‫ﺗﻘﻴﻴﻢ ﺍﻷﺩﺍء ﺍﳌ ﺎ ﱄ ﻟ ﻠ ﻤ ﺼ ﺎ ﺭ ﻑ ﺍ ﻟ ﺘ ﺠ ﺎ ﺭ ﻳ ﺔ ﺍ ﻟ ﻠ ﻴ ﺒ ﻴ ﺔ ﻗ ﺒ ﻞ ﻭ ﺑ ﻌ ﺪ ﺍ ﻟ ﺘ ﺤ ﻮ ﻝ ﻟ ﻠ ﺼ ﲑ ﻓ ﺔ ﺍﻹﺳﻼﻣﻴ ﺔ ﺑ ﺎﺳﺘﺨﺪﺍﻡ ﳕ ﻮ ﺫ ﺝ‬

(DuPont) ‫ﺩﻭﺑﻮﻧﺖ‬
"‫"ﺩﺭﺍﺳﺔ ﲢﻠﻴﻠﻴﺔ ﻋﻦ ﻣﺼﺮﻑ ﴰﺎﻝ ﺃﻓﺮﻳﻘﻴﺎ‬

‫ ﺃﺑﻮﺭﺍﻭﻱ ﻋﻴﺴﻰ ﻗﺒﻘﺐ‬.‫ﺩ‬

.‫ ﺍﻷﻛﺎﺩﳝﻴﺔ ﺍﻟﻠﻴﺒﻴﺔ ﻟﻠﺪﺭﺍﺳﺎﺕ ﺍﻟﻌﻠﻴﺎ ﻃﺮﺍﺑﻠﺲ‬،‫ﺃﺳﺘﺎﺫ ﻣﺸﺎﺭﻙ ﰲ ﺍﻟﺘﻤﻮﻳﻞ ﻭﺍﳌﺼﺎﺭﻑ‬
aburawi.gabgub@academy.edu.ly
Received 25/04/2023 Accepted 15/05/2023
Abstract:
This study aimed to evaluate the financial performance of the Libyan commercial banks after
the conversion to Islamic banking, and North Africa Bank was chosen as a sample of study.
Dupont model used to evaluate the financial performance of the bank under study based on a
number of indicators, which are: Rate of return on equity (ROE), Rate of return on assets
(ROA), Equity multiplier (EM), Profit margin (PM), and Asset benefit (AU). The evaluation
done on the period before the conversion to Islamic banking for the years (2010, 2011, 2012),
and the period after conversion to Islamic banking for the years (2015, 2016, 2017) In order
to identify the impact of this transformation on the performance of the bank. The study
reached a basic conclusion, which is the acceptance of the main hypothesis of the research
that there are differences in the financial performance of the bank between the period before
and after the transformation according to the evaluation results using the five indicators of the
study model, and that all indicators were in favor of the period after the transformation except
for the asset utility index (AU) whose evaluation was in favor of the pre-transformation
period.

Keywords: Financial performance, Convert to Islamic Banking, Dupont Model Indicators,

Profit Margin, Equity Multiplier, Asset Utilisation.

:‫ﺍﳌﺴﺘﺨﻠﺺ‬
‫ ﻭﰎ ﺍﺧﺘﻴﺎﺭ ﻣﺼﺮﻑ‬،‫ﻫﺪﻓﺖ ﺍﻟﺪﺭﺍﺳﺔ ﺇﱃ ﺗﻘﻴﻴﻢ ﺍﻷﺩﺍء ﺍﳌﺈﱃ ﻟﻠﻤﺼﺎﺭﻑ ﺍﻟﺘﺠﺎﺭﻳﺔ ﺍﻟﻠﻴﺒﻴﺔ ﺑﻌﺪ ﺍﻟﺘﺤﻮﻝ ﻟﻠﺼﲑﻓﺔ ﺍﻹﺳﻼﻣﻴﺔ‬
‫( ﻟﺘﻘﻴﻴﻢ ﺍﻷﺩﺍء ﺍﳌﺎﱄ ﻭﺍﻟﺬﻱ ﻳﻌﺘﻤﺪ‬Dupont) ‫ ﺍﺳﺘﺨﺪﻣﺖ ﺍﻟﺪﺭﺍﺳﺔ ﻣﺆﺷﺮﺍﺕ ﳕﻮﺫﺝ ﺩﻭﺑﻮﻧﺖ‬.‫ﴰﺎﻝ ﺃﻓﺮﻳﻘﻴﺎ ﻛﻌﻴﻨﺔ ﻟﻠﺪﺭﺍﺳﺔ‬
،(ROA) ‫ ﻭﻣﻌﺪﻝ ﺍﻟﻌﺎﺋﺪ ﻋﻠﻰ ﺍﻷﺻﻮﻝ‬،(ROE) ‫ ﻣﻌﺪﻝ ﺍﻟﻌﺎﺋﺪ ﻋﻠﻰ ﺣﻘﻮﻕ ﺍﳌﻠﻜﻴﺔ‬:‫ﻋﻠﻰ ﻋﺪﺩ ﻣﻦ ﺍﳌﺆﺷﺮﺍﺕ ﺗﺘﻤﺜﻞ ﰲ‬
‫ ﻭﰎ ﺇﺟﺮﺍء ﺍﻟﺘﻘﻴﻴﻢ ﺍﳌﺎﱄ ﻟﻠﻤﺼﺮﻑ ﻗﻴﺪ‬.(AU) ‫( ﻭﻣﻨﻔﻌﺔ ﺍﻷﺻﻮﻝ‬PM) ‫ ﻭﻫﺎﻣﺶ ﺍﻟﺮﺑﺢ‬،(EM) ‫ﻭﻣﻀﺎﻋﻒ ﺣﻖ ﺍﳌﻠﻜﻴﺔ‬
‫ ﻭﻟﻠﻔﺘﺮﺓ ﺑﻌﺪ ﺍﻟﺘﺤﻮﻝ ﻟﻠﺴﻨﻮﺍﺕ‬،(2012 ،2011 ،2010) ‫ﺍﻟﺪﺭﺍﺳﺔ ﻟﻠﻔﺘﺮﺓ ﻗﺒﻞ ﺍﻟﺘﺤﻮﻝ ﻟﻠﺼﲑﻓﺔ ﺍﻹﺳﻼﻣﻴﺔ ﻟﻠﺴﻨﻮﺍﺕ‬
‫ ﻭﺗﻮﺻﻠﺖ ﺍﻟﺪﺭﺍﺳﺔ ﺇﱃ ﻧﺘﻴﺠﺔ ﺃﺳﺎﺳﻴﺔ‬،‫( ﻭﺫﻟﻚ ﻟﻠﺘﻌﺮﻑ ﻋﻠﻰ ﺃﺛﺮ ﻫﺬﺍ ﺍﻟﺘﺤﻮﻝ ﻋﻠﻰ ﺃﺩﺍء ﺍﳌﺼﺮﻑ‬2017 ،2016 ،2015)
‫ﻣﻔﺎﺩﻫﺎ ﻗﺒﻮﻝ ﺍﻟﻔﺮﺿﻴﺔ ﺍﻟﺮﺋﻴﺴﺔ ﻟﻠﺒﺤﺚ ﺑﺄﻥ ﻫﻨﺎﻙ ﻓﺮﻭﻗﺎﺕ ﰲ ﺍﻷﺩﺍء ﺍﳌﺎﱄ ﻟﻠﻤﺼﺮﻑ ﺑﲔ ﺍﻟﻔﺘﺮﺓ ﻗﺒﻞ ﻭﺑﻌﺪ ﺍﻟﺘﺤﻮﻝ ﻭﻓﻘﺎ ﻟﻨﺘﺎﺋﺞ‬
‫ ﻭ ﺃ ﻥ ﻛ ﻞ ﺍ ﳌ ﺆ ﺷ ﺮ ﺍ ﺕ ﻛ ﺎ ﻧ ﺖ ﰲ ﺻ ﺎ ﱀ ﺍ ﻟ ﻔ ﺘ ﺮ ﺓ ﺑ ﻌ ﺪ ﺍ ﻟ ﺘ ﺤ ﻮ ﻝ ﻣ ﺎ ﻋ ﺪ ﺍ ﻣ ﺆ ﺷ ﺮ ﻣ ﻨ ﻔ ﻌ ﺔ‬، ‫ﺍ ﻟ ﺘ ﻘ ﻴ ﻴ ﻢ ﺑ ﺎ ﺳ ﺘ ﺨ ﺪ ﺍﻡ ﻣ ﺆ ﺷ ﺮ ﺍ ﺕ ﳕ ﻮ ﺫ ﺝ ﺍ ﻟ ﺪ ﺭ ﺍ ﺳ ﺔ ﺍ ﳋ ﻤ ﺴ ﺔ‬
.‫( ﺟﺎء ﺗﻘﻴﻴﻤﻪ ﻟﺼﺎﱀ ﺍﻟﻔﺘﺮﺓ ﻣﺎ ﻗﺒﻞ ﺍﻟﺘﺤﻮﻝ‬AU) ‫ﺍﻷﺻﻮﻝ‬

(253)
‫ﺍ ﻟ ﻜ ﻠ ﻤ ﺎ ﺕ ﺍ ﳌ ﻔ ﺘ ﺎ ﺣ ﻴ ﺔ ‪ :‬ﺍ ﻷ ﺩ ﺍ ء ﺍ ﳌ ﺎ ﱄ ‪ ،‬ﺍ ﻟ ﺘ ﺤ ﻮ ﻝ ﻟ ﻠ ﺼ ﲑ ﻓ ﺔ ﺍ ﻹ ﺳ ﻼ ﻣ ﻴ ﺔ ‪ ،‬ﻣ ﺆ ﺷ ﺮ ﺍ ﺕ ﳕ ﻮ ﺫ ﺝ ﺩ ﻭ ﺑ ﻮ ﻧ ﺖ ‪ ،‬ﻫ ﺎ ﻣ ﺶ ﺍ ﻟ ﺮ ﺑ ﺢ ‪ ،‬ﻣ ﻀ ﺎ ﻋ ﻒ ﺍﳌ ﻠ ﻜ ﻴ ﺔ ‪ ،‬ﺩ ﻭ ﺭ ﺍﻥ‬
‫ﺍﻷ ﺻ ﻮ ﻝ ‪.‬‬
‫ﺍﻹ ﻃ ﺎ ﺭ ﺍﻟﻌ ﺎﻡ ﻟﻠ ﺪ ﺭ ﺍﺳ ﺔ‬
‫ﺍﳌ ﻘ ﺪ ﻣ ﺔ‬
‫ﺗ ﻌ ﺘ ﱪ ﺍ ﳌ ﺼ ﺎ ﺭ ﻑ ﺍ ﻟ ﺘ ﺠ ﺎ ﺭ ﻳ ﺔ ﺃ ﻫ ﻢ ﺍ ﳌ ﺆ ﺳ ﺴ ﺎ ﺕ ﺍ ﻟ ﱵ ﺗ ﻘ ﻮ ﻡ ﺑ ﻌ ﻤ ﻠ ﻴ ﺎ ﺕ ﺍ ﻟ ﻮ ﺳ ﺎ ﻃ ﺔ ﺍﳌ ﺎﻟﻴ ﺔ ﻭ ﺍﻟﱵ ﺗﻨﺘﻘ ﻞ ﺧ ﻼ ﳍ ﺎ ﺍﳌ ﻮ ﺍﺭ ﺩ ﺍﳌ ﺎﻟﻴ ﺔ ﻣ ﻦ ﺩ ﻭ ﻱ ﺍﻟﻔ ﺎﺋﺾ‬
‫) ﺍﳌ ﻮ ﺩ ﻋ ﲔ ( ﺇ ﱃ ﺩ ﻭ ﻱ ﺍ ﻟ ﻌ ﺠ ﺰ ﺍﳌ ﺎ ﱄ ) ﺍﳌ ﻘ ﺘﺮ ﺿ ﲔ ( ‪ .‬ﻫ ﺬ ﻩ ﺍﳋ ﺪ ﻣ ﺎ ﺕ ﺃﻭ ﺍﻟﻮ ﻇ ﺎ ﺋﻒ ﺗﻘ ﺪ ﻣ ﻬ ﺎ ﺍﳌ ﺆ ﺳ ﺴ ﺎ ﺕ ﺍﳌ ﺎﻟﻴ ﺔ ﺧ ﺼ ﻮ ﺻ ﴼ ﺍﳌ ﺼ ﺮ ﻓ ﻴ ﺔ ﺳ ﻌ ﻴ ﴼ‬
‫ﻣﻨﻬﺎ ﻟﺘﻌﻈﻴﻢ ﺃﺭﺑﺎﺣﻬﺎ‪ .‬ﻟﺬﻟﻚ ﺗﻘﻮﻡ ﺗﻠﻚ ﺍﳌﺆﺳﺴﺎﺕ ﺑﺘﻘﻴﻴﻢ ﺃﺩﺍﺋﻬﺎ ﺍﳌﺎﱄ ﳌﻌﺮﻓﺔ ﻣﺴﺘﻮﻯ ﻧﺸﺎﻃﻬﺎ ﻭﻣﺪﻯ ﻗﺪﺭ‪‬ﺎ ﻋﻠﻰ ﺍﻟﻘﻴﺎﻡ ﺑﻮﻇﺎﺋﻔﻬﺎ‬
‫ﺑ ﺸ ﻜ ﻞ ﻣ ﺘ ﻜ ﺎ ﻣ ﻞ ﻭ ﺫ ﻟ ﻚ ﺳ ﻌ ﻴ ﴼ ﻣ ﻨ ﻬ ﺎ ﺍ ﳌ ﺤ ﺎ ﻓ ﻈ ﺔ ﻋ ﻠ ﻰ ﻋ ﻤ ﻼ ﺋ ﻬ ﺎ ﺍ ﳊ ﺎ ﻟ ﻴ ﲔ ﻣ ﻦ ﺟ ﻬ ﺔ ﺃﻭ ﳉ ﺬ ﺏ ﻋ ﻤ ﻼ ء ﺟ ﺪ ﻣ ﻦ ﺟ ﻬ ﺔ ﺃ ﺧ ﺮ ﻯ ‪ .‬ﺑ ﻌ ﺪ ﺻ ﺪ ﻭ ﺭ‬
‫ﺍﻟﻘﺎﻧﻮﻥ ﺭﻗﻢ )‪ (1‬ﻟﺴﻨﺔ ‪2013‬ﻡ ﻛﺎﻥ ﻟﺰﺍﻣﴼ ﻋﻠﻰ ﺍﳌﺼﺎﺭﻑ ﺍﻟﻠﻴﺒﻴﺔ ﺗﻘﺪﱘ ﺧﺪﻣﺎ‪‬ﺎ ﻭﻓﻖ ﺍﻟﺸﺮﻳﻌﺔ ﺍﻹﺳﻼﻣﻴﺔ ﻭﺫﻟﻚ ﲟﻨﻊ ﺍﻟﺘﻌﺎﻣﻞ‬
‫ﺑ ﺎ ﻟ ﻔ ﺎ ﺋ ﺪ ﺓ ﺍ ﳌ ﺼ ﺮ ﻓ ﻴ ﺔ ‪ .‬ﺗ ﻘ ﻮ ﻡ ﻫ ﺬ ﻩ ﺍ ﻟ ﺪ ﺭ ﺍ ﺳ ﺔ ﺑ ﺘ ﻘ ﻴ ﻴ ﻢ ﺃ ﺩ ﺍ ء ﺍ ﳌ ﺼ ﺮ ﻑ ﻗ ﻴ ﺪ ﺍ ﻟ ﺪ ﺭ ﺍ ﺳ ﺔ ) ﻣ ﺼ ﺮ ﻑ ﴰ ﺎ ﻝ ﺃ ﻓ ﺮ ﻳ ﻘ ﻴ ﺎ ( ﻗ ﺒ ﻞ ﻭ ﺑ ﻌ ﺪ ﻋ ﻤ ﻠ ﻴ ﺔ ﺍ ﻟ ﺘ ﺤ ﻮ ﻝ ﻭ ﺍﳌ ﻘ ﺎ ﺭ ﻧ ﺔ‬
‫ﺑﲔ ﺍﻟﻔﺘﺮﺗﲔ ﻭﺫﻟﻚ ﺑﺎﺳﺘﺨﺪﺍﻡ ﳕﻮﺫﺝ ﺩﻭﺑﻮﻧﺖ )‪ (Dupont‬ﻟﻠﺘﻘﻴﻴﻢ ﺍﳌﺎﱄ‪.‬‬
‫‪ 2.1‬ﻣﺸﻜﻠﺔ ﺍﻟﺪﺭﺍﺳﺔ‬
‫ﻳﻌﺪ ﺻﺪﻭﺭ ﺍﻟﻘﺎﻧﻮﻥ ﺭﻗﻢ )‪ (1‬ﻟﺴﻨﺔ ‪2013‬ﻡ ﺑﺸﺄﻥ ﺍﻟﺘﻌﺎﻣﻞ ﻭﻓﻖ ﺍﻟﺸﺮﻳﻌﺔ ﺍﻹﺳﻼﻣﻴﺔ ﻭﺍﻟﱵ ﺗﺮﺗﻜﺰ ﻋﻠﻰ ﻣﻨﻊ ﺍﻟﺘﻌﺎﻣﻞ ﺑﺎﻟﻔﺎﺋﺪﺓ‬
‫ﺍﳌ ﺼ ﺮ ﻓ ﻴ ﺔ ﺗﻐ ﻴﲑ ﻛ ﻠﻲ ﻟﻨﻮ ﻉ ﺍﳋ ﺪ ﻣ ﺎ ﺕ ﺍﻟﱵ ﺗﻘ ﺪ ﻣ ﻬ ﺎ ﺍﳌ ﺼ ﺎ ﺭ ﻑ ﺍﻟﻠﻴﺒﻴ ﺔ ‪ .‬ﻋ ﻠﻴﻪ ‪ ،‬ﻓ ﺈﻥ ﺍﳌ ﺼ ﺎ ﺭ ﻑ ﺍﻟﻠﻴﺒﻴ ﺔ ﺭ ﻛ ﺰ ﺕ ﻋ ﻠﻰ ﺗﻘ ﺪ ﱘ ﺧ ﺪ ﻣ ﺎ ‪ ‬ﺎ ﺑﻌ ﻴ ﺪ ﴽ‬
‫ﻋ ﻦ ﺍ ﳌ ﻌ ﺎ ﻣ ﻼ ﺕ ﺍ ﻟ ﺮ ﺑ ﻮ ﻳ ﺔ ‪ .‬ﻫ ﺬ ﻩ ﺍ ﻟ ﺪ ﺭ ﺍ ﺳ ﺔ ﺍ ﺭ ﺗ ﻜ ﺰ ﺕ ﻋ ﻠ ﻰ ﲢ ﻠ ﻴ ﻞ ﺍ ﻷ ﺩ ﺍ ء ﺍﳌ ﺎ ﱄ ﳌ ﺼ ﺮ ﻑ ﴰ ﺎﻝ ﺍﻓﺮ ﻳﻘ ﻴﺎ ﻗ ﺒﻞ ﺍﻟﺘﺤ ﻮ ﻝ ﻟﻠ ﺼ ﲑ ﻓ ﺔ ﺍﻹ ﺳ ﻼ ﻣ ﻴ ﺔ ﻭ ﺑﻌ ﺪ‬
‫ﺍﻟﺘﺤﻮﻝ ﻭﺇﺟﺮﺍء ﻣﻘﺎﺭﻧﺔ ﺑﲔ ﻛﻠﺘﺎ ﺍﻟﻔﺘﺮﺗﲔ ﻭﺫﻟﻚ ﺑﺎﺳﺘﺨﺪﺍﻡ ﳕﻮﺫﺝ ﺩﻭﺑﻮﻧﺖ )‪ (Dupont‬ﻟﺘﻘﻴﻴﻢ ﺍﻷﺩﺍء ﺍﳌﺎﱄ‪ ،‬ﻭﺑﺬﻟﻚ ﰎ ﺻﻴﺎﻏﺔ‬
‫ﻣ ﺸ ﻜ ﻠ ﺔ ﺍ ﻟ ﺪ ﺭ ﺍﺳ ﺔ ﰲ ﺍ ﻟ ﺘﺴ ﺎ ﺅ ﻝ ﺍﻵ ﰐ ‪:‬‬
‫ﻣ ﺎ ﻣ ﺪ ﻯ ﺗﺄﺛﲑ ﺍﻟﺘﺤ ﻮ ﻝ ﻟﻠ ﺼ ﲑ ﻓ ﺔ ﺍﻹ ﺳ ﻼ ﻣ ﻴ ﺔ ﻋ ﻠﻰ ﺍﻷ ﺩ ﺍء ﺍﳌ ﺎ ﱄ ﳌ ﺼ ﺮ ﻑ ﴰ ﺎﻝ ﺃﻓﺮ ﻳﻘ ﻴﺎ؟‬
‫‪ 3.1‬ﺃﻫﺪﺍﻑ ﺍﻟﺪﺭﺍﺳﺔ‬
‫ﺗﺴ ﻌ ﻰ ﺍ ﻟ ﺪ ﺭ ﺍ ﺳ ﺔ ﺇ ﱃ ﲢ ﻘ ﻴﻖ ﺍﻷ ﻫ ﺪ ﺍﻑ ﺍﻵ ﺗ ﻴ ﺔ ‪:‬‬
‫‪ .1‬ﺍﻟﺘﻌﺮﻳﻒ ﲟﻔﻬﻮﻡ ﻭﻣﺆﺷﺮﺍﺕ ﻭﺍﻟﻴﺔ ﺗﻄﺒﻴﻖ ﻣﻌﻴﺎﺭ ﺩﻭﺑﻮﻧﺖ )‪ (Dupont‬ﻟﺘﻘﻴﻴﻢ ﺍﻷﺩﺍء ﺍﳌﺎﱄ‪.‬‬
‫‪ .2‬ﺍﻟﺘﻌﺮﻑ ﻋﻠﻰ ﺗﻘﻴﻴﻢ ﻭﺿﻊ ﺍﳌﺼﺮﻑ ﻗﺒﻞ ﻭﺑﻌﺪ ﺍﻟﺘﺤﻮﻝ ﻟﻠﺼﲑﻓﺔ ﺍﻹﺳﻼﻣﻴﺔ ﻭﺍﳌﻘﺎﺭﻧﺔ ﺑﲔ ﺍﻟﻔﺘﺮﺗﲔ ﺑﺎﺳﺘﺨﺪﺍﻡ ﻣﺆﺷﺮﺍﺕ ﻣﻌﻴﺎﺭ‬
‫ﺩﻭﺑﻮﻧﺖ )‪.(Dupont‬‬
‫‪ .3‬ﺇﺑﺪﺍء ﺑﻌﺾ ﺍﻟﺘﻮﺻﻴﺎﺕ ﻣﻦ ﺧﻼﻝ ﻧﺘﺎﺋﺞ ﺗﻘﻴﻴﻢ ﺍﻷﺩﺍء ﺍﳌﺎﱄ ﻟﻠﻤﺼﺮﻑ ﻗﻴﺪ ﺍﻟﺪﺭﺍﺳﺔ ﺑﻌﺪ ﺍﻟﺘﺤﻮﻝ ﺇﱃ ﺍﻟﺼﲑﻓﺔ ﺍﻹﺳﻼﻣﻴﺔ‪.‬‬

‫‪ 4.1‬ﺃﳘﻴﺔ ﺍﻟﺪﺭﺍﺳﺔ‬
‫ﺗ ﻜ ﻤ ﻦ ﺃ ﳘ ﻴ ﺔ ﺍ ﻟ ﺪ ﺭ ﺍ ﺳ ﺔ ﺇ ﺛ ﺮ ﺍ ء ﺍ ﳌ ﻜ ﺘ ﺒ ﺔ ﺍ ﻟ ﻌ ﻠ ﻤ ﻴ ﺔ ﲟ ﻮ ﺿ ﻮ ﻉ ﺗ ﻘ ﻴ ﻴ ﻢ ﺍ ﻷ ﺩ ﺍ ء ﺍﳌ ﺎ ﱄ ﻟ ﻠ ﻤ ﺼ ﺎ ﺭ ﻑ ﺍ ﻟ ﺘ ﺠ ﺎ ﺭ ﻳ ﺔ ﻭ ﺃ ﳘ ﻴ ﺘ ﻪ ﻭ ﺫ ﻟ ﻚ ﻣ ﻦ ﺧ ﻼ ﻝ ﺍﺳ ﺘﺨ ﺪ ﺍﻡ‬
‫ﳕﻮﺫﺝ ﺩﻭﺑﻮﻧﺖ )‪ .(Dupont‬ﺃﻳﻀﴼ ﺍﳌﺴﺎﳘﺔ ﰲ ﲢﻠﻴﻞ ﺍﻷﺩﺍء ﺍﳌﺎﱄ ﻟﻠﻤﺼﺎﺭﻑ ﺍﻟﺘﺠﺎﺭﻳﺔ ﺍﻟﻠﻴﺒﻴﺔ ﻭﺍﳌﺘﻤﺜﻠﺔ ﰲ ﻋﻴﻨﺔ ﺍﻟﺪﺭﺍﺳﺔ‬
‫) ﻣ ﺼ ﺮ ﻑ ﴰ ﺎﻝ ﺃﻓﺮ ﻳﻘ ﻴﺎ( ﳌ ﺤ ﺎﻭ ﻟﺔ ﺍﳋ ﺮ ﻭ ﺝ ﺑﺒﻌ ﺾ ﺍﻟﻨﺘﺎﺋﺞ ﻭ ﺍﻟﺘﻮ ﺻ ﻴﺎ ﺕ ‪.‬‬
‫‪ 5.1‬ﻓﺮﺿﻴﺎﺕ ﺍﻟﺪﺭﺍﺳﺔ‬
‫ﻣ ﻦ ﺧ ﻼ ﻝ ﻣ ﺸ ﻜ ﻠ ﺔ ﺍ ﻟ ﺪ ﺭ ﺍ ﺳ ﺔ ‪ ،‬ﻭ ﺃ ﻫ ﺪ ﺍ ﻓ ﻬ ﺎ ‪ ،‬ﰒ ﺻ ﻴ ﺎ ﻏ ﺔ ﻓ ﺮ ﺿ ﻴ ﺎ ﺕ ﺍ ﻟ ﺪ ﺭ ﺍ ﺳ ﺔ ﰲ ﺷ ﻜ ﻞ ﻓ ﺮ ﺿ ﻴ ﺔ ﺭ ﺋ ﻴﺴ ﺔ ﻭ ﲬ ﺲ ﻓ ﺮ ﺿ ﻴ ﺎ ﺕ ﻓ ﺮ ﻋ ﻴ ﺔ ﻋ ﻠ ﻰ ﺍ ﻟ ﻨ ﺤ ﻮ‬
‫ﺍﻟﺘﺎﱄ ‪:‬‬

