋﺐ ﻭ ﺍﻻ ﺳ ﺘﻬ ﻼ ﻛ ﺎ ﺕ‬
‫ﺗﻐﻄﻴﺔ ﺍﻟﻀﺮﺍﺋﺐ ﻭ ﺍﻻﺳﺘﻬﻼﻛﺎﺕ ‪:‬ﻭ ﺗﻌﲏ ﻗﺪﺭﺓ ﺍﳌﺆﺳﺴﺔ ﻋﻠﻰ ﺳﺪﺍﺩ ﺍﻟﻀﺮﺍﺋﺐ ﻭ ﺃﻗﺴﺎﻁ ﺍﻻﺳﺘﻬﻼﻛﺎﺕ ﻭ ﺍﻻﻃﻔـﺎءﺍﺕ‬ ‫‪(1‬‬
‫ﺧ ﻼ ﻝ ﻣ ﻮ ﻋ ﺪ ﺍﺳ ﺘﺤ ﻘ ﺎﻗﻬ ﺎ ﺩ ﻭ ﻥ ﺗﺄﺧ ﲑ ﻣ ﻦ ﺧ ﻼ ﻝ ﺃﺭ ﺑﺎﺡ ﺍﳌ ﺆ ﺳ ﺴ ﺔ ‪.‬‬

‫ﺗﻐ ﻄ ﻴﺔ ﺍﻟﻀ ﺮ ﺍﺋﺐ ﻭ ﺍﻻ ﺳ ﺘﻬ ﻼ ﻛ ﺎ ﺕ = ﺍﻷ ﺭ ﺑﺎ ﺡ ﻗ ﺒﻞ ﺍﻟﻔ ﻮ ﺍﺋﺪ ‪ /‬ﳎ ﻤ ﻮ ﻉ ﺍﻟﻀ ﺮ ﺍﺋﺐ ﻭ ﺍﻻ ﺳ ﺘﻬ ﻼ ﻛ ﺎ ﺕ‬

‫ﻧﺴﺐ ﺗﻐﻄﻴﺔ ﺍﻟﻔﻮﺍﺋﺪ ‪ :‬ﺗﻘﻴﺲ ﻫﺬﻩ ﺍﻟﻨﺴﺒﺔ ﻣﺪﻯ ﻗﺪﺭﺓ ﺍﳌﺆﺳﺴﺔ ﻋﻠﻰ ﺩﻓﻊ ﻓﻮﺍﺋﺪ ﻗﺮﻭﺿﻬﺎ ﻣﻦ ﺍﻷﺭﺑﺎﺡ ﺍﻟـﱵ ﲢﻘﻘﻬـﺎ ﰲ‬ ‫‪(2‬‬
‫ﺩ ﻭ ﺭ ﺓ ﺍﻻ ﺳ ﺘﻐ ﻼ ﻝ ‪.‬‬

‫ﻧﺴ ﺒ ﺔ ﺗﻐ ﻄ ﻴ ﺔ ﺍﻟﻔ ﻮ ﺍﺋ ﺪ = ﺍﻟﻨﺘﻴ ﺠ ﺔ ﻗ ﺒﻞ ﺍﻟﻔ ﻮ ﺍﺋ ﺪ ﻭ ﺍﻟﻀ ﺮ ﺍﺋ ﺐ ‪ /‬ﻣ ﺼ ﺮ ﻭ ﻑ ﺍﻟﻔ ﺎﺋ ﺪ ﺓ‬

‫ﺍﺫﺍ ﻛﺎﻧﺖ ﺍﻟﻨﺴﺒﺔ ﺃﻛﱪ ﻣﻦ ﺍﻟﻮﺍﺣﺪ ﺩﻝ ﺫﻟﻚ ﻋﻠﻰ ﻗﺪﺭﺓ ﺍﳌﺆﺳﺴﺔ ﻋﻠﻰ ﺗﺴﺪﻳﺪ ﻓﻮﺍﺋﺪ ﻗﺮﻭﺿﻬﺎ ‪ ،‬ﺃﻣﺎ ﺍﺫﺍ ﻛﺎﻧﺖ ﺃﻗـﻞ ﻣـﻦ‬
‫ﺍ ﻟ ﻮ ﺍ ﺣ ﺪ ﺩ ﻝ ﺫ ﻟ ﻚ ﻋ ﻠ ﻰ ﻋ ﺠ ﺰ ﺍ ﳌ ﺆ ﺳ ﺴ ﺔ ﻋ ﻦ ﺗ ﺴ ﺪ ﻳ ﺪ ﻓ ﻮ ﺍ ﺋ ﺪ ﻗ ﺮ ﻭ ﺿ ﻬ ﺎ ﻓ ﻬ ﺬ ﻩ ﺍ ﻟ ﻨ ﺴ ﺒ ﺔ ﻣ ﺆ ﺷ ﺮ ﺍ ﳌ ﺪ ﻯ ﺍ ﻷ ﻣ ﺎ ﻥ ﺍﳌ ﻮ ﻓ ﺮ ﻷ ﺻ ﺤ ﺎ ﺏ ﺍ ﻟ ﻘ ـﺮ ﻭ ﺽ ﰲ‬
‫ﺍﳊ ﺼ ﻮ ﻝ ﻋ ﻠﻰ ﻓﻮ ﺍﺋﺪ ﻗﺮ ﻭ ﺿ ﻬ ﻢ ‪.‬‬

‫ﻭ ﻋﻠﻰ ﺍﻟﺮﻏﻢ ﻣﻦ ﺃﳘﻴﺔ ﺍﻟﻨﺴﺒﺔ ﺍﻟﺴﺎﺑﻘﺔ ﻭ ﻛﻔﺎﻳﺘﻬﺎ ﰲ ﺍﻟﺘﻌﺒﲑ ﻋﻦ ﻗﺪﺭﺓ ﺍﳌﺆﺳﺴﺔ ﻋﻠﻰ ﺍﻟﻮﻓﺎء ﺑﻔﻮﺍﺋﺪ ﺍﻟﻘـﺮﻭﺽ ﺇﻻ ﺃ‪º‬ـﺎ ﻻ‬
‫ﺗﻌﻜﺲ ﺍﻟﻴﺴﺮ ﺍﳌﺎﱄ ﺍﻟﻜﺎﻣﻞ ﻟﻠﻤﺆﺳﺴﺔ ‪ ،‬ﻷﻥ ﺍﻟﻔﺎﺋﺪﺓ ﻟﻴﺴﺖ ﺍﻻﻟﺘﺰﺍﻡ ﺍﻟﻮﺣﻴﺪ ﺃﻣﺎﻡ ﺍﳌﺆﺳﺴﺔ ﺑﻞ ﻫﻨﺎﻙ ﻗﺴﻂ ﺍﻟﺪﻳﻦ ﺍﻟﻮﺍﺟﺐ ﺩﻓﻌـﻪ ‪،‬‬
‫ﻣ ﻦ ﺃﺟ ﻞ ﻫ ﺬ ﺍ ﳚ ﺐ ﺍﻻ ﻋ ﺘ ﻤ ﺎﺩ ﻋ ﻠﻰ ﻣ ﺆ ﺷ ﺮ ﺁ ﺧ ﺮ ‪. 2‬‬

‫• ﺛ ﺎ ﻟ ﺜ ﺎ ‪ -‬ﻧﺴ ﺐ ﺗﻘ ﻴﻴﻢ ﺍﳌ ﻼ ءﺓ ﻃ ﻮ ﻳﻠ ﺔ ﺍﻷ ﺟ ﻞ – ﻧﺴ ﺐ ﻫ ﻴﻜ ﻞ ﺭ ﺃﺱ ﺍﳌ ﺎﻝ –‬

‫‪1‬ﻣﺣﻣد اﻟﺣﺑﯾب ﺷرﺑﻲ‪ ،‬ﻣرﺟﻊ ﺳﺑق ذﻛره‪ ،‬ص ‪03‬‬

‫‪2‬ﻧﻔس اﻟﻣرﺟﻊ اﻟﺳﺎﺑق ‪04-03،‬‬

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 ‫ﺍﻟﻔ ﺼ ﻞ ﺍﻷ ﻭ ﻝ ‪ :‬ﺍﻹ ﻃ ﺎﺭ ﺍﻟﻨﻈ ﺮ ﻱ ﻭ ﺍﳌ ﻔ ﺎﻫ ﻴﻤ ﻲ ﻟ ﻠ ﻤ ﻼ ء ﺓ ﺍﳌ ﺎ ﻟﻴ ﺔ ﻭ ﺃ ﺛ ﺮ ﻫ ﺎ ﻋ ﻠ ﻰ ﻗ ﻴ ﻤ ﺔ ﺍ ﻟ ﺸ ﺮ ﻛ ﺔ‬

‫ﻧﺴﺒﺔ ﺍﳌﺪﻳﻮﻧﻴﺔ ‪:‬ﻭ ﺗﻌﺘﱪ ﻫﺬﻩ ﺍﻟﻨﺴﺒﺔ ﻣﻦ ﺃﻛﺜﺮ ﺍﳌﺆﺷﺮﺍﺕ ﺍﺳﺘﺨﺪﺍﻣﺎ ﻟﻘﻴﺎﺱ ﺩﺭﺟﺔ ﻣﺼﺎﺩﺭ ﺍﻟﺘﻤﻮﻳﻞ ﺍﳋﺎﺭﺟﻴـﺔ ﰲ ﺍﳍﻴﻜـﻞ‬ ‫‪(1‬‬
‫ﺍﻟﺘﻤﻮﻳﻠﻲ ﻟﻠﻤﺆﺳﺴﺔ ‪ ،‬ﻭ ﲢﺪﻳﺪ ﻣﻘﺪﺍﺭ ﺍﻟﺪﻳﻮﻥ ﻟﻜﻞ ﺩﻳﻨﺎﺭ ﻣﻦ ﳎﻤﻮﻉ ﺍﻷﺻﻮﻝ ‪ .‬ﻭ ﺗﻔﻴﺪﻧﺎ ﻫﺬﻩ ﺍﻟﺴﻨﺔ ﰲ ﺃﺧﺬ ﻓﻜﺮﺓ ﻋـﻦ‬
‫ﺣ ﺠ ﻢ ﺍﳌ ﺨ ﺎﻃ ﺮ ﺍﳌ ﺤ ﺘﻤ ﻠﺔ ﺍﻟﱵ ﺗﻮ ﺍﺟ ﻬ ﻬ ﺎ ﺍﳌ ﺆ ﺳ ﺴ ﺔ ﻣ ﻦ ﺣ ﻴﺚ ﻋ ﺐ ء ﺩ ﻳﻮ ‪ º‬ﺎ ‪.‬‬

‫ﻧﺴ ﺒ ﺔ ﺍﳌ ﺪ ﻳﻮ ﻧﻴ ﺔ = ﳎ ﻤ ﻮ ﻉ ﺍﳋ ﺼ ﻮ ﻡ ‪ /‬ﳎ ﻤ ﻮ ﻉ ﺍﻷ ﺻ ﻮ ﻝ‬

‫ﻧ ﺴ ﺒ ﺔ ﺍ ﳌ ﻠ ﻜ ﻴ ﺔ ‪ :‬ﻭ ﺗ ﺴ ﺘ ﺨ ﺪ ﻡ ﻫ ﺬ ﻩ ﺍ ﻟ ﻨ ﺴ ﺒ ﺔ ﰲ ﲢ ﺪ ﻳ ﺪ ﺍ ﻟ ﻨ ﺴ ﺒ ﺔ ﺍﳌ ﺌ ﻮ ﻳ ﺔ ﺍ ﻟ ﱵ ﺳ ﻴ ﺤ ﺼ ﻞ ﻋ ﻠ ﻴ ﻬ ﺎ ﲪ ﻠ ﻪ ﺍ ﻷ ﺳ ﻬ ﻢ ﺍ ﻟ ﻌ ﺎ ﺩ ﻳ ﺔ ﻣ ـﻦ ﳎ ﻤ ـﻮ ﻉ‬ ‫‪(2‬‬
‫ﺍﻷ ﺻ ﻮ ﻝ ﰲ ﺣ ﺎﻟ ﺔ ﺍﻟﺘ ﺼ ﻔ ﻴ ﺔ ‪. 1‬‬
‫ﻧﺴ ﺒ ﺔ ﺍﳌ ﻠ ﻜ ﻴ ﺔ = ﳎ ﻤ ﻮ ﻉ ﺣ ﻘ ﻮ ﻕ ﺍﳌ ﺴ ﺎ ﳘ ﲔ ﺍﻟﻌ ﺎ ﺩ ﻳﻦ ‪ /‬ﳎ ﻤ ﻮ ﻉ ﺍﻷ ﺻ ﻮ ﻝ‬
‫ﻧ ﺴ ﺒ ﺔ ﺍ ﻟ ﺪ ﻳ ﻮ ﻥ ﺇ ﱃ ﺣ ﻘ ﻮ ﻕ ﺍ ﳌ ﻠ ﻜ ﻴ ﺔ ‪ :‬ﻭ ﺗ ﺒ ﲔ ﻫ ﺬ ﻩ ﺍﻟﻨﺴ ﺒ ﺔ ﺃﳘ ﻴ ﺔ ﳎ ﻤ ﻮ ﻉ ﺍﻟ ﺪ ﻳ ﻮ ﻥ ﺍﳌ ﺘﺮ ﺗﺒ ﺔ ﻋ ﻠ ﻰ ﺍﳌ ﻨﺸ ﺄﺓ ﺑﺎﳌ ﻘ ﺎ ﺭ ﻧ ﺔ ﻣ ﻊ ﺣ ﻘ ﻮ ﻕ ﺍﳌ ﻠ ﻜ ﻴ ﺔ‬ ‫‪(3‬‬
‫ﺍ ﳌ ﺘ ﻤ ﺜ ﻠ ﺔ ﰲ ﺭ ﺃ ﺱ ﺍ ﳌ ﺎ ﻝ ﻭ ﺍ ﻻ ﺣ ﺘ ﻴ ﺎ ﻃ ﺎ ﺕ ﻭ ﻷ ﺭ ﺑ ﺎ ﺡ ﺍ ﳌ ﺤ ﺘ ﺠ ﺰ ﺓ ‪ ،‬ﻭ ﺗ ﺆ ﺷ ﺮ ﻣ ﻦ ﺟ ﻬ ﺔ ﺃ ﺧ ﺮ ﻯ ﺇ ﱃ ﺩ ﺭ ﺟ ﺔ ﺍ ﳌ ﺨ ﺎﻃ ﺮ ﺓ ﺍﻟ ﱵ ﺗ ﻜ ﱪ ﻛ ﻠ ﻤ ـﺎ‬
‫ﺍﺭﺗﻔﻌﺖ ﻫﺬﻩ ﺍﻟﻨﺴﺒﺔ ﰲ ﺣﲔ ﺃﻥ ﺍﳔﻔﺎﺿﻬﺎ ﻳﻌﲏ ﺍﻥ ﺍﺳﺘﻘﻼﻟﻴﺔ ﺃﻛﱪ ﻟﻠﻤﻨﺸﺄﺓ ﻧﺘﻴﺠﺔ ﺍﻋﺘﻤﺎﺩﻫﺎ ﺑﺸﻜﻞ ﺃﺳﺎﺳﻲ ﻋﻠﻰ ﺃﻣﻮﺍﳍـﺎ‬
‫ﺍﳋ ﺎﺻ ﺔ ﻭ ﲢ ﺴ ﺐ ﻛ ﺎﻟﺘﺎﱄ ‪:‬‬
‫ﻧﺴ ﺒ ﺔ ﺍﻟﺪ ﻳﻮ ﻥ ﺇﱃ ﺣ ﻘ ﻮ ﻕ ﺍﳌ ﻠﻜ ﻴ ﺔ = ﳎ ﻤ ﻮ ﻉ ﺍﻟﺪ ﻳﻮ ﻥ ﻃ ﻮ ﻳﻠ ﺔ ﻭ ﻗ ﺼ ﲑ ﺓ ﺍﻷ ﺟ ﻞ ‪ /‬ﳎ ﻤ ﻮ ﻉ ﺣ ﻘ ﻮ ﻕ ﺍﳌ ﻠﻜ ﻴ ﺔ‬
‫ﻧ ﺴ ﺒ ﺔ ﺍ ﻟ ﺘ ﻤ ﻮ ﻳ ﻞ ﺍ ﳋ ﺎ ﺭ ﺟ ﻲ ‪ :‬ﻭ ﺗ ﺴ ﺘ ﺨ ﺪ ﻡ ﻫ ﺬ ﻩ ﺍ ﻟ ﻨ ﺴ ﺒ ﺔ ﻟ ﻘ ﻴ ﺎ ﺱ ﻣ ﺪ ﻯ ﺍ ﻋ ﺘ ﻤ ﺎ ﺩ ﺍﳌ ﻨﺸ ﺄﺓ ﰲ ﲤ ﻮ ﻳﻞ ﺃﺻ ﻮ ﳍ ﺎ ﻋ ﻠﻰ ﺍﻷ ﻣ ﻮ ﺍﻝ ﺍﳌ ﻘ ﺘﺮ ﺿ ـﺔ ﻭ‬ ‫‪(4‬‬
‫ﺗ ﺪ ﻋ ﻰ ﻫ ﺬ ﻩ ﺍ ﻟ ﻨﺴ ﺒ ﺔ ﺃ ﻳ ﻀ ﺎ ﺑ ﻨﺴ ﺒ ﺔ ﺍ ﻟ ﺮ ﺍ ﻓ ﻌ ﺔ ﺍﳌ ﺎ ﻟ ﻴ ﺔ‬
‫ﻭ ﺗﻌﺘﱪ ﻫﺬﻩ ﺍﻟﻨﺴﺒﺔ ﻣﺆﺷﺮﺍ ﳌﺪﻯ ﺗﻮﺟﻪ ﺍﳌﻨﺸﺄﺓ ﰲ ﲤﻮﻳﻞ ﺃﺻﻮﳍﺎ ﻣﻦ ﻣﺼﺎﺩﺭ ﲤﻮﻳﻞ ﺧﺎﺭﺟﻴﺔ ﻭ ﺍﺭﺗﻔﺎﻋﻬﺎ ﻳﻌﺘﱪ ﻣﺆﺷﺮﺍ ﺇﳚﺎﺑﻴﺎ‬
‫ﻣ ﻦ ﻧﺎ ﺣ ﻴ ﺔ ﺍﻟﺮ ﲝ ﻴ ﺔ ﻷ ‪ º‬ﺎ ﺳ ﺘﺰ ﺩ ﺍﺩ ﻣ ﺎﺩ ﺍﻡ ﻣ ﻌ ﺪ ﻝ ﺍﻟﻔ ﺎ ﺋ ﺪ ﺓ ﺃﻗﻞ ﻣ ﻦ ﻣ ﻌ ﺪ ﻝ ﺍﻟﻌ ﺎ ﺋ ﺪ ﻋ ﻠﻰ ﺍﻻ ﺳ ﺘﺜ ﻤ ﺎ ﺭ ‪ ،‬ﻭ ﻟﻜ ﻦ ﻣ ﻦ ﻧﺎ ﺣ ﻴ ﺔ ﺍﺧ ﺮ ﻯ ﳍ ﺎ ﺍﺛﺮ ﺳ ـﻠ ﱯ‬
‫ﻋ ﻠ ﻰ ﺍ ﻻ ﺳ ﺘ ﻘ ﻼ ﻝ ﺍﳌ ﺎ ﱄ ﻟ ﻠ ﻤ ﻨ ﺸ ﺄ ﺓ ‪ ،‬ﻭ ﻳ ﻌ ﻮ ﺩ ﻋ ﻠ ﻰ ﺍ ﻻ ﺩ ﺍ ﺭ ﺓ ﻣ ﺴ ﺆ ﻭ ﻟ ﻴ ﺔ ﺍ ﳚ ﺎ ﺩ ﺍ ﻟ ﺘ ﻮ ﺍ ﺯ ﻥ ﺍ ﳌ ﻨ ﺎ ﺳ ﺐ ﻭ ﲢ ﺴ ﺐ ﻛ ﻤ ﺎ ﻳ ﻠ ﻲ ‪:‬‬
‫ﻧﺴ ﺒ ﺔ ﺍﻟﺘ ﻤ ﻮ ﻳﻞ ﺍﳋ ﺎﺭ ﺟ ﻲ = ﺇﲨ ﺎ ﱄ ﺩ ﻳﻮ ﻥ ﻃ ﻮ ﻳﻠ ﺔ ﺍﻷ ﺟ ﻞ ‪ /‬ﳎ ﻤ ﻮ ﻉ ﺍﻷ ﺻ ﻮ ﻝ‬
‫ﺩ ﺭ ﺟ ﺔ ﺍ ﻟ ﺮ ﺍ ﻓ ﻌ ﺔ ﺍ ﳌ ﺎ ﻟ ﻴ ﺔ ‪ :‬ﺗﺸ ﲑ ﺍﱃ ﻧﺴ ﺒ ﺔ ﺍﻟﺘﻐ ﲑ ﰲ ﻋ ﺎﺋ ﺪ ﺍﻟﺴ ﻬ ﻢ ﺍﻟﻌ ﺎﺩ ﻱ ﻧﺘﻴ ﺠ ﺔ ﺍﻟﺘﻐ ﲑ ﺏ ﻧﺴ ﺒ ﺔ ﻣ ﻌ ﻴﻨ ﺔ ﰲ ﺻ ﺎ ﰲ ﺍﻟﺮ ﺑﺢ ﻗ ﺒﻞ ﺍﻟﻔ ﻮ ﺍﺋ ﺪ‬ ‫‪(5‬‬
‫ﻭ ﺍﻟﻀ ﺮ ﺍﺋﺐ ﻭ ﳝ ﻜ ﻦ ﻗﻴﺎﺳ ﻬ ﺎ ﻣ ﺒﺎﺷ ﺮﺓ ﺑﺎﳌﻌ ﺎﺩ ﻟﺔ ﺍﻟﺘﺎﻟﻴﺔ ‪: 2‬‬
‫ﺩ ﺭ ﺟ ﺔ ﺍ ﻟ ﺮ ﺍ ﻓ ﻌ ﺔ ﺍ ﳌ ﺎ ﻟ ﻴ ﺔ = ﺭ ﺑ ﺢ ﺍ ﻟ ﺘ ﺸ ﻐ ﻴ ﻞ ﻗ ﺒ ﻞ ﺍ ﻟ ﻔ ﻮ ﺍ ﺋ ﺪ ﻭ ﺍ ﻟ ﻀ ﺮ ﺍﺋ ﺐ ‪ /‬ﺻ ﺎ ﰲ ﺍ ﻟ ﺮ ﺑ ﺢ ﻗ ﺒ ﻞ ﺍ ﻟ ﻀ ﺮ ﺍ ﺋ ﺐ‬
‫• ﺭ ﺍ ﺑ ﻌ ﺎ ‪ -‬ﻫ ﺎ ﻣ ﺶ ﺍﳌ ﻼ ء ﺓ‬

‫ﺗﻌﺮﻳﻒ ﻫﺎﻣﺶ ﺍﳌﻼءﺓ ‪ :‬ﳝﺜﻞ ﻫﺎﻣﺶ ﺍﻷﻣﺎﻥ ﺍﻹﻟﺰﺍﻣﻲ ﺍﳌﺤﺘﻔﻆ ﺑﻪ ‪ ،‬ﺍﻟﺬﻱ ﻳﻌﺪ ﺍﻻﳔﻔﺎﺽ ﻋﻨﻪ ﺇﻧـﺬﺍﺭ ﻣﺒﻜـﺮ ﻹﺣـﺪﺍﺙ‬
‫ﺍﻹﺟﺮﺍءﺍﺕ ﺍﻟﺘﺼﺤﻴﺤﻴﺔ ﻣﻦ ﻗﺒﻞ ﺍﻟﺸﺮﻛﺔ ﺃﻭ ﺑﺘﺪﺧﻞ ﺍﳍﻴﺌﺎﺕ ﺍﻟﺘﻨﻈﻴﻤﻴﺔ‪ ، 3‬ﻭﻧﻈﺮﺍ ﻷﳘﻴﺔ ﻫﺎﻣﺶ ﺍﳌﻼءﺓ ﳒﺪ ﺍﳍﻴﺌﺎﺕ ﺍﻟﺘﻨﻈﻴﻤﻴﺔ ﻋـﺎﺩﺓ‬
‫ﻣ ﺎ ﺗ ﻔ ﺮ ﺽ ﺣ ﺪ ﺍ ﻟ ﺰ ﺍ ﻣ ﻲ ﻣ ﻦ ﺍ ﳍ ﺎ ﻣ ﺶ ﻭ ﺍ ﻟ ﺬ ﻱ ﻳ ﻌ ﺪ ﲟ ﺜ ﺎ ﺑ ﺔ ﺍ ﻧ ﺬ ﺍ ﺭ ﻣ ﺒ ﻜ ﺮ ﻣ ﻦ ﺃﺟ ﻞ ﺍﲣ ﺎﺫ ﺑﻌ ﺾ ﺍﻹ ﺟ ﺮ ﺍء ﺍﺕ ﺍﻟﺘ ﺼ ﺤ ﻴ ﺤ ﻴ ﺔ ﻣ ﻦ ﻗ ﺒﻞ ﺍﻟﺸ ﺮ ﻛ ﺔ ﺃﻭ‬

‫‪1‬ﻧﻔس اﻟﻣرﺟﻊ اﻟﺳﺎﺑق‪ ،‬ص ‪04‬‬

‫‪http://www.asca.sy/download/PDF/Seminars/Lecture2011-3-1.pdf2‬‬
‫‪3‬ﻧذﯾر أوﻻد ﺳﺎﻟم‪ ،‬ﻋﻣر اﻟﻔﺎروق زرﻗون‪ ،‬ﻣﺣﻣد اﻟﺳﻌﯾد أوﺑﯾرة‪ ،‬ﺗﻘﯾﯾم اﻟﻣﻼءة اﻟﻣﺎﻟﯾﺔ ﻓﻲ ﺷرﻛﺎت اﻟﺗﺄﻣﯾن–دراﺳﺔ ﺣﺎﻟﺔ اﻟﺷرﻛﺔ اﻟوطﻧﯾﺔ ﻟﻠﺗﺄﻣﯾن ﺧﻼل‬
‫اﻟﻔﺗرة ‪ ،-2018/2013‬ﻣﻘﺎل ﻣﻧﺷور ﻓﻲ اﻟﻣﺟﻠﺔ اﻟﺟزاﺋرﯾﺔ ﻟﻠدراﺳﺎت اﻟﻣﺣﺎﺳﺑﯾﺔ و اﻟﻣﺎﻟﯾﺔ ‪ ،‬اﻟﻣﺟﻠد ‪ ،07‬اﻟﻌدد ‪ ،(2021) 02‬ص ‪15‬‬

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 ‫ﺍﻟﻔ ﺼ ﻞ ﺍﻷ ﻭ ﻝ ‪ :‬ﺍﻹ ﻃ ﺎﺭ ﺍﻟﻨﻈ ﺮ ﻱ ﻭ ﺍﳌ ﻔ ﺎﻫ ﻴﻤ ﻲ ﻟ ﻠ ﻤ ﻼ ء ﺓ ﺍﳌ ﺎ ﻟﻴ ﺔ ﻭ ﺃ ﺛ ﺮ ﻫ ﺎ ﻋ ﻠ ﻰ ﻗ ﻴ ﻤ ﺔ ﺍ ﻟ ﺸ ﺮ ﻛ ﺔ‬

‫ﺗﺘﺪﺧﻞ ﺍﳍﻴﺌﺎﺕ ﺍﻟﺘﻨﻈﻴﻤﻴﺔ ﻗﺒﻞ ﺍﻟﻮﻗﻮﻉ ﰲ ﺣﺎﻟﺔ ﺍﻟﻼﻣﻼءﺓ ‪ ،1‬ﻭﻗﺪ ﺃﻃﻠﻖ ﻋﻠﻰ ﻫﺎﻣﺶ ﺍﳌﻼءﺓ ﺑـ " ﺍﻟﺮﺃﺱ ﺍﳌﺎﱄ ﺍﻹﺿﺎﰲ " ﺃﺳﺎﺳـﻪ‬
‫ﺍﻣﺘﺼﺎﺹ ﺍﳌﺨﺎﻃﺮ ﺍﳌﻼﺯﻣﺔ )‪ .(Inheren risks‬ﻧﺘﻴﺠﺔ ﺍﻟﺘﻐﲑﺍﺕ ﺍﳌﺘﻮﻗﻌﺔ ﰲ ﻗﻴﻢ ﺍﻷﺻﻮﻝ ﻭ ﺍﳋﺼﻮﻡ ‪ ،‬ﰲ ﺣـﲔ ﻋﺮﻓﺘـﻪ ﺍﳍﻴﺌـﺔ‬
‫ﺍﻹﺷﺮﺍﻓﻴﺔ ﻟﻨﻴﻮﺯﻳﻠﻨﺪﺍ ﺑﺄﻧﻪ ﺍﻟﻔﺎﺋﺾ ﺍﻟﻨﺎﺗﺞ ﻋﻦ ﲡﺎﻭﺯ ﻣﻘﺪﺍﺭ ﺍﳍﺎﻣﺶ ﺍﻟﻔﻌﻠﻲ ﻟﻠﺸﺮﻛﺔ ﻋﻦ ﺍﳊـﺪ ﺍﻷﺩﱏ ﻟﻠﻬـﺎﻣﺶ ) ﺍﻟﻘـﺎﻧﻮﱐ (‪،2‬‬
‫ﻭ ﻳ ﺴ ﺘ ﻌ ﻤ ﻞ ﻫ ﺬ ﺍ ﺍ ﳍ ﺎ ﻣ ﺶ ﻋ ﺎ ﺩ ﺓ ﻣ ﻦ ﺃ ﺟ ﻞ ﺗ ﻐ ﻄ ﻴ ﺔ ﺍ ﻵ ﺛ ﺎ ﺭ ﻭ ﺍ ﳌ ﺘ ﻤ ﺜ ﻠ ﺔ ﰲ ﺍ ﳔ ﻔ ﺎ ﺽ ﻗ ﻴ ﻢ ﺍﻷ ﺻ ﻮ ﻝ ‪ ،‬ﺗﻘ ﻠﺒﺎ ﺕ ﺍﻟﻌ ﺸ ﻮ ﺍﺋﻴ ﺔ ﳊ ﺠ ﻢ ﺍﻟﻜ ﻮ ﺍﺭ ﺙ ‪ ،‬ﻓﺸ ﻞ‬
‫ﻣﻌﻴﺪﻱ ﺍﻟﺘﺄﻣﲔ ‪ ،‬ﳐﺎﻃﺮ ﺍﻻﻛﺘﺘﺎﺏ ‪ ،‬ﳐﺎﻃﺮ ﺃﺧﺮﻯ ) ﻧﻮﻋﻴﺔ (‪.3‬‬

‫ﻃ ﺮ ﻳ ﻘ ﺔ ﺣ ﺴ ﺎ ﺏ ﻫ ﺎ ﻣ ﺶ ﺍ ﳌ ﻼ ء ﺓ ‪ :‬ﻓ ﻴ ﻤ ﺎ ﻳ ﻠ ﻲ ﺳ ﻴ ﺘ ﻢ ﺗ ﻮ ﺿ ﻴ ﺢ ﻛ ﻴ ﻔ ﻴ ﺔ ﺣ ﺴ ﺎ ﺏ ﻫ ﺎ ﻣ ﺶ ﺍﳌ ﻼ ء ﺓ ﻣ ﻦ ﺧ ﻼ ﻝ ﺍ ﳉ ﺪ ﻭ ﻝ ﺍﻟ ﺘ ﺎ ﱄ ‪:‬‬

‫ﺟﺪﻭﻝ ﺭﻗﻢ )‪ : (1‬ﻛﻴﻔﻴﺔ ﺣﺴﺎﺏ ﻫﺎﻣﺶ ﺍﳌﻼءﺓ‬

‫‪Real assets‬‬ ‫ﺍﻷ ﺻ ﻮ ﻝ ﺍﳊ ﻘ ﻴﻘ ﻴ ﺔ ‪ :‬ﺗﺘﻜ ﻮ ﻥ ﻣ ﻦ ﳎ ﻤ ﻮ ﻉ ﳑ ﺘﻠﻜ ﺎﺕ ﺍﻟﺸ ﺮ ﻛ ﺔ ﻭ ﺣ ﻘ ﻮ ﻗﻬ ﺎ ﲡ ﺎﻩ ﺍﻟﻐ ﲑ ‪ ،‬ﻭ ﺍﳌﺘﻤ ﺜﻠﺔ‬
‫ﺃﺳ ﺎﺳ ﺎ ﰲ ﺍﻻ ﺳ ﺘﺜﻤ ﺎﺭ ﺍﺕ‬
‫‪Real liabilities‬‬ ‫‪ -‬ﺍﳋﺼﻮﻡ ﺍﳊﻘﻴﻘﻴﺔ ‪ :‬ﺗﺘﻜﻮﻥ ﻣﻦ ﳎﻤﻮﻉ ﺩﻳﻮﻥ ﺍﻟﺸﺮﻛﺔ ﺍﲡﺎﻩ ﺍﻟﻐﲑ ‪ ،‬ﻭ ﺗﺘﻤﺜﻞ ﺃﺳﺎﺳﺎ ﰲ‬
‫ﺍﳌﺨﺼﺼﺎﺕ ﺍﻟﻔﻨﻴﺔ‬
‫‪Net accounting‬‬ ‫ﺍ ﻟ ﻮ ﺿ ﻌ ﻴ ﺔ ﺍ ﳌ ﺤ ﺎ ﺳ ﺒ ﻴ ﺔ ﺍ ﻟ ﺼ ﺎ ﻓ ﻴ ﺔ ‪ :‬ﻭ ﲤ ﺜ ﻞ ﺍ ﻟ ﻔ ﺮ ﻕ ﺑ ﲔ ﺍ ﻟ ﻘ ﻴ ﻢ ﺍﳌ ﺤ ﺎ ﺳ ﺒ ﻴ ﺔ ﻷ ﺻ ﻮ ﻝ ﻭ ﺧ ﺼ ﻮ ﻡ ﺷ ﺮ ﻛ ﺔ‬ ‫=‬
‫‪position‬‬ ‫ﺍﻟﺘﺄﻣ ﲔ ‪ ) .‬ﻫ ﺬ ﻩ ﺍﳌ ﻌ ﺎﺩ ﻟ ﺔ ﻣ ﺘﺎﺣ ﺔ ﻟﻠﺘﻨﻈ ﻴﻤ ﺎ ﺕ ﺍﻟﱵ ﺗﺄﺧ ﺬ ﺑﺘﺴ ﺠ ﻴﻞ ﻗ ﻴﻢ ﺍﻷ ﺻ ﻮ ﻝ ﺑﺎﻟﻘ ﻴﻢ ﺍﻟﺘﺎﺭ ﳜ ﻴ ﺔ (‬
‫‪Latent plus‬‬ ‫ﺍﻟﻘ ﻴﻤ ﺔ ﺍﳌ ﻀ ﺎ ﻓ ﺔ ﺍﻟﻜ ﺎﻣ ﻨ ﺔ ﻟﻸ ﺻ ﻮ ﻝ ‪ :‬ﻭ ﲤ ﺜﻞ ﺍﻟﻔ ﺮ ﻕ ﺑﲔ ﻗﻴﻢ ﲢ ﻘﻖ ﺍﻷ ﺻ ﻮ ﻝ ) ﻗﻴﻢ ﺳ ﻮ ﻗﻴﺔ( ﻭ‬ ‫‪+‬‬
‫‪values‬‬ ‫ﻗ ﻴ ﻤ ﺘ ﻬ ﺎ ﺍﳌ ﺤ ﺎ ﺳ ﺒ ﻴ ﺔ ﺍﻟ ﺼ ﺎ ﻓ ﻴ ﺔ‬
‫‪Solvency‬‬ ‫ﻫﺎﻣﺶ ﺍﳌﻼءﺓ ‪:‬ﻭ ﳝﺜﻞ ﺍﻟﻔﺮﻕ ﺑﲔ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻮﻗﻴﺔ ﻟﻸﺻﻮﻝ ﻭ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻮﻗﻴﺔ ﻟﻺﻟﺘﺰﺍﻣﺎﺕ‬ ‫=‬
‫‪margin‬‬ ‫) ﻫ ﺬ ﻩ ﺍﳌ ﻌ ﺎﺩ ﻟ ﺔ ﺧ ﺎﺹ ﺑﺎﻟﺘﻨﻈ ﻴ ﻤ ﺎ ﺕ ﺍﻟﱵ ﺗﺴ ﺠ ﻞ ﺍﻷ ﺻ ﻮ ﻝ ﺑﺎﻟﻘ ﻴ ﻢ ﺍﻟﺴ ﻮ ﻗ ﻴ ﺔ ﻛ ﻤ ﺎ ﻫ ﻮ ﺍﳊ ﺎﻝ ﰲ‬
‫ﺑﺮ ﻳﻄ ﺎﻧﻴﺎ(‬

‫ﺍ ﳌ ﺼ ﺪ ﺭ ‪ :‬ﻛ ﺮ ﺍﺵ ﺣ ﺴ ﺎﻡ ‪ ،‬ﳓ ﻮ ﳕ ﻮ ﺫ ﺝ ﻣ ﻘ ﺘﺮ ﺡ ﳌ ﻌ ﺎﻳﲑ ﺍﳌ ﻼ ء ﺓ ﺍﳌ ﺎﻟﻴ ﺔ ﰲ ﺷ ﺮ ﻛ ﺎ ﺕ ﺍﻟﺘﺄﻣ ﲔ ﺍﳉ ﺰ ﺍﺋﺮ ﻳ ﺔ ﻋ ﻠﻰ ﺿ ﻮ ء ﲡ ﺎ ﺭ ﺏ ﺑﻌ ﺾ ﺍﻷ ﻧﻈ ﻤ ﺔ‬

‫ﺍ ﻟ ﺪ ﻭ ﻟ ﻴ ﺔ – ﺍ ﻻ ﲢ ﺎ ﺩ ﺍ ﻷ ﻭ ﺭ ﻭ ﰊ ‪ ،‬ﻛ ﻨ ﺪ ﺍ ‪ ،‬ﺍ ﻟ ﻮ ﻻ ﻳ ﺎ ﺕ ﺍ ﳌ ﺘ ﺤ ﺪ ﺓ ﺍ ﻷ ﻣ ﺮ ﻳ ﻜ ﻴ ﺔ‪ ، -‬ﺭ ﺳ ﺎ ﻟ ﺔ ﻣ ﺎ ﺟ ﺴ ﺘ ﲑ ‪ ،‬ﲣ ﺼ ﺺ ﺍ ﻗ ﺘ ﺼ ﺎ ﺩ ﻳ ﺎ ﺕ ﺍ ﻟ ﺘ ﺄ ﻣ ﲔ ‪ ،‬ﻛ ﻠ ﻴ ﺔ ﺍ ﻟ ﻌ ﻠ ﻮ ﻡ‬
‫ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﻭ ﺍﻟﺘﺠﺎﺭﻳﺔ ﻭ ﻋﻠﻮﻡ ﺗﺴﻴﲑ‪،‬ﺟﺎﻣﻌﺔ ﻓﺮﺣﺎﺕ ﻋﺒﺎﺱ ﺳﻄﻴﻒ‪ ،2014 ،‬ﺹ ‪.57‬‬

‫ﺍﳌﻄﻠﺐ ﺍﻟﺜﺎﻟﺚ ‪ :‬ﺃﺛﺮ ﺍﳌﻼءﺓ ﺍﳌﺎﻟﻴﺔ ﻋﻠﻰ ﻗﻴﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﺍﳌﺪﺭﺟﺔ ﰲ ﺍﻟﺒﻮﺭﺻﺔ‬

‫ﺳ ﻨ ﺘ ﻄ ﺮ ﻕ ﰲ ﻫ ﺬ ﺍ ﺍ ﳌ ﻄ ﻠ ﺐ ﺍ ﱃ ﻣ ﻌ ﺮ ﻓ ﺔ ﻗ ﻴ ﻤ ﺔ ﺍ ﻟﺸ ﺮ ﻛ ﺔ ﻭ ﻋ ﻼ ﻗ ﺘ ﻬ ﺎ ﺑ ﺎ ﳌ ﻼ ء ﺓ ﺍﳌ ﺎ ﻟ ﻴ ﺔ ‪.‬‬

‫ﺍ ﻟ ﻔ ﺮ ﻉ ﺍ ﻷ ﻭ ﻝ ‪ :‬ﻗ ﻴ ﻤ ﺔ ﺍ ﻟﺸ ﺮ ﻛ ﺔ‬

‫‪1‬‬
‫‪C. D. Daykin et، Op، cit، p 281‬‬
‫‪2‬طﺎر ﻋﺑد اﻟﻘدوس‪ ،‬ﻣرﺟﻊ ﺳﺑق ذﻛره‪ ،‬ص ‪22‬‬
‫‪3‬‬
‫‪C. D. Daykin et، Op، cit، p312‬‬

‫‪10‬‬
 ‫ﺍﻟﻔ ﺼ ﻞ ﺍﻷ ﻭ ﻝ ‪ :‬ﺍﻹ ﻃ ﺎﺭ ﺍﻟﻨﻈ ﺮ ﻱ ﻭ ﺍﳌ ﻔ ﺎﻫ ﻴﻤ ﻲ ﻟ ﻠ ﻤ ﻼ ء ﺓ ﺍﳌ ﺎ ﻟﻴ ﺔ ﻭ ﺃ ﺛ ﺮ ﻫ ﺎ ﻋ ﻠ ﻰ ﻗ ﻴ ﻤ ﺔ ﺍ ﻟ ﺸ ﺮ ﻛ ﺔ‬

‫ﺗﺮﺗﺒﻂ ﻗﻴﻤﺔ ﺍﻟﺸﺮﻛﺔ ﺑﺘﺼﻮﺭ ﺍﳌﺴﺘﺜﻤﺮ ﺍﻟﺬﻱ ﻏﺎﻟﺒﺎ ﻣﺎ ﻳﺸﺎﺭ ﺇﻟﻴﻪ ﺑﺴﻌﺮ ﺍﻻﺳﻬﻢ ‪ ،‬ﻭﻓﻘﺎ ﻟـ ‪ Rinnaya et al‬ﻗﻴﻤﺔ ﺍﻟﺸﺮﻛﺔ‬
‫ﻫ ﻲ ﺷ ﺮ ﻁ ﻣ ﻌ ﲔ ﲢ ﻘ ﻘ ﻪ ﺍ ﻟﺸ ﺮ ﻛ ﺔ ﺑ ﺎ ﻋ ﺘ ﺒ ﺎ ﺭ ﻩ ﺍ ﻧ ﻌ ﻜ ﺎ ﺳ ﺎ ﻟ ﻠ ﺜ ﻘ ﺔ ﺍ ﻟ ﻌ ﺎ ﻣ ﺔ ﻋ ﻠ ﻰ ﺍ ﻟﺸ ﺮ ﻛ ﺔ ﺫ ﺍ ﺕ ﺍ ﻟ ﺼ ﻠ ﺔ ﺑ ﻌ ﺪ ﺍ ﻥ ﻛ ﺎ ﻧ ﺖ ﻣ ﻦ ﺧ ﻼ ﻝ ﻋ ﻤ ﻠ ﻴ ﺔ ﺃ ﻧ ﺸ ﻄ ﺘ ﻬ ﺎ‬
‫ﻟﺴ ﻨﻮ ﺍﺕ ﻭ ﺍﻟ ﱵ ﺑ ﺪ ﺃ ﺕ ﻣ ﻦ ﺗﺄ ﺳ ﻴ ﺲ ﺍﻟﺸ ﺮ ﻛ ﺔ ﺣ ﱴ ﺍﻵ ﻥ ‪ ،‬ﺯ ﻳﺎﺩ ﺓ ﻗ ﻴ ﻤ ﺔ ﺍ ﻟ ﺸ ﺮ ﻛ ﺔ ﻫ ﻮ ﺍ ﳒ ﺎ ﺯ ﻳ ﺘ ﻤ ﺎ ﺷ ﻰ ﻣ ﻊ ﻣ ﺼ ﻠ ﺤ ﺔ ﺍ ﳌ ﺎ ﻟ ﻚ ﺍ ﻟ ﱵ ﺯ ﺍ ﺩ ﺕ ﺃ ﻳ ﻀ ﺎ‬
‫ﻣﻦ ﺍﺯﺩﻫﺎﺭ ﺍﳌﺎﻟﻚ ‪،‬ﺍﺫﺍ ﻛﺎﻧﺖ ﺍﻟﺸﺮﻛﺔ ﺗﻌﻤﻞ ﺑﺸﻜﻞ ﺟﻴﺪ ﻓﺈﻥ ﻗﻴﻤﺔ ﺃﺳﻬﻤﻬﺎ ﺳﺘﺮﺗﻔﻊ ﻭﻓﻘﺎ ﻟﺬﻟﻚ ﻭ ﳝﻜـﻦ ﺃﻥ ﺗﻜـﻮﻥ ﻗﻴﻤـﺔ‬
‫ﺃﺳﻬﻤﻬﺎ ﻣﺆﺷﺮﺍ ﻣﻨﺎﺳﺒﺎ‪.1‬‬

‫ﳝﻜﻦ ﺇﺣﺎﻟﺔ ﻗﻴﻤﺔ ﺍﻟﺸﺮﻛﺔ ﺇﱃ ﺁﺭﺍء ﻭ ﺃﻓﻜﺎﺭ ﺍﳌﺴﺘﺜﻤﺮﻳﻦ ﺣﻮﻝ ﻣﺴﺘﻮﻯ ﺍﻟﻨﺠﺎﺡ ﺍﻟﺬﻱ ﳝﻜﻦ ﺃﻥ ﲢﺼﻞ ﻋﻠﻴـﻪ ﺍﻟﺸـﺮﻛﺔ ﰲ‬
‫ﺍﻟﻮﻗﺖ ﺍﳊﺎﺿﺮ ﻭ ﰲ ﺍﳌﺴﺘﻘﺒﻞ ﻣﻦ ﺧﻼﻝ ﺗﻌﻈﻴﻢ ﻗﻴﻤﺘﻬﺎ ﺳﺘﻌﻤﻞ ﺗﻠﻘﺎﺋﻴﺎ ﻋﻠﻰ ﺯﻳﺎﺩﺓ ﺭﺿﺎ ﻣﺴﺎﳘﻴﻬﺎ ‪ ،‬ﺣﻴـﺚ ﺍﻥ ﺍﻟﻘﻴﻤـﺔ ﺍﻟﻌﺎﻟﻴـﺔ‬
‫ﻟﻠﺸﺮﻛﺔ ﺳﺘﺘﺒﻌﻬﺎ ﺯﻳﺎﺩﺓ ﰲ ﺛﺮﻭﺓ ﺍﳌﺴﺎﳘﲔ ‪.2‬‬

‫ﻫ ﻨ ﺎ ﻙ ﺍ ﻟ ﻌ ﺪ ﻳ ﺪ ﻣ ﻦ ﺍ ﻟ ﻌ ﻮ ﺍﻣ ﻞ ﺍ ﻟ ﱵ ﺗ ﺆ ﺛ ﺮ ﻋ ﻠ ﻰ ﻗ ﻴ ﻤ ﺔ ﺍ ﻟﺸ ﺮ ﻛ ﺔ ‪ ،‬ﺃ ﺣ ﺪ ﻫ ﺬ ﻩ ﺍ ﻟ ﻌ ﻮ ﺍﻣ ﻞ ﻫ ﻮ ﻧ ﺴ ﺒ ﺔ ﺍ ﻹ ﳚ ﺎ ﺭ ﻭ ﺍ ﻟ ﻘ ﺎ ﺑ ﻠ ﻴ ﺔ ﻟ ﻠ ﺘ ﺄ ﺟ ﲑ ﻫ ﻲ ﻗ ـﺪ ﺭ ﺓ‬
‫ﺍﻟﺸ ﺮ ﻛ ﺔ ﻋ ﻠﻰ ﺍﳊ ﺼ ﻮ ﻝ ﻋ ﻠﻰ ﺍﳌ ﺰ ﻳﺪ ﻣ ﻦ ﺍﻷ ﺭ ﺑﺎﺡ ﺧ ﻼ ﻝ ﻓ ﺘﺮ ﺓ ﻣ ﻌ ﻴﻨ ﺔ ‪ ،‬ﻣ ﻦ ﻧﺎﺣ ﻴ ﺔ ﺃﺧ ﺮ ﻯ ﺃﺷ ﺎﺭ ﺕ ﺍﻟﻘ ﺎﺑﻠﻴ ﺔ ﻟﻠﺘﺄﺟ ﲑ ﻟﺸ ﺮ ﻛ ﺔ ﻣ ﺎ ﺇﱃ ﺍﳌ ﻘ ﺎﺭ ﻧ ﺔ‬
‫ﺑ ﲔ ﺍ ﻷ ﺭ ﺑ ﺎ ﺡ ﺍ ﻟ ﱵ ﻋ ﻜ ﺴ ﺖ ﻗ ﺪ ﺭ ﺓ ﺍ ﻟ ﺸ ﺮ ﻛ ﺔ ﻋ ﻠ ﻰ ﲢ ﻘ ﻴ ﻖ ﺍ ﻟ ﻜ ﺜ ﲑ ﻣ ﻦ ﺍ ﻷ ﺭ ﺑ ﺎ ﺡ ﻟ ﻠ ﻤ ﺴ ﺎ ﳘ ﲔ ‪ ،‬ﻛ ﻠ ﻤ ﺎ ﺯ ﺍ ﺩ ﺕ ﻧ ﺴ ﺒ ﺔ ﺍﻟ ﺘﺄ ﺟ ﲑ ﻓ ﺈ ﻥ ﺍﻟﻌ ﺎ ﺋ ﺪ ﺍﻷ ﻋ ﻠ ﻰ‬
‫ﻟﻺ ﺳ ﺘﺜﻤ ﺎﺭ ﺳ ﻴﻜ ﻮ ﻥ ﻟﻠ ﻤ ﺴ ﺎﳘ ﲔ ﻭ ﺍﻷ ﺩ ﺍء ﺍﻟﻮ ﻇ ﻴﻔ ﻲ ﺍﻷ ﻓ ﻀ ﻞ ﻟﻠﺸ ﺮ ﻛ ﺔ ﺳ ﻴﺰ ﻳﺪ ﻣ ﻦ ﻗ ﻴﻤ ﺘﻬ ﺎ ‪.‬‬

‫ﺍﻟﻌ ﺎﻣ ﻞ ﺍﻟﺜﺎﱐ ﺍﻟﺬ ﻱ ﻳﺆ ﺛﺮ ﻋ ﻠﻰ ﻗ ﻴﻤ ﺔ ﺍﻟﺸ ﺮ ﻛ ﺔ ﻫ ﻮ ﻧﺴ ﺒ ﺔ ﺍﻟﺴ ﻴﻮ ﻟ ﺔ ﻭ ﻫ ﻲ ﻧﺴ ﺒ ﺔ ﺗﻘ ﻴﺲ ﻗ ﺪ ﺭ ﺓ ﺍﻟﺸ ﺮ ﻛ ﺔ ﻋ ﻠﻰ ﺳ ﺪ ﺍﺩ ﺍﻟﺘﺰ ﺍﻣ ﺎ™ ﺎ ﻗ ﺼ ﲑ ﺓ‬

‫ﺍ ﻷ ﺟ ﻞ ﺣ ﻴ ﺚ ﳝ ﻜ ﻦ ﺣ ﺴ ﺎ ﺏ ﻫ ﺬ ﻩ ﺍ ﻟ ﻨ ﺴ ﺒ ﺔ ﻣ ﻦ ﺧ ﻼ ﻝ ﻣ ﻮ ﺭ ﺩ ﺍ ﳌ ﻌ ﻠ ﻮ ﻣ ﺎ ﺕ ﺣ ﻮ ﻝ ﺭ ﺃ ﺱ ﺍ ﳌ ﺎ ﻝ ﺍ ﻟ ﻌ ﺎ ﻣ ﻞ ﻭ ﻫ ﻮ ﺣ ﺴ ﺎ ﺑ ﺎ ﺕ ﺍﻷ ﺻ ﻮ ﻝ ﺍﳌ ﺘ ﺪ ﺍﻭ ﻟ ﺔ ﻭ‬
‫ﺍﳋﺼﻮﻡ ﺍﳌﺘﺪﺍﻭﻟﺔ ﻟﺬﻟﻚ ﻳﻨﻌﻜﺲ ﺃﺛﺮ ﻧﺴﺒﺔ ﺍﻟﺴﻴﻮﻟﺔ ﻋﻠﻰ ﺍﻷﺩﺍء ﺍﳌﺎﱄ ﻟﻠﺸﺮﻛﺔ ﳑﺎ ﺍﻧﻌﻜﺲ ﻋﻠﻰ ﺍﻟﻨﺴـﺒﺔ ﺍﳌﺘﻌﻠﻘـﺔ ﺑﻘﻴﻤـﺔ ﺃﺳـﻬﻢ‬
‫ﺍﻟﺸﺮﻛﺔ‪.3‬‬

‫ﺍﻟﻔ ﺮ ﻉ ﺍﻟﺜﺎﱐ ‪ :‬ﺍﻟﻌ ﻼ ﻗ ﺔ ﺑﲔ ﺍﳌ ﻼ ء ﺓ ﻭ ﻗ ﻴ ﻤ ﺔ ﺍﳌ ﺆ ﺳ ﺴ ﺔ ﺍﳌ ﺪ ﺭ ﺟ ﺔ ﰲ ﺍﻟﺒﻮ ﺭ ﺻ ﺔ‬

‫ﺑ ﺎ ﻟ ﻨ ﻈ ﺮ ﺍ ﱃ ﺍ ﳌ ﻨ ﺎ ﻓ ﺴ ﺔ ﺍ ﳌ ﺘ ﺰ ﺍ ﻳ ﺪ ﺓ ‪ ،‬ﻳ ﺘ ﻨ ﺎ ﻓ ﺲ ﺍ ﳌ ﺴ ﲑ ﻭ ﻥ ﻟ ﺘ ﺤ ﺴ ﲔ ﺃ ﺩ ﺍ ﺋ ﻬ ﻢ ﺍ ﳌ ﺎ ﱄ ﻟ ﺘ ﻮ ﻓ ﲑ ﺍ ﻟ ﺮ ﺿ ﺎ ﻟ ﻠ ﻤ ﺴ ﺎ ﳘ ﲔ ‪ ،‬ﻭ ﳝ ﻜ ﻦ ﺫ ﻟ ﻚ ﻋ ﻦ ﻃ ﺮ ﻳ ـﻖ‬

‫ﺯ ﻳ ﺎ ﺩ ﺓ ﻗ ﻴ ﻤ ﺔ ﺍ ﻟﺸ ﺮ ﻛ ﺔ ‪ ،‬ﺣ ﻴ ﺚ ﻳ ﻌ ﺪ ﺗ ﻘ ﺪ ﱘ ﻧ ﺘ ﺎ ﺋ ﺞ ﻗ ﻴ ﻤ ﺔ ﺟ ﻴ ﺪ ﺓ ﻟ ﻠ ﺸ ﺮ ﻛ ﺎ ﺕ ﻣ ﺆ ﺷ ﺮ ﺍ ﻣ ﻬ ﻤ ﺎ ﻋ ﻠ ﻰ ﺃ ﻥ ﺍ ﻟ ﻜ ﻴ ﺎ ﻥ ﺍ ﻻ ﻗ ﺘ ﺼ ﺎ ﺩ ﻱ ﳝ ﻜ ﻦ ﺃ ﻥ ﻳ ﻜ ﻮ ﻥ ﻟ ﺪ ﻳ ﻪ‬
‫ﺍﻷﻫﺪﺍﻑ ﺍﻟﺼﺤﻴﺤﺔ ﻷﻥ ﺗﻌﻈﻴﻢ ﻗﻴﻤﺔ ﺍﻟﺸﺮﻛﺔ ﺍﳊﺎﻟﻴﺔ ﻳﻮﺿﺢ ﺃﻥ ﲨﻴﻊ ﺍﻷﺭﺑﺎﺡ ﺍﳌﺤﻘﻘﺔ ﰲ ﺍﻟﻮﻗﺖ ﺍﳊﺎﺿﺮ ﺳﺘﻌﻄﻰ ﻟﻠﻤﺴـﺎﳘﲔ ﰲ‬
‫ﺍﳌﺴﺘﻘﺒﻞ ‪ ،‬ﻫﺪﻩ ﺇﺣﺪﻯ ﺍﻟﻄﺮﻕ ﺍﻟﱵ ﳝﻜﻦ ﻟﻠﻤﺆﺳﺴﺎﺕ ﻣﻦ ﺧﻼﳍﺎ ﺍﳊﻔﺎﻅ ﻋﻠﻰ ﺍﻟﻔﺮﺹ ﺍﳉﺪﻳـﺪﺓ ﻭ ﺗﻮﻓﲑﻫـﺎ ﻟﻠﻤﺴـﺘﺜﻤﺮﻳﻦ ﻭ‬
‫ﺍﳌﺴ ﺘﺜ ﻤ ﺮ ﻳﻦ ﺍﳌ ﺤ ﺘ ﻤ ﻠﲔ ‪.‬‬

‫ﻭﻓﻘﺎ ﻟـ ‪ Laksono & Rahayu‬ﺇﺫﺍ ﻗﺪﻣﺖ ﺍﻟﺸﺮﻛﺔ ﺃﻭ ﺍﻟﻜﻴﺎﻥ ﺑﻴﺎﻧﺎ ﺃﻭ ﻣﻌﻠﻮﻣﺎﺕ ‪ ،‬ﻛﻠﻤﺎ ﺃﺛﺮ ﺫﻟﻚ ﻋﻠﻰ ﻗﻴﻤﺔ ﺍﻟﺸﺮﻛﺔ‬
‫ﺍ ﻟ ﱵ ﰎ ﺍ ﳊ ﺼ ﻮ ﻝ ﻋ ﻠ ﻴ ﻬ ﺎ ‪ ،‬ﻭ ﳝ ﻜ ﻦ ﺍ ﻻ ﺷ ﺎ ﺭ ﺓ ﺍ ﱃ ﺃ ﻥ ﻗ ﻴ ﻤ ﺔ ﺍﻟ ﺸ ﺮ ﻛ ﺔ ﻭ ﻭ ﺭ ﺅ ﻳ ﺔ ﺍ ﳌ ﺴ ﺘ ﺜ ﻤ ﺮ ﻳ ﻦ ﳍ ﺎ ﺗ ﺘ ﺤ ﺪ ﺩ ﻣ ﻦ ﺧ ﻼ ﻝ ﺳ ﻌ ﺮ ﺍ ﻷ ﺳ ﻬ ﻢ ﺍ ﳌ ﻤ ﻠ ﻮ ﻛ ﺔ ‪.‬‬
‫‪1‬‬
‫‪Gilang Ramadhan Fajiri, The Effect of Rentability Ratio Solvability Ratio Liquidity Ratio Upon The Company ‘s‬‬
‫‪Vialue, jornal of binaniaga , vol 03, No 01, (June 2018) , p42‬‬
‫‪2‬‬
‫‪Kusnandar, Maya Sari, The Effects of Liquidity Solvency and Profitabilitiy on Stock Price, Journal of‬‬
‫‪accounting and finance management, Vol 01, No 05 , (November 2020), p250‬‬
‫‪3‬‬
‫‪Gilang Ramadhan Fajiri, The Effect of Rentability Ratio Solvability Ratio Liquidity Ratio Upon The Company ‘s‬‬
‫‪Vialue, jornal of binaniaga , vol 03, No 01, (June 2018) , p 39-40‬‬

‫‪11‬‬
 ‫ﺍﻟﻔ ﺼ ﻞ ﺍﻷ ﻭ ﻝ ‪ :‬ﺍﻹ ﻃ ﺎﺭ ﺍﻟﻨﻈ ﺮ ﻱ ﻭ ﺍﳌ ﻔ ﺎﻫ ﻴﻤ ﻲ ﻟ ﻠ ﻤ ﻼ ء ﺓ ﺍﳌ ﺎ ﻟﻴ ﺔ ﻭ ﺃ ﺛ ﺮ ﻫ ﺎ ﻋ ﻠ ﻰ ﻗ ﻴ ﻤ ﺔ ﺍ ﻟ ﺸ ﺮ ﻛ ﺔ‬

‫ﻫﻨﺎﻙ ﻋﻼﻗﺔ ﺍﳚﺎﺑﻴﺔ ﺑﲔ ﻗﻴﻤﺔ ﺍﻟﺸﺮﻛﺔ ﻭ ﺃﺳﻌﺎﺭ ﺍﻷﺳﻬﻢ ‪ ،‬ﻓﻬﻲ ﺗﻌﻄﻲ ﺭﺅﻳﺔ ﺟﻴﺪﺓ ﺑﺄﻥ ﻗﻴﻤﺔ ﺍﻟﺸﺮﻛﺔ ﺟﻴﺪﺓ ﺃﻳﻀـﺎ ﻭ ﻫـﺬﺍ‬
‫ﻳﺸ ﲑ ﺇﱃ ﺃﻥ ﺭ ﻓ ﺎ ﻫ ﻴ ﺔ ﺍﳌﺴ ﺘﺜ ﻤ ﺮ ﻳﻦ ﺳ ﻮ ﻑ ﺗﺰ ﺩ ﺍﺩ ﺃﻳ ﻀ ﺎ ‪.‬‬

‫ﺗ ﻌ ﺘ ﱪ ﺍ ﳌ ﻼ ء ﺓ ﻣ ﻦ ﺍ ﻟ ﻌ ﻮ ﺍ ﻣ ﻞ ﺍ ﻟ ﱵ ﳝ ﻜ ﻦ ﺃ ﻥ ﺗ ﺆ ﺛ ﺮ ﻋ ﻠ ﻰ ﻗ ﻴ ﻤ ﺔ ﺍ ﻟ ﺴ ﻬ ﻢ ‪ ،‬ﻭ ﺑ ﺎ ﻟ ﺘ ﺎ ﱄ ﻋ ﻠ ﻰ ﻗ ﻴ ﻤ ﺔ ﺍ ﻟ ﺸ ﺮ ﻛ ﺔ ‪ .‬ﻧ ﺴ ﺒ ﺔ ﺍ ﳌ ﻼ ء ﺓ ﻫ ﻲ ﺍ ﻟ ﻨ ﺴ ﺒ ﺔ ﺍ ﻟ ـﱵ‬

‫ﺗﺴﺘﺨﺪﻣﻬﺎ ﺍﻟﺸﺮﻛﺎﺕ ﻟﻘﻴﺎﺱ ﻣﺪﻯ ﺍﳊﺼﻮﻝ ﻋﻠﻰ ﺃﺻﻮﳍﺎ ﻣﻦ ﺧﻼﻝ ﺍﻟﺪﻳﻮﻥ ﻟﺘﻘﻴﻴﻢ ﻓﻌﺎﻟﻴﺘﻬﺎ ﰲ ﲢﻘﻴﻖ ﺍﻷﺭﺑﺎﺡ ‪ ،‬ﻭ ﺑﻌﺒﺎﺭﺓ ﺃﺧـﺮﻯ‬
‫ﻫﻞ ﺍﳌﺪﻯ ﺍﻟﺬﻱ ﳝﻜﻦ ﺍﻥ ﳛﻘﻘﻪ ﺍﻟﺮﺑﺢ ﺍﳌﺘﻮﻟﺪ ﳝﻜﻦ ﺃﻥ ﻳﺘﺤﻤﻞ ﻋﺐء ﺍﻟﺪﻳﻦ ﺍﻟﺬﻱ ﻋﻠﻴﻪ ﺍﻡ ﻻ‪ ،‬ﻳﺘﻢ ﲤﺜﻴﻞ ﻧﺴﺒﺔ ﺍﳌـﻼءﺓ ﰲ ﺃﻏﻠـﺐ‬
‫ﺍﻟﺪﺭﺍﺳﺎﺕ ﻋﻠﻰ ﺷﻜﻞ ﺩﻳﻦ ﺇﱃ ﺍﲨﺎﱄ ﺍﻷﺻﻮﻝ ﻭﻫﻲ ﺍﺣﺪﻯ ﺍﻟﻄﺮﻕ ﻟﻠﺸﺮﻛﺎﺕ ﳌﻘﺎﺭﻧﺔ ﺇﲨﺎﱄ ﺃﺻﻮﳍﺎ ﺑﺈﲨﺎﱄ ﺍﻟﺪﻳﻦ ﺍﳊﺎﱄ ‪.1‬‬

‫• ﻧﺴﺒﺔ ﺍﻟﺪﻳﻦ ﺍﱃ ﺍﻷﺻﻮﻝ ﻭ ﻫﻲ ﺍﺣﺪﻯ ﻧﺴﺐ ﺍﳌﻼءﺓ ﺍﳌﺎﻟﻴﺔ ﻟﻘﻴﺎﺱ ﺍﳌﺒﻠﻎ ﺍﻻﲨﺎﱄ ﺍﳌﻤﻮﻝ ﻣﻦ ﺍﻻﺣﺘﻴﺎﺟـﺎﺕ ﺍﻟﺘﻤﻮﻳﻠﻴـﺔ‬
‫ﻹ ﲨ ﺎ ﱄ ﺍ ﻟ ﺪ ﻳ ﻦ ‪ ،‬ﻭ ﻫ ﺬ ﺍ ﻳ ﻌ ﲏ ﺃ ﻧ ﻪ ﻛ ﻠ ﻤ ﺎ ﺍ ﺭ ﺗ ﻔ ﻌ ﺖ ﺍ ﻟ ﻨ ﺴ ﺒ ﺔ ﺯ ﺍ ﺩ ﻣ ﻘ ﺪ ﺍ ﺭ ﻗ ﺮ ﻭ ﺽ ﺭ ﺃ ﺱ ﺍ ﳌ ﺎ ﻝ ﺍ ﳌ ﺴ ﺘ ﺨ ﺪ ﻣ ﺔ ﰲ ﺍ ﻻ ﺳ ﺘ ﺜ ﻤ ﺎ ﺭ ﺍ ﺕ ﰲ ﺍ ﻷ ﺻ ﻮ ﻝ ﻣ ـﻦ‬
‫ﺃﺟﻞ ﲢﻘﻴﻖ ﺃﺭﺑﺎﺡ ﻟﻠﺸﺮﻛﺔ‪.2‬‬

‫ﻭ ﲟ ﺎ ﺃ ﻥ ﺟ ﺰ ء ﺍ ﻛ ﺒ ﲑ ﺍ ﻣ ﻦ ﺍ ﳌ ﻼ ء ﺓ ﳝ ﻜ ﻦ ﺗ ﻔ ﺴ ﲑ ﻩ ﻣ ﻦ ﺧ ﻼ ﻝ ﺣ ﺠ ﻢ ﺍ ﻟ ﺪ ﻳ ﻮ ﻥ ﻭ ﺗ ﺮ ﻛ ﻴ ﺒ ﺔ ﺍ ﳍ ﻴ ﻜ ﻞ ﺍﳌ ﺎ ﱄ ﻓ ﺈﻧﻨﺎ ﺳ ﻮ ﻑ ﻧﺘﻄ ﺮ ﻕ ﻟﻠﻌ ﻼ ﻗ ـﺔ‬

‫ﺑ ﲔ ﺍ ﳌ ﻼ ء ﺓ ﻭ ﻗ ﻴ ﻤ ﺔ ﺍ ﻟ ﺸ ﺮ ﻛ ﺔ ﰲ ﺇ ﻃ ﺎ ﺭ ﻫ ﺎ ﺍﻟﻨﻈ ﺮ ﻱ ﻣ ﻦ ﺧ ﻼ ﻝ ﺍﻟﻌ ﻼ ﻗ ﺔ ﺑﲔ ﺍﳍ ﻴ ﻜ ﻞ ﺍﳌ ﺎ ﱄ ﻭ ﻗ ﻴ ﻤ ﺔ ﺍﻟﺸ ﺮ ﻛ ﺔ ‪.‬‬

‫• ﺍﻟﻨﻈ ﺮ ﻳﺎ ﺕ ﺍﳌ ﻔ ﺴ ﺮ ﺓ ﻟﻠ ﻬ ﻴﻜ ﻞ ﺍﻟﺘ ﻤ ﻮ ﻳ ﻠ ﻲ ‪:‬‬

‫ﺍ ﻟ ﻨ ﻈ ﺮ ﻳ ﺔ ﺍ ﻟ ﺘ ﻘ ﻠ ﻴ ﺪ ﻳ ﺔ ‪ :‬ﺗ ﺴ ﻠ ﻢ ﺍﻟ ﻨﻈ ﺮ ﻳ ﺔ ﺍﻟ ﺘ ﻘ ﻠ ﻴ ﺪ ﻳ ﺔ ﺑ ﻮ ﺟ ﻮ ﺩ ﻫ ﻴ ﻜ ﻞ ﺭ ﺃﺱ ﻣ ﺎ ﻝ ﺃﻣ ﺜﻞ ﻳ ﺘ ﻀ ﻤ ﻦ ﻧﺴ ﺐ ﻣ ﺜ ﺎ ﻟ ﻴ ـﺔ ﻟ ﻠ ﺘ ﻤ ﻮ ﻳ ـﻞ‬ ‫‪(1‬‬

