‫ﻘ ا ﺔ اﻟ ﻌ ﺔ‬ ‫اﻟ ﻬ ر ﺔ اﻟ اﺋ ﺔ اﻟ‬

‫اﻟﻌﻠ ﻲ‬ ‫وازرة اﻟ ﻌﻠ اﻟﻌﺎﻟﻲ واﻟ‬

‫ﺎﻟ اد‬ ‫ﺟﺎﻣﻌﺔ اﻟ ﻬ ﺣ ﻪ ﻟ‬

‫ﺎد ﺔ واﻟ ﺎر ﺔ وﻋﻠ م اﻟ‬ ‫ﻛﻠ ﺔ اﻟﻌﻠ م اﻻﻗ‬

‫اﻟﻌﻠ م اﻟ ﺎﻟ ﺔ واﻟ ﺎﺳ ﺔ‬ ‫ﻗ‬

‫ﻧ ـ ﺔ اﻟ ـﺎﻟﺔ ﻣ ـﺎﻛﻞ وﺣﻠـ ل‬

‫‪ -‬دارﺳـﺔ ﻣ اﻧ ـﺔ ‪-‬‬

‫?‬ ‫?‬
‫?‬
‫?‬
‫?‬

‫اﻟﺴﻨﺔ ا ﺎﻣﻌﻴﺔ‪2021/2020 :‬‬

 ‫ﺍﻟﺠﻤﻬﻭﺭﻴﺔ ﺍﻟﺠﺯﺍﺌﺭﻴﺔ ﺍﻟﺩﻴﻤﻘﺭﺍﻁﻴﺔ ﺍﻟﺸﻌﺒﻴﺔ‬
‫ﻭﺯﺍﺭﺓ ﺍﻟﺘﻌﻠﻴﻡ ﺍﻟﻌﺎﻟﻲ ﻭﺍﻟﺒﺤﺙ ﺍﻟﻌﻠﻤﻲ‬
‫ﺠﺎﻤﻌﺔ ﺍﻟﺸﻬﻴﺩ ﺤﻤﻪ ﻟﺨﻀﺭ ﺒﺎﻟﻭﺍﺩﻱ‬

‫ﻜﻠﻴﺔ ﺍﻟﻌﻠﻭﻡ ﺍﻻﻗﺘﺼﺎﺩﻴﺔ ﻭﺍﻟﺘﺠﺎﺭﻴﺔ ﻭﻋﻠﻭﻡ ﺍﻟﺘﺴﻴﻴﺭ‬

‫ﻗﺴﻡ ﺍﻟﻌﻠﻭﻡ ﺍﻟﻤﺎﻟﻴﺔ ﻭﺍﻟﻤﺤﺎﺴﺒﻴﺔ‬

‫ﻣﺬﻛﺮﺓ ﻣﻘﺪﻣﺔ ﻻﺳﺘﻜﻤﺎﻝ ﻣﺘﻄﻠﺒﺎﺕ ﺷﻬﺎﺩﺓ ﺍﳌﺎﺳﺘﺮ ﺃﻛﺎﺩﳝﻲ‬

‫ﻣﻴﺪﺍﻥ ﺍﻟﻌﻠﻮﻡ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﻭﺍﻟﺘﺠﺎﺭﻳﺔ ﻭﻋﻠﻮﻡ ﺍﻟﺘﺴﻴﲑ‬
‫ﺍﻟﺸﻌﺒﺔ‪ :‬ﺍﻟﻌﻠﻮﻡ ﺍﳌﺎﻟﻴﺔ ﻭﺍﳌﺤﺎﺳﺒﻴﺔ‬
‫ﺍﻟﺘﺨﺼﺺ‪ :‬ﳏﺎﺳﺒﺔ‬

‫ﻨﻅـﺭﻴﺔ ﺍﻟﻭﻜـﺎﻟﺔ ﻤﺸـﺎﻜل ﻭﺤﻠـﻭل‬

‫‪ -‬ﺩﺭﺍﺴـﺔ ﻤﻴﺩﺍﻨﻴـﺔ ‪-‬‬

‫ﺇﺷﺮﺍﻑ ﺍﻷﺳﺘﺎﺫ ﺍﻟﺪﻛﺘﻮﺭ‪:‬‬ ‫ﺇﻋﺪﺍﺩ ﺍﻟﻄﻠﺒـﺔ‪:‬‬

‫‪‬ﺻﺎﻟـﺢ ﲪﻴﺪﺍﺗﻮ‬ ‫‪ ‬ﺍﻟﺒﺸﲑ ﺟﻮﺭﱐ‬
‫‪ ‬ﺍﳊﺒﻴﺐ ﺗـﺎﻣﺔ‬
‫‪ ‬ﺳﻠﻴﻢ ﺣﻨﻜـﺔ‬
‫‪ ‬ﳏﻤﺪ ﻣﻌﻴﻄﻲ‬

‫اﻟﺴﻨﺔ ا ﺎﻣﻌﻴﺔ‪2021/2020 :‬‬

‫ﺍﳌﻠﺨﺺ‬
 51

Abstract:
This study aims to the extent to which corporate governance contributed to
find solutions and problems of agency theory, as it was addressed by relying on
a field study using a questionnaire method.
The study’s sample consisted of 51 university professors, professionals and
accountancy practitioners in Algeria.
The study concluded that there are statistically significant differences in the
impact of the role of corporate governance in reducing agency theory risks on
the reality of agency theory in companies and employees contribution to capital
and corporate profitability.
‫ﺍﻟﻔﻬﺎﺭﺱ‬
 ‫ﻓﻬﺮﺱ ﺍﳌﺤﺘﻮﻳﺎﺕ‬

‫ﺍﻟﺼﻔﺤﺔ‬ ‫ﺍﻟﻌﻨﻮﺍﻥ‬
‫ﺷﻜﺮ ﻭﻋﺮﻓـﺎﻥ‬
‫ﺍﳌﻠﺨﺺ‬
‫‪I‬‬ ‫ﻓﻬﺮﺱ ﺍﳌﺤﺘﻮﻳﺎﺕ‬
‫‪V‬‬ ‫ﻗﺎﺋﻤﺔ ﺍﳉﺪﺍﻭﻝ‬
‫‪VI‬‬ ‫ﻗﺎﺋﻤﺔ ﺍﻷﺷﻜﺎﻝ‬
‫‪VII‬‬ ‫ﻗﺎﺋﻤﺔ ﺍﳌﻼﺣﻖ‬
‫ﺃ‪-‬ﺝ‬ ‫ﻣﻘﺪﻣﺔ ﻋﺎﻣﺔ‬
‫ﺍﻟﻔﺼﻞ ﺍﻷﻭﻝ‪ :‬ﺍﻟﺪﺭﺍﺳﺎﺕ ﺍﻟﺴﺎﺑﻘﺔ ﺑﺎﻟﻠﻐﺔ ﺍﻟﻌﺮﺑﻴﺔ ﻭﺍﻷﺟﻨﺒﻴﺔ‬
‫‪05‬‬ ‫ﲤﻬﻴﺪ‬
‫‪06‬‬ ‫ﺍﳌﺒﺤﺚ ﺍﻷﻭﻝ‪ :‬ﻋﺮﺽ ﻭﻗﺮﺍءﺓ ﺍﻟﺪﺭﺍﺳﺎﺕ ﺍﻟﺴﺎﺑﻘﺔ ﺑﺎﻟﻠﻐﺔ ﺍﻟﻌﺮﺑﻴﺔ‬
‫‪14‬‬ ‫ﺍﳌﺒﺤﺚ ﺍﻟﺜﺎﱐ‪ :‬ﻋﺮﺽ ﻭﻗﺮﺍءﺓ ﺍﻟﺪﺭﺍﺳﺎﺕ ﺍﻟﺴﺎﺑﻘﺔ ﺑﺎﻟﻠﻐﺔ ﺍﻻﺟﻨﺒﻴﺔ‬
‫‪21‬‬ ‫ﺧﻼﺻﺔ‬
‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﱐ‪ :‬ﻣﺎﻫﻴﺔ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ‬
‫‪23‬‬ ‫ﲤﻬﻴﺪ‬
‫‪24‬‬ ‫ﺍﳌﺒﺤﺚ ﺍﻷﻭﻝ‪ :‬ﺗﻌﺮﻳﻒ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﻭﻧﺸﺄ‪‬ﺎ‬
‫‪24‬‬ ‫ﺍﳌﻄﻠﺐ ﺍﻷﻭﻝ‪ :‬ﺗﻌﺮﻳﻒ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ‬
‫‪25‬‬ ‫ﺍﳌﻄﻠﺐ ﺍﻟﺜﺎﱐ‪ :‬ﻧﺸﺄﺓ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ‬
‫‪29‬‬ ‫ﺍﳌﺒﺤﺚ ﺍﻟﺜﺎﱐ‪ :‬ﻓﺮﺿﻴﺎﺕ ﻭﻣﺸﺎﻛﻞ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ‬
‫‪30‬‬ ‫ﺍﳌﻄﻠﺐ ﺍﻷﻭﻝ‪ :‬ﻓﺮﺿﻴﺎﺕ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ‬
‫‪34‬‬ ‫ﺍﳌﻄﻠﺐ ﺍﻟﺜﺎﱐ‪ :‬ﻣﺸﺎﻛﻞ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ‬
‫‪41‬‬ ‫ﺍﳌﺒﺤﺚ ﺍﻟﺜﺎﱐ‪ :‬ﺣﻞ ﻧﺰﺍﻋﺎﺕ ﺍﻟﻮﻛﺎﻟﺔ ﻭﺇﻧﺘﻘﺎﺩﺍ‪‬ﺎ‪:‬‬

‫‪II‬‬
‫‪41‬‬ ‫ﺍﳌﻄﻠﺐ ﺍﻷﻭﻝ‪ :‬ﺣﻞ ﻧﺰﺍﻋﺎﺕ ﺍﻟﻮﻛﺎﻟﺔ‬
‫‪43‬‬ ‫ﺍﳌﻄﻠﺐ ﺍﻟﺜﺎﱐ ﺍﻧﺘﻘﺎﺩﺍﺕ ﻭﺗﻜﺎﻟﻴﻒ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ‬
‫‪46‬‬ ‫ﺧﻼﺻﺔ‬
‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﻟﺚ‪ :‬ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻭﻋـﻼﻗﺘﻬﺎ ﺑﻨﻈﺮﻳﺔ ﺍﻟـﻮﻛﺎﻟﺔ‬
‫‪48‬‬ ‫ﲤﻬﻴﺪ‬
‫‪49‬‬ ‫ﺍﳌﺒﺤﺚ ﺍﻷﻭﻝ‪ :‬ﺍﻹﻃﺎﺭ ﺍﻟﻔﻜﺮﻱ ﻟﻠﺤﻮﻛﻤﺔ‬
‫‪49‬‬ ‫ﺍﳌﻄﻠﺐ ﺍﻷﻭﻝ‪ :‬ﻧﺸﺄﺓ ﺍﳊﻮﻛﻤﺔ ﻭﻣﻔﻬﻮﻣﻬﺎ‬
‫‪57‬‬ ‫ﺍﳌﻄﻠﺐ ﺍﻟﺜﺎﱐ‪ :‬ﻣﱪﺭﺍﺕ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻭﺃﳘﻴﺘﻬﺎ ﻭﺃﻫﺪﺍﻓﻬﺎ‬
‫‪70‬‬ ‫ﺍﳌﺒﺤﺚ ﺍﻟﺜﺎﱐ‪ :‬ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﻭﻋﻼﻗﺘﻬﺎ ﺑﺎﳊﻮﻛﻤﺔ‬
‫‪70‬‬ ‫ﺍﳌﻄﻠﺐ ﺍﻷﻭﻝ‪ :‬ﺩﻭﺭ ﺍﳊﻮﻛﻤﺔ ﰲ ﲣﻔﻴﺾ ﻣﺸﻜﻠﺔ ﺗﻀﺎﺭﺏ ﺍﳌﺼﺎﱀ‬
‫‪72‬‬ ‫ﺍﳌﻄﻠﺐ ﺍﻟﺜﺎﱐ‪ :‬ﺍﻻﺳﺘﻨﺘﺎﺟﺎﺕ ﻭﺍﻟﺘﻮﺻﻴﺎﺕ‬
‫‪73‬‬ ‫ﺍﻟﺘﻮﺻﻴﺎﺕ‬
‫‪74‬‬ ‫ﺧﻼﺻﺔ‬
‫ﺍﻟﻔﺼﻞ ﺍﻟﺮﺍﺑﻊ‪ :‬ﺍﻟﺪﺭﺍﺳﺔ ﺍﻟﺘﻄﺒﻴﻘﻴﺔ‬
‫‪76‬‬ ‫ﲤﻬﻴﺪ‬
‫‪77‬‬ ‫ﺍﳌﺒﺤﺚ ﺍﻷﻭﻝ‪ :‬ﻭﺻﻒ ﻋﻴﻨﺔ ﺍﻟﺪﺭﺍﺳﺔ‬
‫‪77‬‬ ‫ﺍﳌﻄﻠﺐ ﺍﻷﻭﻝ‪ :‬ﳎﺘﻤﻊ ﻭﻋﻴﻨﺔ ﺍﻟﺪﺭﺍﺳﺔ‬
‫‪78‬‬ ‫ﺍﳌﻄﻠﺐ ﺍﻟﺜﺎﱐ‪ :‬ﺃﺩﻭﺍﺕ ﲨﻊ ﺍﻟﺒﻴﺎﻧﺎﺕ‬
‫‪80‬‬ ‫ﺍﳌﻄﻠﺐ ﺍﻟﺜﺎﻟﺚ‪ :‬ﺻﺪﻕ ﻭﺛﺒﺎﺕ ﺃﺩﺍﺓ ﺍﻟﺪﺭﺍﺳﺔ‬
‫‪81‬‬ ‫ﺍﳌﺒﺤﺚ ﺍﻟﺜﺎﱐ‪ :‬ﻋﺮﺽ ﻭﻣﻨﺎﻗﺸﺔ ﻧﺘﺎﺋﺞ ﺍﻟﺪﺭﺍﺳﺔ‬
‫‪81‬‬ ‫ﺍﳌﻄﻠﺐ ﺍﻷﻭﻝ‪ :‬ﲢﻠﻴﻞ ﻧﺘﺎﺋﺞ ﺍﻟﺒﻴﺎﻧﺎﺕ ﺍﻟﻌﺎﻣﺔ‬
‫‪84‬‬ ‫ﺍﳌﻄﻠﺐ ﺍﻟﺜﺎﱐ‪ :‬ﲢﻠﻴﻞ ﻭﺗﻔﺴﲑ ﻧﺘﺎﺋﺞ ﺍﻟﺪﺭﺍﺳﺔ‬
‫‪90‬‬ ‫ﺍﳌﺒﺤﺚ ﺍﻟﺜﺎﻟﺚ‪ :‬ﺍﺧﺘﺒﺎﺭ ﻓﺮﺿﻴﺎﺕ ﺍﻟﺪﺭﺍﺳﺔ‬
‫‪90‬‬ ‫ﺍﳌﻄﻠﺐ ﺍﻷﻭﻝ‪ :‬ﻣﻌﺎﻣﻞ ﺍﻻﺭﺗﺒﺎﻁ ﻭﲢﻠﻴﻞ ﺍﻟﺘﺒﺎﻳﻦ‬
‫‪91‬‬ ‫ﺍﳌﻄﻠﺐ ﺍﻟﺜﺎﱐ‪ :‬ﲢﻠﻴﻞ ﻋﻼﻗﺎﺕ ﺍﻷﺛﺮ ﺑﺎﺳﺘﺨﺪﺍﻡ ﺍﻻﳓﺪﺍﺭ ﺍﳌﺘﻌﺪﺩ‬

‫‪III‬‬
‫‪93‬‬ ‫ﺧﻼﺻﺔ‬
‫‪95‬‬ ‫ﺧﺎﲤﺔ ﻋﺎﻣﺔ‬
‫‪98‬‬ ‫ﻗﺎﺋﻤﺔ ﺍﳌﺼﺎﺩﺭ ﻭﺍﳌﺮﺍﺟﻊ‬
‫ﺍﳌﻼﺣﻖ‬

‫‪IV‬‬
 ‫ﻗﺎﺋﻤﺔ ﺍﳉﺪﺍﻭﻝ‬

‫ﺍﻟﺼﻔﺤﺔ‬ ‫ﺍﻟﻌﻨﻮﺍﻥ‬
‫‪77‬‬ ‫ﺍﳉﺪﻭﻝ ﺭﻗﻢ )‪ :(1-4‬ﺍﻹﺳﺘﺒﻴﺎﻧﺎﺕ ﺍﳌﻮﺯﻋﺔ ﻭﺍﳌﺴﺘﺮﺩﺓ‬
‫‪79‬‬ ‫ﺍﳉﺪﻭﻝ ﺭﻗﻢ )‪ :(2-4‬ﻳﻮﺿﺢ ﺍﳌﺘﻮﺳﻂ ﺍﳊﺴﺎﰊ ﺍﳌﺮﺟﺢ ﻟﻺﺟﺎﺑﺎﺕ‬
‫‪80‬‬ ‫ﺟﺪﻭﻝ ﺭﻗﻢ )‪ :(3-4‬ﻣﻌﺎﻣﻞ ﺍﻟﺜﺒﺎﺕ ﻭﺍﻟﺼﺪﻕ ﳌﺤﺎﻭﺭ ﺍﻻﺳﺘﺒﻴﺎﻥ‬
‫‪81‬‬ ‫ﺍﳉﺪﻭﻝ ﺭﻗﻢ )‪ :(4-4‬ﺗﻮﺯﻳﻊ ﻋﻴﻨﺔ ﺍﻟﺒﺤﺚ ﺣﺴﺐ ﺍﳌﺆﻫﻞ ﺍﻟﻌﻠﻤﻲ‬
‫‪81‬‬ ‫ﺍﳉﺪﻭﻝ ﺭﻗﻢ )‪ :(5-4‬ﺗﻮﺯﻳﻊ ﺃﻓﺮﺍﺩ ﻋﻴﻨﺔ ﺍﻟﺪﺭﺍﺳﺔ ﺣﺴﺐ ﺍﳉﻨﺲ‬
‫‪82‬‬ ‫ﺍﳉﺪﻭﻝ ﺭﻗﻢ )‪ :(6-4‬ﺗﻮﺯﻳﻊ ﻋﻴﻨﺔ ﺍﻟﺪﺭﺍﺳﺔ ﺣﺴﺐ ﺳﻨﻮﺍﺕ ﺍﳋﱪﺓ‬
‫‪82‬‬ ‫ﺍﳉﺪﻭﻝ ﺭﻗﻢ )‪ :(7-4‬ﺗﻮﺯﻳﻊ ﻋﻴﻨﺔ ﺍﻟﺪﺭﺍﺳﺔ ﺣﺴﺐ ﺍﳌﻬﻨﺔ‬
‫‪83‬‬ ‫ﺍﳉﺪﻭﻝ ﺭﻗﻢ )‪ :(8-4‬ﺗﻮﺯﻳﻊ ﻋﻴﻨﺔ ﺍﻟﺪﺭﺍﺳﺔ ﺣﺴﺐ ﺍﻟﺘﺨﺼﺺ‬
‫‪84‬‬ ‫ﺍﳉﺪﻭﻝ ﺭﻗﻢ )‪ :(9-4‬ﺍﲡﺎﻫﺎﺕ ﺁﺭﺍء ﺃﻓﺮﺍﺩ ﺍﻟﻌﻴﻨﺔ ﺣﻮﻝ ﻭﺍﻗﻊ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﰲ ﺍﻟﺸﺮﻛﺎﺕ‬
‫ﺟﺪﻭﻝ ﺭﻗﻢ )‪ :(10-4‬ﺍﲡﺎﻫﺎﺕ ﺁﺭﺍء ﺍﻟﻌﻴﻨﺔ ﺣﻮﻝ ﻣﺪﻯ ﻣﺴﺎﳘﺔ ﺍﳌﻮﻇﻔﲔ ﰲ ﺭﺃﺱ ﺍﳌﺎﻝ‬
‫‪86‬‬
‫ﻭﺭﲝﻴﺔ ﺍﻟﺸﺮﻛﺎﺕ‬
‫ﺍﳉﺪﻭﻝ ﺭﻗﻢ )‪ :(11-4‬ﺍﲡﺎﻫﺎﺕ ﺁﺭﺍء ﻋﻴﻨﺔ ﺍﻟﺪﺭﺍﺳﺔ ﺣﻮﻝ ﺩﻭﺭ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﰲ ﺍﳊﺪ‬
‫‪88‬‬
‫ﻣﻦ ﳐﺎﻃﺮ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ‬
‫‪90‬‬ ‫ﺍﳉﺪﻭﻝ ﺭﻗﻢ )‪ :(12-4‬ﺟﺪﻭﻝ ﻣﻌﺎﻣﻞ ﺍﻻﺭﺗﺒﺎﻁ ‪Model Summaryb‬‬
‫‪90‬‬ ‫ﺍﳉﺪﻭﻝ ﺭﻗﻢ )‪ (13-4‬ﻧﺘﺎﺋﺞ ﺍﻻﺧﺘﺒﺎﺭ ﻭﺍﻟﺪﻻﻟﺔ ﺍﻹﺣﺼﺎﺋﻴﺔ‪:‬‬
‫‪91‬‬ ‫ﺟﺪﻭﻝ ﺭﻗﻢ )‪ :(14-4‬ﻣﻌﺎﺩﻻﺕ ﲢﻠﻴﻞ ﺍﻹﳓﺪﺍﺭ ﺍﳌﺘﻌﺪﺩ‬

‫‪V‬‬
 ‫ﻗﺎﺋﻤﺔ ﺍﻷﺷﻜﺎﻝ‬

‫ﺍﻟﺼﻔﺤﺔ‬ ‫ﺍﻟﻌﻨﻮﺍﻥ‬
‫‪34‬‬ ‫ﺷﻜﻞ ﺭﻗﻢ )‪ :(1-2‬ﻣﺸﺎﻛﻞ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ‬
‫‪44‬‬ ‫ﺷﻜﻞ ﺭﻗﻢ )‪ :(2-2‬ﺗﻜﺎﻟﻴﻒ ﺍﻟﻮﻛﺎﻟﺔ‬
‫‪56‬‬ ‫ﺷﻜﻞ ﺭﻗﻢ )‪ :(1-3‬ﻣﺴﺎﳘﺔ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﰲ ﻣﻌﺎﳉﺔ ﺗﻌﺎﺭﺽ ﺍﳌﺼﺎﱀ‬
‫‪60‬‬ ‫ﺷﻜﻞ ﺭﻗﻢ )‪ :(2-3‬ﺧﺼﺎﺋﺺ ﺍﻟﺘﻄﺒﻴﻖ ﺍﳉﻴﺪ ﳊﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ‬
‫‪60‬‬ ‫ﺷﻜﻞ ﺭﻗﻢ )‪ :(3-3‬ﻣﺴﺎﳘﺔ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﰲ ﻣﻌﺎﳉﺔ ﺗﻌﺎﺭﺽ ﺍﳌﺼﺎﱀ‬
‫‪63‬‬ ‫ﺷﻜﻞ ﺭﻗﻢ )‪ :(4-3‬ﻣﺒﺎﺩﺉ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ‬
‫‪71‬‬ ‫ﺷﻜﻞ ﺭﻗﻢ )‪ :(5-3‬ﺩﻭﺭ ﺍﳊﻮﻛﻤﺔ ﰲ ﲣﻔﻴﺾ ﻣﺸﻜﻠﺔ ﺗﻀﺎﺭﺏ ﺍﳌﺼﺎﱀ‬
‫‪77‬‬ ‫ﺷﻜﻞ ﺭﻗﻢ )‪ :(1-4‬ﺍﻟﺘﻮﺯﻳﻊ ﺍﻟﺘﻜﺮﺍﺭﻱ ﻟﻼﺳﺘﺒﻴﺎﻧﺎﺕ ﺍﳌﻮﺯﻋﺔ ﻭﺍﳌﺴﺘﺮﺩﺓ‬

‫‪VI‬‬
‫ﻗﺎﺋﻤﺔ ﺍﻟـﻤﻼﺣﻖ‬

‫ﺍﻟﻌﻨﻮﺍﻥ‬
‫ﻣﻠﺤﻖ ﺭﻗﻢ ‪ :01‬ﺍﻹﺳﺘﺒﻴﺎﻥ‬
‫ﻣﻠﺤﻖ ﺭﻗﻢ ‪ :02‬ﳐﺮﺟﺎﺕ ﺑﺮﻧﺎﻣﺞ ‪SPSS‬‬

‫‪VII‬‬
‫ﻣﻘﺪﻣﺔ ﻋﺎﻣﺔ‬
 ‫ﺍﻟـﻤﻘﺪﻣﺔ‪:‬‬

‫ﺇﻥّ ﺍﻷﺯﻣﺎﺕ ﺍﳌﺎﻟﻴﺔ ﺍﻟﱵ ﺣﺪﺛﺖ ﰲ ﺍﻟﺴﻨﻮﺍﺕ ﺍﻷﺧﲑﺓ ﻭﺍﻟﱵ ﺃﺩﺕ ﺇﱃ ﺇﻓﻼﺱ ﺍﻟﻌﺪﻳﺪ ﻣﻦ‬
‫ﺍﻟﺸﺮﻛﺎﺕ ﻭﺍﳌﺆﺳﺴﺎﺕ ﺍﻟﻌﺎﳌﻴﺔ ﺍﻟﻜﱪﻯ ﺃﺛﺎﺭﺕ ﻣﺴﺄﻟﺔ ﻣﻬﻤﺔ ﺟﺪﴽ ﺗﺘﻌﻠﻖ ﲜﻮﺩﺓ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﳌﺤﺎﺳﺒﻴﺔ‬
‫ﺍﳌﻨﺸﻮﺭﺓ ﰲ ﺍﻟﺘﻘﺎﺭﻳﺮ ﺍﳌﺎﻟﻴﺔ‪ ،‬ﻭﻛﺎﻥ ﻻﺑﺪ ﻣﻦ ﺍﻟﺒﺤﺚ ﻋﻦ ﻭﺳﻴﻠﺔ ﻟﺘﻐﻴﲑ ﻫﺬﻩ ﺍﻟﺼﻮﺭﺓ ﻭﺍﺳﺘﻌﺎﺩﺓ ﺛﻘﺔ‬
‫ﺍﳌﺴﺘﺜﻤﺮﻳﻦ ﻣﻦ ﺧﻼﻝ ﺗﻄﺒﻴﻖ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻭﺍﻟﱵ ﺳﺘﻤﻜﻦ ﻣﻦ ﺇﺑﺮﺍﺯ ﺳﻴﺎﺳﺎﺕ ﺍﻟﺸﺮﻛﺎﺕ‬
‫ﻭﺍﻻﺳﺘﺮﺍﺗﻴﺠﻴﺎﺕ ﺍﳌﺘﺒﻌﺔ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﲣﺎﺫ ﺍﻟﻘﺮﺍﺭﺍﺕ‪.‬‬
‫ﻭﻗﺪ ﺑﺮﺯ ﻣﻔﻬﻮﻡ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻭﺍﻟﺬﻱ ﻳﻘﻮﻡ ﻋﻠﻰ ﺃﺳﺎﺱ ﺗﻨﻈﻴﻢ ﺍﻟﻌﻼﻗﺎﺕ ﺍﻟﻘﺎﺋﻤﺔ ﺑﲔ‬
‫ﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ ﰲ ﺍﻟﺸﺮﻛﺎﺕ ﻭﺑﲔ ﻣﺪﻳﺮﻱ ﺍﻟﻔﺮﻭﻉ ﺍﻟﺘﻨﻔﻴﺬﻳﲔ ﻭﳉﺎﻥ ﺍﻟﺘﺪﻗﻴﻖ ﻭﻛﺬﻟﻚ ﺍﳌﺴﺎﳘﲔ‬
‫ﻭﺃﺻﺤﺎﺏ ﺍﳌﺼﺎﱀ ﰲ ﺍﻟﺸﺮﻛﺎﺕ‪.‬‬
‫ﻭﻧﺘﻴﺠﺔ ﻟﺘﻄﻮﺭ ﻭﻇﻬﻮﺭ ﺷﺮﻛﺎﺕ ﺍﳌﺴﺎﳘﺔ ﺍﻟﱵ ﺗﻜﺜﺮ ﻓﻴﻬﺎ ﺍﻟﻌﻼﻗﺎﺕ ﺍﻟﺘﻌﺎﻗﺪﻳﺔ ﺍﻟﱵ ﺗﻘﻮﻡ ﻋﻠﻰ‬
‫ﻓﺼﻞ ﺍﳌﻠﻜﻴﺔ ﻋﻦ ﺍﻹﺩﺍﺭﺓ ﻓﻬﺬﻩ ﺍﻟﺸﺮﻛﺎﺕ ﺍﻟﱵ ﻟﺪﻳﻬﺎ ﻋﺪﺩ ﻛﺒﲑ ﻣﻦ ﺍﳌﺴﺎﳘﲔ ﺍﻟﺬﻳﻦ ﻻ ﻳﺴﺘﻄﻴﻌﻮﻥ‬
‫ﺇﺩﺍﺭﺓ ﺍﻟﺸﺮﻛﺔ‪ ،‬ﺇﻣّﺎ ﻟﻌﺪﻡ ﻗﺪﺭ‪‬ﻢ ﻋﻠﻰ ﺃﺩﺍء ﻫﺬﻩ ﺍﻟﻮﻇﻴﻔﺔ ﺃﻭ ﻟﺘﻌﺪﺩ ﺍﻟﺘﺰﺍﻣﺎ‪‬ﻢ ﻭﺗﻨﻮﻉ ﺍﻟﺸﺮﻛﺎﺕ ﺍﻟﱵ‬
‫ﻳﺴﺎﳘﻮﻥ ﻓﻴﻬﺎ‪ ،‬ﻓﺈ‪‬ﻢ ﻳﻠﺠﺆﻭﻥ ﺇﱃ ﺗﻮﻇﻴﻒ ﻭﻛﻼء ﻳﻘﻮﻣﻮﻥ ﺑﻮﻇﻴﻔﺔ ﺍﻹﺩﺍﺭﺓ ﺑﺎﻟﻨﻴﺎﺑﺔ ﻋﻨﻬﻢ‪ ،‬ﻓﻔﻲ ﻋﻼﻗﺔ‬
‫ﺍﻟﻮﻛﺎﻟﺔ ﻫﺬﻩ ﻳﺮﻏﺐ ﺍﳌﺴﺎﳘﻮﻥ ﰲ ﺃﻥ ﻳﺘﺼﺮﻑ ﺍﻟﻮﻛﻼء ﻭﻓﻖ ﺇﺭﺍﺩ‪‬ﻢ ﻭﺗﺒﻌﴼ ﳌﺼﺎﳊﻬﻢ‪ ،‬ﻭﻟﻜﻦ ﳛﺪﺙ‬
‫ﻭﺃﻥ ﻳﻔﻀّﻞ ﺍﻟﻮﻛﻴﻞ ﻣﺼﺎﳊﻪ ﺍﻟﺸﺨﺼﻴﺔ ﻭﺗﻌﻈﻴﻢ ﺛﺮﻭﺗﻪ ﻋﻠﻰ ﺣﺴﺎﺏ ﻣﺼﺎﱀ ﺍﳌﺴﺎﳘﲔ‪ ،‬ﺇﻥّ ﻫﺬﻩ‬
‫ﺍﻟﻌﻼﻗﺔ ﺍﻟﺘﻌﺎﻗﺪﻳﺔ ﺗﺆﺩﻱ ﺇﱃ ﻇﻬﻮﺭ ﻓﺠﻮﺓ ﻣﺘﺰﺍﻳﺪﺓ ﺍﻻﺗﺴﺎﻉ ﺑﲔ ﺍﻷﺻﻴﻞ ﻭﺍﻟﻮﻛﻴﻞ‪ ،‬ﳑّﺎ ﳜﻠﻖ ﺍﻟﻌﺪﻳﺪ ﻣﻦ‬
‫ﺍﳌﺸﺎﻛﻞ ﻭﺍﳌﺨﺎﻃﺮ ﻣﺜﻞ‪ :‬ﻓﺼﻞ ﺍﳌﻠﻜﻴﺔ ﻋﻦ ﺍﻹﺩﺍﺭﺓ ﻛﺴﺒﺐ ﺭﺋﻴﺴﻲ‪ ،‬ﺣﻴﺚ ﻻ ﳝﺘﻠﻚ ﺍﻷﺻﻴﻞ ﺟﺰء‬
‫ﻣﺒﺎﺷﺮ ﰲ ﻋﻤﻠﻴﺔ ﺍﻹﺩﺍﺭﺓ ﻭﺍﲣﺎﺫ ﺍﻟﻘﺮﺍﺭﺍﺕ ﻭﻋﺪﻡ ﲤﺎﺛﻞ ﺍﳌﻌﻠﻮﻣﺎﺕ‪ ،‬ﺃﻳﻦ ﳝﺘﻠﻚ ﺃﺣﺪ ﻃﺮﰲ ﺍﻟﻌﻼﻗﺔ‬
‫ﻣﻌﻠﻮﻣﺎﺕ ﺃﻛﺜﺮ ﻣﻦ ﺍﻟﻄﺮﻑ ﺍﻵﺧﺮ ﻭﺍﺧﺘﻼﻑ ﻣﻮﺍﻗﻒ ﺍﳌﺨﺎﻃﺮ‪ ،‬ﺣﻴﺚ ﻳﻜﻮﻥ ﺍﻟﻮﻛﻴﻞ ﻣﺘﺠﻨﺐ ﳍﺎ ﺑﻴﻨﻤﺎ‬
‫ﻳﻄﻤﺢ ﺍﻷﺻﻴﻞ ﰲ ﺍﳌﺨﺎﻃﺮﺓ ﻣﻦ ﺃﺟﻞ ﺯﻳﺎﺩﺓ ﺍﻟﻌﻮﺍﺋﺪ )ﺍﻟﻌﻘﻼﻧﻴﺔ ﺍﳌﺤﺪﻭﺩﺓ(‪.‬‬
‫ﻭﺟﺎءﺕ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﻛﺤﻞ ﻟﻠﻤﺸﺎﻛﻞ ﺍﻟﱵ ﺗﻨﺸﺄ ﺑﺴﺒﺐ ﻋﻼﻗﺔ ﺍﻟﻮﻛﺎﻟﺔ ﺣﻴﺚ ﺗﺘﻤﺜﻞ ﻫﺬﻩ‬
‫ﺍﳌﺸﺎﻛﻞ ﰲ ﺗﻀﺎﺭﺏ ﺍﳌﺼﺎﱀ ﻭﺍﳋﻄﺮ ﺍﻷﺧﻼﻗﻲ ﻭﺧﻄﺮ ﺍﻻﺧﺘﻴﺎﺭ ﺍﻟﻌﻜﺴﻲ ﻭﺍﻟﺘﻜﺎﻟﻴﻒ ﺍﻟﱵ ﺗﺘﻜﺒﺪﻫﺎ‬
‫ﺍﻟﺸﺮﻛﺔ ﻣﻦ ﻋﻼﻗﺔ ﺍﻟﻮﻛﺎﻟﺔ‪ ،‬ﺣﻴﺚ ﻧﺼﺖ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﻋﻠﻰ ﳎﻤﻮﻋﺔ ﻣﻦ ﺍﳊﻠﻮﻝ ﻭﺍﻵﻟﻴﺎﺕ ﺍﻟﱵ‬
‫ﺗﺴﺎﻋﺪ ﻋﻠﻰ ﺍﳊﺪ ﻣﻦ ﺍﻟﺴﻠﻮﻙ ﺍﻻﻧﺘﻬﺎﺯﻱ ﻟﻠﻮﻛﻴﻞ ﻭﺍﳊﻔﺎﻅ ﻋﻠﻰ ﻣﺼﺎﱀ ﺍﳌﺴﺎﳘﲔ‪.‬‬
‫ﻭﻛﺎﻥ ﺍﻟﺴﺒﺐ ﺍﻟﺮﺋﻴﺴﻲ ﻟﻈﻬﻮﺭ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻫﻮ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﻭﺍﳌﺸﺎﻛﻞ ﺍﻟﻨﺎﲨﺔ ﻋﻨﻬﺎ‪،‬‬
‫ﺣﻴﺚ ﺗﻌﺘﱪ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻣﻦ ﺑﲔ ﺍﳊﻠﻮﻝ ﺍﳌﻘﺘﺮﺣﺔ ﻟﻠﺤﺪ ﻣﻦ ﻣﺸﺎﻛﻞ ﺍﻟﻮﻛﺎﻟﺔ ﻋﻦ ﻃﺮﻳﻖ‬
‫ﳎﻤﻮﻋﺔ ﻣﻦ ﺍﻵﻟﻴﺎﺕ ﻭﺍﻹﺟﺮﺍءﺍﺕ ﺍﻟﱵ ﲢﺪﺩ ﺣﺪﻭﺩ ﻭﻣﺴﺆﻭﻟﻴﺎﺕ ﺃﺻﺤﺎﺏ ﺍﳌﺼﻠﺤﺔ ﰲ ﺍﻟﺸﺮﻛﺔ‪.‬‬

‫~أ~‬
 ‫ﺍﻟـﻤﻘﺪﻣﺔ‪:‬‬

‫ﻣﺸﻜﻠﺔ ﺍﻟﺒﺤﺚ‬
‫ﺇﱃ ﺃﻱ ﻣﺪﻯ ﺳﺎﳘﺖ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﰲ ﺇﳚﺎﺩ ﺣﻠﻮﻝ ﻭﻣﺸﺎﻛﻞ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ؟‬
‫ﺍﻻﺳﺌﻠﺔ ﺍﻟﻔﺮﻋﻴﺔ‬
‫‪ -‬ﻣﺎ ﺍﳌﻘﺼﻮﺩ ﺑﻨﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﻭﻣﺎ ﻫﻲ ﺃﻫﻢ ﺗﻜﺎﻟﻴﻔﻬﺎ؟‬
‫‪ -‬ﻣﺎﻫﻲ ﺍﳌﺸﺎﻛﻞ ﺍﻟﱵ ﻭﺍﺟﻬﺖ ﺗﻄﺒﻴﻖ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﻭﻣﺎﻫﻲ ﺍﳊﻠﻮﻝ ﺍﳌﻘﺪﻣﺔ ؟‬
‫‪ -‬ﻛﻴﻒ ﺳﺎﳘﺖ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﰲ ﺍﳊﺪ ﻣﻦ ﳐﺎﻃﺮ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ؟‬
‫ﻓﺮﺿﻴﺎﺕ ﺍﻟﺪﺭﺍﺳﺔ‪:‬‬
‫ﻳﻘﺼﺪ ﺑﻨﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ‪ :‬ﻫﻮ ﳉﻮء ﺍﳌﺎﻟﻚ ﻟﺸﺨﺺ ﻹﳒﺎﺯ ﺍﻟﻌﻤﻞ ﺑﺎﲰﻪ ﻭﺗﻔﻮﻳﻀﻪ ﺍﻟﺴﻠﻄﺔ‪ ،‬ﻭﻣﻦ‬
‫ﺃﻫﻢ ﺗﻜﺎﻟﻴﻔﻬﺎ‪ :‬ﺗﻜﺎﻟﻴﻒ ﺍﻟﺮﻗﺎﺑﺔ ﻭﺍﻻﻟﺘﺰﺍﻡ ﻭﺍﳋﺴﺎﺋﺮ ﺍﳌﺘﺒﻘﻴﺔ‪...‬ﺇﱁ‪.‬‬
‫ﻭﻟﻘﺪ ﻭﺍﺟﻬﺖ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﺍﻟﻌﺪﻳﺪ ﻣﻦ ﺍﳌﺸﺎﻛﻞ ﻭﻟﻌﻞ ﺃﺑﺮﺯﻫﺎ ﺭﺑﻂ ﺃﺩﺍء ﺍﳌﺪﺭﺍء ﺑﺎﻟﺮﲝﻴﺔ ﺃﻭ‬
‫ﺍﳌﺒﻴﻌﺎﺕ ﺍﳌﺮﺍﺩ ﲢﻘﻴﻘﻬﺎ ﻭﻋﺪﻡ ﻣﻌﺮﻓﺔ ﺃﺳﻠﻮﺏ ﺍﻟﺮﻗﺎﺑﺔ ﻋﻠﻴﻬﺎ‪.‬‬
‫ﻭﺳﺎﳘﺖ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﰲ ﺍﳊﺪ ﻣﻦ ﳐﺎﻃﺮ ﺍﻟﻮﻛﺎﻟﺔ ﻣﻦ ﺧﻼﻝ ﻣﻨﻊ ﺍﺳﺘﻐﻼﻝ ﺍﻟﺴﻠﻄﺎﺕ‬
‫ﺍﳌﺘﺎﺣﺔ ﻣﻦ ﲢﻘﻴﻖ ﻣﻜﺎﺳﺐ ﻏﲑ ﻣﺸﺮﻭﻋﺔ ﻭﲪﺎﻳﺔ ﺣﻘﻮﻕ ﺍﳌﺴﺎﳘﲔ ﺇﺿﺎﻓﺔ ﺇﱃ ﺳﻼﻣﺔ ﺍﳌﻤﺎﺭﺳﺎﺕ‬
‫ﺍﳌﺤﺎﺳﺒﻴﺔ ﻭﺍﻹﺩﺍﺭﻳﺔ‪.‬‬
‫ﺃﻫﺪﺍﻑ ﺍﻟﺪﺭﺍﺳﺔ‪:‬‬
‫ﻳﻬﺪﻑ ﺍﻟﺒﺤﺚ ﺇﱃ ﺗﺴﻠﻴﻂ ﺍﻟﻀﻮء ﻋﻠﻰ ﻣﺎﻫﻴﺔ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﻭﻧﺸﺄ‪‬ﺎ ﻭﻣﺸﺎﻛﻠﻬﺎ ﻭﺍﻟﺘﻄﺮﻕ ﺇﱃ‬
‫ﺑﻌﺾ ﺍﳊﻠﻮﻝ ﻋﻦ ﻃﺮﻳﻖ ﻣﺒﺎﺩﺉ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻭﺩﻭﺭﻫﺎ ﰲ ﲣﻔﻴﺾ ﻣﺸﻜﻠﺔ ﺗﻀﺎﺭﺏ ﺍﳌﺼﺎﱀ‪.‬‬
‫ﻭﻟﻐﺮﺽ ﲢﻘﻴﻖ ﺃﻫﺪﺍﻑ ﺍﻟﺒﺤﺚ ﻓﻘﺪ ﻗﺴﻢ ﺍﻟﺒﺤﺚ ﺇﱃ ﺛﻼﺙ ﻣﺒﺎﺣﺚ ﻓﺼﻮﻝ‪ ،‬ﺗﻄﺮﻗﻨﺎ ﰲ ﺍﻟﻔﺼﻞ‬
‫ﺍﻷﻭﻝ ﺇﱃ ﺍﻟﺪﺭﺍﺳﺎﺕ ﺍﻟﺴﺎﺑﻘﺔ ﺑﺎﻟﻠﻐﺘﲔ ﺍﻟﻌﺮﺑﻴﺔ ﻭﺍﻷﺟﻨﺒﻴﺔ‪ ،‬ﺃﻣﺎ ﺍﻟﺜﺎﱐ ﻓﻘﺪ ﺗﻨﺎﻭﻟﻨﺎ ﻓﻴﻪ ﺃﻫﻢ ﻋﻨﺼﺮ ﰲ‬
‫ﺍﳌﺬﻛﺮﺓ ﺃﻧﺎ ﻭﻫﻲ ﻣﺎﻫﻴﺔ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﻭﺗﻌﺮﻳﻔﻬﺎ ﻭﻧﺸﺄ‪‬ﺎ ﻣﺮﻭﺭﴽ ﺇﱃ ﻣﺒﺎﺩﺉ ﻭﻓﺮﺿﻴﺎﺕ ﺍﻟﻨﻈﺮﻳﺔ‬
‫ﻭﺧﺘﻤﻨﺎﻩ ﺑﻌﺮﺽ ﺍﳌﺸﺎﻛﻞ ﺍﳌﺘﻌﻠﻘﺔ ﺑﻨﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ‪.‬‬
‫ﺃﳘﻴﺔ ﺍﻟﺒﺤﺚ‬
‫ﺗﻌﺘﱪ ﺍﻟﺪﺭﺍﺳﺔ ﺫﺍﺕ ﺃﳘﻴﺔ ﻛﱪﻯ ﻟﻜﻮ‪‬ﺎ ﻣﻮﺿﻮﻋﺎ ﻳﻌﺎﰿ ﻭﻳﻬﺘﻢ ﺑﺎﳉﺪﻝ ﺍﻟﻘﺎﺋﻢ ﰲ ﻋﺪﺓ ﺩﻭﻝ ﻣﻦ‬
‫ﺍﻟﻌﺎﱂ ﻋﻠﻰ ﺍﻋﺘﺒﺎﺭ ﺃﻥ ﺍﺳﺘﻌﻤﺎﻝ ﺍﳌﺒﺎﺩﺉ ﺍﳌﺤﺎﺳﺒﻴﺔ ﺗﻠﺰﻡ ﺇﱃ ﺣﺪ ﺑﻌﻴﺪ ﻃﺮﻑ ﺍﻟﻮﻛﺎﻟﺔ )ﺍﻹﺩﺍﺭﺓ( ﺑﺎﻻﻟﺘﺰﺍﻡ‬
‫ﺑﺎﳌﻌﺎﳉﺎﺕ ﺍﳌﺤﺎﺳﺒﻴﺔ ﺍﻟﻮﺍﺟﺐ ﺇﺗﺒﺎﻋﻬﺎ ﻭﺍﻟﱵ ﻣﻦ ﺷﺎ‪‬ﺎ ﺃﻥ ﺗﻘﻠﻞ ﻣﻦ ﻣﺸﻜﻠﺔ ﺗﻀﺎﺭﺏ ﺍﳌﺼﺎﱀ‪ ،‬ﻭﺫﻟﻚ‬
‫ﻣﻦ ﺧﻼﻝ ﺇﻇﻬﺎﺭ ﺩﻭﺭ ﻣﺒﺎﺩﺉ ﺍﳊﻮﻛﻤﺔ ﰲ ﲢﻘﻴﻖ ﺍﻟﺘﻮﺍﻓﻖ ﺑﲔ ﻣﺼﺎﱀ ﺃﻃﺮﺍﻑ ﺍﻟﻮﻛﺎﻟﺔ‪ ،‬ﻭﺍﻻﻟﺘﺰﺍﻡ‬
‫~ب~‬
 ‫ﺍﻟـﻤﻘﺪﻣﺔ‪:‬‬

‫ﺑﺘﻄﺒﻴﻖ ﻣﺒﺎﺩﺉ ﻭﺁﻟﻴﺎﺕ ﺣﻮﻛﻤﺔ ﺍﳌﺆﺳﺴﺎﺕ ﻳﺆﺩﻱ ﺑﺸﻜﻞ ﻛﺒﲑ ﺇﱃ ﺍﻟﺘﻘﻠﻴﻞ ﻣﻦ ﺍﻷﺯﻣﺎﺕ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ‬
‫ﻭﺍﻟﻔﺴﺎﺩ ﺍﳌﺎﱄ‪ ،‬ﻭﳔﺺ ﺑﺎﻟﺬﻛﺮ ﺍﳌﺨﺎﻃﺮ ﺍﻟﻨﺎﲡﺔ ﻋﻦ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ‪.‬‬
‫ﺻﻌﻮﺑﺎﺕ ﺍﻟﺒﺤﺚ‪:‬‬
‫‪ -‬ﻧﻘﺺ ﰲ ﺍﻟﻜﺘﺐ ﻭﺍﳌﺮﺍﺟﻊ ﺍﻟﱵ ﲣﺺ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﺧﺼﻮﺻﴼ‪.‬‬
‫‪ -‬ﻧﻘﺺ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﻟﻘﺒﻠﻴﺔ ﻟﺪﻳﻨﺎ ﺣﻮﻝ ﺍﳌﻮﺿﻮﻉ‪.‬‬
‫‪ -‬ﻗﻠﺔ ﺇﻥ ﱂ ﻧﻘﻞ ﺍﻧﻌﺪﺍﻡ ﺍﻟﺸﺮﻛﺎﺕ ﺍﻟﱵ ﺗﻄﺒﻖ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﰲ ﺍﳉﺰﺍﺋﺮ‪.‬‬
‫‪ ‬ﺍﻹﻃﺎﺭ ﺍﻟﺰﻣﺎﱐ‪ :‬ﺍﻟﺴﺪﺍﺳﻲ ﺍﻟﺜﺎﱐ ﻣﻦ ﺍﻟﺴﻨﺔ ﺍﻟﺜﺎﻧﻴﺔ ﻣﺎﺳﺘﺮ ﻟﻠﻤﻮﺳﻢ ﺍﻟﺪﺭﺍﺳﻲ ‪ 2021-2020‬ﺑﺪﺍﻳﺔ‬
‫ﺷﻬﺮ ﻣﺎﺭﺱ ﺇﱃ ﻏﺎﻳﺔ ﺷﻬﺮ ﻣﺎﻱ‬
‫‪ ‬ﺍﻹﻃﺎﺭ ﺍﳌﻜﺎﱐ‪ :‬ﺍﳉﺰﺍﺋﺮ "ﺍﳉﻤﻬﻮﺭﻳﺔ ﺍﳉﺰﺍﺋﺮﻳﺔ"‪.‬‬

‫~ج~‬
 ‫ﺍﻟﻔﺼﻞ ﺍﻷﻭﻝ‪:‬‬

‫ﺍﻟﺪﺭﺍﺳﺎﺕ ﺍﻟﺴﺎﺑﻘﺔ ﺑﺎﻟﻠﻐﺔ ﺍﻟﻌﺮﺑﻴﺔ‬

‫ﻭﺍﻷﺟﻨﺒﻴﺔ‬
‫ﺍﻟﺪﺭﺍﺳﺎﺕ ﺍﻟﺴﺎﺑﻘﺔ ﺑﺎﻟﻠﻐﺔ ﺍﻟﻌﺮﺑﻴﺔ ﻭﺍﻷﺟﻨﺒﻴﺔ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻷﻭﻝ‪:‬‬

‫ﲤﻬﻴﺪ‪:‬‬
‫ﺗﻌﺘﱪ ﺍﻟﺪﺭﺍﺳﺎﺕ ﺍﻟﺴﺎﺑﻘﺔ ﰲ ﺃﻱ ﳎﺎﻝ ﻣﻔﺘﺎﺡ ﺍﻟﺒﺎﺣﺚ ﻟﺴﱪ ﺃﻏﻮﺍﺭ ﲝﺜﻪ‪ ،‬ﻭﳌﺎ ﺍﻗﺘﻀﺘﻪ ﺿﺮﻭﺭﻳﺎﺕ‬
‫ﺍﻟﺒﺤﺚ ﺍﻟﻌﻠﻤﻲ ﺍﳉﻴﺪ ﺍﻟﻮﻗﻮﻑ ﻋﻠﻰ ﻫﺬﻩ ﺍﻟﺪﺭﺍﺳﺎﺕ ﻗﺒﻞ ﺍﻟﺪﺧﻮﻝ ﰲ ﺟﻮﻫﺮ ﺍﻟﺒﺤﺚ‪ ،‬ﻣﻨﻌﴼ ﻟﻠﺘﻜﺮﺍﺭ‬
‫ﻭﺍﺳﺘﻔﺎﺩﺓً ﻣﻦ ﺍﻟﻨﻘﺎﻁ ﻭﺍﻟﻨﺘﺎﺋﺞ ﺍﳌﺘﺤﺼﻠﺔ ﺧﺪﻣﺔ ﻷﻫﺪﺍﻑ ﺍﻟﻌﻠﻮﻡ ﺑﺘﺮﺍﻛﻢ ﺍﳋﱪﺍﺕ ﻭﺍﻟﺘﺠﺎﺭﺏ‪ ،‬ﻭﻟﻘﺪ ﰎ‬
‫ﺗﻘﺴﻴﻢ ﺍﻟﺪﺭﺍﺳﺎﺕ ﺍﻟﺴﺎﺑﻘﺔ ﺍﻟﱵ ﺳﻴﺘﻢ ﺗﻨﺎﻭﳍﺎ ﺇﱃ ﻗﺴﻤﲔ‪ :‬ﰲ ﺍﳌﺒﺤﺚ ﺍﻷﻭﻝ ﺗﻨﺎﻭﻟﻨﺎ ﺍﻟﺪﺭﺍﺳﺎﺕ ﺍﻟﺴﺎﺑﻘﺔ‬
‫ﺑﺎﻟﻠﻐﺔ ﺍﻟﻌﺮﺑﻴﺔ ﻭﺍﳌﺒﺤﺚ ﺍﻟﺜﺎﱐ‪ :‬ﻋﺮﺽ ﻭﻗﺮﺍءﺓ ﺍﻟﺪﺭﺍﺳﺎﺕ ﺍﻟﺴﺎﺑﻘﺔ ﺑﺎﻟﻠﻐﺔ ﺍﻷﺟﻨﺒﻴﺔ‪ ،‬ﻭﺳﻨﻘﻮﻡ ﺑﺘﺮﺗﻴﺐ‬
‫ﺍﻟﺪﺭﺍﺳﺎﺕ ﺑﻨﺎءﺍ ﻋﻠﻰ ﺗﻮﺍﺭﻳﺦ ﺇﳒﺎﺯﻫﺎ ﺑﺪءﺍ ﻣﻦ ﺍﻷﺣﺪﺙ‪.‬‬

‫~‪~5‬‬
‫ﺍﻟﺪﺭﺍﺳﺎﺕ ﺍﻟﺴﺎﺑﻘﺔ ﺑﺎﻟﻠﻐﺔ ﺍﻟﻌﺮﺑﻴﺔ ﻭﺍﻷﺟﻨﺒﻴﺔ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻷﻭﻝ‪:‬‬

‫ﺍﳌﺒﺤﺚ ﺍﻷﻭﻝ‪ :‬ﻋﺮﺽ ﻭﻗﺮﺍءﺓ ﺍﻟﺪﺭﺍﺳﺎﺕ ﺍﻟﺴﺎﺑﻘﺔ ﺑﺎﻟﻠﻐﺔ ﺍﻟﻌﺮﺑﻴﺔ‬

‫ﺳﻨﺘﻨﺎﻭﻝ ﻣﻦ ﺧﻼﻝ ﻫﺬﺍ ﺍﻟﻌﻨﺼﺮ ﺍﻟﺪﺭﺍﺳﺎﺕ ﺍﻟﺴﺎﺑﻘﺔ ﺍﻟﱵ ﰎ ﺍﻟﺘﻄﺮﻕ ﺇﻟﻴﻬﺎ ﰲ ﺩﺭﺍﺳﺘﻨﺎ ﻫﺬﻩ‪،‬‬
‫‪ -1‬ﺩﺭﺍﺳﺔ‪ :‬ﺃﻭﺻﻴﻒ ﳋﻀﺮ ﻭﻓﺮﺣﺎﺕ ﻋﺒﺎﺱ‪ ،‬ﺑﻌﻨﻮﺍﻥ‪ :‬ﺩﻭﺭ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﰲ ﻣﻌﺎﳉﺔ‬
‫ﻣﺸﺎﻛﻞ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ‪ ،‬ﳎﻠﺔ ﺃﲝﺎﺙ ﺍﻗﺘﺼﺎﺩﻳﺔ ﻭﺇﺩﺍﺭﻳﺔ‪ ،‬ﺍﻟﻌﺪﺩ ﺍﻟﺮﺍﺑﻊ ﻭﺍﻟﻌﺸﺮﻭﻥ ﺩﻳﺴﻤﱪ‬
‫‪:2020‬‬
‫ﻫﺪﻓﺖ ﺍﻟﺪﺭﺍﺳﺔ ﺇﱃ ﺍﺑﺮﺍﺯ ﺍﳘﻴﺔ ﻭﻣﻄﺎﻟﺐ ﺍﻟﻌﺪﻳﺪ ﻣﻦ ﺍﳊﻜﻮﻣﺎﺕ ﻭﺍﳍﻴﺌﺎﺕ ﻭﺍﳌﺆﺳﺴﺎﺕ ﺍﻟﺪﻭﻟﻴﺔ‬
‫ﺑﻀﺮﻭﺭﺓ ﺍﺭﺳﺎء ﻭﺗﻄﺒﻴﻖ ﻣﺒﺎﺩﺉ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﳌﻌﺎﳉﺔ ﻣﺸﺎﻛﻞ ﺍﻟﻮﻛﺎﻟﺔ ﺍﻟﻨﺎﲨﺔ ﻋﻦ ﺍﻧﻔﺼﺎﻝ‬
‫ﺍﳌﻠﻜﻴﺔ ﻋﻦ ﺍﻻﺩﺍﺭﺓ‪ ،‬ﻭﺗﻌﺎﺽ ﻭﺗﻀﺎﺭﺏ ﺍﳌﺼﺎﱀ ﺑﲔ ﺍﳌﻼﻙ ﺃﻭ ﺍﳌﺴﺎﳘﲔ ﺍﻟﺬﻳﻦ ﻳﺴﻌﻮﻥ ﻟﺘﻌﻈﻴﻢ‬
‫ﺃﺭﺑﺎﺣﻬﻢ ﻭﺯﻳﺎﺩﺓ ﻗﻴﻤﺔ ﺍﻟﺸﺮﻛﺔ‪ ،‬ﻭﺍﳌﺪﺭﺍء ﺃﻭ ﺍﳌﺴﲑﻳﻦ ﺍﻟﺬﻳﻦ ﻳﻬﺪﻓﻮﻥ ﺇﱃ ﺗﻮﺟﻴﻪ ﻭﺍﺩﺍﺭﺓ ﺍﻟﺸﺮﻛﺔ‬
‫ﻟﺘﺤﻘﻴﻖ ﻣﻨﺎﻓﻊ ﻭﺍﻏﺮﺍﺽ ﺷﺨﺼﻴﺔ‪ ،‬ﻭﻣﺎ ﺧﻠﻔﻪ ﻫﺬﺍ ﺍﻟﺘﻌﺎﺭﺽ ﻣﻦ ﺁﺛﺎﺭ ﺍﳋﻄﻮﺭﺓ ﻋﻠﻰ ﺍﻗﺘﺼﺎﺩﻳﺎﺕ ﺍﻟﺪﻭﻝ‬
‫ﺍﳌﺘﻄﻮﺭﺓ ﻣﻦ ﻫﺰﺍﺕ ﻭﺍﺯﻣﺎﺕ ﻣﺎﻟﻴﺔ ﻭﻓﻀﺎﺋﺢ ﻭﺣﺎﻻﺕ ﺍﻓﻼﺱ ﻋﺮﻓﺘﻬﺎ ﺍﻟﻌﺪﻳﺪ ﻣﻦ ﺍﻟﺸﺮﻛﺎﺕ ﺍﻟﻜﱪﻯ ﰲ‬
‫ﺍﻟﻌﺎﱂ‪.‬‬
‫ﻭﺗﻮﺻﻠﺖ ﺍﻟﺪﺭﺍﺳﺔ ﺇﱃ ﺿﻤﺎﻥ ﻋﺪﻡ ﺍﺳﺘﺨﺪﺍﻡ ﺍﻣﻮﺍﻝ ﺍﳌﺴﺎﳘﲔ ﰲ ﳎﺎﻻﺕ ﺃﻭ ﺍﺳﺘﺜﻤﺎﺭﺍﺕ ﻏﲑ‬
‫ﺁﻣﻨﺔ ﻭﻋﺪﻡ ﺍﺳﺘﻐﻼﳍﺎ ﻣﻦ ﻗﺒﻞ ﺍﻻﺩﺍﺭﺓ ﺃﻭ ﺍﳌﺪﻳﺮﻳﻦ ﻟﺘﺤﻘﻴﻖ ﻣﻨﺎﻓﻊ ﺧﺎﺻﺔ‪ ،‬ﺍﺿﺎﻓﺔ ﻹﺭﺳﺎء ﳎﻤﻮﻋﺔ‬
‫ﺍﻟﻘﻮﺍﻋﺪ ﻭﺍﻟﻀﻮﺍﺑﻂ ﻭﺍﻹﺟﺮﺍءﺍﺕ ﺍﻟﺪﺍﺧﻠﻴﺔ ﰲ ﺍﻟﺸﺮﻛﺔ‪ ،‬ﺍﻟﱵ ﺗﻮﻓﺮ ﺿﻤﺎﻧﺎﺕ ﲢﻘﻴﻖ ﺣﺮﺹ ﺍﳌﺪﻳﺮﻳﻦ ﻋﻠﻰ‬
‫ﺣﻘﻮﻕ ﺍﳌﻼﻙ‪.‬‬
‫‪ -2‬ﺩﺭﺍﺳﺔ ﺇﺑﺘﺴﺎﻡ ﻃﻠﺤﺔ ﻭﺁﺧﺮﻭﻥ‪ ،‬ﺁﻟﻴﺎﺕ ﺍﳊﻮﻛﻤﺔ ﻭﺩﻭﺭﻫﺎ ﰲ ﺍﳊﺪ ﻣﻦ ﳐﺎﻃﺮ ﺍﻟﻮﻛﺎﻟﺔ ‪-‬‬
‫ﺩﺭﺍﺳﺔ ﻣﻴﺪﺍﻧﻴﺔ‪ ،-‬ﻣﺬﻛﺮﺓ ﻣﺎﺳﺘﺮ ﺃﻛﺎﺩﳝﻲ‪ ،‬ﺟﺎﻣﻌﺔ ﺍﻟﻮﺍﺩﻱ‪.2020/2019 ،‬‬
‫ﻫﺪﻓﺖ ﻫﺬﻩ ﺍﻟﺪﺭﺍﺳﺔ ﺇﱃ ﺇﺑﺮﺍﺯ ﺩﻭﺭ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﺑﺸﻜﻞ ﻋﺎﻡ ﻭﺁﻟﻴﺎ‪‬ﺎ ﻋﻠﻰ ﻭﺟﻪ‬
‫ﺍﳋﺼﻮﺹ ﰲ ﺍﳊﺪ ﻣﻦ ﳐﺎﻃﺮ ﺍﻟﻮﻛﺎﻟﺔ‪ ،‬ﻭﺫﻟﻚ ﻣﻦ ﺧﻼﻝ ﲡﺴﻴﺪ ﻫﺬﻩ ﺍﻵﻟﻴﺎﺕ ﰲ ﺍﻟﺸﺮﻛﺔ ‪‬ﺪﻑ‬
‫ﲢﻘﻴﻖ ﺍﳌﻌﺎﻣﻠﺔ ﺍﳌﺘﺴﺎﻭﻳﺔ ﳉﻤﻴﻊ ﺍﻷﻃﺮﺍﻑ ﻭﺿﻤﺎﻥ ﺣﻘﻮﻕ ﺍﳌﺴﺎﳘﲔ ﻭﻫﺬﺍ ﻣﺎ ﻳﺴﺎﻫﻢ ﺑﺪﻭﺭﻩ ﰲ ﺍﳊﺪ‬
‫ﻣﻦ ﺗﻀﺎﺭﺏ ﺍﳌﺼﺎﱀ" ﻣﺸﻜﻠﺔ ﺍﻟﻮﻛﺎﻟﺔ "ﻭﺗﻮﺻﻠﺖ ﺍﻟﺪﺭﺍﺳﺔ ﺇﱃ ﺃﻥ ﺍﻻﻟﺘﺰﺍﻡ ﺑﺂﻟﻴﺎﺕ ﺍﳊﻮﻛﻤﺔ ﺳﻮﺍء‬
‫ﺍﻟﺪﺍﺧﻠﻴﺔ ﺃﻭ ﺍﳋﺎﺭﺟﻴﺔ ﺳﻮﻑ ﻳﺆﺩﻱ ﺇﱃ ﲣﻔﻴﺾ ﺗﻜﺎﻟﻴﻒ ﻭﳐﺎﻃﺮ ﺍﻟﻮﻛﺎﻟﺔ ﻭﺫﻟﻚ ﻣﻦ ﺧﻼﻝ ﻓﺮﺽ‬
‫ﻗﻮﺍﻋﺪ ﲢﻤﻲ ﺍﳌﺼﺎﱀ ﺍﳌﺸﺘﺮﻛﺔ ﻭﲢﺪﺩ ﻣﺴﺆﻭﻟﻴﺔ ﻛﻞ ﻃﺮﻑ ﻣﻦ ﺍﻷﻃﺮﺍﻑ ﺫﻭﻱ ﺍﻟﻌﻼﻗﺔ ﺑﺎﻟﺸﺮﻛﺔ‪.‬‬

‫~‪~6‬‬
‫ﺍﻟﺪﺭﺍﺳﺎﺕ ﺍﻟﺴﺎﺑﻘﺔ ﺑﺎﻟﻠﻐﺔ ﺍﻟﻌﺮﺑﻴﺔ ﻭﺍﻷﺟﻨﺒﻴﺔ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻷﻭﻝ‪:‬‬

‫‪ -3‬ﻣﺎﻫﺮ ﺍﺳﺎﻣﺔ ﻧﺎﻳﻒ ﺷﺒﲑ‪ ،‬ﺃﺛﺮ ﺍﺳﺘﺨﺪﺍﻡ ﺁﻟﻴﺎﺕ ﺍﳊﻮﻛﻤﺔ ﰲ ﲣﻔﻴﺾ ﺗﻜﺎﻟﻴﻒ ﺍﻟﻮﻛﺎﻟﺔ‪ ،‬ﺭﺳﺎﻟﺔ‬
‫ﻣﺎﺟﺴﺘﲑ‪ ،‬ﺍﳉﺎﻣﻌﺔ ﺍﻻﺳﻼﻣﻴﺔ‪ ،‬ﻏﺰﺓ‪ ،‬ﺃﻛﺘﻮﺑﺮ ‪2017‬‬
‫ﻫﺪﻓﺖ ﺍﻟﺪﺭﺍﺳﺔ ﺇﱃ ﺍﻟﺘﻌﺮﻑ ﻋﻠﻰ ﺃﺛﺮ ﺁﻟﻴﺎﺕ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﰲ ﲣﻔﻴﺾ ﺗﻜﺎﻟﻴﻒ ﺍﻟﻮﻛﺎﻟﺔ‪،‬‬
‫ﻭﺑﻴﺎﻥ ﺩﻭﺭ ﳎﻠﺲ ﺍﻻﺩﺍﺭﺓ ﰲ ﺍﳊﺪ ﻣﻦ ﺗﻜﺎﻟﻴﻒ ﺍﻟﻮﻛﺎﻟﺔ ﻭﻛﺬﺍ ﺩﺭﺍﺳﺔ ﺃﺛﺮ ﺍﻟﻔﺼﻞ ﺑﲔ ﻣﻨﺼﱯ ﺭﺋﻴﺲ‬
‫ﳎﻠﺲ ﺍﻻﺩﺍﺭﺓ ﻭﺍﳌﺪﻳﺮ ﺍﻟﺘﻨﻔﻴﺬﻱ ﻭﻧﺴﺒﺔ ﻣﻠﻜﻴﺔ ﺍﳌﺪﻳﺮﻳﻦ ﰲ ﲣﻔﻴﺾ ﺗﻜﺎﻟﻴﻒ ﺍﻟﻮﻛﺎﻟﺔ‪ ،‬ﻭﺗﻮﺻﻠﺖ‬
‫ﺍﻟﺪﺭﺍﺳﺔ ﺇﱃ ﺍﻟﻌﺪﻳﺪ ﻣﻦ ﺍﻟﻨﺘﺎﺋﺞ ﺃﳘﻬﺎ‪ :‬ﻻ ﻳﻮﺟﺪ ﺗﺄﺛﲑ ﺑﲔ ﺣﺠﻢ ﳎﻠﺲ ﺍﻻﺩﺍﺭﺓ ﻭﺗﻜﺎﻟﻴﻒ ﺍﻟﻮﻛﺎﻟﺔ‪،‬‬
‫ﻳﻮﺟﺪ ﺗﺄﻃﲑ ﻋﻜﺴﻲ ﺑﲔ ﺣﺠﻢ ﺍﻟﺸﺮﻛﺔ ﻭﺗﻜﺎﻟﻴﻒ ﺍﻟﻮﻛﺎﻟﺔ‪ ،‬ﻳﻮﺟﺪ ﺗﺄﺛﲑ ﺇﳚﺎﰊ ﺑﲔ ﺭﲝﻴﺔ ﺍﻟﺸﺮﻛﺔ‬
‫ﻭﺗﻜﺎﻟﻴﻒ ﺍﻟﻮﻛﺎﻟﺔ‪.‬‬
‫‪ -4‬ﻋﺒﺪ ﺍﻟﻘﺎﺩﺭ ﻋﻴﺎﺩﻱ‪ ،‬ﻧﺸﺄﺓ ﺍﳌﺤﺎﺳﺒﺔ ﻭﺗﻄﻮﺭﻫﺎ ﰲ ﻇﻞ ﺗﻄﺒﻴﻖ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ‪ ،‬ﳎﻠﺔ ﺍﳊﻘﻮﻕ‬
‫ﻭﺍﻟﻌﻠﻮﻡ ﺍﻻﻧﺴﺎﻧﻴﺔ‪ ،‬ﺍﻟﻌﺪﺩ ﺍﻻﻗﺘﺼﺎﺩﻱ‪ ،(02)33-‬ﺍﳌﺠﻠﺪ ‪ ،11‬ﺍﻟﻌﺪﺩ ‪ ،2‬ﺟﺎﻣﻌﺔ ﺯﻳﺎﻥ ﻋﺎﺷﻮﺭ‪،‬‬
‫ﺍﳉﻠﻔﺔ‪.2017 ،‬‬
‫ﻫﺪﻓﺖ ﻫﺬﻩ ﺍﻟﺪﺭﺍﺳﺔ ﺇﱃ ﺍﺳﺘﻌﺮﺍﺽ ﻧﺸﺄﺓ ﺍﳌﺤﺎﺳﺒﺔ ﻭﺗﻄﻮﺭﻫﺎ ﻋﱪ ﳐﺘﻠﻒ ﺍﻟﻌﺼﻮﺭ‪ ،‬ﻛﻤﺎ‬
‫ﺗﺴﺘﻌﺮﺽ ﺃﻳﻀﺎ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﻭﺗﻔﺴﲑﻫﺎ ﺭﻳﺎﺿﻴﺎ ﻧﻈﺮﺍ ﻟﻠﺪﻭﺭ ﺍﻟﻔﻌﺎﻝ ﺍﻟﺬﻱ ﺗﻘﻮﻡ ﺑﻪ ﰲ ﺗﻘﻠﻴﺺ ﺷﺪﺓ‬
‫ﺍﻟﺘﻌﺎﺭﺽ ﺑﲔ ﳐﺘﻠﻒ ﺍﻷﻃﺮﺍﻑ ﺍﳌﺘﻌﺎﻣﻠﺔ ﻣﻊ ﺍﳌﺆﺳﺴﺔ‪.‬‬
‫ﻭﺗﻮﺻﻠﺖ ﺍﻟﺪﺭﺍﺳﺔ ﺇﱃ ﺃﻥ ﺍﳌﺤﺎﺳﺒﺔ ﻗﺪ ﻟﻌﺒﺖ ﺩﻭﺭﺍ ﻛﺒﲑﺍ ﰲ ﺇﻃﺎﺭ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﻣﻦ ﺧﻼﻝ‬
‫ﺍﻻﺗﻔﺎﻕ ﻋﻠﻰ ﺍﺑﺮﺍﻡ ﻋﻘﻮﺩ ﻣﻌﻴﻨﺔ ﻭﳏﺪﺩﺓ ﻭﺑﲔ ﺃﻃﺮﺍﻑ ﺍﻟﻮﻛﺎﻟﺔ ﰲ ﺍﻟﺸﺮﻛﺔ‪ ،‬ﻣﺜﻞ ﻋﻘﻮﺩ ﺍﳌﻜﺎﻓﺄﺓ‬
‫ﻭﺍﳊﻮﺍﻓﺰ ﺍﻹﺩﺍﺭﻳﺔ ﻭﺇﱃ ﻏﲑ ﺫﻟﻚ ﻣﻦ ﺍﻷﺷﻜﺎﻝ‪ ،‬ﺣﻴﺚ ﳒﺪ ﺃﻥ ﻫﺬﻩ ﺍﻟﻌﻘﻮﺩ ﺗﺴﺘﻨﺪ ﻋﻠﻰ ﺑﻌﺾ‬
‫ﺍﳌﻌﻠﻮﻣﺎﺕ ﻭﺍﳌﺆﺷﺮﺍﺕ ﺍﳌﺴﺘﻤﺪﺓ ﻣﻦ ﺍﻟﻘﻮﺍﺋﻢ ﺍﳌﺎﻟﻴﺔ‪.‬‬
‫‪ -5‬ﺩﺭﺍﺳﺔ ﺭﻳﺎﺽ ﺣﺴﺎﻡ ﺍﻟﺪﻳﻦ ﺭﻳﺎﺽ ﺍﳋﻔﺶ‪ ،‬ﺑﻌﻨﻮﺍﻥ ﺍﺳﺘﺨﺪﺍﻡ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﰲ ﺩﺭﺍﺳﺔ ﺃﺛﺮ‬
‫ﺃﺩﺍء ﺍﻟﺸﺮﻛﺔ ﻭﻫﻴﻜﻞ ﺍﳌﻠﻜﻴﺔ ﻋﻠﻰ ﺍﳌﺰﺍﻳﺎ ﺍﳌﻤﻨﻮﺣﺔ ﻟﻠﻤﺪﻳﺮﻳﻦ ﰲ ﺍﻟﺸﺮﻛﺎﺕ ﺍﳌﺴﺎﳘﺔ ﺍﻟﻌﺎﻣﺔ ﰲ‬
‫ﺍﻻﺭﺩﻥ‪ ،‬ﺃﻃﺮﻭﺣﺔ ﺩﻛﺘﻮﺭﺍﻩ‪ ،‬ﺟﺎﻣﻌﺔ ﺍﻟﻌﻠﻮﻡ ﺍﻻﺳﻼﻣﻴﺔ ﺍﻟﻌﺎﳌﻴﺔ‪ ،‬ﺍﻻﺭﺩﻥ‪.2015 ،‬‬
‫ﻫﺪﻓﺖ ﻫﺬﻩ ﺍﻟﺪﺭﺍﺳﺔ ﺇﱃ ﻗﻴﺎﺱ ﺍﻟﻌﻼﻗﺔ ﺑﲔ ﺍﳌﺰﺍﻳﺎ ﺍﳌﻤﻨﻮﺣﺔ ﻟﻠﻤﺪﻳﺮﻳﻦ ﺍﻟﺘﻨﻔﻴﺬﻳﲔ ﻭﻛﻼً ﻣﻦ ﺃﺩﺍء‬
‫ﺍﻟﺸﺮﻛﺎﺕ ﻭﻫﻴﻜﻞ ﺍﳌﻠﻜﻴﺔ ﻟﻠﺸﺮﻛﺎﺕ ﺍﳌﺴﺎﳘﺔ ﺍﻟﻌﺎﻣﺔ ﺍﻷﺭﺩﻧﻴﺔ ﺍﳌﺪﺭﺟﺔ ﰲ ﺑﻮﺭﺻﺔ ﻋﻤﺎﻥ ﺧﻼﻝ ﺍﻟﻔﺘﺮﺓ‬
‫ﻣﻦ ‪ 2011‬ﻭﻟﻐﺎﻳﺔ ‪.2013‬‬
‫ﻭﻟﺘﺤﻘﻴﻖ ﺃﻫﺪﺍﻑ ﺍﻟﺪﺭﺍﺳﺔ‪ ،‬ﰎ ﺍﺧﺘﺒﺎﺭ ﺍﻟﺒﻴﺎﻧﺎﺕ ﺍﳌﺎﻟﻴﺔ ﻟﻌﻴﻨﺔ ﻣﻜﻮﻧﺔ ﻣﻦ ‪ 127‬ﺷﺮﻛﺔ ﻣﺴﺎﳘﺔ‬
‫ﻋﺎﻣﺔ ﻣﺪﺭﺟﺔ ﰲ ﺑﻮﺭﺻﺔ ﻋﻤﺎﻥ‪ ،‬ﺣﻴﺚ ﺍﻋﺘﻤﺪﺕ ﺍﻟﺪﺭﺍﺳﺔ ﻋﻠﻰ ﺍﳌﻨﻬﺞ ﺍﻻﺳﺘﻘﺮﺍﺋﻲ ﻟﻔﻬﻢ ﺍﻟﻌﻮﺍﻣﻞ ﺍﻟﱵ‬

‫~‪~7‬‬
‫ﺍﻟﺪﺭﺍﺳﺎﺕ ﺍﻟﺴﺎﺑﻘﺔ ﺑﺎﻟﻠﻐﺔ ﺍﻟﻌﺮﺑﻴﺔ ﻭﺍﻷﺟﻨﺒﻴﺔ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻷﻭﻝ‪:‬‬

‫ﺗﺆﺛﺮ ﻋﻠﻰ ﺍﳌﺰﺍﻳﺎ ﺍﳌﻤﻨﻮﺣﺔ ﻟﻠﻤﺪﻳﺮﻳﻦ ﺍﻟﺘﻨﻔﻴﺬﻳﲔ ﺑﺎﻟﺸﺮﻛﺎﺕ ﺍﳌﺴﺎﳘﺔ ﺍﻟﻌﺎﻣﺔ ﺍﻷﺭﺩﻧﻴﺔ ﻟﻠﻮﺻﻮﻝ ﺇﱃ‬
‫ﺍﻟﺴﻠﻮﻛﻴﺎﺕ ﺍﳌﺘﺒﻌﺔ ﰲ ﺍﻟﻮﺍﻗﻊ ﻣﻦ ﻗﺒﻞ ﺗﻠﻚ ﺍﻟﺸﺮﻛﺎﺕ ﻭﻭﺻﻔﻬﺎ ﺑﺪﻗﺔ ﻭﺍﻟﺘﻌﺒﲑ ﻋﻨﻬﺎ ﺭﻗﻤﻴﴼ‪ ،‬ﻛﻤﺎ‬
‫ﺍﻋﺘﻤﺪﺕ ﺍﻟﺪﺭﺍﺳﺔ ﻋﻠﻰ ﺍﳌﻨﻬﺞ ﺍﻟﻮﺻﻔﻲ ﺍﻟﺘﺤﻠﻴﻠﻲ ﻟﺘﺤﻠﻴﻞ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﻹﺣﺼﺎﺋﻴﺔ ﻻﺧﺘﺒﺎﺭ ﺍﻟﻔﺮﻭﺽ‬
‫ﻭﺍﻟﻮﺻﻮﻝ ﻟﻠﻨﺘﺎﺋﺞ‪.‬‬
‫ﻭﺑﻌﺪ ﺍﺧﺘﺒﺎﺭ ﻓﺮﺿﻴﺎﺕ ﺍﻟﺪﺭﺍﺳﺔ ﰎ ﺍﻟﺘﻮﺻﻞ ﺇﱃ ﻭﺟﻮﺩ ﻋﻼﻗﺔ ﻃﺮﺩﻳﺔٌ ﺫﺍﺕ ﺩﻻﻟﺔ ﺇﺣﺼﺎﺋﻴﺔٌ ﻷﺩﺍء‬
‫ﺍﻟﺸﺮﻛﺔ ﻭﻫﻴﻜﻞ ﺍﳌﻠﻜﻴﺔ ﻋﻠﻰ ﺍﳌﺰﺍﻳﺎ ﺍﳌﻤﻨﻮﺣﺔ ﻟﻠﻤﺪﻳﺮﻳﻦ ﺍﻟﺘﻨﻔﻴﺬﻳﲔ‪ .‬ﻛﻤﺎ ﺃﻇﻬﺮﺕ ﺍﻟﺪﺭﺍﺳﺔ ﺇﱃ ﺃﻥ‬
‫ﻟﻠﻤﺘﻐﲑﺍﺕ ﺍﻟﺮﻗﺎﺑﻴﺔٌ ﺍﳌﺘﻤﺜﻠﺔ ﰲ ﻛﻔﺎءﺓ ﺍﻹﺩﺍﺭﺓ ﻭﺣﺠﻢ ﺍﻟﺸﺮﻛﺔ ﻭﺍﺯﺩﻭﺍﺟﻴﺔٌ ﻣﻬﺎﻡ ﺍﻟﺮﺋﻴﺲ ﺍﻟﺘﻨﻔﻴﺬﻱ ﻋﻼﻗﺔ‬
‫ﻃﺮﺩﻳﺔ ﺫﺍﺕ ﺩﻻﻟﺔ ﺇﺣﺼﺎﺋﻴﺔ ﻋﻠﻰ ﺍﳌﺰﺍﻳﺎ ﺍﳌﻤﻨﻮﺣﺔ ﻟﻠﻤﺪﻳﺮﻳﻦ ﺍﻟﺘﻨﻔﺬﻳﲔ‪ ،‬ﻭﺃﻇﻬﺮﺕ ﺍﻟﻨﺘﺎﺋﺞ ﺃﻥ ﻣﻠﻜﻴﺔ‬
‫ﺍﳌﺪﻳﺮﻳﻦ ﺍﻟﺘﻨﻔﺬﻳﲔ ﰲ ﺃﺳﻬﻢ ﺍﻟﺸﺮﻛﺔ ﻛﺎﻥ ﳍﺎ ﺃﻋﻠﻰ ﻗﻮﺓ ﺗﻔﺴﲑﻳﺔ‪.‬‬
‫‪ -6‬ﺩﺭﺍﺳﺔ ﻣﻬﺪﻱ ﺷﺮﻗﻲ‪ ،‬ﻣﺮﺍﻗﺒﺔ ﺍﳌﺪﻳﺮﻳﻦ ﺍﻟﺘﻨﻔﻴﺬﻳﲔ ﰲ ﺿﻮء ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ‪-‬ﺣﺎﻟﺔ ﺍﳌﺆﺳﺴﺎﺕ‬
‫ﺍﻟﻌﻤﻮﻣﻴﺔ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﰲ ﺍﻟﺘﺸﺮﻳﻊ ﺍﳉﺰﺍﺋﺮﻱ‪ ،-‬ﺍﳌﺠﻠﺔ ﺍﳉﺰﺍﺋﺮﻳﺔ ﻟﻠﺪﺭﺍﺳﺎﺕ ﺍﳌﺤﺎﺳﺒﻴﺔ ﻭﺍﳌﺎﻟﻴﺔ‪،‬‬
‫ﺍﻟﻌﺪﺩ ‪.2015/01‬‬
‫ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﺗﻌﺮﻑ ﺑﺄ‪‬ﺎ ﻋﻘﺪ ﲟﻮﺟﺒﻪ ﺷﺨﺺ ﺃﻭ ﻋﺪﺓ ﺃﺷﺨﺎﺹ ﻫﻮ ﺍﻷﺻﻴﻞ ﺃﻭ ﺍُﳌﻮﻛًّﻞ‬
‫ﻳﻠﺠﺌﻮﻥ ﳋﺪﻣﺎﺕ ﺷﺨﺺ ﺁﺧﺮ ﻫﻮ ﺍﻟﻮﻛﻴﻞ ﺃﻭ ﺍﳌﻮﻛﱠﻞ ﻟﻴﻘﻮﻡ ﺑﺎﲰﻬﻢ ﺑﻮﻇﻴﻔﺔ ﺃﻭ ﻋﻤﻞ ﻣﻌﲔ؛ ﻣﺎ‬
‫ﻳﺘﻀﻤﻦ ﺗﻔﻮﻳﻀﺎ ﺍﳊﻘﻮﻕ ﺍﻟﺘﻘﺮﻳﺮﻳﺔ ﺃﻭ ﲢﻮﻳﻞ ﺍﳌﻌﺮﻓﺔ ﺍﳌﺘﺨﺼﺼﺔ؛ ﻫﺬﻩ ﺍﻟﻌﻼﻗﺔ ﺗﻨﺸﺊ ﺗﻜﺎﻟﻴﻒ ﺍﻟﻮﻛﺎﻟﺔ؛‬
‫ﺗﻘﺪﻡ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﻧﻈﺮﺓ ﳐﺘﻠﻔﺔ ﳌﺠﻠﺲ ﺍﻹﺩﺍﺭﺓ ﻛﺄﺩﺍﺓ ﺭﻗﺎﺑﺔ ﺩﺍﺧﻠﻴﺔ ﻣﻬﻤﺘﻬﺎ ﺗﺪﻧﻴﺔ ﺗﻜﺎﻟﻴﻒ‬
‫ﺍﻟﻮﻛﺎﻟﺔ ﺍﻟﻨﺎﲨﺔ ﻋﻦ ﺗﺒﺎﻋﺪ ﺍﳌﺼﺎﱀ ﺑﲔ ﺍﻷﺻﻴﻞ ﻭﺍﻟﻮﻛﻴﻞ )ﺧﺎﺻﺔ ﺑﲔ ﺍﳌﺴﺎﳘﲔ ﻭﺍﳌﺪﻳﺮﻳﻦ ﺍﻟﺘﻨﻔﻴﺬﻳﲔ(‬
‫ﻭﺍﻟﻘﻴﺎﻡ ﺑﺘﺤﺪﻳﺪ ﺍﻟﺴﻠﻄﺔ ﺍﻟﺘﻘﺪﻳﺮﻳﺔ ﻟﻠﻮﻛﻴﻞ؛ ﻭﺿﻤﺎﻥ ﺭﻗﺎﺑﺔ ﻓﻌﺎﻟﺔ ﻋﻠﻰ ﺍﳌﺪﻳﺮﻳﻦ ﺍﻟﺘﻨﻔﻴﺬﻳﲔ‪.‬‬
‫ﺳﻴﺘﻢ ﺍﻟﺘﻄﺮﻕ ﻟﺬﻟﻚ ﺑﺎﳌﺆﺳﺴﺔ ﺍﻟﻌﻤﻮﻣﻴﺔ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﺑﺎﳉﺰﺍﺋﺮ‪ ،‬ﻟﺘﻔﺴﲑ ﺍﳋﻠﻞ ﰲ ﺇﺩﺍﺭ‪‬ﺎ ﻭﺃﺳﺒﺎﺏ‬
‫ﺍﻟﻔﺸﻞ ﰲ ﻣﺮﺍﻗﺒﺔ ﺑﻌﺾ ﻣﺪﻳﺮﻳﻬﺎ ﺍﻟﺘﻨﻔﻴﺬﻳﲔ ﺍﻻﻧﺘﻬﺎﺯﻳﲔ ﺑﻨﺠﺎﺡ‪.‬‬
‫‪ -7‬ﺍﻟﻔﻀﻞ ﻣﺆﻳﺪ‪ ،‬ﺍﻟﻌﻼﻗﺔ ﺑﲔ ﳏﺪﺩﺍﺕ ﺍﻟﺴﻠﻮﻙ ﺍﻻﺩﺍﺭﻱ ﻭﺗﻜﻠﻔﺔ ﺍﻟﻮﻛﺎﻟﺔ ﻟﻠﻤﻠﻜﻴﺔ ﻭﻣﺪﻯ ﺗﺄﺛﺮﻫﺎ‬
‫ﺑﺎﻷﺩﺍء‪ ،‬ﺍﳌﺠﻠﺔ ﺍﻟﻌﺮﺑﻴﺔ ﺍﳌﺤﺎﺳﺒﻴﺔ ﺍﳌﺠﻠﺪ ‪ 16‬ﺍﻟﻌﺪﺩ ‪.2013 ،02‬‬
‫ﻗﺎﻡ ﺍﻟﺒﺎﺣﺚ ﺑﺪﺭﺍﺳﺔ ﺍﻟﻌﻼﻗﺔ ﺑﲔ ﺑﻌﺾ ﳏﺪﺩﺍﺕ ﺍﻟﺴﻠﻮﻙ ﺍﻹﺩﺍﺭﻱ ﻭﺗﻜﻠﻔﺔ ﺍﻟﻮﻛﺎﻟﺔ ﻣﻦ ﺟﻬﺔ‪،‬‬
‫ﻭﻣﺪﻯ ﺗﺄﺛﲑ ﺗﻠﻚ ﺍﻟﻌﻼﻗﺔ ﻋﻠﻰ ﺃﺩﺍء ﺍﻟﺸﺮﻛﺔ ﻣﻦ ﺟﻬﺔ ﺛﺎﻧﻴﺔ‪ ،‬ﺣﻴﺚ ﻓﺤﺺ ﺍﻟﺒﺎﺣﺚ ﺛﻼﺛﺔ ﻣﺘﻐﲑﺍﺕ ﲤﺜﻞ‬
‫ﳏﺪﺩﺍﺕ ﺍﻟﺴﻠﻮﻙ ﺍﻹﺩﺍﺭﻱ ﻭﻫﻲ‪ :‬ﺍﳌﻠﻜﻴﺔ ﺍﻹﺩﺍﺭﻳﺔ‪ ،‬ﻭﻋﺪﻡ ﲤﺎﺛﻞ ﺍﳌﻌﻠﻮﻣﺎﺕ‪ ،‬ﻭﺃﺧﲑﺍ ﻧﺴﺒﺔ ﺍﳌﺪﻳﻮﻧﻴﺔ‪.‬‬

‫~‪~8‬‬
‫ﺍﻟﺪﺭﺍﺳﺎﺕ ﺍﻟﺴﺎﺑﻘﺔ ﺑﺎﻟﻠﻐﺔ ﺍﻟﻌﺮﺑﻴﺔ ﻭﺍﻷﺟﻨﺒﻴﺔ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻷﻭﻝ‪:‬‬

‫ﻭﻗﺪ ﰎ ﺍﺳﺘﺨﺪﺍﻡ ﺍﻟﺒﻴﺎﻧﺎﺕ ﺍﳋﺎﺻﺔ ﺑـ ‪ 27‬ﺷﺮﻛﺔ ﻣﺴﺎﳘﺔ ﻋﺎﻣﺔ ﺧﺎﺻﺔ ﺑﺎﻟﻌﺮﺍﻕ‪ ،‬ﻣﻮﺯﻋﺔ ﻋﻠﻰ‬
‫ﺛﻼﺛﺔ ﻗﻄﺎﻋﺎﺕ ﺍﻗﺘﺼﺎﺩﻳﺔ‪ :‬ﻭﻫﻲ ﺍﳌﺼﺎﺭﻑ ﻭﺍﻟﺼﻨﺎﻋﺔ ﻭﺍﳋﺪﻣﺎﺕ ﻭﴰﻠﺖ ﺳﻨﻮﺍﺕ ﺍﻟﺪﺭﺍﺳﺔ ﻣﻦ ﺳﻨﺔ‬
‫‪ 2005‬ﺇﱃ ﺳﻨﺔ ‪ ،2008‬ﻭﻗﺪ ﲤﺜﻠﺖ ﻣﺘﻐﲑﺍﺕ ﺍﻟﺪﺭﺍﺳﺔ ﲟﺎ ﻳﻠﻲ‪:‬‬
‫ﺃ‪ -‬ﺍﳌﺘﻐﲑﺍﺕ ﺍﳌﺴﺘﻘﻠﺔ ﻭﺍﻟﱵ ﺗﺸﻤﻞ‪:‬‬
‫‪ -1‬ﻧﺴﺒﺔ ﺍﳌﻠﻜﻴﺔٌ ﺍﻹﺩﺍﺭﻳﺔ‪ -2 .‬ﻋﺪﻡ ﲤﺎﺛﻞ ﺍﳌﻌﻠﻮﻣﺎﺕ‪ -3 .‬ﻋﻘﻮﺩ ﺍﳌﺪﻳﻮﻧﻴﺔ‪.‬‬
‫ﺏ‪ -‬ﺍﳌﺘﻐﲑ ﺍﻟﺘﺎﺑﻊ ﻭﺍﻟﺬﻱ ﺷٌﻤﻞ ﺗﻜﻠﻔﺔ ﺍﻟﻮﻛﺎﻟﺔ ﻟﻠﻤﻠﻜﻴﺔ‪ :‬ﺍﺳﺘﺨﺪﻡ ﺍﻟﺒﺎﺣﺚ ﻟﻘﻴﺎﺱ ﻫﺬﺍ ﺍﳌﺘﻐﲑ‬
‫ﻣﻘﻴﺎﺳﲔ‪:‬‬
‫‪ -1‬ﻧﺴﺒﺔ ﺍﳌﺼﺎﺭﻑ ﺍﻟﺘﺸﻐﻴﻠﻴﺔ ﺇﱃ ﳎﻤﻮﻉ ﺍﳌﺒﻴﻌﺎﺕ‪ -2 .‬ﻧﺴﺒﺔ ﺩﻭﺭﺍﻥ ﺍﻷﺻﻮﻝ‪.‬‬
‫ﻭﻗﺪ ﺍﺳﺘﺨﺪﻡ ﺍﻟﺒﺎﺣﺚ ﺍﺧﺘﺒﺎﺭ ‪ Kendall‬ﻟﻘﻴﺎﺱ ﺍﻟﻌﻼﻗﺔ ﺑﲔ ﺍﳌﺘﻐﲑﺍﺕ‪ ،‬ﻭﻛﺎﻧﺖ ﻧﺘﺎﺋﺞ ﺍﻻﺧﺘﺒﺎﺭ‬
‫ﻛﻤﺎ ﻳﻠﻲ‪:‬‬
‫‪ ‬ﻋﺪﻡ ﻭﺟﻮﺩ ﻋﻼﻗﺔ ﺍﺭﺗﺒﺎﻁ ﺫﺍﺕ ﺩﻻﻟﺔ ﺍﺣﺼﺎﺋﻴﺔ ﻣﻌﻨﻮﻳﺔ ﺑﲔ ﻋﺪﻡ ﲤﺎﺛﻞ ﺍﳌﻌﻠﻮﻣﺎﺕ ﻭﺣﺠﻢ ﺗﻜﻠﻔﺔ‬
‫ﺍﻟﻮﻛﺎﻟﺔ؛‬
‫‪ ‬ﻋﺪﻡ ﻭﺟﻮﺩ ﻋﻼﻗﺔ ﺍﺭﺗﺒﺎﻁ ﺫﺍﺕ ﺩﻻﻟﺔ ﺍﺣﺼﺎﺋﻴﺔ ﻣﻌﻨﻮﻳﺔ ﺑﲔ ﻧﺴﺒﺔ ﺍﳌﺪﻳﻮﻧﻴﺔ ﻭﺣﺠﻢ ﺗﻜﻠﻔﺔ ﺍﻟﻮﻛﺎﻟﺔ؛‬
‫‪ ‬ﻭﺟﻮﺩ ﻋﻼﻗﺔ ﺍﺭﺗﺒﺎﻁ ﻋﻜﺴﻴﺔ ﻗﻮﻳﺔ ﺑﲔ ﻧﺴﺒﺔ ﺍﳌﻠﻜﻴﺔ ﺍﻹﺩﺍﺭﻳﺔ ﻭﺗﻜﻠﻔﺔ ﺍﻟﻮﻛﺎﻟﺔ ﻟﻠﻤﻠﻜﻴﺔ ﻟﺪﻯ‬
‫ﺍﻟﺸﺮﻛﺎﺕ ﺫﺍﺕ ﺍﻷﺩﺍء ﺍﳌﻨﺨﻔﺾ‪.‬‬
‫ﻗﺪﻣﺖ ﻫﺬﻩ ﺍﻟﺪﺭﺍﺳﺔ ﻓﺎﺋﺪﺓ ﻟﻠﺸﺮﻛﺎﺕ ﺍﳌﺴﺎﳘﺔ ﺍﻟﻌﺎﻣﺔ ﺑﺎﻥ ﺃﺳﺒﺎﺏ ﺿﻌﻒ ﺍﻟﺮﻗﺎﺑﺔ ﻋﻠﻰ ﺍﳌﺪﻳﺮﻳﻦ‬
‫ﺍﻟﺘﻨﻔﻴﺬﻳﲔ ﻳﺮﺟﻊ ﻟﻠﺘﺸﺘﺖ ﺍﻟﺸﺪﻳﺪ ﰲ ﻫﻴﻜﻞ ﺍﳌﻠﻜﻴﺔ ﻭﺍﺭﺗﻔﺎﻉ ﻧﺴﺒﺔ ﺻﻐﺎﺭ ﺍﳌﺴﺎﳘﲔ ﺍﻟﺬﻳﻦ ﻳﻔﺘﻘﺪﻭﻥ‬
‫ﺇﱃ ﺍﻟﺪﺭﺍﻳﺔ ﻭﺍﳊﺎﻓﺰ ﳌﻌﺮﻓﺔ ﺣﻘﻮﻗﻬﻢ ﻭﻟﻠﺮﻗﺎﺑﺔ ﻋﻠﻰ ﺍﳌﺪﻳﺮﻳﻦ ﻭﻫﺬﺍ ﻳﻄﻠﻖ ﻋﻠﻴﻪ ﰲ ﺍﻷﺩﺑﻴﺎﺕ ﲟﺸﻜﻠﺔ )ﻣﻦ‬
‫ﻳﺒﺪﺃ ﺍﻟﺮﻗﺎﺑﺔ (ﺃﻭ) ﺍﻟﺮﻛﻮﺏ ﺍﳌﺠﺎﱐ(‪ ،‬ﻭﺍﻟﱵ ﺗﻌﲏ ﺍﻧﻪ ﺭﻏﻢ ﻭﺟﻮﺩ ﺭﻏﺒﺔ ﻭﻣﺼﻠﺤﺔ ﻓﺮﺩﻳﺔ ﻟﺪﻯ ﻛﻞ‬
‫ﻭﺍﺣﺪ ﻣﻦ ﺻﻐﺎﺭ ﲪﻠﺔ ﺍﻷﺳﻬﻢ ﻟﻠﺮﻗﺎﺑﺔ ﻋﻠﻰ ﺍﳌﺪﻳﺮﻳﻦ‪ ،‬ﺇﻻ ﺃﻧﻪ ﺑﺴﺒﺐ ﺍﺭﺗﻔﺎﻉ ﺗﻜﻠﻔﺔ ﺍﻟﺮﻗﺎﺑﺔ ﻓﺈﻥ ﻛﻞ‬
‫ﻭﺍﺣﺪ ﻋﻠﻰ ﺣﺪﻩ ﻻ ﻳﺒﺎﺩﺭ ﺑﺎﻟﺮﻗﺎﺑﺔ ﻭﻳﻨﺘﻈﺮ ﺃﻥ ﳛﺼﻞ ﻋﻠﻰ ﻣﺰﺍﻳﺎﻫﺎ ﺑﺪﻭﻥ ﺗﻜﻠﻔﺔ ﻣﻦ ﺧﻼﻝ ﺍﻵﺧﺮﻳﻦ‬
‫ﺧﺎﺻﺔ ﻛﺒﺎﺭ ﲪﻠﺔ ﺍﻷﺳﻬﻢ‪.‬‬
‫‪ -8‬ﺩﺭﺍﺳﺔ ﻧﺒﻴﻞ ﺳﻌﻴﺪ ﻋﺒﺪﻩ ﺍﳌﻌﻤﺮﻱ‪ ،‬ﺑﻌﻨﻮﺍﻥ ﺍﻻﺩﺍء ﺍﳌﺎﱄ ﻟﻠﺒﻨﻮﻙ ﺍﻟﺘﺠﺎﺭﻳﺔ ﺍﻟﻴﻤﻨﻴﺔ ﰲ ﻇﻞ ﻧﻈﺮﻳﺔ‬
‫ﺍﻟﻮﻛﺎﻟﺔ‪ ،‬ﺭﺳﺎﻟﺔ ﻣﺎﺟﺴﺘﲑ‪ ،‬ﺟﺎﻣﻌﺔ ﺁﻝ ﺍﻟﺒﻴﺖ‪ ،‬ﺍﻷﺭﺩﻥ‪.2012 ،‬‬
‫ﻫﺪﻓﺖ ﻫﺬﻩ ﺍﻟﺪﺭﺍﺳﺔ ﺇﱃ ﺍﻟﺘﻌﺮﻑ ﻋﻠﻰ ﺃﻫﻢ ﺍﻟﻌﻮﺍﻣﻞ ﺍﳌﺆﺛﺮﺓ ﰲ ﺃﺩﺍء ﻣﺪﻳﺮﻱ ﺍﻟﺒﻨﻮﻙ ﺍﻟﺘﺠﺎﺭﻳﺔ ﻭﰲ‬
‫ﺃﺩﺍء ﺍﻟﺒﻨﻚ ﻭﻧﺘﺎﺋﺞ ﺃﻋﻤﺎﻟﻪ ﻣﻦ ﺧﻼﻝ ﺗﻄﺒﻴﻖ ﻣﺒﺎﺩﺉ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﻭﺃﺳﺴﻬﺎ‪.‬‬

‫~‪~9‬‬
‫ﺍﻟﺪﺭﺍﺳﺎﺕ ﺍﻟﺴﺎﺑﻘﺔ ﺑﺎﻟﻠﻐﺔ ﺍﻟﻌﺮﺑﻴﺔ ﻭﺍﻷﺟﻨﺒﻴﺔ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻷﻭﻝ‪:‬‬

‫ﻭﻟﺘﺤﻘﻴﻖ ﺃﻫﺪﺍﻑ ﺍﻟﺪﺭﺍﺳﺔ‪ ،‬ﰎ ﺍﺳﺘﺨﺪﺍﻡ ﻋﺪﺓ ﺃﺳﺎﻟﻴﺐ ﺍﺣﺼﺎﺋﻴﺔ ﻻﺧﺘﺒﺎﺭ ﺍﻟﻔﺮﺿﻴﺎﺕ ﻣﻨﻬﺎ‬
‫ﺍﻻﺳﺘﻘﺮﺍﺋﻴﺔ ﻭﺍﻟﻮﺻﻔﻴﺔ‪.‬‬
‫ﻭﺗﻮﺻﻠﺖ ﺍﻟﺪﺭﺍﺳﺔ ﺇﱃ ﻭﺟﻮﺩ ﻋﻼﻗﺔ ﻣﻮﺟﺒﺔ ﺑﲔ ﻧﻮﻋﻴﺔ ﺍﻟﻌﻘﺪ ﺍﳌﱪﻡ ﺑﲔ ﺍﳌﺴﺎﳘﲔ ﻭﻣﺪﺭﺍء‬
‫ﺍﻟﺒﻨﻮﻙ ﺍﻟﺘﺠﺎﺭﻳﺔ ﺍﻧﻄﻼﻗﺎ ﻣﻦ ﺃﻥ ﻧﻮﻋﻴﺔ ﺍﻟﻌﻘﺪ ﻫﻲ ﺍﻟﱵ ﺗﻌﻤﻞ ﻋﻠﻰ ﲢﻔﻴﺰ ﺍﳌﺪﺭﺍء ﻟﺘﻘﺪﱘ ﺃﺩﺍء ﺃﻓﻀﻞ‬
‫ﻭﺑﺎﻟﺘﺎﱄ ﲢﻘﻴﻖ ﻣﺴﺘﻮﻯ ﻋﺎﻝ ﻣﻦ ﺍﻷﺭﺑﺎﺡ‪.‬‬
‫‪ -9‬ﻳﻮﺳﻒ‪ ،‬ﻋﻠﻲ‪ ،2012 ،‬ﺃﺛﺮ ﳏﺪﺩﺍﺕ ﻫﻴﻜﻞ ﻣﻠﻜﻴﺔ ﺍﳌﻨﺸﺄﺓ ﰲ ﲢﻔﻆ ﺍﻟﺘﻘﺎﺭﻳﺮ ﺍﳌﺎﻟﻴﺔ‪ ،‬ﳎﻠﺔ‬
‫ﺟﺎﻣﻌﺔ ﺩﻣﺸﻖ ﻟﻠﻌﻠﻮﻡ ﺍﻹﻗﺘﺼﺎﺩﻳﺔ ﻭﺍﻟﻘﺎﻧﻮﻧﻴﺔ‪.‬‬
‫ﻗﺎﻣﺖ ﺍﻟﺪﺭﺍﺳﺔ ﻣﻦ ﺧﻼﻝ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﺑﺘﺴﻠﻴﻂ ﺍﻟﻀﻮء ﻋﻠﻰ ﺍﳌﺸﻜﻠﺔ ﺍﻟﱵ ﺗﻨﺘﺞ ﻣﻦ ﺍﻧﻔﺼﺎﻝ‬
‫ﺍﳌﻠﻜﻴﺔ ﻋﻦ ﺍﻹﺩﺍﺭﺓ‪ ،‬ﻓﺘﻌﺎﺭﺽ ﺍﳌﺼﺎﱀ ﺃﻭ ﺗﻘﺎﺭ‪‬ﺎ ﺑﲔ ﺍﻷﻃﺮﺍﻑ ﺍﳌﺨﺘﻠﻔﺔ ﻳﺆﺛﺮ ﰲ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺍﻟﱵ ﺗﺘﺨﺬﻫﺎ‬
‫ﺍﻹﺩﺍﺭﺓ ﻭﻣﻦ ﺑﻴﻨﻬﺎ ﺍﺧﺘﻴﺎﺭ ﺍﻟﺴﻴﺎﺳﺎﺕ ﺍﳌﺤﺎﺳﺒﻴﺔ‪ ،‬ﻭﺫﻟﻚ ﻳﺆﺩﻱ ﻟﻌﺪﻡ ﲤﺎﺛﻞ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺑﲔ ﺍﻹﺩﺍﺭﺓ‬
‫ﻭﺍﻷﻃﺮﺍﻑ ﺍﻷﺧﺮﻯ ﺍﻟﺬﻱ ﻣﻦ ﺷﺄﻧﻪ ﺃﻥ ﳚﻌﻞ ﺍﻹﺩﺍﺭﺓ ﺗﻘﻮﻡ ﺑﺘﺤﻮﻳﻞ ﺍﻟﺜﺮﻭﺓ ﻣﻦ ﻃﺮﻑ ﻵﺧﺮ ﻣﻦ ﺧﻼﻝ‬
‫ﺍﻟﺴﻴﺎﺳﺎﺕ ﺍﳌﺤﺎﺳﺒﻴﺔ ﺍﳌﺘﺒﻌﺔ ﻣﻦ ﻗﺒﻠﻬﺎ ﻭﺍﻟﱵ ﻳﻌﺪ ﺍﻟﺘﺤﻔﻆ ﺍﳌﺤﺎﺳﱯ ﻣﻦ ﺃﺑﺮﺯﻫﺎ‪.‬‬
‫ﻭﻗﺪ ﻗﺎﻣﺖ ﺍﻟﺪﺭﺍﺳﺔ ﻋﻠﻰ ﲢﺪﻳﺪ ﺃﺛﺮ ﳏﺪﺩﺍﺕ ﻫﻴﻜﻞ ﻣﻠﻜﻴﺔ ﺍﳌﻨﺸﺄﺓ ﰲ ﲢﻔﻆ ﺍﻟﺘﻘﺎﺭﻳﺮ ﺍﳌﺎﻟﻴﺔ ﻣﻦ‬
‫ﺧﻼﻝ ﲢﻠﻴﻞ ﻋﻴﻨﺔ ﻣﻜﻮﻧﺔ ﻣﻦ ‪ 24‬ﺷﺮﻛﺔ ﻣﻦ ﺍﻟﺸﺮﻛﺎﺕ ﺍﻟﻨﺸﻄﺔ ﰲ ﺳﻮﻕ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﺍﳌﺼﺮﻱ‬
‫ﻟﻠﻔﺘﺮﺓ ﺍﳌﻤﺘﺪﺓ ﻣﻦ ﻋﺎﻡ ‪ 1997‬ﺇﱃ ﻏﺎﻳﺔ ‪.2008‬‬
‫ﻭﺗﻮﺻﻠﺖ ﺍﻟﺪﺭﺍﺳﺔ ﺇﱃ ﺃﻥ ﺯﻳﺎﺩﺓ ﺍﳌﻠﻜﻴﺔ ﺍﻹﺩﺍﺭﻳﺔ ﻷﺳﻬﻢ ﺍﻟﺸﺮﻛﺔ ﺗﻌﻤﻞ ﻋﻠﻰ ﺗﻘﺎﺭﺏ ﺍﳌﺼﺎﱀ‬
‫ﺑﲔ ﺍﳌﺪﻳﺮﻳﻦ ﺍﻟﺘﻨﻔﻴﺬﻳﲔ ﻭﺑﲔ ﺍﳌﺎﻟﻜﲔ‪.‬‬
‫‪ -10‬ﺩﺭﺍﺳﺔ ﺑﺘﻮﻝ ﳏﻤﺪ ﻧﻮﺭﻱ ﻭﻋﻠﻲ ﺧﻠﻒ ﺳﻠﻤﺎﻥ‪ ،‬ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻭﺩﻭﺭﻫﺎ ﰲ ﲣﻔﻴﺾ‬
‫ﻣﺸﺎﻛﻞ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ‪ ،‬ﳎﻠﺔ ﺍﻻﻗﺘﺼﺎﺩ ﻭﺍﻟﺘﻨﻤﻴﺔ ﺍﻟﺒﺸﺮﻳﺔ‪.2011 ،‬‬
‫ﻫﺪﻑ ﻫﺬﺍ ﺍﻟﺒﺤﺚ ﺇﱃ ﺗﺴﻠﻴﻂ ﺍﻟﻀﻮء ﻋﻠﻰ ﻣﺒﺎﺩﺉ ﺍﳊﻮﻛﻤﺔ ﺍﻟﱵ ﺟﺎءﺕ ﺑﺪﻭﺭﻫﺎ ﻣﻦ ﺃﺟﻞ‬
‫ﺍﳊﻔﺎﻅ ﻋﻠﻰ ﻣﺼﺎﱀ ﺍﻷﻃﺮﺍﻑ ﺫﺍﺕ ﺍﻟﻌﻼﻗﺔ ﺑﺎﻟﺸﺮﻛﺔ ﻭﺑﺎﻟﺘﺎﱄ ﲣﻔﻴﺾ ﻣﺸﻜﻠﺔ ﺗﻀﺎﺭﺏ ﺍﳌﺼﺎﱀ ﺑﲔ‬
‫ﺍﳌﺴﺎﳘﲔ ﻣﻦ ﺟﻬﺔ ﻭﺑﲔ ﺍﳌﺪﺭﺍء ﺍﻟﺘﻨﻔﻴﺬﻳﲔ ﻣﻦ ﺟﻬﺔ ﺃﺧﺮﻯ‪.‬‬
‫ﻭﺗﻮﺻﻞ ﺍﻟﺒﺤﺚ ﺇﱃ ﺃﻥ ﺗﻜﺎﻟﻴﻒ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﺗﺘﻤﺜﻞ ﰲ ﻧﻔﻘﺎﺕ ﺍﻷﺷﺮﺍﻑ ﻭﺍﳌﺘﺎﺑﻌﺔ ﻣﻦ ﻗﺒﻞ‬
‫ﺍﻷﻃﺮﺍﻑ ﺍﻷﺻﻠﻴﺔ ﰲ ﺣﲔ ﳒﺪ ﺍﻟﻨﻔﻘﺎﺕ ﺍﳌﺎﻧﻌﺔ ﻭﺍﳋﺴﺎﺋﺮ ﺍﳌﺘﺒﻘﻴﺔ ﻳﺘﺤﻤﻠﻬﺎ ﺍﻟﻮﻛﻴﻞ‪.‬‬
‫ﺃﻥ ﺍﻷﺯﻣﺎﺕ ﺍﳌﺎﻟﻴﺔ ﺍﻟﱵ ﺣﺪﺛﺖ ﰲ ﺍﻟﺴﻨﻮﺍﺕ ﺍﻷﺧﲑﺓ ﻭﺍﻟﱵ ﺃﺩﺕ ﺇﱃ ﺇﻓﻼﺱ ﺍﻟﻌﺪﻳﺪ ﻣﻦ‬
‫ﺍﻟﺸﺮﻛﺎﺕ ﻭﺍﳌﺆﺳﺴﺎﺕ ﺍﻟﻌﺎﳌﻴﺔ ﺍﻟﻜﱪﻯ ﺃﺛﺎﺭﺕ ﻣﺴﺄﻟﺔ ﻣﻬﻤﺔ ﺟﺪﴽ ﺗﺘﻌﻠﻖ ﲜﻮﺩﺓ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﳌﺤﺎﺳﺒﻴﺔ‬

‫~ ‪~ 10‬‬
‫ﺍﻟﺪﺭﺍﺳﺎﺕ ﺍﻟﺴﺎﺑﻘﺔ ﺑﺎﻟﻠﻐﺔ ﺍﻟﻌﺮﺑﻴﺔ ﻭﺍﻷﺟﻨﺒﻴﺔ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻷﻭﻝ‪:‬‬

