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ﻣﻠﺨﺺ:
ﻭﲤﺜﻞ ﻣﺪﺍﺧﻞ ﺍﻟﺘﺤﻠﻴﻞ ﻧﻈﺎﻣﺎ ﳛﺘﻮﻱ ﻋﻠﻰ ﺗﻘﻨﻴﺎﺕ ﳛﺎﻭﻝ ﻫﺬﺍ ﺍﳌﻘﺎﻝ ﺇﺑﺮﺍﺯ ﺃﳘﻴﺔ ﺗﻘﻴﻴﻢ ﺍﳌﺆﺳﺴﺎﺕ -ﻣﻦ
ﺗﺸﺨﻴﺺ ﻭﺗﻘﻴﻴﻢ ﻟﻸﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﺍﳌﺴﺘﻬﺪﻓﺔ )ﻣﺪﺧﻞ ﺍﻟﺘﺤﻠﻴﻞ ﺧﻼﻝ ﺗﻘﻴﻴﻢ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﰲ ﺑﻮﺭﺻﺔ ﺍﻟﻘﻴﻢ -ﺑﺎﻟﻨﺴﺒﺔ ﻟﻌﻤﻠﻴﺔ
ﺍﻷﺳﺎﺳﻲ( ﻭﺗﻘﻨﻴﺎﺕ ﻭﺃﺳﺎﻟﻴﺐ ﻟﺪﺭﺍﺳﺔ ﺣﺮﻛﺔ ﺍﻷﺳﻌﺎﺭ ﳌﻌﺮﻓﺔ ﺍﲣﺎﺫ ﺍﻟﻘﺮﺍﺭ ﻟﻠﻤﺴﺘﺜﻤﺮﻳﻦ ﺍﳌﺎﻟﻴﲔ ،ﺍﻟﱵ ﺗﺪﺧﻞ ﰲ ﺇﻃﺎﺭ ﺗﺴﻴﲑ
ﻭﺍﻛﺘﺸﺎﻑ ﳕﻂ ﻣﻌﲔ ﺗﺴﻠﻜﻪ ﰲ ﺍﳌﺴﺘﻘﺒﻞ ﺍﻟﻘﺮﻳﺐ )ﻣﺪﺧﻞ ﺣﻮﺍﻓﻈﻬﻢ ﺍﳌﺎﻟﻴﺔ .ﻭﺫﻟﻚ ﻣﻦ ﺧﻼﻝ ﺍﻟﺘﻌﺮﺽ ﻟﻠﻤﺪﺍﺧﻞ ﺍﳌﺴﺘﻌﻤﻠﺔ
ﺍﻟﺘﺤﻠﻴﻞ ﺍﻟﻔﲏ( ،ﻗﺼﺪ ﺍﲣﺎﺫ ﺍﻟﻘﺮﺍﺭ ﺍﳌﻨﺎﺳﺐ ﺣﺴﺐ ﻛﻞ ﻇﺮﻑ. ﰲ ﲢﻠﻴﻞ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ)ﺃﻭﻻ( ،ﻭﻃﺮﻕ ﺍﻟﺘﻘﻴﻴﻢ ﺍﳌﺴﺘﻌﻤﻠﺔ ﰲ
ﻭﻳﻠﻌﺐ ﺍﻟﺘﻘﻴﻴﻢ ﺩﻭﺭﺍ ﻣﻬﻤﺎ ﻋﻨﺪ ﳏﺎﻭﻟﺔ ﺍﻟﻮﻗﻮﻑ ﻋﻠﻰ ﺍﻟﻘﻴﻤﺔ ﺍﻟﻮﻗﻮﻑ ﻋﻠﻰ ﻗﻴﻤﺔ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ)ﺛﺎﻧﻴﺎ( ،ﻭﺫﻟﻚ ﰲ ﺇﻃﺎﺭ ﻧﻘﺪﻱ
ﺍﳊﻘﻴﻘﻴﺔ ﻟﻸﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ،ﻭﺍﻛﺘﺸﺎﻑ ﻓﺮﺹ ﲢﻘﻴﻖ ﺍﻷﺭﺑﺎﺡ ،ﻭﻣﻦ ﻭﲢﻠﻴﻠﻲ ﳍﺬﻩ ﺍﳌﺪﺍﺧﻞ ﻭﺍﻟﻄﺮﻕ ،ﺑﻐﻴﺔ ﺗﺮﻗﻴﺔ ﻭﻣﺴﺎﻋﺪﺓ ﺍﳌﺴﺘﺜﻤﺮﻳﻦ
ﰒ ﺗﻮﺟﻴﻪ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺑﺸﻜﻞ ﺳﻠﻴﻢ. ﰲ ﺗﺮﺷﻴﺪ ﺗﺼﺮﻓﺎﻢ ﻭﻗﺮﺍﺭﺍﻢ ،ﺍﻷﻣﺮ ﺍﻟﺬﻱ ﻳﻨﻌﻜﺲ ﻋﻠﻰ ﻛﻔﺎﺀﺓ
ﺍﻟﺴﻮﻕ ﺍﳌﺎﱄ.
ﳑﺎ ﺳﺒﻖ ﳛﺎﻭﻝ ﻫﺬﺍ ﺍﳌﻘﺎﻝ ﺍﻟﻮﻗﻮﻑ ﻭﺗﺴﻠﻴﻂ ﺍﻟﻀﻮﺀ
ﻋﻠﻰ ﺃﳘﻴﺔ ﻃﺮﻕ ﻭﺗﻘﻨﻴﺎﺕ ﺗﻘﻴﻴﻢ ﺍﳌﺆﺳﺴﺎﺕ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﲣﺎﺫ ﺍﻟﻜﻠﻤﺎﺕ ﺍﳌﻔﺘﺎﺡ :ﺍﻟﺘﺤﻠﻴﻞ ﺍﻷﺳﺎﺳﻲ ،ﺍﻟﺘﺤﻠﻴﻞ ﺍﻟﻔﲏ ،ﲢﻠﻴﻞ
ﺍﻟﻘﺮﺍﺭﺍﺕ ﺍﳌﺮﺗﺒﻄﺔ ﺑﺎﻻﺳﺘﺜﻤﺎﺭ ﺍﳌﺎﱄ ﺩﺍﺧﻞ ﺍﻟﺒﻮﺭﺻﺔ. ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ،ﻃﺮﻕ ﺍﻟﺘﻘﻴﻴﻢ ،ﻣﻀﺎﻋﻒ ﺍﻟﺮﺑﺢ ﺇﱃ ﺍﻟﻌﺎﺋﺪ ،ﳕﻮﺫﺝ
ﺍﺳﺘﺤﺪﺍﺙ ﺗﻮﺯﻳﻌﺎﺕ ﺍﻷﺭﺑﺎﺡ ،ﺍﲣﺎﺫ ﺍﻟﻘﺮﺍﺭ.
ﻭﻋﻠﻰ ﻫﺬﺍ ﺍﻷﺳﺎﺱ ،ﻭﻗﺼﺪ ﲢﻠﻴﻞ ﻫﺬﺍ ﺍﳌﻮﺿﻮﻉ
ﺳﻨﺘﻄﺮﻕ ﺇﱃ ﺍﻟﻌﻨﺎﺻﺮ ﺍﻵﺗﻴﺔ: ﲤﻬﻴﺪ:
* ﺍﳌﺪﺍﺧﻞ ﺍﳌﺴﺘﻌﻤﻠﺔ ﰲ ﲢﻠﻴﻞ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﻳﻬﺪﻑ ﺍﳌﺴﺘﺜﻤﺮﻭﻥ ﺍﳌﺎﻟﻴﻮﻥ ﻣﻦ ﻭﺭﺍﺀ ﺍﺳﺘﺜﻤﺎﺭﻫﻢ ﰲ
* ﻃﺮﻕ ﺗﻘﻴﻴﻢ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﺇﱃ ﺗﻌﻈﻴﻢ ﻣﻜﺎﺳﺒﻬﻢ ﻭﻣﻨﺎﻓﻌﻬﻢ ،ﻣﻦ ﺧﻼﻝ ﺯﻳﺎﺩﺓ
ﻗﻴﻤﺔ ﻭﻣﺮﺩﻭﺩﻳﺔ ﺗﻠﻚ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ،ﺍﻷﻣﺮ ﺍﻟﺬﻱ ﻳﺆﺩﻱ ﺑﺎﻟﺘﺒﻌﻴﺔ
:-1ﺍﳌﺪﺍﺧﻞ ﺍﳌﺴﺘﻌﻤﻠﺔ ﰲ ﲢﻠﻴﻞ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﺇﱃ ﺯﻳﺎﺩﺓ ﺛﺮﻭﻢ )ﺍﺭﺗﻔﺎﻉ ﺍﻟﻘﻴﻤﺔ( .ﻭﻟﺘﺤﻘﻴﻖ ﺫﻟﻚ ﻻﺑﺪ ﳍﻢ ﻣﻦ
ﺗﻮﻓﺮ ﺃﺩﻭﺍﺕ ﻣﻨﻬﺠﻴﺔ ﺗﺴﺎﻋﺪﻫﻢ ﰲ ﺍﲣﺎﺫ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺍﳌﺮﺗﺒﻄﺔ
ﻳﻮﺟﺪ ﻣﺪﺧﻼﻥ ﺷﺎﺋﻌﺎﻥ ﰲ ﲢﻠﻴﻞ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﺑﺬﻟﻚ؛ ﺍﻟﺸﺮﺍﺀ ﺃﻭ ﺍﻟﺒﻴﻊ ﺃﻭ ﺍﻻﺣﺘﻔﺎﻅ ﺣﺴﺐ ﻛﻞ ﺣﺎﻟﺔ ﺿﻤﻦ
ﻳﺴﺘﻌﻤﻠﻬﻤﺎ ﺍﶈﻠﻠﻮﻥ ﺍﳌﺎﻟﻴﻮﻥ ،ﺇﺫ ﻳﻨﻄﻠﻘﺎﻥ ﻣﻦ ﺃﺳﺲ ﻭﻓﻠﺴﻔﺔ ﺍﻟﺴﻴﺎﺳﺔ ﻭﺍﻻﺳﺘﺮﺍﺗﻴﺠﻴﺔ ﺍﳌﺘﺒﻌﺔ ﰲ ﺗﺴﻴﲑ ﳏﺎﻓﻈﻬﻢ.
ﳐﺘﻠﻔﺔ ﲤﺎﻣﺎ ﻋﻦ ﺑﻌﻀﻬﻤﺎ ﺍﻟﺒﻌﺾ ،ﻭﳘﺎ:
:2-1ﻣﺪﺧﻞ ﺍﻟﺘﺤﻠﻴﻞ ﺍﻟﻔﲏ ﳑﺎ ﺳﺒﻖ ،ﳚﻌﻞ ﻣﻦ ﻋﻤﻠﻴﺔ ﲢﻠﻴﻞ ﻭﺗﻘﻴﻴﻢ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ
ﳏﻞ ﺍﻫﺘﻤﺎﻡ ﺍﻷﻃﺮﺍﻑ ﺍﳌﺘﻌﺎﻣﻠﺔ ﺑﺒﻮﺭﺻﺔ ﺍﻟﻘﻴﻢ ،ﺑﺎﻋﺘﺒﺎﺭﻫﺎ ﺗﻌﺪ
ﻳﻌﺘﱪ ﻫﺬﺍ ﺍﳌﺪﺧﻞ ﻣﻦ ﺑﲔ ﺍﻷﺩﻭﺍﺕ ﺍﻟﱵ ﺗﺴﺘﻌﻤﻞ ﰲ ﺍﳋﻄﻮﺓ ﺍﳍﺎﻣﺔ ﰲ ﺳﺒﻴﻞ ﺍﺧﺘﻴﺎﺭ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﺍﳌﺮﺍﺩ ﺍﻻﺳﺘﺜﻤﺎﺭ
ﺍﲣﺎﺫ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺍﳌﺮﺗﺒﻄﺔ ﺑﺎﻻﺳﺘﺜﻤﺎﺭ ﰲ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ .ﺇﺫ ﻳﻘﻮﻡ ﻓﻴﻬﺎ .ﻓﺒﺎﻟﻨﺴﺒﺔ ﳌﺪﻳﺮﻱ ﺍﶈﺎﻓﻆ ﺍﻻﺳﺘﺜﻤﺎﺭﻳﺔ ﻳﻜﻮﻥ ﺫﻟﻚ ﺍﻟﺘﺤﻠﻴﻞ
ﻋﻠﻰ ﺗﺘﺒﻊ ﺣﺮﻛﺔ ﺍﻷﺳﻌﺎﺭ ﻭﺃﺣﺠﺎﻡ ﺍﻟﺘﺪﺍﻭﻝ ،ﺍﻟﱵ ﺳﺒﻖ ﺗﺴﺠﻴﻠﻬﺎ ﻣﻬﻢ ﻋﻨﺪ
ﰲ ﺍﻟﺴﻮﻕ ﻻﻛﺘﺸﺎﻑ ﺳﻠﻮﻙ ﺃﻭ ﳕﻂ ﺗﺘﺒﻌﻪ ﺣﺮﻛﺔ ﺍﻷﺳﻌﺎﺭ ،ﻟﻴﺘﻢ
ﻋﻠﻰ ﺇﺛﺮﻫﺎ –ﻭﻓﻖ ﺯﻣﻦ ﻳﻌﺘﱪ ﳏﺪﺩﺍ -ﺍﲣﺎﺫ ﺍﻟﻘﺮﺍﺭ ﺍﳌﻨﺎﺳﺐ ﺑﺪﺍﻳﺔ ﺗﺸﻜﻴﻞ ﺍﶈﻔﻈﺔ ﻟﻠﻤﺮﺓ ﺍﻷﻭﱃ ﻣﻦ ﺧﻼﻝ ﻣﻌﺮﻓﺔ ﺍﻷﻭﺭﺍﻕ
ﻟﻠﻤﺴﺘﺜﻤﺮ .ﻭﻋﻠﻰ ﻫﺬﺍ ﺍﻷﺳﺎﺱ ،ﳝﻜﻦ ﺗﻌﺮﻳﻒ ﻫﺬﺍ ﺍﳌﺪﺧﻞ ﺍﳌﺎﻟﻴﺔ ﺍﳉﺬﺍﺑﺔ ﻣﻦ ﻣﻨﻈﻮﺭ ﺍﳌﺮﺩﻭﺩﻳﺔ ﻭﺍﳋﻄﺮ.
ﺑﺄﻧﻪ":ﺍﻟﺘﺤﻠﻴﻞ ﺍﻟﺬﻱ ﻳﺪﺭﺱ ﺣﺮﻛﺔ Actionﺍﻟﺴﻮﻕ ﺑﺎﻻﺳﺘﻌﺎﻧﺔ ﻭﺑﺬﻟﻚ ﻳﺴﺘﻄﻴﻊ ﺍﳌﺴﺘﺜﻤﺮ ﲢﻘﻴﻖ ﺃﻫﺪﺍﻓﻪ ﻣﻦ ﻭﺭﺍﺀ ﻫﺬﺍ ﺍﻟﺘﺤﻠﻴﻞ،
ﺃﺳﺎﺳﺎ ﺑﺎﳌﻨﺤﻨﻴﺎﺕ Les graphiquesﺪﻑ ﻣﻌﺮﻓﺔ)ﳊﻈﺔ ﲟﺎ ﳝﻜﻨﻪ ﻣﻦ ﻓﺤﺺ ﺍﻟﻌﺪﻳﺪ ﻣﻦ ﺍﻟﺒﺪﺍﺋﻞ ﺍﻻﺳﺘﺜﻤﺎﺭﻳﺔ ﺍﳌﺘﺎﺣﺔ
ﺍﻟﺘﻘﻴﻴﻢ( ﻟﺘﺄﺛﲑ)ﺍﻧﻌﻜﺎﺱ( Anticiperﺍﻻﲡﺎﻫﺎﺕ ﺍﳌﺴﺘﻘﺒﻠﻴﺔ Les ﺑﺸﻜﻞ ﻳﺴﺎﻋﺪﻩ ﻋﻠﻰ ﺍﲣﺎﺫ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺍﳌﺘﻌﻠﻘﺔ ﲝﻴﺎﺯﺗﻪ ﺃﻭ ﻋﺪﻡ
" ﺍﻷﺳﻌﺎﺭ ﻋﻠﻰ tendances futures ﺣﻴﺎﺯﺗﻪ ﻟﻸﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ)ﺇﺑﺮﺍﻫﻴﻢ ﻓﺮﻳﺪ.ﻡ.ﺃ،1984،ﺹ.(21:
).( L.Thiaville,2002,P10 ﻛﻤﺎ ﻳﺒﻘﻰ ﺩﻭﺭ ﺍﻟﺘﺤﻠﻴﻞ ﻣﺴﺘﻤﺮ ﰲ ﺗﻘﻴﻴﻢ ﺍﶈﻔﻈﺔ ،ﻷﻥ ﻣﺎ ﻛﺎﻥ
ﺟﺬﺍﺑﺎ ﻗﺪ ﻻ ﻳﻜﻮﻥ ﻛﺬﻟﻚ ،ﻭﺍﻟﻌﻜﺲ ﺻﺤﻴﺢ ﰲ ﻇﻞ ﺍﻟﺘﺪﻓﻖ
ﺍﳌﺴﺘﻤﺮ ﻟﻠﻤﻌﻠﻮﻣﺎﺕ ﺍﳉﺪﻳﺪﺓ.
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ﳎﻠﺔ ﺍﻟﺒﺎﺣﺚ – ﻋﺪﺩ _______________________________________________________________________________ 2007/5
" Charles Henry Dowﻭﺍﻟﺬﻱ ﺍﺭﺗﺒﻂ ﺍﲰﻪ ﲟﺆﺷﺮ ﺩﺍﻭﺟﻮﻧﺰ ﺇﺫﺍ ﻣﻦ ﺧﻼﻝ ﺫﻟﻚ ،ﻳﺴﻌﻰ ﺃﺻﺤﺎﺏ ﻫﺬﺍ ﺍﻟﺘﺤﻠﻴﻞ ﺇﱃ
ﳌﺘﻮﺳﻂ ﺍﻟﺼﻨﺎﻋﺔ ﺍﻟﺬﻱ ﺳﺎﻫﻢ ﰲ ﺑﻨﺎﺋﻪ ﻣﻊ ﺷﺮﻳﻜﻪ"ﺍﻳﺪﻱ ﺟﻮﻧﺰ ﺩﺭﺍﺳﺔ ﻛﻞ ﻣﺴﺒﺒﺎﺕ ﺍﻟﻌﺮﺽ ﻭﺍﻟﻄﻠﺐ ﻭﻛﻴﻔﻴﺔ ﺗﺸﻜﻠﻬﻤﺎ ﰲ
، " Eddie Jonesﻭﻣﻦ ﺑﲔ ﺍﻷﺳﺒﺎﺏ ﺍﻟﱵ ﺃﺩﺕ ﺇﱃ ﳒﺎﺡ ﻫﺬﻩ ﺍﳌﺎﺿﻲ ﳌﺨﺘﻠﻒ ﺃﺳﻌﺎﺭ ﺍﻷﺳﻬﻢ ،ﻣﻦ ﺧﻼﻝ ﲢﻠﻴﻞ ﺩﻭﺍﻓﻊ ﻗﺮﺍﺭﺍﺕ
ﺍﻟﻨﻈﺮﻳﺔ ﻫﻮ ﺗﻨﺒﺆﻫﺎ ﺑﺎﻷﺯﻣﺔ ﺍﳌﺎﻟﻴﺔ ﺍﻟﱵ ﺣﺪﺛﺖ ﰲ ﺍﻟﺜﻼﺛﻴﻨﺎﺕ ﺍﳌﺴﺘﺜﻤﺮﻳﻦ .ﻭﺑﺬﻟﻚ ﺗﺘﻜﻮﻥ ﳍﺆﻻﺀ ﺍﶈﻠﻠﲔ ﺻﻮﺭﺓ ﻋﻦ ﻣﺴﺒﺒﺎﺕ
ﻭﺍﻟﱵ ﳒﻢ ﻋﻨﻬﺎ ﺍﻟﻜﺴﺎﺩ ﺍﻟﻌﻈﻴﻢ ،ﻭﻗﺪ ﻧﺸﺮﺕ ﺟﺮﻳﺪﺓ ﺣﺮﻛﺔ ﺍﻷﺳﻌﺎﺭ ﻭﻋﻦ ﳕﻂ ﻣﻌﲔ ﺗﺴﻠﻜﻪ ،ﳑﺎ ﻗﺪ ﻳﺘﻴﺢ ﳍﻢ ﺍﲣﺎﺫ
"ﻭﺍﻟﺴﺘﺮﻳﺖ" -ﺍﻟﺬﻱ ﻛﺎﻥ ﺃﺣﺪ ﻣﺆﺳﺴﻴﻬﺎ -ﰲ ﺫﻟﻚ ﲢﻠﻴﻼ ﻗﺮﺍﺭﺍﺕ ﻟﻔﺎﺋﺪﺓ ﺯﺑﺎﺋﻨﻬﻢ ﻣﻔﻀﻴﺔ ﻟﺘﺤﻘﻴﻖ ﻣﻜﺎﺳﺐ ﺇﺿﺎﻓﻴﺔ .ﻭﻳﻌﺘﱪ
ﻳﻘﻮﻡ ﻋﻠﻰ ﻧﻈﺮﻳﺔ "ﺩﺍﻭ" ﺃﺷﺎﺭﺕ ﻓﻴﻪ ﺃﻥ ﻓﺘﺮﺓ ﺍﻟﺴﻮﻕ ﺍﻟﺼﻌﻮﺩﻱ ﺍﻟﺘﻮﻗﻴﺖ ﺍﳌﻨﺎﺳﺐ ﻻﲣﺎﺫ ﺍﻟﻘﺮﺍﺭ ﺃﺣﺪ ﺍﻟﻌﻮﺍﻣﻞ ﺍﳍﺎﻣﺔ ﻭﺍﶈﺪﺩﺓ
ﻗﺪ ﺍﻧﺘﻬﺖ ﻭﻗﺪ ﺑﺪﺃﺕ ﻓﺘﺮﺓ ﺍﻟﺴﻮﻕ ﺍﳍﺒﻮﻃﻲ ،ﻭﻗﺪ ﺻﺢ ﺫﻟﻚ ﺑﺎﻟﻨﺴﺒﺔ ﳍﺬﺍ ﺍﳌﺪﺧﻞ ،ﺇﺫ ﲟﻌﺮﻓﺔ ﺍﻟﺴﻠﻮﻙ ﺍﻟﺬﻱ ﺗﺴﻴﲑ ﻋﻠﻴﻪ
ﺍﻟﺘﻨﺒﺆ ﻭﺃﺧﺬﺕ ﺃﺳﻌﺎﺭ ﺍﻷﺳﻬﻢ ﰲ ﺍﳍﺒﻮﻁ ﺍﻷﺳﻌﺎﺭ ،ﻭﰲ ﻇﻞ ﻇﻬﻮﺭ ﺑﻮﺍﺩﺭ ﺳﺒﻖ ﻭﺍﻥ ﺷﻮﻫﺪ ﺃﺛﺮﻫﺎ ﻋﻠﻰ
ﻓﻌﻼ)ﻡ.ﺇ.ﻫﻨﺪﻱ ،2002،ﺹ)428:ﺑﺘﺼﺮﻑ((. ﺍﻷﺳﻌﺎﺭ ﺳﺘﻜﻮﻥ ﻫﻨﺎﻙ ﻓﺮﺻﺔ ﻟﺘﺤﺮﻙ ﺍﻷﺳﻌﺎﺭ ﺑﻨﻔﺲ ﺍﻟﺴﻠﻮﻙ.
Ralph Nelson ﻛﻤﺎ ﻳﻌﺪ "ﺭﺍﻟﻒ ﻧﻴﻠﺴﻮﻥ ﺇﻳﻠﻴﻮﺕ ﻭﻳﻘﻮﻡ ﻫﺬﺍ ﺍﳌﺪﺧﻞ ﻋﻠﻰ ﲨﻠﺔ ﻣﻦ ﺍﻻﻓﺘﺮﺍﺿﺎﺕ،
" Elliottﻣﻦ ﺑﲔ ﺍﻟﺴﺒﺎﻗﲔ ﰲ ﺍﻋﺘﻤﺎﺩ ﻣﻨﻬﺞ ﺍﻟﺘﺤﻠﻴﻞ ﺍﻟﻔﲏ ،ﺇﺫ ﺗﺘﻤﺜﻞ ﰲ ﻣﺎ ﻳﻠﻲ):ﺇﺑﺮﺍﻫﻴﻢ ﻓﺮﻳﺪ.ﻡ.ﺃ،1984،ﺹ(26:
ﳒﺪﻩ ﰲ ﺳﻨﻮﺍﺕ ﺍﻟﺜﻼﺛﻴﻨﺎﺕ ﻗﺪ ﺫﻫﺐ ﺑﻌﻴﺪﺍ ﰲ ﺗﻔﺼﻴﻞ ﻭﺻﻒ ﺗﺘﺤﺪﺩ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻮﻗﻴﺔ ﻟﻠﺴﻬﻢ ﻋﻠﻰ ﺃﺳﺎﺱ ﻗﻮﻯ •
ﺍﻟﺪﻭﺭﺍﺕ ﺍﻟﺒﻮﺭﺻﻴﺔ ﺃﻛﺜﺮ ﻣﻦ ﺳﺎﺑﻘﻪ)ﺩﺍﻭ( ،ﻭﻟﻸﳘﻴﺔ ﺍﻟﱵ ﻳﺘﻤﺘﻊ ﺍﻟﺴﻮﻕ ،ﳑﺜﻠﺔ ﰲ ﺍﻟﻌﺮﺽ ﻭﺍﻟﻄﻠﺐ؛
ﺎ ﺃﺳﻠﻮﺑﻪ ﰲ ﳎﺎﻝ ﺍﻟﺘﺤﻠﻴﻞ ﺍﻟﻔﲏ ،ﳒﺪ ﺑﺄﻥ ﻫﻨﺎﻙ ﻧﻈﺮﻳﺔ ﻭﻃﺮﻕ ﲢﻜﻢ ﺍﻟﻌﺮﺽ ﻭﺍﻟﻄﻠﺐ ﻋﻮﺍﻣﻞ ﻣﺘﻌﺪﺩﺓ ﺑﻌﻀﻬﺎ •
ﺍﻗﺘﺮﻧﺖ ﺑﺎﲰﻪ ، Théorie et méthodes d Elliotﻓﺒﻔﻀﻞ ﻣﻮﺿﻮﻋﻲ ،ﻭﺍﻟﺒﻌﺾ ﺍﻵﺧﺮ ﻏﲑ ﻣﻮﺿﻮﻋﻲ ،ﺣﻴﺚ ﺃﻥ ﺍﻟﻌﻮﺍﻣﻞ
ﻃﺮﻳﻘﺘﻪ ﰲ ﺍﻟﺘﺤﻠﻴﻞ ﺍﺳﺘﻄﺎﻉ ﺃﻥ ﻳﺘﻨﺒﺄ ﰲ ﺳﻨﻪ – 1935ﰲ ﺍﳌﻮﺿﻮﻋﻴﺔ ﳒﺪﻫﺎ ﺗﺪﺧﻞ ﰲ ﻧﻄﺎﻕ ﺍﻫﺘﻤﺎﻣﺎﺕ ﺍﻟﺘﺤﻠﻴﻞ ﺍﻷﺳﺎﺳﻲ،
ﻭﺳﻂ ﺍﳊﺮﻛﺔ ﺍﻟﺘﺼﺤﻴﺤﻴﺔ ﺍﻟﱵ ﻋﺮﻓﺘﻬﺎ ﺍﻟﺒﻮﺭﺻﺔ )ﻓﺘﺮﺓ ﺍﳍﺒﻮﻁ ﺑﻴﻨﻤﺎ ﺗﺘﻤﺜﻞ ﺍﻟﻌﻮﺍﻣﻞ ﻏﲑ ﺍﳌﻮﺿﻮﻋﻴﺔ ﺍﻟﱵ ﻻ ﺗﺘﻔﻖ ﻣﻊ ﺍﻟﺘﺤﻠﻴﻞ
ﺍﻟﺸﺪﻳﺪ ﻟﻼﺳﻌﺎﺭ ﺍﻟﱵ ﺗﻨﺒﺄ ﺎ "ﺩﺍﻭ"( -ﺑﺄﻥ ﺍﻟﺴﻮﻕ ﺍﻷﻣﺮﻳﻜﻲ ﻫﻮ ﺍﻷﺳﺎﺳﻲ ﻋﻠﻰ ﺳﺒﻴﻞ ﺍﳌﺜﺎﻝ ﰲ ﻣﺰﺍﺝ ﺍﳌﺴﺘﺜﻤﺮﻳﻦ )ﺍﳊﺎﻟﺔ
ﰲ ﺑﺪﺍﻳﺔ ﺃﻥ ﻳﺴﺘﻌﻴﺪ ﺑﻘﻮﺓ ﻭﺑﺸﻜﻞ ﺩﺍﺋﻢ ﻋﺎﻓﻴﺘﻪ )ﺍﺭﺗﻔﺎﻉ ﺍﻟﻨﻔﺴﻴﺔ( ،ﻭﺍﻟﺘﺨﻤﲔ ....،؛
ﺍﻷﺳﻌﺎﺭ().( L.Thiaville,2002,P08 ﻳﺘﻴﺢ ﺍﻟﺴﻮﻕ ﺑﺼﻔﺔ ﺁﻟﻴﺔ ﻭﻣﺴﺘﻤﺮﺓ ﻭﺯﻧﺎ ﻟﻜﻞ •
ﻣﺘﻐﲑ ﻣﻦ ﺍﳌﺘﻐﲑﺍﺕ ﺍﻟﱵ ﲢﻜﻢ ﺍﻟﻌﺮﺽ ﻭﺍﻟﻄﻠﺐ ،ﺳﻮﺍﺀ
ﻭﻣﻦ ﺑﲔ ﺍﻷﺳﺎﻟﻴﺐ ﺍﻟﱵ ﺗﺴﺘﺨﺪﻡ ﰲ ﻫﺬﺍ ﺍﻟﺘﺤﻠﻴﻞ ﺍﳌﻮﺿﻮﻋﻴﺔ ﻣﻨﻬﺎ ﺃﻭ ﻏﲑ ﺍﳌﻮﺿﻮﻋﻴﺔ ،ﻟﻴﺘﻢ ﺑﺸﻜﻞ ﺗﻠﻘﺎﺋﻲ ﲢﺪﻳﺪ
ﺇﺿﺎﻓﺔ ﻟﻨﻈﺮﻳﱵ "ﺩﺍﻭ" ﻭ"ﺇﻳﻠﻮﺕ" ،ﻧﺬﻛﺮ ﻋﻠﻰ ﺳﺒﻴﻞ ﺍﳌﺜﺎﻝ ﻣﺎ ﺍﻷﺳﻌﺎﺭ ﺍﳌﻼﺋﻤﺔ؛
(1/
ﻳﻠﻲ ﺑﺎﺳﺘﺜﻨﺎﺀ ﺍﻟﺘﻘﻠﺒﺎﺕ ﺍﻟﻄﻔﻴﻔﺔ ﺍﻟﱵ ﲢﺪﺙ ﻟﻸﺳﻌﺎﺭ •
ﻣﻦ ﻭﻗﺖ ﻵﺧﺮ ،ﻓﺈﻥ ﺍﳊﺎﻟﺔ ﺍﻟﻌﺎﻣﺔ ﺗﻘﻀﻲ ﺑﺄﻥ ﺃﺳﻌﺎﺭ ﺍﻷﺳﻬﻢ
-1ﻣﺆﺷﺮ ﺃﻭ ﺧﺮﻳﻄﺔ ﺍﻟﻘﻮﺓ ﺍﻟﻨﺴﺒﻴﺔ: ﲤﻴﻞ ﺇﱃ ﺍﻟﺘﺤﺮﻙ ﰲ ﺍﲡﺎﻩ ﻣﻌﲔ ﻭﺗﺴﺘﻤﺮ ﻟﻔﺘﺮﺓ ﺯﻣﻨﻴﺔ ﻃﻮﻳﻠﺔ؛
ﳛﺎﻭﻝ ﻫﺬﺍ ﺍﻷﺳﻠﻮﺏ ﺍﻛﺘﺸﺎﻑ ﺍﻷﺳﻬﻢ ﺫﺍﺕ ﺍﻟﻘﻮﺓ ﻳﺮﺟﻊ ﺍﻟﺘﻐﲑ ﰲ ﺍﲡﺎﻩ ﺃﺳﻌﺎﺭ ﺍﻷﺳﻬﻢ ﰲ ﺍﻷﺳﺎﺱ •
ﺍﻟﻨﺴﺒﻴﺔ ،ﺇﺫ ﺃﻥ ﻫﺬﺍ ﺍﳌﻔﻬﻮﻡ ﻳﻘﻀﻲ ﺑﺄﻥ ﺩﺭﺟﺔ ﺗﻘﻠﺐ ﺃﺳﻌﺎﺭ ﺇﱃ ﺍﻟﺘﻐﲑ ﰲ ﺍﻟﻌﻼﻗﺔ ﺑﲔ ﺍﻟﻌﺮﺽ ﻭﺍﻟﻄﻠﺐ ،ﺇﺫ ﳝﻜﻦ ﻣﻌﺮﻓﺔ
ﺍﻷﺳﻬﻢ ﺗﺘﻔﺎﻭﺕ ،ﲝﻴﺚ ﺗﻮﺟﺪ ﺑﻌﺾ ﺍﻷﺳﻬﻢ ﺍﻟﱵ ﺗﺮﺗﻔﻊ ﺃﺳﺒﺎﺏ ﺫﻟﻚ ﻣﻦ ﺧﻼﻝ ﺗﺘﺒﻊ ﻣﺎ ﳚﺮﻱ ﺩﺍﺧﻞ ﺍﻟﺴﻮﻕ ﻧﻔﺴﻪ ﺁﺟﻼ
ﺃﺳﻌﺎﺭﻫﺎ ﺑﺸﻜﻞ ﺣﺎﺩ ﻭﺳﺮﻳﻊ ﺍﺳﺘﺠﺎﺑﺔ ﻻﺭﺗﻔﺎﻉ ﺍﻟﺴﻮﻕ ،ﻏﲑ ﺃﻥ ﺃﻡ ﻋﺎﺟﻼ.
