‫دور اﻟﻮﻇﻴﻔﺔ اﻟﻤﺎﻟﻴﺔ ﻓﻲ اﻟﻤﺆﺳﺴﺔ اﻻﻗﺘﺼﺎدﻳﺔ‬ ‫اﻟﻔﺼﻞ اﻟﺜﺎﻧﻲ‪:‬‬

‫ﻣﻘﺪﻣﺔ اﻟﻔﺼﻞ اﻟﺜﺎﻧﻲ‪:‬‬

‫ﻋﺮﺿﻨﺎ ﰲ ﺍﻟﻔﺼﻞ ﺍﻟﺴﺎﺑﻖ‪ ،‬ﺍﻹﻃﺎﺭ ﺍﻟﻌﺎﻡ ﻟﻠﻮﻇﻴﻔﺔ ﺍﳌﺎﻟﻴﺔ‪ .‬ﻭ ﺳﻨﺘﻄﺮﻕ ﻓﻐﻲ ﻫﺬﺍ ﺍﻟﻔﺼﻞ ﺍﳌﻬﺎﻡ ﺍﻷﺳﺎﺳﻴﺔ‬
‫ﻟﻠﻮﻇﻴﻔﺔ ﺍﳌﺎﻟﻴﺔ ﻭ ﺍﻟﱵ ﻳﻘﻮﻡ ‪‬ﺎ ﺍﳌﺪﻳﺮ ﺍﳌﺎﱄ ﰲ ﺍﳌﺆﺳﺴﺔ‪ ،‬ﻭ ﺍﳌﺘﻤﺜﻠﺔ ﰲ ﺍﻟﺘﻤﻮﻳﻞ ﻭ ﺍﲣﺎﺫ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺍﳌﺎﻟﻴﺔ‪ .‬ﺣﻴﺚ ﻳﻨﺒﻐﻲ‬
‫ﻋﻠﻰ ﺍﳌﺪﻳﺮ ﺍﳌﺎﱄ ﺍﻹﳌﺎﻡ ﺑﻄﺒﻴﻌﺔ ﺍﻷﻣﻮﺍﻝ ﺍﻟﱵ ﳛﺘﺎﺟﻬﺎ‪ ،‬ﺣﱴ ﻳﺘﻤﻜﻦ ﻣﻦ ﲢﺪﻳﺪ ﺃﻧﻮﺍﻉ ﺍﻷﻣﻮﺍﻝ ﺍﻟﻼﺯﻣﺔ ﻭ ﺑﻌﺪ ﻫﺬﺍ‬
‫ﺍﻟﺘﺤﺪﻳﺪ ﻋﻠﻴﻪ ﺃﻥ ﻳﺒﺤﺚ ﻋﻦ ﺍﳌﺼﺪﺭ ﺍﻟﺬﻱ ﻳﺴﺘﺨﺪﻣﻪ ﻟﻠﺤﺼﻮﻝ ﻋﻠﻰ ﻧﻮﻉ ﻣﻌﲔ ﻣﻦ ﺍﻷﻣﻮﺍﻝ ﺍﻟﻼﺯﻣﺔ‪.‬‬
‫ﻭ ﺗﻠﻌﺐ ﻋﻤﻠﻴﺔ ﺍﲣﺎﺫ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺩﻭﺭﺍ ﺃﺳﺎﺳﻴﺎ ﰲ ﺃﻱ ﻣﺆﺳﺴﺔ ﻭ ﺗﻌﺘﱪ ﻣﻦ ﺍﳌﻬﺎﻡ ﻭ ﺍﻷﺩﻭﺍﺭ ﺍﻷﺳﺎﺳﻴﺔ ﻷﻱ‬
‫ﻣﺪﻳﺮ ﰲ ﺍﳌﺆﺳﺴﺔ ﻋﻠﻰ ﺍﺧﺘﻼﻑ ﺃﻧﻮﺍﻋﻬﺎ ﺑﺎﺳﺘﺨﺪﺍﻡ ﻧﻈﺎﻡ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﻟﺬﻱ ﻳﺴﺎﻋﺪ ﰲ ﻋﻤﻠﻴﺔ ﺍﲣﺎﺫ ﺍﻟﻘﺮﺍﺭﺍﺕ ﻭ ﻣﻦ‬
‫ﺍﻫﻢ ﻫﺬﻩ ﺍﻟﻘﺮﺍﺭﺍﺕ ﳒﺪ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺍﳌﺎﻟﻴﺔ ﲝﻴﺚ ﺃﻥ ﺟﻮﻫﺮ ﻋﻤﻠﻴﺔ ﺍﲣﺎﺫ ﺍﻟﻘﺮﺍﺭ ﺍﳌﺎﱄ ﻫﻮ ﺍﺧﺘﻴﺎﺭ ﺃﺣﺪ ﺍﳊﻠﻮﻝ ﺍﳌﻤﻜﻨﺔ‬
‫ﻟﺘﻤﺜﻴﻞ ﻣﻮﺿﻮﻉ ﻣﻌﲔ ﺃﻭ ﲢﻘﻴﻖ ﻏﺮﺽ ﻣﺎ ﳌﻮﺍﺟﻬﺔ ﻣﻮﻗﻒ ﻣﻌﲔ ﻳﺘﻌﻠﻖ ﺑﺎﳉﺎﻧﺐ ﺍﳌﺎﱄ ﻟﻠﻤﺆﺳﺴﺔ ﻭ ﺫﻟﻚ ﻋﻠﻰ ﺿﻮﺀ‬
‫ﻣﻘﺪﻣﺎﺕ ﻭ ﻣﻌﻄﻴﺎﺕ ﻭ ﻣﻌﻠﻮﻣﺎﺕ ﺗﺴﺎﻋﺪ ﻋﻠﻰ ﺣﺴﻦ ﺍﻻﺧﺘﻴﺎﺭ‪.‬‬
‫ﻭ ﰲ ﻫﺬﺍ ﺍﻹﻃﺎﺭ‪ ،‬ﻗﺴﻤﻨﺎ ﻫﺬﺍ ﺍﻟﻔﺼﻞ ﺇﱃ ﺃﺭﺑﻊ ﻣﺒﺎﺣﺚ ﻳﻀﻢ ﺍﻷﻭﻝ ﻣﺎﻫﻴﺔ ﺍﻟﺘﻤﻮﻳﻞ ﰲ ﺍﳌﺆﺳﺴﺔ‪ ،‬ﺃﻣﺎ ﺍﻟﺜﺎﱐ‪،‬‬
‫ﻓﻘﺪ ﺧﺼﺼﻨﺎﻩ ﺇﱃ ﻣﺼﺎﺩﺭ ﺍﻟﺘﻤﻮﻳﻞ ﺍﳌﺨﺘﻠﻔﺔ ﺑﺎﻹﺿﺎﻓﺔ ﺇﱃ ﺍﳋﺼﺎﺋﺺ ﺍﳌﻤﻴﺰﺓ ﳍﺬﻩ ﺍﳌﺼﺎﺩﺭ‪ ،‬ﻭ ﺃﻣﺎ ﺍﳌﺒﺤﺚ ﺍﻟﺜﺎﻟﺚ‬
‫ﻓﻘﺪ ﺧﺼﺺ ﻟﻠﻘﺮﺍﺭﺍﺕ ﺍﳌﺎﻟﻴﺔ ﺍﳌﺘﺨﺬﺓ ﰲ ﺍﳌﺆﺳﺴﺔ ﺣﻴﺚ ﻳﻀﻢ ﻫﺬﺍ ﺍﳌﺒﺤﺚ ﳐﺘﻠﻒ ﺍﻟﻘﺮﺍﺭﺍﺕ ﻭ ﻋﻼﻗﺘﻬﺎ ﺑﻨﻈﺎﻡ‬
‫ﺍﳌﻌﻠﻮﻣﺎﺕ ﻭ ﺗﻌﺮﻳﻒ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺍﳌﺎﻟﻴﺔ‪ .‬ﺃﻣﺎ ﺑﺎﻟﻨﺴﺒﺔ ﻟﻠﻤﺒﺤﺚ ﺍﻷﺧﲑ‪ ،‬ﻓﻘﺪ ﺃﺩﺭﺟﻨﺎ ﻓﻴﻪ ﳐﺘﻠﻒ ﺃﻧﻮﺍﻉ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺍﳌﺎﻟﻴﺔ‬
‫ﻭﺍﳍﺪﻑ ﻣﻦ ﺍﲣﺎﺫﻫﺎ‪.‬‬

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 ‫دور اﻟﻮﻇﻴﻔﺔ اﻟﻤﺎﻟﻴﺔ ﻓﻲ اﻟﻤﺆﺳﺴﺔ اﻻﻗﺘﺼﺎدﻳﺔ‬ ‫اﻟﻔﺼﻞ اﻟﺜﺎﻧﻲ‪:‬‬

‫اﻟﻤﺒﺤﺚ اﻷول‪ :‬اﻟﺘﻤﻮﻳﻞ ﻓﻲ اﻟﻤﺆﺳﺴﺔ‬

‫ﻳﻌﺘﱪ ﺍﻟﺘﻤﻮﻳﻞ ﺗﻄﻮﺭ ﻃﺒﻴﻌﻴﺎ ﻟﻠﻮﻇﻴﻔﺔ ﺍﳌﺎﻟﻴﺔ ﻓﻬﻮ ﻣﻦ ﺑﲔ ﺍﳌﻬﺎﻡ ﺍﻷﺳﺎﺳﻴﺔ ﳍﺬﻩ ﺍﻟﻮﻇﻴﻔﺔ ﺍﻟﱵ ﻟﻴﺲ ﻟﻠﻤﺆﺳﺴﺔ‬
‫ﻏﲎ ﻋﻨﻬﺎ‪ .‬ﻟﺬﻟﻚ ﺳﻨﺘﻌﺮﺽ ﰲ ﻫﺬﺍ ﺍﳌﺒﺤﺚ ﺇﱃ ﻛﻞ ﻣﻦ ﺗﻌﺮﻳﻒ ﺍﻟﺘﻤﻮﻳﻞ‪ ،‬ﻭ ﳐﺘﻠﻒ ﻃﺮﻗﻪ ﻭ ﺃﻧﻮﺍﻋﻪ‪ ،‬ﺑﺎﻹﺿﺎﻓﺔ ﺇﱃ‬
‫ﻫﻴﻜﻞ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻷﻣﺜﻞ‪.‬‬

‫ﺍﳌﻄﻠﺐ ﺍﻷﻭﻝ‪ :‬ﺗﻌﺮﻳﻒ ﺍﻟﺘﻤﻮﻳﻞ‬

‫ﻟﻘﺪ ﺗﻌﺪﺩ ﺕ ﺍﻟﺘﻌﺎﺭﻳﻒ ﺍﻟﱵ ﺃﻋﻄﻴﺖ ﻟﻠﺘﻤﻮﻳﻞ‪ ،‬ﻭ ﻧﺬﻛﺮ ﻣﻨﻬﺎ ﻣﺎ ﻳﻠﻲ‪:‬‬
‫ƒ ﺍﻟﺘﻌﺮﻳﻒ ﺍﻷﻭﻝ‪ :‬ﻳﻘﺘﻀﻲ ﺇﻧﺘﺎﺝ ﺳﻠﻌﺔ ﺿﺮﻭﺭﺓ ﺗﻌﻴﲔ ﻋﻤﺎﻝ ﻭﻣﺪﻳﺮﻳﻦ ﻭ ﺷﺮﺍﺀ ﺧﺎﻣﺎﺕ ﻭﺁﻻﺕ ﻭ ﲡﻬﻴﺰ‬
‫ﺍﳌﻮﻗﻊ ﺍﻹﻧﺘﺎﺝ ﻭ ﻫﻮ ﻣﺎ ﻳﺴﻤﻰ ﰲ ﻟﻐﺔ ﺍﻟﺘﻤﻮﻳﻞ ﺑﺎﻻﺳﺘﺜﻤﺎﺭ ﰲ ﺍﻷﺻﻮﻝ ﻛﺎﳌﺨﺰﻭﻥ ﻭ ﺍﻵﻻﺕ ﻭ ﺍﻷﺭﺍﺿﻲ ﻭ‬
‫ﺍﳌﺒﺎﱐ ﻭ ﺍﻟﻌﻤﺎﻝ ﻭ ﻏﲑﻫﺎ ﻣﻦ ﺍﻷﺻﻮﻝ ﺍﳌﺨﺘﻠﻔﺔ‪ .‬ﻭ ﻳﻘﺎﺑﻞ ﺫﻟﻚ ﺿﺮﻭﺭﺓ ﺗﻮﻓﲑ ﺍﻟﻨﻘﺪﻳﺔ ﺍﻟﻼﺯﻣﺔ ﻣﻦ ﺍﳌﺼﺎﺩﺭ‬
‫ﺍﳌﺨﺘﻠﻔﺔ ﻟﺘﻤﻮﻳﻞ ﻫﺬﻩ ﺍﻻﺳﺘﺜﻤﺎﺭﺍﺕ ﺍﻟﺴﺎﺑﻘﺔ‪ .‬ﻭ ﻋﻨﺪﻣﺎ ﻳﺒﺪﺃ ﺍﳌﺸﺮﻭﻉ ﰲ ﺑﻴﻊ ﻣﻨﺘﺠﺎﺗﻪ‪ ،‬ﻳﺆﺩﻱ ﺫﻟﻚ ﺇﱃ ﺗﻮﻟﻴﺪ‬
‫ﺍﻟﻨﻘﺪﻳﺔ ﻭ ﺧﻠﻖ ﺍﻟﻘﻴﻤﺔ ﰲ ﺍﳌﺸﺮﻭﻉ‪ .‬ﻭ ﻫﻮ ﺍﳍﺪﻑ ﺍﻟﻨﻬﺎﺋﻲ ﻣﻦ ﻭﺭﺍﺀ ﺇﻧﺸﺎﺀ ﺍﳌﺸﺮﻭﻉ‪ ،‬ﻭ ﻫﻮ ﻣﺎ ﻳﻨﻌﻜﺲ‬
‫ﺃﺛﺮﻩ ﻋﻠﻰ ﺍﳌﻴﺰﺍﻧﻴﺔ ﺍﳋﺎﺻﺔ ﺑﺎﳌﺸﺮﻭﻉ)‪.(1‬‬
‫ƒ ﺍﻟﺘﻌﺮﻑ ﺍﻟﺜﺎﱐ‪ :‬ﻳﻌﺮﻑ ﺍﻟﺘﻤﻮﻳﻞ ﺑﺄﻧﻪ ﺗﻮﻓﲑ ﺍﻷﻣﻮﺍﻝ )ﺍﻟﺴﻴﻮﻟﺔ ﺍﻟﻨﻘﺪﻳﺔ( ﻣﻦ ﺃﺟﺪﻝ ﺇﻧﻔﺎﻗﻬﺎ ﻋﻠﻰ ﺍﻻﺳﺘﺜﻤﺎﺭﺍﺕ‬
‫ﻭ ﺗﻜﻮﻳﻦ ﺭﺃﺱ ﺍﳌﺎﻝ ﺍﻟﺜﺎﺑﺖ ‪‬ﺪﻑ ﺯﻳﺎﺩﺓ ﺍﻹﻧﺘﺎﺝ ﺃﻭ ﺍﻻﺳﺘﻬﻼﻙ‪ .‬ﻭ ﺑﺘﻮﻓﲑ ﻣﺼﺎﺩﺭ ﺍﻟﺘﻤﻮﻳﻞ‪ ،‬ﳝﻜﻦ ﻟﻌﻤﻠﻴﺔ‬
‫ﺍﻟﺘﻨﻤﻴﺔ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﻭ ﺍﻻﺟﺘﻤﺎﻋﻴﺔ ﺍﻟﺴﲑ ﲞﻄﻰ ﺃﺳﺮﻉ ﻣﺎﺩﺍﻡ ﺭﻓﻊ ﺍﳌﺴﺘﻮﻯ ﺍﳌﻌﻴﺸﻲ ﻭ ﺍﻟﺜﻘﺎﰲ ﻭ ﺍﻟﺼﺤﻲ‬
‫ﻟﻠﻤﻮﺍﻃﻨﲔ ﻳﻌﺘﻤﺪ ﺃﺳﺎﺳﺎ ﻋﻠﻰ ﺯﻳﺎﺩﺓ ﺣﺠﻢ ﺍﻹﻧﺘﺎﺝ ﻭ ﺍﻻﺳﺘﻬﻼﻙ ﻣﻦ ﺍﻟﺴﻠﻊ ﻭ ﺍﳋﺪﻣﺎﺕ‪ .‬ﻭ ﻣﺎﺩﺍﻡ ﺍﻟﺘﻤﻮﻳﻞ‬
‫ﻫﻮ ﺍﻟﺮﻛﻦ ﺍﻟﺬﻱ ﻳﻌﺘﻤﺪ ﻋﻠﻴﻪ ﰲ ﻗﻴﺎﻡ ﻭ ﺗﻨﻔﻴﺬ ﺍﻻﺳﺘﺜﻤﺎﺭﺍﺕ ﺑﺄﻧﻮﺍﻋﻬﺎ ﺍﳌﺨﺘﻠﻔﺔ‪ .‬ﻭ ﳍﺬﺍ ﻳﻌﺘﱪ ﺍﻟﺘﻤﻮﻳﻞ ﻋﻤﻠﻴﺔ‬
‫ﺇﻧﺘﺎﺟﻴﺔ ﺑﺼﻮﺭﺓ ﻏﲑ ﻣﺒﺎﺷﺮﺓ‪.‬‬
‫ﻭ ﳛﺘﺎﺝ ﺍﳌﺸﺮﻭﻉ ﺇﱃ ﻣﺼﺎﺩﺭ ﺍﻟﺘﻤﻮﻳﻞ ﺍﳌﺨﺘﻠﻔﺔ ﰲ ﲨﻴﻊ ﺍﳌﺮﺍﺣﻞ ﺍﻹﻧﺘﺎﺟﻴﺔ ﻭ ﺍﻟﺘﺴﻮﻳﻘﻴﺔ)‪.(2‬‬

‫ﺍﳌﻄﻠﺐ ﺍﻟﺜﺎﱐ‪ :‬ﻃﺮﻕ ﺍﻟﺘﻤﻮﻳﻞ‬

‫ﺍﻟﺘﻤﻮﻳﻞ ﻳﺘﻢ ﻋﱪ ﻃﺮﻳﻘﺘﲔ ﳘﺎ‪:‬‬
‫‪ -1‬ﺍﻟﺘﻤﻮﻳﻞ ﺍﳌﺒﺎﺷﺮ‪ :‬ﻋﻨﺪﻣﺎ ﺗﻜﻮﻥ ﺍﻟﺮﻏﺒﺘﺎﻥ ﻣﺘﻮﺍﻓﻘﺘﺎﻥ‪.‬‬

‫)‪ (1‬ﺣﺴﲔ ﻋﻄﺎ ﻏﻨﻴﻢ‪ :‬ﺩﺭﺍﺳﺎﺕ ﰲ ﺍﻟﺘﻤﻮﻳﻞ‪ ،‬ﺍﻟﻘﺎﻫﺮﺓ‪ ،‬ﻣﺼﺮ‪ ،‬ﺍﻟﻄﺒﻌﺔ ﺍﻷﻭﱃ‪ ،1999 ،‬ﺹ ‪3‬‬
‫)‪ (2‬ﻫﻴﺜﻢ ﺻﺎﺣﺐ ﻋﺠﺎﻡ‪ :‬ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺪﻭﱄ‪ ،‬ﺯﻫﺮﺍﻥ ﻟﻠﻨﺸﺮ‪ ،‬ﻋﻤﺎﻥ‪ ،‬ﺍﻷﺭﺩﻥ‪ ،‬ﺑﺪﻭﻥ ﻃﺒﻌﺔ‪ ،2006 ،‬ﺹ ‪.23‬‬

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 ‫دور اﻟﻮﻇﻴﻔﺔ اﻟﻤﺎﻟﻴﺔ ﻓﻲ اﻟﻤﺆﺳﺴﺔ اﻻﻗﺘﺼﺎدﻳﺔ‬ ‫اﻟﻔﺼﻞ اﻟﺜﺎﻧﻲ‪:‬‬

‫‪ -2‬ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﻐﲑ ﺍﳌﺒﺎﺷﺮ‪ :‬ﻋﻨﺪﻣﺎ ﺗﻜﻮﻥ ﺍﻟﺮﻏﺒﺘﺎﻥ ﳐﺘﻠﻔﺘﺎﻥ‪ ،‬ﺇﻻ ﺃﻧﻨﺎ ﳒﺪ ﰲ ﻫﺬﻩ ﺍﻟﻄﺮﻳﻘﺔ ﻧﻮﻋﲔ ﻣﻦ‬
‫ﺍﻟﺘﻤﻮﻳﻞ‪ :‬ﺍﻟﺘﻤﻮﻳﻞ ﻣﻦ ﻣﻮﺍﺭﺩ ﺍﺩﺧﺎﺭﻳﺔ ﻭﺗﻜﻮﻥ ﻣﻦ ﻓﻌﻞ ﺍﻟﻮﺳﻴﻂ ﺍﳌﺎﱄ‪ ،‬ﻭﲤﻮﻳﻞ ﻣﻦ ﻣﻮﺍﺭﺩ ﻧﻘﺪﻳﺔ ﻭ‬
‫ﺗﻜﻮﻥ ﻣﻦ ﻓﻌﻞ ﺍﻟﻮﺳﻴﻂ ﺍﻟﻨﻘﺪﻱ )ﺍﻟﺒﻨﻚ(‪.‬‬
‫ﺇﺫﻥ ﻫﻨﺎﻙ ﻧﻘﻄﺘﺎﻥ ﳚﺐ ﺍﻻﻋﺘﻨﺎﺀ ‪‬ﻤﺎ ﰲ ﻫﺬﺍ ﺍﻟﺼﺪﺩ‪:‬‬
‫ƒ ﺍﻟﺘﻤﻴﻴﺰ ﺑﲔ ﻣﺼﺎﺩﺭ ﺍﻟﺘﻤﻮﻳﻞ ‪ :‬ﺍﺩﺧﺎﺭ ﻣﺎﱄ ﺃﻭ ﺇﺻﺪﺍﺭ ﻧﻘﺪﻱ‪.‬‬
‫ƒ ﻭﺟﻮﺩ ﺍﻟﻮﺳﻴﻂ ﺃﻭ ﻏﻴﺎﺑﻪ ﳑﺎ ﻳﺆﺩﻱ ﺇﱃ ﻭﺟﻮﺩ ﺛﻼﺙ ﻃﺮﻕ ﻟﻠﺘﻤﻮﻳﻞ‪:‬‬
‫‪ −‬ﺍﻟﺘﻤﻮﻳﻞ ﺍﳌﺒﺎﺷﺮ‬
‫‪ −‬ﺍﻟﺘﻤﻮﻳﻞ ﻏﲑ ﺍﳌﺒﺎﺷﺮ ﻋﻦ ﻃﺮﻳﻖ ﺍﻟﻮﺳﺎﺋﻂ ﺍﳌﺎﻟﻴﺔ ﻏﲑ ﺍﻟﺒﻨﻜﻴﺔ‪.‬‬
‫‪ −‬ﺍﻟﺘﻤﻮﻳﻞ ﻏﲑ ﺍﳌﺒﺎﺷﺮ ﻟﻠﻮﺳﺎﺋﻂ ﺍﳌﺎﻟﻴﺔ ﺍﻟﺒﻨﻜﻴﺔ)‪.(1‬‬

‫ﺍﻟﻔﺮﻉ ﺍﻷﻭﻝ‪ :‬ﺍﻟﺘﻤﻮﻳﻞ ﺍﳌﺒﺎﺷﺮ‬ ‫™‬

‫ﺍﳌﺒﺪﺃ ﻫﻨﺎ ﻫﻮ ﲢﻮﻳﻞ ﺍﻟﻔﺎﺋﺾ ﻣﻦ ﺍﳌﻮﺍﺭﺩ ﺍﳌﺎﻟﻴﺔ ﻣﻦ ﺍﳌﺪﺧﺮ ﺇﱃ ﺍﳌﺘﻌﺎﻣﻞ ﺍﻻﻗﺘﺼﺎﺩﻱ ﺍﻟﻌﺎﺟﺰ ﻋﻦ ﺍﻟﺘﻤﻮﻳﻞ‪.‬‬
‫ﺣﻴﺚ ﺃﻥ ﺃﺳﺎﻟﻴﺐ ﺍﻟﺘﻤﻮﻳﻞ ﺍﳌﺒﺎﺷﺮ ﻋﺪﺩﻫﺎ ﻣﻦ ﻋﺪﺩ ﺃﻧﻮﺍﻉ ﺍﻟﺴﻨﺪﺍﺕ ﺍﳋﺎﺻﺔ ﺑﺘﺤﻮﻳﻞ ﺍﻟﻔﺎﺋﺾ ﻣﻦ ﺍﻷﻣﻮﺍﻝ‪ ،‬ﺃﻱ‬
‫ﻋﺪﺩ ﺍﻟﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ ﺍﻟﱵ ﳝﻜﻦ ﺗﺪﺍﻭﻝ ﺍﻟﻔﺎﺋﺾ ﻣﻦ ﺍﻟﺴﻴﻮﻟﺔ ﺑﲔ ﺍﳌﺘﻌﺎﻣﻠﲔ ﺍﻻﻗﺘﺼﺎﺩﻳﲔ ﻣﻦ ﺍﻟﻘﻄﺎﻉ ﻏﲑ ﺍﻟﺒﻨﻜﻲ‪.‬‬
‫ﺣﻴﺚ ﺃﻥ ﺍﻟﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ ﻫﻲ ﺗﺒﻠﻚ ﺍﻟﺴﻨﺪﺍﺕ ﺍﻟﻘﺎﺑﻠﺔ ﻟﻠﻤﻔﺎﻭﺿﺔ ﻭ ﺍﻟﱵ ﲤﺜﻞ ﺇﻣﺎ ﺣﻘﻮﻕ ﺍﻻﺷﺘﺮﺍﻙ ﰲ ﺍﳌﻠﻜﻴﺔ ﻭ ﺇﻣﺎ‬
‫ﺣﻘﻮﻕ ﺍﻹﻗﺮﺍﺽ ﺃﻱ ﺃ‪‬ﺎ ﲤﺜﻞ ﺣﻖ ﺩﻳﻦ ﻭ ﺑﺬﻟﻚ ﺗﻌﻮﺩ ﺑﺪﺧﻞ ﻋﻠﻰ ﺣﺎﻣﻠﻬﺎ)‪.(2‬‬
‫ﻭ ﺇﺫﺍ ﻧﺸﺄﺕ ﻋﻼﻗﺔ ﻣﺒﺎﺷﺮﺓ ﺑﲔ ﺍﳌﻘﺮﺽ ﻭ ﺍﳌﻘﺘﺮﺽ‪ ،‬ﻫﺬﺍ ﻳﻌﲏ ﺃﻥ ﺍﻟﺴﻨﺪﺍﺕ ﺍﳌﻌﺮﻭﺿﺔ ﻋﻠﻰ ﺍﳌﺪﺧﺮﻳﻦ ﺗﻠﻴﻖ‬
‫‪‬ﻢ ﻓﻴﻮﺍﻓﻘﻮﻥ ﻋﻠﻰ ﺍﻗﺘﻨﺎﺋﻬﺎ ‪ .‬ﻫﺬﻩ ﺍﻟﺪﺍﺋﺮﺓ ﺍﻟﻘﺼﲑﺓ ﻟﻠﺘﻤﻮﻳﻞ‪ ،‬ﻫﻲ ﺍﻟﱵ ﻳﻌﺘﲏ ‪‬ﺎ ﻛﻞ ﻣﻦ ﺍﻟﻜﻼﺳﻴﻜﻴﲔ‪ .‬ﻓﻴﻔﺘﺮﺽ ﺃﻥ‬
‫ﻛﻞ ﺍﺩﺧﺎﺭ ﻳﺴﺘﺜﻤﺮ‪ ،‬ﻭ ﺍﻟﻜﱰﻳﲔ ﺍﻟﺬﻳﻦ ﻳﺆﻛﺪﻭﻥ ﻋﻠﻰ ﺃﻧﻪ ﻳﺴﺘﺜﻤﺮ ﺇﻻ ﺍﳉﺰﺀ ﺍﻟﺬﻱ ﱂ ﻳﻜﺘﱰ ‪ .‬ﻫﺬﺍ ﻳﺪﻝ ﻋﻠﻰ ﻋﺪﻡ‬
‫ﺍﻻﻛﺘﺮﺍﺙ ﺇﱃ ﺻﻌﻮﺑﺔ ﺍﻟﺘﻤﻮﻳﻞ ﻭ ﺍﻟﺘﺸﺪﺩ ﺇﱃ ﻧﻮﻉ ﻭﺍﺣﺪ ﻣﻦ ﺃﻧﻮﺍﻋﻪ‪.‬ﺣﻴﺚ ﻧﻼﺣﻆ ﺃﻧﻪ ﻳﺘﺠﺎﻫﻞ ﺃﻳﻀﺎ ﻫﺬﺍ ﺍﻟﻨﻮﻉ‬
‫ﻣﻦ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺬﺍﰐ ﻭ ﲣﺼﻴﺺ ﺍﻷﺳﺮﺓ ﺟﺰﺀ ﻣﻦ ﺍﺩﺧﺎﺭﻫﺎ ﻟﺘﻜﻮﻳﻦ ﺭﺃﲰﺎﳍﺎ ﺍﻟﺼﺎﰲ)‪.(3‬‬

‫)‪ (1‬ﲞﺰﺍﺯ ﻳﻌﺪﻝ ﻓﺮﻳﺪﺓ‪ :‬ﺗﻘﻨﻴﺎﺕ ﻭ ﺳﻴﺎﺳﺎﺕ ﺍﻟﺘﺴﻴﲑ ﺍﳌﺼﺮﰲ‪ ،‬ﺩﻳﻮﺍﻥ ﺍﳌﻄﺒﻮﻋﺎﺕ ﺍﳉﺎﻣﻌﻴﺔ‪ ،‬ﺍﳉﺰﺍﺋﺮ‪ ،‬ﺍﻟﻄﺒﻌﺔ ﺍﻟﺜﺎﻧﻴﺔ‪ ،2003 ،‬ﺹ ‪26‬‬
‫)‪ (2‬ﻧﻔﺲ ﺍﳌﺮﺟﻊ‪ ،‬ﺹ ‪27‬‬
‫)‪ (3‬ﻧﻔﺲ ﺍﳌﺮﺟﻊ‪ ،‬ﺹ ‪28‬‬

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 ‫دور اﻟﻮﻇﻴﻔﺔ اﻟﻤﺎﻟﻴﺔ ﻓﻲ اﻟﻤﺆﺳﺴﺔ اﻻﻗﺘﺼﺎدﻳﺔ‬ ‫اﻟﻔﺼﻞ اﻟﺜﺎﻧﻲ‪:‬‬

‫ﺍﻟﻔﺮﻉ ﺍﻟﺜﺎﱐ‪ :‬ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﻐﲑ ﺍﳌﺒﺎﺷﺮ ﻟﻠﻤﺆﺳﺴﺎﺕ ﺍﳌﺎﻟﻴﺔ ﻏﲑ ﺍﻟﺒﻨﻜﻴﺔ‬ ‫™‬

‫ﳜﻀﻊ ﻫﺬﺍ ﺍﻟﻨﻮﻉ ﻣﻦ ﺍﻟﺘﻤﻮﻳﻞ ﺇﱃ ﻣﺒﺪﺃ ﲡﻤﻴﻊ ﺍﻟﻮﺳﺎﺋﻂ ﺍﳌﺎﻟﻴﺔ ﻏﲑ ﺍﻟﺒﻨﻜﻴﺔ‪ ،‬ﻭ ﺗﻮﺯﻳﻌﻪ ﻋﻠﻰ ﺍﳌﺴﺘﻔﻴﺪﻳﻦ‪ .‬ﻓﻬﻢ‬
‫ﻳﻘﺮﺿﻮﻥ ﺃﻣﻮﺍﻻ ﻳﻘﺘﺮﺿﻮ‪‬ﺎ)‪.(1‬‬

‫ﻣﺎﻝ‬ ‫ﻣﺎﻝ‬
‫ﻣﺪﺧﺮ‬ ‫ﻭﺳﻴﻂ ﻣﺎﱄ ﻏﲑ ﺑﻨﻜﻲ‬ ‫ﳏﺘﺎﺝ ﺍﳌﺎﻝ‬

‫ﺇﻥ ﻭﺟﻮﺩ ﻣﺜﻞ ﻫﺬﻩ ﺍﳌﺆﺳﺴﺎﺕ ﻳﱪﺯ ﺍﺧﺘﻼﻑ ﻃﺒﻴﻌﺔ ﺍﻟﺴﻨﺪﺍﺕ ﺍﻟﱵ ﻳﺒﻴﻌﻮ‪‬ﺎ ﻋﻦ ﺍﻟﱵ ﻳﺸﺘﺮﻭ‪‬ﺎ‪ .‬ﻓﺈ‪‬ﺎ ﲤﻜﻦ‬
‫ﻣﻦ ﺍﻟﺘﻮﻓﻴﻖ ﺑﲔ ﺇﺭﺍﺩﺗﲔ ﻳﻌﺠﺰ ﺍﻟﺘﻤﻮﻳﻞ ﺍﳌﺒﺎﺷﺮ ﺍﻟﺘﻮﻓﻴﻖ ﺑﻴﻨﻬﻤﺎ‪ .‬ﺗﻜﻤﻦ ﺃﳘﻴﺔ ﻫﺬﻩ ﺍﳌﺆﺳﺴﺎﺕ ﰲ ﺍﻟﺘﻘﻠﻴﺺ ﳕﻦ ﺣﺠﻢ‬
‫ﺍﻻﻛﺘﻨﺎﺯ ﻋﻦ ﻃﺮﻳﻖ ﺗﻮﻇﻴﻒ ﺍﻻﺩﺧﺎﺭ ﺍﻟﺬﻱ ﱂ ﻳﺮﻓﺾ ﺍﻻﺳﺘﺜﻤﺎﺭ ﰲ ﺍﻟﻘﻴﻢ ﺍﳌﻨﻘﻮﻟﺔ‪ .‬ﻛﻤﺎ ﺃﻧﻪ ﻻ ﺗﻘﺘﺼﺮ ﺃﳘﻴﺔ‬
‫ﺍﳌﺆﺳﺴﺎﺕ ﺍﳌﺎﻟﻴﺔ ﻋﻠﻰ ﻛﻮ‪‬ﺎ ﺗﻘﺮﺽ ﺃﻣﻮﺍﻻ ﻃﻮﻳﻠﺔ ﺍﻗﺘﺮﺍﺿﻬﺎ ﳌﺪﺓ ﻗﺼﲑﺓ‪ ،‬ﺑﻞ ﺗﻜﻤﻦ ﰲ ﺃ‪‬ﺎ ﺗﻘﻮﻡ ﺑﺎﻟﺘﺤﻮﻳﻞ ﺍﻟﺒﻨﻜﻲ‪،‬‬
‫ﺃﻱ ﺃ‪‬ﺎ ﺗﻘﺒﻞ ﻋﻠﻰ ﺗﻌﺒﺌﺔ ﺍﻟﺴﻨﺪﺍﺕ ﻣﻦ ﻃﻠﺐ ﺍﻟﺒﻨﻚ ﺍﳌﺮﻛﺰﻱ ﺍﻟﱵ ﺗﺘﻢ ﻋﻦ ﻃﺮﻳﻖ ﺇﺻﺪﺍﺭ ﻧﻘﺪﻱ ﺟﺪﻳﺪ‪ .‬ﻓﻔﻲ ﺣﺎﻟﺔ‬
‫ﺍﳌﺆﺳﺴﺎﺕ ﺍﳌﺎﻟﻴﺔ ﻣﺎ ﻫﻲ ﺇﻻ ﺗﻮﻇﻴﻔﺎ ﳌﺎﻝ ﲝﻮﺯ‪‬ﺎ ﻓﻴﻜﻮﻥ ﺩﻭﻥ ﺗﺄﺛﲑ ﻋﻠﻰ ﺯﻳﺎﺩﺓ ﺍﻟﺘﻀﺨﻢ)‪.(2‬‬

‫ﺍﻟﻔﺮﻉ ﺍﻟﺜﺎﻟﺚ‪ :‬ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﻐﲑ ﺍﳌﺒﺎﺷﺮ ﻟﻠﻤﺆﺳﺴﺎﺕ ﺍﳌﺎﻟﻴﺔ ﺍﻟﺒﻨﻜﻴﺔ‬ ‫™‬

‫ﻳﺘﻤﻴﺰ ﺍﻟﺘﻤﻮﻳﻞ ﺑﻌﺪﻡ ﺗﺪﺧﻞ ﺍﻻﺩﺧﺎﺭ ﻓﺎﻷﻣﻮﺍﻝ ﺍﻟﱵ ﺗﻘﺘﺮﺽ ﻟﺬﻭﻱ ﺍﻟﻌﺠﺰ ﰲ ﺍﻟﺘﻤﻮﻳﻞ‪ .‬ﱂ ﲡﻤﻊ ﻣﻦ‬
‫ﺍﳌﺪﺧﺮﻳﻦ‪ ،‬ﺑﻞ ﻫﻲ ﻣﻦ ﺇﺻﺪﺍﺭ ﺍﻟﺒﻨﻚ ﻣﻦ ﻻ ﺷﻲﺀ ﻋﻦ ﻃﺮﻳﻖ ﲢﻮﻳﻞ ﻧﻘﺪﻱ ﻟﺴﻨﺪ ﻗﺪﻣﻪ ﺍﳌﻘﺘﺮﺽ ﻟﻪ ﻟﻠﺒﻨﻚ ﺇﻣﻜﺎﻧﻴﺔ‬
‫ﲢﻮﻳﻞ ﻛﻞ ﻣﻦ ﺳﻨﺪﺍﺕ ﺍﳌﻠﻜﻴﺔ ﺃﻭ ﺳﻨﺪﺍﺕ ﺩﻳﻦ ﻟﻸﺻﻮﻝ ﺍﳊﻘﻴﻘﻴﺔ )ﺍﻟﺬﻫﺐ( ﻭ ﺍﳊﻘﻮﻕ ﺍﻟﺸﺨﺼﻴﺔ )ﻋﻤﻼﺕ ﺻﻌﺒﺔ(‬
‫ﺇﱃ ﻧﻘﻮﺩ‪ .‬ﰲ ﻛﻞ ﻫﺬﺍ ﳚﺐ ﺍﻟﺘﺬﻛﲑ ﺃﻥ ﺍﻟﺒﻨﻮﻙ ﲣﻀﻊ ﺇﱃ ﺗﻨﻈﻴﻢ ﻣﻌﲔ)‪.(3‬‬

‫ﺍﳌﻄﻠﺐ ﺍﻟﺜﺎﻟﺚ‪ :‬ﺃﻧﻮﺍﻉ ﺍﻟﺘﻤﻮﻳﻞ‬

‫ﻳﺴﻨﺪ ﺍﻟﻨﻈﺎﻡ ﺍﳌﺎﱄ ﺇﱃ ﺗﺪﻓﻖ ﺍﻷﻣﻮﺍﻝ ﻣﻦ ﻭﺣﺪﺍﺕ ﺍﻧﻔﺎﻗﻴﺔ ﺫﺍﺕ ﻓﺎﺋﺾ ﺇﱃ ﻭﺣﺪﺍﺕ ﺍﻧﻔﺎﻗﻴﺔ ﻋﺠﺰﻳﺔ ﺣﻴﺚ ﺗﺘﻔﻖ‬
‫ﺍﻷﻭﱃ ﺃﻗﻞ ﳑﺎ ﲢﺼﻞ ﻋﻠﻴﻪ ﻣﻦ ﺇﻳﺮﺍﺩ ﺃﻭ ﺩﺧﻞ ﺑﻴﻨﻤﺎ ﲢﺘﺎﺝ ﺍﻟﺜﺎﻧﻴﺔ ﺇﱃ ﺇﻧﻔﺎﻕ ﺃﻛﺜﺮ ﳑﺎ ﲢﺼﻞ ﻋﻠﻴﻪ ﻣﻦ ﺇﻳﺮﺍﺩ ﺃﻭ‬
‫ﺩﺧﻞ)‪. (4‬‬

‫)‪ (1‬ﲞﺰﺍﺯ ﻳﻌﺪﻝ ﻓﺮﻳﺪﺓ‪ :‬ﻣﺮﺟﻊ ﺳﺎﺑﻖ‪ ،‬ﺹ ‪.29‬‬

‫)‪ (2‬ﻧﻔﺲ ﺍﳌﺮﺟﻊ ﺹ ‪.30‬‬
‫)‪ (3‬ﻧﻔﺲ ﺍﳌﺮﺟﻊ‪ ،‬ﺹ ‪.31‬‬
‫)‪ (4‬ﻋﺒﺪ ﺍﳌﻨﻌﻢ ﺳﻴﺪ ﻋﻠﻲ‪ :‬ﻧﺰﺍﺭ ﺳﻌﺪ ﺍﻟﺪﻳﻦ ﺍﻟﻌﻴﺴﻲ‪ :‬ﺍﻟﻨﻘﻮﺩ ﻭ ﺍﳌﺼﺎﺭﻑ ﻭ ﺍﻷﺳﻮﺍﻕ ﺍﳌﺎﻟﻴﺔ‪ ،‬ﺩﺍﺭ ﺍﻟﻨﺸﺮ ﻭ ﺍﻟﺘﻮﺯﻳﻊ‪ ،‬ﻋﻤﺎﻥ‪ ،‬ﺍﻷﺭﺩﻥ‪ ،‬ﺍﻟﻄﺒﻌﺔ ﺍﻷﻭﱃ‪،‬‬
‫‪ ،2004‬ﺹ ‪.83‬‬

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 ‫دور اﻟﻮﻇﻴﻔﺔ اﻟﻤﺎﻟﻴﺔ ﻓﻲ اﻟﻤﺆﺳﺴﺔ اﻻﻗﺘﺼﺎدﻳﺔ‬ ‫اﻟﻔﺼﻞ اﻟﺜﺎﻧﻲ‪:‬‬

‫ﺍﻟﻔﺮﻉ ﺍﻷﻭﻝ‪ :‬ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺪﺍﺧﻠﻲ‬ ‫™‬

‫ﺇﻥ ﻋﻤﻠﻴﺔ ﲢﻘﻖ ﺍﻷﻣﻮﺍﻝ ﰲ ﺍﻟﻨﻈﺎﻡ ﺍﳌﺎﱄ ﺍﳌﻐﻠﻖ ﺃﻱ ﺃﻧﻪ ﻻ ﻳﻮﺟﺪ ﺗﻌﺎﻣﻞ ﺧﺎﺭﺟﻲ ﺑﲔ ﺍﻟﻮﺣﺪﺍﺕ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ‬
‫ﻭ ﻛﻞ ﻣﻨﻬﺎ ﲤﺘﻠﻚ ﻣﻦ ﺍﻷﺻﻮﻝ ﺃﻭ ﺍﳌﻮﺟﻮﺩﺍﺕ ﺍﻟﱵ ﺗﺮﺍﻛﻤﺖ ﻟﺪﻳﻬﺎ ﻋﻠﻰ ﻣﺮ ﺍﻟﺴﻨﲔ ﻣﻦ ﺧﻼﻝ ﺍﺳﺘﺨﺪﺍﻡ ﻣﺪﺧﺮﺍ‪‬ﺎ‬
‫ﺍﻟﺬﺍﺗﻴﺔ ﰲ ﺷﺮﺍﺀ ﻫﺬﻩ ﺍﳌﻮﺟﻮﺩﺍﺕ‪ .‬ﻭ ﲣﺘﻠﻒ ﻃﺒﻴﻌﺔ ﻫﺬﻩ ﺍﳌﻮﺟﻮﺩﺍﺕ ﺃﻭ ﻣﻜﻮﻧﺎ‪‬ﺎ ﺣﺴﺐ ﻧﻮﻉ ﺍﻟﻮﺣﺪﺓ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ‬
‫ﻭ ﰲ ﻛﻞ ﺍﻷﺣﻮﺍﻝ‪ ،‬ﻓﺈﻥ ﺍﻋﺘﻤﺎﺩ ﺍﻟﻮﺣﺪﺓ ﻋﻠﻰ ﻗﺪﺭﺍ‪‬ﺎ ﺍﻟﺬﺍﺗﻴﺔ ﻟﺘﻤﻮﻳﻞ ﻣﺸﺘﺮﻳﺎ‪‬ﺎ ﻳﻄﻠﻖ ﻋﻠﻴﻪ ﺍﺳﻢ ﺍﻟﺘﻤﻮﻳﻞ‬
‫ﺍﻟﺪﺍﺧﻠﻲ)‪.(1‬‬
‫ﻭ ﻋﻠﻰ ﺍﻟﺮﻏﻢ ﻣﻦ ﺍﺳﺘﺨﺪﺍﻡ ﺍﻟﻨﻈﺎﻡ ﺍﳌﺎﱄ ﺍﻟﺒﺪﺍﺋﻲ ﻟﺘﻮﺿﻴﺢ ﻣﻔﻬﻮﻡ ﺃﻭ ﻓﻜﺮﺓ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺪﺍﺧﻠﻲ ﻓﺈﻥ ﻫﺬﺍ ﺍﻟﻨﻮﻉ ﻣﻦ‬
‫ﺍﻟﺘﻤﻮﻳﻞ ﻻ ﻳﺰﺍﻝ ﳛﺘﻞ ﺃﳘﻴﺔ ﺧﺎﺻﺔ ﰲ ﲤﻮﻳﻞ ﺍﻻﺳﺘﺜﻤﺎﺭﺍﺕ ﻷﻏﺮﺍﺽ ﺇﻧﺘﺎﺟﻴﺔ ﺃﻭ ﲤﻮﻳﻞ ﻣﺸﺘﺮﻳﺎﺕ ﺳﻠﻊ ﺍﻻﺳﺘﻬﻼﻙ‬
‫ﺍﻟﺪﺍﺋﻢ ﰲ ﺍﻻﻗﺘﺼﺎﺩﻳﺎﺕ ﺍﳊﺪﻳﺜﺔ‪ ،‬ﻛﻤﺎ ﺃﻧﻪ ﻳﻠﻌﺐ ﺩﻭﺭﺍ ﻫﺎﻣﺎ ﰲ ﻋﻤﻠﻴﺔ ﺍﻻﺧﺘﻴﺎﺭ ﺑﲔ ﻣﺼﺎﺩﺭ ﺍﻟﺘﻤﻮﻳﻞ ﺗﺒﻌﺎ ﻻﺧﺘﻼﻑ‬
‫ﺗﻜﺎﻟﻴﻔﻬﺎ)‪.(2‬‬

‫ﺍﻟﻔﺮﻉ ﺍﻟﺜﺎﱐ‪ :‬ﺍﻟﺘﻤﻮﻳﻞ ﺍﳋﺎﺭﺟﻲ‬ ‫™‬

‫ﺇﻥ ﻋﻤﻠﻴﺔ ﺍﻻﻗﺘﺮﺍﺽ ﺗﻌﺘﱪ ﻣﺼﺪﺭ ﻣﻦ ﻣﺼﺎﺩﺭ ﺍﻟﺘﻤﻮﻳﻞ ﺍﳋﺎﺭﺟﻲ ﺣﻴﺚ ﺗﺴﺘﻌﲔ ﺍﳉﻬﺔ ﺍﳌﻘﺘﺮﺿﺔ ﺑﺎﺩﺧﺎﺭ‬
‫ﺍﳉﻬﺔ ﺍﳌﻘﺮﺿﺔ ﺑﺈﺻﺪﺍﺭ ﻧﻮﻉ ﻣﻦ ﺃﻧﻮﺍﻉ ﺍﳌﻄﻠﻮﺑﺎﺕ ﺑﺎﻋﺘﺒﺎﺭﻫﺎ ﺟﺰﺀﺍ ﻣﻦ ﻣﻮﺟﻮﺩﺍ‪‬ﺎ ﺍﳌﺎﻟﻴﺔ‪ .‬ﻭ ﺑﺬﻟﻚ ﺗﺼﺒﺢ ﺍﳉﻬﺔ‬
‫ﺍﳌﻘﺘﺮﺿﺔ ﻣﻮﺟﻮﺩﺍﺕ ﻟﻠﺠﻬﺔ ﺍﳌﻘﺮﺿﺔ ﺃﻭ ﺍﳌﺪﺧﺮﺓ‪.‬‬
‫ﻭ ﻣﻦ ﻫﻨﺎ ﻳﺘﻀﺢ ﺑﺄﻥ ﺍﻟﻨﻈﺎﻡ ﺍﳌﺎﱄ ﺍﳌﻔﺘﻮﺡ ﻳﻮﻓﺮ ﺍﻵﻟﻴﺔ ﺓ ﺍﻟﻀﺮﻭﺭﻳﺔ ﳋﻠﻖ ﺗﺒﺎﺩﻝ ﺍﻷﺻﻮﻝ ﺍﳌﺎﻟﻴﺔ ﺑﲔ‬
‫ﺍﳌﺪﺧﺮﻳﻦ ﻭ ﺍﳌﻘﺘﺮﺿﲔ ﻳﺘﺤﻘﻖ ﻣﻦ ﺧﻼﳍﺎ ﺗﺮﺍﻛﻢ ﻟﻸﺻﻮﻝ ﺍﳊﻘﻴﻘﺔ ﻭ ﺑﺪﻭ‪‬ﺎ ﻳﻨﺨﻔﺾ ﺑﺎﻟﺘﺄﻛﻴﺪ ﺣﺠﻢ ﺍﻻﺳﺘﺜﻤﺎﺭﺍﺕ‬
‫ﰲ ﺍﻻﻗﺘﺼﺎﺩ ﻭ ﺗﻀﻄﺮ ﺍﻟﻮﺣﺪﺍﺕ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﺍﳌﻨﻔﺮﺩﺓ ﺍﻻﻋﺘﻤﺎﺩ ﻋﻠﻰ ﻣﺪﺧﺮﺍ‪‬ﺎ ﺍﻟﺬﺍﺗﻴﺔ‪ ،‬ﺃﻱ ﻋﻠﻰ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺪﺍﺧﻠﻲ ﳑﺎ‬
‫ﻳﻀﻄﺮﻫﺎ ﺑﺎﻟﺘﺎﱄ ﻟﻠﺘﻨﺎﺯﻝ ﻋﻦ ﻛﺜﲑ ﻣﻦ ﺍﻟﻔﺮﺹ ﺍﻻﺳﺘﺜﻤﺎﺭﻳﺔ ﻧﺘﻴﺠﺔ ﻟﻌﺪﻡ ﻛﻔﺎﻳﺔ ﻣﺪﺧﺮﺍ‪‬ﺎ ﺍﻟﺬﺍﺗﻴﺔ)‪.(3‬‬
‫ﻭ ﻋﺪﻡ ﺍﻻﺳﺘﻔﺎﺩﺓ ﻣﻦ ﻣﺪﺧﺮﺍﺕ ﺍﻟﻮﺣﺪﺍﺕ ﺍﻷﺧﺮﻯ‪ .‬ﻭ ﻫﺬﺍ ﺑﻄﺒﻴﻌﺔ ﺍﳊﺎﻝ ﻟﻪ ﺗﺄﺛﲑﺍﺕ ﺳﻠﺒﻴﺔ ﻋﻠﻰ ﻣﺴﺘﻮﻯ‬
‫ﺍﻟﺪﺧﻞ ﻭ ﺍﻹﻧﺘﺎﺝ‪ ،‬ﻭ ﻣﺴﺘﻮﻯ ﺍﳌﻌﻴﺸﺔ ﻭ ﺍﺳﺘﺨﺪﺍﻡ ﺍﻟﻘﻮﻯ ﺍﻟﻌﺎﻣﻠﺔ)‪.(4‬‬