‫ﺍﳌﻘﺘﺮﺽ ﲡﻌﻞ ﻛﻠﻔﺔ ﺍﻟﺘﻤﻮﻳﻞ ﺇﱃ ﺣﺪﻫﺎ ﺍﻷﺩﱏ ‪ ،‬ﻭ ﺇﻥ ﺍﻹﺳﺘﺨﺪﺍﻡ ﺍﻟﺮﺷﻴﺪ ﻟﻠﺘﻤﻮﻳﻞ ﺍﳌﻘﺘﺮﺽ ﰲ ﺍﳍﻴﻜﻞ ﺍﳌﺎﱄ ﻟﻠﺸﺮﻛﺔ ﻳﺰﻳﺪ ﻣﻌـﺪﻝ‬
‫ﺍﻟﻌﺎﺋﺪ ﻋﻠﻰ ﺣﻘﻮﻕ ﺍﳌﻠﻜﻴﺔ ‪ ،‬ﻓﺎﻟﺘﻮﻓﻴﻖ ﺍﻷﻣﺜﻞ ﺑﲔ ﺍﻟﺘﻤﻮﻳﻞ ﺍﳌﻘﺘﺮﺽ ﻭ ﺍﻟﺘﻤﻮﻳﻞ ﺍﳌﻤﺘﻠﻚ ﰲ ﻫﻴﻜﻞ ﺭﺃﺱ ﻣﺎﻝ ﺍﻟﺸﺮﻛﺔ ﳚﻌﻞ ﺍﳌﻌـﺪﻝ‬
‫ﺍﳌ ﻮ ﺯ ﻭ ﻥ ﻟﻜ ﻠﻔ ﺔ ﺭ ﺃﺱ ﺍﳌ ﺎﻝ ﰲ ﺃﺩ ﻧﺎﻩ ‪ ،‬ﻭ ﻳﻌ ﻈ ﻢ ﻣ ﻌ ﺪ ﻝ ﺍﻟﻌ ﺎﺋ ﺪ ﻋ ﻠﻰ ﺣ ﻘ ﻮ ﻕ ﺍﳌ ﻠﻜ ﻴ ﺔ ‪ ،‬ﻭ ﻗ ﺪ ﺟ ﺎء ﻫ ﺬ ﺍ ﺍﳌ ﺪ ﺧ ﻞ ﲢ ﺖ ﻗ ﻴﺎﺩ ﺓ ﻗ ﻮ ﺭ ﺩ ﻥ ﺷ ﺎﺑﲑ ﻭ‬
‫ﻭ ﺩ ﺍ ﻓ ﻴ ﺪ ﺩ ﻭ ﺭ ﺍﻥ ‪ ،‬ﺣ ﻴ ﺚ ﻳ ﺘ ﺮ ﻛ ﺰ ﻣ ﻔ ﻬ ﻮ ﻣ ﻪ ﰲ ﺃ ﻥ ﺍ ﻟ ﻘ ﻴ ﻤ ﺔ ﺍ ﻟ ﻜ ﻠ ﻴ ﺔ ﻟ ﻠ ﺸ ﺮ ﻛ ﺔ ﳝ ﻜ ﻦ ﺃ ﻥ ﺗ ﺰ ﺩ ﺍ ﺩ ﰲ ﺍ ﻟ ﺴ ﻮ ﻕ ‪ ،‬ﻛ ﻤ ﺎ ﻳ ﺮ ﺗ ﻜ ﺰ ﻋ ﻠ ﻰ ﺇ ﻣ ﻜ ﺎ ﻧ ﻴ ﺔ ﲣ ﻔ ﻴ ﺾ‬
‫ﺍﻟﺘﻜﻠﻔﺔ ﺍﻟﻜﻠﻴﺔ ﻟﻸﻣﻮﺍﻝ ﻣﻦ ﺧﻼﻝ ﲢﺪﻳﺪ ﺍﳌﺰﻳﺞ ﺍﳌﻨﺎﺳﺐ ﳌﺼﺎﺩﺭ ﺍﻟﺘﻤﻮﻳﻞ ﻣﻦ ﺍﻟﻘﺮﻭﺽ ﻭ ﺍﻷﻣﻮﺍﻝ ﺍﳋﺎﺻﺔ ‪ ،‬ﺣﻴﺚ ﻳﺆﻛـﺪ ﻫـﺬﺍ‬
‫ﺍﳌﺪﺧﻞ ﻋﻠﻰ ﺃﻥ ﺗﻜﻠﻔﺔ ﺍﻷﻣﻮﺍﻝ ﳝﻜﻦ ﺃﻥ ﺗﻨﺨﻔﺾ ﻣﻦ ﺧﻼﻝ ﺍﺳﺘﺨﺪﺍﻡ ﺍﻟﻘﺮﻭﺽ ﺇﱃ ﺣﺪ ﻣﻌﻘﻮﻝ ‪ ،‬ﻭ ﲟﺠﺮﺩ ﲡﺎﻭﺯ ﺍﻟﺸﺮﻛﺔ ﳍـﺬﺍ‬
‫ﺍ ﳊ ﺪ ﺳ ﻴ ﺆ ﺩ ﻱ ﺫ ﻟ ﻚ ﺇ ﱃ ﺯ ﻳ ﺎ ﺩ ﺓ ﻗ ﻴ ﻤ ﺔ ﺍﻟ ﺸ ﺮ ﻛ ﺔ ﺑ ﺰ ﻳ ﺎ ﺩ ﻩ ﺍ ﻟ ﺮ ﻓ ﻊ ﺍ ﳌ ﺎ ﱄ ‪.‬‬

‫ﻃ ﺒﻘ ﺎ ﳍ ﺬ ﺍ ﺍﳌ ﺪ ﺧ ﻞ ‪ ،‬ﻓ ﺈ ﻥ ﺍﳍ ﻴ ﻜ ﻞ ﺍﻟﺘ ﻤ ﻮ ﻳ ﻠ ﻲ ﺍﻷ ﻣ ﺜﻞ ﻳ ﺘ ﺤ ﻘ ﻖ ﻋ ﻨ ﺪ ﻣ ﺎ ﺗ ﻜ ﻮ ﻥ ﺗ ﻜ ﻠ ﻔ ﺔ ﺍﻷ ﻣ ﻮ ﺍﻝ ﺃ ﻗ ﻞ ﻣ ﺎ ﳝ ﻜ ﻦ ‪ ،‬ﺃﻱ ﻋ ﻨ ﺪ ﻣ ﺎ ﺗﻜ ﻮ ﻥ ﻗ ﻴ ﻤ ﺔ‬

‫ﺍ ﻟﺸ ﺮ ﻛ ﺔ ﺃ ﻛ ﱪ ﻣ ﺎ ﳝ ﻜ ﻦ ‪.‬‬

‫ﻧ ﻈ ﺮ ﻳ ﺔ ﻣ ﻮ ﺩ ﻳ ﻠ ﻴ ﺎ ﱐ ﻭ ﻣ ﻴ ﻠ ﺮ ‪ :‬ﳚ ﻴ ﺐ ﺍﻻ ﻗ ﺘ ﺼ ﺎﺩ ﻳﺎﻥ " ﻣ ﻮ ﺩ ﻳﻠﻴﺎ ﱐ ﻭ ﻣ ﻴﻠﺮ " ﻋ ﻠﻰ ﺍﻟﺴ ﺆ ﺍﻝ ﺣ ﻮ ﻝ ﺃﻣ ﺜﻠﻴ ﺔ ﺍﳍ ﻴﻜ ﻞ ﺍﳌ ﺎ ﱄ ﺏ‬ ‫‪(2‬‬

‫" ﻻ " ‪ ،‬ﺃ ﻱ ﻻ ﻳ ﻮ ﺟ ﺪ ﻫ ﻴ ﻜ ﻞ ﻣ ﺎ ﱄ ﺃ ﻣ ﺜ ﻞ ‪ ،‬ﺣ ﻴ ﺚ ﻳ ﺮ ﻳ ﺎ ﻥ ﺑ ﺄ ﻧ ﻪ " ﺗ ﻜ ﻠ ﻔ ﺔ ﺭ ﺃ ﺱ ﺍ ﳌ ﺎ ﻝ ﻭ ﻗ ﻴ ﻤ ﺔ ﺍ ﻟ ﺸ ﺮ ﻛ ﺔ ﻣ ﺴ ﺘ ﻘ ﻼ ﻥ ﻋ ﻦ ﻫ ﻴ ﻜ ﻠ ﻬ ﺎ ﺍﳌ ﺎ ﱄ " ‪ ،‬ﻓ ﻔ ﻲ‬

‫‪1‬‬
‫‪Yudhi Prasetiyo,Analysis of Company Size Profitability and Solvency on Firm Value at BUMN IDX20, journal of‬‬
‫‪science and technology ( fjst) , vol 01 , No 07( 2022) , p 855‬‬
‫‪2‬‬
‫‪Sitti Murniati, Effect of Capital Structure , Company Size and Profitability on the Stock Price of food and‬‬
‫‪Beverage Companies Listed on the Indonesia Stock Exchange, journal of information management and‬‬
‫‪business review, vol 08, No 01( 2016),p 27‬‬

‫‪12‬‬
 ‫ﺍﻟﻔ ﺼ ﻞ ﺍﻷ ﻭ ﻝ ‪ :‬ﺍﻹ ﻃ ﺎﺭ ﺍﻟﻨﻈ ﺮ ﻱ ﻭ ﺍﳌ ﻔ ﺎﻫ ﻴﻤ ﻲ ﻟ ﻠ ﻤ ﻼ ء ﺓ ﺍﳌ ﺎ ﻟﻴ ﺔ ﻭ ﺃ ﺛ ﺮ ﻫ ﺎ ﻋ ﻠ ﻰ ﻗ ﻴ ﻤ ﺔ ﺍ ﻟ ﺸ ﺮ ﻛ ﺔ‬

‫ﻇ ﻞ ﺳ ﻮ ﻕ ﻣ ﺎ ﻟ ﻴ ﺔ ﻛ ﻔ ﻰ ء ﻭ ﻏ ﻴ ﺎ ﺏ ﺍ ﳉ ﺒ ﺎ ﻳ ﺔ ﻳ ﻮ ﺟ ﺪ ﺗ ﻜ ﺎ ﰱ ء ﺑ ﲔ ﳐ ﺘ ﻠ ﻒ ﺃ ﳕ ﺎ ﻁ ﺍ ﻟ ﺘ ﻤ ﻮ ﻳ ﻞ ‪ ،‬ﻭ ﻗ ﺪ ﺑ ﲔ ﻧ ﻈ ﺮ ﻳ ﺔ ﻋ ﻠ ﻰ ﻣ ﺎ ﻳ ﺴ ﻤ ﻰ ﺑ ﺎ ﳌ ﺮ ﺍ ﺟ ﺤ ـﺔ ﺃ ﻭ‬
‫ﺍﻟﺘﺤ ﻜ ﻴﻢ ‪ ،‬ﻭ ﺍﻟﻮ ﺍﻗ ﻊ ﺃﻥ ﻫ ﺬ ﻩ ﺍﻟﻨﻈ ﺮ ﻳ ﺔ ﺍﺳ ﺘﻨﺪ ﺕ ﺇﱃ ﲨ ﻠ ﺔ ﻣ ﻦ ﺍﻟﻔ ﺮ ﻭ ﺽ ﻏ ﲑ ﻭ ﺍﻗﻌ ﻴ ﺔ ﻭ ﻫ ﻲ ‪:‬‬

‫‪ ü‬ﺗﺘﺼﻒ ﺳﻮﻕ ﺭﺃﺱ ﺍﳌﺎﻝ ﺑﺎﻟﻜﻤﺎﻝ ) ﺳﻮﻕ ﻛﻔﻰء(‪ .‬ﳑﺎ ﻳﻌﲏ ﻋﺪﻡ ﻭﺟﻮﺩ ﻋﻤﻮﻻﺕ ﻭﺳﺎﻃﺔ )ﺍﳌﻌﻠﻮﻣﺎﺕ ﻣﺘﺎﺣﺔ ﻟﻠﺠﻤﻴـﻊ‬
‫ﺩ ﻭ ﻡ ﻋ ﻤ ﻮ ﻟﺔ(‬
‫‪ ü‬ﻋ ﺪ ﻡ ﻭ ﺟ ﻮ ﺩ ﺿ ﺮ ﺍ ﺋ ﺐ ‪ ،‬ﻋ ﺪ ﻡ ﻭ ﺟ ﻮ ﺩ ﺗﻜ ﻠﻔ ﺔ ﻟﻠ ﺼ ﻔ ﻘ ﺎ ﺕ ‪ ،‬ﻭ ﺃﻥ ﺍﳌﺴ ﺘﺜ ﻤ ﺮ ﻳﻦ ﳝ ﻜ ﻨﻬ ﻢ ﺍﻻ ﻗ ﺘﺮ ﺍﺽ ﺑﻨﻔ ﺲ ﻣ ﻌ ـﺪ ﻝ ﺍﻟﻔ ﺎﺋ ـﺪ ﺓ ‪ ،‬ﻭ‬
‫ﻳﻌﺘﱪ ﻛﻞ ﻣﻦ "ﻣﻮﺩﻳﻠﻴﺎﱐ ﻭ ﻣﻴﻠﺮ" ﺃﻥ ﻗﻴﻤﺔ ﺍﻟﺸﺮﻛﺔ ﻳﻜﺸﻒ ﻋﻨﻬﺎ ﺑﺮﲰﻠﺔ ﺃﺭﺑﺎﺣﻬﺎ ﺧﻼﻝ ﺧﻼﻝ ﻋﺪﺓ ﻓﺘـﺮﺍﺕ ﲟﻌـﺪﻝ‬
‫ﺍﺳ ﺘﺤ ﺪ ﺍﺙ ﻳﺘﻌ ﻠﻖ ﺑﻘ ﻄ ﺎﻉ ﻧﺸ ﺎﻃ ﻬ ﺎ ‪.‬‬
‫ﻣ ﺪ ﺧ ﻞ ﺻ ﺎ ﰲ ﺍ ﻟ ﺪ ﺧ ﻞ ﺍ ﻟ ﺘ ﺸ ﻐ ﻴ ﻠ ﻲ ‪ :‬ﻳﺮ ﻯ ﻫ ﺬ ﺍ ﺍﳌ ﺪ ﺧ ﻞ ﺃﻥ ﺗﻜ ﻠﻔ ﺔ ﺍﻟﺘﻤ ﻮ ﻳﻞ ﺍﳌ ﻤ ﺘﻠﻚ ﺗﺘﻐ ﲑ ﻣ ﻊ ﺯ ﻳﺎﺩ ﺓ ﻧﺴ ﺒﺔ ﺍﳌ ﺪ ﻳﻮ ﻧﻴﺔ ‪،‬‬ ‫‪(3‬‬
‫ﻭ ﺃﻥ ﺍﻟﺸ ﺮ ﻛ ﺔ ﻗﺎﺩ ﺭ ﺓ ﻋ ﻠﻰ ﲣ ﻔ ﻴﺾ ﻛ ﻠﻔ ﺔ ﺍﻟﺘﻤ ﻮ ﻳﻞ ﺑﺰ ﻳﺎﺩ ﻩ ﺍﻟﺮ ﺍﻓﻌ ﺔ ﺇﱃ ﺣ ﲔ ﺍﻟﻮ ﺻ ﻮ ﻝ ﺇﱃ ﻫ ﻴﻜ ﻞ ﺍﻟﺘﻤ ﻮ ﻳﻞ ﺍﻷ ﻣ ﺜﻞ ﺍﻟﺬ ﻱ ﺗﺼ ﺒﺢ ﻋ ﻨﺪ ﻩ ﻛ ﻠﻔ ﺔ‬
‫ﺍﻟﺘﻤ ﻮ ﻳﻞ ﰲ ﺃﺩ ﱏ ﻣﺴ ﺘﻮ ﻯ ﳍ ﺎ ﻭ ﻋ ﻨﺪ ﲡ ﺎﻭ ﺯ ﻫ ﺬ ﻩ ﺍﻟﻨﻘ ﻄ ﺔ ﺗ ﺒ ﺪ ﺃ ﻛ ﻠ ﻔ ﺔ ﺍ ﻟ ﺘ ﻤ ﻮ ﻳ ﻞ ﺑ ﺎ ﻻ ﺭ ﺗ ﻔ ﺎ ﻉ ‪.‬‬

‫ﻧﻈﺮﻳﺔ ﻣﻴﻠﺮ ‪ : 1977‬ﻳﺮﺗﻜﺰ ﻣﻴﻠﺮ ﰲ ﺩﺭﺍﺳﺘﻪ ﳍﺬﺍ ﺍﻟﻨﻤﻮﺫﺝ ﻋﻠﻰ ﻓﺮﺿﻴﺔ ﺧﻀﻮﻉ ﺍﻟﺪﺧﻞ ﺍﳌﺴـﺘﺜﻤﺮ ﻟﻀـﺮﻳﺒﺔ‬ ‫‪(4‬‬
‫ﺷﺨﺼﻴﺔ ﻋﻠﻰ ﺩﺧﻠﻪ ﻣﻦ ﲪﻠﺔ ﺍﻷﺳﻬﻢ ﻣﻌﺪﳍﺎ ’‪ T‬ﰲ ﻣﻘﺎﺑﻞ "‪ T‬ﻋﻠﻰ ﺩﺧﻠﻪ ﻣﻦ ﲪﻠﺔ ﺍﻟﺴﻨﺪﺍﺕ ‪ ،‬ﺑﺎﻹﺿﺎﻓﺔ ﺇﱃ ﺧﻀﻮﻉ ﺃﺭﺑـﺎﺡ‬
‫ﺍﻟﺸﺮﻛﺔ ﻟﻠﻀﺮﻳﺒﺔ ﲟﻌﺪﻝ ‪ ،T‬ﻭ ﳌﺎ ﻛﺎﻥ ﺩﺧﻞ ﲪﻠﺔ ﺍﻷﺳﻬﻢ ﳝﻜﻦ ﺃﻥ ﻳﻜﻮﻥ ﰲ ﺻﻮﺭﺓ ﺗﻮﺯﻳﻌﺎﺕ ﺃﻭ ﺃﺭﺑﺎﺡ ﺭﺃﲰﺎﻟﻴﺔ ﺃﻭ ﻛﻼﳘﺎ ﻣﻌﺎ‬
‫‪ ،‬ﻓ ﺈﻥ ﻗ ﻴ ﻤ ﺔ ' ‪ T‬ﺳ ﻮ ﻑ ﻳﻘ ﺼ ﺪ • ﺎ ﺍﳌ ﺘﻮ ﺳ ﻂ ﺍﳊ ﺴ ﺎﰊ ﺍﳌ ﺮ ﺟ ﺢ ﺑﺎﻷ ﻭ ﺯ ﺍﻥ ﻟﻠ ﻀ ﺮ ﻳﺒ ﺔ ﻭ ﺑ ﺎ ﻟ ﺘ ﺎ ﱄ ﳝ ﻜ ﻦ ﺃ ﻥ ﻳ ﻜ ﻮ ﻥ ﻟ ﻠ ﺸ ﺮ ﻛ ﺔ ﻓ ﺮ ﺻ ﺔ ﻟ ﻼ ﺳ ﺘ ﻔ ﺎ ﺩ ﺓ‬
‫ﻣ ﻦ ﺍ ﻻ ﺳ ﺘ ﺪ ﺍ ﻧ ﺔ ﻟ ﺘ ﺤ ﻘ ﻴ ﻖ ﻭ ﻓ ﺮ ﺍ ﺕ ﺿ ﺮ ﻳ ﺒ ﻴ ﺔ ‪ ،‬ﻭ ﻣ ﻦ ﰒ ﺗ ﻌ ﻈ ﻴ ﻢ ﻗ ﻴ ﻤ ﺔ ﺍ ﻟ ﺸ ﺮ ﻛ ﺔ ﻭ ﺗ ﺪ ﻧ ﻴ ﺔ ﺗ ﻜ ﻠ ﻔ ﺔ ﺭ ﺃﺱ ﺍﳌ ﺎ ﻝ ‪ ،‬ﻭ ﺫ ﻟ ﻚ ﻛ ﻠ ﻤ ﺎ ﳒ ﺤ ﺖ ﰲ ﺑ ﻴ ـﻊ‬
‫ﺍﳌ ﺰ ﻳ ﺪ ﻣ ﻦ ﺍﻟﺴ ﻨ ﺪ ﺍﺕ ﺇﱃ ﺍﳌﺴ ﺘﺜ ﻤ ﺮ ﻳﻦ ﺍﻟ ﺬ ﻳﻦ ﳜ ﻀ ﻌ ﻮ ﻥ ﻟ ﻀ ﺮ ﻳﺒ ﺔ ﻋ ﻠﻰ ﺍﻟ ﺪ ﺧ ﻞ ﲟ ﻌ ﺪ ﻝ ﻳﻘ ﻞ ﻋ ﻦ ﻣ ﻌ ﺪ ﻝ ﺍﻟ ﻀ ﺮ ﻳﺒ ﺔ ﻋ ﻠﻰ ﺃﺭ ﺑﺎ ﺡ ﺍﻟﺸ ﺮ ﻛ ﺎ ﺕ ‪.‬‬

‫ﻧﻈﺮﻳﺔ ﺍﻟﺘﺒﺎﺩﻝ ‪ :‬ﻳﻌﻮﺩ ﺍﻷﺳﺎﺱ ﺍﻟﻨﻈﺮﻱ ﳍﺬﻩ ﺍﻟﻨﻈﺮﻳﺔ ﺇﱃ ﺳﻨﺔ ‪ ، 1963‬ﻋﻨﺪﻣﺎ ﻗﺪﻡ ﺍﻻﻋﻔﺎء ﺍﻟﻀﺮﻳﱯ ﻟﻠـﺪﻳﻦ‬ ‫‪(5‬‬
‫ﺍﻟﺬ ﻱ ﳚ ﻌ ﻞ ﺍﻟﺪ ﻳﻦ ﺃﻗﻞ ﻛ ﻠﻔ ﺔ ﻣ ﻦ ﺍﻟﺘﻤ ﻮ ﻳﻞ ﺑﺎﻷ ﺳ ﻬ ﻢ ‪ ،‬ﻭ ﻫ ﻮ ﻣ ﺎ ﳚ ﻌ ﻞ ﻗ ﻴﻤ ﺔ ﺍﻟﺸ ﺮ ﻛ ﺔ ﺗﺰ ﺩ ﺍﺩ ﺑﺎﺯ ﺩ ﻳﺎﺩ ﺣ ﺠ ﻢ ﺍﻟﺪ ﻳﻦ ﺍﳌﺴ ﺘﺨ ﺪ ﻡ ﰲ ﺍﻟﺘﻤ ﻮ ﻳﻞ‬
‫‪ ،‬ﻭ ﻳﻌ ﻮ ﺩ ﺍﻟﺴ ﺒ ﺐ ﰲ ﺫ ﻟﻚ ﺇﱃ ﺃﻥ ﺍﻟﻔ ﻮ ﺍﺋ ﺪ ﻋ ﻠﻰ ﺍﻟ ﺪ ﻳﻮ ﻥ ﲣ ﺼ ﻢ ﻣ ﻦ ﺃﺭ ﺑﺎ ﺡ ﺍﻟﺸ ﺮ ﻛ ﺔ ﻋ ﻨ ﺪ ﺍﺣ ﺘﺴ ﺎ ﺏ ﺿ ﺮ ﻳﺒ ﺔ ﺍﻟ ﺪ ﺧ ﻞ ‪ ،‬ﻟ ﺬ ﻟﻚ ﻓ ﺈﻥ ﻗ ﻴ ﻤ ـﺔ‬
‫ﻫ ﺬ ﻩ ﺍ ﻟﺸ ﺮ ﻛ ﺔ ﺍﳌ ﻘ ﺘ ﺮ ﺿ ﺔ ﺗ ﻌ ﻈ ﻢ ﻋ ﻨ ﺪ ﻣ ﺎ ﺗ ﻌ ﺘ ﻤ ﺪ ﻛ ﻠ ﻴ ﺎ ﻋ ﻠ ﻰ ﺍ ﻟ ﺘ ﻤ ﻮ ﻳ ﻞ ﺑ ﺎ ﻟ ﺪ ﻳ ﻮ ﻥ ‪.‬‬

‫ﻧﻈﺮﻳﺔ ﺍﻻﻟﺘﻘﺎﻁ ﺍﻟﺘﺪﺭﳚﻲ ﻟﻠﺘﻤﻮﻳﻞ ‪ :‬ﻳﻌﺎﰿ ﳕﻮﺫﺝ ‪ ، Myers 1984‬ﺍﻟﺮﻫﺎﻧﺎﺕ ﺍﻟﱵ ﺗﺴﺘﺨﺪﻣﻬﺎ ﺍﻟﺸـﺮﻛﺔ ﰲ‬ ‫‪(6‬‬
‫ﺍﳌﺪﻯ ﺍﻟﺒﻌﻴﺪ ‪ ،‬ﳓﻮ ﻓﺮﺿﻴﺔ ﺃﻥ ﺍﳍﺪﻑ ﺍﻷﺳﺎﺳﻲ ﺍﻟﺬﻱ ﻳﺴﻌﻰ ﺍﳌﺴﲑﻭﻥ ﺇﱃ ﲢﻘﻴﻘﻪ ﻫﻮ ﺗﻌﻈﻴﻢ ﺃﺭﺑﺎﺡ ﺍﻟﺸﺮﻛﺔ ‪ ،‬ﻭ ﺫﻟﻚ ﻛﻤﺎ ﻳﻠﻲ ‪:‬‬

‫ﻋﻨﺪ ﺍﺧﺘﻴﺎﺭ ﺍﻟﺸﺮﻛﺔ ﻟﻠﺘﻤﻮﻳﻞ ﺍﻟﺬﺍﰐ ‪ ،‬ﻓﺈ‪º‬ﺎ ﲢﺪﺩ ﻣﺴﺘﻮﻯ ﻣﻌﲔ ﻣﻦ ﺗﻮﺯﻳﻌﺎﺕ ﺍﻷﺭﺑﺎﺡ ‪ ،‬ﻭ ﺫﻟـﻚ ﺣﺴـﺐ‬ ‫‪ü‬‬
‫ﺍﻟﻔ ﺮ ﺹ ﺍﻻ ﺳ ﺘﺜﻤ ﺎﺭ ﻳ ﺔ ﺍﳌ ﻤ ﻜ ﻨ ﺔ ‪.‬‬

‫ﻋ ﻨ ﺪ ﺍ ﻻ ﻋ ﺘ ﻤ ﺎ ﺩ ﻋ ﻠ ﻰ ﺍ ﻟ ﺘ ﻤ ﻮ ﻳ ﻞ ﺍ ﳋ ﺎ ﺭ ﺟ ﻲ ‪ ،‬ﻓ ﺈ ﻥ ﺍ ﻷ ﻭ ﻟ ﻮ ﻳ ﺔ ﺗ ﻜ ﻮ ﻥ ﻣ ﻊ ﺍ ﻟ ﻘ ﺮ ﻭ ﺽ ‪ ،‬ﰒ ﺍ ﻷ ﻣ ﻮ ﺍ ﻝ ﺷ ﺒ ﻪ ﺍ ﳋ ﺎ ﺻ ﺔ ﺍ ﻟ ﱵ ﺗ ﻘ ـﻊ‬ ‫‪ü‬‬

‫ﺑﲔ ﺍﻷﻣﻮﺍﻝ ﺍﳋﺎﺻﺔ ﻭ ﺍﻟﻘﺮﻭﺽ ﰒ ﺃﺧﲑﺍ ﺍﻷﺳﻬﻢ ‪ ،‬ﻭ ﺳﺒﺐ ﺫﻟﻚ ﺃﻥ ﺍﻟﻠﺠﻮء ﺇﱃ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺬﺍﰐ ﳚﻤﻲ ﺍﻟﺸﺮﻛﺔ ﺗﻜﺎﻟﻴﻒ ﺇﺻـﺪﺍﺭ‬
‫ﺍﻷﺳﻬﻢ ﻭ ﺗﻜﺎﻟﻴﻒ ﺍﻟﻮﻛﺎﻟﺔ ﻭ ﺣﺮﻳﺔ ﺍﻟﺘﺼﺮﻑ ﰲ ﺃﻱ ﺍﺳﺘﺜﻤﺎﺭ‪ ،‬ﻭ ﻋﻨﺪ ﻋﺪﻡ ﻛﻔﺎﻳﺔ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺬﺍﰐ ﻓﺈﻥ ﺍﻟﺸﺮﻛﺔ ﺗﻠﺠﺄ ﺇﱃ ﺍﻟﻘﺮﻭﺽ‬
‫ﻷﻥ ﺍﳌﺴﲑﻳﻦ ﻋﻠﻰ ﻋﻠﻢ ﺑﻘﻴﻤﺔ ﺍﻟﺴﻬﻢ ‪ ،‬ﻓﻬﻢ ﻋﻠﻰ ﻋﻠﻢ ﺑﺎﳌﻌﻠﻮﻣﺎﺕ ﺍﳌﺘﻮﻓﺮﺓ ﰲ ﺍﻟﺴﻮﻕ ﺍﳌﺎﱄ ﻭ ﺇﻥ ﰎ ﺇﺻﺪﺍﺭ ﺃﺳﻬﻢ ﺟﺪﻳﺪﺓ ﻓﺘﻜـﻮﻥ‬
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 ‫ﺍﻟﻔ ﺼ ﻞ ﺍﻷ ﻭ ﻝ ‪ :‬ﺍﻹ ﻃ ﺎﺭ ﺍﻟﻨﻈ ﺮ ﻱ ﻭ ﺍﳌ ﻔ ﺎﻫ ﻴﻤ ﻲ ﻟ ﻠ ﻤ ﻼ ء ﺓ ﺍﳌ ﺎ ﻟﻴ ﺔ ﻭ ﺃ ﺛ ﺮ ﻫ ﺎ ﻋ ﻠ ﻰ ﻗ ﻴ ﻤ ﺔ ﺍ ﻟ ﺸ ﺮ ﻛ ﺔ‬

‫ﻗﻴﻤﺘﻬﺎ ﺃﻋﻠﻰ ﻣﻦ ﻗﻴﻤﺘﻬﺎ ﺍﻟﻔﻌﻠﻴﺔ ﻭﺑﺎﻟﺘﺎﱄ ﺍﻧﺘﻘﺎﻝ ﺍﻟﺜﺮﻭﺓ ﺇﱃ ﺍﳌﺴﺎﳘﲔ ﺍﳉﺪﺩ ‪ ،‬ﻭ ﻋﻠﻴﻪ ﻓﺈﻥ ﺍﺻﺪﺍﺭ ﺍﻷﺳﻬﻢ ﻳﻌﺘﱪ ﻣﺆﺷﺮﺍ ﺳﻠﺒﻴﺎ ﻋـﻦ‬
‫ﻭﺿﻌﻴﺔ ﺍﻟﺸﺮﻛﺔ ﺍﳌﺎﻟﻴﺔ ﻭﺑﺎﻟﺘﺎﱄ ﻳﺘﺮﺗﺐ ﻋﻠﻰ ﺍﻟﺸﺮﻛﺔ ﺣﺠﺰ ﺍﻷﺭﺑﺎﺡ ﻭ ﺗﺄﺟﻴﻞ ﺗﻮﺯﻳﻌﻬﺎ ﻗﺼﺪ ﺇﻋﺎﺩﺓ ﺍﺳﺘﺜﻤﺎﺭﻫﺎ ﻣﻦ ﺟﺪﻳﺪ ﻭ ﻫﺬﺍ ﻣـﺎ‬
‫ﳛ ﻘ ﻖ ﻟﻠ ﺸ ﺮ ﻛ ﺔ ﺍ ﻟ ﻮ ﻗ ﺖ ﺣ ﻮ ﻝ ﻗ ﺮ ﺍ ﺭ ﺭ ﻓ ﻊ ﺭ ﺃ ﺱ ﺍ ﳌ ﺎ ﻝ ﺍ ﻟ ﺬ ﻱ ﻳ ﺘ ﺮ ﺗ ﺐ ﻋ ﻠ ﻴ ﻪ ﺇ ﻟ ﺰ ﺍ ﻣ ﻬ ﺎ ﺑ ﺪ ﻓ ﻊ ﺍ ﻷ ﺭ ﺑ ﺎ ﺡ ﻟ ﻠ ﻤ ﺴ ﺎ ﳘ ﲔ ﺍ ﳉ ﺪ ﺩ ‪.‬‬

‫ﻧﻈﺮﻳﺔ ﺍﻹﺷﺎﺭﺓ ‪ :‬ﻭﻓﻘﺎ ﻟﻼﻓﺘﺮﺍﺿﺎﺕ ﺍﻟﺴﺎﺑﻘﺔ ﻭ ﺍﳋﺎﺻﺔ ﳌﺪﺧﻞ ﻣﻮﺩﻳﻠﻴﺎﱐ ﻭ ﻣﻴﻠﺮ ﻓﺈﻥ ﺍﳌﻌﻠﻮﻣـﺎﺕ ﻣﺘـﻮﻓﺮﺓ ﻭ‬ ‫‪(7‬‬
‫ﻣﺘﺎﺣﺔ ﻟﻜﺎﻓﺔ ﺍﳌﺴﺘﺜﻤﺮﻳﻦ ‪ ،‬ﺃﻱ ﺃ‪º‬ﻢ ﰲ ﻫﺬﻩ ﺍﻟﻨﺎﺣﻴﺔ ﻣﺘﺴﺎﻭﻭﻥ ﲞﺼﻮﺹ ﻣﺴﺘﻘﺒﻞ ﺍﻟﺸﺮﻛﺔ ‪ ،‬ﻭ ﺗﺴﻤﻰ ﻫﺬﻩ ﺍﳋﺎﺻﻴﺔ ﲝﺎﻟﺔ ﺍﻟﺘﻤﺎﺛـﻞ‬
‫ﺍﳌ ﻌ ﺮ ﰲ ﺃﻭ ﺍﳌ ﻌ ﻠ ﻮ ﻣ ﺎ ﺕ ‪ ،‬ﻭ ﻟﻜ ﻦ ﻏ ﺎﻟﺒﺎ ﻣ ﺎ ﻳﺘﺎ ﺡ ﻟﻠ ﻤ ﺴ ﲑ ﻳﻦ ﻛ ﻤ ﺎ ﺃﻛ ﱪ ﻣ ﻦ ﺍﳌ ﻌ ﻠ ﻮ ﻣ ﺎ ﺕ ﻭ ﺍﻟ ﺬ ﻱ ﻻ ﻳﺘﻮ ﻓﺮ ﻟﻠ ﻤ ﺴ ﺘﺜﻤ ﺮ ﻳﻦ ﺧ ﺎﺭ ﺝ ﺍﻟ ﺸ ﺮ ﻛ ﺔ ‪.‬‬

‫ﺗﻘﻮﻡ ﻫﺬﻩ ﺍﻟﻨﻈﺮﻳﺔ ﻋﻠﻰ ﻗﺎﻋﺪﺓ ﺃﺳﺎﺳﻴﺔ ﻭ ﻫﻲ ﻋﺪﻡ ﲤﺎﺛﻞ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﻟﺬﻱ ﺗﺘﺼﻒ •ﺎ ﺍﻷﺳﻮﺍﻕ ‪ ،‬ﻭ ﺍﻟﻮﺍﻗﻊ ﺃﻥ ﺍﳌﻌﻠﻮﻣـﺎﺕ‬
‫ﺍﻟﱵ ﺗﺜﺒﺘﻬﺎ ﺍﻟﺸﺮﻛﺎﺕ ﻟﻴﺴﺖ ﺑﺎﻟﺼﻮﺭﺓ ﺍﳊﻘﻴﻘﻴﺔ ﻭ ﺍﻟﺼﺎﺩﻗﺔ ‪ ،‬ﻭ ﻣﻦ ﰒ ﻓﺈﻥ ﻫﺬﻩ ﺍﻟﻨﻈﺮﻳﺔ ﺗﻨﻄﻠـﻖ ﺇﱃ ﺃﻧـﻪ ﺑﺈﻣﻜـﺎﻥ ﺍﳌـﺪﻳﺮﻳﻦ ﰲ‬
‫ﺍ ﻟﺸ ﺮ ﻛ ﺎ ﺕ ﺍ ﻷ ﺣ ﺴ ﻦ ﺃ ﺩ ﺍ ء ﺇ ﺻ ﺪ ﺍ ﺭ ﺇ ﺷ ﺎ ﺭ ﺍ ﺕ ﺧ ﺎ ﺻ ﺔ ﻭ ﻓ ﻌ ﺎ ﻟ ﺔ ‪ ،‬ﲤ ﻴ ﺰ ﻫ ﺎ ﻋ ﻦ ﺍ ﻟﺸ ﺮ ﻛ ﺎ ﺕ ﺍ ﻷ ﺧ ﺮ ﻯ ﺫ ﺍ ﺕ ﻣ ﺴ ﺘ ﻮ ﻯ ﺃ ﻗ ﻞ ﺃ ﺩ ﺍ ء ‪.‬‬

‫ﻧ ﻈ ﺮ ﻳ ﺔ ﺍ ﻟ ﻮ ﻛ ﺎ ﻟ ﺔ ‪ :‬ﺇﻥ ﺗﻜ ﻠﻔ ﺔ ﺍﻹ ﺩ ﺍﺭ ﺓ ﺍﳌ ﻜ ﻠﻔ ﺔ ﺑ ﺈ ﺩ ﺍ ﺭ ﺓ ﺍ ﳌ ﻨ ﺸ ﺂ ﺕ ﻧ ﻴ ﺎ ﺑ ﺔ ﻋ ﻦ ﺍ ﳌ ﺴ ﺎ ﳘ ﲔ ﺳ ﻮ ﺍ ء ﺃ ﻛ ﺎ ﻧ ﺖ ﻣ ﺎ ﻟ ﻴ ﺔ ﺃ ﻭ ﻏ ﲑ ﻣ ﺎ ﻟ ﻴ ﺔ‬ ‫‪(8‬‬
‫ﲤ ﺜﻞ ﻗ ﻀ ﻴﺔ ﻣ ﻬ ﻤ ﺔ ﻷ ‪ º‬ﺎ ﻗ ﺪ ﺗﺆ ﺩ ﻱ ﺇﱃ ﻇ ﻬ ﻮ ﺭ ﺇﺩ ﺍﺭ ﺍﺕ ﺗﻌ ﻤ ﻞ ﺑﺼ ﻮ ﺭ ﺓ ﻏ ﲑ ﻓﻌ ﺎﻟﺔ ‪ ،‬ﻭ ﺍﺧ ﺘﻴﺎﺭ ﻣ ﺪ ﺧ ﻼ ﺕ ﺃﻭ ﳐ ﺮ ﺟ ﺎﺕ ﺗﺘﻼ ء ﻡ ﻣ ﻊ ﻣ ﻨﺎﻓﻌ ﻬ ﺎ‬
‫ﺍ ﻟ ﺸ ﺨ ﺼ ﻴ ﺔ ﺃ ﻭ ﲟ ﻌ ﲎ ﺁ ﺧ ﺮ ﺃ ‪ º‬ﻢ ﻗ ﺪ ﻳﻔ ﺸ ﻠ ﻮ ﻥ ﰲ ﺗﻌ ﻈ ﻴ ﻢ ﻗ ﻴ ﻤ ﺔ ﺍﻟ ﺸ ﺮ ﻛ ﺔ ‪ ،‬ﻭ ﻛ ﻨ ﺘ ﻴ ﺠ ﺔ ﻟ ﺬ ﻟ ﻚ ﻓ ﺈ ﻥ ﺃ ﺛ ﺮ ﺍ ﻟ ﻜ ﻠ ﻔ ﺔ ﺍ ﳋ ﺎ ﺭ ﺟ ﻴ ﺔ ﺗ ﺴ ﺎ ﻭ ﻱ ﺍ ﳋ ﺴ ﺎ ﺭ ﺓ ﺃ ﻭ‬
‫ﺍﻻﳔﻔﺎﺽ ﰲ ﻗﻴﻤﺔ ﺍﻟﺸﺮﻛﺔ ﺍﻟﻨﺎﲡﺔ ﻋﻦ ﺍﻹﺩﺍﺭﺓ ﺍﻟﱵ ™ﺘﻢ ﺑﺘﻠﺒﻴﺘﺔ ﺭﻏﺒﺎ™ﺎ ﺑﺪﻻ ﻣﻦ ﺗﻌﻈﻴﻢ ﻗﻴﻤﺔ ﺍﻟﺸﺮﻛﺔ ‪ ،‬ﻭ ﻗﺪ ﺃﺷﺎﺭ ﻛﻼ ﻣﻦ ‪Myers‬‬

‫‪ and Raviv and Harris‬ﺑﺄﻥ ﺍﺧﺘﻴﺎﺭ ﻫﻴﻜﻞ ﺭﺃﺱ ﺍﳌﺎﻝ ﺍﳌﻨﺎﺳﺐ ﻣﻦ ﺍﳌﻤﻜﻦ ﺃﻥ ﻳﺆﺩﻱ ﺇﱃ ﺍﻟﺘﺨﻠﺺ ﻣﻦ ﻣﺜﻞ ﻫﺬﻩ ﺍﻟﺘﻜﻠﻔﺔ ‪ ،‬ﻭ‬
‫ﺗ ﺘ ﻤ ﺜ ﻞ ﻓ ﺮ ﺿ ﻴ ﺔ ﻛ ﻠ ﻔ ﺔ ﺍ ﳌ ﻨ ﺸ ﺄ ﺓ ﺑ ﺄ ﻥ ﺯ ﻳ ﺎ ﺩ ﺓ ﺍﻟﺮ ﺍﻓﻌ ﺔ ﺍﳌ ﺎﻟﻴ ﺔ ﺗﺆ ﺩ ﻱ ﺇﱃ ﺯ ﻳﺎﺩ ﺓ ﺗﻜ ﺎﻟﻴﻒ ﺍﳌ ﻨﺸ ﺄﺓ ﺍﻟﻨﺎﲨ ﺔ ﻋ ﻦ ﺍﻻ ﻗ ﺘﺮ ﺍﺽ ‪ ،‬ﻭ ﻟﻜ ﻦ ﳝ ﻜ ﻦ ﲣ ﻔ ﻴﺾ‬
‫ﺗﻠﻚ ﺍﻟﺘﻜﻠﻔﺔ ﻣﻦ ﺧﻼﻝ ﺗﺸﺠﻴﻊ ﺍﻹﺩﺍﺭﺓ ﻟﻠﻌﻤﻞ ﺑﻜﻞ ﺟﺪ ‪ ،‬ﻣﻦ ﺃﺟﻞ ﺗﻌﻈﻴﻢ ﺃﺭﺑﺎﺡ ﻭ ﻗﻴﻤﺔ ﺍﻟﺸﺮﻛﺔ ﻭ ﲢﻘﻴﻖ ﺃﻫـﺪﺍﻑ ﺍﳌﺴـﺎﳘﲔ‬
‫ﺍﳌﺘﻤﺜﻠﺔ ﰲ ﺗﻌﻈﻴﻢ ﺍﻷﺭﺑﺎﺡ ‪ ،‬ﻭ ﰲ ﻧﻔﺲ ﺍﻟﺴﻴﺎﻕ ﺍﻭﺿﺢ ‪ Grossman & Hart‬ﺑﺄﻥ ﺯﻳﺎﺩﺓ ﺍﻟﺘﻤﻮﻳﻞ ﺑﺎﻻﻗﺘﺮﺍﺽ ﻣﻦ ﺍﳌﻤﻜﻦ ﺃﻥ ﺗﺆﺛﺮ‬
‫ﺇ ﳚ ﺎ ﺑ ﻴ ﺎ ﻋ ﻠ ﻰ ﺍ ﳌ ﺪ ﺭ ﺍ ء ﻭ ﺃ ﻥ ﺗ ﻌ ﻤ ﻞ ﻋ ﻠ ﻰ ﲣ ﻔ ﻴ ﺾ ﻛ ﻠ ﻔ ﺔ ﺍ ﳌ ﻨ ﺸ ﺄ ﺓ ﻣ ﻦ ﺧ ﻼ ﻝ ﺧ ﻔ ﺾ ﻛ ﻠ ﻔ ﺔ ﺍ ﻻ ﻗ ﺘ ﺮ ﺍ ﺽ ﺍ ﳌ ﺘ ﻤ ﺜ ﻞ ﺑ ﺘ ﻌ ﻈ ﻴ ﻢ ﺃ ﺭ ﺑ ـﺎ ﺡ ﺍ ﳌ ﻨ ﺸ ـﺄ ﺓ ‪ ،‬ﻭ‬
‫ﺗ ﻮ ﻓ ﲑ ﺍ ﻟ ﺴ ﻴ ﻮ ﻟ ﺔ ﺍ ﻟ ﻼ ﺯ ﻣ ﺔ ﻟ ﺪ ﻓ ﻊ ﺍ ﻟ ﺘ ﺰ ﺍ ﻣ ﺎ ﺕ ﺍ ﳌ ﻨ ﺸ ﺄ ﺓ ﰲ ﻣ ﻮ ﺍ ﻋ ﻴ ﺪ ﻫ ﺎ ﻭ ﻣ ﻨ ﺤ ﻬ ﺎ ﺍ ﻟ ﻘ ﺪ ﺭ ﺓ ﻋ ﻠ ﻰ ﺍ ﻟ ﺘ ﻔ ﺎ ﻭ ﺽ ﰲ ﺍ ﳊ ﺼ ﻮ ﻝ ﻋ ﻠ ﻰ ﺍ ﻟ ﻘ ـﺮ ﻭ ﺽ ﺑ ﻔ ﻮ ﺍ ﺋ ـﺪ‬
‫ﻣ ﻨﺨ ﻔ ﻀ ﺔ ﻭ ﺷ ﺮ ﻭ ﻁ ﺳ ﻬ ﻠ ﺔ ‪. 1‬‬

‫ﺍﳌﺒﺤﺚ ﺍﻟﺜﺎ ﱐ ‪ :‬ﺍ ﻟ ﺪ ﺭ ﺍ ﺳ ﺎ ﺕ ﺍ ﻟ ﺴ ﺎ ﺑ ﻘ ﺔ ﺍ ﻟ ﱵ ﺗ ﻨ ﺎ ﻭ ﻟ ﺖ ﻣ ﻮ ﺿ ﻮ ﻉ ﺍ ﳌ ﻼ ء ﺓ ﺍ ﳌ ﺎ ﻟ ﻴ ﺔ‬

‫ﺗ ﻌ ﺪ ﺍ ﻟ ﺪ ﺭ ﺍ ﺳ ﺎ ﺕ ﺍ ﻟ ﺴ ﺎ ﺑ ﻘ ﺔ ﺇ ﺣ ﺪ ﻯ ﺍ ﳌ ﺼ ﺎ ﺩ ﺭ ﺍ ﻟ ﱵ ﻳ ﻠ ﺠ ﺊ ﺇ ﻟ ﻴ ﻬ ﺎ ﺍ ﻟ ﺒ ﺎ ﺣ ﺚ ﺍ ﻟ ﻌ ﻠ ﻤ ﻲ ﻣ ﻦ ﺃ ﺟ ﻞ ﺍ ﻹ ﺳ ﺘ ﻌ ﺎ ﻧ ﺔ • ﺎ ﰲ ﻛ ﺘ ﺎ ﺑ ﺔ ﺍ ﻟ ﺒ ﺤ ﺚ ﺍ ﻟ ﻌ ﻠ ﻤ ـﻲ‬
‫ﺣﻴﺚ ﺗﻌﻄﻰ ﺍﻟﺪﺭﺍﺳﺎﺕ ﺍﻟﺴﺎﺑﻘﺔ ﻟﻠﺒﺎﺣﺚ ﻓﻜﺮﺓ ﻋﻦ ﻣﻮﺿﻮﻉ ﺍﻟﺪﺭﺍﺳﺔ ﺍﻟﺬﻱ ﻳﻘﻮﻡ ﺑﻪ ﻭﺗﻜﻮﻥ ﻟﻪ ﺧﻠﻔﻴﺔ ﻛﺒﲑﺓ ﻋـﻦ ﺍﳌﻮﺿـﻮﻉ‬
‫ﺍ ﻟ ﺬ ﻱ ﻳ ﺒ ﺤ ﺚ ﻋ ﻨ ﻪ ﻭ ﺗ ﺒ ﲔ ﺍ ﻟ ﺪ ﺭ ﺍ ﺳ ﺎ ﺕ ﺍ ﻟ ﺴ ﺎ ﺑ ﻘ ﺔ ﺃ ﳘ ﻴ ﺔ ﺍ ﻟ ﺪ ﺭ ﺍ ﺳ ﺔ ﺍ ﻟ ﱵ ﻳ ﻘ ﻮ ﻡ • ﺎ ﺍ ﻟ ﺒ ﺎ ﺣ ﺚ ‪ ،‬ﻭ ﺑ ﺎ ﻟ ﺘ ﺎ ﱄ ﻓ ﺈ ‪ º‬ﺎ ﺗ ﻮ ﺟ ﻬ ﻪ ﳓ ﻮ ﺍ ﻟ ﻄ ﺮ ﻳ ـﻖ ﺍ ﻟ ﺼ ـﺤ ﻴ ﺢ‬

‫‪1‬ﻣﻌوش ﻋﺎﺋﺷﺔ‪ ،‬ﻣزھود ﻣﻧﺎل ‪ ،‬أﺛر اﻟدﯾون طوﯾﻠﺔ اﻷﺟل ﻋﻠﻰ اﻷداء اﻟﻣﺎﻟﻲ ﻟﻠﻣؤﺳﺳﺔ اﻻﻗﺗﺻﺎدﯾﺔ –دراﺳﺔ ﺣﺎﻟﺔ ﻣؤﺳﺳﺔ اﻟﺗوﺿﯾب و ﻓﻧون اﻟطﺑﺎﻋﺔ و‬
‫ﺷرﻛﺔ اﻷﻧﺎﺑﯾب ﺑرج ﺑو ﻋرﯾرﯾﺞ‪ ،-‬ﻣذﻛرة ﻣﺎﺳﺗر ‪ ،‬ﻛﻠﯾﺔ اﻟﻌﻠوم اﻻﻗﺗﺻﺎدﯾﺔ و اﻟﺗﺟﺎرﯾﺔ و ﻋﻠوم اﻟﺗﺳﯾﯾر ‪ ،‬ﺟﺎﻣﻌﺔ ﻣﺣﻣد اﻟﺑﺷﯾر اﻹﺑراھﯾﻣﻲ ﺑرج ﺑو‬
‫ﻋرﯾرﯾﺞ ‪ ،‬اﻟﺟزاﺋر‪ ،‬ص ‪23-27‬‬

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 ‫ﺍﻟﻔ ﺼ ﻞ ﺍﻷ ﻭ ﻝ ‪ :‬ﺍﻹ ﻃ ﺎﺭ ﺍﻟﻨﻈ ﺮ ﻱ ﻭ ﺍﳌ ﻔ ﺎﻫ ﻴﻤ ﻲ ﻟ ﻠ ﻤ ﻼ ء ﺓ ﺍﳌ ﺎ ﻟﻴ ﺔ ﻭ ﺃ ﺛ ﺮ ﻫ ﺎ ﻋ ﻠ ﻰ ﻗ ﻴ ﻤ ﺔ ﺍ ﻟ ﺸ ﺮ ﻛ ﺔ‬

‫ﻭ ﺗ ﺴ ﺎ ﻫ ﻢ ﺃ ﻳ ﻀ ﺎ ﰲ ﺇ ﻳ ﻀ ﺎ ﺡ ﻣ ﺸ ﻜ ﻠ ﺔ ﺍ ﻟ ﺒ ﺤ ﺚ ﺑ ﺎ ﻟ ﻨ ﺴ ﺒ ﺔ ‪ ،‬ﻛ ﻤ ﺎ ﺃ ‪ º‬ﺎ ﺗ ﻘ ﺪ ﻡ ﻟ ﻪ ﻛ ﻤ ﺎ ﻛ ﺒ ﲑ ﺍ ﻣ ﻦ ﺍ ﳌ ﺼ ﺎ ﺩ ﺭ ﻭ ﺍ ﳌ ﺮ ﺍ ﺟ ﻊ ﺍ ﻟ ﱵ ﺑ ﺈ ﻣ ﻜ ﺎ ﻧ ﻪ ﺍ ﻟ ﻌ ﻮ ﺩ ﺓ ﺇ ﻟ ﻴ ﻬ ـﺎ‬

‫ﻭ ﻫ ﻲ ﳎ ﻤ ﻮ ﻋ ﺔ ﻣ ﻦ ﺍ ﻷ ﲝ ﺎ ﺙ ﻭ ﺍ ﻟ ﻜ ﺘ ﺐ ﺍ ﻟ ﱵ ﺗ ﻨ ﺎ ﻭ ﻟ ﺖ ﺍﳌ ﻮ ﺿ ﻮ ﻉ ﺍ ﻟ ﺬ ﻱ ﻳ ﺮ ﻳ ﺪ ﺍ ﻟ ﺒ ﺎ ﺣ ﺚ ﻛ ﺘ ﺎ ﺑ ﺔ ﲝ ﺜ ﻪ ﻓ ﻴ ﻪ ‪.‬‬

‫ﺳﻨﺤﺎﻭﻝ ﰲ ﻫﺬﺍ ﺍﳌﺒﺤﺚ ﻣﻨﺎﻗﺸﺔ ﺍﻟﺪﺭﺍﺳﺎﺕ ﺍﻟﱵ ﺗﻨﺎﻭﻟﺖ ﺃﺛﺮ ﺍﳌﻼءﺓ ﺍﳌﺎﻟﻴﺔ ﰲ ﺍﻟﺒﻮﺭﺻﺔ ﻭﺷﺮﻛﺔ ﺍﻟﺘﺄﻣﲔ ﺑﺎﻋﺘﺒﺎﺭﻫﺎ ﺃﻛﺜـﺮ‬
‫ﺍﺭ ﺗﺒﺎﻃ ﺎ ﺑﺪ ﺭ ﺍﺳ ﺘﻨﺎ ﺣ ﻴﺚ ﻗﺴ ﻤ ﻨﺎ ﻫ ﺬ ﺍ ﺍﳌ ﺒﺤ ﺚ ﺇﱃ ﻣ ﻄ ﻠﺒﲔ ﺗﻨﺎﻭ ﻟﻨﺎ ﰲ ﺍﻷ ﻭ ﻝ ﻋ ﺮ ﺽ ﺩ ﺭ ﺍﺳ ﺎﺕ ﺳ ﺎﺑﻘ ﺔ ﺑﺎﻟﻠﻐ ﺔ ﺍﻟﻌ ﺮ ﺑﻴﺔ ﺃﻣ ﺎ ﺍﻟﺜﺎﱐ ﻓﻌ ﺮ ﺿ ﺖ‬
‫ﻓ ﻴ ﻪ ﺩ ﺭ ﺍﺳ ﺎ ﺕ ﺳ ﺎ ﺑ ﻘ ﺔ ﺑ ﺎ ﻟ ﻠ ﻐ ﺔ ﺍﻷ ﺟ ﻨ ﺒ ﻴ ﺔ ‪ .‬ﻭ ﰲ ﺍ ﳋ ﺘ ﺎ ﻡ ﻧﺸ ﲑ ﺍ ﱃ ﻣ ﺎ ﳝ ﻴ ﺰ ﺩ ﺭ ﺍ ﺳ ﺘ ﻨ ﺎ ﻋ ﻦ ﺑ ﺎ ﻗ ﻲ ﺍ ﻟ ﺪ ﺭ ﺳ ﺎ ﺕ ﺍ ﻟ ﺴ ﺎ ﺑ ﻘ ﺔ ‪.‬‬

‫ﺍﳌﻄﻠﺐ ﺍﻷﻭﻝ‪ :‬ﺗﻘﺪﱘ ﺍﻟﺪﺭﺍﺳﺎﺕ ﺍﻟﺴﺎﺑﻘﺔ ﺍﻟﻌﺮﺑﻴﺔ ﻭ ﺍﻷﺟﻨﺒﻴﺔ‬

‫ﺳ ﻨﺘﻄ ﺮ ﻕ ﰲ ﻫ ﺬ ﺍ ﺍﳌ ﻄ ﻠ ﺐ ﺇﱃ ﺍﻟﺪ ﺭ ﺍﺳ ﺎ ﺕ ﺍﻟﺴ ﺎﺑﻘ ﺔ ﺍﻟﱵ ﺗﻨﺎﻭ ﻟﺖ ﻣ ﻮ ﺿ ﻮ ﻉ ﺍﳌ ﻼ ء ﺓ ﺍﳌ ﺎﻟﻴ ﺔ ﺑﺎﻟﻠﻐ ﺔ ﺍﻟﻌ ﺮ ﺑﻴ ﺔ ﻭ ﺍ ﻷ ﺟ ﻨ ﺒ ﻴ ﺔ ‪.‬‬

‫• ﺩﺭﺍﺳﺔ ﺷﺎﻫﺮ ﻓﻼﺡ ﺍﻟﻌﺮﻭﺩ )‪ ":(2014‬ﺍﳌﻼءﺓ ﺍﳌﺎﻟﻴﺔ ﻭﻣﺪﻯ ﺗﺎﺛﲑﻫﺎ ﰲ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻮﻗﻴﺔ ﻟﺴﻌﺮ ﺍﻟﺴـﻬﻢ ﰲ ﺍﻟﺒﻨـﻮﻙ‬
‫ﺍﻟﺘﺠﺎﺭﻳﺔ ﺍﻷﺭﺩﻧﻴﺔ ﺍﳌﺪﺭﺟﺔ ﰲ ﺑﻮﺭﺻﺔ ﻋﻤﺎﻥ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ " ﺧﻼﻝ ﺍﻟﻔﺘﺮﺓ ‪.2010-2001‬‬

‫ﻫﺪﻓﺖ ﺍﻟﺪﺭﺍﺳﺔ ﺇﱃ ﺇﺑﺮﺍﺯ ﺃﺛﺮ ﺍﳌﻼءﺓ ﺍﳌﺎﻟﻴﺔ ﰲ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻮﻗﻴﺔ ﻟﺴﻌﺮ ﺍﻟﺴﻬﻢ ﰲ ﺍﻟﺒﻨﻮﻙ ﺍﻟﺘﺠﺎﺭﻳﺔ ﺍﻷﺭﺩﱐ‪ .‬ﺣﻴـﺚ ﲤـﺖ‬
‫ﺍﻟﺪ ﺭ ﺍﺳ ﺔ ﻋ ﻦ ﻃ ﺮ ﻳﻖ ﲨ ﻊ ﺑﻴﺎﻧﺎ ﺕ ﺍﻟﻨﺴ ﺐ ﺍﳌ ﺎﻟﻴ ﺔ ﻟﻠ ﻤ ﻼ ء ﺓ ﺍﳌ ﺎﻟﻴ ﺔ ﻗ ﺼ ﲑ ﺓ ﺍﻷ ﺟ ﻞ ﻭ ﻃ ﻮ ﻳﻠ ﺔ ﺍﻷ ﺟ ﻞ ﻭ ﻧﺴ ﺐ ﺗﻐ ﻄ ﻴ ﺔ ﺍﳌ ﻼ ء ﺓ ﺍﳌ ﺎﻟﻴ ﺔ ﻣ ﻦ ﺍﻟﻘ ﻮ ﺍﺋﻢ‬
‫ﺍﳌﺎﻟﻴﺔ ﻟﻠﺒﻨﻮﻙ ﺍﻟﺘﺠﺎﺭﻳﺔ ﺍﻷﺭﺩﻧﻴﺔ‪ ،‬ﲤﺖ ﺍﻟﺪﺭﺍﺳﺔ ﻋﻠﻰ ﻋﻴﻨﺔ ﺗﺘﻜﻮﻥ ﻣﻦ ‪ 15‬ﺑﻨﻜﺎ‪ ،‬ﻛﺎﻧﺖ ﺑﻴﺎﻧﺎ™ﺎ ﺗﻄﺮﺡ ﻣﻨﺔ ﺧﻼﻝ ﺑﻮﺭﺻـﺔ ﻋﻤـﺎﻥ‬
‫ﻟﻸﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﺑﺈﻧﺘﻈﺎﻡ ﺧﻼﻝ ﺳﻨﻮﺍﺕ ﺍﻟﺪﺭﺍﺳﺔ‪ ،‬ﰎ ﻓﻴﻬﺎ ﺇﺳﺘﺨﺪﺍﻡ ﺃﺳﻠﻮﺏ ﲢﻠﻴﻞ ﺍﻹﳓﺪﺍﺭ ﺍﻟﺒﺴﻴﻂ ﻹﺧﺘﺒﺎﺭ ﻣـﺪﻯ ﺗـﺄﺛﲑ ﺍﳌﺘﻐـﲑ‬
‫ﺍ ﳌ ﺴ ﺘ ﻘ ﻞ ) ﺍ ﳌ ﻼ ء ﺓ ﺍ ﳌ ﺎ ﻟ ﻴ ﺔ ( ﻋ ﻠ ﻰ ﺍﳌ ﺘ ﻐ ﲑ ﺍﻟ ﺘ ﺎ ﺑ ﻊ ) ﺍﻟﻘ ﻴ ﻤ ﺔ ﺍﻟﺴ ﻮ ﻗ ﻴ ﺔ ﻟ ﻠﺴ ﻬ ﻢ ( ‪.‬‬

‫ﺗﻮ ﺻ ﻠﺖ ﺍﻟﺪ ﺭ ﺍﺳ ﺔ ﻣ ﻦ ﺧ ﻼ ﻝ ﻧﺘﺎﺋﺠ ﻬ ﺎ ﺍﱃ ﺃﻥ ﺍﻟﺒﻨﻮ ﻙ ﺍﻟﺘﺠ ﺎﺭ ﻳﺔ ﺍﻷ ﺭ ﺩ ﻧﻴﺔ ﺗﺘﻤ ﺘﻊ ﲟ ﻼ ءﺓ ﻣ ﺎﻟﻴﺔ ﺟ ﻴﺪ ﺓ ﺗﺴ ﺘﻄ ﻴﻊ ﺍﻟﻮ ﻓﺎء ﺑﺎﻟﺘﺰ ﺍﻣ ﺘﻬ ﺎ‬
‫ﺍﳌﺎﻟﻴﺔ ﻗﺼﲑﺓ ﺍﻻﺟﻞ ﻭﻃﻮﻳﻠﺔ ﺍﻻﺟﻞ‪،‬ﻭﺫﻟﻚ ﺑﺎﻹﻋﺘﻤﺎﺩ ﻋﻠﻰ ﺇﺩﺍﺭﺓ ﺃﺻﻮﳍﺎ ﻭ ﻣﻮﺍﺭﺩﻫﺎ ﻭ ﻋﻠﻰ ﺇﺩﺍﺭﺓ ﺍﻟﺒﻨﻮﻙ ﺍﻟﺘﺠﺎﺭﻳﺔ ﺍﻷﺭﺩﻧﻴﺔ ﺍﳌﺪﺭﺟﺔ‬
‫ﺍﲰﻬﺎ ﰲ ﺳﻮﻕ ﻋﻤﺎﻥ ﺍﳌﺎﻟﻴﺔ ‪.‬ﻣﻊ ﺍﻷﺧﺬ ﺑﻌﲔ ﺍﻻﻋﺘﺒﺎﺭ ﻣﻌﺪﻝ ﺳﻌﺮ ﺍﻟﻔﺎﺋﺪﺓ ﺣﻴﺚ ﺃﻥ ﺇﺭﺗﻔﺎﻉ ﻣﻌﺪﻝ ﺳﻌﺮﺍﻟﻔﺎﺋﺪﺓ ﻳﺆﺛﺮ ﻋﻠﻰ ﺍﻟﻔﻮﺍﺋـﺪ‬
‫ﺍﳌ ﻤ ﻨﻮ ﺣ ﺔ ﻟﻠﻌ ﻤ ﻼ ء ﻭ ﻫ ﺬ ﺍ ﻳﺆ ﺛﺮ ﻋ ﻠﻰ ﺍﻟﻘ ﻴﻤ ﺔ ﺍﻟﺴ ﻮ ﻗ ﻴ ﺔ ﻷ ﺳ ﻬ ﻢ ﺍﻟﺒﻨﻮ ﻙ ﺍﻟﺘﺠ ﺎﺭ ﻳ ﺔ ‪.‬‬

‫• ﺩﺭﺍﺳﺔ ﻋﺒﺪ ﺍﻟﻔﺘﺎﺡ ﻋﺜﻤﺎﻥ ﺍﻟﻌﺮﳚﻲ ‪،‬ﻋﺎﺩﻝ ﻋﺒﺪ ﺍﻟﻌﺰﻳﺰ ﺳﻠﻄﺎﻥ ‪ ،‬ﻋﺼﺎﻡ ﻋﺒﺪ ﺍﳊﻔﻴﻆ ﻋﺒﺪ ﺍﻟﺴﻼﻡ ﻣﻴﻼﺩ )‪:(2021‬‬
‫" ﺍﺛﺮ ﻣﺆﺷﺮﺍﺕ ﺍﳌﻼءﺓ ﺍﳌﺎﻟﻴﺔ ﻋﻠﻰ ﺍﻻﺩﺍء ﺍﳌﺎﱄ " ﲤﺖ ﺍﻟﺪﺭﺍﺳﺔ ﻋﻠﻰ ﲬﺲ ﺷﺮﻛﺎﺕ ﺗﺎﻣﲔ ﻟﻴﺒﻴـﺔ ﺧـﻼﻝ ﺍﻟﻔﺘـﺮﺓ‬
‫‪.2017-2013‬‬
‫ﻫ ﺪ ﻓ ﺖ ﺍ ﻟ ﺪ ﺭ ﺍﺳ ﺔ ﺇ ﱃ ﺍ ﻟ ﺘ ﻌ ﺮ ﻑ ﻋ ﻠ ﻰ ﺃ ﺛ ﺮ ﺑ ﻌ ﺾ ﻣ ﺆ ﺷ ﺮ ﺍ ﺕ ﺍﳌ ﻼ ء ﺓ ﺍﳌ ﺎ ﻟ ﻴ ﺔ ﻋ ﻠ ﻰ ﺍﻷ ﺩ ﺍء ﺍﳌ ﺎ ﱄ ﻟﺸ ﺮ ﻛ ﺎ ﺕ ﺍ ﻟ ﺘ ﺄ ﻣ ﲔ ﺍ ﻟ ﻠ ﻴ ﺒ ﻴ ﺔ ﺑ ﺈ ﺳ ﺘ ﺨ ﺪ ﺍ ﻡ‬
‫ﺍﻹ ﺣ ﺼ ﺎء ﺍﻟﻮ ﺻ ﻔ ﻲ ﻟﺘﺤ ﻠﻴﻞ ﺑﻴﺎﻧﺎ ﺕ ﺍﻟﺪ ﺭ ﺍﺳ ﻴ ﺔ ﻛ ﻤ ﺎ ﰎ ﺇﺳ ﺘﺨ ﺪ ﺍﻡ ﺃﺳ ﻠﻮ ﺏ ﲢ ﻠﻴﻞ ﺍﻻ ﺭ ﺗﺒﺎ ﻁ ﻭ ﺃﻳ ﻀ ﺎ ﰎ ﺇﺳ ﺘﺨ ﺪ ﺍﻡ ﺃﺳ ﻠﻮ ﺏ ﺍﻻ ﳓ ﺪ ﺍﺭ ﺍﳌ ﺘﻌ ﺪ ﺩ‬
‫ﺍﻟﺘﺪ ﺭ ﳚ ﻲ ﻟﺘﺤ ﺪ ﻳﺪ ﺍﳌ ﺘﻐ ﲑ ﺍﺕ ﺍﻟﱵ ﳚ ﺐ ﺍﻥ ﺗﺪ ﺧ ﻞ ﰲ ﳕ ﻮ ﺫ ﺝ ﻭ ﺍﺳ ﺘﺒﻌ ﺎﺩ ﺍﳌ ﺘﻐ ﲑ ﺍﺕ ﺍﻷ ﺧ ﺮ ﻯ ‪.‬‬
‫ﺗ ﻮ ﺻ ﻠ ﺖ ﻫ ﺬ ﻩ ﺍ ﻟ ﺪ ﺭ ﺍ ﺳ ﺔ ﺍ ﱃ ﻭ ﺟ ﻮ ﺩ ﺍ ﺛ ﺮ ﻟ ﻨ ﺴ ﺒ ﺔ ﺻ ﺎ ﰲ ﺍﻷ ﻗﺴ ﺎ ﻁ ﺍﳌ ﻜ ﺘﺘﺒ ﺔ ﺍﱃ ﺍﲨ ﺎ ﱄ ﺣ ﻘ ﻮ ﻕ ﺍﳌﺴ ﺎﳘ ﲔ ﻋ ﻠﻰ ﺍﳌ ﻌ ﺪ ﻝ ﺍﻟﻌ ﺎﺋﺪ ﻋ ﻠﻰ‬
‫ﺣ ﻘ ﻮ ﻕ ﺍﳌﺴ ﺎﳘ ﲔ ﻛ ﻤ ﺎ ﺃﻇ ﻬ ﺮ ﺕ ﻧﺘﺎﺋﺞ ﺍﻟﺪ ﺭ ﺍﺳ ﺔ ﻋ ﺪ ﻡ ﻭ ﺟ ﻮ ﺩ ﺃﺛﺮ ﻟﻠﺘﻐ ﲑ ﺍﺕ ‪ .‬ﺑﻞ ﺍﻟﺘﻐ ﲑ ﰲ ﺣ ﺠ ﻢ ﺻ ﺎﰲ ﺍﻷ ﻗﺴ ﺎ ﻁ ﻭ ﺍﳌ ﺨ ﺼ ﺼ ﺎ ﺕ ﺍﻟﻔ ﻨﻴ ﺔ‬
‫ﺑﺎﻟﻨﺴ ﺒﺔ ﻟﻸ ﺻ ﻮ ﻝ ﺍﳌﺘﺪ ﺍﻭ ﻟﺔ ﻋ ﻠﻰ ﻣ ﻌ ﺪ ﻝ ﺍﻟﻌ ﺎﺋﺪ ﻋ ﻠﻰ ﺣ ﻘ ﻮ ﻕ ﺍﳌﺴ ﺎﳘ ﲔ‬

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 ‫ﺍﻟﻔ ﺼ ﻞ ﺍﻷ ﻭ ﻝ ‪ :‬ﺍﻹ ﻃ ﺎﺭ ﺍﻟﻨﻈ ﺮ ﻱ ﻭ ﺍﳌ ﻔ ﺎﻫ ﻴﻤ ﻲ ﻟ ﻠ ﻤ ﻼ ء ﺓ ﺍﳌ ﺎ ﻟﻴ ﺔ ﻭ ﺃ ﺛ ﺮ ﻫ ﺎ ﻋ ﻠ ﻰ ﻗ ﻴ ﻤ ﺔ ﺍ ﻟ ﺸ ﺮ ﻛ ﺔ‬

