دانش سرمایه‌گذاری

دانش سرمایه‌گذاری

ارائه مدل تحمل ریسک مالی سرمایه‌گذاران در بازار سرمایه ایران با تأکید بر رویکرد ساختاری- تفسیری

نوع مقاله : مقاله پژوهشی

نویسندگان
قادر زلالی بناب 1
علی بشارت 2
عسگر پاک مرام 3
1 دانشجوی دکتری مهندسی مالی گروه حسابداری و مدیریت مالی، واحد مراغه، دانشگاه آزاد اسلامی، مراغه، ایران
2 استادیار گروه حسابداری و مدیریت مالی، واحد مراغه، دانشگاه آزاد اسلامی، مراغه، ایران.
3 دانشیار گروه حسابداری و مدیریت مالی، واحد بناب، دانشگاه آزاد اسلامی، بناب، ایران
10.30495/jik.2024.77436.4498
چکیده
تحمل ریسک مالی فرآیند پیچیده ای است که فراتر از استفاده انحصاری از ویژگی های جمعیتی است. علیرغم ضرورت توسعه یک مدل اندازه گیری تحمل ریسک مالی جامع، عواملی که ممکن است مهم باشند مدت ها نادیده گرفته شده اند. هدف مقاله ارائه مدل تحمل ریسک مالی سرمایه‌گذاران در بازار سرمایه ایران با تأکید بر رویکرد ساختاری- تفسیری است. برای این منظور در ابتدا مؤلفه‌های پژوهش از طریق ادبیات و مصاحبه نیمه ساختاریافته با 15 نفر از خبرگان و متخصصان حوزه مدیریت مالی و کارشناسان بازار سرمایه که حداقل دارای ده سال سابقه اجرایی بودند و به شیوه هدفمند انتخاب شدند، انجام شد. مصاحبه‌ها که در پاییز 1402 انجام شد با سه روش کدگذاری باز، محوری و انتخابی کدگذاری شدند و درنهایت پانزده مؤلفه شناسایی شد. یک مدل ساختاری- تفسیری با استفاده از نرم افزار متلب برای ارائه مدل پژوهش ایجاد گردید. نتایج نشان می‌دهد مدل تفسیری ساختاری مطالعه در شش سطح قابل‌ارائه است که در بالاترین سطح دانش مالی، میزان تحمل ریسک، گروه های نسلی و آگاهی از ریسک شناسایی شدند. پس‌ از آن موقعیت مؤلفه‌های شناسایی‌شده با استفاده از نرم افزار میک‌مک مبتنی بر قدرت نفوذ و وابستگی مشخص شد و شش گروه شامل متغیرهای تأثیرگذار، ریسک، هدف، تنظیمی ، اهرمی ثانویه و متغیرهای مستقل شناسایی گردید. تحلیل میک‌مک نشان داد مدل تحمل ریسک مالی سرمایه‌گذاران در بازار سرمایه ایران سیستمی ناپایدار است.
کلیدواژه‌ها
تحمل ریسک مالی
بازار سرمایه ایران
رویکرد ساختاری – تفسیری
میک‌مک

عنوان مقاله English

Presenting the financial risk tolerance model of investors in the Iranian capital market with an emphasis on the structural-interpretive approach

نویسندگان English

Qadir Zalali Bonab 1
Ali besharat 2
asgar pakmaram 3
1 PhD Candidate of Financial Engineering, Department of Accounting and Financial Management, Maragheh Branch, Islamic Azad University, Maragheh, Iran.
2 Assistant Professor, Accounting and Finance Department, Maragheh Branch, Islamic Azad University, Maragheh, Iran
3 Associate Professor., Accounting and Finance Department, Bonab Branch, Islamic Azad University Bonab, Iran.
چکیده English

The measurement of financial risk tolerance is a complex process that extends beyond relying solely on demographic characteristics. Despite the need for a comprehensive model to measure financial risk tolerance, important factors have often been overlooked. This article aims to present a financial risk tolerance model for investors in the Iranian capital market, with a focus on the structural-interpretive approach. The research components were initially developed through a review of the literature and semi-structured interviews with 15 experts in financial management and the capital market. These experts were selected based on their ten or more years of executive experience using a snowball sampling method. The interviews were coded using three methods: open coding, central coding, and selective coding, resulting in the identification of fifteen components. A structural-interpretive model was subsequently created using MATLAB software to illustrate the research model. The findings reveal that the study's structural-interpretive model can be categorized into six levels: financial knowledge, risk tolerance, generational groups, and risk awareness, which represent the highest level. Furthermore, the positions of the identified components were determined using Micmack software based on influence and dependence, leading to the identification of six groups: influential, risk-related, target, regulatory, secondary leverage, and independent variables. Micmac analysis demonstrated that the financial risk tolerance model for investors in Iran's capital market is an unstable system.

کلیدواژه‌ها English

Financial Risk Tolerance
Iran's Capital Market
Structural-Interpretive Approach
Mic-mack
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