51 ﺔﻴﳘﺃ ﺔﻴﳘﺃ ﺔﻴﳘﺃ ﺔﻴﳘﺃ ﻢﻴﻴﻘﺗ ﻢﻴﻴﻘﺗ ﻢﻴﻴﻘﺗ ﻢﻴﻴﻘﺗ ﺕﺎﺴﺳﺆﳌﺍ ﺕﺎﺴﺳﺆﳌﺍﺕﺎﺴﺳﺆﳌﺍ ﺕﺎﺴﺳﺆﳌﺍ ﰲ ﰲ ﰲ ﰲ ﺡﺎﳒﺇ ﺡﺎﳒﺇ ﺡﺎﳒﺇ ﺡﺎﳒﺇ ﺮﺋﺍﺰﳉﺍ ﰲ ﺔﺼﺻﻮﳋﺍ ﺭﺎﺴﻣ ﺮﺋﺍﺰﳉﺍ ﰲ ﺔﺼﺻﻮﳋﺍ ﺭﺎﺴﻣ ﺮﺋﺍﺰﳉﺍ ﰲ ﺔﺼﺻﻮﳋﺍ ﺭﺎﺴﻣ ﺮﺋﺍﺰﳉﺍ ﰲ ﺔﺼﺻﻮﳋﺍ ﺭﺎﺴﻣ ﺃ . ﺖﻤﺼﻋ ﻮﲪ ﻦﺑ ﺪﻤﳏ ﺃ . ﺏﺎﻄﺧ ﻲﺷﻭﺮﳍﺍ ﱎﺎﻐﺘﺴﻣ ﺔﻌﻣﺎﺟ ﺺﺨﻠﳌﺍ ﺺﺨﻠﳌﺍﺺﺨﻠﳌﺍ ﺺﺨﻠﳌﺍ :::: ﺎﻣﺪﻨﻋ ﻖﻠﻌﺘﻳ ﺮﻣﻷﺍ ،ﺔﺼﺻﻮﳋﺎﺑ ﻥﺈﻓ ﻉﻮﺿﻮﻣ ﻢﻴﻴﻘﺘﻟﺍ ﺢﺒﺼﻳ ؛ ﺔﻴﳘﻷﺍ ﻎﻟﺎﺑ ﺚﻴﺣ ﺪﻤﺘﺴﻳ ﻩﺬﻫ ﺔﻧﺎﻜﳌﺍ ﻦﻣ ﺔﻴﳘﻷﺍ ﱵﻟﺍ ﺔﺻﺎﳋﺍ ﺖﻴﻈﺣ ﺔﻴﲡﺍﺮﺘﺳﺇ ﺎ ﺔﺼﺻﻮﳋﺍ ﰲ ﺮﺋﺍﺰﳉﺍ ﰲ ﺕﺍﻮﻨﺴﻟﺍ ﺓﲑﺧﻷﺍ . ﻓ ﺩﺮﺠﻤﺒ ﻥﺃ ﺬﺨﺘﻳ ﺭﺍﺮﻘﻟﺍ ، ﻊﻀﲣ ﺕﺎﺴﺳﺆﳌﺍ ﺔﻴﻣﻮﻤﻌﻟﺍ ﻉﻮﺿﻮﻣ ﺔﺼﺻﻮﳋﺍ ﱃﺇ ﺔﻴﻠﻤﻋ ﻢﻴﻴﻘﺘﻟﺍ ﱵﻟﺍ ﺽﺮﺘﻔﻳ ﻥﺃ ﻢﺘﺗ ﻰﻠﻋ ﲔﺘﻠﺣﺮﻣ ﲔﺘﻠﻣﺎﻜﺘﻣ ﺎﳘ ﻰﻠﻋ ﺐﻴﺗﺮﺘﻟﺍ : ﺺﻴﺨﺸﺘﻟﺍ ﻭ ﺭﺎﻴﺘﺧﺍ ﻕﺮﻃ ﺮﻳﺪﻘﺘﻟﺍ ﺮﺜﻛﻷﺍ ﺔﻤﺋﻼﻣ ﻊﻗﺍﻮﻠﻟ ﻱﺬﻟﺍ ﻒﺸﻜﻳ ﻪﻨﻋ ﺺﻴﺨﺸﺘﻟﺍ ﰒ ﻢﻴﻴﻘﺗ ﺔﺴﺳﺆﳌﺍ . ﻦﻜﻟ ﻥﻮﻛ ﺕﺎﻴﻠﻤﻋ ﻢﻴﻴﻘﺘﻟﺍ ﺖﲤ ﰲ ﻖﺑﺎﺴﻟﺍ ﻦﻣ ﺔﻬﺟﻭ ﺮﻈﻧ ﺔﻴﺒﺳﺎﳏ ﺓﺮﺻﺎﻗ ، ﻱﺃ ﻡﺍﺪﺨﺘﺳﺎﺑ ﻕﺮﻃ ﻢﻴﻴﻘﺘﻟﺍ ﺎﻫﺪﺣﻮﻟ ﻥﻭﺩ ﺬﺧﻷﺍ ﲔﻌﺑ ﺭﺎﺒﺘﻋﻻﺍ ﻊﻗﺍﻭ ﺔﺴﺳﺆﳌﺍ ﻱﺬﻟﺍ ﻥﺎﻛ ﺽﺮﺘﻔﻳ ﻥﺃ ﻢﺘﻳ ﻒﺸﻜﻟﺍ ﻪﻨﻋ ﺔﻄﺳﺍﻮﺑ ﺺﻴﺨﺸﺘﻟﺍ ، ﺪﻘﻓ ﻯﺩﺃ ﻚﻟﺫ ﱃﺇ ﺩﺎﻌﺘﺑﺍ ﺔﻴﻠﻤﻋ ﻢﻴﻴﻘﺘﻟﺍ ﱄﺎﺘﻟﺎﺑﻭ ﺮﻌﺳ ﻝﺯﺎﻨﺘﻟﺍ ﻦﻋ ﺔﻤﻴﻘﻟﺍ ﺔﻴﻘﻴﻘﳊﺍ ﺔﺴﺳﺆﻤﻠﻟ . ﺔﻴﺣﺎﺘﻔﳌﺍ ﺕﺎﻤﻠﻜﻟﺍ ﺔﻴﺣﺎﺘﻔﳌﺍ ﺕﺎﻤﻠﻜﻟﺍ ﺔﻴﺣﺎﺘﻔﳌﺍ ﺕﺎﻤﻠﻜﻟﺍ ﺔﻴﺣﺎﺘﻔﳌﺍ ﺕﺎﻤﻠﻜﻟﺍ :::: ﺔﻴﻘﻴﻘﳊﺍ ﺔﻤﻴﻘﻟﺍ ،ﺺﻴﺨﺸﺘﻟﺍ ،ﻢﻴﻴﻘﺘﻟﺍ ﺔﻴﻠﻤﻋ ،ﺔﻴﻣﻮﻤﻌﻟﺍ ﺕﺎﺴﺳﺆﳌﺍ،ﺔﺼﺻﻮﳋﺍ . Abstract:
when it comes to the issue of privatization , evaluation becomes of a great importance which is delivered by the strategy of privatization in Algeria in the last decade.
Once the decision is taken, public institutions subjects the issue of privatization to the subject of evaluation that is devided into two phases complementary phases that are respectively the diagnosis and estimation methods that are selected so as to fit best to the real situation of the institution.
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However, the fact that, in the past, the assessment processes took place from the perspective of an accounting deficient, that is using the methods of evaluation alone without taking into account the reality of the institution that was supposed to be detected by the diagnosis, led to the decrease of the real value of the institution.
Key words: privatization , public institutions, evaluation, diagnosis, real value ﺔﻣﺪﻘﳌﺍ ﺔﻣﺪﻘﳌﺍﺔﻣﺪﻘﳌﺍ ﺔﻣﺪﻘﳌﺍ ﻥﺇ ﻪﺟﻮﺘﻟﺍ ﻮﳓ ﳋﺍ ﺻﻮ ﺔﺼ ﰲ ﳉﺍ ﺮﺋﺍﺰ ﺀﺎﺟ ﰲ ﻢﻀﺧ ﻪﺟﻮﺗ ﻲﳌﺎﻋ ﲑﺒﻛ ﻢﺿ ﺮﺜﻛﺃ ﻦﻣ ﺔﺌﻣ ﺔﻟﻭﺩ ﺖﻌﻓﺩ ﻪﻴﻟﺍ ﺕﺎﻬﳉﺍ ﺔﳓﺎﳌﺍ ﻰﻠﻋﻭ ﺎﻬﺳﺃﺭ ﻕﻭﺪﻨﺻ ﺪﻘﻨﻟﺍ ﻚﻨﺒﻟﺍﻭ ﻴﻟﻭﺪﻟﺍ ﲔ ﻦﻤﺿ ﺎﻣ ﻑﺮﻌﻳ ﹺﺏ " ﻖﻓﺍﻮﺗ ﻦﻄﻨﺷﺍﻭ .1" ﺪﻗﻭ ﺰﺗﺍ ﻦﻣ ﻚﻟﺫ ﻊﻣ ﺽﺮﻌﺗ ﳉﺍ ﺮﺋﺍﺰ ﰲ ﺔﻳﺎ ﺕﺎﻨﻴﻧﺎﻤﺜﻟﺍ ﱃﺇ ﺔﻣﺯﺃ ﺔﻳﺩﺎﺼﺘﻗﺍ ﺔﻨﺳ ﺕﺎﻗﻭﺮﶈﺍ ﺔﻣﺯﺃ 1986 -ﺖﻧﺎﻛ ﺓﺪﻳﺪﺷ ﺓﺄﻃﻮﻟﺍ ﻰﻠﻋ ﺩﺎﺼﺘﻗﻻﺍ ، ﹰﺎﺻﻮﺼﺧﻭ ﻦﻣ ﺔﻴﺣﺎﻧ ﺭﺎﻴﺍ ﺮﻌﺳ ﻑﺮﺻ ،ﺭﺎﻨﻳﺪﻟﺍ ﺔﻴﻧﻮﻳﺪﳌﺍ ﻉﺎﻔﺗﺭﺍ ﻒﻌﺿﻭ ﻝﺪﻌﻣ ﻮﻤﻨﻟﺍ ﻱﺩﺎﺼﺘﻗﻻﺍ ﻰﻠﻋ ﻯﺪﻣ ﺓﺪﻋ ﺕﺍﻮﻨﺳ . ﺎﺘﻓﺎﺿﺍ ﱃﺇ ﻒﻌﺿ ﺀﺍﺩﺃ ﻉﺎﻄﻘﻟﺍ ﻡﺎﻌﻟﺍ . ﱄﺎﺘﻟﺎﺑﻭ ﺎﻫﲑﻐﻛﻭ ﻦﻣ ﻝﻭﺪﻟﺍ ﱴﻟﺍ ﺕﺪﻬﺷ ﺕﺎﻣﺯﺃ ﺔﻳﺩﺎﺼﺘﻗﺍ ﺔﲨﺎﻧ ﻦﻋ ﻢﻗﺎﻔﺗ ﻕﺎﻔﻧﻹﺍ ﻡﺎﻌﻟﺍ ﻢﺨﻀﺘﻟﺍﻭ ﻭ ﺮﺗ ﻢﻛﺍ ﺔﻴﻧﻮﻳﺪﳌﺍ ، ﺖﻧﺎﻛ ﺕﺍﺭﺎﻴﳋﺍ ﺓﺩﻭﺪﳏ ، ﻢﻠﻓ ﻦﻜﻳ ﻙﺎﻨﻫ ﻞﻳﺪﺑ ﻉﺎﻴﺼﻧﻻﺍ ﻦﻋ ﻟ ﺕﺎﺴﺳﺆﻤﻠ ﺔﻴﻟﻭﺪﻟﺍ ﱵﻟﺍ ﺖﺒﹼﻠﻄﺗ ﺪﻗ ﺭ ﺍ ﹰﺎﻴﻟﺎﻋ ﻦﻣ ﻒﺸﻘﺘﻟﺍ ﰲ ،ﻕﺎﻔﻧﻹﺍ ﺮﻳﺮﲢﻭ ﻕﺍﻮﺳﻷﺍ ﻭ ﺎﺻﻮﺼﺧ ﳋﺍ ﺻﻮ ﺔﺼ . ﶈﺍ ﺭﻭﺪﻠﻟ ﻪﺴﻔﻧ ﺽﺮﻔﻳ ﻡﻮﻬﻔﻤﻛ ﻢﻴﻴﻘﺘﻟﺍ ﺮﻬﻇ ﱄﺎﺘﻟﺎﺑﻭ ﰲ ﻪﺒﻌﻠﻳ ﻱﺬﻟﺍ ﻱﺭﻮ ﺡﺎﳒﺇ ﺔﺳﺎﻴﺳ ﺔﺼﺻﻮﳋﺍ . ﻭ ﺪﺼﻗ ﻡﺎﳌﻹﺍ ﻒﻠﺘﺨﲟ ﺐﻧﺍﻮﺟ ﻩﺬﻫ ،ﺔﺳﺍﺭﺪﻟﺍ ﺕﺯﺮﺑ ﺔﻴﳘﺃ ﺔﺑﺎﺟﻹﺍ ﻝﺍﺆﺴﻟﺍ ﻰﻠﻋ ﻱﺮﻫﻮﳉﺍ ﱄﺎﺘﻟﺍ ﺎﻣ ﺍ ﻮﻫ ﻪﺑ ﺕﺮﻣ ﻱﺬﻟﺍ ﺭﺎﺴﳌ ﺔﻴﲡﺍﺮﺘﺳﺇ ﺔﺼﺻﻮﳋﺍ ﺮﺋﺍﺰﳉﺍ ﰲ ، ﻭ ﻕﺮﻃ ﺭﻮﺼﻗ ﻯﺪﻣ ﺎﻣ ﻢﻴﻴﻘﺘﻟﺍ ﻚﻟﺫ ﰲ ﺓﺪﻤﺘﻌﳌﺍ ؟ 1 ﻦﻄﻨﺷﺍﻭ ﺎﻫﺮﻘﻣ ﺕﺄﻴﻫ ﺙﻼﺛ ﻢﺿ ﻪﻧﻮﻜﻟ ﺍﺮﻈﻧ ﻚﻟﺬﻛ ﻲﲰ .