‫ﺍﳌﻨﺸﻮﺭﺓ ﰲ ﺍﻟﺘﻘﺎﺭﻳﺮ ﺍﳌﺎﻟﻴﺔ‪ ،‬ﻭﻛﺎﻥ ﻻﺑﺪ ﻣﻦ ﺍﻟﺒﺤﺚ ﻋﻦ ﻭﺳﻴﻠﺔ ﻟﺘﻐﻴﲑ ﻫﺬﻩ ﺍﻟﺼﻮﺭﺓ ﻭﺍﺳﺘﻌﺎﺩﺓ ﺛﻘﺔ‬
‫ﺍﳌﺴﺘﺜﻤﺮﻳﻦ ﻣﻦ ﺧﻼﻝ ﺗﻄﺒﻴﻖ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻭﺍﻟﱵ ﺳﺘﻤﻜﻦ ﻣﻦ ﺇﺑﺮﺍﺯ ﺳﻴﺎﺳﺎﺕ ﺍﻟﺸﺮﻛﺎﺕ‬
‫ﻭﺍﻻﺳﺘﺮﺍﺗﻴﺠﻴﺎﺕ ﺍﳌﺘﺒﻌﺔ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﲣﺎﺫ ﺍﻟﻘﺮﺍﺭﺍﺕ‪.‬‬
‫ﻭﻗﺪ ﺑﺮﺯ ﻣﻔﻬﻮﻡ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻭﺍﻟﺬﻱ ﻳﻘﻮﻡ ﻋﻠﻰ ﺃﺳﺎﺱ ﺗﻨﻈﻴﻢ ﺍﻟﻌﻼﻗﺎﺕ ﺍﻟﻘﺎﺋﻤﺔ ﺑﲔ‬
‫ﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ ﰲ ﺍﻟﺸﺮﻛﺎﺕ ﻭﺑﲔ ﻣﺪﻳﺮﻱ ﺍﻟﻔﺮﻭﻉ ﺍﻟﺘﻨﻔﻴﺬﻳﲔ ﻭﳉﺎﻥ ﺍﻟﺘﺪﻗﻴﻖ ﻭﻛﺬﻟﻚ ﺍﳌﺴﺎﳘﲔ‬
‫ﻭﺃﺻﺤﺎﺏ ﺍﳌﺼﺎﱀ ﰲ ﺍﻟﺸﺮﻛﺎﺕ ‪.‬ﻭﻧﺘﻴﺠﺔ ﻟﻮﺟﻮﺩ ﻋﻼﻗﺔ ﺗﻌﺎﻗﺪﻳﺔ ﺑﲔ ﺍﳌﺎﻟﻜﲔ ﻭﺍﳌﺪﺭﺍء ﻓﻘﺪ ﻧﺸﺄﺕ‬
‫ﺍﻟﻌﺪﻳﺪ ﻣﻦ ﺍﳌﺸﺎﻛﻞ‪ ،‬ﺗﺮﻛﺰﺕ ﺃﳘﻬﺎ ﰲ ﻣﺸﻜﻠﺔ ﺗﻀﺎﺭﺏ ﺍﳌﺼﺎﱀ‪ ،‬ﺇﺫ ﻳﻌﻤﻞ ﺍﳌﺪﺭﺍء ﻋﻠﻰ ﲢﻘﻴﻖ‬
‫ﻣﺼﺎﳊﻬﻢ ﺍﻟﺬﺍﺗﻴﺔ ﺑﺘﻌﻈﻴﻢ ﻋﺎﺋﺪﻫﻢ ﺑﻌﺪﻡ ﺑﺬﻝ ﺍﳉﻬﺪ ﻋﻠﻰ ﺣﺴﺎﺏ ﻣﺼﻠﺤﺔ ﺍﳌﺎﻟﻜﲔ ﻭﻷﺟﻞ ﲣﻔﻴﺾ‬
‫ﻫﺬﻩ ﺍﳌﺸﺎﻛﻞ ﻓﻘﺪ ﻭﺿﻌﺖ ﺍﻟﻌﺪﻳﺪ ﻣﻦ ﺍﻟﺪﻭﻝ ﻣﺒﺎﺩﺉ ﺃﺳﺎﺳﻴﺔ ﻟﻠﺤﻮﻛﻤﺔ ‪‬ﺪﻑ ﲪﺎﻳﺔ ﻣﺼﺎﱀ‬
‫ﺍﻷﻃﺮﺍﻑ ﺫﺍﺕ ﺍﻟﻌﻼﻗﺔ ﺑﺎﻟﺸﺮﻛﺔ‪.‬‬
‫‪ -11‬ﺻﻠﻮﺍﺗﺸﻲ ﻫﺸﺎﻡ ﺳﻔﻴﺎﻥ‪ ،‬ﻣﺴﺎﳘﺔ ﻋﻼﻗﺔ ﺍﻟﻮﻛﺎﻟﺔ ﰲ ﲢﺴﲔ ﺃﺩﺍء ﺍﳌﺆﺳﺴﺔ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ‪ ،‬ﳎﻠﺔ‬
‫ﺍﻹﺻﻼﺣﺎﺕ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﻭﺍﻻﻧﺪﻣﺎﺝ ﰲ ﺍﻻﻗﺘﺼﺎﺩ ﺍﻟﻌﺎﳌﻲ‪ ،‬ﺍﳌﺠﻠﺪ ‪ ،5‬ﺍﻟﻌﺪﺩ ‪ ,10‬ﺍﳌﺪﺭﺳﺔ ﺍﻟﻌﻠﻴﺎ‬
‫ﻟﻠﺘﺠﺎﺭﺓ‪.2011 ،‬‬
‫ﺟﺎءﺕ ﻫﺬﻩ ﺍﻟﺪﺭﺍﺳﺔ ﻹﺳﺘﻌﺮﺍﺽ ﺟﻮﺍﻧﺐ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﻭﻣﻜﺎﻧﺘﻬﺎ ﰲ ﺍﳌﺆﺳﺴﺔ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ‬
‫ﻛﻤﺎ ﲢﺎﻭﻝ ﺃﻥ ﲡﺪ ﺍﻟﻌﻼﻗﺔ ﺍﻟﺮﺍﺑﻄﺔ ﺑﻴﻨﻬﺎ ﻭﺑﲔ ﺃﺩﺍء ﺍﳌﺆﺳﺴﺔ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﻣﻦ ﺧﻼﻝ ﺩﺭﺍﺳﺔ ﻣﻴﺪﺍﻧﻴﺔ‬
‫ﳌﺆﺳﺴﺔ ﺟﺰﺍﺋﺮﻳﺔ ﺭﺍﺋﺪﺓ ﰲ ﻗﻄﺎﻉ ﻋﺼﲑ ﺍﻟﻔﻮﺍﻛﻪ ﻭﺍﳌﺸﺮﻭﺑﺎﺕ ﻭﺫﻟﻚ ﺑﺎﺳﺘﻌﻤﺎﻝ ﻃﺮﻳﻘﺔ ﺍﻟﺘﺤﻠﻴﻞ‬
‫ﺑﺎﳌﻜﻮﻧﺎﺕ ﺍﻟﺮﺋﻴﺴﻴﺔ‪.‬‬
‫ﻭﺗﻮﺻﻠﺖ ﺍﻟﺪﺭﺍﺳﺔ ﺇﱃ ﺃﻧﻪ ﻫﻨﺎﻙ ﺇﺭﺗﺒﺎﻁ ﻗﻮﻱ ﺑﲔ ﺍﳌﺮﺩﻭﺩﻳﺔ ﺍﳌﺎﻟﻴﺔ ﻭﳒﺎﻋﺔ ﺍﻟﻌﻤﻞ ﻣﻦ ﺟﻬﺔ‪،‬‬
‫ﻭﳒﺎﻋﺔ ﺍﻟﻌﻤﻞ ﻭﻣﺮﺩﻭﺩﻳﺔ ﺍﳌﻮﺭﺍﺩ ﺍﻟﺒﺸﺮﻳﺔ ﻣﻦ ﺟﻬﺔ ﺃﺧﺮﻯ‪.‬‬
‫‪ -12‬ﺍﻟﻔﻀﻞ ﻣﺆﻳﺪ ﻭﺭﺍﺿﻲ ﻧﻮﺍﻝ ﺍﻟﻌﻼﻗﺔ ﺑﲔ ﺍﳊﺎﻛﻤﻴﺔ ﺍﳌﺆﺳﺴﻴﺔ ﻭﻗﻴﻤﺔ ﺍﻟﺸﺮﻛﺔ ﰲ ﺿﻮء ﻧﻈﺮﻳﺔ‬
‫ﺍﻟﻮﻛﺎﻟﺔ‪ ،‬ﳎﻠﺔ ﺍﻟﻘﺎﺩﺳﻴﺔ ﻟﻠﻌﻠﻮﻡ ﺍﻻﺩﺍﺭﻳﺔ ﻭﺍﻻﻗﺘﺼﺎﺩﻳﺔ‪ ،‬ﺍﳌﺠﻠﺪ ‪ 12‬ﺍﻟﻌﺪﺩ ‪.2010 ،4‬‬
‫ﻫﺪﻓﺖ ﺍﻟﺪﺭﺍﺳﺔ ﺇﱃ ﺍﺧﺘﺒﺎﺭ ﺃﺛﺮ ﺍﳊﺎﻛﻤﻴﺔ ﺍﳌﺆﺳﺴﺔ ﻋﻠﻰ ﻗﻴﻤﺔ ﺍﻟﺸﺮﻛﺔ‪ ،‬ﻭﻗﺪ ﺟﺮﺕ ﺍﻟﺪﺭﺍﺳﺔ‬
‫ﻋﻠﻰ ﻋﻴﻨﺔ ﻣﺆﻟﻔﺔ ﻣﻦ ‪ 116‬ﺷﺮﻛﺔ ﻣﺴﺠﻠﺔ ﰲ ﺳﻮﻕ ﻋﻤﺎﻥ ﺍﳌﺎﻝ ﻟﺴﻨﺔ ‪ .2003‬ﻭﰎ ﲢﺪﻳﺪ ﺃﺛﺮ‬
‫ﺍﳊﺎﻛﻤﻴﺔ ﺍﳌﺆﺳﺴﻴﺔ ﻣﻦ ﺧﻼﻝ ﺍﺭﺑﻌﺔ ﺁﻟﻴﺎﺕ ﻫﻲ‪:‬‬
‫‪ -‬ﻧﺴﺒﺔ ﻣﻠﻜﻴﺔ ﺍﳌﺪﻳﺮﻳﻦ ﺍﻟﺘﻨﻔﻴﺬﻳﲔ ﺑﺄﺳﻬﻢ ﺍﻟﺸﺮﻛﺔ؛‬
‫‪ -‬ﺣﺠﻢ ﳎﻠﺲ ﺍﻻﺩﺍﺭﺓ؛‬

‫~ ‪~ 11‬‬
‫ﺍﻟﺪﺭﺍﺳﺎﺕ ﺍﻟﺴﺎﺑﻘﺔ ﺑﺎﻟﻠﻐﺔ ﺍﻟﻌﺮﺑﻴﺔ ﻭﺍﻷﺟﻨﺒﻴﺔ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻷﻭﻝ‪:‬‬

‫‪ -‬ﺭﻗﺎﺑﺔ ﻛﺒﺎﺭ ﺍﳌﺴﺎﳘﲔ؛‬

‫‪ -‬ﺍﻟﻔﺼﻞ ﺑﲔ ﺭﺋﻴﺲ ﳎﻠﺲ ﺍﻻﺩﺍﺭﺓ ﻭﺍﳌﺪﻳﺮ ﺍﻟﻌﺎﻡ‪.‬‬
‫ﻭﰎ ﻗﻴﺎﺱ ﻗﻴﻤﺔ ﺍﻟﺸﺮﻛﺔ ﲟﻘﻴﺎﺳﲔ ﳘﺎ‪ :‬ﻣﻌﺪﻝ ﺍﻟﻌﺎﺋﺪ ﻋﻠﻰ ﺍﻻﺳﺘﺜﻤﺎﺭ ﻭﻧﺴﺒﺔ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻮﻗﻴﺔ ﺇﱃ‬
‫ﺍﻟﻘﻴﻤﺔ ﺍﻟﺪﻓﺘﺮﻳﺔ ﻟﻠﺴﻬﻢ‪.‬‬
‫ﺍﺳﺘﺨﺪﻣﺖ ﻫﺬﻩ ﺍﻟﺪﺭﺍﺳﺔ ﳕﻮﺫﺝ ﺍﻻﳓﺪﺍﺭ ﺍﳌﺘﻌﺪﺩ ﻭﻗﺪ ﺍﻇﻬﺮﺕ ﺍﻫﻢ ﻧﺘﺎﺋﺞ ﺍﻟﺪﺭﺍﺳﺔ ﺍﱃ ﻭﺟﻮﺩ‬
‫ﺍﺛﺮ ﻵﻟﻴﺎﺕ ﺍﳊﺎﻛﻤﻴﺔ ﺍﳌﺆﺳﺴﻴﺔ ﻋﻠﻰ ﻗﻴﻤﺔ ﺍﻟﺸﺮﻛﺔ ﻋﻨﺪ ﺍﻟﺘﻌﺒﲑ ﻋﻨﻬﺎ ﲟﻌﺪﻝ ﺍﻟﻌﺎﺋﺪ ﻋﻠﻰ ﺍﻻﺳﺘﺜﻤﺎﺭ‬
‫ﻭﺍﻧﻌﺪﺍﻡ ﻫﺬﺍ ﺍﻻﺛﺮ ﻋﻨﺪ ﺍﻟﺘﻌﺒﲑ ﻋﻨﻬﺎ ﺑﻨﺴﺒﺔ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻮﻗﻴﺔ ﺍﱃ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺪﻓﺘﺮﻳﺔ‪ ،‬ﻭﺍﺷﺎﺭﺕ ﺗﻮﺻﻴﺎﺕ‬
‫ﺍﻟﺪﺭﺍﺳﺔ ﺍﱃ ﺿﺮﻭﺭﺓ ﺍﳊﺪ ﻣﻦ ﻇﺎﻫﺮﺓ ﻣﻠﻜﻴﺔ ﺍﳌﺪﻳﺮﻳﻦ ﺍﻟﺘﻨﻔﻴﺬﻳﲔ ﻻﺳﻬﻢ ﺍﻟﺸﺮﻛﺔ ﻟﻠﺘﺨﻔﻴﻒ ﻣﻦ ﺗﺎﺛﲑﻫﻢ‬
‫ﻋﻠﻰ ﻗﺮﺍﺭﺍﺕ ﳎﻠﺲ ﺍﻻﺩﺍﺭﺓ‪.‬‬
‫ﺗﻘﺪﻡ ﺍﻟﺪﺭﺍﺳﺔ ﻓﺎﺋﺪﺓ ﻣﻔﺎﺩﻫﺎ ﺍﻥ ﻧﺴﺒﺔ ﻣﻠﻜﻴﺔ ﺍﳌﺪﻳﺮﻳﻦ ﺍﻟﺘﻨﻔﻴﺬﻳﲔ ﺑﺎﺳﻬﻢ ﺍﻟﺸﺮﻛﺔ ﳍﺎ ﻣﺮﺗﺒﺔ‬
‫ﺍﻟﺼﺪﺍﺭﺓ ﰲ ﺍﻟﺘﺎﺛﲑ ﻋﻠﻰ ﺍﻋﻀﺎء ﳎﻠﺲ ﺍﻻﺩﺍﺭﺓ‪.‬‬
‫‪ -13‬ﳏﻤﺪ ﺃﺑﻮ ﺍﻟﻌﺰ‪ ،‬ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﻭﺍﻟﺪﻭﺭ ﺍﻟﺘﺄﺛﲑﻱ ﻟﻨﻈﻢ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﳌﺤﺎﺳﺒﻴﺔ ﺍﻹﺩﺍﺭﻳﺔ‪ ،‬ﳎﻠﺔ‬
‫ﺍﻟﺒﺤﻮﺙ ﺍﻟﺘﺠﺎﺭﻳﺔ‪ ،‬ﺍﳌﺠﻠﺪ ‪ ،17‬ﺍﻟﻌﺪﺩ ﺍﻷﻭﻝ‪ ،‬ﺟﺎﻣﻌﺔ ﺍﻟﺰﻗﺎﺯﻳﻖ‪ ،‬ﻣﺼﺮ‪.1995 ،‬‬
‫ﻫﺪﻓﺖ ﺇﱃ ﺑﻴﺎﻥ ﺍﻟﺪﻭﺭ ﺍﻟﺘﺄﺛﲑﻱ ﻟﻨﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﻋﻠﻰ ﻧﻈﻢ ﻣﻌﻠﻮﻣﺎﺕ ﺍﳌﺤﺎﺳﺒﺔ ﺍﻹﺩﺍﺭﻳﺔ ﻣﻦ‬
‫ﺣﻴﺚ ﺍﻟﺘﺮﻛﻴﺰ ﻋﻠﻰ ﲝﻮﺙ ﺍﻟﻮﻛﺎﻟﺔ ﰲ ﺗﻘﻴﻴﻢ ﺍﻷﺩﺍء‪ ،‬ﻭﻫﻲ ﻣﺸﻜﻠﺔ ﺗﻔﺮﻉ ﺍﻻﻗﺘﺴﺎﻡ ﺍﻷﻣﺜﻞ ﻟﻠﻤﺨﺎﻃﺮ ﺑﲔ‬
‫ﻃﺮﰲ ﺍﻟﻮﻛﺎﻟﺔ ﻭﺣﻔﺰ ﺍﳌﺪﻳﺮﻳﻦ )ﺍﻟﻮﻛﻼء( ﻋﻠﻰ ﺑﺬﻝ ﺍﳉﻬﺪ ﺍﻹﺩﺍﺭﻱ ﺍﳌﻄﻠﻮﺏ‪ ،‬ﻭﺍﲣﺎﺫ ﺍﻟﻘﺮﺍﺭﺍﺕ‬
‫ﺍﳌﺘﻮﺍﻓﻘﺔ ﻣﻊ ﻣﺼﻠﺤﺔ ﺍﳌﻨﺸﺄﺓ‪ ،‬ﻭﻣﻦ ﺃﺑﺮﺯ ﻧﺘﺎﺋﺞ ﻫﺬﻩ ﺍﻟﺪﺭﺍﺳﺔ ﺍﻟﺘﻘﻴﻴﻤﻴﺔ ﺃﻥ ﲝﻮﺙ ﺍﻟﻮﻛﺎﻟﺔ ﺍﺳﺘﻄﺎﻋﺖ‬
‫ﺗﻘﺪﱘ ﺃﺳﺎﺱ ﺍﻗﺘﺼﺎﺩﻱ ﻟﻜﺜﲑ ﻣﻦ ﺁﻟﻴﺎﺕ ﺍﳌﺤﺎﺳﺒﺔ ﺍﻹﺩﺍﺭﻳﺔ ﺍﳌﻄﺒﻘﺔ ﻋﻤﻠﻴﺎ‪ ،‬ﻭﺍﻟﱵ ﺗﺒﺪﻭ ﻣﻨﺎﻗﻀﺔ ﻟﻠﺘﻌﺎﻟﻴﻢ‬
‫ﺍﻟﺘﻘﻠﻴﺪﻳﺔ ﻟﻠﻤﺤﺎﺳﺒﺔ ﺍﻻﺩﺍﺭﻳﺔ ﰲ ﳎﺎﻝ ﺗﻘﻴﻴﻢ ﺍﻻﺩﺍء ﺑﺼﻔﺔ ﻋﺎﻣﺔ‪ ،‬ﻭﺑﺼﻔﺔ ﺧﺎﺻﺔ ﰲ ﳎﺎﻻﺕ ﺍﳌﺴﺎءﻟﺔ ﻋﻦ‬
‫ﺍﻟﺘﻜﺎﻟﻴﻒ ﺍﻟﱵ ﻻ ﳝﻜﻦ ﺍﻟﺘﺤﻜﻢ ﻓﻴﻬﺎ‪ ،‬ﻭﺗﻮﺯﻳﻊ ﺍﻟﺘﻜﺎﻟﻴﻒ ﺍﳌﺸﺘﺮﻛﺔ ﻭﺗﻜﺎﻟﻴﻒ ﻣﺮﺍﻛﺰ ﺍﳋﺪﻣﺎﺕ‪ ،‬ﻭﻧﻈﻢ‬
‫ﺍﳊﻮﺍﻓﺰ‪.‬‬
‫‪ -14‬ﺩﺭﺍﺳﺔ ﺳﺤﺮ ﲰﲑ ﳏﻤﻮﺩ ﺍﻟﺸﻴﺦ ﺩﻳﺐ‪ ،‬ﺑﻌﻨﻮﺍﻥ ﺍﻻﺩﺍء ﺍﳌﺎﱄ ﻟﻠﺸﺮﻛﺎﺕ ﺍﳌﺴﺎﳘﺔ ﺍﻟﻌﺎﻣﺔ‬
‫ﺍﻟﺼﻨﺎﻋﻴﺔ ﺍﻷﺭﺩﻧﻴﺔ‪ -‬ﺩﺭﺍﺳﺔ ﳌﺪﻯ ﺗﻄﺒﻴﻖ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ‪ ،‬ﺭﺳﺎﻟﺔ ﻣﺎﺟﺴﺘﲑ‪ ،‬ﺍﳉﺎﻣﻌﺔ ﺍﻷﺭﺩﻧﻴﺔ‪،‬‬
‫‪.1994‬‬
‫ﻫﺪﻓﺖ ﻫﺬﻩ ﺍﻟﺪﺭﺍﺳﺔ ﺇﱃ ﺗﺒﻴﺎﻥ ﺃﻫﻢ ﺍﻟﻌﻮﺍﻣﻞ ﺍﳌﺮﺗﺒﻄﺔ ﺑﺄﺩﺍء ﻣﺪﻳﺮﻱ ﺍﻟﺸﺮﻛﺎﺕ ﺍﳌﺴﺎﳘﺔ ﺍﻟﻌﺎﻣﺔ‬
‫ﻭﻣﺪﻯ ﻋﻼﻗﺘﻬﺎ ﻭﺭﲝﻴﺔ ﺍﻟﺸﺮﻛﺔ ﺍﻧﻄﻼﻗﺎ ﻣﻦ ﻣﺒﺎﺩﺉ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ‪.‬‬

‫~ ‪~ 12‬‬
‫ﺍﻟﺪﺭﺍﺳﺎﺕ ﺍﻟﺴﺎﺑﻘﺔ ﺑﺎﻟﻠﻐﺔ ﺍﻟﻌﺮﺑﻴﺔ ﻭﺍﻷﺟﻨﺒﻴﺔ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻷﻭﻝ‪:‬‬

‫ﻭﻟﺘﺤﻘﻴﻖ ﺃﻫﺪﺍﻑ ﺍﻟﺪﺭﺍﺳﺔ‪ ،‬ﰎ ﺍﺧﺘﺒﺎﺭ ﺍﻟﻌﻴﻨﺔ ﺍﳌﺘﻜﻮﻧﺔ ﻣﻦ ‪ 40‬ﺷﺮﻛﺔ ﻣﺴﺎﳘﺔ ﻋﺎﻣﺔ ﻣﺪﺭﺟﺔ ﰲ‬
‫ﺑﻮﺭﺻﺔ ﻋﻤﺎﻥ‪.‬‬
‫ﻭﺗﻮﺻﻠﺖ ﺍﻟﺪﺭﺍﺳﺔ ﺇﱃ ﻭﺟﻮﺩ ﻋﻼﻗﺔ ﺍﺭﺗﺒﺎﻁ ﻋﻜﺴﻴﺔ ﻣﻬﻤﺔ ﺍﺣﺼﺎﺋﻴﺎ ﺑﲔ ﻧﺴﺒﺔ ﻣﺴﺎﳘﺔ ﺍﳌﺪﻳﺮ‬
‫)ﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ( ﻭﺭﲝﻴﺔ ﺍﻟﺸﺮﻛﺔ‪،‬ﻛﻤﺎ ﺃﻇﻬﺮﺕ ﺍﻟﺪﺭﺍﺳﺔ ﺇﱃ ﺃﻥ ﻫﻨﺎﻙ ﻋﻼﻗﺔ ﺍﺭﺗﺒﺎﻁ ﻃﺮﺩﻳﺔ ﺑﲔ ﻛﻔﺎءﺓ‬
‫ﻧﻈﺎﻡ ﺍﳌﻌﻠﻮﻣﺎﺕ ﻭﺭﲝﻴﺔ ﺍﻟﺸﺮﻛﺔ‪.‬‬
‫‪ -15‬ﺳﺤﺮ ﺩﻳﺐ‪ ،‬ﺍﻷﺩﺍء ﺍﳌﺎﱄ ﻟﻠﺸﺮﻛﺎﺕ ﺍﳌﺴﺎﳘﺔ ﺍﻟﻌﺎﻣﺔ ﺍﻟﺼﻨﺎﻋﻴﺔ ﺍﻷﺭﺩﻧﻴﺔ ‪ -‬ﺩﺭﺍﺳﺔ ﳌﺪﻯ‬
‫ﺗﻄﺒﻴﻖ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ‪ -‬ﺭﺳﺎﻟﺔ ﻣﺎﺟﺴﺘﲑ ﻏﲑ ﻣﻨﺸﻮﺭﺓ‪ ،‬ﻛﻠﻴﺔ ﺍﻟﻌﻠﻮﻡ ﺍﻹﺩﺍﺭﻳﺔ‪ ،‬ﺍﳉﺎﻣﻌﺔ ﺍﻻﺭﺩﻧﻴﺔ‪،‬‬
‫ﻋﻤﺎﻥ ‪.1994‬‬
‫ﻳﺘﻤﺤﻮﺭ ﻫﺪﻑ ﺍﻟﺪﺭﺍﺳﺔ ﺣﻮﻝ ﺗﺄﺛﲑ ﺗﻄﺒﻴﻖ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﻋﻠﻰ ﺍﻷﺩﺍء ﺍﳌﺎﱄ ﻟﻠﺸﺮﻛﺎﺕ ﺍﳌﺴﺎﳘﺔ‬
‫ﺍﻟﺼﻨﺎﻋﻴﺔ ﺍﻷﺭﺩﻧﻴﺔ ﺇﻧﻄﻼﻗﺎ ﻣﻦ ﻋﻴﻨﺔ ﺍﻟﺪﺭﺍﺳﺔ ﺍﳌﻜﻮﻧﺔ ﻣﻦ ‪ 40‬ﺷﺮﻛﺔ ﻣﺴﺎﳘﺔ ﻋﺎﻣﺔ ﺻﻨﺎﻋﻴﺔ‪ .‬ﻭﺗﻮﺻﻠﺖ‬
‫ﺍﻟﺪﺭﺍﺳﺔ ﺇﱃ ﺍﻟﻨﺘﺎﺋﺞ ﺍﻟﺘﺎﻟﻴﺔ‪:‬‬
‫‪ -‬ﻭﺟﻮﺩ ﻋﻼﻗﺔ ﺍﺭﺗﺒﺎﻁ ﻋﻜﺴﻴﺔ ﻣﻬﻤﺔ ﺇﺣﺼﺎﺋﻴﺎ ﺑﲔ ﻣﺴﺎﳘﺔ ﺍﳌﺪﻳﺮ )ﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ( ﻭﺭﲝﻴﺔ ﺍﻟﺸﺮﻛﺔ؛‬
‫‪ -‬ﻋﻼﻗﺔ ﺍﻻﺭﺗﺒﺎﻁ ﺑﲔ ﻧﻮﻉ ﺍﻟﻌﻘﺪ ﺍﳌﱪﻡ ﻭﺗﻘﻴﻴﻤﻪ ﻭﺭﲝﻴﺔ ﺍﻟﺸﺮﻛﺔ ﻋﻼﻗﺔ ﺇﳚﺎﺑﻴﺔ؛‬
‫‪ -‬ﻋﻼﻗﺔ ﺍﻻﺭﺗﺒﺎﻁ ﺑﲔ ﻛﻔﺎءﺓ ﻧﻈﺎﻡ ﺍﳌﻌﻠﻮﻣﺎﺕ ﻭﺭﲝﻴﺔ ﺍﻟﺸﺮﻛﺔ ﻋﻼﻗﺔ ﺇﳚﺎﺑﻴﺔ‪.‬‬
‫‪ -16‬ﳒﺎﰐ ﻋﺒﺪ ﺍﳌﻨﻌﻢ‪ ،‬ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﻭﺩﻭﺭﻫﺎ ﰲ ﺗﻄﻮﻳﺮ ﳕﺎﺫﺝ ﺍﻟﺮﻗﺎﺑﺔ ﻋﻠﻰ ﺍﻻﺩﺍء‪ ،‬ﳎﻠﺔ ﺍﻟﻌﻠﻮﻡ‬
‫ﺍﻻﺩﺍﺭﻳﺔ‪ ،‬ﻛﻠﻴﺔ ﺍﻟﺘﺠﺎﺭﺓ ﺑﲏ ﺳﻮﻳﻒ‪ ،‬ﺍﳌﺠﻠﺪ ‪ 1‬ﺍﻟﻌﺪﺩ ‪.1991 ،1‬‬
‫ﻫﺪﻓﺖ ﺍﻟﺪﺭﺍﺳﺔ ﺍﱃ ﺑﻴﺎﻥ ﻛﻴﻔﻴﺔ ﺍﺳﺘﺨﺪﺍﻡ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﰲ ﳎﺎﻝ ﺍﻟﺮﻗﺎﺑﺔ ﻋﻠﻰ ﺍﻻﺩﺍء ﻭﲢﺪﻳﺪ‬
‫ﻧﻄﺎﻕ ﻣﺴﺆﻭﻟﻴﺔ ﺍﳌﺪﻳﺮ ﺍﻟﻮﻛﻴﻞ‪ ،‬ﻭﺗﻮﺻﻠﺖ ﺍﻟﺪﺭﺍﺳﺔ ﺍﱃ ﻣﺎ ﻳﻠﻲ‪:‬‬
‫‪ -‬ﺍﻥ ﺍﻟﻌﻼﻗﺔ ﺍﻟﺘﻌﺎﻗﺪﻳﺔ ﻫﻲ ﳏﻮﺭ ﺍﺭﺗﻜﺎﺯ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﻭﺗﻨﺸﺎ ﻋﻨﺪ ﺗﻜﻠﻴﻒ ﺍﳌﻮﻛﻞ ﻟﻠﻮﻛﻴﻞ ﰲ ﺍﻟﻘﻴﺎﻡ‬
‫ﺑﺒﻌﺾ ﺍﻻﻋﻤﺎﻝ؛‬
‫‪ -‬ﺍﻧﻪ ﰲ ﻇﻞ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﻳﻨﻈﺮ ﻟﻠﻤﻨﺸﺄ ﻋﻠﻰ ﺍ‪‬ﺎ ﳎﻤﻮﻋﺔ ﻣﺘﺪﺍﺧﻠﺔ ﻣﻦ ﺍﻟﻌﻘﻮﺩ ﺑﲔ ﺍﻃﺮﺍﻑ ﺫﺍﺕ‬
‫ﻣﺼﺎﱀ ﺧﺎﺻﺔ‪ ،‬ﻭﻣﻦ ﰒ ﻓﺎﻥ ﻫﺪﻑ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﻳﺘﻤﺜﻞ ﰲ ﳏﺎﻭﻟﺔ ﺍﻟﺘﻮﺻﻞ ﺍﱃ ﺍﻟﻌﻼﻗﺔ ﺍﻟﺘﻌﺎﻗﺪﻳﺔ‬
‫ﺍﳌﺜﻠﻰ ﺑﲔ ﺍﻻﻃﺮﺍﻑ ﺍﳌﺮﺗﺒﻄﺔ ﺑﺎﳌﻨﺸﺎﺓ؛‬
‫‪ -‬ﺍﻥ ﻋﺪﻡ ﲤﺎﺛﻞ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺑﲔ ﺍﻃﺮﺍﻑ ﺍﻟﻌﻼﻗﺔ ﺍﻟﺘﻌﺎﻗﺪﻳﺔ ﻳﺘﺴﺒﺐ ﰲ ﺣﺪﻭﺙ ﻣﺸﺎﻛﻞ ﺍﻟﻮﻛﺎﻟﺔ؛‬
‫‪ -‬ﻭﺍﺧﲑﺍ ﺍﻭﺿﺢ ﻛﻴﻔﻴﺔ ﺗﻄﺒﻴﻖ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﰲ ﺗﻄﻮﻳﺮ ﳕﺎﺫﺝ ﺍﻟﺮﻗﺎﺑﺔ ﻋﻠﻰ ﺍﻻﺩﺍء ﰲ ﺣﺎﻟﺘﲔ ﳘﺎ‪:‬‬
‫ﺗﻌﺪﺩ ﺍﻟﻔﺘﺮﺍﺕ ﻭﺗﻌﺪﺩ ﺍﻟﻮﻛﻼء‪.‬‬

‫~ ‪~ 13‬‬
‫ﺍﻟﺪﺭﺍﺳﺎﺕ ﺍﻟﺴﺎﺑﻘﺔ ﺑﺎﻟﻠﻐﺔ ﺍﻟﻌﺮﺑﻴﺔ ﻭﺍﻷﺟﻨﺒﻴﺔ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻷﻭﻝ‪:‬‬

‫ﺍﳌﺒﺤﺚ ﺍﻟﺜﺎﱐ‪ :‬ﻋﺮﺽ ﻭﻗﺮﺍءﺓ ﺍﻟﺪﺭﺍﺳﺎﺕ ﺍﻟﺴﺎﺑﻘﺔ ﺑﺎﻟﻠﻐﺔ ﺍﻻﺟﻨﺒﻴﺔ‬

‫ﺳﻨﺘﻨﺎﻭﻝ ﻣﻦ ﺧﻼﻝ ﻫﺬﺍ ﺍﻟﻌﻨﺼﺮ ﺍﻟﺪﺭﺍﺳﺎﺕ ﺍﻟﺴﺎﺑﻘﺔ ﺍﻟﱵ ﰎ ﺍﻟﺘﻄﺮﻕ ﺇﻟﻴﻬﺎ ﰲ ﺩﺭﺍﺳﺘﻨﺎ ﻫﺬﻩ‪ ،‬ﻭﺳﻨﻘﻮﻡ‬
‫ﺑﺘﺮﺗﻴﺐ ﺍﻟﺪﺭﺍﺳﺎﺕ ﺑﻨﺎءﺍ ﻋﻠﻰ ﺗﻮﺍﺭﻳﺦ ﺍﳒﺎﺯﻫﺎ ﺑﺪءﺍ ﻣﻦ ﺍﻻﺣﺪﺙ ﻛﻤﺎ ﻳﻠﻲ‪:‬‬
‫‪1- MANCER NEE SACI Fatima Zohra, BOUZIANE Athmen ; La‬‬
‫‪Structure D’actionnariat Au Cœur De La Théorie De L’agence‬‬
‫ﺍﳌﺠﻠﺔ ﺍﳌﻐﺎﺭﺑﻴﺔ ﻟﻺﻗﺘﺼﺎﺩ ﻭﺍﳌﺎﳒﻤﺖ ﺍﳌﺠﻠﺪ‪ ،5‬ﺍﻟﻌﺪﺩ ‪.2019 ,2‬‬
‫ﺗﺸﻜﻞ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﺃﺳﺎﺱ ﻇﻮﺍﻫﺮ ﺇﺩﺍﺭﺓ ﺍﻟﺸﺮﻛﺎﺕ‪ ،‬ﻭﻗﺪ ﻇﻬﺮﺕ ﻣﻦ ﺧﻼﻝ ﺣﺪﺱ ﳎﻤﻮﻋﺔ ﻣﻦ‬
‫ﺍﻟﺴﻼﺋﻒ‪ ،‬ﻭﺍﻟﱵ ﺃﺭﺳﺖ ﺃﺳﺎﺱ ﺍﻟﻨﻬﺞ ﺍﳌﻬﻴﻤﻦ ﻓﻴﻤﺎ ﻳﺘﻌﻠﻖ ﺑﺈﺩﺍﺭﺓ ﺍﻟﺸﺮﻛﺎﺕ‪ ،‬ﻣﻦ ﺧﻼﻝ ﺑﻨﺎء ﳕﻮﺫﺝ‬
‫ﺃﻛﺜﺮ ﺭﲰﻴﺔ ﳝﻜﻦ ﺃﻥ ﻳﺆﺛﺮ ﻋﻠﻰ ﺗﻔﺎﻗﻢ ﺗﻀﺎﺭﺏ ﺍﳌﺼﺎﱀ ﺍﳌﻮﺟﻮﺩ ﺑﲔ ﺍﳌﺴﺎﳘﲔ ﻭﺍﳌﺪﻳﺮﻳﻦ ﻣﻦ ﺍﻷﻏﻠﺒﻴﺔ‬
‫ﺍﻷﻗﻠﻴﺔ‪.‬‬
‫ﻳﻘﻊ ﻣﻮﺿﻮﻉ ﻫﻴﻜﻞ ﺍﳌﺴﺎﳘﺔ ﰲ ﻣﺮﻛﺰ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﺣﻴﺚ ﺗﻌﺘﱪ ﻧﻔﺴﻬﺎ ﺃﺣﺪ ﺍﳌﺼﺎﺩﺭ ﺍﻟﺮﺋﻴﺴﻴﺔ‬
‫ﻟﺘﻜﺎﻟﻴﻒ ﺍﻟﻮﻛﺎﻟﺔ‪ ،‬ﺣﻴﺚ ﺗﻠﻌﺐ ﺩﻭﺭًﺍ ﺣﺎﲰًﺎ ﰲ ﺍﻟﺘﻮﺟﻬﺎﺕ ﺍﳌﺎﻟﻴﺔ ﻭﺍﻻﺳﺘﺮﺍﺗﻴﺠﻴﺔ‪.‬‬
‫ﻳﻀﻊ ‪‬ﺞ ﺍﻟﻮﻛﺎﻟﺔ ﻋﻼﻭﺓ ﻋﻠﻰ ﺗﺪﻗﻴﻖ ﺍﳉﻮﺩﺓ‪ ،‬ﻭﺍﻟﺬﻱ ﻳﺸﲑ ﺇﻟﻴﻪ ﻋﻠﻰ ﺃﻧﻪ ﺭﺍﻓﻌﺔ ﳌﻮﺍءﻣﺔ ﺍﻟﺴﻠﻮﻙ‬
‫ﺍﻹﺩﺍﺭﻱ ﻣﻊ ﻣﺼﺎﱀ ﺍﳌﺴﺎﳘﲔ‪.‬‬
‫‪2- Slimani Samiha ;Firm Performance Versus Managerial Power‬‬
‫‪In Determining Ceo Compensation: A Critical Study,‬‬
‫ﳎﻠﺔ ﺃﺑﻌﺎﺩ ﺍﻗﺘﺼﺎﺩﻳﺔ ﺍﳌﺠﻠﺪ ‪ ،7‬ﺍﻟﻌﺪﺩ ‪.2017 ,2‬‬
‫ﻫﺪﻓﺖ ﻫﺬﻩ ﺍﻟﺪﺭﺍﺳﺔ ﺇﱃ ﻋﺮﺽ ﻛﻞ ﻣﻦ ﻧﻈﺮﻳﺔ "ﺍﻟﻮﻛﺎﻟﺔ" ﻭﻧﻈﺮﻳﺔ "ﻗﻮﺓ ﺍﻹﺩﺍﺭﺓ ﺍﻟﻌﻠﻴﺎ" ﰲ‬
‫ﺗﻔﺴﲑ ﺗﻌﻮﻳﻀﺎﺕ ﺍﻹﺩﺍﺭﺓ ﺍﻟﻌﻠﻴﺎ ﰲ ﺍﻟﺸﺮﻛﺎﺕ‪ ،‬ﻭﻫﺬﺍ ﻟﺸﺮﺡ ﻋﻠﻰ ﺃﻱ ﺃﺳﺎﺱ ﻳﺪﻓﻊ ﺃﺟﺮ ﺍﳌﺪﻳﺮ ﺍﻟﻌﺎﻡ ﰲ‬
‫ﺍﻟﺸﺮﻛﺔ‪ ،‬ﻫﻞ ﻋﻠﻰ ﺃﺳﺎﺱ ﺃﺩﺍﺋﻪ ﺃﻭ ﻋﻠﻰ ﺃﺳﺎﺱ ﻗﻮﺗﻪ‪.‬‬
‫ﻭﺗﻮﺻﻠﺖ ﺍﻟﺪﺭﺍﺳﺔ ﺇﱃ ﺃﻥ ﻛﺒﺎﺭ ﺍﳌﺪﻳﺮﻳﻦ ﻣﻬﺘﻤﻮﻥ ﺑﺄﻧﻔﺴﻬﻢ ﻭﻳﻌﻤﻠﻮﻥ ﻋﻠﻰ ﺗﻌﻈﻴﻢ ﻣﺼﻠﺤﺘﻬﻢ‬
‫ﺑﺪﻻً ﻣﻦ ﻣﺼﻠﺤﺔ ﺍﳌﺴﺎﳘﲔ‪ ،‬ﻋﻼﻭﺓ ﻋﻠﻰ ﺫﻟﻚ‪ ،‬ﺗﺸﻜﻞ ﻋﻘﻮﺩ ﺣﺰﻣﺔ ﺍﻟﺘﻌﻮﻳﻀﺎﺕ ﻭﺳﻴﻠﺔ ﻓﻌﺎﻟﺔ ﻟﺘﺤﻘﻴﻖ‬
‫ﺍﳌﻨﻔﻌﺔ ﺍﳌﺸﺘﺮﻛﺔ ﻟﻜﻞ ﻣﻦ ﺍﳌﺪﻳﺮﻳﻦ ﻭﺍﳌﺴﺎﳘﲔ ﻫﺬﺍ ﻣﻦ ﺟﻬﺔ‪ ،‬ﻭﻣﻦ ﺟﻬﺔ ﺃﺧﺮﻯ ﻻ ﺗﻌﺘﱪ ﻧﻈﺮﻳﺔ ﺍﻟﻘﻮﺓ‬
‫ﺍﻹﺩﺍﺭﻳﺔ ﻛﻌﻼﺝ ﻟﺘﻀﺎﺭﺏ ﺍﳌﺼﺎﱀ ﺑﲔ ﺍﳌﺪﻳﺮﻳﻦ ﻭﺍﳌﺎﻟﻜﲔ‪ ،‬ﻋﻠﻰ ﺍﻟﻌﻜﺲ ﻣﻦ ﺫﻟﻚ‪ ،‬ﺗﺮﻯ ﺃﻥ ﺍﳌﺪﻳﺮﻳﻦ‬
‫ﻟﺪﻳﻬﻢ ﺍﻟﻘﺪﺭﺓ ﻋﻠﻰ ﺍﻟﺘﺄﺛﲑ ﻋﻠﻰ ﺗﻌﻮﻳﻀﺎ‪‬ﻢ )ﺍﻟﻘﻮﺓ ﺍﳍﻴﻜﻠﻴﺔ‪ ،‬ﻗﻮﺓ ﺍﳌﻠﻜﻴﺔ‪ ،‬ﻗﻮﺓ ﺍﳋﱪﺍء‪ ،‬ﻭﻗﻮﺓ ﺍﳌﻜﺎﻧﺔ(‪.‬‬

‫~ ‪~ 14‬‬
‫ﺍﻟﺪﺭﺍﺳﺎﺕ ﺍﻟﺴﺎﺑﻘﺔ ﺑﺎﻟﻠﻐﺔ ﺍﻟﻌﺮﺑﻴﺔ ﻭﺍﻷﺟﻨﺒﻴﺔ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻷﻭﻝ‪:‬‬

‫‪3- Brahmadev panda & NM leepsa‬‬

‫ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ‪ :‬ﻣﺮﺍﺟﻌﺔ ﺍﻟﻨﻈﺮﻳﺔ‪ ،‬ﺍﻷﺩﻟﺔ ﻋﻠﻰ ﺍﳌﺸﺎﻛﻞ ﻭﻭﺟﻬﺎﺕ ﺍﻟﻨﻈﺮ‪ ،‬ﺍﳍﻨﺪ‪.2017 ،‬‬
‫ﻫﺪﻓﺖ ﺍﻟﺪﺭﺍﺳﺔ ﺇﱃ ﻣﺮﺍﺟﻌﺔ ﺍﳉﻮﺍﻧﺐ ﺍﻟﻨﻈﺮﻳﺔ ﻭﺍﻷﺩﻟﺔ ﺍﻟﺘﺠﺮﻳﺒﻴﺔ ﺍﻟﱵ ﰎ ﺍﺟﺮﺍﺋﻬﺎ ﻋﻠﻰ ﻧﻈﺮﻳﺔ‬
‫ﺍﻟﻮﻛﺎﻟﺔ‪ ،‬ﻭﺍﻛﺘﺸﺎﻑ ﺍﻻﻓﻜﺎﺭ ﺍﻟﺮﺋﻴﺴﻴﺔ ﻭﻭﺟﻬﺎﺕ ﺍﻟﻨﻈﺮ ﺍﳌﺘﻌﻠﻘﺔ ﺑﻨﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﻣﻦ ﺧﻼﻝ ﺩﺭﺍﺳﺔ‬
‫ﺍﻻﺩﺑﻴﺎﺕ‪ ،‬ﻭﻫﺪﻓﺖ ﺍﱃ ﻓﻬﻢ ﻭﲢﻠﻴﻞ ﻣﺸﺎﻛﻞ ﺍﻟﻮﻛﺎﻟﺔ ﻭﻋﺮﺽ ﺍﳊﻠﻮﻝ ﺍﳌﻌﺘﻤﺪﺓ ﻟﻠﺘﺨﻔﻴﻒ ﻣﻦ ﺣﺪﺓ‬
‫ﻫﺬﻩ ﺍﳌﺸﺎﻛﻞ‪ .‬ﻭﺗﻮﺻﻞ ﺍﱃ ﺍﻥ ﺍﳉﺪﻝ ﺍﻟﻘﺎﺋﻢ ﺣﻮﻝ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﻭﺍﻟﻀﺮﺍﻉ ﺍﻟﻨﺎﺗﺞ ﻋﻨﻬﺎ ﺑﺪﺍ ﻣﻊ ﺍﻋﻤﺎﻝ‬
‫ﺁﺩﻡ ﲰﻴﺚ ‪ 1973‬ﻭﻻ ﻳﺰﺍﻝ ﻣﺴﺘﻤﺮ ﺍﱃ ﻭﻗﺘﻨﺎ ﺍﳊﺎﱄ‪ ،‬ﻭﺍﻥ ﻛﻞ ﻣﻦ ﺗﻀﺎﺭﺏ ﺍﳌﺼﺎﱀ ﻭﺗﻜﺎﻟﻴﻒ ﺗﻨﺸﺄ‬
‫ﺑﺴﺒﺐ‪ :‬ﻓﺼﻞ ﺍﳌﻠﻜﻴﺔ ﻋﻦ ﺍﻻﺩﺍﺭﺓ‪ ،‬ﺍﺧﺘﻼﻑ ﺗﻔﻀﻴﻼﺕ ﺍﳌﺨﺎﻃﺮ‪ ،‬ﻋﺪﻡ ﲤﺎﺛﻞ ﺍﳌﻌﻠﻮﻣﺎﺕ ﻭﺍﳌﺨﺎﻃﺮ‬
‫ﺍﻻﺧﻼﻗﻴﺔ‪ ،‬ﻭﻭﺟﺪﺍ ﺍﻥ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﻫﻲ ﻧﻈﺮﻳﺔ ﻋﻠﻤﻴﺔ ﺗﻄﺒﻴﻘﻴﺔ ﳍﺎ ﺟﺬﻭﺭ ﰲ ﺍﻟﻌﺪﻳﺪ ﻣﻦ ﺍﳌﺠﺎﻻﺕ‬
‫ﺍﳌﺨﺘﻠﻔﺔ ﻭﺃﻥ ﻣﺸﻜﻠﺔ ﺍﻟﻮﻛﺎﻟﺔ ﺗﺴﻮﺩ ﰲ ﻛﻞ ﺍﻧﻮﺍﻉ ﺍﳌﻨﻈﻤﺎﺕ ﺗﻘﺮﻳﺒﺎ‪ ،‬ﻭﺍﻋﺘﱪ ﺍﻥ ﻛﻞ ﻣﻦ ﻫﻴﻜﻞ‬
‫ﺍﳌﻠﻜﻴﺔ‪ ،‬ﺍﳌﻠﻜﻴﺔ ﺍﻟﺘﻨﻔﻴﺬﻳﺔ ﻭﺁﻟﻴﺎﺕ ﺍﳊﻮﻛﻤﺔ )ﻣﺜﻞ ﳎﻠﺲ ﺍﻻﺩﺍﺭﺓ( ﻣﻦ ﺷﺄ‪‬ﻢ ﺍﻟﺘﻘﻠﻴﻞ ﻣﻦ ﺗﻜﺎﻟﻴﻒ‬
‫ﺍﻟﻮﻛﺎﻟﺔ‪.‬‬
‫‪4- Issam saltaji‬‬
‫ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻭﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ‪ ،‬ﻭﻛﻴﻔﻴﺔ ﺍﻟﺘﺤﻜﻢ ﰲ ﺗﻜﺎﻟﻴﻒ ﺍﻟﻮﻛﺎﻟﺔ‪ ،‬ﺭﻭﻣﺎﻧﻴﺎ‪،‬‬
‫‪.2013‬‬
‫ﻫﺪﻓﺖ ﺍﻟﺪﺭﺍﺳﺔ ﺇﱃ ﺗﻌﺮﻳﻒ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔﻭﻣﺎ ﻳﻨﺠﻢ ﻋﻨﻬﺎ ﻣﻦ ﻣﺸﺎﻛﻞ ﻧﺘﻴﺠﺔ ﻟﺘﻀﺎﺭﺏ ﺍﳌﺼﺎﱀ‬
‫ﺑﲔ ﺍﳌﺪﺭﺍء ﻭﺍﳌﺴﺎﳘﲔ ﻭﺍﻋﺘﱪ ﺍﻥ ﻫﺬﻩ ﺍﻟﺘﻜﺎﻟﻴﻒ ﻳﺘﻢ ﲢﻤﻠﻬﺎ ﻣﻦ ﻗﺒﻞ ﺍﻟﺸﺮﻛﺔ ﻟﺘﺸﺠﻴﻊ ﺃﺩﺍء ﺍﳌﺪﺭﺍء‪،‬‬
‫ﻭﺍﻧﻪ ﳚﺐ ﻣﺮﺍﻗﺒﺘﻬﺎ ﻭﺍﻟﺘﻘﻠﻴﻞ ﻣﻨﻬﺎ ﳊﻤﺎﻳﺔ ﺍﻟﺸﺮﻛﺔ ﻣﻦ ﺧﻄﺮ ﺍﻹﻓﻼﺱ‪ ،‬ﻭﻫﺪﻓﺖ ﻛﺬﻟﻚ ﺇﱃ ﺑﻴﺎﻥ‬
‫ﺍﻻﺳﺒﺎﺏ ﺍﻟﱵ ﺍﺩﺕ ﺇﱃ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﻭﻛﻴﻔﻴﺔ ﺍﻟﺘﺤﻜﻢ ﰲ ﻣﺸﺎﻛﻞ ﺍﻟﻮﻛﺎﻟﺔ‪.‬‬
‫ﺗﻮﺻﻠﺖ ﺍﻟﺪﺭﺍﺳﺔ ﺇﱃ ﺍﻥ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﺟﺎءﺕ ﳊﻤﺎﻳﺔ ﻣﺼﺎﱀ ﺍﳌﺴﺎﳘﲔ ﻟﻜﻦ ﻫﺬﺍ ﺍﻻﻫﺘﻤﺎﻡ ﻧﺘﺞ‬
‫ﻋﻨﻪ ﺗﻌﺎﺭﺽ ﻣﻊ ﻣﺼﺎﱀ ﺍﳌﺪﺭﺍء‪ ،‬ﻭﻫﺬﺍ ﺍﻟﺘﻀﺎﺭﺏ ﺗﻄﻮﺭ ﻟﻴﺸﻤﻞ ﺍﻟﺘﻜﺎﻟﻴﻒ ﺍﳌﺘﻜﺒﺪﺓ ﰲ ﺍﻟﺸﺮﻛﺔ ﻭﺍﻟﱵ‬
‫ﳝﻜﻦ ﺃﻥ ‪‬ﺪﺩ ﺣﻘﻮﻕ ﺍﳌﺴﺎﳘﲔ ﻭﻣﺰﺍﻳﺎﻫﻢ ﳑﺎ ﻳﺆﺩﻱ ﺇﱃ ﺍﻻﻓﻼﺱ ﳑﺎ ﺗﻨﺸﺎ ﺍﳊﺎﺟﺔ ﺇﱃ ﻣﺮﺍﻗﺒﺔ ﻫﺬﻩ‬
‫ﺍﳌﺸﺎﻛﻞ ﳊﺚ ﺍﳌﺪﺭﺍء ﻋﻠﻰ ﺍﻟﻌﻤﻞ ﻭﻓﻖ ﻣﺼﺎﱀ ﺍﳌﺴﺎﳘﲔ‪ ،‬ﻭﺗﻮﺻﻞ ﺍﻥ ﻫﻨﺎﻙ ﻣﻨﻬﺠﲔ ﻟﻠﺴﻴﻄﺮﺓ ﻋﻠﻰ‬
‫ﺗﻜﺎﻟﻴﻒ ﺍﻟﻮﻛﺎﻟﺔ ﳌﻮﺍﺟﻬﺔ ﺍﻻﺯﻣﺎﺕ ﺍﳌﺎﻟﻴﺔ ﻭﳘﺎ ﺍﳌﻠﻜﻴﺔ ﺍﻻﺩﺍﺭﻳﺔ ﻭﺍﳌﺴﺎﳘﲔ ﺍﳋﺎﺭﺟﻴﲔ‪.‬‬
‫‪5- Tareq, U. ,2010, "CEO Compensation: Relationship with‬‬
‫‪performance and influence of board of directors", Master of‬‬
‫‪International Management – Gotland University‬‬

‫~ ‪~ 15‬‬
‫ﺍﻟﺪﺭﺍﺳﺎﺕ ﺍﻟﺴﺎﺑﻘﺔ ﺑﺎﻟﻠﻐﺔ ﺍﻟﻌﺮﺑﻴﺔ ﻭﺍﻷﺟﻨﺒﻴﺔ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻷﻭﻝ‪:‬‬

‫ﺗﺒﺤﺚ ﻫﺬﻩ ﺍﻟﺪﺭﺍﺳﺔ ﰲ ﻣﻔﻬﻮﻡ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ‪ ،‬ﻭﻭﺿﺢ ﺃﻥ ﻣﻦ ﺃﻫﻢ ﻣﻮﺍﺿﻴﻊ ﺣﻮﻛﻤﺔ‬
‫ﺍﻟﺸﺮﻛﺎﺕ ﻣﺸﻜﻠﺔ ﺍﻟﻮﻛﺎﻟﺔ ﺍﻟﱵ ﻳﻨﺘﺞ ﻋﻨﻬﺎ ﺃﻥ ﺍﻟﺮﺋﻴﺲ ﺍﻟﺘﻨﻔﻴﺬﻱ ) ﺍﻟﻮﻛﻴﻞ ( ﻳﻬﺪﻑ ﺇﱃ ﺍﻟﻮﺻﻮﻝ ﺇﱃ‬
‫ﺃﻋﻠﻰ ﻣﺰﺍﻳﺎ ﳑﻜﻨﺔ‪ ،‬ﻭﺑﺎﳌﻘﺎﺑﻞ ﻓﺈﻥ ﺍﳌﺎﻟﻚ)ﺍﳌﻮﻛِﻞ( ﻳﻬﺪﻑ ﺇﱃ ﺍﻟﻮﺻﻮﻝ ﻷﻋﻠﻰ ﻋﺎﺋﺪ ﻷﺩﺍء ﺍﻟﺸﺮﻛﺔ‪.‬‬
‫ﻭﺑﻨﺎءً ﺍ ﻋﻠﻰ ﻣﺎ ﺳﺒﻖ ﻗﺎﻡ ﺍﻟﺒﺎﺣﺚ ﺑﺪﺭﺍﺳﺔ ﺍﻟﻌﻼﻗﺔ ﺑﲔ ﺍﳌﺰﺍﻳﺎ ﺍﳌﻤﻨﻮﺣﺔ ﻟﻠﺮﺋﻴﺲ ﺍﻟﺘﻨﻔﻴﺬﻱ ﻭﺃﺩﺍء‬
‫ﺍﻟﺸﺮﻛﺔ ﻣﻊ ﺑﻴﺎﻥ ﺃﺛﺮ ﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ ﻋﻠﻰ ﻫﺬﻩ ﺍﳌﺰﺍﻳﺎ‪.‬‬
‫ﰎ ﺃﺧﺬ ﻋﻴﻨﺔ ﻣﻜﻮﻧﺔ ﻣﻦ ‪ 30‬ﺷﺮﻛﺔ ﻑ ﺍﻟﺴﻮﻳﺪ ﻟﻠﻔﺘﺮﺓ ﻣﻦ ﺳﻨﺔ ‪ 2004‬ﻭﻟﻐﺎﻳﺔ ﺳﻨﺔ ‪،2008‬‬
‫ﺣﻴﺚ ﰎ ﲢﺪﻳﺪ ﺍﳌﺰﺍﻳﺎ ﺍﳌﻤﻨﻮﺣﺔ ﻟﻠﺮﺋﻴﺲ ﺍﻟﺘﻨﻔﻴﺬﻱ ﺑﺎﳌﺘﻐﲑ ﺍﻟﺘﺎﺑﻊ ﻭﺃﺩﺍء ﺍﻟﺸﺮﻛﺔ ﻭﺗﺄﺛﲑ ﳎﻠﺲ ﺍﻻﺩﺍﺭﺓ‬
‫ﺑﺎﳌﺘﻐﲑ ﺍﳌﺴﺘﻘﻞ‪ ،‬ﻭﰎ ﻗﻴﺎﺱ ﺃﺩﺍء ﺍﻟﺸﺮﻛﺔ ﲟﻘﻴﺎﺱ ﺍﻟﻌﺎﺋﺪ ﻋﻠﻰ ﺣﻘﻮﻕ ﺍﳌﻠﻜﻴﺔٌ ‪ ROE‬ﺑﻴﻨﻤﺎ ﰎ ﻗﻴﺎﺱ‬
‫ﺗﺄﺛﲑ ﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ ﺑﻮﺍﺳﻄﺔ ﻋﺪﺩ ﺃﻋﻀﺎء ﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ ﻭﻛﺬﻟﻚ ﰎ ﺍﺳﺘﺨﺪﺍﻡ ﺣﺠﻢ‬
‫ﺍﻟﺸﺮﻛﺔ ﻭﺍﻟﻨﻤﻮ ﻛﻤﺘﻐﲑﺍﺕ ﺭﻗﺎﺑﻴﺔ‪.‬‬
‫ﻭﻗﺪ ﻛﺎﻧﺖ ﻧﺘﻴﺠﺔ ﺍﻟﺪﺭﺍﺳﺔ ﻭﺟﻮﺩ ﻋﻼﻗﺔ ﻋﻜﺲ ﻭﻏﲑ ﺟﻮﻫﺮﻳﺔ ﺑﲔ ﺍﳌﺰﺍﻳﺎ ﺍﳌﻤﻨﻮﺣﺔ ﻟﻠﺮﺋﻴﺲ‬
‫ﺍﻟﺘﻨﻔﻴﺬﻱ ﻭﻛﻞ ﻣﻦ ﺃﺩﺍء ﺍﻟﺸﺮﻛﺔ ﻭﺣﺠﻢ ﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ ﰲ ﺍﻟﺸﺮﻛﺔ‪ ،‬ﺑﻴﻨﻤﺎ ﻟﻮﺣﻆ ﻭﺟﻮﺩ ﻋﻼﻗﺔ ﻃﺮﺩﻳﺔ‬
‫ﺑﲔ ﺣﺠﻢ ﺍﻟﺸﺮﻛﺔ ﻭﺍﳌﺰﺍﻳﺎ ﺍﳌﻤﻨﻮﺣﺔ ﻟﻠﺮﺋﻴﺲ ﺍﻟﺘﻨﻔﻴﺬﻱ ﻭﻭﺟﻮﺩ ﻋﻼﻗﺔ ﻃﺮﺩﻳﺔ ﻏﲑ ﺟﻮﻫﺮﻳﺔ ﺑﲔ ﺍﻟﻨﻤﻮ‬
‫ﻭﺍﳌﺰﻳﺎ ﺍﳌﻤﻨﻮﺣﺔ ﻟﻠﺮﺋﻴﺲ ﺍﻟﺘﻨﻔﻴﺬﻱ‪.‬‬
‫ﻭﻳﺴﺘﻨﺘﺞ ﻣﻦ ﻫﺬﻩ ﺍﻟﺪﺭﺍﺳﺔ ﺃﻥ ﺃﺩﺍء ﺍﻟﺸﺮﻛﺔ ﻗﺪ ﻳﻜﻮﻥ ﻟﻪ ﺃﺛﺮ ﻋﻜﺲ ﻋﻠﻰ ﺍﳌﺰﺍﻳﺎ ﺍﳌﻤﻨﻮﺣﺔ‬
‫ﻟﻠﻤﺪﻳﺮﻳﻦ ﺍﻟﺘﻨﻔﻴﺬﻳﲔ ﻭﻫﺬﻩ ﻳﺸﲑ ﺇﱃ ﻭﺟﻮﺩ ﺗﻜﺎﻟﻴﻒ ﻭﻛﺎﻟﺔ ﻣﺮﺗﻔﻌﺔ ﰲ ﻣﺜﻞ ﻫﺬﻩ ﺍﳊﺎﻟﺔ‪.‬‬
‫‪6- Florackis, C. and Ozkan, A. ,2008, "Agency costs and corporate‬‬
‫‪governance mechanisms: evidence for UK Firms", International‬‬
‫‪Journal of Managerial Finance ISSN: 1743-9132 Vol. 4 Iss: 1.‬‬
‫ﻫﺪﻓﺖ ﺍﻟﺪﺭﺍﺳﺔ ﺇﱃ ﺑﻴﺎﻥ ﻣﺪﻯ ﺗﺄﺛﲑ ﺗﻄﺒﻴﻖ ﺁﻟﻴﺔ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﰲ ﺍﻟﺘﺨﻔﻴﻒ ﻣﻦ ﻣﺸﻜﻠﺔ‬
‫ﺍﻟﻮﻛﺎﻟﺔ‪ ،‬ﻭﻛﺎﻧﺖ ﻓﺘﺮﺓ ﺍﻟﺪﺭﺍﺳﺔ ﳑﺘﺪﺓ ﻣﻦ ‪ 1999‬ﻟﻐﺎﻳﺔ ‪ 2003‬ﻭﺗﻜﻮﻧﺖ ﻋﻴﻨﺔ ﺍﻟﺪﺭﺍﺳﺔ ﻣﻦ ‪897‬‬
‫ﺷﺮﻛﺔ ﰲ ﺑﺮﻳﻄﺎﻧﻴﺎ‪.‬‬
‫ﻭﻗﺪ ﰎ ﲢﺪﻳﺪ ﺗﻜﻠﻔﺔ ﺍﻟﻮﻛﺎﻟﺔ ﺑﺎﳌﺘﻐﲑ ﺍﻟﺘﺎﺑﻊ‪ ،‬ﺣﻴﺚ ﰎ ﻗﻴﺎﺳﻪ ﺑﻄﺮﻳﻘﺘﲔ ﺍﻷﻭﱃ ﻧﺴﺒﺔ ﺍﳌﺼﺎﺭﻳﻒ‬
‫ﺍﻹﺩﺍﺭﻳﺔ ﻭﺍﻟﻌﻤﻮﻣﻴﺔ ﻣﻦ ﺍﳌﺒﻴﻌﺎﺕ‪ ،‬ﻭﺍﻟﺜﺎﻧﻴﺔ ﻧﺴﺒﺔ ﺍﳌﺒﻴﻌﺎﺕ ﻣﻦ ﳎﻤﻮﻉ ﺍﻷﺻﻮﻝ ﺑﺎﻟﺸﺮﻛﺔ )ﻣﻌﺪﻝ ﺩﻭﺭﺍﻥ‬
‫ﺍﻷﺻﻮﻝ(‪ ،‬ﻭﰎ ﲢﺪﻳﺪ ﺍﳌﺘﻐﲑﺍﺕ ﺍﳌﺴﺘﻘﻠﺔ ﺑﻜﻼ ﻣﻦ ﻧﺴﺒﺔ ﻣﻠﻜﻴﺔ ﺍﳌﺪﻳﺮﻳﻦ ﺍﻟﺘﻨﻔﻴﺬﻳﲔ ﺑﺎﻟﺸﺮﻛﺔ ﻭﺍﳌﺰﺍﻳﺎ‬
‫ﺍﳌﻤﻨﻮﺣﺔ ﻟﻠﻤﺪﻳﺮﻳﻦ ﺍﻟﺘﻨﻔﻴﺬﻳﲔ ﺑﺎﻟﺸﺮﻛﺔ ﻭﺣﺠﻢ ﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ ﻭﺍﺯﺩﻭﺍﺟﻴﺔ ﻣﻬﺎﻡ ﺍﻟﺮﺋﻴﺲ ﺍﻟﺘﻨﻔﻴﺬﻱ‪.‬‬

‫~ ‪~ 16‬‬
‫ﺍﻟﺪﺭﺍﺳﺎﺕ ﺍﻟﺴﺎﺑﻘﺔ ﺑﺎﻟﻠﻐﺔ ﺍﻟﻌﺮﺑﻴﺔ ﻭﺍﻷﺟﻨﺒﻴﺔ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻷﻭﻝ‪:‬‬

‫ﻭﻗﺪ ﺃﻇﻬﺮﺕ ﻧﺘﻴﺠﺔ ﺍﻟﺒﺤﺚ ﻭﺟﻮﺩ ﻋﻼﻗﺔ ﻋﻜﺴﻴﺔ ﺑﲔ ﺗﻜﻠﻔﺔ ﺍﻟﻮﻛﺎﻟﺔ ﻭﻛﻼ ﻣﻦ ﻣﻠﻜﻴﺔ ﺍﳌﺪﻳﺮﻳﻦ‬
‫ﺍﻟﺘﻨﻔﻴﺬﻳﲔ ﻭﺍﳌﺰﺍﻳﺎ ﺍﳌﻤﻨﻮﺣﺔ ﻟﻠﻤﺪﻳﺮﻳﻦ ﻭﺣﺠﻢ ﳎﻠﺲ ﺇﺩﺍﺭﺓ ﺍﻟﺸﺮﻛﺔ‪ ،‬ﺑﺎﻹﺿﺎﻓﺔ ﺇﱃ ﺃﻥ ﻧﺘﻴﺠﺔ ﺍﻟﺒﺤﺚ‬
‫ﺃﻛﺪﺕ ﺃﻥ ﺍﺯﺩﻭﺍﺟﻴﺔ ﺍﳌﻬﺎﻡ ﻟﻠﺮﺋﻴﺲ ﺍﻟﺘﻨﻔﻴﺬﻱ ﺗﺰﻳﺪ ﻣﻦ ﻣﺸﻜﻠﺔ ﺍﻟﻮﻛﺎﻟﺔ‪.‬‬
‫‪7- Ang, J, Cole, R. and Lin, J, 2000, "Agency Costs and‬‬
‫‪Ownership Structure", The Journal of Finance, Volume 55, Issue‬‬
‫‪1, PP. 81–106.‬‬
‫ﻫﺪﻑ ﺍﻟﺪﺭﺍﺳﺔ ﳌﻌﺮﻓﺔ ﻣﺪﻯ ﺗﺄﺛﲑ ﻫﻴﻜﻞ ﺍﳌﻠﻜﻴﺔ ﻋﻠﻰ ﻣﺸﻜﻠﺔ ﺍﻟﻮﻛﺎﻟﺔ ﰲ ﺍﻟﺸﺮﻛﺎﺕ‪ ،‬ﺣﻴﺚ‬
‫ﺗﻜﻮﻧﺖ ﺍﻟﻌﻴﻨﺔ ﻣﻦ ‪ 1708‬ﺷﺮﻛﺔ ﺻﻐﲑﺓ ﺍﳊﺠﻢ ﰲ ﺍﻟﻮﻻﻳﺎﺕ ﺍﳌﺘﺤﺪﺓ ﺍﻷﻣﺮﻳﻜﻴﺔ ﻟﺴﻨﺔ ‪ ،1992‬ﻭﰎ‬
‫ﲢﺪﻳﺪ ﺗﻜﻠﻔﺔ ﺍﻟﻮﻛﺎﻟﺔ ﺑﺎﳌﺘﻐﲑ ﺍﻟﺘﺎﺑﻊ ﻭﻫﻴﻜﻞ ﺍﳌﻠﻜﻴﺔ ﺍﳌﺘﻐﲑ ﺍﳌﺴﺘﻘﻞ‪ ،‬ﺣﻴﺚ ﰎ ﻗﻴﺎﺱ ﺍﳌﺘﻐﲑ ﺍﻟﺘﺎﺑﻊ‬
‫ﲟﻘﻴﺎﺳﲔ ﺍﻷﻭﻝ‪ :‬ﻧﺴﺒﺔ ﺍﳌﺼﺎﺭﻳﻒ ﺍﻹﺩﺍﺭﺓ ﻭﺍﻟﻌﻤﻮﻣﻴﺔ ﻣﻦ ﺍﳌﺒﻴﻌﺎﺕ ﻭﺍﻟﺜﺎﻧﻴﺔ‪ :‬ﻧﺴﺒﺔ ﺍﳌﺒﻴﻌﺎﺕ ﻣﻦ ﳎﻤﻮﻉ‬
‫ﺃﺻﻮﻝ ﺍﻟﺸﺮﻛﺔ‪.‬‬
‫ﻭﻗﺪ ﺃﻇﻬﺮﺕ ﻧﺘﻴﺠﺔ ﺍﻟﺒﺤﺚ ﺃﻥ ﺗﻜﻠﻔﺔ ﺍﻟﻮﻛﺎﻟﺔ ﺗﺰﺩﺍﺩ ﻋﻨﺪ ﺍﺳﺘﻌﺎﻧﺔ ﺍﻟﺸﺮﻛﺔ ﲟﺪﻳﺮﻳﻦ ﻣﻦ ﻏﲑ‬
‫ﺍﳌﺎﻟﻜﲔ‪ ،‬ﺑﺎﻹﺿﺎﻓﺔ ﺇﱃ ﺃﻧﻪ ﻟﻮﺣﻆ ﻭﺟﻮﺩ ﻋﻼﻗﺔ ﻋﻜﺴﻴﺔ ﺟﻮﻫﺮﻳﺔ ﺑﲔ ﺗﻜﻠﻔﺔ ﺍﻟﻮﻛﺎﻟﺔ ﻭﻣﻠﻜﻴﺔ ﺍﳌﺪﻳﺮﻳﻦ‬
‫ﺍﻟﺘﻨﻔﻴﺬﻳﲔ ﻷﺳﻬﻢ ﺍﻟﺸﺮﻛﺔ‪.‬‬
‫‪8- mitra S, agency costs, free cash flow and IT expenditures,‬‬
‫‪working paper, 2000.‬‬
‫ﺍﺧﺘﱪﺕ ﻫﺬﻩ ﺍﻟﺪﺭﺍﺳﺔ ﺍﺛﺮ ﺍﺭﺗﻔﺎﻉ ﺍﻟﺘﺪﻓﻖ ﺍﻟﻨﻘﺪﻱ ﺍﳊﺮ ﻋﻠﻰ ﺍﻻﻧﻔﺎﻕ ﰲ ﳎﺎﻝ ﺗﻜﻨﻮﻟﻮﺟﻴﺎ‬
‫ﺍﳌﻌﻠﻮﻣﺎﺕ ﰲ ﻇﻞ ﻣﺴﺘﻮﻳﺎﺕ ﳐﺘﻠﻔﺔ ﻣﻦ ﻓﺮﺹ ﳕﻮ ﺍﻟﺸﺮﻛﺔ ﻣﻘﺎﺳﺔ ﺑﻨﺴﺒﺔ ﻓﺮﺹ ﳕﻮ ﺍﻟﺸﺮﻛﺔ‬
‫‪ ،Tobin’s Q‬ﻭﺍﺳﺘﺨﺪﻡ ﺍﺳﻠﻮﺏ ﲢﻠﻴﻞ ﺍﻻﳓﺪﺍﺭ ﺍﳌﺘﻌﺪﺩ ﻻﺧﺘﺒﺎﺭ ﻓﺮﺿﻴﺔ ﺍﻥ ﺍﻟﺸﺮﻛﺎﺕ ﺗﻌﻤﺪ‬
‫ﻟﺰﻳﺎﺩﺓ ﺍﻻﻧﻔﺎﻕ ﰲ ﳎﺎﻝ ﺗﻜﻨﻮﻟﻮﺟﻴﺎ ﺍﳌﻌﻠﻮﻣﺎﺕ ﻋﻨﺪ ﺍﺭﺗﻔﺎﻉ ﻗﻴﻤﺔ ﺗﺪﻓﻘﻬﺎ ﺍﻟﻨﻘﺪﻱ ﺍﳊﺮ ﰲ ﻇﻞ ﺗﺪﱐ‬
‫ﻓﺮﺹ ﺍﻟﻨﻤﻮ ﺍﻟﺸﺮﻛﺔ‪ .‬ﻭﻗﺪ ﺗﻮﺻﻞ ﺍﻟﺒﺎﺣﺚ ﺇﱃ ﻓﺮﺽ ﻫﺬﻩ ﺍﻟﻔﺮﺿﻴﺔ‪ ،‬ﻭﻟﻜﻨﻪ ﻭﺟﺪ ﺍﻥ ﺍﻟﺸﺮﻛﺎﺕ ﺍﻟﱵ‬
‫ﻟﺪﻳﻬﺎ ﻓﺮﺹ ﳕﻮ ﻣﺮﺗﻔﻌﺔ ‪ Q‬ﺃﺻﻐﺮ ‪ 1‬ﺗﺰﻳﺪ ﻣﻦ ﺍﻧﻔﺎﻗﻬﺎ ﰲ ﳎﺎﻝ ﺗﻜﻨﻮﻟﻮﺟﻴﺎ ﺍﳌﻌﻠﻮﻣﺎﺕ ﻋﻨﺪﻣﺎ ﻳﻜﻮﻥ‬
‫ﺗﺪﻓﻘﻬﺎ ﺍﻟﻨﻘﺪﻱ ﺍﳊﺮ ﻣﻮﺟﺒﺎ‪ ،‬ﺑﻴﻨﻤﺎ ﲢﺎﻓﻆ ﺍﻟﺸﺮﻛﺎﺕ ﺍﻟﱵ ﳍﺎ ﻧﺴﺒﺔ ﻓﺮﺹ ﳕﻮ ﻣﻨﺨﻔﻀﺔ ‪ Q‬ﺃﻛﱪ ‪1‬‬
‫ﻋﻠﻰ ﻧﻔﺲ ﻣﺴﺘﻮﻯ ﺍﻻﻧﻔﺎﻕ ﰲ ﳎﺎﻝ ﺗﻜﻨﻮﻟﻮﺟﻴﺎ ﺍﳌﻌﻠﻮﻣﺎﺕ ﻋﻨﺪﻣﺎ ﻳﻜﻮﻥ ﺗﺪﻓﻘﻬﺎ ﺍﻟﻨﻘﺪﻱ ﺍﳊﺮ ﻣﺮﺗﻔﻊ‪،‬‬
‫ﻭﻗﺪ ﺗﻮﺻﻞ ﺍﻟﺒﺎﺣﺚ ﺍﱃ ﺍﻥ ﺍﻟﺘﺪﻓﻖ ﺍﻟﻨﻘﺪﻱ ﺍﳊﺮ ﻳﺆﺛﺮ ﻋﻠﻰ ﺍﻻﻧﻔﺎﻕ ﰲ ﳎﺎﻝ ﺗﻜﻨﻮﻟﻮﺟﻴﺎ ﺍﳌﻌﻠﻮﻣﺎﺕ‪.‬‬
‫‪9- Charreaux Gérard. La théorie positive de l'agence :‬‬
‫‪positionnement et apports. In: Revue d’économie industrielle, vol.‬‬
‫‪92, 2e et 3eme trimestres 2000. Économie des contrats : bilan et‬‬
‫‪perspectives.‬‬

‫~ ‪~ 17‬‬
‫ﺍﻟﺪﺭﺍﺳﺎﺕ ﺍﻟﺴﺎﺑﻘﺔ ﺑﺎﻟﻠﻐﺔ ﺍﻟﻌﺮﺑﻴﺔ ﻭﺍﻷﺟﻨﺒﻴﺔ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻷﻭﻝ‪:‬‬

‫‪‬ﺪﻑ ﻫﺬﻩ ﺍﻟﺪﺭﺍﺳﺔ ﺇﱃ ﺛﻼﺛﺔ ﺃﻫﺪﺍﻑ‪ ،‬ﺫﻛﺮ ﺍﳌﻜﻮﻧﺎﺕ ﺍﻟﺮﺋﻴﺴﻴﺔ ﻟﻨﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ‪ ،‬ﻭﳏﺎﻭﻟﺔ‬
‫ﺗﺼﺤﻴﺢ ﺍﻟﻌﺮﺽ ﺍﳌﻌﺘﺎﺩ ﻟﻠﻨﻈﺮﻳﺔ‪ ،‬ﰒ ﺑﻴﺎﻥ ﺗﻨﻮﻉ ﺍﳌﺸﻜﻼﺕ ﺍﳌﺪﺭﻭﺳﺔ ﰲ ﳎﺎﻝ ﻋﻠﻮﻡ ﺍﻹﺩﺍﺭﺓ‪ ،‬ﻭﻗﺪ‬
‫ﺧﻠﺼﺖ ﺍﻟﺪﺭﺍﺳﺔ ﺇﱃ ﺃﻥ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﲤﺘﻠﻚ ﺍﻹﳚﺎﺑﻴﺔ ﺑﻔﻌﻞ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﻴﻞ ﺍﻟﺮﺋﻴﺴﻲ‪ .‬ﻭﺗﺮﺟﻊ ﻫﺬﻩ‬
‫ﺍﳊﺎﻟﺔ ﺑﺸﻜﻞ ﺃﺳﺎﺳﻲ ﺇﱃ ﺍﻷﳘﻴﺔ ﺍﳌﻤﻨﻮﺣﺔ ﻟﻠﻌﻼﻗﺔ ﺑﲔ ﺍﻟﻜﻔﺎءﺓ ﻭﺍﻻﺳﺘﺨﺪﺍﻡ ﺍﻷﻣﺜﻞ ﻟﻌﻨﺎﺻﺮ ﳏﺪﺩﺓ‪.‬‬
‫‪10- Core, J, Holthauasen, R. and Larcker, D. ,1999, "Corporate‬‬
‫‪governance, Chief executive officer compensation, and firm‬‬
‫‪performance", Journal of Finance Economics.‬‬

‫ﻳﻬﺪﻑ ﻫﺬﺍ ﺍﻟﺒﺤﺚ ﻟﻠﺘﻌﺮﻑ ﻋﻠﻰ ﻣﺪﻯ ﺗﺄﺛﲑ ﺟﻮﺩﺓ ﺗﻄﺒﻴﻖ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﺍﳌﺘﻤﺜﻠﺔ ‪‬ﻴﻜﻞ‬
‫ﺍﳌﻠﻜﻴﺔ ﻭﻫﻴﻜﻞ ﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ ﻋﻠﻰ ﺍﳌﺰﺍﻳﺎ ﺍﳌﻤﻨﻮﺣﺔ ﻟﻠﻤﺪﻳﺮﻳﻦ ﺍﻟﺘﻨﻔﻴﺬﻳﲔ ﺑﺎﻟﺸﺮﻛﺔ‪ ،‬ﻭﺍﻟﺘﺄﻛﺪ ﻓﻴﻤﺎ ﺇﺫﺍ‬
‫ﻛﺎﻧﺖ ﻗﻠﺔ ﺟﻮﺩﺓ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﳍﺎ ﺗﺄﺛﲑ ﻋﻠﻰ ﺿﻌﻒ ﺃﺩﺍء ﺍﻟﺸﺮﻛﺎﺕ ﰲ ﺍﳌﺴﺘﻘﺒﻞ‪ ،‬ﻭﺗﻜﻮﻧﺖ‬
‫ﻋﻴﻨﺔ ﺍﻟﺪﺭﺍﺳﺔ ﻣﻦ ‪ 205‬ﺷﺮﻛﺔ ﻣﺴﺎﳘﺔ ﻋﺎﻣﺔ ﰲ ﺍﻟﻮﻻﻳﺎﺕ ﺍﳌﺘﺤﺪﺓ ﺍﻷﻣﺮﻳﻜﻴﺔ ﻭﻗﺪ ﺍﻣﺘﺪﺕ ﻓﺘﺮﺓ‬
‫ﺍﻟﺪﺭﺍﺳﺔ ﻣﻦ ﺳﻨﺔ ‪ 1982‬ﻟﻐﺎﻳﺔ ‪.1984‬‬
‫ﻛﺎﻧﺖ ﻧﺘﻴﺠﺔ ﺍﻟﺪﺭﺍﺳﺔ ﺃﻥ ﺍﳌﺰﺍﻳﺎ ﺍﳌﻤﻨﻮﺣﺔ ﻟﻠﻤﺪﻳﺮ ﺍﻟﺘﻨﻔﻴﺬﻱ ﺗﺰﺩﺍﺩ ﻋﻨﺪﻣﺎ ﻳﻜﻮﻥ ﺍﳌﺪﻳﺮ ﺍﻟﺘﻨﻔﻴﺬﻱ‬
‫ﻫﻮ ﻧﻔﺴﻪ ﺭﺋﻴﺲ ﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ‪ ،‬ﻭﻋﻨﺪﻣﺎ ﻳﻜﻮﻥ ﻋﺪﺩ ﺃﻋﻀﺎء ﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ ﻛﺒﲑ‪ ،‬ﻛﻤﺎ ﻭﺟﺪﺕ‬
‫ﺍﻟﺪﺭﺍﺳﺔ ﺃﻥ ﻫﻨﺎﻙ ﺍﳔﻔﺎﺽ ﰲ ﺣﺠﻢ ﺍﳌﺰﺍﻳﺎ ﺍﳌﻤﻨﻮﺣﺔ ﻟﻠﻤﺪﻳﺮﻳﻦ ﺍﻟﺘﻨﻔﻴﺬﻳﲔ ﻋﻨﺪﻣﺎ ﺗﺰﻳﺪ ﻧﺴﺒﺔ ﺣﺼﺔ‬
‫ﺍﳌﺪﻳﺮﻳﻦ ﺍﻟﺘﻨﻔﻴﺬﻳﲔ ﰲ ﺃﺳﻬﻢ ﺍﻟﺸﺮﻛﺔ‪ ،‬ﻭﻋﻨﺪ ﺍﻣﺘﻼﻙ ﺍﳌﺴﺎﳘﲔ ﻏﲑ ﺍﻹﺩﺍﺭﻳﲔ ﻣﺎ ﻻ ﻳﻘﻞ ﻋﻦ ‪ 5%‬ﻣﻦ‬
‫ﺃﺳﻬﻢ ﺍﻟﺸﺮﻛﺔ‪ ،‬ﻛﻤﺎ ﺑﻴﻨﺖ ﺍﻟﺪﺭﺍﺳﺔ ﺃﻥ ﻣﺸﻜﻠﺔ ﺍﻟﻮﻛﺎﻟﺔ ﺗﺘﻔﺎﻗﻢ ﰲ ﺍﻟﺸﺮﻛﺎﺕ ﺍﻟﱵ ﺗﻌﺘﱪ ﻓﻴﻬﺎ ﺍﳊﻮﻛﻤﺔ‬
‫ﺿﻌﻴﻔﺔ‪ ،‬ﻭﺑﺎﻟﺘﺎﱄ ﻓﺈﻥ ﺍﳌﺪﻳﺮﻳﻦ ﺍﻟﺘﻨﻔﻴﺬﻳﲔ ﰲ ﺍﻟﺸﺮﻛﺎﺕ ﺍﻟﱵ ﻟﺪﻳﻬﺎ ﻣﺸﻜﻠﺔ ﻭﻛﺎﻟﺔ ﻛﺒﲑﺓ ﻳﻘﻮﻣﻮﻥ‬
‫ﺑﺎﺳﺘﻼﻡ ﻣﺰﺍﻳﺎ ﺃﻛﱪ ﻣﻦ ﺍﻟﺸﺮﻛﺎﺕ ﺍﻟﱵ ﻳﻜﻮﻥ ﻟﺪﻳﻬﺎ ﻣﺸﻜﻠﺔ ﻭﻛﺎﻟﺔ ﺃﻗﻞ‪.‬‬
‫‪11- Dividends, asymmetric information, and agency conflicts :‬‬
‫‪evidence from a comparison of the dividend policies, The Journal‬‬
‫‪of finance, vol 53, N° 3, June 1998.‬‬
‫ﺟﺎءﺕ ﻫﺎﺗﻪ ﺍﻟﺪﺭﺍﺳﺔ ﻟﻠﻤﻘﺎﺭﻧﺔ ﺑﲔ ﺳﻴﺎﺳﺎﺕ ﺗﻮﺯﻳﻊ ﺍﻷﺭﺑﺎﺡ ﰲ ﻛﻞ ﻣﻦ ﺍﻟﺸﺮﻛﺎﺕ ﺍﻟﻴﺎﺑﺎﻧﻴﺔ‬
‫ﻭﺍﻷﻣﺮﻳﻜﻴﺔ‪ ،‬ﻭﴰﻠﺖ ﻋﻴﻨﺔ ﺍﻟﺪﺭﺍﺳﺔ )‪ (194‬ﺷﺮﻛﺔ ﻳﺎﺑﺎﻧﻴﺔ ﻣﻘﺎﺑﻞ )‪ (420‬ﺷﺮﻛﺔ ﺃﻣﺮﻳﻜﻴﺔ‪ ،‬ﺣﻴﺚ‬
‫ﻗﺎﻣﺖ ﻫﺎﺗﻪ ﺍﻟﺪﺭﺍﺳﺔ ﺑﺎﺧﺘﺒﺎﺭ ﺍﻟﻌﻼﻗﺔ ﺑﲔ ﺍﻟﺘﻐﲑﺍﺕ ﰲ ﺍﻷﺭﺑﺎﺡ ﺍﳌﻮﺯﻋﺔ ﻭﻋﻮﺍﺋﺪ ﺍﻷﺳﻬﻢ ﻣﻦ ﺟﻬﺔ‪،‬‬
‫ﻭﺍﳌﻌﺎﺭﺿﺔ ﺿﺪ ﺗﻐﻴﲑ ﺣﺠﻢ ﺍﻷﺭﺑﺎﺡ ﺍﳌﻮﺯﻋﺔ ﻣﻦ ﺟﻬﺔ ﺃﺧﺮﻯ‪.‬‬

‫~ ‪~ 18‬‬
‫ﺍﻟﺪﺭﺍﺳﺎﺕ ﺍﻟﺴﺎﺑﻘﺔ ﺑﺎﻟﻠﻐﺔ ﺍﻟﻌﺮﺑﻴﺔ ﻭﺍﻷﺟﻨﺒﻴﺔ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻷﻭﻝ‪:‬‬

‫ﻭﺗﻮﺻﻠﺖ ﺍﻟﺪﺭﺍﺳﺔ ﺇﱃ ﺃﻥ ﺍﻟﺸﺮﻛﺎﺕ ﺍﻟﻴﺎﺑﺎﻧﻴﺔ ﰲ ﳎﺎﻝ ﲢﺪﻳﺪ ﺃﺛﺮ ﺃﺳﻌﺎﺭ ﺍﻷﺳﻬﻢ ﻋﻠﻰ ﺳﻴﺎﺳﺔ‬
‫ﺗﻮﺯﻳﻊ ﺍﻷﺭﺑﺎﺡ ﻫﻲ ﺃﻗﻞ ﻣﻦ ﺧﱪﺓ ﺍﻟﺸﺮﻛﺎﺕ ﺍﻷﻣﺮﻳﻜﻴﺔ‪ ،‬ﻛﻤﺎ ﺃﻇﻬﺮﺕ ﺃﻥ ﺍﻟﺸﺮﻛﺎﺕ ﺍﻟﻴﺎﺑﺎﻧﻴﺔ ﻓﻴﻬﺎ‬
‫ﺗﻌﺎﺭﺽ ﺃﻗﻞ ﻹﻟﻐﺎء ﺃﻭ ﻣﻨﻊ ﻋﻤﻠﻴﺎﺕ ﺗﻮﺯﻳﻊ ﺍﻷﺭﺑﺎﺡ‪ ،‬ﻛﻤﺎ ﺃﻥ ﺍﻷﺭﺑﺎﺡ ﺍﳌﻮﺯﻋﺔ ﰲ ﻫﺬﻩ ﺍﻟﺸﺮﻛﺎﺕ ﻫﻲ‬
‫ﺃﻛﺜﺮ ﺍﺳﺘﺠﺎﺑﺔ ﻟﻠﺘﻐﲑﺍﺕ ﰲ ﺍﻟﻌﻮﺍﺋﺪ‪.‬‬
‫‪12- Henry Tosi, et… al, Disaggregating The Agency Contract: The‬‬
‫‪Effects Of Monitoring, Incentive Alignment, And Term In Office‬‬
‫‪On Agent Decision Making, Academy of Management Journal‬‬
‫‪VOL. 40, NO. 3, 1997.‬‬
‫ﻫﺪﻓﺖ ﻫﺬﻩ ﺍﻟﺪﺭﺍﺳﺔ ﳌﻌﺮﻓﺔ ﺗﺄﺛﲑﺍﺕ ﺍﻟﺮﻗﺎﺑﺔ ﻭﲣﻄﻴﻂ ﺍﳊﻮﺍﻓﺰ ﻭﻃﻮﻝ ﺍﻟﻔﺘﺮﺓ ﺍﻟﺰﻣﻨﻴﺔ ﻟﻠﻮﻛﻴﻞ ﻋﻠﻰ‬
‫ﻋﻤﻠﻴﺎﺕ ﺍﲣﺎﺫ ﻗﺮﺍﺭ ﺍﻟﻮﻛﻴﻞ‪ ،‬ﺣﻴﺚ ﻛﺎﻧﺖ ﻃﻮﻝ ﺍﻟﻔﺘﺮﺓ ﺍﻟﺰﻣﻨﻴﺔ ﻟﻠﻮﻛﻴﻞ ﲟﺜﺎﺑﺔ ﺍﳌﺘﻐﲑ ﺍﳌﺴﺘﻘﻞ‪.‬‬
‫ﻭﺗﻮﺻﻠﺖ ﺍﻟﺪﺭﺍﺳﺔ ﺇﱃ ﺃﻥ ﻟﺘﺨﻄﻴﻂ ﺍﳊﻮﺍﻓﺰ ﺗﺄﺛﲑ ﺃﻛﱪ ﻣﻦ ﺍﻟﺮﻗﺎﺑﺔ ﻭﺫﻟﻚ ﰲ ﳎﺎﻝ ﺍﻟﺘﺄﻛﺪ ﻣﻦ ﺃﻥ‬
‫ﺍﻟﻮﻛﻼء ﻳﻌﻤﻠﻮﻥ ﳌﺼﻠﺤﺔ ﺍﳌﺎﻟﻜﲔ‪ ،‬ﺑﺎﻹﺿﺎﻓﺔ ﺇﱃ ﺃﻥ ﺍﻟﻌﻼﻗﺔ ﺑﲔ ﻣﺘﻐﲑﺍﺕ ﺍﻟﺪﺭﺍﺳﺔ – ﺍﻟﺮﻗﺎﺑﺔ ﻭﲣﻄﻴﻂ‬
‫ﺍﳊﻮﺍﻓﺰ‪ -‬ﻭﺩﻭﺭﻫﺎ ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﲣﺎﺫ ﻗﺮﺍﺭ ﺍﻟﻮﻛﻴﻞ ﺗﻌﺘﱪ ﻋﻼﻗﺔ ﻣﺘﺪﺍﺧﻠﺔ ﻭﻣﻌﻘﺪﺓ ﻧﺴﺒﻴﺎ ﳑﺎ ﻳﺘﻄﻠﺐ‬
‫ﺍﻟﻘﻴﺎﻡ ﺑﺪﺭﺍﺳﺎﺕ ﻣﺴﺘﻔﻴﻀﺔ ﺃﺧﺮﻯ ﰲ ﻫﺬﺍ ﺍﳌﺠﺎﻝ‪ ،‬ﻛﻤﺎ ﺃﻥ ﲣﻄﻴﻂ ﺍﳊﻮﺍﻓﺰ ﻛﺎﻥ ﻟﻪ ﺗﺄﺛﲑ ﻭﺍﺿﺢ ﻋﻠﻰ‬
‫ﺍﻟﻌﻮﺍﺋﺪ ﻟﻠﻤﺪﻯ ﺍﻟﺒﻌﻴﺪ ﻟﺮﺋﻴﺲ ﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ )ﺍﳌﺪﻳﺮ ﺍﻟﺘﻨﻔﻴﺬﻱ(‪ ،‬ﻋﻠﻰ ﺍﻟﺮﻏﻢ ﻣﻦ ﺫﻟﻚ ﻓﺈﻥ ﻫﻨﺎﻙ ﺗﻮﺟﻬﺎ‬
‫ﻟﺘﻮﺳﻊ ﺩﻭﺭ ﻫﺆﻻء ﺍﻟﻮﻛﻼء ﻭﻫﺬﺍ ﻟﻪ ﺗﺄﺛﲑ ﺳﻠﱯ ﻋﻠﻰ ﺍﻹﺩﺍﺭﺓ ﺍﻟﻌﻠﻴﺎ‪.‬‬
‫‪13- Peter holl and dimitris kyriazis, agency, bid resistance and the‬‬
‫‪market for corporate control, Journal of Business‬‬
‫‪Finance&Accounting, 24(7) & (8), September 1997.‬‬
‫ﻫﺪﻑ ﻫﺬﺍ ﺍﳌﻘﺎﻝ ﻫﻮ ﺩﺭﺍﺳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﻭﻣﻘﺎﻭﻣﺔ ﺍﻟﻌﻄﺎء ﰲ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺴﻮﻕ ﻟﻠﺮﻗﺎﺑﺔ ﻋﻠﻰ ﺍﻟﺸﺮﻛﺔ‬
‫ﻣﻦ ﺣﻴﺚ ﲢﺪﻳﺪ ﺩﺭﺟﺔ ﺗﺄﺛﲑ ﻣﻘﺎﻭﻣﺔ ﺍﻟﻌﻄﺎء ﻋﻠﻰ ﺍﻟﻌﻮﺍﺋﺪ ﺍﳌﺘﺤﻘﻘﺔ ﻟﻠﺜﺮﻭﺓ‪ ،‬ﳌﺠﻤﻮﻋﺔ ﻣﻦ ﺍﻟﺸﺮﻛﺎﺕ‬
‫ﺍﳌﺴﺘﻬﺪﻓﺔ‪ ،‬ﻭﺍﺣﺘﻤﺎﻟﻴﺔ ﳒﺎﺡ ﺍﻟﻌﻄﺎء ﻟﻌﻴﻨﺔ ﻣﻦ ﺍﺻﺤﺎﺏ ﺍﻟﻌﻄﺎءﺍﺕ ﰲ ﺍﳌﻤﻠﻜﺔ ﺍﳌﺘﺤﺪﺓ‪.‬‬
‫ﻭﺍﻟﻨﺘﺎﺋﺞ ﺍﳌﺘﻮﺻﻞ ﺇﻟﻴﻬﺎ ﺗﻠﻘﻲ ﺍﻟﻀﻮء ﻋﻠﻰ ﻃﺒﻴﻌﺔ ﺗﻄﻮﺭ ﻣﺸﻜﻠﺔ ﺍﻟﻮﻛﺎﻟﺔ ﻭﻣﺪﺍﻩ ﰲ ﺍﻟﺸﺮﻛﺎﺕ‬
‫ﺍﳊﺪﻳﺜﺔ‪ ،‬ﻛﻤﺎ ﺃﻭﺿﺤﺖ ﺍﻟﺪﺭﺍﺳﺔ ﺃﻧﻪ ﻋﻨﺪﻣﺎ ﻳﻈﻬﺮ ﺍﳌﺪﻳﺮﻳﻦ ﻋﺪﻭﺍﻧﻴﺔ ﲡﺎﻩ ﺃﺻﺤﺎﺏ ﺍﻟﻌﻄﺎء ﻣﻦ ﺧﻼﻝ‬
‫ﺗﺒﻨﻴﻬﻢ ﺃﺳﺎﻟﻴﺐ ﺩﻓﺎﻉ ﳏﺪﺩﺓ‪ ،‬ﺗﻈﻬﺮ ﺁﺛﺎﺭ ﺫﻟﻚ ﰲ ﺟﺎﻧﺒﲔ‪:‬‬
‫ﺍﻷﻭﻝ‪ :‬ﺇ‪‬ﺎ ﺗﺆﺛﺮ ﻋﻠﻰ ﻋﻮﺍﺋﺪ ﺍﻟﺜﺮﻭﺓ ﺍﳌﺘﻌﻠﻘﺔ ﺑﺎﻟﻌﻄﺎء‪ ،‬ﻓﺈﺫﺍ ﻛﺎﻥ ﺍﻟﻌﻄﺎء ﻗﺪ ﺻﻤﻢ ﻟﻴﺤﻞ ﳏﻞ‬
‫ﺍﻹﺩﺍﺭﺓ ﻏﲑ ﺍﻟﻔﻌﺎﻟﺔ‪ ،‬ﻓﺈﻥ ﻣﻘﺎﻭﻣﺔ ﺍﻟﻌﻄﺎء ﺑﻮﺍﺳﻄﺔ ﺍﳌﺪﻳﺮﻳﻦ ﺭﲟﺎ ﺗﺆﺩﻱ ﺇﱃ ﺗﻘﻠﻴﻞ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻮﻗﻴﺔ‬
‫ﻟﻠﺸﺮﻛﺔ‪ ،‬ﻟﺬﻟﻚ ﻓﺈﻥ ﺍﳌﺪﻳﺮﻳﻦ ﻻ ﻳﺘﺼﺮﻓﻮﻥ ﺑﻮﺻﻔﻬﻢ ﻭﻛﻼء ﻳﻬﺪﻓﻮﻥ ﺇﱃ ﺗﻌﻈﻴﻢ ﺍﻟﺜﺮﻭﺓ‪ ،‬ﻭﻫﺬﺍ ﻣﺎ‬

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‫ﺍﻟﺪﺭﺍﺳﺎﺕ ﺍﻟﺴﺎﺑﻘﺔ ﺑﺎﻟﻠﻐﺔ ﺍﻟﻌﺮﺑﻴﺔ ﻭﺍﻷﺟﻨﺒﻴﺔ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻷﻭﻝ‪:‬‬

‫ﻳﻜﻮﻥ ﻭﺍﺿﺤﺎ ﺑﺎﻟﻨﺴﺒﺔ ﳊﻤﻠﺔ ﺍﻷﺳﻬﻢ‪ ،‬ﻭﰲ ﺃﺩﺑﻴﺎﺕ ﺭﻗﺎﺑﺔ ﺍﻟﺸﺮﻛﺔ ﻓﺈﻥ ﻣﺜﻞ ﻫﺬﺍ ﺍﻷﻣﺮ ﻳﺸﻜﻞ ﺣﺎﻟﺔ‬
‫ﻣﻦ ﺍﻟﺘﻮﺍﻓﻖ ﻣﻊ ﻃﻤﻮﺣﺎﺕ ﺍﻹﺩﺍﺭﺓ‪.‬‬
‫ﻭﺍﻟﺜﺎﱐ‪ :‬ﻳﺘﻌﻠﻖ ﺑﻌﻮﺍﺋﺪ ﺍﻟﻌﻄﺎء‪ ،‬ﻓﺈﺫﺍ ﻛﺎﻧﺖ ﻣﻘﺎﻭﻣﺔ ﺍﻟﻌﻄﺎء ﻓﻌﺎﻟﺔ‪ ،‬ﻓﺈﻥ ﺍﺣﺘﻤﺎﻟﻴﺔ ﳒﺎﺣﻪ ﺗﺘﻨﺎﻗﺺ‪،‬‬
‫ﻭﺑﻌﺪ ﺫﻟﻚ ﺇﻥ ﺍﳌﺪﻳﺮﻳﻦ ﻳﻘﻮﻣﻮﻥ ﺑﺎﻟﺘﺮﻭﻳﺞ ﻟﻠﻀﻤﺎﻧﺎﺕ ﺍﻟﱵ ﻳﺘﻀﻤﻨﻬﺎ ﻋﻤﻠﻬﻢ‪ ،‬ﻭﰲ ﻣﺜﻞ ﻫﺬﻩ ﺍﳊﺎﻟﺔ ﻓﺈ‪‬ﻢ‬
‫ﻳﺮﻭﺟﻮﻥ ﳌﺼﺎﳊﻬﻢ ﺍﳋﺎﺻﺔ‪.‬‬
‫‪14- jensen M, agency costs of free cash flow, corporate finance,‬‬
‫‪and takeovers, american economc review, vol 76, 1986‬‬
‫ﻫﺪﻓﺖ ﻫﺬﻩ ﺍﻟﺪﺭﺍﺳﺔ ﻭﻣﻦ ﻣﻨﻈﻮﺭ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﺇﱃ ﲢﻠﻴﻞ ﺃﺛﺮ ﺍﺭﺗﻔﺎﻉ ﻣﺒﻠﻎ ﺍﻟﺘﺪﻓﻖ ﺍﻟﻨﻘﺪﻱ‬
‫ﺍﳊﺮ ﻋﻠﻰ ﺗﻜﺎﻟﻴﻒ ﺍﻟﻮﻛﺎﻟﺔ ﻭﻋﻠﻰ ﻣﻴﻞ ﺍﳌﺪﻳﺮﻳﻦ ﻟﻺﻧﻔﺎﻕ ﺍﻻﺳﺘﺜﻤﺎﺭﻱ ﰲ ﳎﺎﻻﺕ ﻏﲑ ﳎﺪﻳﺔ‪ ،‬ﻭﺧﻠﺼﺖ‬
‫ﺍﻟﺪﺭﺍﺳﺔ ﺇﱃ ﻣﺎ ﻳﻠﻲ‪:‬‬
‫ﳝﻴﻞ ﺍﳌﺪﻳﺮﻭﻥ ﻋﻨﺪ ﻭﺟﻮﺩ ﺗﺪﻓﻖ ﻧﻘﺪﻱ ﺣﺮ ﻣﺮﺗﻔﻊ ﻹﻧﻔﺎﻗﻪ ﰲ ﻣﺸﺮﻭﻋﺎﺕ ﻣﻨﺨﻔﻀﺔ ﺍﳉﺪﻭﻯ‪،‬‬
‫ﻭﻻ ﳝﻴﻠﻮﻥ ﺇﱃ ﺩﻓﻊ ﺗﻮﺯﻳﻌﺎﺕ ﻟﻠﻤﺴﺎﳘﲔ‪ ،‬ﳑﺎ ﻳﺰﻳﺪ ﺗﻜﺎﻟﻴﻒ ﺍﻟﻮﻛﺎﻟﺔ ﻭﻳﻨﻌﻜﺲ ﺳﻠﺒﺎ ﻋﻠﻰ ﻗﻴﻤﺔ‬
‫ﺍﻟﺸﺮﻛﺔ؛‬
‫ﺇﻥ ﺍﻟﺪﻳﻦ ﻟﻪ ﻓﻮﺍﺋﺪ ﰲ ﲣﻔﻴﺾ ﺗﻜﺎﻟﻴﻒ ﺍﻟﻮﻛﺎﻟﺔ ﻟﻠﺘﺪﻓﻖ ﺍﻟﻨﻘﺪﻱ ﺍﳊﺮ؛‬
‫ﺇﻥ ﻣﺜﺎﻝ ﺷﺮﻛﺎﺕ ﺍﻟﻨﻔﻂ ﺍﻷﻣﺮﻳﻜﻴﺔ ﰲ ‪‬ﺎﻳﺔ ﺍﻟﺴﺒﻌﻴﻨﻴﺎﺕ ﻭﺑﺪﺍﻳﺔ ﺍﻟﺜﻤﺎﻧﻴﻨﻴﺎﺕ ﻳﺆﻛﺪ ﻋﻠﻰ ﺍﻥ‬
‫ﺍﻟﺘﺪﻓﻖ ﺍﻟﻨﻘﺪﻱ ﺍﳊﺮ ﺍﳌﺮﺗﻔﻊ ﻳﻮﻟﺪ ﺗﻜﺎﻟﻴﻒ ﻭﻣﺸﻜﻠﺔ ﻭﻛﺎﻟﺔ‪ ،‬ﳑﺎ ﻳﺆﺛﺮ ﺳﻠﺒﺎ ﻋﻠﻰ ﻗﻴﻤﺔ ﺍﻟﺸﺮﻛﺔ‪ ،‬ﻭﺧﺎﺻﺔ‬
‫ﰲ ﺣﺎﻻﺕ ﺍﻟﻜﺴﺎﺩ ﺍﻻﻗﺘﺼﺎﺩﻱ‪ ،‬ﻭﻋﻨﺪ ﺍﺻﺮﺍﺭ ﺍﻹﺩﺍﺭﺓ ﻋﻠﻰ ﺍﺳﺘﺜﻤﺎﺭ ﺫﻟﻚ ﺍﻟﺘﺪﻓﻖ ﰲ ﻧﻔﻘﺎﺕ ﺍﻟﺒﺤﺚ‬
‫ﻭﺍﻟﺘﻄﻮﻳﺮ ﺃﻭ ﺗﻨﻮﻳﻊ ﺍﻟﻨﺸﺎﻁ‪.‬‬
‫ﻭﻗﺪ ﺃﻭﺻﺖ ﺍﻟﺪﺭﺍﺳﺔ ﺑﺄﻧﻪ ﻣﻦ ﺍﻷﻓﻀﻞ ﻟﻺﺩﺍﺭﺓ ﺩﻓﻊ ﺗﻮﺯﻳﻌﺎﺕ ﻧﻘﺪﻳﺔ ﻟﻠﻤﺴﺎﳘﲔ ﺍﻟﻌﺎﺩﻳﲔ ﻋﻨﺪ‬
‫ﻭﺟﻮﺩ ﺍﺭﺗﻔﺎﻉ ﰲ ﺍﻟﺘﺪﻓﻖ ﺍﻟﻨﻘﺪﻱ ﺍﳊﺮ ﺑﺪﻻ ﻣﻦ ﺇﻧﻔﺎﻗﻪ ﰲ ﻣﺸﺎﺭﻳﻊ ﺗﻜﻮﻥ ﺻﺎﰲ ﻗﻴﻤﺘﻬﺎ ﺍﳊﺎﻟﻴﺔ ﺃﻗﻞ ﻣﻦ‬
‫ﺻﻔﺮ‪ ،‬ﻭﻗﺪ ﻋﺮﻑ ﻫﺬﺍ ﻻﺣﻘﺎ ﺑﻔﺮﺿﻴﺔ ﺍﻟﺘﺪﻓﻖ ﺍﻟﻨﻘﺪﻱ ﺍﳊﺮ ‪.Free Cash Flow Hypothesis‬‬

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‫ﺍﻟﺪﺭﺍﺳﺎﺕ ﺍﻟﺴﺎﺑﻘﺔ ﺑﺎﻟﻠﻐﺔ ﺍﻟﻌﺮﺑﻴﺔ ﻭﺍﻷﺟﻨﺒﻴﺔ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻷﻭﻝ‪:‬‬

‫ﺧﻼﺻﺔ‪:‬‬
‫ﺃﻭﺿﺤﺖ ﺍﻟﺪﺭﺍﺳﺎﺕ ﻣﻦ ﺧﻼﻝ ﺍﻟﺘﺠﺎﺭﺏ ﺃﻥ ﺗﻜﺎﻟﻴﻒ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﺑﻨﻔﻘﺎﺕ ﺍﻷﺷﺮﺍﻑ‬
‫ﻭﺍﳌﺘﺎﺑﻌﺔ ﻣﻦ ﻗﺒﻞ ﺍﻷﻃﺮﺍﻑ ﺍﻷﺻﻠﻴﺔ ﻭﺍﻟﻨﻔﻘﺎﺕ ﺍﳌﺎﻧﻌﺔ ﻣﻦ ﻗﺒﻞ ﺍﻟﻮﻛﻴﻞ ﻭﺍﳋﺴﺎﺋﺮ ﺍﳌﺘﺒﻘﻴﺔ‪.‬‬
‫ﻭﺃﻥ ﺍﻵﻟﻴﺎﺕ ﻭﺍﳌﻌﺎﻳﲑ ﺍﳌﻮﺿﻮﻋﺔ ﳊﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﰲ ﻛﻞ ﺑﻠﺪ ﺗﺘﺄﺛﺮ ﺑﺎﻟﻈﺮﻭﻑ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ‬
‫ﻭﺍﻻﺟﺘﻤﺎﻋﻴﺔ ﻭﺍﻟﺜﻘﺎﻓﻴﺔ ﻭﺍﻟﺴﻴﺎﺳﻴﺔ ﻟﺬﻟﻚ ﺍﻟﺒﻠﺪ‪ ،‬ﻭﻫﺬﺍ ﻳﺆﻛﺪ ﻋﺪﻡ ﻭﺟﻮﺩ ﳕﻮﺫﺝ ﻟﻠﺤﻮﻛﻤﺔ ﳝﻜﻦ ﺃﻥ‬
‫ﻳﻄﺒﻖ ﰲ ﲨﻴﻊ ﺍﻟﺒﻠﺪﺍﻥ‪ ،‬ﳑﺎ ﺣﺪﺍ ﺑﺎﳌﻨﻈﻤﺎﺕ ﺍﻟﺪﻭﻟﻴﺔ ﺍﳌﻌﻨﻴﺔ ﺇﱃ ﻭﺿﻊ ﻣﺒﺎﺩﺉ ﻭﺇﺭﺷﺎﺩﺍﺕ ﻋﺎﻣﺔ ﳊﻮﻛﻤﺔ‬
‫ﺍﻟﺸﺮﻛﺎﺕ ﲝﻴﺚ ﳝﻜﻦ ﻟﻜﻞ ﺑﻠﺪ ﺗﻜﻴﻴﻔﻬﺎ ﲟﺎ ﻳﻨﺴﺠﻢ ﻣﻊ ﻇﺮﻭﻓﻪ ﺍﳋﺎﺻﺔ‪ ،‬ﻛﻤﺎ ﺗﻌﺪ ﺣﻮﻛﻤﺔ‬
‫ﺍﻟﺸﺮﻛﺎﺕ ﻧﻈﺎﻣﺎ ﻳﺮﺗﻜﺰ ﻋﻠﻰ ﳎﻤﻮﻋﺔ ﻣﻦ ﺍﻟﻘﻮﺍﻋﺪ ﻭﺍﳌﻘﻮﻣﺎﺕ ﺍﻷﺳﺎﺳﻴﺔ ﺍﳌﺘﻤﺜﻠﺔ ﺑﺎﳍﻴﻜﻞ ﺍﻟﺘﻨﻈﻴﻤﻲ‬
‫ﻭﻧﻈﺎﻡ ﺍﻹﺩﺍﺭﺓ ﲜﻤﻴﻊ ﻭﻇﺎﺋﻔﻬﺎ ﻛﻤﺎ ﺗﻘﻮﻡ ﻣﻦ ﻗﺒﻞ ﺃﺻﺤﺎﺏ ﺍﳌﺼﺎﱀ ﻋﻠﻰ ﺍﳌﺨﺎﻃﺮ ﻭﺇﺩﺍﺭ‪‬ﺎ ﻭﻣﺮﺍﻗﺒﺘﻬﺎ‬
‫ﻭﺑﺎﻟﺘﺄﻛﻴﺪ ﻋﻠﻰ ﺍﻟﻀﻮﺍﺑﻂ ﺍﻟﺮﻗﺎﺑﻴﺔ ﻟﺘﺠﻨﺐ ﺍﳌﺨﺎﻃﺮ‪ ،‬ﻧﺘﻴﺠﺔ ﻟﺘﻌﺎﺭﺽ ﺍﳌﺼﺎﱀ ﺑﲔ ﺍﻹﺩﺍﺭﺓ ﻭﺍﳌﺎﻟﻜﲔ ﻭﺑﻘﻴﺔ‬
‫ﺃﺻﺤﺎﺏ ﺍﳌﺼﺎﱀ ﰲ ﺍﻟﺸﺮﻛﺔ ﺍﻟﺬﻱ ﳛﺎﻭﻝ ﻛﻞ ﻃﺮﻑ ﺗﻌﻈﻴﻢ ﻣﻨﺎﻓﻌﻪ ﻭﺑﺎﻟﺘﺎﱄ ﻓﺈﻥ ﻋﻤﻠﻴﻪ ﺍﺧﺘﻴﺎﺭ‬
‫ﺍﻟﺴﻴﺎﺳﺔ ﺍﳌﺤﺎﺳﺒﻴﺔ ﺳﺘﻜﻮﻥ ﻣﺘﺄﺛﺮﺓ ﺑﺎﻷﻫﺪﺍﻑ ﺍﻟﺬﺍﺗﻴﺔ ﻟﻺﺩﺍﺭﺓ‪.‬‬

‫~ ‪~ 21‬‬
 ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﱐ‪:‬‬

‫ﻣﺎﻫﻴﺔ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ‬

‫ﻣـﺎﻫﻴﺔ ﻧﻈﺮﻳﺔ ﺍﻟـﻮﻛﺎﻟﺔ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﱐ‪:‬‬

‫ﲤﻬﻴﺪ‪:‬‬
‫ﺑﻌﺪ ﺳﻠﺴﻠﺔ ﺍﻷﺯﻣﺎﺕ ﺍﳌﺎﻟﻴﺔ ﺍﻟﱵ ﺣﺪﺛﺖ ﰲ ﺍﻟﻌﺎﱂ ﰲ ﻓﺘﺮﺓ ﺍﻟﺘﺴﻌﻴﻨﻴﺎﺕ ﻣﻦ ﺍﻟﻘﺮﻥ ﺍﳌﺎﺿﻲ ﻭﺍﻟﱵ‬
‫ﻧﺘﺠﺖ ﻋﻦ ﺳﻮء ﺍﻟﺮﻗﺎﺑﺔ ﻭﻧﻘﺺ ﺍﻟﺸﻔﺎﻓﻴﺔ ﻭﻋﺪﻡ ﺍﻹﻓﺼﺎﺡ ﻋﻦ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﳌﺎﻟﻴﺔ ﻭﺍﳌﺤﺎﺳﺒﻴﺔ ﺍﻟﱵ ﺗﻌﱪ‬
‫ﻋﻦ ﺣﻘﻴﻘﺔ ﻭﺿﻌﻴﺔ ﺍﻟﺸﺮﻛﺎﺕ‪ ،‬ﳑّﺎ ﺃﺩﻯ ﺇﱃ ﺇﻓﻼﺱ ﻭﺍ‪‬ﻴﺎﺭ ﺍﻟﻌﺪﻳﺪ ﻣﻨﻬﺎ‪ ،‬ﺇﺿﺎﻓﺔ ﺇﱃ ﺍﻟﻌﺪﻳﺪ ﻣﻦ ﺍﻟﻌﻮﺍﻣﻞ‬
‫ﻛﺎﻻﻧﻔﺘﺎﺡ ﺍﻟﻌﺎﳌﻲ "ﻋﻮﳌﺔ ﺃﺳﻮﺍﻕ ﺭﺃﺱ ﺍﳌﺎﻝ"‪ ،‬ﻭﻛﺬﺍ ﻇﺎﻫﺮﺓ ﺍﻧﻔﺼﺎﻝ ﺍﳌﻠﻜﻴﺔ ﻋﻦ ﺍﻹﺩﺍﺭﺓ ﺃﻭ ﻛﻤﺎ ﻳﻌﱪ‬
‫ﻋﻨﻬﺎ ﺑـ"ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ" ﻭﻣﺎ ﺍﺣﺘﻮﺕ ﻋﻠﻴﻪ ﻣﻦ ﺗﻀﺎﺭﺏ ﻟﻠﻤﺼﺎﱀ ﺑﲔ ﳐﺘﻠﻒ ﺃﻃﺮﺍﻑ ﺍﻟﺸﺮﻛﺔ‪،‬‬
‫ﻭﻧﺘﻴﺠﺔ ﻟﻜﻞ ﻫﺬﻩ ﺍﻟﻌﻮﺍﻣﻞ ﻭﺍﳌﺸﺎﻛﻞ ﺍﻟﱵ ﺗﻮﺍﺟﻪ ﳐﺘﻠﻒ ﺍﻟﺸﺮﻛﺎﺕ ﻭﺗﻨﻘﺺ ﻣﻦ ﻗﻴﻤﺘﻬﺎ‪ ،‬ﻭﻫﺬﺍ ﻣﺎ‬
‫ﺳﻨﺤﺎﻭﻝ ﺍﻟﺘﻄﺮﻕ ﻟﻪ ﰲ ﻫﺬﺍ ﺍﻟﻔﺼﻞ‪.‬‬

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‫ﻣـﺎﻫﻴﺔ ﻧﻈﺮﻳﺔ ﺍﻟـﻮﻛﺎﻟﺔ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﱐ‪:‬‬

‫ﺍﳌﺒﺤﺚ ﺍﻷﻭﻝ‪ :‬ﺗﻌﺮﻳﻒ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﻭﻧﺸﺄ‪‬ﺎ‬