‫ﺍﳌﻄﻠﺐ ﺍﻟﺮﺍﺑﻊ‪ :‬ﻫﻴﻜﻞ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻷﻣﺜﻞ‬

‫ﺇﻥ ﻋﻤﻞ ﺍﳌﺪﻳﺮ ﺍﳌﺎﱄ ﻻ ﻳﻘﺘﺼﺮ ﻋﻠﻰ ﳎﺮﺩ ﺍﻟﺘﻌﺮﻑ ﻋﻠﻰ ﻣﺼﺎﺩﺭ ﺍﻷﻣﻮﺍﻝ‪ ،‬ﺑﻞ ﻳﻘﻊ ﻋﻠﻰ ﻋﺎﺗﻘﻪ ﺃﻳﻀﺎ ﺃﻥ‬
‫ﳛﺼﻞ ﻋﻠﻴﻬﺎ ﺑﺄﻓﻀﻞ ﺍﻟﺸﺮﻭﻁ ﻭ ﺃﻥ ﳛﺪﺩ ﺫﻟﻚ ﺍﳌﺰﻳﺞ ﻣﻦ ﺍﻷﻣﻮﺍﻝ ﺍﻟﱵ ﻳﺘﺮﺗﺐ ﻋﻠﻴﻪ ﺃﻛﱪ ﻋﺎﺋﺪ ﳑﻜﻦ ﺑﺄﻗﻞ ﺗﻜﻠﻔﺔ‬

‫)‪ (1‬ﻋﺒﺪ ﺍﳌﻨﻌﻢ ﺳﻴﺪ ﻋﻠﻲ ﻭ ﺁﺧﺮﻭﻥ‪ :‬ﻣﺮﺟﻊ ﺳﺎﺑﻖ‪ ،‬ﺹ ‪84‬‬
‫)‪ (2‬ﻧﻔﺲ ﺍﳌﺮﺟﻊ‪ ،‬ﺹ ‪85‬‬
‫)‪ (3‬ﻧﻔﺲ ﺍﳌﺮﺟﻊ‪ ،‬ﺹ ‪88‬‬
‫)‪ (4‬ﻧﻔﺲ ﺍﳌﺮﺟﻊ‪ ،‬ﺹ ‪.89‬‬

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 ‫دور اﻟﻮﻇﻴﻔﺔ اﻟﻤﺎﻟﻴﺔ ﻓﻲ اﻟﻤﺆﺳﺴﺔ اﻻﻗﺘﺼﺎدﻳﺔ‬ ‫اﻟﻔﺼﻞ اﻟﺜﺎﻧﻲ‪:‬‬

‫ﳑﻜﻨﺔ ﺣﻴﺚ ﺃﻥ ﻏﺮﺽ ﺍﳌﺪﻳﺮ ﺍﳌﺎﱄ ﻫﻮ ﺍﻟﺘﻮﺻﻞ ﺇﻝ ﺍﳍﻴﻜﻞ ﺍﳌﺎﱄ ﺍﳌﺜﺎﱄ ﻭ ﺍﻟﺬﻱ ﳝﻜﻨﻪ ﲢﻘﻴﻖ ﻣﻦ ﺍﳍﺪﻑ ﺍﻟﻨﻬﺎﺋﻲ‬
‫ﻟﻌﻤﻠﻪ ﻭ ﻫﻮ ﺗﻌﻈﻴﻢ ﻗﻴﻤﺔ ﺍﳌﻨﺸﺄﺓ)‪.(1‬‬
‫ﻭ ﻫﻮ ﻳﺘﻀﻤﻦ ﻛﺎﻓﺔ ﺍﻟﻌﻨﺎﺻﺮ ﺍﻟﱵ ﻳﺘﻜﻮﻥ ﻣﻨﻬﺎ ﺟﺎﻧﺐ ﺍﳋﺼﻮﻡ ﰲ ﺍﳌﻴﺰﺍﻧﻴﺔ ﺍﻟﻌﻤﻮﻣﻴﺔ‪ ،‬ﻟﺬﺍ ﻳﻨﺒﻐﻲ ﻋﻠﻰ ﺍﳌﺪﻳﺮ ﺍﳌﺎﱄ‬
‫ﺍﻹﳌﺎﻡ ﺑﻄﺒﻴﻌﺔ ﺍﻷﻣﻮﺍﻝ ﺍﻟﱵ ﳛﺘﺎﺝ ﺇﻟﻴﻬﺎ‪ ،‬ﰒ ﻳﺒﺤﺚ ﻋﻦ ﺍﳌﺼﺪﺭ ﺍﳌﻼﺋﻢ)‪.(2‬‬
‫ﻓﻮﺟﻮﺩ ﻫﻴﻜﻞ ﺃﻣﺜﻞ ﻟﻠﺘﻤﻮﻳﻞ ﺗﺘﺮﺗﺐ ﻋﻨﻪ ﺁﺛﺎﺭ ﻭ ﺍﻟﱵ ﺗﺘﻠﺨﺺ ﻓﻴﻤﺎ ﻳﻠﻲ‪:‬‬
‫‪ .1‬ﺗﻌﻈﻴﻢ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻮﻗﻴﺔ ﻟﻠﺸﺮﻛﺔ ﻭ ﺻﺎﰲ ﺍﻟﺜﺮﻭﺓ )ﺣﻖ ﺍﳌﻠﻜﻴﺔ(‪.‬‬
‫‪ .2‬ﺗﺪﻧﻴﺔ ﺍﻟﺘﻜﻠﻔﺔ ﺍﳌﺮﺟﺤﺔ ﻟﻸﻣﻮﺍﻝ ﻭ ﺇﻣﻜﺎﻧﻴﺔ ﺍﳊﺼﻮﻝ ﻋﻠﻰ ﺍﻷﻣﻮﺍﻝ ﺍﻟﻼﺯﻣﺔ ﻟﻼﺳﺘﻔﺎﺩﺓ ﻣﻦ ﺍﻟﻔﺮﺹ‬
‫ﺍﻻﺳﺘﺜﻤﺎﺭﻳﺔ ﺍﳌﺘﺎﺣﺔ‪.‬‬
‫‪ .3‬ﺗﻨﻤﻴﺔ ﺍﻟﺜﺮﻭﺓ ﻭ ﺍﻻﺳﺘﺨﺪﺍﻡ ﺍﻷﻣﺜﻞ ﻟﻠﻤﻮﺍﺭﺩ‪ ،‬ﻭ ﺭﻓﻊ ﻣﻌﺪﻝ ﺍﻻﺳﺘﺜﻤﺎﺭ ﻭ ﺍﻟﻨﻤﻮ ﺍﻻﻗﺘﺼﺎﺩﻱ ﳑﺎ ﻳﻜﻮﻥ ﻟﻪ‬
‫ﺍﻷﺛﺮ ﺍﻻﺟﺘﻤﺎﻋﻲ ﰲ ﺧﻠﻖ ﻓﺮﺹ ﻋﻤﻞ ﺟﺪﻳﺪﺓ ﻭ ﺗﻨﻤﻴﺔ ﺍﻟﺪﺧﻞ ﺍﻟﻘﻮﻣﻲ)‪.(3‬‬

‫)‪ (1‬ﳏﻤﺪ ﺍﻟﺼﺎﱀ ﺍﳊﻨﺎﻭﻱ‪ ،‬ﺟﻼﻝ ﺇﺑﺮﺍﻫﻴﻢ ﺍﻟﻌﻴﺪ‪ :‬ﺍﻹﺩﺍﺭﺓ ﺍﳌﺎﻟﻴﺔ‪ ،‬ﻣﺪﺧﻞ ﻭ ﺍﲣﺎﺫ ﺍﻟﻘﺮﺍﺭﺍﺕ‪ ،‬ﺍﻟﺪﺍﺭ ﺍﳉﺎﻣﻌﻴﺔ‪ ،‬ﺍﻹﺳﻜﻨﺪﺭﻳﺔ‪ ،‬ﺑﺪﻭﻥ ﻃﺒﻌﺔ‪،2002 ،‬‬
‫ﺹ‪.233‬‬
‫)‪ (2‬ﻋﺒﺪ ﺍﻟﺴﻼﻡ ﺃﺑﻮ ﻗﺤﻒ‪ :‬ﻣﻘﺪﻣﺔ ﰲ ﺍﻷﻋﻤﺎﻝ ‪ ،‬ﺍﻟﺪﺍﺭ ﺍﳉﺎﻣﻌﻴﺔ ‪ ،‬ﺍﻹﺳﻜﻨﺪﺭﻳﺔ‪ ،‬ﺑﺪﻭﻥ ﻃﺒﻌﺔ‪ ،2004 ،‬ﺹ ‪388‬‬
‫)‪ (3‬ﻋﺒﺪ ﺍﻟﻐﻔﺎﺭ ﺣﻨﻔﻲ‪ :‬ﺃﺳﺎﺳﻴﺎﺕ ﺍﻟﺘﻤﻮﻳﻞ ﻭ ﺍﻹﺩﺍﺭﺓ ﺍﳌﺎﻟﻴﺔ‪ ،‬ﺍﻟﺪﺍﺭ ﺍﳉﺎﻣﻌﻴﺔ‪ ،‬ﺍﻹﺳﻜﻨﺪﺭﻳﺔ‪ ،‬ﺑﺪﻭﻥ ﻃﺒﻌﺔ‪ ،2007 ،‬ﺹ ‪.23‬‬

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 ‫دور اﻟﻮﻇﻴﻔﺔ اﻟﻤﺎﻟﻴﺔ ﻓﻲ اﻟﻤﺆﺳﺴﺔ اﻻﻗﺘﺼﺎدﻳﺔ‬ ‫اﻟﻔﺼﻞ اﻟﺜﺎﻧﻲ‪:‬‬

‫اﻟﻤﺒﺤﺚ اﻟﺜﺎﻧﻲ‪ :‬ﻣﺼﺎدر اﻟﺘﻤﻮﻳﻞ ﻓﻲ اﻟﻤﺆﺳﺴﺔ‬

‫ﺍﻟﺘﻤﻮﻳﻞ ﻫﻮ ﻋﻤﻠﻴﺔ ﺗﻮﻓﲑ ﺍﻷﻣﻮﺍﻝ ﺍﻟﻼﺯﻣﺔ ﺍﻟﱵ ﲢﺘﺎﺟﻬﺎ ﺍﳌﺆﺳﺴﺔ ﻻﺳﺘﺜﻤﺎﺭﻫﺎ ﰲ ﺷﻜﻞ ﺃﺻﻮﻝ‪.‬‬
‫ﻭ ﺇﻥ ﺍﻻﺣﺘﻴﺎﺟﺎﺕ ﻣﻦ ﺭﺃﺱ ﺍﳌﺎﻝ ﳝﻜﻦ ﺍﳊﺼﻮﻝ ﻋﻠﻴﻬﺎ ﻣﻦ ﺧﻼﻝ ﻣﺼﺎﺩﺭ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﱵ ﳝﻜﻦ ﲢﺪﻳﺪﻫﺎ‬
‫ﺣﺴﺐ ﻣﺪﺓ ﺍﺳﺘﺤﻘﺎﻗﻬﺎ ﺇﱃ ﺛﻼﺛﺔ ﺃﻧﻮﺍﻉ ﻫﻲ‪:‬‬
‫‪ −‬ﻣﺼﺎﺩﺭ ﺍﻟﺘﻤﻮﻳﻞ ﻗﺼﲑ ﺓ ﺍﻷﺟﻞ‪.‬‬
‫‪ −‬ﻣﺼﺎﺩﺭ ﺍﻟﺘﻤﻮﻳﻞ ﻣﺘﻮﺳﻄﺔ ﺍﻷﺟﻞ‪.‬‬
‫‪ −‬ﻣﺼﺎﺩﺭ ﺍﻟﺘﻤﻮﻳﻞ ﻃﻮﻳﻠﺔ ﺍﻷﺟﻞ‪.‬‬

‫ﺍﳌﻄﻠﺐ ﺍﻷﻭﻝ‪ :‬ﻣﺼﺎﺩﺭ ﺍﻟﺘﻤﻮﻳﻞ ﻗﺼﲑﺓ ﺍﻷﺟﻞ‬

‫ﲤﺜﻞ ﺍﳋﺼﻮﻡ ﺍﳌﺘﺪﺍﻭﻟﺔ ﻣﺼﺎﺩﺭ ﺍﻟﺘﻤﻮﻳﻞ ﻗﺼﲑﺓ ﺍﻷﺟﻞ ﻟﻠﻤﺸﺮﻭﻉ ﻭ ﻏﺎﻟﺒﺎ ﻣﺎ ﻳﺴﺘﺨﺪﻡ ﺍﻟﺘﻤﻮﻳﻞ ﻗﺼﲑ ﺍﻷﺟﻞ‬
‫ﻟﺘﻤﻮﻳﻞ ﺍﺣﺘﻴﺎﺟﺎﺕ ﺍﳌﺸﺮﻭﻉ ﻣﻦ ﺍﻷﺻﻮﻝ ﺍﳌﺘﺪﺍﻭﻟﺔ)‪.(1‬‬
‫ﻭ ﻳﻌﺘﱪ ﻫﺬﺍ ﺍﻟﻨﻮﻉ ﻣﻦ ﺍﻟﺘﻤﻮﻳﻞ ﻣﺸﻜﻠﺔ ﻣﺴﺘﻤﺮﺓ ﻟﻠﻤﺸﺎﺭﻳﻊ ﺍﻟﱵ ﺗﻌﺘﻤﺪ ﻋﻠﻴﻪ ﰲ ﺗﺴﻴﲑ ﻓﻌﺎﻟﻴﺎ‪‬ﺎ ﻭ ﺃﻧﺸﻄﺘﻬﺎ‬
‫ﻓﻬﻲ ﺩﺍﺋﻤﺔ ﺍﻟﺒﺤﺚ ﻋﻦ ﻣﺼﺎﺩﺭﻩ ﻭ ﺗﻜﻮﻥ ﻋﺎﺩﺓ ﻣﻦ ﺍﳌﺸﺎﺭﻳﻊ ﺻﻐﲑﺓ ﺃﻭ ﻣﺘﻮﺳﻄﺔ‪ ،‬ﲝﺚ ﻳﻌﺘﻤﺪ ﻫﺬﺍ ﺍﻟﻨﻮﻉ ﻣﻦ‬
‫ﺍﻟﺘﻤﻮﻳﻞ ﻋﻠﻰ ﻃﺒﻴﻌﺔ ﺍﻟﻌﻤﻞ ﺃﻭ ﻃﺒﻴﻌﺔ ﺍﻟﻨﺸﺎﻁ ﺍﻟﱵ ﲤﺎﺭﺳﻪ ﺍﳌﺸﺎﺭﻳﻊ)‪.(2‬ﻭ ﺗﻠﺠﺄ ﻫﺬﻩ ﺍﻷﺧﲑﺓ ﺇﱃ ﺍﻟﺘﻤﻮﻳﻞ ﻗﺼﲑ ﺍﻷﺟﻞ‬
‫ﻟﻸﺳﺒﺎﺏ ﺍﻟﺘﺎﻟﻴﺔ‪:‬‬
‫‪-‬ﻗﺪ ﺗﻜﻮﻥ ﺍﳊﺎﺟﺔ ﻟﻸﻣﻮﺍﻝ ﺷﺪﻳﺪﺓ ﺍﳌﻮﲰﻴﺔ ﳑﺎ ﳚﻌﻞ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺪﺍﺋﻢ ﻣﺮﺗﻔﻊ ﺍﻟﺘﻜﺎﻟﻴﻒ ﻧﻈﺮﺍ ﻷﻥ ﺍﻷﻣﻮﺍﻝ‬
‫ﺳﺘﺒﻘﻰ ﻋﺎﻃﻠﺔ ﺧﻼﻝ ﻓﺘﺮﺓ ﻣﻦ ﺍﻟﺴﻨﺔ)‪.(3‬‬
‫‪-‬ﺍﳊﺼﻮﻝ ﻋﻠﻰ ﺍﻟﻘﺮﻭﺽ ﻗﺼﲑﺓ ﺍﻷﺟﻞ ﺑﺎﻟﻨﺴﺒﺔ ﻟﻠﻤﺸﺮﻭﻋﺎﺕ ﻳﻜﻮﻥ ﺃﺳﻬﻞ ﻣﻦ ﺍﳊﺼﻮﻝ ﻋﻠﻰ ﻗﺮﻭﺽ‬
‫ﻃﻮﻳﻠﺔ ﺍﻷﺟﻞ‪.‬‬
‫‪-‬ﻗﺪ ﺗﻜﻮﻥ ﺗﻜﻠﻔﺔ ﺍﻟﺘﻤﻮﻳﻞ ﻗﺼﲑ ﺍﻷﺟﻞ ﺃﻗﻞ ﻣﻦ ﺗﻜﻠﻔﺔ ﺍﻟﺘﻤﻮﻳﻞ ﻃﻮﻳﻞ ﺍﻷﺟﻞ ﺑﺴﺒﺐ ﻗﻠﺔ ﺍﻷﺧﻄﺎﺭ‪.‬‬
‫‪-‬ﻗﺪ ﺗﺴﺘﺨﺪﻡ ﺍﳌﺼﺎﺩﺭ ﻗﺼﲑﺓ ﺍﻷﺟﻞ ﺑﺴﺒﺐ ﺍﻟﻀﺮﻭﺭﺓ ﺃﻱ ﻧﺘﻴﺠﺔ ﻟﻌﺪﻡ ﺗﻮﺍﻓﺮ ﺃﻱ ﻣﺼﺪﺭ ﺁﺧﺮ‪.‬‬
‫‪-‬ﻗﺪ ﺗﺘﻤﻜﻦ ﺍﳌﻨﺸﺄﺓ ﻋﻦ ﻃﺮﻳﻖ ﺍﻻﺋﺘﻤﺎﻥ ﻗﺼﲑ ﺍﻷﺟﻞ ﺃﻥ ﺗﺴﺘﺨﺪﻡ ﺃﻣﻮﺍﻝ ﺍﻟﻐﲑ ﺑﺪﻭﻥ ﻣﻘﺎﺑﻞ ﺃﻱ ﺑﺪﻭﻥ ﺩﻓﻊ‬
‫ﺃﻱ ﻓﺎﺋﺪﺓ‪ .‬ﻭ ﻣﻦ ﺑﲔ ﻣﺼﺎﺩﺭ ﺍﻟﺘﻤﻮﻳﻞ ﻗﺼﲑ ﺍﻷﺟﻞ ﳒﺪ ﺍﻻﺋﺘﻤﺎﻥ ﻟﺘﺠﺎﺭﺓ ﺍﻻﺋﺘﻤﺎﻥ ﺍﳌﺼﺮﰲ ﺍﳌﺼﺮﻭﻓﺎﺕ‪.‬‬

‫)‪ (1‬ﻋﺎﻃﻒ ﻭﻟﻴﻢ ﺃﻧﺪﺭﻟﻮﺱ‪ :‬ﻣﺮﺟﻊ ﺳﺎﺑﻖ‪ ،‬ﺹ ‪.391‬‬

‫)‪ (2‬ﻋﺪﻧﺎﻥ ﻫﺎﺷﻢ ﺍﻟﺴﺎﻣﺮﺍﺋﻲ‪ :‬ﻣﺮﺟﻊ ﺳﺎﺑﻖ‪ ،‬ﺹ ‪255 - 253‬‬
‫)‪ (3‬ﳏﻤﺪ ﺻﺎﱀ ﺍﳊﻨﺎﻭﻱ‪ ،‬ﳏﻤﺪ ﻓﺮﺩ ﺍﻟﺼﺤﻦ‪ ،‬ﻣﻘﺪﻣﺔ ﰲ ﺍﻷﻋﻤﺎﻝ ‪ ،‬ﺍﻟﺪﺍﺭ ﺍﳉﺎﻣﻌﻴﺔ‪ ،‬ﺍﻻﺳﻜﻨﺪﺭﻳﺔ‪ ،‬ﺑﺪﻭﻥ ﻃﺒﻌﺔ‪ ،2002 ،‬ﺹ ‪.304 -303‬‬

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 ‫دور اﻟﻮﻇﻴﻔﺔ اﻟﻤﺎﻟﻴﺔ ﻓﻲ اﻟﻤﺆﺳﺴﺔ اﻻﻗﺘﺼﺎدﻳﺔ‬ ‫اﻟﻔﺼﻞ اﻟﺜﺎﻧﻲ‪:‬‬

‫ﺃﻭﻻ‪ -‬ﺍﻻﺋﺘﻤﺎﻥ ﺍﻟﺘﺠﺎﺭﻱ‪:‬‬

‫ﻳﻌﺘﱪ ﺍﻻﺋﺘﻤﺎﻥ ﺍﻟﺘﺠﺎﺭﻱ ﻭﺍﺣﺪ ﻣﻦ ﺃﻫﻢ ﺃﺷﻜﺎﻝ ﻣﺼﺎﺩﺭ ﺍﻟﺘﻤﻮﻳﻞ ﻗﺼﲑ ﺍﻷﺟﻞ ﻭ ﻗﺪ ﻳﻜﻮﻥ ﰲ ﺑﻌﺾ‬
‫ﺍﻷﺣﻴﺎﻥ ﺃﻛﱪ ﻣﺼﺪﺭ ﺧﺎﺻﺔ ﺑﺎﻟﻨﺴﺒﺔ ﻟﻠﻤﺸﺎﺭﻳﻊ ﺍﻟﺼﻐﲑﺓ ﺍﻟﱵ ﻻ ﺗﺴﺘﻄﻴﻊ ﺳﺪﺍﺩ ﻗﻴﻤﺔ ﻣﺸﺘﺮﻳﺎ‪‬ﺎ ﻓﻮﺭﺍ)‪.(1‬‬
‫ﻭ ﳝﻜﻦ ﺗﻌﺮﻳﻒ ﺍﻻﺋﺘﻤﺎﻥ ﺍﻟﺘﺠﺎﺭﻱ ﻋﻠﻰ ﺃﻧﻪ ﺍﻻﺋﺘﻤﺎﻥ ﺍﳌﻤﻨﻮﺡ ﻟﻠﻤﺸﺮﻭﻉ ﻧﺘﻴﺠﺔ ﺷﺮﺍﺋﻪ ﻣﻮﺍﺩ ﺃﻭﻟﻴﺔ ﺃﻭ ﺑﻀﺎﻋﺔ‬
‫ﺗﺎﻣﺔ ﺍﻟﺼﻨﻊ ﺩﻭﻥ ﺩﻓﻊ ﻗﻴﻤﺔ ﺍﳌﺸﺘﺮﻳﺎﺕ ﻧﻘﺪﺍ ﻭﲤﻨﺢ ﻓﺘﺮﺓ ﺯﻣﻨﻴﺔ ﻣﻌﻴﻨﺔ ﻟﺘﺴﺪﻳﺪ ﻗﻴﻤﺔ ﻫﺬﻩ ﺍﳌﺸﺘﺮﻳﺎﺕ‪.‬‬
‫ﻓﺎﻻﺋﺘﻤﺎﻥ ﺍﻟﺘﺠﺎﺭﻱ ﻣﺮﺗﺒﻂ ﺑﻌﻤﻠﻴﺎﺕ ﺍﻟﺸﺮﺍﺀ ﻭ ﺍﻟﺒﻴﻊ‪ .‬ﻭ ﻫﻨﺎﻙ ﻧﻮﻋﺎﻥ ﺃﺳﺎﺳﻴﺎﻥ ﻟﻼﺋﺘﻤﺎﻥ ﺍﻟﺘﺠﺎﺭﻱ ﻭ ﳘﺎ‬
‫ﺍﳊﺴﺎﺏ ﺍﳉﺎﺭﻱ ﺍﻟﺬﻱ ﻳﺸﻜﻞ ﺍﻟﻨﺴﺒﺔ ﺍﻟﻜﱪﻯ ﻣﻦ ﺇﲨﺎﱄ ﺍﻟﻌﻤﻠﻴﺎﺕ ﺍﻟﺘﺠﺎﺭﻳﺔ ﺍﻟﱵ ﺗﻌﺘﻤﺪ ﺍﻻﺋﺘﻤﺎﻥ ﺍﻟﺘﺠﺎﺭﻱ ﺣﻴﺚ‬
‫ﳝﻨﺢ ﻋﻠﻰ ﺿﻮﺀ ﺍﻋﺘﺒﺎﺭﺍﺕ ﺍﻭ ﺭﲟﺎ ﺩﺭﺍﺳﺎﺕ ﻗﺎﻡ ‪‬ﺎ ﺍﻟﺒﺎﺋﻊ ﺣﻴﺚ ﻳﻈﻬﺮ ﰲ ﻣﻴﺰﺍﻧﻴﺔ ﺍﳌﺸﺘﺮﻱ ﰲ ﺟﺎﻧﺐ ﺍﳋﺼﻮﻡ ‪ ،‬ﻭ‬
‫ﺍﻟﻨﻮﻉ ﺍﻟﺜﺎﱐ ﻭ ﺍﻟﺬﻱ ﻳﺘﻤﺜﻞ ﰲ ﺃﻭﺭﺍﻕ ﺍﻟﺪﻓﻊ ﺣﻴﺚ ﺃﻥ ﺍﳌﺸﺘﺮﻱ ﻳﻮﻗﻊ ﻋﻠﻰ ﻗﻴﻤﺔ ﺩﻳﻦ ﻣﻌﻴﻨﺔ ﻭ ﳏﺪﺩﺓ ﻣﻊ ﺑﻴﺎﻥ ﺗﺎﺭﻳﺦ‬
‫ﺍﻻﺳﺘﺤﻘﺎﻕ ﻭ ﺗﻜﻮﻥ ﻫﺬﻩ ﺍﻷﻭﺭﺍﻕ ﻋﻠﻰ ﻋﺪﺓ ﺻﻮﺭ ﳏﺪﺩﺓ ﻭ ﻣﻮﺿﺤﺔ ﻭﻓﻖ ﺍﻟﻘﺎﻧﻮﻥ ﺍﻟﺘﺠﺎﺭﻱ ﺍﳌﻌﻤﻮﻝ ﺑﻪ ﺣﻴﺚ‬
‫ﺗﻈﻬﺮ ﰲ ﺟﺎﻧﺐ ﺍﳋﺼﻮﻡ ﰲ ﺳﺠﻼﺕ ﺍﻟﺒﺎﺋﻊ)‪.(2‬‬
‫ﻭ ﻟﻜﻲ ﳝﻨﺢ ﺍﻻﺋﺘﻤﺎﻥ ﺍﻟﺘﺠﺎﺭﻱ ﳚﺐ ﺗﻮﻓﺮ ﺷﺮﻭﻁ ﺣﻴﺚ ﺗﺸﻤﻞ ﻋﻠﻰ ﺛﻼﺛﺔ ﻋﻨﺎﺻﺮ ﻣﻬﻤﺔ ﻭﺗﺘﻤﺜﻞ ﰲ‪ :‬ﻣﺪﺓ‬
‫ﺍﻻﺋﺘﻤﺎﻥ‪ ،‬ﺍﳋﺼﻢ ﺍﻟﻨﻘﺪﻱ‪ ،‬ﻭ ﲢﺪﻳﺪ ﻓﺘﺮﺓ ﺍﳋﺼﻢ ﺍﻟﻨﻘﺪﻱ)‪.(3‬‬
‫ﺛﺎﻧﻴﺎ‪ -‬ﺍﻻﺋﺘﻤﺎﻥ ﺍﳌﺼﺮﰲ‪:‬‬
‫ﻳﻌﺘﱪ ﺍﻻﺋﺘﻤﺎﻥ ﺍﳌﺼﺮﰲ ﺷﻜﻼ ﻣﻦ ﺃﺷﻜﺎﻝ ﺍﻟﺘﻤﻮﻳﻞ ﻗﺼﲑ ﺍﻷﺟﻞ ﻭ ﻳﻌﺘﻤﺪ ﻋﻠﻰ ﺍﻟﺒﻨﻮﻙ ﺍﻟﺘﺠﺎﺭﻳﺔ ﻭ ﺷﺮﻛﺎﺕ‬
‫ﺍﻷﻣﻮﺍﻝ)‪.(4‬‬
‫ﻓﻬﻮ ﻋﻤﻠﻴﺔ ﻳﺮﺗﻀﻲ ﲟﻘﺘﻀﺎﻫﺎ ﺍﻟﺒﻨﻚ ﻣﻘﺎﺑﻞ ﻓﺎﺋﺪﺓ ﺃﻭ ﻋﻤﻮﻟﺔ ﻣﻌﻴﻨﺔ ﻭ ﳏﺪﺩﺓ ﺃﻥ ﳝﻨﺢ ﻋﻤﻴﻼ ﺑﻨﺎﺀ ﻋﻠﻰ ﻃﻠﺒﻪ ﺳﻮﺍﺀ‬
‫ﺣﺎﻻ ﺃﻭ ﺑﻌﺪ ﻭﻗﺖ ﻣﻌﲔ ﺗﺴﻬﻴﻼﺕ ﰲ ﺻﻮﺭﺓ ﺃﻣﻮﺍﻝ ﻧﻘﺪﻳﺔ ﺃﻭ ﺃﻱ ﺻﻮﺭﺓ ﺃﺧﺮﻯ ﻭ ﺫﻟﻚ ﻟﺘﻐﻄﻴﺔ ﺍﻟﻌﺠﺰ ﰲ ﺍﻟﺴﻴﻮﻟﺔ‬
‫ﻟﻴﺘﻤﻜﻦ ﻣﻦ ﻣﻮﺍﺻﻠﺔ ﻧﺸﺎﻃﻪ ﺍﳌﻌﺘﺎﺩ ﺃﻭ ﺇﻗﺮﺍﺽ ﺍﻟﻌﻤﻴﻞ ﻷﻏﺮﺍﺽ ﺃﺧﺮﻯ ﺍﺳﺘﺜﻤﺎﺭﻳﺔ ﺃﻭ ﺗﻜﻮﻥ ﰲ ﺷﻜﻞ ﺗﻌﻬﺪ ﻣﺘﻤﺜﻠﺔ‬
‫ﰲ ﻛﻔﺎﻟﺔ ﺍﻟﺒﻨﻚ ﻟﻠﻌﻤﻴﻞ ﺃﻭ ﺗﻌﻬﺪ ﺍﻟﺒﻨﻚ ﻧﻴﺎﺑﺔ ﻋﻦ ﺍﻟﻌﻤﻴﻞ ﻟﺪﻯ ﺍﻟﻐﲑ)‪.(5‬‬
‫ﻭﲤﺘﺎﺯ ﺍﻟﻘﺮﻭﺽ ﺍﳌﺼﺮﻓﻴﺔ ﺑﺄ‪‬ﺎ ﺃﻛﺜﺮ ﺗﻮﻓﺮﺍ ﻋﻦ ﺍﻟﻘﺮﻭﺽ ﻃﻮﻳﻠﺔ ﺍﻷﺟﻞ ﺧﺎﺻﺔ ﺑﺎﻟﻨﺴﺒﺔ ﻟﻠﻤﺸﺎﺭﻳﻊ ﺍﻟﺼﻐﲑﺓ ﺇﱃ‬
‫ﺟﺎﻧﺐ ﻛﻮ‪‬ﺎ ﺃﻗﻞ ﺗﻜﻠﻔﺔ ﳉﻤﻴﻊ ﺍﳌﺸﺎﺭﻳﻊ ﺑﻐﺾ ﺍﻟﻨﻈﺮ ﻋﻦ ﺣﺠﻤﻬﺎ ﻋﻠﻰ ﺍﻷﻗﻞ ﻟﻠﻤﺪﻯ ﺍﻟﻘﺮﻳﺐ‪ .‬ﺃﻣﺎ ﻋﻠﻰ ﺍﳌﺪﻯ‬
‫ﺍﻟﺒﻌﻴﺪ‪ ،‬ﻓﻴﻌﺘﻤﺪ ﻋﻠﻰ ﺳﺪ ﺍﻟﻔﺎﺋﺪﺓ ﺍﶈﺪﺩﺓ ﻣﻦ ﻗﺒﻞ ﺍﻟﺒﻨﻮﻙ‪ .‬ﻓﺎﳌﺸﺎﺭﻳﻊ ﺗﻔﻀﻞ ﺍﳊﺼﻮﻝ ﻋﻠﻰ ﺍﻟﻘﺮﺽ ﺍﳌﺼﺮﰲ ﻗﺼﲑ‬

‫)‪ (1‬ﻋﺪﻧﺎﻥ ﻫﺎﺷﻢ ﺍﻟﺴﺎﻣﺮﺍﺋﻲ‪ :‬ﻣﺮﺟﻊ ﺳﺎﺑﻖ‪ ،‬ﺹ ‪255‬‬

‫)‪ (2‬ﻧﻔﺲ ﺍﳌﺮﺟﻊ‪ ،‬ﺹ ‪.256‬‬
‫)‪ (3‬ﻋﺒﺪ ﺍﻟﺴﺘﺎﺭ ﻣﺼﻄﻔﻰ ﺍﻟﺼﻴﺎﺡ‪ ،‬ﺳﻌﻮﺩ ﺟﺎﻳﺪ ﺍﻟﻌﺎﻣﺮﻱ‪ ،‬ﺃﻃﺮ ﻧﻈﺮﻳﺎﺕ ﻭﺣﺎﻻﺕ ﻋﻠﻤﻴﺔ‪ ،‬ﺩﺍﺭ ﻭﺍﺋﻞ ﻟﻠﻨﺶ‪ ،‬ﻋﻤﺎﻥ‪ ،‬ﺍﻷﺭﺩﻥ‪ ،‬ﺍﻟﻄﺒﻌﺔ ﺍﻷﻭﱃ‪،2003 ،‬‬
‫ﺹ‪.170‬‬
‫)‪ (4‬ﻫﺎﺷﻢ ﺍﻟﺴﻤﺮﺍﺋﻲ‪ :‬ﻣﺮﺟﻊ ﺳﺎﺑﻖ‪ ،‬ﺹ ‪.262‬‬
‫)‪ (5‬ﲪﺰﺓ ﳏﻤﻮﺩ ﺍﻟﺰﺑﻴﺪﻱ‪ :‬ﺇﺩﺍﺭﺓ ﺍﻻﺋﺘﻤﺎﻥ ﺍﳌﺼﺮﰲ ﻭ ﺍﻟﺘﺤﻠﻴﻞ ﺍﻻﺋﺘﻤﺎﱐ‪ ،‬ﺍﻟﻮﺭﺍﻕ ﻟﻠﻨﺸﺮ ﻭ ﺍﻟﺘﻮﺯﻳﻊ‪ ،‬ﻋﻤﺎﻥ‪ ،‬ﺍﻷﺭﺩﻥ‪ ،‬ﺍﻟﻄﺒﻌﺔ ﺍﻷﻭﱃ‪ ،2002 ،‬ﺹ ‪.18‬‬

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 ‫دور اﻟﻮﻇﻴﻔﺔ اﻟﻤﺎﻟﻴﺔ ﻓﻲ اﻟﻤﺆﺳﺴﺔ اﻻﻗﺘﺼﺎدﻳﺔ‬ ‫اﻟﻔﺼﻞ اﻟﺜﺎﻧﻲ‪:‬‬

‫ﺍﻷﺟﻞ ﻟﺘﻐﻄﻴﺔ ﻋﻤﻠﻴﺎ‪‬ﺎ ﺍﻟﺘﺠﺎﺭﻳﺔ‪ ،‬ﻋﻠﻰ ﺃﻥ ﺗﺪﻓﻊ ﻓﻮﺍﺋﺪ ﳐﻔﻀﺔ )ﰲ ﻓﺘﺮﺍﺕ ﺍﳔﻔﺎﺽ ﺃﺳﻌﺎﺭ ﺍﻟﻔﺎﺋﺪﺓ( ﻋﻠﻰ ﻗﺮﻭﺽ‬
‫ﻃﻮﻳﻠﺔ ﺍﻷﺟﻞ ﻟﻴﺴﺖ ﲝﺎﺟﺔ ﺇﻟﻴﻬﺎ ﻟﻔﺘﺮﺓ ﻃﻮﻳﻠﺔ ﺫﻟﻚ ﺃ‪‬ﺎ ﺳﺘﻮﺍﺟﻪ ﻣﺸﻜﻠﺔ ﺗﻮﻓﺮ ﺳﻴﻮﻟﺔ ﻧﻘﺪﻳﺔ ﻻ ﺗﻮﺟﺪ ﺣﺎﺟﺔ ﳍﺎ)‪.(1‬‬
‫ﺛﺎﻟﺜﺎ‪ -‬ﺍﳌﺴﺘﺤﻘﺎﺕ‪:‬‬
‫ﺗﺪﻓﻊ ﺍﻟﺸﺮﻛﺔ ﻟﻌﺎﻣﻠﻴﻬﺎ ﺍﻷﺟﻮﺭ ﺇﻣﺎ ﻋﻠﻰ ﺃﺳﺎﺱ ﺳﻨﻮﻱ ﺃﻭ ﺷﻬﺮﻱ ﻭ ﻧﺘﻴﺠﺔ ﻟﺬﻟﻚ ﻗﺪ ﺗﻈﻬﺮ ﺍﳌﻴﺰﺍﻧﻴﺔ‬
‫ﺍﻟﻌﻤﻮﻣﻴﺔ ﻟﻠﺸﺮﻛﺔ ﰲ ‪‬ﺎﻳﺔ ﺍﻟﺴﻨﺔ ﺭﺻﻴﺪﺍ ﻟﻸﺟﻮﺭ ﺍﳌﺴﺘﺤﻘﺔ‪ .‬ﻭ ﺑﺸﻜﻞ ﻣﺸﺎﺑﻪ ﻗﺪ ﺗﻜﻮﻥ ﻫﻨﺎﻙ ﺿﺮﺍﺋﺐ ﻣﺴﺘﺤﻘﺔ‬
‫ﻋﻠﻰ ﺍﻟﺸﺮﻛﺔ ﻋﻦ ﺍﻟﻌﺎﻡ ﱂ ﺗﻘﻢ ﺑﺴﺪﺍﺩﻫﺎ ﰲ ‪‬ﺎﻳﺔ ﺍﻟﻌﺎﻡ‪ .‬ﻭ ﻗﺪ ﺗﻜﻮﻥ ﻫﻨﺎﻙ ﻣﺼﺮﻭﻓﺎﺕ ﺃﺧﺮﻯ ﻛﺎﻟﺘﺄﻣﻴﻨﺎﺕ‬
‫ﺍﺳﺘﺤﻘﺖ ﺧﻼﻝ ﺍﻟﻔﺘﺮﺓ‪ .‬ﻏﲑ ﺃﻥ ﺍﻟﺸﺮﻛﺔ ﱂ ﺗﻘﻢ ﺑﺴﺪﺍﺩﻫﺎ ﺧﻼﻝ ﻫﺬﻩ ﺍﻟﻔﺘﺮﺓ‪.‬‬
‫ﻭ ﺗﺸﻜﻞ ﺍﻟﻌﻨﺎﺻﺮ ﺍﻟﺴﺎﺑﻘﺔ ﻣﺼﺮﻭﻓﺎﺕ ﻣﺴﺘﺤﻘﺔ ﻋﻠﻰ ﺍﻟﺸﺮﻛﺔ ﺧﻼﻝ ﺍﻟﻔﺘﺮﺓ‪ .‬ﻏﲑ ﺃﻥ ﺍﻟﺸﺮﻛﺔ ﱂ ﺗﻘﻢ‬
‫ﺑﺴﺪﺍﺩﻫﺎ‪ .‬ﻭ ﻳﻈﻬﺮ ﺑﻨﺪ ﺍﳌﺼﺮﻭﻓﺎﺕ ﺍﳌﺴﺘﺤﻘﺔ ﺿﻤﻦ ﺍﳋﺼﻮﻡ ﺍﳌﺘﺪﺍﻭﻟﺔ ﺑﺎﳌﻴﺰﺍﻧﻴﺔ ﺍﻟﻌﻤﻮﻣﻴﺔ ﻟﻠﺸﺮﻛﺔ‪ .‬ﻭ ﻳﺘﻤﻴﺰ ﻫﺬﺍ‬
‫ﺍﳌﺼﺪﺭ ﺍﻟﺘﻤﻮﻳﻠﻲ ﺑﺄﻧﻪ ﻛﻤﺠﺎﱐ ﺃﻱ ﻻ ﻳﺘﺮﺗﺐ ﻋﻠﻴﻪ ﺃﻱ ﺗﻜﻠﻔﺔ ﻇﺎﻫﺮﺓ‪ .‬ﻭ ﺗﺸﻜﻞ ﻛﻞ ﻣﻦ ﺍﻷﺟﻮﺭ ﺍﳌﺴﺘﺤﻘﺔ ﻭ‬
‫ﺍﻟﻀﺮﺍﺋﺐ ﺍﳌﺴﺘﺤﻘﺔ ﻭ ﺍﻟﺘﺄﻣﻴﻨﺎﺕ ﺍﳌﺴﺘﺤﻘﺔ ﺃﻫﻢ ﻋﻨﺎﺻﺮ ﺑﻨﺪ ﺍﳌﺴﺘﺤﻘﺎﺕ‪ .‬ﻭ ﻫﻲ ﺑﻄﺒﻴﻌﺘﻬﺎ ﻻ ﺗﺘﻴﺢ ﻟﻠﺸﺮﻛﺔ ﺇﻣﻜﺎﻧﻴﺔ‬
‫ﺍﻟﺘﺤﻜﻢ ﻓﻴﻬﺎ‪ .‬ﻭ ﻳﻔﺴﺮ ﺫﻟﻚ ﺑﺄﻥ ﺗﻮﻗﻴﺖ ﺑﻌﺾ ﻫﺬﻩ ﺍﻟﺒﻨﻮﺩ ﻛﺎﻷﺟﻮﺭ‪ ،‬ﻳﺮﺗﺒﻂ ﺑﺘﻮﻗﻴﺖ ﺳﺪﺍﺩ ﺍﻷﺟﻮﺭ ﺍﻟﺬﻱ ﻳﺮﺗﺒﻂ‬
‫ﺑﺎﻟﻌﺪﻳﺪ ﻣﻦ ﺍﻟﻌﻮﺍﻣﻞ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﻭ ﺍﻷﻋﺮﺍﻑ ﺍﳌﺮﺗﺒﻄﺔ ﺑﺎﻟﺼﻨﺎﻋﺔ‪ .‬ﻓﻴﻤﺎ ﻳﺮﺗﺒﻂ ﺑﻨﺪ ﺍﻟﻀﺮﺍﺋﺐ ﺍﳌﺴﺘﺤﻘﺔ ﺑﺘﻮﻗﻴﺖ ﺳﺪﺍﺩ‬
‫ﺍﻟﻀﺮﺍﺋﺐ ﺍﶈﺪﺩ ﺑﺎﻟﻘﺎﻧﻮﻥ‪ .‬ﻭ ﺗﺄﺳﻴﺴﺎ ﻋﻠﻰ ﺫﻟﻚ ﳝﻜﻦ ﺍﻟﻘﻮﻝ ﺑﺼﻌﻮﺑﺔ ﺍﻻﻋﺘﻤﺎﺩ ﻋﻠﻰ ﺍﳌﺴﺘﺤﻘﺎﺕ ﻛﻤﺼﺪﺭ ﺭﺋﻴﺴﻲ‬
‫ﻟﻠﺘﻤﻮﻳﻞ)‪.(2‬‬

‫ﺍﳌﻄﻠﺐ ﺍﻟﺜﺎﱐ‪ :‬ﻣﺼﺎﺩﺭ ﺍﻟﺘﻤﻮﻳﻞ ﻣﺘﻮﺳﻄﺔ ﺍﻷﺟﻞ‬

‫ﻳﺴﺘﺨﺪﻡ ﻟﺘﻤﻮﻳﻞ ﺣﺎﺟﺔ ﺩﺍﺋﻤﺔ ﻟﻠﻤﺸﺮﻭﻉ ﺍﳌﻘﺘﺮﺽ‪ ،‬ﻛﺄﻥ ﻳﻜﻮﻥ ﻟﺘﻐﻄﻴﺔ ﲤﻮﻳﻞ ﺃﺻﻮﻝ ﺛﺎﺑﺘﺔ ﺃﻭ ﻟﺘﻤﻮﻳﻞ‬
‫ﻣﺸﺮﻭﻋﺎﺕ ﲢﺖ ﺍﻟﺘﻨﻔﻴﺬ‪ .‬ﻭ ﺍﻟﱵ ﺗﺴﺘﻐﺮﻕ ﻋﺪﺩﺍ ﻣﻦ ﺍﻟﺴﻨﲔ‪ .‬ﻟﺬﺍ ﻓﺈﻥ ﺍﳌﺘﻔﻖ ﻋﻠﻴﻪ ﻫﻮ ﺍﻋﺘﻤﺎﺩ ﻓﺘﺮﺓ ﺍﻟﺘﻤﻮﻳﻞ ﻣﻦ ﺳﻨﺔ‬
‫ﺇﱃ ﲬﺲ ﺳﻨﻮﺍﺕ ﰲ ﻫﺬﺍ ﺍﻟﻨﻮﻉ ﻣﻦ ﺍﻟﺘﻤﻮﻳﻞ ﺣﻴﺚ ﻳﺘﻢ ﺳﺪﺍﺩ ﻗﻴﻤﺔ ﺍﻟﻘﺮﺽ ﻣﻦ ﺧﻼﻝ ﺍﻟﺘﺪﻓﻘﺎﺕ ﺍﻟﻨﻘﺪﻳﺔ‪ ،‬ﺍﻟﱵ‬
‫ﺗﺘﻮﻟﺪ ﺧﻼﻝ ﻫﺬﺍ ﺍﻟﻌﺪﺩ ﻣﻦ ﺍﻟﺴﻨﲔ‪ .‬ﻭ ﻳﺘﻤﺜﻞ ﺍﻟﺘﻤﻮﻳﻞ ﺍﳌﺘﻮﺳﻂ ﺍﻷﺟﻞ ﻓﻴﻤﺎ ﻳﻠﻲ‪:‬‬
‫ﺃﻭﻻ‪ -‬ﺍﻟﻘﺮﻭﺽ ﺍﳌﺼﺮﻓﻴﺔ ﻣﺘﻮﺳﻄﺔ ﺍﻷﺟﻞ‬
‫ﻟﻠﺒﻨﻮﻙ ﺍﻟﺘﺠﺎﺭﻳﺔ ﺩﻭﺭ ﻛﺒﲑ ﰲ ﻫﺬﺍ ﺍﻟﻨﻮﻉ ﻣﻦ ﺃﻧﻮﺍﻉ ﺍﻟﻘﺮﻭﺽ‪ .‬ﻓﺒﻌﺪ ﺃﻥ ﻛﺎﻧﺖ ﺗﻘﺘﺼﺮ ﰲ ﺍﻟﺘﻌﺎﻣﻞ ﺍﳌﺎﱄ ﻋﻠﻰ‬
‫ﺍﻟﺘﻤﻮﻳﻞ ﻗﺼﲑ ﺍﻷﺟﻞ‪ ،‬ﺍﲡﻬﺖ ﺍﻟﺒﻨﻮﻙ ﺍﻟﺘﺠﺎﺭﻳﺔ ﺇﱃ ﲤﻮﻳﻞ ﺍﳌﺸﺎﺭﻳﻊ ﺑﻘﺮﻭﺽ ﻣﺘﻮﺳﻄﺔ ﺍﻷﺟﻞ ﺗﺰﻳﺪ ﻓﺘﺮ‪‬ﺎ ﻋﻦ ﺍﻟﺴﻨﺔ‬
‫ﺇﱃ ﲬﺲ ﺳﻨﻮﺍﺕ ﻭ ﻏﺎﻟﺒﺎ ﻣﺎ ﻳﺘﻢ ﺗﺴﺪﻳﺪ ﻫﺬﺍ ﺍﻟﻨﻮﻉ ﻣﻦ ﺍﻟﻘﺮﻭﺽ ﻋﻠﻰ ﺷﻜﻞ ﺃﻗﺴﺎﻁ ﻳﺘﻢ ﲢﺪﻳﺪ ﻣﻮﺍﻋﻴﺪ‬
‫ﺍﺳﺘﺤﻘﺎﻗﻬﺎ ﻭ ﻗﻴﻤﺘﻬﺎ ﺍﻟﱵ ﻗﺪ ﺗﻜﻮﻥ ﻣﺘﺴﺎﻭﻳﺔ ﰲ ﺷﺮﻭﻁ ﻋﻘﺪ ﺍﻹﻗﺮﺍﺽ‪ .‬ﻭ ﻳﻜﻮﻥ ﺳﻌﺮ ﺍﻟﻔﺎﺋﺪﺓ ﻟﻠﻘﺮﻭﺽ ﻣﺘﻮﺳﻄﺔ‬