‫• ﺩﺭﺍﺳﺔ ﳏﻤﻮﺩ ﲰﲑ ‪ ,‬ﳏﻤﻮﺩ ﺍﳌﺼﺮﻱ )‪ :(2020-2016‬ﻣﻘﺎﻝ ﻣﻨﺸﻮﺭ ﰲ ﳎﻠﺔ ﺍﳌﻘﺮﻳﺰﻱ ﻟﻠﺪﺭﺳﺎﺕ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﻭ‬
‫ﺍﳌ ﺎ ﻟﻴ ﺔ ‪ ،‬ﲢ ﺖ ﻋ ﻨ ﻮ ﺍﻥ " ﺍﺛﺮ ﺍﻟﺘ ﺤ ﻔ ﻆ ﺍﳌ ﺤ ﺎ ﺳ ﱯ ﻋ ﻠ ﻰ ﺟ ﻮ ﺩ ﺓ ﺍﻷ ﺭ ﺑﺎ ﺡ ﺩ ﺭ ﺍﺳ ﺔ ﺗﻄ ﺒﻴﻘ ﻴ ﺔ ﻋ ﻠ ﻰ ﻗ ﻄ ﺎ ﻉ ﺍﻟ ﺼ ﻨﺎ ﻋ ﻲ ﻟﺸ ﺮ ﻛ ﺎ ﺕ‬
‫ﺍﳌ ﺪ ﺭ ﺟ ﺔ ﰲ ﺑ ﻮ ﺭ ﺻ ﺔ ﻋ ﻤ ﺎﻥ ﺍﻷ ﻭ ﺭ ﺍﻕ ﺍﳌ ﺎ ﻟﻴ ﺔ ﺧ ﻼ ﻝ ﻓ ﺘﺮ ﺓ " ‪.‬‬

‫ﻫ ﺪ ﻓ ﺖ ﻫ ﺬ ﻩ ﺍ ﻟ ﺪ ﺭ ﺍﺳ ﺔ ﺍ ﱃ ﻣ ﻌ ﺮ ﻓ ﺔ ﺍ ﺛ ﺮ ﺍ ﻟ ﺘ ﺤ ﻔ ﻆ ﺍ ﳌ ﺤ ﺎ ﺳ ﱯ ﻋ ﻠ ﻰ ﺟ ﻮ ﺩ ﺓ ﺍ ﻷ ﺭ ﺑ ﺎ ﺡ ﻟ ﻠ ﺸ ﺮ ﻛ ﺎ ﺕ ﺍ ﻟ ﺼ ﻨ ﺎ ﻋ ﻴ ﺔ ﺍ ﳌ ﺪ ﺭ ﺟ ـ ﺔ ﰲ ﺑ ﻮ ﺭ ﺻ ـ ﺔ‬
‫ﻋﻤﺎﻥ ﻟﻸﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ‪ ،‬ﰎ ﺍﺳﺘﺨﺪﺍﻡ ﻋﻴﻨﺔ ﺣﺠﻤﻬﺎ ‪ 49‬ﺷﺮﻛﺔ ﺻﻨﺎﻋﻴﺔ ﰲ ﺑﻮﺭﺻﺔ ﻋﻤﺎﻥ ﻟﻸﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﺣﻴﺚ ﺍﻋﺘﻤﺪﺕ ﺍﻟﺪﺭﺍﺳـﺔ‬
‫ﻋﻠﻰ ﺍﺳﺘﺨﺪﺍﻡ ﺍﳌﻨﻬﺞ ﺍﻟﻮﺻﻔﻲ ﺍﻟﺘﺤﻠﻴﻠﻲ ﻭﺍﻓﺘﺮﺿﺖ ﺍﻟﺪﺭﺍﺳﺔ ﺍﻥ ﺍﻟﺸﺮﻛﺎﺕ ﺍﻟﺼﻨﺎﻋﻴﺔ ﻻ ﲤﺎﺭﺱ ﺍﻟﺘﺤﻔﻆ ﺍﳌﺤﺎﺳﱯ ﻋﻨﺪ ﺍﻋـﺪﺍﺩﻫﺎ‬
‫ﻟﻠﻘ ﻮ ﺍﺋﻢ ﺍﳌ ﺎﻟﻴﺔ‪.‬‬

‫ﺗ ﻮ ﺻ ﻠ ﺖ ﺍ ﻟ ﺪ ﺭ ﺍ ﺳ ﺔ ﺍ ﱃ ﻭ ﺟ ﻮ ﺩ ﺍ ﺧ ﺘ ﻼ ﻑ ﰲ ﻣ ﺴ ﺘ ﻮ ﻯ ﺍ ﻟ ﺘ ﺤ ﻔ ﻆ ﺍ ﳌ ﺤ ﺎ ﺳ ﱯ ﺑ ﲔ ﺍ ﻟ ﺸ ﺮ ﻛ ﺎ ﺕ ﻭ ﺑ ﲔ ﺃ ﺭ ﺑ ـﺎ ﺡ ﺍ ﻷ ﻋ ـﻮ ﺍ ﻡ ﺍ ﳌ ﺨ ﺘ ﻠ ﻔ ـﺔ‬
‫ﻟﻠﺸ ﺮ ﻛ ﺎﺕ ﺍﻟﺼ ﻨﺎﻋ ﻴﺔ ﺍﳌ ﺪ ﺭ ﺟ ﺔ ﰲ ﺑﻮ ﺭ ﺻ ﺔ ﻋ ﻤ ﺎﻥ ﻟﻸ ﻭ ﺭ ﺍﻕ ﺍﳌ ﺎﻟﻴﺔ ﺣ ﻴﺚ ﺃﻥ ﺍﻟﺸ ﺮ ﻛ ﺎﺕ ﺍﻟﺼ ﻨﺎﻋ ﻴﺔ ﰲ ﺑﻮ ﺭ ﺻ ﺔ ﻋ ﻤ ﺎﻥ ﻟﻸ ﻭ ﺭ ﺍﻕ ﺍﳌ ﺎﻟﻴﺔ ﻻ‬
‫ﺗﺘﻤﺘﻊ ﺑﺎﻻﺳﺘﻤﺮﺍﺭﻳﺔ ﻭﺑﺎﻟﺘﺎﱄ ﺗﺘﺴﻢ ﲟﺴﺘﻮﻯ ﻣﻨﺨﻔﺾ ﻣﻦ ﺟﻮﺩﺓ ﺍﻷﺭﺑﺎﺡ‪.‬‬

‫• ﺩﺭﺍﺳﺔ ﻋﺒﺪ ﺍﻟﻜﺮﱘ ﺧﲑﻱ ‪:‬ﺃﻃﺮﻭﺣﺔ ﺩﻛﺘﻮﺭﺍﻩ ﻋﻠﻮﻡ ﲡﺎﺭﻳﺔ ﺟﺎﻣﻌﺔ ﳏﻤﺪ ﺑﻮﺿﻴﺎﻑ ﺑﺎﳌﺴﻴﻠﺔ ﲢﺖ ﻋﻨﻮﺍﻥ" ﺍﺛﺮ ﺻـﻨﻊ‬
‫ﺍﻟﻘ ﺮ ﺍﺭ ﺍﺕ ﺍﳌ ﺎﻟﻴ ﺔ ﻋ ﻠﻰ ﻗ ﻴﻤ ﺔ ﺍﳌ ﺆ ﺳ ﺴ ﺔ ﺍﻻ ﻗ ﺘﺼ ﺎﺩ ﻳ ﺔ ﺍﳉ ﺰ ﺍﺋﺮ ﻳ ﺔ " ‪.‬‬
‫ﻫ ﺪ ﻓ ﺖ ﻫ ﺬ ﻩ ﺍ ﻟ ﺪ ﺭ ﺍﺳ ﺔ ﺍ ﱃ ﻣ ﻌ ﺮ ﻓ ﺔ ﻛ ﻴ ﻒ ﳝ ﻜ ﻦ ﻟ ﻠ ﻤ ﺆ ﺳ ﺴ ﺎ ﺕ ﺍﻻ ﻗ ﺘ ﺼ ﺎ ﺩ ﻳ ﺔ ﺍ ﳉ ﺰ ﺍ ﺋ ﺮ ﻳ ﺔ ﲢ ﻘ ﻴ ﻖ ﺃ ﻗ ﺼ ﻰ ﺛ ﺮ ﻭ ﺓ ﻟ ﻠ ﻤ ﺴ ﺎ ﳘ ﲔ ﻭ ﺗ ﻌ ﻈ ـﻴ ﻢ‬
‫ﻗ ﻴ ﻤ ﺘ ﻬ ﺎ ﺍﻟﺴ ﻮ ﻗ ﻴ ﺔ ﰲ ﻇ ﻞ ﺗ ﺪ ﺧ ﻞ ﺍﻟ ﻘ ﺮ ﺍ ﺭ ﺍ ﺕ ﺍﳌ ﺎ ﻟ ﻴ ﺔ ﻭ ﺍﻟ ﺘﺄ ﺛ ﲑ ﺍﳌ ﺘ ﺒ ﺎ ﺩ ﻝ ﺑ ﻴ ﻨ ﻬ ﻤ ﺎ ﻭ ﺑ ﺎ ﻟ ﺘ ﺎ ﱄ ﺍﻟ ﻘ ﻴ ﻤ ﺔ ﺍﻟﺴ ﻮ ﻗ ﻴ ﺔ ﻟ ﻠ ﻤ ﺆ ﺳ ﺴ ﺎ ﺕ ﺍﻻ ﻗ ﺘ ﺼ ﺎ ﺩ ﻳ ﺔ ﺍﳌ ﺪ ﺭ ﺟ ﺔ ﰲ‬
‫ﺍﻟﺒﻮ ﺭ ﺻ ﺔ ‪.‬‬
‫ﺗ ﻮ ﺻ ﻠ ﺖ ﺍ ﻟ ﺪ ﺭ ﺍ ﺳ ﺔ ﺇ ﱃ ﺃ ﻥ ﺍ ﻟ ﻘ ﻴ ﻤ ﺔ ﺍ ﻟﺴ ﻮ ﻗ ﻴ ﺔ ﻷ ﺳ ﻬ ﻢ ﺍﳌ ﺆ ﺳ ﺴ ﺔ ﺗ ﺘ ﺎ ﺛ ﺮ ﺑ ﻨﺴ ﺒ ﺔ ﺍ ﻟ ﺪ ﻳ ﻦ ﺍ ﻹ ﲨ ﺎ ﱄ ﻋ ﻠ ﻰ ﺍ ﻷ ﻣ ﻮ ﺍ ﻝ ﺍ ﳋ ﺎ ﺻ ﺔ ) ﺑ ﺎ ﻟ ﻨ ﺴ ﺒ ﺔ ﻟ ﻠ ﺮ ﻓ ﻊ‬
‫ﺍﳌ ﺎ ﱄ ( ‪ .‬ﻛ ﻤ ﺎ ﺍﻇ ﻬ ﺮ ﺕ ﺍﻥ ﺍﻟﻌ ﻼ ﻗ ﺔ ﺑﲔ ﻗﻴﻤ ﺔ ﺍﳌ ﺆ ﺳ ﺴ ﺔ ﻭ ﺑﺎﻗﻲ ﺍﳌ ﺘﻐ ﲑ ﺍﺕ ﺍﳌ ﺪ ﺭ ﻭ ﺳ ﺔ ﻋ ﻼ ﻗ ﺔ ﻣ ﺘﻮ ﺳ ﻄ ﺔ ﺍﻭ ﺿ ﻌ ﻴﻔ ﺔ‪ ،‬ﻭ ﺍﻟﺴ ﺒﺐ ﺍﻟﺮ ﺋﺴ ﻲ ﰲ ﻫ ﺬ ﺍ‬
‫ﻳ ﻌ ﻮ ﺩ ﺍ ﱃ ﳏ ﺪ ﻭ ﺩ ﻳ ﺔ ﺃ ﺩ ﺍ ء ﺑ ﻮ ﺭ ﺻ ﺔ ﺍ ﳉ ﺰ ﺍ ﺋ ﺮ ﻭ ﻟ ﻌ ﻞ ﺫ ﻟ ﻚ ﻳ ﻌ ﻮ ﺩ ﺇ ﱃ ﺇ ﻧ ﻌ ﺪ ﺍﻡ ﺍ ﳋ ﱪ ﺓ ﻭ ﺍﻟ ﺮ ﺅ ﻯ ﺍﻟ ﻮ ﺍ ﻗ ﻌ ﻴ ﺔ ﻟ ﻼ ﻗ ﺘ ﺼ ﺎ ﺩ ﺍ ﳉ ﺰ ﺍﺋ ﺮ ﻱ ﳑ ـﺎ ﺣ ـﺎ ﻝ ﺩ ﻭ ﻥ‬
‫ﺍﻣ ﻜ ﺎﻧﻴ ﺔ ﻭ ﺿ ﻊ ﺃﺳ ﺲ ﺻ ﻠﺒ ﺔ ﻟﻠﺴ ﻮ ﻕ ﺍﳌ ﺎ ﱄ ‪ .‬ﺣ ﻴ ﺚ ﺗﺘ ﻤ ﻴﺰ ﺑﺎ ﺳ ﺘ ﻤ ﺮ ﺍﺭ ﻳﺘﻬ ﺎ ﻭ ﻓ ﻌ ﺎﻟﻴﺘﻬ ﺎ ﰲ ﺍﺳ ﺘﻘ ﻄ ﺎ ﺏ ﺍﻻ ﺳ ﺘﺜ ﻤ ﺮ ﺍﺕ ﺍﳌ ﺤ ﻠﻴ ﺔ ﻭ ﺍﺟ ﻨﺒﻴ ﺔ ‪.‬‬
‫• ﺩﺭﺍﺳﺔ ﺑﻮﺭﻧﻴﺴﺔ ﻣﺮﱘ ‪،‬ﺧﻨﻔﺮﻱ ﺧﻴﻀﺮ)‪ ":(2018‬ﻓﻌﺎﻟﻴﺔ ﺍﳌﺆﺷﺮﺍﺕ ﺍﳊﺪﻳﺜﺔ ﺍﻻﺩﺍء ﺍﳌﺎﱄ ﰲ ﲢﺪﻳﺪ ﺍﳌـﻼءﺓ ﺍﳌﺎﻟﻴـﺔ‬
‫ﻟﻠﻤ ﺆ ﺳ ﺴ ﺎﺕ ﺍﻟﺼ ﻨﺎﻋ ﻴﺔ " ﺩ ﺭ ﺍﺳ ﺔ ﺣ ﺎﻟﺔ ﻣ ﺆ ﺳ ﺴ ﺎﺕ ﺻ ﻨﺎﻋ ﻴﺔ ﺍﻻ ﺭ ﺩ ﻧﻴﺔ‪.‬‬

‫ﻫ ﺪ ﻓ ﺖ ﻫ ﺬ ﻩ ﺍ ﻟ ﺪ ﺭ ﺍﺳ ﺔ ﺍ ﱃ ﺗ ﻘ ﻴ ﻢ ﺍﻷ ﺩ ﺍء ﺍﳌ ﺎ ﱄ ﻟ ﻠ ﻤ ﺆ ﺳ ﺴ ﺎ ﺕ ﺍ ﻟ ﺼ ﻨ ﺎ ﻋ ﻴ ﺔ ﺣ ﻴ ﺚ ﺇ ﻋ ﺘ ﻤ ﺪ ﰲ ﻫ ﺬ ﻩ ﺍ ﻟ ﺪ ﺭ ﺍﺳ ﺔ ﻋ ﻠ ﻰ ﺍ ﻟ ﻨ ﻤ ـﻮ ﺫ ﺝ ﺍﳌ ـﺎ ﱄ‬
‫ﺍﻻﺣﺼﺎﺋﻲ ﻭ ﺍﳌﺘﻤﺜﻞ ﰲ ﳕﻮﺫﺝ ﺍﻟﺘﻤﺎﻥ ﻟﻠﺘﻨﺒﻮء ﺑﺎﻟﻔﺸﻞ ﺍﳌﺎﱄ‪ ،‬ﻭﺫﺍﻟﻚ ﺑﻨﺎء ﻋﻠﻰ ﺍﻟﻘﻮﺍﺋﻢ ﺍﳌﺎﻟﻴﺔ ﺧـﻼﻝ ﻓﺘـﺮﺓ ‪-2016-2015‬‬
‫‪.2017‬‬
‫ﺗ ﻮ ﺻ ﻠ ﺖ ﺍ ﻟ ﺪ ﺭ ﺍ ﺳ ﺔ ﺇ ﱃ ﻓ ﻌ ﺎ ﻟ ﻴ ﺔ ﻭ ﳒ ﺎ ﺡ ﺍ ﻟ ﻨ ﻤ ﻮ ﺫ ﺝ ﺍ ﳌ ﺎ ﱄ ﺍ ﻹ ﺣ ﺼ ﺎ ﺋ ﻲ ﰲ ﺗ ﺸ ﺨ ﻴ ﺺ ﺍ ﳌ ﻼ ء ﺓ ﺍ ﳌ ﺎ ﻟ ﻴ ﺔ ﻭ ﲢ ﺪ ﻳ ﺪ ﺍ ﻷ ﺩ ﺍ ء ﺍ ﳌ ـﺎ ﱄ ﺍ ﳊ ـﺎ ﱄ‬
‫ﻭ ﺍ ﳌ ﺴ ﺘ ﻘ ﺒ ﻠ ﻲ ﻟ ﻠ ﻤ ﺆ ﺳ ﺴ ﺎ ﺕ ﺍ ﻟ ﺼ ﻨ ﺎ ﻋ ﻴ ﺔ ﺍ ﳌ ﺴ ﻌ ﺮ ﺓ ﰲ ﺍ ﻟ ﺒ ﻮ ﺭ ﺻ ﺔ ﺍ ﻷ ﺭ ﺩ ﻧ ﻴ ﺔ ‪ .‬ﺣ ﻴ ﺚ ﲰ ﺤ ﺖ ﺍ ﳌ ﺆ ﺷ ﺮ ﺍ ﺕ ﺍ ﳌ ﺎ ﻟ ﻴ ﺔ ﻭ ﻓ ﻘ ﺎ ﻟ ﻨ ﻤ ﻮ ﺫ ﺝ ﺍ ﻟ ﺘ ﻤ ﺎ ﻥ ﺑ ﺘ ﺸ ـﺨ ﻴ ﺺ‬
‫ﺍﻟﻮﺿﻌﻴﺔ ﺍﳌﺎﻟﻴﺔ ﻟﻜﻞ ﻣﺆﺳﺴﺔ ﺻﻨﺎﻋﻴﺔ ﳏﻞ ﺍﻟﺪﺭﺍﺳﺔ ﻭﻓﻘﺎ ﻟﻜﻞ ﺳﻨﺔ ﺣﻴﺚ ﻇﻬﺮﺕ ﺃﻥ ﺍﳌﺆﺳﺴﺎﺕ ﺍﻟﱵ ﺗﺘﻤﺘﻊ ﺑﺄﺩﺍء ﻣـﺎﱄ ﻛﻔـﺊ ﻭ‬
‫ﲟ ﻼ ءﺓ ﻣ ﺎﻟﻴﺔ ﻋ ﺎﻟﻴﺔ ﲤ ﻜ ﻨﻬ ﻢ ﻣ ﻦ ﺍﻻ ﺳ ﺘﻤ ﺮ ﺍﺭ ﻣﺴ ﺘﻘ ﺒﻼ ‪ ،‬ﺃﻱ ﻻ ﻭ ﺟ ﻮ ﺩ ﳋ ﻄ ﺮ ﺍﻟﻔﺸ ﻞ ﺍﻹ ﻓﻼ ﺱ ﺍﳌ ﺎﱄ ‪.‬‬

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 ‫ﺍﻟﻔ ﺼ ﻞ ﺍﻷ ﻭ ﻝ ‪ :‬ﺍﻹ ﻃ ﺎﺭ ﺍﻟﻨﻈ ﺮ ﻱ ﻭ ﺍﳌ ﻔ ﺎﻫ ﻴﻤ ﻲ ﻟ ﻠ ﻤ ﻼ ء ﺓ ﺍﳌ ﺎ ﻟﻴ ﺔ ﻭ ﺃ ﺛ ﺮ ﻫ ﺎ ﻋ ﻠ ﻰ ﻗ ﻴ ﻤ ﺔ ﺍ ﻟ ﺸ ﺮ ﻛ ﺔ‬

‫ﰲ ﺣ ﲔ ﺍ ﻥ ﺍ ﳌ ﺆ ﺳ ﺴ ﺎ ﺕ ﺍ ﻟ ﱵ ﺗ ﺘ ﻤ ﻴ ﺰ ﺑ ﺄ ﺩ ﺍ ء ﻣ ﺎ ﱄ ﻭ ﻣ ﻼ ء ﺓ ﻣ ﺎ ﻟ ﻴ ﺔ ﻣ ﺘ ﺬ ﺑ ﺬ ﺑ ﺔ ﺗ ﺮ ﺟ ﻊ ﻣ ﻌ ﻈ ﻤ ﻬ ﺎ ﺇ ﱃ ﺇ ﳔ ﻔ ﺎ ﺽ ﺭ ﺃ ﺱ ﻣ ﺎ ﻝ ﺍ ﻟ ﻌ ﺎ ﻣ ﻞ ﻣ ـﻊ‬
‫ﺍﻟﻌﻠﻢ ﺃﻥ ﻫﺬﻩ ﺍﻷﺧﲑﺓ ﻳﺘﻀﺮﺭ ﺑﺈﳔﻔﺎﺽ ﺍﻷﻣﻮﺍﻝ ﺍﳋﺎﺻﺔ ﻟﻠﻤﺆﺳﺴﺎﺕ‪ .‬ﻭﰲ ﺍﳌﻘﺎﺑﻞ ﺍﺭﺗﻔﺎﻉ ﺍﻟﺪﻳﻮﻥ ﳑﺎ ﻗﺪ ﻳﻌﺮﺿﻬﺎ ﻣﺴﺘﻘﺒﻼ ﳋﻄـﺮ‬
‫ﺍﻹ ﻓ ﻼ ﺱ ‪.‬‬
‫• ﺩﺭﺍﺳﺔ ﻭﻫﺎﺏ ﲰﲑ‪ ،‬ﲪﺪﻱ ﻣﻌﻤﺮﻱ )‪" :(2021‬ﺗﻘﻴﻢ ﺍﳌﻼءﺓ ﺍﳌﺎﻟﻴﺔ ﰲ ﺷﺮﻛﺎﺕ ﺍﻟﺘﺎﻣﲔ ﺍﳉﺰﺍﺋﺮﻳﺔ" ‪ ،‬ﺩﺭﺍﺳﺔ ﺣﺎﻟـﺔ‬
‫ﺷﺮﻳﻜﺔ ﺍﻟﻮﻃﻨﻴﺔ ﺍﻟﺘﺎﻣﲔ ‪ ASS‬ﺧﻼﻝ ﺍﻟﻔﺘﺮﺓ ﺍﳌﻤﺘﺪﺓ ﻣﻦ ‪ 2014‬ﺍﱃ ‪.2017‬ﰎ ﺩﺭﺍﺳﺔ ﻗﻮﺍﻋﺪ ﺍﳌﻼءﺓ ﺍﳌﺎﻟﻴﺔ ﻭﻓـﻖ‬
‫ﺍﳌﺸﺮﻭﻉ ﺍﳉﺰﺍﺋﺮﻱ ‪،‬ﻭ ﺍﺟﺮﺍء ﲢﻠﻴﻞ ﺍﻟﻮﺍﻗﻊ ﺍﳌﻼءﺓ ﺍﳌﺎﻟﻴﺔ ﻟﺸﺮﻛﺔ ﺍﻟﻮﻃﻨﻴﺔ ﻟﻠﺘﺎﻣﲔ ‪SAA‬‬
‫ﻫ ﺪ ﻓ ﺖ ﺍ ﻟ ﺪ ﺭ ﺍﺳ ﺔ ﺇ ﱃ ﺍ ﻟ ﺘ ﻌ ﺮ ﻑ ﻋ ﻠ ﻰ ﻣ ﺪ ﻯ ﺇ ﺣ ﺘ ﺮ ﺍﻡ ﻣ ﻌ ﺎ ﻳ ﲑ ﺗ ﻘ ﻴ ﻢ ﺍﳌ ﻼ ء ﺓ ﺍﳌ ﺎ ﻟ ﻴ ﺔ ﰲ ﺷ ﺮ ﻳ ﻜ ﺎ ﺕ ﺍ ﻟ ﺘ ﺄ ﻣ ﲔ ﺍ ﳉ ﺰ ﺍ ﺋ ﺮ ﻳ ﺔ ﻣ ﻦ ﺧ ﻼ ﻝ ﺗ ﻘ ﻴ ﻢ‬
‫ﳐ ﺘﻠﻒ ﺍﳌ ﺨ ﺼ ﺼ ﺎ ﺕ ﺍﻟﺘﻘ ﻨﻴ ﺔ ﻭ ﺗ ﻐ ﻄ ﻴ ﺘ ﻬ ﺎ ﺑ ﺎ ﻷ ﺻ ﻮ ﻝ ﺍ ﳌ ﻨ ﺎ ﺳ ﺒ ﺔ ﻟ ﺬ ﺍ ﻟ ﻚ ‪ ،‬ﻭ ﻛ ﺬ ﺍ ﺗﻜ ﻮ ﻳﻦ ﻫ ﺎﻣ ﺶ ﺍﳌ ﻼ ءﺓ ﺍﳌ ﺎﻟﻴﺔ ﻟﺸ ﺮ ﻛ ﺎﺕ ﺍﻟﺘﺄﻣ ﲔ ﺍﻟﺬ ﻱ ﻳﻌ ﻜ ﺲ‬
‫ﺍﳌ ﺒﻠ ﻎ ﺍﻟﺰ ﺍﺋ ﺪ ﻋ ﻦ ﺇﻟﺘﺰ ﺍﻣ ﺎ ﺕ ﺷ ﺮ ﻛ ﺎ ﺕ ﺍﻟﺘ ﺄ ﻣ ﲔ • ﺪ ﻑ ﺗ ﺪ ﺍ ﺭ ﻙ ﺍ ﻹ ﳓ ﺮ ﺍ ﻑ ﺍ ﻟ ﻐ ﲑ ﻣ ﺮ ﻏ ﻮ ﺏ ﻓ ﻴ ﻪ ‪.‬‬
‫ﺗ ﻮ ﺻ ﻠ ﺖ ﺍ ﻟ ﺪ ﺭ ﺍ ﺳ ﺔ ﻣ ﻦ ﺧ ﻼ ﻝ ﻧ ﺘ ﺎ ﺋ ﺠ ﻬ ﺎ ﺃﻥ ﺷ ﺮ ﻛ ﺔ ﺗﺘ ﻤ ﺘ ﻊ ﲟ ﻼ ء ﺓ ﺟ ﻴ ﺪ ﺓ ﻣ ﺎ ﻳﻌ ﻜ ﺲ ﺻ ﻼ ﺑ ﺔ ﻫ ﺎ ﺗﻪ ﺍﻷ ﺧ ﲑ ﺓ ﻃ ﻴ ﻠ ﺔ ﻓ ﺘﺮ ﺓ ﺍﻟ ﺪ ﺭ ﺍﺳ ـﺔ‬
‫ﻭ ﺑ ﺎ ﻟ ﺮ ﻏ ﻢ ﻣ ﻦ ﺇ ﻋ ﺎ ﺩ ﺓ ﺍ ﻟ ﻨ ﻈ ﺮ ﰲ ﻧ ﻈ ﺎ ﻡ ﺍ ﳌ ﻼ ء ﺓ ﺍ ﳌ ﺎ ﻟ ﻴ ﺔ ﻟ ﺸ ﺮ ﻛ ﺎ ﺕ ﺍ ﻟ ﺘ ﺄ ﻣ ﲔ ﺍ ﳉ ﺰ ﺍ ﺋ ﺮ ﻳ ﺔ ﺇﻻ ﺃﻥ ﺍﳌﺸ ﺮ ﻉ ﺍﳉ ﺰ ﺍﺋﺮ ﻱ ﻻ ﻳﺰ ﺍﻝ ﺑﻌ ﻴﺪ ﻛ ﻞ ﺍﻟﺒﻌ ﺪ ﻋ ﻤ ﺎ ﻫ ﻮ‬
‫ﻣ ﻌ ﻤ ﻮ ﻝ ﺑ ﻪ ﺩ ﻭ ﻟ ﻴ ﺎ ﰲ ﳎ ﺎ ﻝ ﺍ ﳌ ﻼ ء ﺓ ﻭ ﺍ ﻟ ﱵ ﲢ ﺪ ﺩ ﻫ ﺎ ﻫ ﺎ ﻣ ﺶ ﺍ ﳌ ﻼ ء ﺓ ﻋ ﻠ ﻰ ﺃ ﺳ ﺎ ﺱ ﺍ ﳌ ﺨ ﺎ ﻃ ﺮ ﻭ ﳍ ﺬ ﺍ ﳚ ﺐ ﻋ ﻠ ﻰ ﺍ ﳌ ﺸ ﺮ ﻉ ﺇ ﻋ ﺎ ﺩ ﺓ ﺍ ﻟ ﻨ ﻈ ﺮ ﰲ ﻗ ﻮ ﺍ ﻋ ـﺪ‬
‫ﺍﳌ ﻼ ء ﺓ ﺍﳌ ﺎﻟﻴ ﺔ ﻭ ﺍﻻ ﺧ ﺬ ﺑﻌ ﲔ ﺍﻻ ﻋ ﺘﺒﺎ ﺭ ﺍﳌ ﺨ ﺎﻃ ﺮ ﻋ ﻠﻰ ﺣ ﺴ ﺎ ﺏ ﻫ ﺎﻣ ﺶ ﺍﳌ ﻼ ء ﺓ ‪.‬‬

‫• ﺩﺭﺍﺳﺔﻧﺬﻳﺮﺍﻭﻻﺩﺳﺎﱂ‪،‬ﻋﻤﺮ ﺍﻟﻔﺎﺭﻭﻕ ﺯﺭﻗﻮﻥ ‪ ،‬ﳏﻤﺪ ﺳﻌﻴﺪ ﺍﻭﺑﲑﺓ )‪ ":(2021‬ﺗﻘﻴﻢ ﺍﳌﻼءﺓ ﺍﳌﺎﻟﻴﺔ ﰲ ﺷﺮﻛﺎﺕ ﺍﻟﺘﺄﻣﲔ‬
‫" ﺩﺭﺍﺳﺔ ﺣﺎﻟﺔ ﺍﻟﺸﺮﻛﺔ ﺍﻟﻮﻃﻨﻴﺔ ﻟﻠﺘﺄﻣﲔ ﻣﻦ ﺧﻼﻝ ﺍﻟﻔﺘﺮﺓ ‪. 2018-2013‬‬

‫ﰎ ﻋﺮﺽ ﻭﲢﻠﻴﻞ ﻟﻜﻴﻔﻴﺔ ﻗﻴﺎﺱ ﺍﳌﻼءﺓ ﰲ ﺷﺮﻛﺔ ‪ SAA‬ﺑﺎﻻﻋﺘﻤﺎﺩ ﻋﻠﻰ ﺍﻟﺘﻘﺎﺭﻳﺮ ﺍﻟﺴﻨﻮﻳﺔ ﻟﻠﺸﺮﻛﺔ ﻭ ﺃﳘﻴﺔ ﻫﺎﻣﺶ ﺍﳌﻼءﺓ‬
‫ﻛ ﺤ ﺪ ﺃﺩ ﱏ ﻳ ﻀ ﻤ ﻦ ﺣ ﻘ ﻮ ﻕ ﺍ ﳌ ﺆ ﻣ ﻨ ﲔ ﻭ ﺍ ﺳ ﺘ ﻤ ﺮ ﺍ ﺭ ﻳ ﺔ ﻧ ﺸ ﺎ ﻃ ﻬ ﺎ‪.‬‬

‫ﻫ ﺪ ﻓ ﺖ ﺍ ﻟ ﺪ ﺭ ﺍﺳ ﺔ ﺇﱃ ﺗ ﻘ ﻴ ﻢ ﺍ ﳌ ﻼ ء ﺓ ﺍ ﳌ ﺎ ﻟ ﻴ ﺔ ﰲ ﺷ ﺮ ﻛ ﺔ ﺍ ﻟ ﺘ ﺄ ﻣ ﲔ ﳌ ﻌ ﺮ ﻓ ﺔ ﺍ ﻟ ﻮ ﺿ ﻌ ﻴ ﺔ ﺍ ﳌ ﺎ ﻟ ﻴ ﺔ ﺍ ﳊ ﻘ ﻴ ﻘ ﻴ ﺔ ﻟ ﺸ ﺮ ﻛ ﺎ ﺕ ﺍ ﻟ ﺘ ﺄ ﻣ ﲔ ﻭ ﲢ ﺪ ﻳ ﺪ ﺍ ﳌ ﺨ ﺎ ﻃ ﺮ‬
‫ﺍ ﳌ ﺎ ﻟ ﻴ ﺔ ﺍ ﻟ ﱵ ﻗ ﺪ ﺗ ﻮ ﺍ ﺟ ﻬ ﻬ ﺎ ﻭ ﺑ ﺎ ﻟ ﺘ ﺎ ﱄ ﲢ ﺪ ﻳ ﺪ ﻧ ﻘ ﺎ ﻁ ﺍﻟﻘ ﻮ ﺓ ﻭ ﺿ ﻌ ﻒ ﺷ ﺮ ﻛ ﺎ ﺕ ﺍﻟ ﺘﺄ ﻣ ﲔ ﻣ ﻦ ﺧ ﻼ ﻝ ﺍ ﳌ ﺤ ﺎ ﻓ ﻈ ﺔ ﻋ ﻠ ﻰ ﺍ ﺳ ﺘ ﻤ ﺮ ﺍ ﺭ ﻳ ﺔ ﺍ ﳌ ﺆ ﺳ ﺴ ﺔ ‪.‬‬

‫ﺗ ﻮ ﺻ ﻠ ﺖ ﺍ ﻟ ﺪ ﺭ ﺍ ﺳ ﺔ ﺇ ﱃ ﻫ ﺸ ﺎ ﺷ ﺔ ﻧ ﻈ ﺎ ﻡ ﺍﳌ ﻼ ء ﺓ ﰲ ﺷ ﺮ ﻛ ﺎ ﺕ ﺍﻟﺘﺄ ﻣ ﲔ ﺍﳉ ﺰ ﺍﺋﺮ ﻳ ﺔ ﺭ ﻏ ﻢ ﺍﻟﺘﻄ ﻮ ﺭ ﺍﻟ ﺬ ﻱ ﲤ ﻬ ﺪ ﻩ ‪ .‬ﻭ ﺑﻌ ﺪ ﺍﻷ ﺯ ﻣ ﺔ ﺍﻟﺼ ﺤ ﻴ ﺔ‬

‫ﺍﻟﻌﺎﳌﻴﺔ ﻛﻮﻓﻴﺪ ‪ 19‬ﻛﺸﻒ ﻫﺸﺎﺷﺔ ﻧﻈﺎﻡ ﺍﳌﻼءﺓ‪ ،‬ﺧﺎﺻﺔ ﺑﺎﻟﻨﺴﺒﺔ ﻟﻠﻌﻘﻮﺩ ﻃﻮﻳﻠﺔ ﺍﻷﺟﻞ ﻭﺍﻟﺬﻱ ﺗﺒﻌﻪ ﻋﺪﺓ ﺃﺯﻣﺎﺕ ﻣﻨﻬﺎ ﺃﺯﻣﺔ ﺍﻟﺴﻴﻮﻟﺔ‬
‫ﻭ ﺍ ﻟ ﱵ ﻣ ﻦ ﺷ ﺄ ‪ º‬ﺎ ﺇ ﻧ ﻘ ﺎ ﺹ ﻋ ﺪ ﺩ ﺍ ﳌ ﻜ ﺘ ﺘ ﺒ ﲔ ﰲ ﻇ ﻞ ﺗ ﺰ ﺍ ﻳ ﺪ ﺍ ﳌ ﺨ ﺎ ﻃ ﺮ ﻭ ﻋ ﺪ ﻡ ﺍ ﻟ ﺴ ﻴ ﻄ ﺮﺓ ﻋ ﻠ ﻰ ﺍ ﻟ ﻮ ﺑ ﺎ ء ‪.‬‬

‫• ﺩ ﺭ ﺍ ﺳ ﺔ ﺳ ﻌ ﺎ ﺩ ﺑ ﻮ ﺷ ﻠ ﻮ ﺵ ‪ ،‬ﺳ ﻠ ﻴ ﻤ ﺔ ﻧ ﺸ ﻨ ﺶ ‪ " :‬ﲢ ﻠ ﻴ ﻞ ﻭ ﺗ ﻘ ﻴ ﻢ ﻧ ﻈ ﺎ ﻡ ﺍﳌ ﻼ ء ﺓ ﺍﳌ ﺎ ﻟ ﻴ ﺔ ﻟﺸ ﺮ ﻛ ﺎ ﺕ ﺍ ﻟ ﺘ ﺎ ﻣ ﲔ ﰲ ﺍ ﳉ ﺰ ﺍ ﺋ ﺮ "‬

‫ﻋﻠﻰ ﺿﻮء ﺍﻹﺻﻼﺣﺎﺕ ﺍﳌﺤﻠﻴﺔ ﻭﺍﻟﺪﻭﻟﻴﺔ ﲤﺖ ﺍﻟﺪﺭﺍﺳﺔ ﻋﻠﻰ ﺷﺮﻛﺎﺕ ﺍﻟﺘﺄﻣﲔ ﰲ ﺍﳉﺰﺍﺋﺮ ﺧﻼﻝ ﺍﻟﻔﺘﺮﺓ ‪2009-2013‬‬
‫ﻭﺫﻟﻚ ﻹﺑﺮﺍﺯ ﺃﳘﻴﺔ ﲤﺎﺷﻲ ﺍﳌﻌﺎﻳﺮ ﻭﺍﳌﺒﺎﺩﺉ ﺍﻟﺪﻭﻟﻴﺔ ﻭﲢﻠﻴﻞ ﻭﺗﻘﻴﻢ ﺍﳌﻼءﺓ ﺍﳌﺎﻟﻴﺔ ﻟﺸﺮﻛﺎﺕ ﺍﻟﺘﺄﻣﲔ ﺍﳉﺰﺍﺋﺮ ﻣﻊ ﺍﻟﺘﻮﺟﻴﻬﺎﺕ ﺍﻟﺪﻭﻟﻴﺔ‪.‬‬

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 ‫ﺍﻟﻔ ﺼ ﻞ ﺍﻷ ﻭ ﻝ ‪ :‬ﺍﻹ ﻃ ﺎﺭ ﺍﻟﻨﻈ ﺮ ﻱ ﻭ ﺍﳌ ﻔ ﺎﻫ ﻴﻤ ﻲ ﻟ ﻠ ﻤ ﻼ ء ﺓ ﺍﳌ ﺎ ﻟﻴ ﺔ ﻭ ﺃ ﺛ ﺮ ﻫ ﺎ ﻋ ﻠ ﻰ ﻗ ﻴ ﻤ ﺔ ﺍ ﻟ ﺸ ﺮ ﻛ ﺔ‬

‫ﻫﺪﻓﺖ ﺍﻟﺪﺭﺍﺳﺔ ﺇﱃ ﲢﻠﻴﻞ ﻭﺗﻘﻴﻢ ﻧﻈﺎﻡ ﺍﳌﻼءﺓ ﺍﳌﺎﻟﻴﺔ ﻟﺸﺮﻛﺎﺕ ﺍﻟﺘﺄﻣﲔ ﰲ ﺍﳉﺰﺍﺋﺮ ﻋﻠﻰ ﺿﻮء ﺍﻹﺻـﻼﺣﺎﺕ ﺍﳌﺤﻠﻴـﺔ ﻭ‬
‫ﻣ ﺆ ﺷ ﺮ ﺍ ﺕ ﺍ ﳌ ﻼ ء ﺓ ﺍ ﻟ ﺪ ﻭ ﻟ ﻴ ﺔ ‪ .‬ﺣ ﻴ ﺚ ﲤ ﺖ ﺩ ﺭ ﺍ ﺳ ﺔ ﻫ ﺎ ﻣ ﺶ ﺍﳌ ﻼ ء ﺓ ﺍﳌ ﺎ ﻟ ﻴ ﺔ ﻟﺸ ﺮ ﻛ ﺎ ﺕ ﺍ ﻟ ﺘ ﺄ ﻣ ﲔ ﰲ ﺍ ﳉ ﺰ ﺍ ﺋ ﺮ ﻣ ﻦ ﺣ ﻴ ﺚ ﺍ ﻟ ﻘ ﻴ ﻤ ﺔ ﻭ ﻣ ﻦ ﺣ ﻴ ﺚ ﻧ ﺴ ﺒ ﺘ ﻬ ﺎ‬
‫ﺑﺎﻟﻨﺴ ﺒﺔ ﻟﻠﺪ ﻳﻮ ﻥ ﺍﻟﺘﻘ ﻨﻴﺔ ﻭ ﺑﺎﻟﻨﺴ ﺒﺔ ﺍﱃ ﺍﻷ ﻗﺴ ﺎﻁ ‪.‬‬

‫ﺗﻮﺻﻠﺖ ﺍﻟﺪﺭﺍﺳﺔ ﺇﱃ ﺃﻥ ﻣﻌﻈﻢ ﺷﺮﻛﺎﺕ ﺍﻟﺘﺄﻣﲔ ﰲ ﺍﳉﺰﺍﺋﺮ ﲡﺪ ﺻﻌﻮﺑﺔ ﰲ ﺗﻐﻄﻴﺔ ﺇﻟﺘﺰﻣﺎ™ﺎ ﺍﻟﻘﺎﻧﻮﻧﻴﺔ ﺑﻘﻴﻢ ﺍﻟﺪﻭﻟـﺔ ﺍﻟـﱵ‬
‫ﺗﺘﻤﻴﺰ ﺑﺎﻟﻀﻤﺎﻥ )‪ (%50‬ﻛﺤﺪ ﺍﺩﱏ‪ .‬ﻛﻤﺎ ﺃﻥ ﻧﻈﺎﻡ ﺍﳌﻼءﺓ ﺍﳌﺎﻟﻴﺔ ﻟﺸﺮﻛﺎﺕ ﺍﻟﺘﺄﻣﲔ ﰲ ﺍﳉﺰﺍﺋﺮ ﻣﺎﺯﺍﻝ ﻳﺮﺗﻜـﺰ ﻋﻠـﻰ ﺍﻟﻘﻮﺍﻋـﺪ‬
‫ﺍﳌﺤﺎﺳﺒﻴﺔ ﻭﺑﺎﻟﺘﺎﱄ ﻓﻬﻮ ﺃﻗﺮﺏ ﰲ ﻣﻜﻮﻧﺎﺗﻪ ﺇﱃ ﻧﻈﺎﻡ ﺍﳌﻼءﺓ )‪ (1‬ﻓﻬﻮ ﻻﻳﺘﻤﺎﺷﻰ ﲤﺎﻣﺎ ﻣﻊ ﻧﻈﺎﻡ ﺍﳌﻼءﺓ )‪ (2‬ﺍﻟﺬﻱ ﺗﻌﺘﻤﺪ ﻋﻠﻰ ﻣﻌﻴﺎﺭ‬
‫ﺭ ﺃ ﺱ ﺍ ﳌ ﺎ ﻝ ﺍ ﳌ ﺴ ﺘ ﻨ ﺪ ﺇ ﱃ ﺍﳌ ﺨ ﺎ ﻃ ﺮ ‪.‬‬

‫ﺩﺭﺍﺳﺔ ﺳﻨﺠﺎﻕ ﺍﻟﺪﻳﻦ ﻧﻮﺭ ﺍﻟﺪﻳﻦ )‪ ":(2021‬ﻧﻈﺎﻡ ﺍﳌﻼءﺓ ﺍﳌﺎﻟﻴﺔ ﻟﺸﺮﻛﺎﺕ ﺍﻟﺘﺄﻣﲔ ﰲ ﺍﳉﺰﺍﺋﺮ ﻭﺗﻄﻮﺭ ﺃﻧﻈﻤﺔ ﺍﳌﻼءﺓ ﺍﻷﻭﺭﻭﺑﻴﺔ ‪-‬‬
‫ﺩ ﺭ ﺍ ﺳ ﺔ ﲡ ﺮ ﺑ ﺔ ﺍ ﳉ ﺰ ﺍ ﺋ ﺮ ﰲ ﺗ ﻨ ﻈ ﻴ ﻢ ﻗ ﻮ ﺍ ﻋ ﺪ ﺍﳌ ﻼ ء ﺓ ﺍﳌ ﺎ ﻟ ﻴ ﺔ ﰲ ﺷ ﺮ ﻛ ﺎ ﺕ ﺍ ﻟ ﺘ ﺄ ﻣ ﲔ ‪. " -‬‬
‫ﻫﺪﻓﺖ ﻫﺬﻩ ﺍﻟﺪﺭﺍﺳﺔ ﺇﱃ ﺍﻟﺘﻌﺮﻑ ﻋﻠﻰ ﻧﻈﺎﻡ ﺍﳌﻼءﺓ ﺍﳌﺎﻟﻴﺔ ﺍﳉﺰﺍﺋﺮﻱ ﰲ ﺷﺮﻛﺎﺕ ﺍﻟﺘﺄﻣﲔ ﻭﺗﻄـﻮﺭﺍﺕ ﻧﻈـﺎﻡ ﺍﳌـﻼءﺓ‬
‫ﺍﻻﻭﺭﻭﰊ ﻣﻦ ﻧﻈﺎﻡ ﺍﳌﻼءﺓ )‪ (1‬ﺇﱃ ﻧﻈﺎﻡ ﻣﻼءﺓ )‪ (2‬ﻭﺍﳌﻘﺎﺭﻧﺔ ﺑﻴﻨﻬﻤﺎ‪.‬‬

‫ﺗﻮﺻﻠﺖ ﺍﻟﺪﺭﺍﺳﺔ ﺇﱃ ﺃﻥ ﻧﻈﺎﻡ ﺍﳌﻼءﺓ ﺍﳉﺰﺍﺋﺮﻱ ﱂ ﻳﻮﺍﻛﺐ ﺗﻄﻮﺭﺍﺕ ﺃﻧﻈﻤﺔ ﺍﳌﻼءﺓ ﺍﻷﻭﺭﻭﺑﻴﺔ ﻹﺧﺘﻼﻓﻪ ﻣﻊ ﻧﻈﺎﻡ ﺍﳌـﻼءﺓ‬
‫)‪ (2‬ﰲ ﻣﺘﻄﻠﺒﺎﺕ ﺍﻟﻨﻮﻋﻴﺔ ﻭ ﺗﻮﺍﻓﻘﻪ ﻣﻊ ﻧﻈﺎﻡ ﺍﳌﻼءﺓ )‪ (1‬ﰲ ﺍﻹﺭﺗﻴﻜﺎﺯ ﻋﻠﻰ ﻣﺘﻄﻠﺒﺎﺕ ﺍﻟﻜﻤﻴﺔ ﻭ ﺍﻟﻨﺴﺐ ﺍﻟﺜﺎﺑﺘﺔ ﰲ ﲢﺪﻳﺪ ﻫـﺎﻣﺶ‬
‫ﺍﳌﻼءﺓ ﻭﻋﺪﻡ ﺍﳌﺮﻭﻧﺔ ﰲ ﺇﺳﺘﺜﻤﺎﺭ ﺃﻣﻮﺍﻝ ﺷﺮﻛﺎﺕ ﺍﻟﺘﺄﻣﲔ ﻭ ﻳﺮﺗﻜﺰ ﻧﻈﺎﻡ ﺍﳌﻼءﺓ ﰲ ﺷﺮﻛﺎﺕ ﺍﻟﺘﺄﻣﲔ ﰲ ﺍﳉﺰﺍﺋﺮ ﻋﻠـﻰ ﺍﳌﺘﻄﻠﺒـﺎﺕ‬
‫ﺍﻟﻜﻤﻴﺔ‪ .‬ﻣﺘﻤﺜﻠﺔ ﰲ ﺍﳊﺪ ﺍﻷﺩﱏ ﻟﺮﺃﺱ ﺍﳌﺎﻝ ﻭﺗﻜﻮﻳﻦ ﺍﳌﻮﺅﻧﺎﺕ ﺍﻟﺘﻘﻨﻴﺔ ﻭ ﺍﳌﻘﻨﻨﺔ ﻭﲤﺜﻴﻠﻬﺎ ﰲ ﺃﺻﻮﻝ ﻣﻌﺎﺩﻟﺔ ﺑﺎﻹﺿﺎﻓﺔ ﺍﱃ ﻫﺎﻣﺶ ﺍﳌﻼءﺓ‪.‬‬

‫• ﺩ ﺭ ﺍﺳ ﺔ ﻃ ﺎﺭ ﻋ ﺒﺪ ﺍﻟﻘ ﺪ ﻭ ﺱ ‪ " :‬ﺑﻨﺎء ﳕ ﻮ ﺫ ﺝ ﻟﻘ ﻴﺎﺱ ﻭ ﺗﻘ ﻴﻢ ﺍﳌ ﻼ ء ﺓ ﺍﳌ ﺎﻟﻴ ﺔ ﻟﺸ ﺮ ﻛ ﺎ ﺕ ﺍﻟﺘﺎﻣ ﲔ " ﲤ ﺖ ﺍﻟﺪ ﺭ ﺍﺳ ﺔ ﻗ ﻴﺎﺳ ﻴ ﺔ ﲢ ﻠﻴﻠﻴ ﺔ‬
‫ﻟﻠﺘﺎﻣﻴﻨﺎﺕ ﺍﻟﻌﺎﻣﺔ ﰲ ﺍﳉﺰﺍﺋﺮ ﻟﻔﺘﺮﺓ ‪.2015-2010‬‬
‫ﻫﺪﻓﺖ ﻫﺬﻩ ﺍﻟﺪﺭﺍﺳﺔ ﺇﱃ ﻣﻌﺮﻓﺔ ﻛﻴﻔﻴﺔ ﺑﻨﺎء ﳕﻮﺫﺝ ﻟﻘﻴﺎﺱ ﻭﺗﻘﻴﻢ ﺍﳌﻼءﺓ ﺍﳌﺎﻟﻴﺔ ﻟﺸﺮﻛﺎﺕ ﺍﻟﺘـﺄﻣﲔ ﺣﻴـﺚ ﰎ ﻣﻌﺎﳉـﺔ‬
‫ﺍﳌﻮﺿﻮﻉ ﻋﱪ ﻣﺮﺣﻠﺘﲔ‪ :‬ﺍﻷﻭﱃ ﺑﺎﻹﺳﺘﻨﺎﺩ ﺍﱃ ﳎﻤﻮﻋﺔ ﻣﻦ ﺍﳌﺘﻐﲑﺍﺕ ﺍﳌﺎﻟﻴﺔ ﻣﻄﺒﻘﺔ ﻋﻠﻰ ﻋﻴﻨﺔ ﻣﻜﻮﻧﺔ ﻣﻦ )‪ (10‬ﺷـﺮﻛﺎﺕ ﺗـﺄﻣﲔ‬
‫ﺗﻨﺸﻂ ﰲ ﳎﺎﻝ ﺍﻟﺘﺄﻣﻴﻨﺎﺕ ﺍﻟﻌﺎﻣﺔ ﻟﻠﻔﺘﺮﺓ ‪ .2015- 2010‬ﰎ ﺇﺳﺘﺨﺪﺍﻡ ﻃﺮﻳﻘﺔ ﺍﻟﺘﺤﻠﻴﻞ ﺍﻟﺘﻤﻴﺰﻱ ﻛﺄﺩﺍﺓ ﲝﺜﻴـﺔ ﻟﺒﻨـﺎء ﻭﺇﺧﺘﺒـﺎﺭ‬
‫ﺍ ﻟ ﻨ ﻤ ﻮ ﺫ ﺝ ‪ ،‬ﺃ ﻣ ﺎ ﺍ ﻟ ﺜ ﺎ ﻧ ﻴ ﺔ ‪ :‬ﻓ ﺘ ﻨ ﺎ ﻭ ﻟ ﺖ ﺩ ﺭ ﺍ ﺳ ﺔ ﺗ ﺄ ﺛ ﲑ ﺍ ﳌ ﺆ ﺷ ﺮ ﺍ ﺕ ﺍ ﳌ ﻌ ﻴ ﺎ ﺭ ﻳ ﺔ ﺍ ﻟ ﻌ ﺎ ﳌ ﻴ ﺔ ﻋ ﻠ ﻰ ﺗ ﻘ ﻴ ﻢ ﺍﳌ ﻼ ء ﺓ ﺍﳌ ﺎ ﻟ ﻴ ﺔ ﻭ ﻣ ﺪ ﻯ ﺇ ﻣ ﻜ ﺎ ﻧ ﻴ ﺔ ﺗ ﻄ ﺒ ﻴ ﻘ ﻬ ﺎ ﻋ ﻠ ﻰ ﺑ ﻴ ﺎ ﻧ ﺎ ﺕ‬
‫ﺳﻮﻕ ﺍﻟﺘﺄﻣﲔ ﺍﳉﺰﺍﺋﺮﻱ ﻟﻨﻔﺲ ﺍﻟﻔﺘﺮﺓ ﺍﻟﺰﻣﻨﻴﺔ ﻭﻟﻌﻴﻨﺔ ﻣﻜﻮﻧﺔ ﻣﻦ )‪ (10‬ﺷﺮﻛﺎﺕ ﺗﺄﻣﲔ ﻳﺈﺳﺘﺨﺪﺍﻡ ﳕﺎﺫﺝ ﺍﻟﺒﺎﻧﻞ‪.‬‬

‫ﻫﺪﻓﺖ ﺍﻟﺪﺭﺍﺳﺔ ﺇﱃ ﳏﺎﻭﻟﺔ ﺑﻨﺎء ﳕﻮﺫﺝ ﻟﻘﻴﺎﺱ ﺍﳌﻼءﺓ ﺍﳌﺎﻟﻴﺔ ﻟﺸﺮﻛﺎﺕ ﺍﻟﺘﺄﻣﲔ ﰲ ﺍﳉﺰﺍﺋﺮ ﻭﻣـﺪﻯ ﻣﺴـﺎﳘﺔ ﺍﳌﺆﺷـﺮﺍﺕ‬
‫ﺍﳌﻌﻴﺎﺭﻳﺔ ﺍﳌﻘﺒﻮﻟﺔ ﻋﺎﳌﻴﺎ ﰲ ﺗﻘﻴﻢ ﺍﳌﻼءﺓ ﺍﳌﺎﻟﻴﺔ ﻋﻠﻰ ﺑﻴﺎﻧﺎﺕ ﺳﻮﻕ ﺗﺄﻣﲔ ﺍﳉﺰﺍﺋﺮ‬

‫ﺗﻮﺻﻠﺖ ﺍﻟﺪﺭﺍﺳﺔ ﺍﱃ ﺇﻣﻜﺎﻧﻴﺔ ﺑﻨﺎء ﳕﻮﺫﺝ ﻟﻘﻴﺎﺱ ﺍﳌﻼءﺓ ﺍﳌﺎﻟﻴﺔ ﻟﺸﺮﻛﺎﺕ ﺍﻟﺘﺄﻣﲔ ﺍﳉﺰﺍﺋﺮﻳﺔ ﻳﺘﻜﻮﻥ ﻣـﻦ )‪ (5‬ﻣﺘﻐـﲑﺍﺕ‬
‫) ﻣ ﻌ ﺪ ﻝ ﺍﻟﺘ ﺪ ﺍﻭ ﻝ ‪ ،‬ﻧ ﺴ ﺒ ﺔ ﺍ ﻻ ﺳ ﺘ ﻘ ﻼ ﻟ ﻴ ﺔ ﺍ ﳌ ﺎ ﻟ ﻴ ﺔ ‪ ،‬ﻣ ﻌ ﺪ ﻝ ﺍﳋ ﺴ ﺎ ﺭ ﺓ ‪ ،‬ﺇ ﲨ ﺎ ﱄ ﺍ ﻹ ﺗ ﺰ ﺍ ﻣ ﺎ ﺕ ﺍ ﱃ ﺍ ﻷ ﺻ ﻮ ﻝ ﺍ ﳌ ﺘ ﺪ ﺍ ﻭ ﻟ ﺔ ‪ ،‬ﻣ ﻌ ﺪ ﻝ ﺍﻟﺘﻐ ﲑ ﰲ ﺻ ﺎ ﰲ ﺍﻷ ﻗﺴ ﺎ ﻁ‬
‫ﺍﳌ ﻜ ﺘﺘﺒ ﺔ ( ‪.‬‬

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 ‫ﺍﻟﻔ ﺼ ﻞ ﺍﻷ ﻭ ﻝ ‪ :‬ﺍﻹ ﻃ ﺎﺭ ﺍﻟﻨﻈ ﺮ ﻱ ﻭ ﺍﳌ ﻔ ﺎﻫ ﻴﻤ ﻲ ﻟ ﻠ ﻤ ﻼ ء ﺓ ﺍﳌ ﺎ ﻟﻴ ﺔ ﻭ ﺃ ﺛ ﺮ ﻫ ﺎ ﻋ ﻠ ﻰ ﻗ ﻴ ﻤ ﺔ ﺍ ﻟ ﺸ ﺮ ﻛ ﺔ‬

‫ﻭﺃﻥ ﺍﻏﻠﺒﻴﺔ ﺍﳌﺆﺷﺮﺍﺕ ﺍﳌﻌﻴﺎﺭﻳﺔ ﺍﻟﻌﺎﳌﻴﺔ ﺟﺎءﺕ ﻣﻌﻨﻮﻳﺔ ﻭﻫﺬﺍ ﻳﻌﲏ ﺍﻧﻪ ﳝﻜﻦ ﺗﻘﺪﻳﺮ ﻭﺗﻘﻴﻢ ﻣﻼءﺓ ﺍﳌﺎﻟﻴﺔ ﻋﻠﻰ ﺑﻴﻨﺎﺕ ﺳـﻮﻕ‬
‫ﺍﻟﺘﺄﻣﲔ ﺍﳉﺰﺍﺋﺮﻳﺔ ﺑﺎﺳﺘﺨﺪﺍﻡ ﻫﺬﻩ ﺍﳌﺆﺷﺮﺍﺕ )ﻣﻌﺪﻝ ﺍﻻﺣﺘﻔﺎﻅ ‪،‬ﻣﻌﺪﻝ ﺍﳋﺴﺎﺭﺓ ‪،‬ﺍﳌﺮﻛﺒﺔ ‪،‬ﺍﳌﺨﺼﺼﺎﺕ ﺍﻟﺘﻘﻨﻴﺔ (‪ .‬ﻣﻀـﺎﻑ ﺍﻟﻴﻬـﺎ‬
‫ﺍﻟﻔﺎﺋﺾ ﺇﱃ ﺻﺎﰲ ﺍﻷﻗﺴﺎﻁ ﺍﳌﻜﺘﺘﺒﺔ ‪ .‬ﻣﻌﺪﻝ ﺍﻟﺘﻌﻮﻳﺾ ﺍﳌﺪﻓﻮﻋﺔ ﺇﲨﺎﱄ ﺍﻷﻗﺴﺎﻁ ﺍﳌﻜﺘﺘﺒﺔ ‪ .‬ﻭﻋﻠﻴﻪ ﳝﻜﻦ ﻗﺒﻮﻝ ﺍﻟﻔﺮﺿـﻴﺔ ﺍﻟﻘﺎﺋﻠـﺔ‬
‫ﺑ ﻮ ﺟ ﻮ ﺩ ﻋ ﻼ ﻗ ﺔ ﺗ ﺄ ﺛ ﲑ ﻳ ﺔ ﻟ ﻠ ﻤ ﺆ ﺷ ﺮ ﺍ ﺕ ﺍ ﳌ ﻌ ﻴ ﺎ ﺭ ﻳ ﺔ ﺍ ﳌ ﻘ ﺒ ﻮ ﻟ ﺔ ﻋ ﺎ ﳌ ﻴ ﺎ ﰲ ﺗ ﻘ ﻴ ﻢ ﺍ ﳌ ﻼ ء ﺓ ﺍ ﳌ ﺎ ﻟ ﻴ ﺔ ﻟ ﺸ ﺮ ﻛ ﺎ ﺕ ﺍ ﻟ ﺘﺄ ﻣ ﲔ ‪.‬‬

‫• ﺩﺭﺍﺳﺔ ﻋﺒﺪ ﺍﻟﻜﺮﱘ ‪ ،‬ﺍﲪﺪ ﻗﻨﺪﻭﺯ ‪ ،‬ﺧﺎﻟﺪ ﻋﺒﺪ ﺍﻟﻌﺰﻳﺰ ﺍﻟﺴﻬﻼﻭﻱ)‪ ":(2015‬ﻫﺎﻣﺶ ﺍﳌﻼءﺓ ﺍﳌﺎﻟﻴـﺔ ﰲ ﺷـﺮﻛﺎﺕ‬
‫ﺍﻟﺘﺎﻣ ﲔ ﻭ ﺷ ﺮ ﻛ ﺎ ﺕ ﺍﻋ ﺎﺩ ﺓ ﺍﻟﺘﺎﻣ ﲔ ﺍﻟﺴ ﻌ ﻮ ﺩ ﻳ ﺔ "‪.‬‬

‫ﻫﺪﻓﺖ ﺍﻟﺪﺭﺍﺳﺔ ﺇﱃ ﻣﻌﺮﻓﺔ ﺟﺎﻧﺒﺎ ﻣﻬﻤﺎ ﻣﻦ ﺟﻮﺍﻧﺐ ﻋﻤﻞ ﺷﺮﻛﺎﺕ ﺍﻟﺘﺄﻣﲔ ﺍﻟﺘﻌﺎﻭﱐ ﻭﻫﻮ ﻣﻮﺿﻮﻉ ﻣﺘﻄﻠﺒﺎﺕ ﻫـﺎﻣﺶ‬
‫ﺍﳌﻼءﺓ ﺍﳌﺎﻟﻴﺔ‪ ،‬ﻋﺮﺿﺖ ﺍﻟﺪﺭﺍﺳﺔ ﺍﳉﻮﺍﻧﺐ ﺍﻟﺘﻄﺒﻴﻘﻴﺔ ﳌﻮﺿﻮﻉ ﻗﻴﺎﺱ ﻫﺎﻣﺶ ﺍﳌﻼءﺓ ﺑﺸﺮﻛﺎﺕ ﺍﻟﺘﺄﻣﲔ ﺍﻟﺘﻌـﺎﻭﱐ ﺑﺎﳌﻤﻠﻜـﺔ ﺍﻟﻌﺮﺑﻴـﺔ‬
‫ﺍﻟﺴﻌﻮﺩﻳﺔ ﻭﻓﻖ ﻗﻮﺍﻋﺪ ﻭﻣﺘﻄﻠﺒﺎﺕ ﻣﺆﺳﺴﺔ ﺍﻟﻨﻘﺪ ﺍﻟﻌﺮﰊ ﺍﻟﺴﻌﻮﺩﻱ‪ .‬ﻳﺸﻤﻞ ﻗﻄﺎﻉ ﺍﻟﺘﺄﻣﲔ ﺍﻟﺘﻌﺎﻭﱐ ﺑﺎﳌﻤﻠﻜﺔ ﺍﻟﻌﺮﺑﻴﺔ ﺍﻟﺴﻌﻮﺩﻳﺔ ﺍﻛﺜـﺮ‬
‫ﻣﻦ ‪ 30‬ﺷﺮﻛﺔ ﻭﰎ ﺇﺧﺘﻴﺎﺭ ﻋﻴﻨﺔ ﺗﺘﻜﻮﻥ ﻣﻦ ‪ 6‬ﺷﺮﻛﺎﺕ ﻧﺼﻔﻬﺎ ﺷﺮﻛﺎﺕ ﺗﺎﻣﲔ ﺗﻌﺎﻭﱐ ﻓﻘﻂ ﻭﺍﻟﻨﺼﻒ ﺍﻻﺧﺮ ﺷـﺮﻛﺎﺕ ﺗـﺎﻣﲔ‬
‫ﻭ ﺇ ﻋ ﺎ ﺩ ﺓ ﺗ ﺄ ﻣ ﲔ ﺗﻌ ﺎ ﻭ ﱐ ‪.‬‬

‫ﺗﻮﺻﻠﺖ ﺍﻟﺪﺭﺍﺳﺔ ﻣﻦ ﺧﻼﻝ ﻧﺘﺎﺋﺠﻬﺎ ﺍﱃ ﺗﻔﻮﻕ ﺷﺮﻛﺔ ﻣﻴﺪﺍﻏﻠﻴﻒ ﻭﻫﻲ ﻣﻦ ﺃﻛﱪ ﺷﺮﻛﺎﺕ ﺍﻟﺘﺄﻣﲔ ﰲ ﳑﻠﻜﺔ ﻣﻦ ﺧﻼﻝ‬
‫ﻭﻓﺎﺋﻬﺎ ﲟﺘﻄﻠﺒﺎﺕ ﻫﺎﻣﺶ ﻣﻼءﺓ ﺍﻷﻗﺴﺎﻁ ﻭ ﻫﺎﻣﺶ ﻣﻼءﺓ ﺍﳌﺘﻄﺎﻟﺒﺎﺕ ﻭﺗﺒﲔ ﺍﻟﻨﺘﺎﺋﺞ ﺃﻥ ﺷﺮﻛﺎﺕ ﺍﻟﺘﺄﻣﲔ ﺍﻟﺘﻌﺎﻭﱐ ﺗﻘـﻮﻡ ﺑﻘﻴـﺎﺱ‬
‫ﻫ ﺎ ﻣ ﺶ ﻣ ﻼ ء ™ ﺎ ﰲ ﺍ ﻟ ﺜ ﻼ ﺙ ﺳ ﻨ ﻮ ﺍ ﺕ ﺍ ﻷ ﻭ ﱃ ﻣ ﻨ ﺬ ﺑ ﺪ ﺍ ﻳ ﺔ ﻧ ﺸ ﺎ ﻃ ﻬ ﺎ‪ ،‬ﻭ ﺗﻘ ﻮ ﻡ ﺑ ﺈ ﻋ ﻼ ﻥ ﻫ ﺎﻣ ﺶ ﻣ ﻼ ء ™ ﺎ ﲢ ﺖ ﺿ ﻐ ﻂ ﻣ ﺆ ﺳ ﺴ ﺔ ﺍﻟﻨﻘ ﺪ ﺣ ﱴ ﺗ ﻀ ﻤ ﻦ‬
‫ﺇ ﻧ ﻄ ﻼ ﻗ ﺘ ﻬ ﺎ ﺑ ﺸ ﻜ ﻞ ﺟ ﻴ ﺪ ﻏ ﲑ ﺃ ﻥ ﺷ ﺮ ﻛ ﺎ ﺕ ﺍ ﻟ ﺘ ﺄﻣ ﲔ ﺑﻌ ﺪ ﻫ ﺎ ﺗﻜ ﻮ ﻥ ﺣ ﺮ ﺓ ﰲ ﺍﺧ ﺘﻴﺎ ﺭ ﻃ ﺮ ﻳﻘ ﺔ ﺣ ﺴ ﺎ ﺏ ﻫ ﺎﻣ ﺶ ﻣ ﻼ ء ™ ﺎ ﻣ ﻦ ﺟ ﻬ ﺔ ﻭ ﻏ ﲑ ﳎ ﱪ ﺓ‬
‫ﻋ ﻠ ﻰ ﺍ ﻹ ﻓ ﺼ ﺎ ﺡ ﻋ ﻨﻪ ﺟ ﻬ ﺔ ﺃ ﺧ ﺮ ﻯ ‪.‬‬

‫ﺩﺭﺍﺳﺔ ‪ahmad abdelhalim dahiyat ,sulaiman raji weshah ,mohammd aldahiyat‬‬ ‫•‬

‫‪ journal of asian finance economics and business‬ﺑﻌﻨـﻮﺍﻥ " ‪liqudity and‬‬ ‫ﻣ ﻘ ـﺎﻝ ﻣ ﻨﺸ ـﻮ ﺭ ﰲ‬
‫‪solvency management and its impact on financial performance : empirical evidence from jordan‬‬

‫ﲤ ﺖ ﺩ ﺭ ﺍ ﺳ ﺔ ﺗ ﺄ ﺛ ﲑ ﺍ ﻟ ﺴ ﻴ ﻮ ﻟ ﺔ ﻭ ﺍ ﳌ ﻼ ء ﺓ ﺍ ﳌ ﺎ ﻟ ﻴ ﺔ ﻋ ﻠ ﻰ ﺍ ﻷ ﺩ ﺍ ء ﺍ ﳌ ﺎ ﱄ ﻟ ﺸ ﺮ ﻛ ﺎ ﺕ ﺍ ﻟ ﺘ ﺼ ﻨ ﻴ ﻊ ﺍ ﻷ ﺭ ﺩ ﻧ ﻴ ﺔ ﰲ ﻭ ﺟ ـﻮ ﺩ ﺣ ﺠ ـﻢ ﺍ ﻟﺸ ـﺮ ﻛ ﺔ‬
‫ﻛﻤﺘﻐﲑ ﺭﻗﺎﰊ ﻣﻦ ‪ 2010‬ﺍﱃ ‪.2019‬‬

‫ﻫﺪﻓﺖ ﺍﻟﺪﺭﺍﺳﺔ ﺍﱃ ﻣﻌﺮﻓﺔ ﻣﺪﻯ ﺗﺄﺛﲑ ﺍﻟﺴﻴﻮﻟﺔ ﻭ ﺍﳌﻼءﺓ ﺍﳌﺎﻟﻴﺔ ﻟﺸﺮﻛﺎﺕ ﺍﻟﺘﺼﻨﻴﻊ ﺍﻷﺭﺩﻧﻴﺔ ﺍﳌﺪﺭﺟﺔ ﰲ ﺍﻟﺒﻮﺭﺻﺔ ﻋﻤـﺎﻥ‬
‫ﳌﺪﺓ ‪ 10‬ﺳﻨﻮﺍﺕ ﻭﻋﺎﺋﺪ ﺍﻟﺴﻬﻢ ‪ ،‬ﻭ ﻟﻘﻴﺎﺱ ﺍﻷﺩﺍء ﺍﳌﺎﱄ ﰎ ﺍﺳﺘﺨﺪﺍﻡ ﺇﲨﺎﱄ ﺍﻟﺪﻳﻮﻥ ﺇﱃ ﺇﲨﺎﱄ ﺍﻷﺻﻮﻝ ﻟﻠﺘﻌﺒﲑ ﻋـﻦ ﺍﻟﺴـﻴﻮﻟﺔ ﻭ‬
‫ﺍﳌ ﻼ ء ﺓ ﺍﳌ ﺎﻟﻴ ﺔ ﰲ ﺣ ﲔ ﰎ ﺍﺳ ﺘ ﺨ ﺪ ﺍﻡ ﻟﻮ ﻏ ﺎ ﺭ ﻳﺘ ﻢ ﺇﲨ ﺎ ﱄ ﺍﻷ ﺻ ﻮ ﻝ ﻟﻘ ﻴﺎﺱ ﺍﳊ ﺠ ﻢ ‪.‬‬

