ﻲﺳﺭﺮﺑ ﻲﮔﮋﻳﻭ
ﻱﺎﻫ ﻲﻣﺎﻬﺳ ﻪﻛ
ﺖﻤﻴﻗ ﻥﺁ
ﺎﻫ ﻪﺑ ﺭﻮﻃ ﺭﺮﻜﻣ ﻪﺑ ﺪﺣ
ﻥﺎﺳﻮﻧ ﺖﻤﻴﻗ
ﺩﺭﻮﺧﺮﺑ ﻲﻣ
:ﺪﻨﻛ ﻱﺪﻫﺍﻮﺷ ﺯﺍ
ﺱﺭﻮﺑ ﻕﺍﺭﻭﺍ
ﺭﺍﺩﺎﻬﺑ
ﻥﺍﺮﻬﺗ
ﻦﻴﺴﺣﺪﻤﺤﻣ ﻲﺘﻤﺣﺭ
*
1
ﻝﺎﺻﻭ ﺪﻤﺤﻣ ،1
ﻱﻮﺳﻮﻣ ﻲﺒﺘﺠﻣﺪﻴﺳ ،2 3
1 . ﺭﺎﻳﺩﺎﺘﺳﺍ ﻩﻭﺮﮔ ﺩﺎﺼﺘﻗﺍ ﻩﺪﻜﺸﻧﺍﺩ ،
ﺩﺎﺼﺘﻗﺍ ﻭ ﺖﻳﺮﻳﺪﻣ
، ﻒﻳﺮﺷ ﻲﺘﻌﻨﺻ ﻩﺎﮕﺸﻧﺍﺩ ،
rahmati@sharif.edu
2 . ﺭﺎﻳﺩﺎﺘﺳﺍ ﺩﺎﺼﺘﻗﺍ ﻩﻭﺮﮔ ﻩﺪﻜﺸﻧﺍﺩ ،
ﺩﺎﺼﺘﻗﺍ ﻭ ﺖﻳﺮﻳﺪﻣ
، ﻒﻳﺮﺷ ﻲﺘﻌﻨﺻ ﻩﺎﮕﺸﻧﺍﺩ ،
m.vesal@sharif.edu
3 ﻲﺳﺎﻨﺷﺭﺎﻛ . ﻢﺘﺴﻴﺳ ﻲﺳﺪﻨﻬﻣ ،ﺪﺷﺭﺍ
،ﻲﻋﺎﻤﺘﺟﺍ ﻱﺩﺎﺼﺘﻗﺍ ﻱﺎﻫ ﻒﻳﺮﺷ ﻲﺘﻌﻨﺻ ﻩﺎﮕﺸﻧﺍﺩ
،
smousavi380@gmail.com
:ﺖﻓﺎﻳﺭﺩ ﺦﻳﺭﺎﺗ 11
/ 12 / 1395 :ﺵﺮﻳﺬﭘ ﺦﻳﺭﺎﺗ 05
/ 10 / 1396
ﻩﺪﻴﻜﭼ
،ﺖﻤﻴﻗ ﻥﺎﺳﻮﻧ ﺪﺣ ﺕﺍﺮﻴﻴﻐﺗ
ﺭﺍﺩﺎﻬﺑ ﻕﺍﺭﻭﺍ ﺖﻤﻴﻗ ﺯﻭﺭ ﻚﻳ ﻲﻃ
ﻪـﻨﻣﺍﺩ ﻚـﻳ ﺭﺩ ﺍﺭ ﻱ
ﻲـﺘﻤﻴﻗ ﺯﺍ
ﻩﺪﺷ ﻦﻴﻴﻌﺗ ﺶﻴﭘ
، ﻲﻣ ﺩﻭﺪﺤﻣ ﻨﻛ
.ﺪ ﺯﺍ ﻩﺩﺎﻔﺘﺳﺍ ﺎﺑ ﻖﻴﻘﺤﺗ ﻦﻳﺍ ﺭﺩ ﻩﺩﺍﺩ
ﻡﺎﻬـﺳ ﺕﻼﻣﺎﻌﻣ ﻱﺎﻫ ﻲﻣﺎـﻤﺗ
ﺖﻛﺮﺷ ﺎﻫ ﻪﺘﻓﺮﻳﺬﭘ ﻱ
ﺍﺭﻭﺍ ﺱﺭﻮﺑ ﺭﺩ ﻩﺪﺷ ﻝﺎﺳ ﻲﻃ ﻥﺍﺮﻬﺗ ﺭﺍﺩﺎﻬﺑ ﻕ
ﻱﺎﻫ 1385 - 1393 ﻩﺩﺎﻔﺘـﺳﺍ ﺎﺑ ﻭ
ﻢﻴﻤﻌﺗ ﻱﺎﻫﺭﻭﺎﺘﺸﮔ ﺵﻭﺭ ﻭ ﺖﺑﺎﺛ ﺕﺍﺮﺛﺍ ﺎﺑ ﻲﻳﻮﻠﺑﺎﺗ ﻥﻮﻴﺳﺮﮔﺭ ﻝﺪﻣ ﺯﺍ ﻪﺘﻓﺎﻳ
) (،GMM ﻲـﮔﮋﻳﻭ ﻱﺎـﻫ
ﻡﺎﻬﺳ ﺖﻛﺮﺷ ﺎﻫ ﻥﺁ ﺖﻤﻴﻗ ﻪﻛ ﻲﻳ ﻲﻣ ﺩﺭﻮﺧﺮﺑ ﺖﻤﻴﻗ ﻥﺎﺳﻮﻧ ﺪﺣ ﻪﺑ ﺎﻫ
،ﺪﻨﻛ ﻲﻣ ﻲﺳﺭﺮﺑ ﺩﻮﺷ
ﻪﺑ . ﺭﻮـﻃ
ﻲﻜﺴﻳﺭ ﻡﺎﻬﺳ ﻲﻠﻛ ﻱﺮﺘﺸﻴﺑ ﺖﻤﻴﻗ ﺕﺎﻧﺎﺳﻮﻧ ﺮﺗ
ﻧﺭﺍﺩ
،ﺪ ﻱﺮﺘـﺸﻴﺑ ﺕﺎﻌﻓﺩ ﻪﺑ ﺩﺎﻳﺯ ﻝﺎﻤﺘﺣﺍ ﻪﺑ ﻦﻳﺍﺮﺑﺎﻨﺑ
ﺪﻨﻫﺍﻮﺧ ﺩﺭﻮﺧﺮﺑ ﺖﻤﻴﻗ ﻥﺎﺳﻮﻧ ﺪﺣ ﻪﺑ ﺮﻛ
ﺩ ﺖﺳﺍ ﻥﺁ ﺮﮕﻧﺎﻴﺑ ﺞﻳﺎﺘﻧ ﻉﻮﻤﺠﻣ ﺭﺩ. ﻕﺍﺭﻭﺍ ﺱﺭﻮـﺑ ﺭﺩ ﻪـﻛ
ﻡﺎﻬﺳ ،ﻥﺍﺮﻬﺗ ﺭﺍﺩﺎﻬﺑ ﺖﻛﺮﺷ
ﺎﻫ ﺵﺯﺭﺍ ﺖﺒـﺴﻧ ﻭ ﺕﻼﻣﺎـﻌﻣ ﻢـﺠﺣ ،ﻚﻴﺗﺎﻤﺘﺴﻴﺳﺮﻴﻏ ﻚﺴﻳﺭ ﻱﺍﺭﺍﺩ ﻱ
ﻪﺑ ﻱﺮﺘﻓﺩ ﺵﺯﺭﺍ
ﻚـﭼﻮﻛ ﻲﺘﻛﺮﺷ ﻩﺯﺍﺪﻧﺍ ﺰﻴﻧ ﻭ ﺮﺗﻻﺎﺑ ﺭﺍﺯﺎﺑ ﺮـﺗ
،ﻡﺎﻬـﺳ ﺮﻳﺎـﺳ ﻪـﺑ ﺖﺒـﺴﻧ ﺕﺎـﻌﻓﺩ ﺭﺩ
ﻱﺮﺘﺸﻴﺑ ﺖﻤﻴﻗ ﻥﺎﺳﻮﻧ ﺪﺣ ﻪﺑ ﻲﻣ ﺩﺭﻮﺧﺮﺑ
ﺪﻨﻨﻛ
، ﺍﺮﺑﺎﻨﺑ ﻥﻮﻧﺎﻗ ﻦﻳ ﻲﻣ ﺭﺍﺯﺎﺑ ﻥﺍﺭﺍﺬﮔ ﺪـﻨﻧﺍﻮﺗ
ﺭﻮـﻈﻨﻣ ﻪـﺑ
ﺑ ﺕﺎﻧﺎﺳﻮﻧ ﻝﺮﺘﻨﻛ ﻴ
ﺶ ﺯﺍ ﺪﺣ ﺭﺩ
،ﻥﺍﺮﻬﺗ ﺭﺍﺩﺎﻬﺑ ﻕﺍﺭﻭﺍ ﺱﺭﻮﺑ ﺗﻭﺎﻔﺘﻣ ﻥﺎﺳﻮﻧ ﺪﺣ
ﻲ (ﻥﺭﺎﻘﺘﻣﺎﻧ) ﺍﺭ
ﻱﺍﺮﺑ
ﻡﺎﻬﺳ ﻲﻜﺴﻳﺭ ﺮﺗ ﺭﺩ ﻧ ﺮﻈ ﺪﻧﺮﻴﮕﺑ ﻪﺑ ﺎﺗ ﮔﺭﺎﻛ ﻴ ﺮ ﻱ ﺪﺣ ﺭﺎﻛﻭﺯﺎﺳ ﻗ ﻥﺎﺳﻮﻧ
ﻴ ﺖﻤ ﺭﺍﺯﺎـﺑ ﻦـﻳﺍ ﺭﺩ ﺯﺍ
ﺍﺭﺎـﻛ
ﻲﻳ .ﺪﺷﺎﺑ ﺭﺍﺩﺭﻮﺧﺮﺑ ﻱﺮﺗﻻﺎﺑ
ﻪﻘﺒﻃ ﻱﺪﻨﺑ :JEL G10, G14, G18
ﻩژﺍﻭ ﻱﺎﻫ ﺪﻴﻠﻛ ﻱ : ﻗ ﻥﺎﺳﻮﻧ ﺪﺣ ﻴ
ﺖﻤ ـﺳﺮﮔﺭ ،ﻥﺍﺮﻬﺗ ﺭﺍﺩﺎﻬﺑ ﻕﺍﺭﻭﺍ ﺱﺭﻮﺑ ،ﻡﺎﻬﺳ ﻴ
ﻥﻮ ﻮﻠﺑﺎـﺗ ﻲﻳ
،
ﺎﻫﺭﻭﺎﺘﺸﮔ ﺵﻭﺭ ﻱ
ﻤﻌﺗ ﻴ ﻢ ﻳ ﻪﺘﻓﺎ
.* ﻩﺪﻨﺴﻳﻮﻧ ﻱ ﻩﺭﺎﻤﺷ ،ﻝﻮﺌﺴﻣ ﻱ
:ﺱﺎﻤﺗ 66165862
1 - ﻪﻣﺪﻘﻣ ﻲﻧﺎﻣﺯ ﻭﺭ ﻭ ﻪﺘﺳﻮﻴﭘ ﺖﻛﺮﺣ ﻥﺎﻬﺟ ﺮﺳﺍﺮﺳ ﺭﺩ ﻡﺎﻬﺳ ﻱﺎﻫﺭﺍﺯﺎﺑ ﻪﻛ ﺯﺎـﻏﺁ ﺍﺭ ﺩﻮـﺧ ﺪﺷﺭ ﻪﺑ
ﻩﺩﺮﻛ ﻥﺁ ﺯﺍ ﻱﺭﺎﻴﺴﺑ ﻭ ﻲﺑ ﺪﺷﺭ ﻪﺑ ﺎﻫ
ﻪﻘﺑﺎﺳ ﺘﻓﺎﻳ ﺖﺳﺩ ﻱﺍ ﻪ ﺍ
ﻲﻧﺍﺮﮕﻧ ،ﺪﻧ ﻭﺭ ﺶـﻬﺟ ﺩﺭﻮـﻣ ﺭﺩ ﺎﻫ
ﻡﺎﻬﺳ ﺖﻤﻴﻗ ﺭﺩ ﻲﻧﺎﻬﮔﺎﻧ ﺖﻓﺍ ﻚﻳ ﻥﺁ ﺯﺍ ﺲﭘ ﻭ ﻻﺎﺑ ﻪﺑ ﺪﺷ ﺯﺎﻏﺁ ،
ﺖﺳﺍ ﻩ ﺭﺍﺯﺎـﺑ ﻁﻮﻘﺳ ﺯﺍ ﺲﭘ .
ﻝﺎﺳ ﺭﺩ ﻡﺎﻬﺳ 1987
ﺭﺩ ، ﻱﺭﺎﻴﺴﺑ ﻪـﺑ ﻥﺎـﻬﺟ ﻲﻟﺎـﻣ ﻱﺎـﻫﺭﺍﺯﺎﺑ ﺯﺍ ﺭﻮـﻬﻇﻮﻧ ﻱﺎـﻫﺭﺍﺯﺎﺑ ﻩﮋـﻳﻭ
،
ﺑﻪ ﻥﺎﺳﻮﻧ ﻝﺮﺘﻨﻛ ﺭﻮﻈﻨﻣ ﺎﻫ
ﻥﺍﺮـﺤﺑ ﻉﻮـﻗﻭ ﺯﺍ ﻱﺮﻴﮕـﺸﻴﭘ ﻦﻴـﻨﭽﻤﻫ ﻭ ﻭ ﻦﻴﻧﺍﻮـﻗ ،ﻲﻟﺎـﻣ ﻱﺎـﻫ
ﺎﺿﺎﻘﺗ ﻭ ﻪﺿﺮﻋ ،ﻪﻳﺎﻣﺮﺳ ﺝﻭﺮﺧ ﻭ ﺩﻭﺭﻭ ﻱﺍﺮﺑ ﻲﺗﺍﺭﺮﻘﻣ ﻱ
ﻡﺎﻬـﺳ ﺖـﻤﻴﻗ ﺕﺍﺮـﻴﻴﻐﺗ ﺰﻴﻧ ﻭ ﻡﺎﻬﺳ
ﺪﺷ ﻊﺿﻭ ﺖﺳﺍ ﻩ
ﻒﻗﻮﺘﻣ ﺐﻟﺎﻗ ﺭﺩ ﻪﻛ ﻩﺪـﻨﻨﻛ
ﺭﺎـﻛﺩﻮﺧ ﻱﺎـﻫ ﻲـﻣ ﻪﺘﺧﺎﻨـﺷ1
ﻮـﺷ ﻧ .ﺪ ﻒـﻗﻮﺘﻣ
ﻩﺪﻨﻨﻛ ﺭﺎﻛﺩﻮﺧ ﻱﺎﻫ ﻪﺑ
ﻥﺍﻮﻨﻋ ﻪﻳﻭﺭ ﻚﻳ ﺎﻗ ﻪﻳﺎﻣﺮﺳ ﺯﺍ ﺖﻇﺎﻔﺣ ﺭﻮﻈﻨﻣ ﻪﺑ ﺞﻳﺍﺭ ﻲﻧﻮﻧ ﺭﺩ ﻥﺍﺭﺍﺬـﮔ
ﺮﺑﺍﺮﺑ ﻲﻧﺎـﻬﮔﺎﻧ ﺕﺍﺮـﻴﻴﻐﺗ ﺪﻳﺪـﺷ ﻭ
ﻭ ﺭﺍﺯﺎـﺑ ﻲﮔﺪﻧﻮـﺷﺪﻘﻧ ﺯﺍ ﺖـﻇﺎﻔﺣ ،ﺭﺍﺩﺎـﻬﺑ ﻕﺍﺭﻭﺍ ﺖـﻤﻴﻗ
ﻦﻴﻨﭽﻤﻫ ﺖﻤﻴﻗ ﻒﺸﻛ ﺪﻨﻳﺁﺮﻓ ﻞﻴﻬﺴﺗ
، ﻥﺎـﻬﺟ ﻱﺎﻫﺭﻮـﺸﻛ ﺯﺍ ﻱﺭﺎﻴـﺴﺑ ﻲﻟﺎـﻣ ﻱﺎـﻫﺭﺍﺯﺎﺑ ﺭﺩ
ﻪﺑ ﻲﻣ ﻪﺘﻓﺮﮔ ﺭﺎﻛ .ﺪﻧﻮﺷ
ﻑﻭﺮﻌﻣ ﻪﻠﻤﺟ ﺯﺍ ﻩﺪـﻨﻨﻛ ﻒﻗﻮﺘﻣ ﻦﻳﺮﺗ
ـﺳ ،ﺭﺎـﻛﺩﻮﺧ ﻱﺎـﻫ ﺪـﺣ ﺭﺎﻛﻭﺯﺎ
ﺖﻤﻴﻗ ﻥﺎﺳﻮﻧ ﺕﻼﻣﺎﻌﻣ ﻒﻗﻮﺗ ﻭ2
ﺯﺎﻤﻴﻛ ﻭ ﺮﻜﻴﺑ) ﺪﻨﺘﺴﻫ3
،4
2013 (.
