بررسي تاثير اجراي سياست هاي اصل 44 قانون اساسي جمهوري اسلامي ايران بر توسعه مالي با تاكيد بر بازار سرمايه

The Impact of the Enforcement of the General Policies of Principle 44 of the Constitutional Low of the Islamic Republic of Iran on Financial Development With Emphasis on Capital Markets

بر اساس سياست هاي اصل 44 قانون اساسي اهدافي همچون ارتقاي كارايي بنگاه هاي اقتصادي و بهره وري منابع مادي و انساني و فناوري و همچنين تغيير نقش دولت از مالكيت و مديريت مستقيم بنگاه ها به سياست گذاري و هدايت و نظارت مد نظر مسيولين كشور قرار گرفت. هدف اين تحقيق بررسي وجود تاثير اجراي اين سياست ها بر سطح توسعه مالي در بازار سرمايه ايران است. از اين رو ابتدا براي پاسخ به سوال تحقيق اقدام به طراحي شاخصي كمي، مركب از شاخص هاي زيرمجموعه موضوع توسعه مالي در بازار سرمايه گرديده است. توسعه مالي در تعريفي جامع به صورت «فاكتور ها، سياست ها و نهاد هايي كه به بازار ها و واسطه هاي مالي اثربخش و همچنين دسترسي گسترده و عميق به سرمايه و خدمات مالي منجر مي شوند» تعريف گرديده است. طراحي شاخص توسعه مالي بازار سرمايه ايران براي اولين بار با بهره گيري از تحقيقات مشابه داخلي و خارجي و همچنين اصلاح و تاييد آن توسط خبرگان صورت گرفته است. بر اساس شاخص بدست آمده توسعه مالي، تاثير اجراي سياست هاي اصل 44 براي دو دوره قبل از اجراي اين سياست ها (دوره 1380 الي 1384) و دوره بعد از آن (دوره 1385 الي 1388) سنجيده مي شود. نتايج تحقيق حاكي از وجود تاثير مثبت و محسوس بين اجراي اين سياست ها و سطح توسعه مالي در بازار سرمايه ايران است.

According to the policies of the principle 44 of the constitutional law, some goals such as promoting economic enterprisesʹ efficiency as well as the productivity of material, human & technological resources and changing governmentʹs role from direct ownership and management to policy-making and directing are being taken into account by Iranian statesmen. The purpose of this research is to study the impact of the enforcement of the general policies of principle 44 of the constitutional low of the Islamic Republic of Iran on financial development with emphasis on capital markets of executing the policies of 44th article on financial development in Iranian capital market. Therefore, we have designed a quantitative index consisted of financial development sub-indices of capital market. Financial development in a comprehensive definition is defined as "factors, policies, and institutions that lead to effective financial intermediation and markets, as well as deep and broad access to capital and financial services". Designing financial development index for Iranian capital market is performed for the first time in this research using similar researches as well as expertsʹ viewpoints. According to the designed index for financial development, the impact of the enforcement of principle 44 are measured for two periods: before the enforcement of these policies (years 2001 to 2005) and after the enforcement (years 2006 to 2009). The findings of this research show that the policies have had a significant positive effect on the level of financial development in Iranian capital market.