‫)‪ (1‬ﻫﺎﺷﻢ ﺍﻟﺴﻤﺮﺍﺋﻲ‪ :‬ﻣﺮﺟﻊ ﺳﺎﺑﻖ‪ ،‬ﺹ ‪.262‬‬

‫)‪ (2‬ﻋﺎﻃﻒ ﻭﻟﻴﻢ ﺃﻧﺪﺍﻭﺱ‪ :‬ﻣﺮﺟﻊ ﺳﺎﺑﻖ‪ ،‬ﺹ ‪.397‬‬

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 ‫دور اﻟﻮﻇﻴﻔﺔ اﻟﻤﺎﻟﻴﺔ ﻓﻲ اﻟﻤﺆﺳﺴﺔ اﻻﻗﺘﺼﺎدﻳﺔ‬ ‫اﻟﻔﺼﻞ اﻟﺜﺎﻧﻲ‪:‬‬

‫ﺍﻷﺟﻞ ﺃﻋﻠﻰ ﻣﻦ ﺳﻌﺮ ﺍﻟﻔﺎﺋﺪﺓ ﻟﻠﻘﺮﻭﺽ ﻗﺼﲑﺓ ﺍﻷﺟﻞ‪ .‬ﻭ ﺗﻀﻊ ﺍﻟﺒﻨﻮﻙ ﺍﻟﺘﺠﺎﺭﻳﺔ ﲨﻠﺔ ﻣﻦ ﺷﺮﻭﻁ ﺍﻻﻗﺘﺮﺍﺽ‬
‫ﻣﺘﻮﺳﻄﺔ ﺍﻷﺟﻞ ﺍﳍﺪﻑ ﻣﻨﻬﺎ ﻫﻮ ﺿﻤﺎﻥ ﻗﺪﺭﺓ ﺍﳌﺸﺮﻭﻉ ﺍﳌﻘﺘﺮﺽ ﻋﻠﻰ ﺭﺩ ﺍﻟﻘﺮﺽ)‪.(1‬‬
‫ﻭ ﳝﻜﻦ ﺗﺼﻨﻴﻒ ﻫﺬﻩ ﺍﻟﺸﺮﻭﻁ ﻓﻴﻤﺎ ﻳﻠﻲ‪:‬‬
‫‪ -1‬ﺷﺮﻭﻁ ﻋﺎﻣﺔ‪ :‬ﺍﳍﺪﻑ ﻣﻨﻬﺎ ﻫﻮ ﺣﻔﻆ ﻣﺮﻛﺰ ﺍﻟﺸﺮﻛﺔ ﰲ ﻗﺪﺭ‪‬ﺎ ﻋﻠﻰ ﺭﺩ ﺍﻟﻘﺮﺽ ﻭ ﻏﺎﻟﺒﺎ ﻣﺎ ﺗﺘﻄﻠﺐ ﺍﻟﺒﻨﻮﻙ‬
‫ﺃﻥ ﻻ ﻳﻘﻞ ﺍﳊﺪ ﺍﻷﺩﱏ ﻟﺮﺃﺱ ﺍﳌﺎﻝ ﺍﻟﻌﺎﻣﻞ ﻋﻦ ﻣﺒﻠﻎ ﻣﻌﲔ‪ .‬ﻭ ﻃﺒﻴﻌﻲ ﺃﻥ ﳜﺘﻠﻒ ﻣﻦ ﺑﻨﻚ ﺇﱃ ﺑﻨﻚ ﻭ ﻣﻦ‬
‫ﻋﻤﻴﻞ ﺇﱃ ﻋﻤﻴﻞ ﻭﻣﻦ ﺍﻟﺸﺮﻭﻁ ﺍﻟﺸﺎﺋﻌﺔ ﻫﻮ ﻣﻨﻊ ﺍﻟﺸﺮﻛﺔ ﻣﻦ ﺍﻟﻘﻴﺎﻡ ﺑﺎﻻﻗﺘﺮﺍﺽ ﻭﺫﻟﻚ ﻛﻮﺳﻴﻂ ﻟﻠﻤﺤﺎﻓﻈﺔ‬
‫ﻋﻠﻰ ﻣﺮﻛﺰ ﺍﻟﺸﺮﻛﺔ ﺍﳉﺎﺭﻱ ﻟﺮﺩ ﺍﻟﻘﺮﺽ)‪.(2‬‬
‫ﻭ ﻣﻨﻌﻬﺎ ﺃﻳﻀﺎ ﻣﻦ ﺍﻻﻗﺘﺮﺍﺽ ﻃﻮﻳﻞ ﺍﻷﺟﻞ ﻭ ﻫﻮ ﺇﺟﺮﺍﺀ ﳛﻤﻲ ﺍﻟﺒﻨﻚ ﻧﻔﺴﻪ ﻣﻦ ﺍﻟﺘﻮﺭﻁ ﰲ ﺍﻻﺷﺘﺮﺍﻙ ﰲ‬
‫ﺃﺻﻮﻝ ﻋﻠﻴﻬﺎ ﻣﻄﺎﻟﺐ ﻣﺘﻌﺪﺩﺓ ﻣﻦ ﻋﺪﺩ ﻣﻦ ﺍﻟﺪﺍﺋﻨﲔ‪.‬‬
‫‪ -2‬ﺷﺮﻭﻁ ﺇﺟﺮﺍﺋﻴﺔ‪ :‬ﺗﻄﻠﺐ ﺍﻟﺒﻨﻮﻙ ﺃﻥ ﺗﻘﺪﻡ ﺍﻟﺸﺮﻛﺎﺕ ﻣﻴﺰﺍﻧﻴﺎ‪‬ﺎ ﻭ ﺣﺴﺎﺏ ﺍﻷﺭﺑﺎﺡ ﻭ ﺍﳋﺴﺎﺋﺮ ﻭ ﰲ ﻛﺜﲑ‬
‫ﻣﻦ ﺍﻟﺒﻨﻮﻙ ﺍﻟﺘﺠﺎﺭﻳﺔ ﻳﻮﺟﺪ ﻗﺴﻢ ﻟﻠﺘﺤﻠﻴﻞ ﺍﳌﺎﱄ ﻭﻇﻴﻔﺘﻪ ﺩﺭﺍﺳﺔ ﺍﳌﺮﻛﺰ ﺍﳌﺎﱄ ﻟﻠﺸﺮﻛﺎﺕ‪ .‬ﻭ ﻛﺬﻟﻚ ﻗﺴﻢ‬
‫ﺍﻻﺳﺘﻌﻼﻣﺎﺕ ﻹﻋﻄﺎﺀ ﺑﻴﺎﻧﺎﺕ ﻋﻦ ﺍﻟﺴﻤﻌﺔ ﺍﻻﺋﺘﻤﺎﻧﻴﺔ ﻟﻠﺸﺮﻛﺔ ﻭ ﰲ ﺣﺎﻻﺕ ﺃﺧﺮﻯ ﻗﺪ ﻳﺮﻯ ﺍﻟﺒﻨﻚ ﻭﺿﻊ‬
‫ﻗﻴﻮﺩ ﺑﻌﺪﻡ ﺭﻫﻦ ﺃﺻﻮﻝ ﺍﻟﺸﺮﻛﺔ ﺃﻭ ﺧﺼﻢ ﺃﻭﺭﺍﻕ ﻣﺎﻟﻴﺔ ﻟﺪﻯ ﺍﻟﺒﻨﻮﻙ ﺃﻭ ﻋﺪﻡ ﺍﻟﻘﻴﺎﻡ ﺑﺎﺳﺘﺌﺠﺎﺭ ﺃﺻﻮﻝ ﺗﺴﺒﺐ‬
‫ﺍﻟﺘﺰﺍﻣﺎ ﺑﺪﻓﻊ ﻧﻔﻘﺎﺕ ﺛﺎﺑﺘﺔ‪...،‬ﺇﱁ‪.‬‬
‫‪ -3‬ﺷﺮﻭﻁ ﺧﺎﺻﺔ‪ :‬ﺇﻥ ﺍﳍﺪﻑ ﻣﻨﻬﺎ ﻋﺎﺩﺓ ﻣﺎ ﻳﻜﻮﻥ ﲢﻘﻴﻖ ﺿﻤﺎﻥ ﺷﺎﻣﻞ ﻟﻠﻘﺮﻭﺽ ﻓﻘﺪ ﳛﻮﻱ ﻋﻘﺪ ﺍﻟﻘﺮﺽ‬
‫ﺷﺮﻃﺎ ﺑﻜﻴﻔﻴﺔ ﺍﺳﺘﺨﺪﺍﻡ ﺍﻟﻘﺮﺽ ﲝﻴﺚ ﻳﻀﻤﻦ ﻟﻠﺒﻨﻚ ﻋﺪﻡ ﺻﺮﻑ ﺍﻷﻣﻮﺍﻝ ﺍﳌﻘﺘﺮﺿﺔ ﰲ ﺃﻏﺮﺍﺽ ﻏﲑ ﺗﻠﻚ‬
‫ﺍﻟﱵ ﻣﻨﺢ ﺍﳌﻘﺮﺽ ﻋﻠﻰ ﺃﺳﺎﺳﻬﺎ)‪.(3‬‬

‫ﻭ ﺇﺫﺍ ﻛﺎﻥ ﺃﺣﺪ ﺍﳌﺪﻳﺮﻳﻦ ﻣﻬﻢ ﻟﺸﺮﻛﺔ ﰲ ﻧﻈﺮ ﺍﻟﺒﻨﻚ‪ ،‬ﻓﺈﻥ ﺍﻟﺒﻨﻚ ﻗﺪ ﻳﻄﺎﻟﺐ ﺍﻟﺸﺮﻛﺔ ﺑﺎﻟﺘﺄﻣﲔ ﻋﻠﻰ ﻫﺬﺍ‬
‫ﺍﳌﺪﻳﺮ ﺍﳌﻬﻢ‪ ،‬ﺫﻟﻚ ﺃﻥ ﻗﻴﻤﺔ ﺍﻟﺘﺄﻣﲔ ﻳﻜﻮﻥ ﻟﺼﺎﱀ ﺍﻟﺒﻨﻚ ﰲ ﺣﺎﻟﺔ ﺣﺪﻭﺙ ﺣﺎﻟﺔ ﻭﻓﺎﺓ ﻋﻠﻰ ﺍﳌﺆﻣﻦ ﻋﻠﻴﻪ‪ .‬ﻭ ﻗﺪ‬
‫ﻳﻄﺎﻟﺐ ﺍﻟﺒﻨﻚ ﺃﻳﻀﺎ ﺑﻀﺮﻭﺭﺓ ﻋﺪﻡ ﺍﻻﺳﺘﻐﻨﺎﺀ ﻋﻦ ﻣﺪﻳﺮ ﻣﻌﲔ ﻃﻮﻝ ﻓﺘﺮﺓ ﺍﻟﻘﺮﺽ ﻋﻠﻰ ﺍﻋﺘﺒﺎﺭ ﺃﻥ ﺷﺨﺼﻴﺔ ﺍﳌﺪﻳﺮ‬
‫ﻛﺎﻧﺖ ﻣﻦ ﺍﻟﻌﻮﺍﻣﻞ ﺍﻟﱵ ﻋﻠﻰ ﺃﺳﺎﺳﻬﺎ ﻣﻨﺢ ﺍﻟﻘﺮﺽ)‪.(4‬‬

‫)‪ (1‬ﻋﺪﻧﺎﻥ ﻫﺎﺷﻢ ﺍﻟﺴﻤﺮﺍﺋﻲ‪ :‬ﻣﺮﺟﻊ ﺳﺎﺑﻖ‪ ،‬ﺹ ‪.272 – 271‬‬

‫)‪ (2‬ﺳﻴﺪ ﺍﳍﻮﺍﺭﻱ‪ :‬ﺍﻹﺩﺍﺭﺓ ﺍﳌﺎﻟﻴﺔ ﻣﻨﻬﺞ ﺍﲣﺎﺫ ﺍﻟﻘﺮﺍﺭﺍﺕ‪ ،‬ﺗﻮﺯﻳﻊ ﻣﻜﺘﺒﺔ ﻋﲔ ﴰﺲ‪ /‬ﻣﺼﺮ‪ ،‬ﺍﻟﻄﺒﻌﺔ ﺍﻟﺴﺎﺩﺳﺔ‪ 1996.،‬ﺹ ‪.391‬‬
‫)‪ (3‬ﻧﻔﺲ ﺍﳌﺮﺟﻊ ﺹ ‪352‬‬
‫)‪ (4‬ﻧﻔﺲ ﺍﳌﺮﺟﻊ ﺹ ‪353‬‬

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 ‫دور اﻟﻮﻇﻴﻔﺔ اﻟﻤﺎﻟﻴﺔ ﻓﻲ اﻟﻤﺆﺳﺴﺔ اﻻﻗﺘﺼﺎدﻳﺔ‬ ‫اﻟﻔﺼﻞ اﻟﺜﺎﻧﻲ‪:‬‬

‫ﺛﺎﻧﻴﺎ‪ -‬ﺍﻟﺘﻤﻮﻳﻞ ﺑﺎﻻﺳﺘﺌﺠﺎﺭ‬

‫ﺗﻌﺮﻳﻒ ﺍﻻﺳﺘﺌﺠﺎﺭ‪:‬‬ ‫™‬

‫ﻫﻮ ﻋﻘﺪ ﺑﲔ ﺍﻟﻄﺮﻓﲔ ﺃﺣﺪﳘﺎ ﳝﺘﻠﻚ ﺃﺻﻼ ﻛﻤﻦ ﺍﻷﺻﻮﻝ ﻣﺜﻼ‪ ،‬ﻭ ﺍﻵﺧﺮ ﺍﳌﺴﺘﺄﺟﺮ ﻟﻸﺻﻞ ﻭ ﻳﺘﻀﻤﻦ‬
‫ﺍﻟﻌﻘﺪ ﲢﺪﻳﺪ ﻟﻨﻮﻉ ﺍﻷﺻﻮﻝ ﳏﻞ ﺍﻟﻌﻘﺪ‪ .‬ﻭ ﳛﺪﺩ ﺍﻟﻌﻘﺪ ﺍﻟﺘﺪﻓﻘﺎﺕ ﻣﻦ ﺍﳌﺪﻓﻮﻋﺎﺕ ﺍﻟﻼﺯﻣﺔ ﻣﻘﺎﺑﻞ ﺍﻻﻧﺘﻔﺎﻉ‬
‫ﺑﺎﻷﺻﻞ ﳏﻞ ﺍﻻﺳﺘﺌﺠﺎﺭ ﺧﻼﻝ ﻓﺘﺮﺓ ﺯﻣﻨﻴﺔ ﳏﺪﺩﺓ ﺩﻭﻥ ﺍﻣﺘﻼﻙ ﺍﳌﺴﺘﺄﺟﺮ ﳍﺬﻩ ﺍﻷﺻﻮﻝ‪ .‬ﻭ ﻳﻮﺟﺪ ﻧﻮﻋﺎﻥ ﻣﻦ‬
‫ﻋﻘﻮﺩ ﺍﺳﺘﺌﺠﺎﺭ ﺍﻷﺻﻮﻝ ﺍﻟﺘﺸﻐﻴﻠﻲ ﻭ ﺍﻟﺘﻤﻮﻳﻠﻲ)‪.(1‬‬
‫ﺍﻟﺘﻤﻮﻳﻞ ﺑﺎﻻﺳﺘﺌﺠﺎﺭ‪:‬‬ ‫™‬

‫ﺑﺼﻔﺔ ﻋﺎﻣﺔ ﻳﺴﺘﺨﺪﻡ ﻫﺬﺍ ﺍﻟﻨﻮﻉ ﻣﻦ ﺍﻟﺘﻤﻮﻳﻞ ﰲ ﲤﻮﻳﻞ ﺍﳌﺒﺎﱐ ﻭ ﺍﻷﺟﻬﺰﺓ ‪ .‬ﻛﻤﺎ ﻳﻮﺟﺪ ﲤﺎﺛﻞ ﺑﲔ‬
‫ﺍﻟﺘﻤﻮﻳﻞ ﺑﺎﻻﺳﺘﺌﺠﺎﺭ ﻭ ﺍﻟﺘﻤﻮﻳﻞ ﺑﺎﻻﻗﺘﺮﺍﺽ‪ .‬ﻛﻤﺎ ﻳﻮﺟﺪ ﺍﺧﺘﻼﻑ ﺑﻴﻨﻬﻤﺎ ﻛﻤﺎ ﻳﻠﻲ‪:‬‬
‫‪ −‬ﻛﻼﳘﺎ ﻳﺆﺛﺮ ﰲ ﺍﻟﺮﻓﻊ ﺍﳌﺎﱄ‬
‫‪ −‬ﻳﻮﺟﺪ ﺍﺧﺘﻼﻑ ﺑﲔ ﺍﻟﺘﻤﻮﻳﻞ ﺑﺎﻻﺳﺘﺌﺠﺎﺭ ﻭ ﺍﻟﺘﻤﻮﻳﻞ ﺑﺎﻻﻗﺘﺮﺍﺽ ﻣﻦ ﺣﻴﺚ ﺃﻥ ﺍﻻﺳﺘﺌﺠﺎﺭ ﻣﺮﺗﺒﻂ ﺑﺄﺻﻞ‬
‫ﳏﺪﺩ‪.‬‬
‫‪ −‬ﻳﺘﻤﻴﺰ ﺍﻻﺳﺘﺌﺠﺎﺭ ﻋﻨﺪ ﺍﻟﻘﺮﻭﺽ ﻣﻦ ﺣﻴﺚ ﺃﻥ ﺍﳌﺆﺟﺮ ﻳﺘﻤﺘﻊ ﺑﻮﺿﻊ ﺃﻓﻀﻞ ﺑﺎﳌﻘﺎﺭﻧﺔ ﺑﺎﳌﻘﺮﺽ ﺇﺫﺍ‬
‫ﻭﺍﺟﻬﺖ ﺍﻟﺸﺮﻛﺔ ﻣﺼﺎﻋﺐ ﻣﺎﻟﻴﺔ ﺣﻴﺚ ﻣﻦ ﺍﻟﺴﻬﻞ ﻋﻠﻰ ﺍﻟﺸﺮﻛﺎﺕ ﺍﻟﱵ ﺗﺘﺼﻒ ﲟﺨﺎﻃﺮ ﻋﺎﻟﻴﺔ ﺃﻥ‬
‫ﲢﺼﻞ ﻋﻠﻰ ﺍﻟﺘﻤﻮﻳﻞ ﺑﺎﻻﺳﺘﺌﺠﺎﺭ ﺑﻴﻨﻤﺎ ﻳﺼﻌﺐ ﻋﻠﻴﻬﺎ ﺍﳊﺼﻮﻝ ﻋﻠﻰ ﻗﺮﻭﺽ‪.‬‬
‫ﺃﺷﻜﺎﻝ ﺍﻟﺘﻤﻮﻳﻞ ﺑﺎﻻﺳﺘﺌﺠﺎﺭ‪:‬‬ ‫™‬

‫‪ -1‬ﺍﻟﺒﻴﻊ ﰒ ﺍﺳﺘﺌﺠﺎﺭ ﺍﻷﺻﻞ‪:‬‬

‫ﺇﺫﺍ ﻛﺎﻧﺖ ﺍﻟﺸﺮﻛﺔ ﲤﺘﻠﻚ ﻗﻄﻌﺔ ﺃﺭﺽ ﺃﻭ ﻣﺒﺎﱐ ﻓﺎﻧﻪ ﳝﻜﻨﻬﺎ ﺑﻴﻊ ﻫﺬﺍ ﺍﻷﺻﻞ ﻭ ﰲ ﻧﻔﺲ ﺍﻟﻮﻗﺖ‬
‫ﺗﺴﺘﺄﺟﺮﻩ ﺑﻨﺎﺀ ﻋﻠﻰ ﺍﺗﻔﺎﻕ ﺑﲔ ﻣﺸﺘﺮﻱ ﺍﻷﺻﻞ ﻭ ﺍﻟﺒﺎﺋﻊ ﻟﺬﺍﺕ ﺍﻷﺻﻞ ﺍﻟﺬﻱ ﻳﺮﻏﺐ ﰲ ﺍﺳﺘﺌﺠﺎﺭﻩ ﻭ ﻣﻦ ﻫﺬﺍ‬
‫ﻳﺘﻀﺢ‪:‬‬
‫‪ −‬ﺃﻥ ﺍﻟﺒﺎﺋﻊ ﻭﻫﻮ ﰲ ﺫﺍﺕ ﺍﻟﻮﻗﺖ ﺍﳌﺴﺘﺄﺟﺮ ﳛﺼﻞ ﻋﻠﻰ ﻗﻴﻤﺔ ﺍﻷﺻﻞ ﺍﳌﺒﺎﻉ ﻭ ﻟﻜﻨﻪ ﳛﺘﻔﻆ ﲝﻖ ﺍﻻﻧﺘﻔﺎﻉ‬
‫ﺑﺬﺍﺕ ﺍﻷﺻﻞ ﺃﻱ ﺑﺎﻻﺣﺘﻔﺎﻅ ﺑﻪ ﺑﻐﺮﺽ ﺍﻻﺳﺘﺨﺪﺍﻡ)‪.(2‬‬
‫‪ −‬ﻣﻘﺎﺑﻞ ﺣﻖ ﺍﻻﻧﺘﻔﺎﻉ ﺃﻭ ﺍﻻﺳﺘﺨﺪﺍﻡ ﻳﻠﺘﺰﻡ ﺍﳌﺴﺘﺄﺟﺮ ﺑﺪﻓﻊ ﺃﻗﺴﺎﻁ ﺍﻟﺘﺄﺟﲑ ﲝﻴﺚ ﺗﻐﻄﻲ ﻫﺬﻩ ﺍﻷﻗﺴﺎﻁ‬
‫ﲦﻦ ﺷﺮﺍﺀ ﻫﺬﺍ ﺍﻷﺻﻞ ﺑﺎﻹﺿﺎﻓﺔ ﺍﱃ ﺍﻟﻌﺎﺋﺪ ﺍﻟﺬﻱ ﻳﺮﻏﺐ ﺍﳌﺸﺘﺮﻱ )ﺍﳌﺆﺟﺮ( ﻓﻴﻪ ﺣﱴ ﳛﺼﻞ ﻋﻠﻰ ﻗﻴﻤﺔ‬
‫ﺍﻷﺻﻞ ﺍﳌﺒﺎﻉ ﻭ ﻟﻜﻨﻪ ﳛﺘﻔﻆ ﲝﻖ ﺍﻻﻧﺘﻔﺎﻉ ﺑﺬﺍﺕ ﺍﻷﺻﻞ ﺃﻱ ﺍﻻﺣﺘﻔﺎﻅ ﺑﻪ ﺑﻐﺮﺽ ﺍﻻﺳﺘﺨﺪﺍﻡ‪.‬‬

‫)‪ (1‬ﺳﻴﺪ ﺍﳍﻮﺍﺭﻱ‪ :‬ﻣﺮﺟﻊ ﺳﺎﺑﻖ‪ ،‬ﺹ ‪.353‬‬

‫)‪ (2‬ﻋﺒﺪ ﺍﻟﻐﻔﺎﺭ ﺣﻨﻔﻲ ‪:‬ﺍﺳﺎﺳﻴﺎﺕ ﺍﻟﺘﻤﻮﻳﻞ ﻭ ﺍﻻﺩﺍﺭﺓ ﺍﳌﺎﻟﻴﺔ‪ .‬ﻣﺮﺟﻊ ﺳﺎﺑﻖ‪ ،‬ﺹ ‪.520‬‬

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 ‫دور اﻟﻮﻇﻴﻔﺔ اﻟﻤﺎﻟﻴﺔ ﻓﻲ اﻟﻤﺆﺳﺴﺔ اﻻﻗﺘﺼﺎدﻳﺔ‬ ‫اﻟﻔﺼﻞ اﻟﺜﺎﻧﻲ‪:‬‬

‫‪ -2‬ﺍﻻﺳﺘﺌﺠﺎﺭ ﺍﻟﺘﺸﻐﻴﻠﻲ‪:‬‬
‫ﺃﻭ ﻣﺎ ﻳﺴﻤﻰ ﺑﺎﺳﺘﺌﺠﺎﺭ ﺍﳋﺪﻣﺔ ﺣﻴﺚ ﻳﺸﻤﻞ ﻫﺬﺍ ﺍﻟﻨﻮﻉ ﻣﻦ ﺍﻻﺳﺘﺌﺠﺎﺭ ﺍﻟﺘﻤﻮﻳﻞ ﻭ ﺧﺪﻣﺎﺕ ﺍﻟﺼﻴﺎﻧﺔ ﺣﻴﺚ‬
‫ﺃﻥ ‪:‬‬
‫ﺍﺳﺘﺌﺠﺎﺭ ﺍﳋﺪﻣﺔ ﺗﺸﻤﻞ ﺍﻷﺟﻬﺰﺓ ﻛﺎﳊﺴﺎﺑﺎﺕ‪ ،‬ﺍﻷﺟﻬﺰﺓ ﺍﳌﻜﺘﺒﻴﺔ ﺍﻟﺴﻴﺎﺭﺍﺕ ﺃﻭ ﺍﻟﺮﻭﺍﻓﻊ‬ ‫‪−‬‬

‫ﻳﺘﻮﱃ ﺍﳌﺆﺟﺮ ﻋﺎﺩﺓ ﺻﻴﺎﻧﺔ ﻭ ﺧﺪﻣﺔ ﺍﳉﻬﺎﺯ‪.‬‬ ‫‪−‬‬

‫ﻳﺘﻢ ﺍﻻﺗﻔﺎﻕ ﻛﺘﺎﺑﺔ ﻋﻠﻰ ﺍﺳﺘﺌﺠﺎﺭ ﺍﻷﺻﻞ ﻭ ﻋﺎﺩﺓ ﻣﺎ ﺗﻜﻮﻥ ﻣﺪﺓ ﺍﻻﺳﺘﺌﺠﺎﺭ ﺃﻗﻞ ﻣﻦ ﺍﻟﻌﻤﺮ ﺍﳌﺘﻮﻗﻊ‬ ‫‪−‬‬

‫ﻟﻸﺻﻞ ﺍﳌﺴﺘﺄﺟﺮ‪ .‬ﻭ ﻫﺬﺍ ﻳﻌﲏ ﺃﻥ ﺗﻜﻠﻔﺔ ﺍﻻﺳﺘﺌﺠﺎﺭ ﻻ ﺗﻐﻄﻲ ﺗﻜﻠﻔﺔ ﺍﻷﺻﻞ ﺑﺎﻟﻜﺎﻣﻞ‪.‬‬
‫ﻋﺎﺩﺓ ﻳﻨﺺ ﻋﻠﻰ ﺷﺮﻁ ﺇﻟﻐﺎﺀ ﺍﻟﻌﻘﺪ‪.‬‬ ‫‪−‬‬

‫‪ -3‬ﺍﻻﺳﺘﺌﺠﺎﺭ ﺍﻟﺘﻤﻮﻳﻠﻲ‪:‬‬
‫ﻫﺬﺍ ﺍﻟﻨﻮﻉ ﻣﻦ ﺍﻻﺳﺘﺌﺠﺎﺭ ﻻ ﻳﺸﻤﻞ ﺧﺪﻣﺎﺕ ﺍﻟﺼﻴﺎﻧﺔ ﻛﻤﺎ ﺃﻧﻪ ﻻ ﳝﻜﻦ ﺇﻟﻐﺎﺅﻩ ﻗﺒﻞ ﺍﳌﺪﺓ ﺍﳌﺘﻔﻖ ﻋﻠﻴﻬﺎ‪ .‬ﻭ‬
‫ﺑﺬﻟﻚ ﻳﺘﺼﻒ ﻫﺬﺍ ﺍﻟﻨﻮﻉ ﲟﺎ ﻳﻠﻲ‪:‬‬
‫‪ −‬ﻳﻐﻄﻲ ﺍﳌﺆﺟﺮ ﻛﺎﻣﻞ ﺗﻜﻠﻔﺘﻪ ﻣﻀﺎﻓﺎ ﺇﱃ ﺫﻟﻚ ﻣﻌﺪﻝ ﻋﺎﺋﺪ ﻣﻨﺎﺳﺐ‪.‬‬
‫‪ −‬ﻳﻼﺣﻆ ﺃﻥ ﻣﺪﻓﻮﻋﺎﺕ ﺍﻻﺳﺘﺌﺠﺎﺭ ﺍﻟﺴﻨﻮﻳﺔ ﺗﻌﻄﻲ ﺇﻋﻔﺎﺀ ﺿﺮﻳﱯ ﺍﳌﺴﺘﺄﺟﺮ ﻟﺬﻟﻚ ﻳﺸﺘﺮﻁ ﻣﺎ ﻳﻠﻲ‪:‬‬
‫ﺃ‪ -‬ﻻ ﺗﺘﺠﺎﻭﺯ ﻣﺪﺓ ﺍﻟﻌﻘﺪ ﺍﻻﺳﺘﺌﺠﺎﺭ ﻣﻌﺪﻝ‪.‬‬
‫ﺏ‪ -‬ﺃﻥ ﺗﻐﻄﻲ ﻣﺪﻓﻮﻋﺎﺕ ﺍﻻﺳﺘﺌﺠﺎﺭ ﻋﻠﻰ ﺃﻓﻀﻞ ﺟﻬﺎﺯ ﻟﺬﻟﻚ ﻓﻠﻪ ﺣﻖ ﺍﳋﻴﺎﺭ ﰲ ﲢﺪﻳﺪ ﺃﻭ ﻋﺪﻡ‬
‫ﲡﺪﻳﺪ ﺍﻟﻌﻘﺪ‪.‬‬
‫ﺝ‪ -‬ﺃﻥ ﺧﻴﺎﺭ ﺍﻟﺸﺮﺍﺀ ﺍﻟﺬﻱ ﻳﻌﻄﻲ ﻟﻠﻤﺴﺘﺄﺟﺮ ﺇﳕﺎ ﻳﻌﻜﺲ ﺃﺳﻌﺎﺭ ﺍﳌﻨﺎﻓﺴﺔ)‪.(1‬‬

‫ﺍﳌﻄﻠﺐ ﺍﻟﺜﺎﻟﺚ‪ :‬ﻣﺼﺎﺩﺭ ﺍﻟﺘﻤﻮﻳﻞ ﻃﻮﻳﻠﺔ ﺍﻷﺟﻞ‬

‫ﳝﺜﻞ ﺍﻟﺘﻤﻮﻳﻞ ﻃﻮﻳﻞ ﺍﻷﺟﻞ ﺍﻷﻣﻮﺍﻝ ﺍﻟﱵ ﺗﺘﻮﻓﺮ ﻟﻠﻤﺸﺮﻭﻉ ﻟﺘﻤﻮﻳﻞ ﺍﻟﻔﺮﺹ ﺍﻻﺳﺘﺜﻤﺎﺭﻳﺔ ﺍﳌﺘﺎﺣﺔ ﻭ ﲤﺜﻞ ﺍﻟﺘﺰﺍﻣﺎ‬
‫ﻋﻠﻰ ﺍﳌﺸﺮﻭﻉ ﻛﺸﺨﺼﻴﺔ ﻣﻌﻨﻮﻳﺔ ﻣﺴﺘﻘﻠﺔ‪ .‬ﺇﻥ ﻫﺬﺍ ﺍﻻﻟﺘﺰﺍﻡ ﻳﻀﻴﻒ ﻋﺐﺀ ﺁﺧﺮ ﻋﻠﻰ ﺍﳌﺪﻳﺮ ﺍﳌﺎﱄ ﻟﻠﻤﺸﺮﻭﻉ ﻳﺘﻤﺜﻞ‬
‫ﰲ ﺿﺮﻭﺭﺓ ﻣﻌﺮﻓﺔ ﲟﺎ ﻳﺴﻤﻰ ﺑﺄﺳﻮﺍﻕ ﺍﳌﺎﻝ ﺇﱃ ﺟﺎﻧﺐ ﺗﺄﺛﺮ ﻗﺮﺍﺭ ﺍﻟﺘﻤﻮﻳﻞ ﺑﻈﺮﻭﻑ ﺗﻠﻚ ﺍﻷﺳﻮﺍﻕ ﻭ ﺑﻌﺾ ﺍﳌﺸﺎﺭﻳﻊ‬
‫ﺗﻜﻮﻥ ﺍﳊﺎﺟﺔ ﻓﻴﻬﺎ ﻟﺘﻤﻮﻳﻞ ﻃﻮﻳﻞ ﺍﻷﺟﻞ ﻣﺴﺘﻤﺮﺓ ﺑﺴﺒﺐ ﻃﺒﻴﻌﺔ ﻋﻤﻠﻬﺎ)‪.(2‬‬

‫)‪ (1‬ﻋﺒﺪ ﺍﻟﻐﻔﺎﺭ ﺣﻨﻔﻲ‪:‬ﺍﺳﺎﺳﻴﺎﺕ ﺍﻟﺪﺍﺭﺓ ﺍﳌﺎﻟﻴﺔ‪ .‬ﻣﺮﺟﻊ ﺳﺎﺑﻖ‪ ،‬ﺹ ‪521‬‬
‫)‪ (2‬ﻋﺪﻧﺎﻥ ﻫﺎﺷﻢ ﺍﻟﺴﻤﺮﺍﺋﻲ‪ :‬ﻣﺮﺟﻊ ﺳﺎﺑﻖ‪ ،‬ﺹ ‪.274‬‬

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 ‫دور اﻟﻮﻇﻴﻔﺔ اﻟﻤﺎﻟﻴﺔ ﻓﻲ اﻟﻤﺆﺳﺴﺔ اﻻﻗﺘﺼﺎدﻳﺔ‬ ‫اﻟﻔﺼﻞ اﻟﺜﺎﻧﻲ‪:‬‬

‫ﻭ ﳝﻜﻦ ﺗﻘﺴﻴﻢ ﻣﺼﺎﺩﺭ ﺍﻟﺘﻤﻮﻳﻞ ﻃﻮﻳﻠﺔ ﺍﻷﺟﻞ ﺇﱃ ﻣﺎ ﻳﻠﻲ‪:‬‬

‫ﺃﻭﻻ‪ -‬ﺍﻷﻣﻮﺍﻝ ﺍﳌﻤﻠﻮﻛﺔ‪:‬‬
‫ﲤﺜﻞ ﺃﻣﻮﺍﻝ ﺍﳌﻠﻜﻴﺔ ﺃﺣﺪ ﺃﻫﻢ ﻣﺼﺎﺩﺭ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﱵ ﺗﻌﺘﻤﺪ ﻋﻠﻴﻬﺎ ﺍﻟﺸﺮﻛﺔ ﻟﺘﻤﻮﻳﻞ ﺇﻧﻔﺎﻗﺎ‪‬ﺎ ﺍﻻﺳﺘﺜﻤﺎﺭﻱ‪ .‬ﻭ‬
‫ﺗﺘﺸﻜﻞ ﻣﺼﺎﺩﺭ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺬﺍﰐ ﺃﻭ ﻣﺼﺎﺩﺭ ﺍﳌﻠﻜﻴﺔ ﻣﻦ ﺍﻟﻌﻨﺎﺻﺮ ﺍﻟﺘﺎﻟﻴﺔ)‪:(1‬‬

‫‪ -1‬ﺍﻷﺳﻬﻢ ﺍﻟﻌﺎﺩﻳﺔ‬
‫ﻳﺘﻜﻮﻥ ﺭﺃﺱ ﻣﺎﻝ ﺍﻟﺸﺮﻛﺔ ﻣﻦ ﻋﺪﺩ ﻣﻦ ﺍﳊﺼﺺ ﺍﳌﺘﺴﺎﻭﻳﺔ ﻭ ﻳﻄﻠﻖ ﻋﻠﻰ ﻛﻞ ﺣﺼﺔ ﻟﻔﻆ ﺳﻬﻢ‪ .‬ﻭ ﻫﺬﻩ‬
‫ﺍﻷﺳﻬﻢ ﳝﻜﻦ ﺗﻘﺴﻴﻤﻬﺎ ﺇﱃ ﻃﺒﻘﺘﲔ ﺍﻷﻭﱃ ﳍﺎ ﺍﳊﻖ ﺍﻷﻭﻟﻮﻳﺔ ﰲ ﺍﻷﺭﺑﺎﺡ ﺍﳌﻮﺯﻋﺔ ﻭ ﻟﺬﻟﻚ ﺗﺴﻤﻰ ﺍﻷﺳﻬﻢ ﺍﳌﻤﺘﺎﺯﺓ‪.‬‬
‫ﺃﻣﺎ ﺍﻟﻄﺒﻘﺔ ﺍﻟﺜﺎﻧﻴﺔ ﻣﻦ ﺍﻷﺳﻬﻢ ﻓﻴﻜﻨﻮﻥ ﳍﺎ ﺍﳊﻖ ﻓﻴﻤﺎ ﺗﺒﻘﻰ ﻣﻦ ﺃﺭﺑﺎﺡ ﻭ ﺃﻳﻀﺎ ﻓﻴﻤﺎ ﺗﺒﻘﻰ ﻣﻦ ﺍﻷﻣﻮﺍﻝ ﻭ ﺗﺴﻤﻰ‬
‫ﺑﺎﻷﺳﻬﻢ ﺍﻟﻌﺎﺩﻳﺔ)‪.(2‬‬
‫ﻛﻤﺎ ﲤﺜﻞ ﺍﻷﺳﻬﻢ ﺍﻟﻌﺎﺩﻳﺔ ﺻﻜﻮﻛﺎ ﻣﺘﺴﺎﻭﻳﺔ ﺗﺸﻜﻞ ﺟﺰﺀﺍ ﻣﻦ ﺭﺃﺱ ﻣﺎﻝ ﺍﻟﺸﺮﻛﺔ ﻭ ﻫﻲ ﺑﺬﻟﻚ ﺗﻌﺪ ﲟﺜﺎﺑﺔ‬
‫ﺳﻨﺪ ﻣﻠﻜﻴﺔ ﰲ ﺍﻟﺸﺮﻛﺎﺕ ﺍﳌﺴﺎﳘﺔ ﻭ ﺍﻟﺘﻮﺻﻴﺔ ﺑﺎﻷﺳﻬﻢ‪ .‬ﻭ ﺗﻌﺘﱪ ﺍﻷﺳﻬﻢ ﻣﻦ ﻣﺼﺎﺩﺭ ﺍﻟﺘﻤﻮﻳﻞ ﻃﻮﻳﻠﺔ ﺍﻷﺟﻞ ﺣﻴﺚ‬
‫ﺃﻧﻪ ﻟﻴﺲ ﳍﺎ ﺗﻮﺍﺭﻳﺦ ﺍﺳﺘﺤﻘﺎﻕ ﳏﺪﺩﺓ ﻃﺎﳌﺎ ﻛﺎﻧﺖ ﺍﻟﺸﺮﻛﺔ ﺍﳌﺼﺪﺭﺓ ﳍﺎ ﻗﺎﺋﻤﺔ ﻭ ﻣﺴﺘﻤﺮﺓ)‪.(3‬‬
‫ﻭ ﺇﱃ ﺟﺎﻧﺐ ﺣﻖ ﺍﳊﺼﻮﻝ ﻋﻠﻰ ﺟﺰﺀ ﻣﻦ ﺃﺭﺑﺎﺡ ﺍﻟﺸﺮﻛﺔ )ﺍﻟﺘﻮﺯﻳﻌﺎﺕ( ﻭ ﺟﺰﺀ ﻣﻦ ﺃﺻﻮﻝ ﺍﻟﺸﺮﻛﺔ ﰲ‬
‫ﺣﺎﻟﺔ ﺗﺼﻔﻴﺘﻬﺎ ﲣﻮﻝ ﺍﻷﺳﻬﻢ ﺍﻟﻌﺎﺩﻳﺔ ﳊﺎﻣﻠﻬﺎ ﺍﳊﻘﻮﻕ ﺍﻟﺘﺎﻟﻴﺔ‪:‬‬
‫‪ −‬ﺍﻻﺷﺘﺮﺍﻙ ﰲ ﺍﳉﻤﻌﻴﺎﺕ ﺍﻟﻌﻤﻮﻣﻴﺔ ﻭ ﺣﻖ ﺍﻟﺘﺼﻮﻳﺖ ﻓﻴﻤﺎ ﻳﺘﻌﻠﻖ ﺑﺎﻟﻘﺮﺍﺭﺍﺕ ﺍﳌﺼﲑﻳﺔ ﺍﳋﺎﺻﺔ ﺑﺎﻟﺸﺮﻛﺔ‪.‬‬
‫‪ −‬ﺣﻖ ﺍﻟﺘﺼﻮﻳﺖ ﰲ ﺍﺧﺘﻴﺎﺭ ﺃﻋﻀﺎﺀ ﳎﻠﺲ ﺇﺩﺍﺭﺓ ﺍﻟﺸﺮﻛﺔ‪.‬‬
‫) ‪(4‬‬
‫‪ −‬ﻳﻜﻮﻥ ﳊﻤﻠﺔ ﺍﻷﺳﻬﻢ ﺍﻟﻌﺎﺩﻳﺔ ﺣﻖ ﺃﻭﻟﻮﻳﺔ ﺍﻻﻛﺘﺘﺎﺏ ﰲ ﺍﻷﺳﻬﻢ ﺍﳉﺪﻳﺪﺓ ﻋﻨﺪ ﺯﻳﺎﺩﺓ ﺭﺃﺱ ﻣﺎﻝ ﺍﻟﺸﺮﻛﺔ‬
‫ﻭ ﻟﻐﺮﺽ ﺗﻘﻴﻴﻢ ﺍﻷﺳﻬﻢ ﺍﻟﻌﺎﺩﻳﺔ‪ ،‬ﳚﺐ ﺍﻟﺘﻤﻴﻴﺰ ﺑﲔ ﺍﻟﻘﻴﻤﺔ ﺍﻻﲰﻴﺔ ﻭ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺪﻓﺘﺮﻳﺔ ﻭ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻮﻗﻴﺔ‪.‬‬
‫ﺍﻟﻘﻴﻤﺔ ﺍﻻﲰﻴﺔ‪:‬‬ ‫™‬

‫ﻫﻲ ﺍﻟﻘﻴﻤﺔ ﺍﳌﻨﺼﻮﺹ ﻋﻠﻴﻬﺎ ﰲ ﻋﻘﺪ ﺗﺄﻣﲔ ﺍﻟﺸﺮﻛﺔ ﻭ ﻗﺎﻧﻮ‪‬ﺎ ﺍﻟﻨﻈﺎﻣﻲ ﻭ ﺍﻟﱵ ﺗﻈﻬﺮ ﺑﻮﺿﺢ ﻋﻠﻰ ﻗﻴﻤﺔ‬
‫ﺍﻟﺴﻬﻢ‪.‬‬
‫ﺍﻟﻘﻴﻤﺔ ﺍﻟﺪﻓﺘﺮﻳﺔ‪:‬‬ ‫™‬

‫ﻫﻲ ﻋﺒﺎﺭﺓ ﻋﻦ ﻗﻴﻤﺔ ﻫﺬﻩ ﺍﻷﺳﻬﻢ ﺣﺴﺐ ﺍﻟﺴﺠﻼﺕ ﺍﶈﺎﺳﺒﻴﺔ ﻟﻠﺸﺮﻛﺔ ﺍﳌﺴﺎﳘﺔ‪.‬‬

‫)‪ (1‬ﻋﺎﻃﻒ ﻭﻟﻴﻢ ﺍﻧﺪﺭﺍﻭﺱ‪ :‬ﻣﺮﺟﻊ ﺳﺎﺑﻖ ﺹ ‪.396‬‬

‫)‪ (2‬ﳏﻤﺪ ﺻﺎﱀ ﺍﳊﻨﺎﻭﻱ ﻭﺍﺧﺮﻭﻥ‪:‬ﻣﻘﺪﻣﺔ ﰲ ﺍﻷﻋﻤﺎﻝ‪ .‬ﻣﺮﺟﻊ ﺳﺎﺑﻖ‪ ،‬ﺹ ‪.332‬‬
‫)‪ (3‬ﻋﺎﻃﻒ ﻭﻟﻴﻢ ﺍﻧﺪﺭﺍﻭﺱ‪ :‬ﻣﺮﺟﻊ ﺳﺎﺑﻖ ﺹ ‪369‬‬
‫)‪ (4‬ﻧﻔﺲ ﺍﳌﺮﺟﻊ‪ ،‬ﺹ ‪370‬‬

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 ‫دور اﻟﻮﻇﻴﻔﺔ اﻟﻤﺎﻟﻴﺔ ﻓﻲ اﻟﻤﺆﺳﺴﺔ اﻻﻗﺘﺼﺎدﻳﺔ‬ ‫اﻟﻔﺼﻞ اﻟﺜﺎﻧﻲ‪:‬‬

‫ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻮﻗﻴﺔ‪:‬‬ ‫™‬

‫ﻫﻲ ﻋﺒﺎﺭﺓ ﻋﻦ ﺍﻟﺴﻌﺮ ﺍﻟﺬﻱ ﳛﺪﺙ ﺍﻟﺘﻌﺎﻣﻞ ﺑﻪ ﰲ ﺳﻮﻕ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ )‪.(1‬‬
‫‪ -2‬ﺍﻷﺳﻬﻢ ﺍﳌﻤﺘﺎﺯﺓ‬
‫ﺗﺸﺒﻪ ﺍﻷﺳﻬﻢ ﺍﳌﻤﺘﺎﺯﺓ ﺍﻷﺳﻬﻢ ﺍﻟﻌﺎﺩﻳﺔ ﰲ ﺃﻥ ﻛﻼﳘﺎ ﳝﺜﻞ ﺃﻣﻮﺍﻝ ﺍﳌﻠﻜﻴﺔ ﰲ ﺍﻟﺸﺮﻛﺔ ﺍﳌﺴﺎﳘﺔ ﻭ ﻫﻨﺎﻙ ﺗﺸﺎﺑﻪ‬
‫ﺑﻴﻨﻬﻤﺎ ﺃﻳﻀﺎ ﻣﻦ ﻧﺎﺣﻴﺔ ﺃﻥ ﺍﻟﺸﺮﻛﺔ ﻟﻴﺴﺖ ﻣﻠﺰﻣﺔ ﺑﺪﻓﻊ ﻋﺎﺋﺪ ﺛﺎﺑﺖ ﻋﻠﻰ ﻫﺬﻳﻦ ﺍﻟﻨﻮﻋﲔ ﻣﻦ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ‪ .‬ﻓﺎﻟﻌﺎﺋﺪ‬
‫ﰲ ﺍﳊﺎﻟﺘﲔ ﻳﺘﻮﻗﻒ ﻋﻠﻰ ﲢﻘﻴﻖ ﺍﻟﺸﺮﻛﺔ ﻟﻸﺭﺑﺎﺡ ﻭ ﻋﻠﻰ ﺭﻏﺒﺘﻬﺎ ﰲ ﺍﻟﺘﻮﺯﻳﻊ‪ .‬ﻭ ﻳﺸﺘﺮﻙ ﻛﻞ ﻣﻦ ﺍﻟﻨﻮﻋﲔ ﺃﻳﻀﺎ ﰲ‬
‫ﺃ‪‬ﻤﺎ ﻳﺴﺘﺤﻘﺎﻥ ﺍﻟﻌﺎﺋﺪ ﻓﻘﻂ ﺑﻌﺪ ﺩﻓﻊ ﺃﻭ ﺍﻷﺧﺬ ﰲ ﺍﳊﺴﺒﺎﻥ ﲨﻴﻊ ﺍﻟﺘﻜﺎﻟﻴﻒ ﻭ ﺍﻟﻨﻔﻘﺎﺕ ﺍﻟﻼﺯﻣﺔ ﻟﻘﻴﺎﻡ ﺍﻟﺸﺮﻛﺔ‬
‫ﺑﺄﻋﻤﺎﳍﺎ ﻭ ﻟﻜﻦ ﻫﻨﺎﻙ ﺛﻼﺛﺔ ﺍﺧﺘﻼﻓﺎﺕ ﺭﺋﻴﺴﻴﺔ ﺑﲔ ﺍﻷﺳﻬﻢ ﺍﳌﻤﺘﺎﺯﺓ ﻭ ﺍﻷﺳﻬﻢ ﺍﻟﻌﺎﺩﻳﺔ ﻭ ﻫﻲ‪:‬‬
‫‪ -1‬ﻳﺘﻤﺘﻊ ﲪﻠﺔ ﺍﻷﺳﻬﻢ ﺍﳌﻤﺘﺎﺯﺓ ﲝﻖ ﺍﻷﻭﻟﻮﻳﺔ ﻋﻠﻰ ﲪﻠﺔ ﺍﻷﺳﻬﻢ ﺍﻟﻌﺎﺩﻳﺔ ﻓﻴﻤﺎ ﻳﺘﻌﻠﻖ ﺑﺎﳊﺼﻮﻝ ﻋﻠﻰ ﺍﻷﺭﺑﺎﺡ‬
‫ﺍﳌﻮﺯﻋﺔ‪.‬‬
‫‪ -2‬ﻋﺎﺩﺓ ﳒﺪ ﺃﻥ ﻫﻨﺎﻙ ﺣﺪ ﺃﻗﺼﻰ ﳌﻘﺪﺍﺭ ﺍﻟﻌﺎﺋﺪ ﺍﻟﺬﻱ ﳝﻜﻦ ﳊﻤﻠﺔ ﺍﻷﺳﻬﻢ ﺍﳌﻤﺘﺎﺯﺓ ﺍﳊﺼﻮﻝ ﻋﻠﻴﻪ‪.‬‬
‫‪ -3‬ﻏﺎﻟﺒﺎ ﻻ ﻳﻜﻮﻥ ﳊﻤﻠﺔ ﺍﻷﺳﻬﻢ ﺍﳌﻤﺘﺎﺯﺓ ﺍﳊﻖ ﺍﻟﺪﺍﺋﻢ ﰲ ﺍﻟﺘﺼﻮﻳﺖ)‪.(2‬‬

