آرشیو

آرشیو شماره ها:
۴۴

چکیده

هدف: نظام مالی کارآمد به تجمیع و تخصیص بهینه منابع در اقتصاد منجر می شود. در بازارهای مالی پیشرفته عمده تأمین مالی اقتصاد ازطریقِ اوراق بدهی و عرضه سهام صورت می گیرد. این اتفاق در حالی است که در ایران بخش کمی از تأمین مالی ازطریقِ اوراق بدهی و سهام و عمده آن ازطریقِ سیستم بانکی انجام می گیرد. هدف این پژوهش آسیب شناسی نظام تأمین مالی کشور با تأکید بر بازار بدهی در ایران است.روش: برای دست یابی به هدف پیشین، از روش ترکیبی کیفی کمی کیفی استفاده شده است. در ابتدا با استفاده از مرور نظام مند ادبیات و مصاحبه های نیمه ساختاریافته با خبرگان، عوامل توسعه نیافتن بازار بدهی در کشور شناسایی شده است. سپس با روش ISM روابط میان عوامل شناسایی شده است و با استفاده از تحلیل MICMAC طبقه بندی عوامل شناسایی شده انجام گرفت.نتایج: در این پژوهش ۲۴ عامل به عنوانِ موانع توسعه بازار بدهی شناسایی شد که عوامل بالاترین سطح عبارت اند از: کنترل نرخ بهره توسط نهادهای ناظر، وجود دولت به عنوانِ عضوی فعال در بازار بدهی و محدودیت ها وتحریم های بین المللی.

Identifying Production Financing with Emphasis on the Debt Market in Iran

An efficient financial system leads to the aggregation and optimal allocation of resources in the economy. In advanced financial markets such as the United States, the economy is mainly financed through debt securities and stocks. This is despite the fact that in Iran, a small part of financing is done through debt securities and shares, and most of it is done through the banking system. The purpose of this study is to analyze the financing system of the country with an emphasis on the debt market. To achieve the above goal, a combined quantitative and qualitative method was used. At first, using the qualitative method of semi-structured interviews with selected experts, the factors of the lack of development of the debt market in the country were identified, and then the relationships between the factors were identified through the ISM method, and the identified factors were classified using MICMAC analysis. In this research, 24 factors were identified as obstacles to the development of the debt market, the highest-level factors were interest rate control by supervisory institutions, the existence of the government as an active member in the debt market, and international sanctions of the country.Keywords: Debt Market, Production Financing, Islamic Securities, Interpretive Structural Modeling (ISM). IntroductionSustainable growth and development is the main economic ideal in any country. The most important criterion for determining and measuring economic growth, GDP growth, and the main driver of production is the amount of investment. Several factors including monetary and financial policies and different methods of financing can affect the amount and volume of investments. An efficient financial system leads to the aggregation and optimal allocation of resources in the economy. Considering the role of the financial system in the functioning and economic growth, studies in the field of financial development have found a special place in the economic literature. As the economy is in the early stages of development, due to the lack of proper infrastructure for market activity, the financial system tends to be bank-oriented. In Iran, banks are mainly responsible for financing, and the capital market has not played a significant role in this process. The deeper and more developed the financial market is the companies, and investors will be able to choose the optimal ratio of debt to finance their investment projects, and this will lead to the expansion of economic opportunities, income distribution, and the reduction of income inequalities. Finally, it leads to economic growth in the society. In most advanced financing systems, the major part of financing is done via debt instruments that are issued through the capital market. Therefore, the purpose of this study is to analyze the damages of the financing system of the country in the sector of debt market development. Materials and MethodsIn this study, to achieve the goals, in the first stage, a literature review and identification of patterns and dimensions were done. In the next step, using a semi-structured interview, the best criteria and their relationship were identified in each dimension. In the last stage of the research model, the relationship model between the factors was identified using the interpretive structural modeling (ISM) technique. FindingsBy reviewing the literature on the identified factors and by using the in-depth interview technique, the identified factors were completed. Finally, by using the structural interpretive modeling technique, the relationship between patterns was determined. The factors and their leveling are shown in Figure 1:Mismatch between inflation and bond yieldsAbsence of active marketer in the published securities in the marketEasier financing through the banking system than issuing debt securitiesLow depth of the secondary market of debt securitiesThe complexity and time-consuming process of security issuance in Iran's debt marketLevel 1 Low savings ratio in the country's economyInvestors' lack of confidence in strict monitoring of issuersLack of culture for the issuance of debt securities among issuersLack of practical financial knowledge among publishers' managersThe possibility of borrowing facilities in the banking systemLevel 2 Lack of information transparency of publishersLack of financial engineering and innovation in risk hedging toolsLack of specialized activity of insurance institutions in the debt marketLevel 3 Lack of access to the international money marketThe intervention of supervisory bodies in the pricing of all bonds at the same rateThe lower financing rate in the banking system compared to debt securitiesNeglecting the relationship between risk and expected returnLack of development of credit rating companiesLevel 4 Lack of government guarantees to cover riskMandatory limit on the interest rate of financial instrumentsInstability and turbulence in the macroeconomics and the unpredictability of some key indicators such as the inflation rateLevel 5 Interest rate control by supervisory institutionsInternational sanctions of the countryLevel 6 The existence of the government as an active member in the debt marketLevel 7        Figure 1. The leveling of the components Discussion and conclusionsThe purpose of this study was to analyze the country's financing system damages with an emphasis on the debt market, and to achieve this, a combined quantitative and qualitative method was used. At first, using the qualitative method of semi-structured interviews with selected experts, the factors of the lack of development of the debt market in the country were identified, and then the relationships between the factors were identified through the ISM method, and the identified factors were classified using the MICMAC analysis. Twenty-four factors were identified as obstacles to the development of the debt market, and the highest-level factors were interest rate control by supervisory institutions, the existence of the government as an active performer in the debt market, and international sanctions of the country.In this study, in comparison with previous studies, the cause and effect leveling of the obstacles to the development of the debt market in Iran was done, on the basis of which it can be suggested that the supervisory institutions should first prevent the influence of the government as the issuer of bonds on the policies of bond issuance.  Then, by actualizing the interest rate, they set the interest rate freely so that each publisher can finance debt in the market based on their own risk. Finally, for future research, it is suggested to deal with how to fix the damages identified in this study. In addition, it is suggested to conduct studies on the effectiveness of inflation-based tools to fix the real interest rate in Iran's economy and examine the component of determining the mandated interest rate in the economy. 

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