‫ﺗﻮﺻﻠﺖ ﻫﺬﻩ ﺍﻟﺪﺭﺍﺳﺔ ﻣﻦ ﺧﻼﻝ ﻧﺘﺎﺋﺠﻬﺎ ﺃﻥ ﺍﻟﺴﻴﻮﻟﺔ ﳍﺎ ﺗﺄﺛﲑ ﻋﻜﺴﻲ ﺿﺌﻴﻞ ﻋﻠﻰ ﺍﻷﺩﺍء ﺍﳌﺎﱄ ﻓﻴﻤﺎ ﻳﺘﻌﻠﻖ ﺑـﺎﳌﺘﻐﲑﺍﺕ‬
‫ﺍ ﻷ ﺧ ﺮ ﻯ ‪ ،‬ﻭ ﻫ ﻨ ﺎ ﻟ ﻚ ﺗ ﺄ ﺛ ﲑ ﺇﺟ ﺎ ﰊ ﻛ ﺒ ﲑ ﻟ ﻠ ﺤ ﺠ ﻢ ﻋ ﻠ ﻰ ﺍ ﻷ ﺩ ﺍ ء ﻭ ﺗ ﺄ ﺛ ﲑ ﺳ ﻠ ﱯ ﻛ ﺒ ﲑ ﻟ ﻠ ﻤ ﻼ ء ﺓ ﻋ ﻠ ﻰ ﺍ ﻷ ﺩ ﺍ ء ‪.‬‬

‫• ﺩﺭﺍﺳﺔ ‪:yudhi prasetiyo‬‬

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 ‫ﺍﻟﻔ ﺼ ﻞ ﺍﻷ ﻭ ﻝ ‪ :‬ﺍﻹ ﻃ ﺎﺭ ﺍﻟﻨﻈ ﺮ ﻱ ﻭ ﺍﳌ ﻔ ﺎﻫ ﻴﻤ ﻲ ﻟ ﻠ ﻤ ﻼ ء ﺓ ﺍﳌ ﺎ ﻟﻴ ﺔ ﻭ ﺃ ﺛ ﺮ ﻫ ﺎ ﻋ ﻠ ﻰ ﻗ ﻴ ﻤ ﺔ ﺍ ﻟ ﺸ ﺮ ﻛ ﺔ‬

‫ﻣﻘﺎﻝ ﻣﻨﺸﻮﺭ ﰲ )‪ formosa journal of science and technology (fjst‬ﺑﻌﻨـﻮﺍﻥ " ‪analysis of company‬‬
‫“ ‪size , profitability ,and solvency on firm value‬‬

‫ﻫﺪﻓﺖ ﻫﺬﻩ ﺍﻟﺪﺭﺍﺳﺔ ﺍﱃ ﺍﺧﺘﺒﺎﺭ ﻭﲢﺪﻳﺪ ﺍﻟﻌﻮﺍﻣﻞ ﺍﻟﱵ ﺗﺆﺛﺮ ﻋﻠﻰ ﻗﻴﻤﺔ ﺍﻟﺸﺮﻛﺔ‪ ،‬ﺍﺳﺘﺨﺪﻣﺖ ﻫﺬﻩ ﺍﻟﺪﺭﺍﺳﺔ ﺍﻳﻀﺎ ﺣﺠـﻢ ﺍﻟﺸـﺮﻛﺔ‬
‫ﻭﻋﺎﻣﻠﲔ ﺭﺋﻴﺴﻴﺴﲔ ﰲ ﺍﻷﺩﺍء ﺍﳌﺎﱄ ﻭﳘﺎ ﺍﻟﺮﲝﻴﺔ ﻭﺍﳌﻼءﺓ ﺍﳌﺎﻟﻴﺔ ‪ ،‬ﺗﺴﺘﺨﺪﻡ ﺍﻟﺮﲝﻴﺔ ﻣﺆﺷﺮ ﺍﻟﻌﺎﺋﺪ ﻋﻠﻰ ﺣﻘﻮﻕ ﺍﳌﻠﻜﻴـﺔ ‪ ROE‬ﰲ‬
‫ﻗﻴﺎﺳﻬﺎ ﻭ ﺗﺴﺘﺨﺪﻡ ﺍﳌﻼءﺓ ﺍﻟﺪﻳﻦ ﻋﻠﻰ ﺍﲨﺎﱄ ﺍﻷﺻﻮﻝ ‪ DTA‬ﰲ ﻗﻴﺎﺳﻬﺎ ‪.‬‬

‫ﺗﻮﺻﻠﺖ ﻫﺬﻩ ﺍﻟﺪﺭﺍﺳﺔ ﻣﻦ ﺧﻼﻝ ﻧﺘﺎﺋﺠﻬﺎ ﺃﻥ ﺣﺠﻢ ﺍﻟﺸﺮﻛﺔ ﻟﻪ ﺗﺄﺛﲑ ﺍﳚﺎﰊ ﻛﺒﲑ ﻋﻠﻰ ﻗﻴﻤﺔ ﺍﻟﺸﺮﻛﺔ ﻭﻣﻦ ﰒ ﻓـﺈﻥ ﺍﻷﺩﺍء‬
‫ﺍ ﳌ ﺎ ﱄ ﻟ ﻠ ﺮ ﲝ ﻴ ﺔ ﺍ ﳌ ﻘ ﺘ ﺒ ﺲ ﻣ ﻘ ﺎ ﺑ ﻞ ﺣ ﻘ ﻮ ﻕ ﺍ ﳌ ﻠ ﻜ ﻴ ﺔ ﻳ ﻌ ﻄ ﻲ ﻧ ﺘ ﺎ ﺋ ﺞ ﺩ ﻭ ﻥ ﺃ ﻱ ﺗ ﺄ ﺛ ﲑ ﻋ ﻠ ﻰ ﻗ ﻴ ﻤ ﺔ ﺍ ﻟ ﺸ ﺮ ﻛ ﺔ ﻭ ﻣ ﻼ ء ™ ﺎ ﻳ ﺸ ﺎ ﺭ ﺍ ﻟ ﻴ ﻬ ﺎ ﺑ ﺎ ﻟ ﺪ ﻳ ﻦ ﺍ ﱃ ﺇ ﲨ ـﺎ ﱄ‬
‫ﺍ ﻷ ﺻ ﻮ ﻝ ﳑ ﺎ ﻳ ﺪ ﻝ ﻋ ﻠ ﻰ ﺍ ﻟ ﻨ ﺘ ﺎ ﺋ ﺞ ﺍ ﻟ ﱵ ﺗﺄ ﺛ ﲑ ﺳ ﻠ ﱯ ﻛ ﺒ ﲑ ﻋ ﻠ ﻰ ﻗ ﻴ ﻤ ﺔ ﺍ ﻟ ﺸ ﺮ ﻛ ﺔ‬

‫• ﺩﺭﺍﺳﺔ ‪:apipi ahamsori ,muhamad luthfi‬‬

‫ﻣﻘﺎﻝ ﻣﻨﺸﻮﺭ ﰲ ‪ icebe 2021 lampung indonesia‬ﺑﻌﻨﻮﺍﻥ " ‪effect of liqudity and solvency on‬‬
‫‪.company performabce‬‬

‫ﻫﺪﻑ ﻫﺬﻩ ﺍﻟﺪﺭﺍﺳﺔ ﺇﱃ ﺷﺮﺡ ﻋﻼﻗﺔ ﺍﳌﺘﻐﲑﺍﺕ ﻣﻦ ﺧﻼﻝ ﺍﻟﻔﺮﺿﻴﺎﺕ ﺍﻟﻌﻴﻨﺔ ﻣﻦ ‪ 34‬ﺷﺮﻛﺔ ‪ ،‬ﻭ ﻟﺘﺤﺪﻳﺪ ﺗﺄﺛﲑ ﺍﻟﺴﻴﻮﻟﺔ ﻭ‬
‫ﺍﳌﻼءﺓ ﻋﻠﻰ ﺃﺩﺍء ﺷﺮﻛﺎﺕ ﺍﻟﺘﺼﻨﻴﻊ ﺍﳌﺪﺭﺟﺔ ﰲ ﺑﻮﺭﺻﺔ ﺍﻧﺪﻭﻧﺴﻴﺎ ‪.2019-2017‬‬

‫‪roe‬‬ ‫ﺗﻮﺻﻠﺖ ﻫﺬﻩ ﺍﻟﺪﺭﺍﺳﺔ ﻣﻦ ﺧﻼﻝ ﻧﺘﺎﺋﺠﻬﺎ ﺃﻥ ﺍﳌﺘﻐﲑﺍﺕ ﺍﻟﺜﻼﺛﺔ ﺍﳌﺴﺘﻘﻠﺔ ﳍﺎ ﺗﺄﺛﲑ ﻛﺒﲑ ﻋﻠﻰ ﺍﻟﻌﺎﺋﺪ ﻋﻠﻰ ﺍﻷﺻﻮﻝ‬
‫ﻭ ‪ dar‬ﳍﻤﺎ ﺗﺄﺛﲑ ﻋﻠﻰ ‪ roa‬ﻭ ﺍﻟﺮﲝﻴﺔ ‪ roe‬ﺣﻴﺚ ﺍﻻﻥ ﻣﺘﻐﲑﺍﺕ ﻧﺴﺒﺔ ﺍﳌﻼءﺓ ﺍﳌﺎﻟﻴﺔ ‪ der‬ﻟﻴﺲ ﻟﻪ ﺃﻱ ﺗﺄﺛﲑ ﻋﻠﻰ ﺍﻟﻌﺎﺋﺪ‬
‫ﻋﻠﻰ ﺍﻷﺻﻮﻝ ‪.roa‬‬

‫ﺩﺭﺍﺳﺔ ‪yemmi , arifin , eddy gunawan ,leonard pakpahan , halasan siregan‬‬ ‫•‬

‫‪ journal of industrial emgineering , management reserch‬ﲢـﺖ ﻋﻨـﻮﺍﻥ ‪the‬‬ ‫ﻣ ﻘ ﺎﻝ ﻣ ﻨﺸ ﻮ ﺭ ﰲ‬

‫‪impact of solvency and working capital on profitability‬‬

‫ﻫﺪﻓﺖ ﻫﺬﻩ ﺍﻟﺪﺭﺍﺳﺔ ﺍﱃ ﻣﻌﺮﻓﺔ ﻣﺎ ﺍﺫﺍ ﻛﺎﻥ ﻟﻠﻤﻼءﺓ ﺍﳌﺎﻟﻴﺔ ﻭﺭﺃﺱ ﺍﳌﺎﻝ ﺍﻟﻌﺎﻣﻞ ﺗﺄﺛﲑ ﻋﻠﻰ ﺍﻟﺮﲝﻴﺔ ﰲ ﺷـﺮﻛﺔ ‪masindo‬‬
‫‪electric medan .‬‬

‫ﺗﺼﻤﻴﻢ ﺍﻟﺒﺤﺚ ﺍﳌﺴﺘﺨﺪﻡ ﰲ ﻫﺬﺍ ﺍﻟﺒﺤﺚ ﻫﻮ ﺗﺼﻤﻴﻢ ﲝﺚ ﻭﺻﻔﻲ ﻣﻊ ﺇﺟﺮﺍء ﲢﻠﻴﻞ ﻟﻠﻘﻮﺍﺋﻢ ﺍﳌﺎﻟﻴﺔ ﺑﺈﺳﺘﺨﺪﺍﻡ ﺍﻟﺘﺤﻠﻴـﻞ‬
‫ﺍﻟﻮﺻﻔﻲ ﻣﻊ ﲢﻠﻴﻞ ﺍﻟﻨﺴﺒﺔ ﺍﳌﺎﻟﻴﺔ‪ ،‬ﺇﺭﺗﺒﺎﻁ ﺍﳌﻌﺎﻣﻞ‪ ،‬ﻣﻌﺎﻣﻞ ﺍﻟﺘﺤﺪﻳﺪ‪ ،‬ﲢﻠﻴﻞ ﺍﻹﳓﺪﺍﺭﺍﳋﻄﻲ‪،‬ﺍﺧﺘﺒﺎﺭ ‪ t‬ﻭﺍﺧﺘﺒﺎﺭ ‪.f‬‬

‫ﺗﻮﺻﻠﺖ ﻫﺬﻩ ﺍﻟﺪﺭﺍﺳﺔ ﺇﱃ ﺃﻥ ﺍﳌﻼءﺓ ﺍﳌﺎﻟﻴﺔ ﻭ ﺭﺃﺱ ﺍﳌﺎﻝ ﺍﻟﻌﺎﻣﻞ ﳍﺎ ﺗﺄﺛﲑ ﻛﺒﲑ ﻋﻠﻰ ﺍﻟﺮﲝﻴﺔ ﰲ ﻭﻗﺖ ﻭﺍﺣﺪ ﳝﻜﻦ ﺗﻔﺴﲑ‬
‫ﺍﻟﺮﲝﻴﺔ ﻣﻦ ﺧﻼﻝ ﺭﺃﺱ ﺍﳌﺎﻝ ﺍﻟﻌﺎﻣﻞ ﻭ ﺍﳌﻼءﺓ ﺍﳌﺎﻟﻴﺔ ﰲ ‪ %99.8‬ﺑﻴﻨﻤﺎ ﺗﻔﺴﲑ ﺍﻟﻨﺴﺒﺔ ﺍﳌﺘﺒﻘﻴﺔ ‪ %0.2‬ﺑﻌﻮﺍﻣﻞ ﺍﺧﺮﻯ ﺑﻨـﺎء ﻋﻠـﻰ‬
‫ﲢﻠﻴﻞ ﺭﺃﺱ ﻣﺎﻝ ﺍﻟﻌﺎﻣﻞ ﺧﻼﻝ ‪ 2016- 2012‬ﻭ ﺗﻈﻬﺮ ﺃﻥ ﺷﺮﻛﺔ ﻻ ﺗﺪﻳﺮ ﺭﺃﺱ ﺍﳌﺎﻝ ﺍﻟﻌﺎﻣﻞ ﺑﺸﻜﻞ ﻣﻨﺎﺳﺐ‪.‬‬

‫• ﺩﺭﺍﺳﺔ ‪:gilang ramadhan‬‬

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 ‫ﺍﻟﻔ ﺼ ﻞ ﺍﻷ ﻭ ﻝ ‪ :‬ﺍﻹ ﻃ ﺎﺭ ﺍﻟﻨﻈ ﺮ ﻱ ﻭ ﺍﳌ ﻔ ﺎﻫ ﻴﻤ ﻲ ﻟ ﻠ ﻤ ﻼ ء ﺓ ﺍﳌ ﺎ ﻟﻴ ﺔ ﻭ ﺃ ﺛ ﺮ ﻫ ﺎ ﻋ ﻠ ﻰ ﻗ ﻴ ﻤ ﺔ ﺍ ﻟ ﺸ ﺮ ﻛ ﺔ‬

‫‪the effect of rentability ratio ,‬‬ ‫‪ the accounting journal of binaniaga‬ﲢﺖ ﻋﻨﻮﺍﻥ "‬ ‫ﻣ ﻘ ﺎﻝ ﻣ ﻨﺸ ﻮ ﺭ ﰲ‬
‫“ ‪ solvability ratio , liqudity ratio upon the companys value‬ﺩﺭﺍﺳﺔ ﲡﺮﻳﺒﻴﺔ ﻟﻘﻄﺎﻉ ﺍﳌﻌﺎﺩﻥ ﻭﺷﺮﻛﺎﺕ ﺍﻟﺘﻌﺪﻳﻦ‬
‫ﺍﻷﺧﺮﻯ ﺍﳌﺴﺠﻠﺔ ﰲ ﺑﻮﺭﺻﺔ ﺍﻧﺪﻭﻧﺴﻴﺎ ‪. 2016-2012‬‬
‫ﲤﺖ ﺩﺭﺍﺳﺔ ﲡﺮﻳﺒﻴﺔ ﻟﻔﺤﺺ ﺗﺄﺛﲑ ﻧﺴﺒﺔ ﺍﻹﳚﺎﺭ ﻭﻧﺴﺒﺔ ﺍﳌﻼءﺓ ﻭﻧﺴﺒﺔ ﺍﻟﺴﻴﻮﻟﺔ ﻋﻠﻰ ﻗﻴﻤﺔ ﺍﻟﺸﺮﻛﺔ ﻭﺃﺧﺬ ﺍﻟﻌﻴﻨﺎﺕ ﻃﺒﻘﺖ ﺗﻘﻨﻴﺔ ﺃﺧﺬ‬
‫ﺍﻟﻌ ﻴﻨﺎ ﺕ ﺍﳍ ﺎﺩ ﻓ ﺔ ﻭ ﻫ ﻲ ‪ 7‬ﻣ ﻦ ‪ 9‬ﺷ ﺮ ﻛ ﺎ ﺕ ﻣ ﺴ ﺠ ﻠ ﺔ ﰲ ﺑﻮ ﺭ ﺻ ﺔ ﺍﻧ ﺪ ﻭ ﻧﺴ ﻴﺎ ‪.‬‬
‫ﻫ ﺪ ﻓ ﺖ ﻫ ﺬ ﻩ ﺍ ﻟ ﺪ ﺭ ﺍﺳ ﺔ ﺇ ﱃ ﺇ ﺛ ﺒ ﺎ ﺕ ﺗ ﺄ ﺛ ﲑ ﻧ ﺴ ﺒ ﺔ ﺍ ﳌ ﻼ ء ﺓ ﻭ ﻧ ﺴ ﺒ ﺔ ﺍ ﻟ ﺴ ﻴ ﻮ ﻟ ﺔ ﻭ ﻧ ﺴ ﺒ ﺔ ﺍ ﻹ ﳚ ﺎ ﺭ ﻋ ﻠ ﻰ ﻗ ﻴ ﻤ ﺔ ﺍ ﻟ ﺸ ﺮ ﻛ ﺔ ﺍ ﳌ ﻘ ﺎ ﻣ ﺔ ﺑ ﺎ ﻟ ﻘ ﻴ ﻤ ﺔ ﺍ ﻟ ﺪ ﻓ ﺘ ﺮ ﻳ ﺔ‬
‫ﻟﻠﺴﻌﺮ‪ pbv‬ﻭﺍﳌﺘﻐﲑﺍﺕ ﺍﻟﱵ ﺃﺛﺮﺕ ﺑﺸﻜﻞ ﺃﻛﱪ ﻋﻠﻰ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺪﻓﺘﺮﻳﺔ ﻟﻠﺴﻌﺮ‪ ،pbv‬ﺃﺳﺘﺨﺪﻡ ﰲ ﻫﺬﺍ ﺍﻟﺒﺤﺚ ﺍﻹﻓﺘﺮﺍﺽ ﺍﻟﻜﻼﺳﻴﻜﻲ‬
‫‪ f‬ﻟﻔ ﺤ ﺺ‬ ‫ﻭﺇﺧﺘﺒﺎﺭ ﺍﻹﳓﺪﺍﺭ ﺍﳋﻄﻲ ﺍﳌﺘﻌﺪﺩ ﻭ ﺍﻹﻓﺘﺮﺍﺽ ﺑﺎﺳﺘﺨﺪﺍﻡ ﺍﻹﺣﺼﺎء ‪ t‬ﻟﻔﺤﺺ ﻣﻌﺎﻣﻞ ﺍﻻﳓﺪﺍﺭ ﺍﳉﺰﺋﻲ ﻭﺍﺣﺼﺎء‬
‫ﻣﺼﺪﺍﻗﻴﺔ ﳕﻮﺫﺝ ﺍﻟﺒﺤﺚ ﺑﺎﺳﺘﺨﺪﺍﻡ ﻣﺴﺘﻮﻯ ﺍﻟﺪﻻﻟﺔ ‪ %10‬ﻋﻼﻭﺓ ﻋﻠﻰ ﺫﺍﻟﻚ‪.‬‬
‫ﺗﻮﺻﻠﺖ ﺍﻟﺪﺭﺍﺳﺔ ﺇﱃ ﺃﻥ ﺍﳌﺘﻐﲑﺍﺕ ﺍﳌﺴﺘﺨﺪﻣﺔ ﻟﻔﺘﺮﺓ ﺍﻟﺪﻳﻦ ﺍﳌﺘﻐﲑ ﺇﱃ ﺍﻷﺻﻮﻝ ‪ dar‬ﻭﺍﻟﱵ ﻛﺎﻧﺖ ﺃﺛﺮﺕ ﺑﺸﻜﻞ ﻛﺒﲑ ﻋﻠﻰ ﻗﻴﻤﺔ‬
‫ﺍﻟﺸ ﺮ ﻛ ﺔ ‪.‬‬
‫ﺩﺭﺍﺳﺔ ‪:mobeen ur , rehman‬‬ ‫•‬
‫ﻣﻘﺎﻝ ﻣﻨﺸﻮﺭ ﰲ ‪ ekonomika , economics managment lnovace lmovation‬ﲢﺖ ﻋﻨﻮﺍﻥ " ‪impact‬‬
‫“ ‪of liquidity , solvency on profitability chemical sector of pakista‬‬

‫ﻫ ﺪ ﻓ ﺖ ﺍ ﻟ ﺪ ﺭ ﺍ ﺳ ﺔ ﺇ ﱃ ﲢ ﻠ ﻴ ﻞ ﻭ ﺷ ﺮ ﺡ ﺍ ﻟ ﻌ ﻼ ﻗ ﺔ ﺑ ﲔ ﺍ ﻟﺴ ﻴ ﻮ ﻟ ﺔ ﻭ ﺍﳌ ﻼ ء ﺓ ﻭ ﺍ ﻷ ﺩ ﺍ ء ﺍ ﳌ ﺎ ﱄ ﻭ ﺍ ﻟ ﱵ ﺗ ﻠ ﻌ ﺐ ﺩ ﻭ ﺭ ﺍ ﺣ ﻴ ﻮ ﻳ ﺎ ﰲ ﺍ ﻟ ﻌ ﺎ ﺋ ﺪ ﻋ ﻠ ـﻰ‬
‫ﺍ ﻷ ﺻ ﻮ ﻝ ﻟﻘ ﻄ ﺎ ﻉ ﺍﻟﻜ ﻴ ﻤ ﺎ ﻭ ﻳ ﺎ ﺕ ‪ .‬ﺑ ﺈ ﺳ ﺘ ﺨ ﺪ ﺍﻡ ﺍ ﻟ ﻨ ﻤ ﻮ ﺫ ﺝ ﺍ ﳌ ﻄ ﻮ ﺭ ﻟ ﻠ ﺪ ﺭ ﺍ ﺳ ﺔ ﺑ ﺸ ﻜ ﻞ ﻓ ﻌ ﺎ ﻝ ﻟ ﺰ ﻳ ﺎ ﺩ ﺓ ﺍ ﻟ ﺴ ﻴ ﻮ ﻟ ﺔ ﻟ ﺮ ﲝ ﻴ ﺔ ﺍ ﻟ ﺸ ﺮ ﻛ ﺔ ﻗ ﻄ ﺎ ﻉ ﺍ ﻟ ﻜ ﻴ ﻤ ﺎ ﻭ ﻳ ﺎ ﺕ‬
‫ﰲ ﺑﺎﻛﻴﺴﺘﺎﻥ ﻭﻣﻦ ‪ 36‬ﺷﺮﻛﺔ ﰎ ﺍﺧﺘﻴﺎﺭ ‪ 10‬ﺷﺮﻛﺎﺕ ﻛﻴﻤﺎﻭﻳﺔ ﻣﺪﺭﺟﺔ ﰲ ﺑﺎﻛﺴﺘﺎﻥ ﻭﰎ ﲨﻊ ﺑﻴﺎﻧﺎﺕ ﺍﻟﺴﻨﻮﺍﺕ ﺍﻟﺘﺴﻊ ‪-2001‬‬
‫‪.2009‬‬

‫ﺗ ﻮ ﺻ ﻠ ﺖ ﻫ ﺬ ﻩ ﺍ ﻟ ﺪ ﺭ ﺍ ﺳ ﺔ ﺇ ﱃ ﺃ ﻥ ﻧ ﺴ ﺒ ﺔ ﺍ ﳌ ﻼ ء ﺓ ﺍ ﳌ ﺎ ﻟ ﻴ ﺔ ﳍ ﺎ ﺗ ﺄ ﺛ ﲑ ﺳ ﻠ ﱯ ﻭ ﻫ ﺎ ﻡ ﻟ ﻠ ﻐ ﺎ ﻳ ﺔ ﻋ ﻠ ﻰ ﺍ ﻟ ﻌ ﺎ ﺋ ﺪ ﻋ ﻠ ﻰ ﺍ ﻷ ﺻ ﻮ ﻝ ﻭ ﺍﻟﻌ ﺎ ﺋ ـﺪ ﻋ ﻠ ـﻰ‬
‫ﺣ ﻘ ﻮ ﻕ ﺍ ﳌ ﻠ ﻜ ﻴ ﺔ ﺗ ﺰ ﺩ ﺍ ﺩ ﰒ ﻳ ﻨ ﺨ ﻔ ﺾ ﺍ ﻷﺩ ﺍ ء ‪ ،‬ﻭ ﺃ ﻥ ﺍ ﻟ ﺴ ﻴ ﻮ ﻟ ﺔ ﳍ ﺎ ﺗ ﺄ ﺛ ﲑ ﺇ ﳚ ﺎ ﰊ ﻛ ﺒ ﲑ ﻋ ﻠ ﻰ ﺍ ﻟ ﻌ ﺎ ﺋ ﺪ ﻋ ﻠ ﻰ ﺃ ﺻ ﻮ ﻝ ﺍ ﻟ ﻘ ﻄ ﺎ ﻉ ) ﻟ ﻮ ﺯ ﺍ ﺩ ﻣ ﻌ ﺪ ﻝ ﺍ ﻟ ﺴ ﻴ ﻮ ﻟ ﺔ‬
‫ﺳ ﻴ ﺰ ﺩ ﺍ ﺩ ﺍ ﻟ ﻌ ﺎ ﺋ ﺪ ﻋ ﻠ ﻰ ﺍ ﻷ ﺻ ﻮ ﻝ ﺍﻳ ﻀ ﺎ ﻭ ﻳ ﺘ ﺄ ﺛ ﺮ ﺍ ﻛ ﱪ ﻭ ﻋ ﻜ ﺲ ﺻ ﺤ ﻴ ﺢ ( ‪.‬‬

‫ﺩﺭﺍﺳﺔ‪: rania Alomari‬‬ ‫•‬

‫ﻣﻘﺎﻝ ﻣﻨﺸﻮﺭ ﰲ ‪ systematic reviewsin pharmacy‬ﺑﻌﻨﻮﺍﻥ " ‪solvency the impact of liquidity ,‬‬
‫“ ‪ on profitability‬ﲢﻠﻴﻞ ﺍﻟﻘﻄﺎﻉ ﺻﻨﺎﻋﺔ ﺍﻻﺩﻭﻳﺔ ﺍﻷﺭﺩﻧﻴﺔ ﰎ ﲢﻠﻴﻞ ﺍﻟﻈﺮﻭﻑ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﻟﻠﺒﻠﺪ ﻭ ﻣﺸﺎﻛﻞ ﺍﻟﺴﻴﻮﻟﺔ ﻭ ﳐﺎﻃﺮ‬
‫ﺍﳌﻼءﺓ ﺍﳌﺎﻟﻴﺔ ﻭ ﺗﺎﺛﲑ ﺭﲝﻴﺔ ﺍﻟﺸﺮﻛﺔ ﻟﻠﻔﺘﺮﺓ ﻣﺎﺑﲔ ‪.2018-2005‬‬

‫ﰎ ﲨﻊ ﺍﻟﺒﻴﺎﻧﺎﺕ ﻣﻦ ﺍﻟﺘﻘﺎﺭﻳﺮ ﺍﳌﺎﻟﻴﺔ ﻟﺒﻮﺭﺻﺔ ﻋﻤﺎﻥ ﻟﻘﻄﺎﻉ ﺍﻻﺩﻭﻳﺔ ﰎ ﺍﺳﺘﺨﺪﺍﻡ ﺑﺮﻧﺎﻣﺞ ‪ spss‬ﰲ ﺍﺟﺮﺍء ﲢﻠﻴﻞ ﺍﻟﻮﺻـﻔﻲ‬
‫ﻟﺒﻴﺎﻧﺎﺕ ﻭ ﺇﺧ ﺘﺒﺎﺭ ﺍﻟﻔ ﺮ ﺿ ﻴﺎﺕ ﺑﺈ ﺳ ﺘﺨ ﺪ ﺍﻡ ﺍﻻ ﳓ ﺪ ﺍﺭ ﺍﳋ ﻄ ﻲ ﺍﻟﺒﺴ ﻴﻂ ‪.‬‬

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 ‫ﺍﻟﻔ ﺼ ﻞ ﺍﻷ ﻭ ﻝ ‪ :‬ﺍﻹ ﻃ ﺎﺭ ﺍﻟﻨﻈ ﺮ ﻱ ﻭ ﺍﳌ ﻔ ﺎﻫ ﻴﻤ ﻲ ﻟ ﻠ ﻤ ﻼ ء ﺓ ﺍﳌ ﺎ ﻟﻴ ﺔ ﻭ ﺃ ﺛ ﺮ ﻫ ﺎ ﻋ ﻠ ﻰ ﻗ ﻴ ﻤ ﺔ ﺍ ﻟ ﺸ ﺮ ﻛ ﺔ‬

‫ﻫ ﺪ ﻓ ﺖ ﻫ ﺬ ﻩ ﺍ ﻟ ﺪ ﺭ ﺍﺳ ﺔ ﺃ ﱃ ﺇ ﺳ ﺘ ﻜ ﺸ ﺎ ﻑ ﺍ ﻟ ﺘ ﺄ ﺛ ﲑ ﻋ ﻠ ﻰ ﺭ ﲝ ﻴ ﺔ ﺍ ﻟ ﺴ ﻴ ﻮ ﻟ ﺔ ﻭ ﺍ ﳌ ﻼ ء ﺓ ﰲ ﻗ ﻄ ﺎ ﻉ ﺍ ﻻ ﺩ ﻭ ﻳ ﺔ ﺍ ﻻ ﺭ ﺩ ﱐ ‪ ،‬ﺣ ﻴ ﺚ ﺗ ﻌ ﺘ ﱪ ﺍ ﻟ ﺮ ﲝ ﻴ ﺔ‬
‫ﺍ ﺣ ﺪ ﺍ ﳌ ﻘ ﺎ ﻳ ﻴ ﺲ ﺍ ﻟ ﺮ ﺋ ﺴ ﻴ ﺔ ﺍ ﻟ ﱵ ﲤ ﺜ ﻞ ﺃ ﺩ ﺍ ء ﺇﺩ ﺍ ﺭ ﺓ ﳑ ﺘ ﻠ ﻜ ﺎ ™ ﺎ ﰲ ﲢ ﻘ ﻴ ﻖ ﺍ ﻟ ﺮ ﺑ ﺢ ﻭ ﺫ ﺍ ﻟ ﻚ ﻟ ﻠ ﺤ ﻔ ﺎ ﻅ ﻋ ﻠ ﻰ ﺍ ﺳ ﺘ ﻤ ﺮ ﺍ ﺭ ﻳ ﺔ ﺃ ﻋ ﻤ ﺎ ﻝ ﺍ ﻟ ﺸ ـ ﺮ ﻛ ﺔ ﻭ ﺣ ﺼ ـ ﺘ ﻬ ﺎ‬
‫ﺍﻟﺴﻮﻗﻴﺔ ﺣﻴﺚ ﺃﻥ ﺯﻳﺎﺩﺓ ﺍﻷﺭﺑﺎﺡ ﳝﻜﻦ ﺍﻥ ﺗﺮﻓﻊ ﻣﻦ ﺣﺼﺔ ﺍﻟﺸﺮﻛﺔ ﰲ ﺍﻟﺴﻮﻕ ﳑﺎ ﻳﺆﺩﻱ ﺍﱃ ﺃﺭﺑﺎﺡ ﺭﺃﺱ ﺍﳌﺎﻝ‪ ،‬ﺗﻌﻜﺲ ﺗﺄﺛﲑ ﻧﺴـﺒﺔ‬
‫ﺭ ﲝ ﻴ ﺔ ﺍﻟﺴ ﻴﻮ ﻟ ﺔ ﻭ ﺍﻟﺪ ﻳﻮ ﻥ ﻋ ﻠﻰ ﺍﻟﻨﺘﺎﺋﺞ ﺍﻟﺘﺸ ﻐ ﻠﻴ ﺔ ﻭ ﺍﺩ ﺍﺭ ﺓ ﺍﻷ ﺻ ﻮ ﻝ ‪.‬‬

‫ﺗﻮﺻﻠﺖ ﺍﻟﺪﺭﺍﺳﺔ ﺍﱃ ﺃﻥ ﺍﻟﺮﲝﻴﺔ ﺍﳌﺤﺴﻮﺑﺔ ﺑﻮﺍﺳﻄﺔ ‪ ROA‬ﺍﻟﻌﺎﺋﺪ ﻋﻠﻰ ﺍﻻﺻﻮﻝ ﻛﺎﳌﺘﻐﲑ ﺍﻟﺘﺎﺑﻊ ﳍﺎ ﻋﻼﻗﺔ ﺳﻠﺒﻴﺔ ﻣـﻊ‬
‫ﺍﳌﻼءﺓ ﻭﻋﻼﻗﺔ ﻣﻮﺟﺒﺔ ﻣﻊ ﺍﳌﻼءﺓ ﺍﳌﺤﺴﻮﺑﺔ ﺑﻮﺍﺳﻄﺔ ‪ DE‬ﻧﺴﺒﺔ ﺍﻟﺪﻳﻮﻥ ‪/‬ﺣﻘﻮﻕ ﺍﳌﻠﻜﻴﺔ ﻛﻼﳘﺎ ﻣﺘﻐﲑﺍﲤﺴﺘﻘﻠﺔ ﳍﺬﻩ ﺍﻟﺪﺭﺍﺳﺔ ‪.‬‬

‫ﺩﺭﺍﺳﺔ ‪:sari puspitarini ، rivi suci fahriyana‬‬ ‫•‬

‫ﻣﻘﺎﻝ ﻣﻨﺸﻮﺭ ﰲ ‪ indikator journal ilmiah managemen , bisnis‬ﲢـﺖ ﻋﻨـﻮﺍﻥ ‪effect of liquidity ,‬‬

‫“ ‪ solvency profitability and market ration on stock price‬ﺩﺭﺍﺳﺔ ﻋﻠﻰ ﺷﺮﻛﺎﺕ ﺍﻟﺘﺼﻨﻴﻊ ﰲ ﻗﻄـﺎﻉ ﺍﻟﻔﺮﻋـﻲ‬
‫‪. 2020-2016‬‬

‫ﰎ ﺍﳊﺼﻮﻝ ﻋﻠﻰ ﺑﻴﺎﻧﺎﺕ ﻫﺬﻩ ﺍﻟﺪﺭﺍﺳﺔ ﻣﻦ ﺍﻟﺒﻴﺎﻧﺎﺕ ﺍﳌﺎﻟﻴﺔ ﻝ ‪ 14‬ﺷﺮﻛﺔ ﺗﺼﻨﻴﻊ ﰲ ﺍﻟﻘﻄﺎﻉ ﺍﻟﻔﺮﻋﻲ ﻟﻼﻏﺬﻳﺔ ﻭ ﺍﳌﺸﺮﻭﺑﺎﺕ‬
‫ﺑﺎﺳﺘﺨﺪﺍﻡ ﺗﻘﻨﻴﺎﺕ ﻟﻮﺣﺔ ﺇﳓﺪﺍﺭ ﺍﻟﺒﻴﺎﻧﺎﺕ ﻣﻊ ﻣﻌﺎﻳﻨﺎﺕ ‪ 10‬ﺑﺮﳎﻴﺎﺕ ‪.‬‬

‫ﻫﺪﻓﺖ ﻫﺬﻩ ﺍﻟﺪﺭﺍﺳﺔ ﺇﱃ ﲢﻠﻴﻞ ﻭﻓﺤﺺ ﺗﺄﺛﲑ ﻧﺴﺒﺔ ﺍﻟﺴﻴﻮﻟﺔ )‪ ،( Cr‬ﻧﺴﺒﺔ ﺍﳌﻼءﺓ )‪ ،( Der‬ﻧﺴﺒﺔ ﺍﻟﺮﲝﻴـﺔ )‪،( Roe‬‬
‫ﻭﻧﺴﺒﺔ ﺍﻟﺴﻮﻕ ) ‪ ،( EPs‬ﻋﻠﻰ ﺍﺳﻌﺎﺭ ﺍﻻﺳﻬﻢ ﰲ ﺷﺮﻛﺎﺕ ﺍﻟﺘﺼﻨﻴﻊ ﰲ ﺍﻟﻘﻄﺎﻉ ﺍﻟﻔﺮﻋﻲ ﻟﻸﻏﺬﻳﺔ ﻭﻣﺸﺮﻭﺑﺎﺕ ﺍﳌﺪﺭﺟﺔ ﰲ ﺑﻮﺭﺻﺔ‬
‫ﺍﻧﺪﻭﻧﺴﻴﺎ ‪. 2020-2016‬‬

‫ﺗﻮﺻﻠﺖ ﺍﻟﺪﺭﺍﺳﺔ ﻣﻦ ﺧﻼﻝ ﻧﺘﺎﺋﺠﻬﺎ ﺃﻥ ﻧﺴﺒﺔ ﺍﻟﺴﻴﻮﻟﺔ )‪ ( cr‬ﻭ ﻧﺴﺒﺔ ﺍﳌﻼءﺓ ) ‪ ( Der‬ﻭ ﻧﺴﺒﺔ ﺍﻟﺮﲝﻴﺔ )‪( Roe‬ﺗـﺎﺛﲑ‬
‫ﺍﳚﺎﰊ ﻭﱂ ﻳﻜﻦ ﳍﻤﺎ ﺗﺄﺛﲑ ﻛﺒﲑ ﺍﻻﺳﻌﺎﺭ ﺍﻷﺳﻬﻢ ﺑﻴﻨﻤﺎ ﺍﳌﺘﻐﲑ ﻧﺴﺒﺔ ﺍﻟﺴﻮﻕ ) ‪ ( Eps‬ﻟﻪ ﺗﺎﺛﲑ ﺍﳚﺎﰊ ﻭﻫﺎﻡ ﻋﻠﻰ ﺍﺳﻌﺎﺭ ﺍﻟﺴﻬﻢ‬

‫ﺍﳌﻄﻠﺐ ﺍﻟﺜﺎﱐ ‪ :‬ﺍﳌﻘﺎﺭﻧﺔ ﺑﲔ ﺍﻟﺪﺭﺍﺳﺎﺕ ﺍﻟﺴﺎﺑﻘﺔ ﻭﺍﻟﺪﺭﺍﺳﺔ ﺍﳊﺎﻟﻴﺔ‬

‫ﰎ ﺗﻨﻈﻴﻢ ﻛﻞ ﺍﻟﺪﺭﺍﺳﺎﺕ ﺍﻟﺴﺎﺑﻘﺔ ﺍﳌﻌﺮﻭﺿﺔ ﰲ ﺍﳌﻄﻠﺐ ﺍﻷﻭﻝ ﻭﺇﻋﺎﺩﺓ ﺗﻠﺨﻴﺼﻬﺎ ﻣﻦ ﺣﻴﺚ ﺍﳍﺪﻑ ﻭﺍﳌﺘﻐـﲑﺍﺕ ﻭﺍﻷﺩﻭﺍﺕ‬
‫ﺍﳌﺴﺘﺨﺪﻣﺔ ﻭﺍﻟﻨﺘﺎﺋﺞ ﺍﳌﺘﻮﺻﻞ ﺇﻟﻴﻬﺎ ﻭﺗﻘﺪﳝﻬﺎ ﰲ ﺍﳉﺪﻭﻝ ﺍﳌﺮﻓﻖ ﺿﻤﻦ ﺍﳌﻠﺤﻖ ﺭﻗﻢ )‪ ،(01‬ﻭﻫﺬﺍ ﻣﻦ ﺃﺟﻞ ﺭﺻﺪ ﺃﻫﻢ ﺍﳌﺘﻐﲑﺍﺕ ﺍﻟﱵ‬
‫ﰎ ﺍ ﻻ ﻋ ﺘ ﻤ ﺎ ﺩ ﻋ ﻠ ﻴ ﻬ ﺎ ﺍ ﳊ ﺎ ﻟ ﻴ ﺔ ﻭ ﺍ ﻻ ﺳ ﺘ ﻌ ﺎ ﻧ ﺔ • ﺎ ﰲ ﺗ ﻔ ﺴ ﲑ ﻧ ﺘ ﺎ ﺋ ﺞ ﺍﻟ ﺪ ﺭ ﺍﺳ ﺔ ﺍﻟ ﺘ ﻄ ﺒ ﻴ ﻘ ﻴ ﺔ ﻣ ﻦ ﻧ ﺎ ﺣ ﻴ ﺔ ﺃ ﺧ ﺮ ﻯ ‪.‬‬

‫ﺃﻭﻻً‪ :‬ﻣﻦ ﺣﻴﺚ ﺍﳍﺪﻑ ﻭﺍﻷﺩﻭﺍﺕ ﺍﳌﺴﺘﺨﺪﻣﺔ‬

‫ﺍﳌ ﻼ ء ﺓ ﺍﳌ ﺎﻟﻴ ﺔ ﻋ ﻠﻰ ﻗ ﻴ ﻤ ﺔ ﺍﻟﺸ ﺮ ﻛ ﺎ ﺕ ﲝ ﻴ ﺚ ﳒ ﺪ ﺍﻏ ﻠ ﺐ ﺍﻟ ﺪ ﺭ ﺳ ﺎ ﺕ ﺍﻟﺴ ﺎﺑﻘ ﺔ ﺍﻋ ﺘ ﻤ ﺪ ﺕ ﻋ ﻠﻰ‬ ‫™ ﺪ ﻑ ﻫ ﺬ ﻩ ﺍ ﻟ ﺪ ﺭ ﺍﺳ ﺔ ﺇ ﱃ ﻗ ﻴ ﺎ ﺱ ﺃ ﺛ ﺮ‬

‫ﺩﺭﺍﺳﺔ ﺍﺛﺮ ﺍﳌﻼءﺓ ﺍﳌﺎﻟﻴﺔ ﰲ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻮﻗﻴﺔ ﻟﺴﻌﺮ ﺍﻟﺴﻬﻢ ﻭﺗﻘﻴﻢ ﺍﻷﺩﺍء ﺍﳌﺎﱄ ﻟﻠﻤﺆﺳﺴﺎﺕ ) ﺍﻟﺼﻨﺎﻋﻴﺔ (‪ ،‬ﺍﻟﺘﻌﺮﻑ ﻋﻠﻰ ﺍﺛـﺮ ﺑﻌـﺾ‬
‫ﻣ ﺆ ﺷ ﺮ ﺍ ﺕ ﺍ ﳌ ﻼ ء ﺓ ﺍ ﳌ ﺎ ﻟ ﻴ ﺔ ﻋ ﻠ ﻰ ﺍ ﻷ ﺩ ﺍ ء ﺍ ﳌ ﺎ ﱄ ‪ ,‬ﺍ ﻟ ﺘ ﻌ ﺮ ﻑ ﻋ ﻠ ﻰ ﻣ ﺪ ﻯ ﺍ ﺣ ﺘ ﺮ ﺍ ﻡ ﻣ ﻌ ﺎ ﻳ ﺮ ﺗ ﻘ ﻴ ﻢ ﺍ ﳌ ﻼ ء ﺓ ﺍ ﳌ ﺎ ﻟ ﻴ ﺔ ﰲ ﺷ ﺮ ﻛ ﺎ ﺕ ﺍ ﻟ ﺘ ﺎ ﻣ ﲔ ‪ ,‬ﻣ ﻌ ﺮ ﻓ ﺔ ﻣ ـﺪ ﻯ‬
‫ﺗ ﺎ ﺛ ﲑ ﺍ ﻟ ﺴ ﻴ ﻮ ﻟ ﺔ ﻟ ﻠﻤ ﻼ ء ﺓ ﺍﳌ ﺎﻟﻴ ﺔ ﰲ ﺷ ﺮ ﻛ ﺎ ﺕ ﺍﻟﺘ ﺼ ﻨﻴ ﻊ ﺍﻷ ﺭ ﺩ ﻧﻴ ﺔ ﺍﳌ ﺪ ﺭ ﺟ ﺔ ﰲ ﺑﻮ ﺭ ﺻ ﺔ ﻋ ﻤ ﺎ ﻥ ‪ ,‬ﺍ ﺧ ﺘ ﺒ ﺎ ﺭ ﻭ ﲢ ﺪ ﻳ ﺪ ﺍ ﻟ ﻌ ﻮ ﺍ ﻣ ﻞ ﺍ ﻟ ﱵ ﺗ ﺆ ﺛ ﺮ ﻋ ﻠ ﻰ ﻗ ﻴ ﻤ ﺔ‬
‫ﺍﻟﺸﺮﻛﺔ ‪ ,‬ﻣﻌﺮﻓﺔ ﻣﺎ ﺇﺫﺍ ﻛﺎﻥ ﻟﻠﻤﻼءﺓ ﺍﳌﺎﻟﻴﺔ ﻭ ﺭﺃﺱ ﺍﳌﺎﻝ ﺍﻟﻌﺎﻣﻞ ﺗﺎﺛﲑ ﻋﻠﻰ ﺍﻟﺮﲝﻴﺔ ‪,‬ﺃﻣﺎ ﰲ ﻫﺬﻩ ﺍﻟﺪﺭﺍﺳـﺔ ﰎ ﺇﺳـﺘﺨﺪﺍﻡ ﳕـﺎﺫﺝ‬
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 ‫ﺍﻟﻔ ﺼ ﻞ ﺍﻷ ﻭ ﻝ ‪ :‬ﺍﻹ ﻃ ﺎﺭ ﺍﻟﻨﻈ ﺮ ﻱ ﻭ ﺍﳌ ﻔ ﺎﻫ ﻴﻤ ﻲ ﻟ ﻠ ﻤ ﻼ ء ﺓ ﺍﳌ ﺎ ﻟﻴ ﺔ ﻭ ﺃ ﺛ ﺮ ﻫ ﺎ ﻋ ﻠ ﻰ ﻗ ﻴ ﻤ ﺔ ﺍ ﻟ ﺸ ﺮ ﻛ ﺔ‬

‫ﺍﻟﺴﻼﺳﻞ ﺍﻟﺰﻣﻨﻴﺔ ﻭﺍﳌﻘﻄﻌﻴﺔ )ﺑﺎﻧﻞ(‪ .‬ﻟﻨﻤﺬﺟﺔ ﺍﻟﻌﻼﻗﺔ ﺑﲔ ﻣﺆﺷﺮﺍﺕ ﺍﳌﺮﻭﻧﺔ ﺍﳌﺎﻟﻴﺔ ﻭﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻮﻗﻴﺔ ﻟﻸﺳـﻬﻢ ﺑﺈﺳـﺘﺨﺪﺍﻡ ﺑﺮﻧـﺎﻣﺞ‬
‫‪ Excel‬ﳊﺴﺎﺏ ﻣﺘﻐﲑﺍﺕ ﺍﻟﺪﺭﺍﺳﺔ ﻭﺑﺮﻧﺎﻣﺞ‪ Eviews9‬ﻟﺘﻘﺪﻳﺮ ﺍﻟﻨﻤﻮﺫﺝ ﺍﳌﻨﺎﺳﺐ ﻟﻠﺪﺭﺍﺳﺔ‪ ،‬ﺍﻟﱵ ﺍﻋﺘﻤـﺪﺕ ﻋﻠـﻰ ﺍﻟﺸـﺮﻛﺎﺕ‬
‫ﺍﳌﺪﺭﺟﺔﰲ ﺑﻮﺭﺻﺔ ﻋﻤﺎﻥ ﺧﻼﻝ ﺍﻟﻔﺘﺮﺓ )‪ .(2022-2013‬ﻭﻫﺬﺍ ﻣﻦ ﺃﺟﻞ ﻣﻨﺎﻗﺸﺔ ﺇﺷﻜﺎﻟﻴﺔ ﺍﻟﺪﺭﺍﺳﺔ‪.‬‬

‫ﻣ ﻦ ﺧ ﻼ ﻝ ﲢ ﻠ ﻴ ﻞ ﺍ ﻟ ﺪ ﺭ ﺍ ﺳ ﺎ ﺕ ﺍ ﻟ ﺴ ﺎ ﺑ ﻘ ﺔ ﺗ ﺒ ﲔ ﺃ ﻥ ﺩ ﺭ ﺍ ﺳ ﺔ " ﺷ ﺎ ﻫ ﺮ ﻓ ﻼ ﺡ " ﻫ ﻲ ﺍ ﻷ ﻗ ﺮ ﺏ ﳍ ﺬ ﻩ ﺍ ﻟ ﺪ ﺭ ﺍ ﺳ ﺔ ﻣ ـﻦ ﺣ ﻴ ـﺚ ﺍ ﳌ ﺘ ﻐ ـﲑ ﺍ ﺕ‬
‫ﺍﳌﺴﺘﻘﻠﺔ‪ ،‬ﺇﻻ ﺃ‪º‬ﺎ ﲣﺘﻠﻒ ﰲ ﻋﻴﻨﺔ ﺍﻟﺪﺭﺍﺳﺔ‪ ،‬ﺍﻟﱵ ﴰﻠﺖ ﺑﻨﻮﻙ ﺍﻟﺘﺠﺎﺭﻳﺔ ﺍﳌﺪﺭﺟﺔ ﰲ ﺍﻷﺭﺩﻥ ﺑﻮﺭﺻﺔ ﻋﻤـﺎﻥ ﰲ ﺍﻟﻔﺘـﺮﺓ )‪-2010‬‬
‫‪ (2001‬ﺃﻱ ﳌﺪﺓ ‪ 9‬ﺳﻨﻮﺍﺕ‪ ،‬ﺇﻻ ﺃﻥ ﺩﺭﺍﺳﺘﻨﺎ ﻛﺎﻧﺖ ﰲ ﺳﻮﻕ ﻋﻤﺎﻥ ﺑﻌﻴﻨﺔ ‪ 09‬ﺷﺮﻛﺔ ﻣﻦ ﺍﻟﻘﻄﺎﻉ ﺍﻟﺼﻨﺎﻋﻲ ﰲ ﺍﻟﻔﺘﺮﺓ )‪-2013‬‬
‫‪ (2022‬ﺃﻱ ﻣﺪﺓ ‪10‬ﺳﻨﻮﺍﺕ‪.‬‬

‫ﺭﻛﺰﺕ ﺍﻟﺪﺭﺍﺳﺔ ﺍﳊﺎﻟﻴﺔ ﻋﻠﻰ ﻣﻌﺮﻓﺔ ﻣﺪﻯ ﺗﺄﺛﲑ ﻣﺆﺷﺮﺍﺕ ﺍﳌﻼءﺓ ﺍﳌﺎﻟﻴﺔ ﻋﻠﻰ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻮﻗﻴﺔ ﻟﻠﺴﻬﻢ ﻟﻠﺸﺮﻛﺎﺕ ﺍﻟﺼـﻨﺎﻋﻴﺔ‬
‫ﺍﳌ ﺪ ﺭ ﺟ ﺔ ﰲ ﺑﻮ ﺭ ﺻ ﺔ ﻋ ﻤ ﺎﻥ ﺣ ﻴ ﺚ ﺑﻌ ﺪ ﺩ ﺭ ﺍﺳ ﺔ ﻫ ﺬ ﻩ ﺍﳌ ﺆ ﺷ ﺮ ﺍﺕ ﳝ ﻜ ﻦ ﻟ ﻠﺸ ﺮ ﻛ ﺎ ﺕ ﻣ ﻌ ﺮ ﻓ ﺔ ﻗ ﻴﻤ ﺘﻬ ﺎ ﰲ ﺳ ﻮ ﻕ ﺣ ﻴﺚ ﺯ ﻳﺎﺩ ﺓ ﺍﻟﻘ ﻴﻤ ﺔ ﺍﻟﺴ ﻮ ﻗ ﻴ ﺔ‬
‫ﻟ ﻠﺴ ﻬ ﻢ ﺗﺆ ﺩ ﻱ • ﺎ ﺍﱃ ﺗﻌ ﻈ ﻴﻢ ﻗﻴﻤ ﺘﻬ ﺎ ﻣ ﻦ ﺧ ﻼ ﻝ ﻗﺪ ﺭ ™ ﺎ ﻋ ﻠﻰ ﺳ ﺪ ﺍﺩ ﺍﻟﺘﺰ ﻣ ﺎ™ ﺎ ﺍﲡ ﺎﻩ ﺍﻟﻐ ﲑ ‪.‬‬

‫‪ .‬ﺛ ﺎ ﻧ ﻴ ﴼ ‪ :‬ﻣ ﻦ ﺣ ﻴ ﺚ ﺍﻟﻨﺘﺎ ﺋﺞ ﺍﳌ ﺘﻮ ﺻ ﻞ ﺇﻟﻴﻬ ﺎ‬

‫ﺑﻌ ﺪ ﺇﺟ ﺮ ﺍء ﺍﻟﺪ ﺭ ﺍﺳ ﺔ ﺍﻟﺘﻄ ﺒﻴﻘ ﻴﺔ ﻭ ﺟ ﺪ ﺃﻥ ﺍﻟﺪ ﺭ ﺍﺳ ﺔ ﺍﳊ ﺎﻟﻴﺔ ﻻ ﺗﺘﻮ ﺍﻓﻖ ﻣ ﻊ ﺍﻟﺪ ﺭ ﺍﺳ ﺎﺕ ﺍﻟﺴ ﺎﺑﻘ ﺔ ﰲ ﻣ ﻨﺎﻗﺸ ﺔ ﻣ ﺪ ﻯ ﺗﺄﺛﲑ ﻣ ﺆ ﺷ ﺮ ﺍﺕ‬
‫ﺍﳌ ﻼ ء ﺓ ﺍﳌ ﺎﻟﻴ ﺔ ﻋ ﻠﻰ ﺍﻟﻘ ﻴ ﻤ ﺔ ﺍﻟﺴ ﻮ ﻗ ﻴ ﺔ ﻟﻸ ﺳ ﻬ ﻢ ﻛ ﻤ ﺎ ﺃﳌ ﺖ ﻛ ﻞ ﺍﻟ ﺪ ﺭ ﺍﺳ ﺎ ﺕ ﺍﻟﺴ ﺎﺑﻘ ﺔ ﺑﺎﻹ ﺿ ﺎ ﻓ ﺔ ﺇﱃ ﺩ ﺭ ﺍﺳ ﺘﻨﺎ ﻋ ﻠﻰ ﺃﳘ ﻴ ﺔ ﻭ ﺿ ﺮ ﻭ ﺭ ﺓ ﺗﻮ ﻓ ﺮ ﺍﳌ ﻼ ء‬
‫ﺍ ﳌ ﺎ ﻟ ﻴ ﺔ ﰲ ﺍ ﻟ ﺸ ﺮ ﻛ ﺎ ﺕ ﻟ ﺘ ﺼ ﺪ ﻱ ﳌ ﺨ ﺘ ﻠ ﻒ ﺍﻹ ﺣ ﺘ ﻴ ﺎ ﺟ ﺎ ﺕ ﺍﻟﻄ ﺎ ﺭ ﺋ ﺔ ﻭ ﺗﺴ ﺪ ﻳ ﺪ ﲨ ﻴ ﻊ ﺍﻟ ﺘ ﺰ ﻣ ﺎ ™ ﺎ ﻃ ﻮ ﻳ ﻠ ﺔ ﻭ ﻗ ﺼ ﲑ ﺓ ﺍﻻ ﺟ ﻞ ‪ ,‬ﻭ ﺣ ﺴ ﺐ ﺍﻟ ﺪ ﺭ ﺍﺳ ﺔ‬
‫ﺍﻟﺬﻱ ﺃﺟﺮﻫﺎ ‪ Murniatilo‬ﺣﻴﺚ ﺃﺧﺬ ﻧﺴﺒﺔ ﺍﻟﺪﻳﻦ ﺇﱃ ﺍﻷﺻﻮﻝ ﻭﻫﻲ ﺍﺣﺪ ﻧﺴﺐ ﺍﳌﻼءﺓ ﺍﳌﺎﻟﻴﺔ ﻟﻘﻴﺎﺱ ﺍﳌﺒﻠﻎ ﺍﻹﲨﺎﱄ ﺍﳌﻤﻮﻝ‬
‫ﻣﻦ ﺍﻹﺣﺘﻴﺎﺟﺎﺕ ﺍﻟﺘﻤﻮﻳﻠﻴﺔ ﻹﲨﺎﱄ ﺍﻟﺪﻳﻦ ‪ ,‬ﺍﻟﺪﺭﺍﺳﺔ ﻣﺪﻋﻮﻣﺔ ﺑﻨﻈﺮﻳﺔ ‪ modiglam – miller‬ﻭﺍﻟﱵ ﺗﻮﺻﻠﺖ ﺇﱃ ﺃﻥ ﻧﺴﺒﺔ‬
‫ﺍﻟﺪﻳﻦ ﺇﱃ ﺍﻷﺻﻮﻝ ﺍﳌﺘﻐﲑﺓ ﳍﺎ ﺗﺄﺛﲑ ﺳﻠﱯ ﻛﺒﲑ ﻋﻠﻰ ﺳﻌﺮ ﺳﻬﻢ ﺍﻟﺸﺮﻛﺔ ‪ ,‬ﻭﻫﺬﺍ ﻣﺎﻳﺘﻤﺎﺷﻰ ﻣﻊ ﺍﻷﲝﺎﺙ ﺍﻟﱵ ﺍﺟﺮﻫﺎ ‪yudhi‬‬
‫‪ ptasetiy 2022‬ﻭﺩﺭﺍﺳﺔ ‪ gilamg Ramadhan fajiri 2018‬ﻭﺗﻮﺻﻠﻬﻢ ﺍﱃ ﻭﺟﻮﺩ ﺗﺄﺛﲑ ﺍﳌﻼءﺓ ﺍﳌﺎﻟﻴﺔ ﻋﻠﻰ ﻗﻴﻤﺔ‬
‫ﺍﳌﺆﺳﺴﺔ ‪ .‬ﻭ ﺣﺴﺐ ﺩﺭﺍﺳﺔ ‪ kasnandar‬ﻭ ‪ maya sari‬ﻭﺍﻟﺬﻱ ﺗﻮﺻﻠﺖ ﻧﺘﺎﺋﺠﻬﺎ ﺇﱃ ﺃﻥ ﺍﳌﻼءﺓ ﺍﳌﺎﻟﻴﺔ ﺍﻟﱵ ﰎ ﻗﻴﺎﺳﻬﺎ‬
‫ﺑﻮ ﺍﺳ ﻄ ﺔ ﻧﺴ ﺒﺔ ﺍﻟﺪ ﻳﻦ ﺇﱃ ﺣ ﻘ ﻮ ﻕ ﺍﳌﻠﻜ ﻴﺔ ﺟ ﺰ ﺋﻴﺎ ﻟﻴﺲ ﳍ ﺎ ﺗﺄﺛﲑ ﻛ ﺒﲑ ﻋ ﻠﻰ ﺃﺳ ﻌ ﺎﺭ ﺍﻷ ﺳ ﻬ ﻢ ‪.‬‬

‫ﲣ ﺘﻠﻒ ﺍﻟﺪ ﺭ ﺍﺳ ﺔ ﺍﳊ ﺎﻟﻴ ﺔ ﻋ ﻦ ﺑﻘ ﻴ ﺔ ﺍﻟﺪ ﺭ ﺍﺳ ﺎ ﺕ – ﻛ ﻤ ﺎ ﺃﺷ ﺮ ﻧﺎ ﺳ ﺎﺑﻘ ﺎ ‪ -‬ﰲ ﺯ ﻣ ﺎ ﻥ ﻭ ﻣ ﻜ ﺎ ﻥ ﺍ ﻟ ﺪ ﺭ ﺍﺳ ﺔ ﺑﺎﻹ ﺿ ﺎﻓ ﺔ ﺇﱃ ﻣ ﺘﻐ ﲑ ﺍ™ ﺎ ﺍﳌ ﺘﻤ ﺜﻠ ﺔ‬

‫ﰲ ‪ :‬ﺣ ﻘ ﻮ ﻕ ﺍﳌ ﻠﻜ ﻴﺔ ‪ ،‬ﺳ ﻴﻮ ﻟﺔ ﺍﻷ ﺻ ﻮ ﻝ ‪ ،‬ﺍﻟﺮ ﺍﻓﻌ ﺔ ﺍﳌ ﺎﻟﻴﺔ‪ ،‬ﺍﻟﺘﺪ ﺍﻭ ﻝ ‪.‬‬

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‫ﺍﻟﻔ ﺼ ﻞ ﺍﻷ ﻭ ﻝ ‪ :‬ﺍﻹ ﻃ ﺎﺭ ﺍﻟﻨﻈ ﺮ ﻱ ﻭ ﺍﳌ ﻔ ﺎﻫ ﻴﻤ ﻲ ﻟ ﻠ ﻤ ﻼ ء ﺓ ﺍﳌ ﺎ ﻟﻴ ﺔ ﻭ ﺃ ﺛ ﺮ ﻫ ﺎ ﻋ ﻠ ﻰ ﻗ ﻴ ﻤ ﺔ ﺍ ﻟ ﺸ ﺮ ﻛ ﺔ‬

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 ‫ﺧﻼﺻﺔ ﺍﻟﻔﺼﻞ ﺍﻷﻭﻝ ‪:‬‬

‫ﺗ ﻄ ﺮ ﻗ ﻨ ﺎ ﰲ ﻫ ﺬ ﺍ ﺍ ﻟ ﻔ ﺼ ﻞ ﺍ ﱃ ﳐ ﺘ ﻠ ﻒ ﺍ ﳌ ﻔ ﺎ ﻫ ﻴ ﻢ ﺍ ﻟ ﻨ ﻈ ﺮ ﻳ ﺔ ﻟ ﻠ ﻤ ﻼ ء ﺓ ﺍ ﳌ ﺎ ﻟ ﻴ ﺔ ﻭ ﺗ ﺄ ﺛ ﲑ ﺍ ﳌ ﻼ ء ﺓ ﺍ ﳌ ﺎ ﻟ ﻴ ﺔ ﻋ ﻠ ﻰ ﻗ ﻴ ﻤ ﺔ ﺍﳌ ﺆ ﺳ ﺴ ـﺔ ﺍﳌ ﺪ ﺭ ﺟ ـﺔ ﰲ‬
‫ﺍﻟﺒﻮ ﺭ ﺻ ﺔ ‪ ،‬ﻓ ﺘ ﻢ ﺍﻟﺘﻄ ﺮ ﻕ ﰲ ﺍﳌ ﺒ ﺤ ﺚ ﺍﻷ ﻭ ﻝ ﺇﱃ ﺗﻄ ﻮ ﺭ ﻣ ﻔ ﻬ ﻮ ﻡ ﺍﳌ ﻼ ء ﺓ ﺍﳌ ﺎﻟﻴ ﺔ ﻭ ﻣ ﺼ ﺎﺩ ﺭ ﻫ ﺎ ﻭ ﺃﺩ ﻭ ﺍﺕ ﻗ ﻴﺎ ﺳ ﻬ ﺎ ﰲ ﺣ ﲔ ﰎ ﺍﻟﺘﻄ ﺮ ﻕ ﺇﱃ ﻣ ﻔ ﺎ ﻫ ﻴ ﻢ‬
‫ﺃﺳ ﺎﺳ ﻴﺔ ﺣ ﻮ ﻝ ﺍﳌ ﻼ ءﺓ ﺍﳌ ﺎﻟﻴﺔ ﻭ ﺗﺄﺛﲑ ﻫ ﺎ ﻋ ﻠﻰ ﻗﻴﻤ ﺔ ﺍﳌ ﺆ ﺳ ﺴ ﺔ ﻭ ﺍﻟﻌ ﻼ ﻗﺘﻬ ﺎ ﺑﻘ ﻴﻤ ﺔ ﺍﳌ ﺆ ﺳ ﺴ ﺔ ﺍﳌ ﺪ ﺭ ﺟ ﺔ ﰲ ﺍﻟﺒﻮ ﺭ ﺻ ﺔ ‪ .‬ﻭ ﰲ ﺍﻷ ﺧ ﲑ ﰎ ﲣ ﺼ ﻴﺺ‬
‫ﺍﳌ ﺒ ﺤ ﺚ ﺍﻟﺜﺎ ﱐ ﺍﻷ ﻫ ﻢ ﺍﻟ ﺪ ﺭ ﺍﺳ ﺎ ﺕ ﺍﻟﻌ ﺮ ﺑﻴ ﺔ ﻭ ﺍﻷ ﺟ ﻨﺒﻴ ﺔ ﺍﻟﱵ ﳍ ﺎ ﺗﺄ ﺛﲑ ﻣ ﺒﺎ ﺷ ﺮ ﻭ ﻏ ﲑ ﻣ ﺒﺎ ﺷ ﺮ ﺑﺎﳌ ﻼ ء ﺓ ﺍﳌ ﺎﻟﻴ ﺔ ﺍﻟﱵ ﻋ ﻤ ﻠ ﺖ ﻋ ﻠﻰ ﺍﺣ ﺪ ﻯ ﺍﳌ ﺘﻐ ﲑ ﺍﺕ‬
‫ﺍﻟﺪ ﺭ ﺍ ﺳ ﺔ ﺍ ﳊ ﺎ ﻟ ﻴ ﺔ ﻭ ﺫ ﺍﻟﻚ ﻟﻼ ﻋ ﺘﻤ ﺎﺩ ﻋ ﻠﻴﻬ ﺎ ﰲ ﺗﻔﺴ ﲑ ﻧ ﺘ ﺎ ﺋ ﺠ ﻬ ﺎ ﻭ ﻣ ﻌ ﺮ ﻓ ﺔ ﺍ ﻟ ﻔ ﺮ ﻕ ﺑ ﲔ ﻫ ﺬ ﻩ ﺍ ﻟ ﺪ ﺭ ﺍ ﺳ ﺎ ﺕ ﻣ ﻊ ﻋ ﺮ ﺽ ﺍ ﻷ ﻫ ﺪ ﺍ ﻑ ﺍ ﻟ ﱵ ﺃ ﺩ ﺕ ﺇ ﻟ ﻴ ﻬ ﺎ‬
‫ﻛ ﻞ ﺩ ﺭ ﺍﺳ ﺔ ﻭ ﺳ ﻮ ﻑ ﳓ ﺎ ﻭ ﻝ ﰲ ﺍﻟﻔ ﺼ ﻞ ﺍﻟﺜ ﺎ ﱐ ﺗﻄ ﺒ ﻴﻖ ﻣ ﺎ ﻫ ﻮ ﻧﻈ ﺮ ﻱ ﻋ ﻠ ﻰ ﺍﺭ ﺽ ﺍﻟﻮ ﺍﻗ ﻊ ﻣ ﻦ ﺧ ﻼ ﻝ ﻣ ﻌ ﺮ ﻓ ﺔ ﺍﺛﺮ ﺍﳌ ﻼ ء ﺓ ﺍﳌ ﺎ ﻟﻴ ﺔ ﻋ ﻠ ﻰ ﺍﻟﻘ ﻴ ﻤ ـﺔ‬
‫ﺍﻟﺴ ﻮ ﻗ ﻴ ﺔ ﻟﻠﺴ ﻬ ﻢ ‪.‬‬
‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﱐ‪ :‬ﺍﻟﺪﺭﺍﺳﺔ ﺍﻟﺘﻄﺒﻴﻘﻴﺔ ﻷﺛﺮ ﻣﺆﺷﺮﺍﺕ‬
‫ﺍﳌﻼءﺓ ﺍﳌﺎﻟﻴ ﺔ ﻋﻠﻰ ﻗﻴﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﺍﳌﺪﺭﺟﺔ ﰲ‬
‫ﺑﻮﺭﺻﺔ ﻋﻤﺎﻥ‬
‫ﺍ ﻟ ﻔ ﺼ ﻞ ﺍ ﻟ ﺜ ﺎ ﱐ ‪ :‬ﺍ ﻟ ﺪ ﺭ ﺍ ﺳ ﺔ ﺍ ﻟ ﺘ ﻄ ﺒ ﻴ ﻘ ﻴ ﺔ ﻷ ﺛ ﺮ ﻣ ﺆ ﺷ ﺮ ﺍ ﺕ ﺍ ﳌ ﻼ ء ﺓ ﺍ ﳌ ﺎ ﻟ ﻴ ﺔ ﻋ ﻠ ﻰ ﻗ ﻴ ﻤ ﺔ ﺍﻟﺸ ﺮ ﻛ ﺎ ﺕ ﺍﳌ ﺪ ﺭ ﺟ ﺔ ﰲ ﺑ ﻮ ﺭ ﺻ ﺔ ﻋ ﻤ ﺎ ﻥ‬