ﺃﺳﻌﺎﺭﻫﺎ ﺗﺴﺘﺠﻴﺐ ﺑﺒﻂﺀ ﳓﻮ ﺍﻻﳔﻔﺎﺽ ﰲ ﺣﺎﻟﺔ ﺍﻟﺴﻮﻕ
ﺍﻟﱰﻭﱄ ،ﻓﻬﺬﺍ ﺍﻟﻨﻮﻉ ﻣﻦ ﺍﻷﺳﻬﻢ ﺍﻟﺬﻱ ﻳﺘﻤﻴﺰ ﺬﺍ ﺍﻟﺴﻠﻮﻙ ﻳﻄﻠﻖ ﻭﻟﻐﺮﺽ ﺍﻟﻘﻴﺎﻡ ﺑﺎﻟﺘﺤﺎﻟﻴﻞ ﺍﳌﺮﺗﺒﻄﺔ ﺑﺪﺭﺍﺳﺔ ﺣﺮﻛﺔ
ﻋﻠﻰ ﺃﺳﻌﺎﺭﻩ ﺑﺄﺎ ﺗﺘﺴﻢ ﺑﻘﻮﺓ ﻧﺴﺒﻴﺔ .ﻭﻣﻦ ﰒ ﳒﺪ ﺃﻥ ﺍﶈﻠﻠﲔ ﺍﻷﺳﻌﺎﺭ ﰲ ﺍﳌﺎﺿﻲ ،ﻳﺴﺘﻌﻤﻞ ﺍﻟﻔﻨﻴﻮﻥ ﻋﺪﺓ ﺃﺳﺎﻟﻴﺐ ﲤﻜﻨﻬﻢ ﻣﻦ
ﳛﺎﻭﻟﻮﻥ ﺍﺳﺘﺨﺪﺍﻡ ﺑﻌﺾ ﺍﳌﺆﺷﺮﺍﺕ ﻻﻛﺘﺸﺎﻑ ﺫﻟﻚ ﻛﺤﺴﺎﺏ ﺫﻟﻚ ،ﺧﺎﺻﺔ ﻣﻨﻬﺎ ﺍﳌﺘﻮﺳﻂ ﺍﳌﺘﺤﺮﻙ ﻭﺍﻻﻋﺘﻤﺎﺩ ﻋﻠﻰ ﺭﺳﻢ
ﻣﻌﺪﻝ ﺍﳌﺮﺩﻭﺩﻳﺔ ﻋﻠﻰ ﺍﻻﺳﺘﺜﻤﺎﺭ ﻟﻸﺳﻬﻢ ﻟﻴﺼﻨﻒ ﻣﻦ ﺧﻼﻟﻪ ﺍﳋﺮﺍﺋﻂ .ﺇﺫ ﺃﻥ ﻫﺬﻩ ﺍﻷﺧﲑﺓ ﳒﺪﻫﺎ ﻗﺪ ﺍﺭﺗﺒﻄﺖ ﺑﺘﺴﻤﻴﺔ
ﺍﻷﺳﻬﻢ ﺫﺍﺕ ﺍﳌﺘﻮﺳﻂ ﻟﻠﻤﺮﺩﻭﺩﻳﺔ ﺍﳌﺮﺗﻔﻊ ﻋﻠﻰ ﺃﺎ ﺗﺘﻤﻴﺰ ﺑﻘﻮﺓ ﺃﺻﺤﺎﺏ ﻫﺬﺍ ﺍﳌﺪﺧﻞ ،ﻓﺘﺴﻤﻴﺔ les chartistesﺗﻌﲏ ﻣﺴﺘﻌﻤﻠﻲ
ﻧﺴﺒﻴﺔ ،ﺑﺎﻹﺿﺎﻓﺔ ﺇﱃ ﺍﺳﺘﺨﺪﺍﻡ ﻣﺆﺷﺮﺍﺕ ﺃﺧﺮﻯ ،ﻭﻗﺪ ﻳﺘﻢ ﺍﳋﺮﺍﺋﻂ.
ﺍﻻﺳﺘﻌﺎﻧﺔ ﺑﺮﺳﻮﻡ ﻭﺧﺮﺍﺋﻂ ﺗﻈﻬﺮ ﺍﳌﺆﺷﺮﺍﺕ ﺍﳌﺴﺘﺨﺪﻣﺔ ،ﻭﺫﻟﻚ
ﻹﺗﺎﺣﺔ ﻗﺮﺍﺀﺓ ﻭﺗﺘﺒﻊ ﺍﻓﻀﻞ ﳌﺜﻞ ﻫﺬﻩ ﺍﻷﻧﻮﺍﻉ ﻣﻦ ﺍﻷﺳﻬﻢ. ﻭﻣﻦ ﺑﲔ ﺍﻷﺳﺎﻟﻴﺐ ﺍﳌﻌﺮﻭﻓﺔ ﰲ ﳎﺎﻝ ﺍﻟﺘﺤﻠﻴﻞ ﺍﻟﻔﲏ،
ﳒﺪ ﻧﻈﺮﻳﺔ "ﺩﺍﻭ" ﺍﻟﱵ ﺗﻌﺪ ﺃﻗﺪﻡ ﻭﺃﺷﻬﺮ ﺃﺩﻭﺍﺕ ﺍﻟﺘﺤﻠﻴﻞ ﰲ ﻫﺬﺍ
ﺍﳌﺪﺧﻞ .ﺇﺫ ﺗﻨﺴﺐ ﺍﻟﻨﻈﺮﻳﺔ ﺇﱃ ﻣﺆﺳﺴﻬﺎ " ﺷﺎﺭﻟﺲ ﻫﻨﺮﻱ ﺩﺍﻭ
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__________________________________________________ ﺃﳘﻴﺔ ﺗﻘﻴﻴﻢ ﺍﳌﺆﺳﺴﺎﺕ ﰲ ﺍﲣﺎﺫ ﻗﺮﺍﺭﺍﺕ ﺍﻻﺳﺘﺜﻤﺎﺭ ﺍﳌﺎﱄ -ﺹ.ﺹ119-107 .
ﻳﻬﺪﻑ ﺃﺻﺤﺎﺏ ﻫﺬﺍ ﺍﳌﺪﺧﻞ ﰲ ﺎﻳﺔ ﺍﻟﺘﺤﻠﻴﻞ ﺇﱃ -2ﺣﺴﺎﺏ ﺍﳌﺘﻮﺳﻂ ﺍﳌﺘﺤﺮﻙ:
ﺍﻟﺒﺤﺚ ﻭﺍﻟﻮﺻﻮﻝ ﻟﻠﻘﻴﻤﺔ ﺍﳊﻘﻴﻘﻴﺔ ﻟﻠﻮﺭﻗﺔ ﺍﳌﺎﻟﻴﺔ ﳏﻞ ﺍﳌﺘﺎﺑﻌﺔ ،ﺇﺫ ﺑﻨﺎﺀ ﻋﻠﻲ ﻫﺬﺍ ﺍﻷﺳﻠﻮﺏ ،ﻳﻌﺘﻘﺪ ﺍﻟﻔﻨﻴﻮﻥ ﺃﻥ ﺃﺳﻌﺎﺭ
ﳒﺪﻩ ﻳﻌﺘﻤﺪ ﰲ ﺫﻟﻚ ﻋﻠﻰ ﻃﺮﻕ ﺍﻟﺘﻘﻴﻴﻢ .ﻭﻣﻦ ﺧﻼﻝ ﺗﺴﻤﻴﺔ ﺍﻷﺳﻬﻢ ﲤﻴﻞ ﺇﱃ ﺳﻠﻮﻙ ﺍﲡﺎﻩ ﻣﻌﲔ ،ﻟﺬﺍ ﳒﺪﻫﻢ ﻳﻘﻮﻣﻮﻥ ﲝﺴﺎﺏ
ﺍﻟﺘﺤﻠﻴﻞ ﺍﻷﺳﺎﺳﻲ ﺍﻟﱵ ﺗﻄﻠﻖ ﻋﻠﻰ ﻫﺬﺍ ﺍﳌﺪﺧﻞ ،ﳒﺪ ﺃﻥ ﺍﻟﻘﻴﻤﺔ ﺍﳌﺘﻮﺳﻂ ﺍﳌﺘﺤﺮﻙ ﻟﺴﻌﺮ ﺍﻟﺴﻬﻢ ﻟﻔﺘﺮﺓ ﻛﺎﻓﻴﺔ ﲤﻜﻨﻬﻢ ﻣﻦ ﺍﳊﻜﻢ
ﺍﳊﻘﻴﻘﻴﺔ ﳏﻞ ﺍﻟﺒﺤﺚ ﺗﺘﺤﺪﺩ ﻭﻓﻘﺎ ﻟﻠﻌﻮﺍﻣﻞ ﺍﻷﺳﺎﺳﻴﺔ ﺍﻟﻨﺎﲡﺔ ﻋﻦ ﻋﻠﻰ ﺍﲡﺎﻩ ﺣﺮﻛﺔ ﺍﻷﺳﻌﺎﺭ ﰲ ﺍﳌﺪﻯ ﺍﻟﻄﻮﻳﻞ ،ﻓﺈﺫﺍ ﻣﺎ ﰎ
ﺧﺼﻮﺻﻴﺎﺕ ﺍﻟﺸﺮﻛﺔ ﺍﳌﺼﺪﺭﺓ ﻟﻠﻮﺭﻗﺔ ﺍﳌﺎﻟﻴﺔ ﻭﺍﻟﻘﻄﺎﻉ ﻭﺍﶈﻴﻂ ﺍﻛﺘﺸﺎﻑ ﺫﻟﻚ ﺃﻣﻜﻨﻬﻢ ﻣﻦ ﲢﺪﻳﺪ ﺍﻟﻮﻗﺖ ﺍﳌﻨﺎﺳﺐ ﻻﲣﺎﺫ
ﺍﻻﻗﺘﺼﺎﺩﻳﲔ ﺍﻟﻠﺬﺍﻥ ﺗﻨﺸﻂ ﻓﻴﻬﻤﺎ ،ﻭﺗﺄﺛﲑ ﺫﻟﻚ ﻋﻠﻰ ﺗﺪﻓﻘﺎﺎ ﺍﻟﻘﺮﺍﺭ.
ﺍﳌﺴﺘﻘﺒﻠﻴﺔ ﻭﻋﻠﻰ ﻣﻌﺪﻝ ﺍﳌﺮﺩﻭﺩﻳﺔ ﻭﺍﳌﺨﺎﻃﺮﺓ ﺍﳌﺮﺗﺒﻄﺘﲔ ﺎ.
-3ﺍﺳﺘﺨﺪﺍﻡ ﺍﳋﺮﺍﺋﻂ:
ﻭﳝﺮ ﻣﺘﺘﺒﻌﻲ ﻫﺬﺍ ﺍﳌﻨﻬﺞ ﰲ ﲢﻠﻴﻞ ﻭﺗﻘﻴﻴﻢ ﺍﻷﻭﺭﺍﻕ ﻳﻐﻠﺐ ﻛﺜﲑﺍ ﻋﻠﻰ ﻋﻤﻞ ﺍﻟﻔﻨﻴﲔ ﺍﺳﺘﺨﺪﺍﻡ ﺍﳋﺮﺍﺋﻂ،
ﺍﳌﺎﻟﻴﺔ -ﺑﻐﻴﺔ ﺍﻟﻮﺻﻮﻝ ﺇﱃ ﻫﺪﻓﻬﻢ ﺑﺸﻜﻞ ﺳﻠﻴﻢ -ﲟﻨﻬﺠﻴﺔ ﻭﻫﺬﺍ ﻣﺎ ﻳﻔﺴﺮ ﺍﺭﺗﺒﺎﻁ ﺗﺴﻤﻴﺘﻬﻢ ﺎ ،ﻭﺗﻔﻴﺪ ﺍﳋﺮﺍﺋﻂ ﻛﺜﲑﺍ ﰲ
ﻭﺍﺿﺤﺔ ﻭﻣﺘﺴﻠﺴﻠﺔ ،ﺣﻴﺚ ﺗﺘﻀﻤﻦ ﲨﻊ ﺍﳌﻌﻠﻮﻣﺎﺕ ﻭﲢﻠﻴﻞ ﻧﻘﻞ ﺍﳌﻌﻠﻮﻣﺎﺕ ﻭﺍﳌﺆﺷﺮﺍﺕ ﺍﻟﱵ ﺗﺘﺘﺒﻊ ﺳﻠﻮﻙ ﺍﻷﺳﻌﺎﺭ ﰲ ﺍﳌﺎﺿﻲ،
ﻭﺗﺸﺨﻴﺺ ﻛﻞ ﺍﻟﻈﺮﻭﻑ ﺍﳌﺆﺩﻳﺔ ﺇﱃ ﺍﻟﺘﻨﺒﺆ ﺑﺎﻟﺘﺪﻓﻘﺎﺕ ﻭﲟﻌﺪﻝ ﳑﺎ ﺗﺘﻴﺢ ﻟﻠﻤﺤﻠﻞ ﺭﺅﻳﺔ ﺃﺩﻕ ﻟﺘﻠﻚ ﺍﳌﻌﻠﻮﻣﺎﺕ ﻓﻴﻤﺎ ﻟﻮ ﻛﺎﻧﺖ ﰲ
ﺍﳌﺮﺩﻭﺩﻳﺔ ﻭﺍﳌﺨﺎﻃﺮﺓ ﺍﳌﺮﺗﺒﻄﺔ ﺑﺎﻟﻮﺭﻗﺔ ﺍﳌﺎﻟﻴﺔ ﺍﳌﺴﺘﻬﺪﻓﺔ ،ﻭﻣﻦ ﰒ ﺷﻜﻞ ﺃﺭﻗﺎﻡ ،ﻭﺗﻔﻴﺪﻩ ﺑﺬﻟﻚ ﰲ ﺍﺳﺘﻨﺘﺎﺝ ﺍﻟﺘﺤﺎﻟﻴﻞ ﺍﳌﻔﻀﻴﺔ ﺇﱃ
ﺍﻟﻠﺠﻮﺀ ﺇﱃ ﻋﻤﻠﻴﺔ ﺍﻟﺘﻘﻴﻴﻢ ﻟﻠﻮﺻﻮﻝ ﻟﻠﻘﻴﻤﺔ ﺍﳊﻘﻴﻘﻴﺔ ،ﻟﻴﺘﻢ ﺑﻌﺪ ﲢﺪﻳﺪ ﺃﻭﻗﺎﺕ ﺍﻻﺭﺗﻔﺎﻉ ﻭﺍﻻﳔﻔﺎﺽ ﻭﻣﺪﺓ ﺫﻟﻚ...ﺍﱁ .ﻭﳍﺬﺍ
ﺫﻟﻚ ﺍﲣﺎﺫ ﺍﻟﻘﺮﺍﺭ ﺍﳌﻨﺎﺳﺐ .ﻟﺬﺍ ﻓﻔﻲ ﻫﺬﺍ ﺍﻟﺸﺄﻥ ﳒﺪ ﺃﻥ ﺍﶈﻠﻞ ﺍﻟﻐﺮﺽ ﺗﻮﺟﺪ ﻋﺪﺓ ﺃﻧﻮﺍﻉ ﻣﻦ ﺍﳋﺮﺍﺋﻂ ﻛﺨﺮﺍﺋﻂ ﺍﻷﻋﻤﺪﺓ
ﺍﳌﺎﱄ ﻳﺄﺧﺬ ﺍﻟﻮﻗﺖ ﺍﻷﻃﻮﻝ ﻭﺍﻟﻌﻨﺎﻳﺔ ﺍﻟﻜﺎﻓﻴﺔ ﰲ ﺍﳌﺮﺣﻠﺔ ﺍﻷﻭﱃ ﻭﺍﻟﻨﻘﻄﺔ ﻭﺍﻟﺸﻜﻞ ،ﺇﺫ ﻳﺴﺘﻌﻤﻞ ﻛﻞ ﻧﻮﻉ ﻟﻠﻐﺮﺽ ﺍﻟﺬﻱ ﳛﺎﻭﻝ
ﺍﳌﺘﻤﺜﻠﺔ ﰲ ﲨﻊ ﻭﲢﻠﻴﻞ ﺍﳌﻌﻠﻮﻣﺎﺕ ،ﻧﻈﺮﺍ ﳊﺴﺎﺳﻴﺘﻬﺎ ﻭﺗﺄﺛﲑ ﺍﶈﻠﻞ ﺍﻟﻮﺻﻮﻝ ﺇﻟﻴﻪ.
ﳐﺮﺟﺎﺎ ﺑﺸﻜﻞ ﻣﺒﺎﺷﺮ ﻋﻠﻰ ﻋﻤﻠﻴﺔ ﺍﻟﺘﻘﻴﻴﻢ ﻭﺍﻟﻘﻴﻤﺔ ﺍﳊﻘﻴﻘﻴﺔ ﳑﺎ ﺳﺒﻖ ،ﳝﻜﻦ ﺃﻥ ﻧﻼﺣﻆ ﺃﻣﺮﻳﻦ ﻳﺮﺗﺒﻄﺎﻥ ﺬﺍ ﺍﳌﺪﺧﻞ
ﻟﻠﻮﺭﻗﺔ ﺍﳌﺎﻟﻴﺔ ﻣﻦ ﺟﻬﺔ ،ﻭﻣﻦ ﺟﻬﺔ ﺃﺧﺮﻯ ﻃﻮﻝ ﻭﺗﻌﺪﺩ ﺧﻄﻮﺍﺎ ﻭﳘﺎ:
ﰲ ﺍﻷﺳﺎﺱ. • ﻻ ﻳﻌﺘﺮﻑ ﻫﺬﺍ ﺍﳌﺪﺧﻞ ﺑﺼﻴﻐﺔ ﻛﻔﺎﺀﺓ ﺍﻟﺴﻮﻕ ﻋﻨﺪ
ﳑﺎ ﺳﺒﻖ ،ﻳﻘﻮﻡ ﺍﶈﻠﻞ ﺍﳌﺎﱄ ﺍﻟﺬﻱ ﻳﺘﺒﻊ ﻫﺬﺍ ﺍﳌﺪﺧﻞ ﺑﺎﳋﻄﻮﺍﺕ ﻣﺴﺘﻮﺍﻫﺎ ﺍﻟﻀﻌﻴﻒ ،ﺇﺫ ﳛﺎﻭﻝ ﺃﺻﺤﺎﺏ ﻫﺬﺍ ﺍﳌﺪﺧﻞ ﲢﻠﻴﻞ
ﺍﻟﺘﺎﻟﻴﺔ: ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﳌﺎﺿﻴﺔ ﻣﻦ ﺧﻼﻝ ﺗﺘﺒﻊ ﺣﺮﻛﺔ ﺍﻷﺳﻬﻢ ،ﻹﳚﺎﺩ ﳕﻂ ﺃﻭ
ﺳﻠﻮﻙ ،ﳝﻜﻦ ﻣﻌﻪ ﲢﻘﻴﻖ ﺃﺭﺑﺎﺡ ﻏﲑ ﻋﺎﺩﻳﺔ ،ﻭﺑﺎﻟﺘﺎﱄ ﻓﻬﻢ ﻻ
ﺃ -ﻣﺮﺣﻠﺔ ﲢﻠﻴﻞ ﺍﻟﻌﻮﺍﻣﻞ ﺍﻷﺳﺎﺳﻴﺔ: ﻳﻌﺘﻘﺪﻭﻥ ﺑﻌﺸﻮﺍﺋﻴﺔ ﺣﺮﻛﺔ ﺍﻷﺳﻬﻢ ﺍﳌﻄﺎﺑﻘﺔ ﻟﻜﻔﺎﺀﺓ ﺍﻟﺴﻮﻕ؛
ﰲ ﻫﺬﺍ ﺍﻟﺸﺄﻥ ﻳﺘﻢ ﲢﻠﻴﻞ ﻭﺗﺸﺨﻴﺺ ﺍﻟﻌﻮﺍﻣﻞ؛ ﺍﻟﻜﻠﻴﺔ • ﻻ ﺗﺘﻤﺜﻞ ﳐﺮﺟﺎﺕ ﻫﺬﺍ ﺍﻟﺘﺤﻠﻴﻞ ﰲ ﲢﺪﻳﺪ ﻗﻴﻤﺔ ﺍﻷﺳﻬﻢ،
ﻟﻼﻗﺘﺼﺎﺩ؛ ﺍﳌﺮﺗﺒﻄﺔ ﺑﺎﻟﻘﻄﺎﻉ ﺍﻟﺬﻱ ﺗﻨﺸﻂ ﻓﻴﻪ ﺍﻟﺸﺮﻛﺔ ﻭﺍﳌﺮﺗﺒﻄﺔ ﺇﺫ ﳛﺎﻭﻝ ﺃﺻﺤﺎﺑﻪ ﺍﻛﺘﺸﺎﻑ ﳕﻂ ﻣﻌﲔ ﺗﺴﻠﻜﻪ ﺍﻷﺳﻌﺎﺭ ،ﻟﻴﺘﺴﲎ
ﻣﺒﺎﺷﺮﺓ ﺑﺎﻟﺸﺮﻛﺔ .ﻣﺎ ﻳﻼﺣﻆ ﻋﻠﻰ ﻫﺬﻩ ﺍﻟﺘﺤﺎﻟﻴﻞ ،ﻫﻮ ﺗﺴﻠﺴﻠﻬﺎ ﳍﻢ ﲢﺪﻳﺪ ﻭﻗﺖ ﺍﻻﺭﺗﻔﺎﻉ ﺃﻭ ﺍﻻﳔﻔﺎﺽ ،ﻟﻴﺘﻢ ﻋﻠﻰ ﺇﺛﺮﻩ ﺍﲣﺎﺫ
ﻭﺗﺮﺗﻴﺒﻬﺎ ،ﺍﻧﻄﻼﻗﺎ ﻣﻦ ﲢﻠﻴﻞ ﻣﻌﻠﻮﻣﺎﺕ ﺍﻻﻗﺘﺼﺎﺩ ﺍﻟﻜﻠﻲ ،ﻣﺮﻭﺭﺍ ﺍﻟﻘﺮﺍﺭ ﺍﳌﻨﺎﺳﺐ ،ﻭﻋﻠﻴﻪ ﻳﻬﺪﻑ ﲢﻠﻴﻞ ﺃﺻﺤﺎﺏ ﻫﺬﺍ ﺍﳌﺪﺧﻞ ﺇﱃ
ﲟﻌﻠﻮﻣﺎﺕ ﻋﻦ ﻧﺸﺎﻁ ﺍﻟﻘﻄﺎﻉ )ﺃﻭ ﺍﻟﻘﻄﺎﻋﺎﺕ( ﺍﻻﻗﺘﺼﺎﺩﻱ ﲢﺪﻳﺪ ﺍﻟﻮﻗﺖ ﺍﳌﻨﺎﺳﺐ ﻻﲣﺎﺫ ﺍﻟﻘﺮﺍﺭ ،ﻭﻻ ﳝﻜﻨﻬﻢ ﻣﻦ ﲢﺪﻳﺪ ﻗﻴﻢ
ﺍﳌﺴﺘﻬﺪﻑ ،ﰒ ﺑﻌﺪ ﺫﻟﻚ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﳋﺎﺻﺔ ﺑﺎﻟﺸﺮﻛﺔ ﺍﳌﺴﺘﻬﺪﻓﺔ. ﻣﻨﺎﺳﺒﺔ ﻟﻸﺳﻬﻢ.
ﻭﻋﻠﻰ ﻫﺬﺍ ﺍﻷﺳﺎﺱ ﻳﻮﺟﺪ ﺃﺳﻠﻮﺑﺎﻥ ﻣﺘﻌﺎﺭﻑ ﻋﻠﻴﻬﻤﺎ ﻟﺪﻯ
ﺍﶈﻠﻠﲔ ﰲ ﺗﺘﺒﻊ ﺧﻂ ﺍﻟﺘﺤﻠﻴﻞ ﺍﻟﺴﺎﺑﻖ ،ﻭﳘﺎ: :2-1-3-1ﻣﺪﺧﻞ ﺍﻟﺘﺤﻠﻴﻞ ﺍﻷﺳﺎﺳﻲ
.1ﺃﺳﻠﻮﺏ ﺍﻟﺘﺤﻠﻴﻞ ﻣﻦ ﺍﻷﻋﻠﻰ ﺇﱃ ﺍﻷﺳﻔﻞ؛ ﺣﻴﺚ ﻳﺘﻢ ﻭﻓﻖ ﻳﻌﲎ ﻫﺬﺍ ﺍﳌﺪﺧﻞ ﻭﺍﻟﺬﻱ ﻳﻄﻠﻖ ﻋﻠﻰ ﺃﺻﺤﺎﺏ ﻣﻦ
ﻫﺬﺍ ﺍﻷﺳﻠﻮﺏ -ﺍﻟﺬﻱ ﻳﻄﻠﻖ ﻋﻠﻴﻪ ﺃﻳﻀﺎ ﺍﻟﺘﺤﻠﻴﻞ ﻣﻦ ﺍﻟﻜﻞ ﺇﱃ ﻳﺴﺘﻌﻤﻠﻮﻧﻪ ﺑﺎﻷﺳﺎﺳﻴﲔ ، Les fondamentalistesﺑﺘﺤﻠﻴﻞ
ﺍﳉﺰﺀ -ﲢﻠﻴﻞ ﺍﻟﻈﺮﻭﻑ ﻭﺍﻟﻌﻮﺍﻣﻞ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﺍﻟﻜﻠﻴﺔ ﻟﻠﺪﻭﻟﺔ ،ﰒ ﺍﻟﺒﻴﺎﻧﺎﺕ ﻭﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﻭﺍﳌﺎﻟﻴﺔ ﺪﻑ ﺍﻟﺘﻨﺒﺆ ﲟﺎ ﺳﺘﻜﻮﻥ
ﻳﻠﻴﻪ ﲢﻠﻴﻞ ﻇﺮﻭﻑ ﺍﻟﻘﻄﺎﻉ ﺍﻻﻗﺘﺼﺎﺩﻱ ﺍﻟﺬﻱ ﺗﻨﺸﻂ ﻓﻴﻪ ﺍﻟﺸﺮﻛﺔ ﻋﻠﻴﻪ ﺍﻷﺭﺑﺎﺡ ﻭﺍﻟﺘﺪﻓﻘﺎﺕ ﺍﳌﺴﺘﻘﺒﻠﻴﺔ ﻟﻠﺸﺮﻛﺔ ﳏﻞ ﺍﻟﺘﺤﻠﻴﻞ.
ﳏﻞ ﺍﻟﺘﻘﻴﻴﻢ ،ﻭﺑﻌﺪ ﺫﻟﻚ ﲢﻠﻴﻞ ﻋﻮﺍﻣﻞ ﺍﻟﺸﺮﻛﺔ ﺫﺍﺎ. ﻭﻳﺮﺗﻜﺰ ﻫﺬﺍ ﺍﻟﺘﺤﻠﻴﻞ ﻋﻠﻰ ﻓﻠﺴﻔﺔ ﻭﺃﻓﻜﺎﺭ ﻣﺴﺘﻤﺪﺓ ﻣﻦ ﻧﻈﺮﻳﱵ
.2ﺃﺳﻠﻮﺏ ﺍﻟﺘﺤﻠﻴﻞ ﻣﻦ ﺍﻷﺳﻔﻞ ﺇﱃ ﺍﻷﻋﻠﻰ؛ ﺍﻟﺬﻱ ﻳﺴﻤﻰ ﺃﻳﻀﺎ ﺍﻻﺳﺘﺜﻤﺎﺭ ﻭﺍﻟﺘﻘﻴﻴﻢ ،ﺣﻴﺚ ﻳﺒﺪﺃ ﲟﺮﺣﻠﺔ ﺍﻟﺘﺸﺨﻴﺺ ﻣﻦ ﲨﻊ
ﺑﺎﻟﺘﺤﻠﻴﻞ ﻣﻦ ﺍﳉﺰﺀ ﺇﱃ ﺍﻟﻜﻞ ،ﺣﻴﺚ ﻳﻌﻤﻞ ﻫﺬﺍ ﺍﻷﺳﻠﻮﺏ ﻭﲢﻠﻴﻞ ﻟﻠﻤﻌﻠﻮﻣﺎﺕ ،ﻟﻴﺘﻢ ﺑﻌﺪ ﺫﻟﻚ ﰲ ﻣﺮﺣﻠﺔ ﺛﺎﻧﻴﺔ ﻗﻴﺎﺱ ﻗﻴﻤﺔ
ﺑﻌﻜﺲ ﺍﲡﺎﻩ ﺍﻷﺳﻠﻮﺏ ﺍﻟﺴﺎﺑﻖ. ﻣﺎ ﺳﺘﺆﻭﻝ ﺇﻟﻴﻪ ﺍﻷﺳﻬﻢ).(2
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ﳎﻠﺔ ﺍﻟﺒﺎﺣﺚ – ﻋﺪﺩ _______________________________________________________________________________ 2007/5
ﺍﻻﻗﺘﺼﺎﺩ ﻋﻠﻰ ﻋﻜﺲ ﻓﺘﺮﺍﺕ ﺍﻟﻜﺴﺎﺩ)ﺇ.ﻑ.ﳏﻤﺪ ﺃﻣﲔ، ﻳﺮﻯ ﻟﻠﻮﻫﻠﺔ ﺍﻷﻭﱃ ﺃﻥ ﺗﺘﺒﻊ ﻛﻼ ﺍﻷﺳﻠﻮﺑﲔ ﺳﻴﻮﺻﻼﻥ
،1984ﺹ .(28:ﺇﺫ ﺃﻥ ﺫﻟﻚ ﺳﻴﺘﻴﺢ ﻟﻠﻤﺴﺘﺜﻤﺮ ﺍﳌﺎﱄ ﺃﺧﺬ ﺇﱃ ﻧﺘﺎﺋﺞ ﲢﻠﻴﻞ ﻣﺘﻤﺎﺛﻠﺔ ،ﻟﻜﻦ ﺍﻟﻮﺍﻗﻊ ﻏﲑ ﺫﻟﻚ ﻭﲤﺜﻞ ﻫﺬﻩ ﺍﳊﺎﻟﺔ
ﺻﻮﺭﺓ ﻋﺎﻣﺔ ﻋﻦ ﺍﻻﺳﺘﺜﻤﺎﺭ ﰲ ﺫﻟﻚ ﺍﻟﺒﻠﺪ ،ﻭﻣﻦ ﰒ ﻳﺴﺘﻄﻴﻊ ﺃﻥ ﺍﻻﺳﺘﺜﻨﺎﺀ ﻣﻦ ﺍﳊﺎﻟﺔ ﺍﻟﻌﺎﻣﺔ ﺍﻟﱵ ﺗﻜﻮﻥ ﻓﻴﻬﺎ ﺍﻟﻨﺘﺎﺋﺞ ﻏﲑ ﻣﺘﻘﺎﺭﺑﺔ،
ﻳﺘﺨﺬ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺍﳌﻨﺎﺳﺒﺔ ﺍﳌﺘﻄﺎﺑﻘﺔ ﻣﻊ ﺣﺎﻟﺔ ﺍﻻﻧﻜﻤﺎﺵ ﺃﻭ ﺣﺎﻟﺔ ﻭﺇﻻ ﲟﺎ ﻳﻔﺴﺮ ﺍﺳﺘﻌﻤﺎﳍﻤﺎ ﰲ ﺍﻟﺘﺤﻠﻴﻞ ﺑﺎﻟﺮﻏﻢ ﻣﻦ ﻣﺮﻭﺭﻫﻢ ﻋﻠﻰ
ﺍﻟﺮﻭﺍﺝ ،ﺃﻭ ﳛﺎﻭﻝ ﰲ ﺣﺎﻟﺔ ﺍﻻﻧﻜﻤﺎﺵ ﺃﻥ ﻳﺘﻮﺟﻪ ﻷﻣﻜﻨﺔ ﻣﺎﻟﻴﺔ ﻧﻔﺲ ﺍﶈﻄﺎﺕ .ﻭﺍﻧﻄﻼﻗﺎ ﻣﻦ ﺍﻟﺘﺒﺎﻳﻦ ﺍﳊﺎﺻﻞ ﺑﲔ ﺍﺳﺘﻌﻤﺎﻝ
ﰲ ﺑﻠﺪﺍﻥ ﺃﺧﺮﻯ ،ﺃﻭ ﺃﻧﻪ ﻳﺒﺤﺚ ﰲ ﺍﻻﺳﺘﺜﻤﺎﺭ ﰲ ﺍﺳﺘﺜﻤﺎﺭﺍﺕ ﺍﻷﺳﻠﻮﺑﲔ ﻋﻠﻰ ﻣﺴﺘﻮﻯ ﻧﺘﺎﺋﺠﻬﻤﺎ ،ﻳﻄﺮﺡ ﺍﻟﺘﺴﺎﺅﻝ ﺣﻮﻝ
ﺃﺧﺮﻯ ﻛﺎﳌﻌﺎﺩﻥ ﺍﻟﻨﻔﻴﺴﺔ ﻭﺍﻟﻌﻘﺎﺭﺍﺕ. ﺍﻷﻓﻀﻞ ﻭﺍﻷﺣﺴﻦ ﰲ ﺍﻟﻮﺻﻮﻝ ﺇﱃ ﻧﺘﺎﺋﺞ ﻣﻘﺎﺭﺑﺔ ﺇﱃ ﺍﻟﻮﺍﻗﻊ
ﻭﺍﳌﻔﻀﻴﺔ ﻻﲣﺎﺫ ﻗﺮﺍﺭﺍﺕ ﺳﻠﻴﻤﺔ ﻭﺻﺎﺋﺒﺔ ﻟﻔﺎﺋﺪﺓ ﺍﳌﺴﺘﺜﻤﺮ.