53 1 -ﺔﺼﺻﻮﳋﺍ ﻒﻳﺮﻌﺗ ﺔﺼﺻﻮﳋﺍ ﻒﻳﺮﻌﺗﺔﺼﺻﻮﳋﺍ ﻒﻳﺮﻌﺗ ﺔﺼﺻﻮﳋﺍ ﻒﻳﺮﻌﺗ :::: ﺕﺎﻴﻟﺁ ﻰﻠﻋ ﱪﻛﻷﺍ ﺩﺎﻤﺘﻋﻻﺍ ﻑﺪ ﱵﻟﺍ ﺔﻠﻣﺎﻜﺘﳌﺍ ﺕﺎﺳﺎﻴﺴﻟﺍ ﻦﻣ ﺔﻋﻮﻤﳎ ﻦﻋ ﺓﺭﺎﺒﻋ ﻲﻫ ﺔﺼﺻﻮﳋﺍ ﺔﻴﻋﺎﻤﺘﺟﻻﺍ ﺔﻟﺍﺪﻌﻟﺍ ﻭ ﺔﻴﻤﻨﺘﻟﺍ ﻖﻴﻘﲢ ﻞﺟﺍ ﻦﻣ ﺔﺴﻓﺎﻨﳌﺍ ﻭ ﺹﺎﳋﺍ ﻉﺎﻄﻘﻟﺍ ﺕﺍﺭﺩﺎﺒﻣﻭ ﻕﻮﺴﻟﺍ 2 ﺎﻤﻛ ﻢﻗﺭ ﺮﻣﻻﺍ ﰲ ﺔﺼﺻﻮﳋﺍ ﻒﻳﺮﻌﺗ ﰎ 01 -04 ﰲ 20 ﺕﻭﺃ 2001 , ﻢﻴﻈﻨﺘﻟﺎﺑ ﺔﻘﻠﻌﺘﳌﺍ ﺔﻳﺩﺎﺼﺘﻗﻻﺍ ﺔﻴﻣﻮﻤﻌﻟﺍ ﺕﺎﺴﺳﺆﳌﺍ ﺔﺼﺻﻮﺧﻭ ﲑﻴﺴﺘﻟﺍﻭ . ﻥﻮﻧﺎﻘﻟﺍ ﻥﻮﻤﻀﻣ ﺐﺴﺣ 01 -04 ، " ﺔﺼﺻﻮﳋﺍ ﺩﺪﲢ ﻱﺩﺆﺗ ﺔﻘﻔﺻ ﺔﻳﺃ ﱃﺇ ﻞﻳﻮﺤﺘﻟﺍ ﱃﺇ ﺹﺎﺨﺷﺃ ﺹﺎﳋﺍ ﻥﻮﻧﺎﻘﻟﺍ ﻱﻭﺫ ﲔﻳﻮﻨﻌﻣ ﺹﺎﺨﺷﺃ ﻭﺃ ﺔﻴﻜﻠﻣ ﰲ ﺎﻤﻛ،ﺔﻴﻣﻮﻤﻌﻟﺍ ﺕﺎﺴﺳﺆﳌﺍ ﰲ : •••• ﻦﻣ ﺀﺰﺟ ﻭﺃ ﻞﻛ ﻝﺎﻣ ﺱﺃﺭ ﱵﻟﺍ ﺕﺎﻛﺮﺸﻟﺍ ﻭﺃ ﺮﺷﺎﺒﻣ ﲑﻏ ﻭﺃ ﺮﺷﺎﺒﻣ ﻞﻜﺸﺑ ﺔﻟﻭﺪﻟﺍ ﺎﻬﻜﻠﲤ ﻑﺮﻃ ﻦﻣ ، ﻲﻣﻮﻤﻌﻟﺍ ﻥﻮﻧﺎﻘﻟﺍ ﻱﻭﺫ ﲔﻳﻮﻨﻌﻣ ﺹﺎﺨﺷﺃ ﺱﺃﺭ ﻦﻣ ﺺﺼﺣﻭﺃ ،ﻢﻬﺳﻷﺍ ﻊﻴﺒﺑ ؛ﻝﺎﳌﺍ ﺱﺃﺭ ﺓﺩﺎﻳﺯ ﰲ ﻙﺍﺮﺘﺷﻻﺍ ﻭﺃ ﻝﺎﳌﺍ •••• ﻞﻜﺸﺗ ﱵﻟﺍ ﻝﻮﺻﻷﺍ ﺓﺪﺣﻭ ﺔﻠﻘﺘﺴﻣ ﻝﻼﻐﺘﺳﺍ ﺔﻟﻭﺪﻠﻟ ﺔﻌﺑﺎﺘﻟﺍ ﺕﺎﻛﺮﺸﻠﻟ ." 3 ﺔﻳﺩﺎﺼﺘﻗﺍ ﺔﻔﺴﻠﻓ ﺎﺃ ﻰﻠﻋ ﺎﻬﻔﻳﺮﻌﺗ ﻦﻜﳝ ﺎﻤﻛ ﻦﻣ ﲑﺒﻛ ﺩﺪﻋ ﻞﻳﻮﺤﺘﻟ ﺔﻴﺠﻴﺗﺍﺮﺘﺳﺇ ﺕﺍﺫ ﺔﺜﻳﺪﺣ ﻉﺎﻄﻘﻟﺍ ﻦﻣ ﺔﻟﻭﺪﻠﻟ ﺎﻴﻠﻌﻟﺍ ﺔﺳﺎﻴﺴﻟﺎﺑ ﻂﺒﺗﺮﺗ ﻻ ﱵﻟﺍ ﺔﻴﻋﺎﻤﺘﺟﻻﺍ ﺕﺎﻣﺪﳋﺍ ﻭ ﺔﻳﺩﺎﺼﺘﻗﻻﺍ ﺕﺎﻋﺎﻄﻘﻟﺍ ﺓﱪﳋﺍ ﻝﺎﺧﺩﺈﺑ ﻚﻟﺫ ﻭ ﺹﺎﳋﺍ ﻉﺎﻄﻘﻟﺍ ﻭ ﺔﻟﻭﺪﻟﺍ ﲔﺑ ﺔﻳﺪﻗﺎﻌﺗ ﺔﻗﻼﻋ ﻲﻫ ﻭﺃ ﺹﺎﳋﺍ ﻉﺎﻄﻘﻟﺍ ﱃﺇ ﻡﺎﻌﻟﺍ ﺕﺎﺸﻨﳌﺍ ﺔﻄﺸﻧﺃ ﰲ ﻉﺎﻄﻘﻟﺍ ﺍﺬﳍ ﺔﻳﺭﺍﺩﻹﺍ ﺔﺻﺎﳋﺍ ﺓﺎﺸﻨﳌﺍ ﲑﻴﺴﺗ ﺔﻘﻳﺮﻄﻟ ﺎﻘﻓﻭ ﺎﺭﺍﺩﺇﻭ ﺔﻣﺎﻌﻟﺍ . 4 2222 -ﺔﻳﺮﺋﺍﺰﳉﺍ ﺕﺎﺴﺳﺆﳌﺍ ﺔﺼﺻﻮﳋ ﺔﻳﺮﻈﻨﻟﺍ ﺕﺍﺭﱪﳌﺍ ﺔﻳﺮﺋﺍﺰﳉﺍ ﺕﺎﺴﺳﺆﳌﺍ ﺔﺼﺻﻮﳋ ﺔﻳﺮﻈﻨﻟﺍ ﺕﺍﺭﱪﳌﺍ ﺔﻳﺮﺋﺍﺰﳉﺍ ﺕﺎﺴﺳﺆﳌﺍ ﺔﺼﺻﻮﳋ ﺔﻳﺮﻈﻨﻟﺍ ﺕﺍﺭﱪﳌﺍ ﺔﻳﺮﺋﺍﺰﳉﺍ ﺕﺎﺴﺳﺆﳌﺍ ﺔﺼﺻﻮﳋ ﺔﻳﺮﻈﻨﻟﺍ ﺕﺍﺭﱪﳌﺍ :::: ﲔﻤﺴﻗ ﱃﺇ ﺔﺼﺻﻮﳋﺍ ﺞﻣﺎﻧﺮﺑ ﺮﺋﺍﺰﳉﺍ ﲏﺒﺗ ﺕﺍﺮﻳﱪﺗ ﻢﻴﺴﻘﺗ ﻦﻜﳝ : • ﻲﺋﺰﳉﺍ ﺩﺎﺼﺘﻗﻻﺍ ﻯﻮﺘﺴﻣ ﺕﺍﺭﱪﻣ ﻲﺋﺰﳉﺍ ﺩﺎﺼﺘﻗﻻﺍ ﻯﻮﺘﺴﻣ ﺕﺍﺭﱪﻣ ﻲﺋﺰﳉﺍ ﺩﺎﺼﺘﻗﻻﺍ ﻯﻮﺘﺴﻣ ﺕﺍﺭﱪﻣ ﻲﺋﺰﳉﺍ ﺩﺎﺼﺘﻗﻻﺍ ﻯﻮﺘﺴﻣ ﺕﺍﺭﱪﻣ :::: ﺡﺮﺷ ﻝﻭﺎﳓ ﻑﻮﺳ ﻲﺋﺰﳉﺍ ﺩﺎﺼﺘﻗﻻﺍ ﻯﻮﺘﺴﻣ ﻰﻠﻋ ﺕﺎﺳﺍﺭﺪﻟﺍ ﺾﻌﺑ ﱃﺇ ﻕﺮﻄﺘﻟﺎﺑ ﻚﻟﺍﺫﻭ ﺔﻣﺎﻌﻟﺍ ﺕﺎﺸﻨﳌﺍ ﻰﻠﻋ ﺔﺻﺎﳋﺍ ﺕﺎﺸﻨﳌﺍ ﺔﻴﻠﻋﺎﻓ ﻕﻮﻔﺗ 2 ﻥﺎﻬﻴﺷ ﺪﲪ ﺏﺎﻬﺷ , ﻱﺩﺎﺼﺘﻗﻻﺍ ﺀﺍﺩﻷﺍ ﺓﺀﺎﻔﻛ ﻊﻓﺭ ﰲ ﺎﺎﺳﺎﻜﻌﻧﺍ ﻭ ﺔﺼﺨﺼﳋﺍ ﺔﻴﻟﺎﻜﺷﺇ , ﺔﻳﺭﺍﺩﻻﺍ ﻭ ﺔﻳﺩﺎﺼﺘﻗﻻﺍ ﻡﻮﻠﻌﻠﻟ ﺭﺎﺒﻧﻻﺍ ﺔﻌﻣﺎﺟ ﺔﻠﳎ , ﺩﺪﻌﻟﺍ 2 , 2008 , ﺹ 03 3 ﻢﻗﺭ ﺔﻴﲰﺮﻟﺍ ﺓﺪﻳﺮﳉﺍ 62 ﺑ ﺦﻳﺭﺎﺘ 24 ﺮﺑﻮﺘﻛﺃ 2001 4 ﱐﺍﺪﻬﺸﳌﺍ ﻥﻭﺪﲪ ﻱﺪﲪ ﺪﻟﺎﺧ , ﺨﻀﺘﻟﺍ ﺕﻻﺪﻌﻣ ﰲ ﺎﻫﺭﺎﺛﺃﻭ ﺔﺼﺨﺼﳋﺍ ﻱﺩﺎﺼﺘﻗﻻﺍ ﻮﻤﻨﻟﺍ ﺕﻻﺪﻌﻣ ﻰﻠﻋ ﺎﺎﺳﺎﻜﻌﻧﺍﻭ ﻢ , ﺮﺸﻨﻟ ﻞﺋﺍﻭ ﺭﺍﺩ ﻥﺩﺭﻷﺍ , 2013 , ﺹ 14
54 ﺔﻓﺮﻌﻣ ﲔﻳﺩﺎﺼﺘﻗﻻﺍ ﺎﳍﻼﺧ ﻦﻣ ﻝﻭﺎﺣ ﱵﻟﺍ ﻡﻮﻬﻔﻣﻭ ﺔﻴﻜﻠﳌﺍ ﻕﻮﻘﺣ ﺔﻌﻴﺒﻃ ﲔﺑ ﺔﻗﻼﻌﻟﺍ ﺓﺎﺸﻨﳌﺍ ﺔﻴﻠﻋﺎﻓ , ﺕﺎﺳﺍﺭﺪﻟﺍ ﻩﺬﻫ ﺺﻴﺨﻠﺗ ﻦﻜﳝﻭ ﻲﻠﻳﺎﻤﻛ : ﻝﻭﺪﺟ ﻝﻭﺪﺟ ﻝﻭﺪﺟ ﻝﻭﺪﺟ ﻢﻗﺭ ﻢﻗﺭﻢﻗﺭ ﻢﻗﺭ )))) 1111 ((((:::: ﺔﺻﺎﳋﺍﻭ ﺔﻴﻣﻮﻤﻌﻟﺍ ﺕﺎﺸﻨﳌﺍ ﺞﺋﺎﺘﻧ ﲔﺑ ﺔﻧﺭﺎﻘﻣ ﺕﺎﺳﺍﺭﺩ ﺔﺻﺎﳋﺍﻭ ﺔﻴﻣﻮﻤﻌﻟﺍ ﺕﺎﺸﻨﳌﺍ ﺞﺋﺎﺘﻧ ﲔﺑ ﺔﻧﺭﺎﻘﻣ ﺕﺎﺳﺍﺭﺩ ﺔﺻﺎﳋﺍﻭ ﺔﻴﻣﻮﻤﻌﻟﺍ ﺕﺎﺸﻨﳌﺍ ﺞﺋﺎﺘﻧ ﲔﺑ ﺔﻧﺭﺎﻘﻣ ﺕﺎﺳﺍﺭﺩ ﺔﺻﺎﳋﺍﻭ ﺔﻴﻣﻮﻤﻌﻟﺍ ﺕﺎﺸﻨﳌﺍ ﺞﺋﺎﺘﻧ ﲔﺑ ﺔﻧﺭﺎﻘﻣ ﺕﺎﺳﺍﺭﺩ
Eddine SADI «La Privatisation Des Entreprises Publiques
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en Algérie , Objectifs ,Modalités et Enjeux.2005.P 75 ﻞﻣﺍﻮﻌﻟﺍ ﻦﻣ ﺐﺒﺴﺑ ﻚﻟﺫ ﻭ ﺔﻴﻣﻮﻤﻌﻟﺍ ﺕﺎﺸﻨﳌﺍ ﺔﻴﻟﺎﻌﻓ ﻒﻌﺿ ﻆﺣﻼﻧ ﺔﻘﺑﺎﺴﻟﺍ ﺕﺎﺳﺍﺭﺪﻟﺍ ﻦﻣ ﺔﻴﻟﺎﺘﻟﺍ ﻁﺎﻘﻨﻟﺍ ﰲ ﺎﻬﺼﻴﺨﻠﺗ ﻦﻜﳝ ﱵﻟﺍ : -ﺔﻴﻣﻮﻤﻌﻟﺍ ﺕﺎﺸﻨﳌﺍ ﺎﻬﻴﻓ ﻞﻤﻌﺗ ﱵﻟﺍ ﺔﻳﺭﺎﻜﺘﺣﻻﺍ ﺔﻴﻌﺿﻮﻟﺍ ﺕﺎﺸﻨﳌﺎﺑ ﻞﻣﺍﻮﻌﻠﻟ ﺔﻣﺎﻌﻟﺍ ﺔﻴﺟﺎﺘﻧﻺﻟ ﻮﻤﻨﻟﺍ ﺔﺒﺴﻧ ﻂﺳﻮﺘﻣ ﻥﺃ ﻢﻏﺭ ﺔﻣﺎﻌﻟﺍ ) 2.65 ( ﺔﺻﺎﳋﺍ ﺕﺎﺸﻨﳌﺍ ﻮﻤﻨﻟﺍ ﺔﺒﺴﻧ ﻦﻣ ﲑﺜﻜﺑ ﻰﻠﻋﺃ ) 1.84 ( , ﺕﺮﻬﻇﺃ ﺪﻘﻠﻓ 10 ﻦﻣ ﺔﺻﺎﺧ ﺕﺎﺸﻨﻣ 14 ﺔﻴﻟﺎﻌﻓ ﺓﺎﺸﻨﻣ ﻞﻤﻌﻟﺍ ﻝﺎﻤﻌﺘﺳﺍﻭ ﻝﺎﳌﺍ ﺱﺃﺮﺑ ﻖﻠﻌﺘﻳ ﺎﻤﻴﻓ ﱪﻛﺍ ﻦﻣ ﺝﻮﺘﻨﳌﺍ ﺓﺪﺣﻮﺑ ﻡﺎﻌﻟﺍ ﻉﺎﻄﻘﻟﺎﺑ ﺎﲑﻈﻧ . ﺔﻴﻣﻮﻤﻌﻟﺍ ﺕﺎﺸﻨﳌﺍ ﺞﺋﺎﺘﻧ ﲔﺑ ﺔﻧﺭﺎﻘﻣ ﻲﻛﺮﺘﻟﺍ ﻲﻋﺎﻨﺼﻟﺍ ﻉﺎﻄﻘﻟﺍ ﰲ ﺔﺻﺎﳋﺍﻭ ﺓﺮﺘﻔﻟﺍ ﻝﻼﺧ 1963 -1976 1982 ﺮﺟﺮﻛ (krueger) ﺮﺴﻧﻮﺗﻭ (tuncer) ﻡﺎﳋﺍ ﺕﺎﺟﺮﺨﳌﺍ ﺹﺎﳋﺍ ﻉﺎﻄﻘﻟﺎﺑ ) ﻡﺎﳋﺍ ﺕﺎﺠﺘﻨﳌﺍ ( ﺱﺃﺭ ﺓﺪﺣﻮﺑ ﺔﺒﺴﻨﺑ ﻰﻠﻋﺃ ﺔﻓﺎﻀﳌﺍ ﺔﻤﻴﻘﻠﻟ ﺔﺒﺴﻨﻛ ﺾﺋﺎﻔﻟﺍﻭ ﻝﺎﳌﺍ 14.4 % ﻭ 7.7 % ﻡﺎﻌﻟﺍ ﻉﺎﻄﻘﻟﺍ ﻦﻣ . ﻲﻠﻤﻋ ﺾﺋﺎﻓ ﺔﺻﺎﳋﺍ ﺕﺎﺴﺳﺆﳌﺍ ﻯﺪﻟ , ﺓﲑﺒﻛ ﺮﺋﺎﺴﺧ ﺔﻴﻣﻮﻤﻌﻟﺍ ﺕﺎﺸﻨﳌﺍ ﺕﺪﺒﻜﺗ ﺎﻤﻨﻴﺑ . ﻭ ﺔﻴﻣﻮﻤﻌﻟﺍ ﺕﺎﺸﻨﳌﺍ ﺞﺋﺎﺘﻧ ﲔﺑ ﺔﻧﺭﺎﻘﻣ ﺎﻄﻘﻟﺍ ﰲ ﺔﺻﺎﳋﺍ ﻝﻼﺧ ﱐﺍﺰﻨﺘﻟﺍ ﻲﻋﺎﻨﺼﻟﺍ ﻉ ﺓﺮﺘﻔﻟﺍ 1970 -1975 . 1981 (kIM)ﻢﻴﻛ ﺕﻻﺎﳊﺍ ﻢﻈﻌﻣ ﰲ ﺔﻴﺿﺮﻣ ﲑﻏ ﺔﻴﻣﻮﻤﻌﻟﺍ ﺕﺎﺸﻨﳌﺍ ﺞﺋﺎﺘﻧ ﺖﻧﺎﻛ . ﻊﻣ ﻒﻴﻟﺎﻜﺘﻟﺍ ﺔﻴﻄﻐﺘﻟ ﺔﻴﻓﺎﻛ ﻞﻴﺧ ﺍﺪﻣ ﻞﻴﺠﺴﺗ ﰲ ﻡﺎﻌﻟﺍ ﻉﺎﻄﻘﻟﺍ ﻞﺸﻓ . ﻊﻧﺎﺼﳌﺍ ﺔﺠﻴﺘﻧ ﺔﻧﺭﺎﻘﻣ ﻭ ﺺﺤﻓ ) ﻦﺣﺎﻄﳌﺍ ﺰﻠﻴﻣ ( ﺔﺻﺎﳋﺍ ﻭ ﺔﻴﻣﻮﻤﻌﻟﺍ ﺔﻴﺴﻴﻧﻭﺪﻧﻻﺍ . 1982 HILL:ﻞﻴﻫ ﺕﻻﺎﳊﺍ ﻢﻈﻌﻣ ﰲ ﺔﻴﺿﺮﻣ ﲑﻏ ﺔﻴﻣﻮﻤﻌﻟﺍ ﺕﺎﺸﻨﳌﺍ ﺞﺋﺎﺘﻧ ﺖﻧﺎﻛ . ﻊﻣ ﻒﻴﻟﺎﻜﺘﻟﺍ ﺔﻴﻄﻐﺘﻟ ﺔﻴﻓﺎﻛ ﻞﻴﺧ ﺍﺪﻣ ﻞﻴﺠﺴﺗ ﰲ ﻡﺎﻌﻟﺍ ﻉﺎﻄﻘﻟﺍ ﻞﺸﻓ . ﻭ ﺔﻴﻣﻮﻤﻌﻟﺍ ﺕﺎﺸﻨﳌﺍ ﺞﺋﺎﺘﻧ ﲔﺑ ﺔﻧﺭﺎﻘﻣ ﺔﻴﻣﺎﻨﻟﺍ ﻥﺍﺪﻠﺒﻟﺍ ﰲ ﺔﺻﺎﳋﺍ . 1984 :ﻙﲑﻛ KIRK ﻡﻮﻬﻔﲟ ﺔﻔﻴﻌﺿ ﺔﺠﻴﺘﻧ ﺕﺎﻃﺎﺸﻨﻟﺍ ﻞﻜﺑ ﺔﻴﻣﻮﻤﻌﻟﺍ ﺕﺎﺸﻨﳌﺍ ﺕﺮﻬﻃﺍ ﺔﻳﺩﻭ ﺩﺮﻣ ﻞﻗﺍﻭ ﺩﺭﺍﻮﳌﺍ ﻝﺎﻤﻌﺘﺳﺍ . ﻭ ﺔﻴﻣﻮﻤﻌﻟﺍ ﺕﺎﺸﻨﳌﺍ ﺞﺋﺎﺘﻧ ﲔﺑ ﺔﻧﺭﺎﻘﻣ ﻦﻣ ﺕﺎﻋﺎﻄﻘﻟﺍ ﻒﻠﺘﳐ ﰲ ﺔﻠﻣﺎﻌﻟﺍ ﺔﺻﺎﳋﺍ ﱐﺎﻄﻳﱪﻟﺍ ﺩﺎﺼﺘﻗﻻﺍ ) 1971 -1980 .( 1982 :ﻙﲑﺑ PYRKE
