017

‫ﻭﺍﺣﺪ ﺗﻬﺮﺍﻥ‬

‫ﺍﻭﻟﻴﻦ ﻫﻤﺎﻳﺶ ﻣﻠﻲ ﺻﻨﻌﺖ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﻱ ﻣﺨﺎﻃﺮﻩ ﭘﺬﻳﺮ ‪ -‬ﺗﻬﺮﺍﻥ ‪۲۸ ،‬ﻭ‪ ۲۹‬ﻣﺮﺩﺍﺩ ‪۱۳۸۳‬‬

‫ﺑﺮﺭﺳﻲ ﺯﻳﺮﺳﺎﺧﺘﻬﺎﻱ ﺻﻨﻌﺖ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺭﻳﺴﻚﭘﺬﻳﺮ ﺩﺭ ﺍﻳﺮﺍﻥ‬

‫ﺟﻮﺍﺩ ﻣﺤﺒﻮﺑﻲ‪ ، ١‬ﺳﻴﺪ ﻛﺎﻣﺮﺍﻥ ﺑﺎﻗﺮﻱ‬

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‫‪ -١‬ﻭﺯﺍﺭﺕ ﺻﻨﺎﻳﻊ ﻭ ﻣﻌﺎﺩﻥ‪ ،‬ﻣﺮﻛﺰ ﺻﻨﺎﻳﻊ ﻧﻮﻳﻦ‬ ‫‪ -٢‬ﭘﮋﻭﻫﺸﮕﺎﻩ ﺻﻨﻌﺖ ﻧﻔﺖ ‪ ،‬ﻣﻌﺎﻭﻧﺖ ﻓﻨﺎﻭﺭﻱ ﻭ ﺍﻣﻮﺭ ﺑﻴﻦ ﺍﻟﻤﻠﻞ‬ ‫‪[email protected]‬‬ ‫‪[email protected]‬‬

‫ﭼﻜﻴﺪﻩ‬ ‫ﺳﺮﻋﺖ ﺑﺨﺸﻴﺪﻥ ﺑﻪ ﺗﻮﺳﻌﻪ ﺗﻜﻨﻮﻟﻮﮊﻱ ﺩﺭ ﺳﻴﺴﺘﻢ ﻣﻠﻲ ﻧﻮﺁﻭﺭﻱ ﺍﻳﺮﺍﻥ ﻧﻴﺎﺯﻣﻨﺪ ﺳﺎﺯ ﻭ ﻛﺎﺭﻫﺎﻱ ﺗﺄﻣﻴﻦ ﻣﺎﻟﻲ ﻣﻨﺎﺳﺐ ﺍﺳﺖ‪.‬‬ ‫ﺩﺭ ﺍﻳﻦ ﻣﻴﺎﻥ‪” ،‬ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺭﻳﺴﻚﭘﺬﻳﺮ“ ﻣﻲﺗﻮﺍﻧﺪ ﺑﻌﻨﻮﺍﻥ ﻳﻜﻲ ﺍﺯ ﻛﺎﺭﺁﻣﺪﺗﺮﻳﻦ ﺭﺍﻫﻜﺎﺭﻫﺎﻱ ﺗﺄﻣﻴﻦ ﺳﺮﻣﺎﻳﻪ ﺷﺮﻛﺘﻬﺎﻱ ﻛﻮﭼﻚ‬ ‫ﻭ ﻣﺘﻮﺳﻂ ﻧﻮﭘﺎ ﻭ ﺗﻜﻨﻮﻟﻮﮊﻱ‪-‬ﻣﺤﻮﺭ‪ ،‬ﻛﻤﻚ ﺷﺎﻳﺎﻧﻲ ﺑﻪ ﺗﻮﺳﻌﻪ ﺍﻗﺘﺼﺎﺩﻱ ﻭ ﺗﻜﻨﻮﻟﻮﮊﻳﻜﻲ ﻛﺸﻮﺭ ﻧﻤﺎﻳﺪ‪ .‬ﺍﻣﺎ ﺭﻭﻧﻖ ﻳﺎﻓﺘﻦ‬ ‫ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺭﻳﺴﻚﭘﺬﻳﺮ ﺩﺭ ﻫﻴﭻ ﻛﺸﻮﺭﻱ ﺑﻪ ﺧﻮﺩﻱ ﺧﻮﺩ ﻭ ﺍﺗﻔﺎﻗﻲ ﺑﻮﻗﻮﻉ ﻧﭙﻴﻮﺳﺘﻪ ‪ ،‬ﺑﻠﻜﻪ ﺍﻳﻦ ﺍﻣﺮ ﻣﺎﺣﺼﻞ ﺳﻴﺎﺳﺘﮕﺬﺍﺭﻳﻬﺎﻱ‬ ‫ﻛﻼﻥ ﻭ ﺑﺮﻧﺎﻣﻪﺭﻳﺰﻳﻬﺎﻱ ﻫﻮﺷﻤﻨﺪﺍﻧﻪ ﻭ ﻓﺮﺍﻫﻢ ﺁﻣﺪﻥ ﺍﻟﺰﺍﻣﺎﺕ ﻭ ﺯﻳﺮﺳﺎﺧﺘﻬﺎﻱ ﻣﺮﺑﻮﻃﻪ ﺑﻮﺩﻩ ﺍﺳﺖ‪ .‬ﺩﺭ ﺍﻳﻦ ﻣﻘﺎﻟﻪ ﺍﺑﺘﺪﺍ ﻣﻔﻬﻮﻡ‬ ‫ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺭﻳﺴﻚﭘﺬﻳﺮ ﺑﻴﺎﻥ ﻣﻲﺷﻮﺩ‪ .‬ﺳﭙﺲ ﺯﻳﺮﺳﺎﺧﺘﻬﺎﻱ ﻻﺯﻡ ﺑﺮﺍﻱ ﺷﻜﻞﮔﻴﺮﻱ ﻭ ﺗﻮﺳﻌﻪ ﺁﻥ ﻣﻌﺮﻓﻲ ﻣﻲﮔﺮﺩﺩ‪ .‬ﻫﻤﺰﻣﺎﻥ‬ ‫ﺑﻪ ﺑﺮﺭﺳﻲ ﺍﻳﻦ ﺯﻳﺮﺳﺎﺧﺘﻬﺎ ﺩﺭ ﺍﻳﺮﺍﻥ ﭘﺮﺩﺍﺧﺘﻪ ﻭ ﺿﻌﻔﻬﺎ ﻭ ﻛﺎﺳﺘﻴﻬﺎﻱ ﻣﻮﺟﻮﺩ ﺑﻴﺎﻥ ﻣﻲﮔﺮﺩﺩ‪ .‬ﺩﺭ ﺍﻧﺘﻬﺎ ﻧﻴﺰ ﺳﻴﺎﺳﺘﻬﺎ ﻭ ﺭﺍﻫﻜﺎﺭﻫﺎﻳﻲ‬ ‫ﺑﺮﺍﻱ ﺍﺻﻼﺡ ﻭ ﺗﻜﻤﻴﻞ ﺯﻳﺮﺳﺎﺧﺘﻬﺎ ﻭ ﺗﺮﻭﻳﺞ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺭﻳﺴﻚﭘﺬﻳﺮ ﺩﺭ ﻛﺸﻮﺭ ﭘﻴﺸﻨﻬﺎﺩ ﻣﻲﮔﺮﺩﺩ‪.‬‬ ‫ﻭﺍﮊﻩﻫﺎﻱ ﻛﻠﻴﺪﻱ‪ :‬ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺭﻳﺴﻚﭘﺬﻳﺮ ‪ -‬ﺯﻳﺮﺳﺎﺧﺘﻬﺎ ‪ -‬ﻋﻮﺍﻣﻞ ‪ -‬ﻛﺎﺭﺁﻓﺮﻳﻨﻲ ‪ -‬ﺗﻮﺳﻌﻪ ﺗﻜﻨﻮﻟﻮﮊﻱ‪.‬‬

‫‪ -۱‬ﻣﻘﺪﻣﻪ‬ ‫ﺍﻣﺮﻭﺯﻩ ﻓﺮﺁﻳﻨﺪ ﺗﻮﺳﻌﻪ ﺗﻜﻨﻮﻟﻮﮊﻱ ﺑﻪ ﻋﻨﻮﺍﻥ ﻳﻚ ﺿﺮﻭﺭﺕ ﻣﻠﻲ ﺩﺭ ﺑﺴﻴﺎﺭﻱ ﺍﺯ ﻛﺸﻮﺭﻫﺎ ﺑﺼﻮﺭﺕ ﺳﻴﺴﺘﻤﺎﺗﻴﻚ ﻭ ﺳﺎﺧﺘﺎﺭﻳﺎﻓﺘﻪ‬ ‫ﺩﻧﺒﺎﻝ ﻣﻲﮔﺮﺩﺩ‪ .‬ﺑﻪ ﺟﺮﺃﺕ ﻣﻲﺗﻮﺍﻥ ﮔﻔﺖ ﻛﻪ ﻣﻬﻤﺘﺮﻳﻦ ﻋﺎﻣﻞ ﺩﺭ ﺩﺳﺘﻴﺎﺑﻲ ﺑﻪ ﺍﻫﺪﺍﻑ ﺗﻮﺳﻌﻪ ﺗﻜﻨﻮﻟﻮﮊﻱ‪ ،‬ﺍﻳﺠﺎﺩ ﻣﻜﺎﻧﻴﺰﻣﻬﺎﻱ ﺗﺄﻣﻴﻦ‬ ‫ﻣﺎﻟﻲ ﻓﻌﺎﻟﻴﺘﻬﺎﻱ ﻧﻮﺁﻭﺭﺍﻧﻪ ﺍﺳﺖ‪.‬‬ ‫ﺗﺄﻣﻴﻦ ﻣﻨﺎﺑﻊ ﻣﺎﻟﻲ ﻓﻌﺎﻟﻴﺘﻬﺎﻱ ﻧﻮﺁﻭﺭﺍﻧﻪ ﻣﺮﺗﺒﻂ ﺑﺎ ﺗﻮﺳﻌﻪ ﺗﻜﻨﻮﻟﻮﮊﻱ ﺍﺯ ﻃﺮﻳﻖ ﻣﻜﺎﻧﻴﺰﻣﻬﺎﻱ ﻣﺨﺘﻠﻔﻲ ﻗﺎﺑﻞ ﺍﻧﺠﺎﻡ ﺍﺳﺖ ﻛﻪ ﺍﻳﻦ‬ ‫ﻣﻜﺎﻧﻴﺰﻣﻬﺎ ﺑﺴﺘﮕﻲ ﺑﻪ ﺷﺮﺍﻳﻂ ﻭ ﻋﻮﺍﻣﻞ ﺣﺎﻛﻢ ﺑﺮ ﻧﻈﺎﻡ ﺍﻗﺘﺼﺎﺩﻱ ﻛﺸﻮﺭ ﺩﺍﺭﺩ‪ .‬ﺍﻣﺎ ﺩﺭ ﺍﻳﻦ ﻣﻴﺎﻥ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺭﻳﺴﻚﭘﺬﻳﺮ‪ ٣‬ﺩﺭ ﻧﻈﺎﻡ‬ ‫ﺍﻗﺘﺼﺎﺩﻱ ﻛﺸﻮﺭ ﺍﺯ ﺍﻫﻤﻴﺖ ﺯﻳﺎﺩﻱ ﺑﺮﺧﻮﺭﺩﺍﺭ ﺍﺳﺖ‪ ،‬ﺯﻳﺮﺍ ﺑﻪ ﻋﻠﺖ ﺭﻳﺴﻚ ﺫﺍﺗﻲ ﻧﻬﻔﺘﻪ ﺩﺭ ﻣﻮﻓﻘﻴﺖ ﻃﺮﺣﻬﺎﻱ ﻛﺎﺭﺁﻓﺮﻳﻨﻲ ﻭ ﻓﻌﺎﻟﻴﺘﻬﺎﻱ‬ ‫ﻧﻮﺁﻭﺭﺍﻧﻪ ﻭ ﻣﺎﻫﻴﺖ ﺑﻠﻨﺪﻣﺪﺕ ﺑﺎﺯﮔﺸﺖ ﺳﺮﻣﺎﻳﻪ ﺩﺭ ﺍﻳﻦ ﻧﻮﻉ ﻓﻌﺎﻟﻴﺘﻬﺎ‪ ،‬ﻣﻜﺎﻧﻴﺰﻣﻬﺎﻱ ﻣﺎﻟﻲ ﺍﻋﺘﺒﺎﺭﻱ ﺭﻭﺵ ﻣﻨﺎﺳﺒﻲ ﺟﻬﺖ ﺗﺄﻣﻴﻦ ﻣﺎﻟﻲ ﺁﻧﻬﺎ‬ ‫ﻧﻤﻲﺑﺎﺷﺪ ]‪ .[۱‬ﺑﻌﺒﺎﺭﺕ ﺩﻳﮕﺮ ﻣﻜﺎﻧﻴﺰﻣﻬﺎﻱ ﺳﻨﺘﻲ ﺗﺄﻣﻴﻦ ﻣﺎﻟﻲ ﻛﻪ ﻣﺒﺘﻨﻲ ﺑﺮ ﻭﺍﻣﻬﺎﻱ ﻛﻮﺗﺎﻩﻣﺪﺕ ﺍﺳﺖ ﻧﻤﻲﺗﻮﺍﻧﺪ ﺑﻪ ﺗﺄﺳﻴﺲ ﻭ ﺗﻮﺳﻌﻪ‬

‫‪ 1‬ﻛﺎﺭﺷﻨﺎﺱ ﺍﺭﺷﺪ ﻣﻬﻨﺪﺳﻲ ﺳﻴﺴﺘﻤﻬﺎﻱ ﺍﻗﺘﺼﺎﺩﻱ ‪ -‬ﺍﺟﺘﻤﺎﻋﻲ‬ ‫‪ 2‬ﻛﺎﺭﺷﻨﺎﺱ ﺍﺭﺷﺪ ﻣﺪﻳﺮﻳﺖ ﺻﻨﻌﺘﻲ‬ ‫‪Venture Capital‬‬

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‫ﻭﺍﺣﺪ ﺗﻬﺮﺍﻥ‬

‫ﺍﻭﻟﻴﻦ ﻫﻤﺎﻳﺶ ﻣﻠﻲ ﺻﻨﻌﺖ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﻱ ﻣﺨﺎﻃﺮﻩ ﭘﺬﻳﺮ ‪ -‬ﺗﻬﺮﺍﻥ ‪۲۸ ،‬ﻭ‪ ۲۹‬ﻣﺮﺩﺍﺩ ‪۱۳۸۳‬‬

‫ﺷﺮﻛﺘﻬﺎﻱ ﻛﻮﭼﻚ ﻭ ﻧﻮﭘﺎ )ﻛﻪ ﻧﻘﺶ ﻣﻬﻤﻲ ﺩﺭ ﺳﻴﺴﺘﻢ ﻣﻠﻲ ﻧﻮﺁﻭﺭﻱ ﻭ ﺍﺭﺗﻘﺎﺀ ﻧﻮﺁﻭﺭﻱ ﻭ ﻛﺎﺭﺁﻓﺮﻳﻨﻲ ﺩﺭ ﺍﻳﻦ ﺳﻴﺴﺘﻢ ﺩﺍﺭﻧﺪ( ﻛﻤﻚ‬ ‫ﭼﻨﺪﺍﻧﻲ ﻧﻤﺎﻳﺪ‪ .‬ﻟﺬﺍ ﻓﻌﺎﻟﻴﺖ ﻳﻚ ﺻﻨﻌﺖ ﭘﺮﺭﻭﻧﻖ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺭﻳﺴﻚﭘﺬﻳﺮ ﭘﻴﺶ ﺷﺮﻁ ﺍﺻﻠﻲ ﻛﻤﻚ ﺑﻪ ﺍﻳﻦ ﺷﺮﻛﺘﻬﺎﻱ ﻧﻮﭘﺎ ﻭ ﺍﺭﺗﻘﺎﺀ‬ ‫ﻛﺎﺭﺁﻓﺮﻳﻨﻲ ﻭ ﻧﻮﺁﻭﺭﻱ ﺩﺭ ﺳﻴﺴﺘﻢ ﻣﻠﻲ ﻧﻮﺁﻭﺭﻱ ﺍﺳﺖ‪.‬‬ ‫ﺩﺭ ﻛﺸﻮﺭ ﻣﺎ ﻧﻪ ﺗﻨﻬﺎ ﺍﻳﻦ ﺻﻨﻌﺖ ﻣﻬﻢ ﺷﻜﻞ ﻧﮕﺮﻓﺘﻪ ﺍﺳﺖ ﺑﻠﻜﻪ ﺣﺘﻲ ﺷﻨﺎﺧﺖ ﻭ ﺁﮔﺎﻫﻲ ﭼﻨﺪﺍﻧﻲ ﻧﻴﺰ ﻧﺴﺒﺖ ﺑﻪ ﺁﻥ ﻭﺟﻮﺩ ﻧﺪﺍﺭﺩ‪.‬‬ ‫ﺑﻨﺎﺑﺮﺍﻳﻦ ﺩﺭ ﺑﺪﻭ ﺍﻣﺮ ﺑﻪ ﻣﻌﺮﻓﻲ ﻣﻔﻬﻮﻡ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺭﻳﺴﻚﭘﺬﻳﺮ ﻣﻲﭘﺮﺩﺍﺯﻳﻢ‪ .‬ﺍﻣﺎ ﺗﻨﻬﺎ ﺷﻨﺎﺧﺖ ﺻﻨﻌﺖ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺭﻳﺴﻚﭘﺬﻳﺮ‬ ‫ﺑﺮﺍﻱ ﺭﺍﻩﺍﻧﺪﺍﺯﻱ ﻭ ﺗﻮﺳﻌﻪ ﺍﻳﻦ ﺻﻨﻌﺖ ﻣﻔﻴﺪ ﺩﺭ ﻛﺸﻮﺭ ﻛﺎﻓﻲ ﻧﻴﺴﺖ ﺑﻠﻜﻪ ﺍﻳﻦ ﺍﻣﺮ ﻧﻴﺎﺯﻣﻨﺪ ﺍﻳﺠﺎﺩ ﺷﺮﺍﻳﻂ ﻭ ﺯﻳﺮﺳﺎﺧﺘﻬﺎﻱ ﻣﻨﺎﺳﺐ ﺍﺳﺖ‪.‬‬ ‫ﻟﺬﺍ ﭘﺲ ﺍﺯ ﺍﺭﺍﺋﻪ ﻣﻔﻬﻮﻡ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺭﻳﺴﻚﭘﺬﻳﺮ ﺑﻪ ﻣﻌﺮﻓﻲ ﺯﻳﺮﺳﺎﺧﺘﻬﺎ ﻳﺎ ﻋﻮﺍﻣﻞ ﻣﻮﺛﺮ ﺑﺮ ﺻﻨﻌﺖ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺭﻳﺴﻚﭘﺬﻳﺮ‬ ‫ﭘﺮﺩﺍﺧﺘﻪ ﻭ ﻫﻤﺰﻣﺎﻥ ﻭﺿﻌﻴﺖ ﻫﺮ ﻳﻚ ﺍﺯ ﺍﻳﻦ ﻋﻮﺍﻣﻞ ﺩﺭ ﻛﺸﻮﺭ ﺑﺮﺭﺳﻲ ﻣﻲﺷﻮﺩ‪.‬‬

‫‪ -٢‬ﻣﻔﻬﻮﻡ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺭﻳﺴﻚﭘﺬﻳﺮ‬ ‫ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺭﻳﺴﻚﭘﺬﻳﺮ ﻓﻌﺎﻟﻴﺘﻲ ﺣﺮﻓﻪﺍﻱ ﺍﺳﺖ ﻛﻪ ﻋﻤﺪﺗ ﹰﺎ ﺍﺯ ﻃﺮﻳﻖ ﺷﺮﻛﺘﻬﺎ ﻳﺎ ﺻﻨﺪﻭﻗﻬﺎﻱ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺭﻳﺴﻚﭘﺬﻳﺮ‬ ‫ﺻﻮﺭﺕ ﻣﻲﮔﻴﺮﺩ‪ .‬ﺳﺮﻣﺎﻳﻪ ﺭﻳﺴﻚﭘﺬﻳﺮ ﻭﺟﻮﻫﻲ ﺍﺳﺖ ﻛﻪ ﺑﻪ ﻫﻤﺮﺍﻩ ﻛﻤﻜﻬﺎﻱ ﻣﺪﻳﺮﻳﺘﻲ‪ ،‬ﺗﻮﺳﻂ ﺍﻓﺮﺍﺩ ﺣﺮﻓﻪﺍﻱ ﻭﺍﺑﺴﺘﻪ ﺑﻪ ﺷﺮﻛﺘﻬﺎﻱ‬ ‫ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺭﻳﺴﻚﭘﺬﻳﺮ ﺩﺭ ﺍﺧﺘﻴﺎﺭ ﺷﺮﻛﺘﻬﺎﻱ ﺟﻮﺍﻥ‪ ،‬ﻛﻮﭼﻚ‪ ،‬ﺩﺭ ﺣﺎﻝ ﺭﺷﺪ ﻭ ﺩﺍﺭﺍﻱ ﺁﺗﻴﻪ ﻗﺮﺍﺭ ﻣﻲﮔﻴﺮﺩ‪ .‬ﺷﺮﻛﺘﻬﺎﻱ ﺣﺮﻓﻪﺍﻱ‬ ‫ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺭﻳﺴﻚﭘﺬﻳﺮ ﻣﻌﻤﻮ ﹰﻻ ﺷﺮﻛﺘﻬﺎ ﻳﺎ ﺗﻌﺎﻭﻧﻴﻬﺎﻳﻲ ﻫﺴﺘﻨﺪ ﻛﻪ ﻣﻨﺎﺑﻊ ﻣﺎﻟﻲ ﺁﻧﻬﺎ ﺍﺯ ﺳﻮﻱ ﺻﻨﺪﻭﻗﻬﺎﻱ ﺑﺎﺯﻧﺸﺴﺘﮕﻲ‪ ،‬ﺑﻨﻴﺎﺩﻫﺎ‪،‬‬ ‫ﺷﺮﻛﺘﻬﺎ‪ ،‬ﺍﻓﺮﺍﺩ ﺛﺮﻭﺗﻤﻨﺪ‪ ،‬ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﺍﻥ ﺧﺎﺭﺟﻲ ﻳﺎ ﺗﻮﺳﻂ ﺧﻮﺩﺷﺎﻥ ﺗﺄﻣﻴﻦ ﻣﻲﺷﻮﺩ ]‪ .[٢‬ﺷﺮﻛﺘﻬﺎﻱ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺑﻪ ﺩﻧﺒﺎﻝ ﻛﺴﺐ‬ ‫ﺩﺭﺁﻣﺪ ﺟﺎﺭﻱ ﻭ ﻣﺴﺘﻤﺮ ﺍﺯ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻳﻬﺎﻱ ﺧﻮﺩ ﻧﻴﺴﺘﻨﺪ ﻭ ﺩﺭ ﺻﻮﺭﺗﻴﻜﻪ ﺷﺮﻛﺖ ﻣﻮﺭﺩ ﻧﻈﺮ ﺳﻮﺩﺁﻭﺭ ﺑﺎﺷﺪ‪ ،‬ﺳﻮﺩ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻳﻬﺎﻱ‬ ‫ﺁﻧﻬﺎ ﺑﻪ ﻭﺍﺳﻄﻪ ﻓﺮﻭﺵ ﺳﻬﻢ ﻣﺎﻟﻜﻴﺘﺸﺎﻥ ﻣﺤﻘﻖ ﻣﻲﺷﻮﺩ ]‪.[٣‬‬ ‫ﺳﺮﻣﺎﻳﻪﻫﺎﻱ ﺭﻳﺴﻚﭘﺬﻳﺮ ﺑﻬﺘﺮﻳﻦ ﺭﻭﺵ ﺗﺄﻣﻴﻦ ﻣﺎﻟﻲ ﺷﺮﻛﺘﻬﺎﻱ ﻧﻮﭘﺎ ﻭ ﻧﻮﺁﻭﺭ ﺑﻪ ﺷﻤﺎﺭ ﻣﻲﺭﻭﺩ‪ ،‬ﺯﻳﺮﺍ ﺭﻭﺷﻬﺎﻱ ﺩﻳﮕﺮ ﺗﺄﻣﻴﻦ ﻣﺎﻟﻲ‬ ‫ﻋﻤﺪﺗ ﹰﺎ ﺩﺭ ﻗﺎﻟﺐ ﻓﻌﺎﻟﻴﺘﻬﺎﻱ ﺩﻭﻟﺘﻲ ﺻﻮﺭﺕ ﻣﻲﮔﻴﺮﺩ ﻛﻪ ﺑﻨﺎ ﺑﻪ ﻣﺎﻫﻴﺖ ﺧﻮﺩ ﻧﻤﻲﺗﻮﺍﻧﻨﺪ ﺧﻼﺀ ﻣﻮﺟﻮﺩ ﺩﺭ ﺗﺄﻣﻴﻦ ﻣﺎﻟﻲ ﺷﺮﻛﺘﻬﺎﻱ ﻣﻮﺟﻮﺩ‬ ‫ﺭﺍ ﭘﻮﺷﺶ ﺩﻫﻨﺪ‪ .‬ﺍﺯ ﺁﻧﺠﺎ ﻛﻪ ﻧﺘﻴﺠﻪ ﻓﻌﺎﻟﻴﺘﻬﺎﻱ ﻣﺒﺘﻜﺮﺍﻧﻪ ﻭ ﻧﻮﺁﻭﺭﺍﻧﻪ ﺗﺎ ﺣﺪﻱ ﻧﺎﻣﻄﻤﺌﻦ ﺍﺳﺖ‪ ،‬ﺑﺎﻧﻜﻬﺎ ﻭ ﺻﻨﺪﻭﻗﻬﺎﻱ ﺩﻭﻟﺘﻲ ﺭﻏﺒﺖ‬ ‫ﻛﻤﺘﺮﻱ ﺑﺮﺍﻱ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺩﺭ ﺁﻧﻬﺎ ﺍﺯ ﺧﻮﺩ ﻧﺸﺎﻥ ﻣﻲﺩﻫﻨﺪ‪ .‬ﻟﺬﺍ ﻣﻌﻤﻮ ﹰﻻ ﻛﺎﺭﺁﻓﺮﻳﻨﺎﻥ ﺩﺭ ﻛﺸﻮﺭﻫﺎﻱ ﭘﻴﺸﺮﻓﺘﻪ ﺻﻨﻌﺘﻲ ﺟﻬﺖ ﺟﺬﺏ‬ ‫ﺳﺮﻣﺎﻳﻪ ﻣﻮﺭﺩ ﻧﻴﺎﺯ ﺧﻮﺩ ﺑﻪ ﺳﺮﺍﻍ ﺑﺎﺯﺍﺭ ﺳﺮﻣﺎﻳﻪﻫﺎﻱ ﺭﻳﺴﻚﭘﺬﻳﺮ ﻣﻲﺭﻭﻧﺪ ]‪.[٤‬‬ ‫ﺑﻄﻮﺭ ﺧﻼﺻﻪ ﻣﻲﺗﻮﺍﻥ ﻭﻳﮋﮔﻴﻬﺎﻱ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﺍﻥ ﺭﻳﺴﻚﭘﺬﻳﺮ )ﺣﻘﻴﻘﻲ ﻳﺎ ﺣﻘﻮﻗﻲ( ﺭﺍ ﺑﺼﻮﺭﺕ ﺯﻳﺮ ﺑﻴﺎﻥ ﻧﻤﻮﺩ‪:‬‬ ‫‪ -١‬ﻣﻨﺎﺑﻊ ﻣﺎﻟﻲ ﺷﺮﻛﺘﻬﺎﻱ ﺟﺪﻳﺪ ﻭ ﻛﻮﭼﻚ ﻭ ﺳﺮﻳﻌ ﹰﺎ ﺩﺭ ﺣﺎﻝ ﺭﺷﺪ ﺭﺍ ﺗﺄﻣﻴﻦ ﻣﻲﻛﻨﻨﺪ‪.‬‬ ‫‪ -٢‬ﺩﺭ ﻣﺎﻟﻜﻴﺖ ﺍﻳﻦ ﺷﺮﻛﺘﻬﺎ ﺳﻬﻴﻢ ﻣﻲﺷﻮﻧﺪ‪.‬‬ ‫‪ -٣‬ﺩﺭ ﺗﻮﺳﻌﻪ ﻣﺤﺼﻮﻻﺕ ﻭ ﺧﺪﻣﺎﺕ ﺟﺪﻳﺪ ﻛﻤﻚ ﻣﻲﻛﻨﻨﺪ‪.‬‬ ‫‪ -٤‬ﺑﺎ ﻣﺸﺎﺭﻛﺖ ﻓﻌﺎﻻﻧﻪ ﺧﻮﺩ ﺑﺮﺍﻱ ﺷﺮﻛﺖ ﻣﻮﺭﺩ ﻧﻈﺮ ﺍﺭﺯﺵﺍﻓﺰﺍﻳﻲ ﻣﻲﻛﻨﻨﺪ‪.‬‬ ‫‪ -٥‬ﺑﺎ ﺍﻧﺘﻈﺎﺭ ﻛﺴﺐ ﺳﻮﺩ ﻓﺮﺍﻭﺍﻥ‪ ،‬ﺭﻳﺴﻚ ﺑﻴﺸﺘﺮﻱ ﺭﺍ ﻣﻲﭘﺬﻳﺮﻧﺪ‪.‬‬ ‫‪ -٦‬ﺟﻬﺖﮔﻴﺮﻱ ﺑﻠﻨﺪﻣﺪﺕ ﺩﺍﺭﻧﺪ‪[١] .‬‬

