(5) Cadbury Committee (1992) Report of the Committee on the Financial Aspects of Corporate Governance, London, Gee and Co Ltd. (6) Organization for Economic Co-operation and Development. (2000) Principles of



‫ﺍﻟﺸﺮﻛﺎﺕ‬ ‫ﺣﻮﻛﻤﺔ‬ ‫ﺍﻟ‬ ‫ﺸﺮﻛﺎﺕ‬ ‫ﺍﻹﺳﻼﻣﻴﺔ‬ ‫ﻭﺍﻟﻤﺼﺎﺭﻑ‬ ‫ﺍﻟﺘﻘﻠﻴﺪﻳﺔ‬ ‫ﺍﻟﻤﺼﺎﺭﻑ‬ ‫ﺑﻴﻦ‬ ‫ﻣﻘﺎﺭﻧﺔ‬ ‫ﺩﺭﺍﺳﺔ‬ ‫ﺑﺎﻛﺴﺘﺎﻥ:‬ ‫ﻓﻲ‬ ‫ﺍﻟﻤﺎﻟﻴﺔ‬ ) ٢٠١٠ ‫ﻡ‬ (

  

	‫ﺍﻷﻭﻝ‬ ‫)ﺃﻛﺘﻮﺑﺮ/ﺗﺸﺮﻳﻦ‬ ‫ﺣﺎﻟﺔ‬ ‫ﺩﻭﻝ‬ ‫ﺍﻟﺨﻠﻴﺞ‬ ‫ﻣﻨﻄﻘﺔ‬ ٢٠١٥ ‫ﻡ(‬	-١٥٨ ‫ﺩﺭﺍﺳﺔ‬	‫ﺍﻹﺳﻼﻣﻲ‬ ‫ﺍﻻﻗﺘﺼﺎﺩ‬ ‫ﻋﺒﺪﺍﻟﻌﺰﻳﺰ:‬ ‫ﺍﻟﻤﻠﻚ‬ ‫ﺟﺎﻣﻌﺔ‬ ‫ﻣﺠﻠﺔ‬ ‫ﻡ‬ ، ٢٨ DOI: 10.4197 / Islec. 28-3.3 ‫ﻉ‬ ٣ ‫ﺹ‬ ، ‫ﺹ:‬ ١٢٣ ١٢٤ ‫ﻋ‬ ‫ﺷﻮﻗﻲ‬ ‫ﺎ‬ ‫ﺑﻮﺭﻗﺒﺔ‬ ‫ﺷﻮﺭ‬ ‫ﻭ‬ ‫ﺍﻹﺳﻼﻣﻴـﺔ‬ ‫ﺍﻟﻤﺼـﺎﺭﻑ‬ ‫ﺃﺩﺍء‬ ‫ﻓﻲ‬ ‫ﺍﻟﺸﺮﻛﺎﺕ‬ ‫ﺣﻮﻛﻤـﺔ‬ ‫ﻗﻮﺍﻋﺪ‬ ‫ﺗﻄﺒﻴﻖ‬ ‫ﺃﺛﺮ‬ : ‫ﻏﺮﺑﻲ‬ ‫ﻋﻤﺎﺭ‬ ‫ﻋﺒﺪﺍﻟﺤﻠﻴﻢ‬ ١٢٥
	‫ﻟﻘﺪ‬ ‫ﻣﺠﺘﻤﻊ‬ ‫ﻭﺿﻌﺖ‬ ‫ﻭ‬ ‫ﺍﻷﻋﻤﺎﻝ‬ ‫ﺍﻷﺣﺪﺍﺙ‬ ‫ﺍﻟﺸﺮﻛﺎﺕ‬ ‫ﺍﻟﺘﻲ‬ ‫ﻣﺮ‬ ‫ﺍﻟﻤﺎﻟﻴﺔ‬ ‫ﺑﻬﺎ‬ ‫ﺍﻻﻗﺘﺼﺎﺩ‬ ‫ﺍﻟﺪﻭﻟﻴﺔ،‬ ‫ﻭﺍﻷﺩﺍ‬ ‫ﺍﻟﺸﺮﻛﺎﺕ‬ ‫ﺣﻮﻛﻤﺔ‬ ‫ﻣﺘﻐﻴﺮﺍﺕ‬ ‫ﺑﻴﻦ‬ ‫ﺇﺣﺼﺎﺋﻴﺔ‬ ‫ﺩﻻﻟﺔ‬ ‫ﺫﺍﺕ‬ ‫ﻋﻼﻗﺔ‬ ‫ﺗﻮﺟﺪ‬ ‫ﺍﻟﻌﺎﻟﻤﻲ‬ ‫ﻣﻔﻬﻮﻡ‬ ‫ﺍﻟﺤﻮﻛﻤﺔ‬ ‫ﻋﻠﻰ‬ ‫ﻗﻤﺔ‬ ‫ﻓﻤﻨﺬ‬ ‫ﺳﻨﺔ‬ ١٩٩٧ ‫ﻡ‬ ‫ﺗﺎﺭﻳﺦ‬ ‫ﺣﺪﻭﺙ‬ ‫ء‬ ‫ﺍﻹﺳﻼﻣﻴﺔ‬ ‫ﻟﻠﻤﺼﺎﺭﻑ‬ ‫ﺍﻟﻤﺎﻟﻲ‬ ‫ﺍﻫﺘﻤﺎﻡ‬  .
	‫ـة‬ ‫اإلسالمي‬ ‫ـارف‬ ‫املص‬ ‫أداء‬ ‫ي‬ ‫الشركات‬ ‫ـة‬ ‫حوكم‬ ‫قواعد‬ ‫تطبيق‬ ‫أثر‬ : ‫حالة‬ ‫ل‬ ‫دو‬ ‫الخليج‬ ‫منطقة‬  ‫و‬ ‫بورقبة‬ ‫عاشور‬ ‫ي‬ ‫شو‬ ‫ﺍﻷﺯﻣﺔ‬ ‫ﺍﻟﻤﺎﻟﻴﺔ‬ ‫ﺍﻵﺳﻴﻮﻳﺔ،‬ ‫ﻣﺮﻭﺭﺍ‬ ‫ﺑﻔﻀﻴﺤﺔ‬ ‫ﺷﺮﻛﺔ‬ " ‫ﺃ‬ ‫ﻧﺮﻭﻥ‬ " ‫ﺳﻨﺔ‬ ٢٠٠٣ ‫ﻡ‬ ، ‫ﺇﻟﻰ‬ ‫ﺍﻷﺯﻣﺔ‬ ‫ﺍﻟﻤﺎﻟﻴﺔ‬ ‫ﺍﻟ‬ ‫ﻌ‬ ‫ﺎﻟ‬ ‫ﻤ‬ ‫ﻴﺔ‬ ) ٢٠٠٧-٢٠١٠ ‫ﻡ(‬ ، ‫ﻛﻠﻬﺎ‬ ‫ﺣﻮﺍﺩﺙ‬ ‫ﺃﺑﺮﺯﺕ‬ ‫ﺃﻫﻤﻴﺔ‬ ‫ﺍﻟﺤﻮﻛﻤﺔ‬ ‫ﻛﻤﻨﻬﺎﺝ‬ ‫ﺃﻣﺜﻞ‬ ‫ﻟﻠﻤﻌﺎﻟﺠﺔ‬ ‫ﻭﺍﻟﻮﻗﺎﻳﺔ‬ ‫ﻣﻦ‬ ‫ﺍﻷﺯﻣﺎﺕ‬  ‫ﺍﻹﺩﺍﺭﺓ‬ ‫ﻣﺠﻠﺲ‬ ‫ﺗﺮﻛﻴﺒﺔ‬ ‫ﻣﻦ‬ ‫ﻛﻞ‬ ‫ﺑﻴﻦ‬ ‫ﺇﻳﺠﺎﺑﻴﺔ‬ ‫ﻋﻼﻗﺔ‬ ‫ﻫﻨﺎﻙ‬ ‫ﺍﻟﻤﺠﻠﺲ‬ ‫ﻭﻟﺠﺎﻥ‬ ، ‫ﺍﻷﺻﻮﻝ‬ ‫ﻋﻠﻰ‬ ‫ﻭﺍﻟﻌﺎﺋﺪ‬ . . ‫ﺣﻮﻛﻤﺔ‬ ‫ﺃﻫﻤﻴﺔ‬ ‫ﻋﻠﻰ‬ ‫ﻭﺍﻟﻤﻬﺘﻤﻴﻦ‬ ‫ﺍﻟﺒﺎﺣﺜﻴﻦ‬ ‫ﻣﻦ‬ ‫ﺍﻟﻜﺜﻴﺮ‬ ‫ﻳﺘﻔﻖ‬ ‫ﺍﻟﺸﺮﻛﺎﺕ‬  ‫ﺍﻷﺻﻮﻝ‬ ‫ﻋﻠﻰ‬ ‫ﻭﺍﻟﻌﺎﺋﺪ‬ ‫ﺍﻟﻤﻠﻜﻴﺔ،‬ ‫ﺗﺮﻛﺰ‬ ‫ﺑﻴﻦ‬ ‫ﺳﻠﺒﻴﺔ‬ ‫ﻋﻼﻗﺔ‬ ‫ﻫﻨﺎﻙ‬ . ‫ﺗﻤﺜﻠﻪ‬ ‫ﻭﻣﺎ‬ ‫ﺍﻟﻤﺘﻌﻠﻘﺔ‬ ‫ﺍﻟﻤﺨﺎﻁﺮﺓ‬ ‫ﺩﺭﺟﺔ‬ ‫ﻭﺗﺨﻔﻴﺾ‬ ‫ﺍﻷﺩﺍء‬ ‫ﻣﺴﺘﻮﻯ‬ ‫ﻭﺭﻓﻊ‬ ‫ﺍﻟﺘﻨﻤﻴﺔ‬ ‫ﻟﻌﺠﻠﺔ‬ ‫ﺩﻓﻊ‬ ‫ﻣﻦ‬ ‫ﻣﺴﺘﻮﻯ‬ ‫ﻋﻠﻰ‬ ‫ﻭﺍﻟﻤﺎﻟﻲ‬ ‫ﺍﻹﺩﺍﺭﻱ‬ ‫ﺑﺎﻟﻔﺴﺎﺩ‬ ‫ﺍﻟﺸﺮﻛﺎﺕ‬ ‫ﺳﻮﺍء‬ ‫ﺣﺪ‬ ‫ﻋﻠﻰ‬ ‫ﻭﺍﻟﺪﻭﻝ‬ .  ‫ﺍﻟﻤﺎ‬ ‫ﻭﺍﻷﺩﺍء‬ ‫ﺍﻟﺸﺮﻋﻴﺔ‬ ‫ﺍﻟﺮﻗﺎﺑﺔ‬ ‫ﻫﻴﺌﺔ‬ ‫ﺃﻋﻀﺎء‬ ‫ﻋﺪﺩ‬ ‫ﺑﻴﻦ‬ ‫ﻋﻼﻗﺔ‬ ‫ﺗﻮﺟﺪ‬ ‫ﻻ‬ ‫ﻟﻲ‬ ‫ﺍﻹﺳﻼﻣﻴﺔ.‬ ‫ﻟﻠﻤﺼﺎﺭﻑ‬ ‫غربي‬ ‫عمار‬ ‫عبدالحليم‬ ‫مساعد‬ ‫أستاذ‬ -‫مشارك‬ ‫أستاذ‬ ‫ية‬ ‫اإلدار‬ ‫والعلوم‬ ‫االقتصاد‬ ‫كلية‬ ‫جامعة‬ ‫اإلسالمية‬ ‫سعود‬ ‫بن‬ ‫محمد‬ ‫اإلمام‬ -‫ياض‬ ‫الر‬ ‫املستخلص.‬ ‫هدفت‬ ‫اسة‬ ‫الدر‬ ‫ات‬ ‫ﺮ‬ ‫متغ‬ ‫ن‬ ‫ب‬ ‫العالقة‬ ‫تحديد‬ ‫ى‬ ‫إ‬ ‫اإلسالمية‬ ‫للمصارف‬ ‫ي‬ ‫املا‬ ‫واألداء‬ ‫الشركات‬ ‫حوكمة‬ . ‫و‬ ‫ى‬ ‫إ‬ ‫تطرقت‬ ‫اإلسالمية‬ ‫املصارف‬ ‫ي‬ ‫الحوكمة‬ ‫خصوصية‬ ‫ﻛﻤﺎ‬ ‫ﺗﻄﺒﻴﻘﺎﺕ‬ ‫ﺇﻥ‬ ‫ﺃﻛﺜﺮ‬ ‫ﺗﻌﺘﺒﺮ‬ ‫ﺍﻟﺤﻮﻛﻤﺔ‬ ‫ﺃﻫﻤﻴﺔ‬ ‫ﺍﻟﻘﻄﺎﻋﺎﺕ‬ ‫ﻣﻦ‬ ‫ﺍﻟﻤﺼﺮﻓﻲ‬ ‫ﺍﻟﻘﻄﺎﻉ‬ ‫ﻓﻲ‬ ‫ﺍﻷﺧﺮﻯ،‬ ‫ﺣﻴﺚ‬ ‫ﺗﺤﺘﻮﻱ‬ ‫ﺍﻟﻤﺼﺎﺭﻑ‬ ‫ﻣﻦ‬ ‫ﻣﺠﻤﻮﻋﺔ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻟﻌﻨﺎﺻﺮ‬ ‫ﺍﻟﻤﺘﺪﺍﺧﻠﺔ‬ ‫ﻭﺍﻟﻌﻼﻗﺎﺕ‬ ‫ﻻ‬ ‫ﻋﻠﻰ‬ ‫ﻛﺒﻴﺮ‬ ‫ﺑﺸﻜﻞ‬ ‫ﺗﺆﺛﺮ‬ ‫ﺍﻷﺧﺮﻯ‬ ‫ﺍﻟﻘﻄﺎﻋﺎﺕ‬ ‫ﻓﻲ‬ ‫ﺗﻮﺟﺪ‬ ‫ﻁﺒﻴﻌﺔ‬ ‫ﺍﻟﺤ‬ ‫ﻧﻈﺎﻡ‬ ‫ﻮﻛﻤﺔ‬ . ‫ﻭ‬ ‫ﺛﻢ‬ ‫ﻣﻦ‬ ‫ﺃ‬ ‫ﺻﺒﺢ‬ ‫ﺍﻟﻤﻔﻬﻮﻡ‬ ‫ﻫﺬﺍ‬ ‫ﺃﻛﺜﺮ‬ ‫ﻭ‬ ‫ﺃﻫﻤﻴﺔ‬ ً ‫ﺗﻌﻘﻴﺪ‬ ‫ﺍ‬ ‫ﻟﻤﺎ‬ ‫ﺍﻹﺳﻼﻣﻴﺔ‬ ‫ﺍﻟﻤﺼﺎﺭﻑ‬ ‫ﻓﻲ‬ ‫ﺍ‬ ‫ﻟﻬﺬﻩ‬ ‫ﻷﺧﻴﺮﺓ‬ ‫ﻣﺼﺮﻓﻴﺔ‬ ‫ﻋﻤﻠﻴﺎﺕ‬ ‫ﻣﻦ‬ ‫ﻋﻦ‬ ‫ﻭﻣﻀﻤﻮﻧﺎ‬ ‫ﺷﻜﻼ‬ ‫ﺗﺨﺘﻠﻒ‬ ‫ﺍﻟﻤﺼﺮﻓﻴﺔ‬ ‫ﺍﻟﻌﻤﻠﻴﺎﺕ‬ ‫ﺍﻟﺘﻘﻠﻴﺪﻳﺔ‬ ، ‫ﺑﺎﻹﺿﺎﻓﺔ‬ ‫ﻫﻤﺎ‬ ‫ﻣﺠﻠﺴﻴﻦ‬ ‫ﻭﺟﻮﺩ‬ ‫ﺇﻟﻰ‬ ‫ﺍﻹﺩﺍﺭﺓ‬ ‫ﻣﺠﻠﺲ‬ ‫ﻭ‬ ‫ﺍﻟﺸﺮﻳﻌﺔ‬ ‫ﻣﺠﻠﺲ‬ ) ‫ﻫﻴﺌﺔ‬ ‫ﺍﻟﺸﺮﻋﻴﺔ‬ ‫ﺍﻟﺮﻗﺎﺑﺔ‬ ( ‫ﺃﻫﺪﺍﻓﻬﻤﺎ‬ ‫ﺍﻷﺣﻴﺎﻥ‬ ‫ﺑﻌﺾ‬ ‫ﻓﻲ‬ ‫ﺗﺘﺪﺍﺧﻞ‬ ‫ﻭﻭﻅﺎﺋﻔﻬﻤﺎ‬ ‫ﺍﻟﺒﺤﺚ‬ ‫ﺧﻄﺔ‬ ‫ﺍﻟﺘﺎﻟﻴﺔ:‬ ‫ﺍﻟﻌﻨﺎﺻﺮ‬ ‫ﺇﻟﻰ‬ ‫ﺍﻟﺒﺤﺚ‬ ‫ﺑﺘﻘﺴﻴﻢ‬ ‫ﻗﻤﻨﺎ‬ ‫ﺍﻟﻤﻮﺿﻮﻉ‬ ‫ﻫﺬﺍ‬ ‫ﻭﻟﻤﻌﺎﻟﺠﺔ‬ ‫ﺃﻭﻻ‬ : ‫ﺍﻟﺤﻮﻛﻤﺔ‬ ‫ﻣﻦ‬ ‫ﺍﻟ‬ ‫ﻤﻨﻈﻮﺭ‬ ‫ﺍﻟ‬ ‫ﺘﻘﻠﻴﺪﻱ‬ . ‫ﺛﺎﻧﻴﺎ‬ : ‫ﺍﻟ‬ ‫ﻓﻲ‬ ‫ﺤﻮﻛﻤﺔ‬ ‫ﺍﻟﻤﺼﺮﻓﻲ‬ ‫ﺍﻟﻘﻄﺎﻉ‬ . ‫ﺛﺎﻟﺜﺎ‬ : ‫ﺍﻟﺤﻮﻛﻤﺔ‬ ‫ﻣﻦ‬ ‫ﺍﻟ‬ ‫ﻤﻨﻈﻮﺭ‬ ‫ﺍﻹ‬ ‫ﺳﻼﻣﻲ‬ . ‫ﺭﺍﺑﻌﺎ‬ : ‫ﺍﻟﺤﻮﻛﻤﺔ‬ ‫ﺍﻟﻤﺼﺎﺭﻑ‬ ‫ﻓﻲ‬ ‫ﺍﻹﺳﻼﻣﻴﺔ‬ . ‫ﻋﻠﻰ‬ ‫ﺗﻄﺒﻴﻘﻴﺔ‬ ‫ﺩﺭﺍﺳﺔ‬ ‫ﺧﺎﻣﺴﺎ:‬ ‫ﻋﻴﻨﺔ‬ ‫ﻣﻦ‬ ‫ﺍﻟﻤﺼﺎﺭﻑ‬ ‫ﺍﻹﺳﻼﻣﻴﺔ.‬ . ‫ﺍﻟﺴﺎﺑﻘﺔ‬ ‫ﺍﻟﺪﺭﺍﺳﺎﺕ‬ ‫عن‬ ‫الحديث‬ ‫بعد‬ ‫أ‬ ‫عا‬ ‫بشكل‬ ‫ي‬ ‫املصر‬ ‫القطاع‬ ‫ي‬ ‫ا‬ ‫همي‬ ‫م‬ ‫قامت‬ ‫ثم‬ ، ‫أثر‬ ‫بقياس‬ ‫املصارف‬ ‫من‬ ‫عينة‬ ‫ى‬ ‫ع‬ ‫ي‬ ‫املا‬ ‫األداء‬ ‫ي‬ ‫الشركات‬ ‫حوكمة‬ ‫ات‬ ‫ﺮ‬ ‫متغ‬ ‫اإلسالمية‬ ‫العربي‬ ‫الخليج‬ ‫منطقة‬ ‫ي‬ ‫ﺮة‬ ‫الف‬ ‫خالل‬ ٢٠٠٥ -٢٠١٢ ‫م‬ . ‫وتوصلت‬ ‫الحالة‬ ‫اسة‬ ‫در‬ ‫ى‬ ‫إ‬ ‫وجود‬ ً ‫جد‬ ‫قوية‬ ‫عالقة‬ ‫ا‬ ‫ات‬ ‫ﺮ‬ ‫متغ‬ ‫ن‬ ‫ب‬ ‫حيث‬ ‫اسة؛‬ ‫الدر‬ ‫محل‬ ‫اإلسالمية‬ ‫للمصارف‬ ‫ي‬ ‫املا‬ ‫واألداء‬ ‫الحوكمة‬ ‫أ‬ ‫النتائج‬ ‫أظهرت‬ ‫ن‬ ‫ب‬ ‫إيجابية‬ ‫عالقة‬ ‫هناك‬ ‫ن‬ ‫األصول‬ ‫ى‬ ‫ع‬ ‫العائد‬ ‫اللجان‬ ‫وعدد‬ ‫اإلدارة‬ ‫مجلس‬ ‫وحجم‬ ‫اإلدارة‬ ‫مجلس‬ ‫تركيبة‬ ‫من‬ ‫وكل‬ ‫الشرعية؛‬ ‫الرقابة‬ ‫هيئة‬ ‫أعضاء‬ ‫عدد‬ ‫وكذلك‬ ‫املجلس،‬ ‫ي‬ ‫ف‬ ‫كلما‬ ‫أن‬ ‫يتضح‬ ‫بينما‬ ‫األصول،‬ ‫ى‬ ‫ع‬ ‫العائد‬ ‫ارتفع‬ ‫ﺮ؛‬ ‫املتغ‬ ‫حجم‬ ‫ارتفع‬ ‫ومتغ‬ ‫األصول‬ ‫ى‬ ‫ع‬ ‫العائد‬ ‫ن‬ ‫ب‬ ‫سلبية‬ ‫عالقة‬ ‫هناك‬ ‫كلمات‬ ‫مفتاحية‬ : ‫مجلس‬ ‫دول‬ ‫اإلسالمية،‬ ‫املصارف‬ ‫الحوكمة،‬ ‫ﺗﻤﻬﻴﺪ‬  ‫ﻋﻦ‬ ‫ﺗﺨﺘﻠﻒ‬ ‫ﺍﻹﺳﻼﻣﻴﺔ‬ ‫ﺍﻟﻤﺼﺎﺭﻑ‬ ‫ﻓﻲ‬ ‫ﺍﻟﺤﻮﻛﻤﺔ‬ ‫ﻧﻈﻴﺮﺗﻬﺎ‬ ‫ﻟ‬ ‫ﻧﻈﺮﺍ‬ ‫ﺍﻟﺘﻘﻠﻴﺪﻳﺔ،‬ ‫ﻼ‬ ‫ﻛﻞ‬ ‫ﻧﺸﺎﻁ‬ ‫ﻋﻠﻴﻬﺎ‬ ‫ﻳﻘﻮﻡ‬ ‫ﺍﻟﺘﻲ‬ ‫ﺍﻟﻤﺒﺎﺩﺉ‬ ‫ﻓﻲ‬ ‫ﺧﺘﻼﻑ‬ ‫ﺷﺮﻛﺔ‬ . ‫ﺍﻟﻤﺼﺎﺭﻑ‬ ‫ﻓﻲ‬ ‫ي.