55 -ﻣﺯﻷﺍﻭ ﺰﺠﻌﻠﻟ ﻝﻭﺪﻟﺍ ﺕﺎﻣﻮﻜﺣ ﻑﺮﻃ ﻦﻣ ﺔﻤﺋﺍﺪﻟﺍ ﺔﻴﻄﻐﺘﻟﺍ ﺎﻬﺒﻴﻨﺠﺘﻟ ﺔﻴﻣﻮﻤﻌﻟﺍ ﺓﺎﺸﻨﳌﺎﺑ ﺔﻴﻟﺎﳌﺍ ﺕﺎ ﺱﻼﻓﻹﺍ . ﺓﺎﺸﻨﳌﺍ ﰲ ﻑﺍﺪﻫﻷﺍ ﺩﺪﻌﺗ ) ﺔﻴﻋﺎﻤﺘﺟﻻﺍ ﻭ ﺔﻳﺩﺎﺼﺘﻗﻻﺍ ( ﻦﻣ ﺔﺒﻜﺗﺮﳌﺍ ﺀﺎﻄﺧﻷﺍ ﺮﻳﱪﺗ ﺪﻋﺎﺴﺗ ﱵﻟﺍ ﻦﻳﲑﺴﳌﺍ ﻑﺮﻃ . • ﻲﻠﻜﻟﺍ ﺩﺎﺼﺘﻗﻻﺍ ﻯﻮﺘﺴﻣ ﺕﺍﺭﱪﻣ ﻲﻠﻜﻟﺍ ﺩﺎﺼﺘﻗﻻﺍ ﻯﻮﺘﺴﻣ ﺕﺍﺭﱪﻣ ﻲﻠﻜﻟﺍ ﺩﺎﺼﺘﻗﻻﺍ ﻯﻮﺘﺴﻣ ﺕﺍﺭﱪﻣ ﻲﻠﻜﻟﺍ ﺩﺎﺼﺘﻗﻻﺍ ﻯﻮﺘﺴﻣ ﺕﺍﺭﱪﻣ :::: ﺓﺪﻴﺣﻮﻟﺍ ﻞﻣﺍﻮﻌﻟﺍ ﻲﻫ ﺔﻣﺎﻌﻟﺍ ﺓﺎﺸﻨﳌﺍ ﲑﻴﺴﺗ ﰲ ﺰﻴﻔﺤﺘﻟﺍ ﺏﺎﻴﻏﻭ ﺓﺎﺸﻨﳌﺍ ﺔﻴﻜﻠﳌﺍ ﺔﻌﻴﺒﻃ ﺔﻠﻜﺸﻣ ﺖﺴﻴﻟ ﺔﻴﻧﻮﻳﺪﳌﺍ ﺔﻣﺯﺃ ﰲ ﻞﺜﻤﺘﺗ ﺔﻴﺟﺭﺎﺧ ﻞﻣﺍﻮﻋ ﺖﲤ ﻞﺑ ﺔﺼﺻﻮﳋﺍ ﺔﻴﻠﻤﻌﺑ ﻡﺎﻤﺘﻫﻻﺍ ﱃﺇ ﺕﺩﺃ ﱵﻟﺍ ) ﻉﺎﻔﺗﺭﺍ ﺔﻴﺟﺭﺎﳋﺍ ﻥﻮﻳﺪﻟﺍ ﺔﺒﺴﻧ ( ﻝﻭﺪﳉﺍ ﰲ ﲔﺒﻣ ﻮﻫ ﺎﻤﻛ : ﻝﻭﺪﺟ ﻝﻭﺪﺟ ﻝﻭﺪﺟ ﻝﻭﺪﺟ ﻢﻗﺭ ﻢﻗﺭ ﻢﻗﺭ ﻢﻗﺭ )))) 2222 (((( :::: ﺔﻴﺟﺭﺎﳋﺍ ﻥﻮﻳﺪﻟﺍ ﺔﻴﺟﺭﺎﳋﺍ ﻥﻮﻳﺪﻟﺍ ﺔﻴﺟﺭﺎﳋﺍ ﻥﻮﻳﺪﻟﺍ ﺔﻴﺟﺭﺎﳋﺍ ﻥﻮﻳﺪﻟﺍ ﻦﻣ ﺮﺋﺍﺰﺠﻠﻟ ﻦﻣ ﺮﺋﺍﺰﺠﻠﻟ ﻦﻣ ﺮﺋﺍﺰﺠﻠﻟ ﻦﻣ ﺮﺋﺍﺰﺠﻠﻟ 1980 19801980 1980 -1997 1997 1997 1997 )))) ﺭﺎﻴﻠﻣ ﺓﺪﺣﻮﻟﺍ ﺭﺎﻴﻠﻣ ﺓﺪﺣﻮﻟﺍ ﺭﺎﻴﻠﻣ ﺓﺪﺣﻮﻟﺍ ﺭﺎﻴﻠﻣ ﺓﺪﺣﻮﻟﺍ ﺭﻻﻭﺩ ﺭﻻﻭﺩﺭﻻﻭﺩ ﺭﻻﻭﺩ (((( 1980 1982 1983 1985 1986 1987 1988 1989 1990 1997 17.05 14.97 14.32 16.51 20.56 24.60 25.04 25.44 26.58 31.06 ﺭﺪﺼﳌﺍ ﺭﺪﺼﳌﺍ ﺭﺪﺼﳌﺍ ﺭﺪﺼﳌﺍ :::: ﺔﺻﺎﳋﺍ ﺕﺎﻣﻮﻠﻌﳌﺍ ﺔﺻﺎﳋﺍ ﺕﺎﻣﻮﻠﻌﳌﺍ ﺔﺻﺎﳋﺍ ﺕﺎﻣﻮﻠﻌﳌﺍ ﺔﺻﺎﳋﺍ ﺕﺎﻣﻮﻠﻌﳌﺍ ﻚﻨﺒﺑ ﻚﻨﺒﺑ ﻚﻨﺒﺑ ﻚﻨﺒﺑ ﺮﺋﺍﺰﳉﺍ ﺮﺋﺍﺰﳉﺍ ﺮﺋﺍﺰﳉﺍ ﺮﺋﺍﺰﳉﺍ ﺔﻨﺳ ﺔﻴﺟﺭﺎﳋﺍ ﻥﻮﻳﺪﻟﺍ ﺔﺒﺴﻧ ﺔﻧﺭﺎﻘﻣ 1987 ) $ M 24.6 ( ﺔﻨﺳ ﻭ 1980 ) $ M 17.05 ( ﺔﺒﺴﻨﺑ ﻉﺎﻔﺗﺭﺍ ﺖﲤ ﻪﻧﺍ ﻆﺣﻼﻧ 44 % , ﱃﺇ ﻞﺼﻳ ﻥﺃ ﱃﺇ ﻞﺻﺍﻮﺘﻣ ﻉﺎﻔﺗﺭﻻﺍ ﺍﺬﻫﻭ ﻯﻮﺘﺴﻣ ) $ M 31.06 ( ﺔﻨﺳ 1997 ﺔﻨﺳ ﻊﻣ ﺔﻧﺭﺎﻘﻣ ﻉﺎﻔﺗﺭﺍ ﻝﺪﻌﻣ ﻱﺃ 1980 ﺏ ﺭﺪﻘﻳ 82 .% 5 ﺪﻗ ﰲ ﺔﻴﻟﻭﺪﻟﺍ ﺔﻴﻟﺎﳌﺍ ﺕﺎﺴﺳﺆﳌﺍ ﺔﻘﺛ ﻦﻣ ﻞﻠﻗ ﺔﻴﺟﺭﺎﳋﺍ ﻥﻮﻳﺪﻟﺍ ﺔﺒﺴﻧ ﰲ ﲑﺒﻜﻟﺍ ﻉﺎﻔﺗﺭﻻﺍ ﺍﺬﻫ ﻥﺇ ﺓﺭ ﺪﻌﻳ ﱵﻟﺍ ﻭ ﺔﻴﻠﻜﻴﳍﺍ ﺕﺎﺣﻼﺻﻹﺍ ﻦﻣ ﺔﻋﻮﻤﳎ ﻖﻴﺒﻄﺗ ﺎﻬﻴﻠﻋ ﺖﺿﺮﻓﻭ ﺎﻮﻳﺩ ﺪﻳﺪﺴﺗ ﻰﻠﻋ ﺮﺋﺍﺰﳉﺍ ﺎﺎﻧﻮﻜﻣ ﻢﻫﺃ ﻦﻣ ﺔﻴﻣﻮﻤﻌﻟﺍ ﺕﺎﺴﺳﺆﳌﺍ ﺔﺼﺻﻮﺧ ﺞﻣﺎﻧﺮﺑ . 5
HOUCINE BENISSAD ; ALGERIE : RESTRUCTURATIONS ET REFORMES ECONOMIQUES (1979-1993) ; OPU ; 1994 ; P147
56 3333 -ﺭﺎﺴﻣ ﺭﺎﺴﻣ ﺭﺎﺴﻣ ﺭﺎﺴﻣ ﺮﺋﺍﺰﳉﺍ ﰲ ﺔﺼﺻﻮﳋﺍ ﺮﺋﺍﺰﳉﺍ ﰲ ﺔﺼﺻﻮﳋﺍ ﺮﺋﺍﺰﳉﺍ ﰲ ﺔﺼﺻﻮﳋﺍ ﺮﺋﺍﺰﳉﺍ ﰲ ﺔﺼﺻﻮﳋﺍ :::: ﺔﻨﺳ ﺮﺋﺍﺰﳉﺍ ﰲ ﺔﺼﺻﻮﳋﺍ ﺞﻣﺎﻧﺮﺑ ﻖﻴﺒﻄﺗ ﰎ ﺪﻘﻟ 1995 ﺮﻣﺃ ﺺﻧ ﻝﻭﺃ ﺭﻭﺪﺻ ﺔﻄﺳﺍﻮﺑ 95 -22 ﰲ 26 ﺕﻭﺃ 1995 ﺮﻣﺃ ﺺﻧ ﺔﻄﺳﺍﻮﺑ ﻪﻠﻳﺪﻌﺗ ﰎ ﱐﺎﺛ 97 -12 ، ﰲ ﺭﺩﺎﺼﻟﺍ 19 ﺱﺭﺎﻣ 1997 6 ، ﺔﻴﻣﻮﻜﳊﺍ ﺕﺎﺴﺳﺆﳌﺍ ﻦﻣ ﱪﺘﻌﻣ ﺩﺪﻋ ﺔﻴﻜﻠﻣ ﻞﻘﻧ ﺖﲤ ﺚﻴﺣ ، ﺺﻴﺨﻠﺗ ﻦﻜﳝﻭ ﱄﺎﺘﻟﺍ ﻝﻭﺪﳉﺍ ﰲ ﺞﻣﺎﻧﱪﻟﺍ ﺍﺬﻫ ﺭﺎﺴﻣ : ﻝﻭﺪﺟ ﻝﻭﺪﺟ ﻝﻭﺪﺟ ﻝﻭﺪﺟ ﻢﻗﺭ ﻢﻗﺭ ﻢﻗﺭ ﻢﻗﺭ )))) 3333 (((( :::: ﺎﻬﺘﺼﺻﻮﺧ ﰎ ﱵﻟﺍ ﺕﺎﺴﺳﺆﳌﺍ ﺎﻬﺘﺼﺻﻮﺧ ﰎ ﱵﻟﺍ ﺕﺎﺴﺳﺆﳌﺍ ﺎﻬﺘﺼﺻﻮﺧ ﰎ ﱵﻟﺍ ﺕﺎﺴﺳﺆﳌﺍ ﺎﻬﺘﺼﺻﻮﺧ ﰎ ﱵﻟﺍ ﺕﺎﺴﺳﺆﳌﺍ ﺓﺮﺘﻔﻟﺍ ﰲ ﺓﺮﺘﻔﻟﺍ ﰲ ﺓﺮﺘﻔﻟﺍ ﰲ ﺓﺮﺘﻔﻟﺍ ﰲ :::: 1995 1995 1995 1995 2003 2003 2003 2003 privatisation ANDREFF WLADIMIR," Reformes, libéralisation,
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ﻥﺇ ﺔﻠﺣﺮﳌﺍ ﻩﺬﻫ ﰲ ﺎﻬﺘﺼﺻﻮﺧ ﰎ ﱵﻟﺍ ﺔﻴﻣﻮﻜﳊﺍ ﺕﺎﺸﻨﳌﺍ ﺩﺪﻋ ) 8 ﺕﺍﻮﻨﺳ ( ﻮﻫ 5 ﻭ ﺕﺎﺴﺳﺆﻣ ﺔﻔﻴﻌﺿ ﺪﺟ ﺔﺒﺴﻧ ﻲﻫ . 6
HAMAMDA MOHAMAD TAHAR ; PRIVATISATION DES
ENTREPRISESPUBLIQUE EN ALGERIE. ; GEOECONOMIE ; 2011 ;P 139.
ﺕﺎﺒﺴﺘﻜﳌﺍ ﺔﺼﺻﻮﳋﺍ ﺔﻴﻨﻘﺗ ﺔﻠﻤﻌﺘﺴﳌﺍ ﻝﺎﳌﺍ ﺱﺍﺭ ﺔﺒﺴﻧ ﻪﺘﺼﺻﻮﺧ ﰎ ﻱﺬﻟﺍ ﻁﺎﺸﻨﻟﺍ ﻝﺎﳎ ﰎ ﱵﻟﺍ ﺔﺴﺳﺆﳌﺍ ﺎﻬﺘﺼﺻﻮﺧ ﺔﻴﻠﻤﻌﻟﺍ ﻦﻣ ﺔﻴﻟﺎﳌﺍ ﺕﺎﺒﺴﺘﻜﳌﺍ . ﺔﺻﺭﻮﺒﻟﺍ ﻰﻠﻋ ﺩﺎﻤﺘﻋﻻﺍ %20 .ﺔﺣﺎﻴﺴﻟﺍ ﻲﺳﺭﻭﻻﺍ ﻕﺪﻨﻓ ﺔﻴﻠﻤﻌﻟﺍ ﻦﻣ ﺔﻴﻟﺎﳌﺍ ﺕﺎﺒﺴﺘﻜﳌﺍ . ﺔﺻﺭﻮﺒﻟﺍ ﻰﻠﻋ ﺩﺎﻤﺘﻋﻻ %20 ﺀﺎﻴﻤﻴﻛ ﺔﻴﻧﻻﺪﻴﺻ . ﻝﺍﺪﻴﺳ ﺕﺎﺒﺴﺘﻜﳌﺍ ﺔﻴﻠﻤﻌﻟﺍ ﻦﻣ ﺔﻴﻟﺎﳌﺍ . ﺔﺻﺭﻮﺒﻟﺍ ﻰﻠﻋ ﺩﺎﻤﺘﻋﻻ %20 ﺔﻴﺋﺍﺬﻏ ﺔﻋﺎﻨﺻ ERIAD ﻒﻴﻄﺳ 50 ﺮﻳﻮﻄﺗ ﺽﺮﻐﺑ ﺭﺎﻨﻳﺩ ﺭﺎﻴﻠﻣ ﺓﺎﺸﻨﳌﺍ . ﻝﺎﳌﺍ ﺱﺃﺭ ﰲ ﺔﳘﺎﺴﳌﺍ %70 ﻭ ﺪﻳﺪﳊﺍ ﺔﻋﺎﻨﺻ ﺐﻠﺼﻟﺍ ﺭﺎﺠﳊﺍ SIDER ﺓﺎﺸﻨﻤﻠﻟ ﻱﺮﻳﻮﻄﺗ ﺭﺎﻤﺜﺘﺳﺍ + ﺔﻛﺭﺎﳌﺍ . ﻝﺎﳌﺍ ﺱﺃﺭ ﰲ ﺔﳘﺎﺴﳌﺍ %60 ﻒﻴﻈﻨﺘﻟﺍ ﻡﺯﺍﻮﻟ ENAD
57 ﻝﻭﺪﺟ ﻝﻭﺪﺟ ﻝﻭﺪﺟ ﻝﻭﺪﺟ ﻢﻗﺭ ﻢﻗﺭ ﻢﻗﺭ ﻢﻗﺭ )))) 4444 (((( :::: ﺎﻬﺘﺼﺻﻮﺧ ﰎ ﱵﻟﺍ ﺕﺎﺴﺳﺆﳌﺍ ﺩﺪﻋ ﺎﻬﺘﺼﺻﻮﺧ ﰎ ﱵﻟﺍ ﺕﺎﺴﺳﺆﳌﺍ ﺩﺪﻋ ﺎﻬﺘﺼﺻﻮﺧ ﰎ ﱵﻟﺍ ﺕﺎﺴﺳﺆﳌﺍ ﺩﺪﻋ ﺎﻬﺘﺼﺻﻮﺧ ﰎ ﱵﻟﺍ ﺕﺎﺴﺳﺆﳌﺍ ﺩﺪﻋ ﺓﺮﺘﻔﻟﺍ ﻝﻼﺧ ﺓﺮﺘﻔﻟﺍ ﻝﻼﺧ ﺓﺮﺘﻔﻟﺍ ﻝﻼﺧ ﺓﺮﺘﻔﻟﺍ ﻝﻼﺧ : : : : 2003 20032003 2003 -2007 2007 2007 2007
SOURCE : Hamamda Mohamed Tahar ; Privatisation Des Entreprises Publique En Algérie ; Géo-économie ; 2011.P147