‫ﲤﻬﻴﺪ‪:‬‬
‫ﺑﻌﺪ ﺗﻨﺎﻭﻟﻨﺎ ﰲ ﺍﻟﻔﺼﻞ ﺍﻷﻭﻝ ﻟﻠﻤﻔﺎﻫﻴﻢ ﺍﻷﺳﺎﺳﻴﺔﺍﳌﺘﻌﻠﻘﺔ ﺑﺎﳌﻼءﺓ ﺍﳌﺎﻟﻴﺔ ﻭﻣﺴﺘﻮﻳﺎ™ﺎ ﻭﺃﺩﻭﺍﺕ ﻗﻴﺎﺳﻬﺎ ﻭﻛـﺬﺍ ﺍﻟﺪﺭﺍﺳـﺎﺕ‬
‫ﺍﻟﺴ ﺎﺑﻘ ﺔ ﻟﻠ ﻤ ﻮ ﺿ ﻮ ﻉ ‪ ،‬ﺳ ﻨﺨ ﺼ ﺺ ﻫ ﺬ ﺍ ﺍﻟﻔ ﺼ ﻞ ﻟﺪ ﺭ ﺍﺳ ﺔ ﺍﻟﺘﻄ ﺒﻴﻘ ﻴ ﺔ ﻹ ﺳ ﻘ ﺎ ﻁ ﺍﳉ ﺎﻧﺐ ﺍﻟﻨﻈ ﺮ ﻱ ﻋ ﻠﻰ ﳉ ﺎﻧﺐ ﺍﻟﺘﻄ ﺒﻴﻘ ﻲ ﻟﻠ ﺪ ﺭ ﺍﺳ ﺔ ﻓ ﺘﻨﺎﻭ ﻟﻨﺎ ﰲ‬
‫ﻫ ﺬ ﺍ ﺍ ﻟ ﻔ ﺼ ﻞ ﻛ ﻞ ﻣ ﻦ ﳎ ﺘ ﻤ ﻊ ﻭ ﻋ ﻴ ﻨ ﺔ ﺍ ﻟ ﺪ ﺭ ﺍﺳ ﺔ ﻭ ﺫ ﻟ ﻚ ﻣ ﻦ ﺧ ﻼ ﻝ ﺩ ﺭ ﺍ ﺳ ﺔ ﺍ ﻟ ﻌ ﻼ ﻗ ﺔ ﺑ ﲔ ﺍ ﳌ ﺘ ﻐ ﲑ ﺍ ﳌ ﺴ ﺘ ﻘ ﻞ ) ﺍ ﳌ ﻼ ء ﺓ ﺍ ﳌ ﺎ ﻟ ﻴ ﺔ ‪ :‬ﻧ ﺴ ﺒ ﺔ ﺣ ﻘ ﻮ ﻕ ﺍ ﳌ ﻠ ﻜ ﻴ ﺔ‬
‫‪ .‬ﻧﺴﺒﺔ ﺳﻴﻮﻟﺔ ﺍﻷﺻﻮﻝ ‪ .‬ﻧﺴﺒﺔ ﺍﻟﺘﺪﺍﻭﻝ ‪ .‬ﻧﺴﺒﺔ ﺍﻟﺮﺍﻓﻌﺔ ﺍﳌﺎﻟﻴﺔ (‪ .‬ﻣﻊ ﺍﳌﺘﻐﲑ ﺍﻟﺘﺎﺑﻊ )ﻗﻴﻤﺔ ﺍﻟﺴﻮﻗﻴﺔ ﻟﻼﺳـﻬﻢ (‪ .‬ﳌﺠﻤﻮﻋـﺔ ﻣـﻦ‬
‫ﺍﻟﺸﺮﻛﺎﺕ ﺍﳌﺪﺭﺟﺔ ﰲ ﺑﻮﺭﺻﺔ ﻋﻤﺎﻥ‪ ،‬ﻭﻹﺧﺘﺒﺎﺭ ﻣﺪﻯ ﺻﺤﺔ ﻓﺮﺿﻴﺎﺕ ﺍﻟﺪﺭﺍﺳﺔ ﺳﻨﻘﻮﻡ ﺑﺘﻘﺴﻴﻢ ﻓﺼـﻞ ﺍﻟﺪﺭﺍﺳـﺔ ﺍﻟﺘﻄﺒﻴﻘﻴـﺔ ﺇﱃ‬
‫ﺍﳌ ﺒ ﺤ ﺜﲔ ﺍﻟﺘﺎﻟﻴﲔ ‪:‬‬

‫ﺍﳌﺒﺤﺚ ﺍﻷﻭﻝ‪ :‬ﺍﻟﻄﺮﻳﻘﺔ ﻭﺍﻷﺩﻭﺍﺕ ﺍﳌﺴﺘﺨﺪﻣﺔ ﰲ ﺍﻟﺪﺭﺍﺳﺔ‪.‬‬ ‫‪ü‬‬

‫ﺍﳌ ﺒ ﺤ ﺚ ﺍﻟﺜﺎ ﱐ ‪ :‬ﻋ ﺮ ﺽ ﻭ ﻣ ﻨﺎﻗﺸ ﺔ ﺍﻟﻨﺘﺎﺋﺞ ﺍﳌﺘﻮ ﺻ ﻞ ﺇﻟﻴﻬ ﺎ‪.‬‬ ‫‪ü‬‬

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‫ﺍ ﻟ ﻔ ﺼ ﻞ ﺍ ﻟ ﺜ ﺎ ﱐ ‪ :‬ﺍ ﻟ ﺪ ﺭ ﺍ ﺳ ﺔ ﺍ ﻟ ﺘ ﻄ ﺒ ﻴ ﻘ ﻴ ﺔ ﻷ ﺛ ﺮ ﻣ ﺆ ﺷ ﺮ ﺍ ﺕ ﺍ ﳌ ﻼ ء ﺓ ﺍ ﳌ ﺎ ﻟ ﻴ ﺔ ﻋ ﻠ ﻰ ﻗ ﻴ ﻤ ﺔ ﺍﻟﺸ ﺮ ﻛ ﺎ ﺕ ﺍﳌ ﺪ ﺭ ﺟ ﺔ ﰲ ﺑ ﻮ ﺭ ﺻ ﺔ ﻋ ﻤ ﺎ ﻥ‬

‫ﺍﳌﺒﺤﺚ ﺍ ﻷ ﻭ ﻝ ‪ :‬ﺍ ﻟﻄ ﺮ ﻳ ﻘ ﺔ ﻭ ﺍ ﻷ ﺩ ﻭ ﺍ ﺕ ﺍﳌﺴﺘﺨﺪﻣﺔ ﰲ ﺍ ﻟ ﺪ ﺭ ﺍ ﺳ ﺔ‬

‫ﳝﺜﻞ ﻫﺬﺍ ﺍﳌﺒﺤﺚ ﺑﺎﻟﻨﺴﺒﺔ ﻟﻠﺪﺭﺍﺳﺔ ﺟﺰءﴽ ﺃﺳﺎﺳﻴﴼ ﳌﻌﺮﻓﺔ ﺍﻟﻌﻼﻗﺔ ﺑﲔ ﺍﳌﺘﻐﲑﺍﺕ ﻭﻣﺪﻯ ﺗﺄﺛﺮﻫﺎ ﺑﺒﻌﻀﻬﺎ ﺍﻟﺒﻌﺾ ﻣـﻦ ﺃﺟـﻞ‬
‫ﺍﻹﺟﺎﺑﺔ ﻋﻠﻰ ﺍﻹﺷﻜﺎﻟﻴﺔ ﺍﳌﻄﺮﻭﺣﺔ‪ ،‬ﲝﻴﺚ ﻳﺸﺘﻤﻞ ﻋﻠﻰ ﺍﻟﻄﺮﻳﻘﺔ ﺍﳌﻌﺘﻤﺪ ﻋﻠﻴﻬﺎ ﰲ ﺍﻟﺪﺭﺍﺳﺔ ﻣﻦ ﺧـﻼﻝ ﺍﳌﻄﻠـﺐ ﺍﻷﻭﻝ ﻭﲢﺪﻳـﺪ‬
‫ﺍﻷ ﺩ ﻭ ﺍﺕ ﺍﳌﺴ ﺘﺨ ﺪ ﻣ ﺔ ﰲ ﲨ ﻊ ﺑﻴﺎﻧﺎ ﺕ ﺍﻟﺪ ﺭ ﺍﺳ ﺔ ﻭ ﻣ ﻌ ﺎﳉ ﺘﻬ ﺎ ﻣ ﻦ ﺧ ﻼ ﻝ ﺍﳌ ﻄ ﻠﺐ ﺍﻟﺜﺎﱐ ‪.‬‬

‫ﺍﳌﻄﻠﺐ ﺍﻷﻭﻝ‪ :‬ﺍﻟﻄﺮﻳﻘﺔ ﺍﳌﻌﺘﻤﺪ ﻋﻠﻴﻬﺎ ﰲ ﺍﻟﺪﺭﺍﺳﺔ‬

‫ﺳ ﻴﺘﻢ ﻣ ﻦ ﺧ ﻼ ﻝ ﻫ ﺬ ﺍ ﺍﳌ ﻄ ﻠ ﺐ ﺍﻟﺘﻌ ﺮ ﻳﻒ ﲟ ﺠ ﺘ ﻤ ﻊ ﻭ ﻋ ﻴ ﻨ ﺔ ﺍ ﻟ ﺪ ﺭ ﺍ ﺳ ﺔ ﺑ ﺎ ﻹ ﺿ ﺎ ﻓ ﺔ ﺇ ﱃ ﻣ ﺘ ﻐ ﲑ ﺍ ﺕ ﺍ ﻟ ﺪ ﺭ ﺍ ﺳ ﺔ ﻭ ﻛ ﻴ ﻔ ﻴ ﺔ ﻗ ﻴ ﺎ ﺳ ﻬ ﺎ ‪.‬‬

‫ﺍﻟﻔ ﺮ ﻉ ﺍﻷ ﻭ ﻝ ‪ :‬ﳎ ﺘﻤ ﻊ ﻭ ﻋ ﻴﻨ ﺔ ﺍﻟﺪ ﺭ ﺍﺳ ﺔ‬

‫ﺃﻭﻻً‪ :‬ﳎﺘﻤﻊ ﺍﻟﺪﺭﺍﺳﺔ‬

‫ﻳﺘﻤﺜﻞ ﳎﺘﻤﻊ ﻫﺬﻩ ﺍﻟﺪﺭﺍﺳﺔ ﰲ ﺑﻮﺭﺻﺔ ﻋﻤﺎﻥ ﺑﺎﳌﻤﻠﻜﺔ ﺍﻷﺭﺩﻧﻴﺔ ﺍﳍﺎﴰﻴﺔ‪ ،‬ﺑﻠﻎ ﻋﺪﺩ ﺍﻟﺸﺮﻛﺎﺕ ﺍﳌﺪﺭﺟﺔ ‪ 173‬ﺷﺮﻛﺔ ﰲ ‪º‬ﺎﻳﺔ‬
‫ﺳﻨﺔ ‪ 2022‬ﻣﻮﺯﻋﺔ ﻋﻠﻰ ‪ 3‬ﻗﻄﺎﻋﺎﺕ ﻣﺘﻤﺜﻠﺔ ﰲ‪ :‬ﺍﻟﻘﻄﺎﻉ ﺍﳌﺎﱄ‪ ،‬ﻗﻄﺎﻉ ﺍﳋﺪﻣﺎﺕ‪ ،‬ﻗﻄﺎﻉ ﺍﻟﺼﻨﺎﻋﺔ‪.‬‬

‫ﻧﺸ ﺄﺓ ﺑﻮ ﺭ ﺻ ﺔ ﻋ ﻤ ﺎﻥ ‪:‬‬ ‫•‬

‫ﺗﺄﺳﺴﺖ ﺑﻮﺭﺻﺔ ﻋﻤﺎﻥ ﰲ ‪11‬ﻣﺎﺭﺱ‪ 1999‬ﻛﻤﺆﺳﺴﺔ ﻣﺴﺘﻘﻠﺔ ﻻ ™ﺪﻑ ﺍﱃ ﺍﻟﺮﺑﺢ ﻭﻣﺼﺮﺡ ﳍﺎ ﲟﺰﺍﻭﻟﺔ ﺍﻟﻌﻤﻞ ﻛﺴﻮﻕ‬
‫ﻣ ﻨﺘﻈ ﻢ ﺍﻟﺘﺪ ﺍﻭ ﻝ ﺍﻷ ﻭ ﺭ ﺍﻕ ﺍﳌ ﺎﻟﻴ ﺔ ﰲ ﺍﳌ ﻤ ﻠﻜ ﺔ ﺍﻷ ﺭ ﺩ ﻧﻴ ﺔ ﺍﳍ ﺎﴰ ﻴ ﺔ‬

‫ﻭﰲ ‪ 20‬ﻓﻴﻔﺮﻱ ‪ 2017‬ﰎ ﺗﺴﺠﻴﻞ ﺑﻮﺭﺻﺔ ﻋﻤﺎﻥ ﻛﺸﺮﻛﺔ ﻣﺴﺎﳘﺔ ﻋﺎﻣﺔ ﳑﻠﻮﻛﺔ ﺑﺎﻟﻜﺎﻣﻞ ﻟﻠﺤﻜﻮﻣﺔ ﻭﺗﻌﺘﱪ ﺷﺮﻛﺔ ﺑﻮﺻﺔ‬
‫ﻋ ﻤ ﺎ ﻥ ﺍ ﳋ ﻠ ﻖ ﺍ ﻟ ﻘ ﺎ ﻧ ﻮ ﱐ ﺍ ﻟ ﻌ ﺎ ﻡ ﻭ ﺍ ﻟ ﻮ ﺍ ﻗ ﻌ ﻲ ﻟ ﺒ ﻮ ﺭ ﺻ ﺔ ﻋ ﻤ ﺎ ﻥ ﻭ ﺗ ﺪ ﺍ ﺭ ﺷ ﺮ ﻛ ﺔ ﺑ ﻮ ﺭ ﺻ ﺔ ﻋ ﻤ ﺎ ﻥ ﻣ ﻦ ﻗ ﺒ ﻞ ﳎ ﻠ ﺲ ﺇ ﺩ ﺍ ﺭ ﺓ ﻣ ﻜ ﻮ ﻥ ﻣ ﻦ ﺳ ـﺒ ﻌ ﺔ ﺃ ﻋ ﻀ ـﺎ ء‬
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‫ﻳﻌ ﻴﻨﻬ ﻢ ﳎ ﻠﺲ ﺍﻟﻮ ﺯ ﺭ ﺍء ﻭ ﻣ ﺪ ﻳﺮ ﺗﻨﻔ ﻴﺬ ﻣ ﺘﻔ ﺮ ﻍ ﻳﺘﻮ ﱃ ﺇﺩ ﺍﺭ ﺓ ﻭ ﻣ ﺘﺎﺑﻌ ﺔ ﺍﻻ ﻋ ﻤ ﺎﻝ ﺍﻟﻴﻮ ﻣ ﻴﺔ ﻟﻠﺒﻮ ﺭ ﺻ ﺔ‬

‫ﺗﻠﺘﺰﻡ ﺑﻮﺭﺻﺔ ﻋﻤﺎﻥ ﺑﺘﻮﻓﲑ ﻣﺒﺎﺩﺉ ﺍﻟﻌﺪﺍﻟﺔ ﻭﺍﻟﺸﻔﺎﻓﻴﺔ ﻭﺍﻟﻜﻔﺎءﺓ ﻭﺍﻟﺴﻴﻮﻟﺔ‪ ،‬ﺣﻴﺚ ﺗﺴﻌﻰ ﺍﻟﺒﻮﺭﺻﺔ ﺇﱃ ﺗﻮﻓﲑ ﺑﻴﺌـﺔ ﺳـﻠﻴﻤﺔ‬
‫ﻭ ﺻ ﺤ ﻴ ﺔ ﻟ ﺘ ﺪ ﺍ ﻭ ﻝ ﺍ ﻷ ﻭ ﺭ ﺍ ﻕ ﺍﳌ ﺎ ﻟ ﻴ ﺔ ﻭ ﺗ ﺮ ﺳ ﻴ ﺦ ﺃ ﺳ ﺲ ﺍ ﻟ ﺘ ﺪ ﺍ ﻭ ﻝ ﺍ ﻟﺴ ﻠ ﻴ ﻢ ﻭ ﺍ ﻟ ﻌ ﺎ ﺩ ﻝ ‪ ،‬ﻭ ﲪ ﺎ ﻳ ﺔ ﺍﳌ ﺘ ﻌ ﺎ ﻣ ﻠ ﲔ ﰲ ﺳ ﻮ ﻕ ﺭ ﺃﺱ ﺍﳌ ﺎ ﻝ ‪ ،‬ﻭ ﻟ ﻠ ﻘ ﻴ ـﺎ ﻡ ﺑ ـﺬ ﻟ ﻚ‬
‫ﻗ ﺎ ﻣ ﺖ ﺑ ﻮ ﺭ ﺻ ﺔ ﻋ ﻤ ﺎ ﻥ ﺑ ﺘ ﻄ ﺒ ﻴ ﻖ ﺃ ﻧ ﻈ ﻤ ﺔ ﻭ ﺗ ﻌ ﻠ ﻴ ﻤ ﺎ ﺕ ﺗ ﺘ ﻤ ﺎ ﺷ ﻰ ﻣ ﻊ ﺍﳌ ﻌ ﺎ ﻳ ﲑ ﺍﻟ ﻌ ﺎ ﳌ ﻴ ﺔ ‪.‬‬

‫ﺗﻘﻮﻡ ﺑﻮﺭﺻﺔ ﻋﻤﺎﻥ ﺑﺘﻮﻓﲑ ﺃﻧﻈﻤﺔ ﺇﻟﻜﺘﺮﻭﻧﻴﺔ ﻭﻭﺳﺎﺋﻞ ﺭﺑﻂ ﻭﻗﺎﻋﺎﺕ ﳎﻬﺰﺓ ﺑﺎﻷﺩﻭﺍﺕ ﻭﺍﻟﻮﺳﺎﺋﻞ ﺍﻟﺘﻘﻨﻴﺔ ﺍﳊﺪﻳﺜﺔ‪ .‬ﻭﻣﺮﺍﻗﺒـﺔ‬
‫ﻋ ﻤ ﻠ ﻴ ﺎ ﺕ ﺍ ﻟ ﺘ ﺪ ﺍ ﻭ ﻝ ﰲ ﺍ ﻟﺴ ﻮ ﻕ ﻭ ﺍ ﻟ ﺘ ﻨﺴ ﻴ ﻖ ﻣ ﻊ ﺍ ﳍ ﻴ ﺌ ﺔ ﰲ ﻣ ﺘ ﺎ ﺑ ﻌ ﺔ ﺗ ﻠ ﻚ ﺍ ﻟ ﻌ ﻤ ﻠ ﻴ ﺎ ﺕ ‪ .‬ﻛ ﻤ ﺎ ﻗ ﺎ ﻣ ﺖ ﺑ ﻮ ﺭ ﺻ ﺔ ﻋ ﻤ ﺎ ﻥ ﺑ ﻮ ﺿ ﻊ ﻣ ﻌ ﺎ ﻳ ﲑ ﻟ ﻠﺴ ﻠ ﻮ ﻙ ﺍﳌ ﻬ ﲏ‬
‫ﻟﻀﻤﺎﻥ ﺍﻟﺘﺰﺍﻡ ﺃﻋﻀﺎﺋﻬﺎ ﲟﺒﺎﺩﺉ ﺍﻟﺘﺪﺍﻭﻝ ﺍﻟﻌﺎﺩﻝ ﻭﺍﻟﺴﻠﻴﻢ‪ ،‬ﻛﻤﺎ ﲢﺮﺹ ﻋﻠﻰ ﺿﺮﻭﺭﺓ ﺍﻟﻨﺸﺮ ﺍﻟﻔﻮﺭﻱ ﻭﺍﻟﺼﺤﻴﺢ ﻟﻠﻤﻌﻠﻮﻣﺎﺕ ﳉﻤﻴـﻊ‬
‫ﺍﳌ ﻬ ﺘ ﻤ ﲔ ﺑﻨﻔ ﺲ ﺍﻟﻮ ﻗ ﺖ ‪.‬‬

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‫‪https://arab-exchanges.org/ar/member/amman-stock-exchange-ase/‬‬

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‫ﺍ ﻟ ﻔ ﺼ ﻞ ﺍ ﻟ ﺜ ﺎ ﱐ ‪ :‬ﺍ ﻟ ﺪ ﺭ ﺍ ﺳ ﺔ ﺍ ﻟ ﺘ ﻄ ﺒ ﻴ ﻘ ﻴ ﺔ ﻷ ﺛ ﺮ ﻣ ﺆ ﺷ ﺮ ﺍ ﺕ ﺍ ﳌ ﻼ ء ﺓ ﺍ ﳌ ﺎ ﻟ ﻴ ﺔ ﻋ ﻠ ﻰ ﻗ ﻴ ﻤ ﺔ ﺍﻟﺸ ﺮ ﻛ ﺎ ﺕ ﺍﳌ ﺪ ﺭ ﺟ ﺔ ﰲ ﺑ ﻮ ﺭ ﺻ ﺔ ﻋ ﻤ ﺎ ﻥ‬

‫ﲢ ﺮ ﺹ ﺑﻮ ﺭ ﺻ ﺔ ﻋ ﻤ ﺎﻥ ﻋ ﻠﻰ ﺇﻗ ﺎﻣ ﺔ ﻋ ﻼ ﻗ ﺎ ﺕ ﺗﻌ ﺎ ﻭ ﻥ ﻣ ﻊ ﺍﻟﺒﻮ ﺭ ﺻ ﺎ ﺕ ﻭ ﺍﳉ ﻤ ﻌ ﻴﺎ ﺕ ﻭ ﺍﳌ ﻨﻈ ﻤ ﺎ ﺕ ﺍﻟﻌ ﺎﳌ ﻴ ﺔ ﻭ ﺇﺑﺮ ﺍﻡ ﺍﻻ ﺗﻔ ﺎ ﻗ ﻴﺎ ﺕ ﻣ ﻌ ﻬ ﺎ‪،‬‬

‫ﻭﺍﳌﺸﺎﺭﻛﺔ ﰲ ﺍﳌﺆﲤﺮﺍﺕ ﻭﺍﻟﻨﺪﻭﺍﺕ ﺍﻟﻌﺮﺑﻴﺔ ﻭﺍﻟﻌﺎﳌﻴﺔ ﻭﻫﻲ ﻋﻀﻮ ﺍﻻﲢﺎﺩ ﺍﻟﺪﻭﱄ ﻟﻠﺒﻮﺭﺻﺎﺕ ﻭﺍﲢﺎﺩ ﺃﺳﻮﺍﻕ ﺍﳌﺎﻝ ﺍﻟﻌﺮﺑﻴـﺔ‪ ،‬ﻭﺍﲢـﺎﺩ‬
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‫ﺍﻟﺒﻮ ﺭ ﺻ ﺎ ﺕ ﺍﻷ ﻭ ﺭ ﻭ ﺑﻴ ﺔ ﺍﻵ ﺳ ﻴﻮ ﻳ ﺔ ﻭ ﺍﳌﻨﻈ ﻤ ﺔ ﺍﻟﺪ ﻭ ﻟﻴﺔ ﻟﻠﻬ ﻴﺌﺎﺕ ﺍﻷ ﻭ ﺭ ﺍﻕ ﺍﳌ ﺎﻟﻴﺔ‪.‬‬

‫ﺃﻫ ﺪ ﺍﻑ ﺍﻟﺒﻮ ﺭ ﺻ ﺔ ‪ ™ :‬ﺪ ﻑ ﺑﻮ ﺭ ﺻ ﺔ ﻋ ﻤ ﺎﻥ ﺇﱃ ‪:‬‬

‫‪ ü‬ﺧ ﻠﻖ ﺑﻴﺌﺔ ﺇﺳ ﺘﺜﻤ ﺎﺭ ﻳﺔ ﺟ ﺎ ﺫ ﺑﺔ ﻭ ﺁﻣ ﻨﺔ ﻭ ﺗﻄ ﻮ ﻳﺮ ﻋ ﻤ ﻠﻴﺎﺕ ﻭ ﺃﺳ ﺎﻟﻴﺐ ﺍﻷ ﻭ ﺭ ﺍﻕ ﺍﳌ ﺎﻟﻴﺔ ﰲ ﺍﻟﺒﻮ ﺭ ﺻ ﺔ ‪.‬‬

‫‪ ü‬ﻧﺸ ﺮ ﺛﻘ ﺎ ﻓ ﺔ ﺍﻻ ﺳ ﺘﺜ ﻤ ﺎﺭ ﰲ ﺍﻷ ﺳ ﻮ ﺍﻕ ﺍﳌ ﺎﻟﻴ ﺔ ﻭ ﺗﻨﻤ ﻴ ﺔ ﺍﳌ ﻌ ﺮ ﻓ ﺔ ﺍﳌ ﺘﻌ ﻠﻘ ﺔ ﺑﺎﻷ ﺳ ﻮ ﺍﻕ ﺍﳌ ﺎﻟﻴ ﺔ ﻭ ﺍﳋ ﺪ ﻣ ﺎ ﺕ ﺍﻟﱵ ﺗﻘ ﺪ ﻣ ﻬ ﺎ ﺍﻟﺸ ﺮ ﻛ ﺔ ‪.‬‬
‫‪ ü‬ﺗﻄ ﺒﻴﻖ ﺃﺣ ﺪ ﺙ ﺍﳌﻌ ﺎﻳﲑ ﺍﻟﻌ ﺎﳌ ﻴﺔ ﻭ ﻧﺸ ﺮ ﻣ ﻌ ﻠﻮ ﻣ ﺎﺕ ﺍﻟﺘﺪ ﺍﻭ ﻝ ﺇﱃ ﺃﻛ ﱪ ﻋ ﺪ ﺩ ﳑ ﻜ ﻦ ﻣ ﻦ ﺍﳌ ﺘﻌ ﺎﻣ ﻠﲔ ﺍﳌ ﻬ ﺘﻤ ﲔ ‪.‬‬
‫‪ ü‬ﺯ ﻳﺎﺩ ﺓ ﻭ ﻋ ﻲ ﻓﺌﺎﺕ ﺍﳌﺘﻌ ﺎﻣ ﻠﲔ ﺑﺎﻷ ﻭ ﺭ ﺍﻕ ﺍﳌ ﺎﻟﻴﺔ ﻭ ﺗﻮ ﻓﲑ ﺍﻟﺸ ﻔ ﺎﻓﻴﺔ ﻭ ﺍﳌ ﺼ ﺪ ﺍﻗﻴﺔ ﰲ ﺗﻌ ﺎﻣ ﻼ ﺕ ﺍﻟﺒﻮ ﺭ ﺻ ﺔ‪.‬‬
‫ﺛ ﺎ ﻧ ﻴ ﴼ ‪ :‬ﻋ ﻴﻨﺔ ﺍﻟﺪ ﺭ ﺍﺳ ﺔ‬

‫ﺗﺘﻤﺜﻞ ﻋﻴﻨﺔ ﺍﻟﺪﺭﺍﺳﺔ ﰲ ‪ 09‬ﺷﺮﻛﺎﺕ ﻣﺪﺭﺟﺔ ﰲ ﺑﻮﺭﺻﺔ ﻋﻤﺎﻥ ﻟﻸﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﺗﻨﺸﻂ ﻓﻴﺎﻟﻘﻄﺎﻉ ﺍﻟﺼﻨﺎﻋﻲ ﺧﻼﻝ ﺍﻟﻔﺘﺮﺓ‬
‫)‪ .(2022-2013‬ﻭﻗﺪ ﰎ ﺇﺧﺘﻴﺎﺭﻫﺎ ﺑﻨﺎءﴽ ﻋﻠﻰ‪:‬‬

‫‪ ü‬ﺗﻮ ﻓﲑ ﺍﳌﻌ ﻠﻮ ﻣ ﺎﺕ ﺍﳌﺎﻟﻴﺔ ﻟﺸ ﺮ ﻛ ﺎﺕ ﺍﳌ ﺪ ﺭ ﺟ ﺔ ﺍﳌ ﺨ ﺘﺎﺭ ﺓ ﻋ ﻠﻰ ﺍﳌ ﻮ ﻗﻊ ﺍﻹ ﻟﻜ ﺘﺮ ﻭ ﱐ ﻟﺒﻮ ﺭ ﺻ ﺔ ﻋ ﻤ ﺎﻥ ﺧ ﻼ ﻝ ﺍﻟﻔ ﺘﺮ ﺓ ﺍﳌ ﺪ ﺭ ﻭ ﺳ ﺔ‬

‫ﺑﺼﻴﻐﺔ ‪.PDF‬‬
‫‪ ü‬ﺍﻹ ﺑﺘﻌ ﺎﺩ ﺍﻟﻜ ﻠﻲ ﻋ ﻦ ﺍﻟﺒﻨﻮ ﻙ ﻭ ﺍﻟﻘ ﻄ ﺎﻋ ﺎ ﺕ ﺍﻷ ﺧ ﺮ ﻯ ﻭ ﰎ ﺍﻟﺘﺮ ﻛ ﻴﺰ ﻋ ﻠﻰ ﺍﻟﻘ ﻄ ﺎﻉ ﺍﻟﺼ ﻨﺎﻋ ﻲ ‪.‬‬

‫ﺍﳉﺪﻭﻝ ﺭﻗﻢ ‪ 02‬ﺷﺮﻛﺎﺕ ﻋﻴﻨﺔ ﺍﻟﺪﺭﺍﺳﺔ‬

‫ﺍﻟﻘ ﻄ ﺎﻉ‬ ‫ﺍﻟﺮ ﻣ ﺰ‬ ‫ﺍﻟﺸ ﺮ ﻛ ﺔ‬
‫ﺍﻟﺼ ﻨﺎﻋ ﺎ ﺕ ﺍﳍ ﻨﺪ ﺳ ﻴ ﺔ ﻭ ﺍﻹ ﻧﺸ ﺎﺋﻴ ﺔ‬ ‫‪141065‬‬ ‫ﺷ ﺮ ﻛ ﺔ ﺍﻟﺒﺎﻃ ﻮ ﻥ ﺍﳉ ﺎ ﻫ ﺰ‬
‫ﺍﻷ ﺩ ﻭ ﻳ ﺔ ﻭ ﺍﻟﺼ ﻨﺎﻋ ﺎ ﺕ ﺍﻟﻄ ﺒﻴ ﺔ‬ ‫‪141210‬‬ ‫ﺷ ﺮ ﻛ ﺔ ﺍﳊ ﻴﺎﺓ ﻟﺼ ﻨﺎ ﻋ ﺎ ﺕ ﺍﻟﺪ ﻭ ﺍﺋﻴ ﺔ‬
‫ﺍﻟﺼ ﻨﺎﻋ ﺎ ﺕ ﺍﻟﻜ ﻴﻤ ﺎﻭ ﻳ ﺔ‬ ‫‪141217‬‬ ‫ﺷ ﺮ ﻛ ﺔ ﺍﻟ ﺼ ﻨ ﺎ ﻋ ﺎ ﺕ ﺍ ﻟ ﺒ ﺘ ﺮ ﻭ ﻛ ﻴ ﻤ ﺎ ﻭ ﻳ ﺔ‬
‫ﺍﻟﻮ ﺳ ﻴﻄ ﻴ ﺔ‬
‫ﺍﻷ ﻏ ﺬ ﻳ ﺔ ﻭ ﺍﳌﺸ ﺮ ﻭ ﺑﺎﺕ‬ ‫‪141141‬‬ ‫ﺷ ﺮ ﻛ ﺔ ﻣ ﺼ ﺎﻧ ﻊ ﺍﻟﺰ ﻳﻮ ﺕ ﺍﻟﻨﺒﺎﺗﻴ ﺔ ﺍﻷ ﺭ ﺩ ﻧﻴ ﺔ‬
‫ﺍﻷ ﻏ ﺬ ﻳ ﺔ ﻭ ﺍﳌﺸ ﺮ ﻭ ﺑﺎ ﺕ‬ ‫‪141222‬‬ ‫ﺷ ﺮ ﻛ ﺔ ﺳ ﻨﻴﻮ ﺭ ﺓ ﻟﺼ ﻨﺎ ﻋ ﺎ ﺕ ﺍﻟﻐ ﺬ ﺍﺋﻴ ﺔ‬
‫ﺍﻟﺼ ﻨﺎﻋ ﺎ ﺕ ﺍﻟﻜ ﻬ ﺮ ﺑﺎﺋﻴ ﺔ‬ ‫‪141215‬‬ ‫ﺷ ﺮ ﻛ ﺔ ﺍﻟﻜ ﺎﺑﻼ ﺕ ﺍﳌ ﺘﺤ ﺪ ﺓ‬
‫ﺍﻟﺼ ﻨﺎﻋ ﺎ ﺕ ﺍﻟﻜ ﻴﻤ ﺎﻭ ﻳ ﺔ‬ ‫‪141010‬‬ ‫ﺷ ﺮ ﻛ ﺔ ﺍﳌ ﺘ ﺼ ﺪ ﺭ ﺓ‬
‫ﺍﻷ ﺩ ﻭ ﻳ ﺔ ﻭ ﺍﻟﺼ ﻨﺎﻋ ﺎ ﺕ ﺍﻟﻄ ﺒﻴ ﺔ‬ ‫‪141219‬‬ ‫ﺷ ﺮ ﻛ ﺔ ﻓ ﻴﻼ ﺩ ﻟﻔ ﻴﺎ ﻟﻸ ﺩ ﻭ ﻳ ﺔ‬

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‫ﺍ ﻟ ﻔ ﺼ ﻞ ﺍ ﻟ ﺜ ﺎ ﱐ ‪ :‬ﺍ ﻟ ﺪ ﺭ ﺍ ﺳ ﺔ ﺍ ﻟ ﺘ ﻄ ﺒ ﻴ ﻘ ﻴ ﺔ ﻷ ﺛ ﺮ ﻣ ﺆ ﺷ ﺮ ﺍ ﺕ ﺍ ﳌ ﻼ ء ﺓ ﺍ ﳌ ﺎ ﻟ ﻴ ﺔ ﻋ ﻠ ﻰ ﻗ ﻴ ﻤ ﺔ ﺍﻟﺸ ﺮ ﻛ ﺎ ﺕ ﺍﳌ ﺪ ﺭ ﺟ ﺔ ﰲ ﺑ ﻮ ﺭ ﺻ ﺔ ﻋ ﻤ ﺎ ﻥ‬

‫ﺍﻟﺼ ﻨﺎﻋ ﺎ ﺕ ﺍﻹ ﺳ ﺘﺨ ﺮ ﺍﺟ ﻴ ﺔ ﻭ ﺍﻟﺘﻌ ﺪ ﻳﻠﻴ ﺔ‬ ‫‪141018‬‬ ‫ﺷ ﺮ ﻛ ﺔ ﺣ ﺪ ﻳ ﺪ ﺍﻷ ﺭ ﺩ ﻥ‬

‫ﺍ ﳌ ﺼ ﺪ ﺭ ‪ :‬ﻣ ﻦ ﺇ ﻋ ﺪ ﺍ ﺩ ﺍ ﻟ ﻄ ﺎ ﻟ ﺒ ﺘ ﺎ ﻥ ﺑ ﻨ ﺎ ء ﴽ ﻋ ﻠ ﻰ ﺍ ﳌ ﻌ ﻄ ﻴ ﺎ ﺕ ﺍ ﳌ ﺘ ﻮ ﻓ ﺮ ﺓ ﻋ ﻠ ﻰ ﺍ ﳌ ﻮ ﻗ ﻊ ﺍ ﻹ ﻟ ﻜ ﺘﺮ ﻭ ﱐ ﻟ ﻠ ﺴ ﻮ ﻕ ﺍ ﳌ ﺎ ﱄ ﺑ ﻌ ﻤ ﺎ ﻥ ‪.‬‬
‫ﺍﻟﻔ ﺮ ﻉ ﺍﻟﺜﺎﱐ ‪ :‬ﲢ ﺪ ﻳﺪ ﻣ ﺘﻐ ﲑ ﺍﺕ ﺍﻟﺪ ﺭ ﺍﺳ ﺔ ﻭ ﻛ ﻴﻔ ﻴﺔ ﻗﻴﺎﺳ ﻬ ﺎ‬

‫ﺃ ﻭ ﻻ ‪ :‬ﲢ ﺪ ﻳﺪ ﻣ ﺘﻐ ﲑ ﺍﺕ ﺍﻟﺪ ﺭ ﺍﺳ ﺔ‬

‫ﺍ ﳌ ﺘ ﻐ ﲑ ﺍ ﻟ ﺘ ﺎ ﺑ ﻊ ‪ :‬ﻳ ﺘ ﻤ ﺜ ﻞ ﺍ ﳌ ﺘ ﻐ ﲑ ﺍ ﻟ ﺘ ﺎ ﺑ ﻊ ﻟ ﻠ ﺪ ﺭ ﺍ ﺳ ﺔ ﺍ ﳊ ﺎ ﻟ ﻴ ﺔ ﰲ ﺍ ﻟ ﻘ ﻴ ﻤ ﺔ ﺍ ﻟ ﺴ ﻮ ﻗ ﻴ ﺔ ﻟ ﻸ ﺳ ﻬ ﻤ ﺤ ﻴ ﺚ ﰎ ﻗ ﻴ ﺎ ﺳ ﻪ ﺑ ﺎ ﻟ ﺘ ﻐ ﲑ ﰲ ﻣ ﺘ ﻮ ﺳ ﻂ ﺳ ـﻌ ﺮ‬ ‫‪(1‬‬
‫ﺍﻻ ﻏ ﻼ ﻕ ‪ ،‬ﺑﺄ ﺧ ﺬ ﺳ ﻌ ﺮ ﺍﻹ ﻏ ﻼ ﻕ ﻷ ﺳ ﻬ ﻢ ﺷ ﺮ ﻛ ﺎ ﺕ ﻋ ﻴﻨ ﺔ ﺍﻟ ﺪ ﺭ ﺍﺳ ﺔ ﳌ ﺪ ﺓ ﻋ ﺸ ﺮ ﺳ ﻨﻮ ﺍﺕ ‪.‬‬
‫ﺍﳌﺘﻐﲑ ﺍﳌﺴﺘﻘﻞ‪:‬ﻳﺘﻤﺜﻞ ﰲ ﺍﳌﻼءﺓ ﺍﳌﺎﻟﻴﺔ ﺣﻴﺚ ﰎ ﺍﻹﻋﺘﻤﺎﺩ ﻋﻠﻰ ‪ 4‬ﻣﺘﻐﲑﺍﺗﻠﻬﺎ ﻋﻼﻗﺔ ﺑﺎﳌﻼءﺓ ﺍﳌﺎﻟﻴﺔ ﻭﻫﻲ )ﻧﺴﺒﺔ ﺣﻘـﻮﻕ‬ ‫‪(2‬‬
‫ﺍﳌ ﻠﻜ ﻴ ﺔ ‪ .‬ﻧﺴ ﺒ ﺔ ﺳ ﻴﻮ ﻟ ﺔ ﺍﻷ ﺻ ﻮ ﻝ ‪ .‬ﻧﺴ ﺒ ﺔ ﺍﻟﺘﺪ ﺍﻭ ﻝ ‪ .‬ﻧﺴ ﺒ ﺔ ﺍﻟﺮ ﺍﻓﻌ ﺔ ﺍﳌ ﺎﻟﻴ ﺔ ( ‪.‬‬

‫ﺛﺎﻧﻴﴼ ‪ :‬ﲢ ﺪ ﻳﺪ ﻛ ﻴﻔ ﻴﺔ ﺣ ﺴ ﺎﺏ ﻣ ﺘﻐﲑ ﺍﺕ ﺍﻟﺪ ﺭ ﺍﺳ ﺔ‬

‫ﻳﻮ ﺿ ﺢ ﺍﳉ ﺪ ﻭ ﻝ ﺍﻟﺘﺎﱄ ﺍﳌﺘﻐ ﲑ ﺍﺕ ﺍﳌﺘﻌ ﻠﻘ ﺔ ﺑﺎﻟﺪ ﺭ ﺍﺳ ﺔ ﻭ ﻛ ﻴﻔ ﻴﺔ ﺣ ﺴ ﺎ• ﺎ‪:‬‬

‫ﺍﳉﺪﻭﻝ ﺭﻗﻢ ‪ 03‬ﻃﺮﻳﻘﺔ ﺣﺴﺎﺏ ﺍﳌﺘﻐﲑﺍﺕ ﺍﳌﻌﺘﻤﺪﺓ ﰲ ﺍﻟﺪﺭﺍﺳﺔ‬

‫ﺍﻟﺮ ﻣ ﺰ ﺍﳌ ﻌ ﱪ ﻋ ﻨﻬ ﺎ‬ ‫ﻛ ﻴﻔ ﻴ ﺔ ﺣ ﺴ ﺎ • ﺎ‬ ‫ﺍﳌ ﺘﻐ ﲑ ﺍﺕ‬

‫‪MVS‬‬ ‫ﻣ ﻌ ﱪ ﻋ ﻨﻬ ﺎ ﺑﺎ ﻟﺘﻐ ﲑ ﰲ ﻣ ﺘﻮ ﺳ ﻂ ﺃﺳ ﻌ ﺎ ﺭ ﺍﻹ ﻏ ﻼ ﻕ‬ ‫ﺍﻟﻘ ﻴﻤ ﺔ ﺍﻟﺴ ﻮ ﻗ ﻴ ﺔ ﻟﻸ ﺳ ﻬ ﻢ‬
‫‪PDP‬‬ ‫ﺍﻷ ﻣ ﻮ ﺍﻝ ﺍﳋ ﺎ ﺻ ﺔ ‪ /‬ﺍﲨ ﺎ ﱄ ﺍﳋ ﺼ ﻮ ﻡ‬ ‫ﻧﺴ ﺒ ﺔ ﺣ ﻘ ﻮ ﻕ ﺍﳌ ﻠﻜ ﻴ ﺔ‬
‫‪RLA‬‬ ‫ﺍﻷ ﺻ ﻮ ﻝ ﺍﳌ ﺘﺪ ﺍﻭ ﻟ ﺔ ‪ /‬ﺇﲨ ﺎ ﱄ ﺍﻷ ﺻ ﻮ ﻝ‬ ‫ﻧﺴ ﺒ ﺔ ﺳ ﻴﻮ ﻟ ﺔ ﺍﻷ ﺻ ﻮ ﻝ‬
‫‪CR‬‬ ‫ﺍﻷ ﺻ ﻮ ﻝ ﺍﳌ ﺘ ﺪ ﺍ ﻭ ﻟ ﺔ‪ /‬ﺍ ﳋ ﺼ ﻮ ﻡ ﺍ ﳌ ﺘ ﺪ ﺍ ﻭ ﻟ ﺔ‬ ‫ﻧﺴ ﺒ ﺔ ﺍﻟﺘ ﺪ ﺍﻭ ﻝ‬
‫‪LE‬‬ ‫ﺍﻟﺪ ﻳﻮ ﻥ ﺍﳌ ﺎﻟﻴ ﺔ ‪ /‬ﺣ ﻘ ﻮ ﻕ ﺍﳌ ﻠﻜ ﻴ ﺔ‬ ‫ﻧﺴ ﺒ ﺔ ﺍﻟﺮ ﺍﻓﻌ ﺔ ﺍﳌ ﺎﻟﻴ ﺔ‬

‫ﺍ ﳌ ﺼ ﺪ ﺭ ‪ :‬ﻣ ﻦ ﺇﻋ ﺪ ﺍﺩ ﺍﻟﻄ ﺎ ﻟﺒﺘﺎﻥ ﺑ ﺎ ﻹ ﻋ ﺘ ﻤ ﺎ ﺩ ﻋ ﻠ ﻰ ﺍ ﻷ ﺩ ﺑ ﻴ ﺎ ﺕ ﺍ ﻟ ﻨ ﻈ ﺮ ﻳ ﺔ ﺍ ﳌ ﺒ ﻴ ﻨ ﺔ ﰲ ﺍ ﻟ ﻔ ﺼ ﻞ ﺍ ﻷ ﻭ ﻝ ‪.‬‬

‫* ﳕ ﻮ ﺫ ﺝ ﺍﻟﺪ ﺭ ﺍﺳ ﺔ‪:‬‬

‫ﺍﻟﺸ ﻜ ﻞ ﺭ ﻗﻢ ‪ 2‬ﳕ ﻮ ﺫ ﺝ ﻣ ﺘﻐ ﲑ ﺍﺕ ﺍﻟﺪ ﺭ ﺍﺳ ﺔ‬

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‫ﺍ ﻟ ﻔ ﺼ ﻞ ﺍ ﻟ ﺜ ﺎ ﱐ ‪ :‬ﺍ ﻟ ﺪ ﺭ ﺍ ﺳ ﺔ ﺍ ﻟ ﺘ ﻄ ﺒ ﻴ ﻘ ﻴ ﺔ ﻷ ﺛ ﺮ ﻣ ﺆ ﺷ ﺮ ﺍ ﺕ ﺍ ﳌ ﻼ ء ﺓ ﺍ ﳌ ﺎ ﻟ ﻴ ﺔ ﻋ ﻠ ﻰ ﻗ ﻴ ﻤ ﺔ ﺍﻟﺸ ﺮ ﻛ ﺎ ﺕ ﺍﳌ ﺪ ﺭ ﺟ ﺔ ﰲ ﺑ ﻮ ﺭ ﺻ ﺔ ﻋ ﻤ ﺎ ﻥ‬

‫اﻟﻣﺗﻐﯾر اﻟﻣﺳﺗﻘل‪:‬‬

‫اﻟﻣﻼءة اﻟﻣﺎﻟﯾﺔ‬
‫اﻟﻤﺘﻐﯿﺮ اﻟﺘﺎﺑﻊ‬

‫ﻧﺳﺑﺔ ﺣﻘوق اﻟﻣﻠﻛﯾﺔ ‪.‬‬ ‫§‬

‫ﻧﺳب اﻟﺳﯾوﻟﺔ‪.‬‬ ‫§‬ ‫اﻟﻘﯾﻣﺔ اﻟﺳوﻗﯾﺔ ﻟﻸﺳﮭم‬ ‫§‬
‫ﻧﺳﺑﺔ اﻟراﻓﻌﺔ اﻟﻣﺎﻟﯾﺔ‪.‬‬ ‫§‬

‫ﺍ ﳌ ﺼ ﺪ ﺭ ‪ :‬ﻣ ﻦ ﺇﻋ ﺪ ﺍﺩ ﺍﻟﻄ ﺎ ﻟﺒ ﺘ ﺎ ﻥ ‪.‬‬

‫ﺍﳌﻄﻠﺐ ﺍﻟﺜﺎﱐ‪ :‬ﺍﻷﺩﻭﺍﺕ ﺍﳌﺴﺘﺨﺪﻣﺔ ﰲ ﺍﻟﺪﺭﺍﺳﺔ‬

‫ﻳﺸﻤﻞ ﻫﺬﺍ ﺍﳌﻄﻠﺐ ﻋﻠﻰ ﺍﻟﺘﻌﺮﻳﻒ ﺑﺒﻴﺎﻧﺎﺕ ﺍﻟﺴﻼﺳﻞ ﺍﻟﺰﻣﻨﻴﺔ ﺍﳌﻘﻄﻌﻴﺔ ﻭﺍﻟﱵ ﻳﺮﻣﺰ ﳍﺎ ﺑﻜﻠﻤﺔ "ﺑﺎﻧـﻞ" ﻭﺇﳚﺎﺑﻴـﺎﺕ ﻫـﺬﺍ‬
‫ﺍﻟﻨﻤ ﻮ ﺫ ﺝ ﻭ ﺗﺄﺧ ﺬ ﺑﻴﺎﻧﺎﺗﻪ ﺛﻼ ﺛ ﺔ ﺃﺷ ﻜ ﺎﻝ ﺭ ﺋﻴﺴ ﻴ ﺔ ﻣ ﺴ ﺘ ﺨ ﺪ ﻣ ﺔ ﰲ ﺍ ﻟ ﺘ ﻘ ﺪ ﻳ ﺮ ‪.‬‬

‫‪ . 1‬ﺗﻌ ﺮ ﻳﻒ ﺑﻴﺎﻧﺎﺕ ﺑﺎﻧﻞ ‪:‬‬

‫ﻳﻌﺪ ﺍﺳﺘﺨﺪﺍﻡ ﳕﺎﺫﺝ ﺍﻟﺴﻼﺳﻞ ﺍﻟﺰﻣﻨﻴﺔ ﺍﳌﻘﻄﻌﻴﺔ ) ‪ .( panal data‬ﻣﻦ ﺍﻷﺳﺎﻟﻴﺐ ﺍﳊﺪﻳﺜﺔ ﺍﳌﺴﺘﺨﺪﻣﺔ ﰲ ﲢﻠﻴﻞ ﺍﻟﻘﻴﺎﺳـﻲ‬
‫ﺍﻟﻜﻤﻲ ﻭﻗﺪ ﺍﻛﺘﺴﺒﺖ ﻫﺬﻩ ﺍﻟﻨﻤﺎﺫﺝ ﰲ ﺍﻵﻭﻧﺔ ﺍﻷﺧﲑﺓ ﺍﻫﺘﻤﺎﻣﺎ ﻛﺒﲑﺍ ﺧﺼﻮﺻﺎ ﰲ ﺍﻟﺪﺭﺍﺳﺎﺕ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﻧﻈﺮﺍ ﺍﻻ‪º‬ـﺎ ﺗﺄﺧـﺬ ﰲ‬
‫ﺍﻻﻋﺘﺒﺎﺭ ﺍﺛﺮ ﺗﻐﲑ ﺍﻻﺧﺘﻼﻑ ﺑﲔ ﺍﻟﻮﺣﺪﺍﺕ ﺍﳌﻘﻄﻌﻴﺔ ﻋﻠﻰ ﺣﺪ ﺳﻮﺍء ﺃﻱ ﺍ‪º‬ﺎ ﲡﻤﻊ ﺑﲔ ﺧﺼﺎﺋﺺ ﻛﻞ ﻣـﻦ ﺍﻟﺴﻼﺳـﻞ ﺍﻟﺰﻣﻨﻴـﺔ‬
‫ﻭ ﺍ ﻟ ﺒ ﻴ ﺎ ﻧ ﺎ ﺕ ﺍ ﳌ ﻘ ﻄ ﻌ ﻴ ﺔ ﰲ ﺫ ﺍ ﺕ ﺍ ﻟ ﻮ ﻗ ﺖ ﻓ ﻨ ﺠ ﺪ ﺍ ﻥ ﺑ ﻴ ﺎ ﻧ ﺎ ﺕ ﺍ ﻟ ﺴ ﻼ ﺳ ﻞ ﺍ ﻟ ﺰ ﻣ ﻨ ﻴ ﺔ ﺗ ﺼ ﻒ ﺳ ﻠ ﻮ ﻙ ﻣ ﻔ ﺮ ﺩ ﺓ ﻭ ﺍ ﺣ ﺪ ﺓ ﺧ ﻼ ﻝ ﻓ ﺘ ﺮ ﺓ ﺯ ﻣ ﻨ ﻴ ﺔ ﻣ ﻌ ﻴ ﻨ ﺔ ﺑ ﻴ ﻨ ﻤ ـﺎ‬
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‫ﺗﺼ ﻒ ﺍﻟﺒﻴﻨﺎﺕ ‪.‬‬

‫ﺇﳚﺎﺑﻴﺎﺕ ﳕﻮﺫﺝ ﺑﺎﻧﻞ‪:‬ﻳﺘﻔﻮﻕ ﲢﻠﻴﻞ ﺑﺎﻧﻞ ﻋﻦ ﲢﻠﻴﻞ ﺑﻴﺎﻧﺎﺕ ﺍﻟﺴﻼﺳﻞ ﺍﻟﺰﻣﻨﻴﺔ ﲟﻔﺮﺩﻫﺎ ﻭﺑﻴﺎﻧﺎﺕ ﺍﳌﻘﻄﻌﻴﺔ ﻟﻮﺣـﺪﻫﺎ ﻓﻘـﻂ‬
‫ﺑ ﺎ ﻟ ﻌ ﺪ ﻳ ﺪ ﻣ ﻦ ﺍﻹ ﳚ ﺎ ﺑ ﻴ ﺎ ﺕ ﻧ ﺬ ﻛ ﺮ ﻣ ﻨ ﻬ ﺎ ﻣ ﺎ ﻳ ﻠ ﻲ ‪:‬‬

‫‪ -‬ﺍ ﻟ ﺘ ﺤ ﻜ ﻢ ﰲ ﺍ ﻟ ﺘ ﺒ ﺎ ﻳ ﻦ ﺍ ﻟ ﻔ ﺮ ﺩ ﻱ ﺍ ﻟ ﺬ ﻱ ﻳ ﻈ ﻬ ﺮ ﰲ ﺣ ﺎ ﻟ ﺔ ﺍ ﻟ ﺒ ﻴ ﺎ ﻧ ﺎ ﺕ ﺍﳌ ﻘ ﻄ ﻌ ﻴ ﺔ ﺃ ﻭ ﺍ ﻟ ﺰ ﻣ ﻨ ﻴ ﺔ ﻭ ﺍ ﻟ ﺬ ﻱ ﻳ ﻔ ﻀ ﻲ ﺇ ﱃ ﻧ ﺘ ﺎ ﺋ ﺞ ﻣ ﺘ ﺤ ﻴ ﺰ ﺓ ‪.‬‬

‫‪ 1‬ﻋﻣﺎد اﻟدﯾن اﺑراھﯾم ﻋﻠﻲ ‪ ،‬اﺳﺗﺧدام ﻧﻣﺎذج اﻟﺳﻼﺳل اﻟزﻣﻧﯾﺔ اﻟﻣﻘطﻌﯾﺔ ‪ panel data‬ﻓﻲ ﺗﺣدﯾد أھم ﻋواﻣل اﻟﻧﻣو اﻻﻗﺗﺻﺎدي ﻓﻲ اﻟدول اﻟﻌرﺑﯾﺔ ‪،‬‬
‫اﻟﻣﺟﻠﺔ اﻟﻌرﺑﯾﺔ ﻟﻺدارة ‪ ،‬اﻟﻌدد ‪) 02‬ﺟوان(‪ ،2023،‬ص ‪97‬‬

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‫ﺍ ﻟ ﻔ ﺼ ﻞ ﺍ ﻟ ﺜ ﺎ ﱐ ‪ :‬ﺍ ﻟ ﺪ ﺭ ﺍ ﺳ ﺔ ﺍ ﻟ ﺘ ﻄ ﺒ ﻴ ﻘ ﻴ ﺔ ﻷ ﺛ ﺮ ﻣ ﺆ ﺷ ﺮ ﺍ ﺕ ﺍ ﳌ ﻼ ء ﺓ ﺍ ﳌ ﺎ ﻟ ﻴ ﺔ ﻋ ﻠ ﻰ ﻗ ﻴ ﻤ ﺔ ﺍﻟﺸ ﺮ ﻛ ﺎ ﺕ ﺍﳌ ﺪ ﺭ ﺟ ﺔ ﰲ ﺑ ﻮ ﺭ ﺻ ﺔ ﻋ ﻤ ﺎ ﻥ‬

‫‪ -‬ﻟﺒﻴﺎﻧﺎﺕ ﺑﺎﻧﻞ ﳏ ﺘﻮ ﻯ ﻣ ﻌ ﻠﻮ ﻣ ﺎﰐ ﺃﻛ ﺜﺮ ﻣ ﻦ ﺍﻟﺒﻴﺎﻧﺎﺕ ﺍﳌﻘ ﻄ ﻌ ﻴﺔ ﺃﻭ ﺍﻟﺰ ﻣ ﻨﻴﺔ ﻟﻠﺤ ﺼ ﻮ ﻝ ﻋ ﻠﻰ ﺗﻘ ﺪ ﻳﺮ ﺍﺕ ﺫ ﺍﺕ ﺛﻘ ﺔ ﺃﻋ ﻠﻰ ﻭ ﳍ ﺎ ﺃﻛ ﱪ‬

‫ﻋﺪﺩ ﻣﻦ ﺩﺭﺟﺎﺕ ﺍﳊﺮﻳﺔ ﻭﺃﻗﻞ ﻣﺸﺎﻛﻞ ﺇﺭﺗﺒﺎﻁ ﻣﺸﺘﺮﻙ ﺑﲔ ﺍﳌﺘﻐﲑﺍﺕ ﻣﻘﺎﺭﻧﺔً ﻣﻊ ﺑﻴﺎﻧﺎﺕ ﺍﻟﺴﻼﺳﻞ ﺍﻟﺰﻣﻨﻴﺔ‪.‬‬

‫‪ -‬ﺇ ﻣ ﻜ ﺎ ﻧ ﻴ ﺔ ﺇ ﺟ ﺮ ﺍ ء ﺩ ﺭ ﺍ ﺳ ﺔ ﺩ ﻳ ﻨ ﺎ ﻣ ﻴ ﻜ ﻴ ﺔ ﺍ ﻟ ﺘ ﻌ ﺪ ﻳ ﻞ ﺍ ﻟ ﱵ ﻗ ﺪ ﲣ ﻔ ﻴﻬ ﺎ ﺍﻟﺒﻴﺎ ﻧﺎ ﺕ ﺍﳌ ﻘ ﻄ ﻌ ﻴ ﺔ ‪.‬‬

‫‪ -‬ﺗ ﺴ ﺎ ﻫ ﻢ ﰲ ﺍ ﳊ ﺪ ﻣ ﻦ ﺇ ﻣ ﻜ ﺎ ﻧ ﻴ ﺔ ﻇ ﻬ ﻮ ﺭ ﻣ ﺸ ﻜ ﻠ ﺔ ﺍﳌ ﺘ ﻐ ﲑ ﺍ ﺕ ﺍﳌ ﻬ ﻤ ﻠ ﺔ ﺍ ﻟ ﻨ ﺎ ﲡ ﺔ ﻋ ﻦ ﺧ ﺼ ﺎ ﺋ ﺺ ﺍﳌ ﻔ ﺮ ﺩ ﺍ ﺕ ﻏ ﲑ ﺍﳌ ﺸ ﺎ ﻫ ﺪ ﺓ ﻭ ﺍ ﻟ ﱵ ﺗ ﻘ ـﻮ ﺩ‬
‫ﻋﺎﺩﺓً ﺇﱃ ﻧﺘﺎﺋﺞ ﻣﺘﺤﻴﺰﺓ ﰲ ﺇﳓﺪﺍﺭﺍﺕ ﺍﳌﻔﺮﺩﺓ‪.‬‬

‫‪ -‬ﺗﺪﺭﺱ ﳕﺎﺫﺝ ﺑﺎﻧﻞ ﻣﺸﺎﻛﻞ ﻳﺴﺘﺤﻴﻞ ﺩﺭﺍﺳﺘﻬﺎ ﺑﺈﺳﺘﺨﺪﺍﻡ ﺍﻟﺒﻴﺎﻧﺎﺕ ﺍﻟﻌﺮﺿﻴﺔ ﺃﻭ ﺍﻟﺴﻼﺳﻞ ﺍﻟﺰﻣﻨﻴﺔ ﻭﳜﻔﻒ ﻣـﻦ ﻣﺸـﻜﻠﺔ‬
‫ﺍﻟﺘﻌﺪﺩ ﺍﳋﻄﻲ‪.1‬‬

‫ﺍﻷ ﺷ ﻜ ﺎﻝ ﺍﻷ ﺳ ﺎﺳ ﻴ ﺔ ﻟﺘﺤ ﻠﻴﻞ ﺑﻴﺎﻧﺎ ﺕ ﺑﺎﻧﻞ ‪:‬‬ ‫‪.1‬‬

‫ﳕ ﻮ ﺫ ﺝ ﺍ ﻹ ﳓ ﺪ ﺍ ﺭ ﺍ ﻟ ﺘ ﺠ ﻤ ﻴ ﻌ ﻲ ‪ :‬ﻳﻌ ﺘﱪ ﺃﺑﺴ ﻂ ﺍﻟﻨﻤ ﺎﺫ ﺝ ﺍﳌﻘ ﻄ ﻌ ﻴﺔ ﻋ ﱪ ﺍﻟﺰ ﻣ ﻦ ﲝ ﻴﺚ ﺗﻜ ﻮ ﻥ ﻓﻴﻪ ﲨ ﻴﻊ ﺍﳌﻌ ﺎﻣ ﻼ ﺕ ﺛﺎﺑﺘﺔ‬ ‫•‬
‫ﳉ ﻤ ﻴﻊ ﺍﻟﻔ ﺘﺮ ﺍﺕ ﺍﻟﺰﻣ ﻨﻴﺔ ﻭ ﻳﻬ ﻤ ﻞ ﺗﺄﺛﲑ ﺍﻟﺰﻣﻦ ‪ ،‬ﻳﻔ ﺘﺮ ﺽ ﲡ ﺎﻧﺲ ﺗﺒﺎﻳﻦ ﺣ ﺪ ﻭ ﺩ ﺍﳋ ﻄ ﺄ ﺍﻟﻌﺸ ﻮ ﺍﺋﻲ ﺑﲔ ﺍﳊ ﺎﻻ ﺕ ﺍﻟﱵ ﻳﺘﻢ ﺩ ﺭ ﺍﺳ ﺘﻬ ﺎ ﺑﺎﻹ ﺿ ﺎﻓ ﺔ‬
‫ﺇﱃ ﺍﻟﻘ ﻴﻤ ﺔ ﺍﳌﺘﻮ ﻗﻌ ﺔ ﳊ ﺪ ﺍﳋ ﻄ ﺄ ﺍﻟﻌﺸ ﻮ ﺍﺋﻲ ﳚ ﺐ ﺃﻥ ﺗﺴ ﺎﻭ ﻱ ﺍﻟﺼ ﻔ ﺮ‪ ،‬ﻭ ﻳﻜ ﻮ ﻥ ﺑ ﺎﻟﺼ ﻴﻐ ﺔ ﺍﻟﺘﺎﻟﻴﺔ‪:‬‬

‫‪Yit= β0+∈j=1kβjXj(it)+εit‬‬

‫‪i=1.2….N‬‬

‫‪t=1.2…..T‬‬

‫*ﲝﻴﺚ‪ E(εit)=0 :‬ﻭ‪Var(εit)=σ2ε‬‬

‫ﳕﻮﺫﺝ ﺍﻷﺛﺎﺭ ﺍﻟﺜﺎﺑﺘﺔ‪ :‬ﻳﻬﺪﻑ ﺇﱃ ﻣﻌﺮﻓﺔ ﺳﻠﻮﻙ ﻛﻞ ﳎﻤﻮﻋﺔ ﺑﻴﺎﻧﺎﺕ ﻣﻘﻄﻌﻴﺔ ﻋﻠﻰ ﺣﺪﻯ ﻓﻴﺘﻢ ﺍﻟﺘﻌﺎﻣﻞ ﻣﻊ ﺍﻷﺛﺎﺭ‬ ‫•‬
‫ﺍﳌ ﻘ ﻄ ﻌ ﻴ ﺔ ﺃﻭ ﺍﻟﺰ ﻣ ﻨﻴ ﺔ ﻭ ﻳﺴ ﻤ ﺢ ﺑﻮ ﺟ ﻮ ﺩ ﻗ ﻮ ﺍﻃ ﻊ ﺗﺘﻔ ﺎ ﻭ ﺕ ﻣ ﻦ ﳎ ﻤ ﻮ ﻋ ﺔ ﺇﱃ ﺃﺧ ﺮ ﻯ ‪ ،‬ﻭ ﻟﺘﻘ ﺪ ﻳﺮ ﻫ ﺬ ﻩ ﺍﻟﻘ ﻮ ﺍﻃ ﻊ ﺃﻭ ﺍﻟﺜﻮ ﺍﺑ ﺖ ﻧﺴ ﺘ ﺨ ﺪ ﻡ ﻣ ﺘﻐ ﲑ ﺍﺕ‬
‫ﺻﻮﺭﻳﺔ ﺑﻌﺪﺩ )‪ (n-1‬ﻟﺘﻤﺜﻴﻞ ﺍﳌﺠﻤﻮﻋﺎﺕ ﺍﳌﻘﻄﻌﻴﺔ ﻭﺍﻟﻌﺪﺩ )‪(t-1‬ﻟﺘﻤﺜﻴﻞ ﺍﻟﺴﻨﻮﺍﺕ ﻓﺘﻢ ﺇﻓﺘﺮﺍﺽ ﺃﻥ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺗﺘﻐﲑ ﺑﺄﺳﻠﻮﺏ ﺛﺎﺑﺖ‬
‫ﻭ ﻋ ﻠ ﻰ ﻫ ﺬ ﺍ ﺍ ﻷ ﺳ ﺎ ﺱ ﲤ ﺖ ﺗﺴ ﻤ ﻴﺘﻬ ﺎ ﺑﻨ ﻤ ﺎﺫ ﺝ ﺍﻟﺘﺄ ﺛﲑ ﺍﺕ ﺍﻟﺜﺎﺑﺘ ﺔ ‪ ،‬ﻭ ﺍﳌ ﻤ ﺜﻞ ﺑﺎﻟ ﺼ ﻴﻐ ﺔ ﺍﻟﺘﺎﻟﻴ ﺔ ‪:‬‬
‫‪Yit= β0(i)+∈j=1kβjXj(it)+εit‬‬

‫‪i=1.2…..N‬‬

‫‪t=1.2……T‬‬

‫‪1‬ﻓﺎﻃﻤﺔ ﺑﻦ ﺷﻨﺔ‪ ،‬ﺇﺩﺍﺭﺓ ﺍﳌﺨﺎﻃﺮ ﺍﻹﺋﺘﻤﺎﻧﻴﺔ ﻭﺩﻭﺭﻫﺎ ﰲ ﺗﻘﻴﻴﻢ ﺭﲝﻴﺔ ﺍﻟﺒﻨﻮﻙ ﺍﻟﺘﺠﺎﺭﻳﺔ‪ ،‬ﺃﻃﺮﻭﺣﺔ ﻣﻘﺪﻣﺔ ﻟﻨﻴﻞ ﺷﻬﺎﺩﺓ ﺩﻛﺘﻮﺭﺍﻩ ﺍﻟﻌﻠﻮﻡ‪ ،‬ﺟﺎﻣﻌﺔ ﻗﺎﺻﺪﻱ ﻣﺮﺑﺎﺡ‬
‫–ﻭﺭﻗﻠﺔ‪ ،2017 ،-‬ﺹ‪.85‬‬

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‫ﺍ ﻟ ﻔ ﺼ ﻞ ﺍ ﻟ ﺜ ﺎ ﱐ ‪ :‬ﺍ ﻟ ﺪ ﺭ ﺍ ﺳ ﺔ ﺍ ﻟ ﺘ ﻄ ﺒ ﻴ ﻘ ﻴ ﺔ ﻷ ﺛ ﺮ ﻣ ﺆ ﺷ ﺮ ﺍ ﺕ ﺍ ﳌ ﻼ ء ﺓ ﺍ ﳌ ﺎ ﻟ ﻴ ﺔ ﻋ ﻠ ﻰ ﻗ ﻴ ﻤ ﺔ ﺍﻟﺸ ﺮ ﻛ ﺎ ﺕ ﺍﳌ ﺪ ﺭ ﺟ ﺔ ﰲ ﺑ ﻮ ﺭ ﺻ ﺔ ﻋ ﻤ ﺎ ﻥ‬

‫ﳕ ﻮ ﺫ ﺝ ﺍ ﻷ ﺛ ﺎ ﺭ ﺍ ﻟ ﻌ ﺸ ﻮ ﺍ ﺋ ﻴ ﺔ ‪ :‬ﻳ ﺘ ﻌ ﺎ ﻣ ﻞ ﻫ ﺬ ﺍ ﺍ ﻟ ﻨ ﻤ ﻮ ﺫ ﺝ ﻣ ﻊ ﺍ ﻷ ﺛ ﺎ ﺭ ﺍ ﳌ ﻘ ﻄ ﻌ ﻴ ﺔ ﻭ ﺍ ﻟ ﺰ ﻣ ﻨ ﻴ ﺔ ﻋ ﻠ ﻰ ﺃ ‪ º‬ﺎ ﻣ ﻌ ﺎ ﱂ ﻋ ﺸ ﻮ ﺍ ﺋ ﻴ ﺔ ﻭ ﻟ ﻴ ﺴ ـﺖ‬ ‫•‬

‫ﻣ ﻌ ﺎ ﱂ ﺛ ﺎ ﺑ ﺘ ﺔ ‪ ،‬ﻭ ﻳ ﻘ ﻮ ﻡ ﻫ ﺬ ﺍ ﺍ ﻹ ﻓ ﺘ ﺮ ﺍ ﺽ ﻋ ﻠ ﻰ ﺃ ﻥ ﺍ ﻷ ﺛ ﺎ ﺭ ﺍ ﳌ ﻘ ﻄ ﻌ ﻴ ﺔ ﻭ ﺍ ﻟ ﺰ ﻣ ﻨ ﻴ ﺔ ﻫ ﻲ ﻣ ﺘ ﻐ ﲑ ﺍ ﺕ ﻭ ﳘ ﻴ ﺔ ﻋ ﺸ ﻮ ﺍ ﺋ ﻴ ﺔ ﻣ ﺴ ﺘ ﻘ ﻠ ﺔ ﺑ ﻮ ﺳ ﻂ ﻳ ﺴ ﺎ ﻭ ﻱ ﺍ ﻟ ﺼ ـﻔ ﺮ‬
‫ﻭﺗﺒﺎﻳﻦ ﳏﺪﺩ ﻭﺗﻀﺎﻑ ﻛﻤﻜﻮﻧﺎﺕ ﻋﺸﻮﺍﺋﻴﺔ ﰲ ﺣﺪ ﺍﳋﻄﺄ ﺍﻟﻌﺸﻮﺍﺋﻲ ﻟﻨﻤﻮﺫﺝ‪ ،‬ﻭﻳﻘﻮﻡ ﻋﻠﻰ ﺇﻓﺘﺮﺍﺽ ﺃﺳﺎﺳﻲ‪ :‬ﻭﻫﻮ"ﻋـﺪﻡ ﺇﺭﺗﺒـﺎﻁ‬
‫ﺍﻷﺛﺎﺭ ﺍﻟﻌﺸﻮﺍﺋﻴﺔ ﻣﻊ ﻣﺘﻐﲑﺍﺕ ﺍﻟﻨﻤﻮﺫﺝ ﺍﻟﺘﻔﺴﲑﻳﺔ"‪ ،1‬ﻓﻴﻜﻮﻥ ﺣﺪ ﺍﳋﻄﺄ ‪ εit‬ﺫﻭ ﺗﻮﺯﻳﻊ ﻃﺒﻴﻌﻲ ﻣﻘﺪﺍﺭﻩ ﺻﻔﺮ ﻭﺗﺒﺎﻳﻨﻪ ﻣﺴﺎﻭﻱ ﺇﱃ‬
‫‪σ2ε‬ﺑﺎﻟﺼﻴﻐﺔ ﺍﻟﺘﺎﻟﻴﺔ‪:‬‬

