‫ﺍﳌﻠﺘﻘﻰ ﺍﻟﺪﻭﱄ‪:‬‬
‫ﻣﺘﻄﻠﺒﺎﺕ ﺗﺄﻫﻴﻞ ﺍﳌﺆﺳﺴﺎﺕ ﺍﻟﺼﻐﲑﺓ ﻭ ﺍﳌﺘﻮﺳﻄﺔ ﰲ ﺍﻟﺪﻭﻝ ﺍﻟﻌﺮﺑﻴﺔ‪ .‬ﻳﻮﻣﻲ ‪17‬ﻭ‪ 18‬ﺃﻓﺮﻳﻞ ‪2006‬‬
‫ﺇﺷﻜﺎﻟﻴﺔ ﲤﻮﻳﻞ ﺍﳌﺆﺳﺴﺎﺕ ﺍﳌﺘﻮﺳﻄﺔ ﻭﺍﻟﺼﻐﲑﺓ‪:‬‬
‫ﺩﺭﺍﺳﺔ ﻣﻘﺎﺭﻧﺔ ﺑﲔ ﺍﻷﺳﺎﻟﻴﺐ ﺍﳌﺴﺘﺤﺪﺛﺔ ﰲ ﺍﻟﺘﻤﻮﻳﻞ‪ ،‬ﻭﺍﻷﺳﺎﻟﻴﺐ ﺍﳌﺘﺒﻌﺔ ﰲ ﺍﳉﺰﺍﺋﺮ‬
‫ﺃ‪.‬ﺩ‪ /‬ﺍﻟﻄﺎﻫﺮ ﻫﺎﺭﻭﻥ‬
‫ﺃ‪ /‬ﻓﻄﻴﻤﺔ ﺣﻔﻴﻆ‬
‫ﺟﺎﻣﻌﺔ ﺑﺎﺗﻨﺔ‬
‫‪Résumé‬‬
‫‪L’importance relative des PME dans le paysage économique algérien trouve son origine dans‬‬
‫‪l’intervention de la nouvelle économie.‬‬
‫‪Ces entreprises pourraient être la solution a un double problème : atténuer la pression du chômage et‬‬
‫‪améliorer encor la balance commerciale, par la production et l’exportation de biens et services à‬‬
‫‪contenu technologique élevé et donc à forte valeur ajoutée. Et pour cela il faut donc facilité l’accès des‬‬
‫‪PME aux instruments et services financières adaptés a leur besoins.‬‬
‫‪Cette étude s’intéresse a présenté la situation présente de financement des PME et la recherche‬‬
‫‪d’application des méthodes innovantes dans ce domaine.‬‬
‫ﺍﳌﻘﺪﻣﺔ‬
‫ﻧﻈﺮﺍ ﻟﻠﺪﻭﺭ ﺍﻻﺳﺘﺮﺍﺗﻴﺠﻲ ﺍﻟﺬﻱ ﺗﻠﻌﺒﻪ ﺍﳌﺆﺳﺴﺎﺕ ﺍﳌﺘﻮﺳﻄﺔ ﻭﺍﻟﺼﻐﲑﺓ ﰲ ﻛﻞ ﺍﻻﻗﺘﺼﺎﺩﻳﺎﺕ ﻣﻦ ﺣﻴﺚ ﺍﻹﻧﺘﺎﺝ‪ ،‬ﺍﻟﺘﺸﻐﻴﻞ ﻭﺍﻻﺑﺘﻜﺎﺭﺍﺕ‬
‫ﺍﻟﺘﻜﻨﻮﻟﻮﺟﻴﺔ ﻭﲤﺜﻞ ﻣﺴﺎﳘﺔ ﻫﺬﻩ ﺍﳌﺆﺳﺴﺎﺕ ﺣﻮﺍﱄ ‪ %70‬ﻣﻦ ﺍﻹﻧﺘﺎﺝ ﺍﻟﻌﺎﳌﻲ ﻟﻠﺴﻠﻊ ﻭﺍﳋﺪﻣﺎﺕ‪ ،‬ﻭﺗﻌﺘﱪ ﻫﺬﻩ ﺍﳌﺆﺳﺴﺎﺕ ﺍﻟﻘﻮﺓﺍﶈﺮﻛﺔ‬
‫ﻟﻺﺑﺪﺍﻉ ﻭﺍﻻﺑﺘﻜﺎﺭ ﺑﺎﻟﻨﺴﺒﺔ ﳌﺨﺘﻠﻒ ﻓﺮﻭﻉ ﺍﻹﻧﺘﺎﺝ‪.1‬‬
‫ﻭﻣﻦ ﺃﺟﻞ ﻫﺬﺍ ﻋﺮﻓﺖ ﺍﻟﺴﻴﺎﺳﺔ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﰲ ﺍﳉﺰﺍﺋﺮ ﲢﻮﻻﺕ ﻋﻤﻴﻘﺔ ﺑﺪﺍﻳﺔ ﻣﻦ ﺍﻟﺘﺴﻌﻴﻨﻴﺎﺕ‪ ،‬ﺣﻴﺚ ﺃﻋﻄﺖ ﺍﻟﺪﻭﻟﺔ ﳎﺎﻻ ﻭﺍﺳﻌﺎ ﻟﺪﻋﻢ ﳕﻮ‬
‫ﻭﺗﺮﻗﻴﺔ ﺍﳌﺆﺳﺴﺎﺕ ﺍﳌﺘﻮﺳﻄﺔ ﻭﺍﻟﺼﻐﲑﺓ ﻣﻦ ﺧﻼﻝ ﺇﻧﺸﺎﺀ ﻫﻴﺎﻛﻞ ‪‬ﺘﻢ ﺧﺼﻴﺼﺎ ﺑﺪﻋﻤﻬﺎ‪ ،‬ﻭﺇﺗﺒﺎﻉ ﺳﻴﺎﺳﺔ ﻧﻘﺪﻳﺔ ‪‬ﺪﻑ ﺇﱃ ﺗﻮﻓﲑ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﻼﺯﻡ‬
‫ﳍﺬﺍ ﺍﻟﻨﻮﻉ ﻣﻦ ﺍﳌﺆﺳﺴﺎﺕ‪.‬‬
‫ﻭﺑﺎﻟﺮﻏﻢ ﻣﻦ ﺃﳘﻴﺔ ﺍﳌﺆﺳﺴﺎﺕ ﺍﳌﺘﻮﺳﻄﺔ ﻭﺍﻟﺼﻐﲑﺓ ﻓﻬﻲ ﻻ ﲡﺪ ﻧﻔﺲ ﺍﻻﻫﺘﻤﺎﻡ ﺍﻟﺬﻱ ﲡﺪﻩ ﺍﳌﺆﺳﺴﺎﺕ ﺍﻟﻜﺒﲑﺓ ﻣﻦ ﻃﺮﻑ ﺍﻟﺒﻨﻮﻙ ﻭﻻ ﺣﱴ‬
‫ﻣﻦ ﻃﺮﻑ ﺍﳌﺆﺳﺴﺎﺕ ﺍﳌﺎﻟﻴﺔ ﺍﻷﺧﺮﻯ)ﺧﺎﺻﺔ ﰲ ﺍﻟﺪﻭﻝ ﺍﻟﻨﺎﻣﻴﺔ(‪ ،‬ﻧﻈﺮﺍ ﻟﻌﺪﻡ ﺗﻮﻓﺮ ﻧﻈﺎﻡ ﻣﻌﻠﻮﻣﺎﰐ ﺩﻗﻴﻖ ﳝﻜﻦ ﻣﻦ ﺗﻘﻴﻴﻢ ﻭﺿﻌﻴﺘﻬﺎ ﻭﻗﺪﺭ‪‬ﺎ ﻋﻠﻰ‬
‫ﺍﻟﺴﺪﺍﺩ ﳑﺎ ﳚﻌﻞ ﻣﺴﺘﻮﻯ ﺍﳌﺨﺎﻃﺮﺓ ﻳﺒﺪﻭﺍ ﻛﺒﲑﺍ‪ .‬ﺇﺿﺎﻓﺔ ﺇﱄ ﺿﻌﻒ ﺍﻟﻄﺎﻗﺔ ﺍﻟﺒﺸﺮﻳﺔ ﳍﺬﻩ ﺍﳌﺆﺳﺴﺎﺕ‪ ،‬ﳑﺎ ﳚﻌﻠﻬﺎ ﻏﲑ ﻋﻠﻰ ﺣﺴﻦ ﺍﺳﺘﻐﻼﻝ‬
‫ﺍﻟﻔﺮﺹ ﺍﳌﺘﺎﺣﺔ ﳍﺎ ﻭﻻ ﺣﱴ ﻋﻠﻰ ﺍﻟﺘﻘﺪﻳﺮ ﺍﳉﻴﺪ ﻹﻣﻜﺎﻧﻴﺎ‪‬ﺎ ﺧﺎﺻﺔ ﻓﻴﻤﺎ ﻳﺘﻌﻠﻖ ﲜﺎﻧﺐ ﺍﳌﻠﻜﻴﺔ ﺍﻟﻔﻜﺮﻳﺔ‪.‬‬
‫ﻭﻗﺪ ﺃﺩﻯ ﺍﻟﻨﺠﺎﺡ ﺍﻟﺬﻱ ﺣﻘﻘﺘﻪ ﻫﺬﻩ ﺍﳌﺆﺳﺴﺎﺕ ﰲ ﺍﻟﺪﻭﻝ ﺍﳌﺘﻄﻮﺭﺓ ﻭﺣﱴ ﰲ ﺑﻌﺾ ﺍﻟﺪﻭﻝ ﺍﻟﻨﺎﻣﻴﺔ ﺇﱃ ﻇﻬﻮﺭ ﻃﺮﻕ ﺟﺪﻳﺪﺓ ﰲ ﲤﻮﻳﻠﻬﺎ‪ ،‬ﳑﺎ‬
‫ﺃﺩﻯ ﺇﱃ ﺍﺷﺘﺪﺍﺩ ﺍﳌﻨﺎﻓﺴﺔ ﺑﲔ ﳐﺘﻠﻒ ﻣﺼﺎﺩﺭ ﺍﻟﺘﻤﻮﻳﻞ ﰲ ﺍﻟﺒﺤﺚ ﻋﻦ ﺯﺑﺎﺋﻦ ﻫﺬﻩ ﺍﻟﻔﺌﺔ ﲢﺪﻳﺪﺍ ‪‬ﺪﻑ ﺗﻮﺳﻴﻊ ﺣﺼﺘﻬﺎ ﰲ ﺍﻟﺴﻮﻕ ﺍﻟﻮﺍﻋﺪﺓ‪.‬ﻭﻧﺘﺞ‬
‫ﻋﻦ ﻫﺬﺍ ﺳﻬﻮﻟﺔ ﻭﺻﻮﻝ ﻫﺬﻩ ﺍﳌﺆﺳﺴﺎﺕ ﺇﱃ ﻣﺼﺎﺩﺭ ﺍﻟﺘﻤﻮﻳﻞ‪.‬‬
‫ﻭﺳﻴﺘﻢ ﻣﻦ ﺧﻼﻝ ﻫﺬﻩ ﺍﻟﻮﺭﻗﺔ ﺍﻟﺘﻄﺮﻕ ﺇﱃ ﻣﺼﺎﺩﺭ ﲤﻮﻳﻞ ﺍﳌﺆﺳﺴﺎﺕ ﺍﳌﺘﻮﺳﻄﺔ ﻭﺍﻟﺼﻐﲑﺓ ﰲ ﺍﳉﺰﺍﺋﺮ ﻭﻣﻌﺮﻓﺔ ﺳﻠﺒﻴﺎ‪‬ﺎ ﰒ ﺍﻟﺘﻌﺮﻑ ﻋﻠﻰ‬
‫ﺍﻷﺳﺎﻟﻴﺐ ﺍﳌﺒﺘﻜﺮﺓ ﰲ ﲤﻮﻳﻞ ﻫﺬﻩ ﺍﳌﺆﺳﺴﺎﺕ ﰲ ﺍﻟﺪﻭﻝ ﺍﳌﺘﻘﺪﻣﺔ ﻟﻼﺳﺘﻔﺎﺩﺓ ﻣﻨﻬﺎ‪.‬‬
‫ﺃﻭﻻ‪ :‬ﺃﺳﺎﻟﻴﺐ ﲤﻮﻳﻞ ﺍﳌﺆﺳﺴﺎﺕ ﺍﻟﺼﻐﲑﺓ ﻭﺍﳌﺘﻮﺳﻄﺔ ﰲ ﺍﳉﺰﺍﺋﺮ‬
