شناسايي شاخصهاي تعيين كننده رتبه اعتباري شركتها

Identifying Determinants of Corporate Credit Rating

هدف از اين پژوهش شناسايي شاخصهاي تعيين كننده رتبه اعتباري شركتها در ايران مي‌باشد. وجود موسسات رتبه‌بندي اعتباري در ماده 21 قانون اوراق‌بهادار پيش‌بيني شده است و دستورالعمل شرايط ثبت و نظارت بر موسسات رتبه‌بندي تدوين شده است. موسسات رتبه‌بندي براي تعيين رتبه بايد به عوامل كمّي و كيفي توجه كنند. براي همين منظور در اين تحقيق، ابتدا ادبيات رتبه‌بندي اعتباري مورد بررسي قرار گرفت و شاخصهاي تعيين‌كننده رتبه اعتباري در دو بخش وضعيت كسب و كار(متغيرهاي كيفي) و وضعيت مالي(متغيرهاي كمّي) استخراج شد. سپس نظرخبرگان با استفاده از پرسشنامه و مصاحبه اكتشافي جمع‌آوري گرديد. با اين كار شاخصهايي براي تعيين رتبه انتخاب مي‌شوند كه در محيط ايران موضوعيت دارد. براي آزمون فرضيات پژوهش كه ميزان اهميت هر يك از شاخصها را در تعيين رتبه اعتباري در نظر مي‌گيرد از آزمون دوجمله‌اي و براي اولويت‌بندي شاخصها از آزمون فريدمن استفاده شد. نتايج پژوهش نشان مي‌دهد، 71 شاخص به عنوان شاخصهاي تعيين‌كننده رتبه اعتباري مي‌باشند.

Because Iran’s economy is based on oil industry, related issues in this area are very important. One of the important issues in this context is the low participation of oil industry in the total portfolio of the insurance industry that suggests numerous challenges in the interaction between these two huge industries. In addition, the imposition of international sanctions against oil projects and oil shipping insurance have created new sets of problems which call for scientific and applied researches in this field. Various investigations indicate that the failure of domestic insurance companies in entering into oil industry is related to lack of capital capacity in Iran’s insurance industry. This practical study has used an analytical descriptive method which tries to suggest different solutions for interaction between capital markets and insurance to solve the main issue which is “lack of capital capacity in Iran’s insurances”, through the risk securitization which provides a new financial instrument called “Reinsurance Islamic Financial Securities (Reinsurance Sukuk)” to transfer the risk in oil industry based on Imamia jurisprudence. This instrument is introduced as a comprehensive solution to be utilized in the interaction between insurance industry and the capital market ,especially during the sanctions when the government has established specific funds for supporting reinsurance policies making this instrument more important due to converting sanction’s threat to opportunity and this instrument can be an alternative for this fund. In addition, Reinsurance Sukuk is an efficient solution for increasing capital capacity of insurance companies in nonsanctioned periods. On the one hand, very high standards required in the leading industry field for this fund and the low probability of damages incurred, and on the other hand heavy demanded premium increases the efficiency and attractiveness of these instruments.