‫‪ -٣‬ﺯﻳﺮﺳﺎﺧﺘﻬﺎﻱ ﺻﻨﻌﺖ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺭﻳﺴﻚﭘﺬﻳﺮ‬ ‫ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺭﻳﺴﻚﭘﺬﻳﺮ ﺑﻪ ﻋﻮﺍﻣﻞ ﻳﺎ ﺯﻳﺮﺳﺎﺧﺘﻬﺎﻳﻲ ﺑﺴﺘﮕﻲ ﺩﺍﺭﺩ ﻛﻪ ﺍﻳﻦ ﻋﻮﺍﻣﻞ ﺭﻭﻱ ﻫﻢ ﺭﻓﺘﻪ ﻣﺤﻴﻂ ﻣﻨﺎﺳﺐ ﻭ ﻣﺴﺎﻋﺪﻱ‬ ‫ﺭﺍ ﺑﺮﺍﻱ ﺭﻭﻧﻖ ﮔﺮﻓﺘﻦ ﺻﻨﻌﺖ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺭﻳﺴﻚﭘﺬﻳﺮ ﻓﺮﺍﻫﻢ ﻣﻲﺁﻭﺭﻧﺪ‪ .‬ﺑﻨﺎﺑﺮﺍﻳﻦ ﺭﺍﻩﺣﻞ ﺍﺻﻠﻲ ﺩﺭ ﺭﻓﻊ ﻣﺸﻜﻼﺕ ﺳﻴﺴﺘﻢ ﻣﻠﻲ‬ ‫ﻧﻮﺁﻭﺭﻱ ﻛﺸﻮﺭ ﺩﺭ ﺣﻮﺯﺓ ﺗﺄﻣﻴﻦ ﻣﺎﻟﻲ ﺭﻳﺴﻚﭘﺬﻳﺮ‪ ،‬ﺷﻨﺎﺳﺎﻳﻲ ﺍﻳﻦ ﻋﻮﺍﻣﻞ ﺩﺭ ﺳﻄﺢ ﻣﻠﻲ ﻭ ﺗﻼﺵ ﺑﺮﺍﻱ ﺍﻳﺠﺎﺩ ﻣﺤﻴﻂ ﻣﺴﺎﻋﺪ ﻓﻌﺎﻟﻴﺖ‬ ‫ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﺍﻥ ﺭﻳﺴﻚﭘﺬﻳﺮ ﺍﺳﺖ‪.‬‬

‫ﻭﺍﺣﺪ ﺗﻬﺮﺍﻥ‬

‫ﺍﻭﻟﻴﻦ ﻫﻤﺎﻳﺶ ﻣﻠﻲ ﺻﻨﻌﺖ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﻱ ﻣﺨﺎﻃﺮﻩ ﭘﺬﻳﺮ ‪ -‬ﺗﻬﺮﺍﻥ ‪۲۸ ،‬ﻭ‪ ۲۹‬ﻣﺮﺩﺍﺩ ‪۱۳۸۳‬‬

‫ﺑﺮﺍﻱ ﺍﺳﺘﺨﺮﺍﺝ ﺍﻳﻦ ﻋﻮﺍﻣﻞ ﻳﺎ ﺯﻳﺮﺳﺎﺧﺘﻬﺎ ﺍﺯ ﻣﻄﺎﻟﻌﺎﺕ ﺗﻄﺒﻴﻘﻲ ﺍﺳﺘﻔﺎﺩﻩ ﺷﺪﻩ ﺍﺳﺖ‪ .‬ﺑﺪﻳﻦ ﺗﺮﺗﻴﺐ ﻛﻪ ﻭﺿﻌﻴﺖ ﻭ ﻭﻳﮋﮔﻴﻬﺎﻱ‬ ‫ﺻﻨﻌﺖ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺭﻳﺴﻚﭘﺬﻳﺮ ﺩﺭ ﭼﻨﺪﻳﻦ ﻛﺸﻮﺭ )ﺍﺯ ﺟﻤﻠﻪ ﺁﻣﺮﻳﻜﺎ‪ ،‬ﺁﻟﻤﺎﻥ‪ ،‬ﺍﻧﮕﻠﺴﺘﺎﻥ‪ ،‬ﭼﻴﻦ‪ ،‬ﻫﻨﺪ‪ ،‬ﮊﺍﭘﻦ ﻭﻛﺮﻩ ﺟﻨﻮﺑﻲ( ﺑﺮﺭﺳﻲ‬ ‫ﺷﺪ‪ .‬ﺑﺎ ﺗﻮﺟﻪ ﺑﻪ ﻋﺪﻡ ﺳﺎﺑﻘﻪ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺭﻳﺴﻚﭘﺬﻳﺮ ﺩﺭ ﺍﻳﺮﺍﻥ‪ ،‬ﻃﺒﻴﻌﺘ ﹰﺎ ﺍﻧﺠﺎﻡ ﭼﻨﻴﻦ ﻣﻄﺎﻟﻌﻪﺍﻱ ﺩﺭ ﻣﻮﺭﺩ ﺍﻳﺮﺍﻥ ﻣﻤﻜﻦ ﻧﺒﻮﺩ‪.‬‬ ‫ﺩﺭ ﺍﻳﻦ ﻣﻄﺎﻟﻌﺎﺕ ﻣﺸﺨﺺ ﮔﺮﺩﻳﺪ ﻛﻪ ﻓﻌﺎﻟﻴﺖ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﺍﻥ ﺭﻳﺴﻚﭘﺬﻳﺮ ﺩﺭ ﻫﺮ ﻛﺸﻮﺭ ﺗﺎﺑﻊ ﻳﻚ ﺳﺮﻱ ﺯﻳﺮﺳﺎﺧﺘﻬﺎ ﻳﺎ ﻋﻮﺍﻣﻞ‬ ‫ﻛﻼﻥ ﻣﻠﻲ ﺍﺳﺖ‪ .‬ﺑﻪ ﻋﺒﺎﺭﺕ ﺳﺎﺩﻩﺗﺮ ﺑﺮﺍﻱ ﻓﻌﺎﻟﻴﺖ ﭘﺮﺭﻭﻧﻖ ﺻﻨﻌﺖ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺭﻳﺴﻚﭘﺬﻳﺮ ﻭ ﺩﺭ ﻧﺘﻴﺠﻪ ﭘﺮ ﺷﺪﻥ ﺧﻸ ﺗﺄﻣﻴﻦ ﻣﺎﻟﻲ‬ ‫ﺷﺮﻛﺘﻬﺎﻱ ﻧﻮﭘﺎ ﺑﺎﻳﺪ ﭼﻨﺪﻳﻦ ﭘﻴﺶﺷﺮﻁ ﺍﺳﺎﺳﻲ ﻭ ﻛﻼﻥ ﺩﺭ ﺳﻄﺢ ﻣﻠﻲ ﻓﺮﺍﻫﻢ ﺑﺎﺷﺪ‪ .‬ﺑﺪﻭﻥ ﻓﺮﺍﻫﻢ ﺁﻣﺪﻥ ﺍﻳﻦ ﭘﻴﺶﺷﺮﻃﻬﺎ ﻫﺮﮔﻮﻧﻪ‬ ‫ﺍﻗﺪﺍﻣﻲ ﺩﺭ ﺟﻬﺖ ﺭﺍﻩﺍﻧﺪﺍﺯﻱ ﻭ ﺗﻮﺳﻌﻪ ﺍﻳﻦ ﺻﻨﻌﺖ ﺩﺭ ﻛﺸﻮﺭ ﻧﻤﻲﺗﻮﺍﻧﺪ ﭼﻨﺪﺍﻥ ﻣﺜﻤﺮ ﺛﻤﺮ ﻭﺍﻗﻊ ﮔﺮﺩﺩ‪ .‬ﭘﺲ ﺍﺯ ﺍﺳﺘﺨﺮﺍﺝ ﺍﻳﻦ ﻋﻮﺍﻣﻞ ‪ ،‬ﺑﺎ‬ ‫ﻣﺮﺍﺟﻌﻪ ﺑﻪ ﻣﺴﺘﻨﺪﺍﺕ ﻭ ﻣﻨﺎﺑﻊ ﻣﻜﺘﻮﺏ ﺩﺍﺧﻠﻲ ﻭ ﻫﻤﭽﻨﻴﻦ ﺑﺎ ﺍﺳﺘﻔﺎﺩﻩ ﺍﺯ ﻧﻈﺮﺍﺕ ﻛﺎﺭﺷﻨﺎﺳﺎﻥ ﻭ ﺻﺎﺣﺒﻨﻈﺮﺍﻥ ﺩﺭ ﻫﺮ ﻳﻚ ﺍﺯ ﺣﻮﺯﻩﻫﺎﻱ‬ ‫ﻣﺮﺑﻮﻃﻪ‪ ،‬ﺑﻪ ﺑﺮﺭﺳﻲ ﺍﻳﻦ ﻋﻮﺍﻣﻞ ﻳﺎ ﺯﻳﺮﺳﺎﺧﺘﻬﺎ ﺩﺭ ﺍﻳﺮﺍﻥ ﭘﺮﺩﺍﺧﺘﻪ ﻭ ﺿﻌﻔﻬﺎ ﻭ ﻛﺎﺳﺘﻴﻬﺎﻱ ﻣﻮﺟﻮﺩ ﺷﻨﺎﺳﺎﻳﻲ ﮔﺮﺩﻳﺪ‪ .‬ﺩﺭ ﺍﻳﻦ ﺑﺨﺶ ﺍﺯ‬ ‫ﻣﻘﺎﻟﻪ ﺿﻤﻦ ﻣﻌﺮﻓﻲ ﺍﻳﻦ ﻋﻮﺍﻣﻞ‪ ،‬ﻧﺘﺎﻳﺞ ﺑﺮﺭﺳﻴﻬﺎﻱ ﺻﻮﺭﺕﮔﺮﻓﺘﻪ ﺩﺭ ﻣﻮﺭﺩ ﺍﻳﺮﺍﻥ ﺑﺼﻮﺭﺕ ﺧﻼﺻﻪ ﺍﺭﺍﺋﻪ ﻣﻲﮔﺮﺩﺩ‪.‬‬ ‫‪ -١-٣‬ﻓﺮﻫﻨﮓ ﻛﺎﺭﺁﻓﺮﻳﻨﻲ‬ ‫ﻛﺎﺭﺁﻓﺮﻳﻦ ﻓﺮﺩﻱ ﺍﺳﺖ ﻛﻪ ﻣﻨﺎﺑﻊ ﻻﺯﻡ ﺭﺍ ﺑﺮﺍﻱ ﺍﻳﺠﺎﺩ ﻭ ﺭﺷﺪ ﻳﻚ ﻓﻌﺎﻟﻴﺖ ﺟﻤﻊ ﺁﻭﺭﻱ ﻣﻲﻛﻨﺪ ﻭ ﺗﻮﺟﻪ ﺍﺻﻠﻲ ﻭﻱ ﺑﻪ ﺗﻮﺳﻌﻪ‬ ‫ﻣﺤﺼﻮﻻﺕ ﻭ ﺧﺪﻣﺎﺕ ﺟﺪﻳﺪ ﺍﺳﺖ ‪ .‬ﻳﻌﻨﻲ ﻓﺮﺩﻱ ﻛﻪ ﻳﻚ ﻓﻌﺎﻟﻴﺖ ﭘﺮﺭﻳﺴﻚ ﺭﺍ ﺁﻏﺎﺯ ﻣﻲﻛﻨﺪ ﻭ ﺍﺯ ﻃﺮﻳﻖ ﺍﺑﺰﺍﺭﻫﺎﻱ ﻧﻮﺁﻭﺭﻱ ‪ ،‬ﺁﻥ ﺭﺍ ﺑﻬﺒﻮﺩ‬ ‫ﻣﻲﺑﺨﺸﺪ‪ .‬ﺑﻄﻮﺭ ﺳﺎﺩﻩ ﻭ ﻣﺨﺘﺼﺮ‪ ،‬ﻛﺎﺭﺁﻓﺮﻳﻨﺎﻥ ﻛﺴﺎﻧﻲ ﻫﺴﺘﻨﺪ ﻛﻪ ﺷﺮﻛﺘﻲ ﺟﺪﻳﺪ ﻛﻪ ﺳﺒﺐ ﺍﻳﺠﺎﺩ ﻭ ﺭﻭﻧﻖ ﮔﺮﻓﺘﻦ ﻣﺸﺎﻏﻞ ﺟﺪﻳﺪ‬ ‫ﻣﻲﺷﻮﻧﺪ ﺭﺍ ﺷﻜﻞ ﻣﻲﺩﻫﻨﺪ ]‪.[٥‬‬ ‫ﺭﻭﺍﺝ ﻛﺎﺭﺁﻓﺮﻳﻨﻲ ﺩﺭ ﺟﺎﻣﻌﻪ‪ ،‬ﻣﻬﻤﺘﺮﻳﻦ ﻋﺎﻣﻞ ﺗﻌﻴﻴﻦ ﻛﻨﻨﺪﻩ ﺷﻜﻞﮔﻴﺮﻱ ﺷﺮﻛﺘﻬﺎﻱ ﻧﻮﭘﺎ ﻭ ﺩﺭ ﻧﺘﻴﺠﻪ ﻣﻬﻤﺘﺮﻳﻦ ﻋﺎﻣﻞ ﺩﺭ ﺟﻬﺖ‬ ‫ﺍﻓﺰﺍﻳﺶ ﺗﻘﺎﺿﺎ ﺑﺮﺍﻱ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺭﻳﺴﻚﭘﺬﻳﺮ ﻣﻲﺑﺎﺷﺪ‪ .‬ﺍﻳﻦ ﻭﻳﮋﮔﻲ ﻓﺮﻫﻨﮕﻲ‪ ،‬ﺭﻳﺸﻪ ﺩﺭ ﺗﺤﻮﻻﺕ ﺗﺎﺭﻳﺨﻲ ﻭ ﺷﺮﺍﻳﻂ ﺧﺎﺹ ﺍﺟﺘﻤﺎﻋﻲ‬ ‫ﻭ ﺍﻗﺘﺼﺎﺩﻱ ﻛﺸﻮﺭﻫﺎ ﺩﺍﺷﺘﻪ ﻭ ﻫﺮﮔﻮﻧﻪ ﺗﻐﻴﻴﺮﻱ ﺩﺭ ﺁﻥ‪ ،‬ﺑﻪ ﺳﺨﺘﻲ ﻭ ﺩﺭ ﺑﻠﻨﺪﻣﺪﺕ ﺣﺎﺻﻞ ﺷﻮﺩ‪.‬‬ ‫ﻣﺘﺄﺳﻔﺎﻧﻪ ﻛﺸﻮﺭ ﻣﺎ ﺩﺭ ﺯﻣﻴﻨﻪ ﻓﺮﻫﻨﮓ ﻛﺎﺭﺁﻓﺮﻳﻨﻲ ﺩﺍﺭﺍﻱ ﺿﻌﻔﻬﺎﻱ ﺍﺳﺎﺳﻲ ﺑﻮﺩﻩ ﻭ ﻫﻨﻮﺯ ﺍﻳﻦ ﻓﺮﻫﻨﮓ ﺩﺭ ﺟﺎﻣﻌﻪ ﻣﺎ ﻧﻬﺎﺩﻳﻨﻪ ﻧﺸﺪﻩ‬ ‫ﺍﺳﺖ‪.‬ﻛﺎﺭﺷﻨﺎﺳﺎﻥ ﻭ ﻣﺪﻳﺮﺍﻥ ﺍﻳﺮﺍﻧﻲ ‪ ،‬ﺑﻴﺸﺘﺮ ﺗﻤﺎﻳﻞ ﺩﺍﺭﻧﺪ ﻛﻪ ﺩﺭ ﺳﺎﺯﻣﺎﻧﻬﺎ ﻳﺎ ﺷﺮﻛﺘﻬﺎﻱ ﺑﺰﺭﮒ ﻭ ﺟﺎ ﺍﻓﺘﺎﺩﻩ )ﻫﻤﺮﺍﻩ ﺑﺎ ﺍﻣﻨﻴﺖ ﺷﻐﻠﻲ ﺑﺎﻻ(‬ ‫ﺍﺳﺘﺨﺪﺍﻡ ﺷﻮﻧﺪ ‪ ،‬ﺗﺎ ﺍﻳﻨﻜﻪ ﺧﻮﺩ ﺑﻪ ﺩﻧﺒﺎﻝ ﺭﺍﻩ ﺍﻧﺪﺍﺯﻱ ﻛﺴﺐ ﻭ ﻛﺎﺭﻱ ﺟﺪﻳﺪ )ﻛﻪ ﺭﻳﺴﻚ ﺑﺎﻻﻳﻲ ﺩﺍﺭﺩ( ﺑﺎﺷﻨﺪ‪.‬‬ ‫ﺍﻣﺎ ﻛﺎﺭﺁﻓﺮﻳﻨﻲ ﻳﻚ ﻫﻨﺮ ﻣﻮﺭﻭﺛﻲ ﻧﻤﻲﺑﺎﺷﺪ‪ ،‬ﺑﻠﻜﻪ ﻳﻚ ﺍﻳﺪﻩ ﻭ ﺗﻔﻜﺮ ﻗﺎﺑﻞ ﭘﺮﻭﺭﺵ ﻭ ﻗﺎﺑﻞ ﺳﺎﺧﺖ ﺍﺳﺖ‪ .‬ﺑﺎ ﺗﻮﺟﻪ ﺑﻪ ﻭﻳﮋﮔﻴﻬﺎ ﻭ‬ ‫ﻣﻬﺎﺭﺗﻬﺎﻱ ﻣﺨﺘﻠﻒ ﻭ ﻣﺘﻨﻮﻋﻲ ﻛﻪ ﻛﺎﺭﺁﻓﺮﻳﻨﺎﻥ ﺑﺎﻳﺪ ﺩﺍﺭﺍ ﺑﺎﺷﻨﺪ‪ ،‬ﺗﻮﺳﻌﻪ ﻓﺮﻫﻨﮓ ﻛﺎﺭﺁﻓﺮﻳﻨﻲ ﺑﺪﻭﻥ ﺁﻣﻮﺯﺷﻬﺎﻱ ﻣﺴﺘﻤﺮ ﻭ ﻣﻨﻈﻢ ﻣﻴﺴﺮ‬ ‫ﻧﺨﻮﺍﻫﺪ ﺑﻮﺩ‪ .‬ﺍﻣﺮﻭﺯﻩ ﺩﺭ ﺩﻧﻴﺎ ﺁﻣﻮﺯﺷﻬﺎﻱ ﺁﻛﺎﺩﻣﻴﻚ ﻛﺎﺭﺁﻓﺮﻳﻨﻲ ﺩﺭ ﻗﺎﻟﺐ ﻭﺍﺣﺪﻫﺎﻱ ﻣﺨﺘﻠﻒ ﺩﺭﺳﻲ ﺩﺭ ﺩﺍﻧﺸﻜﺪﻩﻫﺎﻱ ﻣﻬﻨﺪﺳﻲ ﻭ‬ ‫ﻣﺪﻳﺮﻳﺖ )ﺑﺎﺯﺭﮔﺎﻧﻲ( ﺍﺭﺍﺋﻪ ﻣﻲﺷﻮﺩ ﻭ ﻫﻤﭽﻨﻴﻦ ﺩﺍﻧﺸﻜﺪﻩﻫﺎﻱ ﻣﺨﺼﻮﺹ ﻛﺎﺭﺁﻓﺮﻳﻨﻲ ﻧﻴﺰ ﺗﺄﺳﻴﺲ ﺷﺪﻩﺍﻧﺪ ﺍﻣﺎ ﻣﺘﺄﺳﻔﺎﻧﻪ ﺩﺭ ﻛﺸﻮﺭ ﻣﺎ ﺩﺭ‬ ‫ﺍﻳﻦ ﺯﻣﻴﻨﻪ ‪ ،‬ﻛﺎﺭ ﭼﻨﺪﺍﻧﻲ ﺍﻧﺠﺎﻡ ﻧﺸﺪﻩ ﻭ ﺁﻣﻮﺯﺵ ﻛﺎﺭﺁﻓﺮﻳﻨﻲ ﺑﺼﻮﺭﺕ ﺑﺮﻧﺎﻣﻪﺭﻳﺰﻱﺷﺪﻩ ﻭ ﻧﻈﺎﻡﻣﻨﺪ ﺩﺭ ﺳﻄﺢ ﻛﺸﻮﺭ ﺩﻧﺒﺎﻝ ﻧﻤﻲﺷﻮﺩ‪.‬‬ ‫ﺍﺯ ﺳﻮﻱ ﺩﻳﮕﺮ ﻧﻘﺶ ﺩﻭﻟﺖ ﺩﺭ ﺗﺪﻭﻳﻦ ﻗﻮﺍﻧﻴﻦ ﻭ ﺳﻴﺎﺳﺘﻬﺎﻱ ﻣﻨﺎﺳﺐ ﺑﺮﺍﻱ ﺗﺮﻭﻳﺞ ﻭ ﺗﺴﻬﻴﻞ ﻛﺎﺭﺁﻓﺮﻳﻨﻲ‪ ،‬ﺑﺴﻴﺎﺭ ﻣﻬﻢ ﺍﺳﺖ‪ .‬ﺍﻳﻦ‬ ‫ﻣﻘﺮﺭﺍﺕ ﺑﻪ ﺳﻪ ﺩﺳﺘﻪ ﻗﺎﺑﻞ ﺗﻘﺴﻴﻢ ﺍﺳﺖ‪ :‬ﺩﺳﺘﻪﺍﻱ ﺍﺯ ﻟﺤﺎﻅ ﻭﺭﻭﺩ ﺍﻓﺮﺍﺩ ﺑﻪ ﻗﻠﻤﺮﻭ ﻛﺎﺭﺁﻓﺮﻳﻨﻲ ﻣﺆﺛﺮﻧﺪ ﻭ ﻣﻤﻜﻦ ﺍﺳﺖ ﻛﻪ ﻧﻘﺶ ﺑﺎﺯﺩﺍﺭﻧﺪﻩ‬ ‫ﺩﺍﺷﺘﻪ ﺑﺎﺷﻨﺪ‪ .‬ﺩﺳﺘﻪﺍﻱ ﺩﻳﮕﺮ‪ ،‬ﻣﻮﺍﻧﻊ ﺭﺷﺪ ﻛﺴﺐ ﻭ ﻛﺎﺭ ﺍﺳﺖ‪ .‬ﺑﻄﻮﺭ ﻣﺜﺎﻝ‪ ،‬ﺑﺎﻧﻜﻬﺎ ﻃﺒﻖ ﻣﻘﺮﺭﺍﺗﻲ ﻛﻪ ﺩﺍﺭﻧﺪ‪ ،‬ﺩﺭ ﻣﻘﺎﺑﻞ ﻭﺛﻴﻘﻪ ﻣﻠﻜﻲ ﻭﺍﻡ‬ ‫ﻣﻲﺩﻫﻨﺪ ﻭ ﻭﺛﻴﻘﻪ ﻓﻜﺮﻱ ﻳﺎ ﻗﺎﺑﻠﻴﺘﻬﺎﻱ ﻛﺎﺭﺁﻓﺮﻳﻨﻲ ﺭﺍ ﭘﺸﺘﻮﺍﻧﻪ ﻭﺍﻡ ﻗﺮﺍﺭ ﻧﻤﻲﺩﻫﻨﺪ‪ .‬ﺩﺳﺘﻪ ﺳﻮﻡ‪ ،‬ﻣﻮﺍﻧﻊ ﺧﺮﻭﺝ ﺍﺯﻛﺴﺐ ﻭ ﻛﺎﺭ ﺍﺳﺖ‪ .‬ﺍﮔﺮ‬ ‫ﻛﺴﻲ ﺩﺭ ﻛﺴﺐ ﻭﻛﺎﺭ ﺧﻮﺩ ﻣﻮﻓﻖ ﻧﺒﺎﺷﺪ ﻭ ﺑﺨﻮﺍﻫﺪ ﻗﻠﻤﺮﻭ ﺧﻮﺩ ﺭﺍ ﺗﺮﻙ ﻭ ﺩﺭ ﺯﻣﻴﻨﻪ ﺩﻳﮕﺮﻱ ﻓﻌﺎﻟﻴﺖ ﻛﻨﺪ ‪ ،‬ﺑﺎ ﻣﺸﻜﻼﺕ ﻣﺨﺘﻠﻒ ﻗﺎﻧﻮﻧﻲ‬ ‫ﺭﻭ ﺑﻪ ﺭﻭ ﺧﻮﺍﻫﺪ ﺷﺪ‪ .‬ﻣﺸﻜﻞ ﺧﺮﻭﺝ ﺍﺯ ﻛﺴﺐ ﻭ ﻛﺎﺭ ﺟﺎﺫﺑﻪ ﻭﺭﻭﺩ ﺭﺍ ﻛﻢ ﻣﻲﻛﻨﺪ]‪ .[٦‬ﺩﺭ ﺍﻳﻦ ﺯﻣﻴﻨﻪ‪ ،‬ﻭﺟﻮﺩ ﺑﺎﺯﺍﺭﻫﺎﻱ ﺳﺮﻣﺎﻳﻪ ﭘﻴﺸﺮﻓﺘﻪ‬ ‫ﺍﺯ ﺍﻫﻤﻴﺖ ﻓﺮﺍﻭﺍﻧﻲ ﺑﺮﺧﻮﺭﺩﺍﺭ ﺍﺳﺖ ﻛﻪ ﺩﺭ ﺑﺨﺸﻬﺎﻱ ﺑﻌﺪ ﺑﻪ ﺁﻥ ﭘﺮﺩﺍﺧﺘﻪ ﻣﻲﺷﻮﺩ‪.‬‬

‫ﻭﺍﺣﺪ ﺗﻬﺮﺍﻥ‬

‫ﺍﻭﻟﻴﻦ ﻫﻤﺎﻳﺶ ﻣﻠﻲ ﺻﻨﻌﺖ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﻱ ﻣﺨﺎﻃﺮﻩ ﭘﺬﻳﺮ ‪ -‬ﺗﻬﺮﺍﻥ ‪۲۸ ،‬ﻭ‪ ۲۹‬ﻣﺮﺩﺍﺩ ‪۱۳۸۳‬‬

