‫ﻧﮕﺎﻫﯽ ﺗﺤﻠﯿﻠﯽ ﺑﺮ ﺷﺎﺧﺺﻫﺎي ﺑﻮرس‬

‫رﺿﺎ ﮐﯿﺎﻧﯽ‬ ‫ﺗﺪوﯾﻦ‪:‬‬

‫ﻣﻬﺮﻣﺎه ‪1390‬‬
 ‫ﺑﺴﻤﻪ ﺗﻌﺎﻟﻲ‬

‫ﻧﮕﺎﻫﻲ ﺗﺤﻠﻴﻠﻲ ﺑﺮ ﺷﺎﺧﺺ‌ﻫﺎﻱ ﺑﻮﺭﺱ‬

‫ﻓﻬﺮﺳﺖ ﻣﻄﺎﻟﺐ‬ ‫‪U‬‬

‫‪ – 1‬ﻣﻘﺪﻣﻪ ‪1 .......................................................................................................................................................................‬‬

‫‪ – 2‬ﺗﻌﺮﻳﻒ ﺷﺎﺧﺺ ‪3 ........................................................................................................................................................‬‬

‫ﻃﺒﻘﻪﺑﻨﺪﻱ ﺷﺎﺧﺺ‌ﻫﺎﻱ ﺑﻮﺭﺱ ‪5 ............................................................................................................................‬‬

‫‌‬ ‫‪–3‬‬

‫‪ -1-3‬ﺩﺍﻣﻨﺔ ﻣﺸﻤﻮﻝ ﺷﺎﺧﺺ ‪5 ..............................................................................................................................‬‬

‫ﺷﺎﺧﺺﻫﺎﻱ ﺑﺨﺸﻲ ‪5 ...................................................................................................................‬‬

‫‌‬ ‫‪-1-1-3‬‬

‫ﺷﺮﻛﺖﻫﺎﻱ ﻣﻨﺘﺨﺐ ‪6 ....................................................................................................‬‬

‫‌‬ ‫‌‬
‫ﺷﺎﺧﺺ‬ ‫‪-2-1-3‬‬

‫ﺷﺎﺧﺺﻫﺎﻱ ﻣﺮﻛﺐ ‪7 ....................................................................................................................‬‬

‫‌‬ ‫‪-3-1-3‬‬

‫ﺷﺎﺧﺺ ﺗﺎﻻﺭﻫﺎ ‪8 ...........................................................................................................................‬‬

‫‌‬ ‫‪-4-1-3‬‬

‫‪ -2-3‬ﭘﺎﺭﺍﻣﺘﺮ ﻣﻮﺭﺩ ﺑﺮﺭﺳﻲ ‪9 ...................................................................................................................................‬‬

‫‪ -1-2-3‬ﺷﺎﺧﺺ ﻗﻴﻤﺖ ‪9 ............................................................................................................................‬‬

‫‪ -2-2-3‬ﺷﺎﺧﺺ ﺑﺎﺯﺩﺓ ﻧﻘﺪﻱ ‪10 ................................................................................................................‬‬

‫‪ -3-2-3‬ﺷﺎﺧﺺ ﺩﺭﺁﻣﺪ ﻛﻞ ‪10 ..................................................................................................................‬‬

‫ﺭﻭﺵﻫﺎﻱ ﻣﺤﺎﺳﺒﺔ ﺷﺎﺧﺺ ‪11 ...............................................................................................................................‬‬

‫‌‬ ‫‪–4‬‬

‫‪ -1-4‬ﻣﻴﺎﻧﮕﻴﻦ ﺣﺴﺎﺑﻲ ﺳﺎﺩﻩ ‪11 ............................................................................................................................‬‬

‫‪ -2-4‬ﻣﻴﺎﻧﮕﻴﻦ ﻭﺯﻧﻲ ‪12 ...........................................................................................................................................‬‬

‫‪ -1-2-4‬ﻣﻴﺎﻧﮕﻴﻦ ﻭﺯﻧﻲ ﺑﺮﺍﺳﺎﺱ ﺗﻌﺪﺍﺩ ﺳﻬﺎﻡ ﻣﻨﺘﺸﺮﻩ ‪13 .....................................................................‬‬

‫ﻭﺯﻥﺩﻫﻲ ﺑﺮﺍﺳﺎﺱ ﺳﻬﺎﻡ ﺷﻨﺎﻭﺭ ﺁﺯﺍﺩ ‪14 ...................................................................................‬‬

‫‪‌ -2-2-4‬‬

‫‪ -1-2-2-4‬ﺗﻌﺪﻳﻞ ﺿﺮﻳﺐ ﺳﻬﺎﻡ ﺷﻨﺎﻭﺭ ﺁﺯﺍﺩ ‪17 ...............................................................................‬‬

‫‪ -2-2-2-4‬ﺩﺍﻣﻨﺔ ﺿﺮﻳﺐ ﺳﻬﺎﻡ ﺷﻨﺎﻭﺭ ﺁﺯﺍﺩ ‪18 ...............................................................................‬‬

‫‪ – 5‬ﺗﻌﺪﻳﻞ ﭘﺎﻳﺔ ﺷﺎﺧﺺ ‪19 ............................................................................................................................................‬‬

‫ﺷﺎﺧﺺﻫﺎﻱ ﺑﻮﺭﺱ ﺗﻬﺮﺍﻥ ‪22 ..................................................................................................................................‬‬

‫‌‬ ‫‪–6‬‬

‫‪ -1-6‬ﺷﺎﺧﺺ ﻛﻞ ﻗﻴﻤﺖ ‪22 ...................................................................................................................................‬‬

‫‪ -2-6‬ﺷﺎﺧﺺ ﺻﻨﺎﻳﻊ ‪23 ..........................................................................................................................................‬‬

‫‪ -3-6‬ﺷﺎﺧﺺ ﭘﻨﺠﺎﻩ ﺷﺮﻛﺖ ﻓﻌﺎﻟﺘﺮ ‪23 .................................................................................................................‬‬

‫‪ -4-6‬ﺷﺎﺧﺺ ﻗﻴﻤﺖ ﻭ ﺑﺎﺯﺩﺓ ﻧﻘﺪﻱ ‪24 .................................................................................................................‬‬

‫‪ -5-6‬ﺷﺎﺧﺺ ﺑﺎﺯﺩﺓ ﻧﻘﺪﻱ ‪26 .................................................................................................................................‬‬

‫ﻧﺘﻴﺠﻪﮔﻴﺮﻱ ﻭ ﭘﻴﺸﻨﻬﺎﺩﺍﺕ ‪27 .................................................................................................................................‬‬

‫‌‬ ‫‪–7‬‬

‫‪ -1-7‬ﺗﻐﻴﻴﺮ ﻣﻼﻙ ﻭﺯﻥ‌ﺩﻫﻲ ﺷﺎﺧﺺ ‪27 ..............................................................................................................‬‬

‫‪ -2-7‬ﻋﺪﻡ ﻟﺤﺎﻅ ﺷﺮﻛﺖ‌ﻫﺎﻱ ﺳﺮﻣﺎﻳﻪ‌ﮔﺬﺍﺭﻱ ‪28 .................................................................................................‬‬

‫‪ -3-7‬ﺗﻔﻜﻴﻚ ﺷﺮﻛﺖ‌ﻫﺎ ﺑﺮﺍﺳﺎﺱ ﺣﺠﻢ ﺳﺮﻡﺍﻳﻪ ‪28 ............................................................................................‬‬

‫‪ -4-7‬ﻣﺤﺎﺳﺒﺔ ﺷﺎﺧﺺ ﻗﻴﻤﺖ ﻭ ﺑﺎﺯﺩﺓ ﻧﻘﺪﻱ ﺑﺮ ﻫﺮ ﺻﻨﻌﺖ ‪29 .........................................................................‬‬

‫‪ -5-7‬ﻋﺪﻡ ﻟﺤﺎﻅ ﺷﺮﻛﺖ‌ﻫﺎﻱ ﺭﺍﻛﺪ ‪29 ..................................................................................................................‬‬

 ‫‪ - 1‬ﻣﻘﺪﻣﻪ‬

‫ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﺍﻥ ﻭ ﻣﺴﺆﻭﻻﻥ ﺑﻮﺭﺱ ﺍﻭﺭﺍﻕ ﺑﻬﺎﺩﺍﺭ ﺑﻪ ﻣﻨﻈﻮﺭ ﺩﺳﺖ ‌ﻳﺎﺑﻲ ﺑﻪ ﺗﺼﻮﻳﺮ ﻣﻨﺎﺳﺒﻲ ﺍﺯ ﺭﻭﻧﺪ ﺍﻳﻦ ﺑﺎﺯﺍﺭ ﻭ‬
‫‌‬

‫ﭘﻴﺶﺑﻴﻨﻲ ﺁﻳﻨﺪﻩ‪ ،‬ﺍﺯ ﺷﺎﺧﺺ‌ﻫﺎﻱ ﺑﻮﺭﺱ ﺑﻬﺮﻩ ﻣﻲ ‌ﺑﺮﻧﺪ‪ .‬ﺗﺠﺰﻳﻪ ﻭ ﺗﺤﻠﻴﻞ‬

‫‌‬ ‫ﺗﻮﺍﻧﺎﻳﻲ ﺍﺭﺯﻳﺎﺑﻲ ﮔﺬﺷﺘﻪ ﻭ ﺩﺭ ﻣﻮﺍﺭ ﺩﻱ‬

‫ﺩﻗﻴﻖﺗﺮ ﺭﻭﻧﺪ ﻗﻴﻤﺖ ﺩﺭ ﺑﻮﺭﺱ ﺍﻭﺭﺍﻕ ﺑﻬﺎﺩﺍﺭ ﻣﺤﺘﺎﺝ ﺷﺎﺧﺺ ‌ﻫﺎﻳﻲ ﺑﺎ ﻛﺎﺭﻛﺮﺩﻫﺎﻱ ﮔﻮﻧﺎﮔﻮﻥ ﺍﺳﺖ ﻭ ﺑﺪﻳﻦ ﺳﺒﺐ‬
‫‌‬

‫ﺷﻴﻮﻩﻫﺎﻱ‬
‫‌‬ ‫‌ﺷﻮﻧﺪ‪.‬‬ ‫ﺍﻣﺮﻭﺯﻩ ﺷﺎﺧﺺ ‌ﻫﺎﻱ ﺑﺴﻴﺎﺭ ﻣﺘﻨﻮﻋﻲ ﺩﺭ ﺑﻮﺭﺱ ‌ﻫﺎﻱ ﻣﻌﺘﺒﺮ ﺟﻬﺎﻧﻲ ﻣﺤﺎﺳﺒﻪ ﻭ ﻣﻨﺘﺸﺮ ﻣﻲ‬

‫ﻣﺤﺎﺳﺒﻪ ﺷﺎﺧﺺ ﻧﻴﺰ ﺩﺭ ﺭﺍﺳﺘﺎﻱ ﻛﺎﺭﺍﻳﻲ ﺑﻴﺸﺘﺮ ﻭ ﺍﺭﺍﻳﻪ ﺗﺼﻮﻳﺮﻱ ﺩﻗﻴﻖ ‌ﺗﺮ ﺍﺯ ﻓﺮﺁﻳﻨﺪ ﻋﻤﻠﻜﺮﺩ ﺑﻮﺭﺱ‪ ،‬ﺩﺳﺘﺨﻮﺵ‬

‫ﺗﻐﻴﻴﺮﺍﺕ ﭼﻨﺪﻱ ﺷﺪﻩ ﺍﺳﺖ‪.‬‬

‫ﺑﻮﺭﺱ ﺍﻭﺭﺍﻕ ﺑﻬﺎﺩﺍﺭ ﺗﻬﺮﺍﻥ ﻧﻴﺰ ﺍﺯ ﻓﺮﻭﺭﺩﻳﻦ ﻣﺎﻩ ‪ 1369‬ﺍﻗﺪﺍﻡ ﺑﻪ ﻣﺤﺎﺳﺒﻪ ﻭ ﺍﻧﺘﺸﺎﺭ ﺷﺎﺧﺺ ﻗﻴﻤﺖ ﺧﻮﺩ ﺑﺎ ﻧﺎﻡ‬

‫ﺗﭙﻴﻜﺲ ‪ 1‬ﻧﻤﻮﺩﻩ ﺍﺳﺖ ‪ .‬ﺩﺭ ﮔﺬﺭ ﺯﻣﺎﻥ ﻫﺮ ﭼﻨﺪ ﺷﺎﺧﺺ ‌ﻫﺎﻱ ﻗﻴﻤﺘﻲ ﺩﻳﮕﺮﻱ ﺑﻪ ﺟﻢ ﻉ ﻧﻤﺎﮔﺮﻫﺎﻱ ﺑﻮﺭﺱ ﺗﻬﺮﺍﻥ‪،‬‬ ‫‪P‬‬ ‫‪P0F‬‬

‫ﭘﻴﻮﺳﺘﻨﺪ ﻭ ﺷﺎﺧﺺ ‌ﻫﺎﻱ ﺩﻳﮕﺮﻱ ﻫﻤﭽﻮﻥ ﺗﺪﻳﻜﺲ ‪ 2‬ﻭ ﺗﺪﭘﻴﻜﺲ ‪ 3‬ﻧﻤﺎﮔﺮﻱ ﺑﺎﺯﺩﻫﻲ ﻧﻘﺪﻱ ﻭ ﺑﺎﺯﺩﻫﻲ ﻛﻞ ﺑﻮﺭﺱ‬
‫‪P‬‬ ‫‪P2F‬‬ ‫‪P‬‬ ‫‪P1F‬‬

‫ﺭﺍ ﺑﺮ ﻋﻬﺪﻩ ﮔﺮﻓﺘﻨﺪ‪ ،‬ﺍﻣﺎ ﺷﻴﻮﻩ ﻣﺤﺎﺳﺒﺔ ﺷﺎﺧﺺ ﺩﺭ ﺑﻮﺭﺱ ﺗﻬﺮﺍﻥ ﺍﺯ ﻫﺮﮔﻮﻧﻪ ﺍﺻﻼﺡ ﻭ ﺗﺠﺪﻳﺪ ﻧﻈﺮﻱ ﻣﺼﻮﻥ‬

‫ﻣﺎﻧﺪﻩ ﺍﺳﺖ‪ .‬ﺩﺭ ﺍﻳﻦ ﻣﻴﺎﻥ ﺷﺎﺧﺺ ﺑﻮﺭﺱ ﺗﻬﺮﺍﻥ ﺩﺭ ﻣﻮﺍﺭﺩ ﻣﺘﻌﺪﺩﻱ ﻣﻮﺭﺩ ﺕﻭﺟﻪ ﻣﻨﺘﻘﺪﺍﻥ ﻗﺮﺍﺭ ﮔﺮﻓﺘﻪ ﻭ ﻣﺤﺎﻓﻞ‬

‫ﺑﺪﻳﻦﺗﺮﺗﻴﺐ ﭼﻨﻴﻦ ﺑﻪ ﻧﻈﺮ ﻣﻲ‌ﺭﺳﺪ‬

‫‌‬ ‫ﺩﺍﺩﻩﺍﻧﺪ‪.‬‬
‫ﺩﺍﻧﺸﮕﺎﻫﻲ ﻧﻴﺰ ﺩﺭ ﺗﺤﻘﻴﻘﺎﺕ ﭼﻨﺪﻱ ﻛﺎﺭﺍﻳﻲ ﺁﻥ ﺭﺍ ﻣﻮﺭﺩ ﺗﺮﺩﻳﺪ ﻗﺮﺍﺭ ‌‬

‫‪1‬‬
‫)‪TEPIX (Tehran Price Index‬‬
‫‪2‬‬
‫‪TEDIX‬‬
‫‪3‬‬
‫‪TEDPIX‬‬

‫‪1‬‬
‫ﻛﻪ ﺷﺎﺧﺺ‌ﻫﺎﻱ ﺑﻮﺭﺱ ﺗﻬﺮﺍﻥ ﻣﺤﺘﺎﺝ ﺍﺻﻼﺣﺎﺕﻱ ﺩﺭ ﻧﺤﻮﺓ ﻣﺤﺎﺳﺒﻪ ﺧﻮﺩ ﺑﺎﺷﻨﺪ ‪ .‬ﮔﺰﺍﺭﺵ ﭘﻴﺶ ﺭﻭ ﻣﻲ ‌ﻛﻮﺷﺪ ﺗﺎ‬

‫ﺑﺎ ﻣﻌﺮﻓﻲ ﺍﺟﻤﺎﻟﻲ ﺷﺎﺧﺺ ‌ﻫﺎ ﺑﻪ ﺗﺤﻠﻴﻞ ﻧﻤﺎﮔﺮﻩ ﺍﻱ ﺑﻮﺭﺱ ﺗﻬﺮﺍﻥ ﺑﭙﺮﺩﺍﺯﺩ ﻭ ﺍﺻﻼﺣﺎﺕ ﻣﻮﺭﺩ ﻧﻴﺎﺯ ﺑﺮﺍﻱ ﻛﺎﺭﺁﻣﺪﺗﺮ‬

‫ﺁﻥﻫﺎ ﺭﺍ ﺑﻴﺎﻥ ﻛﻨﺪ‪.‬‬

‫ﻛﺮﺩﻥ ‌‬

‫‪2‬‬
 ‫‪ – 2‬ﺗﻌﺮﻳﻒ ﺷﺎﺧﺺ‬

‫ﺑﺮﺭﺳﻲ ﺭﻭﻧﺪ ﭘﺎﺭﺍﻣﺘﺮﻱ ﻣﺸﺨﺺ ﺑﺮﺍﻱ ﻳﻚ ﻣﺘﻐﻴﺮ‪ ،‬ﺑﻪ ﺭﺍﺣﺘﻲ ﻭ ﺑﺎ ﺩﺭ ﻧﻈﺮ ﮔﺮﻓﺘﻦ ﻣﻘﺪﺍﺭ ﭘﺎﺭﺍﻣﺘﺮ ﺩﺭ ﻃﻮﻝ ﺯﻣﺎﻥ‬

‫ﻥ ‪ ،‬ﻧﻤﺎﮔﺮﻱ ﻣﻮﺭﺩ ﻧﻴﺎﺯ ﺍﺳﺖ ﻛﻪ‬

‫ﺩ‬ ‫ﺍﻣﻜﺎﻥﭘﺬﻳﺮ ﺍﺳﺖ‪ ،‬ﺍﻣﺎ ﺯﻣﺎﻧﻲ ﻛﻪ ﮔﺮﻭﻫﻲ ﺍﺯ ﻣﺘﻐﻴﺮﻫﺎ ﻣﻮﺭﺩ ﺑﺮﺭﺳﻲ ﻗﺮﺍﺭ ﮔﻴﺮ‬
‫‌‬

‫ﻧﺸﺎﻥﺩﻫﻨﺪﻩ ﺳﻄﺢ ﻋﻤﻮﻣﻲ ﭘﺎﺭﺍﻣﺘﺮ ﺑﺮﺍﻱ ﮔﺮﻭﻩ ﻣﻮﺭﺩ ﻧﻈﺮ ﺑﺎﺷﺪ ‪ .‬ﺑﻪ ﻋﻨﻮﺍﻥ ﻣﺜﺎﻝ ﺑﺮﺭﺳﻲ ﺗﻐﻴﻴﺮﺍﺕ ﻗﻴﻤﺖ ﺳﻬﻢ‬
‫‌‬

‫ﻳﻚ ﺷﺮﻛﺖ ﻣﺸﺨﺺ ﺑﻪ ﺭﺍﺣﺘﻲ ﻭ ﺑﺎ ﺩﺭ ﻧﻈﺮ ﮔﺮﻓﺘﻦ ﺭﻭﻧﺪ ﻗﻴﻤﺖ ﺳﻬﻢ ﻣﺰﺑﻮﺭ ﺻﻮﺭﺕ ﻣﻲ ‌ﮔﻴﺮﺩ‪ ،‬ﺍﻣﺎ ﺑﺮﺭﺳﻲ ﺭﻭﻧﺪ‬

‫ﺳﻄﺢ ﻋﻤﻮﻣﻲ ﻗﻴﻤﺖ ﺳﻬﺎﻡ ﻛﻠﻴﺔ ﺷﺮﻛﺖ ‌ﻫﺎ ﺩﺭ ﺑﻮﺭﺱ‪ ،‬ﺑﻪ ﻭﺳﻴﻠﻪ ﺷﺎﺧﺺ ﻛﻞ ﻗﻴﻤﺖ ﺍﻧﺠﺎﻡ ﻣﻲ ‌ﺷﻮﺩ‪ .‬ﺑﻨﺎﺑﺮﺍﻳﻦ‬

‫ﻣﻲﺗﻮﺍﻥ ﺷﺎﺧﺺ ﺭﺍ ﻧﻤﺎﮔﺮﻱ ﺩﺍﻧﺴﺖ ﻛﻪ ﺑﻴﺎﻧﮕﺮ ﺭﻭﻧﺪ ﻋﻤﻮﻣﻲ ﭘﺎﺭﺍﻣﺘﺮﻱ ﻣﻮﺭﺩ ﻧﻈﺮ ﺩﺭ ﻣﻴﺎﻥ ﮔﺮﻭﻫﻲ ﺍﺯ ﻣﺘﻐﻴﺮﻫﺎﻱ‬
‫‌‬

‫ﻣﻲﺷﻮﺩ‪ .‬ﻡﻋﻴﺎﺭ ﻣﻘﺎﻳﺴﻪ ﻣﻘﺪﺍﺭ‬

‫ﻣﻮﺭﺩ ﺑﺮﺭﺳﻲ ﺍﺳﺖ ﻛﻪ ﺗﻐﻴﻴﺮﺍﺕ ﺁﻥ ﺩﺭ ﻣﻘﺎﻳﺴﻪ ﺑﺎ ﻳﻚ ﺗﺎﺭﻳﺦ ﻣﺐﺩﺃ ﺩﺭ ﻧﻈﺮ ﮔﺮﻓﺘﻪ ‌‬

‫ﺷﺎﺧﺺ ﺩﺭ ﻫﺮ ﺯﻣﺎﻥ ﻧﺴﺒﺖ ﺑﻪ ﺗﺎﺭﻳﺦ ﻣﺒﺪﺃ‪ ،‬ﻉﺩﺩ ﻣﺒﻨﺎ‪ 1‬ﺍﺳﺖ‪ .‬ﻋﺪﺩ ﻣﺒﻨﺎ ﺑﻪ ﻃﻮﺭ ﻣﻌﻤﻮﻝ ‪ 100‬ﺩﺭ ﻧﻈﺮ ﮔﺮﻓﺘﻪ‬
‫‪P‬‬ ‫‪P3F‬‬

‫ﻣﻲﺗﻮﺍﻥ ﻣﻘﺪﺍﺭ ﺭﺷﺪ ﭘﺎﺭﺍﻣﺘﺮ‬

‫ﻣﺰﺑﻮﺭ ‌‬ ‫ﻣﻲﺷﻮﺩ ﻭ ﺩﺭ ﺍﻳﻦ ﺻﻮﺭﺕ ﺍﺯ ﺗﻘﺴﻴﻢ ﻣﻴﺰﺍﻥ ﺷﺎﺧﺺ ﺩﺭ ﻫﺮ ﺯﻣﺎﻥ ﺑﺮ ﻋﺪﺩ‬
‫‌‬

‫ﻣﻮﺭﺩ ﻧﻈﺮ ﺩﺭ ﻣﻴﺎﻥ ﮔﺮﻭﻩ ﻣﺘﻐﻴﺮﻫﺎﻱ ﻣﻮﺭﺩ ﺑﺮﺭﺳﻲ ﺭﺍ ﺑﻪ ﺩﺳﺖ ﺁﻭﺭﺩ‪ .‬ﺑﻪ ﻋﻨﻮﺍﻥ ﻣﺜﺎﻝ ﺩﺭ ﺻﻮﺭﺗﻲ ﻛﻪ ﺷﺎﺧﺺ ﻛﻞ‬

‫ﻗﻴﻤﺖ ﺑﻮﺭﺱ ﺗﻪ ﺭﺍﻥ ﺩﺭ ﺗﺎﺭﻳﺦ ‪ 11517 ،1382/2/30‬ﺑﺎﺷﺪ‪ ،‬ﻣﺸﺨﺺ ﺍﺳﺖ ﻛﻪ ﺳﻄﺢ ﻋﻤﻮﻣﻲ ﻗﻴﻤﺖ‬

‫ﺷﺮﻛﺖﻫﺎﻱ ﺑﻮﺭﺱ ﻧﺴﺒﺖ ﺑﻪ ﻓﺮﻭﺭﺩﻳﻦ ‪ 1369‬ﻛﻪ ﺗﺎﺭﻳﺦ ﻣﺐﺩﺃ ﺷﺎﺧﺺ ﻛﻞ ﻗﻴﻤﺖ ﺍﺳﺖ‪ 115/17 ،‬ﺑﺮﺍﺑﺮ ﺷﺪﻩ‬
‫‌‬

‫ﻣﻲﺩﻫﻨﺪ‪:‬‬
‫ﺑﺪﻳﻦﺗﺮﺗﻴﺐ ﻣﺸﺨﺺ ﺍﺳﺖ ﻛﻪ ﺍﺟﺰﺍﻱ ﺑﻨﻴﺎﺩﻳﻦ ﻫﺮ ﺷﺎﺧﺺ ﺭﺍ ﻋﻮﺍﻣﻞ ﺯﻳﺮ ﺗﺸﻜﻴﻞ ‌‬
‫‌‬ ‫ﺍﺳﺖ‪.‬‬

‫‪ – 1‬ﮔﺮﻭﻩ ﻣﺘﻐﻴﺮﻫﺎﻱ ﻣﻮﺭﺩ ﺑﺮﺭﺳﻲ ﻣﺰﺑﻮﺭ؛‬

‫‪ – 2‬ﭘﺎﺭﺍﻣﺘﺮ ﻣﻮﺭﺩ ﻧﻈﺮ )ﺑﻪ ﻃﻮﺭ ﻣﻌﻤﻮﻝ ﻗﻴﻤﺖ(؛‬

‫‪ – 3‬ﺗﺎﺭﻳﺦ ﻣﺐﺩﺃ ؛‬

‫‪ – 4‬ﻋﺪﺩ ﻣﺒﻨﺎ‪.‬‬

‫‪1‬‬
‫‪Base Value‬‬

‫‪3‬‬
‫ﺍﻟﺒﺘﻪ ﺑﺎﻳﺪ ﺗﻮﺟﻪ ﺩﺍﺷﺖ ﻛﻪ ﺷﺎﺧﺺ ‌ﻫﺎ ﺍﺏﻓﺮﻣﻮﻝ ‌ﻫﺎﻱ ﻣﺘﻔﺎﻭﺗﻲ ﻣﺤﺎﺳﺒﻪ ﻣﻲ ‌ﺷﻮﻧﺪ ﻛﻪ ﺩﺭ ﻃﻮﻝ ﺯﻣﺎﻥ ﺭﻭﺵ ‌ﻫﺎﻱ‬

‫ﻣﺤﺎﺳﺒﺎﺗﻲ ﺁﻥ ‌ﻫﺎ ﻧﻴﺰ ﺩﺳﺘﺨﻮﺵ ﺍﺻﻼﺣﺎﺗﻲ ﺷﺪﻩ ﺍﺳﺖ ‪ .‬ﺑﻨﺎﺑﺮﺍﻳﻦ ﻣﻲ ‌ﺗﻮﺍﻥ ﻛﺎﺭﺍﻳﻲ ﺷﺎﺧﺺ ‌ﻫﺎﻱ ﻣﺘﻔﺎﻭﺕ ﺭﺍ ﻩﺏ‬

‫ﭼﺎﻟﺶ ﻃﻠﺒﻴﺪ ﻭ ﺩﻗﺖ ﻧﻤﺎﮔﺮﻱ ﺁﻧﻬﺎ ﺭﺍ ﻣﻮﺭﺩ ﺑﺮﺭﺳﻲ ﻗﺮﺍﺭ ﺩﺍﺩ‪.‬‬

‫‪4‬‬
 ‫ﺷﺎﺧﺺﻫﺎﻱ ﺑﻮﺭﺱ‬
‫‌‬ ‫ﻃﺒﻘﻪﺑﻨﺪﻱ‬
‫‌‬ ‫‪–3‬‬

‫ﺷﺎﺧﺺﻫﺎﻱ ﻃﺮﺍﺣﻲ ﺷﺪﻩ ﺗﻮﺳﻂ ﺑﻮﺭﺱ ‌ﻫﺎﻱ ﻣﻌﺘﺒﺮ ﺟﻬﺎﻥ ﺭﺍ ﻣﻲ ‌ﺗﻮﺍﻥ ﺑﺎ ﺷﻴﻮﻩ‌ﻫﺎﻱ ﻣﺘﻔﺎﻭﺗﻲ ﻃﺒﻘﻪ‌ﺑﻨﺪﻱ ﻛﺮﺩ ﻭ‬
‫‌‬

