‫ﺟﺎﻣﻌﺔ ﻓﻴﻼدﻟﻔﻴــــﺎ‬
‫آﻠﻴﺔ اﻟﻌﻠﻮم اﻹدارﻳﺔ واﻟﻤﺎﻟﻴﺔ‬
‫إﺳﺘﺮاﺗﻴﺠﻴﺎت اﻷﻋﻤﺎل ﻓﻲ ﻣﻮاﺟﻬﺔ ﺗﺤﺪﻳﺎت اﻟﻌﻮﻟﻤﺔ‬
‫ﺩﻭﺭ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﻤﺤﺎﺴﺒﻴﺔ ﻓﻲ ﺘﺭﺸﻴﺩ ﻗﺭﺍﺭﺍﺕ ﺍﻹﺴﺘﺜﻤﺎﺭ ﻓﻲ ﺴﻭﻕ‬
‫ﻋﻤﺎﻥ ﻟﻸﻭﺭﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ‪ :‬ﺩﺭﺍﺴﺔ ﺘﺤﻠﻴﻠﻴﺔ‬
‫ﺩ‪ .‬ﻋﻁﺎ ﺍﷲ ﻭﺭّﺍﺩ ﺨﻠﻴل‪ /‬ﺠﺎﻤﻌﺔ ﺍﻟﺯﻴﺘﻭﻨﺔ‪ /‬ﺍﻻﺭﺩﻥ‬
‫‪15 – 16/3/2005‬‬
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‫‪http:// www.philadelphia.edu.jo‬‬
‫‪http:// www.philadelphia.edu.jo‬‬
‫ ﺩﺭﺍﺴﺔ ﺘﺤﻠﻴﻠﻴﺔ‬:‫ﺩﻭﺭ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﻤﺤﺎﺴﺒﻴﺔ ﻓﻲ ﺘﺭﺸﻴﺩ ﻗﺭﺍﺭﺍﺕ ﺍﻹﺴﺘﺜﻤﺎﺭ ﻓﻲ ﺴﻭﻕ ﻋﻤﺎﻥ ﻟﻸﻭﺭﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ‬
‫ ﺍﻻﺭﺩﻥ‬/‫ ﺠﺎﻤﻌﺔ ﺍﻟﺯﻴﺘﻭﻨﺔ‬/‫ ﻋﻁﺎ ﺍﷲ ﻭﺭّﺍﺩ ﺨﻠﻴل‬.‫ﺩ‬
‫ﺍﻟﻤﻠﺨﺹ‬
‫ﻟﻘﺩ ﻓﺭﻀﺕ ﺍﻟﺘﻐﻴﺭﺍﺕ ﺍﻟﺩﻭﻟﻴﺔ ﺍﻟﻤﺘﺴﺎﺭﻋﺔ ﻓﻲ ﻤﺠﺎﻟﻲ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﻭﺍﻻﺘﺼﺎﻻﺕ ﻀﺭﻭﺭﺓ ﻗﻴﺎﻡ ﻤﻨﻅﻤﺎﺕ ﺍﻷﻋﻤﺎل‬
‫ﺒﺎﻹﻓﺼﺎﺡ ﻋﻥ ﻨﺘﺎﺌﺞ ﺨﻁﻁﻬﺎ ﺍﻻﺴﺘﺜﻤﺎﺭﻴﺔ ﺒﺸﻔﺎﻓﻴﺔ ﻋﺎﻟﻴﺔ ﻀﻤﻥ ﺍﻟﻤﺤﺘﻭﻯ ﺍﻟﻤﻌﻠﻭﻤﺎﺘﻲ ﻟﻠﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺤﺎﺴﺒﻴﺔ ﻭﺫﻟﻙ‬
‫ﻜﻤﺩﺨل ﻟﺘﺭﺸﻴﺩ ﻗﺭﺍﺭﺍﺕ ﺍﻹﺴﺘﺜﻤﺎﺭ ﻓﻲ ﺃﺴﻭﺍﻕ ﺍﻷﻭﺭﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ ﺍﻟﺩﻭﻟﻴﺔ ﻋﺎﻤﺔ ﻭﺒﺴﻭﻕ ﺍﻷﺭﺩﻥ ﻟﻸﻭﺭﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ‬
.‫ﻋﻠﻰ ﻭﺠﻪ ﺍﻟﺨﺼﻭﺹ‬
‫ﻭﻓﻲ ﺇﻁﺎﺭ ﺫﻟﻙ ﻴﻬﺩﻑ ﻫﺫﺍ ﺍﻟﺒﺤﺙ ﺇﻟﻰ ﺍﺨﺘﺒﺎﺭ ﻤﺩﻯ ﻤﻨﻔﻌﺔ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﻤﺤﺎﺴﺒﻴﺔ ﻟﻤﺘﺨﺫﻱ ﺍﻟﻘﺭﺍﺭﺍﺕ ﺍﻻﺴﺘﺜﻤﺎﺭﻴﺔ‬
‫ ﻫﺫﺍ ﺒﺎﻹﻀﺎﻓﺔ ﺇﻟﻰ ﺍﺨﺘﺒﺎﺭ ﻤﺩﻯ ﺍﻻﺘﺴﺎﻕ ﻭﺍﻟﺘﺠﺎﻨﺱ ﻓﻲ ﺍﻟﺘﻘﺎﺭﻴﺭ‬،‫ﺒﺎﻟﺸﺭﻜﺎﺕ ﺍﻟﻤﺩﺭﺠﺔ ﻓﻲ ﺴﻭﻕ ﻋﻤﺎﻥ ﺍﻟﻤﺎﻟﻲ‬
.‫ﺍﻟﻤﺤﺎﺴﺒﻴﺔ ﺍﻟﺘﻲ ﺘﻡ ﺍﻻﻓﺼﺎﺡ ﻋﻨﻬﺎ ﻤﻥ ﻗﺒل ﻫﺫﻩ ﺍﻟﺸﺭﻜﺎﺕ‬
‫ ﻗﺎﻡ ﺍﻟﺒﺎﺤﺙ ﺒﺎﺴﺘﻘﺭﺍﺀ ﺘﺤﻠﻴﻠﻲ ﻟﻨﺘﺎﺌﺞ ﺍﻟﺩﺭﺍﺴﺎﺕ ﺍﻟﺴﺎﺒﻘﺔ ﻟﺘﺄﺼﻴل ﺍﻟﺠﻭﺍﻨﺏ ﺍﻟﻌﻠﻤﻴﺔ ﻟﻠﺒﺤﺙ‬،‫ﻭﻟﺘﺤﻘﻴﻕ ﻫﺩﻑ ﺍﻟﺒﺤﺙ‬
‫ ﻜﻤﺎ ﻗﺎﻡ ﺍﻟﺒﺎﺤﺙ ﺒﺈﺠﺭﺍﺀ ﺘﺤﻠﻴل ﻜﻤﻲ ﻟﻨﻭﻋﻴﺔ ﻜل ﻤﻥ ﺍﻟﺘﻘﺎﺭﻴﺭ ﻭﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﺘﻲ‬، 2003-1995 ‫ﻓﻲ ﺍﻟﻔﺘﺭﺓ ﻤﻥ‬
‫ﺘﻔﺼﺢ ﻋﻨﻬﺎ ﻫﺫﻩ ﺍﻟﺸﺭﻜﺎﺕ ﻭﺍﻟﺘﻲ ﻴﻌﺘﻤﺩ ﻋﻠﻴﻬﺎ ﺍﻟﻤﺴﺘﺜﻤﺭﻴﻥ ﻓﻲ ﺘﺭﺸﻴﺩ ﻗﺭﺍﺭﺍﺘﻬﻡ ﺍﻻﺴﺘﺜﻤﺎﺭﻴﺔ ﻓﻲ ﺴﻭﻕ ﻋﻤﺎﻥ‬
‫ ﻭﻗﺩ ﺍﻨﺘﻬﻰ ﺍﻟﺒﺤﺙ ﺇﻟﻰ ﻋﺩﺓ ﻨﺘﺎﺌﺞ ﺃﻫﻤﻬﺎ ﻭﺠﻭﺩ ﺘﺒﺎﻴﻥ ﺒﻴﻥ ﻫﺫﻩ ﺍﻟﺸﺭﻜﺎﺕ ﻓﻲ ﺠﻭﺩﺓ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﻤﺤﺎﺴﺒﻴﺔ‬.‫ﺍﻟﻤﺎﻟﻲ‬
.‫ﺍﻟﻤﻔﺼﺢ ﻋﻨﻬﺎ ﻭﺃﻴﻀﹰﺎ ﻓﻲ ﻨﻭﻋﻴﺔ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺤﺎﺴﺒﻴﺔ ﺍﻟﻤﺴﺘﺨﺩﻤﺔ‬
‫ﻭﻓﻲ ﻀﻭﺀ ﺫﻟﻙ ﻴﻭﺼﻲ ﺍﻟﺒﺎﺤﺙ ﺒﻀﺭﻭﺭﺓ ﺇﻟﺯﺍﻡ ﺘﻠﻙ ﺍﻟﺸﺭﻜﺎﺕ ﺒﺎﻹﻓﺼﺎﺡ ﻋﻥ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﻤﻼﺌﻤﺔ ﻭﺍﻟﻜﺎﻓﻴﺔ‬
‫ﻼ ﻋﻥ ﻀﺭﻭﺭﺓ ﺍﺘﺴﺎﻕ ﻭﺘﺠﺎﻨﺱ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺤﺎﺴﺒﻴﺔ ﺍﻟﺘﻲ ﺘﻨﺘﺞ‬
‫ ﻓﻀ ﹰ‬،‫ﻟﺘﺭﺸﻴﺩ ﻗﺭﺍﺭﺍﺕ ﺍﻻﺴﺘﺜﻤﺎﺭ ﻓﻲ ﻫﺫﺍ ﺍﻟﺴﻭﻕ‬
.‫ﻫﺫﻩ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﻓﻲ ﻫﺫﻩ ﺍﻟﺸﺭﻜﺎﺕ‬
Abstract
The fast international changes in informations and communications has forced
the business organizations to disclose the results of its investment plans in a
high transparency within the accounting reports information content as
entrance to orient investment decisions in international marketable securities
markets in general and in the Jordanian (Amman Stock Exchange) particular.
So, this research aims to test the range of accounting information’s benefits for the
investment decision makers in the companies listed in Amman Stock Exchange, in
addition to test the uniformity and homogeneity in accounting reports disclosures
from these companies.
To reach the objective of the research, the researcher did induction analysis of the
previous research results to consolidate the scientific sides of the research for the
period 1995-2003. The researcher did quantitative analysis for the quality of all the
reports and the information that the companies disclosed and the investors depend on
to orient their investment decisions in Amman financial market.
The research ended with many results, the most important one is the existence of
imparity in these companies in disclosed accounting information quality and the types
of the used accounting reports used.
In light of that the researcher recommends the importance of committing these
companies to disclose the suitable and adequate information to orient the investment
decisions in markets, besides the importance of uniformity and homogeneity in
accounting reports which produce teem these information in the companies.
2
‫ﻤﻘﺩﻤﺔ‬
‫ﺇﻥ ﺍﻟﻌﺎﻟﻡ ﻴﻤﺭ ﺍﻟﻴﻭﻡ ﺒﺘﺤﻭﻻﺕ ﻜﺒﻴﺭﺓ ﻭﻫﺎﺌﻠﺔ ﻭﻤﺘﺴﺎﺭﻋﺔ ﻓﻲ ﺸﺘﻰ ﺍﻟﻤﺠﺎﻻﺕ‪ ،‬ﺨﺎﺼﺔ ﻓﻴﻤﺎ ﻴﺘﻌﻠﻕ‬
‫ﺒﺘﺩﺍﻋﻴﺎﺕ ﺍﻟﻌﻭﻟﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﻭﺍﻟﺴﻴﺎﺴﻴﺔ ﻭﺍﻟﺘﻜﻨﻭﻟﻭﺠﻴﺔ ﻭﻤﺎ ﻴﻌﺭﻑ ﺒﺜﻭﺭﺓ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺠﻌﻠﺕ ﻤﻥ ﺍﻟﻀﺭﻭﺭﻱ‬
‫ﻭﻀﻊ ﺍﻟﺨﻁﻁ ﻭﺍﻟﺴﻴﺎﺴﺎﺕ ﻟﻤﺠﺎﺒﻬﺔ ﻫﺫﻩ ﺍﻟﺘﺤﺩﻴﺎﺕ ﺍﻟﺘﻲ ﺃﺼﺒﺤﺕ ﺃﻤﺭﹰﺍ ﻭﺍﻗﻌ ﹰﺎ‪.‬‬
‫ﺇﻥ ﺍﻟﻤﺤﺎﺴﺒﺔ ﺒﺎﻋﺘﺒﺎﺭﻫﺎ ﻨﻅﺎﻡ ﻟﻠﻤﻌﻭﻤﺎﺕ ﻭﻤﻥ ﺃﻫﻡ ﺍﻟﻤﺠﺎﻻﺕ ﺍﻟﺘﻲ ﺘﻘﻭﻡ ﺒﺩﻭﺭ ﻫﺎﻡ ﻭﻓﺎﻋل ﻓﻲ ﺘﺭﺸﻴﺩ‬
‫ﻗﺭﺍﺭﺍﺕ ﺍﻻﺴﺘﺜﻤﺎﺭ ﺤﺘﻰ ﺘﻭﺍﻜﺏ ﺍﻟﺘﺤﻭﻻﺕ ﺍﻟﻤﺘﺴﺎﺭﻋﺔ ﺒﻐﺭﺽ ﺘﻭﺠﻴﻪ ﺍﻻﺴﺘﺜﻤﺎﺭﺍﺕ ﻷﻏﺭﺍﺽ ﺍﻟﺘﻨﻤﻴﺔ ﺍﻟﺸﺎﻤﻠﺔ‬
‫ﻭﺍﻟﻤﺴﺘﺩﺍﻤﺔ‪.‬‬
‫ﺇﻥ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﺘﻲ ﺘﻘﺩﻤﻬﺎ ﺍﻟﻤﺤﺎﺴﺒﺔ ﻓﻲ ﺴﻭﻕ ﻋﻤﺎﻥ ﺍﻟﻤﺎﻟﻲ ﻟﻸﻭﺭﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ ﻻ ﺒﺩ ﻟﻬﺎ ﻤﻥ ﺃﻥ ﺘﺘﻤﺘﻊ‬
‫ﺒﻘﺩﺭ ﻤﻥ ﺍﻟﺸﻔﺎﻓﻴﺔ ﺤﺘﻰ ﻴﺘﻤﻜﻥ ﺍﻟﻤﺴﺘﺜﻤﺭﻴﻥ ﻤﻥ ﺍﺘﺨﺎﺫ ﻗﺭﺍﺭﺍﺘﻬﻡ ﻭﺘﺭﺸﻴﺩﻫﺎ ﺘﺩﻋﻴﻤﹰﺎ ﻟﻜﻔﺎﺀﺓ ﻭﺘﻨﺸﻴﻁ ﻫﺫﺍ ﺍﻟﺴﻭﻕ‪.‬‬
‫ﻭﻗﺩ ﺍﻫﺘﻤﺕ ﺍﻟﻌﺩﻴﺩ ﻤﻥ ﺍﻟﺠﻬﺎﺕ ﺍﻟﻔﻨﻴﺔ ﻭﺍﻟﻤﻬﻨﻴﺔ ﻟﺩﻯ ﺘﻭﺍﻓﺭ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﻤﺤﺎﺴﺒﻴﺔ ﺍﻟﻼﺯﻤﺔ ﻟﺨﺩﻤﺔ ﺃﺴﻭﺍﻕ‬
‫ﺍﻟﻤﺎل ﻓﻲ ﺩﻭل ﺍﻟﻌﺎﻟﻡ ﻭﺨﺎﺼﺔ ﺘﻠﻙ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺫﺍﺕ ﺍﻟﺘﺄﺜﻴﺭ ﻋﻠﻰ ﻗﺭﺍﺭﺍﺕ ﺍﻻﺴﺘﺜﻤﺎﺭ ﺒﻬﺩﻑ ﺘﺩﻋﻴﻡ ﺜﻘﺔ ﺍﻟﻤﺴﺘﺜﻤﺭ ﻓﻲ‬
‫ﺍﻟﺸﺭﻜﺎﺕ ﺍﻟﻤﺩﺭﺠﺔ ﺒﺴﻭﻕ ﺍﻷﻭﺭﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ ﻭﻤﻨﻬﺎ ﺴﻭﻕ ﻋﻤﺎﻥ ﺍﻟﻤﺎﻟﻲ‪.‬‬
‫ﻭﻓﻲ ﻅل ﺍﻟﺘﺤﺩﻴﺎﺕ ﺍﻟﻬﺎﺌﻠﺔ ﻤﻥ ﺠﺭﺍﺀ ﺩﺨﻭل ﺍﻟﻌﻭﻟﻤﺔ ﻭﺍﻟﻤﻌﻠﻭﻤﺎﺘﻴﺔ ﻭﺍﻟﺘﻭﺠﻪ ﺍﻻﻗﺘﺼﺎﺩﻱ ﺍﻟﻌﺎﻟﻤﻲ ﻨﺤﻭ‬
‫ﺍﻻﻨﺩﻤﺎﺝ ﻭﺘﺠﺎﻭﺯ ﺍﻟﺤﺩﻭﺩ ﺍﻹﻗﻠﻴﻤﻴﺔ ﻭﻗﺭﺍﺭﺍﺕ ﻤﻨﻅﻤﺔ ﺍﻟﺘﺠﺎﺭﺓ ﺍﻟﻌﺎﻟﻤﻴﺔ‪ ،‬ﻭﻤﺎ ﺘﻘﻭﻡ ﺒﻪ ﺍﻟﺩﻭل ﻤﻥ ﺨﺼﺨﺼﺔ ﻟﻠﻘﻁﺎﻉ‬
‫ﺍﻟﻌﺎﻡ ﺘﺒﺭﺯ ﺍﻟﺤﺎﺠﺔ ﺇﻟﻰ ﻀﺭﻭﺭﺓ ﺘﻔﻌﻴل ﺩﻭﺭ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﻤﺤﺎﺴﺒﻴﺔ ﻭﻏﻴﺭ ﺍﻟﻤﺤﺎﺴﺒﻴﺔ ﻟﺘﺴﻬﻡ ﺒﺼﻭﺭﺓ ﺃﻜﺜﺭ ﻓﺎﻋﻠﻴﺔ‬
‫ﻨﺤﻭ ﺘﺤﻘﻴﻕ ﺍﻷﻫﺩﺍﻑ ﻭﺘﺭﺸﻴﺩ ﻗﺭﺍﺭﺍﺕ ﺍﻻﺴﺘﺜﻤﺎﺭ ﻟﺘﺘﻤﺎﺸﻰ ﻤﻊ ﻤﺘﻁﻠﺒﺎﺕ ﺍﻟﻌﻭﻟﻤﺔ ﻭﺍﻓﺭﺍﺯﺍﺘﻬﺎ ﻓﻲ ﺍﻟﻭﻗﺕ ﺍﻟﺭﺍﻫﻥ‪.‬‬
‫ﺇﻥ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﻤﺤﺎﺴﺒﻴﺔ ﺍﻟﻤﻼﺌﻤﺔ ﺘﻌﺘﺒﺭ ﺍﻟﻤﺼﺩﺭ ﺍﻷﺴﺎﺴﻲ ﻓﻲ ﻭﻀﻊ ﻭﺘﺭﻜﻴﺏ ﻫﻴﻜل ﺍﻷﺴﻌﺎﺭ ﺍﻟﻨﺴﺒﻲ ﻟﻸﻭﺭﺍﻕ‬
‫ﺍﻟﻤﺎﻟﻴﺔ‪ ،‬ﻭﺘﻌﺘﺒﺭ ﻫﻲ ﺍﻟﻌﻨﺼﺭ ﺍﻷﺴﺎﺱ ﻭﺍﻟﺫﻱ ﻴﻌﺘﻤﺩ ﻋﻠﻴﻪ ﺍﻟﻤﺴﺘﺜﻤﺭﻭﻥ ﻓﻲ ﺍﺘﺨﺎﺫ ﻗﺭﺍﺭﺍﺘﻬﻡ ﺍﻻﺴﺘﺜﻤﺎﺭﻴﺔ‪.‬‬
‫ﻭﻟﻜﻲ ﺘﺴﺘﻁﻴﻊ ﺍﻷﺴﻭﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ ﺍﻟﻘﻴﺎﻡ ﺒﺩﻭﺭﻫﺎ ﻴﺠﺏ ﺃﻥ ﺘﻜﻭﻥ ﻋﻠﻰ ﺩﺭﺠﺔ ﻋﺎﻟﻴﺔ ﻤﻥ ﺍﻟﻜﻔﺎﺀﺓ ﻭﺍﻟﻔﻌﺎﻟﻴﺔ‪،‬‬
‫ﻭﻭﺍﺤﺩﺓ ﻤﻥ ﺃﻫﻡ ﺍﻷﺭﻜﺎﻥ ﺍﻟﺘﻲ ﺘﺭﺘﻜﺯ ﻋﻠﻰ ﻜﻔﺎﺀﺓ ﺍﻟﺴﻭﻕ ﺍﻟﻤﺎﻟﻲ ﻫﻭ ﻭﺠﻭﺩ ﻨﻅﺎﻡ ﻓﻌﺎل ﻟﻠﻤﻌﻠﻭﻤﺎﺕ ﺒﺤﻴﺙ ﻴﻀﻤﻥ‬
‫ﺘﺩﻓﻕ ﻫﺫﻩ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﻓﻲ ﻜل ﺍﻷﻭﻗﺎﺕ ﻭﺒﺄﻗل ﺘﻜﻠﻔﺔ ﻤﻤﻜﻨﺔ )‪.(1‬‬
‫ﺇﻥ ﺍﻷﺴﻭﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ ﺘﺤﺘﺎﺝ ﺇﻟﻰ ﺘﻭﺍﻓﺭ ﻨﻅﺎﻡ ﻤﻌﻠﻭﻤﺎﺕ ﺠﻴﺩ ﻴﻤﻜﻥ ﺍﻟﻤﺴﺘﺜﻤﺭﻴﻥ ﻤﻥ ﺍﺨﺘﻴﺎﺭ ﺃﻓﻀل ﺍﻟﺒﺩﺍﺌل‬
‫ﺍﻟﻤﺘﺎﺤﺔ ﻭﺒﺎﻟﺴﻌﺭ ﺍﻟﻤﻨﺎﺴﺏ‪ ،‬ﻭﻴﺅﻴﺩ ﻫﺫﺍ ﺍﻟﺭﺃﻱ ﺍﻟﻌﺩﻴﺩ ﻤﻥ ﺍﻟﺒﺎﺤﺜﻴﻥ ﻋﻨﺩﻤﺎ ﻴﺅﻜﺩﻭﻥ ﺒﺄﻥ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﺩﺍﺨﻠﻴﺔ ﺘﻌﺘﺒﺭ‬
‫ﺃﺤﺩ ﺍﻟﻤﻘﻭﻤﺎﺕ ﺍﻟﺭﺌﻴﺴﻴﺔ ﻟﻠﻤﺴﺘﺜﻤﺭ ﻋﻨﺩ ﺍﺘﺨﺎﺫ ﻗﺭﺍﺭﻩ ﻓﺘﻜﻭﻥ ﺒﻤﺜﺎﺒﺔ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﺭﺌﻴﺴﻴﺔ ﻟﻠﻤﺴﺘﺜﻤﺭ ﻋﻨﺩ ﺍﺘﺨﺎﺫ‬
‫ﻗﺭﺍﺭﻩ‪ ،‬ﻭﺍﻷﺴﺎﺱ ﺍﻟﺫﻱ ﺴﻴﺒﻨﻲ ﻋﻠﻴﻪ ﻜﺎﻓﺔ ﻗﺭﺍﺭﺘﻪ ﺍﻻﺴﺘﺜﻤﺎﺭﻴﺔ ﺍﻟﻤﺘﺎﺤﺔ ﻓﻲ ﺍﻟﺴﻭﻕ ﻭﺍﻟﻤﺘﺎﺠﺭﺓ ﻓﻴﻬﺎ ﻭﺍﻟﻔﺘﺭﺓ ﺍﻟﺯﻤﻨﻴﺔ‬
‫ﻻﺤﺘﻔﺎﻅﻪ ﺒﻜل ﺒﺩﻴل‪.‬‬
‫ﻭﺘﻌﺘﺒﺭ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﻤﺤﺎﺴﺒﻴﺔ ﻤﻥ ﺃﻫﻡ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﺘﻲ ﻴﺠﺏ ﺃﻥ ﺘﻘﻭﻡ ﺒﺘﻭﻓﻴﺭﻫﺎ ﺒﻭﺭﺼﺔ ﺍﻷﻭﺭﺍﻕ‬
‫ﺍﻟﻤﺎﻟﻴﺔ‪ ،‬ﻓﺈﻥ ﺍﻷﺴﻭﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ ﺍﻟﻌﺎﻟﻤﻴﺔ ﺘﻌﻁﻲ ﺃﻫﻤﻴﺔ ﻜﺒﺭﻯ ﻹﻋﺩﺍﺩ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﻭﺍﻟﺒﻴﺎﻨﺎﺕ ﺍﻟﻤﺎﻟﻴﺔ ﻭﻨﺸﺭﻫﺎ ﺒﺼﻭﺭﺓ‬
‫ﺩﻭﺭﻴﺔ ﻟﻠﻤﺴﺘﺜﻤﺭﻴﻥ‪ ،‬ﺤﺘﻰ ﺃﻨﻬﺎ ﺃﺼﺩﺭﺕ ﻗﻭﺍﻨﻴﻥ ﺘﻠﺯﻡ ﺍﻟﺸﺭﻜﺎﺕ ﺒﺈﺼﺩﺍﺭ ﻫﺫﻩ ﺍﻟﺒﻴﺎﻨﺎﺕ ﻭﺍﻹﻓﺼﺎﺡ ﻋﻨﻬﺎ ﻓﻲ ﺃﻭﻗﺎﺕ‬
‫ﻤﺤﺩﺩﺓ ﻤﻥ ﺍﻟﺴﻨﺔ ) ﻗﻭﺍﺌﻡ ﻤﺎﻟﻴﺔ ﺭﺒﻊ ﺴﻨﻭﻴﺔ ﻋﻠﻰ ﺴﺒﻴل ﺍﻟﻤﺜﺎل( ﻓﺈﻥ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﻤﺤﺎﺴﺒﻴﺔ ﺘﻌﺘﺒﺭ ﺍﻟﻤﺼﺩﺭ ﺍﻷﺴﺎﺱ‬
‫ﻓﻲ ﻭﻀﻊ ﺃﻭ ﺇﻨﺸﺎﺀ ﺃﻭ ﺘﺭﻜﻴﺏ ﻫﻴﻜل ﺍﻷﺴﻌﺎﺭ ﺍﻟﻨﺴﺒﻲ ﻟﻸﻭﺭﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ‪.‬‬
‫)‪ (1‬د‪.‬ﻋﺮاﻗﻲ ‪ ،‬اﻟﻌﺮاﻗﻲ‪ " ،‬ﺗﻄﻮﻳﺮ اﻟﺘﻘﺎرﻳﺮ اﻟﻤﺤﺎﺳﺒﻴﺔ اﻟﻤﻨﺸﻮرة ﻟﺘﻨﺸﻴﻂ اﻟﺴﻮق اﻷوﻟﻴﺔ ﻟﻸوراق ‪ ،‬ﻣﺆﺗﻤﺮ ﺁﻓﺎق اﻻﺳﺘﺜﻤﺎر ﻓﻲ اﻟﻮﻃﻦ‬
‫اﻟﻌﺮﺏﻲ‪ ،‬اﻟﺒﻨﻚ اﻷهﻠﻲ اﻟﻤﺼﺮي واﺗﺤﺎد اﻟﻤﺼﺎرف اﻟﻌﺮﺏﻴﺔ ‪ ،‬اﻟﻘﺎهﺮة‪ ،1992 ،‬ص‪.1‬‬
‫‪3‬‬