‫‪ -٢-٣‬ﺍﻫﺮﻣﻬﺎﻱ ﺗﺸﻮﻳﻖ ﻣﺎﻟﻲ‬ ‫ﻳﻜﻲ ﺍﺯ ﻧﻘﺶ ﻫﺎﻱ ﻣﻬﻢ ﺩﻭﻟﺖ ﺩﺭ ﺣﻤﺎﻳﺖ ﻭ ﺗﻮﺳﻌﻪ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺭﻳﺴﻚﭘﺬﻳﺮ ﻭﻛﺎﺭﺁﻓﺮﻳﻨﻲ ‪ ،‬ﺍﺭﺍﺋﻪ ﺗﺸﻮﻳﻘﻬﺎ ﻭ ﺣﻤﺎﻳﺘﻬﺎﻱ ﻣﺎﻟﻲ‬ ‫ﺍﺯ ﻛﺎﺭﺁﻓﺮﻳﻨﺎﻥ ﻭ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﺍﻥ ﺭﻳﺴﻚﭘﺬﻳﺮ ﺍﺳﺖ‪ .‬ﻫﻢ ﺍﻛﻨﻮﻥ ﺩﺭ ﻛﺸﻮﺭ ‪ ،‬ﺳﺎﺯ ﻭ ﻛﺎﺭﻫﺎﻱ ﻣﺎﻟﻲ ﻧﺴﺒﺘ ﹰﺎ ﺧﻮﺑﻲ ﺑﺮﺍﻱ ﺣﻤﺎﻳﺖ ﺍﺯ ﭘﺮﻭﮊﻩﻫﺎ ﻭ‬ ‫ﻓﻌﺎﻟﻴﺘﻬﺎﻱ ﺗﺤﻘﻴﻘﺎﺗﻲ ﻭﺟﻮﺩ ﺩﺍﺭﺩ‪ ،‬ﺍﻣﺎ ﻣﻜﺎﻧﻴﺰﻡ ﺳﻴﺴﺘﻤﺎﺗﻴﻚ ﻭ ﻧﻈﺎﻡﻣﻨﺪﻱ ﺑﺮﺍﻱ ﺣﻤﺎﻳﺖ ﻣﺎﻟﻲ ﺍﺯﻛﺎﺭﺁﻓﺮﻳﻨﺎﻥ ﻭ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﺍﻥ‬ ‫ﺭﻳﺴﻚﭘﺬﻳﺮ‪ ،‬ﻭﺟﻮﺩ ﻧﺪﺍﺭﺩ‪ .‬ﺣﻤﺎﻳﺘﻬﺎﻱ ﻣﺎﻟﻲ ﺩﺭ ﺍﻳﻦ ﺯﻣﻴﻨﻪ ﻋﻤﺪﺗ ﹰﺎ ﺩﺭ ﺟﻬﺖ ﺗﺮﻏﻴﺐ ﺍﺷﺘﻐﺎﻟﺰﺍﻳﻲ ﺑﻮﺩﻩ ﺗﺎ ﻛﺎﺭﺁﻓﺮﻳﻨﻲ ‪ ،‬ﻣﺎﻧﻨﺪ ﻃﺮﺡ‬ ‫ﺿﺮﺑﺘﻲ ﺍﺷﺘﻐﺎﻝ ﻛﻪ ﻃﺒﻖ ﺁﻥ ﺑﻪ ﺻﻨﺎﻳﻊ ﻛﻮﭼﻚ ﻭ ﻣﺘﻮﺳﻂ ﻭﺍﻣﻬﺎﻱ ﻛﻢ ﺑﻬﺮﻩ ﺟﻬﺖ ﺟﺬﺏ ﻭ ﺍﺳﺘﺨﺪﺍﻡ ﺍﻓﺮﺍﺩ ﺑﻴﻜﺎﺭ ﺍﻋﻄﺎﺀ ﻣﻲﺷﻮﺩ‪.‬‬ ‫ﺍﻟﺒﺘﻪ ﺍﺧﻴﺮﹰﺍ ﺧﺒﺮ ﺗﺪﻭﻳﻦ ﻭﺗﺼﻮﻳﺐ ﺁﺋﻴﻦ ﻧﺎﻣﻪ ﺻﻨﺪﻭﻗﻬﺎﻱ ﻏﻴﺮ ﺩﻭﻟﺘﻲ ﭘﮋﻭﻫﺶ ﻭ ﻓﻦﺁﻭﺭﻱ )ﻛﻪ ﻳﻜﻲ ﺍﺯ ﻣﺤﻮﺭﻫﺎﻱ ﻓﻌﺎﻟﻴﺖ ﺁﻥ ‪،‬‬ ‫ﺗﺄﻣﻴﻦ ﺳﺮﻣﺎﻳﻪ ﺭﻳﺴﻚﭘﺬﻳﺮ ﺍﺳﺖ( ‪ ،‬ﺍﺯ ﺳﻮﻱ ﻭﺯﺍﺭﺕ ﻋﻠﻮﻡ ﺍﻋﻼﻡ ﺷﺪﻩ ﺍﺳﺖ ﻛﻪ ﺍﻣﻴﺪ ﺑﺨﺶ ﺑﻮﺩﻩ ﻭ ﻣﻲﺗﻮﺍﻧﺪ ﻧﻘﻄﻪ ﺷﺮﻭﻉ ﻣﻨﺎﺳﺒﻲ ﺑﺮﺍﻱ‬ ‫ﻓﻌﺎﻟﻴﺖ ﺻﻨﺪﻭﻗﻬﺎﻱ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺭﻳﺴﻚﭘﺬﻳﺮ ﺩﺭ ﻛﺸﻮﺭ ﺑﺎﺷﺪ‪.‬‬ ‫‪ -٣-٣‬ﻣﺎﻟﻴﺎﺕ‬ ‫ﻗﻮﺍﻧﻴﻦ ﻭ ﺳﻴﺎﺳﺘﻬﺎﻱ ﻣﺎﻟﻴﺎﺗﻲ ﻫﺮ ﻛﺸﻮﺭﻱ‪ ،‬ﻳﻜﻲ ﺍﺯ ﻋﻮﺍﻣﻞ ﻣﻬﻢ ﺗﺄﺛﻴﺮﮔﺬﺍﺭ ﺑﺮ ﻣﻴﺰﺍﻥ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﻭ ﻛﺎﺭﺁﻓﺮﻳﻨﻲ ﺩﺭ ﺁﻥ ﻛﺸﻮﺭ‬ ‫ﺍﺳﺖ‪ .‬ﺑﺴﻴﺎﺭﻱ ﺍﺯ ﻛﺸﻮﺭﻫﺎﻱ ﭘﻴﺸﺮﻓﺘﻪ ﺩﻧﻴﺎ ﺑﺎ ﻛﺎﻫﺶ ﻧﺮﺥ ﻣﺎﻟﻴﺎﺕ ﺑﺮ ﺳﻮﺩ ﺣﺎﺻﻞ ﺍﺯ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ‪ ،‬ﺑﺎﻋﺚ ﺗﻘﻮﻳﺖ ﻛﺎﺭﺁﻓﺮﻳﻨﻲ ‪ ،‬ﺍﻓﺰﺍﻳﺶ‬ ‫ﻧﺮﺥ ﺗﺄﺳﻴﺲ ﺷﺮﻛﺘﻬﺎﻱ ﺗﻮﻟﻴﺪﻱ ﻭ ﺧﺪﻣﺎﺗﻲ ﺟﺪﻳﺪ ﻭ ﻫﻤﭽﻨﻴﻦ ﺷﻜﻮﻓﺎﻳﻲ ﺻﻨﻌﺖ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺭﻳﺴﻚﭘﺬﻳﺮ ﺷﺪﻩﺍﻧﺪ‪ .‬ﺑﺮﺍﻱ ﻣﺜﺎﻝ‪ ،‬ﺑﻌﺪ‬ ‫ﺍﺯ ﺍﻳﻨﻜﻪ ﺩﻭﻟﺖ ﺁﻣﺮﻳﻜﺎ ﻣﺎﻟﻴﺎﺕ ﺑﺮ ﺳﻮﺩ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺭﺍ ﺍﺑﺘﺪﺍ ﺩﺭ ﺳﺎﻝ ‪ ۱۹۷۸‬ﺍﺯ ‪ ۴۹‬ﺩﺭﺻﺪ ﺑﻪ ‪ ۲۸‬ﺩﺭﺻﺪ ﻭ ﺳﭙﺲ ﺩﺭ ﺳﺎﻝ ‪ ۱۹۸۱‬ﺑﻪ‬ ‫‪ ۲۰‬ﺩﺭﺻﺪ ﻛﺎﻫﺶ ﺩﺍﺩ‪ ،‬ﺣﺠﻢ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺭﻳﺴﻚﭘﺬﻳﺮ ﺑﺸﺪﺕ ﺍﻓﺰﺍﻳﺶ ﻳﺎﻓﺖ‪ .‬ﺑﺮﺍﻱ ﻣﻘﺎﻳﺴﻪ ﺑﺪ ﻧﻴﺴﺖ ﺑﺪﺍﻧﻴﻢ ﻛﻪ ﻫﻤﻴﻦ ﻣﺎﻟﻴﺎﺕ ﺩﺭ‬ ‫ﺍﺭﻭﭘﺎ ﻭ ﺁﺳﻴﺎ ﺑﻪ ‪ ۶۰‬ﺩﺭﺻﺪ ﻭ ﺑﻴﺸﺘﺮ ﻧﻴﺰ ﻣﻲﺭﺳﺪ‪.‬‬ ‫ﺩﺭ ﺍﻳﺮﺍﻥ ﻣﺎﻟﻴﺎﺕ ﺑﺮ ﺩﺭﺁﻣﺪ ﺷﺮﻛﺘﻬﺎ )ﻭ ﻧﻪ ﺳﻮﺩ ﺁﻧﻬﺎ( ﻭﺿﻊ ﻣﻲﺷﻮﺩ‪ .‬ﻃﺒﻖ ﻗﺎﻧﻮﻥ ﺟﺪﻳﺪ ﻣﺎﻟﻴﺎﺗﻬﺎﻱ ﻣﺴﺘﻘﻴﻢ )ﻣﺼﻮﺏ ﺑﻬﻤﻦ ‪،(٨٠‬‬ ‫ﻣﺎﻟﻴﺎﺕ ﺑﺮ ﺷﺮﻛﺘﻬﺎ ﺩﺭ ﺭﻗﻢ ‪ %۲۵‬ﺗﺜﺒﻴﺖ ﺷﺪﻩ ﺍﺳﺖ‪ .‬ﻳﻌﻨﻲ ﺷﺮﻛﺘﻬﺎ ‪ %۲۵ ،‬ﺍﺯ ﺩﺭﺁﻣﺪ ﺧﻮﺩ ﺭﺍ ﺑﻪ ﺷﻜﻞ ﻣﺎﻟﻴﺎﺕ ﻣﻲﭘﺮﺩﺍﺯﻧﺪ‪ .‬ﺩﺭ ﺣﺎﻟﻴﻜﻪ‬ ‫ﺩﺭ ﻗﺎﻧﻮﻥ ﻗﺒﻠﻲ ‪ ،‬ﻧﺮﺥ ﻣﺎﻟﻴﺎﺕ ﺑﺮ ﺣﺴﺐ ﺩﺭﺁﻣﺪ ﺷﺮﻛﺖ ﻣﺘﻔﺎﻭﺕ ﺑﻮﺩﻩ ﻭ ﮔﺎﻩ ﺗﺎ ‪ %۶۷‬ﻧﻴﺰ ﻣﻲ ﺭﺳﻴﺪ‪ .‬ﻛﺎﻫﺶ ﭼﺸﻤﮕﻴﺮ ﻧﺮﺥ ﻣﺎﻟﻴﺎﺕ ﺍﺯ‬ ‫‪ %۶۷‬ﺑﻪ ‪ %۲۵‬ﺭﺍ ﻣﻲﺗﻮﺍﻥ ﺍﻗﺪﺍﻡ ﻣﻬﻢ ﺩﻭﻟﺖ ﺩﺭ ﺗﺮﻏﻴﺐ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﺍﻥ ﺑﻪ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﻭ ﺗﺄﺳﻴﺲ ﺷﺮﻛﺘﻬﺎﻱ ﻧﻮﭘﺎ ﺍﺭﺯﻳﺎﺑﻲ ﻛﺮﺩ ]‪.[٧‬‬ ‫ﺍﺯ ﺳﻮﻱ ﺩﻳﮕﺮ‪ ،‬ﻧﻈﺎﻡ ﻣﺎﻟﻴﺎﺗﻲ ﻛﺸﻮﺭ ﻣﺸﻜﻼﺗﻲ ﺭﺍ ﺑﺮﺍﻱ ﺻﻨﺎﻳﻊ ﻛﻮﭼﻚ ﻭﻛﺎﺭﺁﻓﺮﻳﻨﺎﻥ ﺍﻳﺠﺎﺩ ﻛﺮﺩﻩ ﻛﻪ ﻣﻬﻤﺘﺮﻳﻦ ﺁﻧﻬﺎ ﺑﻪ ﺷﺮﺡ ﺯﻳﺮ‬ ‫ﺍﺳﺖ‪:‬‬ ‫ﺍﻟﻒ( ﻣﻼﻙ ﺩﺭﻳﺎﻓﺖ ﻣﺎﻟﻴﺎﺕ ﺍﺯ ﺑﻨﮕﺎﻫﻬﺎﻱ ﺍﻗﺘﺼﺎﺩﻱ ﻓﻘﻂ ﺑﺮﺍﺳﺎﺱ ﻣﻴﺰﺍﻥ ﺩﺭﺁﻣﺪ ﺍﺑﺮﺍﺯﻱ )ﻳﺎ ﺗﺸﺨﻴﺼﻲ( ﻣﻲﺑﺎﺷﺪ ﻭ ﻧﻮﻉ ﻓﻌﺎﻟﻴﺖ‬ ‫ﻳﺎ ﺍﻧﺪﺍﺯﻩ ﺑﻨﮕﺎﻩ ﺗﺄﺛﻴﺮﻱ ﺩﺭ ﺗﻌﻴﻴﻦ ﻣﺎﻟﻴﺎﺕ ﻧﺪﺍﺭﺩ‪ .‬ﻳﻌﻨﻲ ﺑﺮﺍﺳﺎﺱ ﻗﺎﻧﻮﻥ ﻓﻌﻠﻲ ﻣﺎﻟﻴﺎﺕ ‪ ،‬ﻛﻮﭼﻜﻲ ﻳﺎ ﺑﺰﺭﮔﻲ ﺑﻨﮕﺎﻩ ﻭ ﻧﻴﺰ ﺗﺠﺎﺭﻱ‬ ‫)ﺑﺎﺯﺭﮔﺎﻧﻲ( ﻳﺎ ﺗﻮﻟﻴﺪﻱ ﺑﻮﺩﻥ ﻓﻌﺎﻟﻴﺖ‪ ،‬ﻣﻮﺭﺩ ﺗﻮﺟﻪ ﻗﺮﺍﺭ ﻧﻤﻲﮔﻴﺮﺩ‪ .‬ﻓﺮﺍﻫﻢ ﻛﺮﺩﻥ ﭼﻨﻴﻦ ﺗﻤﺎﻳﺰﻱ‪ ،‬ﻣﻲﺗﻮﺍﻧﺪ ﻳﻜﻲ ﺍﺯ ﻋﻮﺍﻣﻞ ﺑﺴﺘﺮﺳﺎﺯ‬

‫ﺟﻬﺖ ﺗﺸﻮﻳﻖ ﻓﻌﺎﻟﻴﺘﻬﺎﻱ ﻛﻮﭼﻚ ﺗﻮﻟﻴﺪﻱ ﺑﺎﺷﺪ‪.‬‬ ‫ﺏ( ﺍﺯ ﺟﻤﻠﻪ ﻣﺸﻜﻼﺗﻲ ﻛﻪ ﺳﻴﺴﺘﻢ ﻣﺎﻟﻴﺎﺗﻲ ﺍﻳﺮﺍﻥ ﺑﺮﺍﻱ ﺻﺎﺣﺒﺎﻥ ﻭﺍﺣﺪﻫﺎﻱ ﻛﻮﭼﻚ ﺍﻳﺠﺎﺩ ﻣﻲﻛﻨﺪ‪ ،‬ﻣﺸﻜﻼﺕ ﻧﺎﺷﻲ ﺍﺯ ﻭﺻﻮﻝ‬ ‫ﻣﺎﻟﻴﺎﺕ ﺍﺳﺖ ﻛﻪ ﺧﻮﺩ ﻧﺎﺷﻲ ﺍﺯ ﻧﻮﺍﻗﺺ ﻭ ﭘﻴﭽﻴﺪﮔﻴﻬﺎﻱ ﻗﺎﻧﻮﻥ ﻣﺎﻟﻴﺎﺗﻬﺎﻱ ﻣﺴﺘﻘﻴﻢ ﺩﺭ ﺯﻣﻴﻨﻪ ﺷﻴﻮﻩ ﻭﺻﻮﻝ ﻣﺎﻟﻴﺎﺕ ﻣﻲﺑﺎﺷﺪ ‪ .‬ﺑﻪ‬ ‫ﻧﻈﺮ ﻛﺎﺭﺷﻨﺎﺳﺎﻥ ﺑﺮﺍﻱ ﻧﻈﺎﻡ ﺍﺟﺮﺍﻳﻲ ﻳﻌﻨﻲ ﺳﻴﺴﺘﻢ ﺳﺎﺯﻣﺎﻥ ﺗﺸﺨﻴﺺ ﻭ ﻭﺻﻮﻝ ﻣﺎﻟﻴﺎﺕ ‪ ،‬ﻣﺄﻣﻮﺭﻳﺖ ﻣﺸﺨﺼﻲ ﺗﻌﺮﻳﻒ ﻧﺸﺪﻩ ﺍﺳﺖ‬ ‫ﻼ ﺗﻔﻜﺮ ﺣﺎﻛﻢ ﺑﺮ ﺍﻳﻦ ﻧﻈﺎﻡ ‪ ،‬ﺩﺭﻳﺎﻓﺖ ﻫﺮ ﭼﻪ ﺑﻴﺸﺘﺮ ﻣﺎﻟﻴﺎﺕ ﺑﺪﻭﻥ ﺗﻮﺟﻪ ﺑﻪ ﺗﻮﺍﻧﺎﻳﻴﻬﺎﻱ ﭘﺮﺩﺍﺧﺖ ﻛﻨﻨﺪﻩ ﺍﺳﺖ‪ .‬ﺩﺭ ﺷﻴﻮﻩ‬ ‫ﻭ ﻋﻤ ﹰ‬ ‫ﻓﻌﻠﻲ ﻭﺻﻮﻝ ﻣﺎﻟﻴﺎﺕ ﺩﺭ ﺍﻳﺮﺍﻥ ﺑﻪ ﺩﻟﻴﻞ ﻓﻘﺪﺍﻥ ﻧﻬﺎﺩﻫﺎﻱ ﻭﺍﺳﻄﻪ )ﻧﻈﻴﺮ ﺣﺴﺎﺑﺪﺍﺭﺍﻥ ﻣﻌﺘﻤﺪ(‪ ،‬ﻣﺆﺩﻳﺎﻥ ﻭ ﻣﻤﻴﺰﺍﻥ ﺩﺭ ﺗﻤﺎﺱ ﺑﺎ‬ ‫ﻳﻜﺪﻳﮕﺮﻧﺪ ﻭ ﺍﻳﻦ ﺧﻮﺩ ﻣﺸﻜﻼﺕ ﺯﻳﺎﺩﻱ ﺭﺍ ﺍﻳﺠﺎﺩ ﻛﺮﺩﻩ ﺍﺳﺖ ﻭ ﺍﺯ ﺁﻧﺠﺎ ﻛﻪ ﺣﺠﻢ ﻛﺎﺭ ﺗﺸﺨﻴﺺ ﻣﺎﻟﻴﺎﺕ ﺑﺴﻴﺎﺭ ﺯﻳﺎﺩ ﺍﺳﺖ‪ ،‬ﺍﺯ ﺍﻳﻦ‬ ‫ﺭﻭ ﻣﻤﻴﺰﺍﻥ ﺑﻪ ﻋﻠﺖ ﺣﺠﻢ ﺑﺴﻴﺎﺭ ﺯﻳﺎﺩ ﻛﺎﺭ‪ ،‬ﺑﻴﺸﺘﺮ ﺗﻤﺎﻳﻞ ﺩﺍﺭﻧﺪ ﻛﻪ ﻣﺴﺄﻟﻪ ﺭﺍ ﺑﺎ ﺗﺸﺨﻴﺺ ﻋﻠﻲﺍﻟﺮﺃﺱ ﺣﻞ ﻭ ﻓﺼﻞ ﻛﻨﻨﺪ ﻭ ﺍﻳﻦ‬ ‫ﺧﻮﺩ ﺍﺯ ﺩﻗﺖ ﻛﺎﻓﻲ ﺑﺮﺧﻮﺭﺩﺍﺭ ﻧﻴﺴﺖ ﻭ ﺩﺭ ﻏﺎﻟﺐ ﻣﻮﺍﺭﺩ ﻣﻮﺭﺩ ﭘﺬﻳﺮﺵ ﻣﺆﺩﻳﺎﻥ ﻗﺮﺍﺭ ﻧﻤﻲﮔﻴﺮﺩ‪[۸] .‬‬

‫ﻭﺍﺣﺪ ﺗﻬﺮﺍﻥ‬

‫ﺍﻭﻟﻴﻦ ﻫﻤﺎﻳﺶ ﻣﻠﻲ ﺻﻨﻌﺖ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﻱ ﻣﺨﺎﻃﺮﻩ ﭘﺬﻳﺮ ‪ -‬ﺗﻬﺮﺍﻥ ‪۲۸ ،‬ﻭ‪ ۲۹‬ﻣﺮﺩﺍﺩ ‪۱۳۸۳‬‬

