الگوی حکمرانی و تخصیص منابع در صندوق توسعه ملی ایران
الموضوعات :
وحید محمودی
1
(استاد، گروه مدیریت مالی و بیمه، دانشکده مدیریت دانشگاه تهران، تهران، ایران،)
حسین عبده تبریزی
2
(دکتری علوم مالی و بانکداری، دانشگاه منچستر، انگلستان)
سعید شیرکوند
3
(استادیار، گروه مدیریت مالی و بیمه، دانشکده مدیریت دانشگاه تهران، تهران، ایران)
رضا قهرمانی
4
(دانشجوی دوره دکتری مالی، دانشکده مدیریت دانشگاه تهران، تهران، ایران)
الکلمات المفتاحية: تخصیص منابع, صندوق توسعه ملی ایران, صندوق ثروت ملی, حاکمیت شرکتی (حکمرانی),
ملخص المقالة :
صندوق توسعه ملی ایران با هدف تبدیل بخشی از عواید ناشی از فروش نفت و گاز به ثروت‌های ماندگار و مولد اقتصادی و حفظ سهم نسل‌های آینده تشکیل شده است. بررسی اولیه صندوق نشان‌دهنده مشکلات و نقص‌هایی در حوزه‌های تخصیص منابع و حکمرانی است که سبب خواهد شد صندوق نتواند گردآورنده و حافظ ثروت کشور، برای نسل‌های فعلی و آتی باشد. در بخش اول این پژوهش با مطالعه تطبیقی صندوق‌های ثروت ملی شامل صندوق‌های آذربایجان، آلاسکا، آلبرتا، ابوظبی، قطر، نروژ و کویت و در نظر گرفتن الزامات و اهداف صندوق توسعه ملی ایران، راه‌کارهای پیشنهادی جهت اصلاح الگوی تخصیص منابع و حکمرانی ارائه شده است. در این راستا ابتدا با مطالعه ابعاد گوناگون صندوق‌های ثروت، شناخت کامل از ماهیت آنها حاصل و سپس با استفاده از مطالعات تطبیقی و متن‌کاوی پیشینه پژوهش، مؤلفه‌های مرتبط با حکمرانی و تخصیص منابع و راه‌کارهای اولیه مرتبط استخراج شد. نتایج حاصل از مطالعه تطبیقی پس از مصاحبه نیمه ساختاریافته با خبرگان، اصلاح و پیشنهادهای نهایی تعیین شد. راه‌کارهای پژوهش در چهار مقوله الف) چهارچوب قانونی و ساختار حاکمیت شرکتی، ب) قوانین مالی مرتبط با منابع و مصارف، ج) سرمایه‌گذاری و د) نظارت، شفافیت و پاسخگویی ارائه شده است. پیشنهادهای حاضر علاوه بر تأیید از سوی خبرگان و همسو بودن با نتایج مطالعات مشابه قبلی، از طریق پرسشنامه طراحی‌شده بر مبنای 63 گویه مورد ارزیابی قرار گرفت. بر اساس آزمون‌های آماری، علاوه بر تأیید معناداری تمام مقوله‌های فوق، رتبه‌بندی آنها نیز مشخص شد. The National Development Fund of Iran (NDFI) is established to replace a portion of the revenue originated from selling oil and gas to durable wealth and productive economic investments as well as preserving the share of future generations. The initial review of the fund identifies the problems and deficiencies in various areas of its structure which have made the fund fail to preserve wealth for current and future generations. In this article, by comparative research of similar Sovereign Wealth Funds (SWF) including Azerbaijan, Alaska, Alberta, Abu Dhabi, Norway, Qatar, Kuwait funds and considering requirements and objectives of the NDFI, appropriate solutions about governance and resource allocation have been provided. We first identify the nature of these funds by studying the various features of the SWFs. Then dimensions and components of governance and resource allocation have extracted from comparative studies and text mining. Due to the SWFs comparative research, primary guidelines have been extracted. The final modified solutions have been presented, after interviewing the experts. Suggested solutions are presented in four categories, including the legal framework and corporate governance structure, financial rules of resources and withdrawal, investment and monitoring, transparency and accountability in the last section of the present study. The present guidelines accord with the results of similar previous studies and the experts’ approval in addition to approved evaluation based on questionnaire with 63 statements. The statistical tests confirmed all the above categories and the ranking of suggestions are also determined
1) باباجانی, جعفر, و پوریا نسب, امیر. (1383). در باب چاراچوب مفهومی مبتنی بر پاسخگویی. فصلنامه مطالعات حسابداری: 24-49.