‫ﻣﻮﺭﺩ ﺑﺮﺭﺳﻲ ﻗﺮﺍﺭ ﺩﺍﺩ‪ .‬ﺷﺎﻳﺪ ﺑﺘﻮﺍﻥ ﻋﻤﺪﺓ ﺗﻔﻜﻴﻚ ﻣﻴﺎﻥ ﺷﺎﺧﺺ‌ﻫﺎ ﺭﺍ ﻣﺮﺑﻮﻁ ﺑﻪ ﺩﺍﻣﻨﺔ ﺷﻤﻮﻝ‌ﺷﺎﻥ ﻭ ﻧﻴﺰ ﭘﺎﺭﺍﻣﺘﺮ‬

‫ﻣﻲﺷﻮﻧﺪ‪:‬‬
‫ﺁﻥﻫﺎ ﺩﺍﻧﺴﺖ‪ ،‬ﻛﻪ ﻫﺮ ﺩﻭ ﻣﻮﺭﺩ ﺩﺭ ﺫﻳﻞ ﺑﻪ ﺗﻔﺼﻴﻞ ﺑﻴﺎﻥ ‌‬
‫ﻣﻮﺭﺩ ﺑﺮﺭﺳﻲ ‌‬

‫‪ -1-3‬ﺩﺍﻣﻨﺔ ﺷﻤﻮﻝ ﺷﺎﺧﺺ‌‬

‫ﻫﻤﺎﻥﮔﻮﻧﻪ ﻛﻪ ﭘﻴﺸﺘﺮ ﺍﺷﺎﺭﻩ ﺷﺪ ﻳﻜﻲ ﺍﺯ ﺍﺟﺰﺍﻱ ﺑﻨﻴﺎﺩﻳﻦ ﻫﺮ ﺷﺎﺧﺺ‪ ،‬ﮔﺮﻭﻩ ﻣﺘﻐﻴﺮﻫﺎﻱ ﻣﻮﺭﺩ ﺑﺮﺭﺳﻲ ﺁﻥ ﺍﺳﺖ‬
‫‌‬

‫ﺷﺎﺧﺺﻫﺎ ﺑﺮ ﺣﺴﺐ ﺍﻫﺪﺍﻑ ﺧﻮﺩ ‪ ،‬ﻧﻤﺎﮔﺮﻱ ﻗﻴﻤﺖ ﺳﻬﺎﻡ‬

‫‌‬ ‫ﻣﻲﺩﻫﺪ‪.‬‬
‫ﻛﻪ ﺩﺍﻣﻨﺔ ﺷﻤﻮﻝ ﺁﻥ ﺷﺎﺧﺺ ﺭﺍ ﺗﺸﻜﻴﻞ ‌‬

‫ﮔﺮﻭﻫﻲ ﺍﺯ ﺷﺮﻛﺖ‌ﻫﺎ ﺭﺍ ﻋﻬﺪﻩ‌ﺩﺍﺭ ﻫﺴﺘﻨﺪ ﻭ ﺑﻪ ﻫﻤﻴﻦ ﺗﺮﺗﻴﺐ ﻗﺎﺑﻞ ﺗﻔﻜﻴﻚ ‌ﺍﻧﺪ ‪ .‬ﺑﺪﻳﻦ ‌ﺗﺮﺗﻴﺐ ﺷﺎﺧﺺ ‌ﻫﺎﻱ‬

‫ﺑﺨﺸﻲ ‪ ،1‬ﺷﺎﺧﺺ ﺷﺮﻛﺖ‌ﻫﺎﻱ ﻣﻨﺘﺨﺐ‪ ،‬ﺷﺎﺧﺺ‌ﻫﺎﻱ ﻣﺮﻛﺐ ‪ ،2‬ﻭ ﺩﻳﮕﺮ ﺷﺎﺧﺺ‌ﻫﺎ‪ ،‬ﻫﺮ ﻳﻚ ﺭﻭﻧﺪ ﻋﻤﻮﻣﻲ ﻗﻴﻤﺖ‬
‫‪P‬‬ ‫‪P5F‬‬ ‫‪P‬‬ ‫‪P4F‬‬

‫ﺳﻬﺎﻡ ﮔﺮﻭﻩ ﺧﺎﺻﻲ ﺍﺯ ﺷﺮﻛﺖ‌ﻫﺎ ﺭﺍ ﻧﺸﺎﻥ ﻣﻲ‌ﺩﻫﻨﺪ‪.‬‬

‫ﺷﺎﺧﺺﻫﺎﻱ ﺑﺨﺸﻲ‬
‫‌‬ ‫‪-1-1-3‬‬

‫ﺑﻮﺭﺱﻫﺎ ﻫﺮ ﻳﻚ ﺑﺮ ﺍﺳﺎﺱ ﻃﺒﻘﻪ ‌ﺑﻨﺪﻱ ﺻﻨﺎﻳﻊ ﻣﻮﺭﺩ ﻧﻈﺮ ﺧﻮﺩ‪ ،‬ﺍﻗﺪﺍﻡ ﺑﻪ ﻣﺤﺎﺳﺒﻪ ﺷﺎﺧﺺ ﻗﻴﻤﺖ ﻭ ﺩﺭ ﻣﻮﺍﺭﺩﻱ‬
‫‌‬

‫ﺷﺎﺧﺺ ﺑﺎﺯﺩﺓ ﻛﻞ‪ 3‬ﺑﺮﺍﻱ ﻫﺮ ﺻﻨﻌﺖ ﻳﺎ ﺑﺨﺶ ‌‬

‫ﻣﻲﻛﻨﻨﺪ‪ .‬ﺷﻴﻮﺓ ﻣﺤﺎﺳﺒﺔ ﺍﻳﻦ ﺷﺎﺧﺺ‌ﻫﺎ ﻫﻤﺎﻧﻨﺪ ﺷﺎﺧﺺ‌ﻫﺎﻱ ﻛﻞ‬ ‫‪P‬‬ ‫‪P6F‬‬

‫ﺍﺳﺖ ﻛﻪ ﺩﺭ ﺍﺩﺍﻣﻪ ﺗﻮﺿﻴﺢ ﺩﺍﺩﻩ ﺧﻮﺍﻫﺪ ﺷﺪ ‪ .‬ﭼﮕﻮﻧﮕﻲ ﺍﻧﺘﺨﺎﺏ ﺷﺮﻛﺖ‌ﻫﺎ ﺑﺮﺍﻱ ﻣﺤﺎﺳﺒﺔ ﺷﺎﺧﺺ‌ﻫﺎﻱ ﺑﺨﺸﻲ ﻧﻴﺰ‬

‫ﺑﺎ ﺷﻴﻮﻩ ‌ﻫﺎﻱ ﻣﺘﻔﺎﻭﺗﻲ ﺻﻮﺭﺕ ﻣﻲ ‌ﮔﻴﺮﺩ‪ ،‬ﺑﻪ ﻋﻨﻮﺍﻥ ﻣﺜﺎﻝ ﺑﻮﺭﺱ ﻧﻴﻮﻳﻮﺭﻙ ‪ 100‬ﺷﺮﻛﺖ ﺑﺰﺭگ ﻫﺮ ﺑﺨﺶ ‌ ﺭﺍ ﻛﻪ‬

‫ﻗﻴﻮﺩ ﻧﻘﺪﻳﻨﮕﻲ ﺭﺍ ﻧﻴﺰ ﺍﺣﺮﺍﺯ ﻛﺮﺩﻩ ﺑﺎﺷﻨﺪ ‪ ،‬ﺑﺮﺍﻱ ﻣﺤﺎﺳﺒﻪ ﺷﺎﺧﺺ ﺑﺨﺶ ﻣﺰﺑﻮﺭ ﺍﻧﺘﺨﺎﺏ ﻣﻲ ‌ﻛﻨﺪ‪ .‬ﺩﺭ ﺑﻮﺭﺱ‬

‫‪1‬‬
‫‪Sectoral Indices‬‬
‫‪2‬‬
‫‪Composite Indices‬‬
‫‪3‬‬
‫‪Total Return Index‬‬

‫‪5‬‬
 ‫ﺷﺮﻛﺖﻫﺎﻱﻱ ﺑﺎ ﻧﻤﺎﺩ‬
‫‌‬ ‫ﺍﺳﺘﺎﻧﺒﻮﻝ ﻛﻠﻴﺔ ﺷﺮﻛﺖ ‌ﻫﺎ ﺗﺮﻛﻴﻪ ‌ﺍﻱ ﻫﺮ ﺑﺨﺶ ﺑﻪ ‌ﺟﺰ ﺷﺮﻛﺖ ‌ﻫﺎﻱ ﺳﺮﻣﺎﻳﻪ ‌ﮔﺬﺍﺭﻱ‪ 1‬ﻭ‬
‫‪P‬‬ ‫‪P7F‬‬

‫ﻣﻌﺎﻣﻼﺗﻲ ﺑﺴﺘﻪ ﻭ ﺩﺭ ﺑﻮﺭﺱ ﺗﻬﺮﺍﻥ ﻛﻠﻴﺔ ﺷﺮﻛﺖ ‌ﻫﺎﻱ ﻫﺮ ﺑﺨﺶ ﺩﺭ ﺷﺎﺧﺺ ‌ﻫﺎﻱ ﺑﺨﺸﻲ ﻟﺤﺎﻅ ﻣﻲ‌ﺷﻮﻧﺪ‪ .‬ﺑﻮﺭﺱ‬

‫ﺗﻮﻛﻴﻮ ﻧﻴﺰ ﻛﻠﻴﺔ ﺷﺮﻛﺖ‌ﻫﺎﻱ ﺗﺸﻜﻴﻞ ﺩﻫﻨﺪﺓ ﻫﺮ ﺻﻨﻌﺖ ﺭﺍ ﺩﺭ ﺷﺎﺧﺺ ﺑﺨﺶ ﻣﺰﺑﻮﺭ ﻟﺤﺎﻅ ﻣﻲ‌ﻛﻨﺪ ﻭ ﺩﺭ ﺻﻮﺭﺗﻲ‬

‫ﻣﻲﻧﻤﺎﻳﺪ‪.‬‬
‫ﻛﻪ ﻧﻤﺎﺩ ﺷﺮﻛﺘﻲ ﺑﺴﺘﻪ ﺑﺎﺷﺪ‪ ،‬ﺁﺧﺮﻳﻦ ﻗﻴﻤﺖ ﺁﻥ ﺭﺍ ﺩﺭ ﺷﺎﺧﺺ ﻣﻨﻈﻮﺭ ‌‬

‫ﺷﺮﻛﺖﻫﺎﻱ ﻣﻨﺘﺨﺐ‬
‫‌‬ ‫ﺷﺎﺧﺺ‬
‫‌‬ ‫‪-2-1-3‬‬

‫ﺩﺭ ﺍﺑﺘﺪﺍﻱ ﻣﺤﺎﺳﺒﺔ ﺷﺎﺧﺺ ﻛﻪ ﺑﺮﺍﻱ ﺍﻭﻟﻴﻦ ﺑﺎﺭ ﺩﺭ ﺟﻬﺎﻥ ﺩﺭ ﺳﻮﻡ ﺟﻮﻻﻱ ‪ 1884‬ﺗﻮﺳﻂ ﺷﺮﻛﺖ ﺩﺍﻭﺟﻮﻧﺰ ‪ 2‬ﺩﺭ‬
‫‪P‬‬ ‫‪P8F‬‬

‫ﺁﻣﺮﻳﻜﺎ ﺻﻮﺭﺕ ﮔﺮﻓﺖ‪ ،‬ﻣﺸﻜﻼﺕ ﻣﺤﺎﺳﺒﺎﺕ ﻛﻪ ﺩﺭ ﺁﻥ ﺯﻣﺎﻥ ﺑﻪ ﺻﻮﺭﺕ ﺩﺳﺘﻲ ﺍﻧﺠﺎﻡ ﻣﻲ ‌ﺷﺪ‪ ،‬ﻃﺮﺍﺣﺎﻥ ﺷﺎﺧﺺ‬

‫ﺑﺪﻳﻦﺕﺭﺗﻴﺐ ﺍﻭﻟﻴﻦ ﺷﺎﺧﺺ ﻃﺮﺍﺣﻲ ﺷﺪﻩ ﻛﻪ ﻣﻴﺎﻧﮕﻴﻦ‬

‫‌‬ ‫ﺭﺍ ﻭﺍﺩﺍﺭ ﺑﻪ ﮔﺰﻳﻨﺶ ﺗﻌﺪﺍﺩ ﻣﺤﺪﻭﺩﻱ ﺷﺮﻛﺖ ﻣﻲ ‌ﻛﺮﺩ‪.‬‬

‫ﺻﻨﻌﺘﻲ ﺩﺍﻭﺟﻮﻧﺰ ‪ 3‬ﻧﺎﻡ ﮔﺮﻓﺖ‪ 12 ،‬ﺷﺮﻛﺖ ﺑﺰﺭگ ﺭﺍﻩ ‌ﺁﻫﻦ ﺭﺍ ﺷﺎﻣﻞ ﻣﻲ ‌ﺷﺪ‪ .‬ﺍﻣﺮﻭﺯﻩ ﻧﻴﺰ ﻫﺮ ﭼﻨﺪ ﺩﺭ ﺑﺴﻴﺎﺭﻱ ﺍﺯ‬
‫‪P‬‬ ‫‪P9F‬‬

‫ﺑﻮﺭﺱﻫﺎﻱ ﺟﻬﺎﻥ ﺷﺎﺧﺺ ‌ﻫﺎﻱ ﻓﺮﺍﮔﻴﺮ ‪ 4‬ﻃﺮﺍﺣﻲ ﻭ ﻣﺤﺎﺳﺒﻪ ﻣﻲ ‌ﺷﻮﻧﺪ‪ ،‬ﻭﻟﻲ ﺷﺎﺧﺺ ‌ﻫﺎﻱ ﺷﺮﻛﺖ ‌ﻫﺎﻱ ﻣﻨﺘﺨﺐ‬
‫‪P‬‬ ‫‪P10F‬‬ ‫‌‬

‫ﻧﻴﺰ ﺣﺠﻢ ﻗﺎﺑﻞ ‌ﺗﻮﺟﻬﻲ ﺍﺯ ﺁﻣﺎﺭ ﺗﻬﻴﻪ ﺷﺪﻩ ﺗﻮﺳﻂ ﺩﺳﺖ ‌ﺍﻧﺪﺭﻛﺎﺭﺍﻥ ﺑﺎﺯﺍﺭ ﺱﺭ ﻣﺎﻳﻪ ﺭﺍ ﺑﻪ ﺧﻮﺩ ﺍﺧﺘﺼﺎﺹ ﻣﻲ ‌ﺩﻫﻨﺪ‪.‬‬

‫ﺩﺭ ﺍﻳﻦ ﻣﻴﺎﻥ ﻣﻲ ‌ﺗﻮﺍﻥ ﺑﻪ ‪ ISE National-50 ، ISE National-30‬ﻭ ‪ ISE National-100‬ﻛﻪ ﺗﻮﺳﻂ‬

‫ﺑﻮﺭﺱ ﺍﺳﺘﺎﻧﺒﻮﻝ ﺗﻬﻴﻪ ﻣﻲ ‌ﺷﻮﻧﺪ ﻭ ﺑﻪ ﺗﺮﺗﻴﺐ ‪ 50 ،30‬ﻭ ‪ 100‬ﺷﺮﻛﺖ ﻣﻨﺘﺨﺐ ﺭﺍ ﺩﺭ ﺑﺮﺩﺍﺭﻧﺪ‪ FT-SE100 ،‬ﻛﻪ‬

‫ﺗﻮﺳﻂ ﺭﻭﺯﻧﺎﻡ ﺓ ﻓﺎﻳﻨﺸﻨﺎﻝ ﺗﺎﻳﻤﺰ ‪ 5‬ﻭ ﺑﻮ ﺭﺱ ﻟﻨﺪﻥ ﻣﺤﺎﺳﺒﻪ ﻣﻲ ‌ﺷﻮﺩ ﻭ ‪ 100‬ﺷﺮﻛﺖ ﻣﻨﺘﺨﺐ ﺑﻮﺭﺱ ﻟﻨﺪﻥ ﺭﺍ‬
‫‪P‬‬ ‫‪P1F‬‬

‫ﺷﺎﻣﻞ ﻣﻲ ‌ﺷﻮﺩ ﻭ ﻧﻴﺰ ‪ KOSPI200‬ﻛﻪ ﺗﻮﺳﻂ ﺑﻮﺭﺱ ﻛﺮﻩ ﺗﻬﻴﻪ ﻣﻲ ‌ﺷﻮﺩ ﻭ ﻣﺸﺘﻤﻞ ﺑﺮ ‪ 200‬ﺷﺮﻛﺖ ﻣﻨﺘﺨﺐ‬

‫ﺷﺎﺧﺺﻫﺎﻱ ﻣﺸﺎﺑﻪ ﺭﺍ ﻧﻴﺰ ﺍﺯ ﻧﻈﺮ ﮔﺬﺭﺍﻧﺪ‪.‬‬

‫‌‬ ‫ﺑﻮﺭﺱ ﻛﺮﻩ ﺍﺳﺖ‪ ،‬ﺍﺷﺎﺭﻩ ﻛﺮﺩ ﻭ ﺑﺴﻴﺎﺭﻱ ﺩﻳﮕﺮ ﺍﺯ‬

‫‪1‬‬
‫‪Investment trust‬‬
‫‪2‬‬
‫‪Dow Jones‬‬
‫‪3‬‬
‫‪Dow Jones Industrial Average‬‬
‫‪4‬‬
‫‪All Share Indices‬‬
‫‪5‬‬
‫‪Financial Times‬‬

‫‪6‬‬
 ‫ﺑﻮﺭﺱ ﺗﻬﺮﺍﻥ ﻧﻴﺰ ﺍﻗﺪﺍﻡ ﺑﻪ ﻣﺤﺎﺳﺒﺔ ﺷﺎﺧﺺ ﻗﻴﻤﺖ ‪ 50‬ﺷﺮﻛﺖ ﻓﻌﺎﻝ ‌ﺗﺮ ﺑﻪ ﺩﻭ ﺷﻴﻮﺓ ﺳﺎﺩﻩ ﻭ ﻣﻴﺎﻧﮕﻴﻦ ﻣﻮﺯﻭﻥ‬

‫ﺑﻮﺭﺱﻫﺎﻱ ﺟﻬﺎﻥ ﻣﻴﺰﺍﻥ ﺣﺠﻢ ﺳﺮﻣﺎﻳﻪ ‪‌ 1‬‬

‫ﺁﻥﻫﺎ ﺍﺳﺖ‪،‬‬ ‫‪P‬‬ ‫‪P12F‬‬ ‫‌‬ ‫ﻣﻲﻧﻤﺎﻳﺪ‪ .‬ﻣﻼﻙ ﺍﺻﻠﻲ ﺍﻧﺘﺨﺎﺏ ﺷﺮﻛﺖ‌ﻫﺎﻱ ﻣﺰﺑﻮﺭ ﺩﺭ ﺍﻛﺜﺮ‬
‫‌‬
‫‪2‬‬
‫ﻧﻴﺰ ﺑﺎ ﺁﻥ ﻫﻤﺮﺍﻩ ﺍﺳﺖ ‪ .‬ﺩﺭ ﺍﻳﻦ ﻣﻴﺎﻥ ﺑﻮﺭﺱ ﺗﻬﺮﺍﻥ ﻣﻴﺰﺍﻥ‬ ‫‪P‬‬ ‫‪P13F‬‬ ‫ﻫﺮ ﭼﻨﺪ ﻗﻴﻮﺩﻱ ﻫﻤﭽﻮﻥ ﻣﻴﺰﺍﻥ ﻧﻘﺪﺷﻮﻧﺪﮔﻲ‬

‫ﻧﻤﺎﮔﺮ ﻣﺰﺑﻮﺭ ﺭﺍ ﺷﺎﺧﺺ‬ ‫ﺩﺭ ﻧﻈﺮ ﮔﺮﻓﺘﻪ ﺍﺳﺖ ﻭ ﺍﺯ ﻫﻤﻴﻦ ﺭﻭﻱ ﻧﺎﻡ‬ ‫ﻧﻘﺪﺷﻮﻧﺪﮔﻲ ﺭﺍ ﺑﻪ ﻋﻨﻮﺍﻥ ﻣﻌﻴﺎﺭ ﺍﺻﻠﻲ‬

‫ﻗﻴﻤﺖ‪ 50‬ﺷﺮﻛﺖ ﻓﻌﺎﻟﺘﺮ ﻭ ﻧﻪ ﺑﺮﺗﺮ‪ ،‬ﻧﻬﺎﺩﻩ ﺍﺳﺖ‪.‬‬

‫ﺷﺎﺧﺺﻫﺎﻱ ﻣﺮﻛﺐ‬
‫‌‬ ‫‪-3-1-3‬‬

‫ﺷﺎﺧﺺﻫﺎﻱ ﻣﺮﻛﺐ ﻳﺎ ﻛﻞ ﺑﻪ ﻣﻨﻈﻮﺭ ﻧﻤﺎﮔﺮﻱ ﻛﻞ ﺑﺎﺯﺍﺭ ﺳﻬﺎﻡ ﻃﺮﺍﺣﻲ ﻣﻲ ‌ﺷﻮﻧﺪ ﻭ ﺍﻏﻠﺐ ﻗﻴﻤﺖ ﻭ ﺩﺭﺁﻣﺪ ﻛﻞ ﺭﺍ‬
‫‌‬

‫ﺷﺎﺧﺺﻫﺎﻱ ﻣﺮﻛﺐ ﻣﻌﻤﻮﻻً ﻓﺮﺍﮔﻴﺮﻧﺪ ﻭ ﻣﺸﺘﻤﻞ ﺑﺮ ﺗﻤﺎﻡ‬

‫‌‬ ‫ﺑﻪ ﻋﻨﻮﺍﻥ ﭘﺎﺭﺍﻣﺘﺮ ﻣﻮﺭﺩ ﺑﺮﺭﺳﻲ ﭘﻴﺶ ﺭﻭﻱ ﺧﻮﺩ ﺩﺍﺭﻧﺪ ‪.‬‬

‫ﻣﻲﺷﻮﻧﺪ‪ ،‬ﻫﺮ ﭼﻨﺪ ﺍﻏﻠﺐ ﻗﻴﻮﺩﻱ ﺷﺎﻣﻞ ﻧﻘﺪﺷﻮﻧﺪﮔﻲ ﻳﺎ ﻣﻮﺿﻮﻋﻴﺖ ﻓﻌﺎﻟﻴﺖ‬

‫ﺷﺮﻛﺖﻫﺎﻱ ﭘﺬﻳﺮﻓﺘﻪ ﺷﺪﻩ ﺩﺭ ﺑﻮﺭﺱ ‌‬
‫‌‬

‫ﺷﺎﺧﺺﻫﺎﻱ ﻣﺮﻛﺐ ﺑﻮﺭﺱ ‌ﻫﺎﻱ ﻧﻴﻮﻳﻮﺭﻙ ﻭ ﺍﺳﺘﺎﻧﺒﻮﻝ ﻛﻪ ﺑﻪ ﺗﺮﺗﻴﺐ ﺑﺎ‬

‫‌‬ ‫ﺷﺮﻛﺖﻫﺎ‪ ،‬ﺁﻥ ‌ﻫﺎ ﺭﺍ ﻣﺤﺪﻭﺩ ﻣﻲ ‌ﻛﻨﻨﺪ‪.‬‬
‫‌‬

‫ﻧﻤﺎﺩ ‪ NYA‬ﻭ ‪ ISE National – All Shares‬ﻣﻌﺮﻓﻲ ﺷﻮﻧﺪ ﺗﻤﺎﻡ ﺷﺮﻛﺖ ‌ﻫﺎﻱ ﺑﻮﺭﺱ ﺧﻮﺩ ﺭﺍ ﺑﻪ ﺟﺰ‬

‫‌ﻫﺎﻱ ﺧﺎﺭﺟﻲ ﺭﺍ ﺩﺭ ﺍﻳﻦ‬ ‫ﺷﺮﻛﺖﻫﺎﻱ ﺳﺮﻣﺎﻳﻪ ‌ﮔﺬﺍﺭﻱ‪ ،‬ﺩﺭ ﺑﺮﺩﺍﺭﻧﺪ ﺑﺎ ﺍﻳﻦ ﺗﻔﺎﻭﺕ ﻛﻪ ﺑﻮﺭﺱ ﺍﺳﺘﺎﻧﺒﻮﻝ ﺷﺮﻛﺖ‬
‫‌‬

‫ﺷﺎﺧﺺ ﻟﺤﺎﻅ ﻧﻤﻲ ‌ﻛﻨﺪ ﻭﻟﻲ ﺑﻮﺭﺱ ﻧﻴﻮﻳﻮﺭﻙ ﺷﺮﻛﺖ ‌ﻫﺎﻱ ﺩﺍﺧﻠﻲ ﻭ ﺧﺎﺭﺟﻲ ﺭﺍ ﺩﺭ ﺷﺎﺧﺺ ﻣﺰﺑﻮﺭ‪ ،‬ﻣﻨﻈﻮﺭ‬

‫ﻣﻲﻧﻤﺎﻳﺪ‪ .‬ﺑﻮﺭﺱ ﺁﺗﻦ ﻧﻴﺰ ﺑﺮﺍﻱ ﺗﺎﻻﺭ ﺍ ﺻﻠﻲ ‪ 3‬ﻭ ﻓﺮﻋﻲ ‪ 4‬ﺧﻮﺩ ﺍﻗﺪﺍﻡ ﺑﻪ ﻃﺮﺍﺣﻲ ﺷﺎﺧﺺ ﻣﺮﻛﺐ ﻛﺮﺩﻩ ﺍﺳﺖ ﻛﻪ ﺩﺭ‬
‫‪P‬‬ ‫‪P15F‬‬ ‫‪P‬‬ ‫‪P14F‬‬ ‫‌‬

‫ﺍﻭﻟﻲ ‪ 60‬ﺷﺮﻛﺖ ﺑﺰﺭگ‌ﺗﺮ ﺩﺭ ﺩﻭﻣﻲ ‪ 40‬ﺷﺮﻛﺖ ﺑﺰﺭگ‌ﺗﺮ ﻫﺮ ﺗﺎﻻﺭ ﺣﻀﻮﺭ ﺩﺍﺭﻧﺪ ‪ .‬ﺷﺎﺧﺺ ﻣﺮﻛﺐ ﺑﻮﺭﺱ ﻛﺮﻩ ﻛﻪ‬

‫ﺷﺮﻛﺖﻫﺎﻱ ﺑﻮﺭﺱ ﻛﺮﻩ ﺭﺍ ﺩﺭ ﺑﺮﻣﻲ ‌ﮔﻴﺮﺩ‪ .‬ﻧﻜﺘﻪ‬

‫‌‬ ‫ﺑﺎ ﻧﻤﺎﺩ ‪ KOSPI‬ﺷﻨﺎﺧﺘﻪ ﻣﻲ ‌ﺷﻮﺩ‪ ،‬ﻧﻴﺰ ﻓﺮﺍﮔﻴﺮ ﺍﺳﺖ ﻭ ﻛﻠﻲ ﺓ‬

‫‪1‬‬
‫‪Capital‬‬
‫‪2‬‬
‫‪Liquidity‬‬
‫‪3‬‬
‫‪Main Market‬‬
‫‪4‬‬
‫‪Parallel Market‬‬

‫‪7‬‬
‫ﻗﺎﺑﻞ ﺗﻮﺟﻪ ﺩﺭ ﻃﺮﺍﺣﻲ ﻭ ﻣﺤﺎﺳﺒﺔ ﺷﺎﺧﺺ ‌ﻫﺎﻱ ﻣﺮﻛﺐ ﻋﺪﻡ ﺣﻀﻮﺭ ﺷﺮﻛﺖ ‌ﻫﺎﻱ ﺳﺮﻣﺎﻳﻪ ‌ﮔﺬﺍﺭﻱ ﺩﺭ ﻣﺤﺎﺳﺒﻪ‬

‫ﺷﺎﺧﺺ ﻣﺰﺑﻮﺭ ﺩﺭ ﺑﻮﺭﺱ ‌ﻫﺎﻱ ﭘﻴﺸﺮﻓﺘﻪ‌ﺍﻱ ﻫﻤﭽﻮﻥ ﺑﻮﺭﺱ ﻧﻴﻮﻳﻮﺭﻙ ﺍﺳﺖ ‪ .‬ﺍﻳﻦ ﺍﻣﺮ ﺩﺭ ﺑﻮﺭﺱ ﻧﻴﻮﻳﻮﺭﻙ ﺍﺯ ﺳﺎﻝ‬

‫‪ 2003‬ﻣﻴﻼﺩﻱ ﻭ ﭘﺲ ﺍﺯ ﺍﻧﺠﺎﻡ ﺍﺻﻼﺣﺎﺗﻲ ﺩﺭ ﺷﺎﺧﺺ ‪ NYA‬ﺻﻮﺭﺕ ﮔﺮﻓﺖ ﻭ ﺗﺎ ﭘﻴﺶ ﺍﺯ ﺁﻥ ﺷﺮﻛﺖ ‌ﻫﺎﻱ‬

