ارائه مدل ساختاری تفسیری جهت پوشش ریسک روش‌های سرمایه‌گذاری متداول با استفاده از رمزارزها

الموضوعات :

راضیه اسکندری ¹ , رسول اسکندری ² , حسین پناهیان ³ , حسن قدرتی قزاآنی ⁴ , مهدی معدنچی زاج ⁵

1 - گروه حسابداری، واحد کاشان، دانشگاه آزاد اسلامی، کاشان، ایران.
2 - گروه حسابداری، واحد کاشان، دانشگاه آزاد اسلامی، کاشان، ایران.
3 - گروه حسابداری، واحد کاشان، دانشگاه آزاد اسلامی، کاشان، ایران.
4 - گروه حسابداری، واحد کاشان، دانشگاه آزاد اسلامی، کاشان، ایران.
5 - گروه مالی، واحد الكترونيكی، دانشگاه آزاد اسلامی، تهران، ايران.

تاريخ الإرسال : 25 الخميس , ربيع الثاني, 1445 تاريخ التأكيد : 27 الثلاثاء , ذو القعدة, 1445 تاريخ الإصدار : 27 الثلاثاء , ذو القعدة, 1445

الکلمات المفتاحية: پوشش ریسک, رمزارز, سرمایه‌گذاری در ایران, مدل ساختاری تفسیر,

ملخص المقالة :

 هدف: شناخت قابلیت رمزارزها در اقتصاد کشور، منجر به هدفمند نمودن سرمایه‌گذاری روی آن‌ها و تثبیت ارزش سبد سرمایه‌گذاری می‌گردد. پوشش ریسک سرمایه توسط رمزارزها می‌تواند یک پتانسیل نوین جهت حفظ ارزش سبد سرمایه باشد. در این پژوهش عوامل مؤثر بر پوشش ریسک سبد سرمایه متداول با استفاده از رمزارزها و نحوه ارتباطات این عوامل شناسایی شده است.

 روش‌شناسی پژوهش: در پژوهش حاضر ابتدا با بررسی مراجع داخلی، روش‌های سرمایه‌گذاری رایج تشکیل‌دهنده سبد سرمایه که توسط عموم مردم در کشور موردتوجه قرار دارد شناسایی شد. پس از آن با بررسی تلفیقی مراجع موجود در حوزه رمزارزها و سایر روش‌های متداول سرمایه‌گذاری، عوامل اثرگذار در پوشش‌دهندگی سبد سرمایه با استفاده از رمزارزها شناسایی گردید. سپس با بهره‌گیری از نظر خبرگان شامل اساتید دانشگاه و مدیران حوزه بازار سرمایه، روابط میان متغیرها تعیین شد و بر اساس رویکرد مدل‌سازی ساختاری تفسیری مدل عوامل مؤثر بر پوشش ریسک سرمایه‌گذاری‌های رایج در کشور با استفاده از رمزارزها ارائه شده است.

 یافته‌ها: نتایج پژوهش حاضر نشان داد که مؤثرترین عوامل در استفاده از رمزارزها جهت پوشش ریسک سرمایه‌گذاری در ایران عوامل سیاسی بین‌الملل و قیمت‌های جهانی طلا و نفت می‌باشند. از سویی دیگر وابسته‌ترین متغیرها مربوط به فقدان شناخت کاربران و قوانین در حوزه رمزارز در داخل کشور می‌باشد.

 اصالت / ارزش‌افزوده علمی: بر اساس پژوهش انجام‌شده، ارائه مدل جهت شناسایی عوامل مؤثر بر پوشش ریسک سرمایه در کشور به کمک رمزارزها پیشنهاد می‌گردد. باتوجه‌به روابط به‌دست‌آمده مشخص شد که عوامل مؤثر در شناخت و به‌کارگیری رمزارزها در ایران اثری بر روی ریسک روش‌های سرمایه‌گذاری متداول در ایران ندارد. علاوه بر این، در پوشش ریسک سرمایه‌گذاری‌ها در ایران با استفاده از رمزارزها، عوامل بین‌المللی مؤثرترین عوامل به شمار می‌آیند.

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