‫ﻭ ﺍﻷﺻﻞ ﰲ ﺍﻷﺳﻬﻢ ﺍﳌﻤﺘﺎﺯﺓ ﺃﻥ ﺗﻜﻮﻥ ﺗﺮﺍﻛﻤﻴﺔ ﲟﻌﲎ ﺃﻧﻪ ﰲ ﺣﺎﻟﺔ ﻋﺪﻡ ﺗﺴﺪﻳﺪ ﺍﻟﺘﻮﺯﻳﻌﺎﺕ ﺍﻟﺪﻭﺭﻳﺔ ﻓﺈ‪‬ﺎ‬
‫ﺗﺘﺮﺍﻛﻢ ﻭ ﻳﺘﻌﲔ ﺳﺪﺍﺩﻫﺎ ﻛﺎﻣﻠﺔ ﻗﺒﻞ ﺇﺟﺮﺍﺀ ﺃﻱ ﺗﻮﺯﻳﻌﺎﺕ ﻋﻠﻰ ﲪﻠﺔ ﺍﻷﺳﻬﻢ ﺍﻟﻌﺎﺩﻳﺔ‪.‬‬
‫‪ -3‬ﺍﻷﺭﺑﺎﺡ ﺍﶈﺘﺠﺰﺓ‬
‫ﺗﻌﺘﱪ ﺍﻷﺭﺑﺎﺡ ﺍﶈﺘﺠﺰﺓ ﺃﺣﺪ ﺍﳌﺼﺎﺩﺭ ﺍﳍﺎﻣﺔ ﻟﻠﺘﻤﻮﻳﻞ ﺍﻟﺬﺍﰐ ﺍﻟﱵ ﺗﻠﺠﺄ ﺇﻟﻴﻪ ﺍﳌﻨﺸﺄﺓ ﻟﺘﻐﻄﻴﺔ ﺍﺣﺘﻴﺎﺟﺎ‪‬ﺎ ﻃﻮﻳﻠﺔ‬
‫ﺍﻷﺟﻞ ﻭ ﲤﺜﻞ ﺍﻷﺭﺑﺎﺡ ﺍﶈﺘﺠﺰﺓ ﺍﻟﺮﺻﻴﺪ ﺍﻟﺘﺮﺍﻛﻤﻲ ﻟﺬﻟﻚ ﺍﳉﺰﺀ ﻣﻦ ﺍﻷﺭﺑﺎﺡ ﺍﻟﺴﻨﻮﻳﺔ ﺍﻟﺬﻱ ﱂ ﻳﺘﻢ ﺗﻮﺯﻳﻌﻪ ﻋﻠﻰ‬
‫ﻣﻼﻙ ﺍﻟﺸﺮﻛﺔ‪ .‬ﺃﻭﱂ ﻳﺘﻢ ﲡﻨﻴﺒﻪ ﻛﺎﺣﺘﻴﺎﻃﺎﺕ ﻟﻠﺸﺮﻛﺔ ﻭ ﺗﺴﺘﺨﺪﻡ ﺍﻟﺸﺮﻛﺔ ﺍﻷﺭﺑﺎﺡ ﺍﶈﺘﺠﺰﺓ ﻟﺘﻤﻮﻳﻞ ﻋﻤﻠﻴﺎﺕ ﺍﻟﻨﻤﻮ‬
‫ﻭ ﺍﻟﺘﻮﺳﻊ ﰲ ﺃﻧﺸﻄﺘﻬﺎ)‪.(3‬‬
‫ﻛﻤﺎ ﺗﺴﺘﺨﺪﻣﻬﺎ ﺃﻳﻀﺎ ﻹﺟﺮﺍﺀ ﺃﻱ ﺗﻮﺯﻳﻌﺎﺕ ﻋﻠﻰ ﺍﳌﺴﺎﳘﲔ ﰲ ﺍﻷﺣﻮﺍﻝ ﺍﻟﱵ ﻻ ﻳﺘﻢ ﻓﻴﻬﺎ ﲢﻘﻴﻖ ﺍﻷﺭﺑﺎﺡ ﺃﻭ‬
‫ﻳﺘﻢ ﻓﻴﻬﺎ ﲢﻘﻴﻖ ﺧﺴﺎﺋﺮ‪ .‬ﻭ ﺗﻌﻤﻞ ﺍﻷﺭﺑﺎﺡ ﺍﶈﺘﺠﺰﺓ ﻋﻠﻰ ﺩﻋﻢ ﻭ ﺗﻘﻮﻳﺔ ﺍﳌﺮﻛﺰ ﺍﳌﺎﱄ ﻟﻠﺸﺮﻛﺔ‪ ،‬ﺣﻴﺚ ﺗﺮﻓﻊ ﻣﻦ ﻧﺴﺒﺔ‬
‫ﺣﻘﻮﻕ ﺍﳌﻠﻜﻴﺔ ﺇﱃ ﺍﻻﻗﺘﺮﺍﺽ ﺑﺸﻜﻞ ﻳﺆﺩﻱ ﺇﱃ ﺭﻓﻊ ﺍﻟﻘﺪﺭﺓ ﺍﻻﻓﺘﺮﺍﺿﻴﺔ ﻟﻠﺸﺮﻛﺔ‪.‬‬
‫ﻭ ﺗﺆﺩﻱ ﺍﻟﺰﻳﺎﺩﺓ ﰲ ﺍﻷﺭﺑﺎﺡ ﺍﶈﺘﺠﺰﺓ ﺇﱃ ﺯﻳﺎﺩﺓ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺮﺃﲰﺎﻟﻴﺔ ﻟﻠﺸﺮﻛﺔ‪ ،‬ﻭ ﻣﻦ ﰒ ﺍﻟﻘﻴﻤﺔ ﺍﳌﺘﻮﻗﻌﺔ ﻷﺳﻬﻤﻬﺎ‬
‫ﺍﻷﻣﺮ ﺍﻟﺬﻱ ﻳﺆﺩﻱ ﺇﱃ ﲢﻘﻴﻖ ﺃﺭﺑﺎﺡ ﺭﺃﲰﺎﻟﻴﺔ ﻟﻠﺸﺮﻛﺔ ‪ .‬ﻭ ﲣﻀﻊ ﺍﻷﺭﺑﺎﺡ ﺍﶈﺘﺠﺰﺓ ﻣﺜﻠﻬﺎ ﻣﺜﻞ ﺍﻷﺭﺑﺎﺡ ﺍﳌﻮﺯﻋﺔ‬
‫ﻟﻠﻀﺮﻳﺒﺔ ﻋﻠﻰ ﺩﺧﻞ ﺍﻟﺸﺮﻛﺎﺕ‪ .‬ﻏﻼ ﺃﻥ ﺍﻷﺭﺑﺎﺡ ﺍﻟﺮﺃﲰﺎﻟﻴﺔ ﺍﻟﻨﺎﲨﺔ ﻋﻨﻬﺎ ﻻ ﲣﻀﻊ ﻟﻠﻀﺮﻳﺒﺔ ﻋﻠﻰ ﺍﳌﺴﺘﻮﻯ ﺍﻟﺸﺨﺼﻲ‬

‫)‪ (1‬ﳏﻤﺪ ﺻﺎﱀ ﺍﳊﻨﺎﻭﻱ‪ :‬ﻣﺮﺟﻊ ﺳﺎﺑﻖ‪ ،‬ﺹ ‪.336‬‬

‫)‪ (2‬ﻧﻔﺲ ﺍﳌﺮﺟﻊ‪ ،‬ﺹ ‪.337‬‬
‫)‪ (3‬ﻋﺎﻃﻒ ﻭﻟﻴﻢ ﺃﻧﺪﺭﺍﻭﺱ‪ :‬ﻣﺮﺟﻊ ﺳﺎﺑﻖ‪ ،‬ﺹ ‪378‬‬

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 ‫دور اﻟﻮﻇﻴﻔﺔ اﻟﻤﺎﻟﻴﺔ ﻓﻲ اﻟﻤﺆﺳﺴﺔ اﻻﻗﺘﺼﺎدﻳﺔ‬ ‫اﻟﻔﺼﻞ اﻟﺜﺎﻧﻲ‪:‬‬

‫ﺇﻻ ﻋﻨﺪ ﲢﻘﻘﻬﺎ ‪ ،‬ﻭ ﺗﺒﻌﺎ ﻟﺬﻟﻚ‪ ،‬ﻓﻬﻲ ﺗﻌﻤﻞ ﻋﻠﻰ ﺗﺄﺟﻴﻞ ﺍﻻﻟﺘﺰﺍﻡ ﺍﻟﻀﺮﻳﱯ ﺍﻟﺸﺨﺼﻲ ﺣﱴ ﻳﺘﺤﻘﻖ ﻣﻦ ﻭﺭﺍﺋﻬﺎ‬
‫ﺃﺭﺑﺎﺣﺎ)‪.(1‬‬
‫‪ -4‬ﺍﻻﺣﺘﻴﺎﻃﺎﺕ‬
‫ﲤﺜﻞ ﺍﻻﺣﺘﻴﺎﻃﺎﺕ ﻣﺒﺎﻟﻎ ﻳﺘﻢ ﲡﻨﻴﺒﻬﺎ ﻣﻦ ﺍﻷﺭﺑﺎﺡ ﺍﶈﻘﻘﺔ ﻟﺘﺪﻋﻴﻢ ﺍﳌﺮﻛﺰ ﺍﳌﺎﱄ ﻟﻠﻤﻨﺸﺄﺓ ﺃﻭ ﳌﻮﺍﺟﻬﺔ ﺧﺴﺎﺋﺮ‬
‫ﳏﺘﻤﻠﺔ ﺍﻟﻮﻗﻮﻉ‪ .‬ﻭ ﻳﺘﻮﻗﻒ ﺗﻜﻮﻳﻦ ﺍﻻﺣﺘﻴﺎﻃﺎﺕ ﻋﻠﻰ ﻧﺘﻴﺠﺔ ﺃﻋﻤﺎﻝ ﺍﳌﻨﺸﺄﺓ ﻭ ﲢﻘﻴﻘﻴﻬﺎ ﻷﺭﺑﺎﺡ ﺫﻟﻚ ﺃﻥ ﺍﻻﺣﺘﻴﺎﻃﻲ‬
‫ﺟﺰﺀ ﻣﻦ ﺍﻷﺭﺑﺎﺡ ﺍﻟﻘﺎﺑﻠﺔ ﻟﻠﺘﻮﺯﻳﻊ ﺗﻘﺎﺑﻠﻪ ‪ -‬ﺯﻳﺎﺩﺓ ﰲ ﺍﻷﺻﻮﻝ – ﻳﺪﺧﻞ ﺿﻤﻦ ﺣﻘﻮﻕ ﻣﻼﻙ ﺍﳌﻨﺸﺄﺓ‪ .‬ﻭ ﻳﺘﻢ ﺣﺠﺰ‬
‫ﺍﻻﺣﺘﻴﺎﻃﺎﺕ ﺇﻣﺎ ﲟﻘﺘﻀﻰ ﺍﻟﻘﺎﻧﻮﻥ‪ ،‬ﻭ ﺍﻻﺣﺘﻴﺎﻃﻲ ﺍﻟﻨﻈﺎﻣﻲ ﻭ ﺍﺣﺘﻴﺎﻃﻲ ﺷﺮﺍﺀ ﺳﻨﺪﺍﺕ ﺣﻜﻮﻣﻴﺔ ﺃﻭ ﻗﺪ ﻳﻜﻮﻥ ﺗﻜﻮﻳﻦ‬
‫ﺍﻻﺣﺘﻴﺎﻃﺎﺕ ﺑﻘﺮﺍﺭﺍﺕ ﺻﺎﺩﺭﺓ ﻣﻦ ﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ ﻭ ﲟﻮﺍﻓﻘﺔ ﺍﳉﻤﻌﻴﺔ ﺍﻟﻌﻤﻮﻣﻴﺔ ﻟﻠﺸﺮﻛﺔ ﻛﺎﺣﺘﻴﺎﻃﺎﺕ ﺍﻟﺘﻮﺳﻌﺎﺕ‬
‫ﻭﺍﻟﺘﺠﺪﻳﺪﺍﺕ‪.‬‬
‫ﺛﺎﻧﻴﺎ‪ -‬ﺍﻻﻗﺘﺮﺍﺽ ﻃﻮﻳﻞ ﺍﻷﺟﻞ‬
‫ﻳﺮﺗﺐ ﺍﻻﻗﺘﺮﺍﺽ ﻃﻮﻳﻞ ﺍﻷﺟﻞ ﻋﺐﺀ ﻣﺪﻳﻮﻧﻴﺔ ﻋﻠﻰ ﺍﳌﻨﺸﺄﺓ ﻳﺘﻌﲔ ﺍﻟﻮﻓﺎﺀ ﺑﻪ ﰲ ﺗﺎﺭﻳﺦ ﻻﺣﻖ‪ .‬ﻭﻳﺄﺧﺬ‬
‫ﺍﻻﻗﺘﺮﺍﺽ ﻃﻮﻳﻞ ﺍﻷﺟﻞ ﺷﻜﻠﲔ ﺃﺳﺎﺳﻴﲔ ﳘﺎ‪ :‬ﺍﻟﺴﻨﺪﺍﺕ ﻭ ﺍﻟﻘﺮﻭﺽ ﻃﻮﻳﻠﺔ ﺍﻷﺟﻞ‪.‬‬
‫‪ -1‬ﺍﻟﺴﻨﺪﺍﺕ‪:‬‬
‫ﲤﺜﻞ ﺍﻟﺴﻨﺪﺍﺕ ﺻﻜﻮﻛﺎ ﻗﺎﺑﻠﺔ ﻟﻠﺘﺪﺍﻭﻝ ﻳﻌﺘﱪ ﺣﺎﻣﻠﻬﺎ ﺩﺍﺋﻨﺎ ﰲ ﻣﻮﺍﺟﻬﺔ ﺍﳌﺆﺳﺴﺔ ﺍﳌﺼﺪﺭﺓ ﻭ ﻟﻪ ﺍﳊﻖ ﰲ‬
‫ﺍﳊﺼﻮﻝ ﻋﻠﻰ ﺩﺧﻞ ﺛﺎﺑﺖ ﻳﺪﻓﻊ ﺳﻨﻮﻳﺎ ﺃﻭ ﻛﻞ ﻧﺼﻒ ﺳﻨﺔ ﺩﻭﻥ ﺍﻟﻨﻈﺮ ﻟﻠﺪﺧﻞ ﺍﻟﺬﻱ ﲢﻘﻘﻪ ﺍﻟﺸﺮﻛﺔ ﻭﺍﳌﻨﺸﺄﺓ ﺃﻭ‬
‫ﺫﻟﻚ ﺇﱃ ﺟﺎﻧﺐ ﺇﻋﺎﺩﺓ ﺃﺻﻞ ﺍﻟﺴﻨﺪﺍﺕ ﻭ ﺗﺮﺗﺐ ﺍﻟﺴﻨﺪﺍﺕ ﳊﺎﻣﻠﻬﺎ ﺑﻌﺾ ﺍﳊﻘﻮﻕ ﺃﳘﻬﺎ‪:‬‬
‫‪ −‬ﳊﻤﻠﺔ ﺍﻟﺴﻨﺪﺍﺕ ﺍﳊﻖ ﰲ ﺍﳊﺼﻮﻝ ﻋﻠﻰ ﺍﻟﻔﻮﺍﺋﺪ ﻗﺒﻞ ﺩﻓﻊ ﺃﻱ ﺗﻮﺯﻳﻌﺎﺕ ﳊﻤﻠﺔ ﺍﻷﺳﻬﻢ ﺍﳌﻤﺘﺎﺯﺓ ﻭ ﺍﻷﺳﻬﻢ‬
‫ﺍﻟﻌﺎﺩﻳﺔ‪.‬‬
‫‪ −‬ﳊﻤﻠﺔ ﺍﻟﺴﻨﺪﺍﺕ ﺣﻖ ﺍﻷﻭﻟﻴﺔ ﰲ ﺍﳊﺼﻮﻝ ﻋﻠﻰ ﻛﺎﻓﺔ ﺣﻘﻮﻗﻬﻢ ﰲ ﺣﺎﻟﺔ ﺗﺼﻔﻴﺔ ﺍﻟﺸﺮﻛﺔ)‪.(2‬‬
‫‪ −‬ﺗﺄﺳﻴﺴﺎ ﻋﻠﻰ ﺍﳌﻴﺰﺗﲔ ﺍﻟﺴﺎﺑﻘﺘﲔ ﺗﺘﺼﻒ ﺍﻟﺴﻨﺪﺍﺕ ﺑﺎﳔﻔﺎﺽ ﺩﺭﺟﺔ ﺍﳌﺨﺎﻃﺮ ﺍﻟﱵ ﻳﺘﺤﻤﻠﻬﺎ ﺣﺎﺋﺰﻳﻬﺎ ﻣﻘﺎﺭﻧﺔ‬
‫ﺑﺎﳌﺨﺎﻃﺮ ﺍﻟﱵ ﻳﺘﺤﻤﻠﻬﺎ ﲪﻠﺔ ﺍﻷﺳﻬﻢ ﺍﻟﻌﺎﺩﻳﺔ ﻭ ﺍﻷﺳﻬﻢ ﺍﳌﻤﺘﺎﺯﺓ‪.‬‬

‫ﻭ ﰲ ﻣﻮﺍﺟﻬﺔ ﺍﳌﺰﺍﻳﺎ ﺍﻟﱵ ﳛﺼﻞ ﻋﻠﻴﻬﺎ ﲪﻠﺔ ﺍﻟﺴﻨﺪﺍﺕ ﰒ ﻋﻴﻮﺏ ﺗﻮﺍﺟﻪ ﲪﻠﺔ ﺍﻟﺴﻨﺪﺍﺕ ﻟﻌﻞ ﺃﳘﻬﺎ‪:‬‬
‫‪ −‬ﻟﻴﺲ ﳊﻤﻠﺔ ﻟﺴﻨﺪﺍﺕ ﺍﳊﻖ ﰲ ﺣﻀﻮﺭ ﺍﳉﻤﻌﻴﺎﺕ ﺍﻟﻌﻤﻮﻣﻴﺔ‪.‬‬
‫‪ −‬ﻟﻴﺲ ﳊﻤﻠﺔ ﺍﻟﺴﻨﺪﺍﺕ ﺣﻖ ﺍﻟﺘﺼﻮﻳﺖ ﺩﺍﺧﻞ ﺍﳉﻤﻌﻴﺎﺕ ﺍﻟﻌﻤﻮﻣﻴﺔ‪.‬‬
‫‪ −‬ﻟﻴﺲ ﳊﻤﻠﺔ ﺍﻟﺴﻨﺪﺍﺕ ﺍﳊﻖ ﰲ ﺍﻟﺘﺪﺧﻞ ﻭﰲ ﺇﺩﺍﺭﺓ ﺍﻟﺸﺮﻛﺔ‪.‬‬

‫)‪ (1‬ﻧﻔﺲ ﺍﳌﺮﺟﻊ‪.‬ﺹ‪.379‬‬

‫)‪ (2‬ﻋﺎﻃﻒ ﻭﻟﻴﻢ ﺃﻧﺪﺭﺍﻭﺱ‪ :‬ﻣﺮﺟﻊ ﺳﺎﺑﻖ ﺹ ‪.380‬‬

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 ‫دور اﻟﻮﻇﻴﻔﺔ اﻟﻤﺎﻟﻴﺔ ﻓﻲ اﻟﻤﺆﺳﺴﺔ اﻻﻗﺘﺼﺎدﻳﺔ‬ ‫اﻟﻔﺼﻞ اﻟﺜﺎﻧﻲ‪:‬‬

‫‪ −‬ﻏﺎﻟﺒﺎ ﻣﺎ ﺗﻜﻮﻥ ﻓﻮﺍﺋﺪ ﺍﻟﺴﻨﺪﺍﺕ ﺛﺎﺑﺘﺔ‪ ،‬ﺍﻷﻣﺮ ﺍﻟﺬﻱ ﻗﺪ ﻳﻌﺮﺽ ﻫﺬﻩ ﺍﻟﻔﻮﺍﺋﺪ ﻟﻠﺘﺂﻛﻞ ﺑﻔﻌﻞ ﻣﻌﺪﻻﺕ‬
‫ﺍﻟﺘﻀﺨﻢ ﺍﳌﺘﺰﺍﻳﺪﺓ ﳑﺎ ﺃﺩﻯ ﺇﱃ ﻇﻬﻮﺭ ﺃﻧﻮﺍﻉ ﻣﻦ ﺍﻟﺴﻨﺪﺍﺕ ﺫﹼﺍﺕ ﺃﺳﻌﺎﺭ ﻓﺎﺋﺪﺓ ﻣﺘﻐﲑﺓ ﺗﺄﺧﺬ ﰲ ﺣﺴﺒﺎ‪‬ﺎ‬
‫ﺍﻟﺘﻐﲑﺍﺕ ﰲ ﻣﻌﺪﻻﺕ ﺍﻟﺘﻀﺨﻢ ﻭ ﺃﺳﻌﺎﺭ ﺍﻟﻔﺎﺋﺪﺓ ﺍﻟﺴﻮﻗﻴﺔ)‪.(1‬‬
‫‪ -2‬ﺍﻟﻘﺮﻭﺽ ﻃﻮﻳﻠﺔ ﺍﻷﺟﻞ‬
‫ﲢﺼﻞ ﺍﳌﻨﺸﺄﺓ ﻋﻠﻰ ﻗﺮﻭﺽ ﻃﻮﻳﻠﺔ ﺍﻷﺟﻞ ﻣﻦ ﺍﳌﺆﺳﺴﺎﺕ ﻛﺎﳌﺼﺎﺭﻑ ﻭ ﺷﺮﻛﺎﺕ ﺍﻟﺘﺄﻣﲔ ﺃﻭ ﻣﻦ ﻣﺆﺳﺴﺎﺕ‬
‫ﺧﺎﺭﺟﻴﺔ‪ .‬ﻭ ﲞﻼﻑ ﺍﻟﺴﻨﺪﺍﺕ‪ ،‬ﲤﺜﻞ ﺍﻟﻘﺮﻭﺽ ﻭﺳﻴﻠﺔ ﻋﻦ ﻃﺮﻳﻖ ﺍﻟﺘﻔﺎﻭﺽ ﺍﳌﺒﺎﺷﺮ ﻳﺘﻢ ﺧﻼﳍﺎ ﺍﻧﺘﻘﺎﻝ ﺍﻷﻣﻮﺍﻝ ﻣﻦ‬
‫ﺍﳌﻘﺮﺽ ﺇﱃ ﺍﳌﻘﺘﺮﺽ ﻭﻓﻘﺎ ﻟﺸﺮﻭﻁ ﳏﺪﺩﺓ ﺑﺎﻟﻌﻘﺪ ﺍﳌﱪﻡ ﺑﻴﻨﻬﻤﺎ‪ .‬ﻭ ﻳﺘﻀﻤﻦ ﻋﻘﺪ ﺍﻟﻘﺮﺽ ﺷﺮﻭﻃﺎ ﺗﺘﻌﻠﻖ ﺑﺎﳉﻮﺍﻧﺐ‬
‫ﺍﻟﺘﺎﻟﻴﺔ‪:‬‬
‫‪ −‬ﻗﻴﻤﺔ ﺍﻟﻘﺮﺽ ﻭ ﻣﻌﺪﻝ ﺍﻟﻔﺎﺋﺪﺓ ﺍﳌﺴﺘﺤﻖ ﻋﻠﻴﻪ ﻭ ﺗﺎﺭﻳﺦ ﺍﺳﺘﺤﻘﺎﻗﻪ‪.‬‬
‫‪ −‬ﺍﻟﺮﻫﻮﻧﺎﺕ ﺍﳌﺮﺗﺒﻄﺔ ﺑﺎﻟﻘﺮﺽ‪.‬‬
‫‪ −‬ﻓﺘﺮﺓ ﺍﻟﺴﻤﺎﺡ ﺍﳌﺮﺗﺒﻄﺔ ﺑﺎﻟﻘﺮﺽ ﻭﺍﳉﺪﻭﻝ ﺍﻟﺰﻣﲏ ﻟﺴﺪﺍﺩ ﺃﻋﺒﺎﺀ ﺍﻟﻘﺮﺽ‪.‬‬
‫‪ −‬ﺃﻭﺟﻪ ﺍﻻﺳﺘﺨﺪﺍﻡ ﺍﻟﱵ ﳜﺼﺺ ﳍﺎ ﺍﻟﻘﺮﺽ‪.‬‬
‫ﻭ ﻳﺘﻢ ﺳﺪﺍﺩ ﺍﻟﻔﻮﺍﺋﺪ ﺑﺸﻜﻞ ﺩﻭﺭﻱ‪ ،‬ﻓﻴﻤﺎ ﻳﺘﻢ ﺍﺳﺘﻬﻼﻙ ﺍﻟﻘﺮﺽ ﻋﻠﻰ ﺃﻗﺴﺎﻁ ﻣﺘﺴﺎﻭﻳﺔ ﰲ ﺗﻮﺍﺭﻳﺦ ﻣﻌﻴﻨﺔ ﺃﻭ‬
‫ﻗﺪ ﻳﺘﻢ ﺳﺪﺍﺩﻩ ﻣﺮﺓ ﻭﺍﺣﺪﺓ ﰲ ﺗﺎﺭﻳﺦ ﺍﺳﺘﺤﻘﺎﻕ ﻣﺘﻔﻖ ﻋﻠﻴﻪ‪ .‬ﻭ ﻻ ﲣﺘﻠﻒ ﺍﻵﺛﺎﺭ ﻭ ﺍﳌﺰﺍﻳﺎ ﻭ ﻋﻴﻮﺏ ﺍﻟﻘﺮﻭﺽ ﻃﻮﻳﻠﺔ‬
‫ﺍﻷﺟﻞ ﻋﻦ ﺍﻟﺴﻨﺪﺍﺕ‪ ،‬ﻓﻜﻼﳘﺎ ﻣﺼﺪﺭ ﺧﺎﺭﺟﻲ ﻟﻠﺘﻤﻮﻳﻞ ﻃﻮﻳﻞ ﺍﻷﺟﻞ ﺑﺎﻟﻨﺴﺒﺔ ﻟﻠﻤﻨﺸﺄﺓ‪ .‬ﻏﲑ ﺃﻥ ﺍﻟﺴﻨﺪﺍﺕ ﺗﺘﻤﻴﺰ‬
‫ﺑﺈﻣﻜﺎﻧﻴﺔ ﺍﺳﺘﺪﻋﺎﺋﻬﺎ ﰲ ﺣﺎﻟﺔ ﺍﳔﻔﺎﺽ ﺃﺳﻌﺎﺭ ﺍﻟﻔﺎﺋﺪﺓ‪ ،‬ﺑﻴﻨﻤﺎ ﺗﺘﻤﻴﺰ ﺍﻟﻘﺮﻭﺽ ﺑﺎﻟﺴﺮﻋﺔ ﻭ ﺍﳌﺮﻭﻧﺔ ﺑﺎﻋﺘﺒﺎﺭﻫﺎ ﻧﺘﺎﺝ‬
‫ﳌﻔﺎﻭﺿﺎﺕ ﻣﺒﺎﺷﺮﺓ ﺩﻭﻥ ﺃﻱ ﻭﺳﻴﻂ ﺑﲔ ﺍﳌﻘﺮﺽ ﻭ ﺍﳌﻘﺘﺮﺽ ﻭﺗﺒﻌﺎ ﻟﺬﻟﻚ ﺗﺘﺼﻒ ﺇﺟﺮﺍﺀﺍ‪‬ﺎ ﺑﺎﻟﺴﻬﻮﻟﺔ ﻭﺍﻟﺒﺴﺎﻃﺔ‬
‫ﺍﻟﻨﺴﺒﻴﺔ ﲟﺎ ﳝﻜﻦ ﺍﳌﺸﺮﻭﻉ ﻣﻦ ﺍﳊﺼﻮﻝ ﻋﻠﻰ ﺍﺣﺘﻴﺎﺟﺎﺗﻪ ﺑﺴﺮﻋﺔ‪ .‬ﻭ ﺗﺘﻴﺢ ﻫﺬﻩ ﺍﳋﺎﺻﻴﺔ ﺇﻣﻜﺎﻧﻴﺔ ﺗﻐﻴﲑ ﺑﻨﻮﺩ ﺍﻟﻌﻘﺪ ﻋﻦ‬
‫ﻃﺮﻳﻖ ﻣﺒﺎﺷﺮ ﰲ ﺣﺎﻟﺔ ﺣﺪﻭﺙ ﺗﻐﲑﺍﺕ ﰲ ﺍﻟﻈﺮﻭﻑ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﺗﺴﺘﺪﻋﻲ ﺗﻐﲑ ﻫﺬﻩ ﺍﻟﺸﺮﻭﻁ‪ ،‬ﺍﻷﻣﺮ ﺍﻟﺬﻱ ﻳﺼﻌﺐ‬
‫ﲢﻘﻴﻘﻪ ﻣﻊ ﺍﳌﺼﺎﺩﺭ ﺍﻷﺧﺮﻯ ﻟﻠﺘﻤﻮﻳﻞ ﻃﻮﻳﻞ ﺍﻷﺟﻞ)‪.(2‬‬

‫ﺍﳌﻄﻠﺐ ﺍﻟﺮﺍﺑﻊ‪ :‬ﺍﳋﺼﺎﺋﺺ ﺍﳌﻤﻴﺰﺓ ﳌﺼﺎﺩﺭ ﺍﻟﺘﻤﻮﻳﻞ‬

‫ﻣﻦ ﺍﻟﻀﺮﻭﺭﻱ ﺩﺭﺍﺳﺔ ﺍﳋﺼﺎﺋﺺ ﺍﻟﺮﺋﻴﺴﻴﺔ ﺍﳌﻤﻴﺰﺓ ﳌﺼﺎﺩﺭ ﺍﻟﺘﻤﻮﻳﻞ‪ .‬ﻭ ﺗﻨﺤﺼﺮ ﻫﺬﻩ ﺍﳋﺼﺎﺋﺺ ﺣﻮﻝ ﺃﺭﺑﻌﺔ‬
‫) ‪(3‬‬
‫ﻧﻘﺎﻁ ﻫﻲ‪ :‬ﻣﻴﻌﺎﺩ ﺍﻻﺳﺘﺤﻘﺎﻕ‪ ،‬ﺍﻟﻌﺎﺋﺪ‪ ،‬ﺍﳌﻮﺟﻮﺩﺍﺕ‪ ،‬ﺍﻹﺩﺍﺭﺓ‬

‫)‪ (1‬ﻧﻔﺲ ﺍﳌﺮﺟﻊ‪ ،‬ﺹ‪.387‬‬

‫)‪ (2‬ﻋﺎﻃﻒ ﻭﻟﻴﻢ ﺍﻧﺪﺭﺍﻭﺱ‪ :‬ﻣﺮﺟﻊ ﺳﺎﺑﻖ ﺹ ‪.387‬‬
‫)‪ (3‬ﲪﺰﺓ ﳏﻤﻮﺩ ﺍﻟﺰﺑﻴﺪﻱ‪.‬ﺃﺳﺎﺳﻴﺎﺕ ﺍﻹﺩﺍﺭﺓ ﺍﳌﺎﻟﻴﺔ‪ .‬ﻧﻔﺲ ﺍﳌﺮﺟﻊ‪ ،‬ﺹ ‪.317‬‬

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 ‫دور اﻟﻮﻇﻴﻔﺔ اﻟﻤﺎﻟﻴﺔ ﻓﻲ اﻟﻤﺆﺳﺴﺔ اﻻﻗﺘﺼﺎدﻳﺔ‬ ‫اﻟﻔﺼﻞ اﻟﺜﺎﻧﻲ‪:‬‬

‫‪ -1‬ﺍﻻﺳﺘﺤﻘﺎﻕ‪:‬‬
‫ﺗﺘﻤﻴﺰ ﻣﺼﺎﺩﺭ ﺍﻟﺘﻤﻮﻳﻞ ﺍﳌﻤﺘﻠﻜﺔ ﺑﻌﺪﻡ ﻭﺟﻮﺩ ﺗﺎﺭﻳﺦ ﻣﻌﲔ ﻻﺳﺘﺮﺩﺍﺩﻫﺎ ﻣﻦ ﻗﺒﻞ ﺍﻟﺸﺮﻛﺔ‪ .‬ﻓﻬﻲ ﺍﺳﺘﺜﻤﺎﺭ ﺩﺍﺋﻢ‬
‫ﰲ ﺍﻟﺸﺮﻛﺔ ﺧﻼﻝ ﻓﺘﺮﺓ ﺣﻴﺎ‪‬ﺎ‪ .‬ﻭ ﻟﻜﻦ ﻫﺬﺍ ﻻ ﻳﻌﲏ ﺑﺄﻥ ﻫﺬﺍ ﺍﻻﺳﺘﺜﻤﺎﺭ ﻳﺄﺧﺬ ﺻﻔﺘﻪ ﺍﻟﺪﺍﺋﻤﺔ ﺍ‪‬ﺮﺩﺓ‪ .‬ﺇﺫ ﻳﺘﻤﻜﻦ‬
‫ﺍﳌﻤﺘﻠﻚ ﻣﻦ ﺍﺳﺘﺮﺩﺍﺩ ﺃﻣﻮﺍﻟﻪ ﻋﻦ ﻃﺮﻳﻖ ﺗﺼﻔﻴﺔ ﺍﻟﺸﺮﻛﺔ ﺃﻭ ﺑﻴﻊ ﺣﺼﺘﻪ ﻓﻴﻬﺎ‪ ،‬ﺃﻣﺎ ﻣﺼﺪﺭ ﺍﻟﺘﻤﻮﻳﻞ ﺍﳌﻘﺘﺮﺿﺔ ﻓﻠﻬﺎ ﺗﺎﺭﻳﺦ‬
‫ﺳﺪﺍﺩ ﻣﻌﲔ ﻣﺘﻔﻖ ﻋﻠﻴﻪ ﻣﻊ ﺍﳌﻘﺘﺮﺿﲔ ﻭ ﳜﺘﻠﻒ ﺑﺎﺧﺘﻼﻑ ﻧﻮﻋﻴﺔ ﺍﻟﻘﺮﺽ ﻭ ﰲ ﺣﺎﻟﺔ ﻋﺪﻡ ﺍﻟﺘﺴﺪﻳﺪ ﰲ ﺍﻟﺘﺎﺭﻳﺦ‬
‫ﺍﶈﺪﺩ‪ ،‬ﻓﻘﺪ ﻳﺴﺘﻮﱄ ﺍﳌﻘﺮﺿﻮﻥ ﻋﻠﻰ ﺍﻟﺸﺮﻛﺔ ﺃﻭ ﳚﱪﻭ‪‬ﺎ ﻋﻠﻰ ﺍﻟﺘﺼﻔﻴﺔ‪.‬‬
‫‪ -2‬ﺍﻟﻌﺎﺋﺪ‪:‬‬
‫ﻫﻨﺎﻙ ﺛﻼﺙ ﻣﻈﺎﻫﺮ ﲤﻴﺰ ﺍﻻﻗﺘﺮﺍﺽ ﻋﻦ ﺍﳌﻠﻜﻴﺔ ﻫﻲ ﺍﻷﻭﻟﻮﻳﺔ ﻭ ﺍﻟﺘﺄﻛﺪ ﻭ ﺍﳌﻘﺪﺍﺭ‪.‬‬
‫ﻓﺎﻷﻭﻟﻮﻳﺔ ﺗﻌﲏ ﺃﻥ ﺍﻟﺪﺍﺋﻨﲔ ﻳﺘﻤﺘﻌﻮﻥ ﺑﺎﻷﺳﺒﻘﻴﺔ ﻗﻴﺎﺳﺎ ﺑﺎﳌﻼﻙ ﻓﻴﻤﺎ ﲢﻘﻘﻪ ﺍﻟﺸﺮﻛﺔ ﻣﻦ ﺭﺑﺢ ‪ .‬ﻛﻤﺎ ﺃﻥ‬
‫ﺍﳌﻼﻙ ﻳﺘﻤﺘﻌﻮﻥ ﺑﺄﺳﺒﻘﻴﺔ ﻓﻴﻤﺎ ﺑﻴﻨﻬﻢ ﻓﻴﻤﺎ ﳜﺺ ﺃﺭﺑﺎﺡ ﺍﻟﺸﺮﻛﺔ ﺍﳌﺘﺤﻘﻘﺔ‪ .‬ﺇﺫ ﻳﺘﻮﻗﻒ ﺫﻟﻚ ﻋﻠﻰ ﻧﻮﻋﻴﺔ ﺍﻻﻣﺘﻴﺎﺯ ﺍﻟﺬﻱ‬
‫ﻳﺘﻤﺘﻊ ﺑﻪ ﻛﻞ ﻣﺎﻟﻚ‪.‬‬
‫ﺃﻣﺎ ﺍﻟﺘﺄﻛﺪ ﻓﺎﻧﻪ ﻳﻌﲏ ﺑﺄﻥ ﺗﻠﺘﺰﻡ ﺍﻟﺸﺮﻛﺔ ﺑﺪﻓﻊ ﻓﺎﺋﺪﺓ ﻋﻠﻰ ﺍﻟﻘﺮﻭﺽ ﻳﻌﺘﱪ ﻣﻦ ﺍﻻﻟﺘﺰﺍﻣﺎﺕ ﺍﻟﺜﺎﺑﺘﺔ ﺑﻐﺾ‬
‫ﺍﻟﻨﻈﺮ ﻋﻦ ﻣﺴﺘﻮﻯ ﺍﻷﺭﺑﺎﺡ ﺍﳌﺘﺤﻘﻘﺔ ﺑﻴﻨﻤﺎ ﳒﺪ ﺃﻥ ﻣﺎ ﻳﺪﻓﻊ ﺇﱃ ﺍﳌﺎﻟﻚ ﻳﻄﻠﻖ ﻋﻠﻴﻪ ﺍﺳﻢ ﻣﺴﺤﻮﺑﺎﺕ ﰲ ﺣﺎﻟﺔ ﺍﻟﺸﺮﻛﺔ‬
‫ﺍﻟﻔﺮﺩﻳﺔ ﻭ ﺷﺮﻛﺎﺕ ﺍﻷﺷﺨﺎﺹ‪ .‬ﻭ ﻳﺴﻤﻰ ﺗﻮﺯﻳﻌﺎﺕ ﰲ ﺣﺎﻟﺔ ﺍﻟﺸﺮﻛﺔ ﺍﳌﺴﺎﳘﺔ)‪.(1‬‬
‫ﻭ ﻓﻴﻤﺎ ﳜﺺ ﺍﳌﻘﺪﺍﺭ‪ ،‬ﻳﻌﲏ ﺑﺄﻥ ﺃﺻﺤﺎﺏ ﺍﻟﻘﺮﻭﺽ ﳛﺼﻠﻮﻥ ﻋﻠﻰ ﻓﺎﺋﺪﺓ ﺛﺎﺑﺘﺔ ﻣﺘﻔﻖ ﻋﻠﻴﻬﺎ ﺑﻐﺾ ﺍﻟﻨﻈﺮ ﻋﻦ‬
‫ﲢﻘﻖ ﺍﻟﺸﺮﻛﺔ ﻟﻸﺭﺑﺎﺡ ﺃﻭ ﲢﻤﻠﻬﺎ ﻟﻠﺨﺴﺎﺋﺮ‪ .‬ﺃﻣﺎ ﺍﳌﻼﻙ ﻓﻬﻢ ﳜﺘﻠﻔﻮﻥ ﲟﻘﺪﺍﺭ ﻣﺎ ﳛﺼﻠﻮﻥ ﻋﻠﻴﻪ ﻣﻦ ﺃﺭﺑﺎﺡ ﺍﻟﺸﺮﻛﺔ‪.‬‬
‫‪ -3‬ﺍﳌﻮﺟﻮﺩﺍﺕ‪:‬‬
‫ﺇﻥ ﺍﳍﺪﻑ ﻣﻦ ﺍﻻﺳﺘﺜﻤﺎﺭ ﻣﻦ ﻗﺒﻞ ﺍﳌﻘﺮﺿﲔ ﻫﻮ ﺍﳊﺼﻮﻝ ﻋﻠﻰ ﺍﻟﻔﻮﺍﺋﺪ ﻭ ﺍﻷﺭﺑﺎﺡ ﺑﺄﺷﻜﺎﳍﺎ ﺍﳌﺨﺘﻠﻔﺔ‪ .‬ﻭﻟﻴﺲ‬
‫ﺍﻟﻐﺮﺽ ﺍﳊﺼﻮﻝ ﻋﻠﻰ ﻣﻮﺟﻮﺩﺍﺕ ﺍﻟﺸﺮﻛﺔ ﻭ ﻟﻜﻦ ﻫﺬﺍ ﻻ ﳝﻨﻊ ﺃﻥ ﺗﺼﺒﺢ ﺍﳌﻮﺟﻮﺩﺍﺕ ﺫﺍﺕ ﺃﳘﻴﺔ ﰲ ﺣﺎﻟﺔ ﺗﻌﺮﺽ‬
‫ﺍﻟﺸﺮﻛﺔ ﺇﱃ ﻣﺘﺎﻋﺐ ﺗﻘﺘﻀﻲ ﺍﻟﺘﺼﻔﻴﺔ‪ .‬ﺃﳑﺎ ﺍﳌﻼﻙ ﻓﺈﻥ ﻣﻮﺟﻮﺩﺍﺕ ﺍﻟﺸﺮﻛﺔ ﺗﻌﺘﱪ ﺣﻘﻮﻗﻬﻢ ﺍﳋﺎﺻﺔ ﻳﺘﻘﺎﲰﻮ‪‬ﺎ ﻛﻞ‬
‫ﺣﺴﺐ ﻃﺒﻴﻌﺔ ﺍﻻﻣﺘﻴﺎﺯ ﺍﻟﺬﻱ ﳝﺘﻠﻜﻮﻧﻪ‪.‬‬
‫‪ -4‬ﺍﻹﺩﺍﺭﺓ‪:‬‬
‫ﻟﻴﺲ ﻟﻠﻤﻘﺮﺿﲔ ﺃﻱ ﺻﻮﺕ ﻣﺒﺎﺷﺮ ﰲ ﺇﺩﺍﺭﺓ ﺍﻟﺸﺮﻛﺔ ﺑﺎﻟﺮﻏﻢ ﻣﻦ ﺍﻣﺘﻼﻛﻬﻢ ﺷﺮﻭﻁ ﻣﻌﻴﻨﺔ ﰲ ﻋﻘﺪ‬
‫ﺍﻻﻗﺘﺮﺍﺽ‪ ،‬ﻓﻤﺜﻼ ﻗﺪ ﻳﺸﺘﺮﻁ ﺍﳌﺼﺮﻑ ﺍﻟﺪﺍﺋﻦ ﺃﻥ ﲢﺘﻔﻆ ﺍﻟﺸﺮﻛﺔ ﺑﻨﺴﺒﺔ ﺗﺪﺍﻭﻝ ﲝﺪﻭﺩ ﻣﻌﻴﻨﺔ ﺃﻭ ﲢﺘﻔﻆ ﺑﺮﺻﻴﺪ‬
‫ﻧﻘﺪﻱ ﻻ ﻳﻘﻞ ﻋﻦ ﻣﻘﺪﺍﺭ ﻣﻌﲔ‪.‬‬
‫ﻛﻤﺎ ﺃﻥ ﺍﳌﻼﻙ ﺃﺻﺤﺎﺏ ﺍﻻﻣﺘﻴﺎﺯﺍﺕ ﻻ ﻳﺸﺘﺮﻛﻮﻥ ﰲ ﺇﺩﺍﺭﺓ ﺍﻟﺸﺮﻛﺔ ﻭ ﻣﻦ ﰒ ﺗﺼﺒﺢ ﺍﻟﺸﺮﻛﺔ ﻣﻦ ﻣﺴﺆﻭﻟﻴﺔ‬
‫ﺍﳌﻼﻙ ﺍﻟﺒﺎﻗﲔ)‪.(2‬‬

‫)‪ (1‬ﲪﺰﺓ ﳏﻤﻮﺩ ﺍﻟﺰﺑﻴﺪﻱ‪ :‬ﻣﺮﺟﻊ ﺳﺎﺑﻖ ﺹ ‪.318‬‬

‫)‪ (2‬ﻧﻔﺲ ﺍﳌﺮﺟﻊ‪ ،‬ﺹ ‪.319‬‬

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 ‫دور اﻟﻮﻇﻴﻔﺔ اﻟﻤﺎﻟﻴﺔ ﻓﻲ اﻟﻤﺆﺳﺴﺔ اﻻﻗﺘﺼﺎدﻳﺔ‬ ‫اﻟﻔﺼﻞ اﻟﺜﺎﻧﻲ‪:‬‬

‫اﻟﻤﺒﺤﺚ اﻟﺜﺎﻟﺚ‪ :‬اﺗﺨﺎذ اﻟﻘﺮارات اﻟﻤﺎﻟﻴﺔ ﻓﻲ اﻟﻤﺆﺳﺴﺔ‬

‫ﺗﻌﺘﱪ ﻋﻤﻠﻴﺔ ﺍﲣﺎﺫ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺃﺳﺎﺳﻴﺔ ﻭ ﺩﻳﻨﺎﻣﻴﻜﻴﺔ ﺑﺎﻟﻨﺴﺒﺔ ﳌﻬﺎﻡ ﺍﳌﺪﻳﺮ ﰲ ﺃﻱ ﻣﺆﺳﺴﺔ ﻭ ﺫﻟﻚ ﺑﻮﺻﻔﻬﺎ ﻧﻘﻄﺔ‬
‫ﺍﻻﻧﻄﻼﻕ ﳉﻤﻴﻊ ﺍﻷﻧﺸﻄﺔ ﻭ ﺍﻟﱪﺍﻣﺞ ﺍﻟﱵ ﺗﺘﻢ ﺩﺍﺧﻞ ﺍﳌﺆﺳﺴﺔ‪ .‬ﺑﻞ ﻳﺘﻌﺪﻯ ﺫﻟﻚ ﺇﱃ ﻋﻼﻗﺔ ﺍﳌﺆﺳﺴﺔ ﺑﺎ‪‬ﺘﻤﻊ ﺃﻭ‬
‫ﺍﻟﺒﻴﺌﺔ ﺍﶈﻴﻄﺔ)‪.(1‬‬
‫ﻭ ﻧﻈﺮﺍ ﻷﻥ ﻋﻤﻠﻴﺔ ﺍﲣﺎﺫ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺃﺻﺒﺤﺖ ﻣﻌﻘﺪﺓ ﻭ ﲢﺘﺎﺝ ﺇﱃ ﻣﻌﺮﻓﺔ ﻭ ﻣﻌﻠﻮﻣﺎﺕ ﻭ ﻣﻬﺎﺭﺍﺕ ﺗﻘﺪﻳﺮ‬
‫ﺍﳌﻮﻗﻒ ‪ ،‬ﻓﻠﻘﺪ ﺃﺻﺒﺢ ﻣﻦ ﺍﻟﻀﺮﻭﺭﻱ ﺃﻥ ﻳﻬﺘﻢ ﲨﻴﻊ ﺍﳌﺪﻳﺮﻳﻦ ﻋﻠﻰ ﳐﺘﻠﻒ ﺍﳌﺴﺘﻮﻳﺎﺕ ﺍﻹﺩﺍﺭﻳﺔ ﰲ ﺍﳌﻨﻈﻤﺔ ﺑﺘﻨﻤﻴﺔ‬
‫ﻣﻬﺎﺭﺍ‪‬ﻢ ﰲ ﺣﻞ ﺍﳌﺸﺎﻛﻞ ﻭ ﻛﺬﻟﻚ ﺍﻻﺳﺘﺨﺪﺍﻡ ﺍﳌﻨﺎﺳﺐ ﻟﺘﻜﻨﻮﻟﻮﺟﻴﺎ ﻧﻈﻢ ﺍﳌﻌﻠﻮﻣﺎﺕ‪ .‬ﺣﻴﺚ ﻳﻠﻌﺐ ﺩﻭﺭﺍ ﻫﺎﻣﺎ‪،‬‬
‫ﻭ ﺣﺎﲰﺎ ﻣﻦ ﺧﻼﻝ ﻣﺎ ﻳﺘﻢ ﺗﻮﻓﲑﻩ ﻣﻦ ﻣﻌﻠﻮﻣﺎﺕ ﰲ ﺣﻞ ﻛﻞ ﺍﳌﺸﺎﻛﻞ ﻭ ﺍﲣﺎﺫ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺍﳌﺎﻟﻴﺔ)‪.(2‬‬