‫ﻭﻤﻥ ﺍﻷﻤﻭﺭ ﺍﻟﻤﺴﺘﻘﺭﺓ ﻓﻲ ﺍﻷﺴﻭﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ ﺃﻥ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﻤﺤﺎﺴﺒﻴﺔ ﻭﺒﻭﺠﻪ ﺨﺎﺹ ﺍﻷﺭﺒﺎﺡ ﺍﻟﺴﻨﻭﻴﺔ‬
‫ﺫﺍﺕ ﻗﻴﻤﺔ ﺒﺎﻟﻨﺴﺒﺔ ﻟﻠﻤﺴﺘﺜﻤﺭﻴﻥ ﻓﻲ ﺴﻭﻕ ﺍﻷﺴﻬﻡ‪ ،‬ﻭﺒﺎﻟﺘﺎﻟﻲ ﻓﺈﻥ ﻫﺫﻩ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺴﻭﺍﺀ ﺃﻜﺎﻨﺕ ﺠﻴﺩﺓ " ﺃﺭﺒﺎﺡ" ﺃﻭ‬
‫ﺴﻴﺌﺔ "ﺨﺴﺎﺌﺭ" ﺴﺘﺴﺘﺠﻴﺏ ﻟﻬﺎ ﺍﻟﺴﻭﻕ ﺒﻁﺭﻴﻘﺔ ﺘﺘﻨﺎﺴﺏ ﻤﻊ ﻨﻭﻋﻴﺔ ﻭﻁﺒﻴﻌﺔ ﻫﺫﻩ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ)‪.(2‬‬
‫ﺇﻥ ﻨﺠﺎﺡ ﺴﻭﻕ ﺍﻷﻋﻤﺎل ﻭﺍﻻﺴﺘﺜﻤﺎﺭ ﻓﻲ ﺇﺩﺍﺭﺓ ﻭﻅﺎﺌﻔﻪ ﻴﺘﻭﻗﻑ ﻋﻠﻰ ﻤﺩﻯ ﺘﺤﻘﻴﻕ ﺍﻟﻤﺴﺘﺜﻤﺭﻴﻥ ﻟﺭﻏﺒﺎﺘﻬﻡ‬
‫ﻓﻲ ﺍﺘﺨﺎﺫ ﻗﺭﺍﺭﺍﺘﻬﻡ ﺍﻻﺴﺘﺜﻤﺎﺭﻴﺔ‪ .‬ﻟﺫﻟﻙ ﻓﺈﻥ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﻤﺤﺎﺴﺒﻴﺔ ﺒﺎﻋﺘﺒﺎﺭﻫﺎ ﺍﻟﻤﺤﺘﻭﻯ ﺍﻻﻋﻼﻤﻲ ﻟﻠﺭﺴﺎﻟﺔ‬
‫ﺍﻹﻋﻼﻤﻴﺔ ﺍﻟﻤﺤﺎﺴﺒﻴﺔ ﻭﺍﻟﻤﺘﻤﺜﻠﺔ ﻓﻲ ﻤﺠﻤﻭﻋﺔ ﺍﻟﺘﻘﺎﺭﻴﺭ ﻭﺍﻟﻘﻭﺍﺌﻡ ﺍﻟﻤﺎﻟﻴﺔ ﻭﺍﻟﻤﺤﺎﺴﺒﺔ ﺘﻠﻌﺏ ﺩﻭﺭﹰﺍ ﻫﺎﻤﹰﺎ ﻓﻲ ﺘﻨﺸﻴﻁ‬
‫ﺍﻟﺴﻭﻕ ﻭﺘﺤﻘﻴﻕ ﻜﻔﺎﺀﺘﻪ ﻤﻥ ﺨﻼل ﺘﻭﻓﻴﺭ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﻤﺘﻌﻠﻘﺔ ﺒﺤﻘﻴﻘﺔ ﻤﺎ ﺘﻌﺭﻀﻪ ﺍﻟﻘﻭﺍﺌﻡ ﻭﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ ﻟﻠﺸﺭﻜﺎﺕ‬
‫ﻼ ﺤﻴﺙ ﺘﺴﻬﻡ ﻓﻲ ﺍﺘﺨﺎﺫ ﺍﻟﻘﺭﺍﺭﺍﺕ ﺍﻻﺴﺘﺜﻤﺎﺭﻴﺔ‪ ،‬ﻟﺫﻟﻙ ﺍﺯﺩﺍﺩ‬
‫ﻤﻥ ﻤﺭﺍﻜﺯ ﻤﺎﻟﻴﺔ ﻭﺍﻷﺭﺒﺎﺡ ﺍﻟﻤﺤﻘﻘﺔ ﻭﺍﻟﻤﺘﻭﻗﻌﺔ ﻤﺴﺘﻘﺒ ﹰ‬
‫ﺍﻫﺘﻤﺎﻡ ﺍﻟﻤﺤﺎﺴﺒﻴﻥ ﻓﻲ ﺍﻟﺴﻨﻭﺍﺕ ﺍﻷﺨﻴﺭﺓ ﺒﺘﻭﻓﻴﺭ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﻤﺤﺎﺴﺒﻴﺔ ﺍﻟﺘﻲ ﻴﺴﺘﻔﻴﺩ ﻤﻨﻬﺎ ﺍﻟﻤﺴﺘﺨﺩﻤﻴﻥ ﻟﻬﺎ ﻤﻥ‬
‫ﺍﻟﻔﺌﺎﺕ ﺍﻟﻤﺘﻌﺩﺩﺓ)‪.(3‬‬
‫ﺇﻥ ﺘﻭﻓﻴﺭ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﻤﺤﺎﺴﺒﻴﺔ ﻟﻴﺱ ﻫﺩﻓ ﹰﺎ ﻓﻲ ﺤﺩ ﺫﺍﺘﻪ ﻭﺇﻨﻤﺎ ﻀﺭﻭﺭﺓ ﺃﻥ ﺘﻜﻭﻥ ﻫﺫﻩ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺫﺍﺕ‬
‫ﻤﺤﺘﻭﻯ ﺍﻋﻼﻤﻲ ﻨﺎﻓﻊ ﻴﻤﻜﻥ ﺍﻻﺴﺘﻔﺎﺩﺓ ﻤﻨﻪ ﻤﻥ ﺠﺎﻨﺏ ﻤﺴﺘﺨﺩﻤﻲ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ‪ ،‬ﻭﺇﻥ ﺍﻟﻤﻨﻔﻌﺔ ﺘﺭﺘﺒﻁ ﺒﺎﻟﻤﻌﻠﻭﻤﺎﺕ‬
‫ﻭﻓﺎﺌﺩﺘﻬﺎ ﻤﻥ ﻭﺠﻬﺔ ﻨﻅﺭ ﻤﻌﺩﻭ ﺍﻟﺘﻘﺎﺭﻴﺭ ﻭﺍﻟﻘﻭﺍﺌﻡ ﺃﻱ ﺃﻨﻬﺎ ﺘﻠﺘﺼﻕ ﺒﺎﻟﻤﻌﻠﻭﻤﺔ‪.‬‬
‫ﻭﻨﻅﺭﹰﺍ ﻟﻤﺎ ﻴﺘﻤﻴﺯ ﺒﻪ ﺴﻭﻕ ﻋﻤﺎﻥ ﺍﻟﻤﺎﻟﻲ ﺒﻌﺩﺩ ﻤﻥ ﺍﻟﺨﺼﺎﺌﺹ ﺍﻟﺘﻲ ﻤﻥ ﺃﻫﻤﻬﺎ ﺯﻴﺎﺩﺓ ﺤﺠﻡ ﻭﻗﻴﻤﺔ ﺍﻟﺘﺩﺍﻭل‬
‫ﻼ ﻋﻥ ﺯﻴﺎﺩﺓ ﺤﺠﻡ ﺍﻟﻌﻤﻠﻴﺎﺕ ﻟﻠﺸﺭﻜﺎﺕ ﺍﻟﻤﻘﻴﺩﺓ ﺒﻬﺫﺍ ﺍﻟﺴﻭﻕ‪ ،‬ﻭﺍﺴﺘﻘﺭﺍﺭﻩ ﻀﻤﻥ ﺃﺴﻭﺍﻕ ﺍﻷﻭﺭﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ‬
‫ﻓﻀ ﹰ‬
‫ﺍﻟﺼﺎﻋﺩﺓ‪ ،‬ﻓﺈﻥ ﻫﺫﺍ ﺍﻟﺒﺤﺙ ﻴﺨﺘﺒﺭ ﻤﻨﻔﻌﺔ ﻜل ﻤﻥ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﻤﺤﺎﺴﺒﻴﺔ ﻭﺃﻴﻀﹰﺎ ﻤﻨﻔﻌﺔ ﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﺘﺩﺍﻭل ﻓﻲ ﺨﺩﻤﺔ‬
‫ﻗﺭﺍﺭﺍﺕ ﺍﻻﺴﺘﺜﻤﺎﺭ ﺒﺎﻟﺩﺭﺠﺔ ﺍﻟﺘﻲ ﺘﺴﺎﻋﺩ ﺍﻟﻤﺴﺘﺜﻤﺭﻴﻥ ﻓﻲ ﻫﺫﺍ ﺍﻟﺴﻭﻕ ﻋﻠﻰ ﺍﺘﺨﺎﺫ ﻗﺭﺍﺭﺍﺘﻬﻡ ﺍﻻﺴﺘﺜﻤﺎﺭﻴﺔ ﺒﻜﻔﺎﺀﺓ‬
‫ﻭﺭﺸﺩ‪.‬‬
‫)‪ (2‬اﻟﺠﺮﻳﺪة اﻹﻗﺘﺼﺎدﻳﺔ‪ ،‬اﻟﻌﺪد رﻗﻢ ‪ ،4045‬ﻗﺴﻢ اﻟﻤﺤﺎﺳﺒﺔ‪ ،‬ﺝﺎﻣﻌﺔ اﻟﻤﻠﻚ ﺳﻌﻮد‪ ،‬اﻟﺴﻌﻮدﻳﺔ‪.2004 ،‬‬
‫)‪ (3‬د‪ .‬ﻥﺪا‪ ،‬ﻣﺤﻤﺪ ﺹﺒﺮي إﺏﺮاهﻴﻢ‪ " ،‬أﺙﺮ اﻟﻘﻮاﺋﻢ اﻟﻤﺎﻟﻴﺔ اﻟﻤﻨﺸﻮرة ﻋﻠﻰ أﺳﻌﺎر اﻷﺳﻬﻢ ﻓﻲ ﺳﻮق اﻷوراق اﻟﻤﺎﻟﻴﺔ ﻓﻲ ﻣﺼﺮ"‪ ،‬اﻟﺠﻤﻌﻴﺔ‬
‫اﻟﻌﻠﻤﻴﺔ‪ ،‬آﻠﻴﺔ اﻟﺘﺠﺎرة‪ ،‬ﺝﺎﻣﻌﺔ ﻋﻴﻦ ﺵﻤﺲ‪ ،‬اﻟﻌﺪد اﻷول‪ ،‬اﻟﺴﻨﺔ اﻷوﻟﻰ‪ ،1997 ،‬ص‪.2‬‬
‫‪4‬‬
‫ﻻ‪ :‬ﻤﺸﻜﻠﺔ ﺍﻟﺒﺤﺙ‪:‬‬
‫ﺃﻭ ﹰ‬
‫ﺘﻠﻌﺏ ﺃﺴﻭﺍﻕ ﺍﻷﻭﺭﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ ﺒﺎﻟﺩﻭل ﺍﻟﻨﺎﻤﻴﺔ ﻭﻤﻨﻬﺎ ﺴﻭﻕ ﻋﻤﺎﻥ ﺍﻟﻤﺎﻟﻲ ﺩﻭﺭﹰﺍ ﺒﺎﺭﺯﹰﺍ ﻓﻲ ﺘﺩﻋﻴﻡ ﺨﻁﻁ‬
‫ﺍﻟﺘﻨﻤﻴﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺒﺎﻷﺭﺩﻥ ﺍﻋﺘﻤﺎﺩﹰﺍ ﻋﻠﻰ ﺘﺠﻤﻴﻊ ﻤﺩﺨﺭﺍﺕ ﺍﻷﻓﺭﺍﺩ ﻭﺘﻭﻓﻴﺭﻫﺎ ﻟﻠﻭﺤﺩﺍﺕ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﻜﻲ ﻴﺘﻡ‬
‫ﺘﻭﻅﻴﻔﻬﺎ ﻓﻲ ﺍﻨﺘﺎﺝ ﺍﻟﺴﻠﻊ ﻭﺍﻟﺨﺩﻤﺎﺕ ﻭﻗﺩ ﺃﺸﺎﺭﺕ ﺍﻟﻌﺩﻴﺩ ﻤﻥ ﺍﻟﺩﺭﺍﺴﺎﺕ )ﻋﺒﺩ ﺍﻟﺒﺩﻴﻊ‪ (2001،‬ﺇﻟﻰ ﺃﻥ ﻨﺠﺎﺡ ﺃﺩﺍﺀ‬
‫ﺴﻭﻕ ﺍﻷﻭﺭﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ ﻟﻠﻤﻨﻅﻤﺔ ﻴﺘﻭﻗﻑ ﻋﻠﻰ ﻤﺩﻯ ﺩﻗﺔ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﻜﻤﻴﺔ ﻭﺍﻟﻤﺎﻟﻴﺔ ﺍﻟﺘﻲ ﻴﻭﻓﺭﻫﺎ ﻫﺫﺍ ﺍﻟﺴﻭﻕ ﻤﻥ‬
‫ﻼ ﻋﻥ ﻤﺩﻯ ﺩﻗﺔ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﻤﺤﺎﺴﺒﻴﺔ ﺍﻟﺨﺎﺼﺔ ﺒﺎﻟﻭﺤﺩﺍﺕ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻘﻴﺩﺓ ﺒﻬﺫﺍ ﺍﻟﺴﻭﻕ ﻤﻥ ﻨﺎﺤﻴﺔ‬
‫ﻨﺎﺤﻴﺔ‪ ،‬ﻓﻀ ﹰ‬
‫ﺃﺨﺭﻯ‪.‬‬
‫ﻭﻗﺩ ﺃﻜﺩﺕ ﻨﺘﺎﺌﺞ ﺍﻟﻌﺩﻴﺩ ﻤﻥ ﺍﻟﺩﺭﺍﺴﺎﺕ ) ﺼﺎﻟﺢ‪ (2000،‬ﻋﻠﻰ ﺃﻫﻤﻴﺔ ﻜل ﻤﻥ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﺨﺎﺼﺔ ﺒﺴﻭﻕ‬
‫ﺍﻷﻭﺭﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ ﻭﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﻤﺤﺎﺴﺒﻴﺔ ﺍﻟﺨﺎﺼﺔ ﺒﺎﻟﻭﺤﺩﺍﺕ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﻭﺫﻟﻙ ﻓﻲ ﺘﺭﺸﻴﺩ ﻗﺭﺍﺭﺍﺕ ﺘﺩﺍﻭل ﺍﻷﻭﺭﺍﻕ‬
‫ﺍﻟﻤﺎﻟﻴﺔ ﺒﺎﻟﺒﻭﺭﺼﺔ‪.‬‬
‫ﻭﺘﺩﻋﻴﻤﹰﺎ ﻟﺫﻟﻙ ﻓﻘﺩ ﺃﺸﺎﺭﺕ ﺩﺭﺍﺴﺔ )‪ (Bryan, 1997‬ﺇﻟﻰ ﺩﺭﺍﺴﺔ ﺠﻭﺩﺓ ﻫﺫﻩ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﻭﺫﻟﻙ ﻤﻥ ﺤﻴﺙ‬
‫ﺍﻟﺘﻭﻗﻴﺕ ﻭﺍﻟﻘﻴﻤﺔ ﺍﻟﺘﻨﺒﺅﻴﺔ ﻭﺍﻟﻘﺎﺒﻠﻴﺔ ﻟﻠﺘﺤﻘﻕ ﻭﺇﻤﻜﺎﻨﻴﺔ ﺍﻟﻤﻘﺎﺭﻨﺔ‪.‬‬
‫ﻭﻋﻠﻰ ﺍﻟﺭﻏﻡ ﻤﻥ ﺍﻟﻤﺯﺍﻴﺎ ﺍﻟﻨﺴﺒﻴﺔ ﺍﻟﺘﻲ ﻴﺤﻘﻘﻬﺎ ﺴﻭﻕ ﻋﻤﺎﻥ ﺍﻟﻤﺎﻟﻲ ﻓﻲ ﻤﺠﺎل ﺘﺭﺸﻴﺩ ﺍﻟﻘﺭﺍﺭﺍﺕ ﺍﻻﺴﺘﺜﻤﺎﺭﻴﺔ ﺇﻻ‬
‫ﺃﻨﻪ ﻴﻌﺎﻨﻲ ﻤﻥ ﺒﻌﺽ ﺠﻭﺍﻨﺏ ﺍﻟﻘﺼﻭﺭ ﺍﻟﺘﻲ ﺘﻌﻭﻕ ﺘﻘﺩﻤﻪ‪ ،‬ﻭﻤﺎ ﻴﺅﻜﺩ ﺫﻟﻙ ﻤﺎ ﺍﻨﺘﻬﺕ ﺇﻟﻴﻪ ﺩﺭﺍﺴﺔ ) ‪Hossair,‬‬
‫‪ (Rahman,1997‬ﺤﻭل ﻭﺠﻭﺩ ﺍﻟﻌﺩﻴﺩ ﻤﻥ ﺍﻟﻤﺤﺩﺩﺍﺕ ﺍﻟﺴﻠﺒﻴﺔ ﺍﻟﺘﻲ ﺘﻭﺍﺠﻪ ﺃﺴﻭﺍﻕ ﺍﻷﻭﺭﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ ﻓﻲ ﺍﻟﺩﻭل‬
‫ﺍﻟﻨﺎﻤﻴﺔ ﻭﺍﻟﺘﻲ ﻤﻥ ﺃﻫﻤﻬﺎ‪:‬‬
‫‪ -1‬ﺼﻐﺭ ﺤﺠﻡ ﺍﻟﺴﻭﻕ ﻤﻘﺎﺭﻨﺔ ﺒﺤﺠﻡ ﺍﻷﺴﻬﻡ ﺍﻟﻤﺘﺩﺍﻭﻟﺔ ﻭﺒﺎﻟﺘﺎﻟﻲ ﺘﺩﻨﻲ ﺍﻟﻁﻠﺏ ﻋﻠﻰ ﺃﻭﺭﺍﻗﻪ ﺍﻟﻤﺎﻟﻴﺔ‬
‫ﻤﻘﺎﺭﻨﺔ ﺒﺎﻟﻤﻌﺭﻭﺽ ﻤﻨﻬﺎ‪.‬‬
‫‪ -2‬ﻋﺩﻡ ﺘﻭﺍﻓﺭ ﺍﻟﻤﺅﺴﺴﺎﺕ ﺍﻟﻤﺎﻟﻴﺔ ﺍﻟﻤﺘﺨﺼﺼﺔ ﺍﻟﺘﻲ ﺘﺩﻋﻡ ﻜﻔﺎﺀﺓ ﺍﻟﺴﻭﻕ ﻜﺸﺭﻜﺎﺕ ﺭﺃﺴﻤﺎل‬
‫ﺍﻟﻤﺨﺎﻁﺭ ﻭﺸﺭﻜﺎﺕ ﺘﺤﻠﻴل ﻭﺘﻘﻴﻴﻡ ﺍﻷﻭﺭﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ‪.‬‬
‫‪ -3‬ﺘﺩﻨﻲ ﺠﻭﺩﺓ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﻤﺎﻟﻴﺔ ﻭﺍﻟﻤﺤﺎﺴﺒﻴﺔ ﺍﻟﻼﺯﻤﺔ ﻟﺘﺭﺸﻴﺩ ﻗﺭﺍﺭﺍﺕ ﺍﺼﺩﺍﺭ ﻭﺘﺩﺍﻭل ﺍﻷﻭﺭﺍﻕ‬
‫ﺍﻟﻤﺎﻟﻴﺔ ﻭﻓﻘﹰﺎ ﻻﺤﺘﻴﺎﺠﺎﺕ ﻭﺴﻠﻭﻙ ﺍﻟﻤﺴﺘﺜﻤﺭﻴﻥ‪.‬‬
‫‪ -4‬ﻀﻌﻑ ﺍﻟﻭﻋﻲ ﺍﻻﺴﺘﺜﻤﺎﺭﻱ ﻟﺩﻯ ﺍﻟﻜﺜﻴﺭ ﻤﻥ ﺍﻟﻤﺘﻌﺎﻤﻠﻴﻥ ﺒﺎﻟﺴﻭﻕ ﻭﺫﻟﻙ ﻓﻲ ﻤﺠﺎل ﺃﺴﺎﻟﻴﺏ‬
‫ﺍﻟﺘﻌﺎﻤل ﻓﻲ ﺍﻷﻭﺭﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ‪.‬‬
‫‪ -5‬ﺘﺩﻨﻲ ﺩﻭﺭ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﻤﺎﻟﻴﺔ ﻭﺍﻟﻤﺤﺎﺴﺒﻴﺔ ﻓﻲ ﺍﻨﺸﺎﺀ ﻫﻴﻜل ﺍﻷﺴﻌﺎﺭ ﺍﻟﻨﺴﺒﻲ ﻟﻸﻭﺭﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ‬
‫ﻨﻅﺭﹰﺍ ﻟﻤﺤﺩﻭﺩﻴﺔ ﻫﺫﻩ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﻤﻥ ﻨﺎﺤﻴﺔ ﻭﻋﺩﻡ ﻤﻼﺀﻤﺔ ﻁﺭﻕ ﺍﻻﻓﺼﺎﺡ ﻋﻥ ﻋﻨﺎﺼﺭﻫﺎ ﻤﻥ‬
‫ﻨﺎﺤﻴﺔ ﺃﺨﺭﻯ‪.‬‬
‫ﻭﻓﻲ ﻀﻭﺀ ﻫﺫﻩ ﺍﻟﻤﺤﺩﺩﺍﺕ ﻓﺈﻥ ﻫﺫﺍ ﺍﻟﺒﺤﺙ ﻴﺴﻌﻰ ﻟﺘﻭﻓﻴﺭ ﺍﺠﺎﺒﺎﺕ ﺤﻭل ﻤﺠﻤﻭﻉ ﺍﻟﺘﺴﺎﺅﻻﺕ ﺍﻟﺘﺎﻟﻴﺔ‪:‬‬
‫‪ -1‬ﻤﺎ ﻤﺩﻯ ﺠﺩﻭﻯ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﻤﺎﻟﻴﺔ ﻭﺍﻟﻤﺤﺎﺴﺒﻴﺔ ﺍﻟﺤﺎﻟﻴﺔ ﻓﻲ ﺘﺭﺸﻴﺩ ﻗﺭﺍﺭﺍﺕ ﺍﻟﻤﺴﺘﺜﻤﺭﻴﻥ ﺒﺴﻭﻕ‬
‫ﻋﻤﺎﻥ ﺍﻟﻤﺎﻟﻲ‪.‬‬
‫‪ -2‬ﻤﺎ ﻤﺩﻯ ﺍﻋﺘﻤﺎﺩ ﺍﻟﻤﺴﺘﺜﻤﺭﻴﻥ ﻓﻲ ﺴﻭﻕ ﻋﻤﺎﻥ ﺍﻟﻤﺎﻟﻲ ﻋﻠﻰ ﺍﻟﺘﻘﺎﺭﻴﺭ ﻭﺍﻟﻘﻭﺍﺌﻡ ﺍﻟﻤﺎﻟﻴﺔ ﻋﻨﺩ ﺍﻟﺤﺎﺠﺔ‬
‫ﺇﻟﻰ ﺍﺘﺨﺎﺫ ﻗﺭﺍﺭﺍﺘﻬﻡ ﺍﻻﺴﺘﺜﻤﺎﺭﻴﺔ‪.‬‬
‫‪ -3‬ﻤﺎ ﻫﻲ ﺃﻫﻡ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﻤﺤﺎﺴﺒﻴﺔ ﻭﻏﻴﺭ ﻤﺤﺎﺴﺒﻴﺔ ﺍﻟﻭﺍﺠﺏ ﺍﻻﻓﺼﺎﺡ ﻋﻨﻬﺎ ﻟﻠﻤﺴﺎﻋﺩﺓ ﻓﻲ ﺘﺭﺸﻴﺩ‬
‫ﻗﺭﺍﺭﺍﺕ ﺍﻻﺴﺘﺜﻤﺎﺭ ﻓﻲ ﺍﻷﻭﺭﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ ﺒﺴﻭﻕ ﻋﻤﺎﻥ ﺍﻟﻤﺎﻟﻲ‪.‬‬
‫‪5‬‬
‫ﺜﺎﻨﻴﹰﺎ‪ :‬ﺤﺩﻭﺩ ﺍﻟﺒﺤﺙ‪:‬‬
‫ﻴﻘﺘﺼﺭ ﺍﻟﺒﺤﺙ ﻋﻠﻰ‪:‬‬
‫‪ -1‬ﺩﺭﺍﺴﺔ ﻭﺘﺤﻠﻴل ﺩﻭﺭ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﻤﺤﺎﺴﺒﻴﺔ ﻭﻏﻴﺭ ﺍﻟﻤﺤﺎﺴﺒﻴﺔ ﻓﻲ ﺘﺭﺸﻴﺩ ﻗﺭﺍﺭﺍﺕ ﺍﻻﺴﺘﺜﻤﺎﺭ ﻓﻲ‬
‫ﺍﻷﺴﻬﻡ ﺍﻟﻌﺎﺩﻴﺔ ﻭﺍﻟﺴﻨﺩﺍﺕ ﻭﺍﻷﺴﻬﻡ ﺍﻟﻤﻤﺘﺎﺯﺓ ﻓﻲ ﺴﻭﻕ ﻋﻤﺎﻥ ﺍﻟﻤﺎﻟﻲ‪.‬‬
‫‪ -2‬ﺩﺭﺍﺴﺔ ﻭﺘﺤﻠﻴل ﺩﻭﺭ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﻤﺤﺎﺴﺒﻴﺔ ﻭﻏﻴﺭ ﺍﻟﻤﺤﺎﺴﺒﻴﺔ ﻓﻲ ﺘﺭﺸﻴﺩ ﻗﺭﺍﺭﺍﺕ ﺍﻻﺴﺘﺜﻤﺎﺭ‬
‫ﺒﺴﻭﻕ ﻋﻤﺎﻥ ﺍﻟﻤﺎﻟﻲ ﺨﻼل ﺍﻟﻔﺘﺭﺓ ﻤﻥ ‪.2003-1999‬‬
‫ﺜﺎﻟﺜ ﹰﺎ‪ :‬ﺃﻫﻤﻴﺔ ﺍﻟﺒﺤﺙ‪:‬‬
‫ﺘﺘﻤﺜل ﺃﻫﻤﻴﺔ ﺍﻟﺒﺤﺙ ﻓﻲ ﺘﺨﻔﻴﺽ ﺤﺩﺓ ﺍﻟﻤﺨﺎﻁﺭ ﺍﻟﻤﺼﺎﺤﺒﺔ ﻟﻘﺭﺍﺭﺍﺕ ﺍﻻﺴﺘﺜﻤﺎﺭ ﻓﻲ ﺍﻷﻭﺭﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ ﺒﺴﻭﻕ ﻋﻤﺎﻥ‬
‫ﺍﻟﻤﺎﻟﻲ ﻤﻥ ﺨﻼل ﺭﺒﻁ ﻤﺭﺍﺤل ﺍﺘﺨﺎﺫ ﻫﺫﻩ ﺍﻟﻘﺭﺍﺭﺍﺕ ﺒﺸﻔﺎﻓﻴﺔ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﻤﺤﺎﺴﺒﻴﺔ ﻭﻏﻴﺭ ﺍﻟﻤﺤﺎﺴﺒﻴﺔ ﻭﻤﺩﻯ‬
‫ﺘﻭﺍﻓﺭﻫﺎ ﻭﺴﻬﻭﻟﺔ ﻓﻬﻤﻬﻤﺎ ﻤﻥ ﻗﺒل ﺍﻟﻤﺴﺘﺜﻤﺭﻴﻥ‪ ،‬ﻜﻤﺎ ﺘﺘﻤﺜل ﺃﻫﻤﻴﺔ ﺍﻟﺒﺤﺙ ﻓﻲ ﺘﻭﻓﻴﺭ ﻗﺎﻋﺩﺓ ﺒﻴﺎﻨﺎﺕ ﻤﻌﺭﻓﻴﺔ ﻟﻠﺩﻭﻟﺔ‬
‫ﺘﻤﻜﻨﻬﺎ ﻤﻥ ﺍﻟﺤﻜﻡ ﻋﻠﻰ ﻤﺩﻯ ﻜﻔﺎﺀﺓ ﺴﻭﻕ ﻋﻤﺎﻥ ﺍﻟﻤﺎﻟﻲ ﻓﻲ ﺘﺨﺼﻴﺹ ﺍﻟﻤﻭﺍﺭﺩ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‪.‬‬
‫ﺭﺍﺒﻌﹰﺎ‪ :‬ﺃﻫﺩﺍﻑ ﺍﻟﺒﺤﺙ‬
‫ﻴﺴﻌﻰ ﻫﺫﺍ ﺍﻟﺒﺤﺙ ﺇﻟﻰ ﺘﺤﻘﻴﻕ ﺍﻷﻏﺭﺍﺽ ﺍﻟﺘﺎﻟﻴﺔ‪:‬‬
‫‪ -1‬ﺘﻘﻴﻴﻡ ﺃﻫﻤﻴﺔ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﻤﺤﺎﺴﺒﻴﺔ ﻭﻏﻴﺭ ﺍﻟﻤﺤﺎﺴﺒﻴﺔ ﻓﻲ ﺘﺭﺸﻴﺩ ﺍﻟﻘﺭﺍﺭﺍﺕ ﺍﻻﺴﺘﺜﻤﺎﺭﻴﺔ ﻓﻲ‬
‫ﻀﻭﺀ ﺍﺤﺘﻴﺎﺠﺎﺕ ﺍﻟﻤﺴﺘﺜﻤﺭ ﺒﺴﻭﻕ ﻋﻤﺎﻥ ﺍﻟﻤﺎﻟﻲ‪.‬‬
‫‪ -2‬ﺘﺤﺩﻴﺩ ﺃﻫﻡ ﺍﻟﻌﻭﺍﻤل ﺍﻟﻤﺅﺜﺭﺓ ﻓﻲ ﺍﺘﺨﺎﺫ ﻗﺭﺍﺭﺍﺕ ﺍﻻﺴﺘﺜﻤﺎﺭ ﻓﻲ ﺍﻷﻭﺭﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ ﺍﻟﻤﺘﺩﺍﻭﻟﺔ ﺒﺴﻭﻕ‬
‫ﻋﻤﺎﻥ ﺍﻟﻤﺎﻟﻲ‪.‬‬
‫ﺨﺎﻤﺴ ﹰﺎ‪ :‬ﻓﺭﻀﻴﺎﺕ ﺍﻟﺒﺤﺙ ‪:‬‬
‫ﻴﻌﺘﻤﺩ ﻫﺫﺍ ﺍﻟﺒﺤﺙ ﻋﻠﻰ ﺍﻟﻔﺭﻀﻴﺘﻴﻥ ﺍﻟﺘﺎﻟﻴﺘﻴﻥ ﻟﺘﺤﻘﻴﻕ ﺃﻫﺩﺍﻓﻪ‪:‬‬
‫ﺍﻟﻔﺭﻀﻴﺔ ﺍﻷﻭﻟﻰ‪ :‬ﻻ ﺘﺅﺜﺭ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﻤﺎﻟﻴﺔ ﻭﺍﻟﻤﺤﺎﺴﺒﻴﺔ ﺍﻟﻤﻨﺸﻭﺭﺓ ﻋﻠﻰ ﻗﺭﺍﺭﺍﺕ ﺍﻟﻤﺴﺘﺜﻤﺭﻴﻥ ﺒﺴﻭﻕ ﻋﻤﺎﻥ‬
‫ﺍﻟﻤﺎﻟﻲ‪.‬‬
‫ﺍﻟﻔﺭﻀﻴﺔ ﺍﻟﺜﺎﻨﻴﺔ‪ :‬ﻻ ﺘﻭﺠﺩ ﻋﻼﻗﺔ ﺍﺭﺘﺒﺎﻁ ﺫﺍﺕ ﺩﻻﻟﺔ ﺍﺤﺼﺎﺌﻴﺔ ﺒﻴﻥ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﻟﻸﺴﻬﻡ ﺍﻟﻤﺘﺩﺍﻭﻟﺔ ﺒﺴﻭﻕ ﻋﻤﺎﻥ‬
‫ﺍﻟﻤﺎﻟﻲ ﻭﺒﻴﻥ ﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﺴﻭﻕ ﻭﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﻤﺤﺎﺴﺒﻴﺔ ‪.‬‬
‫ﺴﺎﺩﺴﹰﺎ‪ :‬ﻨﺘﺎﺌﺞ ﺍﻟﺩﺭﺍﺴﺎﺕ ﺍﻟﺴﺎﺒﻘﺔ ﻓﻲ ﻤﺠﺎل ﺍﻟﺒﺤﺙ‪:‬‬
‫ﻭﻨﺘﻨﺎﻭل ﺍﻟﺩﺭﺍﺴﺎﺕ ﺍﻟﺘﻲ ﺘﻁﺭﻗﺕ ﺇﻟﻰ ﺍﻟﻌﻼﻗﺔ ﺒﻴﻥ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﻤﺤﺎﺴﺒﻴﺔ ﻭﻗﺭﺍﺭﺍﺕ ﺍﻻﺴﺘﺜﻤﺎﺭ ﻓﻲ ﺃﺴﻬﻡ ﺍﻟﻭﺤﺩﺍﺕ‬
‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺴﻭﺍﺀ ﺒﺸﻜل ﻤﺒﺎﺸﺭ ﺃﻡ ﻏﻴﺭ ﻤﺒﺎﺸﺭ‪.‬‬
‫)‪(1‬‬
‫ﺩﺭﺍﺴﺔ )ﻋﺒﺩ ﺍﻟﺒﺩﻴﻊ‪(2001،‬‬
‫)‪(4‬‬
‫ﺘﻬﺩﻑ ﻫﺫﻩ ﺍﻟﺩﺭﺍﺴﺔ ﺇﻟﻰ ﺍﺨﺘﺒﺎﺭ ﻗﺩﺭﺓ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﻤﺤﺎﺴﺒﻴﺔ) ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﺴﻨﻭﻴﺔ ﻭﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻔﺘﺭﻴﺔ( ﻭﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﻤﻥ‬
‫ﻤﺼﺎﺩﺭ ﺃﺨﺭﻯ ) ﺍﻟﻭﺴﻁﺎﺀ ﺍﻟﻤﺎﻟﻴﻴﻥ‪ ،‬ﺍﻟﺒﻭﺭﺼﺔ‪ ،‬ﺍﻟﺼﺤﻑ ﺍﻟﻤﺎﻟﻴﺔ( ﻓﻲ ﻋﻤﻠﻴﺔ ﺍﺘﺨﺎﺫ ﺍﻟﻘﺭﺍﺭﺍﺕ ﺍﻻﺴﺘﺜﻤﺎﺭﻴﺔ ﻓﻲ‬
‫)‪ (4‬د‪ .‬ﻋﺒﺪ اﻟﺒ ﺪﻳﻊ ‪ ،‬أﺵ ﺮف ﻣﺤﻤ ﺪ‪ " ،‬دور اﻹﻓﺼ ﺎح اﻟﻔﺘ ﺮي ﻋ ﻦ اﻟﻤﻌﻠﻮﻣ ﺎت وﺗﻘ ﺎرﻳﺮ اﻟﻔﺤ ﺺ اﻟﻤﺤ ﺪود ﻋﻠﻴﻬ ﺎ ﻓ ﻲ ﺗﻨﺸ ﻴﻂ ﺳ ﻮق اﻷوراق‬
‫اﻟﻤﺎﻟﻴﺔ اﻟﻤﺼﺮﻳﺔ‪ :‬دراﺳﺔ اﺧﺘﻴﺎرﻳﺔ ‪،‬اﻟﻤﺠﻠﺔ اﻟﻌﻠﻤﻴﺔ‪ ،‬آﻠﻴﺔ اﻟﺘﺠﺎرة ‪ ،‬ﺝﺎﻣﻌﺔ أﺳﻴﻮط‪ ،‬اﻟﻌﺪد اﻟﺜﻼﺙﻮن‪ ،‬ﻳﻮﻥﻴﻮ‪2001 ،‬‬
‫‪6‬‬
‫ﺃﺴﻬﻡ ﺍﻟﻭﺤﺩﺍﺕ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺒﺎﻟﻨﺴﺒﺔ ﻟﻤﺴﺘﻤﺜﺭ ﻤﺅﺴــــــﺱ )‪ (Institutional Ivestor‬ﺫﻭ ﻤﻬﻨﺔ ﻤﻌﻴﻨﺔ‪،‬‬
‫ﻭﻗﺩ ﺍﻋﺘﻤﺩﺕ ﺍﻟﺩﺭﺍﺴﺔ ﻋﻠﻰ ﺃﺴﻠﻭﺏ ﺍﻟﻤﻼﺤﻅﺔ ﻜﺄﺤﺩ ﺃﺴﺎﻟﻴﺏ ﺠﻤﻊ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﻭﺫﻟﻙ ﻋﻥ ﻁﺭﻴﻕ ﺍﻟﻤﻼﺤﻅﺔ‬
‫ﻻ ﻤﻥ‬
‫ﺍﻟﻤﺒﺎﺸﺭﺓ ﻟﻠﻤﺴﺘﺜﻤﺭﻴﻥ ﺩﺍﺨل ﻤﺤﻴﻁ ﻨﺸﺎﻁﻬﻡ ﺍﻟﻴﻭﻤﻲ ﺤﻴﺙ ﺍﻋﺘﻤﺩﺕ ﻫﺫﻩ ﺍﻟﺩﺭﺍﺴﺔ ﻋﻠﻰ ﺍﻟﺒﻴﺎﻨﺎﺕ ﺍﻟﻨﻭﻋﻴﺔ ﺒﺩ ﹰ‬
‫ﺍﻟﺒﻴﺎﻨﺎﺕ ﺍﻟﻜﻤﻴﺔ‪ ،‬ﻭﻗﺩ ﺨﻠﺼﺕ ﺍﻟﺩﺭﺍﺴﺔ ﺇﻟﻰ ﺃﻥ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ ﺍﻟﺴﻨﻭﻴﺔ ) ‪ (annual reports‬ﺘﻤﺜل ﺃﻫﻡ‬
‫ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﺩﻭﺭﻴﺔ ﺍﻟﺭﻭﺘﻴﻨﻴﺔ ﻋﻠﻰ ﻤﺩﺍﺭ ﺍﻟﺴﻨﺔ ﺍﻟﻤﺎﻟﻴﺔ‪ ،‬ﻭﺃﻥ ﻓﺎﺌﺩﺓ ﻫﺫﻩ ﺍﻟﺘﻘﺎﺭﻴﺭ ﻭﺃﻫﻤﻴﺘﻬﺎ ﻜﻤﺼﺩﺭ ﺭﺌﻴﺴﻲ‬
‫ﻟﻠﻤﻌﻠﻭﻤﺎﺕ ﺘﺘﻐﻴﺭ ﺨﻼل ﺍﻟﻌﺎﻡ‪ ،‬ﺤﻴﺙ ﻴﻤﻜﻥ ﺍﺴﺘﺨﺩﺍﻤﻬﺎ ﻓﻲ ﺒﻌﺽ ﺍﻷﻭﻗﺎﺕ ﻜﻤﺼﺩﺭ ﺃﺴﺎﺴﻲ ﻟﻠﻤﻌﻠﻭﻤﺎﺕ ﻭﻓﻲ ﺃﻭﻗﺎﺕ‬
‫ﺃﺨﺭﻯ ﻜﻤﺼﺩﺭ ﺘﺄﻜﻴﺩﻱ ﻟﻬﺎ‪ ،‬ﺒل ﻭﺃﻜﺜﺭ ﻤﻥ ﺫﻟﻙ ﻓﺈﻥ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﺴﻨﻭﻴﺔ ﻟﻴﺴﺕ ﻓﻘﻁ ﻤﺼﺩﺭ ﻤﻌﻠﻭﻤﺎﺕ ﻟﻼﺴﺘﻌﻼﻡ‬
‫ﻭﻟﻜﻨﻬﺎ ﺃﻴﻀﹰﺎ ﺘﻌﻁﻰ ﺍﻟﺤﺎﻓﺯ ﺍﻟﺫﻱ ﻴﺴﺎﻋﺩ ﻋﻠﻰ ﻓﺘﺢ ﺍﻟﻤﺠﺎﻻﺕ ﻟﻁﺭﺡ ﺍﻷﺴﺌﻠﺔ ﺍﻟﺘﻲ ﻴﻤﻜﻥ ﺍﻹﺠﺎﺒﺔ ﻋﻠﻴﻬﺎ ﻤﻥ ﻤﺼﺎﺩﺭ‬
‫ﺃﺨﺭﻯ‪.‬‬
‫)‪(2‬‬
‫)‪(5‬‬
‫ﺩﺭﺍﺴﺔ ﺍﻟﻠﻭﻏﺎﻨﻲ ‪2001‬‬
‫ﺤﻴﺙ ﺍﻫﺘﻤﺕ ﺍﻟﺩﺭﺍﺴﺔ ﺒﺈﺒﺭﺍﺯ ﻗﺎﺌﻤﺔ ﺍﻟﺘﺩﻓﻕ ﺍﻟﻨﻘﺩﻱ ﻓﻲ ﺯﻴﺎﺩﺓ ﺍﻻﻫﺘﻤﺎﻡ ﺒﺎﻟﻤﺤﺘﻭﻯ ﺍﻻﻋﻼﻤﻲ ﺍﻟﺘﺩﻓﻕ ﺍﻟﻨﻘﺩﻱ ﺤﻴﺙ‬
‫ﺃﻨﻬﺎ ﺘﻌﻁﻰ ﻗﺩﺭﺓ ﺘﻨﺒﺅﻴﺔ ﺃﻓﻀل ﻤﻥ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﻋﻥ ﺍﻷﺭﺒﺎﺡ ﻟﻠﺤﻜﻡ ﻋﻠﻰ ﺍﻟﺘﻭﺯﻴﻌﺎﺕ ﺍﻟﻤﺴﺘﻘﺒﻠﻴﺔ ﻭﻴﺴﺎﻋﺩ ﻋﻠﻰ ﺘﻘﻴﻴﻡ‬
‫ﺍﻟﺴﻴﻭﻟﺔ ﻭﺍﻟﻤﺭﻭﻨﺔ ﺍﻟﻤﺎﻟﻴﺔ ﻟﻠﺸﺭﻜﺎﺕ ﺍﻟﻤﺴﺎﻫﻤﺔ‪ ،‬ﻭﺘﻌﺎﻭﻥ ﺍﻟﻤﺴﺘﺜﻤﺭ ﻓﻲ ﺘﻘﻴﻴﻡ ﻤﺨﺎﻁﺭ ﺍﻻﺴﺘﺜﻤﺎﺭ ﻓﻲ ﺍﻷﻭﺭﺍﻕ‬
‫ﺍﻟﻤﺎﻟﻴﺔ‪.‬‬
‫ﺤﻴﺙ ﺍﻫﺘﻤﺕ ﺍﻟﺩﺭﺍﺴﺔ ﺒﺒﻴﺎﻥ ﺃﺜﺭ ﻨﺸﺭ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﻤﺤﺎﺴﺒﻴﺔ ﻋﻠﻰ ﺍﻟﺘﻌﺎﻤل ﻓﻲ ﺴﻭﻕ ﺍﻷﻭﺭﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ ‪ ،‬ﺤﻴﺙ‬
‫ﺃﺒﺭﺯﺕ ﻤﺎ ﻴﻠﻲ‪:‬‬
‫ﺃﻥ ﺃﺴﻌﺎﺭ ﺍﻷﻭﺭﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ ﻓﻲ‬
‫‪-‬‬
‫ﺴﻭﻕ ﺍﻟﻤﺎل ﺍﻟﻜﻑﺀ ﺘﻌﻜﺱ ﺒﺸﻜل ﻓﻭﺭﻱ ﻭﺒﺼﻭﺭﻩ ﻏﻴﺭ ﻤﺘﻤﻴﺯﺓ ﻜﺎﻓﺔ‬
‫ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﻤﺘﺎﺤﺔ ﻟﻠﻤﺘﻌﺎﻟﻤﻴﻥ‪.‬‬
‫ﺃﻥ ﺍﻟﻘﻭﺍﺌﻡ ﺍﻟﻤﺎﻟﻴﺔ ﻭﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﺘﻲ ﺘﺼﺩﺭﻫﺎ ﺍﻟﺸﺭﻜﺎﺕ ﺍﻟﻤﺴﺎﻫﻤﺔ ﺍﻟﻤﺼﺭﻴﺔ ﻴﺠﺏ ﺃﻥ ﺘﺤﺘﻭﻱ ﻋﻠﻰ ﻤﻌﻠﻤﺎﺕ ﻫﺎﻤﺔ‬
‫ﺘﻔﻴﺩ ﺍﻟﻤﺴﺘﺜﻤﺭﻴﻥ ﻓﻲ ﺍﻟﺘﻨﺒﺅ ﺒﺎﻟﻌﺎﺌﺩ ﺍﻟﻤﺤﺎﺴﺒﻲ ﻭﺍﻟﻌﺎﺌﺩ ﺍﻟﺴﻭﻗﻲ ﺒﻤﺎ ﻴﺴﺎﻋﺩ ﻓﻲ ﺘﻜﻭﻴﻥ ﺍﻟﻤﺤﺎﻓﻅ ﺍﻻﺴﺘﺜﻤﺎﺭﻴﺔ ﺍﻟﺘﻲ‬
‫ﺘﺘﻨﺎﺴﺏ ﻤﻊ ﺩﺭﺠﺎﺕ ﺃﻓﻀﻠﻴﺘﻬﻡ ﻟﻠﻌﺎﺌﺩ ﻭﺍﻟﻤﺨﺎﻁﺭﺓ‪.‬‬
‫)‪(6‬‬
‫)‪ (3‬ﺩﺭﺍﺴﺔ )ﺍﻟﻔﺼل ‪: (2000 ،‬‬
‫ﺗﻬﺪف هﺬﻩ اﻟﺪراﺳﺔ إﻟﻰ ﻣﺤﺎوﻟﺔ اﻳﻀﺎح اﻟﺪور اﻟﺬي ﻳﻤﻜﻦ أن ﻳﻘﻮم ﺏﻪ اﻹﻓﺼﺎح اﻟﻤﺤﺎﺳﺒﻲ ﻟﺮﻓﻊ آﻔﺎءة اﻟﺘﻘﺎرﻳﺮ‬
‫اﻟﻤﺎﻟﻴﺔ وﺗﻄﻮﻳﺮهﺎ ﻹﺵﺒﺎع ﺡﺎﺝﺔ اﻟﻤﺴﺘﻔﻴﺪﻳﻦ )وﻣﻨﻬﻢ اﻟﻤﺴﺘﺜﻤﺮﻳﻦ ( ﻣﻦ اﻟﻤﻌﻠﻮﻣﺎت‪ ،‬وﻗﺪ ﻃﺒﻘﺖ اﻟﺪراﺳﺔ ﻋﻠﻰ ﻋﻴﻨﺔ‬
‫ﻣﻦ اﻟﻤﺴﺘﺜﻤﺮﻳﻦ ﻓﻲ ﺳﻮق رأس اﻟﻤﺎل اﻻﺳﺘﺮاﻟﻲ‪ ،‬وﻗﺪ أوﺽﺤﺖ ﻥﺘﺎﺋﺞ اﻟﺪراﺳﺔ اﻟﺘﺒﺎﻳﻦ واﻻﺧﺘﻼف ﺏﻴﻦ اﻟﻤﻌﻠﻮﻣﺎت‬
‫اﻟﺘﻲ ﻳﺮﻏﺐ اﻟﻤﺴﺘﺜﻤﺮﻳﻦ ﻓﻲ اﻟﺤﺼﻮل ﻋﻠﻴﻬﺎ وﺏﻴﻦ اﻟﻤﻌﻠﻮﻣﺎت اﻟﻮاردة ﺏﺎﻟﺘﻘﺎرﻳﺮ اﻟﻤﺎﻟﻴﺔ‪ ،‬وﻗﺪ ﻋﺒﺮ اﻟﻤﺴﺘﺜﻤﺮﻳﻦ ﻋﻦ‬
‫ذﻟﻚ ﺏﻮاﺳﻄﺔ اﻟﺮد اﻹﻳﺠﺎﺏﻲ ﻟﻘﺎﺋﻤﺔ ﺏﻨﻮد اﻹﻓﺼﺎح اﻹﺽﺎﻓﻴﺔ اﻟﺘﻲ ﺗﻢ اﻗﺘﺮاﺡﻬﺎ‪ ،‬ﺡﻴﺚ اﻋﺘﻤﺪت اﻟﺪراﺳﺔ ﻋﻠﻰ أﺳﻠﻮب‬
‫ﻗﻮاﺋﻢ اﻻﺳﺘﻘﺼﺎء ﻟﻌﻴﻨﺔ ﻣﻦ اﻟﻤﺴﺘﺜﻤﺮﻳﻦ ﻓﻲ ﺳﻮق رأس اﻟﻤﺎل اﻻﺳﺘﺮاﻟﻲ‪.‬‬
‫دراﺳﺔ )ﺹﺎﻟﺢ ‪:(7) (2000 ،‬‬
‫)‪ (5‬د‪ .‬اﻟﻠﻮﻏﺎﻥﻲ‪ ،‬ﻥﺒﻴﻞ ﻋﻴﺴﻰ وأﺧﺮون‪ " ،‬اﻷداء اﻻﺳﺘﺜﻤﺎري ﻷﺳﻬﻢ اﻟﻘﻴﻤﺔ وأﺳﻬﻢ اﻟﻨﻤﻮ ﻓﻲ ﺳﻮق اﻟﻜﻮﻳﺖ ﻟﻸوراق اﻟﻤﺎﻟﻴﺔ‪ ،‬اﻟﻤﺠﻠﺔ اﻟﻌﺮﺏﻴﺔ‬
‫ﻟﻠﻌﻠﻮم اﻹدارﻳﺔ ‪ ،‬ﻣﺠﻠﺲ اﻟﻨﺸﺮ اﻟﻌﻠﻤﻲ‪ ،‬ﺝﺎﻣﻌﺔ اﻟﻜﻮﻳﺖ‪ ،‬اﻟﻤﺠﻠﺪ اﻟﺜﺎﻣﻦ‪ ،‬اﻟﻌﺪد اﻟﺜﺎﻥﻲ‪ ،‬ﻣﺎﻳﻮ ‪.2001‬‬
‫)‪ (6‬د‪ .‬اﻟﻔﻀﻞ‪ ،‬ﻣﺆﻳﺪ ﻣﺤﻤﺪ ﻋﻠﻲ وﺁﺧﺮون‪ " ،‬اﻟﻌﻼﻗﺔ ﺏﻴﻦ اﻹﻓﺼﺎح اﻟﻤﺤﺎﺳﺒﻲ وآﻞ ﻣ ﻦ ﺡﺠ ﻢ اﻟﺸ ﺮآﺔ وأﺳ ﻌﺎر أﺳ ﻬﻤﻬﺎ ﻓ ﻲ اﻟﺴ ﻮق اﻟﻤﺎﻟﻴ ﺔ‬
‫وﻥﻮع ﻥﺸﺎﻃﻬﺎ‪ ،‬دراﺳﺔ ﻣﻴﺪاﻥﻴﺔ ﻓﻲ اﻟﻌﺮاق"‪ ،‬ﻣﺆﺗﻤﺮ اﻟﻤﺤﺎﺳﺒﺔ ﻓﻲ ﺏﻴﺌﺔ ﻣﺘﻐﻴﺮة ‪ :‬ﺗﺤﺪﻳﺎت اﻟﻘﺮن اﻟﺤ ﺎدي واﻟﻌﺸ ﺮﻳﻦ‪ ،‬آﻠﻴ ﺔ اﻻﻗﺘﺼ ﺎد واﻟﻌﻠ ﻮم‬
‫اﻹدارﻳﺔ ‪ ،‬ﺝﺎﻣﻌﺔ اﻟﻴﺮﻣﻮك‪ ،‬إرﺏﺪ‪ ،‬اﻷردن‪.2000 ،‬‬
‫)‪ (7‬د‪.‬ﺹ ﺎﻟﺢ ‪ ،‬رﺽ ﺎ إﺏ ﺮاهﻴﻢ‪ " ،‬دور اﻟﺒﻴﺎﻥ ﺎت اﻟﻤﺤﺎﺳ ﺒﻴﺔ ﻓ ﻲ ﺳ ﻮق اﻷوراق اﻟﻤﺎﻟﻴ ﺔ‪ :‬دراﺳ ﺔ اﺧﺘﺒﺎرﻳ ﺔ ﺏ ﺎﻟﺘﻄﺒﻴﻖ ﻋﻠ ﻰ اﻟﻤﻤﻠﻜ ﺔ اﻟﻌﺮﺏﻴ ﺔ‬
‫اﻟﺴﻌﻮدﻳﺔ"‪ ،‬اﻟﻤﺠﻠﺔ اﻟﻌﻠﻤﻴﺔ‪ ،‬اﻟﺘﺠﺎرة واﻟﺘﻤﻮﻳﻞ‪ ،‬آﻠﻴﺔ اﻟﺘﺠﺎرة‪ ،‬ﺝﺎﻣﻌﺔ ﻃﻨﻄﺎ‪ ،‬اﻟﻌﺪد اﻷول‪2000 ،‬‬
‫‪7‬‬
‫ﺤﻴﺙ ﺘﻭﺼل ﺍﻟﺒﺎﺤﺙ ﻓﻲ ﻫﺫﻩ ﺍﻟﺩﺭﺍﺴﺔ ﺇﻟﻰ ﺃﻥ ﻤﻌﺭﻓﺔ ﺍﻟﻤﺴﺘﺜﻤﺭﻴﻥ ﻟﻠﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﻤﺤﺎﺴﺒﻴﺔ ﻭﺇﺩﺭﺍﻜﻬﻡ ﻷﻫﻤﻴﺔ ﻫﺫﻩ‬
‫ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﻴﻤﻜﻨﻬﻡ ﺍﻟﺘﻭﺼل ﺇﻟﻰ ﺘﻘﺭﻴﺭ ﻤﻼﺌﻡ ﻟﻤﺎ ﻴﺠﺏ ﺃﻥ ﺘﻜﻭﻥ ﻋﻠﻴﻪ ﺃﺴﻌﺎﺭ ﺍﻷﺴﻬﻡ ﻟﻠﺸﺭﻜﺔ ﻤﺤل ﺍﻟﺩﺭﺍﺴﺔ‬
‫ﻭﺍﻟﺘﺤﻠﻴل‪.‬‬
‫ﺤﻴﺙ ﺍﻫﺘﻤﺕ ﺍﻟﺩﺭﺍﺴﺔ ﺒﺈﺒﺭﺍﺯ ﺃﻫﻤﻴﺔ ﺍﻟﻘﻭﺍﺌﻡ ﺍﻟﻤﺎﻟﻴﺔ ﻭﻤﺤﺘﻭﺍﻫﺎ ﻜﻤﺼﺩﺭ ﻟﻠﻤﻌﻠﻭﻤﺎﺕ ﻟﻤﺘﺨﺫﻱ ﻗﺭﺍﺭﺍﺕ ﺍﻻﺴﺘﺜﻤﺎﺭ‬
‫ﻭﺘﺒﻴﻥ ﻤﻥ ﻫﺫﻩ ﺍﻟﺩﺭﺍﺴﺔ ﻤﺎ ﻴﻠﻲ‪:‬‬
‫‪-‬‬
‫ﺍﺘﻔﺎﻕ ﻤﺤﻠﻠﻲ ﺍﻻﺴﺘﺜﻤﺎﺭ ﻭﻤﺤﻠﻠﻲ ﺍﻻﺌﺘﻤﺎﻥ ﻋﻠﻰ ﺃﻫﻤﻴﺔ ﺍﻟﻘﻭﺍﺌﻡ ﻭﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺤﺎﺴﺒﻴﺔ ﻭﻤﺤﺘﻭﺍﻫﺎ‬
‫‪-‬‬
‫ﺍﺨﺘﻼﻑ ﻫﺅﻻﺀ ﺍﻟﻤﺤﻠﻠﻴﻥ ﺤﻭل ﺍﻷﻫﻤﻴﺔ ﺍﻟﻨﺴﺒﻴﺔ ﻟﻠﻘﻭﺍﺌﻡ ﻭﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺤﺎﺴﺒﻴﺔ ﺤﻴﺙ ﻴﺭﺘﺒﻬﺎ‬
‫ﺍﻹﻋﻼﻤﻲ ﻜﻤﺼﺩﺭ ﻟﻠﻤﻌﻠﻭﻤﺎﺕ ﻻﺘﺨﺎﺫ ﻗﺭﺍﺭﺍﺘﻬﻡ‪.‬‬
‫ﺍﻟﻤﺴﺘﺜﻤﺭﻭﻥ ﻜﻤﺎ ﻴﻠﻲ‪:‬‬
‫‪-1‬ﻗﺎﺌﻤﺔ ﺍﻟﺩﺨل‬
‫ﺍﻻﻴﻀﺎﺤﺎﺕ ﻭﺍﻟﻤﻼﺤﻅﺎﺕ‬
‫‪-2‬ﻗﺎﺌﻤﺔ ﺍﻟﻤﺭﻜﺯ ﺍﻟﻤﺎﻟﻲ‬
‫‪-3‬ﺘﻘﺭﻴﺭ ﻤﺭﺍﻗﺏ ﺍﻟﺤﺴﺎﺒﺎﺕ‪-4.‬‬
‫‪-5‬ﻗﺎﺌﻤﺔ ﺍﻟﺘﺩﻓﻘﺎﺕ ﺍﻟﻨﻘﺩﻴﺔ ‪-6‬ﺒﻴﺎﻥ ﺍﻟﺘﻐﻴﺭ ﻓﻲ ﺍﻟﻤﺭﻜﺯ ﺍﻟﻤﺎﻟﻲ‪،‬‬
‫ﺤﻴﺙ ﺍﺤﺘﻠﺕ ﺍﻟﺒﻴﺎﻨﺎﺕ ﺍﻟﻤﺎﻟﻴﺔ ﺍﻟﻤﺭﻜﺯ ﺍﻷﻭل‪ ،‬ﻭﺍﺤﺘﻠﺕ ﻗﺎﺌﻤﺔ ﺍﻟﺩﺨل ﺍﻟﻤﺭﻜﺯ ﺍﻷﻭل ﺒﺎﻟﺴﻨﺘﻴﻥ ﻟﻬﻡ ﻤﻥ ﺒﻴﻥ‬
‫ﺍﻟﻘﻭﺍﺌﻡ ﺍﻟﻤﺎﻟﻴﺔ ﺍﻟﻤﺩﻗﻘﺔ‪.‬‬
‫ﺩﺭﺍﺴﺔ ﻋﺒﺩ ﺍﻟﺤﺎﻓﻅ ‪2000،‬‬
‫)‪(8‬‬
‫ﺘﺒﺤﺙ ﻫﺫﻩ ﺍﻟﺩﺭﺍﺴﺔ ﺍﺨﺘﺒﺎﺭ ﺍﻟﻌﻼﻗﺔ ﺒﻴﻥ ﻋﻭﺍﺌﺩ ﺍﻷﺴﻬﻡ ﻭﺃﺴﻌﺎﺭ ﻫﺫﻩ ﺍﻷﺴﻬﻡ ﻟﻌﻴﻨﺔ ﻤﻥ ﺍﻟﺸﺭﻜﺎﺕ‪ .‬ﻭﻤﻥ ﻨﺘﺎﺌﺞ ﻫﺫﻩ‬
‫ﺍﻟﺩﺭﺍﺴﺔ ﺃﻥ ﻫﻨﺎﻙ ﻋﻼﻗﺔ ﻭﺍﻀﺤﺔ ﺒﻴﻥ ﻋﻭﺍﺌﺩ ﺍﻷﺴﻬﻡ ﺍﻟﻤﺤﺴﻭﺒﺔ ﻭﻓﻘ ﹰﺎ ﻟﻤﺒﺩﺃ ﺍﻟﺘﻜﻠﻔﺔ ﺍﻟﺘﺎﺭﻴﺨﻴﺔ ﻭﺃﺴﻌﺎﺭ ﺍﻷﺴﻬﻡ ﻟﺠﻤﻴﻊ‬
‫ﺍﻟﺸﺭﻜﺎﺕ ﻤﺤل ﺍﻟﺩﺭﺍﺴﺔ‪ ،‬ﻓﻲ ﺤﻴﻥ ﺃﻜﺩﺕ ﺍﻟﺩﺭﺍﺴﺔ ﻋﺩﻡ ﻭﺠﻭﺩ ﺃﺩﻟﺔ ﻗﻭﻴﺔ ﻤﻥ ﺨﻼﻟﻬﺎ ﺍﻻﺴﺘﺩﻻل ﻋﻠﻰ ﻭﺠﻭﺩ ﺍﻟﻌﻼﻗﺔ‬
‫ﺍﻟﺴﺎﺒﻘﺔ ﻓﻲ ﺤﺎﻟﺔ ﺍﺤﺘﺴﺎﺏ ﺍﻟﻌﻭﺍﺌﺩ ﺍﻟﻤﺤﺴﻭﺒﺔ ﻭﻓﻘ ﹰﺎ ﻟﻤﻔﺎﻫﻴﻡ ﺍﻟﺘﺩﻓﻘﺎﺕ ﺍﻟﻨﻘﺩﻴﺔ‪ ،‬ﻭﺒﺎﻟﺘﺎﻟﻲ ﻓﺈﻥ ﻫﺫﻩ ﺍﻟﺩﺭﺍﺴﺔ ﻗﺩ ﺃﻅﻬﺭﺕ‬
‫ﻭﺠﻭﺩ ﻋﻼﻗﺔ ﺒﻴﻥ ﺃﺴﻌﺎﺭ ﺍﻷﺴﻬﻡ ﻭﻋﻭﺍﺌﺩﻫﺎ ﻭﻟﻜﻥ ﻻ ﻴﻤﻜﻥ ﺘﻔﺴﻴﺭ ﺍﻟﺘﻐﻴﺭﺍﺕ ﻓﻲ ﻫﺫﻩ ﺍﻟﻌﻼﻗﺔ ﻨﺘﻴﺠﺔ ﻟﻠﺘﻐﻴﺭﺍﺕ ﻓﻲ‬
‫ﻤﻌﺩﻻﺕ ﺍﻟﺘﻀﺨﻡ ﺍﻟﺴﺎﺭﻴﺔ‪.‬‬
‫)‪ (3‬ﺩﺭﺍﺴﺔ ‪Bryan‬‬
‫)‪(9‬‬
‫ﺘﻬﺩﻑ ﻫﺫﻩ ﺍﻟﺩﺭﺍﺴﺔ ﺇﻟﻰ ﺍﺨﺘﺒﺎﺭ ﺃﺜﺭ ﺍﻹﻓﺼﺎﺡ ﺍﻟﻤﺤﺎﺴﺒﻲ ﻁﺒﻘﹰﺎ ﻟﻤﺘﻁﻠﺒﺎﺕ ﻫﻴﺌﺔ ﺴﻭﻕ ﺍﻟﻤﺎل ﺍﻷﻤﺭﻴﻜﻴﺔ )‪(SEC‬‬
‫ﻋﻠﻰ ﺍﻟﻌﻼﻗﺔ ﺒﻴﻥ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﻤﺤﺎﺴﺒﻴﺔ ﻭﻗﺭﺍﺭﺍﺕ ﺍﻻﺴﺘﺜﻤﺎﺭ ﻓﻲ ﺃﺴﻭﺍﻕ ﺍﻟﻤﺎل ﺍﻷﻤﺭﻴﻜﻴﺔ‪ ،‬ﺤﻴﺙ ﺘﺤﻠل ﻫﺫﻩ‬
‫ﺍﻟﺩﺭﺍﺴﺔ ﺍﻟﻤﺘﻐﻴﺭﺍﺕ ﺍﻟﻤﺤﺎﺴﺒﻴﺔ ﺍﻹﻟﺯﺍﻤﻴﺔ ﺍﻟﻭﺍﺠﺏ ﺍﻹﻓﺼﺎﺡ ﻋﻨﻬــﺎ ) ﻤﺜل ﺍﻷﺴﻌﺎﺭ ﻭﺍﻹﻴﺭﺍﺩﺍﺕ ﻭﺍﻟﺘﻜﺎﻟﻴﻑ‬
‫ﻭﺍﻟﺴﻴﻭﻟﺔ ﺍﻟﻤﺴﺘﻘﺒﻠﻴﺔ ﻭﺍﻹﻨﻔﺎﻕ ﺍﻟﺭﺃﺴﻤﺎﻟﻲ ﻭﺍﻟﻌﻤﻠﻴﺎﺕ ﺍﻟﻤﺴﺘﻘﺒﻠﻴﺔ (‪ ،‬ﻭﻗﺩ ﻁﺒﻘﺕ ﺍﻟﺩﺭﺍﺴﺔ ﻋﻠﻰ ﻋﻴﻨﺔ ﻤﻜﻭﻨﺔ ﻤﻥ ‪250‬‬
‫ﺸﺭﻜﺔ ﻤﻥ ﺍﻟﺸﺭﻜﺎﺕ ﺍﻟﻤﺴﺠﻠﺔ ﻓﻲ ﺒﻭﺭﺼﺔ ﻨﻴﻭﻴﻭﺭﻙ ﻟﻸﻭﺭﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ ﻋﺎﻡ ‪ ،1990‬ﻭﻗﺩ ﺍﺴﺘﺨﺩﻤﺕ ﺍﻟﺩﺭﺍﺴﺔ ﺃﺴﻠﻭﺏ‬
‫ﺘﺤﻠﻴل ﺍﻻﻨﺤﺩﺍﺭ ﺍﻟﻤﺘﻌﺩﺩ‪ ،‬ﻭﻗﺩ ﺨﻠﺼﺕ ﺍﻟﺩﺭﺍﺴﺔ ﺇﻟﻰ ﺃﻥ ﺍﻹﻓﺼﺎﺡ ﻋﻥ ﺍﻟﻌﻤﻠﻴﺎﺕ ﺍﻟﻤﺴﺘﻘﺒﻠﻴﺔ ﻗﺩ ﺘﺴﺎﻋﺩ ﻓﻲ ﺘﻘﻴﻴﻡ‬
‫ﻤﺅﺸﺭﺍﺕ ﻨﺠﺎﺡ ﺍﻟﻭﺤﺩﺍﺕ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﻓﻲ ﺍﻟﻤﺴﺘﻘﺒل ﻗﺼﻴﺭ ﺍﻷﺠل‪.‬‬
‫ﺩﺭﺍﺴﺔ ‪Elsharkawy, Neil‬‬
‫)‪(10‬‬
‫)‪ (8‬د‪.‬ﻋﺒﺪ اﻟﺤﺎﻓﻆ‪ ،‬اﻟﺴﻴﺪ اﻟﺒﺪوي‪ ،‬اﻟﺴﻴﻮﻟﺔ وﻣﻌﺪﻻت اﻟﻌﺎﺋﺪ ﻋﻠﻰ اﻷﺳﻬﻢ اﻟﻌﺎدﻳﺔ‪ ،‬ﻣﺠﻠﺔ ﺁﻓﺎق ﺝﺪﻳ ﺪة‪ ،‬آﻠﻴ ﺔ اﻟﺘﺠ ﺎرة ‪ ،‬ﺝﺎﻣﻌ ﺔ اﻟﻤﻨﻮﻓﻴ ﺔ‪ ،‬اﻟﺴ ﻨﺔ‬
‫‪ ،12‬اﻷﻋﺪاد اﻷول واﻟﺜﺎﻥﻲ‪ ،‬واﻟﺜﺎﻟﺚ‪ ،‬واﻟﺮاﺏﻊ‪.2000 ،‬‬
‫‪(9 ) H. Stephen Bryan, “ Incremental information Content of required disclosures Contained in‬‬
‫‪management discussion and analysis” , Accounting Review, (April 1997), pp: 285-301.‬‬
‫‪(10 ) Ashraf Elsharkawy, and Garrod, Neil, “The impact of investor Sophistication on price responses to‬‬
‫‪earnings news “, Journal of Business Finance & Accounting, (Marck 1996), pp. 221-236‬‬
‫‪8‬‬
‫ﺘﻬﺩﻑ ﻫﺫﻩ ﺍﻟﺩﺭﺍﺴﺔ ﺇﻟﻰ ﺒﺤﺙ ﺘﺄﺜﻴﺭ ﺴﻠﻭﻙ )‪ (Sophistication‬ﺍﻟﻤﺴﺘﺜﻤﺭ ﺍﻟﻤﻌﻘﺩ ﻋﻠﻰ ﺍﺴﺘﺠﺎﺒﺔ ﺍﻷﺴﻌﺎﺭ ﻷﺨﺒﺎﺭ‬
‫ﺍﻷﺭﺒﺎﺡ ﺍﻟﻤﺤﺎﺴﺒﻴﺔ ﻓﻲ ﺴﻭﻕ ﺭﺃﺱ ﺍﻟﻤﺎل ﺍﻟﺒﺭﻴﻁﺎﻨﻴﺔ‪ ،‬ﻭﻗﺩ ﻁﺒﻘﺕ ﺍﻟﺩﺭﺍﺴﺔ ﻋﻠﻰ ﻋﻴﻨﺔ ﻤﻜﻭﻨﺔ ﻤﻥ ‪ 511‬ﺸﺭﻜﺔ ﻤﻥ‬
‫ﺍﻟﺸﺭﻜﺎﺕ ﺍﻟﻤﺴﺠﻠﺔ ﻓﻲ ﺒﻭﺭﺼﺔ ﻟﻨﺩﻥ ﻟﻸﻭﺭﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ ﻓﻲ ﺍﻟﺴﻨﻭﺍﺕ ﻤﻥ ‪ 1988‬ﺇﻟﻰ ‪ ، 1991‬ﻭﻗﺩ ﺍﻋﺘﻤﺩﺕ ﻫﺫﻩ‬
