تدوین مدل حمایت از سهام‌داران خرد مبتنی بر شاخص‌های جهانی با رویکرد داده بنیاد
فصلنامه بورس اوراق بهادار

فصلنامه بورس اوراق بهادار

تدوین مدل حمایت از سهام‌داران خرد مبتنی بر شاخص‌های جهانی با رویکرد داده بنیاد

نوع مقاله : مقاله پژوهشی

نویسندگان
1 گروه مدیریت مالی، واحد تهران مرکزی، دانشگاه آزاد اسلامی، تهران، ایران.
2 گروه حسابداری، واحد علوم و تحقیقات، دانشگاه آزاد اسلامی، تهران، ایران
3 گروه مدیریت مالی، واحد تهران مرکزی، دانشگاه آزاد اسلامی، تهران، ایران
چکیده
بازار سرمایه به‌عنوان رکن اصلی نظام مالی، نقش محوری در تجهیز منابع و تخصیص بهینه سرمایه ایفا می‌کند؛ لیکن سهامداران خرد همواره در معرض ریسک‌های ناشی از نابرابری اطلاعاتی، تضاد منافع و ناکارآمدی سازوکارهای نظارتی قرار دارند. بحران بازار سرمایه در مردادماه ۱۳۹۹، نمونه‌ای عینی از پیامدهای ضعف ساختاری در سیاست‌های حمایتی بود که افزون بر زیان‌های مالی سنگین برای میلیون‌ها سهامدار خرد، به فرسایش اعتماد عمومی و افزایش ریسک سیستماتیک در اقتصاد ملی انجامید. گزارش بانک جهانی نیز حاکی از آن است که رتبه ایران در شاخص جهانی حمایت از سهامداران خرد، پایین‌تر از میانگین جهانی قرار دارد. این پژوهش با هدف تدوین مدلی جامع و منطبق بر شرایط بازار سرمایه ایران، با رویکرد کیفی و روش داده‌بنیاد انجام شده است. شاخص‌های بانک جهانی به‌عنوان چارچوب مرجع در نظر گرفته شد. داده‌ها از طریق مصاحبه نیمه‌ساختاریافته با ۲۰ نفر از خبرگان، به روش نمونه‌گیری گلوله‌برفی گردآوری و تا رسیدن به اشباع نظری ادامه یافت. تحلیل داده‌ها با کدگذاری باز، محوری و انتخابی در نرم‌افزار MAXQDA صورت گرفت و مقوله «حمایت از سهامداران خرد» به‌عنوان هسته مرکزی مدل انتخاب شد. مدل نهایی شامل ۳۹ مؤلفه در ۶ بعد است و پس از تدوین، توسط خبرگان خارج از گروه مصاحبه‌شوندگان پالایش و تأیید گردید.
این پژوهش با ارائه چارچوبی چندبعدی، مسیر روشنی برای سیاست‌گذاران و تنظیم‌گران بازار سرمایه فراهم می‌آورد و می‌تواند به افزایش اعتماد عمومی و بهبود جایگاه ایران در شاخص‌های جهانی منجر شود.
کلیدواژه‌ها
موضوعات

عنوان مقاله English

Formulation of a Minority Shareholder Protection Model Based on Global Indices Using a Grounded Theory Approach

نویسندگان English

Soraya Yari 1
Mir Feiz Fallah Shams 1
Hamid Reza Vakili Fard 2
Gholamreza Zomorrodian 3
1 Department of Financial Management, CTC, Islamic Azad University, Tehran, Iran.
2 Department of Accounting, Science and Research Branch, Islamic Azad University, Tehran, Iran
3 Department of Financial Management, CTC, Islamic Azad University, Tehran, Iran
چکیده English

The capital market, as a fundamental pillar of the financial system, plays a central role in resource mobilization and optimal capital allocation; however, minority shareholders are persistently vulnerable to risks stemming from information asymmetry, conflicts of interest, and inadequate regulatory mechanisms. The capital market crisis of August 2020 in Iran exemplified structural deficiencies in investor protection policies, which inflicted severe financial losses on millions of retail investors, eroded public trust, and amplified systemic risk within the national economy. The World Bank report indicates that Iran's ranking on the Minority Investor Protection Index remains below the global average, highlighting the need for a context-sensitive framework. This study aims to develop a comprehensive model aligned with Iran's capital market conditions, employing a qualitative approach based on Grounded Theory. World Bank indicators were adopted as the reference framework, and data were collected through semi-structured interviews with 20 capital market experts via snowball sampling until theoretical saturation was achieved. Data analysis was conducted through open, axial, and selective coding using MAXQDA software. The core category of minority shareholder protection was identified as the central phenomenon around which all other categories were systematically organized. The final conceptual framework, comprising 39 components across 6 dimensions, was validated and refined by an external expert panel to ensure theoretical rigor and practical applicability. By presenting a multidimensional framework, this study provides a roadmap for policymakers and capital market regulators, with the potential to enhance public confidence, improve market efficiency, and strengthen Iran's standing in global investor protection indices.

کلیدواژه‌ها English

inority Shareholder Protection
World Bank Indicators
Iran’s Capital Market
Grounded Theory Methodology
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