‬ ‫املا‬ ‫األداء‬ ‫ي،‬ ‫الخلي‬ ‫التعاون‬ ‫ﻋﻦ‬ ‫ﻭﻟﻺﺟﺎﺑﺔ‬ ‫ﻫﺬﻩ‬ ‫ﺍﻟ‬ ‫ﺘ‬ ‫ﺴ‬ ‫ﺎ‬ ‫ﺅ‬ ‫ﻻﺕ‬ ‫ﻫ‬ ‫ﺍﻟﻔﺮﺿﻴﺎﺕ‬ ‫ﻣﻦ‬ ‫ﻣﺠﻤﻮﻋﺔ‬ ‫ﺑﺼﻴﺎﻏﺔ‬ ‫ﻗﻤﻨﺎ‬ ‫ﻲ‬ : ‫ﺍﻟﺒﺤﺚ‬ ‫ﻓﺮﺿﻴﺎﺕ‬ ‫امللكية.‬ ‫تركز‬ ‫ﺮ‬ ‫ﺃﻥ‬ ‫ﺇﻟﻰ‬ ‫ﺍﻟﺪﺭﺍﺳﺎﺕ‬ ‫ﻣﻦ‬ ‫ﺍﻟﻌﺪﻳﺪ‬ ‫ﺗﻮﺻﻠﺖ‬ ‫ﻭﻛﻤﺎ‬ ‫ﺇﺗﺒﺎﻉ‬ ‫ﺍﻟﻤﺒﺎﺩﺉ‬ ‫ﺍﻟﺴﻠﻴﻤﺔ‬ ‫ﻟ‬ ‫ﻠﺤﻮﻛﻤﺔ‬ ‫ﻳﺆﺩﻱ‬ ‫ﺗﻮﻓﻴﺮ‬ ‫ﺇﻟﻰ‬ ‫ﺍﻻﺣﺘﻴﺎﻁﺎﺕ‬ ‫ﺍﻟﻼﺯﻣﺔ‬ ‫ﺿﺪ‬ ‫ﺍﻹﺩﺍﺭﻱ‬ ‫ﺍﻟﻔﺴﺎﺩ‬ ‫ﻓﻲ‬ ‫ﻭﻳﺴﺎﻫﻢ‬ ‫ﺗﺸﺠﻴﻊ‬ ‫ﻭﺗﺮﺳﻴﺦ‬ ‫ﺍﻟﺸﻔﺎﻓﻴﺔ‬ ‫ﻓﻲ‬ ‫ﺍﻟﺤﻴﺎﺓ‬ ‫ﺍﻻﻗﺘﺼﺎﺩﻳﺔ‬  ‫ﻭﻋﻨﺎﻳ‬ ‫ﺍﻟﺮﺣﻤﻦ‬ ‫ﺭﻣﻴﺰ‬ ‫ﺩﺭﺍﺳﺔ‬ ‫ﺔ‬ ‫ﻣﻨﻘﻼ،‬ ‫ﷲ‬ ‫ﻭﺃﺩﺍء‬ ) ١ ( ‫ﺍﻟﺸﺮﻛﺎﺕ‬ ‫ﺣﻮﻛﻤﺔ‬ ‫ﻣﺘﻐﻴﺮﺍﺕ‬ ‫ﺃﺛﺮ‬ ‫ﺍﻟﺪﺭﺍﺳﺔ‬ ‫ﺗﻨﺎﻭﻟﺖ‬ ، ‫ﻋﻠﻰ‬ ‫ﺍﻷﺩﺍء‬ ‫ﻣﺘﻐﻴﺮﺍﺕ‬ . ‫ﺍﻟﺘﻘﻨﻴﺔ.‬ ‫ﻭﺍﻟﻜﻔﺎءﺓ‬ ‫ﺍﻷﺻﻮﻝ‬ ‫ﻋﻠﻰ‬ ‫ﻭﺍﻟﻌﺎﺋﺪ‬ ‫ﺍﻟﻤﻠﻜﻴﺔ‬ ‫ﺣﻘﻮﻕ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻟﻌﺎﺋﺪ‬ ‫ﻓﻲ‬ ‫ﻭﺍﻟﻤﺘﻤﺜﻠﺔ‬ ‫ﺍﻟﻤﺎﻟﻲ،‬ ‫ﺍﻟﺒﺤﺚ‬ ‫ﺇﺷﻜﺎﻟﻴﺔ‬ ‫ﻳﻤﻜﻦ‬ ‫ﺍﻟﺘﻲ‬ ‫ﺍﻟﺒﺤﺚ‬ ‫ﻫﺬﺍ‬ ‫ﺇﺷﻜﺎﻟﻴﺔ‬ ‫ﺗﺘﻀﺢ‬ ‫ﺳﺒﻖ؛‬ ‫ﻣﺎ‬ ‫ﺧﻼﻝ‬ ‫ﻣﻦ‬ ‫ﺑﻠﻮﺭﺗﻬﺎ‬ ‫ﻓﻲ‬ ‫ﺍﻟ‬ ‫ﺘ‬ ‫ﺴ‬ ‫ﺎ‬ ‫ﺅ‬ ‫ﻻﺕ‬ ‫ﺍﻟﺘﺎﻟﻴ‬ ‫ﺔ‬ : -‫ﺍﻹﺳﻼﻣﻴﺔ‬ ‫ﻟﻠﻤﺼﺎﺭﻑ‬ ‫ﺍﻟﻤﺎﻟﻲ‬ ‫ﻭﺍﻷﺩﺍء‬ ‫ﺍﻟﺸﺮﻛﺎﺕ‬ ‫ﺣﻮﻛﻤﺔ‬ ‫ﻣﺘﻐﻴﺮﺍﺕ‬ ‫ﺑﻴﻦ‬ ‫ﺍﻟﻌﻼﻗﺔ‬ ‫ﻁﺒﻴﻌﺔ‬ ‫ﻣﺎ‬ -‫ﻫﻞ‬ ‫ﻓﻲ‬ ‫ﻓﺮﻕ‬ ‫ﻳﻮﺟﺪ‬ ‫ﺍﻟ‬ ‫ﺤﻮﻛﻤﺔ‬ ‫ﺑﻴﻦ‬ ‫ﺍﻟﺘﻘﻠﻴﺪﻳﺔ‬ ‫ﺍﻟﻤﺼﺎﺭﻑ‬ ‫ﺍﻹﺳﻼﻣﻴﺔ‬ ‫ﻭﺍﻟﻤﺼﺎﺭﻑ‬ -‫ﻳﻤﻜﻦ‬ ‫ﻛﻴﻒ‬ ‫ﺍ‬ ‫ﺗﻄﺒﻴﻘﺎﺕ‬ ‫ﺗﺴﺎﻫﻢ‬ ‫ﺃﻥ‬ ‫ﺭﻓﻊ‬ ‫ﻓﻲ‬ ‫ﻟﺤﻮﻛﻤﺔ‬ ‫ﺍﻹﺳﻼﻣﻴﺔ؟‬ ‫ﺍﻟﻤﺼﺎﺭﻑ‬ ‫ﻛﻔﺎءﺓ‬ ‫؟‬ ‫؟‬ ً ‫ﺗﺄﺛﻴﺮ‬ ‫ﻫﻨﺎﻙ‬ ‫ﺃﻥ‬ ‫ﺃﻫﻤﻬﺎ:‬ ‫ﺍﻟﻨﺘﺎﺋﺞ‬ ‫ﻣﻦ‬ ‫ﻣﺠﻤﻮﻋﺔ‬ ‫ﺇﻟﻰ‬ ‫ﺍﻟﺪﺭﺍﺳﺔ‬ ‫ﻭﺗﻮﺻﻠﺖ‬ ‫ﺍ‬ ‫ﻭﺍﺿﺤ‬ ‫ﺎ‬ ‫ﻟﺤﻮﻛﻤﺔ‬ ً ‫ﻭﺃﻥ‬ ‫ﺍﻟﺘﻘﻠﻴﺪﻱ،‬ ‫ﺃﻭ‬ ‫ﺍﻹﺳﻼﻣﻲ‬ ‫ﺳﻮﺍء‬ ‫ﺍﻟﺒﺎﻛﺴﺘﺎﻧﻲ‬ ‫ﺍﻟﻤﺼﺮﻓﻲ‬ ‫ﺍﻟﻘﻄﺎﻉ‬ ‫ﺃﺩﺍء‬ ‫ﻓﻲ‬ ‫ﺍﻟﺸﺮﻛﺎﺕ‬ ‫ﺭ‬ ‫ﻫﻴﺌﺔ‬ ‫ﻭﺟﻮﺩ‬ ‫ﺍﻹﺳﻼﻣﻴﺔ‬ ‫ﻟﻠﻤﺼﺎﺭﻑ‬ ‫ﺍﻟﻤﺎﻟﻲ‬ ‫ﺍﻷﺩﺍء‬ ‫ﻓﻲ‬ ‫ِﺮ‬ ّ ‫ﻳﺆﺛ‬ ‫ﺷﺮﻋﻴﺔ‬ ‫ﻗﺎﺑﺔ‬ .
	ُ ‫ﺩ‬ ‫ﺍﻟﺒﺤﺚ‬ ‫ﻫﺬﺍ‬ ‫ﻋﻢ‬ ‫ﺍﻹﺳﻼﻣﻴﺔ‬ ‫ﺍﻟﻤﺼﺮﻓﻴﺔ‬ ‫ﺑ‬ ‫ﻗﺒﻞ‬ ‫ﻣﻦ‬ -‫ﺍﻹﺳﻼﻣﻴﺔ.‬ ‫ﺳﻌﻮﺩ‬ ‫ﺑﻦ‬ ‫ﻣﺤﻤﺪ‬ ‫ﺍﻹﻣﺎﻡ‬ ‫ﺟﺎﻣﻌﺔ‬ ‫ﺍﻟ‬ ‫ﻣﺤﻤﺪ‬ ‫ﺍﻟﺸﻴﺦ‬ ‫ﻛﺮﺳﻲ‬ ‫ﻣﻦ‬ ‫ﺍﻟﻤﻘﺪﻣﺔ‬ ‫ﺍﻟﺒﺤﺜﻴﺔ‬ ‫ﺍﻟﻤﻨﺢ‬ ‫ﺮﻧﺎﻣﺞ‬ ‫ﺍ‬ ‫ﻋﻠﻰ‬ ‫ﻓﻠﻠﻘﺎﺋﻤﻴﻦ‬ ‫ﻟ‬ ‫ﺮﺍﺷﺪ‬ ‫ﻟﻜﺮﺳﻲ‬ ‫ﺪﺭﺍﺳﺎﺕ‬ ‫ﺟﺰﻳﻞ‬ ‫ﻭﺍﻟﻌﺮﻓﺎﻥ.‬ ‫ﺍﻟﺸﻜﺮ‬	
			١٢٣

‫ﺍﻹﺳﻼﻣﻴﺔ‬ ‫ﺍﻟﻤﺼﺎﺭﻑ‬ ‫ﻛﻔﺎءﺓ‬ ‫ﺗﺤﺴﻴﻦ‬ ‫ﺇﻟﻰ‬ ‫ﻳﺆﺩﻱ‬ ‫ﺍﻟﺤﻮﻛﻤﺔ‬ ‫ﻟﻤﺒﺎﺩﺉ‬ ‫ﺍﻟﺠﻴﺪ‬ ‫ﺍﻟﺘﻄﺒﻴﻖ‬ .‫ﻏﺮﺍﺳﺔ،‬ ‫ﻭﺭﺣﺎﺏ‬ ‫ﻣﺘﻮﺳﻲ‬ 
‫ﺣﻤﺎﺩﻱ‬ ‫ﺩﺭﺍﺳﺔ‬ ‫ﻓﻲ‬ ‫ﺍﻟﺸﺮﻛﺎﺕ‬ ‫ﺣﻮﻛﻤﺔ‬ ‫ﺗﺨﺘﻠﻒ‬ ‫ﻫﻞ‬ ‫ﻭﺟﻨﻮﺏ‬ ‫ﺍﻟﺨﻠﻴﺠﻲ‬ ‫ﺍﻟﺘﻌﺎﻭﻥ‬ ‫ﻣﺠﻠﺲ‬ ‫ﺩﻭﻝ‬ ‫ﺑﻴﻦ‬ ‫ﻣﻘﺎﺭﻧﺔ‬ ‫ﺩﺭﺍﺳﺔ‬ ‫ﺍﻹﺳﻼﻣﻴﺔ؟‬ ‫ﺍﻟﻤﺼﺎﺭﻑ‬ ) ‫ﺁﺳﻴﺎ‬ ‫ﺷﺮﻕ‬ ٢٠١٢ ‫ﻡ‬ (

  
	٢ ( ‫ﺍﻟﻤﺼﺎﺭﻑ‬ ‫ﻓﻲ‬ ‫ﺍﻟﺸﺮﻛﺎﺕ‬ ‫ﺣﻮﻛﻤﺔ‬ ‫ﺑﻤﻘﺎﺭﻧﺔ‬ ‫ﺍﻟﺪﺭﺍﺳﺔ‬ ‫ﻗﺎﻣﺖ‬ ،	)
	‫ﻭ‬ ‫ﺍﻹﺳﻼﻣﻴﺔ‬ ‫ﻓﻲ‬ ‫ﺍﻟﻤﺼﺎﺭﻑ‬ ‫ﺃﺩﺍء‬ ‫ﻓﻲ‬ ‫ﺍﻟﺤﻮﻛﻤﺔ‬ ‫ﻣﺘﻐﻴﺮﺍﺕ‬ ‫ﻭﺃﺛﺮ‬ ‫ﺍﻟﺘﻘﻠﻴﺪﻳﺔ،‬ ‫ﺍﻟﻤﺼﺎﺭﻑ‬
	-	٢٠٠٠	‫ﺍﻟﻔﺘﺮﺓ‬ ‫ﺧﻼﻝ‬ ‫ﺁﺳﻴﺎ‬ ‫ﺷﺮﻕ‬ ‫ﺟﻨﻮﺏ‬ ‫ﻭﺩﻭﻝ‬ ‫ﺍﻟﺨﻠﻴﺠﻲ‬ ‫ﺍﻟﺘﻌﺎﻭﻥ‬ ‫ﻣﺠﻠﺲ‬ ‫ﺩﻭﻝ‬
	(1)	

Ramiz, U.R. and Mangla, I. (2010) "Corporate Governance and Performance of

  
	Financial Institutions in Pakistan: A Comparison between Conventional and Islamic
	Banks in Pakistan", the Pakistan Development Review, Pakistan.
	(2)

Matoussi, H. and Grassa, R. (2012) "Is

  
	‫ﻟﺨﻠﻴﺞ‬ ‫ﻟﺨﻠﻴﺞ‬ ‫ﻟﺨﻠﻴﺞ‬ ‫ﻟﺨﻠﻴﺞ‬	‫ﺍ‬ ‫ﻣﻨﻄﻘﺔ‬ ‫ﺍ‬ ‫ﻣﻨﻄﻘﺔ‬ ‫ﺍ‬ ‫ﻣﻨﻄﻘﺔ‬ ‫ﺍ‬ ‫ﻣﻨﻄﻘﺔ‬	‫ﺩﻭﻝ‬ ‫ﺩﻭﻝ‬ ‫ﺩﻭﻝ‬ ‫ﺩﻭﻝ‬	‫ﺣﺎﻟﺔ‬ ‫ﺣﺎﻟﺔ‬ ‫ﺣﺎﻟﺔ‬ ‫ﺣﺎﻟﺔ‬	‫ﺩﺭﺍﺳﺔ‬ ‫ﺩﺭﺍﺳﺔ‬ ‫ﺩﺭﺍﺳﺔ‬ ‫ﺩﺭﺍﺳﺔ‬	‫ﻋ‬ ‫ﺷﻮﻗﻲ‬ ‫ﺎ‬ ‫ﺍﻹﺳﻼﻣﻴـﺔ‬ ‫ﺍﻟﻤﺼـﺎﺭﻑ‬ ‫ﺃﺩﺍء‬ ‫ﻓﻲ‬ ‫ﺍﻟﺸﺮﻛﺎﺕ‬ ‫ﺣﻮﻛﻤـﺔ‬ ‫ﻗﻮﺍﻋﺪ‬ ‫ﺗﻄﺒﻴﻖ‬ ‫ﺃﺛﺮ‬ ‫ﺑﻮﺭﻗﺒﺔ‬ ‫ﺷﻮﺭ‬ ‫ﻭ‬ ‫ﻏﺮﺑﻲ‬ ‫ﻋﻤﺎﺭ‬ ‫ﻋﺒﺪﺍﻟﺤﻠﻴﻢ‬ : ١٢٧ ‫ﻋ‬ ‫ﺷﻮﻗﻲ‬ ‫ﺎ‬ ‫ﺑﻮﺭﻗﺒﺔ‬ ‫ﺷﻮﺭ‬ ‫ﻭ‬ ‫ﻏﺮﺑﻲ‬ ‫ﻋﻤﺎﺭ‬ ‫ﻋﺒﺪﺍﻟﺤﻠﻴﻢ‬ ‫ﺍﻹﺳﻼﻣﻴـﺔ‬ ‫ﺍﻟﻤﺼـﺎﺭﻑ‬ ‫ﺃﺩﺍء‬ ‫ﻓﻲ‬ ‫ﺍﻟﺸﺮﻛﺎﺕ‬ ‫ﺣﻮﻛﻤـﺔ‬ ‫ﻗﻮﺍﻋﺪ‬ ‫ﺗﻄﺒﻴﻖ‬ ‫ﺃﺛﺮ‬ : ١٢٩ ‫ﻋ‬ ‫ﺷﻮﻗﻲ‬ ‫ﺎ‬ ‫ﺑﻮﺭﻗﺒﺔ‬ ‫ﺷﻮﺭ‬ ‫ﻭ‬ ‫ﻏﺮﺑﻲ‬ ‫ﻋﻤﺎﺭ‬ ‫ﻋﺒﺪﺍﻟﺤﻠﻴﻢ‬ ‫ﺍﻹﺳﻼﻣﻴـﺔ‬ ‫ﺍﻟﻤﺼـﺎﺭﻑ‬ ‫ﺃﺩﺍء‬ ‫ﻓﻲ‬ ‫ﺍﻟﺸﺮﻛﺎﺕ‬ ‫ﺣﻮﻛﻤـﺔ‬ ‫ﻗﻮﺍﻋﺪ‬ ‫ﺗﻄﺒﻴﻖ‬ ‫ﺃﺛﺮ‬ : ١٣١ ‫ﻋ‬ ‫ﺷﻮﻗﻲ‬ ‫ﺎ‬ ‫ﺑﻮﺭﻗﺒﺔ‬ ‫ﺷﻮﺭ‬ ‫ﻭ‬ ‫ﺍﻹﺳﻼﻣﻴـﺔ‬ ‫ﺍﻟﻤﺼـﺎﺭﻑ‬ ‫ﺃﺩﺍء‬ ‫ﻓﻲ‬ ‫ﺍﻟﺸﺮﻛﺎﺕ‬ ‫ﺣﻮﻛﻤـﺔ‬ ‫ﻗﻮﺍﻋﺪ‬ ‫ﺗﻄﺒﻴﻖ‬ ‫ﺃﺛﺮ‬ : ‫ﻏﺮﺑﻲ‬ ‫ﻋﻤﺎﺭ‬ ‫ﻋﺒﺪﺍﻟﺤﻠﻴﻢ‬ ١٣٣	١٢٦ ١٢٨ ١٣٠ ١٣٢