‫ﺍﻟﺩﺭﺍﺴﺔ ﻋﻠﻰ ﻋﻼﻗﺎﺕ ﺍﻻﺭﺘﺒﺎﻁ ﺒﻴﻥ ﻤﺘﻐﻴﺭﺍﺘﻬﺎ ) ﺍﻷﺭﺒﺎﺡ ﻭﺍﻷﺴﻌﺎﺭ( ﺒﺎﺴﺘﺨﺩﺍﻡ ﺘﺤﻠﻴل ﺍﻻﻨﺤﺩﺍﺭ ﺍﻟﻤﺘﻌﺩﺩ‪ ،‬ﻭﻗﺩ‬
‫ﺨﻠﺼﺕ ﻨﺘﺎﺌﺞ ﺍﻟﺩﺭﺍﺴﺔ ﺇﻟﻰ ﻭﺠﻭﺩ ﺘﺄﺜﻴﺭ ﺒﺴﻴﻁ ﻓﻲ ﺍﻟﻌﻼﻗﺔ ﺍﻟﺴﺎﺒﻘﺔ ) ﺍﻷﺭﺒﺎﺡ ﺍﻟﻤﺤﺎﺴﺒﻴﺔ ﻭﺃﺴﻌﺎﺭ ﺍﻷﺴﻬﻡ( ﻭﺫﻟﻙ‬
‫ﻨﺎﺘﺞ ﻋﻥ ﺃﻥ ﻁﺒﻴﻌﺔ ﺘﻐﻴﺭﺍﺕ ﺍﻷﺴﻌﺎﺭ ﺘﻌﺘﻤﺩ ﻋﻠﻰ ﺤﺠﻡ ﻭﻤﻘﺩﺍﺭ )ﺃﻫﻤﻴﺔ( ﺍﻷﺭﺒﺎﺡ ﺍﻟﻐﻴﺭ ﻤﺘﻭﻗﻌــــــﺔ‬
‫)‪.(Unexpected earnings‬‬
‫)‪ (4‬ﺩﺭﺍﺴﺔ ‪Wright, Ken‬‬
‫)‪(11‬‬
‫ﺘﺘﻨﺎﻭل ﻫﺫﻩ ﺍﻟﺩﺭﺍﺴﺔ ﺩﻭﺭ ﻭﺃﻫﻤﻴﺔ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﻤﺤﺎﺴﺒﻴﺔ ﻋﻨﺩ ﺍﺘﺨﺎﺫ ﺍﻟﻘﺭﺍﺭﺍﺕ ﻓﻲ ﺍﻷﻭﺭﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ‪ ،‬ﺒﻬﺩﻑ ﻤﺤﺎﻭﻟﺔ‬
‫ﺯﻴﺎﺩﺓ ﺍﻟﻭﻋﻲ ﺒﺴﻠﻭﻙ ﺍﻟﻤﺴﺘﺜﻤﺭﻴﻥ ﻭﺫﻟﻙ ﺒﺎﻟﺘﻁﺒﻴﻕ ﻋﻠﻰ ﺃﺴﻭﺍﻕ ﺭﺃﺱ ﺍﻟﻤﺎل ﻓﻲ ﺍﻟﻤﻤﻠﻜﺔ ﺍﻟﻤﺘﺤﺩﺓ‪ ،‬ﻭﻗﺩ ﺍﻋﺘﻤﺩﺕ‬
‫ﺍﻟﺩﺭﺍﺴﺔ ﻋﻠﻰ ﻗﻭﺍﺌﻡ ﺍﻻﺴﺘﻘﺼﺎﺀ ﺍﻟﺘﻲ ﺃﺭﺴﻠﺕ ﻟﻤﺠﻤﻭﻋﺔ ﻤﻥ ﺍﻟﻤﺩﺭﺍﺀ ﺍﻟﺘﻨﻔﻴﺫﻴﻴﻥ )‪ (Chief executives‬ﻟﺘﻘﻴﻴﻡ‬
‫ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﻤﺤﺎﺴﺒﻴﺔ‪ ،‬ﻭﻗﺩ ﺃﻭﻀﺤﺕ ﺍﻟﺩﺭﺍﺴﺔ ﺃﻫﻤﻴﺔ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﻤﺤﺎﺴﺒﻴﺔ ) ﺍﻟﻘﻴﻤﺔ ﺍﻟﺩﻓﺘﺭﻴﺔ ﻟﻠﺴﻬﻡ ﻭﺍﻟﺘﺩﻓﻘﺎﺕ‬
‫ﺍﻟﻨﻘﺩﻴﺔ ﺍﻟﻤﺴﺘﻘﺒﻠﻴﺔ ﻭﺘﻭﺯﻴﻌﺎﺕ ﺍﻷﺭﺒﺎﺡ ﻭﺍﻟﻌﺎﺌﺩ ﻋﻠﻰ ﺍﻻﺴﺘﺜﻤﺎﺭ ﻭﺍﻟﻘﻴﻤﺔ ﺍﻻﺴﺘﺒﺩﺍﻟﻴﺔ ﻟﻸﺼﻭل( ﻋﻨﺩ ﺍﻟﺘﻘﻴﻴﻡ ﻭﺍﻟﻤﻔﺎﻀﻠﺔ‬
‫ﺒﻴﻥ ﺍﻷﻨﻭﺍﻉ ﺍﻟﻤﺨﺘﻠﻔﺔ ﻤﻥ ﺃﺴﻬﻡ ﺍﻟﻭﺤﺩﺍﺕ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ )ﺍﻷﻭﺭﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ(‪ ،‬ﻭﺫﻟﻙ ﻟﻤﺴﺎﻋﺩﺓ ﺍﻟﻤﺴﺘﺜﻤﺭ ﻋﻨﺩ ﺍﺘﺨﺎﺫ‬
‫ﺍﻟﻘﺭﺍﺭﺍﺕ ﺍﻻﺴﺘﺜﻤﺎﺭﻴﺔ ﻓﻲ ﺍﻟﻭﺭﻗﺔ ﺍﻟﻤﺎﻟﻴﺔ‪.‬‬
‫)‪(5‬‬
‫‪Kwaku K‬‬
‫ﺩﺭﺍﺴﺔ‬
‫)‪(12‬‬
‫ﺘﺒﺤﺙ ﻫﺫﻩ ﺍﻟﺩﺭﺍﺴﺔ ﻓﻲ ﻓﻴﻤﺎ ﺇﺫﺍ ﻜﺎﻨﺕ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ ﺍﻟﻔﺘﺭﻴﺔ ) )‪Interim Financial Report‬ﺍﻟﻤﺘﺎﺤﺔ‬
‫ﻟﻠﻤﺴﺘﺜﻤﺭﻴﻥ ﺘﺤﺘﻭﻱ ﻋﻠﻰ ﻤﻌﻠﻭﻤﺎﺕ ﺘﺅﺜﺭ ﻋﻠﻰ ﺃﺴﻌﺎﺭ ﺍﻷﺴﻬﻡ‪ ،‬ﻓﺎﻟﺩﺭﺍﺴﺔ ﺘﻔﺘﺭﺽ ﺃﻥ ﺍﻟﻬﺩﻑ ﺍﻟﺭﺌﻴﺴﻲ ﻟﻠﺘﻘﺎﺭﻴﺭ‬
‫ﺍﻟﻤﺎﻟﻴﺔ ﻤﺴﺎﻋﺩﺓ ﺍﻟﻤﺴﺘﺜﻤﺭﻴﻥ ﻓﻲ ﺍﺘﺨﺎﺫ ﺍﻟﻘﺭﺍﺭﺍﺕ ﺍﻻﺴﺘﺜﻤﺎﺭﻴﺔ‪ ،‬ﻭﻗﺩ ﻁﺒﻘﺕ ﺍﻟﺩﺭﺍﺴﺔ ﻋﻠﻰ ﻋﻴﻨﺔ ﻤﻜﻭﻨﺔ ﻤﻥ ‪100‬‬
‫ﺸﺭﻜﺔ ﻤﻥ ﺍﻟﺸﺭﻜﺎﺕ ﺍﻟﺼﻨﺎﻋﻴﺔ ﻭﺍﻟﺘﺠﺎﺭﻴﺔ ﺍﻟﻤﺴﺠﻠﺔ ﻓﻲ ﺒﻭﺭﺼﺔ ﻟﻨﺩﻥ ﻟﻸﻭﺭﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ ﻭﻗﺩ ﺍﺴﺘﺨﺩﻤﺕ ﺍﻟﺩﺭﺍﺴﺔ‬
‫ﻨﻤﻭﺫﺝ ﺍﻟﺴﻭﻕ ) )‪Market Model‬ﻓﻲ ﺍﻟﺴﻨﻭﺍﺕ ﻤﻥ ‪ 1983‬ﺇﻟﻰ ‪ . 1987‬ﻭﻗﺩ ﺃﺸﺎﺭﺕ ﻨﺘﺎﺌﺞ ﺍﻟﺩﺭﺍﺴﺔ ﺇﻟﻰ ﺃﻥ‬
‫ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ ﺍﻟﻔﺘﺭﻴﺔ ﻭﻤﺎ ﺘﺤﺘﻭﻴﻬﺎ ﻤﻥ ﻤﻌﻠﻭﻤﺎﺕ ﻤﺤﺎﺴﺒﻴﺔ ﺘﺅﺜﺭ ﻋﻠﻰ ﺃﺴﻌﺎﺭ ﺍﻷﻭﺭﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ ﻓﻲ ﻴﻭﻡ ﺇﺼﺩﺍﺭ‬
‫ﺍﻟﺘﻘﺎﺭﻴﺭ ‪ ،‬ﻤﻤﺎ ﻴﺴﺎﻫﻡ ﻓﻲ ﻤﺴﺎﻋﺩﺓ ﺍﻟﻤﺴﺘﺜﻤﺭﻴﻥ ﻋﻨﺩ ﺍﺘﺨﺎﺫ ﺍﻟﻘﺭﺍﺭﺍﺕ ﺍﻹﺴﺘﺜﻤﺎﺭﻴﺔ‪.‬‬
‫ﺩﺭﺍﺴﺔ ‪Frederick , Taffler‬‬
‫)‪(13‬‬
‫ﺘﻬﺩﻑ ﻫﺫﻩ ﺍﻟﺩﺭﺍﺴﺔ ﺇﻟﻰ ﺍﻴﻀﺎﺡ ﺍﻟﺩﻭﺭ ﺍﻟﺫﻱ ﻴﻤﻜﻥ ﺃﻥ ﻴﻘﻭﻡ ﺒﻪ ﺍﻹﻓﺼﺎﺡ ﺍﻟﻤﺤﺎﺴﺒﻲ ﻋﻠﻰ ﺍﻟﻌﻼﻗﺔ ﺒﻴﻥ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ‬
‫ﺍﻟﻤﺤﺎﺴﺒﻴﺔ ﻭﻗﻴﻤﺔ ﺍﻟﻭﺤﺩﺓ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﻓﻲ ﺃﺴﻭﺍﻕ ﺍﻷﻭﺭﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ‪ ،‬ﺤﻴﺙ ﺘﺴﻌﻰ ﻫﺫﻩ ﺍﻟﺩﺭﺍﺴﺔ ﺇﻟﻰ ﺍﺨﺘﺒﺎﺭ ﻗﺩﺭﺓ )‬
‫ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﺴﻨﻭﻴﺔ‪ ،‬ﻭﺘﻘﺎﺭﻴﺭ ﺍﻟﺘﻭﺯﻴﻌﺎﺕ ﺍﻟﻤﻘﺘﺭﺤﺔ ﻟﻸﺭﺒﺎﺡ‪ ،‬ﻭﺘﻘﺭﻴﺭ ﺍﻟﺠﻤﻌﻴﺔ ﺍﻟﻌﻤﻭﻤﻴﺔ ﺍﻟﺴﻨﻭﻴﺔ‪ ،‬ﻭﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺅﻗﺘﺔ(‬
‫ﻓﻲ ﻨﻘل ﺃﺴﻌﺎﺭ ﺍﻷﻭﺭﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ ﻟﻠﻤﺴﺘﺜﻤﺭﻴﻥ‪ ،‬ﻭﻗﺩ ﺍﺴﺘﺨﺩﻤﺕ ﺍﻟﺩﺭﺍﺴﺔ ﻁﺭﻴﻘﺔ ﺍﻟﻤﺭﺒﻌﺎﺕ ﺍﻟﺼﻐﺭﻯ ﺍﻟﻌﺎﺩﻴﺔ‬
‫)‪ ، (Ordinary Least Squares‬ﻭﻁﺒﻘﺕ ﺍﻟﺩﺭﺍﺴﺔ ﻋﻠﻰ ﻋﻴﻨﺔ ﻤﻜﻭﻨﺔ ﻤﻥ ‪ 337‬ﺸﺭﻜﺔ ﻤﻥ ﺍﻟﺸﺭﻜﺎﺕ ﺍﻟﻤﺴﺠﻠﺔ‬
‫‪(11 ) Mike. Wirght, and Robbie. Ken , “ Venture capitalists, unquoted equity investment appraisal and‬‬
‫‪the role of accounting information “, Accounting and Business Research, (Spring 1996), pp: 153-168.‬‬
‫‪(12 )K, Kwaku Opong, “ The Information Content of interim financial reports: UK evidence”, Journal‬‬
‫‪of Business Finance & Accounting, (March 1995), pp. 269-279.‬‬
‫‪(13 ) A. Rippington Frederick and J. Richard Taffler, “ The information content of firm financial‬‬
‫‪disclosures”, Journal of Business Finance & A ccounting, (April 1995), pp: 345-362.‬‬
‫‪9‬‬
‫ﻓﻲ ﺒﻭﺭﺼﺔ ﻟﻨﺩﻥ ﻟﻸﻭﺭﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ ﻓﻲ ﺍﻟﺴﻨﻭﺍﺕ ‪ 1979‬ﺇﻟﻰ ‪ ،1981‬ﻭﺨﻠﺼﺕ ﻨﺘﻴﺠﺔ ﺍﻟﺩﺭﺍﺴﺔ ﺇﻟﻰ ﺃﻥ ﺍﻟﺘﻘﺎﺭﻴﺭ‬
‫ﺍﻟﻤﺎﻟﻴﺔ ﺍﻟﻤﻨﺸﻭﺭﺓ ﻴﻤﻜﻥ ﺍﻻﻋﺘﻤﺎﺩ ﻋﻠﻴﻬﺎ ﻜﺄﺤﺩ ﻤﺼﺎﺩﺭ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﻤﻤﺎ ﻴﺴﺎﻋﺩ ﻓﻲ ﺍﺘﺨﺎﺫ ﺍﻟﻘﺭﺍﺭﺍﺕ ﺍﻻﺴﺘﺜﻤﺎﺭﻴﺔ‪.‬‬
‫ﺩﺭﺍﺴﺔ ‪Hossain, Rahman‬‬
‫)‪(14‬‬
‫ﺘﻬﺩﻑ ﻫﺫﻩ ﺍﻟﺩﺭﺍﺴﺔ ﺇﻟﻰ ﺍﻴﻀﺎﺡ ﺃﺜﺭ ﺍﻹﻓﺼﺎﺡ ﺍﻻﺨﺘﻴﺎﺭﻱ ﻓﻲ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﺴﻨﻭﻴﺔ ﻋﻠﻰ ﺍﻟﻌﻼﻗﺔ ﺒﻴﻥ ﻤﺠﻤﻭﻋﺔ ﻤﻥ‬
‫ﺍﻟﻤﺘﻐﻴﺭﺍﺕ ﺍﻟﻤﺤﺎﺴﺒﻴﺔ ) ﺤﺠﻡ ﺍﻟﻭﺤﺩﺓ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﻭﻤﺴﺘﻭﻯ ﺍﻟﺩﻴﻭﻥ ﺍﻟﺨﺎﺭﺠﻴﺔ ﻭﺍﻷﺼﻭل ﺍﻟﻤﻤﻠﻭﻜﺔ( ﻭﻗﺭﺍﺭﺍﺕ‬
‫ﺍﻻﺴﺘﺜﻤﺎﺭ ﻓﻲ ﺴﻭﻕ ﺍﻷﻭﺭﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ ﺍﻟﻨﻴﻭﺯﻴﻠﻨﺩﻴﺔ‪ ،‬ﻭﻗﺩ ﻁﺒﻘﺕ ﺍﻟﺩﺭﺍﺴﺔ ﻋﻠﻰ ﻋﻴﻨﺔ ﻤﻥ ﺍﻟﺸﺭﻜﺎﺕ ﺍﻟﻤﺴﺠﻠﺔ ﻓﻲ‬
‫ﺍﻟﺒﻭﺭﺼﺔ ﺍﻟﻨﻴﻭﺯﻴﻠﻨﺩﻴﺔ‪ ،‬ﻭﻗﺩ ﺍﺴﺘﺨﺩﻤﺕ ﺍﻟﺩﺭﺍﺴﺔ ﺃﺴﻠﻭﺏ ﺍﻻﻨﺤﺩﺍﺭ ﺍﻟﻤﺘﻌﺩﺩ‪ ،‬ﻭﻗﺩ ﺨﻠﺼﺕ ﺍﻟﺩﺭﺍﺴﺔ ﺇﻟﻰ ﺇﻤﻜﺎﻨﻴﺔ ﺍﺘﺨﺎﺫ‬
‫ﺍﻟﻘﺭﺍﺭﺍﺕ ﺍﻻﺴﺘﺜﻤﺎﺭﻴﺔ ﺍﻋﺘﻤﺎﺩﹰﺍ ﻋﻠﻰ ﻜﻤﻴﺔ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﻤﺤﺎﺴﺒﻴﺔ ﺍﻟﺘﻲ ﻴﻔﺼﺢ ﻋﻨﻬﺎ ﻁﻭﻋ ﹰﺎ ﺒﻭﺍﺴﻁﺔ ﺍﻟﺸﺭﻜﺎﺕ‬
‫ﺍﻟﻤﺴﺠﻠﺔ ﻓﻲ ﺴﻭﻕ ﺍﻷﻭﺭﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ‪.‬‬
‫ﺩﺭﺍﺴﺔ ‪Malcolm, Taffler‬‬
‫)‪(15‬‬
‫ﺘﻬﺩﻑ ﻫﺫﻩ ﺇﻟﻰ ﺍﺨﺘﺒﺎﺭ ﺃﺜﺭ ﺍﻹﻓﺼﺎﺡ ﺍﻟﻤﺤﺎﺴﺒﻲ ﻓﻲ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺎﻟﻴﺔ ﺍﻟﺴﻨﻭﻴﺔ ﻟﻠﺸﺭﻜﺎﺕ ﻋﻠﻰ ﻁﺒﻴﻌﺔ ﺍﻟﻌﻼﻗﺔ ﺒﻴﻥ‬
‫ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﻤﺤﺎﺴﺒﻴﺔ ﻭﻗﺭﺍﺭﺍﺕ ﺍﻻﺴﺘﺜﻤﺎﺭ ﻓﻲ ﺃﺴﻬﻡ ﺍﻟﻭﺤﺩﺍﺕ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‪ ،‬ﻭﻟﻘﺩ ﻁﺒﻘﺕ ﺍﻟﺩﺭﺍﺴﺔ ﻋﻠﻰ ﻋﻴﻨﺔ ﻤﻜﻭﻨﺔ‬
‫ﻻ ﻤﻥ‬
‫ﻤﻥ ‪ 270‬ﺸﺭﻜﺔ ﻓﻲ ﺍﻟﺴﻨﻭﺍﺕ ﻤﻥ ‪ 1978‬ﺇﻟﻰ ‪ ،1985‬ﻭﻗﺩ ﺍﻋﺘﻤﺩﺕ ﺍﻟﺩﺭﺍﺴﺔ ﻋﻠﻰ ﺍﻟﺒﻴﺎﻨﺎﺕ ﺍﻟﻨﻭﻋﻴﺔ ﺒﺩ ﹰ‬
‫ﺍﻟﺒﻴﺎﻨﺎﺕ ﺍﻟﻜﻤﻴﺔ ﻭﺫﻟﻙ ﺒﻬﺩﻑ ﺍﺨﺘﺒﺎﺭ ﺍﺴﺘﺠﺎﺒﺔ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﻤﺤﺎﺴﺒﻴﺔ ﻷﺴﻠﻭﺏ ﺍﻟﺩﺭﺍﺴﺔ ﺍﻟﺫﻱ ﻴﻌﺘﻤﺩ ﻋﻠﻰ ﺍﻟﺒﻴﺎﻨﺎﺕ‬
‫ﺍﻟﻨﻭﻋﻴﺔ ﻤﺴﺘﺨﺩﻤ ﹰﺎ ﺍﻻﻓﺼﺎﺡ ﺍﻟﻨﺜﺭﻱ )‪ (Narrative disclosur‬ﻭﻗﺩ ﺨﻠﺼﺕ ﺍﻟﺩﺭﺍﺴﺔ ﺇﻟﻰ ﺃﻥ ﺍﻹﻓﺼﺎﺡ ﺍﻟﻨﺜﺭﻱ‬
‫ﻤﻔﻴﺩ ﻜﻤﺼﺩﺭ ﻤﻌﻠﻭﻤﺎﺕ‪ ،‬ﺇﻻ ﺃﻥ ﺍﻟﺩﺭﺍﺴﺔ ﺃﻅﻬﺭﺕ ﺃﻥ ﺍﻹﻓﺼﺎﺡ ﺍﻟﻨﺜﺭﻱ ﻴﻤﻜﻥ ﺃﻥ ﻴﻜﻭﻥ ﻟﻪ ﺘﺄﺜﻴﺭ ﺴﻠﺒﻲ ﻋﻨﺩ ﺍﺘﺨﺎﺫ‬
‫ﺍﻟﻘﺭﺍﺭﺍﺕ ﺍﻻﺴﺘﺜﻤﺎﺭﻴﺔ ﻋﻨﺩ ﺩﻤﺠﻪ ﻤﻊ ﻤﺼﺎﺩﺭ ﻤﺎﻟﻴﺔ ﻜﻤﻴﺔ ﺃﺨﺭﻯ‪ ،‬ﻤﻤﺎ ﻴﻌﻨﻲ ﺃﻥ ﺘﻌﺩﺩ ﻤﺼﺎﺩﺭ ﺍﻟﺒﻴﺎﻨﺎﺕ‬
‫ﻭﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﻭﺍﻹﻓﺼﺎﺡ ﻋﻨﻬﺎ ﻟﻪ ﺘﺄﺜﻴﺭ ﺴﻠﺒﻲ ﻋﻨﺩ ﺍﺘﺨﺎﺫ ﺍﻟﻘﺭﺍﺭﺍﺕ ﺍﻻﺴﺘﺜﻤﺎﺭﻴﺔ‪.‬‬
‫ﺩﺭﺍﺴﺔ ‪1990،Seha‬‬
‫)‪(16‬‬
‫ﺘﺭﻜﺯﺕ ﻫﺫﻩ ﺍﻟﺩﺭﺍﺴﺔ ﻋﻠﻰ ﻓﺭﺽ ﺃﻥ ﺃﺴﻌﺎﺭ ﺍﻷﻭﺭﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ ﻓﻲ ﺃﻱ ﻟﺤﻅﺔ ﺯﻤﻨﻴﺔ ﻫﻲ ﻋﺒﺎﺭﺓ ﻋﻥ ﺘﻘﺩﻴﺭ ﻟﻠﻘﻴﻤﺔ‬
‫ﺍﻟﺤﺎﻟﻴﺔ ﻟﻠﺘﺩﻓﻘﺎﺕ ﺍﻟﻨﻘﺩﻴﺔ ﺍﻟﻤﺴﺘﻘﺒﻠﻴﺔ ﺍﻟﻐﻴﺭ ﻤﺅﻜﺩﺓ‪ .‬ﻭﻫﻭ ﻤﺎ ﻴﻌﺭﻑ ﺒﻔﺭﻀﻴﺔ ﺍﻟﺴﻭﻕ ﺍﻟﻜﻑﺀ ) ‪Efficient Market‬‬
‫‪ ، (Hypothesis‬ﻭﺘﻬﺩﻑ ﻫﺫﻩ ﺍﻟﺩﺭﺍﺴﺔ ﺇﻟﻰ ﺍﺨﺘﺒﺎﺭ ﻤﺎ ﺇﺫﺍ ﻜﺎﻨﺕ ﺃﺴﻌﺎﺭ ﺍﻷﺴﻬﻡ ﻴﺘﻡ ﻭﻀﻌﻬﺎ ﺒﻭﺍﺴﻁﺔ ﺍﻟﻤﺴﺘﺜﻤﺭﻴﻥ‬
‫ﺍﻟﻤﺘﻤﺴﻜﻴﻥ ﺒﺎﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﻤﺤﺎﺴﺒﻴﺔ ) ﺍﻷﺭﻗﺎﻡ ﺍﻟﻤﺤﺎﺴﺒﻴﺔ( ﻭﺫﻟﻙ ﻤﻥ ﺨﻼل ﻗﻴﺎﻡ ﺍﻟﺒﺎﺤﺙ ﺒﺘﺤﻠﻴل ﻟﻠﺩﺭﺍﺴﺎﺕ ﻭﺍﻟﻨﺘﺎﺌﺞ‬
‫ﺍﻟﺘﻲ ﺘﻭﺼل ﺇﻟﻴﻬﺎ ﻜل ﻤﻥ ‪ (17)Hand‬ﻭ ‪.(18)Harris‬‬
‫ﻓﻘﺩ ﺍﺴﺘﺨﺩﻤﺕ ﺩﺭﺍﺴﺔ ‪ Hand‬ﺃﺴﻠﻭﺏ ﺘﺤﻠﻴل ﺍﻻﻨﺤﺩﺍﺭ ﻋﻠﻰ ﻋﻴﻨﺔ ﻤﻜﻭﻨﺔ ﻤﻥ ‪ 233‬ﺸﺭﻜﺔ ﻓﻲ ﺃﺴﻭﺍﻕ ﺭﺃﺱ ﺍﻟﻤﺎل‬
‫ﺒﺎﻟﻭﻻﻴﺎﺕ ﺍﻟﻤﺘﺤﺩﺓ ﻓﻲ ﺍﻟﺴﻨﻭﺍﺕ ﻤﻥ ‪ 1981‬ﺇﻟﻰ ‪ ،1984‬ﺒﻴﻨﻤﺎ ﺍﺴﺘﺨﺩﻤﺕ ﺩﺭﺍﺴﺔ ‪ Harris‬ﺃﺴﻠﻭﺏ ﺘﺤﻠﻴل ﺍﻻﻨﺤﺩﺍﺭ‬
‫ﻓﻲ ﺍﻟﻔﺘﺭﺓ ﻤﻥ ‪ 1979‬ﺇﻟﻰ ‪.1984‬‬
‫ﻭﻗﺩ ﺘﻭﺼﻠﺕ ﻫﺫﻩ ﺍﻟﺩﺭﺍﺴﺔ ﺇﻟﻰ ﺘﺄﻜﻴﺩ ﺍﻟﻨﺘﺎﺌﺞ ﺍﻟﺘﺎﻟﻴﺔ ‪:‬‬
‫‪(14 )M. Hossain and A.R. Rahman, “Voluntary disclosure in the annual reports of New Zealand‬‬
‫‪Copanies”, Journal of Internation Financial Management and Accounting, (Spring 1995) , pp: 69-87.‬‬
‫‪(15 ) Smith Molcolm and Richard Taffler, “ The Incremental effect of Narrative accounting information‬‬
‫‪in Corporate annual reports”, Journal of Business Finance & Accounting (Dec 1995), pp: 1195-1210.‬‬
‫‪(16 ) M. Seha Tinic, “ A Perspective on the Stock Market’s Fixation on Accounting Numbers”, The‬‬
‫‪Accounting Review, (Oct 1990), pp. 781-796.‬‬
‫‪(17 )J. Hand , R.M. “ A test of the extended Functional Fixation hypothesis”, The Accounting Review,‬‬
‫‪(Oct. 1990) , pp. 740-763.‬‬
‫‪(18 )T.S. Harris and J.A. Ohlson, “ Accounting disclosures and the market’s valuation of oil and gas‬‬
‫‪properties”, The Accounting Review, (Oct. 1987), pp. 651-669.‬‬
‫‪10‬‬
‫‪-1‬‬
‫ﺃﻥ ﺍﻷﺴﻭﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ ﺘﺴﺘﺨﺩﻡ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﻤﺤﺎﺴﺒﻴﺔ ﻋﻨﺩ ﺘﺤﺩﻴﺩ ﺃﺴﻌﺎﺭ ﺍﻷﻭﺭﺍﻕ‬
‫ﺍﻟﻤﺎﻟﻴﺔ‪.‬‬
‫‪-2‬‬
‫ﺍﺴﺘﺨﺩﺍﻡ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﻤﺤﺎﺴﺒﻴﺔ ﻓﻲ ﺘﻘﺩﻴﺭ ﺍﻟﺘﺩﻓﻘﺎﺕ ﺍﻟﻨﻘﺩﻴﺔ ﺍﻟﻤﺴﺘﻘﺒﻠﻴﺔ ﻭﻓﻲ ﺘﻘﺩﻴﺭ‬
‫ﺩﺭﺠﺔ ﺍﻟﻤﺨﺎﻁﺭﺓ ﺍﻟﻤﺼﺎﺤﺒﺔ ﻟﻠﺘﺩﻓﻘﺎﺕ ﺍﻟﻨﻘﺩﻴﺔ‪.‬‬
