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‫ﺍﻟﻤﺠﻠﺪ‪ ،14‬ﺍﻟﻌﺪﺩ ‪3‬‬ ‫ﻣﺠﻠﺔﺃﺑﺤﺎﺙ ﺍﻷﻋﻤﺎﻝ ﻭﺍﻻﻗﺘﺼﺎﺩ ﺍﻟﺪﻭﻟﻴﺔ – ﻣﺎﻳﻮ ‪ /‬ﻳﻮﻧﻴﻮ ‪2015‬‬

‫ﺍﻟﺘﻤﻮﻳﻞﺍﻟﺠﻤﺎﻋﻲ‪:‬‬
‫ﺍﻟﻮﺿﻊﺍﻟﺤﺎﻟﻲ ﻟﻠﺒﺤﻮﺙ‬
‫ﺭﻳﻜﺎﺭﺩﺍﺏ‪ .‬ﺑﻮﻧﻜﻦ‪ ،‬ﺟﺎﻣﻌﺔ ﺑﺎﻳﺮﻭﻳﺖ‪ ،‬ﺃﻟﻤﺎﻧﻴﺎ ﻣﺎﻟﻔﻴﻦ ﻛﻮﻣﻮﺭﻳﻚ‪ ،‬ﺟﺎﻣﻌﺔ‬
‫ﻻﺑﻴﻨﺮﺍﻧﺘﺎﻟﻠﺘﻜﻨﻮﻟﻮﺟﻴﺎ‪ ،‬ﻓﻨﻠﻨﺪﺍ‬
‫ﺳﺎﺷﺎﻛﺮﺍﻭﺱ‪ ،‬ﺟﺎﻣﻌﺔ ﻟﻴﺨﺘﻨﺸﺘﺎﻳﻦ‪ ،‬ﻟﻴﺨﺘﻨﺸﺘﺎﻳﻦ‬

‫ﺧﻼﺻﺔ‬

‫ﻳﻤﺜﻞﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺠﻤﺎﻋﻲ ﻃﺮﻳﻘﺔ ﺑﺪﻳﻠﺔ ﻟﻠﺘﻤﻮﻳﻞ ﻣﻘﺎﺭﻧﺔ ﺑﺎﻻﻗﺘﺮﺍﺽ ﺍﻟﺘﻘﻠﻴﺪﻱ‪ .‬ﻣﻦ ﺣﻴﺚ ﺍﻟﻤﺒﺪﺃ‪ ،‬ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺠﻤﺎﻋﻲ‬
‫ﻣﻔﺘﻮﺡﻟﻠﺠﻤﻴﻊ ‪ -‬ﺍﻷﻓﺮﺍﺩ ﻭﻛﺬﻟﻚ ﺍﻟﺠﻬﺎﺕ ﺍﻟﻔﺎﻋﻠﺔ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ‪ .‬ﻣﺠﻤﻮﻋﺔ ﻣﻦ ﺍﻷﺷﺨﺎﺹ‪ ،‬ﺃﻱ ﺍﻟﺠﻤﻬﻮﺭ‪ ،‬ﻳﺴﺎﻫﻤﻮﻥ‬
‫ﻣﺎﻟﻴﺎًﺑﻤﺒﺎﻟﻎ ﺻﻐﻴﺮﺓ ﻓﻲ ﻣﺸﺎﺭﻳﻊ ﺃﻭ ﻣﻨﺘﺠﺎﺕ ﺃﻭ ﺃﻓﻜﺎﺭ‪ .‬ﻫﺬﻩ ﺍﻟﻤﺸﺎﺭﻳﻊ ﺃﻭ ﺍﻟﻤﻨﺘﺠﺎﺕ ﺃﻭ ﺍﻷﻓﻜﺎﺭ ﻣﻤﻠﻮﻛﺔ ﻟﺠﺎﻣﻌﻲ‬
‫ﺍﻟﺘﺒﺮﻋﺎﺕ)ﻣﺜﻞ ﺭﺟﺎﻝ ﺍﻷﻋﻤﺎﻝ ﺃﻭ ﺍﻷﻓﺮﺍﺩ(‪ ،‬ﺍﻟﺬﻳﻦ ﻳﺴﻌﻮﻥ ﻟﻠﺤﺼﻮﻝ ﻋﻠﻰ ﺍﻟﻤﺎﻝ ﻣﻦ ﺃﺟﻞ ﺗﺤﻘﻴﻖ ﻣﺸﺮﻭﻋﻬﻢ‪ .‬ﻳﺒﺤﺚ‬
‫ﺟﺎﻣﻌﻮﺍﻟﺘﺒﺮﻋﺎﺕ ﻋﻦ ﺍﻟﻤﺴﺘﺜﻤﺮﻳﻦ ﻣﺒﺎﺷﺮﺓ ﺃﻭ ﻋﺒﺮ ﻣﻨﺼﺔ ﺭﻗﻤﻴﺔ ﻣﺤﺪﺩﺓ‪ ،‬ﻳﺸﺎﺭ ﺇﻟﻴﻬﺎ ﺑﺎﻟﻮﺳﻄﺎء‪ .‬ﻳﻤﺜﻞ ﺍﻟﺘﻤﻮﻳﻞ‬
‫ﺍﻟﺠﻤﺎﻋﻲﻇﺎﻫﺮﺓ ﺣﺪﻳﺜﺔ ﻗﺎﺉﻤﺔ ﻋﻠﻰ ﺍﻟﻮﻳﺐ ‪ 2.0‬ﺗﻜﺘﺴﺐ ﺍﻟﻤﺰﻳﺪ ﻭﺍﻟﻤﺰﻳﺪ ﻣﻦ ﺍﻻﻫﺘﻤﺎﻡ ﺍﻟﻌﻠﻤﻲ‪ .‬ﻭﻟﺬﻟﻚ‪ ،‬ﺗﺴﻌﻰ ﻫﺬﻩ‬
‫ﺍﻟﻤﻘﺎﻟﺔﺇﻟﻰ ﺗﻘﺪﻳﻢ ﻟﻤﺤﺔ ﻋﺎﻣﺔ ﻋﻦ ﺍﻟﻮﺿﻊ ﺍﻟﺤﺎﻟﻲ ﻟﻠﻤﻌﺮﻓﺔ ﺍﻟﻌﻠﻤﻴﺔ ﺣﻮﻝ ﻫﺬﺍ ﺍﻟﻤﻮﺿﻮﻉ‪ ،‬ﻭﺗﻠﺨﻴﺺ ﺍﻟﺘﻌﺎﺭﻳﻒ‬
‫ﺍﻷﺳﺎﺳﻴﺔﻭﻛﺬﻟﻚ ﺍﻟﺨﺼﺎﺉﺺ‪.‬‬

‫ﺍﻟﻜﻠﻤﺎﺕﺍﻟﺪﺍﻟﺔ‪ :‬ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺠﻤﺎﻋﻲ؛ ﻋﺮﺽ ﺍﻻﺩﺏ؛ ﺍﻟﻮﺿﻊ ﺍﻟﺮﺍﻫﻦ‬

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‫ﻣﻘﺪﻣﺔ‬

‫ﺍﻟﺘﻤﻮﻳﻞﺍﻟﺠﻤﺎﻋﻲ‪ ،‬ﻭﻫﻮ ﻋﺒﺎﺭﺓ ﻋﻦ ﻣﺴﺎﻫﻤﺔ ﺑﻤﺒﻠﻎ ﻣﺎﻟﻲ ﻓﻲ ﻣﺸﺎﺭﻳﻊ ﺃﻭ ﻣﻨﺘﺠﺎﺕ ﺃﻭ ﺃﻓﻜﺎﺭ ﺗﺠﺎﺭﻳﺔ ﻣﻦ ﻗﺒﻞ ﻋﺪﺩ ﻣﻦ‬
‫ﺍﻟﻤﺴﺘﺜﻤﺮﻳﻦ)‪Wenzlaff‬ﻭﺁﺧﺮﻭﻥ‪ ،(2012 ،.‬ﻇﻬﺮﺕ ﻣﺆﺧﺮﺍً ﻛﺈﻣﻜﺎﻧﻴﺔ ﺑﺪﻳﻠﺔ ﻟﻸﻓﺮﺍﺩ ﻟﺘﻠﻘﻲ ﺍﻟﺘﻤﻮﻳﻞ )‪Agrawal‬ﻭﺁﺧﺮﻭﻥ‪,.‬‬
‫‪ ;2013‬ﻛﻠﻴﻤﺎﻥﻭﺁﺧﺮﻭﻥ‪ ;2008 ,.‬ﺃﻧﺘﺮﺑﻴﺮﺝ‪ .(2010 ،‬ﺍﻝ‬
‫ﺇﻥﻣﻔﻬﻮﻡ ﺗﻌﺒﺉﺔ ﺍﻟﺘﻤﻮﻳﻞ ﻋﻠﻰ ﺃﺟﺰﺍء ﺻﻐﻴﺮﺓ ﻫﻮ ﻣﻔﻬﻮﻡ ﻗﺪﻳﻢ ﻭﻳﻤﻜﻦ ﺍﻟﻌﺜﻮﺭ ﻋﻠﻴﻪ ﻓﻲ ﻛﻞ ﻣﺆﺳﺴﺔ )‪Zademach and Baumeister, 2013‬‬
‫;‪ .(Fiedler and Horsch, 2014; Harrisson, 2013‬ﻭﻋﻠﻰ ﻋﻜﺲ ﺍﻻﺳﺘﺜﻤﺎﺭﺍﺕ ﺍﻟﻤﺎﻟﻴﺔ ﺍﻟﻨﻤﻮﺫﺟﻴﺔ‪ ،‬ﻓﺈﻥ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺠﻤﺎﻋﻲ ﻣﻔﺘﻮﺡ ﺑﺸﻜﻞ‬
‫ﺃﺳﺎﺳﻲﻟﻠﺠﻤﻴﻊ )‪Blohm‬ﻭﺁﺧﺮﻭﻥ‪ ;2013 ,.‬ﻭﻳﻨﺰﻻﻑﻭﺁﺧﺮﻭﻥ‪ .(2012 ،.‬ﻓﻲ ﺍﻷﺻﻞ‪ ،‬ﺍﻛﺘﺴﺐ ﻫﺬﺍ ﺍﻟﻤﻔﻬﻮﻡ ﺃﻫﻤﻴﺔ ﻛﺒﻴﺮﺓ ﻣﻊ ﺗﻤﻮﻳﻞ ﺍﻟﻔﻨﺎﻧﻴﻦ ﺃﻭ‬
‫ﺍﻟﻤﺸﺎﺭﻳﻊﺍﻹﺑﺪﺍﻋﻴﺔ ﺛﻢ ﺍﻧﺘﺸﺮ ﻋﺒﺮ ﺍﻟﻤﺰﻳﺪ ﻣﻦ ﺍﻟﻘﻄﺎﻋﺎﺕ )‪Bradford, 2012; Meinshausen‬ﻭﺁﺧﺮﻭﻥ‪ .(2012 ،.‬ﻭﻛﻤﺎ ﺗﺆﻛﺪ ﺍﻹﺣﺼﺎءﺍﺕ‪ ،‬ﻓﺈﻥ‬
‫ﺍﻟﺘﻤﻮﻳﻞﺍﻟﺠﻤﺎﻋﻲ ﻳﻨﻤﻮ ﺑﺴﺮﻋﺔ‪ .‬ﺗﻢ ﺍﻟﻤﺴﺎﻫﻤﺔ ﺑﻤﺒﻠﻎ ‪ 2.7‬ﻣﻠﻴﺎﺭ ﺩﻭﻻﺭ ﺃﻣﺮﻳﻜﻲ ﻣﻦ ﺧﻼﻝ ﺃﻛﺜﺮ ﻣﻦ ﻣﻠﻴﻮﻥ ﺣﺎﻓﺰ ﺗﻤﻮﻳﻞ ﺟﻤﺎﻋﻲ ﻣﺨﺘﻠﻒ ﻓﻲ ﻋﺎﻡ‬
‫‪.2012‬ﻭﺑﺤﻠﻮﻝ ﻋﺎﻡ ‪ ،2013‬ﺯﺍﺩ ﻫﺬﺍ ﺍﻟﻤﺒﻠﻎ ﺑﻨﺴﺒﺔ ﺗﺰﻳﺪ ﻋﻦ ‪ %51‬ﻟﻴﺼﻞ ﺇﻟﻰ ‪ 5.1‬ﻣﻠﻴﺎﺭ ﺩﻭﻻﺭ ﺃﻣﺮﻳﻜﻲ )‪ .(Massolution, 2013‬ﻭﻟﺬﻟﻚ‪ ،‬ﻓﻬﻮ‬
‫ﻳﻤﺜﻞﻣﻮﺿﻮﻋﺎً ﺗﻤﺖ ﻣﻨﺎﻗﺸﺘﻪ ﺑﺸﻜﻞ ﻛﺒﻴﺮ ﻋﻠﻰ ﺃﺳﺎﺱ ﻋﺎﻟﻤﻲ ﻓﻲ ﻭﺳﺎﺉﻞ ﺍﻹﻋﻼﻡ ﺍﻟﺤﺪﻳﺜﺔ )ﻣﺜﻞ ‪ (Spiegel Online, 2014‬ﻭﻟﻜﻦ ﺃﻳﻀﺎً ﻓﻲ‬
‫ﺍﻟﻤﻘﺎﻻﺕﺍﻟﻌﻠﻤﻴﺔ ﻣﻨﺬ ﻋﺎﻡ ‪.(Moritz and Block, 2014) 2010‬‬

‫ﺍﻟﺘﻤﻮﻳﻞﺍﻟﺠﻤﺎﻋﻲ ﻫﻮ ﻇﺎﻫﺮﺓ ﺗﻌﺘﻤﺪ ﻋﻠﻰ ﺍﻟﻮﻳﺐ ‪ .(Leimeister, 2012) 2.0‬ﺍﻟﻌﺎﻣﻞ ﺍﻟﺤﺎﺳﻢ ﻟﻨﺠﺎﺡ ﺍﻟﻤﻔﻬﻮﻡ‬
‫ﻫﻮﺭﻗﻤﻨﺔ ﺍﻟﻤﺠﺘﻤﻊ ﻣﻊ ﺍﻟﻮﺟﻮﺩ ﺍﻟﻤﺘﺰﺍﻳﺪ ﻟﻺﻧﺘﺮﻧﺖ‪ .‬ﺍﺭﺗﻔﻊ ﻋﺪﺩ ﻣﺴﺘﺨﺪﻣﻲ ﺍﻹﻧﺘﺮﻧﺖ ﺑﻨﺴﺒﺔ ﺗﺼﻞ ﺇﻟﻰ ‪ %570‬ﺗﻘﺮﻳﺒﺎً ﺑﻴﻦ ﻋﺎﻣﻲ ‪2000‬‬
‫ﻭ‪ .(Internet World Stats, 2013)2012‬ﺍﻟﻴﻮﻡ‪ ،‬ﺃﺻﺒﺤﺖ ﺍﻷﺳﻮﺍﻕ ﻣﺸﺒﻌﺔ ﺑﺸﻜﻞ ﻣﺘﺰﺍﻳﺪ ﺑﺎﻟﻤﻌﺪﺍﺕ ﻭﺍﻟﺤﺴﺎﺑﺎﺕ ﺍﻟﺮﻗﻤﻴﺔ )ﺳﺘﺎﻟﺪﺭ‪،‬‬
‫‪ .(2009‬ﻳﺴﺘﻄﻴﻊ ﺍﻟﻨﺎﺱ ﺍﻟﺘﻮﺍﺻﻞ ﻭﺍﻟﻮﺻﻮﻝ ﺇﻟﻰ ﺍﻟﻤﻌﻠﻮﻣﺎﺕ ﻭﺗﻘﺪﻳﻤﻬﺎ ﺑﺎﺳﺘﻤﺮﺍﺭ )‪Castells, 2009; Wolf‬ﻭﺁﺧﺮﻭﻥ‪ .(2012 ،.‬ﻭﻛﺘﻄﻮﺭ‬
‫ﺣﺪﻳﺚ‪،‬ﺃﺻﺒﺢ ﺍﻟﻨﺎﺱ ﻋﻠﻰ ﺍﺳﺘﻌﺪﺍﺩ ﺃﻳﻀﺎً ﻟﻠﻤﺴﺎﻫﻤﺔ ﻭﺍﻟﻌﻄﺎء‪ ،‬ﻣﻤﺎ ﻳﻌﺰﺯ ﺍﻟﺘﻄﻮﺭ ﺍﻟﺴﺮﻳﻊ ﻟﻠﺘﻤﻮﻳﻞ ﺍﻟﺠﻤﺎﻋﻲ ﻣﻨﺬ ﺣﻮﺍﻟﻲ ﺧﻤﺲ ﺳﻨﻮﺍﺕ‬
‫)‪.(Aaker and Akutsu, 2009‬‬

‫ﺗﺴﻌﻰﻫﺬﻩ ﺍﻟﻮﺭﻗﺔ ﺇﻟﻰ ﺍﻟﻤﺴﺎﻫﻤﺔ ﻓﻲ ﺍﻟﺒﺤﺚ ﺍﻟﻌﻠﻤﻲ ﺣﻮﻝ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺠﻤﺎﻋﻲ‪ ،‬ﻣﻊ ﺇﻋﻄﺎء ﻟﻤﺤﺔ ﻋﺎﻣﺔ ﻋﻦ ﺍﻷﺳﺎﺳﻴﺎﺕ‬
‫ﺍﻟﻨﺘﺎﺉﺞﺍﻟﻤﺘﻌﻠﻘﺔ ﺑﺎﻟﺘﻤﻮﻳﻞ ﺍﻟﺠﻤﺎﻋﻲ‪ .‬ﻳﺴﺘﻨﺪ ﻣﺤﺘﻮﻯ ﻫﺬﻩ ﺍﻟﻮﺭﻗﺔ ﺇﻟﻰ ﻣﺮﺍﺟﻌﺔ ﺷﺎﻣﻠﺔ ﻟﻸﺩﺑﻴﺎﺕ ﺍﻟﻤﻨﺸﻮﺭﺓ ﺍﻟﻌﻠﻤﻴﺔ ﺣﻮﻝ ﺍﻟﺘﻤﻮﻳﻞ‬
‫ﺍﻟﺠﻤﺎﻋﻲﻣﻦ ﺍﻟﻔﺘﺮﺓ ‪ 2000‬ﺇﻟﻰ ‪ .2014‬ﺑﺤﺚ ﻓﻲ ﻗﺎﻋﺪﺓ ﺍﻟﺒﻴﺎﻧﺎﺕ ﺑﺎﺳﺘﺨﺪﺍﻡ ﻣﻜﺘﺒﺔ ﺟﺎﻣﻌﺔ ﻟﻴﺴﺘﺮ ﻋﻠﻰ ﺍﻹﻧﺘﺮﻧﺖ‪ ،‬ﻭﺷﺒﻜﺔ ﺍﻟﻌﻠﻮﻡ )‬
‫ﻃﻮﻣﺴﻮﻥﺭﻭﻳﺘﺮﺯ(‪ ،‬ﻭ(‪ .EBSCO )EconLit، Business Source‬ﺃﺳﻔﺮ ﻛﻞ ﻣﻦ ‪ Premier‬ﻭ‪ Academic Search Premier‬ﻭ‪Direct‬‬
‫‪ Science‬ﻭ‪ Emerald Management Xtra‬ﻭ‪) Web of Science‬ﻣﺆﺷﺮ ﺍﺳﺘﺸﻬﺎﺩ ﺍﻟﻌﻠﻮﻡ ﺍﻻﺟﺘﻤﺎﻋﻴﺔ( ﻋﻦ ﻧﺼﻮﺹ ﻗﺎﺑﻠﺔ‬
‫ﻟﻼﺳﺘﺨﺪﺍﻡ‪.‬ﻓﻲ ﺃﻏﺴﻄﺲ ‪ ،2014‬ﺗﻢ ﺇﺿﺎﻓﺔ ﻃﻠﺐ ﺑﺤﺚ ﻋﻠﻰ ﺷﺒﻜﺔ ﺍﻟﻌﻠﻮﻡ )ﺗﻮﻣﺴﻮﻥ ﺭﻭﻳﺘﺮﺯ( ﻣﻊ "ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺠﻤﺎﻋﻲ" ﻭ"ﺍﻟﺘﻤﻮﻳﻞ‬
‫ﺍﻟﺠﻤﺎﻋﻲ" ﻓﻲ ﺍﻟﺒﺤﺚ ﻋﻦ ﺍﻟﻌﻨﻮﺍﻥ‪ ،‬ﺇﻟﻰ ﻣﺎ ﻳﻤﻜﻦ ﺍﺳﺘﺨﺪﺍﻣﻪ ﻣﻦ ﺍﻟﺪﺭﺍﺳﺎﺕ ﺍﻟﺘﻲ ﺗﻤﺖ ﻣﺮﺍﺟﻌﺘﻬﺎ ﻣﻦ ﻗﺒﻞ ﻣﺠﻤﻮﻋﺔ ﺍﻟﻨﻈﺮﺍء‪ .‬ﺗﻢ ﺍﺧﺘﻴﺎﺭ‬
‫ﻭﺗﺤﺪﻳﺪﺍﻟﻤﻨﺸﻮﺭﺍﺕ ﺫﺍﺕ ﺍﻟﺼﻠﺔ ﺑﺎﺳﺘﺨﺪﺍﻡ ﻛﻠﻤﺎﺕ ﺭﺉﻴﺴﻴﺔ ﻣﻌﻴﻨﺔ )ﺑﻤﺎ ﻓﻲ ﺫﻟﻚ‬
‫ﻣﻌﻬﺪﻛﻠﻮﺕ‬ ‫‪407‬‬ ‫ﺣﻘﻮﻕﺍﻟﻄﺒﻊ ﻭﺍﻟﻨﺸﺮ ﻣﻦ ﻗﺒﻞ ﺍﻟﻤﺆﻟﻒ )ﺍﻟﻤﺆﻟﻔﻴﻦ(؛ ‪CC-BY‬‬
 ‫ﺍﻟﻤﺠﻠﺪ‪ ،14‬ﺍﻟﻌﺪﺩ ‪3‬‬ ‫ﻣﺠﻠﺔﺃﺑﺤﺎﺙ ﺍﻷﻋﻤﺎﻝ ﻭﺍﻻﻗﺘﺼﺎﺩ ﺍﻟﺪﻭﻟﻴﺔ – ﻣﺎﻳﻮ ‪ /‬ﻳﻮﻧﻴﻮ ‪2015‬‬

‫ﺍﻟﺘﻤﻮﻳﻞﺍﻟﺠﻤﺎﻋﻲ ﻭﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺠﻤﺎﻋﻲ ﻭﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺠﻤﺎﻋﻲ( ﻓﻲ ﻋﻨﺎﻭﻳﻨﻬﺎ ﻭ‪/‬ﺃﻭ ﻣﻠﺨﺼﺎﺗﻬﺎ‪ .‬ﺗﻢ ﺇﺟﺮﺍء ﺍﻟﻤﺮﺍﺟﻌﺔ ﺍﻟﻤﻨﻬﺠﻴﺔ ﻟﻸﺩﺑﻴﺎﺕ ﺑﺎﺗﺒﺎﻉ‬
‫ﺍﻟﻨﻬﺞﺍﻟﺬﻱ ﺍﺗﺒﻌﻪ ﺗﺮﺍﻧﻔﻴﻠﺪﻭﺁﺧﺮﻭﻥ‪ ،(2003)).‬ﺗﻢ ﺗﺤﻠﻴﻞ ﺍﻟﺪﺭﺍﺳﺎﺕ ﻭﺗﺼﻨﻴﻔﻬﺎ ﻣﻦ ﺣﻴﺚ ﺻﺤﺘﻬﺎ ﻭﻣﺤﺘﻮﺍﻫﺎ ﻛﻤﺴﺎﻫﻤﺔ ﻓﻲ ﺍﻟﻤﺠﺎﻝ‬
‫ﺍﻟﻌﻠﻤﻲ‪.‬‬