‫)‪(254‬‬
‫‪ H0‬ﺍﻟﻔﺮﺿﻴﺔ ﺍﻟﺮﺋﻴﺴﺔ‪ :‬ﻳﻮﺟﺪ ﻓﺮﻭﻕ ﰲ ﺍﻷﺩﺍء ﺍﳌﺎﱄ ﻟﻠﻤﺼﺮﻑ ﻗﺒﻞ ﻭﺑﻌﺪ ﺍﻟﺘﺤﻮﻝ ﻟﻠﺼﲑﻓﺔ ﺍﻹﺳﻼﻣﻴﺔ ﺑﺎﺳﺘﺨﺪﺍﻡ ﻣﺆﺷﺮﺍﺕ ﳕﻮﺫﺝ‬
‫ﺩﻭﺑﻮﻧﺖ )‪.(Dupont‬‬
‫‪ H01‬ﺍﻟﻔﺮﺿﻴﺔ ﺍﻟﻔﺮﻋﻴﺔ ﺍﻷﻭﱃ‪ :‬ﻫﻨﺎﻙ ﻓﺮﻭﻕ ﰲ ﻣﻌﺪﻝ ﺍﻟﻌﺎﺋﺪ ﻋﻠﻰ ﺍﳌﻠﻜﻴﺔ )‪ (ROE‬ﻟﻠﻔﺘﺮﺓ ﻗﺒﻞ ﻭﺑﻌﺪ ﺍﻟﺘﺤﻮﻝ‪.‬‬
‫‪ H02‬ﺍﻟﻔﺮﺿﻴﺔ ﺍﻟﻔﺮﻋﻴﺔ ﺍﻟﺜﺎﻧﻴﺔ‪ :‬ﻫﻨﺎﻙ ﻓﺮﻭﻕ ﰲ ﻣﻌﺪﻝ ﺍﻟﻌﺎﺋﺪ ﻋﻠﻰ ﺍﻷﺻﻮﻝ )‪ (ROA‬ﻟﻠﻔﺘﺮﺓ ﻗﺒﻞ ﻭﺑﻌﺪ ﺍﻟﺘﺤﻮﻝ‪.‬‬
‫‪ H03‬ﺍﻟﻔﺮﺿﻴﺔ ﺍﻟﻔﺮﻋﻴﺔ ﺍﻟﺜﺎﻟﺜﺔ‪ :‬ﻫﻨﺎﻙ ﻓﺮﻭﻕ ﰲ ﻣﻀﺎﻋﻒ ﺣﻘﻮﻕ ﺍﳌﻠﻜﻴﺔ )‪ (EM‬ﻟﻠﻔﺘﺮﺓ ﻗﺒﻞ ﻭﺑﻌﺪ ﺍﻟﺘﺤﻮﻝ‪.‬‬
‫‪ H04‬ﺍﻟﻔﺮﺿﻴﺔ ﺍﻟﻔﺮﻋﻴﺔ ﺍﻟﺮﺍﺑﻌﺔ‪ :‬ﻫﻨﺎﻙ ﻓﺮﻭﻕ ﰲ ﻫﺎﻣﺶ ﺍﻟﺮﺑﺢ )‪ (PM‬ﻟﻠﻔﺘﺮﺓ ﻗﺒﻞ ﻭﺑﻌﺪ ﺍﻟﺘﺤﻮﻝ‪.‬‬
‫‪ H05‬ﺍﻟﻔﺮﺿﻴﺔ ﺍﻟﻔﺮﻋﻴﺔ ﺍﳋﺎﻣﺴﺔ‪ :‬ﻫﻨﺎﻙ ﻓﺮﻭﻕ ﰲ ﻣﻌﺪﻝ ﻣﻨﻔﻌﺔ ﺍﻷﺻﻮﻝ )‪ (AU‬ﻟﻠﻔﺘﺮﺓ ﻗﺒﻞ ﻭﺑﻌﺪ ﺍﻟﺘﺤﻮﻝ‪.‬‬
‫‪ 6.1‬ﻣﻨﻬﺞ ﺍﻟﺪﺭﺍﺳﺔ‬
‫ﰎ ﺍﺳ ﺘﺨ ﺪ ﺍﻡ ﺍﳌ ﻨﻬ ﺞ ﺍﻟﺘ ﺤ ﻠﻴﻠﻲ ﻣ ﻦ ﺧ ﻼ ﻝ ﺗﻘ ﻴﻴ ﻢ ﺍﻷ ﺩ ﺍء ﺍﳌ ﺎ ﱄ ﻟ ﻠ ﻤ ﺼ ﺮ ﻑ ﻗ ﻴ ﺪ ﺍ ﻟ ﺪ ﺭ ﺍ ﺳ ﺔ ﻗ ﺒ ﻞ ﻭ ﺑ ﻌ ﺪ ﺍ ﻟ ﺘ ﺤ ﻮ ﻝ ﻟ ﻠ ﺼ ﲑ ﻓ ﺔ ﺍﻹ ﺳ ﻼ ﻣ ﻴ ﺔ ‪ ،‬ﻭ ﺫ ﻟ ﻚ‬
‫ﺑﺘﺤﻠﻴﻞ ﺍﻟﺒﻴﺎﻧﺎﺕ ﺍﳌﺎﻟﻴﺔ ﺍﻟﻮﺍﺭﺩﺓ ﰲ ﺍﻟﻘﻮﺍﺋﻢ ﺍﳌﺎﻟﻴﺔ ﻟﻠﻤﺼﺮﻑ ﺑﺎﺳﺘﺨﺪﺍﻡ ﻣﺆﺷﺮﺍﺕ ﳕﻮﺫﺝ ﺩﻭﺑﻮﻧﺖ )‪ (Dupont‬ﻟﺘﻘﻴﻴﻢ ﺍﻷﺩﺍء‬
‫ﺍﳌ ﺎ ﱄ ‪.‬‬
‫‪ 7.1‬ﻣﺼﺎﺩﺭ ﲨﻊ ﺍﻟﺒﻴﺎﻧﺎﺕ‬
‫ﺍ ﻋ ﺘ ﻤ ﺪ ﺕ ﺍ ﻟ ﺪ ﺭ ﺍ ﺳ ﺔ ﰲ ﺍ ﳉ ﺎ ﻧ ﺐ ﺍ ﻟ ﻨ ﻈ ﺮ ﻱ ﻋ ﻠ ﻰ ﺍ ﻟ ﻜ ﺘ ﺐ ﻭ ﺍ ﻟ ﺪ ﻭ ﺭ ﻳ ﺎ ﺕ ﻭ ﺍﳌ ﺆ ﲤ ﺮ ﺍ ﺕ ﻭ ﺍ ﻟ ﻨ ﺪ ﻭ ﺍ ﺕ ﺍﳌ ﺨ ﺘ ﺼ ﺔ ﰲ ﻣ ﻮ ﺿ ﻮ ﻉ ﺍ ﻟ ﺪ ﺭ ﺍ ﺳ ﺔ ﺑ ﺎ ﻹ ﺿ ﺎ ﻓ ﺔ ﺇ ﱃ‬
‫ﺍﻻﻋﺘﻤﺎﺩ ﻋﻠﻰ ﺷﺒﻜﺔ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﻟﺪﻭﻟﻴﺔ )ﺍﻹﻧﺘﺮﻧﺖ(‪ .‬ﺃﻣﺎ ﺍﳉﺎﻧﺐ ﺍﻟﺘﻄﺒﻴﻘﻲ ﻟﻠﺪﺭﺍﺳﺔ ﻓﻘﺪ ﺍﻋﺘﻤﺪ ﻋﻠﻰ ﺍﻟﻘﻮﺍﺋﻢ ﺍﳌﺎﻟﻴﺔ ﻟﻠﻤﺼﺮﻑ ﻗﻴﺪ‬
‫ﺍﻟﺪ ﺭ ﺍﺳ ﺔ ‪.‬‬
‫‪ 8.1‬ﺍﻟﺪﺭﺍﺳﺎﺕ ﺍﻟﺴﺎﺑﻘﺔ‬
‫‪ .1‬ﺩﺭﺍﺳﺔ ﻋﺠﺮﻭﺩ‪ ،(2020) ،‬ﺑﻌﻨﻮﺍﻥ‪ :‬ﻗﻴﺎﺱ ﺍﻷﺩﺍء ﺍﳌﺼﺮﰲ ﻭﻓﻖ ﳕﻮﺫﺝ ‪ Dupont‬ﻭﳕﻮﺫﺝ ﺍﻟﻌﺎﺋﺪ ﻋﻠﻰ ﺍﻻﺳﺘﺜﻤﺎﺭ ﺍﳌﻘﺎﺭﻧﺔ‬
‫ﺑﲔ ﺍﻟﺒﻨﻚ ﺍﻟﻮﻃﲏ ﺍﳉﺰﺍﺋﺮﻱ )‪ (BNA‬ﻭﺳﻮﺳﻴﱵ ﺟﻨﺮﺍﻝ ﺍﳉﺰﺍﺋﺮ )‪ (SGA‬ﺧﻼﻝ ﺍﻟﻔﺘﺮﺓ )‪.(2018 – 2016‬‬
‫ﻫ ﺪ ﻓ ﺖ ﺍ ﻟ ﺪ ﺭ ﺍﺳ ﺔ ﺇ ﱃ ﺗ ﻘ ﻴ ﻴ ﻢ ﺍ ﻷ ﺩ ﺍ ء ﺍ ﳌ ﺼ ﺮ ﰲ ﳌ ﺼ ﺮ ﻑ ﲡ ﺎ ﺭ ﻱ ﻭ ﻃ ﲏ ﻳ ﺘ ﺒ ﻊ ﻟ ﻠ ﻘ ﻄ ﺎ ﻉ ﺍ ﻟ ﻌ ﺎ ﻡ ﻭ ﻣ ﺼ ﺮ ﻑ ﲡ ﺎ ﺭ ﻱ ﺁ ﺧ ﺮ ﺃ ﺟ ﻨ ﱯ ﻳ ﺘ ﺒ ﻊ ﻟ ﻠ ﻘ ﻄ ﺎ ﻉ‬
‫ﺍﳋﺎﺹ ﻭﺍﳌﻘﺎﺭﻧﺔ ﺑﲔ ﺍﳌﺼﺮﻓﲔ ﺧﻼﻝ ﺍﻟﻔﺘﺮﺓ ﺑﲔ ‪ .2018 – 2016‬ﻗﺎﻣﺖ ﺍﻟﺪﺭﺍﺳﺔ ﺑﺪﺭﺍﺳﺔ ﻣﺪﻯ ﺍﻻﺧﺘﻼﻑ ﰲ ﺍﻷﺩﺍء ﺍﳌﺼﺮﰲ‬
‫ﺑﲔ ﺍﻟﺒﻨﻚ ﺍﻟﻮﻃﲏ ﺍﳉﺰﺍﺋﺮﻱ ﻭﺑﻨﻚ ﺳﻮﺳﻴﱵ ﺟﻨﺮﺍﻝ ﺍﳉﺰﺍﺋﺮ‪ .‬ﺍﻋﺘﻤﺪﺕ ﺍﻟﺪﺭﺍﺳﺔ ﻋﻠﻰ ﻣﻨﻬﺞ ﺩﺭﺍﺳﺔ ﺍﳊﺎﻟﺔ ﻭﺫﻟﻚ ﺑﺎﺳﺘﺨﺪﺍﻡ ﳕﺎﺫﺝ‬
‫ﻗ ﻴ ﺎ ﺱ ﺍﻷ ﺩ ﺍء ﺣ ﻴ ﺚ ﰒ ﺍﻟ ﺘ ﺮ ﻛ ﻴ ﺰ ﻋ ﻠ ﻰ ﳕ ﻮ ﺫ ﺝ ﺍﻟ ﻌ ﺎ ﺋ ﺪ ﻋ ﻠ ﻰ ﺣ ﻘ ﻮ ﻕ ﺍﳌ ﻠ ﻜ ﻴ ﺔ ‪ .‬ﺗ ﻨ ﺎ ﻭ ﻟ ﺖ ﺍﻟ ﺪ ﺭ ﺍﺳ ﺔ ﲢ ﻠ ﻴ ﻞ ﳌ ﻴ ﺰ ﺍ ﻧ ﻴ ﺎ ﺕ ﻭ ﺟ ﺪ ﺍ ﻭ ﻝ ﺣ ﺴ ﺎ ﺑ ﺎ ﺕ ﺍ ﻟ ﻨ ﺘ ﺎ ﺋ ﺞ‬
‫ﻟﻠﻤﺼﺮﻓﲔ‪ .‬ﺑﺎﺳﺘﺨﺪﺍﻡ ﳕﻮﺫﺝ ﺩﻭﺑﻮﻧﺖ ‪ Dupont‬ﻭﺍﻟﻌﺎﺋﺪ ﻋﻠﻰ ﺍﻻﺳﺘﺜﻤﺎﺭ ﺗﻮﺻﻠﺖ ﺍﻟﺪﺭﺍﺳﺔ ﺇﱃ ﺃﻥ ﻫﻨﺎﻙ ﺍﺧﺘﻼﻑ ﰲ ﺍﻷﺩﺍء‬
‫ﺍﳌ ﺼ ﺮ ﰲ ﺑﲔ ﺍﳌ ﺼ ﺮ ﻓ ﲔ ﻭ ﻫ ﺬ ﺍ ﺍﻻ ﺧ ﺘﻼ ﻑ ﰲ ﺻ ﺎ ﱀ ﺍﻟﺒﻨ ﻚ ﺍﻟﻮ ﻃ ﲏ ﺍﳉ ﺰ ﺍﺋﺮ ﻱ ‪ .‬ﻛ ﻤ ﺎ ﺗﻮ ﺻ ﻠ ﺖ ﺍﻟ ﺪ ﺭ ﺍﺳ ﺔ ﺇ ﱃ ﻋ ﺪ ﺩ ﻣ ﻦ ﺍ ﻟ ﺘ ﻮ ﺻ ﻴ ﺎ ﺕ ﲤ ﺜ ﻠ ﺖ‬
‫ﰲ ﺿ ﺮ ﻭ ﺭ ﺓ ﺍ ﻟ ﺘ ﻨ ﻮ ﻳ ﻊ ﰲ ﺍﳌ ﺤ ﻔ ﻈ ﺔ ﺍ ﳌ ﺎ ﻟ ﻴ ﺔ ‪ ،‬ﺇﺩ ﺧ ﺎ ﻝ ﺍﻟ ﺘ ﻜ ﻨ ﻮ ﻟ ﻮ ﺟ ﻴ ﺎ ﻟ ﻠ ﻤ ﺼ ﺎ ﺭ ﻑ ﺍﻟ ﺘ ﺠ ﺎ ﺭ ﻳ ﺔ ﳌ ﻮ ﺍﻛ ﺒ ﺔ ﺍﻟ ﺘ ﻄ ﻮ ﺭ ﺍ ﺕ ﺍﻟ ﱵ ﻳﺸ ﻬ ﺪ ﻫ ﺎ ﺍﻟﻌ ﺎ ﱂ ‪ ،‬ﳏ ﺎ ﻭ ﻟ ﺔ‬
‫ﺇ ﺩ ﺧ ﺎ ﻝ ﺗ ﻜ ﻨ ﻮ ﻟ ﻮ ﺟ ﻴ ﺎ ﺍ ﻻ ﺗ ﺼ ﺎ ﻻ ﺕ ‪ ،‬ﻭ ﺃ ﻭ ﺻ ﺖ ﺍ ﻟ ﺪ ﺭ ﺍ ﺳ ﺔ ﺃ ﻳ ﻀ ﴼ ﺇ ﱃ ﺿ ﺮ ﻭ ﺭ ﺓ ﺗ ﺪ ﻋ ﻴ ﻢ ﻋ ﻤ ﻠ ﻴ ﺔ ﺍﻹ ﻓ ﺼ ﺎ ﺡ ﻭ ﺍﻟﺸ ﻔ ﺎ ﻓ ﻴ ﺔ ﰲ ﺍﳌ ﺼ ﺎ ﺭ ﻑ ﻣ ﻦ ﺧ ﻼ ﻝ‬
‫ﻧﺸ ﺮ ﺍﻟﺒﻴﺎﻧﺎ ﺕ ﻭ ﺍﳌ ﻌ ﻠﻮ ﻣ ﺎ ﺕ ﺍﳌ ﺎﻟﻴ ﺔ ﻭ ﺍﳌ ﺼ ﺮ ﻓ ﻴ ﺔ ‪.‬‬
‫‪ .2‬ﺩﺭﺍﺳﺔ ﻛﺮﻭﻣﻲ‪ ،(2022) ،‬ﺑﻌﻨﻮﺍﻥ‪ :‬ﺗﻘﻴﻴﻢ ﺃﺩﺍء ﺍﻟﺒﻨﻮﻙ ﺍﻟﺘﺠﺎﺭﻳﺔ ﺑﺎﺳﺘﺨﺪﺍﻡ ﳕﻮﺫﺝ ‪ DuPont‬ﺍﳌﻌﺪﻝ ﻟﻌﻴﻨﺔ ﻣﻦ ﺍﻟﺒﻨﻮﻙ‬
‫ﺍﳉ ﺰ ﺍﺋﺮ ﻳﺔ ﺍﳋ ﺎﺻ ﺔ‪.‬‬
‫ﻫﺪﻓﺖ ﺍﻟﺪﺭﺍﺳﺔ ﺇﱃ ﺗﻘﻴﻴﻢ ﺃﺩﺍء ﺍﳌﺼﺎﺭﻑ ﺍﻟﺘﺠﺎﺭﻳﺔ ﺍﳉﺰﺍﺋﺮﻳﺔ ﺍﻟﻨﺸﻄﺔ ﺧﻼﻝ ﺍﻟﻔﺘﺮﺓ ﺍﳌﻤﺘﺪﺓ ﻣﻦ ‪ 2011‬ﺇﱃ ‪ 2019‬ﻭﺫﻟﻚ‬
‫ﺑ ﺎ ﺳ ﺘ ﺨ ﺪ ﺍﻡ ﳕ ﻮ ﺫ ﺝ ﺩ ﻭ ﺑ ﻮ ﻧ ﺖ ﺍ ﳌ ﻌ ﺪ ﻝ ‪ .‬ﰎ ﲡ ﻤ ﻴ ﻊ ﺑ ﻴ ﺎ ﻧ ﺎ ﺕ ﻋ ﺪ ﺩ ﺳ ﺒ ﻊ ﻣ ﺼ ﺎ ﺭ ﻑ ﲡ ﺎ ﺭ ﻳ ﺔ ﺧ ﺎ ﺻ ﺔ ﻭ ﲢ ﻠ ﻴ ﻠ ﻬ ﺎ ﺑ ﻮ ﺍ ﺳ ﻄ ﺔ ﳕ ﻮ ﺫ ﺝ ﻣ ﻌ ﺪ ﻝ ﺍ ﻟ ﻌ ﺎ ﺋ ﺪ ﻋ ﻠ ﻰ‬
‫ﺣ ﻘ ﻮ ﻕ ﺍﳌ ﻠﻜ ﻴ ﺔ ‪ ،‬ﻭ ﻣ ﻌ ﺪ ﻝ ﺍﻟﻌ ﺎﺋﺪ ﻋ ﻠﻰ ﺍﻷ ﺻ ﻮ ﻝ ‪ ،‬ﻭ ﻣ ﻀ ﺎﻋ ﻒ ﺣ ﻖ ﺍﳌ ﻠﻜ ﻴ ﺔ ‪ ،‬ﻭ ﻣ ﻌ ﺪ ﻝ ﻫ ﺎﻣ ﺶ ﺍﻟﺮ ﺑﺢ ‪ ،‬ﻭ ﻣ ﻌ ﺪ ﻝ ﻣ ﻨﻔ ﻌ ﺔ ﺍﻷ ﺻ ﻮ ﻝ ‪ ،‬ﻣ ﻊ ﻣ ﻘ ﺎﺭ ﻧ ﺔ‬