‫‪ -٤-۳‬ﻣﺎﻟﻜﻴﺖ ﻣﻌﻨﻮﻱ‬ ‫ﺣﻘﻮﻕ ﻣﺎﻟﻜﻴﺖ ﻣﻌﻨﻮﻱ ﻣﻌﻤﻮ ﹰﻻ ﺍﺭﺯﺷﻤﻨﺪﺗﺮﻳﻦ ﺩﺍﺭﺍﻳﻲ ﻛﺎﺭﺁﻓﺮﻳﻨﺎﻥ ﺍﺳﺖ‪ .‬ﻟﺬﺍ ﺩﻭﻟﺘﻬﺎ ﻣﻲﺗﻮﺍﻧﻨﺪ ﺑﺎ ﻓﺮﺍﻫﻢ ﺁﻭﺭﺩﻥ ﺯﻳﺮﺳﺎﺧﺘﻬﺎﻱ‬ ‫ﻣﻨﺎﺳﺒﻲ ﻫﻤﭽﻮﻥ ﻧﻈﺎﻡ ﻣﺴﺘﺤﻜﻢ ﺣﻤﺎﻳﺖ ﺍﺯ ﻣﺎﻟﻜﻴﺖ ﻣﻌﻨﻮﻱ‪ ،‬ﺍﺯ ﻛﺎﺭﺁﻓﺮﻳﻨﺎﻥ ﻭ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﺍﻥ ﺭﻳﺴﻚﭘﺬﻳﺮﻱ ﻛﻪ ﺩﺭ ﻃﺮﺣﻬﺎﻱ ﺟﺪﻳﺪ‬ ‫ﻭ ﻧﻮﺁﻭﺭﺍﻧﻪ ﻛﺎﺭﺁﻓﺮﻳﻨﺎﻥ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﻣﻲﻛﻨﻨﺪ‪ ،‬ﺣﻤﺎﻳﺖ ﻧﻤﻮﺩﻩ ﻭ ﺑﻪ ﺗﺴﺮﻳﻊ ﺗﻮﺳﻌﻪ ﺗﻜﻨﻮﻟﻮﮊﻱ ﻛﻤﻚ ﻛﻨﻨﺪ‪.‬‬ ‫ﻣﻴﺰﺍﻥ ﺍﻫﺘﻤﺎﻡ ﻳﻚ ﻛﺸﻮﺭ ﺑﻪ ﻣﻮﺿﻮﻉ ﻛﺎﺭﺁﻓﺮﻳﻨﻲ ﻭ ﻣﺎﻟﻜﻴﺖ ﻣﻌﻨﻮﻱ ﺩﺭ ﭼﻬﺎﺭ ﻣﺆﻟﻔﻪ ﺳﻴﺎﺳﺖ ﻛﻼﻥ‪ ،‬ﻧﻈﺎﻡ ﺁﻣﻮﺯﺷﻲ ﻭ ﭘﮋﻭﻫﺸﻲ ‪،‬‬ ‫ﻧﻈﺎﻡ ﺻﻨﻌﺘﻲ ﻭ ﻧﻈﺎﻡ ﻗﻀﺎﻳﻲ ﻣﺘﺒﻠﻮﺭ ﻣﻲﺷﻮﺩ ﻭ ﺑﺎ ﻣﻄﺎﻟﻌﻪ ﺟﺎﻳﮕﺎﻩ ﻣﻮﺿﻮﻉ ﺩﺭ ﻫﺮ ﻳﻚ ﺍﺯ ﺍﻳﻦ ﺍﺭﻛﺎﻥ ‪ ،‬ﻣﻲﺗﻮﺍﻥ ﻧﺴﺒﺖ ﺑﻪ ﻣﻴﺰﺍﻥ ﺗﻜﺎﻣﻞ‬ ‫ﻧﻈﺎﻡ ﺣﻤﺎﻳﺖ ﺍﺯ ﻣﺎﻟﻜﻴﺖ ﻣﻌﻨﻮﻱ ﺑﻪ ﻋﻨﻮﺍﻥ ﺑﺴﺘﺮ ﺗﻮﺳﻌﻪ ﺗﻜﻨﻮﻟﻮﮊﻱ ﺍﻇﻬﺎﺭ ﻧﻈﺮ ﻧﻤﻮﺩ‪ .‬ﺩﺭ ﺍﺭﺗﺒﺎﻁ ﺑﺎ ﺷﺮﺍﻳﻂ ﺍﻳﺮﺍﻥ‪ ،‬ﻣﻲ ﺗﻮﺍﻥ ﺑﻪ ﻣﻮﺍﺭﺩ‬ ‫ﺯﻳﺮ ﺍﺷﺎﺭﻩ ﻛﺮﺩ ‪:‬‬ ‫‪ -١‬ﺑﻪ ﺍﻫﻤﻴﺖ ﻣﻮﺿﻮﻉ ﻣﺎﻟﻜﻴﺖ ﻣﻌﻨﻮﻱ ﺩﺭ ﻛﺸﻮﺭ ﺗﻮﺟﻪ ﺷﺪﻩ ﺍﺳﺖ ‪ ،‬ﻭﻟﻲ ﺑﻪ ﺩﻟﻴﻞ ﻧﺒﻮﺩ ﻳﻚ ﻧﻈﺎﻡ ﻓﺮﺍﮔﻴﺮ‪ ،‬ﻣﺎﻟﻜﻴﺖ ﻣﻌﻨﻮﻱ‬ ‫ﻫﻤﭽﻨﺎﻥ ﺑﻪ ﻋﻨﻮﺍﻥ ﻳﻜﻲ ﺍﺯ ﻣﺸﻜﻼﺕ ﺍﺳﺎﺳﻲ ﻛﺸﻮﺭ ﻣﺤﺴﻮﺏ ﻣﻲﺷﻮﺩ ‪.‬‬ ‫‪ -٢‬ﻣﺘﺄﺳﻔﺎﻧﻪ ﺍﻫﻤﻴﺖ ﻣﻮﺿﻮﻉ ﺩﺭﺣﺪ ﺷﻨﺎﺧﺖ ﻛﻠﻲ ﺑﻮﺩﻩ ﻭ ﺩﺭ ﺳﻴﺎﺳﺘﻬﺎﻱ ﺍﺟﺮﺍﻳﻲ ﻭ ﻣﻮﺍﺩ ﻗﺎﻧﻮﻧﻲ‪ ،‬ﻧﻤﻮﺩ ﻧﺪﺍﺷﺘﻪ ﺍﺳﺖ ﻭ‬ ‫ﺳﻴﺎﺳﺖ ﻛﻼﻥ ﻛﺸﻮﺭ ﺩﺭ ﺯﻣﻴﻨﻪ ﻛﺎﺭﺁﻓﺮﻳﻨﻲ ﺩﺭ ﭘﻨﺞ ﺳﺎﻝ ﺁﻳﻨﺪﻩ ﻫﻤﭽﻨﺎﻥ ﺍﺑﻬﺎﻡ ﺩﺍﺭﺩ ‪.‬‬ ‫‪ -٣‬ﺑﺨﺶ ﺻﻨﻌﺘﻲ ‪ ،‬ﺳﻮﻣﻴﻦ ﺭﻛﻦ ﻣﺆﺛﺮ ﺩﺭ ﺗﻮﺳﻌﻪ ﻣﺎﻟﻜﻴﺖ ﻣﻌﻨﻮﻱ ﻭ ﻛﺎﺭﺁﻓﺮﻳﻨﻲ ﺍﺳﺖ ‪ .‬ﺑﺮﺭﺳﻲ ﺳﺎﺧﺘﺎﺭ ﻣﻮﺟﻮﺩ ﻭ ﻫﻤﭽﻨﻴﻦ‬ ‫ﺍﻭﻟﻮﻳﺘﻬﺎﻱ ﻣﻨﻈﻮﺭ ﺷﺪﻩ ﺑﺮﺍﻱ ﺍﻳﻦ ﺑﺨﺶ ﻧﺸﺎﻥ ﻣﻲﺩﻫﺪ ﻛﻪ ﻣﺘﺄﺳﻔﺎﻧﻪ ﺑﻪ ﺍﻫﻤﻴﺖ ﻣﻮﺿﻮﻉ ﺩﺭ ﺍﻳﻦ ﺑﺨﺶ‪ ،‬ﺗﻮﺟﻪ ﺟﺪﻱ ﻧﺸﺪﻩ‬ ‫ﺍﺳﺖ ‪.‬‬ ‫‪ -٤‬ﻧﻈﺎﻡ ﻗﻀﺎﻳﻲ ‪ ،‬ﭼﻬﺎﺭﻣﻴﻦ ﺭﻛﻦ ﻣﺆﺛﺮ ﺩﺭ ﺗﻮﺳﻌﻪ ﻣﺎﻟﻜﻴﺖ ﻣﻌﻨﻮﻱ ﻭ ﻛﺎﺭﺁﻓﺮﻳﻨﻲ ﺍﺳﺖ‪ .‬ﺩﺭ ﺣﺎﻝ ﺣﺎﺿﺮ ﺍﮔﺮ ﭼﻪ ﺍﻣﻮﺭ ﺛﺒﺖ ﺁﻥ‬ ‫ﺩﺭ ﻧﻈﺎﻡ ﻗﻀﺎﻳﻲ ﻛﺸﻮﺭ ﻣﺘﻤﺮﻛﺰ ﺷﺪﻩ ﻭﻟﻲ ﺍﺯ ﺷﺄﻥ ﻭ ﺟﺎﻳﮕﺎﻩ ﻣﻨﺎﺳﺐ ﺳﺎﺧﺘﺎﺭﻱ ﺑﺮﺧﻮﺭﺩﺍﺭ ﻧﻴﺴﺖ ﻭ ﺑﺨﺶ ﻋﻤﺪﻩ ﻣﺼﺎﺩﻳﻖ‬ ‫ﻼ ﻣﺘﻤﺮﻛﺰ )ﻣﺤﺪﻭﺩ ﺑﻪ ﺗﻬﺮﺍﻥ( ﺍﺳﺖ ﻭ ﺭﺷﺪ ﻭ ﺍﺭﺗﻘﺎﻱ‬ ‫ﻣﺎﻟﻜﻴﺖ ﺻﻨﻌﺘﻲ ﻧﻴﺰ ﺑﻪ ﺛﺒﺖ ﻧﻤﻲﺭﺳﺪ‪ .‬ﺍﻣﻮﺭ ﺛﺒﺖ ﻭ ﻣﺤﺎﻛﻢ ﻧﻴﺰ ﻛﺎﻣ ﹰ‬ ‫ﺍﻳﻦ ﺑﺤﺚ ﺑﻪ ﻋﻨﻮﺍﻥ ﺍﻭﻟﻮﻳﺘﻬﺎﻱ ﺍﻇﻬﺎﺭ ﺷﺪﻩ‪ ،‬ﻣﻄﺮﺡ ﻧﻤﻲﺑﺎﺷﺪ ‪.‬‬ ‫ﺍﺯ ﺩﻳﺪﮔﺎﻩ ﻣﺨﺘﺮﻋﻴﻦ ‪ ،‬ﻣﺒﺘﻜﺮﻳﻦ ﻭ ﻣﺤﻘﻘﻴﻦ ﻛﺸﻮﺭ‪ ،‬ﻣﻴﺰﺍﻥ ﺣﻤﺎﻳﺖ ﺍﺯ ﺣﻘﻮﻕ ﻣﺨﺘﺮﻋﻴﻦ ﻭ ﻣﺒﺘﻜﺮﻳﻦ ﺩﺭ ﻛﺸﻮﺭ ﺑﺴﻴﺎﺭ ﺍﻧﺪﻙ ﺑﻮﺩﻩ‬ ‫ﻭ ﻣﻴﺰﺍﻥ ﺗﻘﻠﻴﺪ ﻭ ﺳﻮﺀ ﺍﺳﺘﻔﺎﺩﻩ ﺍﺯ ﻳﺎﻓﺘﻪﻫﺎﻱ ﺗﺤﻘﻴﻘﺎﺗﻲ ﺩﻳﮕﺮﺍﻥ ﺩﺭ ﻛﺸﻮﺭ ﺑﺴﻴﺎﺭ ﺯﻳﺎﺩ ﺍﺳﺖ‪ .‬ﺍﺯ ﺩﻳﺪﮔﺎﻩ ﺁﻧﻬﺎ‪ ،‬ﻗﻮﺍﻧﻴﻦ ﻭ ﻣﻘﺮﺭﺍﺕ ﻣﺮﺑﻮﻁ‬ ‫ﺑﻪ ﻣﺎﻟﻜﻴﺖ ﻣﻌﻨﻮﻱ‪ ،‬ﻧﺤﻮﻩ ﺍﺟﺮﺍﻱ ﻗﻮﺍﻧﻴﻦ ﻣﺎﻟﻜﻴﺖ ﺻﻨﻌﺘﻲ ﻭ ﻫﻤﭽﻨﻴﻦ ﻧﻈﺎﻡ ﺍﻃﻼﻉ ﺭﺳﺎﻧﻲ ﻛﺸﻮﺭ ﺩﺭ ﺍﻳﻦ ﺯﻣﻴﻨﻪ‪ ،‬ﻧﻴﺎﺯﻣﻨﺪ ﺑﺎﺯﻧﮕﺮﻱ‬ ‫ﺍﺳﺖ ]‪.[۹‬‬ ‫‪ -۵-٣‬ﻣﻜﺎﻧﻴﺰﻡ ﺧﺮﻭﺝ‬ ‫ﻣﻜﺎﻧﻴﺰﻡ ﺧﺮﻭﺝ ﻳﺎ ﺑﻪ ﻋﺒﺎﺭﺕ ﺩﻳﮕﺮ ﻗﺎﺑﻠﻴﺖ ﻧﻘﺪ ﻛﺮﺩﻥ ﺳﺮﻣﺎﻳﻪ ﻭ ﺑﺮﺩﺍﺷﺖ ﺳﻮﺩ ﺣﺎﺻﻞ ﺍﺯ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺩﺭ ﻫﺮ ﻛﺸﻮﺭﻱ ﺗﺄﺛﻴﺮ‬ ‫ﺣﻴﺎﺗﻲ ﺩﺭ ﺟﺬﺏ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﺍﻥ ﺭﻳﺴﻚﭘﺬﻳﺮ ﺑﻪ ﺁﻥ ﻛﺸﻮﺭ ﺩﺍﺭﺩ‪ .‬ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﺍﻥ ﺭﻳﺴﻚﭘﺬﻳﺮ ﻋﻤﺪﺗ ﹰﺎ ﺩﺭ ﺗﺄﺳﻴﺲ ﺷﺮﻛﺖ ﻳﺎ ﺩﺭ ﻣﺮﺍﺣﻞ‬ ‫ﺍﻭﻟﻴﻪ ﺭﺷﺪ ﺷﺮﻛﺘﻬﺎﻱ ﻧﻮﭘﺎ ﻛﻪ ﻣﺘﻀﻤﻦ ﺭﻳﺴﻚ ﺑﺎﻻ ﻭ ﺩﺭ ﻋﻴﻦ ﺣﺎﻝ ﺳﻮﺩ ﺑﻴﺸﺘﺮﻱ ﺍﺳﺖ ‪ ،‬ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﻣﻲ ﻛﻨﻨﺪ ﻭ ﭘﺲ ﺍﺯ ﺁﻧﻜﻪ‬ ‫ﺷﺮﻛﺖ ﻣﺮﺍﺣﻞ ﺍﻭﻟﻴﻪ ﺭﺷﺪ ﺧﻮﺩ ﺭﺍ ﭘﺸﺖ ﺳﺮ ﮔﺬﺍﺷﺖ ﻭ ﺑﻪ ﻭﺿﻌﻴﺖ ﭘﺎﻳﺪﺍﺭ ﻭ ﻧﺴﺒﺘ ﹰﺎ ﺑﺎﺛﺒﺎﺕ ﺑﺎ ﻳﻚ ﻧﺮﺥ ﺭﺷﺪ ﺳﻮﺩ ﺛﺎﺑﺖ ﻭ ﻛﻢ ﺧﻄﺮ‬ ‫ﺭﺳﻴﺪ ‪ ،‬ﺍﻳﻦ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﺍﻥ ﺗﻤﺎﻳﻞ ﺩﺍﺭﻧﺪ ﺳﺮﻣﺎﻳﻪ ﺧﻮﺩ )ﻛﻪ ﺍﺭﺯﺵ ﺁﻥ ﺑﻪ ﺷﺪﺕ ﺍﻓﺰﺍﻳﺶ ﻳﺎﻓﺘﻪ( ﺭﺍ ﺍﺯ ﺁﻥ ﺷﺮﻛﺖ ﺑﺮﺩﺍﺷﺖ ﻛﺮﺩﻩ ﻭ ﺩﺭ‬ ‫ﺷﺮﻛﺖ ﻭ ﻛﺴﺐ ﻭ ﻛﺎﺭﻱ ﺟﺪﻳﺪ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﻛﻨﻨﺪ‪ .‬ﺍﻣﺎ ﺧﺮﻭﺝ ﺍﺯ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﻭ ﻧﻘﺪﻛﺮﺩﻥ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ‪ ،‬ﻣﺴﺘﻠﺰﻡ ﻭﺟﻮﺩ‬ ‫ﺑﺎﺯﺍﺭﻫﺎﻱ ﺳﺮﻣﺎﻳﻪ ﻛﺎﺭﺁﻣﺪ ﻭ ﻣﻨﺎﺳﺐ ﺍﺳﺖ ﻭ ﺩﺭ ﺍﻳﻦ ﺭﺍﺳﺘﺎ‪ ،‬ﺑﺎﺯﺍﺭﻫﺎﻱ ﺑﻮﺭﺱ ﻧﻘﺶ ﺗﻌﻴﻴﻦﻛﻨﻨﺪﻩﺍﻱ ﺩﺍﺭﻧﺪ‪.‬‬ ‫ﺍﺯ ﺁﻧﺠﺎﺋﻴﻜﻪ ﻭﺭﻭﺩ ﺷﺮﻛﺘﻬﺎﻱ ﻧﻮﭘﺎ ﺑﻪ ﻓﻬﺮﺳﺖ ﺑﺎﺯﺍﺭﻫﺎﻱ ﺑﻮﺭﺱ ﻣﻌﻤﻮﻟﻲ ﺑﺎ ﺩﺷﻮﺍﺭﻳﻬﺎﻳﻲ ﻫﻤﺮﺍﻩ ﺍﺳﺖ‪ ،‬ﻣﻌﻤﻮ ﹰﻻ ﻛﺸﻮﺭﻫﺎ‪ ،‬ﺑﺎﺯﺍﺭﻫﺎﻱ‬ ‫ﺧﺎﺻﻲ ﺭﺍ ﺑﺪﻳﻦ ﻣﻨﻈﻮﺭ ﺗﺄﺳﻴﺲ ﻣﻲﻛﻨﻨﺪ ﻛﻪ ﺷﺮﺍﻳﻂ ﻭ ﺍﻟﺰﺍﻣﺎﺕ ﻭﺭﻭﺩ ﺑﻪ ﺁﻧﻬﺎ ﻛﻤﺘﺮ ﺍﺳﺖ‪ .‬ﺍﺯ ﻣﻌﺮﻭﻓﺘﺮﻳﻦ ﺍﻳﻦ ﺑﺎﺯﺍﺭﻫﺎ ﻣﻲﺗﻮﺍﻥ ﺑﻪ ﺑﺎﺯﺍﺭ‬ ‫ﺑﻮﺭﺱ ‪ NASDAQ‬ﺩﺭ ﺁﻣﺮﻳﻜﺎ‪ Neuer ،‬ﺩﺭ ﺁﻟﻤﺎﻥ‪ Techmark ،‬ﺩﺭ ﺍﻧﮕﻠﺴﺘﺎﻥ‪ JASDAQ ،‬ﺩﺭ ﮊﺍﭘﻦ ﻭ ‪ KOSDAQ‬ﺩﺭ ﻛﺮﻩ‬ ‫ﺟﻨﻮﺑﻲ ﺍﺷﺎﺭﻩ ﻛﺮﺩ‪.‬‬

‫ﻭﺍﺣﺪ ﺗﻬﺮﺍﻥ‬

‫ﺍﻭﻟﻴﻦ ﻫﻤﺎﻳﺶ ﻣﻠﻲ ﺻﻨﻌﺖ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﻱ ﻣﺨﺎﻃﺮﻩ ﭘﺬﻳﺮ ‪ -‬ﺗﻬﺮﺍﻥ ‪۲۸ ،‬ﻭ‪ ۲۹‬ﻣﺮﺩﺍﺩ ‪۱۳۸۳‬‬

‫ﻧﻤﺎﺩ ﺍﺻﻠﻲ ﺑﺎﺯﺍﺭ ﺳﺮﻣﺎﻳﻪ ﺩﺭ ﺍﻳﺮﺍﻥ‪ ،‬ﺑﺎﺯﺍﺭ ﺑﻮﺭﺱ ﺍﻭﺭﺍﻕ ﺑﻬﺎﺩﺍﺭ ﺗﻬﺮﺍﻥ ﻣﻲﺑﺎﺷﺪ‪ .‬ﺍﻣﺎ ﺍﻳﻦ ﺑﺎﺯﺍﺭ ﺑﻪ ﻫﻴﭻ ﻭﺟﻪ ﻛﺎﺭﺁﻣﺪ ﻧﺒﻮﺩﻩ ﻭ ﺩﭼﺎﺭ‬ ‫ﻣﺸﻜﻼﺕ ﻭ ﻣﻮﺍﻧﻊ ﻗﺎﻧﻮﻧﻲ‪ ،‬ﺳﺎﺧﺘﺎﺭﻱ ﻭ ﻣﺪﻳﺮﻳﺘﻲ ﺍﺳﺖ‪ .‬ﻋﻮﺍﻣﻞ ﻋﺪﻡ ﻛﺎﺭﺁﻳﻲ ﺑﺎﺯﺍﺭ ﺳﺮﻣﺎﻳﻪ ﺩﺭ ﺍﻳﺮﺍﻥ ﺭﺍ ﻣﻲﺗﻮﺍﻥ ﺑﻪ ﺻﻮﺭﺕ ﺯﻳﺮ ﺑﺮﺷﻤﺮﺩ‪:‬‬ ‫ ﺿﻌﻒ ﺳﺎﺧﺘﺎﺭ ﺗﺸﻜﻴﻼﺗﻲ ﺑﻮﺭﺱ ﺍﻭﺭﺍﻕ ﺑﻬﺎﺩﺍﺭ ﺗﻬﺮﺍﻥ ‪ ،‬ﻧﻔﻮﺫ ﻭ ﺩﺧﺎﻟﺖ ﻣﺴﺘﻘﻴﻢ ﺩﻭﻟﺖ ﻭ ﺳﺎﺯﻣﺎﻧﻬﺎﻱ ﺩﻭﻟﺘﻲ ﺑﻮﻳﮋﻩ ﺑﺨﺶ ﭘﻮﻟﻲ ﺩﺭ‬‫ﺍﻳﻦ ﺳﺎﺯﻣﺎﻥ ‪.‬‬ ‫ ﺷﻔﺎﻑ ﻧﺒﻮﺩﻥ ﻭ ﻛﻤﺒﻮﺩ ﺍﻃﻼﻋﺎﺕ ﺩﺭ ﺧﺼﻮﺹ ﺷﺮﻛﺘﻬﺎﻱ ﭘﺬﻳﺮﻓﺘﻪ ﺷﺪﻩ ﺩﺭ ﺑﻮﺭﺱ‪.‬‬‫ ﺿﻌﻒ ﻭ ﻋﺪﻡ ﭘﻮﻳﺎﻳﻲ ﻣﻘﺮﺭﺍﺕ ﻭ ﺿﺮﻭﺭﺕ ﺑﺎﺯﻧﮕﺮﻱ ﺩﺭ ﻗﻮﺍﻧﻴﻦ ﻭ ﻣﻘﺮﺭﺍﺕ ﻣﺆﺛﺮ ﺩﺭ ﺍﻳﻦ ﺳﺎﺯﻣﺎﻥ ﻣﺎﻧﻨﺪ ﻗﺎﻧﻮﻥ ﺑﻮﺭﺱ ‪ ،‬ﻗﺎﻧﻮﻥ ﺗﺠﺎﺭﺕ‬‫ﻭ ﻗﺎﻧﻮﻥ ﻣﺎﻟﻴﺎﺗﻬﺎ ‪.‬‬ ‫ ﻋﺪﻡ ﺗﻔﻜﻴﻚ ﺑﺎﺯﺍﺭﻫﺎﻱ ﺍﻭﻟﻴﻪ ﻭ ﺛﺎﻧﻮﻳﻪ‪.‬‬‫‪١‬‬ ‫ ﻭﺟﻮﺩ ﻛﺎﺳﺘﻴﻬﺎﻱ ﻗﺎﻧﻮﻧﻲ ﺩﺭ ﻣﻮﺭﺩ ﺑﺎﺯﺍﺭﻫﺎﻱ ﺍﻭﻟﻴﻪ ﻭ ﻓﻘﺪﺍﻥ ﻣﺆﺳﺴﻪﻫﺎﻱ ﻣﺘﻌﻬﺪ ﺧﺮﻳﺪ ﺳﻬﺎﻡ ﻣﺎﻧﻨﺪ ﺑﺎﻧﻜﻬﺎﻱ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ‪.‬‬‫ ﻛﻤﺒﻮﺩ ﺑﺎﺯﺍﺭﻫﺎﻱ ﻓﺮﻋﻲ ‪.‬‬‫ ﻋﺪﻡ ﺍﺳﺘﻔﺎﺩﻩ ﺍﺯ ﺍﺑﺰﺍﺭﻫﺎﻱ ﻣﺘﻨﻮﻉ ﻣﺎﻟﻲ ]‪.[۱۰‬‬‫ﺍﻟﺒﺘﻪ ﺩﺭ ﭼﻨﺪ ﺳﺎﻝ ﺍﺧﻴﺮ ﺍﻗﺪﺍﻣﺎﺗﻲ ﺩﺭ ﺟﻬﺖ ﺍﺻﻼﺡ ﺍﻳﻦ ﺑﺎﺯﺍﺭ ﺍﻧﺠﺎﻡ ﺷﺪﻩ ﻛﻪ ﺍﻫﻢ ﺁﻧﻬﺎ ﻋﺒﺎﺭﺗﻨﺪ ﺍﺯ‪:‬‬ ‫• ﺍﺻﻼﺡ ﺳﺎﺧﺘﺎﺭ ﺑﺎﺯﺍﺭ ﺑﻮﺭﺱ ﻭ ﺗﺄﺳﻴﺲ ﺗﺎﻻﺭ ﻓﺮﻋﻲ ﺩﺭ ﺟﻬﺖ ﺗﺴﻬﻴﻞ ﭘﺬﻳﺮﺵ ﺷﺮﻛﺘﻬﺎﻱ ﻧﻮﭘﺎ ]‪[۱۱‬‬ ‫• ﮔﺴﺘﺮﺵ ﺟﻐﺮﺍﻓﻴﺎﻳﻲ ﺑﺎﺯﺍﺭ ﺑﻮﺭﺱ )ﺭﺍﻩﺍﻧﺪﺍﺯﻱ ﺑﺎﺯﺍﺭ ﺑﻮﺭﺱ ﻣﺸﻬﺪ( ]‪[۱۲‬‬

‫ﻫﻤﭽﻨﻴﻦ ﻗﺎﻧﻮﻥ ﺟﺎﻣﻊ ﺑﺎﺯﺍﺭ ﺳﺮﻣﺎﻳﻪ ﻧﻴﺰ ﺩﺭ ﺷﺮﻑ ﺗﺪﻭﻳﻦ ﺍﺳﺖ‪ .‬ﺗﺪﺍﻭﻡ ﺍﻳﻦ ﺭﻭﻧﺪ ﺍﺻﻼﺣﻲ‪ ،‬ﺁﻳﻨﺪﻩ ﺑﻬﺘﺮﻱ ﺭﺍ ﺑﺮﺍﻱ ﺍﻳﻦ ﺑﺎﺯﺍﺭ‬ ‫ﺗﺮﺳﻴﻢ ﻛﺮﺩﻩ ﻭ ﺷﺮﺍﻳﻂ ﺑﻬﺘﺮﻱ ﺑﺮﺍﻱ ﺧﺮﻭﺝ ﺍﺯ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺍﺯ ﻃﺮﻳﻖ ﺍﻳﻦ ﺑﺎﺯﺍﺭ ﻣﻬﻴﺎ ﻣﻲﻛﻨﺪ ‪.‬‬ ‫‪ -٦-٣‬ﻗﺎﻧﻮﻥ ﻛﺎﺭ‬ ‫ﺩﺭ ﻛﺸﻮﺭﻫﺎﻳﻲ ﻛﻪ ﻗﺎﻧﻮﻥ ﻛﺎﺭ ﺍﻧﻌﻄﺎﻑﻧﺎﭘﺬﻳﺮﻱ ﺩﺭ ﺁﻧﻬﺎ ﺣﺎﻛﻢ ﺍﺳﺖ )ﺧﺼﻮﺻ ﹰﺎ ﻛﺸﻮﺭﻫﺎﻳﻲ ﻛﻪ ﺍﺗﺤﺎﺩﻳﻪﻫﺎﻱ ﻛﺎﺭﮔﺮﻱ ﻗﺪﺭﺗﻤﻨﺪﻱ‬ ‫ﺩﺭ ﺁﻧﻬﺎ ﻓﻌﺎﻝ ﺍﺳﺖ(‪ ،‬ﺗﻮﺍﻥ ﺍﺳﺘﺨﺪﺍﻡ ﻭ ﺍﺧﺮﺍﺝ ﻛﺎﺭﻛﻨﺎﻥ ﺑﺴﻴﺎﺭ ﻣﺤﺪﻭﺩ ﺷﺪﻩ ﺍﺳﺖ‪ .‬ﺩﺭ ﺑﺮﺧﻲ ﻛﺸﻮﺭﻫﺎ ﻧﻴﺰ ﺑﺪﻟﻴﻞ ﺩﻏﺪﻏﻪﻫﺎﻱ ﺳﻴﺎﺳﻲ ﻳﺎ‬ ‫ﺍﻣﻨﻴﺘﻲ ﺍﺯ ﺍﺧﺮﺍﺝ ﻛﺎﺭﻛﻨﺎﻥ ﻣﻤﺎﻧﻌﺖ ﺑﻌﻤﻞ ﻣﻲﺁﻳﺪ‪ .‬ﻟﺬﺍ ﺩﺭ ﺍﻳﻨﮕﻮﻧﻪ ﻛﺸﻮﺭﻫﺎ‪ ،‬ﺭﻳﺴﻚ ﺭﺍﻩﺍﻧﺪﺍﺯﻱ ﺷﺮﻛﺘﻬﺎﻱ ﺟﺪﻳﺪ ﺑﺸﺪﺕ ﺍﻓﺰﺍﻳﺶ‬ ‫ﻣﻲﻳﺎﺑﺪ‪.‬‬ ‫ﻗﺎﻧﻮﻥ ﻛﺎﺭ‪ ،‬ﻳﻜﻲ ﺍﺯ ﻣﻮﺍﻧﻊ ﺟﺪﻱ ﻛﺎﺭﺁﻓﺮﻳﻨﻲ ﻭ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺩﺭ ﻛﺸﻮﺭ ﺍﺳﺖ ﻛﻪ ﻫﺰﻳﻨﻪ ﻭ ﺭﻳﺴﻚ ﺍﺳﺘﻔﺎﺩﻩ ﺍﺯ ﻧﻴﺮﻭﻱ ﻛﺎﺭ ﺑﺮﺍﻱ‬ ‫ﻛﺎﺭﻓﺮﻣﺎﻳﺎﻥ ﻭ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﺍﻥ ﺭﺍ ﺑﻪ ﺷﺪﺕ ﺍﻓﺰﺍﻳﺶ ﺩﺍﺩﻩ ﺍﺳﺖ‪ .‬ﺑﻪ ﻧﻈﺮ ﻣﻲﺭﺳﺪ ﺩﺭ ﺗﻨﻈﻴﻢ ﺍﻳﻦ ﻗﺎﻧﻮﻥ ‪ ،‬ﻫﺪﻑ ﻋﻤﺪﺗ ﹰﺎ ﺣﻤﺎﻳﺖ ﺍﻓﺮﺍﻃﻲ ﺍﺯ‬ ‫ﻛﺎﺭﮔﺮﺍﻥ ﺩﺭ ﺑﺮﺍﺑﺮ ﻛﺎﺭﻓﺮﻣﺎ ﺑﻮﺩﻩ ﻭ ﺑﻪ ﺟﻨﺒﻪﻫﺎﻱ ﺩﻳﮕﺮ ﺗﻮﺟﻪ ﭼﻨﺪﺍﻧﻲ ﻧﺸﺪﻩ ﺍﺳﺖ‪ .‬ﺩﺭ ﺍﻳﻦ ﻗﺎﻧﻮﻥ ﺍﻟﺰﺍﻣﺎﺕ ﻳﻚﺳﻮﻳﻪﺍﻱ ﺑﺮﺍﻱ ﻛﺎﺭﻓﺮﻣﺎﻳﺎﻥ‬ ‫ﺍﻳﺠﺎﺩ ﺷﺪﻩ ﻭ ﺍﺯ ﺳﻮﻱ ﺩﻳﮕﺮ‪ ،‬ﺗﻌﻬﺪﻱ ﺟﺪﻱ ﺑﺮﺍﻱ ﻛﺎﺭﮔﺮﺍﻥ ﻣﻨﻈﻮﺭ ﻧﺸﺪﻩ ﺍﺳﺖ ﻛﻪ ﻧﺘﻴﺠﻪ ﺁﻥ‪ ،‬ﻛﺎﻫﺶ ﺑﻬﺮﻩﻭﺭﻱ ﻧﻴﺮﻭﻱ ﻛﺎﺭ ﻭ ﺍﻓﺰﺍﻳﺶ‬ ‫ﻫﺰﻳﻨﻪﻫﺎﻱ ﺗﻮﻟﻴﺪ ﺍﺳﺖ ‪ .‬ﻫﻤﭽﻨﻴﻦ ﺍﻳﻦ ﻗﺎﻧﻮﻥ ﻣﺤﺪﻭﺩﻳﺘﻬﺎﻳﻲ ﺩﺭ ﺍﻣﺮ ﻣﺪﻳﺮﻳﺖ ﺑﻨﮕﺎﻫﻬﺎ ﺍﻳﺠﺎﺩ ﻧﻤﻮﺩﻩ ﻭ ﺩﺭ ﺑﻌﻀﻲ ﻣﻮﺍﺭﺩ ﺑﻪ ﺣﻮﺯﻩﻫﺎﻳﻲ‬ ‫ﻭﺍﺭﺩ ﺷﺪﻩ ﺍﺳﺖ ﻛﻪ ﺩﺭ ﻧﺘﻴﺠﻪ ﺁﻥ ﺩﺳﺖ ﻛﺎﺭﻓﺮﻣﺎ ﺩﺭ ﺍﺳﺘﻔﺎﺩﻩ ﺍﺯ ﺍﺑﺰﺍﺭﻫﺎﻱ ﻣﺪﻳﺮﻳﺘﻲ ﺑﺮﺍﻱ ﺗﻨﻈﻴﻢ ﻧﻴﺮﻭﻱ ﻛﺎﺭ ﻭ ﺍﺩﺍﺭﻩ ﺑﻨﮕﺎﻩ ﺑﺴﺘﻪ‬ ‫ﻣﻲﺷﻮﺩ‪ .‬ﻣﺸﻜﻞ ﺟﺪﻱ ﺩﻳﮕﺮ‪ ،‬ﺷﻤﻮﻝ ﻗﺎﻧﻮﻥ ﻛﺎﺭ ﺑﻪ ﻫﻤﻪ ﻛﺎﺭﮔﺎﻫﻬﺎﻱ ﺻﻨﻌﺘﻲ ‪ ،‬ﺗﻮﻟﻴﺪﻱ ‪ ،‬ﻛﺸﺎﻭﺭﺯﻱ ﻭ ﺧﺪﻣﺎﺗﻲ ﺑﺼﻮﺭﺕ ﻳﻜﺴﺎﻥ ﻭ‬ ‫ﺑﺪﻭﻥ ﺗﻮﺟﻪ ﺑﻪ ﺣﺠﻢ ﻛﺎﺭ ‪ ،‬ﻣﻴﺰﺍﻥ ﺳﺮﻣﺎﻳﻪ ﺩﺭ ﮔﺮﺩﺵ ‪ ،‬ﺗﻌﺪﺍﺩ ﻛﺎﺭﮔﺮﺍﻥ ‪ ،‬ﻣﻴﺰﺍﻥ ﺗﻮﻟﻴﺪ ﻭ ﻧﻮﻉ ﻛﺎﺭ ﻭ ﻓﻌﺎﻟﻴﺖ ﻣﻲﺑﺎﺷﺪ ]‪.[۱۳‬‬ ‫‪ -٧-٣‬ﻗﻮﺍﻧﻴﻦ ﺗﺠﺎﺭﻱ‬ ‫ﻣﺠﻤﻮﻋﻪ ﻗﻮﺍﻧﻴﻦ ﺗﺠﺎﺭﻱ ﺩﺭ ﻫﺮ ﻛﺸﻮﺭﻱ‪ ،‬ﻣﺒﻨﺎﻳﻲ ﺑﺮﺍﻱ ﻓﻌﺎﻟﻴﺘﻬﺎﻱ ﺗﺠﺎﺭﻱ ﻭ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺩﺭ ﺁﻥ ﻛﺸﻮﺭ ﺑﻮﺩﻩ ﻭ ﺷﺪﻳﺪﹰﺍ ﺑﺮ ﻧﻮﻉ ‪،‬‬ ‫ﺩﺍﻣﻨﻪ ﻭ ﻛﺎﺭﺍﻳﻲ ﺍﻳﻦ ﻓﻌﺎﻟﻴﺘﻬﺎ ﺗﺄﺛﻴﺮ ﻣﻲﮔﺬﺍﺭﺩ‪ .‬ﻣﻬﻤﺘﺮﻳﻦ ﻗﻮﺍﻧﻴﻦ ﺗﺄﺛﻴﺮﮔﺬﺍﺭ ﺑﺮ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﻭ ﻓﻌﺎﻟﻴﺘﻬﺎﻱ ﺗﺠﺎﺭﻱ ﺩﺭ ﺍﻳﺮﺍﻥ ﻋﺒﺎﺭﺗﻨﺪ ﺍﺯ ‪:‬‬ ‫ﺍﻟﻒ( ﻗﺎﻧﻮﻥ ﺗﺠﺎﺭﺕ‬ ‫ﺏ( ﻗﺎﻧﻮﻥ ﺛﺒﺖ ﺷﺮﻛﺘﻬﺎ ﻭ ﻓﺮﺁﻳﻨﺪ ﺍﺧﺬ ﺟﻮﺍﺯ ﺗﺄﺳﻴﺲ ﺷﺮﻛﺖ‬ ‫‪Investment banks‬‬