‫ﺇﻥ ﺃﳘﻴﺔ ﻫﺬﻩ ﺍﳌﺆﺳﺴﺎﺕ ﻭﺩﻭﺭﻫﺎ ﰲ ﺍﻟﺘﻨﻤﻴﺔ ﻳﺘﻄﻠﺐ ﲢﺴﲔ ﻃﺮﻕ ﲤﻮﻳﻠﻬﺎ ﻣﻦ ﺃﺟﻞ ﺑﻠﻮﻍ ﺃﻫﺪﺍﻓﻬﺎ‪ ،‬ﻭﻟﻜﻦ ﻗﺒﻞ ﺫﻟﻚ ﳚﺐ ﻋﺮﺽ ﻃﺮﻕ‬
‫ﺍﻟﺘﻤﻮﻳﻞ ﺍﳌﺘﺒﻌﺔ ﺣﱴ ﳝﻜﻦ ﺗﺪﺍﺭﻙ ﺍﻟﻨﻘﺎﺋﺺ ﻭﺍﻟﺒﺤﺚ ﻋﻦ ﺍﻟﺒﺪﺍﺋﻞ‪.‬‬
‫‪ -І‬ﺑﺮﺍﻣﺞ ﺍﻟﺘﻤﻮﻳﻞ ﻭﺍﻟﺪﻋﻢ ﻟﺼﺎﱀ ﺍﳌﺆﺳﺴﺎﺕ ﺍﳌﺘﻮﺳﻄﺔ ﻭﺍﻟﺼﻐﲑﺓ‪ :‬ﻫﺬﻩ ﺍﻟﱪﺍﻣﺞ ﲤﻜﻦ ﻡ‪.‬ﺹ‪.‬ﻡ ﻣﻦ ﺍﻻﺳﺘﻔﺎﺩﺓ ﻣﻦ ﺳﻴﺎﺳﺎﺕ ﺍﳊﻜﻮﻣﺔ‬
‫ﺍﲡﺎﻩ ﺇﻧﺸﺎﺀ ﻭﺗﻄﻮﻳﺮ ﻫﺬﻩ ﺍﳌﺆﺳﺴﺎﺕ ﻭﺯﻳﺎﺩﺓ ﻓﺮﺹ ﺣﺼﻮﳍﺎ ﻋﻠﻰ ﺍﻟﺘﻤﻮﻳﻞ‪ ،‬ﻭﻳﺸﺎﺭﻙ ﰲ ﻫﺬﻩ ﺍﻟﻌﻤﻠﻴﺔ ﺍﻟﻌﺪﻳﺪ ﻣﻦ ﺍﳌﺆﺳﺴﺎﺕ ﻭﺍﳍﻴﺌﺎﺕ ﻣﺜﻞ‬
‫ﺍﻟﻮﻛﺎﻟﺔ ﺍﻟﻮﻃﻨﻴﺔ ﻟﺪﻋﻢ ﺗﺸﻐﻴﻞ ﺍﻟﺸﺒﺎﺏ‪ ،‬ﻭﻛﺎﻟﺔ ﺗﺮﻗﻴﺔ ﻭﺩﻋﻢ ﺍﻻﺳﺘﺜﻤﺎﺭ‪ ،‬ﻭﺷﺮﻛﺔ ﺿﻤﺎﻥ ﻭﺗﺄﻣﲔ ﺍﻻﺳﺘﺜﻤﺎﺭ ﻭﺍﻟﻮﻛﺎﻟﺔ ﺍﻟﻮﻃﻨﻴﺔ ﻟﺘﺴﻴﲑ ﺍﻟﻘﺮﺽ‬
‫ﺍﳌﺼﻐﺮ ﺍﻟﱵ ﺃﻧﺸﺌﺖ ﺳﻨﺔ‪.2004‬‬
‫ﺃﻣﺎ ﺁﺧﺮ ﺍﻹﺟﺮﺍﺀﺍﺕ ﺍﳌﺘﺨﺬﺓ ﻟﺘﻄﻮﻳﺮ ﻡ‪.‬ﺹ‪.‬ﻡ ﺟﺎﺀﺕ ﺧﻼﻝ ﺟﺎﻧﻔﻲ ‪ 2004‬ﻭﺍﺗﺴﻤﺖ ﺑﺈﻧﺸﺎﺀ ﺻﻨﺪﻭﻗﲔ ﺟﺪﻳﺪﻳﻦ ﳌﻌﺎﳉﺔ ﻣﺸﻜﻞ‬
‫‪2‬‬
‫ﺍﻟﻀﻤﺎﻧﺎﺕ ﺍﻟﺬﻱ ﺗﻌﺎﱐ ﻣﻨﻪ ﻫﺬﻩ ﺍﳌﺆﺳﺴﺎﺕ ﻋﻨﺪ ﻃﻠﺐ ﺍﻟﻘﺮﻭﺽ ﺍﻟﺒﻨﻜﻴﺔ ﻭﳘﺎ ‪:‬‬
‫ ﺻﻨﺪﻭﻕ ﺿﻤﺎﻥ ﺍﻟﻘﺮﺽ ﻟﺼﺎﱀ ﻡ‪.‬ﺹ‪.‬ﻡ ﺑﺮﺃﺱ ﻣﺎﻝ ﻗﺪﺭﻩ‪ 30‬ﻣﻠﻴﺎﺭ ﺩﺝ‪ ،‬ﳑﻮﻝ ﻣﻦ ﻃﺮﻑ ﺍﳋﺰﻳﻨﺔ ﺍﻟﻌﻤﻮﻣﻴﺔ‪ ،‬ﻭﻫﺬﺍ ﻣﻦ ﺃﺟﻞ ﺿﻤﺎﻥ ﺗﺴﺪﻳﺪ‬‫ﺍﻟﻘﺮﻭﺽ ﺍﻟﺒﻨﻜﻴﺔ ﺍﻷﻛﺜﺮ ﻣﻦ ‪ 50‬ﻣﻠﻴﻮﻥ ﺩﺝ ﺍﳌﻘﺘﺮﺿﺔ ﻣﻦ ﻃﺮﻑ ﻫﺬﻩ ﺍﳌﺆﺳﺴﺎﺕ ﻣﻦ ﺃﺟﻞ ﲤﻮﻳﻞ ﺍﺳﺘﺜﻤﺎﺭﺍ‪‬ﺎ ﺣﻮﻝ ﺇﻧﺘﺎﺝ ﺍﻟﺴﻠﻊ ﻭﺍﳋﺪﻣﺎﺕ ؛‬
‫ ﺻﻨﺪﻭﻕ ﺿﻤﺎﻥ ﳐﺎﻃﺮ ﺍﻻﺳﺘﺜﻤﺎﺭ ﺑﻘﻴﻤﺔ ‪ 3.5‬ﻣﻠﻴﺎﺭ ﺩﺝ‪.‬‬‫‪ -П‬ﲤﻮﻳﻞ ﻡ‪.‬ﺹ‪.‬ﻡ ﰲ ﺇﻃﺎﺭ ﺍﻟﻮﻛﺎﻟﺔ ﺍﻟﻮﻃﻨﻴﺔ ﻟﺪﻋﻢ ﺗﺸﻐﻴﻞ ﺍﻟﺸﺒﺎﺏ‪ :‬ﺇﺿﺎﻓﺔ ﺇﱃ ﺻﻴﻐﺔ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺜﻨﺎﺋﻲ ﺍﻟﱵ ﺗﺘﻢ ﺑﲔ ﺍﻟﻄﺮﻑ ﺍﳌﺴﺘﻔﻴﺪ‬
‫ﻭﺍﻟﻮﻛﺎﻟﺔ‪ ،‬ﻳﺘﻢ ﺍﺳﺘﺨﺪﺍﻡ ﺻﻴﻐﺔ ﺛﺎﻧﻴﺔ ﰲ ﺍﻟﺘﻤﻮﻳﻞ ﺗﻜﻮﻥ ﺑﲔ ﺍﻟﻄﺮﻓﲔ ﺍﻟﺴﺎﺑﻘﲔ ﻭﺍﻟﺒﻨﻚ ﻭﻳﻄﻠﻖ ﻋﻠﻴﻬﺎ ﺻﻴﻐﺔ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺜﻼﺛﻲ ﻭﺗﺸﻤﻞ‪- .3‬‬
‫ﺍﳌﺴﺎﳘﺔ ﺍﳌﺎﻟﻴﺔ ﻷﺻﺤﺎﺏ ﺍﳌﺸﺎﺭﻳﻊ‪ ،‬ﻭﺗﺘﻐﲑ ﻧﺴﺒﺔ ﺍﳌﺴﺎﳘﺔ ﺣﺴﺐ ﺗﻐﲑ ﺣﺠﻢ ﺍﻻﺳﺘﺜﻤﺎﺭ ﻭﻣﻮﻃﻨﻪ؛‬
‫ ﻗﺮﺽ ﺑﺪﻭﻥ ﻓﺎﺋﺪﺓ ﲤﻨﺤﻪ ﺍﻟﻮﻛﺎﻟﺔ ﻳﺘﻐﲑ ﺣﺴﺐ ﻣﺴﺘﻮﻯ ﺍﻻﺳﺘﺜﻤﺎﺭ؛‬‫‪376‬‬
‫ﺍﺷﺮﺍﻑ ﳐﱪ ﺍﻟﻌﻮﳌﺔ ﻭ ﺍﻗﺘﺼﺎﺩﻳﺎﺕ ﴰﺎﻝ ﺍﻓﺮﻳﻘﻴﺎ‬
‫ﺟﺎﻣﻌﺔ ﺣﺴﻴﺒﺔ ﺑﻦ ﺑﻮﻋﻠﻲ ﺑﺎﻟﺸﻠﻒ‪-‬ﺍﳉﺰﺍﺋﺮ‬
‫ﻣﺘﻄﻠﺒﺎﺕ ﺗﺄﻫﻴﻞ ﺍﳌﺆﺳﺴﺎﺕ ﺍﻟﺼﻐﲑﺓ ﻭ ﺍﳌﺘﻮﺳﻄﺔ ﰲ ﺍﻟﺪﻭﻝ ﺍﻟﻌﺮﺑﻴﺔ‪ .‬ﻳﻮﻣﻲ ‪17‬ﻭ‪ 18‬ﺃﻓﺮﻳﻞ ‪2006‬‬
‫ﺍﳌﻠﺘﻘﻰ ﺍﻟﺪﻭﱄ‪:‬‬
‫ ﻗﺮﺽ ﺑﻨﻜﻲ ﳜﻔﺾ ﺟﺰﺀ ﻫﺎﻡ ﻣﻦ ﻓﻮﺍﺋﺪﻩ ﻣﻦ ﻃﺮﻑ ﻭﻛﺎﻟﺔ ﺩﻋﻢ ﺗﺸﻐﻴﻞ ﺍﻟﺸﺒﺎﺏ‪ ،‬ﻭﻳﺘﻢ ﺿﻤﺎﻧﻪ ﻣﻦ ﻃﺮﻑ ﺻﻨﺪﻭﻕ ﺍﻟﻜﻔﺎﻟﺔ ﺍﳌﺸﺘﺮﻛﺔ‬‫ﻟﻀﻤﺎﻥ ﺃﺧﻄﺎﺭ ﺍﻟﻘﺮﻭﺽ ﺍﳌﻤﻨﻮﺣﺔ ﻟﻠﺸﺒﺎﺏ ﺫﻭﻱ ﺍﳌﺸﺎﺭﻳﻊ ﻛﻤﺎ ﻳﻮﺿﺤﻪ ﺍﳉﺪﻭﻝ ﺍﳌﻮﺍﱄ‪:‬‬
‫ﺍﳉﺪﻭﻝ ﺭﻗﻢ)‪ :(1‬ﺍﳍﻴﻜﻞ ﺍﳌﺎﱄ ﻟﻠﺘﻤﻮﻳﻞ ﺍﻟﺜﻼﺛﻲ‬
‫ﻗﻴﻤﺔ ﺍﻻﺳﺘﺜﻤﺎﺭ ﺃﻗﻞ ﻣﻦ‬
‫‪2000000‬ﺩﺝ‬
‫ﻗﻴﻤﺔ ﺍﻻﺳﺘﺜﻤﺎﺭ ﻣﺎﺑﲔ‬
‫‪10000000-2000001‬ﺩﺝ‬
‫‪%25‬‬
‫‪%20‬‬
‫ﺍﳌﺴﺎﳘﺔ ﺍﻟﺸﺨﺼﻴﺔ‬
‫‪%05‬‬
‫‪%08‬‬
‫ﺍﻟﻘﺮﻭﺽ ﺍﻟﺒﻨﻜﻴﺔ‬
‫‪%70‬‬
‫‪%72‬‬
‫ﺍﳌﺴﺎﳘﺔ ﺍﻟﺸﺨﺼﻴﺔ‬
‫‪%05‬‬
‫‪%10‬‬
‫ﺍﻟﻘﺮﻭﺽ ﺍﻟﺒﻨﻜﻴﺔ‬
‫‪%70‬‬
‫‪%70‬‬
‫ﺍﻟﻘﺮﻭﺽ ﺑﺪﻭﻥ ﻓﺎﺋﺪﺓ‬
‫ﺍﳌﻨﺎﻃﻖ ﺍﳋﺎﺻﺔ‬
‫ﺍﳌﻨﺎﻃﻖ ﺍﻷﺧﺮﻯ‬
‫ﺍﳌﺼﺪﺭ‪ :‬ﻣﻨﺸﻮﺭﺍﺕ ﺍﻟﻮﻛﺎﻟﺔ ﺍﻟﻮﻃﻨﻴﺔ ﻟﺪﻋﻢ ﺗﺸﻐﻴﻞ ﺍﻟﺸﺒﺎﺏ‬
‫ﻣﻦ ﺧﻼﻝ ﻫﺬﺍ ﺍﳉﺪﻭﻝ ﻳﻼﺣﻆ ﺃﻥ ﺍﻟﺒﻨﻮﻙ ﺗﺘﺤﻤﻞ ﺍﻟﻌﺐﺀ ﺍﻷﻛﱪ ﰲ ﺍﻟﺘﻤﻮﻳﻞ ﺑﻨﺴﺒﺔ ﻣﺴﺎﳘﺔ ﺗﺘﺮﺍﻭﺡ ﻣﺎ ﺑﲔ‪ %70‬ﺇﱃ ‪ %72‬ﻣﻦ ﺍﻟﻘﻴﻤﺔ‬
‫ﺍﻹﲨﺎﻟﻴﺔ ﻟﻼﺳﺘﺜﻤﺎﺭ ﺗﻠﻴﻬﺎ ﺍﻟﻘﺮﻭﺽ ﺑﺪﻭﻥ ﻓﻮﺍﺋﺪ ﻭﺍﳌﺴﺎﳘﺔ ﺍﻟﺸﺨﺼﻴﺔ ﳑﺎ ﻳﺆﻛﺪ ﺳﻬﻮﻟﺔ ﺗﺄﺳﻴﺲ ﻫﺬﺍ ﺍﻟﻨﻮﻉ ﻣﻦ ﺍﳌﺆﺳﺴﺎﺕ‪ ،‬ﻛﻤﺎ ﻳﻼﺣﻆ ﺃﻳﻀﺎ‬
