ISSN: 2602-7925....................................................

‫ﻣﺠﻠﺔ دراﺳﺎت اﻗﺘﺼﺎدﻳﺔ‬

‫ﻗﻴﺎس و ﺗﺤﻠﻴﻞ اﻟﻨﺠﺎح اﻟﻤﺎﻟﻲ وﻓﻖ اﻟﻤﺆﺷﺮات اﻟﻤﺎﻟﻴﺔ اﻟﺤﺪﻳﺜﺔ‬

‫ﻗﻴﺎس و ﺗﺤﻠﻴﻞ اﻟﻨﺠﺎح اﻟﻤﺎﻟﻲ وﻓﻖ اﻟﻤﺆﺷﺮات اﻟﻤﺎﻟﻴﺔ اﻟﺤﺪﻳﺜﺔ‬

‫دراﺳﺔ ﺗﻄﺒﻴﻘﻴﺔ ﻓﻲ ﺳﻮق اﺑﻮ ﻇﺒﻲ اﻟﻤﺎﻟﻲ‬
‫ ﺑﺮﺷﻨﻚ ﺻﺎﻟﺢ اﻟﻌﺴﻜﺮي‬/‫ﻣﺴﺎﻋﺪ‬.‫أ‬ ‫أﻳﺎد ﻃﺎﻫﺮ ﻣﺤﻤﺪ‬/‫ﻣﺴﺎﻋﺪ‬.‫أ‬

‫ﺟﺎﻣﻌﺔ اﻟﺴﻠﻴﻤﺎﻧﻴﺔ‬ ‫ﺟﺎﻣﻌﺔ ﺑﻐﺪاد‬

‫ ﺧﺎﻧﻢ ﻧﻮري ﻛﺎﻛﻪ ﺣﻤﻪ اﻟﻌﻄﺎر‬/‫اﻟﻤﺪرس‬
‫ﺟﺎﻣﻌﺔ اﻟﺴﻠﻴﻤﺎﻧﻴﺔ‬
Abstract
The purpose of this study attempts to highlight the importance of modern financial indicators in
analyzing and measuring financial success for a sample of listed companies at Abu Dhabi
financial market according to recent indicators represented in Market value added and
Economic value added which consider to be an effective tool in evaluating companies financial
successes, despite of other traditional indicators that aim to rise companies performance by
assisting in taking the appropriate resolutions,that is measuring companies net profits is no
longer a sufficient value indicator.This study depends on Abu Dhabi financial market, the
research samples included 32 companies in 6 different sectors for the years 2012 - 2017. The
research main hypothesis is that the economic value added indicator has higher explaining
ability than the market value added indicator as an indicator for companies financial success .
SPSS program has been used for statistical analyzing by using regression method, the research
came up to many conclusions, the most important is: the significant effect of annual profits upon
economic value added of Banking sector companies which indicates that Economic Value
Added has a higher explaining ability than the market value added and has overpower in most
sectors of abu Dhabi companies of financial market.

Keywords: Economic Value Adde, Market Value Added

‫ﺍﻟﻤﺴﺘﺨﻠﺹ‬
‫ﻴﺴﻌﻰ ﺍﻟﺒﺤﺙ ﻋﻠﻰ ﺘﺴﻠﻁ ﺍﻟﻀﻭﺀ ﻋﻠﻰ ﺃﻫﻤﻴﺔ ﺍﻟﻤﺅﺸﺭﺍﺕ ﺍﻟﻤﺎﻟﻴﺔ ﺍﻟﺤﺩﻴﺜﺔ ﻓﻲ ﻗﻴﺎﺱ ﻭ ﺘﺤﻠﻴل ﺍﻟﻨﺠﺎﺡ ﺍﻟﻤـﺎﻟﻲ‬
‫ﻟﻌﻴﻨﺔ ﻤﻥ ﺍﻟﺸﺭﻜﺎﺕ ﺍﻟﻤﺩﺭﺠﺔ ﻓﻲ ﺴﻭﻕ ﺍﺒﻭ ﻅﺒﻲ ﻻﻭﺭﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ ﻭﻓـﻕ ﺍﻟﻤﺅﺸـﺭﺍﺕ ﺍﻟﺤﺩﻴﺜـﺔ ﺍﻟﻤﺘﻤﺜﻠـﺔ‬
‫ﻭﺍﻟﺘﻲ ﺘﻌﺩ ﻤﻥ ﺍﻷﺩﻭﺍﺕ ﺍﻟﻔﻌﺎﻟﺔ ﻟﺘﻘﻴﻴﻡ ﻨﺠـﺎﺡ ﺍﻟﻤـﺎﻟﻲ‬،‫ﺒﺎﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻭ ﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ‬
‫ ﺭﻏﻡ ﺘﺘﻌﺩﺩ ﺍﻟﻤﺅﺸﺭﺍﺕ ﺍﻟﺘﻘﻠﻴﺩﻴﺔ ﻭﺍﻟﺘﻲ ﺘﻬﺩﻑ ﻓﻲ ﻤﺠﻤﻠﻬﺎ ﺇﻟﻰ ﺭﻓـﻊ ﺃﺩﺍﺀﺍﻟﺸـﺭﻜﺎﺕ ﻤـﻥ ﺨـﻼل‬،‫ﺍﻟﺸﺭﻜﺎﺕ‬
‫ ﺃﺫ ﺍﻥ ﻗﻴﺎﺱ ﺍﻷﺭﺒﺎﺡ ﺍﻟﺼـﺎﻓﻴﺔ ﺍﻟﺘـﻲ‬،‫ ﻭﻤﻥ ﺜﻡ ﺍﻟﻤﺴﺎﻋﺩﺓ ﻋﻠﻰ ﺍﺘﺨﺎﺫ ﺍﻟﻘﺭﺍﺭﺍﺕ ﺍﻟﻤﻨﺎﺴﺒﺔ‬،‫ﺍﻟﻜﺸﻑ ﻋﻥ ﻤﺴﺘﻭﺍﻩ‬

20 2019 ‫ أوت‬38 ‫اﻟﻌﺪد‬

 ‫ﻣﺠﻠﺔ دراﺳﺎت اﻗﺘﺼﺎدﻳﺔ ‪ISSN: 2602-7925....................................................‬‬
‫ﻗﻴﺎس و ﺗﺤﻠﻴﻞ اﻟﻨﺠﺎح اﻟﻤﺎﻟﻲ وﻓﻖ اﻟﻤﺆﺷﺮات اﻟﻤﺎﻟﻴﺔ اﻟﺤﺪﻳﺜﺔ‬
‫ﻴﻤﻜﻥ ﺃﻥ ﺘﺤﻘﻘﻬﺎ ﺍﻟﺸﺭﻜﺎﺕ ﻟﻡ ﻴﻌﺩ ﻓﻲ ﺍﻟﻭﻗﺕ ﺍﻟﺭﺍﻫﻥ ﻤﺅﺸﺭ ﻜﺎﻓﻴﺎ ﻓﻲ ﺘﺤﺩﻴﺩ ﻗﻴﻤﺘﻬﺎ‪ ،‬ﺘﻤﺜـل ﻤﺠﺘﻤـﻊ ﺍﻟﺒﺤـﺙ‬
‫ﺴﻭﻕ ﺍﺒﻭ ﻅﺒﻲ ﺍﻟﻤﺎﻟﻲ ﻓﻴﻤﺎ ﺍﻥ ﻋﻴﻨﺔ ﺍﻟﺒﺤﺙ ﺘﻤﺜل)‪ (32‬ﺸﺭﻜﺔ ﻓﻲ ﺴـﺘﺔ ﻗﻁﺎﻋـﺎﺕ ﻤﺨﺘﻠﻔـﺔ ﻟﻠﻔﺘـﺭﺓ ﻤـﻥ‬
‫ﺴﻨﺔ‪. 2017-2012‬ﻭﺠﺎﺀ ﺍﻟﺒﺤﺙ ﺒﻔﺭﻀﻴﺔ ﺭﺌﻴﺴﺔ ﻤﻔﺎﺩﻫﺎ ﻤﺅﺸﺭ ﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﺘﻤﺘﻠـﻙ ﻗـﺩﺭﺓ‬
‫ﺘﻔﺴﻴﺭﻴﺔ ﺃﻋﻠﻰ ﻤﻥ ﻤﺅﺸﺭﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻜﻤﻭﺸﺭ ﻟﻠﻨﺠﺎﺡ ﺍﻟﻤﺎﻟﻲ ﻟﻠﺸﺭﻜﺎﺕ ﻋﻴﻨـﺔ ﺍﻟﺒﺤـﺙ ﻟﻠﻔﺘـﺭﺓ‬
‫‪ 2017-2012‬ﻭ ﺘﺸﺘﻕ ﻤﻨﻬﺎ ﻓﺭﻀﻴﺎﺕ ﻓﺭﻋﻴﺔﻟﻠﻘﻁﺎﻋﺎﺕ ‪ ،‬ﻭ ﺘﻡ ﺍﺴﺘﺨﺩﺍﻡ ﺒﺭﻨﺎﻤﺞ‪ SPSS‬ﻟﻠﺘﺤﻠﻴل ﺍﻻﺤﺼﺎﺌﻲ ‪،‬‬
‫ﺒﺄﺴﻠﻭﺏ ﺍﻻﻨﺤﺩﺍﺭ ‪ .‬ﺘﻭﺼل ﺍﻟﺒﺤﺙ ﺍﻟﻰ ﻤﺠﻤﻭﻋﺔ ﺍﺴﺘﻨﺎﺠﺎﺕ ﻤﻥ ﺍﻫﻤﻬﺎ ‪ :‬ﻭﺠﻭﺩ ﺘـﺎﺜﻴﺭ ﻤﻌﻨـﻭﻱ ﻟﻼﺭﺒـﺎﺡ‬
‫ﺍﻟﺴﻨﻭﻴﺔ ﻋﻠﻰ ﻤﺅﺸﺭ ﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻟﺸﺭﻜﺎﺕ ﻗﻁﺎﻉ ﺍﻟﻤﺼـﺭﻓﻲ‪ ،‬ﻤﻤـﺎ ﻴﺸـﻴﺭ ﺍﻟـﻰ ﺍﻟﻘﻴﻤـﺔ‬
‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻴﻤﻜﻥ ﻗﺩﺭﺓ ﺘﻔﺴﻴﺭﻴﺔ ﺃﻋﻠﻰ ﻤﻥ ﻤﺅﺸﺭ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ‪ .‬ﻭﻜﻤﺎ ﺘﻭﺼﻠﻨﺎ ﺍﻟـﻰ ﺃ ﻥ‬
‫ﻤﺅﺸﺭ ﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﺘﻔﻭﻕ ﻋﻠﻰ ﻤﺅﺸﺭ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻟﻤﻌﻅﻡ ﺍﻟﻘﻁﺎﻋﺎﺕ ﻓﻲ ﺸـﺭﻜﺎﺕ‬
‫ﺴﻭﻕ ﺍﺒﻭ ﻅﺒﻲ ﻟﻸﻭﺭﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ‪.‬‬
‫ﺍﻟﻜﻠﻤﺎﺕ ﺍﻟﺩﻻﻟﻴﺔ ‪ :‬ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ‪ ،‬ﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ‪.‬‬
‫ﺍﻟﻤﻘﺩﻤﺔ‬
‫ﻴﺭﻜﺯ ﺍﻟﻨﺠﺎﺡ ﺍﻟﻤﺎﻟﻲ ﻋﻠﻰ ﺍﺴﺘﺨﺩﺍﻡ ﻤﺅﺸﺭﺍﺕ ﻤﺎﻟﻴﺔ ﻟﻘﻴﺎﺱ ﻤﺩﻯ ﺍﻨﺠﺎﺯ ﺍﻻﻫﺩﺍﻑ ﻭ ﻴﻌﺒﺭ ﻋﻥ ﺍﺩﺍﺀ ﺍﻟﺸـﺭﻜﺎﺕ‬
‫ﺘﻌﺩ ﺍﻟﺩﻋﻡ ﺍﻻﺴﺎﺱ ﻟﻼﻋﻤﺎل ﺍﻟﻤﺨﺘﻠﻔﺔ ﺍﻟﺘﻲ ﺘﻤﺎﺭﺴﻬﺎ ﺍﻟﺸﺭﻜﺔ‪ ،‬ﻭ ﻴﺴﺎﻫﻡ ﻓﻲ ﺍﺘﺎﺤﺔ ﺍﻟﻤﻭﺍﺭﺩ ﺍﻟﻤﺎﻟﻴـﺔ ﻭ ﺘﺯﻭﻴـﺩ‬
‫ﺍﻟﺸﺭﻜﺔ ﺒﻔﺭﺹ ﺍﺴﺘﺜﻤﺎﺭﻴﺔ ﻓﻲ ﻤﻴﺎﺩﻴﻥ ﺍﻻﺩﺍﺀ ﺍﻟﻤﺨﺘﻠﻔﺔ ﻭ ﺍﻟﺘﻲ ﺘﺴﺎﻋﺩ ﻋﻠﻰ ﺘﻠﺒﻴﺔ ﺍﺤﺘﻴﺎﺠﺎﺕ ﺍﺼﺤﺎﺏ ﺍﻟﻤﺼﺎﻟﺢ‬
‫ﻭ ﺘﺤﻘﻴﻕ ﺍﻫﺩﺍﻓﻬﻡ‪ ،‬ﻭ ﺒﺎﻟﻨﻅﺭ ﺍﻟﻰ ﺘﺤﻘﻴﻕ ﺍﻻﻫﺩﺍﻑ ﺍﻟﻤﺎﻟﻴﺔ ﻜﺘﺤﻘﻴﻕ ﺍﻻﺭﺒﺎﺡ ﻭ ﺍﻟﻨﻤﻭ ﻭ ﺍﺴﺘﻤﺭﺍﺭﻓﻬﻭ ﻤﺭﻫـﻭﻥ‬
‫ﺒﻜﻔﺎﺀﺓ ﻭ ﻓﻌﺎﻟﻴﺔ ﺍﺩﺍﺌﻬﺎ ﺍﻟﻤﺎﻟﻲ ‪ ،‬ﻭ ﻭﻓﻕ ﺍﻟﻤﺅﺸﺭﺍﺕ ﺍﻟﺤﺩﻴﺜﺔ ﺍﻟﻤﺘﻤﺜﻠﺔ ﺒﺎﻟﻘﻴﻤﺔ ﺍﻟﺴـﻭﻗﻴﺔ ﺍﻟﻤﻀـﺎﻓﺔ ﻭ ﺍﻟﻘﻴﻤـﺔ‬
‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ‪ .‬ﺍﺫ ﺍﻥ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻴﻤﺜل ﻓﻲ ﺍﻟﻔﺭﻕ ﺒﻴﻥ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﻻﺴﻬﻡ ﻟﺸﺭﻜﺔ ﻭ‬
‫ﺒﻴﻥ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺩﻓﺘﺭﻴﺔ ﻟﺤﻘﻭﻕ ﺍﻟﻤﻠﻜﻴﺔ ﻟﻠﺸﺭﻜﺔ ‪،‬ﻭ ﺘﺸﻴﺭ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﺍﻟﻰ ﺍﺩﺍﺀ ﺍﻟﺸﺭﻜﺔ ﻤﻥ ﺒﺩﺍﺌﻴـﺔ‬
‫ﺘﺄﺴﻴﺴﻬﺎ ﺍﺴﺘﻨﺎﺩﺍ" ﺍﻟﻰ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﻻﺴﻬﻤﻬﺎ ﻓﻲ ﺍﻟﺴﻭﻕ ﺍﻟﻤﺎﻟﻲ ‪،‬ﺍﻱ ﺘﻌﺩ ﻤﻘﻴﺎﺱ ﺍﻻﺩﺍﺀ ﺍﻟﻌﺎﻡ ﻟﻠﺸـﺭﻜﺔ ‪،‬‬
‫ﻭﺍﻟﺫﻱ ﻴﺠﺏ ﺃﻥ ﻴﻨﻌﻜﺱ ﻓﻲ ﻜل ﺍﻟﻘﺭﺍﺭﺍﺕ ‪ .‬ﻜﻤﺎ ﺍﻥ ﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻤﺅﺸﺭ ﺍﺴﺎﺴﻲ ﻓﻲ ﺘﺤﻘﻴـﻕ‬
‫ﺍﻟﻬﺩﻑ ﺍﻟﺭﺌﻴﺱ ﻷﻱ ﺸﺭﻜﺔ ﺍﻋﻤﺎل ﻭﺍﻟﻤﺘﻤﺜل ﺒﺘﻌﻅﻴﻡ ﺜﺭﻭﺓ ﺍﻟﻤﺴﺎﻫﻤﻴﻥ ﻭﺘﻌﻅﻴﻡ ﺍﻟﻔﺎﻋل ﻟﺭﺃﺱ ﻤﺎل ﺍﻟﺸـﺭﻜﺔ ﻭ‬
‫ﺍﻟﺫﻱ ﻴﻌﺩ ﺍﻟﻬﺩﻑ ﺍﻟﻤﻌﺎﺼﺭ ﻟﻠﺸﺭﻜﺎﺕ ﺍﻟﻤﺴﺎﻫﻤﺔ ‪ ،‬ﻋﻠﻰ ﺠﻤﻴﻊ ﺍﻟﻤﺴﺘﻭﻴﺎﺕ ﺩﺍﺨل ﺍﻟﺸﺭﻜﺔ ﺍﺫ ﺘﺘﻤﻴﺯ ﺒﺎﻟﻘﻴﻤـﺔ‬
‫ﻼ ﻟﺠﻭﺩﺓ ﺍﻟﻘﺭﺍﺭﺍﺕ ﺍﻟﻤﺎﻟﻴﺔ ﺒﺴﺒﺏ ﺘﻌﺒﻴﺭﻫﺎ ﻋﻥ ﺘﻠﻙ ﺍﻟﻘﺭﺍﺭﺍﺕ ﺒﻜﻤﻴـﺔ‬
‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﺒﻜﻭﻨﻬﺎ ﻤﻘﻴﺎﺴﹰﺎ ﻓﺎﻋ ﹰ‬
‫ﺍﻻﻤﻭﺍل ﺍﻟﻤﺘﺤﻘﻘﺔ ﻋﻨﻬﺎ ﺍﻱ ﻤﺎ ﻴﺘﺤﻘﻕ ﻤﻥ ﺍﺭﺒﺎﺡ ﻨﺘﻴﺠﺔ ﻻﺘﺨﺎﺫ ﺘﻠﻙ ﺍﻟﻘﺭﺍﺭﺍﺕ ﻜﻘﺭﺍﺭﺍﺕ ﺍﻟﺘﻤﻭﻴل ﻭﺍﻻﺴـﺘﺜﻤﺎﺭ‬
‫ﻭﺍﻟﻘﺭﺍﺭﺍﺕ ﺍﻟﻤﺘﻌﻠﻘﺔ ﺒﻤﻘﺴﻭﻡ ﺍﻻﺭﺒﺎﺡ ‪ ،‬ﻓﻀﻼﹰ ﻋﻥ ﻜﻭﻨﻬﺎ ﻤﺅﺸﺭﹰﺍ ﻴﻌﻭل ﻋﻠﻴﻪ ﻟﻨﻤﻭ ﻗﻴﻤﺔ ﺍﻟﺸﺭﻜﺔ ﻓﻲ ﺍﻟﻤﺴﺘﻘﺒل‬
‫ﻭﺘﻀﻤﻥ ﺍﻟﺒﺤﺙ ﺍﺭﺒﻌﺔ ﻤﺒﺎﺤﺙ ﺘﺘﻀﻤﻥ ﺍﻟﻤﺒﺤﺙ ﺍﻻﻭل ﻤﻨﻬﺠﻴﺔ ﺍﻟﺒﺤﺙ ﻭﺩﺭﺍﺴﺎﺕ ﺴـﺎﺒﻘﺔ ﻭ ﻓﻴﻤـﺎ ﻴﺘﻨـﺎﻭل‬
‫ﺍﻟﻤﺒﺤﺙ ﺍﻟﺜﺎﻨﻲ ﺍﻟﺠﺎﻨﺏ ﺍﻟﻨﻅﺭﻱ ﺜﻡ ﺍﻟﺘﻁﺭﻕ ﺍﻟﻰ ﻤﺅﺸﺭﺍﺕ ﺍﻟﻨﺠﺎﺡ ﺍﻟﻤﺎﻟﻲ ﺍﻟﺤﺩﻴﺜﺔ ‪،‬ﻓﻴﻤﺎ ﻴﺘﻨﺎﻭل ﺍﻟﻤﺒﺤﺙ ﺍﻟﺜﺎﻟﺙ‬
‫ﺍﻟﺠﺎﻨﺏ ﺍﻟﻌﻤﻠﻲ ﻗﻴﺎﺱ ﻭ ﺃﺨﺘﺒﺎﺭﺍﻟﻔﺭﻀﻴﺎﺕ ﻭﺍﺨﻴﺭﺍ" ﺘﺘﻨﺎﻭل ﺍﻟﻤﺒﺤﺙ ﺍﻟﺭﺍﺒﻊ ﺍﻫﻡ ﺍﻻﺴﺘﻨﺘﺎﺠﺎﺕ ﻭ ﺍﻟﺘﻭﺼﻴﺎﺕ ‪.‬‬

‫‪21‬‬ ‫اﻟﻌﺪد ‪ 38‬أوت ‪2019‬‬

 ‫ﻣﺠﻠﺔ دراﺳﺎت اﻗﺘﺼﺎدﻳﺔ ‪ISSN: 2602-7925....................................................‬‬
‫ﻗﻴﺎس و ﺗﺤﻠﻴﻞ اﻟﻨﺠﺎح اﻟﻤﺎﻟﻲ وﻓﻖ اﻟﻤﺆﺷﺮات اﻟﻤﺎﻟﻴﺔ اﻟﺤﺪﻳﺜﺔ‬
‫ﺍﻟﻤﺒﺤﺙ ﺍﻻﻭل‪ :‬ﻤﻨﻬﺠﻴﺔ ﺍﻟﺒﺤﺙ ﻭ ﺍﻟﺩﺭﺍﺴﺎﺕ ﺍﻟﺴﺎﺒﻘﺔ‬
‫ﺍﻭﻻ" ‪:‬ﻤﻨﻬﺠﻴﺔ ﺍﻟﺒﺤﺙ‬
‫‪.1‬ﻤﺸﻜﻠﺔ ﺍﻟﺩﺭﺍﺴﺔ‪:‬‬
‫ﺘﻌﺩ ﺍﻟﻤﺅﺸﺭﺍﺕ ﺍﻟﻤﺎﻟﻴﺔ ﺍﻟﺤﺩﻴﺜﺔ ﻟﻠﻨﺠﺎﺡ ﺍﻟﻤﺎﻟﻲ ﻭ ﺍﻟﻤﺘﻤﺜﻠﺔ ﻓﻲ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻭ ﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‬
‫ﺍﻟﻤﻀﺎﻓﺔ ‪ ،‬ﻤﺅﺸﺭﺍﺕ ﻟﻤﺩﻯ ﺘﺤﻘﻴﻕ ﺍﻟﺸﺭﻜﺎﺕ ﺍﻫﺩﺍﻓﻬﺎ ﺍﺫ ﺘﺎﺨﺫ ﺒﻨﻅﺭ ﺍﻻﻋﺘﺒﺎﺭ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺩﻓﺘﺭﻴﺔ ﻟﻼﺴﻬﻡ ﺍﻟﻌﺎﺩﻴـﺔ‬
‫ﻓﻀﻼ ﻋﻥ ﺍﻟﻤﻌﺩل ﺍﻟﻤﻭﺯﻭﻥ ﻟﻜﻠﻔﺔ ﺭﺃﺱ ﺍﻟﻤﺎل ﻭ ﺍﻟﺫﻱ ﻴﺘﻀﻤﻥ ﺒﺩﻭﺭﻩ ﺩﺭﺠﺔ ﺍﻟﻤﺨﺎﻁﺭﺓ ﺍﻟﻤﺘﻤﺜﻠﺔ ﺒﺎﻟﺒﻴﺘـﺎ‬
‫ﻟﻼﺴﻬﻡ ﺍﻟﻌﺎﺩﻴﺔ ﻭ ﻤﻌﺩل ﺍﻟﻌﺎﺌﺩ ﺍﻟﻤﻁﻠﻭﺏ ﻟﻠﺸﺭﻜﺎﺕ‪،‬ﻜﻤﺎ ﺃﺼﺒﺢ ﻟﻤﻔﻬﻭﻡ ﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀـﺎﻓﺔ ﺃﻫﻤﻴـﺔ‬
‫ﻜﺒﻴﺭﺓ ﻟﺠﻤﻴﻊ ﺍﻟﺸﺭﻜﺎﺕ ﻋﻨﺩ ﺇﻋﺩﺍﺩﻫﺎ ﺍﻟﻤﺅﺸﺭﺍﺕ ﻟﻐﺭﺽ ﺘﻘﻴﻴﻡ ﺃﺩﺍﺌﻬﺎ ﺒﺸﻜل ﺨﺎﺹ ﻭﺍﻟﺘﻨﺒـﺅ ﺒﻜﻔـﺎﺀﺓ ﺍﻹﺩﺍﺭﺓ‪،‬‬
‫ﻭﺒﺫﻟﻙ ﺃﺼﺒﺤﺕ ﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻤﻥ ﺍﻟﻤﺅﺸﺭﺍﺕ ﺍﻟﺘﻲ ﺃﺜﺎﺭﺕ ﺍﻫﺘﻤﺎﻡ ﺍﻟﻜﺜﻴﺭ ﻤﻥ ﺍﻟﺸﺭﻜﺎﺕ ﻜﺈﺤـﺩﻯ‬
‫ﺍﻟﻤﺅﺸﺭﺍﺕ ﺍﻟﺘﻲ ﺘﻘﻴﺱ ﺍﻷﺩﺍﺀ ﺍﻟﻤﺎﻟﻲ ﻭﺘﻘﻴﻴﻡ ﺍﻟﺸﺭﻜﺎﺕ‪ ،‬ﻤﻘﺎﺭﻨﺔ ﺒﺎﻟﻤﺅﺸﺭﺍﺕ ﺍﻟﺘﻘﻠﻴﺩﻴﺔ ﺍﻟﻤﺘﻤﺜﻠﺔ ﺒﺎﻟﻌﺎﺌﺩ ﻋﻠـﻰ‬
‫ﺍﻟﻤﻭﺠﻭﺩﺍﺕ ﻭ ﺍﻟﻌﺎﺌﺩ ﻋﻠﻰ ﺤﻕ ﺍﻟﻤﻠﻜﻴﺔ‪ .‬ﺍﺫ ﺍﻥ ﺍﻟﻤﺅﺸﺭﺍﺕ ﺍﻟﺘﻘﻠﻴﺩﻴﺔ ﻻ ﺘﺎﺨﺫ ﺒﻌﻴﻥ ﺍﻻﻋﺘﺒـﺎﺭ ﺍﻟﻌﻼﻗـﺔ ﺒـﻴﻥ‬
‫ﺍﻟﻌﺎﺌﺩ ﺍﻟﻤﺘﺤﻘﻕ ﻭ ﺍﻟﻤﺨﺎﻁﺭﺓ‪ ،‬ﻭﺒﻤﺎ ﻟﻬﺎ ﻤﻥ ﺍﻫﻤﻴﺔ ﻓﻲ ﺘﻌﻅﻴﻡ ﺜﺭﻭﺓ ﺍﻟﻤﺎﻟﻜﻴﻥ ‪ ،‬ﻭ ﻅﻬﺭﺕ ﻤﻘﺎﻴﺱ ﺠﺩﻴﺩﺓ ﻴﻤﻜﻥ‬
‫ﺍﻥ ﺘﻘﺩﻡ ﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﺘﻲ ﺘﺴﺎﻫﻡ ﻓﻲ ﺘﻨﺎﺴﺏ ﻗﻴﻤﺔ ﺍﻟﺸﺭﻜﺎﺕ ﺍﻟﻤﺴﺎﻫﻤﺔ ﻟﻠﻘﻴﺎﻡ ﺒﺎﻻﻨﺸـﻁﺔ ﺍﻟﻤﺨﺘﻠﻔـﺔ ‪ ،‬ﻭ ﻫﻨـﺎ‬
‫ﺒﺭﺯﺕ ﺍﻫﻤﻴﺔ ﺍﻟﻤﻘﺎﻴﻴﺱ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﻟﺘﺤﻘﻴﻕ ﺍﻟﻨﺠﺎﺡ ﻜﺎﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻭ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻤﻀـﺎﻓﺔ‬
‫ﻭﺘﻌﺘﺒﺭ ﻜﻼ ﺍﻟﻘﻴﻤﺘﻴﻥ ﻤﻘﻴﺎﺱ ﺘﻭﺠﻪ ﺍﻟﺠﻬﻭﺩ ﻨﺤﻭ ﺍﺤﺩﺍﺙ ﺘﺎﺜﻴﺭ ﺍﻴﺠﺎ ﺒﻲ ﻋﻠﻰ ﺴﻌﺭ ﺍﻟﺴﻬﻡ ﻓﻲ ﺍﻟﺴﻭﻕ ﺍﻟﻤﺎﻟﻲ ﻭ‬
‫ﺘﺤﻘﻴﻕ ﻫﺩﻑ ﺘﻌﻅﻴﻡ ﺜﺭﻭﺓ ﺍﻟﻤﺎﻟﻜﻴﻥ ﻭ ﻴﺘﺠﺴﺩ ﻤﺸﻜﻠﺔ ﺍﻟﺒﺤﺙ ﻓﻲ ﺍﻫﻤﺎل ﺍﻟﺸﺭﻜﺎﺕ ﻟﻠﻤﺅﺸﺭﺍﺕ ﺍﻟﻤﺎﻟﻴﺔ ﺍﻟﺤﺩﻴﺜﺔ‬
‫ﻟﻠﻨﺠﺎﺡ ﺍﻟﻤﺎﻟﻲ ﻭ ﺍﻟﺘﻲ ﺘﻌﻜﺱ ﻓﻲ ﻤﺩﻯ ﺘﺤﻘﻴﻕ ﺍﻟﺸﺭﻜﺔ ﻻﻫﺩﺍﻓﻬﺎ‪.‬ﻟﺫ ﺘﻡ ﺍﺨﺘﺒﺎﺭ ﺍﻟﻔﺭﻀﻴﺎﺕ ﻋﻠﻰ ﺍﺴﺎﺱ ﺍﻟﻘـﻭﺓ‬
‫ﺍﻟﺘﻔﺴﻴﺭﺓ ﻟﻤﺅﺸﺭﺍﺕ ﺍﻟﺤﺩﻴﺜﺔ ﻟﻠﻨﺠﺎﺡ ﺍﻟﻤﺎﻟﻲ ﻓﻲ ﻜل ﻗﻁﺎﻉ ﻋﻠﻰ ﺤﺩ ﻟﺘﺤﺩﻴﺩ ﺍﺴﺒﺎﺏ ﺍﻟﻤﺸﻜﻠﺔ ﺸـﺭﻜﺎﺕ ﻋﻴﻨـﺔ‬
‫ﺍﻟﺒﺤﺙ ﻟﻠﻔﺘﺭﺓ ‪ 2017-2012‬ﻓﻲ ﺴﻭﻕ ﺍﺒﻭ ﻅﺒﻲ ﻻﻭﺭﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ‪.‬‬
‫‪.2‬ﺃﻫﻤﻴﺔ ﺍﻟﺒﺤﺙ‬
‫ﺘﻜﻤﻥ ﺍﻫﻤﻴﺔ ﺍﻟﺒﺤﺙ ﻓﻲ ﻜﻭﻥ ﺍﻥ ﻤﻭﻀﻭﻉ ﺍﻟﻨﺠﺎﺡ ﺍﻟﻤﺎﻟﻲ ﻤﻥ ﺍﻟﻤﻭﺍﻀﻴﻊ ﺍﻟﻤﻬﻤـﺔ ﺍﻟـﺫﻱ ﻴﻀـﻁﻠﻊ ﺍﻟﻴﻬـﺎ‬
‫ﺸﺭﻜﺎﺕ ﺍﻻﻋﻤﺎل ‪ ،‬ﺒﺎﺴﺘﺨﺩﺍﻤﻬﺎ ﺍﻟﻤﺅﺸﺭﺍﺕ ﺍﻟﺤﺩﻴﺜﺔ )ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴـﻭﻗﻴﺔ ﺍﻟﻤﻀـﺎﻓﺔ ‪ ،‬ﻭ ﺍﻟﻘﻴﻤـﺔ ﺍﻻﻗﺘﺼـﺎﺩﻴﺔ‬
‫ﺍﻟﻤﻀﺎﻓﺔ( ﺍﻟﺘﻲ ﺘﺴﺎﻫﻡ ﻓﻲ ﺘﺤﻘﻴﻕ ﺍﻻﻫﺩﺍﻑ ﺍﻻﺴﺎﺴﻴﺔ ﻟﻠﺸﺭﻜﺎﺕ ﻭ ﺘﻌﻅﻴﻡ ﻗﻴﻤﺘﻬﺎ ﺍﻟﺴﻭﻗﻴﺔ‪ ،‬ﻭﺫﻟﻙ ﻓـﻲ ﻤﺴـﻌﻰ‬
‫ﻟﻤﺴﺎﻋﺩﺓ ﺍﻟﻤﺩﺭﺍﺀ ﺍﻟﻤﺎﻟﻴﻴﻥ ﻭﺍﻷﻁﺭﺍﻑ ﺍﻟﻤﻌﻨﻴﺔ ﻓﻲ ﺍﻟﻤﻔﺎﻀﻠﺔ ﺒﻴﻥ ﺍﻟﻤﺅﺸﺭﺍﺕ ﺍﻟﻤﺎﻟﻴﺔ ﺍﻟﺤﺩﻴﺜﺔ ﻜﺄﺴـﺎﺱ ﻻﺘﺨـﺎﺫ‬
‫ﺍﻟﻘﺭﺍﺭ ﺍﻟﻤﻨﺎﺴﺏ ﻭﺍﻟﺫﻱ ﻴﺴﺎﻋﺩ ﻓﻲ ﺘﺤﻘﻴﻕ ﺍﻟﻬﺩﻑ ﺍﻟﺭﺌﻴﺴﻲ ﻟﻺﺩﺍﺭﺓ ﺍﻟﻤﺎﻟﻴﺔ ﻓﻲ ﺘﻌﻅﻴﻡ ﺜﺭﻭﺓ ﺍﻟﻤﺴﺎﻫﻤﻴﻥ ﻭﺘﻘﻴـﻴﻡ‬
‫ﺃﺩﺍﺀ ﺍﻟﺸﺭﻜﺎﺕ ﺍﻟﻤﺨﺘﻠﻔﺔ‪.‬ﺘﻜﻤﻥ ﺍﻫﻤﻴﺔ ﺍﻟﻤﺅﺸﺭﺍﺕ ﺍﻟﺤﺩﻴﺜﺔ ﺍﺫ ﺘﺴﺎﻋﺩ ﺍﻻﺭﺘﻘﺎﺀ ﺒﺎﻟﻜﻔﺎﺀﺕ ﺍﻟﺘﺸﻐﻴﻠﺔ ﻟﻠﺸـﺭﻜﺎﺕ ‪،‬‬
‫ﻭﺒﺼﻴﺭﺘﻬﺎ ﻓﻲ ﺍﺴﺘﺨﺩﺍﻡ ﻤﺅﺸﺭﺍﺕ ﻤﺎﻟﻴﺔ ﺤﺩﻴﺜﺔ ‪ ،‬ﻭﺘﻭﻓﻴﺭ ﺍﻟﺴﻴﻭﻟﺔ ﻭ ﺘﺤﻘﻴﻕ ﺍﻻﺭﺒﺎﺡ‪،‬ﻭ ﺘﻘﻠﻴل ﻜﻠﻔﺔ ﺭﺃﺱ ﺍﻟﻤـﺎل‬
‫ﻭ ﺘﺤﻘﻴﻕ ﺍﻫﺩﺍﻑ ﺍﻟﺸﺭﻜﺎﺕ‪.‬‬
‫‪.3‬ﺍﻫﺩﺍﻑ ﺍﻟﺒﺤﺙ‬
‫ﻴﻬﺩﻑ ﺍﻟﺒﺤﺙ ﺍﻟﻰ ﻋﺭﺽ ﻭ ﺘﺴﻠﻴﻁ ﺍﻟﻀﻭﺀ ﻋﻠﻰ ﺒﻌﺽ ﺍﻟﺠﻭﺍﻨﺏ ﺍﻻﺴﺎﺴﻴﺔ ﺍﻟﻤﺘﻌﻠﻘﺔ ﺒﺎﻟﻤﺅﺸـﺭﺍﺕ ﺍﻟﺤﺩﻴﺜـﺔ‬
‫ﺍﻟﻤﺘﻤﺜﻠﺔ ﺒﺎﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ‪ ،‬ﻭ ﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ‪ ،‬ﻜﻤﺎ ﺘﺴﻌﻰ ﺍﻟﺒﺤﺙ ﺍﻟﻰ ﺍﺴﺘﺨﺩﺍﻡ ﺍﺴـﻠﻭﺏ‬