ﲢﻠﻴﻞ ﻭﺿﻌﻴﺔ ﺍﻟﻘﻄﺎﻉ: .2
ﻭﻋﻤﻮﻣﺎ ،ﳝﻜﻦ ﺃﻥ ﻳﻀﻊ ﺍﶈﻠﻞ ﺍﳌﺎﱄ ﻧﺼﺐ ﻋﻴﻨﻴﻪ
ﺗﻌﺪ ﻋﻤﻠﻴﺔ ﺗﺸﺨﻴﺺ ﻭﺿﻌﻴﺔ ﺍﻟﻘﻄﺎﻋﺎﺕ ﺍﳌﺨﺘﻠﻔﺔ ﻻﺧﺘﻴﺎﺭ ﺃﺣﺪ ﺍﻷﺳﻠﻮﺑﲔ ﺃﻭ ﺍﳉﻤﻊ ﺑﻴﻨﻬﻤﺎ ﻧﻘﻄﺘﲔ ﺃﺳﺎﺳﻴﺘﲔ
ﻟﻼﻗﺘﺼﺎﺩ ﻣﺮﺣﻠﺔ ﺃﺳﺎﺳﻴﺔ ﻻﺧﺘﻴﺎﺭ ﺍﻟﻘﻄﺎﻉ ﺃﻭ ﺍﻟﻘﻄﺎﻋﺎﺕ ﻭﳘﺎ:
ﺍﻟﻮﺍﻋﺪﺓ ،ﻓﻌﻤﻠﻴﺔ ﺍﺧﺘﻴﺎﺭ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﻟﻠﺸﺮﻛﺎﺕ ،ﺗﺘﺄﺛﺮ • ﺃﻥ ﻳﺮﺍﻋﻲ ﻗﻴﺪ ﺗﻜﺎﻟﻴﻒ ﺍﻟﻌﻤﻠﻴﺔ ،ﲝﻴﺚ ﳛﺎﻭﻝ ﺍﺳﺘﻌﻤﺎﻝ
ﺑﺎﻟﺪﺭﺟﺔ ﺍﻷﻭﱃ ﲝﺎﻟﺔ ﺍﻟﻘﻄﺎﻉ ﺍﻟﺬﻱ ﺗﻨﺸﻂ ﻓﻴﻪ ﺑﺸﻜﻞ ﻋﺎﻡ .ﺇﺫ ﺍﻷﺳﻠﻮﺏ ﺍﻟﺬﻱ ﻳﺘﻴﺢ ﻟﻪ ﺍﻟﻮﺻﻮﻝ ﺇﱃ ﺍﻛﺘﺸﺎﻑ ﺍﻻﺳﺘﺜﻤﺎﺭﺍﺕ
ﺃﻥ ﲢﻠﻴﻞ ﺍﻟﻘﻄﺎﻉ ﻳﻮﻓﺮ ﻟﻠﻤﺤﻠﻞ ﻣﻌﻠﻮﻣﺎﺕ ﻫﺎﻣﺔ ﻛﺤﺠﻢ ﺍﻟﻄﻠﺐ ﺫﺍﺕ ﺍﳉﺎﺫﺑﻴﺔ ﻭﺑﺄﻗﻞ ﺍﻟﺘﻜﺎﻟﻴﻒ ﺍﳌﻤﻜﻨﺔ ،ﻛﻮﻥ ﺃﻥ ﺯﻳﺎﺩﺓ ﻫﺬﻩ
ﰲ ﺍﻟﺴﻮﻕ ﻋﻠﻰ ﻣﻨﺘﺠﺎﺕ ﺍﻟﻘﻄﺎﻉ ،ﺣﺎﻟﺔ ﺍﳌﻨﺎﻓﺴﲔ،ﺣﻮﺍﺟﺰ ﺍﻷﺧﲑﺓ ﺳﺘﻘﻠﻞ ﻣﻦ ﻫﺎﻣﺶ ﺍﻷﺭﺑﺎﺡ ﺍﳌﺘﻮﻗﻌﺔ؛
ﺍﻟﺪﺧﻮﻝ ﻭﺍﳋﺮﻭﺝ .ﺑﺎﻹﺿﺎﻓﺔ ﺇﱃ ﻣﻌﺮﻓﺔ ﺍﻟﺴﻴﺎﺳﺔ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ • ﻭﻻﺑﺪ ﺃﻥ ﻳﺪﺭﻙ ﺍﶈﻠﻞ ﺍﳌﺎﱄ ﺑﺄﻥ ﺍﺧﺘﻴﺎﺭﻩ ﻷﻱ ﺃﺳﻠﻮﺏ
ﻟﻠﺪﻭﻟﺔ ﲡﺎﻩ ﺍﻟﻘﻄﺎﻋﺎﺕ ،ﺇﺫ ﻗﺪ ﺗﻜﻮﻥ ﺑﻌﺾ ﺍﻟﻘﻄﺎﻋﺎﺕ ﺗﻠﻘﻰ ﻭﺍﻟﻮﺻﻮﻝ ﺇﱃ ﺍﻟﻘﻴﻤﺔ ﺍﳌﻌﻄﺎﺓ ﻟﻠﺴﻬﻢ ،ﻣﺎ ﻫﻮ ﺇﻻ ﺭﺃﻱ ﳛﻤﻞ ﺻﻔﺔ
ﲢﻔﻴﺰﺍﺕ ﺟﺒﺎﺋﻴﺔ ﻟﺘﺸﺠﻴﻊ ﺍﻻﺳﺘﺜﻤﺎﺭﺍﺕ ﻓﻴﻬﺎ. ﺍﳌﻮﺿﻮﻋﻴﺔ ﺇﺫﺍ ﻛﺎﻥ ﳏﻞ ﺇﲨﺎﻉ ﻭﻗﺒﻮﻝ ﻋﺎﻣﲔ ﻟﺪﻯ ﺍﳌﺘﻌﺎﻣﻠﲔ ﰲ
ﺍﻟﺴﻮﻕ ،ﺳﻮﺍﺀ ﻛﺎﻧﻮﺍ ﺍﳌﺴﺘﺜﻤﺮﻳﻦ ﺃﻭ ﺍﶈﻠﻠﲔ ﺍﳌﺎﻟﻴﲔ ،ﻷﻧﻪ ﺇﻥ ﱂ
ﺇﺫﺍ ﻓﺘﺤﻠﻴﻞ ﺍﻟﻘﻄﺎﻉ ﻭﲨﻊ ﺍﳌﻌﻠﻮﻣﺎﺕ ﻋﻨﻪ ،ﺗﺴﺎﻋﺪ ﻳﺪﺭﻙ ﺍﻟﺴﻮﻕ -ﻓﻴﻤﺎ ﺑﻌﺪ -ﺑﺄﻥ ﺍﻟﻘﻴﻤﺔ ﺍﳊﻘﻴﻘﻴﺔ ﻫﻲ ﺗﻠﻚ ﺍﻟﻘﻴﻤﺔ
ﺍﶈﻠﻞ ﰲ ﺃﺧﺬ ﺻﻮﺭﺓ ﺃﻭﻟﻴﺔ ﻋﻦ ﺍﻟﺸﺮﻛﺎﺕ ﺍﳌﻨﺘﻤﻴﺔ ﻟﻨﻔﺲ ﺍﳌﺘﻮﺻﻞ ﺇﻟﻴﻬﺎ ﰲ ﲢﻠﻴﻠﻪ ﻓﺈﻧﻪ ﻻ ﳝﻜﻨﻪ ﲢﻘﻴﻖ ﺃﺭﺑﺎﺡ ﺇﺿﺎﻓﻴﺔ.
ﺍﻟﻘﻄﺎﻉ ،ﺇﺫ ﺃﺎ ﺳﺘﻜﻮﻥ ﻣﺘﻔﻘﺔ ﻭﻣﺘﺸﺎﺔ ﰲ ﺍﳋﺼﺎﺋﺺ ،ﻭﺗﻜﻮﻥ
ﻋﺮﺿﺔ ﰲ ﺃﺣﻴﺎﻥ ﻛﺜﲑﺓ ﻟﻨﻔﺲ ﺍﳌﺨﺎﻃﺮ ﺍﳌﺮﺗﺒﻄﺔ ﺑﺎﻟﻘﻄﺎﻉ .ﳑﺎ ﻭﳝﻜﻦ ﺃﻥ ﻧﺴﺘﻌﺮﺽ ﺍﻟﻌﻮﺍﻣﻞ ﺍﻷﺳﺎﺳﻴﺔ ﺍﻟﱵ ﻳﺘﻢ ﲢﻠﻴﻠﻬﺎ ﺑﺸﻜﻞ
ﺗﺴﺎﻋﺪﻩ ﰲ ﺗﻮﻗﻊ ﺍﳌﺨﺎﻃﺮ ﻭﺍﳌﺮﺩﻭﺩﻳﺔ ﺍﳌﺮﺗﺒﻄﺘﲔ ﺑﺎﻟﺸﺮﻛﺔ. ﻣﻮﺟﺰ ﻋﻠﻰ ﺍﻟﻨﺤﻮ ﺍﻵﰐ):(3
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__________________________________________________ ﺃﳘﻴﺔ ﺗﻘﻴﻴﻢ ﺍﳌﺆﺳﺴﺎﺕ ﰲ ﺍﲣﺎﺫ ﻗﺮﺍﺭﺍﺕ ﺍﻻﺳﺘﺜﻤﺎﺭ ﺍﳌﺎﱄ -ﺹ.ﺹ119-107 .
ﻭﺑﻌﺪ ﺍﻟﻘﻴﺎﻡ ﲜﻤﻴﻊ ﺍﻟﺘﺤﻠﻴﻼﺕ ﻳﺘﻢ ﺍﳋﺮﻭﺝ ﺑـ: ﺍﳌﺎﻟﻴﺔ ﺍﳌﻨﺸﻮﺭﺓ ،ﻭﺍﳌﺘﻤﺜﻠﺔ ﰲ ﻣﻌﻠﻮﻣﺎﺕ ﻧﻮﻋﻴﺔ ﺗﺸﻤﻞ ﻃﺒﻴﻌﺔ
ﺳﻠﺴﻠﺔ ﺗﻮﻗﻌﺎﺕ ﻟﺘﺪﻓﻘﺎﺕ ﺍﻷﺭﺑﺎﺡ ،ﺑﺎﻹﺿﺎﻓﺔ - ﺍﻟﻨﺸﺎﻁ ﻭﻧﻮﻋﻴﺔ ﺍﻹﺩﺍﺭﺓ ﻭﺍﻟﻘﺪﺭﺓ ﺍﻟﺘﻨﺎﻓﺴﻴﺔ ﻟﻠﺸﺮﻛﺔ ﺩﺍﺧﻞ
ﻟﺘﻮﺯﻳﻌﺎﺕ ﺍﻷﺭﺑﺎﺡ ﺍﻟﱵ ﻢ ﺍﳌﺴﺘﺜﻤﺮ ﺍﳌﺎﱄ ﰲ ﺍﻷﺳﻬﻢ ﺑﺎﻟﺪﺭﺟﺔ ﺍﻟﻘﻄﺎﻉ ﺍﻟﺬﻱ ﺗﻨﺸﻂ ﻓﻴﻪ ،ﻭﻳﺘﻢ ﺫﻟﻚ ﺑﺎﻻﺳﺘﻌﺎﻧﺔ ﺑﺘﺸﺨﻴﺺ
ﺍﻷﻭﱃ ،ﻷﺎ ﲤﺜﻞ ﺍﻟﺘﺪﻓﻘﺎﺕ ﺍﳊﻘﻴﻘﻴﺔ ﺍﻟﱵ ﺳﻴﺤﺼﻞ ﻋﻠﻴﻬﺎ ﻋﻠﻰ ﺷﺎﻣﻞ ﻳﺴﻤﺢ ﺑﻔﺤﺺ ﻛﺎﻣﻞ ﻟﻠﺸﺮﻛﺔ ﻣﻦ ﺧﻼﻝ ﺑﻌﺪﻫﺎ
ﻋﻜﺲ ﺍﻷﺭﺑﺎﺡ ﺍﻟﱵ ﲤﺜﻞ ﺍﻟﺜﺮﻭﺓ ﳊﺎﻣﻞ ﺍﻟﺴﻬﻢ. ﺍﻻﺳﺘﺮﺍﺗﻴﺠﻲ ،ﲢﻠﻴﻞ ﳐﺘﻠﻒ ﻭﻇﺎﺋﻔﻬﺎ ،ﺗﻮﺍﺯﺎ ﺍﳌﺎﱄ ﻭﺗﻘﻴﻴﻢ
ﲢﺪﻳﺪ ﻣﻌﺪﻝ ﺍﳋﺼﻢ ،ﺇﺫ ﰲ ﻫﺬﺍ ﺍﻟﺸﺄﻥ ﻳﺘﻢ - ﺍﳋﺼﺎﺋﺺ ﺍﳌﺮﺗﺒﻄﺔ ﻮﻳﺘﻬﺎ.
ﺍﺳﺘﻌﻤﺎﻝ ﻣﻌﺪﻝ ﺍﳌﺮﺩﻭﺩﻳﺔ ﺍﳌﻄﻠﻮﺏ ﻣﻦ ﻃﺮﻑ ﺍﳌﺴﺘﺜﻤﺮ ﻋﻠﻰ
ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﻟﻠﺸﺮﻛﺔ ﺍﳌﻌﻨﻴﺔ ،ﻭﺍﻟﺬﻱ ﻳﺘﺤﺪﺩ ﻋﻠﻰ ﺿﻮﺀ ﻋﻼﻭﺓ ﻻ ﺷﻚ ﺃﻥ ﻣﺎ ﺳﺒﻖ ﻣﻔﻴﺪ ﳉﻤﻊ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﳌﻄﻠﻮﺑﺔ
ﺍﳋﻄﺮ ﺍﻟﱵ ﺗﻘﺎﺑﻞ ﺍﳌﺨﺎﻃﺮ ﺍﻟﻨﻈﺎﻣﻴﺔ ﺍﳌﺮﺗﺒﻄﺔ ﺬﺍ ﺍﻻﺳﺘﺜﻤﺎﺭ ،ﻭﻳﺘﻢ ﻟﻘﻴﺎﺱ ﺍﻟﻘﻴﻤﺔ ﺍﳊﻘﻴﻘﻴﺔ ﻟﻠﻮﺭﻗﺔ ﺍﳌﺎﻟﻴﺔ ﰲ ﺍﳌﺴﺘﻘﺒﻞ ،ﺇﻻ ﺍﻧﻪ ﻻ
ﻛﺜﲑﺍ ﺍﺳﺘﻌﻤﺎﻝ ﳕﻮﺫﺝ ﺗﺴﻌﲑ )ﺗﻮﺍﺯﻥ( ﺍﻷﺻﻮﻝ ﺍﳌﺎﻟﻴﺔ MEDAF ﺗﻜﺘﻤﻞ ﺍﻟﺼﻮﺭﺓ ﻟﻠﻤﺤﻠﻞ ﺍﳌﺎﱄ ﺇﻻ ﺑﻌﺪ ﺍﻟﻘﻴﺎﻡ ﺑﻌﻤﻠﻴﺔ ﺍﻟﺘﻨﺒﺆ ﺑﺄﺩﺍﺀ
ﰲ ﲢﺪﻳﺪﻩ. ﺍﻟﺸﺮﻛﺔ ﰲ ﺍﳌﺴﺘﻘﺒﻞ ،ﻭﺫﻟﻚ ﻣﻦ ﺧﻼﻝ ﺇﻋﺪﺍﺩ ﺍﻟﻘﻮﺍﺋﻢ ﺍﳌﺎﻟﻴﺔ
ﺍﻟﺘﻘﺪﻳﺮﻳﺔ ﺑﺎﺳﺘﻌﻤﺎﻝ ﺍﻟﺘﺸﺨﻴﺺ ﺍﻟﺸﺎﻣﻞ ﻭﺑﺎﻟﺘﺮﻛﻴﺰ ﻋﻠﻰ
ﺑﻌﺪ ﺫﻟﻚ ﻳﺘﻢ ﺍﺳﺘﻌﻤﺎﻝ ﺇﺣﺪﻯ ﺍﻟﻄﺮﻕ ﺍﳌﻮﺍﻓﻘﺔ ﻟﺘﻘﻴﻴﻢ ﺍﻟﺘﺸﺨﻴﺺ ﺍﳌﺎﱄ ﻭﺍﻻﺳﺘﺮﺍﺗﻴﺠﻲ ﺍﻟﺬﻱ ﳝﻜﻦ ﻣﻦ ﻣﻌﺮﻓﺔ ﻭﺍﻟﺘﻨﺒﺆ
ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ،ﻟﻠﺨﺮﻭﺝ ﺑﺎﻟﻘﻴﻤﺔ ﺍﳊﻘﻴﻘﻴﺔ ﺍﳌﻮﺍﻓﻘﺔ ﻟﻠﻤﻌﻠﻮﻣﺎﺕ ﺑﺄﻓﺎﻕ ﺍﻟﺸﺮﻛﺔ ﰲ ﺳﻮﻗﻬﺎ ،ﺑﺎﻹﺿﺎﻓﺔ ﺇﱃ ﺍﻟﺘﺤﻠﻴﻞ ﻭﺍﻟﻮﻗﻮﻑ ﻋﻠﻰ
ﺍﻟﱵ ﰎ ﲢﻠﻠﻴﻬﺎ .ﺇﺫ ﺗﻌﺘﱪ ﻫﺬﻩ ﺍﻟﻘﻴﻤﺔ ﳐﺮﺟﺎ ﻟﻨﻈﺎﻡ ﺍﻟﺘﻘﻴﻴﻢ ﺗﻔﻴﺪ ﻧﻘﺎﻁ ﺍﻟﻘﻮﺓ ﻭﺍﻟﻀﻌﻒ ﺍﳌﺘﻌﻠﻘﺔ ﺑﺎﳉﻮﺍﻧﺐ ﺍﻟﺪﺍﺧﻠﻴﺔ ﻟﻠﺸﺮﻛﺔ
ﺍﳌﺴﺘﺜﻤﺮ ﺍﳌﺎﱄ ﰲ ﺍﲣﺎﺫ ﺍﻟﻘﺮﺍﺭ ﺍﳌﻨﺎﺳﺐ ،ﲟﻘﺎﺭﻧﺔ ﺍﻟﻘﻴﻤﺔ ﺍﶈﺴﻮﺑﺔ ﻭﺍﻟﻔﺮﺹ ﻭﺍﻟﺘﻬﺪﻳﺪﺍﺕ ﺍﳌﺮﺗﺒﻄﺔ ﺑﺎﶈﻴﻂ ﺍﳋﺎﺭﺟﻲ ﳍﺎ ﰲ ﻇﻞ
ﻣﻊ ﺍﻟﺴﻌﺮ ﺍﳌﺴﺠﻞ ﰲ ﺍﻟﺒﻮﺭﺻﺔ ﳊﻈﺔ ﺍﻟﺘﻘﻴﻴﻢ ،ﻭﺑﺎﻟﻨﻈﺮ ﺇﱃ ﺍﻟﻈﺮﻑ ﺍﻻﻗﺘﺼﺎﺩﻱ ﺍﻟﻌﺎﻡ ﻭﻇﺮﻭﻑ ﺍﻟﻘﻄﺎﻉ ﺍﻟﺬﻱ ﺗﻨﺸﻂ ﻓﻴﻪ
ﻣﻠﻜﻴﺘﻪ ﻟﻠﻮﺭﻗﺔ ﺍﳌﺎﻟﻴﺔ ﻣﻦ ﻋﺪﻣﻬﺎ ،ﻭﺫﻟﻚ ﻋﻠﻰ ﺍﻟﻨﺤﻮ ﺍﻟﺘﺎﱄ: ﺍﻟﺸﺮﻛﺔ ،ﻭﺑﺎﻻﺳﺘﻌﺎﻧﺔ ﺑﺎﻟﺘﺤﻠﻴﻞ ﻭﺍﻟﺘﺸﺨﻴﺺ ﺍﳌﺎﻟﻴﲔ ﻟﻠﺸﺮﻛﺔ
• ﺇﺫﺍ ﻛﺎﻧﺖ ﺍﻟﻘﻴﻤﺔ ﺍﳊﻘﻴﻘﻴﺔ ﺃﻛﱪ ﻣﻦ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻮﻗﻴﺔ ﻟﻠﻘﻮﺍﺋﻢ ﺍﳌﺎﻟﻴﺔ ﺧﻼﻝ ﺍﻟﻔﺘﺮﺍﺕ ﺍﻟﺴﺎﺑﻘﺔ.
ﺳﻴﻜﻮﻥ ﺍﻟﻘﺮﺍﺭ ﺍﳌﻨﺎﺳﺐ ﻫﻮ:
.1ﺇﺫﺍ ﻛﺎﻥ ﳝﻠﻚ ﺍﻟﻮﺭﻗﺔ ﺍﳌﺎﻟﻴﺔ ﺿﻤﻦ ﳏﻔﻈﺘﻪ ﺍﻻﺳﺘﺜﻤﺎﺭﻳﺔ، ﺏ -ﻣﺮﺣﻠﺔ ﺍﻟﺘﻘﻴﻴﻢ:
ﻓﺈﻧﻪ ﻳﻘﺮﺭ ﺍﻻﺣﺘﻔﺎﻅ ﺎ؛ ﺗﺒﺤﺚ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺘﺤﻠﻴﻞ ﺍﻟﺴﺎﺑﻘﺔ ﰲ ﳎﻤﻠﻬﺎ ﻋﻦ
.2ﺇﺫﺍ ﻛﺎﻥ ﻻ ﳝﻠﻚ ﺍﻟﻮﺭﻗﺔ ﺍﳌﺎﻟﻴﺔ ،ﻓﺈﻧﻪ ﻳﻘﺮﺭ ﺃﻥ ﻳﺸﺘﺮﻳﻬﺎ ﺗﻮﺟﻴﻪ ﺍﻻﺳﺘﺜﻤﺎﺭ ﻣﻦ ﺧﻼﻝ ﺍﳌﺮﻭﺭ ﲟﺨﺘﻠﻒ ﺍﳌﺮﺍﺣﻞ ،ﻭﰲ ﺫﺍﺕ
ﻭﺑﺬﻟﻚ ﺳﻴﺤﻘﻖ ﺃﺭﺑﺎﺣﺎ ﺇﺿﺎﻓﻴﺔ ﻋﻨﺪﻣﺎ ﺳﺘﺮﺗﻔﻊ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻮﻗﻴﺔ. ﺍﻟﻮﻗﺖ ﺗﻌﻤﻞ ﻋﻠﻰ ﲨﻊ ﺍﳌﻌﻠﻮﻣﺎﺕ ﻭﺍﻟﺒﻴﺎﻧﺎﺕ ﻗﺼﺪ ﺍﻟﻮﻗﻮﻑ ﻋﻠﻰ
• ﺇﺫﺍ ﻛﺎﻧﺖ ﺍﻟﻘﻴﻤﺔ ﺍﳊﻘﻴﻘﻴﺔ ﺃﻗﻞ ﻣﻦ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻮﻗﻴﺔ ﺳﻴﻜﻮﻥ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﺫﺍﺕ ﺍﳉﺎﺫﺑﻴﺔ ﻟﻴﺘﻢ ﺍﲣﺎﺫ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺍﳌﻨﺎﺳﺒﺔ .ﻭﺑﻐﻴﺔ
ﺍﻟﻘﺮﺍﺭ ﺍﳌﻨﺎﺳﺐ ﻫﻮ: ﺍﻟﻮﺻﻮﻝ ﺇﱃ ﺫﻟﻚ ﻻﺑﺪ ﺑﺎﻟﻘﻴﺎﻡ ﲟﺮﺣﻠﺔ ﺍﻟﺘﻘﻴﻴﻢ ﺍﻟﱵ ﺗﻜﻤﻞ ﺍﳌﺮﺣﻠﺔ
.1ﺇﺫﺍ ﻛﺎﻥ ﳝﻠﻚ ﺍﻟﻮﺭﻗﺔ ﺍﳌﺎﻟﻴﺔ ،ﺿﻤﻦ ﳏﻔﻈﺘﻪ ﺍﻻﺳﺘﺜﻤﺎﺭﻳﺔ ﺍﻷﻭﱃ ،ﺇﺫ ﺗﺆﺛﺮ ﳐﺮﺟﺎﺕ ﻋﻤﻠﻴﺔ ﺍﻟﺘﺤﻠﻴﻞ ﺑﺸﻜﻞ ﻣﺒﺎﺷﺮ ﰲ
ﻓﺈﻧﻪ ﻳﻘﺮﺭ ﺑﻴﻌﻬﺎ ﺗﻔﺎﺩﻳﺎ ﻟﻠﺨﺴﺎﺭﺓ ﺍﶈﺘﻤﻠﺔ؛ ﻣﺪﺧﻼﺕ ﻋﻤﻠﻴﺔ ﺍﻟﺘﻘﻴﻴﻢ ،ﺍﻟﱵ ﺗﺘﻤﺜﻞ ﰲ ﺷﻘﲔ ﺃﺳﺎﺳﻴﲔ،
.2ﺇﺫﺍ ﻛﺎﻥ ﻻ ﳝﻠﻚ ﺍﻟﻮﺭﻗﺔ ﺍﳌﺎﻟﻴﺔ ،ﻓﺈﻧﻪ ﻳﻘﺮﺭ ﺑﻴﻌﻬﺎ ﻋﻠﻰ ﻳﺘﻤﺜﻼﻥ ﰲ ﺍﻟﺘﺪﻓﻘﺎﺕ ﺍﳌﺴﺘﻘﺒﻠﻴﺔ ) ﻭ/ﺃﻭ ﺍﻷﺭﺑﺎﺡ ﻭﺗﻮﺯﻳﻌﺎﺕ
ﺍﳌﻜﺸﻮﻑ ،ﻭﺑﺬﻟﻚ ﺳﻴﺤﻘﻖ ﺍﳌﺴﺘﺜﻤﺮ ﺭﲝﺎ ﺇﺿﺎﻓﻴﺎ. ﺍﻷﺭﺑﺎﺡ( ﻭﻣﻌﺪﻝ ﺍﻻﺳﺘﺤﺪﺍﺙ ) ﻣﻌﺪﻝ ﺍﳋﺼﻢ(.
• ﺇﺫﺍ ﻛﺎﻧﺖ ﺍﻟﻘﻴﻤﺔ ﺍﳊﻘﻴﻘﻴﺔ ﺗﺴﺎﻭﻱ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻮﻗﻴﺔ ،ﻓﻼ
ﺗﻮﺟﺪ ﺃﺭﺑﺎﺡ ﻏﲑ ﻋﺎﺩﻳﺔ ،ﺇﺫ ﲤﺜﻞ ﻫﺬﻩ ﺍﳊﺎﻟﺔ ﺇﺣﺪﻯ ﻧﺘﺎﺋﺞ ﺑﻌﺪ ﲨﻊ ﺍﻟﺒﻴﺎﻧﺎﺕ ﻭﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﳌﺴﺘﺨﻠﺼﺔ ﻣﻦ
ﺍﻟﺴﻮﻕ ﺍﻟﻜﻔﺆﺓ ،ﳑﺎ ﻻ ﻳﺪﻉ ﳎﺎﻻ ﻟﻠﻤﻀﺎﺭﺑﺔ ﺍﻟﱵ ﺪﻑ ﻟﺘﺤﻘﻴﻖ ﺧﻄﻮﺍﺕ ﺍﻟﺘﺤﻠﻴﻞ ﻭﺍﻟﺘﺸﺨﻴﺺ ﰲ ﺍﳌﺮﺣﻠﺔ ﺍﻟﺴﺎﺑﻘﺔ ،ﻳﻘﻮﻡ ﺍﶈﻠﻞ
ﻓﻮﺍﺋﺾ ﺍﻟﻘﻴﻤﺔ ﳌﺴﺘﺜﻤﺮﻳﻦ ﻋﻠﻰ ﺣﺴﺎﺏ ﺁﺧﺮﻳﻦ ،ﻭﺑﺎﻟﺘﺎﱄ ﻻ ﺑﺪﺭﺍﺳﺘﻬﺎ ﻭﺗﺼﻨﻴﻔﻬﺎ ﻭﲢﻠﻴﻠﻬﺎ ﻟﺘﺮﲨﺘﻬﺎ ﰲ ﺷﻜﻞ ﻗﻴﻤﺔ ﻟﻠﻮﺭﻗﺔ
ﳝﻜﻦ ﺍﲣﺎﺫ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺍﳍﺎﺩﻓﺔ ﻟﺬﻟﻚ ،ﻭﻳﺴﺘﻄﻴﻊ ﺍﳌﺴﺘﺜﻤﺮﻭﻥ ﻣﻦ ﺍﳌﺎﻟﻴﺔ ﺍﳌﺴﺘﻬﺪﻓﺔ ﺑﻮﺍﺳﻄﺔ ﺁﻟﻴﺔ ﺍﻟﺘﻘﻴﻴﻢ .ﻭﺗﻌﺪ ﻋﻤﻠﻴﺔ ﺍﻟﺘﺼﻨﻴﻒ
ﺍﲣﺎﺫ ﻗﺮﺍﺭﺍﺕ ﺍﻟﺸﺮﺍﺀ ﻭﺍﻟﺒﻴﻊ ﻭﺍﻻﺣﺘﻔﺎﻅ ﰲ ﺇﻃﺎﺭ ﺗﺴﻴﲑ ﻭﺍﻟﺘﺤﻠﻴﻞ ﻣﻜﻤﻠﺔ ﻟﻌﻤﻠﻴﺎﺕ ﺍﻟﺘﺤﻠﻴﻞ ﰲ ﺍﳌﺮﺣﻠﺔ ﺍﻟﺴﺎﺑﻘﺔ ،ﻭﻻ
ﺣﻮﺍﻓﻈﻬﻢ ﺍﳌﺎﻟﻴﺔ ،ﺇﺫ ﻳﻜﻮﻥ ﰲ ﻫﺬﻩ ﺍﳊﺎﻟﺔ ﺍﶈﺮﻙ ﻻﲣﺎﺫ ﺍﻟﻘﺮﺍﺭ ﺗﺄﺧﺬ ﺟﻬﺪﺍ ﻭﻭﻗﺘﺎ ﻛﺒﲑﺍ ،ﻷﻥ ﻋﻤﻠﻴﺔ ﺍﻟﺘﺤﻠﻴﻞ ﰲ ﺍﳌﺮﺣﻠﺔ ﺍﻟﺴﺎﺑﻘﺔ
ﻫﻮ ﺍﻟﻌﻮﺍﺋﺪ )ﺗﻮﺯﻳﻌﺎﺕ ﺍﻷﺭﺑﺎﺡ( ﻭﺍﳌﺨﺎﻃﺮﺓ ﺍﳌﺮﺗﺒﻄﺔ ﺬﺍ ﻗﺪ ﻓﺼﻠﺖ ﻭﻣﺴﺖ ﻛﻞ ﺟﻮﺍﻧﺐ ﺍﻻﺳﺘﺜﻤﺎﺭ ،ﻭﻗﺪﻣﺖ ﰲ ﻣﺮﺣﻠﺔ
ﺍﻻﺳﺘﺜﻤﺎﺭ. ﲢﻠﻴﻞ ﺍﻟﺸﺮﻛﺔ ﻣﺪﺧﻼﺕ ﺗﻔﻴﺪ ﻣﺒﺎﺷﺮﺓ ﰲ ﺍﻟﺘﻘﻴﻴﻢ .ﺇﻻ ﺃﻥ ﻫﺬﺍ
ﻛﻠﻪ ﻻﺑﺪ ﻣﻦ ﺃﻥ ﳝﺮ ﺑﺈﻋﺎﺩﺓ ﺗﺼﻨﻴﻒ ﻭﲢﻠﻴﻞ ﻭﻣﻄﺎﺑﻘﺔ ﻧﺘﺎﺋﺞ
ﻭﻋﻤﻮﻣﺎ ،ﻣﺎ ﳝﻜﻦ ﻣﻼﺣﻈﺘﻪ ﻋﻠﻰ ﺍﻟﺘﺤﻠﻴﻠﲔ ﺍﻟﻔﲏ ﻣﺴﺘﻮﻳﺎﺕ ﺍﻟﺘﺤﻠﻴﻞ ﺍﻟﺴﺎﺑﻘﺔ ﻟﻠﺨﺮﻭﺝ ﺑﺎﳌﺪﺧﻼﺕ ﺍﻟﻨﻬﺎﺋﻴﺔ ﻟﻌﻤﻠﻴﺔ
ﻭﺍﻷﺳﺎﺳﻲ ،ﺃﻤﺎ ﳜﺘﻠﻔﺎﻥ ﻛﺜﲑﺍ ﻣﻦ ﺣﻴﺚ ﻓﻠﺴﻔﺔ ﺍﻟﺘﺤﻠﻴﻞ ﺍﻟﱵ ﺍﻟﺘﻘﻴﻴﻢ.