	Corporate Governance Different for Islamic Banks? A Comparative Analysis between the GCC Context and the SEA Context", Working Paper No.734, Economic Research Forum, Egypt. ٢٠٠٩ ‫ﻡ‬ ‫ﺑﻴﻦ‬ ‫ﺟﻮﻫﺮﻳﺔ‬ ‫ﺍﺧﺘﻼﻓﺎﺕ‬ ‫ﻫﻨﺎﻙ‬ ‫ﺃﻥ‬ ‫ﺃﻫﻤﻬﺎ:‬ ‫ﻧﺘﺎﺋﺞ‬ ‫ﻋﺪﺓ‬ ‫ﺇﻟﻰ‬ ‫ﺍﻟﺪﺭﺍﺳﺔ‬ ‫ﻭﺗﻮﺻﻠﺖ‬ ، ‫ﺍﺧﺘﻼ‬ ‫ﻫﻨﺎﻙ‬ ‫ﺃﻥ‬ ‫ﻛﻤﺎ‬ ‫ﺍﻹﺳﻼﻣﻴﺔ،‬ ‫ﻭﺍﻟﻤﺼﺎﺭﻑ‬ ‫ﺍﻟﺘﻘﻠﻴﺪﻳﺔ‬ ‫ﺍﻟﻤﺼﺎﺭﻑ‬ ‫ﻓﻲ‬ ‫ﺍﻟﺤﻮﻛﻤﺔ‬ ‫ﺑﻴﻦ‬ ‫ﻓﺎﺕ‬ ‫ﺃﻥ‬ ‫ﺇﻟﻰ‬ ‫ﺍﻟﺪﺭﺍﺳﺔ‬ ‫ّﻠﺖ‬ ‫ﺗﻮﺻ‬ ‫ﻛﻤﺎ‬ ‫ﺁﺳﻴﺎ،‬ ‫ﺷﺮﻕ‬ ‫ﻭﺟﻨﻮﺏ‬ ‫ﺍﻟﺨﻠﻴﺞ‬ ‫ﺩﻭﻝ‬ ‫ﻓﻲ‬ ‫ﺍﻟﺤﻮﻛﻤﺔ‬ ً ‫ﺳﻠﺒ‬ ‫ِﺮ‬ ّ ‫ﺗﺆﺛ‬ ‫ﺍﻹﺩﺍﺭﺓ‬ ‫ﻣﺠﻠﺲ‬ ‫ﻣﺼﺎﺭﻳﻒ‬ ‫ﺎ‬ ‫ﺧﺼﺎﺋﺺ‬ ‫ﻭﺃﻥ‬ ‫ﺍﻹﺳﻼﻣﻴﺔ،‬ ‫ﺍﻟﻤﺼﺎﺭﻑ‬ ‫ﻋﺎﺋﺪ‬ ‫ﻓﻲ‬ ‫ﺍﻹﺳﻼﻣﻴﺔ.‬ ‫ﻟﻠﻤﺼﺎﺭﻑ‬ ‫ﺍﻟﻤﺎﻟﻲ‬ ‫ﺍﻷﺩﺍء‬ ‫ﻓﻲ‬ ‫ِﺮ‬ ّ ‫ﺗﺆﺛ‬ ‫ﻻ‬ ‫ﺍﻟﺸﺮﻋﻴﺔ‬ ‫ﺍﻟﺮﻗﺎﺑﺔ‬ ‫ﻫﻴﺌﺔ‬ ‫ﺑﻪ‬ ‫ﺗﻤﺘﺎﺯ‬ ‫ﻣﺎ‬ ‫ﺍﻟﺴﺎﺑﻘﺔ‬ ‫ﺍﻟﺪﺭﺍﺳﺎﺕ‬ ‫ﻋﻦ‬ ‫ﺍﻟﺪﺭﺍﺳﺔ‬ ‫ﻫﺬﻩ‬ ‫ﺍﻟﺪ‬ ‫ﻣﻦ‬ ‫ﺍﻟﻜﺜﻴﺮ‬ ‫ﺗﻮﺟﺪ‬ ‫ﺭﺍﺳﺎﺕ‬ ‫ﺗ‬ ‫ﺍﻟﺘﻲ‬ ‫ﻄﺮﻗ‬ ‫ﺖ‬ ‫ﻗﻀﻴﺔ‬ ‫ﺇﻟﻰ‬ ‫ﺍﻟﻤﺼﺎﺭ‬ ‫ﻓﻲ‬ ‫ﺍﻟﺤﻮﻛﻤﺔ‬ ‫ﻑ‬ ‫ﺍﻹﺳﻼﻣﻴﺔ‬ ‫ﻟﻜﻦ‬ ‫ﺍﻟﺪﺭﺍﺳﺎﺕ‬ ‫ﻣﻦ‬ ‫ﻭﻗﻠﻴﻞ‬ ‫ﺍﻟﻤﻔﺎﻫﻴﻤﻲ،‬ ‫ﺍﻟﺠﺎﻧﺐ‬ ‫ﻋﻠﻴﻬﺎ‬ ‫ﻳﻐﻠﺐ‬ ‫ﻛﺎﻥ‬ ‫ﺍ‬ ‫ﻟﺘ‬ ‫ﻲ‬ ‫ﺍﻟﺤﻮﻛﻤﺔ‬ ‫ﺃﺛﺮ‬ ‫ﺇﻟﻰ‬ ‫ﺗﻌﺮﺿﺖ‬ ‫ﻓﻲ‬ ‫ﺃﺩﺍء‬ ‫ﻭﻋﻠﻰ‬ ‫ﺍﻹﺳﻼﻣﻴﺔ،‬ ‫ﺍﻟﻤﺼﺎﺭﻑ‬ ‫ﻓ‬ ‫ﺍﻷﺳﺎﺱ‬ ‫ﻫﺬﺍ‬ ‫ﺈﻥ‬ ‫ﻣﺎ‬ ‫ﺗﺠﻤﻊ‬ ‫ﺍﻟﻮﺭﻗﺔ‬ ‫ﻫﺬﻩ‬ ‫ﺑﻴﻦ‬ ‫ﺧﺼﻮﺻﻴﺔ‬ ‫ﻳﻮﺿﺢ‬ ‫ﺍﻟﺬﻱ‬ ‫ﺍﻟﻨﻈﺮﻱ‬ ‫ﺍﻟﺠﺎﻧﺐ‬ ‫ﻓﻲ‬ ‫ﺍﻟﺤﻮﻛﻤﺔ‬ ‫ﺍﻟ‬ ‫ﺑﻨﻈﻴﺮﺗﻬﺎ‬ ‫ﻣﻘﺎﺭﻧﺔ‬ ‫ﺍﻹﺳﻼﻣﻴﺔ‬ ‫ﺍﻟﻤﺼﺎﺭﻑ‬ ‫ﺘﻘﻠﻴﺪﻳﺔ‬ ‫ﻣﻦ‬ ‫ﺍﻟﺘﻄﺒﻴﻘﻲ‬ ‫ﻭﺍﻟﺠﺎﻧﺐ‬ ، ‫ﺧ‬ ‫ﻼﻝ‬ ‫ﺩ‬ ‫ﺭﺍﺳﺔ‬ ‫ﺍﻹﺳﻼﻣ‬ ‫ﻟﻠﻤﺼﺎﺭﻑ‬ ‫ﺍﻟﻤﺎﻟﻲ‬ ‫ﺍﻷﺩﺍء‬ ‫ﻋﻠﻰ‬ ‫ﺍﻟﺤﻮﻛﻤﺔ‬ ‫ﻣﺘﻐﻴﺮﺍﺕ‬ ‫ﺃﺛﺮ‬ ‫ﺗﻮﺿﺢ‬ ‫ﻗﻴﺎﺳﻴﺔ‬ ‫ﻴﺔ،‬ ‫ﻛ‬ ‫ﻤﺎ‬ ‫ﺍﻹﺳﻼﻣ‬ ‫ﺍﻟﻤﺼﺎﺭﻑ‬ ‫ﻓﻲ‬ ‫ﻭﺍﻟﻤﺘﻤﺜﻠﺔ‬ ‫ﺍﻟﻤﺨﺘﺎﺭﺓ‬ ‫ﺍﻟﻌﻴﻨﺔ‬ ‫ﺑﻄﺒﻴﻌﺔ‬ ‫ﺍﻟﺪﺭﺍﺳﺔ‬ ‫ﺗﺘﻤﻴﺰ‬ ‫ﺍ‬ ‫ﻴﺔ‬ ‫ﻟ‬ ‫ﻌ‬ ‫ﺎ‬ ‫ﻣﻠ‬ ‫ﺔ‬ ‫ﺍﻟﺨﻠ‬ ‫ﻣﻨﻄﻘﺔ‬ ‫ﻣﺴﺘﻮﻯ‬ ‫ﻋﻠﻰ‬ ‫ﻳﻤﻜﻦ‬ ‫ﺍﻟﺘﻲ‬ ‫ﻴﺞ‬ ‫ﺍﻋﺘﺒﺎﺭﻫﺎ‬ ‫ﺍﻟ‬ ‫ﻓﻴﻬﺎ‬ ‫ﻳﻨﺘﺸﺮ‬ ‫ﻣﻨﻄﻘﺔ‬ ‫ﺃﻫﻢ‬ ‫ﺘﻤﻮﻳﻞ‬ ‫ﺳﻨﺔ‬ ‫ﻣﻦ‬ ‫ﺗﻤﺘﺪ‬ ‫ﺍﻟﺪﺭﺍﺳﺔ‬ ‫ﻓﺘﺮﺓ‬ ‫ﺃﻥ‬ ‫ﻛﻤﺎ‬ ‫ﺍﻟﻌﺎﻟﻢ،‬ ‫ﻋﺒﺮ‬ ‫ﺍﻹﺳﻼﻣﻲ‬ ٢٠٠٠ ‫ﻡ‬ ‫ﺇﻟﻰ‬ ‫ﺳﻨﺔ‬ ٢٠١٢ ‫ﻡ‬ ، ‫ﺍﻟﺴﺎﺑﻘﺔ.‬ ‫ﺍﻟﺪﺭﺍﺳﺎﺕ‬ ‫ﻣﻦ‬ ‫ﺃﺣﺪﺙ‬ ‫ﺗﻌﺘﺒﺮ‬ ‫ﻓﻬﻲ‬ ‫ﺃﻭﻻ:‬ ‫ﺍﻟﺤﻮﻛﻤﺔ‬ ‫ﺍﻟﺘﻘﻠﻴﺪﻱ‬ ‫ﺍﻟﻤﻨﻈﻮﺭ‬ ‫ﻣﻦ‬ ١ -‫ﺍﻟﺤﻮﻛﻤﺔ‬ ‫ﻣﺼﻄﻠﺢ‬ ‫ﺃﺻﻞ‬ ً ‫ﻣﺼﻄﻠﺤ‬ ‫ﺍﻟﺤﻮﻛﻤﺔ‬ ‫ﻣﺼﻄﻠﺢ‬ ‫ﻳﻌﺘﺒﺮ‬ ‫ﺣﺪﻳﺚ‬ ‫ﺎ‬ ‫ﺍﻻﺳﺘﻌﻤﺎﻝ‬ ‫ﺍﻟﻌﺮﺑﻴﺔ‬ ‫ﺍﻟﻠﻐﺔ‬ ‫ﻓﻲ‬ ‫ﺑﺪﺃ‬ ‫ﺍﺳﺘﺨﺪﺍﻣﻪ‬ ‫ﺳﻨﺔ‬ ‫ﺑﺪﺍﻳﺔ‬ ‫ﻓﻲ‬ ٢٠٠٠ ‫ﻡ‬ ‫ﻟﺘﺮﺟﻤﺔ‬ ‫ﺍﻟﻌﺪﻳﺪﺓ‬ ‫ﺍﻟﻤﺤﺎﻭﻻﺕ‬ ‫ﺃﺣﺪ‬ ‫ﻭﻫﻮ‬ ‫ﻣ‬ ‫ﻔﺮﺩﺓ‬ (Governance) ‫ﻛﻠﻤﺔ‬ ‫ﺃﺻﻞ‬ ‫ﻭﻳﻌﻮﺩ‬ ‫ﺍﻹﻧﺠﻠﻴﺰﻳﺔ،‬ ‫ﺑﺎﻟﻠﻐﺔ‬ (Governance) ‫ﺍﻟﻠﻐﺔ‬ ‫ﺇﻟﻰ‬ ‫ﺍﻟﻴﻮﻧﺎﻧﻴﺔ‬ (Kubernan) ‫ﻋﺸﺮ‬ ‫ﺍﻟﺜﺎﻟﺚ‬ ‫ﺍﻟﻘﺮﻥ‬ ‫ﻓﻲ‬ ‫ﺍﻟﺤﺮﺑﻴﺔ‬ ‫ﺍﻟﺒﺎﺧﺮﺓ‬ ‫ﻗﻴﺎﺩﺓ‬ ‫ﻳﻌﻨﻲ‬ ‫ﻛﺎﻥ‬ ‫ﻭﺍﻟﺬﻱ‬ ‫ﺍﻟﺪﺑﺎﺑﺔ‬ ‫ﺃﻭ‬ (Piloter un navire ou un char) ‫ﺍ‬ ‫ﺛﻢ‬ ، ‫ﺍﻟﻼﺗﻴﻨﻴﺔ‬ ‫ﺍﻟﻠﻐﺔ‬ ‫ﻓﻲ‬ ‫ﺫﻟﻚ‬ ‫ﺑﻌﺪ‬ ‫ﺳﺘﻌﻤﻞ‬ ‫ﺑﻜﻠﻤﺔ‬ (Gubernare) ‫ﻋﺸﺮ‬ ‫ﺍﻟﺮﺍﺑﻊ‬ ‫ﺍﻟﻘﺮﻥ‬ ‫ﺑﺪﺍﻳﺔ‬ ‫ﻓﻲ‬ ‫ﺍﻟﻤﻌﻨﻰ‬ ‫ﺑﻨﻔﺲ‬ ، ‫ﺛ‬ ‫ﻢ‬ ‫ﻅﻬﺮ‬ ‫ﺳﻨﺔ‬ ‫ﻓﻲ‬ ١٤٧٨ ‫ﻡ‬ ‫ﺑﻤﺼﻄﻠﺢ‬ ‫ﺍﻟﻔﺮﻧﺴﻴﺔ‬ ‫ﺍﻟﻠﻐﺔ‬ ‫ﻓﻲ‬ (Gouvernance) ، ‫ﻳﻘﺼﺪ‬ ‫ﻭﻛﺎﻥ‬ ‫ﺑﻪ‬ ‫ﻁﺮﻳﻘﺔ‬ ‫ﺃﻭ‬ ‫ﻓﻦ‬ ‫ﺍﻟﺤﻜﻢ،‬ ‫ﻭﻛﺎﻥ‬ ‫ﻳﺴﺘﻌﻤﻞ‬ ‫ﺍﻟﻮﻗﺖ‬ ‫ﺫﻟﻚ‬ ‫ﻓﻲ‬ ‫ﻛﻤﺮﺍﺩﻑ‬ ‫ﻟﻤﺼﻄﻠﺢ‬ ‫ﺍﻟﺤﻜﻮﻣﺔ‬ (Gouvernement) ‫ﻣﺴﺘﻌﻤﻼ‬ ‫ﻳﺼﺒﺢ‬ ‫ﻟﻢ‬ ‫ﻭﻟﻜﻦ‬ ، ‫ﺍﻟﻔﺮﻧﺴﻴﻴﻦ‬ ‫ﻋﻨﺪ‬ ‫ﺍ‬ ‫ﺣﻴﺚ‬ ‫ﺍﻟﻠﻐﺔ‬ ‫ﻣﻦ‬ ‫ﻋﺘﺒﺮ‬ ‫ﺛﻢ‬ ‫ﺍﻟﻘﺪﻳﻤﺔ،‬ ‫ﺍﻟﻔﺮﻧﺴﻴﺔ‬ ‫ﺍ‬ ‫ﺍﻹﻧﺠﻠﻴﺰﻳﺔ‬ ‫ﺍﻟﻠﻐﺔ‬ ‫ﻓﻲ‬ ‫ﻋﺸﺮ‬ ‫ﺍﻟﺴﺎﺩﺱ‬ ‫ﺍﻟﻘﺮﻥ‬ ‫ﻓﻲ‬ ‫ﺫﻟﻚ‬ ‫ﺑﻌﺪ‬ ‫ﺳﺘﻌﻤﻞ‬ ‫ﺍﻟﺤﺎﻟﻲ‬ ‫ﺑﺎﻟﻤﺼﻄﻠﺢ‬ (Governance) ، ‫ﻟﻼ‬ ‫ﻳﻌﺪ‬ ‫ﻭﻟﻢ‬ ‫ﺇﻻ‬ ‫ﺍﻟﻔﺮﻧﺴﻴﺔ‬ ‫ﺍﻟﻠﻐﺔ‬ ‫ﻓﻲ‬ ‫ﺳﺘﻌﻤﺎﻝ‬ ‫ﻓﻲ‬ ‫ﺍﻟﺘﺴﻌﻴﻨﻴﺎﺕ‬ ‫ﺑﺪﺍﻳﺔ‬ ‫ﺍﻟ‬ ‫ﻣﻦ‬ ‫ﺍﻟﻌﺸﺮﻳﻦ‬ ‫ﻘﺮﻥ‬ ) ٣ ( . ‫ﻣﻦ‬ ‫ﺍﻟﻌﺪﻳﺪ‬ ‫ﺍﻟﻤﺼﻄﻠﺢ‬ ‫ﻫﺬﺍ‬ ‫ﺑﺮﻭﺯ‬ ‫ﻓﻲ‬ ‫ﺳﺎﻫﻢ‬ ‫ﻟﻘﺪ‬ ‫ﺍﻻﻗﺘﺼﺎﺩﻳﻴﻦ‬ ‫ﻭﺍﻟﺴﻴﺎﺳﻴﻴﻦ‬ ‫ﻭ‬ ‫ﺑﻌﺾ‬ ‫ﺍﻟﺸﺮﻛﺎﺕ‬ ‫ﺣﻴﺚ‬ ‫ﺍﻟﺪﻭﻟﻲ،‬ ‫ﺍﻟﻨﻘﺪ‬ ‫ﻭﺻﻨﺪﻭﻕ‬ ‫ﺍﻟﺪﻭﻟﻲ‬ ‫ﺍﻟﺒﻨﻚ‬ ‫ﻣﺜﻞ‬ ‫ﺍﻟﺪﻭﻟﻴﺔ‬ ‫ﺍ‬ ‫ﻫ‬ ‫ﺳﺘﻌﻤﻞ‬ ‫ﺬﺍ‬ ‫ﺍﻟﻤﻌ‬ ‫ﺑﻨﻔﺲ‬ ‫ﻭﺫﻟﻚ‬ ‫ﺍﻟﺪﻭﻝ‬ ‫ﻣﺴﺘﻮﻯ‬ ‫ﻋﻠﻰ‬ ‫ﺃﻱ‬ ‫ﺍﻟﻜﻠﻲ‬ ‫ﺍﻟﻤﺴﺘﻮﻯ‬ ‫ﻋﻠﻰ‬ ‫ﺑﺪﺍﻳﺔ‬ ‫ﺍﻟﻤﺼﻄﻠﺢ‬ ‫ﻨﻰ‬ ‫ﺍﻟﻘﺪﻳﻢ‬ ، ‫ﻫﻤﺎ:‬ ‫ﺃﺳﺎﺳﻴﺘﻴﻦ‬ ‫ﻧﻘﻄﺘﻴﻦ‬ ‫ﺇﺿﺎﻓﺔ‬ ‫ﻣﻊ‬ ‫ﺍﻟﺤﻜﻢ‬ ‫ﻭﻁﺮﻳﻘﺔ‬ ‫ﻓﻦ‬ ‫ﺃﻱ‬ -‫ﺍﻟﺤﻮﻛﻤﺔ‬ ‫ﻣﺼﻄﻠﺢ‬ ‫ﺑﻴﻦ‬ ‫ﺍﻟﺘﻤﻴﻴﺰ‬ ) Governance ( ‫ﺍﻟﺤﻜﻮﻣﺔ‬ ‫ﻭﻣﺼﻄﻠﺢ‬ ) Governement ( ‫ﺍﻟﺤﻮﻛﻤﺔ.‬ ‫ﻋﻨﺎﺻﺮ‬ ‫ﺃﺣﺪ‬ ‫ﺍﻟﺤﻜﻮﻣﺔ‬ ‫ﺗﻌﺘﺒﺮ‬ ‫ﺣﻴﺚ‬ -‫ﺍﻟﻤﺠﺘﻤﻊ‬ ‫ﻣﺸﺎﺭﻛﺔ‬ ‫ﻋﻠﻰ‬ ‫ﻳﺮﺗﻜﺰ‬ ‫ﺍﻟﻌﻤﻮﻣﻴﺔ‬ ‫ﺍﻷﻋﻤﺎﻝ‬ ‫ﺇﺩﺍﺭﺓ‬ ‫ﻧﻈﺎﻡ‬ ‫ﺗﻄﻮﻳﺮ‬ ‫ﺍ‬ ‫ﻟﻤﺪﻧﻲ‬ ‫ﺍﻟﻤﺴﺘﻮﻳﺎﺕ.‬ ‫ﻛﻞ‬ ‫ﻋﻠﻰ‬ ‫ﻭﺑﺎﻟﺘﺎ‬ ‫ﺍ‬ ‫ﻳﻤﻜﻦ‬ ‫ﻟﻲ‬ ‫ﺍ‬ ‫ﺍﻟﺤﻮﻛﻤﺔ‬ ‫ﻣﺼﻄﻠﺢ‬ ‫ﺃﻥ‬ ‫ﻟﻘﻮﻝ‬ ‫ﺍﻟﻤﺴﺘﻮﻯ‬ ‫ﻋﻠﻰ‬ ‫ﺃﻭﻻ‬ ‫ﺳﺘﻌﻤﻞ‬ ‫ﺍ‬ ‫ﻟﻜﻠﻲ‬ ‫ﺑﺎ‬ ‫ﻳﻌﺮﻑ‬ ‫ﻣﺎ‬ ‫ﻭﻫﺬﺍ‬ ‫)ﺍﻟﺪﻭﻟﻲ(‬ ‫ﺍ‬ ‫ﺛﻢ‬ ‫ﺍﻟﺪﻭﻟﻴﺔ،‬ ‫ﻟﺤﻮﻛﻤﺔ‬ ‫ﺍﻟﺠ‬ ‫ﺍﻟﻤﺴﺘﻮﻯ‬ ‫ﻋﻠﻰ‬ ‫ﺳﺘﻌﻤﻞ‬ ‫ﺰﺋﻲ‬ ) ‫ﺍﻟﺸﺮﻛﺎﺕ‬ ‫ﺑﺤﻮﻛﻤﺔ‬ ‫ﻳﻌﺮﻑ‬ ‫ﻣﺎ‬ ‫ﻭﻫﺬﺍ‬ ( ‫ﺍﻟﺸﺮﻛﺎﺕ‬ ‫ﺍﻟﺸﺮﻛﺎﺕ.‬ ‫ﺃﻭ‬ ، ٢ -‫ﺣﻮﻛﻤﺔ‬ ‫ﺗﻌﺮﻳﻒ‬ ‫ﺍﻟﺸﺮﻛﺎﺕ‬ ) ٤ ( : overnance G Corporate ‫ﺟﻤﻌﻴﺔ‬ ‫ﻋﺮﻓﺖ‬ (Cadbury, 1992) ‫ﺣﻮﻛﻤﺔ‬ ‫ﺍﻟﺸﺮﻛﺎﺕ‬ ‫ﺃﻧﻬﺎ‬ ‫ﻋﻠﻰ‬ " ‫ﺍﻟﺬﻱ‬ ‫ﺍﻷﺳﻠﻮﺏ‬ ‫ﺟﻬﺔ‬ ‫ﻣﻦ‬ ‫ﻭﺍﻻﺟﺘﻤﺎﻋﻴﺔ‬ ‫ﺍﻻﻗﺘﺼﺎﺩﻳﺔ‬ ‫ﺍﻷﻫﺪﺍﻑ‬ ‫ﺑﻴﻦ‬ ‫ﺍﻟﺘﻮﺍﺯﻥ‬ ‫ﻳﺤﻘﻖ‬ ، ‫ﺍﻟﻔﺮﺩﻳﺔ‬ ‫ﺍﻷﻫﺪﺍﻑ‬ ‫ﻭﺑﻴﻦ‬ ‫ﺃﺧﺮﻯ‬ ‫ﺟﻬﺔ‬ ‫ﻣﻦ‬ ‫ﻭﺍﻟﻤﺸﺘﺮﻛﺔ‬ ، ‫ﻭﺃﻥ‬ ‫ﺣﻮﻛ‬ ‫ﺇﻁﺎﺭ‬ ‫ﻤ‬ ‫ﺔ‬ ‫ﺍﻟﺸﺮﻛﺎﺕ‬ ‫ﺍﻟﻔﻌﺎﻝ‬ ‫ﺍﻻﺳﺘﺨﺪﺍﻡ‬ ‫ﻋﻠﻰ‬ ‫ﻳﺸﺠﻊ‬ ‫ﺍﻟﻤﻮﺍﺭﺩ‬ ‫ﻫﺬﻩ‬ ‫ﺇﺩﺍﺭﺓ‬ ‫ﻋﻦ‬ ‫ﻭﺍﻟﻤﺴﺎءﻟﺔ‬ ‫ﺍﻟﻤﺤﺎﺳﺒﺔ‬ ‫ﻧﻈﻢ‬ ‫ﺗﻮﻓﻴﺮ‬ ‫ﻋﻠﻰ‬ ‫ﺃﻳﻀﺎ‬ ‫ﻭﻳﺤﺚ‬ ‫ﻟﻠﻤﻮﺍﺭﺩ‬ ، ‫ﻭﺍﻟ‬ ‫ﺍﻹ‬ ‫ﻗﺪﺭ‬ ‫ﺍﻟﺘﻘﺮﻳﺐ‬ ‫ﻫﻮ‬ ‫ﺫﻟﻚ‬ ‫ﻣﻦ‬ ‫ﻬﺪﻑ‬ ‫ﻭ‬ ‫ﺍﻷﻓﺮﺍﺩ‬ ‫ﻣﺼﺎﻟﺢ‬ ‫ﺑﻴﻦ‬ ‫ﻣﻜﺎﻥ‬ ‫ﺍﻟﺸﺮﻛﺎﺕ‬ ‫ﻭﺍﻟﻤﺠﺘﻤﻊ"‬ ) ٥ ( . ‫ﻭﺍﻟﺘﻨﻤﻴﺔ‬ ‫ﺍﻻﻗﺘﺼﺎﺩﻱ‬ ‫ﺍﻟﺘﻌﺎﻭﻥ‬ ‫ﻣﻨﻈﻤﺔ‬ ‫ﺃﻣﺎ‬ (OCED) ‫ﻓ‬ ‫ﻓﻌﺮّ‬ ‫ﺖ‬ ‫ﺃﻧﻬﺎ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻟﺤﻮﻛﻤﺔ‬ " ‫ﺑ‬ ‫ﺍﻟﻌﻼﻗﺎﺕ‬ ‫ﻣﻦ‬ ‫ﻣﺠﻤﻮﻋﺔ‬ ‫ﻴ‬ ‫ﺇﺩﺍﺭﺓ‬ ‫ﻦ‬ ‫ﺍﻟﺸﺮﻛﺔ‬ ‫ﻭﺍﻷﻁﺮﺍﻑ‬ ‫ﻭﻣﺴﺎﻫﻤﻴﻬﺎ‬ ‫ﺇﺩﺍﺭﺗﻬﺎ‬ ‫ﻭﻣﺠﻠﺲ‬ ‫ﺍﻷﺧﺮﻯ‬ ‫ﺍ‬ ‫ﻟﻬﺎ‬ ‫ﺍﻟﺘﻲ‬ ‫ﺑ‬ ‫ﻫﺘﻤﺎﻡ‬ ‫ﺎﻟﺸﺮﻛﺔ‬ ) ‫ﺍﻷ‬ ‫ﺫﺍﺕ‬ ‫ﻁﺮﺍﻑ‬ ‫ﺍﻟﻌﻼﻗﺔ‬ ( ، ‫ﻛﻤ‬ ‫ﺎ‬ ‫ﺍ‬ ‫ﺍﻵﻟﻴﺔ‬ ‫ﺗﺒﻴﻦ‬ ‫ﺃﻧﻬﺎ‬ ‫ﻟﺘﻲ‬ ‫ﺃﻫﺪﺍﻑ‬ ‫ﺧﻼﻟﻬﺎ‬ ‫ﻣﻦ‬ ‫ﺗﻮﺿﺢ‬ ‫ﺍﻟﺸﺮﻛﺔ‬ ‫ﺗﺤﻘﻴﻘﻬﺎ،‬ ‫ﻭﻣﺮﺍﻗﺒﺔ‬ ‫ﺍﻷﻫﺪﺍﻑ‬ ‫ﺗﻠﻚ‬ ‫ﻟﺘﺤﻘﻴﻖ‬ ‫ﻭﺍﻟﻮﺳﺎﺋﻞ‬ ‫ﺍﻟﺠﻴﺪﺓ‬ ‫ﺍﻟﺤﻮﻛﻤﺔ‬ ‫ﻓﺈﻥ‬ ‫ﻭﺑﺎﻟﺘﺎﻟﻲ‬ ‫ﺍﻟﺘﻨﻔﻴﺬﻳﺔ‬ ‫ﻭﺍﻹﺩﺍﺭﺓ‬ ‫ﺍﻟﻤﺠﻠﺲ‬ ‫ﻣﻦ‬ ‫ﻟﻜﻞ‬ ‫ﺗﻮﻓﺮ‬ ‫ﺍﻟﺘﻲ‬ ‫ﻫﻲ‬ ‫ﺍ‬ ‫ﺇﻟﻰ‬ ‫ﻟﻠﻮﺻﻮﻝ‬ ‫ﺍﻟﻤﻨﺎﺳﺒﺔ‬ ‫ﺍﻟﺤﻮﺍﻓﺰ‬ ‫ﻣﺼﻠﺤﺔ‬ ‫ﻓﻲ‬ ‫ﺗﺼﺐ‬ ‫ﺍﻟﺘﻲ‬ ‫ﻷﻫﺪﺍﻑ‬ ‫ﺍﻟﺸﺮﻛﺔ‬ ‫ﻭﺗﺴﻬﻞ‬ ‫ﻣﺮﺍﻗ‬ ‫ﺇﻳﺠﺎﺩ‬ ‫ﻋﻤﻠﻴﺔ‬ ‫ﺗﺴﺎﻋﺪ‬ ‫ﻭﺑﺎﻟﺘﺎﻟﻲ‬ ‫ﻓﻌﺎﻟﺔ،‬ ‫ﺒﺔ‬ ‫ﺍﻟﺸﺮﻛﺔ‬ ‫ﻋﻠﻰ‬ ‫ﺍﺳﺘﻐﻼﻝ‬ ‫ﻣﻮﺍﺭﺩﻫﺎ‬ ‫ﺍﺳﺘﻐﻼ‬ ً ‫ﻻ‬ ً ‫ﺭﺷﻴﺪ‬ ‫ﺍﻟﻤﺴﻄﺮﺓ‬ ‫ﺍﻷﻫﺪﺍﻑ‬ ‫ﺗﺤﻘﻴﻖ‬ ‫ﻣﻦ‬ ‫ﻳﻤﻜﻨﻬﺎ‬ ‫ﺍ‬ ‫ﺍﻷﺩﺍء‬ ‫ﺑﻜﻔﺎءﺓ‬ ‫ﻳﻌﺮﻑ‬ ‫ﻓﻴﻤﺎ‬ " ) ٦ ( . ‫ﺍ‬ ‫ﺑﺄﻧﻬﺎ‬ ‫ﺃﻳﻀﺎ‬ ‫ﻭﺗﻌﺮﻑ‬ ‫ﺧﻼﻟﻪ‬ ‫ﻣﻦ‬ ‫ﺗﺴﻌﻰ‬ ‫ﺍﻟﺬﻱ‬ ‫ﻟﻬﻴﻜﻞ‬ ‫ﺍﻟﺸﺮﻛﺔ‬ ‫ﺃﻫﺪﺍﻓﻬﺎ‬ ‫ﺗﺤﻘﻴﻖ‬ ‫ﺇﻟﻰ‬ ) ٤ ( ُ ‫ﺗ‬ ‫ﻟﻘﺪ‬ ‫ﺮﺟﻤ‬ ‫ﺖ‬ ‫ﻛﻠﻤﺔ‬ (Corporate Governance) ‫ﻭﺍﻟﺤ‬ ‫ﺍﻟﺮﺍﺷﺪ‬ ‫ﺍﻟﺤﻜﻢ‬ ‫ﻣﺜﻞ‬ ‫ﻣﺼﻄﻠﺤﺎﺕ‬ ‫ﻋﺪﺓ‬ ‫ﺇﻟﻰ‬ ‫ﺎﻛﻤﻴﺔ‬ ‫ﺍﻟﻤﺆﺳﺴﻲ‬ ‫ﻭﺍﻟﺤﻜﻢ‬ ‫ﺃﻥ‬ ‫ﺇﻻ‬ ، ‫ﺣﻮﻛﻤﺔ‬ ‫ﻣﺼﻄﻠﺢ‬ ‫ﺍﻟﺸﺮﻛﺎﺕ‬ ‫)ﺍﻟﺸﺮﻛﺎﺕ(‬ ‫ﻳﻌﺘﺒﺮ‬ ‫ﻭ‬ ‫ﺷﻴﻮﻋﺎ‬ ‫ﺍﻷﻛﺜﺮ‬ ‫ﺍﺳﺘﻌﻤﺎﻻ‬ . ‫ﻓﻲ‬ ‫ﺍﻟﻤﻬﻢ‬ ‫ﺍﻟﺪﻭﺭ‬ ‫ﻳﻠﻌﺐ‬ ‫ﺍﻟﺬﻱ‬ ‫ﺍﻹﺩﺍﺭﺓ‬ ‫ﻣﺠﻠﺲ‬ ‫ﻁﺮﻳﻖ‬ ‫ﻋﻦ‬ ‫ﺍﻟﻤﺘﺒﻌﺔ‬ ‫ﻭﺍﻟﻄﺮﻕ‬ ‫ﻭﺍﻟﻮﺳﺎﺋﻞ‬ ‫ﺍﻷﻫﺪﺍﻑ‬ ‫ﻫﺬﻩ‬ ‫ﺗﺤﻘﻴﻖ‬ ) ٧ ‫ﺣﻮﻛﻤﺔ‬ ‫ﻣﺒﺎﺩﺉ‬ ‫ﺗﻄﺒﻴﻖ‬ ‫ﺍﻟﺸﺮﻛﺎﺕ‬ ‫ﻣﺜﻞ‬ ) ‫ﺍﻭﻛﺴﻠﻲ‬ ‫ﺳﺎﺭﺑﻨﺰ‬ ‫ﻗﺎﻧﻮﻥ‬ ‫ﺻﺪﻭﺭ‬ Act ‫ﺍﻟﻮﻻﻳﺎﺕ‬ ‫ﻓﻲ‬ ‫ﻋﺎﻡ‬ ‫ﺍﻷﻣﺮﻳﻜﻴﺔ‬ ‫ﺍﻟﻤﺘﺤﺪﺓ‬ ٢٠٠١ ‫ﺷﺮﻛﺔ‬ ‫ﻭﺃﺯﻣﺔ‬ ‫ﻡ،‬ (Worldcom) ‫ﺑﺄﺳ‬ ‫ﻭﺍﻟﺮﻗﺎﺑﺔ‬ ‫ﺍﻟﺘﻮﺟﻴﻪ‬ ‫ﺿﻤﺎﻥ‬ ‫ﺇﻟﻲ‬ ‫ﻳﺆﺩﻱ‬ ‫ﺑﻤﺎ‬ ‫ﻭﺍﻟﻤﺎﻟﻴﺔ‬ ‫ﺍﻟﻤﺤﺎﺳﺒﻴﺔ‬ ‫ﻭﺍﻟﻤﻌﺎﻳﻴﺮ‬ ‫ﻳﺘﻔﻖ‬ ‫ﻠﻮﺏ‬ -‫ﺃﺩﺍء‬ ‫ﻋﻦ‬ ‫ﺍﻟﻜﺎﻣﻞ‬ ‫ﺍﻹﻓﺼﺎﺡ‬ ‫ﺍﻟﺸﺮﻛﺔ‬ ‫ﺍﻟﺠﻮﻫ‬ ‫ﻭﺍﻟﻘﺮﺍﺭﺍﺕ‬ ‫ﺍﻟﻤﺎﻟﻲ‬ ‫ﻭﺍﻟﻮﺿﻊ‬ ‫ﺮﻳﺔ‬ ‫ﺍﻟﻤﺼﺎﺭﻑ‬ ‫ﻳ‬ ‫ﻭﺑﺎﻟﺘﺎﻟﻲ‬ ، ‫ﺍﻻ‬ ‫ﻋﻠﻰ‬ ‫ﺆﺛﺮ‬ ‫ﻟﻠ‬ ‫ﺍﻟﻤﺎﻟﻲ‬ ‫ﺳﺘﻘﺮﺍﺭ‬ ‫ﺣﺘﻤﺎ‬ ‫ﺛﻢ‬ ‫ﻭﻣﻦ‬ ‫ﺍﻟﻤﺼﺮﻓﻲ‬ ‫ﻘﻄﺎﻉ‬ ( ، ‫ﻛﻤﺎ‬ ‫ﺗﻌﺮﻑ‬ ‫ﺃﻳﻀﺎ‬ ‫ﻭﺍﻟﺮﻗﺎ‬ ‫ﺍﻟﻌﻤﻞ‬ ‫ﻗﻮﺍﻋﺪ‬ ‫ﻣﺠﻤﻮﻋﺔ‬ ‫ﺑﺄﻧﻬﺎ‬ ‫ﺍﻟﺘﻲ‬ ‫ﺑﺔ‬ ‫ﺗﺤﻜﻢ‬ ‫ﺍﻟﺸﺮﻛﺔ‬ ‫ﺍﻟﺰﻣ‬ ‫ﺇﻁﺎﺭﻫﺎ‬ ‫ﻓﻲ‬ ‫ﻭ‬ ‫ﻨﻲ‬ ‫ﺍﻟ‬ ‫ﻤﻜﺎﻧﻲ‬ ) ٨ ( . ‫ﻭﺇﺟﺮﺍءﺍﺕ‬ ‫ﻗﻮﺍﻋﺪ‬ ‫ﻣﺠﻤﻮﻋﺔ‬ ‫ﺃﻧﻬﺎ‬ ‫ﻋﻠﻰ‬ ‫ﺃﻳﻀﺎ‬ ‫ﺍﻟﺤﻮﻛﻤﺔ‬ ‫ﻭﺗﻌﺮﻑ‬ ‫ﻟﻀﻤﺎﻥ‬ ‫ﺗﻬﺪﻑ‬ ‫ﺍﻟﺴﻴﺮ‬ ‫ﻟﻠﻤﻨﺸﺄﺓ‬ ‫ﺍﻟﺤﺴﻦ‬ ‫ﻭﺗﻮﺟﻴﻪ‬ ‫ﺍﻟﻤﺪﻳﺮﻳﻦ‬ ‫ﻟﻴﻜﻮﻧﻮﺍ‬ ‫ﻭ‬ ‫ﺃﻛﻔﺎء‬ ‫ﺍﻟﻘﻮﺍﻋﺪ‬ ‫ﺑﻜﻞ‬ ‫ﺩﺭﺍﻳﺔ‬ ‫ﻋﻠﻰ‬ ‫ﻭﺍﻟﻮ‬ ‫ﺍﻟﻘﺎﻧﻮﻧﻴﺔ‬ ‫ﻅﻴﻔﻴﺔ‬ ) ٩ ( . ‫ﻳﻘﻮﻝ‬ ) Charkham ( ‫ﺑﻴﻦ‬ ‫ﺗﻮﺍﺯﻥ‬ ‫ﺇﻳﺠﺎﺩ‬ ‫ﻫﻮ‬ ‫ﻟﻠﺤﻮﻛﻤﺔ‬ ‫ﺍﻟﺠﻮﻫﺮﻱ‬ ‫ﺍﻟﻤﺸﻜﻞ‬ ‫ﺃﻥ‬ ‫ﻭﺍﻟﻤﺴﺆﻭﻟﻴﺔ،‬ ‫ﺍﻟﺴﻠﻄﺔ‬ ‫ﺃﻣﺎ‬ (Gomez, 1996) ‫ﺃﻥ‬ ‫ﻓﻴﻘﻮﻝ‬ ‫ﺍﻟﺤﻮﻛﻤﺔ‬ ‫ﻓﻲ‬ ‫ﺍﻟﺘﺤﻠﻴﻞ‬ ‫ﻫﺪﻑ‬ ‫ﻳﻘﻊ‬ ‫ﺑﻴﻦ‬ ‫ﺣﺪﻳﻦ‬ ‫؛‬ ‫ﺍﻷﻓﺮﺍﺩ‬ ‫ﺑﺤﺮﻳﺔ‬ ‫ﺧﺎﺹ‬ ‫ﺍﻷﻭﻝ‬ ‫ﺍﻟﺤﺪ‬ ، ‫ﻟﻘﻮﺍﻋﺪ‬ ‫ﺑﺎﻟﺨﻀﻮﻉ‬ ‫ﺧﺎﺹ‬ ‫ﺍﻟﺜﺎﻧﻲ‬ ‫ﻭﺍﻟﺤﺪ‬ ‫ﻟـ‬ ‫ﺑﺎﻟﻨﺴﺒﺔ‬ ‫ﺃﻣﺎ‬ ‫ﺍﻟﺠﻤﺎﻋﻲ،‬ ‫ﺍﻹﻧﺘﺎﺝ‬ ‫ــ‬ (Charlety, 1994) ‫ﺃ‬ ‫ﻓﻴﺮﻯ‬ ‫ﺗﺘﻤﺮﻛﺰ‬ ‫ﺍﻟﺤﻮﻛﻤﺔ‬ ‫ﻥ‬ ‫ﻟﺤﻞ‬ ‫ﺗﻬﺪﻑ‬ ‫ﺇﺟﺮﺍءﺍﺕ‬ ‫ﻣﺠﻤﻮﻋﺔ‬ ‫ﺃﻧﻬﺎ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻟﺤﻮﻛﻤﺔ‬ ‫ﻳﻤﺜﻞ‬ ‫ﺑﺤﻴﺚ‬ ‫ﺍﻟﻮﻛﺎﻟﺔ‬ ‫ﻧﻈﺮﻳﺔ‬ ‫ﻋﻠﻰ‬ ‫ﺑﺈﻋﻄﺎء‬ ‫ﺳﻮﺍء‬ ‫ﺍﻟﻮﻛﺎﻟﺔ،‬ ‫ﻣﺸﻜﻠﺔ‬ ‫ﺍﻟﻤﺪﻳﺮﻳﻦ‬ ‫ﻣﺼﺎﻟﺢ‬ ‫ﻭﻓﻖ‬ ‫ﺍﻟﺘﺴﻴﻴﺮ‬ ‫ﻟﻴﻜﻮﻥ‬ ‫ﺗﺤﻔﻴﺰﺍﺕ‬ ‫ﻓﻲ‬ ‫ﻣﻤﺜﻠﻴﻬﻢ‬ ‫ﻁﺮﻳﻖ‬ ‫)ﻋﻦ‬ ‫ﻟﺘﻤﻜﻴﻨﻬﻢ‬ ‫ﻟﻠﻤﺴﺎﻫﻤﻴﻦ‬ ‫ﺍﻟﻤﻼﺋﻤﺔ‬ ‫ﺍﻟﻤﻌﻠﻮﻣﺎﺕ‬ ‫ﺑﺘﻮﻓﻴﺮ‬ ‫ﺃﻭ‬ ‫ﻣﻮﻛﻠﻬﺎ،‬ ‫ﺗﺴﻴﻴﺮ‬ ‫ﻧﻤﻂ‬ ‫ﻭﻣﺘﺎﺑﻌﺔ‬ ‫ﻭﺗﻮﺟﻴﻪ‬ ‫ﻣﺮﺍﻗﺒﺔ‬ ‫ﻣﻦ‬ ‫ﺍﻹﺩﺍﺭﺓ(‬ ‫ﻣﺠﻠﺲ‬ ‫ﺍﻟﺸﺮﻛﺔ‬ ) ١٠ ( . ‫ﻋﺎﻣﺔ‬ ‫ﻭﺑﺼﻔﺔ‬ ‫ﺃﻥ‬ ‫ﺍﻟﻘﻮﻝ‬ ‫ﻳﻤﻜﻦ‬ ‫ﺣ‬ ‫ﻮﻛﻤﺔ‬ ‫ﺍﻟﺸﺮﻛﺎﺕ‬ ‫ﻭﺍﻹﺟﺮﺍءﺍﺕ‬ ‫ﺍﻷﺩﻭﺍﺕ‬ ‫ﻫﻲ‬ ‫ﻟ‬ ‫ﺍﻟﻤﻨﻈﻤﺔ‬ ‫ﺍﻟﺘ‬ ‫ﺍﻟﻌﻼﻗﺎﺕ‬ ‫ﺸﺒﻜﺔ‬ ‫ﻭﻣﺴﻴﺮﻳﻦ‬ ‫ﻣﺴﺎﻫﻤﻴﻦ‬ ‫ﻣﻦ‬ ‫ﺍﻷﻁﺮﺍﻑ‬ ‫ﻣﺨﺘﻠﻒ‬ ‫ﺗﺮﺑﻂ‬ ‫ﻲ‬ ‫ﻭﻣﺠ‬ ‫ﻭﻣﻮﺭﺩﻳﻦ..‬ ‫ﻭﻋﻤﻼء‬ ‫ﺍﻹﺩﺍﺭﺓ‬ ‫ﻠﺲ‬ ، ‫ﻭﺗﺘﻀﻤﻦ‬ ‫ﺣﻮ‬ ‫ﺃﺳﺌﻠﺔ‬ ‫ﺿﻤﻨﻲ‬ ‫ﺃﻭ‬ ‫ﺻﺮﻳﺢ‬ ‫ﺑﺸﻜﻞ‬ ‫ﻝ‬ ‫ﻭﺍﻟﺮﻗﺎﺑﺔ‬ ‫ﺍﻟﺴﻠﻄﺔ‬ ‫ﻭﺍﻟﻤ‬ ‫ﺗﺤﺪﻳﺪ‬ ‫ﺇﻁﺎﺭ‬ ‫ﻓﻲ‬ ‫ﺴﺆﻭﻟﻴﺔ،‬ ‫ﺍ‬ ‫ﺍﻟﻌﺎﻡ‬ ‫ﺍﻟﺘﻮﺟﻪ‬ ‫ﺳﺘﺮﺍﺗﻴﺠﻴﺔ‬ ‫ﻷﺩﺍء‬ ‫ﺍﻟﺸﺮﻛﺔ‬ . ٣ -‫ﺃﺳﺒﺎﺏ‬ ‫ﺗﺰﺍﻳﺪ‬ ‫ﺍﻻﻫﺘﻤﺎﻡ‬ ‫ﺑ‬ ‫ﺣﻮﻛﻤﺔ‬ ‫ﻤﻔﻬﻮﻡ‬ ‫ﺍﻟﺸﺮﻛﺎﺕ‬ ‫ﺍﻷﺧﻴﺮﺓ‬ ‫ﺍﻵﻭﻧﺔ‬ ‫ﻓﻲ‬ ‫ﺑﺎﻟﺮﻏﻢ‬ ‫ﻣﻦ‬ ‫ﺃﻥ‬ ‫ﻅﻬﻮﺭ‬ ‫ﺣﻮﻛﻤﺔ‬ ‫ﻣﻔﻬﻮﻡ‬ ‫ﺍﻟﺸﺮﻛﺎﺕ‬ ‫ﺍﻟﺜﻼﺛﻴﻨ‬ ‫ﺇﻟﻰ‬ ‫ﻳﻌﻮﺩ‬ ‫ﻴ‬ ‫ﻣﻦ‬ ‫ﺎﺕ‬ ‫ﺇﻻ‬ ‫ﺍﻟﻤﺎﺿﻲ‬ ‫ﺍﻟﻘﺮﻥ‬ ‫ﺃﻥ‬ ‫ﺍﻻﻫﺘﻤﺎﻡ‬ ‫ﺍﻟﺜﻤﺎﻧﻴﻨ‬ ‫ﻣﻨﺘﺼﻒ‬ ‫ﺇﻟﻰ‬ ‫ﻳﺮﺟﻊ‬ ‫ﺑﻬﺎ‬ ‫ﺍﻟﻤﻠﺤﻮﻅ‬ ‫ﻴ‬ ‫ﺎﺕ‬ ) ١١ ( ، ‫ﺣﻴﺚ‬ ‫ﺍﻟﻤﺒﺎﺩﺉ،‬ ‫ﻣﻦ‬ ‫ﻣﺠﻤﻮﻋﺔ‬ ‫ﺇﺻﺪﺍﺭ‬ ‫ﻋﻠﻰ‬ ‫ﻭﺍﻟﺘﻨﻤﻴﺔ‬ ‫ﺍﻻﻗﺘﺼﺎﺩﻱ‬ ‫ﺍﻟﺘﻌﺎﻭﻥ‬ ‫ﻣﻨﻈﻤﺔ‬ ‫ﻋﻤﻠﺖ‬ ‫ﻛﻤﺎ‬ ‫ﻋﻠﻰ‬ ‫ﺗﺤﺚ‬ ‫ﻭﺍﻟﻤﺤﻠﻴﺔ‬ ‫ﺍﻟﺪﻭﻟﻴﺔ‬ ‫ﺍﻟﺮﺳﻤﻴﺔ‬ ‫ﻭﺍﻟﺘﻘﺎﺭﻳﺮ‬ ‫ﺍﻟﻘﺮﺍﺭﺍﺕ‬ ‫ﻣﻦ‬ ‫ﺍﻟﻌﺪﻳﺪ‬ ‫ﺻﺪﺭﺕ‬ (Sarbanes-Oxley ‫ﻋﺎﻡ‬ ‫ﻓﻲ‬ ٢٠٠٢ ‫ﻣﻦ‬ ‫ﻭﺍﻟﺬﻱ‬ ‫ﺍﻷﻣﺮﻳﻜﻴﺔ‬ ‫ﺍﻟﻤﺘﺤﺪﺓ‬ ‫ﺍﻟﻮﻻﻳﺎﺕ‬ ‫ﻓﻲ‬ ‫ﻡ‬ ‫ﻣﻼﻣﺤﻪ‬ ‫ﺃﺑﺮﺯ‬ ‫ﺃ‬ ‫ﺍﻟﻤﺴ‬ ‫ﻡ‬ ‫ﻳﺠﺮّ‬ ‫ﻧﻪ‬ ‫ﺆ‬ ‫ﺃﺟﻞ‬ ‫ﻣﻦ‬ ‫ﻣﻨﺎﺻﺒﻬﻢ‬ ‫ﻳﺴﺘﻐﻠﻮﻥ‬ ‫ﺍﻟﺬﻳﻦ‬ ‫ﻭﻟﻴﻦ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻟﺜﺮﺍء‬ ‫ﺣ‬ ‫ﺍﻷﻁﺮﺍﻑ‬ ‫ﺴﺎﺏ‬ ‫ﺍﻷﺧﺮﻯ‬ ‫ﺃ‬ ‫ﻛﻤﺎ‬ ، ‫ﺍﻟﻤﺴ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻟﺘﺄﻛﻴﺪ‬ ‫ﺑﻨﻮﺩﻩ‬ ‫ﺃﻫﻢ‬ ‫ﻣﻦ‬ ‫ﻥ‬ ‫ﺆ‬ ‫ﻓﻲ‬ ‫ﺍﻟﻜﺒﺎﺭ‬ ‫ﻭﻟﻴﻦ‬ ‫ﺍﻟﺸﺮﻛﺔ‬ ‫ﻋ‬ ‫ﺷﺮﻓﻲ‬ ‫ﺗﺄﻛﻴﺪ‬ ‫ﻟﺘﻘﺪﻳﻢ‬ ‫ﺍﻟﻤﺎﻟﻴﺔ‬ ‫ﺍﻟﻘﻮﺍﺋﻢ‬ ‫ﻭﺳﻼﻣﺔ‬ ‫ﺻﺤﺔ‬ ‫ﻠﻰ‬ ، ‫ﻭﺃ‬ ‫ﺍﻟﻮﺿﻊ‬ ‫ﺗﻌﻜﺲ‬ ‫ﻧﻬﺎ‬ ‫ﺣﺴﺎﺑﺎﺕ‬ ‫ﻣﺮﺍﺟﻌﻲ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻟﺘﺄﻛﻴﺪ‬ ‫ﺗﻀﻤﻦ‬ ‫ﻛﻤﺎ‬ ‫ﻟﻠﺸﺮﻛﺔ‬ ‫ﺍﻟﺤﻘﻴﻘﻲ‬ ‫ﺍﻟﺸﺮﻛﺔ‬ ‫ﻣﻤﺎﺭﺳﺔ‬ ‫ﺍﻟﻔﺤ‬ ‫ﻁﺮﻳﻖ‬ ‫ﻋﻦ‬ ‫ﻣﺴﺆﻭﻟﻴﺎﺗﻬﻢ‬ ‫ﻟ‬ ‫ﺍﻟﻤﺴﺘﻘﻞ‬ ‫ﺺ‬ ‫ﻟﻠﻤﻨﺸﺄﺓ‬ ‫ﺍﻟﻤﺎﻟﻴﺔ‬ ‫ﻠﻘﻮﺍﺋﻢ‬ ‫ﻋﻠﻰ‬ ‫ﻭﺍﻟﺸﻬﺎﺩﺓ‬ ‫ﻭﺍﻋﺘﻤﺎﺩﻫﺎ‬ ‫ﺻﺤﺘﻬﺎ‬ ، ‫ﻭ‬ ‫ﻛ‬ ‫ﺍﻟﻤﺎﻟﻲ‬ ‫ﺍﻷﻣﻦ‬ ‫ﻗﺎﻧﻮﻥ‬ ‫ﺻﺪﻭﺭ‬ ‫ﺬﻟﻚ‬ ‫ﻓﺮﻧﺴﺎ‬ ‫ﻓﻲ‬ ‫ﺷﺮﻭﻁ‬ ‫ﻳﺤﺪﺩ‬ ‫ﺍﻟﺬﻱ‬ ‫ﻣﻤﺎﺭ‬ ‫ﻭﺍﻟﺘﺼﻨﻴﻒ‬ ‫ﺍﻟﺤﺴﺎﺑﺎﺕ‬ ‫ﻣﺮﺍﺟﻌﺔ‬ ‫ﻣﻬﻨﺔ‬ ‫ﺳﺔ‬ ‫ﻟﻠﻤﻨﺸﺂﺕ‬ ‫ﺍﻟﺒﻮﺭﺻﺔ،‬ ‫ﻓﻲ‬ ‫ﺍﻟﻤﺪﺭﺟﺔ‬ ‫ﻛﻤﺎ‬ ‫ﺍﻟﻤﺤﺎﺳﺒﺔ‬ ‫ﻟﺘﻨﻈﻴﻢ‬ ‫ﺍﻟﺪﻭﻟﻴﺔ‬ ‫ﺍﻟﻬﻴﺌﺎﺕ‬ ‫ﻓﺮﺿﺖ‬ ) comittee ) ١٢ ( IAS/IFRS ( ‫ﺗﻄﺒﻴﻖ‬ ‫ﺍﻟﺪﻭﻟﻴﺔ‬ ‫ﺍﻟﻤﺤﺎﺳﺒﻴﺔ‬ ‫ﺍﻟﻤﻌﺎﻳﻴﺮ‬ ) ١٣ ( ‫ﻋﻠﻰ‬ ‫ﺍﻟﺸﺮﻛﺎﺕ‬ ‫ﻛﻤﺎ‬ ‫ﺍﻟﺒﻮﺭﺻﺔ،‬ ‫ﻓﻲ‬ ‫ﺍﻟﻤﺪﺭﺟﺔ‬ ‫ﺃﻗﺪﻣﺖ‬ ‫ﺑﺎﺯﻝ‬ ‫ﻟﺠﻨﺔ‬ ‫ﺍﻟﻤﺼﺮﻓﻴﺔ‬ ‫ﻟﻠﺮﻗﺎﺑﺔ‬ ‫ﻗﻮﺍﻋﺪ‬ ‫ﻭﺿﻊ‬ ‫ﻋﻠﻰ‬ ‫ﺍﺣﺘﺮﺍﺯﻳﺔ‬ ‫ﺍ‬ ‫ﺧﻼﻝ‬ ‫ﻣﻦ‬ ‫ﺗﻔﺎﻗﻴﺔ‬ ‫ﺑﺎﺯﻝ‬ ١ ‫ﺳﻤﻴ‬ ‫ﻣﺎ‬ ‫ﺃﻭ‬ ‫ﺖ‬ ‫ﻛﻮﻙ‬ ‫ﺑﻨﺴﺐ‬ ‫ﺍ‬ ‫ﺛﻢ‬ ‫ﺑﺎﺯﻝ‬ ‫ﺗﻔﺎﻗﻴﺔ‬ ٢ ‫ﺳﻤﻴ‬ ‫ﻣﺎ‬ ‫ﺃﻭ‬ ‫ﺖ‬ ‫ﺑ‬ ‫ﻣﺎﻛﺪﻭﻧﺎ‬ ‫ﻨﺴﺐ‬ ، ‫ﺗﻄﺒﻴﻘﻬﺎ‬ ‫ﺑﺪﺃ‬ ‫ﺍﺑﺘﺪﺍء‬ ‫ﻣﻦ‬ ٥ ٢٠٠ ‫ﻡ‬ ‫ﺍﻟﻤﺼﺮﻓﻴﺔ‬ ‫ﺍﻟﺴﻼﻣﺔ‬ ‫ﻭﺗﻘﻮﻳﺔ‬ ‫ﺍﻟﺨﺎﺻﺔ‬ ‫ﺍﻷﻣﻮﺍﻝ‬ ‫ﺣﻤﺎﻳﺔ‬ ‫ﺑﻬﺪﻑ‬ ) ١٤ ( . ‫ﺍﻻ‬ ‫ﺗﺰﺍﻳﺪ‬ ‫ﺃﺳﺒﺎﺏ‬ ‫ﺗﻠﺨﻴﺺ‬ ‫ﻭﻳﻤﻜﻦ‬ ‫ﻫﺘﻤﺎﻡ‬ ‫ﺑﺤﻮﻛﻤﺔ‬ ‫ﺍﻟﺸﺮﻛﺎﺕ‬ ‫ﺍﻟﺘ‬ ‫ﺍﻟﻨﻘﺎﻁ‬ ‫ﻓﻲ‬ ‫ﺎﻟﻴﺔ:‬ -‫ﺍﻟﻌﻮﻟﻤﺔ‬ ‫ﺇﻓﺮﺍﺯﺍﺕ‬ ‫ﺃﺳﻬﻢ‬ ‫ﺣﺎﻣﻠﻲ‬ ‫ﺑﺘﻌﺪﺩ‬ ‫ﻭﺫﻟﻚ‬ ‫ﺍﻟﻤﺎﻟﻴﺔ‬ ‫ﺍﻟﺸﺮﻛﺎﺕ‬ ‫ﺍﻟﻤﺪﺭﺟ‬ ‫ﻓﻲ‬ ‫ﺔ‬ ‫ﺍﻟﺒﻮﺭﺻﺔ‬ ‫ﺍﻟﻌﺎﻟﻢ‬ ‫ﻋﺒﺮ‬ ‫ﺍﻟﻤﻨﺘﺸﺮﻳﻦ‬ ‫ﻋﻤﻠﻴﺎﺕ‬ ‫ﻣﺮﺍﻗﺒﺔ‬ ‫ﺻﻌﻮﺑﺔ‬ ‫ﻭﺑﺎﻟﺘﺎﻟﻲ‬ ‫ﺍﻟﺸﺮﻛﺎﺕ‬ ‫ﻣ‬ ‫ﻦ‬ ‫ﺍﻟﻤﺴﺎﻫﻤﻴﻦ‬ ‫ﻁﺮﻑ‬ . -‫ﻋﻠﻰ‬ ‫ﺍﻟﺘﻨﻔﻴﺬﻳﻴﻦ‬ ‫ﺍﻟﻤﺪﻳﺮﻳﻦ‬ ‫ﺳﻴﻄﺮﺓ‬ ‫ﺍﻟﺸﺮﻛﺔ‬ ‫ﺍﻟ‬ ‫ﻟﻤﺼﺎﻟﺤﻬﻢ‬ ‫ﻭﺍﺳﺘﻐﻼﻟﻬﺎ‬ ‫ﺸﺨﺼﻴﺔ‬ ‫ﻣﻌﻬﻢ؛‬ ‫ﺑﺎﻟﺘﻮﺍﻁﺆ‬ ‫ﺃﻭ‬ ‫ﺍﻹﺩﺍﺭﺓ‬ ‫ﻣﺠﺎﻟﺲ‬ ‫ﻟﻀﻌﻒ‬ ‫ﺇﻣﺎ‬ ‫ﻭﺫﻟﻚ‬ ‫ﺍﻷﻭﻟﻰ،‬ ‫ﺑﺎﻟﺪﺭﺟﺔ‬ -‫ﻭﺍﻹﺩﺍﺭﻱ‬ ‫ﺍﻟﻤﺎﻟﻲ‬ ‫ﺍﻟﻔﺴﺎﺩ‬ ‫ﻅﺎﻫﺮﺓ‬ ‫ﺗﻔﺸﻲ‬ ‫ﻣﻦ‬ ‫ﺍﻟﻌﺪﻳﺪ‬ ‫ﻓﻲ‬ ‫ﺍﻟﺸﺮﻛﺎﺕ‬ ‫ﺍﻟﻮﻁﻨﻴﺔ‬ ‫ﻭﺍﻟﺪﻭ‬ ‫ﻟﻴﺔ‬ ‫؛‬ -‫ﺍ‬ ‫ﻣﻦ‬ ‫ﺍﻟﻌﺪﻳﺪ‬ ‫ﻧﻬﻴﺎﺭ‬ ‫ﺍﻟﺸﺮﻛﺎﺕ‬ ‫ﺍﻻ‬ ‫ﺑﻨﻚ‬ ‫ﺇﻓﻼﺱ‬ ‫ﻣﺜﻞ‬ ‫ﻋﺎﻡ‬ ‫ﺍﻟﺪﻭﻟﻲ‬ ‫ﺍﻟﺘﺠﺎﺭﻱ‬ ‫ﻋﺘﻤﺎﺩ‬ ١٩٩١ ‫ﻡ‬ ‫ﺑﻠﻐﺖ‬ ‫ﺧﺴﺎﺋﺮ‬ ‫ﺑﺤﺠﻢ‬ ، ٦٠ ‫ﻭﺍ‬ ‫ﺃﻣﺮﻳﻜﻲ،‬ ‫ﺩﻭﻻﺭ‬ ‫ﻣﻠﻴﺎﺭ‬ ‫ﻭﺇﻓﻼﺱ‬ ‫ﻧﻬﻴﺎﺭ‬ ‫ﺷﺮﻛﺔ‬ ‫ﺍﻻﺩﺧﺎﺭ‬ ‫ﺍﻷﻣﺮﻳﻜﻴﺔ‬ ‫ﻭﺍﻹﻗﺮﺍﺽ‬ ‫ﻋﺎﻡ‬ ١٩٩٤ ‫ﻡ‬ ‫ﺑﻤﺒﻠﻎ‬ ‫ﻗﺪﺭﺕ‬ ‫ﺑﺨﺴﺎﺭﺓ‬ ، ١٧٩ ‫ﻣﻠﻴﺎﺭ‬ ‫ﻭﺃﺯﻣﺔ‬ ‫ﺩﻭﻻﺭ،‬ ‫ﺟﻨﻮﺏ‬ ‫ﺩﻭﻝ‬ ‫ﺷﺮﻕ‬ ‫ﺁ‬ ‫ﺳﻴﺎ‬ ‫ﻋﺎﻡ‬ ١٩٩٧ ‫ﻡ‬ ، ‫ﻭﻛﺬﻟﻚ‬ ‫ﺷﺮﻛﺔ‬ ‫ﺃﺯﻣﺔ‬ (Enron) (12) -IAS: International Accounting Standard -IFRS: International Financial Reporting Standard ) ١٣ ( ‫ﺎﻫﻤﻴﻦ‬ ‫ﺍﻟﻤﺴ‬ ‫ﻮﻕ‬ ‫ﺣﻘ‬ ‫ﻦ‬ ‫ﻋ‬ ‫ﺪﻓﺎﻉ‬ ‫ﺍﻟ‬ ‫ﻰ‬ ‫ﺇﻟ‬ ‫ﺪﻑ‬ ‫ﺗﻬ‬ ‫ﺒﻴﺔ‬ ‫ﻣﺤﺎﺳ‬ ‫ﻣﻌﺎﻳﻴﺮ‬ ، ‫ﻭ‬ ‫ﻫ‬ ‫ﻲ‬ ً ‫ﺃﺳﺎﺳ‬ ‫ﺰ‬ ‫ﺗﺮﺗﻜ‬ ‫ﺗﻘﻴ‬ ‫ﻲ‬ ‫ﻓ‬ ‫ﺎ‬ ‫ﻴﻢ‬ ‫ﻣﺎ‬ ‫ﺃﻭ‬ ‫ﺍﻟﺤﻘﻴﻘﻴﺔ‬ ‫ﺍﻟﻘﻴﻤﺔ‬ ‫ﺃﺳﺎﺱ‬ ‫ﻋﻠﻰ‬ ‫ﻭﺍﻟﺨﺼﻮﻡ‬ ‫ﺍﻷﺻﻮﻝ‬ ‫ﻳ‬ ‫ﺍﻟﻌﺎﺩﻟﺔ‬ ‫ﺑﺎﻟﻘﻴﻤﺔ‬ ‫ﺴﻤﻰ‬ (fair value) (14) Zied, C. and Pluchart, J.J. (2006) la gouvernance de la banque islamique, proposition de communication, p. 3. (16) Charreaux, G. (2002) à la recherche de nouvelles fondations pour la finance et la gouvernance d'entreprise, Finance Contrôle Stratégie, 5(3), p. 26. (17) Bancel, F. (1997) la gouvernance des entreprises, Economica, Paris, p.35. ) ١٨ ( ‫ﺍﻟﻔﻀﻞ‬ ، ‫ﻋﻠﻲ‬ ‫ﻣﺆﻳﺪ‬ ) ٢٠٠٧ ‫ﻡ‬ ( ‫ﺍﻟﺤﺎﻛﻤﻴﺔ‬ ‫ﺑﻴﻦ‬ ‫ﺍﻟﻌﻼﻗﺔ‬ ‫ﺔ‬ ‫ﺩﺭﺍﺳ‬ ‫ﺍﻟﺸﺮﻛﺔ،‬ ‫ﻭﻗﻴﻤﺔ‬ ‫ﺍﻟﻤﺆﺳﺴﻴﺔ‬ ‫ﺔ‬ ‫ﺣﺎﻟ‬ ‫ﺍﻷﺭﺩﻥ،‬ ‫ﺎﻕ‬ ‫ﺁﻓ‬ ‫ﻣﺠﻠﺔ‬ ‫ﺎﺩﻳﺔ‬ ‫ﺍﻗﺘﺼ‬ ‫ﺪﺩ‬ ‫ﺍﻟﻌ‬ ، ١١٢ ‫ﺪ‬ ‫ﺍﻟﻤﺠﻠ‬ ، ٢٨ ، ‫ﺎﺩ‬ ‫ﺍﺗﺤ‬ ‫ﻨﺎ‬ ‫ﻭﺍﻟﺼ‬ ‫ﺎﺭﺓ‬ ‫ﺍﻟﺘﺠ‬ ‫ﺮﻑ‬ ‫ﻏ‬ ‫ﻋﺔ‬ ‫ﺹ‬ ‫ﺍﻟﻤﺘﺤﺪﺓ،‬ ‫ﺍﻟﻌﺮﺑﻴﺔ‬ ‫ﺍﻹﻣﺎﺭﺍﺕ‬ ‫ﺩﻭﻟﺔ‬ ‫ﻓﻲ‬ ٢٥ . (20) Ibid, p. 131. ) ٢١ ( ‫ﺍﻟﻤﺼﺮﻱ‬ ‫ﺍﻟﻤﺼﺮﻓﻲ‬ ‫ﺍﻟﻤﻌﻬﺪ‬ ) ‫ﺩ‬ ‫.ﺕ‬ . ( ‫ﺣﻮﻛﻤﺔ‬ ‫ﻧﻈﺎﻡ‬ ‫ﻣﺎﻟﻴﺔ،‬ ‫ﻣﻔﺎﻫﻴﻢ‬ ‫ﺍﻟﻤﺼﺎﺭﻑ‬ ‫ﺍﻟﻌﺪﺩ‬ ، ‫ﺍ‬ ‫ﻟﺴﺎﺩﺱ‬ ‫ﺹ:‬ ٢ . ‫ﺍﻟﻤﻮﻗﻊ‬ ‫ﻋﻠﻰ‬ ‫)ﻣﺘﻮﻓﺮﺓ‬ ‫ﺍﻟﺘﺎﻟﻲ‬ : www.ebi.gov.eg ( . ، . ‫ﻋﺎﻡ‬ ‫ﻟﻼﺗﺼﺎﻻﺕ‬ ‫ﺍﻷﻣﺮﻳﻜﻴﺔ‬ ٢٠٠٢ ‫ﻡ‬ . ٤ -‫ﻣﺒﺎﺩﺉ‬ ‫ﺣ‬ ‫ﻮﻛﻤﺔ‬ ‫ﺍﻟﺸﺮﻛﺎﺕ‬ ‫ﻧﺘﺎﺝ‬ ‫ﺍﻟﺤﻮﻛﻤﺔ‬ ‫ﻧﻈﺮﻳﺔ‬ ‫ﻅﻬﺮﺕ‬ ‫ﺗﻄﻮﻳﺮ‬ ‫ﻣﺜﻞ‬ ‫ﺍﻟﺤﺪﻳﺜﺔ‬ ‫ﺍﻹﺩﺍﺭﺓ‬ ‫ﻧﻈﺮﻳﺎﺕ‬ ‫ﻣﻦ‬ ‫ﺍﻟﻌﺪﻳﺪ‬ ‫ﻭﻧﻈﺮﻳﺔ‬ ‫ﺍﻟﻤﻠﻜﻴﺔ‬ ‫ﺣﻘﻮﻕ‬ ‫ﻧﻈﺮﻳﺔ‬ ‫ﺍﻟﺘﻜﺎﻟﻴﻒ‬ ‫ﻭﺍﻟﻤﻌﺎﻣﻼﺕ‬ ‫ﺍﻹﺷﺎﺭﺓ‬ ‫ﻭﻧﻈﺮﻳﺔ‬ ) ١٥ ( ‫ﻭﻋﻠﻰ‬ ‫ﺍﻟﻮﻛﺎﻟﺔ‬ ‫ﻧﻈﺮﻳﺔ‬ ‫ﺍﻟﺨﺼﻮﺹ‬ ‫ﻭﺟﻪ‬ ‫ﺍﻟﻨﻈﺮﻳﺔ‬ ‫ﻫﺬﻩ‬ ‫ﺗﺮﺗﻜﺰ‬ ‫ﻛﻤﺎ‬ ، ‫ﻓﺮﺿﻴﺔ‬ ‫ﻋﻠﻰ‬ ‫ﺃﺳﺎﺳﺎ‬ ‫ﺍﻟﻤﺴﺎﻫﻤﻴﻦ‬ ‫ﺑﻴﻦ‬ ‫ﺍﻟﻤﺼﺎﻟﺢ‬ ‫ﺗﻌﺎﺭﺽ‬ ‫ﻭﺍﻹﺩﺍﺭﺓ‬ ‫ﺍﻟﻤﺼﺎﻟﺢ،‬ ‫ﺫﺍﺕ‬ ‫ﺍﻷﺧﺮﻯ‬ ‫ﻭﺍﻷﻁﺮﺍﻑ‬ ‫ﺗﻮﺍﺟﻪ‬ ‫ﺍﻟﺘﻲ‬ ‫ﺍﻟﻤﺨﺎﻁﺮ‬ ‫ﻭﺗﺨﻔﻴﻒ‬ ‫ﻣﺮﺩﻭﺩﻳﺘﻪ‬ ‫ﺗﻌﻈﻴﻢ‬ ‫ﺇﻟﻰ‬ ‫ﻣﻨﻬﻢ‬ ‫ﻁﺮﻑ‬ ‫ﻛﻞ‬ ‫ﻳﺴﻌﻰ‬ ‫ﺣﻴﺚ‬ ‫ﻣﺼﺎﻟﺢ‬ ‫ﺍﻟﺸﺮﻛﺔ‬ ‫ﻣﺒﺎﺷ‬ ‫ﻏﻴﺮ‬ ‫ﺑﺸﻜﻞ‬ ‫ﺍﻟﺸﺨﺼﻴﺔ‬ ‫ﻭﻣﺼﺎﻟﺤﻬﻢ‬ ‫ﻣﺒﺎﺷﺮ‬ ‫ﺑﺸﻜﻞ‬ ‫ﺮ‬ ) ١٦ ( ‫ﻭﺑﺎﻟﺘﺎﻟﻲ‬ ، ‫ﺗﻘﺘﺮﺡ‬ ‫ﻭﺍﻟﺘﻨﻤﻴﺔ‬ ‫ﺍﻻﻗﺘﺼﺎﺩﻱ‬ ‫ﺍﻟﺘﻌﺎﻭﻥ‬ ‫ﻣﻨﻈﻤﺔ‬ ) OECD ( ‫ﻣﻦ‬ ‫ﺧﻼﻝ‬ ‫ﺍﻟﺤﻮﻛﻤﺔ‬ ‫ﻧﻈﺮﻳﺔ‬ ‫ﻓﻲ‬ ‫ﺑﺘﺎﺭﻳﺦ‬ ‫ﺍﻟﺪﻭﻝ‬ ‫ﻟﺘﻠﻚ‬ ‫ﺍﻟﻮﺯﺍﺭﻱ‬ ‫ﺍﻻﺟﺘﻤﺎﻉ‬ ٢٦ -٢٧ ‫ﻋﺎﻡ‬ ‫ﻣﺎﻳﻮ‬ ١٩٩٩ ‫ﻡ‬ ‫ﻣﻦ‬ ‫ﻣﺠﻤﻮﻋﺔ‬ ‫ﺍﻟﻤﺒﺎﺩﺉ‬ ‫ﺫﺍﺕ‬ ‫ﺍﻷﻁﺮﺍﻑ‬ ‫ﻛﻞ‬ ‫ﺣﻘﻮﻕ‬ ‫ﺿﻤﺎﻥ‬ ‫ﺇﻟﻰ‬ ‫ﺗﻬﺪﻑ‬ ‫ﻭﺍﻹﺟﺮﺍءﺍﺕ‬ ‫ﻭﺍﻟﻘﻮﺍﻋﺪ‬ ‫ﺛﻢ‬ ‫ﻭﻣﻦ‬ ‫ﺍﻟﻤﺼﻠﺤﺔ‬ ‫ﻛﻔﺎءﺓ‬ ‫ﻣﻦ‬ ‫ﺍﻟﺮﻓﻊ‬ ‫ﺃﺩﺍء‬ ‫ﺍﻟﺸﺮﻛﺔ‬ ‫ﺍﻟﻨﻘﺎﻁ‬ ‫ﻓﻲ‬ ‫ﺗﻠﺨﻴﺼﻬﺎ‬ ‫ﻭﻳﻤﻜﻦ‬ ، ‫ﺍﻟﺘﺎﻟﻴﺔ‬ ) ١٧ ( : -‫ﻭﺍ‬ ‫ﺍﻟﻤﻠﻜﻴﺔ‬ ‫ﻧﻘﻞ‬ ‫ﺃﺳﺎﻟﻴﺐ‬ ‫ﺗﺄﻣﻴﻦ‬ ‫ﺧﻼﻝ‬ ‫ﻣﻦ‬ ‫ﻟﻠﻤﺴﺎﻫﻤﻴﻦ‬ ‫ﺍﻟﺤﻤﺎﻳﺔ‬ ‫ﺗﻮﻓﻴﺮ‬ ‫ﻟﻤﺸﺎﺭ‬ ‫ﻛﺔ‬ ‫ﺑ‬ ‫ﺍﻷﺳﺎﺳﻴﺔ‬ ‫ﺍﻟﺘﻐﻴﻴﺮﺍﺕ‬ ‫ﻓﻲ‬ ‫ﺍﻟﻔﻌﺎﻟﺔ‬ ‫ﺎﻟﺸﺮﻛﺔ‬ ‫ﺍﻟﻤﺎ‬ ‫ﺍﻹﺟﺮﺍءﺍﺕ‬ ‫ﻋﻦ‬ ‫ﻭﺍﻹﻓﺼﺎﺡ‬ ، ‫ﻟﻴﺔ‬ ‫ﺑ‬ ‫ﺎﻟﺸﺮﻛﺔ‬ . -‫ﺣﻮﻛﻤﺔ‬ ‫ﺇﻁﺎﺭ‬ ‫ﻳﻀﻤﻦ‬ ‫ﺣﻴﺚ‬ ‫ﺍﻟﻤﺴﺎﻫﻤﻴﻦ‬ ‫ﻟﻜﺎﻓﺔ‬ ‫ﺍﻟﻤﺘﺴﺎﻭﻳﺔ‬ ‫ﺍﻟﻤﻌﺎﻣﻠﺔ‬ ‫ﺍﻟﺸﺮﻛ‬ ‫ﺎﺕ‬ ‫ﺑﻤﻦ‬ ‫ﺍﻟﻤﺴﺎﻫﻤﻴﻦ‬ ‫ﻛﺎﻓﺔ‬ ‫ﻣﻌﺎﻣﻠﺔ‬ ‫ﻓﻲ‬ ‫ﺍﻟﻤﺴﺎﻭﺍﺓ‬ ‫ﺗﺤﻘﻴﻖ‬ ‫ﻭﺍﻟﻤﺴﺎﻫﻤ‬ ‫ﺍﻷﻗﻠﻴﺔ‬ ‫ﻓﻴﻬﻢ‬ ‫ﺍﻷ‬ ‫ﻴﻦ‬ ‫ﺟﺎﻧﺐ‬ . -‫ﺑ‬ ‫ﺍﻹﺩﺍﺭﺓ‬ ‫ﺳﻠﻄﺎﺕ‬ ‫ﺗﻌﺘﻤﺪ‬ ‫ﺃﻥ‬ ‫ﻳﺠﺐ‬ ‫ﺎﻟﺸﺮﻛﺎﺕ‬ ‫ﻋﻠﻰ‬ ‫ﺍﺣﺘﺮﺍﻡ‬ ‫ﺗﺄﻛﻴﺪ‬ ‫ﺳﻴﺎﺳﺔ‬ ‫ﺣ‬ ‫ﻘﻮﻕ‬ ‫ﻋﻠﻴﻬﺎ‬ ‫ﻭﺍﻟﺤﻔﺎﻅ‬ ‫ﺍﻟﻤﺼﺎﻟﺢ‬ ‫ﺃﺻﺤﺎﺏ‬ ‫ﻭ‬ ‫ﺍﻟﻤﺼﺎﻟﺢ،‬ ‫ﺃﺻﺤﺎﺏ‬ ‫ﻟﻤﺸﺎﺭﻛﺔ‬ ‫ﺁﻟﻴﺎﺕ‬ ‫ﻭﻭﺟﻮﺩ‬ ، ‫ﺃﻥ‬ ‫ﺍﻷﻭ‬ ‫ﺗﻠﻚ‬ ‫ﺗﻜﻔﻞ‬ ‫ﺍﻷﺩﺍء‬ ‫ﻣﺴﺘﻮﻳﺎﺕ‬ ‫ﺗﺤﺴﻴﻦ‬ ‫ﻋﻨﺼﺮ‬ ‫ﻟﻮﻳﺎﺕ‬ ، ‫ﺍﻹﻓﺼﺎ‬ ‫ﺧﻼﻝ‬ ‫ﻣﻦ‬ ‫ﻭﺫﻟﻚ‬ ‫ﺡ‬ ‫ﺍﻟﻤﺎﻟﻴﺔ.‬ ‫ﺍﻟﻘﻮﺍﺋﻢ‬ ‫ﻋﻦ‬ ‫ﺍﻟﺴﻠﻴﻢ‬ -‫ﺣﻮﻛﻤﺔ‬ ‫ﺇﻁﺎﺭ‬ ‫ﻳﻀﻤﻦ‬ ‫ﺃﻥ‬ ‫ﻳﺠﺐ‬ ‫ﺍﻟﺸﺮﻛﺎﺕ‬ ‫ﻓﻲ‬ ‫ﻭﺍﻟﺸﻔﺎﻓﻴﺔ‬ ‫ﺍﻹﻓﺼﺎﺡ‬ ‫ﺗﺤﻘﻴﻖ‬ ‫ﺑ‬ ‫ﺍﻟﻤﺘﻌﻠﻘﺔ‬ ‫ﺍﻷﺳﺎﺳﻴﺔ‬ ‫ﺍﻷﻣﻮﺭ‬ ‫ﻛﺎﻓﺔ‬ ‫ﺎﻟﺸﺮﻛﺔ‬ ‫ﺍﻟﻤﺎﻟﻲ‬ ‫ﺍﻟﻮﺿﻊ‬ ‫ﻓﻴﻬﺎ‬ ‫ﺑﻤﺎ‬ ‫ﻭﺍﻟﻤﻠﻜﻴﺔ‬ ‫ﻭﺍﻷﺩﺍء‬ ‫ﻭﺇﺩﺍﺭﺓ‬ ‫ﺍﻟﺸﺮﻛﺔ‬ ‫ﻋﻨﻬﺎ‬ ‫ﺍﻹﻓﺼﺎﺡ‬ ‫ﻭﻛﺬﻟﻚ‬ ‫ﺍﻟﻤﻌﻠﻮﻣﺎﺕ‬ ‫ﻭﻣﺮﺍﺟﻌﺔ‬ ‫ﺇﻋﺪﺍﺩ‬ ‫ﻳﻨﺒﻐﻲ‬ ‫ﻛﻤﺎ‬ ، ) ١٥ ( ‫ﺗﻌﺘﺒﺮ‬ ‫ﻧﻈﺮﻳﺔ‬ ‫ﺍﻹﺷﺎﺭﺓ‬ ‫ﺃﺩﺍﺓ‬ ‫ﻣﻬﻤﺔ‬ ‫ﻟﻠﺮﻓﻊ‬ ‫ﻣﻦ‬ ‫ﻛﻔﺎءﺓ‬ ‫ﺍﻷﺳﻮﺍﻕ‬ ‫ﺍﻟﻤﺎﻟﻴﺔ،‬ ‫ﺣﻴﺚ‬ ‫ﺗﺴﺎﻫﻢ‬ ‫ﺑ‬ ‫ﺸﻜﻞ‬ ‫ﻣﺒﺎﺷﺮ‬ ‫ﻓﻲ‬ ‫ﺣﺪﺓ‬ ‫ﺗﺨﻔﻴﺾ‬ ‫ﻋﺪﻡ‬ ‫ﺗﻤﺎﺛﻞ‬ ‫ﺍﻟﻤﻌﻠﻮﻣﺎﺕ‬ ‫ﺑﻴﻦ‬ ‫ﺍﻟﻤﺪﻳﺮﻳﻦ‬ ‫ﻭﺍﻟﻤﺴﺘﺜﻤﺮﻳﻦ‬ ‫ﻣﻦ‬ ‫ﺧﻼﻝ‬ ‫ﺍﻟﻤﻌﻠﻮﻣﺎﺕ‬ ‫ﺃﻭ‬ ‫ﺗﺼﺤﻴﺢ‬ ‫ﺍﻟﺘﻔﺴﻴﺮﺍﺕ‬ ‫ﺑﻌﺾ‬ ‫ﺍﻟﺴﻠﺒﻴﺔ‬ ‫ﻟﺒﻌﺾ‬ ‫ﺍﻟﻤﻌﻠﻮﻣﺎﺕ‬ ‫ﺍﻟﻤﻮﺟﻮﺩﺓ‬ ‫ﻓﻲ‬ ‫ﺍﻟﻤﺎﻟﻲ‬ . (19) Nguena O.J. et al. (2001) Introduction au management de la valeur, Dunod, Paris, pp: 54-55. ‫ﺍﻟﺴﻮﻕ‬ ‫ﺗﻮﻓﻴﺮ‬ ‫ﺍﻟﻔﻌﺎﻟﺔ‬ ‫ﻋﻠﻰ‬ ‫ﺇﺩﺍﺭﺓ‬ ‫ﺍﻟﺸﺮﻛﺔ‬ . -‫ﺣﻮﻛﻤﺔ‬ ‫ﺇﻁﺎﺭ‬ ‫ﻳﻀﻤﻦ‬ ‫ﺃﻥ‬ ‫ﻳﺠﺐ‬ ‫ﺍﻟﺸﺮﻛﺎﺕ‬ ‫ﺍ‬ ‫ﺍﻟﻤﺨﺎﻁﺮ‬ ‫ﺗﺤﺪﻳﺪ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻟﻤﺴﺎﻫﻤﻴﻦ‬ ‫ﻳﺴﺎﻋﺪ‬ ‫ﺍﻟﻌﻠﻴﺎ‬ ‫ﺍﻹﺩﺍﺭﺓ‬ ‫ﻗﺒﻞ‬ ‫ﻣﻦ‬ ‫ﺍﻟﻤﺘﺨﺬﺓ‬ ‫ﻟﻤﺘﺮ‬ ‫ﻋﻠﻰ‬ ‫ﺗﺒﺔ‬ ‫ﻫﺬﻩ‬ ‫ﻓﻲ‬ ‫ﺍﻻﺳﺘﺜﻤﺎﺭ‬ ‫ﺍﻟﺸﺮﻛﺎﺕ‬ ‫ﺍﻻ‬ ‫ﻋﻠﻰ‬ ‫ﻋﻮﻟﻤﺔ‬ ‫ﻣﻦ‬ ‫ﺣﺪﺛﺖ‬ ‫ﺍﻟﺘﻲ‬ ‫ﺍﻟﻌﺎﻟﻤﻴﺔ‬ ‫ﺍﻟﺘﺤﻮﻻﺕ‬ ‫ﺇﺛﺮ‬ ‫ﻭﺧﺎﺻﺔ‬ ‫ﻛﻜﻞ،‬ ‫ﻗﺘﺼﺎﺩ‬ . ‫ﺗﻜﻨﻮﻟﻮﺟﻴﺔ‬ ‫ﻭﺗﻄﻮﺭﺍﺕ‬ ‫ﺍﻟﻤﺎﻟﻲ‬ ‫ﺍﻟﺘﺤﺮﻳﺮ‬ ‫ﻭﺳﻴﺎﺳﺎﺕ‬ ) ٢٢ ( ‫ﺣﺘﻤﺎ‬ ‫ﺃﺩﻯ‬ ‫ﺍﻟﺬﻱ‬ ‫ﺍﻷﻣﺮ‬ ، ‫ﺇﻟﻰ‬ ‫ﻟﻠﺸﺮﻛﺔ‬ ‫ﺍﺳﺘﺮﺍﺗﻴﺠﻲ‬ ‫ﺗﺨﻄﻴﻂ‬ ‫ﻭﺿﻊ‬ ‫ﻭﺍﻟﺘﺄﻛﻴﺪ‬ ‫ﺍﻹﺩﺍﺭﺓ‬ ‫ﻷﺩﺍء‬ ‫ﺍﻟﻔﻌﺎﻟﺔ‬ ‫ﻭﺍﻟﻤﺮﺍﻗﺒﺔ‬ ‫ﻋﻠﻰ‬ ‫ﻣﺴ‬ ‫ﺆ‬ ‫ﻣﺠﻠﺲ‬ ‫ﻭﻟﻴﺔ‬ ‫ﺗﺠ‬ ‫ﺍﻹﺩﺍﺭﺓ‬ ‫ﺎﻩ‬ ‫ﺍ‬ ‫ﻟﺸﺮﻛﺔ‬ ‫ﺇﻟﻰ‬ ‫ﻳﺆﺩﻱ‬ ‫ﺑﻤﺎ‬ ‫ﻭﺍﻟﻤﺴﺎﻫﻤﻴﻦ،‬ ‫ﺇﺩﺭﺍﻙ‬ ‫ﺍﻟﺸﺮﻛﺎﺕ‬ ‫ﻭﺍﻻﺟﺘﻤﺎﻋﻴﺔ‬ ‫ﺍﻟﺒﻴﺌﻴﺔ‬ ‫ﻟﻠﻤﺼﺎﻟﺢ‬ ‫ﻟ‬ ‫ﻠﻤﺠﺘﻤ‬ ‫ﻌﺎﺕ‬ ٥ -٣ ‫ﻓﻲ‬ ‫ﺍﻟﺤﻮﻛﻤﺔ‬ ‫ﺃﻫﻤﻴﺔ‬ ‫ﺗﻮﻟﻴﺪ‬ ‫ﺍ‬ ‫ﻭﺑ‬ ‫ﺍﻟﻤﺼﺮﻓﻲ،‬ ‫ﺍﻟﻘﻄﺎﻉ‬ ‫ﻣﺴﺘﻮﻯ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻟﻤﺨﺎﻁﺮ‬ ‫ﺣﺠﻢ‬ ‫ﺭﺗﻔﺎﻉ‬ ‫ﺃﻥ‬ ‫ﺍﻟﻘﻮﻝ‬ ‫ﻳﻤﻜﻦ‬ ‫ﺎﻟﺘﺎﻟﻲ‬ ‫ﺍﻟﻘﻴﻤﺔ‬ ‫ﻟﻀﻤﺎﻥ‬ ‫ﺃﺳﺎﺳﺎ‬ ‫ﺍﻟﺴﺎﺑﻘﺔ‬ ‫ﺍﻟﺘﻌﺎﺭﻳﻒ‬ ‫ﺣﺴﺐ‬ ‫ﺍﻟﺤﻮﻛﻤﺔ‬ ‫ﺗﻬﺪﻑ‬ ‫ﺍ‬ ‫ﺗﺒﺎﻉ‬ ‫ﺍﻟﻤﺪﻳﺮﻳﻦ‬ ‫ﺃﻫﺪﺍﻑ‬ ‫ﺍﻟﻤﺼﺎﺭﻑ‬ ‫ﻓﻲ‬ ‫ﺍﻟﺤﻮﻛﻤﺔ‬ ‫ﻭﺍﺳﻌﺔ‬ ‫ﺃﻫﻤﻴﺔ‬ ‫ﻟﺪﻳﻬﺎ‬ ) ٢٣ ( . . ‫ﺍﻟﺤﻮﻛﻤﺔ‬ ‫ﺃﻥ‬ ‫ﺍﻟﻘﻮﻝ‬ ‫ﻳﻤﻜﻦ‬ ‫ﻭﻛﺨﻼﺻﺔ‬ ‫ﺗﺘ‬ ‫ﺭﺋﻴﺴﻴﺔ‬ ‫ﻣﺒﺎﺩﺉ‬ ‫ﺃﺭﺑﻌﺔ‬ ‫ﻋﻠﻰ‬ ‫ﺗﺮﺗﻜﺰ‬ ‫ﻤﺜﻞ‬ ‫ﺍﻟﻌﺪﺍﻟﺔ‬ ‫ﻓﻲ‬ ، ‫ﻭﺍﻟﻤﺴﺆﻭﻟﻴﺔ‬ ، ‫ﻭﺍﻟﻤﺴﺎءﻟﺔ‬ ، ‫ﻭﺍﻟﺸﻔﺎﻓﻴﺔ.‬ ٥ -‫ﺃﻫﻤﻴﺔ‬ ‫ﺣﻮﻛﻤﺔ‬ ‫ﺍﻟﺸﺮﻛﺎﺕ‬ ‫ﺣﻮﻛﻤﺔ‬ ‫ﺃﻫﻤﻴﺔ‬ ‫ﻋﻠﻰ‬ ‫ﻭﺍﻟﻤﻬﺘﻤﻴﻦ‬ ‫ﺍﻟﺒﺎﺣﺜﻴﻦ‬ ‫ﻣﻦ‬ ‫ﺍﻟﻜﺜﻴﺮ‬ ‫ﻳﺘﻔﻖ‬ ‫ﺍﻟﺸﺮﻛﺎﺕ‬ ‫ﻣﻦ‬ ‫ﺗﻤﺜﻠﻪ‬ ‫ﻭﻣﺎ‬ ‫ﺍﻟﺘﻨﻤﻴﺔ‬ ‫ﻟﻌﺠﻠﺔ‬ ‫ﺩﻓﻊ‬ ‫ﻭﺗﺨﻔﻴﺾ‬ ‫ﺍﻷﺩﺍء‬ ‫ﻣﺴﺘﻮﻯ‬ ‫ﻭﺭﻓﻊ‬ ‫ﺑﺎﻟﻔﺴﺎﺩ‬ ‫ﺍﻟﻤﺘﻌﻠﻘﺔ‬ ‫ﺍﻟﻤﺨﺎﻁﺮﺓ‬ ‫ﺩﺭﺟﺔ‬ ‫ﻣﺴﺘﻮﻯ‬ ‫ﻋﻠﻰ‬ ‫ﻭﺍﻟﻤﺎﻟﻲ‬ ‫ﺍﻹﺩﺍﺭﻱ‬ ‫ﺍﻟﺸﺮﻛﺎﺕ‬ ‫ﻭﺍﻟﺪﻭﻝ‬ ‫ﺳﻮﺍء،‬ ‫ﺣﺪ‬ ‫ﻋﻠﻰ‬ ‫ﺑ‬ ‫ﺍﻟﺘﻤﻴﻴﺰ‬ ‫ﻭﻳﻤﻜﻦ‬ ‫ﻴﻦ‬ ‫ﻟﻠ‬ ‫ﺑﺎﻟﻨﺴﺒﺔ‬ ‫ﺍﻟﺤﻮﻛﻤﺔ‬ ‫ﺃﻫﻤﻴﺔ‬ ‫ﺸﺮﻛﺔ‬ ‫ﻭ‬ ‫ﺑﺎﻟﻨﺴﺒﺔ‬ ‫ﻟﻠﻤﺴﺎﻫﻤﻴﻦ‬ ‫ﻣﺎ‬ ‫ﺧﻼﻝ‬ ‫ﻣﻦ‬ ‫ﻳﻠﻲ‬ : ) ١٨ ‫ﺗﻮﻟﻴﺪ‬ ‫ﺃﻥ‬ ‫ﻛﻤﺎ‬ ‫ﺍﻟﻤﺴﺎﻫﻤﻴﻦ،‬ ‫ﻁﺮﻑ‬ ‫ﻣﻦ‬ ‫ﺍﻟﻤﺤﺪﺩﺓ‬ ‫ﺍﻟﺜﺮﻭﺓ‬ ‫ﺍﻟﻤﺪﻳﺮﻳﻦ‬ ‫ﻣﺎ‬ ‫ﺑﻘﺪﺭ‬ ‫ﺃﺟﻮﺭﺍ‬ ‫ﻳﺘﻠﻘﻮﻥ‬ ‫ﺑﻤﻌﻨﻰ‬ ‫ﻳﻘﺪﻣﻮﻧﻪ،‬ ‫ﺍﻟﻤﻘﺪﻣﺔ،‬ ‫ﻟﻠﺨﺪﻣﺎﺕ‬ ‫ﺍﻟﻔﻌﻠﻴﺔ‬ ‫ﺍﻟﻘﻴﻤﺔ‬ ‫ﺑﻌﻼ‬ ‫ﻛﺒﻴﺮﺓ‬ ‫ﺑﺪﺭﺟﺔ‬ ‫ﺍﻟﺤﻮﻛﻤﺔ‬ ‫ﻭﺗﻬﺘﻢ‬ ‫ﻛﻤﺎ‬ ً ‫ﺗﻌﻘﻴﺪ‬ ‫ﺃﻛﺜﺮ‬ ‫ﺗﻌﺘﺒﺮ‬ ‫ﺍﻟﺤﻮﻛﻤﺔ‬ ‫ﺇﺷﻜﺎﻟﻴﺔ‬ ‫ﺇﻥ‬ ‫ﻣ‬ ‫ﺍﻟﻤﺼﺮﻓﻲ‬ ‫ﺍﻟﻘﻄﺎﻉ‬ ‫ﻓﻲ‬ ‫ﺍ‬ ‫ﻦ‬ ‫ﻗﺔ‬ ‫ﺍﻟﻤﺪﻳﺮﻳﻦ‬ ‫ﻭﺍﻟﻤﺴﺎﻫﻤﻴﻦ‬ ‫ﺍﻷﺧﺮﻯ،‬ ‫ﺍﻟﻘﻄﺎﻋﺎﺕ‬ ‫ﺑ‬ ‫ﺎ‬ ‫ﻋﺘﺒﺎﺭ‬ ‫ﺃﻥ‬ ‫ﺍﻟﻤﺼﺎﺭﻑ‬ ‫ﻻ‬ ‫ﺍﻟﻌﻨﺎﺻﺮ‬ ‫ﻣﻦ‬ ‫ﻣﺠﻤﻮﻋﺔ‬ ‫ﻋﻠﻰ‬ ‫ﺗﺤﺘﻮﻱ‬ ‫ﺑﻀﻤﺎﻥ‬ ‫ﻟﻬﻢ‬ ‫ﺗﺴﻤﺢ‬ ‫ﻋﻘﻮﺩ‬ ‫ﻟﺪﻳﻬﻢ‬ ‫ﺗﺘﻮﻓﺮ‬ ‫ﻻ‬ ‫ﺍﻟﺬﻳﻦ‬ ‫ﻓﻘﻂ‬ ‫ﻫﺆﻻء‬ ‫ﻷﻥ‬ ، ‫ﻣﺼﺎﻟﺤﻬﻢ‬ ‫ﺃﺟﻮﺭ‬ ‫ﺑﺮﺑﻂ‬ ‫ﻳﺘﻘﻠﺺ‬ ‫ﺃﻥ‬ ‫ﻳﻤﻜﻦ‬ ‫ﺍﻟﻄﺮﻓﻴﻦ‬ ‫ﺑﻴﻦ‬ ‫ﺍﻟﻤﺼﺎﻟﺢ‬ ‫ﻭﺗﻌﺎﺭﺽ‬ ، ‫ﺍﻟﻮﺩﺍﺋﻊ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻟﺘﺄﻣﻴﻦ‬ ‫ﻣﺜﻞ‬ ‫ﺍﻷﺧﺮﻯ‬ ‫ﺍﻟﻘﻄﺎﻋﺎﺕ‬ ‫ﻓﻲ‬ ‫ﺗﻮﺟﺪ‬ ، ‫ﺍ‬ ‫ﺍﻟﻤﺨﺎﻁﺮ‬ ‫ﻭﺇﺩﺍﺭﺓ‬ ‫ﻟﻨﻈﺎ‬ ‫ﻣﻴﺔ‬ ‫ﺍﻟﻤﺪﻳﺮﻳﻦ‬ ‫ﺍﻟﺘ‬ ‫ﻣﺸﻜﻠﺔ‬ ‫ﺫﻟﻚ‬ ‫ﺑﻌﺪ‬ ‫ﻟﺘﺼﺒﺢ‬ ‫ﺑﺄﺩﺍﺋﻬﻢ،‬ ‫ﻀ‬ ‫ﺎﺭ‬ ‫ﺏ‬ ‫ﻭ‬ ‫ﺍﻟﻤﺴﺎﻫﻤﻴﻦ‬ ‫ﺑﻴﻦ‬ ‫ﺍﻟﻤﺼﺎﻟﺢ‬ ‫ﻓﻲ‬ ‫ﻟ‬ ‫ﺍﻟﻤﺨﺼﺺ‬ ‫ﺍﻟﻤﺎﻝ‬ ‫ﺭﺃﺱ‬ ‫ﻭﺗﻘﺪﻳﺮ‬ ‫ﻭﺍﻟﻨﻮﻋﻴﺔ‬ ‫ﺍﻟﺪﺍﺧﻠﻴﺔ‬ ‫ﺍﻟﺮﻗﺎﺑﺔ‬ ‫ﻭﻧﻈﺎﻡ‬ ‫ﻠﻤﻘﺘﺮﺿﻴﻦ‬ ‫ﻛﻤ‬ ، ‫ﺃﻥ‬ ‫ﺎ‬ ‫ﺍﻟﻤﺪﻳﺮﻳﻦ‬ ‫ﺟ‬ ‫ﻣﺤﻠﻮﻟﺔ‬ ‫ﻓﺈﻥ‬ ‫ﺍﻟﻜﺘﺎﺏ‬ ‫ﻟﺒﻌﺾ‬ ‫ﻭﺑﺎﻟﻨﺴﺒﺔ‬ ‫ﺰﺋﻴﺎ،‬ ‫ﺍ‬ ‫ﻓﻲ‬ ‫ﺍﻟﻤﺎﻝ‬ ‫ﺭﺃﺱ‬ ‫ﻣﻦ‬ ‫ﻟﺠﺰء‬ ‫ﻣﺘﻼﻙ‬ ‫ﻓﻲ‬ ‫ﺍﻷﻣﻮﺍﻝ‬ ‫ﻣﺼﺎﺩﺭ‬ ‫ﺍﻟﻤﺼﺮﻑ‬ ‫ﺗﻜﻮﻥ‬ ‫ﺃﻏﻠﺒﻬﺎ‬ ‫ﺗﻜﻮﻥ‬ ‫ﺃﻥ‬ ‫ﻳﺸﺘﺮﻁ‬ ‫ﻭﺩﺍﺋﻊ‬ ‫ﺷﻜﻞ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻟﺸﺮﻛﺔ‬ ‫ﺍﻷﺧﺮﻯ‬ ‫ﺍﻷﻁﺮﺍﻑ‬ ‫ﻟﺒﺎﻗﻲ‬ ‫ﺍﻟﻤﺴﺘﻘﺒﻠﻲ‬ ‫ﺍﻷﺩﺍء‬ ‫ﻋﻠﻰ‬ ‫ﺟﻴﺪﺓ‬ ‫ﻭﺇﺷﺎﺭﺓ‬ ‫ﺛﻘﺔ‬ ‫ﻣﺆﺷﺮ‬ ‫ﻳﻌﺘﺒﺮ‬ ) ١٩ ( ‫ﺍﻟﻤﻮﺩﻋﻴﻦ،‬ ‫ﻁﺮﻑ‬ ‫ﻣﻦ‬ ‫ﺍﻟﻄﻠﺐ‬ ‫ﻋﻨﺪ‬ ‫ﻣﺘﻮﻓﺮﺓ‬ ‫ﺃﺻﻮﻝ‬ ‫ﺃﻥ‬ ‫ﺣﻴﻦ‬ ‫ﻓﻲ‬ ‫ﺍﻟﻤﺼﺮﻑ‬ ‫ﺗﻜﻮﻥ‬ ‫ﻓﻲ‬ . ‫ﺃﻏﻠﺒﻬﺎ‬ ‫ﻗﺮﻭﺽ‬ ‫ﻣﺘﻮﺳﻄﺔ‬ ‫ﻭﻁﻮﻳﻠﺔ‬ ‫ﺍﻷ‬ ‫ﺟﻞ.