‫ﺍﳌﻄﻠﺐ ﺍﻷﻭﻝ‪ :‬ﺗﻌﺮﻳﻒ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ‬
‫ﺃﻭﻻً‪ -‬ﺃﺻﻞ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ‪:‬‬
‫ﻳﺮﺟﻊ ﺃﺻﻞ ﻋﻼﻗﺔ ﺍﻟﻮﻛﺎﻟﺔ ﺇﱃ "ﺁﺩﻡ ﲰﻴﺚ" ﻓﻴﻤﺎ ﻳﺘﻌﻠﻖ ﺑﻌﺪﻡ ﻛﻔﺎءﺓ ﺍﻟﺸﺮﻛﺎﺕ ﺫﺍﺕ ﺍﻷﺳﻬﻢ‪ ،‬ﺣﻴﺚ‬
‫ﻳﺘﻢ ﺇﺩﺍﺭ‪‬ﺎ ﻣﻦ ﻗﺒﻞ ﻋﻮﻥ ﻏﲑ ﻣﺎﻟﻚ‪ ،‬ﻭﻫﺬﺍ ﺍﻷﺧﲑ ﻏﲑ ﳏﻔﺰ ﻹﺩﺍﺭﺓ ﺃﻋﻤﺎﻝ ﻻ ﳝﻠﻜﻬﺎ‪ ،‬ﺇﺫ ﺳﻮﻑ‬
‫ﻳﺘﺤﺼﻞ ﻋﻠﻰ ﺃﺟﺮ ﻣﻬﻤﺎ ﻛﺎﻧﺖ ﺍﻟﻨﺘﺎﺋﺞ ﺍﻟﱵ ﳛﻘﻘﻬﺎ ﻭﺍﻟﱵ ﻳﺘﺤﺼﻞ ﻋﻠﻴﻬﺎ ﺍﳌﺴﺎﳘﲔ ﺃﻭ ﺍﳌﻼﻙ‪ .‬ﺣﻴﺚ‬
‫ﻛﺎﻧﺖ ﺗﻔﺘﺮﺽ ﻛﻞ ﻣﻦ "ﻧﻈﺮﻳﺔ ﺍﻟﺘﺤﻜﻴﻢ" ﻭ"ﻧﻈﺮﻳﺔ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺘﺪﺭﳚﻲ" ﺃﻥ ﺍﻹﺩﺍﺭﺓ ﻣﻠﺰﻣﺔ ﺑﺘﺤﻘﻴﻖ‬
‫ﻣﺼﺎﱀ ﺍﳌﺴﺎﳘﲔ‪ ،‬ﳑﺎ ﻳﻌﲏ ﺃﻧﻪ ﻻ ﺗﻮﺟﺪ ﺃﻳﺔ ﻋﻼﻗﺔ ﺻﺮﺍﻉ ﺑﲔ ﺍﳌﺴﺎﳘﲔ ﻭﺍﳌﺴﲑﻳﻦ‪ ،‬ﰲ ﺣﲔ ﺗﺆﻛﺪ‬
‫ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﺃﻥ ﻣﺼﺎﱀ ﺍﻹﺩﺍﺭﺓ ﻗﺪ ﺗﺘﻌﺎﺭﺽ ﻣﻊ ﻣﺼﺎﱀ ﺍﳌﺴﺎﳘﲔ ﺣﱴ ﻭﺇﻥ ﻛﺎﻥ ﺫﻟﻚ ‪‬ﺪﻑ ﺗﻌﻈﻴﻢ‬
‫ﻗﻴﻤﺔ ﺍﳌﺆﺳﺴﺔ‪ ،‬ﻋﻠﻰ ﺍﻋﺘﺒﺎﺭ ﺃﻥ ﻫﺬﺍ ﺍﳍﺪﻑ ﻳﺘﺤﻘﻖ ﺿﻤﻨﻴﴼ ﻣﻦ ﻭﺟﻬﺔ ﻧﻈﺮ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﺑﺘﺤﻘﻴﻖ‬
‫ﺍﳌﺼﻠﺤﺔ ﺍﻟﺸﺨﺼﻴﺔ ﻟﻺﺩﺍﺭﺓ‪.‬‬
‫ﻳﻌﺘﱪ ﺍﻟﻔﺼﻞ ﺑﲔ ﺍﳌﻠﻜﻴﺔ ﻭﺍﻹﺩﺍﺭﺓ ﻣﻦ ﺍﻟﻌﻮﺍﻣﻞ ﺍﻷﺳﺎﺳﻴﺔ ﻟﻈﻬﻮﺭ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ‪ ،‬ﻛﻤﺎ ﺃﻥ ﺍﻟﺘﻮﺳﻊ‬
‫ﺍﻟﻜﺒﲑ ﺍﻟﺬﻱ ﻋﺮﻓﺘﻪ ﺍﳌﺆﺳﺴﺎﺕ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﺧﺼﻮﺻﴼ ﰲ ﻇﻞ ﺍﻟﻌﻮﳌﺔ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ‪ ،‬ﺍﻗﺘﻀﻰ ﺃﻥ ﺗﻮﻛﻞ‬
‫ﺍﳌﺆﺳﺴﺎﺕ ﻣﺴﺆﻭﻟﻴﺔ ﺇﺩﺍﺭ‪‬ﺎ ﺇﱃ ﳎﻠﺲ ﺇﺩﺍﺭﺓ ﻣﻨﺘﺨﺐ‪ ،‬ﺍﻻﻣﺮ ﺍﻟﺬﻱ ﻭﻟﺪ ﺗﻌﺎﺭﺽ ﺍﳌﺼﺎﱀ ﻭﻇﻬﻮﺭ‬
‫ﻣﺸﻜﻠﺔ ﺍﻟﻮﻛﺎﻟﺔ ﺑﲔ ﺍﻷﻃﺮﺍﻑ ﺍﳌﺘﻌﺎﻗﺪﺓ )ﺍﻟﻮﻛﻴﻞ ‪ -‬ﺍﻷﺻﻴﻞ(‪ ،‬ﻓﻘﺪ ﻳﺴﺘﻐﻞ ﺑﻌﺾ ﺍﳌﺪﻳﺮﻳﻦ ﺍﻟﺴﻠﻄﺎﺕ‬
‫ﺍﻟﻮﺍﺳﻌﺔ ﺍﳌﻤﻨﻮﺣﺔ ﳍﻢ ﰲ ﲢﻘﻴﻖ ﻋﻮﺍﺋﺪ ﺧﺎﺻﺔ ‪‬ﻢ ﻭﺍﻟﻘﻴﺎﻡ ﺑﺄﻋﻤﺎﻝ ﻏﲑ ﺃﺧﻼﻗﻴﺔ ﻣﻨﺎﻓﻴﺔ ﻣﻊ ﺍﻷﺳﺲ‬
‫ﺍﻟﻘﺎﻧﻮﻧﻴﺔ‪ ،‬ﻣﺎ ﺃﺩﻯ ﺇﱃ ﺯﻳﺎﺩﺓ ﺍﻻﻫﺘﻤﺎﻡ ﺑﺈﳚﺎﺩ ﻗﻮﺍﻧﲔ ﻭﻗﻮﺍﻋﺪ ﺗﻨﻈﻢ ﺍﻟﻌﻼﻗﺔ ﺑﲔ ﺍﻷﻃﺮﺍﻑ ﰲ‬
‫ﺍﳌﺆﺳﺴﺎﺕ‪ ،‬ﻟﺬﺍ ﺯﺍﺩ ﺍﻻﻫﺘﻤﺎﻡ ﲟﻔﻬﻮﻡ ﺣﻮﻛﻤﺔ ﺍﳌﺆﺳﺴﺎﺕ ﻭﺇﺑﺮﺍﺯ ﺃﳘﻴﺘﻬﺎ ﰲ ﺍﳊﺪ ﺃﻭ ﺍﻟﺘﻘﻠﻴﻞ ﻣﻦ‬
‫ﺍﳌﺸﺎﻛﻞ ﺍﻟﱵ ﻗﺪ ﺗﻨﺸﺄ ﻧﺘﻴﺠﺔ ﺍﻟﻔﺼﻞ ﺑﲔ ﺍﳌﻠﻜﻴﺔ ﻭﺍﻹﺩﺍﺭﺓ‪.1‬‬

‫‪1‬‬
‫‪- Benjamin C, Weinstein O: Les nouvelles théories de l'entreprise, librairie générale‬‬
‫‪française, Paris 1995, P93.‬‬
‫~ ‪~ 24‬‬
‫ﻣـﺎﻫﻴﺔ ﻧﻈﺮﻳﺔ ﺍﻟـﻮﻛﺎﻟﺔ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﱐ‪:‬‬

‫ﺛﺎﻧﻴﴼ‪ -‬ﺗﻌﺮﻳﻒ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ‪:‬‬

‫ﳝﻜﻦ ﺍﻟﺘﻌﺒﲑ ﻋﻦ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﺑﺄ‪‬ﺎ ﺗﻌﻤﻴﻢ ﻟﻨﻈﺮﻳﺔ ﺣﻘﻮﻕ ﺍﳌﻠﻜﻴﺔ ﻭﺗﻌﺮﻑ ﻛﻤﺎﻳﻠﻲ‪:‬‬
‫‪ -‬ﻫﻲ ﻋﻘﺪ ﻳﻠﺠﺄ ﲟﻮﺟﺒﻪ ﻓﺮﺩ ﺃﻭ ﳎﻤﻮﻋﺔ ﺃﻓﺮﺍﺩ – ﺍﻷﺻﻞ – ﺇﱃ ﺧﺪﻣﺎﺕ ﺷﺨﺺ ﺁﺧﺮ ﻟﻴﻨﺠﺰ ﺑﺎﲰﻪ‬
‫ﻋﻤﻞ ﻣﺎ‪ ،‬ﺍﻷﻣﺮ ﺍﻟﺬﻱ ﻳﺘﻄﻠﺐ ﻣﻦ ﺍﻷﺻﻞ ﺗﻔﻮﻳﺾ ﺍﻟﺴﻠﻄﺔ‪.1‬‬
‫ﻭﺣﺲ ﺟﻨﺴﻦ ﻣﻴﻠﻜﻠﻴﻎ "ﳑﺎ ﻳﻨﺸﺊ ﻧﻴﺎﺑﺔ ﰲ ﺳﻠﻄﺔ ﺍﲣﺎﺫ ﺍﻟﻘﺮﺍﺭ ﻟﺪﻯ ﺍﻟﻌﻮﻥ‪ ،‬ﻭﻳﺆﻛﺪ ﺍﻟﺒﺎﺣﺜﺎﻥ ﺃﻥّ ﻋﻼﻗﺔ‬
‫ﺍﳋﻀﻮﻉ ﻟﺲ ﺷﺮﻁ ﺿﺮﻭﺭﻱ ﺑﻞ ﻋﻼﻗﺔ ﺍﻟﻮﻛﺎﻟﺔ ﳝﻜﻦ ﺃﻥ ﺗﻄﺒﻖ ﻋﻠﻰ ﻛﻞ ﻋﻼﻗﺎﺕ ﺍﻟﺘﻌﺎﻭﻥ‪.‬‬
‫‪ -‬ﻫﻲ ﻛﻞ ﺇﺗﻔﺎﻕ ﻳﻨﺘﺞ ﻋﻦ ﻋﻘﺪ ﺑﲔ ﻃﺮﻓﲔ ﺣﺴﺐ "ﺷﺎﺭﻭ ‪.Charreaux‬‬
‫‪ -‬ﻫﻲ ﻛﻞ ﻋﻼﻗﺔ ﺗﻨﺸﺄ ﺑﲔ ﻃﺮﻓﲔ ﻳﻮﻛﻞ ﲟﻮﺟﺒﻬﺎ ﺍﻟﻄﺮﻑ ﺍﻷﻭﻝ – ﺍﻟﻮﻛﻴﻞ – ﻃﺮﻑ ﺛﺎﱐ – ﺍﳌﻮﻛﻞ‬
‫‪ ، -‬ﺑﺘﻨﻔﻴﺬ ﻣﻬﺎﻡ ﻣﻌﻴﻨﺔ ﳊﺴﺎﺑﻪ ﻭﻳﺘﺤﺼﻞ ﺑﺬﻟﻚ ﻋﻠﻰ ﺳﻠﻄﺔ ﺇﲣﺎﺫ ﺍﻟﻘﺮﺍﺭ ﰲ ﺣﺪﻭﺩ ﻣﺎ ﳝﻠﻴﻪ ﺍﻟﻌﻘﺪ‪،‬‬
‫ﺑﻴﻨﻤﺎ ﻳﺘﺤﻤﻞ ﺍﻟﻄﺮﻑ ﺍﻷﻭﻝ ﻧﺘﺎﺋﺞ ﻗﺮﺍﺭﺍﺕ ﺍﻟﻄﺮﻑ ﺍﻟﺜﺎﱐ‪ ،‬ﺇﺫ ﺗﻄﺮﺡ ﻧﻴﺎﺑﺔ ﺍﻟﻌﻮﻥ ﻋﻦ ﺍﳌﺎﻟﻚ ﻣﺸﻜﻠﺔ‬
‫ﺍﻻﻟﺘﺰﺍﻡ ﺍﻟﺘﻌﺎﻗﺪﻱ‪ ،‬ﻭﺍﻟﺬﻱ ﺗﺒﺤﺚ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﰲ ﲢﺪﻳﺪ ﻭﺳﺎﺋﻞ ﺍﻟﺮﻗﺎﺑﺔ ﻋﻨﻪ ﻭﺗﺪﻧﻴﻪ ﺗﻜﺎﻟﻴﻒ ﻫﺬﻩ‬
‫ﺍﻷﺧﲑﺓ ﺇﱃ ﺣﺪﻫﺎ ﺍﻷﺩﱏ‪ ،‬ﻭﻣﻦ ﰒ ﺗﻌﻈﻴﻢ ﻗﻴﻤﺔ ﺍﳌﺆﺳﺴﺔ ﺑﻮﺍﺳﻄﺔ ﻫﻴﻜﻞ ﺍﻟﺘﻤﻮﻳﻞ‪.‬‬
‫ﺍﳌﻄﻠﺐ ﺍﻟﺜﺎﱐ‪ :‬ﻧﺸﺄﺓ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ‬
‫ﻧﺘﻴﺠﺔ ﻟﺘﻌﺎﺭﺽ ﺍﳌﺼﺎﱀ ﺑﲔ ﺍﻹﺩﺍﺭﺓ ﻭﺍﳌﺎﻟﻜﲔ‪ ،‬ﻭﺑﻘﻴﺔ ﺃﺻﺤﺎﺏ ﺍﳌﺼﺎﱀ ﰲ ﺍﻟﺸﺮﻛﺔ ﻭﻋﻠﻰ ﻭﻓﻖ‬
‫ﻣﺒﺪﺃ ﺍﻻﺧﺘﻴﺎﺭ ﺍﻟﻌﻘﻼﱐ ﺍﻟﺬﻱ ﲟﻮﺟﺒﻪ ﳛﺎﻭﻝ ﻛﻞ ﻃﺮﻑ ﺗﻌﻈﻴﻢ ﻣﻨﺎﻓﻌﻪ ﺍﳋﺎﺻﺔ‪ ،‬ﻓﺎﻧﻪ ﻳﺘﻮﻗﻊ ﺃﻥ ﺗﺄﰐ‬
‫ﻋﻤﻠﻴﺔ ﺍﺧﺘﻴﺎﺭ ﺍﻟﺴﻴﺎﺳﺔ ﺍﳌﺤﺎﺳﺒﻴﺔ ﻟﻠﺸﺮﻛﺔ ﻣﺘﺄﺛﺮﺓ ﺑﺎﻷﻫﺪﺍﻑ ﺍﻟﺬﺍﺗﻴﺔ ﻟﻺﺩﺍﺭﺓ‪ ،‬ﺑﺼﺮﻑ ﺍﻟﻨﻈﺮ ﺇﺫﺍ ﻣﺎ‬
‫ﻛﺎﻧﺖ ﺗﻠﻚ ﺍﻷﻫﺪﺍﻑ ﻣﺘﻮﺍﻓﻘﺔ ﺃﻭ ﻏﲑ ﻣﺘﻮﺍﻓﻘﺔ ﻣﻊ ﺃﻫﺪﺍﻑ ﺃﺻﺤﺎﺏ ﺍﳌﺼﺎﱀ ﺁﺧﺮﻳﻦ ﺣﱴ ﻟﻮ ﻛﺎﻥ‬
‫ﺫﻟﻚ ﻋﻠﻰ ﺣﺴﺎﺏ ﺍﻟﺘﻤﺜﻴﻞ ﺍﻟﺼﺎﺩﻕ ﻟﻸﺣﺪﺍﺙ ﻭﺍﻟﻌﻤﻠﻴﺎﺕ ﻣﻦ ﻧﺎﺣﻴﺔ ﺗﻘﺪﱘ ﺍﳌﻌﻠﻮﻣﺎﺕ‪.‬‬
‫ﻟﻘﺪ ﻧﺸﺄﺕ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﻛﻤﺤﺎﻭﻟﺔ ﳊﻞ ﻣﺸﻜﻠﺔ ﺗﻌﺎﺭﺽ ﺍﳌﺼﺎﱀ‪ ،‬ﻭﺫﻟﻚ ﻣﻦ ﺧﻼﻝ ﻧﻈﺮ‪‬ﺎ‬
‫ﺇﱃ ﺍﻟﺸﺮﻛﺔ ﻋﻠﻰ ﺃ‪‬ﺎ ﺳﻠﺴﻠﺔ ﻣﻦ ﺍﻟﺘﻌﺎﻗﺪﺍﺕ ﺍﻻﺧﺘﻴﺎﺭﻳﺔ ﺑﲔ ﺍﻷﻃﺮﺍﻑ ﺍﳌﺨﺘﻠﻔﺔ ﰲ ﺍﻟﺸﺮﻛﺔ‪ ،‬ﻣﻦ ﺷﺎ‪‬ﺎ‬
‫ﺍﳊﺪ ﻣﻦ ﺳﻠﻮﻙ ﺍﻹﺩﺍﺭﺓ ﺑﺘﻔﻀﻴﻞ ﻣﺼﺎﳊﻬﺎ ﺍﻟﺸﺨﺼﻴﺔ ﻋﻠﻰ ﻣﺼﺎﱀ ﺍﻷﻃﺮﺍﻑ ﺍﻷﺧﺮﻯ‪ .‬ﻟﺬﺍ ﺳﻴﺘﻢ‬
‫ﺍﻟﺘﻄﺮﻕ ﰲ ﻫﺬﺍ ﺍﳌﺒﺤﺚ ﺇﱃ ﻣﻔﻬﻮﻡ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ‪ ،‬ﻭﻓﺮﻭﺽ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ‪ ،‬ﻭﻣﺸﺎﻛﻞ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ‬
‫ﻭﺃﳘﻴﺔ ﺍﳊﻮﻛﻤﺔ ﰲ ﲣﻔﻴﺾ ﻣﺸﻜﻠﺔ ﺗﻀﺎﺭﺏ ﺍﳌﺼﺎﱀ‪.‬‬

‫‪1 - Jensen m, Mecking W, theory of the firm managerial behavior, agency costs and capital‬‬
‫‪structure, Op.Cit, P308.‬‬
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‫ﻣـﺎﻫﻴﺔ ﻧﻈﺮﻳﺔ ﺍﻟـﻮﻛﺎﻟﺔ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﱐ‪:‬‬

‫ﻟﻘﺪ ﺃﺣﻠﺖ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﰲ ﺍﻟﻔﻜﺮ ﺍﻻﻗﺘﺼﺎﺩﻱ ﺑﺸﻜﻠﻬﺎ ﺍﻟﺮﲰﻲ ﰲ ﺑﺪﺍﻳﺔ ﺍﻟﺴﺒﻌﻴﻨﺎﺕ ﻣﻦ ﺍﻟﻘﺮﻥ‬
‫ﺍﳌﺎﺿﻲ‪ ،‬ﺇﻻ ﺃﻥ ﺍﳌﻔﺎﻫﻴﻢ ﺍﻟﱵ ﺗﺴﺘﻨﺪ ﺇﻟﻴﻬﺎ ﻫﺬﻩ ﺍﻟﻨﻈﺮﻳﺔ ﺗﻌﻮﺩ ﺇﱃ ﺍﻻﻗﺘﺼﺎﺩﻱ ﺍﳌﻌﺮﻭﻑ‪ 1‬ﻋﻨﺪ ﻣﻨﺎﻗﺸﺘﻪ‬
‫ﳌﺸﻜﻠﺔ ﺍﻟﻔﺼﻞ ﺑﲔ ﺍﳌﻠﻜﻴﺔ ﻭﺍﻟﺴﻴﻄﺮﺓ ﰲ ﻛﺘﺎﺑﻪ ﺛﺮﻭﺓ ﺍﻷﻣﻢ‪.‬‬
‫ﻭﺗﻌﺘﻤﺪ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﻋﻠﻰ ﺍﻟﻌﻼﻗﺎﺕ ﺍﻟﻘﺎﻧﻮﻧﻴﺔ )ﺍﻟﺘﻌﺎﻗﺪﻳﺔ( ﺍﻟﱵ ﲢﻜﻢ ﺃﻃﺮﺍﻑ ﻋﻘﺪ ﺍﻟﻮﻛﺎﻟﺔ‬
‫)ﻋﻼﻗﺔ ﺍﳌﻮﻛﻞ ‪ /‬ﺍﻟﻮﻛﻴﻞ(‪ ،‬ﺣﻴﺚ ﻳﻠﺘﺰﻡ ﺍﻟﻮﻛﻴﻞ ﺑﺘﻤﺜﻴﻞ ﻭﺭﻋﺎﻳﺔ ﻣﺼﺎﱀ ﺍﳌﻮﻛﻞ‪ .‬ﻭﻋﻠﻰ ﺫﻟﻚ ﻓﺎﻧﻪ ﳝﻜﻦ‬
‫ﺍﻟﻨﻈﺮ ﺇﱃ ﺍﻟﺸﺮﻛﺔ ﻋﻠﻰ ﺇ‪‬ﺎ ﺍﺋﺘﻼﻑ ﻟﻌﺪﺩ ﻣﻦ ﻋﻼﻗﺎﺕ ﺍﻟﻮﻛﺎﻟﺔ ﻣﺜﻞ ﻋﻼﻗﺔ ﺍﻹﺩﺍﺭﺓ ﺑﺎﳌﺎﻟﻜﲔ‪ ،‬ﻭﻋﻼﻗﺔ‬
‫ﺍﻹﺩﺍﺭﺓ ﺑﺎﻟﻌﺎﻣﻠﲔ‪ ،‬ﻭﻋﻼﻗﺔ ﺍﳌﺴﺎﳘﲔ ﺑﺎﳌﺪﻗﻖ ﺍﳋﺎﺭﺟﻲ ‪ ......‬ﺍﱁ‪ ، 2‬ﻭﺑﺬﻟﻚ ﻓﺎﻥ ﻋﻼﻗﺔ ﺍﻟﻮﻛﺎﻟﺔ ﻫﻲ‬
‫ﲟﺜﺎﺑﺔ ﻋﻘﺪ ﻳﺸﻐﻞ ﲟﻮﺟﺒﻪ ﺷﺨﺺ ﺃﻭ ﺃﻛﺜﺮ )ﺍﻷﺻﻴﻞ( ﺷﺨﺺ ﺁﺧﺮ ﺃﻭ ﺃﻛﺜﺮ )ﺍﻟﻮﻛﻴﻞ( ﻻﳒﺎﺯ ﺃﻋﻤﺎﻝ‬
‫ﻣﻌﻴﻨﺔ ﻟﺼﺎﳊﻪ ﻳﺘﻀﻤﻦ ﺫﻟﻚ ﲣﻮﻳﻠﻪ ﺻﻼﺣﻴﺔ ﺍﲣﺎﺫ ﺑﻌﺾ ﺍﻟﻘﺮﺍﺭﺍﺕ‪.(3‬‬
‫ﻭ‪‬ﺘﻢ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﲟﺎ ﻳﺴﻤﻰ ﺑﺘﻌﺎﺭﺿﺎﺕ ﺍﻟﻮﻛﺎﻟﺔ )‪ (Agency Conflicts‬ﺃﻭ ﺗﻀﺎﺭﺏ‬
‫ﺍﳌﺼﺎﱀ ﺑﲔ ﺍﻷﺻﻴﻞ ﻭﺍﻟﻮﻛﻴﻞ ﻭﺍﻥ ﻫﺬﻩ ﺍﻟﺘﻌﺎﺭﺿﺎﺕ ﳝﻜﻦ ﻣﻌﺎﳉﺘﻬﺎ ﻋﱪ ﺁﻟﻴﺎﺕ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ‪ ،‬ﺇﺫ‬
‫ﺃﻥ ﺍﻟﻮﻛﻴﻞ ﻻ ﻳﻌﻤﻞ ﺩﺍﺋﻤﺎ ﻋﻠﻰ ﲢﻘﻴﻖ ﻣﺼﺎﱀ ﺍﻷﺻﻴﻞ ﻭﲢﺼﻞ ﻫﺬﻩ ﺍﳌﺸﻜﻠﺔ ﰲ ﻇﻞ ﻇﺮﻭﻑ ﻋﺪﻡ‬
‫ﺗﻨﺎﺳﻖ ﺍﳌﻌﻠﻮﻣﺎﺕ ﻭﻋﺪﻡ ﺗﻜﺎﻣﻠﻬﺎ ﺑﲔ ﺍﻟﻮﻛﻴﻞ ﻭﺍﻷﺻﻴﻞ‪ ،‬ﻭﻗﺪ ﺃﺷﺎﺭ ‪ Mathieu‬ﺇﱃ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ‬
‫ﺑﺄ‪‬ﺎ ﺗﻮﺿﻴﺢ ﻟﻜﻴﻔﻴﺔ ﺗﻨﻈﻴﻢ ﺍﻟﻌﻼﻗﺎﺕ ﺑﲔ ﺃﻃﺮﺍﻑ ﺍﻟﻮﻛﺎﻟﺔ ﺑﺸﻜﻞ ﺃﻓﻀﻞ‪ ،‬ﻭﺍﻟﱵ ﻳﻜﻮﻥ ﻓﻴﻬﺎ ﺍﺣﺪ‬
‫ﺍﻷﻃﺮﺍﻑ )ﺍﻷﺻﻴﻞ( ﳛﺪﺩ ﺍﻟﻌﻤﻞ ﺍﻟﺬﻱ ﻳﻘﻮﻡ ﺑﻪ ﺍﻟﻄﺮﻑ ﺍﻵﺧﺮ ﺍﻟﻮﻛﻴﻞ‪ .4‬ﺃﻣﺎ ﲪﺎﺩ ﻓﻘﺪ ﻭﺻﻒ ﻧﻈﺮﻳﺔ‬
‫ﺍﻟﻮﻛﺎﻟﺔ ﺑﺄ‪‬ﺎ "ﳎﻤﻮﻋﺔ ﻣﻦ ﺍﻟﻌﻼﻗﺎﺕ ﺍﻟﺘﻌﺎﻗﺪﻳﺔ‪ ،‬ﻭﺍﻥ ﻭﺟﻮﺩ ﺍﻟﺸﺮﻛﺎﺕ ﻳﺘﺤﻘﻖ ﻣﻦ ﺧﻼﻝ ﻭﺍﺣﺪ ﺃﻭ‬
‫ﺃﻛﺜﺮ ﻣﻦ ﺍﻟﻌﻘﻮﺩ ﺍﻻﺗﻔﺎﻗﻴﺔ‪ ،‬ﻭﺍﻥ ﻋﻘﻮﺩ ﺍﻻﺳﺘﺨﺪﺍﻡ ﻣﺎ ﻫﻲ ﺇﻻ ﺃﺩﻭﺍﺕ ﲣﺼﻴﺺ ﺍﳌﻮﺍﺭﺩ ﻭﻭﺻﻒ ﺍﻟﻐﺮﺽ‬
‫ﻣﻦ ﻧﺸﺎﻁ ﺍﻟﺸﺮﻛﺎﺕ ﺍﻟﻌﺎﻣﺔ ﻟﻌﻘﻮﺩ ﺍﻟﺘﻮﻇﻴﻒ ﺍﳋﺎﺻﺔ ‪‬ﺎ‪.5‬‬

‫‪1‬‬
‫(‪Adam Smith (Encyclopedia of Business,2008‬‬
‫‪ 2‬ﺍﻟﺸﲑﺍﺯﻱ‪ ،‬ﻋﺒﺎﺱ ﻣﻬﺪﻱ‪ " ،‬ﻧﻈﺮﻳﺔ ﺍﳌﺤﺎﺳﺒﺔ " ‪ ,‬ﺫﺍﺕ ﺍﻟﺴﻼﺳﻞ ﻟﻠﻄﺒﺎﻋﺔ ﻭﺍﻟﻨﺸﺮ‪ ،‬ﺍﻟﻜﻮﻳﺖ‪ 1990 ،‬ﺹ‪(104 :‬‬
‫‪3‬‬
‫‪Padilla , Alexander ,"Agency Theory , Evolution and Austrian Economics 2006.‬‬
‫‪www.Mises.org/journals/Scholar/Padilla6.pdf: p5‬‬
‫‪4‬‬
‫‪Mathien , Jo.Ann , " Agency Frame Work " , Babson College , 1997:p 1‬‬
‫‪ -5‬ﲪﺎﺩ ﻃﺎﺭﻕ ﻋﺒﺪ ﺍﻟﻌﺎﻝ‪ ،‬ﺣﻮﻛﻤﺖ ﺍﻟﺸﺮﻛﺎﺕ‪ ،‬ﺍﻟﺪﺍﺭ ﺍﳉﺎﻣﻌﻴﺔ‪ ،‬ﺍﻟﻘﺎﻫﺮﺓ‪ ،2008 ،‬ﺹ‪.69:‬‬

‫~ ‪~ 26‬‬
‫ﻣـﺎﻫﻴﺔ ﻧﻈﺮﻳﺔ ﺍﻟـﻮﻛﺎﻟﺔ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﱐ‪:‬‬

‫ﻭﻳﺸﲑ ﺍﻟﺘﻤﻴﻤﻲ ﺇﱃ ﺃﻥ ﺍﳍﺪﻑ ﺍﻟﺮﺋﻴﺲ ﻟﻨﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﻫﻮ ﺗﻮﺿﻴﺢ ﻛﻴﻒ ﺗﺼﻤﻢ ﺍﻷﻃﺮﺍﻑ‬
‫ﺍﳌﺘﻌﺎﻗﺪﺓ ﺍﻟﻌﻘﻮﺩ ﻟﺘﻘﻠﻴﻞ ﺍﻟﺘﻜﺎﻟﻴﻒ ﺍﳌﺮﺗﺒﻄﺔ ‪‬ﺎ ﻭﲣﻔﻴﺾ ﺣﺪﺓ ﺍﻟﺘﻀﺎﺭﺏ ﰲ ﺍﳌﺼﺎﱀ ﺑﲔ ﻃﺮﰲ ﻋﻼﻗﺔ‬
‫ﺍﻟﻮﻛﺎﻟﺔ ﻭﳏﺎﻭﻟﺔ ﺭﺑﻂ ﻣﺼﺎﳊﻬﺎ‪ ،‬ﲟﺎ ﳚﻌﻞ ﺍﻟﻮﻛﻴﻞ ﻳﻌﻤﻞ ﳌﺼﻠﺤﺔ ﺍﻷﺻﻴﻞ‪.1‬‬
‫ﺇﻥّ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﺗﻨﻄﻮﻱ ﻋﻠﻰ ﺑﻌﺾ ﺍﻟﺘﻜﺎﻟﻴﻒ ﻟﻸﻃﺮﺍﻑ ﺍﻷﺻﻠﻴﺔ ﻭﳝﻜﻦ ﺃﻥ ﺗﺼﻨﻒ ﻛﺎﻵﰐ‪:2‬‬
‫‪ .1‬ﻧﻔﻘﺎﺕ ﺍﻹﺷﺮﺍﻑ ﻭﺍﳌﺘﺎﺑﻌﺔ ﻣﻦ ﻗﺒﻞ ﺍﻷﻃﺮﺍﻑ ﺍﻷﺻﻠﻴﺔ‪.‬‬
‫‪ .2‬ﺍﻟﻨﻔﻘﺎﺕ ﺍﳌﺎﻧﻌﺔ ﻣﻦ ﻗﺒﻞ ﺍﻟﻮﻛﻴﻞ‪.‬‬
‫‪ .3‬ﺍﳋﺴﺎﺋﺮ ﺍﳌﺘﺒﻘﻴﺔ‪.‬‬
‫ﻭﻗﺪ ﻓﺴﺮ ‪ Watts‬ﻫﺬﻩ ﺍﻟﺘﻜﺎﻟﻴﻒ‪ ،‬ﺇﺫ ﺃﻥ ﻧﻔﻘﺎﺕ ﺍﻹﺷﺮﺍﻑ ﻭﺍﳌﺘﺎﺑﻌﺔ ﻫﻲ ﺗﻜﺎﻟﻴﻒ ﺗﻨﻔﻖ ﻣﻦ‬
‫ﻗﺒﻞ ﺍﻟﻄﺮﻑ ﺍﻷﺻﻠﻲ ﻟﺮﻗﺎﺑﺔ ﻭﺳﻠﻮﻙ ﺍﻟﻌﻤﻴﻞ ﻣﺜﻞ ﺗﻜﺎﻟﻴﻒ ﻗﻴﺎﺱ ﻭﻣﻼﺣﻈﺔ ﺳﻠﻮﻙ ﺍﻟﻌﻤﻴﻞ‪ ،‬ﻭﺗﻜﺎﻟﻴﻒ‬
‫ﻭﻣﻨﻊ ﺳﻴﺎﺳﺎﺕ ﺍﻟﺘﻌﻮﻳﺾ‪ ،‬ﻭﻳﻘﺼﺪ ﺑﺎﻟﺘﻜﺎﻟﻴﻒ ﺍﳌﺎﻧﻌﺔ ﻣﻦ ﻗﺒﻞ ﺍﻟﻮﻛﻴﻞ ﻓﻬﻲ ﺍﻧﻪ ﻫﻨﺎﻙ ﺩﻭﺍﻓﻊ ﻟﺪﻯ‬
‫ﺍﻟﻮﻛﻴﻞ ﺗﺪﻓﻌﻪ ﻟﻺﻧﻔﺎﻕ ﻟﻀﻤﺎﻥ ﺃﻻ ﻳﻘﻮﻡ ﺑﺒﻌﺾ ﺍﻟﺘﺼﺮﻓﺎﺕ‪ ،‬ﻭﺃﺧﲑﺍ ﺣﱴ ﰲ ﻇﻞ ﻧﻔﻘﺎﺕ ﺍﻹﺷﺮﺍﻑ‬
‫ﻭﺍﳌﺘﺎﺑﻌﺔ ﻣﻦ ﻗﺒﻞ ﺍﻟﻮﻛﻴﻞ ﺳﺘﺨﺘﻠﻒ ﺍﻟﺘﺼﺮﻓﺎﺕ ﺍﻟﱵ ﻳﻘﻮﻡ ‪‬ﺎ ﺍﻟﻮﻛﻴﻞ ﻋﻦ ﺍﻟﺘﺼﺮﻓﺎﺕ ﺍﻟﱵ ﺳﻴﻘﻮﻡ ‪‬ﺎ‬
‫ﺍﻟﻄﺮﻑ ﺍﻷﺻﻠﻲ ﺷﺨﺼﻴﺎ‪ ،‬ﺇﺫ ﺃﻥ ﻫﺬﺍ ﺍﻻﺧﺘﻼﻑ ﰲ ﺍﻟﺘﺼﺮﻓﺎﺕ ﻋﻠﻰ ﺍﻟﺜﺮﻭﺓ ﻫﻲ ﺍﳋﺴﺎﺋﺮ ﺍﳌﺘﺒﻘﻴﺔ‪.‬‬
‫ﻳﺘﻀﺢ ﳑﺎ ﺗﻘﺪﻡ ﺑﺎﻥ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﺗﺒﺤﺚ ﰲ ﻓﻬﻢ ﺃﺳﺒﺎﺏ ﺗﻀﺎﺭﺏ ﺍﳌﺼﺎﱀ ﻭﻧﺘﺎﺋﺠﻬﺎ‪ ،‬ﺇﺫ‬
‫ﺗﺼﻒ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﺍﻟﺸﺮﻛﺔ ﻛﺴﻠﺴﻠﺔ ﻋﻘﻮﺩ ﺑﲔ ﺍﻷﺻﻴﻞ ﻭﺍﻟﻮﻛﻴﻞ‪ ،‬ﳛﺮﺻﻮﻥ ﻋﻠﻰ ﻣﺼﺎﳊﻬﻢ ﺩﻭﳕﺎ‬
‫ﺍﻋﺘﺒﺎﺭ ﻣﺼﺎﱀ ﺍﻵﺧﺮﻳﻦ‪.‬‬
‫ﻭﺑﺮﺯﺕ ﺃﳘﻴﺔ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﰲ ﺍﻟﺒﺤﻮﺙ ﺍﻟﻨﻈﺮﻳﺔ ﻟﻠﻤﺤﺎﺳﺒﺔ ﺍﻹﺩﺍﺭﻳﺔ ﻧﻈﺮﺍ ﻻﺣﺘﻤﺎﻻﺕ‬
‫ﺍﻟﺘﻌﺎﺭﺽ ﺑﲔ ﺍﻟﻮﻛﻼء ﻭﺍﻻﺻﻼء ﳑﺎ ﻳﺆﺩﻱ ﺇﱃ ﺃﻥ ﺃﺻﺤﺎﺏ ﺭﺃﺱ ﺍﳌﺎﻝ )ﺍﻻﺻﻼء( ﰲ ﺣﺎﺟﺔ ﺇﱃ‬
‫ﺍﺳﺘﻌﻤﺎﻝ ﺍﻟﻮﺳﺎﺋﻞ ﺍﻟﱵ ﲤﻜﻨﻬﻢ ﻣﻦ ﻣﺮﺍﻗﺒﺔ ﻭﻣﺘﺎﺑﻌﺔ ﻣﺪﻯ ﻭﻓﺎء ﺍﻹﺩﺍﺭﺓ ﺑﺎﻟﺘﻜﻠﻴﻒ ﺍﳌﺤﺪﺩ ﰲ ﻋﻘﺪ‬
‫ﺍﻟﻮﻛﺎﻟﺔ‪ .‬ﻭﻫﺬﺍ ﺃﺩﻯ ﺇﱃ ﺍﳌﻄﺎﻟﺒﺔ ﺑﺎﻟﺘﺪﻗﻴﻖ ﺍﳋﺎﺭﺟﻲ ﻟﻠﺘﻘﺎﺭﻳﺮ ﺍﳌﺤﺎﺳﺒﻴﺔ ﺍﻟﺪﻭﺭﻳﺔ‪ ،‬ﻭﺗﺼﻤﻴﻢ ﻧﻈﺎﻡ ﺍﳊﻮﺍﻓﺰ‬
‫ﺍﻹﺩﺍﺭﻳﺔ‪ ،‬ﺇﺫ ﺍﻧﻪ ﻳﺘﻢ ﺍﻟﺮﺑﻂ ﺑﻴﻢ ﻣﺼﺎﱀ ﺍﻹﺩﺍﺭﺓ ﻭﻣﺼﺎﱀ ﺍﳌﺎﻟﻜﲔ ﻭﺫﻟﻚ ﻋﻦ ﻃﺮﻳﻖ ﺣﺴﺎﺏ ﻣﻜﺎﻓﺂﺕ‬
‫ﺍﻹﺩﺍﺭﺓ ﻋﻠﻰ ﺃﺳﺎﺱ ﺍﻟﺮﺑﺢ ﺍﳌﺤﺎﺳﱯ‪ 3‬ﻭﲢﺪﻳﺪ ﻣﻌﺎﻳﲑ ﻭﻣﺆﺷﺮﺍﺕ ﻟﻘﻴﺎﺱ ﺍﻷﺩﺍء ﲟﺎ ﻳﻀﻤﻦ ﻟﻠﻤﺎﻟﻜﲔ ﺑﺎﻥ‬

‫‪ -1‬ﺍﻟﺘﻤﻴﻤﻲ‪ ،‬ﻋﺒﺎﺱ ﲪﻴﺪ ﳛﻲ‪ ،‬ﺍﺛﺮ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﰲ ﺍﻟﺘﻄﺒﻴﻘﺎﺕ ﺍﳌﺤﺎﺳﺒﻴﺔ ﻭﺍﳊﻮﻛﻤﺔ ﰲ ﺍﻟﺸﺮﻛﺎﺕ ﺍﳌﻤﻠﻮﻛﺔ ﻟﻠﺪﻭﻟﺔ ‪ -‬ﺩﺭﺍﺳﺔ ﻣﻴﺪﺍﻧﻴﺔ ﰲ ﻋﻴﻨﺔ ﻣﻦ‬
‫ﺍﻟﺸﺮﻛﺎﺕ ﺍﻟﻌﺮﺍﻗﻴﺔ "‪ ،‬ﺃﻃﺮﻭﺣﺔ ﺩﻛﺘﻮﺭﺍﻩ ﻏﲑ ﻣﻨﺸﻮﺭﺓ ﰲ ﻓﻠﺴﻔﺔ ﺍﳌﺤﺎﺳﺒﺔ‪ ،‬ﻛﻠﻴﺔ ﺍﻹﺩﺍﺭﺓ ﻭﺍﻻﻗﺘﺼﺎﺩ‪ ،‬ﺟﺎﻣﻌﺔ ﺑﻐﺪﺍﺩ‪ ،2008 ،‬ﺹ‪.25:‬‬
‫‪ -2‬ﺷﺮﻭﻳﺪﺭ‪ ،‬ﺭﻳﺘﺸﺎﺩ ﻭﮐﻼﻙ‪ ،‬ﻣﺎﺭﺗﻦ ﻭﻛﺎﺋﻲ‪ ،‬ﺟﺎﻙ‪ " ،‬ﻧﻈﺮﻳﺔ ﺍﳌﺤﺎﺳﺒﺔ "‪ ،‬ﺗﺮﲨﺔ ﻭﺗﻌﺮﻳﺐ ﺧﺎﻟﺪ ﻋﻠﻲ ﺍﲪﺪ ﻭﻓﺎﻝ‪ ،‬ﺇﺑﺮﺍﻫﻴﻢ ﻭﻟﺪ ﳏﻤﺪ‪ ،‬ﺩﺍﺭ ﺍﳌﺮﻳﺦ‪،‬‬
‫ﺍﻟﺴﻌﻮﺩﻳﺔ‪ ،2006 ،‬ﺹ‪-‬ﺹ‪.164-163 :‬‬
‫‪ 3‬ﺍﻟﺸﲑﺍﺯﻱ‪ ،‬ﻋﺒﺎﺱ ﻣﻬﺪﻱ‪ " ،‬ﻧﻈﺮﻳﺔ ﺍﳌﺤﺎﺳﺒﺔ " ‪ ,‬ﺫﺍﺕ ﺍﻟﺴﻼﺳﻞ ﻟﻠﻄﺒﺎﻋﺔ ﻭﺍﻟﻨﺸﺮ‪ ،‬ﺍﻟﻜﻮﻳﺖ‪ 1990 ،‬ﺹ‪(105-104 ::‬‬

‫~ ‪~ 27‬‬
‫ﻣـﺎﻫﻴﺔ ﻧﻈﺮﻳﺔ ﺍﻟـﻮﻛﺎﻟﺔ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﱐ‪:‬‬

‫ﺍﻹﺩﺍﺭﺓ ﻗﺪ ﺍﲣﺬﺕ ﺍﻷﻓﻌﺎﻝ ﻧﻴﺎﺑﺔ ﻋﻨﻬﻢ ﻭﲟﺎ ﻳﺘﻔﻖ ﻣﻊ ﻣﺼﺎﳊﻬﻢ ﻭﺍﻟﱵ ﻣﻦ ﺍﳌﻤﻜﻦ ﺃﻥ ﻳﺘﺨﺬﻭﻫﺎ‬
‫ﺑﻮﺻﻔﻬﻢ ﻣﺘﺨﺬﻱ ﻗﺮﺍﺭ‪ ،‬ﻭﻣﻦ ﺍﳌﻌﺎﻳﲑ ﺍﳌﺴﺘﻌﻤﻠﺔ ﻣﻌﺪﻝ ﺍﻟﻌﺎﺋﺪ ﻋﻠﻰ ﺭﺃﺱ ﺍﳌﺎﻝ ﺍﳌﺴﺘﺜﻤﺮ‪ ،‬ﻭﺍﻟﺪﺧﻞ‬
‫ﺍﳌﺘﺒﻘﻲ‪ ،‬ﻭﺍﻟﻌﺎﺋﺪ ﻋﻠﻰ ﺍﳌﺒﻴﻌﺎﺕ‪ ،‬ﻭﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﺍﳌﻀﺎﻓﺔ‪ ،‬ﻭﺑﻄﺎﻗﺔ ﺍﻷﺩﺍء ﺍﳌﺘﻮﺍﺯﻥ‪ ،‬ﻓﻀﻼً ﻋﻦ ﺫﻟﻚ‬
‫ﻓﺎﻥ ﺍﻹﺩﺍﺭﺓ ﻳﻨﺒﻐﻲ ﺃﻥ ‪‬ﺘﻢ ﲟﺼﺎﱀ ﺃﺻﺤﺎﺏ ﺭﺃﺱ ﺍﳌﺎﻝ ﻭﺑﺚ ﺍﻟﺜﻘﺔ ﻟﺪﻳﻬﻢ ﻣﻦ ﺧﻼﻝ ﺍﲣﺎﺫ ﺑﻌﺾ‬
‫ﺍﻹﺟﺮﺍءﺍﺕ ﺍﻟﱵ ﺗﻌﺰﺯ ﺛﻘﺘﻬﻢ ﺑﺎﻹﺩﺍﺭﺓ ﻣﻦ ﺧﻼﻝ ﻗﻴﺎﻡ ﺍﻷﺧﲑﺓ ﺑﻮﺿﻊ ﺍﳌﻮﺍﺯﻧﺎﺕ ﻭﲢﺪﻳﺪ ﺍﳊﺪﻭﺩ ﺍﻟﻌﻠﻴﺎ‬
‫ﻟﻺﻧﻔﺎﻕ ﻭﺍﻟﺘﺄﻣﲔ ﻋﻠﻰ ﺍﳌﻤﺘﻠﻜﺎﺕ ﻭﻭﺿﻊ ﺍﻹﺟﺮﺍءﺍﺕ ﺍﻟﺴﻠﻴﻤﺔ ﻟﻨﻈﻢ ﺍﻟﺮﻗﺎﺑﺔ ﺍﻟﺪﺍﺧﻠﻴﺔ‪.1‬‬

‫‪) 1‬ﺍﳉﺒﻮﺭﻱ‪ ،‬ﻧﺼﻴﻒ ﺟﺎﺳﻢ ﳏﻤﺪ‪ ،‬ﻣﻔﺎﻫیﻢ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﻭﺍﻧﻌﻜﺎﺳﺎ‪‬ﺎ ﻋﻠﻰ ﻧﻈﻢ ﻗﻴﺎﺱ ﺍﻷﺩﺍء ﻭﺍﳊﻮﺍﻓﺰ ﰲ ﺑﻌﺾ ﺍﻟﺸﺮﻛﺎﺕ ﺍﳌﺴﺎﳘﺔ ﺍﻟﻌﺮﺍﻗﻴﺔ "‪،‬‬
‫ﺃﻃﺮﻭﺣﺔ ﺩﻛﺘﻮﺭﺍﻩ ﻏﲑ ﻣﻨﺸﻮﺭﺓ ﰲ ﻓﻠﺴﻔﺔ ﺍﳌﺤﺎﺳﺒﺔ‪ ،‬ﻛﻠﻴﺔ ﺍﻹﺩﺍﺭﺓ ﻭﺍﻻﻗﺘﺼﺎﺩ‪ ،‬ﺟﺎﻣﻌﺔ ﺑﻐﺪﺍﺩ‪ 1999 ،‬ﺹ‪(11 :‬‬

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‫ﻣـﺎﻫﻴﺔ ﻧﻈﺮﻳﺔ ﺍﻟـﻮﻛﺎﻟﺔ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﱐ‪:‬‬

‫ﺍﳌﺒﺤﺚ ﺍﻟﺜﺎﱐ‪ :‬ﻓﺮﺿﻴﺎﺕ ﻭﻣﺸﺎﻛﻞ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ‬

‫‪‬ﺘﻢّ ﻧﻈﺮﻳّﺔ ﺍﻟﻮﻛﺎﻟﺔ ﰲ ﻣُﺘﺎﺑﻌﺔ ﻃﺒﻴﻌﺔ ﺍﳋﻼﻓﺎﺕ ﺍﻟﻈﺎﻫﺮﺓ ﻧﺘﻴﺠﺔً ﻟﻠﺮﻏﺒﺎﺕ ﺃﻭ ﺍﻷﻫﺪﺍﻑ ﺍﳋﺎﺻّﺔ ﰲ‬
‫ﺍﻟﻮﻛﻴﻞ ﻭﺍﳌُﻮﻛِّﻞ‪ ،‬ﻭﻗﺪ ﲢﺪﺙ ﻫﺬﻩ ﺍﳋﻼﻓﺎﺕ ﺑﺴﺒﺐ ﻋﺪﻡ ﻣﻌﺮﻓﺔ ﺍﳌُﻮﻛِّﻞ ﺑﺎﻟﺘﺼﺮﻓﺎﺕ ﺃﻭ ﺍﻟﻘﺮﺍﺭﺍﺕ‬
‫ﺍﻟﺼّﺎﺩﺭﺓ ﻋﻦ ﺍﻟﻮﻛﻴﻞ‪ ،‬ﻣﺜﻞ ﺃﻥ ﻳﺮﻯ ﺍﳌﺪﻳﺮ ﺍﻟﺘﻨﻔﻴﺬﻱ ﻟﻠﺸﺮﻛﺔ ﺑﺄﻧّﻪ ﻣﻦ ﺍﻟﻀﺮﻭﺭﻱّ ﺍﳌﺸﺎﺭﻛﺔ ﰲ ﺍﻷﻋﻤﺎﻝ‬
‫ﺍﻟﺘﺠﺎﺭﻳّﺔ ﺿﻤﻦ ﺃﺳﻮﺍﻕ ﻣُﺘﻨﻮّﻋﺔ ﻣﻦ ﺧﻼﻝ ﺯﻳﺎﺩﺓ ﺍﻹﻧﺘﺎﺝ ﺍﳌُﻌﺘَﻤﺪ ﻋﻠﻰ ﺭﻓﻊ ﺍﻟﺘﻜﺎﻟﻴﻒ ﺍﻹﻧﺘﺎﺟﻴّﺔ؛ ﻣﻦ‬
‫ﺃﺟﻞ ﺍﳌُﺴﺎﳘﺔ ﰲ ﺍﳊﺼﻮﻝ ﻋﻠﻰ ﺃﺭﺑﺎﺡ ﺃﻋﻠﻰ ﰲ ﺍﳌﺴﺘﻘﺒﻞ‪ ،‬ﺑﻴﻨﻤﺎ ﻳﺮﻏﺐ ﺍﳌُﺴﺎﳘﻮﻥ ﰲ ﳕﻮّ ﺭﺃﺱ ﺍﳌﺎﻝ‬
‫ﺍﳊﺎﱄّ ﺑﺪﻻً ﻣﻦ ﺩﻓﻊ ﺗﻜﺎﻟﻴﻒ ﺇﻧﺘﺎﺝ ﺇﺿﺎﻓﻴّﺔ‪.‬‬
‫ﻭ‪‬ﺘﻢّ ﻧﻈﺮﻳّﺔ ﺍﻟﻮﻛﺎﻟﺔ ﰲ ﻣُﺘﺎﺑﻌﺔ ﻃﺒﻴﻌﺔ ﺍﳋﻼﻓﺎﺕ ﺍﻟﻈﺎﻫﺮﺓ ﻧﺘﻴﺠﺔً ﻟﻠﺮﻏﺒﺎﺕ ﺃﻭ ﺍﻷﻫﺪﺍﻑ ﺍﳋﺎﺻّﺔ‬
‫ﰲ ﺍﻟﻮﻛﻴﻞ ﻭﺍﳌُﻮﻛِّﻞ‪ ،‬ﻭﻗﺪ ﲢﺪﺙ ﻫﺬﻩ ﺍﳋﻼﻓﺎﺕ ﺑﺴﺒﺐ ﻋﺪﻡ ﻣﻌﺮﻓﺔ ﺍﳌُﻮﻛِّﻞ ﺑﺎﻟﺘﺼﺮﻓﺎﺕ ﺃﻭ ﺍﻟﻘﺮﺍﺭﺍﺕ‬
‫ﺍﻟﺼّﺎﺩﺭﺓ ﻋﻦ ﺍﻟﻮﻛﻴﻞ‪ ،‬ﻣﺜﻞ ﺃﻥ ﻳﺮﻯ ﺍﳌﺪﻳﺮ ﺍﻟﺘﻨﻔﻴﺬﻱ ﻟﻠﺸﺮﻛﺔ ﺑﺄﻧّﻪ ﻣﻦ ﺍﻟﻀﺮﻭﺭﻱّ ﺍﳌﺸﺎﺭﻛﺔ ﰲ ﺍﻷﻋﻤﺎﻝ‬
‫ﺍﻟﺘﺠﺎﺭﻳّﺔ ﺿﻤﻦ ﺃﺳﻮﺍﻕ ﻣُﺘﻨﻮّﻋﺔ ﻣﻦ ﺧﻼﻝ ﺯﻳﺎﺩﺓ ﺍﻹﻧﺘﺎﺝ ﺍﳌُﻌﺘَﻤﺪ ﻋﻠﻰ ﺭﻓﻊ ﺍﻟﺘﻜﺎﻟﻴﻒ ﺍﻹﻧﺘﺎﺟﻴّﺔ؛ ﻣﻦ‬
‫ﺃﺟﻞ ﺍﳌُﺴﺎﳘﺔ ﰲ ﺍﳊﺼﻮﻝ ﻋﻠﻰ ﺃﺭﺑﺎﺡ ﺃﻋﻠﻰ ﰲ ﺍﳌﺴﺘﻘﺒﻞ‪ ،‬ﺑﻴﻨﻤﺎ ﻳﺮﻏﺐ ﺍﳌُﺴﺎﳘﻮﻥ ﰲ ﳕﻮّ ﺭﺃﺱ ﺍﳌﺎﻝ‬
‫ﺍﳊﺎﱄّ ﺑﺪﻻً ﻣﻦ ﺩﻓﻊ ﺗﻜﺎﻟﻴﻒ ﺇﻧﺘﺎﺝ ﺇﺿﺎﻓﻴّﺔ‪.‬‬
‫ﻛﻤﺎ ﺗﻌﺘﻤﺪ ﻧﻈﺮﻳّﺔ ﺍﻟﻮﻛﺎﻟﺔ ﻋﻠﻰ ﳎﻤﻮﻋﺔ ﻣﻦ ﺍﳌﺒﺎﺩﺉ‪ ،‬ﻭﺍﻟﱵ ﻗﺪ ﺗُﺆﺩّﻱ ﺇﱃ ﺣﺪﻭﺙ ﺧﻼﻓﺎﺕ‬
‫ﺗﺘﻌﻠﻖ ﺑﺎﺳﺘﺮﺍﺗﻴﺠﻴّﺔ ﻭﺗﻨﺴﻴﻖ ﺍﻟﻌﻤﻞ‪ ،‬ﻭﻣﻦ ﺃﻫﻢّ ﻫﺬﻩ ﺍﳌﺒﺎﺩﺉ ﺍﺧﺘﻼﻑ ﺗﻔﻀﻴﻼﺕ ﺍﻟﻮﻛﻼء ﻋﻦ ﺍﳌُﺴﺎﳘﲔ‬
‫ﰲ ﺑﻴﺌﺔ ﺍﻟﻌﻤﻞ‪ .‬ﺣﺼﻮﻝ ﺍﻟﻮﻛﻼء ﻋﻠﻰ ﺣﻮﺍﻓﺰ ﻣُﺨﺘﻠﻔﺔ ﻋﻦ ﺍﳌُﺴﺎﳘﲔ؛ ﺃﻱّ ﻗﺪ ﺗﻜﻮﻥ ﺣﺼّﺔ ﺍﻟﻮﻛﻴﻞ‬
‫ﻣُﺨﺘﻠﻔﺔ ﰲ ﺍﻟﻘﻴﻤﺔ ﺃﻭ ﺍﻟﻨﺴﺒﺔ ﺍﳋﺎﺻّﺔ ﰲ ﺍﳊﺼﻮﻝ ﻋﻠﻰ ﺍﳊﻮﺍﻓﺰ ﻣُﻘﺎﺭﻧﺔً ﺑﺎﳌُﺴﺎﻫﻢ‪ .‬ﻋﺪﻡ ﻗﻴﺎﻡ ﺍﻟﻮﻛﻼء‬
‫ﺑﺘﻮﻓﲑ ﺍﳌﻌﻠﻮﻣﺎﺕ ﻟﻠﻤُﺴﺎﳘﲔ ﺣﻮﻝ ﺍﻟﻌﻤﻞ‪ ،‬ﻭﺍﻟﻌﻜﺲ ﺻﺤﻴﺢ‪.‬‬

‫~ ‪~ 29‬‬
 ‫ﻣـﺎﻫﻴﺔ ﻧﻈﺮﻳﺔ ﺍﻟـﻮﻛﺎﻟﺔ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﱐ‪:‬‬

‫ﺍﳌﻄﻠﺐ ﺍﻷﻭﻝ‪ :‬ﻓﺮﺿﻴﺎﺕ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ‬

‫ﺗﻘﻮﻡ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﻋﻠﻰ ﳎﻤﻮﻋﺔ ﻣﻦ ﺍﻟﻔﺮﺿﻴﺎﺕ ﻭﻫﻲ‪:‬‬
‫ﺃﻭﻻ‪ :‬ﻓﺮﺿﻴﺔ ﻛﻔﺎءﺓ ﺍﻟﺴﻮﻕ‪:‬‬
‫ﺗﺮﺗﺒﻂ ﻛﻔﺎءﺓ ﺍﻟﺴﻮﻕ ﺍﳌﺎﻟﻴﺔ ﺑﺎﻷﺳﺎﺱ ﺑﺎﻟﻌﻼﻗﺔ ﺑﲔ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻮﻗﻴﺔ ﻟﻸﺩﻭﺍﺕ ﺍﳌﺎﻟﻴﺔ ﻭﻻﺳﻴﻤﺎ‬
‫ﺍﻷﺳﻬﻢ ﺍﻟﻌﺎﺩﻳﺔ ﻭﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﳌﺘﺎﺣﺔ ﻭﻣﺪﻯ ﺍﻧﻌﻜﺎﺱ ﺗﻠﻚ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺑﺎﻟﻘﻴﻤﺔ ﺍﻟﺴﻮﻗﻴﺔ ﻟﻸﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ‬
‫ﺑﺸﻜﻞ ﻛﺎﻣﻞ ﻭﺳﺮﻳﻊ ﻭﻣﻮﺿﻮﻋﻲ‪ 1‬ﺳﻮﺍء ﻛﺎﻧﺖ ﻫﺬﻩ ﺍﳌﻌﻠﻮﻣﺎﺕ ﻣﺴﺘﻨﺒﻄﺔ ﻣﻦ ﺍﻟﻘﻮﺍﺋﻢ ﺍﳌﺎﻟﻴﺔ ﺃﻭ ﰲ‬
‫ﲢﻠﻴﻼﺕ ﺃﻭ ﺗﻘﺎﺭﻳﺮ ﻋﻦ ﺃﺩﺍء ﺍﻟﺸﺮﻛﺎﺕ‪ .‬ﻭﺍﺗﻔﻖ ﺍﻟﻌﺪﻳﺪ ﻣﻦ ﺍﻟﻜﺘﺎﺏ ﻋﻠﻰ ﺗﻌﺮﻳﻒ ﺍﻟﺴﻮﻕ ﺍﳌﺎﻟﻴﺔ‬
‫ﺍﻟﻜﻔﻮءﺓ ﺑﺄ‪‬ﺎ "ﺍﻟﺴﻮﻕ ﺍﻟﱵ ﺗﻨﻌﻜﺲ ﺑﺎﻟﻘﻴﻤﺔ ﺍﻟﺴﻮﻗﻴﺔ ﻟﻸﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ‪ ،‬ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﳌﺘﺎﺣﺔ ﲨﻴﻌﻬﺎ‪ ،‬ﺇﺫ ﻻ‬
‫ﳝﻜﻦ ﻷﻱ ﻣﺸﺘﺮﻙ ﰲ ﺍﻟﺴﻮﻕ ﻣﻦ ﲢﻘﻴﻖ ﻋﻮﺍﺋﺪ ﻏﲑ ﺍﻋﺘﻴﺎﺩﻳﺔ"‪.2‬‬
‫ﻭﻫﻨﺎﻙ ﳎﻤﻮﻋﺔ ﻣﻦ ﺍﻷﲝﺎﺙ ﺗﺆﻛﺪ ﺑﺄﻥ ﺃﺳﻌﺎﺭ ﺍﻷﺳﻬﻢ ﺗﺘﻐﲑ ﺑﺴﺮﻋﺔ ﻭﺑﺸﻜﻞ ﺻﺤﻴﺢ ﰲ ﺿﻮء‬
‫ﻇﻬﻮﺭ ﻣﻌﻠﻮﻣﺎﺕ ﺟﺪﻳﺪﺓ ﻭﻫﺬﺍ ﻣﺎ ﻳﻄﻠﻖ ﻋﻠﻴﻪ ﺑﻔﺮﺽ ﺍﻟﺴﻮﻕ ﺍﻟﻜﻔﻮء‪ .‬ﻭﺗﺄﰐ ﻫﺬﻩ ﺍﻻﺳﺘﺠﺎﺑﺔ ﺍﻟﻔﻮﺭﻳﺔ‬
‫ﻧﺘﻴﺠﺔ ﻟﻮﺟﻮﺩ ﳎﻤﻮﻋﺔ ﻣﻦ ﺍﳌﺴﺘﺜﻤﺮﻳﻦ ﻋﻠﻰ ﻭﻋﻲ ﻛﺎﻑ ﺑﺪﻻﻟﺔ ﺍﻷﺭﻗﺎﻡ ﺍﳌﺤﺎﺳﺒﻴﺔ ﻭﺑﺎﻟﺘﺎﱄ ﳝﻜﻨﻬﻢ‬
‫ﺇﺩﺭﺍﻙ ﺍﺛﺮ ﺍﻟﻄﺮﺍﺋﻖ ﺍﳌﺤﺎﺳﺒﻴﺔ ﺍﻟﺒﺪﻳﻠﺔ ﰲ ﻫﺬﻩ ﺍﻷﺭﻗﺎﻡ‪ 3‬ﻭﺑﻌﺒﺎﺭﺓ ﺃﻛﺜﺮ ﻭﺿﻮﺣﴼ ﺃﻥ ﺍﻟﺴﻮﻕ ﻻ ﳜﺪﻉ ﺍﺑﺪﺃ‬
‫ﲟﻜﺎﺋﺪ ﺍﳌﺤﺎﺳﺒﺔ‪ ،‬ﻭﻳﺴﺘﻄﻴﻊ ﺃﻥ ﻳﺪﺭﻙ ﺣﻘﻴﻘﺔ ﺃﻱ ﳏﺎﻭﻟﺔ ﻟﻠﺘﻀﻠﻴﻞ‪ .‬ﻭﻳﺴﺘﻨﺪ ﻓﺮﺽ ﺍﻟﺴﻮﻕ ﺍﻟﻜﻔﻮء‬
‫ﻋﻠﻰ‪:4‬‬
‫‪ .1‬ﺃﻥ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﳌﺤﺎﺳﺒﻴﺔ ﲡﻌﻞ ﻣﻦ ﺍﳌﻤﻜﻦ ﻟﻸﺳﻮﺍﻕ ﲢﺪﻳﺪ ﺍﻟﻘﻴﻤﺔ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﻟﻠﺸﺮﻛﺔ )ﻣﻦ ﺧﻼﻝ‬
‫ﻗﻴﻤﺔ ﺍﻷﺳﻬﻢ(‪.‬‬
‫‪ .2‬ﺃﻥ ﺍﻷﺳﻮﺍﻕ ﺗﺴﺎﻋﺪ ﰲ ﺗﻮﺯﻳﻊ ﻛﻔﻮء ﻟﻠﻤﻮﺍﺭﺩ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ‪.‬‬
‫ﻭﺗﻘﺴﻢ ﻛﻔﺎءﺓ ﺍﻷﺳﻮﺍﻕ ﺇﱃ ﺛﻼﺛﺔ ﺃﺷﻜﺎﻝ‪:‬‬
‫‪ -‬ﺍﻟﺸﻜﻞ ﺍﻟﻀﻌﻴﻒ ﻟﻜﻔﺎءﺓ ﺍﻟﺴﻮﻕ ﺍﳌﺎﻟﻴﺔ‪:‬‬
‫ﲟﻮﺟﺐ ﻫﺬﺍ ﺍﻟﺸﻜﻞ ﻓﺎﻥ ﺃﺳﻌﺎﺭ ﺍﻷﺳﻬﻢ ﺗﻌﻜﺲ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﻟﺘﺎﺭﳜﻴﺔ ﺫﺍﺕ ﺍﻟﻌﻼﻗﺔ ﺑﺎﻟﻮﺭﻗﺔ ﺍﳌﺎﻟﻴﺔ‬
‫ﻭﺣﺠﻢ ﺍﻟﺘﺪﺍﻭﻝ ﲨﻴﻌﻬﺎ‪ ،‬ﻭﺍﻟﻔﺎﺋﺪﺓ ﻗﺼﲑﺓ ﺍﻷﺟﻞ ﲜﺎﻧﺐ ﻣﺘﻐﲑﺍﺕ ﺃﺧﺮﻯ‪ ،‬ﻟﺬﺍ ﻻ ﳝﻜﻦ ﻟﻠﻤﺴﺘﺜﻤﺮﻳﻦ ﰲ‬

‫‪1.‬‬
‫‪Higgins , Robert , " Analysis for Financial Management ” , 6th edition , McGraw - Hill ,‬‬
‫)‪America , 2001 p: 169‬‬
‫‪2‬‬
‫‪(Elton , Edwin & Gruber , Martin , „ Modern Porfolio . Theory and Investment Analysis " ,‬‬
‫)‪John Wiley and sons , Inc. , New York , 1995 p: 406‬‬
‫‪ 3‬ﺍﻟﺸﲑﺍﺯﻱ‪ ،‬ﻋﺒﺎﺱ ﻣﻬﺪﻱ‪ " ،‬ﻧﻈﺮﻳﺔ ﺍﳌﺤﺎﺳﺒﺔ " ‪ ,‬ﺫﺍﺕ ﺍﻟﺴﻼﺳﻞ ﻟﻠﻄﺒﺎﻋﺔ ﻭﺍﻟﻨﺸﺮ‪ ،‬ﺍﻟﻜﻮﻳﺖ‪ 1990 ،‬ﺹ‪(106::‬‬
‫‪4‬‬
‫)‪(Williams & Findly, 1980: 135‬‬
‫~ ‪~ 30‬‬
‫ﻣـﺎﻫﻴﺔ ﻧﻈﺮﻳﺔ ﺍﻟـﻮﻛﺎﻟﺔ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﱐ‪:‬‬

‫ﺍﻟﺴﻮﻕ ﻣﻦ ﲢﻘﻴﻖ ﻋﻮﺍﺋﺪ ﺇﺿﺎﻓﻴﺔ ﻃﺒﻘﺎ ﳌﻌﻠﻮﻣﺎﺕ ﺍﻷﺳﻌﺎﺭ ﺃﻭ ﺍﻟﻌﻮﺍﺋﺪ ﺍﻟﺘﺎﺭﳜﻴﺔ‪ ،‬ﻭﻋﻠﻴﻪ ﻓﺎﻥ ﺃﺩﻭﺍﺕ‬
‫ﺍﻟﺘﺤﻠﻴﻞ ﺍﻟﺘﻘﲏ )‪ (Technical Analysis‬ﻟﻠﺘﻨﺒﺆ ﺑﺄﺳﻌﺎﺭ ﺍﻷﺩﻭﺍﺕ ﺍﳌﺎﻟﻴﺔ ﻻ ﺗﻔﻀﻲ ﺇﱃ ﻧﺘﺎﺋﺞ‬
‫ﺑﺸﺎﻥ ﺍﻟﺘﻮﻗﻌﺎﺕ ﻟﺘﺤﺮﻛﺎﺕ ﺃﺳﻌﺎﺭ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ )ﺍﻷﺳﻬﻢ ﺍﻟﻌﺎﺩﻳﺔ(‪.1‬‬
‫‪ -‬ﺍﻟﺸﻜﻞ ﺷﺒﻪ ﺍﻟﻘﻮﻱ ﻟﻜﻔﺎءﺓ ﺍﻟﺴﻮﻕ ﺍﳌﺎﻟﻴﺔ‪:‬‬
‫ﻳﺸﲑ ﺍﻟﺸﻜﻞ ﺷﺒﻪ ﺍﻟﻘﻮﻱ ﻣﻦ ﺍﻟﻜﻔﺎءﺓ ﺇﱃ ﺃﻥ ﺍﻷﺳﻌﺎﺭ ﺍﻟﺴﻮﻗﻴﺔ ﻟﻠﻮﺭﻗﺔ ﺍﳌﺎﻟﻴﺔ ﺗﻌﻜﺲ ﺍﳌﻌﻠﻮﻣﺎﺕ‬
‫ﺍﻟﺘﺎﺭﳜﻴﺔ ﺍﳌﺘﺎﺣﺔ ﻭﻛﺬﻟﻚ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﳉﺪﻳﺪﺓ ﻭﲢﺘﻮﻱ ﺍﳌﻌﻠﻮﻣﺎﺕ ﲨﻴﻊ ﺍﻟﺴﻴﺎﺳﺎﺕ ﺍﳌﺎﻟﻴﺔ ﻟﻠﺸﺮﻛﺔ‬
‫ﻭﺍﻹﻋﻼﻥ ﻋﻦ ﺍﻷﺭﺑﺎﺡ ﻭﻋﻦ ﺍﻟﺘﻐﻴﲑ ﰲ ﺍﻟﻄﺮﺍﺋﻖ ﺍﳌﺤﺎﺳﺒﻴﺔ ﻭﻏﲑﻫﺎ ﻣﻦ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﳌﺘﺎﺣﺔ ﻟﻠﻤﺸﺘﺮﻛﲔ‬
‫ﰲ ﺍﻟﺴﻮﻕ ﲨﻴﻌﺎ ﻓﻀﻼً ﻋﻦ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﻟﺘﺎﺭﳜﻴﺔ‪ ،‬ﻟﺬﺍ ﻓﺎﻥ ﺍﻟﺸﻜﻞ ﺷﺒﻪ ﺍﻟﻘﻮﻱ ﳛﺘﻮﻱ ﺍﳌﻌﻠﻮﻣﺎﺕ‬
‫ﺍﳋﺎﺻﺔ ﺑﺎﻟﺸﻜﻞ ﺍﻟﻀﻌﻴﻒ ﻟﻜﻔﺎءﺓ ﺍﻟﺴﻮﻕ‪.‬‬
‫ﺃﻥ ﺍﳌﻀﺎﻣﲔ ﺍﻟﺮﺋﻴﺴﺔ ﻟﻜﻔﺎءﺓ ﺍﻟﺴﻮﻕ ﺍﳌﺎﻟﻴﺔ ﺑﺎﻟﺸﻜﻞ ﺷﺒﻪ ﺍﻟﻘﻮﻱ ﻫﻮ ﻋﺪﻡ ﺇﻣﻜﺎﻧﻴﺔ ﲢﻘﻴﻖ‬
‫ﺍﳌﺸﺎﺭﻛﲔ ﰲ ﺍﻟﺴﻮﻕ ﻋﻮﺍﺋﺪ ﺍﻋﺘﻴﺎﺩﻳﺔ ﺑﺎﻻﻋﺘﻤﺎﺩ ﻋﻠﻰ ﲢﻠﻴﻞ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﻟﻌﺎﻣﺔ ﺃﻭ ﺑﻌﺪ ﺍﻹﻋﻼﻥ ﻋﻦ‬
‫ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﳉﺪﻳﺪﺓ‪ ،‬ﻭﻋﻨﺪ ﺣﺼﻮﻝ ﺗﺒﺎﻃﺆ ﰲ ﺗﻌﺪﻳﻞ ﺃﺳﻌﺎﺭ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ )ﺍﻷﺳﻬﻢ ﺍﻟﻌﺎﺩﻳﺔ( ﻟﻺﻋﻼﻥ‬
‫ﻋﻦ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﳉﺪﻳﺪﺓ ﳝﻜﻦ ﺍﻻﺳﺘﻔﺎﺩﺓ ﻣﻦ ﻫﺬﺍ ﺍﻟﺘﺒﺎﻃﺆ ﻣﻦ ﻗﺒﻞ ﻗﺴﻢ ﻣﻦ ﺍﳌﺸﺘﺮﻛﲔ ﻟﺘﺤﻘﻴﻖ ﻋﻮﺍﺋﺪ‬
‫ﻏﲑ ﺍﻋﺘﻴﺎﺩﻳﺔ ﻣﻦ ﺑﻴﻊ ﺃﻭ ﺷﺮﺍء ﺍﻷﺳﻬﻢ ﺍﻟﻌﺎﺩﻳﺔ ﺑﻌﺪ ﺍﻹﻋﻼﻥ ﻋﻦ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﳉﺪﻳﺪﺓ‪ ،‬ﳑﺎ ﻳﺸﲑ ﺇﱃ ﻋﺪﻡ‬
‫ﻛﻔﺎءﺓ ﺍﻟﺴﻮﻕ ﺍﳌﺎﻟﻴﺔ ﺑﺸﻜﻞ ﻛﺎﻣﻞ ﻟﻠﺸﻜﻞ ﺷﺒﻪ ﺍﻟﻘﻮﻱ‪.2‬‬
‫ﺍﻟﺸﻜﻞ ﺍﻟﻘﻮﻱ ﻟﻜﻔﺎءﺓ ﺍﻟﺴﻮﻕ ﺍﳌﺎﻟﻴﺔ‪:‬‬
‫ﲟﻮﺟﺐ ﻫﺬﺍ ﺍﻟﺸﻜﻞ ﺍﻟﻜﻔﻮء ﻓﺎﻥ ﺃﺳﻌﺎﺭ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﺗﻌﻜﺲ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﳌﺎﻟﻴﺔ ﲨﻴﻌﻬﺎ‪،‬‬
‫ﻭﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﳋﺎﺻﺔ‪ .‬ﻭﺑﺎﻟﺘﺎﱄ ﻓﺎﻥ ﺃﺳﻮﺍﻕ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﺗﺴﺘﺠﻴﺐ ﺑﺴﺮﻋﺔ ﻭﺑﺪﻗﺔ ﻟﻠﻤﻌﻠﻮﻣﺎﺕ ﺍﳌﺘﻮﻓﺮﺓ‬
‫ﻭﺍﳌﺘﺎﺣﺔ ﻟﻠﻤﺘﻌﺎﻣﻠﲔ ﰲ ﺍﻟﺴﻮﻕ ﺃﻭﻝ ﺑﺄﻭﻝ ﻭﺗﺄﰐ ﻫﺬﻩ ﺍﻻﺳﺘﺠﺎﺑﺔ ﺍﻟﻔﻮﺭﻳﺔ ﻧﺘﻴﺠﺔ ﻟﻮﺟﻮﺩ ﳎﻤﻮﻋﺔ ﻣﻦ‬
‫ﺍﳌﺴﺘﺜﻤﺮﻳﻦ ﻋﻠﻰ ﻭﻋﻲ ﻛﺎﻑ ﺑﺪﻻﻟﺔ ﺍﻷﺭﻗﺎﻡ ﺍﳌﺤﺎﺳﺒﻴﺔ ﺃﻭ ﺍﻻﺳﺘﻌﺎﻧﺔ ﺑﺎﳌﺤﻠﻠﲔ ﺍﳌﺎﻟﻴﲔ ﻭﻣﻦ ﰒ ﳝﻜﻨﻬﻢ‬
‫ﺇﺩﺭﺍﻙ ﺃﺛﺮ ﺍﻟﻄﺮﺍﺋﻖ ﺍﳌﺤﺎﺳﺒﻴﺔ ﺍﻟﺒﺪﻳﻠﺔ ﰲ ﺗﻠﻚ ﺍﻷﺭﻗﺎﻡ ﻭﺑﺎﻟﺘﺎﱄ ﻳﺴﺘﻄﻴﻌﻮﻥ ﺗﺮﲨﺔ ﺍﻷﺭﻗﺎﻡ ﺍﻟﻮﺍﺭﺩﺓ ﰲ‬
‫ﺍﻟﻘﻮﺍﺋﻢ ﺍﳌﺎﻟﻴﺔ ﺑﺎﻓﺘﺮﺍﺽ ﺍﺳﺘﻌﻤﺎﻝ ﻃﺮﺍﺋﻖ ﳏﺎﺳﺒﻴﺔ ﺑﺪﻳﻠﺔ‪.3‬‬

‫‪1‬‬
‫‪( Rao , Ramesh , " Financial Management - Concept , and Application ” , 2nd edition ,‬‬
‫)‪Macmillan Publishing Company , 1992 . 50 p : 94‬‬
‫‪2‬‬
‫‪(Elton , Edwin & Gruber , Martin , „ Modern Porfolio . Theory and Investment Analysis " ,‬‬
‫)‪John Wiley and sons , Inc. , New York , 1995 p : 360‬‬
‫‪) 3‬ﺍﳉﺒﻮﺭﻱ‪ ،‬ﻧﺼﻴﻒ ﺟﺎﺳﻢ ﳏﻤﺪ‪ ،‬ﻣﻔﺎﻫیﻢ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﻭﺍﻧﻌﻜﺎﺳﺎ‪‬ﺎ ﻋﻠﻰ ﻧﻈﻢ ﻗﻴﺎﺱ ﺍﻷﺩﺍء ﻭﺍﳊﻮﺍﻓﺰ ﰲ ﺑﻌﺾ ﺍﻟﺸﺮﻛﺎﺕ ﺍﳌﺴﺎﳘﺔ ﺍﻟﻌﺮﺍﻗﻴﺔ "‪،‬‬
‫ﺃﻃﺮﻭﺣﺔ ﺩﻛﺘﻮﺭﺍﻩ ﻏﲑ ﻣﻨﺸﻮﺭﺓ ﰲ ﻓﻠﺴﻔﺔ ﺍﳌﺤﺎﺳﺒﺔ‪ ،‬ﻛﻠﻴﺔ ﺍﻹﺩﺍﺭﺓ ﻭﺍﻻﻗﺘﺼﺎﺩ‪ ،‬ﺟﺎﻣﻌﺔ ﺑﻐﺪﺍﺩ‪ 1999 ،‬ﺹ‪(7 :‬‬

‫~ ‪~ 31‬‬
‫ﻣـﺎﻫﻴﺔ ﻧﻈﺮﻳﺔ ﺍﻟـﻮﻛﺎﻟﺔ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﱐ‪:‬‬

‫ﺛﺎﻧﻴﴼ‪ :‬ﻓﺮﺿﻴﺔ ﺍﻟﺘﺼﺮﻑ ﺍﻟﺮﺷﻴﺪ‪:‬‬

‫ﺗﺸﲑ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﺇﱃ ﺍﻧﻪ ﰲ ﺃﺳﻮﺍﻕ ﺍﻟﻌﻤﻞ ﻭﺭﺃﺱ ﺍﳌﺎﻝ‪ ،‬ﻳﺘﺠﻪ ﺍﻟﻮﻛﻼء ﺇﱃ ﺗﻌﻈﻴﻢ ﻣﻨﻔﻌﺘﻬﻢ‬
‫ﺍﳋﺎﺻﺔ ﻋﻠﻰ ﺣﺴﺎﺏ ﲪﻠﺔ ﺍﻷﺳﻬﻢ ﰲ ﺍﻟﺸﺮﻛﺔ‪ .‬ﺇﺫ ﺃﻥ ﺍﻟﻮﻛﻼء ﳝﺘﻠﻜﻮﻥ ﺍﻟﻘﺪﺭﺓ ﻋﻠﻰ ﺃﻥ ﻳﻌﻤﻠﻮﺍ ﻋﻠﻰ‬
‫ﲢﻘﻴﻖ ﻣﺼﺎﳊﻬﻢ ﺍﻟﺸﺨﺼﻴﺔ ﻣﻔﻀﻠﲔ ﺫﻟﻚ ﻋﻠﻰ ﻣﺼﺎﱀ ﺍﳌﺎﻟﻜﲔ )ﺍﻻﺻﻼء(‪ ،‬ﺑﺴﺒﺐ ﻋﺪﻡ ﲤﺎﺛﻞ‬
‫ﺍﳌﻌﻠﻮﻣﺎﺕ ﺑﻴﻨﻬﻢ ﻭﺑﲔ ﺍﳌﺎﻟﻜﲔ‪ ،‬ﻭﻋﻠﻴﻪ ﻳﻌﺮﻑ ﺍﳌﺪﺭﺍء ﺃﻓﻀﻞ ﻣﻦ ﺍﳌﺎﻟﻜﲔ ﻓﻴﻤﺎ ﺇﺫﺍ ﺃ‪‬ﻢ ﻗﺎﺩﺭﻳﻦ ﻋﻠﻰ‬
‫ﲢﻘﻴﻖ ﺃﻫﺪﺍﻑ ﲪﻠﺔ ﺍﻷﺳﻬﻢ‪ ،‬ﻭﺍﻟﺪﻟﻴﻞ ﻋﻠﻰ ﺍﻟﺴﻠﻮﻙ ﺍﻹﺩﺍﺭﻱ ﰲ ﺍﳊﺮﺹ ﻋﻠﻰ ﺍﳌﺼﻠﺤﺔ ﻫﻮ ﺍﺳﺘﻬﻼﻙ‬
‫ﺑﻌﺾ ﻣﻮﺍﺭﺩ ﺍﻟﺸﺮﻛﺔ ﻋﻠﻰ ﺷﻜﻞ ﺍﺟﺮ ﺇﺿﺎﰲ‪ ،‬ﻭﲡﻨﺐ ﺍﳌﻮﺍﻗﻒ ﺍﻟﱵ ﺗﻨﻄﻮﻱ ﻋﻠﻰ ﺍﳌﺨﺎﻃﺮﺓ‪.1‬‬
‫ﺛﺎﻟﺜﴼ‪ :‬ﻓﺮﺿﻴﺔ ﺍﺧﺘﻼﻑ ﺍﻻﻓﻀﻠﻴﺎﺕ ﻷﻃﺮﺍﻑ ﺍﻟﻌﻼﻗﺔ‪:‬‬
‫ﺃﻥ ﻫﻨﺎﻙ ﺍﺧﺘﻼﻑ ﺑﲔ ﺃﻫﺪﺍﻑ ﻭﺍﻓﻀﻠﻴﺎﺕ ﻛﻼً ﻣﻦ ﺍﻷﺻﻴﻞ ﻭﺍﻟﻮﻛﻴﻞ‪ ،‬ﻓﺒﻴﻨﻤﺎ ﻳﺴﻌﻰ ﺍﻷﻭﻝ‬
‫)ﺍﻷﺻﻴﻞ( ﺇﱃ ﺍﳊﺼﻮﻝ ﻋﻠﻰ ﺃﻛﱪ ﻗﺪﺭ ﳑﻜﻦ ﻣﻦ ﺟﻬﺔ ﻭﻋﻤﻞ ﻣﻦ ﻗﺒﻞ ﺍﻟﻮﻛﻴﻞ ﻣﻘﺎﺑﻞ ﺍﺟﺮ ﻣﻌﻘﻮﻝ‪،‬‬
‫ﻓﺎﻥ ﺍﻟﻄﺮﻑ ﺍﻟﺜﺎﱐ )ﺍﻟﻮﻛﻴﻞ( ﻳﺴﻌﻰ ﺇﱃ ﺗﻌﻈﻴﻢ ﻣﻨﻔﻌﺘﻪ ﻣﻦ ﺧﻼﻝ ﺍﳊﺼﻮﻝ ﻋﻠﻰ ﺃﻛﱪ ﻗﺪﺭ ﻣﻦ‬
‫ﺍﻗﻞ‪.2‬‬ ‫ﺍﳌﻜﺎﻓﺂﺕ ﻭﺍﳊﻮﺍﻓﺰ ﻣﻊ ﺑﺬﻝ ﺟﻬﺪ‬
‫ﺭﺍﺑﻌﴼ‪ :‬ﻓﺮﺿﻴﺔ ﺍﻻﺧﺘﻼﻑ ﰲ ﺧﺎﺻﻴﺔ ﲢﻤﻞ ﺍﳌﺨﺎﻃﺮ‪:‬‬
‫ﺃﻥ ﻟﻜﻞ ﻣﻦ ﺍﻷﺻﻴﻞ ﻭﺍﻟﻮﻛﻴﻞ ﻣﻮﻗﻒ ﲡﺎﻩ ﺍﳌﺨﺎﻃﺮﺓ ﻓﺒﻴﻨﻤﺎ ﻳﻌﺪ ﺍﻷﺻﻴﻞ ﳏﺎﻳﺪﴽ ﻟﻠﻤﺨﺎﻃﺮﺓ‪،‬‬
‫ﻓﺎﻟﻮﻛﻴﻞ ﻳﺘﻤﻴﺰ ﺑﺎﺑﺘﻌﺎﺩﻩ ﺃﻭ ﲡﻨﺒﻪ ﻟﻠﻤﺨﺎﻃﺮﺓ‪ ،‬ﻭﻟﺬﻟﻚ ﻓﺎﻥ ﻛﻼً ﻣﻨﻬﻢ ﳛﺘﻔﻆ ﺑﺘﻘﻮﱘ ﺍﺣﺘﻤﺎﱄ ﻏﲑ‬
‫ﻣﺘﻤﺎﺛﻞ ﲡﺎﻩ ﺍﻟﺘﺼﺮﻓﺎﺕ ﺍﻟﱵ ﻳﻔﻮﺽ ‪‬ﺎ ﺍﻟﻄﺮﻑ ﺍﻷﻭﻝ )ﺍﻷﺻﻴﻞ( ﺍﻟﻄﺮﻑ ﺍﻟﺜﺎﱐ )ﺍﻟﻮﻛﻴﻞ( ﻟﻠﻘﻴﺎﻡ ‪‬ﺎ‪.‬‬
‫ﻭﻳﻌﲏ ﺫﻟﻚ ﺍﻧﻪ ﻳﺘﻄﻠﺐ ﻣﻦ ﺍﻷﺻﻴﻞ ﺃﻥ ﻳﻘﻮﻡ ﲜﻌﻞ ﺍﻟﻮﻛﻴﻞ ﻳﺘﺤﻤﻞ ﻛﻞ ﺍﳌﺨﺎﻃﺮﺓ ﺃﻭ ﺟﺰء ﻣﻨﻬﺎ ﻟﻜﻲ‬
‫ﻻ ﻳﺆﺩﻱ ﺫﻟﻚ ﺇﱃ ﺍﻹﺿﺮﺍﺭ ﲟﺼﺎﱀ ﺍﻷﺻﻴﻞ ﻭﻣﻦ ﰒ ﺗﻀﺎﺭﺏ ﺍﳌﺼﺎﱀ ﻭﻫﺬﺍ ﻳﻌﲏ ﺍﳌﺸﺎﺭﻛﺔ‬
‫ﺑﺎﳌﺨﺎﻃﺮﺓ‪.3‬‬

‫‪ 1‬ﺍﻟﺘﻤﻴﻤﻲ‪ ،‬ﻋﺒﺎﺱ ﲪﻴﺪ ﳛﻲ‪ ،‬ﺍﺛﺮ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﰲ ﺍﻟﺘﻄﺒﻴﻘﺎﺕ ﺍﳌﺤﺎﺳﺒﻴﺔ ﻭﺍﳊﻮﻛﻤﺔ ﰲ ﺍﻟﺸﺮﻛﺎﺕ ﺍﳌﻤﻠﻮﻛﺔ ﻟﻠﺪﻭﻟﺔ ‪ -‬ﺩﺭﺍﺳﺔ ﻣﻴﺪﺍﻧﻴﺔ ﰲ ﻋﻴﻨﺔ ﻣﻦ‬
‫ﺍﻟﺸﺮﻛﺎﺕ ﺍﻟﻌﺮﺍﻗﻴﺔ "‪ ،‬ﺃﻃﺮﻭﺣﺔ ﺩﻛﺘﻮﺭﺍﻩ ﻏﲑ ﻣﻨﺸﻮﺭﺓ ﰲ ﻓﻠﺴﻔﺔ ﺍﳌﺤﺎﺳﺒﺔ‪ ،‬ﻛﻠﻴﺔ ﺍﻹﺩﺍﺭﺓ ﻭﺍﻻﻗﺘﺼﺎﺩ‪ ،‬ﺟﺎﻣﻌﺔ ﺑﻐﺪﺍﺩ‪(32 :2008 ،‬‬
‫‪) 2‬ﲪﺎﺩ‪ ،‬ﻃﺎﺭﻕ ﻋﺒﺪ ﺍﻟﻌﺎﻝ‪ " ،‬ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ "‪ ،‬ﺍﻟﺪﺍﺭ ﺍﳉﺎﻣﻌﻴﺔ ﺍﻟﻘﺎﻫﺮﺓ‪ 2008 ،‬ﺹ‪(70 :‬‬
‫‪ 3‬ﺍﳉﺒﻮﺭﻱ‪ ،‬ﻧﺼﻴﻒ ﺟﺎﺳﻢ ﳏﻤﺪ‪ ،‬ﻣﻔﺎﻫﻴﻢ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﻭﺍﻧﻌﻜﺎﺳﺎ‪‬ﺎ ﻋﻠﻰ ﻧﻈﻢ ﻗﻴﺎﺱ ﺍﻷﺩﺍء ﻭﺍﳊﻮﺍﻓﺰ ﰲ ﺑﻌﺾ ﺍﻟﺸﺮﻛﺎﺕ ﺍﳌﺴﺎﳘﺔ ﺍﻟﻌﺮﺍﻗﻴﺔ "‪ ،‬ﺃﻃﺮﻭﺣﺔ‬
‫ﺩﻛﺘﻮﺭﺍﻩ ﻏﲑ ﻣﻨﺸﻮﺭﺓ ﰲ ﻓﻠﺴﻔﺔ ﺍﳌﺤﺎﺳﺒﺔ‪ ،‬ﻛﻠﻴﺔ ﺍﻹﺩﺍﺭﺓ ﻭﺍﻻﻗﺘﺼﺎﺩ‪ ،‬ﺟﺎﻣﻌﺔ ﺑﻐﺪﺍﺩ‪ 1999 ،‬ﺹ‪(8 :‬‬

‫~ ‪~ 32‬‬
‫ﻣـﺎﻫﻴﺔ ﻧﻈﺮﻳﺔ ﺍﻟـﻮﻛﺎﻟﺔ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﱐ‪:‬‬

‫ﺧﺎﻣﺴﴼ‪ :‬ﻓﺮﺿﻴﺔ ﻋﺪﻡ ﲤﺎﺛﻞ ﺍﳌﻌﻠﻮﻣﺎﺕ‪:‬‬

‫ﺗﻔﺘﺮﺽ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﺃﻥ ﺍﳌﺎﻟﻚ ﻏﲑ ﻗﺎﺩﺭ ﻋﻠﻰ ﻣﺮﺍﻗﺒﺔ ﲨﻴﻊ ﺃﻋﻤﺎﻝ ﺍﻹﺩﺍﺭﺓ ﻭﺍﻥ ﺃﻋﻤﺎﻝ ﺍﻹﺩﺍﺭﺓ‬
‫ﻣﻦ ﺍﳌﻤﻜﻦ ﺃﻥ ﺗﻜﻮﻥ ﳐﺘﻠﻔﺔ ﻋﻦ ﺗﻠﻚ ﺍﻟﱵ ﻳﻔﻀﻠﻬﺎ ﺍﳌﻼﻙ ﻭﳛﺪﺙ ﺃﺣﻴﺎﻧﺎ ﻫﺬﺍ ﺃﻣﺎ ﺑﺴﺒﺐ ﺍﻻﺧﺘﻼﻑ‬
‫ﰲ ﺃﻫﺪﺍﻑ ﻭﺭﻏﺒﺎﺕ ﺍﻹﺩﺍﺭﺓ ﺃﻭ ﺑﺴﺒﺐ ﺃﻥ ﺍﻹﺩﺍﺭﺓ ﲢﺎﻭﻝ ﺍﻟﺘﻬﺮﺏ ﻣﻦ ﺍﻟﻌﻤﻞ ﻭﺧﺪﺍﻉ ﺍﳌﺎﻟﻜﲔ ﻭﻫﺬﺍ ﻣﺎ‬
‫ﻳﻄﻠﻖ ﻋﻠﻴﻪ ﻋﺪﻡ ﲤﺎﺛﻞ ﺍﳌﻌﻠﻮﻣﺎﺕ‪ ،‬ﻭﺑﺬﻟﻚ ﻳﺴﺘﻌﻤﻞ ﺍﻟﻮﻛﻴﻞ ﻣﻌﻠﻮﻣﺎﺕ ﻟﺘﺤﻘﻴﻖ ﻣﺼﻠﺤﺘﻪ ﺍﻟﺸﺨﺼﻴﺔ‬
‫ﺣﱴ ﻟﻮ ﺗﻌﺎﺭﺿﺖ ﻣﻊ ﻣﺼﻠﺤﺔ ﺍﻷﺻﻴﻞ‪ ،‬ﻭﻣﻦ ﺍﳌﻤﻜﻦ ﺃﻥ ﻳﻔﺼﺢ ﺍﻟﻮﻛﻴﻞ ﻋﻦ ﺑﻌﺾ ﻫﺬﻩ ﺍﳌﻠﻮﻣﺎﺕ‬
‫ﻭﳜﻔﻲ ﺍﻟﺒﻌﺾ ﺍﻵﺧﺮ‪.1‬‬

‫‪) 1‬ﻣﺴﲑ‪ ،‬ﺭﺑﺎﺏ ﻭﻫﺎﺏ‪ " ،‬ﺩﻭﺭ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﳌﺤﺎﺳﺒﻴﺔ ﰲ ﺗﻘﻮﱘ ﺍﻷﺩﺍء ﺍﻟﺴﺘﺮﺍﺗﻴﺠﻲ ﰲ ﻇﻞ ﻣﻔﺎﻫﻴﻢ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ‪ -‬ﺩﺭﺍﺳﺔ ﻣﻴﺪﺍﻧﻴﺔ ﰲ ﻋﻴﻨﺔ ﻣﻦ‬
‫ﺍﻟﺸﺮﻛﺎﺕ ﺍﻟﺼﻨﺎﻋﻴﺔ ﺍﳌﺴﺎﳘﺔ ﺍﳌﺪﺭﺟﺔ ﰲ ﺳﻮﻕ ﺍﻟﻌﺮﺍﻕ ﻟﻸﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ "‪ ،‬ﺭﺳﺎﻟﺔ ﻣﺎﺟﺴﺘﲑ ﰲ ﺍﳌﺤﺎﺳﺒﺔ‪ ،‬ﻛﻠﻴﺔ ﺍﻹﺩﺍﺭﺓ ﻭﺍﻻﻗﺘﺼﺎﺩ‪ ،‬ﺟﺎﻣﻌﺔ ﺑﻐﺪﺍﺩ‪،‬‬
‫‪ 2009‬ﺹ ‪(26 :‬‬

‫~ ‪~ 33‬‬
‫ﻣـﺎﻫﻴﺔ ﻧﻈﺮﻳﺔ ﺍﻟـﻮﻛﺎﻟﺔ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﱐ‪:‬‬

‫ﺍﳌﻄﻠﺐ ﺍﻟﺜﺎﱐ‪ :‬ﻣﺸﺎﻛﻞ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ‬

‫ﺗﻌﺪ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﺗﻌﺒﲑ ﻟﻠﻌﻼﻗﺔ ﺍﻟﺘﻌﺎﻗﺪﻳﺔ ﺑﲔ ﳎﻤﻮﻋﺘﲔ ﺗﺘﻀﺎﺭﺏ ﺃﻫﺪﺍﻓﻬﺎ ﻭﳘﺎ ﻛﻼً ﻣﻦ‬
‫ﺍﻻﺻﻼء )ﺍﳌﺎﻟﻜﲔ( ﻭﺍﻟﻮﻛﻼء )ﺍﳌﺪﺭﺍء( ﻭ‪‬ﺪﻑ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﺇﱃ ﺻﻴﺎﻏﺔ ﺍﻟﻌﻼﻗﺔ ﺑﲔ ﻫﺬﻩ ﺍﳌﺠﺎﻣﻴﻊ‬
‫‪‬ﺪﻑ ﺟﻌﻞ ﺗﺼﺮﻓﺎﺕ ﺍﻟﻮﻛﻴﻞ ﺗﻨﺼﺐ ﰲ ﺗﻌﻈﻴﻢ ﺛﺮﻭﺓ ﺍﳌﺎﻟﻜﲔ‪ .‬ﻭﻣﻦ ﺧﻼﻝ ﻫﺬﻩ ﺍﻟﻌﻼﻗﺔ ﺗﻨﺸﺎ ﺍﻟﻌﺪﻳﺪ‬
‫ﻣﻦ ﺍﳌﺸﺎﻛﻞ‪ ،‬ﻟﻌﺪﻡ ﻭﺟﻮﺩ ﻋﻘﻮﺩ ﻛﺎﻣﻠﺔ ﻭﺍﻟﺸﻜﻞ ﺍﻵﰐ ﻳﻮﺿﺢ ﺫﻟﻚ‪.‬‬
‫ﺷﻜﻞ ﺭﻗﻢ )‪ :(1-2‬ﻣﺸﺎﻛﻞ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ‬
‫ﺍﻟﻮﻛﻴﻞ‬ ‫ﲣﻮﻳﻞ ﺳﻠﻄﺔ ﺍﲣﺎﺫ ﺍﻟﻘﺮﺍﺭﺍﺕ‬ ‫ﺍﻷﺻﻴﻞ‬
‫‪Agent‬‬ ‫‪Principal‬‬
‫ﲣﻮﻳﻞ ﺳﻠﻄﺔ ﺍﲣﺎﺫ ﺍﻟﻘﺮﺍﺭﺍﺕ‬

‫ﺗﻮﻟﺪ ﻣﺸﺎﻛﻞ ﺍﻟﻮﻛﺎﻟﺔ‬

‫ﻣﺸﻜﻠﺔ ﲢﻤﻞ‬ ‫ﻣﺸﻜﻠﺔ ﻋﺪﻡ ﲤﺎﺛﻞ‬ ‫ﻣﺸﻜﻠﺔ ﺍﻻﺧﺘﻴﺎﺭ‬ ‫ﻣﺸﻜﻠﺔ ﺗﻀﺎﺭﺏ‬

‫ﺍﳌﺨﺎﻃﺮﺓ‬ ‫ﺍﳌﻌﻠﻮﻣﺎﺕ‬ ‫ﺍﳌﻌﺎﻛﺲ‬ ‫ﺍﳌﺼﺎﱀ‬

‫ﺗؤﺛر ﻓﻲ‬

‫ﲪﺎﻳﺔ ﺣﻘﻮﻕ ﻣﺎﻟﻜﻴﻬﺎ ﺍﻵﺧﺮﻳﻦ‬

‫ﻣﻦ ﺃﺻﺤﺎﺏ ﺍﳌﺼﺎﱀ‬

‫ﺍﳌﺼﺪﺭ‪ :‬ﻣﺴﲑ‪ ،‬ﺭﺑﺎﺏ ﻭﻫﺎﺏ‪ " ،‬ﺩﻭﺭ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﳌﺤﺎﺳﺒﻴﺔ ﰲ ﺗﻘﻮﱘ ﺍﻷﺩﺍء ﺍﻟﺴﺘﺮﺍﺗﻴﺠﻲ ﰲ ﻇﻞ ﻣﻔﺎﻫﻴﻢ ﻧﻈﺮﻳﺔ‬
‫ﺍﻟﻮﻛﺎﻟﺔ ‪ -‬ﺩﺭﺍﺳﺔ ﻣﻴﺪﺍﻧﻴﺔ ﰲ ﻋﻴﻨﺔ ﻣﻦ ﺍﻟﺸﺮﻛﺎﺕ ﺍﻟﺼﻨﺎﻋﻴﺔ ﺍﳌﺴﺎﳘﺔ ﺍﳌﺪﺭﺟﺔ ﰲ ﺳﻮﻕ ﺍﻟﻌﺮﺍﻕ ﻟﻸﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ‬
‫"‪ ،‬ﺭﺳﺎﻟﺔ ﻣﺎﺟﺴﺘﲑ ﰲ ﺍﳌﺤﺎﺳﺒﺔ‪ ،‬ﻛﻠﻴﺔ ﺍﻹﺩﺍﺭﺓ ﻭﺍﻻﻗﺘﺼﺎﺩ‪ ،‬ﺟﺎﻣﻌﺔ ﺑﻐﺪﺍﺩ‪ 2009 ،‬ﺹ ‪.34 :‬‬

‫~ ‪~ 34‬‬
 ‫ﻣـﺎﻫﻴﺔ ﻧﻈﺮﻳﺔ ﺍﻟـﻮﻛﺎﻟﺔ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﱐ‪:‬‬

‫ﻳﺘﻀﺢ ﻣﻦ ﺍﻟﺸﻜﻞ ﺍﻟﺴﺎﺑﻖ ﺃﻥ ﻣﺸﺎﻛﻞ ﺍﻟﻮﻛﺎﻟﺔ ﺗﺒﺪﻭ ﻭﺍﺿﺤﺔ‪ ،‬ﺇﺫ ﻣﻦ ﺧﻼﻝ ﻋﻼﻗﺔ ﺍﻟﻮﻛﻴﻞ ﻣﻊ‬
‫ﺍﻷﺻﻴﻞ ﺳﻮﻑ ﺗﻨﺸﺎ ﻋﻼﻗﺔ ﺗﻌﺎﻗﺪﻳﺔ ﻭﻧﺘﻴﺠﺔ ﻟﻌﺪﻡ ﻭﺟﻮﺩ ﻋﻘﻮﺩ ﻛﺎﻣﻠﺔ ﺗﻨﺸﺎ ﻣﺸﺎﻛﻞ ﻋﺪﺓ ﺳﺒﺒﻬﺎ‪:1‬‬
‫‪ .1‬ﺃﻥ ﳎﺮﺩ ﺭﺑﻂ ﺃﺩﺍء ﺍﳌﺪﺭﺍء ﺑﺎﻟﺮﲝﻴﺔ ﺍﳌﺘﺤﻘﻘﺔ ﺃﻭ ﺍﳌﺒﻴﻌﺎﺕ ﻳﻌﺪ ﲝﺪ ﺫﺍﺗﻪ ﻭﺳﻴﻠﺔ ﻟﺘﺤﻘﻴﻖ ﺍﻟﻜﺜﲑ ﻣﻦ‬
‫ﺃﻫﺪﺍﻑ ﺍﻟﻮﻛﻴﻞ ﺩﻭﻥ ﲢﻘﻴﻖ ﻣﺼﺎﱀ ﺍﻷﺻﻴﻞ‪.‬‬
‫‪ .2‬ﻋﺪﻡ ﻣﻌﺮﻓﺔ ﺍﻷﺳﻠﻮﺏ ﺃﻭ ﺍﻟﻄﺮﻳﻘﺔ ﺍﻟﱵ ﻣﻦ ﺧﻼﳍﺎ ﻳﺘﻤﻜﻦ ﺍﻷﺻﻴﻞ ﺃﻥ ﻳﺘﺎﺑﻊ ﺗﺼﺮﻓﺎﺕ ﺍﻟﻮﻛﻴﻞ‪،‬‬
‫ﺳﻴﺠﻌﻞ ﺍﳌﺪﺭﺍء ﺃﻛﺜﺮ ﺳﻴﻄﺮﺓ ﻣﻦ ﺍﳌﺎﻟﻜﲔ ﻋﻠﻰ ﺷﺆﻭﻥ ﺍﻟﺸﺮﻛﺔ ﻛﺎﻓﺔ‪.‬‬
‫ﻭﺳﻴﺘﻢ ﺍﻟﺘﺮﻛﻴﺰ ﰲ ﻫﺬﺍ ﺍﻟﺒﺤﺚ ﻋﻠﻰ ﻣﺸﻜﻠﺔ ﺗﻀﺎﺭﺏ ﺍﳌﺼﺎﱀ ﻛﻮ‪‬ﺎ ﺗﻈﻬﺮ ﻧﺘﻴﺠﺔ ﺍﻟﻌﻼﻗﺔ‬
‫ﺍﳌﺘﺪﺍﺧﻠﺔ ﺑﲔ ﻛﻞ ﻣﻦ ﺍﻷﺻﻴﻞ ﻭﺍﻟﻮﻛﻴﻞ‪.‬‬
‫‪ -1‬ﻣﺸﻜﻠﺔ ﺗﻀﺎﺭﺏ ﺍﳌﺼﺎﱀ‬
‫ﺃﻥ ﻛﻼً ﻣﻦ ﺍﻷﺻﻴﻞ ﻭﺍﻟﻮﻛﻴﻞ ﺷﺨﺼﺎ ﻳﺘﻤﻴﺰ ﺑﺎﻟﺘﺼﺮﻑ ﺍﻟﺮﺷﻴﺪ ﻭﻳﻘﺼﺪ ﺑﺬﻟﻚ ﺃﻥ ﻛﻼً ﻣﻨﻬﻢ‬
‫ﻳﻌﻤﻞ ﻋﻠﻰ ﺗﻌﻈﻴﻢ ﻣﻨﻔﻌﺘﻪ ﺍﳌﺘﻮﻗﻌﺔ‪ ،‬ﺇﺫ ﻳﻌﺪ ﺫﻟﻚ ﲟﺜﺎﺑﺔ ﻫﺪﻑ ﻳﻔﺴﺮ ﺗﺼﺮﻓﺎﺕ ﻛﻞ ﻣﻨﻬﻤﺎ‪ ، 2‬ﻓﺎﳌﺎﻟﻜﻮﻥ‬
‫ﺳﻮﻑ ﻳﻌﻤﻠﻮﻥ ﻣﻦ ﺍﺟﻞ ﺗﻌﻈﻴﻢ ﺛﺮﻭ‪‬ﻢ ﻭﲢﻘﻴﻖ ﻣﺼﺎﳊﻬﻢ ﺍﻟﺬﺍﺗﻴﺔ ﺑﺸﻜﻞ ﻣﻨﻔﺮﺩ ﺑﺎﻟﻌﺎﺋﺪ ﺍﳌﺎﱄ ﺍﳌﺘﻮﻗﻊ‬
‫ﺍﻟﺬﻱ ﺳﻴﺘﻮﻟﺪ ﻣﻦ ﺍﺳﺘﺜﻤﺎﺭﺍ‪‬ﻢ ﰲ ﺍﻟﺸﺮﻛﺔ ﺑﻮﺍﺳﻄﺔ ﺍﳌﺪﺭﺍء‪ .‬ﺃﻣﺎ ﺍﳌﺪﺭﺍء ﻓﺴﻮﻑ ﻳﻌﻤﻠﻮﻥ ﻋﻠﻰ ﲢﻘﻴﻖ‬
‫ﻣﺼﺎﳊﻬﻢ ﺍﻟﺬﺍﺗﻴﺔ ﺑﺘﻌﻈﻴﻢ ﻋﺎﺋﺪﻫﻢ )ﺛﺮﻭ‪‬ﻢ( ﻭﻛﺬﻟﻚ ﺑﻌﺪﻡ ﺑﺬﻝ ﺍﳉﻬﺪ ﺃﻭ ﻣﺎ ﺗﺴﻤﻰ ﺑﻮﻗﺖ ﺍﻟﺮﺍﺣﺔ‬
‫‪ Leisure‬ﻭﻟﻮ ﻛﺎﻥ ﺫﻟﻚ ﻋﻠﻰ ﺣﺴﺎﺏ ﻣﺼﻠﺤﺔ ﺍﳌﺎﻟﻜﲔ‪ .3‬ﻓﺎﳌﺼﺎﱀ ﺍﻟﺬﺍﺗﻴﺔ ﻟﻠﻤﺪﻳﺮ ﲤﺜﻞ ﻣﻜﻮﻧﺎﺕ‬
‫ﺍﻟﻌﺎﺋﺪ ﺍﳌﺘﻮﻗﻊ ﺍﻟﺬﻱ ﺳﻴﺤﺼﻞ ﻋﻠﻴﻪ ﻣﻦ ﺍﻟﺸﺮﻛﺔ‪ ،‬ﻭﻫﻲ ﺍﺣﺪ ﺍﻟﺪﻭﺍﻓﻊ ﻭﺍﳌﺆﺛﺮﺍﺕ ﺍﻟﺴﻠﻮﻛﻴﺔ ﻟﻺﺩﺍﺭﺓ‬
‫ﺍﻟﻌﻠﻴﺎ‪ ،‬ﻭﻗﺪ ﺗﻜﻮﻥ ﻫﺬﻩ ﺍﳌﺼﺎﱀ ﺟﺎﺭﻳﺔ ﺃﻭ ﻣﺼﺎﱀ ﻣﺴﺘﻘﺒﻠﻴﺔ‪ ،‬ﻛﻤﺎ ﺃ‪‬ﺎ ﻗﺪ ﺗﺘﻀﻤﻦ ﻣﻨﺎﻓﻊ ﻣﺎﻟﻴﺔ ﻭﺃﻳﻀﺎ‬
‫ﻏﲑ ﻣﺎﻟﻴﺔ‪ ،‬ﻛﻤﺎ ﺃﻥ ﺍﳌﺪﻳﺮ ﻗﺪ ﳛﺼﻞ ﻋﻠﻰ ﻫﺬﻩ ﺍﳌﻨﺎﻓﻊ ﺑﺸﻜﻞ ﻣﺒﺎﺷﺮ ﺃﻭ ﻏﲑ ﻣﺒﺎﺷﺮ‪.4‬‬
‫ﻭﻛﻤﺎ ﻫﻮ ﻣﻌﺮﻭﻑ‪ ،‬ﺃﻥ ﺍﻹﺩﺍﺭﺓ ﺗﺴﻌﻰ ﺇﱃ ﺗﻌﻈﻴﻢ ﻣﺼﺎﳊﻬﺎ ﺍﻟﺬﺍﺗﻴﺔ‪ ،‬ﺇﺫ ﻓﻀﻼ ﻋﻦ ﺍﻟﻌﺎﺋﺪ‬
‫ﺍﳌﺘﻮﻗﻊ ﺍﳊﺼﻮﻝ ﻋﻠﻴﻪ‪ ،‬ﻓﺎﳌﺪﺭﺍء ﻳﻜﻮﻧﻮﻥ ﻣﻬﺘﻤﻮﻥ ﺑﻮﻗﺖ ﺍﻟﺮﺍﺣﺔ ﻭﺍﻟﺬﻱ ﻳﻌﺮﻑ ﺑﻮﺻﻔﻪ ﺣﺎﻟﺔ ﻣﻌﺎﻛﺴﺔ‬

‫‪ -1‬ﺍﻟﻌﺒﻴﺪﻱ‪ ،‬ﺻﺒﻴﺤﺔ ﺑﺮﺯﺍﻥ‪ " ،‬ﺩﻭﺭ ﺍﻟﺘﺤﻜﻢ ﺍﳌﺆﺳﺴﻲ ﰲ ﲣﻔﻴﺾ ﳑﺎﺭﺳﺎﺕ ﺍﳌﺤﺎﺳﺒﺔ ﺍﻹﺑﺪﺍﻋﻴﺔ ﻭﲢﻘﻴﻖ ﺍﻟﺘﻮﺍﺯﻥ ﺑﲔ ﻣﺼﺎﱀ ﺃﻃﺮﺍﻑ ﺍﻟﻮﻛﺎﻟﺔ ‪ -‬ﺩﺭﺍﺳﺔ‬
‫ﺗﻄﺒﻴﻘﻴﺔ ﻋﻠﻰ ﻋﻴﻨﺔ ﻣﻦ ﺍﻟﺸﺮﻛﺎﺕ ﺍﳌﺴﺎﳘﺔ ﺍﳌﺨﺘﻠﻄﺔ ﰲ ﳏﺎﻓﻈﺔ ﺑﻐﺪﺍﺩ ﻣﻦ ‪ ،" 2007 - 2001‬ﺃﻃﺮﻭﺣﺔ ﺩﻛﺘﻮﺭﺍﻩ ﻏﲑ ﻣﻨﺸﻮﺭﺓ ﰲ ﻓﻠﺴﻔﺔ ﺍﳌﺤﺎﺳﺒﺔ‪،‬‬
‫ﻛﻠﻴﺔ ﺍﻹﺩﺍﺭﺓ ﻭﺍﻻﻗﺘﺼﺎﺩ‪ ،‬ﺟﺎﻣﻌﺔ ﺑﻐﺪﺍﺩ‪ 2008 ،‬ﺹ ‪44 :‬‬
‫‪2‬‬
‫‪- (Caplan , Robert & Atkinson, "Advanced Management Accounting" , 2nd edition , Prentice‬‬
‫)‪- Hill International Inc. , USA , 1989 p : 721‬‬
‫‪ -3‬ﺃﺑﻮ ﺍﻟﻔﺘﻮﺡ‪ ،‬ﲰﲑ‪" ،‬ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ‪ :‬ﻣﺪﺧﻞ ﻟﺘﺨﻔﻴﺾ ﺍﻟﺘﻜﺎﻟﻴﻒ ﺍﻟﻌﺎﻣﺔ ﺍﳌﺠﻠﺔ ﺍﻟﻌﺮﺑﻴﺔ ﻟﻺﺩﺍﺭﺓ‪ ،‬ﺍﳌﺠﻠﺪ ﺍﻟﺜﺎﱐ ﻋﺸﺮ ﺍﻟﻌﺪﺩ ﺍﻟﺮﺍﺑﻊ‪ ،‬ﺍﳌﻤﻠﻜﺔ ﺍﻟﻌﺮﺑﻴﺔ‬
‫ﺍﻟﺴﻌﻮﺩﻳﺔ‪ 1998 ،‬ﺹ‪.39-38 :‬‬
‫‪ -4‬ﺍﻟﺸﲑﺍﺯﻱ‪ ،‬ﻋﺒﺎﺱ ﻣﻬﺪﻱ‪ " ،‬ﻧﻈﺮﻳﺔ ﺍﳌﺤﺎﺳﺒﺔ " ‪ ,‬ﺫﺍﺕ ﺍﻟﺴﻼﺳﻞ ﻟﻠﻄﺒﺎﻋﺔ ﻭﺍﻟﻨﺸﺮ‪ ،‬ﺍﻟﻜﻮﻳﺖ‪ 1990 ،‬ﺹ‪.396 :‬‬

‫~ ‪~ 35‬‬
‫ﻣـﺎﻫﻴﺔ ﻧﻈﺮﻳﺔ ﺍﻟـﻮﻛﺎﻟﺔ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﱐ‪:‬‬