‫ﺍﺴﺘﺨﺩﺍﻡ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﻤﺤﺎﺴﺒﻴﺔ ﻟﻠﺘﺄﻜﻴﺩ ﻋﻠﻰ ﺇﻤﻜﺎﻨﻴﺔ ﺍﻻﻋﺘﻤﺎﺩ ﻋﻠﻰ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﻤﺘﺎﺤﺔ ﻤﻥ ﻤﺼﺎﺩﺭ ﺃﺨﺭﻯ‪.‬‬
‫ﺩﺭﺍﺴﺔ ‪Ball and Brown‬‬
‫)‪(19‬‬
‫ﺘﻌﺘﺒﺭ ﺩﺭﺍﺴﺔ ‪ Ball and Brown‬ﺍﻟﺒﺩﺍﻴﺔ ﺍﻟﺤﻘﻴﻘﻴﺔ ﻻﻫﺘﻤﺎﻡ ﺍﻟﻤﺤﺎﺴﺒﻴﻥ ﻭﺍﻟﺒﺎﺤﺜﻴﻥ ﺒﺩﺭﺍﺴﺔ ﺍﻟﻌﻼﻗﺔ ﺒﻴﻥ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ‬
‫ﺍﻟﻤﺤﺎﺴﺒﻴﺔ ﻭﺃﺴﻌﺎﺭ ﺍﻷﻭﺭﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ ﺍﻟﻤﺘﺩﺍﻭﻟﺔ ﻓﻲ ﺍﻷﺴﻭﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ‪ .‬ﻭﻟﻘﺩ ﺘﻌﺩﺩﺕ ﺍﻟﺩﺭﺍﺴﺎﺕ ﻤﻨﺫ ﺫﻟﻙ ﺍﻟﺤﻴﻥ ﻭﺤﺘﻰ‬
‫ﺒﺩﺍﻴﺔ ﺍﻟﺘﺴﻌﻴﻨﺎﺕ ﺤﻭل ﺍﻟﺒﺤﺙ ﻋﻥ ﺃﻫﻡ ﺍﻟﻌﻭﺍﻤل ﺍﻟﻤﺅﺜﺭﺓ ﻭﺍﻟﺘﻲ ﺘﺴﺎﻫﻡ ﻓﻲ ﺘﺤﺩﻴﺩ ﺃﺴﻌﺎﺭ ﺍﻷﻭﺭﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ ﻓﻲ‬
‫ﺍﻷﺴﻭﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ‪ ،‬ﻭﺫﻟﻙ ﻟﺘﻠﺒﻴﺔ ﺍﺤﺘﻴﺎﺠﺎﺕ ﺍﻟﻤﺴﺘﻔﻴﺩﻴﻥ ﻤﻥ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﻤﺤﺎﺴﺒﻴﺔ‪.‬‬
‫ﻭﺘﺒﺤﺙ ﻫﺫﻩ ﺍﻟﺩﺭﺍﺴﺔ ﺍﺨﺘﺒﺎﺭ ﺍﻟﻌﻼﻗﺔ ﺒﻴﻥ ﺍﻷﺭﺒﺎﺡ ﺍﻟﻤﺘﻭﻗﻌﺔ ﻭﺃﺴﻌﺎﺭ ﺍﻷﺴﻬﻡ ﻟﻠﺸﺭﻜﺎﺕ ﺍﻟﻤﺴﺎﻫﻤﺔ ﺍﻟﻤﺴﺠﻠﺔ ﻓﻲ‬
‫ﺒﻭﺭﺼﺔ ﻨﻴﻭﻴﻭﺭﻙ ﻟﻸﻭﺭﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ ‪.‬ﻭﻗﺩ ﻗﺎﻤﺕ ﺍﻟﺩﺭﺍﺴﺔ ﺒﺎﺨﺘﺒﺎﺭ ﺃﻫﻤﻴﺔ ﺍﻷﺭﺒﺎﺡ ﺍﻟﻤﻨﺸﻭﺭﺓ ﻓﻲ ﺍﻟﺘﺄﺜﻴﺭ ﻋﻠﻰ ﺃﺴﻌﺎﺭ‬
‫ﺍﻷﻭﺭﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ‪ .‬ﻭﺭﻜﺯﺕ ﻋﻠﻰ ﺍﺨﺘﺒﺎﺭ ﻓﺭﺽ ﺃﻥ ﺍﻷﺭﺒﺎﺡ ﺍﻟﻤﻨﺸﻭﺭﺓ ﺘﻜﻭﻥ ﻤﻔﻴﺩﺓ ﺇﺫﺍ ﺭﺍﻓﻕ ﺇﺼﺩﺍﺭ ﺍﻟﺘﻘﺎﺭﻴﺭ‬
‫ﻭﺍﻟﻘﻭﺍﺌﻡ ﺍﻟﺴﻨﻭﻴﺔ ﺘﻐﻴﺭﺍﺕ ﻓﻲ ﺴﻌﺭ ﺍﻟﻭﺭﻗﺔ ﺍﻟﻤﺎﻟﻴﺔ‪ .‬ﻭﻗﺩ ﻁﺒﻘﺕ ﺍﻟﺩﺭﺍﺴﺔ ﻋﻠﻰ ﻋﻴﻨﺔ ﻤﻜﻭﻨﺔ ﻤﻥ ‪ 261‬ﺸﺭﻜﺔ ﻤﻥ‬
‫ﺍﻟﺸﺭﻜﺎﺕ ﺍﻟﻤﺴﺠﻠﺔ ﻓﻲ ﺒﻭﺭﺼﺔ ﻨﻴﻭﻴﻭﺭﻙ ﻟﻸﻭﺭﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ ﺨﻼل ﺍﻟﻔﺘﺭﺓ ﻤﻥ ‪ 1957‬ﺇﻟﻰ ‪ ،1965‬ﻭﻤﻥ ﻨﺘﺎﺌﺞ‬
‫ﺍﻟﺩﺭﺍﺴﺔ ﺃﻥ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﻤﺎﻟﻴﺔ ﺍﻟﻤﺘﻔﺎﺌﻠﺔ ﻋﻥ ﺍﻷﺭﺒﺎﺡ ﻗﺩ ﺘﺅﺩﻱ ﺇﻟﻰ ﺯﻴﺎﺩﺓ ﻓﻲ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﻷﺴﻬﻡ ﺍﻟﺸﺭﻜﺔ‪ ،‬ﻓﻲ‬
‫ﺤﻴﻥ ﺃﻥ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﻤﺎﻟﻴﺔ ﺍﻟﻐﻴﺭ ﻤﺘﻔﺎﺌﻠﺔ ﺘﺅﺩﻱ ﺇﻟﻰ ﺘﺄﺜﻴﺭ ﺴﻠﺒﻲ ﻋﻠﻰ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﻟﻸﺴﻬﻡ‪ ،‬ﻜﻤﺎ ﺃﻥ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ‬
‫ﺍﻟﺘﻲ ﺘﺘﻁﻠﺒﻬﺎ ﺍﻟﺒﻭﺭﺼﺔ ﻤﻥ ﺍﻟﺸﺭﻜﺎﺕ ﺍﻟﺘﻲ ﺘﺘﺩﺍﻭل ﺃﺴﻬﻤﻬﺎ ﻟﺩﻴﻬﺎ ﻟﻬﺎ ﺠﺩﻭﻯ ﺍﻗﺘﺼﺎﺩﻴﺔ ﻓﻲ ﻋﻤﻠﻴﺔ ﺘﺴﻌﻴﺭ ﺃﺴﻬﻡ ﺘﻠﻙ‬
‫ﺍﻟﺸﺭﻜﺎﺕ‪.‬‬
‫ﻼ ﻓﻲ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ‬
‫ﻭﻫﻜﺫﺍ ﻨﺨﻠﺹ ﻤﻥ ﺍﻟﺩﺭﺍﺴﺎﺕ ﺍﻟﺴﺎﺒﻘﺔ ﺇﻟﻰ ﻀﺭﻭﺭﺓ ﺍﻻﻫﺘﻤﺎﻡ ﺒﺎﻟﻤﺤﺘﻭﻯ ﺍﻻﻋﻼﻤﻲ ﺍﻟﻤﺤﺎﺴﺒﻲ ﻤﺘﻤﺜ ﹰ‬
‫ﺍﻟﻤﺤﺎﺴﺒﻴﺔ ﺒﺎﻟﺘﻘﺎﺭﻴﺭ ﻭﺍﻟﻘﻭﺍﺌﻡ ﻟﻤﺎ ﺘﺤﺩﺜﻪ ﻤﻥ ﺁﺜﺎﺭ ﺍﻴﺠﺎﺒﻴﺔ ﻋﻠﻰ ﺴﻠﻭﻙ ﺍﻟﻤﺴﺘﺜﻤﺭﻴﻥ ﻓﻲ ﺴﻭﻕ ﺭﺃﺱ ﺍﻟﻤﺎل‪ ،‬ﺤﻴﺙ ﺃﻥ‬
‫ﺫﻟﻙ ﺍﻟﻤﺤﺘﻭﻯ ﺍﻻﻋﻼﻤﻲ ﻴﻠﻌﺏ ﺩﻭﺭﹰﺍ ﻫﺎﻤ ﹰﺎ ﻓﻲ ﺘﺤﻘﻴﻕ ﺍﻟﻜﻔﺎﺀﺓ ﻭﺍﻟﻔﺎﻋﻠﻴﺔ ﻟﻠﻘﺭﺍﺭ ﺍﻻﺴﺘﺜﻤﺎﺭﻱ‪ ،‬ﻭﻓﻲ ﻫﺫﺍ ﺍﻟﺸﺄﻥ ﻴﺭﻯ‬
‫ﺍﻟﺒﺎﺤﺙ ﺃﻨﻪ ﻤﻥ ﺃﺠل ﺍﻟﺤﺼﻭل ﻋﻠﻰ ﻗﺭﺍﺭﺍﺕ ﺘﻜﻭﻥ ﻋﺎﻟﻴﺔ ﺍﻟﻜﻔﺎﺀﺓ ﻴﺠﺏ ﺃﻥ ﻴﺘﻡ ﺘﺯﻭﻴﺩ ﻤﺘﺨﺫ ﺍﻟﻘﺭﺍﺭ ﺒﻤﻌﻠﻭﻤﺎﺕ‬
‫ﻤﺤﺎﺴﺒﻴﺔ ﺠﻴﺩﺓ‪.‬‬
‫ﺘﺠﺫﺏ ﺍﻨﺘﺒﺎﻩ ﺍﻟﻤﺴﺘﺨﺩﻡ ﻭﺍﺘﺴﺎﻗﻬﺎ ﻤﻊ ﺍﺤﺘﻴﺎﺠﺎﺘﻪ ﺒﺄﻥ ﺘﻜﻭﻥ ﺒﺎﻋﺜﺔ ﻭﺍﺩﺍﻓﻌﺔ ﻋﻠﻰ ﺍﻟﺴﻠﻭﻙ ﻟﺩﻯ ﺍﻟﻤﺴﺘﺨﺩﻡ ﻭﻴﺅﻜﺩ ﺫﻟﻙ‬
‫ﻻ ﻜﻠﻤﺎ ﺯﺍﺩﺕ ﺩﺭﺠﺔ ﺍﻻﺴﺘﻔﺎﺩﺓ ﻤﻥ ﺍﻟﺘﻘﺎﺭﻴﺭ ﻟﺩﻯ ﻤﺴﺘﺨﺩﻤﻲ‬
‫ﺃﺤﺩ ﺍﻟﺒﺎﺤﺜﻴﻥ ﻋﻠﻰ ﺃﻨﻪ ﻜﻠﻤﺎ ﻜﺎﻥ ﺍﻟﺘﻭﺼﻴل ﻓﻌﺎ ﹰ‬
‫ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﻭﺍﺭﺩﺓ ﺒﻬﺎ‪.‬‬
‫ﻜﻤﺎ ﺃﻥ ﻓﺎﻋﻠﻴﺔ ﺍﻟﺘﻭﺼﻴل ﻓﻲ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺤﺎﺴﺒﻴﺔ ﺘﺘﺤﺩﺩ ﺒﻘﻴﻤﺔ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﺘﻲ ﻴﺤﺘﻭﻴﻬﺎ ﺍﻟﺘﻘﺭﻴﺭ‪ ،‬ﻭﺘﺘﺤﺩﺩ ﻫﺫﻩ ﺍﻟﻘﻴﻤﺔ‬
‫ﻭﻓﻘﹰﺎ ﻟﻜﻤﻴﺔ ﻭﻨﻭﻋﻴﺔ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﺘﻲ ﻴﺤﺘﻭﻴﻬﺎ ﻫﺫﺍ ﺍﻟﺘﻘﺭﻴﺭ ﻭﻤﺩﻯ ﻗﺎﺒﻠﻴﺘﻬﺎ ﻟﻠﻘﺭﺍﺀﺓ ﻭﺍﻟﻔﻬﻡ ﻭﺍﻹﺩﺍﺭﻙ‪.‬‬
‫‪(19 ) R. Ball and P. Brwon, “ An Empirical Evaluation of Accounting Income” , Journal of Accounting‬‬
‫‪Research, (Autumn, 1968). Pp. 159-178.‬‬
‫‪11‬‬
‫ﺴﺎﺒﻌﹰﺎ‪ :‬ﻤﺠﺘﻤﻊ ﻭﻋﻴﻨﺔ ﺍﻟﺒﺤﺙ‪:‬‬
‫ﺍﻋﺘﻤﺩ ﺍﻟﺒﺎﺤﺙ ﻓﻲ ﺘﺤﻘﻴﻕ ﺃﻫﺩﺍﻑ ﺍﻟﺒﺤﺙ ﻭﺍﺨﺘﺒﺎﺭ ﻓﺭﻀﻴﺎﺘﻪ ﻋﻠﻰ ﺍﻟﺒﻴﺎﻨﺎﺕ ﺍﻟﺜﺎﻨﻭﻴﺔ ﺍﻟﻤﺴﺘﺨﺭﺠﺔ ﻤﻥ ﺘﻘﺎﺭﻴﺭ ﺴﻭﻕ‬
‫ﻋﻤﺎﻥ ﺍﻟﻤﺎﻟﻲ ﻭﺃﻴﻀﹰﺎ ﻤﻥ ﺘﻘﺎﺭﻴﺭ ﺍﻟﻭﺤﺩﺍﺕ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻘﻴﺩﺓ ﺒﻬﺫﺍ ﺍﻟﺴﻭﻕ ﻭﺫﻟﻙ ﺨﻼل ﺍﻟﻔﺘﺭﺓ ﻤﻥ ‪،2003-1999‬‬
‫ﻭﻓﻲ ﻀﻭﺀ ﻫﺫﻩ ﺍﻟﺒﻴﺎﻨﺎﺕ ﻴﻀﻡ ﻤﺠﺘﻤﻊ ﺍﻟﺒﺤﺙ ﺃﺭﺒﻌﺔ ﻗﻁﺎﻋﺎﺕ ﻫﻲ‪:‬‬
‫‪ -1‬ﻗﻁﺎﻉ ﺍﻟﺒﻨﻭﻙ ‪ :‬ﻭﺒﻪ ﺸﺭﻜﺎﺕ ‪:‬‬
‫‪-1‬ﺍﻟﺒﻨﻙ ﺍﻟﻌﺭﺒﻲ‬
‫‪-2‬ﺍﻟﺒﻨﻙ ﺍﻷﺭﺩﻨﻲ ﺍﻟﻜﻭﻴﺘﻲ‬
‫‪-3‬ﺒﻨﻙ ﺍﻹﺴﻜﺎﻥ ﻟﻠﺘﺠﺎﺭﺓ ﻭﺍﻟﺘﻤﻭﻴل‬
‫‪-4‬ﺒﻨﻙ ﺍﻷﺭﺩﻥ‬
‫‪-5‬ﺍﻟﺒﻨﻙ ﺍﻷﻫﻠﻲ ﺍﻷﺭﺩﻨﻲ‬
‫‪ -2‬ﻗﻁﺎﻉ ﺍﻟﺘﺄﻤﻴﻥ‪ :‬ﻭﺒﻪ ﺸﺭﻜﺎﺕ ‪:‬‬
‫‪-1‬ﺩﻟﺘﺎ ﻟﻠﺘﺄﻤﻴﻥ‬
‫‪-2‬ﺍﻟﻨﺴﺭ ﺍﻟﻌﺭﺒﻲ ﻟﻠﺘﺄﻤﻴﻥ‬
‫‪-3‬ﺍﻻﺘﺤﺎﺩ ﺍﻟﻌﺭﺒﻲ ﺍﻟﺩﻭﻟﻲ ﻟﻠﺘﺄﻤﻴﻥ‬
‫‪-4‬ﺍﻷﺭﺩﻨﻴﺔ ﺍﻟﻔﺭﻨﺴﻴﺔ ﻟﻠﺘﺄﻤﻴﻥ‬
‫‪-5‬ﺍﻟﺘﺄﻤﻴﻥ ﺍﻷﺭﺩﻨﻴﺔ‬
‫‪ -3‬ﻗﻁﺎﻉ ﺍﻟﺨﺩﻤﺎﺕ‪ :‬ﻭﺒﻪ ﺸﺭﻜﺎﺕ‪:‬‬
‫‪-1‬ﺍﻟﻜﻬﺭﺒﺎﺀ ﺍﻷﺭﺩﻨﻴﺔ‬
‫‪-2‬ﺍﻟﻤﺅﺴﺴﺔ ﺍﻟﺼﺤﻔﻴﺔ ﺍﻷﺭﺩﻨﻴﺔ ‪ /‬ﺍﻟﺭﺃﻱ‬
‫‪-3‬ﺍﻟﻌﻘﺎﺭﻴﺔ ﺍﻻﺴﺘﺜﻤﺎﺭﻴﺔ ‪/‬ﻋﻘﺎﺭﻜﻭ‬
‫‪-4‬ﺍﻟﺜﻘﺔ ﻟﻺﺴﺘﺜﻤﺎﺭﺍﺕ ﺍﻷﺭﺩﻨﻴﺔ‬
‫‪-5‬ﺍﻻﺘﺼﺎﻻﺕ ﺍﻷﺭﺩﻨﻴﺔ‬
‫‪ -4‬ﻗﻁﺎﻉ ﺍﻟﺼﻨﺎﻋﺔ‪ :‬ﻭﺒﻪ ﺸﺭﻜﺎﺕ‪:‬‬
‫‪-1‬ﻤﺼﻔﺎﺓ ﺍﻟﺒﺘﺭﻭل ﺍﻷﺭﺩﻨﻴﺔ ‪ /‬ﺠﻭﺒﺘﺭﻭل‬
‫‪-2‬ﻤﺼﻨﻊ ﺍﻟﻤﻨﻅﻤﺎﺕ ﺍﻟﻜﻴﻤﺎﻭﻴﺔ ﺍﻟﻌﺭﺒﻴﺔ‬
‫‪-3‬ﺩﺍﺭ ﺍﻟﺩﻭﺍﺀ ﻟﻠﺘﻨﻤﻴﺔ ﻭﺍﻻﺴﺘﺜﻤﺎﺭ‪.‬‬
‫‪-4‬ﻤﻨﺎﺠﻡ ﺍﻟﻔﻭﺴﻔﺎﺕ ﺍﻷﺭﺩﻨﻴﺔ‪.‬‬
‫‪-5‬ﻤﺼﺎﻨﻊ ﺍﻻﺴﻤﻨﺕ ﺍﻷﺭﺩﻨﻴﺔ‪.‬‬
‫ﺜﺎﻤﻨ ﹰﺎ‪ :‬ﺃﺴﺎﻟﻴﺏ ﺠﻤﻊ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ‪:‬‬
‫ﺍﻋﺘﻤﺩ ﺍﻟﺒﺎﺤﺙ ﻋﻠﻰ ﺘﺠﻤﻴﻊ ﺍﻟﺒﻴﺎﻨﺎﺕ ﺍﻟﺜﺎﻨﻭﻴﺔ ﺍﻟﻼﺯﻤﺔ ﻻﺠﺭﺍﺀ ﺍﻟﺒﺤﺙ ﻤﻥ ﺍﻟﻨﺸﺭﺍﺕ ﻭﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﺩﻭﺭﻴﺔ‬
‫ﺍﻟﺼﺎﺩﺭﺓ ﻋﻥ ﺴﻭﻕ ﻋﻤﺎﻥ ﺍﻟﻤﺎﻟﻲ ﻋﻥ ﻗﻁﺎﻋﺎﺕ ‪:‬‬
‫‪12‬‬
‫‪ -1‬ﻗﻁﺎﻉ ﺍﻟﺒﻨﻭﻙ‬
‫‪ -2‬ﻗﻁﺎﻉ ﺍﻟﺘﺄﻤﻴﻥ‬
‫‪ -3‬ﻗﻁﺎﻉ ﺍﻟﺨﺩﻤﺎﺕ‬
‫‪ -4‬ﻗﻁﺎﻉ ﺍﻟﺼﻨﺎﻋﺔ‬
‫ﻭﺫﻟﻙ ﺨﻼل ﺍﻟﻔﺘﺭﺓ ﺍﻟﻤﻤﺘﺩﺓ ﻤﻥ ﻋﺎﻡ ‪ ،2003-1999‬ﻜﻤﺎ ﺃﻨﻪ ﺘﻡ ﺘﺠﻤﻴﻊ ﺍﻟﺒﻴﺎﻨﺎﺕ ﺍﻟﻼﺯﻤﺔ ﻹﺠﺭﺍﺀ ﺍﻹﻁﺎﺭ ﺍﻟﻔﻜﺭﻱ‬
‫ﻟﻠﺒﺤﺙ ﻤﻥ ﺍﻟﺩﻭﺭﻴﺎﺕ ﺍﻟﻌﺭﺒﻴﺔ ﻭﺍﻷﺠﻨﺒﻴﺔ ﻭﺍﻟﺭﺴﺎﺌل ﺍﻟﻤﺘﺨﺼﺼﺔ ﻓﻲ ﻫﺫﺍ ﺍﻟﻤﺠﺎل‪.‬‬
‫ﺘﺎﺴﻌﹰﺎ‪ :‬ﺍﻟﻤﺘﻐﻴﺭﺍﺕ ﺍﻟﻤﺴﺘﺨﺩﻤﺔ ﻓﻲ ﺍﻟﺒﺤﺙ‪:‬‬
‫ﻓﻴﻤﺎ ﻴﻠﻲ ﺍﻟﻤﺘﻐﻴﺭﺍﺕ ﺍﻟﻤﺴﺘﺨﺩﻤﺔ ﻓﻲ ﺍﺨﺘﺒﺎﺭ ﻤﺩﻯ ﺼﺤﺔ ﻓﺭﻀﻴﺎﺕ ﺍﻟﺒﺤﺙ ﻭﻗﺩ ﺘﻡ ﺘﺼﻨﻴﻑ ﻭﺘﺭﻤﻴﺯ ﻤﺘﻐﻴﺭﺍﺕ‬
‫ﺍﻟﺒﺤﺙ ﻭﺘﺤﺩﻴﺩ ﻁﺒﻴﻌﺘﻬﺎ ﻜﻤﺎ ﻓﻲ ﺍﻟﺠﺩﻭل ﺭﻗﻡ )‪(1‬‬
‫ﺠﺩﻭل ﺭﻗﻡ )‪(1‬‬
‫ﺘﺼﻨﻴﻑ ﻭﺘﺭﻤﻴﺯ ﻤﺘﻐﻴﺭﺍﺕ ﺍﻟﺒﺤﺙ ﻭﺘﺤﺩﻴﺩ ﻁﺒﻴﻌﺘﻬﺎ‬
‫ﺍﻟﻤﺴﻠﺴل‬
‫‪1‬‬
‫ﺍﻟﻤﺘﻐﻴﺭ‬
‫ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﻟﻠﺴﻬﻡ )ﺩﻴﻨﺎﺭ(‬
‫ﺍﻟﺭﻤﺯ‬
‫‪A1‬‬
‫ﻁﺒﻴﻌﺔ ﺍﻟﻤﺘﻐﻴﺭ‬
‫ﺘﺎﺒﻊ‬
‫‪2‬‬
‫ﺍﻟﻘﻴﻤﺔ ﺍﻻﺴﻤﻴﺔ ﻟﻠﺴﻬﻡ )ﺩﻴﻨﺎﺭ(‬
‫‪A2‬‬
‫ﻤﺴﺘﻘل‬
‫‪3‬‬
‫ﺴﻌﺭ ﺍﻹﻏﻼﻕ)ﺩﻴﻨﺎﺭ(‬
‫‪A3‬‬
‫=‬
‫‪4‬‬
‫ﺤﺠﻡ ﺍﻟﺘﺩﺍﻭل )ﺩﻴﻨﺎﺭ(‬
‫‪A4‬‬
‫=‬
‫‪5‬‬
‫ﻋﺩﺩ ﺍﻷﺴﻬﻡ ﺍﻟﻤﺘﺩﺍﻭﻟﺔ‬
‫‪A5‬‬
‫=‬
‫‪6‬‬
‫ﻋﺩﺩ ﺍﻟﻌﻘﻭﺩ ﺍﻟﻤﻨﻔﺫﺓ‬
‫‪A6‬‬
‫=‬
‫‪7‬‬
‫ﻋﺩﺩ ﺍﻷﺴﻬﻡ ﺍﻟﻤﻜﺘﻑ ﺒﻬﺎ‬
‫‪A7‬‬
‫=‬
‫‪8‬‬
‫ﻤﻌﺩل ﺩﻭﺭﺍﻥ ﺍﻷﺴﻬﻡ‪%‬‬
‫‪A8‬‬
‫=‬
‫‪9‬‬
‫ﻋﺎﺌﺩ ﺍﻟﺴﻬﻡ ﺍﻟﻭﺍﺤﺩ )ﺩﻴﻨﺎﺭ (‬
‫‪A9‬‬
‫=‬
‫‪10‬‬
‫ﺍﻟﺘﻭﺯﻴﻌﺎﺕ ﺍﻟﻨﻘﺩﻴﺔ ﻟﻠﺴﻬﻡ )ﺩﻴﻨﺎﺭ (‬
‫‪A10‬‬
‫=‬
‫‪11‬‬
‫ﺍﻟﻘﻴﻤﺔ ﺍﻟﺩﻓﺘﺭﻴﺔ ﻟﻠﺴﻬﻡ ﺍﻟﻭﺍﺤﺩ)ﺩﻴﻨﺎﺭ(‬
‫‪A11‬‬
‫=‬
‫‪12‬‬
‫ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﺇﻟﻰ ﺍﻟﻌﺎﺌﺩ )ﺤﺭﺓ(‬
‫‪A12‬‬
‫=‬
‫‪13‬‬
‫ﺍﻷﺭﺒﺎﺡ ﺍﻟﻤﻭﺯﻋﺔ ﺇﻟﻰ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ‪%‬‬
‫‪A13‬‬
‫=‬
‫‪14‬‬
‫ﺍﻷﺭﺒﺎﺡ ﺍﻟﻤﻭﺍﺯﻨﺔ ﻟﻠﺴﻬﻡ ﺍﻟﻌﺎﺌﺩ ﻟﻠﺴﻬﻡ ‪%‬‬
‫‪A14‬‬
‫=‬
‫‪15‬‬
‫ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﺇﻟﻰ ﺍﻟﻘﻴﻤﺔ ﺍﻟﻨﻅﺭﻴﺔ )ﺤﺭﺓ(‬
‫‪A15‬‬
‫=‬
‫‪16‬‬
‫ﺍﻟﻌﺎﺌﺩ ﺇﻟﻰ ﻤﺠﻤﻭﻉ ﻤﻭﺠﻭﺩﺍﺕ ‪%‬‬
‫‪A16‬‬
‫=‬
‫‪17‬‬
‫ﺍﻟﻌﺎﺌﺩ ﺇﻟﻰ ﺤﻘﻭﻕ ﺍﻟﻤﺴﺎﻫﻤﻴﻥ ‪%‬‬
‫‪A17‬‬
‫=‬
‫‪18‬‬
‫ﺼﺎﻓﻲ ﺍﻟﻔﻭﺍﺌﺩ ﻭﺍﻟﻌﻤﻭﻻﺕ ‪/‬ﺼﺎﻓﻲ ﺍﻹﻴﺭﺍﺩﺍﺕ ﺍﻟﺘﺸﻐﻴﻠﻴﺔ‬
‫‪A18‬‬
‫=‬
‫‪19‬‬
‫ﺍﻟﻔﻭﺍﺌﺩ ﺍﻟﺩﺍﺌﻨﺔ ‪/‬ﺼﺎﻓﻲ ﺍﻟﺘﺴﻬﻴﻼﺕ ‪%‬‬
‫‪A19‬‬
‫=‬
‫‪20‬‬
‫ﺼﺎﻓﻲ ﺍﻟﺭﺒﺢ ‪ /‬ﺇﺠﻤﺎﻟﻲ ﺍﻹﻴﺭﺍﺩﺍﺕ ‪%‬‬
‫‪A20‬‬
‫=‬
‫‪21‬‬
‫ﺇﺠﻤﺎﻟﻲ ﺍﻹﻴﺭﺍﺩﺍﺕ‪ /‬ﺍﻟﻤﻭﺠﻭﺩﺍﺕ‬
‫‪A21‬‬
‫=‬
‫‪22‬‬
‫ﻤﺨﺼﺹ ﺍﻟﺘﺴﻬﻴﻼﺕ ﺍﻻﺌﺘﻤﺎﻨﻴﺔ ﻭﺍﻟﻔﻭﺍﺌﺩ ﺍﻟﻤﻌﻠﻘﺔ ‪/‬ﺼﺎﻓﻲ ﺍﻟﺘﺴﻬﻴﻼﺕ ‪%‬‬
‫‪A22‬‬
‫=‬
‫‪13‬‬
‫ﻨﻤﻭﺫﺝ ﺍﻟﺒﺤﺙ ﻭﺍﺨﺘﺒﺎﺭﻩ ﺇﺤﺼﺎﺌﻴﹰﺎ‪:‬‬
‫ﻴﺤﺩﺩ ﺍﻟﺒﺤﺙ ﺍﻟﻌﻼﻗﺔ ﺒﻴﻥ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﻤﺤﺎﺴﺒﻴﺔ ﻭﻗﺭﺍﺭﺍﺕ ﺍﻻﺴﺘﺜﻤﺎﺭ ﻓﻲ ﺴﻭﻕ ﺍﻷﻭﺭﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ ﻟﻠﺸﺭﻜﺎﺕ‬
‫ﺍﻟﺘﻲ ﺘﻌﻤل ﻓﻲ ﺴﻭﻕ ﻋﻤﺎﻥ ﺍﻟﻤﺎﻟﻲ ﺒﺎﻟﻘﻁﺎﻋﺎﺕ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﺨﺘﻠﻔﺔ ﻭﻴﺘﻡ ﺍﺨﺘﺒﺎﺭ ﻫﺫﻩ ﺍﻟﻌﻼﻗﺔ ﻤﻥ ﺨﻼل‬
‫ﺍﻟﻨﻤﻭﺫﺝ ﺍﻟﺘﺎﻟﻲ‪:‬‬
‫اﻟﻤﺘﻐﻴﺮات‬
‫اﻟﻤﺴﺘﻘﻠﺔ‬
‫‪A2‬‬
‫‪A3‬‬
‫‪A4‬‬
‫‪A5‬‬
‫‪A6‬‬
‫‪A7‬‬
‫‪A8‬‬
‫‪A9‬‬
‫‪A10‬‬
‫‪A11‬‬
‫‪A12‬‬
‫‪A13‬‬
‫‪A14‬‬
‫‪A15‬‬
‫‪A16‬‬
‫‪A17‬‬
‫‪A18‬‬
‫‪A19‬‬
‫‪A20‬‬
‫‪A21‬‬
‫‪A22‬‬
‫‪14‬‬
‫ﻗﺮارات‬
‫‪A1‬‬
‫ﻣﺘﻐﻴﺮ ﺗﺎﺑﻊ‬
‫ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﻟﻠﺴﻬﻡ‬
‫اﻟﻤﺴﺘﺜﻤﺮﻳﻦ‬
‫واﻟﻤﺘﻌﺎﻣﻠﻴﻦ‬
‫ﻓﻲ ﺳﻮق‬
‫ﻋﻤﺎن اﻟﻤﺎﻟﻲ‬
‫ﻭﺴﻭﻑ ﻴﺘﻡ ﺍﺨﺘﺒﺎﺭ ﺍﻟﻨﻤﻭﺫﺝ ﺒﺎﺴﺘﺨﺩﺍﻡ ﺍﻷﺩﻭﺍﺕ ﺍﻻﺤﺼﺎﺌﻴﺔ ﺍﻟﺘﺎﻟﻴﺔ ‪:‬‬
‫ﺍﻷﺩﻭﺍﺕ ﺍﻻﺤﺼﺎﺌﻴﺔ ‪:‬‬
‫‪ -1‬ﻨﻤﻭﺫﺝ ﺍﻟﺨﻁﺄ ﺍﻟﻤﻌﻴﺎﺭﻱ‪ ،‬ﻟﺘﺭﺘﻴﺏ ﺍﻟﻤﺘﻐﻴﺭﺍﺕ‪.‬‬
‫‪ -2‬ﻤﻌﺎﻤل ﺍﻻﺭﺘﺒﺎﻁ‪ ،‬ﻟﻘﻴﺎﺱ ﻁﺒﻴﻌﺔ ﺍﻟﻌﻼﻗﺔ ﺒﻴﻥ ﺍﻟﻤﺘﻐﻴﺭﺍﺕ ﺍﻟﻤﺴﺘﻘﻠﺔ ﻭﺍﻟﻤﺘﻐﻴﺭ ﺍﻟﺘﺎﺒﻊ‪.‬‬
‫‪ -3‬ﺍﻟﻤﺘﻭﺴﻁﺎﺕ ﺍﻟﺤﺴﺎﺒﻴﺔ ﻟﻘﻴﺎﺱ ﻤﺘﻭﺴﻁ ﺍﻟﺒﻴﺎﻨﺎﺕ ﺍﻟﻤﺎﻟﻴﺔ ﻭﺍﻟﻘﻴﺎﺴﺎﺕ ﺍﻟﻭﺍﺭﺩﺓ ﻓﻲ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﺼﺎﺩﺭﺓ‬
‫ﻋﻥ ﻫﻴﺌﺔ ﺍﻷﻭﺭﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ ﺍﻷﺭﺩﻨﻴﺔ‪.‬‬
‫‪ -4‬ﺍﻻﻨﺤﺭﺍﻓﺎﺕ ﺍﻟﻤﻌﻴﺎﺭﻴﺔ ﻟﺤﺴﺎﺏ ﺍﻟﺨﻁﺄ ﺍﻟﻤﻌﻴﺎﺭﻱ ﺍﻟﺫﻱ ﻴﻌﺘﺒﺭ ﺃﺴﺎﺴﹰﺎ ﻟﺤﺴﺎﺏ ﻤﻌﺎﻤﻼﺕ‬
‫ﺍﻻﺨﺘﻼﻑ ‪.‬‬
‫‪ -5‬ﻤﻌﺎﻤﻼﺕ ﺍﻻﺨﺘﻼﻑ ﻟﻘﻴﺎﺱ ﺃﺜﺭ ﺍﻟﻤﺘﻐﻴﺭﺍﺕ ﻋﻠﻰ ﺍﻟﻌﺎﻤل ﺍﻟﺘﺎﺒﻊ ‪.‬‬
‫ﺘﻁﺒﻴﻕ ﺍﻟﻨﻤﻭﺫﺝ ﺍﻟﻤﺴﺘﺨﺩﻡ ﻓﻲ ﺘﺤﻠﻴل ﻤﺘﻐﻴﺭﺍﺕ ﺍﻟﺒﺤﺙ‪:‬‬