‬ ( ٥ -١ ‫ﻟﻠ‬ ‫ﺑﺎﻟﻨﺴﺒﺔ‬ ‫ﺍﻟﺤﻮﻛﻤﺔ‬ ‫ﺃﻫﻤﻴﺔ‬ ‫ﻤﻨﺸﺄﺓ‬ -‫ﻣﺪﻳﺮﻱ‬ ‫ﺑﻴﻦ‬ ‫ﻟﻠﻌﻼﻗﺔ‬ ‫ﺃﺳﺲ‬ ‫ﻭﺿﻊ‬ ‫ﺍﻟﺸﺮﻛﺔ‬ ‫ﻣ‬ ‫ﻭﺍﻟﻤﺴﺎﻫﻤﻴﻦ‬ ‫ﺍﻹﺩﺍﺭﺓ‬ ‫ﻭﻣﺠﻠﺲ‬ ‫ﻤﺎ‬ ‫ﻳﺴﻤﺢ‬ ‫ﻁﺮﻑ‬ ‫ﻛﻞ‬ ‫ﻭﻭﺍﺟﺒﺎﺕ‬ ‫ﺣﻘﻮﻕ‬ ‫ﻭﺿﻮﺡ‬ ‫ﺇﻟﻰ‬ ‫ﻳﺆﺩﻱ‬ ‫ﺑﺎﺳﺘﻐﻼﻝ‬ ‫ﺍﻹﻣﻜﺎﻧﺎﺕ‬ ‫ﺍﻟﻤﺘﺎﺣﺔ‬ ‫ﺃﺣﺴﻦ‬ ‫ﺍﺳﺘﻐﻼﻝ‬ ‫ﻳ‬ ‫ﻣﻤﺎ‬ ‫ﺍﻟﻜﻔﺎءﺓ‬ ‫ﺮﻓﻊ‬ ‫ﻟﻠﺸﺮﻛﺔ‬ ‫ﺍﻻﻗﺘﺼﺎﺩﻳﺔ‬ . -‫ﻭﺿﻊ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻟﻌﻤﻞ‬ ‫ﺗﻨﻈﻴﻤﻲ‬ ‫ﺇﻁﺎﺭ‬ ‫ﺗﺤﺪﻳﺪ‬ ‫ﺧﻼﻟﻪ‬ ‫ﻣﻦ‬ ‫ﻳﻤﻜﻦ‬ ‫ﺃﻫﺪﺍﻑ‬ ‫ﻋﺒﺮ‬ ‫ﻭﻟﻘﺪ‬ (Leland & Pyle, 1977) ‫ﻟﻬﺬﻩ‬ ‫ﺍﻟﻤﻌﻠﻮﻣﺎﺗﻲ‬ ‫ﺍﻟﻤﺤﺘﻮﻯ‬ ‫ﻋﻦ‬ ‫ﺑﻮﺿﻮﺡ‬ ‫ﺍﻹﺷﺎﺭﺓ،‬ ‫ﻧﺼﻴﺐ‬ ‫ﺃﻫﻤﻴﺔ‬ ‫ﺯﺍﺩﺕ‬ ‫ﻛﻠﻤﺎ‬ ‫ﺃﻧﻪ‬ ‫ﻭﺧﺎﺻﺔ‬ ‫ﺍﻟﻤﺪﻳﺮﻳﻦ‬ ‫ﻣﺎﻝ‬ ‫ﺭﺃﺱ‬ ‫ﻓﻲ‬ ‫ﺍﻟﺸﺮﻛﺔ‬ ‫ﺗﻜﻮﻥ‬ ‫ﻭﺑﺎﻟﺘﺎﻟﻲ‬ ‫ﺍﻟ‬ ‫ﻤﺮﺍﻗﺒﺔ‬ ً ‫ﺗﺸﺪﺩ‬ ‫ﺃﻛﺜﺮ‬ ‫ﺍ‬ ‫ﻣﺴﺘﻮﻯ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻟﻤﺼﺎﺭﻑ‬ ‫ﻣﻘﺎﺭﻧﺔ‬ ‫ﻛﺎﻥ‬ ‫ﻫﻨﺎﻙ‬ ‫ﺗﻮﻟﻴﺪ‬ ‫ﻟ‬ ‫ﻭﺑﺎﻟﻨﺴﺒﺔ‬ ‫ﻟﻠﻘﻴﻤﺔ،‬ ‫ـ‬ (Bagnani et al., 1994) ‫ﻣﺴﺎﻫﻤ‬ ‫ﻛﺎﻧﺖ‬ ‫ﻛﻠﻤﺎ‬ ‫ﻓﺈﻧﻪ‬ ‫ﺑ‬ ‫ﺎﻟﺸﺮﻛﺎﺕ‬ ‫ﺍﻷﻁﺮﺍﻑ‬ ‫ﻣﺨﺘﻠﻒ‬ ‫ﺑﻴﻦ‬ ‫ﺍﻟﻤﺼﺎﻟﺢ‬ ‫ﻓﻲ‬ ‫ﺗﺪﺍﺧﻞ‬ ‫ﺑﻮﺟﻮﺩ‬ ‫ﺗﺘﻤﻴﺰ‬ ‫ﺣﻴﺚ‬ ‫ﺍﻷﺧﺮﻯ‬ ‫ﺔ‬ ‫ﺍﻟﻤﺪﻳﺮﻳﻦ‬ ‫ﻭﺯﻥ‬ ‫ﺫﺍﺕ‬ ‫ﺍﻟﻤﺎﻝ‬ ‫ﺭﺃﺱ‬ ‫ﻓﻲ‬ ‫ﺃﻗﺒﻞ‬ ‫ﻛﻠﻤﺎ‬ ، ‫ﺍﻟﻤﺪﻳﺮ‬ ‫ﻣﻌﻘﺪ‬ ‫ﺑﺸﻜﻞ‬ ) ٢٤ ( ‫ﻣﻦ‬ ‫ﻻﺑﺪ‬ ‫ﻭﺑﺎﻟﺘﺎﻟﻲ‬ ، ‫ﺗ‬ ‫ﻓﻲ‬ ‫ﻳﺴﺎﻫﻢ‬ ‫ﻭﺟﻴﺪ‬ ‫ﻭﺍﺿﺢ‬ ‫ﺣﻮﻛﻤﺔ‬ ‫ﻧﻈﺎﻡ‬ ‫ﻭﺟﻮﺩ‬ ‫ﺤﺪﻳﺪ‬ ‫ﺍﻷﻗﻞ‬ ‫ﺍﻟﻤﺸﺮﻭﻋﺎﺕ‬ ‫ﻋﻠﻰ‬ ‫ﻭﻥ‬ ‫ﻳﺴﻠﻚ‬ ‫ﻭﺑﺎﻟﺘﺎﻟﻲ‬ ‫ﻣﺨﺎﻁﺮﺓ،‬ ‫ﺍ‬ ‫ﻟﻤﺪﻳ‬ ‫ﺮﻭﻥ‬ ‫ﺍﻟﺪﺍﺋﻨﻴﻦ‬ ‫ﺳﻠﻮﻙ‬ ) ٢٠ ( ‫ﺍﻟﻤﻌﻨﻴﺔ‬ ‫ﺍﻷﻁﺮﺍﻑ‬ ‫ﻛﻞ‬ ‫ﻭﻭﺍﺟﺒﺎﺕ‬ ‫ﺣﻘﻮﻕ‬ ) ٢٥ ( ، ‫ﻓﻲ‬ ‫ﺍﻟﺤﻮﻛﻤﺔ‬ ‫ﻣﺒﺎﺩﺉ‬ ‫ﺗﻄﺒﻴﻖ‬ ‫ﺃﻥ‬ ‫ﻛﻤﺎ‬ . ‫ﺍﻟﻤﺼﺎﺭﻑ‬ ‫ﺍﻟﺘﺸﻐﻴﻠﻴﺔ‬ ‫ﺍﻟﻜﻔﺎءﺓ‬ ‫ﺯﻳﺎﺩﺓ‬ ‫ﺇﻟﻰ‬ ‫ﺳﻴﺆﺩﻱ‬ ‫ﺟﻴﺪ‬ ‫ﺑﺸﻜﻞ‬ ) ٢٦ ( ‫ﺗﺨﻔﻴﺾ‬ ‫ﺧﻼﻝ‬ ‫ﻣﻦ‬ ‫ﺍﻟﺸﺮﻛﺔ‬ ‫ﺗﺤﻘﻴﻘﻬﺎ‬ ‫ﻭﺳﺒﻞ‬ ‫ْﺮ‬ ‫ﺒ‬ َ ‫ﻋ‬ ‫ﺍﻟﺘ‬ ‫ﺍﻹﺩﺍﺭﺓ‬ ‫ﻣﺠﻠﺲ‬ ‫ﻷﻋﻀﺎء‬ ‫ﺍﻟﻤﻨﺎﺳﺒﺔ‬ ‫ﺍﻟﺤﻮﺍﻓﺰ‬ ‫ﺗﻮﻓﻴﺮ‬ ‫ﻨﻔﻴﺬﻳ‬ ‫ﺛﺎﻧﻴﺎ‬ : ‫ﺍﻟ‬ ‫ﺤ‬ ‫ﻮﻛﻤﺔ‬ ‫ﻓﻲ‬ ‫ﺍﻟﻤﺼﺮﻓﻲ‬ ‫ﺍﻟﻘﻄﺎﻉ‬ ‫ﻟﻜﻲ‬ ‫ﺔ‬ ‫ﺍﻷ‬ ‫ﺗﻠﻚ‬ ‫ﺗﺤﻘﻴﻖ‬ ‫ﻋﻠﻰ‬ ‫ﻳﻌﻤﻠﻮﺍ‬ ‫ﺍﻟﻤﺴﺎﻫﻤﻴﻦ‬ ‫ﻣﺼﻠﺤﺔ‬ ‫ﺗﺮﺍﻋﻲ‬ ‫ﺍﻟﺘﻲ‬ ‫ﻫﺪﺍﻑ‬ . -‫ﻋﺮﻳﻀﺔ‬ ‫ﻗﺎﻋﺪﺓ‬ ‫ﻭﺟﺬﺏ‬ ‫ﺍﻟﻌﺎﻟﻤﻴﺔ‬ ‫ﺍﻟﻤﺎﻝ‬ ‫ﺃﺳﻮﺍﻕ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻻﻧﻔﺘﺎﺡ‬ ‫ﺇﻟﻰ‬ ‫ﺗﺆﺩﻱ‬ ‫ﻣ‬ ‫ﻦ‬ ‫ﺍﻟﻤﺴﺘﺜﻤﺮﻳﻦ‬ ‫ﻟﺘ‬ ‫ﺍﻟﺘﻮﺳﻌﻴﺔ‬ ‫ﺍﻟﻤﺸﺎﺭﻳﻊ‬ ‫ﻤﻮﻳﻞ‬ . -‫ﺍﻟﻘﻮﺍﻋﺪ‬ ‫ﺗﻠﻚ‬ ‫ﻷﻥ‬ ‫ﺍﻟﻤﺴﺘﺜﻤﺮﻳﻦ‬ ‫ﺛﻘﺔ‬ ‫ﻣﻦ‬ ‫ﻳﺰﻳﺪ‬ ‫ﺍﻟﺤﻮﻛﻤﺔ‬ ‫ﻗﻮﺍﻋﺪ‬ ‫ﺗﻄﺒﻴﻖ‬ ‫ﺗ‬ ‫ﻀﻤﻦ‬ ١ -‫ﺍﻟﻤﺼﺮﻓﻲ‬ ‫ﺍﻟﻘﻄﺎﻉ‬ ‫ﻓﻲ‬ ‫ﺍﻟﺤﻮﻛﻤﺔ‬ ‫ﻣﻔﻬﻮﻡ‬ ‫ﺷﺆﻭﻥ‬ ‫ﺑﻬﺎ‬ ‫ﺗﺪﺍﺭ‬ ‫ﺍﻟﺘﻲ‬ ‫ﺍﻟﻄﺮﻳﻘﺔ‬ ‫ﻓﻲ‬ ‫ﺍﻟﻤﺼﺮﻓﻲ‬ ‫ﺍﻟﻤﻨﻈﻮﺭ‬ ‫ﻣﻦ‬ ‫ﺍﻟﺤﻮﻛﻤﺔ‬ ‫ﺗﺘﻤﺜﻞ‬ ‫ﺍﻟﻤﺼﺮﻑ‬ ‫ﻣﻦ‬ ‫ﻛﻞ‬ ‫ﺑﻪ‬ ‫ﺍﻟﻤﻨﻮﻁ‬ ‫ﺍﻟﺪﻭﺭ‬ ‫ﺧﻼﻝ‬ ‫ﻣﻦ‬ ، ‫ﺍﻹﺩﺍﺭﺓ‬ ‫ﺍﻹﺩﺍﺭﺓ‬ ‫ﻭﻣﺠﻠﺲ‬ ‫ﻓﻲ‬ ‫ﻳﺆﺛﺮ‬ ‫ﺑﻤﺎ‬ ، ‫ﺃﻫﺪﺍﻑ‬ ‫ﺗﺤﺪﻳﺪ‬ ‫ﺍﻟﻤﺼﺮﻑ‬ ‫ﺍﻟﻤﺴﺘﻔﻴﺪﻳﻦ‬ ‫ﺣﻘﻮﻕ‬ ‫ﻭﻣﺮﺍﻋﺎﺓ‬ ‫ﺍﻟﺘﻤﻮﻳﻞ‬ ‫ﻣﻦ‬ ) ٢٢ ( ‫ﺃﻥ‬ ‫ﺍﻟﺪﺭﺍﺳﺎﺕ‬ ‫ﻣﻦ‬ ‫ﺍﻟﻌﺪﻳﺪ‬ ‫ﺃﺛﺒﺘﺖ‬ ‫ﺍ‬ ‫ﺑﻴﺌﺔ‬ ‫ﻅﻞ‬ ‫ﻓﻲ‬ ‫ﺍﻟﻤﺎﻟﻲ‬ ‫ﺍﻟﺘﺤﺮﻳﺮ‬ ‫ﺳﻴﺎﺳﺎﺕ‬ ‫ﺗﺒﺎﻉ‬ ‫ﺷﺮﻛ‬ ‫ﺎﺗ‬ ‫ﻏﻴ‬ ‫ﻴﺔ‬ ‫ﺮ‬ ‫ﻣﻦ‬ ‫ﻳﺮﻓﻊ‬ ‫ﻣﺘﻄﻮﺭﺓ‬ ‫ﺍﺣﺘﻤﺎﻝ‬ ‫ﻓﻌﺎﻟﻴﺔ‬ ‫ﻋﺪﻡ‬ ‫ﻭﺃﻥ‬ ‫ﻭﺍﻟﻤﺎﻟﻴﺔ،‬ ‫ﺍﻟﻤﺼﺮﻓﻴﺔ‬ ‫ﺍﻷﺯﻣﺎﺕ‬ ‫ﺣﺪﻭﺙ‬ ‫ﺁﻟ‬ ‫ﻴﺎﺕ‬ ‫ﺍﻷﺯﻣﺎﺕ،‬ ‫ﺗﻠﻚ‬ ‫ﻟﺤﺪﻭﺙ‬ ‫ﻗﻮﻳﺎ‬ ‫ﻣﺼﺪﺭﺍ‬ ‫ﻳﻤﺜﻞ‬ ‫ﺍﻟﻤﺼﺮﻓﻴﺔ‬ ‫ﺍﻟﺤﻮﻛﻤﺔ‬ ‫ﺍﻟﺤﻮﻛﻤﺔ‬ ‫ﺿﻌﻒ‬ ‫ﺃﻥ‬ ‫ﺃﻱ‬ ‫ﺍﻟﻤﺎﻟﻲ.‬ ‫ﺍﻟﺘﺤﺮﻳﺮ‬ ‫ﺗﺄﺛﻴﺮ‬ ‫ﺗﺤﺖ‬ ‫ﺧﺼﻮﺻﺎ‬ ‫ﺍﻟﻤﺼﺮﻓﻲ‬ ‫ﺍﻟﻘﻄﺎﻉ‬ ‫ﺿﻌﻒ‬ ‫ﺇﻟﻰ‬ ‫ﻳﺆﺩﻱ‬ ‫ﺍﻟﻤﺼﺮﻓﻴﺔ‬ ‫ﺣﻘﻮﻕ‬ ‫ﻭﺣﻤﺎﻳﺔ‬ ‫ﺍﻟﻤﻮﺩﻋﻴﻦ‬ ) ٢١ ( (23) Louizi, G. (2006) L'impact du conseil d'administration sur la performance . des banques tunisiennes, XVème Conférence Internationale de Management ‫ﺣﻘﻮﻗﻬﻢ.‬ ‫ﺣﻤﺎﻳﺔ‬ ٥ -٢ -‫ﺍﻟﺘﺼﻮﻳﺖ،‬ ‫ﺣﻖ‬ ‫ﻣﺜﻞ‬ ‫ﺍﻟﻤﺴﺎﻫﻤﻴﻦ‬ ‫ﻟﻜﺎﻓﺔ‬ ‫ﺍﻟﺤﻘﻮﻕ‬ ‫ﺿﻤﺎﻥ‬ ‫ﻓﻲ‬ ‫ﺗﺴﺎﻋﺪ‬ ‫ﻭ‬ ‫ﺍﻟﻤﺸﺎﺭ‬ ‫ﺣﻖ‬ ‫ﺃﺩﺍء‬ ‫ﻋﻠﻰ‬ ‫ﺗﺆﺛﺮ‬ ‫ﻗﺪ‬ ‫ﺟﻮﻫﺮﻳﺔ‬ ‫ﺗﻐﻴﺮﺍﺕ‬ ‫ﺑﺄﻱ‬ ‫ﺍﻟﺨﺎﺻﺔ‬ ‫ﺍﻟﻘﺮﺍﺭﺍﺕ‬ ‫ﻓﻲ‬ ‫ﺍﻟﺸﺮﻛﺔ‬ ‫ﺍﻟﻤﺴﺘﻘ‬ ‫ﻓﻲ‬ ‫ﺒﻞ‬ ‫ﺑﻴﻨﻬﻢ‬ ‫ﺍﻟﻤﻮﺟﻮﺩﺓ‬ ‫ﺍﻟﻌﻼﻗﺎﺕ‬ ‫ﻣﺨﺘﻠﻒ‬ ‫ﺧﻼﻝ‬ ‫ﻣﻦ‬ ‫ﺍﻷﺧﺮﻯ‬ ‫ﻓﻴ‬ ‫ﻣﺎ‬ ‫ﺑﺴﻮﻕ‬ ‫ﻳﻌﺮﻑ‬ ‫ﻤﺎ‬ ‫ﺑﻴﻦ‬ . ‫ﺍﻟﻌﻼﻗﺔ‬ ‫ﻭﻣﻮﺩﻋ‬ ‫ﺯﺑﺎﺋﻦ‬ ‫ﻣﻦ‬ ‫ﻭﻣﻘﺮﺿﻴﻦ،‬ ‫ﻴﻦ‬ ‫ﺍ‬ ‫ﻋﻠﻰ‬ ‫ﺃﻳﻀﺎ‬ ‫ﻳﺆﺛﺮ‬ ‫ﻭﻟﻜﻦ‬ ‫ﺍﻟﻤﺼﺎﺭﻑ‬ ‫ﺳﺘﻘﺮﺍﺭ‬ ‫ﻛﺔ‬ ‫ﺍﻟﺨﺎﺻﺔ،‬ ‫ﻟﻄﺒﻴﻌﺘﻬﺎ‬ ‫ﺣﻴﺚ‬ ‫ﺇ‬ ‫ﺍﻟﻤﺼﺎﺭﻑ‬ ‫ﺇﻓﻼﺱ‬ ‫ﻥ‬ ‫ﺫﻭﻱ‬ ‫ﺍﻷﻁﺮﺍﻑ‬ ‫ﻋﻠﻰ‬ ‫ﻓﻘﻂ‬ ‫ﻳﺆﺛﺮ‬ ‫ﻻ‬ ‫ﻟﻠﻤﺴﺎﻫﻤﻴﻦ‬ ‫ﺑﺎﻟﻨﺴﺒﺔ‬ ‫ﺍﻟﺤﻮﻛﻤﺔ‬ ‫ﺃﻫﻤﻴﺔ‬ ٢ -‫ﺍﻟﻤﺼﺮﻓﻲ‬ ‫ﺍﻟﻘﻄﺎﻉ‬ ‫ﻓﻲ‬ ‫ﺍﻟﺤﻮﻛﻤﺔ‬ ‫ﺃﻫﻤﻴﺔ‬ ‫ﺗﺰﺩﺍﺩ‬ ‫ﺑ‬ ‫ﻣﻘﺎﺭﻧﺔ‬ ‫ﺍﻟﻤﺼﺎﺭﻑ‬ ‫ﻓﻲ‬ ‫ﺍﻟﺤﻮﻛﻤﺔ‬ ‫ﺃﻫﻤﻴﺔ‬ ‫ﺎﻟﺸﺮﻛﺎﺕ‬ ‫ﻧﻈﺮﺍ‬ ‫ﺍﻷﺧﺮﻯ،‬ Stratégique, Annecy / Genève 13-16 Juin, pp: 3-4. ) ٢٤ ( ‫ﺍﻟﻤﺼﺮﻱ‬ ‫ﺍﻟﻤﺼﺮﻓﻲ‬ ‫ﺍﻟﻤﻌﻬﺪ‬ ، ‫ﺣﻮﻛﻤﺔ‬ ‫ﻧﻈﺎﻡ‬ ‫ﻣﺎﻟﻴﺔ،‬ ‫ﻣﻔﺎﻫﻴﻢ‬ ‫ﺍﻟﻤﺼﺎﺭﻑ‬ ‫ﺹ‬ ‫ﺳﺎﺑﻖ،‬ ‫ﻣﺮﺟﻊ‬ ، : ٢ .