‫‪22‬‬ ‫اﻟﻌﺪد ‪ 38‬أوت ‪2019‬‬

 ‫ﻣﺠﻠﺔ دراﺳﺎت اﻗﺘﺼﺎدﻳﺔ ‪ISSN: 2602-7925....................................................‬‬
‫ﻗﻴﺎس و ﺗﺤﻠﻴﻞ اﻟﻨﺠﺎح اﻟﻤﺎﻟﻲ وﻓﻖ اﻟﻤﺆﺷﺮات اﻟﻤﺎﻟﻴﺔ اﻟﺤﺪﻳﺜﺔ‬
‫ﺍﻟﺘﺤﻠﻴل ﻭ ﺍﻟﻘﻴﺎﺱ ﻟﻐﺭﺽ ﺍﻟﺘﻭﺼل ﺍﻟﻰ ﺤﻘﺎﺌﻕ ﻋﻠﻤﻴﺔ ﺍﻟﻤﺘﻤﺜﻠﺔ ﺤﻭل ﻤﺩﻯ ﻨﺠﺎﺡ ﺍﻟﺸﺭﻜﺎﺕ ﻓـﻲ ﺘﺤﻘﻴـﻕ‬
‫ﺍﻫﺩﺍﻓﻬﺎ ﺒﺘﻌﻅﻴﻡ ﺍﻟﺸﺭﻜﺔ ﻓﻲ ﺍﻻﺴﻭﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ ﺒﻌﺩ ﺍﻻﺨﺫ ﺒﺎﻻﺤﺴﺒﺎﻥ ﻜﻠﻔﺔ ﺭﺃﺱ ﺍﻟﻤﺎل ﺤﻭل ﻤﺩﻯ ﺍﻟﻤﺅﺸـﺭﺍﺕ‬
‫ﻋﻠﻰ ﺘﺤﻘﻴﻕ ﺍﻟﻌﻭﺍﺌﺩ ﺍﻟﻌﺎﻟﻴﺔ ‪ ،‬ﻭ ﺍﻨﻌﻜﺎﺴﻬﺎ ﻟﻠﻭﻀﻊ ﺍﻟﺸﺭﻜﺔ ﺒﺼﻭﺭﺓ ﺩﻗﻴﻘﺔ ‪.‬‬
‫ﻤﺠﺘﻤﻊ ﻭ ﻋﻴﻨﺔ ﺍﻟﺒﺤﺙ‬
‫ﻴﻤﺜل ﺴﻭﻕ ﺍﺒﻭ ﻅﺒﻲ ﻟﻼﻭﺭﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ ﻤﺠﺘﻤﻊ ﺍﻟﺩﺭﺍﺴﺔ ﻓﻴﻤﺎ ﺍﻥ ﻋﻴﻨﺔ ﺍﻟﺒﺤﺙ )‪ (32‬ﺸﺭﻜﺔ ﻤﺴﺎﻫﻤﺔ ﻭﻤﻘﺴـﻤﺔ‬
‫ﻋﻠﻰ ﺴﺘﺔ ﻗﻁﺎﻋﺎﺕ ﻤﺨﺘﻠﻔﺔ‪ .‬ﻭ ﻴﻌﺯﻯ ﺍﺨﺘﺒﺎﺭ ﺍﻟﻌﻴﻨﺔ ﺍﻟﻰ ﺘﺤﻘﻴﻕ ﻤﺘﻁﻠﺒﺎﺕ ﺍﻟﺩﺭﺍﺴﺔ ﻤـﻥ ﺤﻴـﺙ ﺍﺴـﺘﻤﺭﺍﺭ‬
‫ﺘﺩﺍﻭل ﻓﻲ ﺍﻟﺸﺭﻜﺎﺕ ﻋﻴﻨﺔ ﺍﻟﺒﺤﺙ ﻓﻲ ﺍﻟﺴﻭﻕ ﺍﻟﻤﺎﻟﻲ ﻭ ﺘﻭﻓﺭ ﺍﻟﺒﻴﺎﻨﺎﺕ ﺍﻟﻤﺎﻟﻴﺔ‪ .‬ﺘﻐﻁﻲ ﻓﺘﺭﺓ ﺍﻟﺩﺭﺍﺴـﺔ )‪2012‬‬
‫– ‪. (2017‬‬
‫ﻓﺭﻀﻴﺎﺕ ﺍﻟﺒﺤﺙ‬
‫ﻓﻲ ﻀﻭﺀ ﻤﺘﻐﻴﺭﺍﺕ ﺍﻟﺘﺤﻠﻴل ﺍﻟﺘﻲ ﻴﺘﻀﻤﻨﻬﺎ ﺍﻟﺩﺭﺍﺴﺔ ﺘﻤﺕ ﺼﻴﺎﻏﺔ ﻓﺭﻀﻴﺔ ﺭﺌﻴﺴﺔ ﻤﻔﺎﺩﻫﺎ ﻤﺅﺸﺭ ﺍﻟﻘﻴﻤـﺔ‬
‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﺘﺘﻤﺘﻊ ﺒﻘﺩﺭﺓ ﺘﻔﺴﻴﺭﻴﺔ ﺃﻋﻠﻰ ﻤﻥ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴـﻭﻗﻴﺔ ﺍﻟﻤﻀـﺎﻓﺔ ﻜﻤﺅﺸـﺭ ﻟﻠﻨﺠـﺎﺡ ﺍﻟﻤـﺎﻟﻲ‬
‫ﻟﻠﺸﺭﻜﺎﺕ ﻋﻴﻨﺔ ﺍﻟﺒﺤﺙ ﻟﻠﻔﺘﺭﺓ ‪ 2017-2012‬ﻭ ﺘﺸﺘﻕ ﻤﻥ ﺍﻟﻔﺭﻀﻴﺔ ﺍﻟﺭﺌﻴﺴﻴﺔ‪ ،‬ﻓﺭﻀﻴﺎﺕ ﻓﺭﻋﻴﺔ ﻜﺎﻻﺘﻲ ‪:‬‬
‫‪ .1‬ﻤﺅﺸﺭ ﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻟﻠﻘﻁﺎﻉ ﺍﻟﺼﻨﺎﻋﻲ ﺘﺘﻤﺘﻊ ﺒﻘﺩﺭﺓ ﺘﻔﺴﻴﺭﻴﺔ ﺃﻋﻠﻰ ﻤﻥ ﻤﺅﺸـﺭ ﺍﻟﻘﻴﻤـﺔ‬
‫ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻜﻤﺅﺸﺭ ﻟﻠﻨﺠﺎﺡ ﺍﻟﻤﺎﻟﻲ ﻟﻠﺸﺭﻜﺎﺕ ﻋﻴﻨﺔ ﺍﻟﺒﺤﺙ ﻟﻠﻔﺘﺭﺓ ‪. 2017-2012‬‬
‫‪ .2‬ﻤﺅﺸﺭ ﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻟﻠﻘﻁﺎﻉ ﺍﻟﻤﺼﺭﻓﻲ ﺘﺘﻤﺘﻊ ﺒﻘﺩﺭﺓ ﺘﻔﺴﻴﺭﻴﺔ ﺃﻋﻠﻰ ﻤﻥ ﻤﺅﺸـﺭ ﺍﻟﻘﻴﻤـﺔ‬
‫ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻜﻤﺅﺸﺭ ﻟﻠﻨﺠﺎﺡ ﺍﻟﻤﺎﻟﻲ ﻟﻠﺸﺭﻜﺎﺕ ﻋﻴﻨﺔ ﺍﻟﺒﺤﺙ ﻟﻠﻔﺘﺭﺓ ‪2017-2012‬‬
‫‪ .3‬ﻤﺅﺸﺭ ﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻟﻠﻘﻁﺎﻉ ﺍﻟﺨﺩﻤﺎﺕ ﺘﺘﻤﺘﻊ ﺒﻘﺩﺭﺓ ﺘﻔﺴﻴﺭﻴﺔ ﺃﻋﻠﻰ ﻤﻥ ﻤﺅﺸـﺭ ﺍﻟﻘﻴﻤـﺔ‬
‫ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻜﻤﺅﺸﺭ ﻟﻠﻨﺠﺎﺡ ﺍﻟﻤﺎﻟﻲ ﻟﻠﺸﺭﻜﺎﺕ ﻋﻴﻨﺔ ﺍﻟﺒﺤﺙ ﻟﻠﻔﺘﺭﺓ ‪.2017-2012‬‬
‫‪ .4‬ﻤﺅﺸﺭ ﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻟﻠﻘﻁﺎﻉ ﺍﻟﻁﺎﻗﺔ ﺘﺘﻤﺘﻊ ﺒﻘﺩﺭﺓ ﺘﻔﺴﻴﺭﻴﺔ ﺃﻋﻠﻰ ﻤـﻥ ﻤﺅﺸـﺭ ﺍﻟﻘﻴﻤـﺔ‬
‫ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻜﻤﺅﺸﺭ ﻟﻠﻨﺠﺎﺡ ﺍﻟﻤﺎﻟﻲ ﻟﻠﺸﺭﻜﺎﺕ ﻋﻴﻨﺔ ﺍﻟﺒﺤﺙ ﻟﻠﻔﺘﺭﺓ ‪.2017-2012‬‬
‫‪ .5‬ﻤﺅﺸﺭ ﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻟﻠﻘﻁﺎﻉ ﺍﻟﺴﻠﻊ ﺍﻻﺴﺘﻬﻼﻜﻴﺔ ﺘﺘﻤﺘﻊ ﺒﻘﺩﺭﺓ ﺘﻔﺴﻴﺭﻴﺔ ﺃﻋﻠﻰ ﻤﻥ ﻤﺅﺸـﺭ‬
‫ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻜﻤﺅﺸﺭ ﻟﻠﻨﺠﺎﺡ ﺍﻟﻤﺎﻟﻲ ﻟﻠﺸﺭﻜﺎﺕ ﻋﻴﻨﺔ ﺍﻟﺒﺤﺙ ﻟﻠﻔﺘﺭﺓ ‪.2017-2012‬‬
‫‪ .6‬ﻤﺅﺸﺭ ﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻟﻠﻘﻁﺎﻉ ﺍﻻﺘﺼﺎﻻﺕ ﺘﺘﻤﺘﻊ ﺒﻘﺩﺭﺓ ﺘﻔﺴﻴﺭﻴﺔ ﺃﻋﻠﻰ ﻤﻥ ﻤﺅﺸﺭ ﺍﻟﻘﻴﻤـﺔ‬
‫ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻜﻤﺅﺸﺭ ﻟﻠﻨﺠﺎﺡ ﺍﻟﻤﺎﻟﻲ ﻟﻠﺸﺭﻜﺎﺕ ﻋﻴﻨﺔ ﺍﻟﺒﺤﺙ ﻟﻠﻔﺘﺭﺓ ‪.2017-2012‬‬
‫ﺜﺎﻨﻴﺎ‪:‬ﺍﻟﺩﺭﺍﺴﺎﺕ ﺍﻟﺴﺎﺒﻘﺔ‪:‬‬
‫‪.1‬ﺩﺭﺍﺴﺔ ﻓﻼﺘﻪ‪2010،‬‬
‫ﻗﻴﺎﺱ ﺍﻟﻌﻼﻗﺔ ﺒﻴﻥ ﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻭﺍﻟﻌﺎﺌﺩ ﻋﻠﻰ ﺍﻷﺴﻬﻡ ﻓﻲ ﺍﻟﺸﺭﻜﺎﺕ ﺍﻟﺴـﻌﻭﺩﻴﺔ ﺍﻟﻤﺴـﺎﻫﻤﺔ‬
‫)ﺩﺭﺍﺴﺔ ﺘﻁﺒﻴﻘﻴﺔ(‬
‫ﺘﻬﺩﻑ ﺍﻟﺩﺭﺍﺴﺔ ﺇﻟﻰ ﺍﺨﺘﺒﺎﺭ ﺍﻟﻌﻼﻗﺔ ﺒﻴﻥ ﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻭ ﺍﻟﻌﺎﺌﺩ ﻋﻠﻰ ﺍﻟﺴﻬﻡ ﻟﻘﻴﺎﺱ ﻗﺩﺭﺘﻬﺎ ﻋﻠـﻰ‬
‫ﺍﻟﺘﻨﺒﺅ ﺒﻌﻭﺍﺌﺩ ﺍﻷﺴﻬﻡ ﺍﻟﻤﺴﺘﻘﺒﻠﻴﺔ ‪ ،‬ﻭﺘﺘﻀﻤﻥ ﺍﻟﺩﺭﺍﺴﺔ ﺘﺤﻠﻴل ﺍﻟﻌﻼﻗﺔ ﺒﻴﻥ ﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻭﺍﻟﻘﻴﻤـﺔ‬
‫ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ‪ ،‬ﻜﻤﺎ ﺘﻘﺎﺭﻥ ﺍﻟﺩﺭﺍﺴﺔ ﺒﻴﻥ ﻗﺩﺭﺓ ﺍﻟﻤﺅﺸﺭﺍﻥ ﻋﻠﻰ ﺍﻟﺘﻨﺒـﺅ ﺒﻌﻭﺍﺌـﺩ ﺍﻷﺴـﻬﻡ ‪ ROI & ROE‬ﻭ‬

‫‪23‬‬ ‫اﻟﻌﺪد ‪ 38‬أوت ‪2019‬‬

 ‫ﻣﺠﻠﺔ دراﺳﺎت اﻗﺘﺼﺎدﻳﺔ ‪ISSN: 2602-7925....................................................‬‬
‫ﻗﻴﺎس و ﺗﺤﻠﻴﻞ اﻟﻨﺠﺎح اﻟﻤﺎﻟﻲ وﻓﻖ اﻟﻤﺆﺷﺮات اﻟﻤﺎﻟﻴﺔ اﻟﺤﺪﻳﺜﺔ‬
‫‪EVA & MVA‬ﻓﻲ ﺍﻟﻔﺘﺭﺓ ﻤﺎﺒﻴﻥ ‪ ،2009 – 2007‬ﻭﻁﺒﻘﺕ ﺍﻟﺩﺭﺍﺴﺔ ‪ 96‬ﺸﺭﻜﺔ ﻤﺴﺎﻫﻤﺔ ﻤﺩﺭﺠـﺔ‬ ‫ﺍﻟﻤﺅﺸﺭﺍﻥ‬
‫ﻓﻲ ﺴﻭﻕ ﺍﻷﺴﻬﻡ ﺍﻟﺴﻌﻭﺩﻱ ﺘﻡ ﺍﺨﺘﻴﺎﺭﻫﺎ ﻭﻓﻘﺎ ﻟﺘﻭﻓﺭ ﺍﻟﺒﻴﺎﻨﺎﺕ ﺍﻟﺘﻲ ﺘﺘﻁﻠﺒﻬﺎ ﺍﻟﺩﺭﺍﺴﺔ ﻤﻥ ﻤﺨﺘﻠـﻑ ﺍﻟﻘﻁﺎﻋـﺎﺕ‬
‫ﺒﺎﺴﺘﺜﻨﺎﺀ ﻗﻁﺎﻉ ﺍﻟﺘﺄﻤﻴﻥ ﻭﺘﻭﺼل ﺍﻟﻰ ﻨﺘﺎﺌﺞ ﺍﻴﺠﺎﺒﻴﺔ ﺒﻴﻥ ﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻭ ﺍﻟﻌﺎﺌﺩ ﻋﻠﻰ ﺍﻟﺴﻬﻡ ﻟﺘﻨﻴﺅ‬
‫ﺒﻌﻭﺍﺌﺩ ﺍﻟﺴﻬﻡ‪.‬‬
‫‪.2‬ﺩﺭﺍﺴﺔ ﺼﻴﻔﻲ ﻭ ﺒﻥ ﻋﻤﺎﺭﺓ‪2015،‬‬
‫ﻗﻴﺎﺱ ﺍﻻﺩﺍﺀ ﺍﻟﻤﺎﻟﻲ ﺒﺄﺴﺘﺨﺩﺍﻡ ﻤﺅﺸﺭ ﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ‬
‫ﺘﺴﻌﻰ ﺍﻟﺩﺭﺍﺴﺔ ﺇﻟﻰ ﺘﺤﺩﻴﺩ ﻤﺩﻯ ﻗﺩﺭﺓ ﻤﺅﺸﺭ ﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻋﻠﻰ ﻗﻴﺎﺱ ﺍﻷﺩﺍﺀ ﺍﻟﻤﺎﻟﻲ ﻭ ﺘﻔﺴـﻴﺭ‬
‫ﻋﻭﺍﺌﺩ ﺍﻷﺱھﻡ‪ ،‬ﻭﺫﻟﻙ ﺒﻤﻘﺎﺭﻨﺔ ﺍﻟﻤﺅﺸﺭﺍﺕ ﺍﻟﻤﺤﺎﺴﺒﻴﺔ ﺍﻟﺘﻘﻠﻴﺩﻴﺔ ﻟﻸﺩﺍﺀ ﺍﻟﻤﺎﻟﻲ ﺒﻤﺅﺸﺭﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻤﻀـﺎﻓﺔ‪،‬‬
‫ﻭﻟﺘﺤﻘﻴﻕ ھﺩﻑ ﺍﻟﺩﺭﺍﺴﺔ ﺘﻡ ﺍﺨﺘﻴﺎﺭ ﻋﻴﻨﺔ ﺘﻀﻡ ﺍﻟﻤﺅﺴﺴﺎﺕ ﺍﻟﻤﺩﺭﺠﺔ ﺒﻤﺅﺸﺭ ‪ CAC40‬ﻭﺍﻟﺘـﻲ ﺘﻨﺸـﻁ ﺒﺴـﻭﻕ‬
‫ﺒﺎﺭﻴﺱ ﻟﻸﻭﺭﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ ﺨﻼل ﺍﻟﻔﺘﺭﺓ ‪ 2008‬ﻭ‪، 2013‬ﻭﻟﻘﺩ ﺃﻅﻪرﺕ ﻨﺘﺎﺌﺞ ﺍﻟﺩﺭﺍﺴﺔ ﺘﻔـﻭﻕ ﻤﻘﻴـﺎﺱ ﺍﻟﻘﻴﻤـﺔ‬
‫ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻋﻠﻰ ﺒﺎﻗﻲ ﻤﺅﺸﺭﺍﺕ ﺍﻷﺩﺍﺀ ﻓﻲ ﺘﻔﺴﻴﺭ ﻋﻭﺍﺌﺩ ﺍﻷﺴﻬﻡ ﻭﻤﻥ ﺒﻴﻨﻬﺎ ﻤﺅﺸﺭ ﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼـﺎﺩﻴﺔ‬
‫ﺍﻟﻤﻀﺎﻓﺔ‪.‬‬
‫‪ .3‬ﺩﺭﺍﺴﺔ ‪Seoki lee and Woo Gon Kim, 2009‬‬
‫ﺍﺸﺘﻘﺎﻕ ﻤﺅﺸﺭﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ‪،‬ﻭ ﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ‪ ،‬ﺃﻭ ﺍﺍﻟﻤﺅﺸﺭﺍﺕ ﺍﻷﺩﺍﺀ ﺍﻟﺘﻘﻠﻴﺩﻴـﺔ‬
‫ﻟﺼﻨﺎﻋﺔ )ﺘﻘﺩﻴﻡ( ﺍﻟﻀﻴﺎﻓﺔ؟‬
‫ﺘﻬﺩﻑ ﺍﻟﺩﺭﺍﺴﺔ ﺍﻟﻰ ﺇﻴﺠﺎﺩ ﻤﺅﺸﺭ ﺍﻷﺩﺍﺀ ﺍﻟﻤﻨﺎﺴﺏ ﻟﺘﻘﻴﻴﻡ ﺍﻟﻘﻁﺎﻉ ﺍﻟﺴﻴﺎﺤﻲ ﻭﺫﻟﻙ ﻤﻥ ﺨﻼل ﺍﻟﻤﻘﺎﺭﻨﺔ ﺒﻴﻥ ﺴـﺘﺔ‬
‫ﻤﻘﺎﻴﻴﺱ ﺃﺴﺎﺴﻴﺔ ﻟﻸﺩﺍﺀ ھﻱ ﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﺍﻟﻤﻌﺩﻟﺔ‪ ،‬ﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ‪ ،‬ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴـﻭﻗﻴﺔ‬
‫ﺍﻟﻤﻀﺎﻓﺔ‪ ،‬ﺍﻟﺘﺩﻓﻕ ﺍﻟﻨﻘﺩﻱ ﻟﻠﻌﻤﻠﻴﺎﺕ ﺍﻟﺘﺸﻐﻴﻠﻴﺔ ﺍﻟﻌﺎﺌﺩ ﻋﻠﻰ ﺍﻟﻤﻭﺠﻭﺩﺍﺕ‪ ،‬ﻭﺍﻟﻌﺎﺌﺩ ﻋﻠﻰ ﺤﻘﻭﻕ ﺍﻟﻤﻠﻜﻴـﺔ‪ ،‬ﻭﺘﺤﺩﻴـﺩ‬
‫ﻤﺩﻯ ﻗﺩﺭﺓ ﻜل ﻤﺅﺸﺭ ﻤﻥھﺍ ﻋﻠﻰ ﺘﻔﺴﻴﺭ ﺍﻻﺨﺘﻼﻑ ﻓﻲ ﺍﻟﻌﻭﺍﺌﺩ ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻤﻌﺩﻟﺔ‪ ،‬ﻭﻟﻘﺩ ﺃﻅھﺭﺕ ﻨﺘﺎﺌﺞ ﺍﻟﺩﺭﺍﺴﺔ‬
‫ﺃﻥ ﻤﺅﺸﺭ ﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻴﺘﻔﻭﻕ ﻋﻠﻰ ﺍﻟﻤﺅﺸﺭﺍﺕ ﺍﻷﺨﺭﻯ‪ ،‬ﻭﺭﻏﻡ ﺃﻥ ﺍﻟﻌﺩﻴـﺩ ﻤـﻥ ﺍﻟﺩﺭﺍﺴـﺎﺕ‬
‫ﺍﻟﺴﺎﺒﻘﺔ ﺃﺜﺒﺘﺕ ﻗﺩﺭﺓ ھﺫﺍ ﺍﻟﻤﺅﺸﺭ ﻋﻠﻰ ﺘﻘﻴﻴﻡ ﺍﻷﺩﺍﺀ ﺍﻟﻤﺎﻟﻲ ﻟﻠﻤﺅﺴﺴﺎﺕ ﺇﻻ ﺃﻥ ﺍﻟﻨﺘﺎﺌﺞ ﺍﻟﻤﺘﻭﺼل ﺇﻟﻲھﺍ ﺘـﻅھﺭ‬
‫ﺃﻓﻀﻠﻴﺔ ﻤﺅﺸﺭ ﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻌﺩﻟﺔ ﻭﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻓﻲ ﺫﻟﻙ‪.‬‬
‫‪ .4‬ﺩﺭﺍﺴﺔ ‪Moreteza hajiabbasi and others2012‬‬
‫ﻤﻘﺎﺭﻨﺔ ﺘﺩﺍﺒﻴﺭ ﺨﻠـﻕ ﻗﻴﻤـﺔ ﻤﺤﺘـﻭﻯ ﺍﻟﻤﻌﻠﻭﻤـﺎﺕ)‪(CSV and CVA ،SVA ،MVA ،REVA ،EVA‬‬
‫ﻭﺍﻟﺘﺩﺍﺒﻴﺭ ﺍﻟﻤﺤﺎﺴﺒﻴﺔ )‪ (CFO ،EPS ،ROE ،ROA‬ﻟﻠﺘﻨﺒﺅ ﺒﻌﺎﺌﺩ ﺍﻟﻤﺴﺎﻫﻤﻴﻥ )‪ (SR‬ﺍﻷﺩﻟﺔ ﻤﻥ ﺴﻭﻕ ﺇﻴﺭﺍﻥ‬
‫ﻟﻼﻭﺭﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ‪.‬‬
‫ﺘﺴﻌﻰ ﺍﻟﺩﺭﺍﺴﺔ ﺍﻟﻰ ﻤﻌﺭﻓﺔ ﺩﺭﺍﺴﺔ ﻗﺩﺭﺓ ﻤﺅﺸﺭﺍﺕ ﺨﻠﻕ ﺍﻟﻘﻴﻤـﺔ )ﺍﻟﻘﻴﻤـﺔ ﺍﻻﻗﺘﺼـﺎﺩﻴﺔ ﺍﻟﻤﻀـﺎﻓﺔ‪ ،‬ﺍﻟﻘﻴﻤـﺔ‬
‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﺍﻟﻤﻌﺩﻟﺔ‪ ،‬ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ‪ ،‬ﺍﻟﻘﻴﻤﺔ ﺍﻟﻨﻘﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﺒﺎﻟﻤﻘﺎﺭﻨـﺔ ﻤـﻊ ﺍﻟﻤﺅﺸـﺭﺍﺕ‬
‫ﺍﻟﻤﺤﺎﺴﺒﻴﺔ )ﺍﻟﻌﺎﺌﺩ ﻋﻠﻰ ﺍﻟﻤﻭﺠﻭﺩﺍﺕ‪ ،‬ﺍﻟﻌﺎﺌﺩ ﻋﻠﻰ ﺤﻘﻭﻕ ﺍﻟﻤﻠﻜﻴﺔ‪ ،‬ﺍﻟﺘﺩﻓﻕ ﺍﻟﻨﻘﺩﻱ ﻤﻥ ﺍﻟﻌﻤﻠﻴـﺎﺕ ﺍﻟﺘﺸـﻐﻴﻠﻴﺔ‪ ،‬ﻭ‬
‫ﺭﺒﺤﻴﺔ ﺍﻟﺴﻬﻡ ﺍﻟﻭﺍﺤﺩ ﻋﻠﻰ ﺍﻟﺘﻨﺒﺅ ﺒﻌﻭﺍﺌﺩ ﺍﻷﺱھﻡ‪ ،‬ﻭﺘﻤﺜل ﻤﺠﺘﻤﻊ ﺍﻟﺩﺭﺍﺴﺔ ﺴﻭﻕ ﻁﻬﺭﺍﺕ ﻟﻼﻭﺭﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ ﻓﻲ‬

‫‪24‬‬ ‫اﻟﻌﺪد ‪ 38‬أوت ‪2019‬‬

 ‫ﻣﺠﻠﺔ دراﺳﺎت اﻗﺘﺼﺎدﻳﺔ ‪ISSN: 2602-7925....................................................‬‬
‫ﻗﻴﺎس و ﺗﺤﻠﻴﻞ اﻟﻨﺠﺎح اﻟﻤﺎﻟﻲ وﻓﻖ اﻟﻤﺆﺷﺮات اﻟﻤﺎﻟﻴﺔ اﻟﺤﺪﻳﺜﺔ‬
‫ﻋﻴﻨﺔ ﺒﺤﺙ ‪ 76‬ﺍﻟﻔﺘﺭﺓ ﺍﻟﻤﻤﺘﺩﺓ ﺒﻴﻥ ‪ 2011-2007‬ﻭﻟﻘﺩ ﺘﻡ ﻤﻥ ﺨﻼلھﺍ ﻤﻌﺎﻟﺠﺔ ‪ 10‬ﻓﺭﻀﻴﺎﺕ ﻤـﻥ ﺍﺠـل‬
‫ﺇﻴﺠﺎﺩ ﺍﻟﻌﻼﻗﺔ ﺒﻴﻥ ﻤﺅﺸﺭﺍﺕ ﺨﻠﻕ ﺍﻟﻘﻴﻤﺔ ﻭﺍﻟﻤﺅﺸﺭﺍﺕ ﺍﻟﻤﺤﺎﺴﺒﻴﺔ ﻭﺍﻟﻌﺎﺌﺩ ﻋﻠﻰ ﺍﻟﺴـﻬﻡ‪ ،‬ﻭﻟﻘـﺩ ﺍﺴـﺘﺨﺩﻡ لھﺫﺍ‬
‫ﺍﻟﻐﺭﺽ ﺘﺤﻠﻴل ﺍﻻﺭﺘﺒﺎﻁ ﻭﺍﻻﻨﺤﺩﺍﺭ ﺍﻟﻤﺘﻌﺩﺩ‪ ،‬ﻭﻤﻥ ﺍﻫﻡ ﻨﺘﺎﺌﺞ ﺍﻟﺩﺭﺍﺴﺔ ﺃﻥ ھﻨﺎﻙ ﻋﻼﻗﺔ ﻗﻭﻴﺔ ﺒـﻴﻥ ﻤﺅﺸـﺭﺍﺕ‬
‫ﺨﻠﻕ ﺍﻟﻘﻴﻤﺔ ﻭﺍﻟﻤﺅﺸﺭﺍﺕ ﺍﻟﻤﺤﺎﺴﺒﻴﺔ ﻤﻤﺜﻼ ﻋﻥ ﻭﺠﻭﺩ ﺃﻥ ھﻨﺎﻙ ﻋﻼﻗﺔ ﺫﺍﺕ ﺩﻻﻟﺔﺇﺤﺼﺎﺌﻴﺔ ﺴﻠﺒﻴﺔ ﺒﻴﻥ ﻤﺅﺸـﺭ‬
‫ﺍﻟﻌﺎﺌﺩ ﻋﻠﻰ ﺤﻘﻭﻕ ﺍﻟﻤﻠﻜﻴﺔ ﻭﺍﻟﻌﺎﺌﺩ ﻋﻠﻰ ﺍﻟﺱھﻡ‪ ،‬ﻭﺒﺸﻜل ﻋﺎﻡ ﻴﻌﺘﺒﺭ ﻤﺅﺸﺭ ﺨﻠﻕ ﺍﻟﻘﻴﻤـﺔ ﻟﻠﻤﺴـﺎھﻤـﻴﻥ)‪CSV‬‬
‫(ﺍﻷﻜﺜﺭ ﺍﺭﺘﺒﺎﻁﺎ ﺒﺎﻟﻌﺎﺌﺩ ﻋﻠﻰ ﺍﻟﺱھﻡ‪.‬‬
‫ﺍﻟﺠﺎﻨﺏ ﺍﻟﻨﻅﺭﻱ‪:‬ﺍﻟﻤﺒﺤﺙ ﺍﻟﺜﺎﻨﻲ‬
‫ﺍﻟﻤﺅﺸﺭﺍﺕ ﺍﻟﺤﺩﻴﺜﺔ ﻟﻠﻨﺠﺎﺡ ﺍﻟﻤﺎﻟﻲ‬
‫ﻨﺘﻴﺠﺔ ﺍﻻﻨﺘﻘﺎﺩﺍﺕ ﺍﻟﺘﻲ ﻭﺠﻬﺕ ﻨﺤﻭ ﺍﻟﻤﺅﺸﺭﺍﺕ ﺍﻟﺘﻘﻠﻴﺩﻴﺔ ﺍﻟﺘﻲ ﻻ ﺘﺎﺨﺫ ﺒﻌﻴﻥ ﺍﻻﻋﺘﺒـﺎﺭ ﺍﻟﻌﻼﻗـﺔ ﺒـﻴﻥ ﺍﻟﻌﺎﺌـﺩ‬
‫ﺍﻟﻤﺘﺤﻘﻕ ﻭ ﺍﻟﻤﺨﺎﻁﺭﺓ‪ ،‬ﻭﻅﻬﻭﺭ ﺍﻫﻤﻴﺔﺘﻌﻅﻴﻡ ﺜﺭﻭﺓ ﺍﻟﻤﺎﻟﻜﻴﻥ ‪ ،‬ﻓﺄﻥ ﺍﻟﺤﺎﺠﺔ ﺘﺯﺍﻴﺩﺕ ﺍﻟﻰ ﻭﺠﻭﺩ ﻤﻘﺎﻴﻴﺱ ﺠﺩﻴـﺩﺓ‬
‫ﻴﻤﻜﻥ ﺍﻥ ﺘﻘﺩﻡ ﻤﻌﻠﻭﻤﺎﺕ ﻤﺒﺎﺸﺭﺓ ﺤﻭل ﻜﻴﻔﻴﺔ ﻗﻴﺎﻡ ﺍﻻﻨﺸﻁﺔ ﺍﻟﻤﺨﺘﻠﻔﺔ ﻓﻲ ﺍﻟﺸﺭﻜﺔ ﺒﺎﻟﻤﺴﺎﻫﻤﺔ ‪ ،‬ﻭ ﻫﻨﺎ ﺒـﺭﺯﺕ‬
‫ﺍﻫﻤﻴﺔ ﺍﻟﻤﻘﺎﻴﻴﺱ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﻟﺘﺤﻘﻴﻕ ﺍﻟﻨﺠﺎﺡ ﻜﺎﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻭ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻜﻤﻘﺎﻴﺱ‬
‫ﻴﻤﻜﻥ ﺘﻭﺠﻪ ﺍﻟﺠﻬﻭﺩ ﻨﺤﻭ ﺍﺤﺩﺍﺙ ﺘﺎﺜﻴﺭ ﺍﻴﺠﺎ ﺒﻲ ﻋﻠﻰ ﺴﻌﺭ ﺍﻟﺴﻬﻡ ﻓﻲ ﺍﻟﺴﻭﻕ ﺍﻟﻤﺎﻟﻲ ﻭ ﺘﺤﻘﻴﻕ ﻫـﺩﻑ ﺘﻌﻅـﻴﻡ‬
‫ﺜﺭﻭﺓ ﺍﻟﻤﺴﺎﻫﻤﻴﻥ)ﻨﺩﻴﻡ‪.(42-41 :2013،‬‬
‫‪ Economic Value Added‬ﺃﻭﻻ"‪ /‬ﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ‪:‬‬
‫ﺘﻡ ﺍﻟﺘﻌﺭﻑ ﻋﻠﻰ ﻤﻔﻬﻭﻡ ﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﺒﺸﻜل ﻭﺍﺴﻊ ﻤﻥ ﻗﺒل ﻤﻭﻅﻔﻲ ﺍﻟﺨﺯﺍﻨﻪ ﺍﻻﻤﺭﻴﻜﻴﺔ ﻓـﻲ‬
‫ﺍﻟﻘﺭﻥ ﺍﻟﺜﺎﻤﻥ ﻋﺸﺭ ﻟﻴﺴﺘﺨﺩﻡ ﻤﻥ ﻗﺒل ﺍﻟﻌﺩﻴﺩ ﻤﻥ ﺍﻟﺤﻜﻭﻤﺎﺕ ﻜﻤﻘﻴﺎﺱ ﻟﻠﺩﺨل ﺍﻟﺤﻜﻭﻤﻲ)‪.(Haskins ,1993:685‬‬
‫ﻭﺘﻌﻭﺩ ﺍﻟﺠﺫﻭﺭ ﺍﻟﺘﺎﺭﻴﺨﻴﺔ ﻟﻤﻔﻬﻭﻡ ﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﺍﻟﻰ ﺜﻼﺜﺔ ﻤﻥ ﺭﻭﺍﺩ ﺍﻻﻗﺘﺼﺎﺩ ﺍﻻﻤﺭﻴﻜـﻲ ﻓـﻲ‬
‫ﺍﻟﻘﺭﻥ ﺍﻟﻌﺸﺭﻴﻥ )‪ (Irving Fisher‬ﺨﻼل ﺍﻟﻌـﺎﻡ ‪ 1930‬ﻡ ‪ ،‬ﻭ)‪( Modigliani& Miller‬ﻤﻨـﺫ ﺒﺩﺍﻴـﺔ ﺍﻟﻌـﺎﻡ‬
‫‪ 1950‬ﻡ ﺍﻟﻰ ﻨﻬﺎﻴﺎﺕ ﺍﻟﻌﺎﻡ ‪ 1960‬ﻡ ‪ ،‬ﻭﺫﻟﻙ ﺒﺎﻨﻬﻡ ﻗﺩﻤﻭﺍ ﺍﻟﻤﻌﻨﻰ ﺍﻟﻤﺘﻜﺎﻤل ﻟﻤﻔﻬﻭﻡ ﺍﻟﺭﺒﺢ ﺍﻻﻗﺘﺼـﺎﺩﻱ ﻓـﻲ‬
‫ﺘﻘﻴﻴﻡ ﺍﻟﻭﻀﻊ ﺍﻟﻤﺎ ﻟﻲ ﻟﻠﺸﺭﻜﺔ) ‪ . (Bosra et al.,2013:75‬ﺍﻻ ﺍﻥ ﻤﻘﻴﺎﺱ ﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀـﺎﻓﺔ ﻟـﻡ‬
‫ﻴﺤﺼل ﻋﻠﻰ ﺍﻫﺘﻤﺎﻡ ﺍﻻﺩﺍﺭﺓ ﺍﻟﻤﺎﻟﻴﺔ ﺒﺎﻟﺭﻏﻡ ﺍﻥ ﻫﺫﺍ ﺍﻟﻤﻘﻴﺎﺱ ﻴﻌﺩ ﺍﻜﺜﺭ ﺍﻟﻤﻘﺎﻴﺱ ﺸﻬﺭﺓ ‪،‬ﻭﻭﻓﻘﺎ" ﻟﻠﻤﻨﻬﺞ ﺍﻟﻨﻅﺭﻱ‬
‫ﻟﻼﺩﺍﺭﺓ ﺍﻟﻤﺎﻟﻴﺔ ﻭﺍﻟﺘﻲ ﺒﺩﺃﺕ ﻤﻨﺫ ﺍﻟﺘﻨﻅﻴﺭ ﺍﻟﺫﻱ ﻗﺩﻤﻪ ﺭﺍﺌﺩ ﺍﻻﺩﺍﺭﺓ ﺍﻟﻤﺎﻟﻴﺔ ﺍﻟﻤﻌﺎﺼـﺭ ) ‪Modiglian and Miller‬‬
‫‪ .(,1958: 958‬ﺍﻀﺤﻰ ﻤﻔﻬﻭﻡ ﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻤﻨﺫ ﺍﻟﻌﺎﻡ ‪ 1990‬ﻡ ‪ ،‬ﻤﻭﻀﻭﻋﹰﺎ ﻤﺜﻴﺭﺍﹰ ﻟﻼﻫﺘﻤـﺎﻡ‬
‫ﻓﺎﻨﺘﺸﺭ ﻋﻠﻰ ﻨﻁﺎﻕ ﻭﺍﺴﻊ ﻭﺘﻀﻤﻨﺘﻪ ﺍﻟﻌﺩﻴﺩ ﻤﻥ ﺍﻟﻤﺅﻟﻔﺎﺕ ﻭﺍﻟﺒﺤﻭﺙ ﺍﻟﻤﺎﻟﻴﺔ ﻭﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﻤﻥ ﻭﺠﻬـﺎﺕ ﻨﻅـﺭ‬
‫ﻤﺨﺘﻠﻔﺔ ‪ ،‬ﻭﻗﺩ ﻜﺎﻨﺕ ﺍﻟﺒﺩﺍﻴﺔ ﻤﻊ ﺍﻗﺘﺭﺍﺡ ﺸﺭﻜﺔ ) ‪ ( Stern& Stewart‬ﻓﻲ ﺍﻟﻌـﺎﻡ ‪ 1989‬ﻡ ‪ ،‬ﻫـﺫﺍ ﺍﻟﻤﻔﻬـﻭﻡ‬
‫ﻜﻤﻘﻴﺎﺱ ﻟﺘﻘﻴﻴﻡ ﺍﻻﺩﺍﺀ ﺍﻟﻤﺎﻟﻲ ﻭ ﺘﺤﻘﻕ ﺍﻟﻨﺠﺎﺡ ﺍﻟﻤﺎﻟﻲ ﻟﺸﺭﻜﺎﺕ ﺍﻻﻋﻤـﺎل ﺒﻭﺼـﻔﻬﺎ ﺍﻥ ﺍﻟﻘﻴﻤـﺔ ﺍﻻﻗﺘﺼـﺎﺩﻴﺔ‬
‫ﺍﻟﻤﻀﺎﻓﺔ ﺘﻤﺜل ﺍﻻﺩﺍﺀ ﺍﻟﺼﺤﻴﺢ ﻟﻠﺸﺭﻜﺔ ﻷﻨﻬﺎ ﺘﻌﻜﺱ ﻓﻘﻁ ﺍﻟﻘﻴﻡ ﺍﻟﻤﻀﺎﻓﺔ ﺍﻟﺘﻲ ﺘﺘﻤﻜﻥ ﺍﻟﺸﺭﻜﺔ ﻤﻥ ﺘﺤﻘﻴﻘﻬﺎ ﺒﻌﺩ‬
‫ﺨﺼﻡ ﺍﺠﻤـﺎﻟﻲ ﺘﻜﻠﻔـﺔ ﺭﺃﺱ ﻤـﺎل ﺍﻟﻤﺴـﺘﺜﻤﺭ )‪ .(Lee & Kim, 2009:439‬ﻭﺘﻤﺜـل ﺍﻟﻘﻴﻤـﺔ ﺍﻻﻗﺘﺼـﺎﺩﻴﺔ‬
‫ﺍﻟﻤﻀﺎﻓﺔﺍﻟﻘﻴﻤﺔ ﺍﻟﺘﻲ ﺘﺤﻘﻘﻬﺎ ﺍﺩﺍﺭﺓ ﺍﻟﺸﺭﻜﺔ ﻟﻠﻤﺎﻟﻜﻴﻥ ﻭﺍﻟﻤﺘﻤﺜﻠﺔ ﺒﺎﻟﺩﺨل ﺍﻟﻔﺎﺌﺽ ﺒﻌﺩ ﺨﺼﻡ ﻜل ﻤﻥ ﺘﻜﻠﻔﺔ ﺭﺃﺱ‬
‫ﺍﻟﻤﺎل ﺍﻟﻤﻤﺘﻠﻙ ﻭﺍﻟﻤﻘﺘﺭﺽ ﻤﻥ ﺼﺎﻓﻲ ﺍﻻﺭﺒﺎﺡ ﺒﻌﺩ ﺍﻟﻀﺭﻴﺒﺔ)‪ .(Ray,2012:261‬ﻭ ﻴﻤﺜل ﺍﻟﻘﻴﻤـﺔ ﺍﻻﻗﺘﺼـﺎﺩﻴﺔ‬