‫ﻟﻠﺠﻬﺪ‪ ،‬ﻓﺎﳉﻬﺪ ﻳﺰﻳﺪ ﺍﻟﻌﺎﺋﺪ ﺍﳌﺘﻮﻗﻊ ﻟﻠﺸﺮﻛﺔ ﻋﻜﺲ ﻭﻗﺖ ﺍﻟﺮﺍﺣﺔ ﺍﻟﺬﻱ ﳜﻔﺾ ﻣﻦ ﺍﻟﻌﺎﺋﺪ ﺍﳌﺘﻮﻗﻊ‪ ،‬ﺇﺫ‬
‫ﺃﻥ ﺍﳌﺪﺭﺍء ﺍﻟﺬﻳﻦ ﻳﻌﻤﻠﻮﻥ ﺑﺸﻜﻞ ﺟﺪﻱ ﻳﻀﺤﻮﻥ ﺑﻮﻗﺖ ﺍﻟﺮﺍﺣﺔ ﻣﻘﺎﺑﻞ ﺯﻳﺎﺩﺓ ﻗﻴﻤﺔ ﺍﻟﺸﺮﻛﺔ‪ .‬ﻓﻮﻗﺖ‬
‫ﺍﻟﺮﺍﺣﺔ ﺍﻟﺬﻱ ﻳﻌﺎﻣﻞ ﻣﻔﻬﻮﻣﺎ ﻋﺎﻣﺎ‪ ،‬ﻻ ﳝﺜﻞ ﻓﻘﻂ ﻋﺪﻡ ﺑﺬﻝ ﺍﳉﻬﺪ‪ ،‬ﺑﻞ ﻳﺸﻤﻞ ﺃﻳﻀﺎ ﺍﺳﺘﻬﻼﻙ ﺍﳌﺪﻳﺮ‬
‫ﻟﻠﻤﺰﺍﻳﺎ )‪ (Perquisties‬ﺃﻭ ﺍﳌﻨﺎﻓﻊ ﺫﺍﺕ ﺍﻟﻌﻼﻗﺔ ﺑﺎﻟﻮﻇﻴﻔﺔ‪ ،1‬ﻭﻣﻦ ﺃﻣﺜﻠﺔ ﺍﳌﺰﺍﻳﺎ ﺍﻟﺘﻨﻘﻞ ﺑﺎﻟﺪﺭﺟﺔ ﺍﻷﻭﱃ‬
‫ﻭﺍﻟﺴﻜﻦ ﰲ ﺍﻟﻔﻨﺎﺩﻕ ﺍﳌﻤﺘﺎﺯﺓ ﻋﻦ ﺍﻹﻳﻔﺎﺩ ﻭﺍﺳﺘﻌﻤﺎﻝ ﺳﻴﺎﺭﺍﺕ ﺍﻟﺸﺮﻛﺔ ﻟﻸﻏﺮﺍﺽ ﺍﻟﺸﺨﺼﻴﺔ ﻭﻏﲑﻫﺎ‪،‬‬
‫ﻭﳝﻜﻦ ﺍﻟﻘﻮﻝ ﺃﻥ ﻫﺬﻩ ﺍﳌﺰﺍﻳﺎ ﺍﳌﺴﺘﻬﻠﻜﺔ ﲢﺮﻑ ﺭﺃﺱ ﺍﳌﺎﻝ ﺑﻌﻴﺪﺍ ﻋﻦ ﺍﻻﺳﺘﺜﻤﺎﺭﺍﺕ ﰲ ﺍﻟﺸﺮﻛﺔ‪.‬‬
‫ﻓﺎﳌﺎﻟﻜﻮﻥ ﻳﺆﺟﺮﻭﻥ ﺍﳌﺪﺭﺍء ﺃﻱ ﻳﺸﺘﺮﻭﻥ ﻭﻗﺖ ﺍﳌﺪﺭﺍء ﻭﺍﳌﺪﺭﺍء ﻳﻘﺴﻤﻮﻥ ﻭﻗﺘﻬﻢ ﺑﲔ ﻭﻗﺖ‬
‫ﺍﻹﻧﺘﺎﺝ ﻭﻭﻗﺖ ﺍﻟﺮﺍﺣﺔ‪ ،‬ﻛﻤﺎ ﻳﻌﺮﺽ ﺍﳌﺎﻟﻜﻮﻥ ﺭﺃﺱ ﺍﳌﺎﻝ ﻭﺍﳌﺪﺭﺍء ﻳﻮﺯﻋﻮﻧﻪ ﺑﲔ ﺍﻻﺳﺘﺜﻤﺎﺭﺍﺕ ﺍﳌﻨﺘﺠﺔ‬
‫ﻭﺍﳌﺰﺍﻳﺎ ﺍﻟﺸﺨﺼﻴﺔ‪ ،‬ﻭﻫﺬﺍ ﺳﻴﻮﻟﺪ ﺍﻟﺘﻀﺎﺭﺏ ﺑﺎﻋﺘﺒﺎﺭ ﺃﻥ ﻭﻗﺖ ﺍﻟﺮﺍﺣﺔ ﻭﺍﺳﺘﻬﻼﻙ ﺍﳌﺰﺍﻳﺎ ﺍﻟﺸﺨﺼﻴﺔ‬
‫ﺳﻴﺨﻔﺾ ﺛﺮﻭﺓ ﺍﳌﺎﻟﻜﲔ‪ ،‬ﻟﺬﻟﻚ ﺭﻛﺰﺕ ﺃﺩﺑﻴﺎﺕ ﺍﻟﻮﻛﺎﻟﺔ ﻋﻠﻰ ﻭﺿﻊ ﻣﺪﺍﺧﻞ ﻣﺘﻌﺪﺩﺓ ﻟﻜﻲ ﻳﺰﻳﺪ ﺍﳌﺪﺭﺍء‬
‫ﻣﻦ ﺍﺳﺘﻬﻼﻙ ﻭﻗﺖ ﺍﻟﺮﺍﺣﺔ ﻣﻘﺎﺑﻞ ﺑﺬﻝ ﺍﳉﻬﺪ ﻭﳜﻔﻀﻮﻥ ﺍﳌﺰﺍﻳﺎ ﺍﳌﺴﺘﻬﻠﻜﺔ‪ .2‬ﺍﻟﱵ ﻣﻦ ﺿﻤﻨﻬﺎ ﺗﺼﻤﻴﻢ‬
‫ﺣﻮﺍﻓﺰ ﺍﳌﺪﺭﺍء ﻭﻫﻨﺎ ﺍﻟﻜﻼﻡ ﻻ ﻳﻨﺼﺐ ﻋﻠﻰ ﺍﻟﺴﺮﻗﺔ ﻏﲑ ﺍﻟﻘﺎﻧﻮﻧﻴﺔ ﺇﺫ ﺃ‪‬ﺎ ﲣﻀﻊ ﻟﻠﺮﻗﺎﺑﺔ ﺍﻟﻘﺎﻧﻮﻧﻴﺔ ﺃﻭ‬
‫ﺍﻟﺘﺪﻗﻴﻖ ﺍﳋﺎﺭﺟﻲ‪ ،‬ﻟﻜﻦ ﺍﻻﻫﺘﻤﺎﻡ ﻫﻨﺎ ﻳﻜﻮﻥ ﻣﻨﺼﺒﺎ ﻋﻠﻰ ﺍﻟﺴﺮﻗﺔ ﺍﻷﻛﺜﺮ ﺑﺮﺍﻋﺔ ﻟﻠﻮﻗﺖ )ﻋﻨﺪﻣﺎ ﺍﳌﺪﻳﺮ ﻻ‬
‫ﻳﻌﻤﻞ ﺃﻭ ﳚﺘﻬﺪ ﻋﻨﺪﻣﺎ ﻳﻔﺘﺮﺽ ﺑﻪ ﺫﻟﻚ( ﻭﻟﻠﺮﺃﲰﺎﻝ )ﻋﻨﺪﻣﺎ ﺍﳌﺪﻳﺮ ﻳﻨﻔﻖ ﻣﺎﻻ ﺃﻛﺜﺮ ﻣﻦ ﺍﻟﻀﺮﻭﺭﻱ‬
‫ﻻﳒﺎﺯ ﺍﻟﻮﺍﺟﺒﺎﺕ ﺍﻹﺩﺍﺭﻳﺔ ﺍﳌﻨﺎﻃﺔ ﺑﻪ(‪.‬‬
‫ﻭﻳﺮﻯ ﺍﻟﺒﺎﺣﺜﺎﻥ ﺃﻥ ﻟﻴﺲ ﻛﻞ ﺍﳌﺪﺭﺍء ﻻ ﻳﺒﺬﻟﻮﻥ ﺍﳉﻬﺪ‪ ،‬ﻭﻟﻜﻦ ﺑﻌﻀﻬﻢ ﻟﺪﻳﻬﻢ ﺍﳊﺎﻓﺰ ﻟﺬﻟﻚ‪،‬‬
‫ﻭﺃﻛﺜﺮ ﻣﻦ ﺫﻟﻚ ﺣﱴ ﻟﻮ ﻭﺟﺪ ﺍﻟﺘﻀﺎﺭﺏ ﺑﺎﳌﺼﺎﱀ‪ ،‬ﻓﻬﺬﺍ ﻻ ﻳﻌﲏ ﻏﻴﺎﺏ ﺍﳌﺼﻠﺤﺔ ﺍﳌﺸﺘﺮﻛﺔ ﺑﲔ‬
‫ﺍﻟﻄﺮﻓﲔ ﻷ‪‬ﻢ ﻳﺪﺭﻛﻮﻥ ﰲ ﺍﻟﻨﻬﺎﻳﺔ ﺃﻥ ﻣﺼﺎﳊﻬﻢ ﺗﺘﻮﻗﻒ ﺇﱃ ﺣﺪ ﻛﺒﲑ ﻋﻠﻰ ﺑﻘﺎء ﺍﻟﺘﻨﻈﻴﻢ ﻭﺍﺳﺘﻤﺮﺍﺭﻩ‪،‬‬
‫ﻭﻣﻊ ﺫﻟﻚ ﻓﺎﻥ ﺑﻌﺾ ﺍﻟﺒﺎﺣﺜﲔ ﰲ ﳕﺎﺫﺝ ﺍﻟﻮﻛﺎﻟﺔ ﺑﻴﻨﻮﺍ ﺃﻥ ﺃﺩﺑﻴﺎﺕ ﺍﻟﻮﻛﺎﻟﺔ ﺗﺸﻤﻞ ﺍﻟﻐﺶ ﻭﺍﻟﺴﺮﻗﺔ‪، 3‬‬
‫ﻭﻫﺬﺍ ﻻ ﻳﻌﲏ ﺃﻥ ﺃﻛﺜﺮ ﺍﳌﺪﺭﺍء ﻫﻢ ﺳﺎﺭﻗﻮﻥ‪ ،‬ﺑﻞ ﰲ ﺑﻌﺾ ﺍﻷﺣﻴﺎﻥ ﻫﻢ ﺣﺮﻳﺼﲔ ﻋﻠﻰ ﺍﻟﺸﺮﻛﺔ ﺃﻛﺜﺮ‬
‫ﻣﻦ ﺍﳌﺎﻟﻜﲔ‪ .‬ﺣﱴ ﰲ ﺣﺎﻝ ﺍﻓﺘﺮﺍﺽ ﺃﻥ ﺍﳌﺪﺭﺍء ﺳﻴﺘﻬﺮﺑﻮﻥ ﻣﻦ ﻭﺍﺟﺒﺎ‪‬ﻢ ﺍﳌﺤﺪﺩﺓ ﺃﻭ ﺳﻴﻨﻔﻘﻮﻥ ﺃﻣﻮﺍﻝ‬
‫ﺃﻛﺜﺮ ﳑﺎ ﳚﺐ ﻋﻠﻰ ﺍﺳﺘﻬﻼﻛﻬﻢ ﺍﻟﺸﺨﺼﻲ‪ ،‬ﻓﺎﻧﻪ ﳝﻜﻦ ﻣﻼﺣﻈﺔ ﻭﻓﺮﺽ ﻗﻮﺍﻋﺪ ﳍﺬﺍ ﺍﻟﺴﻠﻮﻙ‪ ،‬ﻓﻤﺜﻼ‬

‫‪1‬‬
‫‪- (Caplan , Robert & Atkinson , " Advanced Management Accounting " , 2nd edition ,‬‬
‫)‪Prentice - Hill International Inc. , USA , 1989 p : 738‬‬
‫‪2‬‬
‫‪- ( Scapens , “ Management Accounting : Asurvey Paper " , This paper was commissioned by‬‬
‫)‪the SSRc whose funding is grate fully acknowledged Feb , 1983 p : 48‬‬
‫‪3‬‬
‫‪- (Caplan , Robert & Atkinson , " Advanced Management Accounting " , 2nd edition ,‬‬
‫)‪Prentice - Hill International Inc. , USA , 1989 p : 739‬‬
‫~ ‪~ 36‬‬
‫ﻣـﺎﻫﻴﺔ ﻧﻈﺮﻳﺔ ﺍﻟـﻮﻛﺎﻟﺔ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﱐ‪:‬‬

‫ﻋﻦ ﻃﺮﻳﻖ ﺍﻟﺮﻗﺎﺑﺔ ﳝﻜﻦ ﺍﻟﺴﻴﻄﺮﺓ ﻋﻠﻰ ﺃﻓﻌﺎﻝ ﺍﳌﺪﺭﺍء ﻭﲢﺪﻳﺪ ﻓﻴﻤﺎ ﺇﺫﺍ ﻫﻢ ﻳﻌﻤﻠﻮﻥ ﻭﻓﻘﺎ ﻟﺸﺮﻭﻁ ﺍﻟﻌﻘﺪ‬
‫ﺃﻡ ﻻ ﻭﺧﺎﺻﺔ ﻋﻨﺪﻣﺎ ﺗﻜﻮﻥ ﻫﺬﻩ ﺍﻟﺸﺮﻭﻁ ﳏﺪﺩﺓ ﻭﻭﺍﺿﺤﺔ‪ ،‬ﻋﻨﺪﺋﺬ ﺳﺘﻜﻮﻥ ﺇﺟﺮﺍءﺍﺕ ﺍﻟﺮﻗﺎﺑﺔ ﻳﺴﲑﺓ‬
‫ﻷﻧﻪ ﳝﻜﻦ ﺑﺸﻜﻞ ﺃﻭ ﺑﺂﺧﺮ ﻗﻴﺎﺱ ﺍﳌﺨﺮﺟﺎﺕ‪ .‬ﺇﺫ ﺑﲔ ‪ Frederick Taylor‬ﺍﻧﻪ ﺑﺎﻹﻣﻜﺎﻥ ﻓﺤﺺ‬
‫ﺍﻷﺩﺍء ﻟﻠﻮﺍﺟﺒﺎﺕ ﺍﻟﻴﺪﻭﻳﺔ ﲟﻘﺪﺍﺭ ﺍﻟﻌﻤﻞ ﺍﳌﻨﺠﺰ‪ ،‬ﻛﻤﺎ ﺃﻥ ﺍﳌﻨﺸﺎﺓ ﳝﻜﻦ ﺃﻥ ﺗﻌﻤﻞ ﺑﺸﻜﻞ ﺃﻓﻀﻞ ﺇﺫﺍ‬
‫ﻃﺒﻘﺖ ﻃﺮﺍﺋﻖ ﻭﻗﻮﺍﻋﺪ ﺍﻟﻌﻤﻞ ﺍﳌﻨﻄﻘﻴﺔ‪ ،‬ﻭﻣﻊ ﺫﻟﻚ ﻓﺎﻧﻪ ﺇﺫﺍ ﻛﺎﻧﺖ ﺍﻟﻮﻇﻴﻔﺔ ﻣﻌﻘﺪﺓ ﺃﻛﺜﺮ ﻓﺎﻥ ﻗﻴﺎﺱ‬
‫ﺍﳌﺨﺮﺟﺎﺕ ﺭﲟﺎ ﻻ ﻳﻜﻮﻥ ﻭﺍﻗﻌﻴﺎ ﺑﺴﺒﺐ ﺍﻹﻣﻜﺎﻧﻴﺔ ﻟﺒﻌﺾ ﺍﳌﺘﻐﲑﺍﺕ ﺍﻟﱵ ﺗﺘﺨﻠﻞ ﺑﲔ ﺍﳌﺪﺧﻼﺕ‬
‫ﻭﺍﳌﺨﺮﺟﺎﺕ‪.1‬‬
‫ﺇﻥّ ﻋﺪﻡ ﺑﺬﻝ ﺍﳉﻬﺪ ﺍﳌﻄﻠﻮﺏ ﻳﻮﻟﺪ ﻣﺎ ﻳﺴﻤﻰ ﲟﺸﻜﻠﺔ ﺍﻟﺘﻬﺮﺏ )‪.2(Shirking Problem‬‬
‫ﻭﻳﺮﻯ ﺍﻟﺒﺎﺣﺜﺎﻥ ﺍﻧﻪ ﻋﻠﻰ ﺍﻟﺮﻏﻢ ﻣﻦ ﺃﺩﺑﻴﺎﺕ ﺍﻟﻮﻛﺎﻟﺔ ﻗﺪ ﺭﻛﺰﺕ ﻋﻠﻰ ﻣﺸﻜﻠﺔ ﺍﻟﺘﻬﺮﺏ‪ ،‬ﺇﻻ ﺃ‪‬ﺎ ﻻ ﺗﻌﺘﱪ‬
‫ﺣﺎﲰﺔ ﰲ ﺗﻀﺎﺭﺏ ﻣﺼﺎﱀ ﺍﳌﺎﻟﻚ ﻭﺍﳌﺪﻳﺮ‪ ،‬ﺇﺫ ﺃﻥ ﺗﻄﻮﺭ ﻧﻈﻢ ﺍﳌﻌﻠﻮﻣﺎﺕ ﻭﺍﻟﺘﻜﻨﻮﻟﻮﺟﻴﺎ ﻻﳒﺎﺯ ﺍﻟﻮﻇﺎﺋﻒ‬
‫ﺑﺸﻜﻞ ﻧﺎﺟﺢ ﻳﺘﻄﻠﺐ ﻣﻦ ﺍﳌﺪﻳﺮ ﻣﻬﺎﺭﺍﺕ ﺇﺿﺎﻓﻴﺔ ﻭﻣﻐﺎﺩﺭﺓ ﻣﻜﺘﺒﻪ ﺍﳌﺮﻳﺢ ﻟﻐﺮﺽ ﺍﻟﻮﻗﻮﻑ ﻋﻠﻰ ﻣﻮﺍﻗﻊ‬
‫ﺍﻟﺘﺸﻐﻴﻞ ﺍﳌﺨﺘﻠﻔﺔ ﻭﺍﱃ ﺻﺮﻑ ﺟﺰء ﻣﻬﻢ ﻣﻦ ﻭﻗﺘﻪ ﰲ ﺍﻷﻭﺿﺎﻉ ﺍﻟﱵ ﲤﻜﻨﻪ ﻣﻦ ﲨﻊ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﳌﻼﺋﻤﺔ‬
‫ﻋﻦ ﺍﻟﺴﻮﻕ ﻭﺍﻟﺘﻜﻨﻮﻟﻮﺟﻴﺎ ﻭﺍﳌﻨﺎﻓﺴﲔ‪ .‬ﰲ ﻫﺬﻩ ﺍﳊﺎﻟﺔ ﺍﻟﺘﻬﺮﺏ ﻻ ﻳﻜﻮﻥ ﻋﺪﻡ ﺍﺳﺘﺜﻤﺎﺭ ﺍﻟﻮﻗﺖ ﺑﻞ ﻛﻴﻔﻴﺔ‬
‫ﺍﺳﺘﻐﻼﻝ ﺍﻟﻔﺮﺹ‪ ،‬ﻭﺍﺳﺘﻐﻼﻝ ﻭﺗﻄﻮﻳﺮ ﻃﺮﺍﺋﻖ ﺍﳊﺼﻮﻝ ﻋﻠﻰ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﻟﻜﺎﻓﻴﺔ ﻟﻴﻜﻮﻥ ﺍﳌﺪﻳﺮ ﻧﺎﺟﺤﺎ ﰲ‬
‫ﻭﻇﻴﻔﺘﻪ‪ ،‬ﺣﻴﺚ ﻣﱪﺭﻩ ﻟﻠﻨﺘﺎﺋﺞ ﺍﻟﺮﺩﻳﺌﺔ ﻳﻜﻮﻥ ﻋﻠﻰ ﺃﺳﺎﺱ ﺍﻧﻪ ﻋﻤﻞ ﻣﺎ ﺑﻮﺳﻌﻪ ﻭﺍﻥ ﺍﻟﻨﺘﺎﺋﺞ ﺍﻟﺴﻴﺌﺔ ﺍﻟﱵ‬
‫ﺣﺪﺛﺖ ﻫﻲ ﺧﺎﺭﺟﺔ ﻋﻦ ﺳﻴﻄﺮﺗﻪ‪.‬‬
‫ﺃﻥ ﺳﻌﻲ ﺃﻃﺮﺍﻑ ﺍﻟﻮﻛﺎﻟﺔ )ﺍﳌﺎﻟﻚ ﻭﺍﳌﺪﻳﺮ( ﻭﺭﺍء ﺗﻌﻈﻴﻢ ﻣﺼﺎﳊﻬﻢ ﺍﻟﺸﺨﺼﻴﺔ‪ ،‬ﻭﻣﻦ ﰒ ﻣﻦ‬
‫ﺍﳌﺘﻮﻗﻊ ﺃﻥ ﻳﻘﻮﻡ ﺑﺘﺼﺮﻓﺎﺕ ﺗﺆﺛﺮ ﺳﻠﺒﻴﺎ ﰲ ﻣﺼﻠﺤﺔ ﺍﻟﻄﺮﻑ ﺍﻵﺧﺮ ﻭﻣﻦ ﰒ ﰲ ﻗﻴﻤﺔ ﺍﳌﻨﺸﺎﺓ ﻭﺍﺳﺘﻤﺮﺍﺭﻫﺎ‬
‫ﻭﻫﺬﺍ ﻣﺎ ﻭﺿﺤﻪ ‪ Watts and Zimmerman‬ﺑﺎﻥ "ﻛﻞ ﻃﺮﻑ ﻳﻌﺘﺮﻑ ﺃﻥ ﺭﻓﺎﻫﻴﺘﻪ ﺍﻟﺸﺨﺼﻴﺔ‬
‫ﺗﻌﺘﻤﺪ ﻋﻠﻰ ﺩﳝﻮﻣﺔ ﻭﺍﺳﺘﻤﺮﺍﺭ ﺍﳌﻨﺸﺎﺓ ﻭﻟﻜﻦ ﺑﻨﻔﺲ ﺍﻟﻮﻗﺖ ﻟﻪ ﺍﳊﺎﻓﺰ ﻻﲣﺎﺫ ﺍﻷﻓﻌﺎﻝ ﺍﻟﱵ ﲣﻔﺾ ﻗﻴﻤﺔ‬
‫ﺍﳌﻨﺸﺎﺓ ﻭﻓﺮﺻﺔ ﺍﻻﺳﺘﻤﺮﺍﺭ"‪.3‬‬

‫‪ -1‬ﺟﻮﺍﺩ‪ ،‬ﺷﻮﻗﻲ ﻧﺎﭼﻲ‪ " ،‬ﺇﺩﺍﺭﺓ ﺍﻷﻋﻤﺎﻝ ‪ -‬ﻣﻨﻈﻮﺭ ﮐﻤﻲ "‪ ،‬ﻭ‪ ،‬ﺩﺍﺭ ﺍﻟﻜﺘﺐ ﻟﻠﻄﺒﺎﻋﺔ ﻭﺍﻟﻨﺸﺮ‪ ،‬ﺑﻐﺪﺍﺩ‪ 1995 ،‬ﺹ ‪.29 :‬‬
‫‪ -2‬ﺍﻟﺸﲑﺍﺯﻱ‪ ،‬ﻋﺒﺎﺱ ﻣﻬﺪﻱ‪ " ،‬ﻧﻈﺮﻳﺔ ﺍﳌﺤﺎﺳﺒﺔ " ‪ ,‬ﺫﺍﺕ ﺍﻟﺴﻼﺳﻞ ﻟﻠﻄﺒﺎﻋﺔ ﻭﺍﻟﻨﺸﺮ‪ ،‬ﺍﻟﻜﻮﻳﺖ‪ 1990 ،‬ﺹ‪.398 :‬‬
‫‪3‬‬
‫‪- Watts and Zimmerman, 1986, P79.‬‬
‫~ ‪~ 37‬‬
‫ﻣـﺎﻫﻴﺔ ﻧﻈﺮﻳﺔ ﺍﻟـﻮﻛﺎﻟﺔ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﱐ‪:‬‬

‫‪ -2‬ﺍﳌﺨﺎﻃﺮﺓ ﺍﳌﻌﻨﻮﻳﺔ‪ :‬ﻭﻫﻲ ﺍﳊﺎﻻﺕ ﺍﻟﱵ ﺗﻜﻮﻥ ﻓﻴﻬﺎ ﺍﻏﻠﺐ ﺍﻓﻌﺎﻝ ﺍﻟﻮﻛﻴﻞ ﳐﻔﻴﺔ ﻋﻦ ﺍﻟﺮﺋﻴﺲ ﺍﻭ ﺍ‪‬ﺎ‬
‫ﺗﻜﻮﻥ ﻣﻜﻠﻔﺔ ﺣﱴ ﺗﺘﻢ ﻣﻼﺣﻈﺘﻬﺎ‪ ،‬ﺃﻭ ﺍﻥ ﻳﺴﺘﺤﻴﻞ ﻋﻠﻰ ﺍﻟﺮﺋﻴﺲ ﻣﺮﺍﻗﺒﺔ ﺍﻟﻮﻛﻴﻞ ﻛﻠﻴﺎ‪ ،‬ﻓﻤﺜﻼ ‪ :‬ﻗﺪ ﳚﺪ‬
‫ﺍﳌﺴﺎﳘﻮﻥ ﺍﻭ ﺣﱴ ﺍﳌﺪﺭﺍء ﺍﻧﻪ ﻻ ﳝﻜﻦ ﻣﻼﺣﻈﺔ ﺍﻭ ﺍﻟﺘﺄﻛﺪ ﻣﻦ ﺍﳌﻘﺪﺭﺓ ﻭﺍﳉﻬﺪ ﺍﻟﺬﻱ ﳝﻠﻜﻪ ﺍﻟﻌﻤﺎﻝ ‪.‬‬
‫‪ -3‬ﺍﻻﺧﺘﻴﺎﺭ ﺍﳌﻌﺎﻛﺲ‪ :‬ﺍﻳﻦ ﳝﺘﻠﻚ ﺍﻟﻮﻛﻴﻞ ﰲ ﻫﺬﻩ ﺍﳊﺎﻟﺔ ﻣﻌﻠﻮﻣﺎﺕ ﻻ ﳝﻜﻦ ﻣﻼﺣﻈﺘﻬﺎ ﻣﻦ ﻗﺒﻞ‬
‫ﺍﻟﺮﺋﻴﺲ ﺍﻭ ﻣﻦ ﺍﳌﻜﻠﻒ ﺍﳊﺼﻮﻝ ﻋﻠﻴﻬﺎ‪ ،‬ﺣﻴﺚ ﺗﻨﺸﺄ ﻋﻨﺪﻣﺎ ﻳﻜﻮﻥ ﻟﺪﻯ ﺍﻟﻮﻛﻴﻞ ﺍﻟﻘﺪﺭﺓ ﻋﻠﻰ ﺍﳊﺼﻮﻝ‬
‫ﻋﻠﻰ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﳋﺎﺻﺔ ﺑﻨﺘﺎﺋﺞ ﻛﻞ ﺑﺪﻳﻞ‪ ،‬ﻭﺫﻟﻚ ﻗﺒﻞ ﺍﻷﺩﺍء ﺃﻭ ﺍﻻﺧﺘﻴﺎﺭ ﰲ ﺍﻟﻮﻗﺖ ﺍﻟﺬﻱ ﻻ ﺗﺘﻮﺍﻓﺮ‬
‫ﻟﻸﺻﻴﻞ ﻓﻴﻪ ﺍﳌﻌﻠﻮﻣﺎﺕ ﻧﺘﻴﺠﺔ ﻟﺬﻟﻚ ﻻ ﳝﻜﻦ ﻟﻠﺮﺋﻴﺲ ﺍﻟﺘﺄﻛﺪ ﻣﻦ ﺃﻥ ﻗﺮﺍﺭﺍﺕ ﺍﻟﻮﻛﻴﻞ ﺗﺼﺐ ﰲ ﺻﺎﳊﻪ‬
‫‪ -4‬ﻣﺸﻜﻠﺔ ﻋﺪﻡ ﲤﺎﺛﻞ ﺍﳌﻌﻠﻮﻣﺎﺕ‪ :‬ﺑﲔ ﻛﻞ ﻣﻦ ﺍﻻﺻﻴﻞ ﻭﺍﻟﻮﻛﻴﻞ ﺣﻴﺚ ﺃﻥ ﻫﺬﺍ ﺍﻻﺧﲑ ﳝﺘﻠﻚ‬
‫ﺍﳋﱪﺓ ﺍﻟﻌﻠﻤﻴﺔ ﻭﺍﻟﺴﻴﻄﺮﺓ ﻋﻠﻰ ﻣﻌﻠﻮﻣﺎﺕ ﳏﺎﺳﺒﻴﺔ ﻭﻟﺪﻳﻪ ﺍﳋﱪﺓ ﰲ ﺍﻻﺧﺘﻴﺎﺭ ﻣﻦ ﺑﲔ ﺍﻟﺴﻴﺎﺳﺎﺕ‬
‫ﻭﺍﻟﺘﻘﺪﻳﺮﺍﺕ ﺍﳌﺤﺎﺳﺒﻴﺔ ﳑﺎ ﻳﻌﻈﻢ ﺩﺍﻟﺔ ﻣﻨﻔﻌﺘﻪ ﻋﻠﻰ ﺣﺴﺎﺏ ﺍﻻﺻﻴﻞ‬
‫ﻭﻳﻘﻮﻡ ﲝﻞ ﻫﺪﻩ ﺍﳌﺸﺎﻛﻞ ﻛﻞ ﻣﻦ ﺍﻟﻮﻛﻴﻞ ﻭﺍﻟﺮﺋﻴﺲ ﻣﻦ ﺧﻼﻝ ﺍﻟﺮﻗﺎﺑﺔ ﻭﺍﻟﺘﻮﺛﻴﻖ‪.‬‬
‫ﺣﻴﺚ ﺗﺸﺘﻤﻞ ﻋﻤﻠﻴﺔ ﺍﻟﺮﻗﺎﺑﺔ ﻣﻼﺣﻈﺔ ﺳﻠﻮﻙ ﻭﺃﺩﺍء ﺍﻟﻮﻛﻴﻞ‪ ،‬ﺍﻣﺎ ﺍﻟﺘﻮﺛﻴﻖ ﻓﻴﻌﲏ ﺍﻻﺗﻔﺎﻕ ﺣﻮﻝ ﺍﻟﻌﻘﻮﺑﺎﺕ‬
‫ﺍﻟﱵ ﻳﺘﺤﻤﻠﻬﺎ ﺍﻟﻮﻛﻴﻞ ﻋﻨﺪ ﺍﻟﻘﻴﺎﻡ ﺑﺄﻓﻌﺎﻝ ﲤﺲ ﲟﺼﺎﱀ ﺍﻟﺮﺋﻴﺲ ﺍﻭ ﻣﻜﺎﻓﺄﺗﻪ ﻋﻦ ﻋﻤﻠﻪ ﻣﻦ ﺍﺟﻞ ﲢﻘﻴﻖ‬
‫ﺍﻫﺪﺍﻑ ﺍﻟﺮﺋﻴﺲ‬
‫‪ -5‬ﻣﺸﻜﻠﺔ ﺍﻟﻮﻛﺎﻟﺔ ﰲ ﺍﻹﺩﺍﺭﺓ ﺍﳌﺎﻟﻴﺔ‪:‬‬
‫ﺗﺸﻤﻞ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﺃﻳﻀًﺎ ﺍﻟﻨﻈﺮﻳﺎﺕ ﺍﳌﺘﻌﻠﻘﺔ ﺑﺎﻹﺩﺍﺭﺓ ﺍﳌﺎﻟﻴﺔ‪ .‬ﻛﻤﺎ ﻳﻮﺿﺢ‪Investopedia :‬‬
‫"ﰲ ﺑﻌﺾ ﺍﳊﺎﻻﺕ‪ ،‬ﻳﺴﺘﺨﺪﻡ ﺍﻟﻮﻛﻴﻞ ﻣﻮﺍﺭﺩ ﺃﺣﺪ ﺍﻷﺻﻮﻝ‪ .‬ﻟﺬﻟﻚ ﻋﻠﻰ ﺍﻟﺮﻏﻢ ﻣﻦ ﺃﻥ ﺍﻟﻮﻛﻴﻞ ﻫﻮ‬
‫ﺻﺎﻧﻊ ﺍﻟﻘﺮﺍﺭ‪ ،‬ﺇﻻ ﺃﻧﻪ ﻻ ﻳﺘﺤﻤﻞ ﺃﻱ ﺧﻄﺮ ﻳﺬﻛﺮ‪ ،‬ﻷﻥ ﲨﻴﻊ ﺍﳋﺴﺎﺋﺮ ﺳﺘﻜﻮﻥ ﻋﺒﺌًﺎ ﻟﻠﻤﺪﻳﺮ‪ .‬ﻭﻫﺬﺍ ﻫﻮ‬
‫ﺍﻷﻛﺜﺮ ﺷﻴﻮﻋًﺎ ﻋﻨﺪ ﻳﺴﺎﻫﻢ ﺍﳌﺴﺎﳘﻮﻥ ﺑﺎﻟﺪﻋﻢ ﺍﳌﺎﱄ ﻟﻠﻜﻴﺎﻥ ﺍﻟﺬﻱ ﻳﺴﺘﺨﺪﻣﻪ ﺍﳌﺪﻳﺮﻭﻥ ﺍﻟﺘﻨﻔﻴﺬﻳﻮﻥ‬
‫ﺣﺴﺐ ﺗﻘﺪﻳﺮﻫﻢ‪ ،‬ﻭﻗﺪ ﻳﻜﻮﻥ ﻟﻠﻮﻛﻴﻞ ﲢﻤُّﻞ ﳐﺘﻠﻒ ﻟﻠﻤﺨﺎﻃﺮﺓ ﻣﻦ ﺍﳌﺪﻳﺮ ﺑﺴﺒﺐ ﺍﻟﺘﻮﺯﻳﻊ ﻏﲑ ﺍﳌﺘﻜﺎﻓﺊ‬
‫ﻟﻠﻤﺨﺎﻃﺮ‪.‬‬
‫ﺗﻮﺿﺢ ‪ Investopedia‬ﺃﻥ ﺍﳌﺆﺳﺴﺎﺕ ﺍﳌﺎﻟﻴﺔ ﲢﺘﺎﺝ ﺇﱃ ﺗﻮﻟﻴﺪ ﺛﺮﻭﺓ ﺍﳌﺴﺎﳘﲔ‪ .‬ﻭﻣﻊ ﺫﻟﻚ‬
‫ﻭﻓﻘﺎ ﻟﻠﻨﻈﺮﻳﺎﺕ ﺍﳌﺘﻌﻠﻘﺔ ﺑﺎﻹﺩﺍﺭﺓ ﺍﳌﺎﻟﻴﺔ‪ ،‬ﻗﺪ ﺗﺘﻌﺮﺽ ﻫﺬﻩ ﺍﻟﺸﺮﻛﺎﺕ ﳌﺨﺎﻃﺮ ﻋﻦ ﻃﺮﻳﻖ ﺇﺻﺪﺍﺭ ﻗﺮﻭﺽ‬
‫ﻭﺑﻌﻀﻬﺎ ﺧﺎﺭﺝ ﻣﺴﺘﻮﻯ ﺭﺍﺣﺔ ﺍﳌﺴﺎﳘﲔ‪.‬‬
‫ﻭﻓﻘًﺎ ﻟﻨﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﰲ ﻫﺬﺍ ﺍﳌﺜﺎﻝ‪ ،‬ﻳﻌﻤﻞ ﺍﳌﺨﻄﻄﻮﻥ ﺍﳌﺎﻟﻴﻮﻥ ﻭﻣﺪﻳﺮ ﺍﳌﺤﻔﻈﺔ ﺍﳌﺎﻟﻴﺔ ﺑﺼﻔﺘﻬﻢ ﻭﻛﻼء‬
‫ﻧﻴﺎﺑﺔ ﻋﻦ ﻋﻤﻼﺋﻬﻢ‪ ،‬ﻭﻫﻢ ﺍﳌﺪﻳﺮﻭﻥ‪ ،‬ﻭﺍﺳﺘﺜﻤﺎﺭﺍﺕ ﺍﻟﻌﻤﻼء ﺃﻭ ﺍﳌﺪﻳﺮﻳﻦ‪ .‬ﻭﺃﺧﲑﴽ‪ ،‬ﻗﺪ ﻳﻜﻮﻥ ﺍﳌﺴﺘﺄﺟﺮ‬

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‫ﻣـﺎﻫﻴﺔ ﻧﻈﺮﻳﺔ ﺍﻟـﻮﻛﺎﻟﺔ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﱐ‪:‬‬

‫‪-‬ﺍﻟﺬﻱ ﻫﻮ ﻭﻛﻴﻞ ﺁﺧﺮ ‪ -‬ﻣﺴﺆﻭﻻً ﻋﻦ ﲪﺎﻳﺔ ﻭﲪﺎﻳﺔ ﺍﻷﺻﻮﻝ ﺍﻟﱵ ﻻ ﺗﻨﺘﻤﻲ ﺇﻟﻴﻬﺎ ﻷ‪‬ﺎ ﲣﺺ ﺍﻟﻌﻤﻼء‬
‫ﻭﰲ ﻫﺬﻩ ﺍﳊﺎﻟﺔ ﺍﳌﺆﺟﺮﻭﻥ‪ ،‬ﺍﻟﺬﻳﻦ ﻫﻢ ﺃﻳﻀﴼ ﻣﺪﺭﺍء‪ ،‬ﻭﻓﻘﴼ ﻟﻨﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ‪ .‬ﻋﻠﻰ ﺍﻟﺮﻏﻢ ﻣﻦ ﺃﻥ ﺍﳌﺴﺘﺄﺟﺮ‬
‫ﻣﻜﻠﻒ ﲟﻬﻤﺔ ﺍﻟﻌﻨﺎﻳﺔ ﺑﺎﻷﺻﻮﻝ‪ ،‬ﺇﻻ ﺃﻥ ﺍﳌﺴﺘﺄﺟﺮ ﻟﻪ ﻣﺼﻠﺤﺔ ﺃﻗﻞ ﰲ ﲪﺎﻳﺔ ﺍﻟﺴﻠﻊ ﻣﻦ ﺍﳌﺎﻟﻚ ﺍﻟﻔﻌﻠﻲ‪.‬‬
‫‪ -6‬ﺗﻌﺎﺭﺿﺎﺕ ﺍﻟﻮﻛﺎﻟﺔ‪:‬‬
‫ﺇﻥ ﺣﻘﻴﻘﺔ ﺃﻥ ﺍﻟﻌﻮﺍﻣﻞ ﻭﺍﳌﺒﺪﻋﲔ ﻟﺪﻳﻬﻢ ﺩﻭﺍﻓﻊ ﳐﺘﻠﻔﺔ ﻟﻠﻐﺎﻳﺔ‪ ،‬ﻫﻲ ﺣﻘﻴﻘﺔ ﺃﻥ ﺍﻟﺼﺮﺍﻋﺎﺕ ﳝﻜﻦ‬
‫ﺃﻥ ﺗﻨﺸﺄ ﺑﺴﻬﻮﻟﺔ ﺑﺴﺒﺐ ﺗﻠﻚ ﺍﻷﻫﺪﺍﻑ ﺍﳌﺨﺘﻠﻔﺔ‪ .‬ﺗﻮﺿﺢ ‪Investopedia‬ﺃﻥ ﻫﺬﻩ ﺍﻷﺳﺒﺎﺏ‬
‫ﳌﺸﺎﻛﻞ ﺍﻟﻮﻛﺎﻟﺔ ﳝﻜﻦ ﺃﻥ ﺗﻨﺸﺄ ﺑﺴﺒﺐ ﺍﻻﺧﺘﻼﻓﺎﺕ ﺑﲔ ﺍﻷﻫﺪﺍﻑ ﺃﻭ ﺍﻟﺮﻏﺒﺎﺕ ﺑﲔ ﺍﳌﺪﻳﺮ ﻭﺍﻟﻮﻛﻴﻞ‪.‬‬
‫ﺑﻌﺒﺎﺭﺓ ﺃﺧﺮﻯ‪ ،‬ﺗﻨﺸﺄ ﻣﺸﻜﻼﺕ ﺍﻟﻮﻛﺎﻟﺔ ﰲ ﺍﻹﺩﺍﺭﺓ ﺍﳌﺎﻟﻴﺔ ﺑﺴﺒﺐ ﺗﻀﺎﺭﺏ ﺍﳌﺼﺎﱀ ﺍﳌﺘﺄﺻﻞ ﺑﲔ ﺍﻟﻮﻛﻼء‬
‫ﻭﺍﳌﺪﻳﺮﻳﻦ‪.‬‬
‫ﺇﻥ ‪ ،Seven Pillars‬ﻭﻫﻲ ﻣﺆﺳﺴﺔ ﻓﻜﺮﻳﺔ ﺗﺮﻛﺰ ﻋﻠﻰ ﺍﻷﺧﻼﻗﻴﺎﺕ ﺍﳌﺎﻟﻴﺔ‪ ،‬ﺗﻌﻄﻲ ﻣﺜﺎﻻً‬
‫ﻟﻠﺸﺮﻛﺔ ﺍﻟﱵ ﻳﻜﻮﻥ ﻓﻴﻬﺎ ﺍﳌﺪﻳﺮﻭﻥ ﺍﻟﺮﺋﻴﺴﻴﻮﻥ ﻫﻢ ﺍﳌﺴﺎﳘﲔ ﰲ ﺍﻟﺸﺮﻛﺔ‪ ،‬ﻭﻳﻘﻮﻣﻮﻥ ﺑﺘﻔﻮﻳﺾ ﺍﻟﻮﻛﻴﻞ‪.‬‬
‫ﰲ ﻫﺬﻩ ﺍﳊﺎﻟﺔ‪ ،‬ﻳﺘﻢ ﺗﻔﻮﻳﻀﻬﻢ ﺇﱃ ﺇﺩﺍﺭﺓ ﺍﻟﺸﺮﻛﺔ‪ ،‬ﻟﺘﻨﻔﻴﺬ ﺍﳌﻬﺎﻡ ﻧﻴﺎﺑﺔ ﻋﻨﻬﻢ‪ .‬ﻳﻀﻴﻒ ﺳﻴﻔﻦ ﺑﻴﻼﺭﺯ‪:‬‬
‫"ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﺗﻔﺘﺮﺽ ﺃﻥ ﻛﻞ ﻣﻦ ﺍﳌﺪﻳﺮ ﻭﺍﻟﻮﻛﻴﻞ ﻳﺘﺤﺮﻛﺎﻥ ﻣﻦ ﺧﻼﻝ ﺍﳌﺼﻠﺤﺔ ﺍﻟﺬﺍﺗﻴﺔ ‪.‬ﻫﺬﺍ‬
‫ﺍﻻﻓﺘﺮﺍﺽ ﻣﻦ ﺍﳌﺼﻠﺤﺔ ﺍﻟﺬﺍﺗﻴﺔ ﻳﻬﺪﺩ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﺇﱃ ﺍﻟﱰﺍﻋﺎﺕ ﺍﳌﺘﺄﺻﻠﺔ ﺍﳊﺘﻤﻴﺔ‪ .‬ﻭﻫﻜﺬﺍ‪ ،‬ﺇﺫﺍ ﻛﺎﻥ‬
‫ﺍﻟﺪﺍﻓﻊ ﻭﺭﺍء ﻛﻼ ﺍﻟﻄﺮﻓﲔ ﻫﻮ ﺍﳌﺼﻠﺤﺔ ﺍﻟﺬﺍﺗﻴﺔ‪ ،‬ﻓﻤﻦ ﺍﳌﺮﺟﺢ ﺃﻥ ﻳﺴﻌﻰ ﺍﻷﻓﺮﺍﺩ ﺇﱃ ﺍﻷﻫﺪﺍﻑ ﺍﻟﱵ ﲢﻴﺪ‬
‫ﺃﻭ ﺗﺘﻌﺎﺭﺽ ﻣﻊ ﺃﻫﺪﺍﻑ ﺍﳌﺪﻳﺮ‪ ،‬ﻭﻟﻜﻦ ﻣﻦ ﺍﳌﻔﺘﺮﺽ ﺃﻥ ﻳﺘﺼﺮﻑ ﺍﻟﻮﻛﻼء ﰲ ﺍﳌﺼﻠﺤﺔ ﺍﻟﻮﺣﻴﺪﺓ‬
‫ﳌﺪﻳﺮﻳﻬﻢ" ‪.‬‬
‫ﻳﻘﻮﻝ ﺷﻮﻥ ﺭﻭﺱ‪ ،‬ﰲ ﻣﻘﺎﻝ ﺑﻌﻨﻮﺍﻥ "ﻛﻴﻒ ﺗﺘﻌﺎﻣﻞ ﺍﻟﺸﺮﻛﺎﺕ ﺍﳊﺪﻳﺜﺔ ﻣﻊ ﻣﺸﺎﻛﻞ ﺍﻟﻮﻛﺎﻟﺔ‪،‬‬
‫ﻧﺸﺮ ﰲ ‪ 24‬ﻳﻨﺎﻳﺮ‪ ،2018 ،‬ﻋﻠﻰ ‪ Investopedia‬ﺃﻥ ﻣﺸﺎﻛﻞ ﺍﻟﻮﻛﺎﻟﺔ ﺍﳌﻌﺮﻭﻓﺔ ﺃﻳﻀًﺎ ﺑﺎﺳﻢ‬
‫"ﺍﳌﺸﻜﻼﺕ ﺍﻟﺮﺋﻴﺴﻴﺔ ﻟﻠﻮﻛﻴﻞ ﺃﻭ ﺍﻟﱰﺍﻋﺎﺕ ﻏﲑ ﺍﳌﺘﻤﺎﺛﻠﺔ ﺍﻟﻘﺎﺋﻤﺔ ﻋﻠﻰ ﺍﳌﻌﻠﻮﻣﺎﺕ ﰲ ﺍﻟﻔﺎﺋﺪﺓ‪" ،‬ﻫﻲ‬
‫ﻣﺘﺄﺻﻠﺔ ﰲ ﻫﻴﺎﻛﻞ ﺍﻟﺸﺮﻛﺎﺕ‪ .‬ﻳﻀﻴﻒ ﺭﻭﺱ‪:‬‬
‫"ﻳﻨﺸﺄ ﻫﺬﺍ ﺍﻟﱰﺍﻉ ﻋﻨﺪﻣﺎ ﺗﻜﻮﻥ ﺍﻷﻃﺮﺍﻑ ﺍﳌﻨﻔﺼﻠﺔ ﰲ ﻋﻼﻗﺔ ﲡﺎﺭﻳﺔ‪ ،‬ﻣﺜﻞ ﻣﺪﻳﺮﻱ ﺍﻟﺸﺮﻛﺔ ﺃﻭ‬
‫ﺍﳌﺴﺎﳘﲔ ﺃﻭ ﺍﳌﺪﺭﺍء ﺃﻭ ﺍﻟﻮﻛﻼء‪ ،‬ﻟﺪﻳﻬﻢ ﻣﺼﺎﱀ ﻣﺘﺒﺎﻳﻨﺔ‪ .‬ﻳﻘﻮﻡ ﺍﳌﺪﻳﺮﻭﻥ ﺑﺘﻮﻇﻴﻒ ﻭﻛﻼء ﻟﺘﻤﺜﻴﻞ ﻣﺼﺎﱀ‬
‫ﺍﳌﺪﻳﺮﻳﻦ‪ .‬ﻳﻔﺘﺮﺽ ﺃﻥ ﺍﻟﻮﻛﻼء‪ ،‬ﺍﻟﻌﺎﻣﻠﲔ ﻛﻤﻮﻇﻔﲔ‪ ،‬ﻣﻠﺘﺰﻣﻮﻥ ﺑﺎﳋﺪﻣﺔ ﲢﺪﺙ ﺍﳌﺸﺎﻛﻞ ﻋﻨﺪﻣﺎ ﻳﺒﺪﺃ‬
‫ﺍﻟﻮﻛﻴﻞ ﰲ ﺧﺪﻣﺔ ﺍﻫﺘﻤﺎﻣﺎﺕ ﳐﺘﻠﻔﺔ‪ ،‬ﻣﺜﻞ ﻣﺼﺎﱀ ﺍﻟﻮﻛﻴﻞ ﺍﳋﺎﺻﺔ‪ ،‬ﻭﺑﺎﻟﺘﺎﱄ ﳛﺪﺙ ﺍﻟﺼﺮﺍﻉ ﺑﲔ ﻣﺼﺎﱀ‬

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‫ﻣـﺎﻫﻴﺔ ﻧﻈﺮﻳﺔ ﺍﻟـﻮﻛﺎﻟﺔ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﱐ‪:‬‬

‫ﺍﳌﺪﻳﺮﻳﻦ ﻭﺍﻟﻮﻛﻼء ﻋﻨﺪﻣﺎ ﻳﻜﻮﻥ ﻟﻜﻞ ﻃﺮﻑ ﺩﻭﺍﻓﻊ ﳐﺘﻠﻔﺔ‪ ،‬ﺃﻭ ﻭﺟﻮﺩ ﺣﻮﺍﻓﺰ ﺗﻀﻊ ﺍﻟﻄﺮﻓﲔ ﻋﻠﻰ‬
‫ﺧﻼﻑ ﻣﻊ ﺑﻌﺾ"‪.‬‬
‫ﻳﻘﻮﻝ ﺭﻭﺱ ﻭﻫﻮ ﻣﺘﺨﺼﺺ ﰲ ﺍﻹﻓﻼﺱ‪ ،‬ﻭﻣﺴﺘﺸﺎﺭ ﻭﲰﺎﺳﺮﺓ ﻭﻣﺴﺘﺸﺎﺭ ﻣﺎﱄ‪ ،‬ﺇﻥ ﺍﻟﺸﺮﻛﺎﺕ‬
‫ﺗﺴﺘﺨﺪﻡ ﺍﻟﻌﺪﻳﺪ ﻣﻦ ﺍﻷﺳﺎﻟﻴﺐ ﻟﺘﺠﻨﺐ ﺻﺮﺍﻋﺎﺕ ﺍﻟﻮﻛﺎﻻﺕ‪ ،‬ﲟﺎ ﰲ ﺫﻟﻚ ﺍﳌﺮﺍﻗﺒﺔ‪ ،‬ﻭﺍﳊﻮﺍﻓﺰ ﺍﻟﺘﻌﺎﻗﺪﻳﺔ‬
‫ﻭﺍﻟﺘﻤﺎﺱ ﻣﺴﺎﻋﺪﺓ ﺍﻷﻃﺮﺍﻑ ﺍﻟﺜﺎﻟﺜﺔ ﺃﻭ ﺍﻻﻋﺘﻤﺎﺩ ﻋﻠﻰ ﺃﻧﻈﻤﺔ ﺍﻷﺳﻌﺎﺭ ﺍﻷﺧﺮﻯ‪.‬‬

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‫ﻣـﺎﻫﻴﺔ ﻧﻈﺮﻳﺔ ﺍﻟـﻮﻛﺎﻟﺔ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﱐ‪:‬‬

‫ﺍﳌﺒﺤﺚ ﺍﻟﺜﺎﱐ‪ :‬ﺣﻞ ﻧﺰﺍﻋﺎﺕ ﺍﻟﻮﻛﺎﻟﺔ ﻭﺇﻧﺘﻘﺎﺩﺍ‪‬ﺎ‪:‬‬

‫ﻭﻳﺸﲑ ﺭﻭﺱ ﺇﱃ ﺃﻥ ﻫﻨﺎﻙ ﻋﺪﺩًﺍ ﻗﻠﻴﻠًﺎ ﻣﻦ ﺍﻟﻄﺮﻕ ﺍﳌﺠﺮﺑﺔ ﻭﺍﳊﻘﻴﻘﻴﺔ ﳊﻞ ﻧﺰﺍﻋﺎﺕ ﺍﻟﻮﻛﺎﻻﺕ ﺃﻭ‬
‫ﺣﱴ ﲡﻨﺒﻬﺎ‪ .‬ﻫﻮ ﻳﻘﺘﺮﺡ‪:‬‬
‫ﺍﳌﻄﻠﺐ ﺍﻷﻭﻝ‪ :‬ﺣﻞ ﻧﺰﺍﻋﺎﺕ ﺍﻟﻮﻛﺎﻟﺔ‬
‫‪ -1‬ﺧﻠﻖ ﺣﻮﺍﻓﺰ ﻟﻠﻤﻮﻇﻔﲔ‪:‬‬
‫ﺇﺫﺍ ﻛﺎﻥ ﺍﻟﻮﻛﻼء ﻳﺘﺼﺮﻓﻮﻥ ﳌﺼﺎﳊﻬﻢ ﺍﳋﺎﺻﺔ‪ ،‬ﻓﻘﺪ ﻳﻜﻮﻥ ﺗﻐﻴﲑ ﺍﳊﻮﺍﻓﺰ ﻹﻋﺎﺩﺓ ﺗﻮﺟﻴﻪ ﻫﺬﻩ‬
‫ﺍﳌﺼﺎﱀ ﻣﻔﻴﺪًﺍ ﳌﺪﻳﺮﻱ ﺍﳌﺪﺍﺭﺱ "ﻋﻠﻰ ﺳﺒﻴﻞ ﺍﳌﺜﺎﻝ‪ ،‬ﻗﺪ ﻳﺆﺩﻱ ﺇﻧﺸﺎء ﺣﻮﺍﻓﺰ ﻟﺘﺤﻘﻴﻖ ﺣﺼﺺ ﺍﳌﺒﻴﻌﺎﺕ‬
‫ﺇﱃ ﻭﺻﻮﻝ ﺍﳌﺰﻳﺪ ﻣﻦ ﻣﻨﺪﻭﰊ ﺍﳌﺒﻴﻌﺎﺕ ﺇﱃ ﺃﻫﺪﺍﻑ ﺍﳌﺒﻴﻌﺎﺕ ﺍﻟﻴﻮﻣﻴﺔ‪ .‬ﻭﺇﺫﺍ ﻛﺎﻥ ﺍﳊﺎﻓﺰ ﺍﻟﻮﺣﻴﺪ ﺍﳌﺘﺎﺡ‬
‫ﻟﻠﺒﺎﺋﻌﲔ ﻫﻮ ﺍﻟﺪﻓﻊ ﺑﺎﻟﺴﺎﻋﺔ‪ ،‬ﻓﻘﺪ ﻳﻜﻮﻥ ﻟﺪﻯ ﺍﳌﻮﻇﻔﲔ ﺣﺎﻓﺰ ﻳﺜﺒﻂ ﺍﳌﺒﻴﻌﺎﺕ"‪ ،‬ﻳﻼﺣﻆ ﺭﻭﺱ‪ .‬ﺳﻴﻜﻮﻥ‬
‫ﻣﻦ ﺍﻷﻓﻀﻞ ﻟﻠﺸﺮﻛﺎﺕ ﺇﻧﺸﺎء ﺣﻮﺍﻓﺰ ﺗﺸﺠﻊ ﺍﻟﻌﻤﻞ ﺍﳉﺎﺩ ﻋﻠﻰ ﺍﳌﺸﺮﻭﻋﺎﺕ ﺍﻟﱵ ﺗﻔﻴﺪ ﺍﻟﺸﺮﻛﺔ‪ .‬ﻫﺬﺍ‬
‫ﺳﻴﺤﻔﺰ ﺍﳌﺰﻳﺪ ﻣﻦ ﺍﳌﻮﻇﻔﲔ ﻟﻠﻌﻤﻞ ﰲ ﻣﺼﻠﺤﺔ ﺍﻷﻋﻤﺎﻝ ﺍﻟﺘﺠﺎﺭﻳﺔ"‪.‬ﻣﻦ ﺧﻼﻝ ﳏﺎﺫﺍﺓ ﺍﻟﻮﻛﻴﻞ‬
‫ﻭﺍﻷﻫﺪﺍﻑ ﺍﻟﺮﺋﻴﺴﻴﺔ‪ ،‬ﲢﺎﻭﻝ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﺳﺪ ﺍﻟﻔﺠﻮﺓ ﺑﲔ ﺍﳌﻮﻇﻔﲔ ﻭﺃﺭﺑﺎﺏ ﺍﻟﻌﻤﻞ ﺍﻟﱵ ﺃﻭﺟﺪ‪‬ﺎ‬
‫ﻣﺸﻜﻠﺔ ﺍﻟﻮﻛﻴﻞ ﺍﻟﺮﺋﻴﺴﻲ"‪ ،‬ﻳﻘﻮﻝ ﺭﻭﺱ‪.‬‬
‫‪ -2‬ﺍﺳﺘﺨﺪﺍﻡ ﳕﺎﺫﺝ ﺍﻟﻮﻛﻴﻞ ﺍﻟﺮﺋﻴﺴﻲ ﺍﳌﻌﻴﺎﺭﻳﺔ‪:‬‬
‫ﳜﻠﻖ ﺍﳌﻨﻈّﺮﻭﻥ ﺍﳌﺎﻟﻴﻮﻥ ﻭﳏﻠﻠﻮ ﺍﻟﺸﺮﻛﺎﺕ ﻭﺍﳋﱪﺍء ﺍﻻﻗﺘﺼﺎﺩﻳﻮﻥ ﳕﺎﺫﺝ ﻟﻠﻮﻛﻴﻞ ﺍﻟﺮﺋﻴﺴﻲ ﻟﺘﺤﺪﻳﺪ‬
‫ﺍﻟﺘﻜﺎﻟﻴﻒ ﻭﺗﻘﻠﻴﻠﻬﺎ‪ .‬ﻋﻠﻰ ﺳﺒﻴﻞ ﺍﳌﺜﺎﻝ‪ ،‬ﳛﺎﻭﻝ ﻣﻌﻈﻢ ﺧﱪﺍء ﺍﻟﻮﻛﺎﻟﺔ ﺗﺼﻤﻴﻢ ﺍﻟﻌﻘﻮﺩ ﺍﻟﱵ ﳝﻜﻦ ﺃﻥ‬
‫ﺗﺘﻤﺎﺷﻰ ﻣﻊ ﺣﻮﺍﻓﺰ ﻛﻼ ﺍﻟﻄﺮﻓﲔ ‪ -‬ﺍﻟﻮﻛﻴﻞ )ﺍﻟﻮﻛﻼء( ﻭﺍﳌﺪﻳﺮ )ﺍﳌﺪﻳﺮﻳﻦ( ‪ -‬ﺑﻄﺮﻳﻘﺔ ﺃﻛﺜﺮ ﻛﻔﺎءﺓ‪،‬‬
‫ﻳﻘﻮﻝ ﺭﻭﺱ‪ .‬ﻟﺴﻮء ﺍﳊﻆ‪ ،‬ﺗﺆﺩﻱ ﻫﺬﻩ ﺍﻟﻌﻘﻮﺩ ﺇﱃ ﻧﺘﺎﺋﺞ ﻏﲑ ﻣﻘﺼﻮﺩﺓ‪ .‬ﺑﺎﺳﺘﺨﺪﺍﻡ ﳕﻮﺫﺝ ﻣﺒﺘﻜﺮ‬
‫ﻣﺄﻟﻮﻑ‪ ،‬ﻳﺴﻌﻰ ﳕﻮﺫﺝ ﺍﻟﻮﻛﻴﻞ ﺍﻟﺮﺋﻴﺴﻲ ﳌﺴﺎﻋﺪﺓ ﺍﻟﺸﺮﻛﺎﺕ ﻭﺍﳌﺴﺘﺜﻤﺮﻳﻦ ﻋﻠﻰ ﺧﻠﻖ ﻭﺿﻊ ﻣﺮﺑﺢ‬
‫ﻟﻠﺠﺎﻧﺒﲔ‪.‬‬
‫‪ -3‬ﺍﺳﺘﺨﺪﺍﻡ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ‪ ،‬ﻧﻔﺴﻬﺎ‪:‬‬
‫ﻳﺴﺘﺨﺪﻡ ﻣﻨﻈّﺮﻭ ﺍﻟﻮﻛﺎﻟﺔ ﺍﻟﻌﻘﻮﺩ ﺍﳌﻜﺘﻮﺑﺔ ﻭﺍﳌﺮﺍﻗﺒﺔ‪ ،‬ﻟﺘﺠﻨﺐ ﻣﺸﺎﻛﻞ ﺍﻟﻮﻛﺎﻟﺔ ‪.‬ﻳﻌﻄﻲ ﺭﻭﺱ ﻣﺜﺎﻝ‬
‫ﺷﺮﻛﺔ ﺃﺑﻞ‪ ،‬ﺍﻟﱵ ﺑﺪﺃﺕ ﰲ ﻋﺎﻡ ‪ 2013‬ﰲ ﻣﻄﺎﻟﺒﺔ ﻛﺒﺎﺭ ﺍﳌﻮﻇﻔﲔ ﺍﻟﺘﻨﻔﻴﺬﻳﲔ ﻭﺃﻋﻀﺎء ﳎﺎﻟﺲ ﺍﻹﺩﺍﺭﺓ‬
‫ﺑﺎﻣﺘﻼﻙ ﺃﺳﻬﻢ ﰲ ﺍﻟﺸﺮﻛﺔ‪ .‬ﻳﻘﻮﻝ ﺭﻭﺱ‪" :‬ﻛﺎﻥ ﺍﳍﺪﻑ ﻣﻦ ﻫﺬﻩ ﺍﳋﻄﻮﺓ ﻫﻮ ﻣﻮﺍءﻣﺔ ﻣﺼﺎﱀ ﺍﻟﺘﻨﻔﻴﺬﻳﲔ‬
‫ﻣﻊ ﻣﺼﺎﱀ ﺍﳌﺴﺎﳘﲔ "‪ ،‬ﻣﻀﻴﻔًﺎ ﺃﻥ ﺍﻹﺩﺍﺭﺓ‪ ،‬ﻣﻦ ﺍﻟﻨﺎﺣﻴﺔ ﺍﻟﻨﻈﺮﻳﺔ‪ ،‬ﱂ ﺗﻌﺪ ﺗﺴﺘﻔﻴﺪ ﻣﻦ ﺍﻹﺟﺮﺍءﺍﺕ ﺍﻟﱵ‬

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‫ﻣـﺎﻫﻴﺔ ﻧﻈﺮﻳﺔ ﺍﻟـﻮﻛﺎﻟﺔ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﱐ‪:‬‬

‫ﺗﻀﺮ ﺑﺎﳌﺴﺎﳘﲔ ﻷﻥ ﺃﻋﻀﺎء ﺍﻹﺩﺍﺭﺓ ﻫﻢ ﺃﻧﻔﺴﻬﻢ ﻣﺴﺘﺜﻤﺮﻭﻥ‪ .‬ﻭﻛﻤﺎ ﻫﻮ ﺍﳊﺎﻝ ﰲ ﳕﺎﺫﺝ ﺍﻟﻮﻛﻴﻞ‬
‫ﺍﻟﺮﺋﻴﺴﻲ‪ ،‬ﺳﻌﺖ ﺷﺮﻛﺔ ‪ Apple‬ﺇﱃ ﺇﳚﺎﺩ ﻭﺿﻊ ﻣﺮﺑﺢ ﻟﻠﺠﺎﻧﺒﲔ ﺑﺎﻟﻨﺴﺒﺔ ﻟﻠﻤﺪﺭﺍء ﻭﺍﻟﻮﻛﻼء‪.‬‬
‫‪ -4‬ﺍﺳﺘﺨﺪﺍﻡ ﺍﻟﺴﻮﻕ ﻟﻠﺴﻴﻄﺮﺓ ﻋﻠﻰ ﺍﻟﺸﺮﻛﺎﺕ‪:‬‬
‫ﺇﻥ ﺍﳌﺜﺎﻝ ﺍﻷﻛﺜﺮ ﺷﻴﻮﻋﺎ ﻋﻠﻰ ﺍﻧﻀﺒﺎﻁ ﺍﻟﺴﻮﻕ ﺑﺎﻟﻨﺴﺒﺔ ﳌﺪﻳﺮﻱ ﺍﻟﺸﺮﻛﺎﺕ ﻫﻮ ﺍﻻﺳﺘﻴﻼء ﺍﻟﻌﺪﺍﺋﻲ‪،‬‬
‫ﺍﻟﺬﻱ ﻳﺘﺴﺒﺐ ﻓﻴﻪ ﺍﳌﺪﻳﺮﻭﻥ ﺍﻟﺴﻴﺌﻮﻥ ﰲ ﺍﻹﺿﺮﺍﺭ ﲟﺼﺎﱀ ﲪﻠﺔ ﺍﻷﺳﻬﻢ ﻋﻦ ﻃﺮﻳﻖ ﻋﺪﻡ ﺇﺩﺭﺍﻙ ﻗﻴﻤﺔ‬
‫ﳏﺘﻤﻠﺔ ﻟﻠﺸﺮﻛﺔ‪ ،‬ﻋﻠﻰ ﺣﺪ ﻗﻮﻝ ﺭﻭﺱ‪ .‬ﺍﳊﻞ ﻫﻮ ﺗﻮﻓﲑ ﺣﺎﻓﺰ ﻹﺩﺍﺭﺓ ﺃﻓﻀﻞ ﻟﺘﻮﱄ ﺍﻟﻌﻤﻠﻴﺎﺕ ﻭﲢﺴﻴﻨﻬﺎ‪.‬‬
‫ﻭﺍﻷﻓﻀﻞ ﻣﻦ ﺫﻟﻚ‪ :‬ﺇﻥ ﺇﻋﻄﺎء ﺇﺩﺍﺭﺓ ﺟﺪﻳﺪﺓ ﺣﺼﺔ ﰲ ﺍﻟﺸﺮﻛﺔ‪ ،‬ﻣﻦ ﺧﻼﻝ ﺃﺳﻬﻢ ﺍﻷﺳﻬﻢ ﻋﻠﻰ ﺳﺒﻴﻞ‬
‫ﺍﳌﺜﺎﻝ‪ ،‬ﻣﻦ ﺷﺄﻧﻪ ﺃﻥ ﻳﺴﺎﻋﺪ ﻋﻠﻰ ﻣﻮﺍءﻣﺔ ﻣﺼﺎﱀ ﺍﻹﺩﺍﺭﺓ‪ ،‬ﻭﺍﻟﻮﻛﺎﻻﺕ‪ ،‬ﻭﺍﳌﺴﺘﺜﻤﺮﻳﻦ‪ ،‬ﺍﳌﺪﺭﺍء‪.‬‬
‫‪ -5‬ﳏﺎﺫﺍﺓ ﺍﻻﻫﺘﻤﺎﻣﺎﺕ‬
‫ﻳﻮﻓﺮ ﻣﺮﺟﻊ ﺍﻷﻋﻤﺎﻝ ﺍﻟﺘﺠﺎﺭﻳﺔ ﺣﻠًﺎ ﺃﻧﻴﻘًﺎ ﻻ ﻣﻌﲎ ﻟﻪ ﻟﺘﺠﻨﺐ ﺃﺳﺒﺎﺏ ﻣﺸﻜﻼﺕ ﺍﻟﻮﻛﺎﻟﺔ‪ :‬ﺇﺩﺍﺭﺓ‬
‫ﺍﻟﺘﻌﺎﺩﻝ‪ ،‬ﺃﻭ ﺍﻟﻮﻛﻴﻞ‪ ،‬ﺗﻌﻮﻳﺾ ﻟﺴﻌﺮ ﺳﻬﻢ ﺍﻟﺸﺮﻛﺔ‪ ،‬ﺣﱴ ﻋﻨﺪﻣﺎ ﺗﺴﻤﺢ ﺑﺪﺭﺟﺔ ﻣﻌﻴﻨﺔ ﻣﻦ ﺍﳌﺮﺍﻗﺒﺔ ﻣﻦ‬
‫ﻗﺒﻞ ﺍﳌﺴﺎﳘﲔ‪ .‬ﻟﻜﻦ ﻻ ﺗﺘﺠﻨﺐ ﺑﻌﺾ ﺍﻹﺟﺮﺍءﺍﺕ ﺍﻟﻌﻘﺎﺑﻴﺔ‪ ،‬ﺇﺫﺍ ﻟﺰﻡ ﺍﻷﻣﺮ‪ ،‬ﺗﺸﲑ ﺍﻹﺷﺎﺭﺓ ﺇﱃ‬
‫‪ Business‬ﺇﱃ ﺃﻧﻪ ﳝﻜﻨﻚ ﻓﻌﻠﻴًﺎ ﺇﻧﺸﺎء ﺳﻠﺴﻠﺔ ﻣﻦ ﺍﳋﻄﻮﺍﺕ ﻟﺘﻘﻠﻴﻞ ﻧﺰﺍﻉ ﻣﺪﻳﺮﻱ ﺍﻟﻮﻛﻴﻞ‪،‬‬
‫ﺑﺎﺳﺘﺨﺪﺍﻡ ﺍﺳﺘﺮﺍﺗﻴﺠﻴﺔ ﺍﳉﺰﺭﺓ ﻭﺍﻟﻌﺼﺎ‪ .‬ﺍﺳﺘﻌﻤﺎﻝ‪:‬‬
‫‪ .1‬ﺧﻄﻂ ﺍﳊﻮﺍﻓﺰ ﺍﳌﺴﺘﻨﺪﺓ ﺇﱃ ﺍﻷﺩﺍء‬
‫‪ .2‬ﺍﻟﺘﺪﺧﻞ ﺍﳌﺒﺎﺷﺮ ﻣﻦ ﻗﺒﻞ ﺍﳌﺴﺎﳘﲔ‬
‫‪ .3‬ﺧﻄﺮ ﺇﻃﻼﻕ ﺍﻟﻨﺎﺭ‬
‫‪ .4‬ﺧﻄﺮ ﺍﻻﺳﺘﻴﻼء‬
‫ﺑﺎﺧﺘﺼﺎﺭ ﺗﻘﻮﻝ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﺃﻥ ﺣﻞ ﺗﻀﺎﺭﺏ ﺍﳌﺼﺎﱀ ﺑﲔ ﺍﳌﺪﻳﺮﻳﻦ ﻭﺍﻟﻮﻛﻼء‪ ،‬ﳝﻨﺢ ﺍﻟﻮﻛﻼء‬
‫ﻧﻮﻋًﺎ ﻣﻦ ﺍﳊﺼﺔ ﰲ ﺍﳌﺸﺮﻭﻉ‪ ،‬ﺃﻭ ﺍﻟﺸﺮﻛﺔ‪ ،‬ﺃﻭ ﺍﻟﺒﺪء‪ ،‬ﺃﻭ ﺃﻱ ﻣﺴﻌﻰ ﺁﺧﺮ ﰲ ﺍﻟﻌﻤﻞ‪ ،‬ﺣﱴ ﻭﺇﻥ ﻛﻨﺖ‬
‫ﺗﺘﺤﻤﻞ ﺍﳌﺴﺌﻮﻟﻴﺔ ﺑﺸﻜﻞ ﺻﺎﺭﻡ‪ .‬ﻣﻦ ﺍﳌﻨﻄﻘﻲ ﻓﻘﻂ‪ ،‬ﺑﻌﺪ ﻛﻞ ﺷﻲء‪ ،‬ﺃﻧﻪ ﺇﺫﺍ ﻛﺎﻥ ﻟﺪﻯ ﻛﻞ ﻣﻦ‬
‫ﺍﻟﻮﻛﻼء ﻭﺍﳌﺪﻳﺮﻳﻦ ﺍﺳﺘﺜﻤﺎﺭ ﻳﻌﺘﻤﺪ ﻋﻠﻰ ﻧﺘﻴﺠﺔ ﻧﺎﺟﺤﺔ‪ ،‬ﻓﺴﻮﻑ ﺗﺘﻤﺎﺷﻰ ﻣﺼﺎﳊﻬﻢ‪ ،‬ﻭﺳﻴﻌﻤﻠﻮﻥ ﻋﻠﻰ‬
‫ﲢﻘﻴﻖ ﻧﻔﺲ ﺍﳍﺪﻑ‪ :‬ﺃﻛﱪ ﻓﺎﺋﺪﺓ ﻣﺸﺘﺮﻛﺔ ﻟﻠﻤﺸﺮﻭﻉ ﺃﻭ ﺍﻟﺸﺮﻛﺔ‪.‬‬

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‫ﻣـﺎﻫﻴﺔ ﻧﻈﺮﻳﺔ ﺍﻟـﻮﻛﺎﻟﺔ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﱐ‪:‬‬

‫ﺍﳌﻄﻠﺐ ﺍﻟﺜﺎﱐ ﺍﻧﺘﻘﺎﺩﺍﺕ ﻭﺗﻜﺎﻟﻴﻒ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ‬

‫‪ -1‬ﺍﻧﺘﻘﺎﺩﺍﺕ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ‪:‬‬
‫ﺗﻜﺎﻟﻴﻒ ﺍﻟﻮﻛﺎﻟﺔ ﻻ ﳝﻜﻨﻬﺎ ﺍﻥ ﺗﻜﻮﻥ ﺍﻣﺜﻠﻴﺔ ﻷ‪‬ﺎ ﺳﺘﻘﺎﺑﻞ ﺑﺎﻟﺮﻓﺾ ﻣﻦ ﻃﺮﻑ ﺍﺻﺤﺎﺏ ﺍﳌﺼﺎﱀ‪،‬‬
‫ﻋﻨﺪﻣﺎ ﺗﻜﻮﻥ ﻭﺍﻋﻴﺔ ﳚﺪ ﺃﻓﻀﻞ ﺃﺷﻜﺎﻝ ﺍﳌﻨﺎﻓﺴﺔ‪:‬‬
‫‪ -‬ﺗﺪﻧﻴﺔ ﺗﻜﺎﻟﻴﻒ ﺍﻟﻮﻛﺎﻟﺔ ﻻ ﳝﻜﻦ ﺗﻄﺒﻴﻘﻬﺎ‪ ،‬ﺇﻣﺎ ﻻﻥ ﺍﻟﻔﺮﻳﻖ ﺍﳌﺘﻌﺎﻗﺪ ﻻ ﻳﺴﺘﻄﻴﻊ ﺍﻥ ﻳﻜﻮﻥ ﻋﻠﻰ ﻋﻠﻢ‪،‬‬
‫ﺃﻣﺎ ﻫﺬﻩ ﺍﻷﻃﺮﺍﻑ ﻻ ﺗﺒﺤﺚ ﺣﱴ ﰲ ﺍﻻﻋﻼﻡ ﺑﺴﺒﺐ ﺗﻜﺎﻟﻴﻒ ﺍﳌﻌﻠﻮﻣﺎﺕ‪.‬‬
‫‪ -‬ﺗﻘﻠﻴﺺ ﺍﳌﻨﻈﻤﺔ ﺍﱃ ﻋﻼﻗﺎﺕ ﻣﺎ ﺑﲔ ﺍﻻﺷﺨﺎﺹ ﻳﺆﺩﻱ ﺍﱃ ﺍﳓﻼﻝ ﻛﻠﻲ ﳌﻔﻬﻮﻡ ﺍﳌﻨﻈﻤﺔ‪ ،‬ﻭﻫﺪﺍ ﻷ‪‬ﺎ‬
‫ﺍﻫﺘﻤﺖ ﺑﺎﳌﺪﺭﺍء ﻭﺍﳌﺴﺎﳘﲔ ﻓﻘﻂ ﻭﻋﻼﻗﺘﻬﻤﺎ ﻭﱂ ‪‬ﺘﻢ ﺑﺎﻟﻌﻤﺎﻝ ﺍﻵﺧﺮﻳﻦ‪.‬‬
‫‪ -‬ﻣﻔﻬﻮﻡ ﺍﻟﱰﺍﻉ ﻻ ﳚﺐ ﺍﻥ ﻳﺄﺧﺬ ﰲ ﻣﻌﻨﺎﻩ ﺍﻟﻌﺪﻭﺍﱐ ﻛﻤﺎ ﺍﺧﺬﺗﻪ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﻓﺒﻤﺠﺮﺩ ﺍﻥ ﺍﳌﺼﺎﱀ‬
‫ﻏﲑ ﻣﺘﻄﺎﺑﻘﺔ ﰲ ﻋﻼﻗﺔ ﻻ ﻳﻌﱪ ﻋﻠﻰ ﺃﻥ ﺃﺣﺪ ﺍﻟﻔﺎﻋﻠﲔ )ﺍﳌﺴﺎﳘﲔ‪/‬ﺍﳌﺪﺭﺍء( ﻳﺒﺤﺚ ﻋﻦ ﺍﺳﺘﻐﻼﻝ ﺍﳉﺎﻧﺐ‬
‫ﺍﻵﺧﺮ‪ ،‬ﻓﻬﻲ ﺗﻨﻈﺮ ﻧﻈﺮﺓ ﺗﺸﺎﺅﻣﻴﺔ ﺍﱃ ﺍﻟﻌﻼﻗﺔ ﺑﻴﻨﻬﻤﺎ ﻭﺗﺮﻯ ﺍﻧﻪ ﻳﻮﺟﺪ ﺩﺍﺋﻤﺎ ﻧﺰﺍﻉ ﺃﻭ ﺧﻼﻑ ﺑﻴﻨﻬﻤﺎ‪.‬‬
‫‪ -2‬ﺗﻜﺎﻟﻴﻒ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ‬
‫ﺗﺸﲑ ﺗﻜﺎﻟﻴﻒ ﺍﻟﻮﻛﺎﻟﺔ ﺇﱃ ﺍﻟﺘﻀﺎﺭﺏ ﺑﲔ ﺍﳌﺴﺎﳘﲔ ﻭﻣﺪﻳﺮﻱ ﺷﺮﻛﺎ‪‬ﻢ‪ ،‬ﻭﻓﻘًﺎ ﻹﺟﺎﺑﺎﺕ‬
‫ﺍﻻﺳﺘﺜﻤﺎﺭ‪ .‬ﻟﻨﻔﺮﺽ ﺃﻥ ﺃﺣﺪ ﺍﳌﺴﺎﳘﲔ‪ ،‬ﻭﻫﻮ ﻣﺪﻳﺮ ﻳﺮﻳﺪ ﺃﻥ ﻳﻘﻮﻡ ﺍﳌﺪﻳﺮ‪ ،‬ﺍﻟﻮﻛﻴﻞ‪ ،‬ﺑﺎﲣﺎﺫ ﻗﺮﺍﺭﺍﺕ ﺗﺰﻳﺪ‬
‫ﻣﻦ ﻗﻴﻤﺔ ﺍﻷﺳﻬﻢ‪ .‬ﺑﺪﻻً ﻣﻦ ﺫﻟﻚ‪ ،‬ﻳﻔﻀﻞ ﺍﳌﺪﺭﺍء ﺗﻮﺳﻴﻊ ﻧﻄﺎﻕ ﺍﻷﻋﻤﺎﻝ ﻭﺯﻳﺎﺩﺓ ﺭﻭﺍﺗﺒﻬﻢ‪ ،‬ﺍﻷﻣﺮ ﺍﻟﺬﻱ‬
‫ﻗﺪ ﻻ ﻳﺆﺩﻱ ﺑﺎﻟﻀﺮﻭﺭﺓ ﺇﱃ ﺯﻳﺎﺩﺓ ﻗﻴﻤﺔ ﺍﻷﺳﻬﻢ‪ .‬ﰲ ﺷﺮﻛﺔ ﻋﺎﻣﺔ ﲢﺪﺙ ﺗﻜﺎﻟﻴﻒ ﺍﻟﻮﻛﺎﻟﺔ ﻋﻨﺪﻣﺎ ﺗﻀﻊ‬
‫ﺇﺩﺍﺭﺓ ﺍﻟﺸﺮﻛﺔ ﺃﻭ ﻭﻛﻴﻠﻬﺎ ﻣﺼﺎﳊﻬﺎ ﺍﳌﺎﻟﻴﺔ ﺍﻟﺸﺨﺼﻴﺔ ﻓﻮﻕ ﻣﺼﺎﱀ ﺍﳌﺴﺎﳘﲔ ﺃﻭ ﺍﳌﺪﻳﺮ‪.‬‬
‫ﺗﻨﺺ "ﺇﺟﺎﺑﺎﺕ ﺍﻻﺳﺘﺜﻤﺎﺭ" ﻋﻠﻰ ﺃﻥ ﺗﻜﺎﻟﻴﻒ ﺍﻟﻮﻛﺎﻟﺔ ﳝﻜﻦ ﺃﻥ ﺗﻜﻮﻥ ﺇﻣﺎ‪:‬‬
‫‪ ‬ﺗﻠﻚ ﺍﻟﱵ ﻳﺘﻢ ﺗﻜﺒﺪﻫﺎ ﺇﺫﺍ ﻛﺎﻥ ﺍﻟﻮﻛﻴﻞ ﻳﺴﺘﺨﺪﻡ ﻣﻮﺍﺭﺩ ﺍﻟﺸﺮﻛﺔ ﳌﺼﻠﺤﺘﻪ ﺍﳋﺎﺻﺔ‪.‬‬
‫‪ ‬ﺗﻜﻠﻔﺔ ﺍﻟﺘﻘﻨﻴﺎﺕ ﺍﻟﱵ ﻳﺴﺘﺨﺪﻣﻬﺎ ﺍﳌﺪﻳﺮﻭﻥ ﳌﻨﻊ ﺍﻟﻮﻛﻴﻞ ﻣﻦ ﲢﺪﻳﺪ ﺃﻭﻟﻮﻳﺎﺕ ﺍﻫﺘﻤﺎﻣﺎﺗﻪ ﻋﻠﻰ ﻣﺼﺎﱀ‬
‫ﺍﳌﺴﺎﳘﲔ‪.‬‬
‫ﳌﻨﻊ ﺍﻟﻮﻛﻴﻞ ﻣﻦ ﺍﻟﻌﻤﻞ ﻟﻔﺎﺋﺪﺓ ﻧﻔﺴﻪ‪ ،‬ﳝﻜﻦ ﻟﻠﻤﺴﺎﳘﲔ ﺃﻭ ﺍﳌﺪﻳﺮﻳﻦ ﺗﻘﺪﱘ ﺣﻮﺍﻓﺰ ﻣﺎﻟﻴﺔ ﻟﻠﺤﻔﺎﻅ‬
‫ﻋﻠﻰ ﻣﺼﻠﺤﺔ ﺍﳌﺴﺎﳘﲔ ﻛﺄﻭﻟﻮﻳﺔ ﻗﺼﻮﻯ‪" .‬ﻫﺬﺍ ﻳﻌﲏ ﻋﺎﺩﺓ ﺩﻓﻊ ﻣﻜﺎﻓﺂﺕ ﺇﱃ ﺍﻹﺩﺍﺭﺓ ﺇﺫﺍ ﻭﻋﻨﺪﻣﺎ‬
‫ﻳﺘﺰﺍﻳﺪ ﺳﻌﺮ ﺍﻟﺴﻬﻢ ﺃﻭ ﻋﻦ ﻃﺮﻳﻖ ﺟﻌﻞ ﺍﻟﺮﺍﺗﺐ ﺍﳉﺰﺋﻲ ﻟﻺﺩﺍﺭﺓ ﰲ ﺍﻟﺸﺮﻛﺔ"‪ ،‬ﻛﻤﺎ ﺗﻘﻮﻝ ‪Investing‬‬
‫‪ ،Answers‬ﻣﻀﻴﻔًﺎ ﺃﻥ ﻫﺬﻩ ﺍﳊﻮﺍﻓﺰ ﻫﻲ ﻣﺜﺎﻝ ﻋﻠﻰ ﺗﻜﺎﻟﻴﻒ ﺍﻟﻮﻛﺎﻟﺔ‪ .‬ﺇﺫﺍ ﳒﺤﺖ ﺧﻄﺔ ﺍﳊﻮﺍﻓﺰ‪،‬‬
‫ﻓﺴﺘﻜﻮﻥ ﺗﻜﺎﻟﻴﻒ ﻫﺬﻩ ﺍﻟﻮﻛﺎﻟﺔ ﺃﻗﻞ ﻣﻦ ﺗﻜﻠﻔﺔ ﺍﻟﺴﻤﺎﺡ ﻟﻺﺩﺍﺭﺓ ﺑﺎﻟﺘﺼﺮﻑ ﻭﻓﻘًﺎ ﳌﺼﺎﳊﻬﺎ ﺍﳋﺎﺻﺔ‪.‬‬

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‫ﻣـﺎﻫﻴﺔ ﻧﻈﺮﻳﺔ ﺍﻟـﻮﻛﺎﻟﺔ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﱐ‪:‬‬

‫ﺗﻌﺘﱪ ﺗﻜﺎﻟﻴﻒ ﺍﻟﻮﻛﺎﻟﺔ ﻣﻬﻤﺔ ﻷﻧﻪ ﻋﻠﻰ ﺍﻟﺮﻏﻢ ﻣﻦ ﺻﻌﻮﺑﺔ ﺗﻌﻘﺐ ﺍﳊﺴﺎﺏ‪ ،‬ﺇﻻ ﺃﻧﻪ ﻣﻦ ﺍﻟﺼﻌﺐ ﲡﻨﺒﻬﺎ‪.‬‬
‫ﻫﺬﺍ ﻷﻥ ﺍﳌﺪﺭﺍء ﻭﺍﻟﻮﻛﻼء ﳝﻜﻦ ﺃﻥ ﻳﻜﻮﻥ ﻟﺪﻳﻬﻢ ﺩﻭﺍﻓﻊ ﳐﺘﻠﻔﺔ ﺟﺪﴽ‪ ،‬ﺗﺸﺮﺡ ﺇﺟﺎﺑﺎﺕ ﺍﻻﺳﺘﺜﻤﺎﺭ‪،‬‬
‫ﻣﻀﻴﻔﴼ ﺃﻥ ﺍﻹﺩﺍﺭﺓ ﻗﺪ ﻳﻜﻮﻥ ﻟﺪﻳﻬﺎ ﻣﻌﻠﻮﻣﺎﺕ ﺃﻛﺜﺮ ﻣﻦ ﺍﳌﺴﺎﳘﲔ ‪ -‬ﺍﳌﺪﻳﺮﻭﻥ ‪ -‬ﻭﳝﻜﻦ ﺃﻥ ﺗﺴﺘﻔﻴﺪ‬
‫ﻣﻦ ﻗﻮﺓ ﺍﲣﺎﺫ ﺍﻟﻘﺮﺍﺭ ﺍﳋﺎﺻﺔ ‪‬ﻢ ﻋﻠﻰ ﺍﻟﺸﺮﻛﺔ‪.‬‬
‫ﺍﻟﺸﻜﻞ ﺭﻗﻢ ‪ :(2-2) :‬ﺗﻜﺎﻟﻴﻒ ﺍﻟﻮﻛﺎﻟﺔ‬

‫‪ -1-2‬ﺗﻜﺎﻟﻴﻒ ﺍﻟﺮﻗﺎﺑﺔ‪) :‬ﺍﻹﺷﺮﺍﻑ(‪ :‬ﻭﻳﻠﺘﺰﻡ ‪‬ﺎ ﺍﳌﺴﺎﳘﻮﻥ ﻣﻦ ﺍﺟﻞ ﺗﺎﻣﲔ ﺍﻟﺮﻗﺎﺑﺔ ﻋﻠﻰ ﻧﺸﺎﻃﺎﺕ‬
‫ﺍﳌﺴﲑﻳﻦ‪ ،‬ﻭﻫﻲ ﺗﻨﺘﺞ ‪‬ﺪﻑ ﺍﻟﺘﺄﻛﺪ ﻣﻦ ﺍﻥ ﺗﺼﺮﻓﺎﺕ ﺍﻟﻮﻛﻴﻞ ﻻ ﺗﺼﺐ ﰲ ﲢﻘﻴﻖ ﻣﺼﺎﳊﻪ ﺍﻟﺸﺨﺼﻴﺔ‬
‫ﻭﺑﺎﻟﺘﺎﱄ ﺍﻟﻜﺸﻒ ﻋﻦ ﺍﻣﻜﺎﻧﻴﺔ ﺣﺪﻭﺙ ﲡﺎﻭﺯﺍﺕ‪ ،‬ﻭﻛﺄﻣﺜﻠﺔ ﻋﻦ ﻫﺬﻩ ﺍﻟﺘﻜﺎﻟﻴﻒ )ﺗﻜﺎﻟﻴﻒ ﳎﻠﺲ‬
‫ﺍﻹﺩﺍﺭﺓ‪ ،‬ﺗﻜﺎﻟﻴﻒ ﺍﻟﺘﺪﻗﻴﻖ ﺍﳌﺤﺎﺳﱯ‪ ،‬ﺗﻜﺎﻟﻴﻒ ﺗﻘﻴﻴﻢ ﺃﺩﺍء ﺍﳌﺆﺳﺴﺔ‪...‬ﺍﱁ( ﻭﻫﺪﺍ ﻟﻠﺤﺪ ﻣﻦ ﺍﻟﺴﻠﻮﻙ‬
‫ﺍﻻﻧﺘﻬﺎﺯﻱ ﻟﻠﻮﻛﻴﻞ ﺍﻱ ﻣﺮﺍﻗﺒﺔ ﺍﻟﻮﻛﻴﻞ ‪‬ﺪﻑ ﻣﻨﻊ ﻫﺪﺍ ﺍﻻﺧﲑ ﻣﻦ ﺍﻻﺳﺘﻔﺎﺩﺓ ﻣﻦ ﺍﻟﻌﻴﻮﺏ ﺍﳌﺘﺤﻤﻠﺔ ﺍﻟﱵ‬
‫ﻳﺘﻀﻤﻨﻬﺎ ﺍﻟﻌﻘﺪ ﺍﻟﺬﻱ ﻳﺮﺑﻄﻪ ﻣﻊ ﺍﻟﺮﺋﻴﺲ‪.‬‬
‫‪ -2-2‬ﺗﻜﺎﻟﻴﻒ ﺍﻻﻟﺘﺰﺍﻡ‪:‬‬
‫ﻳﺘﺤﻤﻠﻬﺎ ﺍﻟﻮﻛﻴﻞ ﻭﻫﻲ ﻋﺒﺎﺭﺓ ﻋﻦ ﻣﺼﺎﺭﻳﻒ ﺗﻨﻔﻖ ﻟﻀﻤﺎﻥ ﻋﺪﻡ ﺍﻟﻘﻴﺎﻡ ﺑﺘﺼﺮﻓﺎﺕ ﲤﺲ ﺍﳌﻮﻛﻞ‪،‬‬
‫ﺍﻭ ﻟﺘﻌﻮﻳﻀﻪ ﻋﻨﺪ ﺍﳊﺎﺟﺔ‪.‬‬
‫ﺣﻴﺚ ﻳﻘﺒﻞ ﺍﻟﻮﻛﻴﻞ ﺑﻌﺾ ﺍﻟﺘﻜﺎﻟﻴﻒ ﻣﻦ ﺧﻼﻝ ﺍﻟﻌﻘﺪ ﻟﻜﻲ ﻳﻄﻤﺌﻦ ﺍﻟﺮﺋﻴﺲ ﻓﻴﻤﺎ ﺑﻌﺪ ﺍﻥ ﺳﻠﻮﻛﻪ ﺭﺷﻴﺪ‬
‫ﻭﻻ ﳛﻔﺰﻩ ﻋﻠﻰ ﺍﻟﺘﺼﺮﻑ ﺑﺎﻧﺘﻬﺎﺯﻳﺔ ﻷﻧﻪ ﻣﻦ ﻏﲑ ﺍﳌﻌﻘﻮﻝ ﺍﻧﻪ ﺍﺩﺍ ﲰﺤﺖ ﺍﻟﺒﻴﺌﺔ ﺍﻟﱵ ﻳﺘﻮﺍﺟﺪ ﻓﻴﻬﺎ ﺍﻟﻮﻛﻴﻞ‬
‫ﺑﺴﻠﻮﻙ ﺗﺼﺮﻑ ﺍﻧﺘﻬﺎﺯﻱ ﻓﺎﻥ ﻫﺪﺍ ﺍﻻﺧﲑ ﺳﻴﻔﻌﻞ ﺫﻟﻚ‪ ،‬ﳍﺬﺍ ﻳﻌﻤﻞ ﺍﻟﺮﺋﻴﺲ ﻋﻠﻰ ﺗﻐﻴﲑ ﻧﻈﺎﻡ ﺍﻟﺘﺤﻔﻴﺰ‬
‫ﺑﻄﺮﻳﻘﺔ ﲢﺪ ﻣﻦ ﺍﻟﺴﻠﻮﻙ ﺍﻻﻧﺘﻬﺎﺯﻱ ﻟﻠﻮﻛﻴﻞ‪.‬‬

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‫ﻣـﺎﻫﻴﺔ ﻧﻈﺮﻳﺔ ﺍﻟـﻮﻛﺎﻟﺔ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﱐ‪:‬‬

‫‪ -3-2‬ﺍﳋﺴﺎﺋﺮ ﺍﳌﺘﺒﻘﻴﺔ )ﺗﻜﺎﻟﻴﻒ ﺍﻟﻔﺮﺻﺔ ﺍﻟﺒﺪﻳﻠﺔ(‪:‬‬

‫ﺗﻌﱪ ﻋﻦ ﺗﻜﺎﻟﻴﻒ ﺍﻟﻔﺮﺻﺔ ﺍﻟﻀﺎﺋﻌﺔ ﺍﻱ ﻣﺎ ﻛﺎﻥ ﳝﻜﻦ ﺃﻥ ﳛﺼﻞ ﻋﻠﻴﻪ ﻛﻞ ﻃﺮﻑ ﻟﻮ ﱂ ﻳﺘﻌﺎﻗﺪ‬
‫ﻣﻊ ﺍﻟﻄﺮﻑ ﺍﻵﺧﺮ ﻭﻫﻲ ﺍﻟﺘﻜﺎﻟﻴﻒ ﺍﻟﱵ ﺗﺘﺮﺗﺐ ﰲ ﺣﺎﻝ ﻗﻴﺎﻡ ﺍﻻﺻﻴﻞ ﺑﺎﻟﺘﺴﻴﲑ ﻣﺒﺎﺷﺮﺓ‪ .‬ﻭﲤﺜﻞ ﺍﳋﺴﺎﺋﺮ‬
‫ﺍﳌﺘﺒﻘﻴﺔ ﺍﻟﻔﺎﺭﻕ ﰲ ﺩﺭﺟﺔ ﺍﻟﺮﺿﺎ ﺑﲔ ﺣﺎﻟﺔ ﻛﻮﻥ ﺍﻟﻮﻛﻴﻞ ﻏﲑ ﺍﻧﺘﻬﺎﺯﻱ ﻭﺣﺎﻟﺔ ﻛﻮﻥ ﺍﻟﻮﻛﻴﻞ ﺍﻧﺘﻬﺎﺯﻱ ﳑﺎ‬
‫ﻳﺪﻓﻊ ﺍﻟﺮﺋﻴﺲ ﻟﻠﺒﺤﺚ ﻋﻦ ﻃﺮﻕ ﺗﻌﺎﻗﺪﻳﺔ ﻣﻜﻠﻔﺔ‪.‬‬

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‫ﻣـﺎﻫﻴﺔ ﻧﻈﺮﻳﺔ ﺍﻟـﻮﻛﺎﻟﺔ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﱐ‪:‬‬

‫ﺧﻼﺻﺔ‪:‬‬
‫ﺑﻌﺪ ﺩﺭﺍﺳﺔ ﻫﺬﺍ ﺍﻟﻔﺼﻞ ﺍﻟﺬﻱ ﺗﻄﺮﻗﻨﺎ ﻓﻴﻪ ﺇﱃ ﺗﻌﺮﻳﻒ ﻭﻧﺸﺄﺓ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﺍﻟﱵ ﺗﻌﺪ ﺇﺣﺪﻯ‬
‫ﺍﻟﻨﻈﺮﻳﺎﺕ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ‪ ،‬ﻭﺟﺎءﺕ ﳊﻞ ﺍﳌﺸﺎﻛﻞ ﺍﻟﻨﺎﲡﺔ ﻋﻦ ﻓﺼﻞ ﺍﳌﻠﻜﻴﺔ ﻭﺍﻟﺼﺮﺍﻉ ﺍﻟﻘﺎﺋﻢ ﻋﻦ ﺍﳌﺪﺭﺍء‬
‫ﻭﺍﳌﻼﻙ‪ ،‬ﻭﻛﺬﻟﻚ ﺗﻨﻈﻢ ﺍﻟﻌﻼﻗﺔ ﺑﲔ ﺍﻟﻮﻛﻴﻞ ﻭﺍﻷﺻﻴﻞ ﻭﺗﻨﻘﺺ ﻣﻦ ﺍﻟﺼﺮﺍﻉ ﺑﻴﻨﻬﻤﺎ ﺑﺎﻟﺘﻮﻓﻴﻖ ﺑﲔ‬
‫ﺍﻷﻫﺪﺍﻑ ﻭﺍﳌﺼﺎﱀ ﻟﻜﻞ ﻃﺮﻑ‪.‬‬
‫ﻭﻛﺬﻟﻚ ﺣﺎﻭﻟﻨﺎ ﺍﻟﺘﻄﺮﻕ ﻟﻠﺘﻄﻮﺭ ﺍﻟﺘﺎﺭﳜﻲ ﻟﻨﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﻭﻣﻔﻬﻮﻣﻬﺎ ﻭﺑﻌﺾ ﺍﳌﺸﺎﻛﻞ ﺍﻟﱵ ﱂ‬
‫ﺗﻜﻦ ﺗﻘﺘﺼﺮ ﺇﻻ ﻋﻠﻰ ﺍﻟﻌﻼﻗﺔ ﺑﲔ ﺍﻷﺻﻴﻞ ﻭﺍﻟﻮﻛﻴﻞ ﺑﻞ ﺗﻌﺪﺕ ﺫﻟﻚ ﻟﺘﺸﻤﻞ ﻛﻞ ﻃﺮﻑ ﺩﺍﺧﻞ ﻭﺧﺎﺭﺝ‬
‫ﺍﻟﺸﺮﻛﺔ‪ ،‬ﻭﰲ ﺍﻷﺧﲑ ﺣﺎﻭﻟﻨﺎ ﺃﻥ ﻧﺬﻛﺮ ﺑﻌﺾ ﺣﻠﻮﻝ ﻧﺰﺍﻋﺎﺕ ﻫﺬﻩ ﺍﻟﻨﻈﺮﻳﺔ ﻭﺑﻌﺾ ﺍﻻﻧﺘﻘﺎﺩﺍﺕ ﺍﳌﻮﺟﻬﺔ‬
‫ﳍﺎ‪.‬‬

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 ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﻟﺚ‪:‬‬

‫ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ‬
‫ﻭﻋﻼﻗﺘﻬﺎ ﺑﻨﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ‬
‫ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻭﻋـﻼﻗﺘﻬﺎ ﺑﻨﻈﺮﻳﺔ ﺍﻟـﻮﻛﺎﻟﺔ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﻟﺚ‪:‬‬

‫ﲤﻬﻴﺪ‪:‬‬
‫ﻟﻘﺪ ﺃﺣﺪﺙ ﻣﻔﻬﻮﻡ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻧﻘﻠﺔ ﻧﻮﻋﻴﺔ ﰲ ﺃﺳﻠﻮﺏ ﺇﺩﺍﺭﺓ ﺍﻟﺸﺮﻛﺎﺕ ﻭﺃﺳﻬﻢ ﰲ‬
‫ﲢﺪﻳﺪ ﺍﻟﺼﻼﺣﻴﺎﺕ ﻭﺍﻟﺴﻠﻄﺎﺕ ﻭﺍﳌﺴﺆﻭﻟﻴﺎﺕ ﺍﻟﱵ ﺗﺘﻤﺘﻊ ‪‬ﺎ ﺍﻹﺩﺍﺭﺍﺕ ﺍﻟﺘﻨﻔﻴﺬﻳﺔ ﻭﳎﺎﻟﺲ ﺍﻹﺩﺍﺭﺍﺕ ﰲ‬
‫ﺍﻟﺸﺮﻛﺎﺕ ﺑﺸﻜﻞ ﻳﻀﻤﻦ ﺍﳌﺴﺎﻟﺔ ﻭﻳﻌﺰﺯ ﺍﻟﺸﻔﺎﻓﻴﺔ ﻭﺍﻟﺮﻗﺎﺑﺔ‪ .‬ﻭﻗﺪ ﻻﻗﻲ ﻣﻔﻬﻮﻡ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ‬
‫ﺭﻭﺍﺟﺎ ﻛﺒﲑﺓ ﺧﻼﻝ ﺍﻟﻌﻘﺪﻳﻦ ﺍﻷﺧﲑﻳﻦ ﺣﱴ ﺍﺗﺴﻊ ﻧﻄﺎﻕ ﺗﻄﺒﻴﻖ ﻫﺬﺍ ﺍﳌﻔﻬﻮﻡ ﻟﻴﺸﻤﻞ ﺍﳌﺆﺳﺴﺎﺕ ﰲ‬
‫ﺍﻟﻘﻄﺎﻉ ﺍﳋﺎﺹ ﻭﺍﻟﻘﻄﺎﻉ ﺍﻟﻌﺎﻡ ﻋﻠﻰ ﺣﺪ ﺳﻮﺍء‪.‬‬
‫ﻭﺍﻻﻫﺘﻤﺎﻡ ﺍﳌﺘﺰﺍﻳﺪ ﲟﻮﺿﻮﻉ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ‪ ،‬ﺗﺮﺗﺐ ﻋﻠﻴﻪ ﺯﻳﺎﺩﺓ ﺍﻻﻫﺘﻤﺎﻡ ﺑﺘﻄﺒﻴﻖ ﺍﳌﺒﺎﺩﺉ‬
‫ﺍﳌﺤﺎﺳﺒﻴﺔ‪ ،‬ﻋﻠﻰ ﺍﻋﺘﺒﺎﺭ ﺃﻥ ﺍﺳﺘﻌﻤﺎﻝ ﺍﳌﺒﺎﺩﺉ ﺍﳌﺤﺎﺳﺒﻴﺔ ﺗﻠﺰﻡ ﺇﱃ ﺣﺪ ﺑﻌﻴﺪ ﻃﺮﻑ ﺍﻟﻮﻛﺎﻟﺔ )ﺍﻹﺩﺍﺭﺓ(‬
‫ﺑﺎﻻﻟﺘﺰﺍﻡ ﺑﺎﳌﻌﺎﳉﺎﺕ ﺍﳌﺤﺎﺳﺒﻴﺔ ﺍﻟﻮﺍﺟﺐ ﺇﺗﺒﺎﻋﻬﺎ ﻭﺍﻟﱵ ﻣﻦ ﺷﺄ‪‬ﺎ ﺃﻥ ﺗﻘﻠﻞ ﻣﻦ ﻣﺸﻜﻠﺔ ﺗﻀﺎﺭﺏ ﺍﳌﺼﺎﱀ‪،‬‬
‫ﻭﺫﻟﻚ ﻣﻦ ﺧﻼﻝ ﺇﻇﻬﺎﺭ ﺩﻭﺭ ﻣﺒﺎﺩﺉ ﺍﳊﻮﻛﻤﺔ ﰲ ﲢﻘﻴﻖ ﺍﻟﺘﻮﺍﻓﻖ ﺑﲔ ﻣﺼﺎﱀ ﺃﻃﺮﺍﻑ ﺍﻟﻮﻛﺎﻟﺔ‪.‬‬
‫ﻭﰲ ﻇﻞ ﺍﻧﻔﺼﺎﻝ ﺍﳌﻠﻜﻴﺔ ﻋﻦ ﺍﻹﺩﺍﺭﺓ ﺗﻜﻮﻥ ﺍﻹﺩﺍﺭﺓ ﻣﺴﺆﻭﻟﺔ ﻋﻦ ﺍﲣﺎﺫ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺍﳌﻬﻤﺔ ﻭﺃ‪‬ﺎ‬
‫ﺗﻌﻤﻞ ﻋﻠﻰ ﻭﻓﻖ ﻣﺼﺎﳊﻬﺎ ﺍﻟﺸﺨﺼﻴﺔ‪ ،‬ﻓﻀﻼ ﻋﻦ ﻋﺪﻡ ﲤﺎﺛﻞ ﺍﳌﻌﻠﻮﻣﺎﺕ ﻟﺪﻯ ﻛﻞ ﻣﻦ ﺍﳌﺎﻟﻜﲔ‬
‫ﻭﺍﳌﺪﺭﺍء‪.‬‬
‫ﻭﻟﻐﺮﺽ ﲢﻘﻴﻖ ﺑﻌﺾ ﻫﺬﻩ ﺍﻷﻫﺪﺍﻑ ﻓﻘﺪ ﻗﺴّﻢ ﺍﻟﻔﺼﻞ ﺇﱃ ﺛﻼﺙ ﻣﺒﺎﺣﺚ‪ ،‬ﺗﻄﺮﻗﻨﺎ ﰲ ﺍﻷﻭﻝ ﺇﱃ‬
‫ﺍﻹﻃﺎﺭ ﺍﻟﻔﻜﺮﻱ ﻟﻠﺤﻮﻛﻤﺔ‪ ،‬ﺃﻣﺎ ﺍﻟﺜﺎﱐ ﻓﻘﺪ ﺗﻨﺎﻭﻝ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﻭﻋﻼﻗﺘﻬﺎ ﺑﺎﳊﻮﻛﻤﺔ ﺃﻣﺎ ﺍﻷﺧﲑ ﻓﻘﺪ‬
‫ﺍﺳﺘﻌﺮﺽ ﺍﻻﺳﺘﻨﺘﺎﺟﺎﺕ ﻭﺍﻟﺘﻮﺻﻴﺎﺕ ﺍﻟﱵ ﺗﻮﺻﻞ ﺇﻟﻴﻬﺎ ﺍﻟﻄﻠﺒﺔ‪.‬‬

‫~ ‪~ 48‬‬
‫ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻭﻋـﻼﻗﺘﻬﺎ ﺑﻨﻈﺮﻳﺔ ﺍﻟـﻮﻛﺎﻟﺔ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﻟﺚ‪:‬‬

‫ﺍﳌﺒﺤﺚ ﺍﻷﻭﻝ‪ :‬ﺍﻹﻃﺎﺭ ﺍﻟﻔﻜﺮﻱ ﻟﻠﺤﻮﻛﻤﺔ‬

‫ﺇﻥّ ﺍﻻ‪‬ﻴﺎﺭﺍﺕ ﺍﻟﻜﺒﲑﺓ ﻭﺍﻷﺯﻣﺎﺕ ﺍﻟﻌﺎﳌﻴﺔ ﺍﻟﱵ ﻃﺎﻟﺖ ﺍﻟﻜﺜﲑ ﻣﻦ ﺍﳌﺆﺳﺴﺎﺕ ﻭﺍﻟﺸﺮﻛﺎﺕ ﻛﺎﻥ‬
‫ﺳﺒﺒﻬﺎ ﺍﻟﺮﺋﻴﺲ ﻭﺍﻷﺳﺎﺱ ﻫﻮ ﻧﻘﺺ ﺍﳋﱪﺍﺕ ﻭﺍﻟﻜﻔﺎءﺓ ﻭﻋﺪﻡ ﺗﻮﻓﺮ ﺇﺩﺍﺭﺍﺕ ﻛﻔﺄﺓ ﺫﺍﺕ ﺧﱪﺓ ﻭﻣﻬﺎﺭﺓ‬
‫ﻣﺘﻤﻴﺰﺓ‪ ،‬ﺃﻱ ﻋﺪﻡ ﺍﻷﺧﺬ ﲟﺒﺪﺃ ﺍﳊﺎﻛﻤﻴﺔ )ﺍﳊﻜﻢ ﺍﻟﺮﺷﻴﺪ ﻟﻠﻤﺆﺳﺴﺎﺕ( ﳑّﺎ ﺟﻌﻞ ﻫﺬﻩ ﺍﳌﺆﺳﺴﺎﺕ ﺗﻌﻠﻦ‬
‫ﺇﻓﻼﺳﻬﺎ ﻭﺗﻨﻬﺎﺭ‪ ،‬ﺃﻭ ﻋﻠﻰ ﺍﻷﻗﻞ ﺗﻘﻠﺺ ﻣﻦ ﺣﺼﺘﻬﺎ ﺍﻟﺴﻮﻗﻴﺔ ﺃﻭ ﲡﻤﺪ ﻧﺸﺎﻃﺎ‪‬ﺎ‪ ،‬ﻭﻋﻠﻰ ﻫﺬﺍ ﺍﻷﺳﺎﺱ‬
‫ﻓﻘﺪ ﺃﺩﻟﺖ ﺍﻟﻜﺜﲑ ﻣﻦ ﺍﳉﻬﺎﺕ ﻭﺍﳌﺆﺳﺴﺎﺕ ﺍﻟﺪﻭﻟﻴﺔ ﺍﻫﺘﻤﺎﻣﺎ ﻣﺘﺰﺍﻳﺪﺍ ﻣﻮﺿﻮﻉ" ﺣﺎﮐﻤﻴﺔ ﺍﻟﺸﺮﻛﺎﺕ ﺃﻭ‬
‫ﺍﳊﻮﻛﻤﺔ ‪ Corporate Governance‬ﺣﻴﺚ ﺗﺮﻛﺰﺕ ﺟﻞ ﺍﻫﺘﻤﺎﻣﻬﺎ ‪‬ﺬﺍ ﺍﳌﻮﺿﻮﻉ ﻭﺑﺎﻷﺧﺺ‬
‫ﺑﻌﺪ ﺍﻟﺪﻭﺭ ﺍﳌﺘﻨﺎﻣﻲ ﻭﺍﻟﺘﻮﺳﻊ ﺍﳍﺎﺋﻞ ﺍﻟﻘﻄﺎﻉ ﺍﳋﺎﺹ ﰲ ﺍﳊﻴﺎﺓ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ‪ ،‬ﺇﺫ ﺃﺻﺒﺢ ﳍﺬﺍ ﺍﻟﻘﻄﺎﻉ ﺩﻭﺭ‬
‫ﻣﻬﻢ ﻭﺃﺳﺎﺱ ﰲ ﺗﻨﻤﻴﺔ ﺍﻗﺘﺼﺎﺩﻳﺎﺕ ﺍﻟﺒﻠﺪﺍﻥ‪ ،‬ﻟﺬﻟﻚ ﺑﺪﺃ ﺍﻻﻫﺘﻤﺎﻡ ﲟﻮﺿﻮﻉ ﺍﳊﻮﻛﻤﺔ‪ ،‬ﻭﺳﻴﺘﻢ ﺍﻟﺘﻄﺮﻕ ﰲ‬
‫ﻫﺬﺍ ﺍﳌﺒﺤﺚ ﺇﱃ ﻧﺸﺄﺓ ﺍﳊﻮﻛﻤﺔ ﻭﻣﻔﻬﻮﻣﻬﺎ‪ ،‬ﻭﻣﱪﺭﺍﺕ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻭﺃﳘﻴﺘﻬﺎ ﻭﺃﻫﺪﺍﻓﻬﺎ‪،‬‬
‫ﻭﻣﺒﺎﺩﺉ ﻭﺧﺼﺎﺋﺺ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ‪.‬‬
‫ﺍﳌﻄﻠﺐ ﺍﻷﻭﻝ‪ :‬ﻧﺸﺄﺓ ﺍﳊﻮﻛﻤﺔ ﻭﻣﻔﻬﻮﻣﻬﺎ‬
‫ﺗﻌﻮﺩ ﺟﺬﻭﺭ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﺇﱃ ‪ Berle & Means‬ﺍﻟﻠﺬﻳﻦ ﻳﻌﺪﺍﻥ ﺃﻭﻝ ﻣﻦ ﺗﻨﺎﻭﻝ‬
‫ﻣﻮﺿﻮﻉ ﻓﺼﻞ ﺍﳌﻠﻜﻴﺔ ﻋﻦ ﺍﻹﺩﺍﺭﺓ ﻭﺫﻟﻚ ﰲ ﻋﺎﻡ ‪ .1932‬ﻭﺗﺄﰐ ﺁﻟﻴﺎﺕ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻟﺴﺪ‬
‫ﺍﻟﻔﺠﻮﺓ ﺍﻟﱵ ﳝﻜﻦ ﺃﻥ ﲢﺪﺙ ﺑﲔ ﻣﺪﻳﺮﻱ ﻭﻣﺎﻟﻜﻲ ﺍﻟﺸﺮﻛﺔ ﻣﻦ ﺟﺮﺍء ﺍﳌﻤﺎﺭﺳﺎﺕ ﺍﻟﺴﻠﺒﻴﺔ ﺍﻟﱵ ﳝﻜﻦ ﺃﻥ‬
‫ﺗﻀﺮ ﺑﺎﻟﺸﺮﻛﺔ‪.1‬‬
‫ﺃﻣﺎ ﻣﺼﻄﻠﺢ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻓﺘﻢ ﺍﻟﺒﺪء ﺑﺎﺳﺘﺨﺪﺍﻣﻪ ﻣﻊ ﺑﺪﺍﻳﺔ ﻋﻘﺪ ﺍﻟﺘﺴﻌﻴﻨﻴﺎﺕ ﻣﻦ ﺍﻟﻘﺮﻥ‬
‫ﺍﳌﺎﺿﻲ‪ ،‬ﺇﺫ ﺗﺰﺍﻳﺪ ﺍﺳﺘﺨﺪﺍﻡ ﻫﺬﺍ ﺍﳌﺼﻄﻠﺢ ﺑﺸﻜﻞ ﻭﺍﺳﻊ ﰲ ﺍﻟﺴﻨﻮﺍﺕ ﺍﻷﺧﲑﺓ ﻣﻨﻪ‪ ،‬ﻭﺃﺻﺒﺢ ﺷﺎﺋﻊ‬
‫ﺍﺳﺘﺨﺪﺍﻣﻪ ﻣﻦ ﻗﺒﻞ ﺍﳋﱪﺍء‪ ،‬ﻭﻻﺳﻴﻤﺎ ﺃﻭﻟﻨﻚ ﺍﻟﻌﺎﻣﻠﻮﻥ ﰲ ﺍﳌﻨﻈﻤﺎﺕ ﺍﻟﺪﻭﻟﻴﺔ ﻭﺍﻹﻗﻠﻴﻤﻴﺔ ﻭﺍﳌﺤﻠﻴﺔ‪.2‬‬
‫ﻭﻋﻨﺪ ﺍﻟﺘﻌﺮﻑ ﺇﱃ ﺍﻟﺘﺠﺎﺭﺏ ﺍﻟﺪﻭﻟﻴﺔ ﺑﺸﺄﻥ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ‪ ،‬ﻧﻼﺣﻆ ﺃﻥ ﺍﻟﻮﻻﻳﺎﺕ ﺍﳌﺘﺤﺪﺓ‬
‫ﺍﻷﻣﺮﻳﻜﻴﺔ ﻛﺎﻧﺖ ﺍﻟﺴﺒﺎﻗﺔ ﰲ ﻫﺬﺍ ﺍﳌﺠﺎﻝ ﺇﺫ ﻗﺎﻣﺖ ﺑﻮﺭﺻﺔ ﻧﻴﻮﻳﻮﺭﻙ )‪ (NYSE‬ﺑﺎﻗﺘﺮﺍﺡ ﻗﻮﺍﻋﺪ ﺗﻠﺰﻡ‬
‫ﺍﻟﺸﺮﻛﺎﺕ ﺑﺘﺤﺪﻳﺪ ﻣﺪﻳﺮﻳﻦ ﻣﺴﺘﻘﻠﲔ ﳊﻀﻮﺭ ﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ ﻭﻗﺎﻣﺖ ﺍﻟﺮﺍﺑﻄﺔ ﺍﻟﻘﻮﻣﻴﺔ ﳌﺪﻳﺮﻱ‬
‫ﺍﻟﺸﺮﻛﺎﺕ ﺑﺘﺸﻜﻴﻞ ﳉﻨﺔ ﻣﺘﺎﺑﻌﺔ ﳐﺎﻃﺮ ﺍﻟﺸﺮﻛﺎﺕ ﻟﺘﺪﻋﻴﻢ ﺍﳌﺪﻳﺮﻳﻦ ﺍﳌﺴﺘﻘﻠﲔ ﻭﺍﳌﺮﺍﺟﻌﺔ ﺍﻟﺪﻭﺭﻳﺔ‬