‫‪Yit= u+∈kj=1 Bj Xj(it)+εit‬‬

‫‪i=1.2…..N‬‬

‫‪t=1.2….T‬‬

‫ﺍﳌﺒﺤﺚ ﺍﻟﺜﺎﱐ ‪ :‬ﻋ ﺮ ﺽ ﻭ ﻣ ﻨ ﺎ ﻗ ﺸ ﺔ ﺍ ﻟ ﻨ ﺘ ﺎ ﺋ ﺞ ﺍ ﳌ ﺘ ﻮ ﺻ ﻞ ﺇ ﻟ ﻴ ﻬ ﺎ‬

‫ﺑﻌﺪ ﺍﻟﺘﻄﺮﻕ ﰲ ﺍﳌﺒﺤﺚ ﺍﻟﺴﺎﺑﻖ ﻟﻄﺮﻳﻘﺔ ﻭﺍﻷﺩﻭﺍﺕ ﺍﳌﺴﺘﺨﺪﻣﺔ ﰲ ﺍﻟﺪﺭﺍﺳﺔ ﺳﻨﺘﻨﺎﻭﻝ ﰲ ﻫﺬﺍ ﺍﳌﺒﺤﺚ ﺇﱃ ﻋﺮﺽ ﻭﻣﻨﺎﻗﺸـﺔ‬
‫ﺍﻟﻨﺘﺎﺋﺞ ﺍﳌ ﺘﻮ ﺻ ﻞ ﺇﻟﻴﻬ ﺎ ﻭ ﲢ ﻠﻴﻠﻬ ﺎ ﺇﺣ ﺼ ﺎﺋﻴﴼ ﰲ ﺍﳌﻄ ﻠﺐ ﺍﻷ ﻭ ﻝ ‪ ،‬ﻭ ﻣ ﻨﺎﻗﺸ ﺔ ﻭ ﺗﻔﺴ ﲑ ﺍﻟﻨﺘﺎﺋﺞ ﺍﳌﺘﻮ ﺻ ﻞ ﺇﻟﻴﻬ ﺎ ﰲ ﺍﳌﻄ ﻠﺐ ﺍﻟﺜﺎﱐ ‪.‬‬

‫ﺍﳌﻄﻠﺐ ﺍﻷﻭﻝ‪ :‬ﻋﺮﺽ ﻭﲢﻠﻴﻞ ﻧﺘﺎﺋﺞ ﺍﻟﺪﺭﺍﺳﺔ ‪:‬‬

‫ﺳﻴﺘﻢ ﰲ ﻫﺬﺍ ﺍﳌﻄﻠﺐ ﻋﺮﺽ ﺃﻫﻢ ﻧﺘﺎﺋﺞ ﺍﻟﺪﺭﺍﺳﺔ ﻭﻣﻦ ﰒ ﲢﻠﻴﻠﻬﺎ‬

‫ﺍ ﻟﻔ ﺮ ﻉ ﺍﻷ ﻭ ﻝ ‪ :‬ﺍﻟﺘ ﺤ ﻠﻴﻞ ﺍﻟﻮ ﺻ ﻔ ﻲ ﳌ ﺘ ﻐ ﲑ ﺍﺕ ﺍﻟ ﺪ ﺭ ﺍﺳ ﺔ‬

‫ﺳ ﻴﺘﻢ ﻣ ﻦ ﺧ ﻼ ﻝ ﻫ ﺬ ﺍ ﺍﻟﻔ ﺮ ﻉ ﻋ ﺮ ﺽ ﻟﻠ ﻤ ﻘ ﺎﻳﻴﺲ ﺍﻹ ﺣ ﺼ ﺎﺋﻴ ﺔ ﺍﻟﻮ ﺻ ﻔ ﻴ ﺔ ﻋ ﻠ ﻰ ﻣ ﺘﻐ ﲑ ﺍﺕ ﺍﻟﺪ ﺭ ﺍﺳ ﺔ ﻟﺘﺤ ﺪ ﻳﺪ ﻣ ﺪ ﻯ ﺗﺒﺎﻋ ﺪ ﺍﻟﺒﻴﺎﻧﺎﺕ‬
‫ﺍﳌﻮﺟﻮﺩﺓ ﰲ ﺍﳌﻼﺣﻖ ﻋﻦ ﺑﻌﻀﻬﺎ ﺍﻟﺒﻌﺾ ﻭﺫﻟﻚ ﻣﻦ ﺧﻼﻝ ﺑﺮﻧﺎﻣﺞ ‪ ،Excel‬ﻭﺍﳉﺪﻭﻝ ﺍﻟﺘﺎﱄ ﻳﻠﺨﺺ ﺃﻫﻢ ﺍﻟﻨﺘﺎﺋﺞ ﺍﳋﺎﺻﺔ ﺑﺪﺭﺍﺳﺔ‬
‫ﺍﻟﻮ ﺻ ﻔ ﻴ ﺔ ﻛ ﻤ ﺎ ﻳ ﻠ ﻲ ‪:‬‬

‫‪1‬ﻓﺎﻃﻤﺔ ﺑﻦ ﺷﻨﺔ‪ ،‬ﻣﺮﺟﻊ ﺳﺒﻖ ﺫﻛﺮﻩ‪ ،‬ﺹ‪.86‬‬

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‫ﺍ ﻟ ﻔ ﺼ ﻞ ﺍ ﻟ ﺜ ﺎ ﱐ ‪ :‬ﺍ ﻟ ﺪ ﺭ ﺍ ﺳ ﺔ ﺍ ﻟ ﺘ ﻄ ﺒ ﻴ ﻘ ﻴ ﺔ ﻷ ﺛ ﺮ ﻣ ﺆ ﺷ ﺮ ﺍ ﺕ ﺍ ﳌ ﻼ ء ﺓ ﺍ ﳌ ﺎ ﻟ ﻴ ﺔ ﻋ ﻠ ﻰ ﻗ ﻴ ﻤ ﺔ ﺍﻟﺸ ﺮ ﻛ ﺎ ﺕ ﺍﳌ ﺪ ﺭ ﺟ ﺔ ﰲ ﺑ ﻮ ﺭ ﺻ ﺔ ﻋ ﻤ ﺎ ﻥ‬

‫ﺍﳉﺪﻭﻝ ﺭﻗﻢ ‪ 04‬ﻧﺘﺎﺋﺞ ﺍﻟﺪﺭﺍﺳﺔ ﺍﻟﻮﺻﻔﻴﺔ ﳌﺘﻐﲑﺍﺕ ﺍﻟﺪﺭﺍﺳﺔ‬

‫‪LE‬‬ ‫‪CR‬‬ ‫‪RLA‬‬ ‫‪PDP‬‬ ‫‪MVS‬‬ ‫ﻣ ﺘﻐ ﲑ ﺍﺕ ﺍﻟﺪ ﺭ ﺍﺳ ﺔ‬

‫‪0.238635‬‬ ‫‪2.690676 0.490243 2.755360‬‬ ‫‪0.042542‬‬ ‫‪Mean‬‬

‫‪0.000000‬‬ ‫‪1.330235 0.439140‬‬ ‫‪1.494731‬‬ ‫‪-0.059778‬‬ ‫‪Median‬‬

‫‪8.226247‬‬ ‫‪34.84215 1.158106‬‬ ‫‪15.99825‬‬ ‫‪4.024845‬‬ ‫‪Maximum‬‬

‫‪0.000000‬‬ ‫‪0.059969 0.033617‬‬ ‫‪0.014924‬‬ ‫‪-2.380952‬‬ ‫‪Minimum‬‬

‫‪0.945437‬‬ ‫‪4.206767 0.224867‬‬ ‫‪3.014898‬‬ ‫‪0.662933‬‬ ‫‪Std.Dev‬‬

‫ﺍﳌﺼﺪﺭ‪ :‬ﻣﻦ ﺇﻋﺪﺍﺩ ﺍﻟﻄﺎﻟﺒﺘﺎﻥ ﺑﺎﻹﻋﺘﻤﺎﺩ ﻋﻠﻰ ﺑﺮﻧﺎﻣﺞ‪Excel‬ﻭ‪.Eviewes9‬‬

‫ﻣﻦ ﺧﻼﻝ ﺍﳉﺪﻭﻝ ﺃﻋﻼﻩ ﻧﻼﺣﻆ ﺃﻥ ﻣﺘﻮﺳﻂ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻮﻗﻴﺔ ﻟﻸﺳﻬﻢ ﻛﻤﺘﻐﲑ ﺗﺎﺑﻊ ﺑﻠﻎ ﻣﺘﻮﺳﻄﻬﺎ ﺍﳊﺴﺎﰊ ‪0.042542‬‬
‫ﺑﺈﳓﺮﺍﻑ ﻣﻌﻴﺎﺭﻱ ﻗﺪﺭ ﺏ ‪ ، 0.662933‬ﺃﻣﺎ ﺑﺎﻟﻨﺴﺒﺔ ﻟﻨﺴﺒﺔ ﺣﻘﻮﻕ ﺍﳌﻠﻜﻴﺔ ﻓﻘﺪ ﺑﻠﻎ ﺍﳌﺘﻮﺳﻂ ﺍﳊﺴﺎﰊ ‪2.0755360‬‬
‫ﺑﺈﳓﺮﺍﻑ ﻣﻌﻴﺎﺭﻱ ﻗﺪﺭ ﺏ ‪ ، 3.014898‬ﺃﻣﺎ ﻋﻦ ﻧﺴﺒﺔ ﺳﻴﻮﻟﺔ ﺍﻷﺻﻮﻝ ﻓﻘﺪ ﺑﻠﻎ ﻣﺘﻮﺳﻄﻬﺎ ﺍﳊﺴﺎﰊ ﺏ‪ 0.490243‬ﺑﺈﳓﺮﺍﻑ‬
‫ﻣﻌﻴﺎﺭﻱ ﻗﺪﺭ ﺏ‪ ،0.224867‬ﺃﻣﺎ ﻓﻴﻤﺎ ﳜﺺ ﻧﺴﺒﺔ ﺍﻟﺘﺪﺍﻭﻝ ﻓﻘﺪ ﺑﻠﻎ ﻣﺘﻮﺳﻄﻬﺎ ‪ 2.0690676‬ﺑﺈﳓﺮﺍﻑ ﻣﻌﻴﺎﺭﻱ ﻗﺪﺭ ﺏ‬
‫‪ ، 4.206767‬ﺃﻣﺎ ﺑﺎﻟﻨﺴﺒﺔ ﻟﻠﺮﺍﻓﻌﺔ ﺍﳌﺎﻟﻴﺔ ﻓﻘﺪ ﺑﻠﻎ ﻣﺘﻮﺳﻄﻬﺎ ﺍﳊﺴﺎﰊ ﺏ ‪ 0.238635‬ﺑﺈﳓﺮﺍﻑ ﻣﻌﻴﺎﺭﻱ ﻗﺪﺭ ﺏ‬
‫‪. 0.945437‬‬

‫• ﻣ ﺼ ﻔ ﻮ ﻓ ﺔ ﺍﻹ ﺭ ﺗﺒﺎﻁ ﺍﳋ ﻄ ﻲ ‪:‬‬

‫ﺍﳉﺪﻭﻝ ﺭﻗﻢ ‪ 05‬ﻣﺼﻔﻮﻓﺔ ﺍﻹﺭﺗﺒﺎﻁ ﺑﲔ ﺍﳌﺆﺷﺮﺍﺕ‬

‫‪Covariance Analysis: Ordinary‬‬

‫‪Date: 04/04/22 Time: 18:23‬‬

‫‪Sample: 2014 2020‬‬
‫‪Included observations: 77‬‬

‫‪Correlation‬‬
‫‪RLA‬‬ ‫‪LE‬‬ ‫‪CR‬‬ ‫‪PDP‬‬ ‫‪MVS Probability‬‬
‫‪1.000000‬‬ ‫‪MVS‬‬
‫‪-----‬‬

‫‪34‬‬
‫ﺍ ﻟ ﻔ ﺼ ﻞ ﺍ ﻟ ﺜ ﺎ ﱐ ‪ :‬ﺍ ﻟ ﺪ ﺭ ﺍ ﺳ ﺔ ﺍ ﻟ ﺘ ﻄ ﺒ ﻴ ﻘ ﻴ ﺔ ﻷ ﺛ ﺮ ﻣ ﺆ ﺷ ﺮ ﺍ ﺕ ﺍ ﳌ ﻼ ء ﺓ ﺍ ﳌ ﺎ ﻟ ﻴ ﺔ ﻋ ﻠ ﻰ ﻗ ﻴ ﻤ ﺔ ﺍﻟﺸ ﺮ ﻛ ﺎ ﺕ ﺍﳌ ﺪ ﺭ ﺟ ﺔ ﰲ ﺑ ﻮ ﺭ ﺻ ﺔ ﻋ ﻤ ﺎ ﻥ‬

‫‪1.000000‬‬ ‫‪0.054182‬‬ ‫‪PDP‬‬

‫‪-----‬‬ ‫‪0.6120‬‬

‫‪1.000000‬‬ ‫‪0.179142 -0.004725‬‬ ‫‪CR‬‬

‫‪-----‬‬ ‫‪0.0911‬‬ ‫‪0.9647‬‬

‫‪1.000000 -0.107369 -0.183314 -0.051900‬‬ ‫‪LE‬‬

‫‪-----‬‬ ‫‪0.3138‬‬ ‫‪0.0837‬‬ ‫‪0.6271‬‬

‫‪1.000000 -0.208545‬‬ ‫‪0.434036‬‬ ‫‪0.010234‬‬ ‫‪0.088753‬‬ ‫‪RLA‬‬

‫‪-----‬‬ ‫‪0.0485‬‬ ‫‪0.0000‬‬ ‫‪0.9237‬‬ ‫‪0.4055‬‬

‫ﺍﳌﺼﺪﺭ‪ :‬ﻣﻦ ﺇﻋﺪﺍﺩ ﺍﻟﻄﺎﻟﺒﺘﺎﻥ ﺇﻋﺘﻤﺎﺩﴽ ﻋﻠﻰ ﳐﺮﺟﺎﺕ ﺑﺮﻧﺎﻣﺞ ‪.Eviews9‬‬

‫ﻣﻦ ﺧﻼﻝ ﺍﻟﺪﻻﻻﺕ ﺍﻹﺣﺼﺎﺋﻴﺔ ﺍﳌﺒﻴﻨﺔ ﺃﻋﻼﻩ ﳒﺪ ﺃﻥ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻮﻗﻴﺔ ﻟﻸﺳﻬﻢ ‪ MVS‬ﻻ ﺗﺮﺗﺒﻂ ﺧﻄﻴﴼ ﻭﻟﻴﺲ ﳍﺎ ﻣﻌﻨﻮﻳـﺔ‬
‫ﺇﺣﺼﺎﺋﻴﺔ ﳌﻌﺎﻣﻞ ﺍﻹﺭﺗﺒﺎﻁ ﻣﻊ ﻛﻞ ﻣﻦ ﻧﺴﺒﺔ ﺣﻘﻮﻕ ﺍﳌﻠﻜﻴﺔ ‪ PDP‬ﻭ ﻧﺴﺒﺔ ﺍﻟﺘﺪﺍﻭﻝ ‪ CR‬ﻭ ﺍﻟﺮﺍﻓﻌﺔ ﺍﳌﺎﻟﻴﺔ ‪ LE‬ﻭ ﻧﺴﺒﺔ ﺳـﻴﻮﻟﺔ‬
‫ﺍﻷﺻﻮﻝ ‪. RLA‬‬

‫• ﻧ ﺘ ﺎ ﺋ ﺞ ﺗ ﻘ ﺪ ﻳ ﺮ ﺍ ﺕ ﳕ ﺎ ﺫ ﺝ ﺑ ﺎ ﻧ ﻞ ﻟ ﺪ ﺭ ﺍ ﺳ ﺔ ﺃ ﺛ ﺮ ﺍ ﳌ ﺮ ﻭ ﻧ ﺔ ﺍ ﳌ ﺎ ﻟ ﻴ ﺔ ﻋ ﻠ ﻰ ﻗ ﻴ ﻤ ﺔ ﺍ ﻟ ﺸ ﺮ ﻛ ﺎﺕ ‪ :‬ﻣ ﻦ ﺃ ﺟ ﻞ ﲢ ﺪ ﻳ ﺪ ﻣ ﺪ ﻯ ﻗ ﺪ ﺭ ﺓ ﻣ ﺆ ﺷ ﺮ ﺍ ﺕ ﺍ ﳌ ﻼ ء ﺓ‬
‫ﺍﳌﺎﻟﻴﺔ ﺍﳌﺘﻤﺜﻠﺔ ﰲ )‪(،CR ،LE ، RLA،PDP‬ﻋﻠﻰ ﺗﻔﺴﲑ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻮﻗﻴﺔﻟﻸﺳﻬﻢ ﻣﻦ ﺧﻼﻝ ﲢﻠﻴﻞ ﳕﻮﺫﺝ ﺍﻹﳓـﺪﺍﺭ ﺑﺘﻘـﺪﻳﺮ‬
‫ﺍﻟﻨﻤﺎﺫﺝ ﺍﻟﻘﻴﺎﺳﻴﺔ )ﺍﻟﻨﻤﻮﺫﺝ ﺍﻟﺘﺠﻤﻴﻌﻲ‪ ،‬ﺍﻟﻨﻤﻮﺫﺝ ﺍﻟﺜﺎﺑﺖ‪ ،‬ﺍﻟﻨﻤﻮﺫﺝ ﺍﻟﻌﺸﻮﺍﺋﻲ( ﺑﺎﻹﻋﺘﻤﺎﺩ ﻋﻠـﻰ ﺑﺮﻧـﺎﻣﺞ ‪ Eveiws9‬ﻭﺍﻟﻨﺘـﺎﺋﺞ‬
‫ﻣ ﻠﺨ ﺼ ﺔ ﰲ ﺍﳉ ﺪ ﺍﻭ ﻝ ﺍﻟﺘﺎﻟﻴ ﺔ ‪:‬‬

‫ﺃﻭﻻً‪ -1 :‬ﺍﻟﻨﻤﻮﺫﺝ ﺍﻟﺘﺠﻤﻴﻌﻲ‬

‫ﺍﳉﺪﻭﻝ ﺭﻗﻢ ‪ 06‬ﻧﺘﺎﺋﺞ ﺍﻟﻨﻤﻮﺫﺝ ﺍﻟﺘﺠﻤﻴﻌﻲ‬

‫‪Variable‬‬ ‫‪Coefficient‬‬ ‫‪Std. Error‬‬ ‫‪t-Statistic‬‬ ‫‪Prob.‬‬

‫‪C‬‬ ‫‪-0.123526‬‬ ‫‪0.197330‬‬ ‫‪-0.625987‬‬ ‫‪0.5330‬‬

‫‪PDP‬‬ ‫‪0.013301‬‬ ‫‪0.024556‬‬ ‫‪0.541650‬‬ ‫‪0.5895‬‬
‫‪CR‬‬ ‫‪-0.010530‬‬ ‫‪0.019199‬‬ ‫‪-0.548433‬‬ ‫‪0.5848‬‬
‫‪RLA‬‬ ‫‪0.330187‬‬ ‫‪0.360391‬‬ ‫‪0.916191‬‬ ‫‪0.3622‬‬
‫‪LE‬‬ ‫‪-0.017269‬‬ ‫‪0.078558‬‬ ‫‪-0.219829‬‬ ‫‪0.8265‬‬

‫‪Root MSE‬‬ ‫‪0.654339‬‬ ‫‪R-squared‬‬ ‫‪0.014812‬‬

‫‪Mean dependent var‬‬ ‫‪0.042542‬‬ ‫‪Adjusted R-squared‬‬ ‫‪-‬‬
‫‪0.031550‬‬
‫‪S.D. dependent var‬‬ ‫‪0.662933‬‬ ‫‪S.E. of regression‬‬ ‫‪0.673310‬‬
‫‪Akaike info criterion‬‬ ‫‪2.100730‬‬ ‫‪Sum squared resid‬‬ ‫‪38.53440‬‬
‫‪Schwarz criterion‬‬ ‫‪2.239608‬‬ ‫‪Log likelihood‬‬ ‫‪-‬‬
‫‪89.53285‬‬
‫‪Hannan-Quinn criter.‬‬ ‫‪2.156734‬‬ ‫‪F-statistic‬‬ ‫‪0.319481‬‬

‫‪35‬‬
‫ﺍ ﻟ ﻔ ﺼ ﻞ ﺍ ﻟ ﺜ ﺎ ﱐ ‪ :‬ﺍ ﻟ ﺪ ﺭ ﺍ ﺳ ﺔ ﺍ ﻟ ﺘ ﻄ ﺒ ﻴ ﻘ ﻴ ﺔ ﻷ ﺛ ﺮ ﻣ ﺆ ﺷ ﺮ ﺍ ﺕ ﺍ ﳌ ﻼ ء ﺓ ﺍ ﳌ ﺎ ﻟ ﻴ ﺔ ﻋ ﻠ ﻰ ﻗ ﻴ ﻤ ﺔ ﺍﻟﺸ ﺮ ﻛ ﺎ ﺕ ﺍﳌ ﺪ ﺭ ﺟ ﺔ ﰲ ﺑ ﻮ ﺭ ﺻ ﺔ ﻋ ﻤ ﺎ ﻥ‬

‫‪Durbin-Watson stat‬‬ ‫‪1.707201‬‬ ‫)‪Prob(F-statistic‬‬ ‫‪0.864215‬‬

‫ﺍﳌﺼﺪﺭ‪ :‬ﻣﻦ ﺇﻋﺪﺍﺩ ﺍﻟﻄﺎﻟﺒﺘﺎﻥ ﺇﻋﺘﻤﺎﺩﴽ ﻋﻠﻰ ﳐﺮﺟﺎﺕ ﺑﺮﻧﺎﻣﺞ ‪.Eviews9‬‬

‫ﻣﻦ ﺧﻼﻝ ﺍﳉﺪﻭﻝ )‪ (06‬ﻧﻼﺣﻆ ﺃﻥ ﺍﺣﺘﻤﺎﻟﻴﺔ ﺍﻻﺧﺘﺒﺎﺭ ﺃﻛﱪ ﻣﻦ ‪ ،0,05‬ﻳﺘﺒﲔ ﺃﻥ ﺍﻟﻌﻼﻗﺔ ﺑﲔ ﺍﳌﺘﻐﲑﺍﺕ ﺍﳌﺴﺘﻘﻠﺔ ) ﻧﺴﺒﺔ‬
‫ﺣﻘﻮﻕ ﺍﳌﻠﻜﻴﺔ‪ ،PDP‬ﻧﺴﺒﺔ ﺳﻴﻮﻟﺔ ﺍﻷﺻﻮﻝ‪ ، RLA‬ﻧﺴﺒﺔ ﺍﻟﺘﺪﺍﻭﻝ‪ ،CR‬ﺍﻟﺮﺍﻓﻌﺔ ﺍﳌﺎﻟﻴﺔ ‪.(،LE‬ﻭﺍﳌﺘﻐﲑ ﺍﻟﺘﺎﺑﻊ ﺍﳌﺘﻤﺜـﻞ ﰲ ﺍﻟﻘﻴﻤـﺔ‬
‫ﺍﻟﺴﻮﻗﻴﺔﻟﻸﺳﻬﻢ ﻟﻴﺴﺖ ﳍﺎ ﺩﻻﻟﺔ ﺍﺣﺼﺎﺋﻴﺔ ﻋﻨﺪ ﻣﺴﺘﻮﻯ ﻣﻌﻨﻮﻳﺔ ‪.%05‬‬

‫ﺛﺎﻧﻴﺎ ‪-2:‬ﳕﻮﺫﺝ ﺍﻟﺘﺄﺛﲑﺍﺕ ﺍﻟﺜﺎﺑﺘﺔ‬

‫ﺍﳉﺪﻭﻝ ﺭﻗﻢ ‪ 07‬ﻧﺘﺎﺋﺞ ﳕﻮﺫﺝ ﺍﻟﺘﺄﺛﲑﺍﺕ ﺍﻟﺜﺎﺑﺘﺔ‬

‫‪Variable‬‬ ‫‪Coefficient‬‬ ‫‪Std. Error‬‬ ‫‪t-Statistic‬‬ ‫‪Prob.‬‬

‫‪C‬‬ ‫‪0.088927‬‬ ‫‪0.243125‬‬ ‫‪0.365765‬‬ ‫‪0.7155‬‬

‫‪PDP‬‬ ‫‪0.015326‬‬ ‫‪0.027947‬‬ ‫‪0.548421‬‬ ‫‪0.5850‬‬
‫‪CR‬‬ ‫‪-0.018313‬‬ ‫‪0.019603‬‬ ‫‪-0.934216‬‬ ‫‪0.3531‬‬
‫‪RLA‬‬ ‫‪-0.064582‬‬ ‫‪0.420951‬‬ ‫‪-0.153420‬‬ ‫‪0.8785‬‬
‫‪LE‬‬ ‫‪-0.032177‬‬ ‫‪0.081758‬‬ ‫‪-0.393559‬‬ ‫‪0.6950‬‬

‫‪Effects Specification‬‬

‫)‪Cross-section fixed (dummy variables‬‬

‫‪Root MSE‬‬ ‫‪0.617899‬‬ ‫‪R-squared‬‬ ‫‪0.121488‬‬

‫‪Mean dependent var‬‬ ‫‪0.042542‬‬ ‫‪Adjusted R-squared‬‬ ‫‪-‬‬
‫‪0.015423‬‬
‫‪S.D. dependent var‬‬ ‫‪0.662933‬‬ ‫‪S.E. of regression‬‬ ‫‪0.668026‬‬
‫‪Akaike info criterion‬‬ ‫‪2.163904‬‬ ‫‪Sum squared resid‬‬ ‫‪34.36189‬‬
‫‪Schwarz criterion‬‬ ‫‪2.524988‬‬ ‫‪Log likelihood‬‬ ‫‪-‬‬
‫‪84.37570‬‬
‫‪Hannan-Quinn criter.‬‬ ‫‪2.309515‬‬ ‫‪F-statistic‬‬ ‫‪0.887351‬‬
‫‪Durbin-Watson stat‬‬ ‫‪1.920038‬‬ ‫)‪Prob(F-statistic‬‬ ‫‪0.563047‬‬

‫ﺍﳌﺼﺪﺭ‪ :‬ﻣﻦ ﺇﻋﺪﺍﺩ ﺍﻟﻄﺎﻟﺒﺘﺎﻥ ﺇﻋﺘﻤﺎﺩﴽ ﻋﻠﻰ ﳐﺮﺟﺎﺕ ﺑﺮﻧﺎﻣﺞ ‪. Eviews9‬‬

‫ﻣﻦ ﺧﻼﻝ ﺍﳉﺪﻭﻝ )‪ (07‬ﻧﻼﺣﻆ ﺃﻥ ﺍﺣﺘﻤﺎﻟﻴﺔ ﺍﻻﺧﺘﺒﺎﺭ ﺃﻛﱪ ﻣﻦ ‪ ،0,05‬ﻳﺘﺒﲔ ﺃﻥ ﺍﻟﻌﻼﻗﺔ ﺑﲔ ﺍﳌﺘﻐﲑﺍﺕ ﺍﳌﺴﺘﻘﻠﺔ ) ﻧﺴﺒﺔ‬
‫ﺣﻘﻮﻕ ﺍﳌﻠﻜﻴﺔ‪ ،PDP‬ﻧﺴﺒﺔ ﺳﻴﻮﻟﺔ ﺍﻷﺻﻮﻝ‪ ، RLA‬ﻧﺴﺒﺔ ﺍﻟﺘﺪﺍﻭﻝ‪ ،CR‬ﺍﻟﺮﺍﻓﻌﺔ ﺍﳌﺎﻟﻴﺔ ‪(،LE‬ﻭﺍﳌﺘﻐﲑ ﺍﻟﺘﺎﺑﻊ ﺍﳌﺘﻤﺜﻞ ﰲ ﺍﻟﻘﻴﻤـﺔ‬
‫ﺍﻟﺴﻮﻗﻴﺔﻟﻸﺳﻬﻢ ﻟﻴﺴﺖ ﳍﺎ ﺩﻻﻟﺔ ﺍﺣﺼﺎﺋﻴﺔ ﻋﻨﺪ ﻣﺴﺘﻮﻯ ﻣﻌﻨﻮﻳﺔ ‪.%05‬‬
‫ﺛﺎﻟﺜﺎ ‪ -3:‬ﻧﻤﻮذج اﻟﺘﺄﺛﯿﺮات اﻟﻌﺸﻮاﺋﯿﺔ‬

‫اﻟﺠﺪول رﻗﻢ ‪ 08‬ﻧﺘﺎﺋﺞ ﻧﻤﻮذج اﻟﺘﺄﺛﯿﺮات اﻟﻌﺸﻮاﺋﯿﺔ‬

‫‪Variable‬‬ ‫‪Coefficient‬‬ ‫‪Std. Error‬‬ ‫‪t-Statistic‬‬ ‫‪Prob.‬‬

‫‪C‬‬ ‫‪-0.123526‬‬ ‫‪0.195781‬‬ ‫‪-0.630939‬‬ ‫‪0.5298‬‬

‫‪PDP‬‬ ‫‪0.013301‬‬ ‫‪0.024364‬‬ ‫‪0.545935‬‬ ‫‪0.5865‬‬
‫‪CR‬‬ ‫‪-0.010530‬‬ ‫‪0.019049‬‬ ‫‪-0.552771‬‬ ‫‪0.5819‬‬

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‫ﺍ ﻟ ﻔ ﺼ ﻞ ﺍ ﻟ ﺜ ﺎ ﱐ ‪ :‬ﺍ ﻟ ﺪ ﺭ ﺍ ﺳ ﺔ ﺍ ﻟ ﺘ ﻄ ﺒ ﻴ ﻘ ﻴ ﺔ ﻷ ﺛ ﺮ ﻣ ﺆ ﺷ ﺮ ﺍ ﺕ ﺍ ﳌ ﻼ ء ﺓ ﺍ ﳌ ﺎ ﻟ ﻴ ﺔ ﻋ ﻠ ﻰ ﻗ ﻴ ﻤ ﺔ ﺍﻟﺸ ﺮ ﻛ ﺎ ﺕ ﺍﳌ ﺪ ﺭ ﺟ ﺔ ﰲ ﺑ ﻮ ﺭ ﺻ ﺔ ﻋ ﻤ ﺎ ﻥ‬

‫‪RLA‬‬ ‫‪0.330187‬‬ ‫‪0.357563‬‬ ‫‪0.923437‬‬ ‫‪0.3584‬‬

‫‪LE‬‬ ‫‪-0.017269‬‬ ‫‪0.077942‬‬ ‫‪-0.221568‬‬ ‫‪0.8252‬‬

‫‪Effects Specification‬‬
‫‪S.D.‬‬ ‫‪Rho‬‬

‫‪Cross-section random‬‬ ‫‪0.000000‬‬ ‫‪0.0000‬‬

‫‪Idiosyncratic random‬‬ ‫‪0.668026‬‬ ‫‪1.0000‬‬

‫‪Weighted Statistics‬‬

‫‪Root MSE‬‬ ‫‪0.654339‬‬ ‫‪R-squared‬‬ ‫‪0.014812‬‬

‫‪Mean dependent var‬‬ ‫‪0.042542‬‬ ‫‪Adjusted R-squared‬‬ ‫‪-‬‬
‫‪0.031550‬‬
‫‪S.D. dependent var‬‬ ‫‪0.662933‬‬ ‫‪S.E. of regression‬‬ ‫‪0.673310‬‬
‫‪Sum squared resid‬‬ ‫‪38.53440‬‬ ‫‪F-statistic‬‬ ‫‪0.319481‬‬
‫‪Durbin-Watson stat‬‬ ‫‪1.707201‬‬ ‫)‪Prob(F-statistic‬‬ ‫‪0.864215‬‬

‫‪Unweighted Statistics‬‬

‫‪R-squared‬‬ ‫‪0.014812‬‬ ‫‪Mean dependent var‬‬ ‫‪0.042542‬‬

‫‪Sum squared resid‬‬ ‫‪38.53440‬‬ ‫‪Durbin-Watson stat‬‬ ‫‪1.707201‬‬

‫اﻟﻤﺼﺪر‪ :‬ﻣﻦ إﻋﺪاد اﻟﻄﺎﻟﺒﺘﺎن إﻋﺘﻤﺎدا ً ﻋﻠﻰ ﻣﺨﺮﺟﺎت ﺑﺮﻧﺎﻣﺞ ‪.Eviews9‬‬

‫ﻣﻦ ﺧﻼﻝ ﺍﳉﺪﻭﻝ )‪ .(08‬ﻧﻼﺣﻆ ﺃﻥ ﺍﺣﺘﻤﺎﻟﻴﺔ ﺍﻻﺧﺘﺒﺎﺭ ﺃﻛﱪ ﻣﻦ ‪ ،0,05‬ﻳﺘﺒﲔ ﺃﻥ ﺍﻟﻌﻼﻗﺔ ﺑﲔ ﺍﳌﺘﻐﲑﺍﺕ ﺍﳌﺴﺘﻘﻠﺔ ) ﻧﺴﺒﺔ‬
‫ﺣﻘﻮﻕ ﺍﳌﻠﻜﻴﺔ‪ ،PDP‬ﻧﺴﺒﺔ ﺳﻴﻮﻟﺔ ﺍﻷﺻﻮﻝ‪ ، RLA‬ﻧﺴﺒﺔ ﺍﻟﺘﺪﺍﻭﻝ‪ ،CR‬ﺍﻟﺮﺍﻓﻌﺔ ﺍﳌﺎﻟﻴﺔ ‪.(LE‬ﻭﺍﳌﺘﻐﲑ ﺍﻟﺘﺎﺑﻊ ﺍﳌﺘﻤﺜـﻞ ﰲ ﺍﻟﻘﻴﻤـﺔ‬
‫ﺍﻟﺴﻮﻗﻴﺔﻟﻸﺳﻬﻢ ﻟﻴﺴﺖ ﳍﺎ ﺩﻻﻟﺔ ﺍﺣﺼﺎﺋﻴﺔ ﻋﻨﺪ ﻣﺴﺘﻮﻯ ﻣﻌﻨﻮﻳﺔ ‪.%05‬‬

‫ﺍﻟﻔ ﺮ ﻉ ﺍﻟﺜﺎﱐ ‪ :‬ﲢ ﻠﻴﻞ ﺍﻟﻨﺘﺎﺋﺞ‬

‫ﻣﻦ ﺧﻼﻝ ﲢﻠﻴﻞ ﻧﺘﺎﺋﺞ ﺍﳉﺪﺍﻭﻝ) ‪.(08-07-06‬ﳝﻜﻦ ﺃﻥ ﻧﻼﺣﻆ ﻣﺎ ﻳﻠﻲ‪:‬‬

‫‪ -‬ﺑﺎﻟﻨﺴﺒﺔ ﻟﻠﻌﻼﻗﺔ ﺑﲔ ﻧﺴﺒﺔ ﺍﳌﺘﻐﲑ ﺣﻘﻮﻕ ﺍﳌﻠﻜﻴﺔﺍﻟﱵ ﻗﺪﺭﺕ ﺏ)‪.(58،95‬ﰲ ﺍﻟﻨﻤﻮﺫﺝ ﺍﻟﺘﺠﻤﻴﻌﻲ ﻭ ﺑﻠﻐـﺖ ) ‪(71،55‬‬
‫‪.‬ﰲ ﳕﻮﺫﺝ ﺍﻟﺘﺄﺛﲑﺍﺕ ﺍﻟﺜﺎﺑﺘﺔ ﻭ ﻗﺪﺭﺕ ﺏ ) ‪ .(58،65‬ﰲ ﳕﻮﺫﺝ ﺗﺄﺛﲑﺍﺕ ﺍﻟﻌﺸﻮﺍﺋﻴﺔ ‪،‬ﻭﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻮﻗﻴﺔ ﻟﻴﺲ ﳍﺎ ﻣﻌﻨﻮﻳﺔ ﺇﺣﺼـﺎﺋﻴﺔ‬
‫ﰲ ﺍ ﻟ ﻨ ﻤ ﺎ ﺫ ﺝ ﺍ ﻟ ﺜ ﻼ ﺛ ﺔ ﺍﳌ ﺪ ﺭ ﻭ ﺳ ﺔ ‪.‬‬
‫‪ -‬ﺑﺎﻟﻨﺴﺒﺔ ﻟﻠﻌﻼﻗﺔ ﺑﲔ ﻧﺴﺒﺔ ﺍﻟﺘﺪﺍﻭﻝ ﻭﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻮﻗﻴﺔ ﻟﻴﺲ ﳍﺎ ﻣﻌﻨﻮﻳﺔ ﺇﺣﺼـﺎﺋﻴﺔ‪ ،‬ﻭ ﺍﻟـﱵ ﻗـﺪﺭﺕ ﺏ ) ‪- 58،48‬‬
‫‪ .(58،19-58،50‬ﰲ ﺍﻟﻨﻤﻮﺫﺝ ﺍﻟﺘﺠﻤﻴﻌﻲ ﻭ ﳕﻮﺫﺝ ﺍﻟﺘﺄﺛﲑﺍﺕ ﺍﻟﺜﺎﺑﺘﺔ ﻭ ﳕﻮﺫﺝ ﺍﻟﺘﺄﺛﲑﺍﺕ ﺍﻟﻌﺸﻮﺍﺋﻴﺔ ﻋﻠﻰ ﺍﻟﺘﻮﺍﱄ ‪.‬‬

‫‪ -‬ﺑﺎﻟﻨﺴﺒﺔ ﻟﻠﻌﻼﻗﺔ ﺑﲔ ﻧﺴﺒﺔ ﻛﻞ ﻣﻦ ﺍﳌﺘﻐﲑﺍﺕ ﺳﻴﻮﻟﺔ ﺍﻷﺻﻮﻝ ﺍﻟﱵ ﻗﺪﺭﺗﺐ) ‪ .(35،84-87،85-36،22‬ﻭ ﺍﻟﺮﺍﻓﻌﺔ‬
‫ﺍﳌﺎﻟﻴﺔ ﺏ )‪ .(82،52-69،50-82،65‬ﰲ ﺍﻟﻨﻤﺎﺫﺝ ﺍﻟﺜﻼﺛﺔ ﺍﳌﺪﺭﻭﺳﺔ ﻋﻠﻰ ﺍﻟﺘﻮﺍﱄ ‪،‬ﻭﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻮﻗﻴﺔ ﻟﻴﺲ ﳍﺎ ﻣﻌﻨﻮﻳﺔ ﺇﺣﺼﺎﺋﻴﺔ‬
‫‪.‬‬

‫ﺍﳌﻄﻠﺐ ﺍﻟﺜﺎﱐ‪:‬ﲢﻠﻴﻞ ﺍﻟﻨﺘﺎﺋﺞ ﺍﳌﺘﻮﺻﻞ ﺇﻟﻴﻬﺎ ﻭﻣﻨﺎﻗﺸﺘﻬﺎ‬

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‫ﺍ ﻟ ﻔ ﺼ ﻞ ﺍ ﻟ ﺜ ﺎ ﱐ ‪ :‬ﺍ ﻟ ﺪ ﺭ ﺍ ﺳ ﺔ ﺍ ﻟ ﺘ ﻄ ﺒ ﻴ ﻘ ﻴ ﺔ ﻷ ﺛ ﺮ ﻣ ﺆ ﺷ ﺮ ﺍ ﺕ ﺍ ﳌ ﻼ ء ﺓ ﺍ ﳌ ﺎ ﻟ ﻴ ﺔ ﻋ ﻠ ﻰ ﻗ ﻴ ﻤ ﺔ ﺍﻟﺸ ﺮ ﻛ ﺎ ﺕ ﺍﳌ ﺪ ﺭ ﺟ ﺔ ﰲ ﺑ ﻮ ﺭ ﺻ ﺔ ﻋ ﻤ ﺎ ﻥ‬

‫ﺑﻌﺪ ﺍﳊﺼﻮﻝ ﻋﻠﻰ ﺍﻟﻨﺘﺎﺋﺞ ﺍﻹﺣﺼﺎﺋﻴﺔ ﻣﻦ ﺧﻼﻝ ﺑﺮﻧﺎﻣﺞ ‪Eviews9‬ﺍﻟﱵ ﱂ ﺗﻈﻬﺮ ﺗﺄﺛﲑ ﻣﺆﺷﺮﺍﺕ ﺍﳌﻼءﺓ ﺍﳌﺎﻟﻴﺔ ﻋﻠﻰ ﻗﻴﻤـﺔ‬
‫ﺍﻟﺸﺮﻛﺎﺕ ﺍﳌﺪﺭﺟﺔ ﰲ ﺑﻮﺭﺻﺔ ﻋﻤﺎﻥ ﺧﻼﻝ ﺍﻟﻔﺘﺮﺓ ) ‪ ،(2022-2013‬ﻟﺬﻟﻚ ﺳﻨﺤﺎﻭﻝ ﲢﻠﻴﻞ ﻭﻣﻨﺎﻗﺸﺔ ﺍﻟﻨﺘﺎﺋﺞ ﺍﳌﺘﻮﺻﻞ ﺇﻟﻴﻬـﺎ‬
‫ﺳ ﺎﺑﻘ ﴼ‪.‬‬

‫ﻣﻦ ﺃﺟﻞ ﲢﻘﻴﻖ ﻫﺪﻑ ﺍﻟﺪﺭﺍﺳﺔ ﺇﺳﺘﺨﺪﻣﻨﺎ ﺃﺳﻠﻮﺏ ﺍﻟﺘﺤﻠﻴﻞ ﺍﳌﻘﻄﻌﻲ )ﺑﺎﻧﻞ(‪ .‬ﺍﻟﺬﻱ ﻳﻌﺘﻤﺪ ﻋﻠﻰ ﺍﻟﺜﻼﺙ ﳕﺎﺫﺝ ﺍﳌـﺬﻛﻮﺭﺓ‬
‫ﺳ ﺎﺑﻘ ﴼ‪ ،‬ﲝ ﻴ ﺚ ﳝ ﻜ ﻦ ﲢ ﻠﻴﻞ ﻧ ﺘ ﺎ ﺋ ﺞ ﺍﻟﺪ ﺭ ﺍﺳ ﺔ ﺍﻹ ﺣ ﺼ ﺎﺋﻴ ﺔ ﻛ ﻤ ﺎ ﻳﻠﻲ ‪:‬‬

‫ﻣ ﻨﺎﻗﺸ ﺔ ﺍﻟﻔ ﺮ ﺿ ﻴﺎﺕ‬

‫ﺑﺎﻟﻌ ﻮ ﺩ ﺓ ﺇﱃ ﺍﻟﻔ ﺮ ﺿ ﻴﺎﺕ ﺍﻟﱵ ﺍﻧﻄ ﻠﻖ ﻣ ﻨﻬ ﺎ ﻫ ﺬ ﺍ ﺍﻟﺒﺤ ﺚ ﻭ ﺍﻟﱵ ﺗﺘﻤ ﺜﻞ ﰲ ‪:‬‬

‫• ﺍﻟﻔﺮﺿﻴﺔ ﺍﻷﻭﱃ‪:‬ﺗﻮﺟﺪ ﻋﻼﻗﺔ ﻃﺮﺩﻳﺔ ﺫﺍﺕ ﺩﻻﻟﺔ ﺇﺣﺼﺎﺋﻴﺔ ﺑﲔ ﻣﺆﺷﺮ ﺣﻘﻮﻕ ﻭﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻮﻗﻴﺔ ﻟﻠﺸﺮﻛﺔ‪.‬‬
‫• ﺍ ﻟ ﻔ ﺮ ﺿ ﻴ ﺔ ﺍ ﻟ ﺜ ﺎ ﻧ ﻴ ﺔ ‪ :‬ﺗ ﻮ ﺟ ﺪ ﻋ ﻼ ﻗ ﺔ ﻃ ﺮ ﺩ ﻳ ﺔ ﺫ ﺍﺕ ﺩ ﻻ ﻟﺔ ﺇﺣ ﺼ ﺎﺋﻴ ﺔ ﺑﲔ ﻣ ﺆ ﺷ ﺮ ﺍﺕ ﺍﻟﺴ ﻴﻮ ﻟ ﺔ ﻭ ﺍﻟﻘ ﻴﻤ ﺔ ﺍﻟﺴ ﻮ ﻗﻴﺔ ﻟﻠﺸ ﺮ ﻛ ﺔ‪.‬‬
‫• ﺍ ﻟ ﻔ ﺮ ﺿ ﻴ ﺔ ﺍ ﻟ ﺜ ﺎ ﻟ ﺜ ﺔ ‪ :‬ﺗ ﻮ ﺟ ﺪ ﻋ ﻼ ﻗ ﺔ ﻃ ﺮ ﺩ ﻳ ﺔ ﺫ ﺍ ﺕ ﺩ ﻻ ﻟ ﺔ ﺇ ﺣ ﺼ ﺎ ﺋ ﻴ ﺔ ﺑ ﲔ ﺍ ﻟ ﺮ ﺍ ﻓ ﻌ ﺔ ﺍ ﳌ ﺎ ﻟ ﻴ ﺔ ﻭ ﻗ ﻴ ﻤ ﺔ ﺍ ﻟﺸ ﺮ ﻛ ﺔ ‪.‬‬

‫ﳝﻜﻦ ﺍﻟﻘﻮﻝ ﺃﻥ ﳕﻮﺫﺝ ﺍﻟﺪﺭﺍﺳﺔ ﺃﺛﺒﺖ ﻋﺪﻡ ﻭﺟﻮﺩ ﻋﻼﻗﺔ ﺑﲔ ﻣﺆﺷﺮﺍﺕ ﺍﳌﻼءﺓ ﺍﳌﺎﻟﻴﺔ ﺍﳌﺬﻛﻮﺭﺓ ﺳﺎﺑﻘﴼ ﻭﻗﻴﻤﺔ ﺍﻟﺸـﺮﻛﺎﺕ‬
‫ﺍﳌ ﺪ ﺭ ﺟ ﺔ ﰲ ﺑﻮ ﺭ ﺻ ﺔ ﻋ ﻤ ﺎﻥ ﺧ ﻼ ﻝ ﺍﻟﻔ ﺘﺮ ﺓ ﺍﳌ ﺪ ﺭ ﻭ ﺳ ﺔ ) ﻣ ﻦ ﺧ ﻼ ﻝ ﻋ ﺪ ﻡ ﲤ ﺘﻊ ﺍﻟﻨﻤ ﻮ ﺫ ﺝ ﻛ ﻜ ﻞ ﲟ ﻌ ﻨﻮ ﻳﺔ ﳑ ﻘ ﺒﻮ ﻟﺔ ( ﲝ ﻴﺚ ﺗﺒﲔ ﻣ ﺎ ﻳﻠﻲ ‪:‬‬

‫‪ -‬ﻋﺪﻡ ﻭﺟﻮﺩ ﻋﻼﻗﺔ ﺫﺍﺕ ﺩﻻﻟﺔ ﺇﺣﺼﺎﺋﻴﺔ ﺑﲔ ﻧﺴﺒﺔ ﺣﻘﻮﻕ ﺍﳌﻠﻜﻴﺔ ﻣﻊ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻮﻗﻴﺔ ﻟﻸﺳﻬﻢ ‪ MVS‬ﻷﻥ ﺍﻟﻘﻴﻤـﺔ‬
‫ﺍﻹﺣﺘﻤﺎﻟﻴﺔ ‪ prob‬ﻟﻠﻤﺘﻐﲑ ﻛﺎﻧﺖ ﺃﻛﱪ ﻣﻦ ‪ ، %0.05‬ﻭ ﻗﺪ ﻳﻌﻮﺩ ﺳﺒﺐ ﺫﻟﻚ ﺇﱃ ﺍﺧﺘﻼﻑ ﰲ ﻫﻴﺎﻛﻞ ﺍﳌﻠﻜﻴﺔ ﺑﲔ ﺍﻟﺸﺮﻛﺎﺕ‬
‫ﺍﳌﺪﺭﺟﺔ ﰲ ﺑﻮﺭﺻﺔ ﻋﻤﺎﻥ ‪ ،‬ﺑﻌﺾ ﺍﻟﺸﺮﻛﺎﺕ ﻟﺪﻳﻬﺎ ﻫﻴﺎﻛﻞ ﻣﻠﻜﻴﺔ ﻣﺘﻨﻮﻋﺔ ﺗﺘﻀﻤﻦ ﻣﺴﺎﳘﺔ ﺍﻟﻌـﺎﺋﻼﺕ ‪ ،‬ﺍﳌﺆﺳﺴـﺎﺕ ﺍﳌﺎﻟﻴـﺔ ‪،‬‬
‫ﻭ ﺍﳌﺴ ﺘﺜﻤ ﺮ ﻳﻦ ﺍﻷ ﺟ ﺎﻧﺐ ﰲ ﺣ ﲔ ﺃﻥ ﻟﺪ ﻯ ﺍﻟﺸ ﺮ ﻛ ﺎﺕ ﺍﻷ ﺧ ﺮ ﻯ ﻫ ﻴﺎﻛ ﻞ ﻣ ﻠﻜ ﻴ ﺔ ﳝ ﻜ ﻦ ﺃﻥ ﺗﺆ ﺛﺮ ﻋ ﻠﻰ ﺍﻟﻘ ﺮ ﺍﺭ ﺍﺕ ﺍﻟﺘﺸ ﻐ ﻴﻠﻴ ﺔ ﻭ ﺍﺳ ﺘﺮ ﺍﺗﻴﺠ ﻴﺎﺕ‬
‫ﺍﻟﻨﻤ ﻮ ﻟﻠﺸ ﺮ ﻛ ﺎ ﺕ ‪ ،‬ﳑ ﺎ ﳚ ﻌ ﻞ ﺍﻻ ﺭ ﺗﺒﺎ ﻁ ﺑﲔ ﻧﺴ ﺒ ﺔ ﺣ ﻘ ﻮ ﻕ ﺍﳌ ﻠﻜ ﻴ ﺔ ﻭ ﺍﻟﻘ ﻴﻤ ﺔ ﺍﻟﺴ ﻮ ﻗ ﻴ ﺔ ﺃﻗﻞ ﻗ ﻮ ﺓ ‪ ،‬ﻭ ﺟ ﻮ ﺩ ﺗﺒﺎﻳﻦ ﰲ ﻗ ﻮ ﺓ ﺍﻹ ﺭ ﺗﺒﺎ ﻁ ﺑﲔ ﻧﺴ ﺒ ﺔ‬
‫ﺣ ﻘ ﻮ ﻕ ﺍ ﳌ ﻠ ﻜ ﻴ ﺔ ﻭ ﺍ ﻟ ﻘ ﻴ ﻤ ﺔ ﺍ ﻟ ﺴ ﻮ ﻗ ﻴ ﺔ ﺑ ﲔ ﺍ ﻟ ﺸ ﺮ ﻛ ﺎ ﺕ ﺍ ﳌ ﺨ ﺘ ﻠ ﻔ ﺔ ﰲ ﻗ ﻄ ﺎ ﻉ ﺍ ﻟ ﺼ ﻨ ﺎ ﻋ ﺔ ‪ ،‬ﻓ ﺒ ﻌ ﺾ ﺍ ﻟ ﺸ ﺮ ﻛ ﺎ ﺕ ﺗ ﻈ ﻬ ﺮ ﻋ ﻼ ﻗ ﺔ ﻗ ﻮ ﻳ ﺔ ﻭ ﺫ ﺍ ﺕ ﺩ ﻻ ﻟ ـﺔ‬
‫ﺍﺣﺼﺎﺋﻴﺔ ﺑﲔ ﻫﺬﻳﻦ ﺍﳌﺘﻐﲑﻳﻦ ﰲ ﺣﲔ ﺃﻥ ﺍﻟﺒﻌﺾ ﺍﻵﺧﺮ ﻻ ﻳﻈﻬﺮ ﺃﻱ ﻋﻼﻗﺔ ﻭ ﻫﺬﺍ ﺍﻟﺘﺒﺎﻳﻦ ﻳﻌﻮﺩ ﺇﱃ ﻋﻮﺍﻣﻞ ﻣﺘﻌﺪﺩﺓ ﻣﻨﻬﺎ ‪ :‬ﺣﺠـﻢ‬
‫ﺍﻟﺸ ﺮ ﻛ ﺔ ‪ ،‬ﳕ ﻂ ﺍﻷ ﻋ ﻤ ﺎﻝ ‪ ،‬ﻧﻮ ﻉ ﺍﻟﺼ ﻨﺎﻋ ﺔ ‪ . . .‬ﺍﱁ ﻟﺬ ﻟﻚ ﻓ ﺈﻥ ﺩ ﺭ ﺍﺳ ﺔ ﻭ ﺍﺣ ﺪ ﺓ ﻻ ﺗﻜ ﻮ ﻥ ﻛ ﺎ ﻓ ﻴ ﺔ ﻟﺘﺤ ﺪ ﻳﺪ ﺍﻟﻌ ﻼ ﻗ ﺔ ﺑﲔ ﻫ ﺬ ﻳﻦ ﺍﳌ ﺘﻐ ﲑ ﻳﻦ ﺑﺸ ﻜ ﻞ‬
‫ﺷ ﺎﻣ ﻞ ‪.‬‬

‫‪ -‬ﻋﺪﻡ ﻭﺟﻮﺩ ﻋﻼﻗﺔ ﺫﺍﺕ ﺩﻻﻟﺔ ﺇﺣﺼﺎﺋﻴﺔ ﺑﲔ ﻧﺴﺒﺔ ﺍﻟﺮﺍﻓﻌﺔ ﺍﳌﺎﻟﻴﺔ ﻣﻊ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴـﻮﻗﻴﺔ ﻟﻸﺳـﻬﻢ ‪ MVS‬ﻷﻥ ﺍﻟﻘﻴﻤـﺔ‬
‫ﺍﻹﺣﺘﻤﺎﻟﻴﺔ ‪ prob‬ﻟﻠﻤﺘﻐﲑ ﻛﺎﻧﺖ ﺃﻛﱪ ﻣﻦ ‪، %0.05‬ﻭﻗﺪ ﻳﺮﺟﻊ ﺳﺒﺐ ﺫﻟﻚ ﺇﱃ ﺍﺧﺘﻼﻑ ﺍﺳﺘﺮﺍﲡﻴﺎﺕ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟـﱵ ﺗﺘﺒﻌﻬـﺎ‬
‫ﺍﻟﺸﺮﻛﺎﺕ ‪ ،‬ﻓﺈﻋﺘﻤﺎﺩ ﺑﻌﺾ ﺍﻟﺸﺮﻛﺎﺕ ﺑﺸﻜﻞ ﺭﺋﻴﺴﻲ ﻋﻠﻰ ﺍﻟﺪﻳﻮﻥ ﺍﳋﺎﺭﺟﻴﺔ ﻳﺆﺩﻱ ﺇﱃ ﺯﻳﺎﺩﺓ ﺍﻟﺮﺍﻓﻌﺔ ﺍﳌﺎﻟﻴﺔ ‪ ،‬ﰲ ﺍﳌﻘﺎﺑﻞ ﻳﻔﻀـﻞ‬
‫ﺍ ﻟ ﺒ ﻌ ﺾ ﺍ ﻵ ﺧ ﺮ ﺍ ﻻ ﻋ ﺘ ﻤ ﺎ ﺩ ﺑ ﺸ ﻜ ﻞ ﺃ ﻛ ﱪ ﻋ ﻠ ﻰ ﺭ ﺃ ﺱ ﻣ ﺎ ﻝ ﺍ ﻟ ﺬ ﺍ ﰐ ﺍ ﻭ ﺍ ﻟ ﺘ ﻤ ﻮ ﻳ ﻞ ﺍ ﻟ ﺪ ﺍ ﺧ ﻠ ﻲ ‪ ،‬ﳑ ﺎ ﻳ ﻘ ﻠ ﻞ ﻣ ﻦ ﻣ ﺴ ﺘ ﻮ ﻯ ﺍ ﻟ ﺮ ﺍ ﻓ ﻌ ﺔ ﺍ ﳌ ﺎ ﻟ ﻴ ـ ﺔ ﻭ ﺑ ﺎ ﻟ ﺘ ـﺎ ﱄ‬
‫ﻳﻜﻮﻥ ﻫﻨﺎﻙ ﺗﺒﺎﻳﻦ ﻛﺒﲑ ﰲ ﺍﺳﺘﺨﺪﺍﻡ ﺍﻟﺮﺍﻓﻌﺔ ﺍﳌﺎﻟﻴﺔ ﺑﲔ ﺍﻟﺸﺮﻛﺎﺕ ﺍﳌﺨﺘﻠﻔﺔ ‪ ،‬ﳑﺎ ﻳﺆﺩﻱ ﺇﱃ ﻋﺪﻡ ﻭﺟﻮﺩ ﻋﻼﻗﺔ ﻗﻮﻳـﺔ ﺫﺍﺕ ﺩﻻﻟـﺔ‬
‫ﺍﺣﺼﺎﺋﻴﺔ ﺑﲔ ﺍﻟﺮﺍﻓﻌﺔ ﺍﳌﺎﻟﻴﺔ ﻭ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻮﻗﻴﺔ ‪ ،‬ﻳﻌﺘﱪ ﺗﻘﻴﻴﻢ ﺍﻟﺸﺮﻛﺎﺕ ﻭ ﺍﺧﺘﻴﺎﺭ ﺍﻻﺳﺘﺜﻤﺎﺭﺍﺕ ﻗﺮﺍﺭﺍﺕ ﺗﺘـﺄﺛﺮ ﺑﻌﻮﺍﻣـﻞ ﻧﻔﺴـﻴﺔ ﻭ‬
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‫ﺍ ﻟ ﻔ ﺼ ﻞ ﺍ ﻟ ﺜ ﺎ ﱐ ‪ :‬ﺍ ﻟ ﺪ ﺭ ﺍ ﺳ ﺔ ﺍ ﻟ ﺘ ﻄ ﺒ ﻴ ﻘ ﻴ ﺔ ﻷ ﺛ ﺮ ﻣ ﺆ ﺷ ﺮ ﺍ ﺕ ﺍ ﳌ ﻼ ء ﺓ ﺍ ﳌ ﺎ ﻟ ﻴ ﺔ ﻋ ﻠ ﻰ ﻗ ﻴ ﻤ ﺔ ﺍﻟﺸ ﺮ ﻛ ﺎ ﺕ ﺍﳌ ﺪ ﺭ ﺟ ﺔ ﰲ ﺑ ﻮ ﺭ ﺻ ﺔ ﻋ ﻤ ﺎ ﻥ‬

‫ﻋ ﻮ ﺍﻃ ﻒ ﺍﳌ ﺴ ﺘ ﺜ ﻤ ﺮ ﻳ ﻦ ﻓ ﻌ ﻠ ﻰ ﺳ ﺒ ﻴ ﻞ ﺍ ﳌ ﺜ ﺎ ﻝ ﻗ ﺪ ﳝ ﻴ ﻞ ﺍ ﳌ ﺴ ﺘ ﺜ ﻤ ﺮ ﻭ ﻥ ﺇ ﱃ ﺗ ﻘ ﻴ ﻴ ﻢ ﺍ ﻟ ﺸ ﺮ ﻛ ﺎ ﺕ ﺫ ﺍ ﺕ ﺍ ﻟ ﻘ ﻴ ﻤ ﺔ ﺍ ﻟ ﺴ ﻮ ﻗ ﻴ ﺔ ﺍ ﻟ ﻌ ﺎ ﻟ ﻴ ﺔ ﺑ ﺸ ﻜ ﻞ ﺃ ﻛ ﱪ ﻭ ﺑ ﺎ ﻟ ﺘ ﺎ ﱄ‬
‫ﻗﺪ ﻳﺘﺠﺎﻫﻠﻮﻥ ﺍﻟﻌﻼﻗﺔ ﺑﲔ ﺍﻟﺮﺍﻓﻌﺔ ﺍﳌﺎﻟﻴﺔ ﻭ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻮﻗﻴﺔ ﻭ ﰲ ﺣﺎﻟﺔ ﺗﻮﺟﻪ ﺍﳌﺴﺘﺜﻤﺮﻳﻦ ﺇﱃ ﺗﻘﻴﻴﻢ ﻋﻮﺍﺋﺪ ﺍﻹﺳﺘﺜﻤﺎﺭ ﺑﺸﻜﻞ ﺃﻛـﱪ ‪،‬‬
‫ﻗ ﺪ ﻳ ﻜ ﻮ ﻥ ﻟ ﻠ ﺮ ﺍﻓ ﻌ ﺔ ﺍﳌ ﺎ ﻟﻴ ﺔ ﺗﺄ ﺛ ﲑ ﺃ ﻗ ﻞ ﻋ ﻠ ﻰ ﻗ ﻴ ﻤ ﺔ ﺍ ﳌ ﺆ ﺳ ﺴ ﺔ ‪.‬‬
‫‪ -‬ﻋﺪﻡ ﺟﻮﺩ ﻋﻼﻗﺔ ﺫﺍﺕ ﺩﻻﻟﺔ ﺇﺣﺼﺎﺋﻴﺔ ﺑﲔ ﻣﺆﺷﺮﺍﺕ ﺍﻟﺴﻴﻮﻟﺔ ﻣﻊ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻮﻗﻴﺔ ﻟﻸﺳﻬﻢ ‪ MVS‬ﻷﻥ ﺍﻟﻘﻴﻤﺔ ﺍﻹﺣﺘﻤﺎﻟﻴﺔ‬
‫‪ prob‬ﻟﻠﻤﺘﻐﲑ ﻛﺎﻧﺖ ﺃﻛﱪ ﻣﻦ ‪، %0.05‬ﻓﺘﻌﺪﺩ ﺍﳌﺆﺷﺮﺍﺕ ﺍﳌﺎﻟﻴﺔ ﻳﺆﺩﻱ ﺇﱃ ﺗﻔﺎﻭﺕ ﻫﺬﻩ ﺍﳌﺆﺷﺮﺍﺕ ﰲ ﺍﻻﺣﺘﺴﺎﺏ ﻭ ﺍﻟﺘـﺄﺛﲑ‬
‫ﻋ ﻠ ﻰ ﺍ ﻟ ﻘ ﻴ ﻤ ﺔ ﺍ ﻟﺴ ﻮ ﻗ ﻴ ﺔ ‪ ،‬ﺑ ﻌ ﺾ ﺍﳌ ﺆ ﺷ ﺮ ﺍ ﺕ ﻗ ﺪ ﺗ ﻌ ﻜ ﺲ ﺍﳌ ﻼ ء ﺓ ﺍﳌ ﺎ ﻟ ﻴ ﺔ ﺑ ﺸ ﻜ ﻞ ﺃ ﻓ ﻀ ﻞ ﺑ ﻴ ﻨ ﻤ ﺎ ﺗ ﻜ ﻮ ﻥ ﺍ ﻷ ﺧ ﺮ ﻯ ﺃ ﻛ ﺜ ﺮ ﺗ ﺮ ﻛ ﻴ ﺰ ﺍ ﻋ ﻠ ـﻰ ﺍ ﻟﺴ ـﺪ ﺍ ﺩ‬
‫ﺍﻟﻔ ﻮ ﺭ ﻱ ‪ ،‬ﻫ ﺬ ﺍ ﺍﻟﺘﻨﻮ ﻉ ﰲ ﺍﳌ ﺆ ﺷ ﺮ ﺍﺕ ﺍﳌ ﺎﻟﻴ ﺔ ﻳﺆ ﺩ ﻱ ﺇﱃ ﻋ ﺪ ﻡ ﻭ ﺟ ﻮ ﺩ ﻋ ﻼ ﻗ ﺔ ﺫ ﺍﺕ ﺩ ﻻ ﻟ ﺔ ﺍﺣ ﺼ ﺎﺋﻴﺔ ﻗﻮ ﻳﺔ ﺑﲔ ﻣ ﺆ ﺷ ﺮ ﺍﺕ ﺍﻟﺴ ﻴﻮ ﻟﺔ ﻭ ﺍﻟﻘ ﻴﻤ ﺔ‬
‫ﺍﻟﺴ ﻮ ﻗ ﻴ ﺔ ‪.‬‬

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‫ﺍ ﻟ ﻔ ﺼ ﻞ ﺍ ﻟ ﺜ ﺎ ﱐ ‪ :‬ﺍ ﻟ ﺪ ﺭ ﺍ ﺳ ﺔ ﺍ ﻟ ﺘ ﻄ ﺒ ﻴ ﻘ ﻴ ﺔ ﻷ ﺛ ﺮ ﻣ ﺆ ﺷ ﺮ ﺍ ﺕ ﺍ ﳌ ﻼ ء ﺓ ﺍ ﳌ ﺎ ﻟ ﻴ ﺔ ﻋ ﻠ ﻰ ﻗ ﻴ ﻤ ﺔ ﺍﻟﺸ ﺮ ﻛ ﺎ ﺕ ﺍﳌ ﺪ ﺭ ﺟ ﺔ ﰲ ﺑ ﻮ ﺭ ﺻ ﺔ ﻋ ﻤ ﺎ ﻥ‬

‫ﺧﻼﺻﺔ ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﱐ ‪:‬‬

‫ﺗﻌﺪ ﺑﻮﺭﺻﺔ ﻋﻤﺎﻥ ﻣﻦ ﺃﻧﺸﻂ ﺍﻷﺳﻮﺍﻕ ﺍﻟﻌﺮﺑﻴﺔ ﺗﻀﻢ ‪173‬ﺷﺮﻛﺔ ﻣﺪﺭﺟﺔ ﰎ ﺇﺧﺘﻴﺎﺭ ﻣﻨﻬﺎ ‪09‬ﺷـﺮﻛﺎﺕ ﻣـﻦ ﺍﻟﻘﻄـﺎﻉ‬
‫ﺍﻟﺼﻨﺎﻋﻲ ﺧﻼﻝ ﺍﻟﻔﺘﺮﺓ)‪ ،(2022-2013‬ﻟﺬﻟﻚ ﰎ ﺍﻟﺘﻄﺮﻕ ﻣﻦ ﺧﻼﻝ ﻫﺬﺍ ﺍﻟﻔﺼﻞ ﺇﱃ ﺇﺧﺘﺒﺎﺭ ﻗﺪﺭﺓ ﻣﺆﺷﺮﺍﺕ ﺍﳌﻼءﺓ ﺍﳌﺎﻟﻴﺔ ﺍﻟـﱵ‬
‫ﺗ ﺘ ﻤ ﺜ ﻞ ﰲ ﻧ ﺴ ﺒ ﺔ ﺣ ﻘ ﻮ ﻕ ﺍ ﳌ ﻠ ﻜ ﻴ ﺔ ﻭ ﻧ ﺴ ﺒ ﺔ ﺳ ﻴ ﻮ ﻟ ﺔ ﺍ ﻷ ﺻ ﻮ ﻝ ﻭ ﻧ ﺴ ﺒ ﺔ ﺍ ﻟ ﺘ ﺪ ﺍ ﻭ ﻝ ﻭ ﻧ ﺴ ﺒ ﺔ ﺍ ﻟ ﺮ ﺍ ﻓ ﻌ ﺔ ﺍ ﳌ ﺎ ﻟ ﻴ ﺔ ﰲ ﺗ ﻔ ﺴ ﲑ ﺍ ﻟ ﻘ ﻴ ﻤ ﺔ ﺍ ﻟ ﺴ ـﻮ ﻗ ﻴ ﺔ ﻷ ﺳ ـﻬ ﻢ‬
‫ﺍ ﻟ ﺸ ﺮ ﻛ ﺎ ﺕ ﺍ ﳌ ﺪ ﺭ ﺟ ﺔ ﰲ ﻫ ﺬ ﻩ ﺍ ﻟ ﺒ ﻮ ﺭ ﺻ ﺔ ﺑ ﺈ ﺗ ﺒ ﺎ ﻉ ﺃ ﺳ ﺎ ﻟ ﺒ ﻴ ﺐ ﺍ ﻹ ﻗ ﺘ ﺼ ﺎ ﺩ ﺍ ﻟ ﻘ ﻴ ﺎ ﺳ ﻲ ‪.‬ﰲ ﺍ ﳉ ﺎ ﻧ ﺐ ﺍ ﻟ ﻨ ﻈ ﺮ ﻱ ﻗ ﻤ ﻨ ﺎ ﺑ ﻌ ﺮ ﺽ ﺑ ﻌ ﺾ ﺍ ﳌ ﻔ ﺎ ﻫ ﻴ ﻢ ﺍ ﳌ ﺘ ﻌ ﻠ ﻘ ـ ﺔ‬
‫ﺑﺴﻼﺳﻞ ﺍﻟﺰﻣﻨﻴﺔ ﺍﳌﻘﻄﻌﻴﺔ )ﺑﺎﻧﻞ(‪ .‬ﻭﺃﻫﻢ ﺍﻟﻨﻤﺎﺫﺝ ﺍﳌﻜﻮﻧﺔ ﳍﺎ‪ ،‬ﰒ ﻣﻌﺎﳉﺔ ﺑﻴﺎﻧﺎﺕ ﰒ ﻋﺮﺽ ﺍﻟﻨﺘﺎﺋﺞ ﻭﲢﻠﻴﻠﻬﺎ ﻭﻣـﻦ ﰒ ﺍﻟﺘﻮﺻـﻞ ﺇﱃ‬
‫ﺇﺳ ﺘﻨﺘﺎﺟ ﺎﺕ ﻭ ﻧﺘﺎﺋﺞ ‪ º‬ﺎﺋﻴﺔ ‪.‬‬

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‫ﺧ ﺎ ﲤـ ـ ـ‬
‫ـــــ‬
‫ـــــ‬
‫ـﺔ‬
‫ﺧﺎﺗ‪$‬ﺔ‬