‫‪25‬‬ ‫اﻟﻌﺪد ‪ 38‬أوت ‪2019‬‬

 ‫ﻣﺠﻠﺔ دراﺳﺎت اﻗﺘﺼﺎدﻳﺔ ‪ISSN: 2602-7925....................................................‬‬
‫ﻗﻴﺎس و ﺗﺤﻠﻴﻞ اﻟﻨﺠﺎح اﻟﻤﺎﻟﻲ وﻓﻖ اﻟﻤﺆﺷﺮات اﻟﻤﺎﻟﻴﺔ اﻟﺤﺪﻳﺜﺔ‬
‫ﺍﻟﻤﻀﺎﻓﺔ ﺍﺤﺩ ﺍﻟﻤﻔﺎﻫﻴﻡ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻻﺴﺎﺴﻴﺔ ﻟﻠﺭﺒﺢ)ﺍﻟﻨﻭﺍﺴـﻴﺔ ‪ .(20 :2009،‬ﺍﺫ ﺍﻜـﺩﺕ ﺍﻟﺩﺭﺍﺴـﺎﺕ ﻋﻠـﻰ‬
‫ﻤﻼﺌﻤﺔ ﻤﻔﻬﻭﻡ ﺍﻟﺭﺒﺢ ﺍﻻﻗﺘﺼﺎﺩﻱ ﺒﺎﻟﻤﻘﺎﻴﺱ ﺍﻟﺤﺩﻴﺜﺔ ﺍﻟﻤﻌﺭﻭﻑ ﺒﺎﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ‪،‬ﻭ ﺍﻟﺫﻱ ﻴﻤﺜل ﻓﻲ‬
‫ﺍﻟﺭﺒﺢ ﺍﻟﺘﺸﻐﻴﻠﻲ ﺒﻌﺩ ﺍﻟﻀﺭﻴﺒﺔ ﻤﺨﺼﻭﻤﺎ" ﻤﻨﻪ ﺍﻟﻤﻌﺩل ﺍﻟﻤﻭﺯﻭﻥ ﻟﺘﻜﻠﻔﺔ ﺭﺃﺱ ﺍﻟﻤﺎل ﻭﺍﻟﺫﻱ ﻴﺘﻀﻤﻥ ﺍﻟﺘﻤﻭﻴل‬
‫ﺒﺎﻟﻤﻠﻜﻴﺔ ﻭ ﺍﻟﺘﻤﻭﻴل ﺒﺎﻟﺩﻴﻨﻭ ﺘﻜﻠﻔﺔ ﺭﺃﺱ ﺍﻟﻤﺎل ﺍﻟﻤﻤﻠﻭﻙ ﻭ ﺍﻟﻤﻘﺘﺭﺽ‪ ،‬ﻭ ﻴﻌﺩ ﻤﻘﻴﺎﺱ ﺍﻟﻘﻴﻤـﺔ ﺍﻟﻤﺤﻘﻘـﺔ ﻓﻌﻠﻴـﺎ"‬
‫ﻟﻠﺸﺭﻜﺔ ﺍﺴﺘﺨﺩﺍﻡ ﻤﻔﻬﻭﻡ ﺍﻟﺭﺒﺢ ﺍﻻﻗﺘﺼﺎﺩﻱ)‪ .(Savarese,2002:4-9‬ﺍﺫ ﺍﻥ ﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀـﺎﻓﺔ ﺘﺄﺨـﺫ‬
‫ﺒﺎﻟﺤﺴﺒﺎﻥ ﺍﻟﻜﻠﻔﺔ ﺍﻟﻜﺎﻤﻠﺔ ﻟﺭﺃﺱ ﺍﻟﻤﺎل ﺍﻟﻤﺘﻌﻠﻕ ﺒﺠﻤﻴﻊ ﻤﺼﺎﺩﺭ ﺍﻟﺘﻤﻭﻴل ﻁﻭﻴﻠﺔ ﺍﻻﺠل ﺍﻟﻤﺴﺘﺜﻤﺭﺓ ﻭ ﺍﻟﺘﻲ ﺘﻀﻤﻥ‬
‫ﺭﺃﺱ ﺍﻟﻤﺎل ﺍﻟﻤﻤﻠﻭﻙ ﻤﻥ ﻗﺒل ﺍﻟﻤﺴﺎﻫﻤﻴﻥ ﻭ ﺍﻟﻤﻘﺘﺭﻀﻴﻥ )ﺍﻟﻁﺭﻭﺍﻨﺔ‪ .(21 :2006،‬ﻭ ﻴﺘﻡ ﺤﺴـﺎﺏ ﺍﻟﻘﻴﻤـﺔ‬
‫ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻭﻓﻕ ﺍﻟﺼﻴﻐﺔ ﺍﻟﺘﺎﻟﻴﺔ‪( Popa et al. ,2009: 170 ),( Shil,2009: 60) ):‬‬
‫‪.‬ﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ = ﺼﺎﻓﻲ ﺍﻟﺭﺒﺢ ﺍﻟﺘﺸﻐﻴﻠﻲ ﺒﻌﺩ ﺍﻟﻀﺭﺍﺌﺏ – )ﺭﺃﺱ ﺍﻟﻤﺎل ﺍﻟﻤﺴﺘﺜﻤﺭ ‪ x‬ﺍﻟﻤﻌﺩل‬
‫ﺍﻟﻤﻭﺯﻭﻥ ﻟﻜﻠﻔﺔ ﺍﻟﺘﻤﻭﻴل (‪.‬‬
‫ﺍﺫ ﻴﺘﻀﺢ ﺍﻥ ﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﺍﻟﻤﻭﺠﺒﺔ ﺘﺸﻴﺭ ﺍﻟﻰ ﺍﻥ ﺍﻟﻌﺎﺌﺩ ﻋﻠﻰ ﺭﺃﺱ ﺍﻟﻤﺎل ﺍﻟﻤﺴﺘﺜﻤﺭ ﺃﻋﻠﻰ ﻤـﻥ‬
‫ﺘﻜﻠﻔﺔ ﺭﺃﺱ ﺍﻟﻤﺎل ﻭھﻨﺎ ﺍﻟﺸﺭﻜﺔ ﺘﻜﻭﻥ لھﺍ ﺍﻟﻘﺩﺭﺓ ﻋﻠﻰ ﺨﻠﻕ ﺜﺭﻭﺓ ﻟﻠﻤﺴﺎھﻤﻴﻥ ﻭھﻭ ﻤـﺎ ﻴﻌﻨـﻲ ﻤـﻥ ﻭﺝھﺓ‬
‫ﻨﻅﺭﺤﻤﻠﺔ ﺍﻷﺱھﻡ ﺘﺤﻘﻴﻕ ﺃﺩﺍﺀ ﻴﻔﻭﻕ ﺘﻭﻗﻌﺎﺕ ﺍﻟﺴﻭﻕ‪ ،‬ﻭﻓﻴﻤﺎ ﺍﺫ ﻜﺎﻨﺕ ﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼـﺎﺩﻴﺔ ﺍﻟﻤﻀـﺎﻓﺔ ﺴـﺎﻟﺒﺔ‬
‫ﻑھﺫﺍ ﻴﺸﻴﺭ ﺍﻟﻰ ﺍﻨﺨﻔﺎﺽ ﺜﺭﻭﺓ ﺍﻟﻤﺴﺎﻫﻤﻴﻥ ﻓﺎﻟﻌﻭﺍﺌﺩ ﺍﻟﻤﺘﺤﻘﻘﺔ ﻟﻡ ﺘﻐﻁـﻲ ﺘﻜﻠﻔـﺔ ﺭﺍﺱ ﺍﻟﻤـﺎل ﺍﻟﻤﺴـﺘﺜﻤﺭ‪،‬‬
‫ﻭﺒﺎﻟﺘﺎﻟﻲ ﺘﺤﻘﻴﻕ ﺃﺩﺍﺀ ﺃﺩﻨﻰ ﻤﻥ ﺍﻟﺘﻭﻗﻌﺎﺕ‪ ،‬ﺍﻤﺎ ﻓﻲ ﺤﺎﻟﺔ ﻜﻭﻥ ﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺘﺴﺎﻭﻱ ﺼـﻔﺭﺍ"ﻓﺫﻟﻙ ﻴﺸـﻴﺭ‬
‫ﺍﻟﻰ ﺍﻥ ﺍﻟﺭﺒﺤﻴﺔﺘﻐﻁﻲ ﻤﻌﺩل ﺍﻟﻤﻭﺯﻭﻥ ﻟﻜﻠﻔﺔ ﺭﺃﺱ ﺍﻟﻤﺎل ﻭ ﺒﺘﺎﻟﻲ ﺘﺴﺎﻭﻱ ﺘﻭﻗﻌـﺎﺕ ﺍﻟﻤﺴـﺘﺜﻤﺭﻴﻥ ﻟﻠﻌﺎﺌـﺩ ﻭ‬
‫ﺍﻟﻤﺨﺎﻁﺭﺓ ﺒﺸﺄﻥ ﻤﻌﺩل ﺍﻟﻌﺎﺌﺩ ﺍﻟﻤﻁﻠﻭﺏ‪.‬‬
‫‪.1‬ﺃﻫﻤﻴﺔ ﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ‪Importance of Economic Value Added‬‬
‫ﺃﺼﺒﺢ ﻟﻤﻔﻬﻭﻡ ﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﺃﻫﻤﻴﺔ ﻜﺒﻴـﺭﺓ ﻟﺠﻤﻴـﻊ ﺍﻟﺸـﺭﻜﺎﺕ ﻋﻨـﺩ ﺇﻋﺩﺍﺩﻤﺅﺸـﺭ ﻟﻘﻴـﺎﺱ‬
‫ﺍﻟﺸﺭﻜﺔﻟﻐﺭﺽ ﺘﻘﻴﻴﻡ ﺃﺩﺍﺌﻬﺎ ﺒﺸﻜل ﺨﺎﺹ ﻭﺍﻟﺘﻨﺒﺅ ﺒﻜﻔﺎﺀﺓ ﺍﻹﺩﺍﺭﺓ‪ ،‬ﻭﺒﺫﻟﻙ ﺃﺼﺒﺤﺕ ﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀـﺎﻓﺔ‬
‫ﻤﻥ ﺍﻟﻘﻭﺍﺌﻡ ﺍﻟﺘﻲ ﺃﺜﺎﺭﺕ ﺍﻫﺘﻤﺎﻡ ﺍﻟﻜﺜﻴﺭ ﻤﻥ ﺍﻟﺸﺭﻜﺎﺕ ﻜﺈﺤﺩﻯ ﺍﻟﻤﺅﺸﺭﺍﺕ ﺍﻟﺘﻲ ﺘﻘـﻴﺱ ﺍﻷﺩﺍﺀ ﺍﻟﻤـﺎﻟﻲ ﻭﺘﻘﻴـﻴﻡ‬
‫ﺍﻟﺸﺭﻜﺎﺕ‪ ،‬ﻭﻋﻠﻰ ﺍﻟﺭﻏﻡ ﻤﻥ ﺃﻥ ﻫﻨﺎﻙ ﺍﻟﻌﺩﻴﺩ ﻤﻥ ﻤﻘﺎﻴﻴﺱ ﺍﻷﺩﺍﺀ ﺍﻟﻤﺘﻌﺎﺭﻑ ﻋﻠﻴﻬﺎ ﺍﻟﺘﻲ ﺘﻌﺒﺭ ﻋﻥ ﻤﺩﻯ ﺘﺤﻘﻴﻕ‬
‫ﺍﻟﺸﺭﻜﺎﺕ ﻷﻫﺩﺍﻓﻬﺎ ﻤﺜل ﻤﺅﺸﺭ ﺍﻟﻌﺎﺌﺩ ﻋﻠﻰ ﺍﻻﺴﺘﺜﻤﺎﺭ )‪ ،(ROA‬ﻭﺴﻌﺭ ﺍﻟﺴﻬﻡ ﺇﻟﻰ ﺭﺒﺤﻴﺘﻪ ) ‪ ،(P/E‬ﺍﺫ ﺃﻥ ﻫﺫﻩ‬
‫ﺍﻟﻤﻘﺎﻴﻴﺱ ﺍﻟﻤﺘﻌﺎﺭﻑ ﻋﻠﻴﻬﺎ ﺘﻌﺭﻀﺕ ﻟﻠﻜﺜﻴﺭ ﻤﻥ ﺍﻻﻨﺘﻘﺎﺩﺍﺕ ﻤﻥ ﺍﻷﻜـﺎﺩﻴﻤﻴﻴﻥ ﻭﺍﻟﺒـﺎﺤﺜﻴﻥ ﻭﺍﻟﻤﺘﻌـﺎﻤﻠﻴﻥ ﻓـﻲ‬
‫ﺍﻷﺴﻭﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ ﻭﺃﺼﺒﺤﺕ ﻤﻘﺎﻴﻴﺱ ﻏﻴﺭ ﻗﺎﺩﺭﺓ ﻭﻋﺎﺠﺯﺓ ﻋﻥ ﺘﻘﻴﻴﻡ ﺃﺩﺍﺀ ﺍﻹﺩﺍﺭﺓ ﺒﺼﻭﺭﺓ ﺩﻗﻴﻘﺔ ﻭﺫﻟـﻙ ﺒﺴـﺒﺏ‬
‫ﺘﻀﺎﺭﺏ ﺍﻟﻤﺼﺎﻟﺢ ﺒﻴﻥ ﺍﻟﻤﺴﺎﻫﻤﻴﻥ ﻭﺍﺍﻻﺩﺍﺭﺓ ﻭﻤﺘﻁﻠﺒﺎﺕ ﺍﻟﺒﻴﺌﺔ ) ﺸﺒﻠﻲ‪ (143 :2009،‬ﻨﺘﻴﺠﺔ ﺍﻋﺘﻤﺎﺩ ﺍﻟﻤﻘﺎﻴﻴﺱ‬
‫ﺍﻟﺘﻘﻠﻴﺩﻴﺔ ﺒﺸﻜل ﻤﺒﺎﺸﺭ ﻋﻠﻰ ﺍﻟﻤﻌﻠﻭﻤﺎﺕ ﺍﻟﺘﺎﺭﻴﺨﻴﺔ ﺍﻟﻨﺎﺘﺠﺔ ﻋﻥ ﺍﻟﻘﻭﺍﺌﻡ ﺍﻟﻤﺎﻟﻴﺔ ﻟﻠﺸـﺭﻜﺎﺕ )‪.(Acma,2009:172‬‬
‫ﻭﺒﺫﻟﻙ ﺴﺎﻫﻤﺕ ﺍﻟﻤﻘﺎﻴﻴﺱ ﺍﻟﺘﻘﻠﻴﺩﻴﺔ ﻓﻲ ﺘﻌﻤﻴﻕ ﺍﻟﻔﺠﻭﺓ ﻭﺯﻴﺎﺩﺓ ﺤﺩﺓ ﺍﻟﺘﻌﺎﺭﺽ ﺒﻴﻥ ﻤﺼﺎﻟﺢ ﺍﻹﺩﺍﺭﺓ ﻭﺍﻟﻤﺴﺎﻫﻤﻴﻥ‪.‬‬
‫ﺇﻥ ﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ )‪ (EVA‬ﻫﻲ ﻟﻴﺴﺕ ﻓﻘﻁ ﻤﻘﺎﻴﻴﺱ ﻟﻸﺩﺍﺀ ﺍﻟﻤﺎﻟﻲ ﻟﻠﺸـﺭﻜﺎﺕ ‪،‬ﻭﻨﻅـﻡ ﻟﻤﻜﺎﻓـﺄﺓ‬
‫ﺍﻹﺩﺍﺭﺓ ‪،‬ﺒل ﻫﻲ ﺘﻤﺜل ﻤﺅﺸﺭﹰﺍ ﻟﺨﻠﻕ ﺍﻟﻘﻴﻤﺔ )‪ ،(Value Created‬ﻴﺴﺘﺭﺸﺩ ﺒﻬﺎ ﺍﻟﻤﺴـﺘﺜﻤﺭﻭﻥ ﻭﺤﻤﻠـﺔ ﺍﻷﺴـﻬﻡ‬
‫ﻟﻠﺤﻜﻡ ﻋﻠﻰ ﻗﺩﺭﺓ ﺍﻹﺩﺍﺭﺓ ﻓﻲ ﺘﻌﻅﻴﻡ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﻟﻠﺸﺭﻜﺔ ) ﺍﻟﻌﺯﺍﻭﻱ ‪ .(81 :2014،‬ﻭﺒﻁﺒﻴﻌﺔ ﺍﻟﺤﺎل ﻓـﺎﻥ‬

‫‪26‬‬ ‫اﻟﻌﺪد ‪ 38‬أوت ‪2019‬‬

 ‫ﻣﺠﻠﺔ دراﺳﺎت اﻗﺘﺼﺎدﻳﺔ ‪ISSN: 2602-7925....................................................‬‬
‫ﻗﻴﺎس و ﺗﺤﻠﻴﻞ اﻟﻨﺠﺎح اﻟﻤﺎﻟﻲ وﻓﻖ اﻟﻤﺆﺷﺮات اﻟﻤﺎﻟﻴﺔ اﻟﺤﺪﻳﺜﺔ‬
‫ﻤﺅﺸﺭ ﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻗﺩ ﺤل ﻤﺤل ﺍﻟﻤﺅﺸﺭﺍﺕ ﺍﻟﺘﻘﻠﻴﺩﻴﺔ ﻤﻨﻬﺎ ﻋﻠﻰ ﺴﺒﻴل ﺍﻟﻤﺜﺎل ﻤﻌـﺩل ﺍﻟﻌﺎﺌـﺩ‬
‫ﻋﻠﻰ ﺤﻕ ﺍﻟﻤﻠﻜﻴﺔ ﻭﻤﻌﺩل ﺍﻟﻌﺎﺌﺩ ﻋﻠﻰ ﺍﻟﻤﻭﺠﻭﺩﺍﺕ‪ ،‬ﻭﺨﺼﻡ ﺍﻟﺘﺩﻓﻘﺎﺕ ﺍﻟﻨﻘﺩﻴﺔ ﻭﺼﺎﻓﻲ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺤﺎﻟﻴﺔ ‪.‬ﻜﻤـﺎ ﺃﻥ‬
‫)ﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ( ﻗﺩ ﺃﺯﺍﻟﺕ ﻜل ﺍﻟﻐﻤﻭﺽ ﺍﻟﻤﺘﻌﻠﻕ ﺒﺭﺒﻁ ﺍﻟﻘﺭﺍﺭﺍﺕ ﺍﻟﻤﺎﻟﻴﺔ ‪ ،‬ﻻ ﺒل ﺃﻨﻬﺎ ﺃﺼﺒﺤﺕ‬
‫ﻟﻐﺔ ﻋﺎﻤﺔ ﻟﻜل ﺍﻟﻭﻅﺎﺌﻑ ﺍﻹﺩﺍﺭﻴﺔ ﻭﺍﻟﺘﺸﻐﻴﻠﻴﺔ ﻓﻲ ﺍﻟﺸﺭﻜﺎﺕ ﻷﻏﺭﺍﺽ ﺍﻟﻤﺘﺎﺒﻌﺔ ﻭﺍﻟﺭﻗﺎﺒﺔ ﻭﺍﻟﺘﻘـﻭﻴﻡ ‪ ،‬ﻴﻭﻀـﺢ‬
‫ﺍﻟﻤﺅﺸﺭ ﺍﻟﺘﺤﺴﻴﻥ ﺍﻟﻤﺴﺘﻤﺭ ﻭ ﺍﻟﻔﻌﻠﻲ ﻟﺜﺭﻭﺓ ﺍﻟﻤﺴﺎﻫﻤﻴﻥ‪ ،‬ﻭ ﻤﻘﻴﺎﺱ ﺤﻘﻴﻘـﻲ ﻟـﻼﺩﺍﺀ ﺍﻟﺘﺸـﻐﻴﻠﻲ ﻭ ﺍﻻﺩﺍﺭﻱ ‪،‬‬
‫ﻭﻤﻌﻴﺎﺭ ﻟﻨﻤﻭﺍﻟﺤﻘﻴﻘﻲ ﻟﺭﺒﺤﻴﺔ ﺍﻟﺸﺭﻜﺔ ﻓﻲ ﺍﻻﺠل ﺍﻟﻘﺼﻴﺭ ‪،‬ﻭﻫﻭ ﻤﺅﺸﺭ ﺤﻘﻴﻘﻲ ﻟﺘﻌﻅﻴﻡ ﺴﻌﺭ ﺍﻟﺴﻬﻡ ﻓﻲ ﺍﻟﺴﻭﻕ)‬
‫ﺍﻟﻨﻌﻴﻤﻲ ﻭﺍﻟﺘﻤﻴﻤﻲ‪.(135-141 :2008،‬‬
‫ﺜﺎﻨﻴﺎ" ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ‪: Market Value Added‬‬
‫ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻫﻲ ﺍﻟﻤﻌﻴﺎﺭ ﺍﻟﺜﺎﻨﻲ ﺍﻟﺫﻱ ﻁﺭﺤﺘﻪ ﺸـﺭﻜﺔ ﺍﻟﻤﺴـﺘﺜﻤﺭ ‪ ، Stern &Steward‬ﻜﻤﻌﻴـﺎﺭ‬
‫ﻟﻠﻨﺠﺎﺡ ﺍﻟﻤﺎﻟﻲ ﻓﻲ ﺸﺭﻜﺎﺕ ﺍﻻﻋﻤﺎل ‪ ،‬ﻭ ﻴﻘﺼﺩ ﺒﺎﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﺍﻟﻔﺭﻕ ﺒﻴﻥ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﻭ ﺤﻘﻭﻕ‬
‫ﺍﻟﻤﻠﻜﻴﺔ) ‪ .(Ehabar,1999:20‬ﺍﻱ ﺍﻟﻤﻘﻴﺎﺱ ﺍﻟﺘﺭﺍﻜﻤﻲ ﻟﻌﻭﺍﺌﺩ ﺭﺃﺱ ﺍﻟﻤﺎل ﺍﻟﻤﺴﺎﻫﻡ ﺒﻪ) ‪.(Joshi,2011:3‬‬
‫ﻭ ﻴﺘﻡ ﺤﺴﺎﺏ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻭﻓﻕ ﺍﻟﺼﻴﻐﺔ ﺍﻟﺘﺎﻟﻴﺔ‪. (Kramer&Peters,2001:44):‬‬
‫‪MVA=MVE-BVE‬‬
‫ﺇﺫ ﺇﻥ‪:‬‬
‫) ‪( MVA‬ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ‬
‫) ‪( MVE‬ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﻷﺴﻬﻡ ﺍﻟﺸﺭﻜﺔ =)ﻋﺩﺩ ﺍﻷﺴﻬﻡ ﺍﻟﻤﺼﺩﺭﺓ ‪ x‬ﺴﻌﺭ ﺍﻟﺴﻬﻡ ﻓﻲ ﺍﻟﺴﻭﻕ ﺍﻟﻤﺎﻟﻲ(‬
‫) ‪( BVE‬ﺍﻟﻘﻴﻤﺔ ﺍﻟﺩﻓﺘﺭﻴﺔ ﻟﺤﻘﻭﻕ ﺍﻟﻤﺎﻟﻜﻴﻥ‬
‫ﺍﺫ ﻜﻠﻤﺎ ﻜﺎﻨﺕ ﺍﻟﻘﻴﻤﺔﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﺃﻋﻠﻰ ﻴﻨﻌﻜﺱ ﺍﻴﺠﺎﺒﺎ" ﻋﻠﻰ ﺤﻤﻠﺔ ﺍﻻﺴﻬﻡ ﻟـﺫﻟﻙ ﺘﻌـﺩ ﺍﻟﺸـﺭﻜﺔ ﻤـﻥ‬
‫ﺍﻟﺸﺭﻜﺎﺕ ﺍﻟﻤﻨﺎﺴﺒﺔ ﻟﻼﺴﺘﺜﻤﺎﺭ ﻭ ﺒﺎﻟﻌﻜﺱ ﻓﺄﻥ ﻜﺎﻨﺕ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﺴﺎﻟﺒﺔ ﻓﺘﺸﻴﺭ ﺫﻟﻙ ﺍﻟـﻰ ﺍﺴـﻬﻡ‬
‫ﺍﻟﺸﺭﻜﺔ ﻻﺘﻌﺩ ﻤﻨﺎﺴﺒﺔ ﻟﻼﺴﺘﺜﻤﺎﺭ ﻤﻥ ﻗﺒل ﺍﻟﻤﺴﺘﺜﻤﺭﻴﻥ ﺍﻟﺤﺎﻟﻴﻴﻥ ﻭ ﺍﻟﻤﺭﺘﻘﺒﻴﻥ‪.‬‬
‫ﺍﻟﻤﺒﺤﺙ ﺍﻟﺜﺎﻟﺙ‪ :‬ﺍﻟﺠﺎﻨﺏ ﺍﻟﻌﻤﻠﻲ‬
‫ﺍﻭﻻ"‪ :‬ﺘﺤﻠﻴل ﻭﻤﻨﺎﻗﺸﺔ ﺍﻻﺭﺒﺎﺡ ﺍﻟﺴﻨﻭﻴﺔ ﻟﻠﺸﺭﻜﺎﺕ ﻋﻴﻨﺔ ﺍﻟﺒﺤﺙ ﻭ ﻟﻠﻤﺩﺓ ‪()2017-2012‬‬
‫‪.1‬ﺘﺤﻠﻴل ﻭ ﻤﻨﺎﻗﺸﺔ ﺍﻻﺭﺒﺎﺡ ﺍﻟﺴﻨﻭﻴﺔ ﻟﻘﻁﺎﻉ ﺍﻟﺼﻨﺎﻋﻲ ﻟﻠﻤـﺩﺓ ‪ ، 2017-2012‬ﻭ ﻴﻭﻀـﺢ ﺍﻟﺠـﺩﻭل )‪(1‬‬
‫ﻨﺘﺎﺌﺞ ﺍﻻﺭﺒﺎﺡ ﺍﻟﺴﻨﻭﻴﺔ ﻟﻘﻁﺎﻉ ﺍﻟﺼﻨﺎﻋﻲ ﻭ ﻟﻠﺸﺭﻜﺎﺕ ﻋﻴﻨﺔ ﺍﻟﺒﺤﺙ ﻟﻠﻤﺩﺓ ‪ ،2017-2012‬ﺃﺫ ﻴﺘﻀﺢ ﺍﻟﻤﻌـﺩل‬
‫ﺍﻟﻌﺎﻡ ﻟﻼﺭﺒﺎﺡ ﺍﻟﺴﻨﻭﻴﺔ ﺒﻠﻎ )‪ (11475975.9‬ﺍﻟﻑ ﺩﺭﻫﻡ‪ .‬ﻓﻴﻤﺎ ﺤﻘﻘﺕ ﺸﺭﻜﺔ ﺍﺴﻤﻨﺕ ﺍﻟﺨﻠﻴﺞ ﺃﻋﻠﻰ ﺍﻻﺭﺒـﺎﺡ‬
‫ﻗـﺩ ﺤﻘﻘـﺕ ﺍﺭﺒـﺎﺡ‬ ‫ﺍﻟﺴﻨﻭﻴﺔ ﺃﺫ ﺒﻠﻐﺕ )‪ (47420928.83‬ﺍﻟﻑ ﺩﺭﻫﻡ‪.‬ﺍﺫ ﻨﺠﺩ ﺃﻥ ﺸﺭﻜﺔ ﺍﺴﻤﻨﺕ ﺍﻟﺨﻠﻴﺞ‬
‫ﺴﻨﻭﻴﺔ ﺒﻠﻐﺕ)‪ (68517011‬ﺍﻟﻑ ﺩﺭﻫﻡ ‪ (60572549 )،‬ﺍﻟﻑ ﺩﺭﻫﻡ ‪ (71439530)،‬ﺍﻟﻑ ﺩﺭﻫﻡ ﻟﻠﺴـﻨﻭﺍﺕ‬
‫‪ 2013،2014،2015‬ﻋﻠﻰ ﺍﻟﺘﻭﺍﻟﻲ ‪.‬ﻓﻴﻤﺎ ﺤﻘﻕ ﺸﺭﻜﺔ ﺃﺒﻭ ﻅﺒﻲ ﺍﻟﻭﻁﻨﻴﺔ ﻟﻤﻭﺍﺩ ﺍﻟﺒﻨـﺎﺀ ﺨﺴـﺎﺭﺓ ﺃﺫ ﺒﻠﻐـﺕ‬
‫)‪ (- 2625024.5‬ﺍﻟﻑ ﺩﺭﻫﻡ‪،.‬ﻭﻴﻌﺯﻯ ﺍﻟﺴﺒﺏ ﻓﻲ ﺫﻟﻙ ﺍﻟﻰ ﺃﻥ ﺍﻟﻤﺼﺭﻑ ﺘﺤﻘﻴﻕ ﺨﺴﺎﺭﺓ ﻁﻴﻠﺔ ﻤﺩﺓ ﺍﻟﺒﺤﺙ‬
‫ﻤﻘﺎﺭﻨﺔ ﺒﺎﻟﺸﺭﻜﺎﺕ ﺍﻻﺨﺭﻯ ‪.‬ﺃﻤﺎ ﻤﻌﺩل ﺍﺭﺒﺎﺡ ﺴﻨﻭﻴﺔ ﻟﻠﻘﻁﺎﻉ ﺍﻟﺼﻨﺎﻋﻲ ﻋﻠﻰ ﻨﻁﺎﻕ ﺍﻟﺴﻨﻭﺍﺕ ﻓﻘﺩ ﺒﻠﻎ ﺃﻋﻠـﻰ‬