‫‪ -1‬ﺃﺑﻮ ﺍﻟﻌﻄﺎ ﻧﺮﻣﲔ‪ ،‬ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﺳﺒﻴﻞ ﺍﻟﺘﻘﺪﻡ ﻣﻊ ﺇﻟﻘﺎء ﺍﻟﻀﻮء ﻋﻠﻰ ﺍﻟﺘﺠﺮﺑﺔ ﺍﳌﺼﺮﻳﺔ‪ ،‬ﳎﻠﺔ ﺍﻹﺻﻼﺡ ﺍﻻﻗﺘﺼﺎﺩﻱ‪ ،‬ﺍﻟﻌﺪﺩ ‪،2003 ،8‬‬
‫ﺹ‪.48:‬‬
‫‪ -2‬ﺳﻠﻴﻤﺎﻥ‪ ،‬ﳏﻤﺪ ﻣﺼﻄﻔﻰ‪ ،‬ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻭﻣﻌﺎﳉﺔ ﺍﻟﻔﺴﺎﺩ ﺍﳌﺎﱄ ﻭﺍﻹﺩﺍﺭﻱ‪ ،‬ﺩﺭﺍﺳﺔ ﻣﻘﺎﺭﻧﺔ ﺍﻟﺪﺍﺭ ﺍﳉﺎﻣﻌﻴﺔ‪ ،‬ﻣﺼﺮ‪ ،2006 ،‬ﺹ‪.13:‬‬

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‫ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻭﻋـﻼﻗﺘﻬﺎ ﺑﻨﻈﺮﻳﺔ ﺍﻟـﻮﻛﺎﻟﺔ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﻟﺚ‪:‬‬

‫ﻟﻠﻤﺨﺎﻃﺮ ﺍﳌﺤﺘﻤﻠﺔ‪ .‬ﺃﻣﺎ ﰲ ﺍﻟﻴﺎﺑﺎﻥ ﻓﻘﺪ ﺃﻋﻠﻨﺖ ﺑﻮﺭﺻﺔ ﻃﻮﻛﻴﻮ ﺑﻮﺿﻊ ﺩﻟﻴﻞ ﻟﻠﺘﻄﺒﻴﻘﺎﺕ ﺍﳉﻴﺪﺓ ﳊﻮﻛﻤﺔ‬
‫ﺍﻟﺸﺮﻛﺎﺕ ﻟﻜﻲ ‪‬ﺘﺪﻱ ‪‬ﺎ ﺍﳌﺆﺳﺴﺎﺕ ﺍﻟﻴﺎﺑﺎﻧﻴﺔ ﰲ ﺳﺒﻴﻞ ﺇﻋﺪﺍﺩ ﺍﳌﻌﺎﻳﲑ ﺍﻟﱵ ﺗﺘﻔﻖ ﻣﻊ ﺍﻟﻘﺎﻧﻮﻥ ﺍﻟﺘﺠﺎﺭﻱ‬
‫ﺍﻟﻴﺎﺑﺎﱐ‪.‬‬
‫ﺃﻣﺎ ﺍﳌﻔﻮﺿﻴﺔ ﺍﻷﻭﺭﺑﻴﺔ ﻓﻘﺪ ﻗﺎﻣﺖ ﺑﺘﻜﻠﻴﻒ ﻓﺮﻳﻖ ﻋﻤﻞ ﺑﲑﻭﮐﺴﻴﻞ ﳌﻬﻤﺔ ﺗﻄﻮﻳﺮ ﻭﺗﻮﺣﻴﺪ ﺍﻹﻃﺎﺭ‬
‫ﺍﻟﻘﺎﻧﻮﱐ ﻟﻠﺸﺮﻛﺎﺕ ‪‬ﺪﻑ ﺍﻹﻓﺼﺎﺡ ﻭﲪﺎﻳﺔ ﺍﳌﺴﺘﺜﻤﺮﻳﻦ‪ ،‬ﺃﻣﺎ ﰲ ﺃﻣﺮﻳﻜﺎ ﺍﻟﻼﺗﻴﻨﻴﺔ ﻓﻘﺪ ﻗﺎﻣﺖ ﺳﺒﻊ ﺩﻭﻝ‬
‫ﰲ ﺳﺎﻥ ﺑﺎﻭﻟﻮ ﺑﺘﻔﻌﻴﻞ ﻣﺸﺎﺭﻛﺘﻬﻢ ﰲ ﺭﺍﺑﻄﺔ ﳌﺆﺳﺴﺎﺕ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ‪.1‬‬
‫ﺃﻣّﺎ ﰲ ﺍﳌﻨﻄﻘﺔ ﺍﻟﻌﺮﺑﻴﺔ ﻓﺘﻌﺪ ﲨﻬﻮﺭﻳﺔ ﻣﺼﺮ ﺍﻟﺪﻭﻟﺔ ﺍﻟﻌﺮﺑﻴﺔ ﺍﻟﺮﺍﺋﺪﺓ ﰲ ﳎﺎﻝ ﺗﻄﺒﻴﻖ ﻗﻮﺍﻋﺪ ﻭﻣﺒﺎﺩﺉ‬
‫ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ‪ ،‬ﻭﺗﺸﲑ ﺍﻟﺪﺭﺍﺳﺎﺕ ﺇﱃ ﺃﻧﻪ ﰲ ﻋﺎﻡ ‪ 2001‬ﰎ ﺍﻻﻧﺘﻬﺎء ﻣﻦ ﺃﻭﻝ ﺗﻘﺮﻳﺮ ﻟﺘﻘﻮﱘ‬
‫ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﰲ ﻣﺼﺮ‪ ،‬ﻭﺍﻟﺬﻱ ﻗﺎﻡ ﺑﻪ ﺍﻟﺒﻨﻚ ﺍﻟﺪﻭﱄ ﺑﺎﻟﺘﻌﺎﻭﻥ ﻣﻊ ﻭﺯﺍﺭﺓ ﺍﻟﺘﺠﺎﺭﺓ ﺍﳋﺎﺭﺟﻴﺔ ﻭﻫﻴﺌﺔ‬
‫ﺳﻮﻕ ﺍﳌﺎﻝ ﻭﺑﻮﺭﺻﺔ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ‪.2‬‬
‫ﻭﻳﺬﻛﺮ ﺍﻟﺮﺣﻴﻠﻲ ﺑﺄﻧﻪ ﻫﻨﺎﻙ ﺟﻬﻮﺩ ﻭﳏﺎﻭﻻﺕ ﳑﺎﺛﻠﺔ ﰲ ﺑﻌﺾ ﺍﻟﺪﻭﻝ ﺍﻟﻌﺮﺑﻴﺔ ﺍﻷﺧﺮﻯ ﻣﺜﻞ ﻟﺒﻨﺎﻥ‪،‬‬
‫ﺍﻷﺭﺩﻥ‪ ،‬ﺗﻮﻧﺲ‪ ،‬ﺍﳌﻐﺮﺏ ﻭﺑﻌﺾ ﺩﻭﻝ ﺍﳋﻠﻴﺞ ﺍﻷﺧﺮﻯ‪.3‬‬
‫ﻭﻗﺪ ﻭﺭﺩﺕ ﺗﻌﺎﺭﻳﻒ ﻋﺪﻳﺪﺓ ﻋﻦ ﺍﳊﻮﻛﻤﺔ‪ ،‬ﺇﺫ ﰎ ﺗﻌﺮﻳﻔﻬﺎ ﻋﻠﻰ ﺇ‪‬ﺎ " ﺫﻟﻚ ﺍﻟﻨﻈﺎﻡ ﺍﻟﺬﻱ ﻳﺘﻢ ﻣﻦ‬
‫ﺧﻼﻟﻪ ﺇﺩﺍﺭﺓ ﻭﺗﻮﺟﻴﻪ ﻭﺗﻨﻈﻴﻢ ﻭﻣﺮﺍﻗﺒﺔ ﺍﳌﺆﺳﺴﺎﺕ ﺃﻭ ﺍﻹﺟﺮﺍءﺍﺕ ﺍﻟﱵ ﺗﻮﺟﻪ ﻭﺗﺪﻳﺮ ﺍﻟﺸﺮﻛﺎﺕ ﻭﺗﺮﺍﻗﺐ‬
‫ﺃﺩﺍﺅﻫﺎ ﲝﻴﺚ ﺗﻀﻤﻦ ﺍﻟﻮﺻﻮﻝ ﺇﱃ ﲢﻘﻴﻖ ﺭﺳﺎﻟﺘﻪ ﻭﺍﻷﻫﺪﺍﻑ ﺍﳌﺮﺳﻮﻣﺔ ﳍﺎ ﺃﻱ ﻣﺎ ﻣﻌﻨﺎﻩ ﺗﻀﻤﻦ ﻣﺼﺎﱀ‬
‫ﲨﻴﻊ ﺍﻷﻃﺮﺍﻑ ﺍﳌﺪﺭﺍء ‪ ،Managers‬ﻭﺍﳌﺴﺘﺨﺪﻣﻮﻥ ‪ Employees‬ﻭﺍﳌﺠﻬﺰﻭﻥ ‪،Suppliers‬‬
‫ﻭﺍﻟﺰﺑﺎﺋﻦ ‪ ،Customers‬ﻭﺍﳌﺮﺍﻗﺒﻮﻥ ‪ Controllers‬ﻭﺃﺻﺤﺎﺏ ﺍﳌﺼﺎﱀ ‪،Stakeholders‬‬
‫ﻭﺍﳌﺴﺎﳘﻮﻥ ‪ ،Shareholders‬ﻭﺍﳌﺠﺘﻤﻊ ‪.4Society‬‬
‫ﻛﻤﺎ ﰎ ﺗﻌﺮﻳﻔﻬﺎ ﻋﻠﻰ ﺇ‪‬ﺎ ﳎﻤﻮﻋﺔ ﻣﻦ ﺍﻟﻘﻮﺍﻧﲔ ﻭﺍﻟﻨﻈﻢ ﻭﺍﻟﻘﺮﺍﺭﺍﺕ ﺍﻟﱵ ‪‬ﺪﻑ ﺇﱃ ﲢﻘﻴﻖ ﺍﳉﻮﺩﺓ‬
‫ﻭﺍﻟﺘﻤﻴﺰ ﰲ ﺍﻷﺩﺍء ﻋﻦ ﻃﺮﻳﻖ ﺍﺧﺘﻴﺎﺭ ﺍﻷﺳﺎﻟﻴﺐ ﺍﳌﻨﺎﺳﺒﺔ ﻭﺍﻟﻔﻌﺎﻟﻴﺔ ﻟﺘﺤﻘﻴﻖ ﺧﻄﻂ ﻭﺃﻫﺪﺍﻑ ﺍﳌﻨﻈﻤﺔ “‪،‬‬
‫ﺃﻣّﺎ ﳎﻤﻊ ﺍﳌﺪﻗﻘﲔ ﺍﻟﺪﺍﺧﻠﻴﲔ ﺍﻷﻣﺮﻳﻜﻲ ﻓﻘﺪ ﻋﺮﻓﻬﺎ ﻋﻠﻰ ﺃ‪‬ﺎ ﻋﻤﻠﻴﺎﺕ ﺗﺘﻢ ﻣﻦ ﺧﻼﻝ ﺇﺟﺮﺍءﺍﺕ‬

‫‪ -1‬ﻳﻌﻘﻮﺏ ﻓﻴﺤﺎء ﻋﺒﺪ ﺍﷲ ﻭﳏﻤﺪ ﺇﳝﺎﻥ ﺷﺎﻛﺮ‪ ،‬ﺩﻭﺭ ﻣﻌﺎﻳﲑ ﺍﳊﻮﻛﻤﺔ ﰲ ﺍﳊﺪ ﻣﻦ ﺍﻵﺛﺎﺭ ﺍﻟﺴﻠﺒﻴﺔ ﻟﻠﻌﻮﳌﺔ ﻭﺍﳋﺼﺨﺼﺔ‪ ،‬ﳎﻠﺔ ﺩﺭﺍﺳﺎﺕ ﳏﺎﺳﺒﻴﺔ ﻣﺎﻟﻴﺔ‪،‬‬
‫ﺍﳌﻌﻬﺪ ﺍﻟﻌﺎﱄ ﻟﻠﺪﺭﺍﺳﺎﺕ ﺍﳌﺤﺎﺳﺒﻴﺔ ﻭﺍﳌﺎﻟﻴﺔ‪ ،‬ﺟﺎﻣﻌﺔ ﺑﻐﺪﺍﺩ‪ ،‬ﺍﻟﻌﺪﺩ ﺍﳋﺎﻣﺲ‪ ،2007 ،‬ﳎﻠﺔ ﺍﻻﻗﺘﺼﺎﺩ ﻭﺍﻟﺘﻨﻤﻴﺔ ﺍﻟﺒﺸﺮﻳﺔ‪ ،2007 ،‬ﺹ‪.85:‬‬
‫‪ -2‬ﺃﺑﻮ ﺍﻟﻌﻄﺎ ﻧﺮﻣﲔ‪ ،‬ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﺳﺒﻴﻞ ﺍﻟﺘﻘﺪﻡ ﻣﻊ ﺇﻟﻘﺎء ﺍﻟﻀﻮء ﻋﻠﻰ ﺍﻟﺘﺠﺮﺑﺔ ﺍﳌﺼﺮﻳﺔ‪ ،‬ﻣﺮﺟﻊ ﺳﺎﺑﻖ‪ ،‬ﺹ‪.50:‬‬
‫‪ -3‬ﺍﻟﺮﺣﻴﻠﻲ‪ ،‬ﻋﻮﺽ ﺳﻼﻣﺔ‪ ،‬ﳉﺎﻥ ﺍﳌﺮﺍﺟﻌﺔ ﻛﺄﺣﺪ ﺩﻋﺎﺋﻢ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ‪ -‬ﺣﺎﻟﺔ ﺍﻟﺴﻌﻮﺩﻳﺔ‪ ،‬ﲝﻮﺙ ﻭﺃﻭﺭﺍﻕ ﻋﻤﻞ ﺍﳌﺆﲤﺮ ﺍﻟﻌﺮﰊ ﺍﻷﻭﻝ ﺣﻮﻝ‬
‫ﺍﻟﺘﺪﻗﻴﻖ ﺍﻟﺪﺍﺧﻠﻲ ﰲ ﺇﻃﺎﺭ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ‪ ،‬ﺍﻟﻘﺎﻫﺮﺓ‪ ،2005 ،‬ﺹ‪.08:‬‬
‫‪ -4‬ﺍﻟﺸﻤﺮﻱ‪ ،‬ﺻﺎﺩﻕ ﺭﺍﺷﺪ‪ ،‬ﺍﳊﻮﻛﻤﺔ ﺩﻟﻴﻞ ﻋﻤﻞ ﻟﻺﺻﻼﺡ ﺍﳌﺎﱄ ﻭﺍﳌﺆﺳﺴﻲ‪ ،‬ﳎﻠﺔ ﻛﻠﻴﺔ ﺑﻐﺪﺍﺩ ﻟﻠﻌﻠﻮﻡ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﺍﳉﺎﻣﻌﺔ‪ ،‬ﺍﻟﻌﺪﺩ ‪،2008 ،17‬‬
‫ﺹ‪.118:‬‬

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‫ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻭﻋـﻼﻗﺘﻬﺎ ﺑﻨﻈﺮﻳﺔ ﺍﻟـﻮﻛﺎﻟﺔ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﻟﺚ‪:‬‬

‫ﺗﺴﺘﺨﺪﻡ ﺑﻮﺍﺳﻄﺔ ﳑﺜﻠﻲ ﺃﺻﺤﺎﺏ ﺍﳌﺼﺎﱀ ﺑﺘﻮﻓﲑ ﺇﺷﺮﺍﻑ ﻋﻠﻰ ﺍﳌﺨﺎﻃﺮ ﻭﺇﺩﺍﺭ‪‬ﺎ ﺑﻮﺍﺳﻄﺔ ﺍﻹﺩﺍﺭﺓ‬
‫ﻭﻣﺮﺍﻗﺒﺔ ﳐﺎﻃﺮ ﺍﻟﺸﺮﻛﺔ ﻭﺍﻟﺘﺄﻛﻴﺪ ﻋﻠﻰ ﻛﻔﺎﻳﺔ ﺍﻟﻀﻮﺍﺑﻂ ﺍﻟﺮﻗﺎﺑﻴﺔ ﻟﺘﺠﻨﺐ ﻫﺬﻩ ﺍﳌﺨﺎﻃﺮ‪ ،‬ﳑﺎ ﻳﺆﺩﻱ ﺇﱃ‬
‫ﺍﳌﺴﺎﳘﺔ ﺍﳌﺒﺎﺷﺮﺓ ﰲ ﺍﳒﺎﺯ ﺃﻫﺪﺍﻑ ﻭﺧﻄﻂ ﻗﻴﻤﺔ ﻟﻠﺸﺮﻛﺔ ﻣﻊ ﺍﻷﺧﺬ ﺑﻨﻈﺮ ﺍﻻﻋﺘﺒﺎﺭ ﺃﻥ ﺃﺩﺍء ﺃﻧﺸﻄﺔ‬
‫ﺍﳊﻮﻛﻤﺔ ﺗﻜﻮﻥ ﻣﺴﺆﻭﻟﻴﺔ ﺃﺻﺤﺎﺏ ﺍﳌﺼﺎﱀ ﰲ ﺍﻟﺸﺮﻛﺔ ﲢﻘﻴﻖ ﻓﻌﺎﻟﻴﺔ ﺍﻟﻮﻛﺎﻟﺔ‪.‬‬
‫ﻭﻗﺪ ﻋﺮﻓﻬﺎ ﺁﻝ ﺧﻠﻴﻔﺔ ﺑﺄ‪‬ﺎ " ﳎﻤﻮﻋﺔ ﻣﻦ ﺍﻟﻘﻮﺍﻧﲔ ﻭﺍﻟﻠﻮﺍﺋﺢ ﻭﺍﻹﺟﺮﺍءﺍﺕ ﺍﻟﱵ ﲤﻜﻦ ﺇﺩﺍﺭﺓ‬
‫ﺍﻟﺸﺮﻛﺔ ﻣﻦ ﺗﻌﻈﻴﻢ ﺭﲝﻴﺘﻬﺎ ﻭﻗﻴﻤﺘﻬﺎ ﰲ ﺍﳌﺪﻯ ﺍﻟﻄﻮﻳﻞ ﻟﺼﺎﱀ ﺍﳌﺴﺎﳘﲔ “‪ ،1‬ﻛﻤﺎ ﻋﺮﻓﻬﺎ ‪Cadbury‬‬
‫ﺑﺄ‪‬ﺎ " ﺍﻟﻨﻈﺎﻡ ﺍﻟﺬﻱ ﺗﺘﻢ ﺑﻮﺍﺳﻄﺘﻪ ﺗﻮﺟﻴﻪ ﻭﺭﻗﺎﺑﺔ ﺍﻟﺸﺮﻛﺔ ﻭﻳﺘﻔﻖ ﻣﻊ ﻭﺟﻬﺔ ﺍﻟﻨﻈﺮ ﻫﺬﻩ “‪.2‬‬
‫ﺃﻭﻻ‪ :‬ﻣﻔﻬﻮﻡ ﺍﳊﻮﻛﻤﺔ ﻭﺗﻌﺮﻳﻔﻬﺎ‬
‫‪ -1‬ﻣﻔﻬﻮﻡ ﺍﳊﻮﻛﻤﺔ‬
‫‪ -1-1‬ﻟﻐﺔ‪ :‬ﺇﺫﺍ ﺃﺭﺩﻧﺎ ﺃﻥ ﻧﺘﻌﺮﻑ ﻋﻠﻰ ﻣﻌﲎ ﺍﳊﻮﻛﻤﺔ ﰲ ﺍﻟﻠﻐﺔ ﻓﺈﻥ ﺍﳌﺼﺪﺭ )ﺣﻜﻢ( ﰲ ﺍﳌﻌﺎﺟﻢ ﻳﺄﰐ‬
‫ﺑﺎﳌﻌﺎﱐ ﻓﻴﻘﺎﻝ ﺣﻜﻤﺖ ﻓﻼﻧﺎ‪ ،‬ﺃﻱ ﻣﻨﻌﻪ‪ .‬ﺍﻟﻘﻀﺎء‪ :‬ﺣﻴﺚ ﻳﻄﻠﻖ ﻋﻠﻰ ﺍﳊﻜﻢ‪ ،‬ﻭﻣﻨﻪ ﻗﻮﻟﻪ ﺗﻌﺎﱃ‪" :‬ﻭﺃﻥ‬
‫ﺍﳊﻜﻢ ﺑﻴﻨﻬﻢ ﲟﺎ ﺃﻧﺰﻝ ﺍﷲ" ﺳﻮﺭﺓ ﺍﳌﺎﺋﺪﺓ‪ ،‬ﺍﻵﻳﺔ ‪.48‬‬
‫ﺃﻱ ﺍﻗﺾ ﺑﻴﻨﻬﻢ ﲝﻜﻢ ﺍﷲ‪ ،‬ﻭﺍﳊﻜﺎﻡ ﻫﻢ ﺍﻟﻘﻀﺎﺓ‪ ،‬ﻭﻣﻨﻪ ﻗﻮﻟﻪ ﺗﻌﺎﱃ‪" :‬ﻭﻻ ﺗﺄﻛﻠﻮﺍ ﺃﻣﻮﺍﻟﻜﻢ ﺑﻴﻨﻜﻢ‬
‫ﺑﺎﻟﺒﺎﻃﻞ ﻭﺗﺪﻟﻮﺍ ‪‬ﺎ ﺇﱃ ﺍﳊﻜﺎﻡ" ‪ ...‬ﺳﻮﺭﺓ ﺍﻟﺒﻘﺮﺓ‪ ،‬ﺍﻵﻳﺔ ‪ 188‬ﺃﻱ ﺇﱃ ﺍﻟﻘﻀﺎﺓ‪.‬‬
‫ﺍﳊﻜﻤﺔ‪ :‬ﻭﻫﻲ ﻭﺿﻊ ﺍﻟﺸﻲء ﺍﳌﻨﺎﺳﺐ ﰲ ﺍﳌﻜﺎﻥ ﺍﳌﻨﺎﺳﺐ‪ ،‬ﻭﻣﻨﻪ ﻗﻮﻟﻪ ﺗﻌﺎﱃ‪" :‬ﻭﺷﺪﺩﻧﺎ ﻣﻠﻜﻪ‬
‫ﻭﺁﺗﻴﻨﺎﻩ ﺍﳊﻜﻤﺔ ﻭﻓﺼﻞ ﺍﳋﻄﺎﺏ"‪ .‬ﺳﻮﺭﺓ ﺹ‪ ،‬ﺍﻵﻳﺔ ‪.20‬‬
‫ﺍﳊﻜﻢ ﻭﺍﳊﻜﻢ ﻣﻦ ﻧﺼﺒﻪ ﺍﻟﻘﺎﺿﻲ ﻟﻠﺤﻜﻢ ﺑﲔ ﺍﻟﻨﺎﺱ ﻭﳏﺎﻭﻟﺔ ﺍﻹﺻﻼﺡ ﺑﻴﻨﻬﻢ‪ ،‬ﻭﻣﻨﻪ ﻗﻮﻟﻪ‬
‫ﺗﻌﺎﻟﯽ‪" :‬ﻭﺍﻥ ﺧﻢ ﺷﻘﺎﻕ ﺑﻴﻨﻬﻤﺎ ﻓﺎﺑﻌﺜﻮﺍ ﺣﻜﻤﺎ ﻣﻦ ﺃﻫﻠﻪ ﻭﺣﻜﻤﺎ ﻣﻦ ﺃﻫﻠﻬﺎ ﺇﻥ ﻳﺮﻳﺪﺍ ﺇﺻﻼﺣﺎ ﻳﻮﻓﻖ ﺍﷲ‬
‫ﺑﻴﻨﻬﻤﺎ ﺇﻥ ﺍﷲ ﻛﺎﻥ ﻋﻠﻴﻤﺎ ﺧﺒﲑﺍ" ﺳﻮﺭﺓ ﺍﻟﻨﺴﺎء‪ ،‬ﺍﻵﻳﺔ ‪.35‬‬
‫ﺍﳊﻜﻢ‪ :‬ﻫﻮ ﺳﻴﺎﺳﺔ ﺍﻟﻨﺎﺱ ﲟﺎ ﻳﺼﻠﺤﻬﻢ‪ ،‬ﻭﻣﻦ ﺫﻟﻚ ﻗﻮﻟﻪ ﺗﻌﺎﱃ‪ :‬ﻭﻣﺎ ﻛﺎﻥ ﻟﺒﺸﺮ ﺃﻥ ﻳﺆﺗﻴﻪ ﺍﷲ‬
‫ﺍﻟﻜﺘﺎﺏ ﻭﺍﳊﻜﻢ ﻭﺍﻟﻨﺒﺆﺓ ﰒ ﻳﻘﻮﻝ ﻟﻠﻨﺎﺱ ﻛﻮﻧﻮﺍ ﻋﺒﺎﺩﺍ ﱄ ﻣﻦ ﺩﻭﻥ ﺍﷲ ﺳﻮﺭﺓ ﺁﻝ ﻋﻤﺮﺍﻥ‪ ،‬ﺍﻵﻳﺔ ‪.79‬‬
‫ﻭﻛﺬﻟﻚ ﰲ ﻗﻮﻟﻪ ﺗﻌﺎﱃ‪" :‬ﻭﻣﻦ ﱂ ﳛﻜﻢ ﲟﺎ ﺃﻧﺰﻝ ﺍﷲ ﻓﺄﻭﻟﺌﻚ ﻫﻢ ﺍﻟﻈﺎﳌﻮﻥ"‪ .‬ﺳﻮﺭﺓ ﺍﳌﺎﺋﺪﺓ‪،‬‬
‫ﺍﻵﻳﺔ ‪.45‬‬

‫‪ -1‬ﺁﻝ ﺧﻠﻴﻔﺔ‪ ،‬ﺇﻣﺎﻡ ﺣﺎﻣﺪ‪ ،‬ﺻﻨﺎﺩﻳﻖ ﺍﻻﺳﺘﺜﻤﺎﺭ ﻭﻣﻔﻬﻮﻡ ﺍﳊﻮﻛﻤﺔ‪ ،‬ﲝﻮﺙ ﻭﺃﻭﺭﺍﻕ ﻋﻤﻞ ﳌﺆﲤﺮ ﻣﺘﻄﻠﺒﺎﺕ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻭﺃﺳﻮﺍﻕ ﺍﳌﺎﻝ ﺍﻟﻌﺮﺑﻴﺔ‪ ،‬ﺷﺮﻡ‬
‫ﺍﻟﺸﻴﺦ‪ ،‬ﻣﺼﺮ‪ ،2007 ،‬ﺹ‪.97:‬‬
‫‪2‬‬
‫‪-Cadbury Committee on Corporate Governance, Inaugural address delivered by vepa‬‬
‫‪kamesam, November , 2001, p 102.‬‬
‫~ ‪~ 51‬‬
‫ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻭﻋـﻼﻗﺘﻬﺎ ﺑﻨﻈﺮﻳﺔ ﺍﻟـﻮﻛﺎﻟﺔ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﻟﺚ‪:‬‬

‫ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ‪ :‬ﻫﻲ ﺗﺮﲨﺔ ﺍﻟﻜﻠﻤﺔ ﺍﻹﳒﻠﻴﺰﻳﺔ )‪ ،(Corporate Governance‬ﻓﻜﻠﻤﺔ‬ ‫‪‬‬

‫)‪ (Corporate‬ﻣﻌﻨﺎﻫﺎ ﺷﺮﻛﺔ؛ ﻭﻛﻠﻤﺔ )‪ (Governance‬ﻣﻌﻨﺎﻫﺎ ﺣﺎﻛﻤﺔ ﻣﻦ ﺍﻷﺣﻜﺎﻡ‬

‫ﻭﺍﳊﺎﻛﻤﻴﺔ؛ ﻭﺑﺎﻟﺮﺟﻮﻉ ﺇﱃ ﻣﻌﺎﺟﻢ ﺍﻟﻠﻐﺔ ﺍﻟﻌﺮﺑﻴﺔ ﻭﺍﻟﺒﺤﺚ ﲢﺖ ﻟﻔﻆ »ﻛﻢ« ﳒﺪ ﺃﻥ ﺍﻟﻌﺮﺏ ﺗﻘﻮﻝ‬
‫‪ :‬ﺣﻜﻢ ﻭﺃﺣﻜﻤﺖ ﻭﺣﻜﻢ؛ ﲟﻌﻨﯽ ﻣﺘﻐﺚ ﻭﺭﺙ؛ ﻭﻣﻦ ﻫﺬﺍ ﻗﻴﻞ ﻟﻠﺤﺎﻛﻢ ﺑﲔ ﺍﻟﻨﺎﺱ ﺣﺎﻛﻢ ﻷﻧﻪ‬
‫ﳝﻨﻊ ﺍﻟﻈﺎﱂ ﻣﻦ ﺍﻟﻈﻠﻢ ؛ ﻭﻣﻦ ﺍﳌﻌﺎﱐ ﺍﻟﻜﻠﻤﺔ »ﻛﻢ« ﺣﻜﻢ ﺍﻟﺸﻲء ﻭﺃﺣﻜﻤﻪ ﻛﻼﳘﺎ‪ :‬ﻣﻨﻌﻪ ﻣﻦ‬
‫ﺍﻟﻔﺴﺎﺩ‪.‬‬
‫ﻛﻤﺎ ﳒﺪ ﺑﺄﻥ ﻣﺼﻄﻠﺢ )‪ (Corporate Governance‬ﺗﺮﺟﻢ ﻣﻦ ﺍﻟﻠﻐﺔ ﺍﻻﳒﻠﻴﺰﻳﺔ ﺇﱃ ﺍﻟﻠﻐﺔ‬
‫ﺍﻟﻌﺮﺑﻴﺔ ﲟﻌﲎ ﺇﺩﺍﺭﺓ ﺍﳊﻜﻢ‪ ،‬ﺃﺳﻠﻮﺏ ﺍﳊﻜﻢ‪ ،‬ﺇﺩﺍﺭﺓ ﺷﺆﻭﻥ ﺍﻟﺪﻭﻟﺔ ﻭﺍﳌﺠﺘﻤﻊ‪ ،‬ﺍﻹﺩﺍﺭﺓ ﺍﻟﺮﺷﻴﺪﺓ ﻟﻠﺤﻜﻢ‪،‬‬
‫ﺣﺴﻦ ﺍﳊﻜﻢ‪ ،‬ﺍﳊﺎﻛﻤﻴﺔ‪ ،‬ﺍﳊﻜﻤﺎﻧﻴﺔ‪ ،‬ﺍﳊﻮﻛﻤﺔ‪ ،‬ﺍﳊﻜﻢ ﺍﻟﺮﺷﻴﺪ‪ ،‬ﺍﳊﻜﻢ ﺍﻟﺼﺎﱀ‪ ،‬ﺍﳊﻜﻢ ﺍﳉﻴﺪ‪ ،‬ﺍﳊﻜﻢ‬
‫ﺍﳌﻮﺳﻊ‪.‬‬
‫‪ -2-1‬ﺍﳊﻮﻛﻤﺔ ﺇﺻﻄﻼﺣﺎ‪:‬‬
‫ﺍﳌﻔﻬﻮﻡ ﺍﳌﺤﺎﺳﱯ ﻟﻠﺤﻮﻛﻤﺔ‪ :‬ﻳﺸﲑ ﺍﳌﻔﻬﻮﻡ ﺍﳌﺤﺎﺳﱯ ﻟﻠﺤﻮﻛﻤﺔ ﺇﱃ ﺗﻮﻓﲑ ﻣﻘﻮﻣﺎﺕ ﲪﺎﻳﺔ ﺃﻣﻮﺍﻝ‬ ‫‪‬‬

‫ﺍﳌﺴﺘﺜﻤﺮﻳﻦ ﻭﺣﺼﻮﳍﻢ ﻋﻠﻰ ﺍﻟﻌﻮﺍﺋﺪ ﺍﳌﻨﺎﺳﺒﺔ‪ ،‬ﻭﺿﻤﺎﻥ ﻋﺪﻡ ﺍﺳﺘﺨﺪﺍﻡ ﺃﻣﻮﺍﳍﻢ ﰲ ﳎﺎﻻﺕ ﺃﻭ‬
‫ﺍﺳﺘﺜﻤﺎﺭﺍﺕ ﻏﲑ ﺁﻣﻨﺔ ﻭﻋﺪﻡ ﺍﺳﺘﻐﻼﳍﺎ ﻣﻦ ﻗﺒﻞ ﺍﻹﺩﺍﺭﺓ ﺃﻭ ﺍﳌﺪﺭﻳﻦ ﻟﺘﺤﻘﻴﻖ ﻣﻨﺎﻓﻊ ﺧﺎﺻﺔ‪ ،‬ﻭﻳﺘﻢ‬
‫ﺫﻟﻚ ﻣﻦ ﺧﻼﻝ ﳎﻤﻮﻋﺔ ﻣﻦ ﺍﻹﺟﺮﺍءﺍﺕ ﻭﺍﻟﻀﻮﺍﺑﻂ ﻭﺍﳌﻌﺎﻳﲑ ﺍﳌﺤﺎﺳﺒﻴﺔ‪ ،‬ﻭﺗﺮﺗﻜﺰ ﻫﺬﻩ ﺍﻟﻨﻈﺮﺓ ﻋﻠﻰ‬
‫ﲢﻘﻴﻖ ﺍﻟﺸﻔﺎﻓﻴﺔ ﻭﺗﻮﺳﻴﻊ ﻧﻄﺎﻕ ﺍﻹﻓﺼﺎﺡ ﻋﻦ ﺍﻟﺒﻴﺎﻧﺎﺕ ﺍﳌﺤﺎﺳﺒﻴﺔ ﻭﺍﻟﻘﻮﺍﺋﻢ ﺍﳌﺎﻟﻴﺔ‪ ،‬ﻭﻣﺰﺍﻳﺎ ﺍﳌﺪﻳﺮﻳﻦ‬
‫ﻭﺗﻄﺒﻴﻖ ﺍﳌﻌﺎﻳﲑ ﺍﳌﺤﺎﺳﺒﻴﺔ ﺍﳌﺘﻌﺮﻑ ﻋﻠﻴﻬﺎ ﺩﻭﻟﻴﺎ‪.‬‬
‫ﺍﳌﻔﻬﻮﻡ ﺍﻹﺩﺍﺭﻱ ﻟﻠﺤﻮﻛﻤﺔ‪ :‬ﻳﺸﲑ ﻣﺼﻄﻠﺢ ﺍﳊﻮﻛﻤﺔ ﻣﻦ ﺍﳌﻨﻈﻮﺭ ﺍﻹﺩﺍﺭﻱ ﺇﱃ ﳎﻤﻮﻋﺔ ﺍﻟﻘﻮﺍﻋﺪ‬ ‫‪‬‬

‫ﻭﺍﻟﻀﻮﺍﺑﻂ ﻭﺍﻹﺟﺮﺍءﺍﺕ ﺍﻟﺪﺍﺧﻠﻴﺔ ﰲ ﺍﻟﺸﺮﻛﺔ‪ ،‬ﺍﻟﱵ ﺗﻮﻓﺮ ﺿﻤﺎﻧﺎﺕ ﲢﻘﻴﻖ ﺣﺮﺹ ﺍﳌﺜﺮﻳﻦ ﻋﻠﻰ‬
‫ﺣﻘﻮﻕ ﺍﳌﻼﻙ )ﺍﳌﺴﺎﳘﲔ(‪ ،‬ﻭﺍﳌﺤﺎﻓﻈﺔ ﻋﻠﻰ ﺣﻘﻮﻕ ﺍﻷﻃﺮﺍﻑ ﺫﺍﺕ ﺍﳌﺼﻠﺤﺔ ﺑﺎﻟﺸﺮﻛﺔ‪.‬‬
‫ﺍﳌﻔﻬﻮﻡ ﺍﻟﻘﺎﻧﻮﱐ ﻟﻠﺤﻮﻛﻤﺔ‪ :‬ﻳﺸﲑ ﻣﻔﻬﻮﻡ ﺍﳊﻮﻛﻤﺔ ﻣﻦ ﺍﳌﻨﻈﻮﺭ ﺍﻟﻘﺎﻧﻮﱐ ﺇﱃ ﺍﻹﻃﺎﺭ ﺍﻟﺘﺸﺮﻳﻌﻲ‬ ‫‪‬‬

‫ﻭﺍﻟﻘﻮﺍﻋﺪ ﺍﻟﻘﺎﻧﻮﻧﻴﺔ ﺍﻟﱵ ﲢﻤﻲ ﻣﺼﺎﱀ ﺍﻷﻃﺮﺍﻑ ﺫﺍﺕ ﺍﻟﻌﻼﻗﺔ ﺑﺎﻟﺸﺮﻛﺔ‪ .‬ﻭﺑﺎﻟﺘﺎﱄ ﻳﻬﺘﻢ ﺭﺟﺎﻝ‬
‫ﺍﻟﻘﺎﻧﻮﻥ ﺑﺎﻟﻘﻮﺍﻋﺪ ﺍﻟﻘﺎﻧﻮﻧﻴﺔ ﻭﺍﻟﻨﻮﺍﺣﻲ ﺍﻹﺟﺮﺍﺋﻴﺔ ﺍﻟﱵ ﺗﻮﻓﺮ ﻣﺘﻄﻠﺒﺎﺕ ﺍﳌﺤﺎﻓﻈﺔ ﻋﻠﻰ ﺍﻟﺸﺮﻛﺎﺕ‪،‬‬
‫ﻭﺗﻮﻓﲑ ﺿﻤﺎﻧﺎﺕ ﺍﳊﻤﺎﻳﺔ ﳊﻘﻮﻕ ﻛﺎﻓﺔ ﺍﻷﻃﺮﺍﻑ ﺫﻭﻱ ﺍﻟﻌﻼﻗﺔ ﺃﻭ ﺍﳌﺴﺘﻔﻴﺪﻳﻦ ﻣﻦ ﻧﺸﺄﺓ ﺍﻟﺸﺮﻛﺔ‬
‫ﻭﺑﻘﺎﺋﻬﺎ ﻭﳕﻮﻫﺎ‪.‬‬

‫~ ‪~ 52‬‬
‫ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻭﻋـﻼﻗﺘﻬﺎ ﺑﻨﻈﺮﻳﺔ ﺍﻟـﻮﻛﺎﻟﺔ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﻟﺚ‪:‬‬

‫ﺍﳌﻔﻬﻮﻡ ﺍﻻﻗﺘﺼﺎﺩﻱ ﻟﻠﺤﻮﻛﻤﺔ‪ :‬ﻳﺸﲑ ﻣﻔﻬﻮﻡ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﺇﱃ ﳎﻮﻋﺔ ﺍﻵﻟﻴﺎﺕ ﺍﻟﱵ ﺗﺴﺎﻋﺪ‬ ‫‪‬‬

‫ﺍﻟﺸﺮﻛﺔ ﰲ ﺍﳊﺼﻮﻝ ﻋﻠﻰ ﺍﻟﺘﻤﻮﻳﻞ‪ ،‬ﻭﺗﻀﻤﻦ ﺗﻌﻈﻴﻢ ﻗﻴﻤﺔ ﺃﺳﻬﻢ ﺍﻟﺸﺮﻛﺔ ﻭﺍﺳﺘﻤﺮﺍﺭﻫﺎ ﰲ ﺍﻷﺟﻞ‬
‫ﺍﻟﻄﻮﻳﻞ‬
‫ﺍﳌﻔﻬﻮﻡ ﺍﻻﺟﺘﻤﺎﻋﻲ ﻭﺍﻷﺧﻼﻗﻲ ﻟﻠﺤﻮﻛﻤﺔ‪ :‬ﻳﺸﲑ ﻣﻔﻬﻮﻡ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﺇﱃ ﺿﺮﻭﺭﺓ ﺍﻟﺘﺮﻛﻴﺰ‬ ‫‪‬‬

‫ﻋﻠﻰ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﻻﺟﺘﻤﺎﻋﻴﺔ ﻟﻠﺸﺮﻛﺔ ﰲ ﲪﺎﻳﺔ ﺣﻘﻮﻕ ﺍﻷﻗﻠﻴﺔ ﺃﻭ ﺻﻐﺎﺭ ﺍﳌﺴﺘﺜﻤﺮﻳﻦ‪ ،‬ﻭﲢﻘﻴﻖ ﺍﻟﺘﻨﻤﻴﺔ‬
‫ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﺍﻟﻌﺎﺩﻟﺔ ﻭﲪﺎﻳﺔ ﺍﻟﺒﻴﺌﺔ‪.‬‬
‫ﺍﳌﻔﻬﻮﻡ ﺍﻟﺴﻴﺎﺳﻲ ﻟﻠﺤﻮﻛﻤﺔ‪ :‬ﻳﻄﻠﻖ ﻋﻠﻰ ﺍﳊﻮﻛﻤﺔ ﻣﺼﻄﻠﺢ ﺍﳊﻜﻢ ﺍﻟﺮﺍﺷﺪ ﺃﻭ ﺍﳊﻮﻛﻤﺔ ﺍﻟﺮﺷﻴﺪﺓ‬ ‫‪‬‬

‫ﻭﺍﻟﱵ ﺗﺸﲑ ﺇﱃ ﺍﺭﺗﻜﺎﺯ ﻋﻤﻞ ﺍﳊﻜﻮﻣﺎﺕ ﻋﻠﻰ ﺃﺳﺲ ﻣﻦ ﺍﻻﺳﺘﺠﺎﺑﺔ ﻟﻠﻤﻄﺎﻟﺐ ﺍﻟﺸﻌﺒﻴﺔ ﻭﺍﻟﻔﺎﻋﻠﻴﺔ‬
‫ﻭﺍﳌﺴﺎﻟﺔ ﺃﻣﺎﻡ ﺍﻟﺸﻌﺐ‪ .‬ﻛﻤﺎ ﺗﺮﻛﺰ ﺍﳊﻮﻛﻤﺔ ﺍﻟﺮﺷﻴﺪﺓ ﻋﻠﻰ ﺃﻥ ﺗﻜﻮﻥ ﻋﻤﻠﻴﺔ ﺻﻨﻊ ﺍﻟﻘﺮﺍﺭﺍﺕ‬
‫ﲟﺴﺘﻮﻳﺎﺕ ﻣﺮﺗﻔﻌﺔ ﻣﻦ ﺍﳉﻮﺩﺓ‪ ،‬ﻭﰲ ﺇﻃﺎﺭ ﻣﻦ ﺍﳌﺸﺎﺭﻛﺔ ﺍﻟﺴﻴﺎﺳﻴﺔ؛ ﻭﺗﻨﻄﻮﻱ ﺍﳊﻮﻛﻤﺔ ﺍﻟﺪﳝﻘﺮﺍﻃﻴﺔ‬
‫ﻋﻠﻰ ﺍﺳﺘﻜﻤﺎﻝ ﻋﻤﻠﻴﺔ ﺍﻟﺘﻤﺜﻴﻞ ﺍﻟﺪﳝﻘﺮﺍﻃﻲ ﺍﻟﱵ ﲡﺮﻯ ﻋﻦ ﻃﺮﻳﻖ ﺍﻻﻧﺘﺨﺎﺑﺎﺕ ﻭﺍﻷﺣﺰﺍﺏ ﺍﻟﺴﻴﺎﺳﻴﺔ‪،‬‬
‫ﳑﺎ ﳚﻌﻞ ﺍﳌﻤﺎﺭﺳﺔ ﺍﻟﺪﳝﻘﺮﺍﻃﻴﺔ ﻓﻌﺎﻟﺔ‪.‬‬
‫‪ -2‬ﺗﻌﺮﻳﻒ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ‪:‬‬
‫ﺇﻥّ ﺍﻟﺘﻌﺮﻳﻒ ﺍﻷﺻﻠﻲ ﳊﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻣﺒﲏ ﺣﻮﻝ ﻣﻔﻬﻮﻡ ﺍﳌﺴﺎءﻟﺔ‪ ،‬ﻭﻗﺪ ﻧﺸﺄ ﻣﻦ ﺍﻋﺘﻘﺎﺩ ﺃﻥ‬
‫ﺍﳌﻼﻙ ﺍﳌﺴﺎﳘﲔ ﻳﻌﻬﺪﻭﻥ ﻟﻠﻤﺪﻳﺮﻳﻦ )ﺍﳌﺴﲑﻳﻦ( ﺑﺈﺩﺍﺭﺓ ﺷﺮﻛﺎ‪‬ﻢ‪ ،‬ﻭﳍﻢ ﺃﻥ ﻳﺴﺎﺋﻠﻮﻫﻢ ﻋﻦ ﺃﻱ ﺗﻐﲑﺍﺕ‬
‫ﺗﻄﺮﺍ ﻋﻠﻰ ﻫﺬﺍ ﺍﻻﺗﻔﺎﻕ‪.1‬‬
‫ﺷﺮﻛﺔ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺪﻭﻟﻴﺔ )‪ (IFC‬ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ‪ » :‬ﻫﻲ ﺍﻟﻨﻈﺎﻡ ﺍﻟﺬﻱ ﻳﺘﻢ ﻣﻦ ﺧﻼﻟﻪ ﺇﺩﺍﺭﺓ‬
‫ﺍﻟﺸﺮﻛﺎﺕ ﻭﺍﻟﺘﺤﻜﻢ ﰲ ﺃﻋﻤﺎﳍﺎ «‪.2‬‬
‫ﺍﻟﺒﻨﻚ ﺍﻟﺪﻭﱄ ) ‪ ( IB‬ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ‪ » :‬ﻫﻲ ﺗﻠﻚ ﺍﻟﻌﻤﻠﻴﺎﺕ ﺍﻟﱵ ﻣﻦ ﺧﻼﳍﺎ ﲤﺎﺭﺱ‬
‫ﺍﻟﺴﻠﻄﺔ ﰲ ﺇﺩﺍﺭﺓ ﺍﳌﻮﺍﺭﺩ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﻭﺍﻻﺟﺘﻤﺎﻋﻴﺔ ﻟﻠﺒﻠﺪ ﻭﺍﻟﺮﻗﺎﺑﺔ ﻋﻠﻴﻬﺎ «‪.‬‬
‫ﺑﺮﻧﺎﻣﺞ ﺍﻷﻣﻢ ﺍﳌﺘﺤﺪﺓ ﺍﻹﳕﺎﺋﻲ ) ‪ » :( UNDP‬ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﺗﻌﲏ ﳑﺎﺭﺳﺔ ﺍﻟﺴﻴﺎﺳﺔ‬
‫ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﻭﺍﻟﺴﻠﻄﺔ ﺍﻹﺩﺍﺭﻳﺔ ﻹﺩﺍﺭﺓ ﺷﺮﻛﺎﺕ ﺍﻷﻋﻤﺎﻝ «‪.‬‬

‫‪ -1‬ﺃﻟﻜﺴﻨﺪﺭ ﺷﮑﺮﺍﻟﻨﻴﻜﻮﻑ‪ ،‬ﺍﻧﺪﺭﻭ ﻭﻟﺴﻮﻥ‪ ،‬ﻣﻦ ﺷﺮﻛﺎﺕ ﻣﺴﺘﺪﺍﻣﺔ ﺇﱃ ﺍﻗﺘﺼﺎﺩﺍﺕ ﻣﺴﺘﺪﺍﻣﺔ‪ :‬ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻛﺄﺩﺍﺓ ﺗﻨﻤﻮﻳﺔ‪ ،‬ﻣﺮﻛﺰ ﺍﳌﺸﺮﻭﻋﺎﺕ‬
‫ﺍﻟﺪﻭﻟﻴﺔ ﺍﳋﺎﺻﺔ‪ ،‬ﻭﺍﺷﻨﻄﻦ‪ ،2007 ،‬ﺹ‪. 9‬‬
‫‪2‬‬
‫‪- Alamgir M. Corporate Governance , A Risk Perspective , paper presented to:Corporate‬‬
‫‪Governance and Reform : l'aving the way to Financial Stability and Development , a‬‬
‫‪conference organized by the Egyptian Banking Institute , Cairo , May 7 8 , 2007 , P 23.‬‬
‫~ ‪~ 53‬‬
‫ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻭﻋـﻼﻗﺘﻬﺎ ﺑﻨﻈﺮﻳﺔ ﺍﻟـﻮﻛﺎﻟﺔ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﻟﺚ‪:‬‬

‫ﻣﻨﻈﻤﺔ ﺍﻟﺘﻌﺎﻭﻥ ﺍﻻﻗﺘﺼﺎﺩﻱ ﻭﺍﻟﺘﻨﻤﻴﺔ )‪ (OECD‬ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ » ﺫﻟﻚ ﺍﻟﻨﻈﺎﻡ ﺍﻟﺬﻱ ﻳﺘﻢ‬
‫ﻣﻦ ﺧﻼﻟﻪ ﺗﻮﺟﻴﻪ ﻭﺇﺩﺍﺭﺓ ﺷﺮﻛﺎﺕ ﺍﻷﻋﻤﺎﻝ‪ ،‬ﻭﳛﺪﺩ ﻫﻴﻜﻞ ﺍﳊﻮﻛﻤﺔ ﺍﳊﻘﻮﻕ ﻭﺍﳌﺴﺆﻭﻟﻴﺎﺕ ﺑﲔ ﳐﺘﻠﻒ‬
‫ﺍﻷﻃﺮﺍﻑ ﺫﺍﺕ ﺍﻟﺼﻠﺔ ﺑﻨﺸﺎﻁ ﺍﻟﺸﺮﻛﺔ‪ ،‬ﻣﺜﻞ ‪ :‬ﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ‪ ،‬ﺍﳌﺴﺎﳘﲔ ﻭﺃﺻﺤﺎﺏ ﺍﳌﺼﺎﱀ‬
‫)‪ ،( Parties Prenantes / Stakeholder‬ﻛﻤﺎ ﳛﺪﺩ ﻗﻮﺍﻋﺪ ﻭﺇﺟﺮﺍءﺍﺕ ﺍﲣﺎﺫ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺍﳌﺘﻌﻠﻘﺔ‬
‫ﺑﺸﺆﻭﻥ ﺍﻟﺸﺮﻛﺔ «‪.‬‬
‫ﻋﺮﻓﺖ ﳉﻨﺔ ﻛﺎﺩﺑﻮﺭﻱ ) ‪ ( Cadbury‬ﺳﻨﺔ ‪ 1992‬ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﺑﺄ‪‬ﺎ ‪ » :‬ﺍﻟﻨﻈﺎﻡ‬
‫ﺍﻟﺬﻱ ﲟﻘﺘﻀﺎﻩ ﻳﺘﻢ ﺗﻮﺟﻴﻪ ﺍﻟﺸﺮﻛﺎﺕ ﻭﺍﻟﺮﻗﺎﺑﺔ ﻋﻠﻴﻬﺎ «‪.1‬‬
‫ﻣﻌﻬﺪ ﺍﳌﺪﻗﻘﲔ ﺍﻟﺪﺍﺧﻠﻴﲔ ﺍﻷﻣﺮﻳﻜﻴﲔ ) ‪ ( IIA‬ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ » ﻫﻲ ﺗﻠﻚ ﺍﻟﻌﻤﻠﻴﺎﺕ ﺍﻟﱵ‬
‫ﺗﺘﻢ ﻣﻦ ﺧﻼﻝ ﺍﻹﺟﺮﺍءﺍﺕ ﺍﳌﺴﺘﺨﺪﻣﺔ ﻣﻦ ﳑﺜﻠﻲ ﺃﺻﺤﺎﺏ ﺍﳌﺼﺎﱀ‪ ،‬ﻣﻦ ﺃﺟﻞ ﺗﻮﻓﲑ ﺇﺷﺮﺍﻑ ﻋﻠﻰ ﺇﺩﺍﺭﺓ‬
‫ﳐﺎﻃﺮ ﺍﻟﺸﺮﻛﺔ‪ ،‬ﻭﺍﻟﺘﺄﻛﻴﺪ ﻋﻠﻰ ﻛﻔﺎﻳﺔ ﺿﻮﺍﺑﻂ ﺍﻟﺮﻗﺎﺑﺔ ﺍﻟﺪﺍﺧﻠﻴﺔ ﻹﳒﺎﺯ ﺍﻷﻫﺪﺍﻑ ﻭﺍﳌﺤﺎﻓﻈﺔ ﻋﻠﻰ ﻗﻴﻢ‬
‫ﺍﻟﺸﺮﻛﺔ «‪.‬‬
‫ﻣﻦ ﺧﻼﻝ ﺍﻟﺘﻌﺎﺭﻳﻒ ﺍﻟﺴﺎﺑﻘﺔ ﳊﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﳝﻜﻦ ﺻﻴﺎﻏﺔ ﺍﻟﺘﻌﺮﻳﻔﲔ ﺍﻟﺘﺎﻟﻴﲔ ‪:‬‬
‫ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻫﻲ ﳎﻤﻮﻋﺔ ﻣﻦ ﺍﻟﻘﻮﺍﻋﺪ ﻭﺍﻷﻧﻈﻤﺔ ﺍﻟﱵ ‪‬ﺪﻑ ﺇﱃ ﺇﺣﻜﺎﻡ ﺍﻟﺴﻴﻄﺮﺓ ﺃﻭ‬
‫ﺍﻟﺘﺨﻔﻴﻒ ﻣﻦ ﺗﻌﺎﺭﺽ ﺍﳌﺼﺎﱀ ﺍﻟﻘﺎﺋﻢ ﺑﲔ ﺍﳌﺴﺎﳘﲔ ﻭﺍﳌﺴﲑﻳﻦ ﻭﺃﺻﺤﺎﺏ ﺍﳌﺼﺎﱀ ﺍﻟﺬﻳﻦ ﺗﺮﺑﻄﻬﻢ ﻋﻼﻗﺔ‬
‫ﺑﺎﻟﺸﺮﻛﺔ‪.‬‬
‫ﺛﺎﻧﻴﺎ‪ :‬ﺃﻫﺪﺍﻑ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ‪:‬‬
‫ﲣﺘﻠﻒ ﺃﻫﺪﺍﻑ ﺗﻄﺒﻴﻖ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﺑﺎﺧﺘﻼﻑ ﺃﻫﺪﺍﻑ ﺍﻷﻃﺮﺍﻑ ﺃﻭ ﺍﳉﻬﺎﺕ ﺍﳌﺴﺘﻔﻴﺪﺓ‬
‫ﻣﻨﻬﺎ‪ ،‬ﻓﻬﻨﺎﻙ ﻣﻦ ﻳﺮﻯ ﺃﻥ ﺗﻄﺒﻴﻖ ﻧﻈﺎﻡ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻳﺴﺎﻋﺪ ﻋﻠﻰ "‪:‬‬
‫‪ ‬ﻣﻨﻊ ﺍﺳﺘﻐﻼﻝ ﺍﻟﺴﻠﻄﺎﺕ ﺍﳌﺘﺎﺣﺔ ﻣﻦ ﲢﻘﻴﻖ ﻣﻜﺎﺳﺐ ﻏﲑ ﻣﺸﺮﻭﻋﺔ ﻭﺍﳌﺘﺎﺟﺮﺓ ﲟﺼﺎﱀ ﺍﻟﺸﺮﻛﺔ‬
‫ﻭﺍﳌﺴﺎﳘﲔ ﻭﺃﺻﺤﺎﺏ ﺍﳌﺼﺎﱀ ‪ -‬ﲢﻘﻴﻖ ﺍﻟﻌﺪﺍﻟﺔ ﻭﺍﻟﺸﻔﺎﻓﻴﺔ ﻭﺍﳌﻌﺎﻣﻠﺔ ﺍﻟﱰﻳﻬﺔ ﳉﻤﻴﻊ ﺍﻷﻃﺮﺍﻑ ﺫﻭﻱ‬
‫ﺍﳌﺼﻠﺤﺔ ﺍﳌﺸﺘﺮﻛﺔ‬
‫‪ ‬ﲪﺎﻳﺔ ﺣﻘﻮﻕ ﺍﳌﺴﺎﳘﲔ ﺑﺼﻔﺔ ﻋﺎﻣﺔ ﺳﻮﺍء ﻛﺎﻧﻮﺍ ﺃﻗﻠﻴﺔ ﺍﻭ ﺍﻏﻠﺒﻴﺔ ﻭﺗﻌﻈﻴﻢ ﻋﻮﺍﺋﺪﻫﻢ ؛‬
‫‪ ‬ﺗﺸﺠﻴﻊ ﺗﺪﻓﻖ ﺍﻷﻣﻮﺍﻝ ﻭﺟﺬﺏ ﺍﻻﺳﺘﺜﻤﺎﺭﺍﺕ ؟ ‪ -‬ﺍﻻﻟﺘﺰﺍﻡ ﺑﺎﻟﻘﻮﺍﻧﲔ ﻭﺍﻟﻘﺮﺍﺭﺍﺕ ﺍﳊﻜﻮﻣﻴﺔ ؛‬
‫ﺍﻻﻟﺘﺰﺍﻡ ﺑﻘﺮﺍﺭﺍﺕ ﺍﳉﻤﻌﻴﺔ ﺍﻟﻌﺎﻣﺔ ﻟﻠﻤﺴﺎﳘﲔ ؛‬ ‫‪‬‬

‫‪1‬‬
‫‪-Adrian CADBURY . Report of the financial aspects of corporate governance , Burgess‬‬
‫‪Science Press . First published , London , December 1992, P.04.‬‬
‫~ ‪~ 54‬‬
‫ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻭﻋـﻼﻗﺘﻬﺎ ﺑﻨﻈﺮﻳﺔ ﺍﻟـﻮﻛﺎﻟﺔ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﻟﺚ‪:‬‬

‫ﻛﻔﺎءﺓ ﻭﻓﻌﺎﻟﻴﺔ ﺍﻷﺩﺍء ﰲ ﲢﻘﻴﻖ ﺍﳍﺪﻑ ﻣﻦ ﺗﺄﺳﻴﺲ ﺍﻟﺸﺮﻛﺔ ﻭﺃﻫﺪﺍﻓﻬﺎ ﺍﻻﺳﺘﺮﺍﺗﻴﺠﻴﺔ‬ ‫‪‬‬

‫ﺳﻼﻣﺔ ﺍﳌﻤﺎﺭﺳﺎﺕ ﺍﳌﺤﺎﺳﺒﻴﺔ ﻭﺍﻹﺩﺍﺭﻳﺔ ﻭﻓﻘﺎ ﻟﻘﺎﻋﺪﺓ ﺃﻓﻀﻞ ﺍﳌﻤﺎﺭﺳﺎﺕ ؛‬ ‫‪‬‬

‫ﺩﻗﺔ ﻭﻣﻮﺿﻮﻋﻴﺔ ﺍﻟﺘﻘﺎﺭﻳﺮ ﺍﳌﺎﻟﻴﺔ ﻭﻏﲑ ﺍﳌﺎﻟﻴﺔ ﻭﺍﻛﺘﻤﺎﳍﺎ ﻭﺷﻔﺎﻓﻴﺔ ﺍﻹﻓﺼﺎﺡ ﻭﻣﻼﺋﻤﺔ ﺗﻮﻗﻴﺘﻬﺎ ‪.‬‬ ‫‪‬‬

‫ﺛﺎﻟﺜﺎ‪ :‬ﺍﳌﻘﻮﻣﺎﺕ ﺍﻷﺳﺎﺳﻴﺔ ﳊﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﺗﺘﻤﺜﻞ ﻣﻘﻮﻣﺎﺕ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ‪ ،‬ﻓﻴﻤﺎ ﻳﻠﻲ‪:1‬‬
‫‪ -1‬ﺍﻹﻃﺎﺭ ﺍﻟﻘﺎﻧﻮﱐ ‪ :‬ﻳﺘﻤﺜﻞ ﰲ ﲢﺪﻳﺪ ﺣﻘﻮﻕ ﺍﳌﺴﺎﳘﲔ ﻭﺍﺧﺘﺼﺎﺻﺎﺕ ﻛﻞ ﻃﺮﻑ ﻣﻦ ﺍﻷﻃﺮﺍﻑ‬
‫ﺍﻷﺳﺎﺳﻴﺔ ﺍﳌﻌﻨﻴﺔ ﺑﺎﻟﺸﺮﻛﺔ‪ ،‬ﻭﺑﺼﻔﺔ ﺧﺎﺻﺔ ﺍﳌﺆﺳﺴﲔ ﻭﺍﳉﻤﻌﻴﺔ ﺍﻟﻌﺎﻣﺔ ﻟﻠﻤﺴﺎﳘﲔ‪ ،‬ﻭﺍﳌﺴﺎﻫﻢ ﺍﻟﻔﺮﺩ‬
‫ﻭﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ ﻭﳉﺎﻧﻪ ﺍﻟﺮﺋﻴﺴﻴﺔ ﻭﺍﳌﺪﻗﻖ ﺍﳋﺎﺭﺟﻲ‪ ،‬ﻭﻛﺬﺍ ﻋﻘﻮﺑﺎﺕ ﺍﻧﺘﻬﺎﻙ ﻫﺬﻩ ﺍﳊﻘﻮﻕ ﻭﺍﻟﺘﻘﺼﲑ ﰲ‬
‫ﺍﳌﺴﺆﻭﻟﻴﺎﺕ ﻭﲡﺎﻭﺯ ﺗﻠﻚ ﺍﻻﺧﺘﺼﺎﺻﺎﺕ‪ ،‬ﻛﻤﺎ ﳚﺐ ﺃﻥ ﳛﺪﺩ ﺍﻹﻃﺎﺭ ﺍﻟﻘﺎﻧﻮﱐ ﻟﻠﺤﻮﻛﻤﺔ ﺍﳉﻬﺔ ﺍﳌﻜﻠﻔﺔ‬
‫ﲟﺮﺍﻗﺒﺔ ﺗﻄﺒﻴﻖ ﺇﺟﺮﺍءﺍﺕ ﺍﳊﻮﻛﻤﺔ‪ ،‬ﻭﻻ ﳚﺐ ﺃﻥ ﻳﺘﺮﻙ ﻧﻈﺎﻡ ﺍﳊﻮﻛﻤﺔ ﺑﻜﺎﻣﻠﻪ ﻟﻠﺸﺮﻛﺎﺕ ﻭﺍﻋﺘﺒﺎﺭﻩ ﺷﺎﻧﺎ‬
‫ﺩﺍﺧﻠﻴﺎ ﳍﺎ‪ ،‬ﻷﻧﻪ ﻟﻦ ﳜﺘﻠﻒ ﺣﻴﻨﺌﺬ ﻋﻦ ﻧﻈﺎﻡ ﺍﻟﺮﻗﺎﺑﺔ ﺍﻟﺪﺍﺧﻠﻴﺔ‪ ،‬ﻭﻟﻦ ﳛﻘﻖ ﺃﻫﺪﺍﻑ ﺍﳊﻮﻛﻤﺔ‬
‫‪ -2‬ﺍﻹﻃﺎﺭ ﺍﳌﺆﺳﺴﻲ‪ :‬ﻫﻮ ﺍﻹﻃﺎﺭ ﺍﻟﺬﻱ ﻳﻀﻢ ﺍﳌﺆﺳﺴﺎﺕ ﺍﳊﻜﻮﻣﻴﺔ ﺍﻟﺮﻗﺎﺑﻴﺔ ﺍﳌﻨﻈﻤﺔ ﻟﻌﻤﻞ‬
‫ﺍﻟﺸﺮﻛﺎﺕ‪ ،‬ﻣﺜﻞ‪ :‬ﺍﳍﻴﺌﺔ ﺍﻟﻌﺎﻣﺔ ﻟﺴﻮﻕ ﺍﳌﺎﻝ ﻭﺍﻟﺮﻗﺎﺑﺔ ﺍﳌﺎﻟﻴﺔ ﻟﻠﺪﻭﻟﺔ‪ ،‬ﻭﺍﳍﻴﺌﺎﺕ ﻏﲑ ﺍﳊﻜﻮﻣﻴﺔ ﺍﳌﺘﺎﺑﻌﺔ‬
‫ﺍﻟﻨﺸﺎﻁ ﺍﻟﺸﺮﻛﺎﺕ‪ ،‬ﻣﺜﻞ‪ :‬ﺍﳉﻤﻌﻴﺎﺕ ﺍﻟﻌﻠﻤﻴﺔ ﻭﺍﳌﻬﻨﻴﺔ ﻭﲨﻌﻴﺎﺕ ﲪﺎﻳﺔ ﺍﳌﺴﺘﻬﻠﻚ ﻭﺷﺮﻛﺎﺕ ﻭﻣﻜﺎﺗﺐ‬
‫ﺍﳌﺤﺎﺳﺒﺔ ﻭﺍﻟﺘﺪﻗﻴﻖ ﻭﺍﳌﺤﻤﺎﺓ ﻭﺷﺮﻛﺎﺕ ﺍﻟﻮﺳﺎﻃﺔ ﰲ ﺳﻮﻕ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ‪.‬‬
‫‪ -3‬ﺍﻹﻃﺎﺭ ﺍﻟﺘﻨﻈﻴﻤﻲ‪ :‬ﻳﺘﻀﻤﻦ ﻋﻨﺼﺮﻳﻦ ﺃﺳﺎﺳﲔ ﳘﺎ ﺍﻟﻨﻈﺎﻡ ﺍﻷﺳﺎﺳﻲ ﻟﻠﺸﺮﻛﺔ ﻭﺍﳍﻴﻜﻞ ﺍﻟﺘﻨﻈﻴﻤﻲ ﳍﺎ‬
‫ﺍﻟﺬﻱ ﻳﻮﺿﺢ ﺍﲰﺎء ﻭﺍﺧﺘﺼﺎﺻﺎﺕ ﺭﺋﻴﺲ ﻭﺃﻋﻀﺎء ﳉﺎﻥ ﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ‪ ،‬ﻭﻛﺬﺍ ﺍﲰﺎء ﻭﺍﺧﺘﺼﺎﺻﺎﺕ‬
‫ﺍﳌﺪﺭﻳﻦ ﺍﻟﺘﻨﻔﻴﺬﻳﲔ‬
‫‪ -4‬ﺍﻹﻃﺎﺭ ﺍﻷﺧﻼﻗﻲ‪ :‬ﻳﺘﻀﻤﻦ ﺍﻹﻃﺎﺭ ﺍﻷﺧﻼﻗﻲ ﺍﳊﺮﺹ ﻋﻠﻰ ﺍﳌﺼﻠﺤﺔ ﺍﻟﻌﺎﻣﺔ ﻟﻠﺸﺮﻛﺔ‪ ،‬ﻭﺗﺸﺠﻴﻊ‬
‫ﲨﻴﻊ ﺍﻟﻌﺎﻣﻠﲔ ﻓﻴﻬﺎ ﻋﻠﻰ ﺍﳌﺴﺎﳘﺔ ﺍﻟﻔﻌﺎﻟﺔ ﺑﻜﺎﻣﻞ ﺍﻹﻣﻜﺎﻧﻴﺎﺕ ﰲ ﲢﺴﲔ ﺃﺩﺍﺋﻬﺎ ﻭﺗﻌﻈﻴﻢ ﻗﻴﻤﺘﻬﺎ ﻭﻗﺪﺭﺍ‪‬ﺎ‬
‫ﺍﻟﺘﻨﺎﻓﺴﻴﺔ‪ ،‬ﻭﺫﻟﻚ ﺑﻨﺸﺮ ﺛﻘﺎﻓﺔ ﺍﳊﻮﻛﻤﺔ ﰲ ﺍﻟﺸﺮﻛﺔ ﻭﺍﻟﻌﻤﻞ ﻋﻠﻰ ﺗﻔﻌﻴﻠﻬﺎ ﻗﺪﺭ ﺍﻹﻣﻜﺎﻥ‪ ،‬ﻓﻤﻦ ﻣﺼﻠﺤﺔ‬
‫ﺍﳉﻤﻴﻊ ﺍﳊﺮﺹ ﻋﻠﻰ ﺳﻼﻣﺘﻬﺎ‪.‬‬
‫ﺛﺎﻟﺜﺎ‪ :‬ﺁﻟﻴﺎﺕ ﺗﻄﺒﻴﻖ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ‪ :‬ﺍﻟﺘﻄﺒﻴﻖ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻫﻨﺎﻙ ﳎﻤﻮﻋﺔ ﻣﻦ ﺍﻷﻟﻴﺎﺕ‪.‬‬
‫‪ -1‬ﺍﻵﻟﻴﺎﺕ ﺍﻟﻘﺎﻧﻮﻧﻴﺔ‪ :‬ﲣﺘﺺ ﺑﺘﻄﻮﻳﺮ ﺍﻟﻨﻈﺎﻡ ﺍﻟﻘﺎﻧﻮﱐ ﲟﺎ ﻳﻀﻤﻦ ﺗﻮﻓﲑ ﺍﻹﻃﺎﺭ ﺍﻟﻘﺎﻧﻮﱐ ﺍﳌﻼﺋﻢ‬
‫ﺍﻟﺘﺤﻘﻴﻖ ﺃﻫﺪﺍﻑ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ‪.‬‬

‫‪ -1‬ﻋﺪﻧﺎﻥ ﺣﻴﺪﺭ ﺩﺭﻭﻳﺶ‪ ،‬ﲝﺚ ﻗﺎﻧﻮﱐ ﻭﺩﺭﺍﺳﺔ ﻋﻦ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻭﺩﻭﺭﻫﺎ ﰲ ﻣﻜﺎﻓﺤﺔ ﺍﻟﻔﺴﺎﺩ‪ ،‬ﺹ‪-‬ﺹ ‪25-23‬‬

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‫ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻭﻋـﻼﻗﺘﻬﺎ ﺑﻨﻈﺮﻳﺔ ﺍﻟـﻮﻛﺎﻟﺔ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﻟﺚ‪:‬‬

‫‪ -2‬ﺍﻵﻟﻴﺎﺕ ﺍﻟﺮﻗﺎﺑﻴﺔ‪ :‬ﲣﺘﺺ ﺑﺎﻟﺘﺤﺪﻳﺪ ﺍﻟﺪﻗﻴﻖ ﳌﺴﺆﻭﻟﻴﺎﺕ ﺍﳍﻴﺌﺎﺕ ﺍﳌﺨﺘﻠﻔﺔ ﺍﳌﺴﺆﻭﻟﺔ ﻋﻦ ﺍﻹﺷﺮﺍﻑ‬
‫ﻭﺍﻟﺮﻗﺎﺑﺔ‪ ،‬ﻣﺜﻞ‪ :‬ﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ‪ ،‬ﳉﻨﺔ ﺍﻟﺘﺤﻘﻴﻖ‪ ،‬ﺍﳌﺪﻗﻖ ﺍﻟﺪﺍﺧﻠﻲ‪ ،‬ﺍﳌﺤﻘﻖ ﺍﳋﺎﺭﺟﻲ ‪ ...‬ﺍﱁ‪.‬‬
‫‪ -3‬ﺍﻵﻟﻴﺎﺕ ﺍﻟﺘﻨﻈﻴﻤﻴﺔ‪ :‬ﲣﺘﺺ ﺑﺘﻄﻮﻳﺮ ﺍﳍﻴﻜﻞ ﺍﻟﺘﻨﻈﻴﻤﻲ ﻟﻠﺸﺮﻛﺎﺕ ﺑﺎﻟﺸﻜﻞ ﺍﻟﺬﻱ ﳛﻘﻖ ﺃﻫﺪﺍﻑ‬
‫ﺍﳊﻮﻛﻤﺔ‪ ،‬ﻣﺜﻞ‪ :‬ﺍﻟﺘﺤﺪﻳﺪ ﺍﻟﻮﺍﺿﺢ ﻻﺧﺘﺼﺎﺻﺎﺕ ﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ ﻭﺍﻟﻠﺠﺎﻥ ﺍﳌﺨﺘﻠﻔﺔ ﺍﻟﺘﺎﺑﻌﺔ ﻟﻪ‪ .‬ﺍﻻﻟﻴﺎﺕ‬
‫ﺍﳌﺤﺎﺳﺒﻴﺔ‪ :‬ﲣﺘﺺ ﺑﺘﻮﻓﲑ ﻧﻈﺎﻡ ﻓﻌﺎﻝ ﻹﻋﺪﺍﺩ ﺍﻟﺘﻘﺎﺭﻳﺮ ﺍﳌﺎﻟﻴﺔ ﻳﺘﺴﻢ ﺑﺎﻟﺸﻔﺎﻓﻴﺔ‪ ،‬ﻭﻳﻮﻓﺮ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﳌﻨﺎﺳﺒﺔ‪.‬‬
‫ﻭﻳﺮﻯ ﺍﻟﻄﻠﺒﺔ ﺑﺄﻥ ﺍﳊﻮﻛﻤﺔ ﺗﻮﺿﺢ ﻛﻴﻔﻴﺔ ﺗﻨﻈﻴﻢ ﺍﻟﻌﻼﻗﺔ ﺑﲔ ﺃﻃﺮﺍﻑ ﺍﳌﻨﻈﻤﺔ ﻛﺎﻓﺔ ﻭﺗﻈﻬﺮ ﰲ‬
‫ﳎﻤﻮﻋﺔ ﻣﻦ ﺍﻟﻘﻮﺍﻧﲔ ﻭﺍﻟﻘﺮﺍﺭﺍﺕ ﺍﻟﱵ ‪‬ﺪﻑ ﺇﱃ ﲪﺎﻳﺔ ﺃﺻﺤﺎﺏ ﺍﳌﺼﺎﱀ ﺃﻱ ﺃ‪‬ﺎ ﲤﺜﻞ ﺃﺳﻠﻮﺑﺎ ﻣﺘﻤﻴﺰﺍ ﰲ‬
‫ﺇﺩﺍﺭﺓ ﻣﻨﻈﻤﺎﺕ ﺍﻷﻋﻤﺎﻝ‪.‬‬
‫ﺷﻜﻞ ﺭﻗﻢ )‪ :(1-3‬ﻣﺴﺎﳘﺔ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﰲ ﻣﻌﺎﳉﺔ ﺗﻌﺎﺭﺽ ﺍﳌﺼﺎﱀ‬

‫ﺍﳌﺼﺪﺭ‪ :‬ﻣﻦ ﺇﻋﺪﺍﺩ ﺍﻟﻄﻠﺒﺔ‬

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‫ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻭﻋـﻼﻗﺘﻬﺎ ﺑﻨﻈﺮﻳﺔ ﺍﻟـﻮﻛﺎﻟﺔ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﻟﺚ‪:‬‬

‫ﺍﳌﻄﻠﺐ ﺍﻟﺜﺎﱐ‪ :‬ﻣﱪﺭﺍﺕ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻭﺃﳘﻴﺘﻬﺎ ﻭﺃﻫﺪﺍﻓﻬﺎ‬

‫ﻟﻘﺪ ﺗﻌﺎﻇﻤﺖ ﰲ ﺍﻵﻭﻧﺔ ﺍﻷﺧﲑﺓ ﺃﳘﻴﺔ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﺑﺸﻜﻞ ﻛﺒﲑ ﻟﺘﺤﻘﻴﻖ ﺍﻟﺘﻨﻤﻴﺔ‬
‫ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﻭﺗﻮﻓﲑ ﺍﳊﺼﺎﻧﺔ ﺍﻟﻘﺎﻧﻮﻧﻴﺔ ﻭﺗﻌﺰﻳﺰ ﺍﻟﺮﻓﺎﻫﻴﺔ ﺍﻻﺟﺘﻤﺎﻋﻴﺔ ﻟﻠﺸﻌﻮﺏ‪ ،‬ﺇﺫ ﺑﺮﺯﺕ ﻫﺬﻩ ﺍﻷﳘﻴﺔ‬
‫ﺑﻌﺪ ﺍﻷﺯﻣﺔ ﺍﳌﺎﻟﻴﺔ ﺍﻷﺳﻴﻮﻳﺔ ‪ 1998 - 1997‬ﺍﻟﱵ ﺃﻇﻬﺮﺕ ﻓﺸﻞ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ‪ ،‬ﻭﻣﺎ ﺗﻼﻫﺎ ﻣﻦ‬
‫ﺍ‪‬ﻴﺎﺭﺍﺕ ﻟﻜﱪﻳﺎﺕ ﺍﻟﺸﺮﻛﺎﺕ ﰲ ﺍﻟﻌﺎﱂ‪.1‬‬
‫ﻓﻌﻠﻰ ﺍﻟﺼﻌﻴﺪ ﺍﻻﻗﺘﺼﺎﺩﻱ ﺃﺧﺬﺕ ﺗﺘﻨﺎﻣﻰ ﺃﳘﻴﺔ ﺍﻟﻘﻮﺍﻋﺪ ﺍﻟﺴﻠﻴﻤﺔ ﳊﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ‪ ،‬ﻭﻫﻮ‬
‫ﺍﻷﻣﺮ ﺍﻟﺬﻱ ﺃﻛﺪﻩ ‪ Winkler‬ﺑﺸﺪﺓ‪ ،‬ﺇﺫ ﺃﺷﺎﺭ ﺇﱃ ﺃﳘﻴﺔ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﰲ ﲢﻘﻴﻖ ﺍﻟﺘﻨﻤﻴﺔ‬
‫ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﻭﲡﻨﺐ ﺍﻟﻮﻗﻮﻉ ﰲ ﻣﻌﻴﺔ ﺍﻷﺯﻣﺎﺕ ﺍﳌﺎﻟﻴﺔ ﻭﺫﻟﻚ ﻣﻦ ﺧﻼﻝ ﺗﺮﺳﻴﺦ ﻋﺪﺩ ﻣﻦ ﻣﻌﺎﻳﲑ ﺍﻷﺩﺍء‪،‬‬
‫ﲟﺎ ﻳﻌﻤﻞ ﻋﻠﻰ ﺗﺪﻋﻴﻢ ﺍﻷﺳﺲ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﰲ ﺍﻷﺳﻮﺍﻕ ﻭﻛﺸﻒ ﺣﺎﻻﺕ ﺍﻟﺘﻼﻋﺐ ﻭﺍﻟﻔﺴﺎﺩ ﻭﺍﻟﺮﺷﻮﺓ‬
‫ﻭﺳﻮء ﺍﻹﺩﺍﺭﺓ‪ ،‬ﲟﺎ ﻳﺆﺩﻱ ﺇﱃ ﻛﺴﺐ ﺛﻘﺔ ﺍﻟﻌﺎﻣﻠﲔ ﰲ ﻫﺬﻩ ﺍﻷﺳﻮﺍﻕ ﻭﺍﻟﻌﻤﻞ ﻋﻠﻰ ﺍﺳﺘﻘﺮﺍﺭﻫﺎ ﻭﺍﳊﺪ ﻣﻦ‬
‫‪2‬‬
‫ﺍﻟﺘﻘﻠﺒﺎﺕ ﺍﻟﺸﺪﻳﺪﺓ ﻓﻴﻬﺎ‪ ،‬ﻭﺑﺎﻟﺘﺎﱄ ﲢﻘﻴﻖ ﺍﻟﺘﻘﺪﻡ ﺍﻻﻗﺘﺼﺎﺩﻱ ﺍﳌﻨﺸﻮﺩ‬
‫ﻭﳊﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﺃﳘﻴﺔ ﺑﺎﻟﻨﺴﺒﺔ ﻟﻠﺸﺮﻛﺎﺕ ﺍﳌﺴﺎﳘﺔ‪ ،‬ﺇﺫ ﺷﻬﺪﺕ ﺍﳌﺤﺎﺳﺒﺔ ﰲ ﺑﺪﺍﻳﺔ ﺍﻷﻟﻔﻴﺔ‬
‫ﺍﻟﺜﺎﻧﻴﺔ ﺃﺯﻣﺔ ﻓﻀﺎﺋﺢ ﻣﺎﻟﻴﺔ ﺑﺪﺃ‪‬ﺎ ﺷﺮﻛﺔ )‪ (Enron‬ﺣﻴﺚ ﻛﺎﻧﺖ ﺃﺳﻬﻤﻬﺎ ﺗﺒﺎﻉ ﰲ ﺑﺪﺍﻳﺔ ﻋﺎﻡ ‪2000‬‬
‫ﲟﺎ ﻳﺰﻳﺪ ﻋﻦ ‪ 90‬ﺩﻭﻻﺭ ﻟﻠﺴﻬﻢ ﺍﻟﻮﺍﺣﺪ ﻭﻗﺪ ﺍﺳﺘﺨﺪﻣﺖ ﺍﻟﺸﺮﻛﺔ ﲟﺎ ﻳﻌﺮﻑ ﻣﺼﻄﻠﺢ ﺍﻟﻮﺣﺪﺍﺕ ﺫﺍﺕ‬
‫ﺍﻷﻏﺮﺍﺽ ﺍﳋﺎﺻﺔ )‪ (Special Purpose Entities‬ﺪﻑ ﺍﻟﻮﺻﻮﻝ ﺇﱃ ﺳﻮﻕ ﺍﳌﺎﻝ ﻭﺍﻻﺣﺘﻤﺎء‬
‫ﻣﻦ ﺍﳌﺨﺎﻃﺮ‪ ،‬ﻭﺗﺮﺗﺐ ﻋﻠﻰ ﺫﻟﻚ ﺍﳔﻔﺎﺽ ﻗﻴﻤﺔ ﺍﻷﺻﻮﻝ ﺍﻷﻣﺮ ﺍﻟﺬﻱ ﺟﻌﻞ ﺷﺮﻛﺔ ) ‪ ( Enron‬ﺑﺘﺤﻤﻞ‬
‫ﺍﻟﺘﺰﺍﻣﺎﺕ ﺍﮐﱪ ﺑﺈﺻﺪﺍﺭ ﺃﺳﻬﻢ ﺇﺿﺎﻓﻴﺔ ﳑﺎ ﺟﻌﻞ ﺍﳔﻔﺎﺽ ﰲ ﻗﻴﻤﺔ ﺃﺳﻬﻢ ﺍﻟﺸﺮﻛﺔ ﻭﰲ ‪‬ﺎﻳﺔ ﻋﺎﻡ ‪2001‬‬
‫ﺃﻓﺼﺤﺖ ﺍﻟﺸﺮﻛﺔ ﻋﻦ ﺧﺴﺎﺋﺮ ﰲ ﺍﻟﺮﺑﻊ ﺍﻟﺜﺎﻟﺚ ﻭﻋﻠﻰ ﺃﺛﺮﻫﺎ ﺍﳔﻔﻀﺖ ﻗﻴﻤﺔ ﺍﻟﺴﻬﻢ ﺇﱃ ‪ 33‬ﺩﻭﻻﺭ‬
‫ﻭﺗﻮﺍﻟﺖ ﺧﺴﺎﺭﺓ ﺍﻟﺸﺮﻛﺔ ﺇﺫ ﺃﻋﻠﻨﺖ ﺍﻟﺸﺮﻛﺔ ﻋﻦ ﺧﺴﺎﺭﺓ ﺑﻠﻐﺖ ‪ 600‬ﻣﻠﻴﻮﻥ ﺩﻭﻻﺭ ﻭﰲ ‪‬ﺎﻳﺔ ﺍﻟﺴﻨﺔ‬
‫ﺗﻘﺪﻣﺖ ﺍﻟﺸﺮﻛﺔ ﺑﺈﺟﺮﺍءﺍﺕ ﺍﻹﻓﻼﺱ‪.‬‬

‫‪ -1‬ﺍﻟﺘﻤﻴﻤﻲ‪ ،‬ﻋﺒﺎﺱ ﲪﻴﺪ ﳛﻲ‪ ،‬ﺍﺛﺮ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﰲ ﺍﻟﺘﻄﺒﻴﻘﺎﺕ ﺍﳌﺤﺎﺳﺒﻴﺔ ﻭﺍﳊﻮﻛﻤﺔ ﰲ ﺍﻟﺸﺮﻛﺎﺕ ﺍﳌﻤﻠﻮﻛﺔ ﻟﻠﺪﻭﻟﺔ ‪ -‬ﺩﺭﺍﺳﺔ ﻣﻴﺪﺍﻧﻴﺔ ﰲ ﻋﻴﻨﺔ ﻣﻦ‬
‫ﺍﻟﺸﺮﻛﺎﺕ ﺍﻟﻌﺮﺍﻗﻴﺔ "‪ ،‬ﺃﻃﺮﻭﺣﺔ ﺩﻛﺘﻮﺭﺍﻩ ﻏﲑ ﻣﻨﺸﻮﺭﺓ ﰲ ﻓﻠﺴﻔﺔ ﺍﳌﺤﺎﺳﺒﺔ‪ ،‬ﻛﻠﻴﺔ ﺍﻹﺩﺍﺭﺓ ﻭﺍﻻﻗﺘﺼﺎﺩ‪ ،‬ﺟﺎﻣﻌﺔ ﺑﻐﺪﺍﺩ‪. 2008 ،‬ﺹ‪.74 :‬‬
‫‪2‬‬
‫‪- Winklery, 1998 : p18‬‬

‫~ ‪~ 57‬‬
‫ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻭﻋـﻼﻗﺘﻬﺎ ﺑﻨﻈﺮﻳﺔ ﺍﻟـﻮﻛﺎﻟﺔ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﻟﺚ‪:‬‬

‫ﻭﻗﺪ ﺣﺪﺛﺖ ﺳﻠﺴﻠﺔ ﻣﻦ ﺣﺎﻻﺕ ﺍﻟﻔﺸﻞ ﺍﳌﺎﱄ ﻭﻓﺸﻞ ﺍﻟﺘﺪﻗﻴﻖ‪ ،‬ﺇﺫ ﴰﻠﺖ ﺷﺮﻛﺎﺕ ) ‪Health‬‬
‫‪ (South‬و)‪ (World Com‬و)‪ (Tyco‬ﻭﺍﻟﱵ ﺗﺮﺟﻊ ﻭﻧﺘﻴﺠﺔ ﻟﺬﻟﻚ ﰎ ﺍﻻﻫﺘﻤﺎﻡ ﲝﻮﻛﻤﺔ‬
‫‪1‬‬
‫ﺍﻟﺸﺮﻛﺎﺕ ﻭﺗﺸﺮﻳﻊ ﻗﺎﻧﻮﻥ ﺍﻭﻛﺴﻠﻲ )‪ (Oxley‬ﻋﺎﻡ ‪ 2002‬ﺍﻟﺬﻱ ﺻﻤﻢ ﻟﺒﻨﺎء ﺍﻟﺴﻮﻕ ﺍﳌﺎﱄ‬
‫ﻭﰲ ﺍﳉﺎﻧﺐ ﺍﳌﺤﺎﺳﱯ ﻭﺍﻟﺮﻗﺎﰊ ﻓﺘﺘﺠﺴﺪ ﺃﳘﻴﺔ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﲟﺎ ﻳﺄﰐ‪:2‬‬
‫‪ -‬ﳏﺎﺭﺑﺔ ﺍﻟﻔﺴﺎﺩ ﺍﳌﺎﱄ ﻭﺍﻹﺩﺍﺭﻱ ﰲ ﺍﻟﺸﺮﻛﺎﺕ ﻭﻋﺪﻡ ﺍﻟﺴﻤﺎﺡ ﺑﻮﺟﻮﺩﻩ ﺃﻭ ﻋﻮﺩﺗﻪ ﻣﺮﺓ ﺃﺧﺮﻯ‪،‬‬
‫‪ -‬ﲢﻘﻴﻖ ﺿﻤﺎﻥ ﺍﻟﱰﺍﻫﺔ ﻭﺍﳊﻴﺎﺩﻳﺔ ﻭﺍﻻﺳﺘﻘﺎﻣﺔ ﻟﻜﺎﻓﺔ ﺍﻟﻌﺎﻣﻠﲔ ﰲ ﺍﻟﺸﺮﻛﺔ ﺍﺑﺘﺪﺍء ﻣﻦ ﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ‬
‫ﻭﺍﳌﺪﻳﺮﻳﻦ ﺍﻟﺘﻨﻔﻴﺬﻳﲔ ﺣﱴ ﺃﺩﱏ ﻣﺴﺘﻮﻯ ﻟﻠﻌﺎﻣﻠﲔ ﻓﻴﻬﺎ ‪.‬‬
‫‪ -‬ﲢﻘﻴﻖ ﺍﻻﺳﺘﻔﺎﺩﺓ ﺍﻟﻘﺼﻮﻯ ﻣﻦ ﻧﻈﻢ ﺍﳌﺤﺎﺳﺒﺔ ﻭﺍﻟﺮﻗﺎﺑﺔ ﺍﻟﺪﺍﺧﻠﻴﺔ‪ ،‬ﻭﲢﻘﻴﻖ ﻓﺎﻋﻠﻴﺔ ﺍﻹﻧﻔﺎﻕ ﻭﺭﺑﻂ‬
‫ﺍﻹﻧﻔﺎﻕ ﺑﺎﻹﻧﺘﺎﺝ‪.‬‬
‫‪ -‬ﲢﻘﻴﻖ ﻗﺪﺭ ﻛﺎﻑ ﻣﻦ ﺍﻹﻓﺼﺎﺡ ﻭﺍﻟﺸﻔﺎﻓﻴﺔ ﰲ ﺍﻟﻜﺸﻮﻓﺎﺕ ﺍﳌﺎﻟﻴﺔ‪.‬‬
‫‪ -‬ﺿﻤﺎﻥ ﺃﻋﻠﻰ ﻗﺪﺭ ﻣﻦ ﺍﻟﻔﺎﻋﻠﻴﺔ ﳌﺮﺍﻗﱯ ﺍﳊﺴﺎﺑﺎﺕ ﺍﳋﺎﺭﺟﻴﲔ‪ ،‬ﻭﺍﻟﺘﺄﻛﺪ ﻣﻦ ﻛﻮ‪‬ﻢ ﻋﻠﻰ ﺩﺭﺟﺔ ﻋﺎﻟﻴﺔ‬
‫ﻣﻦ ﺍﻻﺳﺘﻘﻼﻟﻴﺔ ﻭﻋﺪﻡ ﺧﻀﻮﻋﻬﻢ ﻷﻳﺔ ﺿﻐﻮﻁ ﻣﻦ ﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ ﺃﻭ ﻣﻦ ﺍﳌﺪﻳﺮﻳﻦ ﺍﻟﺘﻨﻔﻴﺬﻳﲔ ‪.‬‬
‫ﻭﻳﺮﻯ ﺍﻟﻄﻠﺒﺔ ﺑﺄﻥ ﺍﻟﻨﻘﺎﻁ ﺃﻋﻼﻩ ﺷﺨﺼﺖ ﺍﳊﺎﺟﺔ ﺇﱃ ﺍﻻﻫﺘﻤﺎﻡ ﻭﺍﻟﺘﺄﻛﻴﺪ ﻋﻠﻰ ﻛﻔﺎءﺓ ﺍﻟﻌﻤﻠﻴﺎﺕ‬
‫ﺍﻟﺘﺸﻐﻴﻠﻴﺔ‪ ،‬ﻭﺗﻄﺒﻴﻖ ﺍﻟﻘﻮﺍﻧﲔ ﻭﺍﻟﺘﻌﻠﻴﻤﺎﺕ ﻭﺍﻟﻘﻮﺍﻋﺪ ﻭﺇﺻﺪﺍﺭ ﺍﳌﻌﺎﻳﲑ ﻭﺍﳌﺒﺎﺩﺉ ﺍﻟﻮﺍﺟﺐ ﺇﺗﺒﺎﻋﻬﺎ ﻟﻐﺮﺽ‬
‫ﺯﻳﺎﺩﺓ ﺍﻟﺜﻘﺔ ﺑﺎﻟﺘﻘﺎﺭﻳﺮ ﻭﺍﻟﻘﻮﺍﺋﻢ ﺍﳌﺎﻟﻴﺔ‪ ،‬ﻓﻀﻼ ﻋﻦ ﲣﻔﻴﺾ ﳐﺎﻃﺮ ﺍﻟﺸﺮﻛﺎﺕ ﻭﻛﻠﻔﺔ ﺭﺃﺱ ﺍﳌﺎﻝ ﻭﺇﺻﺪﺍﺭ‬
‫ﺗﺸﺮﻳﻌﺎﺕ ﻭﻗﻮﺍﻧﲔ ﺍﳊﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ‪ ،‬ﻭﺗﻠﻌﺐ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﺩﻭﺭﺍ ﻣﻬﻤﺎ ﰲ ﲢﻘﻴﻖ ﳎﻤﻮﻋﺔ ﻣﻦ‬
‫ﺍﻷﻫﺪﺍﻑ ﺍﻟﱵ ﳝﻜﻦ ﺇﳚﺎﺯﻫﺎ ﺑﺎﻻﰐ‪:3‬‬
‫‪ -‬ﲪﺎﻳﺔ ﺣﻘﻮﻕ ﺍﳌﺴﺎﳘﲔ‪ :‬ﻭﺫﻟﻚ ﻣﻦ ﺧﻼﻝ ﺍﻻﺣﺘﻔﺎﻅ ﺑﺴﺠﻼﺕ ﻟﺘﺜﺒﻴﺖ ﻣﻠﻜﻴﺘﻬﻢ ﺑﺎﻷﺳﻬﻢ‬
‫ﻭﺍﻟﺸﻔﺎﻓﻴﺔ ﺑﺎﳌﻌﻠﻮﻣﺎﺕ ﻭﺗﻘﺪﳝﻬﺎ ﰲ ﺍﻟﻮﻗﺖ ﺍﳌﻨﺎﺳﺐ‪ ،‬ﻓﻀﻼ ﻋﻦ ﺿﻤﺎﻥ ﺣﻘﻮﻕ ﺍﳌﺴﺎﻫﻢ ﲟﺎ ﰲ‬
‫ﺫﻟﻚ ﺣﻖ ﺍﻧﺘﺨﺎﺏ ﺃﻋﻀﺎء ﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ ﻭﺍﳊﺼﻮﻝ ﻋﻠﻰ ﺣﺼﺔ ﻣﻦ ﺍﻷﺭﺑﺎﺡ ﺍﻟﺴﻨﻮﻳﺔ ‪.‬‬

‫‪ -1‬ﺷﺮﻭﻳﺪﺭ‪ ،‬ﺭﻳﺘﺸﺎﺩ ﻭﮐﻼﻙ‪ ،‬ﻣﺎﺭﺗﻦ ﻭﻛﺎﺋﻲ‪ ،‬ﺟﺎﻙ‪ " ،‬ﻧﻈﺮﻳﺔ ﺍﳌﺤﺎﺳﺒﺔ "‪ ،‬ﺗﺮﲨﺔ ﻭﺗﻌﺮﻳﺐ ﺧﺎﻟﺪ ﻋﻠﻲ ﺍﲪﺪ ﻭﻓﺎﻝ‪ ،‬ﺇﺑﺮﺍﻫﻴﻢ ﻭﻟﺪ ﳏﻤﺪ‪ ،‬ﺩﺍﺭ ﺍﳌﺮﻳﺦ‪،‬‬
‫ﺍﻟﺴﻌﻮﺩﻳﺔ‪. 2006 ،‬ﺹ‪.131 :‬‬
‫‪ -2‬ﻣﻴﺨﺎﺋﻴﻞ‪ ،‬ﺍﺷﺮﻑ ﺣﻨﺎ‪ " ،‬ﺗﺪﻗﻴﻖ ﺍﳊﺴﺎﺑﺎﺕ ﰲ ﺇﻃﺎﺭ ﻣﻨﻈﻮﻣﺔ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ "‪ ،‬ﲝﻮﺙ ﻭﺃﻭﺭﺍﻕ ﻋﻤﻞ ﺍﳌﺆﲤﺮ ﺍﻟﻌﺮﰊ ﺍﻷﻭﻝ ﺣﻮﻝ ﺍﻟﺘﺪﻗﻴﻖ ﺍﻟﺪﺍﺧﻠﻲ‬
‫ﰲ ﺇﻃﺎﺭ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﺍﻟﻘﺎﻫﺮﺓ‪ ،2005 ،‬ﺹ‪. 83‬‬
‫‪ -3‬ﺍﻟﻨﻮﺍﺱ ‪ .‬ﺭﺍﻓﺪ ﻋﺒﻴﺪ‪ " ،‬ﺍﺛﺮ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻋﻠﻰ ﺟﻮﺩﺓ ﺃﺩﺍء ﻣﺮﺍﻗﺐ ﺍﳊﺴﺎﺑﺎﺕ ‪ -‬ﺃﳕﻮﺫﺝ ﻣﻘﺘﺮﺡ " ﳎﻠﺔ ﺍﻟﻌﻠﻮﻡ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﻭﺍﻹﺩﺍﺭﻳﺔ‪ ،‬ﺟﺎﻣﻌﺔ‬
‫ﺑﻐﺪﺍﺩ‪ ،‬ﺍﳌﺠﻠﺪ ﺭﻗﻢ ‪ ،14‬ﺍﻟﻌﺪﺩ ‪ ، 2008 . 50‬ﺹ ‪.243 :‬‬

‫~ ‪~ 58‬‬
‫ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻭﻋـﻼﻗﺘﻬﺎ ﺑﻨﻈﺮﻳﺔ ﺍﻟـﻮﻛﺎﻟﺔ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﻟﺚ‪:‬‬

‫‪ -‬ﲢﻘﻴﻖ ﺍﻟﻌﺪﺍﻟﺔ‪ :‬ﻭﺗﻌﲏ ﺍﻻﻋﺘﺮﺍﻑ ﲝﻘﻮﻕ ﲨﻴﻊ ﺍﻷﻃﺮﺍﻑ ﺫﺍﺕ ﺍﳌﺼﺎﱀ ﺑﺎﻟﺸﺮﻛﺔ ﻭﺑﺎﻟﺸﻜﻞ ﺍﻟﺬﻱ‬
‫ﻳﻀﻤﻦ ﲢﻘﻴﻖ ﺍﻟﻌﺪﺍﻟﺔ ﻭﺍﳌﺴﺎﻭﺍﺓ ﺑﲔ ﺍﳌﺴﺎﳘﲔ ﺳﻮﺍء ﻛﺎﻧﻮﺍ ﺩﺍﺧﻞ ﺃﻭ ﺳﺒﻠﺔ ﺍﻻﺳﺘﺎﺩ ﻭﺍﻟﺘﻨﻤﻴﺔ ﺍﻟﺒﺸﺮﻳﺔ‪.‬‬
‫‪ -‬ﲪﺎﻳﺔ ﻣﺼﺎﱀ ﺍﻷﻃﺮﺍﻑ ﺍﳌﺨﺘﻠﻔﺔ ﺫﺍﺕ ﺍﻟﻌﻼﻗﺔ ﺑﺎﻟﺸﺮﻛﺔ‪ :‬ﻭﻫﺬﺍ ﻣﺎ ﻳﺘﻄﻠﺐ ﺯﺭﻉ ﺭﻭﺡ ﺍﻻﻧﺘﻤﺎء‬
‫ﻭﺍﻟﻮﻻء ﻟﻠﻤﺘﻌﺎﻣﻠﲔ ﻣﻊ ﺍﻟﺸﺮﻛﺔ ﻭﰲ ﻣﻘﺪﻣﺔ ﺫﻟﻚ ﺍﻟﻌﺎﻣﻠﲔ ‪‬ﺎ‪.‬‬
‫‪ -‬ﺗﻮﻓﲑ ﺍﳌﻌﻠﻮﻣﺎﺕ ﻭﺩﻋﻢ ﺳﻼﻣﺔ ﻗﻨﻮﺍﺕ ﺍﻻﺗﺼﺎﻝ‪ :‬ﺃﻥ ﺗﻮﻓﲑ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﳌﻔﻴﺪﺓ ﺫﺍﺕ ﺍﳊﻘﺎﺋﻖ‬
‫ﺍﳌﺘﻤﺜﻠﺔ ﺑﺎﻟﺪﻗﺔ ﻭﺍﳌﻼﺋﻤﺔ ﳉﻤﻴﻊ ﺍﻷﻃﺮﺍﻑ ﺫﺍﺕ ﺍﻟﻌﻼﻗﺔ ﺑﻌﻤﻞ ﺍﻟﺸﺮﻛﺔ ﻛﻞ ﺫﻟﻚ ﻳﻌﻜﺲ ﺳﻼﻣﺔ‬
‫ﻭﺻﺤﺔ ﺍﻟﺘﺤﻜﻢ ﺍﳌﺆﺳﺴﻲ ﰲ ﺍﻟﺸﺮﻛﺔ ﻋﻦ ﺳﻼﻣﺔ ﺃﻧﻈﻤﺔ ﺍﻟﺮﻗﺎﺑﺔ ﺍﻟﺪﺍﺧﻠﻴﺔ ﻭﺍﳋﺎﺭﺟﻴﺔ ﻭﺗﻄﺒﻴﻖ‬
‫ﺍﻟﻘﻮﺍﻋﺪ ﻭﺍﻟﻘﻮﺍﻧﲔ ﻛﻠﻬﺎ ﺗﺪﻋﻢ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻭﲟﺎ ﻳﻨﻌﻜﺲ ﰲ ﺳﻼﻣﺔ ﺃﺩﺍء ﺍﻟﺸﺮﻛﺔ‪ .‬ﻭﳝﻜﻦ‬
‫ﺇﺿﺎﻓﺔ ﺍﻟﻨﻘﻄﺔ ﺍﻟﺘﺎﻟﻴﺔ ﺃﻳﻀﺎ‪:‬‬
‫‪ ‬ﺍﺳﺘﺮﺍﺗﻴﺠﻴﺔ ﺍﻟﺸﺮﻛﺔ‪ :‬ﺗﻨﺘﻬﺞ ﺍﻟﺸﺮﻛﺎﺕ ﳎﻤﻮﻋﺔ ﻣﻦ ﺍﻹﺳﺘﺮﺍﺗﻴﺠﻴﺎﺕ ﺍﻟﱵ ﺗﺴﺘﻬﺪﻑ ﻣﻦ‬
‫ﻭﺭﺍﺋﻬﺎ ﺍﻟﺒﻘﺎء ﺿﻤﻦ ﺩﺍﺋﺮﺓ ﺍﳌﻨﺎﻓﺴﺔ ﻭﲢﻘﻴﻖ ﺍﳌﻴﺰﺓ ﺍﻟﺘﻨﺎﻓﺴﻴﺔ ﻣﻦ ﺧﻼﻝ ﺇﺿﺎﻓﺔ ﻗﻴﻤﺔ ﳍﺎ ﰲ‬
‫ﺍﻟﻘﻄﺎﻉ ﺃﻭ ﺍﻟﺴﻮﻕ ﺍﻟﺬﻱ ﺗﻌﻤﻞ ﺑﻪ‪ .‬ﺇﺫ ﻳﺘﻢ ﻣﻦ ﺧﻼﳍﺎ ﲢﺪﻳﺪ ﻧﻘﺎﻁ ﺍﻟﻘﻮﺓ ﻭﺍﻟﻀﻌﻒ ﰲ ﺍﻟﺸﺮﻛﺔ‬
‫ﻭﻓﻌﺎﻟﻴﺘﻬﺎ ﻣﻊ ﺍﻟﻔﺮﺹ ﻭﺍﻟﺘﻬﺪﻳﺪﺍﺕ ﺍﻟﺒﻴﺌﻴﺔ ﻭﺑﺎﻋﺘﻤﺎﺩ ﻣﻨﻬﺠﻴﺔ ﺍﻟﺘﺤﻠﻴﻞ ﺍﻻﺳﺘﺮﺍﺗﻴﺠﻲ‪.‬‬
‫ﻭﺗﺴﻌﻰ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻣﻦ ﺧﻼﻝ ﺍﻷﻫﺪﺍﻑ ﺇﱃ ﲢﻘﻴﻖ ﻣﺎ ﻳﻠﻲ‪:1‬‬
‫‪ ‬ﲢﺴﲔ ﺃﺩﺍء ﺍﻟﺸﺮﻛﺎﺕ‪ :‬ﻭﺿﻊ ﺍﻷﻧﻈﻤﺔ ﺍﻟﻜﻔﻴﻠﺔ ﲟﻌﺎﳉﺔ ﺍﻟﻐﺶ ﻭﺗﻀﺎﺭﺏ ﺍﳌﺼﺎﱀ ﻭﺍﻟﺘﺼﺮﻓﺎﺕ‬
‫ﻏﲑ ﺍﳌﻘﺒﻮﻟﺔ ﻣﺎﺩﻳﺔ ﻭﺩﻳﻨﻴﺎ ﻭﺃﺧﻼﻗﻴﺎ‪ .‬ﻭﺿﻊ ﺃﻧﻈﻤﺔ ﺍﻟﺮﻗﺎﺑﺔ ﻋﻠﻰ ﺇﺩﺍﺭﺓ ﺍﻟﺸﺮﻛﺎﺕ ﻭﺃﻋﻀﺎء ﳎﻠﺲ‬
‫ﺇﺩﺍﺭ‪‬ﺎ‪ ،‬ﻭﺃﻧﻈﻤﺔ ﺍﻹﺩﺍﺭﺓ ﺍﻟﺸﺮﻛﺔ ﻭﻓﻘﺎ ﳍﻴﻜﻞ ﳛﺪﺩ ﺗﻮﺯﻳﻊ ﻛﻞ ﺍﳊﻘﻮﻕ ﻭﺍﳌﺴﺆﻭﻟﻴﺎﺕ ﻓﻴﻤﺎ ﺑﲔ‬
‫ﺍﳌﺸﺎﺭﻛﲔ ﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ ﻭﺍﳌﺴﺎﳘﲔ‪.‬‬
‫‪ ‬ﻭﺿﻊ ﺍﻟﻘﻮﺍﻋﺪ ﻭﺍﻹﺟﺮﺍءﺍﺕ ﺍﳌﺘﻌﻠﻘﺔ ﺑﺴﲑ ﺍﻟﻌﻤﻞ ﺩﺍﺧﻞ ﺍﻟﺸﺮﻛﺔ ﻟﺘﺤﻘﻴﻖ ﺃﻫﺪﺍﻓﻬﺎ‪ :‬ﻭﺗﺸﲑ‬
‫ﻣﻌﻈﻢ ﺍﻷﺩﺑﻴﺎﺕ ﺇﱃ ﺃﻥ ﺍﻟﺘﻄﺒﻴﻖ ﺍﳉﻴﺪ ﳊﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻳﺘﻄﻠﺐ ﺧﺼﺎﺋﺺ ﺗﺘﻤﺜﻞ ﺑﺎﳌﺼﺪﺍﻗﻴﺔ‬
‫ﻭﺍﻟﺸﻔﺎﻓﻴﺔ ﻭﺍﻻﺗﺼﺎﻝ ﻭﺍﳌﻌﻠﻮﻣﺎﺕ ﻭﺍﻟﺸﻜﻞ ﺍﻟﺘﺎﱄ ﻳﻮﺿﺢ ﺫﻟﻚ‪.‬‬

‫‪1. OECD, “Principles of Corporate Governance”, Organization for Economic Operation and‬‬
‫‪Development Publications Service , 2001 p : 3 .‬‬

‫~ ‪~ 59‬‬
‫ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻭﻋـﻼﻗﺘﻬﺎ ﺑﻨﻈﺮﻳﺔ ﺍﻟـﻮﻛﺎﻟﺔ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﻟﺚ‪:‬‬

‫ﺷﻜﻞ ﺭﻗﻢ )‪ :(2-3‬ﺧﺼﺎﺋﺺ ﺍﻟﺘﻄﺒﻴﻖ ﺍﳉﻴﺪ ﳊﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ‬

‫ﺍﻟﺸﻔﺎﻓﻴﺔ‬ ‫ﺍﻟﺘﻄﺒﻴﻖ ﺍﳉﻴﺪ ﳊﻮﻛﻤﺔ‬

‫ﺍﻟﻨﻈﻢ ﺍﳌﺤﺎﺳﺒﻴﺔ‬
‫ﺍﻟﺸﺮﻛﺎﺕ‬
‫ﺳﻴﺎﺳﺎﺕ ﺍﻹﻓﺼﺎﺡ‬
‫ﺍﻟﺘﻄﺒﻴﻖ ﺍﳉﻴﺪ‬
‫ﺣﻮﺍﻓﺰ ﺍﳌﺪﺭﺍء‬
‫ﳊﻮﻛﻤﺔ‬
‫ﺍﻟﺸﺮﻛﺎﺕ‬
‫ﺍﳌﻌﻠﻮﻣﺎﺕ‬
‫ﺍﻻﺗﺼﺎﻝ‪ :‬ﺗﻘﺪﱘ ﺍﻟﺘﻘﺎﺭﻳﺮ‬
‫ﺍﻓﺼﺎﺡ ﺍﳌﺪﻗﻖ ﻋﻦ‬
‫ﺍﳌﻌﻠﻮﻣﺎﺕ‬ ‫ﺍﻟﺴﻨﻮﻳﺔ ﻭﺍﻟﻔﺼﻠﻴﺔ ﰲ‬
‫ﺍﻟﺘﺄﻛﺪ ﻣﻦ ﺍﺗﺴﺎﻕ ﻭﺃﳘﻴﺔ‬ ‫ﺍﻟﻮﻗﺖ ﺍﳌﻨﺎﺳﺐ‬
‫ﺍﳌﻌﻠﻮﻣﺎﺕ‬
‫ﺍﳌﺼﺪﺭ‪ :‬ﻣﻦ ﺇﻋﺪﺍﺩ ﺍﻟﻄﻠﺒﺔ‪.‬‬

‫~ ‪~ 60‬‬
‫ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻭﻋـﻼﻗﺘﻬﺎ ﺑﻨﻈﺮﻳﺔ ﺍﻟـﻮﻛﺎﻟﺔ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﻟﺚ‪:‬‬

‫ﺃﻭﻻ‪ :‬ﻣﺒﺎﺩﺉ ﻭﺧﺼﺎﺋﺺ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ‬

‫ﺷﻜﻞ ﺭﻗﻢ )‪ :(3-3‬ﻣﺴﺎﳘﺔ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﰲ ﻣﻌﺎﳉﺔ ﺗﻌﺎﺭﺽ ﺍﳌﺼﺎﱀ‬

‫ﺍﳌﺼﺪﺭ‪ :‬ﻣﻦ ﺇﻋﺪﺍﺩ ﺍﻟﻄﻠﺒﺔ‪.‬‬

‫ﺇﻥّ ﺍﻻﻫﺘﻤﺎﻡ ﺍﳌﺘﺰﺍﻳﺪ ﳌﻔﻬﻮﻡ ﺍﳊﻮﻛﻤﺔ ﻗﺪ ﺃﺩﻯ ﺇﱃ ﺯﻳﺎﺩﺓ ﺣﺮﺹ ﺍﻟﻌﺪﻳﺪ ﻣﻦ ﺍﳌﺆﺳﺴﺎﺕ ﻟﺪﺭﺍﺳﺘﻪ‬
‫ﻭﲢﻠﻴﻠﻪ ﻭﻣﻨﻬﺎ ﺻﻨﺪﻭﻕ ﺍﻟﻨﻘﺪ ﻭﺍﻟﺒﻨﻚ ﺍﻟﺪﻭﻟﻴﲔ ﻭﻣﻨﻈﻤﺔ ﺍﻟﺘﻌﺎﻭﻥ ﺍﻻﻗﺘﺼﺎﺩﻱ ﻭﺍﻟﺘﻨﻤﻴﺔ )‪. 1 (OECD‬‬
‫ﻭﻋﻤﻮﻣﺎ ﻓﺎﻥ ﺍﳊﻮﻛﻤﺔ ﻳﻨﻌﻜﺲ ﺃﺛﺮﻫﺎ ﰲ ﺯﻳﺎﺩﺓ ﺍﻟﺜﻘﺔ ﺑﺎﻻﻗﺘﺼﺎﺩ ﺍﻟﻘﻮﻣﻲ ﻭﺗﻌﻤﻴﻖ ﺩﻭﺭ ﺳﻮﻕ ﺍﳌﺎﻝ‬
‫ﻭﺯﻳﺎﺩﺓ ﻗﺪﺭﺗﻪ ﻭﻛﻔﺎءﺗﻪ ﻭﺍﳊﻔﺎﻅ ﻋﻠﻰ ﺣﻘﻮﻕ ﺍﻷﻗﻠﻴﺔ ﻭﺩﻋﻢ ﻭﳕﻮ ﺍﻟﻘﻄﺎﻉ ﺍﳋﺎﺹ ﻭﺧﻠﻖ ﻓﺮﺹ ﻋﻤﻞ‪.‬‬
‫ﻭﺗﺮﺟﻊ ﺃﳘﻴﺔ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﺇﱃ ﺃﻥ ﺍﻟﺘﻄﺒﻴﻖ ﺍﳉﻴﺪ ﳌﺒﺎﺩﺋﻬﺎ ﺳﻴﺴﺎﻋﺪ ﰲ ﲢﻘﻴﻖ ﺃﻫﺪﺍﻓﻬﺎ‪ ،‬ﻭﺗﺘﻀﺢ‬

‫‪1‬‬
‫‪- organization for Economic Co-operation et Development‬‬

‫~ ‪~ 61‬‬
‫ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻭﻋـﻼﻗﺘﻬﺎ ﺑﻨﻈﺮﻳﺔ ﺍﻟـﻮﻛﺎﻟﺔ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﻟﺚ‪:‬‬