،ﺖﻤﻴﻗ ﻥﺎﺳﻮﻧ ﺪﺣ ﺕﺍﺮﻴﻴﻐﺗ
ﺭﺍﺩﺎـﻬﺑ ﻕﺍﺭﻭﺍ ﺖـﻤﻴﻗ ﺯﻭﺭ ﻚـﻳ ﻲـﻃ
ﻪـﻨﻣﺍﺩ ﻚـﻳ ﺭﺩ ﺍﺭ ﻱ
ﻲﺘﻤﻴﻗ ﻩﺪﺷ ﻦﻴﻴﻌﺗ ﺶﻴﭘ ﺯﺍ
، ﻲﻣ ﺩﻭﺪﺤﻣ ﻨﻛ
ﺪ ﺑ) ﻴ ﺪﻠ ﻳ ﻚ گﺍﺪـﻜﻟﺍ ﻭ ،5
2004 ﺪـﺣ ﺭﺎﻛﻭﺯﺎـﺳ .(
ﻥﺎﺳﻮﻧ ﻗ ﻴ ﺖﻤ ﺎﺑ ﺭﺩ ﺮﻈﻧ ﻦﺘﻓﺮﮔ ﻭﺩ ﻪﻧﺎﺘﺳﺁ ﻱ ﻗ ﻴ ﺘﻤ ﻲ
، ﺷ ﻞﻣﺎ ﻪﻧﺎﺘﺳﺁ ﻻﺎﺑ ﺎـﭘ ﻪﻧﺎﺘﺳﺁ ﻭ ﻴﻳ
،ﻦ ﺭﺩ
ﺕﺍﺮﻴﻴﻐﺗ ﺖﻤﻴﻗ ﻡﺎﻬﺳ ﺖﻳﺩﻭﺪﺤﻣ ﺩﺎــﺠﻳﺍ
ــﻣ ﻲ ﺪــﻨﻛ ﺍ . ﻦﻳ ﺎﺳ ﻭﺯ ﺎﻛ ﺭ ﺖﻤﻴﻗ
، ﺍ ﺪﺘﺑ ﺍ ﺭﺩ ﺎﺑ ﺭﺍﺯ ﺎﻫ ﻱ
ﺍ ﺰﺑ ﺭﺍ ﻪﻘﺘﺸﻣ ﺍ ﺭﺩ ﻻﺎﻳ ﺕ ﺪﺤﺘﻣ ﻩ ﻭ ﺲﭙﺳ ﺭﺩ ﻮﺑ ﺱﺭ ﺎﻫ ﻱ ﺎﭘﻭﺭﺍ ﻲﻳ ﺳﺁ ﻭ ﻴﺎ ﻲﻳ ﻪﺑ ﺎﻛ ﺭ ﻪﺘﻓﺮﮔ ﺪﺷ ﻩ
ﺖﺳﺍ ﺯﺍ . ﺍ ﻪﻠﻤﺟ ﺪﻫ ﻑﺍ ﻪﺑ ﮔﺭﺎـﻛ ﻴ ﺮ ﻱ ﻗ ﻥﺎـﺳﻮﻧ ﺪـﺣ ﻴ
ﺖـﻤ ﻲﻟﺎـﻣ ﻱﺎـﻫﺭﺍﺯﺎﺑ ﺭﺩ
، ﺮﻴﮔﻮﻠﺟ ﻱ ﺯﺍ
ﺎﺳﻮﻧ ﻥ ﺪﻳﺪﺷ ﻗ ﻴ ﺖﻤ ﺍ ﻭ ﺭﺍﺩﺎﻬﺑ ﻕﺍﺭﻭﺍ ﺎﺠﻳ
ﺩ ﻭ ﻪﻔﻗ ﻱ ﻧﺎﻣﺯ ﻲ ﻫ ﺶﻫﺎـﻛ ﺭﻮـﻈﻨﻣ ﻪـﺑ ﻴ
ﻥﺎـﺠ ﺎـﻫ ﻱ
ﻏ ﻴ ﻘﻄﻨﻣﺮ ﻲ ﻪﺑ ﻭ ﺩﻮﺟﻮﻣ ﻝﺎﺒﻧﺩ
ﺍ ﻥﺁ ﻳ ﺩﺎﺠ ﺭﺩ ﺶﻣﺍﺭﺁ ﺎﺑ
ﺭﺍﺯ ﻭ ﻨﭽﻤﻫ ﻴ ﻦ ﺍﻳ ﺩﺎﺠ ﺍﺮـﺷ ﻳ ﻄ ﻲ ﺭﺩ ﻪـﻛ
ﻕﺍﺭﻭﺍ ﻥﺁ ﺎﻬﺑ
ﺭﺍﺩ ﻗ ﺭﺩ ﻴ ﺖﻤ ﺎﻫ ﻱ ﺩﺰﻧ ﻳ ﻚ ﻪﺑ ﺵﺯﺭﺍ ﻲﺗﺍﺫ ﻥﺎﺷ ﺪﻧﻮﺷ ﻪﻠﻣﺎﻌﻣ ﻲﻣ ،
ﺪﺷﺎﺑ .
ﺶﻫﻭﮋﭘ ﺎﻫ ﻱ ﺑﺮﺠﺗ ﻲ ﺭﺩ ﺩﺭﻮﻣ ﺛﺁ ﻪﺑ ﺭﺎ ﮔﺭﺎـﻛ ﻴ ﺮ ﻱ ﻩﺪـﻨﻨﻛ ﻒـﻗﻮﺘﻣ ﺎـﻫ
ﻱ ،ﺭﺎـﻛﺩﻮﺧ ﺐـﻠﻏﺍ
ﺎﻣﺯﺁ ﺱﺎﺳﺍﺮﺑ ﻳ
ﺶ ﺎﻫ ﻱ ﺒﻃ ﻴ ﻌ ﻲ ﺒﻗ ﺯﺍ ﻴ ﻞ ﻐﺗ ﻴﻴ ﺮ ﻩﺪـﻨﻨﻛ ﻒـﻗﻮﺘﻣ ﺎـﺑ ﻂﺒﺗﺮـﻣ ﺕﺍﺭﺮـﻘﻣ ﺭﺩ ﺎـﻫ
ﻱ
1.Cicuit Breaker 2.Price Limits 3.Trading Halts 4. Baker & Kiymaz 5. Bildik & Elekdag
ﻭ ﺭﺎﻛﺩﻮﺧ ﻳﺎ
ﻭﺭ ﺕﺎﻌﻟﺎﻄﻣ ﻳ
ﺩﺍﺪ
1ﻱ .ﺖـﺳﺍ ﻩﺪـﺷ ﻡﺎـﺠﻧﺍ ﺮﺘـﺸﻴﺑ
ﻲـﻠﺧﺍﺩ ﻭ ﻲﺟﺭﺎـﺧ ﺕﺎـﻌﻟﺎﻄﻣ
ﻪﺑ ﻝﺎﺒﻧﺩ ﺭﺍﺯﺎﺑ ﺭﺩ ﺖـﻤﻴﻗ ﻥﺎـﺳﻮﻧ ﺪـﺣ ﻝﺎﻤﻋﺍ ﺯﺍ ﻲﺷﺎﻧ ﻲﻔﻨﻣ ﻭ ﺖﺒﺜﻣ ﺭﺎﺛﺁ ﻲﺳﺭﺮﺑ ﻲﻟﺎـﻣ ﻱﺎـﻫ
ﺭﺩ ﺎﻣﺍ .ﺪﻨﺘﺴﻫ ﺍﻳ
ﻦ ﺶﻫﻭﮋﭘ ﻲﮔﮋﻳﻭ ﻦﻴﻴﺒﺗ ﺮﺑ ﺰﻛﺮﻤﺗ ﺮﻳﺎـﺳ ﺯﺍ ﺶﻴـﺑ ﻪـﻛ ﺖـﺳﺍ ﻲﻣﺎﻬﺳ ﻱﺎﻫ
ﻢﻬﺳ ﻲﻣ ﺩﺭﻮﺧﺮﺑ ﻥﺎﺳﻮﻧ ﺪﺣ ﻪﺑ ﺎﻫ .ﺪﻨﻨﻛ
ﺭﺩ ﻦﻴﻤﻫ
،ﺎﺘﺳﺍﺭ ﻖﻴﻘﺤﺗ ﺮﺿﺎﺣ ﺎﺑ ﻱﺩﺮﻜﻳﻭﺭ ﻪﺑﺎـﺸﻣ
ﻡﻮﻳﺎﻓﺎﭙﻤﻴﻟ ﻭ ﻢﻴﻛ ﻪﻌﻟﺎﻄﻣ )2
2000 (،
ﻲﮔﮋﻳﻭ ﻡﺎﻬﺳ ﻱﺎﻫ
ﺖﻛﺮﺷ ﺎﻫ ﺭﺍﺩﺎـﻬﺑ ﻕﺍﺭﻭﺍ ﺱﺭﻮـﺑ ﺭﺩ ﻲﻳ
ﻪﺑ ﻪﻛ ﻥﺍﺮﻬﺗ ﺭﻮﻃ
ﻲﻣ ﺖﻤﻴﻗ ﻥﺎﺳﻮﻧ ﺪﺣ ﻪﺑ ﺭﺮﻜﻣ ،ﺪﻨﺳﺭ
ﻲﻣ ﻲﺳﺭﺮﺑ ﺍﺭ ﺪﻨﻛ
ﻪﺑ . ﺭﻮﻃ ﻡﺎﻬـﺳ ﻲﻠﻛ
ﺮﺘﺸﻴﺑ ﻚﺴﻳﺭ ﺎﺑ
، ﺩﻮﺑ ﺪﻫﺍﻮﺧ ﺭﺍﺩﺭﻮﺧﺮﺑ ﻱﺮﺗﻻﺎﺑ ﻲﺘﻤﻴﻗ ﺕﺎﻧﺎﺳﻮﻧ ﺯﺍ
، ﻦﻳﺍ ﺯﺍ ﻲـﻣ ﺭﺎﻈﺘﻧﺍ ﻭﺭ ﺩﻭﺭ
ﻡﺎﻬﺳ ﺯﺍ ﻉﻮﻧ ﻦﻳﺍ ﺕﺎﻌﻓﺩ ﺭﺩ
ﻪﺑ ﻱﺮﺘﺸﻴﺑ ﻪﻧﺎﺘﺳﺁ
ﺖﻤﻴﻗ ﻥﺎﺳﻮﻧ
؛ﺪﻨﻛ ﺩﺭﻮﺧﺮﺑ ﻪﺑ
ﺮـﮕﻳﺩ ﺕﺭﺎﺒﻋ
ﻖﻴﻘﺤﺗ ﻦﻳﺍ ﻪﺑ
ﻝﺎﺒﻧﺩ ﻪﺑ ﻲﻳﻮﮕﺨﺳﺎﭘ ﻪﻛ ﺖﺳﺍ ﻝﺍﻮﺳ ﻦﻳﺍ
ﻢﻬـﺳ ﺎـﻳﺁ ﻲـﮔﮋﻳﻭ ﺎـﺑ ﻲﻳﺎـﻫ
(ﺎـﻫ) ﻱ
ﺺﺨﺸﻣ ﺕﺎﻌﻓﺩ ﺭﺩ
ﻱﺮﺘﺸﻴﺑ ﻪﺑ
ﺖﻤﻴﻗ ﻥﺎﺳﻮﻧ ﺪﺣ ﻲﻣ ﺩﺭﻮﺧﺮﺑ
ﺪﻨﻨﻛ .ﺮﻴﺧ ﺎﻳ
ﺍ ﺭﺩ ــﻳ ﻦ ﻘﺤﺗ ــﻴ ﻖ ﻞــﻣﺎﻋ ﺞﻨــﭘ ﻚﻴﺗﺎﻤﺘــﺴﻴﺳ ﻚــﺴﻳﺭ
ﺭ ،(ﺎــﺘﺑ)3
ﻳ ﻚــﺴ ﻗﺎﺑ ﻴ ﻩﺪــﻧﺎﻤ
4
ﻏ) ﻴ ﺳﺮ ﻴ ﺗﺎﻤﺘﺴ ﻴ ﻚ ﺕﻼﻣﺎـﻌﻣ ﻢﺠﺣ ،(
ﻩﺯﺍﺪـﻧﺍ ،5
ﻱ ﺖﻛﺮـﺷ ﺮـﺘﻓﺩ ﺵﺯﺭﺍ ﻭ6
ﻱ ﺭﺍﺯﺎـﺑ ﺵﺯﺭﺍ ﻪـﺑ
7ﻡﺎﻬﺳ ﻫﻭﮋﭘ ﺭﺩ ﻪﻛ ﺶ
ﺎﻫ ﻱ ﺎﺳﺎﻨﺷ ﻂﺒﺗﺮﻣ ﻲﻳ
ﻩﺪﺷ ﺖـﺳﺍ ﻪـﺘﻓﺮﮔ ﺭﺍﺮـﻗ ﻩﺩﺎﻔﺘـﺳﺍ ﺩﺭﻮـﻣ ،ﺪـﻧﺍ .
ﻦﻴﻨﭽﻤﻫ ﻪﺑ
ﻪﺒﺳﺎﺤﻣ ﺭﻮﻈﻨﻣ ﻱ
ﺖـﻤﻴﻗ ﻥﺎـﺳﻮﻧ ﺪـﺣ ﻪﺑ ﺩﺭﻮﺧﺮﺑ ﺕﺎﻌﻓﺩ ﻲﻧﺍﻭﺍﺮﻓ ﺯﺍ
ﺭﺎـﻴﻌﻣ ﻭﺩ
ﺕﻭﺎﻔﺘﻣ ﻭ ﺖﺳﺍ ﻩﺪﺷ ﻩﺩﺎﻔﺘﺳﺍ ﺭﺎـﻴﻌﻣ ﻭﺩ ﺮـﻫ ﻚـﻴﻜﻔﺗ ﻪـﺑ ﻖـﻴﻘﺤﺗ ﻝﺪﻣ ﻱﺎﻫﺮﺘﻣﺍﺭﺎﭘ ﺩﺭﻭﺁﺮﺑ
.ﺖﺳﺍ ﻩﺪﺷ ﻡﺎﺠﻧﺍ ) ﻡﻮﻳﺎﻓﺎﭙﻤﻴﻟ ﻭ ﻢﻴﻛ
2000 ﻪـﻌﻟﺎﻄﻣ ﺭﺩ ( ﻱ
ﻝﺪـﻣ ﺩﺭﻭﺁﺮـﺑ ﻪـﺑ ﻡﺍﺪـﻗﺍ ﺩﻮـﺧ
ﻩﺩﺍﺩ ﺯﺍ ﻩﺩﺎﻔﺘﺳﺍ ﺎﺑ ﻖﻴﻘﺤﺗ ﻲﻌﻄﻘﻣ ﻱﺎﻫ
ﺩﺮﻛ8
ﻩ ﺍ ﺪﻧ
، ﺭﻮـﻈﻨﻣ ﻪـﺑ ﻖـﻴﻘﺤﺗ ﻦـﻳﺍ ﺭﺩ ﺎـﻣﺍ ﻱﺮـﺗﺮﺑ
ﻦﺘﻓﺎﻳ ﺖﻳﺩﻭﺪﺤﻣ ﺮﺑ
،ﻲﻌﻄﻘﻣ ﺩﺮﻜﻳﻭﺭ ﻱﺎﻫ ﻩﺩﺎﻔﺘـﺳﺍ ﺎـﺑ ﻖـﻴﻘﺤﺗ ﻝﺪـﻣ ﺩﺭﻭﺁﺮـﺑ
ﻩﺩﺍﺩ ﺯﺍ ﺎـﻫ ﻱ
ﻡﺎﻬﺳ ﺕﻼﻣﺎﻌﻣ ﻪﻤﻫ
ﻱ ﺖﻛﺮـﺷ ﺎـﻫ ﻱ ﺬﭘ ﻳ ﻪـﺘﻓﺮ ﻩﺪـﺷ ـﻃ ﻥﺍﺮـﻬﺗ ﺭﺍﺩﺎـﻬﺑ ﻕﺍﺭﻭﺍ ﺱﺭﻮـﺑ ﺭﺩ ﻲ
ﻝﺎﺳ ﺎﻫ ﻱ 1385 - 1393 ﻢﻴـﻤﻌﺗ ﻱﺎﻫﺭﻭﺎﺘـﺸﮔ ﻭ ﻲﻌﻄﻘﻣ ﺵﻭﺭ ﺮﺑ ﻩﻭﻼﻋ ﻪـﺘﻓﺎﻳ
) ( GMM
ﺎـﺑ
ﺳﺮﮔﺭ ﻝﺪﻣ ﺯﺍ ﻩﺩﺎﻔﺘﺳﺍ ﻴ
ﻥﻮ ﻮﻠﺑﺎﺗ
9ﻲﻳ ﺖﺑﺎﺛ ﺕﺍﺮﺛﺍ ﺎﺑ ﺖـﺳﺍ ﻩﺪﺷ ﻡﺎﺠﻧﺍ
ـﻤﻫ ﻭ ﻴ ﻦ ﺐـﺟﻮﻣ ﺮـﻣﺍ
ﺎﻤﺘﻣ ﻳﺰ ﺍ ﻥﺩﻮﺑ ﻳ ﻦ ﺎﺳ ﻪﺑ ﺖﺒﺴﻧ ﻪﻌﻟﺎﻄﻣ ﻳﺮ
ﻡﺎﺠﻧﺍ ﺕﺎﻌﻟﺎﻄﻣ ﺘﻓﺮﮔ
ﺍ ﺭﺩ ﻪ ﻳ ﻦ ﻩﺯﻮﺣ ﻲﻣ ﺪﺷﺎﺑ .