2) بهبودی, داوود., متفکرزاده, محمد علی., محمدزاده, پرویز, صادقی, سیدکمال., (1391). صندوق توسعه ملی یا توزیع مستقیم درآمدهای نفتی (بررسی مقایسه ای). فصلنامه مجلس و راهبرد, 40-86.
3) حساس یگانه، یحیی. (1394). مجموعه مقالات حاکمیت شرکتی. تهران: انتشارات علمی و فرهنگی.
4) رهبری خرازی، مهسا. (1383). اصول حاکمیت شرکتی سازمان همکاری و توسعه اقتصادی. تهران: شرکت اطلاع‌رسانی بورس.
5) لاجوردی، سیدعنان، توحیدی نیا، ابولقاسم و رضائی صدر آبادی، محسن (1394). بررسی نقش صندوق توسعه ملی در تحقق عدالت اقتصادی. مطالعات اقتصاد اسلامی، 91-120.
6) نادعلی، محمد (1392). مسیر حرکت آتی صندوق توسعه ملی. صندوق توسعه ملی ایران، همایش ملی ثروت ملی، توسعه پایدار، تهران.
7) Aizenman, J. & Glick, R. (2009). Sovereing Wealth Funds: Stylized Facts About Their Determinants and Goverance. International Finance, 351-386.
8) Al-Hassan, A. Pappioannou, M. Skancke, M. & Sung, S. (2013). Sovereign Wealth Funds; Aspects of Governance Structures and Investment Management. IMF Working Paper, 35.
9) Ang, A. (2010). The Four Benchmarks of Sovereign Wealth Funds. SSRN Electronic Journal, 1680485.
10) Asfaha, S. (2007). National Revenue Funds: Their Efficacy for Fiscal Stability and Intergenerational Equity. Econ Papers.
11) Babajani, Jafar; & Porianasab, Amir. (2003). Conceptual Framework of Accountability. Majlis and Rahbord Quartely Journal, 40–86. (in Persian)
12) Bahgat, G. (2010). Sovereign Wealth Fund: An Assessment. Global Policy, 162-171.
13) Bagattini, G. (2011). The Political Economy of Stabilisation Funds: Measuring their Success in Resource‐Dependent Countries. IDS Working Papers, 1-60.
14) Bassan, F. (2011). The Law of Sovereign Wealth Fund. Cheltenham: Edward ElgarPublishing Limited.
15) Bazoobandi, S. (2013). The Political Economy of the Gulf Sovereign Wealth Funds: A Case Study of Iran, Kuwait, Saudi Arabia and the United Arab Emirates. London: Routledge.
16) Behboodi, Davood; Motefakerzade, Mohammad Ali; Moammad Zadeh, Parviz, & Sadeghi, Seyed Kamal. (2011). National Development Fund or Direct Allocation of Oil Wealth (Case Study). Accounting Studies Journal, 24-49. (in Persian)
17) Bernstein, S. Lerner, J. & Schoar, A. (2013). The Investment Strategies of Sovereign Wealth Funds. Journal of Economic Perspectives, 219-238.
18) Bodie, Z. & Briere, M. (2013). Optimal Asset Allocation for Sovereign Wealth Funds: Theory and Practice. Boston U. School of Management Research Paper, 1-24.
19) Bortoltti, B. Fotak, V. Megginson, W., & Miracky, W. (2009). Sovereign Wealth Fund Investment Patterns and Performance. Working Paper.
20) Bremer, V. D., Ploeg, V. D., & Wills, S. (2016). The Elephant in the Ground: Oil and Sovereign Wealth. European Economic Review, 113-131.
21) Brown, A., Papaioannou, M., & Petrove, I. (2010). Macrofinancial Linkages of the Strategic Asset Allocation of Commodity-Based Sovereign Wealth Funds. IMF working Paper No. 10/9, 1-32.
