ﺒﺗ ﻴﻴ ﺎﻣﺮﺳ ﺐﻠﺟ ﺮﺑ ﺮﺛﻮﻣ ﻞﻣﺍﻮﻋ ﺶﻘﻧ ﻦ ﺔﻳ
ﻘﺘﺴﻣ ﻴ ﻥﺍﺮﻳﺍ ﺭﺩ ﻲﺟﺭﺎﺧ ﻢ
ﻲﻧﺎﺠﻴﻤﻛ ﺮﺒﻛﺍ
∗ﻲﺳﺎﺒﻋ ﻩﺭﻮﺼﻨﻣ
∗
∗
ﺖﻓﺎﻳﺭﺩ ﺦﻳﺭﺎﺗ :
۱۷ / ۵ / ۸۴ ﺵﺮﻳﺬﭘ ﺦﻳﺭﺎﺗ :
۱۵ / ۹ / ۸۴
ﻩﺪﻴﻜﭼ
ﺎﻘﻣ ﺭﺩ ﺔﻟ ﻑﺪﻫ ﺮﺿﺎﺣ ﻪﻳﺎﻣﺮﺳ ﻥﺎﻳﺮﺟ ﺮﺑ ﺮﺛﻮﻣ ﻞﻣﺍﻮﻋ ﻲﻳﺎﺳﺎﻨﺷ ،
ﺟﺭﺎـﺧ ﻢﻴﻘﺘﺴـﻣ ﻱﺭﺍﺬـﮔ ﻲ
ﻭ
ﺍ ﺭﺩ ﻥﺍﺮﻳﺍ ﻩﺎﮕﻳﺎﺟ ﻥﺩﺍﺩ ﻥﺎﺸﻧ ﻳ
ﺳﺍ ﻪﻟﻮﻘﻣ ﻦ ﺖ
. ﻪﻳﺎﻣﺮـﺳ ﺐﻠﺟ ﺮﺑ ﺮﺛﻮﻣ ﻞﻣﺍﻮﻋ ﻲﻳﺎﺳﺎﻨﺷ ﺯﺍ ﺲﭘ
ﻱﺎـﻫ
ﻱﺩﻭﺭﻭ ﻥﺎﻳﺮﺟ ﺮﺑ ﻢﻬﻣ ﻱﺎﻫﺮﻴﻐﺘﻣ ﺯﺍ ﻲﺧﺮﺑ ﺮﻴﺛﺎﺗ ،ﻲﺟﺭﺎﺧ ﺭﻮﺸـﻛ ﻪـﺑ FDI
، ﻝﺪـﻣ ﺯﺍ ﻩﺩﺎﻔﺘـﺳﺍ ﺎـﺑ
Bajo-simo
ﺵﻭﺭ ﺯﺍ ، ﻩﺩﺍﺩ ﻭ ARDL
ﻝﺎﺳ ﻱﺎﻫ ﻱﺎﻫ ١٣٨٠ ـ ١٣٥٣ ﺖـﺳﺍ ﻩﺪـﺷ ﻲـﺳﺭﺮﺑ .
ﺞﻳﺎـﺘﻧ
ﻞﻣﺎﺷ ﻪﻛ ﻝﺪﻣ ٣
ﻲﻣ ﻥﺎﺸﻧ ،ﺖﺳﺍ ﻲﺟﻭﺮﺧ
ﻃ ﻪﻛ ﺪﻨﻫﺩ ﻲ
ﺍ ﻳ
،ﻩﺭﻭﺩ ﻦ ﻩﺎﺗﻮﻛ ﺭﺩ ﺥﺮﻧ ﺕﺪﻣﺪﻨﻠﺑ ﻭ ﺕﺪﻣ
ﻡﺭﻮﺗ ) ﻥﺎﻴﺑ ﻪﻛ ﺖﺳﺎﻴﺳ ﻱﺪﻣﺍﺭﺎﻛ ﻡﺪﻋ ﺮﮔ
ﺖﺳﺍﺭﻮﺸﻛ ﺭﺩ ﺖﻟﻭﺩ ﻱﺫﺎﺨﺗﺍ ﻱﺎﻫ (
ﻲﻔﻨﻣ ﻲﻠﻣﺎﻋ ﻥﺍﻮﻨﻋ ﻪﺑ
ﺍﺮﺑ ﻱ ﻪﻳﺎﻣﺮﺳ ﺏﺬﺟ
ﺖﺳﺍ ﻩﺩﺮﮐ ﻞﻤﻋ ﻲﺟﺭﺎﺧ ﻢﻴﻘﺘﺴﻣ ﻱﺭﺍﺬﮔ .
ﻢﻫ ﺺﻟﺎـﺧﺎﻧ ﺪـﻴﻟﻮﺗ ﺶﻳﺍﺰـﻓﺍ ﻦﻴﻨﭼ
ﺭﺩ ﺶﻳﺍﺰﻓﺍ ﻭ ﻪﻳﺎﻣﺮﺳ ﻱﺩﻮﺟﻮﻣ ﺶﻳﺍﺰﻓﺍ ،ﻲﻠﺧﺍﺩ ﺔﺟ
ﻨﻌﻣ ﻪﺑ ﻪﻛ ﻱﺩﺎﺼﺘﻗﺍ ﻥﺩﻮﺑ ﺯﺎﺑ ﻊـﻧﺍﻮﻣ ﺶﻫﺎﻛ ﻱﺎ
ﻪﻓﺮﻌﺗ ﻱﺩﻭﺭﻭ ﻥﺎﻳﺮﺟ ﺶﻳﺍﺰﻓﺍ ﺚﻋﺎﺑ ،ﺖﺳﺍ ﺭﻮﺸﻛ ﺭﺩ ﻱﺍ ﻲﻣ ﺭﻮﺸﻛ ﻪﺑ FDI
ﺩﻮﺷ . ـﻨﭽﻤﻫ ﻴ ﺶﻳﺍﺰـﻓﺍ ﻦ
ﻱﺩﻭﺭﻭ ﺮﺑ ﻲﻔﻨﻣ ﺮﻴﺛﺎﺗ ﺰﻴﻧ ﺯﺭﺍ ﺥﺮﻧ ﻭ ﻩﺮﻬﺑ ﺥﺮﻧ ﻴﺘﻧ ﻪﺘﺷﺍﺩ ﺭﻮﺸﻛ ﻪﺑFDI
ﺔﺠ ﻪـﻛ ﺩﺍﺩ ﻥﺎﺸـﻧ ﻲﺳﺭﺮﺑ
ﻱﺩﻭﺭﻭ ﺮﺑ ﻱﺮﻴﺛﺎﺗ ﺩﺰﻤﺘﺳﺩ ﺥﺮﻧ ﺕﺍﺮﻴﻴﻐﺗ ﺖﺳﺍ ﻪﺘﺷﺍﺪﻧ FDI
.
ﺰﻴﻧ ﺎﻳﻮﭘ ﻝﺪﻣ ﺩﺭﻭﺍﺮﺑ ﺞﻳﺎﺘﻧ ﺑﺍﺭ ﺩﻮﺟﻭ
ﺔﻄ ﺎﻣﺮـﺳ ﻱﺩﻭﺭﻭ ﻭ ﻩﺪـﺷ ﺮﻛﺫ ﻱﺎﻫﺮﻴﻐﺘﻣ ﻦﻴﺑ ﺕﺪﻣﺪﻨﻠﺑ ﺔﻳ
ﻲﻣ ﺪﻴﻳﺎﺗ ﺍﺭ ﻲﺟﺭﺎﺧ ﻢﻴﻘﺘﺴﻣ
ﺪﻨﮐ . ﻝﺪﻣ ﻙﻮـﺷ ﻚﻳ ﻥﺪﺷ ﺩﺭﺍﻭ ﺎﺑ ﻪﻛ ﺖﺳﺍ ﻥﺁ ﺯﺍ ﻲﻛﺎﺣ ﺰﻴﻧ ECM
ﺩﻭﺪﺣ ،ﻝﺪﻣ ﻲﺤﻴﺿﻮﺗ ﻱﺎﻫﺮﻴﻐﺘﻣ ﺯﺍ ﻚﻳ ﺮﻫ ﻪﺑ ٥
/ ٢ ﺎﺗ ٣ ﻲﻣ ﻝﻮﻃ ﻝﺎﺳ
ﻱﺩﻭﺭﻭ ﻥﺎـﻳﺮﺟ ﻪـﻛ ﺪﺸﻛ
ﺩﺩﺮﮔ ﺯﺎﺑ ﺶﻳﻮﺧ ﻲﻟﺩﺎﻌﺗ ﺢﻄﺳ ﻪﺑ ،FDI
.
ﻪﻘﺒﻃ ﺪﻨﺑ ﻱ : JEL F21, F23
.
ﻠﮐ ﻴ ﻩﮊﺍﻭ ﺪ : ﺎﻣﺮﺳ ﻳ ﻪ ﺭﺍﺬﮔ ﻱ ﻘﺘﺴﻣ ﻴ ﺟﺭﺎﺧ ﻢ ﻲ ﺎﻣﺮﺳ ، ﻳ ﻪ ﺭﺍﺬﮔ ﻱ ﻠﻔﺗﺮﭘ ﻴ ﻮ ﻱ ﺟﺭﺎﺧ ﻲ ،ﺯﺭﺍ ﺥﺮﻧ ،ﻡﺭﻮﺗ ،
ﺭﺩ ،ﻩﺮﻬﺑ ﺥﺮﻧ ﺔﺟ
ﺩﺎﺼﺘﻗﺍ ﻥﺩﻮﺑ ﺯﺎﺑ ﻱ
ﻟﻮﺗ ، ﻴ ﻠﺧﺍﺩ ﺺﻟﺎﺧﺎﻧ ﺪ ﻲ
ﺕﺪﻣ ﺪﻨﻠﺑ ،ﺕﺪﻣ ﻩﺎﺗﻮﮐ ،
________________________________
________________________________
__
ﻲﻤﻠﻋ ﺕﺎﻴﻫ ﻮﻀﻋ∗
،ﺩﺎﺼﺘﻗﺍ ﻩﺪﻜﺸﻧﺍﺩ ﻥﺍﺮﻬﺗ ﻩﺎﮕﺸﻧﺍﺩ
.
∗
∗ ﻱﺩﺎﺼﺘﻗﺍ ﺱﺎﻨﺷﺭﺎﻛ .
۱
‐ ﻣ ﻪﻣﺪﻘ ﻞـﻣﺍﻮﻋ ﺭﺩ ﺖـﻗﺩ ﻡﺰﻠﺘﺴﻣ ﺰﻴﭼ ﺮﻫ ﺯﺍ ﻞﺒﻗ ﺩﺎﺼﺘﻗﺍ ﺭﺩ ﻪﻌﺳﻮﺗ ﻭ ﺪﺷﺭ ﺪﻨﻳﺍﺮﻓ ﻡﻭﺍﺪﺗ
ﻳﺍ ﻨﻨﻛﺩﺎﺠ ﺓﺪ ﺖﺳﺎﻬﻧﺁ .
ﻪﻳﺎﻣﺮﺳ ﻪﻛ ﺖﺴﻴﻧ ﻲﻜﺷ
ﺎﻣﺮﺳ ﻞﻴﻜﺸﺗ ﺎﻳ ﻱﺭﺍﺬﮔ ﺔﻳ
ﻡﺯﻻ ﻁﺮـﺷ
ﺳﻮﺗ ﻭ ﺪﺷﺭ ﻱﺍﺮﺑ ﺔﻌ
ﺖﺳﺍ ﻱﺩﺎﺼﺘﻗﺍ .
ﻪﻳﺎﻣﺮـﺳ ﻩﺎﮕﻳﺎﺟ ﻭ ﺶﻘﻧ
ﻱﺭﺍﺬـﮔ ، ﻱﺎﻫﺪـﻨﻳﺍﺮﻓ ﺭﺩ
ﻪﻳﺎﻣﺮﺳ ﻪﻛ ﺖﺳﺍ ﻱﺪﺣ ﺎﺗ ﺭﻮﻛﺬﻣ
ﺮﺤﻣ ﺭﻮﺗﻮﻣ ﺍﺭ ﻱﺭﺍﺬﮔ ﺔﻛ
ﻩﺪﻴﻣﺎﻧ ﻱﺩﺎﺼﺘﻗﺍ ﺪﺷﺭ
ﺪﻧﺍ . ﺯﺍ
ﻪﻳﺎﻣﺮﺳ ﺚﺣﺎﺒﻣ ﻭﺭ ﻦﻳﺍ
ﺶـﺨﺑ ﺯﺍ ﻲـﻜﻳ ﻱﺭﺍﺬـﮔ ﺍ ﻱﺎـﻫ
ﻭ ﻲـﺳﺎﺳ ﻏ
ـﻴ ﮑﻔﺗ ﻞـﺑﺎﻗ ﺮ ـﻴ
ﮏ
ﻲﻣ ﺏﻮﺴﺤﻣ ﻱﺩﺎﺼﺘﻗﺍ
ﻪﻛ ﻱﺭﻮﻃ ﻪﺑ ،ﺪﻧﻮﺷ ﺩ ﺭﺩ
ﻳ ﻩﺎﮔﺪ ﻭ ﺪـﺷﺭ ﻥﺎﻧﺍﺩﺩﺎﺼـﺘﻗﺍ ﻲـﺧﺮﺑ
ﺳﻮﺗ ﺔﻌ ﺭﺎﺘﻓﺮﮔ ﻲﻠﺻﺍ ﻞﻠﻋ ﺯﺍ ﻲﻜﻳ ﻪﻳﺎﻣﺮﺳ ﻥﺍﺪﻘﻓ ﻱ
ﻞﻃﺎﺑ ﺭﻭﺩ ﺭﺩ ﺎﻫﺭﻮﺸﻛ ﺯﺍ ﻱﺭﺎﻴﺴﺑ
ﺖﺳﺍ ﻩﺪﺷ ﻪﺘﺧﺎﻨﺷ ﺮﻘﻓ .
ﻪـﻛ ﺖﺳﺍ ﻱﻮﺤﻧ ﻪﺑ ﻥﺍﺮﻳﺍ ﺩﺎﺼﺘﻗﺍ ﺖﻴﻌﻗﻮﻣ ﻲﻧﻮﻨﻛ ﻂﻳﺍﺮﺷ ﺭﺩ
ﺲﭘ ـﻠﺧﺍﺩ ﻊﺑﺎـﻨﻣ ﻭ ﺎﻫﺯﺍﺪـﻧﺍ ﺎﻣﺮـﺳ ﻱﻮﻓﺎـﻜﺗ ﻲ
ﺔﻳ ﻲـﻤﻧ ﺍﺭ ﺯﺎـﻴﻧ ﺩﺭﻮـﻣ
ﺏﺬـﺟ ﻭ ﺪـﻫﺩ
ﻪﻳﺎﻣﺮﺳ ﻩﺍﺭ ﻪﻠﻤﺟ ﺯﺍ ﺎﻬﻨﺗ ﻲﺟﺭﺎﺧ ﻱﺎﻫ ﺎﻫ
ﻱ ﻲﻣ ﺮﻈﻧ ﻪﺑ ﺮﺛﻮﻣ ﻭ ﺪﻴﻔﻣ
ﺪﺳﺭ . ﻪﺑ ﺹﻮﺼﺧ
ﺭﺎﻜﻴﺑ ﻱﻻﺎﺑ ﻢﺠﺣ ﻪﺑ ﻪﺟﻮﺗ ﺎﺑ ﻱ
ﺭﻮﺸﻛ ﺭﺩ ﺩﻮﺟﻮﻣ ،
ﺪـﻴﻛﺎﺗ ﻊﺑﺎـﻨﻣ ﻦـﻳﺍ ﺯﺍ ﻩﺩﺎﻔﺘﺳﺍ ﺮﺑ
ﻲﻣ ﺩﻮﺷ .
٢
‐ ﻒﻳﺭﺎﻌﺗ ﻭ ﻢﻴﻫﺎﻔﻣ
ﺍﺮﺑ ﻱ ﻪﻳﺎﻣﺮﺳ ﻪﺑ ﻲﺑﺎﻴﺘﺳﺩ
ﻭﺩ ﻲﺟﺭﺎﺧ ﻱﺎﻫ ﺕﻭﺎـﻔﺘﻣ ﻞـﻣﺎﮐ ﺭﻮﻃ ﻪﺑ ﻭ ﻩﺪﻤﻋ ﺵﻭﺭ
ﺩﺭﺍﺩ ﺩﻮﺟﻭ .
١ ﻡﺍﻭ ﺵﻭﺭ ـ
ﻡﺎـﺠﻧﺍ ﻱﺍﺮـﺑ ﻲﺟﺭﺎـﺧ ﻲﻟﺎـﻣ ﺕﺎﺴـﺳﺆﻣ ﻭ ﺎﻫﺭﻮﺸـﻛ ﺯﺍ ﺖﻟﻭﺩ ﻱﺮﻴﮔ
ﻪﻣﺎﻧﺮﺑ ﻪﻌﺳﻮﺗ ﻱﺎﻫ .
٢ ﻪﻳﺎﻣﺮﺳ ﺏﺬﺟ ﺵﻭﺭ ـ ﻲﺟﺭﺎﺧ ﻢﻴﻘﺘﺴﻣ ﻱﺎﻫ
.
ﺖﺳﺍ ﺮﺿﺎﺣ ﺶﻫﻭﮋﭘ ﻪﺟﻮﺗ ﺩﺭﻮﻣ ﻪﮐ .
١ ـ ٢ ﻪﻳﺎﻣﺮﺳ ‐ ﻲﺟﺭﺎﺧ ﻢﻴﻘﺘﺴﻣ ﻱﺭﺍﺬﮔ
) (FDI
١
ﻪﻳﺎﻣﺮﺳ ﺍ ﻲﺟﺭﺎﺧ ﻢﻴﻘﺘﺴﻣ ﻱﺭﺍﺬﮔ ﺮﻈﻧ ﺯ
UNCTAD ﻪﻳﺎﻣﺮﺳ ﺯﺍ ﺖﺴﺗﺭﺎﺒﻋ
ﻱﺭﺍﺬـﮔ
________________________________
________________________________
__
1- Foreign Direct Investment.