1. Event studies 2. Kim & Limpaphayom 3. Systematic risk 4. Residual risk 5. Trading volume 6. Market capitalization
7. Book-to-market value of equity 8. Cross-sectional data
9. Panel data regression
ﻉﻮﻤﺠﻣ ﺭﺩ ﻖﻴﻘﺤﺗ ﺞﻳﺎﺘﻧ
ﺭﺩ ﻪـﻛ ﺖﺳﺍ ﻥﺁ ﺮﮕﻧﺎﻴﺑ ﻡﺎﻬـﺳ ،ﻥﺍﺮـﻬﺗ ﺭﺍﺩﺎـﻬﺑ ﻕﺍﺭﻭﺍ ﺱﺭﻮـﺑ
ﻱﺭﺍﺯﺎـﺑ ﺵﺯﺭﺍ ﻪـﺑ ﻱﺮـﺘﻓﺩ ﺵﺯﺭﺍ ﺖﺒﺴﻧ ﻭ ﺕﻼﻣﺎﻌﻣ ﻢﺠﺣ ،ﻚﻴﺗﺎﻤﺘﺴﻴﺳﺮﻴﻏ ﻚﺴﻳﺭ ﻱﺍﺭﺍﺩ ﻚﭼﻮﻛ ﻲﺘﻛﺮﺷ ﻩﺯﺍﺪﻧﺍ ﺰﻴﻧ ﻭ ﺮﺗﻻﺎﺑ ﺩﺭﻮـﺧﺮﺑ ﺖـﻤﻴﻗ ﻥﺎـﺳﻮﻧ ﺪـﺣ ﻪـﺑ ﻱﺮﺘﺸﻴﺑ ﺕﺎﻌﻓﺩ ﺭﺩ ﺮﺗ
ﻲﻣ .ﺪﻨﻨﻛ ﺧﺮﺑ ﺭﺩ ﺮﺿﺎﺣ ﻝﺎﺣ ﺭﺩ ﻲ
ﺱﺭﻮﺑ ﺯﺍ ﺎﻫ ﻱ ﻥﺎﻬﺟ ﻪﺑ ﻩﮋﻳﻭ ،ﻥﺍﺮـﻬﺗ ﺭﺍﺩﺎـﻬﺑ ﻕﺍﺭﻭﺍ ﺱﺭﻮﺑ
ﺪﺣ ﻗ ﻥﺎﺳﻮﻧ ﻴ ﺘﻤ ﻲ ﻳ ﻧﺎﺴﻜ ﻲ ﺍﺮﺑ ﻱ ﻢﻬﺳ ﺎﻫ ﻱ ﻣ ﻪﺘﻓﺮﮔ ﺭﺎﻛ ﻪﺑ ﻒﻠﺘﺨﻣ ﻲ
ﺩﻮﺷ . ﺞﻳﺎﺘﻧ ﻪﺑ ﻪﺟﻮﺗ ﺎﺑ
ﻖﻴﻘﺤﺗ ﻦﻳﺍ ﻭﻳ
ﮔﮋ ﻲ ﺎﻫ ﻱ ﺭﺎﺘﺧﺎﺳ ﻱ ﻢﻬﺳ ﺎﻫ ﻱ ﻣ ﺭﺩ ﺕﻭﺎـﻔﺗ ﻪـﺑ ﺮﺠﻨﻣ ﻒﻠﺘﺨﻣ ـﻴ
ﻥﺍﺰ ـﻧﺍﻭﺍﺮﻓ ﻲ
ﺭﻮﺧﺮﺑ ﺩ ﻗﻴ ﺖﻤ ﻥﺁ ﻗ ﻥﺎﺳﻮﻧ ﺪﺣ ﻪﺑ ﺎﻫ ﻴ
ﺖﻤ ﻣ ﻲ
؛ﺩﻮﺷ ﺍﺮﺑﺎـﻨﺑ ﻳ ﻦ ﺕﺎﻧﺎـﺳﻮﻧ ﻝﺮـﺘﻨﻛ ﺭﻮـﻈﻨﻣ ﻪـﺑ
ﺑﻴ ﺶ ﺯﺍ ﺭﺩ ﺪﺣ ﺑ ﺭﺍﺩﺎﻬﺑ ﻕﺍﺭﻭﺍ ﺱﺭﻮ ﻥﺍﺮﻬﺗ
، ﻲﻣ ﺩﺎﻬﻨﺸﻴﭘ ﺩﻮﺷ
ﺍﺮﺑ ﻱ ﻢﻬـﺳ ﺎـﻫ ﻱ ﺎـﺑ) ﻒـﻠﺘﺨﻣ
ﻭ ﻪﺑ ﻪﺟﻮﺗ ﻳ
ﮔﮋ ﻲ ﺎﻫ ﻱ ﺭﺎﺘﺧﺎﺳ ﻱ ﺗﻭﺎﻔﺘﻣ ﻥﺎﺳﻮﻧ ﺪﺣ ( (ﻥﺭﺎـﻘﺘﻣﺎﻧ) ﻲ
ـﺘﻓﺮﮔ ﺮـﻈﻧ ﺭﺩ ﺩﻮـﺷ ﻪ
ﺎـﺗ
ﻪﺑ ﮔﺭﺎﻛ ﻴ ﺮ ﻱ ﻗ ﻥﺎﺳﻮﻧ ﺪﺣ ﺭﺎﻛﻭﺯﺎﺳ ﻴ
،ﺖﻤ ﺍﺭﺎﻛ ﻲﻳ ﺮﺗﻻﺎﺑ ﻱ ﺑ ﻪﺘﺷﺍﺩ ﻩﺍﺮﻤﻫ ﻪﺑ ﺍﺭ ﺪﺷﺎ
.
ﻪﻣﺍﺩﺍ ﻪﻟﺎﻘﻣ ﻱ ﺍ ﻪﺑ
ﻳ ﻦ ﺭﺩ ﻪﻛ ﺖﺳﺍ ﺕﺭﻮﺻ ﻡﻭﺩ ﺶﺨﺑ
ﺕﺎﻌﻟﺎﻄﻣ ﺯﺍ ﻱﺩﺍﺪﻌﺗ ﻩﺪـﺷ ﻡﺎـﺠﻧﺍ
ﺭﺩ ﺩﺭﻮﻣ
،ﺖﻤﻴﻗ ﻥﺎﺳﻮﻧ ﺪﺣ ﻲﻟﺮﺘﻨﻛ ﺭﺎﻛﻭﺯﺎﺳ ﻲﻣ ﺭﺍﺮﻗ ﻲﺳﺭﺮﺑ ﺩﺭﻮﻣ
ﺩﺮﻴﮔ . ﻡﻮﺳ ﺶﺨﺑ ﺭﺩ ﻪـﺑ
ﺻﻮﺗ ﻴ ﻒ ﻩﺩﺍﺩ ﺶـﺨﺑ ﺭﺩ ﻭ ﻩﺪﺷ ﻪﺘﺧﺍﺩﺮﭘ ﺎﻫ ﻡﺭﺎـﻬﭼ
ﻘﺤﺗ ﺵﻭﺭ ـﻴ
ﻖ ﺍ ﺭﺩ ﻩﺩﺎﻔﺘـﺳﺍ ﺩﺭﻮـﻣ ـﻳ
ﻦ
ﺳﺭﺮﺑ ﺩﺭﻮﻣ ﺶﻫﻭﮋﭘ ﻲ
ﻣ ﺭﺍﺮﻗ ﻲ ﮔ ﻴ ﺩﺮ ﺶﺨﺑ ﺭﺩ . ﻢﺠﻨﭘ
ﺎﺘﻧ ﻳ ﺞ ﻭ ﻳ ﻪﺘﻓﺎ ﺎﻫ ﻱ ﻘﺤﺗ ﻴ ﻖ ﻩﺪـﺷ ﻩﺩﺭﻭﺁ
ﺎﻬﻧ ﺭﺩ ﻭ ﻳ ﺖ ﺶﺨﺑ ﺭﺩ ﻢﺸﺷ
ﻊﻤﺟ ﺪﻨﺑ ﻱ ﺘﻧ ﻭ ﺐﻟﺎﻄﻣ ﻴ
ﻪﺠ ﮔ ﻴ ﺮ ﻱ ﺑ ﻴ ﻥﺎ ﻣ ﻲ ﺩﻮﺷ .
2 - ﻪﻨﻴﺸﻴﭘ ﻱ ﻖﻴﻘﺤﺗ
ﻝﺎﺳ ﺮﺒﺘﻛﺍ ﺭﺩ 1987
ﺮﻣﺁ ﺱﺭﻮـﺑ ﺭﺍﺯﺎﺑ ﺵﺯﺭﺍ ، ﻳ
ﺎـﻜ ﺩﺮـﻛ ﻁﻮﻘـﺳ ﺕﺪـﺷ ﻪـﺑ ﻩ
ﺭﺩ ﻭ 19
ﻣ ﺰﻧﻮﺟﻭﺍﺩ ﺺﺧﺎﺷ ،ﺮﺒﺘﻛﺍ ﻴ
ﻥﺍﺰ 6/
22 ﺭﺩ ﺶﻫﺎﻛ ﺪﺻﺭﺩ ﻳ
ﻚ ﻭ ﺯﻭﺭ 2 / 23 ﺭﺩ ﺪﺻﺭﺩ ﻳ
ﻚ ﻩﺎـﻣ
ﺩﺮﻛ ﻪﺑﺮﺠﺗ ﺍﺭ ﺖﺳﺍ ﻩ
ﺍ ﺯﺍ ﺲﭘ . ﻳ
ﻦ ﺩﺍﺮﺑ ﺵﺭﺍﺰﮔ ،ﻪﻌﻗﺍﻭ
1ﻱ ) 1988 ـﻣ ﻥﺎـﺸﻧ ( ﻲ
ﺪـﻫﺩ ﺶﻫﺎـﻛ
ﺮﺳ ﻳ ﻊ ﻗ ﻴ ﺖﻤ ﻣ ﺖـﺳﺍ ﻦـﻜﻤﻣ ﻡﺎﻬﺳ ـﻴ
ﻥﺍﺰ ﻣ ﺭﺩ ﺖـﺸﺣﻭ ـﻴ
ﻥﺎ ﺮـﺳ ﺎﻣ ﻳﻪ ﻥﺍﺭﺍﺬـﮔ ﺪـﺸﺗ ﺍﺭ ﻳ ﺪ ﻭ
ﻨﭽﻤﻫ ﻴ ﻦ ﻏ ﺕﺎﻧﺎﺳﻮﻧ ﻴ
ﻘﻄﻨﻣﺮ ﻲ ﻗ ﻴ ﺖﻤ ﺍﺰـﻓﺍ ﺐـﺟﻮﻣ ﻳ
ﺶ ﻤﻃﺍ ﻡﺪـﻋ ﻴ
ﻥﺎـﻨ ﺎﻣﺮـﺳ ﻳﻪ ﻥﺍﺭﺍﺬـﮔ ﻭ
ﻪﺑ ﻝﺎﺒﻧﺩ ﻣ ﺶﻫﺎﻛ ﻥﺁ ﻴ
ﻥﺍﺰ ﺎﻣﺮﺳ ﻩﻮﺟﻭ ﻳﻪ
ﺭﺍﺬﮔ ﻱ ﻲﻟﺎﻣ ﻱﺎﻫﺭﺍﺯﺎﺑ ﺭﺩ ـﻤﻫ ﺭﺩ .ﺪـﺷ ﺪـﻫﺍﻮﺧ
ﻴ ﻦ
ﻒﻗﻮﺘﻣ ﺯﺍ ﻩﺩﺎﻔﺘﺳﺍ ﺎﺘﺳﺍﺭ
ﻩﺪﻨﻨﻛ ﺎﻫ ﻱ ﺭﺎﻛﺩﻮﺧ ﺗﺭﻮﺻ ﻪﺑ2
ﻲ ﺴﺑ ﻪﺟﻮﺗ ﺹﺎﺧ ﻴ
ﺭﺎ ﻱ ﻥﻻﻮﺌـﺴﻣ ﺯﺍ
ﺎﻫﺭﺍﺯﺎﺑ ﺭﺩ ﺱﺭﻮﺑ ﻱ
ﻪﻌﺳﻮﺗ ﻳ ﻨﭽﻤﻫ ﻭ ﻪﺘﻓﺎ ﻴ
ﻦ ﺎـﻫﺭﺍﺯﺎﺑ ﻱ ﺩﺮـﻛ ﺐـﻠﺟ ﺩﻮـﺧ ﻪـﺑ ﺍﺭ ﺭﻮـﻬﻇﻮﻧ ﻩ
ﻭ
1. Brady
.2 ﺡﻼﻄﺻﺍ ﻪﻤﺸﭼﺮﺳ
"
Circuit Breaker
"
ﺭﺩ ﻲﺳﺪﻨﻬﻣ ﻕﺮﺑ ﺖﺳﺍ ﻭ ﻪﺑ ﻩﺭﺎﺷﺍ ﺭﺎﻛﺩﻮﺧ ﺪﻴﻠﻛ ﻪﻛ ﺩﺭﺍﺩ ﻱ
ﻥﺎﻳﺮﺟ
ﻲﻜﻳﺮﺘﻜﻟﺍ ﺍﺭ ﺭﺩ ﻲﻧﺎﻣﺯ ﻪﻛ ﺮﺘﺸﻴﺑ ﺯﺍ ﺖﻴﻓﺮﻇ ﻲﺣﺍﺮﻃ ﻩﺪﺷ ﻢﺘﺴﻴﺳ ﺖﺳﺍ
، ﻊﻄﻗ .ﺪﻨﻛ )
،ﮓﻧﺎﻳ 2003 (.