ﻳﻘﻮﻣﺎﻥ ﻋﻠﻴﻬﺎ .ﺇﺫ ﺃﻥ ﺍﻟﺘﺤﻠﻴﻞ ﺍﻷﺳﺎﺳﻲ ﻳﻬﺪﻑ ﺇﱃ ﺍﻟﺒﺤﺚ ﻋﻦ
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ﳎﻠﺔ ﺍﻟﺒﺎﺣﺚ – ﻋﺪﺩ _______________________________________________________________________________ 2007/5
ﺍﻟﻔﲏ ﰲ ﺍﺧﺘﻴﺎﺭ ﺍﻟﻮﻗﺖ ﺍﳌﻨﺎﺳﺐ ﻟﺸﺮﺍﺀ ﺗﻠﻚ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﺍﻟﱵ ﺍﻟﻘﻴﻤﺔ ﺍﳊﻘﻴﻘﻴﺔ ﻟﻠﻮﺭﻗﺔ ﺍﳌﺎﻟﻴﺔ ﻣﻦ ﺧﻼﻝ ﲢﻠﻴﻞ ﺍﻟﻌﻮﺍﻣﻞ ﺍﻷﺳﺎﺳﻴﺔ
ﻭﻗﻊ ﻋﻠﻴﻬﺎ ﺍﻻﺧﺘﻴﺎﺭ) .(5ﻛﻤﺎ ﳒﺪ ﰲ ﺍﻟﻮﺍﻗﻊ ﺍﻟﻌﻤﻠﻲ ﺑﺄﻥ ﺍﻟﱵ ﺗﺆﺛﺮ ﻋﻠﻰ ﺗﺪﻓﻘﻬﺎ ﰲ ﺍﳌﺴﺘﻘﺒﻞ ،ﻭﺑﺬﻟﻚ ﳒﺪﻩ ﻳﻮﺍﻓﻖ ﻧﻈﺮﻳﺔ
ﺃﺻﺤﺎﺏ ﺍﻟﺘﺤﻠﻴﻞ ﺍﻷﺳﺎﺳﻲ ﻳﻌﺮﻓﻮﻥ ﺍﻟﻘﻮﺍﻋﺪ ﺍﻷﺳﺎﺳﻴﺔ ﻟﻠﺘﺤﻠﻴﻞ ﺍﻻﺳﺘﺜﻤﺎﺭ ،ﻭﺑﺎﺳﺘﻌﻤﺎﻝ ﻃﺮﻕ ﺍﻟﺘﻘﻴﻴﻢ ﳒﺪﻩ ﻳﻌﺘﻤﺪ ﻋﻠﻰ ﻧﻈﺮﻳﺔ
ﺍﻟﻔﲏ ،ﻭﰲ ﺍﳌﻘﺎﺑﻞ ﳒﺪ ﺃﻥ ﻋﺪﺩﺍ ﻛﺒﲑﺍ ﻣﻦ ﺍﻟﻔﻨﻴﲔ ﻳﺘﻤﺎﺷﻮﻥ ﻣﻊ ﺍﻟﺘﻘﻴﻴﻢ ،ﺇﺫ ﻳﺘﺒﻊ ﺃﺳﻠﻮﺑﺎ ﻣﻨﻬﺠﻴﺎ ﻭﺍﺿﺤﺎ ﻭﺳﻠﻴﻤﺎ ،ﻭﺑﺬﻟﻚ ﻓﻬﻮ
ﺃﺳﺎﻟﻴﺐ ﺍﻟﺘﺤﻠﻴﻞ ﺍﻷﺳﺎﺳﻲ( J.Murphy, 2003, P : 06). ﻳﺘﻤﻴﺰ ﺑﺎﻟﻄﺎﺑﻊ ﺍﻷﻛﺎﺩﳝﻲ-ﺍﳌﻬﲏ .ﺑﻴﻨﻤﺎ ﳒﺪ ﺃﻥ ﺍﻟﺘﺤﻠﻴﻞ ﺍﻟﻔﲏ
ﻳﻘﻮﻡ ﻋﻠﻰ ﲢﻠﻴﻞ ﺣﺮﻛﺔ ﺃﺳﻌﺎﺭ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﺍﻧﻄﻼﻗﺎ ﻣﻦ
ﺑﻴﺎﻧﺎﺕ ﺍﻟﺴﻮﻕ ﺍﳌﺎﺿﻴﺔ ،ﶈﺎﻭﻟﺔ ﺍﻛﺘﺸﺎﻑ ﳕﻂ ﻣﻌﲔ ،ﻳﺘﻢ ﻋﻠﻰ
: -2ﻃﺮﻕ ﺗﻘﻴﻴﻢ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﺃﺳﺎﺳﻪ ﺍﺧﺘﻴﺎﺭ ﺍﻟﻮﻗﺖ ﺍﳌﻨﺎﺳﺐ ﻻﲣﺎﺫ ﺍﻟﻘﺮﺍﺭ ﺍﳌﻨﺎﺳﺐ ،ﺇﺫ ﻳﻌﺘﻤﺪ
ﻛﺜﲑﺍ ﻋﻠﻰ ﻓﻜﺮﺓ ﺃﻥ ﺍﳌﺴﺘﻘﺒﻞ ﻫﻮ ﺍﻣﺘﺪﺍﺩ ﻟﻠﻤﺎﺿﻲ ،ﺩﻭﻥ
ﻣﺎ ﻳﻼﺣﻆ ﻋﻨﺪ ﺍﺳﺘﻌﺮﺍﺽ ﻣﺪﺧﻠﻲ ﲢﻠﻴﻞ ﺍﻟﺒﻴﺎﻧﺎﺕ ﺍﻻﻋﺘﻤﺎﺩ ﻋﻠﻰ ﻧﻈﺮﻳﺔ ﲢﻜﻤﻪ ،ﻭﺑﺎﻟﺘﺎﱄ ﳒﺪﻩ ﻋﻤﻼ ﻣﻬﻨﻴﺎ ﺻﺮﻓﺎ
ﻭﺍﳌﻌﻠﻮﻣﺎﺕ ﰲ ﳎﺎﻝ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ،ﺑﺄﻥ ﻣﺪﺧﻞ ﺍﻟﺘﺤﻠﻴﻞ ﻋﻜﺲ ﺍﻟﺘﺤﻠﻴﻞ ﺍﻷﺳﺎﺳﻲ.
ﺍﻷﺳﺎﺳﻲ ﻫﻮ ﺍﻟﺬﻱ ﳛﺘﺎﺝ ﰲ ﺎﻳﺔ ﲡﻤﻴﻌﻪ ﻭﲢﻠﻴﻠﻪ ﻟﻠﺒﻴﺎﻧﺎﺕ
ﻟﻄﺮﻕ ﺍﻟﺘﻘﻴﻴﻢ ﺍﻟﱵ ﺗﺴﺎﻋﺪﻩ ﰲ ﺍﻟﻮﺻﻮﻝ ﺇﱃ ﺍﻟﻘﻴﻤﺔ ﺍﳊﻘﻴﻘﻴﺔ. ﻭﰲ ﺍﻷﺧﲑ ﳝﻜﻦ ﺍﻟﻘﻮﻝ ،ﺑﺄﻧﻪ ﺑﺎﻟﺮﻏﻢ ﻣﻦ ﲤﻴﺰ ﺍﻟﺘﺤﻠﻴﻞ ﺍﻷﺳﺎﺳﻲ
ﻭﻳﻔﻴﺪ ﺍﻟﺘﻘﻴﻴﻢ ﺑﺸﻜﻞ ﻋﺎﻡ ﺍﳌﺴﺘﺜﻤﺮﻳﻦ ﺍﳌﺎﻟﻴﲔ ﰲ ﺗﺴﻴﲑ ﳏﺎﻓﻈﻬﻢ ﺑﻨﻮﻉ ﻣﻦ ﺍﻟﺒﻂﺀ ﻭﺍﻟﺜﻘﻞ ﻭ ﺍﺭﺗﻔﺎﻉ ﺍﻟﺘﻜﺎﻟﻴﻒ ﺑﺎﳌﻘﺎﺭﻧﺔ ﺑﺎﻟﺘﺤﻠﻴﻞ
ﻭﺍﻛﺘﺸﺎﻑ ﻓﻮﺍﺭﻕ ﺍﻟﻘﻴﻤﺔ ،ﻭﻣﻦ ﰒ ﺧﺪﻣﺔ ﺍﻟﻘﺮﺍﺭﺍﺕ ﰲ ﳎﺎﻝ ﺍﻟﻔﲏ ،ﻧﻈﺮﺍ ﻟﻄﻮﻝ ﻣﺮﺍﺣﻠﻪ .ﺇﻻ ﺃﻧﻪ ﻳﺒﻘﻰ ﺍﻷﺣﺴﻦ ﻭﺍﳌﻔﻀﻞ –ﰲ
ﺍﻻﺳﺘﺜﻤﺎﺭ ﺍﳌﺎﱄ. ﻧﻈﺮﻧﺎ -ﻟﺘﻤﻴﺰﻩ ﲟﺎ ﻳﻠﻲ:
-ﺍﻟﺘﻮﺍﻓﻖ ﻣﻊ ﻧﻈﺮﻳﺔ ﺍﻻﺳﺘﺜﻤﺎﺭ ﻭﻧﻈﺮﻳﺔ ﺍﻟﺘﻘﻴﻴﻢ،ﻛﻮﻥ ﳐﺮﺟﺎﺗﻪ
ﻓﻜﻤﺎ ﺳﺒﻖ ﺍﻹﺷﺎﺭﺓ ﺇﻟﻴﻪ ،ﳛﺘﺎﺝ ﺍﳌﺴﺘﺜﻤﺮﻭﻥ ﺇﱃ ﺗﺘﻤﺜﻞ ﰲ ﺍﻟﻘﻴﻤﺔ ﺍﳊﻘﻴﻘﻴﺔ ﻟﻠﻮﺭﻗﺔ ﺍﳌﺎﻟﻴﺔ ،ﻋﻠﻰ ﻋﻜﺲ ﺍﻟﺘﺤﻠﻴﻞ
ﺍﺳﺘﺨﺪﺍﻡ ﺃﺳﺎﻟﻴﺐ ﲤﻜﻨﻬﻢ ﻣﻦ ﺍﲣﺎﺫ ﻗﺮﺍﺭﺍﺕ ﺻﺎﺋﺒﺔ ﻭﺭﺷﻴﺪﺓ ،ﺇﺫ ﺍﻟﻔﲏ ﺍﻟﺬﻱ ﻻ ﻳﺼﻞ ﺇﱃ ﻗﻴﻤﺔ ﻟﻠﻮﺭﻗﺔ ﺍﳌﺎﻟﻴﺔ ،ﺑﻞ ﺍﺧﺘﻴﺎﺭ ﺍﻟﺘﻮﻗﻴﺖ
ﻳﻌﺘﱪ ﺍﻟﻮﺻﻮﻝ ﺇﱃ ﺍﻟﻘﻴﻤﺔ ﺍﳊﻘﻴﻘﻴﺔ ﻟﻠﻮﺭﻗﺔ ﺍﳌﺎﻟﻴﺔ ﻫﻲ ﺃﻫﻢ ﻋﺎﻣﻞ ﻓﻘﻂ؛
ﻣﻔﻀﻲ ﻟﺬﻟﻚ ،ﻭﻣﻦ ﰒ ﻳﺼﺒﺢ ﺗﺒﲏ ﺍﻟﺘﺤﻠﻴﻞ ﺍﻷﺳﺎﺳﻲ ﻭﺑﺪﺭﺟﺔ -ﻳﺴﺘﻌﻤﻞ ﻃﺮﻳﻘﺔ ﻣﻨﻬﺠﻴﺔ ﻭﺍﺿﺤﺔ ﻭﺳﻠﻴﻤﺔ ،ﺇﺫ ﻳﻨﻄﻠﻖ ﻣﻦ ﲨﻊ
ﺍﻛﱪ ﻭﺃﴰﻞ ﳕﺎﺫﺝ ﺍﻟﺘﻘﻴﻴﻢ ،ﺃﻣﺮﺍ ﺿﺮﻭﺭﻳﺎ ﻟﺬﻟﻚ .ﺇﻥ ﺍﺑﺘﻌﺎﺩ ﻭﲢﻠﻴﻞ ﻭﺗﺸﺨﻴﺺ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺣﻮﻝ ﺍﻟﻮﺭﻗﺔ ﺍﳌﺎﻟﻴﺔ ،ﻟﻴﺘﻢ ﰲ
ﺍﳌﺘﻌﺎﻣﻠﲔ ﰲ ﺍﻟﺴﻮﻕ ﻋﻦ ﻗﻮﺍﻋﺪ ﺍﻟﺘﻘﻴﻴﻢ ﻣﻦ ﺷﺄﻧﻪ ﺃﻥ ﻳﺆﺩﻱ ﺍﻷﺧﲑ ﺗﺮﲨﺔ ﺫﻟﻚ ﰲ ﺷﻜﻞ ﻗﻴﻤﺔ ﺣﻘﻴﻘﻴﺔ ﻟﻠﻮﺭﻗﺔ ﺍﳌﺎﻟﻴﺔ؛
ﻻﲣﺎﺫ ﻗﺮﺍﺭﺍﺕ ﺍﺳﺘﺜﻤﺎﺭﻳﺔ ﻭﻣﻀﺎﺭﺑﺔ ﻏﲑ ﺭﺷﻴﺪﺓ ،ﺍﻷﻣﺮ ﺍﻟﺬﻱ -ﺛﺒﺖ ﺃﻥ ﺍﻟﻔﺮﺽ ﺍﳌﺘﻮﺳﻂ ﻭﺍﻟﻘﻮﻱ ﻟﻠﻜﻔﺎﺀﺓ ﻳﺼﻌﺐ
ﻳﻨﻌﻜﺲ ﻋﻨﻪ ﺍﳔﻔﺎﺽ ﰲ ﻛﻔﺎﺀﺓ ﺍﻟﺴﻮﻕ ،ﻭﻣﻦ ﰒ ﺍﺭﺗﻔﺎﻉ ﺩﺭﺟﺔ ﲢﻘﻴﻘﻬﻤﺎ ،ﳑﺎ ﳚﻌﻞ ﻣﻦ ﺍﻟﺘﺤﻠﻴﻞ ﺍﻷﺳﺎﺳﻲ ﺫﻭ ﺟﺪﻭﻯ ،ﻋﻜﺲ
ﺍﳌﺨﺎﻃﺮﺓ ﺍﻟﻨﻈﺎﻣﻴﺔ ،ﻭﺍﺭﺗﻔﺎﻉ ﰲ ﻣﻌﺪﻝ ﺍﳌﺮﺩﻭﺩﻳﺔ ﺍﳌﻄﻠﻮﺏ، ﺍﻟﺘﺤﻠﻴﻞ ﺍﻟﻔﲏ ،ﺍﻟﺬﻱ ﺃﺛﺒﺘﺖ ﺍﻟﺪﺭﺍﺳﺎﺕ ﺍﻷﻛﺎﺩﳝﻴﺔ ﺍﳌﻴﺪﺍﻧﻴﺔ ﻣﻦ
ﻭﺍﳔﻔﺎﺽ ﺟﺎﺫﺑﻴﺔ ﺍﻟﺴﻮﻕ ﻟﻼﺳﺘﺜﻤﺎﺭ ﻓﻴﻪ)ﻉ.ﻝ.ﳏﻤﺪ ﻣﻨﺴﻰ،2001 ، ﲢﻘﻖ ﻓﺮﺿﻴﺔ ﺍﳌﺴﺘﻮﻯ ﺍﻟﻀﻌﻴﻒ ﻟﻠﻜﻔﺎﺀﺓ ،ﳑﺎ ﻳﻘﻮﺽ ﻣﻦ
ﺹ.(219: ﺍﺳﺘﻌﻤﺎﻟﻪ ﰲ ﺍﻟﺘﻨﺒﺆ.
:1-2ﳕﻮﺫﺝ ﺍﺳﺘﺤﺪﺍﺙ ﺗﻮﺯﻳﻌﺎﺕ ﺍﻷﺭﺑﺎﺡ ﻟﻺﺷﺎﺭﺓ ﻓﺈﻥ ﻣﺎ ﺳﺒﻖ ،ﻻ ﻳﻘﻠﻞ ﻣﻦ ﺷﺄﻥ ﺍﻟﺘﺤﻠﻴﻞ ﺍﻟﻔﲏ ﺍﻟﺬﻱ
ﳒﺪ ﻟﻪ ﺍﺳﺘﻌﻤﺎﻻ ﻭﺍﺳﻌﺎ ﻭﻟﻪ ﻋﺪﺓ ﺃﻧﺼﺎﺭ ﰲ ﺍﻷﻭﺳﺎﻁ
ﻳﺮﺟﻊ ﺍﻟﻔﻀﻞ ﰲ ﺍﻛﺘﺸﺎﻑ ﻫﺬﺍ ﺍﻟﻨﻤﻮﺫﺝ ﻟﻼﻗﺘﺼﺎﺩﻱ ﺍﳌﻬﻨﻴﺔ)ﺍﶈﻠﻠﲔ ﺍﳌﺎﻟﻴﲔ( ﰲ ﺍﻟﺒﻮﺭﺻﺔ .ﻭﻣﺎ ﻳﺆﻛﺪ ﺃﳘﻴﺘﻪ ﻭﺟﺪﻭﺍﻩ
"ﺝ.ﺏ.ﻭﻟﻴﺎﻣﺲ " J.B.Willamsﻋﻘﺐ ﺗﻌﺮﻳﻔﻪ ﰲ ﺳﻨﺔ ﰲ ﺍﻟﺘﺤﻠﻴﻞ ،ﳒﺪﻩ ﻗﺪ ﺃﺗﻰ ﺑﻌﺪ ﺍﻟﺘﺤﻠﻴﻞ ﺍﻷﺳﺎﺳﻲ – ﻫﺬﺍ ﺍﻷﺧﲑ
1938ﻟﻠﻤﻔﻬﻮﻡ ﺍﳌﺎﱄ ﻟﻠﻘﻴﻤﺔ ﺍﻟﺬﻱ ﺃﺻﺒﺢ ﺃﺳﺎﺱ ﺍﻟﻨﻈﺮﻳﺔ ﺍﻟﺬﻱ ﻳﻄﻠﻖ ﻋﻠﻴﻪ ﺑﺎﻟﺘﺤﻠﻴﻞ ﺍﻟﻜﻼﺳﻴﻜﻲ -ﳑﺎ ﻳﻌﲏ ﺃﻧﻪ ﻳﻌﺘﱪ
ﺍﳌﺎﻟﻴﺔ ،ﺇﺫ ﺣﺴﺒﻪ ﺗﺘﻤﺜﻞ ﻗﻴﻤﺔ ﺃﻱ ﺃﺻﻞ )ﻣﺎﱄ ﺃﻭ ﻣﺎﺩﻱ( ﰲ ﲢﻠﻴﻼ ﺣﺪﻳﺜﺎ ﻭﺟﺎﺀ ﻛﺸﻜﻞ ﺃﻛﺜﺮ ﻋﻤﻠﻴﺎ ﻭﻛﺒﺪﻳﻞ ﻳﻄﺮﺡ ﻧﻔﺴﻪ
ﺍﻟﻘﻴﻤﺔ ﺍﳌﻘﺎﺑﻠﺔ ﻟﻜﻞ ﺍﻟﺘﺪﻓﻘﺎﺕ ﺍﳌﺎﻟﻴﺔ ﺍﳌﺘﻮﻗﻌﺔ ﻟﻪ ،ﻭﺗﺮﺗﻜﺰ ﻓﻜﺮﺓ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺘﺤﻠﻴﻞ ﰲ ﺍﻟﺒﻮﺭﺻﺔ ،ﺇﺫ ﺑﺬﻟﻚ ﻳﻈﻬﺮ ﺑﺄﻥ ﺃﻧﺼﺎﺭﻩ
ﻫﺬﺍ ﺍﳌﻔﻬﻮﻡ ﻋﻠﻰ ﺃﻋﻤﺎﻝ ﺍﻻﻗﺘﺼﺎﺩﻱ "ﺇ .ﻓﻴﺸﺮ "I.Fisher ﻳﻌﺘﻘﺪﻭﻥ ﺑﻌﺪﻡ ﻋﺸﻮﺍﺋﻴﺔ ﺍﻷﺳﻬﻢ ﰲ ﺍﻟﺒﻮﺭﺻﺎﺕ ،ﻭﻣﻦ ﰒ ﳝﻜﻨﻬﻢ
ﺍﻟﺬﻱ ﻭﺿﻊ ﰲ ﺳﻨﺔ 1907ﺃﺳﺲ ﲢﻠﻴﻞ ﺍﻟﻘﻴﻤﺔ ﺍﳊﺎﻟﻴﺔ ،ﻭﺫﻟﻚ ﺑﺸﻜﻞ ﻋﻤﻠﻲ ﻣﻦ ﺩﺭﺍﺳﺔ ﺍﻷﺳﻌﺎﺭ ﻭﺍﲣﺎﺫ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺍﳌﻔﻀﻴﺔ
ﺑﺘﺤﻠﻴﻞ ﻣﻌﺪﻻﺕ ﺍﻟﻔﺎﺋﺪﺓ ﻋﻠﻰ ﺃﺳﺎﺱ ﺃﺎ ﺃﺳﻌﺎﺭ )ﻣﻌﺪﻝ ﺧﺼﻢ( ﻟﺘﺤﻘﻴﻖ ﺍﻷﺭﺑﺎﺡ ﻏﲑ ﺍﻟﻌﺎﺩﻳﺔ) .(4ﻭﳒﺪ ﺃﻥ ﺍﻟﺒﻌﺾ ﻳﺸﲑ ﺇﱃ
ﻭﺗﺪﻓﻘﺎﺕ ﺍﳋﺰﻳﻨﺔ ﻋﻠﻰ ﺃﺳﺎﺱ ﺃﺎ ﻣﺒﺎﻟﻎ ﳝﻜﻦ ﺗﻘﺪﻳﺮﻫﺎ ﻧﻘﺪﺍ) ﺟﺪﻭﻯ ﻭﺃﳘﻴﺔ ﺍﺳﺘﻌﻤﺎﻝ ﻛﻼ ﺍﻟﺘﺤﻠﻴﻠﲔ ﻣﻌﺎ ،ﲝﻜﻢ ﺃﻤﺎ
.(G.Hirigoyen & J.Caby,1998,P10-11ﻭﺑﺬﻟﻚ ﻳﻜﻤﻼﻥ ﺑﻌﻀﻬﻤﺎ ﺍﻟﺒﻌﺾ ﻓﻴﻤﺎ ﻳﺮﺗﺒﻂ ﺑﻘﺮﺍﺭﺍﺕ ﺍﻻﺳﺘﺜﻤﺎﺭ ﺍﳌﺎﱄ،
ﱂ ﻳﺴﺒﻖ "ﻭﻟﻴﺎﻣﺲ" ﺃﻱ ﺃﺣﺪ ﰲ ﺗﻄﻮﻳﺮ ﻫﺬﺍ ﺍﳌﻔﻬﻮﻡ ﺑﺸﻜﻠﻪ ﺫﻟﻚ ﺃﻥ ﺍﻟﺘﺤﻠﻴﻞ ﺍﻷﺳﺎﺳﻲ ﻳﻔﻴﺪ ﰲ ﺍﺧﺘﻴﺎﺭ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ
ﺍﻟﻜﺎﻣﻞ ،ﻭﺑﺎﻷﺧﺺ ﻋﻨﺪ ﺗﻄﺒﻴﻘﻪ ﻟﺘﺤﺪﻳﺪ ﺍﻟﻘﻴﻤﺔ ﺍﶈﻮﺭﻳﺔ ﺍﳉﺬﺍﺑﺔ ﰲ ﺍﳌﺴﺘﻘﺒﻞ ﻋﻠﻰ ﺍﳌﺪﻯ ﺍﳌﺘﻮﺳﻂ ،ﻟﻴﺄﰐ ﺩﻭﺭ ﺍﻟﺘﺤﻠﻴﻞ
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__________________________________________________ ﺃﳘﻴﺔ ﺗﻘﻴﻴﻢ ﺍﳌﺆﺳﺴﺎﺕ ﰲ ﺍﲣﺎﺫ ﻗﺮﺍﺭﺍﺕ ﺍﻻﺳﺘﺜﻤﺎﺭ ﺍﳌﺎﱄ -ﺹ.ﺹ119-107 .
:Vnﲤﺜﻞ ﺳﻌﺮ ﺑﻴﻊ )ﻗﻴﻤﺔ( ﺍﻷﺻﻞ ﰲ ﺎﻳﺔ ﺍﻟﻔﺘﺮﺓ n؛ )ﺍﳊﻘﻴﻘﻴﺔ( La valeur intrinsèqueﻟﺴﻬﻢ ﻣﺎ ،ﻭﺍﻟﺬﻱ
: tﲤﺜﻞ ﻣﻌﺪﻝ ﺍﻻﺳﺘﺤﺪﺍﺙ )ﺍﳋﺼﻢ(. ﻳﻘﻴﻢ ﲟﺎ ﻳﻘﺪﻣﻪ -ﰲ ﺍﻟﻐﺎﻟﺐ -ﻣﻦ ﺗﻮﺯﻳﻌﺎﺕ ﻟﻸﺭﺑﺎﺡ ،ﺇﺫ ﺗﻌﱪ
ﻛﻤﺎ ﳝﻜﻦ ﻛﺘﺎﺑﺔ ﺍﳌﻌﺎﺩﻟﺔ ﺍﻟﺴﺎﺑﻘﺔ ﻋﻠﻰ ﺍﻟﻨﺤﻮ ﺍﻵﰐ :ﺭﻗﻢ )(2 ﻫﺬﻩ ﺍﻟﺘﻘﻨﻴﺔ ﰲ ﺍﻟﺘﻘﻴﻴﻢ ﻋﻠﻰ ﳕﻮﺫﺝ ﺍﺳﺘﺤﺪﺍﺙ ﺗﻮﺯﻳﻌﺎﺕ
n ﺍﻷﺭﺑﺎﺡ).( G.Hirigoyen & J.Caby,1998,P11
∑= V Di + Vn
i =1 (1 + t )n (1 + t )n ﻭﻗﺪ ﰎ ﺍﻧﺘﻘﺎﺩ ﻫﺬﺍ ﺍﻟﻨﻤﻮﺫﺝ ﻣﻦ ﻃﺮﻑ "ﺟﺮﺍﻫﺎﻡ
ﺇﻻ ﺃﻧﻪ ﺣﺴﺐ ﺍﻟﺒﺎﺣﺚ ﻳﻔﻀﻞ ﺍﺳﺘﻌﻤﺎﻝ ﺍﳌﻌﺎﺩﻟﺔ ﺭﻗﻢ ﻭﺩﻭﺩ "Graham & Doddﰲ ﺟﻮﺍﻧﺐ ﻣﻨﻪ .ﻭﻋﻠﻰ ﺇﺛﺮ ﺫﻟﻚ،
) (2ﻋﻠﻰ ﺍﳌﻌﺎﺩﻟﺔ ﺭﻗﻢ ) ،(1ﻭﺫﻟﻚ ﻟﻼﻋﺘﺒﺎﺭﻳﻦ ﺍﻟﺘﺎﻟﻴﲔ: ﻗﺎﻣﺎ ﺑﺘﻄﻮﻳﺮ ﻫﺬﺍ ﺍﳌﻨﻬﺞ ﺳﻨﺔ 1962ﰲ ﺻﻮﺭﺗﻪ ﺍﻟﺒﺪﺍﺋﻴﺔ ،ﺣﻴﺚ
• ﳝﻴﺰ ﺍﻻﺳﺘﺜﻤﺎﺭ ﺑﺸﻜﻞ ﻋﺎﻡ ﻭﺍﻻﺳﺘﺜﻤﺎﺭ ﰲ ﳎﺎﻝ ﺍﻷﻭﺭﺍﻕ ﻳﺘﻢ ﺍﻻﻋﺘﻤﺎﺩ ﰲ ﺍﻟﺘﻨﺒﺆ ﻋﻠﻰ ﻛﻞ ﻣﻦ ﻗﻴﻤﺔ ﺍﻟﺘﻮﺯﻳﻌﺎﺕ ﺍﳌﺘﻮﻗﻌﺔ ﰲ
ﺍﳌﺎﻟﻴﺔ ﺑﺸﻜﻞ ﺧﺎﺹ ،ﺣﺮﻛﻴﺔ ﻭﺗﺪﺍﻭﻝ ،ﻧﻈﺮﺍ ﻟﺘﺪﻓﻖ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﳌﺴﺘﻘﺒﻞ ﻭﻣﻌﺪﻝ ﺍﻻﺳﺘﺤﺪﺍﺙ )ﺍﳋﺼﻢ( ﻻﳚﺎﺩ ﺍﻟﻘﻴﻤﺔ ﺍﳊﻘﻴﻘﻴﺔ
ﻭﺗﻐﲑ ﺍﺳﺘﺮﺍﺗﻴﺠﻴﺔ ﺍﻻﺳﺘﺜﻤﺎﺭ ،ﳑﺎ ﳚﻌﻞ ﻣﻦ ﺣﻴﺎﺯﺓ ﺍﻻﺳﺘﺜﻤﺎﺭ ﻟﻠﺴﻬﻢ)ﻉ.ﻝ.ﳏﻤﺪ ﻣﻨﺴﻰ ،2001 ،ﺹ ، (238:ﻭﺫﻟﻚ ﻭﻓﻖ ﺍﳌﻌﺎﺩﻟﺔ
ﳏﺪﻭﺩﺓ ﻟﻔﺘﺮﺓ ﻣﻌﻴﻨﺔ؛ ﺍﻟﺘﺎﻟﻴﺔ :ﺭﻗﻢ )(1
• ﺗﺄﺧﺬ ﻧﻈﺮﻳﺔ ﺍﻻﺳﺘﺜﻤﺎﺭ ﻓﺘﺮﺓ ﳏﺪﻭﺩﺓ ﻻﺧﺘﻴﺎﺭ ﺍﻻﺳﺘﺜﻤﺎﺭ
v = D 0 + D 1 2 +L + D n n
ﻋﻨﺪ ﺍﺳﺘﻌﻤﺎﻝ ﳕﺎﺫﺝ ﺍﻻﺳﺘﺤﺪﺍﺙ ،ﻭﺗﻜﻮﻥ ﺃﺣﻴﺎﻧﺎ ﰲ ﺃﻓﻖ ) (1 + t) (1 + t ) (1 + t
ﻣﺘﻮﺳﻂ ﻻ ﻳﺘﻌﺪﻯ ﺍﳋﻤﺲ ﺳﻨﻮﺍﺕ Barrean et
،(7)( J. J.Delahaye,P301).ﺣﱴ ﻭﻟﻮ ﻛﺎﻥ ﺍﳌﺴﺘﺜﻤﺮ ﻳﻬﺪﻑ ﺣﻴﺚ : V:ﺍﻟﻘﻴﻤﺔ ﺍﳌﺘﻮﻗﻌﺔ ﻟﻠﺴﻬﻢ؛
ﳊﻴﺎﺯﺓ ﺍﻻﺳﺘﺜﻤﺎﺭ ﻟﻔﺘﺮﺓ ﺃﻃﻮﻝ ﺃﻭ ﺣﱴ ﺎﻳﺔ ﻋﻤﺮﻩ ﺍﻻﺳﺘﺜﻤﺎﺭﻱ، : D0, D1, D2,..., Dnﺍﻟﺘﻮﺯﻳﻌﺎﺕ ﺍﻟﻨﻘﺪﻳﺔ ﺍﳌﺴﺘﻘﺒﻠﻴﺔ،
ﻭﺫﻟﻚ ﻟﺴﺒﺐ ﺭﺋﻴﺴﻲ ﻳﺘﻤﺜﻞ ﰲ ﺃﻥ ﺍﻟﺘﻨﺒﺆ ﺑﺎﻟﺘﺪﻓﻘﺎﺕ ﺳﻴﻜﻮﻥ ﳑﺜﻠﺔ ﰲ ﺗﻮﺯﻳﻌﺎﺕ ﺍﻷﺭﺑﺎﺡ؛
ﻋﺸﻮﺍﺋﻴﺎ ﻭﻳﺘﻤﻴﺰ ﲝﺎﻟﺔ ﻋﺪﻡ ﺍﻟﺘﺄﻛﺪ ﻛﻠﻤﺎ ﺍﲡﻬﻨﺎ ﳓﻮ ﺍﻷﺟﻞ :nﺍﻟﺰﻣﻦ؛
ﺍﻟﺒﻌﻴﺪ ،ﳑﺎ ﻻ ﳚﻌﻠﻬﺎ ﺗﻌﻄﻲ ﻗﻴﻤﺔ ﺣﻘﻴﻘﻴﺔ ﻟﻼﺳﺘﺜﻤﺎﺭ. : tﲤﺜﻞ ﻣﻌﺪﻝ ﺍﻻﺳﺘﺤﺪﺍﺙ )ﺍﳋﺼﻢ(.