‫ﺘﺭﺘﻴﺏ ﻤﺘﻐﻴﺭﺍﺕ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﻤﺤﺎﺴﺒﻴﺔ ﻭﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﺘﺩﺍﻭل ﺒﺤﺴﺏ ﺩﺭﺠﺔ‬
‫ﺃ‪-‬‬
‫ﺘﺄﺜﻴﺭﻫﺎ ﻋﻠﻰ ﻗﺭﺍﺭﺍﺕ ﺍﻻﺴﺘﺜﻤﺎﺭ ﻓﻲ ﺴﻭﻕ ﻋﻤﺎﻥ ﺍﻟﻤﺎﻟﻲ‪.‬‬
‫ﺇﺨﺘﺒﺎﺭ ﺍﻟﻔﺭﻀﻴﺔ ﺍﻷﻭﻟﻰ ﻭﻓﺤﻭﺍﻫﺎ‪:‬‬
‫ﻻ ﺘﺅﺜﺭ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﻤﺎﻟﻴﺔ ﺍﻟﻤﺤﺎﺴﺒﻴﺔ ﺍﻟﻤﻨﺸﻭﺭﺓ ﻋﻠﻰ ﻗﺭﺍﺭﺍﺕ ﺍﻟﻤﺴﺘﺜﻤﺭﻴﻥ ﺒﺴﻭﻕ ﻋﻤﺎﻥ ﺍﻟﻤﺎﻟﻲ‪.‬‬
‫ﺘﻭﻀﺢ ﻨﺘﺎﺌﺞ ﺍﻟﺠﺩﺍﻭل ﺍﻟﺘﺎﻟﻴﺔ ﺍﺨﺘﺒﺎﺭ ﻤﺩﻯ ﺼﺤﺔ ﺍﻟﻔﺭﻀﻴﺔ ﺍﻷﻭﻟﻰ ﻓﻲ ﺍﻟﺒﺤﺙ‪:‬‬
‫‪ -1‬ﺘﺭﺘﻴﺏ ﺃﻫﻡ ﺍﻟﻤﺘﻐﻴﺭﺍﺕ ﺍﻟﻤﺎﻟﻴﺔ ﻭﺍﻟﻤﺤﺎﺴﺒﻴﺔ ﺘﺄﺜﻴﺭﹰﺍ ﻋﻠﻰ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﻟﻠﺴﻬﻡ ﺒﺴﻭﻕ ﻋﻤﺎﻥ ﺍﻟﻤﺎﻟﻲ ﻟﺸﺭﻜﺎﺕ‬
‫ﻗﻁﺎﻉ ﺍﻟﺒﻨﻭﻙ ‪.‬‬
‫ﺍﻟﻤﺘﻐﻴﺭ‬
‫ﺍﻟﺨﻁﺎﺀ ﺍﻟﻤﻌﻴﺎﺭﻱ‬
‫ﻤﻌﺎﻤل ﺍﻻﺨﺘﻼﻑ‬
‫ﺍﻟﻤﺘﻭﺴﻁ ﺍﻟﺤﺴﺎﺒﻲ‬
‫‪113,710,910.775‬‬
‫‪2.080‬‬
‫‪1.253‬‬
‫‪2.294‬‬
‫‪96,201.964‬‬
‫‪3.024‬‬
‫ﺍﻟﻘﻴﻤﺔ ﺍﻟﺩﻓﺘﺭﻴﺔ ﻟﻠﺴﻬﻡ ﺍﻟﻭﺍﺤﺩ ‪86.123‬‬
‫‪23.725‬‬
‫‪3.630‬‬
‫ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻰ ﺍﻟﻌﺎﺌﺩ ‪9.776‬‬
‫‪2.135‬‬
‫‪4.578‬‬
‫‪3.109‬‬
‫‪4.786‬‬
‫‪1,062.678‬‬
‫‪5.333‬‬
‫‪0.525‬‬
‫‪5.924‬‬
‫‪3.684‬‬
‫‪8.681‬‬
‫‪0.215‬‬
‫‪8.725‬‬
‫‪1.356‬‬
‫‪9.119‬‬
‫‪41,811,596.939‬‬
‫‪10.154‬‬
‫‪0.084‬‬
‫‪10.830‬‬
‫‪0.810‬‬
‫‪14.554‬‬
‫‪0.645‬‬
‫‪14.901‬‬
‫ﻋﺩﺩ ﺍﻻﺴﻬﻡ ﺍﻟﻤﻜﺘﺘﺏ ﺒﻬﺎ ‪236,516,768.500‬‬
‫ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻰ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺩﻓﺘﺭﻴﺔ ‪2.875‬‬
‫ﺤﺠﻡ ﺍﻟﺘﺩﺍﻭل ‪290,893.150‬‬
‫ﻤﻌﺩل ﺩﻭﺭﺍﻥ ﺍﻟﺴﻬﻡ ‪14.881‬‬
‫ﻋﺩﺩ ﺍﻟﻌﻘﻭﺩ ﺍﻟﻤﻨﻔﺫﺓ ‪5,667.250‬‬
‫ﺍﻻﺭﺒﺎﺡ ﺍﻟﻤﻭﺯﻋﺔ ﺍﻟﻰ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ‪3.111‬‬
‫ﺍﻻﺭﺒﺎﺡ ﺍﻟﻤﻭﺯﻋﺔ ﻟﻠﺴﻬﻡ ﺍﻟﻰ ﺍﻟﻌﺎﺌﺩ ﻟﻠﺴﻬﻡ ‪31.979‬‬
‫ﺴﻌﺭ ﺍﻻﻏﻼﻕ ‪1.880‬‬
‫ﺼﺎﻓﻲ ﺍﻟﺭﺒﺢ ﺍﻟﻰ ﺍﺠﻤﺎﻟﻲ ﺍﻻﻴﺭﺍﺩﺍﺕ ‪12.368‬‬
‫ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﻟﻠﺴﻬﻡ ‪424,563,595.000‬‬
‫ﺍﻟﻌﺎﺌﺩ ﺍﻟﻰ ﻤﺠﻤﻭﻉ ﺍﻟﻤﻭﺠﻭﺩﺍﺕ ‪0.908‬‬
‫ﻤﺨﺼﺹ ﺍﻟﺘﺴﻬﻴﻼﺕ ﺍﻻﺌﺘﻤﺎﻨﻴﺔ ﻭﺍﻟﻔﻭﺍﺌﺩ ﺍﻟﻤﻌﻠﻘﺔ ‪ /‬ﺼﺎﻓﻲ ﺍﻟﺘﺴﻬﻴﻼﺕ ‪11.790‬‬
‫ﺍﻟﻌﺎﺌﺩ ﺍﻟﻰ ﺤﻘﻭﻕ ﺍﻟﻤﺴﺎﻫﻤﻴﻥ ‪9.618‬‬
‫‪15‬‬
‫ﺍﻟﻔﻭﺍﺌﺩ ﺍﻟﺩﺍﺌﻨﺔ ﺍﻟﻰ ﺼﺎﻓﻲ ﺍﻟﺘﺴﻬﻴﻼﺕ ‪16.287‬‬
‫‪1.063‬‬
‫‪15.326‬‬
‫ﺍﺠﻤﺎﻟﻲ ﺍﻻﻴﺭﺍﺩﺍﺕ ﺍﻟﻰ ﺍﻟﻤﻭﺠﻭﺩﺍﺕ ‪7.507‬‬
‫‪0.393‬‬
‫‪19.099‬‬
‫‪275,052.582‬‬
‫‪23.933‬‬
‫ﻋﺎﺌﺩ ﺍﻟﺴﻬﻡ ﺍﻟﻭﺍﺤﺩ ‪3.295‬‬
‫‪0.125‬‬
‫‪26.288‬‬
‫ﺍﻟﺘﻭﺯﻴﻌﺎﺕ ﺍﻟﻨﻘﺩﻴﺔ ﻟﻠﺴﻬﻡ ‪0.862‬‬
‫‪0.014‬‬
‫‪61.078‬‬
‫‪1.384‬‬
‫‪61.822‬‬
‫‪0.000‬‬
‫!‪#DIV/0‬‬
‫ﻋﺩﺩ ﺍﻻﺴﻬﻡ ﺍﻟﻤﺘﺩﺍﻭﻟﺔ ‪6,582,911.750‬‬
‫ﺼﺎﻓﻲ ﺍﻟﻔﻭﺍﺌﺩ ﻭﺍﻟﻌﻤﻭﻻﺕ ‪ /‬ﺼﺎﻓﻲ ﺍﻻﻴﺭﺍﺩﺍﺕ ﺍﻟﺘﺸﻐﻴﻠﻴﺔ ‪85.533‬‬
‫ﺍﻟﻘﻴﻤﺔ ﺍﻻﺴﻤﻴﺔ ﻟﻠﺴﻬﻡ ‪2.800‬‬
‫‪ 1-1‬ﻋﺩﺩ ﺍﻷﺴﻬﻡ ﺍﻟﻤﻜﺘﺘﺏ ﺒﻬﺎ ﺒﻌﺎﻤل ﺍﺨﺘﻼﻑ ﻗﺩﺭﻩ )‪( 2.080‬‬
‫‪ 1-2‬ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﺇﻟﻰ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺩﻓﺘﺭﻴﺔ ﺒﻤﻌﺎﻤل ﺍﺨﺘﻼﻑ ﻗﺩﺭﻩ )‪( 2.294‬‬
‫‪ 1-3‬ﺤﺠﻡ ﺍﻟﺘﺩﺍﻭل ﺒﻤﻌﺎﻤل ﺍﺨﺘﻼﻑ ﻗﺩﺭﻩ )‪( 3.024‬‬
‫‪ 1-4‬ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﺇﻟﻰ ﺍﻟﻌﺎﺌﺩ ﺒﻤﻌﺎﻤل ﺍﺨﺘﻼﻑ ﻗﺩﺭﻩ)‪( 3.630‬‬
‫ﺘﺭﺘﻴﺏ ﺃﻫﻡ ﺍﻟﻤﺘﻐﻴﺭﺍﺕ ﺍﻟﻤﺎﻟﻴﺔ ﻭﺍﻟﻤﺤﺎﺴﺒﻴﺔ ﺘﺄﺜﻴﺭﹰﺍ ﻋﻠﻰ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﻟﻠﺴﻬﻡ ﺒﺴﻭﻕ ﻋﻤﺎﻥ ﺍﻟﻤﺎﻟﻲ‬
‫ﻟﺸﺭﻜﺎﺕ ﻗﻁﺎﻉ ﺍﻟﺘﺄﻤﻴﻥ ‪.‬‬
‫ﺍﻟﻤﺘﻐﻴﺭ‬
‫ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻰ ﺍﻟﻌﺎﺌﺩ‬
‫ﺍﻟﻤﺘﻭﺴﻁ ﺍﻟﺤﺴﺎﺒﻲ‬
‫ﻤﻌﺎﻤل ﺍﻻﺨﺘﻼﻑ‬
‫ﺍﻟﺨﻁﺎﺀ ﺍﻟﻤﻌﻴﺎﺭﻱ‬
‫‪-134.882‬‬
‫‪53.522‬‬
‫‪-2.520‬‬
‫‪8.183‬‬
‫‪2.646‬‬
‫‪3.093‬‬
‫ﻋﺩﺩ ﺍﻻﺴﻬﻡ ﺍﻟﻤﺘﺩﺍﻭﻟﺔ‬
‫‪257,736.922‬‬
‫‪77,692.427‬‬
‫‪3.317‬‬
‫ﺤﺠﻡ ﺍﻟﺘﺩﺍﻭل‬
‫‪677,484.286‬‬
‫‪194,444.703‬‬
‫‪3.484‬‬
‫ﻋﺩﺩ ﺍﻟﻌﻘﻭﺩ ﺍﻟﻤﻨﻔﺫﺓ‬
‫‪133.071‬‬
‫‪29.132‬‬
‫‪4.568‬‬
‫ﻋﺎﺌﺩ ﺍﻟﺴﻬﻡ ﺍﻟﻭﺍﺤﺩ‬
‫‪0.117‬‬
‫‪0.021‬‬
‫‪5.702‬‬
‫ﺍﻟﻌﺎﺌﺩ ﻋﻠﻰ ﺤﻘﻭﻕ ﺍﻟﻤﺴﺎﻫﻤﻴﻥ‬
‫‪7.037‬‬
‫‪1.150‬‬
‫‪6.118‬‬
‫‪24.542‬‬
‫‪3.896‬‬
‫‪6.300‬‬
‫ﺍﻟﺭﺒﺢ ﻤﻥ ﺍﻟﻌﻤﻠﻴﺎﺕ ﺍﻟﻰ ﻤﺠﻤﻭﻉ ﺍﻴﺭﺍﺩﺍﺕ ﺍﻟﻔﺭﻭﻉ ‪%‬‬
‫‪3.725‬‬
‫‪0.514‬‬
‫‪7.246‬‬
‫ﺍﻟﻌﺎﺌﺩ ﺍﻟﻰ ﻤﺠﻤﻭﻉ ﺍﻟﻤﻭﺠﻭﺩﺍﺕ‬
‫‪3.327‬‬
‫‪0.311‬‬
‫‪10.689‬‬
‫ﺍﻟﺘﻭﺯﻴﻌﺎﺕ ﺍﻟﻨﻘﺩﻴﺔ ﻟﻠﺴﻬﻡ‬
‫‪0.025‬‬
‫‪0.002‬‬
‫‪10.793‬‬
‫ﻋﺩﺩ ﺍﻻﺴﻬﻡ ﺍﻟﻤﻜﺘﺘﺏ ﺒﻬﺎ‬
‫‪3,536,491.172‬‬
‫‪312,329.870‬‬
‫‪11.323‬‬
‫‪9.221‬‬
‫‪0.718‬‬
‫‪12.850‬‬
‫‪7,886,178.172‬‬
‫‪592,231.721‬‬
‫‪13.316‬‬
‫‪11.931‬‬
‫‪0.870‬‬
‫‪13.722‬‬
‫ﺍﻻﺭﺒﺎﺡ ﺍﻟﻤﻭﺯﻋﺔ ﺍﻟﻰ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ‬
‫‪1.860‬‬
‫‪0.124‬‬
‫‪15.027‬‬
‫ﺴﻌﺭ ﺍﻻﻏﻼﻕ‬
‫‪2.038‬‬
‫‪0.132‬‬
‫‪15.490‬‬
‫ﺍﻟﻘﻴﻤﺔ ﺍﻟﺩﻓﺘﺭﻴﺔ ﻟﻠﺴﻬﻡ ﺍﻟﻭﺍﺤﺩ‬
‫‪1.580‬‬
‫‪0.089‬‬
‫‪17.751‬‬
‫ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻰ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺩﻓﺘﺭﻴﺔ‬
‫‪1.405‬‬
‫‪0.075‬‬
‫‪18.719‬‬
‫ﻤﻌﺩل ﺩﻭﺭﺍﻥ ﺍﻟﺴﻬﻡ‬
‫ﺍﻻﺭﺒﺎﺡ ﺍﻟﻤﻭﺯﻋﺔ ﻟﻠﺴﻬﻡ ﺍﻟﻰ ﺍﻟﻌﺎﺌﺩ ﻟﻠﺴﻬﻡ‬
‫ﺼﺎﻓﻲ ﺍﻟﺭﺒﺢ ﺍﻟﻰ ﻤﺠﻤﻭﻉ ﺍﻴﺭﺍﺩﺍﺕ ﺍﻟﻔﺭﻭﻉ‬
‫ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﻟﻠﺴﻬﻡ‬
‫ﺼﺎﻓﻲ ﺍﻟﺭﺒﺢ ﻗﺒل ﺍﻟﻀﺭﻴﺒﺔ ﺍﻟﻰ ﻤﺠﻤﻭﻉ ﺍﻴﺭﺍﺩﺍﺕ ﺍﻟﻔﺭﻭﻉ‬
‫‪16‬‬
‫ﺍﻟﻘﻴﻤﺔ ﺍﻻﺴﻤﻴﺔ ﻟﻠﺴﻬﻡ‬
‫‪1.000‬‬
‫!‪#DIV/0‬‬
‫‪0.000‬‬
‫‪ 2-1‬ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﺇﻟﻰ ﺍﻟﻌﺎﺌﺩ ﺒﻤﻌﺎﻤل ﺍﺨﺘﻼﻑ ﻗﺩﺭﻩ )‪(-2.520‬‬
‫‪ 2-2‬ﻤﻌﺩل ﺩﻭﺍﺌﺭ ﺍﻟﺴﻬﻡ ﺒﻌﺎﻤل ﺍﺨﺘﻼﻑ ﻗﺩﺭﻩ )‪(3.093‬‬
‫‪ 2-3‬ﻋﺩﺩ ﺍﻷﺴﻬﻡ ﺍﻟﻤﺘﺩﺍﻭﻟﺔ ﺒﻤﻌﺎﻤل ﺍﺨﺘﻼﻑ ﻗﺩﺭﻩ )‪(3.317‬‬
‫‪ 2-4‬ﺤﺠﻡ ﺍﻟﺘﺩﺍﻭل ﺒﻤﻌﺎﻤل ﺍﺨﺘﻼﻑ ﻗﺩﺭﻩ )‪(3.484‬‬
‫ﺘﺭﺘﻴﺏ ﺃﻫﻡ ﺍﻟﻤﺘﻐﻴﺭﺍﺕ ﺍﻟﻤﺎﻟﻴﺔ ﻭﺍﻟﻤﺤﺎﺴﺒﻴﺔ ﺘﺄﺜﻴﺭﹰﺍ ﻋﻠﻰ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﻟﻠﺴﻬﻡ ﺒﺴﻭﻕ ﻋﻤﺎﻥ ﺍﻟﻤﺎﻟﻲ ﻟﺸﺭﻜﺎﺕ ﻗﻁﺎﻉ‬
‫ﺍﻟﺨﺩﻤﺎﺕ ‪.‬‬
‫ﺍﻟﻤﺘﻭﺴﻁ ﺍﻟﺤﺴﺎﺒﻲ‬
‫ﺍﻟﻤﺘﻐﻴﺭ‬
‫ﻤﻌﺎﻤل ﺍﻻﺨﺘﻼﻑ‬
‫ﺍﻟﺨﻁﺎﺀ ﺍﻟﻤﻌﻴﺎﺭﻱ‬
‫ﺍﻟﻌﺎﺌﺩ ﻋﻠﻰ ﺤﻘﻭﻕ ﺍﻟﻤﺴﺎﻫﻤﻴﻥ‬
‫‪2.612‬‬
‫‪6.739‬‬
‫‪0.388‬‬
‫ﺼﺎﻓﻲ ﺍﻟﺭﺒﺢ ﺍﻟﻰ ﺍﻟﻤﺒﻴﻌﺎﺕ‬
‫‪5.577‬‬
‫‪3.338‬‬
‫‪1.671‬‬
‫ﺼﺎﻓﻲ ﺍﻟﺭﺒﺢ ﻗﺒل ﺍﻟﻔﻭﺍﺌﺩ ﻭﺍﻟﻀﺭﻴﺒﺔ ﺍﻟﻰ ﺍﻟﻤﺒﻴﻌﺎﺕ‬
‫‪8.598‬‬
‫‪3.165‬‬
‫‪2.717‬‬
‫ﺍﻟﻌﺎﺌﺩ ﺍﻟﻰ ﻤﺠﻤﻭﻉ ﺍﻟﻤﻭﺠﻭﺩﺍﺕ‬
‫‪5.196‬‬
‫‪1.651‬‬
‫‪3.147‬‬
‫‪14,183,101.660‬‬
‫‪4,373,495.946‬‬
‫‪3.243‬‬
‫‪3,886,110.550‬‬
‫‪1,007,825.744‬‬
‫‪3.856‬‬
‫ﻤﻌﺩل ﺩﻭﺭﺍﻥ ﺍﻟﺴﻬﻡ‬
‫‪20.751‬‬
‫‪4.570‬‬
‫‪4.541‬‬
‫ﻋﺎﺌﺩ ﺍﻟﺴﻬﻡ ﺍﻟﻭﺍﺤﺩ‬
‫‪0.442‬‬
‫‪0.072‬‬
‫‪6.125‬‬
‫ﻋﺩﺩ ﺍﻟﻌﻘﻭﺩ ﺍﻟﻤﻨﻔﺫﺓ‬
‫‪8,477.560‬‬
‫‪1,031.682‬‬
‫‪8.217‬‬
‫ﺍﻻﺭﺒﺎﺡ ﺍﻟﻤﻭﺯﻋﺔ ﺍﻟﻰ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ‬
‫‪5.312‬‬
‫‪0.478‬‬
‫‪11.117‬‬
‫ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻰ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺩﻓﺘﺭﻴﺔ‬
‫‪1.534‬‬
‫‪0.131‬‬
‫‪11.673‬‬
‫‪28.270‬‬
‫‪2.178‬‬
‫‪12.977‬‬
‫‪6.369‬‬
‫‪0.477‬‬
‫‪13.339‬‬
‫‪64.100‬‬
‫‪4.775‬‬
‫‪13.424‬‬
‫‪85,890,436.590‬‬
‫‪5,824,802.559‬‬
‫‪14.746‬‬
‫ﺍﻟﺘﻭﺯﻴﻌﺎﺕ ﺍﻟﻨﻘﺩﻴﺔ ﻟﻠﺴﻬﻡ‬
‫‪0.399‬‬
‫‪0.022‬‬
‫‪17.850‬‬
‫ﺍﻟﻘﻴﻤﺔ ﺍﻟﺩﻓﺘﺭﻴﺔ ﻟﻠﺴﻬﻡ ﺍﻟﻭﺍﺤﺩ‬
‫‪4.069‬‬
‫‪0.220‬‬
‫‪18.518‬‬
‫ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻰ ﺍﻟﻌﺎﺌﺩ‬
‫‪15.384‬‬
‫‪0.815‬‬
‫‪18.879‬‬
‫ﻋﺩﺩ ﺍﻻﺴﻬﻡ ﺍﻟﻤﻜﺘﺘﺏ ﺒﻬﺎ‬
‫‪31,746,987.440‬‬
‫‪1,583,554.379‬‬
‫‪20.048‬‬
‫‪1.800‬‬
‫‪0.000‬‬
‫!‪#DIV/0‬‬
‫ﺤﺠﻡ ﺍﻟﺘﺩﺍﻭل‬
‫ﻋﺩﺩ ﺍﻻﺴﻬﻡ ﺍﻟﻤﺘﺩﺍﻭﻟﺔ‬
‫ﺍﺠﻤﺎﻟﻲ ﺍﻟﺭﺒﺢ ﻤﻥ ﺍﻟﻌﻤﻠﻴﺎﺕ ﺍﻟﻰ ﺍﻟﻤﺒﻴﻌﺎﺕ‬
‫ﺴﻌﺭ ﺍﻻﻏﻼﻕ‬
‫ﺍﻻﺭﺒﺎﺡ ﺍﻟﻤﻭﺯﻋﺔ ﻟﻠﺴﻬﻡ ﺍﻟﻰ ﺍﻟﻌﺎﺌﺩ ﻟﻠﺴﻬﻡ‬
‫ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﻟﻠﺴﻬﻡ‬
‫ﺍﻟﻘﻴﻤﺔ ﺍﻻﺴﻤﻴﺔ ﻟﻠﺴﻬﻡ‬
‫‪3-1‬‬
‫‪3-2‬‬
‫ﺍﻟﻌﺎﺌﺩ ﻋﻠﻰ ﺤﻘﻭﻕ ﺍﻟﻤﺴﺎﻫﻤﻴﻥ ﺒﻤﻌﺎﻤل ﺍﺨﺘﻼﻑ ﻗﺩﺭﻩ )‪.(0.388‬‬
‫ﺼﺎﻓﻲ ﺍﻟﺭﺒﺢ ﺇﻟﻰ ﺍﻟﻤﺒﻴﻌﺎﺕ ﺒﻤﻌﺎﻤل ﺍﺨﺘﻼﻑ ﻗﺩﺭﻩ )‪.(1.671‬‬
‫‪3-3‬‬
‫ﺼﺎﻓﻲ ﺍﻟﺭﺒﺢ ﻗﺒل ﺍﻟﻔﻭﺍﺌﺩ ﻭﺍﻟﻀﺭﻴﺒﺔ ﺇﻟﻰ ﺍﻟﻤﺒﻴﻌﺎﺕ ﺒﻤﻌﺎﻤل ﺍﺨﺘﻼﻑ ﻗﺩﺭﻩ )‪.(2.717‬‬
‫‪3-4‬‬
‫ﺍﻟﻌﺎﺌﺩ ﻋﻠﻰ ﻤﺠﻤﻭﻉ ﺍﻟﻤﻭﺠﻭﺩﺍﺕ ﺇﻟﻰ ﺍﻟﻤﺒﻴﻌﺎﺕ ﺒﻤﻌﺎﻤل ﺍﺨﺘﻼﻑ ﻗﺩﺭﻩ )‪.(3.147‬‬
‫‪17‬‬
‫‪-4‬ﺘﺭﺘﻴﺏ ﺃﻫﻡ ﺍﻟﻤﺘﻐﻴﺭﺍﺕ ﺍﻟﻤﺎﻟﻴﺔ ﻭﺍﻟﻤﺤﺎﺴﺒﻴﺔ ﺘﺄﺜﻴﺭﹰﺍ ﻋﻠﻰ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﻟﻠﺴﻬﻡ ﺒﺴﻭﻕ ﻋﻤﺎﻥ ﺍﻟﻤﺎﻟﻲ ﻟﺸﺭﻜﺎﺕ‬
‫ﻗﻁﺎﻉ ﺍﻟﺼﻨﺎﻋﺔ ‪.‬‬
‫ﺍﻟﻤﺘﻐﻴﺭ‬
‫ﺍﻟﺨﻁﺎﺀ ﺍﻟﻤﻌﻴﺎﺭﻱ‬
‫ﻤﻌﺎﻤل ﺍﻻﺨﺘﻼﻑ‬
‫ﺍﻟﻤﺘﻭﺴﻁ ﺍﻟﺤﺴﺎﺒﻲ‬
‫ﺍﻟﻌﺎﺌﺩ ﻋﻠﻰ ﺤﻘﻭﻕ ﺍﻟﻤﺴﺎﻫﻤﻴﻥ ‪2.612‬‬
‫‪6.739‬‬
‫‪0.388‬‬
‫ﺼﺎﻓﻲ ﺍﻟﺭﺒﺢ ﺍﻟﻰ ﺍﻟﻤﺒﻴﻌﺎﺕ ‪5.577‬‬
‫‪3.338‬‬
‫‪1.671‬‬
‫ﺼﺎﻓﻲ ﺍﻟﺭﺒﺢ ﻗﺒل ﺍﻟﻔﻭﺍﺌﺩ ﻭﺍﻟﻀﺭﻴﺒﺔ ﺍﻟﻰ ﺍﻟﻤﺒﻴﻌﺎﺕ ‪8.598‬‬
‫‪3.165‬‬
‫‪2.717‬‬
‫ﺍﻟﻌﺎﺌﺩ ﺍﻟﻰ ﻤﺠﻤﻭﻉ ﺍﻟﻤﻭﺠﻭﺩﺍﺕ ‪5.196‬‬
‫‪1.651‬‬
‫‪3.147‬‬
‫‪4,373,495.946‬‬
‫‪3.243‬‬
‫‪1,007,825.744‬‬
‫‪3.856‬‬
‫ﻤﻌﺩل ﺩﻭﺭﺍﻥ ﺍﻟﺴﻬﻡ ‪20.751‬‬
‫‪4.570‬‬
‫‪4.541‬‬
‫ﻋﺎﺌﺩ ﺍﻟﺴﻬﻡ ﺍﻟﻭﺍﺤﺩ ‪0.442‬‬
‫‪0.072‬‬
‫‪6.125‬‬
‫ﻋﺩﺩ ﺍﻟﻌﻘﻭﺩ ﺍﻟﻤﻨﻔﺫﺓ ‪8,477.560‬‬
‫‪1,031.682‬‬
‫‪8.217‬‬
‫ﺍﻻﺭﺒﺎﺡ ﺍﻟﻤﻭﺯﻋﺔ ﺍﻟﻰ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ‪5.312‬‬
‫‪0.478‬‬
‫‪11.117‬‬
‫ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻰ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺩﻓﺘﺭﻴﺔ ‪1.534‬‬
‫‪0.131‬‬
‫‪11.673‬‬
‫‪2.178‬‬
‫‪12.977‬‬
‫‪0.477‬‬
‫‪13.339‬‬
‫‪4.775‬‬
‫‪13.424‬‬
‫‪5,824,802.559‬‬
‫‪14.746‬‬
‫ﺍﻟﺘﻭﺯﻴﻌﺎﺕ ﺍﻟﻨﻘﺩﻴﺔ ﻟﻠﺴﻬﻡ ‪0.399‬‬
‫‪0.022‬‬
‫‪17.850‬‬
‫ﺍﻟﻘﻴﻤﺔ ﺍﻟﺩﻓﺘﺭﻴﺔ ﻟﻠﺴﻬﻡ ﺍﻟﻭﺍﺤﺩ ‪4.069‬‬
‫‪0.220‬‬
‫‪18.518‬‬
‫ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻰ ﺍﻟﻌﺎﺌﺩ ‪15.384‬‬
‫‪0.815‬‬
‫‪18.879‬‬
‫ﻋﺩﺩ ﺍﻻﺴﻬﻡ ﺍﻟﻤﻜﺘﺘﺏ ﺒﻬﺎ ‪31,746,987.440‬‬