ﺲﻜﻌﻨـﻣ ﻭ ﻩﺩﻮـﺑ ﺕﺪـﻣﺪﻨﻠﺑ ﺕﺎﺒـﺳﺎﻨﻣ ﻦﻤﻀﺘﻣ ﻪﻛ
ـﻨﻨﻛ ﺓﺪ ﺮﻤﺘﺴـﻣ ﻊـﻔﻧ ﻭ ﻝﺮـﺘﻨﻛ
ﺭﻮﺸﻛ ﻚﻳ ﻢﻴﻘﻣ ﻲﻗﻮﻘﺣ ﺎﻳ ﻲﻘﻴﻘﺣ ﺖﻴﺼﺨﺷ
، ﻦﻃﻮـﻣ ﺯﺍ ﺝﺭﺎـﺧ ﺭﺩ ﻊﻗﺍﻭ ﻲﺘﻛﺮﺷ ﺭﺩ
ﻪﻳﺎﻣﺮﺳ ﺪﺷﺎﺑ ﺭﺍﺬﮔ .
ﻒﻳﺮﻌﺗ ﻪﺑ ﻪﺟﻮﺗ ﺎﺑ ﻻﺎﺑ
ﻲـﻣ ﻁﺎﺒﻨﺘﺳﺍ ﻦﻴﻨﭼ
ﻪﻳﺎﻣﺮـﺳ ﻪـﻛ ﺩﻮـﺷ
ﻢﻴﻘﺘﺴـﻣ ﻱﺭﺍﺬـﮔ
ﺯﺍ ﻲﺟﺭﺎﺧ ﺟﺭﺩ
ﺔ ﺖﺳﺭﺍﺩﺭﻮﺧﺮﺑ ﻲﻳﻻﺎﺑ ﻱﺭﺍﺪﻳﺎﭘ ﺭﻮﺸـﻛ ﺭﺩ ﺩﻮـﻛﺭ ﺯﻭﺮـﺑ ﺕﺭﻮـﺻ ﺭﺩ ﻭ
ﻥﺎﺑﺰﻴﻣ
، ﻪﻳﺎﻣﺮﺳ ﻉﻮﻧ ﻦﻳﺍ ﻲﻤﻧ ﺝﺭﺎﺧ ﺭﻮﺸﻛ ﺯﺍ ﺖﻟﻮﻬﺳ ﻪﺑ ﻱﺭﺍﺬﮔ
ﺩﻮﺷ .
٢ ـ ٢ ﻪﻳﺎﻣﺮﺳ ‐ ﻲﺟﺭﺎﺧ ﻱﻮﻔﺗﺮﭘ ﻱﺭﺍﺬﮔ
) (FPI
١
ﺖﻛﺮﺷ ﻡﺎﻬﺳ ﻭ ﻪﺿﺮﻗ ﻕﺍﺭﻭﺍ ﺪﻳﺮﺧ
ﻫﺍﻮـﮔﻭ ﺱﺭﻮـﺑ ﺕﻼﻣﺎـﻌﻣ ﺭﺩ ﺎﻫ ﻲ
ﺭﺩ ﻩﺩﺮﭙـﺳ
ﻚﻧﺎﺑ ﺎﻫ ، ﻉﺍﻮﻧﺍ ﺯﺍ )
(FPI ﻣﺮﺳ ﺎﻳ ﻳﺎ ﻪ ﻲﺟﺭﺎﺧ ﻢﻴﻘﺘﺴﻣﺮﻴﻏ ﻱﺭﺍﺬﮔ ﺍ
ﺪﻧ . ﺭﺩ ﺮﮕﻳﺩ ﺕﺭﺎﺒﻋ ﻪﺑ
ﺯﺍ ﻲﻠﻛ ﻒﻳﺮﻌﺗ ﻚﻳ ﻲﻣ FPI
ﺖﻔﮔ ﻥﺍﻮﺗ
" : ﻪﻳﺎﻣﺮﺳ ﻪﺘﺳﺩ ﻥﺁ ﻞﻣﺎﺷ ﻢﻴﻘﺘﺴﻣﺮﻴﻏ ﻱﺭﺍﺬﮔ
ﻪﻳﺎﻣﺮﺳ ﺯﺍ
ﻱﺭﺍﺬﮔ ﺪـﻳﺮﺧ ﺕﺭﻮﺻ ﻪﺑ ﻲﺟﺭﺎﺧ ﻲﻗﻮﻘﺣ ﻭ ﻲﻘﻴﻘﺣ ﺹﺎﺨﺷﺍ ﻪﻛ ﺖﺳﺍ ﻲﻳﺎﻫ
ﻲﻟﺎــﻣ ﺖﻛﺮــﺷ ﺎــﻳ ﻪﺴــﺳﺆﻣ ﻚــﻳ ﺭﺍﺩﺎــﻬﺑ ﻕﺍﺭﻭﺍ ،
ﻢﻴﻘﺘﺴــﻣ ﻪــﻛ ﻥﺁ ﻥﻭﺪــﺑ ﺮــﻣﺍ ﺭﺩ
ﻪﻳﺎﻣﺮﺳ ﺬﮔ ﺖﻛﺮﺷ ﻱﺭﺍ ﻨﻨﮐ
ﺎﻣﺮﺳ ،ﺪ ﺔﻳ
ﻲﻣ ﺭﺍﺮﻗ ﻥﺎﺑﺰﻴﻣ ﺭﻮﺸﻛ ﺭﺎﻴﺘﺧﺍ ﺭﺩ ﺍﺭ ﺩﻮﺧ
ﺪـﻫﺩ .
ﻲﮔﮋﻳﻭ ﺯﺍ ﺎﻫ
ﻱ ﻪﻳﺎﻣﺮﺳ ﻉﻮﻧ ﻦﻳﺍ ﺯﺭﺎﺑ
ﺭﺩ ﻥﺩﻮﺑ ﻦﻴﻳﺎﭘ ﻱﺭﺍﺬﮔ ﺔـﺟ
،ﻻﺎـﺑ ﺪـﻣﺁﺭﺩ ،ﻚﺴـﻳﺭ
ﻭﺩ ﻥﺩﻮﺑ ﻩﺎﺗﻮﻛ ﺓﺭ
ﻪﻳﺎﻣﺮﺳ ﺎﺑ ﻭ ﻱﺭﺍﺬﮔ ﺖﺳﺍ ﻲﮔﺪﻧﻮﺷﺪﻘﻧ ﺕﺭﺪﻗ ﻥﺩﻮﺑ ﺮﺗﻻ
.
ﻖﻴﻘﺤﺗ ﻪﻨﻴﺸﻴﭘ
ﺶﻫﻭﮋﭘ ﺎﻫ ﻱ ﺑﺍﺭ ﺭﺩ ﻲﻔﻠﺘﺨﻣ ﺔﻄ
ﺬﮔﺮﻴﺛﺎﺗ ﻞﻣﺍﻮﻋ ﺎﺑ ﻥﺎﻳﺮﺟ ﺮﺑ ﺭﺍ
ﻢـﻫ ﻭ FDI ﻦﻴـﻨﭼ
ﺑﺍﺭ ﺭﺩ ﺎﻫﺭﻮﺸﻛ ﺯﺍ ﻲﺧﺮﺑ ﺕﺎﻴﺑﺮﺠﺗ ﺔﻄ
ﻱﺩﻭﺭﻭ ﻥﺎـﻳﺮﺟ ﺎﺑ ﺖـﺳﺍ ﻪـﺘﻓﺮﮔ ﺕﺭﻮـﺻ FDI
.
ﻝﺎﺳ ﻱﺮﻓ ﻭ ﺭﺪﻳﺎﻨﺷﺍ
٢١٩٨٥ ﻟﺎﻄﻣ ﻚﻳ ﺭﺩ ﺔﻌ
ﺺﻴﺼـﺨﺗ ﻪـﻛ ﺪـﻧﺩﺍﺩ ﻥﺎﺸـﻧ ﻙﺮﺘﺸﻣ
ﻲﻣ ﻱﻭﺮﻴﭘ ﻲﺳﺎﻴﺳ ﻭ ﻱﺩﺎﺼﺘﻗﺍ ﻞﻣﺎﻋ ﻭﺩ ﺯﺍ ﻒﻠﺘﺨﻣ ﻖﻃﺎﻨﻣ ﻪﺑ FDI
ﺪﻨﻛ . ﻪﻛ ﻱﺭﻮﺸﻛ
ﺣ ﺯﺍ ﻭ ﻩﺩﻮﺑ ﻡﺍﺭﺁ ﻲﺳﺎﻴﺳ ﻅﺎﺤﻟ ﺯﺍ ﺭﺍﺩﺭﻮﺧﺮﺑ ﺐﺳﺎﻨﻣ ﻲﺘﻴﻜﻟﺎﻣ ﻕﻮﻘ
ﺖـﺳ ، ﻪـﺑ ﺖﺒﺴـﻧ
،ﺪﺷﺎﺒﻧ ﺍﺭﺍﺩ ﺍﺭ ﻂﻳﺍﺮﺷ ﻦﻳﺍ ﻪﻛ ﻱﺭﻮﺸﻛ ﺖﺳﺍ ﺢﺟﺭﺍ
. ﺰـﻴﻧ ﻱﺩﺎﺼـﺘﻗﺍ ﻞـﻣﺍﻮﻋ ﺩﺭﻮـﻣ ﺭﺩ
________________________________
________________________________
__
1- Foreign Portfolio Investment.
2- Schneider & Frey.
ﺖــﺳﺍ ﻝﺍﻮــﻨﻣ ﻦﻴــﻤﻫ ﺮــﺑ ﻊــﺿﻭ .
ﮓﻨﻴﺴــﺗ ﻭﺎــﭼ )
١٩٩١
١( ﻦﻴــﻴﻌﺗ ﻞــﻣﺍﻮﻋ ﺪــﻨﻨﻛ
ﺓ
ﻪﻳﺎﻣﺮﺳ ﻑﺮـﻃ ﻞـﻣﺍﻮﻋ ﻭ ﺎـﺿﺎﻘﺗ ﻑﺮﻃ ﻞﻣﺍﻮﻋ ﻩﻭﺮﮔ ﻭﺩ ﻪﺑ ﺍﺭ ﻲﺟﺭﺎﺧ ﻢﻴﻘﺘﺴﻣ ﻱﺭﺍﺬﮔ
ﺪﻧﺩﻮﻤﻧ ﻢﻴﺴﻘﺗ ﻪﺿﺮﻋ .
ﻦﻴﻴﻌﺗ ﻞﻣﺍﻮﻋ
ﻨﻨﻛ ﺓﺪ ﻳﺰﻫ ،ﻲﺳﺎﻴﺳ ﺕﺎﺒﺛ ﻞﻣﺎﺷ ﺎﺿﺎﻘﺗ ﺐﻧﺎﺟ ﺔﻨ
ﺍﺪﻧﺍ ،ﺭﺎﻛ ﺓﺯ ﻪﻘﻄﻨﻣ ﺩﺎﺼﺘﻗﺍ ﻲﻳﺍﺮﮕﻤﻫ ،ﺭﺍﺯﺎﺑ
ﻩﺰﻴﮕﻧﺍ ﻭ ﻱﺍ
ﻪﻳﺎﻣﺮﺳ ﻱﺎﻫ
ﻩﺪﺷ ﻪﺿﺮﻋ ﻱﺭﺍﺬﮔ
ﻥﺎـﺑﺰﻴﻣ ﺭﻮﺸﻛ ﻱﻮﺳ ﺯﺍ ﺖـﺳﺍ
ﻪـﺿﺮﻋ ﺖﻤـﺳ ﻞـﻣﺍﻮﻋ ﻭ ﻧﻴ
ﺰ ﻪﻓﺮـﺻ ﺱﺎـﻴﻘﻣ ﻲﻳﻮـﺟ ،٢
ﺲﻜﻋ ﻞﻤﻌﻟﺍ ﻪﺒﻧﺎﺟﺪﻨﭼ ﺭﺎﺼﺤﻧﺍ ﻲﻳﺍﺭﺍﺩ ،٣
ﻥﺩﺮـﻛ ﻲـﻧﻭﺭﺩ ﻭ ﻝﻮﻘﻨﻣﺮﻴﻏ ﻱﺎﻫ ،٤
ﺮـﺑ ﺭﺩ ﺍﺭ
ﻲﻣ ﮔ ﻴ ﺮ ﺩ . ﺩﻭﺮﻤﻠﺳ ﻭ ﻩﺎﺷﺭﻮﻧﺍ )
١٩٩١
٥( ﺭﺎـﺘﻓﺭ ﺮـﺑ ﺕﺎﻴﻟﺎﻣ ﺖﻴﻤﻫﺍ ﻲﺳﺭﺮﺑ ﻪﺑ ﺭﺩ FDI
ﺪﻨﺘﺧﺍﺩﺮﭘ ﻚﻳﺰﻜﻣ .
ﺮﮔﺍ ﺎﻬﻧﺁ ﺩﺎﻘﺘﻋﺍ ﻪﺑ ﻪﺘـﺷﺍﺪﻧ ﺖﻴﺳﺎﺴـﺣ ﺕﺎـﻴﻟﺎﻣ ﻪـﺑ ﺖﺒﺴـﻧ FDI
ﻲﻣ ،ﺪﺷﺎﺑ
ﺎﭘ ﻥﺍﻮﻨﻋ ﻪﺑ ﺪﻧﺍﻮﺗ ﺔﻳ
ﻲﻘﻠﺗ ﺖﻟﻭﺩ ﻱﺍﺮﺑ ﻲﺗﺎﻴﻟﺎﻣ ﺩﻮﺷ
. ﺍ ـﻳ ﺘﻧ ﻥﺎـﻘﻘﺤﻣ ﻦ ﻴ
ﻪـﺠ
ﺪﻨﺘﻓﺮﮔ ﻚﻳﺰﻜﻣ ﺭﺩ ﻪﻛ ﺒﺴﻧ ﺕﺪﺷ ﻪﺑ FDI
ﺕﺎﻴﻟﺎﻣ ﺕﻭﺎﻔﺗ ﻪﺑ ﺖ
ﻭ ﺍﺪـﺒﻣ ﺭﻮﺸـﻛ ﺭﺩ ﺎﻫ
ﺖﺳﺍ ﺱﺎﺴﺣ ﺪﺼﻘﻣ .
ﻪﺑ ﺎـﻜﻳﺮﻣﺁ ﺯﺍ ﺶﻴـﺑ ﻚـﻳﺰﻜﻣ ﺭﺩ ﺕﺎـﻴﻟﺎﻣ ﺥﺮـﻧ ﺮﮔﺍ ﻝﺎﺜﻣ ﻥﺍﻮﻨﻋ
،ﺪﺷﺎﺑ ﻲﻣ ﺶﻫﺎﻛ ﺕﺪﺷ ﻪﺑ FDI
ﺪﺑﺎﻳ . ﻱﻮﻘﻧ ) ٢٠٠٠
٦( ﻕﻮﺸـﻣ ﺮـﺛﺍ ﻲـﺳﺭﺮﺑ ﻪـﺑ ﻱﺎـﻫ
ﺮﺑ ﻲﺗﺎﻴﻟﺎﻣ ﺩﻭﺭﻭ FDI
ﻱ ﺖﺳﺍ ﻪﺘﺧﺍﺩﺮﭘ ،ﺎﻴﻧﺍﺰﻧﺎﺗ ﻪﺑ .
ﻕﻮﺸﻣ ﻪﭼ ﺮﮔﺍ ﻱﻭ ﺩﺎﻘﺘﻋﺍ ﻪﺑ
ﻱﺎـﻫ
ــﻜﻤﻣ ﻲﺗﺎــﻴﻟﺎﻣ ﺶﻳﺍﺰــﻓﺍ ﻪــﺑ ﺖــﺳﺍ ﻦ
ﺯﺍ ﻲﺸــﺨﺑ ﺯﺍ ﺍﺭ ﺖــﻟﻭﺩ ﺎــﻣﺍ ،ﺩﻮــﺷ ﺮــﺠﻨﻣ FDI
ﺩﺮﻛ ﺪﻫﺍﻮﺧ ﻡﻭﺮﺤﻣ ﻲﺗﺁ ﻱﺎﻫﺪﻣﺁﺭﺩ .
ﻤﻫ ﻪﺑ ﻴ ﻟﺩ ﻦ ﻴ ﻲـﺘﺣ ﻪـﻛ ﺖـﺳﺍ ﻡﺯﻻ ﻞ
ﻥﺎـﻜﻣﻻﺍ
ﻖﻳﻮﺸﺗ ﺒﺳﺎﻨﻣ ﻞﮑﺷ ﻪﺑ ﻲﺗﺎﻴﻟﺎﻣ ﻱﺎﻫ ﻲ
ﻱﺩﻭﺭﻭ ﻪﻛ ﻱﺭﻮﻃ ،ﺪﻧﻮﺷ ﻝﺎﻤﻋﺍ ﺯﺍ ﻲﺷﺎﻧ FDI
ﺩﻮﺷ ﻲﺗﺎﻴﻟﺎﻣ ﻱﺎﻫﺪﻣﺍﺭﺩ ﻪﺠﻴﺘﻧ ﺭﺩ ﻭ ﺪﺷﺭ ﺶﻳﺍﺰﻓﺍ ﻪﺑ ﺮﺠﻨﻣ ،ﻥﺁ .