‫)‪(255‬‬
‫ﺃﺩﺍء ﺍﳌﺼﺎﺭﻑ ﺍﻟﺴﺒﻌﺔ ﺑﺎﺳﺘﺨﺪﺍﻡ ﻣﺘﻮﺳﻂ ﻣﻌﺪﻻﺕ ﺍﳌﺆﺷﺮﺍﺕ ﺍﳌﺬﻛﻮﺭﺓ ﺳﻠﻔﴼ‪ .‬ﺗﻮﺻﻠﺖ ﺍﻟﺪﺭﺍﺳﺔ ﺇﱃ ﻋﺪﺩ ﻣﻦ ﺍﻟﻨﺘﺎﺋﺞ ﲤﺜﻠﺖ ﰲ ﺃﻥ‬
‫ﻫ ﻨ ﺎ ﻙ ﺗ ﻔ ﺎ ﻭ ﺕ ﰲ ﺍﳌ ﺆ ﺷ ﺮ ﺍ ﺕ ﻋ ﻠ ﻰ ﻣ ﺴ ﺘ ﻮ ﻯ ﺍﳌ ﺼ ﺎ ﺭ ﻑ ﻗ ﻴ ﺪ ﺍ ﻟ ﺪ ﺭ ﺍ ﺳ ﺔ ﻭ ﺃ ﻥ ﻣ ﻌ ﺪ ﻝ ﺍ ﻟ ﻌ ﺎ ﺋ ﺪ ﻋ ﻠ ﻰ ﺣ ﻘ ﻮ ﻕ ﺍﳌ ﻠ ﻜ ﻴ ﺔ ﺍﳌ ﺴ ﺠ ﻞ ﻟ ﻠ ﺒ ﻨ ﻮ ﻙ ﻳ ﻌ ﻮ ﺩ‬
‫ﺑ ﺪ ﺭ ﺟ ﺔ ﻛ ﺒ ﲑ ﻩ ﺇ ﱃ ﻣ ﻀ ﺎﻋ ﻒ ﺣ ﻖ ﺍﳌ ﻠﻜ ﻴﺔ ﻭ ﺑﺪ ﺭ ﺟ ﺔ ﺃﻗﻞ ﺇ ﱃ ﺍﻟﻌ ﺎﺋﺪ ﻋ ﻠﻰ ﺍﻷ ﺻ ﻮ ﻝ ‪.‬‬
‫‪ .3‬ﺩﺭﺍﺳﺔ ‪ (2022) ،Al-Khoury & Others‬ﺑﻌﻨﻮﺍﻥ‪Financial Performance for Arab Bank :‬‬
‫‪using DuPont Analysis 2000-2021.‬‬
‫ﻫ ﺪ ﻓ ﺖ ﺍ ﻟ ﺪ ﺭ ﺍﺳ ﺔ ﺇ ﱃ ﻗ ﻴ ﺎ ﺱ ﺍﻷ ﺩ ﺍء ﺍ ﳌ ﺎ ﱄ ﻷ ﺷ ﻬ ﺮ ﺍ ﳌ ﺼ ﺎ ﺭ ﻑ ﺍ ﻷ ﺭ ﺩ ﻧ ﻴ ﺔ ﻭ ﺃ ﻛ ﺜ ﺮ ﻫ ﺎ ﺭ ﲝ ﻴ ﺔ ﻭ ﺍ ﳌ ﺘ ﻤ ﺜ ﻞ ﰲ ﺍ ﻟ ﺒ ﻨ ﻚ ﺍ ﻟ ﻌ ﺮ ﰊ ‪ .‬ﻗ ﺎ ﻣ ﺖ ﺍ ﻟ ﺪ ﺭ ﺍ ﺳ ﺔ ﺑ ﺘ ﺤ ﻠ ﻴ ﻞ‬
‫ﺍﻷﺩﺍء ﺍﳌﺎﱄ ﻟﻠﻤﺼﺮﻑ ﺑﺎﺳﺘﺨﺪﺍﻡ ﲢﻠﻴﻞ ﺩﻭﺑﻮﻧﺖ )‪ (DePont‬ﻟﻠﺘﺤﻠﻴﻞ ﺍﳌﺎﱄ ﻟﻠﻌﺎﺋﺪ ﻋﻠﻰ ﺣﻘﻮﻕ ﺍﳌﻠﻜﻴﺔ ﺧﻼﻝ ﺍﻟﻔﺘﺮﺓ ‪-2000‬‬
‫‪ .2021‬ﰒ ﺍﺳﺘﺨﺪﺍﻡ ﺍﻟﺒﻴﺎﻧﺎﺕ ﺍﻟﺜﺎﻧﻮﻳﺔ ﺍﳋﺎﺻﺔ ﺑﺎﳌﺼﺮﻑ ﻗﻴﺪ ﺍﻟﺪﺭﺍﺳﺔ ﻟﻠﺤﺼﻮﻝ ﻋﻠﻰ ﺍﻟﺒﻴﺎﻧﺎﺕ ﺍﳌﺎﻟﻴﺔ ﻭﺍﳌﻌﻠﻮﻣﺎﺕ ﻣﻦ ﺧﻼﻝ ﲢﻠﻴﻞ‬
‫ﺍﻟﺘﻘﺎﺭﻳﺮ ﺍﻟﺴﻨﻮﻳﺔ‪ .‬ﺗﻮﺻﻠﺖ ﺍﻟﺪﺭﺍﺳﺔ ﺇﱃ ﻧﺘﻴﺠﺔ ﺃﻥ ﺍﳌﺼﺮﻑ ﻗﻴﺪ ﺍﻟﺪﺭﺍﺳﺔ )ﺍﻟﺒﻨﻚ ﺍﻟﻌﺮﰊ( ﺣﺎﻓﻆ ﻋﻠﻰ ﺍﺳﺘﻘﺮﺍﺭﻩ ﻟﻔﺘﺮﺓ ﻋﻘﺪﻳﻦ ﻣﻦ‬
‫ﺍﻟﺰﻣﻦ ﻣﻊ ﺗﻘﻠﺒﺎﺕ ﻃﻔﻴﻔﺔ ﰲ ﻣﻌﺪﻝ ﺍﻟﻌﺎﺋﺪ ﻋﻠﻰ ﺣﻘﻮﻕ ﺍﳌﻠﻜﻴﺔ ﺑﺎﻟﺮﻏﻢ ﻣﻦ ﺍﻷﺯﻣﺎﺕ ﺍﳌﺎﻟﻴﺔ ﺍﻟﻌﺎﳌﻴﺔ ﻭﺍﺯﻣﺔ ﺍﻟﻜﻮﺭﻭﻧﺎ ‪(Covid‬‬
‫)‪ .19‬ﻣﻦ ﻧﺎﺣﻴﺔ ﺃﺧﺮﻯ‪ ،‬ﺃﺷﺎﺭﺕ ﺍﻟﺪﺭﺍﺳﺔ ﺇﱃ ﻭﺟﻮﺩ ﺛﺒﺎﺕ ﰲ ﻣﻌﺪﻝ ﻣﻀﺎﻋﻒ ﺣﻖ ﺍﳌﻠﻜﻴﺔ‪.‬‬
‫‪ .4‬ﺩﺭﺍﺳﺔ ‪ (2021) ,Nwuba & Others‬ﺑﻌﻨﻮﺍﻥ‪Decomposition of Banks Return on :‬‬
‫‪Equity Using DuPont Model: Evidence from the Nigerian Banking Industry‬‬
‫ﻫ ﺪ ﻓ ﺖ ﺍ ﻟ ﺪ ﺭ ﺍ ﺳ ﺔ ﺇ ﱃ ﲢ ﻠ ﻴ ﻞ ﺍ ﻟ ﻌ ﺎ ﺋ ﺪ ﻋ ﻠ ﻰ ﺣ ﻘ ﻮ ﻕ ﺍ ﳌ ﻠ ﻜ ﻴ ﺔ ﻟ ﻠ ﻤ ﺼ ﺎ ﺭ ﻑ ﺑ ﺎ ﺳ ﺘ ﺨ ﺪ ﺍﻡ ﲢ ﻠ ﻴ ﻞ ﺩ ﻭ ﺑ ﻮ ﻧ ﺖ ‪ .‬ﻃ ﺒ ﻘ ﺖ ﺍ ﻟ ﺪ ﺭ ﺍ ﺳ ﺔ ﻋ ﻠ ﻰ ﻋ ﻴ ﻨ ﻪ ﻣ ﻦ ﻋ ﺸ ﺮ‬
‫ﻣﺼﺎﺭﻑ ﻧﻴﺠﲑﻳﺔ ﰲ ﺍﻟﻔﺘﺮﺓ ﺑﲔ ‪ .2918 – 2009‬ﰒ ﺍﺳﺘﺨﺪﺍﻡ ﳕﻮﺫﺝ ﺩﻭﺑﻮﻧﺖ ﺍﳌﻌﺪﻝ ﻟﻘﻴﺎﺱ ﺍﻟﻌﺎﺋﺪ ﻋﻠﻰ ﺣﻘﻮﻕ ﺍﳌﻠﻜﻴﺔ‬
‫)‪ (ROE‬ﻟﻠﺒﻨﻮﻙ ﻗﻴﺪ ﺍﻟﺪﺭﺍﺳﺔ‪ .‬ﺃﻇﻬﺮﺕ ﺍﻟﻨﺘﺎﺋﺞ ﺃﻥ ﻫﺎﻣﺶ ﺍﻟﺮﺑﺢ ﺍﻟﺼﺎﰲ ﻫﻮ ﺍﳌﻜﻮﻥ ﺍﻟﻮﺣﻴﺪ ﺍﻟﺬﻱ ﺃﺛﺮ ﺑﺸﻜﻞ ﻛﺒﲑ ﻋﻠﻰ ﺍﻟﻌﺎﺋﺪ‬
‫ﻋ ﻠ ﻰ ﺣ ﻘ ﻮ ﻕ ﺍﳌ ﻠ ﻜ ﻴ ﺔ ﻟ ﻠ ﻤ ﺼ ﺎ ﺭ ﻑ ﻗ ﻴ ﺪ ﺍ ﻟ ﺪ ﺭ ﺍ ﺳ ﺔ ‪ .‬ﻛ ﻤ ﺎ ﺃ ﻇ ﻬ ﺮ ﺕ ﺍ ﻟ ﺪ ﺭ ﺍ ﺳ ﺔ ﺃ ﻥ ﺍ ﳌ ﺼ ﺎ ﺭ ﻑ ﺫ ﺍ ﺕ ﺍ ﻟ ﺮ ﲝ ﻴ ﺔ ﺍ ﻟ ﻀ ﻌ ﻴ ﻔ ﺔ ﻟ ﺪ ﻳ ﻬ ﺎ ﻧ ﺴ ﺐ ﻋ ﺎ ﻟ ﻴ ﺔ ﺟ ﺪ ﴽ‬
‫ﻣ ﻦ ﺍ ﻟ ﻨ ﻔ ﻘ ﺎ ﺕ ﺍ ﻟ ﺘ ﺸ ﻐ ﻴ ﻠ ﻴ ﺔ ) ﻣ ﺼ ﺎ ﺭ ﻳ ﻒ ﺍ ﻟ ﺘ ﺸ ﻐ ﻴ ﻞ ( ﻣ ﻘ ﺎ ﺭ ﻧ ﺔ ﺑ ﺼ ﺎ ﰲ ﺍ ﻟ ﺪ ﺧ ﻞ ﺍ ﻟ ﺘ ﺸ ﻐ ﻴ ﻠ ﻲ ‪ ،‬ﳑ ﺎ ﺃ ﺩ ﻯ ﺇ ﱃ ﺍ ﳔ ﻔ ﺎ ﺽ ﰲ ﺻ ﺎ ﰲ ﺍ ﻟ ﺪ ﺧ ﻞ ﻭ ﺍ ﻟ ﺬ ﻱ ﺃﺩ ﻯ‬
‫ﺑ ﺪ ﻭ ﺭ ﻩ ﺇ ﱃ ﺍﳔ ﻔ ﺎ ﺽ ﰲ ﺍﻟﻌ ﺎﺋﺪ ﻋ ﻠﻰ ﺣ ﻘ ﻮ ﻕ ﺍﳌ ﻠﻜ ﻴ ﺔ ‪ .‬ﺃﻭ ﺻ ﺖ ﺍﻟﺪ ﺭ ﺍﺳ ﺔ ﺑﺎﻥ ﺗﺴ ﺘﻤ ﺮ ﺍﳌ ﺼ ﺎﺭ ﻑ ﺍﻟﻨﻴﺠ ﲑ ﻳ ﺔ ﰲ ﲢ ﺴ ﲔ ﺻ ﺎ ﰲ ﻫ ﺎﻣ ﺶ‬
‫ﺍ ﻟ ﻔ ﺎ ﺋ ﺪ ﺓ ﻣ ﻦ ﺧ ﻼ ﻝ ﺍ ﳊ ﻔ ﺎ ﻅ ﻋ ﻠ ﻰ ﻣ ﻴ ﺰ ﺍ ﻧ ﻴ ﺔ ﻋ ﻤ ﻮ ﻣ ﻴ ﺔ ﻓ ﻌ ﺎ ﻟ ﻪ ﺗ ﺘ ﻜ ﻮ ﻥ ﻣ ﻄ ﻠ ﻮ ﺑ ﺎ ‪ ‬ﺎ ﻣ ﻦ ﻭ ﺩ ﺍ ﺋ ﻊ ﻣ ﻨ ﺨ ﻔ ﻀ ﺔ ﺍ ﻟ ﺘ ﻜ ﺎ ﻟ ﻴ ى ﻒ ﻭ ﺃ ﺻ ﻮ ﳍ ﺎ ﻣ ﻦ ﻗ ﺮ ﻭ ﺽ ﺫ ﺍﺕ‬
‫ﺃﺳ ﻌ ﺎﺭ ﻓﺎﺋﺪ ﺓ ﺟ ﻴﺪ ﻩ‪ ،‬ﺍﻳﻀ ﴼ ﲢ ﺴ ﲔ ﻋ ﺎﺋﺪ ﺍﺕ ﺍﳌ ﺼ ﺎﺭ ﻑ ﺍﻷ ﻗﻞ ﺭ ﲝ ﻴﻪ ﻣ ﻦ ﺧ ﻼ ﻝ ﺍﻟﺘﻨﻮ ﻳﻊ ﰲ ﻣ ﺼ ﺎﺩ ﺭ ﺍﻟﺪ ﺧ ﻞ ﺍﻷ ﻋ ﻠﻰ ﺭ ﲝ ﻴ ﺔ ‪ ،‬ﻭ ﺇﺩ ﺍﺭ ﺓ‬
‫ﺣ ﻜ ﻴﻤ ﺔ ﳌ ﺼ ﺮ ﻭ ﻓ ﺎﺕ ﺍﻟﺘﺸ ﻐ ﻴﻞ ‪.‬‬
‫‪ 9.1‬ﻣﺎ ﳝﻴﺰ ﻫﺬﻩ ﺍﻟﺪﺭﺍﺳﺔ ﻋﻦ ﺍﻟﺪﺭﺍﺳﺎﺕ ﺍﻟﺴﺎﺑﻘﺔ‬
‫ﺟﺎءﺕ ﻫﺬﻩ ﺍﻟﺪﺭﺍﺳﺔ ﺍﺳﺘﻜﻤﺎﻻً ﻟﻠﺪﺭﺍﺳﺎﺕ ﺍﻟﺴﺎﺑﻘﺔ ﻓﻴﻤﺎ ﳜﺺ ﻣﻮﺿﻮﻉ ﺍﻟﺪﺭﺍﺳﺔ ﺃﻻ ﻭﻫﻮ ﺍﺳﺘﺨﺪﺍﻡ ﳕﻮﺫﺝ ﺩﻭﺑﻮﻧﺖ‬
‫)‪(DePont‬ﻟﺘﻘﻴﻴﻢ ﺍﻷﺩﺍء ﺍﳌﺎﱄ ﳌﺆﺳﺴﺎﺕ ﻣﺼﺮﻓﻴﻪ‪ ،‬ﺇﻻ ﺃ‪‬ﺎ ﲤﻴﺰﺕ ﻋﻦ ﺍﻟﺪﺭﺍﺳﺎﺕ ﺍﻟﺴﺎﺑﻘﺔ ﰲ ﺃ‪‬ﺎ ﺩﺭﺳﺖ ﺍﻟﺒﻴﺌﺔ ﺍﻟﻠﻴﺒﻴﺔ ﰲ ﻛﻮ‪‬ﺎ‬
‫ﺗ ﻨ ﺎ ﻭ ﻟ ﺖ ﺗ ﻘ ﻴ ﻴ ﻢ ﺍ ﻷ ﺩ ﺍ ء ﺍﳌ ﺎ ﱄ ﻷ ﺣ ﺪ ﺍﳌ ﺼ ﺎﺭ ﻑ ﺍﻟﺘﺠ ﺎﺭ ﻳ ﺔ ﺍﻟﻠﻴﺒﻴ ﺔ ‪ ،‬ﰲ ﺣ ﲔ ﺗﻨﺎ ﻭ ﻟﺖ ﺍﻟﺪ ﺭ ﺍﺳ ﺎ ﺕ ﺍﻟﺴ ﺎﺑﻘ ﺔ ﺑﻴﺌﺎ ﺕ ﻟﺪ ﻭ ﻝ ﺃ ﺧ ﺮ ﻯ ﻣ ﻨ ﻬ ﺎ‬
‫ﻣ ﺼ ﺎﺭ ﻑ ﻋ ﺎﻣ ﻠ ﺔ ﰲ ﺍﻟﺒﻴﺌﺔ ﺍﳉ ﺰ ﺍﺋﺮ ﻳﺔ‪ ،‬ﻭ ﻣ ﺼ ﺎﺭ ﻑ ﻋ ﺎﻣ ﻠ ﺔ ﰲ ﺍﻟﺒﻴﺌ ﺔ ﺍﻷ ﺭ ﺩ ﻧﻴ ﺔ ﻭ ﻣ ﺼ ﺎﺭ ﻑ ﻋ ﺎﻣ ﻠ ﺔ ﰲ ﺍﻟﺒﻴﺌ ﺔ ﺍﻟﻨﻴﺠ ﲑ ﻳ ﺔ ‪.‬‬
‫ﺍﳉ ﺎﻧﺐ ﺍﻟﻨﻈ ﺮ ﻱ ﻟﻠﺪ ﺭ ﺍﺳ ﺔ‬
‫‪ 1.2‬ﻣﻔﻬﻮﻡ ﺗﻘﻴﻴﻢ ﺍﻷﺩﺍء ﺍﳌﺎﱄ‬
‫ﻳ ﻌ ﺘ ﱪ ﻣ ﺼ ﻄ ﻠ ﺢ ﺗ ﻘ ﻴ ﻴ ﻢ ﺍ ﻷ ﺩ ﺍ ء ﺍﳌ ﺎ ﱄ ﻣ ﻦ ﺍﳌ ﺼ ﻄ ﻠ ﺤ ﺎ ﺕ ﺍﻟﺸ ﺎ ﺋﻌ ﺔ ﺍﻻ ﺳ ﺘ ﺨ ﺪ ﺍ ﻡ ﺳ ﻮ ﻯ ﺑ ﲔ ﺍ ﻟ ﺒ ﺤ ﺎ ﺙ ﺃ ﻭ ﻣ ﺘ ﺨ ﺬ ﻱ ﺍ ﻟ ﻘ ﺮ ﺍ ﺭ ﰲ ﺍ ﳌ ﺆ ﺳ ﺴ ﺎ ﺕ ﻭ ﺫ ﻟ ﻚ‬
‫ﻷﳘﻴﺘﻪ ﰲ ﺍﻟﻮﻗﻮﻑ ﻋﻠﻰ ﺍﻷﺩﺍء ﺍﻟﻔﻌﻠﻲ ﻟﺘﻠﻚ ﺍﳌﺆﺳﺴﺎﺕ ﻣﻘﺎﺭﻧًﺔ ﲟﺎ ﻫﻮ ﳐﻄﻂ ﻟﻪ ﻟﺘﺴﻬﻴﻞ ﻋﻤﻠﻴﺔ ﺍﻟﺘﻘﻮﱘ ﰲ ﺍﳊﺎﻻﺕ ﺍﻟﱵ ﻳﺴﺘﻮﺟﺐ‬

‫)‪(256‬‬
‫ﻓ ﻴ ﻬ ﺎ ﺫ ﻟ ﻚ ﻭ ﻫ ﻲ ﺍ ﳊ ﺎ ﻻ ﺕ ﺍﻟ ﱵ ﻳ ﻮ ﺟ ﺪ ‪ ‬ﺎ ﺍﳓ ﺮ ﺍ ﻓ ﺎ ﺕ ﻋ ﻦ ﻣ ﺎ ﻫ ﻮ ﻣ ﺮ ﺳ ﻮ ﻡ ‪ .‬ﻋ ﻠ ﻴ ﻪ ‪ ،‬ﻋ ﺮ ﻑ ﺍﻷ ﺩ ﺍء ﺍ ﳌ ﺎ ﱄ ﻋ ﻠ ﻰ ﺃ ﻧ ﻪ " ﻋ ﻤ ﻠ ﻴ ﺔ ﺍ ﻟ ﻘ ﻴ ﺎ ﺱ ﺍ ﻟ ﻜ ﻤ ﻲ‬
‫ﳌﺘﻐﲑ ﻣﻌﲔ‪ ،‬ﻭﻭﺿﻌﻪ ﰲ ﺻﻴﻐﺔ ﺭﻗﻢ ﺃﻭ ﻋﺪﺩ ﺃﻭ ﻧﺴﺒﺔ ﻣﺌﻮﻳﺔ" )ﺑﻦ ﺑﻮﺯﻳﺪ‪.(15 :2017 ،‬‬

‫ﻛﻤﺎ ﻋﺮﻑ ﺟﺮﻣﺎﻥ‪ (20 :2021) ،‬ﺗﻘﻴﻴﻢ ﺍﻷﺩﺍء ﺍﳌﺎﱄ ﻋﻠﻰ ﺃﻧﻪ "ﻋﻤﻠﻴﺔ ﻓﺤﺺ ﺩﻗﻴﻖ ﻟﻸﺩﺍء ﺍﳌﺎﱄ ﺍﳌﺤﻘﻖ ﻣﻦ ﻗﺒﻞ ﺍﳌﺆﺳﺴﺔ ﺧﻼﻝ‬
‫ﺳ ﻨ ﺔ ﻣ ﺈ ﻟ ى ﺔ ﻭ ﺍﺣ ﺪ ﺓ ﺍﻭ ﻋ ﺪ ﺓ ﺳ ﻨﻮ ﺍﺕ ﻭ ﻣ ﻌ ﺮ ﻓ ﺔ ﻣ ﺎ ﺇﺫ ﺍ ﲢ ﻘ ﻖ ﻣ ﺎ ﻫ ﻮ ﻣ ﺮ ﺟ ﻮ ﺍ ﻭ ﳐ ﻄ ﻂ ﻟﻪ ﰲ ﺍﻟﺒ ﺪ ﺍﻳ ﺔ ‪ ،‬ﻭ ﻫ ﻮ ﻋ ﻤ ﻠ ﻴ ﺔ ﻗ ﻴ ﺎ ﺱ ﻭ ﲢ ﻠ ﻴ ﻞ ﻭ ﺗ ﻘ ﻮ ﱘ‬
‫ﺍﻟﻮﺿﻊ ﺍﳌﺎﱄ ﻟﻠﻤﺆﺳﺴﺔ‪ ،‬ﺍﻱ ﺍﻛﺘﺸﺎﻑ ﺍﻻﳓﺮﺍﻓﺎﺕ ﺍﳌﺘﺴﺒﺒﺔ ﰲ ﺍﻟﻨﺘﺎﺋﺞ ﺍﻟﺴﻠﺒﻴﺔ ﻭﳏﺎﻭﻟﺔ ﻣﻌﺎﳉﺘﻬﺎ ﻭﲡﻨﺐ ﺍﻟﻮﻗﻮﻉ ﻓﻴﻬﺎ ﻣﺴﺘﻘﺒﻼً"‪.‬‬
‫ﺃ ﻳ ﻀ ﴼ ‪ ،‬ﺗ ﻌ ـ ﺮ ﻑ ﻋ ﻤ ﻠ ﻴ ﺔ ﺗ ﻘ ﻴ ﻴ ﻢ ﺍ ﻷ ﺩ ﺍ ء ﺍﳌ ﺎ ﱄ ﻋ ﻠ ـ ﻰ ﺃ ‪ ‬ﺎ " ﺗ ﻘ ﻴ ﻴ ﻢ ﻧ ﺸ ﺎ ﻁ ﺍ ﻟ ـ ﻮ ﺣ ﺪ ﺓ ﺍ ﻻ ﻗ ﺘ ـ ﺼ ﺎ ﺩ ﻳ ﺔ ﻋ ﻠ ﻰ ﺿ ـ ﻮ ء ﻣ ـ ﺎ ﺗ ـ ﻮ ﺻ ﻠ ﺖ ﺇ ﻟ ﻴ ﻪ ﻣ ﻦ‬
‫ﻧ ﺘ ـ ﺎ ﺋ ﺞ ﰲ ‪ ‬ـ ﺎ ﻳ ﺔ ﻓ ﺘ ـ ﺮ ﺓ ﻣ ـ ﺈ ﻟ ى ﺔ ﻣ ﻌ ﻴﻨ ﺔ ‪ ،‬ﺣ ﻴ ﺚ ‪ ‬ـ ﺘ ﻢ ﺑ ﺘ ﺤ ـ ﻘ ﻖ ﺍ ﻷ ﻫ ـ ﺪ ﺍ ﻑ ﺍﳌ ﺨ ﻄ ـ ﻄ ﺔ ﻭ ﺍ ﳌ ﺤ ـ ﺪ ﺩ ﺓ ﻣ ﺴ ﺒ ﻘ ﺎ ‪ ،‬ﺑ ﺎ ﻹ ﺿ ﺎ ﻓ ﺔ ﺇ ﱃ‬
‫ﻗﻴﺎﺱ ﻛﻔﺎءﺓ ﺍﻟﻮﺣﺪﺓ ﰲ ﺍﺳﺘﺨﺪﺍﻡ ﺍﳌﻮﺍﺭﺩ ﺍﳌﺘﺎﺣﺔ ﺳﻮﺍء ﻛﺎﻧﺖ ﻣﻮﺍﺭﺩ ﺑﺸﺮﻳﺔ ﺃﻭ ﺭﺃﲰﺈﻟىﺔ" )ﻋﺰﻭﺯﺓ‪.(84 :2017 ،‬‬

‫ﻛﻤﺎ ﻋﺮﻑ ﺑﻦ ﻣﺎﻟﻔﻲ & ﻣﻴﻠﻮﺩ‪ ،(10 :2020) ،‬ﺗﻘﻴﻴﻢ ﺍﻷﺩﺍء ﺍﳌﺎﱄ ﻋﻠﻰ ﺃﻧﻪ "ﻋﻤﻠﻴﺔ ﲢﻠﻴﻠﻴﺔ ﻣﺘﻮﺍﺻﻠﺔ ﻟﻠﻤﻌﻄﻴﺎﺕ ﺍﳌﺎﻟﻴﺔ ﻭﺫﻟﻚ‬
‫ﻣ ﻦ ﺧ ﻼ ﻝ ﺩ ﺭ ﺍﺳ ﺔ ﺍﻟﻘ ﻮ ﺍﺋ ﻢ ﺍﳌ ﺎﻟﻴ ﺔ – ﻣ ﻴ ﺰ ﺍ ﻧ ﻴ ﺔ ‪ ،‬ﺟ ﺪ ﻭ ﻝ ﺣ ﺴ ﺎ ﺑ ﺎ ﺕ ‪ ،‬ﺍ ﻟ ﻨ ﺘ ﺎ ﺋ ﺞ ‪ -‬ﻟ ﻠ ﺘ ﻌ ﺮ ﻑ ﻋ ﻠ ﻰ ﻣ ﺪ ﻯ ﺍ ﻟ ﻜ ﻔ ﺎ ء ﺓ ﰲ ﺗ ﻮ ﻇ ﻴ ﻒ ﺍ ﻟ ﻮ ﺩ ﺍ ﺋ ﻊ ﰲ‬
‫ﺍﻻ ﺳ ﺘﺜﻤ ﺎﺭ ﺍﺕ ﺍﻟﱵ ﲢ ﻘ ﻖ ﺃﺭ ﺑﺎﺣ ﺎ‪ ،‬ﻭ ﺗ ﻮ ﺿ ﻴ ﺢ ﺇ ﻳ ﺮ ﺍ ﺩ ﺍ ﺕ ﻭ ﻧ ﻔ ﻘ ﺎ ﺕ ﺍ ﻟ ﺒ ﻨ ﻚ " ‪.‬‬
‫‪ .2.2‬ﺃﳘﻴﺔ ﻋﻤﻠﻴﺔ ﺗﻘﻴﻴﻢ ﺍﻷﺩﺍء ﺍﳌﺎﱄ‬
‫ﺗﺘﻤﺜﻞ ﺃﳘﻴﺔ ﻋﻤﻴﻠﺔ ﺗﻘﻴﻴﻢ ﺍﻷﺩﺍء ﺍﳌﺎﱄ ﰲ ﺍﻵﰐ‪) - :‬ﺍﻟﺸﻴﺦ‪(3 :2008 ،‬‬
‫ﺃ ‪ .‬ﺍﻟﺘﻌ ﺮ ﻑ ﻋ ﻠﻰ ﻗ ﺪ ﺭ ﺓ ﺍﳌ ﺆ ﺳ ﺴ ﺔ ﰲ ﺍﳊ ﺼ ﻮ ﻝ ﻋ ﻠﻰ ﺍﻷ ﻣ ﻮ ﺍﻝ ﺑﻜ ﻔ ﺎءﺓ ﻭ ﺍﺳ ﺘﺜﻤ ﺎﺭ ﺗﻠﻚ ﺍﻷ ﻣ ﻮ ﺍﻝ ﰲ ﻧﺸ ﺎﻃ ﺎﺕ ﺍﻗﺘﺼ ﺎﺩ ﻳﺔ ﻟﻐ ﺮ ﺽ ﺍﳊ ﺼ ﻮ ﻝ‬
‫ﻋ ﻠﻰ ﺃﺭ ﺑﺎﺡ ﳎ ﺰ ﻳﺔ‪.‬‬
‫ﺏ ‪ .‬ﻣ ﺴ ﺎ ﻋ ﺪ ﺓ ﺍﳌ ﺆ ﺳ ﺴ ﺔ ﰲ ﺍ ﻟ ﺘ ﺨ ﻄ ﻴﻂ ﺍ ﳌ ﺎ ﱄ ﻟ ﻠ ﻤ ﺼ ﺮ ﻑ ‪.‬‬
‫ﺝ ‪ .‬ﺍﻟﻮ ﻗ ﻮ ﻑ ﻋ ﻠﻰ ﺣ ﻘ ﻴﻘ ﺔ ﺍﻟﻮ ﺿ ﻊ ﺍﳌ ﺎ ﱄ ﻟ ﻠ ﻤ ﺆ ﺳ ﺴ ﺔ ‪.‬‬
‫ﺩ ‪ .‬ﻣ ﻌ ﺮ ﻓ ﺔ ﻣ ﺪ ﻯ ﻓ ﻌ ﺎﻟﻴ ﺔ ﺍﻟﺴ ﻴﺎﺳ ﺎ ﺕ ﺍﳌ ﺘﺒﻌ ﺔ ﻣ ﻦ ﻗ ﺒﻞ ﺍﳌ ﺆ ﺳ ﺴ ﺔ ‪.‬‬
‫ﻩ ‪ .‬ﺍﻟﺘﻌ ﺮ ﻑ ﻋ ﻠﻰ ﻗ ﺪ ﺭ ﺓ ﺍﳌ ﺆ ﺳ ﺴ ﺔ ﺑﺎﻟﺘﻮ ﺳ ﻊ ﰲ ﺃﻧﺸ ﻄ ﺘﻬ ﺎ‪.‬‬
‫ﻭ ‪ .‬ﺍﻟﺘﻌ ﺮ ﻑ ﻋ ﻠﻰ ﻣ ﺪ ﻯ ﲢ ﻘ ﻴﻖ ﺍﳌ ﺆ ﺳ ﺴ ﺔ ﻷ ﻫ ﺪ ﺍﻓ ﻬ ﺎ ﺍﳌ ﺨ ﻄ ﻂ ﳍ ﺎ‪.‬‬
‫ﺯ‪ .‬ﺍﳊﺼﻮﻝ ﻋﻠﻰ ﻣﻌﻠﻮﻣﺎﺕ ﺗﺒﲎ ﻋﻠﻴﻬﺎ ﻗﺮﺍﺭﺍﺕ ﺳﻠﻴﻤﺔ ﺑﻌﻴﺪﴽ ﻣﻦ ﺍﲣﺎﺫ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺑﺎﺳﺘﺨﺪﺍﻡ ﺃﺳﺎﻟﻴﺐ ﺍﻟﺘﺨﻤﲔ ﻭﻋﺪﻡ ﺍﻟﺘﺄﻛﺪ‪.‬‬
‫‪ .3.2‬ﺃﻫﺪﺍﻑ ﺗﻘﻴﻴﻢ ﺍﻷﺩﺍء ﺍﳌﺎﱄ‬
‫‪‬ﺪﻑ ﻋﻤﻠﻴﺔ ﺗﻘﻴﻴﻢ ﺍﻷﺩﺍء ﺇﱃ ﲢﻘﻴﻖ ﺍﻵﰐ‪) - :‬ﺍﻟﻜﺮﺧﻲ‪(32 :2010 ،‬‬
‫‪ .1‬ﺍﻛﺘﺸﺎﻑ ﻧﻘﺎﻁ ﺍﳋﻠﻞ ﻭﺍﻟﻀﻌﻒ ﰲ ﻧﺸﺎﻁ ﺍﳌﺆﺳﺴﺔ ﻭﲢﺪﻳﺪ ﺃﺳﺒﺎ‪‬ﺎ ﺑﻐﺮﺽ ﻭﺿﻊ ﺣﻠﻮﻝ ﻣﻨﺎﺳﺒﺔ ﳍﺎ‪.‬‬
‫‪ .2‬ﲢﺪﻳﺪ ﺍﳌﺴﺘﻮﻳﺎﺕ ﺍﻹﺩﺍﺭﻳﺔ ﺍﳌﺴﺌﻮﻟﺔ ﻋﻦ ﺍﳋﻠﻞ ﻭﺍﻟﻀﻌﻒ ﺍﻟﻨﺎﺗﺞ ﰲ ﺍﳌﺆﺳﺴﺔ‪.‬‬
‫‪ .3‬ﲢﺪﻳﺪ ﻛﻔﺎءﺓ ﺍﳌﺆﺳﺴﺔ ﰲ ﺍﺳﺘﺨﺪﺍﻡ ﺍﳌﻮﺍﺭﺩ ﺍﳌﺘﺎﺣﺔ ﻟﺪﻳﻬﺎ ﻟﺘﺤﻘﻴﻖ ﺃﻋﻠﻰ ﻋﺎﺋﺪ ﺑﺄﻗﻞ ﺗﻜﺎﻟﻴﻒ‪.‬‬
‫‪ .4‬ﲢﺪﻳﺪ ﺍﳌﺪﻯ ﺍﻟﺪﻱ ﻭﺻﻠﺖ ﺇﻟﻴﻪ ﺍﳌﺆﺳﺴﺔ ﰲ ﺇﳒﺎﺯ ﺧﻄﻄﻬﺎ‪.‬‬
‫‪ .5‬ﺍﳌﺴﺎﻋﺪﺓ ﰲ ﺗﻌﺪﻳﻞ ﺍﳋﻄﻂ ﺍﳌﺴﺘﻘﺒﻠﻴﺔ ﻟﻠﻤﺆﺳﺴﺔ ﻟﺘﺠﻨﺐ ﻧﻘﺎﻁ ﺍﻟﻀﻌﻒ ﻭﺍﳋﻠﻞ ﰲ ﺗﻠﻚ ﺍﳋﻄﻂ‪.‬‬
‫‪ .4.2‬ﺧﻄﻮﺍﺕ ﺗﻘﻴﻴﻢ ﺍﻷﺩﺍء ﺍﳌﺎﱄ‬
‫ﺗﻨﻘﺴﻢ ﺧﻄﻮﺍﺕ ﺗﻘﻴﻴﻢ ﺍﻷﺩﺍء ﺇﱃ ﻋﺪﺩ ﻣﻦ ﺍﳌﺮﺍﺣﻞ ﺗﺘﻤﺜﻞ ﰲ ﺍﻵﰐ‪) - :‬ﺯﻳﺪﻱ‪(4 :2016 ،‬‬