‫ﺃﳘﻴﺔ ﺍﳌﺒﺎﺩﺉ ﰲ ﳎﺎﻝ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﺑﺎﻋﺘﺒﺎﺭﻫﺎ ﲤﺜﻞ ﺍﳋﻄﻮﻁ ﺍﻟﻌﺎﻣﺔ ﺍﻟﱵ ‪‬ﺪﻑ ﺇﱃ ﺗﻌﺰﻳﺰ ﻭﺩﻋﻢ‬
‫ﺍﻹﺩﺍﺭﺓ ﻭﻛﻔﺎءﺓ ﺍﻷﺳﻮﺍﻕ ﺍﳌﺎﻟﻴﺔ ﻓﻀﻼ ﻋﻦ ﺍﺳﺘﻘﺮﺍﺭ ﺍﻻﻗﺘﺼﺎﺩ‪.1‬‬
‫ﻭﺗﻌﺪ ﺍﻟﻮﻻﻳﺎﺕ ﺍﳌﺘﺤﺪﺓ ﺍﻷﻣﺮﻳﻜﻴﺔ ﻭﺍﳌﻤﻠﻜﺔ ﺍﳌﺘﺤﺪﺓ ﻣﻦ ﺍﻟﺪﻭﻝ ﺍﻟﺮﺍﺋﺪﺓ ﰲ ﺻﻴﺎﻏﺔ ﻭﺗﻄﻮﻳﺮ‬
‫ﻣﺒﺎﺩﺉ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ‪ ،‬ﻓﻀﻼ ﻋﻦ ﺍﳉﻬﻮﺩ ﺍﳌﺒﺬﻭﻟﺔ ﻣﻦ ﻗﺒﻞ ﺍﻟﺪﻭﻝ ﺍﻷﻭﺭﺑﻴﺔ ﻭﺍﻷﺳﻴﻮﻳﺔ ﻭﺍﳌﻨﻈﻤﺎﺕ‬
‫ﺍﻟﺪﻭﻟﻴﺔ ﺫﺍﺕ ﺍﻟﺼﻠﺔ‪ .‬ﻭﳝﻜﻦ ﺗﻠﺨﻴﺺ ﺍﳌﺒﺎﺩﺉ ﺍﻟﻌﺎﻣﺔ ﻟﻠﺤﻮﻛﻤﺔ ﺑﺎﻻﰐ‪:2‬‬
‫‪ ‬ﺿﻤﺎﻥ ﻭﺟﻮﺩ ﺃﺳﺎﺱ ﻹﻃﺎﺭ ﻓﻌﺎﻝ ﳊﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ‪ ،‬ﻭﻳﻨﺒﻐﻲ ﺃﻥ ﻳﺸﺠﻊ ﻫﺬﺍ ﺍﻹﻃﺎﺭ ﻋﻠﻰ‬
‫ﺍﻟﺸﻔﺎﻓﻴﺔ ﻭﻛﻔﺎءﺓ ﺍﻷﺳﻮﺍﻕ ﻭﺍﻥ ﻳﻜﻮﻥ ﻣﺘﻮﺍﻓﻘﺎ ﻣﻊ ﺣﻜﻢ ﺍﻟﻘﺎﻧﻮﻥ ﻭﺍﻥ ﳛﺪﺩ ﻭﺑﻮﺿﻮﺡ ﺗﻮﺯﻳﻊ‬
‫ﺍﳌﺴﺆﻭﻟﻴﺎﺕ ﺑﲔ ﳐﺘﻠﻒ ﺍﳉﻬﺎﺕ ﺍﻹﺷﺮﺍﻓﻴﺔ ﻭﺍﻟﺘﻨﻈﻴﻤﻴﺔ ﻭﺍﻟﺘﻨﻔﻴﺬﻳﺔ‬
‫‪ ‬ﺗﻮﻓﲑ ﲪﺎﻳﺔ ﺍﳌﺴﺎﳘﲔ ﻭﺗﺴﻬﻴﻞ ﳑﺎﺭﺳﺔ ﺣﻘﻮﻗﻬﻢ ﻭﺍﻟﻮﻇﺎﺋﻒ ﺍﻟﺮﺋﻴﺴﺔ ﻷﺻﺤﺎﺏ ﺣﻘﻮﻕ ﺍﳌﻠﻜﻴﺔ‪.‬‬
‫‪ ‬ﺗﻮﻓﲑ ﺍﳌﻌﺎﻣﻠﺔ ﺍﳌﺘﺴﺎﻭﻳﺔ ﻟﻜﺎﻓﺔ ﺍﳌﺴﺎﳘﲔ ﲟﺎ ﰲ ﺫﻟﻚ ﻣﺴﺎﳘﻲ ﺍﻷﻗﻠﻴﺔ ﻭﺍﻷﺟﺎﻧﺐ‪ ،‬ﻭﻳﻨﺒﻐﻲ ﺃﻥ ﺗﺘﺎﺡ‬
‫ﺍﻟﻔﺮﺻﺔ ﻟﻜﺎﻓﺔ ﺍﳌﺴﺎﳘﲔ ﻟﻠﺤﺼﻮﻝ ﻋﻠﻰ ﺗﻌﻮﻳﺾ ﻓﻌﺎﻝ ﻋﻦ ﺍﻧﺘﻬﺎﻙ ﺣﻘﻮﻗﻬﻢ‪ :‬ﺍﻻﻋﺘﺮﺍﻑ ﲝﻘﻮﻕ‬
‫ﺃﺻﺤﺎﺏ ﺍﳌﺼﺎﱀ ﺍﻟﱵ ﻳﻨﺸﺌﻬﺎ ﺍﻟﻘﺎﻧﻮﻥ ﺃﻭ ﺍﻟﱵ ﺗﻨﺸﺎ ﻧﺘﻴﺠﺔ ﻻﺗﻔﺎﻗﻴﺎﺕ ﻣﺘﺒﺎﺩﻟﺔ ﻭﺍﻥ ﻳﻌﻤﻞ ﻋﻠﻰ‬
‫ﺗﺸﺠﻴﻊ ﺍﻟﺘﻌﺎﻭﻥ ﺍﻟﻨﺸﻂ ﺑﲔ ﺍﻟﺸﺮﻛﺎﺕ ﻭﺃﺻﺤﺎﺏ ﺍﳌﺼﺎﱀ ﰲ ﺧﻠﻖ ﺍﻟﺜﺮﻭﺓ ﻭﻓﺮﺹ ﺍﻟﻌﻤﻞ ﻭﺍﺳﺘﺪﺍﻣﺔ‬
‫ﺍﻟﺸﺮﻛﺎﺕ ﺍﻟﺴﻠﻴﻤﺔ ﻣﺎﻟﻴﺔ‪.‬‬
‫‪ ‬ﺿﻤﺎﻥ ﺍﻟﻘﻴﺎﻡ ﺑﺎﻹﻓﺼﺎﺡ ﺍﻟﺴﻠﻴﻢ ﻭﺍﻟﺼﺤﻴﺢ ﰲ ﺍﻟﻮﻗﺖ ﺍﳌﻨﺎﺳﺐ ﻋﻦ ﻛﺎﻓﺔ ﺍﳌﻮﺿﻮﻋﺎﺕ ﺍﳍﺎﻣﺔ‬
‫ﺍﳌﺘﻌﻠﻘﺔ ﺑﺎﻟﺸﺮﻛﺔ ﲟﺎ ﰲ ﺫﻟﻚ ﺍﳌﺮﻛﺰ ﺍﳌﺎﱄ ﻭﺣﻘﻮﻕ ﺍﳌﻠﻜﻴﺔ ﻭﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ‪.‬‬
‫‪ ‬ﲢﺪﻳﺪ ﻣﺴﺆﻭﻟﻴﺎﺕ ﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ ﲟﺎ ﻳﻌﲏ ﺍﻟﺘﻮﺟﻴﻪ ﻭﺍﻹﺭﺷﺎﺩ ﺍﻻﺳﺘﺮﺍﺗﻴﺠﻲ ﻟﻠﺸﺮﻛﺔ ﻭﺍﻟﺮﻗﺎﺑﺔ ﺍﻟﻔﻌﺎﻟﺔ‬
‫ﻋﻠﻰ ﺇﺩﺍﺭﺓ ﺍﻟﺸﺮﻛﺔ‪ ،‬ﻛﻤﺎ ﻳﻌﲏ ﳏﺎﺳﺒﺔ ﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ ﻋﻦ ﻣﺴﺆﻭﻟﻴﺘﻪ ﺃﻣﺎﻡ ﺍﻟﺸﺮﻛﺔ ﻭﺍﳌﺴﺎﳘﲔ‪.‬‬
‫ﻭﻟﻘﺪ ﺃﻛﺪﺕ ﻣﻨﻈﻤﺔ ﺍﻟﺘﻌﺎﻭﻥ ﺍﻻﻗﺘﺼﺎﺩﻱ ﻭﺍﻟﺘﻨﻤﻴﺔ )‪ (OECD‬ﺑﺄﻥ ﻳﻜﻮﻥ ﳎﻠﺲ ﺇﺩﺍﺭﺓ ﺍﻟﺸﺮﻛﺔ‬
‫ﻣﺴﺆﻭﻻ ﺑﺸﻜﻞ ﺃﺳﺎﺳﻲ ﻋﻦ ﻣﺮﺍﻗﺒﺔ ﺃﺩﺍﺋﻬﺎ ﻭﲢﻘﻴﻖ ﻋﺎﺋﺪ ﻣﻨﺎﺳﺐ ﳊﻤﻠﺔ ﺍﻷﺳﻬﻢ ﰲ ﺍﻟﻮﻗﺖ ﺍﻟﺬﻱ ﻳﺘﻤﺘﻊ‬
‫ﻓﻴﻪ ﺍﳌﺠﻠﺲ ﺗﻌﺎﺭﺽ ﺍﳌﺼﺎﱀ ﻛﻤﺎ ﻳﻮﺍﺯﻥ ﺍﻟﻄﻠﺒﺎﺕ ﺍﳌﺘﻨﺎﻓﺴﺔ ﻋﻠﻰ ﺍﻟﺸﺮﻛﺔ ﻣﻦ ﺧﻼﻝ ﳑﺎﺭﺳﺔ ﺍﻷﺣﻜﺎﻡ‬
‫ﺍﳌﻮﺿﻮﻋﻴﺔ ﻭﺍﳌﺴﺘﻘﻠﺔ‪ ،‬ﻻﺳﻴﻤﺎ ﻭﺃﻥ ﺻﻨﻊ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺍﻟﺼﺎﺋﺒﺔ ﻳﻌﺪ ﺃﻣﺮ ﳑﻜﻦ ﻓﻘﻂ ﻋﻨﺪﻣﺎ ﻳﺘﺤﻤﻞ‬

‫‪ -1‬ﺍﻟﻨﻮﺍﺱ ‪ .‬ﺭﺍﻓﺪ ﻋﺒﻴﺪ‪ " ،‬ﺍﺛﺮ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻋﻠﻰ ﺟﻮﺩﺓ ﺃﺩﺍء ﻣﺮﺍﻗﺐ ﺍﳊﺴﺎﺑﺎﺕ ‪ -‬ﺃﳕﻮﺫﺝ ﻣﻘﺘﺮﺡ " ﳎﻠﺔ ﺍﻟﻌﻠﻮﻡ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﻭﺍﻹﺩﺍﺭﻳﺔ‪ ،‬ﺟﺎﻣﻌﺔ‬
‫ﺑﻐﺪﺍﺩ‪ ،‬ﺍﳌﺠﻠﺪ ﺭﻗﻢ ‪ ،14‬ﺍﻟﻌﺪﺩ ‪ ، 2008 . 50‬ﺹ‪.244 :‬‬
‫‪ -2‬ﻳﻮﺳﻒ‪ ،‬ﳏﻤﺪ ﻃﺎﺭﻕ‪" ،‬ﺍﻹﻓﺼﺎﺡ ﻭﺍﻟﺸﻔﺎﻓﻴﺔ ﻛﺄﺣﺪ ﻣﺒﺎﺩﺉ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ "‪ ،‬ﲝﻮﺙ ﻭﺃﻭﺭﺍﻕ ﻋﻤﻞ ﳌﺆﲤﺮ ﻣﺘﻄﻠﺒﺎﺕ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻭﺃﺳﻮﺍﻕ‬
‫ﺍﳌﺎﻝ ﺍﻟﻌﺮﺑﻴﺔ‪ ،‬ﺷﺮﻡ ﺍﻟﺸﻴﺦ‪ ،‬ﻣﺼﺮ ‪ ، 2007 ،‬ﺹ ‪.7‬‬

‫~ ‪~ 62‬‬
‫ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻭﻋـﻼﻗﺘﻬﺎ ﺑﻨﻈﺮﻳﺔ ﺍﻟـﻮﻛﺎﻟﺔ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﻟﺚ‪:‬‬

‫ﺍﻷﺷﺨﺎﺹ ﺍﳌﺴﺆﻭﻟﲔ ﻣﺴﺆﻭﻟﻴﺔ ﺍﲣﺎﺫ ﺗﻠﻚ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺇﺫ ﺃﻥ ﺻﻨﻌﻬﺎ ﻭﺍﲣﺎﺫﻫﺎ ﻳﻜﻮﻥ ﻓﻘﻂ ﻣﻦ ﻗﺒﻞ‬
‫ﺃﻭﻟﺌﻚ ﺍﻟﺬﻳﻦ ﻳﺘﺤﻤﻠﻮﻥ ﺍﻟﻨﺘﺎﺋﺞ ﺍﳌﺘﺮﺗﺒﺔ ﻋﻨﻬﺎ‪.1‬‬
‫ﻭﳝﻜﻦ ﺗﻮﺿﻴﺢ ﻫﺬﻩ ﺍﳌﺒﺎﺩﺉ ﰲ ﺍﻟﺸﻜﻞ ﺍﻟﺘﺎﱄ‪:‬‬
‫ﺷﻜﻞ ﺭﻗﻢ )‪ :(4-3‬ﻣﺒﺎﺩﺉ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ‬

‫ﺍﻻﻧﺼﺎﻑ‬ ‫ﺍﻟﺸﻔﺎﻓﻴﺔ‬
‫ﺍﻟﻌﻼﻗﺎﺕ ﺑﲔ ﺍﻷﻃﺮﺍﻑ ﺍﻟﺸﺮﻳﻜﺔ‬
‫ﻃﺮﻕ ﺭﺻﺪ ﻭﻣﺮﺍﻗﺒﺔ ﺍﻟﻨﺘﺎﺋﺞ‬
‫ﺣﺎﻻﺕ ﺍﻻﻧﺘﻘﺎﻝ ﻭﺍﳋﻼﻓﺔ‬
‫ﺍﻟﺘﻨﺎﺳﻖ ﺑﲔ ﺍﺳﺘﺮﺍﺗﻴﺠﻴﺔ ﺍﻟﺸﺮﻛﺔ ﻭﻣﺼﺎﳊﻬﺎ‬

‫ﺍﳌﺴﺎءﻟﺔ‬ ‫ﺍﳌﺤﺎﺳﺒﻴﺔ‬
‫ﺍﳌﺼﺪﺭ‪ :‬ﻭﺯﺍﺭﺓ ﺍﳌﺆﺳﺴﺎﺕ ﺍﻟﺼﻐﲑﺓ ﻭﺍﳌﺘﻮﺳﻄﺔ‪ ،‬ﻣﻴﺜﺎﻕ ﺍﳊﻜﻢ ﺍﻟﺮﺍﺷﺪ ﻟﻠﻤﺆﺳﺴﺔ ﰲ ﺍﳉﺰﺍﺋﺮ‪ ،2009 ،‬ﺹ‪67‬‬
‫‪.‬‬
‫ﺛﺎﻧﻴﺎ‪ :‬ﺃﻫﻢ ﺧﺼﺎﺋﺺ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ‬
‫ﻭﻓﻘﺎ ﻟﻠﺪﺭﺍﺳﺎﺕ ﻭﺍﻷﺩﺑﻴﺎﺕ ﺍﻟﱵ ﺗﻨﺎﻭﻟﺖ ﻣﻮﺿﻮﻉ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ‪ ،‬ﻓﻼ ﺑﺪ ﺃﻥ ﺗﺘﺼﻒ‬
‫ﺍﳊﻮﻛﻤﺔ ﺍﳉﻴﺪﺓ ﺑﺴﺒﻊ ﺧﺼﺎﺋﺺ ﺃﺳﺎﺳﻴﺔ ﻫﻲ‪: 2‬‬
‫ﺍﻻﻧﻀﺒﺎﻃﻴﺔ )‪ : (Discipline‬ﻭﺗﻌﲏ ﺇﺗﺒﺎﻉ ﺍﻷﺳﻠﻮﺏ ﺍﻷﺧﻼﻗﻲ ﺍﳌﻨﺎﺳﺐ ﻭﺍﻟﺼﺤﻴﺢ ﺑﻌﻴﺪﺍ ﻋﻦ‬ ‫‪.1‬‬
‫ﺍﳋﺪﺍﻉ ﻭﺍﻟﺘﻀﻠﻴﻞ ﻭﺍﻟﺘﻼﻋﺐ‪.‬‬
‫ﺍﻟﺸﻔﺎﻓﻴﺔ )‪ : (Transparency‬ﻭﺗﺘﻀﻤﻦ ﺗﺰﻭﻳﺪ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﻟﻼﺯﻣﺔ ﻭﰲ ﺍﻟﻮﻗﺖ ﺍﳌﻨﺎﺳﺐ‬ ‫‪.2‬‬
‫ﻭﺑﺸﻜﻞ ﺻﺎﺩﻕ ﺍﳉﻤﻴﻊ ﺍﻷﻃﺮﺍﻑ ﺫﺍﺕ ﺍﻟﻌﻼﻗﺔ ﺑﺎﻟﺸﺮﻛﺔ ‪.‬‬

‫‪1‬‬
‫‪- Kopeikina , Luda, " The Elements of Aclear Decision", Mitsloan Management Review, Vol‬‬
‫‪47 , 2006, p34.‬‬
‫‪ -2‬ﺇﺑﺮﺍﻫﻴﻢ‪ ،‬ﳏﻤﺪ ﻋﺒﺪ ﺍﻟﻔﺘﺎﺡ‪ " ،‬ﳕﻮﺫﺝ ﻣﻘﺘﺮﺡ ﻟﺘﻔﻌﻴﻞ ﻗﻮﺍﻋﺪ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﰲ ﺇﻃﺎﺭ ﺍﳌﻌﺎﻳﲑ ﺍﻟﺪﻭﻟﻴﺔ ﻟﻠﻤﺮﺍﺟﻌﺔ ﺍﻟﺪﺍﺧﻠﻴﺔ "‪ ،‬ﲝﺚ ﻣﻘﺪﻡ ﰲ ﺍﳌﺆﲤﺮ‬
‫ﺍﻟﻌﻠﻤﻲ ﺍﻷﻭﻝ ﲢﺖ ﺷﻌﺎﺭ ﺍﻟﺘﺪﻗﻴﻖ ﺍﻟﺪﺍﺧﻠﻲ ﰲ ﺇﻃﺎﺭ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ‪ ،‬ﺍﳌﻨﻈﻤﺔ ﺍﻟﻌﺮﺑﻴﺔ ﻟﻠﺘﻨﻤﻴﺔ ﺍﻹﺩﺍﺭﻳﺔ‪ ،‬ﺍﻟﻘﺎﻫﺮﺓ ‪ ، 2005.‬ﺹ‪-‬ﺹ‪.31-30 :‬‬

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‫ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻭﻋـﻼﻗﺘﻬﺎ ﺑﻨﻈﺮﻳﺔ ﺍﻟـﻮﻛﺎﻟﺔ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﻟﺚ‪:‬‬

‫ﺍﻟﻌﺪﺍﻟﺔ )‪ : (Fairness‬ﻭﺗﺸﲑ ﺍﻹﺣﺘﺮﺍﻡ ﺣﻘﻮﻕ ﳐﺘﻠﻒ ﺍﻷﻃﺮﺍﻑ ﺫﺍﺕ ﺍﻟﻌﻼﻗﺔ ﺑﺎﻟﺸﺮﻛﺔ ﻭﺑﻐﺾ‬ ‫‪.3‬‬
‫ﺍﻟﻨﻈﺮ ﻋﻦ ﺣﺠﻢ ﻋﻼﻗﺘﻬﻢ ﺑﺎﻟﺸﺮﻛﺔ‪ ،‬ﻓﻤﺜﻼ ﳚﺐ ﲢﻘﻴﻖ ﺍﻟﻌﺪﺍﻟﺔ ﺑﲔ ﲨﻴﻊ ﺍﳌﺴﺎﳘﲔ ﺑﻐﺾ ﺍﻟﻨﻈﺮ‬
‫ﻋﻦ ﺣﺠﻢ ﻣﻠﻜﻴﺘﻬﻢ ﰲ ﺍﻟﺸﺮﻛﺔ ‪.‬‬
‫ﺍﻹﺳﺘﻘﻼﻟﻴﺔ )‪ :(Independence‬ﻭﺗﻌﲏ ﻋﺪﻡ ﺍﻟﺘﺤﻴﺰ ﺃﻭ ﻋﺪﻡ ﻭﺟﻮﺩ ﻣﺆﺛﺮﺍﺕ ﺃﻭ ﺿﻐﻮﻁ ﺳﻮﺍء‬ ‫‪.4‬‬
‫ﻣﻦ ﺟﺎﻧﺐ ﺭﺋﻴﺲ ﺃﻭ ﺃﻋﻀﺎء ﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ ﺃﻭ ﻣﻦ ﻗﺒﻞ ﺍﻹﺩﺍﺭﺓ ﺍﻟﺘﻨﻔﻴﺬﻳﺔ ‪.‬‬
‫ﺍﻟﻮﻋﻲ ﺍﻹﺟﺘﻤﺎﻋﻲ )‪ :(Social Awareness‬ﻭﺗﺸﲑ ﺍﻻﻟﺘﺰﺍﻡ ﺍﻟﺸﺮﻛﺔ ﲟﺴﺆﻭﻟﻴﺎ‪‬ﺎ ﺍﻻﺟﺘﻤﺎﻋﻴﺔ‬ ‫‪.5‬‬
‫ﲡﺎﻩ ﺍﳌﺠﺘﻤﻊ ﺍﻟﱵ ﺗﻌﻤﻞ ﻓﻴﻪ ‪.‬‬
‫ﺍﳌﺴﺎءﻟﺔ )‪ :(Accountability‬ﻭﺗﻌﲏ ﺇﺗﺎﺣﺔ ﺍﻟﻔﺮﺻﺔ ﳌﺤﺎﺳﺒﺔ ﻭﻣﺴﺎﺋﻠﺔ ﺭﺋﻴﺲ ﻭﺃﻋﻀﺎء ﳎﻠﺲ‬ ‫‪.6‬‬
‫ﺍﻹﺩﺍﺭﺓ ﻭﺍﻹﺩﺍﺭﺓ ﺍﻟﺘﻨﻔﻴﺬﻳﺔ ﻟﻠﺸﺮﻛﺔ ﻋﻦ ﺃﻱ ﺿﺮﺭ ﻗﺪ ﻳﻠﺤﻖ ﺑﺎﳌﺴﺎﳘﲔ ‪.‬‬
‫ﺍﳌﺴﺆﻭﻟﻴﺔ )‪ :(Responsibility‬ﻭﺗﻌﲏ ﺃﻥ ﺭﺋﻴﺲ ﻭﺃﻋﻀﺎء ﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ ﻣﺴﺆﻭﻟﲔ ﺃﻣﺎﻡ ﲨﻴﻊ‬ ‫‪.7‬‬
‫ﺍﻷﻃﺮﺍﻑ ﺫﺍﺕ ﺍﻟﻌﻼﻗﺔ ﺑﺎﻟﺸﺮﻛﺔ ﻭﻋﻠﻰ ﺭﺃﺳﻬﻢ ﺍﳌﺴﺎﳘﲔ ‪.‬‬
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‫ﺛﺎﻟﺜﺎ‪ :‬ﺍﻧﻌﻜﺎﺳﺎﺕ ﺗﻄﺒﻴﻖ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻋﻠﻰ ﺟﻮﺩﺓ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﳌﺎﻟﻴﺔ ﻭﺍﳌﺤﺎﺳﺒﻴﺔ‬
‫ﺇﻥ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﳌﺎﻟﻴﺔ ﻭﺍﳌﺤﺎﺳﺒﻴﺔ ﺍﻟﺼﺎﺩﺭﺓ ﻋﻦ ﺍﻟﺸﺮﻛﺎﺕ ﺗﻌﺘﱪ ﻣﻦ ﺃﻫﻢ ﺍﳌﻮﺍﺿﻴﻊ ﺍﻟﱵ ﺗﺘﻨﺎﻭﳍﺎ‬
‫ﻋﻤﻠﻴﺔ ﺍﳊﻮﻛﻤﺔ ﰲ ﺍﻟﺸﺮﻛﺎﺕ‪ .‬ﻓﻤﻦ ﺃﻫﻢ ﻧﺘﺎﺋﺞ ﻋﻤﻠﻴﺔ ﺗﻄﺒﻴﻖ ﺍﳊﻮﻛﻤﺔ ﰲ ﺍﻟﺸﺮﻛﺎﺕ ﻫﻮ ﺇﳚﺎﺩ ﳉﻨﺔ‬
‫ﺗﺴﻤﻰ ﳉﻨﺔ ﺍﳌﺮﺍﺟﻌﺔ ﺃﻭ ﺍﻟﺘﺪﻗﻴﻖ ﺣﻴﺚ ﺗﻜﻮﻥ ﻣﻬﺎﻡ ﻫﺬﻩ ﺍﻟﻠﺠﻨﺔ ﺗﻨﺼﺐ ﻋﻠﻰ ﻣﺮﺍﺟﻌﺔ ﺍﻟﺘﻘﺎﺭﻳﺮ ﺍﳌﺎﻟﻴﺔ‬
‫ﻭﺫﻟﻚ ‪‬ﺪﻑ ﺍﻟﺘﻌﺮﻑ ﻋﻠﻰ ﺃﺳﺎﻟﻴﺐ ﺇﺩﺍﺭﺓ ﺍﳌﺨﺎﻃﺮ ﻭﻋﻤﻠﻴﺎﺕ ﺍﻟﺘﺪﻗﻴﻖ ﺍﻟﺪﺍﺧﻠﻴﺔ ﻭﺍﳋﺎﺭﺟﻴﺔ ﲝﻴﺚ‬
‫ﻳﺘﺤﺘﻢ ﻋﻠﻰ ﻫﺬﻩ ﺍﻟﻠﺠﻨﺔ ﻋﻘﺪ ﺍﺟﺘﻤﺎﻋﺎﺕ ﺩﻭﺭﻳﺔ ﻣﻊ ﺍﻹﺩﺍﺭﺓ ﺍﻟﺘﻨﻔﻴﺬﻳﺔ ﻭﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ ﻭﺍﳌﺪﻗﻖ‬
‫ﺍﳋﺎﺭﺟﻲ‪.‬‬
‫ﻭﻣﻦ ﺻﻼﺣﻴﺎﺕ ﻫﺬﻩ ﺍﻟﻠﺠﻨﺔ ﺣﺴﺐ ﻣﻌﺎﻳﲑ ﺍﳊﻮﻛﻤﺔ ﻃﻠﺐ ﺍﻟﺘﻘﺎﺭﻳﺮ ﺍﳌﺎﻟﻴﺔ ﻭﺍﳌﺤﺎﺳﺒﻴﺔ ﺑﺸﻜﻞ‬
‫ﺩﻭﺭﻱ ﻭﺣﱴ ﺑﺸﻜﻞ ﻣﻔﺎﺟﺊ ﻭﺫﻟﻚ ﻟﻀﻤﺎﻥ ﻋﺪﻡ ﻗﻴﺎﻡ ﺍﻹﺩﺍﺭﺓ ﺍﻟﺘﻨﻔﻴﺬﻳﺔ ﺑﺈﺟﺮﺍء ﺍﳉﺮﺍﺣﺎﺕ ﺍﻟﺘﺠﻤﻴﻠﻴﺔ‬
‫ﻟﻠﻘﻮﺍﺋﻢ ﺍﳌﺎﻟﻴﺔ ﻭﺍﳌﺤﺎﺳﺒﻴﺔ ﺍﳋﺎﺻﺔ ﺑﺎﻟﺸﺮﻛﺔ‪ ،‬ﻛﻤﺎ ﺃﻥ ﺃﻋﻀﺎء ﻫﺬﻩ ﺍﻟﻠﺠﻨﺔ ﳚﺐ ﺃﻥ ﻳﻜﻮﻧﻮﺍ ﻣﻦ ﺫﻭﻱ‬
‫ﺍﳋﱪﺓ ﻭﺍﻟﺪﺭﺍﻳﺔ ﺍﻟﻜﺎﻣﻠﺔ ﺑﻜﺎﻓﺔ ﻧﻮﺍﺣﻲ ﻭﻧﺸﺎﻃﺎﺕ ﺍﻟﺸﺮﻛﺔ ﻭﻳﺘﻤﻴﺰ ﺃﻋﻀﺎﺋﻬﺎ ﺑﺎﻟﻜﻔﺎءﺓ ﺍﻟﻌﺎﻟﻴﺔ ﰲ ﺍﳌﺠﺎﻝ‬
‫ﺍﳌﺎﱄ ﻭﺍﳌﺤﺎﺳﱯ‪ ،‬ﻓﻄﻠﺐ ﻫﺬﻩ ﺍﳌﻌﻠﻮﻣﺎﺕ ﻳﺴﺎﻋﺪ ﳉﻨﺔ ﺍﳌﺮﺍﺟﻌﺔ ﻭﺍﻟﺘﺪﻗﻴﻖ ﻋﻠﻰ ﻋﻤﻠﻴﺔ ﻭﺿﻊ ﺍﻟﺘﻮﺻﻴﺎﺕ‬
‫ﺍﳌﻨﺎﺳﺒﺔ ﻟﻀﻤﺎﻥ ﺳﻼﻣﺔ ﺍﻟﻮﺿﻊ ﺍﳌﺎﱄ ﻟﻠﺸﺮﻛﺔ ﻭﻣﻌﺎﳉﺔ ﻧﻘﺎﻁ ﺍﳋﻠﻞ ﺍﻥ ﻭﺟﺪﺕ ﻗﺒﻞ ﺍﺳﺘﻔﺤﺎﳍﺎ ﻭﻣﻦ‬

‫‪ -1‬ﺧﺎﻟﺪ ﺍﻟﺰﻋﱯ‪ ،‬ﺍﳌﺠﻤﻊ ﺍﻟﻌﺮﰊ ﻟﻠﻤﺤﺎﺳﺒﲔ ﺍﻟﻘﺎﻧﻮﻧﻴﲔ‪ ،‬ﳏﺎﺳﺐ ﻋﺮﰊ ﻗﺎﻧﻮﱐ ﻣﻌﺘﻤﺪ ‪ ،ACPA‬ﺍﻟﻮﺭﻗﺔ ﺍﻟﺮﺍﺑﻌﺔ ‪ -‬ﺍﻟﺘﺸﺮﻳﻌﺎﺕ‪ ،‬ﻁ‪ ،2013 ،1‬ﺹ‬
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‫~ ‪~ 64‬‬
‫ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻭﻋـﻼﻗﺘﻬﺎ ﺑﻨﻈﺮﻳﺔ ﺍﻟـﻮﻛﺎﻟﺔ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﻟﺚ‪:‬‬

‫ﻫﻨﺎ ﳚﺐ ﺃﻥ ﺗﻜﻮﻥ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﳌﺎﻟﻴﺔ ﻭﺍﳌﺤﺎﺳﺒﻴﺔ ﺍﻟﱵ ﺗﻘﺪﻡ ﳍﺬﻩ ﺍﻟﻠﺠﻨﺔ ﺻﺤﻴﺤﺔ ﻭﺩﻗﻴﻘﺔ ﻭﺗﻌﻜﺲ‬
‫ﺍﻟﻮﺍﻗﻊ ﺍﳌﺎﱄ ﻟﻠﺸﺮﻛﺔ ﲝﻴﺚ ﳝﻜﻦ ﺍﻻﻋﺘﻤﺎﺩ ﻋﻠﻰ ﻫﺬﻩ ﺍﳌﻌﻠﻮﻣﺎﺕ ﰲ ﻋﻤﻠﻴﺔ ﻭﺿﻊ ﺍﻟﺘﻮﺻﻴﺎﺕ ﻭﺍﲣﺎﺫ‬
‫ﺍﻟﻘﺮﺍﺭﺍﺕ ﺍﳌﺎﻟﻴﺔ ﺍﻋﺘﻤﺎﺩﺍ ﻋﻠﻴﻬﺎ‪.‬‬
‫ﻭﻣﻦ ﻫﻨﺎ ﺗﱪﺯ ﺃﳘﻴﺔ ﻭﺟﻮﺩ ﻣﺜﻞ ﻫﺬﻩ ﺍﻟﻠﺠﻨﺔ ﺍﻟﱵ ﺗﻘﻮﻡ ﺑﻌﻤﻠﻴﺔ ﺍﳌﺮﺍﻗﺒﺔ ﺍﳌﺒﺎﺷﺮﺓ ﻭﻏﲑ ﺍﳌﺒﺎﺷﺮﺓ‬
‫ﻟﻠﻮﺿﻊ ﺍﳌﺎﱄ ﻟﻠﺸﺮﻛﺔ ﻭﺍﻟﱵ ﻣﻦ ﺿﻤﻦ ﻣﻬﺎﻣﻬﺎ ﺍﻟﺮﺋﻴﺴﻴﺔ ﺍﻟﻘﻴﺎﻡ ﺑﻌﻤﻠﻴﺔ ﺍﳌﺮﺍﻗﺒﺔ ﺍﻟﺪﺍﺧﻠﻴﺔ ﻟﻠﻮﺿﻊ ﺍﳌﺎﱄ‬
‫ﻟﻠﺸﺮﻛﺔ ﻭﳏﺎﻭﻟﺔ ﻣﻌﺎﳉﺔ ﺃﻱ ﺧﻠﻞ ﻗﺪ ﻳﺼﻴﺐ ﺍﻟﺸﺮﻛﺔ ﺑﺎﻹﺿﺎﻓﺔ ﺇﱃ ﺇﺟﺮﺍء ﻋﻤﻠﻴﺔ ﺍﳌﺮﺍﺟﻌﺔ ﺍﻟﻜﺎﻣﻠﺔ‬
‫ﻟﻠﻤﻌﻠﻮﻣﺎﺕ ﺍﳌﺎﻟﻴﺔ ﻭﺍﳌﺤﺎﺳﺒﻴﺔ ﺍﳌﺬﻛﻮﺭﺓ ﰲ ﺍﻟﺘﻘﺎﺭﻳﺮ ﺍﳌﺎﻟﻴﺔ ﻟﻠﺸﺮﻛﺔ ﻭﺍﻟﱵ ﺗﻘﺪﻡ ﻟﻠﻤﺴﺎﳘﲔ ﻭﺍﳍﻴﺌﺎﺕ‬
‫ﺍﳊﻜﻮﻣﻴﺔ ﺫﺍﺕ ﺍﻟﻌﻼﻗﺔ‪ .‬ﺇﻥ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﳌﺎﻟﻴﺔ ﻭﺍﳌﺤﺎﺳﺒﻴﺔ ﺗﻌﱪ ﻋﻦ ﻫﻮﻳﺔ ﻭﺃﻧﺸﻄﺔ ﺃﻱ ﺷﺮﻛﺔ ﻭﺑﺎﻟﺘﺎﱄ‬
‫ﺗﻌﺘﱪ ﻫﻲ ﺍﻷﺳﺎﺱ ﺍﻟﺬﻱ ﳜﺪﻡ ﻋﻤﻠﻴﺔ ﺍﲣﺎﺫ ﺍﻟﻘﺮﺍﺭ ﺳﻮﺍء ﻛﺎﻥ ﻫﺬﺍ ﺍﻟﻘﺮﺍﺭ ﻣﺘﺨﺬ ﻣﻦ ﻗﺒﻞ ﺍﻷﻃﺮﺍﻑ‬
‫ﺍﻟﺪﺍﺧﻠﻴﺔ ﻟﻠﺸﺮﻛﺔ )ﺍﻹﺩﺍﺭﺓ ﺍﳌﺎﻟﻴﺔ ﻟﻠﺸﺮﻛﺔ‪ ،‬ﺍﻹﺩﺍﺭﺓ ﺍﻟﺘﻨﻔﻴﺬﻳﺔ‪ ،‬ﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ ‪ ...‬ﺇﱁ( ﺃﻭ ﻣﻦ ﻗﺒﻞ‬
‫ﺃﻃﺮﺍﻑ ﺧﺎﺭﺟﻴﺔ ﺍﳌﺴﺘﺜﻤﺮﻳﻦ ﺍﳌﺤﺘﻤﻠﻮﻥ‪ ،‬ﺍﻟﺪﺍﺋﻨﻮﻥ‪ ،‬ﺍﳌﺴﺎﳘﻮﻥ ‪ ...‬ﺇﱁ(‬
‫ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﳌﺎﻟﻴﺔ ﻭﺍﳌﺤﺎﺳﺒﻴﺔ ﻫﻲ ﻋﺒﺎﺭﺓ ﻋﻦ ﺍﳌﻨﺘﺞ ﺍﻟﻨﻬﺎﺋﻲ ﻟﻠﺒﻴﺎﻧﺎﺕ ﺍﳌﺎﻟﻴﺔ ﻭﺍﳌﺤﺎﺳﺒﻴﺔ‬
‫ﻭﺍﳊﺮﻛﺎﺕ ﻭﺍﻟﻘﻴﻮﺩ ﺍﻟﻴﻮﻣﻴﺔ ﺍﻟﱵ ﻳﺘﻢ ﺇﺟﺮﺍءﻫﺎ ﺩﺍﺧﻞ ﺍﻟﺸﺮﻛﺔ ﲟﻌﲎ ﺍﻥ ﻛﻞ ﻧﺸﺎﻁ ﺃﻭ ﺇﺟﺮﺍء ﻳﺘﺨﺬ‬
‫ﺩﺍﺧﻞ ﺍﻟﺸﺮﻛﺔ ﻳﺘﻢ ﺍﻟﺘﻌﺒﲑ ﻋﻨﻪ ﺑﻘﻴﺪ ﳏﺎﺳﱯ ﻳﻌﻜﺲ ﻫﺬﻩ ﺍﻟﻌﻤﻠﻴﺔ ﰲ ﺍﻟﺪﻓﺎﺗﺮ‪ ،‬ﲟﻌﲎ ﺃﺩﻕ ﻓﺈﻥ ﺍﻟﻘﻮﺍﺋﻢ‬
‫ﺍﳌﺎﻟﻴﺔ ﻫﻲ ﻧﺘﺎﺝ ﻟﻌﻤﻠﻴﺔ ﺍﳌﻌﺎﳉﺔ ﺍﳌﺤﺎﺳﺒﻴﺔ ﻟﻜﺎﻓﺔ ﺍﻷﻧﺸﻄﺔ ﻭﺍﻟﻘﺮﺍﺭﺍﺕ ﺍﻟﱵ ﺗﻘﻮﻡ ‪‬ﺎ ﺍﻟﺸﺮﻛﺔ ﻭﻫﺬﻩ‬
‫ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﳌﺤﺎﺳﺒﻴﺔ ﳚﺐ ﺃﻥ ﺗﺘﻤﻴﺰ ﲟﺠﻤﻮﻋﺔ ﻣﻦ ﺍﳋﺼﺎﺋﺺ ﻭﺫﻟﻚ ﺣﱴ ﺗﻌﱪ ﺑﺸﻜﻞ ﺩﻗﻴﻖ ﻭﺳﻠﻴﻢ‬
‫ﻋﻦ ﺍﻟﻮﺿﻊ ﺍﳊﻘﻴﻘﻲ ﻟﻠﺸﺮﻛﺔ ﲝﻴﺚ ﳝﻜﻦ ﺍﺳﺘﺨﺪﺍﻣﻬﺎ ﻣﻦ ﻗﺒﻞ ﲨﻴﻊ ﺍﻷﻃﺮﺍﻑ ﺩﺍﺧﻠﻴﺔ ﻛﺎﻧﺖ ﺃﻡ‬
‫ﺧﺎﺭﺟﻴﺔ ‪ .‬ﺃﻥ ﺍﳌﻌﻴﺎﺭ ﺍﻟﺪﻭﱄ ﺭﻗﻢ )‪ (1‬ﻳﺼﻒ ﺍﳋﺼﺎﺋﺺ ﺍﻟﻨﻮﻋﻴﺔ ﺍﻟﱵ ﳚﺐ ﺃﻥ ﺗﺘﻮﺍﻓﺮ ﰲ ﺍﻟﺒﻴﺎﻧﺎﺕ‬
‫ﺍﳌﺎﻟﻴﺔ ﺍﳌﻌﺮﻭﺿﺔ ﻣﻦ ﻗﺒﻞ ﺍﻟﺸﺮﻛﺎﺕ ﺣﻴﺚ ﳛﺪﺩ ﻫﺬﺍ ﺍﳌﻌﻴﺎﺭ ﺃﻥ ﺍﳋﺼﺎﺋﺺ ﺍﻟﻨﻮﻋﻴﺔ " ﻫﻲ ﺻﻔﺎﺕ ﲡﻌﻞ‬
‫ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﳌﻌﺮﻭﺿﺔ ﰲ ﺍﻟﺒﻴﺎﻧﺎﺕ ﺍﳌﺎﻟﻴﺔ ﻣﻔﻴﺪﺓ ﻟﻠﻤﺴﺘﺨﺪﻣﲔ "‪.‬‬
‫ﻭﳝﻜﻦ ﺣﺼﺮ ﻫﺬﻩ ﺍﳋﺼﺎﺋﺺ ﺍﻟﻨﻮﻋﻴﺔ ﲟﺎ ﻳﻠﻲ‪:1‬‬
‫‪ -1‬ﺍﳌﻼﺋﻤﺔ ﺇﻥّ ﺍﳌﻘﺼﻮﺩ ﺑﺎﳌﻼﺋﻤﺔ ﺃﻭ ﺍﳌﻮﺍﺋﻤﺔ ﻛﺼﻔﺔ ﳚﺐ ﺍﻥ ﺗﺘﺼﻒ ‪‬ﺎ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﳌﺎﻟﻴﺔ ﻭﺍﳌﺤﺎﺳﺒﻴﺔ‬
‫ﻫﻮ ﺿﺮﻭﺭﺓ ﻭﺟﻮﺩ ﻋﻼﻗﺔ ﻭﺛﻴﻘﺔ ﻣﺎ ﺑﲔ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﻟﻮﺍﺭﺩﺓ ﰲ ﺍﻟﺘﻘﺎﺭﻳﺮ ﺍﳌﺎﻟﻴﺔ ﻭﺍﳌﺤﺎﺳﺒﻴﺔ ﻭﺍﻷﻫﺪﺍﻑ‬
‫ﻭﺍﻟﻐﺎﻳﺎﺕ ﺍﻟﱵ ﰎ ﺇﻋﺪﺍﺩ ﻫﺬﻩ ﺍﳌﻌﻠﻮﻣﺎﺕ ﻣﻦ ﺃﺟﻠﻬﺎ ﻓﻮﺟﻮﺩ ﻫﺬﻩ ﺍﻟﺼﻔﺔ ﰲ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﳌﺎﻟﻴﺔ ﻭﺍﳌﺤﺎﺳﺒﻴﺔ‬

‫‪ 1‬ﺍﻷﺳﺘﺎﺫ ﺍﻟﺪﻛﺘﻮﺭ ﺧﺎﻟﺪ ﺍﻟﺰﻋﱯ‪ ،‬ﺍﳌﺠﻤﻊ ﺍﻟﻌﺮﰊ ﻟﻠﻤﺤﺎﺳﺒﲔ ﺍﻟﻘﺎﻧﻮﻧﻴﲔ‪ ،‬ﳏﺎﺳﺐ ﻋﺮﰊ ﻗﺎﻧﻮﱐ ﻣﻌﺘﻤﺪ ‪ ،ACPA‬ﺍﻟﻮﺭﻗﺔ ﺍﻟﺮﺍﺑﻌﺔ ‪ -‬ﺍﻟﺘﺸﺮﻳﻌﺎﺕ‪ ،‬ﻁ‪،1‬‬
‫‪ ،2013‬ﺹ ‪-‬ﺹ ‪.22-21‬‬

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‫ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻭﻋـﻼﻗﺘﻬﺎ ﺑﻨﻈﺮﻳﺔ ﺍﻟـﻮﻛﺎﻟﺔ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﻟﺚ‪:‬‬

‫ﳝﻜﻦ ﺇﺩﺍﺭﺓ ﺍﻟﺸﺮﻛﺔ ﻣﻦ ﺍﻻﻋﺘﻤﺎﺩ ﻋﻠﻰ ﻫﺬﻩ ﺍﳌﻌﻠﻮﻣﺎﺕ ﻟﻐﺎﻳﺎﺕ ﺍﲣﺎﺫ ﺍﻟﻘﺮﺍﺭ‪ ،‬ﺍﳌﻌﻴﺎﺭ ﺍﻟﺪﻭﱄ ﺭﻗﻢ )‪(1‬‬
‫ﻳﻘﻮﻝ ﺃﻥ )ﺍﳌﻼﺋﻤﺔ ﻟﺘﻜﻮﻥ ﻣﻔﻴﺪﺓ ﻓﺈﻥ ﺍﳌﻌﻠﻮﻣﺎﺕ ﳚﺐ ﺃﻥ ﺗﺘﻼءﻡ ﻣﻊ ﺣﺎﺟﺎﺕ ﻣﺘﺨﺬﻱ ﺍﻟﻘﺮﺍﺭﺍﺕ‬
‫ﻭﲤﻠﻚ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﳌﺎﻟﻴﺔ ﻭﺍﳌﺤﺎﺳﺒﻴﺔ ﺻﻔﺔ ﺍﳌﻼﺋﻤﺔ ﻋﻨﺪﻣﺎ ﺗﺆﺛﺮ ﻋﻠﻰ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺍﳌﺘﺨﺬﺓ ﻣﻦ ﻗﺒﻞ ﺍﻟﺸﺮﻛﺔ‬
‫ﻭﺍﳌﺴﺎﻋﺪﺓ ﰲ ﺗﻘﻴﻴﻢ ﺍﻷﺣﺪﺍﺙ ﺍﳌﺎﺿﻴﺔ ﻭﺍﳊﺎﻟﻴﺔ ﻭﺍﳌﺴﺘﻘﺒﻠﻴﺔ ﺑﺎﻹﺿﺎﻓﺔ ﻋﻠﻰ ﺗﺼﺤﻴﺢ ﺍﻟﺘﻘﻴﻴﻤﺎﺕ‬
‫ﺍﳌﺎﺿﻴﺔ(‪.‬‬
‫‪ -2‬ﺃﻣﺎﻧﺔ ﺍﳌﻌﻠﻮﻣﺎﺕ ﻭﺇﻣﻜﺎﻧﻴﺔ ﺍﻹﻋﺘﻤﺎﺩ ﻋﻠﻴﻬﺎ‬
‫ﰎ ﺇﻋﺪﺍﺩ ﺍﻟﻘﻮﺍﺋﻢ ﺍﳌﺎﻟﻴﺔ ﻭﺍﳌﺤﺎﺳﺒﻴﺔ ﺇﻋﺘﻤﺎﺩﺍ ﻋﻠﻰ ﺍﻟﺒﻴﺎﻧﺎﺕ ﺍﳌﺎﻟﻴﺔ ﺍﳋﺎﺻﺔ ﺑﺎﻟﺸﺮﻛﺔ ﻭﺍﻟﱵ ﳚﺐ‬
‫ﺃﻥ ﺗﻌﱪ ﻋﻦ ﺍﻟﻮﺿﻊ ﺍﳊﻘﻴﻘﻲ ﻟﻠﺸﺮﻛﺔ ﻭﻫﺬﻩ ﺍﻟﻘﻮﺍﺋﻢ ﺍﳌﺎﻟﻴﺔ ﻭﺍﳌﺤﺎﺳﺒﻴﺔ ﺗﺴﺘﺨﺪﻡ ﰲ ﻋﻤﻠﻴﺔ ﺇﲣﺎﺫ ﺍﻟﻘﺮﺍﺭ‬
‫ﻭﺑﺎﻟﺘﺎﱄ ﺣﱴ ﻳﺘﻢ ﺇﲣﺎﺫ ﻗﺮﺍﺭ ﺻﺤﻴﺢ ﳚﺐ ﺃﻥ ﺗﻜﻮﻥ ﺍﳌﻮﺍﺩ ﺍﻟﺪﺍﺧﻠﺔ ) ﺍﻟﻘﻮﺍﺋﻢ ﺍﳌﺎﻟﻴﺔ ﰲ ﻋﻤﻠﻴﺔ ﺇﲣﺎﺫ‬
‫ﺍﻟﻘﺮﺍﺭ ﺻﺤﻴﺤﺔ ﺃﻱ ﻟﻀﻤﺎﻥ ﺟﻮﺩﺓ ﺍﳌﺨﺮﺟﺎﺕ ﻻ ﺑﺪ ﻣﻦ ﺿﻤﺎﻥ ﺻﺤﺔ ﺍﳌﺪﺧﻼﺕ ﻭﻛﻮﻥ ﺍﻟﻘﺮﺍﺭﺍﺕ‬
‫ﺍﳌﺎﻟﻴﺔ ﺗﺘﺨﺬ ﻟﻠﺘﻌﺎﻣﻞ ﻣﻊ ﺍﻟﻮﺍﻗﻊ ﻭﺍﻟﺒﻴﺌﺔ ﺍﻟﱵ ﺗﻌﻤﻞ ‪‬ﺎ ﺍﻟﺸﺮﻛﺔ ﻓﻼ ﺑﺪ ﻣﻦ ﺃﻥ ﺗﻜﻮﻥ ﺍﻟﻘﻮﺍﺋﻢ ﺍﳌﺎﻟﻴﺔ‬
‫ﻭﺍﳌﺤﺎﺳﺒﻴﺔ ﺩﻗﻴﻘﺔ ﻭﺻﺤﻴﺤﺔ ﻭﺗﻌﻜﺲ ﺍﻟﻮﺍﻗﻊ ﺍﳊﻘﻴﻘﻲ ﻟﻠﺸﺮﻛﺔ ‪ .‬ﺍﳌﻌﻴﺎﺭ ﺍﻟﺪﻭﱄ ﺭﻗﻢ )‪ (1‬ﻳﻘﻮﻝ‬
‫)ﻟﺘﻜﻮﻥ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺫﺍﺕ ﻓﺎﺋﺪﺓ ﳚﺐ ﺃﻥ ﺗﻜﻮﻥ ﻣﻮﺛﻮﻗﺔ ﺃﻱ ﺧﺎﻟﻴﺔ ﻣﻦ ﺍﻷﺧﻄﺎء ﺍﳉﻮﻫﺮﻳﺔ ﻭﺍﻟﺘﻤﻴﺰ‪،‬‬
‫ﻭﳝﻜﻦ ﺍﻹﻋﺘﻤﺎﺩ ﻋﻠﻴﻬﺎ ﻣﻦ ﻗﺒﻞ ﻣﺘﺨﺬﻱ ﺍﻟﻘﺮﺍﺭﺍﺕ ﻛﻮ‪‬ﺎ ﺗﻌﱪ ﺑﺸﻜﻞ ﺻﺤﻴﺢ ﻋﻦ ﻭﺍﻗﻊ ﺍﻟﺸﺮﻛﺔ ( ‪.‬‬
‫ﺇﺫﺍ ﻓﺈﻥ ﺗﻄﺒﻴﻖ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻋﻠﻰ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﳌﺎﻟﻴﺔ ﻭﺍﳌﺤﺎﺳﺒﻴﺔ ﻳﺸﺘﺮﻁ ﻭﻳﻔﺘﺮﺽ ﻭﺟﻮﺩ ﺻﻔﺔ‬
‫ﺍﻷﻣﺎﻧﺔ ﻭﺍﻟﺜﻘﺔ ﻭﺇﻣﻜﺎﻧﻴﺔ ﺍﻹﻋﺘﻤﺎﺩ ﻋﻠﻰ ﻫﺬﻩ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﻟﱵ ﺗﺰﺩﺍﺩ ﻛﻠﻤﺎ ﺗﻌﺰﺯﺕ ﻓﻴﻬﺎ ﻫﺬﻩ ﺍﻟﺼﻔﺎﺕ‪.‬‬
‫‪ -3‬ﺣﻴﺎﺩﻳﺔ ﺍﳌﻌﻠﻮﻣﺎﺕ‬
‫ﺍﻧﺼﺎﻑ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﳌﺎﻟﻴﺔ ﻭﺍﳌﺤﺎﺳﺒﻴﺔ ﺑﺼﻨﺔ ﺍﳊﻴﺎﺩﻳﺔ ﻭﻋﺪﻡ ﺍﻟﺘﺤﻴﺰ ﺿﺮﻭﺭﻱ ﻟﻀﻤﺎﻥ ﻋﺪﻡ ﺗﻮﺟﻴﻪ‬
‫ﻣﺘﺨﺬﻱ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺍﻟﺬﻳﻦ ﻳﻌﺘﻤﺪﻭﻥ ﻋﻠﻰ ﻫﺬﻩ ﺍﳌﻌﻠﻮﻣﺎﺕ ﳓﻮ ﺇﲣﺎﺫ ﻗﺮﺍﺭ ﻣﻌﲔ ﺃﻭ ﳏﺪﺩ ﺳﻠﻔﺎ ﻭﺇﳕﺎ ﺇﲣﺎﺫ‬
‫ﺍﻟﻘﺮﺍﺭﺍﺕ ﺍﻟﱵ ﺗﻌﺘﻤﺪ ﻋﻠﻰ ﺇﺟﺮﺍء ﺗﻘﻴﻴﻢ ﺣﻘﻴﻘﻲ ﻭﻭﺍﻗﻌﻲ ﻭﻣﻮﺿﻮﻋﻲ ﻻ ﲢﻴﺰ ﻓﻴﻪ ﺃﻱ ﺃﻥ ﺗﻮﻓﺮ ﺍﻟﱰﺍﻫﺔ ﰲ‬
‫ﻫﺬﻩ ﺍﳌﻌﻠﻮﻣﺎﺕ ﻳﺆﺩﻱ ﺇﱃ ﺇﲣﺎﺫ ﻗﺮﺍﺭﺍﺕ ﻣﻮﺿﻮﻋﻴﺔ ﻭﻧﺰﻳﻬﺔ ﺗﺴﺎﻋﺪ ﰲ ﺗﺼﻮﻳﺐ ﻭﺗﺪﻋﻴﻢ ﺍﳌﻮﻗﻊ ﺍﳌﺎﱄ‬
‫ﻟﻠﺸﺮﻛﺔ‪ ،‬ﺍﳌﻌﻴﺎﺭ ﺍﻟﺪﻭﱄ ﺭﻗﻢ ) ‪ ( 1‬ﻳﻘﻮﻝ ‪‬ﺬﺍ ﺍﳋﺼﻮﺹ ) ﳚﺐ ﺃﻥ ﺗﻜﻮﻥ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺃﻭ ﺍﻟﺒﻴﺎﻧﺎﺕ‬
‫ﺍﻟﱵ ﲢﺘﻮﻳﻬﺎ ﺍﻟﻘﻮﺍﺋﻢ ﺍﳌﺎﻟﻴﺔ ﳏﺎﻳﺪﺓ ﺃﻱ ﺧﺎﻟﻴﺔ ﻣﻦ ﺍﻟﺘﺤﻴﺰ ﻭﻻ ﺗﻌﺘﱪ ﺍﻟﻘﻮﺍﺋﻢ ﺍﳌﺎﻟﻴﺔ ﳏﺎﻳﺪﺓ ﺇﺫﺍ ﻛﺎﻥ ﻋﺮﺽ‬
‫ﺍﳌﻌﻠﻮﻣﺎﺕ ﻳﺆﺛﺮ ﻋﻠﻰ ﺇﲣﺎﺫ ﺍﻟﻘﺮﺍﺭ ‪‬ﺪﻑ ﲢﻘﻴﻖ ﻧﺘﻴﺠﺔ ﺃﻭ ﺣﺼﻴﻠﺔ ﳏﺪﺩﺓ ﺳﻠﻔﺎ ( ‪ .‬ﺃﻱ ﺃﻥ ﺍﻷﻃﺮﺍﻑ‬
‫ﺍﳌﺴﺌﻮﻟﺔ ﻋﻦ ﺇﻋﺪﺍﺩ ﺍﻟﻘﻮﺍﺋﻢ ﺍﳌﺎﻟﻴﺔ ﳚﺐ ﺃﻥ ﺗﻘﺪﻡ ﻣﻌﻠﻮﻣﺎﺕ ﳏﺎﺳﺒﻴﺔ ﺗﺘﺼﻒ ﺑﺼﻔﺔ ﻋﺪﻡ ﺍﻟﺘﺤﻴﺰ ﻭﻫﺬﺍ‬
‫ﻣﻦ ﻭﺍﺟﺒﺎﺕ ﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ ﻭﳉﻨﺔ ﺍﻟﺘﺪﻗﻴﻖ ﻭﺍﳌﺮﺍﺟﻌﺔ ﺣﺴﺐ ﻣﻨﻈﻮﺭ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ‪.‬‬

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‫ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻭﻋـﻼﻗﺘﻬﺎ ﺑﻨﻈﺮﻳﺔ ﺍﻟـﻮﻛﺎﻟﺔ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﻟﺚ‪:‬‬

‫‪ -4‬ﻗﺎﺑﻠﻴﺔ ﺍﳌﻌﻠﻮﻣﺎﺕ ﻟﻠﻤﻘﺎﺭﻧﺔ‬

‫ﻣﻦ ﺍﻻﺳﺘﺨﺪﺍﻣﺎﺕ ﺍﻟﺮﺋﻴﺴﻴﺔ ﻟﻠﻘﻮﺍﺋﻢ ﺍﳌﺎﻟﻴﺔ ﻭﺍﳌﺤﺎﺳﺒﻴﺔ ﺍﺳﺘﺨﺪﺍﻣﻬﺎ ﻟﻐﺎﻳﺎﺕ ﻣﻘﺎﺭﻧﺔ ﺍﻷﺩﺍء ﺳﻮﺍء‬
‫ﻛﺎﻧﺖ ﻫﺬﻩ ﺍﳌﻘﺎﺭﻧﺔ ﻣﺎ ﺑﲔ ﺃﺩﺍء ﺍﻟﺸﺮﻛﺔ ﺍﳌﺎﱄ ﻭﺃﺩﺍء ﺍﻟﺸﺮﻛﺎﺕ ﺍﻷﺧﺮﻯ ﺍﳌﻤﺎﺛﻠﺔ ﺃﻭ ﺇﺟﺮﺍء ﺍﳌﻘﺎﺭﻧﺔ ﰲ‬
‫ﻣﺴﺘﻮﻳﺎﺕ ﺍﻷﺩﺍء ﺣﺴﺐ ﺍﻟﻔﺘﺮﺍﺕ ﺍﻟﺰﻣﻨﻴﺔ ﺃﻱ ﺃﻥ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﳌﺤﺎﺳﺒﻴﺔ ﺗﺼﺒﺢ ﺫﺍﺕ ﻓﺎﺋﺪﺓ ﺃﻛﱪ ﻛﻠﻤﺎ‬
‫ﺍﺗﺼﻔﺖ ﻋﻤﻠﻴﺔ ﺇﻋﺪﺍﺩﻫﺎ ﺑﺎﺳﺘﺨﺪﺍﻡ ﺃﺳﺎﻟﻴﺐ ﻣﻌﺘﻤﺪﺓ ﰲ ﺍﻟﻘﻴﺎﺱ ﻭﺍﻹﻓﺼﺎﺡ ﺣﺴﺐ ﺍﳌﻌﻴﺎﺭ ﺍﻟﺪﻭﱄ ﺭﻗﻢ‬
‫)‪) (1‬ﳚﺐ ﺃﻥ ﻳﺘﻤﻜﻦ ﻣﺴﺘﺨﺪﻣﻲ ﺍﻟﺒﻴﺎﻧﺎﺕ ﻭﺍﻟﻘﻮﺍﺋﻢ ﺍﳌﺎﻟﻴﺔ ﻣﻦ ﺇﺟﺮﺍء ﻭﺗﻄﺒﻴﻖ ﺃﺳﻠﻮﺏ ﺍﳌﻘﺎﺭﻧﺔ ﻟﻠﻘﻮﺍﺋﻢ‬
‫ﺍﳌﺎﻟﻴﺔ ﻟﻠﻤﺸﺮﻭﻉ ﻋﻠﻰ ﻣﺮﻭﺭ ﺍﻟﺰﻣﻦ ﻣﻦ ﺃﺟﻞ ﲢﺪﻳﺪ ﺍﻹﲡﺎﻫﺎﺕ ﰲ ﻣﺮﻛﺰ ﺍﳌﺎﱄ ﺃﻭ ﺍﻷﺩﺍء ﺍﳌﺎﱄ ﺍﻟﺸﺮﻛﺔ‬
‫ﻛﻤﺎ ﻭﳚﺐ ﺃﻥ ﻳﻜﻮﻥ ﺑﺈﻣﻜﺎ‪‬ﻢ ﻣﻘﺎﺭﻧﺔ ﺍﻟﻘﻮﺍﺋﻢ ﺍﳌﺎﻟﻴﺔ ﻟﻠﻤﺸﺎﺭﻳﻊ ﺍﳌﺨﺘﻠﻔﺔ ﻣﻦ ﺍﺟﻞ ﺇﺟﺮﺍء ﺍﻟﺘﻘﻴﻴﻢ‬
‫ﺍﻟﻨﺴﱯ ﻟﻠﻮﺿﻊ ﺍﳌﺎﱄ ﻟﻠﺸﺮﻛﺔ(‬
‫ﻭﻣﻦ ﻫﻨﺎ ﻛﺎﻥ ﻟﺰﺍﻣﺎ ﻋﻠﻰ ﳉﻨﺔ ﺍﳌﺮﺍﺟﻌﺔ ﻭﺍﻟﺘﺪﻗﻴﻖ ﺍﳌﻨﺒﺜﻘﺔ ﻣﻦ ﳎﻠﺲ ﺇﺩﺍﺭﺓ ﺍﻟﺸﺮﻛﺔ ﺃﻥ ﺗﻘﻮﻡ‬
‫ﺑﺈﺟﺮﺍء ﻋﻤﻠﻴﺔ ﻛﺎﻣﻠﺔ ﻣﻦ ﺍﻟﺘﺪﻗﻴﻖ ﻭﺍﳌﺮﺍﺟﻌﺔ ﻟﻠﻤﻌﻠﻮﻣﺎﺕ ﺍﳌﺤﺎﺳﺒﻴﺔ ﻭﺍﻟﻘﻮﺍﺋﻢ ﺍﳌﺎﻟﻴﺔ ﻭﻣﻘﺎﺭﻧﺘﻬﺎ ﺑﺎﻟﻘﻮﺍﺋﻢ‬
‫ﺍﳌﺎﻟﻴﺔ ﻟﺸﺮﻛﺎﺕ ﺃﺧﺮﻯ ﻣﺸﺎ‪‬ﺔ ﻭﺫﻟﻚ ﻟﻠﻤﺴﺎﻋﺪﺓ ﰲ ﺇﲣﺎﺫ ﺍﻟﻘﺮﺍﺭ ﺍﻟﺴﻠﻴﻢ‪.‬‬
‫‪ -5‬ﺍﻟﺘﻮﻗﻴﺖ ﺍﳌﻨﺎﺳﺐ‬
‫ﺍﳌﻘﺼﻮﺩ ﺑﺎﻟﺘﻮﻗﻴﺖ ﺍﳌﻨﺎﺳﺐ ﻫﻮ ﺗﻮﻓﲑ ﺍﳌﻌﻠﻮﻣﺎﺕ ﻭﺍﻟﻘﻮﺍﺋﻢ ﺍﳌﺎﻟﻴﺔ ﻭﺍﳌﺤﺎﺳﺒﻴﺔ ﰲ ﻭﻗﺘﻬﺎ ﺃﻱ ﳚﺐ‬
‫ﺇﺗﺎﺣﺔ ﻫﺬﻩ ﺍﳌﻌﻠﻮﻣﺎﺕ ﻭﺍﻟﻘﻮﺍﺋﻢ ﻭﺿﻤﺎﻥ ﺗﻮﻓﺮﻫﺎ ﰲ ﺍﻟﺘﻮﻗﻴﺖ ﺍﳌﻼﺋﻢ ﻟﻠﻔﺘﺮﺓ ﺍﳌﺎﻟﻴﺔ ﺃﻭ ﺍﳌﺤﺎﺳﺒﻴﺔ ﺍﻟﱵ ﺗﻌﱪ‬
‫ﻋﻨﻬﺎ ﻫﺬﻩ ﺍﻟﻘﻮﺍﺋﻢ ﻛﻮﻥ ﺃﻥ ﻫﺬﻩ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺗﻔﻘﺪ ﻗﻴﻤﺘﻬﺎ ﺇﺫﺍ ﱂ ﻳﺘﻢ ﺗﻮﻓﲑﻫﺎ ﻋﻨﺪ ﺍﳊﺎﺟﺔ ﻻﺳﺘﺨﺪﺍﻣﻬﺎ‪.‬‬
‫ﺍﳌﻌﻴﺎﺭ ﺍﻟﺪﻭﱄ ﺭﻗﻢ )‪ (1‬ﺇﺫﺍ ﺣﺪﺙ ﺗﺄﺛﲑ ﻏﲑ ﺿﺮﻭﺭﻱ ﰲ ﺗﻘﺪﱘ ﺍﻟﺘﻘﺎﺭﻳﺮ ﺍﳌﺎﻟﻴﺔ ﻓﺈﻥ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﻟﻮﺍﺭﺩﺓ‬
‫ﰲ ﻫﺬﻩ ﺍﻟﺘﻘﺎﺭﻳﺮ ﻗﺪ ﺗﻔﻘﺪ ﻗﻴﻤﺘﻬﺎ ﻟﺬﺍ ﻓﺈﻥ ﺍﻹﺩﺍﺭﺓ ﲝﺎﺟﺔ ﺇﱃ ﺍﳌﻮﺍﺯﻧﺔ ﺑﲔ ﻣﻴﺰﺓ ﺗﻮﻓﲑ ﺍﻟﺘﻘﺎﺭﻳﺮ ﰲ ﺍﻟﻮﻗﺖ‬
‫ﺍﳌﻨﺎﺳﺐ ﻭﲤﺘﻊ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺑﺼﻔﺔ ﺍﳌﺼﺪﺍﻗﻴﺔ ﻭﺍﻟﺜﻘﺔ(‪.‬‬
‫‪ -6‬ﺍﻹﻓﺼﺎﺡ ﻭﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ‬
‫ﻳﻌﺘﱪ ﺍﻹﻓﺼﺎﺡ ﻋﻦ ﺍﻟﻘﻮﺍﺋﻢ ﺍﳌﺎﻟﻴﺔ ﻣﻦ ﺍﳌﺮﺗﻜﺰﺍﺕ ﺍﻟﺮﺋﻴﺴﻴﺔ ﻟﻌﻤﻠﻴﺔ ﺗﻄﺒﻴﻖ ﻣﻌﺎﻳﲑ ﺍﳊﻮﻛﻤﺔ‬
‫ﻭﺧﺼﻮﺻﺎ ﰲ ﺍﻟﺸﺮﻛﺎﺕ ﺍﳌﺴﺎﳘﺔ ﺍﻟﻌﺎﻣﺔ ﺍﻟﱵ ﺗﻔﺘﺢ ﺑﺎﺏ ﺍﳌﻠﻜﻴﺔ ﳉﻤﻴﻊ ﺍﳉﻬﺎﺕ ﺍﻟﺮﺍﻏﺒﺔ ﰲ ﺍﻹﺳﺘﺜﻤﺎﺭ‬
‫ﰲ ﺍﻟﺸﺮﻛﺔ‪ ،‬ﻛﻤﺎ ﺃﻥ ﺳﻌﻲ ﺍﻟﺸﺮﻛﺎﺕ ﺍﻟﺘﺤﻮﻳﻞ ﻧﺸﺎﻃﺎ‪‬ﺎ ﻣﻦ ﺧﻼﻝ ﺍﻹﻗﺮﺍﺽ ﺃﺩﻯ ﺇﱃ ﺳﻌﻲ‬
‫ﺍﳌﺴﺘﺜﻤﺮﻳﻦ ﻭﺍﳌﻘﺮﺿﲔ ﻟﻠﺤﺼﻮﻝ ﻋﻠﻰ ﺑﻴﺎﻧﺎﺕ ﻭﻗﻮﺍﺋﻢ ﻣﺎﻟﻴﺔ ﺫﺍﺕ ﻣﺴﺘﻮﻯ ﻋﺎﱄ ﻣﻦ ﺍﻹﻓﺼﺎﺡ ﻋﻦ‬
‫ﻧﺘﺎﺋﺞ ﺃﻋﻤﺎﻝ ﺍﻟﺸﺮﻛﺔ ﻭﻣﺮﻛﺰﻫﺎ ﺍﳌﺎﻟﻴﺔ ﻭﻭﻓﻘﺎ ﻟﻠﻤﺒﺎﺩﺉ ﺍﳌﺤﺎﺳﺒﻴﺔ ﺍﳌﺘﻌﺎﺭﻑ ﻋﻠﻴﻬﺎ ﻭﺍﻟﱵ ﺗﻘﻀﻲ ﺑﻀﺮﻭﺭﺓ‬
‫ﺍﻹﻓﺼﺎﺡ ﻋﻦ ﲨﻴﻊ ﺍﳌﻌﻠﻮﻣﺎﺕ ﰲ ﺍﻟﻘﻮﺍﺋﻢ ﺍﳌﺎﻟﻴﺔ‪ ،‬ﻓﻴﺠﺐ ﺃﻥ ﺗﺸﻤﻞ ﺍﻟﻘﻮﺍﺋﻢ ﺍﳌﺎﻟﻴﺔ ﲨﻴﻊ ﺍﳌﻌﻠﻮﻣﺎﺕ‬

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‫ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻭﻋـﻼﻗﺘﻬﺎ ﺑﻨﻈﺮﻳﺔ ﺍﻟـﻮﻛﺎﻟﺔ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﻟﺚ‪:‬‬

‫ﺍﻟﻼﺯﻣﺔ ﻭﺍﻟﻀﺮﻭﺭﻳﺔ ﻹﻋﻄﺎء ﺻﻮﺭﺓ ﺻﺤﻴﺤﺔ ﻭﻭﺍﺿﺤﺔ ﻋﻦ ﺍﻟﺸﺮﻛﺔ‪ ،‬ﻛﻤﺎ ﳚﺐ ﺃﻥ ﻳﺘﺼﻒ ﻫﺬﺍ‬
‫ﺍﻹﻓﺼﺎﺡ ﺑﺼﻔﺔ ﺍﻟﺸﻤﻮﻟﻴﺔ ﻭﺍﻥ ﻳﻜﻮﻥ ﻣﻨﺎﺳﺒﺔ ﻭﻋﺎﺩ ‪.‬‬
‫ﻭﺣﱴ ﻳﺘﺼﻒ ﺍﻹﻓﺼﺎﺡ ﺑﺎﻟﺼﻔﺎﺕ ﺍﳌﺬﻛﻮﺭﺓ ﺳﺎﺑﻘﺔ ﻻ ﺑﺪ ﺃﻥ ﻳﺘﻢ ﺗﺼﻤﻴﻢ ﻭﺇﻋﺪﺍﺩ ﺍﻟﻘﻮﺍﺋﻢ ﺍﳌﺎﻟﻴﺔ‬
‫ﺑﺸﻜﻞ ﻳﻌﻜﺲ ﺑﺪﻗﺔ ﲨﻴﻊ ﺍﻷﺣﺪﺍﺙ ﻭﺍﳊﻘﺎﺋﻖ ﺍﳌﺎﻟﻴﺔ ﻭﺍﳉﻮﻫﺮﻳﺔ ﺍﻟﱵ ﺃﺛﺮﺕ ﻭﺳﺘﺆﺛﺮ ﻋﻠﻰ ﺍﻟﺸﺮﻛﺔ‬
‫ﺧﻼﻝ ﺍﻟﻔﺘﺮﺓ‪ .‬ﺇﻥ ﻋﻤﻠﻴﺔ ﺍﻻﻧﻔﺼﺎﻝ ﺑﲔ ﺍﳌﻠﻜﻴﺔ ﻭﺍﻹﺩﺍﺭﺓ ﺃﺩﻯ ﺇﱃ ﺿﺮﻭﺭﺓ ﺗﻄﺒﻴﻖ ﻣﻌﺎﻳﲑ ﺍﳊﻮﻛﻤﺔ‪،‬‬
‫ﻭﺟﺰء ﺃﺳﺎﺳﻲ ﻣﻦ ﻫﺬﻩ ﺍﳌﻌﺎﻳﲑ ﻳﺴﺘﻨﺪ ﻋﻠﻰ ﻃﺮﻳﻘﺔ ﻗﻴﺎﻡ ﺍﻟﺸﺮﻛﺔ ﺑﺎﻹﻓﺼﺎﺡ ﻭﺍﻹﻋﻼﻥ ﻋﻦ ﺍﻷﺣﺪﺍﺙ‬
‫ﺍﳉﻮﻫﺮﻳﺔ ﻭﺍﻟﻘﻮﺍﺋﻢ ﺍﳌﺎﻟﻴﺔ ﺍﳋﺎﺻﺔ ﺑﺎﻟﺸﺮﻛﺔ‪ ،‬ﻭﻫﺬﺍ ﺍﻻﻧﻔﺼﺎﻝ ﺑﺎﻋﺪ ﺑﲔ ﺍﳌﺴﺎﳘﲔ ﺍﻟﺬﻳﻦ ﳝﺘﻠﻜﻮﻥ‬
‫ﺍﳌﺸﺮﻭﻉ ﻭﺑﲔ ﺍﻷﺭﻗﺎﻡ ﺍﳌﺤﺎﺳﺒﻴﺔ ﺍﻟﱵ ﲤﺜﻞ ﻣﺮﻛﺰ ﺍﳌﺸﺮﻭﻉ ﺍﳌﺎﱄ ﻭﻧﺘﺎﺋﺞ ﺃﻋﻤﺎﻟﻪ ﺧﻼﻝ ﻓﺘﺮﺓ ﻣﻌﻴﻨﺔ‪.‬‬
‫ﻟﺬﺍ ﻛﺎﻥ ﻻﺑﺪ ﻣﻦ ﺗﺼﻮﻳﺮ ﻣﻴﺰﺍﻧﻴﺔ ﺍﳌﺸﺮﻭﻉ ﰲ ﺍﻟﺒﺪﺍﻳﺔ ﻭﻃﺒﺎﻋﺘﻬﺎ ﻭﻧﺸﺮﻫﺎ ﻹﺗﺎﺣﺔ ﺍﻟﻔﺮﺻﺔ ﳍﺆﻻء‬
‫ﺍﳌﺴﺎﳘﲔ ﻟﻼﻃﻼﻉ ﻋﻠﻰ ﺍﳌﺮﻛﺰ ﺍﳌﺎﱄ ﻭﻧﺘﺎﺋﺞ ﺃﻋﻤﺎﻝ ﺍﳌﺸﺮﻭﻉ ﻣﻦ ﺭﺑﺢ ﺃﻭ ﺧﺴﺎﺭﺓ ﺳﺘﻈﻬﺮ ﻣﻦ ﺧﻼﻝ‬
‫ﺗﺜﺒﻴﺖ ﺣﻘﻮﻕ ﺍﳌﻠﻜﻴﺔ ﺃﻭ ﺭﺃﺱ ﻣﺎﻝ ﺍﻷﺳﻬﻢ ﻭﺑﻴﺎﻥ ﺍﻟﺰﻳﺎﺩﺓ ﺃﻭ ﺍﻟﻨﻘﺺ ﺧﻼﻝ ﺍﻟﻌﺎﻡ‪.‬‬
‫ﻭﻳﺬﻛﺮ ﻫﻨﺎ ﺃﻥ ﺃﺯﻣﺔ ﺍﻟﻜﺴﺎﺩ ﺍﻟﱵ ﺣﻠﺖ ﺑﺎﻟﻨﻈﺎﻡ ﺍﻻﻗﺘﺼﺎﺩﻱ ﰲ ﺍﻟﺜﻼﺛﻴﻨﻴﺎﺕ ﻣﻦ ﺍﻟﻘﺮﻥ ﺍﳌﺎﺿﻲ‬
‫ﻭﻣﺎ ﺭﺍﻓﻘﻬﺎ ﻣﻦ ﲪﻼﺕ ﺇﻋﻼﻣﻴﺔ ﺗﻨﺎﻭﻟﺖ ﻣﺴﺄﻟﺔ ﺍﻹﻓﺼﺎﺡ ﻧﺸﺎ ﻋﻨﻬﺎ ﺍﳌﻄﺎﻟﺒﺔ ﺑﻌﺮﺽ ﺣﺮﻛﺔ ﺃﻣﻮﺍﻝ‬
‫ﺍﳌﺸﺮﻭﻉ ﻭﻧﺸﺎﻃﻪ ﺧﻼﻝ ﺍﻟﻌﺎﻡ ﻋﻦ ﻃﺮﻳﻖ ﻋﺮﺽ ﻣﺸﺘﺮﻳﺎﺗﻪ ﻭﻣﺒﻴﻌﺎﺗﻪ ﻭﻣﺼﺮﻭﻓﺎﺗﻪ ﺍﳌﺨﺘﻠﻔﺔ ﳑﺎ ﻳﻈﻬﺮ‬
‫ﺍﻟﻘﻮﺓ ﺍﻹﺭﺍﺩﻳﺔ ﻟﻠﻤﺸﺮﻭﻉ ﻭﻗﺪﺭﺗﻪ ﻋﻠﻰ ﲢﻘﻴﻖ ﺍﻷﺭﺑﺎﺡ‪ ،‬ﻭﳚﻌﻠﻪ ﻗﺎﺩﺭﺍ ﻋﻠﻰ ﺗﻮﺯﻳﻊ ﺗﻠﻚ ﺍﻷﺭﺑﺎﺡ ﻋﻠﻰ‬
‫ﺍﳌﺴﺎﳘﲔ‪ ،‬ﻭﻣﻌﺮﻓﺔ ﺗﺄﺛﲑ ﺍﻟﺘﺸﺮﻳﻌﺎﺕ ﺍﻟﺘﺪﻓﻘﺎﺕ ﺍﻟﻨﻘﺪﻳﺔ ﺍﻟﻼﺯﻣﺔ ﻟﺘﺴﺪﻳﺪ ﺍﻟﺪﻳﻮﻥ ﻟﻠﻤﻘﺮﺿﲔ ﻭﺍﻟﺒﻨﻮﻙ‬
‫ﻭﻏﲑﻫﻢ ﻣﻦ ﺍﻟﺪﺍﺋﻨﲔ‪.‬‬
‫ﻭﻗﺪ ﻋﱪﺕ ﺣﺴﺎﺑﺎﺕ ﺍﻟﻨﺘﺎﺋﺞ ﻋﻦ ﻫﺬﻩ ﺍﳊﺮﻛﺔ ﻣﻦ ﺧﻼﻝ ﺣﺴﺎﺏ ﺍﻟﺘﺸﻐﻴﻞ ﺍﻟﺬﻱ ﻛﺎﻥ ﻳﻌﱪ ﻋﻦ‬
‫ﻧﺸﺎﻁ ﺍﻹﻧﺘﺎﺝ ﻭﻳﻘﻴﻢ ﺃﺩﺍء ﻭﻇﻴﻔﺔ ﺍﳌﺘﺎﺟﺮﺓ ﺍﳌﺘﻤﺜﻠﺔ ﺑﺎﻟﺸﺮﺍء ﻭﺍﻟﺒﻴﻊ ﻭﺣﺴﺎﺏ ﺍﻷﺭﺑﺎﺡ ﻭﺍﳋﺴﺎﺋﺮ ﺍﻟﺬﻱ‬
‫ﻛﺎﻥ ﻳﻘﻴﻢ ﺃﺩﺍء ﻭﻇﻴﻔﱵ ﺍﻹﺩﺍﺭﺓ ﻭﺍﻟﺘﻤﻮﻳﻞ‪.‬‬
‫ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻭﺩﻭﺭﻫﺎ ﰲ ﲣﻔﻴﺾ ﻣﺸﺎﻛﻞ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﺃﻣﺎ ﻋﻦ ﺧﺼﺎﺋﺺ ﺣﻮﻛﻤﺔ‬
‫ﺍﻟﺸﺮﻛﺎﺕ ﻓﺘﻤﺘﺎﺯ ﺑﺎﳋﺼﺎﺋﺺ ﺍﻵﺗﻴﺔ‪:1‬‬
‫‪ -‬ﺗﻌﺰﻳﺰ ﻭﺗﻔﻌﻴﻞ ﺃﺩﺍء ﺍﻟﺸﺮﻛﺎﺕ ﻭﺗﻌﻈﻴﻢ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻮﻗﻴﺔ‪.‬‬

‫‪ -1‬ﺇﺑﺮﺍﻫﻴﻢ‪ ،‬ﳏﻤﺪ ﻋﺒﺪ ﺍﻟﻔﺘﺎﺡ‪ " ،‬ﳕﻮﺫﺝ ﻣﻘﺘﺮﺡ ﻟﺘﻔﻌﻴﻞ ﻗﻮﺍﻋﺪ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﰲ ﺇﻃﺎﺭ ﺍﳌﻌﺎﻳﲑ ﺍﻟﺪﻭﻟﻴﺔ ﻟﻠﻤﺮﺍﺟﻌﺔ ﺍﻟﺪﺍﺧﻠﻴﺔ "‪ ،‬ﲝﺚ ﻣﻘﺪﻡ ﰲ ﺍﳌﺆﲤﺮ‬
‫ﺍﻟﻌﻠﻤﻲ ﺍﻷﻭﻝ ﲢﺖ ﺷﻌﺎﺭ ﺍﻟﺘﺪﻗﻴﻖ ﺍﻟﺪﺍﺧﻠﻲ ﰲ ﺇﻃﺎﺭ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ‪ ،‬ﺍﳌﻨﻈﻤﺔ ﺍﻟﻌﺮﺑﻴﺔ ﻟﻠﺘﻨﻤﻴﺔ ﺍﻹﺩﺍﺭﻳﺔ‪ ،‬ﺍﻟﻘﺎﻫﺮﺓ‪ ،2005 ،‬ﺹ‪.31-30 :‬‬

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‫ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻭﻋـﻼﻗﺘﻬﺎ ﺑﻨﻈﺮﻳﺔ ﺍﻟـﻮﻛﺎﻟﺔ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﻟﺚ‪:‬‬

‫‪ -‬ﺍﳌﺴﺎءﻟﺔ ﺍﳌﺤﺎﺳﺒﻴﺔ ﺍﻹﺩﺍﺭﺍﺕ ﺍﻟﺸﺮﻛﺎﺕ ﺍﳌﺨﺘﻠﻔﺔ ﺍﻟﺘﺄﻛﻴﺪ ﺍﻟﺘﺎﻡ ﻋﻠﻰ ﺍﻟﺘﻔﺎﻋﻞ ﻣﺎ ﺑﲔ ﺍﻷﻧﻈﻤﺔ‬
‫ﺍﻟﺪﺍﺧﻠﻴﺔ ﻭﺍﳋﺎﺭﺟﻴﺔ ﺍﻷﻋﻤﺎﻝ ﺍﻟﺸﺮﻛﺎﺕ‪.‬‬
‫‪ -‬ﲢﻘﻴﻖ ﺍﻟﺘﻮﺍﺯﻥ ﰲ ﺍﻟﻌﻼﻗﺎﺕ ﺍﻟﺘﻌﺎﻗﺪﻳﺔ ﻣﺎ ﺑﲔ ﺇﺩﺍﺭﺍﺕ ﺍﻟﺸﺮﻛﺎﺕ ﻭﺍﻷﻃﺮﺍﻑ ﺍﻷﺧﺮﻯ‪.‬‬
‫‪ -‬ﺍﻟﻌﻤﻞ ﻋﻠﻰ ﺍﻟﻮﺻﻮﻝ ﻷﻓﻀﻞ ﳑﺎﺭﺳﺔ ﻟﻠﺴﻠﻄﺔ ﻷﻱ ﺷﺮﻛﺔ‪.‬‬
‫‪ -‬ﺍﻟﻌﻤﻞ ﻋﻠﻰ ﺗﻮﻓﲑ ﺍﻟﻀﻤﺎﻧﺎﺕ ﺍﻟﻜﺎﻓﻴﺔ ﻟﻠﺤﺪ ﻣﻦ ﺍﻟﻔﺴﺎﺩ ﺍﻹﺩﺍﺭﻱ ﻭﺍﳌﺎﱄ‪.‬‬
‫‪ -‬ﺗﻐﻴﲑ ﺍﻟﺪﻭﺭ ﺍﻟﺘﻘﻠﻴﺪﻱ ﻟﻠﺘﺪﻗﻴﻖ ﺍﻟﺪﺍﺧﻠﻲ ﻭﺃﺣﺪﺍﺙ ﻧﻘﻠﺔ ﰲ ﺃﻧﺸﻄﺘﻪ ﻣﻦ ﳎﺮﺩ ﺍﻟﺘﺄﻛﻴﺪ ﻋﻠﻰ ﺍﳊﻤﺎﻳﺔ‬
‫ﻭﺍﻟﺪﻗﺔ ﻭﺍﻟﻜﻔﺎءﺓ ﻭﺍﻻﻟﺘﺰﺍﻡ ﺇﱃ ﺍﳌﺸﺎﺭﻛﺔ ﺍﻟﻔﺎﻋﻠﺔ ﺑﺎﻟﺘﻨﺒﺆ ﺑﺴﻠﻮﻙ ﺍﻷﺩﺍء ﺍﻟﺘﺸﻐﻴﻠﻲ ﻷﻱ ﺷﺮﻛﺔ‪.‬‬
‫‪ -‬ﻣﻌﺮﻓﺔ ﺣﻘﻮﻕ ﻭﻣﺴﺆﻭﻟﻴﺎﺕ ﺍﻷﻃﺮﺍﻑ ﺍﳌﺨﺘﻠﻔﺔ ﰲ ﺍﻟﺸﺮﻛﺔ ﲟﺎ ﰲ ﺫﻟﻚ ﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ ﻭﳉﻨﺔ‬
‫ﺍﻟﺘﺪﻗﻴﻖ ﻭﺍﳌﺴﺎﳘﲔ ﻭﺃﺻﺤﺎﺏ ﺍﳌﺼﺎﱀ ﺍﳌﺨﺘﻠﻔﺔ‪.‬‬
‫ﻭﻳﺮﻯ ﺍﻟﺒﺎﺣﺜﺎﻥ ﺑﺄﻥ ﻣﺒﺎﺩﺉ ﺍﳊﻮﻛﻤﺔ ﺍﳌﺘﻤﺜﻠﺔ ﺍﺳﺘﻌﻤﺎﻝ ﺍﻹﻓﺼﺎﺡ ﻭﺍﻟﺸﻔﺎﻓﻴﺔ ﰲ ﺇﺗﺒﺎﻉ ﺍﻹﺟﺮﺍءﺍﺕ‬
‫ﺍﳌﺤﺎﺳﺒﻴﺔ ﻭﲪﺎﻳﺔ ﺿﻤﺎﻥ ﺍﳌﺴﺎﳘﲔ ﺳﻴﺆﺩﻱ ﺇﱃ ﲢﻘﻴﻖ ﺟﻮﺩﺓ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﳌﺤﺎﺳﺒﻴﺔ ﻭﺑﺎﻟﺘﺎﱄ ﲪﺎﻳﺔ‬
‫ﻣﺼﺎﱀ ﺍﳌﺴﺎﳘﲔ ﻭﻫﺬﺍ ﺑﺪﻭﺭﻩ ﺳﻮﻑ ﳜﻔﺾ ﻣﺸﻜﻠﺔ ﺍﻟﺘﻌﺎﺭﺽ ﺑﲔ ﺍﻹﺩﺍﺭﺓ ﻭﺍﳌﺴﺎﳘﲔ‪.‬‬

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‫ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻭﻋـﻼﻗﺘﻬﺎ ﺑﻨﻈﺮﻳﺔ ﺍﻟـﻮﻛﺎﻟﺔ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﻟﺚ‪:‬‬

‫ﺍﳌﺒﺤﺚ ﺍﻟﺜﺎﱐ‪ :‬ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﻭﻋﻼﻗﺘﻬﺎ ﺑﺎﳊﻮﻛﻤﺔ‬

‫ﻧﺘﻴﺠﺔ ﻟﺘﻌﺎﺭﺽ ﺍﳌﺼﺎﱀ ﺑﲔ ﺍﻹﺩﺍﺭﺓ ﻭﺍﳌﺎﻟﻜﲔ‪ ،‬ﻭﺑﻘﻴﺔ ﺃﺻﺤﺎﺏ ﺍﳌﺼﺎﱀ ﰲ ﺍﻟﺸﺮﻛﺔ ﻭﻋﻠﻰ ﻭﻓﻖ‬
‫ﻣﺒﺪﺃ ﺍﻻﺧﺘﻴﺎﺭ ﺍﻟﻌﻘﻼﱐ ﺍﻟﺬﻱ ﲟﻮﺟﺒﻪ ﳛﺎﻭﻝ ﻛﻞ ﻃﺮﻑ ﺗﻌﻈﻴﻢ ﻣﻨﺎﻓﻌﻪ ﺍﳋﺎﺻﺔ‪ ،‬ﻓﺎﻧﻪ ﻳﺘﻮﻗﻊ ﺃﻥ ﺗﺄﰐ‬
‫ﻋﻤﻠﻴﺔ ﺍﺧﺘﻴﺎﺭ ﺍﻟﺴﻴﺎﺳﺔ ﺍﳌﺤﺎﺳﺒﻴﺔ ﻟﻠﺸﺮﻛﺔ ﻣﺘﺄﺛﺮﺓ ﺑﺎﻷﻫﺪﺍﻑ ﺍﻟﺬﺍﺗﻴﺔ ﻟﻺﺩﺍﺭﺓ‪ ،‬ﺑﺼﺮﻑ ﺍﻟﻨﻈﺮ ﺇﺫﺍ ﻣﺎ‬
‫ﻛﺎﻧﺖ ﺗﻠﻚ ﺍﻷﻫﺪﺍﻑ ﻣﺘﻮﺍﻓﻘﺔ ﺃﻭ ﻏﲑ ﻣﺘﻮﺍﻓﻘﺔ ﻣﻊ ﺃﻫﺪﺍﻑ ﺃﺻﺤﺎﺏ ﺍﳌﺼﺎﱀ ﺍﻵﺧﺮﻳﻦ ﺣﱴ ﻟﻮ ﻛﺎﻥ‬
‫ﺫﻟﻚ ﻋﻠﻰ ﺣﺴﺎﺏ ﺍﻟﺘﻤﺜﻴﻞ ﺍﻟﺼﺎﺩﻕ ﻟﻸﺣﺪﺍﺙ ﻭﺍﻟﻌﻤﻠﻴﺎﺕ ﻣﻦ ﻧﺎﺣﻴﺔ ﺗﻘﺪﱘ ﺍﳌﻌﻠﻮﻣﺎﺕ‪.‬‬
‫ﻟﻘﺪ ﻧﺸﺄﺕ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﻛﻤﺤﺎﻭﻟﺔ ﳊﻞ ﻣﺸﻜﻠﺔ ﺗﻌﺎﺭﺽ ﺍﳌﺼﺎﱀ‪ ،‬ﻭﺫﻟﻚ ﻣﻦ ﺧﻼﻝ ﻧﻈﺮ‪‬ﺎ‬
‫ﺇﱃ ﺍﻟﺸﺮﻛﺔ ﻋﻠﻰ ﺃ‪‬ﺎ ﺳﻠﺴﻠﺔ ﻣﻦ ﺍﻟﺘﻌﺎﻗﺪﺍﺕ ﺍﻻﺧﺘﻴﺎﺭﻳﺔ ﺑﲔ ﺍﻷﻃﺮﺍﻑ ﺍﳌﺨﺘﻠﻔﺔ ﰲ ﺍﻟﺸﺮﻛﺔ‪ ،‬ﻣﻦ ﺷﺎ‪‬ﺎ‬
‫ﺍﳊﺪ ﻣﻦ ﺳﻠﻮﻙ ﺍﻹﺩﺍﺭﺓ ﺑﺘﻔﻀﻴﻞ ﻣﺼﺎﳊﻬﺎ ﺍﻟﺸﺨﺼﻴﺔ ﻋﻠﻰ ﻣﺼﺎﱀ ﺍﻷﻃﺮﺍﻑ ﺍﻷﺧﺮﻯ‪ ،‬ﻟﺬﺍ ﺳﻴﺘﻢ‬
‫ﺍﻟﺘﻄﺮﻕ ﰲ ﻫﺬﺍ ﺍﳌﺒﺤﺚ ﺇﱃ ﺩﻭﺭ ﺍﳊﻮﻛﻤﺔ ﰲ ﺍﻟﺘﺨﻔﻴﺾ ﻣﻦ ﻣﺸﺎﻛﻞ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﻭﺃﳘﻴﺔ ﺍﳊﻮﻛﻤﺔ‬
‫ﰲ ﲣﻔﻴﺾ ﻣﺸﻜﻠﺔ ﺗﻀﺎﺭﺏ ﺍﳌﺼﺎﱀ‪.‬‬
‫ﺍﳌﻄﻠﺐ ﺍﻷﻭﻝ‪ :‬ﺩﻭﺭ ﺍﳊﻮﻛﻤﺔ ﰲ ﲣﻔﻴﺾ ﻣﺸﻜﻠﺔ ﺗﻀﺎﺭﺏ ﺍﳌﺼﺎﱀ‬
‫ﻭﺿﻌﺖ ﺍﻟﻌﺪﻳﺪ ﻣﻦ ﺍﻟﺪﻭﻝ ﻭﺍﳌﻨﻈﻤﺎﺕ ﻗﻮﺍﻋﺪ ﻟﺘﺠﻨﺐ ﺗﻀﺎﺭﺏ ﺍﳌﺼﺎﱀ ﻛﺄﺣﺪ ﺍﳌﺒﺎﺩﺉ ﺍﻷﺳﺎﺳﻴﺔ‬
‫ﻟﻠﺤﻮﻛﻤﺔ‪ ،‬ﻭﺫﻟﻚ ﳊﻤﺎﻳﺔ ﻣﺼﺎﱀ ﺍﻷﻃﺮﺍﻑ ﺫﺍﺕ ﺍﻟﻌﻼﻗﺔ ﻣﻊ ﺍﻟﺸﺮﻛﺔ‪.‬‬
‫ﺇﺫ ﻭﺿﻌﺖ ﻣﻨﻈﻤﺔ ﺍﻟﺘﻌﺎﻭﻥ ﺍﻻﻗﺘﺼﺎﺩﻱ ﻭﺍﻟﺘﻨﻤﻴﺔ ﻗﻮﺍﻋﺪ ﲡﻨﺐ ﺗﻀﺎﺭﺏ ﺍﳌﺼﺎﱀ ﺿﻤﻦ ﻣﺒﺎﺩﺋﻬﺎ ﺇﺫ‬
‫ﺃﺷﺎﺭﺕ ﺇﱃ‪ :‬ﻳﻨﺒﻐﻲ ﺍﺳﺘﻜﻤﺎﻝ ﺇﻃﺎﺭ ﺍﳊﻮﻛﻤﺔ ﲟﻨﻬﺞ ﻓﻌﺎﻝ ﻳﺘﻨﺎﻭﻝ ﻭﻳﺸﺠﻊ ﻋﻠﻰ ﺗﻘﺪﱘ ﺍﻟﺘﺤﻠﻴﻼﺕ ﺃﻭ‬
‫ﺍﳌﺸﻮﺭﺓ ﻋﻦ ﻃﺮﻳﻖ ﺍﳌﺤﻠﻠﲔ ﻭﺍﻟﺴﻤﺎﺳﺮﺓ ﻭﻭﻛﺎﻻﺕ ﺍﻟﺘﻘﻴﻴﻢ ﻭﺍﻟﺘﺼﻨﻴﻒ ﻭﻏﲑﳘﺎ ﻭﺍﳌﺘﻌﻠﻘﺔ ﺑﺎﻟﻘﺮﺍﺭﺍﺕ‬
‫ﺍﻟﱵ ﻳﺘﺨﺬﻫﺎ ﺍﳌﺴﺘﺜﻤﺮﻭﻥ ﺑﻌﻴﺪﺍ ﻋﻦ ﺃﻱ ﺗﻌﺎﺭﺽ ﻫﺎﻡ ﰲ ﺍﳌﺼﻠﺤﺔ ﻗﺪ ﻳﺆﺩﻱ ﺇﱃ ﺍﻹﺿﺮﺍﺭ ﺑﱰﺍﻫﺔ ﻣﺎ‬
‫ﻳﻘﻮﻣﻮﻥ ﺑﻪ ﻣﻦ ﲢﻠﻴﻞ ﺃﻭ ﻣﺎ ﻳﻘﺪﻣﻮﻧﻪ ﻣﻦ ﻣﺸﻮﺭﺓ‪.‬‬
‫ﻓﻀﻼ ﻋﻦ ﻃﻠﺐ ﻣﺮﺍﺟﻌﲔ ﻣﺴﺘﻘﻠﲔ ﺃﻛﻔﺎء‪ ،‬ﻭﺗﺴﻬﻴﻞ ﺇﻳﺼﺎﻝ ﺍﳌﻌﻠﻮﻣﺎﺕ ﰲ ﺍﻟﻮﻗﺖ ﺍﳌﻨﺎﺳﺐ‪،‬‬
‫ﻓﺎﻥ ﻋﺪﺩﺍ ﻣﻦ ﺍﻟﺪﻭﻝ ﻗﺪ ﺍﲣﺬﺕ ﺧﻄﻮﺍﺕ ﻟﻀﻤﺎﻥ ﻧﺰﺍﻫﺔ ﻫﺬﻩ ﺍﳌﻬﻦ ﻭﻧﻮﺍﺣﻲ ﺍﻟﻨﺸﺎﻁ ﺍﻟﱵ ﺗﺴﺘﻌﻤﻞ‬
‫ﻛﻤﻮﺻﻞ ﻟﻠﺘﺤﻠﻴﻞ ﻭﺍﻟﻨﺼﺎﺋﺢ ﺇﱃ ﺍﻟﺴﻮﻕ‪ ،‬ﻭﻫﺬﻩ ﺍﻟﻮﺳﺎﺋﻂ ﺇﺫﺍ ﻣﺎ ﻛﺎﻧﺖ ﺗﺘﻌﺎﻣﻞ ﲝﺮﻳﺔ ﺑﻌﻴﺪﺍ ﻋﻦ‬
‫ﺍﻟﺘﻨﺎﻗﻀﺎﺕ ﻣﻊ ﺍﻟﱰﺍﻫﺔ ﻓﺄ‪‬ﺎ ﳝﻜﻦ ﺃﻥ ﺗﻠﻌﺐ ﺩﻭﺭﺍ ﻫﺎﻣﺎ ﰲ ﺗﻮﻓﲑ ﺣﻮﺍﻓﺰ ﻟﻠﺸﺮﻛﺎﺕ ﻭﳎﺎﻟﺲ ﺇﺩﺍﺭ‪‬ﺎ‬
‫ﻹﺗﺒﺎﻉ ﳑﺎﺭﺳﺎﺕ ﺟﻴﺪﺓ ﻟﻠﺤﻮﻛﻤﺔ‪ .‬ﻭﻣﻊ ﺫﻟﻚ‪ ،‬ﻓﻘﺪ ﺛﺎﺭ ﺍﻟﻘﻠﻖ ﺑﺸﺄﻥ ﻣﺎ ﻇﻬﺮ ﻣﻦ ﺩﻻﺋﻞ ﻋﻠﻰ ﺃﻥ‬
‫ﺗﻀﺎﺭﺏ ﺍﳌﺼﺎﱀ ﻏﺎﻟﺒﺎ ﻣﺎ ﻳﻨﺸﺎ ﻭﻗﺪ ﻳﺆﺛﺮ ﰲ ﺍﻟﺮﺃﻱ ﻭﻃﺮﻳﻘﺔ ﺍﳊﻜﻢ ﻋﻠﻰ ﺍﻷﻣﻮﺭ‪.‬‬

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‫ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻭﻋـﻼﻗﺘﻬﺎ ﺑﻨﻈﺮﻳﺔ ﺍﻟـﻮﻛﺎﻟﺔ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﻟﺚ‪:‬‬

‫ﻭﻗﺪ ﻳﻜﻮﻥ ﻫﺬﺍ ﻫﻮ ﺍﳊﺎﻝ ﻋﻨﺪﻣﺎ ﻳﻜﻮﻥ ﻣﻦ ﻳﻘﺪﻡ ﺍﳌﺸﻮﺭﺓ ﻳﺴﻌﻰ ﺃﻳﻀﺎ ﺇﱃ ﺗﻘﺪﱘ ﺧﺪﻣﺎﺕ‬
‫ﺃﺧﺮﻯ ﺇﱃ ﺍﻟﺸﺮﻛﺔ ﺍﳌﻌﻨﻴﺔ ﺃﻭ ﺣﻴﻨﻤﺎ ﺗﻜﻮﻥ ﻟﻪ ﺃﻳﻀﺎ ﻣﺼﻠﺤﺔ ﻣﺎﺩﻳﺔ ﻣﺒﺎﺷﺮﺓ ﰲ ﺍﻟﺸﺮﻛﺔ ﻭﻫﺬﺍ ﺍﻻﻫﺘﻤﺎﻡ‬
‫ﳛﺪﺩ ﺑﻌﺪﺍ ﺷﺪﻳﺪ ﺍﻟﺼﻠﺔ ﺑﲔ ﺍﻹﻓﺼﺎﺡ ﻭﺍﻟﺸﻔﺎﻓﻴﺔ ﺍﻟﱵ ﺗﺴﺘﻬﺪﻑ ﺍﳌﻌﺎﻳﲑ ﺍﳌﻬﻨﻴﺔ ﳌﺤﻠﻠﻲ ﺳﻮﻕ ﺍﻷﻭﺭﺍﻕ‬
‫ﺍﳌﺎﻟﻴﺔ ﻭﻭﻛﺎﻻﺕ ﺍﻟﺘﺼﻨﻴﻒ ﺍﻟﻌﺎﳌﻴﺔ ﻭﺑﻨﻮﻙ ﺍﻻﺳﺘﺜﻤﺎﺭﺍﺕ ﻭﻏﲑﻫﺎ‪.‬‬
‫ﺗﺸﲑ ﺍﻟﺘﺠﺎﺭﺏ ﰲ ﻧﻮﺍﺣﻲ ﺃﺧﺮﻯ ﺇﱃ ﺃﻥ ﺍﳊﻞ ﺍﻷﻓﻀﻞ ﻫﻮ ﻃﻠﺐ ﺍﻹﻓﺼﺎﺡ ﺍﻟﺘﺎﻡ ﻋﻦ ﺍﻟﺘﻀﺎﺭﺏ‬
‫ﺍﻟﺬﻱ ﳛﺪﺙ ﰲ ﺍﳌﺼﺎﱀ ﻭﺍﻟﻜﻴﻔﻴﺔ ﺍﻟﱵ ﲣﺘﺎﺭﻫﺎ ﺍﻟﺸﺮﻛﺔ ﻟﻠﺘﻌﺎﻣﻞ ﻣﻌﻪ‪ ،‬ﺃﻣﺎ ﻣﺎ ﻫﻮ ﻣﻬﻢ ﻓﻬﻮ ﺍﻹﻓﺼﺎﺡ‬
‫ﻋﻦ ﺍﻟﻜﻴﻔﻴﺔ ﺍﻟﱵ ﺗﻀﻊ ﻓﻴﻬﺎ ﺍﻟﺸﺮﻛﺔ ﻫﻴﻜﻞ ﺍﳊﻮﺍﻓﺰ ﻟﻠﻌﺎﻣﻠﲔ ‪‬ﺎ ﺣﱴ ﺗﻠﻐﻲ ﺍﺣﺘﻤﺎﻻﺕ ﺍﻟﺘﻀﺎﺭﺏ ﰲ‬
‫ﺍﳌﺼﺎﱀ ﻭﺍﻟﺸﻜﻞ ﺍﻵﰐ ﻳﻮﺿﺢ ﺩﻭﺭ ﺍﳊﻮﻛﻤﺔ ﰲ ﲣﻔﻴﺾ ﻣﺸﻜﻠﺔ ﺗﻀﺎﺭﺏ ﺍﳌﺼﺎﱀ‪.‬‬
‫ﺷﻜﻞ ﺭﻗﻢ )‪ :(5-3‬ﺩﻭﺭ ﺍﳊﻮﻛﻤﺔ ﰲ ﲣﻔﻴﺾ ﻣﺸﻜﻠﺔ ﺗﻀﺎﺭﺏ ﺍﳌﺼﺎﱀ‬
‫ﻣﺒﺎﺩﺉ ﺍﳊﻮﻛﻤﺔ‬

‫ﺭﻓﻊ ﻛﻔﺎءﺓ ﺃﺩﺍﺓ ﻋﻨﺎﺻﺮ ﻧﻈﺎﻡ‬ ‫ﲪﺎﻳﺔ ﻭﺿﻤﺎﻥ ﺣﻘﻮﻕ ﺍﳌﺴﺎﳘﲔ‬ ‫ﺍﻹﻓﺼﺎﺡ ﻭﺍﻟﺸﻔﺎﻓﻴﺔ ﰲ ﺍﺗﺒﺎﻉ‬ ‫ﺍﻟﺸﻔﺎﻓﻴﺔ ﰲ ﻋﻤﻞ ﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ‬
‫ﺍﻟﺮﻗﺎﺑﺔ ﺍﻟﺪﺍﺧﻠﻴﺔ‬ ‫ﺑﻜﺎﻓﺔ ﺃﻧﻮﺍﻋﻬﻢ‬ ‫ﺍﻹﺟﺮﺍءﺍﺕ ﻭﺍﻟﻄﺮﺍﺋﻖ‬ ‫ﺍﳉﻤﻌﻴﺔ ﺍﻟﻌﻤﻮﻣﻴﺔ‬

‫ﺍﻟﺘﺰﺍﻡ ﺍﻟﻌﺎﻣﻠﻮﻥ ﻭﺍﳌﺪﺭﺍء ﺑﺎﻟﻠﻮﺍﺋﺢ‬ ‫ﲪﺎﻳﺔ ﻣﺼﺎﱀ ﺍﳌﺴﺎﳘﲔ‬ ‫ﲢﻘﻴﻖ ﺟﻮﺩﺓ ﺍﳌﻌﻠﻮﻣﺎﺕ‬ ‫ﺍﺧﺘﻴﺎﺭ ﳎﻠﺲ ﺇﺩﺍﺭﺓ ﻭﻣﺪﺭﺍء‬
‫ﻭﺍﻟﱵ ﺗﺼﺪﺭﻫﺎ ﺍﻟﻮﺣﺪﺓ‬ ‫ﻭﺍﻟﻌﻤﻞ ﻋﻠﻰ ﲢﻘﻴﻖ ﺃﻫﺪﺍﻓﻬﻢ‬ ‫ﺍﳌﺤﺎﺳﺒﻴﺔ ﻣﻦ ﺧﻼﻝ ﺍﻟﻘﻮﺍﺋﻢ‬ ‫ﺗﻨﻔﺬﻳﲔ ﺃﻛﻔﺎء‬

‫ﲢﻘﻴﻖ ﺍﻟﺘﻮﺍﻓﻖ ﺑﲔ ﻣﺼﺎﱀ ﺃﻃﺮﺍﻑ ﺍﻟﻮﻛﺎﻟﺔ‬

‫ﲣﻔﻴﺾ ﻣﺸﻜﻠﺔ ﺗﻀﺎﺭﺏ ﺍﳌﺼﺎﱀ‬

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‫ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻭﻋـﻼﻗﺘﻬﺎ ﺑﻨﻈﺮﻳﺔ ﺍﻟـﻮﻛﺎﻟﺔ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﻟﺚ‪:‬‬

‫ﺍﳌﻄﻠﺐ ﺍﻟﺜﺎﱐ‪ :‬ﺍﻻﺳﺘﻨﺘﺎﺟﺎﺕ ﻭﺍﻟﺘﻮﺻﻴﺎﺕ‬

‫ﺃﻭﺿﺤﺖ ﺍﻟﺪﺭﺍﺳﺎﺕ ﻣﻦ ﺧﻼﻝ ﺍﻟﺘﺠﺎﺭﺏ ﺃﻥ ﺍﻵﻟﻴﺎﺕ ﻭﺍﳌﻌﺎﻳﲑ ﺍﳌﻮﺿﻮﻋﺔ ﳊﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ‬
‫ﰲ ﻛﻞ ﺑﻠﺪ ﺗﺘﺄﺛﺮ ﺑﺎﻟﻈﺮﻭﻑ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﻭﺍﻻﺟﺘﻤﺎﻋﻴﺔ ﻭﺍﻟﺜﻘﺎﻓﻴﺔ ﻭﺍﻟﺴﻴﺎﺳﻴﺔ ﻟﺬﻟﻚ ﺍﻟﺒﻠﺪ ﻭﻫﺬﺍ ﻳﺆﻛﺪ‬
‫ﻋﺪﻡ ﻭﺟﻮﺩ ﳕﻮﺫﺝ ﻟﻠﺤﻮﻛﻤﺔ ﳝﻜﻦ ﺃﻥ ﻳﻄﺒﻖ ﰲ ﲨﻴﻊ ﺍﻟﺒﻠﺪﺍﻥ‪ ،‬ﳑﺎ ﺣﺪﺍ ﺑﺎﳌﻨﻈﻤﺎﺕ ﺍﻟﺪﻭﻟﻴﺔ ﺍﳌﻌﻨﻴﺔ ﺇﱃ‬
‫ﻭﺿﻊ ﻣﺒﺎﺩﺉ ﻭﺇﺭﺷﺎﺩﺍﺕ ﻋﺎﻣﺔ ﳊﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﲝﻴﺚ ﳝﻜﻦ ﻟﻜﻞ ﺑﻠﺪ ﺗﻜﻴﻴﻔﻬﺎ ﻣﺎ ﻳﻨﺴﺠﻢ ﻣﻊ‬
‫ﻇﺮﻭﻓﻪ ﺍﳋﺎﺻﺔ‪:‬‬
‫‪ -‬ﺗﻌﺪ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻧﻈﺎﻣﺎ ﻳﺮﺗﻜﺰ ﻋﻠﻰ ﳎﻤﻮﻋﺔ ﻣﻦ ﺍﻟﻘﻮﺍﻋﺪ ﻭﺍﳌﻘﻮﻣﺎﺕ ﺍﻷﺳﺎﺳﻴﺔ ﺍﳌﺘﻤﺜﻠﺔ‬
‫ﺑﺎﳍﻴﻜﻞ ﺍﻟﺘﻨﻈﻴﻤﻲ ﻭﻧﻈﺎﻡ ﺍﻹﺩﺍﺭﺓ ﲜﻤﻴﻊ ﻭﻇﺎﺋﻔﻬﺎ‬
‫‪ -‬ﺗﻘﻮﻡ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻋﻠﻰ ﳎﻤﻮﻋﺔ ﻣﻦ ﺍﳌﺒﺎﺩﺉ ﺍﻟﱵ ﲢﺪﺩ ﺍﻟﻌﻼﻗﺔ ﺑﲔ ﺍﻟﺸﺮﻛﺔ ﻭﺍﳌﺴﺎﳘﲔ‬
‫ﻭﺃﺻﺤﺎﺏ ﺍﳌﺼﺎﱀ ﻭﺍﻷﻃﺮﺍﻑ ﺍﳌﺮﺗﺒﻄﺔ ﺑﺎﻟﺸﺮﻛﺔ‬
‫‪ -‬ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﺗﻮﻓﺮ ﺇﺷﺮﺍﻑ ﻣﻦ ﻗﺒﻞ ﺃﺻﺤﺎﺏ ﺍﳌﺼﺎﱀ ﻋﻠﻰ ﺍﳌﺨﺎﻃﺮ ﻭﺇﺩﺍﺭ‪‬ﺎ ﻭﻣﺮﺍﻗﺒﺘﻬﺎ‬
‫ﻭﺑﺎﻟﺘﺄﻛﻴﺪ ﻋﻠﻰ ﺍﻟﻀﻮﺍﺑﻂ ﺍﻟﺮﻗﺎﺑﻴﺔ ﻟﺘﺠﻨﺐ ﺍﳌﺨﺎﻃﺮ‪.‬‬
‫‪ -‬ﻧﺘﻴﺠﺔ ﻟﺘﻌﺎﺭﺽ ﺍﳌﺼﺎﱀ ﺑﲔ ﺍﻹﺩﺍﺭﺓ ﻭﺍﳌﺎﻟﻜﲔ ﻭﺑﻘﻴﺔ ﺃﺻﺤﺎﺏ ﺍﳌﺼﺎﱀ ﰲ ﺍﻟﺸﺮﻛﺔ ﺍﻟﺬﻱ ﳛﺎﻭﻝ ﻛﻞ‬
‫ﻃﺮﻑ ﺗﻌﻈﻴﻢ ﻣﻨﺎﻓﻌﻪ ﻭﺑﺎﻟﺘﺎﱄ ﻓﺎﻥ ﻋﻤﻠﻴﺔ ﺍﺧﺘﻴﺎﺭ ﺍﻟﺴﻴﺎﺳﺔ ﺍﳌﺤﺎﺳﺒﻴﺔ ﺳﺘﻜﻮﻥ ﻣﺘﺄﺛﺮﺓ ﺑﺎﻷﻫﺪﺍﻑ‬
‫ﺍﻟﺬﺍﺗﻴﺔ ﻟﻺﺩﺍﺭﺓ‪.‬‬
‫‪ -‬ﺗﺘﻤﺜﻞ ﺗﻜﺎﻟﻴﻒ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﺑﻨﻔﻘﺎﺕ ﺍﻷﺷﺮﺍﻑ ﻭﺍﳌﺘﺎﺑﻌﺔ ﻣﻦ ﻗﺒﻞ ﺍﻷﻃﺮﺍﻑ ﺍﻷﺻﻠﻴﺔ ﻭﺍﻟﻨﻔﻘﺎﺕ‬
‫ﺍﳌﺎﻧﻌﺔ ﻣﻦ ﻗﺒﻞ ﺍﻟﻮﻛﻴﻞ ﻭﺍﳋﺴﺎﺋﺮ ﺍﳌﺘﺒﻘﻴﺔ‬
‫‪ -‬ﺗﻌﺪ ﻣﺸﻜﻠﺔ ﺗﻀﺎﺭﺏ ﺍﳌﺼﺎﱀ ﻣﻦ ﺃﻫﻢ ﺍﳌﺸﺎﻛﻞ ﻛﻮ‪‬ﺎ ﺗﻮﻟﺪ ﻣﺎ ﻳﺴﻤﻰ ﲟﺸﻜﻠﺔ ﺍﻟﺘﻬﺮﺏ‬
‫‪Shirking Problem‬‬
‫‪ -‬ﺃﻥ ﺍﺳﺘﻌﻤﺎﻝ ﻣﺒﺎﺩﺉ ﺍﳊﻮﻛﻤﺔ ﺍﳌﺘﻤﺜﻠﺔ ﺑﺎﻟﺸﻔﺎﻓﻴﺔ ﻭﺍﻹﻓﺼﺎﺡ ﻭﺿﻤﺎﻥ ﺣﻘﻮﻕ ﺍﳌﺴﺎﳘﲔ ﻭﺭﻓﻊ‬
‫ﻛﻔﺎءﺓ ﺃﺩﺍء ﻋﻨﺎﺻﺮ ﺍﻟﺮﻗﺎﺑﺔ ﺍﻟﺪﺍﺧﻠﻴﺔ ﻳﺴﺎﻫﻢ ﰲ ﲣﻔﻴﺾ ﻣﺸﻜﻠﺔ ﺗﻀﺎﺭﺏ ﺍﳌﺼﺎﱀ ﻳﺘﻄﻠﺐ ﲢﻘﻴﻖ‬
‫ﺗﻮﺍﻓﺮ ﻣﺼﺎﱀ ﺃﻃﺮﺍﻑ ﺍﻟﻮﻛﺎﻟﺔ ﺃﻥ ﻳﻀﻤﻦ ﺍﳌﺴﺎﳘﲔ ﺑﺎﻥ ﺍﻹﺩﺍﺭﺓ ﺳﻮﻑ ﺗﻘﻮﻡ ﺑﺄﻋﻤﺎﳍﺎ ﻭﺗﺘﺨﺬ‬
‫ﺍﻟﻘﺮﺍﺭﺍﺕ ﻟﺼﺎﳊﻬﻢ‪ ،‬ﻛﻤﺎ ﺃﻥ ﺍﻹﺩﺍﺭﺓ ﻻﺑﺪ ﺃﻥ ﺗﻀﻤﻦ ﻟﻠﻤﺴﺎﳘﲔ ﺣﻘﻮﻗﻬﻢ ﻭﺗﺒﺚ ﺍﻟﺜﻘﺔ ﻟﺪﻳﻬﻢ‪.‬‬

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‫ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻭﻋـﻼﻗﺘﻬﺎ ﺑﻨﻈﺮﻳﺔ ﺍﻟـﻮﻛﺎﻟﺔ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﻟﺚ‪:‬‬