‫ﺃﻥ ﻧﺴﺒﺔ ﺍﻟﻘﺮﻭﺽ ﺑﺪﻭﻥ ﻓﻮﺍﺋﺪ ﺗﻨﺨﻔﺾ ﻛﻠﻤﺎ ﺍﲡﻪ ﻣﺒﻠﻎ ﺍﻟﻘﺮﺽ ﳓﻮ ﺍﻻﺭﺗﻔﺎﻉ ﻭﺗﻘﺎﺑﻠﻪ ﺗﺰﺍﻳﺪ ﻧﺴﺒﺔ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺒﻨﻜﻲ ﰲ ﺣﲔ ﺗﺘﺠﻪ ﺃﻳﻀﺎ ﻧﺴﺒﺔ‬
‫ﻣﺴﺎﳘﺔ ﺻﺎﺣﺐ ﺍﳌﺸﺮﻭﻉ ﳓﻮ ﺍﻻﺭﺗﻔﺎﻉ‪ ،‬ﻭﺑﺎﻟﺘﺎﱄ ﻓﺈﻥ ﺍﳍﺪﻑ ﻣﻦ ﻫﺬﺍ ﺍﻟﺘﻤﻮﻳﻞ ﻫﻮ ﺩﻓﻊ ﺍﻟﻘﺪﺭﺍﺕ ﺍﻟﱵ ﱂ ﺗﺘﻤﻜﻦ ﺑﺈﻣﻜﺎﻧﻴﺎ‪‬ﺎ ﺍﳋﺎﺻﺔ ﻣﻦ‬
‫ﺍﳌﺴﺎﳘﺔ ﰲ ﺍﳊﻴﺎﺓ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﺇﱃ ﲡﺴﻴﺪ ﺃﻓﻜﺎﺭﻫﺎ ﺍﻻﺳﺘﺜﻤﺎﺭﻳﺔ ﰲ ﺍﻟﻮﺍﻗﻊ ﻋﻦ ﻃﺮﻳﻖ ﺍﻟﺪﻋﻢ ﺍﳌﺎﱄ‪.‬‬
‫ﻭﻋﻠﻰ ﺍﻟﺮﻏﻢ ﻣﻦ ﺃﳘﻴﺔ ﻡ‪.‬ﺹ‪.‬ﻡ ﰲ ﺍﻻﻗﺘﺼﺎﺩ ﺍﻟﻮﻃﲏ ﻭﺣﺴﺐ ﺇﺣﺼﺎﺋﻴﺎﺕ ﻭﺯﺍﺭﺓ ﺍﳌﺆﺳﺴﺎﺕ ﺍﳌﺘﻮﺳﻄﺔ ﻭﺍﻟﺼﻐﲑﺓ ﻭﺍﳊﺮﻓﻴﲔ ﻓﺈﻥ ﳎﻤﻮﻉ‬
‫ﻫﺬﻩ ﺍﳌﺆﺳﺴﺎﺕ ﺍﳌﻮﺟﻮﺩﺓ ﺣﱴ ﺳﻨﺔ ‪ 2003‬ﺗﺸﻐﻞ ﺣﻮﺍﱄ ‪ 700.000‬ﺃﺟﲑ)ﺃﻛﺜﺮ ﻣﻦ ‪ %10‬ﻣﻦ ﻋﺪﺩ ﺍﻟﺴﻜﺎﻥ ﰲ ﺳﻨﺔ‪ ،(2003‬ﺇﺿﺎﻓﺔ‬
‫ﺇﱃ ﺃﻥ¾ ﻣﻦ ﻫﺬﻩ ﺍﳌﺆﺳﺴﺎﺕ ﻫﻲ ﻣﺆﺳﺴﺎﺕ ﺧﺎﺻﺔ‪ ،‬ﻭﺗﺸﻐﻞ ﺃﻛﺜﺮ ﻣﻦ ‪ %72‬ﻣﻦ ﺍﻟﻌﺎﻣﻠﲔ ﰲ ﺍﳌﺆﺳﺴﺎﺕ ﺍﳌﺘﻮﺳﻄﺔ ﻭﺍﻟﺼﻐﲑﺓ ﰲ ﺍﳉﺰﺍﺋﺮ‪.‬‬
‫ﻭﺍﳉﺪﻭﻝ ﺍﳌﻮﺍﱄ ﻳﻮﺿﺢ ﺗﻄﻮﺭ ﻡ‪.‬ﺹ‪.‬ﻡ‪.‬‬
‫ﺍﳉﺪﻭﻝ ﺭﻗﻢ)‪ :(2‬ﺗﻄﻮﺭ ﺗﺼﻨﻴﻒ ﺍﳌﺆﺳﺴﺎﺕ ﺍﳌﺘﻮﺳﻄﺔ ﻭﺍﻟﺼﻐﲑﺓ ﺣﺴﺐ ﻗﻄﺎﻉ ﺍﻟﻨﺸﺎﻁ‬
‫ﺍﻟﺘﻄﻮﺭ)‪(%‬‬
‫‪9.71‬‬
‫ﻋﺪﺩ ﻡ‪.‬ﺹ‪.‬ﻡ ﺳﻨﺔ‪2002‬‬
‫ﻋﺪﺩ ﻡ‪.‬ﺹ‪.‬ﻡ ﺳﺒﺘﻤﱪ‪2003‬‬
‫ﻋﺪﺩ ﺍﻷﺟﺮﺍﺀ‬
‫ﺍﻟﻨﺴﺒﺔ‪%‬‬
‫ﺍﻟﻌﺪﺩ‬
‫ﺍﻟﻨﺴﺒﺔ‪%‬‬
‫ﺍﻟﻌﺪﺩ‬
‫‪550386‬‬
‫‪72.06‬‬
‫‪207949‬‬
‫‪72.39‬‬
‫‪189552‬‬
‫ﻃﺒﻴﻌﺔ ﻡ‪.‬ﺹ‪.‬ﻡ‬
‫ﻡ‪.‬ﺹ‪.‬ﻡ ﺍﳋﺎﺻﺔ‬
‫‪-‬‬
‫‪74763‬‬
‫‪0.27‬‬
‫‪788‬‬
‫‪0.30‬‬
‫‪788‬‬
‫ﻡ‪.‬ﺹ‪.‬ﻡ ﺍﻟﻌﻤﻮﻣﻴﺔ‬
‫‪11.64‬‬
‫‪79850‬‬
‫‪27.67‬‬
‫‪79850‬‬
‫‪27.31‬‬
‫‪71523‬‬
‫ﺍﳊﺮﻓﻴﲔ‬
‫‪10.21‬‬
‫‪704999‬‬
‫‪100‬‬
‫‪288587‬‬
‫‪100‬‬
‫‪261863‬‬
‫ﺍ‪‬ﻤﻮﻉ‬
‫‪Source : d’après Ministère de la PME et de l’Artisanat.‬‬
‫ﻭﻳﻼﺣﻆ ﻣﻦ ﺧﻼﻝ ﻫﺬﺍ ﺍﳉﺪﻭﻝ ﺃﻥ ﻧﺴﺒﺔ ﻣﺆﺳﺴﺎﺕ ﺍﻟﻘﻄﺎﻉ ﺍﳋﺎﺹ ﻫﻲ ﺍﻷﻛﱪ)‪ (%72.39‬ﻣﻦ ﺇﲨﺎﱄ ﻋﺪﺩ ﻫﺬﻩ ﺍﳌﺆﺳﺴﺎﺕ‬
‫ﻭﺗﺸﻐﻞ‪ 550386‬ﻋﺎﻣﻞ‪ ،‬ﺑﻴﻨﻤﺎ ﺑﻠﻎ ﻋﺪﺩ ﻣﺆﺳﺴﺎﺕ ﺍﻟﻘﻄﺎﻉ ﺍﻟﻌﻤﻮﻣﻲ ‪ 788‬ﻣﺆﺳﺴﺔ ﺗﺸﻐﻞ ﺣﻮﺍﱄ‪ 74763‬ﻋﺎﻣﻞ‪ ،‬ﰲ ﺣﲔ ﻗﺪﺭ ﻋﺪﺩ‬
‫ﺍﳊﺮﻓﻴﲔ‪ 79850‬ﺣﺮﰲ ﺃﻱ‪. %27.67‬‬
‫ﺇﻥ ﺍﻟﺴﻴﺎﺳﺔ ﺍﻻﺋﺘﻤﺎﻧﻴﺔ ﺍﻟﱵ ﺗﺘﺒﻌﻬﺎ ﻭﲢﺪﺩﻫﺎ ﺍﻟﺒﻨﻮﻙ ﺍﻟﺘﺠﺎﺭﻳﺔ ﺗﻠﻌﺐ ﺍﻟﺪﻭﺭ ﺍﻟﺒﺎﺭﺯ ﰲ ﻓﺸﻞ ﺃﻭ ﳒﺎﺡ ﻫﺬﻩ ﺍﳌﺆﺳﺴﺎﺕ ﰲ ﲢﻘﻴﻖ ﺃﻫﺪﺍﻓﻬﺎ‪ ،‬ﻷﻧﻪ‬
‫ﻛﻤﺎ ﺍﺗﻀﺢ ﺃﻥ ﲤﻮﻳﻞ ﻫﺬﺍ ﺍﻟﻨﻮﻉ ﻣﻦ ﺍﳌﺆﺳﺴﺎﺕ ﻳﻜﺎﺩ ﻳﺘﻮﻗﻒ ﻋﻠﻰ ﺍﳉﻬﺎﺯ ﺍﻟﺒﻨﻜﻲ‪ .‬ﻣﻦ ﻫﻨﺎ ﻓﺈﻥ ﺗﻄﻮﺭ ﺍﳉﻬﺎﺯ ﺍﻟﺒﻨﻜﻲ ﻭﻣﺮﻭﻧﺔ ﺳﻴﺎﺳﺘﻪ‬
‫ﺍﻻﺋﺘﻤﺎﻧﻴﺔ ﻫﻮ ﻭﺣﺪﻩ ﺍﻟﻜﻔﻴﻞ ﺑﺘﻮﻓﲑ ﺍﻟﺘﻤﻮﻳﻞ ﻷﻧﺸﻄﺔ ﻫﺬﻩ ﺍﳌﺆﺳﺴﺎﺕ ﻭﺩﻓﻊ ﳕﻮﻫﺎ‪.‬‬
‫ﺇﻻ ﺃﻥ ﺍﻹﺣﺼﺎﺋﻴﺎﺕ ﺗﺸﲑ ﺇﱃ ﺃﻥ ﻋﺪﺩ ﻫﺬﻩ ﺍﳌﺆﺳﺴﺎﺕ ﻻ ﻳﺰﺍﻝ ﺿﺌﻴﻼ ﻣﻘﺎﺭﻧﺔ ﺑﺎﻟﺪﻭﻝ ﺍﳌﺘﻘﺪﻣﺔﻭﻫﺬﺍ ﺭﺍﺟﻊ ‪‬ﻤﻮﻋﺔ ﻣﻦ ﺍﻟﻌﻮﺍﺋﻖ ﻧﺬﻛﺮ ﻣﻨﻬﺎ‪:4‬‬
‫ ﳏﺪﻭﺩﻳﺔ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺒﻨﻜﻲ ﻣﻦ ﺣﻴﺚ ﺍﳊﺠﻢ ﻭﺍﻷﻭﻟﻮﻳﺎﺕ ﻭﻣﺸﻜﻞ ﺍﻟﻀﻤﺎﻧﺎﺕ ﻗﺪ ﺣﺪ ﻣﻦ ﻣﺮﻭﻧﺔ ﺍﻟﺘﻤﻮﻳﻞ ﻧﻈﺮﺍ ﻻﺭﺗﻔﺎﻉ ﺣﺠﻢ ﳐﺎﻃﺮ‬‫ﺍﻹﻗﺮﺍﺽ ﳍﺬﺍ ﺍﻟﻨﻮﻉ ﻣﻦ ﺍﳌﺆﺳﺴﺎﺕ؛‬
‫ ﺍﻟﺘﻌﻘﻴﺪﺍﺕ ﺍﻹﺟﺮﺍﺋﻴﺔ ﻭﺍﻟﻮﺛﺎﺋﻘﻴﺔ ﺍﻟﺘﻘﻠﻴﺪﻳﺔ ﺍﳌﺘﻤﺜﻠﺔ ﰲ ﻣﺮﻛﺰﻳﺔ ﻗﺮﺍﺭ ﻣﻨﺢ ﺍﻟﻘﺮﺽ ﻋﻠﻰ ﻣﺴﺘﻮﻯ ﺍﻟﻌﺎﺻﻤﺔ؛‬‫ ﻣﺸﻜﻞ ﺍﻟﻌﻘﺎﺭ ﺍﻟﺬﻱ ﻳﻌﺪ ﺃﺳﺎﺳﻴﺎ ﰲ ﺍﳊﺼﻮﻝ ﻋﻠﻰ ﺍﻟﺘﺮﺧﻴﺺ ﻹﻧﺸﺎﺀ ﻡ‪.‬ﺹ‪.‬ﻡ؛‬‫ ﻏﻴﺎﺏ ﺍﳋﱪﺓ ﻭﺍﻟﻜﻔﺎﺀﺓ ﻟﺪﻯ ﺍﻹﻃﺎﺭﺍﺕ ﺍﻟﺒﻨﻜﻴﺔ ﰲ ﺗﻘﺪﱘ ﺩﺭﺍﺳﺎﺕ ﺟﺪﻭﻯ ﻟﻠﻤﺸﺎﺭﻳﻊ ﺍﳌﻌﺮﻭﺿﺔ ﻋﻠﻴﻬﻢ‪.‬‬‫ﺛﺎﻧﻴﺎ‪ :‬ﺍﻟﻌﻮﺍﻣﻞ ﺍﻟﱵ ﺳﺎﳘﺖ ﰲ ﺗﺴﻬﻴﻞ ﲤﻮﻳﻞ ﺍﳌﺆﺳﺴﺎﺕ ﺍﻟﺼﻐﲑﺓ ﻭﺍﳌﺘﻮﺳﻄﺔ‬
‫ﺃﺩﺕ ﺍﻟﺘﺤﻮﻻﺕ ﺍﻟﻜﺜﲑﺓ ﺍﻟﱵ ﻋﺮﻓﻬﺎ ﺍﻻﻗﺘﺼﺎﺩ ﺍﻟﻌﻠﻤﻲ ﰲ ﺍﻟﻌﻘﺪﻳﻦ ﺍﻷﺧﲑﻳﻦ ﺇﱃ ﺗﺰﺍﻳﺪ ﺍﻻﻫﺘﻤﺎﻡ ‪‬ﺬﺍ ﺍﻟﻨﻮﻉ ﻣﻦ ﺍﳌﺆﺳﺴﺎﺕ ﻧﻈﺮﺍ ﻟﺪﻭﺭﻫﺎ ﰲ‬