‫)‪(257‬‬
 ‫‪ . 1‬ﻣ ﺮ ﺣ ﻠ ﺔ ﺍ ﻟ ﺘ ﺨ ﻄ ﻴ ﻂ ﺍﳌ ﺎ ﱄ ‪ :‬ﺗ ﺘ ﻢ ﻫ ﺬ ﻩ ﺍ ﳌ ﺮ ﺣ ﻠ ﺔ ﻣ ﻦ ﺧ ﻼ ﻝ ﲢ ﺪ ﻳ ﺪ ﺍﻷ ﻫ ﺪ ﺍﻑ ﻭ ﻣ ﺴ ﺘﻮ ﻳﺎ ﺕ ﺍﻷ ﺩ ﺍء ﻳ ﻠ ﻴ ﻬ ﺎ ﲨ ﻊ ﺍﳌ ﻌ ﻠﻮ ﻣ ﺎ ﺕ ﺍﻟﻀ ﺮ ﻭ ﺭ ﻳ ﺔ ‪.‬‬
‫‪ .2‬ﻣﺮﺣﻠﺔ ﲢﻠﻴﻞ ﺍﻟﺒﻴﺎﻧﺎﺕ‪ :‬ﻭﻳﺘﻢ ﰲ ﻫﺬﻩ ﺍﳌﺮﺣﻠﺔ ﲢﻠﻴﻞ ﻟﻠﺒﻴﺎﻧﺎﺕ ﺍﻟﱵ ﰒ ﲨﻌﻬﺎ ﰲ ﺍﳌﺮﺣﻠﺔ ﺍﻟﺴﺎﺑﻘﺔ ﻟﻠﺤﺼﻮﻝ ﻋﻠﻰ ﺍﻟﻨﺘﺎﺋﺞ‪.‬‬
‫‪ . 3‬ﻣ ﺮ ﺣ ﻠ ﺔ ﺗ ﻘ ﻴ ﻴ ﻢ ﺍ ﻟ ﻨ ﺘ ﺎ ﺋ ﺞ ﻭ ﻣ ﻘ ﺎ ﺭ ﻧ ﺘ ﻬ ﺎ ‪ :‬ﻫ ﺬ ﻩ ﺍﳌ ﺮ ﺣ ﻠ ﺔ ﻳ ﺘ ﻢ ﻓ ﻴ ﻬ ﺎ ﺗ ﻘ ﻴ ﻴ ﻢ ﺍ ﻟ ﻨ ﺘ ﺎ ﺋ ﺞ ﻭ ﻣ ﻘ ﺎ ﺭ ﻧ ﺘ ﻬ ﺎ ﺑ ﺎ ﳋ ﻄ ﻂ ﻭ ﺍ ﻷ ﻫ ﺪ ﺍ ﻑ ﺍ ﳌ ﺮ ﺳ ﻮ ﻣ ﺔ ﳌ ﻌ ﺮ ﻓ ﺔ ﻣ ﺪ ﻯ‬
‫ﲢ ﻘ ﻴ ﻖ ﺗ ﻠ ﻚ ﺍ ﳋ ﻄ ﻂ ﻭ ﺍ ﻷ ﻫ ﺪ ﺍﻑ ‪.‬‬
‫‪ . 4‬ﻣ ﺮ ﺣ ﻠ ﺔ ﻣ ﺎ ﺑﻌ ﺪ ﺍﳌ ﻘ ﺎﺭ ﻧ ﺔ ‪ :‬ﻭ ﻓ ﻴ ﻬ ﺎ ﻳ ﺘ ﻢ ﺩ ﺭ ﺍ ﺳ ﺔ ﺃ ﺳ ﺒ ﺎ ﺏ ﺍﻟﻨﺠ ﺎﺡ ﻭ ﺍ ﻟ ﻌ ﻤ ﻞ ﻋ ﻠ ﻰ ﺗ ﻄ ﻮ ﻳ ﺮ ﻫ ﺎ ﺃ ﻭ ﺍ ﻟ ﻔ ﺸ ﻞ ﻭ ﺍ ﻟ ﻌ ﻤ ﻞ ﻋ ﻠ ﻰ ﺗ ﺼ ﺤ ﻴ ﺢ ﺗ ﻠ ﻚ‬
‫ﺍﻻ ﳓ ﺮ ﺍﻓ ﺎ ﺕ ﻭ ﻣ ﻌ ﺎﳉ ﺘﻬ ﺎ ‪.‬‬
‫‪ .5.2‬ﺃﻧﻮﺍﻉ ﺗﻘﻴﻴﻢ ﺍﻷﺩﺍء ﺍﳌﺎﱄ‬
‫ﻫﻨﺎﻙ ﻋﺪﺩ ﻣﻦ ﺍﻷﻧﻮﺍﻉ ﻟﺘﻘﻴﻴﻢ ﺍﻷﺩﺍء ﺍﳌﺎﱄ ﺗﺘﻤﺜﻞ ﰲ ﺍﻵﰐ‪) :‬ﺍﻟﻜﺮﳜﻲ‪(43 :2006 ،‬‬
‫ﺃ‪ .‬ﺗﻘ ﻴﻴﻢ ﺍﻷ ﺩ ﺍء ﺍﳌ ﺨ ﻄ ﻂ ‪ :‬ﻳﺘﻤ ﺜﻞ ﻫ ﺬ ﺍ ﺍﻟﻨﻮ ﻉ ﻣ ﻦ ﺍﻟﺘﻘ ﻴﻴﻢ ﰲ ﻣ ﻌ ﺮ ﻓ ﺔ ﺍﳌ ﺪ ﻯ ﺍﻟﺪ ﻱ ﺗﻮ ﺻ ﻠﺖ ﻟﻪ ﺍﳌ ﺆ ﺳ ﺴ ﺔ ﰲ ﲢ ﻘ ﻴﻖ ﺃﻫ ﺪ ﺍﻓﻬ ﺎ ﺍﳌ ﺨ ﻄ ﻂ ﳍ ﺎ‬
‫ﻭ ﻳﺘﻢ ﺫ ﻟﻚ ﺑﺎﳌﻘ ﺎﺭ ﻧﺔ ﺑﲔ ﺍﻟﺴ ﻴﺎﺳ ﺎﺕ ﺍﳌ ﺨ ﻄ ﻂ ﳍ ﺎ ﻭ ﺍﻟﻨﺘﺎﺋﺞ ﺍﻟﱵ ﰎ ﲢ ﻘ ﻴﻘ ﻬ ﺎ‪.‬‬
‫ﺏ ‪ .‬ﺗﻘ ﻴﻴﻢ ﺍﻷ ﺩ ﺍء ﺍﻟﻔ ﻌ ﻠﻲ ‪ :‬ﻭ ﻳﺘﻤ ﺜﻞ ﻫ ﺬ ﺍ ﺍﻟﻨﻮ ﻉ ﻣ ﻦ ﺍﻟﺘﻘ ﻴﻴﻢ ﰲ ﻋ ﻤ ﻠﻴﺔ ﺗﻘ ﻴﻴﻢ ﻓ ﻌ ﺎﻟﻴ ﺔ ﻭ ﻛ ﻔ ﺎءﺓ ﺍﳌ ﺆ ﺳ ﺴ ﺔ ﰲ ﺃﺩ ﺍء ﺃﻧﺸ ﻄ ﺘﻬ ﺎ‪.‬‬
‫ﺝ ‪ .‬ﺗ ﻘ ﻴ ﻴ ﻢ ﺍ ﻷ ﺩ ﺍ ء ﺍ ﳌ ﻌ ﻴ ﺎ ﺭ ﻱ ‪ :‬ﻭ ﻳ ﺘ ﻢ ﺫ ﻟ ﻚ ﻋ ﻦ ﻃ ﺮ ﻳ ﻖ ﻣ ﻘ ﺎ ﺭ ﻧ ﺔ ﲨ ﻴ ﻊ ﺍ ﻷ ﻧ ﺸ ﻄ ﺔ ﺍ ﳌ ﺤ ﻘ ﻘ ﺔ ﻟ ﻠ ﻤ ﺆ ﺳ ﺴ ﺔ ﻓﻌ ﻠﻴ ﴼ ﻣ ﻊ ﻫ ﻮ ﳐ ﻄ ﻂ ﻟﻪ ‪.‬‬
‫ﺩ‪ .‬ﺗﻘﻴﻴﻢ ﺍﻷﺩﺍء ﺍﻟﻌﺎﻡ‪ :‬ﻭﻫﻮ ﺗﻘﻴﻴﻢ ﺃﺩﺍء ﲨﻴﻊ ﺍﻷﻧﺸﻄﺔ ﰲ ﺍﻟﻮﺣﺪﺍﺕ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﺑﺸﻜﻞ ﺷﺎﻣﻞ ﻭﻳﺘﻢ ﺫﻟﻚ ﺑﺎﺳﺘﺨﺪﺍﻡ ﺍﳌﺆﺷﺮﺍﺕ‬
‫ﻭ ﺍ ﻟ ﻨ ﺴ ﺐ ﺍﳌ ﺎﻟﻴ ﺔ ﻟﻘ ﻴﺎﺱ ﻣ ﺴ ﺘﻮ ﻯ ﻛ ﻞ ﻧﺸ ﺎ ﻁ ﻣ ﻊ ﺍﳌ ﻘ ﺎ ﺭ ﻧ ﺔ ﺑﻴﻨﻬ ﺎ ﻣ ﻊ ﻭ ﺿ ﻊ ﺍﻟﺘﻘ ﻮ ﱘ ﺍﳌ ﻨﺎ ﺳ ﺐ ﻟﻼ ﳓ ﺮ ﺍﻓ ﺎ ﺕ ﰲ ﺍﳋ ﻄ ﻂ ﺍﳌ ﺮ ﺳ ﻮ ﻣ ﺔ ﻟﻜ ﻞ‬
‫ﻧﺸ ﺎ ﻁ ‪.‬‬
‫‪ .6.2‬ﻣﺼﺎﺩﺭ ﻣﻌﻠﻮﻣﺎﺕ ﺗﻘﻴﻴﻢ ﺍﻷﺩﺍء ﺍﳌﺎﱄ‬
‫ﺗ ﺘ ﻤ ﺜ ﻞ ﻣ ﺼ ﺎ ﺩ ﺭ ﺍ ﳊ ﺼ ﻮ ﻝ ﻋ ﻠ ﻰ ﺍ ﳌ ﻌ ﻠ ﻮ ﻣ ﺎ ﺕ ﻟ ﻠ ﻘ ﻴ ﺎ ﻡ ﺑ ﻮ ﻇ ﻴ ﻔ ﺔ ﺗ ﻘ ﻴ ﻴ ﻢ ﺍ ﻷ ﺩ ﺍ ء ﺍﳌ ﺎ ﱄ ﻟ ﻠ ﻤ ﺆ ﺳ ﺴ ﺎ ﺕ ﰲ ﺍ ﳌ ﺼ ﺎ ﺩ ﺭ ﺍ ﻟ ﺪ ﺍ ﺧ ﻠ ﻴ ﺔ ﻭ ﻫ ﻲ ﺍ ﳌ ﻌ ﻠ ﻮ ﻣ ﺎ ﺕ‬
‫ﺍ ﳌ ﺘ ﺤ ﺼ ﻞ ﻋ ﻠ ﻴ ﻬ ﺎ ﻣ ﻦ ﺩ ﺍ ﺧ ﻞ ﺍﳌ ﺆ ﺳ ﺴ ﺔ ‪ ،‬ﺃ ﻭ ﺍﳌ ﺼ ﺎ ﺩ ﺭ ﺍ ﳋ ﺎ ﺭ ﺟ ﻴ ﺔ ﻭ ﻫ ﻲ ﺍﳌ ﻌ ﻠ ﻮ ﻣ ﺎ ﺕ ﺍﳌ ﺘ ﺤ ﺼ ﻞ ﻋ ﻠ ﻴ ﻪ ﻣ ﻦ ﺍ ﻟ ﺒ ﻴ ﺌ ﺔ ﺍ ﳋ ﺎ ﺭ ﺟ ﻴ ﺔ ﻟ ﻠ ﻤ ﺆ ﺳ ﺴ ﺔ ﺃ ﻱ‬
‫ﺍﻟﺒﻴﺎﻧﺎﺕ ﻣﻦ ﺧﺎﺭﺝ ﺍﳌﺆﺳﺴﺔ‪ .‬ﺗﻨﻘﺴﻢ ﻣﺼﺎﺩﺭ ﻣﻌﻠﻮﻣﺎﺕ ﺗﻘﻴﻴﻢ ﺍﻷﺩﺍء ﺍﳌﺎﱄ ﺇﱃ ﺍﳌﺼﺎﺩﺭ ﺍﻵﺗﻴﺔ‪) :‬ﺍﻟﺴﺎﻣﺮﺍﺋﻲ؛ ﺍﻟﺰﻋﱯ‪(2005 ،‬‬
‫‪ .1‬ﺍﳌﺼﺎﺩﺭ ﺍﻷﻭﻟﻴﺔ‪ :‬ﻭﻫﻲ ﺗﻠﻚ ﺍﻟﺒﻴﺎﻧﺎﺕ ﺍﻟﱵ ﻳﺘﻢ ﲡﻤﻴﻌﻬﺎ ﻭﲡﻬﻴﺰﻫﺎ ﻋﻨﺪ ﺍﻟﻄﻠﺐ‪ ،‬ﻭﺗﺘﻤﺜﻞ ﰲ ﺍﳌﺼﺎﺩﺭ ﺍﳌﻴﺪﺍﻧﻴﺔ ﳉﻤﻊ ﺍﻟﺒﻴﺎﻧﺎﺕ‬
‫ﻛ ﺎﳌ ﻼ ﺣ ﻈ ﺔ ﺍﻟﺸ ﺨ ﺼ ﻴ ﺔ ﻭ ﺍﻻ ﺳ ﺘﻘ ﺼ ﺎء ﻭ ﺍﻟﺘ ﺠ ﺮ ﺑ ﺔ ‪.‬‬
‫‪ .2‬ﺍﳌﺼﺎﺩﺭ ﺍﻟﺜﺎﻧﻮﻳﺔ‪ :‬ﻭﺗﺘﻤﺜﻞ ﰲ ﺍﻟﺒﻴﺎﻧﺎﺕ ﺍﻟﱵ ﰎ ﲡﻤﻴﻌﻬﺎ ﻭﲡﻬﻴﺰﻫﺎ ﻣﺴﺒﻘﴼ‪ ،‬ﻭﻣﻦ ﺑﲔ ﻫﺬﻩ ﺍﳌﺼﺎﺩﺭ ﺍﳌﺮﺍﺟﻊ ﻭﺍﻟﻜﺘﺐ ﻭﺍﻟﺪﻭﺭﻳﺎﺕ‬
‫ﺍﻟﱵ ﰒ ﺇ ﻋ ﺪ ﺍ ﺩ ﻫ ﺎ ﻣ ﻦ ﻗ ﺒ ﻞ ﺟ ﻬ ﺎﺕ ﺧ ﺎﺭ ﺟ ﻴﻪ ) ﺧ ﺎﺭ ﺝ ﺍﳌ ﺆ ﺳ ﺴ ﺔ(‪.‬‬
‫‪ .3‬ﺑﻨﻮﻙ ﺍﳌﻌﻠﻮﻣﺎﺕ‪ :‬ﺗﺘﻤﺜﻞ ﰲ ﺃﻣﺎﻛﻦ ﲡﻤﻴﻊ ﺍﳌﻌﻠﻮﻣﺎﺕ ﻭﲣﺰﻳﻨﻬﺎ ﺣﺴﺐ ﻧﻮﻋﻬﺎ ﻭﺍﻟﻔﺌﺔ ﺍﻟﱵ ﺗﻨﺘﻤﻲ ﳍﻞ ﺗﻠﻚ ﺍﳌﻌﻠﻮﻣﺎﺕ ﲝﻴﺚ‬
‫ﳝ ﻜ ﻦ ﺍﻻ ﺳ ﺘﻔ ﺎﺩ ﺓ ﻣ ﻨﻬ ﺎ ﻋ ﻨﺪ ﺍﳊ ﺎﺟ ﺔ ﺇﻟﻴﻬ ﺎ‪.‬‬
‫‪ .4‬ﺍﻻﻧﺘﺮﻧﺖ‪ :‬ﺗﻌﺮﻑ ﺑﺎﻟﺸﺒﻜﺔ ﺍﳌﻌﻠﻮﻣﺎﺗﻴﺔ ﻭﻫﻲ ﻭﺳﻴﻠﺔ ﺗﺮﺑﻂ ﺍﻷﻓﺮﺍﺩ ﻭﺍﳌﺆﺳﺴﺎﺕ ﺍﳌﺘﻮﺍﺟﺪﻳﻦ ﰲ ﺃﻣﺎﻛﻦ ﳐﺘﻠﻔﺔ ﲝﻴﺚ ﺟﻌﻠﺖ ﺍﻟﻌﺎﱂ‬
‫ﻗﺮ ﻳﺔ ﻭ ﺍﺣ ﺪ ﺓ‪ .‬ﺗﻌ ﺘﱪ ﺷ ﺒﻜ ﺔ ﺍﻻ ﻧﺘﺮ ﻧﺖ ﻭ ﺳ ﻴﻠﺔ ﻣ ﺘﻄ ﻮ ﺭ ﺓ ﲤ ﺪ ﺍﳉ ﻤ ﻴﻊ )ﺃﻓﺮ ﺍﺩ ﻭ ﻣ ﺆ ﺳ ﺴ ﺎﺕ ( ﺑﺎﳌﻌ ﻠﻮ ﻣ ﺎﺕ ﻭ ﺍﻟﺒﻴﺎﻧﺎﺕ ﻣ ﻊ ﺇﻣ ﻜ ﺎﻧﻴﺔ ﺍﻹ ﺟ ﺎﺑﺔ ﻋ ﻠﻰ‬
‫ﻣ ﻌ ﻈ ﻢ ﺍﻷ ﺳ ﺌ ﻠ ﺔ ﺍﻟ ﱵ ﺗﻮ ﺍﺟ ﻬ ﻬ ﻢ ﻟﺘ ﺨ ﻔ ﻴﺾ ﺍﻟﻮ ﻗ ﺖ ﻭ ﺍﳉ ﻬ ﺪ ‪.‬‬
‫‪ .7.2‬ﻣﻔﻬﻮﻡ ﳕﻮﺫﺝ ﺩﻭﺑﻮﻧﺖ ﻟﻠﺘﺤﻠﻴﻞ ﺍﳌﺎﱄ‬
‫ﻳ ﻌ ﺘ ﱪ ﳕ ﻮ ﺫ ﺝ ﺩ ﻭ ﺑ ﻮ ﻧ ﺖ ﻣ ﻦ ﺍ ﻟ ﻨ ﻤ ﺎ ﺫ ﺝ ﺍ ﳌ ﻬ ﻤ ﺔ ﺍ ﻟ ﱵ ﻳ ﺴ ﺘ ﺨ ﺪ ﻣ ﻬ ﺎ ﺍ ﳌ ﺤ ﻠ ﻠ ﻮ ﻥ ﺍﳌ ﺎﻟﻴ ﻮ ﻥ ﰲ ﺗﻘ ﻴﻴﻢ ﺍﻷ ﺩ ﺍء ﺍﳌ ﺎ ﱄ ﻟ ﻠ ﻤ ﺆ ﺳ ﺴ ﺎ ﺕ ﻭ ﺧ ﺼ ﻮ ﺻ ﴼ ﺍﳌ ﺎﻟﻴ ﺔ ‪ .‬ﰎ‬
‫ﺍﺳﺘﺨﺪﺍﻡ ﳕﻮﺫﺝ ﺩﻭﺑﻮﻧﺖ ﰲ ﺑﺪﺍﻳﺎﺕ ﺍﻟﻘﺮﻥ ﺍﻟﻌﺸﺮﻳﻦ ﻣﻦ ﻗﺒﻞ ﺃﺣﺪ ﻣﻬﻨﺪﺳﻲ ﺷﺮﻛﺔ ﺩﻭﺑﻮﻧﺖ ﺍﻷﻣﺮﻳﻜﻴﺔ ) ‪Dupont‬‬

‫)‪(258‬‬
‫‪ (Corporation‬ﻳﺪﻋﻰ ‪ ،F. Donaldson Brown‬ﻭﻳﺘﻤﺜﻞ ﻫﺬﺍ ﺍﻟﻨﻤﻮﺫﺝ ﰲ ﺩﺭﺍﺳﺔ ﺍﻟﻌﻼﻗﺔ ﺑﲔ ﺍﻟﺮﲝﻴﺔ ﻭﻣﻌﺪﻝ‬
‫ﺍﻟﻌﺎﺋﺪ ﻋﻠﻰ ﺣﻘﻮﻕ ﺍﳌﻠﻜﻴﺔ‪ .‬ﻋﻠﻴﻪ ﻓﺈﻥ ﳕﻮﺫﺝ ﺩﻭﺑﻮﻧﺖ ﻳﻌﻄﻲ ﻣﺆﺷﺮ ﻟﻸﺩﺍء ﺍﳌﺎﱄ ﻟﻠﻤﺆﺳﺴﺔ ﻋﻦ ﺍﻟﻔﺘﺮﺓ ﻗﻴﺪ ﺍﻟﺪﺭﺍﺳﺔ )ﺑﻠﺠﻴﻺﱃ‪،‬‬
‫‪.(53 :2021‬‬
‫ﻭ ﻟ ﺘ ﻘ ﻴ ﻴ ﻢ ﺍ ﻷ ﺩ ﺍ ء ﺍ ﳌ ﺎ ﱄ ﻟ ﻠ ﻤ ﺼ ﺎ ﺭ ﻑ ﺑ ﺎ ﺳ ﺘ ﺨ ﺪ ﺍﻡ ﳕ ﻮ ﺫ ﺝ ﺩ ﻭ ﺑ ﻮ ﻧ ﺖ ﻳ ﺘ ﻢ ﺍ ﺳ ﺘ ﺨ ﺪ ﺍ ﻡ ﻋ ﺪ ﺩ ﻣ ﻦ ﺍ ﻟ ﻨ ﺴ ﺐ ﺍ ﳌ ﺎ ﻟ ﻴ ﺔ ﺗ ﺘ ﻤ ﺜ ﻞ ﰲ ﺍ ﻵ ﰐ ‪ ) :‬ﻛ ﺮ ﻭ ﻣ ﻲ ‪،‬‬
‫‪(44-39 :2022‬‬
‫‪ .1‬ﺍﻟﻌﺎﺋﺪ ﻋﻠﻰ ﺣﻘﻮﻕ ﺍﳌﻠﻜﻴﺔ )‪ :(ROE‬ﻳﻘﻴﺲ ﻫﺬﺍ ﺍﳌﻌﺪﻝ ﻣﺪﻯ ﻗﺪﺭﺓ ﺍﳌﺼﺮﻑ ﻋﻠﻰ ﲢﻘﻴﻖ ﺍﻟﻌﺎﺋﺪ ﺍﳌﻨﺎﺳﺐ ﳊﻘﻮﻕ ﺍﳌﻠﻜﻴﺔ‪.‬‬
‫ﻭ ﻳﺘﻢ ﻗﻴﺎﺱ ﻫ ﺬ ﺍ ﺍﻟﻌ ﺎﺋﺪ ﺑﻘﺴ ﻤ ﺔ ﺻ ﺎﰲ ﺍﻟﺪ ﺧ ﻞ ﻋ ﻠﻰ ﺣ ﻘ ﻮ ﻕ ﺍﳌﻠﻜ ﻴﺔ‪ ،‬ﻭ ﻳﻘ ﺎﺱ ﻫ ﺬ ﺍ ﺍﻟﻌ ﺎﺋﺪ ﺑﺎﳌﻌ ﺎﺩ ﻟﺔ ﺍ ﻵ ﰐ ‪:‬‬
‫ﻣ ﻌ ﺪ ﻝ ﺍﻟﻌ ﺎ ﺋ ﺪ ﻋ ﻠ ﻰ ﺣ ﻘ ﻮ ﻕ ﺍﳌ ﻠ ﻜ ﻴ ﺔ = ﺻ ﺎ ﰲ ﺍﻟ ﺪ ﺧ ﻞ ‪ /‬ﺣ ﻘ ﻮ ﻕ ﺍﳌ ﻠ ﻜ ﻴ ﺔ‬

