راهبردهای مالی‌سازی فرآیند خصوصی‌سازی با کمک صندوق‌های قابل معامله در بورس
فصلنامه بورس اوراق بهادار

فصلنامه بورس اوراق بهادار

راهبردهای مالی‌سازی فرآیند خصوصی‌سازی با کمک صندوق‌های قابل معامله در بورس

نوع مقاله : مقاله پژوهشی

نویسندگان
1 گروه مدیریت صنعتی، واحد علوم و تحقیقات، دانشگاه آزاد اسلامی، تهران، ایران. آدرس الکترونیک: azadeh.bahadoranbaghbadorani@iau.ac.ir
2 گروه اقتصاد، دانشکده مدیریت و اقتصاد، دانشگاه اصفهان، اصفهان، ایران. آدرس الکترونیک: h.shajari@ashrafi.ac.ir (نویسنده مسئول)
3 گروه اقتصاد، واحد علوم و تحقیقات، دانشگاه آزاد اسلامی، تهران، ایران. آدرس الکترونیک: t-torabi@iau.ac.ir
چکیده
هدف این پژوهش، شناسایی راهبردهای کلیدی برای اجرای موفق فرآیند خصوصی‌سازی با بهره‌گیری از صندوق‌های قابل معامله است. این مطالعه با رویکرد آمیخته (کیفی-کمی) طراحی شده است که در فاز کیفی، داده‌ها از طریق مصاحبه‌های نیمه‌ساختاریافته با ۲۰ تن از خبرگان حوزه بازار سرمایه، مدیران عالی شرکت­ها، مدیران مالی شرکت­ها، کارکنان و مدیریت صندوق‌های سرمایه‌گذاری جمع‌آوری و با روش تحلیل مضمون تحلیل شدند. در فاز کمی، از مدل‌سازی ساختاری تفسیری برای استخراج سلسله‌مراتب راهبردها و از مدل‌سازی معادلات ساختاری بر اساس داده‌های ۱۵۷ پرسشنامه برای اعتبارسنجی روابط علّی میان راهبردها استفاده گردید. یافته‌ها نشان می‌دهند که فرآیند خصوصی‌سازی مبتنی بر صندوق­های قابل­معامله یک سیستم سلسله‌مراتبی است که در آن راهبردهای «امکان‌سنجی سیستمی» و «استفاده از تجارب بین‌المللی و بومی‌سازی الگو» به‌عنوان پایه‌های بنیادین عمل می‌کنند. این راهبردها به‌صورت پلکانی به راهبردهای سطح میانی از جمله «طراحی کارکرد بهینه صندوق‌های قابل­معامله در بورس»، «ترسیم فرآیند ساختارمند خصوصی‌سازی»، «ظرفیت‌سازی زیرساخت‌های بازار سرمایه»، «آماده‌سازی و تقویت حکمرانی شرکتی» و «جذب سهامدار استراتژیک» منجر می‌شوند و در نهایت به راهبرد نهایی «مدیریت عرضه و نحوه مصرف عایدی واگذاری»ختم می‌گردد. این پژوهش پیشنهاد می‌کند که صندوق­های خصوصی‌سازی باید با در نظر گرفتن ویژگی‌های بومی، نیازهای صنعتی و سطح سواد مالی جامعه طراحی شوند و از طریق جذب مدیران متخصص، بهبود سامانه‌های معاملاتی، افزایش شفافیت اطلاعاتی، فراهم‌آوردن مشوق‌های مالیاتی و اجرای کمپین‌های آگاهی‌بخشی، زمینه مشارکت گسترده‌تر سرمایه‌گذاران عمومی فراهم گردد.
کلیدواژه‌ها

عنوان مقاله English

Strategies for financing the privatization process with the help of exchange-traded funds

نویسندگان English

Azadeh Bahadoran Baghbadorani 1
hushang shajari 2
taghi torabi 3
1 Department of Industrial Management, SR.C., Islamic Azad University, Tehran, Iran. Email address: azadeh.bahadoranbaghbadorani@iau.ac.ir
2 Department of Economics, Faculty of Management and Economics, University of Isfahan, Isfahan, Iran. Email address: h.shajari@ashrafi.ac.ir (Corresponding author)
3 Department of Economics, SR.C., Islamic Azad University, Tehran, Iran. Email address: t-torabi@iau.ac.ir
چکیده English

The aim of this research is to identify key strategies for the successful implementation of the privatization process using exchange-traded funds. This study is designed with a mixed approach (qualitative-quantitative). In the qualitative phase, data were collected through semi-structured interviews with 20 experts in the field of capital markets, senior managers of companies, financial managers of companies, employees and management of investment funds and analyzed using thematic analysis. In the quantitative phase, interpretive structural modeling was used to extract the hierarchy of strategies and structural equation modeling based on data from 157 questionnaires was used to validate the causal relationships between strategies. The findings show that the privatization process based on exchange-traded funds is a hierarchical system in which the strategies of "systemic feasibility" and "use of international experiences and localization of the model" act as fundamental foundations. These strategies lead stepwise to mid-level strategies such as “designing the optimal functioning of exchange-traded funds”, “outlining a structured privatization process”, “building the capacity of capital market infrastructure”, “preparing and strengthening corporate governance”, and “attracting strategic shareholders”, and finally ending with the final strategy of “managing the supply and use of divestiture proceeds”. This research suggests that privatization funds should be designed taking into account local characteristics, industrial needs and the level of financial literacy of the community, and by attracting expert managers, improving trading systems, increasing information transparency, providing tax incentives and implementing awareness campaigns, the field of broader participation of public investors should be prepared.

کلیدواژه‌ها English

Stock Exchange
Privatization
Exchange Traded Funds
Financialization
Interpretive Structural Modeling
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