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‫ﻭﺍﺣﺪ ﺗﻬﺮﺍﻥ‬

‫ﺍﻭﻟﻴﻦ ﻫﻤﺎﻳﺶ ﻣﻠﻲ ﺻﻨﻌﺖ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﻱ ﻣﺨﺎﻃﺮﻩ ﭘﺬﻳﺮ ‪ -‬ﺗﻬﺮﺍﻥ ‪۲۸ ،‬ﻭ‪ ۲۹‬ﻣﺮﺩﺍﺩ ‪۱۳۸۳‬‬

‫ﺝ( ﻗﻮﺍﻧﻴﻦ ﺻﺎﺩﺭﺍﺕ ﻭ ﻭﺍﺭﺩﺍﺕ‬ ‫ﺩ( ﻗﺎﻧﻮﻥ ﻭﺭﺷﻜﺴﺘﮕﻲ‬ ‫ﺩﺭ ﺍﺩﺍﻣﻪ ﺑﻪ ﺑﺮﺳﻲ ﺍﺟﻤﺎﻟﻲ ﻗﻮﺍﻧﻴﻦ ﻓﻮﻕ ﻣﻲﭘﺮﺩﺍﺯﻳﻢ‪:‬‬ ‫‪ -۱-۷-۳‬ﻗﺎﻧﻮﻥ ﺗﺠﺎﺭﺕ‬ ‫ﻗﺎﻧﻮﻥ ﺗﺠﺎﺭﺕ ﺍﻳﺮﺍﻥ )ﻣﺼﻮﺏ ‪ ، (۱۳۱۰‬ﺑﺎ ﺁﻧﻜﻪ ﺩﺭ ﺯﻣﺎﻥ ﺧﻮﺩ ﻗﺎﻧﻮﻧﻲ ﻣﻨﺎﺳﺐ ﻭ ﭘﻴﺸﺮﻓﺘﻪ ﺑﻪ ﻧﻈﺮ ﻣﻲﺭﺳﻴﺪ ‪ ،‬ﺍﻣﺎ ﺍﻛﻨﻮﻥ ﺑﺎ ﺗﻮﺟﻪ‬ ‫ﺑﻪ ﺷﺮﺍﻳﻂ ﻭ ﻭﺿﻌﻴﺖ ﺟﺪﻳﺪ ﻭ ﻣﻄﺮﺡ ﺷﺪﻥ ﻣﻮﺿﻮﻋﺎﺕ ﺟﺪﻳﺪ ﺗﺠﺎﺭﻱ ‪ ،‬ﺩﻳﮕﺮ ﭘﺎﺳﺨﮕﻮﻱ ﻣﺴﺎﺋﻞ ﭘﻴﭽﻴﺪﻩ ﺗﺠﺎﺭﺕ ﺩﺭ ﺯﻣﺎﻥ ﺣﺎﺿﺮ‬ ‫ﻧﻴﺴﺖ ﻭ ﺑﺎﻳﺪ ﻣﻮﺭﺩ ﺑﺎﺯﻧﮕﺮﻱ ﻭ ﺍﺻﻼﺡ ﻗﺮﺍﺭ ﮔﺮﻓﺘﻪ ﻭ ﻛﺎﺳﺘﻴﻬﺎﻱ ﺁﻥ ﺑﺮﻃﺮﻑ ﺷﻮﺩ‪.‬‬ ‫ﻳﻜﻲ ﺍﺯ ﻣﻬﻤﺘﺮﻳﻦ ﻛﺎﺳﺘﻴﻬﺎﻱ ﻗﺎﻧﻮﻥ ﺗﺠﺎﺭﺕ ‪ ،‬ﻣﻮﺿﻮﻉ ”ﺍﺩﻏﺎﻡ ﺷﺮﻛﺘﻬﺎ“ ﺍﺳﺖ‪ .‬ﻣﺘﺄﺳﻔﺎﻧﻪ ﻗﺎﻧﻮﻥ ﺗﺠﺎﺭﺕ ﺩﺭ ﻣﻮﺭﺩ ﺍﻳﻦ ﻣﻮﺿﻮﻉ ﻛﻪ‬ ‫ﺟﺰﻭ ﻣﻜﺎﻧﻴﺰﻣﻬﺎﻱ ﺧﺮﻭﺝ ﺍﺯ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﻧﻴﺰ ﺑﻪ ﺷﻤﺎﺭ ﻣﻲﺁﻳﺪ ‪ ،‬ﺳﻜﻮﺕ ﻛﺮﺩﻩ ﺍﺳﺖ‪ .‬ﻟﺬﺍ ﺷﺮﻛﺘﻬﺎﻳﻲ ﻛﻪ ﻗﺼﺪ ﺍﺩﻏﺎﻡ ﻭ ﻳﻜﭙﺎﺭﭼﻪ ﺷﺪﻥ‬ ‫ﺩﺍﺭﻧﺪ ‪ ،‬ﺑﺎﻳﺪ ﺍﺑﺘﺪﺍ ﻣﻨﺤﻞ ﺷﺪﻩ ﻭ ﺳﭙﺲ ﻳﻚ ﺷﺮﻛﺖ ﻭﺍﺣﺪ ﺗﺸﻜﻴﻞ ﺩﻫﻨﺪ ﻛﻪ ﺍﻳﻦ ﺍﻣﺮ ﻣﻲﺗﻮﺍﻧﺪ ﻣﺸﻜﻼﺕ ﻣﺘﻌﺪﺩﻱ ﺑﺮﺍﻱ ﺁﻧﻬﺎ ﺍﻳﺠﺎﺩ‬ ‫ﻛﻨﺪ ]‪.[۱۴‬‬ ‫ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺭﻳﺴﻚﭘﺬﻳﺮ ﻋﻤﺪﺗ ﹰﺎ ﺩﺭ ﻗﺎﻟﺐ ”‪ “Limited Partnership‬ﺻﻮﺭﺕ ﻣﻲﮔﻴﺮﺩ ﻛﻪ ﻣﻌﺎﺩﻝ ﻓﺎﺭﺳﻲ ﺁﻥ ﺩﺭ ﻗﺎﻧﻮﻥ‬ ‫ﺗﺠﺎﺭﺕ‪” ،‬ﺷﺮﻛﺖ ﻣﺨﺘﻠﻂ ﻏﻴﺮ ﺳﻬﺎﻣﻲ“ ﺍﺳﺖ‪ .‬ﺧﻮﺷﺒﺨﺘﺎﻧﻪ ﺩﺭ ﻗﺎﻧﻮﻥ ﺗﺠﺎﺭﺕ ﺍﻳﻦ ﻧﻮﻉ ﺷﺮﻛﺘﻬﺎ ﻣﻌﺮﻓﻲ ﺷﺪﻩ ﻭ ﻗﻮﺍﻧﻴﻦ ﻣﺮﺑﻮﻁ ﺑﻪ ﺁﻧﻬﺎ‬ ‫ﺫﻛﺮ ﺷﺪﻩ ﺍﺳﺖ‪ .‬ﻣﺒﺤﺚ ﭼﻬﺎﺭﻡ ﺍﺯ ﻓﺼﻞ ﺍﻭﻝ ﻗﺎﻧﻮﻥ ﺗﺠﺎﺭﺕ )ﻣﻮﺍﺩ ‪ ۱۴۱‬ﺗﺎ ‪ (۱۶۱‬ﺑﻪ ﺍﻳﻦ ﻣﻮﺿﻮﻉ ﺍﺧﺘﺼﺎﺹ ﻳﺎﻓﺘﻪ ﺍﺳﺖ‪ .‬ﻭﺟﻮﺩ ﻗﻮﺍﻧﻴﻦ‬ ‫ﻣﺮﺑﻮﻁ ﺑﻪ ﺍﻳﻦ ﺷﺮﻛﺘﻬﺎ‪ ،‬ﺩﺭ ﺭﺍﻩ ﺍﻳﺠﺎﺩ ﺻﻨﻌﺖ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺭﻳﺴﻚﭘﺬﻳﺮ ﺩﺭ ﻛﺸﻮﺭ‪ ،‬ﺑﺴﻴﺎﺭ ﺣﺎﺋﺰ ﺍﻫﻤﻴﺖ ﺍﺳﺖ ‪ ،‬ﭼﺮﺍ ﻛﻪ ﺍﻳﻦ ﻧﻮﻉ‬ ‫ﺷﺮﻛﺘﻬﺎ ﺩﺭ ﻭﺍﻗﻊ ﺑﺴﺘﺮ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺭﻳﺴﻚﭘﺬﻳﺮ ﺑﻮﺩﻩ ﻭ ﺍﺯ ﺍﻟﺰﺍﻣﺎﺕ ﺭﺷﺪ ﻭ ﺗﻮﺳﻌﻪ ﺍﻳﻦ ﺻﻨﻌﺖ ﺑﻪ ﺷﻤﺎﺭ ﻣﻲﺁﻳﻨﺪ‪.‬‬ ‫‪ -۲-۷-۳‬ﻗﺎﻧﻮﻥ ﺛﺒﺖ ﺷﺮﻛﺘﻬﺎ ﻭ ﻓﺮﺁﻳﻨﺪ ﺍﺧﺬ ﺟﻮﺍﺯ ﺗﺄﺳﻴﺲ ﺷﺮﻛﺖ‬ ‫ﻛﺎﺭﺁﻓﺮﻳﻨﺎﻥ ﻭ ﻣﺘﻘﺎﺿﻴﺎﻥ ﻓﻌﺎﻟﻴﺘﻬﺎﻱ ﺻﻨﻌﺘﻲ ﺑﺮﺍﻱ ﺍﺧﺬ ﺟﻮﺍﺯ ﺗﺄﺳﻴﺲ ﺑﺎ ﻣﻮﺍﻧﻊ ﻭ ﻣﺤﺪﻭﺩﻳﺘﻬﺎﻱ ﺯﻳﺮ ﻣﻮﺍﺟﻪﺍﻧﺪ‪:‬‬ ‫ ﺗﻐﻴﻴﺮ ﺩﺍﺋﻤﻲ ﺿﻮﺍﺑﻂ ﻭ ﺷﺮﺍﻳﻂ ﺻﺪﻭﺭ ﺟﻮﺍﺯ ﺗﺄﺳﻴﺲ‬‫ ﻋﺪﻡ ﻭﺟﻮﺩ ﻳﻚ ﭘﺎﻳﮕﺎﻩ ﺍﻃﻼﻋﺎﺗﻲ ﻛﺎﺭﺁﻣﺪ ﺩﺭ ﻣﻮﺭﺩ ﺑﺎﺯﺍﺭﻫﺎﻱ ﺩﺍﺧﻠﻲ‬‫ ﻭﺟﻮﺩ ﺑﺮﺧﻲ ﻣﻘﺮﺭﺍﺕ ﻳﺎ ﺍﺳﺘﺎﻧﺪﺍﺭﺩﻫﺎﻱ ﺳﺨﺖﮔﻴﺮﺍﻧﻪ‬‫ ﻋﺪﻡ ﺗﻮﺯﻳﻊ ﻣﻨﺎﺳﺐ ﺗﺴﻬﻴﻼﺕ ﺩﻭﻟﺘﻲ ﺑﺮﺍﻱ ﻛﺎﺭﺁﻓﺮﻳﻨﺎﻥ )ﺍﻳﻦ ﺗﺴﻬﻴﻼﺕ ﺑﺮ ﺍﺳﺎﺱ ﻣﻨﺎﻃﻖ ﺟﻐﺮﺍﻓﻴﺎﻳﻲ ﺍﻋﻄﺎﺀ ﻣﻲﮔﺮﺩﺩ ﻧﻪ ﺑﺮ‬‫ﺍﺳﺎﺱ ﻧﻮﻉ ﻓﻌﺎﻟﻴﺖ ﻭ ﻧﻴﺎﺯ ﻭﺍﻗﻌﻲ ﻛﺎﺭﺁﻓﺮﻳﻨﺎﻥ( ]‪[۸‬‬ ‫‪ -۳-۷-۳‬ﻗﻮﺍﻧﻴﻦ ﺻﺎﺩﺭﺍﺕ ﻭ ﻭﺍﺭﺩﺍﺕ‬ ‫ﻣﻬﻤﺘﺮﻳﻦ ﻣﻮﺍﻧﻌﻲ ﻛﻪ ﻣﻘﺮﺭﺍﺕ ﺻﺎﺩﺭﺍﺕ ﻭ ﻭﺍﺭﺩﺍﺕ ﺑﺮﺍﻱ ﺑﻨﮕﺎﻫﻬﺎﻱ ﺻﻨﻌﺘﻲ ﺑﻮﻳﮋﻩ ﺑﻨﮕﺎﻫﻬﺎﻱ ﻛﻮﭼﻚ ﺍﻳﺠﺎﺩ ﻣﻲﻛﻨﺪ ﻋﺒﺎﺭﺕ ﺍﺳﺖ‬ ‫ﺍﺯ ‪:‬‬ ‫ ﺑﻲ ﺛﺒﺎﺗﻲ ﻭ ﻣﺘﻐﻴﺮ ﺑﻮﺩﻥ ﻗﻮﺍﻧﻴﻦ ﻭﺍﺭﺩﺍﺕ ﻭ ﺻﺎﺩﺭﺍﺕ‬‫ ﺗﺸﺮﻳﻔﺎﺕ ﺍﺩﺍﺭﻱ ﻃﻮﻻﻧﻲ ﻭ ﺻﺮﻑ ﺯﻣﺎﻧﻲ ﻗﺎﺑﻞ ﺗﻮﺟﻪ ﺑﺮﺍﻱ ﺩﺭﻳﺎﻓﺖ ﺍﺭﺯ‪ ،‬ﺛﺒﺖ ﺳﻔﺎﺭﺵ ﻭ ﺍﺧﺬ ﻣﺠﻮﺯﻫﺎﻱ ﺗﺠﺎﺭﻱ‬‫ ﻋﺪﻡ ﻭﺟﻮﺩ ﺗﺨﺼﺺ ﻛﺎﻓﻲ ﻭ ﻳﺎ ﻓﻘﺪﺍﻥ ﺁﺷﻨﺎﻳﻲ ﻛﺎﺭﻛﻨﺎﻥ ﻭ ﻣﺘﺼﺪﻳﺎﻥ ﺍﻣﺮ ﺻﺎﺩﺭﺍﺕ ﺩﺭ ﻧﻬﺎﺩﻫﺎ ﻭ ﺳﺎﺯﻣﺎﻧﻬﺎﻳﻲ ﻛﻪ ﺩﺭ ﺍﻣﺮ‬‫ﺻﺎﺩﺭﺍﺕ ﺩﺧﻴﻞ ﻫﺴﺘﻨﺪ ]‪[۸‬‬ ‫ﺍﻟﺒﺘﻪ ﺩﺭ ﺳﺎﻟﻬﺎﻱ ﺍﺧﻴﺮ ﺑﺮﺧﻲ ﺍﻗﺪﺍﻣﺎﺕ ﻣﻬﻢ ﺩﺭ ﺟﻬﺖ ﺗﺴﻬﻴﻞ ﻭ ﺣﺬﻑ ﻣﻮﺍﻧﻊ ﺻﺎﺩﺭﺍﺕ ﺻﻮﺭﺕ ﮔﺮﻓﺘﻪ ﻛﻪ ﻣﻬﻤﺘﺮﻳﻦ ﺁﻧﻬﺎ ﻋﺒﺎﺭﺗﻨﺪ‬ ‫ﺍﺯ‪ :‬ﺗﺜﺒﻴﺖ ﻧﺮﺥ ﺍﺭﺯ ‪ ،‬ﺣﺬﻑ ﭘﻴﻤﺎﻥﺳﭙﺎﺭﻱ ﺍﺭﺯﻱ ﻭ ﺍﻋﻄﺎﻱ ﺟﻮﺍﻳﺰ ﻭ ﺿﻤﺎﻧﺘﻬﺎﻱ ﺻﺎﺩﺭﺍﺗﻲ ﺑﻪ ﺻﺎﺩﺭﻛﻨﻨﺪﮔﺎﻥ‪.‬‬ ‫‪ -۴-۷-۳‬ﻗﺎﻧﻮﻥ ﻭﺭﺷﻜﺴﺘﮕﻲ‬ ‫ﻗﻮﺍﻧﻴﻦ ﻭﺭﺷﻜﺴﺘﮕﻲ ﻧﻴﺰ ﻣﻲﺗﻮﺍﻧﻨﺪ ﺭﻭﻧﺪ ﻛﺎﺭﺁﻓﺮﻳﻨﻲ ﻭ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺭﺍ ﺗﺤﺖ ﺗﺄﺛﻴﺮ ﻗﺮﺍﺭ ﺩﻫﻨﺪ‪ .‬ﺑﻌﻨﻮﺍﻥ ﻣﺜﺎﻝ‪ ،‬ﻗﺎﻧﻮﻥ ﻭﺭﺷﻜﺴﺘﮕﻲ‬ ‫ﺁﻣﺮﻳﻜﺎ ﻃﻮﺭﻱ ﻃﺮﺍﺣﻲ ﺷﺪﻩ ﺗﺎ ﺑﻪ ﻭﺭﺷﻜﺴﺘﮕﺎﻥ‪ ،‬ﻓﺮﺻﺘﻲ ﺑﺮﺍﻱ ﺷﺮﻭﻉ ﻣﺠﺪﺩ ﻭ ﺟﺎﺑﺠﺎﻳﻲ ﺳﺮﻳﻊ ﻣﻨﺎﺑﻊ ﺍﺯ ﺷﺮﻛﺘﻬﺎﻱ ﻏﻴﺮﺭﻗﺎﺑﺘﻲ ﺑﻪ‬

‫ﻭﺍﺣﺪ ﺗﻬﺮﺍﻥ‬

‫ﺍﻭﻟﻴﻦ ﻫﻤﺎﻳﺶ ﻣﻠﻲ ﺻﻨﻌﺖ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﻱ ﻣﺨﺎﻃﺮﻩ ﭘﺬﻳﺮ ‪ -‬ﺗﻬﺮﺍﻥ ‪۲۸ ،‬ﻭ‪ ۲۹‬ﻣﺮﺩﺍﺩ ‪۱۳۸۳‬‬