‫ﺍﻻﻗﺘﺼﺎﺩ ﺍﻟﻌﺎﳌﻲ ﻭﺍﶈﻠﻲ ﻋﻠﻰ ﺣﺪ ﺳﻮﺍﺀ‪ ،‬ﺧﺎﺻﺔ ﻣﻊ ﺍﻧﺪﻣﺎﺝ ﺍﻻﻗﺘﺼﺎﺩﻳﺎﺕ ﺍﶈﻠﻴﺔ ﰲ ﺍﻻﻗﺘﺼﺎﺩ ﺍﻟﻌﺎﳌﻲ ﻭﺯﻳﺎﺩﺓ ﺣﺪﺓ ﺍﳌﻨﺎﻓﺴﺔ ﳏﻠﻴﺎ ﻭﺩﻭﻟﻴﺎ ﺃﻛﺪ‬
‫ﻋﻠﻰ ﺍﻻﻫﺘﻤﺎﻡ ‪‬ﺬﺍ ﺍﻟﻨﻮﻉ ﻣﻦ ﺍﳌﺆﺳﺴﺎﺕ ﻣﻦ ﻃﺮﻑ ﺻﺎﻧﻌﻲ ﺍﻟﻘﺮﺍﺭ ﻋﻠﻰ ﺍﳌﺴﺘﻮﻳﲔ ﺍﶈﻠﻲ ﻭﻛﺬﺍ ﺍﻟﺪﻭﱄ‪ .‬ﻭﲤﺜﻞ ﻫﺬﺍ ﺍﻻﻫﺘﻤﺎﻡ ﰲ ﺍﻟﻌﺪﺩ ﺍﻟﻜﺒﲑ‬
‫ﻣﻦ ﺍﻟﺪﺭﺍﺳﺎﺕ ﺣﻮﻝ ﻫﺬﻩ ﺍﳌﺆﺳﺴﺎﺕ ﺧﺎﺻﺔ ﻣﻦ ﺣﻴﺚ ﺍﻟﺘﻤﻮﻳﻞ ﻭﺍﳌﻠﻜﻴﺔ ﺍﻟﻔﻜﺮﻳﺔ)ﻫﺬﺍ ﻣﻼ ﻳﻨﻄﺒﻖ ﻋﻠﻰ ﺍﳌﺆﺳﺴﺎﺕ ﺍﳉﺰﺍﺋﺮﻳﺔ ﻷﻬﻧﺎ ﻟﻴﺴﺖ‬
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‫ﺍﺷﺮﺍﻑ ﳐﱪ ﺍﻟﻌﻮﳌﺔ ﻭ ﺍﻗﺘﺼﺎﺩﻳﺎﺕ ﴰﺎﻝ ﺍﻓﺮﻳﻘﻴﺎ‬
‫ﺟﺎﻣﻌﺔ ﺣﺴﻴﺒﺔ ﺑﻦ ﺑﻮﻋﻠﻲ ﺑﺎﻟﺸﻠﻒ‪-‬ﺍﳉﺰﺍﺋﺮ‬
‫ﺍﳌﻠﺘﻘﻰ ﺍﻟﺪﻭﱄ‪:‬‬
‫ﻣﺘﻄﻠﺒﺎﺕ ﺗﺄﻫﻴﻞ ﺍﳌﺆﺳﺴﺎﺕ ﺍﻟﺼﻐﲑﺓ ﻭ ﺍﳌﺘﻮﺳﻄﺔ ﰲ ﺍﻟﺪﻭﻝ ﺍﻟﻌﺮﺑﻴﺔ‪ .‬ﻳﻮﻣﻲ ‪17‬ﻭ‪ 18‬ﺃﻓﺮﻳﻞ ‪2006‬‬
‫ﻣﺆﺳﺴﺎﺕ ﻣﺒﺘﻜﺮﺓ ﻭﻻ ﺫﺍﺕ ﻛﺜﺎﻓﺔ ﻣﻌﺮﻓﻴﺔ ﻋﺎﻟﻴﺔ ﻱ ﺍﻟﻮﻗﺖ ﺍﻟﺮﺍﻫﻦ( ﺧﺎﺻﺔ ﺍﳌﺆﺳﺴﺎﺕ ﺍﻻﺑﺘﻜﺎﺭﻳﺔ‪ ،‬ﻭﻫﺬﺍ ﻣﻦ ﺃﺟﻞ ﺇﳚﺎﺩ ﺣﻠﻮﻝ ﳍﺎ‪ .‬ﻭﻫﺬﺍ‬
‫ﺍﻻﻫﺘﻤﺎﻡ ﺟﺎﺀ ﻧﺘﻴﺠﺔ ﻟﺘﻐﲑ ﺍﻟﻌﺪﻳﺪ ﻣﻦ ﺍﻟﻌﻮﺍﻣﻞ ﺃﳘﻬﺎ‪:‬‬
‫ ﺇﺩﺭﺍﻙ ﺍﳌﺆﺳﺴﺔ ﺍﻟﺼﻐﲑﺓ ﻭﺍﳌﺘﻮﺳﻄﺔ ﻷﳘﻴﺘﻬﺎ ﻭﻗﺪﺭﺍ‪‬ﺎ ﺧﺎﺻﺔ ﻣﻦ ﻧﺎﺣﻴﺔ ﺍﳌﻠﻜﻴﺔ ﺍﻟﻔﻜﺮﻳﺔ؛‬‫ ﺗﻐﲑ ﻧﻈﺮﺓ ﺻﺎﻧﻌﻲ ﺍﻟﻘﺮﺍﺭ ﺇﱃ ﻫﺬﻩ ﺍﳌﺆﺳﺴﺎﺕ ﻭﳏﺎﻭﻟﺘﻬﻢ ﺇﻋﻄﺎﺋﻬﺎ ﻧﺼﻴﺒﺎ ﻣﻦ ﺍﻻﻫﺘﻤﺎﻡ ﻟﻴﻨﻌﻜﺲ ﺍﳚﺎﺑﻴﺎ ﻋﻠﻰ ﳕﻮﻫﺎ ﻭﺗﻄﻮﺭﻫﺎ؛‬‫ ﺇﻥ ﻋﻮﳌﺔ ﻣﺼﺎﺩﺭ ﺍﻟﺘﻤﻮﻳﻞ ﺃﺩﺕ ﺑﺎﻟﺒﻨﻮﻙ ﺇﱃ ﺍﻟﺒﺤﺚ ﻋﻦ ﺯﺑﺎﺋﻦ ﺟﺪﺩ ﻧﻈﺮﺍ ﻟﺘﻮﺟﻪ ﺍﳌﺆﺳﺴﺎﺕ ﺍﻟﻜﺒﲑﺓ ﳓﻮ ﺗﻨﻮﻳﻊ ﻣﺼﺎﺩﺭ ﲤﻮﻳﻠﻬﺎ؛‬‫ ﺍﻻﻋﺘﻤﺎﺩ ﺍﳌﺘﺰﺍﻳﺪ ﻋﻠﻰ ﺗﻜﻨﻮﻟﻮﺟﻴﺎ ﺍﳌﻌﻠﻮﻣﺎﺕ ﻭﺍﻻﺗﺼﺎﻻﺕ ﰲ ﺗﺴﻴﲑ ﳐﺘﻠﻒ ﺍﻟﻌﻤﻠﻴﺎﺕ ﺍﻟﱵ ﺗﻘﻮﻡ ‪‬ﺎ ﺍﳌﺆﺳﺴﺎﺕ ﺳﻮﺍﺀ ﻛﺎﻧﺖ ﻣﺎﻟﻴﺔ ﺃﻭ‬‫ﺇﻧﺘﺎﺟﻴﺔ ﳑﺎ ﻗﻠﻞ ﻣﻦ ﺍﻟﺘﻜﻠﻔﺔ ﻭﺯﺍﺩ ﻣﻦ ﻓﻌﺎﻟﻴﺔ ﺍﻷﺩﺍﺀ؛‬
‫ ﻇﻬﻮﺭ ﺗﻌﺎﺿﺪﻳﺎﺕ ﺃﻧﺸﺄ‪‬ﺎ ﻫﺬﻩ ﺍﳌﺆﺳﺴﺎﺕ ﰲ ﳎﻤﻮﻋﺔ ﻣﻦ ﺍﻟﺒﻠﺪﺍﻥ ﺍﳌﺘﻘﺪﻣﺔ ﻭﺑﻌﺾ ﺍﻟﺒﻠﺪﺍﻥ ﺍﻟﻨﺎﻣﻴﺔ ﺑﻐﺮﺽ ﺗﻘﺪﱘ ﺍﳌﺴﺎﻋﺪﺓ ﺍﻟﻔﻨﻴﺔ ﻭﺍﻹﺩﺍﺭﻳﺔ‬‫ﻭﻛﺬﺍ ﺍﻟﻀﻤﺎﻧﺎﺕ ﺍﳌﺎﻟﻴﺔ ﻷﻋﻀﺎﺋﻬﺎ‪ ،‬ﳑﺎ ﺃﺩﻯ ﺇﱃ ﺭﻓﻊ ﻣﺴﺘﻮﻯ ﺍﻟﻄﺎﻗﺎﺕ ﺍﻟﺒﺸﺮﻳﺔ ﻟﻠﻤﺆﺳﺴﺎﺕ ﺍﻟﻌﻀﻮﺓ ﻭﻛﺬﺍ ﺗﺴﻬﻴﻞ ﻭﲢﺴﲔ ﺷﺮﻭﻁ ﺍﳊﺼﻮﻝ‬
‫ﻋﻠﻰ ﺍﻟﺘﻤﻮﻳﻞ؛‬
‫ ﺍﺳﺘﺤﺪﺍﺙ ﻣﻜﺎﺗﺐ ﻭﻣﺆﺳﺴﺎﺕ ﻣﺘﺨﺼﺼﺔ ﰲ ﻣﻴﺪﺍﻥ ﲨﻊ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺣﻮﻝ ﻡ‪.‬ﺹ‪.‬ﻡ ﻭﺗﺼﻨﻴﻔﻬﺎ ﺣﺴﺐ ﻗﺪﺭﺍ‪‬ﺎ ﻭﺃﳘﻴﺘﻬﺎ ﳑﺎ ﺟﻌﻠﻬﺎ ﺗﻠﻌﺐ‬‫ﺩﻭﺭ ﺍﻟﻮﺳﻴﻂ ﺑﲔ ﻫﺬﻩ ﺍﳌﺆﺳﺴﺎﺕ ﻭﳏﻴﻄﻬﺎ ﺣﻴﺚ ﻋﺎﺩﺓ ﻣﺎ ﺗﻠﺠﺄ ﺍﳌﺆﺳﺴﺎﺕ ﺍﳌﺼﺮﻓﻴﺔ ﻭﺍﻟﻌﻤﻮﻣﻴﺔ ﺇﱃ ﻫﺆﻻﺀ ﺍﻟﻮﺳﻄﺎﺀ ﻟﻼﺳﺘﻌﺎﻧﺔ ﲞﱪ‪‬ﻢ‬
‫ﻭﺗﻘﻴﻴﻤﻬﻢ ﰲ ﺍﲣﺎﺫ ﺍﻟﻘﺮﺍﺭﺍﺕ‪.‬‬
‫ﻭﻧﺘﻴﺠﺔ ﳍﺬﻩ ﺍﻟﻌﻮﺍﻣﻞ ﻇﻬﺮﺕ ﻃﺮﻕ ﺣﺪﻳﺜﺔ ﰲ ﲤﻮﻳﻞ ﻫﺬﻩ ﺍﳌﺆﺳﺴﺎﺕ ﺳﻴﺘﻢ ﺍﻟﺘﻄﺮﻕ ﳍﺎ‪.‬‬
‫ﺛﺎﻟﺜﺎ‪ :‬ﺍﻟﻄﺮﻕ ﺍﳌﺒﺘﻜﺮﺓ ﰲ ﲤﻮﻳﻞ ﺍﳌﺆﺳﺴﺎﺕ ﺍﻟﺼﻐﲑﺓ ﻭﺍﳌﺘﻮﺳﻄﺔ‬
‫ﲟﺎ ﺃﻥ ﺍﳌﺆﺳﺴﺎﺕ ﺍﻟﺼﻐﲑﺓ ﻭﺍﳌﺘﻮﺳﻄﺔ ﰲ ﺍﻟﺪﻭﻝ ﺍﻟﻨﺎﻣﻴﺔ ﻻ ﺗﺘﻤﻜﻦ ﻣﻦ ﺗﻌﺒﺌﺔ ﻣﻮﺍﺭﺩﻫﺎ ﺍﻟﺪﺍﺧﻠﻴﺔ‪ ،‬ﺇﺿﺎﻓﺔ ﺇﱃ ﺟﻬﻠﻬﺎ ﺑﺄﳘﻴﺔ ﲪﺎﻳﺔ ﳐﺘﺮﻋﺎ‪‬ﺎ‬
‫ﻭﻣﺒﺘﻜﺮﺍ‪‬ﺎ‪ ،‬ﻭ ﲡﻬﻞ ﺣﱴ ﻃﺮﻕ ﺍﺳﺘﻐﻼﳍﺎ ﰲ ﲢﺴﲔ ﻭﺿﻌﻴﺘﻬﺎ ﰲ ﺍﻟﺴﻮﻕ ﺑﺬﻟﻚ ﺟﲏ ﺍﳌﻮﺍﺭﺩ ﺍﳌﺎﻟﻴﺔ ﺍﻟﻜﺎﻓﻴﺔ ﺍﻟﱵ ﲡﻨﺒﻬﺎ ﺍﻟﻠﺠﻮﺀ ﺇﱃ ﻣﺼﺎﺩﺭ‬
‫ﺍﻟﺘﻤﻮﻳﻞ ﺍﳋﺎﺭﺟﻴﺔ ﺑﺸﻜﻞ ﻣﻜﺜﻒ‪ .‬ﻭﻧﻈﺮﺍ ﻟﻠﻨﺠﺎﺡ ﺍﻟﺬﻱ ﺣﻘﻘﺘﻪ ﺑﻌﺾ ﺍﳌﺆﺳﺴﺎﺕ ﻧﺘﻴﺠﺔ ﳊﺴﻦ ﺍﺳﺘﻐﻼﻝ ﺍﺧﺘﺮﺍﻋﺎ‪‬ﺎ ﻭﺍﺑﺘﻜﺎﺭﺍ‪‬ﺎ ﰲ ﺗﻮﻓﲑ‬
‫ﺍﳌﻮﺍﺭﺩ ﺍﳌﺎﻟﻴﺔ ﺍﻟﻼﺯﻣﺔ ﻟﻨﻤﻮﻫﺎ‪ ،‬ﺳﻨﺤﺎﻭﻝ ﺍﻟﺘﻄﺮﻕ ﳍﺎ ﻛﺄﻭﻝ ﻭﺃﻫﻢ ﻃﺮﻳﻘﺔ ﻟﺘﻤﻮﻳﻞ ﻫﺬﻩ ﺍﳌﺆﺳﺴﺎﺕ‪.‬‬
‫‪ -І‬ﺍﻻﺳﺘﻐﻼﻝ ﺍﻟﺬﻛﻲ ﻻﺧﺘﺮﺍﻋﺎﺕ ﻭﺍﺑﺘﻜﺎﺭﺍﺕ ﺍﳌﺆﺳﺴﺔ ﻛﻤﺼﺪﺭ ﻟﻠﺘﻤﻮﻳﻞ‬
‫ﺇﻥ ﻣﺎ ﻳﻼﺣﻆ ﺣﺎﻟﻴﺎ ﻫﻮ ﺗﻮﺟﻪ ﲨﻴﻊ ﺍﳌﺆﺳﺴﺎﺕ ﻣﻬﻤﺎ ﻛﺎﻥ ﺣﺠﻤﻬﺎ ﺇﱃ ﺍﻻﻋﺘﻤﺎﺩ ﻋﻠﻰ ﺍﻻﺑﺘﻜﺎﺭ‪ ،‬ﻭﻣﻊ ﺩﺧﻮﻝ ﺍﺗﻔﺎﻗﻴﺔ ﲪﺎﻳﺔ ﺣﻘﻮﻕ ﺍﳌﻠﻜﻴﺔ‬