ﻥﺎﻘﻘﺤﻣ ﻪﺑ
ﻝﺎﺒﻧﺩ ﻩﺍﺭ ﻞﺣ ﺎﻫ ﻲﻳ ﺍﺮﺑ ﻱ ﮔﻮﻠﺟ ﻴ ﺮ ﻱ ﻭ ﻥﺍﺮﺤﺑ ﻉﻮﻗﻭ ﺯﺍ ﻳﺎ
ﺭﺎـﺛﺁ ﻥﺪﻧﺎـﺳﺭ ﻞﻗﺍﺪﺣ ﻪﺑ
ﺩﻮﺑ ﻥﺁ ﻩ ﺍ ﻭ ﺪﻧ ﻳﻜ ﻲ ﻭﺭ ﺯﺍ ـﻳ ﻪ ﺎـﻫ ﻱ ﭘ ﻴ ﺩﺎﻬﻨـﺸ ﻱ ﻥﺁ ـﺑ ﺎـﻫ ﻪ ﺭﺎـﻛ ﻲﻳﺎﻫﺭﺎﻛﻭﺯﺎـﺳ ﻭ ﻦﻴﻧﺍﻮـﻗ ﻱﺮﻴﮔ
ﻗ ﻥﺎﺳﻮﻧ ﺪﺣ ﻥﻮﭽﻤﻫ ﻴ
ﺖﻤ ﻲﻣ ﺷﺎﺑ .ﺪ
ﻪﻌﻟﺎﻄﻣ ﺱﺎﺳﺍﺮﺑ ﻱ
1ﺭﺯﻮﻣ ) 1990 (،
ﺖﻤﻴﻗ ﻥﺎﺳﻮﻧ ﺪﺣ ﺭﺎﻛﻭﺯﺎﺳ ﻱﺍﺮﺑ
ﻦﻴﻟﻭﺍ ﻞـﻳﺍﻭﺍ ،ﺭﺎـﺑ
ﻥﺮﻗ ﻢﻫﺪﺠﻫ ﻱﺍﺮﺑ ﺕﻼﻣﺎﻌﻣ ﻲﺗﺁ
ﺞﻧﺮﺑ ﺭﺩ ﺱﺭﻮﺑ ﺭﺍﺯﺎﺑ ﺎﻤﻴﺟﺩ
ﻦـﭘﺍژ2
ﺎـﺑ ﻪـﻠﺑﺎﻘﻣ ﺭﻮـﻈﻨﻣ ﻪـﺑ
ﺕﺎﻧﺎﺳﻮﻧ ﺶﻴﺑ
ﺯﺍ ﺖﻤﻴﻗ ﺪﺣ ﺩﺭﻮﻣ
ﻩﺩﺎﻔﺘﺳﺍ ﺭﺍﺮﻗ ﻓﺮﮔ ﺘ ﺖﺳﺍ ﻪ . ﻪﺑ ﻲﻧﻮﻧﺎـﻗ ﻪـﻳﻭﺭ ﻦﻳﺍ ﻱﺮﻴﮔﺭﺎﻛ
ﺩﺎـﻳﺯ ﺶﻫﺎـﻛ ﻞـﻴﻟﺩ ﻪﺑ ﺖﻤﻴﻗ
ﺞﻧﺮﺑ ﺭﺩ ﺭﺍﺯﺎﺑ ﻱﺪﻘﻧ ﻭ ﻱﺮﻴﮔﻮﻠﺟ ﺯﺍ
ﻥﺎﺳﻮﻧ ﺪﻳﺪﺷ ﺖـﻤﻴﻗ ﺭﺩ
ﺞﻧﺮﺑ ﻲﺗﺁ ﺭﺍﺯﺎﺑ ﻮﺑ
ﺩ ﺖﺳﺍ ﻩ . ﺕﻻﺎﻳﺍ ﻩﺪﺤﺘﻣ ﺖـﻤﻴﻗ ﻥﺎـﺳﻮﻧ ﺪﺣ ﺭﺎﻛﻭﺯﺎﺳ ﺯﺍ ﺭﺎﺑ ﻦﻴﻟﻭﺍ ﻱﺍﺮﺑ ﺰﻴﻧ
ﺭﺩ ﻝﻮﻃ ﮓﻨﺟ ﻲﻧﺎﻬﺟ ﻝﻭﺍ ﺩﺮﺑ ﻩﺮﻬﺑ ﺖﺳﺍ ﻩ . ﺖـﻟﻭﺩ ﺕﻻﺎـﻳﺍ ﻩﺪـﺤﺘﻣ ﺪـﺣ ﺭﺎﻛﻭﺯﺎـﺳ ﻥﺎـﺳﻮﻧ
ﺍﺭ ﺖﻤﻴﻗ ﻱﺍﺮﺑ
ﻱﺎﻫﺩﺍﺩﺭﺍﺮﻗ ﻲﺗﺁ
ﻪﺒﻨﭘ ﺭﺩ ﺕﻭﺍ 1917 ﺎﺑ ﻪﺟﻮﺗ ﻪﺑ ﺕﺎﻧﺎﺳﻮﻧ ﺶﻴﺑ
ﺯﺍ ﻲﺷﺎﻧ ﺪﺣ
ﺯﺍ ﮓﻨﺟ ﺘﻓﺮﮔ ﺭﺎﻛ ﻪﺑ ﺖﺳﺍ ﻪ
ﮓﻧﺎﻳ) ،3
2003 .(
4ﺮﺴﻠﺗ ) 1981 ﻪﻌﻟﺎﻄﻣ ﺭﺩ ﺰﻴﻧ ( ﻱ
ﻦﻳﺍ ﻪﺑ ﺩﻮﺧ
ﺐﻠﻄﻣ ﻩﺭﺎﺷﺍ ﻪﻛ ﺩﺭﺍﺩ ﻗ ﻥﺎـﺳﻮﻧ ﺪﺣ ﺭﺎﻛﻭﺯﺎﺳ ﻴ
ﺖـﻤ ﻪﺑ ﺎﻣﺮـﺳ ﻳﻪ ﻥﺍﺭﺍﺬـﮔ ﺖﺻﺮﻓ ﻩﺭﻭﺎـﺸﻣ ﺭﺩ
ﻥﺎﻣﺯ ﺪـــﺷ ﺕﺎﻧﺎـــﺳﻮﻧ ﻳ
ﺪ ﻗ ﺖﻤﻴ ﺍﺭ ﺪﻫﺩﻲﻣ . ﻪﺑ ﺕﺭﺎﺒﻋ ﺮﮕﻳﺩ
، ﺩﻮﺟﻭ ﺭﺎﻛﻭﺯﺎـــﺳ ﻪﻨﻣﺍﺩ
ﻥﺎﺳﻮﻧ
ﻗﻴ ﺖﻤ ﺯ ﺕﺎﻧﺎﺳﻮﻧ ﻩﺯﺎﺟﺍ ﻳ
ﺩﺎ ﻗ ﻴ ﺖﻤ ﺍﺭ ﺭﺩ ﻳ ﻚ ﻪـﺴﻠﺟ ﻲﺗﻼﻣﺎﻌﻣ ﺪﻫﺩﻲﻤﻧ
. ﻲﺗﺭﻮﺻﺭﺩ ﻪﻛ
ﻥﺍﺰﻴﻣ
ﺮﻴﻴﻐﺗ ﺩﺭﻮﻣ ﺭﺎﻈﺘﻧﺍ ﺭﺩ ﺎﻫﺖﻤﻴﻗ ﺶﻴﺑ
ﺯﺍ ﺪــﺣ ﺯﺎﺠﻣ ﻥﺎﺳﻮﻧ ﻗ ﻴ ﺖــﻤ ﺪﺷﺎﺑ
، ﻲﺸﺨﺑ ﺯﺍ ﺕﺍﺮﻴﻴﻐﺗ
ﺖﻤﻴﻗ ﻪﺑ ﺕﺎﺴﻠﺟ ﻲﺗﻼﻣﺎﻌﻣ ﻱﺪﻌﺑ
ﻝﻮﻛﻮﻣ ﻲﻣ ﺩﻮــــــﺷ ﻭ
ﺭﺩ ﻲﻃ ﻳﺍ ﻦ ﺕﺪﻣ ﻪﻳﺎﻣﺮﺳ ﻥﺍﺭﺍﺬﮔ
ﻲﺘﺻﺮﻓ ﻱﺍﺮﺑ ﺕﺭﻮﺸﻣ ﻭ ﻲﺳﺭﺮﺑ ﺮﺘﺸﻴﺑ ﺖـــﻬﺟ ﺰﺠﺗ
ـــﻳ ﻪ ﻭ ﻠﺤﺗ ـــﻴ ﻞ ﻲﻳﻼﻘﻋ ﻥﺩﻮﺑ ﻥﺍﺰﻴﻣ
ﺕﺍﺮﻴﻴﻐﺗ ﺩﺭﻮﻣ
ﺭﺎﻈﺘﻧﺍ ﺖﺷﺍﺩ ﺪﻨﻫﺍﻮﺧ .
ﺑﺮﺠﺗ ﺕﺎﻌﻟﺎﻄﻣ ﻲ
ﺎﺳﻮﻧ ﺪﺣ ﺩﺭﻮﻣ ﺭﺩ ﻥ
ﻗ ﻴ ﺖﻤ ﻪﺑ ﺎـﻫﺭﺍﺯﺎﺑ ﺭﺩ ﻩﺪـﻤﻋ ﺭﻮـﻃ ﻱ
ـﺳﺁ ﻩﺭﺎـﻗ ﻴ
،ﺎ
ﺎﻫﺭﺍﺯﺎﺑ ﻱ ﻭ ﻪﺑ ﻭ ﺭﻮﻬﻇﻮﻧ ﻳ
ﻩﮋ ﺎﻫﺭﺍﺯﺎﺑ ﻱ ﺗﺁ ﻲ .ﺖﺳﺍ ﻩﺪﺷ ﻡﺎﺠﻧﺍ ﺯﺍ ﻲﺧﺮﺑ ﺭﺩ
ﻪـﺘﻓﺎﻳ ﺕﺎﻘﻴﻘﺤﺗ ﺎـﻫ
ﻲﻣ ﻥﺎﺸﻧ ﻪﺑ ﺪﻫﺩ
ﺮـﺑ ﻲـﻔﻨﻣ ﺭﺎـﺛﺁ ﺮـﮕﻳﺩ ﻲﺧﺮﺑ ﺭﺩ ﻭ ﺖﺒﺜﻣ ﺭﺎﺛﺁ ﺖﻤﻴﻗ ﻥﺎﺳﻮﻧ ﺪﺣ ﻱﺮﻴﮔﺭﺎﻛ
.ﺖﺳﺍ ﻪﺘﺷﺍﺩ ﻲﻟﺎﻣ ﻱﺎﻫﺭﺍﺯﺎﺑ ﻱﺭ ﻭ ﻢﻴﻛ )5
1997 ﻥﺁ ﺖﻤﻴﻗ ﺕﺍﺮﻴﻴﻐﺗ ﺱﺎﺳﺍﺮﺑ ﻪﻛ ﻡﺎﻬﺳ ﻪﺘﺳﺩ ﻪﺳ ﺯﺍ ﻩﺩﺎﻔﺘﺳﺍ ﺎﺑ ( ﺎـﻫ
ﻢﻴﺴﻘﺗ ﺯﻭﺭ ﻚﻳ ﺭﺩ ﺪﺷ ﻱﺪﻨﺑ
ﻩ ﺍ ﺪﻧ
، ﻪﺴﻳﺎﻘﻣ ﻪﺑ ﻱ
ﺎـﻳ ﻪـﻣﺍﺩﺍ ،ﺕﺎﻧﺎﺳﻮﻧ ﺡﻮﻄﺳ ﻥﺪـﺷ ﺱﻮـﻜﻌﻣ
ﻪﺘﺧﺍﺩﺮﭘ ﻮﻴﻛﻮﺗ ﺭﺍﺩﺎﻬﺑ ﻕﺍﺭﻭﺍ ﺱﺭﻮﺑ ﺭﺩ ﻲﺗﻼﻣﺎﻌﻣ ﺖﻴﻟﺎﻌﻓ ﻱﻮﮕﻟﺍ ﻭ ﺖﻤﻴﻗ ﺖﻛﺮﺣ ﺪﻧﻭﺭ .ﺪﻧﺍ
ﺎـﺑ
1. Moser 2. Dojima 3. Yang 4. Telser 5.Kim & Rhee
ﻭﺭ ﻪﻌﻟﺎﻄﻣ ﺵﻭﺭ ﻪﺑ ﻪﺟﻮﺗ ﻳ
ﺩﺍﺪ ﻱ ﻠﺤﺗ ﻭ ﻴ ﻞ ﻳ ﻪﺘﻓﺎ ﺎﻫ ﻱ ،ﻩﺪﻣﺁ ﺖﺳﺩ ﻪﺑ ﻲﻣ ﺺﺨﺸﻣ
ﺩﻮـﺷ ﻪـﻛ
ﻣﺎﻬﺳ ﺕﺎﻧﺎﺳﻮﻧ ﻲ
ﻗ ﻥﺎﺳﻮﻧ ﺪﺣ ﻪﺑ ﻪﻛ ﻴ
ﺖﻤ ﺳﺭ ﻴ ﺪ ﻩ ﺍ ﺪﻧ ﻣﺎﻬﺳ ﺕﺎﻧﺎﺳﻮﻧ ﺖﻋﺮﺳ ﻪﺑ ﻲ
ﺪـﺣ ﻪﺑ ﻪﻛ
ﻗ ﻥﺎﺳﻮﻧ ﻴ ﺖﻤ ﺳﺮﻧ ﻴ ﺪ ﻩ ﺍ
،ﺪﻧ ﻤﻧ ﺯﺎﺑ ﻝﺎﻣﺮﻧ ﺢﻄﺳ ﻪﺑ ﻲ
ﺩﺩﺮﮔ ﺍ ﻪﺑ ﻪﺒﻨﺟ ﻭﺩ ﺯﺍ ﻪﺘﺒﻟﺍ . ـﻳ
ﻦ ﻪـﻌﻟﺎﻄﻣ
ﺗﺍﺩﺎﻘﺘﻧﺍ ﻲ ﺍﻭ ﺭ ﺖﺳﺍ ﺩ
؛ ﻧ ﺖﺴﺨ ﻥﺁ ﺩ ﻭ ﻩﺩﻮﺑ ﻚﭼﻮﻛ ﻩﺩﺎﻔﺘﺳﺍ ﺩﺭﻮﻣ ﻪﻧﻮﻤﻧ ﻢﺠﺣ ﻪﻛ ﻳ
ﺮـﮕ ﻥﺁ ﻪـﻛ
ﻟﺩ ﻪﺑ ﻴ ﻞ ﮔﺩﺮﺘﺴﮔ ﻲ ﻗ ﻥﺎﺳﻮﻧ ﻪﻨﻣﺍﺩ ﻴ
ﺖﻤ ﻛﻮﺗ ﺱﺭﻮﺑ ﻴ
ﻮ ) 60 - 10
± ﺪﺻﺭﺩ (،
ﻴﺳﺭ ﻥﺪ ﺪـﺣ ﻪـﺑ
ﻗﻴ ﺖﻤ ﺭﺩﺎﻧ ﻕﺎﻔﺗﺍ ﻱ
ﺍ ﺎﺑ .ﺖﺳﺍ ﻳ ﻦ ﺱﺎﺳﺍﺮﺑ ﺩﻮﺟﻭ ﺍﻳ
ﻦ ﻠﺤﺗ ﻭ ﻪﻧﻮﻤﻧ ﻴ
ﻞ ﻡﺎـﺠﻧﺍ ﺪﻫﺍﻮـﺷ ،ﻪـﺘﻓﺮﮔ
ﻳ ﺖﻓﺎ ﻠﻋ ﺮﺑ ﻩﺪﺷ ﻴ
ﻪ ﻗ ﻥﺎﺳﻮﻧ ﺪﺣ ﻴ
ﺖﻤ ﻤﻫﺍ ﺎﺑ ﻴ ﺖ ﻣ ﺮﻈﻧ ﻪﺑ ﻲ ﺪﺳﺭ .
ﺑﻴ ﺪﻠ ﻳ ﻚ ﻟﻮﮔ ﻭ
1ﻲ ) 2006 (،
ﺰﻴﻧ ﻪﻌﻟﺎﻄﻣ ﺭﺩ ﻱ
ﺑ ﺩﻮﺧ ﻴ ﻥﺎ ﻣ ﻲ ﺪﻨﻨﻛ ﻪﻣﺍﺩﺍ ﻱ ﻣﺎﻬﺳ ﺪﻧﻭﺭ ﻲ
ﺳﺭ ﻥﺎﺳﻮﻧ ﻪﻨﻣﺍﺩ ﻪﺑ ﻪﻛ ﻴ
ﻩﺪ ﺑ ﺪﻳﺎﺑ ﺖﺳﺍ ﻴ
ﺶ ﻪﻨﻣﺍﺩ ﺯﺍ ﻱ ﺘﻧ ﻥﺍﻮﺘﺑ ﺎﺗ ﺪﺷﺎﺑ ﻝﺎﻣﺮﻧ ﻴ
ﻪـﺠ ﺖـﻓﺮﮔ
ﻪﻨﻣﺍﺩ ﻪﻛ ﺧﺎﺗ ﻪﺑ ﺐﺟﻮﻣ ﻥﺎﺳﻮﻧ
ﻴ ﺮ ﻗ ﻒﺸﻛ ﻥﺩﺎﺘﻓﺍ ﻴ
ﺖﻤ ـﻣ ﻲ ﺩﻮـﺷ ﺎﻬﻧ ﺭﺩ . ـﻳ ﺖ ﺎـﺘﻧ ﻳ ﺞ ﻥﺁ ﺎـﻫ
ﺿﺮﻓ ﻴ ﻪ ﻱ ﺧﺄﺗ ﻴ ﺮ ﻗ ﻒﺸﻛ ﺭﺩ ﻴ
ﺖﻤ ﺄﺗ ﺍﺭ ﻴﻳ ﺪ ـﻣ ﻲ ـﻨﭽﻤﻫ .ﺪـﻨﻛ ﻴ
ﻦ ﺎـﺘﻧ ﻳ ﺞ ـﻌﻟﺎﻄﻣ ﻪ ـﻛ ﻴ ﻢ ﺭ ﻭ ﻱ
) 1997 ﻧ ( ﻴ ﺰ ﺿﺮﻓ ﻴ ﻪ ﻱ ﺧﺄﺗ ﻴ ﺮ ﺁﺮﻓ ﺭﺩ ﻳ ﺪﻨ ﻗ ﻒﺸﻛ ﻴ ﺖﻤ ﺄﺗ ﺩﺭﻮﻣ ﺍﺭ ﻴﻳ
ﺪ ﻣ ﺭﺍﺮﻗ ﻲ ﺪﻫﺩ .
