شناسایی، طبقه‌بندی و اولویت‌بندی ریسک‌های اوراق گام (گواهی اعتبار مولد) با رویکرد مدل‌سازی چند معیاره فازی
شناسایی، طبقه‌بندی و اولویت‌بندی ریسک‌های اوراق گام (گواهی اعتبار مولد) با رویکرد مدل‌سازی چند معیاره فازی
محورهای موضوعی : مهندسی مالی
محمدرضا حاضری یزدی
1
,
حسین شیرمردی احمدآباد
2
1 - مرکز برنامه و بودجه و مالی اسلامی/دانشکده مدیریت و برنامه ریزی راهبردی/دانشگاه جامع امام حسین/تهران/ایران
2 - مرکز برنامه و بودجه و مالی اسلامی/دانشکده مدیریت و برنامه ریزی راهبردی/دانشگاه جامع امام حسین/تهران/ایران
کلید واژه: تأمین مالی, صکوک, اوراق گام, اوراق گواهی اعتبار مولد, تامین مالی زنجیره ارزش,
چکیده مقاله :
گواهی اعتبار مولد (گام) یکی از نوآوری‌های جدید نظام پولی و مالی کشور جهت تأمین مالی واحدهای تولیدی محسوب می‌شود که می‌تواند دسترسی واحدهای تولیدی به سرمایه در گردش را ارتقا بخشد، و باعث توسعه و رونق تولید این واحدها شود. این اوراق با بهره‌مندی از ظرفیت بخش خصوصی کشور که در قالب زنجیره‌های تأمین تولید قرار دارند و با برخورداری از ضمانت بانک‌ها و مؤسسات اعتباری، زمینه تأمین منابع موردنیاز سرمایه در گردش را فراهم خواهد کرد. در این مقاله ابتدا بر اساس روش تحلیلی-توصیفی و با استفاده از منابع کتابخانه‌ای ریسک‌های اوراق گام برای هر یک از ارکان درگیر در ساختار این اوراق شناسایی و در قالب دو طبقه کلی بازار اولیه و بازار ثانویه تقسیم شده اند و سپس با روش FUZZY TOPSIS به اولویت‌بندی ریسک‌های شناسایی شده پرداخته شد.یافته‌های تحقیق نشان می‌دهد که از میان انواع مختلف ریسک، در بازار اولیه ریسک اعتبارسنجی متعهد توسط بانک ، و در بازار ثانویه، ریسک تورم، ریسک نوسانات نرخ ارز و ریسک نرخ بهره به ترتیب ریسک‌های مهم اوراق گام هستند.
The productive credit certificate (GAM) is one of the new innovations of the country's monetary and financial system for financing production units, which can improve the access of production units to working capital, and cause the development and prosperity of production of these units. By benefiting from the capacity of the country's private sector, which are in the form of production supply chains, and with the guarantee of banks and credit institutions, these bonds will provide the necessary sources of working capital.In this article, based on the analytical-descriptive method and using library sources, the risks of GAM bonds have been identified for each of the elements involved in the structure of these bonds and divided into two general categories: primary market and secondary market, and then using the FUZZY TOPSIS method. The identified risks were prioritized.The findings of the research show that among the different types of risk, in the primary market, the risk of validation committed by the bank, and in the secondary market, the risk of inflation, the risk of exchange rate fluctuations, and the risk of interest rate are the important risks of GAM bonds, respectively.
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