‫ﺷﺮﻛﺘﻬﺎﻱ ﺟﺪﻳﺪ ﺑﺪﻫﺪ‪ .‬ﺣﺘﻲ ﺩﺭ ﺁﻣﺮﻳﻜﺎ‪ ،‬ﺗﺠﺮﺑﻪ ﻣﺪﻳﺮﻳﺖ ﺑﺮ ﺷﺮﻛﺘﻬﺎﻱ ﺩﺭ ﺣﺎﻝ ﻭﺭﺷﻜﺴﺘﮕﻲ ﺭﺍ ﻧﻮﻋﻲ ﺩﻭﺭﻩ ﻛﺎﺭﺁﻣﻮﺯﻱ ﻣﻨﺎﺳﺐ ﺑﺮﺍﻱ‬ ‫ﺷﺮﻭﻉ ﺷﺮﻛﺘﻲ ﺩﻳﮕﺮ ﻣﻲﺩﺍﻧﻨﺪ‪.‬‬ ‫ﻗﺎﻧﻮﻥ ﻭﺭﺷﻜﺴﺘﮕﻲ ﺍﻳﺮﺍﻥ ﺯﻳﺮﻣﺠﻤﻮﻋﻪ ﻗﺎﻧﻮﻥ ﺗﺠﺎﺭﺕ ﺍﺳﺖ ‪ .‬ﺍﻳﻦ ﻗﺎﻧﻮﻥ ﺩﺭ ﺳﺎﻝ ‪ ۱۳۱۸‬ﺗﺼﻮﻳﺐ ﺷﺪﻩ‪ ،‬ﻟﺬﺍ ﺑﺴﻴﺎﺭ ﻗﺪﻳﻤﻲ ﺑﻮﺩﻩ ﻭ‬ ‫ﺑﻪ ﻫﻴﭽﻮﺟﻪ ﺟﻮﺍﺑﮕﻮﻱ ﻣﺴﺎﺋﻞ ﻭ ﻣﺸﻜﻼﺕ ﺷﺮﻛﺘﻬﺎ ﺩﺭﺣﺎﻝ ﺣﺎﺿﺮ ﻧﻤﻲﺑﺎﺷﺪ‪ .‬ﻗﺎﻧﻮﻥ ﻣﺰﺑﻮﺭ ﺑﻴﺸﺘﺮ ﺷﺎﻣﻞ ﺍﺷﺨﺎﺹ ﺣﻘﻴﻘﻲ ﺍﺳﺖ ﻭ ﺩﺭ‬ ‫ﻼ ﻗﺎﺑﻞ ﺍﺟﺮﺍ ﻧﻴﺴﺖ‪ .‬ﻳﻜﻲ ﺍﺯ ﻣﻬﻤﺘﺮﻳﻦ ﻣﻮﺍﺭﺩ ﻣﻐﻔﻮﻝ ﺩﺭ ﻗﺎﻧﻮﻥ ﺗﺠﺎﺭﺕ ﻭ ﻭﺭﺷﻜﺴﺘﮕﻲ ﻓﻌﻠﻲ ‪ ،‬ﺑﺤﺚ ﺟﺬﺏ ﻭ ﺍﺩﻏﺎﻡ‬ ‫ﺣﺎﻝ ﺣﺎﺿﺮ ﺍﺻ ﹰ‬ ‫ﺷﺮﻛﺖ ﻭﺭﺷﻜﺴﺘﻪ ﺩﺭ ﺷﺮﻛﺖ ﻳﺎ ﺷﺮﻛﺘﻬﺎﻱ ﺩﻳﮕﺮ ﻭ ﺍﺩﺍﻣﻪ ﻓﻌﺎﻟﻴﺖ ﺁﻥ ﺍﺳﺖ ]‪ .[۱۴‬ﺩﺭ ﺍﻳﻦ ﻗﺎﻧﻮﻥ ﻣﺤﺪﻭﺩﻳﺘﻬﺎﻳﻲ ﺑﺮﺍﻱ ﺍﺩﺍﻣﻪ ﻓﻌﺎﻟﻴﺖ‬ ‫ﺍﻗﺘﺼﺎﺩﻱ ﺍﻓﺮﺍﺩ ﻭﺭﺷﻜﺴﺘﻪ ﺩﺭ ﻧﻈﺮ ﮔﺮﻓﺘﻪ ﺷﺪﻩ ﺍﺳﺖ ﻛﻪ ﺍﻳﻦ ﺍﻣﺮ ﻣﻲﺗﻮﺍﻧﺪ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﺍﻥ ﺭﻳﺴﻚﭘﺬﻳﺮ ﺭﺍ )ﻛﻪ ﺑﻴﺶ ﺍﺯ ﺳﺎﻳﺮ‬ ‫ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﺍﻥ ﺩﺭ ﻣﻌﺮﺽ ﺭﻳﺴﻜﻬﺎﻱ ﺗﺠﺎﺭﻱ ﻗﺮﺍﺭ ﺩﺍﺭﻧﺪ( ﺑﺎ ﺗﺮﺩﻳﺪﻫﺎﻱ ﺟﺪﻱ ﻣﻮﺍﺟﻪ ﻛﺮﺩﻩ ﻭ ﺑﺎﻋﺚ ﺳﺮﺩﻱ ﻭ ﺑﻲﻣﻴﻠﻲ ﺁﻧﻬﺎ ﺑﻪ‬ ‫ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺷﻮﺩ‪.‬‬ ‫‪ -٨-٣‬ﺍﺷﺮﺍﻑ ﺩﻭﻟﺘﻤﺮﺩﺍﻥ ﺑﺮ ﻣﺎﻫﻴﺖ ﻭ ﻧﻘﺶ ﻣﻬﻢ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺭﻳﺴﻚﭘﺬﻳﺮ‬ ‫ﺑﺮﺭﺳﻲ ﺗﺠﺮﺑﻪ ﺩﻳﮕﺮ ﻛﺸﻮﺭﻫﺎ ﺩﺭ ﻋﺮﺻﻪ ﺻﻨﻌﺖ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺭﻳﺴﻚﭘﺬﻳﺮ ﻧﺸﺎﻥ ﻣﻲﺩﻫﺪ ﻛﻪ ﺍﻭﻟﻴﻦ ﺟﺮﻗﻪﻫﺎﻱ ﺍﺻﻼﺣﻲ ﺩﺭ ﺍﻳﻦ‬ ‫ﺯﻣﻴﻨﻪ‪ ،‬ﺑﻌﺪ ﺍﺯ ﺁﮔﺎﻫﻲ ﻛﺎﻣﻞ ﺩﻭﻟﺘﻤﺮﺩﺍﻥ ﻭ ﺳﻴﺎﺳﺘﮕﺬﺍﺭﺍﻥ ﺍﺯ ﻣﺎﻫﻴﺖ ﻭ ﻧﻘﺶ ﻣﻬﻢ ﺍﻳﻨﮕﻮﻧﻪ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱﻫﺎ ﺯﺩﻩ ﺷﺪﻩ ﺍﺳﺖ‪ .‬ﺑﻌﺒﺎﺭﺗﻲ‬ ‫ﻫﺮﮔﺎﻩ ﺩﻭﻟﺘﻤﺮﺩﺍﻥ ‪ ،‬ﺑﻪ ﺍﻫﻤﻴﺖ ﻭ ﻧﻘﺶ ﺣﻴﺎﺗﻲ ﺍﻳﻦ ﻧﻮﻉ ﺗﺄﻣﻴﻦ ﻣﺎﻟﻲ ﺩﺭ ﻧﻈﺎﻡ ﻣﻠﻲ ﻧﻮﺁﻭﺭﻱ ﻭ ﻓﺮﺁﻳﻨﺪ ﺗﻮﺳﻌﻪ ﺗﻜﻨﻮﻟﻮﮊﻱ ﭘﻲ ﺑﺮﺩﻩﺍﻧﺪ ‪،‬‬ ‫ﺍﻳﻦ ﻣﺴﺌﻠﻪ ﺭﺍ ﺩﺭ ﺑﺮﻧﺎﻣﻪﺭﻳﺰﻳﻬﺎ ﻭ ﺳﻴﺎﺳﺘﻬﺎﻱ ﻛﻼﻥ ﻣﻠﻲ ﻣﻨﻌﻜﺲ ﻛﺮﺩﻩﺍﻧﺪ‪.‬‬ ‫ﻣﺘﺄﺳﻔﺎﻧﻪ ﺩﺭ ﺍﻳﺮﺍﻥ ‪ ،‬ﻧﻪ ﺗﻨﻬﺎ ﺩﻭﻟﺘﻤﺮﺩﺍﻥ ‪ ،‬ﺑﻠﻜﻪ ﻛﺎﺭﺷﻨﺎﺳﺎﻥ ﺗﺠﺎﺭﻱ ﻭ ﻛﺎﺭﺁﻓﺮﻳﻨﺎﻥ ﻧﻴﺰ ﺑﻜﻠﻲ ﺑﺎ ﺍﻳﻦ ﻣﻘﻮﻟﻪ ﺑﻴﮕﺎﻧﻪ ﻫﺴﺘﻨﺪ‪ .‬ﺑﻌﺒﺎﺭﺗﻲ‬ ‫ﺗﻌﺪﺍﺩ ﻛﺴﺎﻧﻲ ﻛﻪ ﺑﺪﺭﺳﺘﻲ ﺑﻪ ﺍﻫﻤﻴﺖ ﻭ ﻧﻘﺶ ﺻﻨﻌﺖ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺭﻳﺴﻚﭘﺬﻳﺮ ﺩﺭ ﺳﻄﺢ ﻣﻠﻲ ﻭﺍﻗﻒ ﺑﺎﺷﻨﺪ ‪ ،‬ﺑﺴﻴﺎﺭ ﻧﺎﭼﻴﺰ ﺍﺳﺖ‪ .‬ﺩﺭ‬ ‫ﭼﻨﻴﻦ ﻓﻀﺎﻳﻲ ﻧﻤﻲﺗﻮﺍﻥ ﺍﻧﺘﻈﺎﺭ ﺍﻧﺠﺎﻡ ﺍﻗﺪﺍﻣﻲ ﺟﺪﻱ )ﺩﺭ ﺳﻄﺢ ﻣﻠﻲ( ﺑﺮﺍﻱ ﺭﺍﻩﺍﻧﺪﺍﺯﻱ ﻭ ﺗﻮﺳﻌﻪ ﺍﻳﻦ ﺻﻨﻌﺖ ﻣﻔﻴﺪ ﺩﺭ ﻛﺸﻮﺭ ﺭﺍ ﺩﺍﺷﺖ‪.‬‬ ‫‪ -۹-۳‬ﻣﺪﻳﺮﺍﻥ ﺑﺎﺗﺠﺮﺑﻪ ﻭ ﺁﻣﻮﺯﺵﺩﻳﺪﻩ‬ ‫ﻼ ﺣﺮﻓﻪﺍﻱ ﻭ ﺗﺨﺼﺼﻲ ﻭ ﻫﻤﺮﺍﻩ ﺑﺎ ﭘﻴﭽﻴﺪﮔﻴﻬﺎﻱ ﻓﺮﺍﻭﺍﻥ‬ ‫ﻓﻌﺎﻟﻴﺖ ﺷﺮﻛﺘﻬﺎ ﻳﺎ ﺻﻨﺪﻭﻗﻬﺎﻱ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺭﻳﺴﻚﭘﺬﻳﺮ‪ ،‬ﻓﻌﺎﻟﻴﺘﻲ ﻛﺎﻣ ﹰ‬ ‫)ﻫﻢ ﺩﺭ ﻣﺮﺣﻠﻪ ﺍﺭﺯﻳﺎﺑﻲ ﻃﺮﺣﻬﺎﻱ ﻛﺎﺭﺁﻓﺮﻳﻨﻲ ﻭ ﻫﻢ ﺩﺭ ﻣﺮﺣﻠﻪ ﻛﻤﻚ ﺑﻪ ﺷﺮﻛﺘﻬﺎﻱ ﭘﺬﻳﺮﺍﻱ ﺳﺮﻣﺎﻳﻪ( ﺍﺳﺖ‪ .‬ﻟﺬﺍ ﺍﺩﺍﺭﻩ ﺍﻳﻦ ﺻﻨﺪﻭﻗﻬﺎ‬ ‫ﻧﻴﺎﺯﻣﻨﺪ ﻣﺪﻳﺮﺍﻧﻲ ﻣﺘﺨﺼﺺ ﻭ ﺑﺎﺗﺠﺮﺑﻪ ﺍﺳﺖ‪ .‬ﺗﺮﺑﻴﺖ ﭼﻨﻴﻦ ﻣﺪﻳﺮﺍﻧﻲ ﻣﺴﺘﻠﺰﻡ ﺍﻟﻒ( ﺁﻣﻮﺯﺷﻬﺎﻱ ﻧﻈﺮﻱ ﻳﺎ ﺩﺍﻧﺸﮕﺎﻫﻲ ﻭ ﺏ( ﻛﺴﺐ‬ ‫ﻼ ﺭﻗﺎﺑﺘﻲ ﻣﻲﺑﺎﺷﺪ‪.‬‬ ‫ﺗﺠﺮﺑﻪ ﺩﺭ ﻣﺤﻴﻄﻲ ﻛﺎﻣ ﹰ‬ ‫ﻣﺘﺄﺳﻔﺎﻧﻪ ﺩﺭ ﺍﻳﺮﺍﻥ ﻧﻪ ﺁﻣﻮﺯﺷﻬﺎﻱ ﻣﻨﺴﺠﻢ ﻭ ﻣﻨﺎﺳﺒﻲ ﺩﺭ ﺍﺭﺗﺒﺎﻁ ﺑﺎ ﻛﺎﺭﺁﻓﺮﻳﻨﻲ ﻭ ﻣﺪﻳﺮﻳﺖ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺭﻳﺴﻚﭘﺬﻳﺮ )ﺣﺘﻲ ﺩﺭ‬ ‫ﻣﻌﺘﺒﺮﺗﺮﻳﻦ ﺩﺍﻧﺸﻜﺪﻩﻫﺎﻱ ﻣﺪﻳﺮﻳﺖ ﻭ ﻣﻬﻨﺪﺳﻲ( ﺍﺭﺍﺋﻪ ﻣﻲﮔﺮﺩﺩ ﻭ ﻧﻪ ﻣﺤﻴﻂ ﻛﺴﺐ ﻭ ﻛﺎﺭ )ﺑﻪ ﺩﻟﻴﻞ ﺩﻭﻟﺘﻲ ﺑﻮﺩﻥ ﺍﻗﺘﺼﺎﺩ( ﭼﻨﺪﺍﻥ‬ ‫ﺭﻗﺎﺑﺘﻲ ﺍﺳﺖ ﺗﺎ ﻣﺪﻳﺮﺍﻥ ﺩﺭ ﻛﻮﺭﺍﻥ ﺭﻗﺎﺑﺖ‪ ،‬ﻛﺎﺭﺁﺯﻣﻮﺩﻩ ﺷﻮﻧﺪ‪.‬‬ ‫‪ -۱۰-۳‬ﺿﻮﺍﺑﻂ ﺣﺎﻛﻢ ﺑﺮ ﻓﻌﺎﻟﻴﺖ ﺑﺎﻧﻜﻬﺎ‪ ،‬ﺷﺮﻛﺘﻬﺎﻱ ﺑﻴﻤﻪ ﻭ ﺻﻨﺪﻭﻗﻬﺎﻱ ﺑﺎﺯﻧﺸﺴﺘﮕﻲ‬ ‫ﻧﻬﺎﺩﻫﺎﻱ ﻣﺎﻟﻲ ﺧﺼﻮﺻ ﹰﺎ ﺑﺎﻧﻜﻬﺎ ‪ ،‬ﺷﺮﻛﺘﻬﺎﻱ ﺑﻴﻤﻪ ﻭ ﺻﻨﺪﻭﻗﻬﺎﻱ ﺑﺎﺯﻧﺸﺴﺘﮕﻲ ‪ ،‬ﺗﺄﺛﻴﺮﺍﺗﻲ ﺑﻨﻴﺎﺩﻱ ﺑﺮ ﺑﺎﺯﺍﺭ ﺳﺮﻣﺎﻳﻪ ﻭ ﺻﻨﻌﺖ‬ ‫ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺭﻳﺴﻚﭘﺬﻳﺮ ﺩﺍﺭﻧﺪ ﻭ ﺑﺨﺶ ﻋﻤﺪﻩﺍﻱ ﺍﺯ ﻛﻞ ﺳﺮﻣﺎﻳﻪﻫﺎﻱ ﺭﻳﺴﻚﭘﺬﻳﺮ ﺩﻧﻴﺎ ﺗﻮﺳﻂ ﺍﻳﻦ ﻧﻬﺎﺩﻫﺎ ﺗﺄﻣﻴﻦ ﻣﻲﺷﻮﺩ )ﺩﺭ‬ ‫ﻣﻘﺎﻳﺴﻪ ﺑﺎ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﺍﻥ ﻓﺮﺩﻱ ﻳﺎ ﺣﻘﻴﻘﻲ(‪ .‬ﺍﻟﺒﺘﻪ ﻣﻴﺰﺍﻥ ﻣﺸﺎﺭﻛﺖ ﺍﻳﻦ ﻧﻬﺎﺩﻫﺎ ﺩﺭ ﺻﻨﻌﺖ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺭﻳﺴﻚﭘﺬﻳﺮ ﺩﺭ ﻛﺸﻮﺭﻫﺎﻱ‬ ‫ﻣﺨﺘﻠﻒ ‪ ،‬ﻣﺘﻔﺎﻭﺕ ﺍﺳﺖ ﻭ ﺩﻟﻴﻞ ﺁﻥ ﻋﻤﺪﺗ ﹰﺎ ﺿﻮﺍﺑﻂ ﻭ ﻗﻮﺍﻧﻴﻦ ﻣﺘﻔﺎﻭﺕ ﺣﺎﻛﻢ ﺑﺮ ﺍﻳﻦ ﻧﻬﺎﺩﻫﺎﺳﺖ‪.‬‬ ‫ﻗﺎﻧﻮﻥ ﺣﺎﻛﻢ ﺑﺮ ﻧﻈﺎﻡ ﺑﺎﻧﻜﻲ ﻛﺸﻮﺭ ‪ ،‬ﻗﺎﻧﻮﻥ ﻋﻤﻠﻴﺎﺕ ﺑﺎﻧﻜﻲ ﺑﺪﻭﻥ ﺭﺑﺎ )ﻣﺼﻮﺏ ‪ (۱۳۶۱‬ﺍﺳﺖ ﻛﻪ ﻃﺒﻖ ﺁﻥ‪ ،‬ﺗﺴﻬﻴﻼﺕ ﺍﻋﻄﺎﻳﻲ‬ ‫ﺑﺎﻧﻜﻬﺎ ﺑﻪ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﺍﻥ ﺩﺭ ﻗﺎﻟﺐ ﻋﻘﻮﺩ ﺍﺳﻼﻣﻲ ﺻﻮﺭﺕ ﻣﻲﮔﻴﺮﺩ‪ .‬ﺍﻳﻦ ﻋﻘﻮﺩ ﻣﺴﺘﻘﻴﻤ ﹰﺎ ﺑﺎﻧﻜﻬﺎ ﺭﺍ ﺍﺯ ﺍﻧﺠﺎﻡ ﻓﻌﺎﻟﻴﺘﻬﺎﻱ ﺍﻗﺘﺼﺎﺩﻱ‬ ‫ﺭﻳﺴﻚﭘﺬﻳﺮ ﻣﻨﻊ ﻧﻤﻲﻛﻨﻨﺪ‪ ،‬ﻭﻟﻲ ﺿﻮﺍﺑﻄﻲ ﺩﺭ ﺁﻧﻬﺎ ﭘﻴﺶ ﺑﻴﻨﻲ ﺷﺪﻩ ﻛﻪ ﺑﺎﻧﻜﻬﺎ ﺭﺍ ﻣﻜﻠﻒ ﺑﻪ ﺍﻋﻄﺎﻱ ﺗﺴﻬﻴﻼﺕ ﺑﻪ ﻓﻌﺎﻟﻴﺘﻬﺎﻳﻲ ﺑﺎ ﺳﻮﺩ‬ ‫ﻗﻄﻌﻲ ﻭ ﻣﺸﺨﺺ ﻣﻲﻛﻨﺪ ﻭ ﺍﻳﻦ ﺍﻣﺮ ﻣﻲﺗﻮﺍﻧﺪ ﺩﺳﺘﺎﻭﻳﺰﻱ ﺑﺮﺍﻱ ﺑﺎﻧﻜﻬﺎ ﺷﺪﻩ ﺗﺎ ﺑﺎ ﻣﻘﻮﻟﻪ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺭﻳﺴﻚﭘﺬﻳﺮ ﺑﺸﺪﺕ ﻣﺤﺘﺎﻃﺎﻧﻪ‬

‫ﻭﺍﺣﺪ ﺗﻬﺮﺍﻥ‬

‫ﺍﻭﻟﻴﻦ ﻫﻤﺎﻳﺶ ﻣﻠﻲ ﺻﻨﻌﺖ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﻱ ﻣﺨﺎﻃﺮﻩ ﭘﺬﻳﺮ ‪ -‬ﺗﻬﺮﺍﻥ ‪۲۸ ،‬ﻭ‪ ۲۹‬ﻣﺮﺩﺍﺩ ‪۱۳۸۳‬‬

‫ﺑﺮﺧﻮﺭﺩ ﻛﻨﻨﺪ ﻭ ﺗﻤﺎﻳﻠﻲ ﺑﺮﺍﻱ ﻭﺭﻭﺩ ﺑﻪ ﺍﻳﻦ ﻋﺮﺻﻪ ﻧﺪﺍﺷﺘﻪ ﺑﺎﺷﻨﺪ‪ .‬ﺍﺯ ﺳﻮﻱ ﺩﻳﮕﺮ‪ ،‬ﺳﺎﺧﺘﺎﺭ ﺩﻭﻟﺘﻲ ﺑﺎﻧﻜﻬﺎﻱ ﻛﺸﻮﺭ ﻭ ﻣﺪﻳﺮﻳﺖ ﻧﺎﻛﺎﺭﺁﻣﺪ‬ ‫ﺣﺎﻛﻢ ﺑﺮ ﺍﻳﻦ ﺑﺎﻧﻜﻬﺎ ﺳﺒﺐ ﺷﺪﻩ ﻛﻪ ﺑﺨﺶ ﺧﺼﻮﺻﻲ ﻧﺘﻮﺍﻧﺪ ﺑﻄﻮﺭ ﻣﻄﻠﻮﺏ ﺍﺯ ﺗﺴﻬﻴﻼﺕ ﺑﺎﻧﻜﻲ ﺑﺮﺧﻮﺭﺩﺍﺭ ﺷﻮﺩ ﻭ ﻋﻤﺪﻩ ﺗﺴﻬﻴﻼﺕ ﺑﺎﻧﻜﻲ‬ ‫ﺑﻪ ﺷﺮﻛﺘﻬﺎﻱ ﺩﻭﻟﺘﻲ‪ ،‬ﺳﺮﺍﺯﻳﺮ ﺷﻮﺩ ]‪.[۱۵‬‬ ‫ﺑﺎﻧﻜﻬﺎﻱ ﺍﻳﺮﺍﻥ ﺩﺭ ﺍﺭﺍﺋﻪ ﺗﺴﻬﻴﻼﺕ ﺑﻪ ﻛﺎﺭﺁﻓﺮﻳﻨﺎﻥ ﻭ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﺍﻥ ‪ ،‬ﺷﺪﻳﺪﹰﺍ ﻭﺛﻴﻘﻪﮔﺮﺍ ﺑﻮﺩﻩ ﻭ ﻣﻌﻤﻮ ﹰﻻ ﺑﺪﻭﻥ ﻭﺛﻴﻘﻪ ﻣﻌﺘﺒﺮ )ﻧﻈﻴﺮ‬ ‫ﻭﺛﻴﻘﻪ ﻣﻠﻜﻲ( ‪ ،‬ﻫﻴﭽﮕﻮﻧﻪ ﺗﺴﻬﻴﻼﺗﻲ ﻧﻤﻲﺩﻫﻨﺪ‪ .‬ﺍﻏﻠﺐ ﺑﺎﻧﻜﻬﺎﻱ ﻛﺸﻮﺭ‪ ،‬ﺗﻮﺍﻥ ﺍﺭﺯﻳﺎﺑﻲ ﺻﺤﻴﺢ ﻭ ﺟﺎﻣﻊ ﻃﺮﺣﻬﺎﻱ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺭﺍ‬ ‫ﻧﺪﺍﺭﻧﺪ ﻭ ﻟﺬﺍ ﺳﻌﻲ ﻣﻲﻛﻨﻨﺪ ﺑﺎ ﺍﺧﺬ ﻭﺛﻴﻘﻪﻫﺎﻱ ﺳﻨﮕﻴﻦ )ﺑﺠﺎﻱ ﺍﺭﺯﻳﺎﺑﻲ ﺩﻗﻴﻖ ﻭ ﺟﺎﻣﻊ ﻃﺮﺣﻬﺎ( ‪ ،‬ﺭﻳﺴﻚ ﺗﺴﻬﻴﻼﺕ ﺍﻋﻄﺎﻳﻲ ﺧﻮﺩ ﺭﺍ‬ ‫ﻛﺎﻫﺶ ﺩﻫﻨﺪ‪ .‬ﻃﺒﻴﻌﺘ ﹰﺎ ﺍﻳﻦ ﺍﻣﺮ ﺳﺒﺐ ﻣﻲﺷﻮﺩ ﻛﻪ ﺑﺴﻴﺎﺭﻱ ﺍﺯ ﻛﺎﺭﺁﻓﺮﻳﻨﺎﻥ ﻭ ﻣﺘﻘﺎﺿﻴﺎﻥ ﺗﺴﻬﻴﻼﺕ ﺑﺎﻧﻜﻲ )ﺑﻪ ﺩﻟﻴﻞ ﻧﺪﺍﺷﺘﻦ ﻭﺛﻴﻘﻪ‬ ‫ﻣﻨﺎﺳﺐ(‪ ،‬ﺍﺯ ﺩﺳﺘﻴﺎﺑﻲ ﺑﻪ ﺍﻳﻦ ﺗﺴﻬﻴﻼﺕ ﻣﺤﺮﻭﻡ ﺷﻮﻧﺪ ]‪.[۸‬‬ ‫ﺑﺎﺯﺍﺭ ﺑﻴﻤﻪ ﺍﻳﺮﺍﻥ ﻋﻤﺪﺗ ﹰﺎ ﺩﺭ ﺍﺧﺘﻴﺎﺭ ﻣﺆﺳﺴﺎﺕ ﺩﻭﻟﺘﻲ ﺑﻴﻤﻪ ﺑﻮﺩﻩ ﺍﺳﺖ‪ .‬ﺍﻣﺎ ﻋﻤﻠﻜﺮﺩ ﺍﻳﻦ ﻣﺆﺳﺴﺎﺕ ﺩﺭ ﻋﺮﺻﻪ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺑﻪ‬ ‫ﻫﻴﭻ ﻭﺟﻪ ﻗﺎﺑﻞ ﻗﺒﻮﻝ ﻧﻴﺴﺖ‪ .‬ﺑﺮ ﺍﺳﺎﺱ ﺁﺋﻴﻦ ﻧﺎﻣﻪ ﺟﺪﻳﺪ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﻣﺆﺳﺴﺎﺕ ﺑﻴﻤﻪ ‪ ،‬ﺷﺮﻛﺘﻬﺎﻱ ﺑﻴﻤﻪ ﺍﺟﺎﺯﻩ ﺩﺍﺭﻧﺪ ﺗﺎ ‪ %۱۰‬ﺍﺯ‬ ‫ﺳﺮﻣﺎﻳﻪ )ﺫﺧﻴﺮﻩ ﻓﻨﻲ( ﺧﻮﺩ ﺭﺍ ﺩﺭﻓﻌﺎﻟﻴﺘﻬﺎﻱ ﺍﻗﺘﺼﺎﺩﻱ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﻛﻨﻨﺪ ]‪ .[۱۶‬ﺍﻣﺎ ﺿﻮﺍﺑﻄﻲ ﻧﻴﺰ ﺑﺮﺍﻱ ﺍﻳﻦ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻳﻬﺎ ﺩﺭ ﻧﻈﺮ‬ ‫ﮔﺮﻓﺘﻪ ﺷﺪﻩ ﺍﺳﺖ ‪ ،‬ﺍﺯ ﺟﻤﻠﻪ ﺍﻳﻨﻜﻪ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻳﻬﺎﻱ ﺷﺮﻛﺖ ﺑﻴﻤﻪ ﺩﺭ ﻓﻌﺎﻟﻴﺘﻬﺎﻳﻲ ﻛﻪ ﻛﻤﺘﺮ ﺍﺯ ﻣﻴﺰﺍﻥ ﻣﺼﻮﺏ‪ ،‬ﺳﻮﺩ ﺩﻫﻲ ﺩﺍﺭﻧﺪ ﻣﻤﻨﻮﻉ‬ ‫ﻣﻲﺑﺎﺷﺪ ﻛﻪ ﺍﻳﻦ ﺍﻣﺮ ﻣﻮﺟﺐ ﺗﺸﺪﻳﺪ ﺣﺎﻟﺖ ﺭﻳﺴﻚﮔﺮﻳﺰﻱ ﺩﺭ ﻣﺪﻳﺮﺍﻥ ﻭ ﺍﺣﺘﺮﺍﺯ ﺁﻧﺎﻥ ﺍﺯ ﻭﺭﻭﺩ ﺑﻪ ﻋﺮﺻﻪ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻳﻬﺎﻱ ﺭﻳﺴﻚﭘﺬﻳﺮ‬ ‫ﻣﻲ ﮔﺮﺩﺩ‪ .‬ﺍﺯ ﺳﻮﻱ ﺩﻳﮕﺮ ﺑﻪ ﻋﻠﺖ ﺳﻬﻢ ﺍﻧﺪﻙ ﺑﻴﻤﻪﻧﺎﻣﻪﻫﺎﻱ ﺑﻠﻨﺪ ﻣﺪﺕ ﻭ ﺑﻴﻤﻪﻧﺎﻣﻪﻫﺎﻱ ﻋﻤﺮ ﺩﺭ ﭘﺮﺗﻔﻮﻱ ﺻﻨﻌﺖ ﺑﻴﻤﻪ ﺍﻳﺮﺍﻥ‪ ،‬ﺍﻣﻜﺎﻥ‬ ‫ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺑﻠﻨﺪﻣﺪﺕ ﺑﺮﺍﻱ ﺍﻳﻦ ﺻﻨﻌﺖ ﻣﻘﺪﻭﺭ ﻧﻴﺴﺖ‪ .‬ﺍﻳﻦ ﺍﻣﺮ ﺳﺒﺐ ﻣﻲ ﺷﻮﺩ ﻛﻪ ﺑﺨﺶ ﻋﻤﺪﻩﺍﻱ ﺍﺯ ﻭﺟﻮﻩ ﻣﺆﺳﺴﺎﺕ ﺑﻴﻤﻪ‪،‬‬ ‫ﺑﺼﻮﺭﺕ ﺳﭙﺮﺩﻩ ﻧﺰﺩ ﺑﺎﻧﻜﻬﺎ ﻧﮕﻬﺪﺍﺭﻱ ﺷﻮﺩ ﻭ ﺩﺭﺻﺪ ﻛﻤﺘﺮﻱ ﺍﺯ ﺍﻳﻦ ﻭﺟﻮﻩ ﻭﺍﺭﺩ ﻋﺮﺻﻪ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺷﻮﺩ ]‪.[۱۷‬‬ ‫ﺍﻣﺎ ﺩﺭ ﻣﻮﺭﺩ ﺻﻨﺪﻭﻗﻬﺎﻱ ﺑﺎﺯﻧﺸﺴﺘﮕﻲ‪ ،‬ﻋﻤﺪﻩ ﻣﻮﺍﻧﻊ ﻭ ﻣﺸﻜﻼﺕ ﺍﻳﻦ ﺻﻨﺪﻭﻗﻬﺎ ﺩﺭ ﺭﺍﻩ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﻋﺒﺎﺭﺗﻨﺪ ﺍﺯ‪:‬‬ ‫•‬

‫ﻛﻤﺒﻮﺩ ﻭﺟﻮﻩ ﺗﺤﺖ ﺍﺧﺘﻴﺎﺭ ﺍﻳﻦ ﺻﻨﺪﻭﻗﻬﺎ ﺑﺮﺍﻱ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ )ﺑﺪﻟﻴﻞ ﺣﺠﻢ ﺑﺎﻻﻱ ﭘﺮﺩﺍﺧﺘﻬﺎﻱ ﺑﺎﺯﻧﺸﺴﺘﮕﻲ ﻭ ﻋﺪﻡ‬ ‫ﻼ ﺩﺭ ﺍﺧﺘﻴﺎﺭ ﺍﻳﻦ ﺻﻨﺪﻭﻗﻬﺎ ﻗﺮﺍﺭ ﺩﺍﺷﺘﻪ ﺍﺳﺖ( ‪.‬‬ ‫ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﻣﻨﺎﺳﺐ ﻭ ﺍﺭﺯﺵﺍﻓﺰﺍﻳﻲ ﻭﺟﻮﻫﻲ ﻛﻪ ﻗﺒ ﹰ‬