ﺶﻫﻭﮋﭘ ﺐﻠﻏﺍ ﻪﻜﻨﻳﺍ ﻪﺑ ﻪﺟﻮﺗ ﺎﺑ ﻱﺎﻫ
ﻲﺑﺮﺠﺗ ﻩﺪـﺷ ﻡﺎﺠﻧﺍ ﺭﺩ
ﺩﺭﻮـﻣ ﻪـﺑ ﺭﺎـﺛﺁ ﻱﺮﻴﮔﺭﺎـﻛ
ﻩﺪﻨﻨﻛ ﻒﻗﻮﺘﻣ ﺶﻳﺎـﻣﺯﺁ ﺱﺎﺳﺍﺮﺑ ،ﺭﺎﻛﺩﻮﺧ ﻱﺎﻫ
ﻲـﻌﻴﺒﻃ ﻱﺎـﻫ ﺯﺍ
ﻞـﻴﺒﻗ ﺮـﻴﻴﻐﺗ ﺭﺩ ﺕﺍﺭﺮـﻘﻣ
ﻩﺪﻨﻨﻛ ﻒﻗﻮﺘﻣ ﺎﺑ ﻂﺒﺗﺮﻣ ﻭ ﺭﺎﻛﺩﻮﺧ ﻱﺎﻫ
ﺕﺎﻌﻟﺎﻄﻣ ﺎﻳ ﻱﺩﺍﺪـﻳﻭﺭ
ﺪـﺣ ﺎـﺑ ﺩﺭﻮـﺧﺮﺑ ﺎـﺑ ﻂﺒﺗﺮـﻣ
ﻥﺎﺳﻮﻧ ﻭ ﺎﻳ ﻒﻗﻮﺗ ﺕﻼﻣﺎﻌﻣ ﻲـﻣ ﺱﺎـﺴﺣﺍ ﺯﺎـﻴﻧ ﻦﻳﺍ ،ﺖﺳﺍ ﻩﺪﺷ ﻡﺎﺠﻧﺍ
ﺭﺩ ﻥﺎـﻘﻘﺤﻣ ﺎـﺗ ﺩﻮـﺷ
ﻮﺧ ﺕﺎﻌﻟﺎﻄﻣ ﻩﺪـﻨﻨﻛ ﻒﻗﻮﺘﻣ ﺭﺎﺛﺁ ﻲﺳﺭﺮﺑ ﺭﻮﻈﻨﻣ ﻪﺑ ﺩ
ﻳﻭﺭ ﺯﺍ ﺭﺎـﻛﺩﻮﺧ ﻱﺎـﻫ ﻭ ﻩﺯﺎـﺗ ﻱﺎـﻫﺩﺮﻜ
ﻨﻛ ﻩﺩﺎﻔﺘﺳﺍ ﻱﺪﻳﺪﺟ .ﺪﻨ
،ﺎﺘﺳﺍﺭ ﻦﻴﻤﻫ ﺭﺩ ﻡﻮﻳﺎـﻓﺎﭙﻤﻴﻟ ﻭ ﻢﻴـﻛ
) 2000 (،
ﻪـﻌﻟﺎﻄﻣ ﺭﺩ ﻱ
ﺩﻮـﺧ
ﻲﮔﮋﻳﻭ ﻱﺎﻫ ﻲﻣﺎﻬﺳ ﺍﺭ ﻪﻛ ﻥﺁ ﺖﻤﻴﻗ ﺎﻫ
ﻪﺑ ﻲـﻣ ﺩﺭﻮـﺧﺮﺑ ﺩﻮﺧ ﻥﺎﺳﻮﻧ ﺪﺣ ﻪﺑ ﺭﺮﻜﻣ ﺭﻮﻃ ،ﺪـﻨﻛ
ﺩﺮﻛ ﻲﺳﺭﺮﺑ ﻩ ﺍ
ﺪﻧ ﻴﺴﺑ ﻑﻼﺧﺮﺑ ﻪﻌﻟﺎﻄﻣ ﻦﻳﺍ . ﻪـﻌﻟﺎﻄﻣ ﺵﻭﺭ ﺯﺍ ﻪﺘﺷﺬﮔ ﻲﺑﺮﺠﺗ ﺕﺎﻌﻟﺎﻄﻣ ﺯﺍ ﻱﺭﺎ
ﻩﺩﺮـﻜﻧ ﻩﺩﺎﻔﺘـﺳﺍ ﺖـﻤﻴﻗ ﻥﺎﺳﻮﻧ ﺪﺣ ﺭﺎﺛﺁ ﻲﺳﺭﺮﺑ ﻱﺍﺮﺑ ﻱﺩﺍﺪﻳﻭﺭ .ﺖـﺳﺍ
ﻦـﻳﺍ ﺭﺩ ﻖـﻴﻘﺤﺗ ﺯﺍ
ﻩﺩﺍﺩ ﺪﻨﻠﻳﺎﺗ ﻭ ﻥﺍﻮﻳﺎﺗ ﺭﺍﺩﺎﻬﺑ ﻕﺍﺭﻭﺍ ﺱﺭﻮﺑ ﻩﺩﺯﺎﺑ ﻭ ﺖﻤﻴﻗ ﻪﻧﺎﻫﺎﻣ ﻭ ﻪﻧﺍﺯﻭﺭ ﻱﺎﻫ ﻭ ﻩﺪـﺷ ﻩﺩﺎﻔﺘﺳﺍ
ﻩﺩﺍﺩ ﺯﺍ ﻩﺩﺎﻔﺘﺳﺍ ﺎﺑ ﻖﻴﻘﺤﺗ ﻝﺪﻣ ﻱﺎﻫﺮﺘﻣﺍﺭﺎﭘ ﻦﻴﻤﺨﺗ ﻦﻴﻨﭽﻤﻫ ﻱﺎـﻫ
ﻡﺎـﺠﻧﺍ ﻲـﻌﻄﻘﻣ ـﺘﻓﺮﮔ
ﻪ
ﺖﺳﺍ ﺞﻳﺎﺘﻧ . ﻖﻴﻘﺤﺗ ﻬﺳ ﻪﻛ ﺖﺳﺍ ﻥﺁ ﺮﮕﻧﺎﻴﺑ ﺎﺑ ﻡﺎ
ﻥﺎﺳﻮﻧ ﺮﺘﺸﻴﺑ ﻲﺘﻤﻴﻗ ﻪﺑ ﺖﺒﺴﻧ
ﺎﻬﺳ ﺮﻳﺎﺳ ﻡ
ﻱﺮﺘﺸﻴﺑ ﺕﺎﻌﻓﺩ ﺭﺩ ﺩﺭﻮﺧﺮﺑ ﺖﻤﻴﻗ ﻥﺎﺳﻮﻧ ﺪﺣ ﻪﺑ
ﻩﺩﺮﻛ ﺍ ﻢﻬﺳ ﺯﺍ ﻲﻫﻭﺮﮔ ﻭ ﺪﻧ ﻪﻛ ﺎﻫ
ﻢﻛ ﺮﺗ ﻪـﺑ
ﻩﺩﺭﻮﺧﺮﺑ ﺖﻤﻴﻗ ﻥﺎﺳﻮﻧ ﺪﺣ ﺪﻧﺍ
ﻩﺪـﻧﺎﻤﻴﻗﺎﺑ ﻚـﺴﻳﺭ ﻭ (ﺎـﺘﺑ) ﻚﻴﺗﺎﻤﺘـﺴﻴﺳ ﻚﺴﻳﺭ ، ﻢـﻛ
ﺮـﺗ ﻱ
ﻫ .ﺪﻧﺭﺍﺩ ﻦﻴﻳﺎﭘ ﻱﺭﺍﺯﺎﺑ ﺵﺯﺭﺍ ﺎﺑ ﻲﻣﺎﻬﺳ ﻦﻴﻨﭽﻤ ﺩﺭﻮـﺧﺮﺑ ﺖـﻤﻴﻗ ﻥﺎـﺳﻮﻧ ﺪـﺣ ﻪـﺑ ﺮﺘﺸﻴﺑ ،ﺮﺗ
ﺩﺮﻛ ﻩ ﺪﻧﺍ ﻢﻬﺳ ﺮﻳﺎﺳ ﺯﺍ ﺮﺘﺸﻴﺑ ،ﺪﻧﺭﺍﺩ ﻲﻳﻻﺎﺑ ﺕﻼﻣﺎﻌﻣ ﻢﺠﺣ ﻪﻛ ﻲﻣﺎﻬﺳ ﻭ ﻥﺎـﺳﻮﻧ ﺪـﺣ ﻪـﺑ ﺎﻫ
1. Bildik & Gülay
ﺩﺭﻮﺧﺮﺑ ﺖﻤﻴﻗ ﻩ ﺍ
.ﺪﻧ ﺍ ﺮﺑ ﻥﻭﺰﻓﺍ ﻦﻳ
، ﻱﺮـﺘﻓﺩ ﺵﺯﺭﺍ ﺖﺒـﺴﻧ ﺎﺑ ﻪﻄﺑﺍﺭ ﺭﺩ ﻲﻳﻮﮕﻟﺍ ﻪﻌﻟﺎﻄﻣ ﻦﻳﺍ ﺭﺩ
ﻪﺑ ﺵﺯﺭﺍ ﻩﻭﺮﮔ ﺭﺩ ﺭﺍﺯﺎﺑ ﺘﺨﻣ ﻱﺎﻫ
ﻥﺎـﺳﻮﻧ ﺪـﺣ ﻪـﺑ ﺩﺭﻮـﺧﺮﺑ ﺭﺩ ﺕﻭﺎـﻔﺘﻣ ﺕﺎﻌﻓﺩ ﺩﺍﺪﻌﺗ ﺎﺑ ﻒﻠ
ﺖﻤﻴﻗ ﻩﺪﻫﺎﺸﻣ .ﺖﺳﺍ ﻩﺪﺸﻧ
ﻪﺑ ﭼ ،ﻪﺑﺎﺸﻣ ﺭﻮﻃ ﻲﻳﻭﺭ ﻭ ﻢﻴﻛ ،ﻦ
)1
2005 (،
ﻪﻌﻟﺎﻄﻣ ﺭﺩ ﻱ
ﺪـﺣ ﺭﺎﻛﻭﺯﺎـﺳ ﺩﺮﻜﻠﻤﻋ ﺩﻮﺧ
ﻗ ﻥﺎﺳﻮﻧ ﻴ ﺖﻤ ﺍﺮﺑ ﺍﺭ ﻱ ﻢﻬﺳ ﺎﻫ ﻱ ﮔﺪﻧﻮﺷﺪﻘﻧ ﺎﺑ ﻭ ﻩﺪﻧﻮﺷﺪﻘﻧ ﻲ
ﺎـﭘ ﻴﻳ ﻦ ﺭﻮـﺸﻛ ﻡﺎﻬـﺳ ﺭﺍﺯﺎـﺑ ﺭﺩ
ﭼ ﻴ ﻦ ﺰﺠﺗ ﺩﺭﻮﻣ ﻳﻪ
ﻠﺤﺗ ﻭ ﻴ ﻞ ﺩﺍﺩ ﺭﺍﺮﻗ ﻩ ﺍ ﺩ .ﺪﻧ ﭼ ﻡﺎﻬﺳ ﺭﺍﺯﺎﺑ ﺭ ﻴ
،ﻦ ﻡﺎﻬـﺳ ﻉﻮﻧ ﻭﺩ ﻭA
ﺩﻮـﺟﻭB
ﺩﺭﺍﺩ ﻭ ﺮﻫ ﻳ ﻚ ﺍ ﺯﺍ ﻳ ﻦ ﺍﺭﺍﺩ ﻡﺎﻬﺳ ﻭﺩ ﻱ
ﺮﺟ ﻕﻮﻘﺣ ﻳ
ﻥﺎ ﺪﻘﻧ ﻱ ﻳ ﻥﺎـﺴﻜ
، ﻜﻟﺎﻣ ﺭﺎﺘﺧﺎـﺳ ﺎـﻣﺍ ـﻴ
ﺖ
) ﺪﻨﺘﺴﻫ ﻒﻠﺘﺨﻣ ﻪﺑ
ﻥﺍﻮﻨﻋ ﻉﻮﻧ ﻡﺎﻬﺳ ،ﻝﺎﺜﻣ ﻜﻟﺎﻣ ﺭﺩA
ﻴ ﺖ ﭼ ﻥﺍﺪﻧﻭﺮﻬﺷ ﻴﻨ
ﻲ ﻉﻮـﻧ ﻡﺎﻬﺳ ﻭ
B
ﻪﺟﺭﺩ ﺭﺩ ﻱ ﺎﻣﺮﺳ ﻪﺑ ﻖﻠﻌﺘﻣ ﻝﻭﺍ ﻳﻪ
ﻥﺍﺭﺍﺬﮔ ﺟﺭﺎﺧ ﻲ (ﺖﺳﺍ
، ﺍﺮﺑﺎﻨﺑ ﻳ ﻦ ﺍﻳ ﻦ ﻣﺍ ﻣ ﺐﺟﻮﻣ ﺮ ﻲ
ﺩﻮـﺷ
ﻉﻮﻧ ﻡﺎﻬﺳ ﻉﻮﻧ ﻡﺎﻬﺳ ﻪﺑ ﺖﺒﺴﻧ B
ﮔﺪﻧﻮﺷﺪﻘﻧ ﺯﺍA
ﻲ ﻢﻛ ﺮﺗ ﻱ ﻪﻌﻟﺎﻄﻣ ﻦﻳﺍ ﺭﺩ .ﺪﺷﺎﺑ ﺭﺍﺩﺭﻮﺧﺮﺑ
ﻡﺎﻬﺳ ﻪﻛ ﻪﻴﺿﺮﻓ ﻦﻳﺍ ﺖﻛﺮﺷ
ﺎﻫ ﻩﺩﺮﺘﺴﮔ ﻲﺘﻤﻴﻗ ﻑﺎﻜﺷ ﻱﺍﺭﺍﺩ ﻱ ﻪـﺑ ﻱﺮﺘـﺸﻴﺑ ﻝﺎـﻤﺘﺣﺍ ﺎﺑ ﺮﺗ
ﻲﻣ ﺖﻤﻴﻗ ﻥﺎﺳﻮﻧ ﺪﺣ ﻥﻮـﻣﺯﺁ ﺩﺭﻮـﻣ ،(ﻲﺤﻴـﺿﻮﺗ ﻞﻣﺍﻮﻋ ﺮﻳﺎﺳ ﻱﺍﺮﺑ ﻝﺮﺘﻨﻛ ﻩﺍﺮﻤﻫ ﻪﺑ) ﺪﻨﺳﺭ
ﺖﺳﺍ ﻪﺘﻓﺮﮔ ﺭﺍﺮﻗ .
ﺎﻬﻧ ﺭﺩ ﻳ ﺖ ﺎﺘﻧ ﻳ ﺞ ﻛﺎﺣ ﻲ ﺖﺳﺍ ﻥﺁ ﺯﺍ ﻪﻛ
ﻉﻮﻧ ﻡﺎﻬﺳ ﻉﻮـﻧ ﻡﺎﻬـﺳ ﻪﺑ ﺖﺒﺴﻧB
ﺑA
ﻴ ﺮﺘﺸ ﻗ ﻥﺎﺳﻮﻧ ﺪﺣ ﻪﺑ ﻴ
ﺖﻤ ﻣ ﺩﻮﺧ ﻲ ﺪﻨﺳﺭ ﻨﭽﻤﻫ . ﻴ ﻦ ﺰﺠﺗ ﻳﻪ ﻠﺤﺗ ﻭ ﻴ ﻞ ـﺳﺮﮔﺭ ﻴ ﻥﻮ ﺩﺭﻮـﻣ
ﺍ ﺭﺩ ﻩﺩﺎﻔﺘﺳﺍ ﻳ
ﻦ ﻪﻄﺑﺍﺭ ،ﻪﻌﻟﺎﻄﻣ ﻱ
ﺑ ﺖﺒﺜﻣ ﻴ ﻦ ﺍﺰﻓﺍ ﻳ ﺶ ﻗ ﻑﺎﻜﺷ ﻴ ﺘﻤ ﻲ ﻣ ﻭ ﻡﺎﻬﺳ ﻴ
ﻥﺍﺰ ﺍﺮـﮔ ﻳ ﺶ
ﺳﺭ ﻴ ﻥﺪ ﻗ ﻥﺎﺳﻮﻧ ﺪﺣ ﻪﺑ ﻴ
ﺖﻤ ﺄﺗ ﺍﺭ ﻴﻳ ﺪ ﻣ ﻲ ﺪﻨﻛ
، ﺮﺑﺎﻨﺑ ﺍﻳ ﻦ ﺎﺘﻧ ﻪﺑ ﻪﺟﻮﺗ ﺎﺑ ﻳ
ﺞ ﻪﺑ ،ﻩﺪـﻣﺁ ﺖﺳﺩ ﺭﺩ
ﻪﻌﻟﺎﻄﻣ ﻦﻳﺍ ﭘﻴ
ﺩﺎﻬﻨﺸ ﻣ ﻲ ﺩﻮـﺷ ﺍﺮـﺑ ﻱ ﻡﺎﻬـﺳ ﻢـﻛ ﺮـﺗ ﻩﺪﻧﻮـﺷﺪﻘﻧ
، ﻪـﻨﻣﺍﺩ ﻱ ﻗ ﻥﺎـﺳﻮﻧ ﻴ
ـﺘﻤ ﻲ
ﺮﺘﮔﺭﺰﺑ ﻱ .ﺩﻮﺷ ﻪﺘﻓﺮﮔ ﺭﺎﻛ ﻪﺑ
3 - ﻩﺩﺍﺩ ﺎﻫ ﻪﻋﻮﻤﺠﻣ ﻲﺗﺎﻋﻼﻃﺍ
ﻮﻣ ﺍ ﺩﺭ ﺎﻔﺘﺳ ﺍ ﺭﺩ ﻩﺩ ﻦﻳ ﺶﻫﻭﮋـﭘ ﻪﻋﻮﻤﺠﻣ
ﻱﺍ ﻪﻛ ﺖﺳﺎﺘﻜﻳ ﻩﺎـﮕﻳﺎﭘ ﺯﺍ
ﺮـﻬﺗ ﺱﺭﻮﺑ ﻱﺭﻭﺎﻨﻓ ﺖﻳﺮﻳﺪﻣ ﺖﻛﺮﺷ ﻲﺗﺎﻋﻼﻃﺍ ﻡﺮـﻧ ﻭ ﻥﺍ
ﻩﺭ ﺭﺍﺰـﻓﺍ ﻦﻳﻮـﻧ ﺩﺭﻭﺁ ﺖـﻓﺎﻳﺭﺩ3
ﺪﺷ ﻩ
ﺍ .ﺖﺳ ﺍ ﺮﺑ ﻞﻤﺘﺸﻣ ﻪﻋﻮﻤﺠﻣ ﻦﻳ ﺍ
ﺎﻋﻼﻃ ﺰﻳﺭ ﺕ ﻲﻣﺎـﻤﺗ ﺎـﻌﻣ ﻣ ﻦﻴـﻨﭽﻤﻫ ﻭ ﻡﺎﻬـﺳ ﻪـﻧﺍﺯﻭﺭ ﺕﻼ
ﻪﻣﺎﻧﺯﺍﺮﺗ ﻲﻟﺎﻣ ﺕﺭﻮﺻ ﺕﺎﻋﻼﻃﺍ
ﻱ ﻲﻣﺎﻤﺗ ﺖﻛﺮﺷ ﻱﺎﻫ ﺭﺍﺩﺎـﻬﺑ ﻕﺍﺭﻭﺍ ﺱﺭﻮـﺑ ﺭﺩ ﻩﺪﺷ ﻪﺘﻓﺮﻳﺬﭘ
ﻝﺎﺳ ﻱﺍﺮﺑ ﻥﺍﺮﻬﺗ ﻱﺎﻫ
1385 ﺎﺗ 1393
2ﺖﺳﺍ . ﻩﺩﺍﺩ ﻪﻋﻮﻤﺠﻣ ﻦﻳﺍ
، ـﻤﻴﻗ ﺕﺎﻋﻼﻃﺍ ﻲﻧﺎـﻳﺎﭘ ﺖ
،ﻦﻳﺮﺘﺸﻴﺑ ،ﻡﺎﻬﺳ ﻢـﻛ
ﺮـﺗ ﺵﺯﺭﺍ ،ﺕﻼﻣﺎـﻌﻣ ﺵﺯﺭﺍ ﻭ ﻢـﺠﺣ ،ﺕﻼﻣﺎـﻌﻣ ﺖـﻤﻴﻗ ﻦﻳﺮـﺧﺁ ﻭ ﻦﻳ
1. Chen, Kim & Rui
2 . ﺖﻛﺮﺷ ﻡﺎﻬﺳ ﻡﺪﻘﺗ ﻖﺣ ﺎﺑ ﻂﺒﺗﺮﻣ ﺕﺎﻋﻼﻃﺍ ،ﻪﻋﻮﻤﺠﻣ ﻦﻳﺍ ﺭﺩ ﺯﺍ ﺕﻭﺎﻔﺘﻣ ﻲﺘﻤﻴﻗ ﻥﺎﺳﻮﻧ ﺪﺣ ﻦﺘﺷﺍﺩ ﻞﻴﻟﺩ ﻪﺑ ﺎﻫ
ﺖﺳﺍ ﻩﺪﺷ ﻑﺬﺣ ﻲﺳﺭﺮﺑ ﺩﺭﻮﻣ ﻪﻧﻮﻤﻧ ﺯﺍ ﻡﺎﻬﺳ .