ﺪﺳﺪﻣ ) ٢٠٠٠
٧( ﺭﺩ
ﺎﺳﺭ ﺔﻟ ﺕﺎﻴﻟﺎﻣ ﻥﺍﻮﻨﻋ ﺎﺑ ﺩﻮﺧ ﻱﺮﺘﻛﺩ
ﻪﻳﺎﻣﺮﺳ ﻱﺍﺮﺑ ﻩﺰﻴﮕﻧﺍ ﺩﺎﺠﻳﺍ ﻭ ﺎﻫ ﻢﻴﻘﺘﺴـﻣ ﻱﺭﺍﺬـﮔ
ﺳﻮﺗ ﻝﺎﺣ ﺭﺩ ﻱﺎﻫﺭﻮﺸﻛ ﺭﺩ ﻲﺟﺭﺎﺧ ﺔﻌ
ﻕﻮﺸﻣ ﻲﺳﺭﺮﺑ ﻪﺑ ،ﻲﻗﺮﺷ ﺏﻮﻨﺟ ﻱﺎﻴﺳﺁ
ﻱﺎـﻫ
ﺐﻠﺟ ﺭﻮﻈﻨﻣ ﻪﺑ ﻭ ﺎﻫﺭﻮﺸﻛ ﻦﻳﺍ ﻂﺳﻮﺗ ﻊﻴﺳﻭ ﺭﻮﻃ ﻪﺑ ﻪﻛ ﻲﺗﺎﻴﻟﺎﻣ ،ﻩﺪﺷ ﻩﺩﺎﻔﺘﺳﺍ FDI
ﺖﺳﺍ ﻪﺘﺧﺍﺩﺮﭘ .
ـﻗ ﺖـﻴﻌﻗﺍﻭ ﭻﻴـﻫ ﻲـﺑﺮﺠﺗ ﺭﻮـﻃ ﻪﺑ ﻊﻧﺎ
ﻩﺪـﻨﻨﻛ ﻦـﻳﺍ ﺮـﺑ ﻲـﻨﺒﻣ ﻱﺍ ﻪـﻛ
ﻕﻮﺸﻣ ﺏﺬﺟ ﺭﺩ ﻲﺗﺎﻴﻟﺎﻣ ﻱﺎﻫ ﺩﺭﺍﺪـﻧ ﺩﻮـﺟﻭ ،ﺪﻨﺷﺎﺑ ﺮﺛﻮﻣ FDI
. ﻪـﺑ ﺶـﻘﻧ ﻱﻭ ﻩﻭﻼـﻋ
________________________________
________________________________
__
1- Chu & Tsing.
2- Economic of Scale.
3- Oligopoly Reaction.
4- Internalization.
5- Anvarshah & Slemrod(1991).
6- Ngowi,H.P. (2000).
7- Mdsaad (2000).
ﻞﻣﺎﻋ ﺮﺑ ﺎﻫﺩﺰﻤﺘﺳﺩ ﻭ ﻪﻳﺎﻣﺮﺳ ﻱﺩﻮﺟﻮﻣ ،ﺕﺍﺪﻴﻟﻮﺗ ﺖﻤﻴﻗ ﺭﺩ ﺮﻴﻴﻐﺗ ﺪﻨﻧﺎﻣ ﻱﺮﮕﻳﺩ ﻱﺎﻫ
ﺖﺳﺍ ﻩﺩﺮﮐ ﺺﺨﺸﻣ ﺎﻫﺭﻮﺸﻛ ﻦﻳﺍ ﺭﺩ ﺰﻴﻧ ﺍﺭ FDI .
ﺑﺍﺭ ﺩﺭﻭﺍﺮـﺑ ﺭﻮﻈﻨﻣ ﻪﺑ ﻭﺍ ﺔـﻄ
ﻭ FDI
ﻲﺤﻴﺿﻮﺗ ﻱﺎﻫﺮﻴﻴﻐﺘﻣ ﻝﺎﺳ ﺭﺩ ﺱﺎﻛﻮﻟ ﻱﺎﺿﺎﻘﺗ ﻊﺑﺎﺗ ﺯﺍ
١٩٩٣ ﺩﺮﮐ ﻩﺩﺎﻔﺘﺳﺍ .
ﺰـﻳﺁ ﻧ ﻦﻤ
) ١٩٨٩
١( ﺺﺨﺸﻣ ﻞﻣﺍﻮﻋ ﻲﺳﺭﺮﺑ ﻪﺑ
ﻨﻨﻛ ﺓﺪ ﻪﻳﺎﻣﺮـﺳ ﺮﺑ ﻱﺯﺭﺍ ﻡﺎﻈﻧ
ﻭ ﻲـﻠﺧﺍﺩ ﻱﺭﺍﺬـﮔ
ﺖﺧﺍﺩﺮﭘ ﻲﺟﺭﺎﺧ .
ﺭﻭﺩ ﻭﺩ ﺭﺩ ﺭﻮﺸﻛ ﻭﺩ ﻪﻌﻟﺎﻄﻣ ﻦﻳﺍ ﺭﺩ ﺓ
ﻭ t ﺭﺩ ﻻﺎـﻛ ﻉﻮـﻧ ﻭﺩ ﺎـﺑ t+1
ﻩﺪﺷ ﻪﺘﻓﺮﮔ ﺮﻈﻧ ﺍ
ﺪﻧ ﻙﻮﺷ ﺎﻬﻧﺁ ﺐﻟﺎﻗ ﺭﺩ ﻭ
ﻲﻤﺳﺍ ﻱﺎﻫ )
ﻝﻮﭘ ( ﻲـﻌﻗﺍﻭ ﻭ )ﺑ
ﻩﺮـﻬ ﻱﺭﻭ ( ﺭﺩ
ﻪﻌﻟﺎﻄﻣ ﺭﻭﺎﻨﺷ ﻭ ﺖﺑﺎﺛ ﻱﺯﺭﺍ ﻡﺎﻈﻧ ﻭﺩ ﺪﺷ
ﻩ ﺪﻧﺍ . ﻚـﻳ ﺭﺩ ﻪـﻛ ﺖـﺳﺍ ﻩﺩﺍﺩ ﻥﺎﺸـﻧ ﻪﺠﻴﺘﻧ
ﻑﺎﻄﻌﻧﺍ ﻱﺯﺭﺍ ﻡﺎﻈﻧ
ﻙﻮﺷ ﺎﺑ ﺮﻳﺬﭘ
ﺶﻫﺎﻛ ﺭﺎﻈﺘﻧﺍ ﺩﺭﻮﻣ ﺩﻮﺳ ،ﻲﻟﻮﭘ ﻱﺎﻫ ﭘ
ﻴ ﺍﺪ ﻲـﻣ ـﻨﮐ ﺪ .
ﻲﺑ ،ﺖﺑﺎﺛ ﻱﺯﺭﺍ ﻡﺎﻈﻧ ﺭﺩ ﻪﻛ ﻲﻟﺎﺣ ﺭﺩ
ﺖـﺳﺍ ﺮﺗﻻﺎـﺑ ﺭﺎـﻈﺘﻧﺍ ﺩﺭﻮـﻣ ﺩﻮﺳ ﻭ ﺮﺘﻤﻛ ﻲﺗﺎﺒﺛ
ﮓﺘﻧﻮﻓ ) ١٩٩٩
٢( ﺩﻮﺧ ﻪﻌﻟﺎﻄﻣ ﺭﺩ ﻲﻧﺎـﻜﻣ ﺖـﻴﻌﻗﻮﻣ ﻦﻴـﻴﻌﺗ ﺭﺩ ﺯﺭﺍ ﺥﺮـﻧ ﺖﻴﻤﻫﺍ ﻪﺑ
ﺖﻛﺮــﺷ ﻩﺭﺎــﺷﺍ ﻲﺘﻴﻠﻣﺪــﻨﭼ ﻱﺎــﻫ ﺮــﮐ
ﺖــﺳﺍ ﻩﺩ .
ﺖﻛﺮــﺷ ﻱﺍﺮــﺑ ﻲﺘﻴﻠﻣﺪــﻨﭼ ﻱﺎــﻫ
ﻪﻳﺎﻣﺮﺳ ﻱﺭﺎﻴﺴﺑ ﻪﺟﻮﺗ ﻱﺩﺎﺼﺘﻗﺍ ﺕﺎﺒﺛ ﻪﺑ ﺎﻫﺭﻮﺸﻛ ﺮﻳﺎﺳ ﺭﺩ ﻢﻴﻘﺘﺴﻣ ﻱﺭﺍﺬﮔ ﺭﺍﺩ
ﺪﻧ . ﺭﺩ
ﻲﻣ ﺖﺑﺎﺛ ﺯﺭﺍ ﺥﺮﻧ ﻥﺎﻴﻣ ﻦﻳﺍ ﺕﺎﺒﺛ ﻪﺑ ﺪﻧﺍﻮﺗ
ﻻﺎﺑ ﻚﻤﻛ ﻨﮐ ﺪ . ﺲﻳﺍﺭ ﻞﻳﺎﻧ )
٢٠٠١
٣( ﻥﺎﺸﻧ
ﺪﻋ ﻪﻛ ﺩﺍﺩ ﺯﺭﺍ ﺥﺮﻧ ﺩﺭﻮﻣ ﺭﺩ ﻥﺎﻨﻴﻤﻃﺍ ﻡ
، ﻲﻣ ﺮﺛﺍ ﻥﺎﺑﺰﻴﻣ ﺭﻮﺸﻛ ﻩﺎﻓﺭ ﺮﺑ
ﺩﺭﺍﺬـﮔ . ﻪـﺑ ﻱﻭ
ﻪﻳﺎﻣﺮﺳ ﻱﺍﺮﺑ ﺍﺭ ﻚﺴﻳﺭ ﻉﻮﻧ ﻭﺩ ﻦﺌﻤﻄﻣﺎﻧ ﺯﺭﺍ ﺥﺮﻧ ﻪﻛ ﺪﻴﺳﺭ ﻪﺠﻴﺘﻧ ﻦﻳﺍ
ﺭﻮﺸﻛ ﺭﺩ ﺭﺍﺬﮔ
ﺩﺭﺍﺩ ﻩﺍﺮﻤﻫ ﻪﺑ ﻥﺎﺑﺰﻴﻣ .
ﺖﺴـﺨﻧ ﻪﻳﺎﻣﺮـﺳ ﺮـﮔﺍ
ﻳﺰﻫ ﺪـﻫﺍﻮﺨﺑ ﺭﺍﺬـﮔ ﺔـﻨ
ﻱﺍﺮـﺑ ﺍﺭ ﻲﺘﺑﺎـﺛ
ﺍ ﺥﺮﻧ ﺶﻫﺎﻛ ﺎﺑ ،ﺩﺯﺍﺩﺮﭙﺑ ﻥﺎﺑﺰﻴﻣ ﺭﻮﺸﻛ ﺭﺩ ﺵﺩﺮﻜﻠﻤﻋ ﺯﺭ
) ﺭﻮﺸـﻛ ﻝﻮـﭘ ﺵﺯﺭﺍ ﺶﻫﺎﻛ
ﻥﺎﺑﺰﻴﻣ ( ﻳﺎﺑ ﺪ ﻳﺰﻫ ﻪﺑ ﺍﺭ ﻲﺼﻟﺎﺧ ﻥﺎﻳﺯ ﺔﻨ
ﻥﺁ ﺯﺍ ﻞﺒﻗ ،ﺪﻨﻛ ﻪﻓﺎﺿﺍ ﺶﺘﺑﺎﺛ ﻲﻟﻮﭘ ﻙﻮﺷ ﻪﻛ
ﺪﻫﺩ ﺥﺭ . ﺍ ﻡﻭﺩ ﻳ ﻦ ﻪﺑﺎﺟ ﻪﮐ ﺎﺟ ﻲﻳ ﺎﭘ ﺖﻤﺳ ﻪﺑ ﻴﻳ
ﺮﻋ ﺭﺩ ﻦ ﺔﺿ
ﻣ ﺭﻮﺸﮐ ﻝﻮﭘ ﻴ
ﺩﻮـﺷ ﻥﺎـﺑﺰ
ﻔﻨﻣ ﮎﻮﺷ ﻥﺪﺷ ﺩﺭﺍﻭ ﺚﻋﺎﺑ ﺖﺳﺍ ﻦﮑﻤﻣ ﻲ
ﻥﺎﮔﺪﺷﻭﺮﻓ ﻪﺑ ﺎﺿﺎﻘﺗ ﺭﻮﺸﮐ ﺭﺩ
ﻣ ﻴ ﻭ ﻥﺎـﺑﺰ
ﺘﻧ ﺭﺩ ﻴ ﺍ ﻪﺠ ﻳ ﺯ ﺩﺎﺠ ﻳ ﻥﺎ ﺩﻮﺷ ﺺﻟﺎﺧ .
ﺯﺪـﻧﺎﻧﺮﻫ ﻭ ﻥﻮﺴـﻟﺭﺎﻛ )
۲۰۰۰
٤( ﺔـﻌﻟﺎﻄﻣ ﻚـﻳ ﺭﺩ
ﻦﻳﺍ ﻪﺑ ﺎﻬﻧﺁ ،ﺪﻧﺩﺮﻛ ﻲﺳﺭﺮﺑ ﻪﻳﺎﻣﺮﺳ ﻥﺎﻳﺮﺟ ﻱﻭﺭ ﺮﺑ ﺍﺭ ﻞﻣﺍﻮﻋ ﺯﺍ ﻲﺧﺮﺑ ﺕﺍﺮﺛﺍ ﻙﺮﺘﺸﻣ ﻲﺘـﺳﺎﻴﺳ ﻱﺎـﻫﺮﻴﻐﺘﻣ ﺯﺍ ﻲـﺧﺮﺑ ﻪﻛ ﺪﻧﺪﻴﺳﺭ ﻪﺠﻴﺘﻧ ﺪـﻨﻧﺎﻣ
ﻢﻴـﻘﻋ ﺺﺧﺎـﺷ
ﻱﺯﺎـﺳ
٥
________________________________
________________________________
__
1- Aiznman (1989).
2- Fontage (1999).
3- Niles Russ (2001).
4- Carlson & Hernandez (2002).
5- Sterilization Index.
) ﻝﺎﺳ ﻭﺩ ﻦﻴﺑ ﻲﻠﺧﺍﺩ ﺕﺍﺭﺎﺒﺘﻋﺍ ﻱﺭﻻﺩ ﻱﺯﺭﺍ ﺕﻭﺎﻔﺗ
، ﺭﻻﺩ ﺵﺯﺭﺍ ﺕﻭﺎـﻔﺗ ﺮـﺑ ﻢﻴﺴﻘﺗ ﻱ
ﻝﺎﺳ ﻭﺩ ﻥﺎﻤﻫ ﺭﺩ ﺮﻳﺎﺧﺫ (
ﻲﻫﺪﺑ ﺶﻳﺍﺰﻓﺍ ﺚﻋﺎﺑ
ﻩﺎﺗﻮﻛ ﻱﺎﻫ
ﻲﻣ ﺕﺪﻣ
ﺥﺮـﻧ ﻢـﻳﮊﺭ ﻭ ﺩﻮﺷ
ﻝﺮﺘﻨﻛ ،ﺯﺭﺍ
ﻪﻳﺎﻣﺮﺳ ﻱﺎﻫ
ﻲﻌﻗﺍﻭ ﻱﺎﻫﺮﻴﻐﺘﻣ ﺯﺍ ﻲﺧﺮﺑ ﻭ ﻱﺍ ﻥﻮﭽﻤﻫ
ﺪـﺷﺭ ﺥﺮﻧ ﻭ GDP
ﻬﺑ ﺥﺮﻧ ﺕﻭﺎﻔﺗ ﺓﺮ
ﺮﻬﺑ ﺥﺮﻧ ﺯﺍ ﻲﻠﺧﺍﺩ ﺓ
ﻦﻴﺑ ﻲﻠﻠﻤﻟﺍ
، ﻲﻣ ﺮﺛﺍ ﻪﻳﺎﻣﺮﺳ ﻥﺎﻳﺮﺟ ﺮﺑ
ﺩﺭﺍﺬﮔ . ﺎﻬﻧﺁ
ﺍ ﻢﻳﮊﺭ ﻉﻮﻧ ﻪﺳ ﺮﻴﺛﺎﺗ ﺩﻮﺧ ﺔﻌﻟﺎﻄﻣ ﺭﺩ ﻥﺎﻳﺮﺟ ﺮﺑ ﺍﺭ ﻱﺯﺭ
ﻲﺳﺭﺮﺑ FDI ﺮﮐ
ﺪـﻧﺩ . ﺯﺭﺍ ﺥﺮـﻧ
ﺭﻭﺎﻨﺷ ﻱﻭﺭ ﺮﺑ ﺩﺭﺍﺩ ﺖـﺒﺜﻣ ﺮﺛﺍ ﺪﺷﺭ ﺥﺮﻧ ﻭ ﻲﻔﻨﻣ ﺮﺛﺍ FDI
. ﺍﺮﺑﺎـﻨﺑ ﻳ ﻦ ﻞـﻳﻻﺩ ﺯﺍ ﻲـﻜﻳ
ﺏﺬﺟ ﺭﺩ ﻲﻗﺮﺷ ﺏﻮﻨﺟ ﻱﺎﻴﺳﺁ ﻱﺎﻫﺭﻮﺸﻛ ﺖﻴﻘﻓﻮﻣ ﺥﺮﻧ ﺩﻮﺟﻭ FDI
ﺭﺩ ﻻﺎﺑ ﺪﺷﺭ ﻱﺎﻫ
ﺎﻫﺭﻮﺸﻛ ﻦﻳﺍ ﺖﺳ
ﻲﻣ ﺪﺷﺎﺑ . ﮒﺮﺑﺯ ﻭ ﮓﻧﺰﺗ )
٢٠٠٢
١( ﻄﺑﺍﺭ ﺭﺩ ﺔ ﻦﻳﺍ ﻪﺑ ﻦﻴﭼ ﺩﺎﺼﺘﻗﺍ ﺎﺑ
ﻴﺘﻧ ﺟﺭﺩ ﺶﻳﺍﺰﻓﺍ ﻪﻛ ﺪﻧﺪﻴﺳﺭ ﻪﺠ ﺔ
ﺩﺎﺼـﺘﻗﺍ ﻥﺩﻮـﺑ ﺯﺎﺑ
، ﻊـﻧﺍﻮﻣ ﺶﻫﺎـﻛ ﺎـﺑ ﻩﺍﺮـﻤﻫ ﻪـﻛ
ﻪﻓﺮﻌﺗ ﻪﻓﺮﻌﺗﺮﻴﻏ ﻭ ﻱﺍ
ﺔﻫﺩ ﺭﺩ ،ﺖﺳﺍ ﺭﻮﺸﻛ ﻦﻳﺍ ﺭﺩ ﻱﺍ ٩٠
ﺑ ﻱﺩﻭﺭﻭ ﻥﺎـﻳﺮﺟ ﺶﻳﺍﺰـﻓﺍ ﺮ
ﺖﺳﺍ ﻪﺘﺷﺍﺩ ﻲﻳﺍﺰﺳ ﻪﺑ ﺮﻴﺛﺎﺗ ﺭﻮﺸﻛ ﻦﻳﺍ ﻪﺑ FDI .