‫‪27‬‬ ‫اﻟﻌﺪد ‪ 38‬أوت ‪2019‬‬

 ‫ﻣﺠﻠﺔ دراﺳﺎت اﻗﺘﺼﺎدﻳﺔ ‪ISSN: 2602-7925....................................................‬‬
‫ﻗﻴﺎس و ﺗﺤﻠﻴﻞ اﻟﻨﺠﺎح اﻟﻤﺎﻟﻲ وﻓﻖ اﻟﻤﺆﺷﺮات اﻟﻤﺎﻟﻴﺔ اﻟﺤﺪﻳﺜﺔ‬
‫ﻤﻌﺩل ﺍﺭﺒﺎﺡ ﺴﻨﻭﻴﺔ ﻟﻘﻁﺎﻉ ﺍﻟﺼﻨﺎﻋﻲ ﺴﻨﺔ ‪2016‬ﺃﺫ ﺒﻠﻐﺕ )‪ (16354423.8‬ﺍﻟﻑ ﺩﺭﻫﻡ‪،‬ﻓﻴﻤﺎ ﺒﻠﻐـﺕ ﺃﺩﻨـﻰ‬
‫ﻤﻌﺩل ﺍﺭﺒﺎﺡ ﺴﻨﻭﻴﺔ ﺴﻨﺔ ‪2012‬ﺃﺫ ﺒﻠﻐﺕ)‪ (5083153‬ﺍﻟﻑ ﺩﺭﻫﻡ ‪.‬‬
‫‪.2‬ﺘﺤﻠﻴل ﻭ ﻤﻨﺎﻗﺸﺔ ﺍﻻﺭﺒﺎﺡ ﺍﻟﺴﻨﻭﻴﺔ ﻟﻘﻁﺎﻉ ﺍﻟﻤﺼﺭﻓﻲ ﻟﻠﻤﺩﺓ ‪ ، 2017-2012‬ﻭ ﻴﻭﻀﺢ ﺍﻟﺠﺩﻭل )‪ (1‬ﻨﺘﺎﺌﺞ‬
‫ﻤﻌﺩل ﺍﻻﺭﺒﺎﺡ ﺍﻟﺴﻨﻭﻴﺔﻟﻘﻁﺎﻉ ﺍﻟﻤﺼﺭﻓﻲ ﻭ ﻟﻠﺸﺭﻜﺎﺕ ﻋﻴﻨﺔ ﺍﻟﺒﺤـﺙ ﻟﻠﻤـﺩﺓ ‪ ،2017-2012‬ﺃﺫ ﻴﺘﻀـﺢ ﺃﻥ‬
‫ﺍﻟﻤﻌﺩل ﺍﻟﻌﺎﻡ ﻟﻼﺭﺒﺎﺡ ﺍﻟﺴﻨﻭﻴﺔ ﺍﺫ ﺒﻠﻐﺕ)‪ (1352303.885‬ﺍﻟﻑ ﺩﺭﻫﻡ‪ .‬ﻓﻴﻤﺎ ﺤﻘﻕ ﻤﺼﺭﻑ ﺍﺒﻭ ﻅﺒﻲ ﺍﻻﻭل‬
‫ﺃﻋﻠﻰ ﺍﺭﺒﺎﺡ ﺴﻨﻭﻴﺔ ﺒﻠﻐﺕ )‪ ( 7031940.833‬ﺍﻟﻑ ﺩﺭﻫﻡ‪ .‬ﺍﺫ ﻨﺠﺩ ﺃﻥ ﻤﺼﺭﻑ ﺤﻘﻕ ﺃﺭﺒﺎﺡ ﺴﻨﻭﻴﺔ ﺒﻠﻐـﺕ)‬
‫‪ (5578869‬ﺍﻟﻑ ﺩﺭﻫﻡ ‪ (11365842) ،‬ﺍﻟﻑ ﺩﺭﻫـﻡ ‪ (10949764)،‬ﺍﻟـﻑ ﺩﺭﻫـﻡ ‪،‬ﻟﻠﺴـﻨﻭﺍﺕ‪،2014‬‬
‫‪ 2016،2017،‬ﻋﻠﻰ ﺍﻟﺘـﻭﺍﻟﻲ ‪.‬ﻓﻴﻤـﺎ ﺤﻘـﻕ ﻤﺼـﺭﻑ ﺩﺍﺭ ﺍﻟﺘﻤﻭﻴـل ﺍﺩﻨـﻰ ﺍﺭﺒـﺎﺡ ﺴـﻨﻭﻴﺔ ﺃﺫ ﺒﻠﻐـﺕ‬
‫)‪ (60278.33333‬ﺍﻟﻑ ﺩﺭﻫﻡ ‪ .‬ﻭ ﻴﻌﺯﻯ ﺫﻟﻙ ﺍﻟﺴﺒﺏ ﺍﻟﻰ ﺍﻨﺨﻔﺎﺽ ﺍﺭﺒﺎﺡ ﺴﻨﻭﻴﺔ ﻟﻤﺼـﺭﻑ ﺩﺍﺭ ﺍﻟﺘﻤﻭﻴـل‬
‫ﻁﻴﻠﺔ ﻤﺩﺓ ﺍﻟﺒﺤﺙ ﻤﻘﺎﺭﻨﺔ ﺒﺎﻟﻤﺼﺎﺭﻑ ﺍﻻﺨﺭﻯ ‪،‬ﺃﻤﺎ ﻤﻌﺩل ﺍﺭﺒﺎﺡ ﺴﻨﻭﻴﺔ ﻟﻘﻁـﺎﻉ ﺍﻟﻤﺼـﺭﻓﻲ ﻋﻠـﻰ ﻨﻁـﺎﻕ‬
‫ﺍﻟﺴﻨﻭﺍﺕ ﻓﻘﺩ ﺒﻠﻎ ﺃﻋﻠﻰ ﺍﺭﺒﺎﺡ ﺴﻨﻭﻴﺔ ﺴﻨﺔ ‪ 2017‬ﺃﺫ ﺒﻠﻐﺕ)‪ (1655864‬ﺍﻟﻑ ﺩﺭﻫﻡ ‪ ،‬ﻓﻴﻤﺎ ﺤﻘﻘـﺕ ﻗﻁـﺎﻉ‬
‫ﺍﻟﻤﺼﺎﺭﻑ ﺃﺩﻨﻰ ﺍﻻﺭﺒﺎﺡ ﺍﻟﺴﻨﻭﻴﺔ ﺴﻨﺔ ‪ 2012‬ﺃﺫ ﺒﻠﻐﺕ)‪ (948253‬ﺍﻟﻑ ﺩﺭﻫﻡ‪.‬‬
‫ﻟﻠﻤﺩﺓ ‪ ، 2017-2012‬ﻭ ﻴﻭﻀﺢ ﺍﻟﺠﺩﻭل )‪ (1‬ﻨﺘﺎﺌﺞ‬ ‫‪.3‬ﺘﺤﻠﻴل ﻭ ﻤﻨﺎﻗﺸﺔ ﺍﻻﺭﺒﺎﺡ ﺍﻟﺴﻨﻭﻴﺔ ﻟﻘﻁﺎﻉ ﺍﻟﺨﺩﻤﺎﺕ‬
‫ﺍﻻﺭﺒﺎﺡ ﺍﻟﺴﻨﻭﻴﺔ ﻟﻘﻁﺎﻉ ﺍﻟﺨﺩﻤﺎﺕ ﻭ ﻟﻠﺸﺭﻜﺎﺕ ﻋﻴﻨﺔ ﺍﻟﺒﺤﺙ ﻟﻠﻤﺩﺓ ‪ ،2017-2012‬ﺃﺫ ﻴﺘﻀﺢ ﺃﻥ ﺍﻟﻤﻌﺩل ﺍﻟﻌـﺎﻡ‬
‫ﻟﻼﺭﺒﺎﺡ ﺍﻟﺴﻨﻭﻴﺔ ﺒﻠﻐﺕ )‪ (29865289.53‬ﺍﻟﻑ ﺩﺭﻫﻡ‪.‬ﻓﻴﻤﺎ ﺤﻘﻘﺕ ﺸﺭﻜﺔ ﺍﻻﻤﺎﺭﺍﺕ ﻟﻠﻘﻴﺎﺩﺓ ﺍﻟﺴﻴﺎﺭﺍﺕ ﺃﻋﻠـﻰ‬
‫ﺍﺭﺒﺎﺡ ﺴﻨﻭﻴﺔ ﺃﺫ ﺒﻠﻐﺕ )‪(79918316.5‬ﺩﺭﻫﻡ‪ .‬ﺍﺫ ﻨﺠﺩ ﺍﻥ ﺸﺭﻜﺔ ﺍﻻﻤﺎﺭﺍﺕ ﻟﻠﻘﻴﺎﺩﺓ ﺍﻟﺴﻴﺎﺭﺍﺕ ﻗـﺩ ﺤﻘـﻕ‬
‫ﺍﺭﺒﺎﺡ ﺴﻨﻭﻴﺔ ﺒﻠﻐﺕ ‪ 101724593‬ﺍﻟﻑ ﺩﺭﻫﻡ‪ 119409582 ،‬ﺍﻟﻑ ﺩﺭﻫﻡ ‪ 108379396 ،‬ﺍﻟـﻑ ﺩﺭﻫـﻡ‬
‫ﻟﻠﺴﻨﻭﺍﺕ ‪ 2017 ،2016 ،2015‬ﻋﻠﻰ ﺍﻟﺘﻭﺍﻟﻲ‪.‬ﻓﻴﻤﺎ ﺤﻘﻘﺕ ﺸﺭﻜﺔ ﻁﻴﺭﺍﻥ ﺍﺒﻭ ﻅﺒﻲ ﺃﺩﻨﻰ ﻤﻌـﺩل ﻟﻼﺭﺒـﺎﺡ‬
‫ﺍﻟﺴﻨﻭﻴﺔ‪ ،‬ﻭ ﺒﻠﻐﺕ)‪ (220201.1667‬ﺍﻟﻑ ﺩﺭﻫﻡ ‪،‬ﻭ ﻴﻌﺯﻯ ﺍﻟﺴﺒﺏ ﻓﻲ ﺫﻟﻙ ﺍﻟﻰ ﺍﻨﺨﻔـﺎﺽ ﺍﺭﺒـﺎﺡ ﺴـﻨﻭﻴﺔ‬
‫ﻁﻴﻠﺔ ﻤﺩﺓ ﺍﻟﺒﺤﺙ ﻤﻘﺎﺭﻨﺔ ﺒﺎﻟﺸﺭﻜﺎﺕ ﺍﻻﺨﺭﻯ ‪.‬ﺃﻤﺎ ﻤﻌﺩل ﺍﺭﺒﺎﺡ ﺴـﻨﻭﻴﺔ ﻟﻘﻁـﺎﻉ‬ ‫ﻟﺸﺭﻜﺔ ﻁﻴﺭﺍﻥ ﺍﺒﻭ ﻅﺒﻲ‬
‫ﺍﻟﺨﺩﻤﻲ ﻋﻠﻰ ﻨﻁﺎﻕ ﺍﻟﺴﻨﻭﺍﺕ ﻓﻘﺩ ﺒﻠﻎ ﺃﻋﻠﻰ ﻤﻌﺩل ﻟﻼ ﺭﺒـﺎﺡ ﺍﻟﺴـﻨﻭﻴﺔ ﻟﻘﻁـﺎﻉ ﺍﻟﺨـﺩﻤﻲ ﺴـﻨﺔ ‪ 2016‬ﺃﺫ‬
‫ـﻨﺔ‪ 2012‬ﻭ‬
‫ـﺎﺡ ﺍﻟﺴـﻨﻭﻴﺔ ﺴـ‬
‫ـﻰ ﻤﻌـﺩل ﻟﻼﺭﺒـ‬
‫ـﺎ ﺒﻠـﻎ ﺍﺩﻨـ‬
‫ـﻑ ﺩﺭﻫـﻡ ‪،‬ﻓﻴﻤـ‬
‫ﺒﻠﻐـﺕ)‪ (63737316.69‬ﺍﻟـ‬
‫ﺒﻠﻐﺕ)‪ (18727062.01‬ﺍﻟﻑ ﺩﺭﻫﻡ‪.‬‬
‫‪.4‬ﺘﺤﻠﻴل ﻭ ﻤﻨﺎﻗﺸﺔ ﺍﻻﺭﺒﺎﺡ ﺍﻟﺴﻨﻭﻴﺔ ﻟﻘﻁﺎﻉ ﺍﻟﻁﺎﻗﺔ ﻟﻠﻤﺩﺓ ‪ ، 2017-2012‬ﻭ ﻴﻭﻀﺢ ﺍﻟﺠـﺩﻭل )‪ (1‬ﻨﺘـﺎﺌﺞ‬
‫ﻟﻼﺭﺒﺎﺡ ﺍﻟﺴﻨﻭﻴﺔ ﻟﻘﻁﺎﻉ ﺍﻟﻁﺎﻗﺔ ﻭ ﻟﻠﺸﺭﻜﺎﺕ ﻋﻴﻨﺔ ﺍﻟﺒﺤﺙ ﻟﻠﻤﺩﺓ ‪ ،2017-2012‬ﺃﺫ ﻴﺘﻀﺢ ﺃﻥ ﺍﻟﻤﻌﺩل ﺍﻟﻌـﺎﻡ‬
‫ﻗﺩ ﺤﻘﻕ ﺨﺴﺎﺭﺓ ﺍﺫ ﺒﻠﻐﺕ )‪ (- 1571416667‬ﺍﻟﻑ ﺩﺭﻫﻡ ‪.‬ﻓﻴﻤﺎﺤﻘﻕ ﺸﺭﻜﺔﺩﺍﻨﺔ ﻏﺎﺯ ﺃﻋﻠﻰ ﺍﺭﺒـﺎﺡ ﺴـﻨﻭﻴﺔ‬
‫ﺒﻠﻐﺕ )‪ (357166666.7‬ﺍﻟﻑ ﺩﺭﻫﻡ‪.‬ﺍﺫﻨﺠﺩ ﺍﻥ ﻗﺩ ﺤﻘﻕ ﺍﺭﺒﺎﺡ ﺴﻨﻭﻴﺔ ﺒﻠﻐﺕ ‪ 605000000‬ﺍﻟﻑ ﺩﺭﻫـﻡ ‪،‬‬
‫‪ 571000000‬ﺍﻟﻑ ﺩﺭﻫﻡ ‪ 528000000 ،‬ﺍﻟﻑ ﺩﺭﻫﻡ ﻟﻠﺴﻨﻭﺍﺕ‪ 2015 ،2013 ،2012‬ﻋﻠﻰ ﺍﻟﺘﻭﺍﻟﻲ‪ .‬ﻓﻴﻤﺎ‬
‫ﺤﻘﻕ ﺸﺭﻜﺔ ﺍﺒﻭ ﻅﺒﻲ ﻟﻠﻁﺎﻗﺔ ﺨﺴﺎﺭﺓ ﺃﺫ ﺒﻠﻐﺕ )‪ (-3500000000‬ﺍﻟﻑ ﺩﺭﻫﻡ ‪،‬ﻭ ﻴﻌﺯﻯ ﺍﻟﺴﺒﺏ ﻓﻲ ﺫﻟـﻙ‬
‫ﺍﻟﻰ ﺍﻨﺨﻔﺎﺽ ﺍﺭﺒﺎﺡ ﺴﻨﻭﻴﺔ ﻟﺸﺭﻜﺔ ﺍﺒﻭ ﻅﺒﻲ ﻟﻠﻁﺎﻗﺔ ﻁﻴﻠﺔ ﻤﺩﺓ ﺍﻟﺒﺤﺙ‪.‬ﺃﻤﺎ ﺍﺭﺒﺎﺡ ﺴـﻨﻭﻴﺔ ﻟﻠﻘﻁـﺎﻉ ﺍﻟﻁﺎﻗـﺔ‬

‫‪28‬‬ ‫اﻟﻌﺪد ‪ 38‬أوت ‪2019‬‬

 ‫ﻣﺠﻠﺔ دراﺳﺎت اﻗﺘﺼﺎدﻳﺔ ‪ISSN: 2602-7925....................................................‬‬
‫ﻗﻴﺎس و ﺗﺤﻠﻴﻞ اﻟﻨﺠﺎح اﻟﻤﺎﻟﻲ وﻓﻖ اﻟﻤﺆﺷﺮات اﻟﻤﺎﻟﻴﺔ اﻟﺤﺪﻳﺜﺔ‬
‫ﻋﻠﻰ ﻨﻁﺎﻕ ﺍﻟﺴﻨﻭﺍﺕ ﻓﻘﺩ ﺒﻠﻎ ﺃﻋﻠﻰ ﻟﻼﺭﺒﺎﺡ ﺍﻟﺴﻨﻭﻴﺔ ﺴﻨﺔ ‪2012‬ﺃﺫ ﺒﻠﻎ)‪(983000000‬ﺍﻟﻑ ﺩﺭﻫﻡ‪،‬ﻓﻴﻤـﺎ ﺒﻠـﻎ‬
‫ﺃﺩﻨﻰ ﺍﻻﺭﺒﺎﺡ ﺍﻟﺴﻨﻭﻴﺔ ﺴﻨﺔ‪ 201 6‬ﺃﺫ ﺒﻠﻎ)‪ (-9278000000‬ﺍﻟﻑ ﺩﺭﻫﻡ‪.‬‬
‫‪.5.‬ﺘﺤﻠﻴل ﻭ ﻤﻨﺎﻗﺸﺔ ﺍﻻﺭﺒﺎﺡ ﺍﻟﺴﻨﻭﻴﺔ ﻟﻠﻘﻁﺎﻉ ﺍﻟﺴﻠﻊ ﺍﻻﺴﺘﻬﻼﻜﻴﺔ ﻟﻠﻤﺩﺓ ‪ ، 2017-2012‬ﻭ ﻴﻭﻀﺢ ﺍﻟﺠﺩﻭل‬
‫)‪ (1‬ﻨﺘﺎﺌﺞ ﺍﺭﺒﺎﺡ ﺍﻟﺴﻨﻭﻴﺔ ﻟﻘﻁﺎﻉ ﺍﻟﺴﻠﻊ ﺍﻻﺴﺘﻬﻼﻜﻴﺔ ﻭ ﻟﻠﺸﺭﻜﺎﺕ ﻋﻴﻨﺔ ﺍﻟﺒﺤـﺙ ﻟﻠﻤـﺩﺓ ‪ ،2017-2012‬ﺃﺫ‬
‫ﻴﺘﻀﺢ ﺃﻥ ﺍﻟﻤﻌﺩل ﺍﻟﻌﺎﻡ ﻟﻼﺭﺒﺎﺡ ﺍﻟﺴﻨﻭﻴﺔ ﺒﻠﻐﺕ )‪ (26780072.67‬ﺍﻟﻑ ﺩﺭﻫﻡ‪ .‬ﻓﻴﻤﺎ ﺤﻘﻘـﺕ ﺸـﺭﻜﺔﻓﻭﺩﻜﻭ‬
‫ﺍﻟﻘﺎﺒﻀﺔ ﺃﻋﻠﻰ ﺍﺭﺒﺎﺡ ﺴﻨﻭﻴﺔ ﺃﺫ ﺒﻠﻐﺕ )‪ (41101890.67‬ﺍﻟﻑ ﺩﺭﻫﻡ ‪.‬ﺍﺫ ﻨﺠﺩ ﺍﻥ ﺸﺭﻜﺔ ﻓﻭﺩﻜﻭ ﻗـﺩ ﺤﻘـﻕ‬
‫ﺍﺭﺒﺎﺡ ﺴﻨﻭﻴﺔﺒﻠﻐﺕ‪ 51921433‬ﺍﻟﻑ ﺩﺭﻫﻡ ‪ 51214568 ،‬ﺍﻟﻑ ﺩﺭﻫﻡ ‪ 6454484،‬ﺍﻟﻑ ﺩﺭﻫﻡ ‪ ،‬ﻟﻠﺴـﻨﻭﺍﺕ‬
‫‪ 2017 ،2016 ،2015‬ﻋﻠﻰ ﺍﻟﺘﻭﺍﻟﻲ‪ .‬ﻓﻴﻤﺎ ﺤﻘﻕ ﺸﺭﻜﺔ ﺭﺃﺱ ﺍﻟﺨﻴﻤﺔ ﻟﻠﺩﻭﺍﺠﻥ ﻭﺍﻟﻌﻠﻑ ﺍﺩﻨﻰ ﺍﺭﺒﺎﺡ ﺴﻨﻭﻴﺔ ﻭ‬
‫ﺒﻠﻐﺕ)‪ (12458254.67‬ﺍﻟﻑ ﺩﺭﻫﻡ ‪ ،‬ﻭﻴﻌﺯﻯ ﺍﻟﺴﺒﺏ ﻓﻲ ﺫﻟﻙ ﺍﻟﻰ ﺃﻨﺨﻔﺎﺽ ﺍﺭﺒﺎﺡ ﺴـﻨﻭﻴﺔ ﻟﺸـﺭﻜﺔ ﺭﺃﺱ‬
‫ﺍﻟﺨﻴﻤﺔ ﻟﻠﺩﻭﺍﺠﻥ ﻁﻴﻠﺔ ﻤﺩﺓ ﺍﻟﺒﺤﺙ‪.‬ﺍﻤﺎ ﻤﻌﺩل ﺍﺭﺒﺎﺡ ﺴﻨﻭﻴﺔ ﻟﻘﻁﺎﻉ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻠﻊ ﺍﻻﺴـﺘﻬﻼﻜﻴﺔ ﻋﻠـﻰ ﻨﻁـﺎﻕ‬
‫ﺍﻟﺴﻨﻭﺍﺕ ﻓﻘﺩ ﺒﻠﻐﺕ ﺃﻋﻠﻰ ﻤﻌﺩل ﺍﺭﺒﺎﺡ ﺴﻨﻭﻴﺔ‪ 201 7‬ﺃﺫ ﺒﻠﻐﺕ)‪ (32856916‬ﺍﻟﻑ ﺩﺭﻫﻡ ‪،‬ﻓﻴﻤﺎ ﺒﻠـﻎ ﺃﺩﻨـﻰ‬
‫ﻤﻌﺩل ﺍﺭﺒﺎﺡ ﺴﻨﻭﻴﺔ ﺴﻨﺔ ‪ 2012‬ﻭ ﺒﻠﻐﺕ)‪ (5549789.5‬ﺍﻟﻑ ﺩﺭﻫﻡ‪.‬‬
‫‪.6‬ﺘﺤﻠﻴل ﻭ ﻤﻨﺎﻗﺸﺔ ﺍﻻﺭﺒﺎﺡ ﺍﻟﺴﻨﻭﻴﺔ ﻟﻘﻁﺎﻉ ﺍﻻﺘﺼﺎﻻﺕ ﻭﺍﻟﻤﺘﻤﺜﻠﺔ ﻟﻤﺅﺴﺴﺔ ﺍﻻﻤﺎﺭﺍﺕ ﻟﻼﺘﺼـﺎﻻﺕ ﻜﻭﻨﻬـﺎ‬
‫ﺍﻟﺸﺭﻜﺔ ﺍﻟﻭﺤﻴﺩﺓ ﺍﻟﻤﺩﺭﺠﺔ ﻓﻲ ﺴﻭﻕ ﺃﺒﻭ ﻅﺒﻲ ﻻﻭﺭﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ ﺍﺫ ﺒﻠﻐﺕ ﺍﺭﺒﺎﺡ ﺴـﻨﻭﻴﺔ ﻟﻠﻤـﺩﺓ ﻤـﻥ ‪-2012‬‬
‫‪ (8775922.833) 2017‬ﺍﻟﻑ ﺩﺭﻫﻡ‪ .‬ﺃﺫ ﻨﺠﺩ ﺃﻥ ﺍﺭﺒﺎﺡ ﺴﻨﻭﻴﺔ ﻟﻤﺅﺴﺴﺔ ﺍﻻﻤـﺎﺭﺍﺕ ﻟﻼﺘﺼـﺎﻻﺕ ﻨﺴـﺒﺔ‬
‫ﻤﺴﺘﻘﺭﺓ ﺨﻼل ﻓﺘﺭﺓﺍﻟﺒﺤﺙ‪،‬ﺃﺫﺤﻘﻘﺕ ﺍﺭﺒـﺎﺡ ﺍﻟﺴـﻨﻭﻴﺔ ‪ 6571746‬ﺍﻟـﻑ ﺩﺭﻫـﻡ ‪ 7750948،‬ﺍﻟـﻑ ﺩﺭﻫـﻡ‬
‫‪ 9562546‬ﺍﻟﻑ ﺩﺭﻫﻡ ‪ 9510918 ،‬ﺍﻟﻑ ﺩﺭﻫـﻡ ‪ 9487062،‬ﺍﻟـﻑ ﺩﺭﻫـﻡ ‪ 9772317،‬ﺍﻟـﻑ ﺩﺭﻫـﻡ‬
‫ﻟﻠﺴﻨﻭﺍﺕ‪ 2012-2017‬ﻋﻠﻰ ﺍﻟﺘﻭﺍﻟﻲ‪.‬‬
‫ﻭﺒﻨﻅﺭﺓ ﺸﻤﻭﻟﻴﺔ ﺍﻟﻰ ﺍﻻﺭﺒﺎﺡ ﺍﻟﺴﻨﻭﻴﺔ ﻟﺸﺭﻜﺎﺕ ﻋﻴﻨﺔ ﺍﻟﺒﺤﺙ ﻭ ﻟﺠﻤﻴﻊ ﺍﻟﻘﻁﺎﻋﺎﺕ ﻨﺠﺩ ﺃﻥ ﺍﻟﻘﻁﺎﻉ ﺍﻟﺨﺩﻤﻲ ﻗﺩ‬
‫ﺤﻘﻕ ﺃﻋﻠﻰ ﻤﻌﺩل ﻟﻼﺭﺒﺎﺡ ﺍﻟﺴﻨﻭﻴﺔ ﺃﺫ ﺒﻠﻎ ‪ 29865289.53‬ﺍﻟﻑ ﺩﺭﻫﻡ ‪،‬ﻓﻴﻤﺎ ﻨﺠﺩ ﺃﻥ ﻗﻁﺎﻉ ﺍﻟﻁﺎﻗﺔ ﻗﺩ ﺤﻘﻕ‬
‫ﻤﻌﺩل ﺨﺴﺎﺭﺓ ﺃﺫ ﺒﻠﻎ)‪ ( -1571416667‬ﺍﻟﻑ ﺩﺭﻫﻡ ‪ ،‬ﻭ ﻴﺘﻀﺢ ﻤﻤﺎ ﺴﺒﻕ ﺍﻻﺭﺒﺎﺡ ﺍﻟﺴﻨﻭﻴﺔ ﻤﻨﺨﻔﻀﺔ ﻟﻜﺎﻓﺔ‬
‫ﺍﻟﻘﻁﺎﻋﺎﺕ ﺨﻼل ﻓﺘﺭﺓ‪ .2017-2012‬ﻭ ﻴﻌﺯﻯ ﺍﻟﺴﺒﺏ ﺍﻟﻰ ﺍﻻﺯﻤﺔ ﺍﻟﻤﺎﻟﻴﺔ ﺍﻟﺫﻱ ﻭﺍﺠﻬـﺕ ﺍﻟﺸـﺭﻜﺎﺕ ﻓـﻲ‬
‫ﺍﻟﺴﻨﻭﺍﺕ ﺍﻟﺴﺎﺒﻘﺔ‪ ،‬ﻟﺫﺍ ﻨﺠﺩ ﻜﺎﻓﺔ ﺍﻟﻘﻁﺎﻋﺎﺕ ﺤﻘﻘﺕ ﺍﺩﻨﻰ ﺍﻻﺭﺒﺎﺡ ‪.‬‬
‫ﺍﻟﺠﺩﻭل)‪ (1‬ﺍﻻﺭﺒﺎﺡ ﺍﻟﺴﻨﻭﻴﺔ ﻟﺸﺭﻜﺎﺕ ﻋﻴﻨﺔ ﺍﻟﺒﺤﺙ ﻟﻠﻔﺘﺭﺓ ‪2014-2012‬‬
‫) ﺍﻟﻑ ﺩﺭﻫﻡ(‬

‫‪29‬‬ ‫اﻟﻌﺪد ‪ 38‬أوت ‪2019‬‬

 ‫ﻣﺠﻠﺔ دراﺳﺎت اﻗﺘﺼﺎدﻳﺔ ‪ISSN: 2602-7925....................................................‬‬
‫ﻗﻴﺎس و ﺗﺤﻠﻴﻞ اﻟﻨﺠﺎح اﻟﻤﺎﻟﻲ وﻓﻖ اﻟﻤﺆﺷﺮات اﻟﻤﺎﻟﻴﺔ اﻟﺤﺪﻳﺜﺔ‬

‫ﺜﺎﻨﻴﺎ"‪:‬ﺘﺤﻠﻴل ﻭ ﻤﻨﺎﻗﺸﺔ ﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﻟﻠﺸﺭﻜﺎﺕ ﻋﻴﻨﺔ ﺍﻟﺒﺤﺙ ﻭ ﻟﻠﻤﺩﺓ ‪2017-2012‬‬

‫‪1.‬ﺘﺤﻠﻴل ﻭ ﻤﻨﺎﻗﺸﺔ ﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻟﻘﻁﺎﻉ ﺍﻟﺼﻨﺎﻋﻲ ﻟﻠﻤـﺩﺓ ‪ ، 2017-2012‬ﻴﺘﻀـﺢ ﻤـﻥ‬
‫ﺍﻟﺠﺩﻭل )‪ (2‬ﻨﺘﺎﺌﺞ ﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻟﻠﻘﻁﺎﻉ ﺍﻟﺼﻨﺎﻋﻲ ﻭ ﻟﻠﺸـﺭﻜﺎﺕ ﻋﻴﻨـﺔ ﺍﻟﺒﺤـﺙ ﻟﻠﻤـﺩﺓ‬
‫ﺒﻠـﻎ )‪ (-1579787548‬ﺍﻟـﻑ‬ ‫‪ ،2017-2012‬ﺃﺫ ﻴﺘﻀﺢ ﺃﻥ ﺍﻟﻤﻌﺩل ﺍﻟﻌﺎﻡ ﻟﻠﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ‬
‫ﺩﺭﻫﻡ ‪.‬ﻓﻴﻤﺎ ﺤﻘﻕ ﺸﺭﻜﺔ ﺃﺒﻭ ﻅﺒﻲ ﺍﻟﻭﻁﻨﻴﺔ ﻟﻤﻭﺍﺩ ﺍﻟﺒﻨﺎﺀ ﺃﻋﻠﻰ ﻤﻌـﺩل ﺍﻟﻘﻴﻤـﺔ ﺍﻻﻗﺘﺼـﺎﺩﻴﺔ ﺍﻟﻤﻀـﺎﻓﺔ ﺒﻠـﻎ‬
‫)‪ (7204388.33‬ﺍﻟﻑ ﺩﺭﻫﻡ ‪ .‬ﻓﻴﻤﺎ ﻨﺠﺩ ﺃﻥ ﺸﺭﻜﺔ ﺃﺒﻭ ﻅﺒﻲ ﺍﻟﻭﻁﻨﻴﺔ ﻟﻤﻭﺍﺩ ﺍﻟﺒﻨﺎﺀ ﻗﺩ ﺤﻘﻕ ﻗﻴﻤﺔ ﺍﻗﺘﺼـﺎﺩﻴﺔ‬
‫ﻤﻀﺎﻓﺔ ﺒﻠﻐﺕ)‪ (24561799‬ﺍﻟـﻑ ﺩﺭﻫـﻡ ‪ (25894310)،‬ﺍﻟـﻑ ﺩﺭﻫـﻡ ‪ (33866891)،‬ﺍﻟـﻑ ﺩﺭﻫـﻡ‬
‫ﻟﻠﺴﻨﻭﺍﺕ‪ 2017، 2014،2013‬ﻋﻠﻰ ﺍﻟﺘﻭﺍﻟﻲ‪ .‬ﻓﻴﻤﺎ ﺤﻘﻕ ﺸﺭﻜﺔ ﺃﺴﻤﻨﺕ ﺍﻟﺨﻠﻴﺞ ﺃﺩﻨﻰ ﻤﻌﺩل ﻟﻠﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‬
‫ﺍﻟﻤﻀﺎﻓﺔﺃﺫ ﺒﻠﻐﺕ)‪ (- 5714275032.83‬ﺍﻟﻑ ﺩﺭﻫﻡ‪ .‬ﻭ ﻴﻌﺯﻯ ﺍﻟﺴﺒﺏ ﻓﻲ ﺫﻟـﻙ ﺍﻟـﻰ ﺍﻨﺨﻔـﺎﺽ ﺍﻟﻘﻴﻤـﺔ‬
‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻟﺸﺭﻜﺔ ﺃﺴﻤﻨﺕ ﺍﻟﺨﻠﻴﺞ ﻁﻴﻠﺔ ﻤﺩﺓ ﺍﻟﺒﺤﺙ ﻤﻘﺎﺭﻨﺔ ﺒﺎﻟﺸﺭﻜﺎﺕ ﺍﻻﺨـﺭﻯ‪ .‬ﺃﻤـﺎ ﺍﻟﻘﻴﻤـﺔ‬
‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻟﻠﻘﻁﺎﻉ ﺍﻟﺼﻨﺎﻋﻲ ﻋﻠﻰ ﻨﻁﺎﻕ ﺍﻟﺴﻨﻭﺍﺕ ﻓﻘﺩ ﺒﻠﻎ ﺍﻋﻠﻰ ﻗﻴﻤـﺔ ﺍﻻﻗﺘﺼـﺎﺩﻴﺔ ﺍﻟﻤﻀـﺎﻓﺔ‬
‫ﺴﻨﺔ‪ 2017‬ﺃﺫ ﺒﻠﻐﺕ)‪ (-1432468144.26‬ﺍﻟﻑ ﺩﺭﻫﻡ ‪،‬ﻓﻴﻤﺎ ﺒﻠﻎ ﺍﺩﻨﻰ ﻤﻌﺩل ﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼـﺎﺩﻴﺔ ﺍﻟﻤﻀـﺎﻓﺔ‬
‫ﺴﻨﺔ ‪ 2012‬ﺃﺫ ﺒﻠﻐﺕ)‪ ( -1825328766.20‬ﺍﻟﻑ ﺩﺭﻫﻡ‪.‬ﻭ ﻫﺫﺍ ﻤﺅﺸﺭ ﻋـﺎﻡ ﻋﻠـﻰ ﺃﻨﺨﻔـﺎﺽ ﺍﻟﻘﻴﻤـﺔ‬
‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻟﺸﺭﻜﺎﺕ ﻗﻁﺎﻉ ﺍﻟﺼﻨﺎﻋﻲ ﺍﻟﺫﻱ ﻴﻨﻌﻜﺱ ﺴﻠﺒﺎ" ﻋﻠﻰ ﺍﺴﻌﺎﺭ ﺍﻻﺴﻬﻡ ﻓﻲ ﺍﻻﺴﻭﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ‪.‬‬