ﻛﻤﺎ ﳝﻜﻦ ﺇﻋﺎﺩﺓ ﻛﺘﺎﺑﺘﻬﺎ ﻋﻠﻰ ﺍﻟﻨﺤﻮ ﺍﻵﰐ:
ﺍﻧﻄﻼﻗﺎ ﻣﻦ ﺍﳌﻌﺎﺩﻟﺔ ﺍﻷﺳﺎﺳﻴﺔ ﺭﻗﻢ ) ،(1ﳝﻜﻦ ﺃﻥ ﻳﺘﻢ ∞
ﺗﻄﺒﻴﻖ ﳕﺎﺫﺝ ﺍﻻﺳﺘﺤﺪﺍﺙ ﻋﻠﻰ ﺗﻮﺯﻳﻌﺎﺕ ﺍﻷﺭﺑﺎﺡ ﻭﻓﻖ ﻋﺪﺓ = V ) ∑ (1 D+ t
n =1
n
n
ﺣﺎﻻﺕ ﻭﺍﻓﺘﺮﺍﺿﺎﺕ ،ﻭﻫﻲ):(8
ﺗﺪﻓﻘﺎﺕ ﻣﺘﺴﺎﻭﻳﺔ ﰲ ﻛﻞ ﺳﻨﺔ ،ﻭﻟﻔﺘﺮﺓ ﳏﺪﻭﺩﺓ . n .1 ﻳﻨﻄﻠﻖ ﻫﺬﺍ ﺍﻟﻨﻤﻮﺫﺝ ﻣﻦ ﻧﻈﺮﻳﺔ ﺍﻻﺳﺘﺜﻤﺎﺭ ،ﺑﺎﻋﺘﺒﺎﺭ ﺃﻧﻪ
ﺗﺪﻓﻘﺎﺕ ﻣﺘﺴﺎﻭﻳﺔ ﰲ ﻛﻞ ﺳﻨﺔ ﲟﻌﺪﻝ ﳕﻮ ﺻﻔﺮﻱ، .2 ﳛﺎﻭﻝ ﺍﻟﻮﻗﻮﻑ ﻋﻠﻰ ﻗﻴﻤﺔ ﺍﻟﺴﻬﻢ ﺍﻟﱵ ﲤﺜﻞ ﺍﳌﺒﻠﻎ ﺍﻟﻮﺍﺟﺐ
ﲤﺘﺪ ﺇﱃ ﻣﺎ ﻻﺎﻳﺔ )ﻓﺘﺮﺓ ﻏﲑ ﳏﺪﻭﺩﺓ(. ﺍﺳﺘﺜﻤﺎﺭﻩ )ﺍﻟﺘﻀﺤﻴﺔ ﺑﻪ( ﲟﺎ ﻳﻘﺎﺑﻞ ﺍﻟﺘﺪﻓﻘﺎﺕ ﺍﳌﺘﻮﻗﻊ ﺍﳊﺼﻮﻝ
ﺗﺪﻓﻖ ﻳﻨﻤﻮ ﲟﻌﺪﻝ ﳕﻮ ﺛﺎﺑﺖ ﺍﺑﺘﺪﺍﺀ ﻣﻦ ﺍﻟﺴﻨﺔ ﺍﻷﻭﱃ، .3 ﻋﻠﻴﻬﺎ ،ﻭﺍﳌﺘﻤﺜﻠﺔ ﰲ ﻫﺬﻩ ﺍﳊﺎﻟﺔ ﰲ ﺗﻮﺯﻳﻌﺎﺕ ﺍﻷﺭﺑﺎﺡ ﺍﻟﱵ ﻢ
ﳝﺘﺪ ﺇﱃ ﻣﺎ ﻻﺎﻳﺔ؛ ﻭﺗﺴﻤﻰ ﻫﺬﻩ ﺍﻟﻄﺮﻳﻘﺔ ﺑﻄﺮﻳﻘﺔ "ﻗﻮﺭﺩﻥ- ﺍﳌﺴﺘﺜﻤﺮ ﺑﺎﻟﺪﺭﺟﺔ ﺍﻷﻭﱃ .ﻭﻟﻐﺮﺽ ﺫﻟﻚ ﻳﺘﻢ ﺍﺳﺘﺤﺪﺍﺛﻬﺎ ﻭﻓﻖ
ﺷﺎﺑﲑﻭ ."Gordon-Shapiro ﻣﻌﺪﻝ ﺧﺼﻢ ﻣﻌﲔ ،ﳑﺎ ﳚﻌﻞ ﻫﺬﺍ ﺍﻟﻨﻤﻮﺫﺝ ﻳﺼﻨﻒ ﺿﻤﻦ ﻃﺮﻕ
.4ﺗﺪﻓﻖ ﻳﻨﻤﻮ ﲟﻌﺪﻝ ﳕﻮ ﻏﲑ ﺛﺎﺑﺖ؛ ﰲ ﻫﺬﺍ ﺍﻹﻃﺎﺭ ﳒﺪ ﺃﻥ ﺍﻟﺘﻘﻴﻴﻢ ﺍﳌﺮﺗﻜﺰﺓ ﻋﻠﻰ ﺍﳌﻨﻈﻮﺭ ﺍﳋﺎﺹ )ﺍﻻﺳﺘﺤﺪﺍﺙ(
"ﻗﻮﺭﺩﻥ -ﺷﺎﺑﲑﻭ " ،ﻗﺪ ﺍﻓﺘﺮﺍﺿﺎ ﳕﻮﺫﺟﺎ ﺁﺧﺮ ﺃﻛﺜﺮ ﻭﺍﻗﻌﻴﺔ ) . Approche actuarielle (6ﻭﻛﻤﺎ ﺳﺒﻖ ﺍﻹﺷﺎﺭﺓ ﺇﻟﻴﻪ ،ﻓﺈﻥ
ﻳﺘﻤﺜﻞ ﰲ ﺃﻥ ﻣﻌﺪﻝ ﺍﻟﻨﻤﻮ ﻳﻜﻮﻥ ﻏﲑ ﺛﺎﺑﺖ. ﻓﻠﺴﻔﺔ ﻫﺬﻩ ﺍﻟﻄﺮﻳﻘﺔ ﺗﻨﻄﻠﻖ ﻣﻦ ﺍﻟﺸﻜﻞ ﺍﻷﺳﺎﺳﻲ ﺍﻟﺬﻱ ﻗﺪﻣﻪ
ﺍﻻﻗﺘﺼﺎﺩﻱ "ﺇ .ﻓﻴﺸﺮ ،"I.Fisherﳑﺎ ﳝﻜﻦ ﺍﺳﺘﺤﺪﺍﺙ ﺍﻟﺘﺪﻓﻘﺎﺕ
ﳝﺜﻞ ﻣﺎ ﺳﺒﻖ ،ﻣﻌﺎﺩﻻﺕ ﺭﻳﺎﺿﻴﺔ ﲝﺘﺔ ﻻ ﺗﻄﺮﺡ ﻭﻓﻘﻪ ﻛﻤﺎ ﻳﻠﻲ:( 78 -79 J.Brillman et C.Maire,1993,P
ﺇﺷﻜﺎﻻ ﻋﻨﺪ ﺍﺧﺘﻴﺎﺭ ﺍﳌﻌﺎﺩﻟﺔ ﺍﳌﻨﺎﺳﺒﺔ ﻭﺍﻟﻘﻴﺎﻡ ﺑﺎﳊﺴﺎﺏ ،ﻟﻜﻦ ﺭﻗﻢ )(2
ﻟﻠﻘﻴﺎﻡ ﺑﺎﳊﺴﺎﺏ ﻻﺑﺪ ﻣﻦ ﲢﺪﻳﺪ ﻭﺣﺴﺎﺏ ﻣﻜﻮﻧﺎﺎ ،ﻭﺍﳌﺘﻤﺜﻠﺔ
ﰲ: v= D0 + D1 2 +L+ Dn n + Vn n
) (1+t) (1+t ) (1+t ) (1+t
ﺗﻮﺯﻳﻌﺎﺕ ﺍﻷﺭﺑﺎﺡ: .1 Décaissement ﺣﻴﺚ : V:ﲤﺜﻞ ﺍﻟﺘﺪﻓﻘﺎﺕ ﺍﳋﺎﺭﺟﺔ ﺍﳊﺎﱄ
ﻳﺘﻢ ﺍﺳﺘﻘﺎﺀ ﻫﺬﻩ ﺍﻟﺘﺪﻓﻘﺎﺕ ﻣﻦ ﺍﻟﺘﺤﻠﻴﻞ ﺍﻷﺳﺎﺳﻲ ﺍﻟﺬﻱ )ﺍﻟﻘﻴﻤﺔ ﺍﳊﻘﻴﻘﻴﺔ ﻟﻸﺻﻞ(؛
ﻳﺘﻢ ﺍﻋﺘﻤﺎﺩﻩ ،ﻭﺗﺘﺄﺛﺮ ﺗﻮﺯﻳﻌﺎﺕ ﺍﻷﺭﺑﺎﺡ ﺑﻘﺪﺭﺓ ﺍﳌﺆﺳﺴﺔ ﻋﻠﻰ Encaissement : D0, D1, D2,..., Dnﲤﺜﻞ ﺍﳌﺘﺤﺼﻼﺕ
ﲢﻘﻴﻖ ﺍﻷﺭﺑﺎﺡ ﻣﻦ ﺟﻬﺔ ،ﻭﻣﻦ ﺟﻬﺔ ﺃﺧﺮﻯ ﺑﺎﻟﺴﻴﺎﺳﺔ ﺍﳌﺘﺒﻌﺔ ﻣﻦ ﺍﳌﺴﺘﻘﺒﻠﻴﺔ ،ﳑﺜﻠﺔ ﰲ ﺗﻮﺯﻳﻌﺎﺕ ﺍﻷﺭﺑﺎﺡ؛
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ﳎﻠﺔ ﺍﻟﺒﺎﺣﺚ – ﻋﺪﺩ _______________________________________________________________________________ 2007/5
ﻟﺘﺪﺍﻭﳍﺎ ﺍﳌﺴﺘﻤﺮ ،ﻟﺬﺍ ﻭﺑﺎﻋﺘﺒﺎﺭ ﺃﻥ ﺍﻻﺳﺘﺜﻤﺎﺭ ﰲ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﻃﺮﻑ ﺇﺩﺍﺭﺓ ﺍﻟﺸﺮﻛﺔ ﺑﺸﺄﻥ ﺗﻮﺯﻳﻌﻬﺎ ،ﺇﺫ ﻻﺑﺪ ﻋﻨﺪ ﺍﻟﻘﻴﺎﻡ
ﻳﻬﺪﻑ ﻣﻦ ﻭﺭﺍﺀﻩ ﺍﳌﺴﺘﺜﻤﺮ ﺇﱃ ﲢﻘﻴﻖ ﺍﻟﻌﻮﺍﺋﺪ ﺍﳌﺴﺘﻘﺒﻠﻴﺔ ،ﻛﺄﻱ ﺑﺎﻟﺘﺤﻠﻴﻞ ﺍﻟﺴﺎﺑﻖ ﻣﻦ ﺃﺧﺬ ﺫﻟﻚ ﰲ ﺍﳊﺴﺒﺎﻥ.
ﺍﺳﺘﺜﻤﺎﺭ ﰲ ﳎﺎﻻﺕ ﺃﺧﺮﻯ .ﻓﺈﻧﻪ ﲢﻜﻤﻪ ﻧﻈﺮﻳﺔ ﺍﻻﺳﺘﺜﻤﺎﺭ ﺍﻟﱵ ﻣﻌﺪﻝ ﺍﳋﺼﻢ: .2
ﺗﺄﺧﺬ ﺍﻟﻔﺘﺮﺓ ﺍﳌﺘﻮﺳﻄﺔ ﺍﻷﺟﻞ ،ﻭﺍﳌﺘﻤﺜﻠﺔ ﰲ ﲬﺲ ﺳﻨﻮﺍﺕ ﻳﺘﺤﺪﺩ ﻫﺬﺍ ﺍﳌﻌﺪﻝ ﺑﺪﻻﻟﺔ ﻋﻼﻭﺓ ﺍﳌﺨﺎﻃﺮﺓ ﺍﻟﺬﻱ
ﻛﺄﻗﺼﻰ ﺗﻘﺪﻳﺮ ،ﻭﺍﻟﱵ ﺗﻨﺎﺳﺐ ﻛﺜﲑﺍ ﺳﻠﻮﻙ ﺍﳌﻀﺎﺭﺑﺔ ﺍﻟﺬﻱ ﺗﺘﻀﻤﻨﻪ ،ﺑﺎﻟﻨﻈﺮ ﻟﻌﺪﺓ ﻋﻮﺍﻣﻞ:
ﻳﻐﻠﺐ ﻋﻠﻰ ﺍﳌﺘﻌﺎﻣﻠﲔ ﰲ ﺑﻮﺭﺻﺔ ﺍﻟﻘﻴﻢ. -ﻃﺒﻴﻌﺔ ﺍﳌﺨﺎﻃﺮﺓ ﺍﳌﺮﺗﺒﻄﺔ ﺑﺎﻻﺳﺘﺜﻤﺎﺭ ،ﻣﻦ ﳐﺎﻃﺮ ﺗﺸﻐﻴﻠﻴﺔ
ﻣﺮﺗﺒﻄﺔ ﺑﻨﺸﺎﻁ ﺍﻟﺸﺮﻛﺔ ﺍﳌﺼﺪﺭﺓ ﻟﻸﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﻭﳐﺎﻃﺮ ﻣﺎﻟﻴﺔ.
ﺍﻟﻘﻴﻤﺔ ﰲ ﺎﻳﺔ ﺍﳌﺪﺓ: .4 -ﺍﳌﺪﺓ ﺍﻟﺰﻣﻨﻴﺔ ﺍﳌﺄﺧﻮﺫﺓ ﻟﺘﻘﺪﻳﺮ ﺍﻟﺘﺪﻓﻘﺎﺕ ،ﻓﻜﻠﻤﺎ ﻛﺎﻧﺖ ﰲ
ﲤﺜﻞ ﻫﺬﻩ ﺍﻟﻘﻴﻤﺔ ،ﺳﻌﺮ ﺍﻟﺒﻴﻊ ﺍﶈﺘﻤﻞ ﻟﻠﻮﺭﻗﺔ ﺍﳌﺎﻟﻴﺔ ﰲ ﺍﳌﺪﻯ ﺍﻟﺒﻌﻴﺪ ﻛﻠﻤﺎ ﺯﺍﺩ ﺍﳋﻄﺄ ﻭﺣﺎﻟﺔ ﻋﺪﻡ ﺍﻟﺘﺄﻛﺪ ،ﳑﺎ ﻳﺆﺩﻱ ﺇﱃ
ﺎﻳﺔ ﺍﳌﺪﺓ ،ﻭﻣﺎﺩﺍﻡ ﺃﻥ ﺍﻟﻔﺘﺮﺓ ﺍﳌﺄﺧﻮﺫﺓ ﰲ ﻣﺜﻞ ﻫﺬﻩ ﺍﻻﺳﺘﺜﻤﺎﺭﺍﺕ ﺯﻳﺎﺩﺓ ﻋﻼﻭﺓ ﺍﳌﺨﺎﻃﺮ.
ﻻ ﺗﺘﺠﺎﻭﺯ ﺍﳋﻤﺲ ﺳﻨﻮﺍﺕ ،ﻓﺈﻧﻪ ﳝﻜﻦ ﺍﻟﺘﻨﺒﺆ ﺎ ،ﺑﻨﻔﺲ ﻭﻋﻤﻮﻣﺎ ﻳﻠﻘﻰ ﻫﺬﺍ ﺍﳌﻜﻮﻥ ﺻﻌﻮﺑﺔ ﻛﺒﲑﺓ ﰲ ﻛﻴﻔﻴﺔ
ﺍﻟﺘﻘﻨﻴﺎﺕ ﺍﻟﱵ ﰎ ﺍﺳﺘﻌﻤﺎﳍﺎ ﰲ ﺍﻟﺘﻨﺒﺆ ﺑﺘﻮﺯﻳﻌﺎﺕ ﺍﻷﺭﺑﺎﺡ ،ﻷﺎ ﺣﺴﺎﺑﻪ ﺑﲔ ﳐﺘﻠﻒ ﺍﶈﻠﻠﲔ ،ﻧﻈﺮﺍ ﶈﺎﻭﻟﺔ ﺗﻜﻤﻴﻤﻪ ﻟﻠﻤﺨﺎﻃﺮ
ﲤﺜﻞ ﺗﺪﻓﻘﺎ ﰲ ﺍﻟﻨﻬﺎﻳﺔ ،ﻭﻣﺎ ﻫﻲ ﺇﻻ ﻧﺘﺎﺝ ﻻﻧﻌﻜﺎﺱ ﺗﻮﻗﻌﺎﺕ ﺍﳌﺘﻌﻠﻘﺔ ﺑﺎﻻﺳﺘﺜﻤﺎﺭ .ﻭﻳﺘﻢ ﺍﺳﺘﻌﻤﺎﻝ ﻣﻌﺪﻝ ﺍﻟﻌﺎﺋﺪ ﺍﳌﻄﻠﻮﺏ ﻣﻦ
ﺍﻟﺘﺪﻓﻘﺎﺕ ﺑﻌﺪ ﺗﻠﻚ ﺍﻟﻔﺘﺮﺓ .ﻭﻗﺪ ﺗﻜﻮﻥ ﻫﺬﻩ ﺍﻟﻘﻴﻤﺔ ﺃﻛﱪ ﻣﻦ ﻃﺮﻑ ﺍﳌﺴﺘﺜﻤﺮﻳﻦ ﻛﻤﻌﺪﻝ ﺧﺼﻢ ،ﺇﺫ ﻣﻦ ﺑﲔ ﺍﻟﻨﻤﺎﺫﺝ
ﺳﻌﺮ ﺷﺮﺍﺀ ﺍﻟﻮﺭﻗﺔ ﺍﳌﺎﻟﻴﺔ ،ﻭﺑﺬﻟﻚ ﺳﻴﻜﻮﻥ ﺍﳌﺴﺘﺜﻤﺮ ﺃﻣﺎﻡ ﺣﺎﻟﺔ ﺍﳌﺸﻬﻮﺭﺓ ﳊﺴﺎﺑﻪ ﻳﺘﻢ ﺍﺳﺘﻌﻤﺎﻝ ﳕﻮﺫﺝ ﺗﺴﻌﲑ)ﺗﻘﻴﻴﻢ( ﺍﻷﺻﻮﻝ
ﻓﺎﺋﺾ ﻗﻴﻤﺔ ،ﺃﻭ ﺗﻜﻮﻥ ﺃﻗﻞ ﻣﻦ ﺳﻌﺮ ﺍﻟﺸﺮﺍﺀ ،ﳑﺎ ﺳﻴﺠﻌﻞ ﺍﳌﺎﻟﻴﺔ ) ،MEDAF(9ﺍﻟﺬﻱ ﻳﻌﻮﺩ ﺍﻟﻔﻀﻞ ﰲ ﺍﻛﺘﺸﺎﻓﻪ ﰲ ﺻﻮﺭﺗﻪ
ﺍﳌﺴﺘﺜﻤﺮ ﺃﻣﺎﻡ ﺣﺎﻟﺔ ﻧﻘﺺ ﻗﻴﻤﺔ. ﺍﻟﻨﻬﺎﺋﻴﺔ ﺇﱃ " ﻭﻟﻴﺎﻡ ﺷﺎﺭﺏ (10)"Willim Sharpe,1964ﺍﻟﺬﻱ
ﻗﺎﻡ ﻋﻠﻰ ﺃﺳﺎﺱ ﺗﻄﻮﻳﺮ ﻣﻨﺤﲎ ﺍﻻﺳﺘﺜﻤﺎﺭﺍﺕ ﺍﻟﻜﻒﺀ ﻟﻠﺴﻮﻕ
ﻳﻬﺪﻑ ﳕﻮﺫﺝ ﺧﺼﻢ ﺗﻮﺯﻳﻌﺎﺕ ﺍﻷﺭﺑﺎﺡ ﺇﱃ ﺍﻟﻮﺻﻮﻝ ﺍﳌﺎﻟﻴﺔ ،ﻭﺍﳌﻌﺮﻭﻑ ﺑﺎﺳﻢ " ﺍﻟﻨﻤﻮﺫﺝ ﺍﻟﻘﻄﺮﻱ" ﻟﻸﻛﺎﺩﳝﻲ "
ﺇﱃ ﺍﻟﻘﻴﻤﺔ ﺍﳊﻘﻴﻘﻴﺔ ﻟﻠﻮﺭﻗﺔ ﺍﳌﺎﻟﻴﺔ ﺍﳌﺴﺘﻬﺪﻓﺔ ،ﻭﺫﻟﻚ ﻟﻴﺘﺴﲎ ﻫﺎﺭﻱ ﻣﺎﺭﻛﻮﻳﺘﺰ .(11)"H.Markowitz, 1965ﻭﻳﺴﺎﻭﻱ ﻫﺬﺍ
ﻟﻠﻤﺴﺘﺜﻤﺮ ﺍﳌﺎﱄ ﻣﻦ ﺍﲣﺎﺫ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺍﳌﻨﺎﺳﺒﺔ ،ﻭﰲ ﻫﺬﺍ ﺍﻟﺸﺄﻥ ﺍﳌﻌﺪﻝ -ﻭﻓﻖ ﻫﺬﺍ ﺍﻟﻨﻤﻮﺫﺝ -ﺍﻟﻌﺎﺋﺪ ﺍﳋﺎﱄ ﻣﻦ ﺍﳌﺨﺎﻃﺮ ،ﻣﻀﺎﻓﺎ
ﻳﺘﺨﺬ ﺍﳌﺴﺘﺜﻤﺮ ﻗﺮﺍﺭ ﺍﻟﺒﻴﻊ ﺃﻭ ﺍﻟﺸﺮﺍﺀ ﺃﻭ ﺍﻻﺣﺘﻔﺎﻅ ﺃﻭ ﺣﱴ ﻟﻪ ﻋﻼﻭﺓ ﺍﳋﻄﺮ ﺍﳌﺮﺗﺒﻄﺔ ﺑﺎﻻﺳﺘﺜﻤﺎﺭ ،ﻭﺫﻟﻚ ﻭﻓﻖ ﺍﳌﻌﺎﺩﻟﺔ ﺍﻟﺘﺎﻟﻴﺔ:
ﺍﻻﻣﺘﻨﺎﻉ ﻋﻦ ﺍﻟﺸﺮﺍﺀ ﺣﺴﺐ ﻣﻠﻜﻴﺘﻪ ﻟﻠﻮﺭﻗﺔ ﺍﳌﺎﻟﻴﺔ ﻣﻦ ﻋﺪﻣﻬﺎ،
ﻭﲟﻘﺎﺭﻧﺔ ﺍﻟﻘﻴﻤﺔ ﺍﳊﻘﻴﻘﻴﺔ ﺍﶈﺴﻮﺑﺔ ﻣﻊ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻮﻗﻴﺔ ،ﻭﺫﻟﻚ
] Ε (r j )= r f + β j[E (rM )− r f
ﻛﻤﺎ ﺳﺒﻖ ﺍﻹﺷﺎﺭﺓ ﺇﻟﻴﺔ ﰲ ﺎﻳﺔ ﺍﻟﺘﺤﻠﻴﻞ ﺍﻷﺳﺎﺳﻲ.
ﺣﻴﺚ E(rj) :ﻣﻌﺪﻝ ﺍﳌﺮﺩﻭﺩﻳﺔ ﺍﳌﻄﻠﻮﺏ ﻟﻠﻮﺭﻗﺔ ﺍﳌﺎﻟﻴﺔ؛
:-2-2ﳕﻮﺫﺝ ﻣﻀﺎﻋﻒ ﺍﻟﺴﻌﺮ ﺇﱃ ﺍﻟﻌﺎﺋﺪ rfﻣﻌﺪﻝ ﻣﺮﺩﻭﺩﻳﺔ ﺍﻷﺻﻞ ﺍﳋﺎﱄ ﻣﻦ ﺍﳋﻄﺮ ،ﻭﻳﺘﻢ
ﺍﻟﺮﺟﻮﻉ ﰲ ﺫﻟﻚ ﻟﻠﻌﺎﺋﺪ ﺃﺫﻭﻧﺎﺕ ﺍﳋﺰﻳﻨﺔ؛
ﻳﺘﻢ ﺍﺳﺘﻌﻤﺎﻝ ﺍﳌﻀﺎﻋﻔﺎﺕ ﻷﺟﻞ ﺭﲰﻠﺔ ﺍﻟﻌﻮﺍﺋﺪ ،ﲟﻌﲎ : Bjﻣﻌﺎﻣﻞ ﺍﳓﺪﺍﺭ)ﻣﻴﻞ( ﻣﺮﺩﻭﺩﻳﺔﺍﻟﻮﺭﻗﺔ ﺍﳌﺎﻟﻴﺔ ﺑﺎﻟﻨﺴﺒﺔﳌﺮﺩﻭﺩﻳﺔ
ﺇﳚﺎﺩ ﻗﻴﻤﺔ ﺃﺻﻞ ﺑﺪﻻﻟﺔ ﻋﺪﺩ ﺍﳌﺮﺍﺕ ﺍﻟﻮﺍﺟﺐ ﲢﻘﻘﻬﺎ ﻣﻦ ﺍﻟﻌﻮﺍﺋﺪ ﺍﻟﺴﻮﻕ )ﻣﻌﺎﻣﻞ ﺍﳊﺴﺎﺳﻴﺔ( ،ﻭﺍﻟﺬﻱ ﳛﺴﺐ ﺑﺎﻟﺘﺒﺎﻳﻦ ﺍﳌﺸﺘﺮﻙ
ﻟﺘﻐﻄﻴﺔ ﻗﻴﻤﺘﻪ .ﻭﳝﺜﻞ ﺍﳌﻀﺎﻋﻒ ﻣﻘﻠﻮﺏ ﻣﻌﺪﻝ ﺍﳌﺮﺩﻭﺩﻳﺔ .ﻭﺗﻄﺒﻖ ﳌﺮﺩﻭﺩﻳﺔ ﺍﻟﻮﺭﻗﺔ ﺍﳌﺎ ﻣﻊ ﻣﺮﺩﻭﺩﻳﺔ ﺍﻟﺴﻮﻕ ﻣﻘﺴﻮﻣﺎ ﻋﻠﻰ ﺗﺒﺎﻳﻦ
ﰲ ﳎﺎﻝ ﺗﻘﻴﻴﻢ ﺍﳌﺆﺳﺴﺎﺕ ﺑﺸﻜﻞ ﻋﺎﻡ ﻋﺪﺓ ﻣﻀﺎﻋﻔﺎﺕ ،ﺗﻌﻜﺲ ﻣﺮﺩﻭﺩﻳﺔ ﺍﻟﺴﻮﻕ ،ﺍﻟﺬﻱ ﻳﻜﻮﻥ ﻣﻌﻄﻰ ﻭﳏﺴﻮﺏ ﺿﻤﻦ ﺑﻴﺎﻧﺎﺕ
ﺍﻷﻭﺿﺎﻉ ﺍﳌﺨﺘﻠﻔﺔ ﻟﻌﻤﻠﻴﺎﺕ ﺍﻟﺘﻘﻴﻴﻢ ﻭﺍﳍﺪﻑ ﻣﻦ ﻭﺭﺍﺋﻬﺎ ،ﺃﻣﺎ ﰲ ﺍﻷﺳﻮﺍﻕ ﺍﳌﺎﻟﻴﺔ ﻣﻦ ﻃﺮﻑ ﺟﻬﺎﺕ ﺗﻌﻤﻞ ﻋﻠﻰ ﺫﻟﻚ.
ﳎﺎﻝ ﺗﻘﻴﻴﻢ ﺍﺳﻬﻢ ﺍﻟﺸﺮﻛﺎﺕ ﻷﻏﺮﺍﺽ ﺍﲣﺎﺫ ﺍﻟﻘﺮﺍﺭ ﰲ ﺇﻃﺎﺭ ) :E(rMﻣﻌﺪﻝ ﻣﺮﺩﻭﺩﻳﺔ ﺍﻟﺴﻮﻕ؛
ﺍﻻﺳﺘﺜﻤﺎﺭ ﰲ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ،ﻓﻐﺎﻟﺒﺎ ﻣﺎ ﻳﺘﻢ ﺍﻟﻠﺠﻮﺀ ﺇﱃ ﺍﺳﺘﻌﻤﺎﻝ ﳝﺜﻞ ﺍﻟﻔﺮﻕ ﺑﲔ ﻣﺮﺩﻭﺩﻳﺔ ﺍﻟﺴﻮﻕ ﻭﻣﺮﺩﻭﺩﻳﺔ ﺍﻷﺻﻞ
ﻣﻀﺎﻋﻒ ﺍﻟﺴﻌﺮ ﺇﱃ ﺍﻟﻌﺎﺋﺪ ، PERﻭﺍﻟﺬﻱ ﻳﻌﺪ ﻣﻦ ﺑﲔ ﺑﺪﻭﻥ ﳐﻄﺮ ﻋﻼﻭﺓ ﳐﻄﺮ ﺍﻟﺴﻮﻕ ،ﻭﺣﻴﻨﻤﺎ ﺗﻀﺮﺏ ﻫﺬﻩ ﺍﻷﺧﲑﺓ
ﺍﳌﺆﺷﺮﺍﺕ ﺍﳍﺎﻣﺔ ﺍﻟﱵ ﻳﺘﻢ ﺣﺴﺎﺎ ﻭﺗﺘﺒﻌﻬﺎ ﰲ ﺑﻮﺭﺻﺎﺕ ﺍﻟﻘﻴﻢ ﰲ ﺑﻴﺘﺎ ﺗﻌﻄﻲ ﻋﻼﻭﺓ ﳐﻄﺮ ﺍﻟﻮﺭﻗﺔ ﺍﳌﺎﻟﻴﺔ.
ﳉﻤﻴﻊ ﺍﳌﺘﻌﺎﻣﻠﲔ ﻓﻴﻬﺎ ،ﺣﱴ ﺑﺎﻟﻨﺴﺒﺔ ﻟﻠﻤﺤﻠﻠﲔ ﺍﻟﺬﻳﻦ ﻳﻌﺘﻤﺪﻭﻥ ﺍﻟﻔﺘﺮﺓ ﺍﳌﺄﺧﻮﺫﺓ: .3
ﻋﻠﻰ ﺍﻟﺘﺤﻠﻴﻞ ﺍﻟﻔﲏ ،ﺇﺫ ﻳﻌﺘﱪ ﻣﻦ ﺑﲔ ﻣﺆﺷﺮﺍﺕ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﰲ ﺣﺎﻟﺔ ﺍﺳﺘﻌﻤﺎﻝ ﳕﻮﺫﺝ ﺍﺳﺘﺤﺪﺍﺙ ﺗﻮﺯﻳﻌﺎﺕ
ﺍﻟﱵ ﻳﺘﻢ ﺩﺭﺍﺳﺘﻬﺎ ﰲ ﺍﳌﺎﺿﻲ ،ﻭﻳﺘﻢ ﻧﺸﺮﻫﺎ ﰲ ﺍﻟﺼﺤﻒ ﺍﻷﺭﺑﺎﺡ ﻟﻔﺘﺮﺓ ﳏﺪﺩﺓ ،ﻳﻜﻮﻥ ﻣﻦ ﺍﻟﻮﺍﺟﺐ ﻋﻠﻰ ﺍﳌﺴﺘﺜﻤﺮ ﺍﳌﺎﱄ
ﺍﳌﺘﺨﺼﺼﺔ ﰲ ﺷﺆﻭﻥ ﺍﻟﺒﻮﺭﺻﺎﺕ. ﺃﻥ ﻳﺴﺘﻬﺪﻑ ﻓﺘﺮﺓ ﻣﻌﻴﻨﺔ ،ﻳﺘﺤﺪﺩ ﻋﻠﻰ ﺇﺛﺮﻫﺎ ﺍﻟﺘﻮﻗﻌﺎﺕ ﺍﳌﺴﺘﻘﺒﻠﻴﺔ
ﻟﺘﻮﺯﻳﻌﺎﺕ ﺍﻷﺭﺑﺎﺡ ﻭﻗﻴﻤﺔ ﺍﻟﻮﺭﻗﺔ ﺍﳌﺎﻟﻴﺔ ﰲ ﺎﻳﺔ ﺍﻟﻔﺘﺮﺓ .ﻓﺎﻟﻮﺍﻗﻊ
ﺍﻟﻌﻤﻠﻲ ﻳﻔﺘﺮﺽ ﺃﻥ ﻳﻜﻮﻥ ﲤﻠﻚ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﻟﻔﺘﺮﺓ ﻣﻌﻴﻨﺔ ﻧﻈﺮﺍ
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__________________________________________________ ﺃﳘﻴﺔ ﺗﻘﻴﻴﻢ ﺍﳌﺆﺳﺴﺎﺕ ﰲ ﺍﲣﺎﺫ ﻗﺮﺍﺭﺍﺕ ﺍﻻﺳﺘﺜﻤﺎﺭ ﺍﳌﺎﱄ -ﺹ.ﺹ119-107 .