‫ﻣﻲﺗﻮﺍﻥ‬
‫ﺭﺍ ‌‬ ‫ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﻧﻴﺰ ﺩﺭ ﺷﺎﺥ ﺹ ﻣﺰﺑﻮﺭ ﮔﻨﺠﺎﻧﺪﻩ ﻣﻲ ‌ﺷﺪﻧﺪ‪ .‬ﻋﻠﺖ ﺍﺻﻠﻲ ﺍﻧﺠﺎﻡ ﭼﻨﻴﻦ ﺍﺻﻼﺣﻲ‬
‫‌‬
‫‪1‬‬
‫ﺷﺮﻛﺖﻫﺎ ﺩﺍﻧﺴﺖ‪ .‬ﭼﻨﻴﻦ ﺍﻧﺘﻘﺎﺩﻱ ﺗﻮﺳﻂ ﻣﻨﺘﻘﺪﺍﻥ ﺑﺮ‬
‫‌‬ ‫‪P‬‬ ‫‪P16F‬‬ ‫ﺟﻠﻮﮔﻴﺮﻱ ﺍﺯ ﺑﺮﻭﺯ ﺍﺣﺘﺴﺎﺏ ﻣﻀﺎﻋﻒ ﻣﺎﻟﻜﻴﺖ ﻣﺘﻘﺎﻃﻊ‬

‫ﭘﺎﺭﻩﺍﻱ‬
‫ﺷﺎﺧﺺ ﻛﻞ ﻗﻴﻤﺖ ﺑﻮﺭﺱ ﺗﻬﺮﺍﻥ ﻧﻴﺰ ﻛﻪ ﻛﻠﻴﻪ ﺷﺮﻛﺖ ‌ﻫﺎﻱ ﭘﺬﻳﺮﻓﺘﻪ ﺷﺪﻩ ﺭﺍ ﺩﺭ ﺑﺮﺩﺍﺭﺩ‪ ،‬ﻭﺍﺭﺩ ﺷﺪﻩ ﺍﺳﺖ ‪‌ .‬‬

‫ﺏ ﺍﻳﻦ ﺑﺎﻭﺭﻧﺪ ﻛﻪ ﻣﺎﻟﻜﻴﺖ ﻣﺘﻘﺎﻃﻊ ﺷﺮﻛﺖ ‌ﻫﺎ ﻛﻪ ﺍﻏﻠﺐ ﺑﺎ ﺗﻤﻠﻚ ﺑﺴﻴﺎﺭﻱ ﺍﺯ ﺷﺮﻛﺖ ‌ﻫﺎ ﺑﻪ ﻭﺳﻴﻠﺔ‬
‫ﺍﺯ ﻣﻨﺘﻘﺪﺍﻥ ﺭ‬

‫ﺷﺮﻛﺖﻫﺎﻱ ﺳﺮﻣﺎﻳﻪ ‌ﮔﺬﺍﺭﻱ ﺻﻮﺭﺕ ﻣﻲ ‌ﭘﺬﻳﺮﺩ‪ ،‬ﺳﺒﺐ ﺍﺣﺘﺴﺎﺏ ﻣﻀﺎﻋﻒ ﺳﺮﻣﺎﻳﻪ ﺷﺮﻛﺖ ‌ﻫﺎﻱ ﻣﺰﺑﻮﺭ ﺩﺭ ﺷﺎﺧﺺ‬
‫‌‬

‫ﻣﻲﮔﺮﺩﺩ‪.‬‬
‫‌‬

‫ﺷﺎﺧﺺ ﺗﺎﻻﺭﻫﺎ‬
‫‌‬ ‫‪-4-1-3‬‬

‫ﻳﺎ ﺗﺎﻻﺭ ﺍﺻﻠﻲ ‪ 3‬ﺍﻗﺪﺍﻡ ﺑﻪ ﺗﺎﺳﻴﺲ ﻭ ﺭﺍﻩ ‌ﺍﻧﺪﺍﺯﻱ ﺗﺎﻻﺭ ﻓﺮﻋﻲ ‪ 4‬ﻧﻴﺰ‬
‫‪P‬‬ ‫‪P19F‬‬ ‫‪P‬‬ ‫‪P18F‬‬
‫‪2‬‬
‫‪P‬‬ ‫‪P17F‬‬ ‫ﺑﺴﻴﺎﺭﻱ ﺍﺯ ﺑﻮﺭﺱ ‌ﻫﺎ ﺍﻓﺰﻭﻥ ‌ﺑﺮ ﺑﺎﺯﺍﺭ ﺍﺻﻠﻲ‬

‫ﻧﻤﻮﺩﻩﺍﻧﺪ‪ .‬ﺩﺭ ﺗﺎﻻﺭ ﻓﺮﻋﻲ ﺷﺮﻛﺖ ‌ﻫﺎﻱ ﺗﺎﺯﻩ ﻭﺍﺭﺩ ﻳﺎ ﺷﺮﻛﺖ ‌ﻫﺎﻳﻲ ﻛﻪ ﺷﺮﺍﻳﻂ ﺣﻀﻮﺭ ﺩﺭ ﺗﺎﻻﺭ ﺍﺻﻠﻲ ﺭﺍ ﻧﺪﺍﺭﻧﺪ‪،‬‬
‫‌‬

‫ﻣﻌﺎﻣﻠﻪ ﻣﻲ ‌ﺷﻮﻧﺪ‪ .‬ﺍﺯ ﺳﻮﻱ ﺩﻳﮕﺮ ﭘﺎﺭﻩ ‌ﺍﻱ ﺍﺯ ﺑﻮﺭﺱ ‌ﻫﺎ ﺍﺯ ﺟﻤﻠﻪ ﺑﻮﺭﺱ ﺍﺳﺘﺎﻧﺒﻮﻝ ﺍﻗﺪﺍﻡ ﺑﻪ ﺗﺎﺳﻴﺲ ﺑﻮﺭﺱ ‌ﻫﺎﻱ‬
‫‪6‬‬
‫ﻛﺮﺩﻩﺍﻧﺪ ﻭ ﺑﺪﻳﻦ ‌ﺗﺮﺗﻴﺐ ﺑﺨﺸﻲ ﺍﺯ ﺷﺮﻛﺖ ‌ﻫﺎﻱ ﺧﻮﺩ ﺭﺍ ﺩﺭ ﺍﻳﻦ ﺑﺎﺯﺍﺭ‬
‫‌‬ ‫ﻣﺤﻠﻲ‪ 5‬ﻭ ﻧﻴﺰ ﺑﺎﺯﺍﺭ ﺷﺮﻛﺖ ‌ﻫﺎﻱ ﺗﺎ ﺯﻩ ﻭﺍﺭﺩ‬
‫‪P‬‬ ‫‪P21F‬‬ ‫‪P‬‬ ‫‪P20F‬‬

‫ﺩﺍﺩﻭﺳﺘﺪ ﻣﻲ‌ﻛﻨﻨﺪ‪ .‬ﺑﻮﺭﺱ ﺗﻬﺮﺍﻥ ﻧﻴﺰ ﭼﻨﺪﻱ ﺍﺳﺖ ﻛﻪ ﺍﻗﺪﺍﻡ ﺑﻪ ﺭﺍﻩ ‌ﺍﻧﺪﺍﺯﻱ ﺗﺎﻻﺭ ﻓﺮﻋﻲ ﻛﺮﺩﻩ ﺍﺳﺖ ﻭ ﺑﻮﺭﺱ ‌ﻫﺎﻱ‬

‫‪1‬‬
‫‪Cross Ownership‬‬
‫‪2‬‬
‫‪Main Market‬‬
‫‪3‬‬
‫‪First Floor‬‬
‫‪4‬‬
‫‪Second Floor‬‬
‫‪5‬‬
‫‪Regional Market‬‬
‫‪6‬‬
‫‪New Companies Market‬‬

‫‪8‬‬
‫ﻧﻤﻮﺩﻩﺍﻧﺪ‪ .‬ﺑﻪ ﻫﺮ ﺭﻭﻱ ﺑﻮﺭﺱ‌ﻫﺎﻳﻲ ﻛﻪ ﺗﺎﻻﺭﻫﺎﻳﻲ ﺍﻓﺰﻭﻥ ﺑﺮ ﺗﺎﻻﺭ ﺍﺻﻞﻱ ﺩﺍﺭﻧﺪ‪،‬‬
‫‌‬ ‫ﻣﻨﻄﻘﻪﺍﻱ ﺁﻥ ﻧﻴﺰ ﺷﺮﻭﻉ ﺑﻪ ﻓﻌﺎﻟﻴﺖ‬
‫‌‬

‫ﺑﺮﺍﻱ ﻫﺮ ﺗﺎﻻﺭ ﺧﻮﺩ ﺷﺎﺧﺺ ﺟﺪﺍﮔﺎﻧﻪ‌ﺍﻱ ﻃﺮﺍﺣﻲ ﻭ ﻣﺤﺎﺳﺒﻪ ﻣﻲ‌ﻛﻨﻨﺪ‪ .‬ﺷﺎﺧﺺ ﺗﺎﻻﺭﻫﺎ ﻫﻤﮕﻲ ﺍﺯ ﻓﺮﻣﻮﻝ ﻭﺍﺣﺪﻱ‬

‫ﭘﻴﺮﻭﻱ ﻣﻲ‌ﻛﻨﻨﺪ ﻭ ﺑﺎ ﺷﻴﻮﺓ ﻳﻜﺴﺎﻧﻲ ﺗﻌﺪﻳﻞ ﻣﻲ ‌ﺷﻮﻧﺪ ﻭ ﺗﻨﻬﺎ ﺗﻔﺎﻭﺕ ﺁﻧﻬﺎ ﺩﺭ ﺷﺮﻛﺖ ‌ﻫﺎﻳﻲ ﺍﺳﺖ ﻛﻪ ﺩﺭ ﺷﺎﺧﺺ‬

‫ﻟﺤﺎﻅ ﻣﻲ ‌ﮔﺮﺩﻧﺪ‪ .‬ﺩﺭ ﺍﻳﻦ ﻣﻴﺎﻥ ﭘﺎﺭﻩ ‌ﺍﻱ ﺍﺯ ﺑﻮﺭﺱ ‌ﻫﺎ ﻫﻤﭽﻮﻥ ﺑﻮﺭﺱ ﺗﻮﻛﻴﻮ ‪ ،‬ﺍﺳﺘﺎﻧﺒﻮﻝ ﻭ ﻧﻴﺰ ﺑﻮﺭﺱ ﺗﻬﺮﺍﻥ ﻛﻠﻲﺓ‬

‫ﺷﺮﻛﺖﻫﺎﻱ ﺗﺎﻻﺭ ﻓﺮﻋﻲ ﺧﻮﺩ ﺭﺍ ﺩﺭ ﺷﺎﺧﺺ ﻣﺮﺑﻮﻃﻪ ﻣﻨﻈﻮﺭ ﻣﻲ ‌ﻛﻨﻨﺪ ﻭ ﺑﻮﺭﺱ ‌ﻫﺎﻳﻲ ﻫﻤﭽﻮﻥ ﺑﻮﺭﺱ ﺁﺗﻦ ﺗﻨﻬﺎ‬
‫‌‬

‫ﻣﻲﺩﻫﻨﺪ‪.‬‬
‫‪ 40‬ﺷﺮﻛﺖ ﺑﺰﺭﮔﺘﺮ ﺭﺍ ﺩﺭ ﺷﺎﺧﺺ ﻣﺰﺑﻮﺭ ﻗﺮﺍﺭ ‌‬

‫‪ -2-3‬ﭘﺎﺭﺍﻣﺘﺮ ﻣﻮﺭﺩ ﺑﺮﺭﺳﻲ‬

‫ﺷﺎﺧﺺﻫﺎﻱ ﺑﻮﺭﺱ ﺑﻪ ﻃﻮﺭ ﻣﻌﻤﻮﻝ ﺩﻭ‬

‫‌‬ ‫ﭘﺎﺭﺍﻣﺘﺮ ﻣﻮﺭﺩ ﺑﺮﺭﺳﻲ ﻳﻜﻲ ﺩﻳﮕﺮ ﺍﺯ ﺍﺟﺰﺍﻱ ﺑﻨﻴﺎﺩﻳﻦ ﻫﺮ ﺷﺎﺧﺺ ﺍﺳﺖ ‪.‬‬
‫‪2‬‬
‫‪P‬‬ ‫ﻣﻲﺩﻫﻨﺪ‪ ،‬ﻛﻪ ﺑﻪ ﺗﺮﺗﻴﺐ ﺷﺎﺧﺺ ﻗﻴﻤﺖ‪ 1‬ﻭ ﺷﺎﺧﺺ ﺑﺎﺯﺩﺓ ﻛﻞ‬
‫‪P23F‬‬ ‫‪P‬‬ ‫‪P2F‬‬ ‫ﭘﺎﺭﺍﻣﺘﺮ ﻗﻴﻤﺖ ﻭ ﺩﺭﺁﻣﺪ ﻛﻞ ﺭﺍ ﻣﻮﺭﺩ ﺑﺮﺭﺳﻲ ﻗﺮﺍﺭ ‌‬

‫ﻧﺎﻡ ﮔﺮﻓﺘﻪ‌ﺍﻧﺪ‪ .‬ﺑﻌﻀﻲ ﺍﺯ ﺑﻮﺭﺱ ‌ﻫﺎ ﺑﻪ ﻃﺮﺍﺣﻲ ﻭ ﻣﺤﺎﺳﺒﻪ ﺷﺎﺧﺺ ﺑﺎﺯﺩ ﺓ ﻧﻘﺪﻱ‪ 3‬ﻧﻴﺰ ﻣﻲ‌ﭘﺮﺩﺍﺯﻧﺪ ﻛﻪ ﭘﺎﺭﺍﻣﺘﺮ ﻣﻮﺭﺩ‬
‫‪P‬‬ ‫‪P24F‬‬

‫ﺑﺮﺭﺳﻲ ﺁﻥ‪ ،‬ﻣﻴﺰﺍﻥ ﺑﺎﺯﺩﺓ ﻧﻘﺪﻱ ﭘﺮﺩﺍﺧﺘﻲ ﺷﺮﻛﺖ ﻫﺎﻱ ﻣﺶﻣﻮﻝ ﺷﺎﺧﺺ ﺍﺳﺖ ‪.‬‬

‫ﺷﺎﺧﺺ ﻗﻴﻤﺖ‬
‫‌‬ ‫‪-1-2-3‬‬

‫ﺷﺎﺧﺺ ﻗﻴﻤﺖ‪ ،‬ﻧﻤﺎﮔﺮ ﺭﻭﻧﺪ ﻋﻤﻮﻣﻲ ﻗﻴﻤﺖ ﺷﺮﻛﺖ ‌ﻫﺎﻱ ﻣﺸﻤﻮﻝ ﺷﺎﺧﺺ ﺍﺳﺖ ﻭ ﺗﻐﻴﻴﺮﺍﺕ ﺳﻄﺢ ﻋﻤﻮﻣﻲ‬

‫ﺑﻮﺭﺱﻫﺎﻱ ﻣﻌﺘﺒﺮ ﺑﻪ ﻣﺤﺎﺳﺒﺔ ﺍﻳﻦ ﺷﺎﺧﺺ ﻣﻲ ‌ﭘﺮﺩﺍﺯﻧﺪ ﻭ‬

‫‌‬ ‫ﻗﻴﻤﺖﻫﺎ ﺭﺍ ﻧﺴﺒﺖ ﺑﻪ ﺗﺎﺭﻳﺦ ﻣﺐﺩﺃ ﻧﺸﺎﻥ ﻣﻲ‌ﺩﻫﺪ‪ .‬ﻛﻠﻴﺔ‬
‫‌‬

‫ﺷﻴﻮﻩﻫﺎﻱ ﻣﺸﺎﺑﻬﻲ ﺑﺮﺍﻱ ﻣﺤﺎﺳﺒﻪ ﻭ ﺗﻌﺪﻳﻞ ﺁﻥ پﻳﺮﻭﻱ ﻣﻲ ‌ﻛﻨﻨﺪ‪.‬‬

‫‌‬ ‫ﺍﻛﺜﺮﺍً ﺍﺯ‬

‫‪1‬‬
‫‪Price Index‬‬
‫‪2‬‬
‫‪Total Return Index‬‬
‫‪3‬‬
‫‪Dividend Index‬‬

‫‪9‬‬
 ‫ﺷﺎﺧﺺ ﺑﺎﺯﺩﺓ ﻧﻘﺪﻱ‬
‫‌‬ ‫‪-2-2-3‬‬

‫ﺷﺎﺧﺺ ﺑﺎﺯﺩﺓ ﻧﻘﺪﻱ‪ ،‬ﻧﺸﺎﻥ ‌ﺩﻫﻨﺪﺓ ﺳﻄﺢ ﻋﻤﻮﻣﻲ ﺭﻭﻧﺪ ﺑﺎﺯﺩﺓ ﻧﻘﺪﻱ ﭘﺮﺩﺍﺧﺘﻲ ﺷﺮﻛﺖ ‌ﻫﺎﻱ ﻣﻠﺤﻮﻅ ﺩﺭ ﺷﺎﺧﺺ‬

‫ﺻﺮﻑﻧﻈﺮ ﻣﻲ ‌ﻙﻥﻧﺪ ﻭ ﺍﺛﺮ ﺑﺎﺯﺩﺓ ﻧﻘﺪﻱ ﺭﺍ ﺩﺭ ﺷﺎﺧﺺ‬

‫‌‬ ‫ﺍﺳﺖ‪ .‬ﺑﺴﻴﺎﺭﻱ ﺍﺯ ﺑﻮﺭﺱ ‌ﻫﺎ ﺍﺯ ﻣﺤﺎﺳﺒﺔ ﺷﺎﺧﺺ ﻣﺰﺑﻮﺭ‬

‫ﻣﻲﻧﻤﺎﻳﻨﺪ‪ .‬ﺍﻳﻦ ﺷﺎﺧﺺ ﺩﺭ ﺑﻮﺭﺱ ﺗﻪﺭﺍﻥ ﺑﺎ ﻧﺎﻡ ﺗﺪﻳﻜﺲ ﻣﺤﺎﺳﺒﻪ ﻣﻲ‌ﺷﻮﺩ‪.‬‬

‫ﺩﺭﺁﻣﺪ ﻛﻞ ﻟﺤﺎﻅ ‌‬

‫ﺷﺎﺧﺺ ﺩﺭﺁﻣﺪ ﻛﻞ‬

‫‌‬ ‫‪-3-2-3‬‬

‫ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﺍﻥ ﺩﺭ ﺑﻮﺭﺱ ﺍﺯ ﺩﻭ ﻣﺤﻞ ﺍﻓﺰﺍﻳﺶ ﻗﻴﻤﺖ ﺳﻬﺎﻡ ﻭ ﻧﻴﺰ ﺩﺭﻳﺎﻓﺖ ﺳﻮﺩﻧﻘﺪﻱ‪ ،‬ﺍﺯ ﺧﺮﻳﺪ ﺳﻬﺎﻡ ﻣﻨﺘﻔﻊ‬
‫‌‬

‫ﻣﻲﺷﻮﻧﺪ‪ .‬ﺷﺎﺧﺺ ﻗﻴﻤﺖ ﺗﻨﻬﺎ ﻣﻲ ‌ﺗﻮﺍﻧﺪ ﺑﻴﺎﻧﮕﺮ ﺳﻮﺩ ﻭ ﺯﻳﺎﻥ ﻛﻠﻲ ﺑﺎﺯﺍﺭ ﺍﺯ ﻧﺎﺣﻴﺔ ﺗﻐﻴﻴﺮﺍﺕ ﻗﻴﻤﺖ ﺳﻬﺎﻡ ﺑﺎﺷﺪ ﻭ‬
‫‌‬

‫ﭘﺮﺩﺍﺧﺖﻫﺎﻱ ﻧﻘﺪﻱ ﻣﻮﺟﺐ ﻛﺎﻫﺶ ﻗﻴﻤﺖ‬

‫‌‬ ‫ﭘﺮﺩﺍﺧﺖﻫﺎﻱ ﻧﻘﺪﻱ ﺭﺍ ﺩﺭ ﻧﻈﺮ ﻧﻤﻲ ‌ﮔﻴﺮﺩ‪ .‬ﺑﺎ ﺗﻮﺟﻪ ﺑﻪ ﺁﻥ ‌ﻛﻪ ﺍﻏﻠﺐ ‪،‬‬
‫‌‬

‫ﻣﻲﺷﻮﺩ‪ ،‬ﺩﺭ ﭼﻨﻴﻦ ﻣﻮﺍﻗﻌﻲ ﻛﺎﻫﺶ ﺷﺎﺧﺺ ﻗﻴﻤﺖ ﻣﻲ ‌ﺗﻮﺍﻧﺪ ﻣﻮﺟﺒﺎﺕ ﮔﻤﺮﺍﻫﻲ ﺳﺮﻣﺎﻳﻪ ‌ﮔﺬﺍﺭﺍﻥ ﺭﺍ ﻓﺮﺍﻫﻢ‬
‫ﺳﻬﺎﻡ ‌‬

‫ﺑﻮﺭﺱﻫﺎﻱ ﺟﻬﺎﻥ ﺍﻗﺪﺍﻡ ﺑﻪ ﻃﺮﺍﺣﻲ ﻭ‬

‫‌‬ ‫ﺁﻭﺭﺩ ﻭ ﻧﮕﺮﺵ ﻧﺎﺩﺭﺳﺘﻲ ﺍﺯ ﺑﺎﺯﺩﻫﻲ ﺑﺎﺯﺍﺭ ﺭﺍ ﺳﺒﺐ ﺷﻮﺩ‪ .‬ﺑﺪﻳﻦ ﻣﻨﻈﻮﺭ ﺍﻏﻠﺐ‬

‫‌ﺍﻧﺪ‪ .‬ﺑﺪﻳﻦ ﺗﺮﺗﻴﺐ‬ ‫ﻣﺤﺎﺳﺒﻪ ﺷﺎﺧﺺ ﺩﺭﺁﻣﺪ ﻛﻞ ﻛﺮﺩﻩ ‌ﺍﻧﺪ ﻭ ﺍﺛﺮﺍﺕ ﺑﺎﺯﺩﻫﻲ ﻧﻘﺪﻱ ﺭﺍ ﻧﻴﺰ ﺩﺭ ﺁﻥ ﻟﺤﺎﻅ ﻧﻤﻮﺩﻩ‬

‫ﺷﺎﺧﺺ ﺩﺭﺁﻣﺪ ﻛﻞ‪ ،‬ﺑﻴﺎﻧﮕﺮ ﺭﻭﻧﺪ ﻋﻤﻮﻣﻲ ﺑﺎﺯﺩﻫﻲ ﺷﺮﻛﺖ ‌ﻫﺎﻱ ﻣﺸﻤﻮﻝ ﺩﺭ ﺷﺎﺧﺺ ﻣﺰﺑﻮﺭ ﺍﺳﺖ ‪ .‬ﺷﺎﺧﺺ ﺩﺭﺁﻣﺪ‬

‫ﻛﻞ ﻣﻌﻤﻮﻻً ﺑﺎ ﻓﺮﻣﻮﻟﻲ ﻣﺸﺎﺑﻪ ﺷﺎﺧﺺ ﻗﻴﻤﺖ ﻣﺤﺎﺳﺒﻪ ﻣﻲ ‌ﺷﻮﺩ ﻭ ﺗﻨﻬﺎ ﺷﻴﻮﺓ ﺗﻌﺪﻳﻞ ﺁﻥ ﻣﺘﻔﺎﻭﺕ ﺍﺳﺖ‪ .‬ﺍﻳﻦ‬

‫ﻣﻲﺷﻮﺩ‪.‬‬
‫ﺷﺎﺧﺺ ﺩﺭ ﺑﻮﺭﺱ ﺗﻬﺮﺍﻥ ﺑﺎ ﻧﺎﻡ ﺷﺎﺧﺺ ﻗﻴﻤﺖ ﻭ ﺑﺎﺯﺩﺓ ﻧﻘﺪﻱ ﻭ ﺑﺎ ﻧﻤﺎﺩ ‪ TEDPIX‬ﻣﺤﺎﺳﺒﻪ ﻭ ﻣﻨﺘﺸﺮ ‌‬

‫‪10‬‬
 ‫ﺭﻭﺵﻫﺎﻱ ﻣﺤﺎﺳﺒﺔ ﺷﺎﺧﺺ‬
‫‌‬ ‫‪–4‬‬

‫ﻫﺮ ﭼﻨﺪ ﺷﺎﺧﺺ ‌ﻫﺎﻱ ﻣﺤﺎﺳﺒﻪ ﺷﺪﻩ ﺩﺭ ﺑﻮﺭﺱ ‌ﻫﺎﻱ ﺟﻬﺎﻥ ﺑﺴﻴﺎﺭ ﻣﺘﻨﻮﻉ ‌ﺍﻧﺪ‪ ،‬ﺍﻣﺎ ﺍﻳﻦ ﺗﻨﻮﻉ ﺑﻴﺶ ﺍﺯ ﺁﻥ ﻛﻪ ﻧﺎﺷﻲ‬

‫ﺁﻥﻫﺎ ﺍﺳﺖ ‪ .‬ﺩﺭ ﺣﻘﻴﻘﺖ ﺭﻭﺵ ‌ﻫﺎﻱ ﻣﺤﺎﺳﺒﺔ ﺷﺎﺧﺺ‪ ،‬ﺑﻪ ‌ﻭﻳﮋﻩ‬
‫ﺍﺯ ﺷﻴﻮﺓ ﻣﺤﺎﺳﺒﻪ ﺑﺎﺷﺪ‪ ،‬ﻣﺮﺑﻮﻁ ﺑﻪ ﺩﺍﻣﻨﺔ ﺷﻤﻮﻝ ‌‬

‫ﺷﺎﺧﺺﻫﺎﻱ ﻗﻴﻤﺘﻲ ﺑﻪ‬

‫‌‬ ‫ﺷﺎﺧﺺ ﻗﻴﻤﺖ ﺑﺴﻴﺎﺭ ﺑﻪ ﻳﻜﺪﻳﮕﺮ ﻣﺸﺎﺑﻪ ‌ﺍﻧﺪ ﻭ ﺗﻨﻬﺎ ﺩﺭ ﺟﺰﺋﻴﺎﺕ ‪ ،‬ﺗﻔﺎﻭﺕ ﺍﻧﺪﻛﻲ ﺩﺍﺭﻧﺪ ‪.‬‬

‫ﻃﻮﺭ ﻛﻠﻲ ﺑﺎ ﺩﻭ ﺭﻭﺵ ﻣﻴﺎﻧﮕﻴﻦ ﺳﺎﺩﻩ ﺣﺴﺎﺑﻲ ﻭ ﻣﻴﺎﻧﮕﻴﻦ ﻭﺯﻧﻲ ﻣﺤﺎﺳﺒﻪ ﻣﻲ ‌ﺷﻮﻧﺪ‪ .‬ﺷﺎﺧﺺ ﺩﺭﺁﻣﺪ ﻛﻞ ﻧﻴﺰ ﺑﻪ‬

‫ﻣﻲﺷﻮﺩ ﻭ ﺗﻨﻬﺎ ﺭﻭﺵ ﺗﻌﺪﻳﻞ ﻣﺘﻔﺎﻭﺗﻲ ﺩﺍﺭﺩ‪.‬‬

‫ﻃﻮﺭ ﻣﻌﻤﻮﻝ ﺑﺎ ﺭﻭﺷﻲ ﻣﺸﺎﺑﻪ ﺷﺎﺧﺺ ﻗﻴﻤﺖ ﻣﺤﺎﺳﺒﻪ ‌‬

‫‪ -1-4‬ﻣﻴﺎﻧﮕﻴﻦ ﺣﺴﺎﺑﻲ ﺳﺎﺩﻩ‬

‫‪1884‬‬ ‫ﺷﺎﺧﺺ ﻗﻴﻤﺖ ﺑﻮﺭﺱ ﺍﻭﻟﻴﻦ ﺑﺎﺭ ﺗﻮﺳﻂ ﺷﺮﻛﺖ ﺩﺍﻭﺟﻮﻧﺰ ﻭ ﺑﺎ ﺭﻭﺵ ﻣﻴﺎﻧﮕﻴﻦ ﺳﺎﺩﻩ ﺣﺴﺎﺑﻲ ﺩﺭ ﺳﺎﻝ‬

‫ﺷﺎﺧﺺﻫﺎﻱ ﻣﻴﺎﻧﮕﻴﻦ ﺳﺎﺩﺓ‬

‫‌‬ ‫ﺷﺎﺧﺺﻫﺎﻱ ﻣﺘﻌﺪﺩ ﺩﻳﮕﺮ‪،‬‬
‫‌‬ ‫ﻣﺤﺎﺳﺒﻪ ﺷﺪ‪ .‬ﺷﺮﻛﺖ ﻣﻌﺘﺒﺮ ﺩﺍﻭﺟﻮﻧﺰ ﻫﻨﻮﺯ ﻫﻢ ﺍﻓﺰﻭﻥ ﺑﺮ‬

‫ﺧﻮﺩ ﺭ ﺍ ﻣﺤﺎﺳﺒﻪ ﻭ ﻣﻨﺘﺸﺮ ﻣﻲ ‌ﻛﻨﺪ‪ .‬ﺍﻳﻦ ﺷﺎﺧﺺ ‌ﻫﺎ ﻛﻪ ﻣﻴﺎﻧﮕﻴﻦ ‌ﻫﺎﻱ ﺩﺍﻭﺟﻮﻧﺰ ‪ 1‬ﻧﺎﻡ ﮔﺮﻓﺘﻪ‌ﺍﻧﺪ‪ ،‬ﺗﻨﻬﺎ ﺍﺯ ﺗﻐﻴﻴﺮﺍﺕ‬
‫‪P‬‬ ‫‪P25F‬‬