‫‪1,583,554.379‬‬
‫‪20.048‬‬
‫‪0.000‬‬
‫!‪#DIV/0‬‬
‫ﺤﺠﻡ ﺍﻟﺘﺩﺍﻭل ‪14,183,101.660‬‬
‫ﻋﺩﺩ ﺍﻻﺴﻬﻡ ﺍﻟﻤﺘﺩﺍﻭﻟﺔ ‪3,886,110.550‬‬
‫ﺍﺠﻤﺎﻟﻲ ﺍﻟﺭﺒﺢ ﻤﻥ ﺍﻟﻌﻤﻠﻴﺎﺕ ﺍﻟﻰ ﺍﻟﻤﺒﻴﻌﺎﺕ ‪28.270‬‬
‫ﺴﻌﺭ ﺍﻻﻏﻼﻕ ‪6.369‬‬
‫ﺍﻻﺭﺒﺎﺡ ﺍﻟﻤﻭﺯﻋﺔ ﻟﻠﺴﻬﻡ ﺍﻟﻰ ﺍﻟﻌﺎﺌﺩ ﻟﻠﺴﻬﻡ ‪64.100‬‬
‫ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﻟﻠﺴﻬﻡ ‪85,890,436.590‬‬
‫ﺍﻟﻘﻴﻤﺔ ﺍﻻﺴﻤﻴﺔ ﻟﻠﺴﻬﻡ ‪1.800‬‬
‫‪1-4‬‬
‫ﻤﻌﺎﻤل ﺍﺨﺘﻼﻑ ﺍﻟﻌﺎﺌﺩ ﻏﻠﻰ ﺤﻘﻭﻕ ﺍﻟﻤﺴﺎﻫﻤﻴﻥ ﺒﻌﺎﻤل ﺍﺨﺘﻼﻑ )‪( 1.671‬‬
‫‪2-4‬‬
‫ﺼﺎﻓﻲ ﺍﻟﺭﺒﺢ ﺇﻟﻰ ﺍﻟﻤﺒﻴﻌﺎﺕ ﺒﻤﻌﺎﻤل ﺍﺨﺘﻼﻑ ﻗﺩﺭﻩ )‪(2.717‬‬
‫‪3-4‬‬
‫ﺼﺎﻓﻲ ﺍﻟﺭﺒﺢ ﻗﺒل ﺍﻟﻔﻭﺍﺘﻴﺭ ﻭﺍﻟﻀﺭﻴﺒﺔ ﺇﻟﻰ ﺍﻟﻤﺒﻴﻌﺎﺕ ﺒﻌﺎﻤل ﺍﺨﺘﻼﻑ )‪(2.717‬‬
‫‪4-4‬‬
‫‪18‬‬
‫ﺍﻟﻌﺎﺌﺩ ﺃﻻ ﻤﺠﻤﻭﻉ ﺍﻟﻤﻭﺠﻭﺩﺍﺕ ﺒﻌﺎﻤل ﺍﺨﺘﻼﻑ )‪( 3.147‬‬
‫ﺍﺨﺘﺒﺎﺭ ﻤﺼﻔﻭﻓﺎﺕ ﺍﻻﺭﺘﺒﺎﻁ ﻟﻘﻴﺎﺱ ﺍﻟﻤﺘﻐﻴﺭﺍﺕ ﺍﻟﻤﺴﺘﻘﻠﺔ ﻭﺩﺭﺠﺔ ﺃﺜﺭﻫﺎ ﻋﻠﻰ ﺍﻟﻤﺘﻐﻴﺭ ﺍﻟﺘﺎﺒﻊ‬
‫ﻤﺼﻔﻭﻓﺔ ﺍﻹﺭﺘﺒﺎﻁ ﺒﻴﻥ ﺍﻟﻤﺘﻐﻴﺭﺍﺕ ﺍﻟﻤﺎﻟﻴﺔ ﻭﺍﻟﻤﺤﺎﺴﺒﻴﺔ ﻭﺃﺜﺭﻫﺎ ﻋﻠﻰ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﻟﻠﺴﻬﻡ ﺒﺴﻭﻕ ﻋﻤﺎﻥ ﺍﻟﻤﺎﻟﻲ‬
‫ﻟﺸﺭﻜﺎﺕ ﻗﻁﺎﻉ ﺍﻟﺒﻨﻭﻙ ‪.‬‬
‫‪ -1‬ﻋﻼﻗﺔ ﺍﻻﺭﺘﺒﺎﻁ ﺒﻴﻥ ﺍﻟﻤﺘﻐﻴﺭﺍﺕ ﺍﻟﻤﺎﻟﻴﺔ ﻭﺍﻟﻤﺤﺎﺴﺒﻴﺔ ﻭﻋﻠﻰ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﻟﻠﺴﻬﻡ ﺒﺴﻭﻕ ﻋﻤﺎﻥ‬
‫ﺍﻟﻤﺎﻟﻲ ﻟﺸﺭﻜﺎﺕ ﻗﻁﺎﻉ ﺍﻟﺒﻨﻭﻙ ‪.‬‬
‫ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﻟﻠﺴﻬﻡ‬
‫**‪.995‬‬
‫ﺴﻌﺭ ﺍﻻﻏﻼﻕ‬
‫‪0.005‬‬
‫ﻋﺩﺩ ﺍﻻﺴﻬﻡ ﺍﻟﻤﺘﺩﺍﻭﻟﺔ‬
‫ﺍﻟﻘﻴﻤﺔ ﺍﻟﺩﻓﺘﺭﻴﺔ ﻟﻠﺴﻬﻡ ﺍﻟﻭﺍﺤﺩ‬
‫ﺍﻻﺭﺒﺎﺡ ﺍﻟﻤﻭﺯﻋﺔ ﺍﻟﻰ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ‬
‫ﺍﻻﺭﺒﺎﺡ ﺍﻟﻤﻭﺯﻋﺔ ﻟﻠﺴﻬﻡ ﺍﻟﻰ ﺍﻟﻌﺎﺌﺩ ﻟﻠﺴﻬﻡ‬
‫ﺍﻟﻌﺎﺌﺩ ﺍﻟﻰ ﺤﻘﻭﻕ ﺍﻟﻤﺴﺎﻫﻤﻴﻥ‬
‫ﺼﺎﻓﻲ ﺍﻟﺭﺒﺢ ﺍﻟﻰ ﺍﺠﻤﺎﻟﻲ ﺍﻻﻴﺭﺍﺩﺍﺕ‬
‫ﺍﺠﻤﺎﻟﻲ ﺍﻻﻴﺭﺍﺩﺍﺕ ﺍﻟﻰ ﺍﻟﻤﻭﺠﻭﺩﺍﺕ‬
‫‪*966.‬‬
‫‪0.034‬‬
‫‪*-0.981‬‬
‫‪0.019‬‬
‫‪0.950‬‬
‫‪0.05‬‬
‫**‪0.994‬‬
‫‪0.006‬‬
‫*‪0.959‬‬
‫‪0.041‬‬
‫**‪0.991‬‬
‫‪0.009‬‬
‫*‪0.975‬‬
‫‪0.025‬‬
‫*‪0.968‬‬
‫ﻤﺨﺼﺹ ﺍﻟﺘﺴﻬﻴﻼﺕ ﺍﻻﺌﺘﻤﺎﻨﻴﺔ ﻭﺍﻟﻔﻭﺍﺌﺩ ﺍﻟﻤﻌﻠﻘﺔ ‪ /‬ﺼﺎﻓﻲ ﺍﻟﺘﺴﻬﻴﻼﺕ‬
‫‪0.032‬‬
‫ﻴﻼﺤﻅ ﻤﻥ ﺍﻟﺠﺩﻭل ﺍﻟﺴﺎﺒﻕ ﺍﺴﺘﻨﺘﺎﺝ ﺍﻟﻨﺘﺎﺌﺞ ﺍﻟﺘﺎﻟﻴﺔ ‪:‬‬
‫ﺇﻥ ﺃﻜﺜﺭ ﺍﻟﻌﻭﺍﻤل ﺘﺄﺜﻴﺭﹰﺍ ﻭﺍﺭﺘﺒﺎﻁﹰﺎ ﻀﻤﻥ ﺍﻟﻤﺘﻐﻴﺭﺍﺕ ﺍﻟﺴﺎﺒﻘﺔ ﻤﻊ ﺍﻟﻤﺘﻐﻴﺭ ﺍﻟﺘﺎﺒﻊ ﻭﻫﻭ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﻟﻠﺴﻬﻡ ﻓﻘﺩ ﺠﺎﺀ‬
‫ﺘﺭﺘﻴﺒﻬﺎ ﻋﻠﻰ ﺍﻟﻨﺤﻭ ﺍﻟﺘﺎﻟﻲ‪:‬‬
‫)‪(1‬‬
‫ﺴﻌﺭ ﺍﻹﻏﻼﻕ ﺒﻤﻌﺎﻤل ﺇﺭﺘﺒﺎﻁ ﺒﻠﻎ** ‪0.995‬‬
‫)‪(2‬‬
‫ﺍﻷﺭﺒﺎﺡ ﺍﻟﻤﻭﺯﻋﺔ ﻟﻠﺴﻬﻡ ﺇﻟﻰ ﺍﻟﻌﺎﺌﺩ ﻟﻠﺴﻬﻡ ﺒﻤﻌﺎﻤل ﺍﺭﺘﺒﺎﻁ ﺒﻠﻎ‬
‫)‪(3‬‬
‫‪.0.994‬‬
‫ﺼﺎﻓﻲ ﺍﻟﺭﺒﺢ ﺇﻟﻰ ﺇﺠﻤﺎﻟﻲ ﺍﻹﻴﺭﺍﺩﺍﺕ ﺒﻤﻌﺎﻤل ﺍﺭﺘﺒﺎﻁ ﺒﻠﻎ‬
‫‪.0.991‬‬
‫ﻜﻤﺎ ﻟﻭﺤﻅ ﺃﻥ ﺍﻟﻌﻭﺍﻤل ﺍﻷﻗل ﺘﺄﺜﻴﺭﹰﺍ ﻀﻤﻥ ﺍﻟﻌﻼﻗﺎﺕ ﺍﻟﻤﺒﻴﻨﺔ ﻓﻲ ﺍﻟﻤﺼﻔﻭﻓﺔ ﺍﻟﺴﺎﺒﻘﺔ ﻗﺩ ﺠﺎﺀﺕ ﻋﻠﻰ ﺍﻟﻨﺤﻭ ﺍﻟﺘﺎﻟﻲ‪:‬‬
‫)‪(1‬‬
‫ﺍﻷﺭﺒﺎﺡ ﺍﻟﻤﻭﺯﻋﺔ ﺇﻟﻰ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﺒﻤﻌﺎﻤل ﺍﺭﺘﺒﺎﻁ ﺒﻠﻎ ‪.0.950‬‬
‫)‪(3‬‬
‫ﻤﺨﺼﺹ ﺍﻟﺘﺴﻬﻴﻼﺕ ﺍﻻﺌﺘﻤﺎﻨﻴﺔ ﻭﺍﻟﻔﻭﺍﺌﺩ ﺍﻟﻤﻌﻠﻘﺔ ﺇﻟﻰ ﺼﺎﻓﻲ ﺍﻟﺘﺴﻬﻴﻼﺕ ﺒﻤﻌﺎﻤل ﺍﺭﺘﺒﺎﻁ ﺒﻠﻎ‬
‫)‪(2‬‬
‫ﺍﻟﻌﺎﺌﺩ ﻋﻠﻰ ﺤﻘﻭﻕ ﺍﻟﻤﺴﺎﻫﻤﻴﻥ ﺒﻤﻌﺎﻤل ﺍﺭﺘﺒﺎﻁ ﺒﻠﻎ ‪.0.959‬‬
‫‪.0.968‬‬
‫‪19‬‬
‫ﻭﻓﻲ ﻀﻭﺀ ﺍﻟﻨﺘﺎﺌﺞ ﺍﻟﺴﺎﺒﻘﺔ ﻓﻘﺩ ﺜﺒﺕ ﻋﺩﻡ ﺼﺤﺔ ﺍﻟﻔﺭﻀﻴﺔ ﺍﻟﺜﺎﻨﻴﺔ ﺤﻴﺙ ﺃﻭﻀﺢ ﺍﻟﺘﺤﻠﻴل ﺍﻟﻜﻤﻲ ﻭﺠﻭﺩ ﻋﻼﻗﺔ‬
‫ﺍﺭﺘﺒﺎﻁﻴﺔ ﺒﻴﻥ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﻟﻠﺴﻬﻡ ﻭﻜل ﻤﻥ ﺴﻌﺭ ﺍﻹﻏﻼﻕ ﻭﺍﻷﺭﺒﺎﺡ ﺍﻟﻤﻭﺯﻋﺔ ﺇﻟﻰ ﺍﻟﺴﻬﻡ ﺇﻟﻰ ﻋﺎﺌﺩ ﻟﻠﺴﻬﻡ ﻭ‬
‫ﺼﺎﻓﻲ ﺍﻟﺭﺒﺢ ﺇﻟﻰ ﺇﺠﻤﺎﻟﻲ ﺍﻹﻴﺭﺍﺩﺍﺕ ﻤﻤﺎ ﻴﻌﻨﻲ ﻭﺠﻭﺩ ﺘﺄﺜﻴﺭ ﻟﻠﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﻤﺤﺎﺴﺒﻴﺔ ﻭﺍﻟﻤﺎﻟﻴﺔ ﻋﻠﻰ ﻗﺭﺍﺭﺍﺕ‬
‫ﺍﻻﺴﺘﺜﻤﺎﺭ ﺒﺴﻭﻕ ﻋﻤﺎﻥ ﺍﻟﻤﺎﻟﻲ ﻟﻘﻁﺎﻉ ﺍﻟﺒﻨﻭﻙ‪.‬‬
‫‪ -1‬ﻋﻼﻗﺔ ﺍﻻﺭﺘﺒﺎﻁ ﺒﻴﻥ ﺍﻟﻤﺘﻐﻴﺭﺍﺕ ﺍﻟﻤﺎﻟﻴﺔ ﻭﺍﻟﻤﺤﺎﺴﺒﻴﺔ ﻭﻋﻠﻰ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﻟﻠﺴﻬﻡ ﺒﺴﻭﻕ ﻋﻤﺎﻥ‬
‫ﺍﻟﻤﺎﻟﻲ ﻟﺸﺭﻜﺎﺕ ﻗﻁﺎﻉ ﺍﻟﺘﺄﻤﻴﻥ ‪.‬‬
‫ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﻟﻠﺴﻬﻡ‬
‫ﻋﺩﺩ ﺍﻻﺴﻬﻡ ﺍﻟﻤﺘﺩﺍﻭﻟﺔ‬
‫ﻋﺩﺩ ﺍﻟﻌﻘﻭﺩ ﺍﻟﻤﻨﻔﺫﺓ‬
‫ﻋﺩﺩ ﺍﻻﺴﻬﻡ ﺍﻟﻤﻜﺘﺘﺏ ﺒﻬﺎ‬
‫ﻤﻌﺩل ﺩﻭﺭﺍﻥ ﺍﻟﺴﻬﻡ‬
‫ﺍﻟﺘﻭﺯﻴﻌﺎﺕ ﺍﻟﻨﻘﺩﻴﺔ ﻟﻠﺴﻬﻡ‬
‫ﺍﻟﻘﻴﻤﺔ ﺍﻟﺩﻓﺘﺭﻴﺔ ﻟﻠﺴﻬﻡ ﺍﻟﻭﺍﺤﺩ‬
‫ﺍﻻﺭﺒﺎﺡ ﺍﻟﻤﻭﺯﻋﺔ ﻟﻠﺴﻬﻡ ﺍﻟﻰ ﺍﻟﻌﺎﺌﺩ ﻟﻠﺴﻬﻡ‬
‫ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻰ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺩﻓﺘﺭﻴﺔ‬
‫ﺼﺎﻓﻲ ﺍﻟﺭﺒﺢ ﻗﺒل ﺍﻟﻀﺭﻴﺒﺔ ﺍﻟﻰ ﻤﺠﻤﻭﻉ ﺍﻴﺭﺍﺩﺍﺕ ﺍﻟﻔﺭﻭﻉ‬
‫ﺼﺎﻓﻲ ﺍﻟﺭﺒﺢ ﺍﻟﻰ ﻤﺠﻤﻭﻉ ﺍﻴﺭﺍﺩﺍﺕ ﺍﻟﻔﺭﻭﻉ‬
‫*‪0.972‬‬
‫‪0.028‬‬
‫**‪.996‬‬
‫‪0.004‬‬
‫*‪0.964‬‬
‫‪0.036‬‬
‫*‪0.972‬‬
‫‪0.028‬‬
‫**‪0.999‬‬
‫‪0.001‬‬
‫*‪0.970‬‬
‫‪0.03‬‬
‫*‪0.981‬‬
‫‪0.019‬‬
‫*‪0.986‬‬
‫‪0.014‬‬
‫*‪0.957‬‬
‫‪0.043‬‬
‫*‪0.978‬‬
‫‪0.022‬‬
‫ﻴﻼﺤﻅ ﻤﻥ ﺍﻟﺠﺩﻭل ﺍﻟﺴﺎﺒﻕ ﺍﺴﺘﻨﺘﺎﺝ ﺍﻟﻨﺘﺎﺌﺞ ﺍﻟﺘﺎﻟﻴﺔ ‪:‬‬
‫ﺇﻥ ﺃﻜﺜﺭ ﺍﻟﻌﻭﺍﻤل ﺘﺄﺜﻴﺭﹰﺍ ﻭﺍﺭﺘﺒﺎﻁﹰﺎ ﻀﻤﻥ ﺍﻟﻤﺘﻐﻴﺭﺍﺕ ﺍﻟﺴﺎﺒﻘﺔ ﻤﻊ ﺍﻟﻤﺘﻐﻴﺭ ﺍﻟﺘﺎﺒﻊ ﻭﻫﻭ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﻟﻠﺴﻬﻡ ﻓﻘﺩ ﺠﺎﺀ‬
‫ﺘﺭﺘﻴﺒﻬﺎ ﻋﻠﻰ ﺍﻟﻨﺤﻭ ﺍﻟﺘﺎﻟﻲ‪:‬‬
‫)‪(1‬‬
‫ﻋﺩﺩ ﺍﻟﻌﻘﻭﺩ ﺍﻟﻤﻨﻔﺫﺓ ﺒﻤﻌﺎﻤل ﺇﺭﺘﺒﺎﻁ ﺒﻠﻎ** ‪0.996‬‬
‫)‪(2‬‬
‫ﺍﻟﺘﻭﺯﻴﻌﺎﺕ ﺍﻟﻨﻘﺩﻴﺔ ﻟﻠﺴﻬﻡ ﺒﻤﻌﺎﻤل ﺍﺭﺘﺒﺎﻁ ﺒﻠﻎ ** ‪.0.999‬‬
‫)‪(3‬‬
‫ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﺇﻟﻰ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺩﻓﺘﺭﻴﺔ ﺒﻤﻌﺎﻤل ﺍﺭﺘﺒﺎﻁ ﺒﻠﻎ * ‪.0.986‬‬
‫ﻜﻤﺎ ﻟﻭﺤﻅ ﺃﻥ ﺍﻟﻌﻭﺍﻤل ﺍﻷﻗل ﺘﺄﺜﻴﺭﹰﺍ ﻀﻤﻥ ﺍﻟﻌﻼﻗﺎﺕ ﺍﻟﻤﺒﻴﻨﺔ ﻓﻲ ﺍﻟﻤﺼﻔﻭﻓﺔ ﺍﻟﺴﺎﺒﻘﺔ ﻗﺩ ﺠﺎﺀﺕ ﻋﻠﻰ ﺍﻟﻨﺤﻭ ﺍﻟﺘﺎﻟﻲ‪:‬‬
‫)‪ (1‬ﺼﺎﻓﻲ ﺍﻟﺭﺒﺢ ﻗﺒل ﺍﻟﻀﺭﻴﺒﺔ ﺇﻟﻰ ﻤﺠﻤﻭﻉ ﺇﻴﺭﺍﺩﺍﺕ ﺍﻟﻔﺭﻭﻉ ﺒﻤﻌﺎﻤل ﺍﺭﺘﺒﺎﻁ ﺒﻠﻎ * ‪.0.957‬‬
‫)‪ (2‬ﻋﺩﺩ ﺍﻷﺴﻬﻡ ﺍﻟﻤﻜﺘﺘﺏ ﺒﻬﺎ ﺒﻤﻌﺎﻤل ﺍﺭﺘﺒﺎﻁ ﺒﻠﻎ * ‪.0.964‬‬
‫‪20‬‬
‫)‪ (3‬ﺍﻟﻘﻴﻤﺔ ﺍﻟﺩﻓﺘﺭﻴﺔ ﻟﻠﺴﻬﻡ ﺍﻟﻭﺍﺤﺩ ﺒﻤﻌﺎﻤل ﺍﺭﺘﺒﺎﻁ ﺒﻠﻎ * ‪.0.970‬‬
‫ﻭﻓﻲ ﻀﻭﺀ ﺍﻟﻨﺘﺎﺌﺞ ﺍﻟﺴﺎﺒﻘﺔ ﻓﻘﺩ ﺜﺒﺕ ﻋﺩﻡ ﺼﺤﺔ ﺍﻟﻔﺭﻀﻴﺔ ﺍﻟﺜﺎﻨﻴﺔ ﺤﻴﺙ ﺃﻭﻀﺢ ﺍﻟﺘﺤﻠﻴل ﺍﻟﻜﻤﻲ ﻭﺠﻭﺩ ﻋﻼﻗﺔ‬
‫ﺍﺭﺘﺒﺎﻁﻴﺔ ﺒﻴﻥ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﻟﻠﺴﻬﻡ ﻭﻜل ﻤﻥ ﻋﺩﺩ ﺍﻟﻌﻘﻭﺩ ﺍﻟﻤﻨﻔﺫﺓ ﻭﺍﻟﺘﻭﺯﻴﻌﺎﺕ ﺍﻟﻨﻘﺩﻴﺔ ﻟﻠﺴﻬﻡ ﻭﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﺇﻟﻰ‬
‫ﺍﻟﻘﻴﻤﺔ ﺍﻟﺩﻓﺘﺭﻴﺔ ﻭﺫﻟﻙ ﻟﻠﺸﺭﻜﺎﺕ ﺍﻟﺘﻲ ﺘﻨﺘﻤﻲ ﺇﻟﻰ ﻗﻁﺎﻉ ﺍﻟﺘﺄﻤﻴﻥ‪.‬‬
‫‪ -3‬ﻋﻼﻗﺔ ﺍﻻﺭﺘﺒﺎﻁ ﺒﻴﻥ ﺍﻟﻤﺘﻐﻴﺭﺍﺕ ﺍﻟﻤﺎﻟﻴﺔ ﻭﺍﻟﻤﺤﺎﺴﺒﻴﺔ ﻭﺒﻴﻥ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﻟﻠﺴﻬﻡ ﺒﺴﻭﻕ ﻋﻤﺎﻥ ﺍﻟﻤﺎﻟﻲ ﻟﺸﺭﻜﺎﺕ‬
‫ﻗﻁﺎﻉ ﺍﻟﺨﺩﻤﺎﺕ ‪.‬‬
‫ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﻟﻠﺴﻬﻡ‬
‫ﻋﺩﺩ ﺍﻟﻌﻘﻭﺩ ﺍﻟﻤﻨﻔﺫﺓ‬
‫ﻋﺩﺩ ﺍﻻﺴﻬﻡ ﺍﻟﻤﻜﺘﺘﺏ ﺒﻬﺎ‬
‫ﻤﻌﺩل ﺩﻭﺭﺍﻥ ﺍﻟﺴﻬﻡ‬
‫ﺍﻟﺘﻭﺯﻴﻌﺎﺕ ﺍﻟﻨﻘﺩﻴﺔ ﻟﻠﺴﻬﻡ‬
‫ﺍﻟﻘﻴﻤﺔ ﺍﻟﺩﻓﺘﺭﻴﺔ ﻟﻠﺴﻬﻡ ﺍﻟﻭﺍﺤﺩ‬
‫ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻰ ﺍﻟﻌﺎﺌﺩ‬
‫ﺍﻻﺭﺒﺎﺡ ﺍﻟﻤﻭﺯﻋﺔ ﻟﻠﺴﻬﻡ ﺍﻟﻰ ﺍﻟﻌﺎﺌﺩ ﻟﻠﺴﻬﻡ‬
‫ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻰ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺩﻓﺘﺭﻴﺔ‬
‫ﺍﺠﻤﺎﻟﻲ ﺍﻟﺭﺒﺢ ﻤﻥ ﺍﻟﻌﻤﻠﻴﺎﺕ ﺍﻟﻰ ﺍﻻﻴﺭﺍﺩﺍﺕ‬
‫ﺼﺎﻓﻲ ﺍﻟﺭﺒﺢ ﻗﺒل ﺍﻟﻔﻭﺍﺌﺩ ﻭﺍﻟﻀﺭﻴﺒﺔ ﺍﻟﻰ ﺍﻻﻴﺭﺍﺩﺍﺕ‬
‫ﺼﺎﻓﻲ ﺍﻟﺭﺒﺢ ﺍﻟﻰ ﺍﻻﻴﺭﺍﺩﺍﺕ‬
‫**‪.993‬‬
‫‪0.007‬‬
‫*‪.983‬‬
‫‪0.017‬‬
‫*‪.966‬‬
‫‪0.034‬‬
‫*‪.951‬‬
‫‪0.049‬‬
‫*‪.954‬‬
‫‪0.046‬‬
‫*‪.952‬‬
‫‪0.048‬‬
‫*‪.980‬‬
‫‪0.02‬‬
‫*‪.956‬‬
‫‪0.044‬‬
‫**‪.999‬‬
‫‪0.001‬‬
‫**‪.993‬‬
‫‪0.007‬‬
‫**‪.997‬‬
‫‪0.003‬‬
‫*‪.984‬‬
‫ﺍﻟﻌﺎﺌﺩ ﺍﻟﻰ ﻤﺠﻤﻭﻉ ﺍﻟﻤﻭﺠﻭﺩﺍﺕ‬
‫‪0.016‬‬
‫ﻴﻼﺤﻅ ﻤﻥ ﺍﻟﺠﺩﻭل ﺍﻟﺴﺎﺒﻕ ﺍﺴﺘﻨﺘﺎﺝ ﺍﻟﻨﺘﺎﺌﺞ ﺍﻟﺘﺎﻟﻴﺔ ‪:‬‬
‫ﺇﻥ ﺃﻜﺜﺭ ﺍﻟﻌﻭﺍﻤل ﺘﺄﺜﻴﺭﹰﺍ ﻭﺍﺭﺘﺒﺎﻁﹰﺎ ﻀﻤﻥ ﺍﻟﻤﺘﻐﻴﺭﺍﺕ ﺍﻟﺴﺎﺒﻘﺔ ﻤﻊ ﺍﻟﻤﺘﻐﻴﺭ ﺍﻟﺘﺎﺒﻊ ﻭﻫﻭ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﻟﻠﺴﻬﻡ ﻓﻘﺩ ﺠﺎﺀ‬
‫ﺘﺭﺘﻴﺒﻬﺎ ﻋﻠﻰ ﺍﻟﻨﺤﻭ ﺍﻟﺘﺎﻟﻲ‪:‬‬
‫‪ -1‬ﺍﺠﻤﺎﻟﻲ ﺍﻟﺭﺒﺢ ﻤﻥ ﺍﻟﻌﻤﻠﻴﺎﺕ ﺇﻟﻰ ﺍﻹﻴﺭﺍﺩﺍﺕ ﺒﻤﻌﺎﻤل ﺇﺭﺘﺒﺎﻁ ﺒﻠﻎ** ‪.0.999‬‬
‫‪ -2‬ﺼﺎﻓﻲ ﺍﻟﺭﺒﺢ ﺇﻟﻰ ﺍﻹﻴﺭﺍﺩﺍﺕ ﺒﻤﻌﺎﻤل ﺍﺭﺘﺒﺎﻁ ﺒﻠﻎ ** ‪.0.997‬‬
‫‪ -3‬ﺼﺎﻓﻲ ﺍﻟﺭﺒﺢ ﻗﺒل ﺍﻟﻔﻭﺍﺌﺩ ﻭﺍﻟﻀﺭﻴﺒﺔ ﺇﻟﻰ ﺍﻹﻴﺭﺍﺩﺍﺕ ﺒﻤﻌﺎﻤل ﺍﺭﺘﺒﺎﻁ ﺒﻠﻎ * ‪.0.993‬‬
‫‪21‬‬
‫ﻜﻤﺎ ﻟﻭﺤﻅ ﺃﻥ ﺍﻟﻌﻭﺍﻤل ﺍﻷﻗل ﺘﺄﺜﻴﺭﹰﺍ ﻀﻤﻥ ﺍﻟﻌﻼﻗﺎﺕ ﺍﻟﻤﺒﻴﻨﺔ ﻓﻲ ﺍﻟﻤﺼﻔﻭﻓﺔ ﺍﻟﺴﺎﺒﻘﺔ ﻗﺩ ﺠﺎﺀﺕ ﻋﻠﻰ ﺍﻟﻨﺤﻭ ﺍﻟﺘﺎﻟﻲ‪:‬‬
‫‪ -1‬ﺍﻟﺘﻭﺯﻴﻌﺎﺕ ﺍﻟﻨﻘﺩﻴﺔ ﻟﻠﺴﻬﻡ ﺒﻤﻌﺎﻤل ﺍﺭﺘﺒﺎﻁ ﺒﻠﻎ * ‪.0.951‬‬
‫‪ -2‬ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﻋﻠﻰ ﺍﻟﻌﺎﺌﺩ ﺒﻤﻌﺎﻤل ﺍﺭﺘﺒﺎﻁ ﺒﻠﻎ * ‪.0.952‬‬
‫‪ -3‬ﺍﻟﻘﻴﻤﺔ ﺍﻟﺩﻓﺘﺭﻴﺔ ﻟﻠﺴﻬﻡ ﺒﻤﻌﺎﻤل ﺍﺭﺘﺒﺎﻁ ﺒﻠﻎ * ‪.0.954‬‬
‫ﻭﻓﻲ ﻀﻭﺀ ﺍﻟﻨﺘﺎﺌﺞ ﺍﻟﺴﺎﺒﻘﺔ ﻓﻘﺩ ﺜﺒﺕ ﻋﺩﻡ ﺼﺤﺔ ﺍﻟﻔﺭﻀﻴﺔ ﺍﻟﺜﺎﻨﻴﺔ ﺤﻴﺙ ﺃﻭﻀﺢ ﺍﻟﺘﺤﻠﻴل ﺍﻟﻜﻤﻲ ﻭﺠﻭﺩ ﻋﻼﻗﺔ‬
‫ﺍﺭﺘﺒﺎﻁﻴﺔ ﺒﻴﻥ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﻟﻠﺴﻬﻡ ﻭﻜل ﻤﻥ ﺇﺠﻤﺎﻟﻲ ﺍﻟﺭﺒﺢ ﻤﻥ ﺍﻟﻌﻤﻠﻴﺎﺕ ﺇﻟﻰ ﺍﻹﻴﺭﺍﺩﺍﺕ ﻭﺼﺎﻓﻲ ﺍﻟﺭﺒﺢ ﺇﻟﻰ‬
‫ﺍﻹﻴﺭﺍﺩﺍﺕ ﻭﺼﺎﻓﻲ ﺍﻟﺭﺒﺢ ﻗﺒل ﺍﻟﻔﻭﺍﺌﺩ ﻭﺍﻟﻀﺭﻴﺒﺔ ﺇﻟﻰ ﺍﻹﻴﺭﺍﺩﺍﺕ‪.‬‬
‫‪-4‬ﻋﻼﻗﺔ ﺍﻻﺭﺘﺒﺎﻁ ﺒﻴﻥ ﺍﻟﻤﺘﻐﻴﺭﺍﺕ ﺍﻟﻤﺎﻟﻴﺔ ﻭﺍﻟﻤﺤﺎﺴﺒﻴﺔ ﻭﺒﻴﻥ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﻟﻠﺴﻬﻡ ﺒﺴﻭﻕ ﻋﻤﺎﻥ ﺍﻟﻤﺎﻟﻲ‬
‫ﻟﺸﺭﻜﺎﺕ ﻗﻁﺎﻉ ﺍﻟﺼﻨﺎﻋﺔ ‪.‬‬
‫ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﻟﻠﺴﻬﻡ‬
‫ﺴﻌﺭ ﺍﻻﻏﻼﻕ‬
‫ﻋﺩﺩ ﺍﻻﺴﻬﻡ ﺍﻟﻤﺘﺩﺍﻭﻟﺔ‬
‫ﻤﻌﺩل ﺩﻭﺭﺍﻥ ﺍﻟﺴﻬﻡ‬
‫ﺍﻟﻘﻴﻤﺔ ﺍﻟﺩﻓﺘﺭﻴﺔ ﻟﻠﺴﻬﻡ ﺍﻟﻭﺍﺤﺩ‬
‫ﺍﻻﺭﺒﺎﺡ ﺍﻟﻤﻭﺯﻋﺔ ﻟﻠﺴﻬﻡ ﺍﻟﻰ ﺍﻟﻌﺎﺌﺩ ﻟﻠﺴﻬﻡ‬
‫ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻰ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺩﻓﺘﺭﻴﺔ‬
‫ﺍﺠﻤﺎﻟﻲ ﺍﻟﺭﺒﺢ ﻤﻥ ﺍﻟﻌﻤﻠﻴﺎﺕ ﺍﻟﻰ ﺍﻟﻤﺒﻴﻌﺎﺕ‬
‫ﺼﺎﻓﻲ ﺍﻟﺭﺒﺢ ﻗﺒل ﺍﻟﻔﻭﺍﺌﺩ ﻭﺍﻟﻀﺭﻴﺒﺔ ﺍﻟﻰ ﺍﻟﻤﺒﻴﻌﺎﺕ‬
‫ﺼﺎﻓﻲ ﺍﻟﺭﺒﺢ ﺍﻟﻰ ﺍﻟﻤﺒﻴﻌﺎﺕ‬
‫ﺍﻟﻌﺎﺌﺩ ﺍﻟﻰ ﻤﺠﻤﻭﻉ ﺍﻟﻤﻭﺠﻭﺩﺍﺕ‬
‫*‪.986‬‬
‫‪0.014‬‬
‫**‪.991‬‬
‫‪0.009‬‬
‫*‪.953‬‬
‫‪0.047‬‬
‫**‪.998‬‬
‫‪0.002‬‬
‫*‪.988‬‬
‫‪0.012‬‬
‫*‪.981‬‬
‫‪0.019‬‬
‫*‪.989‬‬
‫‪0.011‬‬
‫*‪.975‬‬
‫‪0.025‬‬
‫**‪.998‬‬
‫‪0.002‬‬
‫**‪1.000‬‬
‫‪0‬‬
‫**‪.998‬‬
‫ﺍﻟﻌﺎﺌﺩ ﻋﻠﻰ ﺤﻘﻭﻕ ﺍﻟﻤﺴﺎﻫﻤﻴﻥ‬
‫ﻴﻼﺤﻅ ﻤﻥ ﺍﻟﺠﺩﻭل ﺍﻟﺴﺎﺒﻕ ﺍﺴﺘﻨﺘﺎﺝ ﺍﻟﻨﺘﺎﺌﺞ ﺍﻟﺘﺎﻟﻴﺔ ‪:‬‬