‫ﺍﳌﻄﻠﺐ ﺍﻷﻭﻝ‪ :‬ﺗﻌﺮﻳﻒ ﺍﻟﻘﺮﺍﺭﺍﺕ ﻭ ﺃﻧﻮﺍﻋﻬﺎ ﰲ ﺍﳌﺆﺳﺴﺔ‬

‫ƒ ﺍﻟﻔﺮﻉ ﺍﻷﻭﻝ‪ :‬ﺗﻌﺮﻳﻒ ﺍﻟﻘﺮﺍﺭ‬

‫ﻻ ﻳﻮﺟﺪ ﺍﺧﺘﻼﻑ ﻛﺒﲑ ﺑﲔ ﺍﻟﻜﺘﺎﺏ ﰲ ﺗﻌﺮﻳﻒ ﺍﻟﻘﺮﺍﺭ ﺍﻹﺩﺍﺭﻱ‪.‬‬
‫ﺣﻴﺚ ﻳﻌﺮﻑ ﻧﻴﺠﺮﻭ ﺍﻟﻘﺮﺍﺭ ﺍﻹﺩﺍﺭﻱ ﺑﺄﻧﻪ ﺍﻻﺧﺘﻴﺎﺭ ﺍﳌﺪﺭﻙ ﺑﲔ ﺍﻟﺒﺪﺍﺋﻞ ﺍﳌﺘﺎﺣﺔ ﰲ ﻣﻮﻗﻒ ﻣﻌﲔ)‪.(3‬‬
‫ﻭ ﻳﻌﺮﻓﻪ ﺑﻌﺾ ﻛﺘﺎﺏ ﺍﻹﺩﺍﺭﺓ ﺍﻟﻌﺮﺏ ﺑﺎﻩ ﻣﺴﺎﺭ ﻓﻌﺎﻝ ﳜﺘﺎﺭﻩ ﻣﺘﺨﺬ ﺍﻟﻘﺮﺍﺭ ﺑﺎﻋﺘﺒﺎﺭﻩ ﺃﻧﺴﺐ ﻭﺳﻴﻠﺔ ﻣﺘﺎﺣﺔ‬
‫ﺃﻣﺎﻣﻪ ﻻﳒﺎﺯ ﺍﳍﺪﻑ ﺃﻭ ﺍﻻﻫﺪﺍﻑ ﺍﻟﱵ ﻳﺒﺘﻐﻴﻬﺎ)‪.(4‬‬
‫ﻭ ﻣﻦ ﺧﻼﻝ ﺗﻌﺮﻳﻒ ﺍﻟﻘﺮﺍﺭ ﺍﻹﺩﺍﺭﻱ‪ ،‬ﻧﺴﺘﻄﻴﻊ ﺗﻌﺮﻳﻒ ﻋﻤﻠﻴﺔ ﺍﲣﺎﺫ ﺍﻟﻘﺮﺍﺭﺍﺕ ﻭ ﺍﻟﱵ ﺗﻌﺘﱪ ﻣﻬﻤﺔ ﻧﺘﻴﺠﺔ‬
‫ﺍﻟﺘﻐﲑﺍﺕ ﺍﻟﻜﺜﲑﺓ ﺍﻟﱵ ﺃﺻﺒﺢ ﻋﻠﻰ ﺭﺟﺎﻝ ﺍﻷﻋﻤﺎﻝ ﺍﻹﳌﺎﻡ ‪‬ﺎ ﻻﲣﺎﺫ ﻗﺮﺍﺭ ﺳﻠﻴﻢ‪.‬‬
‫ﺗﻌﺮﻑ ﻋﻤﻠﻴﺔ ﺍﲣﺎﺫ ﺍﻟﻘﺮﺍﺭﺍﺕ ﻋﻠﻰ ﺃ‪‬ﺎ ﳎﻤﻮﻋﺔ ﻣﻦ ﺍﳌﺮﺍﺣﻞ ﺍﳌﺘﻼﺣﻘﺔ ﻭﺍﳌﺘﺮﺍﺑﻄﺔ ﻣﻊ ﺑﻌﻀﻬﺎ ﺍﻟﺒﻌﺾ ﻋﻠﻰ‬
‫ﺷﻜﻞ ﺳﻠﺴﻠﺔ ﻳﻘﻮﻡ ‪‬ﺎ ﻣﺘﺨﺬ ﺍﻟﻘﺮﺍﺭ ﻭﻣﻦ ﻳﺴﺎﻋﺪﻩ‪.‬ﻭﺑﺸﻜﻞ ﻻ ﳝﻜﻦ ﻣﻌﻪ ﺗﻘﺪﱘ ﺃﻭ ﺗﺄﺧﲑ ﻣﺮﺣﻠﺔ ﻋﻦ ﺃﺧﺮﻯ)‪.(5‬‬
‫ﻛﻤﺎ ﺗﻌﺮﻑ ﻋﻤﻠﻴﺔ ﺍﲣﺎﺫ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺃﻳﻀﺎ ﺑﺄ‪‬ﺎ ﺗﻠﻚ ﺍﻟﻌﻤﻠﻴﺔ ﺍﳋﺎﺻﺔ ﺑﺘﺤﺪﻳﺪ ﻭ ﺗﻌﺮﻳﻒ ﺍﳌﺸﻜﻠﺔ‪ ،‬ﻭ ﺗﻜﻮﻳﻦ‬
‫ﺍﻟﺒﺪﺍﺋﻞ ﻭ ﺍﳊﻠﻮﻝ ﻭ ﺍﺧﺘﻴﺎﺭ ﺍﻟﺒﺪﻳﻞ ﺃﻭ ﺍﳊﻞ ﺍﳌﻨﺎﺳﺐ ﻭ ﺗﻨﻔﻴﺬﻩ ﻭ ﻣﺘﺎﺑﻌﺔ ﻫﺬﺍ ﺍﻟﺘﻨﻔﻴﺬ)‪.(6‬‬

‫)‪ (1‬ﻋﺒﺪ ﺍﻟﻜﺮﱘ ﺃﺑﻮ ﻣﺼﻄﻔﻰ‪ :‬ﺍﻹﺩﺍﺭﺓ ﻭ ﺍﻟﺘﻨﻈﻴﻢ ‪ ،‬ﺍﳌﻔﺎﻫﻴﻢ‪ ،‬ﺍﻟﻮﻇﺎﺋﻒ‪ ،‬ﺍﻟﻌﻤﻠﻴﺎﺕ‪ ،‬ﻣﺼﺮ‪ ،‬ﺑﺪﻭﻥ ﻃﺒﻌﺔ‪ ،2001 ،‬ﺹ ‪.187‬‬
‫)‪ (2‬ﻧﺎﺻﺮ ﻧﻮﺭ ﺍﻟﺪﻳﻦ ﻋﺒﺪ ﺍﻟﻠﻄﻴﻒ‪ :‬ﺍﻻﲡﺎﻫﺎﺕ ﺍﳊﺪﻳﺜﺔ ﰲ ﺍﶈﺎﺳﺒﺔ ﻭ ﺗﻜﻨﻮﻟﻮﺟﻴﺔ ﺍﳌﻌﻠﻮﻣﺎﺕ‪ ،‬ﺍﻟﺪﺍﺭ ﺍﳉﺎﻣﻌﻴﺔ‪ ،‬ﺍﻹﺳﻜﻨﺪﺭﻳﺔ‪ ،‬ﺑﺪﻭﻥ ﻃﺒﻌﺔ‪،2004 ،‬‬
‫ﺹ‪.23‬‬
‫)‪ (3‬ﺭﺟﺐ ﻋﺒﺪ ﺍﳊﻤﻴﺪ ﻭﺍﻟﺴﻴﺪ‪ :‬ﺩﻭﺭ ﺍﻟﻘﻴﺎﺩﺓ ﰲ ﺍﲣﺎﺫ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺧﻼﻝ ﺍﻷﺯﻣﺎﺕ‪ ،‬ﻣﻄﺒﻌﺔ ﺍﻹﳝﺎﻥ‪ ،‬ﻣﺼﺮ‪ ،‬ﺑﺪﻭﻥ ﻃﺒﻌﺔ‪ ،200 ،‬ﺹ ‪.47‬‬
‫)‪ (4‬ﻧﻮﺍﻑ ﻛﻨﻌﺎﻥ‪ :‬ﺍﲣﺎﺫ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺍﻹﺩﺍﺭﻳﺔ ﺑﲔ ﺍﻟﻨﻈﺮﻳﺔ ﻭ ﺍﻟﺘﻄﺒﻴﻖ‪ ،‬ﺩﺍﺭ ﺍﻟﺜﻘﺎﻓﺔ ﻟﻠﻨﺸﺮ ﻭ ﺍﻟﺘﻮﺯﻳﻊ‪ ،‬ﻋﻤﺎﻥ‪ ،‬ﺍﻟﻄﺒﻌﺔ ﺍﻷﻭﱃ‪ ،2003 ،‬ﺹ ‪.73‬‬
‫)‪ (5‬ﻋﻤﺮ ﻭﺻﻔﻲ ﻋﻘﻴﻠﻲ‪ :‬ﺍﻹﺩﺍﺭﺓ ﺍﳌﻌﺎﺻﺮﺓ‪ ،‬ﺩﺍﺭ ﺯﻫﺮﺗﺎﻥ ﻟﻠﻨﺸﺮ ﻭ ﺍﻟﺘﻮﺯﻳﻊ‪ ،‬ﻋﻤﺎﻥ‪ ،‬ﺑﺪﻭﻥ ﻃﺒﻌﺔ‪ ،2007 ،‬ﺹ ‪.228‬‬
‫)‪ (6‬ﺛﺎﺑﺖ ﻋﺒﺪ ﺍﻟﺮﲪﺎﻥ ﺇﺩﺭﻳﺲ‪ :‬ﻧﻈﻢ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﻹﺩﺍﺭﻳﺔ ﰲ ﺍﳌﻨﻀﻤﺎﺕ ﺍﳌﻌﺎﺻﺮﺓ‪ ،‬ﺍﻟﺪﺍﺭ ﺍﳉﺎﻣﻌﻴﺔ‪ ،‬ﺍﻹﺳﻜﻨﺪﺭﻳﺔ‪ ،‬ﺑﺪﻭﻥ ﻃﺒﻌﺔ‪ ،2005 ،‬ﺹ ‪.284‬‬

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 ‫دور اﻟﻮﻇﻴﻔﺔ اﻟﻤﺎﻟﻴﺔ ﻓﻲ اﻟﻤﺆﺳﺴﺔ اﻻﻗﺘﺼﺎدﻳﺔ‬ ‫اﻟﻔﺼﻞ اﻟﺜﺎﻧﻲ‪:‬‬

‫ﻣﻦ ﺧﻼﻝ ﺍﻟﺘﻌﺎﺭﻳﻒ ﺍﻟﺴﺎﺑﻘﺔ‪ ،‬ﻻ ﻧﺮﻯ ﺍﺧﺘﻼﻓﺎ ﻛﺒﲑﺍ ﰲ ﺗﻌﺮﻳﻒ ﻋﻤﻠﻴﺔ ﺍﲣﺎﺫ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺇﻻ ﺃﻥ ﻣﺎ ﻳﻠﻔﺖ‬
‫ﺍﻧﺘﺒﺎﻫﻨﺎ ﻫﻮ ﺍﻟﻔﺮﻕ ﺍﳌﻮﺟﻮﺩ ﺑﲔ ﺗﻌﺮﻳﻒ ﺍﻟﻘﺮﺍﺭ ﻭ ﺗﻌﺮﻳﻒ ﻋﻤﻠﻴﺔ ﺍﲣﺎﺫ ﺍﻟﻘﺮﺍﺭﺍﺕ ﻭ ﻫﺬﺍ ﻣﺎ ﺗﺆﻛﺪﻩ ﺍﻟﺪﻛﺘﻮﺭﺓ ﻧﺎﺩﺭﺓ‬
‫ﺃﻳﻮﺏ ﺑﻘﻮﳍﺎ "ﻳﻌﲏ ﻣﻔﻬﻮﻡ ﺍﻟﻘﺮﺍﺭ ﺃﻧﻪ ﺍﻻﺧﺘﻴﺎﺭ ﻟﺒﺪﻳﻞ ﻭﺍﺣﺪ ﻣﻦ ﺑﲔ ﺑﺪﻳﻠﲔ ﺃﻭ ﺃﻛﺜﺮ‪ .‬ﺃﻣﺎ ﻋﻤﻠﻴﺔ ﺍﲣﺎﺫ ﺍﻟﻘﺮﺍﺭﺍﺕ‬
‫ﻓﺘﺸﲑ ‘ﺇﱃ ﺍﻟﻌﻤﻠﻴﺔ ﺍﻟﱵ ﺗﺒﲏ ﻋﻠﻰ ﺍﻟﺪﺭﺍﺳﺔ ﻭ ﺍﻟﺘﻔﻜﲑ ﺍﳌﻮﺿﻮﻋﻲ ﻟﻠﻮﺻﻮﻝ ﺇﱃ ﻗﺮﺍﺭﺍ ﻣﻌﲔ ﰲ ﺍﻻﺧﺘﻴﺎﺭ ﺑﲔ‬
‫ﺍﻟﺒﺪﺍﺋﻞ")‪.(1‬‬

‫ƒ ﺍﻟﻔﺮﻉ ﺍﻟﺜﺎﱐ‪ :‬ﺃﻧﻮﺍﻉ ﺍﻟﻘﺮﺍﺭﺍﺕ ﰲ ﺍﳌﺆﺳﺴﺔ‬

‫ﻳﻮﺟﺪ ﺍﻟﻌﺪﻳﺪ ﻣﻦ ﺍﻟﺘﺼﻨﻴﻔﺎﺕ ﺍﻟﱵ ﺍﺳﺘﺨﺪﻣﻬﺎ ﺍﻟﺒﺎﺣﺜﻮﻥ ﻟﻠﺘﻤﻴﻴﺰ ﺑﲔ ﺍﻷﻧﻮﺍﻉ ﺍﳌﺨﺘﻠﻔﺔ ﻣﻦ ﺍﻟﻘﺮﺍﺭﺍﺕ ﻭ ﺍﻟﱵ‬
‫ﺗﺘﻤﺜﻞ ﻓﻴﻤﺎ ﻳﻠﻲ‪:‬‬
‫‪ -1‬ﺍﻟﻘﺮﺍﺭﺍﺕ ﺍﻟﺘﻨﻈﻴﻤﻴﺔ ﻣﻘﺎﺑﻞ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺍﻟﺸﺨﺼﻴﺔ‪:‬‬
‫ﺍﻗﺘﺮﺡ ﺷﺴﺘﺮ ﺑﺎﺭﻧﺎﺭﺩ ﺃﺣﺪ ﺍﳌﻔﻜﺮﻳﻦ ﺍﻟﺒﺎﺭﺯﻳﻦ ﰲ ﳎﺎﻝ ﺍﳌﻌﺮﻓﺔ ﺍﻹﺩﺍﺭﻳﺔ ﻭﺃﺣﺪ ﺍﻷﻭﺍﺋﻞ ﺍﻟﺬﻳﻦ ﺳﺎﳘﻮﺍ ﰲ‬
‫ﺍﻟﻜﺘﺎﺑﺔ ﻣﺒﻜﺮﺍ ﺟﺪﺍ‪ .‬ﰲ ﻧﻈﺮﻳﺔ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺃﻧﻪ ﳝﻜﻦ ﺗﺼﻨﻴﻒ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺇﱃ ﺗﻨﻈﻴﻤﻴﺔ ﻭ ﺷﺨﺼﻴﺔ‪ .‬ﻓﺎﻟﻘﺮﺍﺭﺍﺕ ﺍﻟﺘﻨﻈﻴﻤﻴﺔ‬
‫ﻫﻲ ﺗﻠﻚ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺍﻟﱵ ﻳﺘﺨﺬﻫﺎ ﺍﳌﺪﻳﺮﻭﻥ ﰲ ﺣﺪﻭﺩ ﺳﻠﻄﺘﻬﻢ ﺍﻟﺮﲰﻴﺔ ﺃﻱ ﺿﻤﻦ ﺍﳊﺪﻭﺩ ﺍﻟﱵ ﻭﺿﻌﺘﻬﺎ ﳍﻢ ﺍﻟﺴﻠﻄﺔ‬
‫ﺍﻟﺮﲰﻴﺔ ﻭ ﻫﻲ ﺗﺘﻌﻠﻖ ﺑﺎﻷﻣﻮﺭ ﺍﻟﱵ ﺗﺴﲑ ﺍﻟﻌﻤﻞ ﻭ ﺗﺪﻓﻌﻪ ﻟﻸﻣﺎﻡ ﺩﺍﺧﻞ ﺍﳌﻨﻈﻤﺔ ‪ .‬ﻭ ﻫﺬﻩ ﺍﻟﻘﺮﺍﺭﺍﺕ ﳝﻜﻦ ﺗﻔﻮﻳﺾ‬
‫ﺍﲣﺎﺫﻫﺎ ﻟﻶﺧﺮﻳﻦ ﺃﻱ ﺍﳌﺮﺅﻭﺳﲔ ﺩﻭﻥ ﺍﻹﺧﻼﻝ ﲟﺒﺪﺃ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﻟﱵ ﻻ ﺗﻔﻮﺽ‪ .‬ﺃﻣﺎ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺍﻟﺸﺨﺼﻴﺔ ﻓﻬﻲ ﺗﺘﺼﻞ‬
‫ﺑﺎﳌﺪﻳﺮ ﻛﻔﺮﺩ ﺃﻛﺜﺮ ﳑﺎ ﺗﺘﺼﻞ ﺑﺎﳌﻨﻈﻤﺔ ﻭ ﺗﺄﺛﲑﻫﺎ ﻳﻨﻌﻜﺲ ﻋﻠﻰ ﻣﺘﺨﺬ ﺍﻟﻘﺮﺍﺭ ﻓﻘﻂ‪ ،‬ﻛﺄﻥ ﻳﻘﺪﻡ ﺍﳌﺪﻳﺮ ﻋﻠﻰ ﺃﺧﺬ‬
‫ﺇﺟﺎﺯﺓ ﺇﺩﺍﺭﻳﺔ ﻟﻔﺘﺮﺓ ﻣﻦ ﺍﻟﺰﻣﻦ ﻣﺜﻼ‪ ،‬ﻭ ﻋﻠﻴﻪ ﻓﻬﺬﻩ ﺍﻟﻘﺮﺍﺭﺍﺕ ﻻ ﺗﻔﻮﺽ ﻭ ﻻ ﲣﻀﻊ ﻟﺘﺄﺛﲑﺍﺕ ﻏﲑ ﺷﺨﺼﻴﺔ‪.‬‬

‫‪ -2‬ﺍﻟﻘﺮﺍﺭﺍﺕ ﺍﻹﺳﺘﺮﺍﺗﻴﺠﻴﺔ ﻣﻘﺎﺑﻞ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺍﻟﺘﺸﻐﻴﻠﻴﺔ‪:‬‬

‫ﺗﺘﺨﺬ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺍﻹﺳﺘﺮﺍﺗﻴﺠﻴﺔ ﺍﻟﱵ ﻳﺴﻤﻴﻬﺎ ﺑﻌﻀﻬﻢ ﺑﺎﻟﻘﺮﺍﺭﺍﺕ ﺍﻟﺴﻴﺎﺳﻴﺔ ﻋﺎﺩﺓ ﰲ ﻧﻄﺎﻕ ﺳﻠﻄﺔ ﺍﻹﺩﺍﺭﺓ‬
‫ﺍﻟﻌﻠﻴﺎ‪ .‬ﻭ ﻫﻲ ﻏﺎﻟﺒﺎ ﻣﺎ ﺗﺘﻤﻴﺰ ﺑﺎﻷﳘﻴﺔ ﻭ ﺍﳊﺪﺍﺛﺔ ﻭ ﺍﻟﺘﻌﻘﻴﺪ ﻭ ﺍﻟﺸﻤﻮﻟﻴﺔ ﻭ ﺩﳝﻮﻣﺔ ﺗﺄﺛﲑﻫﺎ)‪.(2‬‬
‫ﻭ ﻳﺘﻄﻠﺐ ﺍﲣﺎﺫ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺍﻹﺳﺘﺮﺍﺗﻴﺠﻴﺔ ﺃﺳﺎﺳﺎ ﻭﺿﻊ ﺍﻷﻫﺪﺍﻑ ﺍﶈﺪﺩﺓ ﻟﻠﻤﻨﻈﻤﺔ ﻭ ﺍﳋﻄﻂ ﻃﻮﻳﻠﺔ ﺍﻷﺟﻞ‬
‫ﻟﻠﻮﺻﻮﻝ ﺇﱃ ﻫﺬﻩ ﺍﻷﻫﺪﺍﻑ)‪.(3‬‬
‫ﺃﻣﺎ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺍﻟﺘﺸﻐﻴﻠﻴﺔ ﻭ ﺍﻟﱵ ﻳﺴﻤﻴﻬﺎ ﺑﻌﻀﻬﻢ ﺑﺎﻟﻘﺮﺍﺭﺍﺕ ﺍﻟﺮﻭﺗﻴﻨﻴﺔ ﻓﻬﻲ ﺗﻌﲏ ﺗﻨﻔﻴﺬ ﻣﻬﺎﻡ ﳏﺪﺩﺓ ﻟﻀﻤﺎﻥ‬
‫ﺇﺟﺮﺍﺀ ﺍﻟﺘﻨﻔﻴﺬ ﺑﻜﻔﺎﺀﺓ ﻭ ﻓﻌﺎﻟﻴﺔ‪ .‬ﻭ ﺗﺘﺨﺬ ﺍﻟﻘﺮﺍﺭﺍﺕ ﻣﻦ ﻗﺒﻞ ﺍﳌﺸﺮﻓﲔ ﰲ ﻣﺴﺘﻮﻳﺎﺕ ﺍﻹﺩﺍﺭﺓ ﺍﻟﺪﻧﻴﺎ)‪.(4‬‬

‫)‪ (1‬ﻧﺎﺩﺭﺓ ﺃﻳﻮﺏ‪ :‬ﻧﻈﺮﻳﺔ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺍﻹﺩﺍﺭﻳﺔ‪ ،‬ﺩﺍﺭ ﺯﻫﺮﺍﻥ ﻟﻠﻨﺸﺮ‪ ،‬ﻋﻤﺎﻥ ﺍﻷﺭﺩﻥ‪ ،‬ﺑﺪﻭﻥ ﻃﺒﻌﺔ‪ ،1996 ،‬ﺹ ‪.14‬‬
‫)‪ (2‬ﻋﻤﺮ ﻭﺻﻔﻲ ﻋﻘﻴﻠﻲ ‪ :‬ﻣﺮﺟﻊ ﺳﺎﺑﻖ‪ ،‬ﺹ ‪.222‬‬
‫)‪ (3‬ﲨﺎﻝ ﺍﻟﺪﻳﻦ ﻟﻌﻮﻳﺴﺎﺕ‪ :‬ﺍﻹﺩﺍﺭﺓ ﻭ ﻋﻤﻠﻴﺔ ﺍﲣﺎﺫ ﺍﻟﻘﺮﺍﺭ‪ ،‬ﺩﺍﺭ ﻫﻮﻣﺔ ﻟﻠﻨﺸﺮ ﻭ ﺍﻟﺘﻮﺯﻳﻊ‪ ،‬ﺑﺪﻭﻥ ﻃﺒﻌﺔ‪ ،‬ﺍﳉﺰﺍﺋﺮ‪ ،2005 ،‬ﺹ ‪.36‬‬
‫)‪ (4‬ﻋﻤﺮ ﻭﺻﻔﻲ ﻋﻘﻴﻠﻲ ‪ :‬ﻣﺮﺟﻊ ﺳﺎﺑﻖ‪ ،‬ﺹ ‪.223‬‬

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 ‫دور اﻟﻮﻇﻴﻔﺔ اﻟﻤﺎﻟﻴﺔ ﻓﻲ اﻟﻤﺆﺳﺴﺔ اﻻﻗﺘﺼﺎدﻳﺔ‬ ‫اﻟﻔﺼﻞ اﻟﺜﺎﻧﻲ‪:‬‬

‫ﻓﻬﻲ ‪‬ﺘﻢ ﺑﺄﻣﻮﺭ ﺍﳌﻨﻈﻤﺔ ﺍﻟﻴﻮﻣﻴﺔ ﻭ ﺑﺎﻟﺘﺎﱄ ﻓﻬﻲ ﺗﻘﻊ ﺿﻤﻦ ﺍﻟﺘﺨﻄﻴﻂ ﺍﻟﻘﺼﲑ ﺍﻷﺟﻞ ﻭ ﲣﺘﺺ ﰲ ﻣﻌﺎﳉﺔ‬
‫ﻣﺸﺎﻛﻞ ﺭﻭﺗﻴﻨﻴﺔ ﻣﺘﻜﺮﺭﺓ ﻛﺘﻮﺯﻳﻊ ﺍﻟﻌﻤﻞ ﻭ ﺍﻟﺸﻜﺎﻭﻱ ﻭ ﻣﺮﺍﻗﺒﺔ ﺿﺒﻂ ﺳﲑ ﺍﻟﻌﻤﻞ ﺍﻟﺘﺸﻐﻴﻠﻲ ﺍﻟﻴﻮﻣﻲ‪ ،‬ﻭ ﺑﺎﻟﺘﺎﱄ ﻓﻬﻲ‬
‫ﻻ ﲢﺘﺎﺝ ﺇﱃ ﺩﺭﺍﺳﺔ ﻭ ﲢﻠﻴﻞ ﻭﺍﺳﻌﲔ ﻧﻈﺮﺍ ﻟﺘﻜﺮﺍﺭ ﻧﻔﺲ ﺍﳌﻮﺍﻗﻒ ﺍﻟﱵ ﺗﻌﺎﳉﻬﺎ)‪.(1‬‬

‫‪ -3‬ﺍﻟﻘﺮﺍﺭﺍﺕ ﰲ ﻇﻞ ﺍﳌﺨﺎﻃﺮﺓ ﻣﻘﺎﺑﻞ ﺍﻟﻘﺮﺍﺭﺍﺕ ﰲ ﻇﻞ ﺍﻟﺘﺄﻛﺪ‪:‬‬

‫ﲟﻮﺟﺐ ﻫﺬﺍ ﺍﳌﻌﻴﺎﺭ ﳝﻜﻦ ﺗﺼﻨﻴﻒ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺿﻤﻦ ﳎﻤﻮﻋﺘﲔ ﳘﺎ‪:‬‬
‫ﻗﺮﺍﺭﺍﺕ ﺣﺎﻟﺔ ﺍﻟﺘﺄﻛﺪ‪ :‬ﻫﺬﻩ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺗﺘﺨﺬ ﰲ ﺣﺎﻟﺔ ﺍﻟﺘﺄﻛﺪ ﺍﻟﺘﺎﻡ ﺑﻨﻮﻉ ﻭ ﻃﺒﻴﻌﺔ ﺍﳌﺘﻐﲑﺍﺕ ﺍﻟﱵ ﺗﺆﺛﺮ ﰲ‬ ‫½‬

‫ﺍﻟﻘﺮﺍﺭ ﺍﳌﻨﻮﻱ ﺍﲣﺎﺫﻩ‪ .‬ﻭ ﻋﻠﻴﻪ‪ ،‬ﻓﻨﺘﺎﺋﺞ ﺍﻟﻘﺮﺍﺭ ﻭ ﺗﺄﺛﲑﻩ ﺗﻜﻮﻥ ﻣﻌﺮﻭﻓﺔ ﺑﺸﻜﻞ ﻣﺴﺒﻖ‪.‬‬
‫ﻗﺮﺍﺭﺍﺕ ﰲ ﻇﻞ ﺍﳌﺨﺎﻃﺮﺓ‪ :‬ﻭ ﻫﻲ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺍﻟﱵ ﺗﺘﺨﺬ ﰲ ﻇﻞ ﻇﺮﻭﻑ ﻣﻌﺮﻭﻓﺔ‪ .‬ﻭ ﻫﻨﺎﻙ ﺍﺣﺘﻤﺎﻝ ﰲ‬ ‫½‬

‫ﺣﺪﻭﺛﻬﺎ ﻭ ﺩﺭﺟﺔ ﺍﻻﺣﺘﻤﺎﻝ ﻣﻌﺮﻭﻓﺔ ﻧﺴﺒﻴﺎ ﺃﻳﻀﺎ‪ .‬ﻭ ﻫﺬﻩ ﺍﻟﺪﺭﺟﺔ ﺗﻜﻮﻥ ﻣﺘﻔﺎﻭﺗﺔ ﻣﻦ ﻗﺮﺍﺭ ﺇﱃ ﻗﺮﺍﺭ ﺁﺧﺮ‪.‬‬
‫ﻓﻬﻨﺎﻙ ﻣﺜﻼ ﻗﺮﺍﺭ ﻋﺎﺋﺪﻩ ﻛﺒﲑ ﻟﻜﻦ ﺩﺭﺟﺔ ﺍﳌﺨﺎﻃﺮﺓ ﺍﳌﺼﺎﺣﺒﺔ ﻟﻪ ﻛﺒﲑﺓ‪ .‬ﰲ ﺣﲔ ﻫﻨﺎﻙ ﻗﺮﺍﺭ ﺁﺧﺮ ﻋﺎﺋﺪﻩ ﻗﻠﻴﻞ‬
‫ﻟﻜﻦ ﺩﺭﺟﺔ ﺍﳌﺨﺎﻃﺮﺓ ﺍﳌﺼﺎﺣﺒﺔ ﺿﺌﻴﻠﺔ ﻭﻫﻜﺬﺍ‪.‬‬

‫‪ -4‬ﺍﻟﻘﺮﺍﺭﺍﺕ ﺍﳌﺨﻄﻄﺔ ﻣﻘﺎﺑﻞ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺍﻟﻄﺎﺭﺋﺔ‪:‬‬

‫ﺗﺘﺼﻒ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺍﻟﻄﺎﺭﺋﺔ ﺑﺪﺭﺟﺔ ﻋﺎﻟﻴﺔ ﻣﻦ ﺍﻹﳊﺎﺡ ﻭ ﺍﻻﺳﺘﻌﺠﺎﻝ‪ .‬ﻓﻬﻲ ﺗﻜﻮﻥ ﻋﺎﺩﺓ ﻣﻔﺎﺟﺌﺔ ﻧﺘﻴﺠﺔ ﻇﻬﻮﺭ‬
‫ﻣﺸﻜﻠﺔ ﻃﺎﺭﺋﺔ ﲤﺎﺭﺱ ﺿﻐﻄﺎ ﻋﻠﻰ ﻣﺘﺨﺬ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺍﻟﺬﻱ ﻻ ﳚﺪ ﻣﺘﺴﻌﺎ ﻣﻦ ﺍﻟﻮﻗﺖ ﻟﻴﺠﻤﻊ ﺍﳌﻌﻠﻮﻣﺎﺕ ﻭ ﺍﻟﺒﻴﺎﻧﺎﺕ‪،‬‬
‫ﻭ ﳛﻠﻠﻬﺎ ﻛﻤﺎ ﻫﻮ ﺍﳊﺎﻝ ﰲ ﻟﻈﺮﻭﻑ ﺍﻟﻌﺎﺩﻳﺔ‪ .‬ﻟﺬﻟﻚ‪ ،‬ﺗﻜﻮﻥ ﻣﺜﻞ ﻫﺬﻩ ﺍﻟﻘﺮﺍﺭﺍﺕ ﰲ ﺍﻟﻐﺎﻟﺐ ﻗﺎﺋﻤﺔ ﻋﻠﻰ ﺍﳋﱪﺓ‪,‬ﻭ‬
‫ﺍﳊﺪﺱ ﻭ ﺍﻟﺘﺨﻤﲔ ﺃﻛﺜﺮ ﻣﻦ ﺍﻟﺒﺤﺚ ﻭ ﺍﻟﺘﻘﺼﻲ ﻭ ﺍﻟﺘﺨﻄﻴﻂ)‪.(2‬‬
‫ﻭ ﻋﻠﻰ ﺍﻟﻨﻘﻴﺾ ﻣﻦ ﺫﻟﻚ‪ ،‬ﻫﻨﺎﻙ ﻗﺮﺍﺭﺍﺕ ﺗﺘﺨﺬ ﰲ ﺿﻮﺀ ﺍﻟﺪﺭﺍﺳﺔ ﻭ ﺍﻟﺘﺤﻠﻴﻞ ﻭ ﺍﻟﺘﻘﺼﻲ ﻭ ﲨﻊ ﺍﳌﻌﻠﻮﻣﺎﺕ ﻭ‬
‫ﺍﳊﻘﺎﺋﻖ ﻋﻦ ﻃﺒﻴﻌﺔ ﺍﳌﺸﻜﻠﺔ ﻭ ﺃﺑﻌﺎﺩﻫﺎ‪ .‬ﻓﻬﺬﻩ ﺍﻟﻘﺮﺍﺭﺍﺕ ﻟﻴﺴﺖ ﻃﺎﺭﺋﺔ‪ ،‬ﻭ ﻫﻲ ﻧﺘﻴﺠﺔ ﺣﺘﻤﻴﺔ ﺍﻟﺘﺨﻄﻴﻂ ﺍﻟﺴﻠﻴﻢ ﺍﻟﺬﻱ‬
‫ﻻ ﻳﺘﻌﺮﺽ ﻟﻠﻤﻔﺎﺟﺄﺓ ﺍﻟﻜﺜﲑﺓ‪ .‬ﺣﻴﺚ ﻻ ﳝﺎﺭﺱ ﺍﻟﻮﻗﺖ ﺿﻐﻄﺎ ﻋﻠﻰ ﻣﺘﺨﺬ ﺍﻟﻘﺮﺍﺭ ﻓﻴﺄﰐ ﺍﻟﻘﺮﺍﺭ ﻋﻘﻼﻧﻴﺎ ﻗﺎﺋﻤﺎ ﻋﻠﻰ‬
‫ﺍﻟﺪﺭﺍﺳﺔ ﺍﻟﻮﺍﻋﻴﺔ ‪.‬‬

‫‪ -5‬ﺍﻟﻘﺮﺍﺭﺍﺕ ﺍﳌﺘﻌﻠﻘﺔ ﲟﺸﻜﻠﺔ ﻣﻌﻴﻨﺔ ﻣﻘﺎﺑﻞ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺍﳌﺮﺗﺒﻄﺔ ﺑﺎﻟﻔﺮﺻﺔ ﺍﻟﺴﺎﺋﺤﺔ‪:‬‬

‫ﻳﺘﺨﺬ ﺍﻟﺮﺅﺳﺎﺀ ﻗﺮﺍﺭﺍﺕ ﳊﻞ ﻣﺸﻜﻠﺔ ﻗﺎﺋﻤﺔ ﺃﻭ ﻣﺘﻮﻗﻌﺔ‪ .‬ﰲ ﺣﲔ ﻳﺘﺨﺬ ﺁﺧﺮﻭﻥ ﻗﺮﺍﺭﺍﺕ ﰲ ﺑﻌﺾ ﺍﻷﺣﻴﺎﻥ‬
‫ﻻﻏﺘﻨﺎﻡ ﻓﺮﺻﺔ ﺳﺎﳓﺔ ﻟﻠﻨﻤﻮ ﻭﺯﻳﺎﺩﺓ ﺍﻷﺭﺑﺎﺡ‪ ،‬ﺃﻭ ﺇﳒﺎﺯ ﺑﻌﺾ ﺍﻷﻫﺪﺍﻑ ﺍﳌﻔﻴﺪﺓ ﻫﻨﺎ ﺗﻜﻮﻥ ﻗﺮﺍﺭﺍ‪‬ﻢ ﻭ ﺗﺼﺮﻓﺎ‪‬ﻢ‬

‫)‪ (1‬ﻋﻤﺮ ﻭﺻﻔﻲ ﻋﻘﻴﻠﻲ ‪ :‬ﻣﺮﺟﻊ ﺳﺎﺑﻖ‪ ،‬ﺹ ‪.223‬‬

‫)‪ (2‬ﻧﻔﺲ ﺍﳌﺮﺟﻊ‪ ،‬ﺹ ‪.225‬‬

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 ‫دور اﻟﻮﻇﻴﻔﺔ اﻟﻤﺎﻟﻴﺔ ﻓﻲ اﻟﻤﺆﺳﺴﺔ اﻻﻗﺘﺼﺎدﻳﺔ‬ ‫اﻟﻔﺼﻞ اﻟﺜﺎﻧﻲ‪:‬‬

‫ﺇﳚﺎﺑﻴﺔ‪ .‬ﻭ ﰲ ﻏﺎﻟﺐ ﺍﻷﺣﻴﺎﻥ‪ ،‬ﺍﺑﺘﻜﺎﺭﻳﻪ‪ .‬ﻭ ﺗﺘﻮﻗﻒ ﺩﺭﺟﺔ ﺍﺳﺘﻔﺎﺩﺓ ﺍﳌﺪﻳﺮ ﻣﻦ ﺍﻟﻔﺮﺹ ﺍﻟﺴﺎﳓﺔ ﺍﳌﺘﺎﺣﺔ ﻋﻠﻰ ﻋﺪﺩ ﻣﻦ‬
‫ﺍﻟﺼﻮﻝ ﻣﺜﻞ ﺩﺍﻓﻌﻴﺘﻪ ﳌﻮﺍﺟﻬﺔ ﺍﳌﺨﺎﻃﺮ ﻭ ﻗﺪﺭﺗﻪ ﻋﻠﻰ ﺍﻟﺘﺼﺮﻑ ﻭ ﺍﻻﺳﺘﻔﺎﺩﺓ ﻣﻦ ﺍﻟﻔﺮﺻﺔ ﻋﻨﺪ ﺣﺪﻭﺛﻬﺎ)‪.(1‬‬

‫‪ -6‬ﺍﻟﻘﺮﺍﺭﺍﺕ ﺣﺴﺐ ﳎﺎﻝ ﺍﻟﻌﻤﻞ ﺃﻭ ﺍﻟﺘﺨﺼﺺ‪:‬‬

‫ﺗﺘﺤﺪﺩ ﺃﻧﻮﺍﻉ ﺍﻟﻘﺮﺍﺭﺍﺕ ﻭﻓﻖ ﻫﺬﺍ ﺍﳌﻌﻴﺎﺭ ﺣﺴﺐ ﺍ‪‬ﺎﻝ ﺃﻭ ﺍﻟﺘﺨﺼﺺ ﺍﻟﺬﻱ ﻳﺘﻢ ﺍﲣﺎﺫ ﺍﻟﻘﺮﺍﺭ ﻓﻴﻪ‪ .‬ﻓﻬﻨﺎﻙ‬
‫ﻋﻠﻰ ﺳﺒﻴﻞ ﺍﳌﺜﺎﻝ‪ :‬ﻗﺮﺍﺭﺍﺕ ﺇﻧﺘﺎﺟﻴﺔ‪ :‬ﻭ ﺗﺘﻌﻠﻖ ﺑﺘﺤﺪﻳﺪ ﺭﻗﻢ ﺍﻹﻧﺘﺎﺝ ﻭ ﺣﺠﻤﻪ‪ ،‬ﻭ ﺟﻮﺩﺗﻪ‪ ،‬ﻭ ﻃﺮﻕ ﺍﻟﺮﻗﺎﺑﺔ ﻋﻠﻴﻪ‪.‬‬
‫ﻗﺮﺍﺭﺍﺕ ﺗﺴﻮﻳﻘﻴﺔ‪ :‬ﻭ ﺗﺘﻌﻠﻖ ﺑﺘﺤﺪﻳﺪ ﻧﺴﺐ ﺍﻟﺴﻮﻕ ﻭ ﺍﺧﺘﻴﺎﺭ ﺍﳊﻤﻠﺔ ﺍﻹﻋﻼﻧﻴﺔ ﻭ ﲢﺪﻳﺪ ﺍﻟﺴﻌﺮ‪...،‬ﺇﱁ‪.‬‬ ‫‪−‬‬

‫ﻗﺮﺍﺭﺍﺕ ﲤﻮﻳﻠﻴﺔ‪ :‬ﻭ ﺗﺘﻌﻠﻖ ﺑﺘﺤﺪﻳﺪ ﺍﻟﺴﻴﻮﻟﺔ ﺍﻟﻨﻘﺪﻳﺔ ﻭ ﻣﻘﺪﺭﺍ ﺭﺃﺱ ﺍﳌﺎﻝ ﺍﻟﻌﺎﻣﻞ‪...،‬ﺇﱁ‪.‬‬ ‫‪−‬‬

‫ﻗﺮﺍﺭﺍﺕ ﺃﻓﺮﺍﺩ‪ :‬ﻭ ﺗﺘﻌﻠﻖ ﺑﺘﻌﻴﲔ ﻭ ﻧﻘﻞ ﻭ ﺇﺟﺎﺯﺍﺕ ﺍﻟﻌﺎﻣﻠﲔ)‪.(2‬‬ ‫‪−‬‬

‫ﻗﺮﺍﺭﺍﺕ ﺷﺮﺍﺋﻴﺔ‪ :‬ﻭ ﺗﺘﻌﻠﻖ ﺑﺘﺤﺪﻳﺪ ﻛﻤﻴﺔ ﺍﻟﺸﺮﺍﺀ ﺍﳌﻨﺎﺳﺒﺔ ﻭ ﲢﺪﻳﺪ ﻣﺼﺪﺭ ﺍﻟﺸﺮﺍﺀ‪ ...‬ﺇﱁ‪.‬‬ ‫‪−‬‬

‫ﻗﺮﺍﺭﺍﺕ ﲣﺰﻳﻨﻴﺔ‪ :‬ﻭ ﺗﺘﻌﻠﻖ ﺑﺘﺤﺪﻳﺪ ﻛﻤﻴﺔ ﺍﳌﺨﺰﻭﻥ ﻭ ﲪﺎﻳﺘﻪ‪...،‬ﺇﱁ)‪.(3‬‬ ‫‪−‬‬

‫‪ -7‬ﻗﺮﺍﺭﺍﺕ ﺍﳌﺒﺎﺩﺃﺓ ﻣﻘﺎﺑﻞ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺍﶈﻮﻟﺔ‬

‫ﻳﺘﺠﻨﺐ ﺑﻌﺾ ﺍﻟﺮﺅﺳﺎﺀ ﰲ ﺍﳌﻨﻀﻤﺎﺕ ﺍﲣﺎﺫ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺇﱃ ﺃﻥ ﻳﻄﻠﺐ ﻣﻨﻬﻢ ﺫﻟﻚ ﻣﻦ ﺟﺎﻧﺐ ﺟﻬﺔ ﺃﻭ ﻣﻦ‬
‫ﺭﺋﻴﺲ ﺃﻋﻠﻰ ﺃﻭ ﲢﻮﻝ ﳍﻢ ﻣﺸﻜﻠﺔ ﻣﻦ ﻗﺒﻞ ﻣﺮﺅﻭﺳﻴﻬﻢ ﲢﺘﺎﺝ ﺇﱃ ﺣﻞ‪ .‬ﻭ ﺍﻟﺮﺅﺳﺎﺀ ﻫﻨﺎ ﻳﻜﻮﻥ ﻋﻨﺼﺮ ﺍﳌﺒﺎﺩﺃﺓ ﻟﺪﻳﻬﻢ‬
‫ﺿﻌﻴﻔﺎ‪ .‬ﻓﻬﻢ ﻳﻨﺘﻈﺮﻭﻥ ﺍﳌﺸﺎﻛﻞ ﺣﲔ ﻇﻬﻮﺭﻫﺎ ﻟﻴﻌﺎﳉﻮﻫﺎ ﺑﺎﲣﺎﺫ ﻗﺮﺍﺭﺍﺕ ﺗﺪﻋﻰ ﺑﺎﻟﻘﺮﺍﺭﺍﺕ ﺍﶈﻮﻟﺔ‪ .‬ﻭ ﻋﻠﻰ ﺍﻟﻨﻘﻴﺾ‬
‫ﻣﻦ ﺫﻟﻚ‪ ،‬ﻫﻨﺎﻙ ﺭﺅﺳﺎﺀ ﻫﺠﻮﻣﻴﻮﻥ ﻳﺒﺤﺜﻮﻥ ﻋﻦ ﺍﳌﺸﺎﻛﻞ ﻭ ﳛﺎﻭﻟﻮﻥ ﺍﻟﺘﻨﺒﺆ ‪‬ﺎ ﻗﺒﻞ ﺣﺪﻭﺛﻬﺎ ﻟﻴﻌﺎﳉﻮﻫﺎ‪ .‬ﻛﻤﺎ‬
‫ﻳﺒﺤﺜﻮﻥ ﻋﻦ ﺍﻟﻔﺮﺹ ﻟﻴﻐﺘﻨﻤﻮﻫﺎ ﻭ ﻳﺘﺨﺬﻭﻥ ﻗﺮﺍﺭﺍﺕ ﺩﻭﻥ ﺃﻥ ﻳﻄﻠﺐ ﻣﻨﻬﻢ ﺍﻟﺘﺼﺮﻑ‪ .‬ﻫﺆﻻﺀ ﺍﻟﺮﺅﺳﺎﺀ ﻳﻜﻮﻧﻮﻥ ﰲ‬
‫ﺍﻟﻌﺎﺩﺓ ﻣﻦ ﺃﺻﺤﺎﺏ ﺍﻟﻄﻤﻮﺡ ﻭ ﻟﺪﻳﻬﻢ ﺭﻏﺒﺔ ﻋﺎﻟﻴﺔ ﰲ ﺍﻻﳒﺎﺯ ﻭ ﺗﻜﻮﻥ ﻗﺎﺭﺍ‪‬ﻢ ﺍﺑﺘﻜﺎﺭﻳﺔ‪ ،‬ﻳﻄﻠﻖ ﻋﻠﻴﻬﺎ ﺑﺎﻟﻘﺮﺍﺭﺍﺕ‬
‫ﺍﳍﺠﻮﻣﻴﺔ)‪.(4‬‬

‫‪ -8‬ﺍﻟﻘﺮﺍﺭﺍﺕ ﺍﳌﱪﳎﺔ ﻭ ﺍﻟﻘﺮﺍﺭﺍﺕ ﻏﲑ ﺍﳌﱪﳎﺔ‬

‫ﺇﻥ ﺍﳌﺸﻜﻼﺕ ﻭ ﺍﻟﻔﺮﺹ ﻭ ﺍﻟﱵ ﺗﻘﺎﺑﻞ ﺍﳌﺪﻳﺮﻳﻦ ﰲ ﻣﻨﻈﻤﺎﺕ ﺍﻷﻋﻤﺎﻝ ﲣﺘﻠﻒ ﻣﻦ ﺣﻴﺚ ﻃﺒﻴﻌﺘﻬﺎ ﻭ ﻛﺬﻟﻚ‬
‫ﻣﻦ ﺣﻴﺚ ﺍﳌﻌﺮﻓﺔ ﺃﻭ ﺍﳋﱪﺓ ﺍﻟﺴﺎﺑﻘﺔ ‪‬ﺎ‪ .‬ﻭ ﺑﻨﺎﺀ ﻋﻠﻰ ﺫﻟﻚ‪ ،‬ﻓﺈﻥ ﻫﻨﺎﻙ ﻣﺜﻼ ﻣﺸﻜﻼﺕ ﺗﻮﺍﺟﻪ ﺍﳌﺪﻳﺮ ﺗﺘﺴﻢ ﺑﺄ‪‬ﺎ‬
‫ﺑﺴﻴﻄﺔ ﻭ ﻏﲑ ﻣﻌﻘﺪﺓ‪ .‬ﺣﻴﺚ ﻻ ﲢﺘﺎﺝ ﺇﱃ ﳎﻬﻮﺩﺍﺕ ﻟﻠﺘﻌﺎﻣﻞ ﻣﻌﻬﺎ ﻭ ﺍﲣﺎﺫ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺍﻟﺴﻴﺎﺳﻴﺔ ﳊﻠﻬﺎ‪ .‬ﻛﻤﺎ ﺃﻥ‬

‫)‪ (1‬ﻋﻤﺮ ﻭﺻﻔﻲ ﻋﻘﻴﻠﻲ ‪ :‬ﻣﺮﺟﻊ ﺳﺎﺑﻖ‪ ،‬ﺹ ‪.227‬‬

‫)‪ (2‬ﻧﻔﺲ ﺍﳌﺮﺟﻊ‪ ،‬ﺹ ‪.226‬‬
‫)‪ (3‬ﻧﻔﺲ ﺍﳌﺮﺟﻊ‪ ،‬ﺹ ‪.227‬‬
‫)‪ (4‬ﻧﻔﺲ ﺍﳌﺮﺟﻊ‪ ،‬ﺹ ‪.228‬‬

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 ‫دور اﻟﻮﻇﻴﻔﺔ اﻟﻤﺎﻟﻴﺔ ﻓﻲ اﻟﻤﺆﺳﺴﺔ اﻻﻗﺘﺼﺎدﻳﺔ‬ ‫اﻟﻔﺼﻞ اﻟﺜﺎﻧﻲ‪:‬‬

‫ﻣﺜﻞ ﻫﺬﻩ ﺍﳌﺸﻜﻼﺕ ﻗﺪ ﻻ ﲢﺘﺎﺝ ﺇﱃ ﻣﻌﻠﻮﻣﺎﺕ ﺟﺪﻳﺪﺓ ﺣﻴﺚ ﺃﻥ ﻟﻠﻤﺪﻳﺮ ﺧﱪﺓ ﺳﺎﺑﻘﺔ ‪‬ﺎ‪ .‬ﻓﻬﻲ ﻣﺘﻜﺮﺭﺓ ﻭ ﻣﻦ‬
‫ﰒ ﻳﺼﺒﺢ ﺍﻟﻘﺮﺍﺭ ﺍﳋﺎﺹ ‪‬ﺎ ﺭﻭﺗﻴﻨﻴﺎ‪ .‬ﻭ ﻳﻄﻠﻖ ﻋﻠﻴﻬﺎ ﺑﺎﻟﻘﺮﺍﺭﺍﺕ ﺍﳌﱪﳎﺔ)‪.(1‬‬
‫ﻭﻣﻦ ﻧﺎﺣﻴﺔ ﺃﺧﺮﻯ ﻓﺈﻥ ﻫﻨﺎﻙ ﻣﺸﻜﻼﺕ ﺗﻮﺍﺟﻪ ﺍﳌﺪﻳﺮ ﺗﺘﺴﻢ ﺑﺎﻟﺘﻌﻘﻴﺪ ﻭ ﺍﻟﺼﻌﻮﺑﺔ ﻭ ﲢﺘﺎﺝ ﺇﱃ ﻣﻌﻠﻮﻣﺎﺕ‬
‫ﺟﺪﻳﺪﺓ ﺣﻴﺚ ﺃ‪‬ﺎ ﻏﺎﻣﻀﺔ ﺃﻭ ﻏﲑ ﻣﺄﻟﻮﻓﺔ ﻭ ﻟﻴﺲ ﳌﺪﻳﺮ ﺧﱪﺓ ﺳﺎﺑﻘﺔ ‪‬ﺎ‪ .‬ﻛﻤﺎ ﺃﻥ ﻫﺬﺍ ﺍﻟﻨﻮﻉ ﻣﻦ ﺍﳌﺸﻜﻼﺕ ﻗﺪ‬
‫ﻳﻨﻄﻮﻱ ﻋﻠﻰ ﻣﺘﻐﲑﺍﺕ ﻣﺘﻨﻮﻋﺔ ﻭ ﻣﺘﺪﺍﺧﻠﺔ‪ ،‬ﻭ ﳍﺎ ﺍﻵﺛﺎﺭ ﺍﳌﺘﻨﻮﻋﺔ ﻭ ﺍﳌﺘﺸﺎﺑﻜﺔ‪ ،‬ﻭ ﻣﻦ ﰒ ﻓﻬﻲ ﺇﺫﻥ ﻏﲑ ﺭﻭﺗﻴﻨﻴﺔ ﺃﻭ‬
‫ﻏﲑ ﻣﺘﻜﺮﺭﺓ ﻭ ﲢﺘﺎﺝ ﺇﱃ ﺩﺭﺍﺳﺔ ﻭ ﲢﻠﻴﻞ ﻭﻭﺿﻊ ﺑﺪﺍﺋﻞ ﻭ ﺗﻘﻴﻤﻬﺎ ﻭ ﺍﲣﺎﺫ ﺍﻟﻘﺮﺍﺭ ﺍﳌﻨﺎﺳﺐ ﳍﺎ)‪.(2‬‬