ﻭﺮﻳﺪﻧﺎﻛ ﻭ ﮓﻴﺘﭼ )
٢٠٠٣
٢( ﻪـﺑ ﺰﻴﻧ
ﻌﻟﺎﻄﻣ ﺔ ﻪﻳﺎﻣﺮﺳ ﺎﺑ ﻪﻄﺑﺍﺭ
ﻓﺁ ﺭﺩ ﻲﺟﺭﺎﺧ ﻢﻴﻘﺘﺴﻣ ﻱﺭﺍﺬﮔ ﺪـﻨﺘﺧﺍﺩﺮﭘ ﺎﻘﻳﺮ
. ﻥﺎﺸـﻧ ﺞﻳﺎـﺘﻧ
ﺖﺒﺴﻧ ﻪﻛ ﺩﺍﺩ ﻪﺑ FDI
ﻥﺩﻮـﺑ ﺯﺎـﺑ ﻪـﺟﺭﺩ ﻥﺩﺍﺩ ﻥﺎﺸـﻧ ﻱﺍﺮـﺑ ﻲﺒـﺳﺎﻨﻣ ﺮـﻴﻐﺘﻣ GDP
ﺖﺳﺍ ﺕﺎﻣﺪﺧ ﺶﺨﺑ ﺭﺩ ﻩﮋﻳﻭ ﻪﺑ ﺩﺎﺼﺘﻗﺍ .
ﻱﺩﺎﺼﺘﻗﺍ ﻥﺩﻮﺑ ﺯﺎﺑ ﻪﺟﺭﺩ ﺯﺍ ﻪﻛ ﻲﻳﺎﻫﺭﻮﺸﻛ
،ﺪﻨﺘﺴﻫ ﺭﺍﺩﺭﻮﺧﺮﺑ ﻲﻳﻻﺎﺑ ﺪﻧﺭﺍﺩ ﺰﻴﻧ ﺍﺭ ﻱﺮﺘﺸﻴﺑ ﻩﺎﻓﺭ
. ﺮـﺑ ﺭﺍﺬـﮔﺮﻴﺛﺎﺗ ﻱﺎـﻫﺮﻴﻐﺘﻣ ﺎـﻬﻧﺁ
ﺮﻳﺯ ﺕﺭﻮﺻ ﻪﺑ ﺍﺭ FDI ﺪـﻧﺩﺮﻛ ﻲﻓﺮﻌﻣ
. ـﺟﺭﺩ ﺔ ﺩﺎﺼـﺘﻗﺍ ﻥﺩﻮـﺑ ﺯﺎـﺑ )
ﻉﻮـﻤﺠﻣ ﺖﺒﺴـﻧ
ﻪﺑ ﺕﺍﺩﺭﺍﻭ ﻭ ﺕﺍﺭﺩﺎﺻ (GDP
ﻦﻴﺑ ﺕﺭﺎﺠﺗ ﺮﺑ ﺕﺎﻴﻟﺎﻣ ،
ﺽﺭﺍﻮـﻋ ﺯﺍ ﺖﺴـﺗﺭﺎﺒﻋ ﻪﻛ ﻞﻠﻤﻟﺍ
ﻲﺗﺍﺭﺩﺎﺻ ﻭ ﻲﺗﺍﺩﺭﺍﻭ ﻭ
ﻪﻳﺎﻣﺮﺳ ﺮﺑ ﺕﺎﻴﻟﺎﻣ
ﺭﺩ ﺮﺑ ﺕﺎﻴﻟﺎﻣ ﻞﻣﺎﺷ ﻪﻛ ﻱﺭﺍﺬﮔ ﺍ
ﻱﺪـﻳﺎﻋ ﻭ ﺪﻣ
ﻪﻳﺎﻣﺮﺳ ﺖﺳﺍ ﻱﺭﺍﺬﮔ
، ﺖﺧﺎﺳﺮﻳﺯ
ﻩﺩﺎﺟ ﻞﻣﺎﺷ ﻪﻛ ﺎﻫ
ﺘﻣﻮـﻠﻴﻛ ﺭﺍﺰﻫ ﺐﺴﺣ ﺮﺑ ﺎﻫ ،ﺖـﺳﺍ ﺮ
ﻥﺎـﻴﺑ ﻪﻛ ﺩﺎﺴﻓ ﻭ ﻲﻌﻗﺍﻭ ﻭ ﺮﺛﻮﻣ ﺯﺭﺍ ﺥﺮﻧ ،ﻲﻠﺧﺍﺩ ﻱﺎﻫﺩﺰﻤﺘﺳﺩ ﻩﺎﮕﺘـﺳﺩ ﺭﺩ ﺩﺎﺴـﻓ ﺮـﮔ
ﺖـﺧﺍﺩﺮﭘ ﻱﺍﺮـﺑ ﺎـﺿﺎﻘﺗ ﺕﺭﻮﺻ ﻪﺑ ﻲﺘﻟﻭﺩ
ﻪـﺑ ﻲﺑﺎﻴﺘـﺳﺩ ﻱﺍﺮـﺑ ﻩﻮـﺷﺭ ﻭ ﺹﺎـﺧ ﻱﺎـﻫ
ﺖﺳﺍ ﻩﺪﺷ ﻪﺘﻓﺮﮔ ﺮﻈﻧ ﺭﺩ ﺕﺍﺩﺭﺍﻭ ﻭ ﺕﺍﺭﺩﺎﺻ ﻱﺎﻫﺯﻮﺠﻣ .
ﻥﺍﺮـﮕﻳﺩ ﻭ ﻭﺎﻤﺷﺎﭘ )
۱۹۹۸
٣(
ﻱﺩﻭﺭﻭ ﻥﺎﻳﺮﺟ ﺮﺑ ﻥﺎﺑﺰﻴﻣ ﺭﻮﺸﻛ ﺕﺎﺣﻼﺻﺍ ﺮﻴﺛﺎﺗ ﻪﻌﻟﺎﻄﻣ ﺍﺭ FDI
ﺩﺮﮐ ﺪـﻧ . ﻱﺍﺮـﺑ ﺎـﻬﻧﺁ
ﻲﺳﺭﺮﺑ ﺍﻳ ﻦ ﺴﻣ ﺌ ﻝﺪﻣ ﻚﻳ ﺯﺍ ﻪﻠ Panel
ﺪـﻧﺩﺮﻛ ﻩﺩﺎﻔﺘـﺳﺍ .
،ﻪﻳﺎﻣﺮـﺳ ﻙﺮـﺤﺗ ﺶﻳﺍﺰـﻓﺍ
1- Teseng & Zeberege (2002).
2- Chiting & Kandiero (2003).
3- Pashamova, Nugent and Gastanga (1998).
ﺥﺮﻧ ﺶﻫﺎﻛ
ﺐﺟﻮﻣ ﻱﺭﺍﺩﺍ ﻲﺳﺍﺮﻛﻭﺭﻮﺑ ﺶﻫﺎﻛ ﻭ ﺎﻫﺩﺍﺩﺭﺍﺮﻗ ﻂﻳﺍﺮﺷ ﻞﻴﻬﺴﺗ ،ﻪﻓﺮﻌﺗ ﻱﺎﻫ
ﻱﺩﻭﺭﻭ ﻥﺎﻳﺮﺟ ﻞﻴﻬﺴﺗ ﻲﻣ ﻥﺎﺑﺰﻴﻣ ﺭﻮﺸﻛ ﻪﺑ FDI
ﺩﻮﺷ . ﻥﻮﻤﻴـﺳ ﻱﻼـﺑ )
١٩٩٦
١( ﻪـﺑ
ﻕﻮﻘﺣ ﺯﺍ ﺖﻳﺎﻤﺣ ﺮﻴﺛﺎﺗ ﻲﺳﺭﺮﺑ ﺮﺑ ﻱﻮﻨﻌﻣ
ﺖﺳﺍ ﻪﺘﺧﺍﺩﺮﭘ FDI .
ﻱﻭ ﺭﻮـﻈﻨﻣ ﻦـﻳﺍ ﻪـﺑ
ﻲﺣﺍﺮﻃ ﺍﺭ ﻲﻟﺪﻣ ﺮﮐ
،ﻱﺭﺎـﺠﺗ ﻢـﻳﻼﻋ ﺖـﺒﺛ ﻕﻮـﻘﺣ ﺯﺍ ﺖﻳﺎﻤﺣ ﺢﻄﺳ ﻱﺎﻫﺮﻴﻐﺘﻣ ﻪﻛ ﺩ
ﻒﻟﻮﻣ ﻕﻮﻘﺣ ﻪﻳﺎﻣﺮﺳ ﺥﺮﻧ ،ﻱﺩﺎﺼﺘﻗﺍ ﺪﺷﺭ ﺥﺮﻧ ،ﻱﺩﺎﺼﺘﻗﺍ ﺪﺷﺭ ﺢﻄﺳ ،
ﺶـﺨﺑ ﻱﺭﺍﺬﮔ
ﺯﺍﺪﻧﺍ ،ﻲﻣﻮﻤﻋ ﺓ
ﻪﺑ ﺖﺒﺴﻧ ﻲﺟﺭﺎﺧ ﻲﻫﺪﺑ ﻥﻼﻛ ﺩﺎﺼﺘﻗﺍ ﺕﺎﺒﺛ ﻭ GDP
) ﺔﻠﻴـﺳﻭ ﻪـﺑ ﻪﻛ
ﻴﺠﻨﺳ ﺯﺭﺍ ﺥﺮﻧ ﻩﺪﺷ ﻩﺪ
( ﻲﻣ ﻱﺎﺟ ﺩﻮﺧ ﺭﺩ ﺍﺭ ﺩﺍﺩ
.
ﻮﺳﻮﺑ ﻭ ﻦﺳﺍﻮﻨﻴﺳ ﺎﻘﻳﺮﻓﺁ ﺵﻼﺗ ﻪﻛ ﺪﻧﺪﻴﺳﺭ ﻪﺠﻴﺘﻧ ﻦﻳﺍ ﻪﺑ ٢
ﺍﺮـﺑ ﻱ ﺕﺎـﺒﺛ ﺩﺎـﺠﻳﺍ
ﻄﺳ ﺭﺩ ﻱﺩﺎﺼﺘﻗﺍ ﻭ ﻲﺳﺎﻴﺳ ﺭﺩ ﻱﺭﺎﺘﺧﺎـﺳ ﺕﺎﺣﻼـﺻﺍ ﻱﺮـﺳ ﻚـﻳ ﻡﺎـﺠﻧﺍ ﻭ ﻥﻼـﻛ ﺢ
ﺶﺨﺑ ﺏﺬـﺟ ﺭﺩ ﻲﻳﺎﻘﻳﺮﻓﺁ ﻱﺎﻫﺭﻮﺸﻛ ﺯﺍ ﻲﺧﺮﺑ ﺖﻴﻘﻓﻮﻣ ﻪﺑ ﻱﺪﻴﻠﻛ ﻱﺎﻫ ﺮـﺠﻨﻣFDI
ﺷ ﺖﺳﺍ ﻩﺪ .
ﻱﺮﻨﻫ ﺖـﻴﻘﻓﻮﻣ ﻡﺪـﻋ ﻞﻴﻟﺩ ٣
ﺏﺬـﺟ ﺭﺩ ﺍﺭ ﻪـﻴﻛﺮﺗ ﻖﻓﻮﻣﺎـﻧ ﻱﺍﺮـﺟﺍ FDI
ﺖﺳﺎﻴﺳ ﻲﺻﻮﺼﺧ ﻱﺎﻫ
ﺭﻮﺸﻛ ﻦﻳﺍ ﻪﻛ ﺪﻧﺩﺮﻛ ﻥﺎﻴﺑ ﻭ ﻪﺘﺴﻧﺍﺩ ﻱﺯﺎﺳ ﺩﻮـﺟﻭ ﺎﺑ
ﺖـﻴﻌﻗﻮﻣ
ﺩﺭﺍﺩ ﻪﻛ ﻲﺒﺳﺎﻨﻣ ﻲﻳﺎﻴﻓﺍﺮﻐﺟ ،
ﻒﻴﻌـﺿ ﺩﻮﺧ ﻥﺎﺒﻴﻗﺭ ﻪﺑ ﺖﺒﺴﻧ
ﻞـﻤﻋ ﺮـﺗ ﺮـﮐ
ﺖـﺳﺍ ﻩﺩ .
ﻥﺍﺮﮕﻳﺩ ﻭ ﻚﻳﺎﺳ ﻦﻴﺑ ﻲﻠﻋ ﺔﻄﺑﺍﺭ ﻪﻛ ﺪﻧﺩﺍﺩ ﻥﺎﺸﻧ٤
ﺎﻫﺭﻮﺸﻛ ﺭﺩ ﻱﺩﺎﺼﺘﻗﺍ ﺪﺷﺭ ﻭ FDI
ﺩﺭﺍﺩ ﺩﻮﺟﻭ .
ﺭﻮﺸﻛ ﻩﺩﺮﺘﺴـﮔ ﻲﻟﺎﻣ ﻱﺎﻫﺭﺍﺯﺎﺑ ﺯﺍ ﻪﻛ ﻲﻳﺎﻫ
ﺏﺬـﺟ ﺭﺩ ،ﺪـﻧﺭﺍﺩﺭﻮﺧﺮﺑ ﻱﺮـﺗ
ﻖﻓﻮﻣ FDI ﺪﻧﺮﺗ . ﻧﺎﻜﻣ ﻞﻣﺍﻮﻋ ﻲﮔﮋﻳﻭ ﺯﺍ ﻲﺷﺎﻧ ﻲ
ﺪﻨﻧﺎﻣ ،ﺪﻴﻟﻮﺗ ﻲﻧﺎﻜﻣ ﻱﺎﻫ ﻊﺑﺎـﻨﻣ ﺭﻮـﻓﻭ
ﻨﻳﺰﻫ ﻥﺩﻮﺑ ﻦﻴﻳﺎﭘ ،ﻥﺍﺯﺭﺍ ﺭﺎﻛ ﻱﻭﺮﻴﻧ ،ﻱﮊﺮﻧﺍ ﻭ ﻪﻴﻟﻭﺍ ﺩﺍﻮﻣ ،ﻱﺩﺎﺼﺘﻗﺍ ﺔ
ﻭ ﻞـﻘﻧ ﻭ ﻞـﻤﺣ
ﺯﺍﺪﻧﺍ [ ﻠﻤﺟ ﺯﺍ ﺰﻴﻧ ﻲﻠﺧﺍﺩ ﺭﺍﺯﺎﺑ ﺔ
ﺖﺳﺍ ﺮﺛﻮﻣ ﻞﻣﺍﻮﻋ .
ﺼﻌﻣ ﻝﺎﺳ ﺭﺪﻴﻠﻴﺟﺎﺣ ﻪﻣﻮ ١٣٧٩
ﺖﻴﻤﻫﺍ ﻪﻌـﺳﻮﺗ ﻝﺎـﺣ ﺭﺩ ﻱﺎﻫﺭﻮﺸﻛ ﻱﺍﺮﺑ FDI
ﺳﺭﺮﺑ ﺍﺭ ﻲ ﻩﺩﺮﮐ ﻞـﻠﻋ ﺎـﺑ ﻪـﻄﺑﺍﺭ ﺭﺩ ﻩﺪـﺷ ﺮﻛﺫ ﺕﺎﻳﺮﻈﻧ ﻲﺧﺮﺑ ﻪﺑ ﻭ ﻭ ﻪـﺘﺧﺍﺩﺮﭘ FDI
ﻢﻫ ﻪﺑ ﻪﻳﺎﻣﺮﺳ ﻱﺩﻭﺭﻭ ﻥﺎﻳﺮﺟ ﺪﻧﻭﺭ ﺮﺑ ﻱﺭﻭﺮﻣ ﻦﻴﻨﭼ ﺍﻳ
ﻥﺍﺮ ﻝﺎﺳ ﺭﺩ ﺯﺍ ﺪﻌﺑ ﻭ ﻞﺒﻗ ﻱﺎﻫ
ﺖﺳﺍ ﻪﺘﺷﺍﺩ ﺏﻼﻘﻧﺍ .
ﻟﺎﺳﺭ ﺭﺩ ﺶﻨﻣ ﺎﺳﺭﺎﭘ ﺔ
ﺩ ﺩﻮﺧ ﺪﺷﺭﺍ ﻲﺳﺎﻨﺷﺭﺎﻛ ﻝﺎﺳﺭ
١٣٧٨ ﻪـﺑ
ﻨﻴﻣﺯ ﺭﺩ ﻪﺣﻭﺮﻄﻣ ﺕﺎﻳﺮﻈﻧ ﻲﺧﺮﺑ ﻲﺳﺭﺮﺑ ﺔ
ﻪﻳﺎﻣﺮﺳ ﺲﭙـﺳ ﻭ ﻪﺘﺧﺍﺩﺮﭘ ﻲﺟﺭﺎﺧ ﻱﺭﺍﺬﮔ
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1- Belay Seyoum(1996).