‫ﺧﺎﲤﺔ ‪:‬‬
‫ﺣ ﺎﻭ ﻟﻨﺎ ﻣ ﻦ ﺧ ﻼ ﻝ ﻫ ﺬ ﻩ ﺍﻟﺪ ﺭ ﺍﺳ ﺔ ﻣ ﻌ ﺎﳉ ﺔ ﺍﺷ ﻜ ﺎﻟﻴﺔ ﺍﻟﺒﺤ ﺚ ﻭ ﺍﻟﱵ ﲤ ﺤ ﻮ ﺭ ﺕ ﺣ ﻮ ﻝ ﻣ ﺪ ﻯ ﺗﺎﺛﲑ ﺍﳌ ﻼ ءﺓ ﺍﳌ ﺎﻟﻴﺔ ﻋ ﻠﻰ ﻗﻴﻤ ﺔ ﺍﻟﺸ ﺮ ﻛ ﺎﺕ ﰲ‬
‫ﺑﻮﺭﺻﺔ ﻋﻤﺎﻥ ﻭﺩﺭﺍﺳﺔ ﺍﳌﺆﺷﺮﺍﺕ ﺍﳌﻼءﺓ ﺍﳌﺎﻟﻴﺔ ﻭﻣﺪﻯ ﺗﺎﺛﲑﻫﺎ ﻋﻠﻰ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻮﻗﻴﺔ ﻟﻠﺴﻬﻢ ﻭﺫﺍﻟﻚ ﺧﻼﻝ ﻓﺘﺮﺓ )‪-2013‬‬
‫‪ (2022‬ﻭﻟﻘﺪ ﺍﻗﺘﻀﻰ ﺑﻨﺎ ﺍﻷﻣﺮ ﺍﱃ ﻣﻌﺎﳉﺔ ﻫﺬﻩ ﺍﻻﺷﻜﺎﻟﻴﺔ ﻣﻦ ﺧﻼﻝ ﻗﺴﻤﲔ ‪ ,‬ﺗﻨﺎﻭﻟﻨﺎ ﰲ ﺍﻟﻘﺴﻢ ﺍﻻﻭﻝ ﺍﺩﺑﻴﺎﺕ ﺍﻟﻨﻈﺮﻳﺔ ﻟﻠﻤﻼءﺓ‬
‫ﺍﳌ ﺎﻟﻴ ﺔ ﻭ ﲢ ﻠﻴﻞ ﻟﻌ ﺪ ﺓ ﺩ ﺭ ﺳ ﺎ ﺕ ﺳ ﺎﺑﻘ ﺔ ﲤ ﺎﻳﺰ ﺕ ﺍﻫ ﺪ ﺍﻓ ﻬ ﺎ ﻭ ﻧﺘﺎﺋ ﺠ ﻬ ﺎ ﺍﻻ ﺳ ﺘﻔ ﺎﺩ ﺓ ﻣ ﻨﻬ ﺎ ﻭ ﺗﻮ ﺟ ﻴﻪ ﻣ ﻨ ﺤ ﻰ ﺍﻟﺒ ﺤ ﺚ ﻋ ﻠﻰ ﺿ ﻮ ﺋﻬ ﺎ ‪ .‬ﺍﻣ ﺎ ﺍﻟﻘ ﺴ ﻢ‬
‫ﺍ ﻟ ﺜ ﺎ ﱐ ﻓ ﺘ ﻨ ﺎ ﻭ ﻟ ﻨ ﺎ ﺩ ﺭ ﺍ ﺳ ﺔ ﺗ ﻄ ﺒ ﻴ ﻘ ﻴ ﺔ ﺣ ﻠ ﻠ ﻨ ﺎ ﻓ ﻴ ﻬ ﺎ ﻣ ﺪ ﻯ ﺗ ﺎ ﺛ ﲑ ﻣ ﺆ ﺷ ﺮ ﺍ ﺕ ﺍ ﳌ ﻼ ء ﺓ ﺍﳌ ﺎ ﻟ ﻴ ﺔ ﻋ ﻠ ﻰ ﺍﻟﻘ ﻴ ﻤ ﺔ ﺍﻟﺴ ﻮ ﻗ ﻴ ﺔ ﻟ ﻠﺴ ﻬ ﻢ ﰲ ﺑ ﻮ ﺭ ﺻ ﺔ ﻋ ﻤ ﺎ ﻥ‬
‫ﻭ ﻟﻼ ﺟ ﺎﺑﺔ ﻋ ﻠﻰ ﺍﻻ ﺷ ﻜ ﺎﻟﻴﺔ ﺍﻟﻔ ﺮ ﻋ ﻴﺔ ﻭ ﺍﺛﺒﺎﺕ ﺻ ﺤ ﺔ ﺍﻟﻔ ﺮ ﺿ ﻴﺎﺕ ﺍﻻ ﺳ ﺎﺳ ﻴﺔ ﺍﳌ ﻮ ﺿ ﻮ ﻋ ﺔ ﰲ ﻣﺴ ﺘﻬ ﻞ ﺍﻟﺒﺤ ﺚ ﰎ ﺍﺳ ﺘﺨ ﺪ ﺍﻡ ﺍﺳ ﺎﻟﻴﺐ‬
‫ﺍﺣﺼﺎﺋﻴﺔ ﺣﺪﻳﺜﺔ ﲤﺜﻠﺖ ﰲ ﺑﻴﺎﻧﺎﺕ ﺍﻟﺴﻼﺳﻞ ﺍﻟﺰﻣﻨﻴﺔ ﺍﳌﻘﻄﻌﻴﺔ ‪ panel‬ﻭﳕﺎﺫﺟﻬﺎ‬
‫ﺃﻭﻻً‪ :‬ﻧﺘﺎﺋﺞ ﺍﻟﺪﺭﺍﺳﺔ ﺍﻟﻨﻈﺮﻳﺔ ﻭﲢﻠﻴﻞ ﺃﺩﺑﻴﺎﺕ ﺍﳌﻮﺿﻮﻉ )ﺍﻟﺪﺭﺍﺳﺎﺕ ﺍﻟﺴﺎﺑﻘﺔ(‬
‫ﻣ ﻦ ﺧ ﻼ ﻟ ﺘ ﺤ ﻠ ﻴ ﻞ ﺍﳌ ﻘ ﺎ ﻻ ﺕ ﺍ ﻟ ﱵ ﰎ ﺍ ﻹ ﺳ ﺘ ﻌ ﺎ ﻧ ﺔ • ﺎ ﰲ ﻫ ﺬ ﻩ ﺍﳌ ﺬ ﻛ ﺮ ﺓ ﲤ ﻜ ﻨ ﺎ ﻣ ﻦ ﺍ ﻟ ﻮ ﺻ ﻮ ﻝ ﺇ ﱃ ‪:‬‬
‫ﻣ ﻦ ﺧ ﻼ ﻝ ﻣ ﻨﺎ ﻗﺸ ﺔ ﺍﻟﻌ ﻼ ﻗ ﺔ ﺑﲔ ﻗ ﻴ ﻤ ﺔ ﺍﳌ ﺆ ﺳ ﺴ ﺔ ﻭ ﺍﳌ ﻼ ء ﺓ ﺍﳌ ﺎ ﻟﻴ ﺔ ﺗﺒﲔ ﺍﻥ ﻗ ﻴ ﻤ ﺔ ﺍﳌ ﺆ ﺳ ﺴ ﺔ ﺗﻌ ﻜ ﺲ ﻗ ﻮ ﺓ ﻭ ﺟ ﺎﺫ ﺑﻴ ﺔ‬ ‫‪ü‬‬
‫ﺍﻟﺸ ﺮ ﻛ ﺔ ﻟﻠ ﻤ ﺴ ﺘﺜﻤ ﺮ ﻳﻦ ﻓﻌ ﻨﺪ ﻣ ﺎ ﺗﺘﻤ ﺘﻊ ﺍﻟﺸ ﺮ ﻛ ﺔ ﺑﺎﳌ ﻼ ء ﺓ ﻣ ﺎﻟﻴ ﺔ ﻗ ﻮ ﻳ ﺔ ﻓ ﺎ‪ º‬ﺎ ﺗﺴ ﺘﻄ ﻴﻊ ﺗﻮ ﻟﻴﺪ ﺍﻷ ﺭ ﺑﺎﺡ ﺍﻋ ﻠﻰ ﻭ ﺑﺎﻟﺘﺎﱄ ﺗﺰ ﻳﺪ ﻗ ﻴﻤ ﺔ ﺍﳌ ﺆ ﺳ ﺴ ﺔ‬
‫ﻭ ﺯ ﻳﺎﺩ ﺓ ﺟ ﺬ ﺏ ﺍﳌﺴ ﺘﺜﻤ ﺮ ﻳﻦ‬
‫ﺑﻌ ﺪ ﻣ ﻨﺎﻗﺸ ﺔ ﺍﻟﻌ ﻼ ﻗ ﺔ ﺑﲔ ﺍﻟﻴﺴ ﺮ ﺍﳌ ﺎﱄ ﻭ ﺍﳌ ﻼ ءﺓ ﺍﳌ ﺎﻟﻴﺔ ﺗﺒﲔ ﺍﻥ ﺍﻟﻴﺴ ﺮ ﺍﳌ ﺎﱄ ﺍﻟﻔ ﻌ ﻠﻲ ﺍﻭ ﻗﺎﻧﻮ ﱐ ﻳﻬ ﺪ ﻑ ﺍﱃ ﺩ ﺭ ﺍﺳ ﺔ‬ ‫‪ü‬‬
‫ﻣ ﻼ ء ﺓ ﺍﻟﺸ ﺮ ﻛ ﺎ ﺕ ﻋ ﻠﻰ ﺍﳌ ﺪ ﻯ ﺍﻟﻄ ﻮ ﻳﻞ ﻭ ﻫ ﻮ ﻣ ﺎ ﻳﺘﻌ ﺎ ﺭ ﺽ ﻣ ﻊ ﻣ ﺒ ﺪ ﺃ ﺍ ﺳ ﺘﻤ ﺮ ﺍﺭ ﻳ ﺔ ﺍﻟﺸ ﺮ ﻛ ﺎ ﺕ ﻭ ﺑﻘ ﺎء ﻫ ﺎ ﻋ ﻠﻰ ﻣ ﻴﺪ ﺍﻥ ﻧﺸ ﺎﻃ ﻬ ﺎ ﺃﻱ ﲢ ﻘ ﻴﻖ‬
‫ﺍﳌ ﻼ ء ﺓ ﺩ ﻭ ﻥ ﲢ ﻘ ﻴﻖ ﻋ ﻨ ﺼ ﺮ ﺍﻻ ﻳﻔ ﺎﺋﻴ ﺔ ﻋ ﻠﻰ ﺍﳌ ﺪ ﻯ ﺍﻟﻘ ﺼ ﲑ ‪.‬‬
‫ﺣﺴﺐ ﺍﻟﺪﺭﺍﺳﺔ ﺍﻟﺬﻱ ﺃﺟﺮﻫﺎ ‪ Murniatilo‬ﺣﻴﺚ ﺃﺧﺬ ﻧﺴﺒﺔ ﺍﻟﺪﻳﻦ ﺇﱃ ﺍﻷﺻﻮﻝ ﻭﻫﻲ ﺍﺣﺪ ﻧﺴﺐ‬ ‫‪ü‬‬
‫ﺍﳌﻼءﺓ ﺍﳌﺎﻟﻴﺔ ﻟﻘﻴﺎﺱ ﺍﳌﺒﻠﻎ ﺍﻹﲨﺎﱄ ﺍﳌﻤﻮﻝ ﻣﻦ ﺍﻹﺣﺘﻴﺎﺟﺎﺕ ﺍﻟﺘﻤﻮﻳﻠﻴﺔ ﻹﲨﺎﱄ ﺍﻟﺪﻳﻦ ‪ ,‬ﺍﻟﺪﺭﺍﺳﺔ ﻣﺪﻋﻮﻣﺔ ﺑﻨﻈﺮﻳﺔ ‪modiglam‬‬
‫‪ – miller‬ﻭﺍﻟﱵ ﺗﻮﺻﻠﺖ ﺇﱃ ﺃﻥ ﻧﺴﺒﺔ ﺍﻟﺪﻳﻦ ﺇﱃ ﺍﻷﺻﻮﻝ ﺍﳌﺘﻐﲑﺓ ﳍﺎ ﺗﺄﺛﲑ ﺳﻠﱯ ﻛﺒﲑ ﻋﻠﻰ ﺳﻌﺮ ﺳﻬﻢ ﺍﻟﺸﺮﻛﺔ ‪ ,‬ﻭﻫﺬﺍ‬
‫ﻣﺎﻳﺘﻤﺎﺷﻰ ﻣﻊ ﺍﻷﲝﺎﺙ ﺍﻟﱵ ﺍﺟﺮﻫﺎ ‪ yudhi ptasetiy 2022‬ﻭﺩﺭﺍﺳﺔ ‪gilamg Ramadhan fajiri 2018‬‬
‫ﻭ ﺗﻮ ﺻ ﻠﻬ ﻢ ﺍﱃ ﻭ ﺟ ﻮ ﺩ ﺗﺄﺛﲑ ﺍﳌﻼ ءﺓ ﺍﳌﺎﻟﻴﺔ ﻋ ﻠﻰ ﻗﻴﻤ ﺔ ﺍﳌ ﺆ ﺳ ﺴ ﺔ ‪.‬‬
‫ﺣﺴﺐ ﺩﺭﺍﺳﺔ ‪ kasnandar‬ﻭ ‪ maya sari‬ﻭﺍﻟﺬﻱ ﺗﻮﺻﻠﺖ ﻧﺘﺎﺋﺠﻬﺎ ﺇﱃ ﺃﻥ ﺍﳌﻼءﺓ ﺍﳌﺎﻟﻴﺔ ﺍﻟﱵ ﰎ‬ ‫‪ü‬‬
‫ﻗ ﻴ ﺎ ﺳ ﻬ ﺎ ﺑ ﻮ ﺍﺳ ﻄ ﺔ ﻧﺴ ﺒ ﺔ ﺍﻟ ﺪ ﻳ ﻦ ﺇ ﱃ ﺣ ﻘ ﻮ ﻕ ﺍﳌ ﻠ ﻜ ﻴ ﺔ ﺟ ﺰ ﺋ ﻴ ﺎ ﻟ ﻴ ﺲ ﳍ ﺎ ﺗﺄ ﺛ ﲑ ﻛ ﺒ ﲑ ﻋ ﻠ ﻰ ﺃ ﺳ ﻌ ﺎ ﺭ ﺍﻷ ﺳ ﻬ ﻢ ‪.‬‬

‫ﺛ ﺎ ﻧ ﻴ ﴼ ‪ :‬ﻧﺘﺎﺋﺞ ﺍﻟﺪ ﺭ ﺍﺳ ﺔ ﺍﻟﺘﻄ ﺒﻴﻘ ﻴﺔ‬

‫ﺃﺛﺒﺖ ﳕ ﻮ ﺫ ﺝ ﺍﻟﺪ ﺭ ﺍﺳ ﺔ ﻋ ﺪ ﻡ ﻭ ﺟ ﻮ ﺩ ﻋ ﻼ ﻗ ﺔ ﺑﲔ ﺍﳌ ﺆ ﺷ ﺮ ﺍﺕ ﺍﻟﱵ ﲤ ﺜﻞ ﺍﳌ ﻼ ءﺓ ﺍﳌ ﺎﻟﻴﺔ ﻭ ﺍﳌ ﺘﻤ ﺜﻠ ﺔ ﰲ ﻣ ﺆ ﺷ ﺮ ﺣ ﻘ ﻮ ﻕ ﺍﳌ ﻠﻜ ﻴﺔ ‪ ،‬ﻣ ﺆ ﺷ ﺮ ﺳ ﻴﻮ ﻟﺔ‬
‫ﺍﻷ ﺻ ﻮ ﻝ ‪ ،‬ﻣ ﺆ ﺷ ﺮ ﺍﻟﺮ ﺍﻓﻌ ﺔ ﺍﳌ ﺎﻟﻴ ﺔ ﻭ ﻣ ﺆ ﺷ ﺮ ﺍﻟﺘﺪ ﺍﻭ ﻝ ﻭ ﻗ ﻴﻤ ﺔ ﺍﻟﺸ ﺮ ﻛ ﺎ ﺕ ﰲ ﻋ ﻴﻨ ﺔ ﺍﻟﺪ ﺭ ﺍﺳ ﺔ ﺧ ﻼ ﻝ ﺍﻟﻔ ﺘﺮ ﺓ ﺍﳌ ﺪ ﺭ ﻭ ﺳ ﺔ ﻭ ﺍﻧﻪ ﻻ ﻳﻮ ﺟ ﺪ ﳕ ﻮ ﺫ ﺝ‬
‫ﻣ ﻼ ﺋ ﻢ ﻟ ﺘ ﻤ ﺜ ﻴ ﻞ ﺍ ﻟ ﻌ ﻼ ﻗ ﺔ ﺍ ﳌ ﺪ ﺭ ﻭ ﺳ ﺔ ‪.‬ﺑ ﺎ ﻹ ﺿ ﺎ ﻓ ﺔ ﺇ ﱃ ﻋ ﺪ ﻡ ﻭ ﺟ ﻮ ﺩ ﻋ ﻼ ﻗ ﺔ ﺫ ﺍ ﺕ ﺩ ﻻ ﻟ ﺔ ﺇ ﺣ ﺼ ﺎ ﺋ ﻴ ﺔ ﺑ ﲔ ﻧ ﺴ ﺒ ﺔ ﺣ ﻘ ﻮ ﻕ ﺍ ﳌ ﻠ ﻜ ﻴ ﺔ ﻭ ﻧ ﺴ ﺒ ﺔ ﺍ ﻟ ﺘ ﺪ ﺍ ﻭ ﻝ ﻭ‬
‫ﻧﺴ ﺒ ﺔ ﺍﻟﺮ ﺍﻓﻌ ﺔ ﺍﳌ ﺎﻟﻴ ﺔ ﻭ ﻧﺴ ﺒ ﺔ ﺳ ﻴﻮ ﻟ ﺔ ﺍﻷ ﺻ ﻮ ﻝ ﻣ ﻊ ﺍﻟﻘ ﻴ ﻤ ﺔ ﺍﻟﺴ ﻮ ﻗ ﻴ ﺔ ﻟﻸ ﺳ ﻬ ﻢ ‪ ،‬ﻭ ﻫ ﻮ ﻣ ﺎ ﺃﺩ ﻯ ﺍﱃ ﺭ ﻓﺾ ﲨ ﻴﻊ ﺍﻟﻨﻤ ﺎﺫ ﺝ ‪.‬‬

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‫ﺧﺎﺗ‪$‬ﺔ‬

‫ﺗﻮ ﺻ ﻴﺎﺕ ﺍﻟﺪ ﺭ ﺍﺳ ﺔ‬

‫ﺍﻥ ﲢﺮﺹ ﺷﺮﻛﺎﺕ ﺍﻟﺼﻨﺎﻋﻴﺔ ﺍﳌﺪﺭﺟﺔ ﰲ ﺳﻮﻕ ﻋﻤﺎﻥ ﻋﻠﻰ ﺑﻨﺎء ﻧﻈﺎﻡ ﻣﻼءﺓ ﻣﺎﻟﻴﺔ ﻟﺪﻳﻬﺎ ﻳﻜﻮﻥ ﺍﻛﺜﺮ ﴰﻮﻻ‬ ‫‪-‬‬
‫ﻭ ﺗﻜ ﺎﻣ ﻼ ﻭ ﺍﻥ ﻳﻜ ﻮ ﻥ ﻫ ﺬ ﺍ ﺍﻟﻨﻈ ﺎﻡ ﲟﺴ ﺘﻮ ﻯ ﻣ ﻨﺎﺳ ﺐ ﲟ ﺎ ﻳﻀ ﻤ ﻦ ﳍ ﺎ ﻣ ﻮ ﺍﺟ ﻬ ﺔ ﺍﺧ ﻄ ﺎﺭ ﺣ ﺎﻻ ﺕ ﺍﻟﻔﺸ ﻞ ﰲ ﺍﺳ ﺘﺮ ﺩ ﺍﺩ ﺟ ﺰ ء ﻣ ﻦ ﺍﻷ ﻣ ﻮ ﺍﻝ‬
‫ﺍ ﳌ ﺴ ﺘ ﺜ ﻤ ﺮ ﻳ ﻦ ﻭ ﲢ ﺴ ﲔ ﺍ ﳍ ﻴ ﻜ ﻞ ﺍﳌ ﺎ ﱄ ﻟ ﻠﺸ ﺮ ﻛ ﺔ ﻋ ﻦ ﻃ ﺮ ﻳ ﻖ ﺗ ﻘ ﻠ ﻴ ﻞ ﺍﻟ ﺪ ﻳ ﻮ ﻥ ﻭ ﺯ ﻳ ﺎ ﺩ ﺓ ﺣ ﺼ ﺔ ﺭ ﺍﺱ ﺍ ﳌ ﺎ ﻝ ﺍ ﳋ ﺎ ﺹ ‪.‬‬
‫ﺿ ﺮ ﻭ ﺭ ﺍﻟ ﺘ ﺤ ﻜ ﻢ ﰲ ﺍﻟ ﺮ ﺍ ﻓ ﻌ ﺔ ﺍﳌ ﺎ ﻟ ﻴ ﺔ ﻟﺸ ﺮ ﻛ ﺔ ﻭ ﻋ ﺪ ﻡ ﺍﳌ ﺒ ﺎ ﻟ ﻐ ﺔ ﻓ ﻴ ﻬ ﺎ ﺣ ﻴ ﺚ ﻳ ﺆ ﺩ ﻱ • ﺎ ﺍ ﱃ ﺯ ﻳ ﺎ ﺩ ﺓ ﺣ ﺠ ﻢ ﺍﻟ ﺪ ﻳ ﻮ ﻥ ﻭ ﻋ ﺪ ﻡ‬ ‫‪-‬‬
‫ﻗﺪﺭ™ﺎ ﻋﻠﻰ ﺳﺪﺍﺩﻫﺎ ﳑﺎ ﻳﺆﺩﻱ •ﺎ ﺍﱃ ﺧﻄﺮ ﺍﻹﻓﻼﺱ‪.‬‬

‫ﺁﻓﺎﻕ ﺍﻟﺪﺭﺍﺳﺔ‬
‫‪ -‬ﺇﻋ ﺎﺩ ﺓ ﺩ ﺭ ﺍﺳ ﺔ ﺍﻟﻌ ﻼ ﻗﺔ ﺑﲔ ﺍﳌﻼ ءﺓ ﺍﳌﺎﻟﻴﺔ ﻭ ﻗﻴﻤ ﺔ ﺍﻟﺸ ﺮ ﻛ ﺔ ﺑﺎﻻ ﻋ ﺘﻤ ﺎﺩ ﻋ ﻠﻰ ﻣ ﺆ ﺷ ﺮ ﺍﺕ ﺃﺧ ﺮ ﻯ ﻟﻘ ﻴﺎﺱ ﻗﻴﻢ ﺍﻟﺸ ﺮ ﻛ ﺔ ﻛ ﻤ ﺆ ﺷ ﺮ‬
‫ﺧ ﻠﻖ ﺍﻟﻘ ﻴﻤ ﺔ ) ﻧﺴ ﺒﺔ ﺍﻟﻘ ﻴﻤ ﺔ ﺍﻟﺴ ﻮ ﻗﻴﺔ ﺇﱃ ﺍﻟﻘ ﻴﻤ ﺔ ﺍﻟﺪ ﻓﺘﺮ ﻳﺔ(‪.‬‬
‫‪ -‬ﺗ ﻄ ﺒ ﻴ ﻖ ﺍ ﻟ ﺪ ﺭ ﺍ ﺳ ﺔ ﰲ ﺑ ﻴ ﺌ ﺔ ﳐ ﺘ ﻠ ﻔ ﺔ ﻭ ﻣ ﺪ ﺓ ﺯ ﻣ ﻨ ﻴ ﺔ ﺗ ﻔ ﻮ ﻕ ﻓ ﺘ ﺮ ﺓ ﺍ ﻟ ﺪ ﺭ ﺍ ﺳ ﺔ ﺣ ﱴ ﳝ ﻜ ﻦ ﲢ ﺪ ﻳ ﺪ ﻣ ﺪ ﻯ ﺗ ﺄ ﺛ ﲑ ﺍﳌ ﻼ ء ﺓ ﺍﳌ ﺎ ﻟﻴ ﺔ ﻭ ﻣ ﺆ ﺷ ﺮ ﺍ ™ ﺎ‬
‫ﻋ ﻠ ﻰ ﻗ ﻴ ﻤ ﺔ ﺍ ﻟﺸ ﺮ ﻛ ﺎ ﺕ ﻋ ﻠ ﻰ ﻣ ﺪ ﻯ ﺍ ﻟ ﻄ ﻮ ﻳ ﻞ ﻷ ‪ º‬ﺎ ﻗ ﺮ ﺍ ﺭ ﺍ ﺕ ﻣ ﺎ ﻟ ﻴ ﺔ ﺫ ﺍ ﺕ ﺑ ﻌ ﺪ ﺇ ﺳ ﺘ ﺮ ﺍ ﺗ ﻴ ﺠ ﻲ ‪.‬‬
‫‪ -‬ﺍ ﻟ ﻌ ﻤ ﻞ ﻋ ﻠ ﻰ ﺩ ﺭ ﺍ ﺳ ﺔ ﻣ ﺘ ﻐ ﲑ ﺍ ﺕ ﺃ ﺧ ﺮ ﻯ ﺗ ﺆ ﺛ ﺮ ﻋ ﻠ ﻰ ﺍ ﳌ ﻼ ء ﺓ ﺍ ﳌ ﺎ ﻟ ﻴ ﺔ ﻭ ﻣ ﻦ ﰒ ﻗ ﻴ ﻤ ﺔ ﺍﻟﺸ ﺮ ﻛ ﺎ ﺕ ﺍﳌ ﺪ ﺭ ﺟ ﺔ ﰲ ﺑ ﻮ ﺭ ﺻ ﺔ ﻋ ﻤ ﺎ ﻥ ‪.‬‬
‫ﺗ ﻄ ﺒ ﻴ ﻖ ﳕ ﺎ ﺫ ﺝ ﺭ ﻳ ﺎ ﺿ ﻴ ﺔ ﺃ ﺧ ﺮ ﻯ ﻟ ﺘ ﻘ ﻴ ﻴ ﻢ ﺍ ﻷ ﺳ ﻬ ﻢ ﻋ ﻠ ﻰ ﻋ ﻴ ﻨ ﺎ ﺕ ﳐ ﺘ ﻠ ﻔ ﺔ ﰲ ﺍ ﻷ ﺳ ﻮ ﺍ ﻕ ﺍﳌ ﺎ ﻟ ﻴ ﺔ ﻭ ﺍﳌ ﻘ ﺎ ﺭ ﻧ ﺔ ﺑ ﻴ ﻨ ﻬ ﺎ ﻣ ﻦ ﺣ ﻴ ﺚ‬ ‫‪-‬‬
‫ﺍ ﻟ ﻨ ﺘ ﺎ ﺋ ﺞ ﻭ ﺳ ﻬ ﻮ ﻟ ﺔ ﺍ ﻟ ﺘ ﻄ ﺒ ﻴ ﻖ ﻭ ﻏ ﲑ ﻫ ﺎ ﻣ ﻦ ﺍﳌ ﻌ ﺎ ﻳﲑ ﻟﺘ ﺤ ﺪ ﻳ ﺪ ﺃﻱ ﻣ ﻨﻬ ﺎ ﺃ ﻓ ﻀ ﻞ ‪.‬‬

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‫ﺍﳌﺼﺎﺩﺭ ﻭﺍﳌﺮﺍﺟﻊ‬
‫ﺍﳌ ﺼ ﺎ ﺩ ﺭ ﻭ ﺍﳌ ﺮ ﺍﺟ ﻊ‬

‫ﺍﳌﺼﺎﺩﺭ ﻭﺍﳌﺮﺍﺟﻊ‪:‬‬

‫ﺍﳌ ﺮ ﺍﺟ ﻊ ﺑﺎ ﻟﻠ ﻐ ﺔ ﺍﻟﻌ ﺮ ﺑﻴ ﺔ ‪:‬‬

‫ﻣ ﺬ ﻛ ﺮ ﺍﺕ ﻣ ﺎﺟ ﺴ ﺘﲑ ﻭ ﻣ ﺎﺳ ﺘﺮ ﻭ ﺃﻃ ﺮ ﻭ ﺣ ﺎﺕ ﺩ ﻛ ﺘﻮ ﺭ ﺍﻩ ‪.‬‬

‫ﺳﻌﺎﺩﺑﻮﺷﻠﻮﺵ‪،‬ﺇﺩﺍﺭﺓ ﺍﳌﺨﺎﻃﺮ ﺍﳌﺎﻟﻴﺔﰲ ﺷﺮﻛﺎﺕ ﺍﻟﺘﺄﻣﲔ ﻭ ﺇﺟﺮﺍءﺍﺕ ﺍﻟﺮﻗﺎﺑﺔ ﻓﻴﻬﺎ‪،‬ﺃﻃﺮﻭﺣﺔ ﺩﻛﺘﻮﺭﺍﻩ‪،‬ﺟﺎﻣﻌﺔ ﺍﳌﺤﻤﺪ ﺑـﻮﻗﺮﺓ‬ ‫‪1‬‬
‫ﺑﻮﻣﺮﺩﺍﺱ‪.2015،‬‬

‫ﻃﺎﺭ ﻋﺒﺪ ﺍﻟﻘﺪﻭﺱ‪،‬ﺑﻨﺎء ﳕﻮﺫﺝ ﻟﻘﻴﺎﺱ ﻭﺗﻘﻴﻴﻢ ﺍﳌﻼءﺓ ﺍﳌﺎﻟﻴﺔ ﻟﺸﺮﻛﺎﺕ ﺍﻟﺘﺄﻣﲔﺃﻃﺮﻭﺣﺔ ﺩﻛﺘﻮﺭﺍﻩ‪ ،‬ﺟﺎﻣﻌﺔ ﻗﺎﺻـﺪﻱ ﻣﺮﺑـﺎﺡ‬ ‫‪2‬‬
‫ﻭﺭﻗﻠﺔ‪.2019،‬‬
‫ﺷﺎﻫﺮ ﻓﻼﺡ ﺍﻟﻌﺮﻭﺩ‪ ،‬ﺍﺛﺮ ﺍﳌﻼءﺓ ﺍﳌﺎﻟﻴﺔ ﻋﻠﻰ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻮﻗﻴﺔ ﻟﺴﻌﺮ ﺍﻟﺴﻬﻢ ﰲ ﺍﻟﺒﻨﻮﻙ ﺍﻟﺘﺠﺎﺭﻳﺔ ﺍﻷﺭﺩﻥ‪ ،‬ﺟﺎﻣﻌـﺔ ﺍﻟﻘﺼـﻴﻢ‪،‬‬ ‫‪3‬‬
‫ﺍﳌ ﻤ ﻠﻜ ﺔ ﺍﻟﻌ ﺮ ﺑﻴ ﺔ ﺍﻟﺴ ﻌ ﻮ ﺩ ﻳ ﺔ ‪ ،‬ﺩ ﻭ ﻥ ﺳ ﻨ ﺔ ﺍﻟﻨﺸ ﺮ ‪.‬‬
‫ﻛﺮﺍﺵ ﺣﺴﺎﻡ‪ ،‬ﳓﻮ ﳕﻮﺫﺝ ﻣﻘﺘﺮﺡ ﳌﻌﺎﻳﲑ ﺍﳌﻼءﺓ ﺍﳌﺎﻟﻴﺔ ﰲ ﺷﺮﻛﺎﺕ ﺍﻟﺘﺄﻣﲔ ﺍﳉﺰﺍﺋﺮﻳﺔ ﻋﻠﻰ ﺿﻮء ﲡﺎﺭﺏ ﺑﻌـﺾ ﺍﻷﻧﻈﻤـﺔ‬ ‫‪4‬‬
‫ﺍﻟﺪﻭﻟﻴﺔ‪ ،‬ﺭﺳﺎﻟﺔ ﻣﺎﺟﺴﺘﲑ ‪ ،‬ﺟﺎﻣﻌﺔ ﻓﺮﺣﺎﺕ ﻋﺒﺎﺱ‪ ،‬ﺳﻄﻴﻒ‪.2014،‬‬
‫ﳏ ﻤ ﺪ ﺍﳊ ﺒﻴﺐ ﺷ ﺮ ﰊ ‪ ،‬ﺩ ﻭ ﺭ ﺍ ﳌ ﻼ ء ﺓ ﰲ ﺗ ﺴ ﻴ ﲑ ﺍ ﳌ ﺨ ﺎ ﻃ ﺮ ﺍ ﳌ ﺎ ﻟ ﻴ ﺔ ﰲ ﺍ ﳌ ﺆ ﺳ ﺴ ﺎ ﺕ ﺍ ﻻ ﻗ ﺘ ﺼ ﺎ ﺩ ﻳ ﺔ ‪ ،‬ﻣ ﺬ ﻛ ﺮ ﺓ ﻣ ﺎ ﺳ ﺘﺮ ‪ ،‬ﺟ ﺎﻣ ﻌ ﺔ ﻗ ﺎ ﺻ ـﺪ ﻱ‬ ‫‪5‬‬
‫ﻣﺮﺑﺎﺡ ﻭﺭﻗﻠﺔ‪.2014،‬‬
‫ﻣ ﻌ ﻮ ﺵ ﻋ ﺎ ﺋﺸ ﺔ ‪ ،‬ﻣ ﺰ ﻫ ﻮ ﺩ ﻣ ﻨﺎﻝ ‪ ،‬ﺃ ﺛ ﺮ ﺍ ﻟ ﺪ ﻳ ﻮ ﻥ ﻃ ﻮ ﻳ ﻠ ﺔ ﺍ ﻷ ﺟ ﻞ ﻋ ﻠ ﻰ ﺍ ﻷ ﺩ ﺍ ء ﺍ ﳌ ﺎ ﱄ ﻟ ﻠ ﻤ ﺆ ﺳ ﺴ ﺔ ﺍ ﻻ ﻗ ﺘ ﺼ ﺎ ﺩ ﻳ ﺔ ‪ ،‬ﻣ ﺬ ﻛ ﺮ ﺓ ﻣ ﺎ ﺳ ﺘﺮ ‪ ،‬ﺟ ﺎﻣ ﻌ ﺔ‬ ‫‪6‬‬
‫ﳏﻤﺪ ﺍﻟﺒﺸﲑ ﺍﻹﺑﺮﺍﻫﻴﻤﻲ ﺑﺮﺝ ﺑﻮ ﻋﺮﻳﺮﻳﺞ‪.2020،‬‬
‫ﻓﺎﻃﻤﺔ ﺑﻦ ﺷﻨﺔ‪ ،‬ﺇﺩﺍﺭﺓ ﺍﳌﺨﺎﻃﺮ ﺍﻹﺋﺘﻤﺎﻧﻴﺔ ﻭﺩﻭﺭﻫﺎ ﰲ ﺗﻘﻴﻴﻢ ﺭﲝﻴﺔ ﺍﻟﺒﻨﻮﻙ ﺍﻟﺘﺠﺎﺭﻳﺔ‪ ،‬ﺃﻃﺮﻭﺣﺔ ﺩﻛﺘﻮﺭﺍﻩ ‪،‬ﺟﺎﻣﻌﺔ ﻗﺎﺻـﺪﻱ‬ ‫‪7‬‬
‫ﻣﺮﺑﺎﺡ ‪،‬ﻭﺭﻗﻠﺔ‪.2017 ،‬‬
‫ﺍﳌ ﺠ ﻼ ﺕ ﻭ ﺍﻟ ﺪ ﻭ ﺭ ﺍﺕ‬

‫ﻋﺒﺪﺍﻟﻠﻄﻴﻒ ﻋﺒﻮﺩ‪،‬ﺍﳌﻼءﺓ ﺷﺮﻁ ﺍﻟﻮﺟﻮﺩ ﻭﺷﺮﻁ ﺍﻻﺳﺘﻤﺮﺍﺭ‪،‬ﳎﻠﺔ ﺍﻟﺘﻨﻤﻴﺔ ﻭ ﺍﻟﺘﺄﻣﲔ‪،‬ﺍﻟﻌﺪﺩ‪.26،2004‬‬ ‫‪8‬‬

‫ﻋﺒﺪ ﺍﳋﺎﻟﻖ ﺃﻭﺩﻳﻨﺔ‪ ،‬ﺃﺑﻮﺑﻜﺮ ﺑﻮﺳﺎﱂ‪ ،‬ﺃﲪﺪ ﺷﻌﺸﻮﻉ‪ ،‬ﺍﺳﺘﺨﺪﺍﻡ ﳕﻮﺫﺟﻲ "‪ "Kida‬ﻭ"‪ "Sherrod‬ﰲ ﺍﻟﺘﻨﺒﺆ ﺑﺎﻟﻔﺸﻞ ﺍﳌﺎﱄ‬ ‫‪9‬‬
‫ﻟﻠﺸﺮﻛﺎﺕ‪ ،‬ﳎﻠﺔ ﺍﻟﺒﺤﻮﺙ ﻭ ﺍﻟﺪﺭﺍﺳﺎﺕ ﺍﻟﺘﺠﺎﺭﻳﺔ ‪،‬ﳎﻠﺪ ‪، 05‬ﻋﺪﺩ‪. 2021 ،01‬‬
‫‪ 10‬ﻧﺬﻳﺮ ﺃﻭﻻﺩ ﺳﺎﱂ‪ ،‬ﻋﻤﺮ ﺍﻟﻔﺎﺭﻭﻕ ﺯﺭﻗﻮﻥ‪ ،‬ﳏﻤﺪ ﺍﻟﺴﻌﻴﺪ ﺃﻭﺑﲑﺓ‪ ،‬ﺗﻘﻴﻴﻢ ﺍﳌﻼءﺓ ﺍﳌﺎﻟﻴﺔ ﰲ ﺷﺮﻛﺎﺕ ﺍﻟﺘﺄﻣﲔ‪،‬ﺍﳌﺠﻠﺔ ﺍﳉﺰﺍﺋﺮﻳـﺔ‬
‫ﻟﻠﺪﺭﺍﺳﺎﺕ ﺍﳌﺤﺎﺳﺒﻴﺔ ﻭ ﺍﳌﺎﻟﻴﺔ ‪ ،‬ﺍﳌﺠﻠﺪ ‪ ،07‬ﺍﻟﻌﺪﺩ ‪.2021 ،02‬‬
‫‪ 11‬ﻋﻤﺎﺩ ﺍﻟﺪﻳﻦ ﺍﺑﺮﺍﻫﻴﻢ ﻋﻠﻲ ‪ ،‬ﺍﺳﺘﺨﺪﺍﻡ ﳕﺎﺫﺝ ﺍﻟﺴﻼﺳﻞ ﺍﻟﺰﻣﻨﻴﺔ ﺍﳌﻘﻄﻌﻴﺔ ‪ panel data‬ﰲ ﲢﺪﻳﺪ ﺃﻫـﻢ ﻋﻮﺍﻣـﻞ ﺍﻟﻨﻤـﻮ‬
‫ﺍﻻﻗﺘﺼﺎﺩﻱ ﰲ ﺍﻟﺪﻭﻝ ﺍﻟﻌﺮﺑﻴﺔ ‪ ،‬ﺍﳌﺠﻠﺔ ﺍﻟﻌﺮﺑﻴﺔ ﻟﻼﺩﺍﺭﺓ ‪ ،‬ﺍﻟﻌﺪﺩ ‪.2023 ،02‬‬
‫ﺍﳌ ﺮ ﺍﺟ ﻊ ﺑﺎ ﻟﻠ ﻐ ﺎ ﺕ ﺍﻷ ﺟ ﻨﺒﻴ ﺔ ‪:‬‬

‫ﻣ ﻘ ﺎ ﻻ ﺕ ﻭ ﺭ ﺳ ﺎ ﻻ ﺕ ﺑﺎ ﻟﻠﻐ ﺔ ﺍﻷ ﺟ ﻨﺒﻴ ﺔ‬
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‫ﺍﳌ ﺼ ﺎ ﺩ ﺭ ﻭ ﺍﳌ ﺮ ﺍﺟ ﻊ‬

12 D. Daykin et al, The Solvency of General Insurance Companies, Journal of the Institute
of Actuaries, Vol 111, No 02,1984.

13 Sharon A. DeVaney, The Usefulness of Financial Ratios as Predictors of

Household Insolvency: Two Perspectives, FinancialCounseling and Planning, Vol 5,
1994.

14 Gilang Ramadhan Fajiri, The Effect of Rentability Ratio Solvability Ratio

Liquidity Ratio Upon The Company ‘s Vialue, jornal of binaniaga , vol 03, No 01,
2018.

15 Kusnandar, Maya Sari, The Effects of Liquidity Solvency and Profitabilitiy on

Stock Price, Journal of accounting and finance management, Vol 01, No 05, 2020.

16 Yudhi Prasetiyo, Analysis of Company Size Profitability and Solvency on Firm

Value at BUMN IDX20, journal of science and technology, vol 01 , No 07,2022.

17 Sitti Murniati, Effect of Capital Structure , Company Size and Profitability on the
Stock Price of food and Beverage Companies Listed on the Indonesia Stock
Exchange, journal of information management and business review, vol 08, No 01
,2016.

: ‫ﺍﳌ ﻮ ﺍﻗ ﻊ ﺍﻻ ﻟﻜ ﺘﺮ ﻭ ﻧﻴ ﺔ‬

18 http://www.asca.sy/download/PDF/Seminars/Lecture2011-3-1.pdf
19 https://arab-exchanges.org/ar/member/amman-stock-exchange-ase/

20 https://portal.jordan.gov.jo/wps/portal/Home/GovernmentEntities/Agencies/Agency/Amman+Stock+Exc
hange?current=true&nameEntity=Amman%20Stock%20Exchange&entityType=otherEntity

46
‫ﺍﳌﻼﺣﻖ‬
 ‫ﺍﳌﻼﺣﻖ‪:‬‬

‫ﺍﳌﻠﺤﻖ ﺭﻗﻢ )‪ :(01‬ﺍﳌﻘﺎﺭﻧﺔ ﺑﲔ ﺍﻟﺪﺭﺍﺳﺎﺕ ﺍﻟﺴﺎﺑﻘﺔ‬

‫‪48‬‬
 ‫ﺍﻟﻨﺘﺎﺋﺞ‬ ‫ﺍﳌﺘﻐﲑﺍﺕ‬ ‫ﺍﳍﺪﻑ ﻣﻦ‬ ‫ﺍﻟﻌﻴﻨﺔ‬ ‫ﺍﻃﺎﺭ ﺍﻟﺰﻣﲏ‬ ‫ﺩﺭﺍﺳﺔ‬ ‫ﻋﻨﻮﺍﻥ ﺍﻟﺪﺭﺍﺳﺔ‬
‫ﺍﻟﺪﺭﺍﺳﺔ‬ ‫ﻭ ﺍﳌﻜﺎﱐ‬

‫‪ 49‬ﺷﺮﻛﺔ ﺻﻨﺎﻋﻴﺔ ﻫﺪﻓﺖ ﺍﻟﺪﺭﺍﺳﺔ ‪-‬ﺍﻟﻘﻴﻤﺔﺍﻟﺴﻮﻗﻴﺔ ‪-‬ﻭﺟﻮﺩ ﺍﺧﺘﻼﻑ ﰲ‬ ‫ﺃﺛﺮ ﺍﻟﺘﺤ ﻔ ﻆ ﺍﳌ ﺤ ﺎﺳ ﱯ ﳏ ﻤ ﻮ ﺩ ﲰ ﲑ ﳏ ﻤ ﻮ ﺩ ﻋ ﻤ ﺎ ﻥ‬

‫ﻣﺴ ﺘﻮ ﻯ ﺍﻟﺘﺤ ﻔﻆ‬ ‫ﺍﱃ ﻣ ﻌ ﺮ ﻓ ﺔ ﺃﺛﺮ‬ ‫ﰲ ﺑﻮ ﺭ ﺻ ﺔ ﻋ ﻤ ﺎﻥ‬ ‫ﺍﳌ ﺼ ﺮ ﻱ‬ ‫ﻋ ﻠﻰ ﺟ ﻮ ﺩﺓ ﺍﻷ ﺭ ﺑﺎﺡ‬
‫‪ -‬ﺣ ﻘﻮﻕ‬ ‫‪-2016‬‬
‫ﺍﳌ ﺤ ﺎ ﺳ ﱯ ﺑﲔ‬ ‫ﺍﻟﺘﺤ ﻔ ﻆ‬
‫ﺍﳌ ﻠﻜ ﻴ ﺔ‬ ‫‪2020‬‬
‫ﺷ ﺮ ﻛ ﺎ ﺕ ﻭ ﺑﲔ‬ ‫ﺍﳌ ﺤ ﺎ ﺳ ﱯ ﻋ ﻠﻰ‬
‫ﺑﻮ ﺭ ﺻ ﺔ ﻋ ﻤ ﺎﻥ‬ ‫‪ -‬ﺟ ﻮﺩﺓ‬ ‫ﺟ ﻮ ﺩ ﺓ ﺍﻷ ﺭ ﺑﺎﺡ‬
‫ﺍﻷ ﻭ ﺭ ﺍﻕ ﺍﳌ ﺎﻟﻴ ﺔ ﻻ‬ ‫ﺍﻷ ﺭ ﺑﺎ ﺡ‬ ‫ﻟﻠﺸ ﺮ ﻛ ﺎﺕ‬
‫ﺗﺘﻤ ﺘﻊ ﺑﺎﻻ ﺳ ﺘﻤ ﺮ ﺍﺭ ﻳﺔ‬ ‫‪ -‬ﺍﻟﺘﺤ ﻔ ﻆ‬ ‫ﺍﻟﺼ ﻨﺎﻋ ﻴ ﺔ‬
‫ﻭ ﺑﺎﻟﺘﺎﱄ ﺗﺘﺴ ﻢ‬ ‫ﺍﳌ ﺤ ﺎ ﺳ ﱯ‬ ‫ﺍﳌ ﺪ ﺭ ﺟ ﺔ ﰲ‬
‫ﲟﺴ ﺘﻮﻯ ﻣﻨﺨ ﻔﻆ ﻣﻦ‬ ‫ﺑﻮ ﺭ ﺻ ﺔ ﻋ ﻤ ﺎﻥ‬
‫ﺟ ﻮ ﺩ ﺓ ﺍﻷ ﺭ ﺑﺎﺡ‬

‫ﻗ ﻴ ﻤ ﺔ ﺍﳌ ﺆ ﺳ ﺴ ﺔ ﺗ ﺘ ﺄ ﺛ ﺮ‬ ‫ﻣ ﺆ ﺳ ﺴ ﺎ ﺕ ﺍ ﻗ ﺘ ﺼ ﺎ ﺩ ﻳ ﺔ ﻫ ﺪ ﻓ ﺖ ﺍ ﻟ ﺪ ﺭ ﺍﺳ ﺔ ﻧ ﺴ ﺒ ﺔ ﺍ ﻟ ﺪ ﻳ ﻮ ﻥ‬ ‫ﻋ ﺒ ﺪ ﺍ ﻟ ﻜ ﺮ ﱘ ﺧ ﲑ ﻱ ﺍﳉ ﺰ ﺍﺋﺮ‬ ‫ﺃﺛﺮ ﺻ ﻨﻊ ﺍﻟﻘ ﺮ ﺍﺭ ﺍﺕ‬

‫ﺑﻨﺴ ﺒﺔ ﺍﻟﺪ ﻳﻮ ﻥ‬ ‫ﺍ ﻹ ﲨ ﺎ ﱄ ﻋ ﻠﻰ‬ ‫ﺇﱃ ﲢ ﻠﻴﻞ‬ ‫ﺟ ﺰ ﺍﺋﺮ ﻳ ﺔ‬ ‫ﺍﳌ ﺎﻟﻴ ﺔ ﻋ ﻠﻰ ﻗ ﻴ ﻤ ﺔ‬
‫‪2019‬‬
‫ﺍﻷ ﻣ ﻮ ﺍﻝ ﺍﳋ ﺎ ﺻ ﺔ ﺍﻹ ﲨ ﺎ ﱄ ﻋ ﻠﻰ‬ ‫ﺳ ﻴﺎﺳ ﺔ ﺗﻮ ﺯ ﻳﻊ‬ ‫ﻣ ﺆ ﺳ ﺴ ﺔ ﺍﻻ ﻗ ﺘ ﺼ ﺎﺩ ﻳ ﺔ‬
‫ﺍﻷ ﻣ ﻮ ﺍﻝ ﺍﳋ ﺎ ﺻ ﺔ‬ ‫ﺍﻷ ﺭ ﺑﺎ ﺡ ﻋ ﻠﻰ‬ ‫ﰲ ﺍﳉ ﺰ ﺍﺋﺮ‬
‫‪ -‬ﻗ ﻴ ﻤ ﺔ ﺍﳌ ﺆ ﺳ ﺴ ﺔ‬
‫ﺍﳌﺴ ﺎ ﳘ ﲔ‬
‫‪ -‬ﻋ ﻼ ﻗﺔ ﺑﲔ ﻗﻴﻤ ﺔ‬
‫ﻭ ﻋ ﻼ ﻗﺘﻬ ﺎ ﺑﻘ ﻴﻤ ﺔ‬
‫ﺍﳌ ﺆ ﺳ ﺴ ﺔ ﻭ ﺑﺎ ﻗ ﻲ‬
‫ﺍﳌ ﺆ ﺳ ﺴ ﺔ‬
‫ﺍﳌ ﺘﻐ ﲑ ﺍﺕ ﻋ ﻼ ﻗ ﺔ‬
‫ﺿ ﻌ ﻴﻔ ﺔ ﺍﻭ ﻣ ﺘﻮ ﺳ ﻄ ﺔ‬
‫ﻭ ﻫ ﺬ ﺍ ﻳﻌ ﻮ ﺩ ﺍﱃ‬
‫ﳏ ﺪ ﻭ ﺩ ﻳﺔ ﺃﺩ ﺍء‬
‫ﺍﻟﺒﻮ ﺭ ﺻ ﺔ ﰲ ﺍﳉ ﺰ ﺍﺋﺮ‬

‫ﺍﻟﺒﻨﻮ ﻙ ﺍﻟﺘﺠ ﺎﺭ ﻳ ﺔ‬ ‫ﻫ ﺪ ﻓ ﺖ ﺍ ﻟ ﺪ ﺭ ﺍﺳ ﺔ ‪ -‬ﻗ ﻴ ﻤ ﺔ ﺳ ﻮ ﻗ ﻴ ﺔ‬ ‫‪ 15‬ﺑﻨﻜﺎ ﲡﺎﺭﻱ‬ ‫ﺍﻷ ﺭ ﺩ ﻥ ﻋ ﻤ ﺎﻥ‬ ‫ﺷ ﺎﻫ ﺮ ﻓ ﻼ ﺡ‬ ‫ﺍﳌ ﻼ ء ﺓ ﺍﳌ ﺎﻟﻴ ﺔ ﻭ ﻣ ﺪ ﻯ‬

‫ﺍﻷ ﺭ ﺩ ﻧﻴ ﺔ ﺗﺘﻤ ﺘﻊ ﲟ ﻼ ء ﺓ‬ ‫ﻟﺴ ﻬ ﻢ ﺍﻟﺒﻨ ﻚ‬ ‫ﻣ ﺪ ﺭ ﺟ ﺔ ﰲ ﺍﻟﺒﻮ ﺭ ﺻ ﺔ ﺍﱃ ﺇﺑﺮ ﺍﺯ ﺃﺛﺮ‬ ‫ﺍﻟﻌ ﺮ ﻭ ﺩ‬ ‫ﺗﺄ ﺛﲑ ﻫ ﺎ ﰲ ﺍﻟﻘ ﻴﻤ ﺔ‬
‫‪-2001‬‬
‫ﻣ ﺎﻟﻴ ﺔ ﺟ ﻴﺪ ﺓ ﺗﺴ ﺘﻄ ﻴﻊ‬ ‫ﺍﳌ ﻼ ء ﺓ ﺍﳌ ﺎﻟﻴ ﺔ ﰲ ﺍﻟﺘﺠ ﺎﺭ ﻱ‬ ‫ﺳ ﻮ ﻗ ﻴ ﺔ ﻟﺴ ﻌ ﺮ ﺳ ﻬ ﻢ‬

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 ‫ﺍﻟﻮ ﻓ ﺎء ﺑﺎﻟﺘﺰ ﻣ ﺘﻬ ﺎ‬ ‫‪ -‬ﻧﺴ ﺒ ﺔ ﺗ ﺪ ﺍﻭ ﻝ‬ ‫ﺍﻟﻘ ﻴﻤ ﺔ ﺍﻟﺴ ﻮ ﻗ ﻴ ﺔ‬ ‫‪2010‬‬ ‫ﰲ ﺍﻟﺒﻨﻮ ﻙ ﺍﻟﺘﺠ ﺎﺭ ﻳﺔ‬
‫ﺍﳌ ﺎﻟﻴ ﺔ ﻗ ﺼ ﲑ ﺓ ﻭ‬ ‫ﻟﺴ ﻌ ﺮ ﺍﻟﺴ ﻬ ﻢ ﰲ‬ ‫ﺍﳌ ﺪ ﺭ ﺟ ﺔ ﰲ ﺑﻮ ﺭ ﺻ ﺔ‬
‫‪ -‬ﻧﺴ ﺒ ﺔ ﺍﻟﺴ ﻴﻮ ﻟ ﺔ‬
‫ﻃ ﻮ ﻳ ﻠ ﺔ ﺍﻻ ﺟ ﻞ ﰲ‬ ‫ﺍﻟﺒﻨﻮ ﻙ ﺍﻟﺘﺠ ﺎﺭ ﻳ ﺔ‬ ‫ﻋ ﻤ ﺎﻥ‬
‫ﺍﻟﺴ ﺮ ﻳﻌ ﺔ‬
‫ﺍﻻ ﻋ ﺘﻤ ﺎﺩ ﻋ ﻠﻰ ﺇﺩ ﺍﺭ ﺓ‬ ‫ﺍﻷ ﺭ ﺩ ﻧﻴ ﺔ‬
‫ﺃﺻ ﻮ ﳍ ﺎ ﻭ ﻣ ﻮ ﺍﺭ ﺩ ﻫ ﺎ‬ ‫‪ -‬ﻧﺴ ﺒ ﺔ ﺍﻟﻨﻘ ﺪ ﻳ ﺔ‬

‫‪ -‬ﺣ ﻘﻮﻕ‬
‫ﺍﳌ ﻠﻜ ﻴ ﺔ ﺍﱃ‬
‫ﳎ ﻤﻮﻋﺔ‬
‫ﺍﳌ ﻮ ﺟ ﻮ ﺩ ﺍﺕ‬

‫‪ -‬ﻧﺴ ﺒ ﺔ ﺗﻐ ﻄ ﻴ ﺔ‬
‫ﺍﻟﻀ ﺮ ﺍﺋﺐ‬
‫ﻭ ﺍﻻ ﺳ ﺘﻬ ﻼ ﻛ ﺎﺕ‬

‫ﻓﻌ ﺎﻟﻴﺔ ﻭ ﳒ ﺎﻋ ﺔ ﳕ ﻮ ﺫ ﺝ‬ ‫ﻣ ﺆ ﺳ ﺴ ﺎ ﺕ ﺻ ﻨ ﺎ ﻋ ﻴ ﺔ ﻫ ﺪ ﻓ ﺖ ﺍ ﻟ ﺪ ﺭ ﺍﺳ ﺔ ﺭ ﺃ ﺱ ﻣ ﺎ ﻝ‬ ‫ﺍﻷ ﺭ ﺩ ﻥ‬ ‫ﺑﻮ ﺭ ﻧﻴﺴ ﺔ ﻣ ﺮ ﱘ ‪,‬‬ ‫ﻓﻌ ﺎﻟﻴﺔ ﻣ ﺆ ﺷ ﺮ ﺍﺕ‬

‫ﺍﳌ ﺎ ﱄ ﺍﻻ ﺣ ﺼ ﺎﺋﻲ ﰲ‬ ‫ﺍﻟﻌ ﺎﻣ ﻞ ‪ /‬ﺍﲨ ﺎﱄ‬ ‫ﺍﱃ ﺗﻘ ﻴﻢ ﺍﻷ ﺩ ﺍء‬ ‫ﺧ ﻨﻔ ﺮ ﻱ ﺧ ﻴﻀ ﺮ‬ ‫ﺍﳊ ﺪ ﻳﺜﺔ ﺍﻷ ﺩ ﺍء ﺍﳌ ﺎﱄ‬
‫‪-2015‬‬
‫ﺗﺸ ﺨ ﻴﺺ ﺍﳌ ﻼ ء ﺓ‬ ‫ﺍﻷ ﺻ ﻮ ﻝ‬ ‫ﺍﳌ ﺎ ﱄ‬ ‫ﰲ ﲢ ﺪ ﻳ ﺪ ﺍﳌ ﻼ ء ﺓ‬
‫‪2017‬‬
‫ﺍﳌ ﺎﻟﻴ ﺔ‬ ‫ﻟﻠﻤ ﺆ ﺳ ﺴ ﺎﺕ‬ ‫ﺍﳌ ﺎﻟﻴ ﺔ ﻟﻠ ﻤ ﺆ ﺳ ﺴ ﺎ ﺕ‬
‫‪ -‬ﺍﻷ ﺭ ﺑﺎ ﺡ‬
‫ﺍﻟﺼ ﻨﺎﻋ ﻴ ﺔ‬ ‫ﺍﻟﺼ ﻨﺎﻋ ﻴ ﺔ‬
‫‪ -‬ﲢ ﺪ ﻳﺪ ﺍﻷ ﺩ ﺍء ﺍﳌ ﺎﱄ‬ ‫ﺍﳌ ﺤ ﺘ ﺠ ﺰ ﺓ ‪/‬‬
‫ﺍﲨ ﺎ ﱄ ﺍﻷ ﺻ ﻮ ﻝ ﺍﳊ ﺎﱄ ﻭ ﺍﳌﺴ ﺘﻘ ﺒﻠﻲ‬
‫ﻟﻠﻤ ﺆ ﺳ ﺴ ﺎﺕ‬
‫‪ -‬ﺍﻷ ﺭ ﺑﺎ ﺡ ﻗ ﺒﻞ‬
‫ﺍﻟﺼ ﻨﺎﻋ ﻴ ﺔ ﺍﳌﺴ ﻌ ﺮ ﺓ ﰲ‬
‫ﺍﻟﻀ ﺮ ﺍﺋﺐ‬
‫ﺍﻟﺒﻮ ﺭ ﺻ ﺔ ﺍﻷ ﺭ ﺩ ﻧﻴ ﺔ‬
‫‪ /‬ﺍﲨ ﺎ ﱄ‬
‫ﺍﻷ ﺻ ﻮ ﻝ‬

‫‪ -‬ﺍﻟﻘ ﻴﻤ ﺔ‬
‫ﺍﻟﺴ ﻮ ﻗ ﻴ ﺔ ‪ /‬ﻗ ﻴﻤ ﺔ‬
‫ﺍﻟﺪ ﻓ ﺘﺮ ﻳ ﺔ ﻟﺪ ﻳﻮ ﻥ‬

‫‪ -‬ﻭ ﺟ ﻮ ﺩ ﺃﺛﺮ ﻟﻨﺴ ﺒﺔ‬ ‫ﻫ ﺪ ﻓ ﺖ ﺍ ﻟ ﺪ ﺭ ﺍﺳ ﺔ ‪ -‬ﻣ ﻌ ﺪ ﻝ ﺍ ﻟ ﻌ ﺎ ﺋ ﺪ‬ ‫‪ 5‬ﺷ ﺮ ﻛ ﺎ ﺕ ﺗﺄ ﻣ ﲔ‬ ‫ﻋ ﺒﺪ ﺍﻟﻔ ﺘﺎﺡ ﻋ ﺜﻤ ﺎﻥ ﻟﻴﺒﻴﺎ‬ ‫ﺃﺛﺮ ﺍﳌ ﺆ ﺷ ﺮ ﺍﺕ ﺍﳌ ﻼ ءﺓ‬
‫ﺻ ﺎ ﰲ ﺍﻷ ﻗﺴ ﺎ ﻁ‬ ‫ﻋ ﻠﻰ ﺣ ﻘ ﻮ ﻕ‬ ‫ﺍﱃ ﺍﻟﺘﻌ ﺮ ﻑ‬ ‫ﺍﻟﻴﺒﻴ ﺔ‬ ‫ﺍﻟﻌ ﺮ ﳚ ﻲ ‪ ,‬ﻋ ﺎﺩ ﻝ‬ ‫ﺍﳌ ﺎﻟﻴ ﺔ ﻋ ﻠﻰ ﺍﻷ ﺩ ﺍء‬
‫‪-2013‬‬
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 ‫ﺍﳌ ﻜ ﺘﺘﺒ ﺔ ﺍﱃ ﺍﲨ ﺎ ﱄ‬ ‫ﺍﳌﺴ ﺎ ﳘ ﲔ‬ ‫ﻋ ﻠﻰ ﺃﺛﺮ ﺑﻌ ﺾ‬ ‫ﻋﺒﺪ ﺍﻟﻌﺰﻳﺰ ﺳﻠﻄﺎﻥ ‪2017‬‬ ‫ﺍﳌ ﺎ ﱄ‬
‫ﺣ ﻘ ﻮ ﻕ ﺍﳌﺴ ﺎﳘ ﲔ‬ ‫ﺍﳌ ﺆ ﺷ ﺮ ﺍﺕ‬ ‫‪ ,‬ﻋ ﺼ ﺎﻡ ﻋ ﺒ ﺪ‬
‫‪ -‬ﺻ ﺎﰲ‬
‫ﻋ ﻠﻰ ﻣﻌ ﺪ ﻝ ﺍﻟﻌ ﺎﺋﺪ‬ ‫ﺍﳌ ﻼ ء ﺓ ﺍﳌ ﺎﻟﻴ ﺔ‬ ‫ﺍﳊ ﻔ ﻴﻆ ﻋ ﺒﺪ‬
‫ﺍﻷ ﻗﺴ ﺎ ﻁ‬
‫ﻋ ﻠﻰ ﺣ ﻘ ﻮ ﻕ‬ ‫ﻋ ﻠ ﻰ ﺍ ﻷ ﺩ ﺍء‬ ‫ﺍﻟﺴ ﻼ ﻡ ﻣ ﻴﻼ ﺩ‬
‫ﺍﳌ ﻜ ﺘﺘﺒ ﺔ ﺍﱃ‬
‫ﺍﳌﺴ ﺎ ﳘ ﲔ‬ ‫ﺍﳌ ﺎ ﱄ ﻟﺸ ﺮ ﻛ ﺎ ﺕ‬
‫ﺍﲨ ﺎ ﱄ ﺣ ﻘ ﻮ ﻕ‬
‫ﺍ ﻟ ﺘ ﺄ ﻣ ﲔ ﻟﻠ ﻴﺒﻴ ﺔ‬
‫‪ -‬ﻋ ﺪ ﻡ ﻭ ﺟ ﻮ ﺩ ﺃﺛﺮ‬ ‫ﺍﳌﺴ ﺎ ﳘ ﲔ‬
‫ﻟﻠﻤ ﺘﻐ ﲑ ﺍﺕ ﺍﻟﺘﻐ ﲑ ﰲ‬
‫‪ -‬ﳐ ﺼ ﺼ ﺎﺕ‬
‫ﺣ ﺠ ﻢ ﺻ ﺎﰲ‬
‫ﺍﻟﻔ ﻨﻴ ﺔ ﺍﱃ‬
‫ﺍﻷ ﻗﺴ ﺎ ﻁ ﻭ‬
‫ﺃﺻ ﻮ ﻝ ﺍﳌﺘﺪ ﺍﻭ ﻟﺔ‬
‫ﳐ ﺼ ﺼ ﺎﺕ ﺍﻟﻔ ﻨﻴ ﺔ‬
‫ﺑﺎﻟﻨﺴ ﺒﺔ ﺍﻷ ﺻ ﻮ ﻝ‬
‫ﺍﳌ ﺘ ﺪ ﺍﻭ ﻟ ﺔ ﻋ ﻠﻰ ﻣ ﻌ ﺪ ﻝ‬
‫ﺍﻟﻌ ﺎﺋﺪ ﻋ ﻠﻰ ﺣ ﻘ ﻮ ﻕ‬
‫ﺍﳌﺴ ﺎ ﳘ ﲔ‬

‫‪ -‬ﺗﺘﻤ ﺘﻊ ﺍﻟﺸ ﺮ ﻛ ﺔ‬ ‫ﻫ ﺪ ﻓ ﺖ ﺍ ﻟ ﺪ ﺭ ﺍ ﺳ ﺔ ﻫ ﺎ ﻣ ﺶ ﺍﳌ ﻼ ء ﺓ‬ ‫ﺷ ﺮ ﻛ ﺔ ﻭ ﻃ ﻨﻴ ﺔ‬ ‫ﺍﳉ ﺰ ﺍﺋﺮ‬ ‫ﻭ ﻫ ﺎﺏ ﲰ ﲑ ‪,‬‬ ‫ﺗﻘ ﻴﻢ ﺍﳌ ﻼ ءﺓ ﺍﳌ ﺎﻟﻴﺔ ﰲ‬

‫ﲟ ﻼ ءﺓ ﺟ ﻴﺪ ﺓ‬ ‫ﺍﱃ ﺍﻟﺘﻌ ﺮ ﻑ‬ ‫ﺍﻟﺘﺄﻣﲔ ‪SAA‬‬ ‫ﲪ ﺪﻱ ﻣﻌﻤﺮﻱ‬ ‫ﺷ ﺮ ﻛ ﺎ ﺕ ﺍﻟﺘ ﺄ ﻣ ﲔ‬
‫‪ -‬ﳐ ﺼ ﺼ ﺎﺕ‬ ‫‪-2014‬‬
‫ﻋ ﻠﻰ ﻣ ﺪ ﻯ‬ ‫ﺍﳉ ﺰ ﺍﺋﺮ ﻳﺔ‬
‫‪ -‬ﺍﳌﺸ ﺮ ﻭ ﻉ ﺍﳉ ﺰ ﺍﺋﺮ ﻱ‬ ‫ﺍﻟﻔ ﻨﻴ ﺔ‬ ‫‪2017‬‬
‫ﺍﺣ ﺘﺮ ﺍﻡ ﻣ ﻌ ﺎﻳﺮ‬
‫ﺑﻌ ﻴﺪ ﻋ ﻦ ﻣ ﺎﻫ ﻮ‬
‫‪ -‬ﺗﻄ ﻮ ﺭ ﺭ ﺍﺱ‬ ‫ﺗﻘ ﻴﻢ ﺍﳌ ﻼ ءﺓ‬
‫ﻣ ﻌ ﻤ ﻮ ﻝ ﺑﻪ ﺩ ﻭ ﻟﻴﺎ ﰲ‬
‫ﺍﳌ ﺎﻝ‬ ‫ﺍﳌ ﺎﻟﻴ ﺔ ﰲ‬
‫ﳎ ﺎﻝ ﺍﳌ ﻼ ء ﺓ ﻭ ﺍﻟﱵ‬
‫ﺍﻻ ﺟ ﺘﻤ ﺎﻋ ﻲ‬ ‫ﺷ ﺮﻛ ﺎﺕ‬
‫ﲢ ﺪ ﺩ ﻫ ﺎﻣ ﺶ ﺍﳌ ﻼ ءﺓ‬
‫‪ -‬ﺍﻟﺘﻮ ﻇ ﻴﻔ ﺎ ﺕ‬ ‫ﺍﻟﺘﺎﻣ ﲔ‬
‫ﻋ ﻠ ﻰ ﺃ ﺳ ﺎ ﺱ ﺍﳌ ﺨ ﺎ ﻃ ﺮ‬
‫ﺍﳌ ﺎﻟﻴ ﺔ‬
‫‪ -‬ﺇﻋ ﺎﺩ ﺓ ﺍﻟﻨﻈ ﺮ ﰲ‬
‫ﻗ ﻮ ﺍ ﻋ ﺪ ﺍﳌ ﻼ ء ﺓ ﺍﳌ ﺎ ﻟ ﻴ ﺔ‬ ‫‪ -‬ﺍﻟﺘﺰ ﻣ ﺎ ﺕ‬