ﻱﺭﺍﺯﺎﺑ ﻲﻣ ﻞﻣﺎﺷ ﺍﺭ ﻱﺮﺘﻓﺩ ﺵﺯﺭﺍ ﻭ ﺖﻛﺮﺷ ﻡﺎﻬﺳ ﺩﺍﺪﻌﺗ ، ﺶﻫﻭﮋـﭘ ﻦـﻳﺍ ﺭﺩ ﻦﻴـﻨﭽﻤﻫ .ﺩﻮﺷ
ﻩﺩﺍﺩ ﻲﻳﻮﻠﺑﺎﺗ ﺕﺭﻮﺻ ﻪﺑ ﻝﺪﻣ ﻱﺎﻫﺮﻴﻐﺘﻣ ﺎﺑ ﻂﺒﺗﺮﻣ ﻱﺎﻫ ﻱﺎـﻫﺮﺘﻣﺍﺭﺎﭘ ﺩﺭﻭﺁﺮـﺑ ﻱﺍﺮـﺑ ﻪﻧﻻﺎـﺳ ﻭ
ﺍﻮﺧ ﺭﺍﺮﻗ ﻲﺳﺭﺮﺑ ﺩﺭﻮﻣ ﻒﻠﺘﺨﻣ .ﺖﻓﺮﮔ ﺪﻨﻫ
ﻝﻭﺪﺟ ﻪﺑ ﻪﺟﻮﺗ ﺎﺑ 1
ﻡﺎﻬـﺳ ﺖـﻤﻴﻗ ﻥﺎـﺳﻮﻧ ﺪﺣ ، ﺍﺪـﺘﺑﺍ ﺯﺍ
ﻱ ﻝﺎـﺳ 1378 ﺭﺩ ﻥﻮﻨﻛﺎـﺗ
ﻥﺍﺮﻳﺍ ﺭﺍﺩﺎﻬﺑ ﻕﺍﺭﻭﺍ ﺱﺭﻮﺑ ﻪﺑ
ﻥﺍﻮﻨﻋ ﺭﺎﻛﻭﺯﺎﺳ ﻱ ﺮﻴﮔﻮـﻠﺟ ﻱﺍﺮـﺑ ﻱ
ﻐﺗ ﺯﺍ ـﻴﻴ ﺕﺍﺮ ﺖـﻤﻴﻗ ﺪﻳﺪـﺷ
ﻤﺼﺗ ﺎﺑ ﻭ ﻩﺪﺷ ﻪﺘﻓﺮﮔ ﺭﺎﻛ ﻪﺑ ﺭﺍﺯﺎﺑ ﻞﻛ ﺺﺧﺎﺷ ﻭ ﻡﺎﻬﺳ ﻴ
ﻢ ﻈﻨﺗ ﻭ ﻥﻻﻮﺌﺴﻣ ﻴ
ﻢ ﻥﺎﮔﺪﻨﻨﻛ ﺭﺍﺯﺎـﺑ
ﺎﻣﺮﺳ ﻳ
،ﻪ ﻪﻨﻣﺍﺩ ﻱ ﻴﻗ ﻥﺎﺳﻮﻧ ﺍ ﻝﻮﻃ ﺭﺩ ﺖﻤ
ﻳ ﻦ ﻥﺎﻣﺯ ﻐﺗ ﻴﻴ ﺗﺍﺮ ﻲ ﺯ ﻳ ﺩﺎ ﻱ ﺎﻨﺒﻣ ﺮﺑ ﻱ ﺎﻄﺧ ﻭ ﻥﻮﻣﺯﺁ
ﻪﺑﺮﺠﺗ ﺮﻛ .ﺖﺳﺍ ﻩﺩ ﻩﺩﺍﺩ ﻪﻋﻮﻤﺠﻣ ﺭﺩ ﻪﻛ ﻲﻳﺎﺠﻧﺁ ﺯﺍ
ﻲﻧﺎﻳﺎﭘ ﺖﻤﻴﻗ ﺎﻫ
، ﻢـﻛ ﺮـﺗ ﻦﻳ
، ﻦﻳﺮﺘـﺸﻴﺑ ﻭ
ﺖﻤﻴﻗ ﻦﻳﺮﺧﺁ ﻲﻣ ﺱﺮﺘﺳﺩ ﺭﺩ ﻪﻧﺍﺯﻭﺭ ﺕﺭﻮﺻ ﻪﺑ
ﻪـﻧﺍﺯﻭﺭ ﺖﻤﻴﻗ ﻥﺎﺳﻮﻧ ﺪﺣ ﻦﻴﻨﭽﻤﻫ ﻭ ﺪﺷﺎﺑ
ﻡﺎﻬﺳ ﻱﺍﺮﺑ ﺖﻛﺮﺷ
ﺎﻫ ﺩﺎﻬﺑ ﻕﺍﺭﻭﺍ ﺱﺭﻮﺑ ﺭﺩ ﻩﺪﺷ ﻪﺘﻓﺮﻳﺬﭘ ﻱ ﺍ
ﺭ ﻥﺍﺮﻬﺗ ﻩﺯﺎﺑ ﻝﻮﻃ ﺭﺩ ﻱ
ﻪﻧﻮﻤﻧ ﻱ
) ﻖﻴﻘﺤﺗ ﻦﻳﺍ 1385
- 1393
،(
ﺯﻭﺭ ﺭﺩ ﻢﻬـﺳ ﺮـﻫ ﻲﻧﺎﻳﺎﭘ ﺖﻤﻴﻗ ﺱﺎﺳﺍﺮﺑ ﻭ ﻥﺎﺴﻜﻳ ﺕﺭﻮﺻ ﻪﺑ
ﻝﺎﻤﻋﺍ ﻞﺒﻗ
،ﺖﺳﺍ ﻩﺪﺷ ﻲﻣ
ﻲﻳﺎﻫﺯﻭﺭ ﻥﺍﻮﺗ ﺍﺭ
ﺩﺭﻮـﺧﺮﺑ ﺖـﻤﻴﻗ ﻥﺎﺳﻮﻧ ﺪﺣ ﻪﺑ ﻡﺎﻬﺳ ﺖﻤﻴﻗ ﻪﻛ
ﻲﻣ ﺪﻨﻛ
، ﻲﻳﺎﺳﺎﻨﺷ ﺮﻛ
.ﺩ
ﻝﻭﺪﺟ 1 . ﻞﺣﺍﺮﻣ ﺮﻴﻴﻐﺗ ﺪﺣ ﻥﺎﺳﻮﻧ ﺖﻤﻴﻗ ﻡﺎﻬﺳ ﺭﺩ ﺱﺭﻮﺑ ﻕﺍﺭﻭﺍ ﻬﺑ ﺭﺍﺩﺎ ﻥﺍﺮﻬﺗ
ﻪﻠﺣﺮﻣ ﺭﺎﻴﻌﻣ
ﻥﺪﺷ ﻲﻳﺍﺮﺟﺍ ﻥﺎﻣﺯ
ﻝﻭﺍ ﻱﺍﺮﺑ ﺱﺭﻮﺑ ﻲﻟﺎﻋ ﻱﺍﺭﻮﺷ ﺎﻳ ﻞﻛ ﺮﻴﺑﺩ ﺺﻴﺨﺸﺗ ﻪﺑ
ﺭﺍﺯﺎﺑ ﻞﻛ ﺎﻳ ﻭ ﺹﺎﺧ ﺖﻌﻨﺻ ﺎﻳ ﺖﻛﺮﺷ ﻚﻳ ﻡﺎﻬﺳ ﻝﺎﺳ ﻱﺍﺪﺘﺑﺍ ﺯﺍ
1378 ﻱﺍﺪﺘﺑﺍ ﺎﺗ
ﻝﺎﺳ 1380
ﻡﻭﺩ ﻢﻬﺳ ﺮﻫ ﺩﻮﺳ ﻪﺑ ﺖﻤﻴﻗ ﺖﺒﺴﻧ
ﻝﺎﺳ ﻱﺍﺪﺘﺑﺍ ﺯﺍ 1380
ﻥﺎﻣﺯ ﺎﺗ
ﻲﻋﺮﻓ ﺭﻻﺎﺗ ﺩﺎﺠﻳﺍ
ﻡﻮﺳ ﻞﻳﺪﻌﺗ
ﺩﺎﺠﻳﺍ P/E ﻲﻋﺮﻓ ﺭﻻﺎﺗ
ﻡﺭﺎﻬﭼ 5
ﺪﺻﺭﺩേ 07
/ 03 / 1382
ﻢﺠﻨﭘ 2
ﻭ- 5 ﺪﺻﺭﺩ + 18
/ 08 / 1384
ﻢﺸﺷ 5
ﺪﺻﺭﺩേ 13
/ 09 / 1384
ﻢﺘﻔﻫ 2
ﺪﺻﺭﺩേ 24
/ 11 / 1384
ﻢﺘﺸﻫ 3
ﺪﺻﺭﺩേ 21
/ 02 / 1387
ﻢﻬﻧ 5
/ 3 ﺪﺻﺭﺩേ 16
/ 08 / 1388
ﻢﻫﺩ 4
ﺪﺻﺭﺩേ 06
/ 04 / 1389
ﻢﻫﺩﺯﺎﻳ 5
ﺪﺻﺭﺩേ 02
/ 03 / 1394
ﻊﺒﻨﻣ ﻩﺩﺍﺩ: ﻘﺤﺗﻱﺎﻫ ﻴ ﻖ
ﻪﺑ ﺶﻫﻭﮋﭘ ﻦﻳﺍ ﺭﺩ ﻪـﺑ ﺖﻛﺮﺷ ﻡﺎﻬﺳ ﺖﻤﻴﻗ ﻪﻛ ﻲﺗﻼﻣﺎﻌﻣ ﻱﺎﻫﺯﻭﺭ ﺩﺍﺪﻌﺗ ﻦﻴﻴﻌﺗ ﺭﻮﻈﻨﻣ
ﻪﻧﺎﺘﺳﺁ ﻲﻣ ﺩﺭﻮﺧﺮﺑ ﺖﻤﻴﻗ ﻥﺎﺳﻮﻧ ﺯﺎﺠﻣ ﻱﺎﻫ ،ﺪﻨﻛ
ﻩﺩﺍﺩ ﺯﺍ ﻱﺎـﻫ ﻗﻴ ﺖـﻤ ﺎﭘ ـﻳ ﻧﺎ ﻲ
، ﻢـﻛ ﺮـﺗ ﻳ ﻦ ﻭ
ﺑﻴ ﺮﺘﺸ ﻳ ﻦ ﻗ ﻴ ﺖﻤ ﺕﻼﻣﺎﻌﻣ ﺖﺳﺍ ﻩﺪﺷ ﻩﺩﺎﻔﺘﺳﺍ
. ﻪـﻛ ﺕﺭﻮـﺻ ﻦـﻳﺍ ﻪﺑ ﻪﻧﺎﺘـﺳﺁ ﺮـﮔﺍ
ﻱ ﻥﺎـﺳﻮﻧ
ﻲﻳﻻﺎﺑ ﺖﻤﻴﻗ
، ﺍ ﺎﻳ ﻭ ﺕﻼﻣﺎﻌﻣ ﺖﻤﻴﻗ ﻦﻳﺮﺘﺸﻴﺑ ﺎﺑ ﻪﻧﺍﺯﻭﺭ ﻲﻨﻴﻳﺎـﭘ ﺖـﻤﻴﻗ ﻥﺎـﺳﻮﻧ ﻪﻧﺎﺘـﺳﺁ ﺮﮔ
،
ﺎﺑ ﻪﻧﺍﺯﻭﺭ ﻢﻛ ﺮﺗ ﺩﻮﺷ ﺮﺑﺍﺮﺑ ﺯﻭﺭ ﺭﺩ ﺕﻼﻣﺎﻌﻣ ﺖﻤﻴﻗ ﻦﻳ
، ﺪـﺣ ﻪـﺑ ﻡﺎﻬـﺳ ﺖـﻤﻴﻗ ﺯﻭﺭ ﻥﺁ ﻩﺎـﮕﻧﺁ
ﺖﻤﻴﻗ ﻥﺎﺳﻮﻧ ﺩﻮﺧ
ﺩﺭﻮﺧﺮﺑ ﻩﺩﺮﻛ .ﺖﺳﺍ
ﻝﻭﺪﺟ ﺭﺩ 2
ﻣ ﻴ ﮕﻧﺎ ﻴ ﻦ ﺎﻫﺯﻭﺭ ﺩﺍﺪﻌﺗ ﺖﺒﺴﻧ ﻱ
ﻗ ﺩﺭﻮﺧﺮﺑ ﻴ
ﺖﻤ ﻪﻧﺎﺘﺳﺁ ﻪﺑ ﻡﺎﻬﺳ ﺎﻫ
ﻱ ﺯﺎﺠﻣ
ﻗ ﻥﺎﺳﻮﻧ ﻴ ﺖﻤ ﺎـﻫﺯﻭﺭ ﻞـﻛ ﺩﺍﺪـﻌﺗ ﻪﺑ ﻱ
ﺗﻼﻣﺎـﻌﻣ ﻲ ﻝﻮـﻃ ﺭﺩ ﻳ
،ﻝﺎـﺴﻜ ﺍﺮـﺑ ﻱ ﻣﺎـﻤﺗ ﻡﺎﻬـﺳ ﻲ
ﺖﻛﺮﺷ ﺎﻫ ﻱ ﺬﭘ ﻳ ﻪﺘﻓﺮ ﻜﻔﺗ ﻪﺑ ﻥﺍﺮﻬﺗ ﺭﺍﺩﺎﻬﺑ ﻕﺍﺭﻭﺍ ﺱﺭﻮﺑ ﺭﺩ ﻩﺪﺷ ﻴ
ﻚ ﻝﺎﺳ ﻫ ﺎ ﻱ ـﺳﺭﺮﺑ ﺩﺭﻮـﻣ ﻲ
.ﺖﺳﺍ ﻩﺪﺷ ﻩﺩﺭﻭﺁ ﻪﻧﻮﻤﻧ ﺭﺩ
ﻝﻭﺪﺟ 2 . ﺖﻤﻴﻗ ﻥﺎﺳﻮﻧ ﺪﺣ ﻪﺑ ﺩﺭﻮﺧﺮﺑ ﻱﺎﻫﺯﻭﺭ ﺖﺒﺴﻧ ﻦﻴﮕﻧﺎﻴﻣ ﺖﻛﺮﺷ
ﺎﻫ ﻪﺘﻓﺮﻳﺬﭘ ﻱ ﻩﺪﺷ
ﺭﺩ
ﻝﺎﺳ ﻲﻃ ﻥﺍﺮﻬﺗ ﺭﺍﺩﺎﻬﺑ ﻕﺍﺭﻭﺍ ﺱﺭﻮﺑ ﻱﺎﻫ
1385 - 1393
ﻝﺎﺳ ﮕﻧﺎﻴﻣ
ﺪﺣ ﻪﺑ ﺩﺭﻮﺧﺮﺑ ﻦﻴ ﺖﻤﻴﻗ ﻥﺎﺳﻮﻧ
(ﺪﺻﺭﺩ) ﺩﺭﻮﺧﺮﺑ ﻦﻴﮕﻧﺎﻴﻣ
ﻥﺎﺳﻮﻧ ﻪﻧﺎﺘﺳﺁ ﻪﺑ ﻻﺎﺑ ﺖﻤﻴﻗ
(ﺪﺻﺭﺩ) ﺩﺭﻮﺧﺮﺑ ﻦﻴﮕﻧﺎﻴﻣ
ﻥﺎﺳﻮﻧ ﻪﻧﺎﺘﺳﺁ ﻪﺑ ﻦﻴﻳﺎﭘ ﺖﻤﻴﻗ
(ﺪﺻﺭﺩ) ﻪﺑ ﻥﺎﻣﺰﻤﻫ ﺩﺭﻮﺧﺮﺑ ﻦﻴﮕﻧﺎﻴﻣ
ﻭ ﻻﺎﺑ ﺖﻤﻴﻗ ﻥﺎﺳﻮﻧ ﻪﻧﺎﺘﺳﺁ ﻦﻴﻳﺎﭘ ﺖﻤﻴﻗ ﻥﺎﺳﻮﻧ ﻪﻧﺎﺘﺳﺁ
(ﺪﺻﺭﺩ)
1385 25
/ 68 77
/ 30 01
/ 39 53
/ 1
1386 80
/ 64 02
/ 29 18
/ 37 40
/ 1
1387 77
/ 60 10
/ 24 95
/ 37 28
/ 1
1388 28
/ 65 08
/ 41 43
/ 25 23
/ 1
1389 85
/ 51 32
/ 30 23
/ 22 70
/ 0
1390 07
/ 49 14
/ 24 70
/ 25 77
/ 0
1391 36
/ 54 87
/ 25 37
/ 29 88
/ 0
1392 78
/ 68 74
/ 40 77
/ 29 73
/ 1
1393 76
/ 52 77
/ 21 81
/ 31 82
/ 0
ﻖﻴﻘﺤﺗ ﺕﺎﺒﺳﺎﺤﻣ :ﻊﺒﻨﻣ
ﺎﻋﻼﻃﺍ ﻪﺑ ﻪﺟﻮﺗ ﺎﺑ ﻝﻭﺪﺟ ﺕ
2 ﻣ ، ـﻴ ﮕﻧﺎ ﻴ ﻦ ﻗ ﻥﺎـﺳﻮﻧ ﺪـﺣ ﻪـﺑ ﺩﺭﻮـﺧﺮﺑ ﻴ
ﺖـﻤ ﻝﻮـﻃ ﺭﺩ
ﻝﺎﺳ ﺎﻫ ﻱ ﺳﺭﺮﺑ ﺩﺭﻮﻣ ﻲ
ﻪﻧﻮﻤﻧ ﺭﺩ ﻲﺒﻳﺮﻘﺗ ﺭﻮﻃ ﻪﺑ
ﺸﻫﺎﻛ ﺪﻧﻭﺭ ﻲ
ﻪـﺑ ﻪـﺟﻮﺗ ﺎـﺑ ﻭ ﺖﺳﺍ ﻪﺘﺷﺍﺩ
ﺑﻴ ﺮﺘﺸ ﻩﺯﺎﺑ ﻥﺪﺷ ﻱ
ﻪﻨﻣﺍﺩ ﻱ ﻗ ﻥﺎﺳﻮﻧ ﺯﺎﺠﻣ ﻴ
ﺖﻤ ـﻨﭼ ،ﻪـﻧﺍﺯﻭﺭ ﻴ
ﻦ ـﺸﻫﺎﻛ ﻲ ﻲـﻣ ﺭﺎـﻈﺘﻧﺍ ﺩﻭﺭ
.