2- Sinvasan & Busu (2002).
3- Henry and Ebro Loewendahi (2000).
4- Syek & Chan Ozcan & Alfaro (2002).
ﻪﻳﺮﻈﻧ ﺯﺍ ﻩﺩﺎﻔﺘﺳﺍ ﺎﺑ
ﻪﻳﺎﻣﺮﺳ ﻪﺑ ﻁﻮﺑﺮﻣ ﻱﺎﻫ
ﻲﺟﺭﺎﺧ ﻢﻴﻘﺘﺴﻣ ﻱﺭﺍﺬﮔ
، ﺩﺎﻔﺘﺳﺍ ﺎﺑ ﺓ
ﻲﻟﺪﻣ
ﻪﻳﺎﻣﺮﺳ ﺮﺛﺍ ﻲﺳﺭﺮﺑ ﻪﺑ
ﻪﺘﺧﺍﺩﺮﭘ ﻱﺩﺎﺼﺘﻗﺍ ﻥﻼﻛ ﻱﺎﻫﺮﻴﻐﺘﻣ ﺮﺑ ﻲﺟﺭﺎﺧ ﻢﻴﻘﺘﺴﻣ ﻱﺭﺍﺬﮔ
ﺖﺳﺍ . ﻢﻫ ﻱﻭ ـﻘﻧ ﻲﺳﺭﺮﺑ ﻪﺑ ﻦﻴﻨﭼ ﻪﻳﺎﻣﺮـﺳ ﺶ
ﺖﻛﺮـﺷ ﻱﺭﺍﺬـﮔ
ﺭﺩ ﻲﺘﻴﻠﻣﺪـﻨﭼ ﻱﺎـﻫ
ﺖـﺳﺍ ﻪـﺘﺧﺍﺩﺮﭘ ﺎﻫﺭﻮﺸـﻛ ﻱﺩﺎﺼﺘﻗﺍ ﺪﺷﺭ ﻭ ﻥﺪﺷ ﻲﻧﺎﻬﺟ ﺪﻨﻳﺍﺮﻓ .
ﺭﻭﺩ ﺓ ﺩﺭﻮـﻣ ﻲﻧﺎـﻣﺯ
ﻌﻟﺎﻄﻣ ﺔ ﻱﻭ ١٣٧٥ ـ ١٣٤٢ ﻱﻭ ﻂـﺳﻮﺗ ﻪﻛ ﻲﻧﻼﻛ ﻱﺎﻫﺮﻴﻐﺘﻣ ﻭ ﺖﺳﺍ ،ﻩﺪـﺷ ﻩﺩﺎﻔﺘـﺳﺍ
ﻪﻳﺎﻣﺮﺳ ﻞﻣﺎﺷ
ﻪـﻛ ﺖـﺳﺍ ﻝﺎﻐﺘـﺷﺍ ﻭ ﺕﺍﺭﺩﺎـﺻ ،ﻲـﻠﺧﺍﺩ ﻱﺭﺍﺬـﮔ ﺩﺭﻮـﻣ ﺓﺭﻭﺩ ﺭﺩ FDI
ﻳﺍ ﺮﺑ ﺖﺒﺜﻣ ﺮﻴﺛﺎﺗ ﻲﺳﺭﺮﺑ ﺖﺳﺍ ﻪﺘﺷﺍﺩ ﺎﻫﺮﻴﻐﺘﻣ ﻦ
.
ﻝﺎﺳ ﺯﻮﻧﺯ ﻱﺩﺎﻫ ﺯﻭﺮﻬﺑ ١٣٧٩
ﺩﻮﺧ ﺏﺎﺘﻛ ﺭﺩ ﺎﺑ
ﺍﻮﻨﻋ ﻪﻳﺎﻣﺮـﺳ ﻥ ﻲﺟﺭﺎـﺧ ﻱﺭﺍﺬـﮔ
،ﻥﺍﺮﻳﺍ ﺭﺩ ﺶﻳﺍﺮـﮔ ،ﻱﺮﻈﻧ ﻲﻧﺎﺒﻣ ﻲﺳﺭﺮﺑ ﻪﺑ
ﻪﻳﺎﻣﺮـﺳ ﺩﺭﻮـﻣ ﺭﺩ ﺩﻮـﺟﻮﻣ ﻱﺎـﻫ
ﻱﺭﺍﺬـﮔ
ﻦﻴﻴﻌﺗ ﻞﻣﺍﻮﻋ ﻭ ﻲﺟﺭﺎﺧ ﻢﻴﻘﺘﺴﻣ ﺪﻨﻨﻛ
ﺓ ﺑﺮﺠﺗ ﻭ FDI ﺔ ﺖﺳﺍ ﻪﺘﺧﺍﺩﺮﭘ ﻥﺍﺮﻳﺍ .
ﻝﺎﺳ ﺭﺩ ﻲﻤﺗﺎﺧ ﻥﻮﻳﺎﻤﻫ ١٣٧٦
ﺳ ﻲﺳﺭﺮﺑ ﻪﺑ ﻪﻳﺎﻣﺮ
ﺭﺩ ﻲﺟﺭﺎـﺧ ﻢﻴﻘﺘﺴـﻣ ﻱﺭﺍﺬـﮔ
ﺵﻭﺭ ﺲﭙﺳ ﻭ ﻪﺘﺧﺍﺩﺮﭘ ﻥﺍﺮﻳﺍ
ﺡﺮﻃ ﻲﻟﺎﻣ ﻦﻴﻣﺎﺗ ﻒﻠﺘﺨﻣ ﻱﺎﻫ
ﻪـﻛ ﺍﺭ ﻱﺩﺎﺼـﺘﻗﺍ ﻱﺎـﻫ
ﺮﺑ ﺖﺳﺍ ﻦﻜﻤﻣ ﺭﻮﺸﻛ ﻚﻳ ﺱﺎﺳﺍﺮﺑ
ﺩﻮﺧ ﻲﻠﺧﺍﺩ ﺕﺍﺭﺮﻘﻣ ﻭ ﻦﻴﻧﺍﻮﻗ ﮕﺑ ﺭﺎـﻛ ﻪﺑ
ﺮـﻴ ﺍﺭ ﺩ
ﻣ ﻓﺮﻌ ﻲ ﻭ ﺳﺭﺮﺑ ﻲ ﺮﮐ ﺖﺳﺍ ﻩﺩ .
ﻓﺮﻌﻣ ﻪﺑ ﻪﺟﻮﺗ ﺎﺑ ﻲ
ﻟﺎﻤﺟﺍ ﻲ ﭘ ﺕﺎﻌﻟﺎﻄﻣ ﺯﺍ ﻪﮐ ﻴ
ﺮﺑ ﺮﺛﻮﻣ ﻞﻣﺍﻮﻋ ﻥﻮﻣﺍﺮ ﻭ FDI
ﺶـﻘﻧ
،ﻪﺘﻓﺮﮔ ﺕﺭﻮﺻ ﻥﻼﮐ ﺩﺎﺼﺘﻗﺍ ﺭﺩ ﻥﺁ ـﻣ ﺵﻼﺗ ﻪﻟﺎﻘﻣ ﻦﻳﺍ ﺭﺩ
ﻲ ﻮـﺷ ﺮـﺑ ﺮﺛﻮـﻣ ﻞـﻣﺍﻮﻋ ﺩ
ﻪﻳﺎﻣﺮﺳ ـﻃ ﻥﺍﺮـﻳﺍ ﺩﺎﺼﺘﻗﺍ ﺭﺩ ﻲﺟﺭﺎﺧ ﻢﻴﻘﺘﺴﻣ ﻱﺭﺍﺬﮔ ﻲ
ﺭﻭﺩ ﺓ ١٣٨٠
‐ ١٣٥٣ ـﺳﺭﺮﺑ ﻲ
ﺪﺷ ﺠﻨﺳﺩﺎﺼﺘﻗﺍ ﻝﺪﻣ ﺐﻟﺎﻗ ﺭﺩ ﻭ ﻩ ﻲ
، ﻭ ﺶﺠﻨﺳ ﺩﺭﻮﻣ ﻞﻣﺍﻮﻋ ﻦﻳﺍ ﺶﻘﻧ ﻠﺤﺗ
ـﻴ ﺭﺍﺮـﻗ ﻞ
ﮔ ﻴ ﺩﺮ .
٤
‐ ﻪﻳﺎﻣﺮﺳ ﺐﻠﺟ ﺭﺩ ﺮﺛﺆﻣ ﻞﻣﺍﻮﻋ ﻲﺟﺭﺎﺧ ﻱﺎﻫ
ﻪﺑ ﻩﺰﻴﮕﻧﺍ ﻭ ﻞﻠﻋ ﻲﻠﻛ ﺭﻮﻃ
ﺪـﺣ ﺎـﺗ ﻒـﻠﺘﺨﻣ ﻱﺎﻫﺭﻮﺸﻛ ﻦﻴﺑ ﻪﻳﺎﻣﺮﺳ ﻥﺎﻳﺮﺟ ﻱﺎﻫ
ﻩﺰﻴﮕﻧﺍ ﻭ ﻞﻠﻋ ﺎﺑ ﻱﺩﺎﻳﺯ
ﻚـﻳ ﻞـﺧﺍﺩ ﺭﺩ ﻒـﻠﺘﺨﻣ ﻱﺎـﻫﺭﺍﺯﺎﺑ ﻦﻴـﺑ ﻪﻳﺎﻣﺮﺳ ﻝﺎﻘﺘﻧﺍ ﻱﺎﻫ
ﺪﻨﻧﺎﺴﻜﻳ ،ﺭﻮﺸﻛ .
ﺵﻭﺭ ﻒﻠﺘﺨﻣ ﻱﺎﻫﺭﻮﺸﻛ
ﺏﺬﺟ ﻱﺍﺮﺑ ﻲﺗﻭﺎﻔﺘﻣ ﻱﺎﻫ ﻪﺑ ﻪﺟﻮﺗ ﺎﺑ FDI
ﺶﻘﻧ ﻩﺩﺮﮐ ﺫﺎﺨﺗﺍ ،ﺎﻫﺭﻮﺸﻛ ﻦﻳﺍ ﺭﺩ FDI
ﺪﻧﺍ .
ﺶﻘﻧ ﻪﺑ ﻪﺟﻮﺗ ﺎﺑ ﻩﺰﻴﮕﻧﺍ ﻭ FDI
ﻪﻳﺎﻣﺮﺳ ﻱﺎﻫ
ﻢﻴﺴﻘﺗ ،ﻥﺍﺭﺍﺬﮔ
ﻱﺪﻨﺑ ﺯﺍ ﻲﺗﻭﺎﻔﺘﻣ ﻱﺎﻫ
ﺖﺳﺍ ﻪﺘﻓﺮﮔ ﺕﺭﻮﺻ ﻪﻳﺎﻣﺮﺳ ﻥﺎﻳﺮﺟ ﺮﺑ ﺭﺍﺬﮔﺮﻴﺛﺎﺗ ﻞﻣﺍﻮﻋ .
١ﻱﺮﻨﻫ ﺮـﺑ ﺭﺍﺬﮔﺮﻴﺛﺎﺗ ﻞﻣﺍﻮﻋ
ﻪﻳﺎﻣﺮﺳ ﻦﻴﻴﻌﺗ ﻞﻣﺍﻮﻋ ﻪﺘﺳﺩ ﻭﺩ ﻪﺑ ﺍﺭ ﻱﺭﺍﺬﮔ
ﻦﻴﻴﻌﺗ ﻞﻣﺍﻮﻋ ﻭ ﻥﺎﻜﻣ ﻩﺪﻨﻨﻛ
ﺪﻨﻨﻛ ﺓ FDI
ﻪﻳﺎﻣﺮﺳ ﻑﺪﻫ ﺐﺴﺣ ﺮﺑ
ﻝﻭﺪﺟ ﺭﺩ ﻪﻛ،ﻩﺩﺮﮐ ﻢﻴﺴﻘﺗ ﺭﺍﺬﮔ )
١ ( ﺘﻧ ﺠﻴ ﺔ ﻪـﺑ ﺎـﻬﻧﺁ ﻖﻴﻘﺤﺗ
ﺖﺳﺍ ﻩﺪﺷ ﺮﮐﺫ ﻪﺻﻼﺧ ﺕﺭﻮﺻ .
ﻞـﻣﺍﻮﻋ ﻭﺰـﺟ ﻲﻌﻴﺒﻃ ﻊﺑﺎﻨﻣ ﻭ ﻲﻳﺎﻴﻓﺍﺮﻐﺟ ﻞﻣﺍﻮﻋ، ﻥﺍﺯﺭﺍ ﺭﺎﻛ ﻱﻭﺮﻴﻧ ﺪﻨﻧﺎﻣ ﻲﻠﻣﺍﻮﻋ ﺏﺬﺟ ﻲﺘﻨﺳ ﻩﺪﺷ ﺡﺮﻄﻣ FDI
ﻩﺪﺸﻧ ﻩﺩﺭﻭﺁ ﻝﻭﺪﺟ ﺭﺩ ﻭ
ﺪﻧﺍ ﻭ ﺖﺴﻴﻧ ﻡﻮﻬﻔﻣ ﻥﺁ ﻪﺑ ﻲﻟ
ﺏﺬﺟ ﺭﺩ ﻞﻣﺍﻮﻋ ﻦﻳﺍ ﺶﻘﻧ ﻪﻛ ﺖﺳﺍ ﻩﺪﺷ ﻪﺘﻓﺮﮔ ﻩﺪﻳﺩﺎﻧ FDI
. ﺯﺎـﺑﺮﻳﺩ ﺯﺍ ﻞـﻣﺍﻮﻋ ﻦﻳﺍ
ﺬﺟ ﺭﺩ ﻪﻳﺎﻣﺮﺳ ﺏ
ﺭﺍﺬﮔ ﻱ ﻪﺘـﺷﺍﺩ ﺶـﻘﻧ ﻲﺟﺭﺎـﺧ
ﻲﺘﺑﺎـﻗﺭ ﻞـﻣﺍﻮﻋ ﻭﺰـﺟ ﺯﻭﺮـﻣﺍ ﻭ ﺪـﻧﺍ
ﻲــﻤﻧ ﺏﻮﺴــﺤﻣ ﺪﻧﻮــﺷ
. ﻢﻴﺴــﻘﺗ ﻦــﻳﺍ ﺱﺎــﺳﺍﺮﺑ ﺐــﻠﺟ ﺭﺩ ﺭﺍﺬــﮔﺮﻴﺛﺎﺗ ﻞــﻣﺍﻮﻋ ﻱﺪــﻨﺑ
ﻪﻳﺎﻣﺮﺳ ﺭﺩ ﻲﺟﺭﺎﺧ ﻱﺎﻫ ٣
ﻦﻴﻴﻌﺗ ﻞﻣﺍﻮﻋ ﻩﻭﺮﮔ
ﻭ ﻲﺘﻳﺎـﻤﺣ ﻞـﻣﺍﻮﻋ ،ﻱﺩﺎﺼـﺘﻗﺍ ﻩﺪﻨﻨﻛ
ﻢﻴﺴﻘﺗ ﻲﺳﺎﻴﺳ ﺕﺎﺒﺛ ﻭ ﻲﻘﻳﻮﺸﺗ ﻩﺪﺷ ﻱﺪﻨﺑ
ﺪﻧﺍ .
۱
‐ ﻩﺰﻴﮕﻧﺍ ﻱﺩﺎﺼﺘﻗﺍ ﻱﺎﻫ :
ﺍﻮﻋ ﺺﺧﺎﺷ ﺐﻠﻏﺍ ﻪﻛ ﻱﺩﺎﺼﺘﻗﺍ ﻞﻣ
ﻥﻼﻛ ﺩﺎﺼﺘﻗﺍ ﻱﺎﻫ
ﻲﻣﺮﺑ ﺭﺩ ﺍﺭ
ﺪﻧﺮﻴﮔ . ﺡﺮـﻃ ﺕﺪـﻣﺪﻨﻠﺑ ﻱﺭﻭﺁﺩﻮﺳ ﻱﻭﺭ ﺮﺑ
ﺖـﺳﺍ ﺭﺍﺬـﮔﺮﻴﺛﺎﺗ ﺎـﻫ .
ﻭ ﺩﻮـﺳ
ﻲﻠﺻﺍ ﻪﻳﺎﻣﺮﺳ ﻝﺎﻘﺘﻧﺍ ﺭﺩ ﻲﻫﺩﺯﺎﺑ
ﺩﺭﺍﺩ ﺭﺍﺮـﻗ ﻪﺟﻮﺗ ﺩﺭﻮﻣ ﻪﻛ ﺖﺳﺍ ﻲﻠﻣﺎﻋ ﻦﻳﺮﺗ .
ﺢﻄـﺳ
ﺮــﻬﺑ ﺥﺮــﻧ ﻱﻻﺎــﺑ ﺓ
ــﻨﻳﺰﻫ ،ﻲــﻘﻴﻘﺣ ﺔ
ﺢﻄــﺳ ﻭ ﻩﺩﺍﺩ ﺶﻳﺍﺰــﻓﺍ ﺍﺭ ﻪﻳﺎﻣﺮــﺳ ﻲــﻌﻗﺍﻭ
ﻪﻳﺎﻣﺮﺳ ﻱﺭﺍﺬﮔ ﺩﺍﺩ ﺪﻫﺍﻮﺧ ﺶﻫﺎﻛ ﺍﺭ .