‫ﻭ ﺍﺧ ﺬ ﺑﻌ ﲔ ﺍﻻ ﻋ ﺘﺒﺎﺭ‬ ‫ﺗﻨﻈ ﻴﻤ ﻴﺔ‬

‫ﺍﳌ ﺨ ﺎﻃ ﺮ ﰲ ﺣ ﺴ ﺎ ﺏ‬
‫ﻫ ﺎ ﻣ ﺶ ﺍﳌ ﻼ ء ﺓ‬

‫‪51‬‬
‫ﻫ ﺸ ﺎﺷ ﺔ ﻧﻈ ﺎﻡ ﺍﳌ ﻼ ء ﺓ‬ ‫ﻫ ﺪ ﻓ ﺖ ﺍ ﻟ ﺪ ﺭ ﺍﺳ ﺔ ﻛ ﻔ ﺎ ﻳ ﺔ ﺍ ﻷ ﻣ ﻮ ﺍ ﻝ‬ ‫ﺷ ﺮ ﻛ ﺎ ﺕ ﺍﻟﺘ ﺄ ﻣ ﲔ‬ ‫ﺍﳉ ﺰ ﺍﺋﺮ‬ ‫ﻧﺬ ﻳﺮ ﺃﻭ ﻻ ﺩ ﺳ ﺎﱂ‬ ‫ﺗﻘ ﻴﻢ ﺍﳌ ﻼ ءﺓ ﺍﳌ ﺎﻟﻴﺔ ﰲ‬
‫ﺍﳌ ﺎﻟﻴ ﺔ‬ ‫ﺍﳋ ﺎﺻ ﺔ‬ ‫ﺍﱃ ﺗﻘ ﻴﻢ ﺍﳌ ﻼ ءﺓ‬ ‫ﺍﳉ ﺰ ﺍﺋﺮ ﻳﺔ‬ ‫‪ ,‬ﻋ ﻤ ﺮ ﺍﻟﻔ ﺎﺭ ﻭ ﻕ ‪,‬‬ ‫ﺷ ﺮ ﻛ ﺎ ﺕ ﺍﻟﺘ ﺄ ﻣ ﲔ‬
‫‪-2013‬‬
‫ﺍﳌ ﺎﻟﻴ ﺔ ﰲ‬ ‫ﳏ ﻤ ﺪ ﺳ ﻌ ﻴﺪ ﺍﻭ ﺑﲑ ﺓ‬
‫‪ -‬ﻫ ﺎ ﻣ ﺶ ﺍﳌ ﻼ ء ﺓ ‪ -‬ﻫ ﺸ ﺎ ﺷ ﻰ ﻧ ﻈ ﺎ ﻡ‬ ‫‪2018‬‬
‫ﺷ ﺮﻛ ﺎﺕ‬
‫ﺍﳌ ﻼ ء ﺓ ﺑﺎﻟﻨﺴ ﺒ ﺔ‬
‫‪ -‬ﺗﻐ ﻄ ﻴﺔ‬ ‫ﺍﻟﺘﺎﻣ ﲔ ﳌ ﻌ ﺮ ﻓ ﺔ‬
‫ﻟﻠﻌ ﻘ ﻮ ﺩ ﻃ ﻮ ﻳﻠﺔ ﺍﻻ ﺟ ﻞ‬
‫ﺍﻻ ﻟﺘﺰ ﻣ ﺎ ﺕ‬ ‫ﺍﻟﻮ ﺿ ﻌ ﻴ ﺔ ﺍﳌ ﺎﻟﻴ ﺔ‬
‫ﻭ ﺍﻟﺬ ﻱ ﺗﺒﻌ ﻪ ﻋ ﺪ ﺓ‬
‫ﺗﻘ ﻨﺴ ﺔ‬ ‫ﺍﳊ ﻘ ﻴﻘ ﻴﺔ‬
‫ﺃﺯ ﻣ ﺎﺕ ﻣ ﻨﻬ ﺎ ﺍﺯ ﻣ ﺔ‬
‫ﻟﺸ ﺮ ﻛ ﺎ ﺕ‬
‫ﺍﻟﺴ ﻴﻮ ﻟ ﺔ‬
‫ﺍﻟﺘ ﺄ ﻣ ﲔ‬

‫ﻣﻌﻈ ﻢ ﺷ ﺮﻛ ﺎﺕ‬ ‫ﻫ ﺪ ﻓ ﺖ ﺍ ﻟ ﺪ ﺭ ﺍﺳ ﺔ ‪ -‬ﺭ ﺍ ﺱ ﺍ ﳌ ﺎ ﻝ‬ ‫ﺷ ﺮ ﻛ ﺎ ﺕ ﺍﻟﺘ ﺄ ﻣ ﲔ‬ ‫ﺍﳉ ﺰ ﺍﺋﺮ‬ ‫ﺳ ﻌ ﺎﺩ ﺑﻮ ﺷ ﻠﻮ ﺵ ‪,‬‬ ‫ﲢ ﻠﻴﻞ ﻭ ﺗﻘ ﻴﻢ ﻧﻈ ﺎﻡ‬

‫ﺍ ﻟ ﺘ ﺄ ﻣ ﲔ ﺍﳉ ﺰ ﺍﺋﺮ ﻳ ﺔ ﲡ ﺪ‬ ‫ﺍﱃ ﲢ ﻠﻴﻞ ﻭ ﺗﻘ ﻴﻢ ﺍﻻ ﺟ ﺘﻤ ﺎﻋ ﻲ‬ ‫ﺍﳉ ﺰ ﺍﺋﺮ ﻳﺔ‬ ‫ﺳ ﻠﻴﻤ ﺔ ﻧﺸ ﻨﺶ‬ ‫ﺍﳌ ﻼ ء ﺓ ﺍﳌ ﺎﻟﻴ ﺔ‬
‫‪2020‬‬
‫ﺻ ﻌ ﻮ ﺑﺔ ﰲ ﺗﻐﻄ ﻴﺔ‬ ‫ﻧﻈ ﺎﻡ ﺍﳌ ﻼ ءﺓ‬ ‫ﺷ ﺮ ﻛ ﺎ ﺕ ﺍﻟﺘ ﺄ ﻣ ﲔ‬
‫‪ -‬ﻫ ﺎ ﻣ ﺶ ﺍﳌ ﻼ ء ﺓ‬
‫ﺍﻟﺘﺰ ﻣ ﺘﻬ ﺎ ﺍﻟﻘ ﺎﻧﻮ ﻧﻴ ﺔ‬ ‫ﺍﳌ ﺎﻟﻴ ﺔ ﺷ ﺮ ﻛ ﺎ ﺕ‬ ‫ﺟ ﺰ ﺍﺋﺮ ﻳ ﺔ‬
‫‪ -‬ﺍﻻ ﺗﺰ ﻣ ﺎ ﺕ‬ ‫ﺍﻟﺘ ﺄ ﻣ ﲔ ﰲ‬
‫‪ -‬ﻧﻈ ﺎﻡ ﺍﳌ ﻼ ءﺓ ﺍﳌ ﺎﻟﻴﺔ‬
‫ﺍﻟﻘ ﺎﻧﻮ ﻧﻴ ﺔ‬ ‫ﺍﳉ ﺰ ﺍﺋﺮ ﻋ ﻠﻰ‬
‫ﻟﺸ ﺮ ﻛ ﺎ ﺕ ﺍﻟﺘ ﺄ ﻣ ﲔ ﰲ‬
‫ﺿ ﻮء‬
‫ﺍﳉ ﺰ ﺍﺋﺮ ﻣ ﺰ ﺍﻝ ﻳﺮ ﺗﻜ ﺰ‬
‫ﺍﻹ ﺻ ﻼ ﺣ ﺎ ﺕ‬
‫ﻋ ﻠﻰ ﻗﻮ ﺍﻋ ﺪ‬
‫ﳌ ﺠ ﺎ ﻟﻪ‬
‫ﺍﳌ ﺤ ﺎ ﺳ ﺒﻴ ﺔ ﻭ ﺑﺎﻟﺘﺎ ﱄ‬
‫ﻭ ﻣ ﺆ ﺷ ﺮ ﺍﺕ‬
‫ﻓﻬ ﻮ ﺍﻗﺮ ﺏ ﰲ‬
‫ﺍﳌ ﻼ ء ﺓ ﺍﳌ ﺎﻟﻴ ﺔ‬
‫ﻣ ﻜ ﻮ ﻧﺎﺗﻪ ﺍﱃ ﻧﻈ ﺎﻡ‬
‫ﺍﳌ ﻼ ء ﺓ ‪ 1‬ﻭ ﻻ‬
‫ﻳﺘﻤ ﺎﺷ ﻰ ﻣ ﻊ ﻧﻈ ﺎﻡ‬
‫ﺍﳌ ﻼ ء ﺓ ‪2‬‬

‫ﻫ ﺪ ﻓ ﺖ ﺍ ﻟ ﺪ ﺭ ﺍﺳ ﺔ ‪ -‬ﺗ ﻘ ﻴ ﻢ ﺍ ﻷ ﺻ ﻮ ﻝ ‪ -‬ﻧ ﻈ ﺎ ﻡ ﺍ ﳌ ﻼ ء ﺓ ﱂ‬ ‫ﺷ ﺮ ﻛ ﺎ ﺕ ﺍﻟﺘ ﺄ ﻣ ﲔ‬ ‫ﺍﳉ ﺰ ﺍﺋﺮ‬ ‫ﺳ ﻨﺠ ﺎﻕ ﻧﻮ ﺭ ﺩ ﻳﻦ‬ ‫ﻧﻈ ﺎﻡ ﺍﳌ ﻼ ءﺓ ﺍﳌ ﺎﻟﻴﺔ‬

‫ﻳﻮ ﺍﻛ ﺐ ﺗﻄ ﻮ ﺭ ﺍﺕ‬ ‫ﺍﱃ ﺗﻌ ﺮ ﻑ ﻋ ﻠﻰ ﻭ ﺍﳋ ﺼ ﻮ ﻡ‬ ‫ﺍﳉ ﺰ ﺍﺋﺮ ﻳﺔ‬ ‫ﻟﺸ ﺮ ﻛ ﺎ ﺕ ﺍﻟﺘ ﺄ ﻣ ﲔ ﰲ‬
‫‪2021‬‬
‫ﺃﻧﻈ ﻤ ﺔ ﺍﳌ ﻼ ءﺓ‬ ‫ﻧﻈ ﺎﻡ ﺍﳌ ﻼ ءﺓ‬ ‫ﺍﳉ ﺰ ﺍﺋﺮ ﻭ ﺗﻄ ﻮ ﺭ‬
‫‪ -‬ﺗﻘ ﻴﻢ‬
‫ﺍﻷ ﻭ ﺭ ﻭ ﺑﻴ ﺔ‬ ‫ﺍﳌ ﺎﻟﻴ ﺔ ﰲ ﺍﳉ ﺰ ﺍﺋﺮ‬ ‫ﺃﻧﻈ ﻤ ﺔ ﺍﻷ ﻭ ﺭ ﻭ ﺑﻴﺔ‬
‫ﺍﳌ ﺆ ﻭ ﻧﺎ ﺕ ﺍﻟﺘﻘ ﻨﻴ ﺔ‬
‫ﺷ ﺮﻛ ﺎﺕ‬
‫‪ -‬ﻋ ﺪ ﻡ ﻣﺮ ﻭ ﻧﺔ ﰲ‬

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 ‫‪ -‬ﻫ ﺎ ﻣ ﺶ ﺍﳌ ﻼ ء ﺓ ﺍ ﻻ ﺳ ﺘ ﺜ ﻤ ﺎ ﺭ ﺃ ﻣ ﻮ ﺍ ﻝ‬ ‫ﺍﻟﺘ ﺄ ﻣ ﲔ‬
‫ﺷ ﺮ ﻛ ﺎ ﺕ ﺍﻟﺘﺎﻣ ﲔ‬ ‫ﻭ ﺗﻄ ﻮ ﺭ ﺍﺕ ﻧﻈ ﺎﻡ‬
‫ﺍﻻ ﺳ ﺘﺜﻤ ﺎﺭ‬
‫ﺍﳌ ﻼ ء ﺓ ﺍﻷ ﻭ ﺭ ﻭ ﰊ‬
‫‪ -‬ﺍﺧ ﺘﻼ ﻑ ﻣ ﻊ ﻧﻈ ﺎﻡ‬
‫ﻣ ﻦ ﻧﻈ ﺎﻡ ﺍﳌ ﻼ ء ﺓ‬
‫ﺍﳌ ﻼ ء ﺓ ‪ 2‬ﻭ ﺗ ﻮ ﺍ ﻓ ﻘ ﻪ‬
‫‪ 1‬ﺍﱃ ﻧﻈ ﺎﻡ‬
‫ﻣ ﻊ ﻧﻈ ﺎﻡ ﺍﳌ ﻼ ءﺓ ‪1‬‬
‫ﻣﻼ ءﺓ ‪2‬‬

‫ﺇﻣ ﻜ ﺎﻧﻴﺔ ﺑﻨﺎء ﳕ ﻮ ﺫ ﺝ‬ ‫ﻫ ﺪ ﻓ ﺖ ﺍ ﻟ ﺪ ﺭ ﺍﺳ ﺔ ‪ -‬ﻧ ﺴ ﺒ ﺔ‬ ‫‪ 10‬ﺷﺮﻛﺎﺕ‬ ‫ﺍﳉ ﺰ ﺍﺋﺮ‬ ‫ﻃ ﺎﺭ ﻕ ﻋ ﺒﺪ‬ ‫ﺑﻨﺎء ﳕ ﻮ ﺫ ﺝ ﻟﻘ ﻴﺎﺱ‬
‫ﻟﻘ ﻴﺎﺱ ﻭ ﺗﻘ ﻴﻢ‬ ‫ﺍﻟﺘﺪ ﺍﻭ ﻝ‬ ‫ﻣ ﻌ ﺮ ﻓ ﺔ ﻛ ﻴﻔ ﻴ ﺔ‬ ‫ﺗ ﺄ ﻣ ﲔ ﺗﻨﺸ ﻂ ﰲ‬ ‫ﺍﻟﻘ ﺪ ﻭ ﺱ‬ ‫ﻭ ﺗ ﻘ ﻴ ﻢ ﺍ ﳌ ﻼ ء ﺓ ﺍﳌ ﺎﻟﻴ ﺔ‬
‫‪-2010‬‬
‫ﺑﻨﺎء ﳕ ﻮ ﺫ ﺝ‬ ‫ﳎ ﺎﻝ ﺍﻟﺘ ﺄ ﻣ ﻴﻨﺎﺕ‬ ‫ﻟﺸ ﺮ ﻛ ﺎ ﺕ ﺍﻟﺘﺎﻣ ﲔ‬
‫‪ -‬ﻏ ﺎ ﻟ ﺒ ﻴ ﺔ ﺍﳌ ﺆ ﺷ ﺮ ﺍ ﺕ‬ ‫‪ -‬ﻧﺴ ﺒ ﺔ‬ ‫‪2015‬‬
‫ﻟﻘ ﻴﺎﺱ ﻭ ﺗﻘ ﻴﻢ‬ ‫ﺍﻟﻌ ﺎﻣ ﺔ‬
‫ﺍﳌ ﻌ ﻴﺎ ﺭ ﻳ ﺔ ﺍﻟﻌ ﺎﳌ ﻴ ﺔ‬ ‫ﺍﻻ ﺳ ﺘﻘ ﻼ ﻟﻴ ﺔ‬
‫ﺍﳌ ﻼ ء ﺓ ﺍﳌ ﺎﻟﻴ ﺔ‬
‫ﺟ ﺎء ﺕ ﻣ ﻌ ﻨﻮ ﻳﺔ ﻫ ﺬ ﺍ‬
‫‪ -‬ﺍﲨ ﺎ ﱄ‬ ‫ﻟﺸ ﺮ ﻛ ﺎ ﺕ‬
‫ﻳﻌ ﲏ ﺍﻧﻪ ﳝ ﻜ ﻦ ﺗﻘ ﺪ ﻳﺮ‬
‫ﺍﻻ ﺗﺰ ﻣ ﺎ ﺕ ﺍﱃ‬ ‫ﺍﻟﺘ ﺄ ﻣ ﲔ‬
‫ﻭ ﺗﻘ ﻴﻢ ﺍﳌﻼ ءﺓ ﺍﳌﺎﻟﻴﺔ‬
‫ﺍﻷ ﺻ ﻮ ﻝ ﺗﺪ ﺍﻭ ﻝ‬
‫ﻋ ﻠﻰ ﺑﻴﺎﻧﺎﺕ ﺳ ﻮ ﻕ‬
‫ﺍﻟﺘﺎﻣ ﲔ ﺍﳉ ﺰ ﺍﺋﺮ ﻱ‬

‫ﻫ ﺪ ﻓ ﺖ ﺍ ﻟ ﺪ ﺭ ﺍ ﺳ ﺔ ‪ -‬ﻫ ﺎ ﻣ ﺶ ﺍﳌ ﻼ ء ﺓ ‪ -‬ﺗ ﻔ ﻮ ﻕ ﺷ ﺮ ﻛ ﺔ‬ ‫‪ 30‬ﺷﺮﻛﺔ ﺍﻟﺘﺄﻣﲔ‬ ‫ﺍﳌ ﻤ ﻠﻜ ﺔ‬ ‫ﻋ ﺒﺪ ﺍﻟﻜ ﺮﱘ ﺍﲪ ﺪ‬ ‫ﻫ ﺎ ﻣ ﺶ ﺍﳌ ﻼ ء ﺓ ﺍﳌ ﺎ ﻟ ﻴ ﺔ‬

‫ﻣ ﻴﺪ ﻏ ﻠﻒ ﻋ ﻠﻰ ﺑﻘ ﻴ ﺔ‬ ‫ﺍ ﱃ ﻣ ﻌ ﺮ ﻓ ﺔ ﺟ ﺎ ﻧ ﺒ ﺎ ﺍﳌ ﺎﻟﻴ ﺔ‬ ‫ﺍﻟﺘﻌ ﺎﻭ ﱐ‬ ‫ﺍﻟﻌ ﺮ ﺑﻴ ﺔ‬ ‫ﻗﻨﺪ ﻭ ﺯ ‪ ,‬ﺧ ﺎﻟﺪ‬ ‫ﰲ ﺷ ﺮﻛ ﺎﺕ ﺗﺎﻣﲔ‬
‫ﺍﻟﺸ ﺮ ﻛ ﺎ ﺕ ﺳ ﻮ ﺍء ﰲ‬ ‫ﻣﻬﻤﺎ ﻣﻦ‬ ‫ﺍﻟﺴ ﻌ ﻮ ﺩ ﻳ ﺔ‬ ‫ﻋ ﺒﺪ ﺍﻟﻌ ﺰ ﻳﺰ‬ ‫ﻭ ﺷ ﺮ ﻛ ﺎﺕ ﺇﻋ ﺎﺩ ﺓ‬
‫‪ -‬ﺍﻷ ﻗﺴ ﺎ ﻁ‬
‫ﻭ ﻓﺎﺋﻬ ﺎ ﺑﺎﳌﺘﻄ ﻠﺒﺎﺕ‬ ‫ﺟ ﻮ ﺍﻧﺐ ﻋ ﻤ ﻞ‬ ‫ﺍﻟﺴ ﻬ ﻼ ﻭ ﻱ‬ ‫ﺍ ﻟ ﺘ ﺄ ﻣ ﲔ ﺍﻟﺴ ﻌ ﻮ ﺩ ﻳ ﺔ‬
‫ﺍﳌ ﻜ ﺘﺘﺒ ﺔ‬
‫ﻫ ﺎ ﻣ ﺶ ﺍﳌ ﻼ ء ﺓ‬ ‫ﺷ ﺮﻛ ﺎﺕ‬
‫ﺍﻷ ﻗﺴ ﺎ ﻁ ﺍﻭ ﰲ‬ ‫ﺍ ﻟ ﺘ ﺄ ﻣ ﲔ ﺍﻟﺘﻌ ﺎ ﻭ ﱐ ‪ -‬ﺍﳌ ﺘﻄ ﻠﺒﺎ ﺕ‬

‫ﻫ ﺎ ﻣ ﺶ ﺍﳌ ﻼ ء ﺓ ﻭ‬
‫ﻫ ﺎﻣ ﺶ ﻣ ﻼ ءﺓ‬
‫ﺍﳌ ﺘﻄ ﺎﻟﺒﺎ ﺕ‬

‫ﺳﻴﻮﻟﺔ ﳍﺎ ﺗﺄﺛﲑ‬ ‫ﻫ ﺪ ﻓ ﺖ ﺍ ﻟ ﺪ ﺭ ﺍ ﺳ ﺔ ‪ -‬ﻋ ﺎ ﺋ ﺪ ﺍ ﻟﺴ ﻬ ﻢ‬ ‫ﺷ ﺮ ﻛ ﺎ ﺕ ﺗ ﺼ ﻨﻴ ﻊ‬ ‫ﺍﻷ ﺭ ﺩ ﻥ‬ ‫‪Ahmad Liquidity and‬‬

‫ﻋ ﻜ ﺴ ﻲ ﺿ ﺌﻴﻞ ﻋ ﻠﻰ‬ ‫ﺍﱃ ﻣﻌﺮﻓﺔ ﻣﺪﻯ ‪fps‬‬ ‫‪abdelhalim‬‬ ‫‪solvency‬‬
‫‪-2010‬‬
‫ﺍﻷ ﺩ ﺍء ﺍﳌ ﺎ ﱄ ﻓ ﻴﻤ ﺎ‬ ‫ﺗﺄ ﺛﲑ ﺍﻟﺴ ﻴﻮ ﻟ ﺔ‬ ‫‪dahiyat,‬‬ ‫‪management‬‬
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 ‫ﺗﺘﻌ ﻠﻖ ﺑﺎﳌﺘﻐ ﲑ ﺍﺕ‬ ‫ﻭ ﺍﻻ ﻣ ﻼ ءﺓ ﺍﳌ ﺎﻟﻴﺔ ‪ -‬ﺍﻟﻨﺴ ﺒ ﺔ ﺍﳊ ﺎﻟﻴ ﺔ‬ ‫‪2019‬‬ ‫‪sulaiman and is impact‬‬
‫ﺍﻷ ﺧ ﺮ ﻯ‬ ‫‪cr‬‬ ‫ﺷ ﺮﻛ ﺎﺕ‬ ‫‪raji weshh,‬‬ ‫‪on financial‬‬
‫ﺍﻟﺘﺼ ﻨﻴﻊ‬ ‫‪mohammd‬‬ ‫‪performance‬‬
‫‪ -‬ﺍﲨ ﺎ ﱄ ﺍﻟﺪ ﻳﻮ ﻥ ‪ -‬ﺗﺄ ﺛ ﲑ ﺍﺟ ﺎ ﰊ ﻛ ﺒﲑ‬
‫ﺍﻷ ﺭ ﺩ ﻧﻴ ﺔ‬ ‫‪aldahiyat‬‬
‫ﻋ ﻠ ﻰ ﺍ ﻷ ﺩ ﺍء ﻭ ﺗ ﺎ ﺛ ﲑ‬ ‫ﺍﱃ ﺍﲨ ﺎﱄ‬
‫ﺍﳌ ﺪ ﺭ ﺟ ﺔ ﰲ‬
‫ﺳ ﻠﱯ ﻛ ﺒﲑ ﻟﻠﻤ ﻼ ءﺓ‬ ‫ﺍﻷ ﺻ ﻮ ﻝ‬
‫ﺑﻮ ﺭ ﺻ ﺔ ﻋ ﻤ ﺎﻥ‬
‫ﻋ ﻠ ﻰ ﺍ ﻷ ﺩ ﺍء‬

‫‪ -‬ﺣ ﺠ ﻢ ﺍﻟﺸ ﺮ ﻛ ﺔ ﻟﻪ‬ ‫ﻫ ﺪ ﻓ ﺖ ﺍ ﻟ ﺪ ﺭ ﺍﺳ ﺔ ‪ -‬ﺍ ﻟ ﺮ ﲝ ﻴ ﺔ‬ ‫ﺑﻮ ﺭ ﺻ ﺔ‬ ‫‪Yudhi‬‬ ‫‪Analysis of‬‬

‫ﺗﺄ ﺛﲑ ﺍﺟ ﺎﰊ ﻛ ﺒﲑ‬ ‫ﺍﱃ ﺍﺧ ﺘﺒﺎﺭ‬ ‫ﺍﻧﺪ ﻭ ﻧﺴ ﻴﺎ‬ ‫‪prasetyo‬‬ ‫‪company size‬‬
‫‪ -‬ﺍﳌ ﻼ ء ﺓ ﺍﳌ ﺎﻟﻴ ﺔ‬
‫ﻋ ﻠ ﻰ ﻗ ﻴ ﻤ ﺔ ﺍ ﻟﺸ ﺮ ﻛ ﺔ‬ ‫ﻭ ﲢ ﺪ ﻳﺪ ﺍﻟﻌ ﻮ ﺍﻣ ﻞ‬ ‫‪profitability‬‬
‫‪-2018‬‬
‫‪ -‬ﺍﻟﻌ ﺎﺋﺪ ﻋ ﻠﻰ‬ ‫ﺍﻟﱵ ﺗﺆ ﺛﺮ ﻋ ﻠﻰ‬ ‫‪and solvency‬‬
‫‪ -‬ﺍﻷ ﺩ ﺍء ﺍﳌ ﺎ ﱄ ﻟﺮ ﲝ ﻴ ﺔ‬ ‫‪2021‬‬
‫ﺣ ﻘ ﻮ ﻕ ﺍﳌ ﻠﻜ ﻴ ﺔ‬ ‫ﻗ ﻴ ﻤ ﺔ ﺍﻟﺸ ﺮ ﻛ ﺔ‬ ‫‪on firm value‬‬
‫ﺍﳌ ﻘ ﺘﺒﺲ ﻣ ﻘ ﺎﺑﻞ‬
‫‪roe‬‬
‫ﺣ ﻘ ﻮ ﻕ ﻣ ﺎﻟﻴ ﺔ ﻳﻌ ﻄ ﻲ‬
‫ﻧ ﺘ ﺎ ﺋ ﺞ ﺩ ﻭ ﻥ ﺃ ﻱ ﺗﺄ ﺛﲑ‬ ‫‪ -‬ﺍﻟﺪ ﻳﻦ ﻋ ﻠﻰ‬

‫ﺍ ﲨ ﺎ ﱄ ﺍ ﻷ ﺻ ﻮ ﻝ ﻋ ﻠ ﻰ ﻗ ﻴ ﻤ ﺔ ﺍ ﻟﺸ ﺮ ﻛ ﺔ ﻭ‬
‫ﻣﻼ ء™ﺎ‬ ‫‪dta‬‬

‫‪ -‬ﺍﳌ ﺘﻐ ﲑ ﺍﺕ ﺍﳌﺴ ﺘﻘ ﻠ ﺔ‬ ‫‪ 34‬ﺷﺮﻛﺔ ﻣﺪﺭﺟﺔ ﻫﺪﻓﺖ ﺍﻟﺪﺭﺍﺳﺔ ﺍﻟﻌﺎﺋﺪ ﻋﻠﻰ‬ ‫ﺑﻮ ﺭ ﺻ ﺔ‬ ‫‪Apipi‬‬ ‫‪Effect of‬‬
‫ﺍ ﻟ ﺜ ﻼ ﺛ ﺔ ﳍ ﺎ ﺗﺄ ﺛ ﲑ ﻛ ﺒ ﲑ‬ ‫ﰲ ﺑﻮﺭﺻﺔ ﺍﻧﺪﻭﻧﺴﻴﺎ ﺍﱃ ﺷﺮﺡ ﻋﻼﻗﺔ ﺍﻷﺻﻮﻝ ‪roe‬‬ ‫ﺍﻧﺪ ﻭ ﻧﺴ ﻴﺎ‬ ‫‪ahamsori,‬‬ ‫‪liquidity and‬‬
‫ﻭ ‪ dar , roa‬ﻋﻠﻰ ﺍﻟﻌﺎﺋﺪ ﻋﻠﻰ‬ ‫ﺍﳌ ﺘﻐ ﲑ ﺍﺕ ﻣ ﻦ‬ ‫‪-2017‬‬ ‫‪muhamad‬‬ ‫‪solvency on‬‬
‫ﺍﻷﺻﻮﻝ ‪ roe‬ﻭ‬ ‫ﺧﻼﻝ‬ ‫‪2019‬‬ ‫‪luthfi‬‬ ‫‪company‬‬
‫‪ dar‬ﳍﻤﺎ ﺗﺎﺛﲑ‬ ‫ﺍﻟﻔ ﺮ ﺿ ﻴﺎ ﺕ‬ ‫‪performabce‬‬

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 ‫ﻋﻠﻰ ‪ roa‬ﻭ‬
‫‪roe‬‬

‫‪ -‬ﺍﳌ ﻼ ء ﺓ ﺍﳌ ﺎﻟﻴ ﺔ ﻭ ﺭ ﺃﺱ‬ ‫ﻫ ﺪ ﻓ ﺖ ﺍ ﻟ ﺪ ﺭ ﺍﺳ ﺔ ‪ -‬ﺍ ﳌ ﻼ ء ﺓ ﺍ ﳌ ﺎ ﻟ ﻴ ﺔ‬ ‫‪-2012‬‬ ‫‪Yemmi,‬‬ ‫‪The impact‬‬

‫ﺍﳌ ﺎﻝ ﺍﻟﻌ ﺎﻣ ﻞ ﳍ ﻤ ﺎ‬ ‫ﺍﱃ ﻣ ﻌ ﺮ ﻓ ﺔ ﻣ ﺎ‬ ‫‪2016‬‬ ‫‪Arifin,‬‬ ‫‪of solvency‬‬
‫‪ -‬ﺭ ﺃﺱ ﻣ ﺎﻝ‬
‫ﺗﺄ ﺛﲑ ﻛ ﺒﲑ ﻋ ﻠﻰ‬ ‫ﺍﺫ ﺍ ﻛ ﺎﻥ‬ ‫‪eddy‬‬ ‫‪and working‬‬
‫ﺍﻟﻌ ﺎﻣ ﻞ‬
‫ﺍﻟﺮ ﲝ ﻴ ﺔ ﰲ ﻭ ﻗ ﺖ‬ ‫ﻟﻠﻤ ﻼ ءﺓ ﺍﳌ ﺎﻟﻴﺔ ﻭ‬ ‫‪gunawan,‬‬ ‫‪capital on‬‬
‫ﻭ ﺍﺣ ﺪ ﳝ ﻜ ﻦ ﺗﻔﺴ ﲑ‬ ‫‪ -‬ﻧﺴ ﺒ ﺔ ﺍﳌ ﺎﻟﻴ ﺔ‬ ‫ﺭ ﺃﺱ ﺍﳌ ﺎﻝ‬ ‫‪leonard perofitability‬‬
‫ﺍﻟﺮ ﲝ ﻴ ﺔ ﻣ ﻦ ﺧ ﻼ ﻝ‬ ‫ﺍ ﻟ ﻌ ﺎ ﻣ ﻞ ﺗﺄ ﺛ ﲑ‬ ‫‪pakpahan,‬‬
‫ﺭ ﺃﺱ ﺍﳌ ﺎﻝ ﺍﻟﻌ ﺎﻣ ﻞ ﻭ‬ ‫ﻋ ﻠﻰ ﺍﻟﺮ ﲝ ﻴﺔ‬ ‫‪halasan‬‬
‫ﺍﳌ ﻼ ء ﺓ ﺍﳌ ﺎﻟﻴ ﺔ‬ ‫‪siregan‬‬

‫‪ -‬ﺷ ﺮ ﻛ ﺔ ﻻ ﺗ ﺪ ﻳﺮ‬
‫ﺭ ﺃﺱ ﻣ ﺎﻝ ﺍﻟﻌ ﺎﻣ ﻞ‬
‫ﺑﺸ ﻜ ﻞ ﻣ ﻨ ﺎ ﺳ ﺐ‬

‫‪ -‬ﺍﳌ ﺘﻐ ﲑ ﺍﺕ‬ ‫‪ -‬ﻧﺴ ﺒ ﺔ ﺍﳌ ﻼ ء ﺓ‬ ‫ﺗﻮ ﺻ ﻠﺖ‬ ‫‪7‬ﻣﻦ ‪ 9‬ﺷﺮﻛﺎﺕ‬ ‫ﺍﻧﺪ ﻭ ﻧﺴ ﺎ‬ ‫‪Gilang‬‬ ‫‪The effect of‬‬
‫ﺍﳌﺴ ﺘ ﺨ ﺪ ﻣ ﺔ ﻟﻔ ﺘﺮ ﺓ‬ ‫ﻣ ﺴ ﺠ ﻠ ﺔ ﰲ ﻟ ﺒ ﻮ ﺭ ﺻ ﺔ ﺍﻟﺪ ﺭ ﺍﺳ ﺔ ﺍﱃ‬ ‫‪Ramadhan‬‬ ‫‪rentability‬‬
‫‪ -‬ﻧﺴ ﺒ ﺔ ﺍﻟﺴ ﻴﻮ ﻟ ﺔ‬ ‫‪-2012‬‬
‫ﺍﻟﺪ ﻳﻦ ﺍﳌ ﺘﻐ ﲑ ﺍﱃ‬ ‫ﺍﺛﺒﺎﺕ ﺗ ﺄ ﺛﲑ‬ ‫‪ratio,‬‬
‫‪2016‬‬
‫‪ -‬ﻧﺴﺒﺔ ﺍﻻﳚﺎﺭ ﺍﻷﺻﻮﻝ ‪ dar‬ﻭﺍﻟﱵ‬ ‫ﺗﺄ ﺛﲑ ﻧﺴ ﺒ ﺔ‬ ‫‪solvabitity‬‬
‫ﻛ ﺎﻧ ﺖ ﺍﻛ ﺜﺮ ﺍﺛﺮ ﺕ‬ ‫ﺍﳌ ﻼ ء ﺓ ﻭ ﺳ ﻴﻮ ﻟ ﺔ‬ ‫‪ratio,‬‬
‫ﺑﺸ ﻜ ﻞ ﻛ ﺒﲑ ﻋ ﻠﻰ‬ ‫ﻭ ﻧﺴ ﺒﺔ ﺍﻻ ﳚ ﺎﺭ‬ ‫‪liquidity‬‬
‫ﻗ ﻴ ﻤ ﺔ ﺍﻟﺸ ﺮ ﻛ ﺔ‬ ‫ﻋ ﻠﻰ ﻗﻴﻤ ﺔ‬ ‫‪ratio upon‬‬
‫ﺍﻟﺸ ﺮ ﻛ ﺔ ﺍﳌ ﻘ ﺎﻣ ﺔ‬ ‫‪the‬‬
‫ﺑﻘ ﻴﻤ ﺔ ﺍﻟﺪ ﻓﺘﺮ ﻳﺔ‬ ‫‪companys‬‬
‫‪value‬‬

‫‪ -‬ﻧﺴ ﺒ ﺔ ﺍﳌ ﻼ ء ﺓ ﺍﳌ ﺎﻟﻴ ﺔ‬ ‫ﻫ ﺪ ﻓ ﺖ ﺍ ﻟ ﺪ ﺭ ﺍﺳ ﺔ ‪ -‬ﺍ ﻟ ﺴ ﻴ ﻮ ﻟ ﺔ‬ ‫‪ 36‬ﺷﺮﻛﺔ‬ ‫ﺑﺎﻛ ﺴ ﺘﺎﻥ‬ ‫‪Mobeen‬‬ ‫‪Impect of‬‬

‫ﳍ ﺎ ﺗ ﺄ ﺛﲑ ﺳ ﻠﱯ ﻭ ﻫ ﺎﻡ‬ ‫ﺍﱃ ﲢ ﻠﻴﻞ‬ ‫ﻛ ﻴﻤ ﺎﻭﻳﺔ‬ ‫‪ur, rehman‬‬ ‫‪liquidity,‬‬
‫‪ -‬ﺍﳌ ﻼ ء ﺓ‬ ‫‪-2001‬‬
‫ﻟﻠﻐ ﺎﻳﺔ ﻋ ﻠﻰ ﺍﻟﻌ ﺎﺋﺪ‬ ‫ﻭ ﺷ ﺮ ﺡ ﺍﻟﻌ ﻼ ﻗ ﺔ‬ ‫‪solvency on‬‬
‫‪2009‬‬
‫ﻋ ﻠﻰ ﺍﻷ ﺻ ﻮ ﻝ‬ ‫‪ -‬ﺍﻷ ﺩ ﺍء‬ ‫ﺑﲔ ﺍﻟﺴ ﻴﻮ ﻟﺔ‬ ‫‪profitability‬‬
‫ﻭ ﻟﻠﻌ ﺎﺋﺪ ﻋ ﻠﻰ ﺣ ﻘ ﻮ ﻕ‬ ‫ﻭ ﺍﳌ ﻼ ءﺓ ﻭ ﺍﻷ ﺩ ﺍء‬ ‫‪chemical‬‬

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 ‫ﺍﳌ ﻠﻜ ﻴ ﺔ‬ ‫ﻭ ﺍﻟﱵ ﺗﻠﻌ ﺐ‬ ‫‪sector of‬‬
‫ﺩ ﻭ ﺭ ﺍ ﺣ ﻴﻮ ﻳﺎ ﰲ‬ ‫‪pakista‬‬
‫‪ -‬ﺳ ﻴﻮ ﻟ ﺔ ﳍ ﺎ ﺗ ﺄ ﺛﲑ‬
‫ﺍﻟﻌ ﺎﺋﺪ ﻋ ﻠﻰ‬
‫ﺇﳚ ﺎﰊ ﻛ ﺒﲑ ﻋ ﻠﻰ‬
‫ﺍﻷ ﺻ ﻮ ﻝ ﻟﻘ ﻄ ﺎﻉ‬
‫ﺍﻟﻌ ﺎﺋﺪ ﻋ ﻠﻰ ﺍﻷ ﺻ ﻮ ﻝ‬
‫ﺍﻟﻜ ﻴﻤ ﺎﻭ ﻳﺎ ﺕ‬
‫ﺍﻟﻘ ﻄ ﺎﻉ‬

‫‪ -‬ﺍﻟﺮ ﲝ ﻴ ﺔ ﺍﳌ ﺤ ﺴ ﻮ ﺑ ﺔ‬ ‫ﻫ ﺪ ﻓ ﺖ ﺍ ﻟ ﺪ ﺭ ﺍﺳ ﺔ ﺭ ﲝ ﻴ ﺔ‬ ‫ﺑﻮ ﺭ ﺻ ﺔ ﻋ ﻤ ﺎﻥ‬ ‫ﺍﻷ ﺭ ﺩ ﻥ‬ ‫‪Rania‬‬ ‫‪The impact‬‬

‫‪roe‬ﺑﺎﻟﻌﺎﺋﺪ ﻋﻠﻰ‬ ‫ﺍﱃ ﺍﺳ ﺘﻜ ﺸ ﺎﻑ‬ ‫‪alomari‬‬ ‫‪of liquidity,‬‬
‫‪ -‬ﺍﻟﺴ ﻴﻮ ﻟ ﺔ‬ ‫‪-2005‬‬
‫ﺍﻷ ﺻ ﻮ ﻝ ﻛ ﺎﻣ ﺘﻐ ﲑ‬ ‫ﺍﻟﺘ ﺄ ﺛﲑ ﻋ ﻠﻰ‬ ‫‪solvency on‬‬
‫‪2018‬‬
‫ﺗﺎﺑﻊ ﳍ ﺎ ﻋ ﻼ ﻗ ﺔ ﺳ ﻠﺒﻴﺔ‬ ‫‪ -‬ﺍﳌ ﻼ ء ﺓ‬ ‫ﺭ ﲝ ﻴ ﺔ ﺍﻟﺴ ﻴﻮ ﻟ ﺔ‬ ‫‪profitability‬‬
‫ﻣ ﻊ ﺍﳌ ﻼ ءﺓ ﺍﳌ ﺤ ﺴ ﻮ ﺑﺔ‬ ‫ﻭ ﺍﳌ ﻼ ءﺓ ﰲ‬
‫ﺑﻮﺍﺳﻄﺔ ‪ cr‬ﺍﻟﻨﺴﺒﺔ‬ ‫ﻗﻄ ﺎﻉ ﺍﻻ ﺩ ﻭ ﻳﺔ‬
‫ﺍﳊ ﺎﻟﻴﺔ ﻭ ﻋ ﻼ ﻗ ﺔ‬
‫ﻣﻮﺟﺒﺔ ﻣﻊ ‪de‬‬

‫‪ cr‬ﻛﺎﻥ ﻝ ‪der‬‬ ‫ﻫ ﺪ ﻓ ﺖ ﺍ ﻟ ﺪ ﺭ ﺍﺳ ﺔ ‪ -‬ﻧ ﺴ ﺒ ﺔ ﺍ ﻟ ﺴ ﻴ ﻮ ﻟ ﺔ‬ ‫‪ 14‬ﺷﺮﻛﺎﺕ‬ ‫‪-2016‬‬ ‫‪Sari, rivi‬‬ ‫‪Effect of‬‬

‫ﻭ ‪roe‬ﺗﺎﺛﲑ ﺇﳚﺎﰊ‬ ‫‪cr‬‬ ‫ﺍﱃ ﲢ ﻠﻴﻞ‬ ‫ﺗﺼ ﻨﻴﻊ ﰲ ﻗﻄ ﺎﻉ‬ ‫‪2020‬‬ ‫‪suci‬‬ ‫‪liquidity,‬‬
‫ﻭ ﱂ ﻳ ﻜ ﻦ ﳍ ﻤ ﺎ ﺗﺄ ﺛ ﲑ‬ ‫ﻭ ﻓ ﺤ ﺺ ﺗﺄ ﺛﲑ‬ ‫ﺍﻟﻔ ﺮ ﻋ ﻲ‬ ‫‪fahriyana‬‬ ‫‪solvency‬‬
‫‪ -‬ﻧﺴ ﺒ ﺔ ﺍﳌ ﻼ ء ﺓ‬
‫ﻛ ﺒﲑ ﺍﻷ ﺳ ﻌ ﺎﺭ‬ ‫ﻧﺴ ﺒ ﺔ ﺍﻟﺴ ﻴﻮ ﻟ ﺔ ‪،‬‬ ‫‪puspitarini‬‬ ‫‪profitability‬‬
‫‪der‬‬
‫ﺍﻷ ﺳ ﻬ ﻢ‬ ‫ﻧﺴ ﺒ ﺔ ﺍﳌ ﻼ ء ﺓ ‪،‬‬ ‫‪and market‬‬
‫ﻧﺴ ﺒ ﺔ ﺍﻟﺮ ﲝ ﻴ ﺔ ‪ - ،‬ﻧﺴ ﺒ ﺔ ﺍﻟﺮ ﲝ ﻴ ﺔ‬ ‫‪ration on‬‬
‫‪ eps -‬ﻟﻪ ﺗﺄﺛﲑ‬
‫ﻭﻧﺴﺒﺔ ﺍﻟﺴﻮﻕ ‪roe‬‬ ‫‪stock price‬‬
‫ﺇﳚ ﺎﰊ ﻫ ﺎﻡ ﻋ ﻠﻰ‬
‫‪ -‬ﻧﺴ ﺒ ﺔ ﺳ ﻮ ﻕ‬ ‫‪ ،‬ﻋ ﻠﻰ ﺍﺳ ﻌ ﺎ ﺭ‬
‫ﺃﺳ ﻌ ﺎﺭ ﺳ ﻬ ﻢ‬
‫‪eps‬‬ ‫ﺍﻻ ﺳ ﻬ ﻢ ﰲ‬
‫ﺷ ﺮﻛ ﺎﺕ‬
‫ﺍﻟﺘﺼ ﻨﻴﻊ ﰲ‬
‫ﺍﻟﻘ ﻄ ﺎﻉ ﺍﻟﻔ ﺮ ﻋ ﻲ‬
‫ﻟﻸ ﻏ ﺬ ﻳ ﺔ‬
‫ﻭ ﻣﺸ ﺮ ﻭ ﺑﺎﺕ‬
‫ﺍﳌ ﺪ ﺭ ﺟ ﺔ ﰲ‬

‫‪56‬‬
 ‫ﺑﻮ ﺭ ﺻ ﺔ‬
‫ﺍﻧﺪ ﻭ ﻧﺴ ﻴﺎ‬

‫ﺍﳌﺼﺪﺭ‪:‬ﻣﻦ إﻋﺪاد اﻟﻄﺎﻟﺒﺎت‬

‫ﺍﳌﻠﺤﻖ ﺭﻗﻢ )‪:(02‬ﻣﺘﻐﯿﺮات اﻟﺪراﺳﺔ‬
‫ﺍﳌ ﺘﻐ ﲑ ﺍﺕ ﺍﳌﺴ ﺘﻘ ﻠ ﺔ‬ ‫ﺍﳌ ﺘﻐ ﲑ ﺍﺕ ﺍﳌﺴ ﺘﻘ ﻠ ﺔ‬ ‫ﺍﳌ ﺘﻐ ﲑ ﺍﺕ ﺍﳌﺴ ﺘﻘ ﻠ ﺔ‬ ‫ﺍﳌ ﺘﻐ ﲑ ﺍﺕ ﺍﳌﺴ ﺘﻘ ﻠ ﺔ‬ ‫ﺍﳌ ﺘﻐ ﲑ ﺍ ﺍﻟﺘﺎﺑ ﻊ‬
‫ﻧﺴ ﺒ ﺔ ﺳ ﻴﻮ ﻟ ﺔ ﺍﻷ ﺻ ﻮ ﻝ ﻧﺴ ﺒ ﺔ ﺣ ﻘ ﻮ ﻕ ﺍﳌ ﻠ ﻜ ﻴ ﺔ‬ ‫ﻧﺴ ﺒ ﺔ ﺍﻟﺘ ﺪ ﺍﻭ ﻝ‬ ‫ﻧﺴ ﺒ ﺔ ﺍﻟﺮ ﺍﻓﻌ ﺔ ﺍﳌ ﺎﻟﻴ ﺔ‬ ‫ﺍﻟﻘ ﻴﻤ ﺔ ﺍﻟﺴ ﻮ ﻗ ﻴ ﺔ‬ ‫ﺍﻟﺴ ﻨﻮ ﺍﺕ‬ ‫ﺍﳌ ﺆ ﺳ ﺴ ﺎ ﺕ‬
‫ﻟﻸ ﺳ ﻬ ﻢ‬
‫‪PDP‬‬ ‫‪RLA‬‬ ‫‪CR‬‬ ‫‪LE‬‬ ‫‪MVS‬‬
‫‪1,454159179 0,236736945 0,608386651 0,030967313 0,063670412‬‬ ‫‪2013‬‬
‫‪1,561550502 0,265578249 0,680292047‬‬ ‫‪0‬‬ ‫‪0,024647887‬‬ ‫‪2014‬‬
‫‪1,498372415 0,268144297 0,669924314‬‬ ‫‪0‬‬ ‫‪0,189003436‬‬ ‫‪2015‬‬
‫‪1,387181039 0,318879431 0,762386829 0,001100541 0,529661017‬‬ ‫‪2016‬‬ ‫ﺷ ﺮﻛ ﺔ‬
‫‪0,546294029 0,362544173‬‬ ‫‪1‬‬ ‫‪0‬‬ ‫‪0,054054054‬‬ ‫‪2017‬‬ ‫ﺍﻟﺒﺎﻃ ﻮ ﻥ‬
‫‪1,363042886 0,359806235 0,718396781 0,018395449 0,495238095‬‬ ‫‪2018‬‬ ‫ﺍﳉ ﺎﻫ ﺰ‬
‫‪0,848682499 0,350785219 0,648490495‬‬ ‫‪0‬‬ ‫‪0,283018868‬‬ ‫‪2019‬‬
‫‪0,812647886 0,324003832 0,646676234 0,112976413 0,105263158‬‬ ‫‪2020‬‬
‫‪0,877221055 0,282261141‬‬ ‫‪0,58499663‬‬ ‫‪0,107430142 0,382352941‬‬ ‫‪2021‬‬
‫‪0,848621753 0,319506074 0,643615744‬‬ ‫‪0,09698131‬‬ ‫‪-0,14893617‬‬ ‫‪2022‬‬
‫‪0,857520589 0,626131441 5,995206316‬‬ ‫‪0‬‬ ‫‪0,295238095‬‬ ‫‪2013‬‬
‫‪6,658449204 0,655917732 5,023312635‬‬ ‫‪0‬‬ ‫‪0,547297297‬‬ ‫‪2014‬‬
‫‪8,574996428 0,626131441 5,995206316‬‬ ‫‪0‬‬ ‫‪0,065502183‬‬ ‫‪2015‬‬
‫‪6,658449204 0,655917732 5,023312635‬‬ ‫‪0‬‬ ‫‪0,102803738‬‬ ‫‪2016‬‬ ‫ﺷ ﺮ ﻛ ﺔ ﺍﳊ ﻴﺎﺓ‬
‫‪4,60776626‬‬ ‫‪0,646571204 4,185339248 0,029013077 0,057291667‬‬ ‫‪2017‬‬ ‫ﻟﻠﺼ ﻨﺎﻋ ﺎﺕ‬
‫‪3,46366712‬‬ ‫‪0,572514275 3,331723492 0,067262705 0,049261084‬‬ ‫‪2018‬‬ ‫ﺍﻟﺪ ﻭ ﺍﺋﻴ ﺔ‬
‫‪5,759411491 0,534597833 4,859893847 0,044527381 0,015544041‬‬ ‫‪2019‬‬
‫‪4,311601409 0,590477684 4,095814373 0,054329468 0,234693878‬‬ ‫‪2020‬‬
‫‪6,581734076‬‬ ‫‪0,56796142‬‬ ‫‪5,317284525 0,028892575 0,566115702‬‬ ‫‪2021‬‬
‫‪6,323839494 0,592714786 4,367067747 0,000945799 0,221635884‬‬ ‫‪2022‬‬
‫‪1,764094423 0,438937706 1,219591522‬‬ ‫‪0‬‬ ‫‪0,12‬‬ ‫‪2013‬‬
‫‪2,03439551‬‬ ‫‪0,415526001‬‬ ‫‪1,25401974‬‬ ‫‪0‬‬ ‫‪0,232142857‬‬ ‫‪2014‬‬
‫‪2,247402637 0,357520355‬‬ ‫‪1,16165743‬‬ ‫‪0‬‬ ‫‪0,255813953‬‬ ‫‪2015‬‬ ‫ﺷ ﺮﻛ ﺔ‬

‫‪57‬‬
‫‪1,765090422 0,386733529 1,069350588‬‬ ‫‪0‬‬ ‫‪-0,1875‬‬ ‫‪2016‬‬ ‫ﺍﻟﺼ ﻨﺎﻋ ﺎ ﺕ‬
‫‪0,96074156‬‬ ‫‪0,426279141 0,835823227‬‬ ‫‪0‬‬ ‫‪1,884615385‬‬ ‫‪2017‬‬ ‫ﺍﻟﺒﻴﺘﺮ ﻭ ﻛ ﻴﻤ ﺎﻭ ﻳ ﺔ‬
‫‪0,80908463‬‬ ‫‪0,356297034 0,644571488‬‬ ‫‪0‬‬ ‫‪0,08‬‬ ‫‪2018‬‬ ‫ﺍﻟﻮ ﺳ ﻴﻄ ﻴ ﺔ‬
‫‪0,615112261 0,284894991 0,460137394‬‬ ‫‪0‬‬ ‫‪0,432098765‬‬ ‫‪2019‬‬
‫‪0,482953182 0,257748118 0,699076073 0,938471446 0,217391304‬‬ ‫‪2020‬‬
‫‪0,389044437 0,250689808 0,653839836 1,201467341 1,722222222‬‬ ‫‪2021‬‬
‫‪0,210943095 0,225587685 0,840111475 3,199138558 0,663265306‬‬ ‫‪2022‬‬
‫‪2,714514902 0,755739364 2,807205128‬‬ ‫‪0‬‬ ‫‪0,225225225‬‬ ‫‪2013‬‬
‫‪6,183090009 0,749323975 5,382461558‬‬ ‫‪0‬‬ ‫‪0,279069767‬‬ ‫‪2014‬‬
‫‪6,040862109 0,740495291 5,213725237‬‬ ‫‪0‬‬ ‫‪0,5‬‬ ‫‪2015‬‬
‫‪4,604715446 0,749206393 4,199088645‬‬ ‫‪0‬‬ ‫‪0,018181818‬‬ ‫‪2016‬‬
‫‪0,96074156‬‬ ‫‪0,426279141 0,835823227‬‬ ‫‪0‬‬ ‫‪0,005952381‬‬ ‫‪2017‬‬ ‫ﺷ ﺮ ﻛ ﺔ ﻣ ﺼ ﺎﻧ ﻊ‬
‫‪0,80908463‬‬ ‫‪0,356297034 0,644571488‬‬ ‫‪0‬‬ ‫‪0,119760479‬‬ ‫‪2018‬‬ ‫ﺍﻟﺰ ﻳﻮ ﺕ‬
‫‪5,945782663 0,655312524‬‬ ‫‪4,55165837‬‬ ‫‪0‬‬ ‫‪0,486631016‬‬ ‫‪2019‬‬ ‫ﺍﻟﻨﺒﺎﺗﻴ ﺔ‬
‫‪0,482953182 0,257748118 0,699076073 0,938471446 0,025179856‬‬ ‫‪2020‬‬ ‫ﺍﻷ ﺭ ﺩ ﻧﻴ ﺔ‬
‫‪0,494459086 0,250689808 0,653839836 0,945324292‬‬ ‫‪0,01754386‬‬ ‫‪2021‬‬
‫‪4,770120445 0,636907687 3,675034065‬‬ ‫‪0‬‬ ‫‪0,137931034‬‬ ‫‪2022‬‬
‫‪2,00786867‬‬ ‫‪0,448716003 1,717179721‬‬ ‫‪0‬‬ ‫‪-0,46969697‬‬ ‫‪2013‬‬
‫‪2,717591268 0,481184257 2,142772742‬‬ ‫‪0‬‬ ‫‪1,257142857‬‬ ‫‪2014‬‬
‫‪1,389973082 0,536908335 2,880445208 0,398937793 0,073417722‬‬ ‫‪2015‬‬
‫‪1,138871462 0,582151483 2,651538818 0,465729311 0,160377358‬‬ ‫‪2016‬‬ ‫ﺷ ﺮ ﻛ ﺔ ﺳ ﻨﻴﻮ ﺭ ﺓ‬
‫‪1,317304448 0,408995363 1,794798636 0,358259618 0,199438202‬‬ ‫‪2017‬‬ ‫ﻟﺼ ﻨﺎﻋ ﺎﺕ‬
‫‪1,190860337 0,393807878 1,726898184 0,420190815‬‬ ‫‪0‬‬ ‫‪2018‬‬ ‫ﺍﻟﻐ ﺬ ﺍﺋﻴ ﺔ‬
‫‪2,936932034 0,636024023‬‬ ‫‪2,78246421‬‬ ‫‪0,034077825‬‬ ‫‪0,49122807‬‬ ‫‪2019‬‬
‫‪3,306166589 0,645352776 4,242917191 0,104358599 0,223529412‬‬ ‫‪2020‬‬
‫‪2,659041633 0,683377143 3,324704844 0,093229655 0,105769231‬‬ ‫‪2021‬‬
‫‪0,51784346‬‬ ‫‪0,439342187 1,137927971 0,799423793 0,095652174‬‬ ‫‪2022‬‬
‫‪3,278543462 0,561155421 2,400927856‬‬ ‫‪0‬‬ ‫‪0,7‬‬ ‫‪2013‬‬
‫‪3,320118079 0,058632171 0,253297901‬‬ ‫‪0‬‬ ‫‪0,132352941‬‬ ‫‪2014‬‬
‫‪3,861167639 0,625304794 3,039711429‬‬ ‫‪0‬‬ ‫‪2,380952381‬‬ ‫‪2015‬‬
‫‪6,525256737 0,609874035 4,589458691‬‬ ‫‪0‬‬ ‫‪-0,2‬‬ ‫‪2016‬‬ ‫ﺷ ﺮﻛ ﺔ‬
‫‪2,779155989 0,649043804 3,089866059 0,024618489 0,083333333‬‬ ‫‪2017‬‬ ‫ﺍﻟﻜ ﺎﺑﻼ ﺕ‬
‫‪0,28227071‬‬ ‫‪0,635506005 0,254989208‬‬ ‫‪0,38730124‬‬ ‫‪0,153846154‬‬ ‫‪2018‬‬ ‫ﺍﳌ ﺘ ﺤ ﺪ ﺓ‬

‫‪58‬‬
‫‪1,174507689 0,375927157 1,396838303 0,353152942 0,151515152‬‬ ‫‪2019‬‬
‫‪1,483605813 0,378764246 1,450021005 0,236766597 0,026315789‬‬ ‫‪2020‬‬
‫‪0,616128292 0,424431668 1,263631929 0,074136951 0,128205128‬‬ ‫‪2021‬‬
‫‪13,87578463 0,144961469 0,220474032‬‬ ‫‪0‬‬ ‫‪-0,25‬‬ ‫‪2022‬‬
‫‪0,783868368 0,033617485 0,059968678‬‬ ‫‪0‬‬ ‫‪0,331797235‬‬ ‫‪2013‬‬ ‫ﺷ ﺮﻛ ﺔ‬
‫‪0,463158691 0,313481876 0,458673731‬‬ ‫‪0‬‬ ‫‪0,331797235‬‬ ‫‪2014‬‬ ‫ﺍﳌ ﺘ ﺼ ﺪ ﺭ ﺓ‬
‫‪0,385722076 0,612886541‬‬ ‫‪0,84929041‬‬ ‫‪0‬‬ ‫‪0,331797235‬‬ ‫‪2015‬‬
‫‪2,440176601 0,993879688 17,59993669‬‬ ‫‪0‬‬ ‫‪0,331797235‬‬ ‫‪2016‬‬
‫‪0,056349912 0,720938664 9,771048568‬‬ ‫‪0‬‬ ‫‪0,331797235‬‬ ‫‪2017‬‬
‫‪0,01492365‬‬ ‫‪1,158106223 0,929260807‬‬ ‫‪0‬‬ ‫‪0,103448276‬‬ ‫‪2018‬‬
‫‪0,322832683 0,115099984 0,486147681‬‬ ‫‪0‬‬ ‫‪0,353846154‬‬ ‫‪2019‬‬
‫‪7,735327969 0,115911283 1,012523071‬‬ ‫‪0‬‬ ‫‪0,25‬‬ ‫‪2020‬‬
‫‪15,99824612 0,110904078‬‬ ‫‪1,88517482‬‬ ‫‪0‬‬ ‫‪0,238095238‬‬ ‫‪2021‬‬
‫‪13,87578463 0,144961469 0,220474032‬‬ ‫‪0‬‬ ‫‪0,069230769‬‬ ‫‪2022‬‬
‫‪1,053086865 0,894762287 1,837024479‬‬ ‫‪0‬‬ ‫‪0,007575758‬‬ ‫‪2013‬‬
‫‪1,157831809 0,815561914 0,969337564‬‬ ‫‪0‬‬ ‫‪0,526717557‬‬ ‫‪2014‬‬
‫‪1,454124237 0,402979781 0,988962448‬‬ ‫‪0‬‬ ‫‪0,241935484‬‬ ‫‪2015‬‬
‫‪1,481871117 0,397685279 0,987003607‬‬ ‫‪0‬‬ ‫‪0,255319149‬‬ ‫‪2016‬‬ ‫ﺷ ﺮﻛ ﺔ ﺣ ﺪ ﻳﺪ‬
‫‪1,491090055 0,363134154 0,905031218‬‬ ‫‪0‬‬ ‫‪0,514285714‬‬ ‫‪2017‬‬ ‫ﺍﻷ ﺭ ﺩ ﻥ‬
‫‪0,126413049 0,349164149 0,828969606 0,366594773 -0,20754717‬‬ ‫‪2018‬‬
‫‪0,894775737 0,333656679 0,658554333 0,044716804 -0,30952381‬‬ ‫‪2019‬‬
‫‪0,618971069 0,321712656 0,831202881 0,603236361 0,206896552‬‬ ‫‪2020‬‬
‫‪0,575420002 0,298059089 0,764518172 0,670464083 0,434782609‬‬ ‫‪2021‬‬
‫‪0,457584674 0,272664995 0,637334588 8,226246834 0,212121212‬‬ ‫‪2022‬‬
‫‪1,567259865 0,692312783 1,777346822‬‬ ‫‪0‬‬ ‫‪1,555555556‬‬ ‫‪2013‬‬
‫‪3,045047025 0,757857748 3,065570227‬‬ ‫‪0‬‬ ‫‪4,02484472‬‬ ‫‪2014‬‬
‫‪5,051402782 0,743112185 4,496871145‬‬ ‫‪0‬‬ ‫‪0,436341162‬‬ ‫‪2015‬‬ ‫ﺷ ﺮﻛ ﺔ‬
‫‪4,004195891‬‬ ‫‪0,75157852‬‬ ‫‪3,761046143‬‬ ‫‪0‬‬ ‫‪0,515350877‬‬ ‫‪2016‬‬ ‫ﻓﻴﻼ ﺩ ﻟﻔ ﻴﺎ‬
‫‪3,260754988 0,800127725 3,409148196‬‬ ‫‪0‬‬ ‫‪0,298642534‬‬ ‫‪2017‬‬ ‫ﻟﻸ ﺩ ﻭ ﻳﺔ‬
‫‪0,36553944‬‬ ‫‪0,803822479 3,749156406‬‬ ‫‪0‬‬ ‫‪0,019354839‬‬ ‫‪2018‬‬
‫‪2,687613138 0,837777955 3,089400992‬‬ ‫‪0‬‬ ‫‪0,012658228‬‬ ‫‪2019‬‬
‫‪3,220010674 0,838078479 3,536700127‬‬ ‫‪0‬‬ ‫‪0,083333333‬‬ ‫‪2020‬‬
‫‪4,128563201 0,679463033‬‬ ‫‪34,8421511‬‬ ‫‪0‬‬ ‫‪0,041958042‬‬ ‫‪2021‬‬

‫‪59‬‬
3,605086303 0,59372714 2,734164721 0 0,01459854 2022

.Excel ‫ﻣﻦ إﻋﺪاد اﻟﻄﺎﻟﺒﺘﺎن ﺑﺈﺳﺘﺨﺪام اﻟﻘﻮاﺋﻢ اﻟﻤﺎﻟﯿﺔ إﻋﺘﻤﺎدا ً ﻋﻠﻰ ﺑﺮﻧﺎﻣﺞ‬:‫ﺍﳌﺼﺪﺭ‬

‫اﻟﻨﻤﻮذج اﻟﺘﺠﻤﯿﻌﻲ‬:(03) ‫ﺍﳌﻠﺤﻖ ﺭﻗﻢ‬

Dependent Variable: MVS
Method: Panel Least Squares
Date: 05/22/23 Time: 02:18
Sample: 2013 2022
Periods included: 10
Cross-sections included: 9
Total panel (balanced) observations: 90

Variable Coefficient Std. Error t-Statistic Prob.

C -0.123526 0.197330 -0.625987 0.5330

PDP 0.013301 0.024556 0.541650 0.5895
CR -0.010530 0.019199 -0.548433 0.5848
RLA 0.330187 0.360391 0.916191 0.3622
LE -0.017269 0.078558 -0.219829 0.8265

Root MSE 0.654339 R-squared 0.014812

Mean dependent var 0.042542 Adjusted R-squared -
0.031550
S.D. dependent var 0.662933 S.E. of regression 0.673310
Akaike info criterion 2.100730 Sum squared resid 38.53440
Schwarz criterion 2.239608 Log likelihood -
89.53285
Hannan-Quinn criter. 2.156734 F-statistic 0.319481
Durbin-Watson stat 1.707201 Prob(F-statistic) 0.864215

.Eviewes9 ‫ﻣﺨﺮﺟﺎت اﻟﺒﺮﻧﺎﻣﺞ اﻹﺣﺼﺎﺋﻲ‬:‫ﺍﳌﺼﺪﺭ‬

‫ﻧﻣوذج اﻻﺛﺎر اﻟﻌﺷواﺋﯾﺔ‬:(04) ‫ﺍﳌﻠﺤﻖ ﺭﻗﻢ‬

Dependent Variable: MVS

Method: Panel EGLS (Cross-section random effects)
Date: 05/22/23 Time: 02:20
Sample: 2013 2022
Periods included: 10
Cross-sections included: 9
Total panel (balanced) observations: 90
Swamy and Arora estimator of component variances

Variable Coefficient Std. Error t-Statistic Prob.

C -0.123526 0.195781 -0.630939 0.5298

PDP 0.013301 0.024364 0.545935 0.5865
CR -0.010530 0.019049 -0.552771 0.5819

60
 RLA 0.330187 0.357563 0.923437 0.3584
LE -0.017269 0.077942 -0.221568 0.8252

Effects Specification
S.D. Rho

Cross-section random 0.000000 0.0000

Idiosyncratic random 0.668026 1.0000

Weighted Statistics

Root MSE 0.654339 R-squared 0.014812

Mean dependent var 0.042542 Adjusted R-squared -
0.031550
S.D. dependent var 0.662933 S.E. of regression 0.673310
Sum squared resid 38.53440 F-statistic 0.319481
Durbin-Watson stat 1.707201 Prob(F-statistic) 0.864215

Unweighted Statistics

R-squared 0.014812 Mean dependent var 0.042542

Sum squared resid 38.53440 Durbin-Watson stat 1.707201

.Eviewes9 ‫ﻣﺨﺮﺟﺎت اﻟﺒﺮﻧﺎﻣﺞ اﻹﺣﺼﺎﺋﻲ‬:‫ﺍﳌﺼﺪﺭ‬

‫ ﳕﻮﺫﺝ ﺍﻵﺛﺎﺭ ﺍﻟﺜﺎﺑﺘﺔ‬:(05) ‫ﺍﳌﻠﺤﻖ ﺭﻗﻢ‬

Dependent Variable: MVS

Method: Panel EGLS (Cross-section random effects)
Date: 05/22/23 Time: 02:20
Sample: 2013 2022
Periods included: 10
Cross-sections included: 9
Total panel (balanced) observations: 90
Swamy and Arora estimator of component variances

Variable Coefficient Std. Error t-Statistic Prob.

C -0.123526 0.195781 -0.630939 0.5298

PDP 0.013301 0.024364 0.545935 0.5865
CR -0.010530 0.019049 -0.552771 0.5819
RLA 0.330187 0.357563 0.923437 0.3584
LE -0.017269 0.077942 -0.221568 0.8252

Effects Specification
S.D. Rho

Cross-section random 0.000000 0.0000

Idiosyncratic random 0.668026 1.0000

Weighted Statistics

Root MSE 0.654339 R-squared 0.014812

Mean dependent var 0.042542 Adjusted R-squared -
0.031550
S.D. dependent var 0.662933 S.E. of regression 0.673310
Sum squared resid 38.53440 F-statistic 0.319481
Durbin-Watson stat 1.707201 Prob(F-statistic) 0.864215

61
 Unweighted Statistics

R-squared 0.014812 Mean dependent var 0.042542

Sum squared resid 38.53440 Durbin-Watson stat 1.707201

.Eviewes9 ‫ﳐﺮﺟﺎﺕ ﺍﻟﱪﻧﺎﻣﺞ ﺍﻹﺣﺼﺎﺋﻲ‬:‫ﺍﳌﺼﺪﺭ‬

‫ ﻣﻨﺤﻨﻴﺎﺗﺘﻄﻮﺭ ﻣﺘﻐﲑﺍﺕ ﺍﻟﺪﺭﺍﺳﺔ ﻋﱪ ﺍﻟﺰﻣﻦ ﻟﻠﻌﻴﻨﺔ ﺍﳌﺪﺭﻭﺳﺔ‬:(06) ‫ﺍﳌﻠﺤﻖ ﺭﻗﻢ‬

36
32
28
24
20
16
12
8
4
0
-4
1 - 13
1 - 17
1 - 21
2 - 15
2 - 19
3 - 13
3 - 17
3 - 21
4 - 15
4 - 19
5 - 13
5 - 17
5 - 21
6 - 15
6 - 19
7 - 13
7 - 17
7 - 21
8 - 15
8 - 19
9 - 13
9 - 17
9 - 21

MVS PDP CR
LE RLA

62
 ‫‪0‬‬
‫‪10‬‬
‫‪20‬‬
‫‪30‬‬
‫‪40‬‬
‫‪-4‬‬
‫‪-2‬‬
‫‪0‬‬
‫‪2‬‬
‫‪4‬‬
‫‪6‬‬

‫‪0.0‬‬
‫‪0.2‬‬
‫‪0.4‬‬
‫‪0.6‬‬
‫‪0.8‬‬
‫‪1.0‬‬
‫‪1.2‬‬
‫‪1 - 13‬‬ ‫‪1 - 13‬‬ ‫‪1 - 13‬‬
‫‪1 - 19‬‬ ‫‪1 - 19‬‬ ‫‪1 - 19‬‬
‫‪2 - 15‬‬ ‫‪2 - 15‬‬ ‫‪2 - 15‬‬
‫‪2 - 21‬‬ ‫‪2 - 21‬‬ ‫‪2 - 21‬‬
‫‪3 - 17‬‬ ‫‪3 - 17‬‬ ‫‪3 - 17‬‬
‫‪4 - 13‬‬ ‫‪4 - 13‬‬ ‫‪4 - 13‬‬
‫‪4 - 19‬‬ ‫‪4 - 19‬‬ ‫‪4 - 19‬‬
‫‪5 - 15‬‬ ‫‪5 - 15‬‬ ‫‪5 - 15‬‬

‫‪CR‬‬

‫‪RLA‬‬
‫‪MVS‬‬

‫‪5 - 21‬‬ ‫‪5 - 21‬‬ ‫‪5 - 21‬‬

‫‪6 - 17‬‬ ‫‪6 - 17‬‬ ‫‪6 - 17‬‬
‫‪7 - 13‬‬ ‫‪7 - 13‬‬ ‫‪7 - 13‬‬
‫‪7 - 19‬‬ ‫‪7 - 19‬‬ ‫‪7 - 19‬‬
‫‪8 - 15‬‬ ‫‪8 - 15‬‬ ‫‪8 - 15‬‬
‫‪8 - 21‬‬ ‫‪8 - 21‬‬ ‫‪8 - 21‬‬
‫‪9 - 17‬‬ ‫‪9 - 17‬‬ ‫‪9 - 17‬‬

‫‪63‬‬
‫‪0‬‬
‫‪2‬‬
‫‪4‬‬
‫‪6‬‬
‫‪8‬‬
‫‪0‬‬
‫‪4‬‬
‫‪8‬‬

‫‪10‬‬
‫‪12‬‬
‫‪16‬‬
‫‪20‬‬

‫‪1 - 13‬‬ ‫‪1 - 13‬‬

‫‪1 - 19‬‬ ‫‪1 - 19‬‬
‫‪2 - 15‬‬ ‫‪2 - 15‬‬
‫‪2 - 21‬‬ ‫‪2 - 21‬‬
‫‪3 - 17‬‬ ‫‪3 - 17‬‬
‫‪4 - 13‬‬ ‫‪4 - 13‬‬

‫ﺍﳌﺼﺪﺭ‪:‬ﻣﺨﺮﺟﺎت اﻟﺒﺮﻧﺎﻣﺞ اﻹﺣﺼﺎﺋﻲ ‪.Eviewes9‬‬

‫‪4 - 19‬‬ ‫‪4 - 19‬‬
‫‪5 - 15‬‬ ‫‪5 - 15‬‬
‫‪LE‬‬
‫‪PDP‬‬

‫‪5 - 21‬‬ ‫‪5 - 21‬‬

‫‪6 - 17‬‬ ‫‪6 - 17‬‬
‫‪7 - 13‬‬ ‫‪7 - 13‬‬
‫‪7 - 19‬‬ ‫‪7 - 19‬‬
‫‪8 - 15‬‬ ‫‪8 - 15‬‬
‫‪8 - 21‬‬ ‫‪8 - 21‬‬
‫‪9 - 17‬‬ ‫‪9 - 17‬‬