ﻨﭽﻤﻫ ﻴ ﻦ ﺑ ﻡﺯﻻ ﻪ ﺍﻭﺍ ﺯﺍ ﻪﻛ ﺖﺳﺍ ﺮﻛﺫ ﻳ
ﻞ ﺎﭘ ﻴﻳ ﺰ ﻝﺎﺳ 1391 ﺘﻧﺍ ﺎـﺗ ﺎـﻬ ﻱ ﺎـﭘ ﻴﻳ ﺰ ﻝﺎـﺳ 1392
،
ﺭﺍﺩﺎﻬﺑ ﻕﺍﺭﻭﺍ ﺱﺭﻮﺑ ﻥﺍﺮﻬﺗ
ﺴﻣ ﺭﺩ ﻴ ﺮ ﺩﻮﻌـﺻ ﻱ ﺖـﻛﺮﺣ ﺩﺮـﻛ ﻭ ﺭﺍﺪـﻘﻣ ،ﺕﺪـﻣ ﻦـﻳﺍ ﻲـﻃ ﺭﺩ
ﺱﺭﻮﺑ ﺭﺍﺯﺎﺑ ﻞﻛ ﺺﺧﺎﺷ ﺭﺍﺩﺎﻬﺑ ﻕﺍﺭﻭﺍ
ﺩﻭﺪﺣ ﺯﺍ ﻥﺍﺮﻬﺗ 26
ﺩﻭﺪـﺣ ﻪـﺑ ﺪـﺣﺍﻭ ﺭﺍﺰﻫ 89
ﺭﺍﺰـﻫ
ﺍﺰﻓﺍ ﺪﺣﺍﻭ ﻳ
ﺶ ﻳ ﺘﻓﺎ ﺖﺳﺍ ﻪ ﻤﻫ ﻪﺑ ﻭ ﻴ ﻦ ﻟﺩ ﻴ ﻞ ﻝﺎﺳ ﺭﺩ 1392 ﻣ ﻴ ﮕﻧﺎ ﻴ ﻦ ﺎـﻫﺯﻭﺭ ﺩﺍﺪﻌﺗ ﺖﺒﺴﻧ ﻱ
ﺑ ﺩﺭﻮﺧﺮ ﺳﻮﻧ ﺪﺣ ﻪﺑ ﻗ ﻥﺎ
ﻴ ﺖﻤ
، ﻩﮋﻳﻭ ﻪﺑ ﻪﻧﺎﺘـﺳﺁ ﻪﺑ ﺩﺭﻮﺧﺮﺑ ﻦﻴﮕﻧﺎﻴﻣ ﻱ
ﻻﺎـﺑ ﺖـﻤﻴﻗ ﻥﺎـﺳﻮﻧ
1
ﻝﺎﺳ ﻪﺑ ﺖﺒﺴﻧ ﺎﻫ
ﻱ ﻪﺑ ﻪﺘﺷﺬﮔ ﻬﺟﻮﺗ ﻞﺑﺎﻗ ﺭﻮﻃ
ﻲ ﺭ ﻻﺎﺑ ﻪﺘﻓ .ﺖﺳﺍ
4 - ﻖﻴﻘﺤﺗ ﺵﻭﺭ ﻲﮔﮋﻳﻭ ﻲﺳﺭﺮﺑ ،ﺶﻫﻭﮋﭘ ﻦﻳﺍ ﻡﺎﺠﻧﺍ ﺯﺍ ﻲﻠﺻﺍ ﻑﺪﻫ ﻡﺎﻬﺳ ﻱﺎﻫ
ﺖﻛﺮـﺷ ﺎـﻫ ﺱﺭﻮـﺑ ﺭﺩ ﻲﻳ
ﻪﻛ ﺖﺳﺍ ﻥﺍﺮﻬﺗ ﺭﺍﺩﺎﻬﺑ ﻕﺍﺭﻭﺍ ﻥﺁ ﺖﻤﻴﻗ
ﺎﻫ ﻪـﺑ ﻧ ﺪـﺣ ﻪـﺑ ﺭﺮـﻜﻣ ﺭﻮـﻃ ﺖـﻤﻴﻗ ﻥﺎـﺳﻮ
ﺩﺭﻮـﺧﺮﺑ
ﻲﻣ ﺪﻨﻛ ﺭﺩ . ﺖﻘﻴﻘﺣ ﻖﻴﻘﺤﺗ ﻦﻳﺍ ﻪﺑ
ﻝﺎﺒﻧﺩ ﻥﺁ ﺖﺳﺍ ﻪـﺑ ﺕﻭﺎـﻔﺘﻣ ﻭ ﺪـﻳﺪﺟ ﻱﺩﺮـﻜﻳﻭﺭ ﺎـﺑ ﻪﻛ
ﺯﺍﺩﺮﭙﺑ ﻥﺍﺮﻬﺗ ﺭﺍﺩﺎﻬﺑ ﻕﺍﺭﻭﺍ ﺱﺭﻮﺑ ﺭﺩ ﺖﻤﻴﻗ ﻥﺎﺳﻮﻧ ﺪﺣ ﺭﺎﺛﺁ ﻲﺳﺭﺮﺑ ﺩ
ﻩﺯﻮـﺣ ﻦـﻳﺍ ﻪﻛ ﺎﺠﻧﺁ ﺯﺍ .
ﻪـﻛ (ﻩﻮﻘﻟﺎـﺑ ﻲﮔﮋﻳﻭ) ﻞﻣﺎﻋ ﺞﻨﭘ ﻖﻴﻘﺤﺗ ﻦﻳﺍ ﺭﺩ ،ﺖﺳﺍ ﻪﺘﻓﺎﻴﻧ ﻪﻌﺳﻮﺗ ﻱﺩﻭﺪﺣ ﺎﺗ ﺕﺎﻘﻴﻘﺤﺗ ﺯﺍ ﻭﮋﭘ ﺭﺩ ﺶﻫ ﻩﺪﺷ ﻲﻳﺎﺳﺎﻨﺷ ﻂﺒﺗﺮﻣ ﻱﺎﻫ ،
ﻪﺘﻓﺮﮔ ﺭﺍﺮﻗ ﻩﺩﺎﻔﺘﺳﺍ ﺩﺭﻮﻣ ﺪﻧﺍ
: ﻚﻴﺗﺎﻤﺘـﺴﻴﺳ ﻚﺴﻳﺭ
) ﺎﺘﺑ ( ﻩﺪـﻧﺎﻤﻴﻗﺎﺑ ﻚﺴﻳﺭ ، (ﻚﻴﺗﺎﻤﺘـﺴﻴﺳﺮﻴﻏ)
ﻩﺯﺍﺪـﻧﺍ ،ﺕﻼﻣﺎـﻌﻣ ﻢـﺠﺣ ، ﻱ
ﺵﺯﺭﺍ ﻭ ﺖﻛﺮـﺷ
ﻪﺑ ﻱﺮﺘﻓﺩ ﺵﺯﺭﺍ
.ﻡﺎﻬﺳ ﺭﺍﺯﺎﺑ
ﻪﺑ ﻲﻜﺴﻳﺭ ﻡﺎﻬﺳ ﻲﻠﻛ ﺭﻮﻃ ﻲﻣ ﻥﺎﺸﻧ ﺩﻮﺧ ﺯﺍ ﻱﺮﺘﺸﻴﺑ ﺖﻤﻴﻗ ﺕﺎﻧﺎﺳﻮﻧ ﺮﺗ
ﻫﺩ ﻨ ﻦﻳﺍﺮﺑﺎﻨﺑ ،ﺪ
ﻳﺯ ﻝﺎﻤﺘﺣﺍ ﻪﺑ ﺩﺎ
ﺕﺎﻌﻓﺩ ﺭﺩ ﻥﺎﺳﻮﻧ ﺪﺣ ﻪﺑ ﻱﺮﺘﺸﻴﺑ
ﺖﻤﻴﻗ ﺩﻮـﺧ ﺪـﻨﻫﺍﻮﺧ ﺩﺭﻮـﺧﺮﺑ ﺮـﻛ
ﺩ ﺭﺩ .
ﻡﺎﻬـﺳ ﺖـﻤﻴﻗ ﺩﺭﻮﺧﺮﺑ ﻝﺎﻤﺘﺣﺍ ﻱﻭﺭ ﺮﺑ ءﺍﺰﺟﺍ ﺯﺍ ﻚﻳ ﺮﻫ ﺮﺛﺍ ﻲﺳﺭﺮﺑ ﺭﻮﻈﻨﻣ ﻪﺑ ﺶﻫﻭﮋﭘ ﻦﻳﺍ ﺖﻤﻴﻗ ﻥﺎﺳﻮﻧ ﺪﺣ ﻪﺑ ،
ﻚﻴﺗﺎﻤﺘـﺴﻴﺳﺮﻴﻏ ﻭ ﻚﻴﺗﺎﻤﺘـﺴﻴﺳ ءﺰﺟ ﻭﺩ ﻪﺑ ﻡﺎﻬﺳ ﻚﺴﻳﺭ
، ﻢﻴـﺴﻘﺗ
ﻩﺯﺍﺪﻧﺍ .ﺖﺳﺍ ﻩﺪﺷ ﻱ
ﻪﺑ ﻱﺮﺘﻓﺩ ﺵﺯﺭﺍ ﻭ ﺖﻛﺮﺷ ﺵﺯﺭﺍ
ﺍﺯﺎﺑ ﻡﺎﻬﺳ ﺭ
، ﺢﻴـﺿﻮﺗ ﺭﻮﻈﻨﻣ ﻪﺑ ﻭﺩ ﺮﻫ
ﻩﺩﺯﺎﺑ ﺭﺩ ﻲﻌﻄﻘﻣ ﺕﻭﺎﻔﺗ ﻱ
ﻡﺎﻬﺳ ﺖﻛﺮﺷ ﺎﻫ ﻦـﭼ) ﺩﻮـﺑ ﺪـﻨﻫﺍﻮﺧ ﺪـﻴﻔﻣ ﻥﺍﺭﺎـﻜﻤﻫ ﻭ2
1991 ؛
ﻦﻤﺘﻴﺗ ﻭ ﻞﻴﻧﺩ 19973
ﭻﻧﺮﻓ ﻭ ﺎﻣﺎﻓ ؛ ،4
1992 ﭻﻧﺮﻓ ﻭ ﺎﻣﺎﻓ .(
) 1992 ﻦـِﭼ ﻭ ﻦﭼ ﻭ ( )5
1991 (
ﻦﻳﺍ ﺩﻮﺧ ﺕﺎﻌﻟﺎﻄﻣ ﺭﺩ ﻲﻣ ﻝﻻﺪﺘﺳﺍ ﻪﻧﻮﮔ
ﻪـﻛ ﺪﻨﻨﻛ ﺖﻛﺮـﺷ
ﺎـﻫ ﻩﺯﺍﺪـﻧﺍ ﻱﺍﺭﺍﺩ ﻱ ﻱ
ﻭ ﻚـﭼﻮﻛ
1. Upper limit-hit 2.Chan
3. Daniel and Titman 4.Fama & French 5.Chan & Chen
ﺒﺴﻧ ﻪﺑ ﻱﺮﺘﻓﺩ ﺵﺯﺭﺍ ﺖ ﺵﺯﺭﺍ
ﺭﺍﺯﺎﺑ ﺮﻳﺎﺳ ﻪﺑ ﺖﺒﺴﻧ ًﺎﺘﻴﻫﺎﻣ ﻻﺎﺑ ﺖﻛﺮﺷ
ﺎﻫ ﻱﺮﺗﻻﺎـﺑ ﻚﺴﻳﺭ ﺯﺍ
) ﺪﻧﺭﺍﺩﺭﻮﺧﺮﺑ ﻪﺑ
ﻥﺍﻮﻨﻋ ﻲﮕﺘﺴﻜﺷﺭﻭ ﻚﺴﻳﺭ ﺽﺮﻌﻣ ﺭﺩ ﺮﺘﺸﻴﺑ ،ﻝﺎﺜﻣ ﻦـﻳﺍ ﺯﺍ ﻭ (ﺪﻧﺭﺍﺩ ﺭﺍﺮﻗ1
ﻭﺭ
ﻢﻬﺳ ﺮﻳﺎﺳ ﻪﺑ ﺖﺒﺴﻧ ﻱﺮﺗﻻﺎﺑ ﻱﺭﺎﻈﺘﻧﺍ ﻲﻫﺩﺯﺎﺑ ﺯﺍ ﺖﺒﺴﻧ ﻥﺎﻤﻫ ﻪﺑ ﺪـﻧﺭﺍﺩﺭﻮﺧﺮﺑ ﺎﻫ
، ﻦﻳﺍﺮﺑﺎـﻨﺑ
ﻲﻣ ﺭﺎﻈﺘﻧﺍ ﻮﻧ ﺪﺣ ﺩﻭﺭ
ﻦﻳﺍ ،ﺖﻤﻴﻗ ﻥﺎﺳ ﻩﺩﺯﺎـﺑ ﻪـﻛ ﻲﻧﺎـﻣﺯ ﺭﺩ ﺍﺭ ﻡﺎﻬـﺳ ﺯﺍ ﻪـﻧﻮﮔ
ﻲـﻌﻗﺍﻭ ﻱﺎـﻫ
ﻩﺯﺍﺪـﻧﺍ ﺎـﺗ ﺕﻼﻣﺎـﻌﻣ ﻢـﺠﺣ .ﺪﻫﺩ ﺭﺍﺮﻗ ﺮﻴﺛﺄﺗ ﺖﺤﺗ ،ﺪﻧﺭﺍﺩ ﻱﺮﺗﻻﺎﺑ ﻩﺪﻨﻨﻛﺎـﺸﻓﺍ ﻱﺍ
ﻱ ﻥﺎـﻳﺮﺟ
ﺮﺒﻣﺎﺑ) ﺖﺳﺍ ﺭﺍﺯﺎﺑ ﻪﺑ ﺕﺎﻋﻼﻃﺍ ﺯﺍ ﻱﺪﻳﺪﺟ ،2
1986 ﻑﻮﭘﺭﺎﻛ ؛ ،3
1986 ﺎـﻴﭼﺭﻭ ؛ ،4
1981 ﻪـﺑ .(
ﻥﺎﻣﺯ ﺯﺍ ﻱﺭﺎﻴﺴﺑ ﺭﺩ ﻪﻛ ﻲﻣﺎﻬﺳ ،ﺐﻴﺗﺮﺗ ﻦﻳﺍ ﺣ ﺎﻫ
ﻪـﮕﻧ ﺖـﺑﺎﺛ ﺎـﺑ ،ﺪـﻧﺭﺍﺩ ﻲﻳﻻﺎﺑ ﺕﻼﻣﺎﻌﻣ ﻢﺠ
ﺰـﻴﻧ ﺍﺭ ﻱﺮﺘـﺸﻴﺑ ﺕﺎﻧﺎـﺳﻮﻧ ﻭ ﺖـﻤﻴﻗ ﺕﺍﺮـﻴﻴﻐﺗ ﺪـﻳﺎﺑ ،ﻪﻠﻣﺎﻌﻣ ﺮﻫ ﺭﺩ ﺖﻤﻴﻗ ﺕﺎﻧﺎﺳﻮﻧ ﻦﺘﺷﺍﺩ ﻪﺑﺮﺠﺗ ﻛ ﻪـﻌﻟﺎﻄﻣ ﻪـﻠﻤﺟ ﺯﺍ ﻱﺩﺎﻳﺯ ﺕﺎﻌﻟﺎﻄﻣ ﺭﺩ ﻦﻴﻨﭽﻤﻫ .ﺪﻨﻨ ﻱ
) ﻱﺭ ﻭ ﻢﻴـﻛ 1997
( ﻥﺎـﻴﺑ
ﺖﺳﺍ ﻩﺪﺷ ﻪﻛ
ﻪﻄﺑﺍﺭ ﺖﻤﻴﻗ ﺕﺍﺮﻴﻴﻐﺗ ﻥﺍﺰﻴﻣ ﺎﺑ ﺕﻼﻣﺎﻌﻣ ﻢﺠﺣ ﻱ
ﻱﺮﺛﺍ .ﺩﺭﺍﺩ ﻲﺘﺒﺜﻣ ﺮـﻫ ﻪـﻛ
ﻡﺎﻬﺳ ﺕﻼﻣﺎﻌﻣ ﻢﺠﺣ ﺮﺑ ﺮﺒﺧ ﻲﻣ
ﺬﮔ ﺩﺭﺍ
، ﻭ ﺩﺭﺍﺩ ﻲﮕﺘﺴﺑ ﺮﺒﺧ ﻥﺁ ﺖﻴﻔﻴﻛ ﻭ ﺖﻴﻤﻫﺍ ﻥﺍﺰﻴﻣ ﻪﺑ
ﻩﺪﻨﻳﺁ ﺭﺩ ﻲﻣ ﺭﺎﻈﺘﻧﺍ ﺮﻈﻧ ﻦﻳﺍ ﺯﺍ .ﺪﺷ ﺪﻫﺍﻮﺧ ﺖﻤﻴﻗ ﺮﻴﻴﻐﺗ ﻥﺍﺰﻴﻣ ﺶﻳﺍﺰﻓﺍ ﺐﺟﻮﻣ
ﺖـﻤﻴﻗ ﺩﻭﺭ
ﻲﻣ ﻪﺑﺮﺠﺗ ﺍﺭ ﻲﺘﻴﻤﻫﺍﺎﺑ ﺕﺎﻋﻼﻃﺍ ﻥﺎﻳﺮﺟ ﻪﻛ ﻲﻣﺎﻬﺳ ﻛ
ﻓﺩ ﺭﺩ ،ﺪﻨﻨ ﻥﺎﺳﻮﻧ ﺪﺣ ﻪﺑ ﻱﺮﺘﺸﻴﺑ ﺕﺎﻌ
ﺩﺭﻮﺧﺮﺑ ﺭﺍﺩ ﺪﻧ
، ﺎﻨﺑ ﻪـﻠﻣﺎﻌﻣﺮﭘ ﻡﺎﻬـﺳ ﺖـﻤﻴﻗ ﺩﺭﻮﺧﺮﺑ ﺕﺎﻌﻓﺩ ﺩﺍﺪﻌﺗ ﺖﺳﺍ ﻦﻳﺍ ﺮﺑ ﺽﺮﻓ ﻦﻳﺍﺮﺑ
5
.ﺖﺳﺍ ﺮﺘﺸﻴﺑ ﺖﻤﻴﻗ ﻥﺎﺳﻮﻧ ﺪﺣ ﻪﺑ
4 - 1 - ﻖﻴﻘﺤﺗ ﻲﺠﻨﺳﺩﺎﺼﺘﻗﺍ ﻝﺪﻣ ﺢﻳﺮﺸﺗ ﻝﺪـﻣ ،ﻞـﺒﻗ ﺶﺨﺑ ﺭﺩ ﻩﺪﺷ ﺡﺮﻄﻣ ﺚﺣﺎﺒﻣ ﻭ ﻖﻴﻘﺤﺗ ﺕﻻﺍﺆﺳ ﺎﺑ ﺮﻇﺎﻨﺘﻣ ﺶﺨﺑ ﻦﻳﺍ ﺭﺩ
ﻲﺠﻨﺳﺩﺎﺼﺘﻗﺍ ﻖﻴﻘﺤﺗ
ﻩﺮﻬﺑ ﺎﺑ ﺢﻳﺮـﺸﺗ ﻩﺮﻴﻐﺘﻣ ﺪﻨﭼ ﻥﻮﻴﺳﺮﮔﺭ ﺵﻭﺭ ﺯﺍ ﻱﺮﻴﮔ ﻲـﻣ
ﻮـﺷ ﺩ ﻪـﺑ .