‫ﻗﻴﻤﺖ ﻣﺘﺄﺛﺮ ﻣﻲ‌ﺷﻮﻧﺪ ﻭ ﺑﺮ ﺧﻼﻑ ﺩﻳﮕﺮ ﺷﺎﺧﺺ ‌ﻫﺎ‪ ،‬ﺗﻌﺪﺍﺩ ﺳﻬﺎﻡ ﻣﻨﺘﺸﺮﻩ ﺗﺄﺛﻴﺮﻱ ﺑﺮ ﺁﻥ ‌ﻫﺎ ﻧﺪﺍﺭﺩ‪ .‬ﺍﻳﻦ ﺍﻣﺮ ﺑﺎﻋﺚ‬

‫ﻣﻲﺷﻮﺩ ﻛﻪ ﺗﻤﺎﻣﻲ ﺷﺮﻛﺖ ‌ﻫﺎﻱ ﻣﺸﻤﻮﻝ ﭼﻨﻴﻦ ﺷﺎﺧﺺ ‌ﻫﺎﻳﻲ ﺑﺎ ﻣﻴﺰﺍﻥ ﺑﺮﺍﺑﺮﻱ ﺑﺮ ﺷﺎ ﺧﺺ ﺗﺄﺛﻴﺮ ﺑﮕﺬﺍﺭﻧﺪ ﻭ‬
‫‌‬

‫ﺑﺪﻳﻦﺗﺮﺗﻴﺐ ﺍﺛﺮ ﺗﻐﻴﻴﺮﺍﺕ ﻗﻴﻤﺖ ﺷﺮﻛﺖ ‌ﻫﺎﻱ ﻛﻮﭼﻚ ﺩﺭ ﺑﺮﺍﺑﺮ ﺷﺮﻛﺖ ‌ﻫﺎﻱ ﺑﺰﺭگ ﻣﺤﻮ ﻧﺸﻮﺩ ‪ .‬ﺍﻳﻦ ﺷﺎﺧﺺ‌ﻫﺎ ﺑﺎ‬
‫‌‬

‫ﺭﻭﺵ ﺑﺴﻴﺎﺭ ﺳﺎﺩﻩ‌ﺍﻱ ﻣﺤﺎﺳﺒﻪ ﻣﻲ‌ﺷﻮﻧﺪ ﻛﻪ ﻋﺒﺎﺭﺕ ﺍﺯ ﺗﻘﺴﻴﻢ ﺣﺎﺻﻞ ﺟﻤﻊ ﻗﻴﻤﺖ ﺷﺮﻛﺖ ‌ﻫﺎﻱ ﻣﺸﻤﻮﻝ ﺗﻘﺴﻴﻢ‬

‫ﺑﺮ ﻋﺪﺩ ﭘﺎﻳﻪ‪ 2‬ﺍﺳﺖ‪ .‬ﻓﺮﻣﻮﻝ ﻣﺤﺎﺳﺒﺔ ‌‬

‫ﺁﻥﻫﺎ ﻧﻴﺰ ﺑﻪ ﺻﻮﺭﺕ ﺯﻳﺮ ﺍﺳﺖ‪:‬‬ ‫‪P‬‬ ‫‪P26F‬‬

‫‪n‬‬

‫‪∑P‬‬ ‫‪it‬‬ ‫)‪(1‬‬

‫= ‪PAI t‬‬ ‫‪i =1‬‬

‫‪Dt‬‬

‫‪1‬‬
‫‪Dow Jones Averages‬‬
‫‪2‬‬
‫‪Divisor‬‬

‫‪11‬‬
 ‫‪ =PAI t‬ﺷﺎﺧﺺ ﻣﻴﺎﻧﮕﻴﻦ ﻗﻴﻤﺖ ﺩﺭ ﺯﻣﺎﻥ ‪t‬‬ ‫‪R‬‬ ‫‪R‬‬

‫‪ =P it‬ﻗﻴﻤﺖ ﺳﻬﺎﻡ ﺷﺮﻛﺖ ‪i‬ﺍﻡ ﺩﺭ ﺯﻣﺎﻥ ‪t‬‬‫‪R‬‬ ‫‪R‬‬

‫ﺷﺮﻛﺖﻫﺎﻱ ﻣﺸﻤﻮﻝ ﺷﺎﺧﺺ ﺑﻮﺩﻩ ﺍﺳﺖ‬

‫‌‬ ‫ﭘﺎﻱ ﺷﺎﺧﺺ ﺩﺭ ﺯﻣﺎﻥ ‪ t‬ﻛﻪ ﺩﺭ ﺗﺎﺭﻳﺦ ﻣﺒﺪﺃ ﺑﺮﺍﺑﺮ ﺗﻌﺪﺍﺩ‬
‫‪ = D t‬ﻋﺪﺩ ﺓ‬ ‫‪R‬‬ ‫‪R‬‬

‫ﮔﻮﻧﻪﺍﻱ ﺗﻊﺩﻳﻞ ﻣﻲ ‌ﺷﻮﺩ‬

‫‌‬ ‫ﺩﺭ ﺻﻮﺭﺕ ﺑﺮﻭﺯ ﻣﻮﺍﺭﺩﻱ ﻫﻤﭽﻮﻥ ﺗﺠﺰﻳﻪ ﺳﻬﺎﻡ‪ 1‬ﻳﺎ ﺟﺪﺍﺳﺎﺯﻱ ﺷﺮﻛﺖ‪ 2 ،‬ﭘﺎﻳﺔ ﺷﺎﺧﺺ ﺑﻪ‬
‫‪P‬‬ ‫‪P28F‬‬ ‫‪P‬‬ ‫‪P27F‬‬

‫ﻛﻪ ﺭﻭﻧﺪ ﺷﺎﺧﺺ ﺍﺯ ﻣﻮﺍﺭﺩ ﻣﺰﺑﻮﺭ ﻣﺘﺄﺛﺮ ﻧﺸﻮﺩ‪.‬‬

‫‪ -2-4‬ﻣﻴﺎﻧﮕﻴﻦ ﻭﺯﻧﻲ‬

‫ﻣﺤﺎﺳﺒﺔ ﺷﺎﺧﺺ ﻗﻴﻤﺖ ﺑﺎ ﺭﻭﺵ ﻣﻴﺎﻧﮕﻴﻦ ﻭﺯﻧﻲ ﻛﻪ ﺑﺮ ﺍﺳﺎﺱ ﺍﻟﮕﻮﻱ ﻻﺳﭙﻴﺮﺯ ﭘﺎﻳﻪ ‌ﮔﺬﺍﺭﻱ ﺷﺪﻩ ﺍﺳﺖ‪ ،‬ﺭﺍﻳﺞ‌ﺗﺮﻳﻦ‬

‫ﺷﻴﻮﺓ ﻣﺤﺎﺳﺒﺔ ﺷﺎﺧﺺ ﺍﺳﺖ ‪ .‬ﺍﻳﻦ ﺭﻭﺵ ﺩﺭ ﻣﻴﺎﻥ ﺑﻮﺭﺱ ‌ﻫﺎ ﻭ ﻣﺆﺳﺴﺎﺕ ﻣﺎﻟﻲ ﺑﺎ ﺷﻴﻮﺓ ﺗﻘﺮﻳﺒﺎً ﻣﺸﺎﺑﻬﻲ ﻣﺤﺎﺳﺒﻪ‬

‫ﻣﻲﺷﻮﺩ‪ .‬ﺑﻪ ﻃﻮﺭ ﻛﻠﻲ ﺷﺎﺧﺺ ‌ﻫﺎﻱ ﻭﺯﻧﻲ ﻗﻴﻤﺖ ﺍﺯ ﺗﻘﺴﻴﻢ ﺍﺭﺯﺵ ﺑﺎﺯﺍﺭ ﺩﺭ ﻫﺮ ﻟﺤﻈﻪ ﺑﺮ ﺍﺭﺯﺵ ﺑﺎﺯﺍﺭ ﺩﺭ ﺗﺎﺭﻳﺦ‬
‫‌‬

‫ﻣﻲﺗﻮﺍﻥ ﺑﻪ ﺻﻮﺭﺕ ﺯﻳﺮ ﺑﻴﺎﻥ ﻛﺮﺩ‪:‬‬

‫ﺷﺎﺧﺺﻫﺎ ﺭﺍ ‌‬
‫‌‬ ‫ﻣﻲﺁﻱﻥﺩ ‪ .‬ﻓﺮﻣﻮﻝ ﻛﻠﻲ ﺍﻳﻦ‬
‫ﻣﺐﺩﺃ ﻭ ﺿﺮﺏ ﺩﺭ ﻋﺪﺩ ﻣﺒﻨﺎ ﺑﻪ ﺩﺳﺖ ‌‬

‫‪CMVt‬‬
‫= ‪PWI t‬‬ ‫‪× BaseValue‬‬
‫‪BMV‬‬
‫)‪(2‬‬
‫‪ =PWI t‬ﺷﺎﺧﺺ ﻭﺯﻧﻲ ﻗﻴﻤﺖ ﺩﺭ ﺯﻣﺎﻥ ‪t‬‬ ‫‪R‬‬ ‫‪R‬‬

‫‪ =CMV t‬ﺍﺭﺯﺵ ﺟﺎﺭﻱ ﺑﺎﺯﺍﺭ ﺩﺭ ﺯﻣﺎﻥ ‪t‬‬ ‫‪R‬‬ ‫‪R‬‬

‫‪ =BMV‬ﺍﺭﺯﺵ ﺑﺎﺯﺍﺭ ﺩﺭ ﺗﺎﺭﻳﺦ ﻣﺒﺪﺍء‬

‫‪ =Base Value‬ﻋﺪﺩ ﻣﺒﻨﺎ‬

‫‪1‬‬
‫‪Split‬‬
‫‪2‬‬
‫‪Spin-off‬‬

‫‪12‬‬
 ‫ﻭﺯﻥﺩﻫﻲ ﺑﺮﺍﺳﺎﺱ ﺗﻌﺪﺍﺩ ﺳﻬﺎﻡ ﻣﻨﺘﺸﺮﻩ‬
‫‌‬ ‫‪-1-2-4‬‬

‫ﻫﻤﺎﻥﮔﻮﻧﻪ ﻛﻪ ﺍﺯ ﻓﺮﻣﻮﻝ ﻛﻠﻲ ﺷﺎﺧﺺ ﻭﺯﻧﻲ ﻗﻴﻤﺖ ﻣﺸﺨﺺ ﺍﺳﺖ‪ ،‬ﻭﺯﻥ ﻫﺮ ﺷﺮﻛﺖ ﺩﺭ ﺍﻳﻦ ﺷﺎﺧﺺ ﺗﻌﺪﺍﺩ‬
‫‌‬

‫ﻣﻲﺗﻮﺍﻥ ﺑﻪ ﺻﻮﺭﺕ ﺯﻳﺮ ﻧﻴﺰ ﻧﻮﺷﺖ‪:‬‬

‫ﺳﻬﺎﻡ ﻣﻨﺘﺸﺮﺓ ﺁﻥ ﺍﺳﺖ‪ .‬ﺑﻪ ﺑﻴﺎﻥ ﺩﻳﮕﺮ ﻓﺮﻣﻮﻝ ﺷﺎﺧﺺ ﻣﺬﻛﻮﺭ ﺭﺍ ‌‬

‫= ‪PWI t‬‬
‫‪∑p‬‬ ‫‪it‬‬ ‫‪qit‬‬
‫‪× BaseValue‬‬ ‫)‪(3‬‬
‫‪Dt‬‬

‫‪ = P it‬ﻗﻴﻤﺖ ﺷﺮﻛﺖ ‪i‬ﺍﻡ ﺩﺭ ﺯﻣﺎﻥ ‪t‬‬

‫‪R‬‬ ‫‪R‬‬

‫‪ = q it‬ﺗﻌﺪﺍﺩ ﺳﻬﺎﻡ ﻣﻨﺘﺸﺮﻩ ﺷﺮﻛﺖ ‪i‬ﺍﻡ ﺩﺭ ﺯﻣﺎﻥ ‪t‬‬ ‫‪R‬‬ ‫‪R‬‬

‫‪ = D t‬ﭘﺎﻳﺔ ﺷﺎﺧﺺ ﺩﺭ ﺯﻣﺎﻥ ‪ t‬ﻛﻪ ﺩﺭ ﺯﻣﺎﻥ ﻣﺒﺪﺍء ﺑﺮﺍﺑﺮ ‪ ∑p io q io‬ﺑﻮﺩﻩ ﺍﺳﺖ‬

‫‪R‬‬ ‫‪R‬‬ ‫‪R‬‬ ‫‪R‬‬ ‫‪R‬‬ ‫‪R‬‬

‫‪ = P io‬ﻗﻴﻤﺖ ﺷﺮﻛﺖ ‪i‬ﺍﻡ ﺩﺭ ﺯﻣﺎﻥ ﻣﺒﺪﺍء‬‫‪R‬‬ ‫‪R‬‬

‫‪ = q io‬ﺗﻌﺪﺍﺩ ﺳﻬﺎﻡ ﻣﻨﺘﺸﺮﻩ ﺷﺮﻛﺖ ‪i‬ﺍﻡ ﺩﺭ ﺯﻣﺎﻥ ﻣﺒﺪﺍء‬ ‫‪R‬‬ ‫‪R‬‬

‫ﻭﺯﻥﺩﻫﻲ ﺑﺮ ﺍﺳﺎﺱ ﻣﻴﺰﺍﻥ ﺳﻬﺎﻡ ﻣﻨﺘﺸﺮﻩ ﺑﺎﻋﺚ ﻣﻲ ‌ﺷﻮﺩ ﺗﺎ ﺷﺮﻛﺖ ‌ﻫﺎﻱ ﺑﺰﺭگ ﺗﺄﺛﻴﺮ ﺑﻴﺸﺘﺮﻱ ﺩﺭ ﻣﻘﺎﻳﺴﻪ ﺑﺎ‬
‫‌‬

‫‌ﺗﺮﺗﻴﺐ ﺩﺭ ﻣﻮﺍﺭﺩﻱ ﺍﻳﻦ ﺍﻣﻜﺎﻥ ﻭﺟﻮﺩ ﺩﺍﺭﺩ ﻛﻪ‬ ‫ﺷﺮﻛﺖﻫﺎﻳﻲ ﺑﺎ ﺳﺮﻣﺎﻳﺔ ﻛﻢ‪ ،‬ﺑﺮ ﺷﺎﺧﺺ ﺑﮕﺬﺍﺭﻧﺪ ﻭ ﺑﺪﻳﻦ‬
‫‌‬

‫ﺷﺮﻛﺖﻫﺎﻱ ﻛﻮﭼﻚ ﻋﻤﻼً ﺷﺎﺧﺺ ﻭﺯﻧﻲ ﺭﺍ ﻣﺘﺄﺛﺮ ﻧﻜﻨﻨﺪ ﻭ ﺗﻐﻴﻴﺮﺍﺕ ﺷﺎﺧﺺ ﺗﻨﻬﺎ ﻧﺸﺎﻥ ‌ﺩﻫﻨﺪﺓ ﺣﺮﻛﺖ ﻗﻴﻤﺘﻲ‬
‫‌‬

‫ﺷﺮﻛﺖﻫﺎﻱ ﺑﺰﺭگ ﺷﻮﺩ ‪ .‬ﺑﻪ ﻣﻨﻈﻮﺭ ﺭﻓﻊ ﺍﻳﻦ ﻧﻘﻴﺼﻪ ‪ ،‬ﺑﺴﻴﺎﺭﻱ ﺍﺯ ﺑﻮﺭﺱ‌ﻫﺎ ﺍﻗﺪﺍﻡ ﺑﻪ ﻣﺤﺎﺳﺒﻪ ﺷﺎﺧﺺ ﻭﺯﻧﻲ ﺑﺮﺍﻱ‬
‫‌‬

‫ﺷﺮﻛﺖﻫﺎﻳﻲ ﺩﺭ ﺩﺍﻣﻨﺔ ﺳﺮﻣﺎﻳﻪ ﻣﺸﺨﺺ ﻛﺮﺩﻩ ‌ﺍﻧﺪ‪ .‬ﺑﻪ ﻋﻨﻮﺍﻥ ﻣﺜﺎﻝ ﺩﺭ ﺑﻮﺭﺱ ﺗﻮﻛﻴﻮ ﺷﺮﻛﺖ ‌ﻫﺎ ﻣﺘﻨﺎﺳﺐ ﺑﺎ ﻣﻴﺰﺍﻥ‬
‫‌‬

‫ﺳﺮﻣﺎﻳﺔ ﺧﻮﺩ ﺑﻪ ﺑﺰﺭگ ‪ ،1‬ﻣﺘﻮﺳﻂ ‪ 2‬ﻭ ﻛﻮﭼﻚ ‪ 3‬ﺗﻔﻜﻴﻚ ﺷﺪﻩ ﻭ ﺑﺮﺍﻱ ﻫﺮ ﻳﻚ ﺷﺎﺧﺺ ﻭﻳﮋﻩ‌ﺍﻱ ﻣﺤﺎﺳﺒﻪ ﻣﻲ‌ﺷﻮﺩ‪.‬‬
‫‪P‬‬ ‫‪P31F‬‬ ‫‪P‬‬ ‫‪P30F‬‬ ‫‪P‬‬ ‫‪P29F‬‬

‫ﺑﻪ ﻫﺮ ﺭﻭﻱ ﺗﻔﻜﻴﻚ ﺷﺮﻛﺖ ‌ﻫﺎ ﺑﺮﺍﺳﺎﺱ ﺣﺠﻢ ﺳﺮﻣﺎﻳﺔ ﺁﻥ ‌ﻫﺎ ﻭ ﻣﺤﺎﺳﺒﺔ ﺷﺎﺧﺺ ﺑﺮﺍﻱ ﻫﺮ ﮔﺮﻭﻩ ‪ ،‬ﺍﻣﻜﺎﻥ ﺍﺭﺯﻳﺎﺑﻲ‬

‫ﻣﻲﺁﻭﺭﺩ‪.‬‬
‫ﺁﻥﻫﺎ ﺭﺍ ﺑﻪ ﮔﻮﻧﺔ ﺑﻬﺘﺮﻱ ﻓﺮﺍﻫﻢ ‌‬
‫ﺣﺮﻛﺖ ﻗﻴﻤﺘﻲ ‌‬

‫‪1‬‬
‫‪Big Capital Companies‬‬
‫‪2‬‬
‫‪Mid Capital Companies‬‬
‫‪3‬‬
‫‪Small Capital Companies‬‬

‫‪13‬‬
 ‫ﺍﻳﺮﺍﺩ ﺩﻳﮕﺮﻱ ﻛﻪ ﺍﺯ ﺳﻮﻱ ﻣﻨﺘﻘﺪﺍﻥ ﺑﻪ ﺍﻳﻦ ﺷﻴﻮﺓ ﻣﺤﺎﺱﺑﺔ ﺷﺎﺧﺺ ﻭﺍﺭﺩ ﺷﺪﻩ ﻭ ﻣﻨﺠﺮ ﺑﻪ ﺗﻐﻴﻴﺮ ﺭﻭﺵ ﻣﺤﺎﺳﺒﺔ‬

‫ﺷﺎﺧﺺ ﺩﺭ ﺑﺴﻴﺎﺭﻱ ﺍﺯ ﺑﻮﺭﺱ ‌ﻫﺎﻱ ﻣﻌﺘﺒﺮ ﮔﺮﺩﻳﺪﻩ‪ ،‬ﻣﺮﺑﻮﻁ ﺑﻪ ﭼﮕﻮﻧﮕﻲ ﻭﺯﻥ ‌ﺩﻫﻲ ﺩﺭ ﺍﻳﻦ ﺷﺎﺧﺺ ﺍﺳﺖ ‪ .‬ﺩﺭ‬

‫ﺣﻘﻴﻘﺖ ﺁﻥ ‌ﭼﻪ ﺑﺮ ﻗﻴﻤﺖ ﻫﺮ ﺳﻬﻢ ﺍﺛﺮ ﻣﻲ ‌ﮔﺬﺍﺭﺩ‪ ،‬ﻧﻪ ﻣﻴﺰﺍﻥ ﺳﻬﺎﻡ ﻣﻨﺘﺸﺮﻩ‪ ،‬ﻛﻪ ﺳﻬﺎﻡ ﻗﺎﺑﻞ ﻣﺒﺎﺩﻟﻪ ﺍﺳﺖ ﻭ ﺩﺭ‬

‫ﺁﻥﻫﺎ ﺑﺎﺷﺪ ﻳﺎ ﺑﻪ ﻋﺒﺎﺭﺗﻲ ﻣﻴﺰﺍﻥ ﻗﺎﺑﻞ ‌ﺗﻮﺟﻬﻲ ﺍﺯ ﺳﻬﺎﻡ ﺷﺮﻛﺖ ‌ﻫﺎ‬

‫ﺷﺮﺍﻳﻄﻲ ﻛﻪ ﺗﻔﺎﻭﺕ ﻗﺎﺑﻞ ﻣﻼﺣﻈﻪ ‌ﺍﻱ ﻣﻴﺎﻥ ‌‬

‫ﺗﻮﺳﻂ ﺳﻬﺎﻣﺪﺍﺭﺍﻥ ﺁﻥ ‌ﻫﺎ ﺑﻠﻮﻛﻪ ﺷﻮﺩ‪ ،‬ﺷﺎﺧﺼﻲ ﻛﻪ ﺑﺮﺍﺳﺎﺱ ﺳﻬﺎﻡ ﻣﻨﺘﺸﺮﻩ ﻭﺯﻥ ‌ﺩﻫﻲ ﺷﺪﻩ ﺑﺎﺷﺪ ﺍﺯ ﻛﺎﺭﺍﻳﻲ ﻻﺯﻡ‬

‫ﺑﺮﺧﻮﺭﺩﺍﺭ ﻧﺨﻮﺍﻫﺪ ﺑﻮﺩ‪.‬‬

‫‪1‬‬
‫ﻭﺯﻥﺩﻫﻲ ﺑﺮﺍﺳﺎﺱ ﺳﻬﺎﻡ ﺷﻨﺎﻭﺭ ﺁﺯﺍﺩ‬
‫‪P32F‬‬ ‫‌‬ ‫‪-2-2-4‬‬

‫ﻣﻲﺭﻭﺩ ﻛﻪ ﻳﻜﻲ ﺍﺯ‬

‫ﺷﺮﻛﺖﻫﺎ ﺍﺯ ﺁﻥ ﺭﻭ ﺑﻪ ﻋﻨﻮﺍﻥ ﻭﺯﻥ ﻫﺮ ﺷﺮﻛﺖ ﺩﺭ ﺷﺎﺧﺺ ﻭﺯﻧﻲ ﻗﻴﻤﺖ ﺑﻪ ﻛﺎﺭ ‌‬
‫‌‬ ‫ﺳﻬﺎﻡ ﻣﻨﺘﺸﺮﺓ‬

‫ﻣﺘﻐﻴﺮﻫﺎﻱ ﺍﺻﻠﻲ ﺷﻜﻞ‌ﺩﻫﻨﺪﺓ ﻗﻴﻤﺖ ﺑﻪ ﺷﻤﺎﺭ ﻣﻲ‌ﺭﻭﺩ‪ .‬ﺩﺭ ﺷﺮﺍﻳﻄﻲ ﻛﻪ ﻋﺪﻩ‌ﺍﻱ ﺍﺯ ﺳﻬﺎﻣﺪﺍﺭﺍﻥ ﻛﻪ ﻣﻲ‌ﺗﻮﺍﻥ ﺁﻥ‌ﻫﺎ‬

‫ﺭﺍ ﺳﻬﺎﻣﺪﺍﺭﺍﻥ ﺍﺳﺘﺮﺍﺗﮋﻳﻚ ‪ 2‬ﻧﺎﻣﻴﺪ‪ ،‬ﺑﻪ ﺩﻻﻳﻞ ﮔﻮﻧﺎﮔﻮﻥ ﺍﺯ ﺟﻤﻠﻪ ﻋﺪﻡ ﺗﻤﺎﻳﻞ ﺑﻪ ﺍﺯ ﺩﺳﺖ ﺩﺍﺩﻥ ﺟﺎﻳﮕﺎﻩ ﺧﻮﺩ ﺩﺭ‬
‫‪P‬‬ ‫‪P3F‬‬

‫ﺷﺮﻛﺖ ﻳﺎ ﺗﻌﻘﻴﺐ ﺍﻫﺪﺍﻑ ﺳﻴﺎﺳﻲ ﻳﺎ ﺍﺟﺘﻤﺎﻋﻲ‪ ،‬ﺗﻤﺎﻳﻠﻲ ﺑﻪ ﻓﺮﻭﺵ ﺳﻬﺎﻡ ﺧﻮﺩ ﻧﺪﺍ ﺵﺗﻪ ﺑﺎﺷﻨﺪ‪ ،‬ﺳﻬﺎﻡ ﻣﻨﺘﺸﺮﻩ‬

‫ﺷﺮﻛﺖ ﺍﺏ ﺳﻬﺎﻡ ﻗﺎﺑﻞ ﻣﺒﺎﺩﻟﻪ ‪ 3‬ﻳﺎ ﻧﻘﺪ ﺷﻮﻧﺪﺓ ‪ 4‬ﺁﻥ ﺑﺮﺍﺑﺮ ﻧﺨﻮﺍﻫﺪ ﺑﻮﺩ ‪ .‬ﺗﻮﺟﻪ ﺑﻪ ﺍﻳﻦ ﻧﻜﺘﻪ ﻛﻪ ﻣﺘﻐﻴﺮ ﺍﺛﺮﮔﺬﺍﺭ ﺑﺮ‬
‫‪P‬‬ ‫‪P35F‬‬ ‫‪P‬‬ ‫‪P34F‬‬

‫ﻗﻴﻤﺖ ﺳﻬﺎﻡ ﺷﺮﻛﺖ‪ ،‬ﻣﻴﺰﺍﻥ ﺳﻬﺎﻡ ﻗﺎﺑﻞ ﻣﺒﺎﺩﻟﻪ ﻭ ﻧﻪ ﺗﻌﺪﺍﺩ ﺳﻬﺎﻡ ﻣﻨﺘﺸﺮﻩ ﺍﺳﺖ‪ ،‬ﻣﻮﺟﺒﺎﺕ ﺑﺮﻭﺯ ﺍﺻﻼﺣﺎﺗﻲ ﺩ ﺭ‬

‫ﻧﺤﻮﺓ ﻭﺯﻥ ‌ﺩﻫﻲ ﺷﺎﺧﺺ ﺩﺭ ﺑﺴﻴﺎﺭﻱ ﺍﺯ ﺑﻮﺭﺱ ‌ﻫﺎﻱ ﺟﻬﺎﻥ ﺭﺍ ﻓﺮﺍﻫﻢ ﺁﻭﺭﺩﻩ ‪ .‬ﻫﻢ ﺍﻛﻨﻮﻥ ﺑﻮﺭﺱ ‌ﻫﺎﻱ ﻣﻌﺘﺒﺮﻱ‬
‫‪5‬‬
‫‪P‬‬ ‫ﭘﻮﺭﺯ‬
‫‪P36F‬‬ ‫ﻫﻤﭽﻮﻥ ﻧﻴﻮﻳﻮﺭﻙ‪ ،‬ﭘﺎﺭﻳﺲ‪ ،‬ﻟﻨﺪﻥ‪ ،‬ﺍﺳﺘﺎﻧﺒﻮﻝ ﻭ ﺗﻮﻛﻴﻮ ﻭ ﻧﻴﺰ ﻣﺆﺳﺴﺎﺕ ﻣﻄﺮﺣﻲ ﻫﻤﭽﻮﻥ ﺍﺳﺘﺎﻧﺪﺍﺭﺩ ﺍﻧﺪ‬

‫‪1‬‬
‫‪Free Float‬‬
‫‪2‬‬
‫‪Strategic Shareholders‬‬
‫‪3‬‬
‫‪Tradeable‬‬
‫‪4‬‬
‫‪Liquid‬‬
‫‪5‬‬
‫‪Standard & Poor's, S&P‬‬

‫‪14‬‬
‫ﻓﺎﻳﻨﻨﺸﺎﻝ ﺗﺎﻳﻤﺰ ﻭ ﺩﺍﻭ ﺟﻮﻧﺰ ﺑﺮﺍﻱ ﻣﺤﺎﺳﺒﺔ ﺷﺎﺧﺺ ﻭﺯﻧﻲ ﻗﻴﻤﺖ ﺍﺯ ﺳﻬﺎﻡ ﻗﺎﺑﻞ ﻣﺒﺎﺩﻟﻪ ﻛﻪ ﺳﻪﺍﻡ ﺷﻨﺎﻭﺭ ﺁﺯﺍﺩ ﻧﺎﻡ‬