‫ﺍﻟﻔﻜﺮﻳﺔ ﺣﻴﺰ ﺍﻟﺘﻨﻔﻴﺬ ﰲ ﺍﻟﻌﺪﻳﺪ ﻣﻦ ﺍﻟﺒﻠﺪﺍﻥ ﺃﺻﺒﺢ ﺑﺈﻣﻜﺎﻥ ﺍﳌﺆﺳﺴﺔ ﺍﻻﺳﺘﻤﺮﺍﺭ ﰲ ﻋﻤﻠﻴﺔ ﺍﻹﺑﺪﺍﻉ ﻭﺍﻻﺑﺘﻜﺎﺭ ﻟﺪﻭﺭﻫﺎ ﺍﳊﺎﺳﻢ ﰲ ﺿﻤﺎﻥ ﺑﻘﺎﺀ‬
‫ﺍﳌﺆﺳﺴﺔ ﻭﺗﻄﻮﺭﻫﺎ ﺃﻭ ﺣﱴ ﺇﻣﻜﺎﻧﻴﺔ ﲢﻮﻝ ﺑﻌﻀﻬﺎ ﺇﱃ ﻣﺆﺳﺴﺎﺕ ﻋﺎﳌﻴﺔ ﺫﺍﺕ ﺍﳊﺠﻢ ﺍﻟﻜﺒﲑ‪ .‬ﻭﺍﻷﻣﺜﻠﺔ ﺍﳌﻮﺍﻟﻴﺔ ﺧﲑ ﺩﻟﻴﻞ ﻋﻠﻰ ﲢﻮﻝ ﻣﺆﺳﺴﺎﺕ‬
‫ﺻﻐﲑﺓ ﺇﱃ ﻣﺆﺳﺴﺎﺕ ﺩﻭﻟﻴﺔ ﺑﻔﻀﻞ ﺍﺳﺘﻐﻼﻝ ﻣﺒﺘﻜﺮﺍ‪‬ﺎ ﻭﺑﺎﻟﺘﺎﱄ ﺗﻮﻓﲑ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺪﺍﺧﻠﻲ ﺍﻟﺬﻱ ﻛﺎﻥ ﺍﻟﺴﺒﺐ ﰲ ﳕﻮﻫﺎ‪.4‬‬
‫‪-1‬ﺍﳌﺨﱪ ﺍﻟﱪﺍﺯﻳﻠﻲ)ﺑﻴﻮﺑﺮﺍﺱ(ﺍﳌﺴﺘﻘﻞ‪ :‬ﻫﺬﺍ ﺍﳌﺨﱪ ﺍﻟﺬﻱ ﲢﻮﻝ ﻣﻦ ﳐﱪ ﺻﻐﲑ ﻳﻌﺘﻤﺪ‬
‫ﻋﻠﻰ ﺍﻟﺘﻜﻨﻮﻟﻮﺟﻴﺎ ﺍﳌﺴﺘﻮﺭﺩﺓ ﰲ ﻣﻴﺪﺍﻥ ﺍﻹﻧﺰﳝﺎﺕ ﺇﱃ ﻣﺒﺘﻜﺮ ﻟﻠﻌﺪﻳﺪ ﻣﻦ ﺍﳌﻨﺘﺠﺎﺕ ﺍﻟﺼﻴﺪﻻﻧﻴﺔ ﻭﺧﺎﺻﺔ ﺍﻷﻧﺴﻮﻟﲔ‪ ،‬ﻭﺑﻮﺍﺳﻄﺔ ﺇﻳﺮﺍﺩﺍﺕ ﺗﺮﺧﻴﺺ‬
‫ﺑﺮﺍﺀﺍﺕ ﺍﻻﺧﺘﺮﺍﻉ ﺃﻧﺸﺄ ﺷﺮﻛﺔ ﺗﻌﺪ ﻣﻦ ﺑﲔ ﺍﻷﺭﺑﻊ ﺍﻷﻭﺍﺋﻞ ﰲ ﺻﻨﺎﻋﺔ ﺑﻌﺾ ﺃﻧﻮﺍﻉ ﺍﻷﻧﺴﻮﻟﲔ ﺍﳌﺘﻄﻮﺭﺓ‪.‬‬
‫‪-2 PILVA‬ﺍﻟﺸﺮﻛﺔ ﺍﻟﻜﺮﻭﺍﺗﻴﺔ‬
‫ﻫﻲ ﻣﺆﺳﺴﺔ ﻣﺘﻮﺳﻄﺔ ﻣﺘﺨﺼﺼﺔ ﰲ ﺍﻟﺼﻨﺎﻋﺔ ﺍﻟﺼﻴﺪﻻﻧﻴﺔ‪ ،‬ﺑﻌﺪ ﺃﻥ ﻛﺎﻧﺖ ﲤﺮ ﺑﺄﺯﻣﺔ ﻋﻮﻳﺼﺔ ﲢﻮﻟﺖ ﺑﻔﻀﻞ ﺗﺮﺧﻴﺺ ﺑﺮﺍﺀﺓ ﺍﻻﺧﺘﺮﺍﻉ ﳌﻀﺎﺩ‬
‫ﺣﻴﻮﻱ ﻳﻌﺮﻑ ﲡﺎﺭﻳﺎ ﺑﺎﺳﻢ ﺯﻳﺜﺮﻭﻣﻴﺎﻥ( ﺇﱃ ﺷﺮﻛﺔ ﻣﺘﻌﺪﺩﺓ ﺍﳉﻨﺴﻴﺎﺕ‪ .‬ﺣﻴﺚ ﻗﺎﻣﺖ ﺑﺘﺮﺧﻴﺺ ﺑﺮﺍﺀﺓ ﺍﺧﺘﺮﺍﻋﻬﺎ ﺍﻟﱵ ﺗﻘﻮﻡ ﺣﺎﱄ ﺑﺈﻧﺘﺎﺝ ﻭﺑﻴﻊ‬
‫‪fizer‬ﻟﺸﺮﻛﺔ‬
‫ﻫﺬﺍ ﺍﳌﻀﺎﺩ ﺍﳊﻴﻮﻱ ﰲ ﻛﻞ ﺃﳓﺎﺀ ﺍﻟﻌﺎﱂ‪.‬‬
‫ﻭﻧﻈﺮﺍ ﻟﻠﺪﻭﺭ ﺍﻷﺳﺎﺳﻲ ﺍﻟﺬﻱ ﻳﻠﻌﺒﻪ ﺭﺃﺱ ﺍﳌﺎﻝ ﺍﻟﺒﺸﺮﻱ ﻭﺍﳌﻠﻜﻴﺔ ﺍﻟﻔﻜﺮﻳﺔ ﰲ ﺗﻄﻮﺭ ﻭﳕﻮ ﺍﳌﺆﺳﺴﺔ ﰲ ﻇﻞ ﺍﳌﻨﺎﻓﺴﺔ ﺍﳌﺘﺰﺍﻳﺪﺓ‪ ،‬ﻳﺒﻘﻰ ﺍﻻﺳﺘﻐﻼﻝ‬
‫ﺍﻷﻣﺜﻞ ﳍﺬﻩ ﺍﳌﻮﺍﺭﺩ ﺍﻟﻮﺳﻴﻠﺔ ﺍﻷﺳﺎﺳﻴﺔ ﻟﺒﻘﺎﺋﻬﺎ ﻭﺗﻔﻮﻗﻬﺎ ﰲ ﻣﻴﺪﺍﻥ ﻧﺸﺎﻃﻬﺎ ﻭﰲ ﳏﻴﻄﻬﺎ ﺃﻳﻀﺎ‪ .‬ﻭﺑﺎﳌﻘﺎﺭﻧﺔ ﻳﻼﺣﻆ ﻭﺟﻮﺩ ﺗﺮﺍﺟﻊ ﰲ ﲢﺪﻳﺪ ﻗﻴﻤﺔ‬
‫ﺍﳌﺆﺳﺴﺔ ﰲ ﺍﻟﺴﻮﻕ ﺑﺄﺻﻮﳍﺎ ﺍﻟﺜﺎﺑﺘﺔ ﺍﻟﺘﻘﻠﻴﺪﻳﺔ‪ ،‬ﻭﺃﺻﺒﺤﺖ ﳑﺘﻠﻜﺎ‪‬ﺎ ﻣﻦ ﺑﺮﺍﺀﺍﺕ ﺍﻻﺧﺘﺮﺍﻉ‪ ،‬ﺍﻟﻌﻼﻣﺎﺕ ﺍﻟﺘﺠﺎﺭﻳﺔ ﻭﺭﺃﺱ ﺍﳌﺎﻝ ﺍﻟﻔﻜﺮﻱ ﺗﺸﻜﻞ‬
‫ﺍﶈﺪﺩ ﺍﻟﺮﺋﻴﺴﻲ ﻟﺘﺤﺪﻳﺪ ﻗﻴﻤﺔ ﺍﳌﺆﺳﺴﺔ ﰲ ﺍﻟﺴﻮﻕ‪ .‬ﻭﺣﱴ ﺍﳌﺆﺳﺴﺎﺕ ﺍﳌﺼﺮﻓﻴﺔ ﺃﺻﺒﺤﺖ ﺗﻔﻀﻞ ﻫﺬﻩ ﺍﻟﻌﻨﺎﺻﺮ ﻛﻀﻤﺎﻥ ﻟﻠﻘﺮﻭﺽ ﻋﻠﻰ ﺍﻷﺻﻮﻝ‬
‫ﺍﻟﺜﺎﺑﺘﺔ ﺍﻟﺘﻘﻠﻴﺪﻳﺔ‪.‬‬
‫‪ -П‬ﺍﻟﺘﻘﻨﻴﺎﺕ ﺍﳊﺪﻳﺜﺔ ﻟﻠﺒﻨﻮﻙ ﺍﻟﺘﺠﺎﺭﻳﺔ ﰲ ﲤﻮﻳﻞ ﺍﳌﺆﺳﺴﺎﺕ ﺍﳌﺘﻮﺳﻄﺔ ﻭﺍﻟﺼﻐﲑﺓ‬
‫ﺗﻌﺘﻤﺪ ﻫﺬﻩ ﺍﻟﺘﻘﻨﻴﺎﺕ ﺍﳊﺪﻳﺜﺔ ﻋﻠﻰ ﺗﻮﻓﺮ ﺍﻟﺸﺮﻭﻁ ﺍﻷﺳﺎﺳﻴﺔ ﻟﺘﺠﺎﻭﺯ ﻣﺸﻜﻠﺔ ﺍﺭﺗﻔﺎﻉ ﺩﺭﺟﺔ ﺍﳌﺨﺎﻃﺮﺓ ﻭﻋﺪﻡ ﺍﻟﺘﻨﺎﻇﺮ ﰲ ﺍﳌﻌﻠﻮﻣﺎﺕ ﻭﺗﺘﻤﺜﻞ‬
‫ﻫﺬﻩ ﺍﻟﺸﺮﻭﻁ ﰲ‪:‬‬
‫ ﺗﻄﻮﻳﺮ ﻃﺮﻕ ﺗﻘﺪﱘ ﺍﳋﺪﻣﺎﺕ ﺍﳌﺎﻟﻴﺔ ﻭﺗﻨﻮﻳﻌﻬﺎ ﻭﺗﻜﻴﻴﻔﻬﺎ ﻣﻊ ﺍﺣﺘﻴﺎﺟﺎﺕ ﻫﺬﻩ ﺍﳌﺆﺳﺴﺎﺕ؛‬‫ ﲣﻔﻴﺾ ﺗﻜﺎﻟﻴﻒ ﺇﺩﺍﺭﺓ ﺍﻟﻘﺮﻭﺽ ﻋﻦ ﻃﺮﻳﻖ ﺗﻄﺒﻴﻖ ﺍﻟﺘﻘﻨﻴﺎﺕ ﺍﳊﺪﻳﺜﺔ ﰲ ﲨﻊ ﻭﻣﻌﺎﳉﺔ ﺍﳌﻌﻠﻮﻣﺎﺕ‪ ،‬ﻭﺑﺬﻟﻚ ﺗﺴﻬﻴﻞ ﻋﻤﻠﻴﺔ ﺍﻹﻗﺮﺍﺽ‪ ،‬ﺇﺿﺎﻓﺔ‬‫ﺇﱃ ﺇﻣﻜﺎﻧﻴﺔ ﺗﻌﺎﻭﻥ ﺍﻟﺒﻨﻮﻙ ﺍﻟﺘﺠﺎﺭﻳﺔ ﻣﻊ ﺍﳉﻤﻌﻴﺎﺕ ﺍﳌﻬﻨﻴﺔ ﳍﺬﻩ ﺍﳌﺆﺳﺴﺎﺕ ﻭﻛﺬﺍ ﻣﺆﺳﺴﺎﺕ ﺍﻟﺪﻋﻢ ﺍﳌﺨﺘﻠﻔﺔ ﳍﺬﺍ ﺍﻟﻘﻄﺎﻉ ‪‬ﺪﻑ ﺍﳊﺼﻮﻝ ﻋﻠﻰ‬
‫ﻣﻌﻠﻮﻣﺎﺕ ﺃﻛﺜﺮ ﺩﻗﺔ ﺃﻭ ﺣﱴ ﻋﻠﻰ ﺿﻤﺎﻧﺎﺕ ﻣﺎﻟﻴﺔ ﺃﻭ ﺷﺒﻪ ﻣﺎﻟﻴﺔ ﻣﻨﻬﺎ‪.‬‬
‫ﻭﻣﻦ ﺑﲔ ﺃﻫﻢ ﻫﺬﻩ ﺍﻟﺘﻘﻨﻴﺎﺕ ﺍﳌﺴﺘﺤﺪﺛﺔ ﻭﺍﻟﱵ ﺃﺛﺒﺘﺖ ﳒﺎ ﻋﺘﻬﺎ ﻧﺬﻛﺮ ﺃﳘﻬﺎ‪:‬‬
‫‪ :‬ﺗﻌﺘﱪ ﺍﻟﺒﻨﻮﻙ ﺍﻟﻜﺒﲑﺓ ﰲ ﺍﻟﻮﻻﻳﺎﺕ ﺍﳌﺘﺤﺪﺓ ﺍﻷﻣﺮﻳﻜﻴﺔ ‪ -1 Crédit Scoring‬ﻧﻈﺎﻡ ﺍﻟﺮﺍﺋﺪﺓ ﰲ ﺗﻄﺒﻴﻖ ﻫﺬﻩ ﺍﻟﻄﺮﻳﻘﺔ ﰲ ﺑﺪﺍﻳﺔ‬
‫ﺍﻟﺘﺴﻌﻴﻨﻴﺎﺕ ﻭﻫﺬﺍ ﺧﺼﻴﺼﺎ ﻟﺘﻘﻴﻴﻢ ﻗﺮﻭﺽ ﺍﻻﺳﺘﻬﻼﻙ‪ ،‬ﻭﰎ ﺗﻌﻤﻴﻤﻬﺎ ﺑﻌﺪ ﺫﻟﻚ ﰲ ﻛﻞ ﺃﳓﺎﺀ ﺍﻟﻌﻠﻢ‪ .‬ﻭﺃﺻﺒﺤﺖ ﺣﺎﻟﻴﺎ ﻏﺎﻟﺒﻴﺔ ﻫﺬﻩ ﺍﻟﻘﺮﻭﺽ‬
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‫ﺍﺷﺮﺍﻑ ﳐﱪ ﺍﻟﻌﻮﳌﺔ ﻭ ﺍﻗﺘﺼﺎﺩﻳﺎﺕ ﴰﺎﻝ ﺍﻓﺮﻳﻘﻴﺎ‬
‫ﺟﺎﻣﻌﺔ ﺣﺴﻴﺒﺔ ﺑﻦ ﺑﻮﻋﻠﻲ ﺑﺎﻟﺸﻠﻒ‪-‬ﺍﳉﺰﺍﺋﺮ‬
‫ﺍﳌﻠﺘﻘﻰ ﺍﻟﺪﻭﱄ‪:‬‬
‫ﻣﺘﻄﻠﺒﺎﺕ ﺗﺄﻫﻴﻞ ﺍﳌﺆﺳﺴﺎﺕ ﺍﻟﺼﻐﲑﺓ ﻭ ﺍﳌﺘﻮﺳﻄﺔ ﰲ ﺍﻟﺪﻭﻝ ﺍﻟﻌﺮﺑﻴﺔ‪ .‬ﻳﻮﻣﻲ ‪17‬ﻭ‪ 18‬ﺃﻓﺮﻳﻞ ‪2006‬‬