‫ﺗﺮﻛﺰﻫﺬﻩ ﺍﻟﻤﻘﺎﻟﺔ ﻋﻠﻰ ﺍﻟﺠﻮﺍﻧﺐ ﺍﻟﺮﺉﻴﺴﻴﺔ ﻟﻠﺒﺤﺚ ﺍﻟﻌﻠﻤﻲ ﺣﻮﻝ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺠﻤﺎﻋﻲ‪ .‬ﻭﻫﻲ ﻣﻨﻈﻤﺔ ﻋﻠﻰ ﺍﻟﻨﺤﻮ ﺍﻟﺘﺎﻟﻲ‪:‬‬
‫ﻭﺑﻌﺪﺍﻟﻤﻘﺪﻣﺔ‪ ،‬ﺳﻴﺘﻢ ﻋﺮﺽ ﺍﻟﺘﻌﺮﻳﻔﺎﺕ ﺍﻟﻤﻮﺟﻮﺩﺓ‪ .‬ﺳﻴﺘﻢ ﻋﺮﺽ ﻣﺠﺎﻻﺕ ﻣﺤﻮﺭﻳﺔ ﺇﺿﺎﻓﻴﺔ ﻟﻠﺒﺤﺚ ﻣﺜﻞ ﺍﻷﺳﺎﺱ ﺍﻻﻗﺘﺼﺎﺩﻱ ﻟﻠﺘﻤﻮﻳﻞ ﺍﻟﺠﻤﺎﻋﻲ )‬
‫ﺍﻟﺴﻮﻕﻋﻠﻰ ﺍﻟﻮﺟﻬﻴﻦ(‪ ،‬ﻭﻧﻤﺎﺫﺝ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺠﻤﺎﻋﻲ‪ ،‬ﻭﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺠﻤﺎﻋﻲ ﺍﻟﻤﺒﺎﺷﺮ ﻣﻘﺎﺑﻞ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺠﻤﺎﻋﻲ ﻏﻴﺮ ﺍﻟﻤﺒﺎﺷﺮ‪ ،‬ﺑﺎﻹﺿﺎﻓﺔ ﺇﻟﻰ ﺍﻟﺠﻬﺎﺕ‬
‫ﺍﻟﻔﺎﻋﻠﺔﺍﻟﻤﺨﺘﻠﻔﺔ ﺍﻟﻤﺸﺎﺭﻛﺔ ﻓﻲ ﻋﻤﻠﻴﺔ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺠﻤﺎﻋﻲ‪ .‬ﺇﻥ ﺍﻟﻨﻈﺮﺓ ﺍﻟﻤﺴﺘﻘﺒﻠﻴﺔ ﻟﻠﺒﺤﺚ ﺍﻟﻤﺴﺘﻘﺒﻠﻲ ﻭﺍﻻﺳﺘﻨﺘﺎﺝ ﺳﺘﻀﻊ ﺍﻟﻠﻤﺴﺎﺕ ﺍﻷﺧﻴﺮﺓ ﻋﻠﻰ‬
‫ﻫﺬﺍﺍﻟﻌﻤﻞ‪.‬‬

‫ﻣﺮﺍﺟﻌﺔ‬

‫ﺗﻌﺮﻳﻔﺎﺕ‬

‫ﻳﻤﺜﻞﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺠﻤﺎﻋﻲ ﺃﺣﺪ ﺃﺑﻌﺎﺩ ﻇﺎﻫﺮﺓ ﺍﻟﺘﻌﻬﻴﺪ ﺍﻟﺠﻤﺎﻋﻲ ﺇﻟﻰ ﺟﺎﻧﺐ ﺍﻟﺘﺼﻮﻳﺖ ﺍﻟﺠﻤﺎﻋﻲ ﻭﺍﻹﺑﺪﺍﻉ ﺍﻟﺠﻤﺎﻋﻲ )ﻣﺜﺎﻝ‪Richter :‬‬
‫;‪(Leimeister, 2012; Leimeister and Zogaj, 2013‬ﻭﺁﺧﺮﻭﻥ‪ .(2014 ،.‬ﻳﺘﻜﻮﻥ ﻣﺼﻄﻠﺢ ﺍﻟﺘﻌﻬﻴﺪ ﺍﻟﺠﻤﺎﻋﻲ ﻣﻦ "ﺍﻟﺤﺸﺪ" ﻭ"‬
‫ﺍﻻﺳﺘﻌﺎﻧﺔﺑﻤﺼﺎﺩﺭ ﺧﺎﺭﺟﻴﺔ"‪ ،‬ﻣﻤﺎ ﻳﺸﻴﺮ ﺇﻟﻰ ﻣﻌﻨﻰ ﺍﻻﺳﺘﻌﺎﻧﺔ ﺑﻤﺼﺎﺩﺭ ﺧﺎﺭﺟﻴﺔ ﻟﻮﻇﺎﺉﻒ ﻣﺤﺪﺩﺓ ﻟﻤﺠﻤﻮﻋﺔ ﻣﻦ ﺍﻷﺷﺨﺎﺹ ﺍﻟﺨﺎﺭﺟﻴﻴﻦ )‬
‫ﻛﻠﻴﻤﺎﻥﻭﺁﺧﺮﻭﻥ‪ .(2008 ،.‬ﻳﻌﺘﻤﺪ ﻫﺬﺍ ﺍﻟﻤﻔﻬﻮﻡ ﻋﻠﻰ ﻓﻜﺮﺓ "ﺣﻜﻤﺔ ﺍﻟﺠﻤﻬﻮﺭ" )ﺳﻮﺭﻭﻓﻴﺘﺴﻜﻲ‪ .(2004 ،‬ﺇﻧﻪ ﻳﻤﺜﻞ ﻣﻨﻬﺠﺎً ﻓﻲ ﺣﺎﻟﺔ ﺍﻷﺣﺪﺍﺙ‬
‫ﻣﻦﺍﻟﺒﺤﺚ ﺍﻟﻌﻠﻤﻲ )‪ .(Howe، 2008‬ﻛﺎﻥ ﺟﻴﻒ ﻫﺎﻭ )‪ (2006a; 2006b; 2008‬ﺃﻭﻝ ﻣﻦ ﻗﺎﻡ ﺑﺘﻌﺮﻳﻒ ﺍﻟﺘﻌﻬﻴﺪ ﺍﻟﺠﻤﺎﻋﻲ ﻓﻲ ﻣﻘﺎﻝ ﻋﻠﻰ‬
‫ﺍﻹﻧﺘﺮﻧﺖﻓﻲ ﻋﺎﻡ ‪ .2006‬ﻭﺣﺘﻰ ﺍﻟﻴﻮﻡ‪ ،‬ﻻ ﻳﺰﺍﻝ ﺗﻌﺮﻳﻔﻪ ﻫﻮ ﺍﻟﺘﻌﺮﻳﻒ ﺍﻟﻌﻠﻤﻲ ﺍﻷﺑﺮﺯ‪ ،‬ﻭﺑﺎﻟﺘﺎﻟﻲ ﻧﺘﺒﻌﻪ )‪Brabham, 2009; Starbird, 2012‬‬
‫(‪.‬‬

‫ﻓﻌﻞﺗﻮﻟﻲ ﻭﻇﻴﻔﺔ ﻳﺆﺩﻳﻬﺎ ﺗﻘﻠﻴﺪﻳﺎً ﻭﻛﻴﻞ ﻣﻌﻴﻦ )ﻋﺎﺩﺓ ًﻣﻮﻇﻒ( ﻭﺍﻻﺳﺘﻌﺎﻧﺔ ﺑﻤﺼﺎﺩﺭ ﺧﺎﺭﺟﻴﺔ ﻟﻌﺪﺩ ﻏﻴﺮ ﻣﺤﺪﺩ ﻣﻦ ﺍﻷﺷﺨﺎﺹ‬
‫ﺑﺸﻜﻞﻋﺎﻡ ﻓﻲ ﺷﻜﻞ ﻣﻜﺎﻟﻤﺔ ﻣﻔﺘﻮﺣﺔ‪).‬ﻫﺎﻭ‪2006 ،‬ﺏ‪ ،‬ﺹ‪(1 .‬‬

‫ﺇﻟﻰﺟﺎﻧﺐ ﺍﻟﺘﻌﻬﻴﺪ ﺍﻟﺠﻤﺎﻋﻲ )‪ ،(Howe, 2008‬ﻳﺮﺗﺒﻂ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺠﻤﺎﻋﻲ ﺍﺭﺗﺒﺎﻃﺎً ﻭﺛﻴﻘﺎً ﺑﺎﻹﻗﺮﺍﺽ ﺍﻷﺻﻐﺮ )‪.(Vitale, 2013‬‬
‫ﻳﺸﻴﺮﺍﻹﻗﺮﺍﺽ ﺍﻷﺻﻐﺮ ﺇﻟﻰ ﻓﻜﺮﺓ ﺗﻤﻮﻳﻞ ﺍﻷﻓﺮﺍﺩ‪ ،‬ﺍﻟﺬﻳﻦ ﻻ ﻳﺴﺘﻄﻴﻌﻮﻥ ﺍﻟﻮﺻﻮﻝ ﺇﻟﻰ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺘﻘﻠﻴﺪﻱ ﻣﻦ ﻣﺆﺳﺴﺎﺕ ﺍﻻﺉﺘﻤﺎﻥ‬
‫)‪.(Armendariz and Morduch, 2010‬‬

‫ﺃﻣﺎﺑﺎﻟﻨﺴﺒﺔ ﻟﻠﺘﻌﻬﻴﺪ ﺍﻟﺠﻤﺎﻋﻲ‪ ،‬ﺗﻮﺟﺪ ﺗﻌﺮﻳﻔﺎﺕ ﻣﺨﺘﻠﻔﺔ ﻟﻠﺘﻤﻮﻳﻞ ﺍﻟﺠﻤﺎﻋﻲ ﻟﻢ ﻳﺘﻢ ﺗﻠﻘﻲ ﺃﻱ ﻣﻨﻬﺎ ﺑﺸﻜﻞ ﻋﺎﻡ‬
‫ﺍﻟﻘﺒﻮﻝﺍﻟﻌﻠﻤﻲ )ﻋﻠﻰ ﺳﺒﻴﻞ ﺍﻟﻤﺜﺎﻝ ‪ Tomczak‬ﻭ‪ .(Brem, 2013‬ﻭﻟﺬﻟﻚ ﺳﻴﺘﻢ ﻋﺮﺽ ﺃﺑﺮﺯ ﺍﻟﺘﻌﺮﻳﻔﺎﺕ ﺍﻟﻤﻮﺟﻮﺩﺓ ﻓﻲ ﺍﻟﺠﺪﻭﻝ ﺍﻟﺘﺎﻟﻲ‪:‬‬

‫ﻣﻌﻬﺪﻛﻠﻮﺕ‬ ‫‪408‬‬ ‫ﺣﻘﻮﻕﺍﻟﻄﺒﻊ ﻭﺍﻟﻨﺸﺮ ﻣﻦ ﻗﺒﻞ ﺍﻟﻤﺆﻟﻒ )ﺍﻟﻤﺆﻟﻔﻴﻦ(؛ ‪CC-BY‬‬

 ‫ﺍﻟﻤﺠﻠﺪ‪ ،14‬ﺍﻟﻌﺪﺩ ‪3‬‬ ‫ﻣﺠﻠﺔﺃﺑﺤﺎﺙ ﺍﻷﻋﻤﺎﻝ ﻭﺍﻻﻗﺘﺼﺎﺩ ﺍﻟﺪﻭﻟﻴﺔ – ﻣﺎﻳﻮ ‪ /‬ﻳﻮﻧﻴﻮ ‪2015‬‬

‫ﺍﻟﺠﺪﻭﻝ‪:1‬ﺗﻌﺮﻳﻔﺎﺕ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺠﻤﺎﻋﻲ‬

‫ﺗﻌﺮﻳﻒ‬ ‫ﺍﻟﻤﺆﻟﻔﻮﻥ‬
‫ﻳﺘﻀﻤﻦﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺠﻤﺎﻋﻲ ﺩﻋﻮﺓ ﻣﻔﺘﻮﺣﺔ‪ ،‬ﺑﺸﻜﻞ ﺃﺳﺎﺳﻲ ﻋﺒﺮ ﺍﻹﻧﺘﺮﻧﺖ‪ ،‬ﻟﺘﻮﻓﻴﺮ ﺍﻟﻤﻮﺍﺭﺩ ﺍﻟﻤﺎﻟﻴﺔ ﺇﻣﺎ ﻓﻲ ﺷﻜﻞ‬
‫ﺑﻴﻠﻔﻼﻣﻲﻭﺁﺧﺮﻭﻥ‪،‬‬
‫ﺗﺒﺮﻉﺃﻭ ﻣﻘﺎﺑﻞ ﺷﻜﻞ ﻣﻦ ﺃﺷﻜﺎﻝ ﺍﻟﻤﻜﺎﻓﺄﺓ ﻭ‪/‬ﺃﻭ ﺣﻘﻮﻕ ﺍﻟﺘﺼﻮﻳﺖ‪.‬‬
‫‪،2010‬ﺹ‪5 .‬‬

‫ﻳﺸﺘﻤﻞﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺠﻤﺎﻋﻲ ﻋﻠﻰ ﺃﺷﻜﺎﻝ ﻋﺮﺽ ﺭﺃﺱ ﺍﻟﻤﺎﻝ‪ ،‬ﺣﻴﺚ ﺗﻘﺪﻡ ﺍﻟﺸﺮﻛﺎﺕ ﺍﻟﺒﺎﺣﺜﺔ ﻋﻦ ﺭﺃﺱ ﺍﻟﻤﺎﻝ‬
‫ﻧﻔﺴﻬﺎﻋﻠﻨﺎً ﻋﻠﻰ ﻣﻨﺼﺎﺕ ﻣﺤﺪﺩﺓ ﺗﻌﺘﻤﺪ ﻋﻠﻰ ﺍﻹﻧﺘﺮﻧﺖ ﻟﻤﺠﻤﻮﻋﺔ ﻛﺒﻴﺮﺓ ﻣﻦ ﻣﻘﺪﻣﻲ ﺭﺃﺱ ﺍﻟﻤﺎﻝ ﺍﻟﻤﺤﺘﻤﻠﻴﻦ‬ ‫ﻓﻴﺪﻟﺮﻭﻫﻮﺭﺵ‪،‬‬
‫ﺑﻨﺎء ًﻋﻠﻰ ﺃﻓﻜﺎﺭﻫﻢ ﺍﻟﺘﺠﺎﺭﻳﺔ ﺍﻟﻤﺒﺘﻜﺮﺓ ﻭﺗﻮﻓﺮ ﻟﻬﺬﻩ ﺍﻟﻤﺠﻤﻮﻋﺔ ﺍﻟﻔﺮﺻﺔ ﻟﻠﻤﺸﺎﺭﻛﺔ ﻓﻲ ﺗﺨﺼﻴﺺ ﺍﻟﺘﻤﻮﻳﻞ)ﻣﺘﺮﺟﻢ‬ ‫‪،2014‬ﺹ‪92 .‬‬
‫ﻣﻦﺍﻷﻟﻤﺎﻧﻴﺔ(‪.‬‬
‫ﺍﻟﺘﻤﻮﻳﻞﺍﻟﺠﻤﺎﻋﻲ ﻫﻮ ﺷﻜﻞ ﻣﻦ ﺃﺷﻜﺎﻝ ﺗﻤﻮﻳﻞ ﺍﻟﻤﺸﺎﺭﻳﻊ ﻭﺍﻻﺑﺘﻜﺎﺭﺍﺕ ﻣﻦ ﺧﻼﻝ ﺍﻟﻤﺪﻓﻮﻋﺎﺕ ﺍﻟﺼﻐﻴﺮﺓ)ﻣﺘﺮﺟﻢ‬ ‫ﻫﻴﻤﺮﻭﺁﺧﺮﻭﻥ‪،‬‬
‫ﻣﻦﺍﻷﻟﻤﺎﻧﻴﺔ(‪.‬‬ ‫‪،2011‬ﺹ ‪5‬‬
‫ﺩﻋﻮﺓﻣﻔﺘﻮﺣﺔ‪ ،‬ﺑﺸﻜﻞ ﺃﺳﺎﺳﻲ ﻋﺒﺮ ﺍﻹﻧﺘﺮﻧﺖ‪ ،‬ﻟﺘﻮﻓﻴﺮ ﺍﻟﻤﻮﺍﺭﺩ ﺍﻟﻤﺎﻟﻴﺔ ﺇﻣﺎ ﻓﻲ ﺷﻜﻞ ﺗﺒﺮﻉ ﺃﻭ ﻣﻘﺎﺑﻞ ﺷﻜﻞ ﻣﻦ‬
‫ﻻﻣﺒﺮﺕﻭﺷﻔﻴﻨﺒﺎﺧﺮ‪ ،2010 ،‬ﺹ‪.‬‬
‫ﺃﺷﻜﺎﻝﺍﻟﻤﻜﺎﻓﺂﺕ ﻭ‪/‬ﺃﻭ ﺣﻘﻮﻕ ﺍﻟﺘﺼﻮﻳﺖ ﻣﻦ ﺃﺟﻞ ﺩﻋﻢ ﺍﻟﻤﺒﺎﺩﺭﺍﺕ ﻷﻏﺮﺍﺽ ﻣﺤﺪﺩﺓ‪.‬‬
‫‪4‬‬
‫ﻋﻤﻠﻴﺔﺍﻟﺤﺼﻮﻝ ﻋﻠﻰ ﻗﺮﺽ‪/‬ﺗﻤﻮﻳﻞ ﻳﺘﻢ ﺇﺟﺮﺍﺅﻩ ﺗﻘﻠﻴﺪﻳﺎً ﺑﻮﺍﺳﻄﺔ ﻭﻛﻴﻞ ﻣﻌﻴﻦ ﻭﺍﻻﺳﺘﻌﺎﻧﺔ ﺑﻤﺼﺎﺩﺭ ﺧﺎﺭﺟﻴﺔ‬ ‫ﺗﻮﻣﺘﺸﺎﻙﻭﺑﺮﻳﻢ‪،‬‬
‫ﻟﻤﺠﻤﻮﻋﺔﻛﺒﻴﺮﺓ ﻏﻴﺮ ﻣﺤﺪﺩﺓ ﻣﻦ ﺍﻷﺷﺨﺎﺹ ﺑﺸﻜﻞ ﻋﺎﻡ ﻓﻲ ﺷﻜﻞ ﻣﻜﺎﻟﻤﺔ ﻣﻔﺘﻮﺣﺔ‪.‬‬ ‫‪،2013‬ﺹ‪338 .‬‬
‫ﻋﻤﻠﻴﺔﻗﻴﺎﻡ ﻃﺮﻑ ﻭﺍﺣﺪ ﺑﻄﻠﺐ ﻭﺗﻠﻘﻲ ﺃﻣﻮﺍﻝ ﻭﻣﻮﺍﺭﺩ ﺃﺧﺮﻯ ﻣﻦ ﺍﻟﻌﺪﻳﺪ ﻣﻦ ﺍﻷﻓﺮﺍﺩ ﻟﺘﻤﻮﻳﻞ ﻣﺸﺮﻭﻉ ﻣﺎ‪ ،‬ﻣﻘﺎﺑﻞ‬
‫ﻓﻮﺭﺑﺮﺍﻙ‪,‬‬
‫ﻋﺎﺉﺪﻧﻘﺪﻱ ﺃﻭ ﻏﻴﺮ ﻧﻘﺪﻱ ﻋﻠﻰ ﺍﻻﺳﺘﺜﻤﺎﺭ‪.‬‬
‫‪،2011‬ﺹ‪1 .‬‬

‫ﺍﻟﺘﻤﻮﻳﻞﺍﻟﺠﻤﺎﻋﻲ ﻫﻮ ﻧﻮﻉ ﻣﻦ ﺟﻤﻊ ﺍﻟﺘﺒﺮﻋﺎﺕ ﻟﻠﻤﺸﺎﺭﻳﻊ ﺍﻹﺑﺪﺍﻋﻴﺔ‪ ،‬ﻭﻟﻜﻦ ﺃﻳﻀﺎً ﻟﻠﺸﺮﻛﺎﺕ‪ .‬ﺍﻟﺠﺎﻧﺐ ﺍﻷﻛﺜﺮ ﺃﻫﻤﻴﺔ‬
‫ﻫﻮﺃﻥ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺠﻤﺎﻋﻲ ﻣﻔﺘﻮﺡ‪ ،‬ﻭﻳﺴﺘﺨﺪﻡ ﺃﺳﺎﻟﻴﺐ ﺍﻟﻮﻳﺐ ‪ 2.0‬ﻟﻠﺘﻮﺍﺻﻞ‪ ،‬ﻭﻋﺎﺩﺓ ﻣﺎ ﻳﻜﻮﻥ ﻟﻪ ﻧﻮﻉ ﻣﻦ ﺍﻟﻤﻜﺎﻓﺄﺓ‬ ‫ﻭﻳﻨﺰﻻﻑﻭﺁﺧﺮﻭﻥ‪،‬‬
‫ﺍﻟﻤﺎﺩﻳﺔﺃﻭ ﻏﻴﺮ ﺍﻟﻤﺎﺩﻳﺔ)ﻣﺘﺮﺟﻢ ﻣﻦ ﺍﻷﻟﻤﺎﻧﻴﺔ(‪.‬‬ ‫‪،2012‬ﻥ‪.‬ﺏ‬

‫ﺧﻼﺻﺔﺍﻟﻘﻮﻝ ﻓﻲ ﺟﻤﻴﻊ ﺍﻟﺘﻌﺎﺭﻳﻒ ﻣﻦ ﺍﻟﻌﺪﻳﺪ ﻣﻦ ﺍﻟﻤﺆﻟﻔﻴﻦ ﻫﻲ ﺃﻥ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺠﻤﺎﻋﻲ ﻳﺮﻛﺰ ﻋﻠﻰ ﺟﻤﻊ ﺍﻷﻣﻮﺍﻝ‬
‫ﺍﻟﺘﻤﻮﻳﻞﻣﻦ ﺍﻟﺠﻤﻬﻮﺭ‪ ،‬ﺍﻟﺬﻱ ﻳﻤﺜﻠﻪ ﻣﺠﻤﻮﻋﺔ ﻣﻦ ﺍﻷﺷﺨﺎﺹ‪ ،‬ﺑﺎﺳﺘﺨﺪﺍﻡ ﻣﻨﺼﺎﺕ ﻣﺤﺪﺩﺓ ﻗﺎﺉﻤﺔ ﻋﻠﻰ ﺍﻹﻧﺘﺮﻧﺖ )ﻣﺜﻞ ‪Yang et al., 2008‬‬
‫;‪.(Mazzola and Distefano, 2010; Ribiere and Tuggle, 2010‬‬

‫ﺍﻟﺘﻤﻮﻳﻞﺍﻟﺠﻤﺎﻋﻲ ﻛﺴﻮﻕ ﺫﻭ ﻭﺟﻬﻴﻦ‬

‫ﻳﻌﺘﺒﺮﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺠﻤﺎﻋﻲ ﺳﻮﻗﺎً ﻧﻤﻮﺫﺟﻴﺎً ﺛﻨﺎﺉﻲ ﺍﻟﺠﺎﻧﺐ ﻷﻧﻪ "ﻳﺮﺑﻂ ﺑﻴﻦ ﻣﺠﻤﻮﻋﺘﻴﻦ ﻣﺨﺘﻠﻔﺘﻴﻦ ﻣﻦ ﺍﻟﻤﺴﺘﺨﺪﻣﻴﻦ ﻓﻲ ﺍﻟﺸﺒﻜﺔ‬
‫" )‪ .(Eisenmann et al., 2006, p. 2‬ﻭﺗﺘﻤﻴﺰ ﺍﻟﺸﺒﻜﺎﺕ ﺫﺍﺕ ﺍﻟﻮﺟﻬﻴﻦ ﺑﻮﺟﻮﺩ ﺟﺎﻧﺐ ﺍﻟﺪﻋﻢ ﻭﺟﺎﻧﺐ ﺍﻟﻤﺎﻝ‪ .‬ﺟﺎﻧﺐ ﺍﻟﺪﻋﻢ ﻫﻮ ﻣﺠﻤﻮﻋﺔ‬
‫ﺍﻟﻤﺴﺘﺜﻤﺮﻳﻦﺍﻟﺬﻳﻦ ﻳﺴﺎﻫﻤﻮﻥ ﻓﻲ ﺍﻟﺠﺎﻧﺐ ﺍﻟﻤﺎﻟﻲ‪ ،‬ﺃﻱ ﺟﻤﻊ ﺍﻟﺘﺒﺮﻋﺎﺕ‪ ،‬ﺩﻭﻥ ﺩﻓﻊ ﺃﻱ ﺭﺳﻮﻡ ﻟﻠﻤﻨﺼﺔ )ﻋﻠﻰ ﺳﺒﻴﻞ ﺍﻟﻤﺜﺎﻝ‬
‫‪ .(Osterwalder and Pigneur, 2010‬ﻳﺘﻘﺎﺿﻰ ﺍﻟﻮﺳﻄﺎء ﻣﺒﺎﻟﻎ ﻣﺨﺘﻠﻔﺔ ﻣﻦ ﺟﻤﻊ ﺍﻟﺘﺒﺮﻋﺎﺕ ﺑﻴﻨﻤﺎ ﻻ ﻳﺘﻢ ﻓﺮﺽ ﺭﺳﻮﻡ ﻣﻨﻔﺼﻠﺔ ﻋﻠﻰ‬
‫ﺍﻟﻤﺴﺘﺜﻤﺮﻳﻦ)ﻋﻠﻰ ﺳﺒﻴﻞ ﺍﻟﻤﺜﺎﻝ ‪.(Indiegogo, 2014; Kickstarter, 2014‬‬

‫ﻧﻤﺎﺫﺝﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺠﻤﺎﻋﻲ‬

‫ﺗﺨﺘﻠﻒﺃﺑﻌﺎﺩ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺠﻤﺎﻋﻲ ﻣﻦ ﺣﻴﺚ ﺗﺨﺼﻴﺺ ﺍﻟﻤﻮﺍﺭﺩ ﻭﺍﻟﺘﺪﻓﻖ ﺇﻟﻴﻬﺎ‬

‫ﺍﻟﻤﺴﺘﺜﻤﺮﻳﻦ)ﻣﺜﻞ ﻣﻮﺭﻳﺘﺰ ﻭﺑﻠﻮﻙ‪2014 ،‬؛ ﺗﺸﺎﻧﻎ‪ .(2013 ،‬ﺑﺸﻜﻞ ﻋﺎﻡ‪ ،‬ﻳﻤﻜﻦ ﻣﻜﺎﻓﺄﺓ ﺍﻟﻤﺸﺎﺭﻛﻴﻦ ﻓﻲ ﺍﻟﺤﺸﺪ ﺑﻄﺮﻕ ﻣﺨﺘﻠﻔﺔ‪ :‬ﻣﺎﺩﻳﺔ )‬
‫ﻓﻮﻛﻮﻓﻴﺘﺶﻭﺁﺧﺮﻭﻥ‪ (2009 ،‬ﺃﻭ ﻏﻴﺮ ﻣﺎﺩﻳﺔ ﻣﻦ ﺧﻼﻝ ﺍﻻﻋﺘﺮﺍﻑ ﺍﻻﺟﺘﻤﺎﻋﻲ )ﻛﺎﺯﺍﻱ‪ .(2011 ،‬ﻭﻣﻦ ﺍﻟﻨﺎﺣﻴﺔ ﺍﻟﻤﺎﺩﻳﺔ‪ ،‬ﻳﻤﻜﻦ ﺃﻥ ﻳﻜﻮﻥ‬
‫ﺍﻟﺘﻌﻮﻳﺾﻣﺎﻟﻴﺎً ﺣﻴﺚ ﻳﻮﺍﻓﻖ ﺍﻟﻘﺎﺉﻤﻮﻥ ﻋﻠﻰ ﺍﻟﻤﺸﺮﻭﻉ ﻋﻠﻰ ﺍﺳﺘﺮﺩﺍﺩ ﺍﻟﻤﺒﻠﻎ ﺍﻟﻤﺪﻓﻮﻉ ﺑﺸﻜﻞ ﻣﺒﺎﺷﺮ ﺃﻭ ﻏﻴﺮ ﻣﺒﺎﺷﺮ ﻣﻊ ﺍﻟﻤﻨﺘﺠﺎﺕ ﺃﻭ‬
‫ﺍﻟﺨﺪﻣﺎﺕ)‪ .(Pelzer et al., 2012‬ﺗﻮﺟﺪ ﺑﺸﻜﻞ ﻋﺎﻡ ﺃﺭﺑﻌﺔ ﻧﻤﺎﺫﺝ ﻣﻦ ﺣﻴﺚ ﺍﻟﺘﻤﻮﻳﻞ )ﻣﺜﻞ ‪et al., 2012; Leimeister, 2012‬‬
‫‪ .(Beck, 2012; Giudici‬ﻳﻘﺴﻢ ﺍﻟﻌﻠﻤﺎء ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺠﻤﺎﻋﻲ ﺇﻟﻰ ﻧﻤﻮﺫﺝ ﺍﻟﺘﺒﺮﻋﺎﺕ ﻭﺍﻟﻤﻜﺎﻓﺄﺓ ﻭﺍﻹﻗﺮﺍﺽ ﻭﺍﻷﺳﻬﻢ‪.‬‬

‫ﻳﺸﻴﺮﻧﻤﻮﺫﺝ ﺍﻟﺘﺒﺮﻋﺎﺕ ﺇﻟﻰ ﻫﺪﻑ ﻛﻼﺳﻴﻜﻲ ﻟﺠﻤﻊ ﺍﻟﺘﺒﺮﻋﺎﺕ ﻣﻊ ﺍﺧﺘﻼﻑ ﺃﻥ ﺍﻟﺘﺒﺮﻋﺎﺕ ﺗﺘﻢ ﻋﺒﺮ ﺍﻟﻮﻳﺐ ‪ ،2.0‬ﻭﻓﻲ ﻣﻌﻈﻢ‬
‫ﺍﻟﺤﺎﻻﺕ‪،‬ﻋﺒﺮ ﻭﺳﻴﻂ ﻣﺤﺪﺩ‪ .‬ﻻ ﻳﺘﻠﻘﻰ ﺍﻟﻤﺘﺒﺮﻋﻮﻥ ﺃﻱ ﻣﻜﺎﻓﺂﺕ ﺍﺟﺘﻤﺎﻋﻴﺔ ﻣﺎﺩﻳﺔ ﻏﻴﺮ ﻣﺎﺩﻳﺔ ﻣﻘﺎﺑﻞ ﻣﺴﺎﻫﻤﺎﺗﻬﻢ ‪ -‬ﻋﻠﻰ ﺳﺒﻴﻞ ﺍﻟﻤﺜﺎﻝ‬
‫ﺍﻻﻋﺘﺮﺍﻓﺎﺕﺍﻟﻌﺎﻣﺔ ﻣﻦ ﻗﺒﻞ ﺟﺎﻣﻌﻲ ﺍﻟﺘﺒﺮﻋﺎﺕ )‪ .(Leimeister and Zogaj, 2013‬ﻟﺘﺤﻘﻴﻖ ﺍﻟﻤﺸﺎﺭﻳﻊ ﺍﻹﺑﺪﺍﻋﻴﺔ‪ ،‬ﻳﺘﻢ ﺗﻄﺒﻴﻖ ﻧﻤﻮﺫﺝ‬
‫ﺍﻟﺘﺒﺮﻋﺎﺕﺑﺸﻜﻞ ﺷﺎﺉﻊ‪ .‬ﻭﻳﻨُﻈﺮ ﺇﻟﻴﻪ ﺃﻳﻀﺎً ﻋﻠﻰ ﺃﻧﻪ ﻓﺮﺻﺔ ﻣﺘﺰﺍﻳﺪﺓ ﻟﻠﻤﺆﺳﺴﺎﺕ ﺍﻟﻌﺎﻣﺔ‪ ،‬ﻣﺜﻞ ﺍﻟﻤﻜﺘﺒﺎﺕ‪ ،‬ﻟﻠﺤﺼﻮﻝ ﻋﻠﻰ ﺗﻤﻮﻳﻞ ﻣﺎﻟﻲ ﻣﻦ‬
‫ﺍﻟﺠﻤﻬﻮﺭ)‪ .(McKinley, 2012‬ﺗﻤﺜﻞ ﺍﻟﻤﻜﺎﻓﺄﺓ ﻏﻴﺮ ﺍﻟﻤﺎﺩﻳﺔ ﺍﻟﻮﺣﻴﺪﺓ ﺧﻴﺎﺭﺍً ﻟﻠﻤﺴﺘﺜﻤﺮﻳﻦ ﻟﻠﻤﺸﺎﺭﻛﺔ ﻓﻲ "ﻣﺸﺎﻛﻞ ﺍﻟﻌﺎﻟﻢ ﺍﻟﺤﻘﻴﻘﻲ" )ﻭﻳﻐﻴﻨﺰ‬
‫ﻭﻛﺮﻭﺳﺘﻮﻥ‪ ،2011،‬ﺹ ‪ (1‬ﻣﻦ ﺧﻼﻝ ﻣﺸﺎﺭﻛﺘﻬﻢ ﻓﻲ ﺍﻟﺠﻤﻬﻮﺭ‪.‬‬

‫ﻳﺘﻀﻤﻦﻧﻤﻮﺫﺝ ﺍﻟﻤﻜﺎﻓﺄﺓ ﻛﻼ ًﻣﻦ ﺍﻟﻤﻜﺎﻓﺂﺕ ﺍﻟﻤﺎﺩﻳﺔ ﻭﻏﻴﺮ ﺍﻟﻤﺎﺩﻳﺔ‪ .‬ﺑﺎﻟﻨﺴﺒﺔ ﻟﻠﺮﻋﺎﻳﺔ ﺍﻟﺠﻤﺎﻋﻴﺔ ﻟﻠﻤﺴﺘﺜﻤﺮﻳﻦ‬
‫ﻳﺘﻢﻣﻜﺎﻓﺄﺗﻬﻢ ﻓﻘﻂ ﻣﻦ ﺧﻼﻝ ﺍﻹﻗﺮﺍﺭﺍﺕ )ﺍﻟﺘﻘﺎﻃﻊ ﻣﻊ ﻧﻤﻮﺫﺝ ﺍﻟﺘﺒﺮﻋﺎﺕ( ﺣﻴﺚ ﻗﺪ ﻳﻈﻬﺮ ﺍﺳﻤﻬﻢ ﻓﻲ ﻣﻠﻒ‬

‫ﻣﻌﻬﺪﻛﻠﻮﺕ‬ ‫‪409‬‬ ‫ﺣﻘﻮﻕﺍﻟﻄﺒﻊ ﻭﺍﻟﻨﺸﺮ ﻣﻦ ﻗﺒﻞ ﺍﻟﻤﺆﻟﻒ )ﺍﻟﻤﺆﻟﻔﻴﻦ(؛ ‪CC-BY‬‬

 ‫ﺍﻟﻤﺠﻠﺪ‪ ،14‬ﺍﻟﻌﺪﺩ ‪3‬‬ ‫ﻣﺠﻠﺔﺃﺑﺤﺎﺙ ﺍﻷﻋﻤﺎﻝ ﻭﺍﻻﻗﺘﺼﺎﺩ ﺍﻟﺪﻭﻟﻴﺔ – ﻣﺎﻳﻮ ‪ /‬ﻳﻮﻧﻴﻮ ‪2015‬‬

‫ﺍﻟﻤﺸﺮﻭﻉﺍﻟﻤﻤﻮﻝ )‪ .(Belleflamme et al., 2013; Kortleben and Vollmar, 2012‬ﻓﻲ ﺍﻟﺒﻴﻊ ﺍﻟﻤﺴﺒﻖ ﺃﻭ ﺃﻳﻀﺎً ﺍﻟﻄﻠﺐ ﺍﻟﻤﺴﺒﻖ‪،‬‬
‫ﺗﻌﺘﻤﺪﺍﻟﻤﻜﺎﻓﺄﺓ ﻣﺎﺩﻳﺎً ﺣﻴﺚ ﻳﺘﻠﻘﻰ ﺍﻟﻤﺴﺘﺜﻤﺮﻭﻥ ﺍﻟﻤﺸﺮﻭﻉ ﺃﻭ ﺍﻟﻤﻨﺘﺞ ﺍﻟﻤﻤﻮﻝ ﻗﺒﻞ ﺍﻟﻨﺸﺮ ﺃﻭ ﺍﻟﺪﺧﻮﻝ ﺇﻟﻰ ﺍﻟﺴﻮﻕ )‪and Wenzlaff, 2011‬‬
‫‪.(Hemer et al., 2011; Röthler‬‬

‫ﻳﺘﻢﺗﻘﺪﻳﻢ ﺍﻟﻘﺮﻭﺽ ﺍﻟﺼﻐﻴﺮﺓ ﻓﻲ ﻧﻤﻮﺫﺝ ﺍﻹﻗﺮﺍﺽ‪ .‬ﻳﺤﺼﻞ ﺍﻟﻤﺴﺘﺜﻤﺮﻭﻥ ﻋﻠﻰ ﺳﻌﺮ ﻓﺎﺉﺪﺓ ﺛﺎﺑﺖ ﻓﻲ ﻫﺬﻩ ﺍﻟﺤﺎﻟﺔ‪ .‬ﻳﻤﻜﻦ ﺇﺑﺮﺍﻡ ﻫﺬﻩ‬
‫ﺍﻷﻧﻮﺍﻉﻣﻦ ﺍﻟﻌﻘﻮﺩ ﺇﻣﺎ ﺑﻴﻦ ﺃﺷﺨﺎﺹ ﻣﻦ ﺍﻟﻘﻄﺎﻉ ﺍﻟﺨﺎﺹ ﻋﻨﺪﻣﺎ ﻳﻘﻮﻡ ﻣﺴﺘﺜﻤﺮﻭﻥ ﻣﻦ ﺍﻟﻘﻄﺎﻉ ﺍﻟﺨﺎﺹ ﺑﺘﻤﻮﻳﻞ ﺣﻤﻠﺔ ﺟﻤﻊ ﺗﺒﺮﻋﺎﺕ ﺧﺎﺻﺔ‬
‫)‪ ،(Hemer et al., 2011; Kaltenbeck, 2011; Kortleben and Vollmar, 2012) (Peerto-Peer-Lending‬ﺃﻭ ﻣﻦ ﺃﺷﺨﺎﺹ ﻋﺎﺩﻳﻴﻦ‬
‫ﺇﻟﻰﺍﻟﺸﺮﻛﺎﺕ )ﺑﺎﺭﺍﺳﻴﻨﻜﺎ ﻭﺷﻴﻔﺮ‪2010 ،‬؛ ﻣﺎﺥ ﻭﺁﺧﺮﻭﻥ‪.(2013 ،‬‬

‫ﻳﺸﺘﻤﻞﻧﻤﻮﺫﺝ ﺍﻷﺳﻬﻢ ﻋﻠﻰ ﺟﻤﻊ ﺍﻷﻣﻮﺍﻝ ﻋﻦ ﻃﺮﻳﻖ ﺑﻴﻊ ﺃﺳﻬﻢ ﺍﻟﺸﺮﻛﺔ ﺍﻟﻤﺠﻤﻌﺔ ﻟﻠﺠﻤﻬﻮﺭ‪ .‬ﻫﺬﺍ‬
‫ﻏﺎﻟﺒﺎًﻣﺎ ﻳﺘﻢ ﻭﺻﻔﻪ ﺑﺸﻜﻞ ﺧﺎﺹ ﻓﻲ ﺍﻟﻤﻨﻄﻘﺔ ﺍﻟﻨﺎﻃﻘﺔ ﺑﺎﻟﻠﻐﺔ ﺍﻷﻟﻤﺎﻧﻴﺔ ﻋﻠﻰ ﺃﻧﻪ ﺍﺳﺘﺜﻤﺎﺭ ﺟﻤﺎﻋﻲ )ﻣﺜﻞ ‪Hornuf and Klöhn, 2013‬‬
‫;‪ (Leimeister and Zogaj, 2013‬ﺃﻭ "ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺠﻤﺎﻋﻲ ﺍﻻﺳﺘﺜﻤﺎﺭﻱ" )‪ ،(Barnett, 2013, p. 1‬ﻋﻨﺪﻣﺎ ﺗﺘﻠﻘﻰ ﺍﻟﺸﺮﻛﺎﺕ ﺍﻟﻨﺎﺷﺉﺔ ﻭﺭﺟﺎﻝ‬
‫ﺍﻷﻋﻤﺎﻝﺍﻷﻣﻮﺍﻝ ﻣﻦ ﺍﻟﺤﺸﺪ ﻭﺳﺪ ﻓﺠﻮﺍﺕ ﺍﻟﺘﻤﻮﻳﻞ ﻓﻲ ﺍﻟﻤﺮﺍﺣﻞ ﺍﻟﻤﺒﻜﺮﺓ )ﻣﻮﻟﻴﻚ‪ .(2013 ،‬ﻳﺤﺼﻞ ﺍﻟﻤﺴﺘﺜﻤﺮﻭﻥ ﻋﻠﻰ ﺗﻘﺎﺳﻢ ﺍﻷﺭﺑﺎﺡ ﻛﻤﻜﺎﻓﺄﺓ‬
‫ﻣﺎﺩﻳﺔ)‪ .(Beck, 2012; Brem and Wassong, 2014‬ﻭﻗﺪ ﺣﻈﻲ ﻫﺬﺍ ﺍﻟﻨﻤﻮﺫﺝ ﺑﺄﻋﻠﻰ ﻗﺪﺭ ﻣﻦ ﺍﻻﻫﺘﻤﺎﻡ ﺍﻟﻌﻠﻤﻲ ﻓﻲ ﺍﻟﻤﺎﺿﻲ )ﻋﻠﻰ ﺳﺒﻴﻞ‬
‫ﺍﻟﻤﺜﺎﻝ‪.(Moritz and Block, 2014‬‬

‫ﺍﻟﺘﻤﻮﻳﻞﺍﻟﺠﻤﺎﻋﻲ ﺍﻟﻤﺒﺎﺷﺮ ﻣﻘﺎﺑﻞ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺠﻤﺎﻋﻲ ﻏﻴﺮ ﺍﻟﻤﺒﺎﺷﺮ‬

‫ﻳﻤﻜﻦﺗﻘﺴﻴﻢ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺠﻤﺎﻋﻲ ﺇﻟﻰ ﺗﻤﻮﻳﻞ ﺟﻤﺎﻋﻲ ﻣﺒﺎﺷﺮ ﻭﻏﻴﺮ ﻣﺒﺎﺷﺮ‪ .‬ﻳﺸﻴﺮ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺠﻤﺎﻋﻲ ﺍﻟﻤﺒﺎﺷﺮ ﺇﻟﻰ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﻤﺒﺎﺷﺮ‬
‫ﻧﺪﺍءﺍﻟﺘﻤﻮﻳﻞ ﻣﻦ ﺟﺎﻣﻌﻲ ﺍﻟﺘﺒﺮﻋﺎﺕ ﻟﻠﺠﻤﻬﻮﺭ‪ ،‬ﻋﻠﻰ ﺳﺒﻴﻞ ﺍﻟﻤﺜﺎﻝ ﻋﻠﻰ ﺍﻟﻤﻮﻗﻊ ﺍﻹﻟﻜﺘﺮﻭﻧﻲ ﻟﻠﺸﺮﻛﺔ‪ .‬ﻳﺘﻀﻤﻦ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺠﻤﺎﻋﻲ ﻏﻴﺮ‬
‫ﺍﻟﻤﺒﺎﺷﺮﻭﺳﻴﻄﺎً ﻓﻲ ﻋﻤﻠﻴﺔ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺠﻤﺎﻋﻲ ﺣﻴﺚ ﻳﺘﻢ ﺍﻹﻋﻼﻥ ﻋﻦ ﺍﻟﻨﺪﺍء ﻋﺒﺮ ﻣﻨﺼﺔ ﻣﺤﺪﺩﺓ )‪and Schwienbacher, 2010‬‬
‫‪ .(Belleflamme et al., 2010; Burkett, 2011; Lambert‬ﺇﻥ ﻣﺎ ﻳﺠﻌﻞ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺠﻤﺎﻋﻲ ﺍﻟﻤﺒﺎﺷﺮ ﺃﻗﻞ ﻓﺎﺉﺪﺓ ﺑﺎﻟﻨﺴﺒﺔ ﺇﻟﻰ‬
‫ﺟﺎﻣﻌﻲﺍﻟﺘﺒﺮﻋﺎﺕ ﻏﻴﺮ ﺍﻟﻤﻌﺮﻭﻓﻴﻦ )ﻣﺜﻞ ﺭﻭﺍﺩ ﺍﻷﻋﻤﺎﻝ( ﻫﻮ ﺣﻘﻴﻘﺔ ﺃﻧﻪ ﻳﺘﻌﻴﻦ ﻋﻠﻴﻬﻢ ﺃﻥ ﻳﻜﻮﻧﻮﺍ ﻗﺎﺩﺭﻳﻦ ﺑﺸﻜﻞ ﻣﺒﺎﺷﺮ ﻋﻠﻰ ﻣﺨﺎﻃﺒﺔ ﻋﺪﺩ‬
‫ﻛﺒﻴﺮﻣﻦ ﺍﻷﺷﺨﺎﺹ ﻋﺒﺮ ﻣﻮﻗﻊ ﺍﻟﻮﻳﺐ ﺍﻟﺨﺎﺹ ﺑﻬﻢ‪ .‬ﻻ ﻳﻤﻜﻦ ﺍﻟﻌﺜﻮﺭ ﻋﻠﻰ ﺍﻟﺤﺪ ﺍﻷﺩﻧﻰ ﺍﻟﻤﻄﻠﻮﺏ ﻟﻌﺪﺩ ﺍﻟﻤﺸﺎﺭﻛﻴﻦ ﻓﻲ ﺍﻟﺤﺸﺪ ﻓﻲ ﺍﻟﻮﺿﻊ‬
‫ﺍﻟﺤﺎﻟﻲﻟﻸﺩﺑﻴﺎﺕ ﺣﻮﻝ ﻫﺬﺍ ﺍﻟﻤﻮﺿﻮﻉ‪ .‬ﻭﻣﻊ ﺫﻟﻚ‪ ،‬ﻳﺮﻯ (‪ Howe )2006a; 2006b; 2008‬ﺃﻥ ﻭﺟﻮﺩ ‪ 5000‬ﻣﺸﺎﺭﻙ ﻓﻲ ﺍﻟﺤﺸﺪ ﻫﻮ ﺃﻣﺮ‬
‫ﺣﺎﺳﻢﻟﺤﻤﻠﺔ ﺗﻤﻮﻳﻞ ﺟﻤﺎﻋﻲ ﻧﺎﺟﺤﺔ‪ .‬ﻳﺒﺪﻭ ﺃﻥ ﻫﺬﺍ ﺍﻟﺮﻗﻢ ﺗﻢ ﺣﺴﺎﺑﻪ ﺑﺸﻜﻞ ﻣﺮﺗﻔﻊ ﺟﺪﺍً ﻧﻈﺮﺍً ﻷﻥ ﻣﻨﺼﺎﺕ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺠﻤﺎﻋﻲ ﺍﻟﺸﻬﻴﺮﺓ‬
‫ﺗﻨﺺﻋﻠﻰ ﺣﺪ ﺃﻗﺼﻰ ﻳﺘﺮﺍﻭﺡ ﺑﻴﻦ ‪ 500‬ﺇﻟﻰ ‪ 600‬ﻣﺸﺎﺭﻙ )‪ .(Crowdcube, 2014; Kickstarter, 2014; Seedmatch, 2014‬ﻭﻣﻊ‬
‫ﺫﻟﻚ‪،‬ﻓﺈﻥ ﻣﻌﻈﻢ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺠﻤﺎﻋﻲ ﻳﺘﻢ ﻓﻲ ﺍﻟﻮﺍﻗﻊ ﺑﺸﻜﻞ ﻏﻴﺮ ﻣﺒﺎﺷﺮ ﻋﺒﺮ ﻭﺳﻴﻂ‪ ،‬ﻭﻫﻮ ﻣﺎ ﻳﺆﻛﺪﻩ ﻋﺪﺩ ﻣﺘﺰﺍﻳﺪ ﻣﻦ ﻣﻨﺼﺎﺕ ﺍﻟﺘﻤﻮﻳﻞ‬
‫ﺍﻟﺠﻤﺎﻋﻲ)ﻣﺜﻞ ﻣﻮﺭﻳﺘﺰ ﻭﺑﻠﻮﻙ‪.(2014 ،‬‬