‫ﻣﻲﻛﻨﻨﺪ‪.‬‬
‫ﮔﺮﻓﺘﻪ ﺍﺳﺖ‪ ،‬ﺍﺳﺘﻔﺎﺩﻩ ‌‬

‫ﻫﻤﺎﻥﮔﻮﻧﻪ ﻛﻪ ﺍﺯ ﻣﻄﺎﻟﺐ ﺫﻛﺮ ﺷﺪﻩ ﻣﺸﺨﺺ ﺍﺳﺖ‪ ،‬ﺳﻬﺎﻡ ﺷﻨﺎﻭﺭ ﺁﺯﺍﺩ ‪ ،‬ﺁﻥ ﺑﺨﺶ ﺍﺯ ﺳﻬﺎﻡ ﻣﻨﺘﺸﺮﻩ ﺭﺍ ﺷﺎﻣﻞ‬
‫‌‬

‫ﺑﺪﻳﻦﺗﺮﺗﻴﺐ ﻻﺯﻣﺔ ﺗﺸﺨﻴﺺ ﻣﻴﺰﺍﻥ ﺳﻬﺎﻡ ﺷﻨﺎﻭﺭ ﺁﺯﺍﺩ‬

‫‌‬ ‫ﻣﻲﺷﻮﺩ ﻛﻪ ﺩﺭ ﻣﺎﻟﻜﻴﺖ ﺳﻬﺎﻣﺪﺍﺭﺍﻥ ﺍﺳﺘﺮﺍﺗﮋﻳﻚ ﻧﺒﺎﺷﺪ ‪.‬‬
‫‌‬

‫ﺗﻌﺮﻳﻒ ﻭ ﺗﻌﻴﻴﻦ ﺳﻬﺎﻣﺪﺍﺭﺍﻥ ﻣﺰﺑﻮﺭ ﺍ ﺳﺖ‪ .‬ﺷﺮﻛﺖ ﺍﺳﺘﺎﻧﺪﺍﺭﺩ ﺍﻧﺪ ﭘﻮﺭﺯ ﺳﻬﺎﻡ ﺯﻳﺮ ﺭﺍ ﻣﺸﺮﻭﻁ ﺑﺮ ﺁﻥ ﻛﻪ ﺑﺎ ﻣﺎﻟﻜﻴﺘﻲ‬

‫ﺑﻴﺶ ﺍﺯ ‪ 5‬ﺩﺭﺻﺪ ﻛﻞ ﺳﻬﺎﻡ ﺷﺮﻛﺖ ﻫﻤﺮﺍﻩ ﺑﺎﺷﺪ‪ ،‬ﺷﻨﺎﻭﺭ ﺁﺯﺍﺩ ﺗﻠﻘﻲ ﻧﻤﻲ ‌ﻛﻨﺪ ﻭ ﺑﺪﻳﻦ ‌ﺗﺮﺗﻴﺐ ﻣﺎﻟﻜﺎﻥ ﺁﻥ ‌ﻫﺎ ﺭﺍ‬

‫ﻣﻲﺩﺍﻧﺪ‪:‬‬
‫ﺍﺳﺘﺮﺍﺗﮋﻳﻚ ‌‬

‫‪ – 1‬ﺳﻬﺎﻡ ﻣﺘﻌﻠﻖ ﺑﻪ ﺩﻭﻟﺖ ﻭ ﻧﻬﺎﺩﻫﺎﻱ ﺩﻭﻟﺘﻲ؛‬

‫‪ – 2‬ﺳﻬﺎﻡ ﻣﺘﻌﻠﻖ ﺑﻪ ﺳﻬﺎﻣﺪﺍﺭﺍﻥ ﻛﻨﺘﺮﻝ ﻛﻨﻨﺪﻩ ﻭ ﺍﺳﺘﺮﺍﺗﮋﻳﻚ ؛‬

‫)ﺑﻪ ﺍﺳﺘﺜﻨﺎﻱ‬ ‫‪ 5‬ﺩﺭﺻﺪ ﺳﻬﺎﻡ ﺷﺮﻛﺖ ﺭﺍ ﺩﺭ ﺍﺧﺘﻴﺎﺭ ﺩﺍﺭﻧﺪ‬ ‫‪ – 3‬ﺳﻬﺎﻡ ﻣﺘﻌﻠﻖ ﺑﻪ ﺳﻬﺎﻣﺪﺍﺭﺍﻧﻲ ﻛﻪ ﺑﻴﺶ ﺍﺯ‬

‫ﺷﺮﻛﺖﻫﺎﻱ ﺳﻬﺎﻡ‌ﮔﺰﺍﺭ؛(‬
‫‌‬ ‫ﺷﺮﻛﺖﻫﺎﻱ ﻣﺎﻟﻲ‪ 2‬ﻭ‬
‫‪P‬‬ ‫‌‬
‫‪P38F‬‬ ‫ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ‪ ،1‬ﺑﻴﻤﻪ‪،‬‬
‫‌‬ ‫ﺷﺮﻛﺖﻫﺎﻱ‬
‫‌‬ ‫‪P‬‬ ‫‪P37F‬‬

‫‪ – 4‬ﺳﻬﺎﻣﻲ ﻛﻪ ﺑﻪ ﻃﻮﺭ ﻗﺎﻧﻮﻧﻲ‪ ،‬ﺑﺮ ﻣﻌﺎﻣﻼﺕ ﺁﻥ ﻣﺤﺪﻭﺩﻳﺖ ﺍﻳﺠﺎﺩ ﺷﺪﻩ ﺍﺳﺖ‪ ،‬ﻣﺎﻧﻨﺪ ﺳﻬﺎﻡ ﺧﺰﺍﻧﻪ‪.‬‬

‫ﺁﻧﭻﻩ ﺍﺯ ‪ 4‬ﻣﻌﻴﺎﺭ ﻓﻮﻕ ﺑﺮﻣﻲ ‌ﺁﻳﺪ‪ ،‬ﺁﻥ ﺍﺳﺖ ﻛﻪ ﻣﻼﻙ ﺍﺻﻠﻲ ﺷﻨﺎﻭﺭ ﺷﻨﺎﺧﺘﻪ ﺷﺪﻥ ﺳﻬﺎﻡ ‪ ،‬ﻣﺎﻟﻜﻴﺖ ﺯﻳﺮ ‪ 5‬ﺩﺭﺻﺪ‬

‫ﻣﺎﻟﻜﺎﻥ ﺁﻥ ﺍﺳﺖ ﻭ ﺣﺘﻲ ﺳﻬﺎﻡ ﻣﺘﻌﻠﻖ ﺑﻪ ﺩﻭﻟﺖ ﻭ ﺳﻬﺎﻣﺪﺍﺭﺍﻥ ﻛﻨﺘﺮﻝ ﻛﻨﻨﺪﻩ ﻧﻴﺰ ﺩﺭ ﺻﻮﺭﺗﻲ ﻛﻪ ﺑﺎ ﻣﺎﻟﻜﻴﺖ‬

‫ﻣﻲﺷﻮﺩ‪.‬‬
‫ﻛﻤﺘﺮ ﺍﺯ ‪ 5‬ﺩﺭﺻﺪ ﻫﻤﺮﺍﻩ ﺑﺎﺷﺪ ﺷﻨﺎﻭﺭ ﺁﺯﺍﺩ ﺷﻨﺎﺧﺘﻪ ‌‬

‫ﺑﻴﻦﺍﻟﻤﻠﻠﻲ ﻣﻮﺭﮔﺎﻥ ﺍﺳﺘﺎﻧﻠﻲ‪ 3‬ﻧﻴﺰ ﺩﺭ ﻣﻮﺍﺭﺩ ﺯﻳﺮ ﺳﻬﺎﻡ ﺭﺍ ﻏﻴﺮﺷﻨﺎﻭﺭ ﺩﺍﻧﺴﺘﻪ ﺍﺳﺖ‪:‬‬
‫‪P‬‬ ‫‪P39F‬‬ ‫ﺍﺯ ﺳﻮﻱ ﺩﻳﮕﺮ ﺷﺮﻛﺖ ‌‬

‫ﺷﺮﻛﺖﻫﺎﻱ ﺩﻭﻟﺘﻲ؛‬
‫‌‬ ‫‪ – 1‬ﺳﻬﺎﻡ ﻣﺘﻌﻠﻖ ﺑﻪ‬

‫ﻣﻲﺷﻮﺩ‪ ،‬ﻋﻤﺪﺗ ًﺎ ﺳﻬﺎﻡ ﺧﺰﺍﻧﻪ؛‬

‫ﺷﺮﻛﺖﻫﺎ ﻧﮕﻬﺪﺍﺭﻱ ‌‬
‫‌‬ ‫‪ – 2‬ﺳﻬﺎﻣﻲ ﻛﻪ ﺗﻮﺳﻂ ﺧﻮﺩ‬

‫‪1‬‬
‫‪Investment Funds‬‬
‫‪2‬‬
‫‪Finance Companies‬‬
‫‪3‬‬
‫‪Morgan Stanley Capital International, MSCI‬‬

‫‪15‬‬
 ‫ﺁﻥﻫﺎ؛‬
‫‪ – 3‬ﺳﻬﺎﻡ ﺍﻋﻀﺎﻱ ﻫﻴﺄﺕ ﻣﺪﻳﺮﻩ‪ ،‬ﻣﺪﻳﺮﺍﻥ‪ ،‬ﺍﻋﻀﺎﻱ ﺧﺎﻧﻮﺍﺩﻩ ﻭ ﺍﻓﺮﺍﺩ ﻭﺍﺑﺴﺘﻪ ﺑﻪ ‌‬

‫‪ – 4‬ﺳﻬﺎﻡ ﻛﺎﺭﻣﻨﺪﻱ‪.‬‬

‫ﺷﺮﻛﺖ ﻣﻮﺭﮔﺎﻥ ﺍﺳﺘﺎﻧﻠﻲ ﻧﻴﺰ ﻣﺎﻧﻨﺪ ﺷﺮﻛﺖ ﺍﺳﺘﺎﻧﺪﺍﺭﺩ ﺍﻧﺪ ﭘﻮﺭﺯ ﺳﻬﺎﻡ ﺻﻨﺪﻭﻕ‌ﻫﺎ ﻭ ﺷﺮﻛﺖ‌ﻫﺎﻱ ﺳﺮﻣﺎﻳﻪ‌ﮔﺬﺍﺭﻱ ﺭﺍ‬

‫ﺳﻬﺎﻡ ﺷﻨﺎﻭﺭ ﺁﺯﺍﺩ ﺩﺍﻧﺴﺘﻪ ﺍﺳﺖ ‪ .‬ﺍﻳﻦ ﺍﻣﺮ ﺑﺎ ﺍﻳﻦ ﭘﻴﺶ ﻓﺮﺽ ﺻﻮﺭﺕ ﻣﻲ ‌ﮔﻴﺮﺩ ﻛﻪ ﻧﻬﺎﺩﻫﺎﻱ ﻣﺎﻟﻲ ﺍﻧﮕﻴﺰﻩ ‌ﺍﻱ ﺑﺮﺍﻱ‬

‫ﻧﮕﻬﺪﺍﺭﻱ ﺑﻠﻨﺪ ﻣﺪﺕ ﺳﻬﺎﻡ ﺩﺭ ﺳﺒﺪ ﺩﺍﺭﺍﻳﻲ ﺧﻮﺩ ﻧﺪﺍﺭﻧﺪ ﻭ ﻣﺘﺮﺻﺪ ﻛﺴﺐ ﺳﻮﺩ ﺍﺯ ﻃﺮ ﻳﻖ ﺧﺮﻳﺪ ﻭ ﻓﺮﻭﺵ ﺳﻬﺎﻡ ﻭ‬

‫ﺑﻬﺮﻩﻣﻨﺪﻱ ﺍﺯ ﻧﻮﺳﺎﻧﺎﺕ ﻗﻴﻤﺖ ﺁﻥ ﻫﺴﺘﻨﺪ‪.‬‬

‫‌‬

‫ﺑﺎ ﺷﻨﺎﺳﺎﻳﻲ ﺳﻬﺎﻣﺪﺍﺭﺍﻥ ﺍﺳﺘﺮﺍﺗﮋﻳﻚ ﻭ ﻣﻴﺰﺍﻥ ﺳﻬﺎﻡ ﻣﺘﻌﻠﻖ ﺑﻪ ﺁﻧﺎﻥ‪ ،‬ﻣﻴﺰﺍﻥ ﺳﻬﺎﻡ ﺷﻨﺎﻭﺭ ﺁﺯﺍﺩ ﻣﺸﺨﺺ ﺧﻮﺍﻫﺪ‬

‫‪.‬‬ ‫ﺷﺪ‪ .‬ﺑﻪ ﺑﻴﺎﻥ ﺩﻳﮕﺮ ﺳﻬﺎﻡ ﺷﻨﺎﻭﺭ ﺁﺯﺍﺩ ﺑﺮﺍﺑﺮ ﻛﺴﺮ ﺳﻬﺎﻡ ﺳﻬﺎﻣﺪﺍﺭﺍﻥ ﺍﺳﺘﺮﺍﺗﮋﻳﻚ ﺍﺯ ﻛﻞ ﺳﻬﺎﻡ ﻣﻨﺘﺸﺮﻩ ﺍﺳﺖ‬

‫ﺿﺮﻳﺐ ﺳﻬﺎﻡ ﺷﻨﺎﻭﺭ ﺁﺯﺍﺩ‪ 1‬ﻧﻴﺰ ﺑﺮﺍﺑﺮ ﻧﺴﺒﺖ ﺳﻬﺎﻡ ﻣﺰﺑﻮﺭ ﺑﻪ ﻛﻞ ﺳﻬﺎﻡ ﺷﺮﻛﺖ ﺍﺳﺖ‪ ،‬ﻛﻪ ﻣﻌﻤﻮﻻً ﺑﻪ ﺻﻮﺭﺕ ﺩﺭﺻﺪ‬
‫‪P‬‬ ‫‪P40F‬‬

‫ﻣﻲﺷﻮﺩ‪.‬‬
‫ﺑﻴﺎﻥ ‌‬

‫‪FFS i‬‬
‫= ‪MFFi‬‬ ‫)‪(4‬‬
‫‪IS i‬‬

‫‪ = MFF i‬ﺿﺮﻳﺐ ﺳﻬﺎﻡ ﺷﻨﺎﻭﺭ ﺁﺯﺍﺩ ﺷﺮﻛﺖ ‪i‬ﺍﻡ‬ ‫‪R‬‬ ‫‪R‬‬

‫‪ = FFS i‬ﻣﻴﺰﺍﻥ ﺳﻬﺎﻡ ﺷﻨﺎﻭﺭ ﺁﺯﺍﺩ ﺷﺮﻛﺖ ‪i‬ﺍﻡ‬ ‫‪R‬‬ ‫‪R‬‬

‫‪ = IS i‬ﺳﻬﺎﻡ ﻣﻨﺘﺸﺮﻩ ﺷﺮﻛﺖ ‪i‬ﺍﻡ‬ ‫‪R‬‬ ‫‪R‬‬

‫ﻓﺮﻣﻮﻝ ﺷﺎﺧﺺ ﻭﺯﻧﻲ ﻗﻴﻤﺖ ﺑﺎ ﺗﻮﺟﻪ ﺑﻪ ﺳﻬﺎﻡ ﺵﻧﺎﻭﺭ ﺁﺯﺍﺩ ﺑﻪ ﮔﻮﻧﺔ ﺯﻳﺮ ﺍﺻﻼﺡ ﻣﻲ ‌ﺷﻮﺩ‪:‬‬
‫‪n‬‬

‫‪∑p‬‬ ‫‪it‬‬ ‫‪qit MFFit‬‬ ‫)‪(5‬‬

‫= ‪PWFI t‬‬ ‫‪i =1‬‬
‫‪× BaseValue‬‬
‫‪FDt‬‬

‫‪ = PWFI t‬ﺷﺎﺧﺺ ﻭﺯﻧﻲ ﺳﻬﺎﻡ ﺷﻨﺎﻭﺭ ﺁﺯﺍﺩ ﻗﻴﻤﺖ ﺩﺭ ﺯﻣﺎﻥ ‪t‬‬ ‫‪R‬‬ ‫‪R‬‬

‫‪1‬‬
‫‪Free Float Multiplier, MFF‬‬

‫‪16‬‬
 ‫‪ = P it‬ﻗﻴﻤﺖ ﺷﺮﻛﺖ ‪i‬ﺍﻡ ﺩﺭ ﺯﻣﺎﻥ ‪t‬‬
‫‪R‬‬ ‫‪R‬‬

‫‪ = q it‬ﺗﻌﺪﺍﺩ ﺳﻬﺎﻡ ﻣﻨﺘﺸﺮﻩ ﺷﺮﻛﺖ ‪i‬ﺍﻡ ﺩﺭ ﺯﻣﺎﻥ ‪t‬‬ ‫‪R‬‬ ‫‪R‬‬

‫‪ = MFF it‬ﺿﺮﻳﺐ ﺳﻬﺎﻡ ﺷﻨﺎﻭﺭ ﺁﺯﺍﺩ ﺷﺮﻛﺖ ‪i‬ﺍﻡ ﺩﺭ ﺯﻣﺎﻥ ‪t‬‬ ‫‪R‬‬ ‫‪R‬‬

‫‪ = FD t‬ﭘﺎﻳﺔ ﺷﺎﺧﺺ ﺩﺭ ﺯﻣﺎﻥ ‪ t‬ﻛﻪ ﺩﺭ ﺯﻣﺎﻥ ﻣﺒﺪﺍء ﺑﺮﺍﺑﺮ ‪ ∑p io q io MFF io‬ﺍﺳﺖ ﻭ ﺩﺭ ﻭﻗﺖ ﻣﻘﺘﻀﻲ ﺗﻌﺪﻳﻞ‬
‫‪R‬‬ ‫‪R‬‬ ‫‪R‬‬ ‫‪R‬‬ ‫‪R‬‬ ‫‪R‬‬ ‫‪R‬‬ ‫‪R‬‬

‫ﻣﻲﺷﻮﺩ‬
‫‌‬

‫‪ = P io‬ﻗﻴﻤﺖ ﺷﺮﻛﺖ ‪i‬ﺍﻡ ﺩﺭ ﺯﻣﺎﻥ ﻣﺒﺪﺍء‬ ‫‪R‬‬ ‫‪R‬‬

‫‪ = q io‬ﺗﻌﺪﺍﺩ ﺳﻬﺎﻡ ﻣﻨﺘﺸﺮﻩ ﺷﺮﻛﺖ ‪i‬ﺍﻡ ﺩﺭ ﺯﻣﺎﻥ ﻣﺒﺪﺍء‬‫‪R‬‬ ‫‪R‬‬

‫‪ = MFF io‬ﺿﺮﻳﺐ ﺳﻬﺎﻡ ﺷﻨﺎﻭﺭ ﺁﺯﺍﺩ ﺷﺮﻛﺖ ‪i‬ﺍﻡ ﺩﺭ ﺯﻣﺎﻥ ﻣﺒﺪﺍء‬ ‫‪R‬‬ ‫‪R‬‬

‫‪ =Base Value‬ﻋﺪﺩ ﻣﺒﻨﺎ‬

‫ﺷﺮﻛﺖﻫﺎﻱ ﻣﺸﻤﻮﻝ ﺷﺎﺧﺺ‬

‫‌‬ ‫‪ = n‬ﺗﻌﺪﺍﺩ‬

‫‪ -1-2-2-4‬ﺗﻌﺪﻳﻞ ﺿﺮﻳﺐ ﺳﻬﺎﻡ ﺷﻨﺎﻭﺭ ﺁﺯﺍﺩ‬

‫ﻣﺤﺎﺳﺒﺔ ﺿﺮﻳﺐ ﺷﻨﺎﻭﺭ ﺁﺯﺍﺩ ﺑﺎ ﺗﻮﺟﻪ ﺑﻪ ﺗﻐﻴﻴﺮﺍﺕ ﻣﺎﻟﻜﻴﺖ ﺷﺮﻛﺖ ‌ﻫﺎ ﻭ ﺗﻌﺪﺩ ﺷﺮﻛﺖ ‌ﻫﺎﻱ ﭘﺬﻳﺮﻓﺘﻪ ﺷﺪﻩ ﻛﻪ ﻫﺮ‬

‫ﻳﻚ ﺳﻬﺎﻣﺪﺍﺭﺍﻥ ﺑﺴﻴﺎﺭﻱ ﺩﺍﺭﻧﺪ‪ ،‬ﻓﻌﺎﻟﻴﺘﻲ ﺯﻣﺎﻥ ‌ﺑﺮ ﻭ ﭘﺮﻫﺰﻳﻨﻪ ﺍﺳﺖ ‪ .‬ﺍﻳﻦ ﺍﻣﺮ ﺑﺎ ﺗﻮﺟﻪ ﺑﻪ ﺗﺄﺛﻴﺮ ﺿﺮﻳﺐ ﻣﺰﺑﻮﺭ ﺑﺮ‬

‫ﺷﺎﺧﺺ ﻭ ﺗﻌﺪﻳﻼﺗﻲ ﻛﻪ ﺗﻐﻴﻴﺮﺍﺕ ﺁﻥ ﺍﻳﺞ ﺍﺏ ﻣﻲ ‌ﻛﻨﺪ‪ ،‬ﺍﺑﻌﺎﺩ ﻭﺳﻴﻊ ‌ﺗﺮﻱ ﻣﻲ ‌ﻳﺎﺑﺪ‪ .‬ﺑﺪﻳﻦ ﻣﻨﻈﻮﺭ ﺑﻮﺭﺱ ‌ﻫﺎ ﺍﺯ‬

‫ﺩﻭﺭﻩﻫﺎﻳﻲ ﺳﻪ ﻣﺎﻫﻪ‪ ،‬ﺷﺶ ﻣﺎﻫﻪ ﻭ ﻳﺎ ﺳﺎﻻﻧﻪ‬

‫‌‬ ‫ﻣﻲﻛﻨﻨﺪ ﻭ ﺩﺭ‬
‫ﻣﺤﺎﺳﺒﺎﺕ ﻣﻜﺮﺭ ﺿﺮﻳﺐ ﺳﻬﺎﻡ ﺷﻨﺎﻭﺭ ﺁﺯﺍﺩ ﺧﻮﺩﺩﺍﺭﻱ ‌‬

‫ﺍﻗﺪﺍﻡ ﺑﻪ ﻣﺤﺎﺳﺐﺓ ﺿﺮﻳﺐ ﻣﺬﻛﻮﺭ ﻣﻲ ‌ﻛﻨﻨﺪ ﻭ ﺩﺭ ﺻﻮﺭﺕ ﺑﺮﻭﺯ ﺗﻐﻴﻴﺮﺍﺕ ﺍﺣﺘﻤﺎﻟﻲ‪ ،‬ﺗﻌﺪﻳﻼﺕ ﻻﺯﻡ ﺭﺍ ﺑﺮ ﺷﺎﺧﺺ‬

‫ﺍﻋﻤﺎﻝ ﻣﻲ‌ﻛﻨﻨﺪ‪.‬‬

‫‪17‬‬
 ‫‪ -2-2-2-4‬ﺩﺍﻣﻨﺔ ﺿﺮﻳﺐ ﺳﻬﺎﻡ ﺷﻨﺎﻭﺭ ﺁﺯﺍﺩ‬

‫ﺑﻪ ﻣﻨﻈﻮﺭ ﺳﻬﻮﻟﺖ ﺩﺭ ﻣﺤﺎﺳﺒﺔ ﺷﺎﺧﺺ ﻭ ﻛﺎﻫﺶ ﺗﻌﺪﻳﻼﺕ ﻣﻜﺮﺭﻱ ﻛﻪ ﺑﻪ ﺳﺒﺐ ﺗﻐﻴﻴﺮﺍﺕ ﺿﺮﻳﺐ ﺳﻬﺎﻡ ﺷﻨﺎﻭﺭ‬

‫‌ﻫﺎﻱ ﻣﺸﺨﺼﻲ ﻃﺒﻘﻪ ‌ﺑﻨﺪﻱ ﻣﻲ ‌ﺷﻮﺩ‪ .‬ﺑﻪ ﻋﻨﻮﺍﻥ ﻣﺜﺎﻝ ﺭﻭﺯﻧﺎﻣﻪ‬ ‫ﺁﺯﺍﺩ ﻣﺤﺘﻤﻞ ﺍﺳﺖ‪ ،‬ﺿﺮﻳﺐ ﻣﺰﺑﻮﺭ ﺩﺭ ﺩﺍﻣﻨﻪ‬

‫ﻃﺒﻘﻪﺑﻨﺪﻱ ﻣﺬﻛﻮﺭ ﺭﺍ ﺑﻪ ﺻﻮﺭﺕ ﺯﻳﺮ ﺍﻧﺠﺎﻡ ﺩﺍﺩﻩ ﺍﺳﺖ‪:‬‬

‫‌‬ ‫ﻓﺎﻳﻨﺸﺎﻝ ﺗﺎﻳﻤﺰ‬

‫ﺿﺮﻳﺐ ﺳﻬﺎﻡ ﺷﻨﺎﻭﺭ ﺁﺯﺍﺩ‬ ‫ﺩﺭﺻﺪ ﺳﻬﺎﻡ ﺷﻨﺎﻭﺭ ﺁﺯﺍﺩ‬

‫ﺻﻔﺮ‬ ‫ﻛﻤﺘﺮ ﺍﺯ ‪ 5‬ﺩﺭﺻﺪ‬

‫ﺿﺮﻳﺐ ﻭﺍﻗﻌﻲ ﺭﻭﻧﺪ ﺷﺪﻩ‬ ‫ﺑﻴﺶ ﺍﺯ ‪ 5‬ﺩﺭﺻﺪ ﻭ ﻛﻤﺘﺮ ﻳﺎ ﺑﺮﺍﺑﺮ ‪ 15‬ﺩﺭﺻﺪ‬

‫‪%20‬‬ ‫ﺑﻴﺶ ﺍﺯ ‪ 15‬ﺩﺭﺻﺪ ﻭ ﻛﻤﺘﺮ ﻳﺎ ﺑﺮﺍﺑﺮ ‪ 20‬ﺩﺭﺻﺪ‬

‫‪%30‬‬ ‫ﺑﻴﺶ ﺍﺯ ‪ 20‬ﺩﺭﺻﺪ ﻭ ﻛﻤﺘﺮ ﻳﺎ ﺑﺮﺍﺑﺮ ‪ 30‬ﺩﺭﺻﺪ‬

‫‪%40‬‬ ‫ﺑﺮﺍﺏ ‪ 40‬ﺩﺭﺻﺪ‬

‫ﺑﻴﺶ ﺍﺯ ‪ 30‬ﺩﺭﺻﺪ ﻭ ﻛﻤﺘﺮ ﻳﺎ ﺭ‬

‫‪%50‬‬ ‫ﺑﻴﺶ ﺍﺯ ‪ 40‬ﺩﺭﺻﺪ ﻭ ﻛﻤﺘﺮ ﻳﺎ ﺑﺮﺍﺑﺮ ‪ 50‬ﺩﺭﺻﺪ‬

‫‪%75‬‬ ‫ﺑﻴﺶ ﺍﺯ ‪ 50‬ﺩﺭﺻﺪ ﻭ ﻛﻤﺘﺮ ﻳﺎ ﻣﺴﺎﻭﻱ ‪ 75‬ﺩﺭﺻﺪ‬

‫‪%100‬‬ ‫ﺑﻴﺶ ﺍﺯ ‪ 75‬ﺩﺭﺻﺪ‬

‫‪18‬‬
 ‫‪ – 5‬ﺗﻌﺪﻳﻞ ﭘﺎﻳﺔ ﺷﺎﺧﺺ‬

‫ﻫﻤﺎﻥﮔﻮﻧﻪ ﻛﻪ ﭘﻴﺶ ﺍﺯ ﺍﻳﻦ ﺍﺷﺎﺭﻩ ﺷﺪ‪ ،‬ﺷﺎﺧﺺ ﻧﻤﺎﮔﺮﻱ ﺍﺳﺖ ﻛﻪ ﺑﻴﺎﻧﮕﺮ ﺳﻄﺢ ﻋﻤﻮﻣﻲ ﭘﺎﺭﺍﻣﺘﺮﻱ ﻣﺸﺨﺺ ﺩﺭ‬
‫‌‬

‫ﻣﻴﺎﻥ ﮔﺮﻭﻫﻲ ﺍﺯ ﻣﺘﻐﻴﺮﻫﺎ ﺍ ﺳﺖ‪ .‬ﺑﻨﺎﺑﺮﺍﻳﻦ ﻳﻚ ﺷﺎﺧﺺ ﻗﻴﻤﺖ ‪ ،‬ﻧﻤﺎﻳﺎﻧﮕﺮ ﺭﻭﻧﺪ ﻋﻤﻮﻣﻲ ﻗﻴﻤﺖ ﺷﺮﻛﺖ ‌ﻫﺎﻱ ﻣﻮﺭﺩ‬