ﺔﻴﻠﻤﻋ ﰲ ﺵﺎﻌﺘﻧﺍ ﺔﻓﺮﻋ ﺔﻠﺣﺮﳌﺍ ﻩﺬﻫ ﺔﺒﻏﺮﻟﺍ ﻢﺟﺮﺘﺗ ﱃﻭﻷﺍ ﺔﻠﺣﺮﳌﺍ ﻊﻣ ﺔﻧﺭﺎﻘﻣ ﺔﺼﺻﻮﳋﺍ ﺔﻔﻴﻌﺿ ﺎﺀﺎﻔﻛ ﺔﺒﺴﻧ ﺖﻧﺎﻛ ﱵﻟﺍ ﺔﻴﻣﻮﻤﻌﻟﺍ ﺕﺎﺸﻨﳌﺍ ﻦﻣ ﺺﻠﺨﺘﻟﺍ ﰲ ﺔﻣﻮﻜﺤﻠﻟ ﺔﻴﻘﻴﻘﳊﺍ . 4444 -ﺔﺼﺻﻮﳋﺍ ﻉﻮﺿﻮﻣ ﺔﻳﺮﺋﺍﺰﳉﺍ ﺕﺎﺴﺳﺆﳌﺍ ﻢﻴﻴﻘﺗ ﰲ ﺪﻤﺘﻌﳌﺍ ﻢﻴﻴﻘﺘﻟﺍ ﺔﺼﺻﻮﳋﺍ ﻉﻮﺿﻮﻣ ﺔﻳﺮﺋﺍﺰﳉﺍ ﺕﺎﺴﺳﺆﳌﺍ ﻢﻴﻴﻘﺗ ﰲ ﺪﻤﺘﻌﳌﺍ ﻢﻴﻴﻘﺘﻟﺍ ﺔﺼﺻﻮﳋﺍ ﻉﻮﺿﻮﻣ ﺔﻳﺮﺋﺍﺰﳉﺍ ﺕﺎﺴﺳﺆﳌﺍ ﻢﻴﻴﻘﺗ ﰲ ﺪﻤﺘﻌﳌﺍ ﻢﻴﻴﻘﺘﻟﺍ ﺔﺼﺻﻮﳋﺍ ﻉﻮﺿﻮﻣ ﺔﻳﺮﺋﺍﺰﳉﺍ ﺕﺎﺴﺳﺆﳌﺍ ﻢﻴﻴﻘﺗ ﰲ ﺪﻤﺘﻌﳌﺍ ﻢﻴﻴﻘﺘﻟﺍ :::: ﱂ ﻢﻘﻳ ﻉﺮﺸﳌﺍ ﻱﺮﺋﺍﺰﳉﺍ ﺪﻳﺪﺤﺘﺑ ﺔﻘﻳﺮﻃ ﺔﻨﻴﻌﻣ ﻢﺘﻳ ﺎ ﺏﺎﺴﺣ ﺔﻤﻴﻗ ،ﺔﺴﺳﺆﳌﺍ ﺭﺎﺷﺃﻭ ﱃﺇ ﺐﳚ ﻪﻧﹼﺃ ﺭﺎﻴﺘﺧﺇ ﺔﻘﻳﺮﻄﻟﺍ ﺮﺜﻛﻷﺍ ﺔﻣﺀﻼﻣ ﺏﻮﻠﺳﻷ ﻝﺯﺎﻨﺘﻟﺍ ﻲﻠﻛ ﻭﺃ ،ﻲﺋﺰﺟ ﻱﺩﺎﻣ ﻭﺃ ﻱﻮﻨﻌﻣ . ﻂﻘﻓ ﺔﻳﺩﺎﳌﺍ ﺕﺍﺭﺎﻤﺜﺘﺳﻻﺍ ﻢﻴﻴﻘﺗ ﺓﺩﺎﻋﺇ ﰲ ﺎﻬﻘﻴﺒﻄﺗ ﺐﺟﺍﻮﻟﺍ ﺕﻼﻣﺎﻌﳌﺍ ﺩﺮﺳ ﻪﻧﺃ ﻻﺇ ﺔﻳﻮﻨﻌﳌﺍ ﻝﻮﺻﻸﻟ ﺓﺭﺎﺷﺍ ﱏﺩﺃ ﻥﻭﺩ . ﱃﻭﻷﺍ ﺔﻠﺣﺮﳌﺍ ﻢﻴﻴﻘﺘﻟﺍ ﺓﺩﺎﻋﻹ ) ﻡﻮﺳﺮﳌﺍ ﻱﺬﻴﻔﻨﺘﻟﺍ 90 -103 ﰲ ﺥﺭﺆﳌﺍ 27 ﺱﺭﺎﻣ 1990 ( 7 ﻢﻗﺭ ﺔﻴﲰﺮﻟﺍ ﺓﺪﻳﺮﳉﺍ 14 ﺦﻳﺭﺎﺘﺑ ﺔﺧﺭﺆﳌﺍ 04 ﻞﻳﺮﻓﺃ 1990 ﺹ 408 7 2008 2007 2006 2005 2004 2003 ﺕﺍﻮﻨﺴﻟﺍ 192 68 62 50 07 05 ﺔﻴﻠﻜﻟﺍ ﺔﺼﺻﻮﳋﺍ 33 07 12 11 02 01 (50<) .ﺔﻴﺋﺰﺟ ﺔﺼﺻﻮﺧ 11 06 01 01 03 00 (50>) .ﺔﻴﺋﺰﺟ ﺔﺼﺻﻮﺧ 69 00 09 29 23 08 (RES).ﻝﺎﻤﻌﻟﺍ ﻑﺮﻃ ﻦﻣ ﺀﺍﺮﺷ 29 09 02 04 10 04 (PARTENARIAT )ﺔﻛﺍﺮﺷ 83 20 30 18 13 02 .ﺹﺍﻮﺨﻠﻟ ﻝﻮﺻﻷﺍ ﻊﻴﺑ 417 110 116 113 58 20 ﻉﻮﻤﺍ
58 ﻢﻴﻴﻘﺘﻟﺍ ﺓﺩﺎﻋﻹ ﺔﻴﻧﺎﺜﻟﺍ ﺔﻠﺣﺮﳌﺍ ) ﻱﺬﻴﻔﻨﺘﻟﺍ ﻡﻮﺳﺮﳌﺍ 93 -250 ﰲ ﺥﺭﺆﳌﺍ 24 ﺮﺑﻮﺘﻛﺃ 1993 ( 8 ﻢﻴﻴﻘﺘﻟﺍ ﺓﺩﺎﻋﻹ ﺔﺜﻟﺎﺜﻟﺍ ﺔﻠﺣﺮﳌﺍ ) ﻱﺬﻴﻔﻨﺘﻟﺍ ﻡﻮﺳﺮﳌﺍ 96 -336 ﰲ ﺥﺭﺆﳌﺍ 12 ﺮﺑﻮﺘﻛﺃ 1996 ( 9 5 5 5 5 -ﻄﺨﻛ ﺺﻴﺨﺸﺘﻟﺍ ﻄﺨﻛ ﺺﻴﺨﺸﺘﻟﺍﻄﺨﻛ ﺺﻴﺨﺸﺘﻟﺍ ﻄﺨﻛ ﺺﻴﺨﺸﺘﻟﺍ ﺃ ﺓﻮ ﺃ ﺓﻮﺃ ﺓﻮ ﺃ ﺓﻮ ﺔﻴﻟﻭ ﺔﻴﻟﻭ ﺔﻴﻟﻭ ﺔﻴﻟﻭ ﺔﻴﺳﺎﺳﺃ ﻭ ﺔﻴﺳﺎﺳﺃ ﻭ ﺔﻴﺳﺎﺳﺃ ﻭ ﺔﻴﺳﺎﺳﺃ ﻭ ﺔﻴﻠﻤﻋ ﰲ ﺔﻴﻠﻤﻋ ﰲ ﺔﻴﻠﻤﻋ ﰲ ﺔﻴﻠﻤﻋ ﰲ ﻢﻴﻴﻘﺘﻟﺍ ﻢﻴﻴﻘﺘﻟﺍﻢﻴﻴﻘﺘﻟﺍ ﻢﻴﻴﻘﺘﻟﺍ : ﺃ ﺺﻴﺨﺸﺘﻟﺍ ﱪﺘﻌﻳ ﺔﺴﺳﺆﻤﻠﻟ ﺔﻴﻘﻴﻘﳊﺍ ﺕﺎﻧﺎﻜﻣﻻﺍ ﻦﻋ ﲑﺒﻌﺗ ﻕﺪﺻ ﺎﻬﻨﻣ ﺔﻳﺩﺎﳌﺍ ﻭ ﺔﻳﺮﺸﺒﻟﺍ ﺃ ﺎﻤﻛ ﺝﺭﺎﳋﺍ ﻭ ﻞﺧﺍﺪﻟﺍ ﻦﻣ ﺔﺴﺳﺆﳌﺍ ﻁﺎﺸﻨﺑ ﺔﻗﻼﻋ ﻪﻟﺎﻣ ﻞﻛ ﺲﳝ ﻪﻧ . ﻰﻠﻋ ﻢﻴﻴﻘﺘﻟﺍ ﺰﻜﺗﺮﻳ ﺎﻴﻠﺧﺍﺩ ﻪﻨﻣ ﺕﺎﻃﺎﺸﻧ ﺓﺪﻋ ﺃ ﻭ ﻖﻳﻮﺴﺘﻟﺍ ﻭ ﺝﺎﺘﻧﻻﺍ ﺕﺎﻌﻴﺒﳌﺍ ﻰﻠﻋ ﻩﺮﺛ ﺩﺭﺍﻮﳌﺍ ﺔﻠﻤﻌﺘﺴﳌﺍ ﺎﻴﺟﻮﻟﻮﻨﻜﺘﻟﺍ ﺍ ﺎﻬﺘﻤﺋﻼﻣ ﻭ ﺎﻬﻨﻜﲤ ﻯﺪﻣ ﻭ ﺔﻳﺮﺸﺒﻟ ﻨﻟﺍ ﺔﻌﻴﺒﻄﻟ ﺕﻼﻫﺆﻣ ﻦﻣ ﻁﺎﺸ ﺍ ﻥﻭﺩ ﺓﱪﺧﻭ ﺔﻴﻤﻠﻋ ﻹ ﻪﻨﻋ ﱪﻌﻳ ﻱﺬﻟﺍ ﱄﺎﳌﺍ ﺐﻧﺎﳉﺍ ﻦﻋ ﻝﺎﻔﻏ ﺮﳌﺎﺑ ﺔﻳﺩﻭﺩ ﺔﻋﺎﺠﻨﻟﺍ ﻭ . ﺃ ﰲ ﺎﻬﺘﻧﺎﻜﻣ ﻥﺎﻤﺿ ﻰﻠﻋ ﺔﺴﺳﺆﳌﺍ ﺓﺭﺪﻗ ﺺﺤﻓ ﻢﻴﻘﳌﺍ ﻰﻠﻋ ﻱﺭﻭﺮﻀﻟﺍ ﻦﻤﻓ ﺎﻴﺟﺭﺎﺧ ﺎﻣ ﻗﺍﺪﺼﻣ ﻥﺎﻤﻀﻟ ﺕﺍﺪﻳﺪﻬﺘﻟﺍ ﻭ ﺹﺮﻔﻟﺍ ﺪﻳﺪﲢ ﻝﻼﺧ ﻦﻣ ﺎﻬﻄﻴﳏ ﺪﺑﻻ ﻥﺎﻛ ﺺﻴﺨﺸﺘﻟﺍ ﺔﻴﻟﺎﻌﻓ ﻭ ﺔﻴ ﺃ ﻥ ﺍ ﻰﻠﻋ ﺔﺻﺎﺧ ﺎﳍﻼﺧ ﻦﻣ ﻢﺘ ﺔﺒﺗﺮﻣ ﻭ ﺔﻤﻈﻨﻣ ﺕﺍﻮﻄﺧ ﻭ ﻁﻭﺮﺷ ﻒﻗﻭ ﻢﺘﻳ ﺔﻤﻴﻗ ﰲ ﺓﺮﺛﺆﳌﺍ ﺮﺻﺎﻨﻌﻟ ﺔﺴﺳﺆﳌﺍ . ﺃ ﻭ ﺺﻴﺨﺸﺘﻟﺍ ﻒﻳﺮﻌﺗ ﺃ ﻭ ﺺﻴﺨﺸﺘﻟﺍ ﻒﻳﺮﻌﺗ ﺃ ﻭ ﺺﻴﺨﺸﺘﻟﺍ ﻒﻳﺮﻌﺗ ﺃ ﻭ ﺺﻴﺨﺸﺘﻟﺍ ﻒﻳﺮﻌﺗ ﻢﻴﻴﻘﺘﻟﺍ ﰲ ﻉﻭﺮﺸﻟﺍ ﻞﺒﻗ ﻪﺘﻴﳘ ﻢﻴﻴﻘﺘﻟﺍ ﰲ ﻉﻭﺮﺸﻟﺍ ﻞﺒﻗ ﻪﺘﻴﳘ ﻢﻴﻴﻘﺘﻟﺍ ﰲ ﻉﻭﺮﺸﻟﺍ ﻞﺒﻗ ﻪﺘﻴﳘ ﻢﻴﻴﻘﺘﻟﺍ ﰲ ﻉﻭﺮﺸﻟﺍ ﻞﺒﻗ ﻪﺘﻴﳘ :::: ﻑﺮﻌﻳ Brown ﺺﻴﺨﺸﺘﻟﺍ ﻲﻠﻳ ﺎﻤﻛ " ﺃ ﺽﻭﺮﻔﳌﺍ ﻦﻣ ﻌﺘﻳ ﻥ ﰲ ﻭ ،ﺐﻄﻟﺎﺑ ﺺﻴﺨﺸﺘﻟﺍ ﻖﻠ ﻮﻫ ﻚﻟﺫ ﻦﻣ ﻑﺪﳍﺍ ﻥﻮﻜﻳ ﺚﻴﺣ ﺕﺎﺴﺳﺆﳌﺍ ﻞﻴﻠﲢ ﱃﺍ ﺄﺠﻠﻧ ﺔﻋﺎﻨﺼﻟﺍ ﺇ ﻞﻠﳋﺍ ﻭ ﺎﻮﻴﻋ ﺯﺍﺮﺑ ﺎﻬﻴﻓ " 10 . ﺑ ﻞﺣﺍﺮﻣ، ﻁﻭﺮﺷ ﻦﻋ ﺮﻈﻨﻟﺍ ﺾﻐ ﺪﻟﺍ ﻩﺭﺩﺎﺼﻣ ﻭ ﻟﺍ ﻑﺪﻬﻳ ﺔﻴﺟﺭﺎﳋﺍ ﻭ ﺎﻬﻨﻣ ﺔﻴﻠﺧﺍ ﺺﻴﺨﺸﺘ ﺇ ﱃﺍ ﺳﺆﻤﻠﻟ ﺔﻴﻌﻗﺍﻭ ﻭ ﺔﻘﻴﻗﺩ ﺓﺭﻮﺻ ﺀﺎﻄﻋ ﻥﺇ ﻭ ﺎﻬﺘﻳﺩﻭﺩﺮﻣ ﻰﻠﻋ ﺰﻴﻛﺮﺘﻟﺍ ﻥﻭﺩ ﺔﺴ ﺃ ﺔﻌﻔﺗﺮﻣ ﺖﻧﺎﻛ ﻱ ﺇ ﺎ ﻖﻠﻌﺘﳌﺍ ﺓﺮﻃﺎﺨﳌﺍ ﻢﺠﺣ ﺪﻳﺪﲢ ﺔﺸﻫ ﺔﺴﺳﺆﻣ ﻊﻣ ﺔﻴﻟﺎﻋ ﺔﻳﺩﻭﺩﺮﳌ ﲎﻌﻣ ﻻ ﺫ . 8 ﻢﻗﺭ ﺔﻴﲰﺮﻟﺍ ﺓﺪﻳﺮﳉﺍ 69 ﺦﻳﺭﺎﺘﺑ ﺔﺧﺭﺆﳌﺍ 27 ﺮﺑﻮﺘﻛﺃ 1993 ﺹ 08 ﻢﻗﺭ ﺔﻴﲰﺮﻟﺍ ﺓﺪﻳﺮﳉﺍ 60 ﺦﻳﺭﺎﺘﺑ ﺔﺧﺭﺆﳌﺍ 13 ﺮﺑﻮﺘﻛﺃ 1996 ﺹ 408 9
59 ﻭﺪﳉﺍ ﻭﺪﳉﺍ ﻭﺪﳉﺍ ﻭﺪﳉﺍ ﻢﻗﺭ ﻝ ﻢﻗﺭ ﻝ ﻢﻗﺭ ﻝ ﻢﻗﺭ ﻝ )))) 5555 (((( :::: ﺮﺻﺎﻨﻋ ﻢﻫﺃ ﺮﺻﺎﻨﻋ ﻢﻫﺃ ﺮﺻﺎﻨﻋ ﻢﻫﺃ ﺮﺻﺎﻨﻋ ﻢﻫﺃ ﺺﻴﺨﺸﺘﻟﺍ ﺺﻴﺨﺸﺘﻟﺍ ﺺﻴﺨﺸﺘﻟﺍ ﺺﻴﺨﺸﺘﻟﺍ ﺭﺪﺼﳌﺍ ﺭﺪﺼﳌﺍ ﺭﺪﺼﳌﺍ ﺭﺪﺼﳌﺍ :::: ﺩﺍﺪﻋﺇ ﻦﻣ ﲔﺜﺣﺎﺒﻟﺍ ﺇ ﺓﺪﻋ ﻰﻠﻋ ﺍﺩﺎﻤﺘﻋ ﺭﺩﺎﺼﻣ . ﺔﻴﻘﻴﻘﺣ ﺓﺭﻮﺻ ﻢﻴﻘﻤﻠﻟ ﺢﻨﲤ ﺔﻳﺭﻭﺮﺿ ﺓﻮﻄﺧ ﻲﻫ ﺺﻴﺨﺸﺘﻟﺍ ﺔﻴﻠﻤﻋ ﻥﺃ ﺎﻨﻟ ﲔﺒﺘﻳ ﺍﺬﻫ ﻞﻛ ﻦﻣ ﺮﺜﻛﻷﺍ ﻢﻴﻴﻘﺘﻟﺍ ﻕﺮﻃ ﺪﻳﺪﺤﺘﻟ ﺯﺎﻜﺗﺭﺍ ﺔﻄﻘﻧ ﱪﺘﻌﺗ ﺎﻤﻛ ﺔﻳﻮﻨﻌﳌﺍ ﻢﻴﻘﻟﺍ ﻦﻋ ﺓﺭﻮﺻ ﻲﻄﻌﺗ ، ﺔﺴﺳﺆﻤﻠﻟ ﺔﺴﺳﺆﳌﺍ ﺕﺎﻧﺎﻜﻣﺇ ﻊﻣ ﺎﻴﺷﺎﲤ . ﺮﺻﺎﻨﻌﻟﺍ ﺮﺻﺎﻨﻌﻟﺍ ﺮﺻﺎﻨﻌﻟﺍ ﺮﺻﺎﻨﻌﻟﺍ ﺔﻄﺒﺗﺮﳌﺍ ﺔﻄﺒﺗﺮﳌﺍ ﺔﻄﺒﺗﺮﳌﺍ ﺔﻄﺒﺗﺮﳌﺍ ﺀﻼﻤﻌﺑ ﺀﻼﻤﻌﺑ ﺀﻼﻤﻌﺑ ﺀﻼﻤﻌﺑ ﺔﺴﺳﺆﳌﺍ ﺔﺴﺳﺆﳌﺍﺔﺴﺳﺆﳌﺍ ﺔﺴﺳﺆﳌﺍ ﻞﻤﺸﺗﻭ :::: - ﻞﻣﺎﻌﺘﻟﺍ ﺮﻤﺘﺴﳌﺍ ﻊﻣ ؛ﺔﺴﺳﺆﳌﺍ -ﺩﺪﻋ ؛ﺀﻼﻤﻌﻟﺍ ﺔﻴﻋﻮﻧ ؛ﺀﻼﻤﻌﻟﺍ ﺔﻴﻧﺎﻜﻣﺇ ﺭﻮﻄﺗ ﻞﻣﺎﻌﺘﻟﺍ ﻊﻣ ؛ﺀﻼﻤﻌﻟﺍ -ﺔﻠﺼﻟﺍ ﺓﺪﻴﳉﺍ ﻊﻣ ﺀﻼﻤﻌﻟﺍ ﺮﺻﺎﻨﻌﻟﺍ ﺮﺻﺎﻨﻌﻟﺍ ﺮﺻﺎﻨﻌﻟﺍ ﺮﺻﺎﻨﻌﻟﺍ ﺔﻘﻠﻌﺘﳌﺍ ﺔﻘﻠﻌﺘﳌﺍﺔﻘﻠﻌﺘﳌﺍ ﺔﻘﻠﻌﺘﳌﺍ ﻱﺩﺭﻮﲟ ﻱﺩﺭﻮﲟﻱﺩﺭﻮﲟ ﻱﺩﺭﻮﲟ ﺔﺴﺳﺆﳌﺍ ﺔﺴﺳﺆﳌﺍ ﺔﺴﺳﺆﳌﺍ ﺔﺴﺳﺆﳌﺍ ﻞﻤﺸﺗﻭ :::: - ﻦﻳﺩﺭﻮﳌﺍ ﺩﺪﻋ -ﺔﻴﻧﺎﻜﻣﺇ ﲑﻴﻐﺗ ﻭﺃ ﻞﺿﺎﻔﺘﻟﺍ ﱃﺇ ﺔﺟﺎﳊﺍ ﺔﻟﺎﺣ ﰲ ﻦﻳﺩﺭﻮﳌﺍ ؛ﻚﻟﺫ - ﺔﻟﻮﻬﺳ ﺽﻭﺎﻔﺘﻟﺍ ﰲ ﻁﻭﺮﺷ ﻦﻣ ﺕﺍﺯﺎﻴﺘﻣﺍ ﺹﺎﻨﺘﻗﺍ ﻭ ﺀﺍﺮﺸﻟﺍ ؛ﻢﻬﻨﻴﺑ ﺔﺴﻓﺎﻨﳌﺍ ﻝﻼﺧ -ﺔﻴﻋﻮﻧ ﺕﺎﻣﺪﳋﺍ ﻊﻠﺴﻟﺍﻭ ﺔﻣﺪﻘﳌﺍ ﻦﻣ ﻑﺮﻃ ﻦﻳﺩﺭﻮﳌﺍ ) ﰲ ﻢﻴﻠﺴﺘﻟﺍ ﺕﺍﺯﺎﻴﺘﻣﺍ ،ﺕﺎﻀﻴﻔﲣ ،ﺪﻳﺪﺴﺘﻟﺍ ﻝﺎﺟﺃ ،ﻝﺎﺟﻵﺍ ﺔﻴﻓﺎﺿﺍ ... (. ﺮﺻﺎﻨﻌﻟﺍ ﺮﺻﺎﻨﻌﻟﺍﺮﺻﺎﻨﻌﻟﺍ ﺮﺻﺎﻨﻌﻟﺍ ﺔﻘﻠﻌﺘﳌﺍ ﺔﻘﻠﻌﺘﳌﺍ ﺔﻘﻠﻌﺘﳌﺍ ﺔﻘﻠﻌﺘﳌﺍ ﺔﻟﺎﻤﻌﺑ ﺔﻟﺎﻤﻌﺑﺔﻟﺎﻤﻌﺑ ﺔﻟﺎﻤﻌﺑ ﺔﺴﺳﺆﳌﺍ ﺔﺴﺳﺆﳌﺍ ﺔﺴﺳﺆﳌﺍ ﺔﺴﺳﺆﳌﺍ ﻞﻤﺸﺗﻭ :::: ﺔﻓﺮﻌﳌﺍ ﺔﺒﺴﺘﻜﳌﺍ ﻦﻣ ﻑﺮﻃ ؛ﻝﺎﻤﻌﻟﺍ -ﺔﻴﻋﻮﻧ ﺔﻗﻼﻌﻟﺍ ﺑ ﲔ ﺓﺭﺍﺩﻹﺍ ﲔﻣﺪﺨﺘﺴﳌﺍﻭ ﺎﻬﻨﻣ ﺔﻴﻨﻘﺘﻟﺍ ﻭ ﺔﻳﺭﺍﺩﻹﺍ ﺐﺻﺎﻨﳌﺍ ﺕﺎﺒﻠﻄﺘﻣ ﰲ ﻢﻜﺤﺘﻟﺍ ﺮﺻﺎﻨﻌﻟﺍ ﺮﺻﺎﻨﻌﻟﺍﺮﺻﺎﻨﻌﻟﺍ ﺮﺻﺎﻨﻌﻟﺍ ﺔﻘﻠﻌﺘﳌﺍ ﺔﻘﻠﻌﺘﳌﺍ ﺔﻘﻠﻌﺘﳌﺍ ﺔﻘﻠﻌﺘﳌﺍ ﺕﺎﺠﺘﻨﻣ ﺔﻴﺴﻓﺎﻨﺘﺑ ﺕﺎﺠﺘﻨﻣ ﺔﻴﺴﻓﺎﻨﺘﺑ ﺕﺎﺠﺘﻨﻣ ﺔﻴﺴﻓﺎﻨﺘﺑ ﺕﺎﺠﺘﻨﻣ ﺔﻴﺴﻓﺎﻨﺘﺑ ﺔﺴﺳﺆﳌﺍ ﺔﺴﺳﺆﳌﺍ ﺔﺴﺳﺆﳌﺍ ﺔﺴﺳﺆﳌﺍ ،،،، ﻞﻤﺸﺗﻭ :::: -ﺕﺎﺟﻮﺘﻨﳌﺍ ﺔﻴﻋﻮﻧ -ﺔﻴﺴﻓﺎﻨﺘﻟﺍ ﺭﺎﻌﺳﻷﺍ -ﺔﻴﻗﻮﺴﻟﺍ ﺔﺼﳊﺍ ﺔﺴﻓﺎﻨﳌﺍ ﺓﺪﺣ ﻭ ﺞﺘﻨﻤﻠﻟ ﺔﻴﺴﻓﺎﻨﺘﻟﺍ ﺓﺭﺪﻘﻟﺍ ﺮﺻﺎﻨﻌﻟﺍ ﺮﺻﺎﻨﻌﻟﺍ ﺮﺻﺎﻨﻌﻟﺍ ﺮﺻﺎﻨﻌﻟﺍ ﺔﻘﻠﻌﺘﳌﺍ ﺔﻘﻠﻌﺘﳌﺍ ﺔﻘﻠﻌﺘﳌﺍ ﺔﻘﻠﻌﺘﳌﺍ ﻞﻳﻮﻤﺘﻟﺎﺑ ﻞﻳﻮﻤﺘﻟﺎﺑﻞﻳﻮﻤﺘﻟﺎﺑ ﻞﻳﻮﻤﺘﻟﺎﺑ ﻞﻤﺸﺗﻭ :::: -ﺽﺍﺮﺘﻗﻻﺍ ﺔﻴﻧﺎﻜﻣﺇ ﻞﻳﻮﻤﺘﻟﺍ ﻕﺮﻃ ﺩﺪﻌﺗ -ﺔﺴﺳﺆﻤﻠﻟ ﺔﻴﻟﺎﳌﺍ ﺔﻌﻤﺴﻟﺍ
