طراحي الگوي جامع شناسايي و رتبه‌بندي ريسك‌هاي اوراق بهادار اسلامي

The Design of a Comprehensive Model to Identify and Rate the Risks of Islamic Securities

هدف از انجام اين پژوهش، طراحي الگوي جامع شناسايي و رتبه‌بندي ريسك‌هاي اوراق بهادار اسلامي است. بدين منظور ابتدا با تشكيل گروه خبرگان حوزه مالي اسلامي، شناسايي و بررسي روابط دروني بين شاخص‌هاي عوامل مرتبط با ريسك‌هاي اوراق بهادار اسلامي طي دو گام اصلي انجام شد. گام اول، شناسايي ريسك‌ها و عوامل مرتبط با ريسك‌هاي اوراق بهادار اسلامي بوده كه پس از مرور ادبيات و پيشينه پژوهش، توسط يك گروه تصميم‌گيري 20 نفره خبرگان حوزه بازار سرمايه با روش دلفي فازي انجام پذيرفت. عامل‌هاي دارائي و ناشر، نهاد واسط، بازار و قيمت و وضعيت اعتباري و اقتصادي از عوامل شناسايي‌شده خبرگان در گام اول بودند. در گام دوم، رتبه‌بندي عوامل با در نظر گرفتن روابط دروني آن‌ها توسط روش ديمتل انجام پذيرفت. يافته‌هاي پژوهش بر اساس اجراي روش ديمتل نشان داد كه دارائي و ناشر متغيري است كه بيشترين نفوذ را بر متغيرهاي نهاد واسط، بازار و قيمت و وضعيت اعتباري و اقتصادي دارد و نفوذكننده‌اي قوي است و وضعيت اعتباري و اقتصادي نيز نفوذپذيري قوي است. به‌عبارت‌ديگر، متغير دارائي و ناشر برنهاد واسط، بازار و قيمت و وضعيت اعتباري و اقتصادي تأثير مي‌گذارند.

The present study has been conducted to design a comprehensive model to identify and rate the risks of Islamic securities. For this purpose, the Islamic financial field was initially identified by the formation of an expert team and the internal relations were analyzed between parameters of relevant factors to risks of Islamic securities at two main steps. The first step was to identify the related risks and factors to Islamic securities which were carried out by a decision-making team including 20 experts in the field of capital market after reviewing the literature and the background of the research using a fuzzy Delphi method. Some factors including asset and publisher, intermediate institution (broker), market and price and credit and economic status were assumed as the identified factors by the experts at first step. These factors were ranked by taking their internal relationships into consideration using DEMATEL technique at the second step. According to implementation of DEMATEL method, the research findings showed that the asset and publisher was a variable which influenced variables of intermediate institution, market and price and credit and economic status at the highest level and it was as a powerful influential factor and also variable of credit and financial status was considered as a strong penetrating variable. In other words, the variable of asset and publisher affects market and price and credit and economic status.