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‫ﺿﻌﻒ ﻣﺪﻳﺮﻳﺖ ﺍﻳﻦ ﺻﻨﺪﻭﻗﻬﺎ‬

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‫ﺳﺎﺧﺘﺎﺭ ﺩﻭﻟﺘﻲ ]‪[۱۸‬‬

‫‪ -۱۱-۳‬ﺍﻧﮕﻴﺰﻩ ﺳﻮﺩﺁﻭﺭﻱ‬ ‫ﻣﻮﻓﻘﻴﺖ ﺻﻨﻌﺖ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺭﻳﺴﻚﭘﺬﻳﺮ ﺗﺎ ﺣﺪﻭﺩ ﺯﻳﺎﺩﻱ ﺑﻪ ﻭﺟﻮﺩ ﺍﻧﮕﻴﺰﻩ ﺳﻮﺩﺁﻭﺭﻱ ﺩﺭ ﺍﻳﻦ ﺻﻨﻌﺖ ﺑﺴﺘﮕﻲ ﺩﺍﺭﺩ ﭼﻮﻥ‬ ‫ﺑﺪﻭﻥ ﻭﺟﻮﺩ ﺍﻳﻦ ﺍﻧﮕﻴﺰﻩ ‪ ،‬ﻫﻴﭽﮕﻮﻧﻪ ﺗﻤﺎﻳﻞ ﻭ ﺗﻮﺟﻴﻬﻲ ﺑﺮﺍﻱ ﭘﺬﻳﺮﺵ ﺭﻳﺴﻚ ﻭ ﻣﺨﺎﻃﺮﻩ ﺑﺎﻻﻱ ﺗﺠﺎﺭﻱ ﻛﻪ ﻻﺯﻣﻪ ﺍﻳﻦ ﺻﻨﻌﺖ ﺍﺳﺖ‬ ‫ﻭﺟﻮﺩ ﻧﺨﻮﺍﻫﺪ ﺩﺍﺷﺖ‪ .‬ﺍﻣﺎ ﻧﻬﺎﺩﻳﻨﻪ ﻭ ﻓﺮﺍﮔﻴﺮ ﺷﺪﻥ ﻓﺮﻫﻨﮓ ﻭ ﺍﻧﮕﻴﺰﻩ ﺳﻮﺩﺁﻭﺭﻱ ‪ ،‬ﻧﻴﺎﺯﻣﻨﺪ ﺑﺴﺘﺮ ﻭ ﻣﺤﻴﻂ ﻣﺨﺼﻮﺹ ﺧﻮﺩ ﻳﻌﻨﻲ ﺑﺨﺶ‬ ‫ﻼ ﺩﺭ ﻛﺸﻮﺭ ﻣﻬﻴﺎ ﻧﻴﺴﺖ‪ .‬ﺍﻣﺎ ﭘﺎﻳﻴﻦ ﺑﻮﺩﻥ ﺍﻧﮕﻴﺰﻩ‬ ‫ﺧﺼﻮﺻﻲ ﻗﻮﻱ ﺍﺳﺖ ﻛﻪ ﺑﺪﻟﻴﻞ ﺳﺎﺧﺘﺎﺭ ﺩﻭﻟﺘﻲ ﺍﻗﺘﺼﺎﺩ ﺍﻳﺮﺍﻥ‪ ،‬ﭼﻨﻴﻦ ﺑﺴﺘﺮﻱ ﻓﻌ ﹰ‬ ‫ﺳﻮﺩﺁﻭﺭﻱ ﺩﺭ ﺟﺎﻣﻌﻪ ﺩﻻﻳﻞ ﺩﻳﮕﺮﻱ ﻧﻴﺰ ﺩﺍﺭﺩ ﺍﺯ ﺟﻤﻠﻪ‪ :‬ﺟﻮ ﻓﺮﻫﻨﮕﻲ ﺣﺎﻛﻢ ﺑﺮ ﻛﺸﻮﺭ‪ ،‬ﺭﻳﺴﻚﮔﺮﻳﺰﻱ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﺍﻥ ﻭ ﻭﺟﻮﺩ ﺗﻮﺭﻡ ﻭ‬ ‫ﺭﺍﻧﺘﻬﺎﻱ ﺍﻗﺘﺼﺎﺩﻱ‪ .‬ﻭﻗﺘﻲ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﺍﻥ ﺑﺪﻟﻴﻞ ﻭﺟﻮﺩ ﺗﻮﺭﻡ ﻭ ﺑﻲﺛﺒﺎﺗﻲ ﺍﻗﺘﺼﺎﺩﻱ ﻣﻲﺗﻮﺍﻧﻨﺪ ﺑﺎ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺩﺭ ﺣﻮﺯﻩﻫﺎﻳﻲ ﺑﻲﺧﻄﺮ‬ ‫)ﻫﻤﭽﻮﻥ ﺳﺎﺧﺘﻤﺎﻥﺳﺎﺯﻱ ﻭ ﺧﺮﻳﺪ ﻭ ﻓﺮﻭﺵ ﺍﻣﻼﻙ( ‪ ،‬ﺳﻮﺩ ﻫﻨﮕﻔﺘﻲ )ﺣﺘﻲ ﺑﻴﺶ ﺍﺯ‪ %۵۰‬ﺩﺭ ﺳﺎﻝ( ﻛﺴﺐ ﻛﻨﻨﺪ ‪ ،‬ﺩﻳﮕﺮ ﻫﻴﭻ ﺗﻮﺟﻴﻪ‬ ‫ﻋﻘﻼﻧﻲ ﺑﺮﺍﻱ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺭﻳﺴﻚﭘﺬﻳﺮ ﻛﻪ ﺣﺘﻲ ﺩﺭ ﺻﻮﺭﺕ ﻣﻮﻓﻘﻴﺖ ﻛﺎﻣﻞ ﻧﻴﺰ ﻫﻤﻴﻦ ﺳﻮﺩ )ﻳﺎ ﺣﺘﻲ ﻛﻤﺘﺮ( ﺭﺍ ﻋﺎﻳﺪ ﺁﻧﻬﺎ ﺧﻮﺍﻫﺪ‬ ‫ﻛﺮﺩ‪ ،‬ﻧﻤﻲ ﺗﻮﺍﻥ ﻳﺎﻓﺖ‪.‬‬ ‫ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺭﻳﺴﻚﭘﺬﻳﺮ ﺑﻪ ﺭﺷﺪ ﻛﺎﺭﺁﻓﺮﻳﻨﻲ ‪ ،‬ﺍﺷﺘﻐﺎﻝ ﺯﺍﻳﻲ ﻭ ﺗﻮﺳﻌﻪ ﺗﻜﻨﻮﻟﻮﮊﻱ ﻛﻤﻚ ﻣﻲﻛﻨﺪ ﻭﻟﻲ ﺍﻳﻦ ﺍﻣﺮ ﻧﺒﺎﻳﺪ ﺳﺒﺐ‬ ‫ﺷﻮﺩ ﻛﻪ ﺩﻭﻟﺖ ﻭ ﺳﻴﺎﺳﺘﮕﺬﺍﺭﺍﻥ ﺩﻭﻟﺘﻲ ﺑﺎ ﺍﻳﻦ ﺑﻬﺎﻧﻪ ‪ ،‬ﺍﻳﻦ ﺻﻨﻌﺖ ﺭﺍ ﺗﺤﺖ ﺳﻴﻄﺮﻩ ﺧﻮﺩ ﻗﺮﺍﺭ ﺩﺍﺩﻩ ﻭ ﺑﺎﻋﺚ ﺧﺸﻜﺎﻧﺪﻥ ﺭﻗﺎﺑﺖ ﻭ ﺍﻧﮕﻴﺰﻩ‬ ‫ﺳﻮﺩﺁﻭﺭﻱ ﺩﺭ ﺍﻳﻦ ﺻﻨﻌﺖ ﺳﻮﺩﺁﻭﺭ ﺷﻮﻧﺪ‪ ،‬ﭼﺮﺍ ﻛﻪ ﺗﺤﻘﻖ ﭼﻨﻴﻦ ﭼﻴﺰﻱ )ﻧﻈﻴﺮ ﺗﺠﺮﺑﻪ ﻛﺮﻩ ﺟﻨﻮﺑﻲ( ﺩﺭ ﻧﻬﺎﻳﺖ ﺑﻪ ﺳﻘﻮﻁ ﻭ ﺷﻜﺴﺖ‬ ‫ﺻﻨﻌﺖ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺭﻳﺴﻚﭘﺬﻳﺮ ﺧﻮﺍﻫﺪ ﺍﻧﺠﺎﻣﻴﺪ‪.‬‬

‫ﻭﺍﺣﺪ ﺗﻬﺮﺍﻥ‬

‫ﺍﻭﻟﻴﻦ ﻫﻤﺎﻳﺶ ﻣﻠﻲ ﺻﻨﻌﺖ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﻱ ﻣﺨﺎﻃﺮﻩ ﭘﺬﻳﺮ ‪ -‬ﺗﻬﺮﺍﻥ ‪۲۸ ،‬ﻭ‪ ۲۹‬ﻣﺮﺩﺍﺩ ‪۱۳۸۳‬‬

‫‪ -١٢-٣‬ﻓﻌﺎﻟﻴﺖ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﺍﻥ ﺭﻳﺴﻚﭘﺬﻳﺮ ﺧﺎﺭﺟﻲ‬ ‫ﻣﻄﺎﻟﻌﻪ ﻭﺿﻌﻴﺖ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺭﻳﺴﻚﭘﺬﻳﺮ ﺩﺭﻛﺸﻮﺭﻫﺎﻱ ﻣﺨﺘﻠﻒ ﻧﺸﺎﻥ ﻣﻲﺩﻫﺪ ﻛﻪ ﺗﻘﻮﻳﺖ ﻭ ﺗﻮﺳﻌﻪ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ‬ ‫ﺭﻳﺴﻚﭘﺬﻳﺮ ﺍﺭﺗﺒﺎﻁ ﺗﻨﮕﺎﺗﻨﮕﻲ ﺑﺎ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺧﺎﺭﺟﻲ ﺩﺍﺭﺩ ﻭ ﻛﺸﻮﺭﻫﺎﻳﻲ ﺩﺭ ﻋﺮﺻﻪ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺭﻳﺴﻚﭘﺬﻳﺮ ﻣﻮﻓﻖ ﺑﻮﺩﻩﺍﻧﺪ ﻛﻪ‬ ‫ﺩﺭﻫﺎﻱ ﺍﻗﺘﺼﺎﺩ ﺧﻮﺩ ﺭﺍ ﺑﺮ ﺭﻭﻱ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺧﺎﺭﺟﻲ ﺑﺎﺯ ﮔﺬﺍﺷﺘﻪ ﻭ ﺍﺯ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﺍﻥ ﺭﻳﺴﻚﭘﺬﻳﺮ ﺧﺎﺭﺟﻲ ﺍﺳﺘﻘﺒﺎﻝ ﻧﻤﻮﺩﻩﺍﻧﺪ ﻭ‬ ‫ﺑﺮﻋﻜﺲ ﻛﺸﻮﺭﻫﺎﻳﻲ )ﻣﺎﻧﻨﺪ ﻛﺮﻩ ﺟﻨﻮﺑﻲ( ﺩﺭ ﺍﻳﻦ ﻋﺮﺻﻪ ﺷﻜﺴﺖ ﺧﻮﺭﺩﻩ ﻳﺎ ﺑﺎ ﻣﺸﻜﻞ ﻣﻮﺍﺟﻪ ﺷﺪﻩﺍﻧﺪ ﻛﻪ ﺑﻪ ﻧﺎﻡ ﺣﻤﺎﻳﺖ ﺍﺯ‬ ‫ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﺍﻥ ﻭ ﺻﻨﺎﻳﻊ ﺩﺍﺧﻠﻲ ‪ ،‬ﻣﺤﺪﻭﺩﻳﺘﻬﺎ ﻭ ﻣﻮﺍﻧﻊ ﻏﻴﺮ ﻣﺘﻌﺎﺭﻑ ﺑﺮﺍﻱ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﺍﻥ ﺧﺎﺭﺟﻲ‪ ،‬ﺍﻳﺠﺎﺩ ﻧﻤﻮﺩﻩ ﻭ ﺧﻮﺩ ﺭﺍ ﺍﺯ ﺩﺍﻧﺶ ﻭ‬ ‫ﺗﺠﺮﺑﻪ ﻭ ﺳﺮﻣﺎﻳﻪ ﺁﻧﺎﻥ ﻣﺤﺮﻭﻡ ﺳﺎﺧﺘﻪﺍﻧﺪ‪ .‬ﺍﺯ ﺩﻳﮕﺮ ﻧﺘﺎﻳﺞ ﻣﺴﺘﻘﻴﻢ ﺍﻳﻦ ﻣﺤﺪﻭﺩﻳﺘﻬﺎ ‪ ،‬ﺗﻀﻌﻴﻒ ﭘﻴﻮﻧﺪﻫﺎ ﻭ ﺍﺭﺗﺒﺎﻃﺎﺕ ﺑﺎ ﺷﺮﻛﺘﻬﺎ ‪ ،‬ﻧﻬﺎﺩﻫﺎ ﻭ‬ ‫ﺷﺒﻜﻪﻫﺎﻱ ﺧﺎﺭﺟﻲ ﻭ ﺑﻴﻦ ﺍﻟﻤﻠﻠﻲ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﻭ ﻫﻤﭽﻨﻴﻦ ﻛﺎﻫﺶ ﺩﺳﺘﺮﺳﻲ ﺑﻪ ﺑﺎﺯﺍﺭﻫﺎﻱ ﺧﺎﺭﺟﻲ ﻭ ﺑﻴﻦ ﺍﻟﻤﻠﻠﻲ ﺍﺳﺖ ‪.‬‬ ‫ﺑﻪ ﺩﻟﻴﻞ ﻋﺪﻡ ﺳﺎﺑﻘﻪ ﻓﻌﺎﻟﻴﺖ ﺻﻨﺪﻭﻗﻬﺎﻱ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺭﻳﺴﻚﭘﺬﻳﺮ ﺩﺭ ﻛﺸﻮﺭ ﻭ ﻟﺰﻭﻡ ﻣﺪﻳﺮﻳﺖ ﺣﺮﻓﻪﺍﻱ ﺑﺮ ﺍﻳﻦ ﺻﻨﺪﻭﻗﻬﺎ‪،‬‬ ‫ﻓﻌﺎﻟﻴﺖ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﺍﻥ ﺭﻳﺴﻚﭘﺬﻳﺮ ﺧﺎﺭﺟﻲ ﺑﺮﺍﻱ ﺭﺍﻩﺍﻧﺪﺍﺯﻱ ﻭ ﺗﻮﺳﻌﻪ ﺻﻨﻌﺖ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺭﻳﺴﻚﭘﺬﻳﺮ ﺩﺭ ﻛﺸﻮﺭ ﻭ ﺍﻧﺘﻘﺎﻝ ﺗﺠﺮﺑﻴﺎﺕ‬ ‫ﻼ ﺿﺮﻭﺭﻱ ﺍﺳﺖ‪ .‬ﺑﺪﻳﻬﻲ ﺍﺳﺖ ﻛﻪ ﻓﻌﺎﻟﻴﺖ ﺍﻳﻦ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﺍﻥ ﺑﺪﻭﻥ ﻭﺟﻮﺩ‬ ‫ﻭ ﺩﺍﻧﺶ ﺁﻧﻬﺎ ﺩﺭ ﺍﻳﻦ ﺯﻣﻴﻨﻪ ﺑﻪ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﺍﻥ ﺩﺍﺧﻠﻲ ﻛﺎﻣ ﹰ‬ ‫‪١‬‬ ‫ﺑﺴﺘﺮ ﻣﻨﺎﺳﺐ ﻭ ﺯﻣﻴﻨﻪﻫﺎﻱ ﻻﺯﻡ ﺑﺮﺍﻱ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﻣﺴﺘﻘﻴﻢ ﺧﺎﺭﺟﻲ )‪ (FDI‬ﺩﺭ ﻛﺸﻮﺭ ﺍﻣﻜﺎﻥﭘﺬﻳﺮ ﻧﻤﻲﺑﺎﺷﺪ‪ .‬ﺧﻮﺷﺒﺨﺘﺎﻧﻪ ﺩﺭ‬ ‫ﻛﺸﻮﺭ ﻣﺎ ﺑﺎ ﻓﺮﺍﻫﻢ ﺷﺪﻥ ﺑﺮﺧﻲ ﺑﺴﺘﺮﻫﺎ ﺑﻪ ﻭﻳﮋﻩ ﺗﺼﻮﻳﺐ ﻗﺎﻧﻮﻥ ﺗﺸﻮﻳﻖ ﻭ ﺣﻤﺎﻳﺖ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺧﺎﺭﺟﻲ ﻭ ﻧﻴﺰ ﺩﻭ ﺣﺮﻛﺖ ﻣﺜﺒﺖ‬ ‫ﻳﻌﻨﻲ ﺗﻚ ﻧﺮﺧﻲ ﺷﺪﻥ ﺍﺭﺯ ﻭ ﺗﻌﺪﻳﻞ ﻗﺎﻧﻮﻥ ﻣﺎﻟﻴﺎﺗﻬﺎ ‪ ،‬ﺭﺍﻩ ﺟﺬﺏ ﺍﻳﻦ ﮔﻮﻧﻪ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻳﻬﺎ ﻫﻤﻮﺍﺭﺗﺮ ﺷﺪﻩ ﺍﺳﺖ ‪ ،‬ﻭﻟﻲ ﻣﺤﺪﻭﺩﻳﺘﻬﺎﻱ‬ ‫ﻫﻤﭽﻮﻥ ﺗﻌﺪﺩ ﻗﻮﺍﻧﻴﻦ ‪ ،‬ﻣﻘﺮﺍﺭﺕ ﺩﺳﺖ ﻭ ﭘﺎﮔﻴﺮ ‪ ،‬ﺑﺮﺧﻮﺭﺩﻫﺎﻱ ﺳﻠﻴﻘﻪﺍﻱ ‪ ،‬ﺑﺴﺘﻪ ﺑﻮﺩﻥ ﻭ ﻏﻴﺮ ﺁﺯﺍﺩ ﺑﻮﺩﻥ ﺍﻗﺘﺼﺎﺩ ﻛﺸﻮﺭ ‪ ،‬ﻣﻮﺍﻧﻊ ﺳﻴﺎﺳﻲ‬ ‫ﻭ ﻧﮕﺮﺵ ﻣﻨﻔﻲ ﻧﺴﺒﺖ ﺑﻪ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺧﺎﺭﺟﻲ ﺑﻪ ﻋﻨﻮﺍﻥ ﻋﺎﻣﻞ ﺑﺎﺯﺩﺍﺭﻧﺪﻩ ‪ ،‬ﻫﻤﭽﻨﺎﻥ ﺳﺪ ﺭﺍﻩ ﺍﻳﻦ ﺣﺮﻛﺖ ﺍﻗﺘﺼﺎﺩﻱ ﻣﺤﺴﻮﺏ‬ ‫ﻣﻲﺷﻮﻧﺪ ]‪.[۱۹‬‬ ‫‪ -۱۳-۳‬ﺭﺷﺪ ﺗﻜﻨﻮﻟﻮﮊﻳﻬﺎ ﻭ ﺻﻨﺎﻳﻊ ﭘﻴﺸﺮﻓﺘﻪ‬

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‫ﺗﺠﺮﺑﻪ ﻛﺸﻮﺭﻫﺎﻱ ﭘﻴﺸﺮﻓﺘﻪ ﻧﺸﺎﻥ ﺩﺍﺩﻩ ﻛﻪ ﺑﺎ ﺭﺷﺪ ﻭ ﺗﻮﺳﻌﻪ ﺗﻜﻨﻮﻟﻮﮊﻳﻬﺎﻱ ﻧﻮﻳﻦ ﺑﺨﺼﻮﺹ ﺗﻜﻨﻮﻟﻮﮊﻳﻬﺎﻱ ﺍﻃﻼﻋﺎﺗﻲ ﺩﺭ ﺍﻳﻦ‬ ‫ﻛﺸﻮﺭﻫﺎ ‪ ،‬ﺻﻨﻌﺖ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺭﻳﺴﻚﭘﺬﻳﺮ ﻧﻴﺰ ﺗﻮﺳﻌﻪ ﻳﺎﻓﺘﻪ ﺍﺳﺖ ﻭ ﺑﻴﺸﺘﺮﻳﻦ ﺍﺳﺘﻘﺒﺎﻝ ﺍﺯ ﺳﺮﻣﺎﻳﻪﻫﺎﻱ ﺭﻳﺴﻚﭘﺬﻳﺮ ﺗﻮﺳﻂ ﺷﺮﻛﺘﻬﺎ‬ ‫ﻳﺎ ﺻﻨﺎﻳﻊ ﺍﻃﻼﻋﺎﺗﻲ‪ ،‬ﻛﺎﻣﭙﻴﻮﺗﺮﻱ ﻭ ﺍﻳﻨﺘﺮﻧﺘﻲ ﺑﻪ ﻋﻤﻞ ﺁﻣﺪﻩ ﺍﺳﺖ‪ .‬ﺍﺯ ﻳﻚ ﺳﻮ‪ ،‬ﺗﻘﻮﻳﺖ ﺻﻨﻌﺖ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺭﻳﺴﻚﭘﺬﻳﺮ‪ ،‬ﺯﻣﻴﻨﻪ ﺭﺷﺪ‬ ‫ﺷﺮﻛﺘﻬﺎﻱ ﺗﻜﻨﻮﻟﻮﮊﻳﻜﻲ ﻭ ﺻﻨﺎﻳﻊ ﭘﻴﺸﺮﻓﺘﻪ ﺭﺍ ﻓﺮﺍﻫﻢ ﻣﻲﺁﻭﺭﺩ ﻭ ﺍﺯ ﺳﻮﻱ ﺩﻳﮕﺮ‪ ،‬ﺗﻮﺳﻌﻪ ﻭ ﮔﺴﺘﺮﺵ ﺍﻳﻦ ﺻﻨﺎﻳﻊ‪ ،‬ﺗﻘﺎﺿﺎ ﺑﺮﺍﻱ‬ ‫ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺭﻳﺴﻚﭘﺬﻳﺮ ﺭﺍ ﺑﻪ ﻣﻴﺰﺍﻥ ﻗﺎﺑﻞ ﺗﻮﺟﻬﻲ ﺍﻓﺰﺍﻳﺶ ﻣﻲﺩﻫﺪ‪.‬‬ ‫ﻣﺘﺄﺳﻔﺎﻧﻪ ﻛﺸﻮﺭ ﻣﺎ ﺩﺭ ﺯﻣﻴﻨﻪ ﺗﻜﻨﻮﻟﻮﮊﻱﻫﺎﻱ ﻧﻮﻳﻦ ﻭ ﭘﻴﺸﺮﻓﺘﻪ ﺩﭼﺎﺭ ﻋﻘﺐ ﻣﺎﻧﺪﮔﻴﻬﺎﻱ ﺟﺪﻱ ﺑﻮﺩﻩ ﻭ ﺑﺪﻟﻴﻞ ﻋﺪﻡ ﺳﻴﺎﺳﺘﮕﺬﺍﺭﻱ ﻭ‬ ‫ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﻣﻨﺎﺳﺐ ﺩﻭﻟﺖ ﺩﺭ ﺍﻳﻦ ﺯﻣﻴﻨﻪ ﻭ ﻫﻤﭽﻨﻴﻦ ﺿﻌﻒ ﺑﺨﺶ ﺧﺼﻮﺻﻲ ﺍﻳﺮﺍﻥ ﺑﺮﺍﻱ ﻭﺭﻭﺩ ﺑﻪ ﺍﻳﻦ ﻋﺮﺻﻪ‪ ،‬ﺯﻳﺮﺳﺎﺧﺘﻬﺎﻱ ﺗﻮﺳﻌﻪ‬ ‫ﺗﻜﻨﻮﻟﻮﮊﻱ ﺩﺭ ﻛﺸﻮﺭ ﭼﻨﺪﺍﻥ ﻓﺮﺍﻫﻢ ﻧﻴﺴﺖ ]‪.[۲۰‬‬ ‫‪ -۱۴-۳‬ﺍﻣﻨﻴﺖ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ‬ ‫ﭘﻴﺶ ﺷﺮﻁ ﻫﺮ ﻧﻮﻉ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺧﺼﻮﺻﻲ ﺩﺭ ﻫﺮ ﻛﺸﻮﺭﻱ‪ ،‬ﻭﺟﻮﺩ ”ﺍﻣﻨﻴﺖ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ“ ﺩﺭ ﺁﻥ ﻛﺸﻮﺭ ﺍﺳﺖ ﻭ ﺻﻨﻌﺖ‬ ‫ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺭﻳﺴﻚﭘﺬﻳﺮ ﺗﻨﻬﺎ ﺩﺭ ﻣﻨﺎﻃﻖ ﺍﻣﻦ ﻭ ﺑﺎ ﺛﺒﺎﺕ ﻣﻲﺗﻮﺍﻧﺪ ﺭﺷﺪ ﻭ ﺗﻮﺳﻌﻪ ﻳﺎﺑﺪ ‪.‬‬ ‫ﻣﺘﺄﺳﻔﺎﻧﻪ ﻛﺸﻮﺭ ﻣﺎ ﺍﺯ ﻟﺤﺎﻅ ﺍﻣﻨﻴﺖ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺩﺭ ﻭﺿﻌﻴﺖ ﻣﻄﻠﻮﺑﻲ ﺑﻪ ﺳﺮ ﻧﻤﻲ ﺑﺮﺩ‪ .‬ﻧﺮﺥ ﺑﺎﻻﻱ ﺧﺮﻭﺝ ﺳﺎﻟﻴﺎﻧﻪ ﺳﺮﻣﺎﻳﻪ ﺍﺯ‬ ‫ﻛﺸﻮﺭ ﻭ ﻫﻤﭽﻨﻴﻦ ﺗﻌﻴﻴﻦ ﻧﺮﺥﻫﺎﻱ ﺑﺎﻻ ﺍﺯ ﺳﻮﻱ ﺷﺮﻛﺘﻬﺎﻱ ﻣﻌﺘﺒﺮ ﺑﻴﻤﻪ ﺩﻧﻴﺎ ﺑﺮﺍﻱ ﺑﻴﻤﻪ ﻛﺮﺩﻥ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺩﺭ ﺍﻳﺮﺍﻥ‪ ،‬ﺷﻮﺍﻫﺪ‬ ‫ﻣﺤﻜﻤﻲ ﺑﺮﺍﻱ ﺍﺛﺒﺎﺕ ﺍﻳﻦ ﺍﺩﻋﺎ ﺑﺸﻤﺎﺭ ﻣﻲﺁﻳﻨﺪ‪ .‬ﺍﺯ ﺳﻮﻱ ﺩﻳﮕﺮ‪ ،‬ﺑﻪ ”ﺑﻴﻤﻪ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ“ ﺩﺭ ﻛﺸﻮﺭ ﺑﻬﺎﻱ ﻻﺯﻡ ﺩﺍﺩﻩ ﻧﺸﺪﻩ ﻭ ﻫﻨﻮﺯ‬ ‫ﻣﺆﺳﺴﺎﺕ ﺑﻴﻤﻪ ﺑﺼﻮﺭﺕ ﺟﺪﻱ ﻭ ﺣﺮﻓﻪﺍﻱ ﻭﺍﺭﺩ ﺍﻳﻦ ﻋﺮﺻﻪ ﻧﺸﺪﻩﺍﻧﺪ‪.‬‬ ‫‪Foreign Direct Investment‬‬ ‫‪High-tech industries‬‬

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‫ﻭﺍﺣﺪ ﺗﻬﺮﺍﻥ‬

‫ﺍﻭﻟﻴﻦ ﻫﻤﺎﻳﺶ ﻣﻠﻲ ﺻﻨﻌﺖ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﻱ ﻣﺨﺎﻃﺮﻩ ﭘﺬﻳﺮ ‪ -‬ﺗﻬﺮﺍﻥ ‪۲۸ ،‬ﻭ‪ ۲۹‬ﻣﺮﺩﺍﺩ ‪۱۳۸۳‬‬

‫ﺍﻣﻨﻴﺖ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺩﺍﺭﺍﻱ ﺍﺑﻌﺎﺩ ﻣﺨﺘﻠﻒ ﺍﻗﺘﺼﺎﺩﻱ‪ ،‬ﺗﺠﺎﺭﻱ‪ ،‬ﺳﻴﺎﺳﻲ‪ ،‬ﻗﻀﺎﻳﻲ ﻭ ﻓﺮﻫﻨﮕﻲ ﺑﻮﺩﻩ ﻭ ﻣﻲﺑﺎﻳﺴﺖ ﺩﺭ ﺑﺮﺭﺳﻲ ﺍﻳﻦ‬ ‫ﻣﻮﺿﻮﻉ‪ ،‬ﺟﻨﺒﻪﻫﺎﻱ ﻣﺨﺘﻠﻒ ﺁﻥ ﻫﻤﺰﻣﺎﻥ ﻣﺪ ﻧﻈﺮ ﻗﺮﺍﺭ ﮔﻴﺮﺩ ﺗﺎ ﺑﺘﻮﺍﻥ ﺭﺍﻩﺣﻞ ﺟﺎﻣﻊ ﻭ ﺍﺛﺮﺑﺨﺸﻲ ﺑﺮﺍﻱ ﺍﺭﺗﻘﺎﺀ ﺁﻥ ﺩﺭ ﻛﺸﻮﺭ ﺍﺭﺍﺋﻪ ﺩﺍﺩ‪.‬‬ ‫‪ -۱۵-۳‬ﺷﺒﻜﻪﺳﺎﺯﻱ‬ ‫ﺷﺒﻜﻪﺳﺎﺯﻱ ﻣﻴﺎﻥ ﺻﻨﺪﻭﻗﻬﺎﻱ ﻣﺨﺘﻠﻒ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﻳﺎ ﺗﺄﻣﻴﻦ ﻣﺎﻟﻲ ﺭﻳﺴﻚﭘﺬﻳﺮ ﻭ ﺍﻳﺠﺎﺩ ﺳﻴﺴﺘﻢ ﺟﺎﻣﻊ ﻭ ﻳﻜﭙﺎﺭﭼﻪ‬ ‫ﺍﻃﻼﻉﺭﺳﺎﻧﻲ ﺩﺭ ﻣﻮﺭﺩ ﺍﻳﻦ ﺻﻨﺪﻭﻗﻬﺎ ‪ ،‬ﺍﺯ ﻳﻚ ﺳﻮ ﺑﺎﻋﺚ ﺗﺴﻬﻴﻞ ﺩﺭ ﻋﺮﺿﻪ ﻭ ﺗﻘﺎﺿﺎﻱ ﺳﺮﻣﺎﻳﻪﻫﺎﻱ ﺭﻳﺴﻚﭘﺬﻳﺮ ﺷﺪﻩ ﻭ ﻣﺘﻘﺎﺿﻴﺎﻥ ﻭ‬ ‫ﻛﺎﺭﺁﻓﺮﻳﻨﺎﻥ ﺭﺍ ﺍﺯ ﺳﺮﺩﺭﮔﻤﻲ ﺩﺭ ﻳﺎﻓﺘﻦ ﺳﺮﻣﺎﻳﻪﻫﺎﻱ ﺭﻳﺴﻚﭘﺬﻳﺮ‪ ،‬ﻧﺠﺎﺕ ﻣﻲﺩﻫﺪ ﻭ ﺍﺯ ﺳﻮﻱ ﺩﻳﮕﺮ ﺑﺎﻋﺚ ﻫﻢﺍﻓﺰﺍﻳﻲ ﻭ ﺑﻬﺒﻮﺩ ﻋﻤﻠﻜﺮﺩ ﺍﻳﻦ‬ ‫ﺻﻨﺪﻭﻗﻬﺎ ﺷﺪﻩ ﻭ ﺁﻧﻬﺎ ﺭﺍ ﺩﺭ ﻣﺴﻴﺮ ﺗﻜﺎﻣﻞ ﻗﺮﺍﺭ ﻣﻲﺩﻫﺪ‪ .‬ﺩﺭ ﺑﺴﻴﺎﺭﻱ ﺍﺯ ﻛﺸﻮﺭﻫﺎ‪ ،‬ﻫﺮﮔﻮﻧﻪ ﺍﻃﻼﻋﺎﺕ ﻣﻔﻴﺪﻱ ﺩﺭ ﻣﻮﺭﺩ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﺍﻥ‬ ‫ﺑﺎﻟﻘﻮﻩ ﺍﺯ ﻳﻜﺴﻮ ﻭ ﻓﺮﺻﺘﻬﺎﻱ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺍﺯ ﺳﻮﻱ ﺩﻳﮕﺮ‪ ،‬ﺩﺭ ﻣﺠﻤﻮﻋﻪﺍﻱ ﺍﺯ ﺳﺎﻳﺖﻫﺎﻱ ﺍﻳﻨﺘﺮﻧﺘﻲ ﻗﺮﺍﺭ ﺩﺍﺩﻩ ﺷﺪﻩ ﺍﺳﺖ؛ ﺑﻨﺤﻮﻳﻜﻪ‬ ‫ﻛﺎﺭﺁﻓﺮﻳﻨﺎﻥ ﺑﻪ ﺳﻬﻮﻟﺖ ﺍﻣﻜﺎﻥ ﺩﺳﺘﺮﺳﻲ ﺑﻪ ﺍﻳﻦ ﺍﻃﻼﻋﺎﺕ ﺭﺍ ﻣﻲﻳﺎﺑﻨﺪ‪.‬‬ ‫ﺩﺭ ﻛﺸﻮﺭ ﻣﺎ ﻧﻴﺰ ﺍﺧﻴﺮﹰﺍ ﺍﻗﺪﺍﻣﺎﺗﻲ )ﺍﺯ ﺳﻮﻱ ﺩﻓﺘﺮ ﻫﻤﻜﺎﺭﻳﻬﺎﻱ ﻓﻦﺁﻭﺭﻱ ﺭﻳﺎﺳﺖ ﺟﻤﻬﻮﺭﻱ( ﺑﺮﺍﻱ ﺍﻳﺠﺎﺩ ﺷﺒﻜﻪ ﺍﻃﻼﻋﺎﺗﻲ ﻣﻴﺎﻥ‬ ‫ﺻﻨﺪﻭﻗﻬﺎﻱ ﻣﺎﻟﻲ ﺗﻮﺳﻌﻪ ﻓﻦﺁﻭﺭﻱ ﺩﺭ ﻗﺎﻟﺐ ﻳﻚ ﺳﺎﻳﺖ ﺍﻳﻨﺘﺮﻧﺘﻲ‪ ،‬ﺻﻮﺭﺕ ﮔﺮﻓﺘﻪ ﻛﻪ ﺑﺪﻟﻴﻞ ﭘﺎﺭﻩﺍﻱ ﺍﺯ ﻣﺸﻜﻼﺕ ﺑﺎ ﺗﺄﺧﻴﺮ ﻣﻮﺍﺟﻪ ﺷﺪﻩ‬ ‫ﺍﺳﺖ‪.‬‬