ﺭﻮﻈﻨﻣ ﻪـﺑ ﻲﻳﻮﮕﺨﺳﺎﭘ ﻻﺍﺆـﺳ
ﺕ ﺶﻫﻭﮋـﭘ ، ﻪـﻟﺩﺎﻌﻣ ﻱ ﻩﺮـﻴﻐﺘﻣ ﺪـﻨﭼ ﻥﻮﻴـﺳﺮﮔﺭ ﻱ
1 ﺩﺭﻮـﻣ
ﻲﻣ ﺭﺍﺮﻗ ﻩﺩﺎﻔﺘﺳﺍ ﺩﺮﻴﮔ
.
) 1
jt (
jt j jt jt jt jt
jt jt jt log[Hit ]
Hitˆ Beta RR TV Size
{ log[Hit ]}
BM
J U U U U
U H
1 2 3 4
5 1
1.Default Risk 2. Bamber 3.Karpoff 4.Verrecchia 5.Actively Traded
ﻪﻟﺩﺎﻌﻣ ﺭﺩ ﻥﻮﻴﺳﺮﮔﺭ ﻱ
1 ، ﺮﻴﻐﺘﻣ
୨୲
ﻩﺪﻨﻫﺩ ﻥﺎﺸﻧ ﻱ
ﻢﻬﺳ ﻪﻛ ﺖﺳﺍ ﻲﺗﺎﻌﻓﺩ ﻲﻧﺍﻭﺍﺮﻓ
ﻥﺎﻣﺯ ﺭﺩj
ﻥﺎﺳﻮﻧ ﺪﺣ ﻪﺑt
ﻲﻣ ﺩﺭﻮﺧﺮﺑ ﺩﻮﺧ ﺖﻤﻴﻗ ﺭﻮﻈﻨﻣ ﻪﺑ ﻭ ﺪﻨﻛ
ﻪﺒـﺳﺎﺤﻣ ﻱ
ﺮـﻫ ﺭﺩ ،ﻥﺁ
ﻩﺭﻭﺩ ﻱ ﻞـﻛ ﺮـﺑ ﻭ ﻦﻴـﻴﻌﺗ ﻥﺎـﺳﻮﻧ ﺪﺣ ﻪﺑ ﻢﻬﺳ ﺖﻤﻴﻗ ﺩﺭﻮﺧﺮﺑ ﻱﺎﻫﺯﻭﺭ ﺩﺍﺪﻌﺗ ﻲﺳﺭﺮﺑ ﺩﺭﻮﻣ
ﺭﻮﻣ ﻢﻬﺳ ﻪﻛ ﻲﺗﻼﻣﺎﻌﻣ ﻱﺎﻫﺯﻭﺭ ﺩﺍﺪﻌﺗ ﻲﻣ ﻢﻴﺴﻘﺗ ﻪﺘﻓﺮﮔ ﺭﺍﺮﻗ ﻪﻠﻣﺎﻌﻣ ﺩ
ﺩﻮﺷ . ﺮـﻴﻐﺘﻣ
୨୲
،
ﻩﺯﺍﺪﻧﺍ ﻱﺍﺮﺑ ﻲﺼﺧﺎﺷ ﻚﺴﻳﺭ ﺎﻳ ﻚﻴﺗﺎﻤﺘﺴﻴﺳ ﻚﺴﻳﺭ ﻱﺮﻴﮔ
ﻥﺎـﻣﺯ ﺭﺩ ﺭﺍﺯﺎﺑ ﺮـﻴﻐﺘﻣ ﻭt
୨୲
،
ﻩﺯﺍﺪﻧﺍ ﻱﺍﺮﺑ ﻲﺼﺧﺎﺷ ﻢﻬـﺳ ﻱﺍﺮﺑ ﻲﺘﻛﺮﺷ ﺺﺘﺨﻣ ﻚﺴﻳﺭ ﺎﻳ ﻚﻴﺗﺎﻤﺘﺴﻴﺳﺮﻴﻏ ﻚﺴﻳﺭ ﻱﺮﻴﮔ
ﻥﺎﻣﺯ ﺭﺩj
ﻒﻳﺮﻌﺗt
ﺎﻫﺮﻴﻐﺘﻣ ﻦﻳﺍ ﺩﺭﻭﺁﺮﺑ ﺭﻮﻈﻨﻣ ﻪﺑ ﻭ ﺐـﻴﺗﺮﺗ ﻪﺑ
ﺯﺍ ﻪـﻄﺑﺍﺭ ﻱ 2 ﻭ 3 ﻩﺩﺎﻔﺘـﺳﺍ
ﻲﻣ ﺩﻮﺷ .
) 2
j m (
j m
Cov( ,r r ) Beta Var(r )
) 3
j j j m (
e E
V2 V2 2V2
ﺩ ﺭ ﻪﻄﺑﺍﺭ ﻱ 2 ،
୨
ﻪـﻗﺭﻭ ﻩﺩﺯﺎـﺑ ﻱ
ﺭﺍﺩﺎـﻬﺑ ﻭ j
୫
ﺩﺯﺎـﺑ ﺯﺍ ﻩﺩﺎﻔﺘـﺳﺍ ﺎـﺑ ﻭ ﺖـﺳﺍ ﺭﺍﺯﺎـﺑ ﻩ
ﻩﺩﺍﺩ ﻩﺩﺯﺎﺑ ،ﻩﺎﻣ ﺮﻫ ﻝﻭﺍ ﻱﺎﻫ ﻱ
ﺖﺳﺍ ﻩﺪﺷ ﻪﺒﺳﺎﺤﻣ ﻩﺩﺎﺳ ﺕﺭﻮﺻ ﻪﺑ ﻪﻧﺎﻫﺎﻣ ﻪﻄﺑﺍﺭ ﺭﺩ ﻭ
3 ،ﺰﻴﻧ
ɐୣଶౠ
،ﺪﻧﺎﻤﺴﭘ ﺲﻧﺎﻳﺭﺍﻭ
ɐ୨ଶ
ﻪﻗﺭﻭ ﺲﻧﺎﻳﺭﺍﻭ ﻱ
ﺭﺍﺩﺎﻬﺑ j
ﻭ
ɐ୫ଶ
.ﺖـﺳﺍ ﺭﺍﺯﺎـﺑ ﻲﻫﺩﺯﺎـﺑ ﺲﻧﺎـﻳﺭﺍﻭ
ﻦﻴﻨﭽﻤﻫ ) ﺪﻧﺎﻤﺴﭘ ﺭﺎﻴﻌﻣ ﻑﺍﺮﺤﻧﺍ
୨
( ﻪـﺑ ﻥﺍﻮـﻨﻋ ﺮـﻈﻧ ﺭﺩ ﻢﻬـﺳ ﻚﻴﺗﺎﻤﺘـﺴﻴﺳﺮﻴﻏ ﻚـﺴﻳﺭ
ﻲــﻣ ﻪــﺘﻓﺮﮔ ﻪﺒــﺳﺎﺤﻣ ﺭﻮــﻈﻨﻣ ﻪــﺑ ﺶﻫﻭﮋــﭘ ﻦــﻳﺍ ﺭﺩ .ﺩﻮــﺷ
ﻱ ﻭ ﻚﻴﺗﺎﻤﺘــﺴﻴﺳ ﻚــﺴﻳﺭ
ﺮﻴﻏ ﻩﺩﺍﺩ ﺯﺍ ﻚﻴﺗﺎﻤﺘﺴﻴﺳ ﻩﺪﺷ ﻞﻳﺪﻌﺗ ﻲﻧﺎﻳﺎﭘ ﺖﻤﻴﻗ ﻱﺎﻫ
ﻭ ﻡﺎﻬﺳ1
ﺭﺍﺪﻘﻣ ﺭﺍﺯﺎـﺑ ﻞـﻛ ﺺﺧﺎـﺷ
ﻪﺑ ﺒﺳﺎﺤﻣ ﺭﻮﻈﻨﻣ ﻪ
ﻱ .ﺖﺳﺍ ﻩﺪﺷ ﻩﺩﺎﻔﺘﺳﺍ ﻪﻧﺎﻫﺎﻣ ﻲﻫﺩﺯﺎﺑ ﺍ ﺮﺑ ﻥﻭﺰﻓﺍ
ﻪﺒـﺳﺎﺤﻣ ﺭﻮﻈﻨﻣ ﻪﺑ ﻦﻳ ﻱ
ﻲﻫﺩﺯﺎﺑ ﺯﺍ ﻚﻴﺗﺎﻤﺘﺴﻴﺳﺮﻴﻏ ﻚﺴﻳﺭ ﻭ ﺎﺘﺑ ﻪـﻧﺎﻫﺎﻣ ﻱﺎﻫ
ﻱ 5 ﻪﺘـﺷﺬﮔ ﻝﺎـﺳ ﻱ
) 60 (ﻩﺪﻫﺎـﺸﻣ
ﻭ ﻩﺪﺷ ﻩﺩﺎﻔﺘﺳﺍ ﻡﺎﻬﺳ ﻪﻄﺑﺍﺭ
ﻱ 2 ﺯﺍ ﻩﺩﺎﻔﺘﺳﺍ ﺎﺑ ﻞﻗﺍﺪﺣ 30
ﺖﺳﺍ ﻩﺪﺷ ﺩﺭﻭﺁﺮﺑ ﻩﺪﻫﺎﺸﻣ .
ﺮﻴﻐﺘﻣ
୨୲
ﻥﺎﺸﻧ ﻩﺪﻨﻫﺩ ﻱ ﻢﻬﺳ ﺕﻼﻣﺎﻌﻣ ﻢﺠﺣ ﻥﺎـﻣﺯ ﺭﺩ j
ﺖـﺳﺍt
ﻭ ﻪـﺑ ﻪـﺟﻮﺗ ﺎـﺑ
ﻩﺯﺍﺪﻧﺍ ﻪﻜﻨﻳﺍ ﺖﻛﺮﺷ
ﺎﻫ ﻥﺁ ﻪـﻧﺍﺯﻭﺭ ﺕﻼﻣﺎـﻌﻣ ﻢﺠﺣ ﻭ ﻱﺍﺮـﺑ ،ﺖـﺳﺍ ﺕﻭﺎـﻔﺘﻣ ﺮﮕﻳﺪـﻜﻳ ﺎـﺑ ﺎـﻫ
ﻪﺒﺳﺎﺤﻣ ﻱ ﺖـﺳﺩ ﺭﺩ ﻡﺎﻬـﺳ ﻞـﻛ ﺩﺍﺪـﻌﺗ ﺮـﺑ ﻪﻧﺍﺯﻭﺭ ﺕﻼﻣﺎﻌﻣ ﻢﺠﺣ ،ﺕﻼﻣﺎﻌﻣ ﻢﺠﺣ ﺮﻴﻐﺘﻣ
ﻥﺍﺭﺍﺪﻣﺎﻬﺳ ﻲﻣ ﻢﻴﺴﻘﺗ2
ﺮـﻫ ﻱﺍﺮﺑ ﻩﺪﺷ ﻪﻠﻣﺎﻌﻣ ﻢﺠﺣ ﻥﺍﺰﻴﻣ ﺯﺍ ﻪﺴﻳﺎﻘﻣ ﻞﺑﺎﻗ ﻱﺭﺎﻴﻌﻣ ﺎﺗ ﺩﻮﺷ
ﺷ ﻪﺑ ﺖﻛﺮ ﺮﻴﻐﺘﻣ .ﺪﻳﺁ ﺖﺳﺩ
୨୲
، ﻢﻬﺳ ﻱﺭﺍﺯﺎﺑ ﺵﺯﺭﺍ ﻢﺘﻳﺭﺎﮕﻟ j
ﻥﺎﻣﺯ ﺭﺩ ﺭﺩ ﻪـﻛ ﺖـﺳﺍ t
ﻩﺪﻨﻳﺎﻤﻧ ﺎﺠﻨﻳﺍ ﻱﺍ
ﻩﺯﺍﺪﻧﺍ ﻱﺍﺮﺑ ﻱ
ﺖﻛﺮـﺷ ﺮـﻫ ﻱﺭﺍﺯﺎـﺑ ﺵﺯﺭﺍ ﻭ ﺖـﺳﺍ ﺖﻛﺮـﺷ ﺰـﻴﻧ
ﺎـﺑ ﺮـﺑﺍﺮﺑ
ﻞﺻﺎﺣ ﺖﻛﺮﺷ ﻡﺎﻬﺳ ﻞﻛ ﺩﺍﺪﻌﺗ ﺭﺩ ﻡﺎﻬﺳ ﻲﻧﺎﻳﺎﭘ ﺖﻤﻴﻗ ﺏﺮﺿ ﻲﻣ
ﺪـﺷﺎﺑ ﺮـﻴﻐﺘﻣ ﺖـﻳﺎﻬﻧ ﺭﺩ ﻭ
1.Adjusting Closing Price 2. Total Shares Outstanding