‫‪30‬‬ ‫اﻟﻌﺪد ‪ 38‬أوت ‪2019‬‬

 ‫ﻣﺠﻠﺔ دراﺳﺎت اﻗﺘﺼﺎدﻳﺔ ‪ISSN: 2602-7925....................................................‬‬
‫ﻗﻴﺎس و ﺗﺤﻠﻴﻞ اﻟﻨﺠﺎح اﻟﻤﺎﻟﻲ وﻓﻖ اﻟﻤﺆﺷﺮات اﻟﻤﺎﻟﻴﺔ اﻟﺤﺪﻳﺜﺔ‬
‫‪2.‬ﺘﺤﻠﻴل ﻭ ﻤﻨﺎﻗﺸﺔ ﻤﻌﺩل ﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻟﻘﻁﺎﻉ ﺍﻟﻤﺼﺭﻓﻲ ﻟﻠﻤﺩﺓ ‪ ، 2017-2012‬ﻭ ﻴﻭﻀـﺢ‬
‫ﻤﻥ ﺍﻟﺠﺩﻭل )‪ (2‬ﻨﺘﺎﺌﺞ ﻤﻌﺩل ﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻟﻠﻘﻁﺎﻉ ﺍﻟﻤﺼﺭﻓﻲ ﻭ ﻟﻠﺸﺭﻜﺎﺕ ﻋﻴﻨﺔ ﺍﻟﺒﺤﺙ ﻟﻠﻤﺩﺓ‬
‫‪ ،2017-2012‬ﺃﺫ ﻴﺘﻀﺢ ﺍﻟﻤﻌﺩل ﺍﻟﻌﺎﻡ ﻟﻠﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﺍﺫ ﺒﻠﻐﺕ)‪ (6058399.49‬ﺍﻟﻑ ﺩﺭﻫـﻡ‪.‬‬
‫ﻓﻴﻤﺎ ﺤﻘﻘﺕ ﻤﺼﺭﻑ ﺍﺒﻭ ﻅﺒﻲ ﺍﻟﺘﺠﺎﺭﻱ ﺃﻋﻠﻰ ﻤﻌﺩل ﻟﻠﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀـﺎﻓﺔ )‪ (3064831.76‬ﺍﻟـﻑ‬
‫ﺍﺒﻭ ﻅﺒـﻲ ﺍﻟﺘﺠـﺎﺭﻱ ﺤﻘـﻕ ﻤﻌـﺩل ﺍﻟﻘﻴﻤـﺔ ﺍﻻﻗﺘﺼـﺎﺩﻴﺔ ﺍﻟﻤﻀـﺎﻓﺔ ﺒﻠﻐـﺕ)‬ ‫ﺩﺭﻫﻡ ‪ .‬ﻨﺠﺩ ﻤﺼﺭﻑ‬
‫ـﻨﻭﺍﺕ‬
‫ـﻡ ﻟﻠﺴـ‬
‫ـﻑ ﺩﺭﻫـ‬
‫ـﻡ ‪ (8571721 )،‬ﺍﻟـ‬
‫ـﻑ ﺩﺭﻫـ‬
‫ـﻡ ) ‪ (6326680‬ﺍﻟـ‬
‫ـﻑ ﺩﺭﻫـ‬
‫‪ (9653910.28‬ﺍﻟـ‬
‫‪ 2015،2016،2017‬ﻋﻠﻰ ﺍﻟﺘﻭﺍﻟﻲ ‪.‬ﻓﻴﻤﺎ ﺤﻘﻕ ﺍﻟﻤﺼﺭﻑ ﺍﻟﺸﺎﺭﻗﺔ ﺍﻻﺴﻼﻤﻲ ﺍﺩﻨﻰ ﻤﻌﺩل ﻟﻠﻘﻴﻤﺔ ﺍﻻﻗﺘﺼـﺎﺩﻴﺔ‬
‫ﺍﻟﻤﻀﺎﻓﺔ ﺃﺫ ﺒﻠﻐﺕ )‪ (-16761727.40‬ﺍﻟﻑ ﺩﺭﻫﻡ ‪ .‬ﻭ ﻴﻌﺯﻯ ﺫﻟﻙ ﺍﻟﺴﺒﺏ ﺍﻟﻰ ﺍﻨﺨﻔـﺎﺽ ﻤﻌـﺩل ﺍﻟﻘﻴﻤـﺔ‬
‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻟﻤﺼﺭﻑ ﺍﻟﺸﺎﺭﻗﺔ ﺍﻻﺴﻼﻤﻲ ﻁﻴﻠﺔ ﻤﺩﺓ ﺍﻟﺒﺤﺙ ﻤﻘﺎﺭﻨﺔ ﺒﺎﻟﻤﺼـﺎﺭﻑ ﺍﻻﺨـﺭﻯ ‪،‬ﺃﻤـﺎ‬
‫ﻟﻘﻁﺎﻉ ﺍﻟﻤﺼﺭﻓﻲ ﻋﻠﻰ ﻨﻁﺎﻕ ﺍﻟﺴﻨﻭﺍﺕ ﻓﻘﺩ ﺒﻠﻎ ﺃﻋﻠﻰ ﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‬ ‫ﻤﻌﺩل ﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ‬
‫ﺍﻟﻤﻀﺎﻓﺔ ﺴﻨﺔ ‪ 2017‬ﺃﺫ ﺒﻠﻎ)‪ (7662722.05‬ﺍﻟﻑ ﺩﺭﻫﻡ ‪ ،‬ﻓﻴﻤﺎ ﺤﻘﻘﺕ ﻗﻁﺎﻉ ﺍﻟﻤﺼـﺎﺭﻑ ﺃﺩﻨـﻰ ﻤﻌـﺩل‬
‫ﻟﻠﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﺴﻨﺔ ‪ 2012‬ﺃﺫ ﺒﻠﻐﺕ) ‪ ( 5276542.26‬ﺍﻟﻑ ﺩﺭﻫﻡ‪.‬‬
‫‪3.‬ﺘﺤﻠﻴل ﻭ ﻤﻨﺎﻗﺸﺔ ﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻟﻠﻘﻁـﺎﻉ ﺍﻟﺨـﺩﻤﺎﺕ ﻟﻠﻤـﺩﺓ ‪ ، 2017-2012‬ﻭ ﻴﻭﻀـﺢ‬
‫ﻟﻘﻁﺎﻉ ﺍﻟﺨﺩﻤﺎﺕ ﻭ ﻟﻠﺸﺭﻜﺎﺕ ﻋﻴﻨﺔ ﺍﻟﺒﺤﺙ ﻟﻠﻤـﺩﺓ ‪-2012‬‬ ‫ﺍﻟﺠﺩﻭل )‪ (2‬ﻨﺘﺎﺌﺞ ﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ‬
‫‪ ،2017‬ﺃﺫ ﻴﺘﻀﺢ ﺃﻥ ﺍﻟﻤﻌﺩل ﺍﻟﻌﺎﻡ ﻟﻠﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀـﺎﻓﺔ ﺒﻠﻐـﺕ )‪ .(-5584747.91‬ﺍﻟـﻑ ﺩﺭﻫـﻡ‬
‫ـﺕ‬
‫ـﺎﻓﺔ ﺃﺫ ﺒﻠﻐـ‬
‫ـﺎﺩﻴﺔ ﻤﻀـ‬
‫ـﺔ ﺍﻗﺘﺼـ‬
‫ـﻰ ﻗﻴﻤـ‬
‫ـﻴﺎﺭﺍﺕ ﺃﻋﻠـ‬
‫ـﺎﺩﺓ ﺍﻟﺴـ‬
‫ـﻴﻡ ﻗﻴـ‬
‫ـﺎﺭﺍﺕ ﻟﺘﻌﻠـ‬
‫ـﺭﻜﺔ ﺍﻹﻤـ‬
‫ـﺎﺤﻘﻕ ﺸـ‬
‫ﻓﻴﻤـ‬
‫)‪.(23647998.61‬ﻓﻴﻤﺎ ﻨﺠﺩ ﺃﻥ ﺸﺭﻜﺔ ﺍﻹﻤﺎﺭﺍﺕ ﻟﺘﻌﻠﻴﻡ ﻗﻴـﺎﺩﺓ ﺍﻟﺴـﻴﺎﺭﺍﺕ ﻗـﺩ ﺤﻘـﻕ ﻗﻴﻤـﺔ ﺍﻗﺘﺼـﺎﺩﻴﺔ‬
‫ﻤﻀﺎﻓﺔﺒﻠﻐﺕ)‪ (46505957‬ﺍﻟﻑ ﺩﺭﻫﻡ ‪(60617578.52 )،‬ﺍﻟﻑ ﺩﺭﻫﻡ ‪ (52711828.00) ،‬ﺍﻟـﻑ ﺩﺭﻫـﻡ‬
‫ﻟﻠﺴﻨﻭﺍﺕ‪(2017 ،2016 ،2015‬ﻋﻠﻰ ﺍﻟﺘﻭﺍﻟﻲ ‪ .‬ﻓﻴﻤﺎ ﺤﻘﻕ ﺸﺭﻜﺔ ﺍﻟﺨﻠﻴﺞ ﻟﻠﻤﺸـﺎﺭﻴﻊ ﺍﻟﻁﺒﻴـﺔ ﺃﺩﻨـﻰ ﻗﻴﻤـﺔ‬
‫ﺍﻗﺘﺼﺎﺩﻴﺔ ﻤﻀﺎﻓﺔ ﺃﺫ ﺒﻠﻐﺕ)‪ (-10338851.32‬ﺍﻟﻑ ﺩﺭﻫﻡ‪.‬ﻭﻴﻌﺯﻯ ﺍﻟﺴﺒﺏ ﻓﻲ ﺫﻟﻙ ﺍﻟـﻰ ﺍﻨﺨﻔـﺎﺽ ﻗﻴﻤـﺔ‬
‫ﺍﻗﺘﺼﺎﺩﻴﺔ ﻤﻀﺎﻓﺔ ﻟﺸﺭﻜﺔ ﺍﻟﺨﻠﻴﺞ ﻟﻠﻤﺸﺎﺭﻴﻊ ﺍﻟﻁﺒﻴﺔ ﻁﻴﻠﺔ ﻤﺩﺓ ﺍﻟﺒﺤﺙ ﻤﻘﺎﺭﻨﺔ ﺒﺎﻟﺸﺭﻜﺎﺕ ﺍﻻﺨﺭﻯ‪.‬ﺃﻤﺎ ﻤﻌـﺩل‬
‫ﻗﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻟﻠﻘﻁﺎﻉ ﺍﻟﺨﺩﻤﺎﺕ ﻋﻠﻰ ﻨﻁﺎﻕ ﺍﻟﺴﻨﻭﺍﺕ ﻓﻘﺩ ﺒﻠﻎ ﺍﻋﻠﻰ ﻗﻴﻤـﺔ ﺍﻗﺘﺼـﺎﺩﻴﺔ ﻤﻀـﺎﻓﺔ‬
‫ﻟﻠﻘﻁﺎﻉ ﺍﻟﺨﺩﻤﻲ ﺴﻨﺔ‪2017‬ﺃﺫ ﺒﻠﻐﺕ )‪ (22363606.03‬ﺍﻟﻑ ﺩﺭﻫﻡ ‪،‬ﻓﻴﻤﺎ ﺒﻠﻎ ﺃﺩﻨﻰ ﻤﻌـﺩل ﻗﻴﻤـﺔ ﺍﻗﺘﺼـﺎﺩﻴﺔ‬
‫ﻤﻀﺎﻓﺔ ﺴﻨﺔ‪2013‬ﺃﺫ ﺒﻠﻐﺕ )‪ (-6654674.23‬ﺍﻟﻑ ﺩﺭﻫﻡ‪.‬‬
‫‪4.‬ﺘﺤﻠﻴل ﻭ ﻤﻨﺎﻗﺸﺔ ﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻟﻘﻁﺎﻉ ﺍﻟﻁﺎﻗﺔ ﻟﻠﻤـﺩﺓ ‪ ، 2017-2012‬ﻭ ﻴﺘﻀـﺢ ﻤـﻥ‬
‫ﻟﻘﻁﺎﻉ ﺍﻟﻁﺎﻗﺔ ﻭ ﻟﻠﺸﺭﻜﺎﺕ ﻋﻴﻨﺔ ﺍﻟﺒﺤﺙ ﻟﻠﻤﺩﺓ ‪،2017-2012‬‬ ‫ﺍﻟﺠﺩﻭل )‪ (2‬ﻨﺘﺎﺌﺞ ﺍﻟﻘﻴﻤﺔ ﺍﻗﺘﺼﺎﺩﻴﺔ ﻤﻀﺎﻓﺔ‬
‫ﺃﺫ ﻴﺘﻀﺢ ﺃﻥ ﺍﻟﻤﻌﺩل ﺍﻟﻌﺎﻡ ﻟﻠﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﺒﻠﻐﺕ )‪ (-408174254.21‬ﺍﻟﻑ ﺩﺭﻫﻡ ‪ .‬ﻓﻴﻤـﺎﺤﻘﻕ‬
‫ﺸﺭﻜﺔ ﺩﺍﻨﺔ ﺃﻋﻠﻰ ﻗﻴﻤﺔ ﺍﻗﺘﺼﺎﺩﻴﺔ ﻤﻀﺎﻓﺔ ﺃﺫ ﺒﻠﻐﺕ ‪ 239881030.95‬ﺍﻟﻑ ﺩﺭﻫﻡ‪،‬ﺃﺫ ﻨﺠﺩ ﺤﻘﻕ ﺸﺭﻜﺔ ﺩﺍﻨـﺔ‬
‫ﻏﺎﺯ ﻗﻴﻤﺔ ﺍﻗﺘﺼﺎﺩﻴﺔ ﻤﻀﺎﻓﺔ ﺒﻠﻐﺕ)‪ (495338643.73‬ﺍﻟﻑ ﺩﺭﻫﻡ ‪ (403818862.93 )،‬ﺍﻟﻑ ﺩﺭﻫﻡ ‪)،‬‬
‫‪ (456748509.40‬ﺍﻟﻑ ﺩﺭﻫﻡ ﻟﻠﺴﻨﻭﺍﺕ‪2014،2015 ،2013‬ﻓﻴﻤﺎ ﺤﻘﻕ ﺍﻟﺸﺭﻜﺔ ﺃﺒﻭ ﻅﺒﻲ ﺍﻟﻭﻁﻨﻴﺔ ﻟﻠﻁﺎﻗﺔ‬
‫ﺃﺩﻨﻰ ﻗﻴﻤﺔ ﺍﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﺃﺫ ﺒﻠﻐﺕ )‪ (- 1056229539.37‬ﺍﻟﻑ ﺩﺭﻫﻡ ‪.‬ﻭ ﻴﻌﺯﻯ ﺍﻟﺴﺒﺏ ﻓﻲ ﺫﻟﻙ ﺍﻟـﻰ‬

‫‪31‬‬ ‫اﻟﻌﺪد ‪ 38‬أوت ‪2019‬‬

 ‫ﻣﺠﻠﺔ دراﺳﺎت اﻗﺘﺼﺎدﻳﺔ ‪ISSN: 2602-7925....................................................‬‬
‫ﻗﻴﺎس و ﺗﺤﻠﻴﻞ اﻟﻨﺠﺎح اﻟﻤﺎﻟﻲ وﻓﻖ اﻟﻤﺆﺷﺮات اﻟﻤﺎﻟﻴﺔ اﻟﺤﺪﻳﺜﺔ‬
‫ﺃﻨﺨﻔﺎﺽ ﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻟﺸﺭﻜﺔ ﺃﺒﻭ ﻅﺒﻲ ﺍﻟﻭﻁﻨﻴﺔ ﻟﻠﻁﺎﻗﺔ ﻁﻴﻠﺔ ﻤﺩﺓ ﺍﻟﺒﺤﺕ‪.‬ﺃﻤﺎ ﻗﻴﻤﺔ ﺍﻗﺘﺼﺎﺩﻴﺔ‬
‫ﻤﻀﺎﻓﺔ ﻟﻘﻁﺎﻉ ﺍﻟﻁﺎﻗﺔ ﻋﻠﻰ ﻨﻁﺎﻕ ﺍﻟﺴﻨﻭﺍﺕ ﻓﻘﺩ ﺒﻠﻐﺕ ﺍﻋﻠﻰ ﻗﻴﻤـﺔ ﺍﻗﺘﺼـﺎﺩﻴﺔ ﻤﻀـﺎﻓﺔ ﻟﻘﻁـﺎﻉ ﺍﻟﻁﺎﻗـﺔ‬
‫ﺴﻨﺔ‪2012‬ﺃﺫ ﺒﻠﻐـﺕ)‪ (556359169.28‬ﺍﻟـﻑ ﺩﺭﻫـﻡ ‪ ،‬ﻓﻴﻤـﺎ ﺒﻠـﻎ ﺍﺩﻨـﻰ ﻗﻴﻤـﺔ ﺍﻗﺘﺼـﺎﺩﻴﺔ ﻤﻀـﺎﻓﺔ‬
‫ﺴﻨﺔ‪2016‬ﻭﺒﻠﻐﺕ)‪ (- 1117391807.69‬ﺍﻟﻑ ﺩﺭﻫﻡ‪.‬‬
‫‪5.‬ﺘﺤﻠﻴل ﻭ ﻤﻨﺎﻗﺸﺔ ﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻟﻘﻁﺎﻉ ﺍﻟﺴﻠﻊ ﺍﻻﺴﺘﻬﻼﻜﻴﺔ ﻟﻠﻤﺩﺓ ‪ ، 2017-2012‬ﻭ ﻴﻭﻀﺢ‬
‫ﺍﻟﺠﺩﻭل )‪ (2‬ﻨﺘﺎﺌﺞ ﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻟﻘﻁﺎﻉ ﺍﻟﺴﻠﻊ ﺍﻻﺴﺘﻬﻼﻜﻴﺔ ﻭ ﻟﻠﺸﺭﻜﺎﺕ ﻋﻴﻨﺔ ﺍﻟﺒﺤﺙ ﻟﻠﻤـﺩﺓ‬
‫‪ ،2017-2012‬ﺃﺫ ﻴﺘﻀﺢ ﺃﻥ ﺍﻟﻤﻌﺩل ﺍﻟﻌﺎﻡ ﻟﻠﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﺒﻠﻐﺕ )‪ (- 687672437.12‬ﺍﻟـﻑ‬
‫ﺩﺭﻫﻡ‪ .‬ﻓﻴﻤﺎ ﺤﻘﻘﺕ ﺸﺭﻜﺔ ﺭﺃﺱ ﺍﻟﺨﻴﻤﺔ ﻟﻠﺩﻭﺍﺠﻥ ﻭ ﺍﻟﻌﻠﻑ ﺃﻋﻠـﻰ ﺍﻟﻘﻴﻤـﺔ ﺍﻻﻗﺘﺼـﺎﺩﻴﺔ ﺍﻟﻤﻀـﺎﻓﺔ ﺍﺫ ﺒﻠـﻎ‬
‫)‪ . (- 685665923.95‬ﺃﺫ ﻨﺠﺩ ﺸﺭﻜﺔ ﺭﺃﺱ ﺍﻟﺨﻴﻤﺔ ﻟﻠﺩﻭﺍﺠﻥ ﻭ ﺍﻟﻌﻠﻑ ﻗﺩ ﺤﻘﻕ ﻗﻴﻤﺔ ﺍﻗﺘﺼﺎﺩﻴﺔ ﻤﻀـﺎﻓﺔ‬
‫ﺒﻠﻐﺕ )‪ (-576848783.69‬ﺍﻟﻑ ﺩﺭﻫﻡ ‪ (-539622728.50)،‬ﺍﻟﻑ ﺩﺭﻫﻡ )‪ (- 553615411.15‬ﺍﻟـﻑ‬
‫ﺩﺭﻫﻡ ﻟﻠﺴﻨﻭﺍﺕ ‪2017 ،2014 ،2012‬ﻋﻠﻰ ﺍﻟﺘﻭﺍﻟﻲ‪.‬ﻓﻴﻤﺎ ﺤﻘﻘﺕ ﺸﺭﻜﺔ ﻓﻭﺩﻜﻭ ﺍﻟﻘﺎﺒﻀﺔ ﺃﺩﻨﻰ ﻗﻴﻤﺔ ﺍﻗﺘﺼـﺎﺩﻴﺔ‬
‫ﻤﻀﺎﻓﺔ ﺃﺫ ﺒﻠﻐﺕ )‪ (- 689678950.28‬ﺍﻟﻑ ﺩﺭﻫﻡ ‪.‬ﻭ ﻴﻌﺯ ﻯ ﺍﻟﺴﺒﺏ ﻓﻲ ﺫﻟـﻙ ﺍﻟـﻰ ﺍﻨﺨﻔـﺎﺽ ﺍﻟﻘﻴﻤـﺔ‬
‫‪ .‬ﺃﻤﺎ ﻤﻌﺩل ﻗﻴﻤﺔ ﺍﻗﺘﺼـﺎﺩﻴﺔ ﻤﻀـﺎﻓﺔ‬ ‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻟﺸﺭﻜﺔ ﻓﻭﺩﻜﻭ ﺍﻟﻘﺎﺒﻀﺔ ﻁﻴﻠﺔ ﻤﺩﺓ ﺍﻟﺒﺤﺙ‬
‫ﻟﻘﻁﺎﻉ ﺍﻟﺴﻠﻊ ﺍﻻﺴﺘﻬﻼﻜﻴﺔ ﻋﻠﻰ ﻨﻁﺎﻕ ﺍﻟﺴﻨﻭﺍﺕ ﻓﻘﺩ ﺒﻠﻎ ﺃﻋﻠﻰ ﻤﻌﺩل ﻗﻴﻤﺔ ﺍﻗﺘﺼﺎﺩﻴﺔ ﻤﻀﺎﻓﺔ ﺴﻨﺔ‪ 2015‬ﻓﻘـﺩ‬
‫ﺒﻠﻐﺕ )‪ (-609830319.71‬ﺍﻟﻑ ﺩﺭﻫﻡ ﻓﻴﻤﺎ ﺤﻘﻕ ﺍﻟﺸﺭﻜﺎﺕ ﺃﺩﻨﻰ ﻤﻌﺩل ﻗﻴﻤﺔ ﺍﻗﺘﺼﺎﺩﻴﺔ ﻤﻀﺎﻓﺔ ﺴـﻨﺔ‪2016‬‬
‫ﺃﺫ ﺒﻠﻐﺕ)‪ (-948315246.30‬ﺍﻟﻑ ﺩﺭﻫﻡ ‪.‬‬
‫‪6.‬ﺘﺤﻠﻴل ﻭ ﻤﻨﺎﻗﺸﺔ ﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻟﻘﻁﺎﻉ ﺍﻻﺘﺼﺎﻻﺕ ﻭﺍﻟﻤﺘﻤﺜﻠﺔ ﻟﻤﺅﺴﺴﺔ ﺍﻻﻤﺎﺭﺍﺕ ﻟﻼﺘﺼﺎﻻﺕ‬
‫ﻜﻭﻨﻬﺎ ﺍﻟﺸﺭﻜﺔ ﺍﻟﻭﺤﻴﺩﺓ ﺍﻟﻤﺩﺭﺠﺔ ﻓﻲ ﺴﻭﻕ ﺃﺒﻭ ﻅﺒﻲ ﺍﻟﻤﺎﻟﻲ ﺍﺫ ﺒﻠﻎ ﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻟﻠﻤـﺩﺓ ﻤـﻥ‬
‫‪ (3534680.38) 2017-2012‬ﺍﻟﻑ ﺩﺭﻫﻡ‪ .‬ﺃﺫ ﻨﺠﺩ ﺃﻥ ﻗﻴﻤﺔ ﺍﻗﺘﺼـﺎﺩﻴﺔ ﻤﻀـﺎﻓﺔ ﻟﻤﺅﺴﺴـﺔ ﺍﻻﻤـﺎﺭﺍﺕ‬
‫ﻟﻼﺘﺼﺎﻻﺕ ﻨﺴﺒﺔ ﻤﺴﺘﻘﺭﺓ ﺨﻼل ﻓﺘﺭﺓﺍﻟﺒﺤﺙ‪،‬ﺃﺫﺤﻘﻘﺕ)‪ (1709469.90‬ﺍﻟﻑ ﺩﺭﻫـﻡ ‪ (2864953.48)،‬ﺍﻟـﻑ‬
‫ﺩﺭﻫﻡ ‪ (4700269.90) ،‬ﺍﻟﻑ ﺩﺭﻫﻡ )‪ (3527554.00‬ﺍﻟﻑ ﺩﺭﻫـﻡ ‪ (4121167.25) ،‬ﺍﻟـﻑ ﺩﺭﻫـﻡ ‪،‬‬
‫)‪ ( 4284667.75‬ﺍﻟﻑ ﺩﺭﻫﻡ ﻟﻠﺴﻨﻭﺍﺕ ﻤﻥ ‪2017-2012‬ﻋﻠﻰ ﺍﻟﺘﻭﺍﻟﻲ‪.‬‬
‫ﻭﺒﻨﻅﺭﺓ ﺸﻤﻭﻟﻴﺔ ﺍﻟﻰ ﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻟﻠﺸﺭﻜﺎﺕ ﻋﻴﻨﺔ ﺍﻟﺒﺤﺙ ﻭ ﻟﺠﻤﻴﻊ ﺍﻟﻘﻁﺎﻋﺎﺕ ﻨﺠﺩ ﺃﻥ ﺍﻟﻘﻁـﺎﻉ‬
‫ﺍﻟﻤﺼﺭﻓﻲ ﻗﺩ ﺤﻘﻕ ﺃﻋﻠﻰ ﻗﻴﻤﺔ ﺍﻗﺘﺼﺎﺩﻴﺔ ﻤﻀﺎﻓﺔ ﺃﺫ ﺒﻠﻐﺕ) ‪ (6058399.49‬ﺍﻟﻑ ﺩﺭﻫﻡ ‪، .‬ﻓﻴﻤـﺎ ﻨﺠـﺩ ﺃﻥ‬
‫ﺍﻟﻘﻁﺎﻉ ﺍﻟﺼﻨﺎﻋﻲ ﻗﺩ ﺤﻘﻕ ﺃﺩﻨﻰ ﻤﻌﺩل ﻟﻠﻘﻴﻤﺔ ﺍﻗﺘﺼﺎﺩﻴﺔ ﻤﻀﺎﻓﺔ ﺃﺫ ﺒﻠﻐـﺕ )‪ ( -1579787547.49‬ﺍﻟـﻑ‬
‫ﺩﺭﻫﻡ ‪ .‬ﻫﺫﺍ ﻤﻥ ﺠﺎﻨﺏ ﻭﻤﻥ ﺠﺎﻨﺏ ﺍﺨﺭ ﻨﻭﻀﺢ ﺍﻟﻨﺘﺎﺌﺞ ﺍﻟـﻰ ﺍﻥ ﺍﻟﻘﻴﻤـﺔ ﺍﻻﻗﺘﺼـﺎﺩﻴﺔ ﺍﻟﻤﻀـﺎﻓﺔ ﻟﻠﻘﻁـﺎﻉ‬
‫ﺍﻟﻤﺼﺭﻓﻲ ﻭ ﻗﻁﺎﻉ ﺍﻻﺘﺼﺎﻻﺕ ﻫﻤﺎ ﺍﻓﻀل ﺍﻟﻘﻁﺎﻋﺎﺕ ﻓﻲ ﺴﻭﻕ ﺍﺒﻭ ﻅﺒﻲ ﺍﻟﻤﺎﻟﻲ ‪.‬‬
‫ﺠﺩﻭل )‪ (2‬ﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔﻟﻠﺸﺭﻜﺔ ﻋﻴﻨﺔ ﺍﻟﺒﺤﺙ ﻟﻠﻤﺩﺓ‪2017-2012‬‬
‫)ﺍﻟﻑ ﺩﺭﻫﻡ(‬

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 ‫ﻣﺠﻠﺔ دراﺳﺎت اﻗﺘﺼﺎدﻳﺔ ‪ISSN: 2602-7925....................................................‬‬
‫ﻗﻴﺎس و ﺗﺤﻠﻴﻞ اﻟﻨﺠﺎح اﻟﻤﺎﻟﻲ وﻓﻖ اﻟﻤﺆﺷﺮات اﻟﻤﺎﻟﻴﺔ اﻟﺤﺪﻳﺜﺔ‬

‫ﺜﺎﻟﺜﺎ"‪ :‬ﺘﺤﻠﻴل ﻭﻤﻨﺎﻗﺸﺔ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻟﻠﺸﺭﻜﺎﺕ ﻋﻴﻨﺔ ﺍﻟﺒﺤﺙ ﻭ ﻟﻠﻤﺩﺓ ‪2017-2012‬‬
‫‪.1‬ﺘﺤﻠﻴل ﻭ ﻤﻨﺎﻗﺸﺔ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﻟﻘﻁﺎﻉ ﺍﻟﺼﻨﺎﻋﻲ ﻟﻠﻤﺩﺓ ‪ ، 2017-2012‬ﻭ ﻴﻭﻀﺢ ﺍﻟﺠﺩﻭل )‪ (3‬ﻨﺘﺎﺌﺞ‬
‫ﻟﻘﻁﺎﻉ ﺍﻟﺼﻨﺎﻋﻲ ﻭ ﻟﻠﺸﺭﻜﺎﺕ ﻋﻴﻨﺔ ﺍﻟﺒﺤﺙ ﻟﻠﻤـﺩﺓ ‪ ،2017-2012‬ﺃﺫ ﻴﺘﻀـﺢ ﺃﻥ‬ ‫ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ‬
‫ﺍﻟﻤﻌﺩل ﺍﻟﻌﺎﻡ ﻟﻠﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﺒﻠﻐﺕ )‪ ( 234331046.33‬ﺍﻟﻑ ﺩﺭﻫﻡ‪ .‬ﻓﻴﻤﺎ ﺤﻘﻕ ﺸـﺭﻜﺔ ﺃﺴـﻤﻨﺕ‬
‫ﺍﻟﺨﻠﻴﺞ ﺃﻋﻠﻰ ﻗﻴﻤﺔ ﺴﻭﻗﻴﺔ ﻤﻀﺎﻓﺔ ﺃﺫ ﺒﻠﻐﺕ )‪ (903104683.57‬ﺍﻟﻑ ﺩﺭﻫﻡ ﻭ ﻨﺠﺩ ﺃﻥ ﺸﺭﻜﺔ ﺃﺴﻤﻨﺕ ﺍﻟﺨﻠﻴﺞ‬
‫ﻗﺩ ﺤﻘﻕ ﻗﻴﻤﺔ ﺴﻭﻗﻴﺔ ﻤﻀﺎﻓﺔ ﺒﻠﻐﺕ ) ‪ ( 829307786.72‬ﺍﻟﻑ ﺩﺭﻫﻡ‪ (1182379419.30)،‬ﺍﻟﻑ ﺩﺭﻫـﻡ‪،‬‬
‫)‪ ( 985316182.513766‬ﺍﻟﻑ ﺩﺭﻫﻡ ﻟﻠﺴﻨﻭﺍﺕ ‪ 2012،2013،2014‬ﻋﻠﻰ ﺍﻟﺘﻭﺍﻟﻲ ‪.‬ﻓﻴﻤﺎ ﺤﻘﻘـﺕ ﺸـﺭﻜﺔ‬
‫ﺃﺒﻭ ﻅﺒﻲ ﻟﻠﺒﻨﺎﺀ ﺍﻟﺴﻔﻥ ﺃﺩﻨﻰ ﻗﻴﻤﺔ ﺴﻭﻗﻴﺔ ﻤﻀﺎﻓﺔ ﺃﺫ ﺒﻠﻐﺕ )‪ (461787.32‬ﺍﻟﻑ ﺩﺭﻫﻡ‪،.‬ﻭﻴﻌﺯﻯ ﺍﻟﺴـﺒﺏ ﻓـﻲ‬
‫ﺫﻟﻙ ﺍﻟﻰ ﺍﻨﺨﻔﺎﺽ ﻗﻴﻤﺔ ﺴﻭﻗﻴﺔ ﻤﻀﺎﻓﺔ ﻟﺸﺭﻜﺔ ﺃﺒﻭ ﻅﺒﻲ ﻟﻠﺒﻨﺎﺀ ﺍﻟﺴﻔﻥ ﻁﻴﻠﺔ ﻤﺩﺓ ﺍﻟﺒﺤﺙ ﻤﻘﺎﺭﻨﺔ ﺒﺎﻟﺸـﺭﻜﺎﺕ‬
‫ﺍﻻﺨﺭﻯ ‪.‬ﺃﻤﺎ ﻤﻌﺩل ﻗﻴﻤﺔ ﺴﻭﻗﻴﺔ ﻤﻀﺎﻓﺔ ﻟﻠﻘﻁﺎﻉ ﺍﻟﺼﻨﺎﻋﻲ ﻋﻠﻰ ﻨﻁﺎﻕ ﺍﻟﺴﻨﻭﺍﺕ ﻓﻘﺩ ﺒﻠﻎ ﺃﻋﻠﻰ ﻤﻌﺩل ﻗﻴﻤﺔ‬
‫ﺴﻭﻗﻴﺔ ﻤﻀﺎﻓﺔ ﻟﻠﻘﻁﺎﻉ ﺍﻟﺼﻨﺎﻋﻲ ﺴﻨﺔ ‪2015‬ﺃﺫ ﺒﻠﻐﺕ )‪ (212921776.06‬ﺍﻟﻑ ﺩﺭﻫﻡ‪،‬ﻓﻴﻤﺎ ﺒﻠﻐـﺕ ﺃﺩﻨـﻰ‬
‫ﻤﻌﺩل ﻗﻴﻤﺔ ﺴﻭﻗﻴﺔ ﻤﻀﺎﻓﺔ ﺍﻟﻤﻀﺎﻓﺔ ﺴﻨﺔ ‪2013‬ﺃﺫ ﺒﻠﻐﺕ)‪ ( 291851333.21‬ﺍﻟﻑ ﺩﺭﻫﻡ‪.‬‬
‫‪.2‬ﺘﺤﻠﻴل ﻭ ﻤﻨﺎﻗﺸﺔ ﻤﻌﺩل ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻟﻘﻁﺎﻉ ﺍﻟﻤﺼـﺭﻓﻲ ﻟﻠﻤـﺩﺓ ‪ ، 2017-2012‬ﻭ ﻴﻭﻀـﺢ‬
‫ﺍﻟﺠﺩﻭل )‪ (3‬ﻨﺘﺎﺌﺞ ﻤﻌﺩل ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻟﻘﻁﺎﻉ ﺍﻟﻤﺼﺭﻓﻲ ﻭ ﻟﻠﺸـﺭﻜﺎﺕ ﻋﻴﻨـﺔ ﺍﻟﺒﺤـﺙ ﻟﻠﻤـﺩﺓ‬
‫‪ ،2017-2012‬ﺃﺫ ﻴﺘﻀﺢ ﺃﻥ ﺍﻟﻤﻌﺩل ﺍﻟﻌﺎﻡ ﻟﻠﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﺍﺫ ﺒﻠﻐﺕ)‪ ( 1968255205.05‬ﺍﻟـﻑ‬