ﻪﻌـﺳﻮﺗ ﺮـﺘﻤﻛ ﻲﻟﺎـﻣ ﻱﺎـﻫﺭﺍﺯﺎﺑ ﺮـﮕﻳﺩ ﻑﺮﻃ ﺯﺍ
ﻩﮊﻭﺮـﭘ ﺮﺜﻛﺍ ﻲﻓﺎﻛﺮﻴﻏ ﻲﺳﺮﺘﺳﺩ ﻭ ﻪﻌﺳﻮﺗ ﻝﺎﺣ ﺭﺩ ﻱﺎﻫﺭﻮﺸﻛ ﺭﺩ ﻪﺘﻓﺎﻳ
ﻦﻴﻣﺎـﺗ ﻪـﺑ ﺎـﻫ
ﺍ ﺮﺑ ،ﻲﺟﺭﺎﺧ ﻲﻟﺎﻣ ﻳ
ﻲﻣ ﺖﻟﻻﺩ ﻦ ﻪﻳﺎﻣﺮـﺳ ﻪﻛ ﺪﻨﮐ
ﺪـﺣ ﺎـﺗ ﺎﻫﺭﻮﺸـﻛ ﻦـﻳﺍ ﺭﺩ ﻱﺭﺍﺬـﮔ
ﺲﭘ ﻪﺑ ﻱﺩﺎﻳﺯ
ﻲﻣ ﺩﻭﺪﺤﻣ ﻲﻠﺧﺍﺩ ﻱﺎﻫﺯﺍﺪﻧﺍ
ﺩﻮﺷ . ﺣ ﺭﺩ ﻱﺎﻫﺭﻮﺸﻛ ﺯﺍ ﻲﺧﺮﺑ ﻪﻌـﺳﻮﺗ ﻝﺎ
ﻪﺘﺴﻧﺍﻮﺗ ـﻨﻳﺰﻫ ﺶﻫﺎـﻛ ﻭ ﻩﺮـﻬﺑ ﺥﺮﻧ ﺶﻫﺎﻛ ﺎﺑ ﺪﻧﺍ ﺔ
ﻪﻳﺎﻣﺮـﺳ ﺏﺬـﺟ ﺭﺩ ﻪﻳﺎﻣﺮـﺳ
ﻱﺎـﻫ
ﺍﺮﺑ ﻲﺟﺭﺎﺧ ﻱ
ﻩﮊﻭﺮﭘ ﻲﻟﺎﻣ ﻦﻴﻣﺎﺗ ﻪﻤﻴﻧ ﻱﺎﻫ
ﺪﻨﻨﮐ ﻞﻤﻋ ﻖﻓﻮﻣ ﻡﺎﻤﺗ .
ﺖﻤﻴﻗ ﻲﻤﻳﺍﺩ ﺶﻳﺍﺰﻓﺍ
ﻲـﻳﺍﺭﺍﺩ ﺵﺯﺭﺍ ﺶﻫﺎـﻛ ﺚـﻋﺎﺑ ﺰـﻴﻧ ﺎﻫ
،ﻩﺪـﺷ ﻲـﻠﺧﺍﺩ ﻱﺎـﻫ
ﺍﺮﺑﺎﻨﺑ ﻳ ﻲﻣ ﺢﻴﺟﺮﺗ ﺎﻫﺭﻮﺸﻛ ﻥﺎﻨﻛﺎﺳ ﻦ
ﻨﻴﻬﺑ ﺐﻴﻛﺮﺗ ﺪﻨﻫﺩ ﺔ
ﻲﻳﺍﺭﺍﺩ ﻱﺎﻫ ﻊـﻔﻧ ﻪﺑ ﺍﺭ ﺩﻮﺧ
ﻲﻳﺍﺭﺍﺩ ﺪﻨﻫﺩ ﺮﻴﻴﻐﺗ ﻲﺟﺭﺎﺧ ﻱﺎﻫ .
ﺖﻤﻴﻗ ﻲﻗﺮﺗ ﻩﻭﻼﻋ ﻪﺑ
ﻲـﻣ ﺚـﻋﺎﺑ ﺎﻫ
ﺩﻭﺭﻭ ﻪـﻛ ﺩﻮـﺷ
ﭘ ﺶﻫﺎﻛ ﻞﺧﺍﺩ ﻪﺑ ﻪﻳﺎﻣﺮﺳ ﻴ
ﺪﻨﻫﺎﻛ ﻞﻣﺎﻋ ﻥﺍﻮﻨﻋ ﻪﺑ ﻡﺭﻮﺗ ﺍﺮﻳﺯ ﺪﻨﮐ ﺍﺪ ﺓ
ﻲﻳﺍﺭﺍﺩ ﺵﺯﺭﺍ
ﺎﻫ
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__
1- Henry and Loewendahi (2000).
ﻪﻳﺎﻣﺮﺳ ﺺﻟﺎﺧ ﺩﻮﺳ ﻭ
ﻲﻣ ﻞﻤﻋ ﻱﺭﺍﺬﮔ
ﺪﻳﺎﻤﻧ . ﺥﺮﻧ ﻦﻳﺍﺮﺑﺎﻨﺑ
ﻞـﻴﻟﺩ ﻪـﺑ ﻡﺭﻮﺗ ﻱﻻﺎﺑ ﻱﺎﻫ
ﻩﮊﻭﺮﭘ ﻚﺴﻳﺭ ﺶﻳﺍﺰﻓﺍ
ﻱﺎﻫ ﻪﻳﺎﻣﺮﺳ ﺮﺑ ،ﺕﺪﻣﺪﻨﻠﺑ
ﻪﻳﺎﻣﺮﺳ ﺖﻴﻟﺎﻌﻓ ﻱﺭﺍﺬﮔ ﻲﻠﺧﺍﺩ ﻥﺍﺭﺍﺬﮔ
ﻪﺑ ﻲﺟﺭﺎﺧ ﻭ ﻲﻣ ﺮﻴﺛﺄﺗ ﺱﻮﻜﻌﻣ ﺭﻮﻃ
ﺩﺭﺍﺬﮔ .
ﻪـﺠﻴﺘﻧ ﺭﺩ ﻭ ﻩﺪـﺷ ﻲـﻠﺧﺍﺩ ﺩﺎﺼﺘﻗﺍ ﻂﻴﺤﻣ ﺭﺩ ﻥﺎﻨﻴﻤﻃﺍ ﺩﺎﺠﻳﺍ ﺚﻋﺎﺑ ﺯﺭﺍ ﺥﺮﻧ ﺕﺎﺒﺛ ﻪﻳﺎﻣﺮــﺳ ﻪﻳﺎﻣﺮــﺳ ﺩﺭﻮــﻣ ﺭﺩ ﺖﻟﻮﻬــﺳ ﻪــﺑ ﻥﺍﺭﺍﺬــﮔ ﻩﺪــﻨﻳﺁ ﻭ ﻝﺎــﺣ ﻥﺎــﻣﺯ ﺭﺩ ﻱﺭﺍﺬــﮔ
ﻢﻴﻤﺼﺗ ﻲﻣ ﻱﺮﻴﮔ
ﺪﻨﻨﻛ . ﻴﻴﻐﺗ ﻦﻳﺍﺮﺑﺎﻨﺑ ﻪـﺑ ﺖﺒﺴـﻧ ﻥﺎﻨﻴﻤﻃﺍ ﻡﺪﻋ ﻪﺑ ﺮﺠﻨﻣ ﺯﺭﺍ ﺥﺮﻧ ﺕﺍﺮ
ﻲﻳﺍﺭﺍﺩ ﺵﺯﺭﺍ ﺮﻴﻴﻐﺗ ﻭ ﻩﺪﻨﻳﺁ ﻲﻣ ﻲﻠﺧﺍﺩ ﻱﺎﻫ
ﺩﻮﺷ .
ﻝﻭﺪﺟ ۱
‐ ﻦﻴﻴﻌﺗ ﻞﻣﺍﻮﻋ ﺪﻨﻨﻛ
ﺓ ﻪﻳﺎﻣﺮﺳ ﻲﺟﺭﺎﺧ ﻱﺎﻫ
ﻦﻴﻴﻌﺗ ﻞﻣﺍﻮﻋ ﻥﺎﻜﻣ ﻩﺪﻨﻨﻛ
FDI ﻱﺭﺍﺬﮔﻪﻳﺎﻣﺮﺳ ﻑﺪﻫ ﺐﺴﺣ ﺮﺑ ﻲﻧﺎﻜﻣ ﺓﺪﻨﻨﻛﻦﻴﻴﻌﺗ ﻞﻣﺍﻮﻋ
۱ ﻨﻨﻛ ﻦﻴﻴﻌﺗ ﻞﻣﺍﻮﻋ ـ ﺓﺪ
ﻱﺩﺎﺼﺘﻗﺍ
ﺭﺩ ـ ﺔﺟ ﻱﺩﺎﺼﺘﻗﺍ ﻥﺩﻮﺑ ﺯﺎﺑ
ﻞﻣﺎﺷ ﻱﺩﺎﺼﺘﻗﺍ ﻱﺯﺎﺳﺩﺍﺯﺁ ـ :
ﻪﻓﺮﻌﺗ ﻊﻧﺍﻮﻣ ﻑﺬﺣ ،ﻱﺍ
ﻲﺻﻮﺼﺧ ﺖﺳﺎﻴﺳ ﻭ ﻱﺯﺭﺍ ﺖﺳﺎﻴﺳ ،ﻱﺯﺎﺳ ﻱﺪﻨﺑ ﺕﺎﻴﻟﺎﻣ ﻱﺎﻫ
.
ﺯﺍﺪﻧﺍ ـ ﺓ ﻥﺎﺑﺰﻴﻣ ﺭﻮﺸﻛ ﺭﺍﺯﺎﺑ .
ﺪﺷﺭ ﻞﻣﺎﺷ ﻪﻛ ﺎﻫﺭﻮﺸﻛ ﻱﺩﺎﺼﺘﻗﺍ ﺩﺮﻜﻠﻤﻋ ـ ،ﻡﺭﻮﺗ ﺥﺮﻧ ،GDP
ﺟﺩﻮﺑ ﺩﺍﺯﺎﻣ ﺎﻳ ﻱﺮﺴﻛ ﺔ
ﺖﻟﻭﺩ ﻲﺟﺭﺎﺧ ﻭ ﻲﻠﺧﺍﺩ ﻲﻫﺪﺑﻭ ﺖﻟﻭﺩ
ﺖﺳﺍ . ﻪﻧﺍﺭﻭﺎﻨﻓ ﻭ ﻲﺘﻌﻨﺻ ﻲﻳﺎﻧﺍﻮﺗ ـ .
ﻲﻳﺎﻨﺑﺮﻳﺯ ﻭ ﻲﻃﺎﺒﺗﺭﺍ ﻂﻳﺍﺮﺷ ـ .
۲ ﻲﻘﻳﻮﺸﺗ ﻭ ﻲﺘﻳﺎﻤﺣ ﻞﻣﺍﻮﻋ ـ
ﺪﻨﻨﻛ ﻖﻳﻮﺸﺗ ﻞﻣﺍﻮﻋ ـ ﺓ
ﻪﻳﺎﻣﺮﺳ ﻞﻣﺎﺷ ﻱﺭﺍﺬﮔ :
ﺲﻴﺳﺎﺗ ،ﻪﻤﻴﺑ
ﮋﻳﻭ ﻭ ﺩﺍﺯﺁ ﻖﻃﺎﻨﻣ ﺓ
ﻪﻳﺎﻣﺮﺳ ﺯﺍ ﺖﻳﺎﻤﺣ ،ﻱﺩﺎﺼﺘﻗﺍ ﻭ ﻲﻠﺧﺍﺩ ﻱﺎﻫ
ﻲﺟﺭﺎﺧ . ﻱﺭﺍﺩﺍ ﻲﺳﺍﺮﻛﻭﺭﻮﺑ ﻭ ﺩﺎﺴﻓ ﻑﺬﺣ ـ .
ﺪﻨﻨﻛ ﻞﻴﻬﺴﺗ ﻞﻣﺍﻮﻋ ـ ﺓ
ﻪﻳﺎﻣﺮﺳ ﻱﺭﺍﺬﮔ .
ﻲﻧﺎﻣﺭﺩ ﺕﺎﻣﺪﺧ ـ .
ﺕﻼﻴﻬﺴﺗ ـ ﻲﻫﺎﻓﺭ .
۳ ﻲﺳﺎﻴﺳ ﺕﺎﺒﺛ ـ
ﻲﺳﺎﻴﺳ ﻢﺘﺴﻴﺳ ـ .
ﻪﻳﺎﻣﺮﺳ ﺎﺑ ﻪﻄﺑﺍﺭ ﺭﺩ ﺖﻟﻭﺩ ﺵﺮﮕﻧ ﻉﻮﻧ ـ ﻲﺟﺭﺎﺧ ﻱﺭﺍﺬﮔ
.
ﻩﻭﺮﮔ ﻦﻴﺑ ﻱﺮﻴﮔﺭﺩ ـ ﻱﺩﺎﺼﺘﻗﺍ ﻭ ﻲﺳﺎﻴﺳ ﻱﺎﻫ
.
ﻲﻗﻮﻘﺣ ﺕﺍﺭﺮﻘﻣ ﻭ ﻦﻴﻧﺍﻮﻗ ـ .
ﺭﺍﺯﺎﺑ ﺩﺮﻜﻠﻤﻋ ﻭ ﺭﺎﺘﺧﺎﺳ ﻱﻭﺭ ﺮﺑ ﻩﺪﺷ ﻡﺎﺠﻧﺍ ﻱﺎﻫ ﺖﺳﺎﻴﺳ ـ ﻪﺑ ﺹﻮﺼﺧ ﺖﺳﺎﻴﺳ ﻭ ﺎﻫ ﻡﺎﻏﺩﺍ ﻭ ﺖﺑﺎﻗﺭ ﺶﻳﺍﺰﻓﺍ ﻪﺑ ﻁﻮﺑﺮﻣ ﻱﺎﻫ
ﺘﻛﺍ ﻦﻴﺑ ﻱﺎﻬﺑﺎﺴ ﻲﻠﻠﻤﻟﺍ .١
ﻦﻴﺑ ﺕﺎﻘﻓﺍﻮﺗ ﺩﺍﺪﻌﺗ ـ ﻱﻭﺭ ﺮﺑ ﻲﻠﻠﻤﻟﺍ
.FDI
ﻡﺎﺠﺴﻧﺍ ـ ﺑﺎﺳ ﻭ FDI
ﺔﻘ ﺏﺬﺟ ﺭﺩ ﺭﻮﺸﻛ .FDI
ﻲﮔﺪﻧﺯ ﺖﻴﻔﻴﻛ ﻭ ﻲﮕﻨﻫﺮﻓ ﻞﻣﺍﻮﻋ ـ .
۱ ﺭﺍﺯﺎﺑ ﻩﺪﻨﻨﻛﻮﺠﺘﺴﺟ ـ
ﺯﺍﺪﻧﺍ ـ ﺓ ﻥﺎﺑﺰﻴﻣ ﺭﻮﺸﻛ ﺭﺍﺯﺎﺑ .
ﺭﺍﺯﺎﺑ ﺪﺷﺭ ـ . ﻪﻘﻄﻨﻣ ﻱﺎﻫﺭﺍﺯﺎﺑ ﻪﺑ ﻲﺳﺮﺘﺳﺩ ـ ﻦﻴﺑ ﻭ ﻱﺍ
ﻲﻠﻠﻤﻟﺍ .
ﻥﺎﺤﺟﺭ ـ ﺸﻛ ﺹﺎﺧ ﻲﻓﺮﺼﻣ ﻱﺎﻫ ﺎﻫﺭﻮ
.
ﺭﺍﺯﺎﺑ ﺭﺎﺘﺧﺎﺳ ـ .
ﻲﻠﺧﺍﺩ ﻞﻏﺎﺸﻣ ﻲﻳﺎﻧﺍﻮﺗ ـ .
۲ ﻨﻨﻛﻮﺠﺘﺴﺟ ـ ﺓﺪ
ﻲﻳﺍﺭﺎﻛ
ﻳﺰﻫ ـ ﺔﻨ ﺭﺎﻛ ﻱﻭﺮﻴﻧ ﻱﺍﺮﺑ ﻪﻛ ﻲﻳﺎﻫ ﻲﻳﺍﺭﺍﺩ ﻭ ﻊﺑﺎﻨﻣ
ﺖﺳﺮﻬﻓ ﻩﺪﺷ ﻱﺪﻨﺑ
ﻪﻨﻳﺰﻫ ﺮﻳﺎﺳ ـ ﻭ ﻞﻘﻧ ﻭ ﻞﻤﺣ ﺮﻴﻈﻧ ،ﻩﺩﺎﻬﻧ ﻱﺎﻫ
ﻪﻄﺳﺍﻭ ﻱﺎﻫﻻﺎﻛ ﻱﺍ
.
ﻪﻘﻄﻨﻣ ﻱﺎﻫ ﻡﺎﻏﺩﺍ ﺭﺩ ﺖﻳﻮﻀﻋ ـ ﺱﺎﻴﻘﻣ ﺭﺩ ﻱﺍ
ﻱﺩﺎﺼﺘﻗﺍ .
۳ ﺪﻨﻨﻛﻮﺠﺘﺴﺟ ـ ﺓ
ﻊﺑﺎﻨﻣ
ـ ﻡﺎﺧ ﺩﺍﻮﻣ . ﺮﻫﺎﻣﺮﻴﻏ ﺭﺎﻛ ﻱﻭﺮﻴﻧ ـ .
ﻪﻨﻳﺰﻫ ـ ﻲﻧﻮﻧﺎﻗ ﻱﺎﻫ .
۴ ﺪﻨﻨﻛﻮﺠﺘﺴﺟ ـ ﺓ
ﻲﻳﺍﺭﺍﺩ
ﺮﻫﺎﻣ ﺭﺎﻛ ﻱﻭﺮﻴﻧ ﻪﺑ ﻲﺳﺮﺘﺳﺩ ـ .
ﺵﺯﻮﻣﺁ ﺖﻴﻔﻴﻛ ـ ﺭﻮﺸﻛ ﺭﺩ ﻖﻴﻘﺤﺗ ،
.
ﺮﻈﻧ ﺯﺍ ﺭﻮﺸﻛ ﻂﻳﺍﺮﺷ ـ
R&D
.