‫ﺑﺮﺭﺳﻲ ﺍﺳﺖ ﻭ ﺑﺎﻳﺪ ﺍﺯ ﺗﻐﻴﻴﺮﺍﺕ ﻗﻴﻤﺖ ﻭ ﻧﻪ ﭘﺎﺭﺍﻣﺘﺮﻫﺎﻱ ﺩﻳﮕﺮ ﻣﺘﺄﺛﺮ ﺷﻮﺩ‪.‬‬

‫ﺍﻳﻦ ﻣﺴﺄﻟﻪ ﺩﺭ ﻣﻮﺭﺩ ﺷﺎﺧﺺ ﺑﺎﺯﺩﺓ ﻛﻞ ﻧﻴﺰ ﻣﺼﺪﺍﻕ ﺩﺍﺭﺩ ﻭ ﻃﺮﺍﺣﻲ ﻭ ﻣﺤﺎﺳﺒﺔ ﺍﻳﻦ ﺷﺎﺧﺺ ﻧﻴﺰ ﺑﺎﻳﺪ ﺑﻪ ﮔﻮﻧﻪ ‌ﺍﻱ‬

‫ﺻﻮﺭﺕ ﮔﻴﺮﺩ ﻛﻪ ﻣﻘﺪﺍﺭ ﺁﻥ ﺭﺍ ﺍﺯ ﺗﺄﺛﻲﺭﭘﺬﻳﺮﻱ ﺳﺎﻳﺮ ﭘﺎﺭﺍﻣﺘﺮﻫﺎ ﻣﺼﻮﻥ ﺳﺎﺯﺩ ‪ .‬ﺗﻮﺟﻪ ﺑﻪ ﻓﺮﻣﻮﻝ ﺷﺎﺧﺺ ‌ﻫﺎ ﺑﻪ ﻭﻳﮋﻩ‬

‫ﺷﺎﺧﺺﻫﺎﻱ ﻭﺯﻧﻲ ﺑﻴﺎﻧﮕﺮ ﺍﻳﻦ ﻭﺍﻗﻌﻴﺖ ﺍﺳﺖ ﻛﻪ ﺩﺭ ﻣﺤﺎﺳﺒﺔ ﺁﻥ ‌ﻫﺎ ﺍﻓﺰﻭﻥ ﺑﺮ ﻗﻴﻤﺖ ‪ ،‬ﻣﻴﺰﺍﻥ ﺳﻬﺎﻡ ﻣﻨﺘﺸﺮﻩ ﻳﺎ‬
‫‌‬

‫ﺷﻨﺎﻭﺭ ﺁﺯﺍﺩ ﻧﻴﺰ ﺗﺄﺛﻴﺮ ﮔﺬﺍﺭﻧﺪ ‪ .‬ﺍﺯ ﺍﻳﻦ ﺭﻭ ﺷﺎﺧﺺ ‌ﻫﺎ ﺑﺎﻳﺪ ﺩﺭ ﺻﻮﺭﺕ ﺗﻐﻴﻴﺮﺍﺕ ﺳﻬﺎﻡ ﻣﻨﺘﺸﺮﻩ )ﻧﺎﺷﻲ ﺍﺯ ﺍﻓﺰﺍﻳﺶ‬

‫ﺳﺮﻣﺎﻳﻪ ﺍﺯ ﻣﺤﻞ ﺁﻭﺭﺩﺓ ﻧﻘﺪﻱ ‪ (1‬ﻭ ﻫﻤﭽﻨﻴﻦ ﺗﻐﻴﻴﺮﺍﺕ ﺿﺮﻳﺐ ﺳﻬﺎﻡ ﺷﻨﺎﻭﺭ ﺁﺯﺍﺩ‪ ،‬ﺑﻪ ﮔﻮﻧﻪ ‌ﺍﻱ ﺗﻌﺪﻳﻞ ﺷﻮﻧﺪ ﻛﻪ‬ ‫‪P‬‬ ‫‪41F‬‬ ‫‪P‬‬

‫ﻣﻲﺩﻫﺪ ﻭ ﺑﺎ ﺭﻭﺵ ﺯﻳﺮ ﺻﻮﺭﺕ‬

‫ﺗﻐﻴﻴﺮﺍﺕ ﻣﺰﺑﻮﺭ ﻣﻘﺪﺍﺭ ﺷﺎﺧﺺ ﺭﺍ ﻣﺘﺄﺛﺮ ﻥﺳﺎﺯﻧﺪ ‪ .‬ﺍﻳﻦ ﺗﻌﺪﻳﻼﺕ ﺩﺭ ﻣﺨﺮﺝ ﻛﺴﺮ ﺭﺥ ‌‬

‫ﻣﻲﮔﻴﺮﺩ‪:‬‬
‫‌‬

‫‪ – 1‬ﻓﺮﺽ ﻛﻨﻴﺪ ﻛﻪ ﻗﻴﻤﺖ ﺩﺭ ﺯﻣﺎﻥ ‪ t‬ﻭ ﺑﺎ ﺍﺳﺘﻔﺎﺩﻩ ﺍﺯ ﻓﺮﻣﻮﻝ ﺯﻳﺮ ﺑﻪ ﻣﻴﺰﺍﻥ ‪ PI t‬ﻣﺤﺎﺳﺒﻪ ﺷﺪﻩ ﺍﺳﺖ‪.‬‬
‫‪R‬‬ ‫‪R‬‬

‫= ‪PI t‬‬
‫‪∑p‬‬ ‫‪it‬‬ ‫‪qit MFFit‬‬
‫‪× 100‬‬ ‫)‪(6‬‬
‫‪FDt‬‬

‫ﻛﺮﺩﻩﺍﻧﺪ‪ .‬ﺑﺎ ﻓﺮﺽ‬

‫‌‬ ‫‪ – 2‬ﺣﺎﻝ ﻳﻚ ﻳﺎ ﭼﻨﺪ ﺷﺮﻛﺖ ﺩﺭ ﺯﻣﺎﻥ ‪ t+1‬ﺍﻗﺪﺍﻡ ﺑﻪ ﺍﻓﺰﺍﻳﺶ ﺳﺮﻣﺎﻳﻪ )ﺍﺯ ﻣﺤﻞ ﺁﻭﺭﺩﺓ ﻧﻘﺪﻱ(‬

‫ﻣﻲﻛﻨﺪ‪.‬‬
‫ﻗﻴﻤﺖﻫﺎ ﻭ ﺿﺮﻳﺐ ﺳﻬﺎﻡ ﺷﻨﺎﻭﺭ ﺁﺯﺍﺩ ﻣﻴﺰﺍﻥ ﺷﺎﺧﺺ ﺑﻪ ‪ PI t+1‬ﺗﻐﻴﻴﺮ ‌‬
‫‪R‬‬ ‫‪R‬‬ ‫‌‬ ‫ﺛﺎﺑﺖ ﻣﺎﻧﺪﻥ‬

‫= ‪PI t +1‬‬
‫‪∑P q‬‬ ‫‪it‬‬ ‫‪it +1‬‬ ‫‪MFFit‬‬
‫‪× 100‬‬ ‫)‪(7‬‬
‫‪FDt‬‬

‫‪ 1‬ﺍﻓﺰﺍﻳﺶ ﺳﺮﻣﺎﻳﻪ ﺍﺯ ﻣﺤﻞ ﺳﻮﺩ ﺍﻧﺪﻭﺧﺘﻪ ﺷﺮﻛﺖ ﺳﺒﺐ ﺗﻌﺪﻳﻞ ﺁﻥ ﻧﻤﻲ ‌ﺷﻮﺩ‪.‬‬

‫‪19‬‬
 ‫ﻣﻲﺷﻮﺩ ﻛﻪ ﻣﻘﺪﺍﺭ ﺷﺎﺧﺺ ﻣﺠﺪﺩﺍً ﺑﺮﺍﺑﺮ ‪ PI t‬ﮔﺮﺩﺩ‪.‬‬
‫ﮔﻮﻧﻪﺍﻱ ﺗﻌﺪﻳﻞ ‌‬
‫‌‬ ‫‪ – 3‬ﺣﺎﻝ ﻣﺨﺮﺝ ﻛﺴﺮ ﺑﻪ‬

‫= ‪FDt +1‬‬
‫‪∑p q‬‬ ‫‪it‬‬ ‫‪it +1‬‬ ‫‪MFFit‬‬
‫‪× FDt‬‬
‫)‪(8‬‬
‫‪∑p q‬‬ ‫‪it‬‬ ‫‪it‬‬ ‫‪MFFit‬‬

‫‪ – 4‬ﺑﺎ ﺟﺎﻳﮕﺬﺍﺭﻱ ﻣﻴﺰﺍﻥ ‪ FD t+1‬ﺩﺭ ﻣﺨﺮﺝ ﻛﺴﺮ‪ ،‬ﻣﻘﺪﺍﺭ ﺷﺎﺧﺺ ﻣﺠﺪﺩﺍً ﺑﺮﺍﺑﺮ ‪ PI t‬ﺧﻮﺍﻫﺪ ﺷﺪ‪.‬‬
‫‪R‬‬ ‫‪R‬‬ ‫‪R‬‬ ‫‪R‬‬

‫= ‪PI t +1‬‬
‫‪∑p‬‬ ‫‪it‬‬ ‫‪qit +1 MFFit‬‬
‫‪× 100 = PI t‬‬ ‫)‪(9‬‬
‫‪FDt +1‬‬

‫ﺑﻪ ﻃﻮﺭ ﻛﻠﻲ ﻣﻮﺍﺭﺩﻱ ﻛﻪ ﻣﻮﺟﺐ ﺗﻌﺪﻳﻞ ﻣﻲ‌ﺷﻮﻧﺪ ﻭ ﺷﻴﻮﺓ ﺍﻧﺠﺎﻡ ﺁﻥ‪ ،‬ﻣﻴﺎﻥ ﺵﺍﺧﺺ ﻗﻴﻤﺖ ﻭ ﺷﺎﺧﺺ ﺑﺎﺯﺩﺓ ﻛﻞ‬

‫ﻥ ‪ .‬ﺑﻪ ﻃﻮﺭ ﻣﻌﻤﻮﻝ ﻣﻮﺍﺭﺩ ﺯﻳﺮ ﻣﻮﺟﺐ ﺗﻌﺪﻳﻞ ﭘﺎﻳﻪ‬

‫ﻳﻜﺴﺎﻥ ﺍﺳﺖ ﻭ ﺗﻨﻬﺎ ﺩﺭ ﻳﻚ ﻣﻮﺭﺩ )ﻣﻮﺭﺩ ﭘﻨﺠﻢ( ﺗﻔﺎﻭﺕ ﺩﺍﺭ ﺩ‬

‫ﺷﺎﺧﺺ ﻣﻲ‌ﮔﺮﺩﻧﺪ‪:‬‬

‫ﺷﺮﻛﺖﻫﺎ ﺍﺯ ﻣﺤﻞ ﺁﻭﺭﺩﺓ ﻧﻘﺪﻱ‬

‫‌‬ ‫‪ – 1‬ﺍﻓﺰﺍﻳﺶ ﺳﺮﻣﺎﻳﺔ‬

‫ﺷﺮﻛﺖﻫﺎﻱ ﻣﺸﻤﻮﻝ ﺷﺎﺧﺺ‬

‫‌‬ ‫‪ – 2‬ﺍﻓﺰﺍﻳﺶ‪ /‬ﻛﺎﻫﺶ ﺗﻌﺪﺍﺩ‬

‫ﺷﺮﻛﺖﻫﺎ‬
‫‌‬ ‫‪ – 3‬ﺗﺠﺰﻳﻪ‪ /‬ﺍﺩﻏﺎﻡ‬

‫‌ﺩﻫﻲ ﺍﺳﺘﻔﺎﺩﻩ‬ ‫‪ – 4‬ﺗﻐﻴﻴﺮ ﺿﺮ ﻳﺐ ﺳﻬﺎﻡ ﺷﻨﺎﻭﺭ ﺁﺯﺍﺩ )ﺑﺮﺍﻱ ﺷﺎﺧﺺ ‌ﻫﺎﻳﻲ ﻛﻪ ﺍﺯ ﺳﻬﺎﻡ ﺷﻨﺎﻭﺭ ﺁﺯﺍﺩ ﺩﺭ ﻭﺯﻥ‬

‫ﻣﻲﻛﻨﻨﺪ(‬
‫‌‬

‫‪ – 5‬ﭘﺮﺩﺍﺧﺖ ﺳﻮﺩ ﻧﻘﺪﻱ )ﺗﻨﻬﺎ ﺑﺮﺍﻱ ﺗﻌﺪﻳﻞ ﭘﺎﻳﻪ ﺷﺎﺧﺺ ﺑﺎﺯﺩﺓ ﻛﻞ(‬

‫ﻣﻲﺷﻮﺩ‪:‬‬
‫ﺩﺭ ﺻﻮﺭﺕ ﭘﺮﺩﺍﺧﺖ ﺳﻮﺩ ﻧﻘﺪﻱ ﭘﺎﻳﻪ ﺷﺎﺧﺺ ﺑﺎﺯﺩﺓ ﻛﻞ ﺑﻪ ﺻﻮﺭﺕ ﺯﻳﺮ ﺗﻌﺪﻳﻞ ‌‬

‫‪∑p‬‬ ‫‪qit MFFit − ∑ DPS it +1‬‬

‫= ‪FDt +1‬‬ ‫‪× FDt‬‬ ‫)‪(10‬‬
‫‪it‬‬

‫‪∑p‬‬ ‫‪it‬‬ ‫‪qit MFFit‬‬

‫‪ = DPS it+1‬ﺳﻮﺩ ﻧﻘﺪﻱ پﺭﺩﺍﺧﺖ ﺷﺪﻩ ﺷﺮﻛﺖ ‪i‬ﺍﻡ ﺩﺭ ﺯﻣﺎﻥ ‪t+1‬‬ ‫‪R‬‬ ‫‪R‬‬

‫‪20‬‬
‫‌ﻫﺎﻱﻱ ﻫﻤﭽﻮﻥ ﺑﻮﺭﺱ‬ ‫ﺁﻥ ﭼﻪ ﺩﺭ ﻣﻮﺭﺩ ﺗﻌﺪﻳﻞ ﭘﺎﻳﺔ ﺷﺎﺧﺺ ﺑﻴﺎﻥ ﺷﺪ ﻣﺒﺘﻨﻲ ﺑﺮ ﺑﺮﺭﺳﻲ ﺷﺎﺧﺺ ﺑﻮﺭﺱ‬

‫ﻧﻴﻮﻳﻮﺭﻙ‪ ،‬ﺗﻮﻛﻴﻮ ﻭ ﺍﺳﺘﺎﻧﺒﻮﻝ ﺍﺳﺖ ﻭ ﺑﺪﻳﻬﻲ ﺍﺳﺖ ﻛﻪ ﻫﺮ ﺑﻮﺭﺱ ﻳﺎ ﻣﺆﺳﺴﺔ ﻣﺎﻟﻲ ﺑﻨﺎ ﺑﻪ ﻣﻘﺘﻀﻴﺎﺕ ﻭ ﺳﻠﻴﻘﺔ‬

‫ﻭﻳﮋﺓ ﺧﻮﺩ ﻣﻤﻜﻦ ﺍﺳﺖ ﺑﺎ ﺟﺰﺋﻴﺎﺕ ﻣﺘﻔﺎﻭﺗﻲ ﺑﻪ ﺗﻌﺪﻳﻞ ﺷﺎﺧﺺ ﺑﭙﺮﺩﺍﺯﺩ‪.‬‬

‫‪21‬‬
 ‫ﺷﺎﺧﺺﻫﺎﻱ ﺑﻮﺭﺱ ﺗﻬﺮﺍﻥ‬
‫‌‬ ‫‪–6‬‬

‫‪ -1-6‬ﺷﺎﺧﺺ ﻛﻞ ﻗﻴﻤﺖ‬

‫‪ 1369‬ﺍﻗﺪﺍﻡ ﺑﻪ ﻣﺤﺎﺳﺒﻪ ﻭ ﺍﻧﺘﺸﺎﺭ ﺷﺎﺧﺺ ﻗﻴﻤﺖ ﺧﻮﺩ ﺑﺎ ﻧﺎﻡ ﺗﭙﻴﻜﺲ‬ ‫ﺑﻮﺭﺱ ﺗﻬﺮﺍﻥ ﺍﺯ ﻓﺮﻭﺭﺩﻳﻦ ﻣﺎﻩ‬

‫)‪ (TEPIX‬ﻧﻤﻮﺩ‪ .‬ﺍﻳﻦ ﺷﺎﺧﺺ ‪ 52‬ﺷﺮﻛﺖ ﻛﻪ ﺩﺭ ﺁﻥ ﺯﻣﺎﻥ ﻛﻞ ﺷﺮﻛﺖ‌ﻫﺎﻱ ﭘﺬﻳﺮﻓﺘﻪ ﺷﺪﻩ ﺩﺭ ﺑﻮﺭﺱ ﺭﺍ ﺷﺎﻣﻞ‬

‫ﻣﻲﮔﺮﺩﺩ‪:‬‬
‫ﺑﺮﻣﻲﮔﺮﻓﺖ‪ .‬ﺍﻳﻦ ﺷﺎﺧﺺ ﺑﺎ ﺍﺳﺘﻔﺎﺩﻩ ﺍﺯ ﻓﺮﻣﻮﻝ ﺯﻳﺮ ﻣﺤﺎﺳﺒﻪ ‌‬
‫‌‬ ‫ﻣﻲﺵﺩﻧﺪ‪ ،‬ﺩﺭ‬
‫‌‬
‫‪n‬‬

‫‪∑p‬‬ ‫‪it‬‬ ‫‪qit‬‬

‫= ‪TEPIX t‬‬ ‫‪i =1‬‬
‫‪× 100‬‬ ‫)‪(11‬‬
‫‪Dt‬‬

‫‪ = P it‬ﻗﻴﻤﺖ ﺷﺮﻛﺖ ‪i‬ﺍﻡ ﺩﺭ ﺯﻣﺎﻥ ‪t‬‬‫‪R‬‬ ‫‪R‬‬

‫‪ = q it‬ﺗﻌﺪﺍﺩ ﺳﻬﺎﻡ ﻣﻨﺘﺸﺮﻩ ﺷﺮﻛﺖ ‪i‬ﺍﻡ ﺩﺭ ﺯﻣﺎﻥ ‪t‬‬ ‫‪R‬‬ ‫‪R‬‬

‫‪ = D t‬ﻋﺪﺩ ﭘﺎﻳﻪ ﺩﺭ ﺯﻣﺎﻥ ‪ t‬ﻛﻪ ﺩﺭ ﺯﻣﺎﻥ ﻣﺒﺪﺍء ﺑﺮﺍﺑﺮ ‪ ∑p io q io‬ﺑﻮﺩﻩ ﺍﺳﺖ‬

‫‪R‬‬ ‫‪R‬‬ ‫‪R‬‬ ‫‪R‬‬ ‫‪R‬‬ ‫‪R‬‬

‫‪ = P io‬ﻗﻴﻤﺖ ﺷﺮﻛﺖ ‪i‬ﺍﻡ ﺩﺭ ﺯﻣﺎﻥ ﻣﺒﺪﺃ‬

‫‪R‬‬ ‫‪R‬‬

‫‪ = q io‬ﺗﻌﺪﺍﺩ ﺳﻬﺎﻡ ﻣﻨﺘﺸﺮﻩ ﺷﺮﻛﺖ ‪i‬ﺍﻡ ﺩﺭ ﺯﻣﺎﻥ ﻣﺒﺪﺃ‬ ‫‪R‬‬ ‫‪R‬‬

‫ﺷﺮﻛﺖﻫﺎﻱ ﻣﺸﻤﻮﻝ ﺷﺎﺧﺺ‬

‫‌‬ ‫‪ = n‬ﺗﻌﺪﺍﺩ‬

‫ﺻﻮﺭﺗﻲﻛﻪ ﻧﻤﺎﺩ‬
‫‌‬ ‫ﺑﺮﻣﻲﮔﻴﺮﺩ ﻭ ﺩﺭ‬
‫‌‬ ‫ﺷﺮﻛﺖﻫﺎﻱ ﭘﺬﻳﺮﻓﺘﻪ ﺷﺪﻩ ﺩﺭ ﺑﻮﺭﺱ ﺭﺍ ﺩﺭ‬
‫‌‬ ‫ﺷﺎﺧﺺ ﻗﻴﻤﺖ ﺑﻮﺭﺱ ﺗﻬﺮﺍﻥ ﺗﻤﺎﻣﻲ‬

‫‌ﮔﺮﺩﺩ‪.‬‬ ‫ﺷﺮﻛﺘﻲ ﺑﺴﺘﻪ ﺑﺎﺷﺪ ﻳﺎ ﺑﺮﺍﻱ ﻣﺪﺗﻲ ﻣﻌﺎﻣﻠﻪ ﻧﺸﻮﺩ‪ ،‬ﻗﻴﻤﺖ ﺁﺧﺮﻳﻦ ﻣﻌﺎﻣﻠﻪ ﺁﻥ ﺩﺭ ﺷﺎﺧﺺ ﻟﺤﺎﻅ ﻣﻲ‬

‫ﻭﺯﻥﺩﻫﻲ ﺩﺭ ﺷﺎﺧﺺ ﻣﺰﺑﻮﺭ‬

‫ﺷﺮﻛﺖﻫﺎ‪ ،‬ﻣﻌﻴﺎﺭ ‌‬
‫‌‬ ‫ﻫﻤﺎﻥﮔﻮﻧﻪ ﻛﻪ ﺍﺯ ﻓﺮﻣﻮﻝ ‪ 11‬ﻣﺸﺨﺺ ﺍﺳﺖ‪ ،‬ﺗﻌﺪﺍﺩ ﺳﻬﺎﻡ ﻣﻨﺘﺸﺮﺓ‬
‫‌‬

‫ﺍﺳﺖ؛ ﻛﻪ ﺍﻳﻦ ﺍﻣﺮ ﻣﻨﺠﺮ ﺑﻪ ﺗﺄﺛﻴﺮ ﺑﺴﻴﺎﺭ ﺷﺮﻛﺖ‌ﻫﺎﻱ ﺑﺰﺭگ ﺩﺭ ﺷﺎﺧﺺ ﻣﻲ‌ﺷﻮﺩ‪ .‬ﺗﻌﺪﻳﻞ ﭘﺎﻳﺔ ﺷﺎﺧﺺ ‪TEPIX‬‬

‫ﻣﻲﮔﻴﺮﺩ‪.‬‬
‫ﻧﻴﺰ ﻫﻤﺎﻧﻨﺪ ﺭﻭﺵ ﺍﺷﺎﺭﻩ ﺷﺪﻩ ﺩﺭ ﺑﺨﺶ ‪ 5‬ﺻﻮﺭﺕ ‌‬

‫‪22‬‬
 ‫‪ -2-6‬ﺷﺎﺧﺺ ﺻﻨﺎﻳﻊ‬

‫ﺗﻠﻔﻲ ﻃﺒﻘﻪ ‌ﺑﻨﺪﻱ ﺷﺪﻩ ‌ﺍﻧﺪ‪ .‬ﺍﻳﻦ ﻃﺒﻘﻪ ‌ﺑﻨﺪﻱ ﻛﻪ‬ ‫ﺷﺮﻛﺖﻫﺎﻱ ﭘﺬﻳﺮﻓﺘﻪ ﺷﺪﻩ ﺩﺭ ﺑﻮﺭﺱ ﺗﻬﺮﺍﻥ ﺩﺭ ﺻﻨﺎﻳﻊ ﻣﺦ‬
‫‌‬

‫ﺑﺮﺍﺳﺎﺱ ﺭﻭﺵ ‪ ISIC‬ﺻﻮﺭﺕ ﻣﻲ ‌ﮔﻴﺮﺩ‪ ،‬ﻣﻨﺠﺮ ﺑﻪ ﺗﻔﻜﻴﻚ ‪ 28‬ﺻﻨﻌﺖ ﺩﺭ ﺑﻮﺭﺱ ﺗﻬﺮﺍﻥ ﺗﺎ ﺧﺮﺩﺍﺩ ﻣﺎﻩ ‪1383‬‬

‫‌ﻛﻨﺪ ﻛﻪ ﻫﻤﮕﻲ ﺑﺎ ﻓﺮﻣﻮﻟﻲ‬ ‫ﺷﺪﻩ ﺍﺳﺖ ‪ .‬ﺑﻮﺭﺱ ﺗﻬﺮﺍﻥ ﺍﻗﺪﺍﻡ ﺑﻪ ﻣﺤﺎﺳﺒﺔ ﺷﺎﺧﺺ ﻗﻴﻤﺖ ﺑﺮﺍﻱ ﻫﺮ ﺻﻨﻌﺖ ﻣﻲ‬

‫ﺷﺮﻛﺖﻫﺎﻱ ﭘﺬﻳﺮﻓﺘﻪ ﺷﺪﻩ ﺩﺭ ﺑﻮﺭﺱ‬

‫‌‬ ‫ﻣﻲﺷﻮﻧﺪ‪.‬ﺩﺭ ﻳﻚ ﺗﻔﻜﻴﻚ ﻙﻟﻲ ‌ﺗﺮ‪،‬‬
‫ﻣﺸﺎﺑﻪ ﺷﺎﺧﺺ ﻛﻞ ﻗﻴﻤﺖ ﻣﺤﺎﺳﺐ ﻩ ‌‬

‫‌ﻫﺎﻱ ﺻﻨﻌﺖ‬ ‫‌ﺍﻧﺪ ﻛﻪ ﮔﺮﻭﻩ ﻣﺎﻟﻲ ﺩﺭ ﺑﺮﮔﻴﺮﻧﺪﺓ ﺷﺮﻛﺖ‬ ‫ﺗﻬﺮﺍﻥ ﺑﻪ ﺩﻭ ﮔﺮﻭﻩ ﺻﻨﻌﺖ ﻭ ﻣﺎﻟﻲ ﺗﻘﺴﻴﻢ ﺷﺪﻩ‬

‫ﮔﺮﻱﻫﺎﻱ ﻣﺎﻟﻲ ﺍﺳﺖ ‪.‬‬

‫ﮔﺮﻱﻫﺎﻱ ﻣﺎﻟﻲ ﻭ ﮔﺮﻭﻩ ﺻﻨﻌﺖ ﺷﺎﻣﻞ ﻛﻠﻴﺔ ﺷﺮﻛﺖ ‌ﻫﺎﻱ ﺑﻮﺭﺱ ﺑﻪ ﺟﺰ ﻭﺍﺳﻄﻪ ‌ ‌‬
‫ﻭﺍﺳﻄﻪ ‌‬
‫‌‬
‫‪1‬‬
‫ﻭ‬ ‫‪P‬‬ ‫‪P42F‬‬ ‫ﺑﻮﺭﺱ ﺗﻬﺮﺍﻥ ﺑﻪ ﻣﺤﺎﺳﺒﺔ ﺷﺎﺧﺺ ﻗﻴﻤﺖ ﺑﺮﺍﻱ ﺍﻳﻦ ﺩﻭ ﮔﺮﻭﻩ ﻛﻠﻲ ﻥ ﻳﺰ ﻣﻲ ‌ﭘﺮﺩﺍﺯﺩ ﻛﻪ ﺑﺎ ﻧﺎﻡ ﺷﺎﺧﺺ ﻣﺎﻟﻲ‬

‫ﺷﺎﺧﺺ ﺻﻨﻌﺖ ‪ 2‬ﻣﻨﺘﺸﺮ ﻣﻲ ‌ﺷﻮﻧﺪ ﻭ ﻫﺮ ﺩﻭ ﺩﺭ ﻃﺮﺍﺣﻲ ‪ ،‬ﻣﺤﺎﺳﺒﻪ ﻭ ﺗﻌﺪﻳﻞ ﺍﺯ ﻣﻌﻴﺎﺭﻫﺎﻱ ﺷﺎﺧﺺ ﻛﻞ ﻗﻴﻤﺖ‬‫‪P‬‬ ‫‪P43F‬‬

‫ﻣﻲﻛﻨﻨﺪ‪.‬‬
‫ﭘﻴﺮﻭﻱ ‌‬

‫‪ -3-6‬ﺷﺎﺧﺺ ﭘﻨﺠﺎﻩ ﺷﺮﻛﺖ ﻓﻌﺎﻝ‌ﺗﺮ‬

‫ﺑﻮﺭﺱ ﺗﻬﺮﺍﻥ ﺑﺎ ﺩﻭ ﺭﻭﺵ ﺍﻗﺪﺍﻡ ﺑﻪ ﻣﺤﺎﺳﺒﻪ ﻭ ﺍﻧﺘﺸﺎﺭ ﺷﺎﺧﺺ ﻗﻴﻤﺖ ‪ 50‬ﺷﺮﻛﺖ ﻓﻌﺎﻝ‌ﺗﺮ ﻣﻲ‌ﻛﻨﺪ‪ .‬ﺍﻳﻦ ﺷﺎﺧﺺ‬

‫ﻥﺩﻫﻨﺪﻩ ﺳﻄﺢ ﻋﻤﻮﻣﻲ ﻗﻴﻤﺖ ‪ 50‬ﺷﺮﻛﺖ ﻣﻨﺘﺨﺐ ﺑﻮﺭﺱ ﺍﺳﺖ‪ .‬ﺁﻥ ﭼﻪ ﺩﺭ ﺍﻧﺘﺨﺎﺏ ‪ 50‬ﺷﺮﻛﺖ ﻣﺰﺑﻮﺭ ﻛﻪ‬
‫ﻧﺸﺎ ‌‬