‫ﺍﻟﺠﻬﺎﺕﺍﻟﻔﺎﻋﻠﺔ ﺍﻟﻤﺸﺎﺭﻛﺔ ﻓﻲ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺠﻤﺎﻋﻲ‬

‫ﺗﺸﺎﺭﻙﺛﻼﺛﺔ ﺃﻧﻮﺍﻉ ﻣﺨﺘﻠﻔﺔ ﻣﻦ ﺍﻟﺠﻬﺎﺕ ﺍﻟﻔﺎﻋﻠﺔ ﻓﻲ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺠﻤﺎﻋﻲ ﺍﻟﻨﻤﻮﺫﺟﻲ‪ :‬ﺍﻟﻮﺳﻄﺎء‪ ،‬ﻭﺟﺎﻣﻌﻮ ﺍﻟﺘﺒﺮﻋﺎﺕ‪ ،‬ﻭ‬
‫ﺍﻟﻤﺴﺘﺜﻤﺮﻳﻦ)ﺗﻮﻣﺰﺍﻙ ﻭﺑﺮﻳﻢ‪.(2013 ،‬‬

‫ﻭﺳﻄﺎء‬

‫ﺃﻭﻻ‪ً،‬ﻳﻠﻌﺐ ﺍﻟﻮﺳﻴﻂ‪ ،‬ﺑﺎﻋﺘﺒﺎﺭﻩ ﻣﻨﺼﺔ ﻗﺎﺉﻤﺔ ﻋﻠﻰ ﺍﻹﻧﺘﺮﻧﺖ‪ ،‬ﺩﻭﺭﺍً ﻣﻬﻤﺎً ﻓﻲ ﺍﻻﺗﺼﺎﻝ ﻭﺍﻟﻤﻄﺎﺑﻘﺔ‬
‫ﺟﺎﻣﻌﻮﺍﻟﺘﺒﺮﻋﺎﺕ ﻭﺍﻟﻤﺴﺘﺜﻤﺮﻭﻥ )ﺯﻓﻴﻠﻴﺘﺸﻮﻓﺴﻜﻲ ﻭﺁﺧﺮﻭﻥ‪ .(2013 ،‬ﻳﻀﻤﻦ ﺍﻟﻮﺳﻄﺎء ﻋﻤﻠﻴﺎﺕ ﺗﻤﻮﻳﻞ ﺟﻤﺎﻋﻲ ﻣﻮﺣﺪﺓ ﻟﻠﻤﺴﺘﺜﻤﺮﻳﻦ‬
‫ﻭﻳﻌﻤﻠﻮﻥﻛﻤﻨﺼﺔ ﻟﻼﺗﺼﺎﻝ ﻭﺍﻟﻤﻌﻠﻮﻣﺎﺕ ﻭﺍﻟﺘﻨﻔﻴﺬ ﻓﻲ ﻧﻔﺲ ﺍﻟﻮﻗﺖ‪ .‬ﻳﻌﺪ ﺍﻟﺘﻮﺍﺻﻞ ﺍﻟﻮﺛﻴﻖ ﺑﻴﻦ ﺟﺎﻣﻊ ﺍﻟﺘﺒﺮﻋﺎﺕ ﻭﺍﻟﻤﺴﺘﺜﻤﺮ ﺃﻣﺮﺍً ﻣﻬﻤﺎً‬
‫ﻟﻠﺤﺼﻮﻝﻋﻠﻰ ﺗﻤﻮﻳﻞ ﻧﺎﺟﺢ ﻟﻠﺤﺎﻓﺰ )‪Estelles-Arolas and González-Ladrón-de-Guevara, 2012; Howe, 2006b‬‬
‫;‪ .(Brabham, 2009‬ﻭﻳﺘﺒﻊ ﺍﻟﻮﺳﻄﺎء ﻧﻤﺎﺫﺝ ﺍﺳﺘﺜﻤﺎﺭﻳﺔ ﻣﺨﺘﻠﻔﺔ )‪ .(Barnett, 2013‬ﻳﻌﻨﻲ ﺍﻟﻜﻞ ﺃﻭ ﻻ ﺷﻲء ﺃﻥ ﺟﺎﻣﻊ ﺍﻟﺘﺒﺮﻋﺎﺕ ﻻ ﻳﺘﻠﻘﻰ‬
‫ﺍﻟﻤﺒﻠﻎﺇﻻ ﺇﺫﺍ ﺗﻢ ﺍﻟﻮﺻﻮﻝ ﺇﻟﻰ ﺣﺪ ﻣﺤﺪﺩ ﻣﺴﺒﻘﺎً ﻟﻼﺳﺘﺜﻤﺎﺭﺍﺕ ﺑﻴﻨﻤﺎ ﻳﺘﻠﻘﻰ ﺟﺎﻣﻌﻮ ﺍﻟﺘﺒﺮﻋﺎﺕ ﺟﻤﻴﻊ ﺍﻻﺳﺘﺜﻤﺎﺭﺍﺕ ﻓﻲ ﻧﻤﻮﺫﺝ ﺍﺣﺘﻔﻆ ﺑﻤﺎ‬
‫ﺗﺤﺼﻞﻋﻠﻴﻪ )ﻋﻠﻰ ﺳﺒﻴﻞ ﺍﻟﻤﺜﺎﻝ ‪ .(Mahlstede, 2012; Moritz and Block, 2014‬ﻭﻳﺨﺘﻠﻒ ﺍﻟﻮﺳﻄﺎء ﻓﻲ ﺗﺮﻛﻴﺰﻫﻢ‪ .‬ﺗﻮﺟﺪ ﻣﻨﺼﺎﺕ‬
‫ﻣﺤﺪﺩﺓﻟﻠﻤﺸﺎﺭﻳﻊ ﺍﻹﺑﺪﺍﻋﻴﺔ )‪ indiegogo‬ﺃﻭ ‪ ،(RocketHub‬ﺃﻭ ﺍﻟﻤﺸﺎﺭﻳﻊ ﺍﻟﺘﻨﻈﻴﻤﻴﺔ ﻭﺍﻟﺸﺮﻛﺎﺕ )‪ (Crowdfunder‬ﺃﻭ ﺟﻤﻊ ﺍﻟﺘﺒﺮﻋﺎﺕ‬
‫)‪Grimme Institut، 2012) (Crowdrise، 2aid، Betterplace‬؛ ‪ .(Wheat et al.، 2013‬ﺍﻟﻤﺠﺎﻻﺕ ﺍﻟﺮﺉﻴﺴﻴﺔ ﻟﺘﻄﺒﻴﻖ ﻣﻨﺼﺎﺕ‬
‫ﺍﻟﺘﻤﻮﻳﻞﺍﻟﺠﻤﺎﻋﻲ ﻫﻲ ﺍﻟﺤﺼﻮﻝ ﻋﻠﻰ ﺍﻟﻤﺤﺘﻮﻳﺎﺕ ﻭﺍﻟﺘﺼﻤﻴﻢ ﻭﺍﻟﺘﺤﺴﻴﻦ ﻭﺍﻟﻤﺒﻴﻌﺎﺕ ﻭﺍﻟﺘﺴﻮﻳﻖ ﺑﺎﻹﺿﺎﻓﺔ ﺇﻟﻰ ﺍﻟﺒﺤﺚ ﻭﺍﻟﺘﻄﻮﻳﺮ‬
‫)‪ .(Kaganer et al., 2013‬ﺑﺎﻹﺿﺎﻓﺔ ﺇﻟﻰ ﺫﻟﻚ‪ ،‬ﺗﻌﺪ ﻣﻨﺼﺎﺕ ﺍﻟﺸﺒﻜﺎﺕ ﺍﻻﺟﺘﻤﺎﻋﻴﺔ ﺫﺍﺕ ﺃﻫﻤﻴﺔ ﻛﺒﻴﺮﺓ ﺣﻴﺚ ﻳﺘﻢ ﺗﺪﺍﻭﻝ ﻣﺸﺎﺭﻳﻊ‬
‫ﺍﻟﺘﻤﻮﻳﻞﺍﻟﺠﻤﺎﻋﻲ ﻋﻠﻴﻬﺎ‪ .‬ﻳﻤﻜﻦ ﺃﻥ ﻳﻜﻮﻥ ﻓﻴﺴﺒﻮﻙ ﺃﻭ ﺗﻮﻳﺘﺮ ﺑﻤﺜﺎﺑﺔ ﻣﺮﻭﺝ ﻟﺤﻮﺍﻓﺰ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺠﻤﺎﻋﻲ )‪.(Belleflamme et al., 2011‬‬
‫ﻭﻟﻠﺪﻋﻢﺍﻻﺟﺘﻤﺎﻋﻲ ﺃﻫﻤﻴﺔ ﺧﺎﺻﺔ ﻓﻲ ﺟﻤﻊ ﺍﻟﺘﺒﺮﻋﺎﺕ )‪.(Wheat et al., 2013‬‬

‫ﻣﻌﻬﺪﻛﻠﻮﺕ‬ ‫‪410‬‬ ‫ﺣﻘﻮﻕﺍﻟﻄﺒﻊ ﻭﺍﻟﻨﺸﺮ ﻣﻦ ﻗﺒﻞ ﺍﻟﻤﺆﻟﻒ )ﺍﻟﻤﺆﻟﻔﻴﻦ(؛ ‪CC-BY‬‬

 ‫ﺍﻟﻤﺠﻠﺪ‪ ،14‬ﺍﻟﻌﺪﺩ ‪3‬‬ ‫ﻣﺠﻠﺔﺃﺑﺤﺎﺙ ﺍﻷﻋﻤﺎﻝ ﻭﺍﻻﻗﺘﺼﺎﺩ ﺍﻟﺪﻭﻟﻴﺔ – ﻣﺎﻳﻮ ‪ /‬ﻳﻮﻧﻴﻮ ‪2015‬‬

‫ﺟﻤﻊﺍﻟﺘﺒﺮﻋﺎﺕ‬

‫ﺛﺎﻧﻴﺎ‪ً،‬ﻳﺸﻤﻞ ﺟﺎﻣﻌﻮ ﺍﻟﺘﺒﺮﻋﺎﺕ ﺍﻷﻓﺮﺍﺩ ﺍﻟﺬﻳﻦ ﻳﺴﻌﻮﻥ ﻟﻠﺤﺼﻮﻝ ﻋﻠﻰ ﺍﻟﺘﻤﻮﻳﻞ‪ .‬ﻳﻮﻓﺮ ﻟﻬﻢ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺠﻤﺎﻋﻲ ﺇﻣﻜﺎﻧﻴﺔ ﺍﻟﻮﺻﻮﻝ ﺇﻟﻰ‬
‫ﺍﻟﺴﻮﻕﻣﻦ ﻧﺎﺣﻴﺔ ﺑﻴﻨﻤﺎ ﻳﺠﻤﻌﻮﻥ ﺍﻷﻣﻮﺍﻝ ﻣﻦ ﻧﺎﺣﻴﺔ ﺃﺧﺮﻯ )‪ .(Burkett, 2011‬ﻭﺑﻤﺎ ﺃﻥ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺠﻤﺎﻋﻲ ﻣﻔﺘﻮﺡ ﺑﺸﻜﻞ ﺃﺳﺎﺳﻲ‪ ،‬ﻓﺈﻥ‬
‫ﺗﺼﻨﻴﻒﺟﻤﻊ ﺍﻟﺘﺒﺮﻋﺎﺕ ﻳﻤﻜﻦ ﺃﻥ ﻳﺨﺘﻠﻒ ﻣﻦ ﺷﺮﻛﺎﺕ )‪ ،(Burger-Helmchen and Penin, 2010‬ﺃﻭ ﺍﻟﺼﻨﺎﻋﺎﺕ )‪،(Grier, 2011‬‬
‫ﺃﻭﺍﻟﻤﺆﺳﺴﺎﺕ )‪ (Howe, 2006a‬ﺃﻭ ﺍﻟﻤﻨﻈﻤﺎﺕ ﻏﻴﺮ ﺍﻟﺮﺑﺤﻴﺔ )‪ .(Brabham, 2009‬ﻓﻲ ﺍﻟﻮﻗﺖ ﺍﻟﺤﺎﻟﻲ‪ ،‬ﻳﺮﻛﺰ ﺍﻟﺒﺤﺚ ﺍﻟﻌﻠﻤﻲ ﻓﻲ ﺍﻟﻤﻘﺎﻡ‬
‫ﺍﻷﻭﻝﻋﻠﻰ ﺍﻟﺸﺮﻛﺎﺕ ﻛﺠﺎﻣﻌﻲ ﺍﻟﺘﺒﺮﻋﺎﺕ )ﻣﻮﺭﻳﺘﺰ ﻭﺑﻠﻮﻙ‪ .(2014 ،‬ﺍﻟﻤﺘﻄﻠﺒﺎﺕ ﺍﻟﺘﻲ ﻳﺠﺐ ﺃﻥ ﻳﺴﺘﻮﻓﻴﻬﺎ ﺟﺎﻣﻊ ﺍﻟﺘﺒﺮﻋﺎﺕ ﻣﻦ ﺃﺟﻞ ﺑﺪء‬
‫ﻣﺸﺮﻭﻉﺗﻤﻮﻳﻞ ﺟﻤﺎﻋﻲ ﻫﻲ ﻣﺘﻄﻠﺒﺎﺕ ﺑﺴﻴﻄﺔ )‪ (Estellés-Arolas and González-Ladrón-de-Guevara, 2012‬ﺣﻴﺚ ﻳﺸﺎﺭ ﺇﻟﻰ‬
‫ﺍﻟﺘﺴﻮﻳﻖﺍﻟﺬﺍﺗﻲ ﻟﻔﻜﺮﺓ ﺟﻤﻊ ﺍﻟﺘﺒﺮﻋﺎﺕ ﻋﻠﻰ ﺃﻧﻪ ﺍﻟﺸﺮﻁ ﺍﻷﻛﺜﺮ ﺃﻫﻤﻴﺔ )‪ Pelzer‬ﻭﺁﺧﺮﻭﻥ‪.(2012 ،‬‬

‫ﻟﺒﺪءﻣﺸﺮﻭﻉ ﺗﻤﻮﻳﻞ ﺟﻤﺎﻋﻲ‪ ،‬ﻳﺠﺐ ﻋﻠﻰ ﺟﺎﻣﻌﻲ ﺍﻟﺘﺒﺮﻋﺎﺕ ﺍﻟﺘﻘﺪﻡ ﺇﻟﻰ ﺍﻟﻤﻨﺼﺔ ﺑﻤﻌﻠﻮﻣﺎﺕ ﻣﻔﺼﻠﺔ ﻋﻦ ﺍﻟﻤﺸﺮﻭﻉ ﺃﻭ ﺍﻟﺸﺮﻛﺔ )‬
‫ﻋﻠﻰﺳﺒﻴﻞ ﺍﻟﻤﺜﺎﻝ ‪ .(Belleflamme et al., 2011‬ﺛﻢ ﺗﻘﺮﺭ ﺍﻟﻤﻨﺼﺔ ﻧﺸﺮ ﺍﻟﻤﺸﺮﻭﻉ ﺃﻭ ﺭﻓﻀﻪ‪.‬‬

‫ﺣﺪﺩﺍﻟﻌﻠﻤﺎء ﺩﻭﺍﻓﻊ ﻣﺨﺘﻠﻔﺔ ﻟﻠﻤﺸﺎﺭﻛﺔ ﻓﻲ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺠﻤﺎﻋﻲ‪ .‬ﺍﻟﺘﺮﻛﻴﺰ ﺍﻷﺳﺎﺳﻲ ﻝ‬

‫ﺟﻤﻊﺍﻟﺘﺒﺮﻋﺎﺕ ﻫﻮ ﺍﻟﺤﺼﻮﻝ ﻋﻠﻰ ﺍﻟﺘﻤﻮﻳﻞ ﻓﻲ ﺣﻴﻦ ﺃﻥ ﺭﻓﻊ ﻣﺴﺘﻮﻯ ﺍﻟﻮﻋﻲ ﻭﻛﺬﻟﻚ ﺍﻟﺘﻌﻠﻴﻘﺎﺕ ﺣﻮﻝ ﺍﻟﻤﺸﺮﻭﻉ ﺃﻭ ﺍﻟﻤﻨﺘﺞ ﺃﻭ ﻓﻜﺮﺓ ﺍﻟﻌﻤﻞ‬
‫ﺃﻗﻞﺃﻫﻤﻴﺔ‪ .‬ﻛﻠﻴﻤﺎﻥ ﻭﺁﺧﺮﻭﻥ‪ (2008) .‬ﻳﺸﻴﺮ ﺇﻟﻰ ﺍﻷﻫﻤﻴﺔ ﺍﻟﻤﺘﺰﺍﻳﺪﺓ ﻟﺠﺎﻧﺐ ﺍﻟﺘﻌﻠﻴﻘﺎﺕ ﺣﻴﺚ ﻳﻜﺘﺴﺐ ﺍﻟﻌﻤﻼء ﺍﻟﻤﺰﻳﺪ ﻭﺍﻟﻤﺰﻳﺪ ﻣﻦ ﺍﻟﺘﺄﺛﻴﺮ‬
‫ﻋﻠﻰﻋﻤﻠﻴﺔ ﺍﻟﻘﻴﻤﺔ ﺍﻟﻤﻀﺎﻓﺔ‪ .‬ﻳﺘﻴﺢ ﺍﻻﺳﺘﺜﻤﺎﺭ ﺍﻟﺠﻤﺎﻋﻲ ﻟﻠﺸﺮﻛﺎﺕ ﺍﻟﻨﺎﺷﺉﺔ ﻟﺮﻭﺍﺩ ﺍﻷﻋﻤﺎﻝ ﺇﻣﻜﺎﻧﻴﺔ ﺳﺪ ﻓﺠﻮﺓ ﺍﻟﻤﺮﺣﻠﺔ ﺍﻟﻤﺒﻜﺮﺓ ﺍﻟﺘﻲ ﻻ‬
‫ﻳﻜﻮﻥﻓﻴﻬﺎ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﻤﺤﺎﻓﻆ ﻣﻤﻜﻨﺎً )‪ .(Hemer et al., 2011‬ﻋﻼﻭﺓ ﻋﻠﻰ ﺫﻟﻚ‪ ،‬ﻳﺘﻢ ﺗﻮﻓﻴﺮ ﺍﻟﻮﺻﻮﻝ ﺇﻟﻰ ﻣﻌﺮﻓﺔ ﺍﻟﺠﻤﻬﻮﺭ ﺑﻴﻨﻤﺎ ﺗﻈﻞ‬
‫ﺍﻟﻮﺍﺟﺒﺎﺕﺗﺠﺎﻩ ﺍﻟﻤﺴﺘﺜﻤﺮﻳﻦ ﺑﺴﻴﻄﺔ )‪ .(Surowiecki, 2004‬ﻭﻓﻲ ﺍﻟﻮﻗﺖ ﻧﻔﺴﻪ‪ ،‬ﻳﺘﻢ ﺯﻳﺎﺩﺓ ﻗﺎﻋﺪﺓ ﺍﻟﻌﻤﻼء ﺍﻟﻤﺤﺘﻤﻠﻴﻦ‪ ،‬ﺍﻷﻣﺮ ﺍﻟﺬﻱ‬
‫ﻳﺆﺩﻱ‪،‬ﻛﻤﺎ ﻫﻮ ﻣﺆﻛﺪ ﺗﺠﺮﻳﺒﻴﺎً‪ ،‬ﺇﻟﻰ ﺯﻳﺎﺩﺓ ﺍﻟﻤﺒﻴﻌﺎﺕ‪ .‬ﻭﻳﻤﻜﻦ ﺍﺳﺘﻐﻼﻝ ﺇﻣﻜﺎﻧﺎﺕ ﺍﻟﺴﻮﻕ ﺑﻜﻔﺎءﺓ ﺃﻛﺒﺮ )‪.(Belleflamme et al., 2010‬‬

‫ﺗﺆﺛﺮﺧﺼﺎﺉﺺ ﺟﻤﻊ ﺍﻟﺘﺒﺮﻋﺎﺕ ﻋﻠﻰ ﻓﺮﺻﺔ ﺗﻤﻮﻳﻞ ﺍﻟﻤﺸﺮﻭﻉ ﺑﻨﺠﺎﺡ )‪ .(Moritz and Block, 2014‬ﻳﺴﺎﻫﻢ ﺍﻟﻤﺴﺘﺜﻤﺮﻭﻥ ﻓﻲ‬
‫ﺍﻟﻤﺸﺎﺭﻳﻊﺍﻟﺘﻲ ﻳﺮﻳﺪﻭﻥ ﺗﺤﻘﻴﻘﻬﺎ )‪ .(Belleflamme et al., 2013‬ﻭﻟﺬﻟﻚ‪ ،‬ﻓﺈﻥ ﺍﻟﻤﻨﻈﻤﺎﺕ ﻏﻴﺮ ﺍﻟﻬﺎﺩﻓﺔ ﻟﻠﺮﺑﺢ ﺃﻭ ﺍﻟﺸﺮﻛﺎﺕ ﺫﺍﺕ ﺍﻟﺘﺮﻛﻴﺰ‬
‫ﺍﻻﺟﺘﻤﺎﻋﻲﻣﻦ ﺍﻟﻤﺮﺟﺢ ﺃﻥ ﺗﺤﻈﻰ ﺑﺪﻋﻢ ﺍﻟﻤﺴﺘﺜﻤﺮﻳﻦ ﺃﻛﺜﺮ ﻣﻦ ﻏﻴﺮﻫﺎ )‪ .(Belleflamme et al., 2010‬ﻋﺎﻣﻞ ﺍﻟﻨﺠﺎﺡ ﺍﻹﺿﺎﻓﻲ ﻫﻮ ﻣﺪﺓ‬
‫ﺍﻟﺘﻤﻮﻳﻞﻭﺍﻟﻤﺒﻠﻎ‪ .‬ﻋﺎﺩﺓ ًﻣﺎ ﺗﻘﺘﺼﺮ ﺣﻮﺍﻓﺰ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺠﻤﺎﻋﻲ ﻋﻠﻰ ﻓﺘﺮﺓ ﻣﻌﻴﻨﺔ ﺗﺘﺮﺍﻭﺡ ﺑﻴﻦ ‪ 30‬ﻭ‪ 90‬ﻳﻮﻣﺎً )‪ .(Mahlstede, 2012‬ﻳﻌﺘﻤﺪ‬
‫ﻗﺮﺏﺗﺤﻘﻴﻖ ﺣﺎﻓﺰ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺠﻤﺎﻋﻲ ﻋﻠﻰ ﺍﻟﻔﺘﺮﺓ ﺍﻟﺰﻣﻨﻴﺔ ﻟﻠﺤﺎﻓﺰ ﺑﺎﻹﺿﺎﻓﺔ ﺇﻟﻰ ﻣﺒﻠﻎ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﻤﻄﻠﻮﺏ‪ .‬ﻛﻠﻤﺎ ﻃﺎﻟﺖ ﺍﻟﻔﺘﺮﺓ ﺍﻟﺰﻣﻨﻴﺔ ﻭﺯﺍﺩ‬
‫ﺍﻟﻤﺒﻠﻎﺍﻟﻤﻄﻠﻮﺏ‪ ،‬ﻗﻞ ﻗﺮﺏ ﺣﺎﻓﺰ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺠﻤﺎﻋﻲ ﻟﻠﺤﺼﻮﻝ ﻋﻠﻰ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﻜﺎﻣﻞ‪.‬‬

‫ﺍﻟﻤﺴﺘﺜﻤﺮﻳﻦ‬

‫ﺛﺎﻟﺜﺎًﻭﺃﺧﻴﺮﺍً‪ ،‬ﻳﻤﺜﻞ ﺍﻟﻤﺴﺘﺜﻤﺮﻭﻥ ﺍﻟﺠﻤﻬﻮﺭ ﺍﻟﺬﻱ "]‪ [...‬ﻳﻘﺮﺭ ﺩﻋﻢ ﻫﺬﻩ ﺍﻟﻤﺸﺎﺭﻳﻊ ﻣﺎﻟﻴﺎً‪ ،‬ﻣﻊ ﺗﺤﻤﻞ ﺍﻟﻤﺨﺎﻃﺮ ﻭﺗﻮﻗﻊ ﻋﺎﺉﺪ ﻣﻌﻴﻦ" )‬
‫ﺃﻭﺭﺩﺍﻧﻴﻨﻲﻭﺁﺧﺮﻭﻥ‪ ،2011 ،‬ﺹ ‪ .(5‬ﻫﺆﻻء ﺍﻟﻤﺴﺘﺜﻤﺮﻭﻥ ﻫﻢ ﻣﻦ ﺣﻴﺚ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺠﻤﺎﻋﻲ ﻏﻴﺮ ﺍﻟﻤﺒﺎﺷﺮ ﻟﻠﻤﺴﺘﺨﺪﻣﻴﻦ ﺍﻟﻤﺴﺠﻠﻴﻦ ﺍﻟﺬﻳﻦ‬
‫ﻟﺪﻳﻬﻢﺇﻣﻜﺎﻧﻴﺔ ﺍﻟﻮﺻﻮﻝ ﺇﻟﻰ ﻣﻌﻠﻮﻣﺎﺕ ﺍﻟﻤﺸﺮﻭﻉ )ﻋﻠﻰ ﺳﺒﻴﻞ ﺍﻟﻤﺜﺎﻝ ‪ .(Baba et al., 2014‬ﻓﻲ ﺣﺎﻟﺔ ﺍﻟﻔﺎﺉﺪﺓ‪ ،‬ﻳﺴﺎﻫﻢ ﺍﻟﻤﺴﺘﺜﻤﺮﻭﻥ‬
‫ﺑﻤﺒﻠﻎﺛﺎﺑﺖ ﻋﻦ ﻃﺮﻳﻖ ﺍﻟﺒﻨﻚ ﺃﻭ ﻣﺰﻭﺩ ﺍﻟﺪﻓﻊ ﺍﻟﺼﻐﻴﺮ‪ .‬ﻋﺎﺩﺓ ًﻣﺎ ﻳﺒﻘﻰ ﺍﻟﺠﻤﻬﻮﺭ‪ ،‬ﻛﻤﺠﻤﻮﻋﺔ ﻣﻦ ﻣﺘﻠﻘﻲ ﺍﻟﻤﻬﻤﺔ‪ ،‬ﻣﺠﻬﻮﻻ ًﻓﻴﻤﺎ ﻳﺘﻌﻠﻖ‬
‫ﺑﺎﻟﺤﺸﺪﻭﺟﺎﻣﻌﻲ )ﺟﻤﻌﻴﺎﺕ( ﺍﻟﺘﺒﺮﻋﺎﺕ )‪ .(Poetz and Schreier, 2009; Wexler, 2011‬ﺍﻟﻤﺴﺘﺜﻤﺮﻭﻥ ﺃﺷﺨﺎﺹ ﺃﺫﻛﻴﺎء ﻭﻣﺆﻫﻠﻮﻥ )‬
‫ﻫﺎﻭ‪ .(2008،‬ﻟﻢ ﻳﺘﻢ ﺗﺤﺪﻳﺪ ﺍﻟﻤﺆﻫﻼﺕ ﺍﻟﻼﺯﻣﺔ ﻟﻠﻤﺸﺎﺭﻛﺔ ﻓﻲ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺠﻤﺎﻋﻲ ﻛﻤﺴﺘﺜﻤﺮ‪ :‬ﺍﻟﻤﺴﺘﺨﺪﻣﻮﻥ ﻭﺍﻟﻤﺴﺘﻬﻠﻜﻮﻥ )‪et al., 2008‬‬
‫‪ ،(Kleeman‬ﺃﻭ ﺍﻟﻬﻮﺍﺓ )‪ (Schenk and Guittard, 2011‬ﺃﻭ ﺍﻷﻓﺮﺍﺩ ﺍﻟﺬﻳﻦ ﻳﺴﻌﻮﻥ ﺇﻟﻰ ﺍﻻﻟﺘﺰﺍﻡ )‪ Grier, 2011; Heer and‬ﺑﻮﺳﺘﻮﻙ‪،‬‬
‫‪ (2010‬ﻳﻌﺘﺒﺮﻭﻥ ﺃﻋﻀﺎء ﻓﻲ ﺍﻟﺤﺸﺪ‪ .‬ﻳﻤﻜﻦ ﺃﻥ ﻳﻌﺘﻤﺪ ﺍﻟﻌﻤﻞ ﺍﻟﺠﻤﺎﻋﻲ ﻋﻠﻰ ﺍﻟﺒﻄﻮﻟﺔ ﺃﻭ ﻋﻠﻰ ﺍﻟﺘﻌﺎﻭﻥ )‪ .(Leimeister, 2012‬ﻳﺠﺐ ﺃﻥ‬
‫ﻳﻜﻮﻥﺍﻟﺘﺮﻛﻴﺰ ﺍﻷﺳﺎﺳﻲ ﻋﻠﻰ ﺍﻟﺠﻤﻬﻮﺭ ﻫﻮ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺘﻌﺎﻭﻧﻲ ﻟﻠﺤﺎﻓﺰ ﺑﺪﻻ ًﻣﻦ ﺍﺳﺘﻬﺪﺍﻑ ﺍﻟﻌﻤﻞ ﺍﻟﻔﺮﺩﻱ ﻋﻠﻰ ﺇﻳﺠﺎﺩ ﺣﻞ )‪.(Howe, 2006a‬‬
‫ﺑﺎﻟﻨﺴﺒﺔﻟﻠﺘﻌﻬﻴﺪ ﺍﻟﺠﻤﺎﻋﻲ ﺑﺸﻜﻞ ﻋﺎﻡ‪ ،‬ﺗﺘﻜﻮﻥ ﻫﺬﻩ ﺍﻟﺘﺄﺛﻴﺮﺍﺕ ﺍﻻﺟﺘﻤﺎﻋﻴﺔ ﻣﻦ ﻣﺼﻄﻠﺤﺎﺕ ﻣﺜﻞ "ﺣﻜﻤﺔ ﺍﻟﺠﻤﻬﻮﺭ" )‪p. 248‬‬
‫‪ ;Brabham, 2009,‬ﺍﻧﻈﺮ ﺃﻳﻀﺎً ‪ (Leimeister, 2012, p. 388‬ﺃﻭ "ﺍﻟﻤﻌﺮﻓﺔ ﺍﻟﺘﻌﺎﻭﻧﻴﺔ" )‪ ,Pelzer et al., 2012‬ﺹ‪.(20‬‬

‫ﺗﻤﺜﻞﺍﻟﺴﻤﻌﺔ ﺍﻻﺟﺘﻤﺎﻋﻴﺔ ﻭﺍﻟﺪﻭﺍﻓﻊ ﺍﻟﺠﻮﻫﺮﻳﺔ ﺍﻟﺪﺍﻓﻊ ﺍﻟﺮﺉﻴﺴﻲ ﻟﻠﻤﺴﺘﺜﻤﺮﻳﻦ ﻟﻠﻤﺸﺎﺭﻛﺔ ﻓﻲ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺠﻤﺎﻋﻲ‪ ،‬ﺃﻣﺎ ﺍﻟﺪﻭﺍﻓﻊ‬
‫ﺍﻟﺨﺎﺭﺟﻴﺔﻣﺜﻞ ﺍﻟﻤﻜﺎﻓﺄﺓ ﺍﻟﻤﺎﻟﻴﺔ ﻓﻬﻲ ﺃﻗﻞ ﺃﻫﻤﻴﺔ )ﻣﺜﻞ ‪ .(Lambert and Schwienbacher, 2010; Richter et al., 2014‬ﻭﻟﺬﻟﻚ‪،‬‬
‫ﻓﺈﻥﺍﻟﺘﻤﺎﻫﻲ ﻣﻊ ﺍﻟﺤﺎﻓﺰ ﺃﻭ ﺍﻟﻤﺸﺮﻭﻉ ﺃﻭ ﺍﻟﺸﺮﻛﺔ ﻳﻤﺜﻞ ﻋﺎﻣﻼ ًﺣﺎﺳﻤﺎً )ﻋﻠﻰ ﺳﺒﻴﻞ ﺍﻟﻤﺜﺎﻝ ‪ .(Eickhoff and De Vries, 2011‬ﻭﻓﻲ ﻣﻌﻈﻢ‬
‫ﺍﻟﺤﺎﻻﺕ‪،‬ﻳﻜﻮﻥ ﺍﻟﻤﺴﺘﺜﻤﺮﻭﻥ ﻣﺘﺤﻤﺴﻴﻦ ﺑﺸﻜﻞ ﺧﺎﺹ ﻟﻠﺘﻤﻮﻳﻞ ﻋﻨﺪﻣﺎ ﻳﻌﺘﺒﺮﻭﻥ ﺃﻥ ﺟﻮﺩﺓ ﺍﻟﺤﻮﺍﻓﺰ ﻋﺎﻟﻴﺔ )ﻣﺜﻞ ﻣﻮﻟﻴﻚ‪ .(2013 ،‬ﺣﺎﻟﻴﺎ‪،‬‬
‫ﻳﺴﻌﻰﻣﻄﻮﺭ ﺗﻜﻨﻮﻟﻮﺟﻴﺎ ﺍﻟﻤﻌﻠﻮﻣﺎﺕ ﻛﺮﻳﺲ ﺭﻭﺑﺮﺗﺲ‬

‫ﻣﻌﻬﺪﻛﻠﻮﺕ‬ ‫‪411‬‬ ‫ﺣﻘﻮﻕﺍﻟﻄﺒﻊ ﻭﺍﻟﻨﺸﺮ ﻣﻦ ﻗﺒﻞ ﺍﻟﻤﺆﻟﻒ )ﺍﻟﻤﺆﻟﻔﻴﻦ(؛ ‪CC-BY‬‬

 ‫ﺍﻟﻤﺠﻠﺪ‪ ،14‬ﺍﻟﻌﺪﺩ ‪3‬‬ ‫ﻣﺠﻠﺔﺃﺑﺤﺎﺙ ﺍﻷﻋﻤﺎﻝ ﻭﺍﻻﻗﺘﺼﺎﺩ ﺍﻟﺪﻭﻟﻴﺔ – ﻣﺎﻳﻮ ‪ /‬ﻳﻮﻧﻴﻮ ‪2015‬‬

‫ﻟﻤﺴﺎﻫﻤﺎﺗﻪﻓﻲ ﻟﻌﺒﺔ ﺍﻟﻜﻤﺒﻴﻮﺗﺮ ﺍﻟﺠﺪﻳﺪﺓ "‪ ."Star Citizen‬ﻛﻤﻘﺒﻼﺕ‪ ،‬ﻳﻤﻜﻦ ﻟﻠﻤﺴﺘﺜﻤﺮﻳﻦ ﺍﻟﻤﺤﺘﻤﻠﻴﻦ ﺗﺴﺠﻴﻞ ﺍﻟﺪﺧﻮﻝ ﺇﻟﻰ ﻣﻨﺼﺔ‬
‫ﺍﻓﺘﺮﺍﺿﻴﺔﻟﻠﺤﺼﻮﻝ ﻋﻠﻰ ﺍﻷﻓﻜﺎﺭ ﺍﻷﻭﻟﻰ ﻓﻲ ﻟﻌﺒﺔ ﺍﻟﻜﻤﺒﻴﻮﺗﺮ )‪ .(Spiegel Online، 2014‬ﺗﺆﺛﺮ ﺍﻟﺸﺒﻜﺎﺕ ﺍﻻﺟﺘﻤﺎﻋﻴﺔ ﺃﻳﻀﺎً ﻋﻠﻰ ﺩﻭﺍﻓﻊ‬
‫ﺍﻟﻤﺴﺘﺜﻤﺮﻳﻦ)‪ .(Lawton and Marom, 2010‬ﻋﻨﺪﻣﺎ ﻳﺮﺗﻔﻊ ﻋﺪﺩ ﺍﻟﻤﺴﺘﺜﻤﺮﻳﻦ ﻓﻲ ﺍﻟﺤﺎﻓﺰ‪ ،‬ﻳﺘﻔﺎﻋﻞ ﺍﻟﻤﺴﺘﺜﻤﺮﻭﻥ ﺍﻟﻤﺤﺘﻤﻠﻮﻥ ﺍﻵﺧﺮﻭﻥ‬
‫ﺑﺎﺳﺘﺜﻤﺎﺭﺍﺕﺃﻗﻞ ﻷﻧﻬﻢ ﻳﺘﻮﻗﻌﻮﻥ ﺗﻤﻮﻳﻞ ﺍﻟﺤﺎﻓﺰ ﺑﺎﻟﻜﺎﻣﻞ‪ .‬ﻭﻧﺘﻴﺠﺔ ﻟﺬﻟﻚ‪ ،‬ﻓﺈﻥ ﻋﺪﺩ ﺍﻟﻤﺴﺘﺜﻤﺮﻳﻦ ﻳﺘﺠﻤﺪ ﺃﻭ ﻳﻨﺨﻔﺾ ﻭﻳﺤﻔﺰ ﺍﻟﻤﺴﺘﺜﻤﺮﻳﻦ‬
‫ﻋﻠﻰﺍﻟﻤﺴﺎﻫﻤﺔ ﻓﻲ ﺍﻟﻨﻬﺎﻳﺔ ﻷﻧﻬﻢ ﻳﺮﻳﺪﻭﻥ ﺿﻤﺎﻥ ﺗﺤﻘﻴﻖ ﺍﻟﺤﺎﻓﺰ )ﻋﻠﻰ ﺳﺒﻴﻞ ﺍﻟﻤﺜﺎﻝ ﺳﻤﻴﺚ ﻭﺁﺧﺮﻭﻥ‪.(2013 ،‬‬

‫ﺍﻻﺳﺘﻨﺘﺎﺟﺎﺕ‬

‫ﺇﻥﻣﺠﺎﻝ ﺍﻟﺒﺤﺚ ﻓﻲ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺠﻤﺎﻋﻲ ﻫﻮ ﻓﻲ ﻣﺮﺣﻠﺔ ﺣﺪﻳﺜﺔ ﻣﻦ ﺍﻟﺒﺤﺚ ﺍﻟﻌﻠﻤﻲ‪ .‬ﺍﻟﺪﺭﺍﺳﺎﺕ ﺍﻟﻜﻤﻴﺔ ﻃﻔﻴﻔﺔ‪.‬‬
‫ﺗﺮﻛﺰﺍﻟﺪﺭﺍﺳﺎﺕ ﺍﻟﺴﺎﺑﻘﺔ ﻋﻠﻰ ﻧﻤﺎﺫﺝ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺠﻤﺎﻋﻲ ﻭﻛﺬﻟﻚ ﻋﻠﻰ ﺩﻭﺭ ﺍﻟﺠﻬﺎﺕ ﺍﻟﻔﺎﻋﻠﺔ ﻓﻲ ﺍﻟﻌﻤﻠﻴﺔ‪ :‬ﺍﻟﻮﺳﻄﺎء ﻭﺟﺎﻣﻌﻲ ﺍﻟﺘﺒﺮﻋﺎﺕ‬
‫ﻭﺍﻟﻤﺴﺘﺜﻤﺮﻳﻦ‪.‬ﻓﻲ ﺍﻟﺴﺎﺑﻖ‪ ،‬ﺭﻛﺰﺕ ﺍﻟﺪﺭﺍﺳﺎﺕ ﻋﻠﻰ ﺍﻟﺸﺮﻛﺎﺕ ﻛﺠﺎﻣﻌﻲ ﺗﺒﺮﻋﺎﺕ )ﻣﺜﻞ ‪Mollick, 2013; Tomczak and Brem, 2013‬‬
‫;‪ .(Brem and Wassong, 2014‬ﺃﻣﺎ ﻣﻦ ﺣﻴﺚ ﺍﻷﺳﺲ ﺍﻟﻨﻈﺮﻳﺔ ﻓﻼ ﻳﻮﺟﺪ ﺇﺟﻤﺎﻉ ﻋﻠﻰ ﺍﻟﺘﻌﺮﻳﻔﺎﺕ ﺃﻭ ﺍﻷﺑﻌﺎﺩ ﺃﻭ ﺍﻟﺨﺼﺎﺉﺺ‪ .‬ﻻ ﻳﻮﺟﺪ‬
‫ﺗﺤﻠﻴﻞﻣﻔﺼﻞ ﻟﻸﺩﺑﻴﺎﺕ‪ ،‬ﻳﻌﻄﻲ ﻧﻈﺮﺓ ﻋﺎﻣﺔ ﻋﻠﻰ ﺣﺎﻟﺔ ﺍﻷﺑﺤﺎﺙ ﺍﻟﻤﺘﻌﻠﻘﺔ ﺑﺎﻟﺘﻤﻮﻳﻞ ﺍﻟﺠﻤﺎﻋﻲ‪ .‬ﻳﻤﻜﻦ ﺗﺤﺪﻳﺪ ﺛﻼﺙ ﻣﺮﺍﺟﻌﺎﺕ ﻟﻸﺩﺑﻴﺎﺕ‪.‬‬
‫ﺑﺎﺧﻤﺎﻥﻭﺁﺧﺮﻭﻥ‪ (2011) .‬ﻳﺮﻛﺰ ﻋﻠﻰ ﺍﻹﻗﺮﺍﺽ ﻣﻦ ﻧﻈﻴﺮ ﺇﻟﻰ ﻧﻈﻴﺮ ﻓﻘﻂ ﻓﻲ ﺣﻴﻦ ﺃﻥ ﻓﻴﻠﺮ ﻭﺁﺧﺮﻭﻥ‪ (2013) .‬ﺗﺤﻠﻴﻞ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺠﻤﺎﻋﻲ ﻛﻤﻴﺎ‬
‫ﻣﻦﺣﻴﺚ ﺍﻷﺑﻌﺎﺩ‪ .‬ﻳﺮﻛﺰ ﻣﻮﺭﻳﺘﺰ ﻭﺑﻠﻮﻙ )‪ (2014‬ﻋﻠﻰ ﺍﻷﺩﺑﻴﺎﺕ ﺍﻟﻤﺘﻌﻠﻘﺔ ﺑﺘﻤﻮﻳﻞ ﺍﻟﻤﺮﺣﻠﺔ ﺍﻟﻤﺒﻜﺮﺓ ﻓﻲ ﺍﻟﻤﻘﺎﻡ ﺍﻷﻭﻝ‪.‬‬

‫ﻭﻣﻊﺗﺰﺍﻳﺪ ﺃﻋﺪﺍﺩ ﺍﻟﻮﺳﻄﺎء ﺑﺴﺮﻋﺔ‪ ،‬ﻓﺈﻥ ﺣﺮﻛﺔ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺠﻤﺎﻋﻲ ﺗﺘﻄﻮﺭ ﺑﺎﺳﺘﻤﺮﺍﺭ )‪ .(Mahlstede, 2012‬ﻭﻧﺘﻴﺠﺔ ﻟﺬﻟﻚ‪ ،‬ﺗﻮﺍﺟﻪ‬
‫ﺍﻟﻤﺴﺎﻫﻤﺎﺕﺍﻟﻌﻠﻤﻴﺔ ﺗﺤﺪﻳﺎﺕ ﻣﺴﺘﻤﺮﺓ ﺑﺴﺒﺐ ﺍﻟﺘﻄﻮﺭﺍﺕ ﺍﻟﺠﺪﻳﺪﺓ‪ .‬ﻫﻨﺎﻙ ﺣﺎﺟﺔ ﺇﻟﻰ ﺃﺑﺤﺎﺙ ﺟﺪﻳﺪﺓ ﺑﺎﺳﺘﻤﺮﺍﺭ‪ .‬ﻓﻲ ﺍﻟﻮﻗﺖ ﺍﻟﺤﺎﻟﻲ‪ ،‬ﻳﻨُﻈﺮ‬
‫ﺇﻟﻰﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺠﻤﺎﻋﻲ ﻓﻲ ﺍﻟﻤﻘﺎﻡ ﺍﻷﻭﻝ ﻣﻦ ﻣﻨﻈﻮﺭ ﺇﻳﺠﺎﺑﻲ ﻛﻔﺮﺻﺔ ﺑﺪﻳﻠﺔ ﻟﺘﻠﻘﻲ ﺍﻟﺘﻤﻮﻳﻞ‪ .‬ﻟﻘﺪ ﺣﻈﻴﺖ ﺣﺪﻭﺩ ﻭﺗﺤﺪﻳﺎﺕ ﻫﺬﺍ ﺍﻟﻨﻬﺞ‬
‫ﺑﺎﻫﺘﻤﺎﻡﻋﻠﻤﻲ ﺃﻗﻞ ﻓﻲ ﺍﻟﻤﺎﺿﻲ ﻭﻳﺠﺐ ﺗﺴﻠﻴﻂ ﺍﻟﻀﻮء ﻋﻠﻴﻬﺎ ﻓﻲ ﺍﻟﻤﺴﺘﻘﺒﻞ‪.‬‬

‫ﺷﻜﺮﻭﺗﻘﺪﻳﺮ‬

‫ﺗﻢﺗﻤﻮﻳﻞ ﻫﺬﺍ ﺍﻟﻤﻨﺸﻮﺭ ﻣﻦ ﻗﺒﻞ ﻣﺆﺳﺴﺔ ﺍﻷﺑﺤﺎﺙ ﺍﻷﻟﻤﺎﻧﻴﺔ )‪ (DFG‬ﻭﺟﺎﻣﻌﺔ ﺑﺎﻳﺮﻭﻳﺖ ﻓﻲ ﺑﺮﻧﺎﻣﺞ ﺍﻟﺘﻤﻮﻳﻞ ‪Access Publishing‬‬
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‫ﻣﻌﻠﻮﻣﺎﺕﺍﻟﻜﺎﺗﺐ‬

‫ﺭﻳﻜﺎﺭﺩﺍﺑﻮﻧﻜﻴﻦﺃﺳﺘﺎﺫ ﻛﺮﺳﻲ ﺍﻹﺳﺘﺮﺍﺗﻴﺠﻴﺔ ﻭﺍﻟﺘﻨﻈﻴﻢ ﻓﻲ ﺟﺎﻣﻌﺔ ﺑﺎﻳﺮﻭﻳﺖ‪ ،‬ﺃﻟﻤﺎﻧﻴﺎ‪ .‬ﺗﺮﻛﺰ ﺃﺑﺤﺎﺛﻬﺎ ﻋﻠﻰ ﺍﻟﺘﻨﻮﻉ ﻭﺍﻻﺑﺘﻜﺎﺭ ﻭﺍﻟﺘﻌﺎﻭﻥ‪.‬‬

‫ﺑﺮﻳﺪﺇﻟﻜﺘﺮﻭﻧﻲ‪) boncken@uni-bayreuth.de:‬ﺍﻟﻜﺎﺗﺐ ﺍﻟﻤﻘﺎﺑﻞ(‬

‫ﻣﺎﻟﻔﻴﻦﻛﻮﻣﻮﺭﻳﻚﻃﺎﻟﺐ ﺩﻛﺘﻮﺭﺍﻩ ﻓﻲ ﺟﺎﻣﻌﺔ ﻻﺑﻴﻨﺮﺍﻧﺘﺎ ﻟﻠﺘﻜﻨﻮﻟﻮﺟﻴﺎ ﺑﻔﻨﻠﻨﺪﺍ‪ .‬ﻭﻗﺒﻞ ﺫﻟﻚ‪ ،‬ﺣﺼﻠﺖ ﻋﻠﻰ ﺩﺭﺟﺔ ﺍﻟﺒﻜﺎﻟﻮﺭﻳﻮﺱ ﻓﻲ ﺍﻟﺠﻐﺮﺍﻓﻴﺎ‬
‫ﺍﻟﺘﻄﺒﻴﻘﻴﺔﻭﺍﻟﻤﺎﺟﺴﺘﻴﺮ ﻓﻲ ﺍﻟﺠﻐﺮﺍﻓﻴﺎ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﻣﻦ ﺟﺎﻣﻌﺔ ‪ RWTH Aachen‬ﺑﺄﻟﻤﺎﻧﻴﺎ‪.‬‬