،ﻪﻧﺍﺭﻭﺎﻨﻓ ﺕﻼﻳﺪﻌﺗ ،ﺕﺎﻋﺍﺮﺘﺧﺍ ﻞﻣﺎﺷ ﻲﻳﺍﺭﺍﺩ ﻖﻠﺧ ـ ﺕﺭﺎﻬﻣ ﻲﮕﻨﻫﺮﻓ ﺖﻴﻌﺿﻭ ﻭ ﻲﻜﻴﻨﻜﺗ ﻱﺎﻫ .
ﺖﺧﺎﺳ ﺮﻳﺯ ـ ﻳﺰﻴﻓ ﻱﺎﻫ ﻲﻜ ) ﻩﺍﺭ ،ﺭﺩﺎﻨﺑ ﻱﻭﺮﻴﻧ ،ﻕﺮﺑ ،ﺎﻫ
ﻩﺮﻬﺑ ﺐﺴﺣﺮﺑ ﺭﺎﻛ ﻱﺭﻭ
.(
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1- Merger and Acquisition.
ﻲﻣ ﺏﻮﺴﺤﻣ ﻱﺩﺎﺼﺘﻗﺍ ﻲﺳﺎﺳﺍ ﻱﺎﻫﺮﻴﻐﺘﻣ ﺮﮕﻳﺩ ﺯﺍ ﺰﻴﻧ ﺖﻟﻭﺩ ﻲﻟﺎﻣ ﻊﺿﻭ
ﻪـﻛ ﺩﻮﺷ
ﺮﺑ ﻭ ﻪﻳﺎﻣﺮﺳ ﻥﺎﻳﺮﺟ ﻪﻳﺎﻣﺮﺳ
ﺭﺍﺩ ﺮﻴﺛﺎﺗ ﻱﺭﺍﺬﮔ ﺩ
. ﺮﺴﻛ ﺎﺑ ﺖﻟﻭﺩ ﻪﭽﻧﺎﻨﭼ ﻪﺟﺍﻮﻣ ﻪﺟﺩﻮﺑ ﻱ
ﻩﺍﺭ ﺯﺍ ﺍﺭ ﻥﺁ ﻭ ﺪﺷﺎﺑ ﺰﮐﺮﻣ ﮏﻧﺎﺑ ﺯﺍ ﺽﺍﺮﻘﺘﺳﺍ
ﻱ ﻦﻴﻣﺎﺗ ﻨﮐ ﻮﺗ ﻱﺎﻫﺭﺎﺸﻓ ،ﺪ ﺩﻮﺟﻭ ﻪﺑ ﻲﻣﺭ
ﻪﻳﺎﻣﺮﺳ ﺶﻫﺎﻛ ﻭ ﺭﻮﺸﻛ ﺯﺍ ﻪﻳﺎﻣﺮﺳ ﺝﻭﺮﺧ ﺚﻋﺎﺑ ﻭ ﻩﺪﻣﺁ ﻲﻣ ﻱﺭﺍﺬﮔ
ﺩﻮﺷ . ﻲﻟﺎـﻣ ﻦﻴﻣﺎـﺗ
ﺯﺍ ﻪﺟﺩﻮﺑ ﻱﺮﺴﻛ ﻩﺍﺭ
ﺯﺍ ﻪﻳﺎﻣﺮـﺳ ﺝﻭﺮـﺧ ،ﺝﺭﺎـﺧ ﺯﺍ ﺽﺍﺮﻘﺘـﺳﺍ ﻭ ﻪـﺿﺮﻗ ﻕﺍﺭﻭﺍ ﺵﻭﺮﻓ
ﻲﻣ ﻖﻳﻮﺸﺗ ﺍﺭ ﺭﻮﺸﻛ
ﺪﻳﺎﻤﻧ . ﺍﺭ ﺖـﻟﻭﺩ ﺩﺮـﻜﻠﻤﻋ ﻲﻋﻮـﻧ ﻪﺑ ﺰﻴﻧ ﺖﻟﻭﺩ ﻲﺟﺭﺎﺧ ﻲﻫﺪﺑ ﺭﺎﺑ
ﻲﻣ ﻥﺎﺸﻧ
ﺪﻫﺩ . ﻭ ﻞﺻﺍ ﺖﺧﺍﺩﺮﭘﺯﺎﺑ ﺖﺒﺴﻧ ﻲـﻠﺧﺍﺩ ﺺﻟﺎـﺧﺎﻧ ﺪـﻴﻟﻮﺗ ﻪـﺑ ﻲﻫﺪـﺑ ﻉﺮـﻓ
،
ﺒﺳﺎﻨﻣ ﺺﺧﺎﺷ ﻲ
ﻩﺯﺍﺪﻧﺍ ﻱﺍﺮﺑ
ﺖﻟﻭﺩ ﻲﺟﺭﺎﺧ ﻲﻫﺪﺑ ﺭﺎﺑ ﻱﺮﻴﮔ ﺖﺳﺍ
. ﻞﺻﺍ ﺮﺗﻻﺎﺑ ﺖﺒﺴﻧ
،ﻲﻫﺪــﺑ ﻉﺮــﻓ ﻭ ﺍ ﻪــﺑ
ــﻳ ﻦ ﺩﺎﻔﺘــﺳﺍ ﻱﺍﺮــﺑ ﻱﺮــﺘﻤﻛ ﻊﺑﺎــﻨﻣ ﻪــﻛ ﺖــﺳﺎﻨﻌﻣ ﺓ
ﻲــﻠﺧﺍﺩ
) ﻪﻳﺎﻣﺮﺳ ﻱﺭﺍﺬﮔ ( ﺩﺭﺍﺩ ﺩﻮﺟﻭ .
ﻪﻳﺎﻣﺮﺳ ﺥﺮﻧ ﻭﺭ ﻦﻳﺍ ﺯﺍ ﺶﻫﺎﻛ ﻱﺭﺍﺬﮔ
ﺍﺪﻴﭘ ﻲـﻣ ـﻨﮐ ﺪ . ﻪـﺑ
ﻱﻻﺎﺑ ﻢﺠﺣ ﺮﮔﺍ ﻩﻭﻼﻋ ﻲﻫﺪﺑ
، ﺖﺧﺍﺩﺮﭘﺯﺎﺑ ﺭﺩ ﻲﺗﻼﻜﺸﻣ ﻪﺑ ﺮﺠﻨﻣ ﻮﺷ ﻥﺁ
ﺎـﺑ ﻂـﺑﺍﻭﺭ ،ﺩ
ﺪـﺷ ﺪﻫﺍﻮﺧ ﻪﺟﺍﻮﻣ ﻞﻜﺸﻣ ﺎﺑ ﻥﺍﺭﺎﻜﺒﻠﻃ .
ﺒﻃ ﻴ ﻪـﮐ ﺖـﺳﺍ ﻲـﻌ ﻲﻟﺎـﻣ ﻦﻴﻣﺎـﺗ ﺮـﻣﺍ ﻦـﻳﺍ
ﻪﻳﺎﻣﺮﺳ ﻞﻜﺸﻣ ﺍﺭ ﻱﺭﺍﺬﮔ
ﻪﻨﻳﺰﻫﺮﭘ ﺎﻳ ﻭ ﺮﺗ
ﺪـﻫﺍﻮﺧ ﺮﺗ ﺮـﮐ
ﺩ . ﺖـﺧﺍﺩﺮﭘﺯﺎﺑ ﻡﺪـﻋ ﻚﺴـﻳﺭ
ﺺﺧﺎﺷ ﻪﻠﻤﺟ ﺯﺍ ﻲﻫﺪﺑ
ﺒﺳﺎﺤﻣ ﺭﺩ ﻪﻛ ﺖﺳﺍ ﻲﻳﺎﻫ ﺔ
ﺕﺎﺴـﺳﻮﻣ ﻂﺳﻮﺗ ﺎﻫﺭﻮﺸﻛ ﻚﺴﻳﺭ
ﮒﺭﺰﺑ ﻪﺒﺳﺎﺤﻣ ﺪﻨﻨﻛ ﺓ ﻚﺴﻳﺭ ﻩﺩﺎﻔﺘﺳﺍ ﺩﺭﻮﻣ ﻪﺟﺭﺩ ﻱﺭﺎﺒﺘﻋﺍ
ﻲﻣ ﻮﺷ ﺩ .
ﺟﺭﺩ ﺔ ﻥﺎـﻴﺑ ﻪـﻛ ﻱﺩﺎﺼـﺘﻗﺍ ﻥﺩﻮـﺑ ﺯﺎـﺑ ﺮﻳﺎـﺳ ﺎـﺑ ﺭﻮﺸـﻛ ﻥﺁ ﺕﻻﺩﺎـﺒﻣ ﻢـﺠﺣ ﺮـﮔ
ﺺﻟﺎـﺧﺎﻧ ﺪـﻴﻟﻮﺗ ﻪـﺑ ﺭﻮﺸـﻛ ﻚـﻳ ﺕﺍﺩﺭﺍﻭ ﻭ ﺕﺍﺭﺩﺎﺻ ﻉﻮﻤﺠﻣ ﺖﺒﺴﻧ ﺎﺑ ﻭ ﺖﺳﺎﻫﺭﻮﺸﻛ ﻲﻣ ﺺﺨﺸﻣ ﻲﻠﺧﺍﺩ
ﺩﻮﺷ . ﻱﺮـﺘﻤﻛ ﻲﮔﺪﻨﻨﻜـﺷ ﺯﺍ ﻪﺘﺴـﺑ ﺩﺎﺼﺘﻗﺍ ﻪﺑ ﺖﺒﺴﻧ ﺯﺎﺑ ﺩﺎﺼﺘﻗﺍ
ﻪﺑ ﺖﺒﺴﻧ ﻝﺩﺎﻌﺗ ﻡﺪﻋ
ﺖﺳﺍ ﺭﺍﺩﺭﻮﺧﺮﺑ ﻲﺟﺭﺎﺧ ﻱﺎﻫ .
ﻥﺍﺰـﻴﻣ ﺮـﻈﻧ ﺯﺍ ﻒﻠﺘﺨﻣ ﻱﺎﻫﺭﻮﺸﻛ
ﻪﻳﺎﻣﺮﺳ ﻱﻭﺭ ﺮﺑ ﻱﺩﺎﺼﺘﻗﺍ ﻥﺩﻮﺑ ﺯﺎﺑ ﻱﺭﺍﺬﮔﺮﻴﺛﺎﺗ
ﺪـﻧﺭﺍﺩ ﺕﻭﺎﻔﺗ ﻢﻫ ﺎﺑ ﻥﺍﺭﺍﺬﮔ .
ﺭﻮـﻃ ﻪـﺑ
ﺖﺳﺎﻴﺳ ﻲﻠﻛ
،ﺎﻴـﺳﺁ ﻕﺮـﺷ ﺏﻮـﻨﺟ ﻱﺎﻫﺭﻮﺸـﻛ ﻭ ﻲﺘﻌﻨـﺻ ﻱﺎﻫﺭﻮﺸﻛ ﺮﺑ ﻢﻛﺎﺣ ﻱﺎﻫ
ﺮﺗﺩﺍﺯﺁ ﺖﺳﺍ ﻲﻳﺎﻴﺳﺁ ﻱﺎﻫﺭﻮﺸﻛ ﺮﮕﻳﺩ ﺯﺍ .
ﻦﻴـﭼ ﺖـﻴﻘﻓﻮﻣ ﻞـﻳﻻﺩ ﺯﺍ ﻲـﻜﻳ ﺏﺬـﺟ ﺭﺩ
ﻪﻳﺎﻣﺮﺳ ﻲﺟﺭﺎﺧ ﻢﻴﻘﺘﺴﻣ ﻱﺎﻫ
، ﺖﺳﺎﻴﺳ ﻱﺍﺮﺟﺍ
ﻪﻫﺩ ﺭﺩ ﻱﺩﺎﺼﺘﻗﺍ ﺯﺎﺑ ﻱﺎﻫﺭﺩ ﻱﺎﻫ
ﻱﺎﻫ
ﺖﺳﺍ ﺮﻴﺧﺍ .
ﻭ ﻲﺘﻌﻨﺻ ﻱﺎﻫﺎﻨﺑﺮﻳﺯ
،ﻪﻧﺍﺭﻭﺎﻨﻓ ﻪﻳﺎﻣﺮـﺳ ﻪﻛ ﻲﻧﺎﻣﺯ
ﺪـﻴﻟﻮﺗ ﺶـﺨﺑ ﻭﺩ ﺮـﻫ ﺭﺩ ﺭﺍﺬـﮔ
ﺖﻴﻟﺎﻌﻓ ﻭ ﺕﺎﻣﺪﺧ
ﺮﺑ ﻲﻨﺘﺒﻣ ﻱﺎﻫ ﻓ
ﻱﺭﻭﺎﻨ ﺰﻛﺮﻤﺗ ﻪﺘﻓﺮﺸﻴﭘ ﻱﺎﻫ ﭘ
ﻴ ﻣ ﺍﺪ
،ﺪ ﻨﮐﻲ ﻞﻣﺎﻋ ﻪﺑ
ﻪﻳﺎﻣﺮﺳ ﺐﻠﺟ ﻱﺍﺮﺑ ﻲﻤﻬﻣ
ﺍﺭﺍﺬﮔ ﻲﻣ ﻞﻳﺪﺒﺗ ﻲﺟﺭﺎﺧ ﻥ
ﻮﺷ ﻧ ﺪ . ﻢﻫ ﺖﺧﺎﺳﺮﻳﺯ ﻦﻴﻨﭼ
ﻱﺎﻫ
ﻪﻧﺍﺭﻭﺎﻨﻓ
، ﻲﻳﺎﻧﺍﻮﺗ ﺭﺩ ﻲﻠﺻﺍ ﻪﻔﻟﺆﻣ ﺭﻭﺎﻨﻓ
ﻱ ﺭﺩ ﻲﻣ ﺏﻮﺴﺤﻣ ﺭﻮﺸﻛ ﻚﻳ ﺩﻮـﺧ ﻪـﻛ ﺩﻮـﺷ
ﻢﺘﺴﻴﺳ ﻞﻣﺎﺷ
ﻪﻌﺳﻮﺗ ﻭ ﻖﻴﻘﺤﺗ ﺖﻴﻓﺮﻇ ﻭ ﺵﺯﻮﻣﺁ ،ﺕﺍﺪﻴﻬﻤﺗ ،ﻲﻧﺎﺒﻴﺘﺸﭘ ﻱﺎﻫ ﺖـﺳﺍ
.
ﺯﺍ ﻱﺪـﻨﻣﻭﺮﻴﻧ ﻭ ﺭﺍﺪـﻳﺎﭘ ﻥﺎـﻳﺮﺟ ﺐﻠﺟ ﺭﺩ ﺭﻮﭘﺎﮕﻨﺳ ﺖﻴﻘﻓﻮﻣ ﻲﻠﺻﺍ ﻞﻴﻟﺩ ﺩﻮـﺟﻭ FDI
ﺖﺧﺎﺳﺮﻳﺯ
ﺩﺎﺘﻓﺍ ﺎﺟ ﺭﺎﻴﺴﺑ ﻚﻳﮊﻮﻟﻮﻨﻜﺗ ﻱﺎﻫ ﺓ
ﺭﺎـﻛ ﻱﻭﺮﻴﻧ ﻥﺩﻮﺑ ﺱﺮﺘﺳﺩ ﺭﺩ ﺰﻴﻧ ﻭ ﺎﻬﻧﺁ
ﻂﺒﻀﻨﻣ ﻭ ﻩﺪﻳﺩ ﺵﺯﻮﻣﺁ ﺭﺩ
ﺖﺳﺍ ﺭﻮﺸﻛ ﻥﺁ .
ﺖﺧﺎﺳﺮﻳﺯ ﺩﻮﺟﻭ
ﻗﺍ ﻱﺎﻫ ﻩﺍﺭ، ﻩﺩﺮﺘﺴﮔ ﻱﺩﺎﺼﺘ
ﻡﺎﻈﻧ ،ﺭﺩﺎﻨﺑ ،ﺎﻫ ﻉﻼﻃﺍ
ﻭ ﻱﻮـﻗ ،ﻲﻧﺎﺳﺭ
ﻩﺩﺮﺘﺴﮔ
، ﻪﻳﺎﻣﺮﺳ ﺭﺎﻴﺘﺧﺍ ﺭﺩ ﺍﺭ ﺯﻭﺭ ﻪﺑ ﺕﺎﻋﻼﻃﺍ ﻪﻛ
ﺰـﻴﮕﻧﺍ ،ﺪـﻫﺩ ﺭﺍﺮـﻗ ﻥﺍﺭﺍﺬـﮔ ﺓ
ﺩﻭﺭﻭ
ﻪﺑ FDI ﻣ ﻖﻳﻮﺸﺗ ﺍﺭ ﺭﻮﺸﻛ ﻲ
ﻨﮐ ﺪ .
٢ ﻲﻘﻳﻮﺸﺗ ﻭ ﻲﺘﻳﺎﻤﺣ ﻞﻣﺍﻮﻋ ـ :
،ﻲـﻛﺮﻤﮔ ﻦﻴﻧﺍﻮـﻗ ﻪـﺑ ﻮـﺳ ﻚـﻳ ﺯﺍ ﻞﻣﺍﻮﻋ ﻦﻳﺍ
ﻪﻳﺎﻣﺮـﺳ ﻥﻮﻧﺎﻗ ،ﻪﻤﻴﺑ ،ﺭﺎﻛ ﻥﻮﻧﺎﻗ
ﻊـﻓﺭ ﻪـﺑ ﻁﻮـﺑﺮﻣ ﻦﻴﻧﺍﻮـﻗ ،ﺖـﻴﻜﻟﺎﻣ ﻥﻮﻧﺎـﻗ ،ﻱﺭﺍﺬـﮔ
ﻑﻼﺘﺧﺍ ﺎﻫ ﻭ ...