‫‪ -۴‬ﻧﺘﻴﺠﻪﮔﻴﺮﻱ ﻭ ﺍﺭﺍﺋﻪ ﭘﻴﺸﻨﻬﺎﺩﺍﺕ‬ ‫ﺩﺭ ﺍﻳﻦ ﻣﻘﺎﻟﻪ ﺗﻼﺵ ﺷﺪ ﺗﺎ ﺑﺴﺘﺮ ﻭ ﺯﻳﺮﺳﺎﺧﺘﻬﺎﻱ ﺭﺷﺪ ﻭ ﺗﻮﺳﻌﻪ ﻛﺸﻮﺭ ﺩﺭ ﻗﺎﻟﺐ ‪ ۱۵‬ﻋﺎﻣﻞ ﻛﻼﻥ ﻣﻄﺎﻟﻌﻪ ﻭ ﺑﺮﺭﺳﻲ ﺷﻮﺩ‪ .‬ﺑﺮﺭﺳﻲ‬ ‫ﺩﻗﻴﻖ ﻭ ﺟﺰﺋﻲ ﻫﺮ ﻳﻚ ﺍﺯ ﺍﻳﻦ ﺯﻳﺮﺳﺎﺧﺘﻬﺎ ﻣﻲﺗﻮﺍﻧﺪ ﺑﻪ ﻋﻨﻮﺍﻥ ﻳﻚ ﭘﺮﻭﮊﻩ ﻋﻈﻴﻢ ﺗﺤﻘﻴﻘﺎﺗﻲ ﻣﻄﺮﺡ ﺑﺎﺷﺪ ﻭ ﻟﺬﺍ ﺍﻣﻜﺎﻥ ﻃﺮﺡ ﺟﺰﺋﻴﺎﺕ ﻭ‬ ‫ﺍﺭﺍﺋﻪ ﺗﺤﻠﻴﻠﻬﺎﻱ ﺗﻔﺼﻴﻠﻲ ﺩﺭ ﺍﺭﺗﺒﺎﻁ ﺑﺎ ﻫﺮ ﻳﻚ ﺍﺯ ﻋﻮﺍﻣﻞ ﻓﻮﻕﺍﻟﺬﻛﺮ ﺩﺭ ﻗﺎﻟﺐ ﻳﻚ ﻣﻘﺎﻟﻪ ﻣﺤﺪﻭﺩ ﻣﻴﺴﺮ ﻧﻤﻲﺑﺎﺷﺪ‪.‬‬ ‫ﺍﺯ ﻣﺠﻤﻮﻉ ﻣﻄﺎﻟﺐ ﺍﺭﺍﺋﻪ ﺷﺪﻩ ﺩﺭ ﺍﻳﻦ ﻓﺼﻞ ﻣﻲﺗﻮﺍﻥ ﻧﺘﻴﺠﻪ ﮔﺮﻓﺖ ﻛﻪ ﻛﺸﻮﺭ ﻣﺎ ﺗﻘﺮﻳﺒ ﹰﺎ ﺩﺭ ﺗﻤﺎﻣﻲ ﻋﻮﺍﻣﻞ ﻛﻼﻥ ﻣﻄﺮﺡ ﺷﺪﻩ‪،‬‬ ‫ﺩﭼﺎﺭ ﺿﻌﻒ ﻭ ﻣﺸﻜﻞ ﺍﺳﺖ ‪ .‬ﻣﻄﻤﺌﻨ ﹰﺎ ﺍﺻﻼﺡ ﺍﻳﻦ ﺯﻳﺮﺳﺎﺧﺘﻬﺎ ﺍﺯ ﻋﻬﺪﻩ ﻳﻚ ﻳﺎ ﭼﻨﺪ ﺳﺎﺯﻣﺎﻥ ﻳﺎ ﺣﺘﻲ ﻭﺯﺍﺭﺗﺨﺎﻧﻪ ﺩﻭﻟﺘﻲ ﺧﺎﺭﺝ ﺑﻮﺩﻩ ﻭ‬ ‫ﻫﻤﻜﺎﺭﻱ ﻭ ﻫﻤﺮﺍﻫﻲ ﻗﻮﺍﻱ ﺳﻪﮔﺎﻧﻪ ﻛﺸﻮﺭ ﻭ ﺩﺳﺘﮕﺎﻫﻬﺎ ﻭ ﺳﺎﺯﻣﺎﻧﻬﺎﻱ ﺯﻳﺮﻣﺠﻤﻮﻋﻪ ﺁﻧﻬﺎ ﺭﺍ ﻃﻠﺐ ﻣﻲﻛﻨﺪ ‪ ،‬ﺍﻣﺎ ﻫﻤﺎﻫﻨﮕﻲ ﻭ ﻧﻈﺎﺭﺕ ﺑﺮ‬ ‫ﺍﺟﺮﺍﻱ ﺭﺍﻫﻜﺎﺭﻫﺎﻱ ﺍﺻﻼﺣﻲ ﺑﺎﻳﺪ ﺩﺭ ﻳﻜﺠﺎ ﻣﺘﻤﺮﻛﺰ ﺷﻮﺩ‪ .‬ﻟﺬﺍ ﻻﺯﻡ ﺍﺳﺖ ﻳﻚ ﻛﻤﻴﺘﻪ ﻳﺎ ﻭﺍﺣﺪ ﺩﻭﻟﺘﻲ‪ ،‬ﺳﻴﺎﺳﺘﮕﺬﺍﺭﻱ ‪ ،‬ﺗﺪﻭﻳﻦ ﺍﺳﺘﺮﺍﺗﮋﻱ‬ ‫ﻭ ﻫﻤﺎﻫﻨﮓﺳﺎﺯﻱ ﺍﻣﻮﺭ ﻣﺮﺑﻮﻁ ﺑﻪ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺭﻳﺴﻚﭘﺬﻳﺮ ﺭﺍ ﻋﻬﺪﻩﺩﺍﺭ ﺷﺪﻩ ﻭ ﺑﺮ ﺭﻭﻧﺪ ﺍﻳﻦ ﻧﻮﻉ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻳﻬﺎ ﻭ ﺣﺴﻦ ﺍﻧﺠﺎﻡ‬ ‫ﺭﺍﻫﻜﺎﺭﻫﺎﻱ ﺍﺻﻼﺣﻲ ﺩﺭ ﻛﺸﻮﺭ ﻧﻈﺎﺭﺕ ﻛﻨﺪ‪ .‬ﺩﺭ ﺍﻳﻦ ﻛﻤﻴﺘﻪ ﻣﻲﺑﺎﻳﺴﺖ ﻧﻤﺎﻳﻨﺪﮔﺎﻥ ﺳﺎﺯﻣﺎﻧﻬﺎ ﻭ ﺩﺳﺘﮕﺎﻫﻬﺎﻱ ﺣﻜﻮﻣﺘﻲ ﻣﺮﺗﺒﻂ‪ ،‬ﺣﻀﻮﺭ‬ ‫ﺩﺍﺷﺘﻪ ﺑﺎﺷﻨﺪ ﺗﺎ ﺩﺭ ﺗﺼﻤﻴﻢﮔﻴﺮﻳﻬﺎ‪ ،‬ﺍﺟﻤﺎﻉ ﻧﻈﺮﺍﺕ ﺳﺎﺯﻣﺎﻧﻬﺎﻱ ﻣﺨﺘﻠﻒ ﻛﺴﺐ ﺷﺪﻩ ﻭ ﻫﻤﭽﻨﻴﻦ ﻫﺮ ﻧﻤﺎﻳﻨﺪﻩ ﻣﺴﺌﻮﻝ ﭘﻴﮕﻴﺮﻱ ﺍﺟﺮﺍﻱ‬ ‫ﻣﺼﻮﺑﺎﺕ ﻛﻤﻴﺘﻪ ﺩﺭ ﺳﺎﺯﻣﺎﻥ ﻣﺘﺒﻮﻉ ﺧﻮﺩ ﺑﺎﺷﺪ‪ .‬ﺍﻳﻦ ﻛﻤﻴﺘﻪ ﻣﻲﺗﻮﺍﻧﺪ ﺩﺭ ﻭﺯﺍﺭﺕ ﺻﻨﺎﻳﻊ ‪ ،‬ﺳﺎﺯﻣﺎﻥ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﻭ ﻛﻤﻜﻬﺎﻱ ﺍﻗﺘﺼﺎﺩﻱ‬ ‫ﻭ ﻓﻨﻲ ﺍﻳﺮﺍﻥ )ﻭﺍﺑﺴﺘﻪ ﺑﻪ ﻭﺯﺍﺭﺕ ﺍﻣﻮﺭ ﺍﻗﺘﺼﺎﺩﻱ ﻭ ﺩﺍﺭﺍﻳﻲ( ‪ ،‬ﺳﺎﺯﻣﺎﻥ ﭘﮋﻭﻫﺸﻬﺎﻱ ﻋﻠﻤﻲ ﻭ ﺻﻨﻌﺘﻲ ﺍﻳﺮﺍﻥ )ﻭﺍﺑﺴﺘﻪ ﺑﻪ ﻭﺯﺍﺭﺕ ﻋﻠﻮﻡ ‪،‬‬ ‫ﺗﺤﻘﻴﻘﺎﺕ ﻭ ﻓﻦﺁﻭﺭﻱ( ﻳﺎ ﺑﺼﻮﺭﺕ ﻣﺴﺘﻘﻞ ﺍﺯ ﻭﺯﺍﺭﺗﺨﺎﻧﻪﻫﺎ ﻭ ﺯﻳﺮ ﻧﻈﺮ ﺭﻳﺎﺳﺖﺟﻤﻬﻮﺭﻱ )ﻧﻈﻴﺮ ﺩﻓﺘﺮ ﻫﻤﻜﺎﺭﻳﻬﺎﻱ ﻓﻦﺁﻭﺭﻱ‬ ‫ﺭﻳﺎﺳﺖﺟﻤﻬﻮﺭﻱ( ‪ ،‬ﺗﺸﻜﻴﻞ ﺷﺪﻩ ﻭ ﺑﺎﻳﺪ ﺩﺍﺭﺍﻱ ﺩﻭ ﻭﻳﮋﮔﻲ ﺍﺻﻠﻲ ﺑﺎﺷﺪ ‪:‬‬ ‫‪ (١‬ﺑﺼﻮﺭﺕ ﻓﺮﺍﺑﺨﺸﻲ ﻭ ﻓﺮﺍﮔﻴﺮ ﻋﻤﻞ ﻛﻨﺪ ‪.‬‬ ‫‪ (٢‬ﺗﺸﻜﻴﻞ ﺍﻳﻦ ﻭﺍﺣﺪ ﻧﺒﺎﻳﺪ ﺑﻪ ﺩﻭﻟﺘﻲ ﺷﺪﻥ ﺻﻨﻌﺖ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺭﻳﺴﻚﭘﺬﻳﺮ ﻣﻨﺠﺮ ﺷﻮﺩ‪ .‬ﺍﻳﻦ ﻭﺍﺣﺪ ﺑﺎﻳﺪ ﺗﻨﻬﺎ ﻧﻘﺶ‬ ‫ﺳﻴﺎﺳﺘﮕﺬﺍﺭﻱ ‪ ،‬ﻧﻈﺎﺭﺗﻲ ﻭ ﻣﺸﻮﺭﺗﻲ ﺑﺮﺍﻱ ﺻﻨﻌﺖ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺭﻳﺴﻚﭘﺬﻳﺮ ﺍﻳﻔﺎ ﻛﺮﺩﻩ ﻭ ﻧﺒﺎﻳﺪ ﺑﺎ ﻭﺍﺭﺩ ﺷﺪﻥ ﺩﺭ ﺍﻣﻮﺭ‬ ‫ﺍﺟﺮﺍﻳﻲ ﻭ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﻳﺎ ﺩﺧﺎﻟﺖ ﺩﺭ ﻛﺎﺭ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﺍﻥ ﺭﻳﺴﻚﭘﺬﻳﺮ‪ ،‬ﺍﻳﻦ ﺻﻨﻌﺖ ﺭﻗﺎﺑﺘﻲ ﺭﺍ ﺗﺤﺖ ﻛﻨﺘﺮﻝ ﻭ ﺳﻴﻄﺮﻩ‬ ‫ﺧﻮﺩ ﺩﺭﺁﻭﺭﺩﻩ ﻭ ﺣﺎﻟﺘﻲ ﺍﻧﺤﺼﺎﺭﻱ ﻳﺎ ﺩﻭﻟﺘﻲ ﺑﻪ ﺁﻥ ﺑﺒﺨﺸﺪ‪ ،‬ﭼﺮﺍ ﻛﻪ ﻗﺮﺍﺭ ﮔﺮﻓﺘﻦ ﺩﺭ ﭼﻨﻴﻦ ﻣﺴﻴﺮﻱ ﺩﺭ ﻧﻬﺎﻳﺖ ﺑﻪ‬ ‫ﺷﻜﺴﺖ ﻭ ﺯﻣﻴﻦﺧﻮﺭﺩﻥ ﺍﻳﻦ ﺻﻨﻌﺖ ﻣﻔﻴﺪ ﻭ ﺳﻮﺩﺁﻭﺭ ﺧﺘﻢ ﺧﻮﺍﻫﺪ ﺷﺪ ‪.‬‬

‫ﻭﺍﺣﺪ ﺗﻬﺮﺍﻥ‬

‫ﺍﻭﻟﻴﻦ ﻫﻤﺎﻳﺶ ﻣﻠﻲ ﺻﻨﻌﺖ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﻱ ﻣﺨﺎﻃﺮﻩ ﭘﺬﻳﺮ ‪ -‬ﺗﻬﺮﺍﻥ ‪۲۸ ،‬ﻭ‪ ۲۹‬ﻣﺮﺩﺍﺩ ‪۱۳۸۳‬‬

‫ﻣﺮﺍﺟﻊ‬ ‫]‪ [١‬ﻩ‪ .‬ﻣﺴﺘﺤﺴﻦ ﻭ ﺱ‪ .‬ﻙ‪ .‬ﺑﺎﻗﺮﻱ‪ ،‬ﺑﺮﺭﺳﻲ ﺗﺤﻠﻴﻠﻲ ﺻﻨﺪﻭﻗﻬﺎﻱ ﻣﺎﻟﻲ ﺗﻮﺳﻌﻪ ﺗﻜﻨﻮﻟﻮﮊﻱ ﺩﺭ ﺍﻳﺮﺍﻥ ﺍﺯ ﺩﻳﺪﮔﺎﻩ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ‬ ‫ﺭﻳﺴﻚﭘﺬﻳﺮ‪ ،‬ﺍﻭﻟﻴﻦ ﻛﻨﻔﺮﺍﻧﺲ ﻣﺪﻳﺮﻳﺖ ﺗﻜﻨﻮﻟﻮﮊﻱ‪ ،‬ﻣﺮﻛﺰ ﺗﻜﻨﻮﻟﻮﮊﻱ ﻧﻴﺮﻭ )ﻣﺘﻦ(‪ ،‬ﺗﻬﺮﺍﻥ‪ ١٩ ،‬ﺍﻟﻲ ‪ ٢١‬ﺧﺮﺩﺍﺩ ‪.١٣٨٢‬‬ ‫‪[2] The ABC’s of Venture capital, Entrepreneurs Forum of the Northwest‬‬ ‫‪[3] See the Scottish Equity Partners Limited Website : www.sep.co.uk‬‬

‫]‪ [٤‬ﻑ‪ .‬ﺣﻨﻴﻔﻲ‪ ،‬ﺳﺮﻣﺎﻳﻪ ﺧﻄﺮﭘﺬﻳﺮ‪ :‬ﺳﺎﺧﺘﺎﺭﻫﺎ ﻭ ﻛﺎﺭﻛﺮﺩﻫﺎ‪ ،‬ﻣﺠﻠﻪ ﺑﻮﺭﺱ‪ ،‬ﺷﻤﺎﺭﻩ ‪.٢١‬‬ ‫]‪ [٥‬ﻡ‪ .‬ﺑﺮﺧﻮﺍﻥ ﺭﺍﺯﻟﻴﻘﻲ‪ ،‬ﻛﺎﺭﺁﻓﺮﻳﻨﻲ‪ ،‬ﻣﺠﻠﻪ ﻛﺎﺭﺁﻓﺮﻳﻦ ‪ ،‬ﺷﻤﺎﺭﻩ ‪ ، ٨‬ﻣﺮﺩﺍﺩ ‪. ٨٠‬‬ ‫]‪ [٦‬ﺗﻮﺳﻌﻪ ﻛﺎﺭﺁﻓﺮﻳﻨﻲ ؛ ﺗﻨﮕﻨﺎﻫﺎ ﻭ ﺭﺍﻩ ﻛﺎﺭﻫﺎ ‪ ،‬ﻣﺠﻠﻪ ﺗﺪﺑﻴﺮ ‪ ،‬ﺷﻤﺎﺭﻩ ‪ ، ٩٠‬ﺑﻬﻤﻦ ‪. ٧٧‬‬ ‫‪[7] Http://www.abdoh.net/dbase/upload/tagdid.htm‬‬

‫]‪ [٨‬ﺏ‪ .‬ﻻﻣﻌﻲ‪ ،‬ﻣﻮﺍﻧﻊ ﻗﺎﻧﻮﻧﻲ ﺭﺷﺪ ﻛﺎﺭﺁﻓﺮﻳﻨﻲ ﺩﺭ ﺻﻨﺎﻳﻊ ﻛﻮﭼﻚ ﺍﻳﺮﺍﻥ ‪ ،‬ﻣﺠﻠﻪ ﻛﺎﺭ ﻭ ﺟﺎﻣﻌﻪ ‪ ،‬ﺷﻤﺎﺭﻩ ‪ ، ٤٥‬ﺷﻬﺮﻳﻮﺭ ‪. ٨١‬‬ ‫]‪ [٩‬ﻥ‪ .‬ﺻﻨﻮﺑﺮ‪ ،‬ﻣﺎﻟﻜﻴﺖ ﻣﻌﻨﻮﻱ ﻭ ﻛﺎﺭﺁﻓﺮﻳﻨﻲ‪ :‬ﻣﻔﺎﻫﻴﻢ ﻭ ﺷﺎﺧﺼﻬﺎ ﻭ ﻭﺿﻌﻴﺖ ﺍﻳﺮﺍﻥ ‪ ،‬ﻫﻤﺎﻳﺶ ﻛﺎﺭﺁﻓﺮﻳﻨﻲ ﻭ ﻓﻦﺁﻭﺭﻳﻬﺎﻱ ﭘﻴﺸﺮﻓﺘﻪ ‪ ،‬ﻣﻬﺮﻣﺎﻩ‬ ‫‪.١٣٨٠‬‬ ‫]‪ [١٠‬ﺱ‪ .‬ﺍ‪ .‬ﻋﻨﺎﻳﺖ ‪ ،‬ﻣﺸﻜﺎﻟﺖ ﻭ ﺗﻨﮕﻨﺎﻫﺎﻱ ﺑﺎﺯﺍﺭ ﺳﺮﻣﺎﻳﻪ ﺩﺭ ﺍﻳﺮﺍﻥ ‪ ،‬ﻓﺼﻠﻨﺎﻣﻪ ﭘﮋﻭﻫﺸﻨﺎﻣﻪ ﺍﻗﺘﺼﺎﺩﻱ ‪ ،‬ﭘﮋﻭﻫﺸﻜﺪﻩ ﺍﻣﻮﺭ ﺍﻗﺘﺼﺎﺩﻱ ‪ ،‬ﺳﺎﻝ ﺍﻭﻝ‪،‬‬ ‫ﺷﻤﺎﺭﻩ ﺳﻮﻡ ‪ ،‬ﺯﻣﺴﺘﺎﻥ ‪. ٨٠‬‬ ‫]‪ [١١‬ﺱ‪ .‬ﺍ‪ .‬ﻣﻴﺮ ﻣﻄﻬﺮﻱ ‪ ،‬ﺑﻮﺭﺱ ﺗﻬﺮﺍﻥ ‪ :‬ﭼﺎﻟﺸﻬﺎ ﻭ ﺍﻣﻴﺪﻫﺎ ‪ ،‬ﻣﺠﻠﺴﻪ ﺑﻮﺭﺱ ‪ ،‬ﺷﻤﺎﺭﻩ ‪ ، ٣٠‬ﺍﺳﻔﻨﺪ ‪. ٨٠‬‬ ‫]‪ [١٢‬ﺱ‪ .‬ﺍ‪ .‬ﻣﻴﺮ ﻣﻄﻬﺮﻱ ‪ ،‬ﮔﺸﺎﻳﺶ ﺑﻮﺭﺱ ﻣﺸﻬﺪ ‪ :‬ﮔﺎﻣﻲ ﻣﻬﻢ ﺩﺭ ﮔﺴﺘﺮﺵ ﺑﺎﺯﺍﺭ ﺳﺮﻣﺎﻳﻪ ‪ ،‬ﻣﺠﻠﻪ ﺑﻮﺭﺱ ‪ ،‬ﺷﻤﺎﺭﻩ ‪ ، ٣١‬ﺗﻴﺮ ‪. ٨١‬‬ ‫]‪ [١٣‬ﻉ‪ .‬ﺍ‪ .‬ﺣﺎﺟﻲ ﺑﺎﺑﺎ ‪ ،‬ﻛﺎﺳﺘﻲ ﻭ ﺍﺷﻜﺎﻻﺕ ﻗﺎﻧﻮﻥ ﻛﺎﺭ ﺍﻳﺮﺍﻥ ‪ ،‬ﻣﺠﻠﻪ ﻛﺎﺭﺁﻓﺮﻳﻦ‪ ،‬ﺷﻤﺎﺭﻩ ‪ ، ١٦‬ﻣﺮﺩﺍﺩ ﻭ ﺷﻬﺮﻳﻮﺭ ‪. ١٣٨١‬‬ ‫]‪ [١٤‬ﻗﺎﻧﻮﻥ ﺗﺠﺎﺭﺕ ﻭ ﻣﺸﻜﻼﺕ ﺷﺮﻛﺘﻬﺎ ‪ ،‬ﻣﺠﻠﻪ ﺗﺪﺑﻴﺮ ‪ ،‬ﺷﻤﺎﺭﻩ ‪ ، ١١٢‬ﺧﺮﺩﺍﺩ ‪ ، ١٣٨٠‬ﺻﻔﺤﻪ ‪. ٢٠‬‬ ‫]‪ [١٥‬ﻡ‪ .‬ﻡ‪ .‬ﺑﻬﻜﻴﺶ‪ ،‬ﺍﻗﺘﺼﺎﺩ ﺍﻳﺮﺍﻥ ﺩﺭ ﺑﺴﺘﺮ ﺟﻬﺎﻧﻲ ﺷﺪﻥ ‪ ،‬ﻧﺸﺮ ﻧﻲ ‪. ١٣٨٠ ،‬‬ ‫]‪ [١٦‬ﺁﺋﻴﻦ ﻧﺎﻣﻪ ﺟﺪﻳﺪ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﻱ ﻣﻮﺳﺴﺎﺕ ﺑﻴﻤﻪ ‪ ،‬ﺑﻴﻤﻪ ﻣﺮﻛﺰﻱ ﺍﻳﺮﺍﻥ ‪ ،‬ﻓﺮﻭﺭﺩﻳﻦ ‪. ١٣٨٠‬‬ ‫]‪ [١٧‬ﻙ‪ .‬ﭘﻴﻜﺎﺭﺟﻮ ‪ ،‬ﺑﺮﺭﺳﻲ ﺣﺠﻢ ﻭ ﺑﺎﺯﺩﻩ ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺷﺮﻛﺘﻬﺎﻱ ﺑﻴﻤﻪ ﺩﻭﻟﺘﻲ ﻭ ﭘﻴﺎﻣﺪﻫﺎﻱ ﺧﺼﻮﺻﻲﺳﺎﺯﻱ ﺩﺭ ﺑﺎﺯﺍﺭ ﺳﺮﻣﺎﻳﻪ ‪،‬‬ ‫ﻓﺼﻠﻨﺎﻣﻪ ﺻﻨﻌﺖ ﺑﻴﻤﻪ ‪ ،‬ﺳﺎﻝ ﺷﺎﻧﺰﺩﻫﻢ ‪ ،‬ﺷﻤﺎﺭﻩ ‪ ، ٤‬ﺯﻣﺴﺘﺎﻥ ‪. ٨٠‬‬ ‫]‪ [١٨‬ﺡ‪ .‬ﻋﺒﺪﻩ ﺗﺒﺮﻳﺰﻱ ‪ ،‬ﺗﺠﺪﻳﺪ ﺳﺎﺧﺘﺎﺭ ﻧﻈﺎﻡ ﺗﺎﻣﻴﻦ ﺍﺟﺘﻤﺎﻋﻲ ﻭ ﺑﺎﺯﻧﺸﺴﺘﮕﻲ ﺩﺭ ﺟﻤﻬﻮﺭﻱ ﺍﺳﻼﻣﻲ ﺍﻳﺮﺍﻥ ‪ ،‬ﻣﺠﻠﻪ ﺳﺮﻣﺎﻳﻪ ‪ ،‬ﺷﻤﺎﺭﻩ ‪، ٢‬‬ ‫ﺑﻬﺎﺭ ‪. ١٣٨١‬‬ ‫]‪ [١٩‬ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﻣﺴﺘﻘﻴﻢ ﺧﺎﺭﺟﻲ ؛ ﻧﻴﺎﺯﻣﻨﺪ ﺗﻐﻴﻴﺮ ﻧﮕﺮﺵ ‪ ،‬ﻣﺠﻠﻪ ﺗﺪﺑﻴﺮ ‪ ،‬ﺷﻤﺎﺭﻩ ‪ ، ١٣٠‬ﺑﻬﻤﻦ ‪.١٣٨١‬‬ ‫]‪ [٢٠‬ﻓﻀﺎﻱ ﺭﺷﺪ ﺻﻨﺎﻳﻊ "ﻫﺎﻱ‪-‬ﺗﻚ" ﺩﺭ ﻛﺸﻮﺭ ﻓﺮﺍﻫﻢ ﻧﻴﺴﺖ ‪ ،‬ﺭﻭﺯﻧﺎﻣﻪ ﻫﻤﺸﻬﺮﻱ ‪ ،‬ﺍﻭﻝ ﺑﻬﻤﻦ ‪.١٣٨١‬‬