‫ﺑﺮﻳﺪﺇﻟﻜﺘﺮﻭﻧﻲ‪m@komorek.eu:‬‬

‫ﺳﺎﺷﺎﻛﺮﺍﻭﺱﻫﻮ ﺃﺳﺘﺎﺫ ﺭﻳﺎﺩﺓ ﺍﻷﻋﻤﺎﻝ ﻓﻲ ﺟﺎﻣﻌﺔ ﻟﻴﺨﺘﻨﺸﺘﺎﻳﻦ ﻭﺃﺳﺘﺎﺫ ﺯﺍﺉﺮ ﻓﻲ ﺟﺎﻣﻌﺔ ﺳﺎﻧﺖ ﻏﺎﻟﻦ ﺑﺴﻮﻳﺴﺮﺍ ﻭﺟﺎﻣﻌﺔ ﺃﻭﺗﺮﻳﺨﺖ‬
‫ﺑﻬﻮﻟﻨﺪﺍ‪.‬ﻭﻫﻮ ﺃﻳﻀﺎً ﺃﺳﺘﺎﺫ ﻣﺴﺎﻋﺪ ﻓﻲ ﺟﺎﻣﻌﺔ ﻻﺑﻴﻨﺮﺍﻧﺘﺎ ﻟﻠﺘﻜﻨﻮﻟﻮﺟﻴﺎ ﻓﻲ ﻓﻨﻠﻨﺪﺍ‪.‬‬

‫ﺑﺮﻳﺪﺇﻟﻜﺘﺮﻭﻧﻲ‪sascha.kraus@unisg.ch:‬‬

‫ﻣﺮﺍﺟﻊ‬

‫‪"،‬ﻟﻤﺎﺫﺍ ﻳﺘﺒﺮﻉ ﺍﻟﻨﺎﺱ؟" ﺩﻭﺭ ﺍﻟﻬﻮﻳﺔ ﻓﻲ ﺍﻟﻌﻄﺎء" (‪Aaker, J. and Akutsu, T. )2009‬ﻣﺠﻠﺔ ﻋﻠﻢ ﻧﻔﺲ ﺍﻟﻤﺴﺘﻬﻠﻚ‪,‬‬
‫ﺍﻟﻤﺠﻠﺪ‪ ،19.‬ﺭﻗﻢ ﻧﻲ‪ ،‬ﺍﻟﺼﻔﺤﺎﺕ ‪.270-267‬‬
‫ﺃﻏﺮﺍﻭﺍﻝ‪،‬ﺃ‪ ،.‬ﻛﺎﺗﺎﻟﻴﻨﻲ‪ ،‬ﺳﻲ‪ .‬ﻭﻏﻮﻟﺪﻓﺎﺭﺏ‪ ،‬ﺃ‪ (2013) .‬ﺍﻻﻗﺘﺼﺎﺩ ﺍﻟﺒﺴﻴﻂ ﻟﻠﺘﻤﻮﻳﻞ ﺍﻟﺠﻤﺎﻋﻲ‪،‬ﺳﻴﺎﺳﺔ ﺍﻻﺑﺘﻜﺎﺭ ﻭ‬
‫ﺍﻗﺘﺼﺎﺩ‪ .‬ﺷﻴﻜﺎﻏﻮ‪ :‬ﻣﻄﺒﻌﺔ ﺍﻟﺠﺎﻣﻌﺔ‪.‬‬
‫ﺃﺭﻣﻨﺪﺍﺭﻳﺰ‪،‬ﺑﻲ‪ .‬ﻭﻣﻮﺭﺩﻭﺥ‪ ،‬ﺟﻲ‪(2010) .‬ﺍﻗﺘﺼﺎﺩﻳﺎﺕ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻷﺻﻐﺮ‪ ،‬ﻛﺎﻣﺒﺮﻳﺪﺝ‪ ،‬ﻣﻄﺒﻌﺔ ﻣﻌﻬﺪ ﻣﺎﺳﺎﺗﺸﻮﺳﺘﺲ ﻟﻠﺘﻜﻨﻮﻟﻮﺟﻴﺎ‪.‬‬
‫ﺑﺎﺑﺎ‪،‬ﻱ‪ ،.‬ﻛﺎﺷﻴﻤﺎ‪ ،‬ﻩ‪ ،.‬ﻛﻴﻨﻮﺷﻴﺘﺎ‪ ،‬ﻙ‪ ،.‬ﻳﺎﻣﺎﻏﻮﺗﺸﻲ‪ ،‬ﺝ‪ .‬ﻭﺃﻛﻴﻮﺷﻲ‪ ،‬ﻱ‪" (2014) .‬ﺍﻻﺳﺘﻔﺎﺩﺓ ﻣﻦ ﺍﻟﺘﻌﻬﻴﺪ ﺍﻟﺠﻤﺎﻋﻲ ﻟﻐﻴﺮ ﺍﻟﺨﺒﺮﺍء‬
‫ﺍﻟﻌﻤﺎﻝﻟﻠﻜﺸﻒ ﻋﻦ ﺍﻟﻤﻬﺎﻡ ﻏﻴﺮ ﺍﻟﻤﻨﺎﺳﺒﺔ ﻓﻲ ﺃﺳﻮﺍﻕ ﺍﻟﺘﻌﻬﻴﺪ ﺍﻟﺠﻤﺎﻋﻲ‪،‬ﺍﻷﻧﻈﻤﺔ ﺍﻟﻤﺘﺨﺼﺼﺔ ﻣﻊ ﺍﻟﺘﻄﺒﻴﻘﺎﺕ‪ ،‬ﺍﻟﻤﺠﻠﺪ‪,41 .‬‬

‫ﻣﻌﻬﺪﻛﻠﻮﺕ‬ ‫‪412‬‬ ‫ﺣﻘﻮﻕﺍﻟﻄﺒﻊ ﻭﺍﻟﻨﺸﺮ ﻣﻦ ﻗﺒﻞ ﺍﻟﻤﺆﻟﻒ )ﺍﻟﻤﺆﻟﻔﻴﻦ(؛ ‪CC-BY‬‬

 ‫ﺍﻟﻤﺠﻠﺪ‪ ،14‬ﺍﻟﻌﺪﺩ ‪3‬‬ ‫ﻣﺠﻠﺔﺃﺑﺤﺎﺙ ﺍﻷﻋﻤﺎﻝ ﻭﺍﻻﻗﺘﺼﺎﺩ ﺍﻟﺪﻭﻟﻴﺔ – ﻣﺎﻳﻮ ‪ /‬ﻳﻮﻧﻴﻮ ‪2015‬‬

‫ﺭﻗﻢ‪ ،6‬ﺍﻟﺼﻔﺤﺎﺕ ‪.2687-2678‬‬

‫‪-‬ﻋﻠﻰﺍﻹﻧﺘﺮﻧﺖ ﻣﻦ ﻧﻈﻴﺮ ﺇﻟﻰ' (‪Bachmann, A., Becker, A., Buerckner, D., Hilker, M., Kock, F., Lehmann, M. and Tiburtus, P. )2011‬‬
‫"ﺇﻗﺮﺍﺽ ﺍﻷﻗﺮﺍﻥ ‪ -‬ﻣﺮﺍﺟﻌﺔ ﺍﻷﺩﺑﻴﺎﺕ"‪،‬ﻣﺠﻠﺔ ﺍﻟﺨﺪﻣﺎﺕ ﺍﻟﻤﺼﺮﻓﻴﺔ ﻋﺒﺮ ﺍﻹﻧﺘﺮﻧﺖ ﻭﺍﻟﺘﺠﺎﺭﺓ‪ ،‬ﺍﻟﻤﺠﻠﺪ‪ ،16 .‬ﺭﻗﻢ ‪ ،2‬ﺹ‪.‬ﻥ‪.‬ﺏ‬
‫ﻫﻞﻳﺆﺛﺮ ﺍﻟﻨﻮﻉ ﺍﻻﺟﺘﻤﺎﻋﻲ ﻋﻠﻰ ﻧﺠﺎﺡ ﺍﻟﺘﻤﻮﻳﻞ ﻓﻲ ﺃﺳﻮﺍﻕ ﺍﻻﺉﺘﻤﺎﻥ ﻣﻦ ﻧﻈﻴﺮ ﺇﻟﻰ ﻧﻈﻴﺮ؟" ﺷﻬﺎﺩﺓ" (‪Barasinka, N. and Schäfer, D. )2010‬‬
‫ﻣﻦﺃﻛﺒﺮ ﻣﻨﺼﺔ ﺇﻗﺮﺍﺽ ﺃﻟﻤﺎﻧﻴﺔ‪،‬ﻭﺭﻗﺔ ﻣﻨﺎﻗﺸﺔ ‪ ،DIW‬ﺍﻟﻤﺠﻠﺪ‪ ،2010 .‬ﺭﻗﻢ ‪.1094‬‬
‫ﺑﺎﺭﻧﻴﺖ‪،‬ﺳﻲ‪ (2013) .‬ﺃﻓﻀﻞ ‪ 10‬ﻣﻮﺍﻗﻊ ﻟﻠﺘﺒﺮﻉ ﺍﻟﺠﻤﺎﻋﻲ ﻟﺠﻤﻊ ﺍﻟﺘﺒﺮﻋﺎﺕ‪ .‬ﻧﻴﻮﻳﻮﺭﻙ‪ :‬ﻓﻮﺭﺑﺲ‪.‬‬
‫ﺑﻴﻚ‪،‬ﺭ‪(2012) .‬ﺍﻻﺳﺘﺜﻤﺎﺭ ﺍﻟﺠﻤﺎﻋﻲ‪ ،Die Investition der Vielen :‬ﺩﻭﺳﻠﺪﻭﺭﻑ‪ ،‬ﻣﻨﺼﺔ ﺍﻟﻨﺸﺮ ﺍﻟﻤﺴﺘﻘﻠﺔ (‪Schwienbacher, A. )2010‬‬
‫‪" CreateSpace. Belleflamme, P., Lambert, T. and‬ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺠﻤﺎﻋﻲ‪ :‬ﻣﻨﻈﻮﺭ ﺍﻟﻤﻨﻈﻤﺔ ﺍﻟﺼﻨﺎﻋﻴﺔ"‪،‬‬
‫ﻭﺭﻗﺔﻋﻤﻞ ‪ ،SSRN‬ﺍﻟﻤﺠﻠﺪ‪ ،2151179 .‬ﺭﻗﻢ‪.‬‬
‫‪"،‬ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺠﻤﺎﻋﻲ‪ :‬ﺍﻻﺳﺘﻔﺎﺩﺓ ﻣﻦ ﺍﻟﺤﺸﺪ ﺍﻟﻤﻨﺎﺳﺐ" (‪Belleflamme, P., Lambert, T. and Schwienbacher, A. )2011‬ﻣﻨﺎﻗﺸﺔ ﺍﻳﻜﻮﺭ‬
‫ﻭﺭﻕ‪ ،‬ﺍﻟﻤﺠﻠﺪ‪ ،2011 .‬ﺍﻟﻌﺪﺩ ‪ ،32‬ﺍﻟﺼﻔﺤﺎﺕ ‪.37-1‬‬
‫‪"،‬ﻣﻤﺎﺭﺳﺎﺕ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺠﻤﺎﻋﻲ ﺍﻟﻔﺮﺩﻳﺔ" (‪Belleflamme, P., Lambert, T. and Schwienbacher, A. )2013‬ﺭﺃﺱ ﺍﻟﻤﺎﻝ ﺍﻻﺳﺘﺜﻤﺎﺭﻱ‪ ،‬ﺍﻟﻤﺠﻠﺪ‪،15 .‬‬
‫ﺭﻗﻢ‪ ،4‬ﺍﻟﺼﻔﺤﺎﺕ ‪.333-313‬‬
‫ﺑﻠﻮﻡ‪،‬ﺁﻱ‪ ،.‬ﻻﻳﻤﻴﺴﺘﺮ‪ ،‬ﺟﻴﻪ‪-.‬ﺇﻡ‪ ،.‬ﻭﻳﻨﺰﻻﻑ‪ ،‬ﻙ‪ .‬ﻭﺟﻴﺒﺮﺕ‪ ،‬ﺇﻡ‪(2013) .‬ﺩﺭﺍﺳﺔ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺠﻤﺎﻋﻲ ‪ ,2013/2014‬ﺑﺮﻟﻴﻦ‪ ,‬ﺇﻳﺒﻮﺑﻠﻲ‪ .‬ﺑﺮﺍﺑﻬﺎﻡ‪ ،‬ﺩﻱ‬
‫ﺳﻲ)‪" (2009‬ﺍﻟﺘﻌﻬﻴﺪ ﺍﻟﺠﻤﺎﻋﻲ ﻟﻌﻤﻠﻴﺔ ﺍﻟﻤﺸﺎﺭﻛﺔ ﺍﻟﻌﺎﻣﺔ ﻟﺘﺨﻄﻴﻂ ﺍﻟﻤﺸﺎﺭﻳﻊ"‪،‬ﻧﻈﺮﻳﺔ ﺍﻟﺘﺨﻄﻴﻂ‪ ،‬ﺍﻟﻤﺠﻠﺪ‪,8 .‬‬
‫ﺭﻗﻢ‪ ،3‬ﺍﻟﺼﻔﺤﺎﺕ ‪.262-242‬‬
‫ﺑﺮﺍﺩﻓﻮﺭﺩ‪" CS )2012( ،‬ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺠﻤﺎﻋﻲ ﻭﻗﺎﻧﻮﻥ ﺍﻷﻭﺭﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ ﺍﻟﻔﻴﺪﺭﺍﻟﻲ"‪،‬ﻣﺮﺍﺟﻌﺔ ﻗﺎﻧﻮﻥ ﺍﻷﻋﻤﺎﻝ ﻓﻲ ﻛﻮﻟﻮﻣﺒﻴﺎ‪ ،‬ﺍﻟﻤﺠﻠﺪ‪ ،2012 .‬ﺭﻗﻢ ‪،1‬‬
‫ﺹ‪.150-1‬‬
‫ﻫﻞﻧﺴﺘﺜﻤﺮ؟" ﺗﺤﻠﻴﻞ ﻭﺍﺣﺪ ﻣﻦ ﺍﻻﺳﺘﺜﻤﺎﺭﺍﺕ" (‪Brem، A. and Wassong، N. )2014‬‬
‫ﺍﻟﺘﻤﻮﻳﻞﺍﻟﺠﻤﺎﻋﻲ‪,'Projekten-‬ﻭﺭﻳﺎﺩﺓ ﺍﻷﻋﻤﺎﻝ ‪ ،Zeitschrift für KMU‬ﺍﻟﻤﺠﻠﺪ‪ ،2014 .‬ﺭﻗﻢ ‪ ،1‬ﺍﻟﺼﻔﺤﺎﺕ ‪.56-31‬‬
‫ﺣﺪﻭﺩﺍﻟﺘﻌﻬﻴﺪ ﺍﻟﺠﻤﺎﻋﻲ ﻓﻲ ﺍﻷﻧﺸﻄﺔ ﺍﻻﺑﺘﻜﺎﺭﻳﺔ‪ :‬ﻣﺎ ﺗﻜﻠﻔﺔ ﺍﻟﻤﻌﺎﻣﻼﺕ" (‪Burger-Helmchen, T. and Penin, J. )2010‬‬
‫ﺗﻌﻠﻤﻨﺎﺍﻟﻨﻈﺮﻳﺔ ﻭﺍﻟﻨﻈﺮﻳﺎﺕ ﺍﻟﺘﻄﻮﺭﻳﺔ ﻟﻠﺸﺮﻛﺔ‪،‬ﻭﺭﺷﺔ ﻋﻤﻞ ﺣﻮﻝ ﺍﻻﺑﺘﻜﺎﺭ ﻣﻔﺘﻮﺡ ﺍﻟﻤﺼﺪﺭ ﺳﺘﺮﺍﺳﺒﻮﺭﻍ‪ ،‬ﺍﻟﻤﺠﻠﺪ‪ ،2010 .‬ﺭﻗﻢ ﻻ‬
‫ﺷﻲء‪،‬ﺍﻟﺼﻔﺤﺎﺕ ‪.26-1‬‬
‫ﺑﻴﺮﻛﻴﺖ‪،‬ﺇﻱ‪" (2011) .‬ﺇﻋﻔﺎء ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺠﻤﺎﻋﻲ؟" "ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺠﻤﺎﻋﻲ ﻟﻼﺳﺘﺜﻤﺎﺭ ﻋﺒﺮ ﺍﻹﻧﺘﺮﻧﺖ ﻭﺗﻨﻈﻴﻢ ﺍﻷﻭﺭﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ ﺍﻷﻣﺮﻳﻜﻴﺔ"‪،‬‬
‫ﺍﻟﻤﻌﺎﻣﻼﺕ‪:‬ﻣﺠﻠﺔ ﺗﻴﻨﻴﺴﻲ ﻟﻘﺎﻧﻮﻥ ﺍﻷﻋﻤﺎﻝ‪ ،‬ﺍﻟﻤﺠﻠﺪ‪ ،1 .‬ﺭﻗﻢ ﻧﻲ‪ ،‬ﺍﻟﺼﻔﺤﺎﺕ ‪.106-63‬‬
‫ﻛﺎﺳﺘﻴﻠﺲ‪،‬ﻡ‪(2009) .‬ﻗﻮﺓ ﺍﻻﺗﺼﺎﻻﺕ‪ ،‬ﻧﻴﻮﻳﻮﺭﻙ‪ ،‬ﻣﻄﺒﻌﺔ ﺟﺎﻣﻌﺔ ﺃﻛﺴﻔﻮﺭﺩ‪ .‬ﻛﺮﺍﻭﺩﻛﻴﻮﺏ )‪(2014‬ﻣﺨﻄﻂ ﻣﻌﻠﻮﻣﺎﺕ ﺑﻴﺎﻧﻲ‬
‫‪.‬ﺗﻢﺍﻟﻮﺻﻮﻝ ﺇﻟﻴﻪ ﺑﺘﺎﺭﻳﺦ ‪، http://www.crowdcube.com/infographic، 14.08.2014‬‬
‫‪"،‬ﻣﺎ ﻣﺪﻯ ﺇﻣﻜﺎﻧﻴﺔ ﺍﻟﺘﻌﻬﻴﺪ ﺍﻟﺠﻤﺎﻋﻲ ﻟﻤﻬﻤﺘﻚ؟" (‪Eickhoff, C. and De Vries, AP )2011‬ﻭﺭﺷﺔ ﻋﻤﻞ ﺣﻮﻝ ﺍﻟﺘﻌﻬﻴﺪ ﺍﻟﺠﻤﺎﻋﻲ ﻟﻠﺒﺤﺚ ﻭ‬
‫ﺍﺳﺘﺨﺮﺍﺝﺍﻟﺒﻴﺎﻧﺎﺕ )‪ ،(CSDM‬ﺍﻟﻤﺠﻠﺪ‪ ،2011 .‬ﺭﻗﻢ ﻻ ﺷﻲء‪ ،‬ﺍﻟﺼﻔﺤﺎﺕ ‪.4-1‬‬
‫ﺁﻳﺰﻧﻤﺎﻥ‪،‬ﺕ‪ ،.‬ﺑﺎﺭﻛﺮ‪ ،‬ﺟﻲ‪ .‬ﻭﻓﺎﻥ ﺃﻟﺴﺘﺎﻳﻦ‪ ،‬ﻣﻴﺠﺎﻭﺍﻁ )‪" (2006‬ﺍﺳﺘﺮﺍﺗﻴﺠﻴﺎﺕ ﺍﻷﺳﻮﺍﻕ ﺫﺍﺕ ﺍﻟﻮﺟﻬﻴﻦ"‪،‬ﻣﺮﺍﺟﻌﺔ ﺃﻋﻤﺎﻝ ﻫﺎﺭﻓﺎﺭﺩ‪,‬‬
‫ﺍﻟﻤﺠﻠﺪ‪ ،84.‬ﺭﻗﻢ ‪ ،10‬ﺹ ‪.11-1‬‬
‫‪"،‬ﻧﺤﻮ ﺗﻌﺮﻳﻒ ﻣﺘﻜﺎﻣﻞ ﻟﻠﺘﻌﻬﻴﺪ ﺍﻟﺠﻤﺎﻋﻲ" (‪Estelles-Arolas, E. and González-Ladrón-de-Guevara, F. )2012‬ﻣﺠﻠﺔ‬
‫ﻋﻠﻢﺍﻟﻤﻌﻠﻮﻣﺎﺕ‪ ،‬ﺍﻟﻤﺠﻠﺪ‪ ،38 .‬ﺭﻗﻢ ‪ ،2‬ﺹ ‪.200-189‬‬
‫ﻓﻴﻠﺮ‪،‬ﺟﻴﻪ‪ ،‬ﺟﻠﻴﺠﺮ‪ ،‬ﺁﺭ‪ ،‬ﻭﺗﺮﻳﺴﻲ‪ ،‬ﺇﺱ‪(2013) .‬ﻣﻦ ﺍﻟﺤﻜﻤﺔ ﺇﻟﻰ ﺛﺮﻭﺓ ﺍﻟﺤﺸﻮﺩ‪ :‬ﺍﻟﺘﺜﻠﻴﺚ ﺍﻟﻤﺘﻌﺪﺩ‬
‫ﺃﺑﺤﺎﺙﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺠﻤﺎﻋﻲ‪ ,‬ﻣﺸﺮﻭﻉ ﺑﺤﺚ ‪.TOTO 2013.01.V2‬‬
‫ﻓﻴﺪﻟﺮ‪،‬ﺱ‪ .‬ﻭﻫﻮﺭﺵ‪ ،‬ﺃ‪" (2014) .‬ﺍﻻﺳﺘﺜﻤﺎﺭ ﺍﻟﺠﻤﺎﻋﻲ ﻣﻊ ﺍﻟﺒﺪﻳﻞ ﺍﻟﻤﺎﻟﻲ"‪Zeitschrift für KMU und،‬‬
‫ﺭﻳﺎﺩﺓﺍﻷﻋﻤﺎﻝ‪ ،‬ﺍﻟﻤﺠﻠﺪ‪ ،1 .‬ﺭﻗﻢ ‪ ،2014‬ﺹ ‪.98-91‬‬
‫(‪Giudici, G., Nava, R., Rossi Lamastra, C. and Verecondo, C. )2012‬ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺠﻤﺎﻋﻲ‪ :‬ﺍﻟﺤﺪﻭﺩ ﺍﻟﺠﺪﻳﺪﺓ ﻟﻠﺘﻤﻮﻳﻞ‬
‫ﺭﻳﺎﺩﺓﺍﻷﻋﻤﺎﻝ؟‪ ،‬ﻭﺭﻗﺔ ﻋﻤﻞ ‪.SSRN 2157429‬‬
‫ﺟﺮﻳﺮ‪،‬ﺩﺍ )‪" (2011‬ﻟﻴﺲ ﻟﺠﻤﻴﻊ ﺍﻷﺳﻮﺍﻕ"‪،‬ﺣﺎﺳﻮﺏ‪ ،‬ﺍﻟﻤﺠﻠﺪ‪ ،44 .‬ﺭﻗﻢ ‪ ،5‬ﺍﻟﺼﻔﺤﺎﺕ ‪.8-6‬‬
‫ﻣﻌﻬﺪﻏﺮﻳﻢ )‪(2012‬ﺍﻟﺘﻌﻬﻴﺪ ﺍﻟﺠﻤﺎﻋﻲ ‪ ،Im Blickpunkt:‬ﻣﺎﺭﻝ ‪ /‬ﺩﻭﺳﻠﺪﻭﺭﻑ‪ ،‬ﻣﻌﻬﺪ ﻏﺮﻳﻢ ‪NRW. Harrison, R. )2013( /‬‬
‫‪" Medienkompetenz‬ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺠﻤﺎﻋﻲ ﻭﺗﻨﺸﻴﻂ ﺳﻮﻕ ﺭﺃﺱ ﺍﻟﻤﺎﻝ ﺍﻟﻤﺨﺎﻃﺮ ﻓﻲ ﺍﻟﻤﺮﺣﻠﺔ ﺍﻟﻤﺒﻜﺮﺓ‪ :‬ﻣﺤﻔﺰ ﺃﻡ ﻭﻫﻢ؟"‪،‬‬
‫ﺭﺃﺱﺍﻟﻤﺎﻝ ﺍﻻﺳﺘﺜﻤﺎﺭﻱ‪ :‬ﻣﺠﻠﺔ ﺩﻭﻟﻴﺔ ﻟﺘﻤﻮﻳﻞ ﺭﻳﺎﺩﺓ ﺍﻷﻋﻤﺎﻝ‪ ،‬ﺍﻟﻤﺠﻠﺪ‪ ،15 .‬ﺭﻗﻢ ‪ ،4‬ﺹ ‪ .287-283‬ﻫﻴﺮ‪ ،‬ﺝ‪ .‬ﻭﺑﻮﺳﺘﻮﻙ‪ ،‬ﻡ‪) .‬‬
‫‪(2010‬ﺍﻹﺩﺭﺍﻙ ﺍﻟﺮﺳﻮﻣﻲ ﻟﻠﺘﻌﻬﻴﺪ ﺍﻟﺠﻤﺎﻋﻲ‪ :‬ﺍﺳﺘﺨﺪﺍﻡ ﺍﻟﺘﺮﻛﻴﺔ ﺍﻟﻤﻴﻜﺎﻧﻴﻜﻴﺔ ﻟﺘﻘﻴﻴﻢ ﺍﻟﺘﺼﻮﺭ‬
‫ﺗﺼﻤﻴﻢ‪ .‬ﻭﺭﻗﺔ ﻣﻘﺪﻣﺔ ﻓﻲ ﻭﻗﺎﺉﻊ ﺍﻟﻤﺆﺗﻤﺮ ﺍﻟﺪﻭﻟﻲ ﺍﻟﺜﺎﻣﻦ ﻭﺍﻟﻌﺸﺮﻳﻦ ﺣﻮﻝ ﺍﻟﻌﻮﺍﻣﻞ ﺍﻟﺒﺸﺮﻳﺔ ﻓﻲ ﺃﻧﻈﻤﺔ ﺍﻟﺤﻮﺳﺒﺔ‪ ،‬ﺃﺗﻼﻧﺘﺎ‪.‬‬