‫ﺩﺭ ﺩﻭﺭﻩ‌ﻫﺎﻱ ﺳﻪ ﻣﺎﻫﻪ ﺻﻮﺭﺕ ﻣﻲ ‌ﮔﻴﺮﺩ‪ ،‬ﺑﻴﺸﺘﺮﻳﻦ ﺍﻫﻤﻴﺖ ﺭﺍ ﺩﺍﺭﺩ ﺗﻌﺪﺍﺩ ﺭﻭﺯ ‌ﻫﺎﻱ ﺩﺍﺩﻭﺳﺘﺪ ﺷﺮﻛﺖ‌ﻫﺎ ﺍﺳﺖ‪ .‬ﺑﻪ‬

‫ﺗﻌﺒﻴﺮ ﺩﻳﮕﺮ ﺑﺮ ﺧﻼﻑ ﺳﺎﻳﺮ ﺑﻮﺭﺱ ‌ﻫﺎ ﻛﻪ ﺑﻪ ﻃﻮﺭ ﻣﻌﻤﻮﻝ ‪ ،‬ﻣﻴﺰﺍﻥ ﺳﺮﻣﺎﻳﻪ ﺭﺍ ﺑﺮﺍﻱ ﺍﻧﺘﺨﺎﺏ ﺷﺮﻛﺖ ‌ﻫﺎﻱ ﻣﻨﺘﺨﺐ‬

‫ﻣﻼﻙ ﻗﺮﺍﺭ ﻣﻲ ‌ﺩﻫﻨﺪ ﻭ ﺗﻨﻬﺎ ﺁﻥ ﺭﺍ ﻣﻘﻴﺪ ﺑﻪ ﻣﻴﺰﺍﻥ ﻣﺸﺨﺼﻲ ﺍﺯ ﻧﻘﺪﺷﻮﻧﺪﮔﻲ ﻣﻲ ‌ﻛﻨﻨﺪ‪ ،‬ﺑﻮﺭﺱ ﺗﻬﺮﺍﻥ ﻣﻴﺰﺍﻥ‬

‫‪1‬‬
‫‪Financial Index‬‬
‫‪2‬‬
‫‪Industrial Index‬‬

‫‪23‬‬
 ‫ﻧﻘﺪﺷﻮﻧﺪﮔﻲ ﻳﺎ ﻓﻌﺎﻟﻴﺖ ﺷﺮﻛﺖ ‌ﻫﺎ ﺭﺍ ﻣﻼﻙ ﺍﺻﻠﻲ ﺑﺮﺍﻱ ﮔﺰﻳﻨﺶ ‪ 50‬ﺷﺮﻛﺖ ﻗﺮﺍﺭ ﺩﺍﺩﻩ ﻭ ﺑﻪ ﻫﻤﻴﻦ ﺳﺒﺐ‬

‫ﻓﻌﺎﻝﺗﺮ ﻧﺎﻣﻴﺪﻩ ﺍﺳﺖ‪.‬‬

‫‌‬ ‫ﺷﺎﺧﺺ ﻣﺰﺑﻮﺭ ﺭﺍ ﺷﺎﺧﺺ ‪ 50‬ﺷﺮﻛﺖ‬

‫ﻫﻤﺎﻥﮔﻮﻧﻪ ﻛﻪ ﺍﺷﺎﺭﻩ ﺷﺪ‪ ،‬ﺑﺮ ﺍﻱ ﻣﺤﺎﺳﺒﻪ ﺷﺎﺧﺺ ﭘﻨﺠﺎﻩ ﺷﺮﻛﺖ ﻓﻌﺎﻝ‌ﺗﺮ ﺍﺯ ﺩﻭ ﺭﻭﺵ ﺍﺳﺘﻔﺎﺩﻩ ﻣﻲ‌ﺷﻮﺩ‪ ،‬ﺩﺭ ﺭﻭﺵ‬
‫‌‬

‫‪ 50‬ﺷﺮﻛﺖ ﻓﻌﺎﻝ ‌ﺗﺮ‪ -‬ﻣﻴﺎﻧﮕﻴﻦ ﺳﺎﺩﻩ ﻣﻲ ‌ﺷﻮﺩ ﺍﺯ ﺭﻭﺵ ﻣﻴﺎﻧﮕﻴﻦ ﺳﺎﺩﻩ‬ ‫ﺍﻭﻝ ﻛﻪ ﻣﻨﺠﺮ ﺑﻪ ﻣﺤﺎﺳﺒﺔ ﺷﺎﺧﺺ‬

‫ﺍﺳﺘﻔﺎﺩﻩ ﻣﻲ ‌ﺷﻮﺩ ﻛﻪ ﭼﮕﻮﻧﮕﻲ ﻣﺤﺎﺳﺒﺔ ﺁﻥ ﺩﺭ ﺑﺨﺶ ‪ 1-4‬ﺗﻮﺿﻴﺢ ﺩﺍﺩﻩ ﺷﺪﻩ ﺍﺳﺖ ‪ .‬ﺭﻭﺵ ﺩﻭﻡ ﻧﻴﺰ ﻫﻤﺎﻧﻨﺪ‬

‫ﻣﻲﺷﻮﺩ ﻭ ﻣﻨﺠﺮ ﺑﻪ ﻣﺤﺎﺳﺒﻪ ﺷﺎﺧﺺ ‪ 50‬ﺷﺮﻛﺖ ﻓﻌﺎﻝ ‌ﺗﺮ – ﻣﻴﺎﻧﮕﻴﻦ ﻣﻮﺯﻭﻥ‬

‫‪ TEPIX‬ﻣﺤﺎﺳﺒﻪ ﻭ ﺗﻌﺪﻳﻞ ‌‬

‫ﻣﻲﺷﻮﺩ‪.‬‬
‫‌‬

‫‪ -4-6‬ﺷﺎﺧﺺ ﻗﻴﻤﺖ ﻭ ﺑﺎﺯﺩﺓ ﻧﻘﺪﻱ‬

‫ﺷﺎﺧﺺ ﻗﻴﻤﺖ ﻭ ﺑﺎﺯﺩﺓ ﻧﻘﺪﻱ ﻳﺎ ﻫﻤﺎﻥ ﺷﺎﺧﺺ ﺑﺎﺯﺩﺓ ﻛﻞ ﺑﺎ ﻧﻤﺎﺩ ‪ TEDPIX‬ﺍﺯ ﻓﺮﻭﺭﺩﻳﻦ ‪ 1377‬ﺩﺭ ﺑﻮﺭﺱ‬

‫ﺗﻬﺮﺍﻥ ﻣﺤﺎﺳﺒﻪ ﻭ ﻣﻨﺘﺸﺮ ﺷﺪﻩ ﺍﺳﺖ ‪ .‬ﺗﻐﻴﻴﺮﺍﺕ ﺍﻳﻦ ﺷﺎﺧﺺ ﻧﺸﺎﻧﮕﺮ ﺑﺎﺯﺩﺓ ﻛﻞ ﺑﻮﺭﺱ ﺍﺳﺖ ﻭ ﺍﺯ ﺗﻐﻴﻴﺮﺍﺕ ﻗﻴﻤﺖ‬

‫ﻭ ﺑﺎﺯﺩﺓ ﻧﻘﺪﻱ ﭘﺮﺩﺍﺧﺘﻲ‪ ،‬ﻣﺘﺄﺛﺮ ﻣﻲ ‌ﺷﻮﺩ‪ .‬ﺍﻳﻦ ﺷﺎﺧﺺ ﻛﻠﻴﺔ ﺷﺮﻛﺖ‌ﻫﺎﻱ ﭘﺬﻳﺮﻓﺘﻪ ﺷﺪﻩ ﺩﺭ ﺑﻮﺭﺱ ﺭﺍ ﺩﺭ ﺑﺮﺩﺍﺭﺩ ﻭ‬

‫ﺷﻴﻮﺓ ﻭﺯﻥ‌ﺩﻫﻲ ﻭ ﻣﺤﺎﺳﺒﺔ ﺁﻥ ﻫﻤﺎﻧﻨﺪ ﺷﺎﺧﺺ ﻛﻞ ﻗﻴﻤﺖ )‪ (TEPIX‬ﺍﺳﺖ ﻭ ﺗﻨﻬﺎ ﺗﻔﺎﻭﺕ ﻣﻴﺎﻥ ﺁﻥ ﺩﻭ ﺩﺭ‬

‫ﺷﻴﻮﺓ ﺗﻌﺪﻳﻞ ﺁﻥ ‌ﻫﺎ ﺍﺳﺖ‪ .‬ﻫﻤﺎﻥ‌ﻃﻮﺭ ﻛﻪ ﺩﺭ ﺑﺨﺶ ﭘﻴﺸﻴﻦ ﺍﺷﺎﺭﻩ ﺷﺪ ﺷﺎﺧﺺ ﻗﻴﻤﺖ ﻭ ﺑﺎﺯﺩﺓ ﻧﻘﺪﻱ ﻋﻼﻭﻩ ﺑﺮ‬

‫ﻣﻮﺍﺭﺩ ﺗﻌﺪﻳﻞ ﺷﺎﺧﺺ ﻗﻴﻤﺖ ﺩﺭ ﺻﻮﺭﺕ ﭘﺮﺩﺍﺧﺖ ﺳﻮﺩﻧﻘﺪﻱ ﻧﻴﺰ ﺗﻌﺪﻳﻞ ﭘﺎﻳﻪ ﻣﻲ‌ﺷﻮﺩ‪ .‬ﺷﺎﺧﺺ ﻗﻴﻤﺖ ﻭ ﺑﺎﺯﺩﺓ‬

‫ﻣﻲﺷﻮﺩ‪.‬‬
‫ﻧﻘﺪﻱ ﺑﻮﺭﺱ ﺗﻬﺮﺍﻥ ﺑﺎ ﻓﺮﻣﻮﻝ ﺯﻳﺮ ﻣﺤﺎﺳﺒﻪ ‌‬
‫‪n‬‬

‫‪∑p‬‬ ‫‪it‬‬ ‫‪qit‬‬

‫= ‪TEDPIX t‬‬ ‫‪i =1‬‬
‫‪× 100‬‬ ‫)‪(12‬‬
‫‪RDt‬‬

‫‪ = P it‬ﻗﻴﻤﺖ ﺷﺮﻛﺖ ‪i‬ﺍﻡ ﺩﺭ ﺯﻣﺎﻥ ‪t‬‬

‫‪R‬‬ ‫‪R‬‬

‫‪ = q it‬ﺗﻌﺪﺍﺩ ﺳﻬﺎﻡ ﻣﻨﺘﺸﺮﻩ ﺷﺮﻛﺖ ‪i‬ﺍﻡ ﺩﺭ ﺯﻣﺎﻥ ‪t‬‬ ‫‪R‬‬ ‫‪R‬‬

‫‪24‬‬
 ‫‪ = RD t‬ﭘﺎﻳﺔ ﺷﺎﺧﺺ ﻗﻴﻤﺖ ﻭ ﺑﺎﺯﺩﺓ ﻧﻘﺪﻱ ﺩﺭ ﺯﻣﺎﻥ ‪ t‬ﻛﻪ ﺩﺭ ﺯﻣﺎﻥ ﻣﺒﺪﺍء ﺑﺮﺍﺑﺮ ‪ ∑p io q io‬ﺑﻮﺩﻩ ﺍﺳﺖ‬
‫‪R‬‬ ‫‪R‬‬ ‫‪R‬‬ ‫‪R‬‬ ‫‪R‬‬ ‫‪R‬‬

‫ﻣﻲﮔﻴﺮﺩ‪:‬‬
‫ﺗﻌﺪﻳﻞ ﭘﺎﻳﺔ ﺷﺎﺧﺺ ‪ TEDPIX‬ﺑﻪ ﻭﺳﻴﻠﺔ ﻓﺮﻣﻮﻝ ﺯﻳﺮ ﺻﻮﺭﺕ ‌‬
‫‪n‬‬ ‫‪n‬‬

‫‪∑ pit qit − ∑ DPS it +1‬‬ ‫‪RDt‬‬

‫= ‪RDt +1‬‬ ‫‪i =1‬‬
‫‪n‬‬
‫‪i =1‬‬
‫‪× RDt +‬‬ ‫) ‪× ( Dt +1 − Dt‬‬ ‫)‪(13‬‬
‫‪∑ pit qit‬‬
‫‪Dt‬‬
‫‪i =1‬‬

‫‪ = RD t+1‬ﭘﺎﻳﺔ ﺷﺎﺧﺺ ﻗﻴﻤﺖ ﻭ ﺑﺎﺯﺩﺓ ﻧﻘﺪﻱ ﺩﺭ ﺯﻣﺎﻥ ‪) t+1‬ﭘﺲ ﺍﺯ ﺗﻌﺪﻳﻞ(‬ ‫‪R‬‬ ‫‪R‬‬

‫‪ = RD t‬ﭘﺎﻳﺔ ﺷﺎﺧﺺ ﻗﻴﻤﺖ ﻭ ﺑﺎﺯﺩﺓ ﻧﻘﺪﻱ ﺩﺭ ﺯﻣﺎﻥ ‪) t‬ﭘﻴﺶ ﺍﺯ ﺗﻌﺪﻳﻞ(‬ ‫‪R‬‬ ‫‪R‬‬

‫‪ = P it‬ﻗﻴﻤﺖ ﺷﺮﻛﺖ ‪i‬ﺍﻡ ﺩﺭ ﺯﻣﺎﻥ ‪t‬‬

‫‪R‬‬ ‫‪R‬‬

‫‪ = q it‬ﺗﻌﺪﺍﺩ ﺳﻬﺎﻡ ﻣﻨﺘﺸﺮﻩ ﺷﺮﻛﺖ ‪i‬ﺍﻡ ﺩﺭ ﺯﻣﺎﻥ ‪t‬‬ ‫‪R‬‬ ‫‪R‬‬

‫‪ = DPS it+1‬ﺳﻮﺩ ﻧﻘﺪﻱ ﭘﺮﺩﺍﺧﺘﻲ ﺷﺮﻛﺖ ‪i‬ﺍﻡ ﺩﺭ ﺯﻣﺎﻥ ‪t+1‬‬ ‫‪R‬‬ ‫‪R‬‬

‫‪ = D t+1‬ﭘﺎﻳﺔ ﺷﺎﺧﺺ ﻛﻞ ﻗﻴﻤﺖ ﺩﺭ ﺯﻣﺎﻥ ‪) t+1‬ﭘﺲ ﺍﺯ ﺗﻌﺪﻳﻞ(‬ ‫‪R‬‬ ‫‪R‬‬

‫‪ = D t‬ﭘﺎﻳﺔ ﺷﺎﺧﺺ ﻛﻞ ﻗﻴﻤﺖ ﺩﺭ ﺯﻣﺎﻥ ‪) t‬ﭘﻴﺶ ﺍﺯ ﺗﻌﺪﻳﻞ(‬ ‫‪R‬‬ ‫‪R‬‬

‫ﻫﻤﺎﻥﮔﻮﻧﻪ ﻛﻪ ﺍﺯ ﻓﺮﻣﻮﻝ ‪ 13‬ﻣﺸﺨﺺ ﺍﺳﺖ‪ ،‬ﻓﺮﻣﻮﻝ ﺗﻌﺪﻳﻞ ﭘﺎﻳﺔ ﺷﺎﺧﺺ ‪ TEDPIX‬ﺍﺯ ﺩﻭ ﺑﺨﺶ ﺗﺸﻜﻴﻞ‬
‫‌‬

‫ﺷﺪﻩ ﺍﺳﺖ ‪ .‬ﺑﺨﺶ ﺍﻭﻝ ﻣﺮﺑﻮﻁ ﺑﻪ ﺑﺎﺯﺩ ‌ﺓﻧﻘﺪﻱ ﭘﺮﺩﺍﺧﺘﻲ ﺷﺮﻛﺖ ‌ﻫﺎﺳﺖ ﻛﻪ ﺑﺎﻋﺚ ﺗﻌﺪﻳﻞ ﭘﺎﻳﺔ ﺷﺎﺧﺺ ﻣﺰﺑﻮﺭ‬

‫ﻣﻲﺷﻮﺩ ﻭ ﺑﺨﺶ ﺩﻭﻡ ﻣﺮﺑﻮﻁ ﺑﻪ ﻣﻮﺍﺭﺩ ﺗﻌﺪﻳﻠﻲ ﻣﻲ ‌ﺷﻮﺩ ﻛﻪ ﻣﻴﺎﻥ ‪ TEPIX‬ﻭ ‪ TEDPIX‬ﻣﺸﺘﺮﻙ ﺍﺳﺖ ﻭ‬
‫‌‬

‫ﻣﻲﺷﻮﺩ‪.‬‬
‫ﺷﺮﻛﺖﻫﺎ ‌‬
‫‌‬ ‫ﺷﺎﻣﻞ ﻣﻮﺍﺭﺩﻱ ﻫﻢﭼﻮﻥ ﺍﻓﺰﺍﻳﺶ ﺳﺮﻣﺎﻳﻪ ﺍﺯ ﻣﺤﻞ ﺁﻭﺭﺩﺓ ﻧﻘﺪﻱ‬

‫ﻛﺮﺩﻩﺍﻧﺪ ﻭ ﻫﻴﭻ ﻣﻮﺭﺩﻱ ﻛﻪ ﻣﻨﺠﺮ ﺑﻪ‬

‫‌‬ ‫ﺷﺮﺍﻳﻄﻲ ﺭﺍ ﺩﺭ ﻧﻈﺮ ﮔﻴﺮﻳﺪ ﻛﻪ ﺷﺮﻛﺖ ‌ﻫﺎﻳﻲ ﺍﻗﺪﺍﻡ ﺑﻪ ﭘﺮﺩﺍﺧﺖ ﺳﻮﺩ ﻧﻘﺪﻱ‬

‫ﺗﻌﺪﻳﻞ ﭘﺎﻳﺔ ﺷﺎﺧﺺ ‪ TEPIX‬ﺷﻮﺩ‪ ،‬ﺭﺥ ﻧﺪﺍﺩﻩ ﺑﺎﺷﺪ ‪ .‬ﺩﺭ ﺍﻳﻦ ﻭﺿﻌﻴﺖ ‪ D t‬ﺑﺎ ‪ D t+1‬ﺑﺮﺍﺑﺮ ﺧﻮﺍﻫﺪ ﺑﻮﺩ ﻭ ﻓﺮﻣﻮﻝ‬
‫‪R‬‬ ‫‪R‬‬ ‫‪R‬‬ ‫‪R‬‬

‫ﻣﺤﺎﺳﺐ ﺧﻮﺍﻫﺪ ﺷﺪ ‪:‬‬

‫ﻩ‬ ‫‪ 13‬ﺑﻪ ﺻﻮﺭﺕ ﺯﻳﺮ‬

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 ‫‪n‬‬ ‫‪n‬‬

‫‪∑p‬‬ ‫‪it‬‬ ‫‪qit − ∑ DPS it +1‬‬

‫= ‪RDt +1‬‬ ‫‪i =1‬‬
‫‪n‬‬
‫‪i =1‬‬
‫‪× RDt‬‬ ‫)‪(14‬‬
‫‪∑p‬‬
‫‪i =1‬‬
‫‪it‬‬ ‫‪qit‬‬

‫ﺑﺎ ﻛﻤﻲ ﺩﻗﺖ ﻣﺸﺨﺺ ﺍﺳﺖ ﺩﺭ ﺍﻳﻦ ﺷﺮﺍﻳﻂ ‪ RD t+1‬ﻛﻮﭼﻜﺘﺮ ﺍﺯ ‪ RD t‬ﺧﻮﺍﻫﺪ ﺷﺪ ﻭ ﺍﻳﻦ ﺍﻣﺮ ﻣﻨﺠﺮ ﺑﻪ ﺍﻓﺰﺍﻳﺶ‬
‫‪R‬‬ ‫‪R‬‬ ‫‪R‬‬ ‫‪R‬‬

‫ﺷﺎﺧﺺ ‪ TEDPIX‬ﺧﻮﺍﻫﺪ ﺷﺪ‪.‬‬

‫ﺣﺎﻝ ﺷﺮﺍﻳﻄﻲ ﺭﺍ ﺩﺭ ﻧﻈﺮ ﮔﻴﺮﻳﺪ ﻛﻪ ﺳﻮﺩﻧﻘﺪﻱ ﺗﻮﺳﻂ ﺷﺮﻛﺘﻲ ﭘﺮﺩﺍﺧﺖ ﻧﺸﺪﻩ ﺑﺎﺷﺪ‪ ،‬ﻟﻜﻦ ﺷﺮﻛﺖ ‌ﻫﺎﻳﻲ ﺍﻗﺪﺍﻡ ﺑﻪ‬

‫ﺍﻓﺰﺍﻳﺶ ﺳﺮﻣﺎﻳﻪ ﺍﺯ ﻣﺤﻞ ﺁﻭﺭﺩﺓ ﻧﻘﺪﻱ ﻛﺮﺩﻩ ﺑﺎﺷﻨﺪ‪ .‬ﺩﺭ ﺍﻳﻦ ﻭﺿﻌﻴﺖ ﻓﺮﻣﻮﻝ ‪ 13‬ﺑﻪ ﺻﻮﺭﺕ ﺯﻳﺮ ﻣﺤﺎﺳﺒﻪ ﺧﻮﺍﻫﺪ‬

‫ﺷﺪ‪:‬‬

‫‪RDt‬‬
‫‪RDt +1 = RDt +‬‬ ‫) ‪× ( Dt +1 − Dt‬‬ ‫)‪(15‬‬
‫‪Dt‬‬

‫ﮔﻮﻧﻪﺍﻱ ﺍﺳﺖ ﻛﻪ ﺩﺭﺻﺪ ﺗﻐﻴﻴﺮﺍﺕ ‪ RD‬ﺭﺍ ﻫﻤﺎﻧﻨﺪ ‪ D‬ﺧﻮﺍﻫﺪ ﻛﺮﺩ‪ ،‬ﺑﻪ ﻋﻨﻮﺍﻥ ﻣﺜﺎﻝ‬
‫‌‬ ‫ﺷﻴﻮﺓ ﻣﺤﺎﺳﺒﺔ ﻓﺮﻣﻮﻝ ‪ 15‬ﺑﻪ‬

‫ﻫﻤﺎﻥﻃﻮﺭ ﻛﻪ ﺗﻮﺿﻴﺢ ﺩﺍﺩﻩ ﺷﺪ‪،‬‬

‫‌‬ ‫ﺍﮔﺮ ‪ 1/2 ،D t+1‬ﺑﺮﺍﺑﺮ ‪ D t‬ﺑﺎﺷﺪ‪ RD t+1 ،‬ﺯ‬
‫ﻧﻲ ‪ 1/2‬ﺑﺮﺍﺑﺮ ‪ RD t‬ﺧﻮﺍﻫﺪ ﺑﻮﺩ ﻭ‬ ‫‪R‬‬ ‫‪R‬‬ ‫‪R‬‬ ‫‪R‬‬ ‫‪R‬‬ ‫‪R‬‬ ‫‪R‬‬ ‫‪R‬‬

‫ﺍﻳﻦ ﺍﻣﺮ ﺩﺭ ﺷﺮﺍﻳﻄﻲ ﺻﻮﺭﺕ ﻣﻲ ‌ﮔﻴﺮﺩ ﻛﻪ ﺳﻮﺩﻧﻘﺪﻱ ﭘﺮﺩﺍﺧﺘﻲ ﺻﻔﺮ ﺑﺎﺷﺪ ‪ .‬ﺑﻪ ﺑﻴﺎﻥ ﺩﻳﮕﺮ ﺩﺭ ﺻﻮﺭﺗﻲ ﻛﻪ‬

‫ﺳﻮﺩﻧﻘﺪﻱ ﺗﻮﺳﻂ ﺷﺮﻛﺖ ‌ﻫﺎ ﭘﺮﺩﺍﺧﺖ ﻧﺸﻮﺩ ﻭ ﺗﻨﻬﺎ ﺍﻓﺰﺍﻳﺶ ﺳﺮﻣﺎﻳﻪ ﺍﺯ ﻣﺤﻞ ﺁﻭﺭﺩﺓ ﻧﻘﺪﻱ ﻳﺎ ﺍﺿﺎﻓﻪ ﺷﺪﻥ‬

‫ﺗﻐﻴﻴﺮﺍﺕ ﭘﺎﻳﺔ ﺷﺎﺧﺺ ‪ TEPIX‬ﻭ‬ ‫ﺷﺮﻛﺖﻫﺎﻱ ﺩﻳﮕﺮ ﺑﻪ ﻓﻬﺮﺳﺖ ﺑﻮﺭﺱ ﻳﺎ ﻣﻮﺍﺭﺩ ﺩﻳﮕﺮ ﺻﻮﺭﺕ ﮔﻴﺮﺩ‪ ،‬ﺩﺭﺻﺪ‬
‫‌‬

‫‪ TEDPIX‬ﺑﺮﺍﺑﺮ ﺧﻮﺍﻫﺪ ﺑﻮﺩ‪.‬‬

‫‪ -5-6‬ﺷﺎﺧﺺ ﺑﺎﺯﺩﺓ ﻧﻘﺪﻱ‬

‫‪ TEDIX‬ﻣﻨﺘﺸﺮ ﻣﻲ ‌ﺷﻮﺩ‪ ،‬ﺑﻴﺎﻧﮕﺮ ﺳﻄﺢ ﻋﻤﻮﻣﻲ ﺑﺎﺯﺩﺓ ﻧﻘﺪﻱ ﭘﺮﺩﺍﺧﺘﻲ‬ ‫ﺷﺎﺧﺺ ﺑﺎﺯﺩﺓ ﻧﻘﺪﻱ ﻛﻪ ﺑﺎ ﻧﻤﺎﺩ‬

‫ﺷﺮﻛﺖﻫﺎ ﺍﺳﺖ ﻭ ﻣﻘﺪﺍﺭ ﺁﻥ ﺍﺯ ﺗﻘﺴﻴﻢ ﭘﺎﻳﺔ ﺷﺎﺧﺺ ﻛﻞ ﻗﻴﻤﺖ ﺑﺮ ﭘﺎﻳﺔ ﺷﺎﺧﺺ ﻗﻴﻤﺖ ﻭ ﺑﺎﺯﺩﺓ ﻧﻘﺪﻱ‪ ،‬ﺑﻪ ﺩﺳﺖ‬
‫‌‬

‫ﻣﻲﺁﻳﺪ‪ .‬ﻓﺮﻣﻮﻝ ‪ 16‬ﺑﻴﺎﻧﮕﺮ ﻧﺤﻮﺓ ﻣﺤﺎﺳﺒﺔ ﺷﺎﺧﺺ ‪ TEDIX‬ﺍﺳﺖ‪.‬‬

‫‌‬

‫‪26‬‬
 ‫‪Dt‬‬
‫= ‪TEDIX t‬‬ ‫‪× 1653.80‬‬
‫‪RDt‬‬ ‫)‪(16‬‬

‫ﻧﺘﻴﺠﻪﮔﻴﺮﻱ ﻭ ﭘﻴﺸﻨﻬﺎﺩﺍﺕ‬
‫‌‬ ‫‪–7‬‬

‫ﻫﻤﺎﻥﮔﻮﻧﻪ ﻛﻪ ﺩﺭ ﻗﺴﻤﺖ ﭘﻴﺸﻴﻦ ﺍﺷﺎﺭﻩ ﺷﺪ‪ ،‬ﺷﺎﺧﺺ ﺑﻮﺭﺱ ﺗﻬﺮﺍﻥ ﺑﺎ ﺍﻟﮕﻮﺑﺮﺩﺍﺭﻱ ﺍﺯ ﺑﻮﺭﺱ ﺗﻮﻛﻴﻮ ﺩﺭ ﺳﺎﻝ‬
‫‌‬

‫‪ 1369‬ﻃﺮﺍﺣﻲ ﺷﺪ ﻭ ﺗﺎﻛﻨﻮﻥ ﻧﻴﺰ ﺩﺳﺘﺨﻮﺵ ﻫﻴﭻ ‌ﮔﻮﻧﻪ ﺍﺻﻼﺣﻲ ﻧﮕﺮﺩﻳﺪﻩ ﻭ ﺗﻜﺎﻣﻞ ﺷﺎﺧﺺ ﺑﻮﺭﺱ ‌ﻫﺎﻱ ﻣﻌﺘﺒﺮ‬

‫ﺍﺯ ﺟﻤﻠﻪ ﺑﻮﺭﺱ ﺗﻮﻛﻴﻮ ﺭﺍ ﻫﻤﺮﺍﻫﻲ ﻧﻜﺮﺩﻩ ﺍﺳﺖ ‪ .‬ﺍﺳﺘﻔﺎﺩﻩ ﺍﺯ ﺳﻬﺎﻡ ﺷﻨﺎﻭﺭ ﺁﺯﺍﺩ ﺩﺭ ﻭﺯﻥ ‌ﺩﻫﻲ ﺷﺎﺧﺺ ﺑﺪﻝ ﺑﻪ‬