60 6666 ﻕﺮﻃ ﻕﺮﻃ ﻕﺮﻃ ﻕﺮﻃ ﺔﺴﺳﺆﳌﺍ ﻢﻴﻴﻘﺗ ﺔﺴﺳﺆﳌﺍ ﻢﻴﻴﻘﺗﺔﺴﺳﺆﳌﺍ ﻢﻴﻴﻘﺗ ﺔﺴﺳﺆﳌﺍ ﻢﻴﻴﻘﺗ ﺕﺎﺑﺭﺎﻘﻣ ﺓﺪﻋ ﺐﺴﺣ ﺕﺎﺑﺭﺎﻘﻣ ﺓﺪﻋ ﺐﺴﺣ ﺕﺎﺑﺭﺎﻘﻣ ﺓﺪﻋ ﺐﺴﺣ ﺕﺎﺑﺭﺎﻘﻣ ﺓﺪﻋ ﺐﺴﺣ :::: ﺔﻴﻟﺎﳌﺍ ﺕﺎﻧﺎﻜﻣﻹﺍ ﻰﻋ ﺪﻤﺘﻌﺗ ﺎﻣ ﺎﻬﻨﻣ ﻢﻴﻴﻘﺘﻟﺍ ﺔﻴﻠﻤﻌﺑ ﻢﺘ ﻕﺮﻃ ﺓﺪﻋ ﺪﺟﻮﺗ ﺔﻳﻮﻨﻌﳌﺍﻭ ﺔﻳﺩﺎﳌﺍ ، ﻭ ﻪﻧﺃ ﻻﺇ ﺎﳑ ﻚﺷﻻ ﻪﻴﻓ ﻪﻧﺃ ﻦﻣ ﲑﻏ ﻦﻜﻤﳌﺍ ﺀﺎﻄﻋﺇ ﺔﻤﻴﻗ ﺔﻘﻴﻗﺩ ﺔﺴﺳﺆﻤﻠﻟ . ﻥﻮﻤﻴﻘﳌﺎﻓ ﻥﻮﻠﻤﻌﺘﺴﻳ ﺎﻗﺮﻃ , ﻭﺃ ﺕﺎﻴﺿﺮﻓ ﺔﻔﻠﺘﳐ ﺪﻗ ﻲﻄﻌﺗ ﺞﺋﺎﺘﻧ ﺓﺰﻳﺎﻤﺘﻣ ﺪﻗ ﻥﻮﻜﺗ ﺔﻄﻘﻧ ﺔﻳﺍﺪﺑ ﺽﻭﺎﻔﺘﻠﻟ ﲔﺑ ﻊﺋﺎﺒﻟﺍ ﻱﺮﺘﺸﳌﺍﻭ ﻡﻮﻤﻌﻟﺍ ﻰﻠﻋ ﻥﺃ ﻦﻜﳝ ﺰﻴﳕ ﲔﺑ ﺙﻼﺛ ﻢﻴﻴﻘﺘﻠﻟ ﺕﺎﺑﺭﺎﻘﻣ : ﺔﺑﺭﺎﻘﳌﺍ ﺔﺑﺭﺎﻘﳌﺍﺔﺑﺭﺎﻘﳌﺍ ﺔﺑﺭﺎﻘﳌﺍ ﱃﻭﻷﺍ ﱃﻭﻷﺍﱃﻭﻷﺍ ﱃﻭﻷﺍ : : : : """" ﺔﻴﻟﺎﳌﺍ ﺔﻣﺬﻟﺍ ﺔﺑﺭﺎﻘﻣ ﺔﻴﻟﺎﳌﺍ ﺔﻣﺬﻟﺍ ﺔﺑﺭﺎﻘﻣ ﺔﻴﻟﺎﳌﺍ ﺔﻣﺬﻟﺍ ﺔﺑﺭﺎﻘﻣ ﺔﻴﻟﺎﳌﺍ ﺔﻣﺬﻟﺍ ﺔﺑﺭﺎﻘﻣ """" """" Approche Patrimoniale " ﻞﻤﻌﺘﺴﺗ ﺕﺎﺴﺳﺆﳌﺍ ﻢﻴﻴﻘﺗ ﰲ ﺎﺗﺩﺎﻋ ﱵﻟﺍ ﻥﻮﻜﻳ ﺎﻛﻮﻜﺸﻣ ﰲ ﺔﻳﺭﺍﺮﻤﺘﺳﺍ ﻃﺎﺸﻧ ، ﺎﻬ ﻊﻣ ﺍﺬﻫ ﺪﻘﻓ ﻡﺪﺨﺘﺴﺗ ﺎﳌ ﻮﻜﻳ ﻥ ﻦﻣ ﻞﻤﺘﶈﺍ ﺔﻠﺻﺍﻮﻣ ﻁﺎﺸﻨﻟﺍ ﺔﺻﺎﺧ ﺎﳌ ﺲﻜﻌﺗ ﺔﻤﻴﻗ ﺮﺻﺎﻨﻋ ﻝﻮﺻﻷﺍ ﺔﻴﻧﺎﻜﻣﺇ ﻖﻴﻘﲢ ﺢﺑﺮﻟﺍ , ﺎﳌﻭﺃ ﻖﻠﻌﺘﻳ ﺮﻣﻷﺍ ﺀﺎﻄﻋﺈﺑ ﻢﻜﺣ ﻝﻮﺣ ﺎﻬﺘﻤﻴﻗ ﺔﻴﻟﻼﻐﺘﺳﻻﺍ , ﻦﻜﻟﻭ ﻢﻴﻴﻘﺗ ﻪﺗﺎﻫ ﻝﻮﺻﻷﺍ ﻥﻮﻜﻳ ﺀﺍﺮﺟﺈﺑ ﺕﻼﻳﺪﻌﺗ ﻰﻠﻋ ﺔﻤﻴﻘﻟﺍ ﻞﻤﻌﺘﺴﺘﻓ ﺔﺴﺳﺆﳌﺍ ﻉﻮﻧ ﺚﻴﺣ ﻦﻣ ﺎﻣﺃ ﺔﻳﺮﺘﻓﺪﻟﺍ " ﰲ ﻭ ﺔﻄﺳﻮﺘﳌﺍ ﺕﺎﺴﺳﺆﳌﺍ ﻢﻴﻴﻘﺗ ﺔﻤﺨﻀﻟﺍ ﻝﻮﺻﻷﺍ ﺕﺍﺫ ﺕﺎﺴﺳﺆﳌﺍ ﺍﺬﻛ ﻭ ﺓﲑﻐﺼﻟﺍ " 11 . " ﻢﻀﺗ ﺔﺑﺭﺎﻘﻣ ﺔﻣﺬﻟﺍ ﺔﻴﻟﺎﳌﺍ ﻉﻮﻤﳎ ﻕﺮﻄﻟﺍ ﱵﻟﺍ ﻞﺜﲤ ﺔﻔﺼﻟﺍ ﺔﻴﳜﺭﺎﺘﻟﺍ ﺲﻴﻟﻭ ﺔﻳﺮﻳﺪﻘﺘﻟﺍ . ﻩﺬﻬﻓ ﻕﺮﻄﻟﺍ ﺪﻤﺘﻌﺗ ﺎﺳﺎﺳﺃ ﻰﻠﻋ ﺔﻣﺫ ،ﺔﺴﺳﺆﳌﺍ ﻱﺃ ،ﺎﻬﺘﻴﻧﺍﺰﻴﻣ ﺪﻨﻋﻭ ﺔﺟﺎﳊﺍ ،ﻖﺣﻼﳌﺍ ﻲﻬﻓ ﺔﺑﺭﺎﻘﻣ ﻒﺼﺘﺗ ،ﻥﻮﻜﺴﻟﺎﺑ ﻰﻠﻋ ﺲﻜﻋ ﺕﺎﺑﺭﺎﻘﳌﺍ ﺔﻳﺮﻳﺪﻘﺘﻟﺍ ﻭﺃ ﺔﻴﻌﻗﻮﺘﻟﺍ ﱵﻟﺍ ﺰﻜﺗﺮﺗ ﻰﻠﻋ ﺮﻳﺪﻘﺗ ﺕﺎﻘﻓﺪﺘﻟﺍ ﺔﻴﻠﺒﻘﺘﺴﳌﺍ ،ﺡﺎﺑﺭﻸﻟ ﺕﺎﻌﻳﺯﻮﺗ ،ﺡﺎﺑﺭﻷﺍ ﻭﺃ ﻖﻓﺪﺘﻟﺍ ﻱﺪﻘﻨﻟﺍ ﺔﺴﺳﺆﻤﻠﻟ " 12 1 -ﺔﻘﻳﺮﻃ ﺔﻘﻳﺮﻃ ﺔﻘﻳﺮﻃ ﺔﻘﻳﺮﻃ ﻝﻮﺻﻷﺍ ﻝﻮﺻﻷﺍ ﻝﻮﺻﻷﺍ ﻝﻮﺻﻷﺍ ﺔﻴﻓﺎﺼﻟﺍ ﺔﻴﻓﺎﺼﻟﺍ ﺔﻴﻓﺎﺼﻟﺍ ﺔﻴﻓﺎﺼﻟﺍ ﱯﺳﺎﶈﺍ ﱯﺳﺎﶈﺍ ﱯﺳﺎﶈﺍ ﱯﺳﺎﶈﺍ 13 1313 13 ANC : ﺪﻤﺘﻌﺗ ﻩﺬﻫ ﺔﻘﻳﺮﻄﻟﺍ ﰲ ﻢﻴﻴﻘﺘﻟﺍ ﻰﻠﻋ ﻢﻴﻘﻟﺍ ﺔﻳﺮﺘﻓﺪﻟﺍ ﺔﻴﻧﺍﺰﻴﳌﺍ ﰲ ﺓﺩﺭﺍﻮﻟﺍ ﻢﻴﻘﻟﺍ ﻭﺃ ﹼﻞﻜﻟ ﻦﻣ ﻝﻮﺻﻷﺍ ﻡﻮﺼﳋﺍﻭ ﺔﺒﺟﺍﻭ ﺩﺍﺪﺴﻟﺍ . ﺔﻴﻘﻴﻘﳊﺍ ﺔﻤﻴﻘﻟﺍ ﻞﻤﻭ ﻝﻮﺻﻸﻟ ﺔﻴﳜﺭﺎﺘﻟﺍ ﺔﻔﻠﻜﺘﻟﺍ ﻰﻠﻋ ﺪﻤﺘﻌﺗ 11
Jean- Etienne Palard, franck imbert, guide pratique d évaluation d entreprise,Eyrolles,2013 p 137
12
Tchemeni Emmanuel, l’évaluation des entreprises, édition Economica, Paris, 1993, P8 13
61 ﻚﻠﺘﻟ ﺔﻴﻠﻌﻔﻟﺍﻭ ﻝﻮﺻﻷﺍ ﺕﺍﺭﺪﻘﻟﺍ ﻞﻤﻭ ﺭﺎﻌﺳﻻﺍ ﰲ ﺕﺍﲑﻐﺘﻟﺍﻭ ﻱﺮﻌﺴﻟﺍ ﻢﺨﻀﺘﻟﺍ ﻲﻋﺍﺮﺗﻻ ﺚﻴﺣ ﻞﺒﻘﺘﺴﳌﺍ ﰲ ﻮﻤﻨﻟﺍ ﰲ ﺔﻛﺮﺸﻠﻟ ﺔﻳﺩﺎﺼﺘﻗﻻﺍ . ﻞﺼﳓ ﻰﻠﻋ ﺔﻤﻴﻗ ﺔﺴﺳﺆﳌﺍ ﺐﺴﺣ ﻩﺬﻫ ﺔﻘﻳﺮﻄﻟﺍ ﰐﻵﺎﻛ : ﺔﻤﻴﻗ ﺔﻤﻴﻗ ﺔﻤﻴﻗ ﺔﻤﻴﻗ ﺔﺴﺳﺆﳌﺍ ﺔﺴﺳﺆﳌﺍﺔﺴﺳﺆﳌﺍ ﺔﺴﺳﺆﳌﺍ = = = = ﱄﺎﲨﺇ ﱄﺎﲨﺇ ﱄﺎﲨﺇ ﱄﺎﲨﺇ ﻝﻮﺻﻷﺍ ﻝﻮﺻﻷﺍ ﻝﻮﺻﻷﺍ ﻝﻮﺻﻷﺍ –––– ﱄﺎﲨﺇ ﱄﺎﲨﺇﱄﺎﲨﺇ ﱄﺎﲨﺇ ﻡﻮﺼﳋﺍ ﻡﻮﺼﳋﺍ ﻡﻮﺼﳋﺍ ﻡﻮﺼﳋﺍ ﻖﺤﺘﺴﳌﺍ ﻖﺤﺘﺴﳌﺍﻖﺤﺘﺴﳌﺍ ﻖﺤﺘﺴﳌﺍ ﻝﺎﺜﻣ ﻝﺎﺜﻣ ﻝﺎﺜﻣ ﻝﺎﺜﻣ :::: ﺮﺋﺎﺼﻌﻟﺍ ﺔﻋﺎﻨﺻ ﰲ ﺔﺼﺘﳐ ﺔﻴﻨﻃﻭ ﺔﺴﺳﺆﻣ ﺭﺎﻴﺘﺧﺍ ﰎ " ﺱﻭﺎﻘﻧ " ﺔﺼﺻﻮﺨﻠﻟ ﺖﻌﻀﺧ . ﻢﻗﺭ ﻝﻭﺪﳉﺍ ﻢﻗﺭ ﻝﻭﺪﳉﺍ ﻢﻗﺭ ﻝﻭﺪﳉﺍ ﻢﻗﺭ ﻝﻭﺪﳉﺍ )))) 06 06 06 06 (((( :::: ﺔﺴﺳﺆﳌﺍ ﺔﻴﻧﺍﺰﻴﻣ ﺔﺴﺳﺆﳌﺍ ﺔﻴﻧﺍﺰﻴﻣﺔﺴﺳﺆﳌﺍ ﺔﻴﻧﺍﺰﻴﻣ ﺔﺴﺳﺆﳌﺍ ﺔﻴﻧﺍﺰﻴﻣ ﺔﻤﻴﻗ ﺔﺴﺳﺆﳌﺍ = ) 1 ( -) 2 =( 2717600 -969000 = 1748600 ﺔﻗﺩ ﺮﺜﻛﺄﺑ ﺔﺴﺳﺆﳌﺍ ﺔﻤﻴﻗ ﱃﺇ ﻝﻮﺻﻮﻠﻟ ﻻ ﻦﻜﳝ ﺩﺎﻤﺘﻋﻻﺍ ﻰﻠﻋ ﺔﻤﻴﻗ ﹼﻞﻛ ﻦﻣ ﻝﻮﺻﻷﺍ ﻡﻮﺼﳋﺍﻭ ﺎﻤﻛ ﺮﻬﻈﺗ ﺔﻴﻧﺍﺰﻴﳌﺎﺑ ؛ ﺚﻴﺣ ﺃﺮﻄﺗ ﺾﻌﺑ ﺕﻼﻳﺪﻌﺘﻟﺍ ﱵﻟﺍ ﻻ ﺪﺑ ﻨﻣ ﺎﻬ ﻰﻠﻋ ﻩﺬﻫ ﺮﺻﺎﻨﻌﻟﺍ ، ﻖﻠﻌﺘﻳ ﺮﻣﻷﺍ ﻝﻮﺻﻷﺍ ﺔﻴﻟﺎﲨﻹﺍ ﻎﻟﺎﺒﳌﺍ ﻡﻮﺼﳋﺍ ﺔﻴﻓﺎﺼﻟﺍ ﻎﻟﺎﺒﳌﺍ ﺔﻳﺭﺎﺟ ﲑﻐﻟﺍ ﻝﻮﺻﻷﺍ ﺔﻳﻮﻨﻌﳌﺍ ﺕﺎﺘﻴﺒﺜﺘﻟﺍ ﺔﻴﻨﻴﻌﻟﺍ ﺕﺎﺘﻴﺒﺜﺘﻟﺍ ﺕﺎﺘﻴﺒﺜﺘﻟﺍ ﺔﻴﻟﺎﳌﺍ 25000 1376000 27500 ﺔﺻﺎﳋﺍ ﻝﺍﻮﻣﻷﺍ ﺱﻭﺅﺭ ﻝﺎﳌﺍ ﺱﺃﺭ ﺭﺎﻄﺧﻷﺍ ﺕﺎﻧﻭﺆﻣ ﺔﻴﻓﺎﺼﻟﺍ ﺔﺠﻴﺘﻨﻟﺍ 992100 142000 159000 ﺔﻳﺭﺎﳉﺍ ﲑﻏ ﻝﻮﺻﺃ ﺞﻣ 1428500 ﺔﺻﺎﳋﺍ ﻝﺍﻮﻣﻷﺍ ﺱﻭﺅﺭ ﺞﻣ 1150000 ﺔﻳﺭﺎﳉﺍ ﻝﻮﺻﻷﺍ ﻊﺋﺎﻀﺒﻟﺍ ﺕﺎﻧﻭﺰﳐ ﻦﺋﺎﺑﺰﻟﺍ ﺔﻈﻓﺎﳊﺍ ﰲ ﺕﺍﺪﻨﺳ ﺎﻘﺒﺴﻣ ﺔﻨﻴﻌﻣ ﺀﺎﺒﻋﻷﺍ ﻙﻮﻨﺑ ﺔﻳﺭﺎﳉﺍ ﺕﺎﺑﺎﺴﳊﺍ 940000 97000 63000 14000 175100 ﺔﻳﺭﺎﳉﺍ ﻡﻮﺼﳋﺍ ﺕﺎﻣﺪﳋ ﻭ ﺕﺎﻧﻭﺰﺨﳌﺍ ﻭﺩﺭﻮﻣ ﺔﻨﺋﺍﺪﻟﺍ ﺐﺋﺍﺮﻀﻟﺍ ﺔﻘﺒﺴﻣ ﺔﻨﻴﻌﻣ ﺕﺎﺟﻮﺘﻨﳌﺍ ﺓﺮﻈﺘﻨﳌﺍ ﺪﺋﺍﻮﻔﻟﺍ ﺔﻳﺭﺎﳉﺍ ﺔﻴﻜﻨﺒﻟﺍ ﺕﺎﳘﺎﺴﳌﺍ 476000 217000 56000 120000 100000 ﺔﻳﺭﺎﳉﺍ ﻝﻮﺻﺃ ﺞﻣ 1289100 ﺔﻳﺭﺎﳉﺍ ﻡﻮﺼﳋﺍ ﺞﻣ ) 2 ( 969000 ﻝﻮﺻﻷﺍ ﻉﻮﻤﳎ ) 1 ( 2717600 ﻡﻮﺼﳋﺍ ﺞﻣ 2119000