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 ‫ﻣﺠﻠﺔ دراﺳﺎت اﻗﺘﺼﺎدﻳﺔ ‪ISSN: 2602-7925....................................................‬‬
‫ﻗﻴﺎس و ﺗﺤﻠﻴﻞ اﻟﻨﺠﺎح اﻟﻤﺎﻟﻲ وﻓﻖ اﻟﻤﺆﺷﺮات اﻟﻤﺎﻟﻴﺔ اﻟﺤﺪﻳﺜﺔ‬
‫ﺩﺭﻫﻡ‪ .‬ﻓﻴﻤﺎ ﺤﻘﻕ ﻤﺼﺭﻑ ﺃﻡ ﺍﻟﻘﻴﻭﻴﻥ ﺃﻋﻠﻰ ﻤﻌﺩل ﻟﻠﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ) ‪ (12403026666.66‬ﺍﻟـﻑ‬
‫ﺩﺭﻫﻡ‪ .‬ﺍﺫ ﻨﺠﺩ ﺃﻥ ﻤﺼﺭﻑ ﺃﻡ ﺍﻟﻘﻴﻭﻴﻥ ﺤﻘﻕ ﻤﻌﺩل ﻗﻴﻤﺔ ﺴﻭﻗﻴﺔ ﻤﻀﺎﻓﺔ ﺒﻠﻐﺕ)‪( 2560000000.00‬ﺍﻟـﻑ‬
‫ﺩﺭﻫﻡ‪ 6301680000.00 ،‬ﺍﻟﻑ ﺩﺭﻫﻡ‪( 5544000000.00)،‬ﺍﻟﻑ ﺩﺭﻫﻡ ﻟﻠﺴـﻨﻭﺍﺕ‪2017، 2012،2014‬‬
‫ﻋﻠﻰ ﺍﻟﺘﻭﺍﻟﻲ ‪.‬ﻓﻴﻤﺎ ﺤﻘﻕ ﻤﺼﺭﻑ ﺩﺍﺭ ﺍﻟﺘﻤﻭﻴـل ﺍﺩﻨـﻰ ﻤﻌـﺩل ﺍﻟﻘﻴﻤـﺔ ﺍﻟﺴـﻭﻗﻴﺔ ﺍﻟﻤﻀـﺎﻓﺔ ﺃﺫ ﺒﻠﻐـﺕ‬
‫)‪ (796569.50‬ﺍﻟﻑ ﺩﺭﻫﻡ ‪ .‬ﻭ ﻴﻌﺯﻯ ﺫﻟﻙ ﺍﻟﺴﺒﺏ ﺍﻟﻰ ﺍﻨﺨﻔﺎﺽ ﻤﻌﺩل ﻗﻴﻤﺔ ﺴﻭﻗﻴﺔ ﻤﻀﺎﻓﺔ ﻟﻤﺼـﺭﻑ ﺩﺍﺭ‬
‫ﺍﻟﺘﻤﻭﻴل ﻁﻴﻠﺔ ﻤﺩﺓ ﺍﻟﺒﺤﺙ ﻤﻘﺎﺭﻨﺔ ﺒﺎﻟﻤﺼﺎﺭﻑ ﺍﻻﺨﺭﻯ ‪،‬ﺃﻤﺎ ﻤﻌﺩل ﻗﻴﻤﺔ ﺴﻭﻗﻴﺔ ﻤﻀﺎﻓﺔ ﻟﻠﻘﻁﺎﻉ ﺍﻟﻤﺼﺭﻓﻲ‬
‫ﻋﻠﻰ ﻨﻁﺎﻕ ﺍﻟﺴﻨﻭﺍﺕ ﻓﻘﺩ ﺒﻠﻎ ﺃﻋﻠﻰ ﻤﻌﺩل ﻟﻠﻘﻴﻤﺔ ﺴﻭﻗﻴﺔ ﻤﻀﺎﻓﺔ ﺴﻨﺔ ‪ 2014‬ﺃﺫ ﺒﻠﻐﺕ)‪(1621343757.09‬‬
‫ﺍﻟﻑ ﺩﺭﻫﻡ ‪ ،‬ﻓﻴﻤﺎ ﺤﻘﻘﺕ ﺍﻟﻘﻁﺎﻉ ﺍﻟﻤﺼـﺭﻓﻲ ﺃﺩﻨـﻰ ﻤﻌـﺩل ﻟﻠﻘﻴﻤـﺔ ﺴـﻭﻗﻴﺔ ﻤﻀـﺎﻓﺔ ﺴـﻨﺔ ‪ 2013‬ﺃﺫ‬
‫ﺒﻠﻐﺕ)‪ ( 5407768373.97‬ﺍﻟﻑ ﺩﺭﻫﻡ‪.‬‬
‫‪.3‬ﺘﺤﻠﻴل ﻭ ﻤﻨﺎﻗﺸﺔ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻟﻘﻁﺎﻉ ﺍﻟﺨﺩﻤﺎﺕ ﻟﻠﻤﺩﺓ ‪ ، 2017-2012‬ﻭ ﻴﻭﻀﺢ ﺍﻟﺠـﺩﻭل‬
‫)‪ (3‬ﻨﺘﺎﺌﺞ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻟﻘﻁﺎﻉ ﺍﻟﺨﺩﻤﺎﺕ ﻭ ﻟﻠﺸﺭﻜﺎﺕ ﻋﻴﻨﺔ ﺍﻟﺒﺤـﺙ ﻟﻠﻤـﺩﺓ ‪ ،2017-2012‬ﺃﺫ‬
‫ﻴﺘﻀﺢ ﺃﻥ ﺍﻟﻤﻌﺩل ﺍﻟﻌﺎﻡ ﻟﻠﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﺒﻠﻐﺕ )‪ (180928367.58‬ﺍﻟﻑ ﺩﺭﻫﻡ ‪.‬ﻓﻴﻤﺎ ﺤﻘﻕ ﺸـﺭﻜﺔ‬
‫ﺍﻻﻤﺎﺭﺍﺕ ﻟﺘﻌﻠﻴﻡ ﻗﻴﺎﺩﺓ ﺍﻟﺴﻴﺎﺭﺍﺕ ﺃﻋﻠﻰ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﺃﺫ ﺒﻠﻐﺕ )‪ (501905970.72‬ﺍﻟﻑ ﺩﺭﻫﻡ ‪.‬ﺍﺫ‬
‫ﻨﺠﺩ ﺍﻥ ﺸﺭﻜﺔ ﺍﻻﻤﺎﺭﺍﺕ ﻟﺘﻌﻠﻴﻡ ﻗﻴﺎﺩﺓ ﺍﻟﺴﻴﺎﺭﺍﺕ ﻗﺩ ﺤﻘﻘﺕ ﻗﻴﻤﺔ ﺴﻭﻗﻴﺔ ﻤﻀﺎﻓﺔ ﺒﻠﻐﺕ ‪ 453421314.58‬ﺍﻟﻑ‬
‫ﺩﺭﻫﻡ ‪ 722780513.51 ،‬ﺍﻟﻑ ﺩﺭﻫﻡ ‪ 718291192.87 ،‬ﺍﻟـﻑ ﺩﺭﻫـﻡ ‪ ،‬ﻟﻠﺴـﻨﻭﺍﺕ ‪،2016 ،2015‬‬
‫‪ 2017‬ﻋﻠﻰ ﺍﻟﺘﻭﺍﻟﻲ‪.‬ﻓﻴﻤﺎ ﺤﻘﻘﺕ ﺸﺭﻜﺔ ﻁﻴﺭﺍﻥ ﺃﺒـﻭ ﻅﺒـﻲ ﺃﺩﻨـﻰ ﻤﻌـﺩل ﻗﻴﻤـﺔ ﺴـﻭﻗﻴﺔ ﻤﻀـﺎﻓﺔ ﻭ‬
‫ﺒﻠﻐﺕ)‪ (1284148.34‬ﺍﻟﻑ ﺩﺭﻫﻡ ‪،‬ﻭ ﻴﻌﺯﻯ ﺍﻟﺴﺒﺏ ﻓﻲ ﺫﻟﻙ ﺍﻟﻰ ﺍﻨﺨﻔﺎﺽ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻟﺸـﺭﻜﺔ‬
‫ﻁﻴﺭﺍﻥ ﺃﺒﻭ ﻅﺒﻲ ﻁﻴﻠﺔ ﻤﺩﺓ ﺍﻟﺒﺤﺙ ﻤﻘﺎﺭﻨﺔ ﺒﺎﻟﺸﺭﻜﺎﺕ ﺍﻻﺨﺭﻯ ‪.‬ﺃﻤﺎ ﻤﻌﺩل ﻗﻴﻤﺔ ﺴـﻭﻗﻴﺔ ﻤﻀـﺎﻓﺔ ﻟﻠﻘﻁـﺎﻉ‬
‫ﺍﻟﺨﺩﻤﻲ ﻋﻠﻰ ﻨﻁﺎﻕ ﺍﻟﺴﻨﻭﺍﺕ ﻓﻘﺩ ﺒﻠﻐﺕ ﺃﻋﻠﻰ ﻤﻌﺩل ﻗﻴﻤﺔ ﺴﻭﻗﻴﺔ ﻤﻀﺎﻓﺔ ﻟﻠﻘﻁﺎﻉ ﺍﻟﺨـﺩﻤﻲ ﺴـﻨﺔ ‪ 2016‬ﺃﺫ‬
‫ﺒﻠﻐﺕ)‪ (315809622.04‬ﺍﻟﻑ ﺩﺭﻫﻡ ‪،‬ﻓﻴﻤﺎ ﺒﻠﻎ ﺍﺩﻨﻰ ﻤﻌـﺩل ﻟﻠﻘﻴﻤـﺔ ﺍﻟﺴـﻭﻗﻴﺔ ﺍﻟﻤﻀـﺎﻓﺔ ﺴـﻨﺔ‪ 2012‬ﻭ‬
‫ﺒﻠﻐﺕ)‪ (84474228.45‬ﺍﻟﻑ ﺩﺭﻫﻡ‪.‬‬
‫‪.4‬ﺘﺤﻠﻴل ﻭ ﻤﻨﺎﻗﺸﺔ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻟﻘﻁﺎﻉ ﺍﻟﻁﺎﻗﺔ ﻟﻠﻤﺩﺓ ‪ ، 2017-2012‬ﻭ ﻴﻭﻀﺢ ﺍﻟﺠـﺩﻭل )‪(3‬‬
‫ﻟﻘﻁﺎﻉ ﺍﻟﻁﺎﻗﺔ ﻭ ﻟﻠﺸﺭﻜﺎﺕ ﻋﻴﻨﺔ ﺍﻟﺒﺤﺙ ﻟﻠﻤﺩﺓ ‪ ،2017-2012‬ﺃﺫ ﻴﺘﻀـﺢ‬ ‫ﻨﺘﺎﺌﺞ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ‬
‫ﺃﻥ ﺍﻟﻤﻌﺩل ﺍﻟﻌﺎﻡ ﻟﻠﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﺒﻠﻐﺕ )‪ (4137749162.49‬ﺍﻟﻑ ﺩﺭﻫﻡ‪ ،‬ﻓﻴﻤﺎ ﺤﻘﻘﺕ ﺸﺭﻜﺔ ﺩﺍﻨﺔ‬
‫ﻏﺎﺯ ﺃﻋﻠﻰ ﻗﻴﻤﺔ ﺴﻭﻗﻴﺔ ﻤﻀﺎﻓﺔ ﺒﻠﻐﺕ )‪ (4231498331.89‬ﺍﻟﻑ ﺩﺭﻫﻡ‪.‬ﺍﺫ ﻨﺠﺩ ﺍﻥ ﺸﺭﻜﺔ ﺩﺍﻨـﺔ ﻏﺎﺯﻗـﺩ‬
‫ﺤﻘﻘﺕ ﻗﻴﻤﺔ ﺴﻭﻗﻴﺔ ﻤﻀﺎﻓﺔ ﺒﻠﻐﺕ ‪ 6007819998.59‬ﺍﻟـﻑ ﺩﺭﻫـﻡ ‪ 3763259998.54 ،‬ﺍﻟـﻑ ﺩﺭﻫـﻡ‬
‫‪ 5651369998.49،‬ﺍﻟﻑ ﺩﺭﻫﻡ ‪ ،‬ﻟﻠﺴﻨﻭﺍﺕ‪ 2017 ،2016 ،2013‬ﻋﻠﻰ ﺍﻟﺘﻭﺍﻟﻲ‪ .‬ﻓﻴﻤﺎ ﺤﻘﻕ ﺸﺭﻜﺔ ﺸﺭﻜﺔ‬
‫ﺃﺒﻭ ﻅﺒﻲ ﺍﻟﻭﻁﻨﻴﺔ ﻟﻠﻁﺎﻗﺔ ﺃﺩﻨﻰ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﺃﺫ ﺒﻠﻐﺕ )‪ (4043999993.09‬ﺍﻟﻑ ﺩﺭﻫﻡ ‪،‬ﻭ ﻴﻌﺯﻯ‬
‫ﺍﻟﺴﺒﺏ ﻓﻲ ﺫﻟﻙ ﺍﻟﻰ ﺍﻨﺨﻔﺎﺽ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻟﺸﺭﻜﺔ ﺃﺒﻭ ﻅﺒـﻲ ﺍﻟﻭﻁﻨﻴـﺔ ﻟﻠﻁﺎﻗـﺔ ﻁﻴﻠـﺔ ﻤـﺩﺓ‬
‫ﺍﻟﺒﺤﺙ‪.‬ﺃﻤﺎ ﻤﻌﺩل ﻗﻴﻤﺔ ﺴﻭﻗﻴﺔ ﻤﻀﺎﻓﺔ ﻟﻠﻘﻁﺎﻉ ﺍﻟﻁﺎﻗﺔ ﻋﻠﻰ ﻨﻁﺎﻕ ﺍﻟﺴﻨﻭﺍﺕ ﻓﻘﺩ ﺒﻠﻐﺕ ﺃﻋﻠﻰ ﻤﻌـﺩل ﻗﻴﻤـﺔ‬

‫‪34‬‬ ‫اﻟﻌﺪد ‪ 38‬أوت ‪2019‬‬

 ‫ﻣﺠﻠﺔ دراﺳﺎت اﻗﺘﺼﺎدﻳﺔ ‪ISSN: 2602-7925....................................................‬‬
‫ﻗﻴﺎس و ﺗﺤﻠﻴﻞ اﻟﻨﺠﺎح اﻟﻤﺎﻟﻲ وﻓﻖ اﻟﻤﺆﺷﺮات اﻟﻤﺎﻟﻴﺔ اﻟﺤﺪﻳﺜﺔ‬
‫ﺴﻭﻗﻴﺔ ﻤﻀﺎﻓﺔ ﺴﻨﺔ ‪2013‬ﺃﺫ ﺒﻠﻐﺕ)‪ (7583739998.28‬ﺍﻟﻑ ﺩﺭﻫﻡ ‪،‬ﻓﻴﻤﺎ ﺒﻠﻐﺕ ﺃﺩﻨﻰ ﻤﻌﺩل ﻗﻴﻤﺔ ﺴـﻭﻗﻴﺔ‬
‫ﻤﻀﺎﻓﺔ ﺴﻨﺔ ‪ 2012‬ﺃﺫ ﺒﻠﻐﺕ)‪ (1910069988.36‬ﺍﻟﻑ ﺩﺭﻫﻡ‪.‬‬
‫ﻟﻠﻤﺩﺓ ‪ ، 2017-2012‬ﻭ ﻴﻭﻀـﺢ‬ ‫‪.5‬ﺘﺤﻠﻴل ﻭ ﻤﻨﺎﻗﺸﺔ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻟﻘﻁﺎﻉ ﺍﻟﺴﻠﻊ ﺍﻻﺴﺘﻬﻼﻜﻴﺔ‬
‫ﺍﻟﺠﺩﻭل )‪ (3‬ﻨﺘﺎﺌﺞ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻟﻘﻁﺎﻉ ﺍﻟﺴﻠﻊ ﺍﻻﺴﺘﻬﻼﻜﻴﺔ ﻭ ﻟﻠﺸﺭﻜﺎﺕ ﻋﻴﻨﺔ ﺍﻟﺒﺤـﺙ ﻟﻠﻤـﺩﺓ‬
‫‪ ،2017-2012‬ﺃﺫ ﻴﺘﻀﺢ ﺃﻥ ﺍﻟﻤﻌﺩل ﺍﻟﻌﺎﻡ ﻟﻠﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﺒﻠﻐﺕ )‪ (236174995.42‬ﺍﻟﻑ ﺩﺭﻫﻡ‪.‬‬
‫ﻓﻴﻤﺎ ﺤﻘﻘﺕ ﺸﺭﻜﺔ ﻓﻭﺩﻜﻭ ﺍﻟﻘﺎﺒﻀﺔ ﺃﻋﻠﻰ ﻗﻴﻤﺔ ﺴﻭﻗﻴﺔ ﻤﻀﺎﻓﺔ ﺃﺫ ﺒﻠﻐﺕ )‪ (278669995.53‬ﺍﻟـﻑ ﺩﺭﻫـﻡ‬
‫‪.‬ﺍﺫ ﻗﺩ ﻨﺠﺩ ﺍﻥ ﺸﺭﻜﺔ ﻓﻭﺩﻜﻭ ﻗﺩ ﺤﻘﻘﺕ ﻗﻴﻤﺔ ﺴـﻭﻗﻴﺔ ﻤﻀـﺎﻓﺔ ﺒﻠﻐـﺕ ‪ 359999994.96‬ﺍﻟـﻑ ﺩﺭﻫـﻡ ‪،‬‬
‫‪ 382999995.27‬ﺍﻟﻑ ﺩﺭﻫﻡ ‪ 411999994.89 ،‬ﺍﻟﻑ ﺩﺭﻫـﻡ ﻟﻠﺴـﻨﻭﺍﺕ‪ 2017 ،2016 ،2014‬ﻋﻠـﻰ‬
‫ﺍﻟﺘﻭﺍﻟﻲ‪ .‬ﻓﻴﻤﺎ ﺤﻘﻘﺕ ﺸﺭﻜﺔ ﺭﺃﺱ ﺍﻟﺨﻴﻤﺔ ﻟﻠـﺩﻭﺍﺠﻥ ﻭ ﺍﻟﻌﻠـﻑ ﺍﺩﻨـﻰ ﻗﻴﻤـﺔ ﺴـﻭﻗﻴﺔ ﻤﻀـﺎﻓﺔ ﻭ ﺒﻠﻐـﺕ‬
‫)‪ (193679995.30‬ﺍﻟﻑ ﺩﺭﻫﻡ ‪ ،‬ﻭﻴﻌﺯﻯ ﺍﻟﺴﺒﺏ ﻓﻲ ﺫﻟﻙ ﺍﻟﻰ ﺃﻨﺨﻔﺎﺽ ﻗﻴﻤﺔ ﺴﻭﻗﻴﺔ ﻤﻀﺎﻓﺔ ﻟﺸـﺭﻜﺔ ﺭﺃﺱ‬
‫ﺍﻟﺨﻴﻤﺔ ﻟﻠﺩﻭﺍﺠﻥ ﻭ ﺍﻟﻌﻠﻑ ﻁﻴﻠﺔ ﻤﺩﺓ ﺍﻟﺒﺤﺙ‪.‬ﺍﻤﺎ ﻤﻌﺩل ﻗﻴﻤﺔ ﺴﻭﻗﻴﺔ ﻤﻀﺎﻓﺔ ﻟﻠﻘﻁﺎﻉ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻠﻊ ﺍﻻﺴـﺘﻬﻼﻜﻴﺔ‬
‫ﻋﻠﻰ ﻨﻁﺎﻕ ﺍﻟﺴﻨﻭﺍﺕ ﻓﻘﺩ ﺒﻠﻐﺕ ﺃﻋﻠﻰ ﻤﻌﺩل ﻗﻴﻤﺔ ﺴﻭﻗﻴﺔ ﻤﻀﺎﻓﺔ ﺴﻨﺔ‪ 2017‬ﺃﺫ ﺒﻠﻐـﺕ)‪(352879995.24‬‬
‫ﺍﻟﻑ ﺩﺭﻫﻡ ‪،‬ﻓﻴﻤﺎ ﺒﻠﻐﺕ ﺃﺩﻨﻰ ﻤﻌﺩل ﻗﻴﻤﺔ ﺴﻭﻗﻴﺔ ﻤﻀﺎﻓﺔ ﺴﻨﺔ ‪ 2012‬ﻭ ﺒﻠﻎ)‪ 97359996.77‬ﺍﻟﻑ ﺩﺭﻫﻡ‪.‬‬
‫‪6.‬ﺘﺤﻠﻴل ﻭ ﻤﻨﺎﻗﺸﺔ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻟﻘﻁﺎﻉ ﺍﻻﺘﺼﺎﻻﺕ ﻭﺍﻟﻤﺘﻤﺜﻠﺔ ﻟﻤﺅﺴﺴﺔ ﺍﻻﻤـﺎﺭﺍﺕ ﻟﻼﺘﺼـﺎﻻﺕ‬
‫ﻜﻭﻨﻬﺎ ﺍﻟﺸﺭﻜﺔ ﺍﻟﻭﺤﻴﺩﺓ ﺍﻟﻤﺩﺭﺠﺔ ﻓﻲ ﺴﻭﻕ ﺃﺒﻭ ﻅﺒﻲ ﺍﻟﻤﺎﻟﻲ ﺍﺫ ﺒﻠﻎ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴـﻭﻗﻴﺔ ﺍﻟﻤﻀـﺎﻓﺔ ﻟﻠﻤـﺩﺓ ﻤـﻥ‬
‫‪ 2017-2012‬ﺒﻠﻐﺕ)‪( 118163845.21‬ﺍﻟﻑ ﺩﺭﻫﻡ‪ .‬ﺃﺫ ﻨﺠﺩ ﺍﻥ ﺍﻟﻘﻴﻤـﺔ ﺍﻟﺴـﻭﻗﻴﺔ ﺍﻟﻤﻀـﺎﻓﺔ ﻟﻤﺅﺴﺴـﺔ‬
‫ـﻡ‬
‫ـﻑ ﺩﺭﻫـ‬
‫ـﺕ ‪ 65225648.69‬ﺍﻟـ‬
‫ـﻼل ﻓﺘﺭﺓﺍﻟﺒﺤﺙ‪،‬ﺃﺫﺤﻘﻘـ‬
‫ـﺘﻘﺭﺓ ﺨـ‬
‫ـﺒﺔ ﻤﺴـ‬
‫ـﺎﻻﺕ ﻨﺴـ‬
‫ـﺎﺭﺍﺕ ﻟﻼﺘﺼـ‬
‫ﺍﻻﻤـ‬
‫‪84121323.33،‬ﺍﻟﻑ ﺩﺭﻫﻡ‪ 86532695.38،‬ﺍﻟﻑ ﺩﺭﻫﻡ‪157411246.72،‬ﺍﻟﻑ ﺩﺭﻫـﻡ‪163498968.77‬‬
‫ﺍﻟﻑ ﺩﺭﻫﻡ‪ 152193188.36،‬ﺍﻟﻑ ﺩﺭﻫﻡ ﻟﻠﺴﻨﻭﺍﺕ ﻤﻥ ‪2017-2012‬ﻋﻠﻰ ﺍﻟﺘﻭﺍﻟﻲ‪.‬‬
‫ﻭﺒﻨﻅﺭﺓ ﺸﻤﻭﻟﻴﺔ ﺍﻟﻰ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻟﺸﺭﻜﺎﺕ ﻋﻴﻨﺔ ﺍﻟﺒﺤﺙ ﻭ ﻟﺠﻤﻴﻊ ﺍﻟﻘﻁﺎﻋـﺎﺕ ﻨﺠـﺩ ﺃﻥ ﺍﻟﻘﻁـﺎﻉ‬
‫ﺍﻟﻤﺼﺭﻓﻲ ﻗﺩ ﺤﻘﻕ ﺃﻋﻠﻰ ﻤﻌﺩل ﻗﻴﻤﺔ ﺴﻭﻗﻴﺔ ﻤﻀﺎﻓﺔ ﺃﺫ ﺒﻠﻎ ‪ 1968255205.05‬ﺍﻟﻑ ﺩﺭﻫﻡ ‪،‬ﻓﻴﻤﺎ ﻨﺠـﺩ‬
‫ﺃﻥ ﻗﻁﺎﻉ ﺍﻟﻁﺎﻗﺔ ﻗﺩ ﺤﻘﻕ ﺃﺩﻨﻰ ﻤﻌﺩل ﻟﻠﻘﻴﻤﺔ ﺴﻭﻗﻴﺔ ﻤﻀﺎﻓﺔ ﺃﺫ ﺒﻠﻐﺕ ‪ 118163845.21‬ﺍﻟﻑ ﺩﺭﻫﻡ ‪.‬‬
‫ﻫﺫﺍ ﻤﻥ ﺠﺎﻨﺏ ﻭﻤﻥ ﺠﺎﻨﺏ ﺍﺨﺭ ﻨﻭﻀﺢ ﺍﻟﻨﺘﺎﺌﺞ ﺍﻟﻰ ﺍﻥ ﻜﺎﻓﺔ ﺍﻟﻘﻁﺎﻋﺎﺕ ﻟﻬﺎ ﻗﻴﻤﺔ ﺴﻭﻗﻴﺔ ﻤﻀـﺎﻓﺔ ﻭ ﻴﻌـﺯﻯ‬
‫ﺍﻟﺴﺒﺏ ﺍﻟﻰ ﺍﺭﺘﻔﺎﻉ )ﻗﻴﻤﺔ ﺍﻟﺴﻬﻡ ﻓﻲ ﺍﻟﺴﻭﻕ(ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﻤﻘﺎﺭﻨﺔ ﺒﺤﻘﻭﻕ ﺍﻟﻤﻠﻜﻴﺔ)ﺒﺎﻟﻘﻴﻤﺔ ﺍﻟﺩﻓﺘﺭﻴﺔ ﻟﻠﺴﻬﻡ( ﻟﺫﺍ‬
‫ﻨﺠﺩ ﻜﺎﻓﺔ ﺍﻟﻘﻁﺎﻋﺎﺕ ﻨﺘﺎﺌﺠﻬﺎ ﺇﻴﺠﺎﺒﻴﺔ‪.‬‬
‫ﺠﺩﻭل)‪ (3‬ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻟﻠﺸﺭﻜﺔ ﻋﻴﻨﺔ ﺍﻟﺒﺤﺙ ﻟﻠﻤﺩﺓ‪2017-2012‬‬
‫)ﺍﻟﻑ ﺩﺭﻫﻡ(‬

‫‪35‬‬ ‫اﻟﻌﺪد ‪ 38‬أوت ‪2019‬‬

 ‫ﻣﺠﻠﺔ دراﺳﺎت اﻗﺘﺼﺎدﻳﺔ ‪ISSN: 2602-7925....................................................‬‬
‫ﻗﻴﺎس و ﺗﺤﻠﻴﻞ اﻟﻨﺠﺎح اﻟﻤﺎﻟﻲ وﻓﻖ اﻟﻤﺆﺷﺮات اﻟﻤﺎﻟﻴﺔ اﻟﺤﺪﻳﺜﺔ‬

‫ﺍﺨﺘﺒﺎﺭ ﺍﻟﻔﺭﻀﻴﺎﺕ‬
‫ﻴﺘﻨﺎﻭل ﻨﺘﺎﺌﺞ ﺍﺨﺘﺒﺎﺭ ﻤﺅﺸﺭﺍﺕ ﺍﻟﻤﺎﻟﻴﺔ ﺍﻟﺤﺩﻴﺜﺔ ﻭ ﺍﻟﺘﻲ ﺘﻤﺜل ﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀـﺎﻓﺔ ﻭ ﺍﻟﻘﻴﻤـﺔ ﺍﻟﺴـﻭﻗﻴﺔ‬
‫ﺍﻟﻤﻀﺎﻓﺔ ﻟﻠﺸﺭﻜﺎﺕ ﻋﻴﻨﺔ ﺍﻟﺒﺤﺙ ﻟﻠﻔﺘﺭﺓ ‪، 2017-2012‬ﻭﺘﻡ ﺍﺨﺘﺒﺎﺭ ﺍﻟﻔﺭﻀـﻴﺎﺕ ﺒﺄﺴـﺘﺨﺩﺍﻡ ﺒﺭﻨـﺎﻤﺞ‪SPSS‬‬
‫ﺒﻁﺭﻴﻘﺔ ﺍﻻﻨﺤﺩﺍﺭﻭﻓﻘﺎ ﻟﻔﺭﻀﻴﺔ ﺭﺌﻴﺴﺔ ﻤﻔﺎﺩﻫﺎ " ﻤﺅﺸﺭ ﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﺘﺘﻤﺘﻊ ﺒﻘـﺩﺭﺓ ﺘﻔﺴـﻴﺭﻴﺔ‬
‫ﺃﻋﻠﻰ ﻤﻥ ﻤﺅﺸﺭﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻜﻤﺅﺸﺭ ﻟﻠﻨﺠﺎﺡ ﺍﻟﻤﺎﻟﻲ "ﻭ ﺘﺸﺘﻕ ﻤﻥ ﺍﻟﻔﺭﻀﻴﺔ ﺍﻟﺭﺌﻴﺴﻴﺔ‪ ،‬ﻓﺭﻀـﻴﺎﺕ‬
‫ﻓﺭﻋﻴﺔ ﻟﻜل ﻗﻁﺎﻋﺎﺕ ﻋﻴﻨﺔ ﺍﻟﺒﺤﺙ ﻜﺎﻻﺘﻲ‪:‬‬
‫‪ .1‬ﺘﻡ ﺍﺨﺘﺒﺎﺭ ﺍﻟﻔﺭﻀﻴﺔ ﺍﻻﻭﻟﻰ" ﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻟﻠﻘﻁﺎﻉ ﺍﻟﺼﻨﺎﻋﻲ ﺘﺘﻤﺘﻊ ﺒﻘﺩﺭﺓ ﺘﻔﺴﻴﺭﻴﺔ ﺃﻋﻠﻰ‬
‫ﻤﻥ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻟﻠﻨﺠﺎﺡ ﺍﻟﻤﺎﻟﻲ "‪.‬‬
‫ﺠﺩﻭل )‪ (4‬ﻨﺘﺎﺌﺞ ﺘﺤﻠﻴل ﺍﻻﻨﺤﺩﺍﺭ ﻟﻤﺅﺸﺭ ﺍﻟﻨﺠﺎﺡ ﺍﻟﻤﺎﻟﻲ ﻟﻘﻁﺎﻉ ﺍﻟﺼﻨﺎﻋﻲ‬
‫‪F‬ﺍﺨﺘﺒﺎﺭ‬ ‫‪T‬ﺍﺨﺘﺒﺎﺭ‬
‫‪Beta‬‬
‫ﻤﺴـــﺘﻭﻯ‬ ‫ﻤﺴـــﺘﻭﻯ‬ ‫ﺍﻟﻤﺘﻐﻴﺭ‬
‫ﻤﻌﻠﻤﺔ‬ ‫ﺍﻟﻤﺤﺘﺴﺒﺔ‬ ‫ﺍﻟﻤﺤﺘﺴﺒﺔ‬
‫ﺍﻟﻤﻌﻨﻭﻱ‬ ‫ﺍﻟﻤﻌﻨﻭﻱ‬
‫ﻨﺘﺎﺌﺞ ﺘﺤﻠﻴل ﺍﻻﻨﺤﺩﺍﺭﻟﻘﻴﻤﺔ‬
‫‪-0.366‬‬ ‫‪0.000‬‬ ‫‪600.8‬‬ ‫‪0.000‬‬ ‫‪-24.51‬‬ ‫‪99%‬‬
‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ‬
‫ﻨﺘﺎﺌﺞ ﺘﺤﻠﻴل ﺍﻻﻨﺤﺩﺍﺭﻟﻘﻴﻤﺔ‬
‫‪0.537‬‬ ‫‪0000.‬‬ ‫‪973.3‬‬ ‫‪0000.‬‬ ‫‪31.19‬‬ ‫‪99%‬‬
‫ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ‬
‫‪α = 0.05‬‬ ‫ﺍﻟﻤﺼﺩﺭ ‪:‬ﺍﻋﺩﺍﺩ ﺍﻟﺒﺎﺤﺜﺔ‬