ﻪﻳﺎﻣﺮـﺳ ﻭ ﻲﻟﺎـﻣ ﻱﺎـﻫﺭﺍﺯﺎﺑ ﻲﻳﺍﺭﺎﻛ ﺎﺑ ﺮﮕﻳﺩ ﻱﻮﺳ ﺯﺍ ﻭ ﺖﺳﺍ ﻪﺘﺴﺑﺍﻭ
، ﻭ
ﻲﻳﺍﺭﺎﻛ ﺎﺑ ﻪﺠﻴﺘﻧ ﺭﺩ ﺎﻈﻧ
ﻡ ﻱﺩﺎﺼﺘﻗﺍ
، ﻩﺰﻴﮕﻧﺍ ﺎﻬﻨﺗ ﻪﻧ ﻪﻛ ﺖﺳﺍ ﻁﺎﺒﺗﺭﺍ ﺭﺩ ،ﻱﺩﺎﺼﺘﻗﺍ ﻱﺎﻫ
ﻲﻣ ﺖﻳﻮﻘﺗ ﺍﺭ ﻲﻨﻓ ﻭ ﻲﻟﺎﻣ
ﻪﻳﺎﻣﺮـﺳ ﺕﺎﻤﻴﻤﺼـﺗ ﺮﻣﺍ ﺭﺩ ﻪﻜﻠﺑ ،ﺪﻨﻛ
ﻱﺭﺍﺬـﮔ
، ﻩﮋـﻳﻭ ﻪـﺑ ﻭ
ﻪﻳﺎﻣﺮﺳ ﻲﺳﺎﺳﺍ ﺶﻘﻧ ﻲﺟﺭﺎﺧ ﻱﺭﺍﺬﮔ ﺩﺭﺍﺩ
.
ﻤﻴﺑ ﺔ ﻪﻳﺎﻣﺮﺳ ﻠﻤﺟ ﺯﺍ ﺭﺍﺬﮔ ﺔ
ﻪﻳﺎﻣﺮـﺳ ﻪﻛ ﺖﺳﺍ ﻲﻠﻣﺍﻮﻋ
ﻥﺎـﻳﺮﺟ ﻩﮋـﻳﻭ ﻪـﺑ ﻭ ﻱﺭﺍﺬـﮔ
ﺛﺎﺗ ﺖﺤﺗ ﺍﺭ ﺎﻫﺭﻮﺸﻛ ﻪﺑ FDI ﻲﻣ ﺭﺍﺮﻗ ﺮﻴ
ﻲـﻣ ﻭ ﺪـﻫﺩ
ﺩﻮـﺷ ﻥﺁ ﻖﻳﻮﺸـﺗ ﺚـﻋﺎﺑ ﺪـﻧﺍﻮﺗ .
ﻥﺎﻨﭼ ﻪﭼ ﻩﺰﻴﮕﻧﺍ ﻪﻳﺎﻣﺮﺳ ﻱﺍﺮﺑ ﻲﻨﻓ ﻭ ﻲﻟﺎﻣ ،ﻱﺩﺎﺼﺘﻗﺍ ﻱﺎﻫ
ﻪﺑ ﺭﺍﺬﮔ ﺪﻋﺎﺴـﻣ ﻞـﻣﺎﻛ ﺭﻮﻃ
ﻣﺍ ،ﻩﺩﻮﺑ ﻪﻳﺎﻣﺮﺳ ﺎ ﻲﻧﺎـﺟ ﻭ ﻲﻟﺎﻣ ﺖﻴﻨﻣﺍ ﻡﺪﻋ ﻭ ﺖﻴﻜﻟﺎﻣ ﺐﻠﺳ ﻞﻴﺒﻗ ﺯﺍ ﻲﺗﺍﺮﻄﺧ ﺎﺑ ﺭﺍﺬﮔ
ﻪﻳﺎﻣﺮﺳ ﻪﺑ ﻡﺍﺪﻗﺍ ،ﺪﺷﺎﺑ ﻪﺟﺍﻮﻣ
ﺩﺮﻛ ﺪﻫﺍﻮﺨﻧ ﻱﺭﺍﺬﮔ .
ﻳﺎﻣﺮﺳ ﻪﻛ ﺎﺠﻧﺁ ﺯﺍ ﻪ
ﻩﮋﻳﻭ ﻪﺑ ،ﻱﺭﺍﺬﮔ
ﻪﻳﺎﻣﺮﺳ ﺩﺭﺍﺩ ﻩﺪـﺷ ﺮـﮐﺫ ﺕﺍﺮـﻄﺧ ﻪﺑ ﺖﺒﺴﻧ ﻱﺩﺎﻳﺯ ﺖﻴﺳﺎﺴﺣ ﻲﺟﺭﺎﺧ ﻱﺭﺍﺬﮔ .
ﺪـﻳﺎﺑ
ﺖﺴﺨﻧ ﻤﻴﺑ ﻦﻴﻧﺍﻮﻗ ، ﺔ
ﻭ ﺩﻮﺸـﻧ ﻞـﻳﺎﻗ ﺾﻴﻌﺒﺗ ﻲﺟﺭﺎﺧ ﻭ ﻲﻠﺧﺍﺩ ﻉﺎﺒﺗﺍ ﻦﻴﺑ ﺭﻮﺸﻛ ﻡﻭﺩ
ﺍﻳ ﻪﮐ ﻦ ﺭﺩﺎﺼﻣ ﺕﺭﻮﺻ ﺭﺩ ، ﺓ
ﻩﺎﮕﻨﺑ ،ﻱﺭﺎﺒﺟﺍ
ﺖﻛﺮـﺷ ﻭ ﺎـﻫ
ﺖـﺧﺍﺩﺮﭘ ﺎـﺑ ﻲﺟﺭﺎـﺧ ﻱﺎـﻫ
ﻨﻛ ﻥﺍﺮﺒﺟ ﺍﺭ ﺎﻬﻧﺁ ﻥﺎﻳﺯ ﻪﻧﻻﺩﺎﻋ ﺕﺭﺎﺴﺧ ﻨ
ﺪ . ﻖﻳﻮﺸـﺗ ﻭ ﺖـﻳﺎﻤﺣ ﺭﻮـﻈﻨﻣ ﻪـﺑ ،ﻦﻳﺍﺮﺑﺎﻨﺑ
ﻪﻳﺎﻣﺮﺳ ﻲﺟﺭﺎﺧ ﻱﺭﺍﺬﮔ
، ﻩﺎـﮕﻨﺑ ﻦﻴـﺑ ﺾﻴـﻌﺒﺗ ﻪـﻧﻮﮔ ﺮﻫ ﺯﺍ ﺖﺳﺍ ﻡﺯﻻ
ﻭ ﻲـﻠﺧﺍﺩ ﻱﺎـﻫ
ﺩﻮﺷ ﻱﺮﻴﮔﻮﻠﺟ ﻲﺟﺭﺎﺧ .
ﻠﻤﺟ ﺯﺍ ﺔ ﻲﻣ ﻲﻘﻳﻮﺸﺗ ﺩﺭﺍﻮﻣ ﺮﻳﺎﺳ
ﻑﺎﻔﺷ ﻭ ﺕﺍﺭﺮﻘﻣ ﻭ ﻦﻴﻧﺍﻮﻗ ﺡﻼﺻﺍ ﻪﺑ ﻥﺍﻮﺗ ﻱﺯﺎـﺳ
ﻊﺿﻮﻣ ﻱﺮﻴﮔ ﻪﻳﺎﻣﺮﺳ ﻪﺑ ﺖﺒﺴﻧ ﻦﻴﻧﺍﻮﻗ
ﺩﺮﮐ ﻩﺭﺎﺷﺍ ﻥﺍﺭﺍﺬﮔ .
ﻥﻮﻧﺎﻗ ﺎـﻫ ﻳ ﻲ ﺎﻣ ﻥﻮﻧﺎـﻗ ﺪـﻨﻧ
ﻪﻳﺎﻣﺮﺳ ﺭﺍﺬﮔ ،ﻲﺳﺎﺳﺍ ،ﺖﻴﻜﻟﺎﻣ ،ﻱ ﻭ ﺭﺎﻛ
ﺕﺭﺎﺠﺗ ...
ﻳﺎﺑ ﺪ ﻪﻳﺎﻣﺮـﺳ ﻪﺑ ﻲﮕﻤﻫ
ﻭ ﻱﺭﺍﺬـﮔ
ﻥﺁ ﻖﻳﻮﺸﺗ ﺪﻧﺮﮕﻨﺑ ﻮﺴﻤﻫ
. ﻥﻮﻧﺎﻗ ﺎﻫ ﻱ ﻭ ﻦﻴﻧﺍﻮـﻗ ﺖـﻳﺎﻋﺭ ،ﺕﺎـﻓﻼﺘﺧﺍ ﻭ ﻞﺣ ﻪﺑ ﻁﻮﺑﺮﻣ
ﻦﻴﺑ ﻂﺑﺍﻮﺿ ﻥﻮﻴﺴﻧﺍﻮﻨﻛ ﺭﺩ ﺖﻳﻮﻀﻋ ﻭ ﺕﺎﻓﻼﺘﺧﺍ ﻞﺣ ﺖﻬﺟ ﻲﻠﻠﻤﻟﺍ
ﻦﻴﺑ ﻱﺎﻫ
ﺯﺍ ﻲـﻠﻠﻤﻟﺍ
ﺎﻨﻴﻤﻃﺍ ﻪﺑ ﻪﻛ ﺖﺳﺍ ﻱﺩﺭﺍﻮﻣ ﻪﻠﻤﺟ ﻪﻳﺎﻣﺮﺳ ﻥ
ﺩﻭﺰﻓﺍ ﺪﻫﺍﻮﺧ ﻥﺍﺭﺍﺬﮔ .
ﺶﻫﺎـﻛ ﺎﻳ ﻭ ﻑﺬﺣ
ﺩ ﻳ ﺭﻻﺎﺳ ﻥﺍﻮ ﻱ
ﻱﺭﺍﺩﺍ ﻭ ﻢﻫﺍﺮﻓ ﺮﮐ ﻞـﻣﺍﻮﻋ ﻪﻠﻤﺟ ﺯﺍ ﺰﻴﻧ ﻲﺷﺯﻮﻣﺁ ﻲﻫﺎﻓﺭ ﺕﺍﺪﻴﻬﻤﺗ ﻥﺩ
ﻲـﻣ ﺏﻮﺴـﺤﻣ ﻲﺘﻳﺎﻤﺣ
ﻮـﺷ ﻧ ﺪ . ﺗﺄ ﻥﺁ ﺭﺩ ﻪـﻛ ﻱﺩﺎﺼـﺘﻗﺍ ﻩﮋـﻳﻭ ﻭ ﺩﺍﺯﺁ ﻖﻃﺎـﻨﻣ ﺲﻴـﺳ
ﻪﻧﺎﺸﻨﻣ ﺩﺍﺯﺁ ﺕﺍﺪﻴﻬﻤﺗ
ﻪﻳﺎﻣﺮﺳ ﻱﺍﺮﺑ ﻱﺍ
ﻢﻬﻣ ﺩﺭﺍﻮﻣ ﻪﻠﻤﺟ ﺯﺍ ،ﻩﺪﺷ ﻪﺘﻓﺮﮔ ﺮﻈﻧ ﺭﺩ ﺭﺍﺬﮔ
ﺮﺑ ﺍ ﻱ ﻪﻳﺎﻣﺮﺳ ﻖﻳﻮﺸﺗ ﻲﻣ ﺏﻮﺴﺤﻣ ﻥﺍﺭﺍﺬﮔ
ﺩﻮﺷ .
٣ ﻲﺳﺎﻴﺳ ﻞﻣﺍﻮﻋ ـ :
ﻪﻔﻟﺆﻣ ﺯﺍ ﻲﻜﻳ ﻲﺳﺎﻴﺳ ﺕﺎﺒﺛ
ﻢﻬﻣ ﻱﺎﻫ ﺍﺮﺑ
ﻱ ﻂﻴـﺤﻣ ﺩﺎـﺠﻳﺍ
ﻪﺑ ﺐﺳﺎﻨﻣ ﻪﻳﺎﻣﺮﺳ ﺭﻮﻈﻨﻣ
ﻲـﻣ ﺭﺎﻤﺷ ﻪﺑ ﻱﺭﺍﺬﮔ
ﺩﻭﺭ . ﻲـﺑ ﺖـﻓﺍ ﺐﺒـﺳ ﻲـﺳﺎﻴﺳ ﻲﺗﺎـﺒﺛ
ﻲﻣ ﻥﺎﻴﺟﺭﺎﺧ ﺩﻭﺭﻭ ﺮﻴﮕﻤﺸﭼ ﺩﻮﺷ
. ﻲﺗﺍﺮﻃﺎﺨﻣ ﺪﻨﻧﺎﻣ
ﻪﻳﺎﻣﺮﺳ ﺖـﺳﺩ ﺯﺍ ﻝﺎﻤﺘﺣﺍ ﻥﺍﺭﺍﺬﮔ
ﻧ ﺭﺩ ﻪﻳﺎﻣﺮﺳ ﻦﺘﻓﺭ ﺠﻴﺘ
ﺔ ﻲﻳﺍﺭﺍﺩ ﻂﺒﺿ ﻥﺎﻜﻣﺍ ،ﻲﺳﺎﻴﺳ ﻲﺷﺎﭘﻭﺮﻓ
ﺖـﻟﻭﺩ ﻂـﺳﻮﺗ ﺎـﻫ ﻭ
ﺍﺰﻓﺍ ﺚﻋﺎﺑ ﻪﻳﺎﻣﺮﺳ ﺖﺸﮔﺯﺎﺑ ﺥﺮﻧ ﻥﺩﻮﺑ ﻡﻮﻠﻌﻣﺎﻧ ﻳ
ﺭ ﺶ ﻳ ﺳ ﮏﺴ ﻴ ﺳﺎ ﻲ ﻣ ﻲ ﺩﻮـﺷ . ﺰـﻨﻴﻫ
١
ﻝﺎﺳ ﺭﺩ ٢٠٠٠
ﻲﺑ ﺮﺛﺍ ﻪﻳﺎﻣﺮﺳ ﺮﺑ ﻲﺳﺎﻴﺳ ﻲﺗﺎﺒﺛ
ﻪـﺳﺭﺩ ﺍﺭ ﻲﺟﺭﺎـﺧ ﻢﻴﻘﺘﺴـﻣ ﻱﺭﺍﺬـﮔ
ﺘﻌﻨﺻ ﺭﻮﺸﮐ ﻲ
ﺪﺤﺘﻣ ﺕﻻﺎﻳﺍ ﺓ
ﺮﻣﺍ ﻳ ﺎﮑ
، ﻲـﺳﺭﺮﺑ ﺍﺩﺎـﻧﺎﮐ ﻭ ﻥﺎﺘﺴـﻠﮕﻧﺍ ﺮﮐ
ﺪـﻧﺩ . ﻧﺁ ﺎـﺑ ﺎـﻬ
ﺩﺎﺳ ﻝﺪﻣ ﺯﺍ ﻩﺩﺎﻔﺘﺳﺍ ﺓ
ﻚﺗ ﻪﻟﺩﺎﻌﻣ ﻲﻌﻳﺯﻮﺗ ﺔﻔﻗﻭ ﺎﺑ ﻝﺪﻣ ،ﺺﻗﺎﻧ ﻲﻳﺰﺟ ﻞﻳﺪﻌﺗ ﻝﺪﻣ ،ﻱﺍ
ﻲـﺑ ﻪـﻛ ﺪﻧﺪﻴـﺳﺭ ﻪﺠﻴﺘﻧ ﻦﻳﺍ ﻪﺑ ﻲﻌﻤﺟ ﻢﻫ ﻭ ﻥﺎﻣﺰﻤﻫ ﺕﻻﺩﺎﻌﻣ ﻝﺪﻣ ،ﻥﻮﻤﻟﺁ
ﻲﺗﺎـﺒﺛ
ﻱﺩﻭﺭﻭ ﻥﺎـﻳﺮﺟ ﺭﺩ ﻥﺎـﻨﻴﻤﻃﺍ ﺯﺍ ﻲﻔﻠﺘﺨﻣ ﺕﺎﺟﺭﺩ ﺎﺑ ﻲﺳﺎﻴﺳ ﺎﻫﺭﻮﺸـﻛ ﻦـﻳﺍ ﻪـﺑ FDI
ﺖﺳﺍ ﻩﺩﻮﺑ ﺭﺍﺬﮔﺮﻴﺛﺎﺗ .
ﻴﻣ ﺭﻮﺸﻛ ﺖﻟﻭﺩ ﺵﺮﮕﻧ ﻉﻮﻧ ﻄﺑﺍﺭ ﺭﺩ ﻥﺎﺑﺰ
ﺔ ﻪﻳﺎﻣﺮﺳ ﺩﻭﺭﻭ ﺎﺑ
ﻚﺴﻳﺭ ﺮﺑ ﻲﺟﺭﺎﺧ ﻱﺎﻫ
ﺭﻮﺸــﻛ ﻲــﺳﺎﻴﺳ
، ﺮﻴﺛﺎــﺗ ﻣ ﻲ ﺭﺍﺬــﮔ ﺩ . ﻱﺪــﻳﺩ ﺎــﺑ ﻪﻌــﺳﻮﺗ ﻝﺎــﺣ ﺭﺩ ﻱﺎﻫﺭﻮﺸــﻛ ﺮــﺜﻛﺍ
ﻪﻳﺎﻣﺮﺳ ﻪﺑ ﻪﻧﺎﻳﺍﺮﮔﺭﺎﻤﺜﺘﺳﺍ
ﻲـﻣ ﻲﺟﺭﺎﺧ ﻱﺎﻫ
ﻪﻳﺎﻣﺮـﺳ ﻪـﻛ ﺪـﻧﺪﻘﺘﻌﻣ ﻭ ﺪـﻧﺮﮕﻧ
ﻥﺍﺭﺍﺬـﮔ
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1- Heinz.