‫ﺷﺎﺧﺺﻫﺎﻱ ﺑﻮﺭﺱ ﺗﻬﺮﺍﻥ ﻣﺤﺘﺎﺝ ﺗﻐﻴﻴﺮﺍﺕ ﺩﻳﮕﺮﻱ ﻧﻴﺰ‬

‫‌‬ ‫ﺑﻮﺭﺱﻫﺎ ﺷﺪﻩ ﺍﺳﺖ ﻭ ﺍﻓﺰﻭﻥ ﺑﺮ ﺍﻳﻦ‪،‬‬
‫‌‬ ‫ﺍﻣﺮﻱ ﻓﺮﺍﮔﻴﺮ ﻣﻴﺎﻥ‬

‫ﻣﻲﺷﻮﻧﺪ‪:‬‬
‫ﻫﺴﺘﻨﺪ ﻛﻪ ﺩﺭ ﺫﻳﻞ ﺑﻴﺎﻥ ‌‬

‫‪ -1-7‬ﺗﻐﻴﻴﺮ ﻣﻼﻙ ﻭﺯﻥ‌ﺩﻫﻲ ﺷﺎﺧﺺ‬

‫ﺍﺱﺗﻔﺎﺩﻩ ﺍﺯ ﺗﻌﺪﺍﺩ ﺳﻬﺎﻡ ﻣﻨﺘﺸﺮﻩ ﺩﺭ ﻭﺯﻥ ‌ﺩﻫﻲ ﺷﺎﺧﺺ ﺩﺭ ﺷﺮﺍﻳﻄﻲ ﻛﻪ ﺣﺠﻢ ﺩﺭﺥﻭﺭﺗﻮﺟﻬﻲ ﺍﺯ ﺳﻬﺎﻡ ﺷﺮﻛﺖ ‌ﻫﺎ‬

‫ﺩﺭ ﺍﺧﺘﻴﺎﺭ ﺳﻬﺎﻣﺪﺍﺭﺍﻥ ﺍﺳﺘﺮﺍﺗﮋﻳﻚ ﺍﺳﺖ ﻭ ﻋﻤﻼً ﺍﺯ ﭼﺮﺧﺔ ﻣﻌﺎﻣﻼﺕ ﺧﺎﺭﺝ ﺷﺪﻩ‪ ،‬ﻛﺎﺭﺍﻳﻲ ﻧﻤﺎﮔﺮ ﻗﻴﻤﺖ ﺭﺍ ﻛﺎﻫﺶ‬

‫ﻣﻲﺩﻫﺪ‪ .‬ﺍﺯ ﺍﻳﻦ ﺭﻭ ﺍﺳﺘﻔﺎﺩﻩ ﺍﺯ ﺳﻬﺎﻡ ﺷﻨﺎﻭﺭ ﺁﺯﺍﺩ ﺩﺭ ﻭﺯﻥ ‌ﺩﻫﻲ ﺷﺎﺧﺺ ﻛﻪ ﺗﻮﺳﻂ ﺑﺴﻴﺎﺭﻱ ﺍﺯ ﺑﻮﺭﺱ‌ﻫﺎﻱ ﺟﻬﺎﻥ‬
‫‌‬

‫ﻧﻴﺰ ﭘﺬﻳﺮﻓﺘﻪ ﺷﺪﻩ ﺍﺳﺖ‪ ،‬ﮔﺰﻳﻨﺔ ﻣﻨﺎﺳﺒﻲ ﺑﻪ ﻧﻈﺮ ﻣﻲ ‌ﺭﺳﺪ‪ .‬ﺑﺮﺍﻱ ﻣﺤﺎﺳﺒﺔ ﺿﺮﻳﺐ ﺳﻬﺎﻡ ﺷﻨﺎﻭﺭ ﺁﺯﺍﺩ ﻧﻴﺰ ﺷﻴﻮﺓ‬

‫ﻣﺮﺳﻮﻡ ﻛﻪ ﺩﺭ ﻧﻈﺮ ﮔﺮﻓﺘﻦ ﻣﻴﺰﺍﻥ ﺳﻬﺎﻡ ﺩﺭ ﺍﺧﺘﻴﺎﺭ ﻣﺎﻟﻜﺎﻧﻲ ﺑﺎ ﻣﺎﻟﻜﻴﺘﻲ ﻛﻤﺘﺮ ﺍﺯ ‪ 5‬ﺩﺭﺻﺪ ﺳﻬﺎﻡ ﺷﺮﻛﺖ ﺍﺳﺖ‪،‬‬

‫ﻃﺒﻘﻪﺑﻨﺪﻱ ﺿﺮﻳﺐ ﺳﻬﺎﻡ ﺷﻨﺎﻭﺭ ﺁﺯﺍﺩ ﻧﻴﺰ ﺑﻪ ﺹﻭﺭﺗﻲ ﻛﻪ ﺗﻮﺳﻂ ‪ FTSE‬ﺻﻮﺭﺕ ﮔﺮﻓﺘﻪ ﻭ ﺩﺭ‬
‫‌‬ ‫ﭘﻴﺸﻨﻬﺎﺩ ﻣﻲ‌ﺷﻮﺩ‪.‬‬

‫ﻗﺴﻤﺖ ‪ 2-2-2-4‬ﺁﻭﺭﺩﻩ ﺷﺪﻩ‪ ،‬ﻣﻨﺎﺳﺐ ﺑﻪ ﻧﻈﺮ ﻣﻲ ‌ﺁﻳﺪ‪ .‬ﺍﻳﻦ ﻃﺒﻘﻪ ‌ﺑﻨﺪﻱ ﺑﻪ ﮔﻮﻧﻪ ‌ﺍﻱ ﺍﻧﺠﺎﻡ ﻳﺎﻓﺘﻪ ﻛﻪ ﺿﺮﻳﺐ‬

‫ﺳﻬﺎﻡ ﺷﻨﺎﻭﺭ ﺁﺯﺍﺩ ﺭﺍ ﺑﺮﺍﻱ ﺷﺮﻛﺖ ‌ﻫﺎﻳﻲ ﺑﺎ ﺿﺮﻳﺐ ﭘﺎﻳﻴﻦ ‌ﺗﺮ ﺑﺎ ﺩﻗﺖ ﻳﺎ ﺳﺨﺖ ‌ﮔﻴﺮﻱ ﺑﻴﺸﺘﺮﻱ ﺩﺭ ﻧﻈﺮ ﻣﻲ‌ﮔﻴﺮﺩ‪ ،‬ﺑﻪ‬

‫ﮔﻮﻧﻪﺍﻱ ﻛﻪ ﺿﺮﻳﺐ ﺷﺮﻛﺖ ‌ﻫﺎﻳﻲ ﺑﺎ ﺳﻬﺎﻡ ﺷﻦﺍﻭﺭ ﺁﺯﺍﺩ ﻛﻤﺘﺮ ﺍﺯ ‪ 5‬ﺩﺭﺻﺪ ﺭﺍ ﺻﻔﺮ ﺩﺭ ﻧﻈﺮ ﻣﻲ ‌ﮔﻴﺮﺩ‪ .‬ﺍﻳﻦ ﺍﻣﺮ ﺑﻪ‬
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‫ﺧﺮﻭﺝ ﺗﻘﺮﻳﺒﺎً ‪ 50‬ﺷﺮﻛﺖ ﺍﺯ ﺷﺎﺧﺺ ﺑﻮﺭﺱ ﺗﻬﺮﺍﻥ ﻣﻨﺠﺮ ﻣﻲ ‌ﺷﻮﺩ ﻛﻪ ﻣﻤﻜﻦ ﺍﺳﺖ ﺩﺭ ﻣﻴﺎﻥ ﺁﻥ ‌ﻫﺎ ﺷﺮﻛﺖ‌ﻫﺎﻱ‬

‫ﺑﺰﺭﮔﻲ ﻧﻴﺰ ﻗﺮﺍﺭ ﮔﺮﻓﺘﻪ ﺑﺎﺷﻨﺪ ‪ .‬ﺑﻪ ﻫﺮ ﺭﻭﻱ ﻣﻲ ‌ﺗﻮﺍﻥ ﺟﺪﻭﻝ ﻣﺰﺑﻮﺭ ﺭﺍ ﺑﻪ ﮔﻮﻧﻪ ‌ﺍﻱ ﺗﻐﻴﻴﺮ ﺩﺍﺩ ﻛﻪ ﺍﺯ ﺿﺮﻳﺐ ﺻﻔﺮ ﺗﺎ‬

‫‪ 15‬ﺩﺭﺻﺪ ﺑﻪ ﺹﻭﺭﺕ ﻭﺍﻗﻌﻲ ﻭ ﮔﺮﺩ ﺷﺪﻩ ﺩﺭ ﺷﺎﺧﺺ ﻟﺤﺎﻅ ﺷﻮﻧﺪ‪ ،‬ﻫﺮ ﭼﻨﺪ ﭘﻴﺸﻨﻬﺎﺩ ﻧﮕﺎﺭﻧﺪﻩ ﺍﺳﺘﻔﺎﺩﻩ ﺍﺯ ﺟﺪﻭﻝ‬

‫ﺷﺮﻛﺖﻫﺎﻳﻲ ﺑﺎ ﺿﺮﻳﺐ ﻛﻤﺘﺮ ﺍﺯ ‪ 5‬ﺩﺭﺻﺪ ﺩﺭ ﺷﺎﺧﺺ ﺍﺳﺖ‪.‬‬

‫‌‬ ‫ﻣﺰﺑﻮﺭ ﻭ ﻋﺪﻡ ﻟﺤﺎﻅ‬

‫‪ -2-7‬ﻋﺪﻡ ﻟﺤﺎﻅ ﺷﺮﻛﺖ‌ﻫﺎﻱ ﺳﺮﻣﺎﻳﻪ‌ﮔﺬﺍﺭﻱ‬

‫ﺷﺮﻛﺖﻫﺎﻱ ﺳﺮﻣﺎﻳﻪ ‌ﮔﺬﺍﺭﻱ ﺩﺭ ﺷﺎﺧﺺ ‌ﻫﺎﻱ ﻛﻞ ﻳﺎ ﻓﺮﺍﮔﻴﺮ ﺩﺭ ﺑﻮﺭﺱ ‌ﻫﺎﻳﻲ ﻫﻤﭽﻮﻥ ﻧﻴﻮ ﻳﻮﺭﻙ ﻭ‬
‫‌‬ ‫ﻋﺪﻡ ﻟﺤﺎﻅ‬

‫ﺗﺮﻛﻴﻪ ﺻﻮﺭﺕ ﻣﻲ ‌ﮔﻴﺮﺩ‪ .‬ﺍﻳﻦ ﺍﻣﺮ ﺍﺯ ﺍﺣﺘﺴﺎﺏ ﻣﻀﺎﻋﻒ ﺳﺮﻣﺎﻳﺔ ﺷﺮﻛﺖ ‌ﻫﺎﻱ ﺳﺮﻣﺎﻳﻪ ‌ﮔﺬﺍﺭﻱ ﻛﻪ ﺩﺭ ﺍﺛﺮ ﻣﺎﻟﻜﻴﺖ‬

‫ﻣﺘﻘﺎﻃﻊ ﺁﻥ ‌ﻫﺎ ﺭﻭﻱ ﻣﻲ ‌ﺩﻫﺪ‪ ،‬ﺟﻠﻮﮔﻴﺮﻱ ﻣﻲ ‌ﻛﻨﺪ‪ .‬ﺍﺯ ﺁﻥ ﺭﻭ ﻛﻪ ﺷﺮﻛﺖ ‌ﻫﺎﻱ ﺳﺮﻣﺎﻳﻪ ‌ﮔﺬﺍﺭﻱ ﺑﺨﺶ ﻋﻤﺪﻩ ‌ﺍﻱ ﺍﺯ‬

‫ﻣﺎﻟﻜﻴﺖ ﺩﻳﮕﺮ ﺷﺮﻛﺖ ‌ﻫﺎ ﺭﺍ ﺩﺭ ﺍﺧﺘﻴﺎﺭ ﺩﺍﺭﻧﺪ ﻗﻴﻤﺖ ﺳﻬﺎﻡ ﺁﻥ ‌ﻫﺎ ﺍﺯ ﻗﻴﻤﺖ ﺳﻬﺎﻡ ﺵﺭﻛﺖ ‌ﻫﺎﻱ ﺗﺤﺖ ﻣﺎﻟﻜﻴﺖ ‌ﺷﺎﻥ‬

‫ﺑﺪﻳﻦﺗﺮﺗﻴﺐ‬
‫‌‬ ‫ﻣﺘﺄﺛﺮ ﻣﻲ ‌ﺷﻮﺩ‪ .‬ﺍﺯ ﺳﻮﻱ ﺩﻳﮕﺮ ﺑﺨﺸﻲ ﺍﺯ ﺳﺮﻣﺎﻳﺔ ﺁﻥ ‌ﻫﺎ ﺩﺭ ﺷﺮﻛﺖ ‌ﻫﺎﻱ ﻣﺰﺑﻮﺭ ﺑﻪ ﻛﺎﺭ ﺭﻓﺘﻪ ﺍﺳﺖ ‪.‬‬

‫ﺷﺮﻛﺖﻫﺎﻱ ﺳﺮﻣﺎﻳﻪ ‌ﮔﺬﺍﺭﻱ ﺩﺭ ﺷﺎﺧﺺ ﻛﻞ ‪ ،‬ﺑﺎﻋﺚ ﺗﺄﺛﻴﺮ ﻣﻀﺎﻋﻒ ﺗﻐﻴﻴﺮﺍﺕ ﻗﻴﻤﺖ ﺷﺮﻛﺖ ‌ﻫﺎ ﻣﻲ ‌ﺷﻮﺩ ﻭ‬
‫‌‬ ‫ﻟﺤﺎﻅ‬

‫ﻱﮔﺮﺩﺩ‪ .‬ﺍﺯ ﺍﻳﻦ ﺭﻭ ﭘﻴﺸﻨﻬﺎﺩ ﻣﻲ ‌ﺷﻮﺩ ﻛﻪ‬

‫ﺷﺮﻛﺖﻫﺎﻱ ﻣﺰﺑﻮﺭ ﺭﺍ ﻧﻴﺰ ﺳﺒﺐ ﻡ ‌‬
‫‌‬ ‫ﻫﻤﭽﻨﻴﻦ ﺍﺣﺘﺴﺎﺏ ﻣﻀﺎﻋﻒ ﺳﺮﻣﺎﻱﺓ‬

‫ﺷﺎﺧﺺﻫﺎﻱ ﻛﻞ ﻟﺤﺎﻅ ﻧﮕﺮﺩﻧﺪ‪.‬‬

‫‌‬ ‫ﺳﺮﻣﺎﻳﻪﮔﺬﺍﺭﻱ ﺩﺭ‬
‫‌‬ ‫ﺷﺮﻛﺖﻫﺎﻱ‬
‫‌‬ ‫ﻗﻴﻤﺖ ﺳﻬﺎﻡ‬

‫‪ -3-7‬ﺗﻔﻜﻴﻚ ﺷﺮﻛﺖ‌ﻫﺎ ﺑﺮﺍﺳﺎﺱ ﺣﺠﻢ ﺳﺮﻣﺎﻳﻪ‬

‫ﻣﺤﺎﺳﺒﺔ ﻭﺯﻧﻲ ﺷﺎﺧﺺ ﺳﺒﺐ ﻣﻲ ‌ﺷﻮﺩ ﻛﻪ ﺷﺮﻛﺖ‌ﻫﺎﻳﻲ ﺑﺎ ﺳﺮﻣﺎﻳﺔ ﺑﺎﻻ ﺗﺄﺛﻴﺮ ﺑﻴﺸﺘﺮﻱ ﺑﺮ ﺷﺎﺧﺺ ﺑﮕﺬﺍﺭﻧﺪ ﻭ ﺍﻳﻦ‬

‫‌ﻫﺎﻱ ﺑﺰﺭگ ﺷﻮﺩ ‪.‬‬ ‫‪ ،‬ﺗﻨﻬﺎ ﻣﺘﺄﺛﺮ ﺍﺯ ﺗﻐﻴﻴﺮﺍﺕ ﻗﻴﻤﺖ ﺳﻬﺎﻡ ﺷﺮﻛﺖ‬ ‫ﺍﻣﻜﺎﻥ ﻭﺟﻮﺩ ﺩﺍﺭﺩ ﻛﻪ ﺗﻐﻴﻴﺮﺍﺕ ﺷﺎﺧﺺ‬

‫ﺑﺪﻳﻦﻣﻨﻈﻮﺭ ﺑﺴﻴﺎﺭﻱ ﺍﺯ ﺑﻮﺭﺱ ‌ﻫﺎ ﻫﻤﭽﻮﻥ ﺑﻮﺭﺱ ﺗﻮﻛﻴﻮ ﺍﻗﺪﺍﻡ ﺑﻪ ﺗﻔﻜﻴﻚ ﺷﺮﻛﺖ ‌ﻫﺎ ﺑﺮﺍﺳﺎﺱ ﺣﺠﻢ ﺳﺮﻣﺎﻳﻪ ﺑﻪ‬
‫‌‬

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‫ﺳﻪ ﺳﻄﺢ ﺑﺰﺭگ‪ ،‬ﻣﺘﻮﺳﻂ ﻭ ﻛﻮﭼﻚ ﻣﻲ ‌ﻛﻨﻨﺪ ﻭ ﺑﺮﺍﻱ ﻫﺮ ﮔﺮﻭﻩ ﺷﺎﺧﺺﻱ ﻃﺮﺍﺣﻲ ﻭ ﻣﺤﺎﺳﺒﻪ ﻣﻲ ‌ﻧﻤﺎﻳﻨﺪ‪ .‬ﺍﻧﺠﺎﻡ‬

‫ﻣﻲﺗﻮﺍﻧﺪ ﺗﺼﻮﻳﺮ ﺩﻗﻴﻖ ‌ﺗﺮﻱ ﺍﺯ ﺭﻭﻧﺪ ﻗﻴﻤﺖ ﺷﺮﻛﺖ ‌ﻫﺎ ﺩﺭ ﺍﺧﺘﻴﺎﺭ ﺳﺮﻣﺎﻳﻪ ‌ﮔﺬﺍﺭﺍﻥ ﻭ‬
‫ﺍﻳﻦ ﺍﻣﺮ ﺩﺭ ﺑﻮﺭﺱ ﺗﻬﺮﺍﻥ ﻧﻴﺰ ‌‬

‫‌ﻫﺎ ﺑﺮﺍﺳﺎﺱ ﻣﻴﺰﺍﻥ‬ ‫ﻣﺴﺆﻭﻻﻥ ﺑﺎﺯﺍﺭ ﺳﺮﻣﺎﻳﻪ ﻗﺮﺍﺭ ﺩﻫﺪ ‪ .‬ﺩﺭ ﺍﻳﻦ ﻣﻴﺎﻥ ﺗﻔﺎﻭﺕ ﺍﺣﺘﻤﺎﻟﻲ ﻣﻴﺎﻥ ﺗﻔﻜﻴﻚ ﺷﺮﻛﺖ‬

‫ﺳﺮﻣﺎﻳﻪ ﻳﺎ ﻫﻤﺎﻥ ﺳﻬﺎﻡ ﻣﻨﺘﺸﺮﻩ ﻭ ﺗﻘﺴﻴﻢ ‌ﺑﻨﺪﻱ ﺑﺮﺍﺳﺎﺱ ﻣﻴﺰﺍﻥ ﺳﻬﺎﻡ ﺷﻨﺎﻭﺭ ﺁﺯﺍﺩ‪ ،‬ﺩﺭ ﺧﻮﺭ ﺍﻫﻤﻴﺖ ﺍﺳﺖ ‪ .‬ﺍﺯ ﺁﻥ‬

‫ﺷﺮﻛﺖﻫﺎﻱ ﺑﺰﺭگ ﺿﺮﻳﺐ ﺳﻬﺎﻡ ﺷﻨﺎﻭﺭ ﺁﺯﺍﺩ ﭘﺎﻳﻴﻨﻲ ﺩﺍﺭﻧﺪ ﻭ ﺑﺮﺧﻲ ﺍﺯ ﺷﺮﻛﺖ ‌ﻫﺎﻱ ﻛﻮﭼﻚ ﺍﺯ‬
‫‌‬ ‫ﺭﻭ ﻛﻪ ﺗﻌﺪﺍﺩﻱ ﺍﺯ‬

‫ﺿﺮﻳﺐ ﺑﺎﻻﻳﻲ ﺑﺮﺧﻮﺭﺩﺍﺭﻧﺪ‪ ،‬ﺍﻳﻦ ﺍﻣﻜﺎﻥ ﻭﺟﻮﺩ ﺩﺍﺭﺩ ﻛﻪ ﺭﺗﺒﻪ ‌ﺑﻨﺪﻱ ﺷﺮﻛﺖ‌ﻫﺎ ﺑﺮﺍﺳﺎﺱ ﺩﻭ ﻣﻌﻴﺎ ﺭ ﻣﺰﺑﻮﺭ ﺑﺎ ﻳﻜﺪﻳﮕﺮ‬

‫ﻣﺘﻔﺎﻭﺕ ﺑﺎﺷﻨﺪ ‪ .‬ﺑﻨﺎﺑﺮﺍﻳﻦ ﺩﺭ ﺻﻮﺭﺗﻲ ﻛﻪ ﺿﺮﻳﺐ ﺳﻬﺎﻡ ﺷﻨﺎﻭﺭ ﺁﺯﺍﺩ ﻣﻼﻙ ﻭﺯﻧﻲ ﺷﺎﺧﺺ ﻗﺮﺍﺭ ﮔﻴﺮﺩ‪ ،‬ﻃﺒﻘﻪ‌ﺑﻨﺪﻱ‬

‫ﻣﻲﺁﻳﺪ‪.‬‬
‫ﻣﻨﻄﻘﻲﺗﺮ ﺑﻪ ﻧﻈﺮ ‌‬
‫‌‬ ‫ﺷﺮﻛﺖﻫﺎ ﺑﺮﺍﺳﺎﺱ ﺳﻬﺎﻡ ﺷﻨﺎﻭﺭ ﺁﺯﺍﺩ‪،‬‬
‫‌‬

‫‪ -4-7‬ﻣﺤﺎﺳﺒﺔ ﺷﺎﺧﺺ ﻗﻴﻤﺖ ﻭ ﺑﺎﺯﺩﺓ ﻧﻘﺪﻱ ﺑﺮﺍﻱ ﻫﺮ ﺻﻨﻌﺖ‬

‫ﺩﺭ ﺣﺎﻝ ﺣﺎﺿﺮ ﺷﺎﺧﺺ ﻗﻴﻤﺖ ﻭ ﺑﺎﺯﺩﺓ ﻧﻘﺪﻱ ﺗﻨﻬﺎ ﺑﺮﺍﻱ ﻛﻞ ﺷﺮﻛﺖ ‌ﻫﺎﻱ ﭘﺬﻳﺮﻓﺘﻪ ﺷﺪﻩ ‪ ،‬ﻣﺤﺎﺳﺒﻪ ﻣﻲ ‌ﺷﻮﺩ‪.‬‬

‫ﻣﺤﺎﺳﺒﺔ ﺷﺎﺧﺺ ﻣﺰﺑﻮﺭ ﺑﺮﺍﻱ ﺻﻨﺎﻳﻊ ﺍﻳﻦ ﺍﻣﻜﺎﻥ ﺭﺍ ﻓﺮ ﺍﻫﻢ ﻣﻲ‌ﺁﻭﺭﺩ ﻛﻪ ﺳﺮﻣﺎﻳﻪ‌ﮔﺬﺍﺭﺍﻥ ﻭ ﻣﺴﺆﻭﻻﻥ ﺑﺎﺯﺍﺭ ﺳﺮﻣﺎﻳﻪ‬

‫ﻧﻤﺎﮔﺮﻱ ﺑﺮﺍﻱ ﺑﺮﺭﺳﻲ ﺑﺎﺯﺩﻫﻲ ﻫﺮ ﺻﻨﻌﺖ ﺩﺭ ﺍﺧﺘﻴﺎﺭ ﺩﺍﺷﺘﻪ ﺑﺎﺷﻨﺪ ‪ .‬ﺍﻳﻦ ﺍﻣﺮ ﺩﺭ ﺑﺴﻴﺎﺭﻱ ﺍﺯ ﺑﻮﺭﺱ ‌ﻫﺎﻱ ﻣﻌﺘﺒﺮ‬

‫ﺻﻮﺭﺕ ﻣﻲ‌ﮔﻴﺮﺩ ﻭ ﻣﻌﻤﻮﻻً ﺑﺮﺍﻱ ﺻﻨﺎﻳﻌﻲ ﻛﻪ ﺷﺎﺧﺺ ﻗﻴﻤﺖ ﻣﺤﺎﺳﺒﻪ ﺷﻮﺩ‪ ،‬ﺷﺎﺧﺺ ﺩﺭﺁﻣﺪ ﻛﻞ ﻧﻴﺰ ﻃﺮﺍﺣﻲ ﻭ‬

‫ﻣﻲﺷﻮﺩ‪.‬‬
‫ﻣﻨﺘﺸﺮ ‌‬

‫‪ -5-7‬ﺣﺬﻑ ﺷﺮﻛﺖ‌ﻫﺎﻱ ﺭﺍﻛﺪ‬

‫ﺑﻮﺭﺱ ﺗﻬﺮﺍﻥ ﻫﻤﻮﺍﺭﻩ ﺷﺎﻫﺪ ﺷﺮﻛﺖ ‌ﻫﺎﻳﻲ ﺍﺳﺖ ﻛﻪ ﺑﺮﺍﻱ ﻣﺪﺗﻲ ﻣﺪﻳﺪ ﻣﻌﺎﻣﻠﻪ ﻧﻤﻲ ‌ﺷﻮﻧﺪ ﻳﺎ ﻧﻤﺎﺩ ﺁﻥ ‌ﻫﺎ ﻣﺴﺪﻭﺩ‬

‫ﺷﺮﻛﺖﻫﺎﻱ ﻣﺰﺑﻮﺭ ﺩﺭ ﺷﺎﺧﺺ ﻟﺤﺎﻅ ﻣﻲ ‌ﺷﻮﺩ ﻛﻪ ﺍﻳﻦ ﺍﻣﺮ‬

‫‌‬ ‫ﺍﺳﺖ‪ .‬ﺩﺭ ﭼﻨﻴﻦ ﻣﻮﺍﺭﺩﻱ ﻗﻴﻤﺖ ﺁﺧﺮﻳﻦ ﻣﻌﺎﻣﻠﺔ‬

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‫ﻣﻲﺗﻮﺍﻧﺪ ﻣﻨﺠﺮ ﺑﻪ ﻛﺎﻫﺶ ﻛﺎﺭﺍﻳﻲ ﻧﻤﺎﮔﺮ ﻗﻴﻤﺖ ﺷﻮﺩ‪ .‬ﻟﺤﺎﻅ ﻗﻴﻤﺘﻲ ﻛﻪ ﺩﺭ ﺍﺛﺮ ﻣﻌﺎ ﻣﻠﺔ ﺳﻪ ﻣﺎﻩ ﮔﺬﺷﺘﻪ ﺳﻬﺎﻡ‬
‫‌‬

‫ﺷﺮﻛﺖ ﺷﻜﻞ ﮔﺮﻓﺘﻪ‪ ،‬ﺑﻲ‌ﺷﻚ ﻧﻤﻲ‌ﺗﻮﺍﻧﺪ ﺑﻴﺎﻧﮕﺮ ﺍﺭﺯﺵ ﻛﻨﻮﻧﻲ ﺁﻥ ﺑﺎﺷﺪ ﻭ ﺍﺯ ﺩﻳﮕﺮ ﺳﻮ ‪ ،‬ﺷﺮﻛﺘﻲ ﻛﻪ ﻣﺪﺕ ﺯﻳﺎﺩﻱ‬

‫ﻣﻌﺎﻣﻠﻪ ﻧﺸﺪﻩ‪ ،‬ﻋﻤﻼً ﺍﺯ ﺑﺎﺯﺍﺭ ﺧﺎﺭﺝ ﺷﺪﻩ ﺍﺳﺖ ﻭ ﺑﺪﻳﻦ ﺗﺮﺗﻴﺐ ﻗﻴﻤﺖ ﭼﻨﺪ ﻣﺎﻩ ﮔﺬﺷﺘﻪ ﺁﻥ ﻧﺒﺎﻳﺪ ﺑﺮ ﺷﺎﺧﺺ‬

‫ﻗﻴﻤﺖ ﺑﻮﺭﺱ ﺍﺛﺮﮔﺬﺍﺭ ﺑﺎﺷﺪ ‪ .‬ﺑﻨﺎﺑﺮﺍﻳﻦ ﭘﻴﺸﻨﻬﺎﺩ ﻣﻲ ‌ﺷﻮﺩ ﺷﺮﻛﺖ‌ﻫﺎﻳﻲ ﻛﻪ ﺑﻪ ﻫﺮ ﺩﻟﻴﻞ ﺑﺮﺍﻱ ﻣﺪﺗﻲ ﺑﺮﺍﺑﺮ ﻳﺎ ﺑﻴﺶ‬

‫ﻧﺸﺪﻩﺍﻧﺪ ﺍﺯ ﻟﻴﺴﺖ ﺷﺮﻛﺖ‌ﻫﺎﻱ ﻣﺸﻤﻮﻝ ﺷﺎﺧﺺ‪ ،‬ﺧﺎﺭﺝ ﺷﻮﻧﺪ‪.‬‬

‫‌‬ ‫ﺍﺯ ﺳﻪ ﻣﺎﻩ ﻣﻌﺎﻣﻠﻪ‬

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