‫‪36‬‬ ‫اﻟﻌﺪد ‪ 38‬أوت ‪2019‬‬

 ‫ﻣﺠﻠﺔ دراﺳﺎت اﻗﺘﺼﺎدﻳﺔ ‪ISSN: 2602-7925....................................................‬‬
‫ﻗﻴﺎس و ﺗﺤﻠﻴﻞ اﻟﻨﺠﺎح اﻟﻤﺎﻟﻲ وﻓﻖ اﻟﻤﺆﺷﺮات اﻟﻤﺎﻟﻴﺔ اﻟﺤﺪﻳﺜﺔ‬
‫ﻴﻭﻀﺢ ﺍﻟﺠﺩﻭل)‪(4‬ﻨﺘﺎﺌﺞ ﺍﺨﺘﺒﺎﺭ ﻤﺅﺸﺭﺍﺕ ﺍﻟﺤﺩﻴﺜﺔ ﻟﻠﻨﺠﺎﺡ ﺍﻟﻤﺎﻟﻲ ﻭ ﺍﻟﺘﻲ ﺘﻤﺜل ﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀـﺎﻓﺔ ﻭ‬
‫ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻟﻠﺸﺭﻜﺎﺕ ﺍﻟﻘﻁﺎﻉ ﺍﻟﺼﻨﺎﻋﻲ ‪،‬ﺃﺫ ﻨﺠﺩ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻤﻀـﺎﻓﺔ ﻟﺸـﺭﻜﺎﺕ ﺍﻟﻘﻁـﺎﻉ‬
‫ﺍﻟﺼﻨﺎﻋﻲ ﺒﻤﻘﺩﺍﺭ )‪، (0.537‬ﻓﻴﻤﺎ ﻨﺠﺩ ﻤﺅﺸﺭ ﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ )‪ ،(0.366‬ﻭ ﻋﻨﺩ ﺍﺨﺘﺒﺎﺭ ﺍﻻﻨﺤﺩﺭ‬
‫ﻟﻤﺅﺸﺭ ﻗﻴﻤﺔ ﺴﻭﻗﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻨﻼﺤﻅ ﻭﺠﻭﺩ ﺘﺄﺜﻴﺭ ﻤﻌﻨﻭﻱ )ﺘﺅﻜﺩ ﻤﻌﻨﻭﻴـﺔ ( ﻟﻘﻴﻤـﺔ ﺍﺨﺘﺒـﺎﺭ ‪ F‬ﻭﺍﻟﻤﺴـﺘﻭﻯ‬
‫ﺍﻟﻤﻌﻨﻭﻱ ﻟﻬﺫﺍ ﺍﻻﺨﺘﺒﺎﺭ ﻴﺴﺎﻭﻱ )‪ (0.000‬ﻭﺍﻟﺫﻱ ﺍﻗل ﻤﻥ ﻗﻴﻤﺔ ﺩﻻﻟﺔ ﺍﻻﺤﺼﺎﺌﻴﺔ‪ (0.05 ) α‬ﺒﻤﻌﺎﻤل ﺘﺤﺩﻴﺩ‪R2‬‬
‫)‪ .(%99‬ﻭﻨﻼﺤﻅ ﺍﻴﻀﺎ ﺍﻟﻤﺴﺘﻭﻯ ﺍﻟﻤﻌﻨﻭﻱ ﻟﻘﻴﻤﺔ ﺍﺨﺘﺒﺎﺭ ‪ t‬ﻴﺴﺎﻭﻱ )‪ . (0.000‬ﻭﻫﺫﺍ ﻴﻌﻨـﻲ ﻭﺠـﻭﺩ ﺘـﺎﺜﻴﺭ‬
‫ﻤﻌﻨﻭﻱ ﻟﻼﺭﺒﺎﺡ ﺍﻟﺴﻨﻭﻴﺔ ﻋﻠﻰ ﻤﺅﺸﺭ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻟﺸﺭﻜﺎﺕ ﺍﻟﻘﻁﺎﻉ ﺍﻟﺼـﻨﺎﻋﻲ‪ ،‬ﻋﻨـﺩ ﺍﺨﺘﺒـﺎﺭ‬
‫ﺍﻻﻨﺤﺩﺭ ﻟﻤﺅﺸﺭﻗﻴﻤﺔ ﺍﻗﺘﺼﺎﺩﻴﺔ ﻤﻀﺎﻓﺔ ﻨﻼﺤﻅ ﻋﺩﻡ ﺘﺄﺜﻴﺭ ﻤﻌﻨﻭﻱ ﻟﻘﻴﻤﺔ ﺍﺨﺘﺒﺎﺭ ‪ F‬ﻭﺍﻟﻤﺴﺘﻭﻯ ﺍﻟﻤﻌﻨﻭﻱ ﻟﻬـﺫﺍ‬
‫)‪ (0.05‬ﺒﻤﻌﺎﻤـل ﺘﺤﺩﻴـﺩ ‪.(%99)R2‬‬ ‫ﺍﻻﺨﺘﺒﺎﺭ ﻴﺴﺎﻭﻱ )‪ (0.000‬ﻭﺍﻟﺫﻱ ﺍﻗل ﻤﻥ ﻗﻴﻤﺔ ﺩﻻﻟﺔ ﺍﻻﺤﺼﺎﺌﻴﺔ‪α‬‬
‫ﻭﻨﻼﺤﻅ ﺍﻴﻀﺎ ﺍﻟﻤﺴﺘﻭﻯ ﺍﻟﻤﻌﻨﻭﻱ ﻟﻘﻴﻤﺔ ﺍﺨﺘﺒﺎﺭ ‪ t‬ﻴﺴﺎﻭﻱ )‪ . (0.000‬ﻨﻼﺤـﻅ ﻟﻌـﺩﻡ ﻭﺠـﻭﺩ ﺘـﺄﺜﻴﺭﻤﻌﻨﻭﻱ‬
‫ﻟﻼﺭﺒﺎﺡ ﺍﻟﺴﻨﻭﻴﺔ ﻋﻠﻰ ﻤﺅﺸﺭ ﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ‪ .‬ﺘﻡ ﺭﻓﺽ ﺍﻟﻔﺭﻀـﻴﺔ ﺍﻟﻔﺭﻋﻴـﺔ ﺍﻻﻭﻟـﻰ‪ ،‬ﻻﻥ‬
‫ﻤﺅﺸﺭ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﺘﻌﻜﺱ ﻟﻨﺎ ﻭﻀﻊ ﺍﻟﺸﺭﻜﺎﺕ ﺒﺸﻜل ﺍﺩﻕ ﻤﻥ ﻤﺅﺸﺭ ﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ‬
‫ﻓﻲ ﺍﻟﻘﻁﺎﻉ ﺍﻟﺼﻨﺎﻋﻲ‪.‬‬
‫‪ .2‬ﺘﻡ ﺍﺨﺘﺒﺎﺭ ﺍﻟﻔﺭﻀﻴﺔ ﺍﻟﺜﺎﻨﻴﺔ "ﻤﺅﺸﺭ ﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻟﻠﻘﻁـﺎﻉ ﺍﻟﻤﺼـﺭﻓﻲ ﺘﺘﻤﺘـﻊ ﺒﻘـﺩﺭﺓ‬
‫ﺘﻔﺴﻴﺭﻴﺔ ﺃﻋﻠﻰ ﻤﻥ ﻤﺅﺸﺭ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻤﻀﺎﻓﺔﻜﻤﺅﺸﺭ ﻟﻠﻨﺠﺎﺡ ﺍﻟﻤﺎﻟﻲ "‪.‬‬
‫ﺠﺩﻭل )‪ (5‬ﻨﺘﺎﺌﺞ ﺘﺤﻠﻴل ﺍﻻﻨﺤﺩﺍﺭ ﻟﻤﺅﺸﺭ ﺍﻟﻨﺠﺎﺡ ﺍﻟﻤﺎﻟﻲ ﻟﻘﻁﺎﻉ ﺍﻟﻤﺼﺭﻓﻲ‬
‫‪F‬ﺍﺨﺘﺒﺎﺭ‬ ‫‪T‬ﺍﺨﺘﺒﺎﺭ‬
‫‪Beta‬‬
‫ﻤﺴـــﺘﻭﻯ‬ ‫ﻤﺴﺘﻭﻯ‬ ‫ﺍﻟﻤﺘﻐﻴﺭ‬
‫ﻤﻌﻠﻤﺔ‬ ‫ﺍﻟﻤﺤﺘﺴﺒﺔ‬ ‫ﺍﻟﻤﺤﺘﺴﺒﺔ‬
‫ﺍﻟﻤﻌﻨﻭﻱ‬ ‫ﺍﻟﻤﻌﻨﻭﻱ‬
‫ﻨﺘﺎﺌﺞ ﺘﺤﻠﻴل ﺍﻻﻨﺤﺩﺍﺭﻟﻘﻴﻤـﺔ‬
‫‪0.443‬‬ ‫‪0230.‬‬ ‫‪12.89‬‬ ‫‪0230.‬‬ ‫‪3.59‬‬ ‫‪76%‬‬
‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ‬
‫ﻨﺘﺎﺌﺞ ﺘﺤﻠﻴل ﺍﻻﻨﺤﺩﺍﺭﻟﻘﻴﻤـﺔ‬
‫‪0.243‬‬ ‫‪0000.‬‬ ‫‪333.9‬‬ ‫‪0000.‬‬ ‫‪18.27‬‬ ‫‪24%‬‬
‫ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ‬
‫‪= 0.05‬‬ ‫ﺍﻟﻤﺼﺩﺭ ‪:‬ﺍﻋﺩﺍﺩ ﺍﻟﺒﺎﺤﺜﺔ‬
‫ﻓﻲ ﺤﻴﻥ ﻴﻭﻀﺢ ﺍﻟﺠﺩﻭل)‪(5‬ﻨﺘﺎﺌﺞ ﺍﺨﺘﺒﺎﺭ ﻤﺅﺸﺭﺍﺕ ﺍﻟﺤﺩﻴﺜﺔ ﻟﻠﻨﺠﺎﺡ ﺍﻟﻤﺎﻟﻲ ﻟﻠﺸﺭﻜﺎﺕ ﺍﻟﻘﻁﺎﻉ ﺍﻟﻤﺼـﺭﻓﻲ ‪،‬ﺃﺫ‬
‫ﻨﺠﺩ ﻤﺅﺸﺭ ﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻟﺸﺭﻜﺎﺕ ﺍﻟﻘﻁﺎﻉ ﺍﻟﺨﺩﻤﻲ ﺒﻤﻘﺩﺍﺭ )‪، (0.443‬ﻓﻴﻤﺎ ﻨﺠﺩ ﻤﺅﺸﺭ ﺍﻟﻘﻴﻤـﺔ‬
‫ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ )‪ ،(0.243‬ﻭ ﻋﻨﺩ ﺍﺨﺘﺒﺎﺭ ﺍﻻﻨﺤﺩﺭ ﻨﻼﺤﻅ ﻤﺅﺸﺭ ﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻟﻬـﺎ ﺘـﺄﺜﻴﺭ‬
‫ﻤﻌﻨﻭﻱ )ﺘﺅﻜﺩ ﻤﻌﻨﻭﻴﺔ ( ﻟﻘﻴﻤﺔ ﺍﺨﺘﺒﺎﺭ ‪ F‬ﻭﺍﻟﻤﺴﺘﻭﻯ ﺍﻟﻤﻌﻨﻭﻱ ﻟﻬﺫﺍ ﺍﻻﺨﺘﺒﺎﺭ ﻴﺴﺎﻭﻱ )‪ (0.023‬ﻭﺍﻟﺫﻱ ﺍﻗل ﻤـﻥ‬
‫ﻗﻴﻤﺔ ﺩﻻﻟﺔ ﺍﻻﺤﺼﺎﺌﻴﺔ‪ (0.05) α‬ﺒﻤﻌﺎﻤل ﺘﺤﺩﻴﺩ )‪ .(%76‬ﻭﻨﻼﺤﻅ ﺍﻴﻀﺎ ﺍﻟﻤﺴﺘﻭﻯ ﺍﻟﻤﻌﻨﻭﻱ ﻟﻘﻴﻤﺔ ﺍﺨﺘﺒـﺎﺭ ‪t‬‬
‫ﻴﺴﺎﻭﻱ )‪ . (0.023‬ﻭﻫﺫﺍ ﻴﻌﻨﻲ ﻭﺠﻭﺩ ﺘﺎﺜﻴﺭ ﻤﻌﻨﻭﻱ ﻟﻼﺭﺒﺎﺡ ﺍﻟﺴﻨﻭﻴﺔ ﻋﻠﻰ ﻤﺅﺸﺭ ﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ‬
‫ﻟﺸﺭﻜﺎﺕ ﺍﻟﻘﻁﺎﻉ ﺍﻟﻤﺼﺭﻓﻲ‪ ،‬ﻭﻨﺠﺩ ﻤﺅﺸﺭ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻟﻴﺱ ﻟﻬﺎ ﺍﻟﺘﺎﺜﻴﺭ ﺒﻘﻴﻤـﺔ ﺍﺨﺘﺒـﺎﺭ ‪ F‬ﻭﺍﻥ‬

‫‪37‬‬ ‫اﻟﻌﺪد ‪ 38‬أوت ‪2019‬‬

 ‫ﻣﺠﻠﺔ دراﺳﺎت اﻗﺘﺼﺎدﻳﺔ ‪ISSN: 2602-7925....................................................‬‬
‫ﻗﻴﺎس و ﺗﺤﻠﻴﻞ اﻟﻨﺠﺎح اﻟﻤﺎﻟﻲ وﻓﻖ اﻟﻤﺆﺷﺮات اﻟﻤﺎﻟﻴﺔ اﻟﺤﺪﻳﺜﺔ‬
‫ﺍﻟﻤﺴﺘﻭﻯ ﺍﻟﻤﻌﻨﻭﻱ ﻟﻬﺫﺍ ﺍﻻﺨﺘﺒﺎﺭ ﻴﺴﺎﻭﻱ )‪ (0.000‬ﻭﺍﻟﺫﻱ ﺍﻗل ﻤﻥ ﻗﻴﻤﺔ ﺩﻻﻟﺔ ﺍﻻﺤﺼـﺎﺌﻴﺔ‪ (0.05) α‬ﻭﻫـﺫﺍ‬
‫ﻴﻌﻨﻲ ﺍﻥ ﺘﺎﺜﻴﺭﻏﻴﺭ ﻤﻌﻨﻭﻱ ﺫﺍﺕ ﺩﻻﻟﺔ ﺍﻻﺤﺼﺎﺌﻴﺔ)‪ (0.01‬ﺒﻤﻌﺎﻤل ﺘﺤﺩﻴﺩ‪،(%24) R2‬ﻭ ﻴﺘـﺎﻟﻲ ﺘـﻡ ﻗﺒـﻭل‬
‫ﺍﻟﻔﺭﻀﻴﺔ ﺍﻟﻔﺭﻋﻴﺔ ﺍﻟﺜﺎﻨﻴﺔ ﻟﻌﺩﻡ ﻭﺠﻭﺩ ﺘﺄﺜﻴﺭﻤﻌﻨﻭﻱ ﻟﻼﺭﺒﺎﺡ ﺍﻟﺴﻨﻭﻴﺔﻋﻠﻰ ﻤﺅﺸﺭﺍﻟﻘﻴﻤﺔ ﺍﻟﺴـﻭﻗﻴﺔ ﺍﻟﻤﻀـﺎﻓﺔ‪.‬ﻭ‬
‫ﺍﻟﺸﺭﻜﺎﺕ ﺘﺘﻤﺘﻊ ﺒﻘﻭﺓ ﻟﻤﺅﺸﺭ ﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻟﺘﻭﻀﺢ ﻨﺸﺎﻁ ﺍﻋﻤﺎﻟﻬﺎ ﻓﻲ ﺍﻟﻘﻁﺎﻉ ﺍﻟﻤﺼﺭﻓﻲ‪.‬‬
‫‪ .3‬ﺘﻡ ﺍﺨﺘﺒﺎﺭ ﺍﻟﻔﺭﻀﻴﺔ ﺍﻟﺜﺎﻟﺜﺔ "ﻤﺅﺸﺭ ﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻟﻠﻘﻁﺎﻉ ﺍﻟﺨﺩﻤﻲ ﺘﺘﻤﺘﻊ ﺒﻘﺩﺭﺓ ﺘﻔﺴـﻴﺭﻴﺔ‬
‫ﺃﻋﻠﻰ ﻤﻥ ﻤﺅﺸﺭﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻟﻠﻨﺠﺎﺡ ﺍﻟﻤﺎﻟﻲ "‪.‬‬
‫ﺠﺩﻭل )‪ (6‬ﻨﺘﺎﺌﺞ ﺘﺤﻠﻴل ﺍﻻﻨﺤﺩﺍﺭ ﻟﻤﺅﺸﺭ ﺍﻟﻨﺠﺎﺡ ﺍﻟﻤﺎﻟﻲ ﻟﻘﻁﺎﻉ ﺍﻟﺨﺩﻤﻲ‬
‫‪F‬ﺍﺨﺘﺒﺎﺭ‬ ‫‪T‬ﺍﺨﺘﺒﺎﺭ‬
‫‪Beta‬‬
‫ﻤﺴـــﺘﻭﻯ‬ ‫ﻤﺴـــﺘﻭﻯ‬ ‫ﺍﻟﻤﺘﻐﻴﺭ‬
‫ﻤﻌﻠﻤﺔ‬ ‫ﺍﻟﻤﺤﺘﺴﺒﺔ‬ ‫ﺍﻟﻤﺤﺘﺴﺒﺔ‬
‫ﺍﻟﻤﻌﻨﻭﻱ‬ ‫ﺍﻟﻤﻌﻨﻭﻱ‬
‫‪0.912‬‬ ‫ﻨﺘﺎﺌﺞ ﺘﺤﻠﻴل ﺍﻻﻨﺤﺩﺍﺭﻟﻘﻴﻤﺔ‬
‫‪0.011‬‬ ‫‪19.86‬‬ ‫‪0.011‬‬ ‫‪-4.457‬‬ ‫‪83%‬‬
‫‪-‬‬ ‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ‬
‫ﻨﺘﺎﺌﺞ ﺘﺤﻠﻴل ﺍﻻﻨﺤﺩﺍﺭﻟﻘﻴﻤﺔ‬
‫‪0.611‬‬ ‫‪0.016‬‬ ‫‪15.92‬‬ ‫‪0.016‬‬ ‫‪3.99‬‬ ‫‪61%‬‬
‫ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ‬
‫‪α = 0.05‬‬ ‫ﺍﻟﻤﺼﺩﺭ ‪:‬ﺍﻋﺩﺍﺩ ﺍﻟﺒﺎﺤﺜﺔ‬
‫ﺃﻤﺎ ﺍﻟﺠﺩﻭل)‪ (6‬ﻴﻭﻀﺢ ﻨﺘﺎﺌﺞ ﺍﺨﺘﺒﺎﺭ ﻤﺅﺸﺭﺍﺕ ﺍﻟﺤﺩﻴﺜﺔ ﻟﻠﻨﺠﺎﺡ ﺍﻟﻤﺎﻟﻲ ﻭ ﺍﻟﺘـﻲ ﺘﻤﺜـل ﺍﻟﻘﻴﻤـﺔ ﺍﻻﻗﺘﺼـﺎﺩﻴﺔ‬
‫ﺍﻟﻤﻀﺎﻓﺔ ﻭ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻟﻠﺸﺭﻜﺎﺕ ﺍﻟﻘﻁﺎﻉ ﺍﻟﺨﺩﻤﻲ ‪،‬ﺃﺫ ﻨﺠﺩ ﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻟﺸـﺭﻜﺎﺕ‬
‫ﺍﻟﻘﻁﺎﻉ ﺍﻟﺨﺩﻤﻲ ﺒﻤﻘﺩﺍﺭ )‪، (0.912‬ﻓﻴﻤﺎ ﻨﺠﺩ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﺒﻤﻘـﺩﺍﺭ )‪ ،(0.611‬ﻭ ﻋﻨـﺩ ﺍﺨﺘﺒـﺎﺭ‬
‫ﺍﻻﻨﺤﺩﺭ ﻨﻼﺤﻅ ﻤﺅﺸﺭ ﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻟﻬﺎ ﺘﺄﺜﻴﺭ ﻤﻌﻨﻭﻱ )ﺘﺅﻜـﺩ ﻤﻌﻨﻭﻴـﺔ ( ﻟﻘﻴﻤـﺔ ﺍﺨﺘﺒـﺎﺭ ‪F‬‬
‫ﻭﺍﻟﻤﺴﺘﻭﻯ ﺍﻟﻤﻌﻨﻭﻱ ﻟﻬﺫﺍ ﺍﻻﺨﺘﺒﺎﺭ ﻴﺴﺎﻭﻱ )‪ (0.011‬ﻭﺍﻟﺫﻱ ﺍﻗل ﻤﻥ ﻗﻴﻤﺔ ﺩﻻﻟﺔ ﺍﻻﺤﺼﺎﺌﻴﺔ‪(0.05) α‬ﺒﻤﻌﺎﻤـل‬
‫ﺘﺤﺩﻴﺩ ‪ .(%83) R2‬ﻭﻨﻼﺤﻅ ﺍﻴﻀﺎ ﺍﻟﻤﺴﺘﻭﻯ ﺍﻟﻤﻌﻨﻭﻱ ﻟﻘﻴﻤﺔ ﺍﺨﺘﺒﺎﺭ ‪ t‬ﻴﺴﺎﻭﻱ )‪ . (0.011‬ﻭﻫﺫﺍ ﻴﻌﻨﻲ ﻭﺠﻭﺩ‬
‫ﺘﺎﺜﻴﺭ ﻤﻌﻨﻭﻱ ﻟﻼﺭﺒﺎﺡ ﺍﻟﺴﻨﻭﻴﺔ ﻋﻠﻰ ﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻟﺸﺭﻜﺎﺕ ﺍﻟﻘﻁﺎﻉ ﺍﻟﺨﺩﻤﻲ‪ ،‬ﻭﻨﺠﺩ ﻤﺅﺸﺭﺍﻟﻘﻴﻤﺔ‬
‫ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻟﻴﺱ ﻟﻬﺎ ﺍﻟﺘﺎﺜﻴﺭ ﺒﻘﻴﻤﺔ ﺍﺨﺘﺒﺎﺭ ‪ F‬ﻭﺍﻥ ﺍﻟﻤﺴﺘﻭﻯ ﺍﻟﻤﻌﻨﻭﻱ ﻟﻬﺫﺍ ﺍﻻﺨﺘﺒـﺎﺭ ﻴﺴـﺎﻭﻱ )‪(0.016‬‬
‫ﻭﺍﻟﺫﻱ ﺍﻗل ﻤﻥ ﻗﻴﻤﺔ ﺩﻻﻟﺔ ﺍﻻﺤﺼـﺎﺌﻴﺔ ﻭﻫـﺫﺍ ﻴﻌﻨـﻲ ﺍﻥ ﺘـﺎﺜﻴﺭﻏﻴﺭ ﻤﻌﻨـﻭﻱ ﺫﺍﺕ ﺩﻻﻟـﺔ ﺍﻻﺤﺼـﺎﺌﻴﺔ‬
‫‪(0.05)α‬ﺒﻤﻌﺎﻤل ﺘﺤﺩﻴﺩ‪،(%61) R2‬ﻭ ﻴﺘﺎﻟﻲ ﺘﻡ ﻗﺒﻭل ﺍﻟﻔﺭﻀﻴﺔ ﺍﻟﻔﺭﻋﻴﺔ ﺍﻟﺜﺎﻟﺜﺔ ﻟﻌﺩﻡ ﻭﺠـﻭﺩ ﺘـﺄﺜﻴﺭﻤﻌﻨﻭﻱ‬
‫ﻟﻼﺭﺒﺎﺡ ﺍﻟﺴﻨﻭﻴﺔ ﻋﻠﻰ ﻤﺅﺸﺭ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ‪.‬ﻭﻴﻭﻀﺢ ﺒﺄﻥ ﻤﺅﺸﺭ ﺍﻟﻘﻴﻤـﺔ ﺍﻻﻗﺘﺼـﺎﺩﻴﺔ ﺍﻟﻤﻀـﺎﻓﺔ‬
‫ﺘﻌﻜﺱ ﺍﺩﺍﺀ ﺍﻟﺸﺭﻜﺎﺕ ﻓﻲ ﺍﻟﻘﻁﺎﻉ ﺍﻟﺨﺩﻤﻲ ﻓﻲ ﺴﻭﻕ ﺍﺒﻭ ﻅﺒﻲ ﻟﻸﻭﺭﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ‪.‬‬
‫‪ .4‬ﺘﻡ ﺍﺨﺘﺒﺎﺭ ﺍﻟﻔﺭﻀﻴﺔ ﺍﻟﺭﺍﺒﻌﺔ " ﻤﺅﺸﺭﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻟﻠﻘﻁﺎﻉ ﺍﻟﻁﺎﻗﺔ ﺘﺘﻤﺘﻊ ﺒﻘﺩﺭﺓ ﺘﻔﺴـﻴﺭﻴﺔ‬
‫ﺃﻋﻠﻰ ﻤﻥ ﻤﺅﺸﺭ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻤﻀﺎﻓﺔﻜﻤﺅﺸﺭ ﻟﻠﻨﺠﺎﺡ ﺍﻟﻤﺎﻟﻲ "‪..‬‬

‫‪38‬‬ ‫اﻟﻌﺪد ‪ 38‬أوت ‪2019‬‬

 ‫ﻣﺠﻠﺔ دراﺳﺎت اﻗﺘﺼﺎدﻳﺔ ‪ISSN: 2602-7925....................................................‬‬
‫ﻗﻴﺎس و ﺗﺤﻠﻴﻞ اﻟﻨﺠﺎح اﻟﻤﺎﻟﻲ وﻓﻖ اﻟﻤﺆﺷﺮات اﻟﻤﺎﻟﻴﺔ اﻟﺤﺪﻳﺜﺔ‬
‫ﺠﺩﻭل )‪ (7‬ﻨﺘﺎﺌﺞ ﺘﺤﻠﻴل ﺍﻻﻨﺤﺩﺍﺭ ﻟﻤﺅﺸﺭ ﺍﻟﻨﺠﺎﺡ ﺍﻟﻤﺎﻟﻲ ﻟﻘﻁﺎﻉ ﺍﻟﻁﺎﻗﺔ‬
‫‪F‬ﺍﺨﺘﺒﺎﺭ‬ ‫‪T‬ﺍﺨﺘﺒﺎﺭ‬
‫‪Beta‬‬
‫ـﺘﻭﻯ‬
‫ﻤﺴــ‬ ‫ـﺘﻭﻯ‬
‫ﻤﺴــ‬ ‫ﺍﻟﻤﺘﻐﻴﺭ‬
‫ﻤﻌﻠﻤﺔ‬ ‫ﺍﻟﻤﺤﺘﺴﺒﺔ‬ ‫ﺍﻟﻤﺤﺘﺴﺒﺔ‬
‫ﺍﻟﻤﻌﻨﻭﻱ‬ ‫ﺍﻟﻤﻌﻨﻭﻱ‬
‫ﻨﺘﺎﺌﺞ ﺘﺤﻠﻴل ﺍﻻﻨﺤﺩﺍﺭﻟﻘﻴﻤﺔ‬
‫‪0.988‬‬ ‫‪0.000‬‬ ‫‪162.19‬‬ ‫‪0.000‬‬ ‫‪12.74‬‬ ‫‪97%‬‬
‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ‬
‫ﻨﺘﺎﺌﺞ ﺘﺤﻠﻴل ﺍﻻﻨﺤﺩﺍﺭﻟﻘﻴﻤﺔ‬
‫‪0.304‬‬ ‫‪1.31‬‬ ‫‪0.304‬‬ ‫‪1.15‬‬ ‫‪%21‬‬
‫‪0.456‬‬ ‫ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ‬
‫‪α = 0.05‬‬ ‫ﺍﻟﻤﺼﺩﺭ ‪:‬ﺍﻋﺩﺍﺩ ﺍﻟﺒﺎﺤﺜﺔ‬
‫ﻓﻴﻤﺎ ﻴﻭﻀﺢ ﺍﻟﺠﺩﻭل)‪(7‬ﻨﺘﺎﺌﺞ ﺍﺨﺘﺒﺎﺭ ﻤﺅﺸﺭﺍﺕ ﺍﻟﺤﺩﻴﺜﺔ ﻟﻠﻨﺠﺎﺡ ﺍﻟﻤﺎﻟﻲ ﻭ ﺍﻟﺘـﻲ ﺘﻤﺜـل ﺍﻟﻘﻴﻤـﺔ ﺍﻻﻗﺘﺼـﺎﺩﻴﺔ‬
‫ﺍﻟﻤﻀﺎﻓﺔ ﻭ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻟﻠﺸﺭﻜﺎﺕ ﺍﻟﻘﻁﺎﻉ ﺍﻟﻁﺎﻗﺔ ‪،‬ﺃﺫ ﻨﺠﺩ ﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻟﺸـﺭﻜﺎﺕ‬
‫ﺍﻟﻘﻁﺎﻉ ﺍﻟﻁﺎﻗﺔ ﺒﻤﻘﺩﺍﺭ )‪، (0.988‬ﻓﻴﻤﺎ ﻨﺠﺩ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻤﻀـﺎﻓﺔ ﺒﻤﻘـﺩﺍﺭ )‪ ،(0.456‬ﻭ ﻋﻨـﺩ ﺍﺨﺘﺒـﺎﺭ‬
‫ﺍﻻﻨﺤﺩﺭ ﻨﻼﺤﻅ ﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻟﻬﺎ ﺘﺄﺜﻴﺭ ﻤﻌﻨﻭﻱ )ﺘﺅﻜﺩ ﻤﻌﻨﻭﻴﺔ ( ﻟﻘﻴﻤﺔ ﺍﺨﺘﺒـﺎﺭ ‪ F‬ﻭﺍﻟﻤﺴـﺘﻭﻯ‬
‫ﺍﻟﻤﻌﻨﻭﻱ ﻟﻬﺫﺍ ﺍﻻﺨﺘﺒﺎﺭ ﻴﺴﺎﻭﻱ )‪ (0.000‬ﻭﺍﻟﺫﻱ ﺍﺼﻐﺭ ﻤﻥ ﻗﻴﻤﺔ ﺩﻻﻟﺔ ﺍﻻﺤﺼﺎﺌﻴﺔ‪(0.05) α‬ﺒﻤﻌﺎﻤل ﺘﺤﺩﻴﺩ‪R2‬‬
‫)‪ .(%97‬ﻭﻨﻼﺤﻅ ﺍﻴﻀﺎ ﺍﻟﻤﺴﺘﻭﻯ ﺍﻟﻤﻌﻨﻭﻱ ﻟﻘﻴﻤﺔ ﺍﺨﺘﺒﺎﺭ ‪ t‬ﻴﺴﺎﻭﻱ )‪ . (0.000‬ﻭﻫﺫﺍ ﻴﻌﻨـﻲ ﻭﺠـﻭﺩ ﺘـﺎﺜﻴﺭ‬
‫ﻤﻌﻨﻭﻱ ﻟﻼﺭﺒﺎﺡ ﺍﻟﺴﻨﻭﻴﺔ ﻋﻠﻰ ﻤﺅﺸﺭﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻟﺸﺭﻜﺎﺕ ﺍﻟﻘﻁﺎﻉ ﺍﻟﻁﺎﻗﺔ‪ ،‬ﻭﻨﺠﺩ ﻤﺅﺸـﺭﺍﻟﻘﻴﻤﺔ‬
‫ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻟﻴﺱ ﻟﻬﺎ ﺍﻟﺘﺎﺜﻴﺭ ﺒﻘﻴﻤﺔ ﺍﺨﺘﺒﺎﺭ ‪ F‬ﻭﺍﻥ ﺍﻟﻤﺴﺘﻭﻯ ﺍﻟﻤﻌﻨﻭﻱ ﻟﻬﺫﺍ ﺍﻻﺨﺘﺒـﺎﺭ ﻴﺴـﺎﻭﻱ )‪(0.304‬‬
‫ﻭﺍﻟﺫﻱ ﺍﻜﺒﺭ ﻤﻥ ﻗﻴﻤﺔ ﺩﻻﻟـﺔ ﺍﻻﺤﺼـﺎﺌﻴﺔ ‪(0.05)α‬ﻭﻫـﺫﺍ ﻴﻌﻨـﻲ ﺍﻥ ﺘـﺎﺜﻴﺭ ﻏﻴـﺭ ﻤﻌﻨـﻭﻱ ﺫﺍﺕ ﺩﻻﻟـﺔ‬
‫ﺍﻻﺤﺼﺎﺌﻴﺔ)‪ (0.05‬ﺒﻤﻌﺎﻤل ﺘﺤﺩﻴﺩ‪،(%21) R2‬ﻭ ﻴﺘﺎﻟﻲ ﺘﻡ ﻗﺒﻭل ﺍﻟﻔﺭﻀﻴﺔ ﺍﻟﻔﺭﻋﻴﺔ ﺍﻟﺭﺍﺒﻌـﺔ ﻟﻌـﺩﻡ ﻭﺠـﻭﺩ‬
‫ﺘﺄﺜﻴﺭﻤﻌﻨﻭﻱ ﻟﻼﺭﺒﺎﺡ ﺍﻟﺴﻨﻭﻴﺔ ﻋﻠﻰ ﻤﺅﺸﺭ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻤﻀـﺎﻓﺔ‪ .‬ﻓﻴﻤـﺎ ﻨﺠـﺩ ﺃﻥ ﻟﻤﺅﺸـﺭﺍﺕ ﺍﻟﻘﻴﻤـﺔ‬
‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﺘﻔﻭﻕ ﻋﻠﻰ ﻤﺅﺸﺭﺍﺕ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻓﻲ ﻗﻁﺎﻉ ﺍﻟﻁﺎﻗﺔ ﻟﺘﻘﻴـﻴﻡ ﺍﺩﺍﺀ ﺍﻟﺸـﺭﻜﺎﺕ‬
‫ﺒﺼﻭﺭﺓ ﺩﻗﻴﻘﺔ ﻓﻲ ﺍﻟﺴﻭﻕ ﺍﻟﻤﺎﻟﻲ‪.‬‬
‫‪ .5‬ﺘﻡ ﺍﺨﺘﺒﺎﺭ ﺍﻟﻔﺭﻀﻴﺔ ﺍﻟﺨﺎﻤﺴﺔ " ﻤﺅﺸﺭﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻟﻠﻘﻁﺎﻉ ﺍﻟﺴﻠﻊ ﺍﻻﺴـﺘﻬﻼﻜﻴﺔ ﺘﺘﻤﺘـﻊ‬
‫ﺒﻘﺩﺭﺓ ﺘﻔﺴﻴﺭﻴﺔ ﺃﻋﻠﻰ ﻤﻥ ﻤﺅﺸﺭﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﻜﻤﻭﺸﺭﺍﻟﻤﻀﺎﻓﺔ ﻟﻠﻨﺠﺎﺡ ﺍﻟﻤﺎﻟﻲ "‪..‬‬
‫ﺠﺩﻭل )‪ (8‬ﻨﺘﺎﺌﺞ ﺘﺤﻠﻴل ﺍﻻﻨﺤﺩﺍﺭ ﻟﻤﺅﺸﺭ ﺍﻟﻨﺠﺎﺡ ﺍﻟﻤﺎﻟﻲ ﻟﻘﻁﺎﻉ ﺍﻟﺴﻠﻊ ﺍﻻﺴﺘﻬﻼﻜﻴﺔ‬
‫‪F‬ﺍﺨﺘﺒﺎﺭ‬ ‫‪T‬ﺍﺨﺘﺒﺎﺭ‬
‫‪Beta‬‬
‫ﻤﺴــﺘﻭﻯ‬ ‫ﻤﺴــﺘﻭﻯ‬ ‫ﺍﻟﻤﺘﻐﻴﺭ‬
‫ﻤﻌﻠﻤﺔ‬ ‫ﺍﻟﻤﺤﺘﺴﺒﺔ‬ ‫ﺍﻟﻤﺤﺘﺴﺒﺔ‬
‫ﺍﻟﻤﻌﻨﻭﻱ‬ ‫ﺍﻟﻤﻌﻨﻭﻱ‬
‫‪0.494‬‬ ‫ـل ﺍﻻﻨﺤﺩﺍﺭﻟﻘﻴﻤــﺔ‬
‫ـﺎﺌﺞ ﺘﺤﻠﻴـ‬
‫ﻨﺘـ‬
‫‪0.000‬‬ ‫‪252.8‬‬ ‫‪0.000‬‬ ‫‪-15.90‬‬ ‫‪98%‬‬
‫‪-‬‬ ‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ‬
‫ـل ﺍﻻﻨﺤﺩﺍﺭﻟﻘﻴﻤــﺔ‬
‫ـﺎﺌﺞ ﺘﺤﻠﻴـ‬
‫ﻨﺘـ‬
‫‪0.371‬‬ ‫‪0.004‬‬ ‫‪33.64‬‬ ‫‪0.004‬‬ ‫‪5.80‬‬ ‫‪49%‬‬
‫ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ‬