‫‪ .2‬ﺍﻟﻌﺎﺋﺪ ﻋﻠﻰ ﺍﻷﺻﻮﻝ )‪ :(ROA‬ﻳﺘﻢ ﺍﺳﺘﺨﺪﺍﻡ ﻫﺬﺍ ﺍﳌﻌﺪﻝ ﻟﻘﻴﺎﺱ ﻣﺪﻯ ﻗﺪﺭﺓ ﺍﳌﺼﺮﻑ ﰲ ﺗﻮﻟﻴﺪ ﺍﻷﺭﺑﺎﺡ ﺟﺮﺍء ﺍﺳﺘﺨﺪﺍﻡ‬
‫ﻣﻮﺟﻮﺩﺍﺗﻪ‪ .‬ﻭﺑﺬﻟﻚ ﻓﺈﻥ ﺍﳌﺼﺎﺭﻑ ﺍﻷﺣﺴﻦ ﺃﺩﺍء ﻫﻲ ﺍﻟﱵ ﻭﻟﺪﺕ ﻋﺎﺋﺪﴽ ﻋﻠﻰ ﺍﻷﺻﻮﻝ ﻻ ﻳﻘﻞ ﻋﻦ ‪ .%1.5‬ﻳﺘﻢ ﻗﻴﺎﺱ ﻫﺬﺍ ﺍﳌﻌﺪﻝ‬
‫ﺑﻘﺴ ﻤ ﺔ ﺻ ﺎﰲ ﺍﻟﺪ ﺧ ﻞ ﻋ ﻠﻰ ﺍﲨ ﺈ ﱃ ﺍﻷ ﺻ ﻮ ﻝ ‪.‬‬
‫ﺍﻟﻌ ﺎﺋﺪ ﻋ ﻠﻰ ﺍﻷ ﺻ ﻮ ﻝ = ﺻ ﺎﰲ ﺍﻟﺪ ﺧ ﻞ ‪ /‬ﺇﲨ ﺎ ﱄ ﺍﻷ ﺻ ﻮ ﻝ‬

‫‪ .3‬ﻣﻀﺎﻋﻒ ﺣﻖ ﺍﳌﻠﻜﻴﺔ )‪ :(EM‬ﻳﻘﻴﺲ ﻫﺬﺍ ﺍﳌﺆﺷﺮ ﻋﺪﺩ ﺍﳌﺮﺍﺕ ﺍﻟﱵ ﺗﻐﻄﻲ ﻓﻴﻪ ﺍﻷﺻﻮﻝ ﳊﻘﻮﻕ ﺍﳌﻠﻜﻴﺔ‪ ،‬ﻭﻳﺘﻢ ﻗﻴﺎﺱ ﻫﺪﺍ ﺍﳌﺆﺷﺮ‬
‫ﺑﻘﺴ ﻤ ﺔ ﺇﲨ ﺈ ﱃ ﺍﻷ ﺻ ﻮ ﻝ ﻋ ﻠﻰ ﺣ ﻘ ﻮ ﻕ ﺍﳌ ﻠﻜ ﻴ ﺔ ‪.‬‬
‫ﻣ ﻀ ﺎﻋ ﻒ ﺣ ﻖ ﺍﳌ ﻠﻜ ﻴﺔ = ﺇﲨ ﺎﱄ ﺍﻷ ﺻ ﻮ ﻝ ‪ /‬ﺣ ﻘ ﻮ ﻕ ﺍﳌ ﻠﻜ ﻴ ﺔ‬

‫‪ .4‬ﻫﺎﻣﺶ ﺍﻟﺮﺑﺢ )‪ :(PM‬ﻳﺒﲔ ﻫﺬﺍ ﺍﳌﺆﺷﺮ ﻣﺪﻯ ﻓﺎﻋﻠﻴﺔ ﺍﳌﺼﺮﻑ ﰲ ﲢﻘﻴﻖ ﻋﺎﺋﺪ ﺑﺄﻗﻞ ﺍﻟﺘﻜﺎﻟﻴﻒ‪ .‬ﻓﻬﻮ ﻳﻌﻜﺲ ﻣﻘﺪﺭﺓ ﺍﳌﺼﺮﻑ‬
‫ﻋ ﻠ ﻰ ﺍ ﻟ ﺮ ﻗ ﺎ ﺑ ﺔ ﻭ ﺍ ﻟﺴ ﻴ ﻄ ﺮ ﺓ ﻋ ﻠ ﻰ ﺍ ﻟ ﻨ ﻔ ﻘ ﺎ ﺕ ﻭ ﲣ ﻔ ﻴ ﺾ ﺍ ﻟ ﻀ ﺮ ﺍ ﺋ ﺐ ‪ .‬ﻭ ﻳ ﺘ ﻢ ﻗ ﻴ ﺎ ﺱ ﻫ ﺬ ﺍ ﺍ ﳌ ﺆ ﺷ ﺮ ﻋ ﻦ ﻃ ﺮ ﻳ ﻖ ﻗ ﺴ ﻤ ﺔ ﺻ ﺎ ﰲ ﺍ ﻟ ﺪ ﺧ ﻞ ﻋ ﻠ ﻰ ﺍ ﻹ ﻳ ﺮ ﺍ ﺩ ﺍ ﺕ ‪.‬‬
‫ﻫ ﺎﻣ ﺶ ﺍﻟﺮ ﺑﺢ = ﺻ ﺎﰲ ﺍﻟﺪ ﺧ ﻞ ‪ /‬ﺍﻹ ﻳﺮ ﺍﺩ ﺍﺕ‬

‫‪ .5‬ﻣﻨﻔﻌﺔ ﺍﻷﺻﻮﻝ )‪ :(AU‬ﻫﺬﺍ ﺍﳌﺆﺷﺮ ﻳﺒﲔ ﻣﺪﻯ ﻗﺪﺭﺓ ﺍﳌﺼﺮﻑ ﻋﻠﻰ ﺍﺳﺘﻐﻼﻝ ﻣﻮﺟﻮﺩﺍﺗﻪ ﻷﻗﺼﻰ ﺣﺪ ﳑﻜﻦ ‪‬ﺪﻑ ﲢﻘﻴﻖ‬
‫ﺃﻋ ﻠﻰ ﺍﻹ ﻳﺮ ﺍﺩ ﺍﺕ ) ﻗﺪ ﺭ ﺓ ﺍﻟﺪ ﻳﻨﺎﺭ ﺍﻟﻮ ﺍﺣ ﺪ ﻣ ﻦ ﺍﻷ ﺻ ﻮ ﻝ ﻋ ﻠﻰ ﲢ ﻘ ﻴﻖ ﺇﻳﺮ ﺍﺩ ﺍﺕ ﺍﳌ ﺼ ﺮﻑ (‪ .‬ﻭ ﻳﺘﻢ ﻗﻴﺎﺱ ﻫ ﺬ ﺍ ﺍﳌ ﺆ ﺷ ﺮ ﺑﻘﺴ ﻤ ﺔ ﺇﲨ ﺎﱄ‬
‫ﺍﻹ ﻳﺮ ﺍﺩ ﺍﺕ ﻋ ﻠﻰ ﺇﲨ ﺎﱄ ﺍﻷ ﺻ ﻮ ﻝ ‪.‬‬
‫ﻣ ﻨﻔ ﻌ ﺔ ﺍﻷ ﺻ ﻮ ﻝ = ﺇﲨ ﺎﱄ ﺍﻹ ﻳﺮ ﺍﺩ ﺍﺕ ‪ /‬ﺇﲨ ﺎﱄ ﺍﻷ ﺻ ﻮ ﻝ‬
‫ﺍﳉ ﺎﻧﺐ ﺍﻟﻌ ﻤ ﻠﻲ ﻟﻠﺪ ﺭ ﺍﺳ ﺔ‬
‫‪ .1.3‬ﻧﺒﺪﻩ ﻋﻦ ﻣﺼﺮﻑ ﴰﺎﻝ ﺃﻓﺮﻳﻘﻴﺎ‬
‫ﻣ ﺼ ﺮ ﻑ ﴰ ﺎﻝ ﺃﻓﺮ ﻳﻘ ﻴﺎ ﻫ ﻮ ﺃ ﺣ ﺪ ﺍ ﳌ ﺼ ﺎ ﺭ ﻑ ﺍ ﻟ ﺘ ﺠ ﺎ ﺭ ﻳ ﺔ ﺍ ﻟ ﻌ ﺎ ﻣ ﻠ ﺔ ﰲ ﻟ ﻴ ﺒ ﻴ ﺎ ﻭ ﺍ ﻟ ﺬ ﻱ ﰎ ﺇ ﻧﺸ ﺎء ﻩ ﲟ ﻮ ﺟ ﺐ ﻗﺮ ﺍﺭ ﻣ ﺼ ﺮ ﻑ ﻟﻴﺒﻴﺎ ﺍﳌ ﺮ ﻛ ﺰ ﻱ ﰲ ﺳ ﻨ ﺔ‬
‫‪ 2001‬ﺑﺸﺄﻥ ﺗﻌﺪﻳﻞ ﻓﺮﻭﻉ ﺍﳌﺆﺳﺴﺔ ﺍﻷﻫﻠﻴﺔ ﺍﳌﺼﺮﻓﻴﺔ ﻭﺫﻟﻚ ﺑﻐﺮﺽ ﺍﻻﻟﺘﺰﺍﻡ ﲟﻌﺎﻳﲑ )ﺑﺎﺯﻝ ‪ (1‬ﺍﳋﺎﺻﺔ ﺑﺎﻟﺼﻨﺎﻋﺔ ﺍﳌﺼﺮﻓﻴﺔ‪ .‬ﳝﻨﺢ‬
‫ﺫ ﻟﻚ ﺍﻟﻘ ﺮ ﺍﺭ ﺍﳊ ﺮ ﻳ ﺔ ﻟﻠ ﻤ ﺼ ﺎﺭ ﻑ ﺍﻷ ﻫ ﻠﻴ ﺔ ﰲ ﺍﻻ ﺳ ﺘﻘ ﻼ ﻝ ﻋ ﻦ ﺍﳌ ﺆ ﺳ ﺴ ﺔ ﺍﻷ ﻫ ﻠﻴ ﺔ ﺑﺸ ﺮ ﻁ ﺗﻮ ﺍﻓﺮ ﻣ ﻌ ﺎﻳﲑ ﺍﻟﺼ ﻨﺎﻋ ﺔ ﺍﳌ ﺼ ﺮ ﻓﻴ ﺔ ﺍﳌ ﻄ ﻠﻮ ﺑ ﺔ ﺑﺸ ﺄﻥ‬
‫ﻛﻔﺎﻳﺔ ﺭﺃﺱ ﺍﳌﺎﻝ‪ ،‬ﺃﻭ ﺍﻧﺪﻣﺎﺝ ﺃﺣﺪ ﺍﻟﻔﺮﻭﻉ ﻣﻊ ﻓﺮﻭﻉ ﺁﺧﺮﻱ ﻛﻲ ﺗﺆﺩﻱ ﻋﻤﻠﻴﺔ ﺍﻻﻧﺪﻣﺎﺝ ﺇﱃ ﲢﻘﻴﻖ ﺫﻟﻚ ﺍﳌﻌﻴﺎﺭ‪ .‬ﰲ ﺳﻨﺔ ‪2006‬‬
‫ﰒ ﺍﻧﺪﻣﺎﺝ ﻋﺪﺩ )‪ (40‬ﻣﺼﺮﻓﴼ ﻣﻦ ﺍﳌﺼﺎﺭﻑ ﺍﻟﺘﺎﺑﻌﺔ ﻟﻠﻤﺆﺳﺴﺔ ﺍﻷﻫﻠﻴﺔ ﺍﳌﺼﺮﻓﻴﺔ ﻭﰒ ﺩﳎﻬﺎ ﻛﻤﺼﺮﻑ ﻭﺍﺣﺪ ﲰﻲ ﲟﺼﺮﻑ ﴰﺎﻝ‬

‫)‪(259‬‬
‫ﺃﻓﺮ ﻳﻘ ﻴﺎ‪ .‬ﺍﻣ ﺘﻠﻚ ﺍﳌ ﺼ ﺮﻑ ﺍﳌﺮ ﻛ ﺰ ﻱ ﺟ ﺰ ءﴽ ﻣ ﻦ ﻣ ﺼ ﺮﻑ ﴰ ﺎﻝ ﺃﻓﺮ ﻳﻘ ﻴﺎ ﻭ ﰒ ﻃ ﺮ ﺡ ﺣ ﺼ ﺔ ﺍﻟﺪ ﻭ ﻟﺔ ﰲ ﺍﻟﻔ ﺮ ﻭ ﻉ ﺍﻟﱵ ﺍﻧﻔ ﺼ ﻠﺖ ﻋ ﻦ ﺍﳌ ﺆ ﺳ ﺴ ﺔ‬
‫ﺍﻷﻫﻠﻴﺔ ﻟﻼﻛﺘﺘﺎﺏ ﺍﻟﻌﺎﻡ ﻟﺘﺼﺒﺢ ﻓﻴﻤﺎ ﺑﻌﺪ ﻣﺼﺎﺭﻑ ﺧﺎﺻﺔ )ﺩﻟﻴﻞ ﺍﳌﺼﺎﺭﻑ ﺍﻟﺘﺠﺎﺭﻳﺔ ﺳﻨﺔ ‪.(2020‬‬

‫ﻋ ﻤ ﻞ ﻣ ﺼ ﺮﻑ ﴰ ﺎﻝ ﺃﻓﺮ ﻳﻘ ﻴﺎ ﻋ ﻠﻰ ﺍﻟﺘﻮ ﺳ ﻊ ﰲ ﺗﻘ ﺪ ﱘ ﺧ ﺪ ﻣ ﺎﺗﻪ ﰲ ﻛ ﺎﻣﻞ ﺃﳓ ﺎء ﻟﻴﺒﻴﺎ ﺣ ﱴ ﺃﺻ ﺒﺢ ﳝ ﺘﻠﻚ ﻓﺮ ﻭ ﻉ ﻭ ﻭ ﻛ ﺎﻻ ﺕ ﻭ ﺻ ﻞ ﻋ ﺪ ﺩ ﻫ ﺎ‬

‫ﺇﱃ )‪ (61‬ﻓﺮﻉ ﻭﻭﻛﺎﻟﺔ ﻣﻊ ﺍﻟﺴﻌﻲ ﻟﻔﺘﺢ ﻓﺮﻭﻉ ﺟﺪﻳﺪﺓ‪ .‬ﺑﻠﻎ ﺭﺃﺱ ﻣﺎﻝ ﻣﺼﺮﻑ ﴰﺎﻝ ﺃﻓﺮﻳﻘﻴﺎ )‪ (300‬ﻣﻠﻴﻮﻥ ﺩﻳﻨﺎﺭ ﻟﻴﱯ‪ ،‬ﻭﻳﻘﻮﻡ‬
‫ﺍﳌ ﺼ ﺮ ﻑ ﺑﺘﻘ ﺪ ﱘ ﺧ ﺪ ﻣ ﺎﺗﻪ ﲟ ﺎ ﻳﺘ ﻤ ﺎ ﺷ ﻰ ﻣ ﻊ ﺃﺣ ﻜ ﺎﻡ ﺍﻟ ﺸ ﺮ ﻳﻌ ﺔ ﺍﻹ ﺳ ﻼ ﻣ ﻴ ﺔ ﺍﻟﱵ ﲢ ﺮ ﻡ ﺍﻟﺘﻌ ﺎﻣ ﻞ ﺑﺎﻟﻔ ﺎﺋ ﺪ ﺓ ﺍﳌ ﺼ ﺮ ﻓ ﻴ ﺔ‬
‫)‪.(https://nab.ly/about-us‬‬
‫ﲢ ﻠﻴﻞ ﺍﻷ ﺩ ﺍء ﺍﳌ ﺎ ﱄ ﻟ ﻠ ﻤ ﺼ ﺮ ﻑ‬
‫ﺍﺧ ﺘﺒﺎﺭ ﻓﺮ ﺿ ﻴﺎﺕ ﺍﻟﺪ ﺭ ﺍﺳ ﺔ‬
‫‪ H01‬ﺍﻟﻔﺮﺿﻴﺔ ﺍﻟﻔﺮﻋﻴﺔ ﺍﻷﻭﱃ‪ :‬ﻫﻨﺎﻙ ﻓﺮﻭﻕ ﰲ ﻣﻌﺪﻝ ﺍﻟﻌﺎﺋﺪ ﻋﻠﻰ ﺍﳌﻠﻜﻴﺔ )‪ (ROE‬ﻟﻠﻔﺘﺮﺓ ﻗﺒﻞ ﻭﺑﻌﺪ ﺍﻟﺘﺤﻮﻝ‪.‬‬
‫ﻻﺧﺘﺒﺎﺭ ﻫﺬﻩ ﺍﻟﻔﺮﺿﻴﺔ ﰎ ﺍﺳﺘﺨﺪﺍﻡ ﻣﻌﺪﻝ ﺍﻟﻌﺎﺋﺪ ﻋﻠﻰ ﺣﻘﻮﻕ ﺍﳌﻠﻜﻴﺔ )‪(ROE‬‬
‫ﺍﳉﺪﻭﻝ ‪ .1.2‬ﻣﻌﺪﻝ ﺍﻟﻌﺎﺋﺪ ﻋﻠﻰ ﺣﻘﻮﻕ ﺍﳌﻠﻜﻴﺔ )‪(ROE‬‬
‫ﺳ ﻨﻮ ﺍﺕ ﺑﻌ ﺪ ﺍﻟﺘﺤ ﻮ ﻝ‬ ‫ﺳ ﻨﻮ ﺍﺕ ﻗ ﺒﻞ ﺍﻟﺘﺤ ﻮ ﻝ‬ ‫ﺍﻟﺴ ﻨﻮ ﺍﺕ‬
‫ﺍﳌ ﺘﻮ ﺳ ﻂ‬ ‫‪2017‬‬ ‫‪2016‬‬ ‫‪2015‬‬ ‫ﺍﳌ ﺘﻮ ﺳ ﻂ‬ ‫‪2012‬‬ ‫‪2011‬‬ ‫‪2010‬‬
‫ﺍﳌ ﻌ ﺪ ﻝ‬
‫‪0.0036 0.0151 0.0262 0.0305- 0.0820- 0.0094 0.2575- 0.0022 ROE‬‬

‫ﻣﻦ ﺍﳉﺪﻭﻝ ﺍﻟﺴﺎﺑﻖ )‪ (1.2‬ﻧﻼﺣﻆ ﺃﻥ ﺃﻋﻠﻰ ﻧﺴﺒﺔ ﳌﻌﺪﻝ ﺍﻟﻌﺎﺋﺪ ﻋﻠﻰ ﺣﻘﻮﻕ ﺍﳌﻠﻜﻴﺔ ﺣﻴﺚ ﺳﺠﻠﺖ ﰲ ﺍﻟﺴﻨﻮﺍﺕ ﻗﺒﻞ ﺍﻟﺘﺤﻮﻝ‬
‫ﻟﻠﺼﲑﻓﺔ ﺍﻹﺳﻼﻣﻴﺔ ﻛﺎﻧﺖ ﰲ ﺳﻨﺔ ‪ 2012‬ﺑﻨﺴﺒﺔ )‪ ،(0.0094‬ﰲ ﺣﲔ ﻛﺎﻧﺖ ﺍﻗﻞ ﻧﺴﺒﺔ ﺳﺠﻠﺖ ﰲ ﺳﻨﻪ ‪ 2011‬ﺣﻴﺚ ﺑﻠﻐﺖ‬
‫ﻧﺴﺒﺔ ﺧﺴﺎﺭﺓ )‪ (0.2575-‬ﻭﻳﺮﺟﻊ ﺫﻟﻚ ﺇﱃ ﺗﻜﺒﺪ ﺍﳌﺼﺮﻑ ﳋﺴﺎﺋﺮ‪ ،‬ﻛﻤﺎ ﺳﺠﻠﺖ ﺳﻨﺔ ‪ 2010‬ﻣﺎﻧﺴﺒﺘﻪ )‪.(0.0022‬‬

‫ﺃﻣﺎ ﻓﻴﻤﺎ ﳜﺺ ﺍﻟﺴﻨﻮﺍﺕ ﺑﻌﺪ ﺍﻟﺘﺤﻮﻝ ﻟﻠﺼﲑﻓﺔ ﺍﻹﺳﻼﻣﻴﺔ ﻓﻴﻼﺣﻆ ﻣﻦ ﺍﳉﺪﻭﻝ ﺭﻗﻢ )‪ (1.2‬ﺃﻥ ﺳﻨﺔ ‪ 2016‬ﺳﺠﻠﺖ ﺃﻋﻠﻰ ﻧﺴﺒﺔ‬
‫ﳌﻌﺪﻝ ﺍﻟﻌﺎﺋﺪ ﻋﻠﻰ ﺣﻘﻮﻕ ﺍﳌﻠﻜﻴﺔ ﺣﻴﺚ ﺑﻠﻐﺖ )‪ ،(0.0262‬ﺃﻣﺎ ﺃﻗﻞ ﻧﺴﺒﺔ ﻛﺎﻧﺖ ﰲ ﺳﻨﺔ ‪ 2015‬ﺑﻨﺴﺒﻪ )‪ (0.0305-‬ﻭﻳﺮﺟﻊ‬
‫ﺫﻟﻚ ﺇﱃ ﺗﻜﺒﺪ ﺍﳌﺼﺮﻑ ﳋﺴﺎﺋﺮ‪ ،‬ﻭﺳﺠﻠﺖ ﺳﻨﺔ ‪ 2017‬ﻣﺎﻧﺴﺒﺘﻪ )‪.(0.0151‬‬

‫ﺑ ﺎ ﳌ ﻘ ﺎ ﺭ ﻧ ﺔ ﺑ ﲔ ﺳ ﻨ ﻮ ﺍ ﺕ ﺍ ﻟ ﺪ ﺭ ﺍ ﺳ ﺔ ) ﺍ ﻟ ﺴ ﻨ ﻮ ﺍ ﺕ ﻗ ﺒ ﻞ ﺍ ﻟ ﺘ ﺤ ﻮ ﻝ ﻣ ﻊ ﺍ ﻟ ﺴ ﻨ ﻮ ﺍ ﺕ ﺑ ﻌ ﺪ ﺍ ﻟ ﺘ ﺤ ﻮ ﻝ ( ﳌ ﺼ ﺮ ﻑ ﴰ ﺎ ﻝ ﺃ ﻓ ﺮ ﻳ ﻘ ﻴ ﺎ ﺑ ﺎ ﺳ ﺘ ﺨ ﺪ ﺍﻡ ﺍ ﳌ ﺘ ﻮ ﺳ ﻂ‬
‫ﺍﳊ ﺴ ﺎﰊ ﳌﻌ ﺪ ﻝ ﺍﻟﻌ ﺎﺋﺪ ﻋ ﻠﻰ ﺣ ﻘ ﻮ ﻕ ﺍﳌ ﻠﻜ ﻴﺔ ﺗﺒﲔ ﺃﻥ ﺍﻟﺴ ﻨﻮ ﺍﺕ ﺑﻌ ﺪ ﺍﻟﺘﺤ ﻮ ﻝ ﺳ ﺠ ﻠﺖ ﻧﺘﺎﺋﺞ ﺃﻓ ﻀ ﻞ ﺣ ﻴﺚ ﺣ ﻘ ﻘ ﺖ ﻋ ﻮ ﺍﺋﺪ ﻧﺎﲡ ﺔ ﻋ ﻦ‬
‫ﺍﺳﺘﺨﺪﺍﻡ ﺣﻘﻮﻕ ﺍﳌﻠﻜﻴﺔ ﻭﻛﺎﻥ ﺍﳌﺘﻮﺳﻂ ﺍﳊﺴﺎﰊ ﳌﻌﺪﻝ ﺍﻟﻌﺎﺋﺪ ﻋﻠﻰ ﺣﻘﻮﻕ ﺍﳌﻠﻜﻴﺔ )‪ (ROE‬ﻟﺘﻠﻚ ﺍﻟﺴﻨﻮﺍﺕ )‪ .(0.0036‬ﺃﻣﺎ‬
‫ﺍﳌﺘﻮﺳﻂ ﺍﳊﺴﺎﰊ ﳌﻌﺪﻝ ﺍﻟﻌﺎﺋﺪ ﻋﻠﻰ ﺣﻘﻮﻕ ﺍﳌﻠﻜﻴﺔ ﻟﻠﺴﻨﻮﺍﺕ ﻗﺒﻞ ﺍﻟﺘﺤﻮﻝ ﺑﻠﻎ )‪ (0.0820-‬ﻭﻫﻮ ﻧﺎﺗﺞ ﻋﻦ ﻋﺪﻡ ﻗﺪﺭﺓ ﺍﳌﺼﺮﻑ‬
‫ﻋﻠﻰ ﲢﻘﻴﻖ ﺍﻷﺭﺑﺎﺡ ﺑﺴﺒﺐ ﺍﺭﺗﻔﺎﻉ ﺍﻟﻨﻔﻘﺎﺕ ﻭﺍﳔﻔﺎﺽ ﺍﻹﻳﺮﺍﺩﺍﺕ‪ ،‬ﻭﻫﺬﺍ ﻳﺆﻛﺪ ﺻﺤﺔ ﺍﻟﻔﺮﺿﻴﺔ ﺍﻟﻔﺮﻋﻴﺔ ﺍﻷﻭﱃ ‪ :H01‬ﺑﺄﻥ ﻫﻨﺎﻙ‬
‫ﻓﺮﻭﻕ ﰲ ﻣﻌﺪﻝ ﺍﻟﻌﺎﺋﺪ ﻋﻠﻰ ﺍﳌﻠﻜﻴﺔ )‪ (ROE‬ﻟﻠﻔﺘﺮﺓ ﻗﺒﻞ ﻭﺑﻌﺪ ﺍﻟﺘﺤﻮﻝ‪ .‬ﻭﻛﺎﻧﺖ ﺍﻟﻨﺘﺎﺋﺞ ﻟﺼﺎﱀ ﺍﻟﻔﺘﺮﺓ ﻣﺎ ﺑﻌﺪ ﺍﻟﺘﺤﻮﻝ ﻟﻠﺼﲑﻓﺔ‬
‫ﺍﻹ ﺳ ﻼ ﻣ ﻴ ﺔ ‪.‬‬