ﻣﺎ ﻳﻼﺣﻆ ﻋﻠﻰ ﻫﺬﺍ ﺍﳌﻀﺎﻋﻒ ﺃﻧﻪ ﳝﺜﻞ ﻧﺴﺒﺔ ﺑﲔ ﻭﰲ ﳎﺎﻝ ﺗﻘﻴﻴﻢ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ،ﻳﺸﲑ ﺃﺻﺤﺎﺏ
ﻣﻜﻮﻧﲔ ،ﺇﺫ ﻻ ﺑﺪ ﻣﻦ ﺗﻌﺮﻳﻔﻬﻤﺎ ﻭﲢﺪﻳﺪﳘﺎ .ﻓﻔﻲ ﻫﺬﺍ ﺍﻹﻃﺎﺭ ﺍﻟﺘﺤﻠﻴﻞ ﺍﻷﺳﺎﺳﻲ ﺇﱃ ﻣﻀﺎﻋﻒ ﺍﻟﺮﺑﺢ PERﺑﺎﻟﻨﻤﻮﺫﺝ ﺍﻟﻌﻤﻠﻲ
ﳒﺪ ﺍﻟﻜﺜﲑ ﻣﻦ ﺍﻻﻗﺘﺮﺍﺣﺎﺕ ﺍﳌﻘﺪﻣﺔ ﻣﻦ ﻃﺮﻑ ﺍﳌﻤﺎﺭﺳﲔ ﺃﻭ ﺍﻟﻮﺍﻗﻌﻲ)ﻡ.ﺇ.ﻫﻨﺪﻱ ،2002،ﺹ ، (418:ﻧﻈﺮﺍ ﻟﻜﺜﺮﺓ
ﻭﺍﻷﻛﺎﺩﳝﻴﲔ ،ﻭﺳﻨﺤﺎﻭﻝ ﺗﻌﺮﻳﻒ ﻣﻜﻮﱐ ﺍﳌﻀﺎﻋﻒ ﻋﻠﻰ ﺍﻟﻨﺤﻮ ﻭﺷﻴﻮﻉ ﺍﺳﺘﻌﻤﺎﻟﻪ ﻣﻦ ﻃﺮﻑ ﺍﻟﻌﺪﻳﺪ ﻣﻦ ﺍﶈﻠﻠﲔ ﺍﳌﺎﻟﻴﲔ
ﺍﻵﰐ: ﻭﺍﳌﺘﻌﺎﻣﻠﲔ ﰲ ﺍﻟﺴﻮﻕ)(M.Albouy et S.Perrier,2003,P60
.1ﺍﻟﺴﻌﺮ: ﻣﻦ ﺟﻬﺔ ،ﻭﻣﻦ ﺟﻬﺔ ﺃﺧﺮﻯ ﻟﺴﻬﻮﻟﺔ ﺗﻄﺒﻴﻘﻪ ﻭﻓﻬﻤﻪ ﺑﺎﳌﻘﺎﺭﻧﺔ
ﻳﺘﻢ ﺍﺳﺘﻘﺎﺀ ﺍﻟﺴﻌﺮ ﻣﻦ ﺍﻟﺒﻮﺭﺻﺔ ،ﻭﺑﺎﻟﺘﺎﱄ ﻓﻬﻮ ﻣﺘﻐﲑ ﺑﻄﺮﻕ ﺃﺧﺮﻯ .ﺇﻥ ﻫﺬﻩ ﺍﻟﻌﻮﺍﻣﻞ ﺳﺘﺴﺎﻋﺪ ﰲ ﺇﺿﻔﺎﺀ ﺍﳌﺼﺪﺍﻗﻴﺔ
ﺩﺍﺧﻠﻲ ﳜﻀﻊ ﻵﻟﻴﺔ ﺍﻟﻌﺮﺽ ﻭﺍﻟﻄﻠﺐ ﺩﺍﺧﻞ ﺍﻟﺴﻮﻕ .ﻭﺑﺘﻌﺪﺩ ﻋﻠﻰ ﻧﺘﺎﺋﺠﻪ ﻭﺗﺜﺒﺖ ﺍﻋﺘﻤﺎﺩﻩ ﻛﺄﺣﺪ ﺍﳌﺆﺷﺮﺍﺕ ﺍﳍﺎﻣﺔ ﻟﻠﺘﻘﻴﻴﻢ
ﺃﺳﻌﺎﺭ ﺍﻷﺳﻬﻢ ﺍﳌﺴﺠﻠﺔ ﰲ ﺍﻟﺒﻮﺭﺻﺔ ﻳﻄﺮﺡ ﻣﺸﻜﻞ ﲢﺪﻳﺪ ﺍﻟﺴﻌﺮ ﻭﺍﲣﺎﺫ ﺍﻟﻘﺮﺍﺭ ﻟﻠﻤﺴﺘﺜﻤﺮﻳﻦ ﺍﳌﺎﻟﻴﲔ ،ﺑﺎﻟﺮﻏﻢ ﻣﻦ ﻗﺼﻮﺭﻩ ﻧﺘﻴﺠﺔ
ﺍﻟﻮﺍﺟﺐ ﺗﻄﺒﻴﻘﻪ؛ ﺃﺣﺪﺙ ﺳﻌﺮ ،ﺍﻟﺴﻌﺮ ﰲ 31ﺩﻳﺴﻤﱪ ﻟﻠﺴﻨﺔ ﻟﺒﻌﺾ ﺍﻟﻌﻴﻮﺏ ﺍﻟﱵ ﺗﺸﻮﺑﻪ ،ﺧﺎﺻﺔ ﻓﻴﻤﺎ ﻳﺘﻌﻠﻖ ﺑﺎﺧﺘﻴﺎﺭ ﻣﻜﻮﻧﺎﺗﻪ
ﺍﳌﺎﺿﻴﺔ ﺃﻭ ﺍﻟﺴﻌﺮ ﺍﳌﺘﻮﺳﻂ ﻟﻔﺘﺮﺓ ﻣﻌﻴﻨﺔ )ﺷﻬﺮ ،ﺳﺪﺍﺳﻲ ،ﺳﻨﺔ، ﺍﻟﱵ ﻻ ﺗﻠﻘﻰ ﺗﻮﺣﻴﺪﺍ ﺑﲔ ﳐﺘﻠﻒ ﺍﳌﺘﻌﺎﻣﻠﲔ ،ﳑﺎ ﻗﺪ ﻳﻘﻮﺩ ﺇﱃ
…( .ﻓﺘﻄﺒﻴﻖ ﳐﺘﻠﻒ ﻫﺬﻩ ﺍﻷﺳﻌﺎﺭ ﻋﻨﺪ ﺃﻱ ﳏﺎﻭﻟﺔ ﻟﺘﻘﻴﻴﻢ ﺳﻬﻢ ﺍﻟﻮﺻﻮﻝ ﻟﻨﺘﺎﺋﺞ ﻣﻀﻠﻠﺔ ﰲ ﺍﲣﺎﺫ ﺍﻟﻘﺮﺍﺭ.
ﻣﻌﲔ ﻟﻐﺮﺽ ﺍﲣﺎﺫ ﺍﻟﻘﺮﺍﺭ ﻣﻦ ﺷﺎﻧﻪ ﺃﻥ ﻳﻨﺘﺞ ﺍﺧﺘﻼﻓﺎ ﰲ ﺍﻟﻘﻴﻢ
ﻧﻈﺮﺍ ﻟﻌﺪﻡ ﺛﺒﺎﺕ ﺍﻟﺴﻌﺮ ﺑﺴﺒﺐ ﺗﺪﻓﻖ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﳉﺪﻳﺪﺓ .ﺇﻻ ﺃﻧﻪ ﺑﺎﻹﺿﺎﻓﺔ ﺇﱃ ﻣﺎ ﺳﺒﻖ ،ﻳﺘﺄﺛﺮ ﻣﻀﺎﻋﻒ ﺍﻟﺮﲝﻴﺔ
ﰲ ﺍﻟﻌﺎﺩﺓ ﻳﺘﻢ ﺃﺧﺬ ﺳﻌﺮ ﺍﻹﻗﻔﺎﻝ ﰲ ﺍﻟﻴﻮﻡ ﺍﻟﺬﻱ ﲡﺮﻯ ﻓﻴﻪ ﻋﻤﻠﻴﺔ ﲟﺨﺮﺟﺎﺕ ﻧﻈﺎﻡ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﶈﺎﺳﱯ ﻋﻠﻰ ﻣﺴﺘﻮﻯ ﺍﻟﻌﺎﺋﺪ ،ﳑﺎ ﻗﺪ
ﺍﻟﺘﻘﻴﻴﻢ)ﻡ.ﺇ.ﻫﻨﺪﻱ ،2002،ﺹ ، (418:ﻭﺍﻟﺬﻱ ﳝﺜﻞ ﺃﺣﺪﺙ ﻳﻔﻀﻲ ﺇﱃ ﺃﺧﻄﺎﺀ ﻓﺎﺩﺣﺔ ﰲ ﺍﲣﺎﺫ ﺍﻟﻘﺮﺍﺭﺍﺕ ﻋﻠﻰ ﻣﺴﺘﻮﻯ
ﺳﻌﺮ ،ﻭﻳﻌﻜﺲ ﻗﺪﺭﺓ ﺍﻟﺸﺮﻛﺔ ﰲ ﲢﻘﻴﻖ ﺃﺭﺑﺎﺡ ﻣﺴﺘﻘﺒﻠﻴﺔ ﺑﻨﺎﺀ ﺍﺧﺘﻴﺎﺭ ﺍﻻﺳﺘﺜﻤﺎﺭ ﺑﲔ ﺃﻣﻜﻨﺔ ﻣﺎﻟﻴﺔ ﻟﺪﻭﻝ ﳐﺘﻠﻔﺔ)ﺗﺴﻴﲑ ﳏﻔﻈﺔ
ﻋﻠﻰ ﺃﺣﺪﺙ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﻟﻮﺍﺭﺩﺓ ﻟﻠﺴﻮﻕ ،ﻭﻫﻮ ﻣﺎ ﻳﻬﻢ ﻛﺜﲑﺍ ﺍﻻﺳﺘﺜﻤﺎﺭ ﺍﻟﺪﻭﻟﻴﺔ( ،ﺗﻜﻮﻥ ﻓﻴﻬﺎ ﻃﺮﻕ ﺍﻟﺘﻘﻴﻴﻢ ﺍﶈﺎﺳﺒﻴﺔ
ﺍﳌﺴﺘﺜﻤﺮﻳﻦ ﺍﳌﺎﻟﻴﲔ. ﻭﺍﻟﺘﻄﺒﻴﻘﺎﺕ ﺍﶈﺎﺳﺒﻴﺔ ﺑﺸﻜﻞ ﻋﺎﻡ ﳐﺘﻠﻔﺔ .ﻧﺎﻫﻴﻚ ﻋﻦ ﻧﺘﺎﺋﺞ
ﺍﻟﺘﻼﻋﺒﺎﺕ ﺍﶈﺎﺳﺒﻴﺔ Les manipulations comptablesﺍﻟﱵ ﻗﺪ
.2ﺍﻟﻌﺎﺋﺪ: ﲢﺪﺙ ﻭﻣﺎ ﳍﺎ ﻣﻦ ﺃﺛﺮ ﺑﺎﻟﻎ ﻋﻠﻰ ﺍﻟﺮﺑﺢ ﺍﳊﻘﻴﻘﻲ ﺍﳌﺴﺘﺨﺮﺝ ﻣﻦ
ﻋﻠﻰ ﻋﻜﺲ ﺍﻟﺴﻌﺮ ،ﻳﺘﻢ ﺍﺳﺘﻘﺎﺀ ﺍﻟﻌﺎﺋﺪ ﺍﻟﺬﻱ ﻳﺘﻤﺜﻞ ﰲ ﺍﻟﻘﻮﺍﺋﻢ ﺍﳌﺎﻟﻴﺔ) .(12ﻭﰲ ﻫﺬﺍ ﺍﻹﻃﺎﺭ ﲤﺖ ﺩﺭﺍﺳﺔ ﺣﺎﻭﻟﺖ ﺗﻔﺴﲑ
ﺍﻟﺮﺑﺢ ﻣﻦ ﻣﺼﺎﺩﺭ ﺧﺎﺭﺝ ﺍﻟﺴﻮﻕ ،ﻭﻳﺘﻢ ﺍﻻﻋﺘﻤﺎﺩ ﺑﺎﻟﺪﺭﺟﺔ ﺍﻟﻔﺮﻕ ﺍﳊﺎﺻﻞ ﺑﲔ ﺍﳌﻀﺎﻋﻒ ﺍﻷﻣﺮﻳﻜﻲ ﻭﺍﻟﻴﺎﺑﺎﱐ ﺍﳌﺼﺮﺡ ﻤﺎ،
ﺍﻷﻭﱃ ﻋﻠﻰ ﺍﻟﻘﻮﺍﺋﻢ ﺍﳌﺎﻟﻴﺔ ﻟﻠﺸﺮﻛﺔ ﺍﳌﻌﻨﻴﺔ .ﻭﻳﻼﻗﻲ ﻫﻮ ﺍﻵﺧﺮ ﻭﻻﺣﻈﺖ ﺑﻌﺪ ﺇﻋﺎﺩﺓ ﺗﺼﺤﻴﺢ ﺍﳌﻀﺎﻋﻒ ﺍﻟﻴﺎﺑﺎﱐ ،ﺃﻥ ﺍﳌﻀﺎﻋﻔﺎﺕ
ﺍﺧﺘﻼﻓﺎ ﺑﲔ ﺍﳌﻤﺎﺭﺳﲔ ﻭﺍﻷﻛﺎﺩﳝﻴﲔ ،ﻧﻈﺮﺍ ﻟﺘﻌﺪﺩ ﻣﻔﺎﻫﻴﻤﻪ ﻛﻤﺎ ﻫﻮ ﻣﺼﺮﺡ ﺎ ﺳﺘﺆﺩﻱ ﺑﺎﲣﺎﺫ ﻗﺮﺍﺭﺍﺕ ﻏﲑ ﺻﺎﺋﺒﺔ ﰲ
)ﺍﻟﺮﺑﺢ ﺍﻟﺼﺎﰲ ﻣﻦ ﺍﻟﻀﺮﺍﺋﺐ ،ﺍﻟﻨﺘﻴﺠﺔ ﺍﳉﺎﺭﻳﺔ (...،ﻭﺍﻷﺯﻣﻨﺔ ﺍﻻﺧﺘﻴﺎﺭ ﺑﲔ ﺍﳌﻜﺎﻧﲔ ﺍﳌﺎﻟﻴﲔ)ﻃﻮﻛﻴﻮ ﻭﻧﻴﻮﻳﻮﺭﻙ( ،ﺑﺴﺒﺐ
ﺍﳌﺨﺘﻠﻔﺔ ﺍﻟﱵ ﻳﻨﺸﺄ ﻓﻴﻬﺎ ) ﻣﺎﺿﻲ ،ﺣﺎﱄ ﺃﻭ ﻣﺴﺘﻘﺒﻠﻲ( ،ﳑﺎ J.Brillman et ﺍﺧﺘﻼﻑ ﺍﻟﺘﻄﺒﻴﻘﺎﺕ ﺍﶈﺎﺳﺒﻴﺔ
ﺳﻴﺆﺩﻱ ﺇﱃ ﺍﺧﺘﻼﻑ ﻗﻴﻢ ﺍﳌﻀﺎﻋﻒ ﻓﻴﻤﺎ ﻟﻮ ﰎ ﺍﺳﺘﻌﻤﺎﻝ ﻣﻔﺎﻫﻴﻢ ).( C.Maire,1993,PP60-85
ﳐﺘﻠﻔﺔ ﻟﻪ .ﻭﳒﺪ ﺃﻥ ﺍﻟﺒﻌﺾ ﻳﻮﺻﻲ ﺑﺎﺳﺘﻌﻤﺎﻝ ﺍﻟﺮﺑﺢ ﻟﻠﺴﻬﻢ
، BPAﻭﺍﻟﺬﻱ ﳝﺜﻞ ﺍﻟﺜﺮﻭﺓ ﺍﻟﻨﻈﺮﻳﺔ ﻟﻠﻤﺴﺎﻫﻢ ﻟﻠﺴﻨﺔ ﺍﳉﺎﺭﻳﺔ، ﻭﺑﺎﻟﺮﻏﻢ ﻣﻦ ﺫﻟﻚ ﻛﻠﻪ ،ﻳﺒﻘﻰ ﻫﺬﺍ ﺍﳌﻀﺎﻋﻒ ﺍﻷﻛﺜﺮ
ﺇﻟﺰﺍﻣﻴﺎ ﺫﻟﻚ ﻳﻜﻮﻥ ﺃﻥ ﺑﺪﻭﻥ ﺍﻋﺘﻤﺎﺩﺍ ﻭﺍﺳﺘﻌﻤﺎﻻ ،ﺑﺎﻋﺘﺒﺎﺭ ﺃﻧﻪ ﻳﻠﻘﻰ ﻗﺒﻮﻻ ﻋﺎﻣﺎ ﻣﻦ ﻃﺮﻑ
) .(P.Vernimmen,2002,P546ﻭﻋﻤﻮﻣﺎ ﻳﻼﻗﻲ ﺗﻄﺒﻴﻖ ﺍﻟﺮﺑﺢ ﺍﳌﺘﻌﺎﻣﻠﲔ ،ﻓﻬﺬﻩ ﺍﳋﺎﺻﻴﺔ ﲡﻌﻞ ﻣﻦ ﳐﺮﺟﺎﺕ ﺗﻘﻴﻴﻤﻪ ﻣﻮﺿﻮﻋﻴﺔ
ﺍﳌﺎﺿﻲ ﻭﺍﳌﺘﻮﻗﻊ ﻟﻔﺘﺮﺓ ﻗﺼﲑﺓ ﺍﻷﺟﻞ ﺍﻧﺘﻘﺎﺩﺍ ﻣﺮﺩﻩ ﺃﻥ ﺍﻟﺮﺑﺢ ﰲ ﻧﻈﺮ ﺍﻟﺴﻮﻕ) .(13ﻭﻋﻠﻴﻪ ،ﻻﺑﺪ ﻣﻦ ﺍﻟﻘﻴﺎﻡ ﺑﺘﻌﺪﻳﻞ ﻭﺗﻮﺣﻴﺪ
ﺍﳌﺎﺿﻲ ،ﻻ ﳝﺜﻞ ﺍﻫﺘﻤﺎﻣﺎﺕ ﺍﳌﺴﺘﺜﻤﺮﻳﻦ ﺍﻟﺬﻳﻦ ﻳﺸﺘﺮﻭﻥ ﺍﻟﺴﻬﻢ ﻣﻜﻮﻧﺎﺗﻪ ﻟﻜﻲ ﺗﻌﻄﻲ ﻗﺮﺍﺀﺓ ﻣﻮﺣﺪﺓ ﻭﻧﺘﺎﺋﺞ ﻣﺘﻘﺎﺭﺑﺔ ﳌﺨﺘﻠﻒ
ﻋﻠﻰ ﺃﺳﺎﺱ ﺭﲝﻴﺘﻪ ﰲ ﺍﳌﺴﺘﻘﺒﻞ ،ﻛﻤﺎ ﺃﻥ ﺍﺳﺘﻌﻤﺎﻝ ﺍﻟﺮﺑﺢ ﰲ ﺍﳌﺘﻌﺎﻣﻠﲔ ﰲ ﺍﻟﺴﻮﻕ ﻭﻛﺬﺍ ﻋﻠﻰ ﻣﺴﺘﻮﻯ ﳐﺘﻠﻒ ﺍﻷﺳﻮﺍﻕ
ﺍﳌﺴﺘﻘﺒﻞ ﺍﻟﻘﺮﻳﺐ ،ﻗﺪ ﻳﻜﻮﻥ ﻋﺮﺿﺔ ﻟﻠﺘﺄﺛﺮ ﺑﻈﺮﻭﻑ ﻭﻋﻮﺍﻣﻞ ﺍﻟﺪﻭﻟﻴﺔ ﺧﺎﺻﺔ ﻣﻊ ﺗﺰﺍﻳﺪ ﻇﺎﻫﺮﺓ ﺍﻟﻌﻮﳌﺔ ﺍﳌﺎﻟﻴﺔ ،ﳑﺎ ﺳﻴﺴﺎﻋﺪ ﰲ
ﻣﺆﻗﺘﺔ ﻭﻋﺎﺑﺮﺓ)ﻡ.ﺇ.ﻫﻨﺪﻱ ،2002،ﺹ.(418: ﺗﻌﺰﻳﺰ ﻣﻜﺎﻧﺘﻪ ﻛﻤﺆﺷﺮ ﻫﺎﻡ ﺑﲔ ﲨﻴﻊ ﺍﳌﺘﻌﺎﻣﻠﲔ ﰲ ﳐﺘﻠﻒ
ﺍﻷﻣﻜﻨﺔ ﺍﳌﺎﻟﻴﺔ.
ﻭﻋﻤﻮﻣﺎ ،ﺃﻣﺎﻡ ﻫﺬﻩ ﺍﻻﻧﺘﻘﺎﺩﺍﺕ ﻭﺗﻌﺪﺩ ﻣﻜﻮﻧﺎﺕ
ﺍﳌﻀﺎﻋﻒ ،ﻳﺮﻯ ﺍﻟﺒﺎﺣﺚ ﺿﺮﻭﺭﺓ ﺍﻷﺧﺬ ﰲ ﺍﻻﻋﺘﺒﺎﺭ ﺑﻌﺾ ﻭﻳﺘﻢ ﺣﺴﺎﺏ ﻣﻀﺎﻋﻒ ﺍﻟﺴﻌﺮ ﺇﱃ ﺍﻟﻌﺎﺋﺪ ﻋﻠﻰ ﺍﻟﻨﺤﻮ
ﺍﻟﻨﻘﺎﻁ ﻋﻨﺪ ﺣﺴﺎﺑﻪ ﻭﺍﻟﺘﻌﺎﻣﻞ ﻣﻌﻪ ،ﻟﻠﻮﺻﻮﻝ ﻟﻸﻫﺪﺍﻑ ﺍﳌﺘﻮﺧﺎﺓ ﺍﻵﰐ:
ﻣﻨﻪ ،ﺧﺎﺻﺔ ﻣﺎ ﺗﻌﻠﻖ ﲟﻌﺮﻓﺔ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﺍﻟﱵ ﳜﻄﺄ ﺍﻟﺴﻮﻕ ﰲ
ﺗﻘﻴﻴﻤﻬﺎ )ﺍﳌﻘﻴﻤﺔ ﺑﺄﻋﻠﻰ ﺃﻭ ﺑﺄﺩﱏ ﻣﻦ ﻗﻴﻤﺘﻬﺎ( ،ﻭﺫﻟﻚ ﻛﻤﺎ ﻳﻠﻲ : ﺍﳌﻀﺎﻋﻒ =PERﺍﻟﺴﻌﺮ/ﺍﻟﻌﺎﺋﺪ
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ﳎﻠﺔ ﺍﻟﺒﺎﺣﺚ – ﻋﺪﺩ _______________________________________________________________________________ 2007/5
ﺍﳌﺎﺿﻴﺔ ،(...،ﺃﻥ ﻳﻌﺮﻑ ﻭﳛﺪﺩ ﻃﺒﻴﻌﺔ ﻣﻜﻮﻧﺎﺕ ﺍﳌﻀﺎﻋﻒ ﻟﻜﻲ -ﺍﳊﺮﺹ ﻋﻠﻰ ﺗﻄﺎﺑﻖ ﻣﻜﻮﻧﺎﺗﻪ ،ﺇﺫ ﻻﺑﺪ ﺃﻥ ﻳﺘﻮﺍﻓﻖ ﺍﻟﺴﻌﺮ ﻣﻊ
ﺗﺘﻴﺢ ﻟﻪ ﲢﻠﻴﻞ ﻭﻗﺮﺍﺀﺓ ﺳﻠﻴﻤﺔ ،ﻭﺗﺴﺎﻋﺪﻩ ﰲ ﺍﻟﺘﻌﺎﻣﻞ ﻣﻊ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺍﻟﺮﺑﺢ ،ﻭﺫﻟﻚ ﺑﺎﻷﺧﺬ ﺑﻌﲔ ﺍﻻﻋﺘﺒﺎﺭ ﻣﺴﺄﻟﺔ ﺃﺳﺎﺳﻴﺔ ﺗﺘﻤﺜﻞ ﰲ ﺃﻥ
ﺍﻟﱵ ﺗﺘﺨﺬ ﻋﻠﻰ ﺇﺛﺮﻫﺎ ﺑﺸﻜﻞ ﺻﺎﺋﺐ. ﺍﻷﺳﻌﺎﺭ ﺍﻟﱵ ﺳﺠﻠﺖ ﻭﺗﺴﺠﻞ ﰲ ﺑﻮﺭﺻﺔ ﺍﻟﻘﻴﻢ ،ﺇﳕﺎ ﻫﻲ ﻧﺘﻴﺠﺔ
ﻻﻧﻌﻜﺎﺱ Anticipéﻟﻸﺭﺑﺎﺡ ﺍﳌﺴﺘﻘﺒﻠﻴﺔ .ﻓﺎﻟﺮﺑﺢ ﺍﳌﺴﺘﻘﺒﻠﻲ ﻳﻮﺍﻓﻖ
ﻭﰲ ﺍﻷﺧﲑ ،ﻭﺑﻌﺪ ﺍﻟﻮﺻﻮﻝ ﺇﱃ ﻗﻴﻤﺔ ﻣﻼﺋﻤﺔ ﳌﻀﺎﻋﻒ ﺍﻟﺴﻌﺮ ﺍﳊﺎﱄ ﺍﳊﺪﻳﺚ ،ﻭﺍﻟﺴﻌﺮ ﰲ ﺍﳌﺎﺿﻲ ﻗﺪ ﺗﻜﻮﻥ ﺍﻟﻘﻮﺍﺋﻢ
ﺍﻟﺮﺑﺢ ،ﻳﺼﺒﺢ ﻣﻦ ﺍﻟﺴﻬﻞ ﻋﻠﻰ ﺍﶈﻠﻞ ﺍﳌﺎﱄ ﻣﻦ ﺇﳚﺎﺩ ﺍﻟﻘﻴﻤﺔ ﺍﳌﺎﻟﻴﺔ ﺍﳌﻨﺸﻮﺭﺓ ﻫﻲ ﺍﻟﱵ ﺍﻧﻌﻜﺴﺖ ﻓﻴﻪ.
ﺍﳊﻘﻴﻘﻴﺔ ﺍﻟﱵ ﻳﻨﺒﻐﻲ ﺃﻥ ﻳﻜﻮﻥ ﻋﻠﻴﻬﺎ ﺍﻟﺴﻬﻢ ،ﺗﺒﻌﺎ ﻟﻠﺮﺑﺢ ﺍﳌﺘﻮﻗﻊ -ﺿﺮﻭﺭﺓ ﺇﳚﺎﺩ ﻣﻀﺎﻋﻒ ﻳﻌﱪ ﻋﻦ ﺍﻟﺘﻨﺎﺳﺐ ﺍﳊﺎﺻﻞ ﰲ ﻣﺎ ﺑﲔ
ﺍﻟﺬﻱ ﺍﺳﺘﻨﺘﺠﻪ ﻣﻦ ﺳﻠﺴﻠﺔ ﲨﻊ ﻭﲢﻠﻴﻞ ﻭﺗﺸﺨﻴﺺ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﻟﺴﻌﺮ ﻭﺍﻟﻌﺎﺋﺪ ،ﻣﻊ ﺍﻷﺧﺬ ﰲ ﺍﳊﺴﺒﺎﻥ ﺇﻣﻜﺎﻧﻴﺔ ﺍﻟﻨﻤﻮ ،ﻭﺫﻟﻚ
ﻭﺍﻟﻌﻮﺍﻣﻞ ﺍﻷﺳﺎﺳﻴﺔ ﺍﻟﱵ ﲢﻜﻢ ﺍﻟﺴﻌﺮ ،ﻭﺫﻟﻚ ﺑﻀﺮﺏ ﺍﳌﻀﺎﻋﻒ ﲟﻘﺎﺭﻧﺔ ﺍﳌﻀﺎﻋﻒ ﺍﶈﺴﻮﺏ ﻣﻊ ﻣﻀﺎﻋﻒ ﻣﻌﻴﺎﺭﻱ ،ﻣﻦ ﺧﻼﻝ
ﺑﺎﻟﺮﺑﺢ ﺍﳌﻘﺪﺭ ،ﻭﺫﻟﻚ ﻋﻠﻰ ﺍﻟﻨﺤﻮ ﺍﻵﰐ: ﺳﻠﺴﻠﺔ ﺯﻣﻨﻴﺔ ﳌﻀﺎﻋﻒ ﺍﻟﺸﺮﻛﺔ ﻭﻣﻘﺎﺭﻧﺘﻪ ﻣﻊ ﻣﺘﻮﺳﻄﻬﺎ،
ﻭﻛﺬﻟﻚ ﺇﻣﻜﺎﻧﻴﺔ ﻣﻘﺎﺭﻧﺘﻪ ﻣﻊ ﻣﺘﻮﺳﻂ ﻤﻮﻋﺔ ﻣﻦ ﺍﻟﺸﺮﻛﺎﺕ
V= PER* BPA ﺍﻟﱵ ﺗﻨﺘﻤﻲ ﻟﻨﻔﺲ ﺍﻟﻘﻄﺎﻉ .ﻭﺫﻟﻚ ﻛﻠﻪ ﻹﻋﻄﺎﺀ ﻣﻀﺎﻋﻒ ﻳﻌﱪ
ﻋﻦ ﺍﻟﻨﺴﺒﺔ ﺍﳊﻘﻴﻘﻴﺔ ﺑﻌﻴﺪﺍ ﻋﻦ ﺍﻟﺘﺄﺛﲑﺍﺕ ﺍﻟﻈﺮﻓﻴﺔ .ﻛﻤﺎ ﳝﻜﻦ
ﺣﻴﺚ :ﳝﺜﻞ :BPAﺍﻟﺮﺑﺢ ﻟﻠﺴﻬﻢ ﺍﻟﻮﺍﺣﺪ ﺍﳌﻘﺪﺭ ،ﺣﻴﺚ ﻳﺘﻢ ﺍﻻﺳﺘﻌﺎﻧﺔ ﲝﺴﺎﺏ ﻣﻀﺎﻋﻒ ﺍﻟﺮﺑﺢ ﺍﻟﻨﺴﱯ ، PER Relatifsﺍﻟﺬﻱ
ﺍﳊﺼﻮﻝ ﻋﻠﻴﻪ ﺑﻘﺴﻤﺔ ﺍﻟﺮﺑﺢ ﺍﻹﲨﺎﱄ ﺍﳌﻘﺪﺭ ﻋﻠﻰ ﻋﺪﺩ ﺍﻷﺳﻬﻢ ﻳﻌﺘﱪ ﻣﻀﺎﻋﻔﺎ ﻣﺮﺟﻌﻴﺎ ﻭﺗﻨﻄﻠﻖ ﻣﻨﻪ ﻋﺪﺓ ﳕﺎﺫﺝ) (14ﲤﻜﻦ ﻣﻦ
ﺍﻟﻌﺎﺩﻳﺔ. ﻋﻤﻠﻴﺎﺕ ﺍﻟﺘﻨﺒﺆ ﺑﺎﻟﻘﻴﻢ ﺍﳌﺮﺗﺒﻄﺔ ﺑﺎﻟﺴﻬﻢ ،ﺇﺫ ﻳﺘﻢ ﺍﻟﻮﺻﻮﻝ ﺇﱃ
ﻗﻴﻤﺘﻪ ﺑﻘﺴﻤﺔ ﺍﳌﻀﺎﻋﻒ ﻟﻠﺴﻬﻢ ﺍﶈﺴﻮﺏ ﻣﻊ ﻣﻀﺎﻋﻒ ﺍﻟﺮﺑﺢ
ﻭﻣﺎ ﻳﻼﺣﻆ ﻋﻠﻰ ﻫﺬﺍ ﺍﻟﺸﻜﻞ ﺃﻧﻪ ﻳﺘﻢ ﺣﺴﺎﺏ ﻗﻴﻤﺔ ﻟﻠﺴﻮﻕ.