‫‪0.002‬‬
‫ﺇﻥ ﺃﻜﺜﺭ ﺍﻟﻌﻭﺍﻤل ﺘﺄﺜﻴﺭﹰﺍ ﻭﺍﺭﺘﺒﺎﻁﹰﺎ ﻀﻤﻥ ﺍﻟﻤﺘﻐﻴﺭﺍﺕ ﺍﻟﺴﺎﺒﻘﺔ ﻤﻊ ﺍﻟﻤﺘﻐﻴﺭ ﺍﻟﺘﺎﺒﻊ ﻭﻫﻭ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﻟﻠﺴﻬﻡ ﻓﻘﺩ ﺠﺎﺀ‬
‫ﺘﺭﺘﻴﺒﻬﺎ ﻋﻠﻰ ﺍﻟﻨﺤﻭ ﺍﻟﺘﺎﻟﻲ‪:‬‬
‫‪ -1‬ﺍﻟﻘﻴﻤﺔ ﺍﻟﺩﻓﺘﺭﻴﺔ ﻟﻠﺴﻬﻡ ﺍﻟﻭﺍﺤﺩ ﺒﻤﻌﺎﻤل ﺇﺭﺘﺒﺎﻁ ﺒﻠﻎ** ‪.0.998‬‬
‫‪ -2‬ﺼﺎﻓﻲ ﺍﻟﺭﺒﺢ ﺇﻟﻰ ﺍﻟﻤﺒﻴﻌﺎﺕ ﺒﻤﻌﺎﻤل ﺍﺭﺘﺒﺎﻁ ﺒﻠﻎ ** ‪.0.998‬‬
‫‪22‬‬
‫‪ -3‬ﺍﻟﻌﺎﺌﺩ ﻋﻠﻰ ﺤﻘﻭﻕ ﺍﻟﻤﺴﺎﻫﻤﻴﻥ ﺒﻤﻌﺎﻤل ﺍﺭﺘﺒﺎﻁ ﺒﻠﻎ ** ‪.0.998‬‬
‫ﻜﻤﺎ ﻟﻭﺤﻅ ﺃﻥ ﺍﻟﻌﻭﺍﻤل ﺍﻷﻗل ﺘﺄﺜﻴﺭﹰﺍ ﻀﻤﻥ ﺍﻟﻌﻼﻗﺎﺕ ﺍﻟﻤﺒﻴﻨﺔ ﻓﻲ ﺍﻟﻤﺼﻔﻭﻓﺔ ﺍﻟﺴﺎﺒﻘﺔ ﻗﺩ ﺠﺎﺀﺕ ﻋﻠﻰ ﺍﻟﻨﺤﻭ ﺍﻟﺘﺎﻟﻲ‪:‬‬
‫‪ -1‬ﻤﻌﺩل ﺩﻭﺭﺍﻥ ﺍﻟﺴﻬﻡ ﺒﻤﻌﺎﻤل ﺍﺭﺘﺒﺎﻁ ﺒﻠﻎ * ‪.0.953‬‬
‫‪ -2‬ﺼﺎﻓﻲ ﺍﻟﺭﺒﺢ ﻗﺒل ﺍﻟﻔﻭﺍﺌﺩ ﻭﺍﻟﻀﺭﻴﺒﺔ ﺇﻟﻰ ﺍﻟﻤﺒﻴﻌﺎﺕ ﺒﻤﻌﺎﻤل ﺍﺭﺘﺒﺎﻁ ﺒﻠﻎ * ‪.0.975‬‬
‫‪ -3‬ﺍﻟﻌﺎﺌﺩ ﺇﻟﻰ ﻤﺠﻤﻭﻉ ﺍﻟﻤﻭﺠﻭﺩﺍﺕ ﺒﻤﻌﺎﻤل ﺍﺭﺘﺒﺎﻁ ﺒﻠﻎ * ‪.0.978‬‬
‫ﻭﻓﻲ ﻀﻭﺀ ﺍﻟﻨﺘﺎﺌﺞ ﺍﻟﺴﺎﺒﻘﺔ ﻓﻘﺩ ﺜﺒﺕ ﻋﺩﻡ ﺼﺤﺔ ﺍﻟﻔﺭﻀﻴﺔ ﺍﻟﺜﺎﻨﻴﺔ ﺤﻴﺙ ﺃﻭﻀﺢ ﺍﻟﺘﺤﻠﻴل ﺍﻟﻜﻤﻲ ﻭﺠﻭﺩ ﻋﻼﻗﺔ‬
‫ﺍﺭﺘﺒﺎﻁﻴﺔ ﺒﻴﻥ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﻟﻠﺴﻬﻡ ﻭﻜل ﻤﻥ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺩﻓﺘﺭﻴﺔ ﻟﻠﺴﻬﻡ ﺍﻟﻭﺍﺤﺩ ﻭﺼﺎﻓﻲ ﺍﻟﺭﺒﺢ ﺇﻟﻰ ﺍﻟﻤﺒﻴﻌﺎﺕ ﻭﺍﻟﻌﺎﺌﺩ‬
‫ﻋﻠﻰ ﺤﻘﻭﻕ ﺍﻟﻤﺴﺎﻫﻤﻴﻥ‪.‬‬
‫ﺏ‪-‬‬
‫ﺘﺤﺩﻴﺩ ﻤﺘﻐﻴﺭﺍﺕ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﻤﺤﺎﺴﺒﻴﺔ ﻭﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﺘﺩﺍﻭل ﺍﻟﻤﺅﺜﺭﺓ ﻋﻠﻰ‬
‫ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﻟﻠﺴﻬﻡ ﻓﻲ ﺴﻭﻕ ﻋﻤﺎﻥ ﺍﻟﻤﺎﻟﻲ ﺤﻴﺙ ﺠﺎﺀﺕ ﻋﻠﻰ ﺍﻟﻨﺤﻭ ﺍﻟﺘﺎﻟﻲ ﺸﺎﻤﻠ ﹰﺔ ﻜﺎﻓﺔ‬
‫ﺍﻟﻘﻁﺎﻋﺎﺕ ‪:‬‬
‫)‪(1‬‬
‫ﺴﻌﺭ ﺍﻹﻏﻼﻕ ﺒﻤﻌﺎﻤل ﺇﺭﺘﺒﺎﻁ ﺒﻠﻎ** ‪0.995‬‬
‫)‪(2‬‬
‫ﺍﻷﺭﺒﺎﺡ ﺍﻟﻤﻭﺯﻋﺔ ﻟﻠﺴﻬﻡ ﺇﻟﻰ ﺍﻟﻌﺎﺌﺩ ﻟﻠﺴﻬﻡ ﺒﻤﻌﺎﻤل‬
‫ﺍﺭﺘﺒﺎﻁ ﺒﻠﻎ ** ‪.0.994‬‬
‫)‪(3‬‬
‫ﺼﺎﻓﻲ ﺍﻟﺭﺒﺢ ﺇﻟﻰ ﺇﺠﻤﺎﻟﻲ ﺍﻹﻴﺭﺍﺩﺍﺕ ﺒﻤﻌﺎﻤل ﺍﺭﺘﺒﺎﻁ‬
‫)‪(4‬‬
‫ﺍﻟﺘﻭﺯﻴﻌﺎﺕ ﺍﻟﻨﻘﺩﻴﺔ ﻟﻠﺴﻬﻡ ﺒﻤﻌﺎﻤل ﺍﺭﺘﺒﺎﻁ ﺒﻠﻎ **‬
‫)‪(5‬‬
‫ﺒﻠﻎ ** ‪.0.991‬ﻋﺩﺩ ﺍﻟﻌﻘﻭﺩ ﺍﻟﻤﻨﻔﺫﺓ ﺒﻤﻌﺎﻤل ﺇﺭﺘﺒﺎﻁ ﺒﻠﻎ** ‪0.996‬‬
‫‪.0.999‬‬
‫ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﺇﻟﻰ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺩﻓﺘﺭﻴﺔ ﺒﻤﻌﺎﻤل ﺍﺭﺘﺒﺎﻁ‬
‫ﺒﻠﻎ * ‪.0.986‬ﺍﺠﻤﺎﻟﻲ ﺍﻟﺭﺒﺢ ﻤﻥ ﺍﻟﻌﻤﻠﻴﺎﺕ ﺇﻟﻰ ﺍﻹﻴﺭﺍﺩﺍﺕ ﺒﻤﻌﺎﻤل ﺇﺭﺘﺒﺎﻁ‬
‫ﺒﻠﻎ** ‪.0.999‬‬
‫)‪(6‬‬
‫** ‪.0.997‬‬
‫)‪(7‬‬
‫ﺼﺎﻓﻲ ﺍﻟﺭﺒﺢ ﺇﻟﻰ ﺍﻹﻴﺭﺍﺩﺍﺕ ﺒﻤﻌﺎﻤل ﺍﺭﺘﺒﺎﻁ ﺒﻠﻎ‬
‫ﺼﺎﻓﻲ ﺍﻟﺭﺒﺢ ﻗﺒل ﺍﻟﻔﻭﺍﺌﺩ ﻭﺍﻟﻀﺭﻴﺒﺔ ﺇﻟﻰ ﺍﻹﻴﺭﺍﺩﺍﺕ‬
‫ﺒﻤﻌﺎﻤل ﺍﺭﺘﺒﺎﻁ ﺒﻠﻎ * ‪.0.993‬ﺍﻟﻘﻴﻤﺔ ﺍﻟﺩﻓﺘﺭﻴﺔ ﻟﻠﺴﻬﻡ ﺍﻟﻭﺍﺤﺩ ﺒﻤﻌﺎﻤل ﺇﺭﺘﺒﺎﻁ‬
‫ﺒﻠﻎ** ‪.0.998‬‬
‫)‪(8‬‬
‫)‪(9‬‬
‫ﺼﺎﻓﻲ ﺍﻟﺭﺒﺢ ﺇﻟﻰ ﺍﻟﻤﺒﻴﻌﺎﺕ ﺒﻤﻌﺎﻤل ﺍﺭﺘﺒﺎﻁ ﺒﻠﻎ‬
‫** ‪.0.998‬‬
‫** ‪0.998.‬‬
‫‪23‬‬
‫ﺍﻟﻌﺎﺌﺩ ﻋﻠﻰ ﺤﻘﻭﻕ ﺍﻟﻤﺴﺎﻫﻤﻴﻥ ﺒﻤﻌﺎﻤل ﺍﺭﺘﺒﺎﻁ ﺒﻠﻎ‬
‫ﺒﻨﺎﺀﹰﺍ ﻋﻠﻰ ﻤﺎ ﺘﻘﺩﻡ ﻤﻥ ﺍﻟﻨﺘﺎﺌﺞ ﻭﻤﺎ ﺃﻅﻬﺭﺘﻪ ﺍﻟﻌﻼﻗﺎﺕ ﻓﻲ ﻤﺼﻔﻭﻓﺎﺕ ﺍﻹﺭﺘﺒﺎﻁ ﺍﻟﺘﻲ ﺸﻤﻠﺕ ﻜﺎﻓﺔ ﺍﻟﻘﻁﺎﻋﺎﺕ ﺍﻟﻌﺎﻤﻠﺔ‬
‫ﻓﻲ ﺴﻭﻕ ﻋﻤﺎﻥ ﺍﻟﻤﺎﻟﻲ ﻓﻘﺩ ﺘﻡ ﺭﻓﺽ ﺍﻟﻔﺭﻀﻴﺔ ﺍﻟﻌﺩﻤﻴﺔ ﺍﻟﺘﻲ ﺒﻨﻴﺕ ﻋﻠﻴﻬﺎ ﺍﻟﻔﺭﻀﻴﺔ ﺍﻟﺜﺎﻨﻴﺔ ﻭﻗﺒﻭل ﺍﻟﻔﺭﻀﻴﺔ ﺍﻟﺒﺩﻴﻠﺔ‬
‫ﻟﻬﺎ ﻭﺍﻟﺘﻲ ﺘﻨﺹ ﻋﻠﻰ ﻭﺠﻭﺩ ﻋﻼﻗﺔ ﺇﺭﺘﺒﺎﻁﻴﺔ ﺫﺍﺕ ﺩﻻﻟﺔ ﺇﺤﺼﺎﺌﻴﺔ ﺒﻴﻥ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﻟﻸﺴﻬﻡ ﺍﻟﻤﺘﺩﺍﻭﻟﺔ ﻓﻲ ﺴﻭﻕ‬
‫ﻋﻤﺎﻥ ﺍﻟﻤﺎﻟﻲ ﻭﺒﻴﻥ ﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﺴﻭﻕ ﻭﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﻤﺤﺎﺴﺒﻴﺔ ﻟﻠﻤﺅﺴﺴﺎﺕ ﺍﻟﻤﺩﺭﺠﺔ ﺩﺍﺨل ﺍﻟﺴﻭﻕ‪.‬‬
‫ﻨﺘﺎﺌﺞ ﻭﺘﻭﺼﻴﺎﺕ ﺍﻟﺩﺭﺍﺴﺔ‪:‬‬
‫ﻨﺘﺎﺌﺞ ﺍﻟﺩﺭﺍﺴﺔ‪:‬‬
‫ﺃ‪-‬‬
‫ﻟﻘﺩ ﺨﻠﺹ ﺍﻟﺒﺎﺤﺙ ﻤﻥ ﻫﺫﻩ ﺍﻟﺩﺭﺍﺴﺔ ﺇﻟﻰ ﻋﺩﺩ ﻤﻥ ﺍﻟﻨﺘﺎﺌﺞ ﻴﻤﻜﻥ ﺇﺠﻤﺎﻟﻬﺎ ﻋﻠﻰ ﺍﻟﻨﺤﻭ ﺍﻟﺘﺎﻟﻲ‪:‬‬
‫•‬
‫•‬
‫ﻫﻨﺎﻙ ﻋﻭﺍﻤل ﻤﺅﺜﺭﺓ ﻓﻲ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﻷﺴﻬﻡ ﺍﻟﺸﺭﻜﺎﺕ ﺍﻟﻤﺩﺭﺠﺔ ﻓﻲ ﺴﻭﻕ ﻋﻤﺎﻥ ﺍﻟﻤﺎﻟﻲ‬
‫ﻭﻟﻜﺎﻓﺔ ﺍﻟﻘﻁﺎﻋﺎﺕ ﺍﻟﻤﺩﺭﺠﺔ ﺇﻻ ﺃﻥ ﻫﻨﺎﻙ ﺘﺒﺎﻴﻥ ﻓﻲ ﻤﺩﻯ ﺘﺄﺜﻴﺭ ﻫﺫﻩ ﺍﻟﻌﻭﺍﻤل ﺍﻟﻤﺤﺎﺴﺒﻴﺔ ﻭﺍﻟﻤﺎﻟﻴﺔ‬
‫ﻋﻠﻰ ﻜل ﻗﻁﺎﻉ ﻓﻠﻴﺱ ﺒﺎﻟﻀﺭﻭﺭﺓ ﺃﻥ ﺘﻜﻭﻥ ﺍﻟﻌﻭﺍﻤل ﺍﻟﻤﺅﺜﺭﺓ ﻓﻲ ﺍﻟﻘﻁﺎﻉ ﺍﻟﻭﺍﺤﺩ ﺃﻥ ﺘﺅﺜﺭ ﺒﻨﻔﺱ‬
‫ﺍﻟﺩﺭﺠﺔ ﻋﻠﻰ ﻜﺎﻓﺔ ﺍﻟﻘﻁﺎﻋﺎﺕ ﺍﻷﺨﺭﻯ‪.‬‬
‫•‬
‫ﻫﻨﺎﻙ ﺘﺄﺜﻴﺭ ﺒﺴﻴﻁ ﻭﺃﺤﻴﺎﻨﹰﺎ ﻤﻌﺩﻭﻡ ﻟﺒﻌﺽ ﺍﻟﻤﺘﻐﻴﺭﺍﺕ ﺍﻟﻤﺎﻟﻴﺔ ﻭﺍﻟﻤﺤﺎﺴﺒﻴﺔ ﻋﻠﻰ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ‬
‫ﻟﻠﺴﻬﻡ ﻓﻲ ﺩﺍﺨل ﺴﻭﻕ ﻋﻤﺎﻥ ﺍﻟﻤﺎﻟﻲ ﺒﺎﻟﺸﺭﻜﺎﺕ ﺍﻟﻤﺩﺭﺠﺔ ﺒﺎﻟﺴﻭﻕ ﻭﻟﻜل ﺍﻟﻘﻁﺎﻋﺎﺕ ﺇﻻ ﺃﻥ ﺍﻷﺜﺭ‬
‫ﺴﻭﺍﺀﹰﺍ ﺒﻭﺠﻭﺩﻩ ﺃﻭ ﻋﺩﻤﻪ ﻴﺘﺒﺎﻴﻥ ﺒﻴﻥ ﻗﻁﺎﻉ ﻭﺁﺨﺭ‪.‬‬
‫•‬
‫ﺘﺅﺜﺭ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﻤﻨﺸﻭﺭﺓ ﺩﺍﺨل ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺩﺭﺠﺔ ﻤﻥ ﺍﻟﺸﺭﻜﺎﺕ ﻓﻲ ﺩﺍﺨل ﺴﻭﻕ ﻋﻤﺎﻥ‬
‫ﺍﻟﻤﺎﻟﻲ ﺒﺸﻜل ﻭﺍﻀﺢ ﻋﻠﻰ ﻗﺭﺍﺭﺍﺕ ﺍﻟﻤﺴﺘﺜﻤﺭﻴﻥ ﺒﺎﻟﺴﻭﻕ ﺴﻭﺍﺀ ﻜﺎﻥ ﺫﻟﻙ ﺒﺎﻹﻗﺒﺎل ﻋﻠﻰ‬
‫ﺍﻻﺴﺘﺜﻤﺎﺭ ﺃﻭ ﺍﻟﻌﺩﻭل ﻋﻨﻪ ‪.‬‬
‫•‬
‫ﺇﻥ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﻤﺎﻟﻴﺔ ﻭﺍﻟﻤﺤﺎﺴﺒﻴﺔ ﺍﻟﻤﻨﺸﻭﺭﺓ ﻻ ﺘﻌﺘﺒﺭ ﻜﺎﻓﻴﺔ ﺒﺎﻟﻨﺴﺒﺔ ﻟﻠﻤﺴﺘﺜﻤﺭﻴﻥ ﺩﺍﺨل ﺍﻟﺴﻭﻕ‬
‫ﻭﺒﺎﻟﺘﺎﻟﻲ ﻓﺈﻥ ﻗﺭﺍﺭﻫﻡ ﺍﻻﺴﺘﺜﻤﺎﺭﻱ ﻴﺨﻀﻊ ﻓﻲ ﺒﻌﺽ ﺍﻷﺤﻴﺎﻥ ﺇﻟﻰ ﺍﻟﺘﻭﺠﻪ ﺍﻟﺸﺨﺼﻲ ﻭﻟﻴﺱ‬
‫ﺍﻟﻌﻘﻼﻨﻲ‪.‬‬
‫ﺘﻭﺼﻴﺎﺕ ﺍﻟﺩﺭﺍﺴﺔ‪:‬‬
‫ﺏ‪-‬‬
‫ﻴﻭﺼﻲ ﺍﻟﺒﺎﺤﺙ ﺒﻨﺎﺀﹰﺍ ﻋﻠﻰ ﻤﺎ ﺘﻘﺩﻡ ﻤﻥ ﺍﻟﻨﺘﺎﺌﺞ ﺒﻤﺎ ﻴﻠﻲ‪:‬‬
‫•‬
‫ﺍﻹﻫﺘﻤﺎﻡ ﺒﻨﺸﺭ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﻤﺤﺎﺴﺒﻴﺔ ﻭﺘﻭﻓﻴﺭﻫﺎ‪ ،‬ﻭﺇﺘﺎﺤﺘﻬﺎ ﻟﻠﻤﺴﺘﺜﻤﺭ ﻓﻲ ﺴﻭﻕ ﻋﻤﺎﻥ ﺍﻟﻤﺎﻟﻲ‬
‫ﻭﺫﻟﻙ ﻤﻥ ﺨﻼل ﻜل ﺸﺭﻜﺔ ﻓﻲ ﻜل ﻗﻁﺎﻉ ﺒﻨﺸﺭ ﻤﻠﺨﺼﺎﺕ ﺘﺭﻓﻕ ﻤﻊ ﺍﻟﻘﻭﺍﺌﻡ ﺍﻟﻤﺎﻟﻴﺔ ﺘﺘﻀﻤﻥ‬
‫ﺃﻫﻡ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﻤﺤﺎﺴﺒﻴﺔ ﺍﻟﻤﺅﺜﺭﺓ ﻓﻲ ﻗﺭﺍﺭﺍﺕ ﺍﻻﺴﺘﺜﻤﺎﺭ‪ ،‬ﺒﺎﻹﻀﺎﻓﺔ ﺇﻟﻰ ﺇﺼﺩﺍﺭ ﺍﻟﺘﻘﺎﺭﻴﺭ‬
‫ﺍﻟﺩﻓﺘﺭﻴﺔ‪.‬‬
‫•‬
‫ﺍﻹﻫﺘﻤﺎﻡ ﺒﻭﻅﻴﻔﺔ ﺘﺤﻠﻴل ﺍﻟﻘﻭﺍﺌﻡ ﺍﻟﻤﺤﺎﺴﺒﻴﺔ ﻭﺫﻟﻙ ﻟﻤﺴﺎﻋﺩﺓ ﺍﻟﻤﺴﺘﺜﻤﺭﻴﻥ ﺍﻟﺫﻴﻥ ﺘﻨﻘﺼﻬﻡ ﺍﻟﺨﺒﺭﺓ‬
‫ﺍﻟﻤﺤﺎﺴﺒﻴﺔ ﻓﻲ ﺴﻭﻕ ﻋﻤﺎﻥ ﺍﻟﻤﺎﻟﻲ ﻟﺘﻘﺩﻴﻡ ﺍﻟﻨﺼﺢ ﻭﺍﻟﻤﺸﻭﺭﺓ ﻟﻬﻡ ﺒﺴﺒﺏ ﺍﺴﺘﺜﻤﺎﺭﺍﺘﻬﻡ ﺍﻟﻤﺎﻟﻴﺔ‪،‬‬
‫ﻭﺫﻟﻙ ﻤﻥ ﺨﻼل ﺍﻨﺸﺎﺀ ﻤﺅﺴﺴﺎﺕ ﻤﺎﻟﻴﺔ ﻤﺘﺨﺼﺼﺔ ﺘﺘﻭﻟﻰ ﻫﺫﻩ ﺍﻟﻤﻬﻤﺔ ﻭﺇﻋﺎﺩﺓ ﺘﻨﻅﻴﻡ ﻤﻬﻨﺔ‬
‫ﺴﻤﺎﺴﺭﺓ ﺍﻷﻭﺭﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ ﺒﺼﻭﺭﺓ ﺭﺴﻤﻴﺔ ﺒﺤﻴﺙ ﺘﺘﻭﻟﻰ ﻫﺫﻩ ﺍﻟﻤﻬﻤﺔ‪.‬‬
‫•‬
‫ﺍﻟﻌﻤل ﻋﻠﻰ ﺇﻋﺎﺩﺓ ﺘﻨﻅﻴﻡ ﺴﻭﻕ ﻋﻤﺎﻥ ﻟﻸﻭﺭﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ ﺒﻬﺩﻑ ﻤﻨﻊ ﺍﻟﻐﺵ ﻭﻋﺩﻡ ﺍﺴﺘﻐﻼل‬
‫ﺍﻷﻁﺭﺍﻑ ﺍﻟﺩﺍﺨﻠﻴﺔ ﻟﻠﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﻤﺤﺎﺴﺒﻴﺔ ﺍﻟﺨﺎﺼﺔ‪.‬‬
‫•‬
‫ﺯﻴﺎﺩﺓ ﺍﻟﺘﺭﻜﻴﺯ ﻋﻠﻰ ﺍﻟﺒﺤﻭﺙ ﺍﻟﻌﻠﻤﻴﺔ ﻓﻲ ﻤﺠﺎل ﺍﻹﻓﺼﺎﺡ ﺍﻟﻤﺤﺎﺴﺒﻲ ﻓﻲ ﺴﻭﻕ ﻋﻤﺎﻥ ﺍﻟﻤﺎﻟﻲ ﻤﻊ‬
‫ﺍﻻﻫﺘﻤﺎﻡ ﺒﺎﺤﺘﻴﺎﺠﺎﺕ ﻤﺴﺘﺨﺩﻤﻲ ﺍﻟﻘﻭﺍﺌﻡ ﺍﻟﻤﺎﻟﻴﺔ ﻤﻥ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﻤﺤﺎﺴﺒﻴﺔ‬
‫‪24‬‬
‫•‬
‫ﺍﻹﻫﺘﻤﺎﻡ ﺒﻨﺸﺭ ﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﺴﻭﻕ ﻭﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﻤﺤﺎﺴﺒﻴﺔ ﺫﺍﺕ ﺍﻟﺘﺄﺜﻴﺭ ﺍﻟﺠﻭﻫﺭﻱ ﻓﻲ ﺴﻌﺭ‬
‫ﺍﻟﺴﻌﺭ ﺍﻟﺴﻭﻗﻲ ﻟﻠﺴﻬﻡ ﻓﻲ ﺴﻭﻕ ﻋﻤﺎﻥ ﺍﻟﻤﺎﻟﻲ ﻭﺫﻟﻙ ﺒﺼﻔﺔ ﻤﺴﺘﻘﻠﺔ ﺒﺎﻟﺼﺤﻑ ﺍﻟﺭﺴﻤﻴﺔ ﻭﺘﺤﻠﻴﻠﻬﺎ‬
‫ﻟﻠﺠﻤﻬﻭﺭ ﻏﻴﺭ ﺍﻟﻤﺘﺨﺼﺹ‪.‬‬
‫•‬
‫ﺍﻻﺴﺘﻔﺎﺩﺓ ﻤﻥ ﺘﺠﺎﺭﺏ ﺍﻟﺩﻭل ﺍﻟﺭﺍﺌﺩﺓ ﻓﻲ ﺃﺴﻭﺍﻕ ﺍﻟﻤﺎل ﻤﻊ ﻤﺭﺍﻋﺎﺓ ﺍﻟﻤﺘﻐﻴﺭﺍﺕ ﺍﻟﺒﻴﺌﻴﺔ ﺍﻟﺘﻲ ﺘﺤﻜﻡ‬
‫ﺴﻭﻕ ﺍﻷﺴﻬﻡ ﻓﻲ ﻋﻤﺎﻥ‪.‬‬
‫ﺍﻟﻤﺭﺍﺠﻊ‪:‬‬
‫•‬
‫ﻋﺭﺍﻗﻲ ‪ ،‬ﺍﻟﻌﺭﺍﻗﻲ‪ " ،‬ﺘﻁﻭﻴﺭ ﺍﻟﺘﻘﺎﺭﻴﺭ ﺍﻟﻤﺤﺎﺴﺒﻴﺔ ﺍﻟﻤﻨﺸﻭﺭﺓ ﻟﺘﻨﺸﻴﻁ ﺍﻟﺴﻭﻕ ﺍﻷﻭﻟﻴﺔ ﻟﻸﻭﺭﺍﻕ ‪،‬‬
‫ﻤﺅﺘﻤﺭ ﺁﻓﺎﻕ ﺍﻻﺴﺘﺜﻤﺎﺭ ﻓﻲ ﺍﻟﻭﻁﻥ ﺍﻟﻌﺭﺒﻲ‪ ،‬ﺍﻟﺒﻨﻙ ﺍﻷﻫﻠﻲ ﺍﻟﻤﺼﺭﻱ ﻭﺍﺘﺤﺎﺩ ﺍﻟﻤﺼﺎﺭﻑ ﺍﻟﻌﺭﺒﻴﺔ‬
‫‪ ،‬ﺍﻟﻘﺎﻫﺭﺓ‪.1992 ،‬‬
‫•‬
‫ﺍﻟﺠﺭﻴﺩﺓ ﺍﻹﻗﺘﺼﺎﺩﻴﺔ‪ ،‬ﺍﻟﻌﺩﺩ ﺭﻗﻡ ‪ ،4045‬ﻗﺴﻡ ﺍﻟﻤﺤﺎﺴﺒﺔ‪ ،‬ﺠﺎﻤﻌﺔ ﺍﻟﻤﻠﻙ ﺴﻌﻭﺩ‪ ،‬ﺍﻟﺴﻌﻭﺩﻴﺔ‪،‬‬
‫‪.2004‬‬
‫•‬
‫ﻨﺩﺍ‪ ،‬ﻤﺤﻤﺩ ﺼﺒﺭﻱ ﺇﺒﺭﺍﻫﻴﻡ‪ " ،‬ﺃﺜﺭ ﺍﻟﻘﻭﺍﺌﻡ ﺍﻟﻤﺎﻟﻴﺔ ﺍﻟﻤﻨﺸﻭﺭﺓ ﻋﻠﻰ ﺃﺴﻌﺎﺭ ﺍﻷﺴﻬﻡ ﻓﻲ ﺴﻭﻕ‬
‫ﺍﻷﻭﺭﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ ﻓﻲ ﻤﺼﺭ"‪ ،‬ﺍﻟﺠﻤﻌﻴﺔ ﺍﻟﻌﻠﻤﻴﺔ‪ ،‬ﻜﻠﻴﺔ ﺍﻟﺘﺠﺎﺭﺓ‪ ،‬ﺠﺎﻤﻌﺔ ﻋﻴﻥ ﺸﻤﺱ‪ ،‬ﺍﻟﻌﺩﺩ ﺍﻷﻭل‪،‬‬
‫ﺍﻟﺴﻨﺔ ﺍﻷﻭﻟﻰ‪.1997 ،‬‬
‫•‬
‫ﻋﺒﺩ ﺍﻟﺒﺩﻴﻊ ‪ ،‬ﺃﺸﺭﻑ ﻤﺤﻤﺩ‪ " ،‬ﺩﻭﺭ ﺍﻹﻓﺼﺎﺡ ﺍﻟﻔﺘﺭﻱ ﻋﻥ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﻭﺘﻘﺎﺭﻴﺭ ﺍﻟﻔﺤﺹ‬
‫ﺍﻟﻤﺤﺩﻭﺩ ﻋﻠﻴﻬﺎ ﻓﻲ ﺘﻨﺸﻴﻁ ﺴﻭﻕ ﺍﻷﻭﺭﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ ﺍﻟﻤﺼﺭﻴﺔ‪ :‬ﺩﺭﺍﺴﺔ ﺍﺨﺘﻴﺎﺭﻴﺔ ‪،‬ﺍﻟﻤﺠﻠﺔ ﺍﻟﻌﻠﻤﻴﺔ‪،‬‬
‫ﻜﻠﻴﺔ ﺍﻟﺘﺠﺎﺭﺓ‪ ،‬ﺠﺎﻤﻌﺔ ﺃﺴﻴﻭﻁ‪ ،‬ﺍﻟﻌﺩﺩ ﺍﻟﺜﻼﺜﻭﻥ‪ ،‬ﻴﻭﻨﻴﻭ‪2001 ،‬‬
‫•‬
‫ﺍﻟﻠﻭﻏﺎﻨﻲ‪ ،‬ﻨﺒﻴل ﻋﻴﺴﻰ ﻭﺃﺨﺭﻭﻥ‪ " ،‬ﺍﻷﺩﺍﺀ ﺍﻻﺴﺘﺜﻤﺎﺭﻱ ﻷﺴﻬﻡ ﺍﻟﻘﻴﻤﺔ ﻭﺃﺴﻬﻡ ﺍﻟﻨﻤﻭ ﻓﻲ ﺴﻭﻕ‬
‫ﺍﻟﻜﻭﻴﺕ ﻟﻸﻭﺭﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ‪ ،‬ﺍﻟﻤﺠﻠﺔ ﺍﻟﻌﺭﺒﻴﺔ ﻟﻠﻌﻠﻭﻡ ﺍﻹﺩﺍﺭﻴﺔ ‪ ،‬ﻤﺠﻠﺱ ﺍﻟﻨﺸﺭ ﺍﻟﻌﻠﻤﻲ‪ ،‬ﺠﺎﻤﻌﺔ‬
‫ﺍﻟﻜﻭﻴﺕ‪ ،‬ﺍﻟﻤﺠﻠﺩ ﺍﻟﺜﺎﻤﻥ‪ ،‬ﺍﻟﻌﺩﺩ ﺍﻟﺜﺎﻨﻲ‪ ،‬ﻤﺎﻴﻭ ‪.2001‬‬
‫•‬
‫ﺍﻟﻔﻀل‪ ،‬ﻤﺅﻴﺩ ﻤﺤﻤﺩ ﻋﻠﻲ ﻭﺁﺨﺭﻭﻥ‪ " ،‬ﺍﻟﻌﻼﻗﺔ ﺒﻴﻥ ﺍﻹﻓﺼﺎﺡ ﺍﻟﻤﺤﺎﺴﺒﻲ ﻭﻜل ﻤﻥ ﺤﺠﻡ ﺍﻟﺸﺭﻜﺔ‬
‫ﻭﺃﺴﻌﺎﺭ ﺃﺴﻬﻤﻬﺎ ﻓﻲ ﺍﻟﺴﻭﻕ ﺍﻟﻤﺎﻟﻴﺔ ﻭﻨﻭﻉ ﻨﺸﺎﻁﻬﺎ‪ ،‬ﺩﺭﺍﺴﺔ ﻤﻴﺩﺍﻨﻴﺔ ﻓﻲ ﺍﻟﻌﺭﺍﻕ"‪ ،‬ﻤﺅﺘﻤﺭ‬
‫ﺍﻟﻤﺤﺎﺴﺒﺔ ﻓﻲ ﺒﻴﺌﺔ ﻤﺘﻐﻴﺭﺓ ‪ :‬ﺘﺤﺩﻴﺎﺕ ﺍﻟﻘﺭﻥ ﺍﻟﺤﺎﺩﻱ ﻭﺍﻟﻌﺸﺭﻴﻥ‪ ،‬ﻜﻠﻴﺔ ﺍﻻﻗﺘﺼﺎﺩ ﻭﺍﻟﻌﻠﻭﻡ‬
‫ﺍﻹﺩﺍﺭﻴﺔ ‪ ،‬ﺠﺎﻤﻌﺔ ﺍﻟﻴﺭﻤﻭﻙ‪ ،‬ﺇﺭﺒﺩ‪ ،‬ﺍﻷﺭﺩﻥ‪.2000 ،‬‬
‫•‬
‫ﺼﺎﻟﺢ ‪ ،‬ﺭﻀﺎ ﺇﺒﺭﺍﻫﻴﻡ‪ " ،‬ﺩﻭﺭ ﺍﻟﺒﻴﺎﻨﺎﺕ ﺍﻟﻤﺤﺎﺴﺒﻴﺔ ﻓﻲ ﺴﻭﻕ ﺍﻷﻭﺭﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ‪ :‬ﺩﺭﺍﺴﺔ‬
‫ﺍﺨﺘﺒﺎﺭﻴﺔ ﺒﺎﻟﺘﻁﺒﻴﻕ ﻋﻠﻰ ﺍﻟﻤﻤﻠﻜﺔ ﺍﻟﻌﺭﺒﻴﺔ ﺍﻟﺴﻌﻭﺩﻴﺔ"‪ ،‬ﺍﻟﻤﺠﻠﺔ ﺍﻟﻌﻠﻤﻴﺔ‪ ،‬ﺍﻟﺘﺠﺎﺭﺓ ﻭﺍﻟﺘﻤﻭﻴل‪ ،‬ﻜﻠﻴﺔ‬
‫ﺍﻟﺘﺠﺎﺭﺓ‪ ،‬ﺠﺎﻤﻌﺔ ﻁﻨﻁﺎ‪ ،‬ﺍﻟﻌﺩﺩ ﺍﻷﻭل‪2000 ،‬‬
‫•‬
‫ﻋﺒﺩ ﺍﻟﺤﺎﻓﻅ‪ ،‬ﺍﻟﺴﻴﺩ ﺍﻟﺒﺩﻭﻱ‪ ،‬ﺍﻟﺴﻴﻭﻟﺔ ﻭﻤﻌﺩﻻﺕ ﺍﻟﻌﺎﺌﺩ ﻋﻠﻰ ﺍﻷﺴﻬﻡ ﺍﻟﻌﺎﺩﻴﺔ‪ ،‬ﻤﺠﻠﺔ ﺁﻓﺎﻕ ﺠﺩﻴﺩﺓ‪،‬‬
‫ﻜﻠﻴﺔ ﺍﻟﺘﺠﺎﺭﺓ ‪ ،‬ﺠﺎﻤﻌﺔ ﺍﻟﻤﻨﻭﻓﻴﺔ‪ ،‬ﺍﻟﺴﻨﺔ ‪ ،12‬ﺍﻷﻋﺩﺍﺩ ﺍﻷﻭل ﻭﺍﻟﺜﺎﻨﻲ‪ ،‬ﻭﺍﻟﺜﺎﻟﺙ‪ ،‬ﻭﺍﻟﺭﺍﺒﻊ‪،‬‬
‫‪.2000‬‬
‫‪1. Ashraf Elsharkawy, and Garrod, Neil, “The impact of‬‬
‫‪investor Sophistication on price responses to earnings‬‬
‫‪news “, Journal of Business Finance & Accounting,‬‬
‫‪(Marck 1996).‬‬
‫‪25‬‬
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26