‫‪ H02‬ﺍﻟﻔﺮﺿﻴﺔ ﺍﻟﻔﺮﻋﻴﺔ ﺍﻟﺜﺎﻧﻴﺔ‪ :‬ﻫﻨﺎﻙ ﻓﺮﻭﻕ ﰲ ﻣﻌﺪﻝ ﺍﻟﻌﺎﺋﺪ ﻋﻠﻰ ﺍﻷﺻﻮﻝ )‪ (ROA‬ﻟﻠﻔﺘﺮﺓ ﻗﺒﻞ ﻭﺑﻌﺪ ﺍﻟﺘﺤﻮﻝ‪.‬‬

‫)‪(260‬‬
 ‫ﻻﺧﺘﺒﺎﺭ ﻫﺬﻩ ﺍﻟﻔﺮﺿﻴﺔ ﰎ ﺍﺳﺘﺨﺪﺍﻡ ﻣﻌﺪﻝ ﺍﻟﻌﺎﺋﺪ ﻋﻠﻰ ﺍﻷﺻﻮﻝ )‪(ROA‬‬

‫ﺍﳉﺪﻭﻝ ‪ .2.2‬ﻣﻌﺪﻝ ﺍﻟﻌﺎﺋﺪ ﻋﻠﻰ ﺍﻷﺻﻮﻝ )‪(ROA‬‬

‫ﺳ ﻨﻮ ﺍﺕ ﺑﻌ ﺪ ﺍﻟﺘﺤ ﻮ ﻝ‬ ‫ﺳ ﻨﻮ ﺍﺕ ﻗ ﺒﻞ ﺍﻟﺘﺤ ﻮ ﻝ‬ ‫ﺍﻟﺴ ﻨﻮ ﺍﺕ‬
‫ﺍﳌ ﺘﻮ ﺳ ﻂ‬ ‫‪2017‬‬ ‫‪2016‬‬ ‫‪2015‬‬ ‫ﺍﳌ ﺘﻮ ﺳ ﻂ‬ ‫‪2012‬‬ ‫‪2011‬‬ ‫‪2010‬‬
‫ﺍﳌ ﻌ ﺪ ﻝ‬
‫‪0.0001- 0.0011 0.0024 0.0037- 0.0115- 0.0014 0.0363- 0.0005 ROA‬‬

‫ﻳﺸﲑ ﺍﳉﺪﻭﻝ ﺭﻗﻢ )‪ (2.2‬ﺇﱃ ﺃﻥ ﺃﻋﻠﻰ ﻧﺴﺒﺔ ﳌﻌﺪﻝ ﺍﻟﻌﺎﺋﺪ ﻋﻠﻰ ﺍﻷﺻﻮﻝ )‪ (ROE‬ﻟﻠﺴﻨﻮﺍﺕ ﻗﺒﻞ ﲢﻮﻝ ﻣﺼﺮﻑ ﴰﺎﻝ ﺃﻓﺮﻳﻘﻴﺎ‬
‫ﻟﻠﺼﲑﻓﺔ ﺍﻹﺳﻼﻣﻴﺔ ﻛﺎﻧﺖ )‪ (0.0014‬ﰲ ‪ ،2012‬ﺃﻣﺎ ﺃﻗﻞ ﻧﺴﺒﺔ ﻓﻜﺎﻧﺖ ﰲ ﺳﻨﺔ ‪ 2011‬ﺣﻴﺚ ﺳﺠﻠﺖ ﻣﺎﻧﺴﺒﺘﻪ )‪-‬‬
‫‪ (0.0363‬ﻭﻳﺮﺟﻊ ﺫﻟﻚ ﺇﱃ ﺗﻜﺒﺪ ﺍﳌﺼﺮﻑ ﳋﺴﺎﺋﺮ‪ ،‬ﺃﻣﺎ ﺳﻨﻪ ‪ 2010‬ﺳﺠﻠﺖ ﻣﺎﻧﺴﺒﺘﻪ )‪.(0.0005‬‬
‫ﻣﻦ ﻧﺎﺣﻴﺔ ﺁﺧﺮﻯ‪ ،‬ﻳﺸﲑ ﺍﳉﺪﻭﻝ )‪ (2.2‬ﺇﱃ ﺍﻥ ﺃﻋﻠﻰ ﻧﺴﺒﺔ ﳌﻌﺪﻝ ﺍﻟﻌﺎﺋﺪ ﻋﻠﻰ ﺍﻷﺻﻮﻝ )‪ (ROE‬ﻟﻠﺴﻨﻮﺍﺕ ﺑﻌﺪ ﲢﻮﻝ ﺍﳌﺼﺮﻑ‬
‫ﻗﻴﺪ ﺍﻟﺪﺭﺍﺳﺔ ﺇﱃ ﺍﻟﺼﲑﻓﺔ ﺍﻹﺳﻼﻣﻴﺔ ﻛﺎﻧﺖ )‪ (0.0024‬ﻟﺴﻨﺔ ‪ ،2016‬ﰲ ﺣﲔ ﻛﺎﻧﺖ ﺃﻗﻞ ﻧﺴﺒﺔ ﺳﺠﻠﺖ ﰲ ﺳﻨﺔ ‪ 2015‬ﺑﻨﺴﺒﺔ‬
‫)‪ (-0.0037‬ﻭﻳﺮﺟﻊ ﺫﻟﻚ ﺇﱃ ﺗﻜﺒﺪ ﺍﳌﺼﺮﻑ ﳋﺴﺎﺋﺮ ﰲ ﺗﻠﻚ ﺍﻟﺴﻨﺔ‪ .‬ﺃﻣﺎ ﺳﻨﺔ ‪ 2017‬ﻓﻜﺎﻧﺖ ﻧﺴﺒﺔ ﺍﻟﻌﺎﺋﺪ ﻋﻠﻰ ﺍﻷﺻﻮﻝ‬
‫)‪.(0.0011‬‬
‫ﻭ ﻻ ﺧ ﺘ ﺒ ﺎ ﺭ ﻓ ﺮ ﺿ ﻴ ﺔ ﺍ ﻟ ﺪ ﺭ ﺍ ﺳ ﺔ ﺍ ﻟ ﺮ ﺍ ﺑ ﻌ ﺔ ﲤ ﺖ ﻣ ﻘ ﺎ ﺭ ﻧ ﺔ ﺑ ﲔ ﻧ ﺘ ﺎ ﺋ ﺞ ﲢ ﻠ ﻴ ﻞ ﺍ ﻟ ﻌ ﺎ ﺋ ﺪ ﻋ ﻠ ﻰ ﺍ ﻷ ﺻ ﻮ ﻝ ﺑ ﲔ ﻓ ﺘ ﺮ ﰐ ﺍ ﻟ ﺪ ﺭ ﺍ ﺳ ﺔ ﺑ ﺎ ﺳ ﺘ ﺨ ﺪ ﺍﻡ ﺍ ﳌ ﺘ ﻮ ﺳ ﻂ ﺍ ﳊ ﺴ ﺎ ﰊ‬
‫ﻭﺗﺒﲔ ﺃﻥ ﻗﺪﺭﺓ ﺍﳌﺼﺮﻑ ﻗﻴﺪ ﺍﻟﺪﺭﺍﺳﺔ ﰲ ﺗﻮﻟﻴﺪ ﺍﻟﺪﺧﻞ ﺑﺎﺳﺘﺨﺪﺍﻡ ﻣﻮﺟﻮﺩﺍﺗﻪ ﰲ ﻛﻼ ﺍﻟﻔﺘﺮﺗﲔ )ﻗﺒﻞ ﻭﺑﻌﺪ ﺍﻟﺘﺤﻮﻝ( ﱂ ﺗﻜﻦ ﺟﻴﺪﺓ‬
‫ﺣﻴﺚ ﺃﻥ ﻣﺘﻮﺳﻂ ﺍﻟﻌﺎﺋﺪ ﻳﺪﻝ ﻋﻠﻰ ﲢﻘﻖ ﻣﺘﻮﺳﻂ ﺧﺴﺎﺭﺓ ﻟﻠﻔﺘﺮﺓ ﻗﺒﻞ ﺍﻟﺘﺤﻮﻝ ﻛﺎﻥ )‪ ،(0.0115-‬ﻭﻟﻠﻔﺘﺮﺓ ﺑﻌﺪ ﺍﻟﺘﺤﻮﻝ ﻛﺎﻥ‬
‫)‪ ،(0.0001‬ﺇﻻ ﺃﻥ ﺍﳋﺴﺎﺭﺓ ﻟﻌﺎﺋﺪ ﺍﻷﺻﻮﻝ ﻛﺎﻧﺖ ﺍﻷﻗﻞ ﻟﺼﺎﱀ ﺍﻟﻔﺘﺮﺓ ﺑﻌﺪ ﺍﻟﺘﺤﻮﻝ ﳑﺎ ﻳﺆﻛﺪ ﺻﺤﺔ ﺍﻟﻔﺮﺿﻴﺔ ﺍﻟﻔﺮﻋﻴﺔ ﺍﻟﺜﺎﻧﻴﺔ‬
‫‪ H02‬ﺑﻮﺟﻮﺩ ﻓﺮﻭﻗﺎﺕ ﰲ ﻣﻌﺪﻝ ﺍﻟﻌﺎﺋﺪ ﻋﻠﻰ ﺍﻷﺻﻮﻝ ﻟﻔﺘﺮﰐ ﺍﻟﺪﺭﺍﺳﺔ ﻗﺒﻞ ﻭﺑﻌﺪ ﺍﻟﺘﺤﻮﻝ‪.‬‬
‫‪ H03‬ﺍﻟﻔﺮﺿﻴﺔ ﺍﻟﻔﺮﻋﻴﺔ ﺍﻟﺜﺎﻟﺜﺔ‪ :‬ﻫﻨﺎﻙ ﻓﺮﻭﻕ ﰲ ﻣﻀﺎﻋﻒ ﺣﻘﻮﻕ ﺍﳌﻠﻜﻴﺔ )‪ (EM‬ﻟﻠﻔﺘﺮﺓ ﻗﺒﻞ ﻭﺑﻌﺪ ﺍﻟﺘﺤﻮﻝ‪.‬‬
‫ﻻﺧﺘﺒﺎﺭ ﻫﺬﻩ ﺍﻟﻔﺮﺿﻴﺔ ﰎ ﺍﺳﺘﺨﺪﺍﻡ ﻣﺆﺷﺮ ﻣﻀﺎﻋﻒ ﺣﻖ ﺍﳌﻠﻜﻴﺔ )‪(EM‬‬
‫ﺍﳉﺪﻭﻝ ‪ .3.2‬ﻣﻀﺎﻋﻒ ﺣﻖ ﺍﳌﻠﻜﻴﺔ )‪(EM‬‬
‫ﺳ ﻨﻮ ﺍﺕ ﺑﻌ ﺪ ﺍﻟﺘﺤ ﻮ ﻝ‬ ‫ﺳ ﻨﻮ ﺍﺕ ﻗ ﺒﻞ ﺍﻟﺘﺤ ﻮ ﻝ‬ ‫ﺍﻟﺴ ﻨﻮ ﺍﺕ‬
‫ﺍﳌ ﺘﻮ ﺳ ﻂ‬ ‫‪2017‬‬ ‫‪2016‬‬ ‫‪2015‬‬ ‫ﺍﳌ ﺘﻮ ﺳ ﻂ‬ ‫‪2012‬‬ ‫‪2011‬‬ ‫‪2010‬‬
‫ﺍﳌ ﻌ ﺪ ﻝ‬
‫‪11.0125 13.9412 10.8390 8.2573 6.9512 9.2020 7.0859 4.5658‬‬ ‫‪EM‬‬

‫ﺍﳉﺪﻭﻝ ﺭﻗﻢ )‪ (3.2‬ﻳﺸﲑ ﺇﱃ ﺃﻥ ﻣﻌﺪﻝ ﻣﻀﺎﻋﻒ ﺣﻖ ﺍﳌﻠﻜﻴﺔ ﻟﻠﺴﻨﻮﺍﺕ ﻗﺒﻞ ﺍﻟﺘﺤﻮﻝ ﻟﻠﺼﲑﻓﺔ ﺍﻹﺳﻼﻣﻴﺔ ﻋﻦ ﺍﳌﺼﺮﻑ ﻗﻴﺪ‬
‫ﺍﻟﺪﺭﺍﺳﺔ ﻭﺍﻟﺬﻱ ﻳﻘﻴﺲ ﻋﺪﺩ ﺍﳌﺮﺍﺕ ﺍﻟﱵ ﺗﻐﻄﻲ ﻓﻴﻪ ﺍﻷﺻﻮﻝ ﳊﻘﻮﻕ ﺍﳌﻠﻜﻴﺔ ﺳﺠﻠﺖ ﺃﻋﻠﻰ ﻣﻌﺪﻝ ﰲ ﺳﻨﺔ ‪ 2012‬ﻭﻛﺎﻧﺖ ﲟﻌﺪﻝ‬
‫)‪ ،(9.2020‬ﺃﻣﺎ ﺃﻗﻞ ﻣﻌﺪﻝ ﻛﺎﻥ )‪ (4.5658‬ﰲ ﺳﻨﺔ ‪ ،2010‬ﻭﺳﻨﺔ ‪ 2011‬ﺳﺠﻠﺖ ﻣﻌﺪﻝ )‪.(7.0859‬‬

‫)‪(261‬‬
‫ﺃﻣ ﺎ ﻓﻴﻤ ﺎ ﳜ ﺺ ﻣ ﻌ ﺪ ﻝ ﻣ ﻀ ﺎﻋ ﻒ ﺣ ﻖ ﺍﳌ ﻠﻜ ﻴﺔ ﻟﻠﺴ ﻨﻮ ﺍﺕ ﺑﻌ ﺪ ﺍﻟﺘﺤ ﻮ ﻝ ﻟﻠ ﺼ ﲑ ﻓ ﺔ ﺍﻹ ﺳ ﻼ ﻣ ﻴ ﺔ ﻋ ﻦ ﺍﳌ ﺼ ﺮ ﻑ ﻗ ﻴ ﺪ ﺍﻟ ﺪ ﺭ ﺍﺳ ﺔ ﻓﻘ ﺪ ﺃﺷ ﺎ ﺭ‬
‫ﺍﳉﺪﻭﻝ ﺍﻟﺴﺎﺑﻖ )‪ (3.2‬ﺇﱃ ﺃﻥ ﺃﻋﻠﻰ ﻣﻌﺪﻝ ﻫﻲ )‪ (13.9412‬ﻛﺎﻥ ﰲ ﺳﻨﺔ ‪ ،2017‬ﰲ ﺣﲔ ﻛﺎﻥ ﺃﺩﱏ ﻣﻌﺪﻝ ﻫﻮ‬
‫)‪ (8.2573‬ﰲ ﺳﻨﺔ ‪ ،2015‬ﺃﻣﺎ ﺳﻨﺔ ‪ 2016‬ﻓﻘﺪ ﺳﺠﻠﺖ ﻣﻌﺪﻝ ﻗﻴﻤﺘﻪ )‪.(10.8390‬‬

‫ﻭ ﻻ ﺧ ﺘﺒﺎﺭ ﻓﺮ ﺿ ﻴﺔ ﺍﻟﺪ ﺭ ﺍﺳ ﺔ ﺍﻟﻔ ﺮ ﻋ ﻴﺔ ﺍﻟﺜﺎﻟﺜﺔ ﰎ ﺣ ﺴ ﺎﺏ ﺍﻟﻮ ﺳ ﻂ ﺍﳊ ﺴ ﺎﰊ ﳌ ﻀ ﺎﻋ ﻒ ﺣ ﻖ ﺍﳌ ﻠﻜ ﻴﺔ ﻟﻠﻤ ﺼ ﺮ ﻑ ﻗﻴﺪ ﺍﻟﺪ ﺭ ﺍﺳ ﺔ ﻟﻠﺴ ﻨﻮ ﺍﺕ ﻣ ﺎ‬

‫ﻗﺒﻞ ﺍﻟﺘﺤﻮﻝ ﻭﺍﻟﺴﻨﻮﺍﺕ ﺑﻌﺪ ﺍﻟﺘﺤﻮﻝ ﻭﺍﺗﻀﺢ ﻣﻦ ﺧﻼﻝ ﻧﺘﺎﺋﺞ ﺍﻟﺘﺤﻠﻴﻞ ﺃﻥ ﻋﺪﺩ ﺍﳌﺮﺍﺕ ﺍﻟﱵ ﺗﻐﻄﻲ ﻓﻴﻬﺎ ﺍﻷﺻﻮﻝ ﳊﻘﻮﻕ ﺍﳌﻠﻜﻴﺔ ﰲ‬
‫ﺍ ﻟ ﺴ ﻨ ﻮ ﺍ ﺕ ﺑ ﻌ ﺪ ﺍ ﻟ ﺘ ﺤ ﻮ ﻝ ﻟ ﻠ ﺼ ﲑ ﻓ ﺔ ﺍ ﻹ ﺳ ﻼ ﻣ ﻴ ﺔ ﺃ ﻋ ﻠ ﻰ ﻣ ﻨ ﻬ ﺎ ﰲ ﺍ ﻟ ﺴ ﻨ ﻮ ﺍ ﺕ ﻗ ﺒ ﻞ ﺍ ﻟ ﺘ ﺤ ﻮ ﻝ ﻟ ﻠ ﺼ ﲑ ﻓ ﺔ ﺍ ﻹ ﺳ ﻼ ﻣ ﻴ ﺔ ‪ .‬ﺣ ﻴ ﺚ ﺳ ﺠ ﻠ ﺖ ﺍﻟﺴ ﻨ ﻮ ﺍ ﺕ ﺑ ﻌ ﺪ‬
‫ﺍﻟﺘﺤﻮﻝ )‪ (2017 ،2016 ،2015‬ﻣﺘﻮﺳﻂ ﻗﻴﻤﺘﻪ )‪ ،(11.0125‬ﺃﻣﺎ ﺍﻟﺴﻨﻮﺍﺕ ﻣﺎ ﻗﺒﻞ ﺍﻟﺘﺤﻮﻝ )‪،2011 ،2010‬‬
‫‪ (2012‬ﻓﻘﺪ ﺳﺠﻠﺖ ﻣﺘﻮﺳﻂ ﻗﻴﻤﺘﻪ )‪ .(6.9512‬ﻭﻫﺬﺍ ﻳﺆﻛﺪ ﺻﺤﺔ ﻓﺮﺿﻴﺔ ﺍﻟﺪﺭﺍﺳﺔ ﺍﻟﻔﺮﻋﻴﺔ ﺍﻟﺜﺎﻟﺜﺔ ‪ H03‬ﺑﻮﺟﻮﺩ ﻓﺮﻭﻕ ﰲ‬
‫ﻣ ﺆ ﺷ ﺮ ﻣ ﻀ ﺎ ﻋ ﻒ ﺍ ﳌ ﻠ ﻜ ﻴ ﺔ ﺑ ﲔ ﻓ ﺘ ﺮ ﰐ ﺍ ﻟ ﺪ ﺭ ﺍ ﺳ ﺔ ﻭ ﻛ ﺎ ﻥ ﻟ ﺼ ﺎ ﱀ ﺍ ﻷ ﺩ ﺍ ء ﻟ ﻠ ﻔ ﺘ ﺮ ﺓ ﺑ ﻌ ﺪ ﺍ ﻟ ﺘ ﺤ ﻮ ﻝ ‪ ،‬ﻋ ﻠ ﻴ ﻪ ﻑ ‪Y‬ﻧ ﻪ ﻳ ﻌ ﺘ ﱪ ﻣ ﺆ ﺷ ﺮ ﺟ ﻴ ﺪ ﻟ ﻘ ﻴ ﺎ ﻡ ﺍ ﳌ ﺼ ﺮ ﻑ‬
‫ﲜ ﺬ ﺏ ﺍﻟﻮ ﺩ ﺍﺋﻊ ﻭ ﺯ ﻳﺎﺩ ﺓ ﻣ ﺼ ﺎﺩ ﺭ ﲤ ﻮ ﻳﻠﻪ ﺍﳋ ﺎﺭ ﺟ ﻴﺔ ﻭ ﺍﻟﺬ ﻱ ﻳﻀ ﺎﻋ ﻒ ﻣ ﻦ ﻋ ﺎﺋﺪ ﺍﳌ ﻠﻜ ﻴﺔ ﰲ ﺣ ﺎﻟﺔ ﲢ ﻘ ﻴ ﻖ ﺍﻻ ﺭ ﺑﺎ ﺡ ‪.‬‬
‫‪ H04‬ﺍﻟﻔﺮﺿﻴﺔ ﺍﻟﻔﺮﻋﻴﺔ ﺍﻟﺮﺍﺑﻌﺔ‪ :‬ﻫﻨﺎﻙ ﻓﺮﻭﻕ ﰲ ﻫﺎﻣﺶ ﺍﻟﺮﺑﺢ )‪ (PM‬ﻟﻠﻔﺘﺮﺓ ﻗﺒﻞ ﻭﺑﻌﺪ ﺍﻟﺘﺤﻮﻝ‪.‬‬
‫ﻻﺧﺘﺒﺎﺭ ﻫﺬﻩ ﺍﻟﻔﺮﺿﻴﺔ ﰎ ﺍﺳﺘﺨﺪﺍﻡ ﻣﺆﺷﺮ ﻫﺎﻣﺶ ﺍﻟﺮﺑﺢ )‪(PM‬‬
‫ﺍﳉﺪﻭﻝ ‪ .4.2‬ﻫﺎﻣﺶ ﺍﻟﺮﺑﺢ )‪(PM‬‬
‫ﺳ ﻨﻮ ﺍﺕ ﺑﻌ ﺪ ﺍﻟﺘﺤ ﻮ ﻝ‬ ‫ﺳ ﻨﻮ ﺍﺕ ﻗ ﺒﻞ ﺍﻟﺘﺤ ﻮ ﻝ‬ ‫ﺍﻟﺴ ﻨﻮ ﺍﺕ‬
‫ﺍﳌ ﺘﻮ ﺳ ﻂ‬ ‫‪2017‬‬ ‫‪2016‬‬ ‫‪2015‬‬ ‫ﺍﳌ ﺘﻮ ﺳ ﻂ‬ ‫‪2012‬‬ ‫‪2011‬‬ ‫‪2010‬‬
‫ﺍﳌ ﻌ ﺪ ﻝ‬
‫‪0.0040- 0.1001 0.1716 0.2836- 0.1285- 0.0736 3.4841- 0.0251‬‬ ‫‪PM‬‬

