تحليل فقهي‌−‌اقتصادي سهام ممتاز

Economic-Jurisprudence Based Analysis of Preferred Stock

بازار سرمايه پلي ميان سرمايه‌گذار و سرمايه‌پذير است و سازوكارهاي تعبيه شده در اين بازار، از طريق رشد حجم پس‌انداز و سرمايه‌گذاري، رشد اقتصادي را تسريع مي‌كنند. در اين بازار تامين مالي بخش عمده‌اي از هزينه‌هاي بنگاه‌ها به‌وسيله ابزارهاي موجود امكان‌پذير است. سهام ممتاز، اوراقي با ويژگي سهام عادي و اوراق قرضه براي تامين مالي شركت‌ها مي‌باشد كه مورد علاقه سرمايه‌گذاراني است كه ضمن ريسك‌پذير بودن، خواهان ايمني معقولي و عايدي منظم و ثابتي براي سرمايه خود هستند. اين نوشتار به‌صورت كتابخانه‌اي و با روش تحليلي?توصيفي كتابخانه‌اي و تحليلي?توصيفي ضمن مفهوم‌شناسي سهام ممتاز و بيان كارايي اقتصادي آن به تحليل فقهي?اقتصادي اين نوع از سهام پرداخته‌ مي‌شود. فرضيه مقاله اين است كه سهام ممتاز نوعي سهام با مزاياي جذاب است كه مي‌تواند با در نظر گرفتن ويژگي‌هاي متناسب با اوضاع فرهنگي اقتصادي ايران ضمن رعايت چارچوب‌هاي شرعي انتشار يابد. همچنين نتيجه گرفته مي‌شود بنا به قاعده عدم سرايت فساد شرط به عقد كه مورد پذيرش قدما و بيشتر متاخران و معاصران است، ويژگي سود جمع شونده سبب تغيير در ماهيت عقد نمي‌شود و ماهيت سهام‌ ممتاز با هر ويژگي و شرطي همان ماهيت سهام عادي است. در سهام ممتاز تضمين اصل وجود ندارد و سهامدار ممتاز در ضرر و زيان احتمالي شريك است و فقط اولويت در دريافت سود حاصل شده و يا دريافت اصل در هنگام تصفيه شركت براي وي وجود دارد.

Capital markets are recognized as bridges between investor and investee. The mechanisms applied in these markets accelerate the economic development by the growing volume of savings and investment. In this market, financing a major part of the costs of firms should be possible by the existing instruments. Preferred shares or preferred stocks is a type of stock which may have any combination of features not possessed by common stock including properties of both an equity and a debt instrument, and is generally considered a hybrid instrument. Preferred stock is considered to be a hybrid security, having some of the characteristics of common stock but also resembling fixed income offerings in many respects. Unlike common stocks, preferred stocks tend to stay relatively stable in price after their issuance. They behave more like bonds than stocks in a number of ways, as they pay regular dividends at either a set or variable rate of interest, and their prices fluctuate in the secondary market in accordance with interest rates. Similar to an equity security, a preferred share represents an ownership interest. Preferred stocks are favored by those investors who seek fixed regular income and a reasonable safety of their capital. Using an analytical – descriptive and library method, this paper explores the concept of preferred share and its efficiency and presents an economic-jurisprudence based analysis of these types of stocks. The hypothesis followed by this paper is that preferred shares are stocks with outstanding interests which can be issued in the framework of Sharia rules with regard to the characteristics appropriate the economic and cultural situation in Iran. The findings show that due to the principle of contagion of ‎stipulation decay (corruption) to contract which has been adopted by the former, later and contemporary Fuqah?ʹ or Islamic jurists, in fact, accumulated dividends cannot change the nature of contract. Then, under every characteristic and condition, preferred stocks are similar to common stocks in nature.