‫ﺍﳌﻄﻠﺐ ﺍﻟﺜﺎﱐ‪ :‬ﺍﳋﻄﻮﺍﺕ ﺍﳌﺘﺒﻌﺔ ﰲ ﺍﲣﺎﺫ ﺍﻟﻘﺮﺍﺭﺍﺕ‬

‫ﻟﻴﺲ ﻫﻨﺎﻙ ﻃﺮﻳﻘﺔ ﻋﺎﻣﺔ ﻭ ﺷﺎﻣﻠﺔ ﻳﺴﺘﻄﻴﻊ ﺍﳌﺪﺭﺍﺀ ﺍﲣﺎﺫ ﺍﻟﻘﺮﺍﺭﺍﺕ ﻋﻠﻰ ﺃﺳﺎﺳﻬﺎ ﻓﺎﻟﻄﺮﻕ ﲣﺘﻠﻒ ﻃﺒﻘﺎ ﻟﻨﻮﻉ‬
‫ﺍﻟﻘﺮﺍﺭ ﺍﳌﻄﻠﻮﺏ ﺍﲣﺎﺫﻩ ﳕﻂ ﺍﻹﺩﺍﺭﺓ ‪ ،‬ﺍﻟﺮﺃﻱ ﺍﻟﺸﺨﺼﻲ‪ ،‬ﻃﺒﻴﻌﺔ ﺍﳌﻨﺸﺄﺓ ﻭ ﺍﻟﺘﺄﺛﲑﺍﺕ ﺍﻟﺒﻴﺌﻴﺔ ‪ .‬ﻟﻜﻦ ﻣﻌﻈﻢ ﺍﳌﺪﺭﺍﺀ‬
‫ﳚﺪﻭﻥ ﺃﻧﻪ ﻣﻦ ﺍﳌﻔﻴﺪ ﺇﺗﺒﺎﻉ ﺧﻄﻮﺍﺕ ﻋﺎﻡ ﻻﲣﺎﺫ ﺍﻟﻘﺮﺍﺭ ﺣﻴﺚ ﳝﻜﻦ ﺗﻠﺨﻴﺺ ﺍﳌﺮﺍﺣﻞ ﺍﻟﱵ ﲤﺮ ‪‬ﺎ ﻋﻤﻠﻴﺔ ﺍﲣﺎﺫ ﺍﻟﻘﺮﺍﺭ‬
‫ﻋﻠﻰ ﺍﻟﻨﺤﻮ ﺍﻟﺘﺎﱄ ﻣﻦ ﺧﻼﻝ ﻫﺬﺍ ﺍﻟﺸﻜﻞ ﺍﳌﻮﺍﱄ‪:‬‬

‫ﺍﳋﻄﻮﺓ ﺍﻷﻭﱃ‪ :‬ﲢﺪﻳﺪ ﻭ ﺗﺸﺨﻴﺺ ﺍﳌﺸﻜﻠﺔ‬ ‫™‬

‫ﺗﺘﻄﻠﺐ ﻫﺬﻩ ﺍﳌﺮﺣﻠﺔ ﻣﻦ ﺍﳌﺪﻳﺮ ﻣﺘﺨﺬ ﺍﻟﻘﺮﺍﺭ ﺍﻟﻘﻴﺎﻡ ﺑﻨﺸﺎﻃﺎﺕ ﻭ ﺃﻋﻤﺎﻝ ﻣﺘﻌﺪﺩﺓ ﺗﺘﻀﻤﻦ ﺍﻻﺳﺘﻌﺪﺍﺩ ﻟﻠﺘﻌﺮﻑ‬
‫ﻋﻠﻰ ﺍﳌﺸﻜﻠﺔ ﻭ ﺇﺟﺮﺍﺀ ﺍﻟﺪﺭﺍﺳﺎﺕ ﺍﻟﺘﺤﻠﻴﻠﻴﺔ ﻭ ﺃﺑﻌﺎﺩﻫﺎ‪ .‬ﻛﻤﺎ ﺗﺘﻄﻠﺐ ﻣﻨﻬﺎ ﺍﻹﺟﺎﺑﺔ ﻋﻠﻰ ﻋﺪﺩ ﻣﻦ ﺍﻷﺳﺌﻠﺔ ﻣﺜﻞ‬
‫ﻣﺎ ﻫﻮ ﻧﻮﻉ ﺍﳌﺸﻜﻠﺔ ؟ ﻭﻣﺎ ﻫﻲ ﺍﻟﻨﻘﺎﻁ ﺍﳍﺎﻣﺔ ﻭ ﺍﳉﻮﻫﺮﻳﺔ ﰲ ﻫﺬﻩ ﺍﳌﺸﻜﻠﺔ ؟ ﻭ ﻣﱴ ﳚﺐ ﺃﻥ ﲢﻞ ﻫﺬﻩ ﺍﳌﺸﻜﻠﺔ ؟‬
‫ﻭ ﳌﺎﺫﺍ ﻧﺮﻳﺪ ﺣﻠﻬﺎ ؟ ﻭﻏﲑﻫﺎ ﻣﻦ ﺍﻷﺳﺌﻠﺔ ﻳﻀﺎﻑ ﺇﱃ ﻛﻞ ﺫﻟﻚ ﺍﻟﺘﻔﺮﻗﺔ ﺑﲔ ﻧﻮﻋﻴﺎﺕ ﺍﳌﺸﺎﻛﻞ ﺍﻟﺴﻄﺤﻴﺔ ﻭ ﺍﳊﻘﻴﻘﻴﺔ‪.‬‬
‫ﺣﻴﺚ ﻳﺴﻬﻞ ﲤﻴﻴﺰ ﺍﻷﻭﱃ‪ ،‬ﺑﻴﻨﻤﺎ ﲢﺘﺎﺝ ﺍﻟﺜﺎﻧﻴﺔ ﺇﱃ ﻗﺪﺭ ﻛﺒﲑ ﻣﻦ ﺍﳌﻌﺮﻓﺔ ﻭ ﺍﳋﱪﺓ ﻭ ﺍﻟﺬﻛﺎﺀ‪.‬‬
‫ﻭ ﻣﻦ ﺍﻷﻣﻮﺭ ﺍﳍﺎﻣﺔ ﺍﻟﱵ ﻳﻨﺒﻐﻲ ﺍﻟﺘﻨﺒﻪ ﳍﺎ ﻫﻲ ﻣﻌﺮﻓﺔ ﺍﳌﺪﻳﺮ ﻣﺘﺨﺬ ﺍﻟﻘﺮﺍﺭ ﻟﻠﻬﺪﻑ ﺍﻟﺬﻱ ﻳﺮﻳﺪ ﺍﻟﻮﺻﻮﻝ ﺇﻟﻴﻪ ﻭ‬
‫ﻣﺎ ﺇﺫﺍ ﻛﺎﻥ ﻫﺬﺍ ﺍﳍﺪﻑ ﳑﻜﻦ ﺍﻟﺘﺤﺪﻳﺪ ﻭ ﺍﻟﺘﺤﻘﻴﻖ‪.‬ﻓﺘﺤﺪﻳﺪ ﺍﳍﺪﻑ ﺑﺪﻗﺔ ﻭﻭﺿﻮﺡ ﳝﻜﻦ ﺍﳌﺪﻳﺮ ﻣﻦ ﺍﻟﺘﻌﺮﻑ ﻋﻠﻰ‬
‫ﺇﻣﻜﺎﻧﻴﺔ ﲢﻘﻴﻘﻪ ﻭ ﻳﺴﺎﻋﺪﻩ ﻋﻠﻰ ﻣﻌﺮﻓﺔ ﺍﻟﻄﺮﻕ ﺍﳌﻨﺎﺳﺒﺔ ﻟﺘﺤﻘﻴﻘﻪ ﻭ ﺍﳌﺨﺎﻃﺮ ﺍﻟﱵ ﻗﺪ ﺗﻌﺘﺮﺽ ﻃﺮﻕ ﲢﻘﻴﻘﻪ‪ .‬ﻭ ﻳﺴﺎﻋﺪﻩ‬
‫ﻋﻠﻰ ﻣﻌﺮﻓﺔ ﺍﳌﻮﺍﺭﺩ ﺍﳌﺎﺩﻳﺔ ﻭ ﺍﻟﺒﺸﺮﻳﺔ ﺍﻷﺯﻣﺔ ﻟﺘﺤﻘﻴﻘﻪ)‪.(3‬‬

‫)‪ (1‬ﺛﺎﺑﺖ ﻋﺒﺪ ﺍﻟﺮﲪﺎﻥ ﺇﺩﺭﻳﺲ‪ :‬ﻣﺮﺟﻊ ﺳﺎﺑﻖ‪ ،‬ﺹ ‪286‬‬

‫)‪ (2‬ﻧﻔﺲ ﺍﳌﺮﺟﻊ‪ ،‬ﺹ ‪.287‬‬
‫)‪ (3‬ﻧﻮﺍﻑ ﻛﻨﻌﺎﻥ ‪:‬ﻣﺮﺟﻊ ﺳﺎﺑﻖ‪ ،‬ﺹ ‪.116‬‬

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 ‫دور اﻟﻮﻇﻴﻔﺔ اﻟﻤﺎﻟﻴﺔ ﻓﻲ اﻟﻤﺆﺳﺴﺔ اﻻﻗﺘﺼﺎدﻳﺔ‬ ‫اﻟﻔﺼﻞ اﻟﺜﺎﻧﻲ‪:‬‬

‫ﺍﻟﺸﻜﻞ ﺭﻗﻢ ‪ :1-2‬ﺧﻄﻮﺍﺕ ﺍﳌﺘﺒﻌﺔ ﰲ ﺍﲣﺎﺫ ﺍﻟﻘﺮﺍﺭﺍﺕ‬

‫ﲢﺪﻳﺪ ﻭ ﺗﺸﺨﻴﺺ ﺍﳌﺸﻜﻠﺔ‬

‫‪Identifiying and diagnosing the‬‬

‫ﻃﺮﺡ ﺑﺪﺍﺋﻞ ﻟﻠﺤﻠﻮﻝ‬

‫‪Identifiying and diagnosing the‬‬

‫ﺗﻘﻴﻴﻢ ﺍﻟﺒﺪﺍﺋﻞ ﻣﻦ ﺍﳊﻠﻮﻝ‬

‫‪Generating atractive solutions‬‬

‫ﺍﻟﺘﻮﺻﻞ ﻟﻠﻘﺮﺍﺭ ﺑﺎﺧﺘﻴﺎﺭ ﺍﻟﺒﺪﻳﻞ ﺍﳌﻼﺋﻢ‬

‫‪Evaluating attentive solution‬‬

‫ﺗﻨﻔﻴﺬ ﺍﻟﻘﺮﺍﺭ‬
‫‪Implementing the dicisions‬‬

‫ﺗﻘﻴﻴﻢ ﺍﻟﻘﺮﺍﺭ‬
‫‪Evaluating the decision‬‬

‫ﺍﳌﺼﺪﺭ‪ :‬ﻃﺎﺭﻕ ﻃﻪ‪ :‬ﺇﺩﺍﺭﺓ ﺍﻻﻋﻤﺎﻝ ﻣﻨﻬﺞ ﺣﺪﻳﺚ ﻣﻌﺎﺻﺮ‪ ،‬ﺩﺍﺭ ﺍﻟﻔﻜﺮ ﺍﳉﺎﻣﻌﻲ‪ ،‬ﺍﻟﻘﺎﻫﺮﺓ‪ ،‬ﺑﺪﻭﻥ ﻃﺒﻌﺔ‪ ،2007 ،‬ﺹ ‪.83‬‬

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 ‫دور اﻟﻮﻇﻴﻔﺔ اﻟﻤﺎﻟﻴﺔ ﻓﻲ اﻟﻤﺆﺳﺴﺔ اﻻﻗﺘﺼﺎدﻳﺔ‬ ‫اﻟﻔﺼﻞ اﻟﺜﺎﻧﻲ‪:‬‬

‫ﻭ ﻳﺘﻄﻠﺐ ﲢﺪﻳﺪ ﺍﳌﺸﻜﻠﺔ ﺍﻟﺘﻌﺮﻑ ﻋﻠﻰ ﺃﻋﺮﺍﺿﻬﺎ ﻭ ﺃﺳﺒﺎ‪‬ﺎ ﻭ ﻋﺪﻡ ﺍﳋﻠﻂ ﺑﲔ ﺍﻷﻋﺮﺍﺽ ﻭ ﺍﻷﺳﺒﺎﺏ‪.‬‬
‫ﻓﺎﳋﻄﺄ ﰲ ﲢﺪﻳﺪ ﺃﺳﺒﺎﺏ ﺍﳌﺸﻜﻠﺔ ﺃﻭ ﺍﳋﻠﻂ ﺑﲔ ﺃﺳﺒﺎ‪‬ﺎ ﻭ ﺃﻋﺮﺍﺿﻬﺎ‪ ،‬ﻳﺆﺩﻱ ﺇﱃ ﺧﻄﺄ ﰲ ﺗﺸﺨﻴﺼﻬﺎ ‪ .‬ﻭﻳﺆﺛﺮ ﺑﺎﻟﺘﺎﱄ‬
‫ﻋﻠﻰ ﺻﻮﺍﺏ ﺍﻟﻘﺮﺍﺭ)‪.(1‬‬

‫™ ﺍﳋﻄﻮﺓ ﺍﻟﺜﺎﻧﻴﺔ‪ :‬ﻃﺮﺡ ﺑﺪﺍﺋﻞ ﺍﳊﻠﻮﻝ‬

‫ﻳﻘﻮﻡ ﺍﳌﺪﻳﺮ ﰲ ﻫﺬﻩ ﺍﳋﻄﻮﺓ‪ ،‬ﺑﺘﺤﺪﻳﺪ ﺑﺪﺍﺋﻞ ﺍﻟﺘﺼﺮﻓﺎﺕ ﻟﻠﻮﺻﻮﻝ ﺇﱃ ﻫﺪﻑ ﺍﻟﻘﺮﺍﺭ‪ .‬ﻓﻘﺪ ﻳﻄﻠﺐ ﺍﳌﺪﻳﺮ‬
‫ﺃﻓﻜﺎﺭ ﻭ ﻣﻘﺘﺮﺣﺎﺕ ﺍﻵﺧﺮﻳﻦ ﻟﻠﻮﺻﻮﻝ ﺇﱃ ﻫﺬﻩ ﺍﻟﺒﺪﺍﺋﻞ ﻭ ﻗﺪ ﳚﻤﻊ ﺃﻳﻀﺎ ﻣﺰﻳﺪﺍ ﻣﻦ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺣﻮﻝ ﺍﳌﺸﻜﻠﺔ)‪.(2‬‬
‫ﺇﻥ ﻣﺪﻯ ﻭ ﺃﳘﻴﺔ ﻫﺬﻩ ﺍﳋﻄﻮﺓ ﻳﻌﺘﻤﺪﺍﻥ ﻋﻠﻰ ﺍﻟﻜﻴﻔﻴﺔ ﺍﻟﱵ ﻳﺘﻢ ‪‬ﺎ ﲢﺪﻳﺪ ﺍﻟﻘﺮﺍﺭ ﻣﺜﻼ ﺇﺫﺍ ﻛﺎﻧﺖ ﺣﺪﻭﺩ‬
‫ﺍﻟﻘﺮﺍﺭ ﻗﺪ ﻭﺿﻌﺖ ﺑﻄﺮﻳﻘﺔ ﺿﻴﻘﺔ ﺗﻜﻮﻥ ﲨﻴﻊ ﺍﻟﺒﺪﺍﺋﻞ ﻗﺪ ﰎ ﻭﺿﻌﻬﺎ ‪ .‬ﻋﻠﻰ ﺍﻟﻌﻜﺲ ﻣﻦ ﺫﻟﻚ‪ ،‬ﺇﺫﺍ ﻛﺎﻧﺖ ﺣﺪﻭﺩ‬
‫ﺍﻟﻘﺮﺍﺭ ﻣﻮﺿﻮﻋﺔ ﺑﻄﺮﻳﻘﺔ ﻭﺍﺳﻌﺔ‪ ،.‬ﻓﺈﻥ ﻋﺪﺩ ﺍﻟﺒﺪﺍﺋﻞ ﻳﺼﺒﺢ ﻣﺴﺄﻟﺔ ﺗﺼﻮﻳﺮﻳﺔ ﺃﻭ ﺍﺑﺘﻜﺎﺭﻳﺔ‪ .‬ﻭ ﻳﻼﺣﻆ ﺃﻥ ﺍﻟﺒﺪﺍﺋﻞ ﺍﻟﱵ‬
‫ﺗﺘﻀﻤﻦ ﻭﻟﻮ ﻇﺎﻫﺮﻳﺎ ﺑﺎﺣﺘﻤﺎﻻﺕ ﳊﻞ ﺍﳌﺸﻜﻠﺔ ﺗﻮﺿﻊ ﰲ ﻧﻄﺎﻕ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺍﶈﺘﻤﻠﺔ ‪ .‬ﻭ ﻳﻨﺒﻐﻲ ﻣﻼﺣﻈﺔ ﺃﻧﻪ ﻣﻜﻦ‬
‫ﺍﻟﺼﻌﺐ ﻓﺼﻞ ﺍﳌﺮﺣﻠﺔ ﺍﳊﺎﻟﻴﺔ ﻋﻦ ﺍﳌﺮﺣﻠﺔ ﺍﻟﺘﺎﻟﻴﺔ ﳍﺎ ﻭﻫﻲ ﺗﻘﻴﻴﻢ ﺍﻟﺒﺪﺍﺋﻞ)‪.(3‬‬

‫ﺍﳋﻄﻮﺓ ﺍﻟﺜﺎﻟﺜﺔ‪ :‬ﺗﻘﻴﻴﻢ ﺍﻟﺒﺪﺍﺋﻞ ﻣﻦ ﺍﳊﻠﻮﻝ‬ ‫™‬

‫ﺑﻌﺪ ﺃﻥ ﻳﺘﻀﺢ ﳌﺪﻳﺮ ﺑﺪﺍﺋﻞ ﺣﻞ ﺍﳌﺸﻜﻠﺔ ‪ ،‬ﻭﺟﺐ ﻋﻠﻴﻪ ﺑﻌﺪ ﺫﻟﻚ ﺇﺟﺮﺍﺀ ﺗﻘﻴﻴﻢ ﺷﺎﻣﻞ ﻟﻠﺤﻠﻮﻝ ﺍﻟﺒﺪﻳﻠﺔ ﺫﻟﻚ‬
‫ﺃﻥ ﻇﻬﻮﺭ ﺍﳌﺸﻜﻠﺔ ﻳﺘﻄﻠﺐ ﻣﻦ ﺍﳌﺪﻳﺮ ﺍﲣﺎﺫ ﺍﻟﻘﺮﺍﺭ ﺍﻷﻓﻀﻞ ﳊﻠﻬﺎ‪ .‬ﻭ ﻫﺬﺍ ﻳﻌﲏ ﺃﻥ ﻳﺘﻢ ﺍﺧﺘﻴﺎﺭ ﺍﳊﻞ ﻣﻦ ﺑﲔ ﻋﺪﺓ‬
‫ﺣﻠﻮﻝ ﻣﺘﺎﺣﺔ ﻭ ﻟﻜﻞ ﺣﻞ ﻣﻦ ﻫﺬﻩ ﺍﳊﻠﻮﻝ ﺍﻟﻌﺪﻳﺪﺓ ﺑﻌﺾ ﺍﳌﺰﺍﻳﺎ ﻭ ﺍﻟﻌﻴﻮﺏ ﺇﺫ ﻻ ﺗﺘﺴﺎﻭﻯ ﺍﳊﻠﻮﻝ ﲨﻴﻌﺎ ﻣﻦ ﺣﻴﺚ‬
‫ﻗﺪﺭ‪‬ﺎ ﻋﻠﻰ ﲢﻘﻴﻖ ﺍﳍﺪﻑ‪ ،‬ﻭﻣﻦ ﻫﻨﺎ ﺗﺄﰐ ﺃﳘﻴﺔ ﺍﻟﺪﺭﺍﺳﺎﺕ ﺍﻟﺘﺤﻠﻴﻠﻴﺔ ﻟﻠﻤﺸﻜﻠﺔ‪ ،‬ﻭ ﲢﺪﻳﺪ ﺧﻄﺔ ﻛﻞ ﻗﺮﺍﺭ ﻳﺮﺗﺒﻂ‬
‫ﲝﻠﻬﺎ‪ ،‬ﺣﱴ ﳝﻜﻦ ﺍﺧﺘﻴﺎﺭ ﺍﻷﻓﻀﻞ ﻧﺘﻴﺠﺔ ﳌﺎ ﺗﺴﻔﺮ ﻋﻨﻪ ﻫﺬﻩ ﺍﻟﺘﺤﻠﻴﻼﺕ‪.‬‬
‫ﻭ ﺗﻌﺘﱪ ﻫﺬﻩ ﺍﳌﺮﺣﻠﺔ ﻣﻦ ﺍﳌﺮﺍﺣﻞ ﺍﻟﻔﻜﺮﻳﺔ ﺍﻟﺼﻌﺒﺔ ﻷﻥ ﻋﻤﻠﻴﺔ ﺍﳌﻔﺎﺿﻠﺔ ﺑﲔ ﺍﻟﺒﺪﺍﺋﻞ ﻟﻴﺴﺖ ﻋﻤﻠﻴﺔ ﻭﺍﺿﺤﺔ‪،‬‬
‫ﻭ ﺳﻬﻠﺔ ﻷﻥ ﻣﺰﺍﻳﺎ ﻭ ﻋﻴﻮﺏ ﻛﻞ ﺑﺪﻳﻞ ﻻ ﺗﻈﻬﺮ ﻭﻗﺖ ﲝﺜﻬﺎ ﻭ ﻟﻜﻦ ﺗﱪﺯ ﻋﻨﺪ ﺗﻨﻔﻴﺬ ﺍﳊﻞ ﻣﺴﺘﻘﺒﻼ‪ .‬ﻭ ﳑﺎ ﻳﺰﻳﺪ ﻣﻦ‬
‫ﺻﻌﻮﺑﺔ ﺍﳌﻮﻗﻒ ﻭ ﺗﻌﻘﺪﻩ ﺃﻣﺎﻡ ﻣﺘﺨﺬ ﺍﻟﻘﺮﺍﺭ ﰲ ﻫﺬﻩ ﺍﳌﺮﺣﻠﺔ‪ .‬ﺇﻥ ﻋﻤﻠﻴﺔ ﺍﳌﻔﺎﺿﻠﺔ ﺑﲔ ﺍﻟﺒﺪﺍﺋﻞ ﺗﺘﻀﻤﻦ ﻋﻮﻣﻞ ﻏﲑ‬
‫ﻣﻠﻤﻮﺳﺔ ﻳﺼﻌﺐ ﻭﺿﻊ ﻣﻌﺎﻳﲑ ﺩﻗﻴﻘﺔ ﻟﻘﻴﺎﺳﻬﺎ ﻓﻀﻼ ﻋﻦ ﺿﻴﻖ ﺍﻟﻮﻗﺖ ﺍﳌﺘﺎﺡ ﺃﻣﺎﻡ ﻣﺘﺨﺬ ﺍﻟﻘﺮﺍﺭ ﻻﻛﺘﺸﺎﻑ ﺍﻟﻨﺘﺎﺋﺞ‬
‫ﺍﳌﺘﻮﻗﻌﺔ ﻟﻜﻞ ﺑﺪﻳﻞ ﻣﻦ ﺍﻟﺒﺪﺍﺋﻞ ﺍﳌﺘﺎﺣﺔ)‪.(4‬‬

‫)‪ (1‬ﻧﻮﺍﻑ ﻛﻨﻌﺎﻥ‪ :‬ﻣﺮﺟﻊ ﺳﺎﺑﻖ‪،‬ﺹ‪.123‬‬

‫)‪ (2‬ﻋﻠﻲ ﺷﺮﻳﻒ‪ ،‬ﻋﻠﻲ ﻋﺒﺪ ﺍﳍﺎﺩﻱ ﻣﺴﻠﻢ‪ ،‬ﳏﻤﺪ ﺳﻌﻴﺪ ﺳﻠﻄﺎﻥ‪ ،‬ﺍﻹﺩﺍﺭﺓ ﺍﳌﻌﺎﺻﺮﺓ‪ ،‬ﺍﳌﻜﺘﺐ ﺍﳉﺎﻣﻌﻲ ﺍﳊﺪﻳﺚ‪ ،‬ﺍﻹﺳﻜﻨﺪﺭﻳﺔ‪ ،‬ﺑﺪﻭﻥ ﻃﺒﻌﺔ‪ ،2007 ،‬ﺹ‬
‫‪.191‬‬
‫)‪ (3‬ﻋﻠﻲ ﺷﺮﻳﻒ‪ :‬ﻣﺒﺎﺩﺉ ﺍﻹﺩﺍﺭﺓ ‪ ،‬ﺍﻟﺪﺍﺭ ﺍﳉﺎﻣﻌﻴﺔ‪ ،‬ﺍﻹﺳﻜﻨﺪﺭﻳﺔ‪ ،‬ﺑﺪﻭﻥ ﻃﺒﻌﺔ‪ ،2001 ،‬ﺹ ‪.190‬‬
‫)‪ (4‬ﻧﻮﺍﻑ ﻛﻨﻌﺎﻥ‪ :‬ﻣﺮﺟﻊ ﺳﺎﺑﻖ‪ ،‬ﺹ ‪149‬‬

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 ‫دور اﻟﻮﻇﻴﻔﺔ اﻟﻤﺎﻟﻴﺔ ﻓﻲ اﻟﻤﺆﺳﺴﺔ اﻻﻗﺘﺼﺎدﻳﺔ‬ ‫اﻟﻔﺼﻞ اﻟﺜﺎﻧﻲ‪:‬‬

‫ﺍﳋﻄﻮﺓ ﺍﻟﺮﺍﺑﻌﺔ‪ :‬ﺍﻟﺘﻮﺻﻞ ﻟﻠﻘﺮﺍﺭ ﺑﺎﺧﺘﻴﺎﺭ ﺍﻟﺒﺪﻳﻞ ﺍﳌﻼﺋﻢ‬ ‫™‬

‫ﻭ ﻫﺬﻩ ﺍﳌﺮﺣﻠﺔ ﻫﻲ ﻣﺮﺣﻠﺔ ﺍﲣﺎﺫ ﺍﻟﻘﺮﺍﺭ ﺣﻴﺚ ﻳﻜﻮﻥ ﻟﻠﻤﺪﻳﺮ ﻗﺪ ﺗﺒﻠﻮﺭ ﻟﺪﻳﻪ ﺃﻓﻀﻞ ﺍﻟﺒﺪﺍﺋﻞ ﻣﻦ ﺍﳊﻠﻮﻝ‬
‫ﺍﳌﻘﺘﺮﺣﺔ‪ ،‬ﻓﻴﺄﺧﺬ ﺑﻪ ﻭ ﻳﻜﻮﻥ ﺑﺬﻟﻚ ﻗﺪ ﺍﲣﺬ ﻗﺮﺍﺭ ﺑﻄﺮﻳﻘﺔ ﻋﻠﻤﻴﺔ ﺳﻠﻴﻤﺔ)‪.(1‬‬
‫ﻭ ﳝﻜﻦ ﺍﻟﺘﻮﺻﻞ ﺇﱃ ﺍﺧﺘﻴﺎﺭ ﺃﻧﺴﺐ ﺑﺪﻳﻞ ﻟﻮ ﲤﻜﻦ ﺍﳌﺪﻳﺮ ﻣﻦ ﺇﺗﺒﺎﻉ ﺍﳋﻄﻮﺍﺕ ﺍﻟﺴﺎﺑﻘﺔ ﺑﺼﻮﺭﺓ ﻋﻘﻼﻧﻴﺔ‬
‫ﺭﺷﻴﺪﺓ‪ .‬ﺇﻻ ﺃﻥ ﻭﺍﻗﻊ ﺍﻷﻣﻮﺭ ﻳﺸﲑ ﺇﱃ ﺗﺪﺧﻞ ﺟﻮﺍﻧﺐ ﺷﺨﺼﻴﺔ ﻣﺜﻞ ﺩﻭﺍﻓﻊ ﺍﻟﻨﺎﺱ ﻭ ﺇﺩﺭﺍﻛﻬﻢ ﻭ ﺧﱪﺍ‪‬ﻢ ﰲ‬
‫ﺍﳋﻄﻮﺍﺕ ﺍﻟﺴﺎﺑﻘﺔ‪ ،‬ﳑﺎ ﳚﻌﻞ ﻫﺬﻩ ﺍﳋﻄﻮﺓ ﻭ ﻫﻲ ﺍﺧﺘﻴﺎﺭ ﺃﻧﺴﺐ ﺑﺪﻳﻞ ﻟﻠﺤﻞ ﻏﲑ ﺭﺷﻴﺪ‪ .‬ﻭ ﻗﺪ ﻳﻜﻔﻲ ﺃﻥ ﻳﺘﻌﺮﻑ‬
‫ﺍﳌﺪﻳﺮ ﻋﻠﻰ ﺇﻣﻜﺎﻧﻴﺔ ﲢﻴﺰﻩ ﺍﻟﺸﺨﺼﻲ ﰲ ﺗﻌﺮﻳﻒ ﺍﳌﺸﻜﻠﺔ ﻭ ﰲ ﲨﻊ ﺍﳌﻌﻠﻮﻣﺎﺕ ﻋﻨﻬﺎ‪ ،‬ﻭ ﰲ ﺍﺳﺘﺨﺪﺍﻣﻪ ﳋﱪﺗﻪ‬
‫ﺍﻟﺴﺎﺑﻘﺔ ﰲ ﺍﻗﺘﺮﺍﺡ ﺣﻠﻮﻝ ﺑﺪﻳﻠﺔ ﻭﻭﻋﻲ ﺍﳌﺪﻳﺮ ﺑﺈﻣﻜﺎﻧﻴﺔ ﲢﻴﺰﻩ ﻗﺪ ﻳﺒﺼﺮﻩ ﺇﱃ ﺣﺪ ﺑﻌﻴﺪ ﻭ ﻳﺮﺷﺪﻩ ﺇﱃ ﺇﺗﺒﺎﻉ ﺃﺳﻠﻮﺏ‬
‫ﺃﻛﺜﺮ ﻣﻮﺿﻮﻋﻴﺔ ﰲ ﻋﻤﻠﻴﺔ ﺍﲣﺎﺫ ﺍﻟﻘﺮﺍﺭ)‪.(2‬‬

‫ﺍﳋﻄﻮﺓ ﺍﳋﺎﻣﺴﺔ‪ :‬ﺗﻨﻔﻴﺬ ﺍﻟﻘﺮﺍﺭ‬ ‫™‬

‫ﻳﻌﲏ ﺗﻨﻔﻴﺬ ﺍﻟﻘﺮﺍﺭ ﻭﺿﻊ ﺍﳊﻞ ﺍﻟﺒﺪﻳﻞ ﺍﳌﺨﺘﺎﺭ ﻗﻴﺪ ﺍﻟﻌﻤﻞ ﻭ ﻣﻮﺍﺻﻠﺘﻪ ﺣﱴ ﺍﻟﻨﻬﺎﻳﺔ‪ ،‬ﺃﻭ ﺍﻻﳒﺎﺯ‪ .‬ﻭ ﺗﺒﺪﺃ‬
‫ﺍﻟﻌﻤﻠﻴﺔ ﺑﺘﻌﻴﲔ ﺍﳌﺴﺆﻭﻟﻴﺎﺕ ﻟﻸﻓﺮﺍﺩ ﻭ ﺍﻟﺬﻱ ﺳﻴﻨﺎﻁ ﺇﻟﻴﻬﻢ ﺗﻨﻔﻴﺬ ﺍﻟﻘﺮﺍﺭ)‪.(3‬‬
‫ﻭ ﺗﻌﺪ ﻫﺬﻩ ﺍﳌﺮﺣﻠﺔ ﺗﺎﺑﻌﺔ ﻟﻠﻤﺮﺍﺣﻞ ﺍﻟﺴﺎﺑﻘﺔ ﺭﻏﻢ ﺃﻥ ﺍﻟﻘﺮﺍﺭ ﻳﻜﻮﻥ ﻗﺪ ﺻﺪﺭ ﻭ ﺍﻟﺘﻨﻔﻴﺬ ﻳﺄﰐ ﳉﻌﻞ ﺍﻟﻘﺮﺍﺭ‬
‫ﻭﺍﻗﻌﻲ ﻭ ﻣﻠﻤﻮﺱ ﺧﺎﺻﺔ ﺑﻌﺪ ﺃﻥ ﻳﻀﻤﻦ ﻣﺘﺨﺬ ﺍﻟﻘﺮﺍﺭ ﺗﻌﺎﻭﻥ ﻭ ﺗﻔﺎﻋﻞ ﺍﳉﻤﻴﻊ ﻋﻠﻰ ﺗﻨﻔﻴﺬ ﺍﻟﻘﺮﺍﺭ‪ .‬ﻭ ﻫﺬﺍ ﻣﺎ ﻳﺘﻄﻠﺐ‬
‫ﺩﻭﺭﺍ ﻣﻬﻤﺎ ﻣﻦ ﺍﳌﺪﻳﺮ ﻹﳒﺎﺡ ﺗﻨﻔﻴﺬ ﺍﻟﻘﺮﺍﺭ ﻣﺜﻞ ﺍﻟﻘﻴﺎﻡ ﺑﺄﻋﻤﺎﻝ ﲢﻔﻴﺰ ﺍﻟﻌﺎﻣﻠﲔ ‪ .‬ﺇﻥ ﺍﻟﻘﺮﺍﺭ ﰲ ﺣﺪ ﺫﺍﺗﻪ ﻋﺪﱘ ﺍﻟﻘﻴﻤﺔ‬
‫ﻣﺎ ﱂ ﻳﺘﻢ ﺗﻨﻔﻴﺬﻩ‪ .‬ﻭ ﻛﺜﲑﺍ ﻣﺎ ﻳﻨﻔﻖ ﺍﻟﻮﻗﺖ ﻭ ﺍﳉﻬﺪ ﻭ ﺍﳌﺎﻝ ﻣﻦ ﺃﺟﻞ ﺍﻟﻮﺻﻮﻝ ﺇﱃ ﻗﺮﺍﺭ ﺳﻠﻴﻢ ﻭ ﻣﻨﻄﻘﻲ‪ ،‬ﰒ ﺑﻌﺪ‬
‫ﻫﺬﺍ ﺗﺒﺪﺩ ﻛﻞ ﺫﻟﻚ ﺑﺴﺒﺐ ﻓﺸﻠﻬﺎ ﰲ ﺗﻨﻔﻴﺬﻩ‪ .‬ﻭ ﳍﺬﺍ ﺑﻌﺪ ﺃﻥ ﻳﺘﻢ ﺍﺧﺘﻴﺎﺭ ﺍﻟﺒﺪﻳﻞ ﺍﻻﻧﺴﺐ ﳊﻞ ﺍﳌﺸﻜﻠﺔ ﺍﳌﻄﺮﻭﺣﺔ‪،‬‬
‫ﻓﺈﻥ ﺍﻟﻘﺮﺍﺭ ﺃﻭ ﺍﳊﻞ ﳚﺐ ﺃﻥ ﻳﻜﻮﻥ ﻟﻪ ﻓﺎﻋﻠﻴﺔ ﰲ ﺍﻟﺘﻨﻔﻴﺬ ﺣﱴ ﳛﻘﻖ ﺍﳍﺪﻑ ﺍﳌﻨﺸﻮﺩ‪.‬‬
‫ﻭ ﻳﻌﺘﻘﺪ ﺑﻌﺾ ﻣﺘﺨﺬﻱ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺃﻥ ﺩﻭﺭﻫﻢ ﻳﻨﺘﻬﻲ ﺑﺎﺧﺘﻴﺎﺭﻫﻢ ﻷﻓﻀﻞ ﺑﺪﻳﻞ ﻭ ﻟﻜﻦ ﻫﺬﺍ ﺍﻻﻋﺘﻘﺎﺩ ﺧﺎﻃﺊ‬
‫ﺑﻄﺒﻴﻌﺔ ﺍﳊﺎﻝ‪ .‬ﻷﻥ ﺍﻟﻘﺮﺍﺭ ﻗﺪ ﻳﺘﻄﻠﺐ ﺗﻨﻔﻴﺬﻩ ﺗﻌﺎﻭﻥ ﺍﻵﺧﺮﻳﻦ ﻭ ﻣﺘﺎﺑﻌﺔ ﺍﻟﺘﻨﻔﻴﺬ ﻟﻠﺘﺄﻛﺪ ﻣﻦ ﺳﻼﻣﺔ ﺍﻟﺘﻨﻔﻴﺬ ﻭ ﻓﻌﺎﻟﻴﺔ‬
‫ﺍﻟﻘﺮﺍﺭ‪ .‬ﻭ ﻗﺪ ﻳﺘﻄﻠﺐ ﺍﻷﻣﺮ ﻣﻌﺮﻓﺔ ﻭ ﺇﳌﺎﻡ ﻣﻦ ﳍﻢ ﻋﻼﻗﺔ ﺑﺎﻟﺘﻨﻔﻴﺬ‪ ،‬ﻛﻤﺎ ﺃﻥ ﺷﻌﻮﺭ ﺍﻟﻌﺎﻣﻠﲔ ﲟﺸﺎﺭﻛﺘﻬﻢ ﰲ ﺻﻨﻊ‬
‫ﺍﻟﻘﺮﺍﺭ ﺗﺴﺎﻫﻢ ﺑﺸﻜﻞ ﻛﺒﲑ ﰲ ﺣﺴﻦ ﲢﻮﻳﻞ ﺍﻟﺒﺪﻳﻞ ﺇﱃ ﻋﻤﻞ ﻓﻌﺎﻝ ﻭ ﻣﻨﺘﺞ)‪.(4‬‬

‫)‪ (1‬ﻳﺎﺳﺮ ﺧﺎﻟﺪ ﺳﻼﻣﺔ‪ :‬ﺍﻹﺩﺍﺭﺓ ﺍﳌﺪﺭﺳﻴﺔ ﺍﳊﺪﻳﺜﺔ‪ ،‬ﺩﺍﺭ ﺍﻟﺜﻘﺎﻓﺔ ﻟﻠﻨﺸﺮ ﻭ ﺍﻟﺘﻮﺯﻳﻊ ‪ ،‬ﻋﻤﺎﻥ ‪ ،‬ﺍﻷﺭﺩﻥ‪ ،‬ﺍﻟﻄﺒﻌﺔ ﺍﻷﻭﱃ‪ ،2003 ،‬ﺹ ‪.81‬‬
‫)‪ (2‬ﺭﺍﺷﺪ ﺍﻟﻌﺠﻤﻲ ‪ ،‬ﺃﲪﺪ ﻣﺎﻫﺮ‪ ،‬ﲪﺪ ﺍﻟﺪﻋﻴﺞ‪ ،‬ﺟﻼﻝ ﺍﳌﺮﺳﻲ‪ :‬ﺍﻹﺩﺍﺭﺓ ‪ :‬ﺍﳌﺒﺎﺩﺉ ﻭ ﺍﳌﻬﺎﺭﺍﺕ‪ ،‬ﺍﻟﺪﺍﺭ ﺍﳉﺎﻣﻌﻴﺔ‪ ،‬ﺍﻹﺳﻜﻨﺪﺭﻳﺔ‪ ،‬ﺑﺪﻭﻥ ﻃﺒﻌﺔ‪،2002 ،‬‬
‫ﺹ‪.331‬‬
‫)‪ (3‬ﺇﻳﻬﺎﺏ ﺻﺒﻴﺢ ﳏﻤﺪ ﺭﺯﻳﻖ‪ :‬ﺇﺩﺍﺭﺓ ﺍﻟﻌﻤﻠﻴﺎﺕ ﻭ ﺍﲣﺎﺫ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺍﻟﺴﻠﻴﻤﺔ‪ ،‬ﺩﺍﺭ ﺍﻟﻜﺘﺐ ﺍﻟﻌﻠﻤﻲ ﻟﻠﻨﺸﺮ ﻭ ﺍﻟﺘﻮﺯﻳﻊ‪ ،‬ﺍﻟﻘﺎﻫﺮﺓ‪ ،‬ﺑﺪﻭﻥ ﻃﺒﻌﺔ‪،2001 ،‬‬
‫ﺹ‪.89‬‬
‫)‪ (4‬ﻛﺎﺳﺮ ﻧﺼﺮ ﺍﳌﻨﺼﻮﺭ‪ :‬ﻧﻈﺮﻳﺎﺕ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺍﻹﺩﺍﺭﻳﺔ‪ ،‬ﺩﺍﺭ ﺍﳊﺎﻣﺪ ﻭ ﻟﻠﻨﺸﺮ ﻭ ﺍﻟﺘﻮﺯﻳﻊ‪ ،‬ﻋﻤﺎﻥ‪ ،‬ﺍﻷﺭﺩﻥ‪ ،‬ﺍﻟﻄﺒﻌﺔ ﺍﻷﻭﱃ‪ ،2000 ،‬ﺹ ‪.49‬‬

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 ‫دور اﻟﻮﻇﻴﻔﺔ اﻟﻤﺎﻟﻴﺔ ﻓﻲ اﻟﻤﺆﺳﺴﺔ اﻻﻗﺘﺼﺎدﻳﺔ‬ ‫اﻟﻔﺼﻞ اﻟﺜﺎﻧﻲ‪:‬‬

‫ﺍﳋﻄﻮﺓ ﺍﻟﺴﺎﺩﺳﺔ‪ :‬ﺗﻘﻴﻴﻢ ﺍﻟﻘﺮﺍﺭ‬ ‫™‬

‫ﺑﻌﺪ ﺍﺧﺘﻴﺎﺭ ﺍﻟﺒﺪﻳﻞ ﺍﳌﻼﺋﻢ ﻻﺑﺪ ﻣﻦ ﻣﻌﺮﻓﺔ ﻣﺪﻯ ﻗﺪﺭﺗﻪ ﻋﻠﻰ ﲢﻘﻴﻖ ﺍﳍﺪﻑ ﺍﻟﺬﻱ ﺍﲣﺬﻩ ﻣﻦ ﺃﺟﻞ ﲢﻘﻴﻘﻪ ﻭ‬
‫ﺍﳊﺼﻮﻝ ﻋﻠﻰ ﺭﺩﺍﺕ ﺍﻟﻔﻌﻞ ﺍﻟﱵ ﺗﺴﺎﻋﺪ ﰲ ﺇﺟﺮﺍﺀ ﺍﻟﺘﻌﺪﻳﻼﺕ ﺍﻟﻼﺯﻣﺔ ﻟﻀﻤﺎﻥ ﲢﻘﻴﻖ ﺍﳍﺪﻑ)‪.(1‬‬

‫ﺍﳌﻄﻠﺐ ﺍﻟﺜﺎﻟﺚ‪ :‬ﻧﻈﻢ ﺍﳌﻌﻠﻮﻣﺎﺕ ﻭ ﻋﻼﻗﺘﻬﺎ ﺑﻌﻤﻠﻴﺔ ﺍﲣﺎﺫ ﺍﻟﻘﺮﺍﺭﺍﺕ‬

‫ﺍﻟﻔﺮﻉ ﺍﻷﻭﻝ‪ :‬ﺗﻌﺮﻳﻒ ﻧﻈﻢ ﺍﳌﻌﻠﻮﻣﺎﺕ‬ ‫™‬

‫ﺗﻠﻌﺐ ﻧﻈﻢ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺩﻭﺭﺍ ﻫﺎﻣﺎ ﰲ ﳐﺘﻠﻒ ﺍﻷﻧﺸﻄﺔ ﻭ ﺍﻟﻌﻤﻠﻴﺎﺕ ﰲ ﻣﻨﺸﺂﺕ ﺍﻷﻋﻤﺎﻝ‪ .‬ﺑﻞ ﻭ ﺃﺻﺒﺢ ﻣﻦ‬
‫ﺍﻟﺼﻌﻮﺑﺔ ﺃﻥ ﻳﺘﻢ ﻓﺼﻞ ﺃﻧﺸﻄﺔ ﺗﻜﻨﻮﻟﻮﺟﻴﺎ ﺍﳌﻌﻠﻮﻣﺎﺕ ﻋﻦ ﺃﻧﺸﻄﺔ ﺍﻟﻌﻤﻞ ﺍﻟﺮﺋﻴﺴﻴﺔ ﺑﺘﻠﻚ ﺍﳌﻨﺸﺂﺕ)‪.(2‬‬
‫ﻭ ﻳﺴﺘﻨﺪ ﳎﺎﻝ ﺍﳌﻌﻠﻮﻣﺎﺕ ﻋﻠﻰ ﻣﻔﺎﻫﻴﻢ ﻟﻠﻨﻈﻢ ﻭ ﺍﻟﺬﻱ ﺍﺧﺘﻠﻔﺖ ﺗﻌﺎﺭﻳﻔﻪ ﻣﻦ ﺑﺎﺣﺚ ﺇﱃ ﺁﺧﺮ ﺯﻭ ﺫﻟﻚ‬
‫ﺣﺴﺐ ﺍﲡﺎﻩ ﻛﻞ ﻣﻨﻬﻢ ﻭ ﺣﺴﺐ ﺍﻟﺪﺭﺍﺳﺔ ﺍﻟﱵ ﻳﻘﻮﻡ ‪‬ﺎ‪.‬‬
‫ﺗﻌﺮﻳﻒ ﺍﻟﻨﻈﻢ‪:‬‬
‫ﻋﺮﻑ ﺍﻟﻨﻈﺎﻡ ﻋﻠﻰ ﺃﻧﻪ ﳎﻤﻮﻋﺔ ﻣﻦ ﺍﻟﻌﻨﺎﺻﺮ ﺃﻭ ﺍﳌﻜﻮﻧﺎﺕ ﺍﳌﺘﻔﺎﻋﻠﺔ ﻹﳒﺎﺯ ﺃﻫﺪﺍﻑ ﻣﺎ)‪.(3‬‬
‫ﻛﻤﺎ ﻳﻌﺮﻑ ﻋﻠﻰ ﺃﻧﻪ ﳎﻤﻮﻋﺔ ﻣﻦ ﺍﳌﻜﻮﻧﺎﺕ ﺫﺍﺕ ﻋﻼﻗﺎﺕ ﻣﺘﺪﺍﺧﻠﺔ ﻣﻊ ﺑﻌﻀﻬﺎ ﺗﻌﻤﻞ ﻋﻠﻰ ﳓﻮ ﻣﺘﻜﺎﻣﻞ ﰲ‬
‫ﻇﻞ ﻗﻴﻮﺩ ﻣﻌﻴﻨﺔ ﻟﺘﺤﻘﻴﻖ ﻫﺪﻑ ﻣﺸﺘﺮﻙ ﰲ ﺑﻴﺌﺔ ﻣﺎ‪ .‬ﻭ ﰲ ﺳﺒﻴﻞ ﺫﻟﻚ‪ ،‬ﺗﻘﺒﻞ ﻣﺪﺧﻼﺕ ﻭ ﺗﻘﻮﻡ ﺑﻌﻤﻠﻴﺎﺕ ﻭ ﺗﻨﺘﺞ‬
‫ﳐﺮﺟﺎﺕ ﻭ ﺗﺴﻤﺢ ﺑﺎﺳﺘﻘﺒﺎﻝ ﻣﺪﺧﻼﺕ ﻣﺮﺗﺪﺓ )ﺗﻐﺬﻳﺔ ﻋﻜﺴﻴﺔ(‪.‬‬
‫ﻭ ﻫﺬﺍ ﺍﻟﺸﻜﻞ ﻳﻮﺿﺢ ﳕﻮﺫﺝ ﻟﻠﺘﻌﺒﲑ ﻋﻦ ﺍﻟﻨﻈﺎﻡ‪.‬‬
‫ﺍﻟﺸﻜﻞ ﺭﻗﻢ ‪ :2-2‬ﳕﻮﺫﺝ ﺑﻴﺎﱐ ﻟﻠﺘﻌﺒﲑ ﻋﻦ ﺍﻟﻨﻈﺎﻡ‬
‫ﻣﺪﺧﻼﺕ‬
‫ﳐﺮﺟﺎﺕ‬
‫ﺍﻟﺒﻴﺌﺔ‬ ‫‪Imput‬‬
‫‪Output‬‬
‫‪Environnement‬‬ ‫ﺑﻐﺮﺽ‬
‫‪.‬‬ ‫‪:‬‬ ‫ﻧﻈﺎﻡ‬ ‫‪:‬‬
‫‪System‬‬
‫ﺃﻫﺪﺍﻑ‬ ‫‪:‬‬ ‫‪:‬‬
‫ﲢﻘﻴﻖ‬
‫‪objectives‬‬
‫ﻗﻴﻮﺩ‬
‫‪contraints‬‬