‫ﺍﻟﺘﻮﺻﻴﺎﺕ‪:‬‬
‫‪ -‬ﻣﻦ ﺍﳌﻔﻀﻞ ﺍﺳﺘﺤﺪﺍﺙ ﻣﺮﺍﻛﺰ ﻣﺘﺨﺼﺼﺔ ‪‬ﺘﻢ ﺑﻘﻀﺎﻳﺎ ﺍﳊﻮﻛﻤﺔ ﻭﺗﺘﻮﱃ ﻣﻬﻤﺔ ﺇﻋﺪﺍﺩ ﺑﺮﺍﻣﺞ‬
‫ﺗﺪﺭﻳﺒﻴﺔ ﻟﺘﺮﺳﻴﺦ ﺃﻫﺪﺍﻑ ﻭﻣﺘﻄﻠﺒﺎﺕ ﺍﳊﻮﻛﻤﺔ‬
‫‪ -‬ﻣﻦ ﺍﳌﻔﻀﻞ ﻧﺸﺮ ﺛﻘﺎﻓﺔ ﺍﳊﻮﻛﻤﺔ ﰲ ﺍﳌﺠﺘﻤﻌﺎﺕ ﻋﻦ ﻃﺮﻳﻖ ﻭﺳﺎﺋﻞ ﺍﻹﻋﻼﻡ ﻭﻣﻨﻈﻤﺎﺕ ﺍﳌﺠﺘﻤﻊ‬
‫ﺍﳌﺪﱐ‪ ،‬ﻓﺈﺫﺍ ﻣﺎ ﺃﺩﺭﻙ ﺍﳌﺠﺘﻤﻊ ﺃﻥ ﺍﳊﻮﻛﻤﺔ ﲤﺜﻞ ﺧﻂ ﺍﻟﺪﻓﺎﻉ ﺍﻷﻭﻝ ﺿﺪ ﺃﻱ ﻓﺴﺎﺩ ﳛﺎﻭﻝ ﺃﻥ‬
‫ﻳﺴﻠﺐ ﺍﳌﺠﺘﻤﻊ ﺛﺮﻭﺍﺗﻪ ﻭﺃﻣﻮﺍﻟﻪ‪ ،‬ﻓﺎﻧﻪ ﺳﻮﻑ ﻳﺪﻋﻢ ﺗﻄﺒﻴﻘﻬﺎ ﻭﺇﺭﺳﺎء ﻗﻮﺍﻋﺪﻫﺎ‪.‬‬
‫‪ -‬ﳚﺐ ﺍﻷﺧﺬ ﺑﻨﻈﺮ ﺍﻻﻋﺘﺒﺎﺭ ﻋﻨﺪ ﺗﻄﺒﻴﻖ ﻣﺒﺎﺩﺉ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﺍﺛﺮ ﺍﻟﺘﻐﲑﺍﺕ ﺍﻟﺒﻴﺌﻴﺔ ﺍﻟﱵ ﺗﺸﻬﺪ‬
‫ﺗﻐﲑﺍﺕ ﺳﺮﻳﻌﺔ ﻭﻣﺴﺘﻤﺮﺓ ﰲ ﲨﻴﻊ ﺍﳉﻮﺍﻧﺐ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﻭﺍﻟﺴﻴﺎﺳﻴﺔ ﻭﺍﻻﺟﺘﻤﺎﻋﻴﺔ‪.‬‬
‫‪ -‬ﳚﺐ ﺇﺗﺒﺎﻉ ﺍﳌﺒﺎﺩﺉ ﺍﻟﺴﻠﻴﻤﺔ )ﳊﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ( ﻭﺫﻟﻚ ﳋﻠﻖ ﺍﻻﺣﺘﻴﺎﺟﺎﺕ ﺍﻟﻼﺯﻣﺔ ﺿﺪ ﺍﻟﻔﺴﺎﺩ‬
‫ﻭﺳﻮء ﺍﻹﺩﺍﺭﺓ‪.‬‬
‫ﺗﻌﺰﻳﺰ ﺍﻹﺟﺮﺍءﺍﺕ ﺍﻟﱵ ﺗﻨﻈﻢ ﻋﻤﻠﻴﺔ ﺍﻟﺘﻮﺍﻓﻖ ﻭﺍﳌﻼﺋﻤﺔ ﺑﲔ ﻣﺼﺎﱀ ﺍﻷﻃﺮﺍﻑ ﺫﺍﺕ ﺍﻟﻌﻼﻗﺔ ﻣﻊ‬
‫ﺍﻟﺸﺮﻛﺎﺕ ﻭﺫﻟﻚ ﻣﻦ ﺧﻼﻝ‪:‬‬
‫‪ -‬ﺍﻟﺸﻔﺎﻓﻴﺔ ﻭﺍﻟﻮﺿﻮﺡ ﰲ ﲢﺪﻳﺪ ﻋﻤﻞ ﺍﳌﺪﺭﺍء ﺍﻟﺘﻨﻔﻴﺬﻳﲔ‪.‬‬
‫‪ -‬ﺗﺸﻜﻴﻞ ﺍﻟﻠﺠﺎﻥ ﺍﳋﺎﺻﺔ ﲟﻨﺢ ﺍﻟﺘﻌﻮﻳﻀﺎﺕ‪.‬‬
‫‪ -‬ﺗﺸﻜﻴﻞ ﺍﻟﻠﺠﺎﻥ ﺍﳋﺎﺻﺔ ﺑﺘﻌﻴﲔ ﺍﳌﺪﻳﺮﻳﻦ ﺍﻟﺘﻨﻔﻴﺬﻳﲔ‪.‬‬
‫‪ -‬ﻭﺿﻊ ﺁﻟﻴﺔ ﳏﺪﺩﺓ ﳌﻨﺢ ﺍﻟﺘﻌﻮﻳﻀﺎﺕ ﻣﻦ ﺧﻼﻝ ﺭﺑﻂ ﺍﻟﺘﻌﻮﻳﻀﺎﺕ ﲟﺎ ﲢﻘﻖ ﻣﻦ ﺃﺩﺍء ﻓﻌﻠﻲ‪.‬‬
‫‪ -‬ﻣﻦ ﺍﳌﻔﻀﻞ ﺍﻹﻓﺼﺎﺡ ﻋﻦ ﺃﻱ ﺗﻐﻴﲑ ﰲ ﺍﻟﺴﻴﺎﺳﺎﺕ ﻭﺍﻟﻄﺮﺍﺋﻖ ﻭﺍﻹﺟﺮﺍءﺍﺕ ﺍﳌﺤﺎﺳﺒﻴﺔ ﻋﻨﺪ ﺇﻋﺪﺍﺩ‬
‫ﺍﻟﻘﻮﺍﺋﻢ ﺍﳌﺎﻟﻴﺔ‪.‬‬
‫ﺍﺳﺘﻌﻤﺎﻝ ﺍﻻﻧﺘﺮﻧﻴﺖ ﻛﺄﺳﻠﻮﺏ ﻟﻠﺘﻮﺍﺻﻞ ﻣﻊ ﺍﳌﺎﻟﻜﲔ ﻟﻌﺮﺽ ﺃﻫﻢ ﺍﻷﺣﺪﺍﺙ ﺍﳉﻮﻫﺮﻳﺔ ﺍﳋﺎﺻﺔ‬
‫ﺑﺎﻟﻮﺣﺪﺍﺕ ﺍﳌﺴﺎﳘﺔ ﰲ ﻭﻗﺖ ﺣﺪﻭﺛﻬﺎ ﻭﻧﺸﺮ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﳌﺤﺎﺳﺒﻴﺔ ﺍﳌﺮﺣﻠﻴﺔ ﻛﺨﻄﻮﺓ ﺍﻗﺘﺼﺎﺩﻳﺔ ﻟﺘﻘﻠﻴﻞ‬
‫ﺣﺪﺓ ﺍﻟﺘﻔﺎﻭﺕ ﰲ ﺣﻴﺎﺯﺓ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﳌﺤﺎﺳﺒﻴﺔ ﺑﲔ ﺍﳌﺎﻟﻜﲔ ﻭﺍﻹﺩﺍﺭﺓ ﺍﻟﻌﻠﻴﺎ ﻭﺍﻟﻘﻀﺎء ﻋﻠﻰ ﻣﺸﻜﻠﺔ‬
‫ﺗﻀﺎﺭﺏ ﺍﳌﺼﺎﱀ‪.‬‬

‫~ ‪~ 73‬‬
‫ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻭﻋـﻼﻗﺘﻬﺎ ﺑﻨﻈﺮﻳﺔ ﺍﻟـﻮﻛﺎﻟﺔ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﻟﺚ‪:‬‬

‫ﺧﻼﺻﺔ‪:‬‬
‫ﻇﻬﺮﺕ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﺑﺴﺒﺐ ﺍﻧﻔﺼﺎﻝ ﺍﳌﻠﻜﻴﺔ ﻋﻦ ﺍﻹﺩﺍﺭﺓ‪ ،‬ﻭﻛﺜﺮﺓ ﻣﺸﺎﻛﻞ ﺍﻟﻮﻛﺎﻟﺔ ﺍﻟﱵ‬
‫ﺃﺩﺕ ﺇﱃ ﺗﻌﺎﺭﺽ ﻭﺗﻀﺎﺭﺏ ﺍﳌﺼﺎﱀ ﻭﺍﻧﺘﺸﺎﺭ ﺍﻟﻔﺴﺎﺩ ﰲ ﺍﻟﺸﺮﻛﺎﺕ ﻭﺣﱴ ﺇﻓﻼﺳﻬﺎ‪ .‬ﻓﺪﻭﺭ ﺍﳊﻮﻛﻤﺔ‬
‫ﻳﺮﺗﻜﺰ ﺣﻮﻝ ﺗﻨﻈﻴﻢ ﺍﻟﻌﻼﻗﺔ ﺑﲔ ﺍﻷﻃﺮﺍﻑ ﺍﻟﻔﺎﻋﻠﲔ ﰲ ﺍﻟﺸﺮﻛﺔ ﻣﻦ ﺍﳌﺴﺎﳘﲔ ﻭﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ ﻭﺍﻹﺩﺍﺭﺓ‬
‫ﺍﻟﺘﻨﻔﻴﺬﻳﺔ ﻭﺃﺻﺤﺎﺏ ﺍﳌﺼﺎﱀ‪ ،‬ﻭﲢﺪﻳﺪ ﻣﺴﺆﻭﻟﻴﺎﺕ ﻭﺣﻘﻮﻕ ﻭﻭﺍﺟﺒﺎﺕ ﻛﻞ ﻃﺮﻑ‪ .‬ﻭﻗﺒﻞ ﺍﻟﺸﺮﻭﻉ ﰲ‬
‫ﺗﻄﺒﻴﻖ ﻗﻮﺍﻋﺪ ﺍﳊﻮﻛﻤﺔ ﰲ ﺃﻱ ﺷﺮﻛﺔ‪ ،‬ﳚﺐ ﺃﺧﺬ ﺑﻴﺌﺔ ﻭﻃﺒﻴﻌﺔ ﻭﻇﺮﻭﻑ ﻋﻤﻞ ﺍﻟﺸﺮﻛﺔ ﺑﻌﲔ ﺍﻻﻋﺘﺒﺎﺭ‪،‬‬
‫ﻓﺈﳕﺎ ﻭﺿﻌﺖ ﻫﺬﻩ ﺍﻟﻘﻮﺍﻋﺪ ﻟﻴﺴﺘﻌﲔ ﻭﻳﺴﺘﺪﻝ ‪‬ﺎ ﺍﻟﻘﺎﺋﻤﻮﻥ ﻋﻠﻰ ﺇﺩﺍﺭﺓ ﺍﻟﺸﺮﻛﺎﺕ ﺍﻟﻘﻴﺎﺩﺓ ﻭﺗﻮﺟﻴﻪ‬
‫ﺷﺮﻛﺎ‪‬ﻢ ﰲ ﺍﻻﲡﺎﻩ ﺍﻟﺼﺤﻴﺢ‪ .‬ﻛﻤﺎ ﺃﻧﻪ ﻟﻴﺲ ﻣﻦ ﺍﻟﻀﺮﻭﺭﻱ ﺃﻥ ﺗﻠﺘﺰﻡ ﺍﻟﺸﺮﻛﺎﺕ ﺑﺘﻄﺒﻴﻖ ﻫﺬﻩ ﺍﻟﻘﻮﺍﻋﺪ‬
‫ﺣﺮﻓﻴﺎ‪ ،‬ﻭﺇﳕﺎ ﻳﺘﻢ ﺗﻜﻴﻴﻔﻬﺎ ﻣﻊ ﺃﻭﺿﺎﻉ ﺍﻟﺸﺮﻛﺔ ﻟﺘﻜﻮﻥ ﺃﻛﺜﺮ ﻣﺮﻭﻧﺔ ﻭﻣﻼﺋﻤﺔ ﻟﻨﺸﺎﻃﻬﺎ‪.‬‬

‫~ ‪~ 74‬‬
 ‫ﺍﻟﻔﺼﻞ ﺍﻟﺮﺍﺑﻊ‪:‬‬

‫ﺍﻟﺪﺭﺍﺳﺔ ﺍﻟﺘﻄﺒﻴﻘﻴﺔ‬
‫ﺍﻟﺪﺭﺍﺳﺔ ﺍﻟﺘﻄﺒﻴﻘﻴﺔ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺮﺍﺑﻊ‪:‬‬

‫ﲤﻬﻴﺪ‪:‬‬
‫ﰲ ﻫﺬﺍ ﺍﻟﻔﺼﻞ ﻭﺑﻌﺪ ﺍﻟﺘﻄﺮﻕ ﺇﱃ ﺍﻟﻔﺼﻮﻝ ﺍﻟﺜﻼﺛﺔ ﺍﻟﻨﻈﺮﻳﺔ ﻭﳏﺎﻭﻟﺔ ﺍﻹﺟﺎﺑﺔ ﻋﻠﻰ ﺍﻹﺷﻜﺎﻟﻴﺔ‬
‫ﺍﻷﺳﺎﺳﻴﺔ ﺳﻨﺘﻄﺮﻕ ﺇﱃ ﺍﻟﺪﺭﺍﺳﺔ ﺍﳌﻴﺪﺍﻧﻴﺔ ‪ -‬ﺇﺳﺘﺒﻴﺎﻥ ‪ ،-‬ﻭﻗﺪ ﺃﻋﺪﺩﻧﺎ ﺇﺳﺘﺒﻴﺎﻥ ﺇﻟﻜﺘﺮﻭﱐ ﺑﻪ ﳎﻤﻮﻋﺔ‬
‫ﺃﺳﺌﻠﺔ ﻣﺮﺗﺒﻄﺔ ﺑﺈﺷﻜﺎﻟﻴﺔ ﺍﻟﺒﺤﺚ ﻭﻫﺬﺍ ﺍﻻﺳﺘﺒﻴﺎﻥ ﻣﻮﺟﻬﴼ ﺇﱃ ﳎﻤﻮﻋﺔ ﺍﻷﻛﺎﺩﳝﻴﲔ ﻭﺍﳌﻬﻨﻴﲔ ﰲ ﺍﳉﺰﺍﺋﺮ‪.‬‬
‫ﻭﻟﻘﺪ ﺍﲡﻬﻨﺎ ﺇﱃ ﻫﺬﺍ ﺍﻟﻨﻮﻉ ﻣﻦ ﺍﻟﺪﺭﺍﺳﺔ ﺍﳌﻴﺪﺍﻧﻴﺔ ﻧﻈﺮﴽ ﳊﺪﺍﺛﺔ ﻣﻮﺿﻮﻉ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﻭﺍﳊﻮﻛﻤﺔ‬
‫ﻭﺻﻌﻮﺑﺔ ﺍﻟﺪﺭﺍﺳﺔ ﻭﻟﻐﻴﺎﺏ ﺃﻃﺮﺍﻑ ﻣﻬﻤﺔ ﰲ ﺍﳊﻮﻛﻤﺔ ﻭﻋﺪﻡ ﻭﺟﻮﺩ ﺷﺮﻛﺎﺕ ﻣﺴﺎﳘﺔ ﺗﻄﺒﻖ ﺍﳊﻮﻛﻤﺔ‬
‫ﺧﺎﺻﺔ ﰲ ﻭﻻﻳﺘﻨﺎ ﻭﻫﺬﺍ ﻛﺎﻥ ﺳﺒﺒﴼ ﺭﺋﻴﺴﻴﴼ ﻭﻋﺎﺋﻘﺎ ﻟﻠﺪﺭﺍﺳﺔ ﺍﻟﻨﻈﺮﻳﺔ ﻭﺃﺩﻯ ﺑﻨﺎ ﺇﱃ ﺩﺭﺍﺳﺔ ﺍﺳﺘﺒﻴﺎﻧﻴﺔ‪.‬‬
‫ﻭﻗﺪ ﲤﺤﻮﺭ ﻫﺬﺍ ﺍﻟﻔﺼﻞ ﰲ ﺩﺭﺍﺳﺔ ﻣﺒﺤﺜﲔ‪ :‬ﺍﳌﺒﺤﺚ ﺍﻷﻭﻝ ﺗﻨﺎﻭﻟﻨﺎ ﻓﻴﻪ‪ :‬ﻭﺻﻒ ﻋﻴﻨﺔ ﺍﻟﺪﺭﺍﺳﺔ ﺃﻣّﺎ‬
‫ﺍﳌﺒﺤﺚ ﺍﻟﺜﺎﱐ‪ :‬ﻋﺮﺽ ﻭﻣﻨﺎﻗﺸﺔ ﻧﺘﺎﺋﺞ ﺍﻟﺪﺭﺍﺳﺔ‪.‬‬

‫~ ‪~ 76‬‬
‫ﺍﻟﺪﺭﺍﺳﺔ ﺍﻟﺘﻄﺒﻴﻘﻴﺔ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺮﺍﺑﻊ‪:‬‬

‫ﺍﳌﺒﺤﺚ ﺍﻷﻭﻝ‪ :‬ﻭﺻﻒ ﻋﻴﻨﺔ ﺍﻟﺪﺭﺍﺳﺔ‬

‫ﺍﳌﻄﻠﺐ ﺍﻷﻭﻝ‪ :‬ﳎﺘﻤﻊ ﻭﻋﻴﻨﺔ ﺍﻟﺪﺭﺍﺳﺔ‬
‫ﻭﻧﻌﲏ ﺑﻌﻴﻨﺔ ﺍﻟﺪﺭﺍﺳﺔ ﺍﻷﻓﺮﺍﺩ ﺍﻟﺬﻳﻦ ﲤﺖ ﻋﻠﻴﻬﻢ ﺍﻟﺪﺭﺍﺳﺔ‪ ،‬ﻭﺍﻗﺘﺼﺮﺕ ﻫﺬﻩ ﺍﻟﺪﺭﺍﺳﺔ ﻋﻠﻰ ﳎﻤﻮﻋﺔ‬
‫ﻣﻦ ﺍﻷﻛﺎﺩﳝﻴﲔ ﻭﺍﳌﻬﻨﻴﲔ ﺍﻟﻌﺎﻣﻠﲔ ﰲ ﳎﺎﻝ ﺍﳌﺤﺎﺳﺒﺔ ﻭﺍﳌﺎﻟﻴﺔ ﻭﺍﳌﻮﻇﻔﲔ ﰲ ﺍﳌﺆﺳﺴﺎﺕ ﺍﻟﻌﻤﻮﻣﻴﺔ‬
‫ﻭﺍﻻﻗﺘﺼﺎﺩﻳﺔ‪.‬‬
‫ﻭﻗﺪ ﺍﺧﺘﲑﺕ ﻋﻴﻨﺔ ﺍﻟﺪﺭﺍﺳﺔ ﺑﺸﻜﻞ ﻋﺸﻮﺍﺋﻲ ﲝﻴﺚ ﺑﻠﻎ ﻋﺪﺩ ﺍﻟﻌﻴﻨﺎﺕ ‪ 74‬ﻋﻴﻨﺔ‪ ،‬ﻟﻘﺪ ﰎ ﺗﻮﺯﻳﻊ‬
‫‪ 74‬ﺍﺳﺘﺒﻴﺎﻥ ﻋﻠﻰ ﳎﻤﻮﻋﺔ ﻣﻦ ﺍﻷﻛﺎﺩﳝﻴﲔ ﻭﺍﳌﻬﻨﻴﲔ ﻭﺍﳌﻮﻇﻔﲔ‪ ،‬ﰎ ﺍﺳﺘﺮﺟﺎﻉ ‪ 51‬ﺍﺳﺘﺒﻴﺎﻥ‪ ،‬ﻭﺍﳉﺪﻭﻝ‬
‫ﺍﳌﻮﺍﱄ ﻳﺒﲔ ﺍﻻﺳﺘﺒﻴﺎﻧﺎﺕ ﺍﳌﻮﺯﻋﺔ ﻭﺍﳌﺴﺘﺮﺩﺓ‪ .‬ﻭﺍﳉﺪﻭﻝ ﺍﻟﺘﺎﱄ ﻳﻮﺿﺢ ﺫﻟﻚ‪:‬‬
‫ﺍﳉﺪﻭﻝ ﺭﻗﻢ )‪ :(1-4‬ﺍﻹﺳﺘﺒﻴﺎﻧﺎﺕ ﺍﳌﻮﺯﻋﺔ ﻭﺍﳌﺴﺘﺮﺩﺓ‬
‫ﺍﻟﻨﺴــﺒﺔ ‪%‬‬ ‫ﺍﻻﺳﺘﺒﺎﻧﺎﺕ‬ ‫ﺍﻟﺒﻴـــﺎﻥ‬
‫‪100‬‬ ‫‪74‬‬ ‫ﺍﻹﺳﺘﺒﻴﺎﻧﺎﺕ ﺍﳌﻮﺯﻋﺔ‬
‫‪75,68‬‬ ‫‪56‬‬ ‫ﺍﻹﺳﺘﺒﻴﺎﻧﺎﺕ ﺍﳌﺴﺘﺮﺩﺓ‬
‫‪24,32‬‬ ‫‪18‬‬ ‫ﺍﻹﺳﺘﺒﻴﺎﻧﺎﺕ ﺍﻟﻀﺎﺋﻌﺔ‬
‫‪91,07‬‬ ‫‪51‬‬ ‫ﺍﻹﺳﺘﺒﻴﺎﻧﺎﺕ ﺍﻟﻘﺎﺑﻠﺔ ﻟﻠﺘﺤﻠﻴﻞ‬
‫ﺍﳌﺼﺪﺭ‪ :‬ﻣﻦ ﺇﻋﺪﺍﺩ ﺍﻟﻄﻠﺒﺔ ﺍﻋﺘﻤﺎﺩﺍ ﻋﻠﻰ ﻧﺘﺎﺋﺞ ﲢﻠﻴﻞ ﺍﻹﺳﺘﺒﻴﺎﻥ‪.‬‬
‫‪SPSS‬ﺍﳌﺤﻠﻖ ‪ :02‬ﳐﺮﺟﺎﺕ ﺑﺮﻧﺎﻣﺞ‬
‫ﺷﻜﻞ ﺭﻗﻢ )‪ :(1-4‬ﺍﻟﺘﻮﺯﻳﻊ ﺍﻟﺘﻜﺮﺍﺭﻱ ﻟﻼﺳﺘﺒﻴﺎﻧﺎﺕ ﺍﳌﻮﺯﻋﺔ ﻭﺍﳌﺴﺘﺮﺩﺓ‬
‫اﻹﺳﺗﺑﯾﺎﻧﺎت اﻟﻣﺳﺗردة و ﻏﯾر اﻟﻣﺳﺗردة‬
‫‪%0‬‬

‫‪%43‬‬

‫‪%57‬‬

‫‪1‬‬ ‫‪2‬‬ ‫‪3‬‬

‫ﺍﳌﺼﺪﺭ‪ :‬ﻣﻦ ﺍﻋﺪﺍﺩ ﺍﻟﻄﻠﺒﺔ ﺍﻋﺘﻤﺎﺩﺍ ﻋﻠﻰ ﻧﺘﺎﺋﺞ ﲢﻠﻴﻞ ﺍﻻﺳﺘﺒﻴﺎﻥ‬

‫~ ‪~ 77‬‬
‫ﺍﻟﺪﺭﺍﺳﺔ ﺍﻟﺘﻄﺒﻴﻘﻴﺔ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺮﺍﺑﻊ‪:‬‬

‫ﺍﳌﻄﻠﺐ ﺍﻟﺜﺎﱐ‪ :‬ﺃﺩﻭﺍﺕ ﲨﻊ ﺍﻟﺒﻴﺎﻧﺎﺕ‬

‫ﰲ ﺩﺭﺍﺳﱵ ﻫﺬﻩ ﲤﺖ ﺍﻻﺳﺘﻌﺎﻧﺔ ﻋﻠﻰ ﺍﻻﺳﺘﺒﻴﺎﻥ )ﺍﻻﺳﺘﻘﺼﺎء( ﻛﺄﺩﺍﺓ ﺃﺳﺎﺳﻴﺔ ﻟﻠﺘﺄﻛﺪ ﻣﻦ ﺍﻟﺼﺪﻕ‬
‫ﺍﻟﻈﺎﻫﺮﻱ‪ ،‬ﻓﺎﻟﺜﺒﺎﺕ ﻳﻌﲏ ﺍﺳﺘﻘﺮﺍﺭ ﺍﳌﻘﻴﺎﺱ ﻭﺃﻻ ﻳﺘﻨﺎﻗﺾ ﻣﻊ ﻧﻔﺴﻪ‪ ،‬ﻭﻧﻌﲏ ﺑﺎﻟﺼﺪﻕ ﺑﺄﻥ ﺍﳌﻘﻴﺎﺱ ﻳﻘﻴﺲ‬
‫ﻣﺎ ﻭﺿﻊ ﻟﻘﻴﺎﺳﻪ ﻭﻫﻮ ﳕﻮﺫﺝ ﳎﻤﻮﻋﺔ ﻣﻦ ﺍﻷﺳﺌﻠﺔ ﺗﻮﺟﻪ ﺇﱃ ﺃﻓﺮﺍﺩ ﺍﻟﻌﻴﻨﺔ ﻣﻦ ﺃﺟﻞ ﺍﳊﺼﻮﻝ ﻋﻠﻰ‬
‫ﻣﻌﻠﻮﻣﺎﺕ ﺣﻮﻝ ﻣﻮﺿﻮﻉ ﺃﻭ ﻣﺸﻜﻠﺔ ﻣﺎ ﺃﻭ ﻣﻮﻗﻒ‪ ،‬ﺣﻴﺚ ﻳﻌﺘﱪ ﺍﻻﺳﺘﺒﻴﺎﻥ ﺃﺣﺪ ﺍﻷﺳﺎﻟﻴﺐ ﺍﳍﺎﻣﺔ ﳉﻤﻊ‬
‫ﺍﳌﻌﻠﻮﻣﺎﺕ‪ ،‬ﻭﺫﻟﻚ ﻻﺣﺘﻮﺍﺋﻬﺎ ﻋﻠﻰ ﺃﺳﺌﻠﺔ ﺣﺪﺩ‪‬ﺎ ﺣﱴ ﲤﻜﻨﲏ ﻣﻦ ﺍﳊﺼﻮﻝ ﻋﻠﻰ ﺇﺟﺎﺑﺎﺕ ﳍﺬﻩ‬
‫ﺍﻷﺳﺌﻠﺔ‪ ،‬ﻭﺗﺸﻜﻞ ﺍﳌﻌﻄﻴﺎﺕ ﺍﻷﺳﺎﺳﻴﺔ ﺍﻟﱵ ﺃﻧﻄﻠﻖ ﻣﻨﻬﺎ ﰲ ﲢﻠﻴﻞ ﺍﻟﻈﺎﻫﺮﺓ ﻣﻮﺿﻮﻉ ﺍﻟﺪﺭﺍﺳﺔ‪ ،‬ﻭﻗﺪ‬
‫ﺍﻋﺘﻤﺪﺕ ﻋﻠﻰ ﺍﻹﺳﺘﺒﻴﺎﻥ ﺍﳌﺒﺎﺷﺮ ﻟﺘﻮﻓﺮﻩ ﻋﻠﻰ ﺑﻌﺾ ﺍﳌﺰﺍﻳﺎ ﺍﻟﻨﺴﺒﻴﺔ ﻭﺿﻤﺎﻥ ﺍﻻﺳﺘﺮﺩﺍﺩ ﰲ ﺍﻟﻮﻗﺖ‬
‫ﺍﻟﻘﺼﲑ‪.‬‬
‫ﺃﻭﻻ‪ :‬ﺇﻋﺪﺍﺩ ﺍﻻﺳﺘﺒﻴﺎﻥ‪:‬‬
‫ﻣﻦ ﺧﻼﻝ ﺗﻘﺪﱘ ﺍﺳﺘﺒﻴﺎﻥ ﻟﻐﺮﺽ ﺗﻮﻓﲑ ﺑﻴﺎﻧﺎﺕ ﻭﻣﻌﻠﻮﻣﺎﺕ ﻋﻦ ﺍﻟﺪﺭﺍﺳﺔ ﻗﺪ ﺻﻤﻢ ﺍﻻﺳﺘﺒﻴﺎﻥ‬
‫ﻭﺍﻟﺬﻱ ﺍﺳﺘﻬﺪﻑ ﺍﻟﺒﻴﺎﻧﺎﺕ ﺍﻷﻭﻟﻴﺔ ﻹﺳﺘﻜﻤﺎﻝ ﺍﳉﺎﻧﺐ ﺍﻟﺘﻄﺒﻴﻘﻲ ﻟﻠﺪﺭﺍﺳﺔ ﻣﻦ ﺣﻴﺚ ﻣﻌﺎﳉﺘﻪ ﻷﺳﺌﻠﺔ‬
‫ﺍﻟﺪﺭﺍﺳﺔ ﻭﻗﺪ ﰎ ﲡﺰﺋﺘﻪ ﻛﺎﻟﺘﺎﱄ‪:‬‬
‫‪ -‬ﺍﳉﺰء ﺍﻷﻭﻝ‪ :‬ﻫﻮ ﺍﳉﺰء ﺍﳋﺎﺹ ﺑﺎﻟﺒﻴﺎﻧﺎﺕ ﺍﻟﻌﺎﻣﺔ )ﺍﻟﺸﺨﺼﻴﺔ( ﻟﻌﻴﻨﺔ ﺍﻟﺪﺭﺍﺳﺔ ﻭﺍﳌﺘﻤﺜﻠﺔ ﰲ ﺍﳉﻨﺲ‪،‬‬
‫ﺍﻟﺴﻦ‪ ،‬ﺍﳌﺴﺘﻮﻯ ﺍﻟﺪﺭﺍﺳﻲ‪ ،‬ﻭﺳﻨﻮﺍﺕ ﺍﳋﱪﺓ‪.‬‬
‫‪-‬ﺍﳉﺰء ﺍﻟﺜﺎﱐ‪ :‬ﻭﺧﺼﺺ ﻹﻳﻀﺎﺡ ﺍﳌﺴﺎﳘﺔ ﺍﻟﱵ ﻳﻀﻴﻔﻬﺎ ﺍﳌﻮﻇﻔﲔ ﰲ ﺭﺃﺱ ﺍﳌﺎﻝ ﻭﺭﲝﻴﺔ ﺍﻟﺸﺮﻛﺎﺕ‬
‫ﺧﻼﻝ ﺩﺭﺍﺳﺔ ﺳﻠﻮﻛﻬﻢ ﻭﺭﺿﺎﻫﻢ ﻋﻦ ﺃﺩﺍء ﻣﺆﺳﺴﺎ‪‬ﻢ ﻭﺍﳌﺮﺩﻭﺩﻳﺔ ﺍﳌﻨﺘﻈﺮﺓ ﻣﻨﻬﻢ‪.‬‬
‫‪-‬ﺍﳉﺰء ﺍﻟﺜﺎﻟﺚ‪ :‬ﻫﻮ ﺧﺎﺹ ﺑﺘﺄﺛﲑ ﺩﻭﺭ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﰲ ﺍﻟﺘﻘﻠﻴﻞ ﻭﺍﳊﺪ ﻣﻦ ﺗﻔﺸﻲ ﻧﻈﺮﻳﺔ‬
‫ﺍﻟﻮﻛﺎﻟﺔ ﰲ ﺍﳌﺆﺳﺴﺎﺕ ﺑﺎﺳﺘﻬﺪﺍﻑ ﺗﻄﺒﻴﻖ ﻣﺒﺎﺩﺉ ﺍﳊﻜﻢ ﺍﻟﺮﺍﺷﺪ ﰲ ﺗﺴﻴﲑ ﺷﺆﻭﻥ ﺍﳌﺆﺳﺴﺎﺕ ‪.‬‬
‫ﻭﻗﺪ ﰎ ﺍﺳﺘﺨﺪﺍﻡ ﻣﻘﻴﺎﺱ ﻟﻴﻜﺎﺭﺕ ﺍﳋﻤﺎﺳﻲ )‪ (05 Point likert scale‬ﰲ ﺗﻮﺯﻳﻊ ﺩﺭﺟﺔ‬
‫ﺍﻹﺟﺎﺑﺎﺕ ﻭﺍﻟﱵ ﺗﺘﻮﺯﻉ ﻣﻦ ﺃﻗﻞ ﻭﺯﻥ )ﻏﲑ ﻣﻮﺍﻓﻖ ﺑﺸﺪﺓ(‪ ،‬ﺇﱃ ﺃﻋﻠﻰ ﻭﺯﻥ )ﻣﻮﺍﻓﻖ ﺑﺸﺪﺓ(‪ ،‬ﻭﺳﻮﻑ‬
‫ﻳﺘﻢ ﺍﻟﺘﻌﺮﻑ ﻋﻠﻰ ﺩﺭﺟﺔ ﺗﺄﺛﲑ ﻛﻞ ﻣﺘﻐﲑ ﻣﻦ ﻣﺘﻐﲑﺍﺕ ﺍﻻﺳﺘﺒﻴﺎﻥ ﻭﺫﻟﻚ ﻣﻦ ﺧﻼﻝ ﻣﻌﺮﻓﺔ ﺍﻟﻮﺳﻂ‬
‫ﺍﳊﺴﺎﰊ‪ ،‬ﻭﺍﻹﳓﺮﺍﻑ ﺍﳌﻌﻴﺎﺭﻱ‪ ،‬ﻭﺍﻻﲡﺎﻩ ﻟﻜﻞ ﺑﻌﺪ‪ ،‬ﻭﲟﺎ ﺃﻧﲏ ﺍﺳﺘﺨﺪﻣﺖ ﻣﻘﻴﺎﺱ ﻟﻴﻜﺎﺭﺕ ﺍﳋﻤﺎﺳﻲ‬
‫ﻭﻫﻮ ﻣﺘﻐﲑ ﺗﺮﺗﻴﱯ‪ ،‬ﻭﻋﻠﻴﻪ ﺳﻴﺘﻢ ﺗﻔﺴﲑ ﺍﻟﻨﺘﺎﺋﺞ ﺣﺴﺐ ﻣﺎ ﻳﻮﺿﺤﻪ ﺍﳉﺪﻭﻝ ﺍﳌﻮﺍﱄ‪:‬‬

‫~ ‪~ 78‬‬
‫ﺍﻟﺪﺭﺍﺳﺔ ﺍﻟﺘﻄﺒﻴﻘﻴﺔ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺮﺍﺑﻊ‪:‬‬

‫ﺍﳉﺪﻭﻝ ﺭﻗﻢ )‪ :(2-4‬ﻳﻮﺿﺢ ﺍﳌﺘﻮﺳﻂ ﺍﳊﺴﺎﰊ ﺍﳌﺮﺟﺢ ﻟﻺﺟﺎﺑﺎﺕ‬

‫ﺍﻻﲡﺎﻩ‬ ‫ﺍﳌﺴﺘﻮﻯ‬ ‫ﺍﳌﺘﻮﺳﻂ ﺍﳊﺴﺎﰊ ﺍﳌﺮﺟﺢ ﻟﻺﺟﺎﺑﺎﺕ‬ ‫ﺍﻟﺮﻣﺰ‬
‫ﻣﻨﺨﻔﻀﺔ ﺟﺪﺍ‬ ‫ﻏﲑ ﻣﻮﺍﻓﻖ ﺑﺸﺪﺓ‬ ‫‪ 1‬ﻣﻦ ‪ 1‬ﺇﱃ ‪1.79‬‬
‫ﻣﻨﺨﻔﻀﺔ‬ ‫ﻏﲑ ﻣﻮﺍﻓﻖ‬ ‫‪ 2‬ﻣﻦ ‪ 1.80‬ﺇﱃ ‪2.59‬‬
‫ﻣﺘﻮﺳﻄﺔ‬ ‫ﳏﺎﻳﺪ‬ ‫‪ 2.60‬ﺇﱃ ‪3.39‬‬ ‫‪3‬‬
‫ﻋﺎﻟﻴﺔ‬ ‫ﻣﻮﺍﻓﻖ‬ ‫‪ 3.40‬ﺇﱃ ‪4.19‬‬ ‫‪4‬‬
‫ﻋﺎﻟﻴﺔ ﺟﺪ‬ ‫ﻣﻮﺍﻓﻖ ﺑﺸﺪﺓ‬ ‫ﻣﻦ ‪ 4.20‬ﺇﱃ ‪5‬‬ ‫‪5‬‬
‫ﺍﳌﺼﺪﺭ‪ :‬ﻣﻦ ﺍﻋﺪﺍﺩ ﺍﻟﻄﻠﺒﺔ ﺍﻋﺘﻤﺎﺩﺍ ﻋﻠﻰ ﺩﺭﺍﺳﺎﺕ ﺳﺎﺑﻘﺔ‬
‫ﻭﻣﻦ ﺃﺟﻞ ﲢﻠﻴﻞ ﻫﺬﻩ ﺍﻟﺒﻴﺎﻧﺎﺕ ﲤﺖ ﺍﻻﺳﺘﻌﺎﻧﺔ ﺑﱪﻧﺎﻣﺞ ‪ Spss V20‬ﺑﺎﻋﺘﺒﺎﺭﻫﺎ ﺍﻷﻧﺴﺐ ﻟﺘﺤﻠﻴﻞ ﻣﺜﻞ‬
‫ﻫﺬﻩ ﺍﻟﺒﻴﺎﻧﺎﺕ‪ ،‬ﺣﻴﺚ ﻳﺘﻢ ﺗﻔﺮﻳﻎ ﲨﻴﻊ ﺍﻟﺒﻴﺎﻧﺎﺕ ﻓﻴﻪ ﻭﺗﺮﻣﻴﺰ ﺍﻹﺟﺎﺑﺎﺕ ﻭﲢﻠﻴﻠﻬﺎ ﻣﻦ ﺧﻼﻝ ﺍﻷﺳﺎﻟﻴﺐ‬
‫ﺍﻹﺣﺼﺎﺋﻴﺔ ﺍﻟﺘﺎﻟﻴﺔ‪:‬‬
‫‪ ‬ﻣﻌﺎﻣﻞ ﺃﻟﻔﺎﻛﺮﻭﻧﺒﺎﺥ ﻟﻘﻴﺎﺱ ﺩﺭﺟﺔ ﻣﺼﺪﺍﻗﻴﺔ ﺍﻹﺟﺎﺑﺎﺕ ﻋﻠﻰ ﻓﻘﺮﺍﺕ ﺍﻹﺳﺘﺒﻴﺎﻥ‪.‬‬
‫‪ ‬ﺍﻹﺣﺼﺎء ﺍﻟﻮﺻﻔﻲ ﻟﻮﺻﻒ ﻣﺘﻐﲑﺍﺕ ﺍﻟﺪﳝﻐﺮﺍﻓﻴﺔ ﻟﻌﻴﻨﺔ ﺍﻟﺪﺭﺍﺳﺔ‪.‬‬
‫‪ ‬ﺍﻟﻨﺴﺐ ﺍﳌﺌﻮﻳﺔ‪ ،‬ﺍﳌﺘﻮﺳﻄﺎﺕ ﺍﳊﺴﺎﺑﻴﺔ ﻭﺍﻻﳓﺮﺍﻓﺎﺕ ﺍﳌﻌﻴﺎﺭﻳﺔ ﺑﻐﺮﺽ ﺍﻟﻜﺸﻒ ﻋﻦ ﺍﲡﺎﻫﺎﺕ ﺇﺟﺎﺑﺎﺕ‬
‫ﻋﻴﻨﺔ ﺍﻟﺪﺭﺍﺳﺔ‪.‬‬
‫‪ ‬ﺍﻻﳓﺪﺍﺭ ﺍﳋﻄﻲ ﳌﻌﺮﻓﺔ ﺗﺄﺛﲑ ﺃﺑﻌﺎﺩ ﺍﳌﺘﻐﲑ ﺍﳌﺴﺘﻘﻞ ﰲ ﺃﺑﻌﺎﺩ ﺍﳌﺘﻐﲑ ﺍﻟﺘﺎﺑﻊ‪.‬‬

‫~ ‪~ 79‬‬
‫ﺍﻟﺪﺭﺍﺳﺔ ﺍﻟﺘﻄﺒﻴﻘﻴﺔ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺮﺍﺑﻊ‪:‬‬

‫ﺍﳌﻄﻠﺐ ﺍﻟﺜﺎﻟﺚ‪ :‬ﺻﺪﻕ ﻭﺛﺒﺎﺕ ﺃﺩﺍﺓ ﺍﻟﺪﺭﺍﺳﺔ‬

‫ﻟﻘﺪ ﰎ ﺍﺧﺘﺒﺎﺭ ﺩﺭﺟﺔ ﺻﺪﻕ ﻭﺛﺒﺎﺕ ﺍﳌﻘﻴﺎﺱ ﻣﻦ ﺧﻼﻝ ﻣﻌﺎﻣﻞ ﺍﻻﺧﺘﺒﺎﺭ ﺃﻟﻔﺎﻛﺮﻭﻧﺒﺎﺥ‪ ،‬ﻭﺍﻟﱵ‬
‫ﺃﻋﻄﺖ ﺍﻟﻨﺘﺎﺋﺞ ﺍﻟﺘﺎﻟﻴﺔ‪:‬‬
‫ﺟﺪﻭﻝ ﺭﻗﻢ )‪ :(3-4‬ﻣﻌﺎﻣﻞ ﺍﻟﺜﺒﺎﺕ ﻭﺍﻟﺼﺪﻕ ﳌﺤﺎﻭﺭ ﺍﻻﺳﺘﺒﻴﺎﻥ‬
‫ﻣﻌﺎﻣﻞ ﺃﻟﻔﺎﻛﺮﻭﻧﺒﺎﺥ ﺍﻟﺜﺒﺎﺕ ﻭﺍﻟﺼﺪﻕ‬ ‫ﻋﺪﺩ ﺍﻟﻌﻨﺎﺻﺮ‬
‫‪0.741‬‬ ‫‪20‬‬
‫ﺍﳌﺼﺪﺭ‪ :‬ﻣﻦ ﺇﻋﺪﺍﺩ ﺍﻟﻄﻠﺒﺔ ﺍﻋﺘﻤﺎﺩﺍ ﻋﻠﻰ ﻧﺘﺎﺋﺞ ﲢﻠﻴﻞ ﺑﺮﻧﺎﻣﺞ ‪Spss V20‬‬

‫ﻳﺒﲔ ﺍﳉﺪﻭﻝ ﺃﻋﻼﻩ ﻧﺘﺎﺋﺞ ﻣﻌﺎﻣﻞ ﺍﻻﺭﺗﺒﺎﻁ ﺃﻟﻔﺎﻛﺮﻭﻧﺒﺎﺥ ﺑﺄﺑﻌﺎﺩ ﺍﻟﺘﺴﻮﻳﻖ ﺍﻟﺪﺍﺧﻠﻲ ﻭﺃﺑﻌﺎﺩ ﺟﻮﺩﺓ‬
‫ﺍﳋﺪﻣﺎﺕ ﺍﳌﻘﺪﻣﺔ‪ ،‬ﻭﻗﺪ ﺑﻠﻎ ﺍﻟﺜﺒﺎﺕ ‪ 0.741‬ﻭﻫﻲ ﻣﺮﺗﻔﻌﺔ ﻭﻫﺬﺍ ﻳﺪﻝ ﻋﻠﻰ ﻣﺼﺪﺍﻗﻴﺔ ﺍﻻﺳﺘﺒﻴﺎﻥ ﻭﺃﻧﻪ‬
‫ﺻﺎﱀ ﻟﻠﺘﺤﻠﻴﻞ‪.‬‬

‫~ ‪~ 80‬‬
‫ﺍﻟﺪﺭﺍﺳﺔ ﺍﻟﺘﻄﺒﻴﻘﻴﺔ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺮﺍﺑﻊ‪:‬‬

‫ﺍﳌﺒﺤﺚ ﺍﻟﺜﺎﱐ‪ :‬ﻋﺮﺽ ﻭﻣﻨﺎﻗﺸﺔ ﻧﺘﺎﺋﺞ ﺍﻟﺪﺭﺍﺳﺔ‬

‫ﺑﻌﺪ ﺗﻌﺮﻳﻔﻨﺎ ﳌﺠﺘﻤﻊ ﺍﻟﺪﺭﺍﺳﺔ ﻭﻛﺬﺍ ﻋﻴﻨﺔ ﺍﻟﺪﺭﺍﺳﺔ ﻭﺍﻷﺩﻭﺍﺕ ﺍﳌﺴﺘﺨﺪﻣﺔ ﰲ ﲢﻠﻴﻞ ﺍﻟﺪﺭﺍﺳﺔ‬
‫ﺃﺗﻄﺮﻕ ﰲ ﻫﺬﺍ ﺍﳌﻄﻠﺐ ﺇﱃ ﻋﺮﺽ ﺍﻟﻨﺘﺎﺋﺞ ﺍﳌﺘﺤﺼﻞ ﻋﻠﻴﻬﺎ ﻭﻣﻨﺎﻗﺸﺘﻬﺎ‪.‬‬
‫ﺍﳌﻄﻠﺐ ﺍﻷﻭﻝ‪ :‬ﲢﻠﻴﻞ ﻧﺘﺎﺋﺞ ﺍﻟﺒﻴﺎﻧﺎﺕ ﺍﻟﻌﺎﻣﺔ‬
‫ﺃﻭﻻ‪ :‬ﲢﻠﻴﻞ ﻋﻴﻨﺔ ﺍﻟﺪﺭﺍﺳﺔ ﺣﺴﺐ ﺍﳌﺆﻫﻞ ﺍﻟﻌﻠﻤﻲ‪ :‬ﻭﻳﻮﺿﺤﻪ ﺍﳉﺪﻭﻝ ﺍﻟﺘﺎﱄ‬
‫ﺍﳉﺪﻭﻝ ﺭﻗﻢ )‪ :(4-4‬ﺗﻮﺯﻳﻊ ﻋﻴﻨﺔ ﺍﻟﺒﺤﺚ ﺣﺴﺐ ﺍﳌﺆﻫﻞ ﺍﻟﻌﻠﻤﻲ‬
‫ﺍﻟﻨﺴﺒﺔ ‪%‬‬ ‫ﺍﻟﺘﻜﺮﺍﺭ‬ ‫ﺍﳌﺆﻫﻞ ﺍﻟﻌﻠﻤﻲ‬
‫‪70.6‬‬ ‫‪36‬‬ ‫ﻟﻴﺴﺎﻧﺲ‬
‫‪13.7‬‬ ‫‪7‬‬ ‫ﻣﺎﺳﺘﺮ‬
‫‪9.8‬‬ ‫‪5‬‬ ‫ﺩﺭﺍﺳﺎﺕ ﻋﻠﻴﺎ‬
‫‪5.9‬‬ ‫‪3‬‬ ‫ﺃﺧﺮﻯ‬
‫‪100‬‬ ‫‪51‬‬ ‫ﺍﳌﺠﻤﻮﻉ‬
‫ﺍﳌﺼﺪﺭ‪ :‬ﻣﻦ ﺇﻋﺪﺍﺩ ﺍﻟﻄﻠﺒﺔ ﺍﻋﺘﻤﺎﺩﺍ ﻋﻠﻰ ﻧﺘﺎﺋﺞ ﲢﻠﻴﻞ ﺍﻻﺳﺘﺒﻴﺎﻥ‬
‫ﺍﻟﺘﻌﻠﻴﻖ‪ :‬ﻳﺘﻀﺢ ﻟﻨﺎ ﻣﻦ ﺍﳉﺪﻭﻝ ﺍﻟﺴﺎﺑﻖ ﺃﻥ ﻧﺴﺒﺔ ‪ %70.6‬ﻣﻦ ﻋﻴﻨﺔ ﺍﻟﺪﺭﺍﺳﺔ ﻫﻢ ﻣﻦ ﲪﻠﺔ‬
‫ﺍﻟﻠﻴﺴﺎﻧﺲ‪ ،‬ﻭﻧﺴﺒﺔ ‪ %13.7‬ﻣﻦ ﻋﻴﻨﺔ ﺍﻟﺪﺭﺍﺳﺔ ﻫﻢ ﺑﺸﻬﺎﺩﺓ ﺍﳌﺎﺳﺘﺮ‪ ،‬ﻭﻧﺴﺒﺔ ‪ %9.8‬ﻣﻦ ﻋﻴﻨﺔ ﺍﻟﺪﺭﺍﺳﺔ‬
‫ﻣﺘﺤﺼﻠﲔ ﻋﻠﻰ ﺷﻬﺎﺩﺍﺕ ﺗﺮﺟﻊ ﻷﺻﻞ ﺍﳌﺎﺟﻴﺴﺘﲑ ﻭﺍﻟﺪﻛﺘﻮﺭﺍﻩ‪ ،‬ﻭﺃﻣﺎ ﺍﻟﺒﻘﻴﺔ ﺑﻨﺴﺒﺔ ‪ ،%5.9‬ﳛﻮﺯﻭﻥ‬
‫ﻋﻠﻰ ﺗﻜﻮﻳﻦ ﺳﺎﻣﻲ ﺃﻭ ﻣﺴﺘﻮﻯ ﺛﺎﻧﻮﻱ ﺑﻨﺴﺒﺔ ﻗﻠﻴﻠﺔ ﻣﻦ ﳎﻤﻮﻉ ﺍﻟﻌﻴﻨﺔ‪.‬‬
‫ﺛﺎﻧﻴﺎ‪ :‬ﲢﻠﻴﻞ ﻋﻴﻨﺔ ﺍﻟﺪﺭﺍﺳﺔ ﺣﺴﺐ ﺍﳉﻨﺲ ﻭﻳﻮﺿﺤﻪ ﺍﳉﺪﻭﻝ ﺍﻟﺘﺎﱄ‬
‫ﺍﳉﺪﻭﻝ ﺭﻗﻢ )‪ :(5-4‬ﺗﻮﺯﻳﻊ ﺃﻓﺮﺍﺩ ﻋﻴﻨﺔ ﺍﻟﺪﺭﺍﺳﺔ ﺣﺴﺐ ﺍﳉﻨﺲ‬
‫ﺍﳌﺠﻤﻮﻉ‬ ‫ﺃﻧﺜﻰ‬ ‫ﺫﻛﺮ‬ ‫ﺍﻟﺒﻴﺎﻥ‬
‫‪51‬‬ ‫‪6‬‬ ‫‪45‬‬ ‫ﺍﻟﻌﺪﺩ‬
‫‪100‬‬ ‫‪11.76‬‬ ‫‪88.24‬‬ ‫ﺍﻟﻨﺴﺒﺔ‪%‬‬

‫ﺍﳌﺼﺪﺭ‪ :‬ﻣﻦ ﺇﻋﺪﺍﺩ ﺍﻟﻄﻠﺒﺔ ﺍﻋﺘﻤﺎﺩﺍ ﻋﻠﻰ ﻧﺘﺎﺋﺞ ﲢﻠﻴﻞ ﺍﻻﺳﺘﺒﻴﺎﻥ‬

‫~ ‪~ 81‬‬
‫ﺍﻟﺪﺭﺍﺳﺔ ﺍﻟﺘﻄﺒﻴﻘﻴﺔ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺮﺍﺑﻊ‪:‬‬

‫ﺍﻟﺘﻌﻠﻴﻖ‪ :‬ﻳﺘﻀﺢ ﻣﻦ ﺧﻼﻝ ﺍﳉﺪﻭﻝ ﺃﻋﻼﻩ ﺇﻥ ﻣﺎ ﻧﺴﺒﺘﻪ )‪ (%88.24‬ﻣﻦ ﺃﻓﺮﺍﺩ ﻋﻴﻨﺔ ﺍﻟﺪﺭﺍﺳﻴﺔ ﻫﻢ‬
‫ﺫﻛﻮﺭ ﻭﻣﺎ ﻧﺴﺒﺘﻪ )‪ (11.76%‬ﻣﻦ ﺍﻹﻧﺎﺙ ﻭﻫﺬﺍ ﻳﺪﻝ ﻋﻠﻰ ﺃﻥ ﺍﻟﻐﺎﻟﺒﻴﺔ ﻣﻦ ﺍﻟﻌﻴﻨﺔ ﻫﻢ ﻣﻦ ﺟﻨﺲ‬
‫ﺍﻟﺬﻛﻮﺭ‪.‬‬
‫ﺛﺎﻟﺜﺎ‪ :‬ﲢﻠﻴﻞ ﻋﻴﻨﺔ ﺍﻟﺪﺭﺍﺳﺔ ﺣﺴﺐ ﺳﻨﻮﺍﺕ ﺍﳋﱪﺓ‬
‫ﺍﳉﺪﻭﻝ ﺭﻗﻢ )‪ :(6-4‬ﺗﻮﺯﻳﻊ ﻋﻴﻨﺔ ﺍﻟﺪﺭﺍﺳﺔ ﺣﺴﺐ ﺳﻨﻮﺍﺕ ﺍﳋﱪﺓ‬
‫ﺍﻟﻨﺴﺒﺔ ‪%‬‬ ‫ﺍﻟﺘﻜﺮﺍﺭ‬ ‫ﺳﻨﻮﺍﺕ ﺍﳋﱪﺓ‬
‫‪21.6‬‬ ‫‪11‬‬ ‫ﺃﻗﻞ ﻣﻦ ‪ 5‬ﺳﻨﻮﺍﺕ‬
‫‪23.5‬‬ ‫‪12‬‬ ‫ﻣﻦ ‪ 6‬ﺳﻨﻮﺍﺕ ﺇﱃ ‪ 10‬ﺳﻨﻮﺍﺕ‬
‫‪35.3‬‬ ‫‪18‬‬ ‫ﻣﻦ ‪ 11‬ﺳﻨﻮﺍﺕ ﺇﱃ ‪ 15‬ﺳﻨﺔ‬
‫‪19.6‬‬ ‫‪10‬‬ ‫ﺃﻛﺜﺮ ﻣﻦ ‪ 15‬ﺳﻨﺔ‬
‫‪100‬‬ ‫‪51‬‬ ‫ﺍﳌﺠﻤﻮﻉ‬
‫ﺍﳌﺼﺪﺭ‪ :‬ﻣﻦ ﺇﻋﺪﺍﺩ ﺍﻟﻄﻠﺒﺔ ﺍﻋﺘﻤﺎﺩﺍ ﻋﻠﻰ ﻧﺘﺎﺋﺞ ﲢﻠﻴﻞ ﺍﻻﺳﺘﺒﻴﺎﻥ‬
‫ﺍﻟﺘﻌﻠﻴﻖ‪ :‬ﻣﻦ ﺧﻼﻝ ﺍﳉﺪﻭﻝ ﻳﺘﺒﲔ ﻟﻨﺎ ﺃﻥ ﻧﺴﺒﺔ ‪ %21.6‬ﻣﻦ ﻋﻴﻨﺔ ﺍﻟﺪﺭﺍﺳﺔ ﻟﺪﻳﻬﻢ ﻣﻦ ‪ 5-1‬ﺳﻨﻮﺍﺕ‬
‫ﺧﱪﺓ‪ ،‬ﻭﺃﻥ ﻧﺴﺒﺔ ‪ %23.5‬ﻣﻦ ﻋﻴﻨﺔ ﺍﻟﺪﺭﺍﺳﺔ ﻟﺪﻳﻬﻢ ﺧﱪﺓ ﻣﻦ ‪ 6‬ﺇﱃ ‪ 10‬ﺳﻨﻮﺍﺕ‪ ،‬ﻭﻳﺘﻀﺢ ﻟﻨﺎ‬
‫ﻛﺬﻟﻚ ﺃﻥ ﻧﺴﺒﺔ ‪ %35.3‬ﻣﻦ ﻋﻴﻨﺔ ﺍﻟﺪﺭﺍﺳﺔ ﻟﺪﻳﻬﻢ ﺧﱪﺓ ﻣﻦ ‪ 11‬ﺇﱃ ‪ 15‬ﺳﻨﺔ‪ ،‬ﻭﻳﺘﻀﺢ ﻟﻨﺎ ﺃﻳﻀﺎ‬
‫ﺃﻥ ﻧﺴﺒﺔ ‪ %19.6‬ﻣﻦ ﻋﻴﻨﺔ ﺍﻟﺪﺭﺍﺳﺔ ﻟﺪﻳﻬﻢ ﺧﱪﺓ ﺃﻛﺜﺮ ﻣﻦ ‪ 15‬ﺳﻨﺔ‪ ،‬ﻭﻣﻨﻪ ﻧﺴﺘﻨﺘﺞ ﺃﻥ ﺍﳌﺆﺳﺴﺎﺕ‬
‫ﺗﺴﺘﺜﻤﺮ ﰲ ﺍﻟﻜﻔﺎءﺍﺕ ﺍﳉﺪﻳﺪﺓ ﻟﺘﻄﻮﻳﺮ ﺃﺩﺍﺋﻬﺎ ﻭﺍﻻﺭﺗﻘﺎء ﲟﺴﺘﻮﻯ ﺍﳉﻮﺩﺓ ﰲ ﺍﳌﺆﺳﺴﺔ‪.‬‬
‫ﺭﺍﺑﻌﺎ‪ :‬ﲢﻠﻴﻞ ﻋﻴﻨﺔ ﺍﻟﺪﺭﺍﺳﺔ ﺣﺴﺐ ﺍﳌﻬﻨﺔ‬
‫ﺍﳉﺪﻭﻝ ﺭﻗﻢ )‪ :(7-4‬ﺗﻮﺯﻳﻊ ﻋﻴﻨﺔ ﺍﻟﺪﺭﺍﺳﺔ ﺣﺴﺐ ﺍﳌﻬﻨﺔ‬
‫ﳏﺎﺳﺐ ﰲ‬
‫ﺃﺳﺘﺎﺫ‬ ‫ﳏﺎﺳﺐ‬ ‫ﳏﺎﻓﻆ‬ ‫ﺧﺒﲑ‬
‫ﻣﺆﺳﺴﺔ ﻋﻤﻮﻣﻴﺔ ﺍﳌﺠﻤﻮﻉ‬
‫ﺟﺎﻣﻌﻲ‬ ‫ﻣﻌﺘﻤﺪ‬ ‫ﺣﺴﺎﺑﺎﺕ‬ ‫ﳏﺎﺳﱯ‬
‫ﺃﻭ ﺧﺎﺻﺔ‬
‫‪51‬‬ ‫‪04‬‬ ‫‪17‬‬ ‫‪04‬‬ ‫‪14‬‬ ‫‪12‬‬ ‫ﺍﻟﻌﺪﺩ‬
‫‪100‬‬ ‫‪7.8‬‬ ‫‪33.3‬‬ ‫‪7.8‬‬ ‫‪27.5‬‬ ‫‪23.5‬‬ ‫ﺍﻟﻨﺴﺒﺔ‪%‬‬
‫ﺍﳌﺼﺪﺭ‪ :‬ﻣﻦ ﺇﻋﺪﺍﺩ ﺍﻟﻄﻠﺒﺔ ﺍﻋﺘﻤﺎﺩﺍ ﻋﻠﻰ ﻧﺘﺎﺋﺞ ﲢﻠﻴﻞ ﺍﻻﺳﺘﺒﻴﺎﻥ‬

‫~ ‪~ 82‬‬
‫ﺍﻟﺪﺭﺍﺳﺔ ﺍﻟﺘﻄﺒﻴﻘﻴﺔ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺮﺍﺑﻊ‪:‬‬

‫ﺍﻟﺘﻌﻠﻴﻖ‪ :‬ﺇﻥ ﻣﺎ ﻧﺴﺒﺘﻪ ‪ %23.33‬ﻣﻦ ﻋﻴﻨﺔ ﺍﻟﺪﺍﺭﺳﺔ ﻫﻢ ﻣﻦ ﻳﺸﻐﻠﻮﻥ ﻭﻇﻴﻔﺔ ﺃﺳﺘﺎﺫ ﺟﺎﻣﻌﻲ ﺃﻛﺎﺩﳝﻲ‪،‬‬
‫ﻭﻣﺎ ﻧﺴﺒﺘﻪ ‪ %23.50‬ﻣﻦ ﻫﻢ ﻳﻌﻤﻠﻮﻥ ﺑﺼﻔﺘﻬﻢ ﺧﱪﺍء ﳏﺎﺳﺒﻴﲔ ﳑﺎ ﻳﺪﻝ ﻋﻠﻰ ﻭﺟﻮﺩ ﻋﺪﺩ ﻣﻌﺘﱪ ﻣﻦ‬
‫ﺍﳌﺴﺘﺠﺒﲔ ﳍﺬﺍ ﺍﻻﺳﺘﺒﻴﺎﻥ ﻣﻦ ﻓﺌﺔ ﺍﳋﱪﺍء ﰲ ﳎﺎﻝ ﺍﳌﺤﺎﺳﺒﺔ‪ ،‬ﻭﻣﺎ ﻧﺴﺒﺘﻪ ‪ %27.50‬ﻫﻢ ﻣﻦ ﳏﺎﻓﻈﻲ‬
‫ﺍﳊﺴﺎﺑﺎﺕ ﻭﻫﺬﺍ ﻳﺪﻝ ﻋﻠﻰ ﻭﺟﻮﺩ ﺍﻫﺘﻤﺎﻡ ﻛﺒﲑ ﲟﺤﺘﻮﻯ ﺃﺳﺌﻠﺔ ﺍﻻﺳﺘﺒﻴﺎﻥ ﻣﻦ ﻃﺮﻑ ﻫﺬﻩ ﺍﻟﻔﺌﺔ‪ ،‬ﻭﻣﺎ‬
‫ﻧﺴﺒﺘﻪ ‪ %7.80‬ﻫﻢ ﺑﻨﻔﺲ ﺍﻟﻮﻗﺖ ﲢﺖ ﻭﻇﻴﻔﺔ ﺍﳌﺤﺎﺳﺐ ﺍﳌﻌﺘﻤﺪ ﻭﳏﺎﺳﺐ ﰲ ﻣﺆﺳﺴﺔ ﻋﻤﻮﻣﻴﺔ ﺃﻭ‬
‫ﺧﺎﺻﺔ‪.‬‬
‫ﺧﺎﻣﺴﺎ‪ :‬ﲢﻠﻴﻞ ﻋﻴﻨﺔ ﺍﻟﺪﺭﺍﺳﺔ ﺣﺴﺐ ﺍﻟﺘﺨﺼﺺ‬
‫ﺍﳉﺪﻭﻝ ﺭﻗﻢ )‪ :(8-4‬ﺗﻮﺯﻳﻊ ﻋﻴﻨﺔ ﺍﻟﺪﺭﺍﺳﺔ ﺣﺴﺐ ﺍﻟﺘﺨﺼﺺ‬
‫ﳏﺎﺳﺒﺔ‬
‫ﺍﳌﺠﻤﻮﻉ‬ ‫ﺃﺧﺮﻯ‬ ‫ﺍﻗﺘﺼﺎﺩ‬ ‫ﻣﺎﻟﻴﺔ‬
‫ﻭﺗﺪﻗﻴﻖ‬
‫‪51‬‬ ‫‪04‬‬ ‫‪20‬‬ ‫‪80‬‬ ‫‪19‬‬ ‫ﺍﻟﻌﺪﺩ‬

‫‪100‬‬ ‫‪7.8‬‬ ‫‪39.2‬‬ ‫‪15.7‬‬ ‫‪37.3‬‬ ‫ﺍﻟﻨﺴﺒﺔ‪%‬‬

‫ﺍﳌﺼﺪﺭ‪ :‬ﻣﻦ ﺇﻋﺪﺍﺩ ﺍﻟﻄﻠﺒﺔ ﺍﻋﺘﻤﺎﺩﺍ ﻋﻠﻰ ﻧﺘﺎﺋﺞ ﲢﻠﻴﻞ ﺍﻻﺳﺘﺒﻴﺎﻥ‬
‫ﺍﻟﺘﻌﻠﻴﻖ‪ :‬ﺇﻥ ﻣﺎ ﻧﺴﺒﺘﻪ ‪ %39.20‬ﻣﻦ ﻋﻴﻨﺔ ﺍﻟﺪﺍﺭﺳﺔ ﺍﻟﺬﻳﻦ ﺍﺳﺘﺠﺎﺑﻮﺍ ﻷﺳﺌﻠﺔ ﺍﻟﺪﺭﺍﺳﺔ ﻫﻢ ﻣﻦ ﳛﻤﻠﻮﻥ‬
‫ﲣﺼﺺ ﺍﻗﺘﺼﺎﺩ ﻭﻫﺬﺍ ﻳﺪﻝ ﻋﻠﻰ ﻭﺟﻮﺩ ﻋﺪﺩ ﻫﺎﺋﻞ ﻣﻦ ﺍﻻﻗﺘﺼﺎﺩﻳﲔ ﻳﺸﻐﻠﻮﻥ ﻣﻨﺎﺳﺐ ﻋﻠﻴﺎ ﻭﻣﻬﻤﺔ‬
‫ﺩﺍﺧﻞ ﺍﻟﺸﺮﻛﺎﺕ‪ ،‬ﻭﻣﺎ ﻧﺴﺒﺘﻪ ‪ %37.30‬ﻣﻦ ﻫﻢ ﲪﻠﺔ ﲣﺼﺺ ﳏﺎﺳﻴﺔ ﻭﺗﺪﻗﻴﻖ ﺑﻨﻔﺲ ﻓﻜﺮﺓ‬
‫ﺃﺻﺤﺎﺏ ﺍﻻﻗﺘﺼﺎﺩ‪ ،‬ﻭﻣﺎ ﻧﺴﺒﺘﻪ ‪ %15.70‬ﻫﻢ ﻣﻦ ﲪﻠﺔ ﲣﺼﺺ ﺍﳌﺎﻟﻴﺔ‪ ،‬ﻭﻣﺎ ﻧﺴﺒﺘﻪ ‪ %7.80‬ﻫﻢ‬
‫ﳛﻤﻠﻮﻥ ﲣﺼﺼﺎﺕ ﳐﺘﻠﻔﺔ ﻣﻦ ﺣﻘﻮﻕ ﻭﲡﺎﺭﺓ ﻭﺗﻜﻨﻮﻟﻮﺟﻴﺎ ﻭﻫﻨﺪﺳﺔ ‪....‬ﺇﱁ‪.‬‬

‫~ ‪~ 83‬‬
 ‫ﺍﻟﺪﺭﺍﺳﺔ ﺍﻟﺘﻄﺒﻴﻘﻴﺔ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺮﺍﺑﻊ‪:‬‬

‫ﺍﳌﻄﻠﺐ ﺍﻟﺜﺎﱐ‪ :‬ﲢﻠﻴﻞ ﻭﺗﻔﺴﲑ ﻧﺘﺎﺋﺞ ﺍﻟﺪﺭﺍﺳﺔ‬

‫‪ 2.2‬ﺍﳉﺪﻭﻝ ﺭﻗﻢ )‪ :(9-4‬ﺍﲡﺎﻫﺎﺕ ﺁﺭﺍء ﺃﻓﺮﺍﺩ ﺍﻟﻌﻴﻨﺔ ﺣﻮﻝ ﻭﺍﻗﻊ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﰲ ﺍﻟﺸﺮﻛﺎﺕ‬
‫ﺍﻟﺘﻜﺮﺍﺭﺍﺕ ﻭﺍﻟﻨﺴﺐ ﺍﳌﺌﻮﻳﺔ‬
‫ﺍﻻﳓﺮﺍﻑ‬ ‫ﺍﻟﻮﺳﻂ‬ ‫ﻏﲑ‬ ‫ﻏﲑ‬
‫ﺍﻻﲡﺎﻩ‬ ‫ﻣﻮﺍﻓﻖ‬ ‫ﺍﳌﻘﻴﺎﺱ‬ ‫ﺍﻟﺒﻴﺎﻥ‬
‫ﺍﳌﻌﻴﺎﺭﻱ‬ ‫ﺍﳊﺴﺎﰊ‬ ‫ﻣﻮﺍﻓﻖ‬ ‫ﻣﻮﺍﻓ‬ ‫ﳏﺎﻳﺪ‬ ‫ﻣﻮﺍﻓﻖ‬
‫ﺑﺸﺪﺓ‬
‫ﺑﺸﺪﺓ‬ ‫ﻕ‬

‫ﻋﺎﻟﻴﺔ‬ ‫‪00‬‬ ‫‪03‬‬ ‫‪05‬‬ ‫‪18‬‬ ‫‪25‬‬ ‫‪ .1‬ﻫﻨﺎﻙ ﺗﺪﺍﺧﻞ ﰲ ﺍﻟﻌﺪﺩ‬

‫‪0.874‬‬ ‫‪4.27‬‬ ‫ﺍﳌﻬﺎﻡ ﻣﻦ ﻗﺒﻞ ﺍﳌﻼﻙ‪.‬‬
‫ﺟﺪﺍ‬ ‫‪00‬‬ ‫‪5.9‬‬ ‫‪9.8‬‬ ‫‪35.3‬‬ ‫‪49‬‬ ‫ﺍﻟﻨﺴﺒﺔ‬

‫‪04‬‬ ‫‪13‬‬ ‫‪20‬‬ ‫‪12‬‬ ‫‪02‬‬ ‫‪ .2‬ﺗﻮﺯﻳﻊ ﺍﳌﺴﺆﻭﻟﻴﺎﺕ ﺍﻟﻌﺪﺩ‬

‫ﻳﺘﻢ ﻭﻓﻖ ﺍﺧﺘﺼﺎﺹ‬
‫ﻣﺘﻮﺳﻂ‬ ‫‪0.985‬‬ ‫‪2.90‬‬ ‫ﺗﺸﺮﻳﻌﻲ ﳏﺪﺩ ﺑﺸﻜﻞ‬
‫‪7.‬‬
‫‪25.5‬‬ ‫‪39.2‬‬ ‫‪23.5‬‬ ‫ﻳﻀﻤﻦ ﺧﺪﻣﺔ ﻣﺼﺎﱀ ﺍﻟﻨﺴﺒﺔ ‪3.9‬‬
‫‪8‬‬
‫ﺍﳉﻤﻬﻮﺭ‪.‬‬

‫‪01‬‬ ‫‪09‬‬ ‫‪11‬‬ ‫‪22‬‬ ‫‪08‬‬ ‫‪ .3‬ﺗﺘﻮﺍﻓﻖ ﺍﳌﺘﻄﻠﺒﺎﺕ ﺍﻟﻌﺪﺩ‬

‫ﺍﻟﻘﺎﻧﻮﻧﻴﺔ ﻭﺍﻟﺮﻗﺎﺑﻴﺔ ﰲ‬
‫ﻋﺎﻟﻴﺔ‬ ‫‪1.027‬‬ ‫‪3.53‬‬ ‫ﻗﺎﻧﻮﻥ‬ ‫ﻣﻊ‬ ‫ﺍﻟﺴﻮﻕ‬
‫‪2.0‬‬ ‫‪17.6‬‬ ‫‪21.6‬‬ ‫‪43.1‬‬ ‫ﺍﻟﻨﺴﺒﺔ ‪15.7‬‬
‫ﺍﻟﺸﺮﻛﺎﺕ ﺍﳌﻌﻤﻮﻝ ‪‬ﺎ‪.‬‬

‫‪00‬‬ ‫‪00‬‬ ‫‪07‬‬ ‫‪26‬‬ ‫‪18‬‬ ‫‪ .4‬ﺗﻔﺼﺢ ﺍﻹﺩﺍﺭﺓ ﻋﻦ ﺍﻟﻌﺪﺩ‬

‫ﻋﺎﻟﻴﺔ‬
‫‪0.673‬‬ ‫‪4.22‬‬ ‫ﺳﻴﺎﺳﺎ‪‬ﺎ ﺑﺼﻮﺭﺓ ﺩﻗﻴﻘﺔ‬
‫ﺟﺪﺍ‬
‫‪00‬‬ ‫‪00‬‬ ‫‪13.7‬‬ ‫‪51.0‬‬ ‫ﺍﻟﻨﺴﺒﺔ ‪35.3‬‬ ‫ﻭﺷﺎﻣﻠﺔ ﻭﺩﻭﺭﻳﺔ‬

‫‪00‬‬ ‫‪00‬‬ ‫‪08‬‬ ‫‪23‬‬ ‫‪20‬‬ ‫‪ .5‬ﺗﺘﻮﺍﻓﺮ ﻗﻨﻮﺍﺕ ﻟﻨﺸﺮ ﺍﻟﻌﺪﺩ‬

‫ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﻟﻜﺎﻓﻴﺔ ﰲ‬
‫ﻋﺎﻟﻴﺔ‬ ‫ﺍﳌﻨﺎﺳﺐ‬ ‫ﺍﻟﺘﻮﻗﻴﺖ‬
‫‪0.710‬‬ ‫‪4.24‬‬
‫ﺟﺪﺍ‬ ‫‪00‬‬ ‫‪00‬‬ ‫‪15.7‬‬ ‫‪45.1‬‬ ‫ﻭﺑﻌﺪﺍﻟﺔ ﳉﻤﻴﻊ ﺍﻷﻃﺮﺍﻑ ﺍﻟﻨﺴﺒﺔ ‪39.2‬‬
‫ﺫﺍﺕ ﺍﻟﻌﻼﻗﺔ ﺑﺎﻟﺸﺮﻛﺔ‪.‬‬

‫~ ‪~ 84‬‬
 ‫ﺍﻟﺪﺭﺍﺳﺔ ﺍﻟﺘﻄﺒﻴﻘﻴﺔ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺮﺍﺑﻊ‪:‬‬

‫‪00‬‬ ‫‪02‬‬ ‫‪07‬‬ ‫‪21‬‬ ‫‪21‬‬ ‫‪ .6‬ﺗﻔﺼﺢ ﺇﺩﺍﺭﺓ ﺍﻟﻌﺪﺩ‬

‫ﺍﻟﺸﺮﻛﺔ ﻋﻦ ﺃﺩﺍء‬
‫ﻋﺎﻟﻴﺔ‬ ‫ﺍﻟﺸﺮﻛﺔ ﻭﻫﻴﻜﻞ ﺍﳌﻠﻜﻴﺔ‬
‫‪0.825‬‬ ‫‪4.20‬‬
‫ﺟﺪﺍ‬ ‫‪00‬‬ ‫‪3.9‬‬ ‫‪13.7‬‬ ‫‪41.2‬‬ ‫ﻟﻠﻤﺒﺎﺩﺉ ﺍﻟﻨﺴﺒﺔ ‪41.2‬‬ ‫ﻭﻓﻘﺎ‬ ‫‪‬ﺎ‬
‫ﺍﳌﺘﻌﺎﺭﻑ‬ ‫ﺍﳌﺤﺎﺳﺒﻴﺔ‬
‫ﻋﻠﻴﻬﺎ‪.‬‬
‫‪00‬‬ ‫‪03‬‬ ‫‪13‬‬ ‫‪18‬‬ ‫‪17‬‬ ‫‪ .7‬ﺗﻔﺼﺢ ﺇﺩﺍﺭﺓ ﺍﻟﻌﺪﺩ‬
‫ﺍﻟﺸﺮﻛﺔ ﻋﻦ ﺍﻟﻀﻤﺎﻧﺎﺕ‬
‫ﻋﺎﻟﻴﺔ‬ ‫‪0.916‬‬ ‫‪3.96‬‬
‫‪00‬‬ ‫‪5.9‬‬ ‫‪25.5‬‬ ‫‪35.3‬‬ ‫ﺇﱃ ﺍﻟﻨﺴﺒﺔ ‪33.3‬‬ ‫ﻃﻮﻋﻴﺎ ﺑﺎﻹﺿﺎﻓﺔ‬
‫ﺍﻻﻓﺼﺎﺣﺎﺕ ﺍﻹﺟﺒﺎﺭﻳﺔ‬
‫ﻋﺎﻟﻴﺔ‬ ‫‪0.389‬‬ ‫‪3.902‬‬ ‫ﺍﳌﺤﻮﺭ ﺍﻷﻭﻝ‪ :‬ﻭﺍﻗﻊ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﰲ ﺍﻟﺸﺮﻛﺎﺕ‬
‫ﺍﳌﺼﺪﺭ‪ :‬ﻣﻦ ﺇﻋﺪﺍﺩ ﺍﻟﻄﻠﺒﺔ ﺍﻋﺘﻤﺎﺩﺍ ﻋﻠﻰ ﻧﺘﺎﺋﺞ ﲢﻠﻴﻞ ﺑﺮﻧﺎﻣﺞ ‪Spss V20‬‬

‫ﺍﻟﺘﻌﻠﻴﻖ‪ :‬ﻳﺒﲔ ﻟﻨﺎ ﺍﳉﺪﻭﻝ ﺃﻋﻼﻩ ﺃﻥ ﲨﻴﻊ ﺍﻟﻌﺒﺎﺭﺍﺕ ﺍﳋﺎﺻﺔ ﺑﻮﺍﻗﻊ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﰲ ﺍﻟﺸﺮﻛﺎﺕ ﻣﺘﺠﻬﺔ‬
‫ﳓﻮ ﺍﻻﲡﺎﻩ ﺩﺭﺟﺔ ﻋﺎﻟﻴﺔ‪ ،‬ﲟﺘﻮﺳﻂ ﺣﺴﺎﰊ ﻗﺪﺭ ﺏ )‪ (3.902‬ﻭﺍﳓﺮﺍﻑ ﻣﻌﻴﺎﺭﻱ )‪ ،(0.389‬ﺃﻣﺎ‬
‫ﺍﻟﻌﺒﺎﺭﺍﺕ )‪ (07 ،06 ،05 ،04 ،03 ،02 ،01‬ﻛﺎﻧﺖ ﻋﻠﻰ ﳓﻮ ﻣﻮﺍﻓﻖ ﲟﺘﻮﺳﻂ ﺣﺴﺎﰊ‬
‫)‪ (3.96 ،4.20 ،4.24 ،4.22 ،3.53 ،2.90 ،4.27‬ﻭﺍﳓﺮﺍﻑ ﻣﻌﻴﺎﺭﻱ )‪،0.874‬‬
‫‪ (0.916 ،0.825 ،0.710 ،0.673 ،1.027 ،0.985‬ﻋﻠﻰ ﺍﻟﺘﺮﺗﻴﺐ‪.‬‬

‫~ ‪~ 85‬‬
 ‫ﺍﻟﺪﺭﺍﺳﺔ ﺍﻟﺘﻄﺒﻴﻘﻴﺔ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺮﺍﺑﻊ‪:‬‬

‫ﺟﺪﻭﻝ ﺭﻗﻢ )‪ :(10-4‬ﺍﲡﺎﻫﺎﺕ ﺁﺭﺍء ﺍﻟﻌﻴﻨﺔ ﺣﻮﻝ ﻣﺪﻯ ﻣﺴﺎﳘﺔ ﺍﳌﻮﻇﻔﲔ ﰲ ﺭﺃﺱ ﺍﳌﺎﻝ ﻭﺭﲝﻴﺔ‬
‫ﺍﻟﺸﺮﻛﺎﺕ‬
‫ﺍﻟﺘﻜﺮﺍﺭﺍﺕ ﻭﺍﻟﻨﺴﺐ ﺍﳌﺌﻮﻳﺔ‬
‫ﺍﻻﳓﺮﺍﻑ‬ ‫ﺍﻟﻮﺳﻂ‬ ‫ﻏﲑ‬ ‫ﻏﲑ‬ ‫ﺍﳌﻘﻴﺎ‬
‫ﺍﻻﲡﺎﻩ‬ ‫ﻣﻮﺍﻓﻖ ﻣﻮﺍﻓﻖ‬
‫ﺍﳌﻌﻴﺎﺭﻱ‬ ‫ﺍﳊﺴﺎﰊ‬ ‫ﳏﺎﻳﺪ ﻣﻮﺍ ﻣﻮﺍﻓﻖ‬ ‫ﺱ‬ ‫ﺍﻟﺒﻴﺎﻥ‬
‫ﺑﺸﺪﺓ‬ ‫ﺑﺸﺪﺓ‬
‫ﻓﻖ ﺑﺸﺪﺓ‬
‫‪02‬‬ ‫‪01‬‬ ‫‪07‬‬ ‫‪25‬‬ ‫‪16‬‬ ‫‪.1‬ﻳﺘﻀﻤﻦ ﺍﻟﻌﻘﺪ ﺍﳌﱪﻡ ﺍﻟﻌﺪﺩ‬
‫ﺑﲔ ﺍﻟﺸﺮﻛﺔ ﻭﳎﻠﺲ‬
‫ﺍﻹﺩﺍﺭﺓ ﺧﻄﻂ ﳏﺪﺩﺓ‬
‫ﻋﺎﻟﻴﺔ‬ ‫‪0.948‬‬ ‫‪4.02‬‬
‫‪3.9‬‬ ‫‪2.0‬‬ ‫‪13.7‬‬ ‫‪49.0‬‬ ‫‪31.4‬‬ ‫ﺃﻣﻮﺍﻝ ﺍﻟﻨﺴﺒﺔ‬ ‫ﻻﺳﺘﺜﻤﺎﺭ‬
‫ﺍﻟﺸﺮﻛﺔ‪.‬‬

‫‪00‬‬ ‫‪00‬‬ ‫‪10‬‬ ‫‪23‬‬ ‫‪18‬‬ ‫‪ .2‬ﺍﻟﻌﻮﺍﺋﺪ ﺍﻟﱵ ﺍﻟﻌﺪﺩ‬

‫ﺗﺘﺤﺼﻠﻮﻥ ﻋﻠﻴﻬﺎ ﻧﻈﲑ‬
‫ﻋﺎﻟﻴﺔ‬ ‫‪0.731‬‬ ‫‪4.16‬‬
‫‪00‬‬ ‫‪00‬‬ ‫‪19.6‬‬ ‫‪45.1‬‬ ‫‪35.3‬‬ ‫ﺟﻬﻮﺩﻛﻢ ﰲ ﺍﻟﻌﻤﻞ ﺍﻟﻨﺴﺒﺔ‬
‫ﻣﺮﺿﻴﺔ ﻭﻛﺎﻓﻴﺔ‪.‬‬
‫‪00‬‬ ‫‪02‬‬ ‫‪14‬‬ ‫‪24‬‬ ‫‪11‬‬ ‫‪ .3‬ﻧﻈﺎﻡ ﺍﻟﺸﺮﻛﺔ ﺍﻟﻌﺪﺩ‬
‫ﻳﺴﻤﺢ ﺑﺒﻴﻊ ﺳﻬﻤﻜﻢ‬
‫ﻋﺎﻟﻴﺔ‬ ‫‪0.800‬‬ ‫‪3.86‬‬ ‫ﺍﳊﺎﺿﺮ ﺿﻤﻦ ﺭﺃﺱ‬
‫‪00‬‬ ‫‪3.9‬‬ ‫‪27.5‬‬ ‫‪47.1‬‬ ‫‪21.6‬‬ ‫ﺍﻟﻨﺴﺒﺔ‬ ‫ﺍﳌﺎﻝ ﺣﻴﻨﻤﺎ ﺃﺭﺩﰎ‪.‬‬

‫‪00‬‬ ‫‪04‬‬ ‫‪05‬‬ ‫‪22‬‬ ‫‪20‬‬ ‫‪ .4‬ﻋﻨﺪ ﺍﻣﻀﺎء ﺍﻟﻌﻘﺪ ﺍﻟﻌﺪﺩ‬

‫‪9.8‬‬ ‫ﻣﻦ ﺍﳉﻬﺔ ﺍﳌﻮﻇﻔﺔ ﰎ‬
‫ﻋﺎﻟﻴﺔ‬ ‫‪0.895‬‬ ‫‪4.14‬‬
‫‪00‬‬ ‫‪7.8‬‬ ‫‪43.1‬‬ ‫‪39.2‬‬ ‫ﺍﻣﻼء ﺷﺮﻭﻃﻜﻢ ﺣﻮﻝ ﺍﻟﻨﺴﺒﺔ‬
‫ﻭﻗﻮﺑﻠﺖ‬ ‫ﺍﻟﻌﻤﻞ‬

‫~ ‪~ 86‬‬
 ‫ﺍﻟﺪﺭﺍﺳﺔ ﺍﻟﺘﻄﺒﻴﻘﻴﺔ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺮﺍﺑﻊ‪:‬‬

‫ﺑﺎﳌﻮﺍﻓﻘﺔ‪.‬‬

‫‪01‬‬ ‫‪03‬‬ ‫‪07‬‬ ‫‪12‬‬ ‫‪28‬‬ ‫‪ .5‬ﻟﻴﺲ ﻫﻨﺎﻙ ﻧﻈﺎﻡ ﺍﻟﻌﺪﺩ‬

‫ﻧﻘﺪﻳﺔ‬ ‫ﻣﻜﺎﻓﺂﺕ‬
‫ﻋﺎﻟﻴﺔ‬
‫‪1.031‬‬ ‫‪4.24‬‬ ‫ﺗﺸﺠﻴﻌﻴﺔ ﻟﻠﻘﻴﺎﻡ ﺑﺄﺩﺍء‬
‫ﺟﺪﺍ‬ ‫‪2.0‬‬ ‫‪5.9‬‬ ‫‪13.7‬‬ ‫‪23.5‬‬ ‫‪54.9‬‬ ‫ﺍﻟﻌﻤﻞ ﻋﻠﻰ ﺃﻛﻤﻞ ﺍﻟﻨﺴﺒﺔ‬
‫ﻭﺟﻪ‪.‬‬
‫‪00‬‬ ‫‪00‬‬ ‫‪09‬‬ ‫‪23‬‬ ‫‪19‬‬ ‫ﺧﻄﻂ ﺍﻟﻌﺪﺩ‬ ‫ﻫﻨﺎﻙ‬ ‫‪.6‬‬
‫ﻋﺎﻟﻴﺔ‬ ‫ﺩﻭﺭﻳﺔ ﻭﺩﺍﺋﻤﺔ ﻟﻘﻴﺎﺱ‬
‫‪0.722‬‬ ‫‪4.20‬‬
‫ﺟﺪﺍ‬ ‫‪00‬‬ ‫‪00 17.6 45.1‬‬ ‫‪37.3‬‬ ‫ﻣﻌﺪﻻﺕ ﳕﻮ ﺍﻷﺭﺑﺎﺡ ﺍﻟﻨﺴﺒﺔ‬
‫ﻭﺗﻘﻴﻴﻤﻬﺎ ﻣﻦ ﻗﺒﻠﻜﻢ‪.‬‬
‫‪ 0.491‬ﻋﺎﻟﻴﺔ‬ ‫‪4.101‬‬ ‫ﺍﳌﺤﻮﺭ ﺍﻟﺜﺎﱐ‪ :‬ﻣﺪﻯ ﻣﺴﺎﳘﺔ ﺍﳌﻮﻇﻔﲔ ﰲ ﺭﺃﺱ ﺍﳌﺎﻝ ﻭﺭﲝﻴﺔ ﺍﻟﺸﺮﻛﺎﺕ‬
‫ﺍﳌﺼﺪﺭ‪ :‬ﺇﻋﺪﺍﺩ ﺍﻟﻄﻠﺒﺔ ﺍﻋﺘﻤﺎﺩﺍ ﻋﻠﻰ ﻧﺘﺎﺋﺞ ﲢﻠﻴﻞ ﺑﺮﻧﺎﻣﺞ ‪Spss V20‬‬
‫ﺍﻟﺘﻌﻠﻴﻖ‪ :‬ﻳﺒﲔ ﻟﻨﺎ ﺍﳉﺪﻭﻝ ﺃﻋﻼﻩ ﺃﻥ ﲨﻴﻊ ﺍﻟﻌﺒﺎﺭﺍﺕ ﺍﳋﺎﺻﺔ ﲟﺪﻯ ﻣﺴﺎﳘﺔ ﺍﳌﻮﻇﻔﲔ ﰲ ﺭﺃﺱ ﺍﳌﺎﻝ‬
‫ﻭﺭﲝﻴﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻣﺘﺠﻬﺔ ﳓﻮ ﺍﻻﲡﺎﻩ ﺩﺭﺟﺔ ﻋﺎﻟﻴﺔ ﲟﻌﲎ ﺍﳌﻮﺍﻓﻘﺔ ﻋﻠﻰ ﻫﺬﺍ ﺍﳌﺤﻮﺭ‪ ،‬ﲟﺘﻮﺳﻂ ﺣﺴﺎﰊ‬
‫ﻗﺪﺭ ﺏ )‪ (4.101‬ﻭﺍﳓﺮﺍﻑ ﻣﻌﻴﺎﺭﻱ )‪ ،(0.491‬ﺃﻣﺎ ﺍﻟﻌﺒﺎﺭﺍﺕ )‪،05 ،04 ،03 ،02 ،01‬‬
‫‪ (06‬ﻛﺎﻧﺖ ﻋﻠﻰ ﳓﻮ ﻣﻮﺍﻓﻖ ﲟﺘﻮﺳﻂ ﺣﺴﺎﰊ )‪(4.20 ،4.24 ،4.14 ،3.86 ،4.16 ،4.02‬‬
‫ﻭﺍﳓﺮﺍﻑ ﻣﻌﻴﺎﺭﻱ )‪ (0.722 ،1.031 ،0.895 ،0.800 ،0.731 ،0.948‬ﻋﻠﻰ ﺍﻟﺘﺮﺗﻴﺐ‪.‬‬

‫~ ‪~ 87‬‬
 ‫ﺍﻟﺪﺭﺍﺳﺔ ﺍﻟﺘﻄﺒﻴﻘﻴﺔ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺮﺍﺑﻊ‪:‬‬

‫ﺍﳉﺪﻭﻝ ﺭﻗﻢ )‪ :(11-4‬ﺍﲡﺎﻫﺎﺕ ﺁﺭﺍء ﻋﻴﻨﺔ ﺍﻟﺪﺭﺍﺳﺔ ﺣﻮﻝ ﺩﻭﺭ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﰲ ﺍﳊﺪ ﻣﻦ‬
‫ﳐﺎﻃﺮ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ‬

‫ﺍﻟﺘﻜﺮﺍﺭﺍﺕ ﻭﺍﻟﻨﺴﺐ ﺍﳌﺌﻮﻳﺔ‬

‫ﺍﻻﳓﺮﺍﻑ‬ ‫ﺍﻟﻮﺳﻂ‬ ‫ﻏﲑ‬
‫ﺍﻻﲡﺎﻩ‬ ‫ﻏﲑ‬ ‫ﺍﳌﻘﻴﺎﺱ ﻣﻮﺍﻓﻖ‬ ‫ﺍﻟﺒﻴﺎﻥ‬
‫ﺍﳌﻌﻴﺎﺭﻱ‬ ‫ﺍﳊﺴﺎﰊ‬ ‫ﻣﻮﺍﻓﻖ‬ ‫ﳏﺎﻳﺪ‬ ‫ﻣﻮﺍﻓﻖ‬
‫ﻣﻮﺍﻓﻖ‬ ‫ﺑﺸﺪﺓ‬
‫ﺑﺸﺪﺓ‬
‫‪.1‬ﻳﺘﻮﻓﺮ ﻟﺪﻯ ﺍﻟﺸﺮﻛﺔ‬
‫‪07‬‬ ‫‪12‬‬ ‫‪14‬‬ ‫‪14‬‬ ‫‪04‬‬ ‫ﺍﻟﻌﺪﺩ‬
‫ﻫﻴﻜﻞ ﺗﻨﻈﻴﻤﻲ ﻓﻌﺎﻝ‬
‫ﻣﺘﻮﺳﻄﺔ‬ ‫‪1.181‬‬ ‫‪2.92‬‬ ‫ﻳﻀﺒﻂ ﻛﺎﻓﺔ ﺟﻮﺍﻧﺐ‬
‫‪13.7‬‬ ‫‪23.5‬‬ ‫‪27.5‬‬ ‫‪27.5‬‬ ‫‪7.8‬‬ ‫ﺍﻟﻨﺴﺒﺔ‬ ‫ﺍﳊﻮﻛﻤﺔ ﻟﺪﻯ‬
‫ﺍﻟﺸﺮﻛﺎﺕ‪.‬‬
‫‪00‬‬ ‫‪02‬‬ ‫‪13‬‬ ‫‪24‬‬ ‫‪12‬‬ ‫ﺍﻟﻌﺪﺩ‬ ‫‪ .2‬ﻗﻮﺍﻋﺪ ﺇﻃﺎﺭ ﺣﻮﻛﻤﺔ‬
‫ﺍﻟﺸﺮﻛﺎﺕ ﲢﺪﺩ ﰲ‬
‫ﻋﺎﻟﻴﺔ‬ ‫‪0.806‬‬ ‫‪3.90‬‬ ‫ﺍﻟﺴﻮﻕ ﻣﻦ ﻣﻨﻈﻮﺭ ﺗﺄﺛﲑ‬
‫‪00‬‬ ‫‪3.9‬‬ ‫‪25.5‬‬ ‫‪47.1‬‬ ‫‪23.5‬‬ ‫ﺍﻟﻨﺴﺒﺔ‬ ‫ﺍﻹﻃﺎﺭ ﻋﻠﻰ ﺍﻷﺩﺍء‬
‫ﺍﻹﻗﺘﺼﺎﺩﻱ‪.‬‬
‫‪.3‬ﺍﳉﻬﺎﺕ ﺍﻻﺷﺮﺍﻓﻴﺔ‬
‫‪02‬‬ ‫‪08‬‬ ‫‪116‬‬ ‫‪19‬‬ ‫‪06‬‬ ‫ﺍﻟﻌﺪﺩ‬ ‫ﻭﺍﻟﺘﻨﻈﻴﻤﻴﺔ ﰲ ﺍﻟﺴﻮﻕ‬
‫ﻟﺪﻳﻬﺎ ﺍﻟﺴﻠﻄﺔ ﻭﺍﻟﱰﺍﻫﺔ‬
‫ﻋﺎﻟﻴﺔ‬ ‫‪1.019‬‬ ‫‪3.37‬‬ ‫ﻟﻠﻘﻴﺎﻡ ﺑﻮﺍﺟﺒﺎ‪‬ﺎ ﺑﻄﺮﻳﻘﺔ‬
‫‪3.9‬‬ ‫‪15.7‬‬ ‫‪31.4‬‬ ‫‪37.3‬‬ ‫‪11.8‬‬ ‫ﺍﻟﻨﺴﺒﺔ‬ ‫ﻣﻮﺿﻮﻋﻴﺔ ﻟﻀﻤﺎﻥ‬
‫ﺍﻻﻓﺼﺎﺡ ﻭﺟﻮﺩﺓ ﺍﻟﺘﻘﺎﺭﻳﺮ‬
‫ﺍﳌﺎﻟﻴﺔ‪.‬‬
‫‪ .4‬ﺇﻃﺎﺭ ﺍﻟﻌﻤﻞ ﺍﻟﻔﻌﺎﻝ‬
‫‪00‬‬ ‫‪03‬‬ ‫‪12‬‬ ‫‪17‬‬ ‫‪19‬‬ ‫ﳊﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻳﺆﺩﻱ ﺍﻟﻌﺪﺩ‬
‫‪23.5‬‬ ‫ﳋﻠﻖ ﺃﺳﻮﺍﻕ ﻣﺎﻟﻴﺔ ﺗﺘﻤﺘﻊ‬
‫ﻋﺎﻟﻴﺔ‬ ‫‪0.927‬‬ ‫‪4.02‬‬ ‫ﺑﺎﻟﻜﻔﺎءﺓ ﻣﻦ ﺧﻼﻝ‬
‫‪00‬‬ ‫‪5.9‬‬ ‫‪33.3‬‬ ‫‪37.3‬‬ ‫ﲢﺴﲔ ﺍﻻﻓﺼﺎﺡ ﻭﺟﻮﺩﺓ ﺍﻟﻨﺴﺒﺔ‬
‫ﺍﻟﺘﻘﺎﺭﻳﺮ ﺍﳌﺎﻟﻴﺔ‪.‬‬

‫~ ‪~ 88‬‬
 ‫ﺍﻟﺪﺭﺍﺳﺔ ﺍﻟﺘﻄﺒﻴﻘﻴﺔ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺮﺍﺑﻊ‪:‬‬

‫ﺍﻟﻌﺪﺩ‬ ‫‪ .5‬ﻳﺘﻮﺍﻓﺮ ﻟﺪﻯ‬

‫‪01‬‬ ‫‪07‬‬ ‫‪9‬‬ ‫‪15‬‬ ‫‪19‬‬
‫ﺍﻟﺸﺮﻛﺎﺕ ﺍﳌﺪﺭﺟﺔ ﰲ‬
‫ﻋﺎﻟﻴﺔ‬ ‫‪1.132‬‬ ‫‪3.86‬‬ ‫ﺍﻟﺴﻮﻕ ﻭﺻﻒ ﻭﻇﻴﻔﻲ‬
‫‪2.0‬‬ ‫‪13.7‬‬ ‫‪17.6‬‬ ‫‪29.4‬‬ ‫‪37.3‬‬ ‫ﺍﻟﻨﺴﺒﺔ‬ ‫ﳛﺪﺩ ﺍﳌﺴﺆﻭﻟﻴﺎﺕ‬
‫ﻭﺍﻟﺼﻼﺣﻴﺎﺕ‪.‬‬
‫‪00‬‬ ‫‪03‬‬ ‫‪17‬‬ ‫‪14‬‬ ‫‪17‬‬ ‫ﺍﻟﻌﺪﺩ‬ ‫‪ .6‬ﺗﻮﻓﺮ ﺍﻟﺸﺮﻛﺔ ﺍﻟﻘﺪﺭ‬
‫ﺍﳌﻨﺎﺳﺐ ﻣﻦ ﺍﻟﺒﻴﺎﻧﺎﺕ‬
‫ﺍﳌﺎﻟﻴﺔ ﻭﻏﲑ ﺍﳌﺎﻟﻴﺔ ﳉﻤﻴﻊ‬
‫ﻋﺎﻟﻴﺔ‬ ‫‪0.952‬‬ ‫‪3.88‬‬
‫‪00‬‬ ‫‪5.9‬‬ ‫‪33.33‬‬ ‫‪27.5‬‬ ‫‪33.3‬‬ ‫ﺍﻟﻨﺴﺒﺔ‬ ‫ﺍﳌﺴﺎﳘﲔ ﻋﻦ ﺣﻘﻮﻗﻬﻢ‬
‫ﻭﻭﺍﺟﺒﺎ‪‬ﻢ ﺿﻤﻦ ﺍﻟﻨﻈﺎﻡ‬
‫ﺍﻷﺳﺎﺳﻲ ﻟﻠﺸﺮﻛﺔ‪.‬‬
‫‪02‬‬ ‫‪04‬‬ ‫‪15‬‬ ‫‪19‬‬ ‫‪11‬‬ ‫ﺍﻟﻌﺪﺩ‬ ‫‪ .7‬ﺗﺘﻮﻗﻒ ﺯﻳﺎﺩﺓ ﺛﻘﺔ‬
‫ﺍﻷﻃﺮﺍﻑ ﺍﳌﻌﻨﻴﺔ ﺑﺘﻄﺒﻴﻖ‬
‫ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﰲ‬
‫ﻋﺎﻟﻴﺔ‬ ‫‪1.036‬‬ ‫‪3.65‬‬
‫‪3.9‬‬ ‫‪7.8‬‬ ‫‪29.4‬‬ ‫‪37.3‬‬ ‫‪21.6‬‬ ‫ﺍﻟﻨﺴﺒﺔ‬ ‫ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﳌﺎﻟﻴﺔ ﻋﻠﻰ‬
‫ﻭﺟﻮﺩ ﳉﺎﻥ ﻣﺮﺍﺟﻌﺔ‬
‫ﻓﻌﺎﻟﺔ‪.‬‬
‫‪ 0.523‬ﻋﺎﻟﻴﺔ‬ ‫‪3.65‬‬ ‫ﺍﳌﺤﻮﺭ ﺍﻟﺜﺎﻟﺚ‪ :‬ﺩﻭﺭ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﰲ ﺍﳊﺪ ﻣﻦ ﳐﺎﻃﺮ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ‬
‫ﺍﳌﺼﺪﺭ‪ :‬ﻣﻦ ﺍﻋﺪﺍﺩ ﺍﻟﻄﻠﺒﺔ ﺍﻋﺘﻤﺎﺩﺍ ﻋﻠﻰ ﻧﺘﺎﺋﺞ ﲢﻠﻴﻞ ﺑﺮﻧﺎﻣﺞ ‪Spss V20‬‬
‫ﺍﻟﺘﻌﻠﻴﻖ‪ :‬ﻳﺒﲔ ﻟﻨﺎ ﺍﳉﺪﻭﻝ ﺃﻋﻼﻩ ﺃﻥ ﲨﻴﻊ ﺍﻟﻌﺒﺎﺭﺍﺕ ﺍﳋﺎﺻﺔ ﺑﺪﻭﺭ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﰲ ﺍﳊﺪ ﻣﻦ‬
‫ﳐﺎﻃﺮ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﻣﺘﺠﻬﺔ ﳓﻮ ﺍﻻﲡﺎﻩ ﺩﺭﺟﺔ ﻋﺎﻟﻴﺔ ﻣﻦ ﺍﻻﺳﺘﺠﺎﺑﺔ ﳍﺬﺍ ﺍﳌﺤﻮﺭ ﺑﺎﳌﻮﺍﻓﻘﺔ ﻋﻠﻰ ﺃﺳﺌﻠﺘﻪ‪،‬‬
‫ﲟﺘﻮﺳﻂ ﺣﺴﺎﰊ ﻗﺪﺭ ﺏ )‪ (3.65‬ﻭﺍﳓﺮﺍﻑ ﻣﻌﻴﺎﺭﻱ )‪ ،(0.523‬ﺃﻣﺎ ﺍﻟﻌﺒﺎﺭﺍﺕ )‪،03 ،02 ،01‬‬
‫‪ (07 ،06 ،05 ،04‬ﻛﺎﻧﺖ ﻋﻠﻰ ﳓﻮ ﻣﻮﺍﻓﻖ ﲟﺘﻮﺳﻂ ﺣﺴﺎﰊ )‪،3.37 ،3.90 ،2.92‬‬
‫‪ (3.65 ،3.88 ،3.86 ،4.02‬ﻭﺍﳓﺮﺍﻑ ﻣﻌﻴﺎﺭﻱ )‪،0.927 ،1.019 ،0.806 ،1.181‬‬
‫‪ (1.036 ،0.952 ،1.132‬ﻋﻠﻰ ﺍﻟﺘﺮﺗﻴﺐ‪.‬‬

‫~ ‪~ 89‬‬
 ‫ﺍﻟﺪﺭﺍﺳﺔ ﺍﳌﻴﺪﺍﻧﻴﺔ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺮﺍﺑﻊ‪:‬‬

‫ﺍﳌﺒﺤﺚ ﺍﻟﺜﺎﻟﺚ‪ :‬ﺍﺧﺘﺒﺎﺭ ﻓﺮﺿﻴﺎﺕ ﺍﻟﺪﺭﺍﺳﺔ‬

‫ﺍﳌﻄﻠﺐ ﺍﻷﻭﻝ‪ :‬ﻣﻌﺎﻣﻞ ﺍﻻﺭﺗﺒﺎﻁ ﻭﲢﻠﻴﻞ ﺍﻟﺘﺒﺎﻳﻦ‬
‫ﺍﳉﺪﻭﻝ ﺭﻗﻢ )‪ :(12-4‬ﺟﺪﻭﻝ ﻣﻌﺎﻣﻞ ﺍﻻﺭﺗﺒﺎﻁ ‪Model Summaryb‬‬
‫‪Adjusted R‬‬ ‫‪Std. Error of‬‬ ‫‪Durbin-‬‬
‫‪Model‬‬ ‫‪R‬‬ ‫‪R Square‬‬
‫‪Square‬‬ ‫‪the Estimate‬‬ ‫‪Watson‬‬
‫‪1‬‬ ‫‪.681a‬‬ ‫‪.464‬‬ ‫‪.453‬‬ ‫‪.28787‬‬ ‫‪2.027‬‬
‫‪a. Predictors: (Constant), B‬‬ ‫ﺍﳌﺘﻐﲑ ﺍﳌﺴﺘﻘﻞ‬
‫‪b. Dependent Variable: A‬‬ ‫ﺍﳌﺘﻐﲑ ﺍﻟﺘﺎﺑﻊ‬

‫ﺍﳌﺼﺪﺭ‪ :‬ﻣﻦ ﺍﻋﺪﺍﺩ ﺍﻟﻄﻠﺒﺔ ﺍﻋﺘﻤﺎﺩﺍ ﻋﻠﻰ ﳐﺮﺟﺎﺕ ﺑﺮﻧﺎﻣﺞ ‪Spss V20‬‬
‫ﺍﻟﺘﻌﻠﻴﻖ‪ :‬ﻳﻮﺿﺢ ﺍﳉﺪﻭﻝ ﺃﻋﻼﻩ ﺑﺄﻥ ﻣﻌﺎﻣﻞ ﺍﻻﺭﺗﺒﺎﻁ ﺍﻟﺘﺎﺑﻊ )ﺩﻭﺭ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﰲ ﺍﳊﺪ ﻣﻦ‬
‫ﳐﺎﻃﺮ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ( ﻭﺍﳌﺘﻐﲑﺍﺕ ﺍﳌﺴﺘﻘﻠﺔ )ﻭﺍﻗﻊ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﻭﻣﺴﺎﳘﺔ ﺍﳌﻮﻇﻔﲔ ﰲ ﺭﺃﺱ ﺍﳌﺎﻝ‬
‫ﻭﺭﲝﻴﺔ ﺍﻟﺸﺮﻛﺎﺕ( ﻗﺪﺭﺕ ﺏ )‪ (0.681‬ﻭﻣﺮﺑﻊ ﻣﻌﺎﻣﻞ ﺍﻻﺭﺗﺒﺎﻁ ﺑﻴﻨﻬﻤﺎ ﻗﺪﺭﻩ )‪ ،(0.464‬ﻭﻣﺮﺑﻊ‬
‫ﻣﻌﺎﻣﻼﺕ ﺍﻻﺭﺗﺒﺎﻁ ﺍﳌﻌﺪﻝ )‪ (0.453‬ﻭﺍﳋﻄﺄ ﺍﳌﻌﻴﺎﺭﻱ ﰲ ﺍﻟﺘﻘﺪﻳﺮ ﺏ )‪ ،(0.28787‬ﻭﺑﺬﻟﻚ ﺗﻔﺴﺮ‬
‫ﺍﻟﺘﻐﲑﺍﺕ ﰲ ﻭﺍﻗﻊ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﻭﻣﺴﺎﳘﺔ ﺍﳌﻮﻇﻔﲔ ﰲ ﺭﺃﺱ ﺍﳌﺎﻝ ﻭﺭﲝﻴﺔ ﺍﻟﺸﺮﻛﺎﺕ ﺏ )‪(%68‬‬
‫ﻣﻦ ﺍﻟﺘﺒﺎﻳﻦ ﺍﻟﺬﻱ ﳛﺼﻞ ﰲ ﺍﻟﺘﻐﲑ ﰲ ﺩﻭﺭ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﰲ ﺍﳊﺪ ﻣﻦ ﳐﺎﻃﺮ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﻟﺘﺄﺛﲑ‬
‫ﺃﺑﻌﺎﺩ ﺍﳌﺘﻐﲑﺍﺕ ﺍﳌﺴﺘﻘﻠﺔ )ﻭﺍﻗﻊ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﻭﻣﺴﺎﳘﺔ ﺍﳌﻮﻇﻔﲔ ﰲ ﺭﺃﺱ ﺍﳌﺎﻝ ﻭﺭﲝﻴﺔ ﺍﻟﺸﺮﻛﺎﺕ(‪.‬‬
‫ﻭﻟﻺﺟﺎﺑﺔ ﻋﻠﻰ ﺍﻟﻔﺮﺿﻴﺔ ﺍﻟﺮﺋﻴﺴﻴﺔ ﻟﻠﺪﺭﺍﺳﺔ ﺍﻟﱵ ﺃﺩﺭﺟﺖ ﲢﺖ ﺍﻟﺴﺆﺍﻝ ﺍﻟﺮﺋﻴﺴﻲ ﺍﻟﺘﺎﱄ‪:‬‬
‫ﺇﱃ ﺃﻱ ﻣﺪﻯ ﺳﺎﳘﺖ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﰲ ﺇﳚﺎﺩ ﺣﻠﻮﻝ ﻭﻣﺸﺎﻛﻞ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ؟‬ ‫‪-‬‬
‫‪ANOVA‬‬ ‫ﻭﻟﻺﺟﺎﺑﺔ ﻋﻠﻰ ﻓﺮﺿﻴﺔ ﺍﻟﺪﺭﺍﺳﺔ ﻭﻓﺤﺺ ﻫﺬﺍ ﺍﻟﺴﺆﺍﻝ ﰎ ﺇﺟﺮﺍء ﺍﻟﺘﺒﺎﻳﻦ ﺍﻷﺣﺎﺩﻱ‬
‫ﻻﻛﺘﺸﺎﻑ ﻫﻞ ﺗﺆﺛﺮ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﰲ ﺍﳊﺪ ﻣﻦ ﳐﺎﻃﺮ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ؟ ﺗﺒﻌﺎ ﳌﺘﻐﲑﺍﺕ ﻛﻞ ﻣﻦ‬
‫ﻭﺍﻗﻊ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﰲ ﺍﻟﺸﺮﻛﺎﺕ ﻭﻣﺴﺎﳘﺔ ﺍﳌﻮﻇﻔﲔ ﰲ ﺭﺃﺱ ﺍﳌﺎﻝ ﻭﺭﲝﻴﺔ ﺍﻟﺸﺮﻛﺎﺕ‪.‬‬

‫ﻭﻳﻮﺿﺢ ﺍﳉﺪﻭﻝ ﺭﻗﻢ )‪ (13-4‬ﻧﺘﺎﺋﺞ ﺍﻻﺧﺘﺒﺎﺭ ﻭﺍﻟﺪﻻﻟﺔ ﺍﻹﺣﺼﺎﺋﻴﺔ‪:‬‬

‫‪Model‬‬ ‫‪Sum of Squares‬‬ ‫‪df‬‬ ‫‪Mean of squares‬‬ ‫‪F‬‬ ‫‪Sig‬‬
‫‪1 Regression‬‬ ‫‪3.510‬‬ ‫‪1‬‬ ‫‪3.510‬‬ ‫‪42.360 .000b‬‬
‫‪Residual‬‬ ‫‪4.061‬‬ ‫‪94‬‬ ‫‪0.083‬‬
‫‪Total‬‬ ‫‪7.571‬‬ ‫‪50‬‬
‫ﺍﳌﺼﺪﺭ‪ :‬ﻣﻦ ﺍﻋﺪﺍﺩ ﺍﻟﻄﻠﺒﺔ ﺍﻋﺘﻤﺎﺩﺍ ﻋﻠﻰ ﻧﺘﺎﺋﺞ ﲢﻠﻴﻞ ﺑﺮﻧﺎﻣﺞ ‪Spss V20‬‬

‫~ ‪~ 90‬‬
 ‫ﺍﻟﺪﺭﺍﺳﺔ ﺍﳌﻴﺪﺍﻧﻴﺔ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺮﺍﺑﻊ‪:‬‬

‫ﺍﻟﺘﻌﻠﻴﻖ‪ :‬ﻳﻮﺿﺢ ﺍﳉﺪﻭﻝ ﺃﻋﻼﻩ ﻧﺘﺎﺋﺞ ﲢﻠﻴﻞ ﺍﻟﺘﺒﺎﻳﻦ ﺃﺣﺎﺩﻱ ﺍﻻﲡﺎﻩ‪ ،‬ﻋﺪﺩ ﺍﳊﺎﻻﺕ )‪ ،(N‬ﻣﺮﺑﻊ‬
‫ﺍﳌﺘﻮﺳﻄﺎﺕ‪ ،‬ﻛﻤﺎ ﻳﺒﲔ ﺍﳉﺪﻭﻝ ﲢﻠﻴﻞ ﺍﻟﺘﺒﺎﻳﻦ ‪ ANOVA‬ﰲ ﺍﻟﻌﻤﻮﺩ ﺍﻟﺮﺍﺑﻊ ﻗﻴﻤﺔ ‪ F‬ﻭﺍﻟﻌﻤﻮﺩ‬
‫ﺍﳋﺎﻣﺲ ﺍﻟﺪﻻﻟﺔ ﺍﻹﺣﺼﺎﺋﻴﺔ ﻻﺧﺘﺒﺎﺭ ‪ ، F‬ﻭﻣﻨﻪ ﻧﺴﺘﻨﺘﺞ ﺃﻧﻪ ﺗﻮﺟﺪ ﻓﺮﻭﻕ ﺫﺍﺕ ﺩﻻﻟﺔ ﺇﺣﺼﺎﺋﻴﺔ ﰲ ﺗﺄﺛﲑ‬
‫ﺩﻭﺭ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﰲ ﺍﳊﺪ ﻣﻦ ﳐﺎﻃﺮ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﻋﻠﻰ ﻭﺍﻗﻊ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﰲ ﺍﻟﺸﺮﻛﺎﺕ‬
‫ﻭﻣﺴﺎﳘﺔ ﺍﳌﻮﻇﻔﲔ ﰲ ﺭﺃﺱ ﺍﳌﺎﻝ ﻭﺭﲝﻴﺔ ﺍﻟﺸﺮﻛﺎﺕ ﺣﻴﺚ ﺟﺎءﺕ ﻗﻴﻤﺔ )‪ F (42.360‬ﺑﻘﻴﻤﺔ‬
‫ﺍﺣﺘﻤﺎﻟﻴﺔ ‪ 0.000‬ﺃﺻﻐﺮ ﻣﻦ ‪ 0.05‬ﺩﺍﻟﺔ ﺇﺣﺼﺎﺋﻴﺔ‪ ،‬ﻛﻤﺎ ﻳﻮﺿﺢ ﺍﳉﺪﻭﻝ ﺍﻟﺴﺎﺑﻖ ﺍﺭﺗﻔﺎﻉ ﻗﻴﻤﺔ‬
‫ﺍﳌﺘﻮﺳﻄﺎﺕ ﳌﺘﻐﲑ ﻭﻣﺴﺎﳘﺔ ﺍﳌﻮﻇﻔﲔ ﰲ ﺭﺃﺱ ﺍﳌﺎﻝ ﻭﺭﲝﻴﺔ ﺍﻟﺸﺮﻛﺎﺕ ﺣﻴﺚ ﻛﺎﻧﺖ ﺃﻋﻠﻰ ﻗﻴﻤﺔ ﺑﻘﻴﻤﺔ‬
‫ﻣﺘﻮﺳﻂ ‪ 3.510‬ﻣﻦ ﺃﺻﻞ ‪ 1‬ﺩﺭﺟﺔ‪ .‬ﻭﲟﺎ ﺃﻥ ﻣﺴﺘﻮﻯ ﺍﳌﻌﻨﻮﻳﺔ )‪ (0.000‬ﺃﻗﻞ ﻣﻦ ﻣﺴﺘﻮﻯ ﺍﻟﺪﻻﻟﺔ‬
‫ﺍﳌﻌﺘﻤﺪ )‪ (0.05‬ﺳﻠﻔﺎ‪ ،‬ﻓﺈﻥ ﺍﻟﻔﺮﺿﻴﺔ ﺍﻟﺮﺋﻴﺴﻴﺔ ﻣﻘﺒﻮﻟﺔ‪.‬‬
‫ﺍﳌﻄﻠﺐ ﺍﻟﺜﺎﱐ‪ :‬ﲢﻠﻴﻞ ﻋﻼﻗﺎﺕ ﺍﻷﺛﺮ ﺑﺎﺳﺘﺨﺪﺍﻡ ﺍﻻﳓﺪﺍﺭ ﺍﳌﺘﻌﺪﺩ‬
‫ﻣﻦ ﺃﺟﻞ ﺍﻟﺘﺄﻛﺪ ﻣﻦ ﻋﻼﻗﺎﺕ ﺍﻟﺘﺄﺛﲑ ﺑﲔ ﺩﻭﺭ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﰲ ﺍﳊﺪ ﻣﻦ ﳐﺎﻃﺮ ﻧﻈﺮﻳﺔ‬
‫ﺍﻟﻮﻛﺎﻟﺔ ﻭﻓﻘﺎ ﳌﺤﺎﻭﺭ ﺍﻟﺪﺭﺍﺳﺔ )ﻭﺍﻗﻊ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﰲ ﺍﻟﺸﺮﻛﺎﺕ ﻭﻣﺴﺎﳘﺔ ﺍﳌﻮﻇﻔﲔ ﰲ ﺭﺃﺱ ﺍﳌﺎﻝ‬
‫ﻭﺭﲝﻴﺔ ﺍﻟﺸﺮﻛﺎﺕ( ﻓﺈﻧﻨﺎ ﻧﺴﺘﺨﺪﻡ ﳕﻮﺫﺝ ﺍﻻﳓﺪﺍﺭ ﺍﳌﺘﻌﺪﺩ ﻭﺍﻟﺬﻱ ﻧﻠﺨﺺ ﺃﻫﻢ ﻧﺘﺎﺋﺠﻪ ﻭﻓﻘﺎ ﻟﱪﻧﺎﻣﺞ‬
‫‪ SPSS‬ﰲ ﺍﳉﺪﻭﻝ ﺍﻟﺘﺎﱄ‪:‬‬
‫ﺟﺪﻭﻝ ﺭﻗﻢ )‪ :(14-4‬ﻣﻌﺎﺩﻻﺕ ﲢﻠﻴﻞ ﺍﻹﳓﺪﺍﺭ ﺍﳌﺘﻌﺪﺩ‬
‫‪Coefficientsa‬‬
‫‪Coefficients non Coefficients‬‬
‫‪Corrélations‬‬
‫‪standardisés standardisés‬‬
‫‪Modèle‬‬ ‫ﺕ‬
‫‪Erreur‬‬ ‫‪Corrélation‬‬
‫‪B‬‬ ‫‪Bêta‬‬ ‫‪Partielle Partielle‬‬
‫‪standard‬‬ ‫‪simple‬‬
‫)ﺍﻟﺜﺎﺑﺖ(‬ ‫‪1.689 0.342‬‬ ‫‪4.934‬‬ ‫‪0.000‬‬ ‫‪1.001 2.377‬‬
‫ﻭﻣﺴﺎﳘﺔ ﺍﳌﻮﻇﻔﲔ ﰲ‬
‫‪1‬‬
‫ﺭﺃﺱ ﺍﳌﺎﻝ ﻭﺭﲝﻴﺔ‬ ‫‪0.540 0.083‬‬ ‫‪0.681‬‬ ‫‪6.508‬‬ ‫‪0.000‬‬ ‫‪0.373 0.706‬‬
‫ﺍﻟﺸﺮﻛﺎﺕ‬
‫ﺍﳌﺘﻐﲑ ﺍﻟﺘﺎﺑﻊ)‪:(C‬‬
‫ﺍﳌﺼﺪﺭ‪ :‬ﻣﻦ ﺍﻋﺪﺍﺩ ﺍﻟﻄﻠﺒﺔ ﺍﻋﺘﻤﺎﺩﺍ ﻋﻠﻰ ﻧﺘﺎﺋﺞ ﲢﻠﻴﻞ ﺑﺮﻧﺎﻣﺞ ‪Spss V20‬‬