ﺍﻟﻮﺭﻗﺔ ﺍﳌﺎﻟﻴﺔ ﺑﺪﻻﻟﺔ ﺍﻟﺘﻐﲑﺍﺕ ﺍﳊﺎﺻﻠﺔ ﰲ ﺍﻟﺮﺑﺢ ﺍﳌﺴﺘﻘﺒﻠﻲ. -ﻻﺑﺪ ﻋﻠﻰ ﺍﶈﻠﻞ ﺃﻥ ﻳﺪﺭﻙ ﺍﻟﻌﻼﻗﺔ ﺍﻟﻘﺎﺋﻤﺔ ﺑﲔ ﺍﳌﻀﺎﻋﻒ
ﻭﻋﻠﻴﻪ ﻓﺈﻥ ﻣﻀﺎﻋﻒ ﺍﻟﺮﺑﺢ PERﳒﺪﻩ ﻟﻴﺲ ﺑﻌﻴﺪﺍ ﻋﻦ ﺍﻟﻔﻠﺴﻔﺔ ﺍﳌﺘﻤﺜﻠﺔ ﻭ ﺍﳍﺎﻣﺔ، ﺍﳌﺆﺷﺮﺍﺕ ﻭﺑﻌﺾ
ﻭﺍﻷﺳﺎﺱ ﺍﻟﺬﻱ ﻳﻘﻮﻡ ﻋﻠﻴﻪ ﺍﳌﻨﻈﻮﺭ ﺍﳋﺎﺹ )ﺍﻻﺳﺘﺤﺪﺍﺙ( ﰲ)) P.Vernimmen,2002,P547ﺑﺘﺼﺮﻑ((:
، Approche actuarielleﺑﺎﻋﺘﺒﺎﺭﻩ ﺃﻧﻪ ﻳﻘﻮﻡ ﻋﻠﻰ ﻓﺮﺿﻴﺔ ﺃﻥ -1ﻣﻌﺪﻝ ﳕﻮ ﺍﻷﺭﺑﺎﺡ :ﰲ ﺣﺎﻟﺔ ﺗﻮﻗﻊ ﳕﻮ ﰲ ﺍﻷﺭﺑﺎﺡ ،ﻳﻜﻮﻥ
ﻗﻴﻤﺔ ﺍﻟﺴﻬﻢ ﺗﻮﺍﻓﻖ ﺭﲰﻠﺔ ﺍﻟﺮﺑﺢ ﺍﳌﺘﻮﻗﻊ ﻭﻓﻖ ﻣﻌﺪﻝ ﻣﻌﲔ ﻣﻀﺎﻋﻒ ﺍﻟﺮﺑﺢ ﻣﺮﺗﻔﻊ ﻷﻥ ﺍﳌﺴﺘﺜﻤﺮﻳﻦ ﺳﻴﻘﺒﻠﻮﻥ ﻋﻠﻰ ﺷﺮﺍﺀ
)ﺍﳌﻀﺎﻋﻒ( ،ﻭﻛﺬﻟﻚ ﺍﳊﺎﻝ ﳉﻤﻴﻊ ﺍﻟﻄﺮﻕ ﺍﳌﺮﺗﻜﺰﺓ ﻋﻠﻰ ﺍﻟﻮﺭﻗﺔ ﺍﳌﺎﻟﻴﺔ ،ﳑﺎ ﻳﺆﺩﻱ ﺇﱃ ﺍﺭﺗﻔﺎﻉ ﺍﻟﺴﻌﺮ ،ﺑﺎﳌﻘﺎﺭﻧﺔ ﺑﺎﻟﺮﺑﺢ
(L.Batsch, 1999,P341)Approche ﺍﳌﻨﻈﻮﺭ ﺍﳌﻘﺎﺭﻥ ﺍﳌﺴﺘﺨﺮﺝ ﻣﻦ ﺍﻟﻘﻮﺍﺋﻢ ﺍﳌﺎﻟﻴﺔ ﺍﳌﻨﺸﻮﺭﺓ ،ﻭﺑﺎﻟﺘﺎﱄ ﻓﻌﻠﻰ ﺍﶈﻠﻞ ﺍﳌﺎﱄ
.comparativesﺇﺫ ﺃﻥ ﺍﻟﺸﻜﻞ ﺍﻟﺴﺎﺑﻖ ﻫﻮ ﻋﺒﺎﺭﺓ ﻋﻦ ﻗﺎﻋﺪﺓ ﺃﻥ ﻳﻔﻬﻢ ﺑﺄﻥ ﺍﻟﻌﻼﻗﺔ ﺑﲔ ﻣﻀﺎﻋﻒ ﺍﻟﺮﺑﺢ PERﺍﳊﺎﱄ ﻭﻣﻌﺪﻝ
ﺛﻼﺛﻴﺔ ﺗﺴﺘﻬﺪﻑ ﺣﺴﺎﺏ ﺍﻟﻘﻴﻤﺔ ﺍﳊﻘﻴﻘﻴﺔ ﻋﻦ ﻃﺮﻳﻖ ﺭﲰﻠﺔ ﺍﻟﺮﺑﺢ ﳕﻮ ﺍﻷﺭﺑﺎﺡ ﺍﳌﺘﻮﻗﻊ ﻫﻲ ﻋﻼﻗﺔ ﻃﺮﺩﻳﺔ ؛
ﺍﳌﺘﻮﻗﻊ) ،(15ﻭﺫﻟﻚ ﻋﻠﻰ ﺍﻟﻨﺤﻮ ﺍﻵﰐ: -2ﻣﻌﺪﻝ ﺍﻟﻔﺎﺋﺪﺓ :ﺇﺫﺍ ﻛﺎﻥ ﻣﻌﺪﻝ ﺍﻟﻔﺎﺋﺪﺓ ﺍﳌﺘﻮﻗﻊ ﻣﺮﺗﻔﻊ،
ﺳﻴﺆﺩﻱ ﲟﻀﺎﻋﻒ ﺍﻟﺮﺑﺢ ﺍﳊﺎﱄ ﺇﱃ ﺍﻻﳔﻔﺎﺽ ،ﺫﻟﻚ ﻷﻥ
V= Vo/BPAo * BPA ﺍﻟﺘﻮﻇﻴﻒ ﻭﻓﻖ ﻣﻌﺪﻻﺕ ﺍﻟﻔﺎﺋﺪﺓ ﻳﻌﺘﱪ ﺑﺪﻳﻞ ﺍﺳﺘﺜﻤﺎﺭﻱ ،ﻭﻣﺎﺩﺍﻡ
ﺒﻤﻌﻨﻰ: ﺃﻥ ﺍﳌﻌﺪﻝ ﻳﺮﺗﻔﻊ ﻓﻤﻦ ﺷﺄﻧﻪ ﺃﻥ ﳜﻔﺾ ﺍﻟﻄﻠﺐ ﻋﻠﻰ ﺍﻷﻭﺭﺍﻕ
V ? __________ BPA ﺍﳌﺎﻟﻴﺔ ،ﳑﺎ ﻳﺆﺩﻱ ﺇﱃ ﺍﳔﻔﺎﺽ ﺳﻌﺮﻫﺎ .ﻭﺑﺎﻟﺘﺎﱄ ﻓﺎﻟﻌﻼﻗﺔ ﺑﲔ
Vo___________ BPAo ﻣﻀﺎﻋﻒ ﺍﻟﺮﺑﺢ PERﻭﺳﻌﺮ ﺍﻟﻔﺎﺋﺪﺓ ﺍﳌﺘﻮﻗﻊ ﻫﻲ ﻋﻼﻗﺔ ﻋﻜﺴﻴﺔ.
-3ﺍﳋﻄﺮ :ﻋﻨﺪﻣﺎ ﻳﻜﻮﻥ ﺍﳋﻄﺮ ﺍﳌﺘﻮﻗﻊ ﻣﺮﺗﻔﻌﺎ ،ﺳﻴﺆﺩﻱ ﺫﻟﻚ
ﻭﻳﻬﺪﻑ ﺍﳌﺴﺘﺜﻤﺮ ﺃﻭ ﺍﶈﻠﻞ ﺍﳌﺎﱄ ﺍﻟﺬﻱ ﻳﻨﻮﺏ ﻋﻨﻪ ﻣﻦ ﺇﱃ ﺍﳔﻔﺎﺽ ﻣﻀﺎﻋﻒ ﺍﻟﺮﺑﺢ ،ﻷﻧﻪ ﺑﺎﺭﺗﻔﺎﻉ ﺍﳋﻄﺮ ﺗﺮﺗﻔﻊ ﻋﻼﻭﺓ
ﻭﺭﺍﺀ ﺗﻘﻴﻴﻢ ﺍﻟﺴﻬﻢ ﺍﳌﻌﲔ ﺑﻮﺍﺳﻄﺔ ﻣﻀﺎﻋﻒ ﺍﻟﺮﺑﺢ ﺇﱃ ﻣﻌﺮﻓﺔ ﺍﳋﻄﺮ ،ﳑﺎ ﺗﺆﺩﻱ ﺇﱃ ﺍﺭﺗﻔﺎﻉ ﻣﻌﺪﻝ ﺍﳌﺮﺩﻭﺩﻳﺔ ﺍﳌﻄﻠﻮﺏ ،ﻭﻣﻦ
ﻓﺮﺹ ﲢﻘﻴﻖ ﺍﻷﺭﺑﺎﺡ ﲟﻌﺮﻓﺔ ﺇﻥ ﻛﺎﻥ ﺍﻟﺴﻮﻕ ﻗﺪ ﺃﺧﻄﺄ ﰲ ﺗﻘﻴﻴﻤﻪ ﰒ ﺍﳔﻔﺎﺽ ﺳﻌﺮ ﺍﻟﻮﺭﻗﺔ ﺍﳌﺎﻟﻴﺔ ،ﻣﻊ ﺛﺒﺎﺕ ﺍﻟﺮﺑﺢ ﺍﳌﺴﺘﻘﻰ ﻣﻦ
ﻟﻠﺴﻬﻢ ﺳﻮﺍﺀ ﺑﺄﻋﻠﻰ ﺃﻭ ﺃﺩﱏ ﻣﻦ ﻗﻴﻤﺘﻪ ،ﻻﲣﺎﺫ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺍﳌﻨﺎﺳﺒﺔ ﺍﻟﻘﻮﺍﺋﻢ ﺍﳌﺎﻟﻴﺔ .ﻭﻋﻠﻴﻪ ﻓﺎﻟﻌﻼﻗﺔ ﺑﲔ ﻣﻀﺎﻋﻒ ﺍﻟﺮﺑﺢ PERﻭﺍﳋﻄﺮ
ﺣﺴﺐ ﻣﻠﻜﻴﺘﻪ ﻟﻠﻮﺭﻗﺔ ﺍﳌﺎﻟﻴﺔ ﻣﻦ ﻋﺪﻣﻬﺎ ،ﻭﺫﻟﻚ ﻋﻠﻰ ﺍﻟﻨﺤﻮ ﺍﳌﺘﻮﻗﻊ ﻫﻲ ﻋﻼﻗﺔ ﻋﻜﺴﻴﺔ.
ﺍﻵﰐ:
-ﺇﺫﺍ ﻛﺎﻥ ﺍﻟﺴﻬﻢ ﻣﺴﻌﺮﺍ ﺑﺄﻋﻠﻰ ﻣﻦ ﻗﻴﻤﺘﻪ ﺍﶈﺴﻮﺑﺔ ،ﻓﺈﺫﺍ ﻛﺎﻥ ﳑﺎ ﺳﺒﻖ ،ﻋﻠﻰ ﺍﶈﻠﻞ ﰲ ﺣﺎﻟﺔ ﺣﺴﺎﺑﻪ ﻟﻠﻤﻀﺎﻋﻒ ﺃﻭ
ﺍﳌﺴﺘﺜﻤﺮ ﳝﻠﻚ ﺍﻟﺴﻬﻢ ﻓﻌﻠﻴﻪ ﺍﻟﺘﺨﻠﺺ ﻣﻨﻪ ،ﺃﻣﺎ ﻣﻦ ﻛﺎﻥ ﻣﻀﺎﺭﺑﺎ ﺍﻟﺘﻌﺎﻣﻞ ﻣﻊ ﻣﻀﺎﻋﻔﺎﺕ ﻣﻘﺪﻣﺔ ﻣﻦ ﻃﺮﻑ ﺑﻌﺾ ﺍﳌﺼﺎﺩﺭ ﺍﳌﺘﺘﺒﻌﺔ
ﻟﻠﺴﻮﻕ) ﺍﻟﺼﺤﻒ ﺍﳌﺘﺨﺼﺼﺔ ،ﺍﻟﻨﺸﺮﺍﺕ ،ﺍﻟﺒﻴﺎﻧﺎﺕ
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__________________________________________________ ﺃﳘﻴﺔ ﺗﻘﻴﻴﻢ ﺍﳌﺆﺳﺴﺎﺕ ﰲ ﺍﲣﺎﺫ ﻗﺮﺍﺭﺍﺕ ﺍﻻﺳﺘﺜﻤﺎﺭ ﺍﳌﺎﱄ -ﺹ.ﺹ119-107 .
ﻭﺳﻠﻴﻤﺎ ،ﻭﺑﺬﻟﻚ ﻓﻬﻮ ﻳﺘﻤﻴﺰ ﺑﺎﻟﻄﺎﺑﻊ ﺍﻷﻛﺎﺩﳝﻲ -ﺍﳌﻬﲏ .ﺑﻴﻨﻤﺎ ﻓﺈﻧﻪ ﻳﻘﻮﻡ ﺑﺒﻴﻌﻪ ﻋﻠﻰ ﺍﳌﻜﺸﻮﻑ ،ﺃﻡ ﻣﻦ ﻛﺎﻥ ﻳﻮﺩ ﺷﺮﺍﺀﻩ ،ﻓﺈﻧﻪ
ﳒﺪ ﺃﻥ ﺍﻟﺘﺤﻠﻴﻞ ﺍﻟﻔﲏ ﻳﻘﻮﻡ ﻋﻠﻰ ﲢﻠﻴﻞ ﺣﺮﻛﺔ ﺃﺳﻌﺎﺭ ﺍﻷﻭﺭﺍﻕ ﳝﺘﻨﻊ ﻋﻦ ﺷﺮﺍﺋﻪ ﰲ ﻫﺬﻩ ﺍﻟﻔﺘﺮﺓ.
ﺍﳌﺎﻟﻴﺔ ﺍﻧﻄﻼﻗﺎ ﻣﻦ ﺑﻴﺎﻧﺎﺕ ﺍﻟﺴﻮﻕ ﺍﳌﺎﺿﻴﺔ ،ﶈﺎﻭﻟﺔ ﺍﻛﺘﺸﺎﻑ ﳕﻂ -ﺇﺫﺍ ﻛﺎﻥ ﺍﻟﺴﻬﻢ ﻣﺴﻌﺮﺍ ﺑﺄﺩﱏ ﻣﻦ ﻗﻴﻤﺘﻪ ﺍﶈﺴﻮﺑﺔ ،ﻓﺈﺫﺍ ﻛﺎﻥ
ﻣﻌﲔ ،ﻳﺘﻢ ﻋﻠﻰ ﺃﺳﺎﺳﻪ ﺍﺧﺘﻴﺎﺭ ﺍﻟﻮﻗﺖ ﺍﳌﻨﺎﺳﺐ ﻻﲣﺎﺫ ﺍﻟﻘﺮﺍﺭ ﺍﳌﺴﺘﺜﻤﺮ ﳝﻠﻚ ﺍﻟﺴﻬﻢ ﻓﻌﻠﻴﻪ ﺍﻻﺣﺘﻔﺎﻅ ﺑﻪ ،ﺃﻣﺎ ﻣﻦ ﻛﺎﻥ ﻣﻀﺎﺭﺑﺎ
ﺍﳌﻨﺎﺳﺐ ،ﺇﺫ ﻳﻌﺘﻤﺪ ﻛﺜﲑﺍ ﻋﻠﻰ ﻓﻜﺮﺓ ﺃﻥ ﺍﳌﺴﺘﻘﺒﻞ ﻫﻮ ﺍﻣﺘﺪﺍﺩ ﺃﻭ ﻣﻦ ﻳﻮﺩ ﺷﺮﺍﺀﻩ ﺑﺸﻜﻞ ﻋﺎﻡ ،ﻓﺈﻧﻪ ﻳﻘﺮﺭ ﺷﺮﺍﺀﻩ.
ﻟﻠﻤﺎﺿﻲ ،ﺩﻭﻥ ﺍﻻﻋﺘﻤﺎﺩ ﻋﻠﻰ ﻧﻈﺮﻳﺔ ﲢﻜﻤﻪ ،ﻭﺑﺎﻟﺘﺎﱄ ﳒﺪﻩ
ﻋﻤﻼ ﻣﻬﻨﻴﺎ ﺻﺮﻓﺎ. ﰲ ﺍﻷﺧﲑ ،ﻳﻼﺣﻆ ﻋﻠﻰ ﳕﻮﺫﺟﻲ ﺍﻟﺘﻘﻴﻴﻢ ﺍﳌﺴﺘﺨﺪﻣﲔ
-ﳒﺪ ﺃﻥ ﻣﺪﺧﻞ ﺍﻟﺘﺤﻠﻴﻞ ﺍﻷﺳﺎﺳﻲ ﻳﺘﻔﻖ ﻣﻊ ﻋﻤﻠﻴﺔ ﺍﻟﺘﻘﻴﻴﻢ، ﰲ ﺍﻟﻮﻗﻮﻑ ﻋﻠﻰ ﺍﻟﻘﻴﻤﺔ ﺍﻟﱵ ﻳﺘﻢ ﻋﻠﻰ ﺇﺛﺮﻫﺎ ﺍﲣﺎﺫ ﺍﻟﻘﺮﺍﺭ ﻣﻦ
ﺇﺫ ﻳﻘﻮﻡ ﻳﺘﺘﺒﻊ ﻣﺮﺍﺣﻞ ﺍﻟﺘﻘﻴﻴﻢ ﺍﳌﻨﻬﺠﻴﺔ ،ﺣﻴﺚ ﻳﻨﻄﻠﻖ ﻣﻦ ﲢﺪﻳﺪ ﻃﺮﻑ ﺍﳌﺴﺘﺜﻤﺮﻳﻦ ﺍﳌﺎﻟﻴﲔ ﻣﺎ ﻳﻠﻲ:
ﺍﳍﺪﻑ ﻭﺍﳌﺘﻤﺜﻞ ﰲ ﺩﻋﻢ ﻭﺗﺮﺷﻴﺪ ﻗﺮﺍﺭﺍﺕ ﺍﳌﺴﺘﺜﻤﺮﻳﻦ ﺍﳌﺎﻟﻴﲔ ﺃﻥ ﻛﻼ ﺍﻟﻨﻤﻮﺫﺟﲔ ﻳﻌﻤﻼﻥ ﻋﻠﻰ ﺗﻮﻗﻊ ﻗﻴﻤﺔ ﺍﻟﻮﺭﻗﺔ ﺍﳌﺎﻟﻴﺔ ﺑﺪﻻﻟﺔ
ﻟﺘﺴﻴﲑ ﳏﺎﻓﻈﻬﻢ ﻗﺼﺪ ﺗﻌﻈﻴﻢ ﻋﻮﺍﺋﺪﻫﺎ ﻭ/ﺃﻭ ﺗﻘﻠﻴﻞ ﺍﳌﺨﺎﻃﺮ ﺗﺪﻓﻘﺎﺎ ﺍﳌﺴﺘﻘﺒﻠﻴﺔ ،ﺇﻻ ﺃﻧﻨﺎ ﻧﺮﻯ ﺃﻥ ﳕﻮﺫﺝ ﺧﺼﻢ ﺍﻟﺘﻮﺯﻳﻌﺎﺕ ﻫﻮ
ﺍﳌﺮﺗﺒﻄﺔ ﺎ ،ﰒ ﻳﻘﻮﻡ ﲟﺮﺣﻠﺔ ﲡﻤﻴﻊ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﳌﺮﺗﺒﻄﺔ ﺑﺎﻷﻭﺭﺍﻕ ﺍﻷﻧﺴﺐ ﻟﻠﻮﺻﻮﻝ ﺇﱃ ﺍﻟﻘﻴﻤﺔ ﺍﳊﻘﻴﻘﻴﺔ ﻣﻨﻪ ﻣﻦ ﻣﻀﺎﻋﻒ ﺍﻟﺮﺑﺢ،
ﺍﳌﺎﻟﻴﺔ،ﻟﻴﺘﻢ ﺗﺸﺨﻴﺼﻬﺎ ﻭﲢﻠﻴﻠﻬﺎ ﻟﻠﻮﺻﻮﻝ ﺇﱃ ﻣﺪﺧﻼﺕ ﺍﻟﺘﻘﻴﻴﻢ، ﺑﺎﻟﻨﻈﺮ ﳌﺎ ﻳﻌﺮﻓﻪ ﻫﺬﺍ ﺍﻷﺧﲑ ﻣﻦ ﺗﻌﺪﺩ ﰲ ﻣﻜﻮﻧﺎﺗﻪ ﻭﺗﺄﺛﺮﻩ
ﰒ ﰲ ﺍﻷﺧﲑ ﻳﻘﻮﻡ ﺑﺘﻄﺒﻴﻖ ﺍﻟﻄﺮﻳﻘﺔ ﺍﻟﱵ ﺗﻔﻀﻲ ﺇﱃ ﺍﻟﻘﻴﻤﺔ ﺑﺎﻟﺘﻄﺒﻴﻘﺎﺕ ﺍﶈﺎﺳﺒﻴﺔ ﳑﺎ ﻗﺪ ﻳﺴﺒﺐ ﺃﺧﻄﺎﺀ ﻟﻠﻤﺴﺘﺜﻤﺮﻳﻦ ﺍﳌﺎﻟﻴﲔ
ﺍﳊﻘﻴﻘﻴﺔ .ﺇﺫ ﻳﻨﻄﻠﻖ ﻫﺬﺍ ﺍﳌﺪﺧﻞ ﰲ ﲢﻠﻴﻠﻪ ﻭﺗﻘﻴﻴﻤﻪ ﻟﻸﻭﺭﺍﻕ ﻋﻨﺪ ﺍﲣﺎﺫ ﻗﺮﺍﺭﺍﻢ.
ﺍﳌﺎﻟﻴﺔ ﻣﻦ ﺍﳌﻨﻈﻮﺭ ﺍﳋﺎﺹ Approche intrinsèqueﻛﻮﻧﻪ ﻳﻘﻮﻡ -ﺑﺎﳌﻘﺎﺑﻞ ﳒﺪ ﺑﺄﻥ ﻣﻀﺎﻋﻒ ﺍﻟﺮﺑﺢ ﳛﻤﻞ ﺑﺴﺎﻃﺔ ﰲ
ﺑﺘﻘﻴﻴﻢ ﺍﻟﻮﺭﻗﺔ ﺍﳌﺎﻟﻴﺔ ﺑﺪﻻﻟﺔ ﻋﻮﺍﻣﻠﻬﺎ ﺍﻷﺳﺎﺳﻴﺔ. ﺍﳊﺴﺎﺏ ﺑﺎﳌﻘﺎﺭﻧﺔ ﺑﻄﺮﻳﻘﺔ ﺧﺼﻢ ﺍﻟﺘﻮﺯﻳﻌﺎﺕ ﳑﺎ ﻳﻔﺴﺮ ﺍﻧﺘﺸﺎﺭﻩ
-ﻳﺘﻢ ﰲ ﺎﻳﺔ ﺍﻟﺘﺤﻠﻴﻞ ﺍﻷﺳﺎﺳﻲ ﺇﱃ ﺍﺳﺘﻌﻤﺎﻝ ﺇﺣﺪﻯ ﺍﻟﻄﺮﻕ ﻭﺍﺳﺘﻌﻤﺎﻟﻪ ﺍﻟﻮﺍﺳﻌﲔ ﰲ ﺍﻷﻭﺳﺎﻁ ﺍﳌﻬﻨﻴﺔ ،ﻭﺑﺸﻜﻞ ﻋﺎﻡ ﰲ
ﺍﳌﻮﺍﻓﻘﺔ ﻟﺘﻘﻴﻴﻢ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ،ﺇﺫ ﻳﺘﻢ ﺍﺳﺘﻌﻤﺎﻝ ﻃﺮﻳﻘﺔ ﺧﺼﻢ ﺍﻷﺳﻮﺍﻕ ﺍﳌﺎﻟﻴﺔ ،ﺇﺫ ﳝﺘﺪ ﺍﺳﺘﻌﻤﺎﻟﻪ ﺇﱃ ﺍﺧﺘﻴﺎﺭ ﺍﻻﺳﺘﺜﻤﺎﺭ ﰲ ﻣﺎ
ﺍﻟﺘﻮﺯﻳﻌﺎﺕ ﺃﻭ ﻣﻀﺎﻋﻒ ﺍﻟﺮﺑﺢ PERﻟﻠﺨﺮﻭﺝ ﺑﺎﻟﻘﻴﻤﺔ ﺍﳊﻘﻴﻘﻴﺔ ﺑﲔ ﺍﻟﺸﺮﻛﺎﺕ ﻭﺍﻟﻘﻄﺎﻋﺎﺕ ﻭﺣﱴ ﺍﻷﻣﻜﻨﺔ ﺍﳌﺎﻟﻴﺔ.ﻛﻤﺎ ﳒﺪﻩ
ﺍﳌﻮﺍﻓﻘﺔ ﻟﻠﻤﻌﻠﻮﻣﺎﺕ ﺍﻟﱵ ﰎ ﲢﻠﻠﻴﻬﺎ.ﺇﺫ ﺗﻌﺘﱪ ﻫﺬﻩ ﺍﻟﻘﻴﻤﺔ ﳐﺮﺟﺎ ﻳﺴﺘﻌﻤﻞ ﰲ ﺗﻘﻴﻴﻢ ﺍﳌﺆﺳﺴﺎﺕ ﻷﻏﺮﺍﺽ ﺍﻟﺘﻔﺎﻭﺽ ﻭﻓﻖ ﻣﻨﻈﻮﺭ
ﻟﻨﻈﺎﻡ ﺍﻟﺘﻘﻴﻴﻢ ﺗﻔﻴﺪ ﺍﳌﺴﺘﺜﻤﺮ ﺍﳌﺎﱄ ﰲ ﺍﲣﺎﺫ ﺍﻟﻘﺮﺍﺭ ﺍﳌﻨﺎﺳﺐ، ﺍﳌﻘﺎﺭﻧﺔ ،ﻭﳒﺪﻩ ﻣﻦ ﺑﲔ ﺍﳌﺆﺷﺮﺍﺕ ﺍﻟﱵ ﺗﻜﻮﻥ ﺟﺪﻭﻝ ﺍﻟﻘﻴﺎﺩﺓ
ﲟﻘﺎﺭﻧﺔ ﺍﻟﻘﻴﻤﺔ ﺍﶈﺴﻮﺑﺔ ﻣﻊ ﺍﻟﺴﻌﺮ ﺍﳌﺴﺠﻞ ﰲ ﺍﻟﺒﻮﺭﺻﺔ ﳊﻈﺔ ﺍﻟﺒﻮﺭﺻﻴﺔ ﺍﻟﱵ ﻳﺘﺘﺒﻌﻬﺎ ﺍﳌﺴﺘﺜﻤﺮﻭﻥ ﺍﳌﺎﻟﻴﻮﻥ ﳌﻌﺮﻓﺔ ﺃﺩﺍﺀ ﺍﻟﺒﻮﺭﺻﺔ.
ﺍﻟﺘﻘﻴﻴﻢ ،ﻭﺑﺎﻟﻨﻈﺮ ﺇﱃ ﻣﻠﻜﻴﺘﻪ ﻟﻠﻮﺭﻗﺔ ﺍﳌﺎﻟﻴﺔ ﻣﻦ ﻋﺪﻣﻬﺎ ،ﻭﺫﻟﻚ ﻭﳝﻜﻦ ﺍﻟﺘﻐﻠﺐ ﻋﻠﻰ ﺍﻟﺴﻠﺒﻴﺔ ﺍﻟﱵ ﲤﻴﺰﻩ ﻋﻦ ﻃﺮﻳﻖ ﺗﻮﺣﻴﺪ ﺣﺴﺎﺏ
ﻋﻠﻰ ﺍﻟﻨﺤﻮ ﺍﻟﺘﺎﱄ: ﻣﻜﻮﻧﺎﺗﻪ ﻋﻠﻰ ﺍﳌﺴﺘﻮﻯ ﺍﶈﻠﻲ ،ﻛﻤﺎ ﻋﻠﻰ ﺍﳌﺴﺘﻮﻯ ﺍﻟﺪﻭﱄ ﻣﻦ
• ﺇﺫﺍ ﻛﺎﻧﺖ ﺍﻟﻘﻴﻤﺔ ﺍﳊﻘﻴﻘﻴﺔ )ﺍﶈﺴﻮﺑﺔ( ﺃﻛﱪ ﻣﻦ ﺍﻟﻘﻴﻤﺔ ﺧﻼﻝ ﺍﳍﻴﺌﺎﺕ ﺍﳌﻬﻨﻴﺔ ﻛﺎﶈﻠﻠﲔ ﺍﳌﺎﻟﻴﲔ.
ﺍﻟﺴﻮﻗﻴﺔ ﺳﻴﻜﻮﻥ ﺍﻟﻘﺮﺍﺭ ﺍﳌﻨﺎﺳﺐ ﻫﻮ:
ﺇﺫﺍ ﻛﺎﻥ ﳝﻠﻚ ﺍﻟﻮﺭﻗﺔ ﺍﳌﺎﻟﻴﺔ ﺿﻤﻦ ﳏﻔﻈﺘﻪ .1 ﳑﺎ ﺳﺒﻖ ،ﻳﺘﺒﲔ ﺃﻥ ﻛﻼ ﺍﻟﻨﻤﻮﺫﺟﲔ ﳍﻤﺎ ﻣﺰﺍﻳﺎ ﻭﻋﻴﻮﺏ ،ﻟﺬﺍ
ﺍﻻﺳﺘﺜﻤﺎﺭﻳﺔ ،ﻓﺈﻧﻪ ﻳﻘﺮﺭ ﺍﻻﺣﺘﻔﺎﻅ ﺎ؛ ﻓﻬﻤﺎ ﻣﻬﻤﲔ ﻭﻳﺘﻴﺤﺎﻥ ﻟﻠﻤﺴﺘﺜﻤﺮ ﺃﻭ ﻣﻦ ﻳﻨﻮﺏ ﻋﻨﻪ ﻣﺮﻭﻧﺔ ﰲ
ﺇﺫﺍ ﻛﺎﻥ ﻻ ﳝﻠﻚ ﺍﻟﻮﺭﻗﺔ ﺍﳌﺎﻟﻴﺔ ،ﻓﺈﻧﻪ ﻳﻘﺮﺭ ﺃﻥ ﻳﺸﺘﺮﻳﻬﺎ .2 ﺍﺧﺘﻴﺎﺭ ﺃﺣﺪﳘﺎ ،ﺇﺫ ﻳﺘﻢ ﺍﺳﺘﻌﻤﺎﻝ ﻛﻞ ﳕﻮﺫﺝ ﺣﺴﺐ ﺍﳍﺪﻑ
)ﺳﻮﺍﺀ ﻟﻠﻤﻀﺎﺭﺏ ﺃﻭ ﻣﻦ ﻳﻮﺩ ﺷﺮﺍﺀﻫﺎ ﺑﺸﻜﻞ ﻋﺎﻡ( ﻭﺑﺬﻟﻚ ﻭﺍﻟﻮﺿﻌﻴﺔ ﺍﻟﱵ ﻳﻜﻮﻥ ﻋﻠﻴﻬﺎ ﻭﻣﺪﻯ ﺍﻟﻘﺪﺭﺓ ﻋﻠﻰ ﺗﻮﻓﺮ ﺍﳌﻌﻠﻮﻣﺎﺕ
ﺳﻴﺘﻢ ﲢﻘﻴﻖ ﺃﺭﺑﺎﺡ ﺇﺿﺎﻓﻴﺔ ﻋﻨﺪﻣﺎ ﺳﺘﺮﺗﻔﻊ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻮﻗﻴﺔ. ﺍﻟﱵ ﺗﺪﺧﻞ ﰲ ﻣﻜﻮﻧﺎﺗﻪ ،ﺑﺎﻹﺿﺎﻓﺔ ﻟﻌﺎﻣﻞ ﺍﻟﻮﻗﺖ .