‫ﺍﳌﺼﺪﺭ‪ :‬ﻃﺎﺭﻕ ﻃﻪ‪ :‬ﻧﻈﻢ ﺍﳌﻌﻠﻮﻣﺎﺕ ﻭ ﺍﳊﺎﺳﺒﺎﺕ ﺍﻵﻟﻴﺔ ﻭ ﺍﻻﻧﺘﺮﻧﻴﺖ‪ ،‬ﺩﺍﺭ ﺍﻟﻔﻜﺮ ﺍﳉﺎﻣﻌﻲ‪ ،‬ﺍﻹﺳﻜﻨﺪﺭﻳﺔ‪ ،‬ﺑﺪﻭﻥ ﻃﺒﻌﺔ‪،‬‬
‫‪ ،2005‬ﺹ ‪.39‬‬

‫)‪ (1‬ﻧﺪﺍﺀ ﳏﻤﺪ ﺍﻟﺼﻮﺹ‪ :‬ﻣﺪﺧﻞ ﺇﱃ ﻋﻠﻢ ﺍﻹﺩﺍﺭﺓ‪ ،‬ﻣﻜﺘﺐ ﺍ‪‬ﺘﻤﻊ ﺍﻟﻌﺮﰊ ﻟﻠﻨﺸﺮ ﻭ ﺍﻟﺘﻮﺯﻳﻊ‪ ،‬ﻋﻤﺎﻥ‪ ،‬ﺍﻷﺭﺩﻥ‪ ،‬ﺍﻟﻄﺒﻌﺔ ﺍﻷﻭﱃ‪ ،2007 ،‬ﺹ ‪53‬‬
‫)‪ (2‬ﺃﻣﲔ ﺍﻟﺴﻴﺪ ﺍﲪﺪ ﻟﻄﻔﻲ‪ :‬ﻣﺮﺍﺟﻌﺔ ﻭ ﺗﺪﻗﻴﻖ ﻧﻈﻢ ﺍﳌﻌﻠﻮﻣﺎﺕ‪ ،‬ﺍﻟﺪﺍﺭ ﺍﳉﺎﻣﻌﻴﺔ‪ ،‬ﺍﻹﺳﻜﻨﺪﺭﻳﺔ‪ ،‬ﺑﺪﻭﻥ ﻃﺒﻌﺔ‪ ،2005 ،‬ﺹ ‪.01‬‬
‫)‪ (3‬ﻧﺒﻴﻞ ﳏﻤﺪ ﻣﺮﺳﻲ‪ :‬ﺍﻟﺘﻘﻨﻴﺎﺕ ﺍﳊﺪﻳﺜﺔ ﻟﻠﻤﻌﻠﻮﻣﺎﺕ‪ ،‬ﺩﺍﺭ ﺍﳉﺎﻣﻌﺔ ﺍﳉﺪﻳﺪﺓ ﻟﻠﻨﺸﺮ‪ ،‬ﺍﻟﻘﺎﻫﺮﺓ‪ ،‬ﺑﺪﻭﻥ ﻃﺒﻌﺔ‪ ،2005 ،‬ﺹ ‪.13‬‬

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 ‫دور اﻟﻮﻇﻴﻔﺔ اﻟﻤﺎﻟﻴﺔ ﻓﻲ اﻟﻤﺆﺳﺴﺔ اﻻﻗﺘﺼﺎدﻳﺔ‬ ‫اﻟﻔﺼﻞ اﻟﺜﺎﻧﻲ‪:‬‬

‫ﻛﻤﺎ ﺃﻥ ﻟﻠﻤﻌﻠﻮﻣﺎﺕ ﺩﻭﺍﺭﺍ ﻫﺎﻡ ﰲ ﻋﻤﻠﻴﺔ ﺍﲣﺎﺫ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺣﻴﺚ ﻻ ﳝﻜﻦ ﻟﻨﺎ ﺃﻥ ﻧﺘﺼﻮﺭ ﺃﻥ ﻫﻨﺎﻙ ﻗﺮﺍﺭ ﺑﺪﻭﻥ‬
‫ﻣﻌﻠﻮﻣﺎﺕ ﺃﻱ ﺃﻥ ﺟﻮﺩﺓ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺗﺮﺗﺒﻂ ﺑﺸﻜﻞ ﻣﺒﺎﺷﺮ ﺑﺎﳌﻌﻠﻮﻣﺎﺕ ﺍﳌﺘﺎﺣﺔ ﻟﻌﻤﻠﻴﺔ ﺍﲣﺎﺫ ﺍﻟﻘﺮﺍﺭﺍﺕ)‪.(1‬‬
‫ﺧﺎﺻﺔ ﺍﻵﻥ ﺍﻟﻌﺎﱂ ﻳﻌﻴﺶ ﰲ ﻋﺼﺮ ﺍﳌﻨﻈﻤﺎﺕ ﺣﻴﺚ ﳛﻘﻖ ﺍﻷﻓﺮﺍﺩ ﺃﻫﺪﺍﻓﻬﻢ ﻋﱪ ﺍﳌﻨﻈﻤﺎﺕ‪ .‬ﻭ ﺣﱴ ﲢﻘﻖ‬
‫ﺍﳌﻨﻈﻤﺎﺕ ﺃﻫﺪﺍﻓﻬﺎ‪ ،‬ﻻﺑﺪ ﻣﻦ ﻣﻌﻠﻮﻣﺎﺕ ﺣﱴ ﺗﺘﺨﺬ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺍﻟﻨﺎﺳﺒﺔ)‪.(2‬‬
‫ﻭ ﻗﺒﻞ ﻋﻘﺪﻳﻦ ﻣﻦ ﺍﻟﻘﺮﻥ ﺍﻟﻌﺸﺮﻳﻦ ﺍﳌﻨﺼﺮﻡ‪ ،‬ﱂ ﻳﻜﻦ ﻳﻨﻈﺮ ﺇﱃ ﺍﳌﻌﻠﻮﻣﺎﺕ ﻋﻠﻰ ﺃ‪‬ﺎ ﺃﺣﺪ ﺍﳌﻮﺍﺭﺩ ﺍﳍﺎﻣﺔ ﺃﻭ ﺃ‪‬ﺎ‬
‫ﺃﺣﺪ ﺃﺻﻮﻝ ﺍﳌﻨﻈﻤﺔ‪ .‬ﻭ ﻟﻜﻦ ﰲ ﺍﻵﻭﻧﺔ ﺍﻷﺧﲑﺓ‪ ،‬ﺑﺎﺕ ﺍﻻﻫﺘﻤﺎﻡ ﺑﺎﳌﻌﻠﻮﻣﺎﺕ ﻳﺘﺰﺍﻳﺪ ﺧﺎﺻﺔ ﺑﻌﺪ ﺍﻵﺛﺎﺭ ﺍﻟﻔﺎﻋﻠﺔ ﳌﺎ‬
‫ﻳﺴﻤﻰ ﺑﺎﻟﻌﻮﳌﺔ‪ .‬ﺣﻴﺚ ﺍﺣﺘﻠﺖ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﻟﺮﻛﻦ ﺍﻟﺮﻛﻴﺰ ﰲ ﺍﻻﻗﺘﺼﺎﺩ)‪.(3‬‬
‫ﻭ ﳒﺪ ﺑﻌﺾ ﺍﳌﻔﻜﺮﻳﻦ ﻳﺴﺘﺨﺪﻣﻮﻥ ﻟﻔﻆ ﺑﻴﺎﻧﺎﺕ ﻭ ﻣﻌﻠﻮﻣﺎﺕ ﻟﻠﺪﻻﻟﺔ ﻋﻠﻰ ﻧﻔﺲ ﺍﳌﻔﻬﻮﻡ‪ ،‬ﺑﻴﻨﻤﺎ ﰲ ﺍﻟﻮﺍﻗﻊ ﺃﻥ‬
‫ﻛﻼ ﺍﳌﻔﻬﻮﻣﲔ ﳐﺘﻠﻔﲔ‪ .‬ﻓﺎﻟﺒﻴﺎﻧﺎﺕ ﻫﻲ ﻋﺒﺎﺭﺓ ﻋﻦ ﺍﳊﺮﻭﻑ ﻭ ﺍﳉﻤﻞ ﻭ ﺍﻟﻌﺒﺎﺭﺍﺕ ﻭ ﺍﻷﺭﻗﺎﻡ ﻭ ﺍﻟﺮﻣﻮﺯ ﻏﲑ ﺍﳌﻨﻈﻤﺔ ﻭ‬
‫ﻏﲑ ﺍﳌﺮﺗﺒﻄﺔ ﲟﻮﺿﻮﻉ ﻭﺍﺣﺪ‪ ،‬ﻭ ﺍﻟﱵ ﻗﺪ ﻻ ﻳﺴﺘﻔﺎﺩ ﻣﻨﻬﺎ ﰲ ﺷﻜﻠﻬﺎ ﺍﳊﺎﱄ ﺇﻻ ﺑﻌﺪ ﺗﻄﻮﻳﺮﻫﺎ ﻣﻦ ﺧﻼﻝ ﻋﻤﻠﻴﺎﺕ‬
‫ﺍﻟﺘﺤﻠﻴﻞ ﻭ ﺍﻟﺸﺮﺡ ﻭ ﺍﻟﱵ ﺇﺫﺍ ﻓﺮﺯﺕ ﻭ ﺻﻨﻔﺖ ﻭ ﺑﻮﺑﺖ ﻭﻧﻈﻤﺖ‪ ،‬ﻓﺈﻥ ﻫﺬﻩ ﺍﻟﺒﻴﺎﻧﺎﺕ ﺗﺘﺤﻮﻝ ﺇﱃ ﻣﻌﻠﻮﻣﺎﺕ)‪.(4‬‬

‫ﺗﻌﺮﻑ ﺍﳌﻌﻠﻮﻣﺎﺕ‪:‬‬ ‫™‬

‫ﺗﻨﺎﻭﳍﺎ ﻋﺪﺓ ﺑﺎﺣﺜﲔ ﰲ ﺩﺭﺍﺳﺎ‪‬ﻢ ﺣﻮﻝ ﺍﳌﻨﻀﻤﺎﺕ ﻣﻔﺎﻫﻴﻢ ﻭ ﺃﺳﺎﺳﻴﺎﺕ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺣﻴﺚ ﺗﺒﺎﻳﻨﺖ ﻭ ﺍﺗﻔﻘﺖ‬
‫ﻭﺟﻬﺎﺕ ﻧﻈﺮﻫﻢ ﰲ ﺗﻌﺮﻳﻔﻬﺎ‪ ،‬ﺣﻴﺚ ﺗﻌﺮﻑ ﻛﻤﺎ ﻳﻠﻲ‪:‬‬
‫ﺍﳌﻌﻠﻮﻣﺎﺕ ﻫﻲ ﻋﺒﺎﺭﺓ ﻋﻦ ﺑﻴﺎﻧﺎﺕ ﰎ ﺗﺼﻨﻴﻔﻬﺎ ﻭﺗﻨﻈﻴﻤﻬﺎ ﺑﺸﻜﻞ ﻳﺴﻤﺢ ﺑﺎﺳﺘﺨﺪﺍﻣﻬﺎ ﻭ ﺍﻻﺳﺘﻔﺎﺩﺓ ﻣﻨﻬﺎ‪،‬‬
‫ﻭ ﺑﺎﻟﺘﺎﱄ ﻓﺎﳌﻌﻠﻮﻣﺎﺕ ﳍﺎ ﻣﻌﲎ ﻭﺗﺆﺛﺮ ﰲ ﺭﺩﻭﺩ ﺃﻓﻌﺎﻝ ﻭ ﺳﻠﻮﻙ ﻣﻦ ﻳﺴﺘﻘﺒﻠﻬﺎ)‪.(5‬‬
‫ﻭ ﳝﻜﻦ ﺗﻌﺮﻳﻔﻬﺎ ﺃﻳﻀﺎ ﺑﺄ‪‬ﺎ ﻋﺒﺎﺭﺓ ﻋﻦ ﺑﻴﺎﻧﺎﺕ ﲤﺖ ﻣﻌﺎﳉﺘﻬﺎ ﺑﻐﺮﺽ ﲢﻘﻴﻖ ﻫﺪﻑ ﻣﻌﲔ ﻳﻘﻮﺩ ﺇﱃ ﺍﲣﺎﺫ‬
‫ﺍﻟﻘﺮﺍﺭ)‪.(6‬‬

‫)‪ (1‬ﺛﺎﺑﺖ ﻋﺒﺪ ﺍﻟﺮﲪﺎﻥ ﺇﺩﺭﻳﺲ‪ :‬ﻣﺮﺟﻊ ﺳﺎﺑﻖ‪ ،‬ﺹ ‪.111‬‬

‫)‪ (2‬ﳏﻤﺪ ﺣﺎﻓﻆ ﺣﺠﺎﺯﻱ‪ ،‬ﻋﺎﻣﺮ ﺇﺑﺮﺍﻫﻴﻢ‪ :،‬ﺩﻋﻢ ﺍﻟﻘﺮﺍﺭﺍﺕ ﰲ ﺍﳌﻨﻈﻤﺎﺕ‪،‬ﺩﺍﺭﺍﻟﻮﻓﺎﺀ ﻟﻠﻨﺸﺮ ﻭ ﺍﻟﺘﻮﺯﻳﻊ‪ ،‬ﺍﻹﺳﻜﻨﺪﺭﻳﺔ‪،‬‬
‫ﺍﻟﻄﺒﻌﺔ ﺍﻷﻭﱃ‪ ،2006 ،‬ﺹ‪.188‬‬
‫)‪ (3‬ﻧﻔﺲ ﺍﳌﺮﺟﻊ ﺹ‪..197‬‬
‫)‪ (4‬ﺇﳝﺎﻥ ﻓﺎﺿﻞ ﺍﻟﺴﻤﺮﺍﺋﻲ‪ ،‬ﻫﺸﺎﻡ ﳏﻤﺪ ﺍﻟﺰﻏﱯ‪ :‬ﻧﻈﻢ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﻹﺩﺍﺭﻳﺔ‪ ،‬ﺩﺍﺭ ﺻﻔﺎﺀ ﻟﻠﻨﺸﺮ ﻭ ﺍﻟﺘﻮﺯﻳﻊ‪ ،‬ﻋﻤﺎﻥ ‪ ،‬ﺍﻟﻄﺒﻌﺔ ﺍﻷﻭﱃ‪ ،2004 ،‬ﺹ ‪.24‬‬
‫)‪ (5‬ﺇﺑﺮﺍﻫﻴﻢ ﺳﻠﻄﺎﻥ‪ :‬ﻧﻈﻢ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﻹﺩﺍﺭﻳﺔ‪ ،‬ﻣﺪﺧﻞ ﺇﺩﺍﺭﻱ‪ ،‬ﺍﻟﺪﺍﺭ ﺍﳉﺎﻣﻌﻴﺔ‪ ،‬ﺍﻹﺳﻜﻨﺪﺭﻳﺔ‪ ،‬ﺑﺪﻭﻥ ﻃﺒﻌﺔ‪ ،2000 ،‬ﺹ ‪.41‬‬
‫)‪ (6‬ﻋﺎﻣﺮ ﺇﺑﺮﺍﻫﻴﻢ ﻗﻨﺪﻳﻠﻲ‪ ،‬ﻋﻼﺀ ﺍﻟﺪﻳﻦ ﻋﺒﺪ ﺍﻟﻘﺎﺩﺭ ﺍﳉﻨﺎﰊ‪ :‬ﻧﻈﻢ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﻹﺩﺍﺭﻳﺔ‪ ،‬ﺩﺍﺭ ﺍﻟﻴﺴﺮﺓ‪ ،‬ﺍﻷﺭﺩﻥ‪ ،‬ﺍﻟﻄﺒﻌﺔ ﺍﻷﻭﱃ‪ ،2005 ،‬ﺹ ‪.36‬‬

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 ‫دور اﻟﻮﻇﻴﻔﺔ اﻟﻤﺎﻟﻴﺔ ﻓﻲ اﻟﻤﺆﺳﺴﺔ اﻻﻗﺘﺼﺎدﻳﺔ‬ ‫اﻟﻔﺼﻞ اﻟﺜﺎﻧﻲ‪:‬‬

‫ﺍﻟﺸﻜﻞ ﺭﻗﻢ ‪ :3-2‬ﺍﻟﻔﺮﻕ ﺑﲔ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺃﻭ ﺍﻟﻌﻼﻗﺔ ﺑﻴﻨﻬﻢ‬

‫ﻣﻌﻠﻮﻣﺎﺕ‬ ‫ﻣﻌﺎﳉﺔ ﺑﻴﺎﻧﺎﺕ‬ ‫ﺑﻴﺎﻧﺎﺕ‬

‫ﺗﻐﺬﻳﺔ ﻋﻜﺴﻴﺔ‬
‫ﺍﳌﺼﺪﺭ‪ :‬ﺛﺎﺑﺖ ﻋﺒﺪ ﺍﻟﺮﲪﺎﻥ‪ :‬ﻣﺮﺟﻊ ﺳﺎﺑﻖ‪ ،‬ﺹ ‪.42‬‬

‫ﻭﺑﻌﺪ ﺃﻥ ﻗﻤﻨﺎ ﻳﺘﻌﺮﻳﻒ ﻛﻞ ﻣﻦ ﺍﻟﻨﻈﻢ ﻭ ﺍﳌﻌﻠﻮﻣﺎﺕ‪ ،‬ﻳﺼﺒﺢ ﻣﻦ ﺍﻟﺴﻬﻞ ﺍﻟﻮﺻﻮﻝ ﺇﱃ ﻣﻔﻬﻮﻡ ﺃﻭ ﺗﻌﺮﻳﻒ‬
‫ﺃﻧﻈﻤﺔ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺃﻭ ﻧﻈﺎﻡ ﺍﳌﻌﻮﻣﺎﺕ‪.‬‬
‫ﺣﻴﺚ ﳝﻜﻦ ﺗﻌﺮﻳﻒ ﻧﻈﺎﻡ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺑﺄﻧﻪ ﳎﻤﻮﻋﺔ ﻣﻦ ﺍﻟﻌﻨﺎﺻﺮ ﺍﳌﺘﺪﺍﺧﻠﺔ ﺍﳌﺘﻔﺎﻋﻠﺔ ﻣﻊ ﺑﻌﻀﻬﺎ ﻭ ﺍﻟﱵ ﺗﻌﻤﻞ‬
‫ﻋﻠﻰ ﲨﻊ ﺍﻟﺒﻴﺎﻧﺎﺕ ﻭ ﺍﳌﻌﻠﻮﻣﺎﺕ ﻭ ﻣﻌﺎﳉﺘﻬﺎ ﻭﲣﺰﻳﻨﻬﺎ ﻭﺑﺜﻬﺎ ﻭﺗﻮﺯﻳﻌﻬﺎ ﺑﻐﺮﺽ ﺩﻋﻢ ﺻﻨﺎﻋﺔ ﺍﻟﻘﺮﺍﺭﺍﺕ‪ ،‬ﻭﺍﻟﺘﻨﺴﻴﻖ‬
‫ﻭﺗﺄﻣﲔ ﺍﻟﺴﻴﻄﺮﺓ ﻋﻠﻰ ﺍﳌﻨﻈﻤﺔ ﺇﺿﺎﻓﺔ ﺇﱃ ﲢﻠﻴﻞ ﺍﳌﺸﻜﻼﺕ ﻭﺗﺄﻣﲔ ﺍﳌﻨﻈﻮﺭ ﺍﳌﻄﻠﻮﺏ ﻟﻠﻤﻮﺿﻮﻋﺎﺕ ﺍﳌﻌﻘﺪﺓ)‪.(1‬‬
‫ﻭﻋﻤﻮﻣﺎ‪ ،‬ﻓﺈﻥ ﻧﻈﺎﻡ ﺍﳌﻌﻠﻮﻣﺎﺕ ﻫﻮ ﻋﺒﺎﺭﺓ ﻋﻦ ﻵﻟﻴﺔ ﻭﺇﺟﺮﺍﺀﺍﺕ ﻣﻨﻈﻤﺔ ﺗﺴﻤﺢ ﺑﺘﺠﻤﻊ ﻭﺗﺼﻨﻴﻒ ﻭﻓﺮﺯ‬
‫ﺍﻟﺒﻴﺎﻧﺎﺕ ﻭﻣﻌﺎﳉﺘﻬﺎ ﻭﻣﻦ ﰒ ﲢﻮﻳﻠﻬﺎ ﺇﱃ ﻣﻌﻠﻮﻣﺎﺕ ﻳﺴﺘﺮﺟﻌﻬﺎ ﺍﻹﻧﺴﺎﻥ ﻋﻨﺪ ﺍﳊﺎﺟﺔ ﻟﻴﺘﻤﻜﻦ ﻣﻦ ﺇﳒﺎﺯ ﻋﻤﻞ ﺃﻭ ﺍﲣﺎﺫ‬
‫ﻗﺮﺍﺭ‪ ،‬ﺃﻭ ﺍﻟﻘﻴﺎﻡ ﺑﺄﻳﺔ ﻭﻇﻴﻔﺔ ﺗﻔﻴﺪ ﺣﺮﻛﺔ ﺍ‪‬ﺘﻤﻊ ﻋﻦ ﻃﺮﻳﻖ ﺍﳌﻌﺮﻓﺔ ﺍﻟﱵ ﺳﻴﺤﺼﻞ ﻋﻠﻴﻬﺎ ﻣﻦ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﳌﺴﺘﺮﺟﻌﺔ‬
‫ﻣﻦ ﺍﻟﻨﻈﺎﻡ)‪.(2‬‬
‫ﻭ ﻳﻌﺮﻑ ‪ Laudon and laudon‬ﻧﻈﻢ ﺍﳌﻌﻠﻮﻣﺎﺕ ﻋﻠﻰ ﺃ‪‬ﺎ ﳎﻤﻮﻋﺔ ﻣﻦ ﺍﳌﻜﻮﻧﺎﺕ ﻭﺍﻟﻌﻨﺎﺻﺮ ﺍﳌﺘﺮﺍﺑﻄﺔ‬
‫ﻭﺍﳌﺘﻔﺎﻋﻠﺔ ﻣﻌﺎ‪ ،‬ﻭﺍﻟﱵ ﺗﺘﻮﱃ ﻣﻬﺎﻡ ﲨﻊ ﺍﻟﺒﻴﺎﻧﺎﺕ ﺃﻭ ﺍﺳﺘﺮﺟﺎﻉ ﺃﻭ ﺗﺸﻐﻴﻞ ﻭ ﲣﺰﻳﻦ ﻭﺗﻮﺯﻳﻊ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﻟﻼﺯﻣﺔ ﻟﺪﻋﻢ‬
‫ﻋﻤﻠﻴﺎﺕ ﺍﲣﺎﺫ ﺍﻟﻘﺎﺭﺍﺕ ﻭﺍﻟﺘﻨﺴﻴﻖ ﻭﺍﻟﺮﻗﺎﺑﺔ ﰲ ﺍﳌﻨﻈﻤﺔ)‪.(3‬‬

‫)‪ (1‬ﺛﺎﺑﺖ ﻋﺒﺪ ﺍﻟﺮﲪﺎﻥ ﺇﺩﺭﻳﺲ‪ :‬ﻣﺮﺟﻊ ﺳﺎﺑﻖ‪ ،‬ﺹ ‪.123‬‬

‫)‪ (2‬ﻋﺎﻣﺮ ﺇﺑﺮﺍﻫﻴﻢ ﻗﻨﺪﻳﻠﻲ ﻭ ﺁﺧﺮﻭﻥ‪ :‬ﻣﺮﺟﻊ ﺳﺎﺑﻖ‪ ،‬ﺹ ‪.23‬‬
‫)‪ (3‬ﺛﺎﺑﺖ ﻋﺒﺪ ﺍﻟﺮﲪﺎﻥ ﺇﺩﺭﻳﺲ‪ :‬ﻣﺮﺟﻊ ﺳﺎﺑﻖ‪ ،‬ﺹ ‪.123‬‬

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 ‫دور اﻟﻮﻇﻴﻔﺔ اﻟﻤﺎﻟﻴﺔ ﻓﻲ اﻟﻤﺆﺳﺴﺔ اﻻﻗﺘﺼﺎدﻳﺔ‬ ‫اﻟﻔﺼﻞ اﻟﺜﺎﻧﻲ‪:‬‬

‫ﺍﻟﻔﺮﻉ ﺍﻟﺜﺎﱐ‪ :‬ﺍﻟﻌﻼﻗﺔ ﺑﲔ ﻧﻈﺎﻡ ﺍﳌﻌﻠﻮﻣﺎﺕ ﻭ ﻋﻤﻠﻴﺔ ﺍﲣﺎﺫ ﺍﻟﻘﺮﺍﺭﺍﺕ‬ ‫™‬

‫ﻟﻘﺪ ﺃﺩﻯ ﺍﻟﺘﻄﻮﺭ ﰲ ﳎﺎﻻﺕ ﺍﻷﻋﻤﺎﻝ ﺑﺎﻹﺿﺎﻓﺔ ﺇﱃ ﺗﻨﻮﻉ ﺍﻷﻧﺸﻄﺔ ﰲ ﺍﳌﻨﺸﺄﺓ ﺍﻟﻮﺍﺣﺪﺓ‪ ،‬ﺇﱃ ﺗﻌﻘﻴﺪ ﻋﻤﻠﻴﺔ‬
‫ﺍﲣﺎﺫ ﺍﻟﻘﺮﺍﺭﺍﺕ‪ ،‬ﻧﻈﺮﺍ ﻟﺘﺰﺍﻳﺪ ﺍﳌﺘﻐﲑﺍﺕ ﺍﻟﱵ ﺗﺆﺛﺮ ﻋﻠﻰ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺍﳌﺨﺘﻠﻔﺔ‪ .‬ﻭﺗﺮﺗﺐ ﻋﻠﻰ ﺫﻟﻚ‪ ،‬ﺯﻳﺎﺩﺓ ﺍﳊﺎﺟﺔ ﺇﱃ‬
‫ﺃﺳﺎﻟﻴﺐ ﺣﺪﻳﺜﺔ ﳝﻜﻦ ﻟﻺﺩﺍﺭﺓ ﺍﺳﺘﺨﺪﺍﻣﻬﺎ ﰲ ﺣﻞ ﻣﺸﺎﻛﻠﻬﺎ ﺍﳌﺨﺘﻠﻔﺔ‪ ،‬ﻭ ﻛﺬﻟﻚ ﺯﺍﺩﺕ ﺃﳘﻴﺔ ﺍﳌﻌﻠﻮﻣﺎﺕ ﻭ ﺃﻧﻈﻤﺘﻬﺎ‬
‫ﻭﺗﻘﻨﻴﺘﻬﺎ ﻭﺍﻟﺒﺤﺚ ﻋﻦ ﺃﻓﻀﻞ ﺍﺳﺘﺨﺪﺍﻣﺎﺕ ﳍﺎ ﺑﺄﻗﻞ ﺗﻜﻠﻔﺔ ﻹﻧﺘﺎﺟﻬﺎ‪ .‬ﻷﻥ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﻟﺴﻠﻴﻤﺔ ﺗﺆﺩﻱ ﺇﱃ ﻗﺮﺍﺭﺍﺕ‬
‫ﺳﻠﻴﻤﺔ‪ .‬ﻭﻳﻌﺘﱪ ﻧﻈﺎﻡ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺃﻫﻢ ﺍﻷﻧﻈﻤﺔ ﺍﳌﻨﺘﺠﺔ ﻟﻠﻤﻌﻠﻮﻣﺎﺕ ﺍﻟﻼﺯﻣﺔ ﻻﲣﺎﺫ ﺍﻟﻘﺎﺭﺍﺕ‪ .‬ﻭﻳﻮﺿﺢ ﺍﻟﺸﻜﻞ ﺍﻟﺘﺎﱄ‬
‫ﺍﻟﻌﻼﻗﺔ ﺑﲔ ﻧﻈﺎﻡ ﺍﳌﻌﻠﻮﻣﺎﺕ ﻭﻋﻤﻠﻴﺔ ﺍﲣﺎﺫ ﺍﻟﻘﺮﺍﺭﺍﺕ‪.‬‬

‫ﺍﻟﺸﻜﻞ ﺭﻗﻢ ‪ :4-2‬ﺍﻟﻌﻼﻗﺔ ﺑﲔ ﻧﻈﺎﻡ ﺍﳌﻌﻠﻮﻣﺎﺕ ﻭ ﻋﻤﻠﻴﺔ ﺍﲣﺎﺫ ﺍﻟﻘﺮﺍﺭﺍﺕ‬

‫ﻋﻤﻠﻴﺔ ﺍﲣﺎﺫ ﺍﻟﻘﺮﺍﺭﺍﺕ‬ ‫ﻧﻈﺎﻡ ﺍﳌﻌﻠﻮﻣﺎﺕ‬

‫ﳕﻮﺫﺝ ﺍﻟﻘﺮﺍﺭ‬ ‫ﻋﻤﻠﻴﺎﺕ ﺗﺸﻐﻴﻞ‬

‫ﻣﺘﺨﺬ ﺍﻟﻘﺮﺍﺭ‬ ‫‪Decision‬‬ ‫ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﳌﺮﺗﺒﻄﺔ‬ ‫ﺍﳌﻌﻠﻮﻣﺎﺕ‬ ‫ﺍﻟﺒﻴﺎﻧﺎﺕ‬ ‫ﺍﻟﺒﻴﺎﻧﺎﺕ‬
‫‪model‬‬
‫ﺍﻷﻣﺜﻞ‬ ‫ﲟﻮﺿﻮﻉ ﺍﻟﻘﺮﺍﺭ‬ ‫‪Information‬‬ ‫‪Data‬‬ ‫‪Data‬‬
‫‪procession‬‬
‫‪I f‬‬ ‫‪ti‬‬

‫ﺍﳌﺼﺪﺭ‪ :‬ﻫﺎﺷﻢ ﺃﲪﺪ ﻋﻄﻴﺔ‪ :‬ﻣﺪﺧﻞ ﺇﱃ ﻧﻈﻢ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﶈﺎﺳﺒﻴﺔ‪ ،‬ﺍﻟﺪﺍﺭ ﺍﳉﺎﻣﻌﻴﺔ‪ ،‬ﺍﻹﺳﻜﻨﺪﺭﻳﺔ‪ ،‬ﺑﺪﻭﻥ ﻃﺒﻌﺔ‪ ،2000 ،‬ﺹ ‪.38‬‬

‫ﻭﻣﻨﻪ ﻳﺘﻀﺢ ﺃﻥ ﻧﻈﺎﻡ ﺍﳌﻌﻠﻮﻣﺎﺕ ﻳﻘﻮﻡ ﺑﺘﺠﻤﻴﻊ ﺍﻟﺒﻴﺎﻧﺎﺕ ﻭ ﲢﻮﻳﻠﻬﺎ ﺇﱃ ﻣﻌﻠﻮﻣﺎﺕ ﺑﺈﺟﺮﺍﺀ ﳎﻤﻮﻋﺔ ﻣﻦ‬
‫ﺍﻟﻌﻤﻠﻴﺎﺕ‪ .‬ﻭﺗﻌﺘﱪ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺫﺍﺕ ﺃﳘﻴﺔ ﻛﺒﲑﺓ ﻻﲣﺎﺫ ﺍﻟﻘﺮﺍﺭ‪ ،‬ﺣﻴﺚ ﺃ‪‬ﺎ ﻛﻤﺎ ﻫﻮ ﻣﻮﺿﺢ ﰲ ﻟﺸﻜﻞ ﲤﺜﻞ‬
‫ﺍﳌﺪﺧﻼﺕ ﺍﻷﺳﺎﺳﻴﺔ ﻟﻌﻤﻠﻴﺔ ﺍﲣﺎﺫ ﺍﻟﻘﺮﺍﺭ‪ .‬ﻭﻟﺬﻟﻚ ﺗﻌﺘﱪ ﻋﺎﻣﻼ ﻫﺎﻣﺎ ﰲ ﺗﻘﻠﻴﻞ ﻋﺪﺩ ﺍﻟﺒﺪﺍﺋﻞ ﺍﳌﺘﺎﺣﺔ ﳌﺘﺨﺬ ﺍﻟﻘﺮﺍﺭ‬
‫ﻭﺗﻘﻴﻴﻢ ﺍﻟﺒﺪﺍﺋﻞ ﺍﻷﻛﺜﺮ ﺍﺣﺘﻤﺎﻻ ﻟﻠﻨﺠﺎﺡ)‪.(1‬‬
‫ﻧﺴﺘﺨﻠﺺ ﳑﺎ ﺳﺒﻖ‪ ،‬ﺃﻥ ﺍﻟﻐﺮﺽ ﺍﻟﺮﺋﻴﺴﻲ ﻟﻠﺤﺼﻮﻝ ﻋﻠﻰ ﺍﳌﻌﻠﻮﻣﺎﺕ ﻫﻮ ﻣﻦ ﺃﺟﻞ ﺍﺳﺘﺨﺪﺍﻣﻬﺎ ﰲ ﺍﲣﺎﺫ‬
‫ﺍﻟﻘﺮﺍﺭﺍﺕ ﻭﺗﻨﻔﻴﺬﻫﺎ ﻭﺗﻘﻴﻴﻤﻬﺎ‪ .‬ﻭﺃﻧﻪ ﻻ ﳝﻜﻦ ﺃﻥ ﻧﺒﺪﺃ ﺍﻟﺪﺭﺍﺳﺎﺕ ﺍﳌﺘﻌﻠﻘﺔ ﺑﻨﻈﻢ ﺍﳌﻌﻠﻮﻣﺎﺕ ﻭﺗﺼﻤﻴﻤﻬﺎ ﺩﻭﻥ ﺍﻟﺘﻌﺮﺽ‬
‫ﳍﻴﻜﻞ ﺍﻟﻘﺮﺍﺭ ﰲ ﺍﳌﻨﺸﺎﺓ‪.‬ﺍﻱ ﳚﺐ ﲢﺪﻳﺪ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺍﳌﻄﻠﻮﺑﺔ ﻭﻛﻴﻒ ﺗﺮﺗﺒﻂ ﺑﺒﻌﻀﻬﺎ ﻭﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﳌﻄﻠﻮﺑﺔ ﻟﻜﻞ ﻗﺮﺍﺭ‪.‬‬
‫ﻭﺑﻨﺎﺀ ﻋﻠﻰ ﻫﺬﺍ‪ ،‬ﳝﻜﻦ ﺗﺼﻤﻴﻢ ﻧﻈﺎﻡ ﺍﳌﻌﻠﻮﻣﺎﺕ ﻭﲢﺪﻳﺪ ﳏﺘﻮﻳﺎﺕ ﺍﻟﺘﻘﺎﺭﻳﺮ ﺍﻹﺩﺍﺭﻳﺔ‪ .‬ﻭﻫﻨﺎﻙ ﺑﻌﺾ ﺍﳌﺒﺎﺩﺉ ﺍﳍﺎﻣﺔ ﰲ‬
‫ﳎﺎﻝ ﺗﺼﻤﻴﻢ ﻧﻈﺎﻡ ﺍﳌﻌﻠﻮﻣﺎﺕ ﻭﻫﻲ‪:‬‬

‫)‪ (1‬ﻫﺎﺷﻢ ﳏﻤﺪ ﻋﻄﻴﺔ‪ :‬ﻣﺮﺟﻊ ﺳﺎﺑﻖ‪ ،‬ﺹ ‪.38‬‬

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 ‫دور اﻟﻮﻇﻴﻔﺔ اﻟﻤﺎﻟﻴﺔ ﻓﻲ اﻟﻤﺆﺳﺴﺔ اﻻﻗﺘﺼﺎدﻳﺔ‬ ‫اﻟﻔﺼﻞ اﻟﺜﺎﻧﻲ‪:‬‬

‫ﺗﻌﺘﱪ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺃﺳﺎﺳﺎ ﺿﺮﻭﺭﻳﺎ ﻻﲣﺎﺫ ﺍﻟﻘﺎﺭﺍﺕ ‪ .‬ﻓﺒﺪﻭﻥ ﺍﳌﻌﻠﻮﻣﺎﺕ‪ ،‬ﻻ ﳝﻜﻦ ﲢﺪﻳﺪ ﺍﻟﺒﺪﺍﺋﻞ ﻭﻗﻴﺎﺱ‬ ‫‪−‬‬

‫ﻣﻨﻔﻌﺔ ﺃﻭ ﻗﻴﻤﺔ ﻛﻞ ﺑﺪﻳﻞ‪.‬‬

‫ﳚﺐ ﺃﻥ ﺗﻜﻮﻥ ﺍﳌﻌﻠﻮﻣﺎﺕ ﻣﻼﺋﻤﺔ ﻟﻠﻘﺮﺍﺭ ﺍﳌﻌﺮﻭﺽ‪.‬‬ ‫‪−‬‬

‫ﻳﺘﻮﻗﻒ ﺍﻻﺣﺘﻴﺎﺝ ﳌﻌﻠﻮﻣﺎﺕ ﺩﻗﻴﻘﺔ ﻋﻠﻰ ﺍﻷﺳﺎﻟﻴﺐ ﺍﳌﺨﺘﻠﻔﺔ ﰲ ﻗﻴﺎﺱ ﻣﻨﺎﻓﻊ ﺍﻟﺒﺪﺍﺋﻞ ﺍﳌﺨﺘﻠﻔﺔ‪.‬‬ ‫‪−‬‬

‫ﺍﳌﻄﻠﺐ ﺍﻟﺮﺍﺑﻊ‪ :‬ﺗﻌﺮﻳﻒ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺍﳌﺎﻟﻴﺔ‬

‫ﺇﻥ ﺗﻌﺎﺭﻳﻒ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺍﳌﺎﻟﻴﺔ ﻋﺪﻳﺪﺓ ﻭ ﻣﺘﻨﻮﻋﺔ‪ ،‬ﻭﻧﺬﻛﺮ ﻣﻨﻬﺎ ﻣﺎ ﻳﻠﻲ‪:‬‬
‫ﺇﻥ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺍﳌﺎﻟﻴﺔ ﺗﺪﺧﻞ ﰲ ﲨﻴﻊ ﺃﻭﺟﻪ ﻧﺸﺎﻁ ﺍﳌﺆﺳﺴﺔ‪ .‬ﻓﻼ ﳝﻜﻦ ﺃﻥ ﻧﺘﺼﻮﺭ ﻧﺸﺎﻁ ﺗﻘﻮﻡ ﺑﻪ ﺍﻹﺩﺍﺭﺓ ﺃﻭ‬ ‫½‬

‫ﺃﻗﺴﺎﻣﻬﺎ ﲟﻌﺰﻝ ﻋﻦ ﺍﻟﻨﻮﺍﺣﻲ ﺍﳌﺎﻟﻴﺔ‪ .‬ﺣﻴﺚ ﳝﻜﻦ ﺗﻌﺮﻳﻒ ﺍﻟﻘﺮﺍﺭ ﺍﳌﺎﱄ ﻋﻠﻰ ﺃﻧﻪ ﻣﻮﻗﻒ ﳏﺪﺩ ﰲ ﻣﻮﺍﺟﻬﺔ‬
‫ﻣﻮﺿﻮﻉ ﻣﻌﲔ ﺫﻭ ﺻﺒﻐﺔ ﻣﺎﻟﻴﺔ‪.‬ﻛﻤﺎ ﺃﻥ ﻋﻤﻠﻴﺔ ﺍﲣﺎﺫ ﺍﻟﻘﺮﺍﺭ ﺍﳌﺎﱄ ﺍﻟﺴﻠﻴﻢ‪ ،‬ﺳﺎﻫﻢ ﺑﺸﻜﻞ ﻏﲑ ﻣﺒﺎﺷﺮ ﰲ ﻭﻇﻴﻔﺔ‬
‫ﺍﳌﺮﺍﻗﺒﺔ ﺍﻹﺩﺍﺭﻳﺔ ﻣﻦ ﺧﻼﻝ ﺍﻟﺘﺄﻛﺪ ﺃﻥ ﺍﻷﻫﺪﺍﻑ ﺍﳌﺴﻄﺮﺓ ﺃﻭ ﺍﶈﺪﺩﺓ ﻣﺴﺒﻘﺎ ﺣﺪﺛﺖ ﻭ ﲢﻘﻘﺖ‪.‬‬
‫ﻛﻤﺎ ﺗﺘﻤﻴﺰ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺍﳌﺎﻟﻴﺔ ﲞﺼﺎﺋﺺ ﻋﺪﻳﺪﺓ ﻧﺬﻛﺮ ﻣﻨﻬﺎ‪:‬‬
‫‪ −‬ﺇﻥ ﺑﻌﺾ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺍﳌﺎﻟﻴﺔ ﻣﺼﲑﻳﺔ ﺑﺎﻟﻨﺴﺒﺔ ﻟﻠﻤﺆﺳﺴﺔ‪ ،‬ﺇﺫ ﺃﻥ ﳒﺎﺡ ﺃﻭ ﻓﺸﻞ ﺍﳌﺆﺳﺴﺔ ﻣﺘﻮﻗﻒ ﻋﻠﻰ‬
‫ﺗﻠﻚ ﺍﻟﻘﺮﺍﺭﺍﺕ‪.‬‬
‫‪ −‬ﺇﻥ ﻧﺘﺎﺋﺞ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺍﳌﺎﻟﻴﺔ ﻻ ﺗﺘﻢ ﺑﺴﺮﻋﺔ‪ ،‬ﺑﻞ ﺗﺴﺘﻐﺮﻕ ﻭﻗﺘﺎ ﻃﻮﻳﻼ ﳑﺎ ﻳﺆﺩﻱ ﺇﱃ ﺻﻌﻮﺑﺔ ﺇﺻﻼﺡ‬
‫ﺍﳋﻄﺄ ﺇﺫﺍ ﻛﺎﻧﺖ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺧﺎﻃﺌﺔ‪.‬‬
‫‪ −‬ﺍﻟﻘﺮﺍﺭﺍﺕ ﺍﳌﺎﻟﻴﺔ ﻣﻠﺰﻣﺔ ﻟﻠﻤﺆﺳﺴﺔ ﰲ ﺃﻏﻠﺐ ﺍﳊﺎﻻﺕ‪ ،‬ﻟﺬﺍ ﳚﺐ ﺍﳊﺬﺭ ﺍﻟﺸﺪﻳﺪ ﻋﻨﺪ ﺍﲣﺎﺫ ﻫﺬﻩ‬
‫ﺍﻟﻘﺮﺍﺭﺍﺕ)‪.(1‬‬

‫)‪(1‬ﻫﺎﺷﻢ ﺍﲪﺪ ﻋﻄﻴﺔ‪.‬ﻧﻔﺲ ﺍﳌﺮﺟﻊ ﺍﻟﺴﺎﺑﻖ‪.39.‬‬

‫)‪(2‬ﺯﻳﺎﺩ ﺳﻠﻴﻢ ﺭﻣﻀﺎﻥ‪ :‬ﺃﺳﺎﺳﻴﺎﺕ ﺍﻟﺘﺤﻠﻴﻞ ﺍﳌﺎﱄ‪ ،‬ﺩﺍﺭ ﻭﺍﺋﻞ ﻟﻠﻨﺸﺮ‪ ،‬ﻋﻤﺎﻥ‪ ،‬ﺍﻷﺭﺩﻥ‪ ،‬ﺍﻟﻄﺒﻌﺔ ﺍﻟﺮﺍﺑﻌﺔ‪ ،1997 ،‬ﺹ ‪.12‬‬

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 ‫دور اﻟﻮﻇﻴﻔﺔ اﻟﻤﺎﻟﻴﺔ ﻓﻲ اﻟﻤﺆﺳﺴﺔ اﻻﻗﺘﺼﺎدﻳﺔ‬ ‫اﻟﻔﺼﻞ اﻟﺜﺎﻧﻲ‪:‬‬

‫اﻟﻤﺒﺤﺚ اﻟﺮاﺑﻊ‪ :‬أﻧﻮاع اﻟﻘﺮارات اﻟﻤﺎﻟﻴﺔ‬

‫ﻋﻠﻰ ﻣﺴﺘﻮﻯ ﺍﻹﺩﺍﺭﺓ ﺍﳌﺎﻟﻴﺔ‪ ،‬ﻓﺈﻥ ﺟﻮﻫﺮ ﻋﻤﻠﻬﺎ ﻭﻓﻖ ﺍﳌﻨﻬﺞ ﺍﳊﺪﻳﺚ ﻛﻮ‪‬ﺎ ﺇﺩﺍﺭﺓ ﻗﺎﺋﻤﺔ ﻋﻠﻰ"ﺍﲣﺎﺫ ﺍﻟﻘﺮﺍﺭﺍﺕ‬
‫ﺍﳌﺎﻟﻴﺔ" ﻭ ﻣﻀﻤﻮ‪‬ﺎ ﻳﺪﻭﺭ ﺣﻮﻝ ﲢﻘﻴﻖ ﻫﺪﻑ ﺍﺳﺘﺮﺍﺗﻴﺠﻲ ﻣﺘﻤﺜﻞ ﺑﺘﻌﻈﻴﻢ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻮﻗﻴﺔ ﻟﻠﺴﻬﻢ‪ ،‬ﺃﻭ ﺗﻌﻈﻴﻢ ﺛﺮﻭﺓ‬
‫ﺍﳌﻼﻙ‪ .‬ﻭ ﻋﻠﻰ ﺍﻟﺮﻏﻢ ﻣﻦ ﻋﺪﻡ ﻭﺟﻮﺩ ﳕﻮﺫﺝ ﻭﺍﺣﺪ ﻟﺸﻜﻞ ﺍﻟﻘﺮﺍﺭ ﺍﳌﺎﱄ ﺍﻟﺬﻱ ﺗﻠﺠﺄ ﺇﻟﻴﻪ ﺍﻹﺩﺍﺭﺓ ﺍﳌﺎﻟﻴﺔ‪ ،‬ﺇﻻ ﺃﻥ‬
‫ﻣﻀﻤﻮﻧﻪ ﻋﺎﺩﺓ ﻣﺎ ﻳﻜﻮﻥ ﻣﺘﻤﺎﺛﻞ ﰲ ﻏﺎﻟﺒﻴﺔ ﺷﺮﻛﺎﺕ ﺍﻷﻋﻤﺎﻝ‪ .‬ﺣﻴﺚ ﺗﺘﻮﺯﻉ ﻫﺬﻩ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺑﲔ ﻗﺮﺍﺭﺍﺕ ﺍﻻﺳﺘﺜﻤﺎﺭ‬
‫‪ Investment decisions‬ﻭ ﻗﺮﺍﺭﺍﺕ ﺍﻟﺘﻤﻮﻳﻞ ‪ Financing decisions‬ﻭ ﻗﺮﺍﺭﺍﺕ ﻟﺘﻮﺯﻳﻊ ﺍﻷﺭﺑﺎﺡ‬
‫‪. Divident decisions‬‬
‫ﻭﻓﻴﻤﺎ ﻳﻠﻲ ﺗﻮﺿﻴﺢ ﳌﺎﻫﻴﺔ ﺍﻟﻘﺮﺍﺭﺍﺕ)‪:(1‬‬