‫ﻳﺸﲑ ﺍﳉﺪﻭﻝ ﺍﻟﺴﺎﺑﻖ )‪ (4.2‬ﺇﱃ ﺃﻥ ﻫﺎﻣﺶ ﺍﻟﺮﺑﺢ )‪ (PM‬ﻟﻠﻤﺼﺮﻑ ﻗﻴﺪ ﺍﻟﺪﺭﺍﺳﺔ ﰲ ﺍﻟﺴﻨﻮﺍﺕ ﻗﺒﻞ ﺍﻟﺘﺤﻮﻝ ﺇﱃ ﺍﻟﺼﲑﻓﺔ‬
‫ﺍﻹﺳﻼﻣﻴﺔ ﻗﺪ ﺳﺠﻞ ﺃﻋﻠﻰ ﻣﻌﺪﻝ ﰲ ﺳﻨﻪ ‪ 2012‬ﲟﻌﺪﻝ )‪ ،(0.0736‬ﺃﻣﺎ ﺃﻗﻞ ﻣﻌﺪﻝ ﻓﻜﺎﻥ )‪ (3.4841-‬ﰲ ﺳﻨﻪ ‪2011‬‬
‫ﻭﻫﻮ ﻣﺎ ﻳﺸﲑ ﺇﱃ ﺗﻜﺒﺪ ﺍﳌﺼﺮﻑ ﳋﺴﺎﺋﺮ ﻧﺎﲡﻪ ﻋﻦ ﻋﺪﻡ ﻣﻘﺪﺭﺓ ﺍﳌﺼﺮﻑ ﰲ ﲢﻘﻴﻖ ﻋﻮﺍﺋﺪ ﺑﺄﻗﻞ ﺗﻜﺈﻟىﻒ‪ .‬ﺃﻣﺎ ﺳﻨﺔ ‪ 2010‬ﻓﻘﺪ‬
‫ﻛﺎﻧﺖ ﻗﻴﻤﺔ ﻣﻌﺪﻝ ﻫﺎﻣﺶ ﺍﻟﺮﺑﺢ )‪.(0.0251‬‬
‫ﻣﻦ ﻧﺎﺣﻴﺔ ﺁﺧﺮﻯ‪ ،‬ﻓﻘﺪ ﺃﺷﺎﺭ ﺍﳉﺪﻭﻝ )‪ (4.2‬ﺃﻥ ﺍﻟﺴﻨﻮﺍﺕ ﺑﻌﺪ ﲢﻮﻝ ﻣﺼﺮﻑ ﴰﺎﻝ ﺃﻓﺮﻳﻘﻴﺎ ﺇﱃ ﺗﻘﺪﱘ ﺧﺪﻣﺎﺗﻪ ﺣﺴﺐ ﺍﻟﺸﺮﻳﻌﺔ‬
‫ﺍﻹﺳﻼﻣﻴﺔ ﻗﺪ ﺳﺠﻞ ﺃﻋﻠﻰ ﻣﻌﺪﻝ ﳍﺎﻣﺶ ﺍﻟﺮﺑﺢ ﻛﺎﻥ ﰲ ﺳﻨﺔ ‪ 2016‬ﲟﻌﺪﻝ )‪ ،(0.1716‬ﺃﻣﺎ ﺃﺩﱏ ﻣﻌﺪﻝ ﻓﻘﺪ ﻛﺎﻥ )‪-‬‬
‫‪ (0.2836‬ﰲ ﺳﻨﺔ ‪ .2015‬ﺃﻳﻀﴼ‪ ،‬ﻓﺈﻥ ﻣﻌﺪﻝ ﻫﺎﻣﺶ ﺍﻟﺮﺑﺢ ﻟﺴﻨﺔ ‪ 2017‬ﻛﺎﻥ ﲟﻌﺪﻝ )‪ (0.1001‬ﻭﻫﻮ ﻳﺸﲑ ﺇﱃ ﺍﳔﻔﺎﺽ‬
‫ﺍﳌ ﻌ ﺪ ﻝ ﻋ ﻦ ﺍﻟﺴ ﻨ ﺔ ﺍﻟﱵ ﻗ ﺒﻠ ﻬ ﺎ ﻧﺘﻴ ﺠ ﺔ ﺍﳔ ﻔ ﺎ ﺽ ﺣ ﺠ ﻢ ﺇﻳﺮ ﺍﺩ ﺍﺕ ﺍﳌ ﺼ ﺮ ﻑ ﺍﻟﻨﺎﲡ ﺔ ﻋ ﻦ ﺍﺭ ﺗﻔ ﺎ ﻉ ﺍﻟﻨﻔ ﻘ ﺎ ﺕ ‪.‬‬
‫ﻭ ﻻ ﺧ ﺘﺒﺎﺭ ﺍﻟﻔ ﺮ ﺿ ﻴﺔ ﺍﻟﻔ ﺮ ﻋ ﻴﺔ ﺍﻟﺮ ﺍﺑﻌ ﺔ ﰎ ﺣ ﺴ ﺎﺏ ﺍﻟﻮ ﺳ ﻂ ﺍﳊ ﺴ ﺎﰊ ﳌﻌ ﺪ ﻝ ﻫ ﺎﻣ ﺶ ﺍﻟﺮ ﺑﺢ ﻟﺴ ﻨﻮ ﺍﺕ ﺍﻟﺪ ﺭ ﺍﺳ ﺔ ﻋ ﻦ ﻣ ﺼ ﺮ ﻑ ﴰ ﺎﻝ ﺃﻓﺮ ﻳﻘ ﻴﺎ‬
‫ﺣﻴﺚ ﺗﺒﲔ ﺃﻥ ﻓﺘﺮﰐ ﺍﻟﺪﺭﺍﺳﺔ ﺍﳌﺘﻤﺜﻠﺘﲔ ﰲ ﺍﻟﻔﺘﺮﺓ ﻗﺒﻞ ﺍﻟﺘﺤﻮﻝ ﻟﻠﺼﲑﻓﺔ ﺍﻹﺳﻼﻣﻴﺔ )‪ (2012 ،2011 ،2010‬ﻭﺍﻟﻔﺘﺮﺓ ﺑﻌﺪ‬
‫ﺍﻟﺘﺤﻮﻝ ﻟﻠﺼﲑﻓﺔ ﺍﻹﺳﻼﻣﻴﺔ )‪ (2017 ،2016 ،2015‬ﻗﺪ ﺳﺠﻠﺘﺎ ﺍﳔﻔﺎﺽ ﰲ ﺍﳌﻌﺪﻝ ﻭﻳﻌﻮﺩ ﺫﻟﻚ ﺇﱃ ﻋﺪﻡ ﻗﺪﺭﺓ ﺍﳌﺼﺮﻑ ﻗﻴﺪ‬
‫ﺍ ﻟ ﺪ ﺭ ﺍ ﺳ ﺔ ﺇ ﱃ ﲢ ﻘ ﻴﻖ ﻋ ﺎ ﺋ ﺪ ﺍﺕ ﻋ ﻦ ﻃ ﺮ ﻳﻖ ﲣ ﻔ ﻴﺾ ﺣ ﺠ ﻢ ﺍﻟﻨﻔ ﻘ ﺎ ﺕ ‪ .‬ﺣ ﻴ ﺚ ﻛ ﺎﻥ ﻣ ﺘﻮ ﺳ ﻂ ﻣ ﻌ ﺪ ﻝ ﻫ ﺎﻣ ﺶ ﺍﻟﺮ ﺑﺢ ﻟﻠﺴ ﻨﻮ ﺍﺕ ﺑﻌ ﺪ ﺍﻟﺘ ﺤ ﻮ ﻝ‬
‫)‪ (0.0040-‬ﻭﻫﻮ ﺃﻗﻞ ﻣﻦ ﻣﺘﻮﺳﻂ ﻣﻌﺪﻝ ﻫﺎﻣﺶ ﺍﻟﺮﺑﺢ ﻟﻠﺴﻨﻮﺍﺕ ﻗﺒﻞ ﺍﻟﺘﺤﻮﻝ )‪ (0.1285-‬ﻭﻫﺬﺍ ﻳﺪﻝ ﻋﻠﻰ ﺃﻥ ﺍﳌﺼﺮﻑ ﻗﻴﺪ‬

‫)‪(262‬‬
‫ﺍﻟﺪ ﺭ ﺍﺳ ﺔ ﺣ ﻘ ﻖ ﻋ ﻮ ﺍﺋﺪ ﺃﻓ ﻀ ﻞ ﻧﺴ ﺒﻴ ﴼ ﰲ ﺍﻟﺴ ﻨﻮ ﺍﺕ ﺑﻌ ﺪ ﺍﻟﺘﺤ ﻮ ﻝ ﻋ ﻦ ﺍﻟﺴ ﻨﻮ ﺍﺕ ﻗ ﺒﻞ ﺍﻟﺘﺤ ﻮ ﻝ ﻭ ﻫ ﺬ ﺍ ﻳﺆ ﻛ ﺪ ﺻ ﺤ ﺔ ﻓﺮ ﺿ ﻴ ﺔ ﺍﻟﺪ ﺭ ﺍﺳ ﺔ ﺍﻟﻔ ﺮ ﻋ ﻴ ﺔ‬
‫ﺍﻟﺮﺍﺑﻌﺔ ‪ H04‬ﺑﻮﺟﻮﺩ ﻓﺮﻭﻕ ﰲ ﻣﺆﺷﺮ ﻫﺎﻣﺶ ﺍﻟﺮﺑﺢ ﻟﻠﻔﺘﺮﺓ ﻗﺒﻞ ﻭﺑﻌﺪ ﺍﻟﺘﺤﻮﻝ‪ .‬ﻣﻊ ﺍﻹﺷﺎﺭﺓ ﺇﱃ ﺃﻥ ﻛﻼ ﺍﻟﻔﺘﺮﺗﲔ )ﻗﺒﻞ ﻭﺑﻌﺪ‬
‫ﺍﻟﺘﺤﻮﻝ( ﻛﺎﻥ ﻣﺘﻮﺳﻂ ﻫﺎﻣﺶ ﺍﻟﺮﺑﺢ ﺑﺎﻟﺴﺎﻟﺐ ﻭﻫﻮ ﺇﺷﺎﺭﺓ ﺇﱃ ﻋﺪﻡ ﻗﺪﺭﺓ ﺍﳌﺼﺮﻑ ﻋﻠﻰ ﲣﻔﻴﺾ ﻧﻔﻘﺎﺗﻪ ﻭﺗﻨﻮﻳﻊ ﻭﺯﻳﺎﺩﺓ ﺇﻳﺮﺍﺩﺍﺗﻪ‬
‫ﻟﺘﺤ ﻘ ﻴﻖ ﺍﻷ ﺭ ﺑﺎﺡ ‪.‬‬

‫‪ H05‬ﺍﻟﻔﺮﺿﻴﺔ ﺍﻟﻔﺮﻋﻴﺔ ﺍﳋﺎﻣﺴﺔ‪ :‬ﻫﻨﺎﻙ ﻓﺮﻭﻕ ﰲ ﻣﻌﺪﻝ ﻣﻨﻔﻌﺔ ﺍﻷﺻﻮﻝ )‪ (AU‬ﻟﻠﻔﺘﺮﺓ ﻗﺒﻞ ﻭﺑﻌﺪ ﺍﻟﺘﺤﻮﻝ‪ .‬ﻻﺧﺘﺒﺎﺭ ﻫﺬﻩ‬
‫ﺍﻟﻔﺮﺿﻴﺔ ﰎ ﺍﺳﺘﺨﺪﺍﻡ ﻣﺆﺷﺮ ﻣﻨﻔﻌﺔ ﺍﻷﺻﻮﻝ )‪(AU‬‬
‫ﺍﳉﺪﻭﻝ ‪ .5.2‬ﻣﻨﻔﻌﺔ ﺍﻷﺻﻮﻝ )‪(AU‬‬
‫ﺳ ﻨﻮ ﺍﺕ ﺑﻌ ﺪ ﺍﻟﺘﺤ ﻮ ﻝ‬ ‫ﺳ ﻨﻮ ﺍﺕ ﻗ ﺒﻞ ﺍﻟﺘﺤ ﻮ ﻝ‬ ‫ﺍﻟﺴ ﻨﻮ ﺍﺕ‬
‫ﺍﳌ ﺘﻮ ﺳ ﻂ‬ ‫‪2017‬‬ ‫‪2016‬‬ ‫‪2015‬‬ ‫ﺍﳌ ﺘﻮ ﺳ ﻂ‬ ‫‪2012‬‬ ‫‪2011‬‬ ‫‪2010‬‬
‫ﺍﳌ ﻌ ﺪ ﻝ‬
‫‪0.0126 0.0108 0.0141 0.0130 0.0165‬‬ ‫‪0.0195‬‬ ‫‪0.0104‬‬ ‫)‪0.0195 (AU‬‬
‫ﻣﻦ ﺍﳉﺪﻭﻝ ﺍﻟﺴﺎﺑﻖ )‪ (5.2‬ﻳﻼﺣﻆ ﺃﻥ ﻣﺆﺷﺮ ﻣﻨﻔﻌﺔ ﺍﻷﺻﻮﻝ )‪ (EU‬ﻭﺍﻟﺬﻱ ﻳﺸﲑ ﺇﱃ ﻣﺪﻯ ﻗﺪﺭﺓ ﺍﳌﺼﺮﻑ ﻗﻴﺪ ﺍﻟﺪﺭﺍﺳﺔ ﻋﻠﻰ‬
‫ﺍﺳﺘﻐﻼﻝ ﺍﺻﻮﻟﻪ ﻟﺘﺤﻘﻴﻖ ﺍﻹﻳﺮﺍﺩﺍﺕ ﰲ ﺍﻟﺴﻨﻮﺍﺕ ﻗﺒﻞ ﺍﻟﺘﺤﻮﻝ ﻟﻠﺼﲑﻓﺔ ﺍﻹﺳﻼﻣﻴﺔ ﻗﺪ ﺳﺠﻞ ﺃﻋﻠﻰ ﻣﻌﺪﻝ ﰲ ﺍﻟﺴﻨﻮﺍﺕ ‪،2010‬‬
‫‪ 2012‬ﲟﻌﺪﻻﺕ ﻣﺘﺴﺎﻭﻳﺔ ﺑﻠﻐﺖ )‪ (0.0195‬ﻟﻜﻞ ﻣﻨﻬﻤﺎ‪ .‬ﺃﻣﺎ ﺳﻨﺔ ‪ 2011‬ﻓﻘﺪ ﺑﻠﻎ ﻣﻌﺪﻝ ﻣﻨﻔﻌﺔ ﺍﻷﺻﻮﻝ )‪.(0.0104‬‬
‫ﺃﻣ ﺎ ﻓﻴﻤ ﺎ ﳜ ﺺ ﺍﻟﻔ ﺘﺮ ﺓ ﺑﻌ ﺪ ﺍﻟﺘﺤ ﻮ ﻝ ﻟﻠ ﺼ ﲑ ﻓ ﺔ ﺍﻹ ﺳ ﻼ ﻣ ﻴ ﺔ ﻟﻠ ﻤ ﺼ ﺮ ﻑ ﻗ ﻴ ﺪ ﺍﻟ ﺪ ﺭ ﺍﺳ ﺔ ﻓﻘ ﺪ ﺳ ﺠ ﻞ ﺃﻋ ﻠﻰ ﻣ ﻌ ﺪ ﻝ ﳌ ﻨﻔ ﻌ ﺔ ﺍﻷ ﺻ ﻮ ﻝ ﰲ ﺳ ﻨ ﺔ‬
‫‪ 2016‬ﲟﻌﺪﻝ )‪ ،(0.0141‬ﺗﻠﻴﻬﺎ ﺳﻨﺔ ‪ 2015‬ﲟﻌﺪﻝ )‪ ،(0.0130‬ﺃﻣﺎ ﺳﻨﺔ ‪ 2017‬ﻓﻘﺪ ﺍﳔﻔﺾ ﻣﻌﺪﻝ ﻣﻨﻔﻌﺔ ﺍﻷﺻﻮﻝ‬
‫ﺣﻴﺚ ﺳﺠﻞ ﻣﺎ ﻣﻘﺪﺍﺭﻩ )‪ (0.0108‬ﻭﻫﻮ ﺍﳌﺆﺷﺮ ﺍﻷﺿﻌﻒ ﻣﻘﺎﺭﻧﺔ ﺑﺎﻟﺴﻨﻮﺍﺕ ﺑﻌﺪ ﺍﻟﺘﺤﻮﻝ ﻭﺗﻌﺘﱪ ﻛﻞ ﺍﻟﻨﺴﺐ ﻣﺘﺪﻧﻴﺔ ﻣﻘﺎﺭﻧﺔ‬
‫ﲝ ﺠ ﻢ ﺍﻷ ﺻ ﻮ ﻝ ﺍﻟﱵ ﳝ ﺘﻠﻜ ﻬ ﺎ ﺍﳌ ﺼ ﺮ ﻑ ‪.‬‬
‫ﻭ ﻣ ﻦ ﺧ ﻼ ﻝ ﺣ ﺴ ﺎﺏ ﺍﳌ ﺘﻮ ﺳ ﻂ ﺍﳊ ﺴ ﺎﰊ ﳌﻌ ﺪ ﻝ ﻣ ﻨﻔ ﻌ ﺔ ﺍﻷ ﺻ ﻮ ﻝ ﻟﻔ ﺘﺮ ﰐ ﺍﻟﺪ ﺭ ﺍﺳ ﺔ ) ﻓﺘﺮ ﺓ ﻗﺒﻞ ﺍﻟﺘﺤ ﻮ ﻝ ﻭ ﻓﺘﺮ ﺓ ﺑﻌ ﺪ ﺍﻟﺘﺤ ﻮ ﻝ ( ﻭ ﺍﳌﺸ ﺎﺭ ﺇﻟﻴﻪ‬
‫ﺑﺎﳉﺪﻭﻝ ﺭﻗﻢ )‪ (5.2‬ﺗﺒﲔ ﺃﻥ ﺃﺩﺍء ﺍﳌﺼﺮﻑ ﰲ ﺍﺳﺘﻐﻼﻝ ﺃﺻﻮﻟﻪ ﻟﺘﺤﻘﻴﻖ ﻋﻮﺍﺋﺪ ﺃﻋﻠﻰ ﻛﺎﻧﺖ ﺃﻓﻀﻞ ﰲ ﺍﻟﺴﻨﻮﺍﺕ ﻗﺒﻞ ﺍﻟﺘﺤﻮﻝ‬
‫ﻟﻠﺼﲑﻓﺔ ﺍﻹﺳﻼﻣﻴﺔ‪ ،‬ﺣﻴﺚ ﻛﺎﻥ ﻣﺘﻮﺳﻂ ﻣﻨﻔﻌﺔ ﺍﻷﺻﻮﻝ ﻟﺘﻠﻚ ﺍﻟﺴﻨﻮﺍﺕ )‪ (2012 ،2011 ،2010‬ﻣﺎ ﻣﻘﺪﺍﺭﻩ )‪.(0.0165‬‬
‫ﺃﻣﺎ ﻣﻌﺪﻝ ﻣﻨﻔﻌﺔ ﺍﻷﺻﻮﻝ ﰲ ﺍﻟﺴﻨﻮﺍﺕ ﺑﻌﺪ ﺍﻟﺘﺤﻮﻝ ﻟﻠﺼﲑﻓﺔ ﺍﻹﺳﻼﻣﻴﺔ )‪ (2017 ،2016 ،2015‬ﻓﻘﺪ ﻛﺎﻥ ﲟﺘﻮﺳﻂ‬
‫)‪ ،(0.0126‬ﻭﻫﺬﺍ ﻳﺆﻛﺪ ﺻﺤﺔ ﻓﺮﺿﻴﺔ ﺍﻟﺪﺭﺍﺳﺔ ﺍﻟﻔﺮﻋﻴﺔ ﺍﳋﺎﻣﺴﺔ ‪ H05‬ﺍﻟﱵ ﺗﺆﻛﺪ ﻭﺟﻮﺩ ﻓﺮﻭﻕ ﰲ ﻣﻨﻔﻌﺔ ﺍﻷﺻﻮﻝ ﻭﻛﺎﻧﺖ‬
‫ﻟ ﺼ ﺎ ﱀ ﺍ ﻟ ﻔ ﺘ ﺮ ﺓ ﻣ ﺎ ﻗ ﺒ ﻞ ﺍ ﻟ ﺘ ﺤ ﻮ ﻝ ﻭ ﺍ ﻟ ﺬ ﻱ ﻧﺴ ﺘ ﻨ ﺘ ﺞ ﻣ ﻨ ﻪ ﺃ ﻥ ﺗﺸ ﻐ ﻴ ﻞ ﺍ ﻷ ﺻ ﻮ ﻝ ﻟ ﺘ ﻮ ﻟ ﻴ ﺪ ﺍ ﻹ ﻳ ﺮ ﺍ ﺩ ﺍ ﺕ ﻛ ﺎ ﻥ ﺃ ﻓ ﻀ ﻞ ﻗ ﺒ ﻞ ﺍ ﻟ ﺘ ﺤ ﻮ ﻝ ﻟ ﻠ ﺼ ﲑ ﻓ ﺔ‬
‫ﺍﻹ ﺳ ﻼ ﻣ ﻴ ﺔ ‪.‬‬
‫‪ H0‬ﺍﻟﻔﺮﺿﻴﺔ ﺍﻟﺮﺋﻴﺴﺔ‪ :‬ﻳﻮﺟﺪ ﻓﺮﻭﻕ ﰲ ﺍﻷﺩﺍء ﺍﳌﺎﱄ ﻟﻠﻤﺼﺮﻑ ﻗﺒﻞ ﻭﺑﻌﺪ ﺍﻟﺘﺤﻮﻝ ﻟﻠﺼﲑﻓﺔ ﺍﻹﺳﻼﻣﻴﺔ ﺑﺎﺳﺘﺨﺪﺍﻡ ﻣﺆﺷﺮﺍﺕ ﳕﻮﺫﺝ‬
‫ﺩﻭﺑﻮﻧﺖ )‪.(Dupont‬‬
‫ﻣ ﻦ ﺧ ﻼ ﻝ ﻧﺘﺎ ﺋﺞ ﺍﻟﺘ ﺤ ﻠ ﻴﻼ ﺕ ﺍﻟﺴ ﺎ ﺑﻘ ﺔ ﻭ ﺍﻟﱵ ﰎ ﻣ ﻦ ﺧ ﻼ ﳍ ﺎ ﺍﺧ ﺘﺒﺎ ﺭ ﺍﻟﻔ ﺮ ﺿ ﻴﺎ ﺕ ﺍﻟﻔ ﺮ ﻋ ﻴ ﺔ ﻭ ﺍﻟﱵ ﺃﺛﺒﺘ ﺖ ﻧﺘﺎ ﺋﺞ ﺍﺧ ﺘﺒﺎ ﺭ ﻫ ﺎ ﺑﺈ ﺛﺒﺎ ﺕ ﺻ ﺤ ﺔ ﻛ ﻞ‬
‫ﺍﻟﻔ ﺮ ﺿ ﻴﺎ ﺕ ﺍﻟﻔ ﺮ ﻋ ﻴ ﺔ ﺍﳋ ﺎﻣﺴ ﺔ ﳌ ﺆ ﺷ ﺮ ﺍﺕ ﳕ ﻮ ﺫ ﺝ ﺍﻟﺪ ﺭ ﺍﺳ ﺔ ﻟﺘﻘ ﻴﻴﻢ ﺍﻷ ﺩ ﺍء ﺍﳌ ﺎ ﱄ ﻭ ﺍ ﻟ ﺬ ﻱ ﻧ ﺴ ﺘ ﻨ ﺘ ﺞ ﻣ ﻨ ﻪ ﺍ ﺛ ﺒ ﺎ ﺕ ﺍ ﻟ ﻔ ﺮ ﺿ ﻴ ﺔ ﺍ ﻟ ﺮ ﺋ ﻴ ﺴ ﺔ ﻟ ﻠ ﺪ ﺭ ﺍ ﺳ ﺔ‬
‫‪ H0‬ﻭﺍﻟﱵ ﺗﺴﺘﻨﺪ ﻋﻠﻰ ﻭﺟﻮﺩ ﻓﺮﻭﻕ ﰲ ﺍﻷﺩﺍء ﺍﳌﺎﱄ ﻟﻠﻤﺼﺮﻑ ﳏﻞ ﺍﻟﺪﺭﺍﺳﺔ ﻟﻠﻔﺘﺮﺓ ﻣﺎ ﻗﺒﻞ ﻭﻣﺎ ﺑﻌﺪ ﺍﻟﺘﺤﻮﻝ ﻣﻦ ﺧﻼﻝ ﺍﺳﺘﺨﺪﺍﻡ‬
‫ﻣﺆﺷﺮﺍﺕ ﳕﻮﺫﺝ ﺩﻭﺑﻮﻧﺖ )‪.(Dupont‬‬