‫‪39‬‬ ‫اﻟﻌﺪد ‪ 38‬أوت ‪2019‬‬

 ‫ﻣﺠﻠﺔ دراﺳﺎت اﻗﺘﺼﺎدﻳﺔ ‪ISSN: 2602-7925....................................................‬‬
‫ﻗﻴﺎس و ﺗﺤﻠﻴﻞ اﻟﻨﺠﺎح اﻟﻤﺎﻟﻲ وﻓﻖ اﻟﻤﺆﺷﺮات اﻟﻤﺎﻟﻴﺔ اﻟﺤﺪﻳﺜﺔ‬
‫‪α = 0.05‬‬ ‫ﺍﻟﻤﺼﺩﺭ ‪:‬ﺍﻋﺩﺍﺩ ﺍﻟﺒﺎﺤﺜﺔ‬
‫ﺃﻤﺎ ﺍﻟﺠﺩﻭل)‪ (8‬ﻴﻭﻀﺢ ﻨﺘﺎﺌﺞ ﺍﺨﺘﺒﺎﺭ ﺍﻟﻤﺅﺸﺭﺍﺕ ﺍﻟﺤﺩﻴﺜﺔ ﻟﻠﻨﺠﺎﺡ ﺍﻟﻤﺎﻟﻲ ﻟﻠﺸﺭﻜﺎﺕ ﺍﻟﻘﻁﺎﻉ ﺍﻟﺴﻠﻊ ﺍﻻﺴـﺘﻬﻼﻜﻴﺔ‬
‫‪،‬ﺃﺫ ﻨﺠﺩ ﻤﺅﺸﺭﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻟﺸﺭﻜﺎﺕ ﺍﻟﻘﻁﺎﻉ ﺍﻻﺴﺘﻬﻼﻜﻴﺔ ﺒﻤﻘﺩﺍﺭ )‪، (0.494‬ﻓﻴﻤﺎ ﻨﺠﺩ ﺍﻟﻘﻴﻤـﺔ‬
‫ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﺒﻤﻘﺩﺍﺭ )‪ ،(0.371‬ﻭ ﻋﻨﺩ ﺍﺨﺘﺒﺎﺭ ﺍﻻﻨﺤﺩﺭ ﻨﻼﺤﻅ ﻤﺅﺸﺭﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀـﺎﻓﺔ ﻟﻬـﺎ‬
‫ﺘﺄﺜﻴﺭ ﻤﻌﻨﻭﻱ )ﺘﺅﻜﺩ ﻤﻌﻨﻭﻴﺔ ( ﻟﻘﻴﻤﺔ ﺍﺨﺘﺒﺎﺭ ‪ F‬ﻭﺍﻟﻤﺴﺘﻭﻯ ﺍﻟﻤﻌﻨﻭﻱ ﻟﻬﺫﺍ ﺍﻻﺨﺘﺒﺎﺭ ﻴﺴـﺎﻭﻱ )‪ (0.000‬ﻭﺍﻟـﺫﻱ‬
‫ﺍﺼﻐﺭ ﻤﻥ ﻗﻴﻤﺔ ﺩﻻﻟﺔ ﺍﻻﺤﺼﺎﺌﻴﺔ‪ (0.05) α‬ﺒﻤﻌﺎﻤل ﺘﺤﺩﻴﺩ‪ .(%98) R2‬ﻭﻨﻼﺤﻅ ﺍﻴﻀﺎ ﺍﻟﻤﺴـﺘﻭﻯ ﺍﻟﻤﻌﻨـﻭﻱ‬
‫ﻟﻘﻴﻤﺔ ﺍﺨﺘﺒﺎﺭ ‪ t‬ﻴﺴﺎﻭﻱ )‪ . (0.000‬ﻭﻫﺫﺍ ﻴﻌﻨﻲ ﻭﺠﻭﺩ ﺘﺎﺜﻴﺭ ﻤﻌﻨﻭﻱ ﻟﻼﺭﺒﺎﺡ ﺍﻟﺴﻨﻭﻴﺔ ﻋﻠـﻰ ﻤﺅﺸـﺭ ﺍﻟﻘﻴﻤـﺔ‬
‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻟﺸﺭﻜﺎﺕ ﺍﻟﻘﻁﺎﻉ ﺍﻻﺴﺘﻬﻼﻜﻴﺔ ‪ ،‬ﻭﻜﻤﺎ ﻨﺠﺩ ﻤﺅﺸﺭﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻤﻀـﺎﻓﺔ ﻟـﻴﺱ ﻟﻬـﺎ‬
‫ﺍﻟﺘﺎﺜﻴﺭ ﺒﻘﻴﻤﺔ ﺍﺨﺘﺒﺎﺭ ‪ F‬ﻭﺍﻥ ﺍﻟﻤﺴﺘﻭﻯ ﺍﻟﻤﻌﻨﻭﻱ ﻟﻬﺫﺍ ﺍﻻﺨﺘﺒﺎﺭ ﻴﺴﺎﻭﻱ )‪ (0.004‬ﻭﺍﻟﺫﻱ ﺍﻗل ﻤﻥ ﻗﻴﻤﺔ ﺩﻻﻟـﺔ‬
‫ﺍﻻﺤﺼﺎﺌﻴﺔ ‪(0.05)α‬ﻭﻫﺫﺍ ﻴﻌﻨﻲ ﺍﻥ ﺍﻟﺘﺎﺜﻴﺭ ﻏﻴﺭ ﻤﻌﻨﻭﻱ ﺫﺍﺕ ﺩﻻﻟﺔ ﺍﻻﺤﺼﺎﺌﻴﺔ ﺒﻤﻌﺎﻤل ﺘﺤﺩﻴﺩ‪،(%49) R2‬ﻭ‬
‫ﻴﺘﺎﻟﻲ ﺘﻡ ﻗﺒﻭل ﺍﻟﻔﺭﻀﻴﺔ ﺍﻟﻔﺭﻋﻴﺔ ﺍﻟﺨﺎﻤﺴﺔ ﻟﻌﺩﻡ ﻭﺠﻭﺩ ﺘﺄﺜﻴﺭﻤﻌﻨﻭﻱ ﻟﻼﺭﺒﺎﺡ ﺍﻟﺴـﻨﻭﻴﺔ ﻋﻠـﻰ ﻤﺅﺸـﺭﺍﻟﻘﻴﻤﺔ‬
‫ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻭﺘﺒﻴﻥ ﺍﻟﻨﺘﺎﺌﺞ ﺒﺄﻥ ﻤﺅﺸﺭ ﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﺘﻭﻀﺢ ﻭﺍﻗﻊ ﺍﻟﺸـﺭﻜﺎﺕ ﺍﻜﺜـﺭ ﻤـﻥ‬
‫ﻤﺅﺸﺭ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ‪.‬‬
‫‪ .6‬ﺘﻡ ﺍﺨﺘﺒﺎﺭ ﺍﻟﻔﺭﻀﻴﺔ ﺍﻟﺴﺎﺩﺴﺔ " ﻤﺅﺸﺭﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻟﻠﻘﻁﺎﻉ ﺍﻻﺘﺼـﺎﻻﺕ ﺘﺘﻤﺘـﻊ ﺒﻘـﺩﺭﺓ‬
‫ﺘﻔﺴﻴﺭﻴﺔ ﺃﻋﻠﻰ ﻤﻥ ﻤﺅﺸﺭﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻤﻀﺎﻓﺔﻜﻤﻭﺸﺭ ﻟﻠﻨﺠﺎﺡ ﺍﻟﻤﺎﻟﻲ "‪..‬‬
‫ﺠﺩﻭل )‪ (9‬ﻨﺘﺎﺌﺞ ﺘﺤﻠﻴل ﺍﻻﻨﺤﺩﺍﺭ ﻟﻤﺅﺸﺭ ﺍﻟﻨﺠﺎﺡ ﺍﻟﻤﺎﻟﻲ ﻟﻘﻁﺎﻉ ﺍﻻﺘﺼﺎﻻﺕ‬
‫‪F‬ﺍﺨﺘﺒﺎﺭ‬ ‫‪T‬ﺍﺨﺘﺒﺎﺭ‬
‫‪Beta‬‬
‫ﻤﺴـــﺘﻭﻯ‬ ‫ﻤﺴـــﺘﻭﻯ‬ ‫ﺍﻟﻤﺘﻐﻴﺭ‬
‫ﻤﻌﻠﻤﺔ‬ ‫ﺍﻟﻤﺤﺘﺴﺒﺔ‬ ‫ﺍﻟﻤﺤﺘﺴﺒﺔ‬
‫ﺍﻟﻤﻌﻨﻭﻱ‬ ‫ﺍﻟﻤﻌﻨﻭﻱ‬
‫ﻨﺘﺎﺌﺞ ﺘﺤﻠﻴل ﺍﻻﻨﺤﺩﺍﺭﻟﻘﻴﻤﺔ‬
‫‪0.965‬‬ ‫‪0.002‬‬ ‫‪54.48‬‬ ‫‪0.002‬‬ ‫‪7.38‬‬ ‫‪93%‬‬
‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ‬
‫ﻨﺘﺎﺌﺞ ﺘﺤﻠﻴل ﺍﻻﻨﺤﺩﺍﺭﻟﻘﻴﻤﺔ‬
‫‪0.815‬‬ ‫‪0.048‬‬ ‫‪7.92‬‬ ‫‪0.048‬‬ ‫‪2.81‬‬ ‫‪66%‬‬
‫ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ‬
‫‪α = 0.05‬‬ ‫ﺍﻟﻤﺼﺩﺭ ‪:‬ﺍﻋﺩﺍﺩ ﺍﻟﺒﺎﺤﺜﺔ‬
‫ﻭﺃﺨﻴﺭﺍ" ﻴﻭﻀﺢ ﺍﻟﺠﺩﻭل)‪(9‬ﻨﺘﺎﺌﺞ ﺍﺨﺘﺒﺎﺭ ﻤﺅﺸﺭﺍﺕ ﺍﻟﺤﺩﻴﺜﺔ ﻟﻠﻨﺠﺎﺡ ﺍﻟﻤﺎﻟﻲ ﻟﻠﺸﺭﻜﺎﺕ ﻗﻁـﺎﻉ ﺍﻻﺘﺼـﺎﻻﺕ ‪،‬ﺃﺫ‬
‫ﻨﺠﺩ ﻤﺅﺸﺭ ﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻟﺸﺭﻜﺎﺕ ﻗﻁﺎﻉ ﺍﻻﺘﺼﺎﻻﺕ ﺒﻤﻘﺩﺍﺭ )‪، (0.965‬ﻓﻴﻤﺎ ﻨﺠﺩ ﻤﺅﺸﺭ ﺍﻟﻘﻴﻤﺔ‬
‫ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﺒﻤﻘﺩﺍﺭ )‪ ،(0.815‬ﻭ ﻋﻨﺩ ﺍﺨﺘﺒﺎﺭ ﺍﻻﻨﺤﺩﺭ ﻨﻼﺤﻅ ﺒﺄﻥ ﻤﺅﺸﺭ ﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀـﺎﻓﺔ‬
‫ﻟﻬﺎ ﺘﺄﺜﻴﺭ ﻤﻌﻨﻭﻱ )ﺘﺅﻜﺩ ﻤﻌﻨﻭﻴﺔ ( ﻟﻘﻴﻤﺔ ﺍﺨﺘﺒﺎﺭ ‪ F‬ﻭﺍﻟﻤﺴﺘﻭﻯ ﺍﻟﻤﻌﻨﻭﻱ ﻟﻬـﺫﺍ ﺍﻻﺨﺘﺒـﺎﺭ ﻴﺴـﺎﻭﻱ )‪(0.002‬‬
‫ﻭﺍﻟﺫﻱ ﺍﻗل ﻤﻥ ﻗﻴﻤﺔ ﺩﻻﻟﺔ ﺍﻻﺤﺼﺎﺌﻴﺔ‪(0.05) α‬ﺒﻤﻌﺎﻤل ﺘﺤﺩﻴﺩ‪ .(%93) R2‬ﻭﻨﻼﺤﻅ ﺍﻴﻀﺎ ﺍﻟﻤﺴﺘﻭﻯ ﺍﻟﻤﻌﻨﻭﻱ‬
‫ﻟﻘﻴﻤﺔ ﺍﺨﺘﺒﺎﺭ ‪ t‬ﻴﺴﺎﻭﻱ )‪ . (0.002‬ﻭﻫﺫﺍ ﻴﻌﻨﻲ ﻭﺠﻭﺩ ﺘﺎﺜﻴﺭ ﻤﻌﻨﻭﻱ ﻟﻼﺭﺒﺎﺡ ﺍﻟﺴﻨﻭﻴﺔ ﻋﻠـﻰ ﻤﺅﺸـﺭ ﺍﻟﻘﻴﻤـﺔ‬
‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻟﺸﺭﻜﺎﺕ ﻗﻁﺎﻉ ﺍﻻﺘﺼﺎﻻﺕ ‪ ،‬ﻭﻓﻴﻤﺎ ﻨﺠﺩ ﻤﺅﺸﺭ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻟﻴﺱ ﻟﻬﺎ ﺍﻟﺘﺎﺜﻴﺭ‬

‫‪40‬‬ ‫اﻟﻌﺪد ‪ 38‬أوت ‪2019‬‬

 ‫ﻣﺠﻠﺔ دراﺳﺎت اﻗﺘﺼﺎدﻳﺔ ‪ISSN: 2602-7925....................................................‬‬
‫ﻗﻴﺎس و ﺗﺤﻠﻴﻞ اﻟﻨﺠﺎح اﻟﻤﺎﻟﻲ وﻓﻖ اﻟﻤﺆﺷﺮات اﻟﻤﺎﻟﻴﺔ اﻟﺤﺪﻳﺜﺔ‬
‫ﺒﻘﻴﻤﺔ ﺍﺨﺘﺒﺎﺭ ‪ F‬ﻭﺍﻥ ﺍﻟﻤﺴﺘﻭﻯ ﺍﻟﻤﻌﻨﻭﻱ ﻟﻬﺫﺍ ﺍﻻﺨﺘﺒﺎﺭ ﻴﺴﺎﻭﻱ )‪ (0.048‬ﻭﺍﻟـﺫﻱ ﺍﻗـل ﻤـﻥ ﻗﻴﻤـﺔ ﺩﻻﻟـﺔ‬
‫ﺍﻻﺤﺼﺎﺌﻴﺔ )‪(0.05‬ﻭﻫﺫﺍ ﻴﻌﻨﻲ ﺍﻥ ﺘﺎﺜﻴﺭ ﻏﻴﺭ ﻤﻌﻨﻭﻱ ﺫﺍﺕ ﺩﻻﻟﺔ ﺍﻻﺤﺼـﺎﺌﻴﺔ‪(0.05) α‬ﺒﻤﻌﺎﻤـل ﺘﺤﺩﻴـﺩ‪R2‬‬
‫)‪،(%66‬ﻭ ﻴﺘﺎﻟﻲ ﺘﻡ ﻗﺒﻭل ﺍﻟﻔﺭﻀﻴﺔ ﺍﻟﻔﺭﻋﻴﺔ ﺍﻟﺴﺎﺩﺴﺔ ﻟﻌﺩﻡ ﻭﺠﻭﺩ ﺘﺄﺜﻴﺭﻤﻌﻨﻭﻱ ﻟﻼﺭﺒـﺎﺡ ﺍﻟﺴـﻨﻭﻴﺔ ﻋﻠـﻰ‬
‫ﻤﺅﺸﺭﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ‪.‬ﻴﻌﻨﻲ ﺫﻟﻙ ﺸﺭﻜﺎﺕ ﻗﻁﺎﻉ ﺍﻻﺘﺼﺎﻻﺕ ﺘﺘﻤﺘﻊ ﺒﻘﻭﺓ ﺘﻔﺴﻴﺭﺓ ﺃﻋﻠﻰ ﻟﻠﻤﺅﺸـﺭﺍﻟﻘﻴﻤﺔ‬
‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ‪،‬ﺍﺫﻴﻔﺴﺭ ﺼﻭﺭﺓ ﻭﺍﻀﺤﺔ ﻋﻥ ﺍﺩﺍﺀ ﺍﻟﺸﺭﻜﺎﺕ ﺍﻜﺜﺭ ﻤﻥ ﻤﺅﺸﺭﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ‪.‬‬
‫ﺍﻟﻤﺒﺤﺙ ﺍﻟﺭﺍﺒﻊ ﺍﻻﺴﺘﻨﺘﺎﺠﺎﺕ ﻭ ﺍﻟﺘﻭﺼﻴﺎﺕ‬
‫ﺍﻻﺴﺘﻨﺘﺎﺠﺎﺕ‬
‫‪ .1‬ﺃﻅﻬﺭﺕ ﺍﻻﺨﺘﺒﺎﺭ ﺍﻟﻰ ﻭﺠﻭﺩ ﺘﺎﺜﻴﺭ ﻤﻌﻨﻭﻱ ﻟﻼﺭﺒﺎﺡ ﺍﻟﺴﻨﻭﻴﺔ ﻋﻠﻰ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴـﻭﻗﻴﺔ ﺍﻟﻤﻀـﺎﻓﺔ ﻟﺸـﺭﻜﺎﺕ‬
‫ﻗﻁﺎﻉ ﺍﻟﺼﻨﺎﻋﻲ ﻭﺫﻟﻙ ﻻﻴﺘﻭﺍﻓﻕ ﻤﻊ ﺍﻟﻔﺭﻀﻴﺔ ﺍﻟﻔﺭﻋﻴﺔﺍﻻﻭﻟﻰ ﻤﻤﺎ ﻴﺸﻴﺭ ﺍﻟﻨﺘﺎﺌﺞ ﺍﻟﻰ ﺍﻨﺨﻔﺎﺽ ﺩﻭﺭ ﻤﺅﺸﺭ‬
‫ﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻓﻲ ﺍﻟﻘﻁﺎﻉ ﺍﻟﻤﺫﻜﻭﺭ‪.‬‬
‫‪ .2‬ﺘﺒﻴﻥ ﻤﻥ ﺍﻻﺨﺘﺒﺎﺭ ﻟﻠﻘﻁﺎﻉ ﺍﻟﻤﺼﺭﻓﻲ ﺍﻟﻰ ﺠﻭﺩ ﺘﺎﺜﻴﺭ ﻤﻌﻨﻭﻱ ﻟﻼﺭﺒﺎﺡ ﺍﻟﺴـﻨﻭﻴﺔ ﻋﻠـﻰ ﻤﺅﺸـﺭ ﺍﻟﻘﻴﻤـﺔ‬
‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻟﺸﺭﻜﺎﺕ ﻋﻴﻨﺔ ﺍﻟﺒﺤﺙ ﻤﻤﺎ ﻴﺸﻴﺭ ﺍﻟﻰ ﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻗﻭﺓ ﺘﻔﺴﻴﺭﻴﺔ ﺃﻋﻠﻰ‬
‫ﻤﻥ ﻤﺅﺸﺭ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻭﻗﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ‪.‬‬
‫‪ .3‬ﺍﺴﻔﺭﺕ ﻨﺘﺎﺌﺞ ﺍﻻﺨﺘﺒﺎﺭ ﻟﻠﺸﺭﻜﺎﺕ ﻋﻴﻨﺔ ﺍﻟﺒﺤﺙ ﻓﻲ ﺍﻟﻘﻁﺎﻉ ﺍﻟﺨﺩﻤﻲ ﺍﻟﻰ ﺠﻭﺩ ﺘـﺎﺜﻴﺭ ﻤﻌﻨـﻭﻱ ﻟﻼﺭﺒـﺎﺡ‬
‫ﺍﻟﺴﻨﻭﻴﺔ ﻋﻠﻰ ﻤﺅﺸﺭ ﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ‪،‬ﻤﻤﺎ ﻴﺸﻴﺭ ﺍﻟﻰ ﻋﺩﻡ ﺩﻭﺭﻟﻤﺅﺸﺭ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴـﻭﻗﻴﺔ ﺍﻟﻤﻀـﺎﻓﺔ ﻓـﻲ‬
‫ﺘﻔﺴﻴﺭ ﻭﻀﻊ ﺍﻟﺸﺭﻜﺎﺕ ﻓﻲ ﺍﻟﺴﻭﻕ ﺍﻟﻤﺎﻟﻲ‪.‬‬
‫‪ .4‬ﺍﻅﻬﺭﺕ ﻤﻥ ﺍﻻﺨﺘﺒﺎﺭ ﺒﺄﻥ ﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﺍﻟﻰ ﺠﻭﺩ ﺘﺎﺜﻴﺭ ﻤﻌﻨﻭﻱ ﻟﻼﺭﺒـﺎﺡ ﺍﻟﺴـﻨﻭﻴﺔ ﻋﻠـﻰ‬
‫ﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻟﺸﺭﻜﺎﺕ ﻗﻁﺎﻉ ﻓﻲ ﻗﻁﺎﻉ ﺍﻟﺴﻠﻊ ﺍﻻﺴﺘﻬﻼﻜﻴﺔ ﻭ ﻗﻁﺎﻉ ﺍﻻﺘﺼﺎﻻﺕ ﻭ ﺍﻟﻁﺎﻗﺔ‬
‫‪،‬ﻭﺃﻥ ﻤﺅﺸﺭ ﻗﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻴﻌﻜﺱ ﻟﻨﺎ ﻭﻀﻊ ﺍﻟﺸﺭﻜﺔ ﺍﻜﺜﺭ ﻤﻘﺎﺭﻨﺔ ﺒﻤﺅﺸـﺭ ﺍﻟﻘﻴﻤـﺔ ﺍﻟﺴـﻭﻗﻴﺔ‬
‫ﺍﻟﻤﻀﺎﻓﺔ‪.‬‬
‫‪ .5‬ﺘﺒﻴﻥ ﻤﻥ ﺍﻻﺨﺘﺒﺎﺭ ﻟﻠﻘﻁﺎﻉ ﺍﻟﻁﺎﻗﺔ ﻭ ﺍﻟﺴﻠﻊ ﺍﻻﺴﺘﻬﻼﻜﻴﺔ ﺍﻟﻰ ﺠﻭﺩ ﺘﺎﺜﻴﺭ ﻤﻌﻨﻭﻱ ﻟﻼﺭﺒﺎﺡ ﺍﻟﺴـﻨﻭﻴﺔ ﻋﻠـﻰ‬
‫ﻤﺅﺸﺭ ﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻟﺸﺭﻜﺎﺕ ﻋﻴﻨﺔ ﺍﻟﺒﺤﺙ ‪،‬ﺫﻟﻙ ﻴﺘﻭﺍﻓﻕ ﻤﻊ ﺍﻟﻔﺭﻀﻴﺔ ﺍﻟﺭﺍﺒﻌﺔ ﻭ ﺍﻟﺨﺎﻤﺴـﺔ‬
‫‪.‬ﻤﻤﺎﻴﺸﻴﺭ ﺍﻥ ﺍﻟﺸﺭﻜﺎﺕ ﺘﻌﺘﻤﺩ ﻋﻠﻰ ﺘﻌﻅﻴﻡ ﺜﺭﻭﺓ ﻤﺴﺎﻫﻤﻴﻬﺎ‪ ،‬ﻭ ﺘﺤﻘﻴﻕ ﺍﻻﺭﺒﺎﺡ ﻟﻠﺸﺭﻜﺔ‪.‬‬
‫‪ .6‬ﺘﺸﻴﺭ ﺍﻻﺨﺘﺒﺎﺭ ﺒﺄﻥ ﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﺘﻔﻭﻕ ﻋﻠﻰ ﻤﺅﺸﺭ ﺍﻟﻘﻴﻤـﺔ ﺍﻟﺴـﻭﻗﻴﺔ ﺍﻟﻤﻀـﺎﻓﺔ ﻟﻤﻌﻅـﻡ‬
‫ﺍﻟﻘﻁﺎﻋﺎﺕ ﻓﻲ ﺸﺭﻜﺎﺕ ﺴﻭﻕ ﺍﺒﻭ ﻅﺒﻲ ﻟﻸﻭﺭﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ‪.‬‬
‫ﺍﻟﺘﻭﺼﻴﺎﺕ‬
‫‪.1‬ﻴﺘﻭﺠﺏ ﻋﻠﻰ ﺍﺩﺍﺭﺓ ﺍﻟﺸﺭﻜﺎﺕ ﺍﻻﻫﺘﻤﺎﻡ ﺒﻤﺅﺸﺭ ﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ‪ ،‬ﻻﻥ ﺘﺄﺨﺫ ﺒﻨﻅـﺭ ﺍﻻﻋﺘﺒـﺎﺭ‬
‫ﺍﻟﻤﻌﺩل ﺍﻟﻤﻭﺯﻭﻥ ﻟﻜﻠﻔﺔ ﺭﺃﺱ ﺍﻟﻤﺎل ﻓﻲ ﺍﻟﺸﺭﻜﺎﺕ ﻓﻲ ﺍﻟﻘﻁﺎﻉ ﺍﻟﺼﻨﺎﻋﻲ ‪.‬‬
‫‪ .2‬ﺘﺸﺠﻴﻊ ﺍﻟﺸﺭﻜﺎﺕ ﻋﻠﻰ ﺍﺴﺘﺨﺩﺍﻡ ﺍﻟﻤﺅﺸﺭﺍﺕ ﺍﻟﺤﺩﻴﺜﺔ ﻓﻲ ﻗﻁﺎﻉ ﺴﻭﻕ ﺍﺒـﻭ ﻅﺒـﻲ ﻟـﻼﻭﺭﺍﻕ ﺍﻟﻤﺎﻟﻴـﺔ ﻭ‬
‫ﺍﻅﻬﺎﺭﻫﺎ ﻓﻲ ﺍﻻﻓﺼﺎﺤﺎﺕ ﻋﻠﻰ ﺍﺩﺍﺀ ﺍﻟﺸﺭﻜﺔ ﻭ ﺒﺘﺎﻟﻲ ﻋﻠﻰ ﺜﺭﻭﺓ ﺤﻤﻠﺔ ﺍﻻﺴﻬﻡ‪.‬‬

‫‪41‬‬ ‫اﻟﻌﺪد ‪ 38‬أوت ‪2019‬‬

 ‫ﻣﺠﻠﺔ دراﺳﺎت اﻗﺘﺼﺎدﻳﺔ ‪ISSN: 2602-7925....................................................‬‬
‫ﻗﻴﺎس و ﺗﺤﻠﻴﻞ اﻟﻨﺠﺎح اﻟﻤﺎﻟﻲ وﻓﻖ اﻟﻤﺆﺷﺮات اﻟﻤﺎﻟﻴﺔ اﻟﺤﺪﻳﺜﺔ‬
‫‪.3‬ﺒﺎﻻﻤﻜﺎﻥ ﺍﺠﺭﺍﺀ ﺍﻟﻤﺯﻴﺩ ﻤﻥ ﺍﻟﺩﺭﺍﺴﺎﺕ ﻭ ﺍﻟﺒﺤﻭﺙ ﻋﻠﻰ ﺍﻟﻤﺅﺸﺭﺍﺕ ﺍﻟﻤﺎﻟﻴﺔ ﺍﻟﺤﺩﻴﺜﺔ ﻟﺘﺤﻘﻴﻕ ﻜﻔﺎﺀﺓ ﺍﻋﻤـﺎل‬
‫ﺍﻟﺸﺭﻜﺎﺕ ﻭﺘﻌﻅﻴﻡ ﻗﻴﻤﺘﻬﺎ ﺍﻟﺴﻭﻗﻴﺔ‪.‬‬
‫‪.4‬ﻴﺴﺘﻠﺯﻡ ﻋﻠﻰ ﺍﺩﺍﺭﺍﺕ ﺍﻟﺸﺭﻜﺎﺕ ﺍﺴﺘﺨﺩﺍﻡ ﻤﺅﺸﺭ ﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻜﻭﻨﻬﺎ ﻤﺅﺸﺭﹰﺍ ﻴﻌﻭل ﻋﻠﻴﻪ ﻟﻨﻤﻭ‬
‫ﻗﻴﻤﺔ ﺍﻟﺸﺭﻜﺔ ﻓﻲ ﺍﻟﻤﺴﺘﻘﺒل ‪.‬‬
‫ﺍﻟﻤﺼﺎﺩﺭ ﺍﻟﻌﺭﺒﻴﺔ‬
‫‪.1‬ﺍﻟﺴﻨﺩﻱ‪،‬ﺴﺎﻤﻲ ﻋﺯﺏ ‪"،(2015)،‬ﺩﻭﺭ ﺍﺒﻌﺎﺩ ﺍﻻﺒﺩﺍﻉ ﺍﻟﻤﺎﻟﻲ ﻓﻲ ﺘﺤﻘﻴﻕ ﻤﺘﻁﻠﺒﺎﺕ ﺍﻟﻨﺠﺎﺡ ﺍﻟﻤﺎﻟﻲ‪"-‬ﺩﺭﺍﺴـﺔ‬
‫ﺍﺴﺘﻁﻼﻋﻴﺔ ﻵﺭﺍﺀ ﺍﻟﻘﻴﺎﺩﺍﺕ ﺍﻻﺩﺍﺭﻴﺔ ﻟﻌﻴﻨﺔ ﻤﻥ ﺍﻟﻤﺼﺎﺭﻑ ﺍﻻﻫﻠﻴﺔ ﻓﻲ ﺍﻗﻠـﻴﻡ ﻜﻭﺭﺩﺴـﺘﺎﻥ ﺍﻟﻌـﺭﺍﻕ ﺭﺴـﺎﻟﺔ‬
‫ﻤﺎﺠﺴﺘﻴﺭ ﻓﻲ ﺍﻟﻌﻠﻭﻡ ﺍﻟﺘﺠﺎﺭﻴﺔ ﻭ ﺍﻟﻤﺼﺭﻓﻴﺔ‪ ،‬ﻓﺎﻜﻠﺘﻲ ﺍﻟﻌﻠﻭﻡ ﺍﻻﻨﺴﺎﻨﻴﺔ‪ ،‬ﺠﺎﻤﻌﺔ ﺯﺍﺨﻭ‪،‬ﺍﻟﻌﺭﺍﻕ‪.‬‬
‫‪2‬ﺸﻠﺒﻲ‪ ،‬ﻋﺒﺩ ﺍﻟﺤﺴﻴﻥ ﺘﻭﻓﻴﻕ)‪" (2008‬ﺍﺴﺘﺨﺩﺍﻡ ﻤﺩﺨل ﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻓﻲ ﺘﻘﻴـﻴﻡ ﺍﻻﺩﺍﺀ ﺍﻟﻤـﺎﻟﻲ‬
‫ﻭﺍﻟﺘﺸﻐﻴﻠﻲ ﻓﻲ ﺍﻟﻭﺤﺩﺍﺕ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ" ‪،‬ﻤﺠﻠﺔ ﺍﻟﻌﻠﻭﻡ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ‪،‬ﻜﻠﻴﺔ ﺍﻻﺩﺍﺭﺓ ﻭﺍﻻﻗﺘﺼﺎﺩ‪ ،‬ﺠﺎﻤﻌﺔ ﺍﻟﺒﺼـﺭﺓ ‪،‬‬
‫ﺍﻟﻌﺩﺩ‪. (23) :‬‬
‫‪.3‬ﺼﻴﻔﻲ‪ ،‬ﺤﺴﻨﻴﺔ& ﺒﻥ ﻋﻤﺎﺭﺓ‪،‬ﻨﻭﺍل‪"،(2015)،‬ﻗﻴﺎﺱ ﺍﻻﺩﺍﺀ ﺍﻟﻤﺎﻟﻲ ﺒﺎﺴـﺘﺨﺩﻡ ﻤﺅﺸـﺭ ﺍﻟﻘﻴﻤـﺔ ﺍﻻﻗﺘﺼـﺎﺩﻴﺔ‬
‫ﺍﻟﻤﻀﺎﻓﺔ –ﺩﺭﺍﺴﺔ ﺤﺎﻟﺔ ﺍﻟﻤﺅﺴﺴﺎﺕ ﺍﻟﻤﺩﺭﺠﺔ ﻓﻲ ﻤﺅﺸﺭ ﺨﻼل ﺍﻟﻔﺘﺭﺓ )‪-(2013-2008‬ﻤﺨﺒـﺭ ﻤﺘﻁﻠﺒـﺎﺕ‬
‫ﺍﻟﻨﺎﻤﻴﺔ ﻓﻲ ﻅل ﺍﻻﻨﻔﺘﺎﺡ ﺍﻻﻗﺘﺼﺎﺩﻱ ﺍﻟﻌﺎﻟﻤﻲ ‪ ،‬ﺭﺴﺎﻟﺔ ﻤﺎﺠﺴﺘﻴﺭ ‪،‬ﻜﻠﻴﺔ ﺍﻟﻌﻠﻭﻡ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﻭ ﺍﻟﺘﺠﺎﺭﻴﺔ ﻭ ﻋﻠـﻭﻡ‬
‫ﺍﻟﺘﺴﻴﻴﺭ‪.‬‬
‫‪.4‬ﺍﻟﻌﺯﺍﻭﻱ ‪ ،‬ﻴﺎﺴﺭ ﻨﻭﺭﻱ ﻤﺤﻤﺩ ‪ "،(2014) ،‬ﺘﻜﺎﻤل ﻤﻔﻬﻭﻤﻲ ﺍﻟـﺩﺨل ﺍﻟﻤﺤﺎﺴـﺒﻲ ﻭﺍﻟﻘﻴﻤـﺔ ﺍﻻﻗﺘﺼـﺎﺩﻴﺔ‬
‫ﺍﻟﻤﻀﺎﻓﺔ ﻭﺩﻭﺭﺓ ﻓﻲ ﺘﺭﺸﻴﺩ ﻗﺭﺍﺭﺍﺕ ﺍﻟﻤﺴﺘﺜﻤﺭﻴﻥ" ‪ ،‬ﺭﺴﺎﻟﺔ ﻤﺎﺠﺴﺘﻴﺭ ‪ ،‬ﻜﻠﻴـﺔ ﺍﻻﺩﺍﺭﺓ ﻭﺍﻻﻗﺘﺼـﺎﺩ‪ ،‬ﺠﺎﻤﻌـﺔ‬
‫ﺒﻐﺩﺍﺩ‪.‬‬
‫‪.5‬ﺍﻟﻁﺭﻭﺍﻨﺔ‪،‬ﺤﺴﻴﻥ ﺍﺤﻤﺩ ﺨﻠﻴل‪"،(2006)،‬ﺍﺴﺘﺨﺩﺍﻡ ﻤﻘﺎﻴﺱ ﺍﻟﻘﻴﻤﺔ ﻓﻲ ﻨﻅﺎﻡ ﺍﻻﺩﺍﺭﺓ ﺍﻟﻤﺎﻟﻴـﺔ ﺘﻌﻅـﻴﻡ ﻟﺜـﺭﻭﺓ‬
‫ﺍﻟﻤﻼﻙ "‪،‬ﺍﻁﺭﻭﺤﺔ ﺩﻜﺘﻭﺭﺍ ‪،‬ﺍﻻﻜﺎﺩﻴﻤﻴﺔ ﺍﻟﻌﺭﺒﻴﺔ ﻟﻠﻌﻠﻭﻡ ﺍﻟﻤﺎﻟﻴﺔ ﻭ ﺍﻟﻤﺼﺭﻓﻴﺔ‪،‬ﺍﻻﺭﺩﻥ ‪،‬ﻋﻤﺎﻥ‪..‬‬
‫‪.6‬ﻓﻼﺘﻪ‪،‬ﺍﻜﺭﻡ ﻋﺒﺩ ﺍﻟﺭﺤﻤﻥ‪" ،(2010"،‬ﻗﻴﺎﺱ ﺍﻟﻌﻼﻗﺔ ﺒﻴﻥ ﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻭﺍﻟﻌﺎﺌﺩ ﻋﻠﻰ ﺍﻷﺴﻬﻡ ﻓﻲ‬
‫ﺍﻟﺸﺭﻜﺎﺕ ﺍﻟﺴﻌﻭﺩﻴﺔ ﺍﻟﻤﺴﺎﻫﻤﺔ"‪ ،‬ﺭﺴﺎﻟﺔ ﻤﺎﺠﺴﺘﻴﺭ ﻓﻲ ﺍﻟﻤﺤﺎﺴﺒﺔ‪،‬ﻜﻠﻴﺔ ﺍﻻﻗﺘﺼﺎﺩ ﻭ ﺍﻻﺩﺍﺭﺓ ‪ ،‬ﺠﺎﻤﻌﺔ ﺍﻟﻤﻠﻙ ﻋﺒـﺩ‬
‫ﺍﻟﻌﺯﻴﺯ‪،‬ﺠﺩﺓ‪.‬‬
‫‪7‬ﻨﺩﻴﻡ‪،‬ﻤﺭﻴﻡ ﺸﻜﺭﻱ ﻤﺤﻤﻭﺩ‪"، (2013)،‬ﺘﻘﻴﻴﻡ ﺍﻻﺩﺍﺀ ﺍﻟﻤﺎﻟﻲ ﺒﺎﺴـﺘﺨﺩﺍﻡ ﺒﻁﺎﻗـﺔ ﺍﻻﺩﺍﺀ ﺍﻟﻤﺘـﻭﺍﺯﻥ"‪ ،‬ﺩﺭﺍﺴـﺔ‬
‫ﺍﺨﺘﺒﺎﺭﻴﺔ ﻓﻲ ﺸﺭﻜﺔ ﻁﻴﺭﺍﻥ ﺍﻟﻤﻠﻜﺔ ﺍﻻﺭﺩﻨﻴﺔ‪ ، MEU ..‬ﺭﺴﺎﻟﺔ ﻤﺎﺠﺴـﺘﻴﺭ ﻏﻴـﺭ ﻤﻨﺸـﻭﺭ‪،‬ﺠﺎﻤﻌﺔ ﺍﻟﺸـﺭﻕ‬
‫ﺍﻻﻭﺴﻁ ﻗﺴﻡ ﺍﻟﻤﺤﺎﺴﺒﺔ‬
‫‪.8‬ﺍﻟﻨﻭﺍﺴﻴﺔ ‪،‬ﻓﺎﺌﺯ ﺤﻤﺩ ‪"،(2009)،‬ﻤﻘﺩﺭﺓ ﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﺍﻟﻤﻀﺎﻓﺔ ﻭ ﺍﻟﻤﺘﻐﻴﺭﺍﺕ ﺍﻟﻤﺤﺎﺴﺒﻴﺔ ﻋﻠـﻰ ﺘﻔﺴـﻴﺭ‬
‫ﺍﻟﻌﻭﺍﺌﺩ ﺍﻟﺴﻭﻗﻴﺔ ﻭ ﺍﻟﻤﺨﺎﻁﺭﺓ ﺍﻟﻨﻅﺎﻤﻴﺔ "‪،‬ﺍﻁﺭﻭﺤﺔ ﺩﻜﺘﻭﺭﺍﻩ‪،‬ﺍﻻﻜﺎﺩﻴﻤﻴﺔ ﺍﻟﻌﺭﺒﻴﺔ ﻟﻠﻌﻠﻭﻡ ﺍﻟﻤﺎﻟﻴﺔ ﻭ ﺍﻟﻤﺼﺭﻓﻴﺔ‪.‬‬
‫‪ .9‬ﺍﻟﻨﻌﻴﻤﻲ‪ ،‬ﻋﺩﻨﺎﻥ ﺘﺎﻴﻭ ‪ .‬ﺍﻟﺘﻤﻴﻤﻲ‪ ،‬ﺃﺭﺸﺩ ﻓﺅﺍﺩ ‪"(2008)،‬ﺍﻟﺘﺤﻤﻴل ﻭﺍﻟﺘﺨﻁﻴﻁ ﺍﻟﻤﺎﻟﻲ ﺍﺘﺠﺎﻫﺎﺕ ﻤﻌﺎﺼـﺭﺓ "‪،‬‬
‫ﺩﺍﺭﺍﻟﻴﺎﺯﻭﺭﻱ ﻟﻤﻨﺸﺭ ﻭﺍﻟﺘﻭﺯﻴﻊ‪ ،‬ﻋﻤﺎﻥ‪ ،‬ﺍﻷﺭﺩﻥ‪.‬‬

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 ISSN: 2602-7925.................................................... ‫ﻣﺠﻠﺔ دراﺳﺎت اﻗﺘﺼﺎدﻳﺔ‬
‫ﻗﻴﺎس و ﺗﺤﻠﻴﻞ اﻟﻨﺠﺎح اﻟﻤﺎﻟﻲ وﻓﻖ اﻟﻤﺆﺷﺮات اﻟﻤﺎﻟﻴﺔ اﻟﺤﺪﻳﺜﺔ‬
:‫ﺍﻟﻤﺼﺎﺩﺭ ﺍﻻﺠﻨﺒﻴﺔ‬
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