(3) Encyclopédie de wikipedia sur le site: http://fr.wikipedia.org/w/index.php?oldid=45800587.( 
25) Mehram, H. (

  2004) Corporate Governance in the Banking and Financial Services Industries, Journal of Financial Intermediation, vol. 13, p. 05. 


													‫ﻏﺮﺑﻲ‬ ‫ﻋﻤﺎﺭ‬ ‫ﻋﺒﺪﺍﻟﺤﻠﻴﻢ‬	‫ﻭ‬	‫ﺑﻮﺭﻗﺒﺔ‬ ‫ﺷﻮﺭ‬	‫ﻋ‬ ‫ﺷﻮﻗﻲ‬ ‫ﺎ‬	١٣٤
	‫ﺍﻟﺸﺮﻛﺔ‬			‫ﻗﻴﻤﺔ‬	‫ﺑﺎﺭﺗﻔﺎﻉ‬	‫ﻳﺴﻤﺢ‬	‫ﺍﻟﺬﻱ‬ ‫ﺍﻷﻣﺮ‬ ‫ﺍﻟﻤﺨﺮﺟﺎﺕ‬ ‫ﺃﺭﺑﺎﺡ‬ ‫ﻭﺗﻌﻈﻴﻢ‬ ‫ﺍﻟﻤﺪﺧﻼﺕ‬ ‫ﺗﻜﺎﻟﻴﻒ‬
													٢٧ ( .	)	‫ﺍﻟﻤﺎﻟﻲ‬ ‫ﺍﻟﺴﻮﻕ‬ ‫ﻓﻲ‬
													‫ﺍﻟﻤﺼﺎﺭﻑ‬ ‫ﻓﻲ‬	‫ﺍﻟﺤﻮﻛﻤﺔ‬ ‫ﺗﻨﻔﻴﺬ‬ ‫ﻣﺤﺪﺩﺍﺕ‬	-	٣
	‫ﺍﻟﻤﺤﺪﺩﺍﺕ‬	‫ﻣﻦ‬	‫ﻣﺠﻤﻮﻋﺘ‬ ‫ﻴ‬ ‫ﻦ‬	‫ﺟﻮﺩﺓ‬	‫ﻋﻠﻰ‬	‫ﺍﻟﻤﺼﺮﻓﻴﺔ‬	‫ﻟﻠﺤﻮﻛﻤﺔ‬	‫ﺍﻟﺠﻴﺪ‬	‫ﺍﻟﺘﻄﺒﻴﻖ‬	‫ﻳﺘﻮﻗﻒ‬
													:	٢٨ (	‫ﻫﻲ‬ )
	‫ﺔ‬	‫ﻁﺮﻳﻘ‬		‫ﺗﺤﺪﺩ‬		‫ﺍﻟﺘﻲ‬	‫ﻭﺍﻷﺳﺲ‬	‫ﺍﻟﻘﻮﺍﻋﺪ‬	‫ﻓﻲ‬ ‫ﺗﺘﻤﺜﻞ‬	‫ﺣﻴﺚ‬	:	‫ﺍﻟﺪﺍﺧﻠﻴﺔ‬	‫ﺍﻟﻤﺤﺪﺩﺍﺕ‬	-
	‫ﺑﻤﺎ‬	‫ﻳﻦ‬	‫ﻭﺍﻟﻤﺪﻳﺮ‬	‫ﺍﻹﺩﺍﺭﺓ‬	‫ﻭﻣﺠﻠﺲ‬	‫ﺍﻟﻌﺎﻣﺔ‬	‫ﺍﻟﺠﻤﻌﻴﺔ‬	‫ﺑﻴﻦ‬	‫ﺍﻟﺴﻠﻄﺎﺕ‬	‫ﻭﺗﻮﺯﻳﻊ‬	‫ﺍﻟﻘﺮﺍﺭ‬	‫ﺍﺗﺨﺎﺫ‬
													.	‫ﺍﻷﻁﺮﺍﻑ‬	‫ﻫﺬﻩ‬	‫ﻣﺼﺎﻟﺢ‬	‫ﺑﻴﻦ‬ ‫ﺍﻟﺘﻌﺎﺭﺽ‬	‫ﺗﺨﻔﻴﺾ‬	‫ﺇﻟﻰ‬	‫ﻳﺆﺩﻱ‬
		‫ﺍﻟﻌﺎﻡ‬	‫ﺍﻟﻤﻨﺎﺥ‬	‫ﺗﺘﻀﻤﻦ‬	‫ﺗﻨﻈﻴﻤﻴﺔ‬	‫ﻋﻨﺎﺻﺮ‬	‫ﻓﻲ‬	‫ﺗﺘﻤﺜﻞ‬	‫ﺍﻟﺨﺎﺭﺟﻴﺔ‬ :	‫ﺍﻟﻤﺤﺪﺩﺍﺕ‬	-
		‫ﺍ‬ ‫ﻟﻤﺎﻟﻲ‬			‫ﺍﻟﻘﻄﺎﻉ‬	‫ﻭﻛﻔﺎءﺓ‬	‫ﻟﻠﺴﻮﻕ‬	‫ﺍﻟﻤﻨﻈﻤﺔ‬	‫ﺍﻟﻘﻮﺍﻧﻴﻦ‬	‫ﻳﺸﻤﻞ‬	‫ﻭﺍﻟﺬﻱ‬	‫ﺍﻟﺪﻭﻟﺔ‬	‫ﻓﻲ‬	‫ﻟﻼﺳﺘﺜﻤﺎﺭ‬
	‫ﺍﻹﻧﺘ‬ ‫ﺎﺝ‬	‫ﻭﻋﻨﺎﺻﺮ‬	‫ﺍﻟﺴﻠﻊ‬	‫ﺳﻮﻕ‬	‫ﺗﻨﺎﻓﺴﻴﺔ‬	‫ﻭﺩﺭﺟﺔ‬	‫ﻟﻠﻤﺸﺮﻭﻋﺎﺕ‬	‫ﺍﻟﻼﺯﻡ‬	‫ﺍﻟﺘﻤﻮﻳﻞ‬	‫ﻭﺗﻮﻓﻴﺮ‬
		‫ﻭﺷﺮ‬ ‫ﻛﺎﺕ‬	‫ﺍﻟﻤﺎﻝ‬ ‫ﺃﺳﻮﺍﻕ‬	‫ﻓﻲ‬	‫ﺍﻟﻌﺎﻣﻠﺔ‬	‫ﻭ‬ ‫ﺍﻟﺸﺮﻛﺎﺕ‬	‫ﺍﻟﺮﻗﺎﺑﻴﺔ‬	‫ﻭﺍﻟﻬﻴﺌﺎﺕ‬	‫ﺍﻷﺟﻬﺰﺓ‬	‫ﻭﻛﻔﺎءﺓ‬
		‫ﺍﻟﺨﺎﺻﺔ‬		‫ﻭ‬ ‫ﺍﻟﺸﺮﻛﺎﺕ‬	‫ﺍﻟﻤﺼﺎﻟﺢ‬	‫ﺃﺻﺤﺎﺏ‬	‫ﺗﺘﻀﻤﻦ‬	‫ﺧﺎﺻﺔ‬	‫ﻋﻨﺎﺻﺮ‬	‫ﻭﺇﻟﻰ‬	‫ﺍﻻﺳﺘﺜﻤﺎﺭ،‬
													‫ﻭﻏﻴﺮﻫﻢ‬ .	‫ﻭﺍﻟﻘﺎﻧﻮﻧﻴﻴﻦ‬	‫ﻭﺍﻟﻤﺮﺍﺟﻌﻴﻦ‬	‫ﺍﻟﻤﺤﺎﺳﺒﻴﻦ‬	‫ﻣﻦ‬	‫ﻭﺍﻟﻤﻬﻨﻴﻴﻦ‬
												‫ﺍﻟﻤﺼﺎﺭﻑ‬ ‫ﻓﻲ‬ ‫ﺍﻟﺤﻮﻛﻤﺔ‬ ‫ﺗﻔﻌﻴﻞ‬	‫ﻓﻲ‬ ‫ﺍﻟﻤﺮﻛﺰﻳﺔ‬	‫ﺍﻟﻤﺼﺎﺭﻑ‬	‫ﺩﻭﺭ‬	-	٤
	‫ﺗﻠﻌﺐ‬ ‫ﺍﻟﻮﻗﺎﻳﺔ‬ ‫ﻭﻭﺳﺎﺋﻞ‬ ‫ﺍﻟﻤﺼﺮﻓﻴﺔ‬ ‫ﺍﻟﺮﻗﺎﺑﺔ‬ ‫ﺇﺟﺮﺍءﺍﺕ‬ ‫ﺧﻼﻝ‬ ‫ﻣﻦ‬ ‫ﻭﺫﻟﻚ‬ ‫ﺍﻟﻤﺼﺎﺭﻑ‬ ‫ﻣﺴﺘﻮﻯ‬ ‫ﺍﻟﻤﺼﺎﺭﻑ‬ ‫ﺩﻭﺭ‬ ‫ﺍﻟﻤﺮﻛﺰﻳﺔ‬ ً ‫ﺃﺳﺎﺳﻴ‬ ‫ﺍ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻟﺤﻮﻛﻤﺔ‬ ‫ﻭﺇﺭﺳﺎء‬ ‫ﺗﻔﻌﻴﻞ‬ ‫ﻓﻲ‬ ‫ﺎ‬ ً
	‫ﺍﻟﺸﺮﻛﺎﺕ‬		‫ﻷﺻﻮﻝ‬ ‫ﺍﻟﻜﺎﻓﻴﺔ‬ ‫ﺍﻟﺤﻤﺎﻳﺔ‬ ‫ﻳﺤﻘﻖ‬ ‫ﺍﻟﺬﻱ‬ ‫ﺑﺎﻟﻘﺪﺭ‬ ‫ﺍﻟﺪﺍﺧﻠﻴﺔ‬ ‫ﻭﺍﻟﺴﻴﻄﺮﺓ‬ ‫ﻭﺍﻟﻀﺒﻂ‬
	‫ﻭﺗﺪﻋﻴﻢ‬ ‫ﺍﻟﻤﺎﻟﻲ‬ ‫ﻣﺮﻛﺰﻫﺎ‬ ‫ﺳﻼﻣﺔ‬ ‫ﻀﻤﻦ‬	‫ﻭﻳ‬	،	‫ﺍﻟﻤﻮﺩﻋﻴﻦ‬ ‫ﻭﺣﻘﻮﻕ‬	‫ﻭﺍﻟﻤﺼﺮﻓﻴﺔ‬ ‫ﺍﻟﻤﺎﻟﻴﺔ‬
													٢٩ ( .	)	‫ﺩﺍﺭﻱ‬	‫ﻭﺍﻹ‬ ‫ﺍﻟﻤﺎﻟﻲ‬ ‫ﺳﺘﻘﺮﺍﺭﻫﺎ‬	‫ﺍ‬
													‫ﺳﻼﻣﻲ‬	‫ﺍﻹ‬	‫ﻤﻨﻈﻮﺭ‬	‫ﺍﻟ‬	‫ﻣﻦ‬ ‫ﺤﻮﻛﻤﺔ‬	‫ﺍﻟ‬	:	‫ﺛﺎﻟﺜﺎ‬
													‫ﺇﺳﻼﻣﻲ‬ ‫ﻣﻨﻈﻮﺭ‬ ‫ﻣﻦ‬ ‫ﺍﻟﺤﻮﻛﻤﺔ‬ ‫ﺗﻌﺮﻳﻒ‬	-	١
	‫ﺍﻟﻌﻘﺪﻳﺔ‬ ‫ﻣﻘﻮﻣﺎﺗﻪ‬ ‫ﻟﻪ‬ ‫ﺍﻹﺳﻼﻡ‬ ‫ﻓﻲ‬ ‫ﺍﻹﺩﺍﺭﻱ‬ ‫ﺍﻟﻌﻤﻞ‬ ‫"ﺃﻥ‬	‫ﺍﻟﺨﻀﻴﺮﻱ:‬ ‫ﻣﺤﺴﻦ‬	‫ﻳﻘﻮﻝ‬
	ً ‫ﻗﻴﻮﺩ‬ ‫ﻳﺤﻜﻢ‬ ‫ﻁﺮﻳﻘﺎ‬ ‫ﻟﻪ‬ ‫ﻭﺗﺮﺳﻢ‬ ‫ﻭﻣﺤﺪﺩﺍﺕ،‬ ‫ﺍ‬	‫ﻟ‬ ‫ﺗﻀﻊ‬ ‫ﺍﻹﺳﻼﻣﻴﺔ‬ ‫ﺍﻟﻌﻘﻴﺪﺓ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻟﻘﺎﺋﻤﺔ‬ ‫ﻪ‬
	‫ﺍﻟﻜﻔﺎءﺓ‬ ‫ﺗﺴﺘﺨﺪﻡ‬ ‫ﺮ‬ ‫ﻧﻈ‬ ‫ﻐﻴﻠﻴﺔ‬ ‫ﺍﻟﺘﺸ‬ ‫ﺎءﺓ‬ ‫ﺍﻟﻜﻔ‬ ‫ﻣﺼﻄﻠﺢ‬ ‫ﻣﻌﺎﻧﻲ‬ ‫ﻋﺪﺓ‬ ‫ﺑﻬﺎ‬ ‫ﻭﻳﻘﺼﺪ‬ ً ‫ﺮ‬ ‫ﻭﻧﻈ‬ ‫ﺎﺭﻑ‬ ‫ﺍﻟﻤﺼ‬ ‫ﺔ‬ ‫ﻟﻄﺒﻴﻌ‬ ‫ﺍ‬ ‫ﻣﻨﻬﺎ‬ ‫؛‬ ‫ﺍﻟﺘﺸﻐﻴﻠ‬ ‫ﻭﺍﻟﻜﻔﺎءﺓ‬ ‫ﺍﻹﻧﺘﺎﺟﻴﺔ‬ ‫ﺍﻟﻜﻔﺎءﺓ‬ ‫ﻴﺔ‬ ً ‫ﺮﺗﺒﻂ‬ ‫ﺗ‬ ‫ﺔ‬ ‫ﺇﻧﺘﺎﺟﻴ‬ ‫ﺔ‬ ‫ﻛﻠﻤ‬ ‫ﻮﻥ‬ ‫ﻟﻜ‬ ‫ﺍ‬ ‫ﺍ‬ ‫ﻭﻓﻀﻠﻨﺎ‬ ‫ﺳﺘﺨﺪﺍﻡ‬ ‫ﻋ‬ ً ‫ﻤﻮﻣ‬ ‫ﺎ‬ ‫ﺑ‬ ‫ﺎﻟﺸﺮﻛﺎﺕ‬ ‫ﺑﻤ‬ ‫ﻭﻫﻲ‬ ‫ﺍﻟﺼﻨﺎﻋﻴﺔ،‬ ‫ﻌﻨ‬ ‫ﻰ‬ ‫ﺘﻐﻼﻝ‬ ‫ﺍﻻﺳ‬ ‫ﺍﻷ‬ ‫ﻰ‬ ‫ﺇﻟ‬ ‫ﻮﻝ‬ ‫ﻟﻠﻮﺻ‬ ‫ﺔ‬ ‫ﺍﻟﻤﺘﺎﺣ‬ ‫ﺎﺋﻞ‬ ‫ﻟﻠﻮﺳ‬ ‫ﻞ‬ ‫ﺍﻷﻣﺜ‬ ‫ﺪﺍﻑ‬ ‫ﻫ‬ ‫ﻭﺗﻘ‬ ‫ﺍﻟﻤﺴﻄﺮﺓ،‬ ‫ﺴ‬ ‫ﺐ‬ ‫ﺣﺴ‬ ‫ﻢ‬ ‫ﻫ‬ ‫ﺪﻓ‬ ‫ﻬﺎ‬ ‫ﻲ‬ ‫ﺗﻌﻨ‬ ‫ﻲ‬ ‫ﻭﺍﻟﺘ‬ ‫ﺎﻟﻴﻒ‬ ‫ﺍﻟﺘﻜ‬ ‫ﺎءﺓ‬ ‫ﻛﻔ‬ ‫ﻰ‬ ‫ﺇﻟ‬ ‫ﺘﺨﺪﺍﻡ‬ ‫ﺍﺳ‬ ‫ﻣﻤﻜﻨ‬ ‫ﺔ‬ ‫ﻗﻴﻤ‬ ‫ﻞ‬ ‫ﺃﻗ‬ ‫ﻦ‬ ‫ﻣ‬ ‫ﺔ‬ ‫ﺇﻟ‬ ‫ﺍﻟﻮﺻﻮﻝ‬ ‫ﺗﻌﻨﻲ‬ ‫ﻭﺍﻟﺘﻲ‬ ‫ﺍﻷﺭﺑﺎﺡ‬ ‫ﻛﻔﺎءﺓ‬ ‫ﻭﺇﻟﻰ‬ ‫ﺍﻟﻤﺴﻄﺮﺓ،‬ ‫ﺍﻟﻨﺘﺎﺋﺞ‬ ‫ﺇﻟﻰ‬ ‫ﻟﻠﻮﺻﻮﻝ‬ ‫ﺍﻟﻤﺪﺧﻼﺕ‬ ‫ﻰ‬ ‫ﺃﻗﺼ‬ ‫ﻰ‬ ‫ﺍﻟﻤﺪﺧﻼﺕ،‬ ‫ﻣﻦ‬ ‫ﺍﻟﻜﻤﻴﺔ‬ ‫ﺑﻨﻔﺲ‬ ‫ﺍﻟﻤﺨﺮﺟﺎﺕ‬ ‫ﻣﻦ‬ ‫ﻗﻴﻤﺔ‬ ‫ﺑﻴﻨﻤﺎ‬ ‫ﺎءﺓ‬ ‫ﺍﻟﻜﻔ‬ ‫ﺗﻘﺴﻢ‬ ‫ﻰ‬ ‫ﺇﻟ‬ ‫ﺎ‬ ‫ﻁﺒﻴﻌﺘﻬ‬ ‫ﺐ‬ ‫ﺣﺴ‬ ‫ﺎءﺓ‬ ‫ﺍﻟﻜﻔ‬ ‫ﺍﻟﺘﺨﺼﺼﻴﺔ‬ ‫ﻭﺍﻟ‬ ‫ﺔ‬ ‫ﺍﻟﻔﻨﻴ‬ ‫ﺍﻟﻜﻔﺎءﺓ‬ ‫ﻭﺇﻟﻰ‬ ‫ﺍﻟﻤﻮﺍﺭﺩ،‬ ‫ﻭﺗﻮﺯﻳﻊ‬ ‫ﺗﺨﺼﻴﺺ‬ ‫ﻓﻲ‬ ‫ﺍﻟﻜﻔﺎءﺓ‬ ‫ﺗﻌﻨﻲ‬ ‫ﻭﺍﻟﺘﻲ‬ ‫ﻲ‬ ‫ﺗﻌﻨ‬ ‫ﻲ‬ ‫ﺘ‬ ‫ﺍﺳﺘﻐﻼﻝ‬ ‫ﻞ.‬ ‫ﺃﻣﺜ‬ ‫ﻜﻞ‬ ‫ﺑﺸ‬ ‫ﻮﺍﺭﺩ‬ ‫ﺍﻟﻤ‬ ‫ﺗﻠﻚ‬ ‫ﺇ‬ ‫ﻮﻍ‬ ‫ﺍﻟﺒﻠ‬ ‫ﻲ‬ ‫ﺗﻌﻨ‬ ‫ﻲ‬ ‫ﺍﻟﺘ‬ ‫ﺔ‬ ‫ﺍﻟﻔﻌﺎﻟﻴ‬ ‫ﻦ‬ ‫ﻋ‬ ‫ﺎءﺓ‬ ‫ﺍﻟﻜﻔ‬ ‫ﻒ‬ ‫ﻭﺗﺨﺘﻠ‬ ‫ﺎﺋ‬ ‫ﺍﻟﻨﺘ‬ ‫ﻰ‬ ‫ﻟ‬ ‫ﺞ‬ ‫ﺍﻟﻤﺴﻄﺮﺓ‬ ‫ﺍﻟﻤﺴﺘﺨﺪﻣﺔ‬ ‫ﺍﻟﻮﺳﺎﺋﻞ‬ ‫ﺣﺠﻢ‬ ‫ﺍﻻﻋﺘﺒﺎﺭ‬ ‫ﺑﻌﻴﻦ‬ ‫ﺍﻷﺧﺬ‬ ‫ﺩﻭﻥ‬ .	) ٢٦ (

Abstract. Through this paper we seek to determine the relationship between the variables of corporate governance and financial performance of Islamic banks. Due to the special nature of the banking industry; which affects financial stability of the entire economy, we discussed theoretically the concept of corporate governance in the banking sector in general and Islamic banking in particular. Much of the discussion has been devoted in highlighting the specificity of governance in Islamic banks. These banks are subject to 'Double Governance'; Anglo-Saxon governance system and Islamic Governance System. We, then, measured the impact of corporate governance variables on financial performance through an empirical study on a sample of Islamic banks during the period 2005-2012 in the GCC region. 
The study found that there is a very strong relationship between the variables of governance and financial performance of Islamic banks; where there is a positive relationship between return on assets and the composition of the Board of Directors, the size of the Board of Directors, the number of committees in the Council, as well as the number of members of the Shariah Supervisory Board. At the same time it has been found that there is a negative relationship between return on assets and owner concentration variable. 

Keywords
(5) Cadbury Committee (1992) Report of the Committee on the Financial Aspects of Corporate Governance, London, Gee and Co Ltd. (6) Organization for Economic Co-operation and Development. (2000) Principles of