62 ﺎﺳﺎﺳﺃ ﺩﺎﻌﺒﺘﺳﺎﺑ ﻝﻮﺻﻷﺍ ﲑﻏ ﺔﻴﻘﻴﻘﳊﺍ ﺔﻓﻭﺮﻌﳌﺍ ﻝﻮﺻﻷﺎﺑ ﺔﻳﻮﻨﻌﳌﺍ 14 ﻦﻣ ﺔﻤﻴﻘﻟﺍ ﺔﻴﻟﺎﲨﻹﺍ ﻝﻮﺻﻸﻟ ﻭ ﺔﻓﺎﺿﺇ ﺾﻌﺑ ﺮﺻﺎﻨﻌﻟﺍ ﱃﺇ ﻥﻮﻳﺪﻟﺍ ﺔﺒﻳﺮﻀﻟﺎﻛ ﻰﻠﻋ ﺡﺎﺑﺭﻷﺍ ، ﺕﺎﻌﻳﺯﻮﺗﻭ ﻢﻬﺳﻷﺍ ، ﺔﺒﻳﺮﻀﻟﺍﻭ ﻰﻠﻋ ﺕﺎﺼﺼﳐ ﺮﺋﺎﺴﳋﺍ ﺓﺎﻐﻠﳌﺍ ﻭﺃ ﺕﺎﺼﺼﳐ ﺮﺋﺎﺴﳋﺍ ﱵﻟﺍ ﺕﺭﺎﺻ ﺔﺒﺟﺍﻭ ﺩﺍﺪﺴﻟﺍ 2 -ﺔﻘﻳﺮﻃ ﺔﻘﻳﺮﻃ ﺔﻘﻳﺮﻃ ﺔﻘﻳﺮﻃ ﻝﻮﺻﻷﺍ ﻝﻮﺻﻷﺍ ﻝﻮﺻﻷﺍ ﻝﻮﺻﻷﺍ ﺔﻴﻓﺎﺼﻟﺍ ﺔﻴﻓﺎﺼﻟﺍ ﺔﻴﻓﺎﺼﻟﺍ ﺔﻴﻓﺎﺼﻟﺍ ﺔﻟﺪﻌﳌﺍ ﺔﻟﺪﻌﳌﺍ ﺔﻟﺪﻌﳌﺍ ﺔﻟﺪﻌﳌﺍ 15 ANCC : ﺪﻤﺘﻌﺗ ﺔﻘﺑﺎﺴﻟﺍ ﺔﻘﻳﺮﻄﻟﺍ ﻩﺪﻤﺘﻌﺗ ﻱﺬﻟﺍ ﺃﺪﺒﳌﺍ ﺲﻔﻧ ﻰﻠﻋ ﺔﻘﻳﺮﻄﻟﺍ ﻩﺬﻫ ﻻﺇ ﺎﹼﺃ ﺬﺧﺄﺗ ﲔﻌﺑ ﺭﺎﺒﺘﻋﻻﺍ ﹼﻞﻛ ﺕﺍﲑﻐﺘﻟﺍ ﱵﻟﺍ ﻦﻜﳝ ﻥﺃ ﺘﺗ ﺽﺮﻌ ﺎﳍ ﺔﻤﻴﻘﻟﺍ ﺔﻳﺮﺘﻓﺪﻟﺍ ﻉﺎﻔﺗﺭﻻﺎﺑ ﻭﺃ ﺽﺎﻔﳔﻻﺍ ﺮﻣﻷﺍ ﻱﺬﻟﺍ ﻢﺘﳛ ﺔﻌﺟﺍﺮﻣ ﻩﺬﻫ ﺔﻤﻴﻘﻟﺍ . ﻞﺟﻷﻭ ﻚﻟﺫ ﺪﻘﻓ ﺕﺮﺨﺳ ﺾﻌﺑ ﺕﺎﻴﻨﻘﺘﻟﺍ ﺐﻠﹼﻄﺘﻳ ﺎﳍﺎﻤﻌﺘﺳﺍ ﺬﺧﻷﺍ ﲔﻌﺑ ﺭﺎﺒﺘﻋﻻﺍ ﻞﻣﺍﻮﻋ ﺓﺪﻳﺪﻋ ﺃ ﺎﻬﳘ : ﺏﺎﺒﺳﻷﺍ ﱵﻟﺍ ﺕﺪﺟﻭ ﻦﻣ ﺎﻬﻠﺟﺃ ﺔﻴﻠﻤﻋ ،ﻢﻴﻴﻘﺘﻟﺍ ﻉﻮﻧ ﻞﺻﻷﺍ ﻪﺘﻴﻌﺿﻭﻭ ﻯﺪﻣﻭ ﻪﺘﻴﳘﺃ ﰲ ﺔﺴﺳﺆﳌﺍ ﻁﺎﺸﻧ ﻡﻮﻘﺗ ﻩﺬﻫ ﺔﻘﻳﺮﻄﻟﺍ ﻰﻠﻋ ﻢﻴﻴﻘﺗ ﻞﺼﻔﻨﻣ ﻒﻠﺘﺨﳌ ﺮﺻﺎﻨﻋ ﻝﻮﺻﺃ ﻭ ﺕﺎﻣﺍﺰﺘﻟﺍ ،ﺔﺴﺳﺆﳌﺍ ﻢﺘﻴﻟ ﺪﻌﺑ ﻚﻟﺫ ﺎﻬﻌﲨ ﻝﻮﺼﺤﻠﻟ ﻰﻠﻋ ﺔﻤﻴﻗ ﺔﺴﺳﺆﳌﺍ 2 -1111 ﺔﻳﺩﺎﳌﺍ ﻝﻮﺻﻷﺍ ﻢﻴﻴﻘﺗ ﺔﻳﺩﺎﳌﺍ ﻝﻮﺻﻷﺍ ﻢﻴﻴﻘﺗ ﺔﻳﺩﺎﳌﺍ ﻝﻮﺻﻷﺍ ﻢﻴﻴﻘﺗ ﺔﻳﺩﺎﳌﺍ ﻝﻮﺻﻷﺍ ﻢﻴﻴﻘﺗ :::: ﻢﻀﺗ ،ﻲﺿﺍﺭﻷﺍ ،ﱐﺎﺒﳌﺍ ،ﺕﺍﺪﻌﳌﺍ ﺕﺎﻧﻭﺰﺨﳌﺍ ﻭ . ﺎﻬﻤﻴﻴﻘﺘﻟﻭ ﻦﻜﳝ ﺔﻧﺎﻌﺘﺳﻹﺍ ﺓﺪﻌﺑ ﻕﺮﻃ ﻦﻣ ﺎﻬﻨﻴﺑ ﺮﻛﺬﻧ : ﺔﻤﻴﻘﻟﺍ ،ﺔﻴﻗﻮﺴﻟﺍ ﺔﻤﻴﻘﻟﺍ ،ﺔﻴﻟﺎﻤﻌﺘﺳﻻﺍ ﺔﻔﻠﻜﺗ ﺓﺩﺎﻋﺇ ﺀﺎﺸﻧﻹﺍ ﻭﺃ ،ﺝﺎﺘﻧﻹﺍ ﺔﻤﻴﻘﻟﺍﻭ ﺔﻳﺩﺎﺼﺘﻗﻹﺍ . ﺃ ﺔﻤﻴﻘﻟﺍ ﺔﻤﻴﻘﻟﺍ ﺔﻤﻴﻘﻟﺍ ﺔﻤﻴﻘﻟﺍ ﺔﻴﻗﻮﺴﻟﺍ ﺔﻴﻗﻮﺴﻟﺍ ﺔﻴﻗﻮﺴﻟﺍ ﺔﻴﻗﻮﺴﻟﺍ :::: ﱪﻌﺗ ﻦﻋ ﺮﻌﺴﻟﺍ ﻱﺬﻟﺍ ﻦﻜﳝ ﻥﺃ ﻝﺯﺎﻨﺘﻧ ﻪﺑ ﻦﻋ ﻞﺻﺃ ﺎﻣ ﺍﺩﺎﻤﺘﻋﺍ ﻰﻠﻋ ﺭﺎﻌﺳﺃ ﺕﺍﺭﺎﻤﺜﺘﺳﺍ ﺔﻠﺛﺎﳑ ﻞﺻﻸﻟ ﻉﻮﺿﻮﻣ ﻲﺿﺍﺭﻷﺍ ﻢﻴﻴﻘﺗ ﰲ ﺎﺗﺩﺎﻋ ﻞﻤﻌﺘﺴﺗ ،ﻢﻴﻴﻘﺘﻟﺍ ﺏ - ﺔﻤﻴﻘﻟﺍ ﺔﻤﻴﻘﻟﺍ ﺔﻤﻴﻘﻟﺍ ﺔﻤﻴﻘﻟﺍ ﺔﻴﻟﺎﻤﻌﺘﺳﻹﺍ ﺔﻴﻟﺎﻤﻌﺘﺳﻹﺍﺔﻴﻟﺎﻤﻌﺘﺳﻹﺍ ﺔﻴﻟﺎﻤﻌﺘﺳﻹﺍ :::: ﺲﻜﻌﺗ ﺔﻌﻔﻨﳌﺍ ﺔﻴﺗﺄﺘﳌﺍ ﻦﻣ ﻝﻼﻐﺘﺳﺍ ﻞﺻﺃ ﺎﻣ ﻢﻴﻴﻘﺗ ﰲ ﺎﺗﺩﺎﻋ ﻞﻤﻌﺘﺴﺗ ﺔﻴﻋﺎﻨﺼﻟﺍ ﱐﺎﺒﳌﺍ . ﺔﻤﻴﻘﻟﺍ ﺔﻤﻴﻘﻟﺍ ﺔﻤﻴﻘﻟﺍ ﺔﻤﻴﻘﻟﺍ ﲎﺒﻤﻠﻟ ﺔﻴﻟﺎﻤﻌﺘﺳﻻﺍ ﲎﺒﻤﻠﻟ ﺔﻴﻟﺎﻤﻌﺘﺳﻻﺍ ﲎﺒﻤﻠﻟ ﺔﻴﻟﺎﻤﻌﺘﺳﻻﺍ ﲎﺒﻤﻠﻟ ﺔﻴﻟﺎﻤﻌﺘﺳﻻﺍ = = = = ﺀﺎﻨﺒﻟﺍ ﺔﻔﻠﻜﺗ ﺀﺎﻨﺒﻟﺍ ﺔﻔﻠﻜﺗ ﺀﺎﻨﺒﻟﺍ ﺔﻔﻠﻜﺗ ﺀﺎﻨﺒﻟﺍ ﺔﻔﻠﻜﺗ ×××× ﻡﺪﻘﻟﺍ ﻞﻣﺎﻌﻣ ﻡﺪﻘﻟﺍ ﻞﻣﺎﻌﻣﻡﺪﻘﻟﺍ ﻞﻣﺎﻌﻣ ﻡﺪﻘﻟﺍ ﻞﻣﺎﻌﻣ ×××× ﻢﻴﻴﻘﺘﻟﺍ ﺓﺩﺎﻋﺍ ﻞﻣﺎﻌﻣ ﻢﻴﻴﻘﺘﻟﺍ ﺓﺩﺎﻋﺍ ﻞﻣﺎﻌﻣ ﻢﻴﻴﻘﺘﻟﺍ ﺓﺩﺎﻋﺍ ﻞﻣﺎﻌﻣ ﻢﻴﻴﻘﺘﻟﺍ ﺓﺩﺎﻋﺍ ﻞﻣﺎﻌﻣ 14 ﻉﺍﺮﺘﺧﻻﺍ ﺕﺍﺀﺍﺮﺑ ، ﺮﺸﻨﻟﺍﻭ ﻒﻴﻟﺄﺘﻟﺍ ﻕﻮﻘﺣ ، ﺯﺎﻴﺘﻣﻻﺍ ﻕﻮﻘﺣ ، ﺲﻴﺳﺄﺘﻟﺍ ﻒﻴﻟﺎﻜﺗ ، ﺕﺎﺒﺳﺎﳊﺍ ﺞﻣﺍﺮﺑ ﺮﻳﻮﻄﺗ ﻒﻴﻟﺎﻜﺗ 15
ﻦﻋ ﺔﻔﻠﻜﺘﻟﺍ ﺐﺟﺍﻮﻟﺍ ﺎﻬﻗﺎﻔﻧﺇ ﺝﺎﺘﻧﻹ ﻞﺻﺃ ﻞﺛﺎﳑ ﻝﻮﺻﻷﺍ ﺬﺧﺄﺗ ﲔﻌﺑ ﺭﺎﺒﺘﻋﻻﺍ ﺐﻧﺎﳉﺍ ﻱﺩﺎﺼﺘﻗﻻﺍ ﺕﺍﺩﺍﺮﻳﺍ ﻦﻣ ﻞﺻﻷﺍ ﻦﻣ ﻰﺗﺄﺘﻳ ﻥﺍ ﻦﻜﳝ ﺎﻣ ﻱﺃ ﻞﺻﻸﻟ . ﺭﻮﺼﺗ ﱯﻳﺮﻘﺗ ﻦﻋ ﺔﻤﻴﻗ ﻝﻮﺻﻷﺍ ﺩﺎﻤﺘﻋﻻﺎﺑ ﻰﻠﻋ ﻭ ﺕﺎﻴﻤﻜﻟﺍ ﺏﺎﺴﺘﺣﺍ ﻖﻳﺮﻃ ﻦﻋ ﺔﻄﻴﺴﺑ ﺔﻔﺼﺑ ﻢﺘﻳ ﻱﺃ ﺔﻔﻠﻜﺘﻟﺍ ﺮﻌﺳ ﺔﻴﻟﻭﻷﺍ ﺩﺍﻮﻤﻠﻟ ﺔﺒﺴﻨﻟﺎﺑ ﺀﺍﺮﺸﻟﺍ ﺔﻔﻠﻜﺗ ﻭﺃ ﻡﺎﺘﻟﺍ ﺝﺎﺘﻧﻺﻟ ﺔﺒﺴﻨﻟﺎﺑ ﺝﺎﺘﻧﻻﺍ ﺔﻔﻠﻜﺗ . :(:(:(:( ﻻﺇ ﺎﹼﺃ ﺔﻣﺯﻻ ﻁﺎﺸﻨﻟ ،ﺔﺴﺳﺆﳌﺍ ﺚﻴﺣ ﻢﻫﺎﺴﺗ ﺓﺮﻬﺷ ﻞﺜﻣ ﹼﻞﶈﺍ ﻕﻮﻘﺣﻭ ﺔﻴﻜﻠﳌﺍ ﺔﻴﻋﺎﻨﺼﻟﺍ ﻭ ﺔﻳﺭﺎﺠﺘﻟﺍﻭ ﺎﺧ ﻕﺮﻄﺑ ﺎﻬﻤﻴﻴﻘﺗ ﻢﺘﻴﻓ ﹼﻞﶈﺍ ﺔﺻ . ﺔﺳﻮﻤﻠﻣ ﲑﻐﻟﺍ ﻭﺃ ﺔﻳﻮﻨﻌﳌﺍ ﻝﻮﺻﻷﺍ ﺔﺳﻮﻤﻠﻣ ﲑﻐﻟﺍ ﻭﺃ ﺔﻳﻮﻨﻌﳌﺍ ﻝﻮﺻﻷﺍ ﺔﺳﻮﻤﻠﻣ ﲑﻐﻟﺍ ﻭﺃ ﺔﻳﻮﻨﻌﳌﺍ ﻝﻮﺻﻷﺍ ﺔﺳﻮﻤﻠﻣ ﲑﻐﻟﺍ ﻭﺃ ﺔﻳﻮﻨﻌﳌﺍ ﻝﻮﺻﻷﺍ ﺔﺴﺳﺆﳌﺍ ﺪﻨﻋ ﺎﻬﺋﺎﺸﻧﺍ ﻒﻳﺭﺎﺼﻤﻛ ﺕﺎﺳﺍﺭﺪﻟﺍ ﰲ ﻞﺟﺃ ﻻ ﻯﺪﻌﺘﻳ ﺲﲬ ﺕﺍﻮﻨﺳ . ﻚﻟﺬﻟ ﻼﻓ ةسوململا ريغ لوصلأا ثوحبلا ريوطتلاو سيسأتلا تاقفن زايتملاا قح 63 ﺕ - ﺔﻔﻠﻜﺗ ﺔﻔﻠﻜﺗﺔﻔﻠﻜﺗ ﺔﻔﻠﻜﺗ ﺓﺩﺎﻋﺇ ﺓﺩﺎﻋﺇ ﺓﺩﺎﻋﺇ ﺓﺩﺎﻋﺇ ﺀﺎﺸﻧﻹﺍ ﺀﺎﺸﻧﻹﺍ ﺀﺎﺸﻧﻹﺍ ﺀﺎﺸﻧﻹﺍ ﻭﺃﻭﺃﻭﺃﻭﺃ ﺝﺎﺘﻧﻹﺍ ﺝﺎﺘﻧﻹﺍ ﺝﺎﺘﻧﻹﺍ ﺝﺎﺘﻧﻹﺍ : ﱪﻌﺗﻭ ﻦﻋ ﻞﺻﻸﻟ ﻉﻮﺿﻮﻣ ﻢﻴﻴﻘﺘﻟﺍ ﺎﻤﻛ ﻦﻜﳝ ﺔﻧﺎﻌﺘﺳﻻﺍ ﺔﻘﻳﺮﻄﺑ ﻯﺮﺧﺃ ﰲ ﻢﻴﻴﻘﺗ ﻝﻮﺻﻷﺍ ﺕﺍﺩﺍﺮﻳﺍ ﻦﻣ ﻞﺻﻷﺍ ﻦﻣ ﻰﺗﺄﺘﻳ ﻥﺍ ﻦﻜﳝ ﺎﻣ ﻱﺃ ﻞﺻﻸﻟ ﺩ - ﺔﻤﻴﻘﻟﺍ ﺔﻤﻴﻘﻟﺍﺔﻤﻴﻘﻟﺍ ﺔﻤﻴﻘﻟﺍ ﺔﻳﺩﺎﺼﺘﻗﻻﺍ ﺔﻳﺩﺎﺼﺘﻗﻻﺍﺔﻳﺩﺎﺼﺘﻗﻻﺍ ﺔﻳﺩﺎﺼﺘﻗﻻﺍ :::: ﻝﻭﺎﲢ ﻩﺬﻫ ﺔﻘﻳﺮﻄﻟﺍ ﺀﺎﻄﻋﺇ ﺭﻮﺼﺗ ﺕﺎﻘﻓﺪﺘﻟﺍ ﺔﻴﻠﺒﻘﺘﺴﳌﺍ ﱵﻟﺍ ﻦﻜﳝ ﻥﺃ ﺄﺸﻨﺗ ﻦﻋ ﻞﺻﻷﺍ . 2222 -1111 -1111 ﻥﻭﺰﺨﳌﺍ ﻢﻴﻴﻘﺗ ﻥﻭﺰﺨﳌﺍ ﻢﻴﻴﻘﺗ ﻥﻭﺰﺨﳌﺍ ﻢﻴﻴﻘﺗ ﻥﻭﺰﺨﳌﺍ ﻢﻴﻴﻘﺗ :::: ﻭ ﺕﺎﻴﻤﻜﻟﺍ ﺏﺎﺴﺘﺣﺍ ﻖﻳﺮﻃ ﻦﻋ ﺔﻄﻴﺴﺑ ﺔﻔﺼﺑ ﻢﺘﻳ ﺔﻴﻟﻭﻷﺍ ﺩﺍﻮﻤﻠﻟ ﺔﺒﺴﻨﻟﺎﺑ ﺀﺍﺮﺸﻟﺍ ﺔﻔﻠﻜﺗ ﻭﺃ ﻡﺎﺘﻟﺍ ﺝﺎﺘﻧﻺﻟ ﺔﺒﺴﻨﻟﺎﺑ ﺝﺎﺘﻧﻻﺍ ﺔﻔﻠﻜﺗ 2222 -2222 ﺔﻳﺩﺎﻣ ﲑﻐﻟﺍ ﻝﻮﺻﻷﺍ ﻢﻴﻴﻘﺗ ﺔﻳﺩﺎﻣ ﲑﻐﻟﺍ ﻝﻮﺻﻷﺍ ﻢﻴﻴﻘﺗ ﺔﻳﺩﺎﻣ ﲑﻐﻟﺍ ﻝﻮﺻﻷﺍ ﻢﻴﻴﻘﺗ ﺔﻳﺩﺎﻣ ﲑﻐﻟﺍ ﻝﻮﺻﻷﺍ ﻢﻴﻴﻘﺗ )))) ﺔﻳﻮﻨﻌﳌﺍ ﺔﻳﻮﻨﻌﳌﺍ ﺔﻳﻮﻨﻌﳌﺍ ﺔﻳﻮﻨﻌﳌﺍ :(:(:(:( ﻢﻀﺗ ﻝﻮﺻﻷﺍ ﱵﻟﺍ ﺲﻴﻟ ﺎﳍ ﺩﻮﺟﻭ ﻱﺩﺎﻣ ﻻﺇ ﻲﻗﺎﺒﻛ ﺮﺻﺎﻨﻋ ﻝﻮﺻﻷﺍ ﰲ ﻖﻴﻘﲢ ﺎﻬﻓﺍﺪﻫﺃ ﺓﺮﻬﺷ ﻞﺜﻣ ﻋ ﺯﺎﻴﺘﻣﻻﺍ ﺩﻮﻘ . ﺎﻤﻴﻓ ﻖﻠﻌﺘﻳ ﺓﺮﻬﺸﺑ ﺎﺧ ﻕﺮﻄﺑ ﺎﻬﻤﻴﻴﻘﺗ ﻢﺘﻴﻓ ﹼﻞﶈﺍ ﻢﻗﺭ ﻞﻜﺸﻟﺍ ﻢﻗﺭ ﻞﻜﺸﻟﺍ ﻢﻗﺭ ﻞﻜﺸﻟﺍ ﻢﻗﺭ ﻞﻜﺸﻟﺍ )))) 1111 (((( :::: ﺔﺳﻮﻤﻠﻣ ﲑﻐﻟﺍ ﻭﺃ ﺔﻳﻮﻨﻌﳌﺍ ﻝﻮﺻﻷﺍ ﺔﺳﻮﻤﻠﻣ ﲑﻐﻟﺍ ﻭﺃ ﺔﻳﻮﻨﻌﳌﺍ ﻝﻮﺻﻷﺍﺔﺳﻮﻤﻠﻣ ﲑﻐﻟﺍ ﻭﺃ ﺔﻳﻮﻨﻌﳌﺍ ﻝﻮﺻﻷﺍ ﺔﺳﻮﻤﻠﻣ ﲑﻐﻟﺍ ﻭﺃ ﺔﻳﻮﻨﻌﳌﺍ ﻝﻮﺻﻷﺍ 2222 -2222 -1111 ﻒﻳﺭﺎﺼﳌﺍ ﻒﻳﺭﺎﺼﳌﺍ ﻒﻳﺭﺎﺼﳌﺍ ﻒﻳﺭﺎﺼﳌﺍ ﺔﻳﺩﺍﺪﻋﻹﺍ ﺔﻳﺩﺍﺪﻋﻹﺍ ﺔﻳﺩﺍﺪﻋﻹﺍ ﺔﻳﺩﺍﺪﻋﻹﺍ ﻞﺜﺘﲤ ﳌﺍ ﻊﻴﲨ ﰲ ﻒﻳﺭﺎﺼ ﱵﻟﺍ ﻠﻤﲢ ﺘ ﺎﻬ ﺔﺴﺳﺆﳌﺍ ﺙﺎﲝﻷﺍﻭ ﻭ ﳌﺍ ﻒﻳﺭﺎﺼ ﱵﻟﺍﻭ ﺔﻳﺭﺍﺩﻹﺍ ﻢﺘﻳ ﺎﻫﺅﺎﻔﻃﺇ ﰲ ةسوململا ريغ لوصلأا ةملاعلا ةيراجتلا قح عارتخلاا ةرھشلحملا