‫ﺍﳌﻄﻠﺐ ﺍﻷﻭﻝ‪ :‬ﻗﺮﺍﺭﺍﺕ ﺍﻻﺳﺘﺜﻤﺎﺭ‬

‫ﺗﻌﺘﱪ ﻗﺮﺍﺭﺍﺕ ﺍﻻﺳﺘﺜﻤﺎﺭ ﰲ ﺍﻷﺻﻮﻝ ﻣﻦ ﺃﻫﻢ ﺍﻟﻘﺮﺍﺭﺍﺕ ﰲ ﳎﺎﻝ ﺍﻹﺩﺍﺭﺓ ﺍﳌﺎﻟﻴﺔ‪ .‬ﻭﰲ ﺿﻮﺀ ﻗﺮﺍﺭﺍﺕ‬
‫ﺍﻻﺳﺘﺜﻤﺎﺭ ﺍﻟﱵ ﻳﻘﻮﻡ ﺍﻟﺪﻳﺮ ﺍﳌﺎﱄ ﺑﺎﲣﺎﺫﻫﺎ‪ ،‬ﻳﺘﺤﺪﺩ ﺍﳊﺠﻢ ﺍﻹﲨﺎﱄ ﻟﻸﺻﻮﻝ ﺍﻟﱵ ﻳﺘﻢ ﺍﻻﺣﺘﻔﺎﻅ ‪‬ﺎ‪ ،‬ﻭﺷﻜﻞ ﻫﺬﻩ‬
‫ﺍﻷﺻﻮﻝ ﻭﺣﺠﻢ ﺍﳌﺨﺎﻃﺮ ﺍﳌﺮﺗﺒﻄﺔ ﺑﺎﳌﺸﺮﻭﻉ ﻛﻤﺎ ﻳﺮﺍﻫﺎ ﺍﳌﺴﺘﺜﻤﺮﻭﻥ‪.‬‬
‫ﻭ ﺗﺸﻤﻞ ﻗﺮﺍﺭﺍﺕ ﺍﻻﺳﺘﺜﻤﺎﺭ ﻛﻞ ﻣﻦ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺍﳋﺎﺻﺔ ﺑﺈﺩﺍﺭﺓ ﺍﻟﺼﻮﻝ ﺍﻟﺜﺎﺑﺘﺔ ) ﻭﻫﻮ ﻣﺎ ﻳﻌﺮﻑ ﺑﻘﺮﺍﺭﺍﺕ‬
‫ﺍﻹﻧﻔﺎﻕ ﺍﻟﺮﺃﲰﺎﱄ( ﻛﻤﺎ ﺗﺸﻤﻞ ﺃﻳﻀﺎ ﻗﺮﺍﺭﺍﺕ ﺇﺩﺍﺭﺓ ﺭﺃﺱ ﺍﳌﺎﻝ ﺍﻟﻌﺎﻣﻞ ‪ ،‬ﺃﻱ ﻗﺮﺍﺭﺍﺕ ﺇﺩﺍﺭﺓ ﺍﻻﺻﻮﻝ ﺍﳌﺘﺪﺍﻭﻟﺔ‪.‬‬
‫ﻭﺗﺸﲑ ﻗﺮﺍﺭﺍﺕ ﺍﻹﻧﻔﺎﻕ ﺍﻟﺮﺃﲰﺎﱄ ﺇﱃ ﻋﻤﻠﻴﺔ ﲣﻄﻴﻂ ﳎﺎﻻﺕ ﺍﻹﻧﻔﺎﻕ ﺍﻟﱵ ﲢﻘﻖ ﻋﻮﺍﺋﺪ ﲤﺘﺪ ﻟﻔﺘﺮﺍﺕ ﺯﻣﻨﻴﺔ ﻃﻮﻳﻠﺔ‬
‫ﺗﺰﻳﺪ ﻋﻦ ﻋﺎﻡ ﻭﺍﺣﺪ‪ .‬ﻭﺗﺮﺟﻊ ﺃﳘﻴﺔ ﻫﺬﺍ ﺍﻟﻨﻮﻉ ﻣﻦ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺇﱃ ﳎﻤﻮﻋﺔ ﻣﻦ ﺍﻻﻋﺘﺒﺎﺭﺍﺕ ﺍﻟﱵ ﻣﻜﻦ ﺗﻠﺨﻴﺼﻬﺎ ﰲ‬
‫ﺍﻵﰐ‪:‬‬
‫‪ -1‬ﺗﺴﺘﻤﺮ ﻧﺘﺎﺋﺞ ﻗﺮﺍﺭﺍﺕ ﺍﻹﻧﻔﺎﻕ ﺍﻟﺮﺃﲰﺎﱄ ﻟﻔﺘﺮﺓ ﻃﻮﻳﻠﺔ ﻭﻫﺬﺍ ﻳﻌﲏ ﻣﺮﻭﺭ ﻋﺪﺓ ﺳﻨﻮﺍﺕ ﻗﺒﻞ ﺃﻥ ﺗﻈﻬﺮ‬
‫ﺍﻟﻨﺘﺎﺋﺞ ﺍﻟﻔﻌﻠﻴﺔ ﻟﻠﻘﺮﺍﺭ)‪.(2‬‬
‫‪ -2‬ﺗﺘﻮﻗﻒ ﻛﻔﺎﺀﺓ ﻗﺮﺍﺭﺍﺕ ﺍﻹﻧﻔﺎﻕ ﺍﻟﺮﺃﲰﺎﱄ ﻋﻠﻰ ﻓﻌﺎﻟﻴﺔ ﺍﻟﺘﺨﻄﻴﻂ ﻭ ﻋﻠﻰ ﺩﻗﺔ ﺍﻟﺘﻨﺒﺆ ﺑﺎﳌﺒﻴﻌﺎﺕ ﺍﳌﺘﻮﻗﻌﺔ‪.‬‬
‫ﻭﻫﺬﺍ ﻣﻌﻨﺎﻩ ﺃﻥ ﺍﻟﻔﺸﻞ ﰲ ﺍﻟﺘﻨﺒﺆ ﺍﻟﺼﺤﻴﺢ ﺑﺄﺣﺠﺎﻡ ﺍﳌﺒﻴﻌﺎﺕ ﻗﺪ ﻳﺆﺩﻱ ﺇﻣﺎ ﺇﱃ ﺍﺳﺘﺜﻤﺎﺭ ﻣﻐﺎﱄ ﻓﻴﻪ ﰲ‬
‫ﺍﻷﺻﻮﻝ‪ ،‬ﺃﻭ ﺍﺳﺘﺜﻤﺎﺭ ﺍﻗﻞ ﻣﻦ ﺍﻟﻼﺯﻡ ﰲ ﻫﺬﻩ ﺍﻷﺻﻮﻝ ﻭﰲ ﻛﻼ ﺍﳊﺎﻟﺘﲔ‪ ،‬ﺳﻮﻑ ﻳﺘﻌﺮﺽ ﺍﳌﺸﺮﻭﻉ‬
‫ﻟﻠﺨﺴﺎﺋﺮ‪.‬‬

‫)‪ (1‬ﲪﺰﺓ ﳏﻤﺪ ﺍﻟﺰﺑﻴﺪﻱ‪ :‬ﻣﺮﺟﻊ ﺳﺎﺑﻖ‪ ،‬ﺹ ‪.56‬‬

‫)‪ (2‬ﺎﻝ ﻓﺮﻳﺪ ﻣﺼﻄﻔﻰ‪ ،‬ﻧﺒﻴﻠﺔ ﻋﺒﺎﺱ‪ :‬ﺃﺳﺎﺳﻴﺎﺕ ﺍﻷﻋﻤﺎﻝ ﰲ ﻇﻞ ﺍﻟﻌﻮﳌﺔ‪ ،‬ﺍﻟﺪﺍﺭ ﺍﳉﺎﻣﻌﻴﺔ‪ ،‬ﺍﻹﺳﻜﻨﺪﺭﻳﺔ‪ ،‬ﺑﺪﻭﻥ ﻃﺒﻌﺔ‪ ،2005 ،‬ﺹ ‪.306‬‬

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 ‫دور اﻟﻮﻇﻴﻔﺔ اﻟﻤﺎﻟﻴﺔ ﻓﻲ اﻟﻤﺆﺳﺴﺔ اﻻﻗﺘﺼﺎدﻳﺔ‬ ‫اﻟﻔﺼﻞ اﻟﺜﺎﻧﻲ‪:‬‬

‫‪ -3‬ﺇﻥ ﺍﻻﺳﺘﺜﻤﺎﺭ ﰲ ﺍﻷﺻﻮﻝ ﺍﻟﺮﺃﲰﺎﻟﻴﺔ ﻳﺘﻄﻠﺐ ﺣﺠﻤﺎ ﻛﺒﲑﺍ ﻣﻦ ﺍﻹﻧﻔﺎﻕ‪ ،‬ﻭﺑﺎﻟﺘﺎﱄ ﻻﺑﺪ ﻣﻦ ﺇﺟﺮﺍﺀ‬
‫ﺍﻟﺪﺭﺍﺳﺎﺕ ﺍﳌﺘﻌﻤﻘﺔ ﳌﺼﺎﺩﺭ ﺍﻟﺘﻤﻮﻳﻞ ﺍﳌﺘﺎﺣﺔ‪ ،‬ﳑﺎ ﻳﺘﻄﻠﺐ ﺟﻬﺪﺍ‪ ،‬ﺃﻭ ﻭﻗﺘﺎ ﻃﻮﻳﻼ ﺧﺎﺻﺔ ﻭﺃﻥ ﺍﻷﻣﻮﺍﻝ‬
‫ﺍﳌﻄﻠﻮﺑﺔ ﻋﺎﺩﺓ ﻣﺎ ﺗﻜﻮﻥ ﻏﲑ ﻣﺘﺎﺣﺔ ﺩﺍﺧﻞ ﺍﳌﺸﺮﻭﻉ‪.‬‬
‫‪ -4‬ﻃﺎﳌﺎ ﺃﻥ ﻗﺮﺍﺭﺍﺕ ﺍﻹﻧﻔﺎﻕ ﺍﻟﺮﺃﲰﺎﱄ ﺗﻨﻄﻮﻱ ﻋﻠﻰ ﺣﺠﻢ ﻛﺒﲑ ﻣﻦ ﺍﻻﺳﺘﺜﻤﺎﺭﺍﺕ‪ ،‬ﻟﺬﻟﻚ ﻻﺑﺪ ﻣﻦ ﺇﻋﺪﺍﺩ‬
‫ﺍﻟﺪﺭﺍﺳﺎﺕ ﺍﻟﺪﻗﻴﻘﺔ ﻗﺒﻞ ﺍﳌﻮﺍﻓﻘﺔ ﻋﻠﻰ ﻫﺬﺍ ﺍﻟﻨﻮﻉ ﻣﻦ ﺍﻹﻧﻔﺎﻕ‪ .‬ﻓﺎﻻﺳﺘﺜﻤﺎﺭ ﺍﳌﺒﺎﻟﻎ ﻓﻴﻪ‪ ،‬ﺃﻭ ﺍﻻﺳﺘﺜﻤﺎﺭ ﺍﻷﻗﻞ‬
‫ﻣﻦ ﺍﻟﻼﺯﻡ‪ ،‬ﻳﺘﺮﺗﺐ ﻋﻠﻴﻪ ﲢﻤﻞ ﺍﳌﺸﺮﻭﻉ ﳌﻘﺪﺍﺭ ﻛﺒﲑ ﻣﻦ ﺍﳋﺴﺎﺋﺮ ﻭ ﺍﻟﺘﻜﺎﻟﻴﻒ‪.‬‬

‫ﳍﺬﺍ ﺍﻟﺴﺒﺐ‪ ،‬ﺗﻘﻮﻡ ﺍﳌﻨﻈﻤﺎﺕ ﻋﺎﺩﺓ ﺑﻮﺿﻊ ﳎﻤﻮﻋﺔ ﻣﻦ ﺍﻹﺟﺮﺍﺀﺍﺕ ﺍﻹﺩﺍﺭﻳﺔ ﺍﻟﺮﲰﻴﺔ ﺍﻟﱵ ﺗﺘﻤﻴﺰ ﻋﺎﺩﺓ ﺑﺄ‪‬ﺎ‬
‫ﻗﺮﺍﺭﺍﺕ ﲨﺎﻋﻴﺔ ﺗﺘﺨﺬ ﻋﻨﺪ ﺃﻋﻠﻰ ﺍﳌﺴﺘﻮﻳﺎﺕ ﺍﻹﺩﺍﺭﻳﺔ‪ ،‬ﻭ ﺑﺎﺷﺘﺮﺍﻙ ﻣﺪﻳﺮﻱ ﲨﻴﻊ ﺍﻹﺩﺍﺭﺍﺕ ﺍﻟﺮﺋﻴﺴﻴﺔ ﰲ ﺍﳌﺸﺮﻭﻉ‪ .‬ﻭ‬
‫ﻳﻘﻊ ﻋﻠﻰ ﺍﻹﺩﺍﺭﺓ ﺍﳌﺎﻟﻴﺔ ﻣﻬﻤﺔ ﺍﻟﺘﻨﺴﻴﻖ ﺑﻴﻨﻬﺎ ﻭ ﺑﲔ ﻛﺎﻓﺔ ﺍﻹﺩﺍﺭﺍﺕ ﺍﻟﻮﻇﻴﻔﻴﺔ ‪‬ﺪﻑ ﺍﻟﺘﻮﺻﻞ ﺇﱃ ﺃﻛﺜﺮ ﺍﻟﻘﺎﺭﺍﺕ ﻓﻌﺎﻟﻴﺔ‬
‫ﰲ ﻫﺬﺍ ﺍ‪‬ﺎﻝ‪ ،‬ﻣﻊ ﺿﺮﻭﺭﺓ ﺍﻻﺣﺘﻔﺎﻅ ﺑﺴﺠﻼﺕ ﺩﻗﻴﻘﺔ ﻭ ﻣﻨﻈﻤﺔ ﻷﻭﺟﻪ ﺍﻹﻧﻔﺎﻕ ﺍﻟﺮﺃﲰﺎﱄ‪ .‬ﻭﺫﻟﻚ ﺑﻐﺮﺽ ﺍﳌﻘﺎﺭﻧﺔ‬
‫ﺑﲔ ﺍﻟﺘﻮﻗﻌﺎﺕ ﺍﳌﺒﺪﺋﻴﺔ ﻟﻠﻌﺎﺋﺪ ﻭ ﺍﻟﺘﻜﺎﻟﻴﻒ ﺍﳌﺮﺗﺒﻄﺔ ﺑﻜﻞ ﻋﻤﻠﻴﺔ ﺍﺳﺘﺜﻤﺎﺭ ﺭﺃﲰﺎﱄ ﻭ ﲟﺎ ﻳﺴﺎﻋﺪ ﻋﻠﻰ ﺍﲣﺎﺫ ﺍﻟﻘﺮﺍﺭﺍﺕ‬
‫ﺍﳉﺪﻳﺪﺓ ﰲ ﺿﻮﺀ ﺍﻟﻨﺘﺎﺋﺞ ﺍﻟﱵ ﺣﻘﻘﺘﻬﺎ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺍﻟﺴﺎﺑﻘﺔ)‪.(1‬‬

‫ﺍﳌﻄﻠﺐ ﺍﻟﺜﺎﱐ‪ :‬ﻗﺮﺍﺭﺍﺕ ﺍﻟﺘﻤﻮﻳﻞ‬

‫ﻭ ﻫﻲ ﻣﻦ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺍﻟﱵ ﻳﻬﺘﻢ ‪‬ﺎ ﺍﳌﺪﻳﺮ ﺍﳌﺎﱄ‪ ،‬ﻭ ﻳﻨﺼﺐ ﺍﻻﻫﺘﻤﺎﻡ ﻋﻠﻰ ﻣﺜﻞ ﻫﺬﻩ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺑﺎﺧﺘﻴﺎﺭ ﺍﳌﺰﻳﺞ‬
‫ﺍﳌﺜﺎﱄ ﻣﺜﺎﻝ ﻫﻴﻜﻞ ﺭﺃﺱ ﺍﳌﺎﻝ‪ ،‬ﺃﻱ ﻳﻨﺼﺐ ﻋﻠﻰ ﺣﺎﻟﺔ ﻣﻦ ﺍﻟﺘﻮﺍﺯﻥ ﰲ ﺃﻧﻮﺍﻉ ﻣﺼﺎﺩﺭ ﺍﻟﺘﻤﻮﻳﻞ ﻭﺣﺠﻢ ﺭﺃﺱ ﺍﳌﺎﻝ‬
‫ﺍﳌﺴﺎﻫﻢ ﺑﻪ‪ .‬ﻭﻣﻦ ﺍﳌﻌﺮﻭﻑ ﺃﻥ ﻣﺼﺎﺩﺭ ﺍﻟﺘﻤﻮﻳﻞ ﺗﺘﻜﻮﻥ ﻣﻦ ﻣﺼﺪﺭﻳﻦ‪ ،‬ﺩﺍﺧﻠﻲ ﻭﺧﺎﺭﺟﻲ‪ ،‬ﻭ ﻣﺼﺎﺩﺭ ﺍﻟﺘﻤﻮﻳﻞ‬
‫ﺍﻟﺪﺍﺧﻠﻲ ﺗﺘﺄﺗﻰ ﻣﻦ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺬﺍﰐ ﻟﻠﻤﻨﺸﺄﺓ‪ .‬ﺃﻣﺎ ﻣﺼﺎﺩﺭ ﺍﻟﺘﻤﻮﻳﻞ ﺍﳋﺎﺭﺟﻴﺔ‪ ،‬ﻓﻬﻲ ﻋﺎﺩﺓ ﻣﺎ ﺗﻜﻮﻥ ﺣﺼﻠﺖ ﻋﻠﻴﻬﺎ‬
‫ﺍﳌﻨﺸﺄﺓ ﻣﻦ ﺃﻃﺮﺍﻑ ﺧﺎﺭﺝ ﺍﳌﻨﺸﺄﺓ)‪.(2‬‬
‫ﻛﻤﺎ ﺗﻌﺘﱪ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺍﳌﺎﻟﻴﺔ ﺗﻠﻚ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺍﳌﺘﻌﻠﻘﺔ ﺑﺘﺤﺪﻳﺪ ﻭ ﺻﻴﺎﻏﺔ ﻫﻴﻜﻞ ﺍﻟﺘﻤﻮﻳﻞ ﻟﺸﺮﻛﺔ ﺍﻷﻋﻤﺎﻝ‪،‬‬
‫ﻭﺍﻟﺬﻱ ﺗﺼﻞ ﻣﻦ ﺧﻼﻝ ﺍﺧﺘﻴﺎﺭ ﻫﻴﻜﻞ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻷﻣﺜﻞ‪ ،‬ﻋﻠﻰ ﺗﻌﻈﻴﻢ ﺛﺮﻭﺓ ﺍﳌﻼﻙ‪ ،‬ﺃﻭ ﺗﻌﻈﻴﻢ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻮﻗﻴﺔ ﻟﻠﺴﻬﻢ‪،‬‬
‫ﻭﺫﻟﻚ ﻣﻦ ﺧﻼﻝ ﲢﻘﻴﻖ ﺍﳊﺪ ﺍﻷﺩﱏ ﻟﻜﻠﻔﺔ ﺍﻟﺘﻤﻮﻳﻞ ﻭﻓﻖ ﺍﻓﺘﺮﺍﺽ ﺃﺳﺎﺱ ﻣﻔﺎﺩﻩ ﺃﻧﻪ ﻛﻠﻤﺎ ﺍﳔﻔﻀﺖ ﻛﻠﻔﺔ ﺍﻟﺘﻤﻮﻳﻞ ﻭ‬
‫ﺍﻟﻨﺎﺗﺞ ﻋﻦ ﺧﻠﻖ ﺍﳌﺰﻳﺞ ﺍﻷﻣﺜﻞ ﳌﺼﺎﺩﺭ ﺍﻟﺘﻤﻮﻳﻞ‪ ،‬ﻛﻠﻤﺎ ﺍﺭﺗﻔﻌﺖ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻮﻗﻴﺔ ﻟﻠﺴﻬﻢ‪ .‬ﻭ ﻋﻠﻰ ﺿﻮﺀ ﻫﺬﺍ‬
‫ﺍﻻﻓﺘﺮﺍﺽ‪ ،‬ﲤﺎﺭﺱ ﺍﻹﺩﺍﺭﺓ ﺍﳌﺎﻟﻴﺔ ﻧﺸﺎﻃﺎ ﻭﻇﻴﻔﻴﺎ ﻏﺎﻳﺔ ﰲ ﺍﻷﳘﻴﺔ ﺗﺴﻌﻰ ﻣﻦ ﺧﻼﻟﻪ ﺇﱃ ﲢﺪﻳﺪ ﺍﻟﻨﺴﺒﺔ ﺍﳌﺜﻠﻰ ﻟﻜﻞ ﻧﻮﻉ‬
‫ﻣﻦ ﻣﺼﺎﺩﺭ ﺍﻟﺘﻤﻮﻳﻞ‪ .‬ﺃﺿﻒ ﺇﱃ ﺫﻟﻚ‪ ،‬ﺍﻫﺘﻤﺎﻣﻬﺎ ﺑﺸﻜﻞ ﺍﻟﻌﻼﻗﺔ ﺍﻟﱵ ﳚﺐ ﺃﻧﻦ ﺗﻜﻮﻥ ﺑﲔ ﺍﻟﺘﻜﻮﻳﻦ ﺍﻻﺳﺘﺜﻤﺎﺭﻱ‬
‫ﻟﺸﺮﻛﺔ ﺍﻷﻋﻤﺎﻝ ﻭ ﺑﲔ ﻗﺮﺍﺭﺍﺕ ﺍﻟﺘﻤﻮﻳﻞ ﻓﻴﻬﺎ‪.‬‬

‫)‪ (1‬ﺎﻝ ﻓﺮﻳﺪ ﻣﺼﻄﻔﻰ ﻭ ﻵﺧﺮﻭﻥ‪ ،‬ﻣﺮﺟﻊ ﺳﺎﺑﻖ‪ ،‬ﺹ ‪.307‬‬

‫)‪ (2‬ﻋﺒﺪ ﺍﻟﺴﺘﺎﺭ ﻣﺼﻄﻔﻰ ﺍﻟﺼﻴﺎﺡ ﻭ ﺁﺧﺮﻭﻥ‪ :‬ﻣﺮﺟﻊ ﺳﺎﺑﻖ‪ ،‬ﺹ ‪.24‬‬

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 ‫دور اﻟﻮﻇﻴﻔﺔ اﻟﻤﺎﻟﻴﺔ ﻓﻲ اﻟﻤﺆﺳﺴﺔ اﻻﻗﺘﺼﺎدﻳﺔ‬ ‫اﻟﻔﺼﻞ اﻟﺜﺎﻧﻲ‪:‬‬

‫ﺇﻥ ﺍﻫﺘﻤﺎﻡ ﺍﳌﺪﻳﺮ ﺍﳌﺎﱄ ﻗﺒﻞ ﺍﲣﺎﺫ ﺍﻟﻘﺮﺍﺭ ﺍﻟﺘﻤﻮﻳﻠﻲ ﻭﺑﻌﺪﻩ‪ ،‬ﻫﻮ ﺍﻟﺘﺄﻛﺪ ﻣﻦ ﺃﻥ ﺍﻷﻣﻮﺍﻝ ﺍﳌﻄﻠﻮﺑﺔ ﳑﻜﻦ‪:‬‬
‫‪ −‬ﺗﻮﻓﲑﻫﺎ ﰲ ﺍﻟﻮﻗﺖ ﺍﳌﻨﺎﺳﺐ‪.‬‬
‫‪ −‬ﺗﻮﻓﲑﻫﺎ ﺧﻼﻝ ﻓﺘﺮﺍﺕ ﺯﻣﻨﻴﺔ ﻣﻨﺎﺳﺒﺔ‪.‬‬
‫‪ −‬ﺗﻮﻓﲑﻫﺎ ﺑﺄﻗﻞ ﻛﻠﻔﺔ ﳑﻜﻨﺔ‪.‬‬
‫‪ −‬ﺍﺳﺘﺜﻤﺎﺭﻫﺎ ﰲ ﺍ‪‬ﺎﻻﺕ ﺍﻷﻛﺜﺮ ﻓﺎﺋﺪﺓ)‪.(1‬‬

‫ﻭ ﲤﻴﺰ ﺍﻹﺩﺍﺭﺓ ﺍﳌﺎﻟﻴﺔ ﻧﺸﺎﻃﻬﺎ ﺍﻟﺘﻤﻮﻳﻠﻲ ﺑﻀﺮﻭﺭﺓ ﺍﻷﺧﺬ ﺑﻌﲔ ﺍﻻﻋﺘﺒﺎﺭ ﲨﻠﺔ ﻣﺘﻐﲑﺍﺕ ﺗﻌﺘﱪ ﺃﺳﺎﺳﻴﺔ ﰲ ﺍﲣﺎﺫ‬
‫ﺍﻟﻘﺮﺍﺭ ﺍﻟﺘﻤﻮﻳﻠﻲ ﻭﻫﻲ‪:‬‬
‫‪ −‬ﻫﻴﻜﻞ ﺍﻟﺘﻤﻮﻳﻞ ﺍﳌﻄﻠﻮﺏ‪.‬‬
‫‪ −‬ﺍﳌﺮﻭﻧﺔ‪.‬‬
‫‪ −‬ﺍﻟﻜﻠﻔﺔ‪.‬‬
‫‪ −‬ﺍﻟﺰﻣﻦ‪.‬‬
‫ﺣﻴﺚ ﺗﺸﻜﻞ ﻫﺬﻩ ﺍﶈﺪﺩﺍﺕ ﺍﻷﺑﻌﺎﺩ ﺍﻟﺮﺋﻴﺴﻴﺔ ﻻﲣﺎﺫ ﺍﻟﻘﺮﺍﺭ ﺍﳌﺎﱄ‪.‬‬

‫ﺍﳌﻄﻠﺐ ﺍﻟﺜﺎﻟﺚ‪ :‬ﻗﺮﺍﺭﺍﺕ ﺗﻮﺯﻳﻊ ﺍﻷﺭﺑﺎﺡ‬

‫ﺗﺼﺎﺣﺐ ﻗﺮﺍﺭﺍﺕ ﺍﻻﺳﺘﺜﻤﺎﺭ ﻭ ﻗﺮﺍﺭﺍﺕ ﺍﻟﺘﻤﻮﻳﻞ ﻧﻮﻋﺎ ﺛﺎﻟﺜﺎ ﻣﻦ ﺍﻟﻘﺮﺍﺭﺍﺕ ﻫﻲ ﻗﺮﺍﺭﺍﺕ ﺗﻮﺯﻳﻊ ﺍﻷﺭﺑﺎﺡ‪ .‬ﻭ‬
‫ﺗﺘﻀﻤﻦ ﳎﻤﻮﻋﺔ ﻗﺮﺍﺭﺍﺕ ﻫﺬﺍ ﺍﻟﻨﺸﺎﻁ ﻛﺎﻓﺔ ﺍﻷﻣﻮﺭ ﺍﻟﱵ ﲢﺪﺩ ﺍﻟﻨﺴﺒﺔ ﺍﳌﺌﻮﻳﺔ ﻟﻸﺭﺑﺎﺡ ﺍﻟﻨﻘﺪﻳﺔ ﺍﻟﱵ ﺗﻮﺯﻉ ﻋﻠﻰ‬
‫ﺍﳌﺴﺎﳘﲔ ﻣﻦ ﲪﻠﺔ ﺍﻷﺳﻬﻢ ﺍﻟﻌﺎﺩﻳﺔ‪ ،‬ﻭﺯﻣﻦ ﺗﻮﺯﻳﻊ ﻫﺬﻩ ﺍﻷﺭﺑﺎﺡ‪.‬‬
‫ﻭﻫﺬﺍ ﻳﻌﲏ ﻭ ﻣﻦ ﺧﻼﻝ ﻧﺴﺒﺔ ﺍﻟﺘﻮﺯﻳﻊ ﻭﲢﺪﻳﺪ ﺍﻷﺭﺑﺎﺡ ﺍﻟﱵ ﳚﺐ ﺃﻥ ﲢﺘﻔﻆ ‪‬ﺎ ﺍﻹﺩﺍﺭﺓ ﺍﳌﺎﻟﻴﺔ ﺩﺍﺧﻞ ﺷﺮﻛﺔ‬
‫ﺍﻷﻋﻤﺎﻝ ﺑﺸﻜﻞ ﻣﻘﺴﻮﻡ ﺃﺭﺑﺎﺡ ﳏﺘﺠﺰﺓ )ﺍﺣﺘﻴﺎﻃﻲ ﺍﻷﺭﺑﺎﺡ( ﻭ ﺍﻟﺬﻱ ﻳﻌﺘﱪ ﻣﺼﺪﺭﺍ ﻣﻬﻤﺎ ﻣﻦ ﻣﺼﺎﺩﺭ ﺍﻟﺘﻤﻮﻳﻞ‬
‫ﺍﻟﺪﺍﺧﻠﻲ ﻳﻌﺰﺯ ﻗﺮﺍﺭﺍﺕ ﺍﻹﺩﺍﺭﺓ ﺍﳌﺎﻟﻴﺔ ﻋﻨﺪﻣﺎ ﺗﺒﺤﺚ ﻋﻦ ﻣﺼﺎﺩﺭ ﺍﻟﺘﻤﻮﻳﻞ ﺍﳌﻨﺎﺳﺒﺔ‪.‬‬
‫ﻭ ﻣﻦ ﺍﳌﺆﻛﺪ ﺃﻥ ﳎﻤﻮﻋﺔ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺍﻟﱵ ﺗﺪﺧﻞ ﰲ ﻋﻤﻠﻴﺔ ﺍﻟﺘﻮﺯﻳﻊ ﺗﻜﻮﻥ ﻣﻬﻤﺔ ﺍﻹﺩﺍﺭﺓ ﺍﳌﺎﻟﻴﺔ ﻧﻈﺮﺍ ﻟﻠﺮﻏﺒﺎﺕ‬
‫ﺍﳌﺘﻌﺎﺭﺿﺔ ﻓﻴﻤﺎ ﺑﲔ ﺍﳌﺴﺘﺜﻤﺮﻳﻦ ﻭ ﺍﻹﺩﺍﺭﺓ‪ .‬ﻓﺎﳌﺴﺘﺜﻤﺮﻭﻥ ﻳﺮﻏﺒﻮﻥ ﺑﺰﻳﺎﺩﺓ ﻣﻜﺎﺳﺒﻬﻢ ﺍﻟﻨﻘﺪﻳﺔ ﻣﻜﻦ ﺧﻼﻝ ﺗﻮﺯﻳﻊ ﻧﺴﺒﺔ‬
‫ﺃﻛﱪ ﻣﻦ ﺍﻷﺭﺑﺎﺡ ﻋﻠﻴﻬﻢ ﰲ ﺣﲔ ﺗﻔﻀﻞ ﺍﻹﺩﺍﺭﺓ ﺯﻳﺎﺩﺓ ﺍﳉﺰﺀ ﺍﶈﺘﺠﺰ ﻟﻀﻤﺎﻥ ﺃﻣﻮﺍﻝ ﻣﻬﻤﺔ ﻷﻏﺮﺍﺽ ﺍﻟﺘﻮﺳﻊ ﺩﺍﺧﻞ‬
‫ﺷﺮﻛﺔ ﺃﻋﻤﺎﻝ‪.‬‬

‫)‪ (1‬ﲪﺰﺓ ﳏﻤﻮﺩ ﺍﻟﺰﺑﻴﺪﻱ‪ :‬ﺍﻹﺩﺍﺭﺓ ﺍﳌﺎﻟﻴﺔ ﺍﳌﺘﻘﺪﻣﺔ‪ ،‬ﺍﻟﻮﺭﺍﻕ ﻟﻠﻨﺸﺮ ﻭ ﺍﻟﺘﻮﺯﻳﻊ‪ ،‬ﻋﻤﺎﻥ‪ ،‬ﺍﻷﺭﺩﻥ‪ ،‬ﺑﺪﻭﻥ ﻃﺒﻌﺔ‪ ،2004 ،‬ﺹ ‪.72‬‬
‫)‪(2‬ﻧﻔﺲ ﺍﳌﺮﺟﻊ‪.‬ﺹ‪.73‬‬

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 ‫دور اﻟﻮﻇﻴﻔﺔ اﻟﻤﺎﻟﻴﺔ ﻓﻲ اﻟﻤﺆﺳﺴﺔ اﻻﻗﺘﺼﺎدﻳﺔ‬ ‫اﻟﻔﺼﻞ اﻟﺜﺎﻧﻲ‪:‬‬

‫ﺍﳌﻄﻠﺐ ﺍﻟﺮﺍﺑﻊ‪ :‬ﺍﳍﺪﻑ ﺍﻟﻌﺎﻡ ﻻﲣﺎﺫ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺍﳌﺎﻟﻴﺔ‬

‫‪‬ﺪﻑ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺍﳌﺎﻟﻴﺔ ﺑﺼﻔﺔ ﻋﺎﻣﺔ ﺇﱃ ﺗﻌﻈﻴﻢ ﺍﻟﻘﻴﻤﺔ ﺍﳊﺎﻟﻴﺔ ﻟﺜﺮﻭﺓ ﺍﳌﻼﻙ ﰲ ﺍﳌﺸﺮﻭﻉ )ﻣﺸﺮﻭﻉ ﻓﺮﺩﻱ‪،‬‬
‫ﺷﺮﻛﺎﺕ ﺍﻷﺷﺨﺎﺹ‪ ،‬ﺷﺮﻛﺎﺕ ﺍﻷﻣﻮﺍﻝ(‪ ،‬ﺃﻱ ﺗﻌﻈﻴﻢ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺒﻴﻌﻴﺔ ﻭ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺪﻓﺘﺮﻳﺔ ﻟﺼﺎﰲ ﺍﻟﺜﺮﻭﺓ‪ .‬ﻭﻳﺘﻌﲔ ﻋﺪﻡ‬
‫ﺍﳋﻠﻂ ﺑﲔ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺒﻴﻌﻴﺔ ﻭ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺪﻓﺘﺮﻳﺔ ﻟﺼﺎﰲ ﺍﻟﺜﺮﻭﺓ‪ .‬ﻓﺎﻟﻘﻴﻤﺔ ﺍﻟﺪﻓﺘﺮﻳﺔ ﻟﺼﺎﰲ ﺍﻟﺜﺮﻭﺓ ﳍﺎ ﻗﺪﺭ ﺿﺌﻴﻞ ﻣﻦ ﺍﻷﳘﻴﺔ‬
‫ﻑ ﺍﳊﺼﻮﻝ ﻋﻠﻰ ﺍﻟﻘﺮﻭﺽ ﺍﻟﻘﺼﲑﺓ ﻭ ﺍﻟﻄﻮﻳﻠﺔ ﺍﻷﺟﻞ‪،‬ﻭﺗﺆﺛﺮ ﺑﻄﺮﻳﻘﺔ ﻏﲑ ﻣﺒﺎﺷﺮﺓ ﻋﻠﻰ ﺍﻟﻘﻴﻤﺔ ﺍﳊﺎﻟﻴﺔ ﻟﺼﺎﰲ ﺍﻟﺜﺮﻭﺓ‪.‬‬
‫ﻛﻤﺎ ﺗﻈﻬﺮ ﺑﻘﺎﺋﻤﺔ ﺍﳌﺮﻛﺰ ﺍﳌﺎﱄ ﻫﻲ ﺧﺎﺻﺔ ﺑﺎﳌﺸﺮﻭﻉ‪ ،‬ﻭ ﻻ ﺗﺘﺄﺛﺮ ﺑﺎﻟﻘﻴﻢ ﺍﻟﺴﻮﻗﻴﺔ ﳊﻖ ﺍﳌﻠﻜﻴﺔ‪ .‬ﻭﺑﺬﻟﻚ ﻳﺴﻌﻰ ﺍﳌﺪﻳﺮ‬
‫ﺍﳌﺎﱄ ﺇﱃ ﺍﲣﺎﺫ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺍﻟﱵ ‪‬ﺪﻑ ﰲ ﺍﻟﻨﻬﺎﻳﺔ ﺇﱃ ﺗﻌﻈﻴﻢ ﺛﺮﻭﺓ ﺍﳌﻼﻙ‪.‬‬
‫ﻧﺸﲑ ﺑﺎﺧﺘﺼﺎﺭ ﺇﱃ ﺩﺭﺟﺔ ﺍﳌﺨﺎﻃﺮ ﺍﻟﱵ ﻳﺘﻌﺮﺽ ﳍﺎ ﺍﳌﻼﻙ‪ ،‬ﺣﻴﺚ ﺗﺘﻔﺎﻭﺕ ﺍﳌﺨﺎﻃﺮ ﻭﻓﻘﺎ ﺍﻟﺸﻜﻞ ﺍﻟﻘﺎﻧﻮﱐ‬
‫ﻟﻠﻤﺸﺮﻭﻉ‪ .‬ﻓﻔﻲ ﺍﳌﺸﺮﻭﻋﺎﺕ ﺍﻟﻔﺮﺩﻳﺔ ﻭﺷﺮﻛﺎﺕ ﺍﻟﺘﻀﺎﻣﻦ‪ ،‬ﺗﻜﻮﻥ ﳐﺎﻃﺮ ﺍﳌﻼﻙ ﺃﻛﱪ ﰲ ﺣﺎﻟﺔ ﺇﻓﻼﺱ ﺍﳌﺸﺮﻭﻉ‪ .‬ﻓﻼ‬
‫ﺗﻘﺘﺼﺮ ﻋﻠﻰ ﳑﺘﻠﻜﺎ‪‬ﻢ ﰲ ﺍﳌﺸﺮﻭﻉ)‪ ،(1‬ﻭ ﺇﳕﺎ ﺗﺸﻤﻞ ﺃﻳﻀﺎ ﺍﳌﻤﺘﻠﻜﺎﺕ ﺍﻟﺸﺨﺼﻴﺔ‪ .‬ﺃﻣﺎ ﰲ ﺷﺮﻛﺎﺕ ﺍﳌﺴﺎﳘﺔ‪ ،‬ﻓﺘﻘﺘﺼﺮ‬
‫ﺍﳌﺨﺎﻃﺮ ﰲ ﺣﺎﻟﺔ ﺍﻹﻓﻼﺱ ﻋﻠﻰ ﺣﺼﺔ ﺍﳌﻼﻙ ﰲ ﺍﻟﺸﺮﻛﺔ‪ .‬ﻭﻗﺪ ﻳﻔﻀﻞ ﺍﻟﺒﻌﺾ ﺍﻻﺳﺘﺜﻤﺎﺭ ﰲ ﺍﻷﺳﻬﻢ ﺍﳌﻤﺘﺎﺯﺓ ﺑﺪﻻ‬
‫ﻣﻦ ﺍﻷﺳﻬﻢ ﺍﻟﻌﺎﺩﻳﺔ‪ .‬ﺣﻴﺚ ﻳﻜﻮﻥ ﺍﻷﻭﻝ ﺃﻗﻞ ﺗﻌﺮﺿﺎ ﻟﻠﻤﺨﺎﻃﺮ ﻋﻦ ﺍﻷﺧﲑﺓ‪ .‬ﻭ ﻋﻠﻰ ﺃﻱ ﺣﺎﻝ‪ ،‬ﻳﺘﻌﺮﺽ ﺍﳌﺴﺎﳘﻮﻥ‬
‫)ﺃﺻﺤﺎﺏ ﺍﻷﺳﻬﻢ ﺍﳌﻤﺘﺎﺯﺓ ﻭ ﺃﺻﺤﺎﺏ ﺍﻷﺳﻬﻢ ﺍﻟﻌﺎﺩﻳﺔ( ﺍﳌﺨﺎﻃﺮ ﺃﻛﱪ ﻣﻦ ﻓﺌﺔ ﺃﺧﺮﻯ ﻣﻦ ﺍﳌﺴﺘﺜﻤﺮﻳﻦ )ﺍﻟﺪﺍﺋﻨﲔ(‬
‫ﺍﻟﺬﻳﻦ ﺯﻭﺩﻭﺍ ﺍﳌﺸﺮﻭﻉ ﺑﻘﺮﻭﺽ ﳏﺪﺩﺓ ﺍﻵﺟﺎﻝ ‪‬ﺘﻢ ﺑﺼﻔﺔ ﺃﺳﺎﺳﻴﺔ ﺑﺎﻟﻔﺌﺔ ﺍﻟﱵ ﺗﺘﻌﺮﺽ ﳌﺨﺎﻃﺮ ﺃﻛﱪ ﻣﻦ ﻏﲑﻫﺎ‪،‬‬
‫ﻭﻫﻢ ﲨﻠﺔ ﺍﻷﺳﻬﻢ ﺍﻟﻌﺎﺩﻳﺔ‪ ،‬ﺣﻴﺚ ﻳﺘﻮﻗﻌﻮﻥ ﺍﳊﺼﻮﻝ ﻋﻠﻰ ﻋﺎﺋﺪ ﻳﻌﻮﺿﻬﻢ ﻋﻦ ﻫﺬﻩ ﺍﳌﺨﺎﻃﺮ‪ ،‬ﻭ ﺇﻣﻜﺎﻧﻴﺔ ﺗﻌﻈﻴﻢ‬
‫ﺛﺎﰲ ﺍﻟﺜﺮﻭﺓ )ﲢﻘﻴﻖ ﻣﻜﺎﺳﺐ ﺭﺃﲰﺎﻟﻴﺔ ﻋﺪ ﺑﻴﻊ ﺍﻟﺴﻬﻢ ﺑﺴﻮﻕ ﺍﳌﺎﻝ(‪.‬‬
‫ﻳﺘﻌﺮﺽ ﺍﳌﻼﻙ ﻻﳔﻔﺎﺽ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻮﻗﻴﺔ ﻟﻸﺳﻬﻢ ﺇﺫﺍ ﻣﺎ ﻛﺎﻧﺖ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺍﻟﱵ ﺍﲣﺬﻫﺎ ﺍﳌﺪﻳﺮ ﺍﳌﺎﱄ ﺧﺎﻃﺌﺔ‪.‬‬
‫ﻭ ﳛﺪﺙ ﺍﻟﻌﻜﺲ ﺇﺫﺍ ﻛﺎﻧﺖ ﻫﺬﻩ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺳﺪﻳﺪﺓ‪ .‬ﺣﻴﺚ ﺗﺮﺗﻔﻊ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻮﻗﻴﺔ‪ ،‬ﳑﺎ ﻳﺆﺩﻱ ﺇﱃ ﲢﻘﻴﻖ ﻣﻜﺎﺳﺐ‬
‫ﺭﺃﲰﺎﻟﻴﺔ‪ .‬ﻭ ﻳﺘﻔﻖ ﻫﺬﺍ ﺍﻟﻮﺿﻊ ﻣﻊ ﻣﺒﺪﺃ ﺍﻟﺘﻌﻈﻴﻢ‪ .‬ﻭ ﻗﺪ ﻳﺮﻯ ﺍﻟﺒﻌﺾ ﺃﻥ ﻫﺬﺍ ﺍﳍﺪﻑ ﻳﺘﻌﺎﺭﺽ ﻭ ﺍﻻﻋﺘﺒﺎﺭﺍﺕ‬
‫ﺍﻻﺟﺘﻤﺎﻋﻴﺔ‪ .‬ﻭﻟﻜﻦ ﻫﺬﺍ ﺍﻟﺘﻌﺎﺭﺽ ﻏﲑ ﻗﺎﺋﻢ ﻷﻥ ﺍﳌﺸﺮﻭﻉ ﻳﺴﻌﻰ ﺇﱃ ﺧﺪﻣﺔ ﺍﻟﺒﻴﺌﺔ ﻭ ﺍﻟﱵ ﺗﻌﺘﱪ ﻣﻦ ﺍﻟﻮﻇﺎﺋﻒ‬
‫ﺍﻟﺮﺋﻴﺴﻴﺔ ﻟﻠﻤﺸﺮﻭﻉ‪ .‬ﻟﺬﻟﻚ ﻳﺘﺨﺬ ﺍﳌﺪﻳﺮ ﺍﳌﺎﱄ ﻗﺮﺍﺭﺍﺗﻪ ﺩﺍﺧﻞ ﺇﻃﺎﺭ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﻻﺟﺘﻤﺎﻋﻴﺔ ﻟﻠﻤﻨﻈﻤﺔ)‪.(2‬‬

‫)‪ (1‬ﻋﺒﺪ ﺍﻟﻐﻔﺎﺭ ﺣﻨﻔﻲ‪:‬ﺍﺳﺎﺳﻴﺎﺕ ﺍﻟﺘﻤﻮﻳﻞ ﻭﺍﻻﺩﺍﺭﺓ ﺍﳌﺎﻟﻴﺔ‪ .‬ﻣﺮﺟﻊ ﺳﺎﺑﻖ‪ ،‬ﺹ ‪.24‬‬
‫)‪ (2‬ﻧﻔﺲ ﺍﳌﺮﺟﻊ ﺹ‪.25‬‬

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 ‫دور اﻟﻮﻇﻴﻔﺔ اﻟﻤﺎﻟﻴﺔ ﻓﻲ اﻟﻤﺆﺳﺴﺔ اﻻﻗﺘﺼﺎدﻳﺔ‬ ‫اﻟﻔﺼﻞ اﻟﺜﺎﻧﻲ‪:‬‬

‫ﺧﺎﺗﻤﺔ اﻟﻔﺼﻞ اﻟﺜﺎﻧﻲ‪:‬‬

‫ﻣﻦ ﺧﻼﻝ ﻣﺎ ﺫﻛﺮﻧﺎﻩ ﰲ ﻫﺬﺍ ﺍﻟﻔﻀﻞ‪ ،‬ﻋﺮﻓﻨﺎ ﺃﻥ ﻟﻠﻤﺆﺳﺴﺔ ﺳﺒﻼ ﳐﺘﻠﻔﺔ ﻟﻠﺤﺼﻮﻝ ﻋﻠﻰ ﺍﻷﻣﻮﺍﻝ‪ .‬ﻓﻬﻨﺎﻙ‬
‫ﺃﻣﻮﺍﻝ ﻃﻮﻳﻠﺔ ﺍﻷﺟﻞ ﻭﻣﺘﻮﺳﻄﺔ ﺍﻷﺟﻞ‪ ،‬ﻭ ﻗﺼﲑﺓ ﺍﻷﺟﻞ‪ ،‬ﲢﺪﺩ ﺣﺴﺐ ﻣﺪﺓ ﺍﺳﺘﺤﻘﺎﻗﻬﺎ‪.‬‬
‫ﻭﻣﻦ ﺑﲔ ﻫﺬﻩ ﺍﻷﻧﻮﺍﻉ ﺍﳌﺨﺘﻠﻔﺔ ﻟﻠﺘﻤﻮﻳﻞ ﻣﻨﻬﺎ ﻣﺎ ﻳﻠﻘﻰ ﻗﺒﻮﻻ ﺃﻛﺜﺮ ﻣﻦ ﻏﲑﻫﺎ ﻧﻈﺮﺍ ﻻﳔﻔﺎﺽ ﺗﻜﻠﻔﺘﻬﺎ‪،‬‬
‫ﻭﻣﺪﻯ ﺛﺒﺎﺕ ﺍﻻﻟﺘﺰﺍﻡ ‪‬ﺎ‪.‬‬
‫ﻟﺬﺍ ﻓﻌﻨﺪ ﺍﺧﺘﻴﺎﺭ ﺍﻷﻧﻮﺍﻉ ﺍﳌﻨﺎﺳﺒﺔ ﻟﻠﺘﻤﻮﻳﻞ‪ ،‬ﳚﺐ ﺩﺭﺍﺳﺔ ﺍﳊﺎﻟﺔ ﺍﳌﺘﻮﻗﻌﺔ ﳍﺬﻩ ﺍﳌﺼﺎﺩﺭ ﻭ ﺭﺑﻄﻬﺎ ﻣﻊ ﺍﳌﺮﻛﺰ‬
‫ﺍﳌﺎﱄ ﺍﳌﺘﻮﻗﻊ ﻟﻠﻤﺆﺳﺴﺔ ﺑﻌﺪ ﻓﺘﺮﺓ ﺯﻣﻨﻴﺔ ﻣﻘﺒﻠﺔ‪ ،‬ﻭﺑﺎﻟﺘﺎﱄ ﻓﺈﻧﻪ ﻋﻠﻰ ﺍﳌﺪﻳﺮ ﺍﳌﺎﱄ ﺍﻟﺘﻨﺒﺆ ﲟﺴﺘﻘﺒﻞ ﺍﳌﺼﺎﺩﺭ ﺍﻟﱵ ﻳﻠﺠﺄ ﺇﻟﻴﻬﺎ‬
‫ﻟﻠﺤﺼﻮﻝ ﻋﻠﻰ ﻣﺎ ﻳﻠﺰﻣﻪ ﻣﻦ ﺍﻷﻣﻮﺍﻝ‪.‬‬
‫ﻛﻤﺎ ﺃﻥ ﻣﻬﻤﺔ ﺍﲣﺎﺫ ﺍﻟﻘﺮﺍﺭﺍﺕ ﻫﻲ ﻣﻬﻤﺔ ﺃﺳﺎﺳﻴﺔ ﰲ ﻗﻴﺎﻡ ﺍﻟﻮﻇﻴﻔﺔ ﺍﳌﺎﻟﻴﺔ ﺑﻌﻤﻠﻬﺎ‪ ،‬ﻓﻬﻲ ﺗﺘﺄﺛﺮ ﻛﺒﺎﻗﻲ‬
‫ﺍﻟﻘﺮﺍﺭﺍﺕ ﺍﻹﺩﺍﺭﻳﺔ ﲟﺠﻤﻮﻋﺔ ﻣﻦ ﺍﻟﻌﻮﺍﻣﻞ ﻭ ﺍﳌﺆﺷﺮﺍﺕ ﺳﻮﺍﺀ ﻣﻦ ﺍﻟﺒﻴﺌﺔ ﺍﻟﺪﺍﺧﻠﻴﺔ‪ ،‬ﺃﻭ ﺍﻟﺒﻴﺌﺔ ﺍﳋﺎﺭﺟﻴﺔ ﻟﻠﻤﺆﺳﺴﺔ‪،‬‬
‫ﻭﺩﺭﺟﺔ ﺍﻟﺘﺄﻛﺪ ﺍﶈﻴﻄﺔ ‪‬ﺎ‪ ،‬ﻭ ﻣﺪﻯ ﺇﳌﺎﻡ ﻣﺘﺨﺬ ﺍﻟﻘﺮﺍﺭ ﺑﺎﳌﻌﻠﻮﻣﺎﺕ ﺍﻟﻼﺯﻣﺔ ﻻﲣﺎﺫ ﺍﻟﻘﺮﺍﺭ ﺍﳌﻨﺎﺳﺐ‪ .‬ﻟﺬﺍ ﻓﻜﻞ ﻧﻮﻉ‬
‫ﻣﻦ ﺃﻧﻮﺍﻉ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺍﳌﺎﻟﻴﺔ ﻳﻜﻤﻞ ﺍﻵﺧﺮ‪ .‬ﻣﺜﻼ ﳒﺪ ﺃﻥ ﺍﻻﺳﺘﺜﻤﺎﺭﺍﺕ ﰲ ﺃﻱ ﳎﺎﻝ‪ ،‬ﻻ ﳝﻜﻦ ﺃﻥ ﺗﺘﺤﻘﻖ ﺑﺪﻭﻥ ﻭﺟﻮﺩ‬
‫ﻫﻴﻜﻞ ﻣﺎﱄ ﺃﻣﺜﻞ‪ .‬ﻛﻤﺎ ﺃﻥ ﺍﻷﻣﻮﺍﻝ ﺍﳌﺘﺎﺣﺔ ﻻ ﳚﺐ ﺃﻥ ﺗﺒﻘﻰ ﳎﻤﺪﺓ‪ ،‬ﻓﻼﺑﺪ ﳍﺎ ﻣﻦ ﺳﺒﻞ ﺍﺳﺘﻌﻤﻞ ﻭ ﺍﺳﺘﺜﻤﺎﺭ ﻟﺘﻨﻤﻴﺔ‬
‫ﻫﺬﻩ ﺍﻷﻣﻮﺍﻝ‪ ،‬ﻭﲢﻘﻴﻖ ﺍﻷﺭﺑﺎﺡ ﺍﳌﺴﺘﻬﺪﻓﺔ ﻣﻦ ﻃﺮﻑ ﺍﳌﺆﺳﺴﺔ ﻭ ﺍﳌﻼﻙ‪.‬‬

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