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

محورهای موضوعی : مدیریت ریسک

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.

تاریخ دریافت : 1402/08/18 تاریخ پذیرش : 1403/03/15 تاریخ انتشار : 1403/03/15

کلید واژه: پوشش ریسک, رمزارز, سرمایه‌گذاری در ایران, مدل ساختاری تفسیر,

چکیده مقاله :

 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.

چکیده انگلیسی:

Objective: Understanding the potential of cryptocurrencies in the country's economy leads to targeted investment in them and stabilization of the investment portfolio value. Risk hedging of capital through cryptocurrencies can be a novel potential for preserving the value of the investment portfolio. In this study, the factors affecting the risk hedging of conventional investment portfolios using cryptocurrencies and the nature of the relationships between these factors have been identified.

Research Methodology: In the present study, first, by examining domestic references, common investment methods forming the investment portfolio that are of interest to the general public in the country were identified. Then, by conducting an integrated review of existing references in the field of cryptocurrencies and other conventional investment methods, the factors influencing the hedging capacity of the investment portfolio using cryptocurrencies were identified. Subsequently, utilizing the opinions of experts including university professors and capital market managers, the relationships between variables were determined. Based on the interpretive structural modeling approach, a model of factors affecting the risk hedging of common investments in the country using cryptocurrencies has been presented.

Findings: The results of this study showed that the most influential factors in using cryptocurrencies for investment risk hedging in Iran are international political factors and global prices of gold and oil. On the other hand, the most dependent variables are related to the lack of user knowledge and regulations in the field of cryptocurrencies within the country.

Originality/Scientific Value-Added: Based on the conducted research, a model is proposed to identify factors affecting capital risk hedging in the country with the help of cryptocurrencies. Considering the obtained relationships, it was determined that factors affecting the understanding and application of cryptocurrencies in Iran do not have an impact on the risk of conventional investment methods in Iran. Furthermore, in hedging investment risks in Iran using cryptocurrencies, international factors are considered the most influential factors.

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