‫ﻫﻴﻤﺮ‪،‬ﺟﻴﻪ‪ ،‬ﺷﻨﺎﻳﺪﺭ‪ ،‬ﻳﻮ‪ ،‬ﺩﻭﺭﻧﺒﻮﺵ‪ ،‬ﺇﻑ‪ ،‬ﻭﻓﺮﺍﻱ‪ ،‬ﺇﺱ‪(2011) .‬ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺠﻤﺎﻋﻲ ﻭﻏﻴﺮﻩ ﻣﻦ ﺍﻟﻤﺨﺒﺮﻳﻦ‬
‫ﺍﻟﺘﻤﻮﻳﻞﺍﻟﺼﻐﻴﺮ ﻓﻲ ﺍﻟﻤﺸﺮﻭﻋﺎﺕ ﻭﺍﻻﺑﺘﻜﺎﺭﺍﺕ ﺍﻟﻤﺎﻟﻴﺔ‪ ,‬ﻛﺎﺭﻟﺴﺮﻭﻩ‪ ,‬ﻓﺮﺍﻭﻧﻬﻮﻓﺮ ‪.ISI‬‬
‫‪"،‬ﺍﻻﺳﺘﺜﻤﺎﺭ ﺍﻟﺠﻤﺎﻋﻲ ﻭﺗﻨﻮﻳﻊ ﺍﻟﻤﺤﻔﻈﺔ ﺍﻻﺳﺘﺜﻤﺎﺭﻳﺔ ‪ -‬ﺗﺤﻠﻴﻞ ﺍﻗﺘﺼﺎﺩﻱ ﺣﻘﻴﻘﻲ" (‪Hornuf, L. and Klöhn, L. )2013‬‬
‫ﻣﺠﻠﺔﻓﻴﻨﺸﺮ ﻛﺎﺑﻴﺘﺎﻝ‪ ،‬ﺍﻟﻤﺠﻠﺪ‪ ،2013 .‬ﺭﻗﻢ ‪ ،2‬ﺍﻟﺼﻔﺤﺎﺕ‬
‫‪ Howe, J. )2006b( .35-34‬ﺍﻟﺘﻌﻬﻴﺪ ﺍﻟﺠﻤﺎﻋﻲ‪ :‬ﺍﻟﺘﻌﺮﻳﻒ‪ :‬ﺍﻟﺘﻌﻬﻴﺪ ﺍﻟﺠﻤﺎﻋﻲ‪.‬‬
‫ﻫﺎﻭ‪،‬ﺝ‪(2008) .‬ﺍﻟﺘﻌﻬﻴﺪ ﺍﻟﺠﻤﺎﻋﻲ‪ :‬ﻟﻤﺎﺫﺍ ﺗﻘﻮﺩ ﻗﻮﺓ ﺍﻟﺤﺸﻮﺩ ﻣﺴﺘﻘﺒﻞ ﺍﻷﻋﻤﺎﻝ‪ ،‬ﻧﻴﻮﻳﻮﺭﻙ‪ ،‬ﺍﻟﺘﺎﺝ‬
‫ﻋﻤﻞ‪.‬‬
‫‪"،‬ﺻﻌﻮﺩ ﺍﻟﺘﻌﻬﻴﺪ ﺍﻟﺠﻤﺎﻋﻲ" (‪Howe, J. )2006a‬ﻣﺠﻠﺔ ﺳﻠﻜﻴﺔ‪ ،‬ﺍﻟﻤﺠﻠﺪ‪ ،14 .‬ﺭﻗﻢ ‪ ،6‬ﺍﻟﺼﻔﺤﺎﺕ ‪ .5-1‬ﺇﻧﺪﻳﻐﻮﻏﻮ )‪uns(2014‬‬
‫‪.Über‬ﺗﻢ ﺍﻟﻮﺻﻮﻝ ﺇﻟﻴﻪ ﺑﺘﺎﺭﻳﺦ ‪، http://www.indiegogo.com/about/our-story، 14.08.2014‬‬
‫ﺇﺣﺼﺎﺉﻴﺎﺕﻋﺎﻟﻢ ﺍﻹﻧﺘﺮﻧﺖ )‪(2013‬ﺍﻻﺳﺘﺨﺪﺍﻡ ﺍﻟﻌﺎﻟﻤﻲ ﻟﻺﻧﺘﺮﻧﺖ ﻭﺇﺣﺼﺎءﺍﺕ ﺍﻟﺴﻜﺎﻥ‪http://www.internetworldstats.com/stats.htm,‬‬
‫ﺗﻢﺍﻟﻮﺻﻮﻝ ﺇﻟﻴﻪ ﻓﻲ ‪.10.08.2014‬‬

‫ﻣﻌﻬﺪﻛﻠﻮﺕ‬ ‫‪413‬‬ ‫ﺣﻘﻮﻕﺍﻟﻄﺒﻊ ﻭﺍﻟﻨﺸﺮ ﻣﻦ ﻗﺒﻞ ﺍﻟﻤﺆﻟﻒ )ﺍﻟﻤﺆﻟﻔﻴﻦ(؛ ‪CC-BY‬‬

 ‫ﺍﻟﻤﺠﻠﺪ‪ ،14‬ﺍﻟﻌﺪﺩ ‪3‬‬ ‫ﻣﺠﻠﺔﺃﺑﺤﺎﺙ ﺍﻷﻋﻤﺎﻝ ﻭﺍﻻﻗﺘﺼﺎﺩ ﺍﻟﺪﻭﻟﻴﺔ – ﻣﺎﻳﻮ ‪ /‬ﻳﻮﻧﻴﻮ ‪2015‬‬

‫‪"،‬ﺇﺩﺍﺭﺓ ﺍﻟﺴﺤﺎﺑﺔ ﺍﻟﺒﺸﺮﻳﺔ" (‪Kaganer، E.، Carmel، E.، Hirschheim، R. and Olsen، T. )2013‬ﺇﺩﺍﺭﺓ ﻣﻌﻬﺪ ﻣﺎﺳﺎﺗﺸﻮﺳﺘﺲ ﻟﻠﺘﻜﻨﻮﻟﻮﺟﻴﺎ ﺳﻠﻮﻥ‬
‫ﻣﺮﺍﺟﻌﺔ‪ ،‬ﺍﻟﻤﺠﻠﺪ‪ ،54 .‬ﺭﻗﻢ ‪ ،2‬ﺹ ‪.32-23‬‬
‫ﻛﺎﻟﺘﻨﺒﻴﻚ‪،‬ﺝ‪(2011) .‬ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺠﻤﺎﻋﻲ ﻭﺍﻟﻤﺪﻓﻮﻋﺎﺕ ﺍﻻﺟﺘﻤﺎﻋﻴﺔ ﻣﻮﺟﻮﺩﺍﻥ ﻓﻲ ﻧﺺ ‪ Anwendungskon‬ﻣﻦ ﺍﻟﻤﻮﺍﺭﺩ ﺍﻟﺘﻌﻠﻴﻤﻴﺔ ﺍﻟﻤﻔﺘﻮﺣﺔ‪,‬‬
‫ﺑﺮﻟﻴﻦ‪،‬ﺟﻤﻬﻮﺭﻳﺔ‪.‬‬
‫‪"،‬ﺍﻟﺒﺤﺚ ﻋﻦ ﺍﻟﺠﻮﺩﺓ ﻓﻲ ﺍﻟﺘﻌﻬﻴﺪ ﺍﻟﺠﻤﺎﻋﻲ ﻟﺘﻘﻴﻴﻢ ﻣﺤﺮﻙ ﺍﻟﺒﺤﺚ" (‪Kazai, G. )2011‬ﻋﻠﻮﻡ ﺍﻟﻜﻤﺒﻴﻮﺗﺮ‪ ،‬ﺍﻟﻤﺠﻠﺪ‪ ،2011 .‬ﺭﻗﻢ‪.‬‬
‫‪،5511‬ﺹ ‪.176-165‬‬
‫ﻛﻴﻚﺳﺘﺎﺭﺗﺮ )‪(2014‬ﻣﺎ ﻫﻮ ﻛﻴﻚ ﺳﺘﺎﺭﺗﺮ‪,‬‬
‫"ﺍﻟﻤﺒﺘﻜﺮﻭﻥ ﻏﻴﺮ ﺍﻟﻤﺪﻓﻮﻋﻴﻦ ﺍﻷﺟﺮ‪ :‬ﺍﻻﺳﺘﺨﺪﺍﻡ ﺍﻟﺘﺠﺎﺭﻱ ﻟﻌﻤﻞ ﺍﻟﻤﺴﺘﻬﻠﻚ" (‪. Kleeman, F., Voß, GG and Rieder, K. )2008‬ﺗﻢ ﺍﻟﻮﺻﻮﻝ ﺇﻟﻴﻪ‬
‫ﺑﺘﺎﺭﻳﺦ‪http://www.kickstarter.com/help/faq/creator+questions?ref=faq_subcategory#PaymUs، 14.08.2014‬‬
‫ﻣﻦﺧﻼﻝ ﺍﻟﺘﻌﻬﻴﺪ ﺍﻟﺠﻤﺎﻋﻲ"‪،‬ﺩﺭﺍﺳﺎﺕ ﺍﻟﻌﻠﻮﻡ ﻭﺍﻟﺘﻜﻨﻮﻟﻮﺟﻴﺎ ﻭﺍﻻﺑﺘﻜﺎﺭ‪ ،‬ﺍﻟﻤﺠﻠﺪ‪ ،4 .‬ﺭﻗﻢ ‪ ،1‬ﺹ‬
‫‪" Kortleben, H. and Vollmar, B. )2012( .26-5‬ﺍﻻﺳﺘﺜﻤﺎﺭ ﺍﻟﺠﻤﺎﻋﻲ ‪ -‬ﺑﺪﻳﻞ ﻓﻲ ‪der Gründungsfinanzierung‬؟"‪,‬‬
‫‪ ،Forschungspapiere PFH‬ﺍﻟﻤﺠﻠﺪ‪ ،2012 .‬ﺭﻗﻢ ‪ ،06‬ﺹ‪.‬ﻥ‪.‬ﺏ‬
‫ﻻﻣﺒﺮﺕ‪،‬ﺕ‪ .‬ﻭﺷﻔﻴﻨﺒﺎﺧﺮ‪ ،‬ﺃ‪(2010) .‬ﺗﺤﻠﻴﻞ ﺗﺠﺮﻳﺒﻲ ﻟﻠﺘﻤﻮﻳﻞ ﺍﻟﺠﻤﺎﻋﻲ‪ ,‬ﻟﻮﻓﺎﻥ ﻻ ﻧﻴﻮﻓﻮﻱ‪ ،‬ﻣﺪﺭﺳﺔ ﻟﻮﻓﺎﻥ‬
‫ﻣﺎﺟﺴﺘﻴﺮﻓﻲ ﺍﻹﺩﺍﺭﺓ‪ ،‬ﺍﻟﺠﺎﻣﻌﺔ ﺍﻟﻜﺎﺛﻮﻟﻴﻜﻴﺔ ﻓﻲ ﻟﻮﻓﺎﻥ‪.‬‬
‫ﻟﻮﺗﻮﻥ‪،‬ﻙ‪ .‬ﻭﻣﺎﺭﻭﻡ‪ ،‬ﺩ‪(2010) .‬ﺛﻮﺭﺓ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺠﻤﺎﻋﻲ‪ :‬ﺍﻟﺸﺒﻜﺎﺕ ﺍﻻﺟﺘﻤﺎﻋﻴﺔ ﺗﺠﺘﻤﻊ ﻣﻊ ﺗﻤﻮﻳﻞ ﺍﻟﻤﺸﺎﺭﻳﻊ‪ ،‬ﻧﻴﺐ‪،‬‬
‫‪thecrowdfundingrevolution.com.‬‬
‫ﻻﻳﻤﻴﺴﺘﺮ‪،‬ﺟﻲ ﺇﻡ )‪" (2012‬ﺍﻟﺘﻌﻬﻴﺪ ﺍﻟﺠﻤﺎﻋﻲ‪ :‬ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺠﻤﺎﻋﻲ‪ ،‬ﺍﻟﺘﺼﻮﻳﺖ ﺍﻟﺠﻤﺎﻋﻲ‪ ،‬ﺍﻹﺑﺪﺍﻉ ﺍﻟﺠﻤﺎﻋﻲ"‪Zeitschrift für Controlling und،‬‬
‫ﺇﺩﺍﺭﺓ‪ ،‬ﺍﻟﻤﺠﻠﺪ‪ ،2012 .‬ﺍﻟﻌﺪﺩ ‪ ،56‬ﺍﻟﺼﻔﺤﺎﺕ ‪.392-388‬‬
‫‪Leimeister, JM and Zogaj, S. )2013( "Neue Arbeitsorganisation durch Crowdsourcing"،‬ﻣﺆﺳﺴﺔ ﻫﺎﻧﺰ ﺑﻮﻛﻠﺮ‬
‫‪ ،Arbeitspapier Arbeit und Soziales‬ﺍﻟﻤﺠﻠﺪ‪ ،2013 .‬ﺭﻗﻢ ‪.287‬‬
‫ﻣﺎﺥ‪،‬ﻟﻴﺮﺓ ﻟﺒﻨﺎﻧﻴﺔ‪ ،‬ﻛﺎﺭﺗﺮ‪ ،‬ﺳﻢ ﻭﺳﻼﺗﺮﻱ‪C. )2013( ،‬ﺍﻹﻗﺮﺍﺽ ﻣﻦ ﻧﻈﻴﺮ ﺇﻟﻰ ﻧﻈﻴﺮ ﻟﻠﺸﺮﻛﺎﺕ ﺍﻟﺼﻐﻴﺮﺓ‪ .‬ﻭﺭﻗﺔ ﻣﻘﺪﻣﺔ ﻓﻲ ﺍﻻﺗﺤﺎﺩﻳﺔ‬
‫ﻣﺆﺗﻤﺮﺃﺑﺤﺎﺙ ﺗﻨﻤﻴﺔ ﻣﺠﺘﻤﻊ ﺍﻟﻨﻈﺎﻡ ﺍﻻﺣﺘﻴﺎﻃﻲ‪.‬‬
‫ﻣﺎﻫﻠﺴﺘﻴﺪ‪،‬ﺱ‪ (2012) .‬ﻗﻮﺓ ﺍﻟﺤﺸﺪ‪،‬ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺠﻤﺎﻋﻲ ‪ .Studienreihe‬ﺷﺘﻮﺗﻐﺎﺭﺕ‪ :‬ﻣﻌﻬﺪ ﺍﻻﺗﺼﺎﻻﺕ ﻓﻲ‬
‫ﻣﺪﻳﻦﺍﺟﺘﻤﺎﻋﻲ‪.‬‬
‫‪.‬ﺗﻘﺮﻳﺮﺻﻨﺎﻋﺔ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺠﻤﺎﻋﻲ‪ .‬ﻧﻴﻮﻳﻮﺭﻙ‪ :‬ﻣﺎﺳﻮﻟﻮﺗﻴﻮﻥ ‪Massolution )2013( 2013CF -‬‬
‫ﻣﺎﺯﻭﻻ‪،‬ﺩ‪ .‬ﻭﺩﻳﺴﺘﻴﻔﺎﻧﻮ‪ ،‬ﺃ‪(2010) .‬ﻋﻤﻠﻴﺔ ﺍﻟﺘﻌﻬﻴﺪ ﺍﻟﺠﻤﺎﻋﻲ ﻭﺍﻟﻤﺸﺎﺭﻛﺔ ﻟﺤﻞ ﺍﻟﻤﺸﻜﻼﺕ‪ :‬ﺣﺎﻟﺔ ‪,BP‬‬
‫ﻧﺎﺑﻮﻟﻲ‪،‬ﺍﻟﻤﺆﺗﻤﺮ ﺍﻟﺴﺎﺑﻊ ﻟﻠﻔﺮﻉ ﺍﻹﻳﻄﺎﻟﻲ ﻟﻨﻈﺎﻡ ‪ ،AIS‬ﺗﻜﻨﻮﻟﻮﺟﻴﺎ ﺍﻟﻤﻌﻠﻮﻣﺎﺕ ﻭﺍﺗﺠﺎﻩ ﺍﻻﺑﺘﻜﺎﺭ ﻓﻲ ﺍﻟﻤﻨﻈﻤﺔ‪.‬‬

‫ﻣﺎﻛﻴﻨﻠﻲ‪،‬ﺩ‪(2012) .‬ﺍﺳﺘﺮﺍﺗﻴﺠﻴﺎﺕ ﺍﻹﺩﺍﺭﺓ ﺍﻟﻌﻤﻠﻴﺔ ﻟﻠﺘﻌﻬﻴﺪ ﺍﻟﺠﻤﺎﻋﻲ ﻓﻲ ﺍﻟﻤﻜﺘﺒﺎﺕ ﻭﺩﻭﺭ ﺍﻟﻤﺤﻔﻮﻇﺎﺕ ﻭﺍﻟﻤﺘﺎﺣﻒ‪,‬‬
‫‪.‬ﺗﻢﺍﻟﻮﺻﻮﻝ ﺇﻟﻴﻪ ﺑﺘﺎﺭﻳﺦ ‪/uploads/2013/03/McKinley-2012-Crowdsourcing-managementstrategies.pdf، 14.08.2014‬‬
‫‪http://www.digitalglam.org/wp-content‬‬
‫"ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺠﻤﺎﻋﻲ ﻛﺒﺪﻳﻞ ﻣﺎﻟﻲ ‪ -‬ﺣﻠﻮﻝ ﻣﺒﺘﻜﺮﺓ" (‪Meinshausen, S., Schiereck, D. and Stimeier, S. )2012‬‬
‫ﻓﻲﺩﻳﺮ ‪ ،WiSt،Unternehmensfinanzierung‬ﺍﻟﻤﺠﻠﺪ‪ ،41 .‬ﺭﻗﻢ ‪ ،11‬ﺹ ‪.588-583‬‬
‫ﻣﻮﻟﻴﻚ‪،‬ﺇﻱ‪" (2013) .‬ﺩﻳﻨﺎﻣﻴﻜﻴﺎﺕ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺠﻤﺎﻋﻲ‪ :‬ﺩﺭﺍﺳﺔ ﺍﺳﺘﻜﺸﺎﻓﻴﺔ"‪،‬ﻣﺠﻠﺔ ﻣﻐﺎﻣﺮﺓ ﺍﻷﻋﻤﺎﻝ‪ ،‬ﺍﻟﻤﺠﻠﺪ‪ ،29 .‬ﻻ‪.‬‬
‫‪،2014‬ﺍﻟﺼﻔﺤﺎﺕ ﻣﻦ ‪ 1‬ﺇﻟﻰ ‪.16‬‬