64 ﻦﻜﳝ ﺎﻫﺭﺎﺒﺘﻋﺍ ﻯﺪﺣﺇ ﺕﺎﻧﻮﻜﻣ ﻟﺍ ﺬ ﺔﻣ ﺔﻴﻟﺎﳌﺍ ،ﺔﺴﺳﺆﻤﻠﻟ ﺎﳑ ﺐﻠﹼﻄﺘﻳ ﺩﺎﻌﺒﺘﺳﺍ ﺎﻬﺘﻤﻴﻗ ﻦﻣ ﺔﻤﻴﻘﻟﺍ ﺔﻴﻟﺎﲨﻹﺍ ﻝﻮﺻﻸﻟ . 2222 -2222 -2222 ﻞﶈﺍ ﺓﺮﻬﺷ ﻞﶈﺍ ﺓﺮﻬﺷ ﻞﶈﺍ ﺓﺮﻬﺷ ﻞﶈﺍ ﺓﺮﻬﺷ :::: ﺗ ﻞﶈﺍ ﺓﺮﻬﺷ ﻞﻤﺸ ﺮﺻﺎﻨﻌﻟﺍ ﻉﻮﻤﳎ ﲑﻐﻟﺍ ﱵﻟﺍ ﻭ ﺎﻴﺒﺳﺎﳏ ﺓﺩﻮﺟﻮﳌﺍ ﻭ ﺎﻳﺩﺎﻣ ﺓﺮﻫﺎﻇ ﺭﻮﻄﺘﺑ ﺢﻤﺴﺗ ﺔﺴﺳﺆﳌﺍ ﻁﺎﺸﻧ . ﻦﻣ ﺓﺄﺸﻨﳌﺍ ﻞﶈﺍ ﺓﺮﻬﺷ ﻁﺎﺸﻧ ﻪﺘﺟﺎﳊ ﺔﺴﺳﺆﳌﺍ ﲑﻐﻟﺍ ﻦﻣ ﺓﺍﺮﺘﺸﻣ ﲑﻐﻟﺍ ﻭ ﺓﺰﻫﺎﺟ ﻻ ﺔﻴﻧﺍﺰﻴﳌﺍ ﰲ ﺮﻬﻈﺗ . ﺪﻘﻋ ﰲ ﺔﺼﺨﺸﻣ ﺔﻔﺼﺑ ﺎﻫﺪﻳﺪﲢ ﰎ ﺍﺫﺇ ﻻﺇ ﻞﶈﺍ ﺓﺮﻬﺷ ﺖﻴﺒﺜﺗ ﻦﻜﳝ ﻻ ﻭ ﺀﺎﻨﺘﻗﻻﺍ . ﻦﻜﻟ ،ﻚﻠﺘ ﻻ ﻞﶈﺍ ﺓﺮﻬﺷ ﺔﻤﻴﻘﻟﺍ ﱐﺪﺗ ﺔﻧﻭﺆﻣ ﺕﺎﺼﺼﳐ ﱃﺇ ﺎﻴﺋﺪﺒﻣ ﻊﻀﲣ . 16 " ﱄﻭﺪﻟﺍ ﱯﺳﺎﶈﺍ ﺭﺎﻴﻌﳌﺍ IAS 38 """" ﺔﻳﺩﺎﳌﺍ ﲑﻏ ﻝﻮﺻﻷﺍ ﺔﻳﺩﺎﳌﺍ ﲑﻏ ﻝﻮﺻﻷﺍ ﺔﻳﺩﺎﳌﺍ ﲑﻏ ﻝﻮﺻﻷﺍ ﺔﻳﺩﺎﳌﺍ ﲑﻏ ﻝﻮﺻﻷﺍ """" ﺔﻳﺩﺎﳌﺍ ﲑﻏ ﻝﻮﺻﻷﺍ ﺖﻴﺒﺜﺗ ﺽﺮﻔﻳ ﺖﻧﺎﻛ ﺍﺫﺇ ﺎﻬﺴﻔﻧ ﺔﺴﺳﺆﳌﺍ ﻑﺮﻃ ﻦﻣ ﺔﻴﻠﺧﺍﺩ ﺔﻔﺼﺑ ﺓﺄﺸﻨﻣ ﻭﺃ ﺓﺎﻨﺘﻘﻣ ﺖﻧﺎﻛ ﺀﺍﻮﺳ : • ﺓﺪﻟﻮﻣ ﻞﺻﻷﺍ ﺍﺬ ﺔﻄﺒﺗﺮﳌﺍ ﺔﻴﻠﺒﻘﺘﺴﳌﺍ ﺔﻳﺩﺎﺼﺘﻗﻻﺍ ﻊﻓﺎﻨﳌﺍ ﺔﻴﻓﺎﺻ ﺔﻳﺪﻘﻧ ﺕﺎﻘﻓﺪﺘﻟ ) Cash-flow (، • ﺔﻴﻗﺍﺪﺼﲟ ﺎﻬﻤﻴﻴﻘﺗ ﻦﻜﳝ ﻞﺻﻷﺍ ﺔﻔﻠﻜﺗ . ﱄﺎﳌﺍ ﺡﺎﺼﻓﻺﻟ ﺔﻴﻟﻭﺪﻟﺍ ﲑﻳﺎﻌﳌﺍ ﺭﺎﻃﺇ ﰲ ﺔﻳﺩﺎﳌﺍ ﲑﻏ ﻝﻮﺻﻷﺍ ﺔﳉﺎﻌﻣ IFRS ﺰﻴﹼﲤ ﲔﺑ ﻦﻣ ﺓﺎﻨﺘﻘﳌﺍ ﻚﻠﺗ ﻭ ﺔﺴﺳﺆﳌﺍ ﻑﺮﻃ ﻦﻣ ﺓﺄﺸﻨﳌﺍ ﻝﻮﺻﻷﺍ ﲑﻐﻟﺍ ﺔﻴﻓﺎﺿﺇ ﻁﻭﺮﺸﺑ ﱃﻭﻷﺍ ﻰﻠﻋ ﺩﺪﺸﺗ . ﻭ ﻦﺋﺎﺑﺰﻟﺍ ﺕﺎﻔﻠﻣ ﻭ ﺪﺋﺍﺮﳉﺍ ﻦﻳﻭﺎﻨﻋ ﻭ ﺕﺎﻣﻼﻌﻟﺍ ﻭ ﻞﶈﺍ ﺓﺮﻬﺷ ﻥﺈﻓ ﻪﻴﻠﻋﻭ ﳌﺍ ﻻﺍ ﻒﻳﺭﺎﺼ ﺔﻳﺩﺍﺪﻋ ﻭ ﺎﻬﺘﻴﺒﺜﺗ ﻦﻜﳝ ﻻ ﺮﻘﳌﺍ ﲑﻴﻐﺗ ﻭﺃ ﺭﺎﻬﺷﻹﺍ ﻒﻳﺭﺎﺼﻣ ﻭ ﻦﻳﻮﻜﺘﻟﺍ " 17 . 16 ﺲﻠﺍ ﻡﺎﻗ FASB ﺔﻨﺳ 2001 ﻢﻗﺭ ﺔﻴﻟﺎﳌﺍ ﺔﺒﺳﺎﶈﺍ ﲑﻳﺎﻌﻣ ﺔﻤﺋﺎﻗ ﺮﺸﻨﺑ 142 ﺔﻧﻮﻨﻌﳌﺍ " ﻯﺮﺧﻷﺍ ﺔﺳﻮﻤﻠﳌﺍ ﲑﻏ ﻝﻮﺻﻷﺍ ﻭ ﺓﺮﻬﺸﻟﺍ " ﺕﲑﻏ ﺪﻗ ﻭ ﺓﺮﻬﺸﻠﻟ ﺔﳉﺎﻌﳌﺍ ﺔﻤﺋﺎﻘﻟﺍ ﻩﺬﻫ . 17
65 ﺎﻬﻨﻣ ﺮﻛﺬﻧ ﻕﺮﻃ ﺓﺪﻋ ﻰﻠﻋ ﺩﺎﻤﺘﻋﻻﺎﺑ ﻞﶈﺍ ﺓﺮﻬﺷ ﺔﻤﻴﻗ ﺏﺎﺴﺘﺣﺍ ﻦﻜﳝ : • ﱘﻮﻘﺗ ﺏﻮﻠﺳﺃ ﱘﻮﻘﺗ ﺏﻮﻠﺳﺃ ﱘﻮﻘﺗ ﺏﻮﻠﺳﺃ ﱘﻮﻘﺗ ﺏﻮﻠﺳﺃ ﺓﺪﺋﺍﺰﻟﺍ ﺡﺎﺑﺭﻷﺍ ﺓﺪﺋﺍﺰﻟﺍ ﺡﺎﺑﺭﻷﺍﺓﺪﺋﺍﺰﻟﺍ ﺡﺎﺑﺭﻷﺍ ﺓﺪﺋﺍﺰﻟﺍ ﺡﺎﺑﺭﻷﺍ :::: ﺗ ﲏﻌ ﻷﺍ ﺡﺎﺑﺭ ﻟﺍ ﺓﺪﺋﺍﺰ ﺓﺪﺋﺎﻓ ﲔﺑ ﻕﺮﻔﻟﺍ ﻱﺃ ﺎﻬﻠﺟﺃ ﻦﻣ ﺔﺴﺳﺆﳌﺍ ﺮﻃﺎﲣ ﱵﻟﺍ ﺡﺎﺑﺭﻷﺍ ﻚﻠﺗ ﺓﺮﻃﺎﳐ ﻥﻭﺩ ﺓﺪﺋﺎﻔﻟﺍ ﻭ ﺔﺴﺳﺆﳌﺍ ﻞﺜﲤ ﺔﻳﺩﺎﻌﻟﺍ ﲑﻏ ﻭﺃ ﺓﺪﺋﺍﺰﻟﺍ ﺡﺎﺑﺭﻷﺍ ﻩﺬﻫﻭ ﺔﻠﺛﺎﻤﳌﺍ ﺔﻄﺸﻧﻷﺍ ﻭﺃ ﰲ ﻢﻫﺎﺴﺗ ﺔﺳﻮﻤﻠﻣ ﲑﻏﻭ ﺔﻤﻴﻘﻟﺍ ﺓﺩﺪﳏ ﲑﻏ ﻝﻮﺻﺃ ﺩﻮﺟﻭ ﻦﻋ ﺮﺷﺆﻣ ﻞﶈﺍ ﺓﺮﻬﺷ ﻲﻫﻭ ﺎﻬﻘﻴﻘﲢ . ﻞﻣﺍﻮﻋ ﺓﺪﻋ ﻰﻠﻋ ﺪﻤﺘﻌﺗ ﻞﻣﺍﻮﻋ ﺓﺪﻋ ﻰﻠﻋ ﺪﻤﺘﻌﺗ ﻞﻣﺍﻮﻋ ﺓﺪﻋ ﻰﻠﻋ ﺪﻤﺘﻌﺗ ﻞﻣﺍﻮﻋ ﺓﺪﻋ ﻰﻠﻋ ﺪﻤﺘﻌﺗ :::: ﺔﻋﺎﻨﺼﻟﺍ ﻝﺎﳎ ﰲ ﻭﺃ ﺔﻠﺛﺎﻤﳌﺍ ﺔﻄﺸﻧﻷﺍ ﻭﺃ ﺕﺍﺭﺎﻤﺜﺘﺳﻻﺍ ﻰﻠﻋ ﺡﺎﺑﺭﻸﻟ ﻱﺩﺎﻌﻟﺍ ﻝﺪﻌﳌﺍ ﺪﻳﺪﲢ ﺔﻋﺎﻨﺼﻟﺍ ﺲﻔﻧ ﰲ ﺪﺋﺎﻌﻟﺍ ﻂﺳﻮﺘﻣ ﻰﻠﻋ ﻝﻮﺼﳊﺍ ﻭﺃ ﺔﻠﻘﺘﺴﻣ ﺔﻔﺼﺑ ﺎﻫﺪﻳﺪﺠﺘﺑ ﺓﺄﺸﻨﳌﺍ ﺎﻬﻴﻓ ﻞﻤﻌﺗ ﱵﻟﺍ ﺇ ﻭﺃ ﺕﺍﺮﺸﻧ ﻰﻠﻋ ﻝﻮﺼﳊﺍ ﻭﺃ ﻢﺋﺍﻮﻘﻟﺍ ﺔﺳﺭﺍﺩ ﻭﺃ ﺔﻴﻣﻮﻜﳊﺍ ﺕﺎﻬﳉﺍ ﺎﻫﺪﻌﺗ ﺔﻳﺩﺎﺼﺘﻗﺍ ﺔﻴﻟﺎﻣ ﺕﺎﻴﺋﺎﺼﺣ ﺓﺄﺸﻨﻤﻠﻟ ﺔﻌﻗﻮﺘﳌﺍ ﺔﻳﺩﺎﻌﻟﺍ ﺡﺎﺑﺭﻷﺍ ﺪﻳﺪﲢ ﻦﻜﳝ ﻩﺪﻳﺪﺠﺘﺑﻭ ﺔﻠﺛﺎﻤﳌﺍ ﺔﻄﺸﻧﻷﺍ ﻭﺃ ﺕﺂﺸﻨﻤﻠﻟ ﺔﻴﻟﺎﳌﺍ ﱄﺎﺘﻟﺎﻛ : ﺔﻌﻗﻮﺘﳌﺍ ﺔﻳﺩﺎﻌﻟﺍ ﺡﺎﺑﺭﻷﺍ ﺔﻌﻗﻮﺘﳌﺍ ﺔﻳﺩﺎﻌﻟﺍ ﺡﺎﺑﺭﻷﺍ ﺔﻌﻗﻮﺘﳌﺍ ﺔﻳﺩﺎﻌﻟﺍ ﺡﺎﺑﺭﻷﺍ ﺔﻌﻗﻮﺘﳌﺍ ﺔﻳﺩﺎﻌﻟﺍ ﺡﺎﺑﺭﻷﺍ = = = = ﺎﻫﺪﻳﺪﲢ ﻦﻜﻤﳌﺍ ﻝﻮﺻﻷﺍ ﰲﺎﺼﻟ ﺔﻟﺩﺎﻌﻟﺍ ﺔﻤﻴﻘﻟﺍ ﺎﻫﺪﻳﺪﲢ ﻦﻜﻤﳌﺍ ﻝﻮﺻﻷﺍ ﰲﺎﺼﻟ ﺔﻟﺩﺎﻌﻟﺍ ﺔﻤﻴﻘﻟﺍﺎﻫﺪﻳﺪﲢ ﻦﻜﻤﳌﺍ ﻝﻮﺻﻷﺍ ﰲﺎﺼﻟ ﺔﻟﺩﺎﻌﻟﺍ ﺔﻤﻴﻘﻟﺍ ﺎﻫﺪﻳﺪﲢ ﻦﻜﻤﳌﺍ ﻝﻮﺻﻷﺍ ﰲﺎﺼﻟ ﺔﻟﺩﺎﻌﻟﺍ ﺔﻤﻴﻘﻟﺍ 18 1818 18 X X X X ﺡﺎﺑﺭﻷﺍ ﻝﺪﻌﻣ ﺡﺎﺑﺭﻷﺍ ﻝﺪﻌﻣ ﺡﺎﺑﺭﻷﺍ ﻝﺪﻌﻣ ﺡﺎﺑﺭﻷﺍ ﻝﺪﻌﻣ ﺔﻳﺩﺎﻌﻟﺍ ﺔﻳﺩﺎﻌﻟﺍ ﺔﻳﺩﺎﻌﻟﺍ ﺔﻳﺩﺎﻌﻟﺍ (i) 19 19 19 19 ﰲ ﺔﻴﻠﻌﻔﻟﺍ ﺡﺎﺑﺭﻷﺍ ﻂﺳﻮﺘﻣ ﻰﻠﻋ ﺍﺩﺎﻤﺘﻋﺍ ﺓﺄﺸﻨﻤﻠﻟ ﺔﻴﻠﺒﻘﺘﺴﳌﺍ ﺡﺎﺑﺭﻷﺍ ﺕﺍﺮﻳﺪﻘﺗ ﺪﻳﺪﲢ ﻞﺒﻘﺘﺴﳌﺍ ﰲ ﺎﻬﻘﻴﻘﲢ ﻊﻗﻮﺘﳌﺍ ﺡﺎﺑﺭﻷﺍ ﻦﻋ ﺮﺷﺆﻤﻛ ﻂﺳﻮﺘﳌﺍ ﺭﺎﺒﺘﻋﺍﻭ ﻲﺿﺎﳌﺍ ﺔﻴﻠﻌﻔﻟﺍ ﺡﺎﺑﺭﻷﺍ ﻂﺳﻮﺘﻣ ﺔﻴﻠﻌﻔﻟﺍ ﺡﺎﺑﺭﻷﺍ ﻂﺳﻮﺘﻣ ﺔﻴﻠﻌﻔﻟﺍ ﺡﺎﺑﺭﻷﺍ ﻂﺳﻮﺘﻣ ﺔﻴﻠﻌﻔﻟﺍ ﺡﺎﺑﺭﻷﺍ ﻂﺳﻮﺘﻣ (B) = = = = ﺕﺍﻮﻨﺴﻟﺍ ﻦﻣ ﺩﺪﻌﻟ ﺔﻴﻠﻌﻔﻟﺍ ﺡﺎﺑﺭﻷﺍ ﻉﻮﻤﳎ ﺕﺍﻮﻨﺴﻟﺍ ﻦﻣ ﺩﺪﻌﻟ ﺔﻴﻠﻌﻔﻟﺍ ﺡﺎﺑﺭﻷﺍ ﻉﻮﻤﳎﺕﺍﻮﻨﺴﻟﺍ ﻦﻣ ﺩﺪﻌﻟ ﺔﻴﻠﻌﻔﻟﺍ ﺡﺎﺑﺭﻷﺍ ﻉﻮﻤﳎ ﺕﺍﻮﻨﺴﻟﺍ ﻦﻣ ﺩﺪﻌﻟ ﺔﻴﻠﻌﻔﻟﺍ ﺡﺎﺑﺭﻷﺍ ﻉﻮﻤﳎ //// ﺕﺍﻮﻨﺴﻟﺍ ﺩﺪﻋ ﺕﺍﻮﻨﺴﻟﺍ ﺩﺪﻋ ﺕﺍﻮﻨﺴﻟﺍ ﺩﺪﻋ ﺕﺍﻮﻨﺴﻟﺍ ﺩﺪﻋ 20 Gw =(B1 −iANR) /i ' ﻭﺃ ﺓﺭﺪﻘﳌﺍ ﺓﺮﻬﺸﻟﺍ ﺔﻤﻴﻗ = ﺓﺪﺋﺍﺰﻟﺍ ﺡﺎﺑﺭﻷﺍ X ﺡﺎﺑﺭﻷﺍ ﻩﺬﻫ ﻖﻴﻘﲢ ﺎﳍﻼﺧ ﻊﻗﻮﺘﳌﺍ ﺕﺍﻮﻨﺴﻟﺍ ﺩﺪﻋ ﺔﻟﺪﻌﳌﺍ ﺔﻴﻓﺎﺼﻟﺍ ﻝﻮﺻﻻﺍ ﺔﻤﻴﻗ ﻞﻤﻌﺘﺴﺗ ﺎﻣ ﺎﺗﺩﺎﻋ18 19 ﺓﺮﻃﺎﳐ ﻥﻭﺩ ﻝﺪﻌﻣ 20 Gw ﺓﺭﺪﻘﳌﺍ ﺓﺮﻬﺸﻟﺍ ﺔﻤﻴﻗ ، i ﻝﺪﻌﻣ ،ﺔﻠﲰﺮﻟﺍ ﻭ ﻞﺼﳓ ﻪﻴﻠﻋ ﺔﻓﺎﺿﺈﺑ ﺔﺒﺴﻧ ﺔﻳﻮﺌﻣ ﺔﻨﻴﻌﻣ ﺲﻜﻌﺗ ﺓﺮﻃﺎﺨﳌﺍ ﱃﺇ ﻝﺪﻌﳌﺍ i