• ﺇﺫﺍ ﻛﺎﻧﺖ ﺍﻟﻘﻴﻤﺔ ﺍﳊﻘﻴﻘﻴﺔ ﺃﻗﻞ ﻣﻦ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻮﻗﻴﺔ ﺳﻴﻜﻮﻥ
ﺍﻟﻘﺮﺍﺭ ﺍﳌﻨﺎﺳﺐ ﻫﻮ: ﺧﻼﺻﺔ:
ﺇﺫﺍ ﻛﺎﻥ ﳝﻠﻚ ﺍﻟﻮﺭﻗﺔ ﺍﳌﺎﻟﻴﺔ ،ﺿﻤﻦ ﳏﻔﻈﺘﻪ .1 ﻣﻦ ﺧﻼﻝ ﺍﺳﺘﻌﺮﺍﺿﻨﺎ ﳍﺬﺍ ﺍﳌﻮﺿﻮﻉ ﺍﺳﺘﻨﺘﺠﻨﺎ ﻣﺎ ﻳﻠﻲ:
ﺍﻻﺳﺘﺜﻤﺎﺭﻳﺔ ﻓﺈﻧﻪ ﻳﻘﺮﺭ ﺑﻴﻌﻬﺎ ﻭﺍﻟﺘﺨﻠﺺ ﻣﻨﻬﺎ ﺗﻔﺎﺩﻳﺎ ﻟﻠﺨﺴﺎﺭﺓ -ﻳﻮﺟﺪ ﺃﺳﻠﻮﺑﺎﻥ ﺷﺎﺋﻌﺎﻥ ﰲ ﲢﻠﻴﻞ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ،ﻳﺼﻨﻔﺎﻥ
ﺍﶈﺘﻤﻠﺔ؛ ﲨﻬﻮﺭ ﺍﶈﻠﻠﲔ ﺍﳌﺎﻟﻴﲔ ،ﻭﳘﺎ؛ ﺍﻟﺘﺤﻠﻴﻞ ﺍﻟﻔﲏ ﻭﺍﻷﺳﺎﺳﻲ .ﻭﻣﺎ
ﺇﺫﺍ ﻛﺎﻥ ﻻ ﳝﻠﻚ ﺍﻟﻮﺭﻗﺔ ﺍﳌﺎﻟﻴﺔ ،ﻓﺈﺫﺍ ﻛﺎﻥ ﻣﻀﺎﺭﺑﺎ ﻓﺈﻧﻪ .2 ﳝﻜﻦ ﻣﻼﺣﻈﺘﻪ ﻫﻮ ﺃﻤﺎ ﳜﺘﻠﻔﺎﻥ ﻛﺜﲑﺍ ﻣﻦ ﺣﻴﺚ ﻓﻠﺴﻔﺔ
ﻳﻘﻮﻡ ﺑﺒﻴﻌﻬﺎ ﻋﻠﻰ ﺍﳌﻜﺸﻮﻑ ،ﻭﺑﺬﻟﻚ ﺳﻴﺤﻘﻖ ﺭﲝﺎ ﺇﺿﺎﻓﻴﺎ ،ﺃﻣﺎ ﺍﻟﺘﺤﻠﻴﻞ ﺍﻟﱵ ﻳﻘﻮﻣﺎﻥ ﻋﻠﻴﻬﺎ .ﺇﺫ ﺃﻥ ﺍﻟﺘﺤﻠﻴﻞ ﺍﻷﺳﺎﺳﻲ ﻳﻬﺪﻑ ﺇﱃ
ﻣﻦ ﻛﺎﻥ ﻳﻮﺩ ﺷﺮﺍﺅﻫﺎ ﻓﺈﻧﻪ ﳝﺘﻨﻊ ﻋﻦ ﺫﻟﻚ ﰲ ﻫﺬﻩ ﺍﻟﻔﺘﺮﺓ. ﺍﻟﺒﺤﺚ ﻋﻦ ﺍﻟﻘﻴﻤﺔ ﺍﳊﻘﻴﻘﻴﺔ ﻟﻠﻮﺭﻗﺔ ﺍﳌﺎﻟﻴﺔ ﻣﻦ ﺧﻼﻝ ﲢﻠﻴﻞ
• ﺇﺫﺍ ﻛﺎﻧﺖ ﺍﻟﻘﻴﻤﺔ ﺍﳊﻘﻴﻘﻴﺔ ﺗﺴﺎﻭﻱ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻮﻗﻴﺔ ،ﻓﻬﺬﺍ ﺍﻟﻌﻮﺍﻣﻞ ﺍﻷﺳﺎﺳﻴﺔ ﺍﻟﱵ ﺗﺆﺛﺮ ﻋﻠﻰ ﺗﺪﻓﻘﻬﺎ ﰲ ﺍﳌﺴﺘﻘﺒﻞ ،ﻭﺑﺬﻟﻚ
ﻳﻌﲏ ﻋﺪﻡ ﻭﺟﻮﺩ ﺃﺭﺑﺎﺡ ﻏﲑ ﻋﺎﺩﻳﺔ ،ﺇﺫ ﲤﺜﻞ ﻫﺬﻩ ﺍﳊﺎﻟﺔ ﺇﺣﺪﻯ ﳒﺪﻩ ﻳﻮﺍﻓﻖ ﻧﻈﺮﻳﺔ ﺍﻻﺳﺘﺜﻤﺎﺭ ،ﻭﺑﺎﺳﺘﻌﻤﺎﻝ ﻃﺮﻕ ﺍﻟﺘﻘﻴﻴﻢ ﳒﺪﻩ
ﻧﺘﺎﺋﺞ ﺍﻟﺴﻮﻕ ﺍﻟﻜﻔﺆﺓ ،ﳑﺎ ﻻ ﻳﺪﻉ ﳎﺎﻻ ﻟﻠﻤﻀﺎﺭﺑﺔ ﺍﻟﱵ ﺪﻑ ﻳﻌﺘﻤﺪ ﻋﻠﻰ ﻧﻈﺮﻳﺔ ﺍﻟﺘﻘﻴﻴﻢ ،ﺇﺫ ﻳﺘﺒﻊ ﺃﺳﻠﻮﺑﺎ ﻣﻨﻬﺠﻴﺎ ﻭﺍﺿﺤﺎ
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ﳎﻠﺔ ﺍﻟﺒﺎﺣﺚ – ﻋﺪﺩ _______________________________________________________________________________ 2007/5
ﻭﰲ ﺍﻟﻌﻤﻮﻡ ،ﻣﻦ ﺧﻼﻝ ﺍﺳﺘﻌﺮﺍﺽ ﻣﺪﺍﺧﻞ ﲢﻠﻴﻞ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﻟﺘﺤﻘﻴﻖ ﻓﻮﺍﺋﺾ ﺍﻟﻘﻴﻤﺔ ﳌﺴﺘﺜﻤﺮﻳﻦ ﻋﻠﻰ ﺣﺴﺎﺏ ﺁﺧﺮﻳﻦ ،ﻭﺑﺎﻟﺘﺎﱄ
ﻻ ﳝﻜﻦ ﺍﲣﺎﺫ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺍﳍﺎﺩﻓﺔ ﻟﺬﻟﻚ .ﻭﻳﺴﺘﻄﻴﻊ ﺍﳌﺴﺘﺜﻤﺮﻭﻥ
ﻭﻃﺮﻕ ﺗﻘﻴﻴﻢ ﺍﳌﺆﺳﺴﺎﺕ ﺍﳌﺴﺘﻌﻤﻠﺔ ﰲ ﻫﺬﺍ ﺍﻹﻃﺎﺭ ،ﺗﱪﺯ ﺟﻠﻴﺎ
ﻣﻦ ﺍﲣﺎﺫ ﻗﺮﺍﺭﺍﺕ ﺍﻟﺸﺮﺍﺀ ﻭﺍﻟﺒﻴﻊ ﻭﺍﻻﺣﺘﻔﺎﻅ ﰲ ﺇﻃﺎﺭ ﺗﺴﻴﲑ
ﺃﳘﻴﺔ ﺍﻟﺘﻘﻴﻴﻢ ﻛﺄﺣﺪ ﺍﻟﻌﻨﺎﺻﺮ ﺍﳌﻬﻤﺔ ﺿﻤﻦ ﻣﺴﺎﺭ ﺣﻮﺍﻓﻈﻬﻢ ﺍﳌﺎﻟﻴﺔ ،ﺇﺫ ﻳﻜﻮﻥ ﰲ ﻫﺬﻩ ﺍﳊﺎﻟﺔ ﺍﶈﺮﻙ ﻻﲣﺎﺫ ﺍﻟﻘﺮﺍﺭ
ﺍﳌﻌﻠﻮﻣﺎﺕ ﻭﺍﲣﺎﺫ ﺍﻟﻘﺮﺍﺭ ﻟﺪﻯ ﺍﳌﺴﺘﺜﻤﺮﻳﻦ ﺍﳌﺎﻟﻴﲔ ،ﳑﺎ ﻳﻨﺠﺮ ﻋﻨﻪ ﻫﻮ ﺍﻟﻌﻮﺍﺋﺪ )ﺗﻮﺯﻳﻌﺎﺕ ﺍﻷﺭﺑﺎﺡ( ﻭﺍﳌﺨﺎﻃﺮﺓ ﺍﳌﺮﺗﺒﻄﺔ ﺬﺍ
ﺗﻌﺰﻳﺰ ﺭﺷﺎﺩﻢ ،ﺇﺫﺍ ﻣﺎ ﰎ ﺗﺒﲏ ﻣﻨﻬﺠﻴﺔ ﺳﻠﻴﻤﺔ ﻭﻣﻨﻈﻤﺔ ﺍﻻﺳﺘﺜﻤﺎﺭ .ﻭﻫﺬﻩ ﺍﳊﺎﻟﺔ ﻫﻲ ﺣﺎﻟﺔ ﺍﻟﺘﻮﺍﺯﻥ ﺍﻟﺬﻱ ﺗﻨﺸﺪﻩ ﻛﻞ
ﺍﻷﺳﻮﺍﻕ ،ﻭﺑﺬﻟﻚ ﺳﻴﺤﻘﻖ ﺍﳌﺴﺘﺜﻤﺮﻭﻥ ﺃﺭﺑﺎﺣﺎ ﻋﺎﺩﻳﺔ ﻓﻘﻂ
ﻭﻣﺪﺭﻭﺳﺔ ﰲ ﺍﺳﺘﻌﻤﺎﻝ ﺍﻷﺩﻭﺍﺕ ﺍﳌﻘﺪﻣﺔ ﰲ ﻫﺬﻩ ﺍﻟﺪﺭﺍﺳﺔ ﺍﻟﱵ
)ﺗﻮﺯﻳﻌﺎﺕ ﺍﻷﺭﺑﺎﺡ ﻭﺍﻟﻔﻮﺍﺋﺪ( ،ﻭﺗﻜﺎﺩ ﺗﻨﻌﺪﻡ ﻓﻴﻬﺎ ﺍﻷﺭﺑﺎﺡ ﻏﲑ
ﺗﺘﻘﺪﻣﻬﺎ ﻋﻤﻠﻴﺔ ﺍﻟﺘﻘﻴﻴﻢ .ﻓﻬﺬﻩ ﺍﻟﺮﺷﺎﺩﺓ ﺳﺘﺴﺎﻋﺪ ﺣﺘﻤﺎ ﰲ ﻛﻔﺎﺀﺓ ﺍﻟﻌﺎﺩﻳﺔ ،ﺇﺫ ﺗﺒﻘﻰ ﻫﺬﻩ ﺍﳊﺎﻟﺔ ﻣﺴﺘﻤﺮﺓ ﻣﻊ ﺍﺳﺘﻤﺮﺍﺭ ﻋﻤﻠﻴﺔ ﺍﻟﺘﺤﻠﻴﻞ
ﺍﻟﺒﻮﺭﺻﺔ ،ﻭﻣﻦ ﰒ ﺍﻻﺳﻬﺎﻡ ﰲ ﻛﻔﺎﺀﺓ ﺍﻻﻗﺘﺼﺎﺩ ﺍﻟﻮﻃﲏ ﺑﺸﻜﻞ ﻭﺍﻟﺘﻘﻴﻴﻢ.
ﻋﺎﻡ.
ﺍﻹﺣﺎﻻﺕ ﻭﺍﳍﻮﺍﻣﺶ:
-(1ﻟﻺﻃﻼﻉ ﺃﻛﺜﺮ ﻋﻠﻰ ﻫﺬﻩ ﺍﻟﺘﻘﻨﻴﺎﺕ ﻭﺗﻘﻨﻴﺎﺕ ﺃﺧﺮﻯ ﻟﻠﺘﺤﻠﻴﻞ ﺍﻟﺘﻘﲏ ﳝﻜﻨﻚ ﺍﻟﺮﺟﻮﻉ ﻋﻠﻰ ﺳﺒﻴﻞ ﺍﳌﺜﺎﻝ ﺇﱃ:
-ﻣﻨﲑ ﺇﺑﺮﺍﻫﻴﻢ ﻫﻨﺪﻱ ،ﻣﺮﺟﻊ ﺳﺒﻖ ﺫﻛﺮﻩ ،ﺹ ﺹ.458-427 :
J.Murphy, L’analyse technique des marchés financiers, Traduit de l’américain par P.Stokowski et A.Dublanc, -
Valor Editions, 2003, Hendaye, PP : 27-385.
L.Thiaville, Connaître l’analyse technique : pour comprendre les graphique en bourse, Edition Le journal des -
finances, Paris, 2002, PP : 23-86.
A.Dublanc et F.Barrioz, Le guide des indicateurs de marché, Valor Editions, Hendaye, 1998 -
- (2ﻳﺮﺗﻜﺰ ﻫﺬﺍ ﺍﻟﺘﺤﻠﻴﻞ ﻋﻠﻰ ﻧﻈﺮﻳﺔ ﺍﻻﺳﺘﺜﻤﺎﺭ،ﻭﺫﻟﻚ ﻷﻧﻪ ﻳﺒﺤﺚ ﻋﻦ ﻗﻴﻤﺔ ﺍﻻﺳﺘﺜﻤﺎﺭ ﺍﻟﻴﻮﻡ ﺑﺪﻻﻟﺔ ﺍﻟﺘﺪﻓﻘﺎﺕ ﻭﺍﻷﺭﺑﺎﺡ ﺍﻟﱵ ﺳﻴﺤﻘﻘﻬﺎ ﰲ ﺍﳌﺴﺘﻘﺒﻞ ،ﻷﻥ ﻣﻔﻬﻮﻡ ﺍﻻﺳﺘﺜﻤﺎﺭ ﻫﻮ ﺍﻟﺘﻀﺤﻴﺔ ﺑﺄﻣﻮﺍﻝ
ﺣﺎﻟﻴﺔ ﻟﻠﺤﺼﻮﻝ ﻋﻠﻰ ﺃﻣﻮﺍﻝ ﻣﺴﺘﻘﺒﻠﻴﺔ ،ﻳﺄﻣﻞ ﺃﻥ ﺗﻜﻮﻥ ﻫﺬﻩ ﺍﻷﺧﲑﺓ ﺃﻋﻠﻰ ﻣﻦ ﺍﻷﻭﱃ ﻭﺗﺄﺧﺬ ﰲ ﺍﳊﺴﺒﺎﻥ ﻋﺎﻣﻞ ﺍﳌﺨﺎﻃﺮﺓ ﺍﳌﺮﺗﺒﻄﺔ ﺑﻄﺒﻴﻌﺔ ﺍﻻﺳﺘﺜﻤﺎﺭ.ﻭﻟﻠﻮﺻﻮﻝ ﻟﻠﻘﻴﻤﺔ ﺍﳌﻮﺍﻓﻘﺔ ﻟﺬﻟﻚ ﳒﺪﻩ ﻳﻌﺘﻤﺪ
ﻋﻠﻰ ﻧﻈﺮﻳﺔ ﺍﻟﺘﻘﻴﻴﻢ ،ﻭﺫﻟﻚ ﺑﺎﻻﻋﺘﻤﺎﺩ ﻋﻠﻰ ﺍﻟﻄﺮﻕ ﺍﳌﺮﺗﻜﺰﺓ ﻋﻠﻰ ﺍﻻﺳﺘﺤﺪﺍﺙ) Actuarielleﺍﻟﻘﻴﻤﺔ ﺍﻟﺬﺍﺗﻴﺔ(.
-( 3ﳌﺰﻳﺪ ﻣﻦ ﺍﻻﻃﻼﻉ ﻭﺍﻟﺘﻔﺼﻴﻞ ﺃﻛﺜﺮ ﺃﻧﻈﺮ ﻋﻠﻰ ﺳﺒﻴﻞ ﺍﳌﺜﺎﻝ ﺇﱃ ﺍﳌﺮﺍﺟﻊ ﺍﻟﱵ ﰎ ﺍﻻﻋﺘﻤﺎﺩ ﻋﻠﻴﻬﺎ:
-ﻣﻨﲑ ﺇﺑﺮﺍﻫﻴﻢ ﻫﻨﺪﻱ ،ﻣﺮﺟﻊ ﺳﺒﻖ ﺫﻛﺮﻩ ،ﺹ ﺹ.388-283 :
-ﳏﻤﺪ ﻋﺒﺪﻩ ﳏﻤﺪ ﻣﺼﻄﻔﻰ ،ﺗﻘﻴﻴﻢ ﺍﻟﺸﺮﻛﺎﺕ ﻭﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﻷﻏﺮﺍﺽ ﺍﻟﺘﻌﺎﻣﻞ ﰲ ﺍﻟﺒﻮﺭﺻﺔ ،ﺍﻟﺪﺍﺭ ﺍﳉﺎﻣﻌﻴﺔ ،ﺑﺪﻭﻥ ﻣﻜﺎﻥ ﺍﻟﻨﺸﺮ ،1998 ،ﺹ ﺹ.166-41 :
-(4ﻟﻺﻃﻼﻉ ﺃﻛﺜﺮ ﻋﻠﻰ ﺃﳘﻴﺔ ﺍﻟﺘﺤﻠﻴﻞ ﺍﻟﻔﲏ ﻭ ﻣﻘﺎﺭﻧﺘﻪ ﺑﺎﻟﺘﺤﻠﻴﻞ ﺍﻷﺳﺎﺳﻲ )ﺍﳌﻨﺘﻘﺪ( ﺃﻧﻈﺮ ﺇﱃ:
- J.Murphy, Op.cit, PP : 05-09.
, Consulté www.edubourse.com/guide/fiche/.php?idFiche=218 )- Analyse technique versus analyse fondamentale. In : 5
le 27/09/2005.
- (6ﻳﺴﺘﻌﻤﻞ ﻣﺼﻄﻠﺢ ﻣﻨﻈﻮﺭ ﺍﻻﺳﺘﺤﺪﺍﺙ Approche actuarielleﻛﻤﺮﺍﺩﻑ ﻟﻠﻤﻨﻈﻮﺭ ﺍﳋﺎﺹ ، Approche intrinsèqueﺫﻟﻚ ﻷﻥ ﻋﻤﻠﻴﺎﺕ ﺗﻘﻴﻴﻢ ﺍﻷﺳﻬﻢ ﺃﻭ ﺍﳌﺆﺳﺴﺎﺕ
ﻭﻓﻖ ﺗﻘﺪﻳﺮ ﺗﺪﻓﻘﺎﺎ ﺍﳌﺴﺘﻘﺒﻠﻴﺔ ﺑﻨﺎﺀﺍ ﻋﻠﻰ ﻣﻌﻠﻮﻣﺎﺎ ،ﻻ ﺗﻜﺘﻤﻞ ﺇﻻ ﺑﺎﺳﺘﺤﺪﺍﺙ ﺗﻠﻚ ﺍﻟﺘﺪﻓﻘﺎﺕ ﻟﻠﻮﻗﻮﻑ ﻋﻠﻰ ﺍﻟﻘﻴﻤﺔ ﻋﻨﺪ ﺗﺎﺭﻳﺦ ﺍﻟﺘﻘﻴﻴﻢ.
- (7ﻋﻤﻮﻣﺎ ،ﻗﺪ ﺗﻄﻮﻝ ﻭﺗﻘﺼﺮ ﺍﻟﻔﺘﺮﺓ ﺗﺒﻌﺎ ﻟﻠﻘﻄﺎﻉ ﻭﺍﻟﻨﺸﺎﻁ ﺍﳌﺴﺘﺜﻤﺮ ﻓﻴﻪ ،ﻓﻤﺜﻼ ﺍﻟﻨﺸﺎﻁ ﺍﻟﺘﺠﺎﺭﻱ ﺗﻜﻮﻥ ﺍﻟﻔﺘﺮﺓ ﻗﺼﲑﺓ ﺟﺪﺍ ﺑﺎﳌﻘﺎﺭﻧﺔ ﺑﻘﻄﺎﻉ ﺍﻟﺒﻨﻴﺔ ﺍﻟﺘﺤﺘﻴﺔ ،ﺍﻟﱵ ﺗﺘﺮﺍﻭﺡ ﻓﺘﺮﺎ ﺑﲔ 25ﺇﱃ 50
ﺳﻨﺔ.
-(8ﳌﺰﻳﺪ ﻣﻦ ﺍﻻﻃﻼﻉ ،ﺃﻧﻈﺮ ﻋﻠﻰ ﺳﺒﻴﻞ ﺍﳌﺜﺎﻝ ﺇﱃ:
-ﻣﻨﲑ ﺇﺑﺮﺍﻫﻴﻢ ﻫﻨﺪﻱ ،ﻣﺮﺟﻊ ﺳﺒﻖ ﺫﻛﺮﻩ ،ﺹ ﺹ.416-412:
-ﻋﺒﺪ ﺍﻟﻌﺎﻃﻲ ﻻﺷﲔ ﳏﻤﺪ ﻣﻨﺴﻲ ،ﻣﺮﺟﻊ ﺳﺒﻖ ﺫﻛﺮﻩ ،ﺹ ﺹ.240-238 :
P. Vernimmen, Finance d’entreprise,5e Edition, Editions Dalloz, Paris, 2002, PP : 17-358. -
PP : 80-86. - J.Brilman et C.Maire, Op.cit,
-(9ﻟﻼﻃﻼﻉ ﺃﻛﺜﺮ ﻋﻠﻰ ﺍﻟﻨﻤﻮﺫﺝ ،ﺃﻧﻈﺮ ﻋﻠﻰ ﺳﺒﻴﻞ ﺍﳌﺜﺎﻝ:
-ﻋﺒﺪ ﺍﻟﻌﺎﻃﻲ ﻻﺷﲔ ﳏﻤﺪ ﻣﻨﺴﻲ ،ﻣﺮﺟﻊ ﺳﺒﻖ ﺫﻛﺮﻩ ،ﺹ ﺹ.237-232 :
-ﺇﺑﺮﺍﻫﻴﻢ ﺍﻟﺪﺳﻮﻗﻲ ﳏﻤﺪ ﻋﺒﺪ ﺍﳌﻨﻌﻢ ،ﻣﺮﺟﻊ ﺳﺒﻖ ﺫﻛﺮﻩ ،ﺹ ﺹ.42-38:
- G.Hirigoyen, Willam Sharpe et la gestion de portefeuille, in Les grands auteurs en finance, Op.cit, PP :38-48.
-(10ﻟﻼﻃﻼﻉ ﻋﻠﻰ ﺃﻫﻢ ﺃﻋﻤﺎﻟﻪ ﺃﻧﻈﺮ ﺇﱃ:
- G.Hirigoyen, Willam Sharpe et la gestion de portefeuille, in Les grands auteurs en finance, Op.cit, PP : 31-60.
-(11ﻳﻌﺘﱪ ﺃﺣﺪ ﻣﺆﺳﺴﻲ ﻋﻠﻢ ﺍﳌﺎﻟﻴﺔ ﺍﳊﺪﻳﺚ ،ﻟﻼﻃﻼﻉ ﻋﻠﻰ ﺃﻋﻤﺎﻟﻪ ﺃﻧﻈﺮ ﺇﱃ:
- G.Gallais-Hamonno, Harry Markowitz ou la fondation de la finance moderne, in les grands auteurs en finance, Op.cit,
PP : 09-30.
-(12ﳌﺰﻳﺪ ﻣﻦ ﺍﻻﻃﻼﻉ ﻋﻠﻰ ﺗﺄﺛﲑ ﺍﻟﺘﻼﻋﺒﺎﺕ ﺍﶈﺎﺳﺒﻴﺔ ﻋﻠﻰ ﺍﻟﺮﺑﺢ ،ﻭﺑﺎﻟﺘﺎﱄ ﻋﻠﻰ ﻣﺆﺷﺮ ﺍﻟﺴﻌﺮ ﺇﱃ ﺍﻟﻌﺎﺋﺪ ،ﺍﻧﻈﺮ ﻋﻠﻰ ﺳﺒﻴﻞ ﺍﳌﺜﺎﻝ ﺇﱃ ﺍﳌﻘﺎﻝ ﺍﻟﺴﺎﺑﻖ:
- M.Albouy et S.Perrier, Manipulations comptables et évaluation de l’entreprise, in La revue du financier, N°139, 2003,
P :60.
- (13ﺗﻌﱪ ﲨﻴﻊ ﳐﺮﺟﺎﺕ ﺍﻟﺘﻘﻴﻴﻢ ﻋﻦ ﺭﺃﻱ ﺍﳋﺒﲑ ﺍﳌﻘﻴﻢ ﺃﻭ ﺍﶈﻠﻞ ﺍﳌﺎﱄ ،ﻭﺗﻜﻮﻥ ﻣﻮﺿﻮﻋﻴﺔ ﰲ ﺣﺎﻟﺔ ﺃﻥ ﺍﻟﻄﺮﻳﻘﺔ ،ﻭﻣﻨﻬﺠﻴﺔ ﺍﻟﻌﻤﻞ ﺗﻜﻮﻥ ﳏﻞ ﺇﲨﺎﻉ ﻭﻗﺒﻮﻝ ﻋﺎﻡ ﰲ ﻧﻈﺮ ﺍﻟﺴﻮﻕ.
-(14ﳌﺰﻳﺪ ﻣﻦ ﺍﻻﻃﻼﻉ ﺣﻮﻝ ﺑﻌﺾ ﺍﻟﻨﻤﺎﺫﺝ ﺍﳌﺴﺘﻘﺎﺓ ﻣﻦ ﻣﻀﺎﻋﻒ ﺍﻟﺮﺑﺢ ﺍﻟﻨﺴﱯ ) ﳕﻮﺫﺝ Batesﻭﳕﻮﺫﺝ ( Holtﺃﻧﻈﺮ ﻋﻠﻰ ﺳﺒﻴﻞ ﺍﳌﺜﺎﻝ ﺇﱃ:
J.Brilman et C.Maire, Op.cit, PP : 94-100. -
P.Vernimmen, Op.cit, PP : 551-553. -
- (15ﳝﻜﻦ ﺃﻥ ﻧﱪﻫﻦ ﺑﺄﻥ ﻓﻠﺴﻔﺔ ﻣﻀﺎﻋﻒ ﺍﻟﺮﺑﺢ PERﺗﺸﺒﻪ ﺍﻟﻄﺮﻕ ﺍﳌﺮﺗﻜﺰﺓ ﻋﻠﻰ ﺍﻻﺳﺘﺤﺪﺍﺙ ،ﻭﺫﻟﻚ ﲟﻘﺎﺭﻧﺔ ﺍﻟﺸﻜﻞ ﺍﻟﺮﻳﺎﺿﻲ ﻟﻜﻼﳘﺎ .ﺇﺫ ﳒﺪ ﺃﻥ ﻫﻨﺎﻙ ﺍﻟﺸﻜﻞ ﺍﳌﺒﺴﻂ ﻣﻦ ﺍﳌﻌﺎﺩﻟﺔ ﺍﻟﻌﺎﻣﺔ
ﳋﺼﻢ ﺗﻮﺯﻳﻌﺎﺕ ﺍﻷﺭﺑﺎﺡ ﰲ ﺣﺎﻟﺔ ﺗﺴﺎﻭﻱ ﺍﻟﺘﺪﻓﻘﺎﺕ ﺇﱃ ﻣﺎ ﻻﺎﻳﺔ ﻳﺴﺎﻭﻱV=D/t :ﻭﺍﻟﱵ ﳝﻜﻦ ﻛﺘﺎﺑﺘﻬﺎ V=1/t*D :ﻭﺍﻟﱵ ﺗﻮﺍﻓﻖ ﻃﺮﻳﻘﺔ ﻣﻀﺎﻋﻒ ﺍﻟﺮﺑﺢ .V=PER*BPA :ﺣﻴﺚ
ﺃﻥ ﻛﻼﳘﺎ ﳛﺴﺐ ﻗﻴﻤﺔ ﺍﻟﺴﻬﻢ ﺑﺪﻻﻟﺔ ﺍﻟﺘﺪﻓﻘﺎﺕ ﺍﳌﺴﺘﻘﺒﻠﻴﺔ ﻭﻓﻖ ﻣﻌﺎﻣﻞ ﺭﲰﻠﺔ ﻣﻌﲔ.
118
119-107 .ﺹ. ﺹ- __________________________________________________ ﺃﳘﻴﺔ ﺗﻘﻴﻴﻢ ﺍﳌﺆﺳﺴﺎﺕ ﰲ ﺍﲣﺎﺫ ﻗﺮﺍﺭﺍﺕ ﺍﻻﺳﺘﺜﻤﺎﺭ ﺍﳌﺎﱄ
:ﺍﳌﺮﺍﺟﻊ
.1984 ﻣﺎﻱ،18 ﺍﻟﻌﺪﺩ، ﰲ ﳎﻠﺔ ﺍﳌﺎﻝ ﻭﺍﻟﺘﺠﺎﺭﺓ، ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﶈﺎﺳﺒﻴﺔ ﻭﻣﺪﺍﺧﻞ ﲢﻠﻴﻞ ﺍﻻﺳﺘﺜﻤﺎﺭ ﰲ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ،ﺇﺑﺮﺍﻫﻴﻢ ﻓﺮﻳﺪ ﳏﻤﺪ ﺃﻣﲔ -
، ﰲ ﳎﻠﺔ ﺍﻟﺒﺤﻮﺙ ﺍﻟﺘﺠﺎﺭﻳﺔ، ﺗﻘﻴﻴﻢ ﺍﻟﺘﺴﻌﲑ ﺍﻟﺴﻮﻗﻲ ﻭﳕﻮﺫﺝ ﺗﺴﻌﲑ ﺍﻷﺻﻮﻝ ﺍﻟﺮﺃﲰﺎﻟﻴﺔ ﰲ ﺳﻮﻕ ﺍﻷﺳﻬﻢ ﺍﳌﺼﺮﻳﺔ،ﻋﺒﺪ ﺍﻟﻌﺎﻃﻲ ﻻﺷﲔ ﳏﻤﺪ ﻣﻨﺴﻰ -
.2001 ﻳﻨﺎﻳﺮ،ﻠﺪ ﺍﻟﺜﺎﻟﺚ ﻭﺍﻟﻌﺸﺮﻭﻥ ﺍ، ﺍﻟﻌﺪﺩ ﺍﻷﻭﻝ، ﺟﺎﻣﻌﺔ ﺍﻟﺰﻗﺎﺯﻳﻖ،ﻛﻠﻴﺔ ﺍﻟﺘﺠﺎﺭﺓ
.1998 ، ﺑﺪﻭﻥ ﻣﻜﺎﻥ ﺍﻟﻨﺸﺮ، ﺍﻟﺪﺍﺭ ﺍﳉﺎﻣﻌﻴﺔ، ﺗﻘﻴﻴﻢ ﺍﻟﺸﺮﻛﺎﺕ ﻭﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﻷﻏﺮﺍﺽ ﺍﻟﺘﻌﺎﻣﻞ ﰲ ﺍﻟﺒﻮﺭﺻﺔ،ﳏﻤﺪ ﻋﺒﺪﻩ ﳏﻤﺪ ﻣﺼﻄﻔﻰ -
، ﺃﻃﺮﻭﺣﺔ ﺩﻛﺘﻮﺭﺍﻩ ﻓﻠﺴﻔﺔ ﰲ ﺍﶈﺎﺳﺒﺔ، ﺍﶈﺘﻮﻯ ﺍﻹﻋﻼﻣﻲ ﻟﻠﻤﻌﻠﻮﻣﺎﺕ ﺍﶈﺎﺳﺒﻴﺔ ﻭﺃﺛﺮﻩ ﻋﻠﻰ ﻗﻴﺎﺱ ﻗﻴﻤﺔ ﺍﳌﻨﺸﺄﺓ،ﺇﺑﺮﺍﻫﻴﻢ ﺍﻟﺪﺳﻮﻗﻲ ﳏﻤﺪ ﻋﺒﺪ ﺍﳌﻨﻌﻢ -
.1995،ﺟﺎﻣﻌﺔ ﺍﻟﻘﺎﻫﺮﺓ
.2002 ، ﺍﻹﺳﻜﻨﺪﺭﻳﺔ، ﻣﻨﺸﺄﺓ ﺍﳌﻌﺎﺭﻑ، ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﻭﺃﺳﻮﺍﻕ ﺭﺃﺱ ﺍﳌﺎﻝ،ﻣﻨﲑ ﺇﺑﺮﺍﻫﻴﻢ ﻫﻨﺪﻱ -
119