22) Castelli , M., & Scacciavillani, F. (2015). SWFs and State Investments: A preliminary General Overview. F. Bassan , Research Handbook on Sovereign Wealth Funds and International Investment Law (. 9-40). Glos: Edward Elgar Publishing Limited.
23) Castelli, M., & Scacciavillani, F. (2012). The New Economics of Sovereign Wealth Funds. London: Wiely Finance.
24) Chen, C. (2009). Sovereign Wealth Fund: Macroeconomic Policy Alignment and Fiscal Stability. China Investment Corporation.
25) Chen, C. (2009). The theorectical Logic of Sovereign Wealth Fund. China Investment Corporation Paper.
26) Chhaochharia, V., & Leaven, L. (2009). The Investment Allocation of Sovereign Wealth Funds. SSRN Electronic Journal, 52.
27) Clark, G. (2011). Temptation and the virture of Long-term Commitment: The Governance of Sovereign Wealth Fund Investment. Asian Journal of International Law, 321-348.
28) Curzio, A. Q., & Miceli, V. (2010). Sovereign Wealth Fund. London: Harriman House LTD.
29) Davis, J., Ossowski, R., Barnett, S., & Daniel, J. (2001). Stabilization and savings funds for nonrenewable resources: Experience and fiscal policy implications. IMF Occasional Papers, 1-25.
30) De Bellis, M. (2010). Global Standards for Sovereign Wealth Funds: The Quest for Transparency. AsianSIL Working Paper, 1-51.
31) Devlin, W., & Brummitt, B. (2007). A Few Sovereigns Core: The Rise of Sovereign Wealth Funds. Economic Roundup, 119-136.
32) DeWenter , K., & Malatesta , P. (2001). State-Owned and Privately Owned Firms: An Empirical Analysis of Profitability, Leverage, and Labor Intensity. American Economic Review, 320-334.
33) Dixon, A., & Monk, A. (2011). The Design and Governance of Sovereign Wealth Funds: Principles & Practice for Resource Revenue Management. Paper Available at: www.ssrn.com/abstract=1951573.
34) Dixon, A., & Monk, A. (2012). Reconciling Transparency and Long-term Investing within Sovereign Funds. Journal of Sustainable Finance & Investment, 275-186.
35) Dyck, A., & Morse, A. (2011). Sovereign Wealth Fund Portfolios. Chicago Booth Research Paper No. 11-15; MFI Working Paper No. 2011-003; Rotman School of Management Working Paper No. 1792850.
36) Fasano, U. (2000). Review of the Experience with Oil Stabilization and Savings Funds in Selected Countries. IMF Working Paper.
37) Fatemi, A., Fooladi, I., & Kayhani, N. (2011). Sovereign Wealth Funds: An Exploratory Study of Their Behavior. The Journal of Enterpreunirial Finance, 64-90.
38) Ferreira, M., & Matos, P. (2008). The Colors of Investors' Money: The Role of Institutional Investors Around the World. Journal of Financial Economics, 499-533.
39) Ficova, A. (2015). Analysis of Sovereign Wealth Funds: From Asset Allocation to Growth. Global Journal of Management and Bussiness Research, 65-74.
40) Gajjala, S. (2011). Corporate Governance and Sovereign Wealth Funds: A Contradiction of Terms? Indian Journal of Corporate Governance, 35-46.
41) Gelpern, A. (2011). Sovereignty, Accountability, and the Wealth Governance Conundrum. Asian Journal of International Law, 289-320.
42) Ghahremani, S. (2013). Sovereign Wealth Funds and Shareholder Activism: Applying the Ryan‐Schneider Antecedents to Determine Policy Implications. Corporate Governance: The International Journal of Business in Society, 58-69.
43) Ghahremani, S. (2014). Sovereign, Socially Responsible Investing, and the Enforcement of International Law Through Portfolio Investment ans Shareholder Activism: The Three Models. Journal of International Law, 1073-1095.
44) Gilson, R., & Milhaupt, C. (2008). Sovereign Wealth Funds and Corporate Governance: A Minimalist Response to the New Merchantilism. Stanford Law and Economics Olin Working Paper No. 355; Columbia Law and Economics Working Paper, 35-35.