‫ﻭﺗﻌﺘﻤﺪ ﻫﺬﻩ ﺍﻟﻄﺮﻳﻘﺔ ﻋﻠﻰ ﺍﻟﺘﺤﻠﻴﻞ ﺍﻹﺣﺼﺎﺋﻲ‬
‫ﺗﺪﺭﺱ ﻭﲤﻨﺢ ﻋﻠﻰ ﻫﺬﺍ ﺃﺳﺎﺱ ﻫﺬﻩ ﺍﻟﻄﺮﻳﻘﺔ ﻭﺑﺸﻜﻞ ﺁﱄ‪.‬‬
‫‪7‬‬
‫ﺍﳌﺨﺎﻃﺮ ﺍﻟﱵ ﻗﺪ ﺗﻨﺠﻢ ﻋﻦ ﻣﻨﺢ ﺍﻟﻘﺮﻭﺽ‪ ،‬ﻭ‪‬ﺬﺍ ﺇﻣﻜﺎﻧﻴﺔ ﺍﻟﺘﻨﺒﺆ ﺑﻌﺪﻡ ﻗﺪﺭﺓ ﺍﻟﺰﺑﻮﻥ ﻋﻠﻰ ﺍﻟﺪﻓﻊ ‪ .‬ﻭﺗﻘﻮﻡ ﻫﺬﻩ ﺍﻟﻄﺮﻳﻘﺔ ﻋﻠﻰ‬
‫ﰲ ﺗﻘﻴﻴﻢ‬
‫‪:‬‬
‫ﺍﻷﺳﺲ ﺍﻟﺘﺎﻟﻴﺔ‬
‫ ﺍﺳﺘﻨﺘﺎﺝ ﻣﻘﻴﺎﺱ ﻛﻤﻲ ﺑﺎﻻﻋﺘﻤﺎﺩ ﻋﻠﻰ ﺍﻟﻨﻤﺎﺫﺝ ﺍﻹﺣﺼﺎﺋﻴﺔ ﻣﻦ ﺧﻼﻝ ﺩﺭﺍﺳﺔ ﺍﻟﻌﻴﻨﺔ ﺍﻹﺣﺼﺎﺋﻴﺔ ﻟﻠﻤﺠﺘﻤﻊ ﺍﻟﺬﻱ ﻳﻨﺘﻤﻲ ﺇﻟﻴﻪ ﺍﻟﺰﺑﻮﻥ ﻭﺍﳌﻜﻮﻥ‬‫ﻣﻦ ﺍﳌﻘﺘﺮﺿﲔ ﺍﻟﻘﺪﺍﻣﻰ‪ ،‬ﺪﻑ ﺍﻟﺘﻨﺒﺆ ﺑﻘﺪﺭﺗﻪ ﻋﻠﻰ ﺍﻟﻮﻓﺎﺀ ﺑﺎﻻﻟﺘﺰﺍﻣﺎﺕ؛‬
‫ ﺣﺠﻢ ﺍﻟﺒﻨﻚ ﺍﻟﻜﺒﲑ ﻳﻮﻓﺮ ﻋﺪﺩ ﻛﺒﲑ ﻣﻦ ﺍﻟﺰﺑﺎﺋﻦ) ﺃﻱ ﺍ‪‬ﺘﻤﻊ ﺍﻹﺣﺼﺎﺋﻲ( ﻭﺑﺎﻟﺘﺎﱄ ﻳﺴﻬﻞ ﺍﺧﺘﻴﺎﺭ ﺍﻟﻌﻴﻨﺔ ﺍﳌﻤﺜﻠﺔ ﻟﺬﻟﻚ ﺍ‪‬ﺘﻤﻊ‪.‬‬‫ﻭﺍﳌﺘﺘﺒﻊ ﳋﻄﻮﺍﺕ ﻫﺬﻩ ﺍﻟﻄﺮﻳﻘﺔ ﻳﻼﺣﻆ ﺃﻬﻧﺎ ﺗﻌﺘﻤﺪ ﻋﻠﻰ ﺍﺳﺘﻐﻼﻝ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍ‪‬ﻤﻌﺔ ﺣﻮﻝ ﺍﻟﺰﺑﺎﺋﻦ ﰲ ﺍﳌﺎﺿﻲ ﳌﻌﺮﻓﺔ ﺍﻷﺩﺍﺀ ﰲ ﺍﳊﺎﺿﺮ ﻭﺍﻟﺘﻨﺒﺆ‬
‫ﺑﻪ ﰲ ﺍﳌﺴﺘﻘﺒﻞ‪.‬‬
‫ﻭﺇﺫﺍ ﻛﺎﻧﺖ ﺍﻟﺒﻨﻮﻙ ﺍﻟﻜﺒﲑﺓ ﺗﺘﻮﻓﺮ ﻋﻠﻰ ﺍﻟﺸﺮﻭﻁ ﺍﻟﻼﺯﻣﺔ ﻟﺘﻄﺒﻴﻖ ﻫﺬﻩ ﺍﻟﻄﺮﻳﻘﺔ‪ ،‬ﻓﺈﻥ ﺍﻟﺒﻨﻮﻙ ﺍﻟﺼﻐﲑﺓ ﻟﻴﺴﺖ ﰲ ﻧﻔﺲ ﺍﻟﻮﺿﻌﻴﺔ ﻧﻈﺮﺍ ﶈﺪﻭﺩﻳﺔ‬
‫ﻗﺪﺭﺍ‪‬ﺎ ﺍﻻﻗﺘﺮﺍﺿﻴﺔ ﻭﺻﻐﺮ ﺍ‪‬ﺘﻤﻊ ﺍﻹﺣﺼﺎﺋﻲ ﺍﻟﺬﻱ ﻳﺘﻌﺎﻣﻞ ﻣﻌﻬﺎ ﳑﺎ ﳚﻌﻞ ﺗﺴﻴﲑ ﻭﺇﺩﺍﺭﺓ ﻋﻤﻠﻴﺔ ﺍﻻﻗﺘﺮﺍﺽ ﺃﻣﺮﺍ ﺻﻌﺒﺎ ﻣﻦ ﺣﻴﺚ ﺍﳌﺨﺎﻃﺮ‬
‫ﻭﺍﻟﺘﻜﺎﻟﻴﻒ‪ .‬ﻭﻣﻦ ﺃﺟﻞ ﲡﺎﻭﺯ ﻫﺬﻩ ﺍﻟﺼﻌﻮﺑﺎﺕ ﳉﺄﺕ ﺍﻟﺒﻨﻮﻙ ﺍﻟﺼﻐﲑﺓ ﺇﱃ ﻃﺮﻳﻘﺔ ﺗﻘﺎﺳﻢ ﺍﳌﻌﻠﻮﻣﺎﺕ ﻓﻴﻤﺎ ﺑﻴﻨﻬﺎ‪ ،‬ﻭﻫﺬﺍ ﻣﺎ ﻳﺴﻤﺢ ﺑﺈﻧﺸﺎﺀ ﺑﻨﻮﻙ‬
‫ﻣﻌﻠﻮﻣﺎﺕ ﻣﺸﺘﺮﻛﺔ ﺗﺴﻤﺢ ﳍﺎ ﺑﺘﻄﺒﻴﻖ ﻫﺬﻩ ﺍﻟﻄﺮﻳﻘﺔ‪ ،‬ﻭﻛﺬﺍ ﺍﻟﻄﺮﻕ ﺍﻵﻟﻴﺔ ﺍﻷﺧﺮﻯ‪ .‬ﺇﺿﺎﻓﺔ ﺇﱃ ﺃﻥ ﺍﳌﺆﺳﺴﺎﺕ ﺍﳌﺼﺮﻓﻴﺔ ﻋﺎﺩﺓ ﻣﺎ ﺗﻠﺠﺄ ﺇﱃ‬
‫ﻭﻛﺎﻻﺕ ﻣﺘﺨﺼﺼﺔ ﰲ ﳎﺎﻝ ﲨﻊ ﻭﻣﻌﺎﳉﺔ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺣﻮﻝ ﻡ‪.‬ﺹ‪.‬ﻡ ﺍﻟﱵ ﺗﻘﻮﻡ ﺑﻮﺿﻊ ﺑﺮﺍﻣﺞ ﻣﺘﺨﺼﺼﺔ ﰲ ﻣﻴﺪﺍﻥ ﺍﻹﻗﺮﺍﺽ ﻭﻛﺬﺍ ﺗﺮﺗﻴﺐ‬
‫ﻭﺧﲑ ﻣﺜﺎﻝ ﻋﻦ ﻫﺬﻩ‬
‫‪ (Small Business scoring system)SBss‬ﺍﻟﻮﻛﺎﻻﺕ‬
‫ﺍﳌﺆﺳﺴﺎﺕ‪.‬‬
‫ﻭﻧﻈﺮﺍ ﻟﻨﺠﺎﻋﺔ ﻫﺬﻩ ﺍﻟﻄﺮﻳﻘﺔ ﻓﻘﺪ ﺍﻧﺘﺸﺮﺕ‬
‫ﰲ ﺍﻟﻮﻻﻳﺎﺕ ﺍﳌﺘﺤﺪﺓ‪ ،‬ﻭﺍﻟﱵ ﺗﻌﺘﻤﺪ ﺃﻧﻈﻤﺘﻬﺎ ﻋﻠﻰ‪ 350‬ﻣﻘﺮﺽ‪.‬‬
‫ﺍﻧﺘﺸﺎﺭﺍ ﻭﺍﺳﻌﺎ ﰲ ﺍﻟﺪﻭﻝ ﺍﳌﺘﻘﺪﻣﺔ ﻭﺃﻛﺪﺕ ﺑﺬﻟﻚ ﺍﳌﺰﺍﻳﺎ ﺍﻟﱵ ﺗﺘﻤﺘﻊ ‪‬ﺎ ﻭﺍﳌﺘﻤﺜﻠﺔ ﰲ‪:‬‬
‫ ﲢﺴﲔ ﺃﻧﻈﻤﺔ ﻣﺮﺍﻗﺒﺔ ﻋﻤﻠﻴﺎﺕ ﺍﻻﻗﺘﺮﺍﺽ ﻣﻦ ﺣﻴﺚ ﺍﻟﻜﻢ ﻭﺍﻟﻜﻴﻒ‪ ،‬ﺫﻟﻚ ﺃﻥ ﻋﻤﻠﻴﺔ ﺍﻟﺘﻘﻴﻴﻢ ﺗﺘﻢ ﺑﺸﻜﻞ ﺃﱄ ﻭﻣﺘﻮﺍﺻﻞ ﻭﰲ ﺍﻟﻮﻗﺖ ﺍﻟﻼﺯﻡ‪،‬‬‫ﻭﻫﻮ ﻣﺎ ﻳﺴﻤﺢ ﺑﺎﻟﺘﻌﺮﻑ ﻋﻠﻰ ﻣﺴﺘﻮﻯ ﺍﳌﺨﺎﻃﺮﺓ ﲟﺠﻤﻞ ﻋﻤﻠﻴﺎﺕ ﺍﻻﻗﺘﺮﺍﺽ‪ ،‬ﻭﺑﺬﻟﻚ ﺍﲣﺎﺫ ﺍﻹﺟﺮﺍﺀﺍﺕ ﺍﳌﻨﺎﺳﺒﺔ ﰲ ﻭﻗﺘﻬﺎ ﻭﲢﺪﻳﺪ ﺳﻴﺎﺳﺔ‬
‫ﺍﻻﻗﺘﺮﺍﺽ ﺑﺸﻜﻞ ﻣﻮﺿﻮﻋﻲ؛‬
‫ ﲣﻔﻴﺾ ﺗﻜﺎﻟﻴﻒ ﻭﻣﺪﺓ ﻣﻌﺎﳉﺔ ﺍﳌﻠﻔﺎﺕ؛‬‫ ﺭﻓﻊ ﻣﺴﺘﻮﻯ ﺍﻟﺪﻗﺔ ﻭﺍﳌﻮﺿﻮﻋﻴﺔ ﰲ ﻋﻤﻠﻴﺔ ﺗﻘﺪﱘ ﺍﻟﻘﺮﻭﺽ‪ ،‬ﺧﺎﺻﺔ ﻭﺃﻥ ﻫﺬﻩ ﺍﻷﻧﻈﻤﺔ ﻗﺎﺑﻠﺔ ﻟﻠﺘﺤﺴﲔ ﺑﺎﺳﺘﻤﺮﺍﺭ‪.‬‬‫ﺭﻏﻢ ﻛﻞ ﻣﺎ ﰎ ﺗﻘﺪﳝﻪ ﻣﻦ ﳏﺎﺳﻦ ﻭﻣﺰﺍﻳﺎ ﻫﺬﻩ ﺍﻟﻄﺮﻳﻘﺔ ﺇﻻ ﺃﻬﻧﺎ ﻻ ﲣﻠﻮ ﻣﻦ ﺑﻌﺾ ﺍﻟﻌﻴﻮﺏ ﺍﻟﱵ ﳚﺐ ﺍﻻﻃﻼﻉ ﻋﻠﻴﻬﺎ ﻭﺃﳘﻬﺎ‪:‬‬
‫ ﻫﺬﻩ ﺍﻟﻄﺮﻳﻘﺔ ﻻ ﺗﺄﺧﺬ ﺑﻌﲔ ﺍﻻﻋﺘﺒﺎﺭ ﺍﻷﻗﻠﻴﺎﺕ ﺃﻭ ﺍﻟﻔﺌﺎﺕ ﻣﻦ ﺍﻟﺰﺑﺎﺋﻦ ﺍﻟﱵ ﻻ ﺗﺘﻮﺍﻓﻖ ﻭﺧﺼﺎﺋﺺ ﺍ‪‬ﺘﻤﻌﺎﺕ ﺍﻹﺣﺼﺎﺋﻴﺔ ﺍﻟﱵ ﰎ ﺍﻻﻋﺘﻤﺎﺩ‬‫ﻋﻠﻴﻬﺎ ﰲ ﻭﺿﻊ ﺗﻠﻚ ﺍﻷﻧﻈﻤﺔ ﺍﻵﻟﻴﺔ‪ .‬ﻛﻤﺎ ﺃﻥ ﺍﻟﺘﻄﺒﻴﻖ ﺍﻟﺼﺎﺭﻡ ﳍﺬﻩ ﺍﻟﻄﺮﻳﻘﺔ ﻗﺪ ﳚﻌﻞ ﻣﻌﻈﻢ ﺍﳌﺆﺳﺴﺎﺕ ﺣﺪﻳﺜﺔ ﺍﻟﻌﻬﺪ ﺃﻭ ﺍﻟﱵ ﻻ ﺗﺘﻮﻓﺮ ﻋﻠﻰ‬
‫ﻣﻌﻠﻮﻣﺎﺕ ﻣﺎﻟﻴﺔ ﺗﻐﻄﻲ ﻣﺪﺓ ﺯﻣﻨﻴﺔ ﻣﻌﻴﻨﺔ ﻣﻌﺮﺿﺔ ﻟﻺﻗﺼﺎﺀ ﻷﺳﺒﺎﺏ ﻏﲑ ﻣﻮﺿﻮﻋﻴﺔ؛‬