‫~ ‪~ 91‬‬
‫ﺍﻟﺪﺭﺍﺳﺔ ﺍﳌﻴﺪﺍﻧﻴﺔ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺮﺍﺑﻊ‪:‬‬

‫ﺍﻟﺘﻌﻠﻴﻖ‪ :‬ﻳﺘﻀﺢ ﻣﻦ ﻧﺘﺎﺋﺞ ﺍﳉﺪﻭﻝ ﺃﻋﻼﻩ ﻣﺎ ﻳﻠﻲ‪:‬‬

‫‪ -‬ﻣﻌﻨﻮﻳﺔ ﳕﻮﺫﺝ ﺍﻻﳓﺪﺍﺭ ﻣﻦ ﺧﻼﻝ ﺍﳉﺪﻭﻝ ﺃﻋﻼﻩ ﻧﻼﺣﻆ ﺑﺄﻥ ﳕﻮﺫﺝ ﺍﻻﳓﺪﺍﺭ ﺍﳌﻘﺪﺭ ﻋﻨﺪ ﻣﺴﺘﻮﻯ‬
‫ﻣﻌﻨﻮﻳﺔ )‪ =α (0.01‬ﺣﻴﺚ ﺃﻥ ﻗﻴﻤﺔ )‪ (F‬ﺍﳌﺤﺴﻮﺑﺔ ﺗﺴﺎﻭﻯ )‪ ،(42.360‬ﻭﻗﻴﻤﺔ ﻣﺴﺘﻮﻯ ﺍﳌﻌﻨﻮﻳﺔ‬
‫‪ (P-Value = 0.000) sig‬ﺃﻗﻞ ﻣﻦ ﻣﺴﺘﻮﻯ ﺍﳌﻌﻨﻮﻳﺔ‪.‬‬
‫‪ -‬ﻣﻌﻨﻮﻳﺔ ﻣﻌﺎﻣﻼﺕ ﺍﻻﳓﺪﺍﺭ ﻣﻦ ﺧﻼﻝ ﻗﻴﻢ )‪(Sig, T‬‬
‫ﻣﻦ ﺧﻼﻝ ﺍﳉﺪﻭﻝ ﺃﻋﻼﻩ ﳝﻜﻨﻨﺎ ﺑﺄﻥ ﳔﺘﱪ ﻓﺮﺿﻴﺘﲔ‪:‬‬
‫ﺍﻟﻔﺮﺿﻴﺔ ﺍﻟﺼﻔﺮﻳﺔ ‪(Ho) : β0 ≠ β1 ≠ β2 ≠ β3 ≠ 0‬‬
‫ﺍﻟﻔﺮﺿﻴﺔ ﺍﻟﺒﺪﻳﻠﺔ ‪(H1) : β0 = β1 = β2 = β3 = 0‬‬
‫ﻭﻣﻦ ﺧﻼﻝ ﺍﳉﺪﻭﻝ ﺃﻋﻼﻩ ﻧﻼﺣﻆ ﻣﻌﻨﻮﻳﺔ ﻣﻌﻠﻤﺔ ﺍﳌﻴﻞ ‪ β1‬ﻭﺍﻟﱵ ﺑﻠﻐﺖ ‪ 1.689‬ﻭﺍﻟﱵ ﺗﺸﲑ ﺇﱃ ﺇﳚﺎﺩ‬
‫ﻋﻼﻗﺔ ﺇﳚﺎﺑﻴﺔ ﺑﲔ ﺍﳌﺘﻐﲑﻳﻦ ﺇﺣﺼﺎﺋﻴﺎ )ﺃﺛﺮ ﺩﻭﺭ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﰲ ﺍﳊﺪ ﻣﻦ ﳐﺎﻃﺮ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ‬
‫ﻋﻠﻰ ﻣﺴﺎﳘﺔ ﺍﳌﻮﻇﻔﲔ ﰲ ﺭﺃﺱ ﺍﳌﺎﻝ ﻭﺭﲝﻴﺔ ﺍﻟﺸﺮﻛﺎﺕ( ﺣﻴﺚ ﺃﻧﻪ ﻛﻠﻤﺎ ﺗﺄﺛﺮﺕ ﺍﳌﻮﻇﻔﲔ ﰲ ﺭﺃﺱ‬
‫ﺍﳌﺎﻝ ﻭﺭﲝﻴﺔ ﺍﻟﺸﺮﻛﺎﺕ ﺑﻮﺣﺪﺓ ﻭﺍﺣﺪﺓ ﻳﺆﺩﻱ ﺇﱃ ﺗﺄﺛﺮ ﰲ ﺩﻭﺭ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﰲ ﺍﳊﺪ ﻣﻦ ﳐﺎﻃﺮ‬
‫ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﲟﻘﺪﺍﺭ ‪ ،1.689‬ﻛﻤﺎ ﺑﻠﻎ ﻣﺴﺘﻮﻯ ﺍﳌﻌﻨﻮﻳﺔ )‪ P-Value = 0.000) sig‬ﻭﻫﻮ ﺃﻗﻞ‬
‫ﻣﻦ ﻣﺴﺘﻮﻯ ﺍﳌﻌﻨﻮﻳﺔ ‪ α=0.05‬ﳑﺎ ﻳﺸﲑ ﺇﱃ ﻣﻌﻨﻮﻳﺔ ﺍﳌﻴﻞ ﻭﺍﻟﱵ ﲣﺘﻠﻒ ﻋﻦ ﺍﻟﺼﻔﺮ‪.‬‬

‫~ ‪~ 92‬‬
 ‫ﺍﻟﺪﺭﺍﺳﺔ ﺍﳌﻴﺪﺍﻧﻴﺔ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺮﺍﺑﻊ‪:‬‬

‫ﺧﻼﺻﺔ ﺍﻟﻔﺼﻞ‬

‫ﺍﺳﺘﻬﺪﻓﻨﺎ ﻣﻦ ﺧﻼﻝ ﻫﺬﺍ ﺍﻟﻔﺼﻞ ﺍﻟﻘﻴﺎﻡ ﺑﺎﻟﺪﺭﺍﺳﺔ ﺍﻟﺘﻄﺒﻴﻘﻴﺔ ﻣﻦ ﺃﺟﻞ ﺍﻟﺘﻌﺮﻑ ﻋﻠﻰ ﺍﲡﺎﻫﺎﺕ ﻭﺃﺭﺍء ﺃﻓﺮﺍﺩ‬
‫ﻋﻴﻨﺔ ﺍﻟﺪﺭﺍﺳﺔ ﺑﺸﺄﻥ ﻣﻮﺿﻮﻉ ﺍﻟﺒﺤﺚ‪ ،‬ﻭﻟﺘﺤﺪﻳﺪ ﻣﺪﻯ ﺍﺗﻔﺎﻕ ﻧﺘﺎﺋﺞ ﺍﻟﺘﺤﻠﻴﻞ ﺍﻹﺣﺼﺎﺋﻲ ﻣﻊ ﻧﺘﺎﺋﺞ ﺍﻟﺪﺭﺍﺳﺔ ﺍﻟﻨﻈﺮﻳﺔ‪،‬‬
‫ﺑﺎﻹﺿﺎﻓﺔ ﺇﱃ ﺍﻻﺧﺘﺒﺎﺭ ﺍﳌﻴﺪﺍﱐ ﻟﻔﺮﻭﺽ ﺍﻟﺒﺤﺚ‪.‬‬
‫ﻛﻤﺎ ﺧﻠﺼﺖ ﻫﺬﻩ ﺍﻟﺪﺭﺍﺳﺔ ﰲ ﺍﻷﺧﲑ ﺇﱃ ﳎﻤﻮﻋﺔ ﻣﻦ ﺍﻟﻨﺘﺎﺋﺞ ﻭﺍﻟﱵ ﳝﻜﻦ ﻋﺮﺿﻬﺎ ﻓﻴﻤﺎ ﻳﻠﻲ‪:‬‬
‫‪ -‬ﺇﻥ ﻧﺴﺒﺔ ﺍﺳﺘﺠﺎﺑﺔ ﻋﻴﻨﺔ ﺍﻟﺪﺭﺍﺳﺔ ﻷﺳﺌﻠﺔ ﻗﺎﺋﻤﺔ ﺍﻻﺳﺘﺒﻴﺎﻥ ﻗﺪ ﺑﻠﻐﺖ )‪ (91.07%‬ﻭﻫﻲ ﻧﺴﺒﺔ ﺟﻴﺪﺓ ﺗﺴﻤﺢ‬
‫ﺑﺈﺟﺮﺍء ﺍﻟﺘﺤﻠﻴﻞ ﺍﻹﺣﺼﺎﺋﻲ ﻟﺒﻴﺎﻧﺎﺕ ﺍﻟﺪﺭﺍﺳﺔ ﺍﻟﺘﻄﺒﻴﻘﻴﺔ؛‬
‫‪ -‬ﺇﻥ ﻣﻌﺎﻣﻼﺕ ﺛﺒﺎﺕ ﻭﺻﺪﻕ ﺇﺟﺎﺑﺎﺕ ﻣﻔﺮﺩﺍﺕ ﻋﻴﻨﺔ ﺍﻟﺪﺭﺍﺳﺔ ﻋﻠﻰ ﺃﺳﺌﻠﺔ ﻗﺎﺋﻤﺔ ﺍﻻﺳﺘﺒﻴﺎﻥ ﻗﺪ ﺍﺗﺼﻔﺖ ﺑﺄ‪‬ﺎ‬
‫ﻣﻌﺎﻣﻼﺕ ﺫﺍﺕ ﺩﻻﻟﺔ ﺟﻴﺪﺓ ﻷﻏﺮﺍﺽ ﺍﻟﺒﺤﺚ‪ ،‬ﻭﺃﻛﺪﺕ ﻋﻠﻰ ﻭﺟﻮﺩ ﺍﺭﺗﺒﺎﻁ ﺇﳚﺎﰊ ﺑﲔ ﺃﺳﺌﻠﺔ ﻫﺬﻩ ﺍﻟﻘﺎﺋﻤﺔ ﳑﺎ ﻳﺆﻛﺪ‬
‫ﻋﻠﻰ ﺇﻣﻜﺎﻧﻴﺔ ﺍﻻﻋﺘﻤﺎﺩ ﻋﻠﻰ ﻧﺘﺎﺋﺞ ﺍﻟﺘﺤﻠﻴﻞ ﺍﻹﺣﺼﺎﺋﻲ ﰲ ﺗﻌﻤﻴﻢ ﻧﺘﺎﺋﺞ ﺍﻟﺒﺤﺚ‪.‬‬

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‫ﺧﺎﲤﺔ ﻋﺎﻣﺔ‬
 ‫ﺍﻟـﺨﺎﺗـﻤﺔ‪:‬‬

‫ﻟﻘﺪ ﺗﻨﺎﻭﻟﻨﺎ ﻣﻦ ﺧﻼﻝ ﻫﺎﺗﻪ ﺍﳌﺬﻛﺮﺓ *ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﻣﺸﺎﻛﻞ ﻭﺣﻠﻮﻝ*‪ ،‬ﺣﻴﺚ ﺣﺎﻭﻟﻨﺎ ﻣﻦ‬
‫ﺧﻼﳍﺎ ﺍﻹﺟﺎﺑﺔ ﻋﻠﻰ ﺍﻻﺷﻜﺎﻟﻴﺔ ﺍﻟﺮﺋﻴﺴﻴﺔ ﻭﺍﻟﱵ ﺗﺘﻤﺤﻮﺭ ﺣﻮﻝ‪ :‬ﺍﻟﺪﻭﺭ ﺍﻟﺬﻱ ﳝﻜﻦ ﺃﻥ ﺗﻘﺪﻣﻪ ﺣﻮﻛﻤﺔ‬
‫ﺍﻟﺸﺮﻛﺎﺕ ﰲ ﺇﳚﺎﺩ ﺣﻠﻮﻝ ﻭﻣﺸﺎﻛﻞ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﻭﻛﺬﺍ ﺍﳊﺪ ﻣﻦ ﳐﺎﻃﺮ ﺍﻟﻮﻛﺎﻟﺔ‪ ،‬ﻭﰲ ﻫﺬﺍ ﺍﻹﻃﺎﺭ‬
‫ﻓﻘﺪ ﺳﻌﻴﻨﺎ ﺇﱃ ﺍﻹﺣﺎﻃﺔ ﲟﺪﺧﻞ ﻣﻦ ﻣﺪﺍﺧﻞ ﺍﻹﺩﺍﺭﺓ ﺍﳊﺪﻳﺜﺔ "ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻭﺍﻟﱵ ﺑﺈﻣﻜﺎ‪‬ﺎ‬
‫ﺇﺣﺪﺍﺙ ﻣﺴﺎﳘﺔ ﻓﻌﺎﻟﺔ ﰲ ﺇﳚﺎﺩ ﺣﻠﻮﻝ ﻭﻣﺸﺎﻛﻞ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﻭﺍﻟﺘﻘﻠﻴﻞ ﻭﺍﳊﺪ ﻣﻦ ﳐﺎﻃﺮ ﺍﻟﻮﻛﺎﻟﺔ ﺇﺫﺍ‬
‫ﻣﺎ ﰎ ﺗﻄﺒﻴﻘﻬﺎ ﺑﺎﻟﺸﻜﻞ ﺍﻟﺬﻱ ﺟﺎءﺕ ﻋﻠﻴﻪ ﺩﻭﻥ ﺍﻟﺘﻐﻴﲑ ﰲ ﳏﺘﻮﺍﻫﺎ ﺃﻭ ﺍﻹﻧﻘﺎﺹ ﻣﻨﻬﺎ"‪.‬‬
‫ﺣﻴﺚ ﻗﺴﻤﺖ ﺍﳌﺬﻛﺮﺓ ﺇﱃ ﺃﺭﺑﻌﺔ ﻓﺼﻮﻝ‪ :‬ﺍﻟﻔﺼﻞ ﺍﻷﻭﻝ ﺗﻄﺮﻗﻨﺎ ﻓﻴﻪ ﺇﱃ ﺍﻟﺪﺭﺍﺳﺎﺕ ﺍﻟﺴﺎﺑﻘﺔ‬
‫ﺑﺎﻟﻠﻐﺘﲔ ﺍﻟﻌﺮﺑﻴﺔ ﻭﺍﻷﺟﻨﺒﻴﺔ ﻭﻛﺎﻥ ﻋﺮﺿﻬﺎ ﺑﻨﺎءﴽ ﻋﻠﻰ ﺗﻮﺍﺭﻳﺦ ﻋﺮﺿﻬﺎ‪ ،‬ﺃﻣّﺎ ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﱐ ﻓﻘﺪ ﺗﻨﺎﻭﻟﻨﺎ ﻓﻴﻪ‬
‫ﺇﱃ ﻣﺎﻫﻴﺔ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﻣﺮﻭﺭﴽ ﺑﺘﻌﺮﻳﻔﻬﺎ ﻭﻧﺸﺄ‪‬ﺎ ﻭﺑﻌﺾ ﻓﺮﺿﻴﺎﺕ ﻭﻣﺸﺎﻛﻞ ﻫﺬﻩ ﺍﻟﻨﻈﺮﻳﺔ ﰒ ﺇﱃ ﺣﻞ‬
‫ﻧﺰﺍﻋﺎﺕ ﺍﻟﻮﻛﺎﻟﺔ ﻭﺍﻧﺘﻘﺎﺩﺍ‪‬ﺎ‪ ،‬ﻭﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﻟﺚ ﺍﻟﺬﻱ ﲤﺤﻮﺭ ﰲ ﳎﻤﻠﻪ ﺣﻮﻝ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ‬
‫ﻭﻋﻼﻗﺘﻬﺎ ﺑﻨﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﺣﻴﺚ ﺩﺭﺳﻨﺎ ﻓﻴﻪ ﻧﺸﺄﺓ ﺍﳊﻮﻛﻤﺔ ﻭﻣﻔﻬﻮﻣﻬﺎ‪ ،‬ﻭﺃﻫﺪﺍﻑ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ‬
‫ﻭﺁﻟﻴﺎﺕ ﺗﻄﺒﻴﻘﻬﺎ ﰒ ﻣﱪﺭﺍ‪‬ﺎ ﻭﺃﳘﻴﺘﻬﺎ‪ ،‬ﺃﻫﺪﺍﻓﻬﺎ ﻭﰲ ﺍﻷﺧﲑ ﺗﻨﺎﻭﻟﻨﺎ ﻓﻴﻪ ﲟﺒﺎﺩﺉ ﻭﺧﺼﺎﺋﺺ ﺣﻮﻛﻤﺔ‬
‫ﺍﻟﺸﺮﻛﺎﺕ‪ ،‬ﺃﻣﺎ ﺍﻟﻔﺼﻞ ﺍﻟﺮﺍﺑﻊ ﻭﺍﻷﺧﲑ ﻣﻦ ﻫﺬﻩ ﺍﳌﺬﻛﺮﺓ ﻭﺍﻟﺬﻱ ﲤﺤﻮﺭ ﺣﻮﻝ ﺍﻟﺪﺭﺍﺳﺔ ﺍﳌﻴﺪﺍﻧﻴﺔ ﻣﻦ‬
‫ﺧﻼﻝ ﺍﻋﺪﺍﺩ ﺍﺳﺘﺒﺎﻧﺔ ﻟﻺﺟﺎﺑﺔ ﻋﻠﻰ ﻓﺮﺿﻴﺎﺕ ﺍﻟﺪﺭﺍﺳﺔ ﻭﺯﻋﺖ ﻋﻠﻰ ﻣﻬﻨﻴﲔ ﳏﺎﺳﺒﲔ ﻭﺃﻛﺎﺩﳝﻴﲔ‪.‬‬
‫‪ ‬ﺍﺧﺘﺒﺎﺭ ﺍﻟﻔﺮﺿﻴﺎﺕ‬
‫ﻣﻦ ﺧﻼﻝ ﺩﺭﺍﺳﺘﻨﺎ ﺍﻟﱵ ﲨﻌﺖ ﺑﲔ ﺍﻟﺸﻖ ﺍﻟﻨﻈﺮﻱ ﻭﺍﻟﺘﻄﺒﻴﻘﻲ ﳍﺬﻩ ﺍﳌﺬﻛﺮﺓ‪ ،‬ﻗﻤﻨﺎ ﺑﺎﺧﺘﺒﺎﺭ‬
‫ﺍﻟﻔﺮﺿﻴﺎﺕ ﺍﻟﱵ ﰎ ﻃﺮﺣﻬﺎ‪ ،‬ﲝﻴﺚ ﺗﻮﺻﻠﻨﺎ ﻟﻠﻨﺘﺎﺋﺞ ﺍﻟﺘﺎﻟﻴﺔ‪:‬‬
‫‪ -‬ﺑﺎﻟﻨﺴﺒﺔ ﻟﻠﻔﺮﺿﻴﺔ ﺍﻷﻭﱃ‪ ،‬ﻓﻘﺪ ﰎ ﺍﺛﺒﺎﺕ ﺻﺤﺘﻬﺎ ﻣﻦ ﺧﻼﻝ ﺍﻟﺸﻖ ﺍﻟﻨﻈﺮﻱ ﳍﺎﺗﻪ ﺍﳌﺬﻛﺮﺓ ﲝﻴﺚ ﰎ‬
‫ﺗﺄﻛﻴﺪ ﺃﻥ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﻫﻮ ﳉﻮء ﺍﳌﺎﻟﻚ ﻟﺸﺨﺺ ﻹﳒﺎﺯ ﺍﻟﻌﻤﻞ ﺑﺎﲰﻪ ﻭﺗﻔﻮﻳﻀﻪ ﺍﻟﺴﻠﻄﺔ‪ ،‬ﻭﻣﻦ‬
‫ﺃﻫﻢ ﺗﻜﺎﻟﻴﻔﻬﺎ‪ :‬ﺗﻜﺎﻟﻴﻒ ﺍﻟﺮﻗﺎﺑﺔ ﻭﺍﻻﻟﺘﺰﺍﻡ ﻭﺍﳋﺴﺎﺋﺮ ﺍﳌﺘﺒﻘﻴﺔ‪...‬ﺇﱁ؛‬
‫‪ -‬ﺑﺎﻟﻨﺴﺒﺔ ﻟﻠﻔﺮﺿﻴﺔ ﺍﻟﺜﺎﻧﻴﺔ‪ ،‬ﻓﻘﺪ ﰎ ﺍﺛﺒﺎﺕ ﺻﺤﺘﻬﺎ ﺃﻳﻀﺎ ﻣﻦ ﺧﻼﻝ ﺍﻟﺸﻖ ﺍﻟﻨﻈﺮﻱ‪ ،‬ﲝﻴﺚ ﻭﺍﺟﻬﺖ‬
‫ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﺍﻟﻌﺪﻳﺪ ﻣﻦ ﺍﳌﺸﺎﻛﻞ ﻭﻟﻌﻞ ﺃﺑﺮﺯﻫﺎ ﺭﺑﻂ ﺃﺩﺍء ﺍﳌﺪﺭﺍء ﺑﺎﻟﺮﲝﻴﺔ ﺃﻭ ﺍﳌﺒﻴﻌﺎﺕ ﺍﳌﺮﺍﺩ‬
‫ﲢﻘﻴﻘﻬﺎ ﻭﻋﺪﻡ ﻣﻌﺮﻓﺔ ﺃﺳﻠﻮﺏ ﺍﻟﺮﻗﺎﺑﺔ ﻋﻠﻴﻬﺎ؛‬
‫ﺃﻣﺎ ﺍﻟﻔﺮﺽ ﺍﻷﺧﲑ ﻭﺍﻟﻘﺎﺋﻞ ﻛﻴﻒ ﺳﺎﳘﺖ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﰲ ﺇﳚﺎﺩ ﺣﻠﻮﻝ ﻭﻣﺸﺎﻛﻞ ﻧﻈﺮﻳﺔ‬ ‫‪-‬‬
‫ﺍﻟﻮﻛﺎﻟﺔ‪ ،‬ﻓﻘﺪ ﰎ ﺍﻹﺟﺎﺑﺔ ﻋﻠﻰ ﺍﻟﻔﺮﺽ ﺑﺘﺄﻛﻴﺪﻩ ﻣﻦ ﺧﻼﻝ ﺍﻟﺪﺭﺍﺳﺔ ﺍﳌﻴﺪﺍﻧﻴﺔ‪ ،‬ﺣﻴﺚ ﺗﺒﲔ ﺃﻧﻪ ﺗﻮﺟﺪ‬

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 ‫ﺍﻟـﺨﺎﺗـﻤﺔ‪:‬‬

‫ﻓﺮﻭﻕ ﺫﺍﺕ ﺩﻻﻟﺔ ﺇﺣﺼﺎﺋﻴﺔ ﰲ ﺗﺄﺛﲑ ﺩﻭﺭ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﰲ ﺍﳊﺪ ﻣﻦ ﳐﺎﻃﺮ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ‬
‫ﻋﻠﻰ ﻭﺍﻗﻊ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﰲ ﺍﻟﺸﺮﻛﺎﺕ ﻭﻣﺴﺎﳘﺔ ﺍﳌﻮﻇﻔﲔ ﰲ ﺭﺃﺱ ﺍﳌﺎﻝ ﻭﺭﲝﻴﺔ ﺍﻟﺸﺮﻛﺎﺕ‪.‬‬
‫‪ ‬ﻧﺘﺎﺋﺞ ﺍﻟﺪﺭﺍﺳﺔ‬
‫ﻭﻛﺨﻼﺻﺔ ﳍﺬﻩ ﺍﳌﺬﻛﺮﺓ ﳝﻜﻦ ﺍﻟﻘﻮﻝ ﺃﻥ‪:‬‬
‫‪ -‬ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﲤﺜﻞ ﺍﻻﻃﺎﺭ ﺍﻟﻌﺎﻡ ﳊﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻣﻦ ﺧﻼﻝ ﺇﺩﺍﺭﺓ ﺍﻟﺸﺮﻛﺔ؛‬
‫‪ -‬ﻣﻦ ﺧﻼﻝ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﳝﻜﻦ ﲢﺪﻳﺪ ﺍﳊﻘﻮﻕ ﻭﺍﻟﻮﺍﺟﺒﺎﺕ ﻭﺗﻮﺿﻴﺢ ﺍﻷﺩﻭﺍﺭ‬
‫ﻭﺍﳌﺴﺆﻭﻟﻴﺎﺕ ﳌﺨﺘﻠﻒ ﺍﻷﻃﺮﺍﻑ ﺫﺍﺕ ﺻﻠﺔ ﺍﳌﺒﺎﺷﺮﺓ ﺑﺎﻟﺸﺮﻛﺔ ﻣﻦ ﳎﻠﺲ ﺇﺩﺍﺭﺓ ﻭﻣﺴﺎﳘﲔ‪،‬‬
‫ﻭﻟﻀﻤﺎﻥ ﻓﻌﺎﻟﻴﺔ ﻫﺬﺍ ﺍﻹﻃﺎﺭ ﻻ ﺑﺪ ﻣﻦ ﺗﻮﻓﺮ ﺁﻟﻴﺎﺕ ﺩﺍﺧﻠﻴﺔ؛‬
‫‪ -‬ﺗﻌﻤﻞ ﺁﻟﻴﺎﺕ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﺑﺼﻔﺔ ﺃﺳﺎﺳﻴﺔ ﻋﻠﻰ ﲪﺎﻳﺔ ﺣﻘﻮﻕ ﺍﳌﺴﺎﳘﲔ ﻭﻛﺎﻓﺔ ﺍﻷﻃﺮﺍﻑ‬
‫ﺫﻭﻱ ﺍﳌﺼﻠﺤﺔ ﻭﺍﳌﺮﺗﺒﻄﲔ ﺑﺄﻋﻤﺎﻝ ﺍﻟﺸﺮﻛﺔ ﻣﻦ ﺧﻼﻝ ﺇﺣﻜﺎﻡ ﺍﻟﺮﻗﺎﺑﺔ ﻋﻠﻰ ﺃﺩﺍﺓ ﺇﺩﺍﺭﺓ ﺍﻟﺸﺮﻛﺔ؛‬
‫‪ -‬ﺗﻌﻤﻞ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻋﻠﻰ ﲢﻘﻴﻖ ﺍﳌﺼﺪﺍﻗﻴﺔ ﻭﺯﻳﺎﺩﺓ ﺍﻟﺜﻘﺔ ﺑﲔ ﲨﻴﻊ ﺍﳌﺘﻌﺎﻣﻠﲔ ﻭﻛﺬﺍ‬
‫ﺿﻤﺎﻥ ﺍﺳﺘﻘﻼﻟﻴﺔ ﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ ﻭﻣﻨﻪ ﺇﺻﺪﺍﺭ ﺍﻷﺣﻜﺎﻡ ﲟﻮﺿﻮﻋﻴﺔ ﻭﻣﺼﺪﺍﻗﻴﺔ‪ ،‬ﻛﻞ ﻫﺬﺍ ﻳﺴﺎﻫﻢ‬
‫ﺑﺪﻭﺭﻩ ﰲ ﻣﺸﻜﻞ ﺗﻀﺎﺭﺏ ﺍﳌﺼﺎﱀ ﺍﻟﺬﻱ ﻳﻌﺘﱪ ﺍﳋﻄﺮ ﺍﳊﻘﻴﻘﻲ ﻟﻨﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ‪.‬‬
‫ﻭﻛﻨﺘﻴﺠﺔ ﻋﺎﻣﺔ ﳍﺎﺗﻪ ﺍﳌﺬﻛﺮﺓ‪ :‬ﳝﻜﻦ ﺍﻟﻘﻮﻝ ﺃﻥ ﺍﻟﺘﻔﺎﻋﻞ ﻭﺍﻟﺘﻜﺎﻣﻞ ﺑﲔ ﺁﻟﻴﺎﺕ ﺍﳊﻮﻛﻤﺔ ﺍﻟﺪﺍﺧﻠﻴﺔ‬
‫ﻭﺍﳋﺎﺭﺟﻴﺔ ﻭﺍﻟﻌﻤﻞ ‪‬ﻤﺎ ﻳﺆﺩﻱ ﺇﱃ ﲣﻔﻴﺾ ﺣﺪﺓ ﺍﻟﺘﻀﺎﺭﺏ ﰲ ﺍﳌﺼﺎﱀ ﺑﲔ ﻃﺮﰲ ﺍﻟﻮﻛﺎﻟﺔ ﻭﺭﺑﻂ‬
‫ﻣﺼﺎﳊﻬﻤﺎ ﲟﺎ ﳚﻌﻞ ﺍﻟﻮﻛﻴﻞ ﻳﻌﻤﻞ ﳌﺼﻠﺤﺔ ﺍﻷﺻﻞ‪.‬‬
‫‪ ‬ﺁﻓﺎﻕ ﺍﻟﺪﺭﺍﺳﺔ‬
‫ﻣﺪﻯ ﻣﺴﺎﳘﺔ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﰲ ﺗﻔﻌﻴﻞ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ؛‬ ‫‪-‬‬
‫ﺩﻭﺭ ﺗﻜﻨﻮﻟﻮﺟﻴﺎ ﺍﳌﻌﻠﻮﻣﺎﺕ ﰲ ﺍﻟﺘﻘﻠﻴﻞ ﻣﻦ ﳐﺎﻃﺮ ﺍﻟﻮﻛﺎﻟﺔ؛‬ ‫‪-‬‬
‫ﻣﺴﺎﳘﺔ ﺍﳌﺠﺘﻤﻊ ﺍﳌﺪﱐ ﻭﻭﺳﺎﺋﻞ ﺍﻻﻋﻼﻡ ﰲ ﺗﻄﺒﻴﻖ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﰲ ﺍﳌﺠﺘﻤﻌﺎﺕ؛‬ ‫‪-‬‬
‫ﺩﻭﺭ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﰲ ﺧﻠﻖ ﺃﺳﻮﺍﻕ ﻣﺎﻟﻴﺔ ﻓﻌﺎﻟﺔ‪.‬‬ ‫‪-‬‬

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 ‫ﻗﺎﺋﻤﺔ‬
‫ﺍﳌﺼﺎﺩﺭ ﻭﺍﳌﺮﺍﺟﻊ‬
 ‫ﻗﺎﺋﻤﺔ ﺍﳌﺼﺎﺩﺭ ﻭﺍﳌﺮﺍﺟﻊ‬

‫‪ -‬ﺍﻟﻘﺮﺁﻥ ﺍﻟﻜﺮﱘ‬
‫ﺃﻭﻻ‪ :‬ﺍﳌﺼﺎﺩﺭ ﻭﺍﳌﺮﺍﺟﻊ ﺍﻟﻌﺮﺑﻴﺔ‪:‬‬
‫ﺇﺑﺮﺍﻫﻴﻢ‪ ،‬ﳏﻤﺪ ﻋﺒﺪ ﺍﻟﻔﺘﺎﺡ‪ " ،‬ﳕﻮﺫﺝ ﻣﻘﺘﺮﺡ ﻟﺘﻔﻌﻴﻞ ﻗﻮﺍﻋﺪ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﰲ ﺇﻃﺎﺭ ﺍﳌﻌﺎﻳﲑ‬ ‫‪.1‬‬
‫ﺍﻟﺪﻭﻟﻴﺔ ﻟﻠﻤﺮﺍﺟﻌﺔ ﺍﻟﺪﺍﺧﻠﻴﺔ "‪ ،‬ﲝﺚ ﻣﻘﺪﻡ ﰲ ﺍﳌﺆﲤﺮ ﺍﻟﻌﻠﻤﻲ ﺍﻷﻭﻝ ﲢﺖ ﺷﻌﺎﺭ ﺍﻟﺘﺪﻗﻴﻖ ﺍﻟﺪﺍﺧﻠﻲ ﰲ‬
‫ﺇﻃﺎﺭ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ‪ ،‬ﺍﳌﻨﻈﻤﺔ ﺍﻟﻌﺮﺑﻴﺔ ﻟﻠﺘﻨﻤﻴﺔ ﺍﻹﺩﺍﺭﻳﺔ‪ ،‬ﺍﻟﻘﺎﻫﺮﺓ ‪.2005‬‬
‫ﺃﺑﻮ ﺍﻟﻌﻄﺎ ﻧﺮﻣﲔ‪ ،‬ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﺳﺒﻴﻞ ﺍﻟﺘﻘﺪﻡ ﻣﻊ ﺇﻟﻘﺎء ﺍﻟﻀﻮء ﻋﻠﻰ ﺍﻟﺘﺠﺮﺑﺔ ﺍﳌﺼﺮﻳﺔ‪ ،‬ﳎﻠﺔ‬ ‫‪.2‬‬
‫ﺍﻹﺻﻼﺡ ﺍﻻﻗﺘﺼﺎﺩﻱ‪ ،‬ﺍﻟﻌﺪﺩ ‪.2003 ،8‬‬
‫ﺃﺑﻮ ﺍﻟﻔﺘﻮﺡ‪ ،‬ﲰﲑ‪ " ،‬ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ‪ :‬ﻣﺪﺧﻞ ﻟﺘﺨﻔﻴﺾ ﺍﻟﺘﻜﺎﻟﻴﻒ ﺍﻟﻌﺎﻣﺔ ﺍﳌﺠﻠﺔ ﺍﻟﻌﺮﺑﻴﺔ ﻟﻺﺩﺍﺭﺓ‪،‬‬ ‫‪.3‬‬
‫ﺍﳌﺠﻠﺪ ﺍﻟﺜﺎﱐ ﻋﺸﺮ ﺍﻟﻌﺪﺩ ﺍﻟﺮﺍﺑﻊ‪ ،‬ﺍﳌﻤﻠﻜﺔ ﺍﻟﻌﺮﺑﻴﺔ ﺍﻟﺴﻌﻮﺩﻳﺔ‪. 1998 ،‬‬
‫ﺍﻷﺳﺘﺎﺫ ﺍﻟﺪﻛﺘﻮﺭ ﺧﺎﻟﺪ ﺍﻟﺰﻋﱯ‪ ،‬ﺍﳌﺠﻤﻊ ﺍﻟﻌﺮﰊ ﻟﻠﻤﺤﺎﺳﺒﲔ ﺍﻟﻘﺎﻧﻮﻧﻴﲔ‪ ،‬ﳏﺎﺳﺐ ﻋﺮﰊ ﻗﺎﻧﻮﱐ‬ ‫‪.4‬‬
‫ﻣﻌﺘﻤﺪ ‪ ،ACPA‬ﺍﻟﻮﺭﻗﺔ ﺍﻟﺮﺍﺑﻌﺔ ‪ -‬ﺍﻟﺘﺸﺮﻳﻌﺎﺕ‪ ،‬ﻁ‪.2013 ،1‬‬
‫ﺁﻝ ﺧﻠﻴﻔﺔ‪ ،‬ﺇﻣﺎﻡ ﺣﺎﻣﺪ‪ ،‬ﺻﻨﺎﺩﻳﻖ ﺍﻻﺳﺘﺜﻤﺎﺭ ﻭﻣﻔﻬﻮﻡ ﺍﳊﻮﻛﻤﺔ "‪ ،‬ﲝﻮﺙ ﻭﺃﻭﺭﺍﻕ ﻋﻤﻞ ﳌﺆﲤﺮ‬ ‫‪.5‬‬
‫ﻣﺘﻄﻠﺒﺎﺕ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻭﺃﺳﻮﺍﻕ ﺍﳌﺎﻝ ﺍﻟﻌﺮﺑﻴﺔ‪ ،‬ﺷﺮﻡ ﺍﻟﺸﻴﺦ‪ ،‬ﻣﺼﺮ‪. 2007 ،‬‬
‫ﺃﻟﻜﺴﻨﺪﺭ ﺷﮑﺮﺍﻟﻨﻴﻜﻮﻑ‪ ،‬ﺍﻧﺪﺭﻭ ﻭﻟﺴﻮﻥ‪ ،‬ﻣﻦ ﺷﺮﻛﺎﺕ ﻣﺴﺘﺪﺍﻣﺔ ﺇﱃ ﺍﻗﺘﺼﺎﺩﺍﺕ ﻣﺴﺘﺪﺍﻣﺔ‪ :‬ﺣﻮﻛﻤﺔ‬ ‫‪.6‬‬
‫ﺍﻟﺸﺮﻛﺎﺕ ﻛﺄﺩﺍﺓ ﺗﻨﻤﻮﻳﺔ‪ ،‬ﻣﺮﻛﺰ ﺍﳌﺸﺮﻭﻋﺎﺕ ﺍﻟﺪﻭﻟﻴﺔ ﺍﳋﺎﺻﺔ‪ ،‬ﻭﺍﺷﻨﻄﻦ‪.2007 ،‬‬
‫ﺍﻟﺒﺸﲑ‪ ،‬ﳏﻤﺪ‪ ،‬ﺍﻟﺘﺤﻜﻢ ﺍﳌﺆﺳﺴﻲ ﻭﻣﺪﻗﻖ ﺍﳊﺴﺎﺑﺎﺕ ﲨﻌﻴﺔ ﺍﳌﺤﺎﺳﺒﲔ ﺍﻟﻘﺎﻧﻮﻧﻴﲔ ﺍﻷﺭﺩﻧﻴﲔ‪ ،‬ﺍﳌﺆﲤﺮ‬ ‫‪.7‬‬
‫ﺍﻟﻌﻠﻤﻲ ﺍﳌﻬﲏ ﺍﳋﺎﻣﺲ ﲢﺖ ﺷﻌﺎﺭ ﺍﻟﺘﺤﻜﻢ ﺍﳌﺆﺳﺴﻲ ﻭﺍﺳﺘﻤﺮﺍﺭﻳﺔ ﺍﳌﻨﺸﺎﺓ‪ ،‬ﻋﻤﺎﻥ‪ ،‬ﺍﻷﺭﺩﻥ‪.2003 ،‬‬
‫ﺍﻟﺘﻤﻴﻤﻲ‪ ،‬ﻋﺒﺎﺱ ﲪﻴﺪ ﳛﻲ‪ ،‬ﺍﺛﺮ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﰲ ﺍﻟﺘﻄﺒﻴﻘﺎﺕ ﺍﳌﺤﺎﺳﺒﻴﺔ ﻭﺍﳊﻮﻛﻤﺔ ﰲ ﺍﻟﺸﺮﻛﺎﺕ‬ ‫‪.8‬‬
‫ﺍﳌﻤﻠﻮﻛﺔ ﻟﻠﺪﻭﻟﺔ ‪ -‬ﺩﺭﺍﺳﺔ ﻣﻴﺪﺍﻧﻴﺔ ﰲ ﻋﻴﻨﺔ ﻣﻦ ﺍﻟﺸﺮﻛﺎﺕ ﺍﻟﻌﺮﺍﻗﻴﺔ "‪ ،‬ﺃﻃﺮﻭﺣﺔ ﺩﻛﺘﻮﺭﺍﻩ ﻏﲑ ﻣﻨﺸﻮﺭﺓ‬
‫ﰲ ﻓﻠﺴﻔﺔ ﺍﳌﺤﺎﺳﺒﺔ‪ ،‬ﻛﻠﻴﺔ ﺍﻹﺩﺍﺭﺓ ﻭﺍﻻﻗﺘﺼﺎﺩ‪ ،‬ﺟﺎﻣﻌﺔ ﺑﻐﺪﺍﺩ‪. 2008 ،‬‬
‫ﺍﳉﺒﻮﺭﻱ‪ ،‬ﻧﺼﻴﻒ ﺟﺎﺳﻢ ﳏﻤﺪ‪ ،‬ﻣﻔﺎﻫﻴﻢ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﻭﺍﻧﻌﻜﺎﺳﺎ‪‬ﺎ ﻋﻠﻰ ﻧﻈﻢ ﻗﻴﺎﺱ ﺍﻷﺩﺍء ﻭﺍﳊﻮﺍﻓﺰ‬ ‫‪.9‬‬
‫ﰲ ﺑﻌﺾ ﺍﻟﺸﺮﻛﺎﺕ ﺍﳌﺴﺎﳘﺔ ﺍﻟﻌﺮﺍﻗﻴﺔ "‪ ،‬ﺃﻃﺮﻭﺣﺔ ﺩﻛﺘﻮﺭﺍﻩ ﻏﲑ ﻣﻨﺸﻮﺭﺓ ﰲ ﻓﻠﺴﻔﺔ ﺍﳌﺤﺎﺳﺒﺔ‪ ،‬ﻛﻠﻴﺔ‬
‫ﺍﻹﺩﺍﺭﺓ ﻭﺍﻻﻗﺘﺼﺎﺩ‪ ،‬ﺟﺎﻣﻌﺔ ﺑﻐﺪﺍﺩ‪.1999 ،‬‬
‫‪.10‬ﺟﻮﺍﺩ‪ ،‬ﺷﻮﻗﻲ ﻧﺎﭼﻲ‪ " ،‬ﺇﺩﺍﺭﺓ ﺍﻷﻋﻤﺎﻝ ‪ -‬ﻣﻨﻈﻮﺭ ﮐﻤﻲ "‪ ،‬ﻭ‪ ،‬ﺩﺍﺭ ﺍﻟﻜﺘﺐ ﻟﻠﻄﺒﺎﻋﺔ ﻭﺍﻟﻨﺸﺮ‪ ،‬ﺑﻐﺪﺍﺩ‪،‬‬
‫‪1995‬‬
‫‪ .11‬ﲪﺎﺩ ﻃﺎﺭﻕ ﻋﺒﺪ ﺍﻟﻌﺎﻝ‪ ،‬ﺣﻮﻛﻤﺖ ﺍﻟﺸﺮﻛﺎﺕ‪ ،‬ﺍﻟﺪﺍﺭ ﺍﳉﺎﻣﻌﻴﺔ‪ ،‬ﺍﻟﻘﺎﻫﺮﺓ‪.2008 ،‬‬

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 ‫ﻗﺎﺋﻤﺔ ﺍﳌﺼﺎﺩﺭ ﻭﺍﳌﺮﺍﺟﻊ‬

‫‪.12‬ﺍﻟﺪﻭﻏﺠﻲ‪ ،‬ﻋﻠﻲ ﺣﺴﲔ‪" ،‬ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻭﺃﳘﻴﺘﻬﺎ ﰲ ﺗﻔﻌﻴﻞ ﻭﻧﺰﺍﻫﺔ ﺍﻟﺘﻘﺎﺭﻳﺮ ﺍﳌﺎﻟﻴﺔ" ﳎﻠﺔ‬
‫ﺩﺭﺍﺳﺎﺕ ﳏﺎﺳﺒﻴﺔ ﻣﺎﻟﻴﺔ‪ ،‬ﺍﳌﻌﻬﺪ ﺍﻟﻌﺎﱄ ﻟﻠﺪﺭﺍﺳﺎﺕ ﺍﳌﺤﺎﺳﺒﻴﺔ ﻭﺍﳌﺎﻟﻴﺔ‪ ،‬ﺟﺎﻣﻌﺔ ﺑﻐﺪﺍﺩ‪ ،‬ﺍﻟﻌﺪﺩ ﺍﻟﺴﺎﺑﻊ‪،‬‬
‫‪. 2009‬‬
‫‪.13‬ﺍﻟﺮﺣﻴﻠﻲ‪ ،‬ﻋﻮﺽ ﺳﻼﻣﺔ‪ ،‬ﳉﺎﻥ ﺍﳌﺮﺍﺟﻌﺔ ﻛﺄﺣﺪ ﺩﻋﺎﺋﻢ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ‪ -‬ﺣﺎﻟﺔ ﺍﻟﺴﻌﻮﺩﻳﺔ‪ ،‬ﲝﻮﺙ‬
‫ﻭﺃﻭﺭﺍﻕ ﻋﻤﻞ ﺍﳌﺆﲤﺮ ﺍﻟﻌﺮﰊ ﺍﻷﻭﻝ ﺣﻮﻝ ﺍﻟﺘﺪﻗﻴﻖ ﺍﻟﺪﺍﺧﻠﻲ ﰲ ﺇﻃﺎﺭ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ‪ ،‬ﺍﻟﻘﺎﻫﺮﺓ‪،‬‬
‫‪.2005‬‬
‫‪.14‬ﺳﻠﻴﻤﺎﻥ‪ ،‬ﳏﻤﺪ ﻣﺼﻄﻔﻰ‪ " ،‬ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻭﻣﻌﺎﳉﺔ ﺍﻟﻔﺴﺎﺩ ﺍﳌﺎﱄ ﻭﺍﻹﺩﺍﺭﻱ ‪ -‬ﺩﺭﺍﺳﺔ ﻣﻘﺎﺭﻧﺔ‬
‫ﺍﻟﺪﺍﺭ ﺍﳉﺎﻣﻌﻴﺔ‪ ،‬ﻣﺼﺮ‪. 2006 ،‬‬
‫‪.15‬ﺷﺮﻭﻳﺪﺭ‪ ،‬ﺭﻳﺘﺸﺎﺩ ﻭﮐﻼﻙ‪ ،‬ﻣﺎﺭﺗﻦ ﻭﻛﺎﺋﻲ‪ ،‬ﺟﺎﻙ‪ " ،‬ﻧﻈﺮﻳﺔ ﺍﳌﺤﺎﺳﺒﺔ "‪ ،‬ﺗﺮﲨﺔ ﻭﺗﻌﺮﻳﺐ ﺧﺎﻟﺪ ﻋﻠﻲ‬
‫ﺍﲪﺪ ﻭﻓﺎﻝ‪ ،‬ﺇﺑﺮﺍﻫﻴﻢ ﻭﻟﺪ ﳏﻤﺪ‪ ،‬ﺩﺍﺭ ﺍﳌﺮﻳﺦ‪ ،‬ﺍﻟﺴﻌﻮﺩﻳﺔ‪. 2006 ،‬‬
‫‪.16‬ﺍﻟﺸﻤﺮﻱ‪ ،‬ﺻﺎﺩﻕ ﺭﺍﺷﺪ‪ " ،‬ﺍﳊﻮﻛﻤﺔ ﺩﻟﻴﻞ ﻋﻤﻞ ﻟﻺﺻﻼﺡ ﺍﳌﺎﱄ ﻭﺍﳌﺆﺳﺴﻲ "‪ ،‬ﳎﻠﺔ ﻛﻠﻴﺔ ﺑﻐﺪﺍﺩ‬
‫ﻟﻠﻌﻠﻮﻡ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﺍﳉﺎﻣﻌﺔ‪ ،‬ﺍﻟﻌﺪﺩ ‪2008 ،17‬‬
‫‪.17‬ﺍﻟﺸﲑﺍﺯﻱ‪ ،‬ﻋﺒﺎﺱ ﻣﻬﺪﻱ‪ " ،‬ﻧﻈﺮﻳﺔ ﺍﳌﺤﺎﺳﺒﺔ"‪ ،‬ﺫﺍﺕ ﺍﻟﺴﻼﺳﻞ ﻟﻠﻄﺒﺎﻋﺔ ﻭﺍﻟﻨﺸﺮ‪ ،‬ﺍﻟﻜﻮﻳﺖ‪.1990 ،‬‬
‫‪.18‬ﺍﻟﻌﺒﻴﺪﻱ‪ ،‬ﺻﺒﻴﺤﺔ ﺑﺮﺯﺍﻥ‪ " ،‬ﺩﻭﺭ ﺍﻟﺘﺤﻜﻢ ﺍﳌﺆﺳﺴﻲ ﰲ ﲣﻔﻴﺾ ﳑﺎﺭﺳﺎﺕ ﺍﳌﺤﺎﺳﺒﺔ ﺍﻹﺑﺪﺍﻋﻴﺔ ﻭﲢﻘﻴﻖ‬
‫ﺍﻟﺘﻮﺍﺯﻥ ﺑﲔ ﻣﺼﺎﱀ ﺃﻃﺮﺍﻑ ﺍﻟﻮﻛﺎﻟﺔ ‪ -‬ﺩﺭﺍﺳﺔ ﺗﻄﺒﻴﻘﻴﺔ ﻋﻠﻰ ﻋﻴﻨﺔ ﻣﻦ ﺍﻟﺸﺮﻛﺎﺕ ﺍﳌﺴﺎﳘﺔ ﺍﳌﺨﺘﻠﻄﺔ‬
‫ﰲ ﳏﺎﻓﻈﺔ ﺑﻐﺪﺍﺩ ﻣﻦ ‪ ،" 2007 - 2001‬ﺃﻃﺮﻭﺣﺔ ﺩﻛﺘﻮﺭﺍﻩ ﻏﲑ ﻣﻨﺸﻮﺭﺓ ﰲ ﻓﻠﺴﻔﺔ ﺍﳌﺤﺎﺳﺒﺔ‪،‬‬
‫ﻛﻠﻴﺔ ﺍﻹﺩﺍﺭﺓ ﻭﺍﻻﻗﺘﺼﺎﺩ‪ ،‬ﺟﺎﻣﻌﺔ ﺑﻐﺪﺍﺩ‪2008 ،‬‬
‫‪.19‬ﻋﺪﻧﺎﻥ ﺣﻴﺪﺭ ﺩﺭﻭﻳﺶ‪ ،‬ﲝﺚ ﻗﺎﻧﻮﱐ ﻭ ﺩﺭﺍﺳﺔ ﻋﻦ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻭ ﺩﻭﺭﻫﺎ ﰲ ﻣﻜﺎﻓﺤﺔ‬
‫ﺍﻟﻔﺴﺎﺩ‪.‬‬
‫‪.20‬ﻣﺴﲑ‪ ،‬ﺭﺑﺎﺏ ﻭﻫﺎﺏ‪ " ،‬ﺩﻭﺭ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﳌﺤﺎﺳﺒﻴﺔ ﰲ ﺗﻘﻮﱘ ﺍﻷﺩﺍء ﺍﻻﺳﺘﺮﺍﺗﻴﺠﻲ ﰲ ﻇﻞ ﻣﻔﺎﻫﻴﻢ‬
‫ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ‪ -‬ﺩﺭﺍﺳﺔ ﻣﻴﺪﺍﻧﻴﺔ ﰲ ﻋﻴﻨﺔ ﻣﻦ ﺍﻟﺸﺮﻛﺎﺕ ﺍﻟﺼﻨﺎﻋﻴﺔ ﺍﳌﺴﺎﳘﺔ ﺍﳌﺪﺭﺟﺔ ﰲ ﺳﻮﻕ ﺍﻟﻌﺮﺍﻕ‬
‫ﻟﻸﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ "‪ ،‬ﺭﺳﺎﻟﺔ ﻣﺎﺟﺴﺘﲑ ﰲ ﺍﳌﺤﺎﺳﺒﺔ‪ ،‬ﻛﻠﻴﺔ ﺍﻹﺩﺍﺭﺓ ﻭﺍﻻﻗﺘﺼﺎﺩ‪ ،‬ﺟﺎﻣﻌﺔ ﺑﻐﺪﺍﺩ‪.2009 ،‬‬
‫‪.21‬ﻣﻴﺨﺎﺋﻴﻞ‪ ،‬ﺍﺷﺮﻑ ﺣﻨﺎ‪ " ،‬ﺗﺪﻗﻴﻖ ﺍﳊﺴﺎﺑﺎﺕ ﰲ ﺇﻃﺎﺭ ﻣﻨﻈﻮﻣﺔ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ "‪ ،‬ﲝﻮﺙ ﻭﺃﻭﺭﺍﻕ‬
‫ﻋﻤﻞ ﺍﳌﺆﲤﺮ ﺍﻟﻌﺮﰊ ﺍﻷﻭﻝ ﺣﻮﻝ ﺍﻟﺘﺪﻗﻴﻖ ﺍﻟﺪﺍﺧﻠﻲ ﰲ ﺇﻃﺎﺭ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﺍﻟﻘﺎﻫﺮﺓ‪. 2005 ،‬‬
‫‪.22‬ﺍﻟﻨﻮﺍﺱ ‪ .‬ﺭﺍﻓﺪ ﻋﺒﻴﺪ‪ " ،‬ﺍﺛﺮ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻋﻠﻰ ﺟﻮﺩﺓ ﺃﺩﺍء ﻣﺮﺍﻗﺐ ﺍﳊﺴﺎﺑﺎﺕ ‪ -‬ﺃﳕﻮﺫﺝ ﻣﻘﺘﺮﺡ‬
‫" ﳎﻠﺔ ﺍﻟﻌﻠﻮﻡ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﻭﺍﻹﺩﺍﺭﻳﺔ‪ ،‬ﺟﺎﻣﻌﺔ ﺑﻐﺪﺍﺩ‪ ،‬ﺍﳌﺠﻠﺪ ﺭﻗﻢ ‪ ،14‬ﺍﻟﻌﺪﺩ ‪2000. 50‬‬

‫~ ‪~ 99‬‬
 ‫ﻗﺎﺋﻤﺔ ﺍﳌﺼﺎﺩﺭ ﻭﺍﳌﺮﺍﺟﻊ‬

‫ ﺃﳕﻮﺫﺝ ﻣﻘﺘﺮﺡ‬- ‫ " ﺍﺛﺮ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻋﻠﻰ ﺟﻮﺩﺓ ﺃﺩﺍء ﻣﺮﺍﻗﺐ ﺍﳊﺴﺎﺑﺎﺕ‬،‫ ﺭﺍﻓﺪ ﻋﺒﻴﺪ‬. ‫ﺍﻟﻨﻮﺍﺱ‬.23
.2008 . 50 ‫ ﺍﻟﻌﺪﺩ‬،14 ‫ ﺍﳌﺠﻠﺪ ﺭﻗﻢ‬،‫ ﺟﺎﻣﻌﺔ ﺑﻐﺪﺍﺩ‬،‫" ﳎﻠﺔ ﺍﻟﻌﻠﻮﻡ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﻭﺍﻹﺩﺍﺭﻳﺔ‬
‫ ﺩﻭﺭ ﻣﻌﺎﻳﲑ ﺍﳊﻮﻛﻤﺔ ﰲ ﺍﳊﺪ ﻣﻦ ﺍﻵﺛﺎﺭ ﺍﻟﺴﻠﺒﻴﺔ ﻟﻠﻌﻮﳌﺔ‬،‫ﻳﻌﻘﻮﺏ ﻓﻴﺤﺎء ﻋﺒﺪ ﺍﷲ ﻭﳏﻤﺪ ﺇﳝﺎﻥ ﺷﺎﻛﺮ‬.24
‫ ﺟﺎﻣﻌﺔ‬،‫ ﺍﳌﻌﻬﺪ ﺍﻟﻌﺎﱄ ﻟﻠﺪﺭﺍﺳﺎﺕ ﺍﳌﺤﺎﺳﺒﻴﺔ ﻭﺍﳌﺎﻟﻴﺔ‬،‫ ﳎﻠﺔ ﺩﺭﺍﺳﺎﺕ ﳏﺎﺳﺒﻴﺔ ﻣﺎﻟﻴﺔ‬،‫ﻭﺍﳋﺼﺨﺼﺔ‬
.2007 ،‫ ﳎﻠﺔ ﺍﻻﻗﺘﺼﺎﺩ ﻭﺍﻟﺘﻨﻤﻴﺔ ﺍﻟﺒﺸﺮﻳﺔ‬،2007 ،‫ ﺍﻟﻌﺪﺩ ﺍﳋﺎﻣﺲ‬،‫ﺑﻐﺪﺍﺩ‬
‫ " ﺩﻭﺭ ﻣﻌﺎﻳﲑ ﺍﳊﻮﻛﻤﺔ ﰲ ﺍﳊﺪ ﻣﻦ ﺍﻵﺛﺎﺭ ﺍﻟﺴﻠﺒﻴﺔ‬،‫ ﺇﳝﺎﻥ ﺷﺎﻛﺮ‬،‫ ﻓﻴﺤﺎء ﻋﺒﺪ ﺍﷲ ﻭﳏﻤﺪ‬،‫ﻳﻌﻘﻮﺏ‬.25
،‫ ﺍﳌﻌﻬﺪ ﺍﻟﻌﺎﱄ ﻟﻠﺪﺭﺍﺳﺎﺕ ﺍﳌﺤﺎﺳﺒﻴﺔ ﻭﺍﳌﺎﻟﻴﺔ‬،‫ﻟﻠﻌﻮﳌﺔ ﻭﺍﳋﺼﺨﺼﺔ " ﳎﻠﺔ ﺩﺭﺍﺳﺎﺕ ﳏﺎﺳﺒﻴﺔ ﻣﺎﻟﻴﺔ‬
.‫ ﳎﻠﺔ ﺍﻻﻗﺘﺼﺎﺩ ﻭﺍﻟﺘﻨﻤﻴﺔ ﺍﻟﺒﺸﺮﻳﺔ‬2007 ،‫ ﺍﻟﻌﺪﺩ ﺍﳋﺎﻣﺲ‬،‫ﺟﺎﻣﻌﺔ ﺑﻐﺪﺍﺩ‬
‫ ﲝﻮﺙ ﻭﺃﻭﺭﺍﻕ‬،" ‫ " ﺍﻹﻓﺼﺎﺡ ﻭﺍﻟﺸﻔﺎﻓﻴﺔ ﻛﺄﺣﺪ ﻣﺒﺎﺩﺉ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ‬،‫ ﳏﻤﺪ ﻃﺎﺭﻕ‬،‫ﻳﻮﺳﻒ‬.26
. 2007 ،‫ ﻣﺼﺮ‬،‫ ﺷﺮﻡ ﺍﻟﺸﻴﺦ‬،‫ﻋﻤﻞ ﳌﺆﲤﺮ ﻣﺘﻄﻠﺒﺎﺕ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻭﺃﺳﻮﺍﻕ ﺍﳌﺎﻝ ﺍﻟﻌﺮﺑﻴﺔ‬
: ‫ ﺍﳌﺼﺎﺩﺭ ﻭﺍﳌﺮﺍﺟﻊ ﺍﻷﺟﻨﺒﻴﺔ‬:‫ﺛﺎﻧﻴﺎ‬
1. Adam Smith (Encyclopedia of Business,2008.
2. Adrian CADBURY . Report of the financial aspects of corporate governance
, Burgess Science Press . First published , London , December 1992.
3. Alamgir M. Corporate Governance , A Risk Perspective , paper presented
to:Corporate Governance and Reform : l'aving the way to Financial Stability
and Development , a conference organized by the Egyptian Banking Institute
, Cairo , May 7 8 , 2007.
4. Benjamin C, Weinstein O: Les nouvelles théories de l'entreprise, librairie
générale française, Paris 1995.
5. Cadbury Committee on Corporate Governance, Inaugural address delivered by
vepa kamesam, November , 2001.
6. Caplan , Robert & Atkinson , " Advanced Management Accounting " , 2nd
edition , Prentice - Hill International Inc. , USA , 1989.
7. Elton , Edwin & Gruber , Martin , „ Modern Porfolio . Theory and Investment
Analysis " , John Wiley and sons , Inc. , New York , 1995.
8. Higgins , Robert , " Analysis for Financial Management ” , 6th edition ,
McGraw - Hill , America , 2001.
9. Jensen m, Mecking W, theory of the firm managerial behavior, agency costs
and capital structure, Op.Cit.
10. Kopeikina , Luda, " The Elements of Aclear Decision", Mitsloan Management
Review, Vol 47 , 2006.
11. Mathien , Jo.Ann , " Agency Frame Work " , Babson College , 1997.
12. OECD, “Principles of Corporate Governance”, Organization for Economic
Operation and Development Publications Service , 2001.
13. organization for Economic Co-operation et Development

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14. Padilla , Alexander ,"Agency Theory , Evolution and Austrian Economics

2006. www.Mises.org/journals/Scholar/Padilla6.pdf.
15. Rao , Ramesh , " Financial Management - Concept , and Application ” , 2nd
edition , Macmillan Publishing Company , 1992 .
16. Scapens, “Management Accounting :Asurvey Paper", This paper was
commissioned by the SSRc whose funding is grate fully acknowledged Feb ,
1983.

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‫ﺍﻟـﻤﻼﺣـﻖ‬
 ‫ﺟﺎﻣﻌـﺔ ﺍﻟﺸﻬﻴـﺪ ﲪـﻪ ﳋﻀـﺮ ﺑـﺎﻟـﻮﺍﺩﻱ‬
‫ﻛﻠﻴﺔ ﺍﻟﻌﻠﻮﻡ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﻭﺍﻟﺘﺠﺎﺭﻳﺔ ﻭﻋﻠﻮﻡ ﺍﻟﺘﺴﻴﲑ‬
‫ﻗﺴﻢ ﺍﻟﻌﻠﻮﻡ ﺍﳌﺎﻟﻴﺔ ﻭﺍﳌﺤﺎﺳﺒﻴﺔ‬

‫ﲢﻴﺔ ﻃﻴﺒﺔ ﻭﺑﻌﺪ‪،‬‬

‫ﻳﺴّﺮ ﺍﻟﻄﻠﺒﺔ ﺑﺄﻥ ﻳﻀﻌﻮﺍ ﺑﲔ ﺃﻳﺪﻳﻜﻢ ﻫﺬﺍ ﺍﻻﺳﺘﺒﻴﺎﻥ ‪‬ﺪﻑ ﺍﳊﺼﻮﻝ ﻋﻠﻰ ﺃﺭﺍﺋﻜﻢ ﻭﺍﻗﺘﺮﺍﺣﺎﺗﻜﻢ ﻻﺳﺘﻴﻔﺎء ﺍﻟﺒﻴﺎﻧﺎﺕ‬
‫ﻭﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﳌﺘﻌﻠﻘﺔ ﺑﺎﻟﺪﺭﺍﺳﺔ ﺍﳌﻴﺪﺍﻧﻴﺔ‪ ،‬ﻭﺫﻟﻚ ﺍﺳﺘﻜﻤﺎﻻ ﻟﻠﺪﺭﺍﺳﺔ ﺍﻟﻌﻠﻤﻴﺔ ﻟﻠﺤﺼﻮﻝ ﻋﻠﻰ ﺩﺭﺟﺔ ﺍﳌﺎﺳﺘﺮ ﰲ ﺍﻟﻌﻠﻮﻡ ﺍﳌﺎﻟﻴﺔ‬
‫ﻭﺍﳌﺤﺎﺳﺒﻴﺔ ﲣﺼﺺ ﳏﺎﺳﺒﺔ ﻣﻦ ﻛﻠﻴﺔ ﺍﻟﻌﻠﻮﻡ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﻭﺍﻟﺘﺠﺎﺭﻳﺔ ﻭﻋﻠﻮﻡ ﺍﻟﺘﺴﻴﲑ ﲜﺎﻣﻌﺔ ﺍﻟﺸﻬﻴﺪ ﲪﻪ ﳋﻀﺮ ﺑﺎﻟﻮﺍﺩﻱ‪ ،‬ﲢﺖ‬
‫ﻋﻨﻮﺍﻥ‪ :‬ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﻣﺸـﺎﻛﻞ ﻭﺣﻠﻮﻝ‬
‫ﺳﻴﺪﻱ ﺍﳌﺤﺘﺮﻡ ﻧﺮﺟﻮﺍ ﻣﻨﻜﻢ ﺍﻻﺟﺎﺑﺔ ﻋﻠﻰ ﳏﺎﻭﺭ ﺍﻻﺳﺘﺒﻴﺎﻥ ﺑﻮﺿﻊ ﻋﻼﻣﺔ )‪ (x‬ﰲ ﺍﳋﺎﻧﺔ ﺍﳌﻨﺎﺳﺒﺔ‪ ،‬ﻋﻠﻤﺎ ﺑﺄﻥ ﺍﻟﻨﺘﺎﺋﺞ‬
‫ﺍﻟﱵ ﺳﺘﺨﻠﺺ ﺇﻟﻴﻬﺎ ﺍﻟﺪﺭﺍﺳﺔ ﻣﺘﻮﻗﻔﺔ ﻋﻠﻰ ﻣﺼﺪﺍﻗﻴﺔ ﺍﻹﺟﺎﺑﺔ ﻋﻦ ﲨﻴﻊ ﺃﺳﺌﻠﺔ ﺍﻻﺳﺘﺒﻴﺎﻥ‪ ،‬ﻭﻧﺆﻛﺪ ﻟﻜﻢ ﺑﺄﻥ ﲨﻴﻊ ﺍﻟﺒﻴﺎﻧﺎﺕ ﺍﻟﱵ‬
‫ﺗﺪﻟﻮﻥ ‪‬ﺎ ﺳﺘﻌﺎﻣﻞ ﺑﺴﺮﻳﺔ ﺗﺎﻣﺔ ﻭﻷﻏﺮﺍﺽ ﺍﻟﺒﺤﺚ ﺍﻟﻌﻠﻤﻲ ﻓﻘﻂ‪.‬‬
‫ﻭﰲ ﺍﻷﺧﲑ ﺗﻘﺒﻠﻮﺍ ﻣﻨﺎ ﻓﺎﺋﻖ ﺍﻟﺸﻜﺮ ﻋﻠﻰ ﺗﻌﺎﻭﻧﻜﻢ ﻣﻌﻨﺎ‪.‬‬
‫ﺍﻟﻄﻠﺒﺔ‪ :‬ﺍﻟﺒﺸﲑ ﺟﻮﺭﱐ‪ ،‬ﺍﳊﺒﻴﺐ ﺗﺎﻣﺔ‪ ،‬ﺳﻠﻴﻢ ﺣﻨﻜﺔ‪ ،‬ﳏﻤﺪ ﻣﻌﻴﻄﻲ‬
‫ﺍﻷﺳﺘﺎﺫ ﺍﳌﺸﺮﻑ‪ :‬ﺍﻟﺪﻛﺘﻮﺭ ﺻﺎﱀ ﲪﻴﺪﺍﺗﻮ‬
‫ﺑﻌﺾ ﺍﻟﺘﻌﺮﻳﻔﺎﺕ ﺍﳋﺎﺻﺔ ﺑﺎﳌﺼﻄﻠﺤﺎﺕ ﺍﳌﺴﺘﻌﻤﻠﺔ‪:‬‬
‫‪ -‬ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﺑﺎﻹﳒﻠﻴﺰﻳّﺔ ‪ :Agency Theory‬ﻃﺮﻳﻘﺔ ﺩﺭﺍﺳﻴّﺔ ﺗﻌﺘﻤﺪ ﻋﻠﻰ ﲢﺪﻳﺪ ﺍﻟﻌﻼﻗﺔ ﺑﲔ ﻭﺳﻴﻂ‬
‫ﺍﻷﻋﻤﺎﻝ ﻭﺍﻟﻌﻤﻴﻞ‪ ،‬ﻭﺗُﺴﺎﻋﺪ ﻫﺬﻩ ﺍﻟﻨﻈﺮﻳّﺔ ﰲ ﻣﻌﺮﻓﺔ ﺃﻓﻀﻞ ﺍﳊﻮﺍﻓﺰ ﺍﳋﺎﺻّﺔ ﰲ ﺍﻷﻓﺮﺍﺩ‪ ،‬ﻭﺍﻟﱵ ﺗﻈﻬﺮ ﻧﺘﻴﺠﺔ‬
‫ﳒﺎﺡ ﺍﻟﺼّﻔﻘﺎﺕ ﺍﻟﺘﺠﺎﺭﻳّﺔ‪ ،‬ﻛﻤﺎ ﺗُﺴﺎﻫﻢ ﰲ ﺍﳊﺪِّ ﻣﻦ ﺍﻟﻨّﻔﻘﺎﺕ ﺍﻟﱵ ﻗﺪ ﺗﻈﻬﺮ ﺑﺴﺒﺐ ﺣﺪﻭﺙ ﺧﻼﻓﺎﺕ ﺑﲔ‬
‫ﺍﻟﻮﺳﻄﺎء ﻭﺍﻟﻌﻤﻼء‪.‬‬
‫‪ -‬ﺍﻟﻮﻛﻴﻞ‪ :‬ﺍﳌﺪﻳﺮﻭﻥ ﺍﻟﺘﻨﻔﻴﺬﻳﻮﻥ‪ :‬ﻳﺴﲑ ﻭﻳﺘﺤﻜﻢ ﻳﻮﻣﻴﺎ ﰲ ﻧﺸﺎﻁ ﺍﻟﺸﺮﻛﺔ؛ ﻭﻳﺘﺨﺬ ﺍﻟﻘﺮﺍﺭﺍﺕ ﲟﺎ ﻓﻴﻬﺎ ﺍﻟﻘﺮﺍﺭﺍﺕ‬
‫ﺍﻹﺳﺘﺮﺍﺗﻴﺠﻴﺔ‪.‬‬
‫‪ -‬ﺍﻷﺻﻴﻞ‪ :‬ﺍﳌﺴﺎﳘﻮﻥ‪ :‬ﺍﻟﺬﻳﻦ ﻳﻌﺪﻭﻥ ﻣﻼﱠﻛﴼ ﺭﻏﻢ ﺃ‪‬ﻢ ﻻ ﳝﻠﻜﻮﻥ ﺳﻮﻯ ﺟﺰء ﺻﻐﲑ ﻣﻦ ﺭﺃﺱ ﺍﳌﺎﻝ‪.‬‬

‫‪-1-‬‬
 ‫ﺍﳉﺰء ﺍﻷﻭﻝ‪ :‬ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﻟﺸﺨﺼﻴﺔ‬

‫ﺍﻻﺳﻢ ﻭﺍﻟﻠﻘﺐ )ﺍﺧﺘﻴﺎﺭﻱ(‪...................................................................................................:‬‬

‫ﺃﺧﺮﻯ‬ ‫ﺩﺭﺍﺳﺎﺕ ﻋﻠﻴﺎ‬ ‫ﻣﺎﺳﺘﺮ‬ ‫ﻟﻴﺴﺎﻧﺲ‬

‫ﺍﳌﺆﻫﻞ ﺍﻟﻌﻠﻤﻲ‬ ‫‪01‬‬

‫ﺃﺧﺮﻯ‬ ‫ﺍﻗﺘﺼﺎﺩ‬ ‫ﺗﺪﻗﻴﻖ‬ ‫ﳏﺎﺳﺒﺔ ﻭﻣﺎﻟﻴﺔ‬ ‫ﺍﻟﺘﺨﺼﺺ‬

‫‪02‬‬
‫ﺍﻷﻛﺎﺩﳝﻲ‬

‫ﳏﺎﺳﺐ ﰲ‬

‫ﻣﺆﺳﺴﺔ ﺧﺎﺻﺔ‬ ‫ﳏﺎﺳﺐ ﻣﻌﺘﻤﺪ‬ ‫ﺃﺳﺘﺎﺫ ﺟﺎﻣﻌﻲ‬ ‫ﺧﺒﲑ ﳏﺎﺳﺐ‬ ‫ﳏﺎﻓﻆ ﺣﺴﺎﺑﺎﺕ‬ ‫ﺍﳌﻬﻨﺔ ﺃﻭ ﺍﻟﻮﻇﻴﻔﺔ‬
‫‪03‬‬
‫ﺃﻭ ﻋﻤﻮﻣﻴﺔ‬ ‫ﺍﳊﺎﻟﻴﺔ‬

‫ﻣﺎ ﺑﲔ‬ ‫ﻣﺎ ﺑﲔ‬ ‫ﺍﻗﻞ ﻣﻦ‬

‫ﺃﻛﺜﺮ ﻣﻦ ‪ 15‬ﺳﻨﺔ‬
‫‪ 15 – 11‬ﺳﻨﺔ‬ ‫‪ 10 – 6‬ﺳﻨﻮﺍﺕ‬ ‫‪ 05‬ﺳﻨﻮﺍﺕ‬ ‫ﺳﻨﻮﺍﺕ ﺍﳋﱪﺓ‬ ‫‪04‬‬

‫‪-2-‬‬
 ‫ﺍﳉﺰء ﺍﻟﺜﺎﱐ‪ :‬ﳏﺎﻭﺭ ﺍﻟﺪﺭﺍﺳﺔ‬
‫ﺃﻭﻻ‪ :‬ﻭﺍﻗﻊ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ ﰲ ﺍﻟﺸﺮﻛﺎﺕ‬
‫ﻏﲑ ﻣﻮﺍﻓﻖ‬ ‫ﻏﲑ‬ ‫ﻣﻮﺍﻓﻖ‬ ‫ﺍﻟﺒﻴــــﺎﻥ‬
‫ﳏﺎﻳﺪ‬ ‫ﻣﻮﺍﻓﻖ‬
‫ﲤﺎﻣﺎ‬ ‫ﻣﻮﺍﻓﻖ‬ ‫ﲤﺎﻣﺎ‬
‫‪ .1‬ﻫﻨﺎﻙ ﺗﺪﺍﺧﻞ ﰲ ﺍﳌﻬﺎﻡ ﻣﻦ ﻗﺒﻞ ﺍﳌﻼﻙ‪.‬‬
‫‪ .2‬ﺗﻮﺯﻳﻊ ﺍﳌﺴﺆﻭﻟﻴﺎﺕ ﻳﺘﻢ ﻭﻓﻖ ﺍﺧﺘﺼﺎﺹ ﺗﺸﺮﻳﻌﻲ ﳏﺪﺩ ﺑﺸﻜﻞ ﻳﻀﻤﻦ ﺧﺪﻣﺔ ﻣﺼﺎﱀ‬
‫ﺍﳉﻤﻬﻮﺭ‪.‬‬
‫‪ .3‬ﺗﺘﻮﺍﻓﻖ ﺍﳌﺘﻄﻠﺒﺎﺕ ﺍﻟﻘﺎﻧﻮﻧﻴﺔ ﻭﺍﻟﺮﻗﺎﺑﻴﺔ ﰲ ﺍﻟﺴﻮﻕ ﻣﻊ ﻗﺎﻧﻮﻥ ﺍﻟﺸﺮﻛﺎﺕ ﺍﳌﻌﻤﻮﻝ ‪‬ﺎ‪.‬‬
‫‪ .4‬ﺗﻔﺼﺢ ﺍﻹﺩﺍﺭﺓ ﻋﻦ ﺳﻴﺎﺳﺎ‪‬ﺎ ﺑﺼﻮﺭﺓ ﺩﻗﻴﻘﺔ ﻭﺷﺎﻣﻠﺔ ﻭﺩﻭﺭﻳﺔ‪.‬‬
‫‪ .5‬ﺗﺘﻮﺍﻓﺮ ﻗﻨﻮﺍﺕ ﻟﻨﺸﺮ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﻟﻜﺎﻓﻴﺔ ﰲ ﺍﻟﺘﻮﻗﻴﺖ ﺍﳌﻨﺎﺳﺐ ﻭﺑﻌﺪﺍﻟﺔ ﳉﻤﻴﻊ ﺍﻷﻃﺮﺍﻑ‬
‫ﺫﺍﺕ ﺍﻟﻌﻼﻗﺔ ﺑﺎﻟﺸﺮﻛﺔ‪.‬‬
‫‪ .6‬ﺗﻔﺼﺢ ﺇﺩﺍﺭﺓ ﺍﻟﺸﺮﻛﺔ ﻋﻦ ﺃﺩﺍء ﺍﻟﺸﺮﻛﺔ ﻭﻫﻴﻜﻞ ﺍﳌﻠﻜﻴﺔ ‪‬ﺎ ﻭﻓﻘﺎ ﻟﻠﻤﺒﺎﺩﺉ ﺍﳌﺤﺎﺳﺒﻴﺔ‬
‫ﺍﳌﺘﻌﺎﺭﻑ ﻋﻠﻴﻬﺎ‪.‬‬
‫‪ .7‬ﺗﻔﺼﺢ ﺇﺩﺍﺭﺓ ﺍﻟﺸﺮﻛﺔ ﻋﻦ ﺍﻟﻀﻤﺎﻧﺎﺕ ﻃﻮﻋﻴﺎ ﺑﺎﻹﺿﺎﻓﺔ ﺇﱃ ﺍﻻﻓﺼﺎﺣﺎﺕ ﺍﻹﺟﺒﺎﺭﻳﺔ‪.‬‬

‫ﺛﺎﻧﻴﺎ‪ :‬ﻣﺪﻯ ﻣﺴﺎﳘﺔ ﺍﳌﻮﻇﻔﲔ ﰲ ﺭﺃﺱ ﺍﳌﺎﻝ ﻭﺭﲝﻴﺔ ﺍﻟﺸﺮﻛﺎﺕ‬

‫ﻏﲑ ﻣﻮﺍﻓﻖ‬ ‫ﻏﲑ‬ ‫ﻣﻮﺍﻓﻖ‬ ‫ﺍﻟﺒﻴــــﺎﻥ‬
‫ﳏﺎﻳﺪ‬ ‫ﻣﻮﺍﻓﻖ‬
‫ﲤﺎﻣﺎ‬ ‫ﻣﻮﺍﻓﻖ‬ ‫ﲤﺎﻣﺎ‬
‫‪.1‬ﻳﺘﻀﻤﻦ ﺍﻟﻌﻘﺪ ﺍﳌﱪﻡ ﺑﲔ ﺍﻟﺸﺮﻛﺔ ﻭﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ ﺧﻄﻂ ﳏﺪﺩﺓ ﻻﺳﺘﺜﻤﺎﺭ ﺃﻣﻮﺍﻝ ﺍﻟﺸﺮﻛﺔ‪.‬‬

‫‪ .2‬ﺍﻟﻌﻮﺍﺋﺪ ﺍﻟﱵ ﺗﺘﺤﺼﻠﻮﻥ ﻋﻠﻴﻬﺎ ﻧﻈﲑ ﺟﻬﻮﺩﻛﻢ ﰲ ﺍﻟﻌﻤﻞ ﻣﺮﺿﻴﺔ ﻭﻛﺎﻓﻴﺔ‪.‬‬

‫‪ .3‬ﻧﻈﺎﻡ ﺍﻟﺸﺮﻛﺔ ﻳﺴﻤﺢ ﺑﺒﻴﻊ ﺳﻬﻤﻜﻢ ﺍﳊﺎﺿﺮ ﺿﻤﻦ ﺭﺃﺱ ﺍﳌﺎﻝ ﺣﻴﻨﻤﺎ ﺃﺭﺩﰎ ‪.‬‬

‫‪ .4‬ﻋﻨﺪ ﺍﻣﻀﺎء ﺍﻟﻌﻘﺪ ﻣﻦ ﺍﳉﻬﺔ ﺍﳌﻮﻇﻔﺔ ﰎ ﺍﻣﻼء ﺷﺮﻭﻃﻜﻢ ﺣﻮﻝ ﺍﻟﻌﻤﻞ ﻭﻗﻮﺑﻠﺖ ﺑﺎﻟﻮﺍﻓﻘﺔ‬
‫‪.‬‬
‫‪ .5‬ﻟﻴﺲ ﻫﻨﺎﻙ ﻧﻈﺎﻡ ﻣﻜﺎﻓﺂﺕ ﻧﻘﺪﻳﺔ ﺗﺸﺠﻴﻌﻴﺔ ﻟﻠﻘﻴﺎﻡ ﺑﺄﺩﺍء ﺍﻟﻌﻤﻞ ﻋﻠﻰ ﺃﻛﻤﻞ ﻭﺟﻪ‪.‬‬

‫‪ .6‬ﻫﻨﺎﻙ ﺧﻄﻂ ﺩﻭﺭﻳﺔ ﻭﺩﺍﺋﻤﺔ ﻟﻘﻴﺎﺱ ﻣﻌﺪﻻﺕ ﳕﻮ ﺍﻷﺭﺑﺎﺡ ﻭﺗﻘﻴﻴﻤﻬﺎ ﻣﻦ ﻗﺒﻠﻜﻢ‪.‬‬

‫‪-3-‬‬
 ‫ﺛﺎﻟﺜﺎ‪ :‬ﺩﻭﺭ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﰲ ﺍﳊﺪ ﻣﻦ ﳐﺎﻃﺮ ﻧﻈﺮﻳﺔ ﺍﻟﻮﻛﺎﻟﺔ‬
‫ﻏﲑ ﻣﻮﺍﻓﻖ‬ ‫ﻏﲑ‬ ‫ﻣﻮﺍﻓﻖ‬ ‫ﺍﻟﺒﻴــــﺎﻥ‬
‫ﳏﺎﻳﺪ‬ ‫ﻣﻮﺍﻓﻖ‬
‫ﲤﺎﻣﺎ‬ ‫ﻣﻮﺍﻓﻖ‬ ‫ﲤﺎﻣﺎ‬
‫‪.1‬ﻳﺘﻮﻓﺮ ﻟﺪﻯ ﺍﻟﺸﺮﻛﺔ ﻫﻴﻜﻞ ﺗﻨﻈﻴﻤﻲ ﻓﻌﺎﻝ ﻳﻀﺒﻂ ﻛﺎﻓﺔ ﺟﻮﺍﻧﺐ ﺍﳊﻮﻛﻤﺔ ﻟﺪﻯ‬
‫ﺍﻟﺸﺮﻛﺎﺕ‪.‬‬
‫‪ .2‬ﻗﻮﺍﻋﺪ ﺇﻃﺎﺭ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﲢﺪﺩ ﰲ ﺍﻟﺴﻮﻕ ﻣﻦ ﻣﻨﻈﻮﺭ ﺗﺄﺛﲑ ﺍﻹﻃﺎﺭ ﻋﻠﻰ ﺍﻷﺩﺍء‬
‫ﺍﻹﻗﺘﺼﺎﺩﻱ‪.‬‬
‫‪.3‬ﺍﳉﻬﺎﺕ ﺍﻻﺷﺮﺍﻓﻴﺔ ﻭﺍﻟﺘﻨﻈﻴﻤﻴﺔ ﰲ ﺍﻟﺴﻮﻕ ﻟﺪﻳﻬﺎ ﺍﻟﺴﻠﻄﺔ ﻭﺍﻟﱰﺍﻫﺔ ﻟﻠﻘﻴﺎﻡ ﺑﻮﺍﺟﺒﺎ‪‬ﺎ ﺑﻄﺮﻳﻘﺔ‬
‫ﻣﻮﺿﻮﻋﻴﺔ ﻟﻀﻤﺎﻥ ﺍﻻﻓﺼﺎﺡ ﻭﺟﻮﺩﺓ ﺍﻟﺘﻘﺎﺭﻳﺮ ﺍﳌﺎﻟﻴﺔ‪.‬‬
‫‪ .4‬ﺇﻃﺎﺭ ﺍﻟﻌﻤﻞ ﺍﻟﻔﻌﺎﻝ ﳊﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﻳﺆﺩﻱ ﳋﻠﻖ ﺃﺳﻮﺍﻕ ﻣﺎﻟﻴﺔ ﺗﺘﻤﺘﻊ ﺑﺎﻟﻜﻔﺎءﺓ ﻣﻦ‬
‫ﺧﻼﻝ ﲢﺴﲔ ﺍﻻﻓﺼﺎﺡ ﻭﺟﻮﺩﺓ ﺍﻟﺘﻘﺎﺭﻳﺮ ﺍﳌﺎﻟﻴﺔ‪.‬‬
‫‪ .5‬ﻳﺘﻮﺍﻓﺮ ﻟﺪﻯ ﺍﻟﺸﺮﻛﺎﺕ ﺍﳌﺪﺭﺟﺔ ﰲ ﺍﻟﺴﻮﻕ ﻭﺻﻒ ﻭﻇﻴﻔﻲ ﳛﺪﺩ ﺍﳌﺴﺆﻭﻟﻴﺎﺕ‬
‫ﻭﺍﻟﺼﻼﺣﻴﺎﺕ‪.‬‬
‫‪ .6‬ﺗﻮﻓﺮ ﺍﻟﺸﺮﻛﺔ ﺍﻟﻘﺪﺭ ﺍﳌﻨﺎﺳﺐ ﻣﻦ ﺍﻟﺒﻴﺎﻧﺎﺕ ﺍﳌﺎﻟﻴﺔ ﻭﻏﲑ ﺍﳌﺎﻟﻴﺔ ﳉﻤﻴﻊ ﺍﳌﺴﺎﳘﲔ ﻋﻦ‬
‫ﺣﻘﻮﻗﻬﻢ ﻭﻭﺍﺟﺒﺎ‪‬ﻢ ﺿﻤﻦ ﺍﻟﻨﻈﺎﻡ ﺍﻷﺳﺎﺳﻲ ﻟﻠﺸﺮﻛﺔ‪.‬‬
‫‪ .7‬ﺗﺘﻮﻗﻒ ﺯﻳﺎﺩﺓ ﺛﻘﺔ ﺍﻷﻃﺮﺍﻑ ﺍﳌﻌﻨﻴﺔ ﺑﺘﻄﺒﻴﻖ ﺣﻮﻛﻤﺔ ﺍﻟﺸﺮﻛﺎﺕ ﰲ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﳌﺎﻟﻴﺔ‬
‫ﻋﻠﻰ ﻭﺟﻮﺩ ﳉﺎﻥ ﻣﺮﺍﺟﻌﺔ ﻓﻌﺎﻟﺔ‪.‬‬

‫‪-4-‬‬
 SPSS ‫ ﳐﺮﺟﺎﺕ ﺑﺮﻧﺎﻣﺞ‬:02 ‫ﺍﳌﺤﻠﻖ‬
Descriptives
Notes
Output Created 30-MAY-2021 09:53:33
Comments
Input Data E:\‫\ﻣﻣوار ﺳﻠﯾم ﺣﻧﻛﺔ‬.sav
Active Dataset DataSet1
Filter <none>
Weight <none>
Split File <none>
N of Rows in Working Data File 51
Missing Value Handling Definition of Missing User defined missing values are treated as
missing.
Cases Used All non-missing data are used.
Syntax DESCRIPTIVES VARIABLES=A1 A2 A3 A4
A5 A6 A7 A
/STATISTICS=MEAN STDDEV SEMEAN.
Resources Processor Time 00:00:00.02
Elapsed Time 00:00:00.01
Descriptive Statistics
N Mean Std. Deviation
Statistic Statistic Std. Error Statistic
A1 51 4.27 .122 .874
A2 51 2.90 .138 .985
A3 51 3.53 .144 1.027
A4 51 4.22 .094 .673
A5 51 4.24 .099 .710
A6 51 4.20 .116 .825
A7 51 3.96 .128 .916
A 51 3.9020 .05449 .38913
Valid N (listwise) 51
DESCRIPTIVES VARIABLES=B1 B2 B3 B4 B5 B6 B
/STATISTICS=MEAN STDDEV SEMEAN.
Descriptives
 Notes
Output Created 30-MAY-2021 09:54:12
Comments
Input Data E:\‫\ﻣﻣوار ﺳﻠﯾم ﺣﻧﻛﺔ‬
Active Dataset DataSet1
Filter <none>
Weight <none>
Split File <none>
N of Rows in Working Data File 51
Missing Value Handling Definition of Missing User defined missing values are treated as
missing.
Cases Used All non-missing data are used.
Syntax DESCRIPTIVES VARIABLES=B1 B2 B3 B4
B5 B6 B
/STATISTICS=MEAN STDDEV SEMEAN.
Resources Processor Time 00:00:00.02
Elapsed Time 00:00:00.01
Descriptive Statistics
N Mean Std. Deviation
Statistic Statistic Std. Error Statistic
B1 51 4.02 .133 .948
B2 51 4.16 .102 .731
B3 51 3.86 .112 .800
B4 51 4.14 .125 .895
B5 51 4.24 .144 1.031
B6 51 4.20 .101 .722
B 51 4.1013 .06877 .49112
Valid N (listwise) 51
DESCRIPTIVES VARIABLES=C1 C2 C3 C4 C5 C6 C7 C
/STATISTICS=MEAN STDDEV SEMEAN.
Descriptives
Notes
Output Created 30-MAY-2021 09:54:39
Comments
Input Data E:\‫\ﻣﻣوار ﺳﻠﯾم ﺣﻧﻛﺔ‬.sav
Active Dataset DataSet1
Filter <none>
Weight <none>
Split File <none>
N of Rows in Working Data File 51
Missing Value Handling Definition of Missing User defined missing values are treated as
missing.
Cases Used All non-missing data are used.
Syntax DESCRIPTIVES VARIABLES=C1 C2 C3 C4
C5 C6 C7 C
/STATISTICS=MEAN STDDEV SEMEAN.
Resources Processor Time 00:00:00.00
Elapsed Time 00:00:00.01
Descriptive Statistics
N Mean Std. Deviation
Statistic Statistic Std. Error Statistic
C1 51 2.92 .165 1.181
C2 51 3.90 .113 .806
C3 51 3.37 .143 1.019
C4 51 4.02 .130 .927
C5 51 3.86 .158 1.132
C6 51 3.88 .133 .952
C7 51 3.65 .145 1.036
C 51 3.6583 .07324 .52300
Valid N (listwise) 51
Frequencies
Notes
Output Created 30-MAY-2021 09:51:01
Comments
Input Data E:\‫ ﺳﻠﯾم ﺣﻧﻛﺔ‬6 ‫اﻛﺗوﺑر‬.sav
Active Dataset DataSet1
Filter <none>
Weight <none>
Split File <none>
N of Rows in Working Data File 51
Missing Value Handling Definition of Missing User-defined missing values are treated as
missing.
Cases Used Statistics are based on all cases with valid data.
Syntax FREQUENCIES VARIABLES=Q1 Q2 Q3 Q4
A1 A2 A3 A4 A5 A6 A7 B1 B2 B3 B4 B5 B6 C1
C2 C3 C4 C5 C6 C7 A B C
/NTILES=4
/STATISTICS=STDDEV SEMEAN MEAN
SUM
/ORDER=ANALYSIS.
Resources Processor Time 00:00:00.06
Elapsed Time 00:00:00.07
Statistics
‫اﻟﻣؤھ‬
‫ل‬ ‫اﻟﺗﺧﺻ‬ ‫ﺳﻧوات‬
‫اﻟﻌﻠﻣﻲ‬ ‫ص‬ ‫اﻟﻣﮭﻧﺔ‬ ‫اﻟﺧﺑرة‬ A1 A2 A3 A4 A5 A6 A7 B1 B2 B3 B4 B5 B6 C1 C2 C3 C4 C5 C6 C7 A B C
N Valid 51 51 51 51 51 51 51 51 51 51 51 51 51 51 51 51 51 51 51 51 51 51 51 51 51 51 51
Missin
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
g
Mean 4.2 2.9 4.2 4.2 4.2 3.9 4.0 4.1 3.8 4.1 4.2 3.9 4.0 3.8 3.658
1.51 2.18 2.75 2.59 3.53 4.24 2.92 3.37 3.86 3.65 3.9020 4.1013
7 0 2 4 0 6 2 6 6 4 0 0 2 8 3
Std. Error of Mean .12 .13 .09 .09 .11 .12 .13 .10 .11 .12 .10 .11 .13 .13 .0732
.126 .145 .190 .161 .144 .144 .165 .143 .158 .145 .05449 .06877
2 8 4 9 6 8 3 2 2 5 1 3 0 3 4
Std. Deviation 1.35 1.15 .87 .98 1.02 .67 .71 .82 .91 .94 .73 .80 .89 1.03 .72 1.18 .80 1.01 .92 1.13 .95 1.03 .5230
.903 1.034 .38913 .49112
4 2 4 5 7 3 0 5 6 8 1 0 5 1 2 1 6 9 7 2 2 6 0
Sum 186.5
77 111 140 132 218 148 180 215 216 214 202 205 212 197 211 216 214 149 199 172 205 197 198 186 199.00 209.17
7
Percentile 25 4.0 2.0 4.0 4.0 4.0 3.0 4.0 4.0 3.0 4.0 4.0 3.0 3.0 3.0 3.571 3.285
1.00 1.00 2.00 2.00 3.00 4.00 2.00 3.00 3.00 3.00 3.6667
s 0 0 0 0 0 0 0 0 0 0 0 0 0 0 4 7
50 4.0 3.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 3.857 3.714
1.00 2.00 2.00 3.00 4.00 5.00 3.00 3.00 4.00 4.00 4.1667
0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 3
75 5.0 4.0 5.0 5.0 5.0 5.0 5.0 5.0 4.0 5.0 5.0 4.0 5.0 5.0 4.142 4.000
2.00 3.00 4.00 3.00 4.00 5.00 4.00 4.00 5.00 4.00 4.5000
0 0 0 0 0 0 0 0 0 0 0 0 0 0 9 0
Frequency Table
‫اﻟﻌﻠﻣﻲ اﻟﻣؤھل‬
Frequency Percent Valid Percent Cumulative Percent
Valid ‫ﻟﯾﺳﺎﻧس‬ 36 70.6 70.6 70.6
‫ﻣﺎﺳﺗر‬ 7 13.7 13.7 84.3
‫ﻋﻠﯾﺎ دراﺳﺎت‬ 5 9.8 9.8 94.1
‫اﺧرى‬ 3 5.9 5.9 100.0
 Total 51 100.0 100.0
‫اﻟﺗﺧﺻص‬
Frequency Percent Valid Percent Cumulative Percent
Valid ‫وﺗدﻗﯾق ﻣﺣﺎﺳﺑﺔ‬ 19 37.3 37.3 37.3
‫ﻣﺎﻟﯾﺔ‬ 8 15.7 15.7 52.9
‫اﻗﺗﺻﺎد‬ 20 39.2 39.2 92.2
‫اﺧرى‬ 4 7.8 7.8 100.0
Total 51 100.0 100.0
‫اﻟﻣﮭﻧﺔ‬
Frequency Percent Valid Percent Cumulative Percent
Valid ‫ﻣﺣﺎﺳﺑﻲ ﺧﺑﯾر‬ 12 23.5 23.5 23.5
‫ﺣﺳﺎﺑﺎت ﻣﺣﺎﻓظ‬ 14 27.5 27.5 51.0
‫ﻣﻌﺗﻣد ﻣﺣﺎﺳب‬ 4 7.8 7.8 58.8
‫ﺟﺎﻣﻌﻲ اﺳﺗﺎذ‬ 17 33.3 33.3 92.2
‫ﺧﺎﺻﺔ او ﻋﻣوﻣﯾﺔ ﻣؤﺳﺳﺔ ﻓﻲ ﻣﺣﺎﺳب‬ 4 7.8 7.8 100.0
Total 51 100.0 100.0
‫اﻟﺧﺑرة ﺳﻧوات‬
Frequency Percent Valid Percent Cumulative Percent
Valid ‫ ﻣن اﻗل‬5 ‫ﺳﻧوات‬ 11 21.6 21.6 21.6
‫ ﻣن‬6 ‫اﻟﻰ ﺳﻧوات‬10 ‫ﺳﻧوات‬ 12 23.5 23.5 45.1
‫ﻣن‬11 ‫اﻟﻰ ﺳﻧﺔ‬15 ‫ﺳﻧﺔ‬ 18 35.3 35.3 80.4
‫ ﻣن اﻛﺛر‬15 ‫ﺳﻧﺔ‬ 7 13.7 13.7 94.1
5 3 5.9 5.9 100.0
Total 51 100.0 100.0
A1
Frequency Percent Valid Percent Cumulative Percent
Valid ‫ﻣواﻓق ﻏﯾر‬ 3 5.9 5.9 5.9
‫ﻣﺣﺎﯾد‬ 5 9.8 9.8 15.7
‫ﻣواﻓق‬ 18 35.3 35.3 51.0
‫ﺑﺷدة ﻣواﻓق‬ 25 49.0 49.0 100.0
Total 51 100.0 100.0
A2
Frequency Percent Valid Percent Cumulative Percent
Valid ‫ﺑﺷدة ﻣواﻓق ﻏﯾر‬ 4 7.8 7.8 7.8
‫ﻣواﻓق ﻏﯾر‬ 13 25.5 25.5 33.3
‫ﻣﺣﺎﯾد‬ 20 39.2 39.2 72.5
 ‫ﻣواﻓق‬ 12 23.5 23.5 96.1
‫ﺑﺷدة ﻣواﻓق‬ 2 3.9 3.9 100.0
Total 51 100.0 100.0
A3
Frequency Percent Valid Percent Cumulative Percent
Valid ‫ﺑﺷدة ﻣواﻓق ﻏﯾر‬ 1 2.0 2.0 2.0
‫ﻣواﻓق ﻏﯾر‬ 9 17.6 17.6 19.6
‫ﻣﺣﺎﯾد‬ 11 21.6 21.6 41.2
‫ﻣواﻓق‬ 22 43.1 43.1 84.3
‫ﺑﺷدة ﻣواﻓق‬ 8 15.7 15.7 100.0
Total 51 100.0 100.0
A4
Frequency Percent Valid Percent Cumulative Percent
Valid ‫ﻣﺣﺎﯾد‬ 7 13.7 13.7 13.7
‫ﻣواﻓق‬ 26 51.0 51.0 64.7
‫ﺑﺷدة ﻣواﻓق‬ 18 35.3 35.3 100.0
Total 51 100.0 100.0
A5
Frequency Percent Valid Percent Cumulative Percent
Valid ‫ﻣﺣﺎﯾد‬ 8 15.7 15.7 15.7
‫ﻣواﻓق‬ 23 45.1 45.1 60.8
‫ﺑﺷدة ﻣواﻓق‬ 20 39.2 39.2 100.0
Total 51 100.0 100.0
A6
Frequency Percent Valid Percent Cumulative Percent
Valid ‫ﻣواﻓق ﻏﯾر‬ 2 3.9 3.9 3.9
‫ﻣﺣﺎﯾد‬ 7 13.7 13.7 17.6
‫ﻣواﻓق‬ 21 41.2 41.2 58.8
‫ﺑﺷدة ﻣواﻓق‬ 21 41.2 41.2 100.0
Total 51 100.0 100.0
A7
Frequency Percent Valid Percent Cumulative Percent
Valid ‫ﻣواﻓق ﻏﯾر‬ 3 5.9 5.9 5.9
‫ﻣﺣﺎﯾد‬ 13 25.5 25.5 31.4
‫ﻣواﻓق‬ 18 35.3 35.3 66.7
‫ﺑﺷدة ﻣواﻓق‬ 17 33.3 33.3 100.0
 Total 51 100.0 100.0
B1
Frequency Percent Valid Percent Cumulative Percent
Valid ‫ﺑﺷدة ﻣواﻓق ﻏﯾر‬ 2 3.9 3.9 3.9
‫ﻣواﻓق ﻏﯾر‬ 1 2.0 2.0 5.9
‫ﻣﺣﺎﯾد‬ 7 13.7 13.7 19.6
‫ﻣواﻓق‬ 25 49.0 49.0 68.6
‫ﺑﺷدة ﻣواﻓق‬ 16 31.4 31.4 100.0
Total 51 100.0 100.0
B2
Frequency Percent Valid Percent Cumulative Percent
Valid ‫ﻣﺣﺎﯾد‬ 10 19.6 19.6 19.6
‫ﻣواﻓق‬ 23 45.1 45.1 64.7
‫ﺑﺷدة ﻣواﻓق‬ 18 35.3 35.3 100.0
Total 51 100.0 100.0
B3
Frequency Percent Valid Percent Cumulative Percent
Valid ‫ﻣواﻓق ﻏﯾر‬ 2 3.9 3.9 3.9
‫ﻣﺣﺎﯾد‬ 14 27.5 27.5 31.4
‫ﻣواﻓق‬ 24 47.1 47.1 78.4
‫ﺑﺷدة ﻣواﻓق‬ 11 21.6 21.6 100.0
Total 51 100.0 100.0
B4
Frequency Percent Valid Percent Cumulative Percent
Valid ‫ﻣواﻓق ﻏﯾر‬ 4 7.8 7.8 7.8
‫ﻣﺣﺎﯾد‬ 5 9.8 9.8 17.6
‫ﻣواﻓق‬ 22 43.1 43.1 60.8
‫ﺑﺷدة ﻣواﻓق‬ 20 39.2 39.2 100.0
Total 51 100.0 100.0
B5
Frequency Percent Valid Percent Cumulative Percent
Valid ‫ﺑﺷدة ﻣواﻓق ﻏﯾر‬ 1 2.0 2.0 2.0
‫ﻣواﻓق ﻏﯾر‬ 3 5.9 5.9 7.8
‫ﻣﺣﺎﯾد‬ 7 13.7 13.7 21.6
‫ﻣواﻓق‬ 12 23.5 23.5 45.1
‫ﺑﺷدة ﻣواﻓق‬ 28 54.9 54.9 100.0
 Total 51 100.0 100.0
B6
Frequency Percent Valid Percent Cumulative Percent
Valid ‫ﻣﺣﺎﯾد‬ 9 17.6 17.6 17.6
‫ﻣواﻓق‬ 23 45.1 45.1 62.7
‫ﺑﺷدة ﻣواﻓق‬ 19 37.3 37.3 100.0
Total 51 100.0 100.0
C1
Frequency Percent Valid Percent Cumulative Percent
Valid ‫ﺑﺷدة ﻣواﻓق ﻏﯾر‬ 7 13.7 13.7 13.7
‫ﻣواﻓق ﻏﯾر‬ 12 23.5 23.5 37.3
‫ﻣﺣﺎﯾد‬ 14 27.5 27.5 64.7
‫ﻣواﻓق‬ 14 27.5 27.5 92.2
‫ﺑﺷدة ﻣواﻓق‬ 4 7.8 7.8 100.0
Total 51 100.0 100.0
C2
Frequency Percent Valid Percent Cumulative Percent
Valid ‫ﻣواﻓق ﻏﯾر‬ 2 3.9 3.9 3.9
‫ﻣﺣﺎﯾد‬ 13 25.5 25.5 29.4
‫ﻣواﻓق‬ 24 47.1 47.1 76.5
‫ﺑﺷدة ﻣواﻓق‬ 12 23.5 23.5 100.0
Total 51 100.0 100.0
C3
Frequency Percent Valid Percent Cumulative Percent
Valid ‫ﺑﺷدة ﻣواﻓق ﻏﯾر‬ 2 3.9 3.9 3.9
‫ﻣواﻓق ﻏﯾر‬ 8 15.7 15.7 19.6
‫ﻣﺣﺎﯾد‬ 16 31.4 31.4 51.0
‫ﻣواﻓق‬ 19 37.3 37.3 88.2
‫ﺑﺷدة ﻣواﻓق‬ 6 11.8 11.8 100.0
Total 51 100.0 100.0
C4
Frequency Percent Valid Percent Cumulative Percent
Valid ‫ﻣواﻓق ﻏﯾر‬ 3 5.9 5.9 5.9
‫ﻣﺣﺎﯾد‬ 12 23.5 23.5 29.4
‫ﻣواﻓق‬ 17 33.3 33.3 62.7
‫ﺑﺷدة ﻣواﻓق‬ 19 37.3 37.3 100.0
 Total 51 100.0 100.0
C5
Frequency Percent Valid Percent Cumulative Percent
Valid ‫ﺑﺷدة ﻣواﻓق ﻏﯾر‬ 1 2.0 2.0 2.0
‫ﻣواﻓق ﻏﯾر‬ 7 13.7 13.7 15.7
‫ﻣﺣﺎﯾد‬ 9 17.6 17.6 33.3
‫ﻣواﻓق‬ 15 29.4 29.4 62.7
‫ﺑﺷدة ﻣواﻓق‬ 19 37.3 37.3 100.0
Total 51 100.0 100.0
C6
Frequency Percent Valid Percent Cumulative Percent
Valid ‫ﻣواﻓق ﻏﯾر‬ 3 5.9 5.9 5.9
‫ﻣﺣﺎﯾد‬ 17 33.3 33.3 39.2
‫ﻣواﻓق‬ 14 27.5 27.5 66.7
‫ﺑﺷدة ﻣواﻓق‬ 17 33.3 33.3 100.0
Total 51 100.0 100.0
C7
Frequency Percent Valid Percent Cumulative Percent
Valid ‫ﺑﺷدة ﻣواﻓق ﻏﯾر‬ 2 3.9 3.9 3.9
‫ﻣواﻓق ﻏﯾر‬ 4 7.8 7.8 11.8
‫ﻣﺣﺎﯾد‬ 15 29.4 29.4 41.2
‫ﻣواﻓق‬ 19 37.3 37.3 78.4
‫ﺑﺷدة ﻣواﻓق‬ 11 21.6 21.6 100.0
Total 51 100.0 100.0
A
Frequency Percent Valid Percent Cumulative Percent
Valid 3.14 3 5.9 5.9 5.9
3.29 1 2.0 2.0 7.8
3.43 4 7.8 7.8 15.7
3.57 5 9.8 9.8 25.5
3.71 9 17.6 17.6 43.1
3.86 4 7.8 7.8 51.0
4.00 5 9.8 9.8 60.8
4.14 9 17.6 17.6 78.4
4.29 5 9.8 9.8 88.2
4.43 3 5.9 5.9 94.1
 4.57 2 3.9 3.9 98.0
4.71 1 2.0 2.0 100.0
Total 51 100.0 100.0
B
Frequency Percent Valid Percent Cumulative Percent
Valid 3.00 1 2.0 2.0 2.0
3.17 3 5.9 5.9 7.8
3.33 2 3.9 3.9 11.8
3.67 8 15.7 15.7 27.5
3.83 2 3.9 3.9 31.4
4.00 7 13.7 13.7 45.1
4.17 6 11.8 11.8 56.9
4.33 7 13.7 13.7 70.6
4.50 8 15.7 15.7 86.3
4.67 3 5.9 5.9 92.2
4.83 2 3.9 3.9 96.1
5.00 2 3.9 3.9 100.0
Total 51 100.0 100.0
C
Frequency Percent Valid Percent Cumulative Percent
Valid 2.29 1 2.0 2.0 2.0
2.71 4 7.8 7.8 9.8
3.00 2 3.9 3.9 13.7
3.14 3 5.9 5.9 19.6
3.29 5 9.8 9.8 29.4
3.43 3 5.9 5.9 35.3
3.57 3 5.9 5.9 41.2
3.71 5 9.8 9.8 51.0
3.86 7 13.7 13.7 64.7
4.00 8 15.7 15.7 80.4
4.14 4 7.8 7.8 88.2
4.29 4 7.8 7.8 96.1
4.57 1 2.0 2.0 98.0
4.71 1 2.0 2.0 100.0
Total 51 100.0 100.0
Reliability
Notes
Output Created 30-MAY-2021 09:49:01
Comments
Input Data E:\‫\ﻣﻣوار ﺳﻠﯾم ﺣﻧﻛﺔ‬.sav
Active Dataset DataSet1
Filter <none>
Weight <none>
Split File <none>
N of Rows in Working Data File 51
Matrix Input
Missing Value Handling Definition of Missing User-defined missing values are treated as
missing.
Cases Used Statistics are based on all cases with valid
data for all variables in the procedure.
Syntax RELIABILITY
/VARIABLES=A1 A2 A3 A4 A5 A6 A7 B1
B2 B3 B4 B5 B6 C1 C2 C3 C4 C5 C6 C7
/SCALE('ALL VARIABLES') ALL
/MODEL=ALPHA
/STATISTICS=DESCRIPTIVE
/SUMMARY=TOTAL.
Resources Processor Time 00:00:00.02
Elapsed Time 00:00:00.01
Scale: ALL VARIABLES
Case Processing Summary
N %
Cases Valid 51 100.0
Excludeda 0 .0
Total 51 100.0
a. Listwise deletion based on all variables in the
procedure.
Reliability Statistics
Cronbach's Alpha N of Items
.741 20
Item Statistics
Mean Std. Deviation N
A1 4.27 .874 51
A2 2.90 .985 51
A3 3.53 1.027 51
A4 4.22 .673 51
A5 4.24 .710 51
A6 4.20 .825 51
A7 3.96 .916 51
B1 4.02 .948 51
B2 4.16 .731 51
B3 3.86 .800 51
B4 4.14 .895 51
B5 4.24 1.031 51
B6 4.20 .722 51
C1 2.92 1.181 51
C2 3.90 .806 51
C3 3.37 1.019 51
C4 4.02 .927 51
C5 3.86 1.132 51
C6 3.88 .952 51
C7 3.65 1.036 51
Item-Total Statistics
Scale Mean if Scale Variance if Corrected Item- Cronbach's Alpha
Item Deleted Item Deleted Total Correlation if Item Deleted
A1 73.25 53.674 .217 .738
A2 74.63 59.918 -.241- .774
A3 74.00 52.400 .253 .736
A4 73.31 52.020 .489 .721
A5 73.29 52.692 .390 .727
A6 73.33 50.387 .525 .715
A7 73.57 50.850 .423 .722
B1 73.51 50.295 .447 .719
B2 73.37 52.078 .436 .723
B3 73.67 54.467 .178 .740
B4 73.39 52.603 .294 .732
B5 73.29 48.572 .527 .711
B6 73.33 52.707 .380 .727
C1 74.61 57.923 -.117- .773
C2 73.63 53.278 .279 .733
C3 74.16 51.975 .286 .733
C4 73.51 51.495 .365 .726
C5 73.67 50.027 .369 .725
C6 73.65 50.033 .466 .718
C7 73.88 49.386 .464 .717
Regression
Notes
Output Created 30-MAY-2021 09:59:23
Comments
Input Data E:\‫ ﺗﺣﻠﯾل\ﻣﻣوار ﺳﻠﯾم ﺣﻧﻛﺔ‬sav
Active Dataset DataSet1
Filter <none>
Weight <none>
Split File <none>
N of Rows in Working Data File 51
Missing Value Handling Definition of Missing User-defined missing values are treated as
missing.
Cases Used Statistics are based on cases with no
missing values for any variable used.
Syntax REGRESSION
/DESCRIPTIVES MEAN STDDEV CORR
SIG N
/MISSING LISTWISE
/STATISTICS COEFF OUTS CI(95) R
ANOVA
/CRITERIA=PIN(.05) POUT(.10)
/NOORIGIN
/DEPENDENT A
/METHOD=STEPWISE B C
/SCATTERPLOT=(*ZRESID ,*ZPRED)
/RESIDUALS DURBIN
HISTOGRAM(ZRESID)
NORMPROB(ZRESID).
Resources Processor Time 00:00:02.77
Elapsed Time 00:00:02.34
Memory Required 4144 bytes
Additional Memory Required for
664 bytes
Residual Plots
Descriptive Statistics
Mean Std. Deviation N
A 3.9020 .38913 51
B 4.1013 .49112 51
C 3.6583 .52300 51
Correlations
A B C
Pearson Correlation A 1.000 .681 .404
B .681 1.000 .404
C .404 .404 1.000
Sig. (1-tailed) A . .000 .002
B .000 . .002
C .002 .002 .
N A 51 51 51
B 51 51 51
C 51 51 51
Variables Entered/Removeda
Variables
Model Variables Entered Removed Method
1 Stepwise (Criteria:
Probability-of-F-
to-enter <= .050,
B .
Probability-of-F-
to-remove >=
.100).
a. Dependent Variable: A
Model Summaryb
Adjusted R Std. Error of the
Model R R Square Square Estimate Durbin-Watson
1 .681a .464 .453 .28787 2.027
a. Predictors: (Constant), B
b. Dependent Variable: A
ANOVAa
Model Sum of Squares df Mean Square F Sig.
1 Regression 3.510 1 3.510 42.360 .000b
Residual 4.061 49 .083
Total 7.571 50
a. Dependent Variable: A
b. Predictors: (Constant), B
 Coefficientsa
Standardized
Unstandardized Coefficients Coefficients 95.0% Confidence Interval for B
Model B Std. Error Beta t Sig. Lower Bound Upper Bound
1 (Constant) 1.689 .342 4.934 .000 1.001 2.377
B .540 .083 .681 6.508 .000 .373 .706
a. Dependent Variable: A
Excluded Variablesa
Collinearity
Statistics
Model Beta In t Sig. Partial Correlation Tolerance
1 C .153b 1.352 .183 .192 .836
a. Dependent Variable: A
b. Predictors in the Model: (Constant), B
Residuals Statisticsa
Minimum Maximum Mean Std. Deviation N
Predicted Value 3.3078 4.3868 3.9020 .26497 51
Residual -.52461- .90396 .00000 .28498 51
Std. Predicted Value -2.242- 1.830 .000 1.000 51
Std. Residual -1.822- 3.140 .000 .990 51
a. Dependent Variable: A
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