‫)‪(263‬‬
 ‫ﺍﻟﻨﺘﺎﺋﺞ ﻭ ﺍﻟﺘﻮ ﺻ ﻴﺎ ﺕ‬
‫‪ .1.4‬ﺍﻟﻨﺘﺎﺋﺞ‬
‫ﻣ ﻦ ﺍﻟﺘ ﺤ ﻠ ﻴﻞ ﺍﻟﺴ ﺎ ﺑﻖ ﳝ ﻜ ﻦ ﺻ ﻴﺎ ﻏ ﺔ ﺍﻟﻨﺘﺎ ﺋﺞ ﺍ ﻟ ﺘ ﺎ ﻟ ﻴ ﺔ ‪:‬‬
‫‪ .1‬ﺃﻥ ﻫﻨﺎﻙ ﻓﺮﻭﻕ ﰲ ﺍﻷﺩﺍء ﺍﳌﺎﱄ ﻟﻠﻤﺼﺮﻑ ﻗﻴﺪ ﺍﻟﺪﺭﺍﺳﺔ ﻭﻓﻘﴼ ﳌﺆﺷﺮﺍﺕ ﳕﻮﺫﺝ ﺩﻭﺑﻮﻧﺖ )‪ (Dupont‬ﳑﺎ ﻳﺪﻟﻞ ﻋﻠﻰ ﺗﺄﺛﺮ‬
‫ﺍﻷ ﺩ ﺍء ﺍﳌ ﺎ ﱄ ﻟ ﻠ ﻤ ﺼ ﺮ ﻑ ﺑ ﺎ ﻟ ﺘ ﺤ ﻮ ﻝ ﻟ ﻠ ﺼ ﲑ ﻓ ﺔ ﺍﻹ ﺳ ﻼ ﻣ ﻴ ﺔ ‪.‬‬
‫‪ .2‬ﺃﻥ ﻛﻞ ﺍﻟﻔﺮﻭﻕ ﰲ ﺍﻷﺩﺍء ﺍﳌﺎﱄ ﻛﺎﻧﺖ ﻟﺼﺎﱀ ﺍﻟﻔﺘﺮﺓ ﺑﻌﺪ ﺍﻟﺘﺤﻮﻝ ﻣﺎ ﻋﺪﺍ ﻣﺆﺷﺮ ﻣﻨﻔﻌﺔ ﺍﻷﺻﻮﻝ )‪ (AU‬ﺍﻟﺬﻱ ﻛﺎﻥ ﺃﻓﻀﻞ ﰲ‬
‫ﺍﻟﻔﺘﺮﺓ ﻣﺎ ﻗﺒﻞ ﺍﻟﺘﺤﻮﻝ ﲟﺘﻮﺳﻂ )‪ ،(0.0165‬ﻭﻓﻖ ﻧﺘﺎﺋﺞ ﺍﳉﺪﻭﻝ )‪.(5.2‬‬
‫‪ .3‬ﺗﻌﺮﺽ ﺍﻟﻌﺎﺋﺪ ﻋﻠﻰ ﺍﻷﺻﻮﻝ )‪ (ROA‬ﳌﺘﻮﺳﻂ ﺧﺴﺎﺭﺓ ﺧﻼﻝ ﻓﺘﺮﺓ ﺍﻟﺪﺭﺍﺳﺔ ﻭﺍﻥ ﻛﺎﻧﺖ ﺑﻌﺪ ﺍﻟﺘﺤﻮﻝ ﺃﻗﻞ ﺧﺴﺎﺭﺓ ﺍﻻ ﺃﻥ‬
‫ﺍ ﻟ ﺘ ﻘ ﻴ ﻴ ﻢ ﺍ ﻟ ﻌ ﺎ ﻡ ﻳ ﺪ ﻝ ﻋ ﻠ ﻰ ﺿ ﻌ ﻒ ﺗﺸ ﻐ ﻴ ﻞ ﺍ ﻷ ﺻ ﻮ ﻝ ﻭ ﺍ ﳔ ﻔ ﺎ ﺽ ﺍ ﻹ ﻳ ﺮ ﺍ ﺩ ﺍ ﺕ ﺧ ﻼ ﻝ ﺍ ﻟ ﻔ ﺘ ﺮ ﺓ ﻭ ﻓ ﻖ ﻧ ﺘ ﺎ ﺋ ﺞ ﺍ ﻟ ﺘ ﺤ ﻠ ﻴ ﻞ ﺍ ﻟ ﻮ ﺿ ﺤ ﺔ ﺑ ﺎ ﳉ ﺪ ﻭ ﻝ ﺭ ﻗ ﻢ‬
‫)‪.(2.2‬‬
‫‪ .4‬ﺿﻌﻒ ﻣﻌﺪﻝ ﺍﻟﻌﺎﺋﺪ ﻋﻠﻰ ﺍﳌﻠﻜﻴﺔ ﻧﺘﻴﺠﺔ ﺍﳔﻔﺎﺽ ﻫﺎﻣﺶ ﺍﻟﺮﺑﺢ ﺧﻼﻝ ﻛﺎﻣﻞ ﻓﺘﺮﺓ ﺍﻟﺪﺭﺍﺳﺔ ﻣﺎ ﻗﺒﻞ ﻭﺑﻌﺪ ﺍﻟﺘﺤﻮﻝ ﻭﺍﻥ ﺣﻘﻖ‬
‫ﻋ ﺎﺋﺪ ﺿ ﺌﻴﻞ ﻧﺴ ﺒﻴﺎ ﺑﻌ ﺪ ﺍﻟﺘﺤ ﻮ ﻝ ‪.‬‬
‫‪ .5‬ﺗﻌﺮﺽ ﻫﺎﻣﺶ ﺍﻟﺮﺑﺢ ﳌﺘﻮﺳﻂ ﺧﺴﺎﺭﺓ ﺧﻼﻝ ﻛﺎﻣﻞ ﺍﻟﻔﺘﺮﺓ ﻭﻫﺬﺍ ﻳﻌﺪ ﻣﻦ ﺃﻫﻢ ﺍﻟﻌﻮﺍﻣﻞ ﺍﳊﺎﲰﺔ ﰲ ﲢﺴﲔ ﺑﺎﻗﻲ ﺍﳌﺆﺷﺮﺍﺕ‪،‬‬
‫ﺑﺴ ﺒ ﺐ ﻋ ﺪ ﻡ ﺍﻟﻘ ﺪ ﺭ ﺓ ﻋ ﻠﻰ ﺗﻮ ﻟﻴ ﺪ ﺍﻷ ﺭ ﺑﺎ ﺡ ﺍﻟﻨﺎﲡ ﺔ ﻋ ﻦ ﺿ ﻌ ﻒ ﺇﺩ ﺍﺭ ﺓ ﺍ ﳌ ﺼ ﺮ ﻑ ﻟﻨﻔ ﻘ ﺎﺗﻪ ﻭ ﺭ ﻓ ﻊ ﻗ ﻴ ﻤ ﺔ ﻭ ﺗﻨﻮ ﻳ ﻊ ﻋ ﺎﺋ ﺪ ﺍﺗﻪ ﰲ ﺍﻟﻔ ﺘﺮ ﺗﲔ ﺑﺎﻟﺮ ﻏ ﻢ‬
‫ﻣﻦ ﻭﺟﻮﺩ ﲢﺴﻦ ﺑﺴﻴﻂ ﰲ ﺃﺩﺍء ﺍﳌﺼﺮﻑ ﰲ ﺍﻟﻔﺘﺮﺓ ﺑﻌﺪ ﺍﻟﺘﺤﻮﻝ ﻭﻓﻖ ﻧﺘﺎﺋﺞ ﺍﳉﺪﻭﻝ ﺭﻗﻢ )‪.(4.2‬‬
‫‪ .6‬ﺍﳔﻔﺎﺽ ﻣﻨﻔﻌﺔ ﺍﻷﺻﻮﻝ )‪ (UA‬ﻭﻓﻖ ﻧﺘﺎﺋﺞ ﺍﳉﺪﻭﻝ )‪ (5.2‬ﻭﺍﻟﺬﻱ ﻳﻘﺎﺱ ﲟﻌﺪﻝ ﺩﻭﺭﺍﻥ ﺍﻷﺻﻮﻝ ﳑﺎ ﻳﺪﻝ ﻋﻠﻰ ﺿﻌﻒ‬
‫ﺗﺸ ﻐ ﻴﻞ ﺍﻷ ﺻ ﻮ ﻝ ﻭ ﺿ ﻌ ﻒ ﺇﲨ ﺎ ﱄ ﺍﻹ ﻳﺮ ﺍﺩ ﺍﺕ ﺍﳌ ﺤ ﻘ ﻘ ﺔ ﻣ ﻨﻬ ﺎ ﺑﻌ ﺪ ﺍﻟﺘﺤ ﻮ ﻝ ‪.‬‬
‫‪ .2.4‬ﺍﻟﺘﻮﺻﻴﺎﺕ‬
‫ﻣ ﻦ ﺍﻟﻨﺘﺎ ﺋﺞ ﺃﻋ ﻼ ﻩ ﺗﻮ ﺻ ﻠ ﺖ ﺍﻟ ﺪ ﺭ ﺍﺳ ﺔ ﺇ ﱃ ﺍ ﻟ ﺘ ﻮ ﺻ ﻴ ﺎ ﺕ ﺍ ﻟ ﺘ ﺎ ﻟ ﻴ ﺔ ‪:‬‬
‫‪ .1‬ﺿﺮﻭﺭﺓ ﻗﻴﺎﻡ ﺍﳌﺼﺮﻑ ﺑﺈﺩﺍﺭﺓ ﻧﻔﻘﺎﺗﻪ ﺑﺸﻜﻞ ﺍﻗﺘﺼﺎﺩﻱ ﲟﺎ ﻳﺘﻮﺍﻓﻖ ﻣﻊ ﳕﻮ ﺃﻋﻤﺎﻟﻪ ﻭﺍﺳﺘﺜﻤﺎﺭﺍﺗﻪ‪ ،‬ﻭﺍﻟﻌﻤﻞ ﻋﻠﻰ ﺧﻔﺾ ﻧﻔﻘﺎﺗﻪ‬
‫ﺍﳌ ﺎﺩ ﻳ ﺔ ﻭ ﻓ ﻘ ﴼ ﻟ ﻠ ﺤ ﺠ ﻢ ﺍﻷ ﻣ ﺜﻞ ﻟﺘﺤ ﻘ ﻴﻖ ﺃﺭ ﺑﺎﺡ ﻣ ﻼ ﺋﻤ ﺔ ‪.‬‬
‫‪ .2‬ﺿﺮﻭﺭﺓ ﻗﻴﺎﻡ ﺍﳌﺼﺮﻑ ﺑﺘﻨﻮﻳﻊ ﺍﳌﻨﺘﺠﺎﺕ ﺍﳌﺼﺮﻓﻴﺔ ﺍﻹﺳﻼﻣﻴﺔ ﻭﺍﳋﺪﻣﺎﺕ ﺍﳌﻘﺪﻣﺔ ﻟﺘﻨﻮﻳﻊ ﻭﺗﻌﻈﻴﻢ ﺍﻹﻳﺮﺍﺩﺍﺕ‪.‬‬
‫‪ .3‬ﺍﻟﻌﻤﻞ ﻋﻠﻰ ﺟﺬﺏ ﺍﻟﻌﻤﻼء ﻹﻳﺪﺍﻉ ﺃﻣﻮﺍﳍﻢ ﺑﺎﳌﺼﺮﻑ ﲟﺎ ﻳﺪﻋﻢ ﻣﻀﺎﻋﻒ ﺍﳌﻠﻜﻴﺔ ﻭﻳﻌﻈﻢ ﺍﻟﻌﺎﺋﺪ ﻋﻠﻰ ﺍﳌﻠﻜﻴﺔ ﻟﻼﺳﺘﻔﺎﺩﺓ ﻣﻦ‬
‫ﺍﻷ ﺭ ﺑﺎ ﺡ ﺍﳌ ﺤ ﻘ ﻘ ﺔ ‪.‬‬
‫‪ .4‬ﺇﺩﺍﺭﺓ ﲣﻄﻴﻂ ﺃﺻﻮﻝ ﺍﳌﺼﺮﻑ ﺑﺘﻨﻮﻳﻊ ﺍﻻﺳﺘﺜﻤﺎﺭﺍﺕ ﻭﺍﻟﺘﻤﻮﻳﻼﺕ ﲟﺎ ﻳﻌﻈﻢ ﻣﻦ ﺗﺸﻐﻴﻞ ﺍﻷﺻﻮﻝ ﻭﺍﻟﺘﺨﻠﺺ ﻣﻦ ﺍﻷﺻﻮﻝ ﻏﲑ‬
‫ﺍﻟﻌ ﺎﻣ ﻠ ﺔ ﺍﻥ ﻭ ﺟ ﺪ ﺕ ﻟﺰ ﻳﺎﺩ ﺓ ﻣ ﻨﻔ ﻌ ﺔ ﺍﻷ ﺻ ﻮ ﻝ ﻭ ﺗﻌ ﻈ ﻴﻢ ﺍﻟﻌ ﺎﺋﺪ ﻋ ﻠﻴﻬ ﺎ‪.‬‬
‫‪ .5‬ﺿﺮﻭﺭﺓ ﻗﻴﺎﻡ ﺍﳌﺼﺮﻑ ﻗﻴﺪ ﺍﻟﺪﺭﺍﺳﺔ ﲟﻌﺎﳉﺔ ﺑﻨﺪ ﻋﺠﺰ ﺍﻧﺪﻣﺎﺝ ﺍﳌﺼﺎﺭﻑ ﺍﻷﻫﻠﻴﺔ ﺍﳌﺪﺭﺝ ﲟﻴﺰﺍﻧﻴﺘﻪ ﻣﻨﺬ ﺗﺄﺳﻴﺴﻪ ﻭﺍﳌﻘﺪﺭ ﲟﺒﻠﻎ‬
‫)‪ 150‬ﻣﻠﻴﻮﻥ ﺩﻳﻨﺎﺭ( ﻭﺍﻟﺬﻱ ﳛﺪﺙ ﺗﺸﻮﻩ ﰲ ﺑﻴﺎﻧﺎﺕ ﻭﺃﻋﻤﺎﻝ ﺍﳌﺼﺮﻑ‪.‬‬
‫‪ .6‬ﺃﺻﺒﺤﺖ ﺍﳊﺎﺟﺔ ﻣﺎﺳﺔ ﻟﻔﺘﺢ ﺳﻮﻕ ﺍﻟﺘﺪﺍﻭﻝ ﺑﺎﻟﺴﻮﻕ ﺍﳌﺎﱄ ﺍﻟﻠﻴﱯ ﻟﻠﺴﻤﺎﺡ ﻟﺸﺮﻛﺎﺕ ﺍﻷﻋﻤﺎﻝ ﻭﺍﳌﺎﻝ ﻭﻣﻦ ﺑﻴﻨﻬﺎ ﺍﳌﺼﺎﺭﻑ ﰲ‬
‫ﺗ ﻨ ﻮ ﻳ ﻊ ﺍ ﺳ ﺘ ﺜ ﻤ ﺎ ﺭ ﺍ ‪ ‬ﻢ ﻭ ﺗ ﻨ ﻮ ﻳ ﻊ ﺍ ﻹ ﻳ ﺮ ﺍ ﺩ ﺍ ﺕ ﻣ ﻦ ﺇ ﺩ ﺍ ﺭ ﺓ ﺍ ﻷ ﺻ ﻮ ﻝ ﺍﳌ ﺎﻟﻴ ﺔ ﻭ ﺍﳌ ﺤ ﺎ ﻓﻆ ﺍﻻ ﺳ ﺘﺜ ﻤ ﺎ ﺭ ﻳ ﺔ ‪.‬‬

‫)‪(264‬‬
‫‪ .7‬ﺿﺮﻭﺭﺓ ﻗﻴﺎﻡ ﺍﳌﺼﺮﻑ ﺍﳌﺮﻛﺰﻱ ﺑﺈﻟﺰﺍﻡ ﺍﳌﺼﺎﺭﻑ ﺑﺄﻗﻔﺎﻝ ﻣﻴﺰﺍﻧﻴﺎ‪‬ﺎ ﻭﻗﻮﺍﺋﻤﻬﺎ ﺍﳌﺎﻟﻴﺔ ﰲ ﺍﻟﻮﻗﺖ ﺍﳌﺤﺪﺩ ﺣﱴ ﳝﻜﻦ ﺗﻘﻴﻴﻢ ﺍﺩﺍﺋﻬﺎ‬
‫ﺑﺸ ﻜ ﻞ ﻭ ﺍﻗﻌ ﻲ ﻭ ﻣ ﺴ ﺘ ﻤ ﺮ ‪ ،‬ﺣ ﻴ ﺚ ﻳﺘ ﻀ ﺢ ﺍ ﻋ ﺘ ﻤ ﺎ ﺩ ﺍﳌ ﻴﺰ ﺍﻧﻴﺎ ﺕ ﺑﻌ ﺪ ﻣ ﺮ ﻭ ﺭ ﻋ ﺪ ﺓ ﺳ ﻨﻮ ﺍﺕ ﻋ ﻠﻰ ﺍﻧﻘ ﻀ ﺎﺋﻬ ﺎ‪.‬‬
‫‪ .8‬ﺿﺮﻭﺭﺓ ﺍﺗﺒﺎﻉ ﻣﺒﺪﺍ ﺍﻹﻓﺼﺎﺡ ﻭﺍﻟﺸﻔﺎﻓﻴﺔ ﺑﻌﺮﺽ ﺑﻴﺎﻧﺎﺕ ﺍﳌﺼﺎﺭﻑ ﲟﻮﺍﻗﻌﻬﺎ ﺍﻹﻟﻜﺘﺮﻭﻧﻴﺔ ﻟﺘﻜﻮﻥ ﻣﺘﺎﺣﺔ ﳉﻤﻬﻮﺭ ﺍﳌﺘﻌﺎﻣﻠﲔ ﳑﺎ‬
‫ﻳﻌ ﻄ ﻲ ﺍﳌ ﺠ ﺎﻝ ﻟﻠﺤ ﻜ ﻢ ﻋ ﻠﻰ ﺍﻷ ﺩ ﺍء ﻭ ﺍﻟﺪ ﻓ ﻊ ﺑﺘﺤ ﺴ ﲔ ﺍﺩ ﺍﺭ ‪ ‬ﺎ ﺑﺸ ﻜ ﻞ ﻣ ﻨﺎﺳ ﺐ ‪.‬‬
‫ﻗ ﺎ ﺋ ﻤ ﺔ ﺍﳌ ﺮ ﺍ ﺟ ﻊ‬
‫• ﺍﻟﻜﺮﺧﻲ ﳎﻴﺪ ﺟﻌﻔﺮ‪ ،2010 ،‬ﺗﻘﻮﱘ ﺍﻷﺩﺍء ﰲ ﺍﻟﻮﺣﺪﺍﺕ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﺑﺎﺳﺘﺨﺪﺍﻡ ﺍﻟﻨﺴﺐ ﺍﳌﺎﻟﻴﺔ‪ ،‬ﺩﺍﺭ ﺍﳌﻨﺎﻫﺞ ﻟﻠﻨﺸﺮ ﻭﺍﻟﺘﻮﺯﻳﻊ‪،‬‬
‫ﺍﻷ ﺭ ﺩ ﻥ ‪.‬‬
‫• ﺍﻟﺸﻴﺦ ﻓﻬﻤﻲ ﻣﺼﻄﻔﻰ‪ ،2008 ،‬ﺍﻟﺘﺤﻠﻴﻞ ﺍﳌﺎﱄ‪ ،‬ﺍﻟﻄﺒﻌﺔ ﺍﻷﻭﱃ‪ ،‬ﺭﺍﻡ ﺍﷲ‪ ،‬ﻓﻠﺴﻄﲔ‪.‬‬
‫• ﺍﺑﻦ ﻣﺎﻟﻔﻲ ﻋﺒﺪ ﺍﳉﻠﻴﻞ & ﻣﻴﻠﻮﺩ ﻋﺒﻴﺪ ﲨﺎﻝ ﺍﻟﺪﻳﻦ‪ ،2020 ،‬ﺗﻘﻴﻴﻢ ﺍﻷﺩﺍء ﺍﳌﺎﱄ ﻟﻠﺒﻨﻮﻙ ﺍﻟﺘﺠﺎﺭﻳﺔ‪ ،‬ﺩﺭﺍﺳﺔ ﺣﺎﻟﺔ ﺍﻟﺒﻨﻚ ﺍﻟﻮﻃﲏ‬
‫ﺍ ﳉ ﺰ ﺍ ﺋ ﺮ ﻱ ﻟ ﻮ ﻻ ﻳ ﺔ ﻋ ﲔ ﲤ ﻮ ﺷ ﻨ ﺖ ‪ ،‬ﺭ ﺳ ﺎ ﻟ ﺔ ﻣ ﺎ ﺟ ﺴ ﺘ ﲑ ‪ ،‬ﺍﳌ ـ ﺮ ﻛ ﺰ ﺍ ﳉ ـ ـ ﺎ ﻣ ﻌ ﻲ ﺑ ﻠ ﺤ ﺎ ﺝ ﺑ ﻮ ﺷ ﻌ ﻴ ﺐ ‪ ،‬ﻋ ـ ـ ـ ـ ﲔ ﲤ ـ ـ ﻮ ﺷ ـ ﻨ ـ ﺖ ‪،‬‬
‫ﻭ ﻋ ـ ﻠـ ـ ـ ـ ـ ـ ﻮ ﻡ‬ ‫ﺍﻟﺘﺠ ﺎﺭ ﻳ ﺔ‬ ‫ﺍﻻ ﻗ ﺘ ﺼ ـ ـ ـ ـ ـ ـ ﺎﺩ ﻳ ﺔ ‪،‬‬ ‫ﺍﻟﻌ ـ ﻠـ ـ ـ ـ ـ ـ ﻮ ﻡ‬ ‫ﻣـ ﻌﻬﺪ‬
‫ﺍﻟﺘـ ﺴ ﻴﻴـ ـ ـ ـ ـ ـ ـ ـ ـ ـ ﺮ ‪ ،‬ﻗﺴ ﻢ ﺍﻟﻌ ﻠﻮ ﻡ ﺍﻻ ﻗ ﺘﺼ ﺎﺩ ﻳ ﺔ ‪.‬‬
‫• ﺑﻠﺠﻴﻺﱃ ﻓﺘﺤﻴﺔ‪ ،2021 ،‬ﺗﻘﻴﻴﻢ ﺍﻟﻜﻔﺎءﺓ ﺍﻟﺘﺸﻐﻴﻠﻴﺔ ﻟﻠﺒﻨﻮﻙ ﺍﻟﺘﺠﺎﺭﻳﺔ ﺑﺎﺳﺘﺨﺪﺍﻡ ﻧﻈﺎﻡ ﺩﻭﺑﻮﻧﺖ‪ ،‬ﺩﺭﺍﺳﺔ ﺣﺎﻟﺔ ﺍﻟﺒﻨﻮﻙ ﺍﳉﺰﺍﺋﺮﻳﺔ‬
‫‪ ،2018-2015‬ﳎﻠﺔ ﺍﻟﺘﻨﻤﻴﺔ ﻭﺍﻻﺳﺘﺸﺮﺍﻑ ﻟﻠﺒﺤﻮﺙ ﻭﺍﻟﺪﺭﺍﺳﺎﺕ‪ ،‬ﺍﳌﺠﻠﺪ ‪ ،60‬ﺍﻟﻌﺪﺩ ‪.20‬‬
‫• ﺟﺮﻣﺎﻥ ﺩﻧﻴﺎ‪ ،2021 ،‬ﺩﻭﺭ ﳕﻮﺫﺝ ‪ Dupont‬ﰲ ﺗﻘﻴﻴﻢ ﺍﻷﺩﺍء ﺍﳌﺎﱄ ﻟﻠﻤﺆﺳﺴﺔ‪ :‬ﺩﺭﺍﺳﺔ ﺣﺎﻟﺔ ﲟﺆﺳﺴﺔ ﻣﻠﺒﻨﺔ ﺍﻟﻜﺎﻫﻨﺔ ﺃﻡ‬
‫ﺍﻟﺒﻮ ﺍﻗﻲ ‪ ،‬ﺭ ﺳ ﺎﻟ ﺔ ﻣ ﺎ ﺟ ﺴ ﺘﲑ ‪ ،‬ﺟ ﺎﻣ ﻌ ﺔ ﺍﻟﻌ ﺮ ﰊ ﺑﻦ ﻣ ﻬ ﻴﺪ ﻱ ‪ ،‬ﺃﻡ ﺍﻟﺒﻮ ﺍﻗﻲ ﻛ ﻠﻴﺔ ﺍﻟﻌ ﻠﻮ ﻡ ﺍﻻ ﻗﺘﺼ ﺎﺩ ﻳﺔ ﻭ ﺍﻟﻌ ﻠﻮ ﻡ ﺍﻟﺘﺠ ﺎﺭ ﻳﺔ ﻭ ﻋ ﻠﻮ ﻡ ﺍﻟﺘﺴ ﻴﲑ ‪.‬‬
‫• ﺩﻟﻴﻞ ﺍﳌﺼﺎﺭﻑ ﺍﻟﺘﺠﺎﺭﻳﺔ‪ ،2020 ،‬ﻣﺼﺮﻑ ﻟﻴﺒﻴﺎ ﺍﳌﺮﻛﺰﻱ‪.‬‬
‫• ﺯﻳﺪﻱ ﻧﺎﺭﳝﺎﻥ‪ ،2016 ،‬ﺗﻘﻴﻴﻢ ﺍﻷﺩﺍء ﺍﳌﺎﱄ ﻟﻠﺒﻨﻮﻙ ﺍﻟﺘﺠﺎﺭﻳﺔ ﺩﺭﺍﺳﺔ ﻣﻘﺎﺭﻧﺔ ﺑﲔ ﺍﻟﺒﻨﻚ ﺍﻟﻮﻃﲏ ﺍﳉﺰﺍﺋﺮﻱ ﻭﺑﻨﻚ ﺍﳋﻠﻴﺞ ﺍﳉﺰﺍﺋﺮ‬
‫)‪ ،(2014-2009‬ﺭﺳﺎﻟﺔ ﻣﺎﺟﺴﺘﲑ‪ ،‬ﺟﺎﻣﻌﺔ ﻗﺎﺻﺪﻱ ﻣﺮﺑﺎﺡ‪ ،‬ﻭﺭﻗﻠﺔ‪ ،‬ﻛﻠﻴﺔ ﺍﻟﻌﻠﻮﻡ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﻭﺍﻟﺘﺠﺎﺭﻳﺔ ﻭﻋﻠﻮﻡ ﺍﻟﺘﺴﻴﲑ‪ ،‬ﻗﺴﻢ‬
‫ﻋ ﻠ ﻮ ﻡ ﺍ ﻟ ﺘ ﺴ ﻴ ﲑ‪.‬‬
‫• ﻋﺠﺮﻭﺩ ﺳﺎﺭﺓ‪ ،2020 ،‬ﻗﻴﺎﺱ ﺍﻷﺩﺍء ﺍﳌﺼﺮﰲ ﻭﻓﻖ ﳕﻮﺫﺝ ‪ Dupont‬ﻭﳕﻮﺫﺝ ﺍﻟﻌﺎﺋﺪ ﻋﻠﻰ ﺍﻻﺳﺘﺜﻤﺎﺭ ﺍﳌﻘﺎﺭﻧﺔ ﺑﲔ ﺍﻟﺒﻨﻚ‬
‫ﺍﻟﻮﻃﲏ ﺍﳉﺰﺍﺋﺮﻱ ‪ BNA‬ﻭﺳﻮﺳﻴﱵ ﺟﻨﺮﺍﻝ ﺍﳉﺰﺍﺋﺮ ‪ SGA‬ﺧﻼﻝ ﺍﻟﻔﺘﺮﺓ )‪ ،(2018 – 2016‬ﻣﺎﺟﺴﺘﲑ ﻣﻨﺸﻮﺭﺓ‪ ،‬ﺍﳌﺮﻛﺰ‬
‫ﺍﳉ ﺎﻣ ﻌ ﻲ ﻋ ﺒﺪ ﺍﳊ ﻔ ﻴﻆ ﺑﻮ ﺍﻟﺼ ﻮ ﻑ ‪ ،‬ﻣ ﻴﻠﻪ‪ ،‬ﺍﳉ ﺰ ﺍﺋﺮ ‪.‬‬
‫• ﻋﺰﻭﺯﺓ ﺃﻣﺎﱐ‪ ،2017 ،‬ﺗﻘﻴﻴﻢ ﺍﻷﺩﺍء ﺍﳌﺎﱄ ﻟﻠﺒﻨﻮﻙ ﺍﻟﺘﺠﺎﺭﻳﺔ ﺧﻼﻝ ﺍﻟﻔﺘﺮﺓ )‪ ،(2013-2008‬ﺩﺭﺍﺳﺔ ﺣﺎﻟﺔ ﳎﻤﻮﻋﺔ ﻣﻦ ﺍﻟﺒﻨﻮﻙ‬
‫ﺍﻟﺘﺠﺎﺭﻳﺔ ﺍﳌﺎﻟﻴﺰﻳﺔ‪ ،‬ﳎﻠﺔ ﺩﺭﺍﺳﺎﺕ ﺍﻗﺘﺼﺎﺩﻳﺔ‪ ،‬ﺍﻟﻌﺪﺩ ‪ ،04‬ﺍﳌﺠﻠﺪ ‪.1‬‬
‫• ﻛﺮﻭﻣﻲ ﺃﺳﻴﻪ‪ ،2022 ،‬ﺗﻘﻴﻴﻢ ﺃﺩﺍء ﺍﻟﺒﻨﻮﻙ ﺍﻟﺘﺠﺎﺭﻳﺔ ﺑﺎﺳﺘﺨﺪﺍﻡ ﳕﻮﺫﺝ ‪ Dupont‬ﺍﳌﻌﺪﻝ ﻟﻌﻴﻨﺔ ﻣﻦ ﺍﻟﺒﻨﻮﻙ ﺍﳉﺰﺍﺋﺮﻳﺔ‪ ،‬ﳎﻠﺔ‬
‫ﺍﻻﺑﺘﻜﺎﺭ ﻭﺍﻟﺘﺴﻮﻳﻖ‪ ،‬ﺍﳌﺠﻠﺪ ‪ ،09‬ﺍﻟﻌﺪﺩ ‪.02‬‬
‫• ﳎﻴﺪ ﳏﻤﻮﺩ ﺍﻟﻜﺮﺧﻲ‪ ،2006 ،‬ﺗﻘﻮﱘ ﺍﻷﺩﺍء ﺑﺎﺳﺘﺨﺪﺍﻡ ﺍﻟﻨﺴﺐ‪ ،‬ﺩﺍﺭ ﺍﳌﻨﺎﻫﺞ‪ ،‬ﻋﻤﺎﻥ‪.‬‬
‫‪11. Almazari Ahmed Arif, 2012, Financial Performance Analysis of the Jordanian Arab Bank‬‬
‫‪by Using the DuPont System of Financial Analysis, International Journal of Economics and‬‬
‫‪Finance Vol. 4, No. 4; April 2012.‬‬

‫)‪(265‬‬
12. Emeka Nwuba; Alexander Omankhanlen; Godswill Osuma, 2021, Decomposition of
Banks Return on Equity Using DuPont Model: Evidence from the Nigerian Banking Industry,
Journal of Legal, Ethical and Regulatory Issues, Vol: 21, Issue: 1S.
13. www. https://nab.ly/about-us. 04.04.2023, 11:30pm

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