‫ ﺍﻻﻋﺘﻤﺎﺩ ﻋﻠﻰ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﻟﺴﺎﺑﻘﺔ)ﺍﻟﻘﺪﳝﺔ( ﳚﻌﻞ ﻣﻦ ﻋﻤﻠﻴﺔ ﺗﻌﻤﻴﻤﻬﺎ ﳐﺎﻃﺮﺓ ﻛﺒﲑﺓ‪ ،‬ﺧﺎﺻﺔ ﺃﻥ ﺍﻗﺘﺼﺎﺩ ﺍﻟﺴﻮﻕ ﻳﺘﻤﻴﺰ ﺑﺎﻟﺪﻭﺭﺍﺕ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ‪،‬‬‫ﻭﳒﺎﺡ ﻫﺬﻩ ﺍﻟﻄﺮﻳﻘﺔ ﻳﺘﻄﻠﺐ ﺃﺧﺬ ﻫﺬﻩ ﺍﻟﺘﻐﲑﺍﺕ ﺑﻌﲔ ﺍﻻﻋﺘﺒﺎﺭ ﻭﻫﺬﺍ ﻟﻴﺲ ﺑﺎﻷﻣﺮ ﺍﳍﲔ‪.‬‬
‫‪ -2 Rating External‬ﻃﺮﻳﻘﺔ‬
‫)ﺗﺮﺗﻴﺐ ﺍﳌﺆﺳﺴﺎﺕ ﻣﻦ ﻃﺮﻑ ﺍﻵﺧﺮﻳﻦ(‪:‬‬
‫ﺇﻥ ﻫﺬﻩ ﺍﻟﻄﺮﻳﻘﺔ ﲢﺪﺩ ﺍﳌﻜﺎﻧﺔ ﺍﳊﺎﻟﻴﺔ ﻭﺍﳌﺴﺘﻘﺒﻠﻴﺔ ﻟﻠﻤﺆﺳﺴﺔ ﻋﻦ ﻃﺮﻳﻖ ﺗﻘﻴﻴﻢ ﻗﺪﺭﺍ‪‬ﺎ ﻋﻠﻰ ﺍﻟﺪﻓﻊ‪ ،‬ﻭﺗﺰﻳﺪ ﻣﻦ ﺍﻟﺸﻔﺎﻓﻴﺔ ﰲ ﻋﻼﻗﺔ ﺍﳌﻘﺮﺿﲔ‬
‫ﺑﺎﳌﻘﺘﺮﺿﲔ‪ .‬ﻭﺣﱴ ﰲ ﺣﺎﻟﺔ ﻗﻴﺎﻡ ﺍﳌﻘﺮﺽ ﺑﺘﻘﻴﻴﻢ ﻣﺆﺳﺴﺘﻪ‪ ،‬ﻳﻀﺎﻑ ﻫﺬﺍ ﺍﻟﺘﻘﻴﻴﻢ ﺇﱃ ﺍﻟﺘﻘﻴﻴﻢ ﺍﳋﺎﺭﺟﻲ ﳍﺬﻩ ﺍﳌﺆﺳﺴﺔ ﻣﻦ ﻃﺮﻑ ﻣﺆﺳﺴﺎﺕ‬
‫ﻣﺘﺨﺼﺼﺔ ﰲ ﺍ‪‬ﺎﻝ ﺃﻭ ﺍﳉﻤﻌﻴﺎﺕ ﺍﳌﻬﻨﻴﺔ ﺍﻟﱵ ﺗﻨﺘﻤﻲ ﺇﻟﻴﻬﺎ ﺍﳌﺆﺳﺴﺔ ﺍﳌﻘﺘﺮﺿﺔ‪ ،‬ﺪﻑ ﺍﻟﺘﺪﻗﻴﻖ ﻭﺍﻟﺘﺄﻛﺪ ﻣﻦ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﳌﺘﻮﻓﺮﺓ ﻟﺪﻳﻪ‪ .9‬ﻭﺗﺒﻘﻰ‬
‫ﺍﳌﺆﺳﺴﺔ ﺍﳌﻘﺘﺮﺿﺔ ﻫﻲ ﺍﳌﺴﺘﻔﻴﺪ ﺍﻷﻭﻝ ﻣﻦ ﻫﺬﺍ ﺍﻟﺘﻘﻴﻴﻢ ﺍﳋﺎﺭﺟﻲ ﳌﻜﺎﻧﺘﻬﺎ ﰲ ﺍﻟﺴﻮﻕ‪ ،‬ﺳﻴﻤﺎ ﺃﻥ ﺗﺮﺗﻴﺒﻬﺎ ﻗﺪ ﳛﺴﻦ ﻣﻦ ﻣﻜﺎﻧﺘﻬﺎ ﺍﻟﺘﻔﺎﻭﺿﻴﺔ ﻣﻊ‬
‫ﺍﳌﻘﺮﺽ‪ ،‬ﻛﻤﺎ ﻳﻌﺘﱪ ﻫﺬﺍ ﺍﻟﺘﻘﻴﻴﻢ ﲟﺜﺎﺑﺔ ﺍﶈﺮﺽ ﳍﺎ ﺑﺎﺳﺘﻤﺮﺍﺭ ﻣﻦ ﺃﺟﻞ ﺗﻘﻮﱘ ﻭﺿﻌﻴﺘﻬﺎ ﻋﻦ ﻃﺮﻳﻖ ﺗﺪﻋﻴﻢ ﻧﻘﺎﻁ ﺍﻟﻘﻮﺓ ﻭﻣﻌﺎﳉﺔ ﺍﻟﻨﻘﺎﺋﺺ ﺍﻟﱵ‬
‫ﻭ ﰲ ﺃﻭﺭﻭﺑﺎ ﻗﺪ ﺃﺩﻯ ﺗﺰﺍﻳﺪ ﺍﻟﻄﻠﺐ ﻋﻠﻰ ﺧﺪﻣﺎﺕ ﺍﻟﻮﻛﺎﻻﺕ ﺍﳌﺨﺘﺼﺔ ﰲ ﺗﻘﻴﻴﻢ ﻡ‪.‬ﺹ‪.‬ﻡ ﺇﱃ ﺯﻳﺎﺩﺓ ﻋﺪﺩﻫﺎ ﰲ‬
‫ﺗﻌﺎﱐ ﻣﻨﻬﺎ‪.‬‬
‫ﺍﻟﺴﻨﻮﺍﺕ ﺍﻷﺧﲑﺓ ﻭﺗﺰﺍﻳﺪ ﺍﻻﻫﺘﻤﺎﻡ ﺑﺎﳌﺆﺳﺴﺎﺕ ﺍﻻﺑﺘﻜﺎﺭﻳﺔ ﻭﺍﻟﻨﺎﺷﺌﺔ ﻷﻬﻧﺎ ﻋﺎﺩﺓ ﻣﺎ ﺗﻜﻮﻥ ﺳﺮﻳﻌﺔ ﺍﻟﻨﻤﻮ ﻭﺫﺍﺕ ﻣﺮﺩ ﻭﺩﻳﺔ ﻋﺎﻟﻴﺔ‪ .‬ﻏﲑ ﺃﻥ ﻣﺎ‬
‫ﻳﻼﺣﻆ ﻫﻮ ﻋﺪﻡ ﺗﻮﻓﺮ ﺍﻟﺒﻨﻮﻙ ﻋﻠﻰ ﺍﻟﻘﺪﺭﺍﺕ ﺍﻟﻼﺯﻣﺔ ﰲ ﺍﳌﻴﺪﺍﻥ ﺍﻟﺘﻜﻨﻮﻟﻮﺟﻲ ﻟﺘﻘﻴﻴﻢ ﺃﳘﻴﺔ ﺍﻻﺑﺘﻜﺎﺭﺍﺕ ﻭﺗﻘﺪﻳﺮ ﻣﺴﺘﻮﻯ ﺍﳌﺨﺎﻃﺮﺓ ﻭﺍﻟﺘﻌﺮﻑ‬
‫‪.‬‬
‫ﻋﻠﻰ ﻧﺴﺒﺔ ﻭﺇﻣﻜﺎﻧﻴﺔ ﳒﺎﺣﻬﺎ‪ ،‬ﳑﺎ ﺟﻌﻠﻬﺎ ﻓﻴﻤﺎ ﺳﺒﻖ ﺗﻔﻀﻞ ﻋﺪﻡ ﺍﳌﻐﺎﻣﺮﺓ ﻣﻌﻬﺎ‪.‬‬
‫ﻭﺑﺎﻟﺮﻏﻢ ﻣﻦ ﺗﻮﻓﺮ ﺍﻟﻌﺪﻳﺪ ﻣﻦ ﺍﶈﺎﻭﻻﺕ ﻟﺘﺤﺴﲔ ﻃﺮﻕ ﺍﻟﺘﻘﻴﻴﻢ ﺍﳋﺎﺭﺟﻲ ﺇﻻ ﺃﻥ ﺃﻧﻈﻤﺔ ﺗﻄﻮﻳﺮﻫﺎ ﻻ ﺗﺰﺍﻝ ﻣﻜﻠﻔﺔ ﺟﺪﺍ‪ ،‬ﳑﺎ ﺟﻌﻠﻬﺎ ﻏﲑ ﻗﺎﺑﻠﺔ‬
‫ﻟﻠﺘﻄﺒﻴﻖ ﻣﻦ ﻃﺮﻑ ﺍﻟﺒﻨﻮﻙ ﻟﻮﺣﺪﻫﺎ ﺭﻏﻢ ﻣﺎ ﺗﻮﻓﺮﻩ ﻣﻦ ﻣﻌﻠﻮﻣﺎﺕ ﺇﺿﺎﻓﻴﺔ ﺣﻮﻝ ﺍﳌﺆﺳﺴﺔ‪.10‬‬
‫( )‪ -3 Sharing Risk with third Parties‬ﻃﺮﻳﻘﺔ ﺗﻘﺎﺳﻢ ﺍﳌﺨﺎﻃﺮ ﻣﻊ ﻃﺮﻑ ﺛﺎﻟﺚ‬
‫ﻳﻌﺘﱪ ﺃﻛﱪ ﻋﺎﺋﻖ ﻳﻮﺍﺟﻪ ﺍﳌﺆﺳﺴﺎﺕ ﺍﻟﺼﻐﲑﺓ ﻭﺍﳌﺘﻮﺳﻄﺔ ﻋﻨﺪﻣﺎ ﺗﺘﻘﺪﻡ ﺇﱃ ﺍﻟﺒﻨﻮﻙ ﺃﻭ ﺍﳌﺆﺳﺴﺎﺕ ﺍﳌﺎﻟﻴﺔ ﺍﻷﺧﺮﻯ ﻟﻄﻠﺐ ﺍﻟﻘﺮﻭﺽ ﻫﻮ ﺿﻌﻒ ﺃﻭ‬
‫ﺍﻧﻌﺪﺍﻡ ﺍﻟﻀﻤﺎﻧﺎﺕ‪ ،‬ﻭﻟﺘﺠﺎﻭﺯ ﻫﺬﻩ ﺍﳌﺸﻜﻠﺔ ﳉﺄﺕ ﺍﻟﺒﻨﻮﻙ ﺇﱃ ﺍﻟﺘﻌﺎﻭﻥ ﻣﻊ ﺃﻃﺮﺍﻑ ﺃﺧﺮﻯ ﻟﺘﻘﺎﺳﻢ ﺍﳌﺨﺎﻃﺮ‪ .‬ﻛﻤﺎ ﻗﺎﻣﺖ ﻡ‪.‬ﺹ‪.‬ﻡ ﺑﺈﻧﺸﺎﺀ‬
‫ﻣﺆﺳﺴﺎﺕ ﺍﻟﻀﻤﺎﻥ ﺍﳌﺸﺘﺮﻙ) ﺃﻭ ﺍﻟﻜﻔﺎﻟﺔ(‪ .‬ﻓﻔﻲ ﺍﻻﲢﺎﺩ ﺍﻷﻭﺭﻭﰊ ﻣﺜﻼ ﻇﻬﺮﺕ ﻣﺆﺳﺴﺎﺕ ﺍﻟﻀﻤﺎﻥ ﺍﳌﺘﺒﺎﺩﻝ‪ ،‬ﻭﺗﻠﻌﺐ ﺩﻭﺭ ﺍﻟﻮﺳﻴﻂ ﺑﲔ‬
‫ﻡ‪.‬ﺹ‪.‬ﻡ ﻭﺍﻟﺒﻨﻮﻙ‪ ،‬ﺣﻴﺚ ﺗﻘﻮﻡ ﺑﻀﻤﺎﻥ ﺍﻟﻘﺮﻭﺽ ﺍﳌﻤﻨﻮﺣﺔ ﻷﻋﻀﺎﺋﻬﺎ‪ ،‬ﻛﻤﺎ ﺗﻘﺪﻡ ﳍﻢ ﺍﻟﺪﻋﻢ ﰲ ﳎﺎﻝ ﺍﻟﺘﻜﻮﻳﻦ ﻭﺍﻻﺳﺘﺸﺎﺭﺓ ﻭﻏﲑﻫﺎ‪ ،‬ﻭﻏﺎﻟﺒﺎ ﻣﺎ‬
‫ﺗﻘﻮﻡ ﺍﻟﺒﻨﻮﻙ ﺑﺘﻘﺪﱘ ﺍﻟﻘﺮﻭﺽ ﺑﻨﺎﺀﺍ ﻋﻠﻰ ﺗﻘﻴﻴﻢ ﻣﺆﺳﺴﺎﺕ ﺍﻟﻀﻤﺎﻥ ﺃﻭﻻ ﻭﻋﻠﻰ ﻣﻘﺪﺍﺭ ﺃﻭ ﻧﺴﺒﺔ ﺿﻤﺎﻬﻧﺎ ﺛﺎﻧﻴﺎ‪.11‬‬
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‫ﺍﺷﺮﺍﻑ ﳐﱪ ﺍﻟﻌﻮﳌﺔ ﻭ ﺍﻗﺘﺼﺎﺩﻳﺎﺕ ﴰﺎﻝ ﺍﻓﺮﻳﻘﻴﺎ‬
‫ﺟﺎﻣﻌﺔ ﺣﺴﻴﺒﺔ ﺑﻦ ﺑﻮﻋﻠﻲ ﺑﺎﻟﺸﻠﻒ‪-‬ﺍﳉﺰﺍﺋﺮ‬
‫ﺍﳌﻠﺘﻘﻰ ﺍﻟﺪﻭﱄ‪:‬‬
‫ﻣﺘﻄﻠﺒﺎﺕ ﺗﺄﻫﻴﻞ ﺍﳌﺆﺳﺴﺎﺕ ﺍﻟﺼﻐﲑﺓ ﻭ ﺍﳌﺘﻮﺳﻄﺔ ﰲ ﺍﻟﺪﻭﻝ ﺍﻟﻌﺮﺑﻴﺔ‪ .‬ﻳﻮﻣﻲ ‪17‬ﻭ‪ 18‬ﺃﻓﺮﻳﻞ ‪2006‬‬
‫ﺇﺿﺎﻓﺔ ﺇﱃ ﻫﺬﻩ ﺍﻟﻄﺮﻕ ﺍﻟﱵ ﰎ ﻋﺮﺿﻬﺎ ﺗﻮﺟﺪ ﻋﺪﺓ ﻃﺮﻕ ﺃﺧﺮﻯ ﰲ ﻫﺬﺍ ﺍ‪‬ﺎﻝ ﱂ ﻳﺘﻢ ﺍﻟﺘﻄﺮﻕ ﳍﺎ‪ ،‬ﻧﻈﺮﺍ ﻟﻘﻠﺔ ﺍﺳﺘﻌﻤﺎﳍﺎ ﺣﺎﻟﻴﺎ‪ .‬ﻭﻣﻦ ﺑﻴﻨﻬﺎ‬
‫ﻃﺮﻳﻘﺔ ﺇﺷﺮﺍﻙ ﺍﳌﻘﺮﺽ ﰲ ﺗﻘﻴﻴﻢ ﺍﳌﺨﺎﻃﺮ ﻭﻃﺮﻳﻘﺔ ﲢﻤﻴﻞ ﺗﻜﺎﻟﻴﻒ ﺍﻹﻗﺮﺍﺽ ﺣﺴﺐ ﻣﺴﺘﻮﻯ ﺍﳌﺨﺎﻃﺮﺓ‪ .‬ﻭﻳﺘﻢ ﺗﻄﺒﻴﻖ ﻫﺎﺗﲔ ﺍﻟﻄﺮﻳﻘﺘﲔ ﰲ‬