45) Griffith, J., & Ocampo, J. (2008). Sovereign Wealth Funds: A developing Country Perspective. Andean Developement Corporation. London.
46) Habib, F., Sairally, S., & Mirakhor, A. (2014). Issues of Governance, Transparency and Accountability of Sovereign Wealth Funds in Muslim. Journal of Islamic Business and Management, 127-143.
47) Hasas Yeghaneh, Yahya. (2014). Articles of Corporate Governance. Tehran: Elmi & Farhangi Publication. (in Persian)
48) Hammer, C., Kunzel, P., & Petrova, I. (2008). Sovereign Wealth Funds: Current Institutional and Operational Practices. IMF Working Paper .
49) Jin, Z. (2016). Enhancing the Transparency of Sovereign Wealth Funds: From the Middle East to China. Journal of Middle Eastern and Islamic Studies, 90-120.
50) Kotter, J., & Lel, U. (2011). Friends or Foes? Target Selection Decisions of Sovereign Wealth Funds and Their Consequences. Journal of Financial Economics, 360-381.
51) Kreuser, J., & Claessens, S. (2010). Strategic Investment and Risk Management for Sovereign Wealth Funds. Central Bank Reserves and Sovereign Wealth Managemen, 247-284.
52) Lajevardi, Seyed Annadn; Tohidi Niya, Abulghasem; & Rezayi Sadr Abadi, Mohsen. (2014). Role of National Development Fund in Realization of Economic Justice. Bi-quarterly Journal Islamic Economics Studies, , 9-121. (in Persian)
53) Lyons, G. (2007). State Capitalism: The Rise of Sovereign Wealth Fund. Journal of Management Research, 316-342.
54) Megginson, W., You, M., & Han, L. (2013). Determinants of Sovereign Wealth Fund Cross-Border Investments. The Financial Review, 539-572.
55) Monk, A. (2008). Recasting the Sovereign Wealth Fund Debate: Trust, Legitimacy, and Governance. Journal New Political Economy, 451-468.
56) Monk, A., & Dixon, A. (2012). Rethinking the sovereign in sovereign wealth funds. Transactions of the Institute of British Geographers, 104-117.
57) NadAli, MOhammad. (2012). The Future of National Developemnt Fund. National Wealth, Sustainable Devlopement Conference, Tehran. (in Persian)
58) Nakhle, R., & Obeid-Germani, S. (2009). Sovereign Wealth Funds and the Global Financial System(Thesis). HEC Paris.
59) Pellizzula, L. (2017). HUNTING UNICORNS(Sovereign Wealth Fund Annual Report 2016). Milan: Bocconi University and FEEM.
60) Rahbari Kharazi, Mahsa. (2003). Corporate Governance Principle(OECD). Tehran: Bourse Publication. (in Persian)
61) Rose, P. (2008). Sovereigns as Shareholders. North Carolina Law Review, 50-62.
62) Tricker, R. (2009). Corporate Governance: Principles, Policies, and Practices. Oxford: Oxford University Press.
63) Truman, E. (2007). Sovereign Wealth Fund: The need for Greater Transparency and Accountability. Peterson Institute ofor International Economics.
64) Truman, E. (2010). Sovereign Wealth Fund: Treat or Salvation. Washington: Peterson Institute for International Economics.
65) Truman, E. M. (2009). A Blue Print for Sovereign Wealth Fund Best Practice. Revune d'economie financiere(English ed.), 429-451.
66) Truman, E. M. (2011). Are Asian Sovereign Wealth Funds Different? Asian Economic Policy Review, 249-268.
67) Turco, C. (2013). Sovereign Wealth Fund: From Transparency to Sustainability. Sovereign Wealth Fund Law Centre.
68) Vellano, M., & Viterbo, A. (2015). SWFs and Develeopement. F. Bassan در, Sovereign Wealth Funds and International Investment Law (. 371-398). Cheltenham: Edward Elgar Publishing.
69) Weinthal, E., & Luong, P. (2006). Combating the Resource Curse: An Alternative Solution to Managing Mineral Wealth. Perspective on Politics, 35-53.
70) Xiang, J., Kong, Z., & Li, W. (2009). Investment Analysis of Sovergin Wealth Fund in the World. International Journal of Economic and Finance, 258-262.
یادداشت‌ها