‫ﻣﻮﺭﻳﺘﺰ‪،‬ﺃ‪ .‬ﻭﺑﻠﻮﻙ‪ ،‬ﺝ‪" (2014) .‬ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺠﻤﺎﻋﻲ ﻭﺍﻻﺳﺘﺜﻤﺎﺭ ﺍﻟﺠﻤﺎﻋﻲ‪ :‬ﺣﺎﻟﺔ ﺍﻟﻔﻦ ﻓﻲ ﻋﺎﻟﻢ ﺍﻻﻗﺘﺼﺎﺩ ﺍﻟﺴﻮﻳﺴﺮﻱ"‬
‫ﺍﻷﺩﺏ‪،‬ﺯﻓﻜﻲ‪ ،‬ﺍﻟﻤﺠﻠﺪ‪ ،62 .‬ﺭﻗﻢ ‪ ،1‬ﺹ ‪.90-57‬‬
‫ﺍﻟﺘﻤﻮﻳﻞﺍﻟﺠﻤﺎﻋﻲ‪ :‬ﺗﺤﻮﻳﻞ ﺍﻟﻌﻤﻼء ﺇﻟﻰ' (‪Ordanini، A.، Miceli، M.، Pizzetti، M. and Parasuraman، A. )2011‬‬
‫ﺍﻟﻤﺴﺘﺜﻤﺮﻳﻦﻣﻦ ﺧﻼﻝ ﻣﻨﺼﺎﺕ ﺍﻟﺨﺪﻣﺎﺕ ﺍﻟﻤﺒﺘﻜﺮﺓ‪،‬ﻣﺠﻠﺔ ﺇﺩﺍﺭﺓ ﺍﻟﺨﺪﻣﺔ‪ ،‬ﺍﻟﻤﺠﻠﺪ‪ ،22 .‬ﺭﻗﻢ ‪ ،4‬ﺹ ‪ .470-443‬ﺃﻭﺳﺘﺮﻭﺍﻟﺪﺭ‪ ،‬ﺃ‪.‬‬
‫ﻭﺑﻴﻨﻴﻮﺭ‪،‬ﻱ‪(2010) .‬ﺗﻮﻟﻴﺪ ﻧﻤﻮﺫﺝ ﺍﻷﻋﻤﺎﻝ‪ :‬ﺩﻟﻴﻞ ﻷﺻﺤﺎﺏ ﺍﻟﺮﺅﻯ‪ ،‬ﻭﻣﻐﻴﺮﻱ ﻗﻮﺍﻋﺪ ﺍﻟﻠﻌﺒﺔ‪... ،‬‬
‫ﺍﻟﻤﺘﺤﺪﻭﻥ‪ ،‬ﻫﻮﺑﻮﻛﻴﻦ‪ ،‬ﻧﻴﻮﺟﻴﺮﺳﻲ‪ ،‬ﻭﺍﻳﻠﻲ‪.‬‬
‫‪:‬ﺑﺮﻟﻴﻦ ‪ - Neue digitale Arbeitswelten.‬ﺗﻘﺮﻳﺮ ﺍﻟﺘﻌﻬﻴﺪ ﺍﻟﺠﻤﺎﻋﻲ ‪Pelzer, C., Wenzlaff, K. and Eisfeld-Reschke, J. )2012( 2012‬‬
‫‪DCV.‬‬
‫"ﻗﻴﻤﺔ ﺍﻟﺘﻌﻬﻴﺪ ﺍﻟﺠﻤﺎﻋﻲ‪ :‬ﻫﻞ ﻳﻤﻜﻦ ﻟﻠﻤﺴﺘﺨﺪﻣﻴﻦ ﺍﻟﺘﻨﺎﻓﺲ ﺣﻘﺎً ﻣﻊ ﺍﻟﻤﺤﺘﺮﻓﻴﻦ ﻓﻲ ﻣﺠﺎﻝ ﺍﻟﺘﻌﻬﻴﺪ ﺍﻟﺠﻤﺎﻋﻲ" (‪Poetz, MK and Schreier, M. )2009‬‬
‫ﺗﻮﻟﻴﺪﺃﻓﻜﺎﺭ ﻣﻨﺘﺠﺎﺕ ﺟﺪﻳﺪﺓ؟'‪,‬ﻣﺠﻠﺔ ﺇﺩﺍﺭﺓ ﺍﺑﺘﻜﺎﺭ ﺍﻟﻤﻨﺘﺠﺎﺕ‪ ،‬ﺍﻟﻤﺠﻠﺪ‪ ،29 .‬ﺭﻗﻢ ‪ ،2‬ﺹ ‪.256-245‬‬
‫‪ KM 2.0"،‬ﺗﻌﺰﻳﺰ ﺍﻻﺑﺘﻜﺎﺭ ﺑﺎﺳﺘﺨﺪﺍﻡ" (‪Ribiere, VM and Tuggle, FD )2010‬ﻛﺮﻣﺔ‪ ،‬ﺍﻟﻤﺠﻠﺪ‪ ،40 .‬ﺭﻗﻢ ‪ ،1‬ﺹ ‪Unternehmen .101-90‬‬
‫‪،'Richter, C., Seidler-de Alwis, R. and Jötten, M. )2014( 'Crowdsourcing als Chance für mittelständische‬‬
‫ﻭﺭﻳﺎﺩﺓﺍﻷﻋﻤﺎﻝ ‪ ،Zeitschrift für KMU‬ﺍﻟﻤﺠﻠﺪ‪ ،1 .‬ﺭﻗﻢ ‪ ،2014‬ﺹ ‪.30-1‬‬
‫‪"،‬ﺧﻄﻂ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺠﻤﺎﻋﻲ ﻓﻲ ﺃﻭﺭﻭﺑﺎ" (‪Röthler, D. and Wenzlaff, K. )2011‬ﺗﻘﺮﻳﺮ ‪ ،EENC‬ﺍﻟﻤﺠﻠﺪ‪ ،2011 .‬ﺭﻗﻢ ‪،09‬‬
‫(‪ pp.np Schenk, E. and Guittard, C. )2011‬ﻣﺎ ﺍﻟﺬﻱ ﻳﻤﻜﻦ ﺍﻻﺳﺘﻌﺎﻧﺔ ﺑﻤﺼﺎﺩﺭ ﺧﺎﺭﺟﻴﺔ ﻟﻠﺠﻤﻬﻮﺭ‪ ،‬ﻭﻟﻤﺎﺫﺍ؟‬
‫ﺳﻴﺪﻣﺎﺗﺶ)‪(2014‬ﺣﻘﺎﺉﻖ ﺍﻟﺒﺬﻭﺭ‪.‬ﺗﻢ ﺍﻟﻮﺻﻮﻝ ﺇﻟﻴﻪ ﺑﺘﺎﺭﻳﺦ ‪، https://www.seedmatch.de/، 2014/08/14‬‬
‫ﺳﻤﻴﺚ‪،‬ﺩ‪ ،.‬ﻣﺎﻧﻴﺶ‪ ،‬ﺇﻡ ﺇﻡ ﺟﻲ‪ ،‬ﻭﺍﻟﺸﻴﺦ‪ ،‬ﺃﺃ )‪" (2013‬ﻛﻴﻒ ﻳﻤﻜﻦ ﻟﺮﻭﺍﺩ ﺍﻷﻋﻤﺎﻝ ﺗﺤﻔﻴﺰ ﺍﻟﻤﺸﺎﺭﻛﻴﻦ ﻓﻲ ﺍﻟﺘﻌﻬﻴﺪ ﺍﻟﺠﻤﺎﻋﻲ؟"‪،‬‬
‫ﻣﺮﺍﺟﻌﺔﺇﺩﺍﺭﺓ ﺍﻻﺑﺘﻜﺎﺭ ﺍﻟﺘﻜﻨﻮﻟﻮﺟﻲ‪ ،‬ﺍﻟﻤﺠﻠﺪ‪ ،2013 .‬ﺭﻗﻢ ‪ ،1‬ﺍﻟﺼﻔﺤﺎﺕ ﻣﻦ ‪ 23‬ﺇﻟﻰ ‪.30‬‬
‫ﺷﺒﻴﺠﻞﺍﻭﻥ ﻻﻳﻦ )‪,Netzwelt-Ticker: Star Citizen، Browser-Datenschutz، Musik-Millionen(2014‬‬
‫‪.‬ﺗﻢﺍﻟﻮﺻﻮﻝ ﺇﻟﻴﻪ ﺑﺘﺎﺭﻳﺦ ‪/wing-commander-nachfolger-star-citizen-finanziert-ueber-crowdfunding-a-860675.html، 15.08.2014‬‬
‫‪http://www.spiegel.de/netzwelt/web‬‬
‫ﺳﺘﺎﻟﺪﺭ‪،‬ﻑ‪ (2009) .‬ﻧﻴﻮﻥ ﺛﻴﺴﻴﻦ ﺯﻭﺭ ﺭﻳﻤﻜﺲ ﻛﻮﻟﺘﻮﺭ‪ .‬ﺯﻳﻮﺭﺥ‪.Zürcher Hochschule der Künste :‬‬

‫ﻣﻌﻬﺪﻛﻠﻮﺕ‬ ‫‪414‬‬ ‫ﺣﻘﻮﻕﺍﻟﻄﺒﻊ ﻭﺍﻟﻨﺸﺮ ﻣﻦ ﻗﺒﻞ ﺍﻟﻤﺆﻟﻒ )ﺍﻟﻤﺆﻟﻔﻴﻦ(؛ ‪CC-BY‬‬

 ‫ﺍﻟﻤﺠﻠﺪ‪ ،14‬ﺍﻟﻌﺪﺩ ‪3‬‬ ‫ﻣﺠﻠﺔﺃﺑﺤﺎﺙ ﺍﻷﻋﻤﺎﻝ ﻭﺍﻻﻗﺘﺼﺎﺩ ﺍﻟﺪﻭﻟﻴﺔ – ﻣﺎﻳﻮ ‪ /‬ﻳﻮﻧﻴﻮ ‪2015‬‬

‫ﺳﺘﺎﺭﺑﻴﺮﺩ‪،‬ﻙ‪(2012) .‬ﻣﺎ ﻳﺤﺠﺒﻪ "ﺍﻟﺘﻌﻬﻴﺪ ﺍﻟﺠﻤﺎﻋﻲ"‪ :‬ﺍﻟﻜﺸﻒ ﻋﻦ ﺩﻳﻨﺎﻣﻴﻜﻴﺎﺕ ﺍﻟﻌﻤﻞ ﺍﻟﺠﻤﺎﻋﻲ ﺍﻟﻤﺘﺼﻞ ﺃﺛﻨﺎء ﺍﻟﻜﻮﺍﺭﺙ‪ .‬ﺳﻮﺭﻭﻳﻴﻜﻲ‪ ،‬ﺝ‪2004) .‬‬
‫(ﺣﻜﻤﺔ ﺍﻟﺤﺸﻮﺩ‪ :‬ﻟﻤﺎﺫﺍ ﻳﻜﻮﻥ ﺍﻟﻜﺜﻴﺮﻭﻥ ﺃﻛﺜﺮ ﺫﻛﺎء ًﻣﻦ ﺍﻟﻘﻠﺔ ﻭﻛﻴﻒ ﺗﺘﺸﻜﻞ ﺍﻟﺤﻜﻤﺔ ﺍﻟﺠﻤﺎﻋﻴﺔ‬
‫ﺍﻷﻋﻤﺎﻝﻭﺍﻻﻗﺘﺼﺎﺩ ﻭﺍﻟﻤﺠﺘﻤﻌﺎﺕ ﻭﺍﻷﻣﻢ‪ ،‬ﻧﻴﻮﻳﻮﺭﻙ‪ ،‬ﺩﻭﺑﻠﻴﺪﺍﻱ‪.‬‬
‫‪"،‬ﻧﻤﻮﺫﺝ ﺍﺳﺘﺜﻤﺎﺭﻱ ﻣﻔﺎﻫﻴﻤﻲ ﻟﻠﺘﻤﻮﻳﻞ ﺍﻟﺠﻤﺎﻋﻲ" (‪Tomczak، A. and Brem، A. )2013‬ﺭﺃﺱ ﺍﻟﻤﺎﻝ ﺍﻻﺳﺘﺜﻤﺎﺭﻱ‪ :‬ﺍﻥ‬
‫ﺍﻟﻤﺠﻠﺔﺍﻟﺪﻭﻟﻴﺔ ﻟﺘﻤﻮﻳﻞ ﺭﻳﺎﺩﺓ ﺍﻷﻋﻤﺎﻝ‪ ،‬ﺍﻟﻤﺠﻠﺪ‪ ،15 .‬ﺭﻗﻢ ‪ ،4‬ﺹ ‪.359-335‬‬
‫"ﻧﺤﻮ ﻣﻨﻬﺠﻴﺔ ﻟﺘﻄﻮﻳﺮ ﺍﻹﺩﺍﺭﺓ ﺍﻟﻤﺴﺘﻨﻴﺮﺓ ﺑﺎﻷﺩﻟﺔ" (‪Tranfield, D., Denyer, D. and Smart, P. )2003‬‬
‫"ﺍﻟﻤﻌﺮﻓﺔ ﻋﻦ ﻃﺮﻳﻖ ﺍﻟﻤﺮﺍﺟﻌﺔ ﺍﻟﻤﻨﻬﺠﻴﺔ"‪،‬ﺍﻟﻤﺠﻠﺔ ﺍﻟﺒﺮﻳﻄﺎﻧﻴﺔ ﻟﻺﺩﺍﺭﺓ‪ ،‬ﺍﻟﻤﺠﻠﺪ‪ ،14 .‬ﺭﻗﻢ ‪ ،3‬ﺹ ‪ .222-207‬ﺃﻧﺘﺮﺑﻴﺮﺝ‪ ،‬ﻳﻮ‪) .‬‬
‫‪(2010‬ﺍﻟﺘﻌﻬﻴﺪ ﺍﻟﺠﻤﺎﻋﻲ‪ ،‬ﻓﻲ ﻣﻴﺸﻴﻠﺲ‪ ،‬ﺩ‪ .‬ﻭ ﺷﻴﻠﺪﻫﺎﻭﺭ‪ ،‬ﺕ‪) .‬ﻣﺤﺮﺭﺍﻥ(‪،‬ﺩﻟﻴﻞ ﻭﺳﺎﺉﻞ ﺍﻟﺘﻮﺍﺻﻞ ﺍﻻﺟﺘﻤﺎﻋﻲ‪،Theorien :‬‬
‫ﻣﻴﺜﻮﺩﻥِ‪،‬ﻣﻮﺩﻳﻞ‪ .‬ﺑﺎﺩﻥ ﺑﺎﺩﻥ‪ :‬ﻧﻮﻣﻮﺱ ﻓﻴﺮﻻﺝ‪.135-121 ،‬‬
‫ﻓﻴﺘﺎﻟﻲ‪،‬ﻡ‪(2013) .‬ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺠﻤﺎﻋﻲ‪ :‬ﺍﻟﺘﻄﻮﺭﺍﺕ ﺍﻟﺪﻭﻟﻴﺔ ﺍﻷﺧﻴﺮﺓ ﻭﺗﺤﻠﻴﻞ ﻣﺪﻯ ﺗﻮﺍﻓﻘﻬﺎ ﻣﻊ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻷﺳﺘﺮﺍﻟﻲ‬
‫ﺍﻹﻃﺎﺭﺍﻟﺘﻨﻈﻴﻤﻲ ﺍﻟﺤﺎﻟﻲ(‪، KJM )2011‬ﺗﻢ ﺍﻟﻮﺻﻮﻝ ﺇﻟﻴﻪ ﺑﺘﺎﺭﻳﺦ ‪ .21.03.2014‬ﻓﻮﺭﺑﺮﺍﻙ ‪/abstract=2324573،‬‬
‫‪، http://ssrn.com‬ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺠﻤﺎﻋﻲ ﻟﺘﻤﻮﻳﻞ ﺍﻟﻤﺸﺎﺭﻳﻊ ﺍﻟﺠﺪﻳﺪﺓ‪ :‬ﻋﻮﺍﻗﺐ ﺍﻟﻨﻤﻮﺫﺝ ﺍﻟﻤﺎﻟﻲ ﻋﻠﻰ‬
‫ﺍﻟﻘﺮﺍﺭﺍﺕﺍﻟﺘﺸﻐﻴﻠﻴﺔ‪ ،‬ﺃﻳﻨﺪﻫﻮﻓﻦ‪ ،‬ﺟﺎﻣﻌﺔ ﺃﻳﻨﺪﻫﻮﻓﻦ ﻟﻠﺘﻜﻨﻮﻟﻮﺟﻴﺎ‪.‬‬
‫ﻓﻮﻛﻮﻓﻴﺘﺶ‪،‬ﺇﻡ‪ ،‬ﻣﺎﺭﻳﺎﻧﺎ‪ ،‬ﺇﻝ‪ .‬ﻭﻻﺭﻳﺪﻭ‪ ،‬ﺟﻴﻪ‪(2009) .‬ﻟﻠﻤﺆﺳﺴﺎﺕ ﺍﻟﻤﺘﻜﺎﻣﻠﺔ ﻋﺎﻟﻤﻴﺎً ‪ ،PeopleCloud‬ﻓﻲ ﺃﺳﻴﺖ‪ ،‬ﺩ‪ ،.‬ﺟﻴﺘﻠﺮ‪ ،‬ﻑ‪.‬‬
‫ﻭﺗﻮﺭﻣﺎﻧﻲ‪ ،‬ﻑ‪) .‬ﻣﺤﺮﺭﺍﻥ(‪،‬ﺍﻟﺤﻮﺳﺒﺔ ﺍﻟﻤﻮﺟﻬﺔ ﻧﺤﻮ ﺍﻟﺨﺪﻣﺔ‪ .‬ﺑﺮﻟﻴﻦ‪ :‬ﺩﺍﺭ ﺳﺒﺮﻳﻨﻐﺮ‪، W .114-109 ،‬‬
‫‪ .Wenzlaff، K.، Gumpelmaier‬ﻭ(‪Eisfeld-Reschke، J. )2012‬ﺗﻌﺮﻳﻒ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺠﻤﺎﻋﻲ‪,‬‬
‫‪.‬ﺗﻢﺍﻟﻮﺻﻮﻝ ﺇﻟﻴﻪ ﻓﻲ ‪http://www.ikosom.de/2012/06/11/definitionvoncrowdfunding-beta/، 01.08.2014‬‬
‫ﻭﻳﻜﺴﻠﺮ‪،‬ﻣﻴﻨﻴﺴﻮﺗﺎ )‪" (2011‬ﺇﻋﺎﺩﺓ ﺗﺸﻜﻴﻞ ﻋﻠﻢ ﺍﺟﺘﻤﺎﻉ ﺍﻟﺤﺸﻮﺩ‪ :‬ﺍﺳﺘﻜﺸﺎﻑ ﺍﻟﺘﻌﻬﻴﺪ ﺍﻟﺠﻤﺎﻋﻲ"‪،‬ﺍﻟﻤﺠﻠﺔ ﺍﻟﺪﻭﻟﻴﺔ ﻝ‬
‫ﻋﻠﻢﺍﻻﺟﺘﻤﺎﻉ ﻭﺍﻟﺴﻴﺎﺳﺔ ﺍﻻﺟﺘﻤﺎﻋﻴﺔ‪ ،‬ﺍﻟﻤﺠﻠﺪ‪ ،31 .‬ﺭﻗﻢ ‪ ،1‬ﺍﻟﺼﻔﺤﺎﺕ ‪.20-6‬‬
‫ﺟﻤﻊﺍﻷﻣﻮﺍﻝ ﻟﻠﺒﺤﺚ ﺍﻟﻌﻠﻤﻲ ﻣﻦ ﺧﻼﻝ" (‪Wheat, RE, Wang, Y., Byrnes, JE and Ranganathan, J. )2013‬‬
‫ﺍﻟﺘﻤﻮﻳﻞﺍﻟﺠﻤﺎﻋﻲ"‪،‬ﺍﻻﺗﺠﺎﻫﺎﺕ ﻓﻲ ﻋﻠﻢ ﺍﻟﺒﻴﺉﺔ ﻭﺍﻟﺘﻄﻮﺭ‪ ،‬ﺍﻟﻤﺠﻠﺪ‪ ،28 .‬ﺭﻗﻢ ‪ ،2‬ﺹ ‪.72-71‬‬
‫ﻭﻳﺠﻴﻨﺰ‪،‬ﺃ‪ .‬ﻭﻛﺮﻭﺳﺘﻮﻥ‪ ،‬ﻙ‪" (2011) .‬ﻣﻦ ﺍﻟﺤﻔﻆ ﺇﻟﻰ ﺍﻟﺘﻌﻬﻴﺪ ﺍﻟﺠﻤﺎﻋﻲ‪ :‬ﺗﺼﻨﻴﻒ ﻋﻠﻢ ﺍﻟﻤﻮﺍﻃﻦ"‪،‬‬
‫ﻭﻗﺎﺉﻊﻣﺆﺗﻤﺮ ﻫﺎﻭﺍﻱ ﺍﻟﺪﻭﻟﻲ ﺍﻟﺮﺍﺑﻊ ﻭﺍﻷﺭﺑﻌﻴﻦ ﻟﻌﻠﻮﻡ ﺍﻟﻨﻈﺎﻡ )‪ ،(HICSS-44‬ﺍﻟﻤﺠﻠﺪ‪ ،2011 .‬ﺭﻗﻢ ‪Herrmann, G. )2012( .44‬‬
‫‪Wolf, M., Dirtheuer, K., Sagl, S. and‬ﺍﻟﻬﺎﺗﻒ ﺍﻟﻤﺤﻤﻮﻝ ‪ -‬ﺍﻟﺘﻔﺎﻋﻠﻲ ‪ -‬ﺍﻻﺟﺘﻤﺎﻋﻲ‪- Der digitale Mensch von Morgen :‬‬
‫"ﻋﻠﻰ ﺍﺗﺼﺎﻝ ﺩﺍﺉﻢ"؟‪ ،‬ﻓﻲ ‪ .Verclas، S‬ﻭ (‪،Linnhoff-Popien، C. )eds.‬ﺗﻄﺒﻴﻘﺎﺕ ﺍﻟﺠﻮﺍﻝ ﺍﻟﺬﻛﻴﺔ‪ .‬ﺑﺮﻟﻴﻦ‪ :‬ﺩﺍﺭ ﺳﺒﺮﻳﻨﻐﺮ‪،‬‬
‫‪.544-531‬‬
‫ﻳﺎﻧﻎ‪،‬ﺟﻴﻪ‪ ،‬ﺃﺩﺍﻣﻴﻚ‪ ،‬ﻟﻮﺱ ﺃﻧﺠﻠﻮﺱ ﻭﺃﻛﺮﻣﺎﻥ‪ ،‬ﺇﻡ ﺇﺱ )‪(2008‬ﺍﻟﺘﻌﻬﻴﺪ ﺍﻟﺠﻤﺎﻋﻲ ﻭﻣﺸﺎﺭﻛﺔ ﺍﻟﻤﻌﺮﻓﺔ‪ :‬ﺳﻠﻮﻙ ﺍﻟﻤﺴﺘﺨﺪﻡ ﺍﻻﺳﺘﺮﺍﺗﻴﺠﻲ‬
‫ﻣﻬﻤﺔ‪ .‬ﻭﺭﻗﺔ ﻣﻘﺪﻣﺔ ﻓﻲ ﻭﻗﺎﺉﻊ ﻣﺆﺗﻤﺮ ‪ ACM‬ﺍﻟﺘﺎﺳﻊ ﻟﻠﺘﺠﺎﺭﺓ ﺍﻹﻟﻜﺘﺮﻭﻧﻴﺔ‪ ،‬ﺷﻴﻜﺎﻏﻮ‪.‬‬
‫ﺯﺍﺩﻣﺎﺗﺶ‪،‬ﻫـ‪-.‬ﻡ‪ .‬ﻭﺑﻮﻣﻴﺴﺘﺮ‪ ،‬ﺳﻲ‪: Grundlagen، empirische Befunde،(2013) .‬ﻭﺭﻳﺎﺩﺓ ﺍﻷﻋﻤﺎﻝ ‪Wagniskapital‬‬
‫ﺍﺗﺠﺎﻫﺎﺕﺍﻟﺘﻄﻮﺭ‪ ،‬ﻓﻲ ‪ .Pechlaner، H‬ﻭ (‪،Doepfer، BC )eds.‬ﺭﻳﺎﺩﺓ ﺍﻷﻋﻤﺎﻝ ﻭﺍﻻﺑﺘﻜﺎﺭ ﻓﻲ ﺍﻟﻤﻨﻄﻘﺔ ‪for‬‬
‫‪ .Wertschöpfungskompetenz und Unternehmertum. Rahmenbedingungen‬ﻓﻴﺴﺒﺎﺩﻥ‪ :‬ﺳﺒﺮﻳﻨﻐﺮ ﺟﺎﺑﻠﺮ‪.146-123 ،‬‬
‫ﺗﺸﺎﻧﻎ‪،‬ﺝ‪" (2013) .‬ﺣﻜﻤﺔ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺠﻤﺎﻋﻲ"‪،‬ﺍﻟﻤﺠﺘﻤﻌﺎﺕ ﻭﺍﻟﺒﻨﻮﻙ‪ ،‬ﺍﻟﻤﺠﻠﺪ‪ .‬ﺍﻟﺸﺘﺎء‪ ،‬ﺍﻟﻌﺪﺩ ‪ ،2012‬ﺹ ‪ .31-30‬ﺯﻓﻴﻠﻴﺘﺸﻮﻓﺴﻜﻲ‪،‬‬
‫ﺩ‪،.‬ﺇﻧﺒﺎﺭ‪ ،‬ﻱ‪ ،.‬ﻭﺑﺎﺭﺯﻳﻼﻱ‪ ،‬ﺃﻭ‪(2013) .‬ﺍﻟﻠﻌﺐ ﻋﻠﻰ ﺟﺎﻧﺒﻲ ﺍﻟﺴﻮﻕ‪ :‬ﺍﻟﻨﺠﺎﺡ ﻭﺍﻟﻤﻌﺎﻣﻠﺔ ﺑﺎﻟﻤﺜﻞ‬
‫ﻣﻨﺼﺎﺕﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺠﻤﺎﻋﻲ‪ ،‬ﻭﺭﻗﺔ ﻋﻤﻞ ‪.SSRN 2304101‬‬

‫ﻣﻌﻬﺪﻛﻠﻮﺕ‬ ‫‪415‬‬ ‫ﺣﻘﻮﻕﺍﻟﻄﺒﻊ ﻭﺍﻟﻨﺸﺮ ﻣﻦ ﻗﺒﻞ ﺍﻟﻤﺆﻟﻒ )ﺍﻟﻤﺆﻟﻔﻴﻦ(؛ ‪CC-BY‬‬

‫ﺍﻟﻤﺠﻠﺪ‪ ،14‬ﺍﻟﻌﺪﺩ ‪3‬‬ ‫ﻣﺠﻠﺔﺃﺑﺤﺎﺙ ﺍﻷﻋﻤﺎﻝ ﻭﺍﻻﻗﺘﺼﺎﺩ ﺍﻟﺪﻭﻟﻴﺔ – ﻣﺎﻳﻮ ‪ /‬ﻳﻮﻧﻴﻮ ‪2015‬‬

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‫ﻣﻌﻬﺪﻛﻠﻮﺕ‬ ‫‪416‬‬ ‫ﺣﻘﻮﻕﺍﻟﻄﺒﻊ ﻭﺍﻟﻨﺸﺮ ﻣﻦ ﻗﺒﻞ ﺍﻟﻤﺆﻟﻒ )ﺍﻟﻤﺆﻟﻔﻴﻦ(؛ ‪CC-BY‬‬