‫ﺑﺮﻳﻄﺎﻧﻴﺎ ﺣﺎﻟﻴﺎ ﻭﻗﺪ ﺑﺪﺃﺕ ﺗﻌﻄﻲ ﻧﺘﺎﺋﺞ ﺟﻴﺪﺓ‪.12‬‬
‫ﺍﳋﺎﲤﺔ‬
‫ﺗﺮﺗﺒﻂ ﻣﺴﺄﻟﺔ ﲤﻮﻳﻞ ﺍﳌﺆﺳﺴﺎﺕ ﺍﻟﺼﻐﲑﺓ ﻭﺍﳌﺘﻮﺳﻄﺔ ﰲ ﺍﳉﺰﺍﺋﺮ ﺑﺎﻟﻌﺪﻳﺪ ﻣﻦ ﺍﳌﺨﺎﻃﺮ‪ ،‬ﺍﻟﺸﻲﺀ ﺍﻟﺬﻱ ﳚﻌﻞ ﺍﻟﺒﻨﻮﻙ ﺍﻟﺘﺠﺎﺭﻳﺔ ﲢﺠﻢ ﻋﻦ ﺗﻘﺪﱘ‬
‫ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﻼﺯﻡ ﳍﺬﻩ ﺍﳌﺆﺳﺴﺎﺕ ﻧﻈﺮﺍ ﻟﻌﺪﻡ ﺍﻟﺜﻘﺔ ﰲ ﺩﺭﺍﺳﺎﺕ ﺍﳉﺪﻭﻯ ﺍﻟﱵ ﺗﻘﺪﻣﻬﺎ ﻫﺬﻩ ﺍﻷﺧﲑﺓ‪ ،‬ﺑﺎﻹﺿﺎﻓﺔ ﺇﱃ ﻏﻴﺎﺏ ﺍﻟﻀﻤﺎﻧﺎﺕ ﺍﻟﻜﺎﻓﻴﺔ‪.‬‬
‫ﻋﻠﻤﺎ ﺃﻥ ﺍﻟﻘﻄﺎﻉ ﺍﻟﺒﻨﻜﻲ ﻳﻔﺘﻘﺮ ﺇﱃ ﺍﻟﺘﻘﻨﻴﺎﺕ ﺍﳊﺪﻳﺜﺔ ﰲ ﺍﻟﺘﺴﻴﲑ ﻭﻻ ﻳﺘﻤﻜﻦ ﻣﻦ ﺍﻟﺘﻜﻴﻒ ﻭﺍﻟﺘﺨﺼﺺ ﻟﺪﻋﻢ ﺍﳌﺆﺳﺴﺎﺕ ﺍﻟﺼﻐﲑﺓ ﻭﺍﳌﺘﻮﺳﻄﺔ‬
‫ﻭﺗﻨﻤﻴﺘﻬﺎ‪.‬‬
‫ﻭﺭﻏﻢ ﺍﳉﻬﻮﺩ ﺍﳌﺒﺬﻭﻟﺔ ﻣﻦ ﻃﺮﻑ ﺻﺎﻧﻌﻲ ﺍﻟﻘﺮﺍﺭ ﻣﻦ ﺃﺟﻞ ﺗﺴﻬﻴﻞ ﺗﻮﻓﲑ ﺍﻟﺘﻤﻮﻳﻞ ﻟﻠﻤﺆﺳﺴﺎﺕ ﺍﻟﺼﻐﲑﺓ ﻭﺍﳌﺘﻮﺳﻄﺔ ﰲ ﺍﳉﺰﺍﺋﺮ ﻏﲑ ﺃﻥ ﻫﺬﻩ‬
‫ﺍﳉﻬﻮﺩ ﺗﺒﻘﻰ ﻏﲑ ﻛﺎﻓﻴﺔ ﺣﻴﺚ ﺗﺸﲑ ﺍﻹﺣﺼﺎﺋﻴﺎﺕ ﺍﻟﻮﺍﺭﺩﺓ ﻣﻦ ﺍﻟﺒﻨﻮﻙ ﺃﻥ ﻛﺜﲑﺍ ﻣﻦ ﻫﺬﻩ ﺍﳌﺆﺳﺴﺎﺕ ﻛﺎﻥ ﻣﺂﳍﺎ ﺍﻟﻔﺸﻞ‪ ،‬ﻭﺑﺎﻟﺘﺎﱄ ﻋﺠﺰﻫﺎ ﻋﻦ‬
‫ﻭﻻ ﺷﻚ ﺃﻥ ﻣﻦ ﺃﺑﺮﺯ ﺃﺳﺒﺎﺏ ﻫﺬﺍ ﺍﻟﺘﻌﺜﺮ ﻳﺘﻤﺜﻞ ﰲ ﺳﻮﺀ ﺗﻘﺪﻳﺮ‬
‫ﺗﺴﺪﻳﺪ ﺃﺻﻞ ﺍﻟﺪﻳﻦ ﺩﻭﻥ ﺍﳊﺪﻳﺚ ﻋﻦ ﺍﻟﻔﻮﺍﺋﺪ‪.‬‬
‫ﺍﻷﻭﺿﺎﻉ ﺍﳌﺴﺘﻘﺒﻠﻴﺔ ﻭﺿﻌﻒ ﺩﺭﺍﺳﺎﺕ ﺍﳉﺪﻭﻯ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ‪ ،‬ﻭﻛﺬﺍ ﻧﻘﺺ ﺍﳉﻬﺎﺕ ﺍﳌﻤﻮﻟﺔ‪ .‬ﻫﺬﺍ ﻣﺎ ﻳﺘﻄﻠﺐ ﺍﻻﺳﺘﻔﺎﺩﺓ ﻣﻦ ﻃﺮﻕ ﺍﻟﺘﻤﻮﻳﻞ‬
‫ﺍﳌﺒﺘﻜﺮﺓ ﻭﺍﳌﻄﺒﻘﺔ ﰲ ﺍﻟﺪﻭﻝ ﺍﻷﺧﺮﻯ ﻭﻫﺬﺍ ﻃﺒﻌﺎ ﺑﻌﺪ ﺗﻜﻴﻴﻔﻬﺎ ﲟﺎ ﻳﺘﻨﺎﺳﺐ ﻣﻊ ﻭﺿﻌﻴﺔ ﻫﺬﻩ ﺍﳌﺆﺳﺴﺎﺕ ﰲ ﺍﳉﺰﺍﺋﺮ ﻭﻗﺒﻞ ﻫﺬﺍ ﳚﺐ‪:‬‬
‫ﺗﻌﻤﻴﻢ ﺍﺳﺘﺨﺪﺍﻡ ﻭﺳﺎﺋﻞ ﺍﻻﺗﺼﺎﻝ ﺍﳊﺪﻳﺜﺔ‪،‬‬‫ ﺇﻧﺸﺎﺀ ﻣﻜﺘﺐ ﺍﺋﺘﻤﺎﻥ ﻭﻃﲏ ﺑﺎﻻﻋﺘﻤﺎﺩ ﻋﻠﻰ ﻣﺴﺎﻋﺪﺓ ﻓﻨﻴﺔ ﺩﻭﻟﻴﺔ؛‬‫ﻭﺍﺳﺘﺨﺪﺍﻡ ﻧﻔﺲ ﺍﻟﺘﻘﻨﻴﺎﺕ ﺍﳌﺴﺘﺨﺪﻣﺔ ﰲ ﺍﻹﻗﺮﺍﺽ ﰲ ﻛﺎﻓﺔ ﺍﻟﺒﻨﻮﻙ‪ ،‬ﻭﺃﻥ ﺗﻜﻮﻥ ﻣﺮﺗﺒﻄﺔ ﺇﻟﻴﻜﺘﺮﻭﻧﻴﻨﺎ ﲟﻜﺘﺐ ﺍﻻﺋﺘﻤﺎﻥ؛‬
‫ ﻭﺿﻊ ﳕﻮﺫﺝ ﻟﺘﻘﻴﻴﻢ ﺍﳌﺨﺎﻃﺮ ﻳﻌﻜﺲ ﺳﻴﺎﺳﺔ ﺍﻟﺒﻨﻮﻙ ﰲ ﺗﻮﺟﻴﻪ ﺍﻻﺋﺘﻤﺎﻥ ﺍﻟﻜﻠﻲ ﳓﻮ ﺍ‪‬ﺘﻤﻊ ﲟﺎ ﻳﺘﻮﺍﻓﻖ ﻭﺍﻷﻫﺪﺍﻑ ﺍﻟﺘﻨﻤﻮﻳﺔ؛‬‫ ﺗﺪﺭﻳﺐ ﻣﺴﺌﻮﱄ ﺍﻹﻗﺮﺍﺽ ﻭﺗﻨﻤﻴﺔ ﻗﺪﺭﺍ‪‬ﻢ ﻭﻣﻬﺎﺭﺍ‪‬ﻢ ﻹﺩﺍﺭﺓ ﳏﻔﻈﺔ ﻗﺮﻭﺽ ﺍﳌﺆﺳﺴﺎﺕ ﺍﻟﺼﻐﲑﺓ ﻭﺍﳌﺘﻮﺳﻄﺔ‪.‬‬‫ﺍﳍﻮﺍﻣﺶ‬
‫‪wipo,Intellectual property and small and medium sized entreprises -1‬‬
‫‪http//www.wipo.orz/about-ip/en/studies/publications/up smash‬‬
‫‪ibid, p.15 -2‬‬
‫‪ -3‬ﺳﺎﻣﻲ ﻋﻔﻴﻔﻴﻲ‪ ،‬ﺍﻻﻗﺘﺼﺎﺩ ﺍﳌﺼﺮﻱ ﺑﲔ ﺍﻟﻮﺍﻗﻊ ﻭﺍﻟﻄﻤﻮﺡ‪ ،‬ﺍﻟﺪﺍﺭ ﺍﳌﺼﺮﻳﺔ ﺍﻟﻠﺒﻨﺎﻧﻴﺔ‪ 1988،‬ﺹ‪. 49.‬‬
‫‪-4‬ﻋﺒﺪ ﺍ‪‬ﻴﺪ ﻗﺪﻱ‪ ،‬ﺍﳌﺆﺳﺴﺎﺕ ﺍﻟﺼﻐﲑﺓ ﻭﺍﳌﺘﻮﺳﻄﺔ ﻭﺍﳌﻨﺎﺥ ﺍﻻﺳﺘﺜﻤﺎﺭﻱ‪ ،‬ﺍﳌﻠﺘﻘﻰ ﺍﻟﻮﻃﲏ ﺍﻷﻭﻝ ﺣﻮﻝ ﺍﳌﺆﺳﺴﺎﺕ ﺍﻟﺼﻐﲑﺓ ﻭﺍﳌﺘﻮﺳﻄﺔ ﻭﺩﻭﺭﻫﺎ ﰲ ﺍﻟﺘﻨﻤﻴﺔ‪ ،‬ﺟﺎﻣﻌﺔ ﺍﻷﻏﻮﺍﻁ‬
‫‪، 2002‬ﺹ‪. 149.‬‬
‫‪ -5‬ﻣﺪﻳﺮﻳﺔ ﺗﺸﻐﻴﻞ ﺍﻟﺸﺒﺎﺏ ﺑﺎﻟﻮﻻﻳﺔ‬
‫‪-CNES :rapport pour une Politique de Développement de la PME en Algérie Nº77 du15/12/20006‬‬
‫‪-BNA Finance,Revue trimestielle,Nº05 ,juillet/septembre2003,p.7.7‬‬
‫‪-Hayet KENDEL, Agglomération des PME et Développement Technologique,CRRM, Marseille,20048‬‬
‫‪- ibid9‬‬
‫‪- wipo,opcit, p.18.10‬‬
‫‪-ibid11‬‬
‫‪-12‬ﺗﻘﺮﻳﺮ ﺣﻮﻝ ﺳﻴﺎﺳﺎﺕ ﺍﻻﺋﺘﻤﺎﻥ ﻭﺍﻟﺘﻤﻮﻳﻞ ﻟﻠﻤﻨﺸﺂﺕ ﺍﻟﺼﻐﲑﺓ ﻭﺍﳌﺘﻮﺳﻄﺔ ﲜﻤﻬﻮﺭﻳﺔ ﻣﺼﺮ ﺍﻟﻌﺮﺑﻴﺔ‪ ،‬ﻭﺯﺍﺭﺓ ﺍﻻﻗﺘﺼﺎﺩ ﻭﺍﻟﺘﺠﺎﺭﺓ‪www.sme.org.sa،2003‬‬
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‫ﺍﺷﺮﺍﻑ ﳐﱪ ﺍﻟﻌﻮﳌﺔ ﻭ ﺍﻗﺘﺼﺎﺩﻳﺎﺕ ﴰﺎﻝ ﺍﻓﺮﻳﻘﻴﺎ‬
‫ﺟﺎﻣﻌﺔ ﺣﺴﻴﺒﺔ ﺑﻦ ﺑﻮﻋﻠﻲ ﺑﺎﻟﺸﻠﻒ‪-‬ﺍﳉﺰﺍﺋﺮ‬