66 ﺔﺑﺭﺎﻘﳌﺍ ﺔﺑﺭﺎﻘﳌﺍ ﺔﺑﺭﺎﻘﳌﺍ ﺔﺑﺭﺎﻘﳌﺍ ﺔﻴﻧﺎﺜﻟﺍ ﺔﻴﻧﺎﺜﻟﺍ ﺔﻴﻧﺎﺜﻟﺍ ﺔﻴﻧﺎﺜﻟﺍ :::: ﻕﺮﻄﻟﺍ ﻕﺮﻄﻟﺍ ﻕﺮﻄﻟﺍ ﻕﺮﻄﻟﺍ ﺰﻜﺗﺮﺗ ﺰﻜﺗﺮﺗﺰﻜﺗﺮﺗ ﺰﻜﺗﺮﺗ ﻰﻠﻋ ﻰﻠﻋ ﻰﻠﻋ ﻰﻠﻋ ﻢﺼﺧ ﻢﺼﺧ ﻢﺼﺧ ﻢﺼﺧ ﺕﺎﻘﻓﺪﺘﻟﺍ ﺕﺎﻘﻓﺪﺘﻟﺍ ﺕﺎﻘﻓﺪﺘﻟﺍ ﺕﺎﻘﻓﺪﺘﻟﺍ ﺔﻳﺪﻘﻨﻟﺍ ﺔﻳﺪﻘﻨﻟﺍﺔﻳﺪﻘﻨﻟﺍ ﺔﻳﺪﻘﻨﻟﺍ cash flow ﻢﻴﻴﻘﺘﻟﺍ ﻢﻴﻴﻘﺘﻟﺍ ﻢﻴﻴﻘﺘﻟﺍ ﻢﻴﻴﻘﺘﻟﺍ ﺡﺎﺑﺭﻻﺍ ﻖﻓﺪﺗ ﻰﻠﻋ ﺰﻜﺗﺮﳌﺍ ﺡﺎﺑﺭﻻﺍ ﻖﻓﺪﺗ ﻰﻠﻋ ﺰﻜﺗﺮﳌﺍ ﺡﺎﺑﺭﻻﺍ ﻖﻓﺪﺗ ﻰﻠﻋ ﺰﻜﺗﺮﳌﺍ ﺡﺎﺑﺭﻻﺍ ﻖﻓﺪﺗ ﻰﻠﻋ ﺰﻜﺗﺮﳌﺍ :::: ﺔﻴﻠﻤﻌﻟﺍ ﺡﺎﻀﻳﺍ ﻞﺟﺃ ﻦﻣ ﺔﺴﺳﺆﳌﺍ ﺲﻔﻧ ﻦﻋ ﻝﺎﺜﻣ ﺬﺧﺄﻧ ﺡﺎﺑﺭﻷﺍ ﻖﻓﺪﺗ ﻰﻠﻋ ﺰﻜﺗﺮﳌﺍ ﻢﻴﻴﻘﺘﻟﺍ ﻱﺃ ﺢﺿﻮﻣ ﻮﻫ ﺎﻤﻛ ﺕﺍﻮﻨﺳ ﺙﻼﺛ ﺓﺪﳌ ﻚﻟﺫ ﻭ ﺱﻭﺎﻘﻧ ﺔﺴﺳﺆﻣ ﻱﺃ : ﻢﻗﺭ ﻝﻭﺪﳉﺍ ﻢﻗﺭ ﻝﻭﺪﳉﺍﻢﻗﺭ ﻝﻭﺪﳉﺍ ﻢﻗﺭ ﻝﻭﺪﳉﺍ )))) 00007777 (((( :::: ﺭﺎﻨﻳﺩ ﻒﻟﺄﺑ ﺔﺴﺳﺆﳌﺍ ﺡﺎﺑﺭﺃ ﺭﺎﻨﻳﺩ ﻒﻟﺄﺑ ﺔﺴﺳﺆﳌﺍ ﺡﺎﺑﺭﺃﺭﺎﻨﻳﺩ ﻒﻟﺄﺑ ﺔﺴﺳﺆﳌﺍ ﺡﺎﺑﺭﺃ ﺭﺎﻨﻳﺩ ﻒﻟﺄﺑ ﺔﺴﺳﺆﳌﺍ ﺡﺎﺑﺭﺃ 2009 2008 2007 140000 140000 140000 140000 24500 44700 t = i (1 + R) ﺚﻴﺣ : . : t ﻝﺪﻌﻣ ﺪﺋﺎﻌﻟﺍ ﺏﻮﻏﺮﳌﺍ ﻪﻴﻓ ﻦﻣ ﻑﺮﻃ ﺮﻤﺜﺘﺴﳌﺍ : i ﻝﺪﻌﻣ ﺪﺋﺎﻌﻟﺍ ﱄﺎﳋﺍ ﻦﻣ ﺓﺮﻃﺎﺨﳌﺍ : R ﺓﻭﻼﻋ ﺓﺮﻃﺎﺨﳌﺍ .21 ﻝﺎﺜﻣ ﻝﺎﺜﻣ ﻝﺎﺜﻣ ﻝﺎﺜﻣ :::: ﻥﺎﻛ ﺍﺫﺇ i ﺓﺮﻃﺎﳐ ﻥﻭﺩ ﻝﺪﻌﳌﺍ 5 ℅ ﺓﺮﻃﺎﺨﳌﺍ ﺓﻭﻼﻋ ﻭ 150 ℅ ﺢﺒﺼﻳ t=0.05 (1+1.5)=12.5℅=0.125 Bn = B+B (1 + t )+ B ( 1 + t )² + ……… + B ( 1 + t )n - 2 + B (1 + t )n - 1 + B ( 1 + t )n ﻝﻭﻷﺍ ﺎﻫﺪﺣ ﺔﻴﺳﺪﻨﻫ ﺔﻴﻟﺎﺘﺘﻣ ﻉﻮﻤﳎ ﻉﻮﻤﺍ ﺍﺬﻫ ﻞﺜﳝ ﻝﻭﻷﺍ ﺎﻫﺪﺣ ﺔﻴﺳﺪﻨﻫ ﺔﻴﻟﺎﺘﺘﻣ ﻉﻮﻤﳎ ﻉﻮﻤﺍ ﺍﺬﻫ ﻞﺜﳝ ﻝﻭﻷﺍ ﺎﻫﺪﺣ ﺔﻴﺳﺪﻨﻫ ﺔﻴﻟﺎﺘﺘﻣ ﻉﻮﻤﳎ ﻉﻮﻤﺍ ﺍﺬﻫ ﻞﺜﳝ ﻝﻭﻷﺍ ﺎﻫﺪﺣ ﺔﻴﺳﺪﻨﻫ ﺔﻴﻟﺎﺘﺘﻣ ﻉﻮﻤﳎ ﻉﻮﻤﺍ ﺍﺬﻫ ﻞﺜﳝ B ﺎﻬﺳﺎﺳﺃ ﻭ ﺎﻬﺳﺎﺳﺃ ﻭ ﺎﻬﺳﺎﺳﺃ ﻭ ﺎﻬﺳﺎﺳﺃ ﻭ (1 + t ) Bn=B ( 1 + t )n-1/t 21 ﺔﺴﺳﺆﳌﺍ ﺓﺮﻃﺎﳐ ﻯﺪﻣ ﲔﺒﺗ ﱵﻟﺍ ﺺﻴﺨﺸﺘﻟﺍ ﺞﺋﺎﺘﻧ ﺐﺴﺣ ﺔﻤﻴﻘﻟﺍ ﻩﺬﻫ ﺺﻘﻨﺗ ﻭ ﺪﻳﺰﺗ
67 V ( 1 + t )n = Bn → V ( 1 + t )n = B ( 1 + t )n-1/ t V=B ( 1 + t )n-1/ t ( 1 + t )n B=44700+24500+14000/3=73866, 67 V=73866, 67 ((1+0.125)3-1)/0.125(1+0.125)3= 175901.96 ﺕﺎﻘﻓﺪﺗ ﺓﺪﻋ ﻝﺎﻤﻌﺘﺳﺍ ﺔﻴﻧﺎﻜﻣﺍ ﱃﺇ ﺎﻨﻫ ﲑﺸﻧ ﺔﻳﺪﻘﻧ ﺓﺮﺷﺎﺒﻣ ﺡﺎﺑﺭﻷﺍ ﻦﻋ ﻻﺪﺑ ﻯﺮﺧﺃ ﺓﺮﻬﺷ ﻊﻳﺮﻛ ﺎﳍﺎﺣ ﻰﻠﻋ ﻰﻘﺒﺗ ﺏﺎﺴﳊﺍ ﺔﻘﻳﺮﻃ ﻥﺃ ﻻﺇ ﻼﺜﻣ ﻞﶈﺍ .
68 ﳋﺍ ﳋﺍﳋﺍ ﳋﺍ ﺔﲤﺎ ﺔﲤﺎ ﺔﲤﺎ ﺔﲤﺎ :::: ﺎﻤﻬﻣ ﺖﻧﺎﻛ ﺔﻘﻳﺮﻄﻟﺍ ﺔﻌﺒﺘﳌﺍ ﻢﻴﻴﻘﺘﻟ ﺔﺴﺳﺆﳌﺍ ، ﻼﻓ ﺪﺑ ﻦﻣ ﺺﻴﺨﺸﺘﻟﺍ ﻡﺎﻌﻟﺍ ﺎﳍ ، ﺍﺬﻫﻭ ﺽﺮﺘﻔﻳ ﺔﻓﺮﻌﻣ ﺓﺪﻴﺟ ﻖﺋﺎﺛﻮﻟﺎﺑ ﺔﻴﺒﺳﺎﶈﺍ ، ﺩﺍﺪﻋﺇﻭ ﺺﻴﺨﺸﺗ ﱄﺎﻣ ، ﲏﻘﺗ ، ﻱﺭﺎﲡ ﻱﺮﺸﺑﻭ . ﻻ ﺎﳑ ﻳ ﺡﺮﻄ ﺔﻴﻟﺎﻜﺷﺇ ﰲ ﻢﻴﻴﻘﺘﻟﺍ ﰲ ﻞﺻﺎﺣ ﻮﻫ ﺎﻤﻛ ﺕﺎﺒﺳﺎﻨﻣ ﺓﺪﻳﺪﻋ ﺎﻬﻨﻣﻭ ؛ﺔﺼﺻﻮﳋﺍ ﺚﻴﺣ ﺽﺮﺘﻔﻳ ﻥﺃ ﺪﻨﺘﺴﺗ ﺔﻟﻭﺪﻟﺍ ﻰﻠﻋ ﺞﺋﺎﺘﻧ ﺺﻴﺨﺸﺘﻟﺍ ﰲ ﺪﻳﺪﲢ ﺮﻌﺳ ﻝﺯﺎﻨﺘﻟﺍ ﻦﻋ ﺕﺎﺴﺳﺆﳌﺍ ﺔﻴﻣﻮﻤﻌﻟﺍ . ﺽﺮﻔﺗ ﺔﻴﻠﻤﻋ ﻢﻴﻴﻘﺘﻟﺍ ﺭﻭﺮﳌﺍ ﲔﺘﻠﺣﺮﲟ ﲔﺘﻠﻣﺎﻜﺘﻣ ﺎﳘ ﻰﻠﻋ ﺐﻴﺗﺮﺘﻟﺍ : ﺺﻴﺨﺸﺘﻟﺍ ﻱﺬﻟﺍ ﺓﺭﻮﺻ ﻲﻄﻌﻳ ﻦﻋ ﺔﺴﺳﺆﳌﺍ ﻭ ﺭﺎﻴﺘﺧﺍ ﺎﳍ ﺔﺒﺳﺎﻨﳌﺍ ﻢﻴﻴﻘﺘﻟﺍ ﺔﻘﻳﺮﻃ ، ﻡﺍﺪﺨﺘﺳﺇ ﻕﺮﻃ ﺮﻳﺪﻘﺗ ﺔﻤﻴﻗ ﺔﺴﺳﺆﳌﺍ ﱵﻟﺍ ﻒﻨﺼﺗ ﱃﺇ ﺔﺛﻼﺛ ﻞﺧﺍﺪﻣ ﺔﻴﺴﻴﺋﺭ ﻲﻫ : ﻞﺧﺪﻣ ﺔﻣﺬﻟﺍ ،ﺔﻴﻟﺎﳌﺍ ﻞﺧﺪﻣ ﺔﻤﻴﻗ ،ﺔﻳﺩﻭﺩﺮﳌﺍ ﻞﺧﺪﻣﻭ ﻕﺮﻄﻟﺍ ﺔﻄﻠﺘﺨﳌﺍ . ﺭﻮﺼﻘﻠﻟ ﺔﺠﻴﺘﻧﻭ ﻱﺬﻟﺍ ﺰﻴﻣ ﺕﺎﻴﻠﻤﻋ ﻢﻴﻴﻘﺘﻟﺍ ﱵﻟﺍ ﺖﲤ ﰲ ﺮﺋﺍﺰﳉﺍ ﺎﻘﺑﺎﺳ ﱵﻟﺍﻭ ﺖﻤﺘﻫﺇ ﺔﳉﺎﻌﲟ ﺔﻤﻴﻗ ﺔﺴﺳﺆﳌﺍ ﻦﻣ ﺔﻬﺟﻭ ﺮﻈﻧ ﺔﻴﺒﺳﺎﳏ ) ﺔﻳﺮﺘﻓﺩ (، ﻱﺃ ﻡﺍﺪﺨﺘﺳﺈﺑ ﻕﺮﻃ ﻢﻴﻴﻘﺘﻟﺍ ﺎﻫﺪﺣﻮﻟ ﱃﺇ ﺓﺩﻮﻌﻟﺍ ﻥﻭﺩ ﻑﺪﳍﺍ ﻦﻣ ﻝﺎﳘﺍ ﱄﺎﺘﻟﺎﺑ ﻭ ﺔﺼﺻﻮﳋﺍ ﺔﻳﻮﻨﻌﳌﺍ ﻢﻴﻘﻟﺍ ، ﻥﺎﻛ ﺪﻘﻓ ﻦﻣ ﺐﻌﺼﻟﺍ ﺪﻳﺪﲢ ﺮﻌﺳ ﺐﺳﺎﻨﻣ ﻝﺯﺎﻨﺘﻠﻟ ﻡﺪﳜ ﱀﺎﺼﻣ ﻑﺍﺮﻃﻷﺍ ﺔﻴﻨﻌﳌﺍ ﺔﺼﺻﻮﳋﺎﺑ ﺔﻟﻭﺪﻟﺍ ﺔﺤﻠﺼﻣ ﺔﺻﺎﺧ .
69 ﻊـــﺟﺍﺮﳌﺍ ﺔـــﻤﺋﺎﻗ ﻊـــﺟﺍﺮﳌﺍ ﺔـــﻤﺋﺎﻗ ﻊـــﺟﺍﺮﳌﺍ ﺔـــﻤﺋﺎﻗ ﻊـــﺟﺍﺮﳌﺍ ﺔـــﻤﺋﺎﻗ :::: ﺔﻴﺑﺮﻌﻟﺍ ﺔﻐﻠﻟﺎﺑ ﻊﺟﺍﺮﳌﺍ ﺔﻴﺑﺮﻌﻟﺍ ﺔﻐﻠﻟﺎﺑ ﻊﺟﺍﺮﳌﺍ ﺔﻴﺑﺮﻌﻟﺍ ﺔﻐﻠﻟﺎﺑ ﻊﺟﺍﺮﳌﺍ ﺔﻴﺑﺮﻌﻟﺍ ﺔﻐﻠﻟﺎﺑ ﻊﺟﺍﺮﳌﺍ : 1 . ﱐﺍﺪﻬﺸﳌﺍ ﻥﻭﺪﲪ ﻱﺪﲪ ﺪﻟﺎﺧ ، ﺎﺎﺳﺎﻜﻌﻧﺍﻭ ﻢﺨﻀﺘﻟﺍ ﺕﻻﺪﻌﻣ ﰲ ﺎﻫﺭﺎﺛﺃﻭ ﺔﺼﺨﺼﳋﺍ ﻱﺩﺎﺼﺘﻗﻻﺍ ﻮﻤﻨﻟﺍ ﺕﻻﺪﻌﻣ ﻰﻠﻋ , ﻥﺩﺭﻷﺍ ﺮﺸﻨﻟ ﻞﺋﺍﻭ ﺭﺍﺩ , 2013 2 . ﺭﻭﺪﻗ ﻦﺑ ﻕﺍﻮﺷﺃ , ﺕﺎﺴﺳﺆﳌﺍ ﻢﻴﻴﻘﺗ ﻱﺩﺎﻣ ﲑﻏ ﻝﺎﳌﺍ ﺱﺃﺮﻟ ﺎﻘﻓﻭ , ﻭ ﺮﺸﻨﻠﻟ ﺔﻳﺍﺮﻟﺍ ﺭﺍﺩ ﻊﻳﺯﻮﺘﻟﺍ , ﻥﺩﺭﻷﺍ , 2012 . 3 . ﻥﺎﻬﻴﺷ ﺪﲪ ﺏﺎﻬﺷ , ﺀﺍﺩﻷﺍ ﺓﺀﺎﻔﻛ ﻊﻓﺭ ﰲ ﺎﺎﺳﺎﻜﻌﻧﺍ ﻭ ﺔﺼﺨﺼﳋﺍ ﺔﻴﻟﺎﻜﺷﺇ ﻱﺩﺎﺼﺘﻗﻻﺍ , ﺔﻳﺭﺍﺩﻻﺍ ﻭ ﺔﻳﺩﺎﺼﺘﻗﻻﺍ ﻡﻮﻠﻌﻠﻟ ﺭﺎﺒﻧﻻﺍ ﺔﻌﻣﺎﺟ ﺔﻠﳎ , ﺩﺪﻌﻟﺍ 2 , 2008 . 4 . ﺔﻴﲰﺮﻟﺍ ﺓﺪﻳﺮﳉﺍ ﻢﻗﺭ 62 ﺦﻳﺭﺎﺗ 24 ﺮﺑﻮﺘﻛﺃ 2001 5 . ﻢﻗﺭ ﺔﻴﲰﺮﻟﺍ ﺓﺪﻳﺮﳉﺍ 14 ﺦﻳﺭﺎﺘﺑ ﺔﺧﺭﺆﳌﺍ 04 ﻞﻳﺮﻓﺃ 1990 . 6 . ﻢﻗﺭ ﺔﻴﲰﺮﻟﺍ ﺓﺪﻳﺮﳉﺍ 69 ﺦﻳﺭﺎﺘﺑ ﺔﺧﺭﺆﳌﺍ 27 ﺮﺑﻮﺘﻛﺃ 1993 . 7 . ﻢﻗﺭ ﺔﻴﲰﺮﻟﺍ ﺓﺪﻳﺮﳉﺍ 60 ﺦﻳﺭﺎﺘﺑ ﺔﺧﺭﺆﳌﺍ 13 ﺮﺑﻮﺘﻛﺃ 1996 . ﺔﻴﺴﻧﺮﻔﻟﺍ ﺔﻐﻠﻟﺎﺑ ﻊﺟﺍﺮﳌﺍ ﺔﻴﺴﻧﺮﻔﻟﺍ ﺔﻐﻠﻟﺎﺑ ﻊﺟﺍﺮﳌﺍ ﺔﻴﺴﻧﺮﻔﻟﺍ ﺔﻐﻠﻟﺎﺑ ﻊﺟﺍﺮﳌﺍ ﺔﻴﺴﻧﺮﻔﻟﺍ ﺔﻐﻠﻟﺎﺑ ﻊﺟﺍﺮﳌﺍ ::::
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