اقتصاد و سیاست گذاری مالی

اقتصاد و سیاست گذاری مالی

طراحی مدل مهندسی مالی برای بهینه‌سازی تأمین مالی بنگاه‌ها در شرایط نوسانات ارزی، تورم و محدودیت اعتباری: رویکردی مبتنی بر سیاست‌گذاری مالی در اقتصاد ایران

نوع مقاله : مقاله پژوهشی

نویسنده
گروه مهندسی مالی، واحد علوم و تحقیقات، دانشگاه آزاد اسلامی، تهران، ایران.
10.22034/efp.2026.2092164.1062
چکیده
هدف پژوهش حاضر طراحی و اعتبارسنجی مدلی یکپارچه برای مهندسی مالی و بهینه‌سازی تأمین مالی بنگاه‌ها در شرایط هم‌زمان نوسانات ارزی، تورم و محدودیت اعتباری در اقتصاد ایران بود. پژوهش با طرح آمیخته اکتشافی متوالی ـ اعتبارسنجی انجام شد. در مرحله کیفی، 26 خبره از حوزه‌های مدیریت مالی بنگاه، بانک، بازار سرمایه، دانشگاه و سیاست‌گذاری مالی به‌صورت هدفمند انتخاب شدند و مصاحبه‌های نیمه‌ساختاریافته با کدگذاری باز، محوری و انتخابی تحلیل شد. تحلیل کیفی به 318 کد اولیه، 47 مفهوم، 14 مقوله فرعی و شش بعد اصلی شامل ریسک‌های اقتصاد کلان، محدودیت‌های ساختاری تأمین مالی، ظرفیت مالی بنگاه، ابزارهای مهندسی مالی، الزامات سیاست‌گذاری مالی و پیامدهای تاب‌آوری و رشد پایدار انجامید. در مرحله کمی، پرسشنامه محقق‌ساخته با 386 پاسخ معتبر و رویکرد PLS-SEM برای اعتبارسنجی مدل به‌کار رفت. در میان مسیرهای گزارش‌شده، اثر سیاست‌گذاری مالی بر کارآمدی ابزارهای مهندسی مالی بیشترین ضریب را داشت (β=0.52، t=9.36، p=0.001)؛ همچنین تأمین مالی زنجیره تأمین با بهبود سرمایه در گردش (β=0.44) و تنوع‌بخشی منابع با بهینه‌سازی تأمین مالی (β=0.41) ارتباط مثبت داشت. شاخص‌های ساختاری گزارش‌شده شامل SRMR=0.061، R²=0.64 برای بهینه‌سازی تأمین مالی، R²=0.59 برای تاب‌آوری مالی و Q²=0.41 بود. یافته‌ها نشان می‌دهد اثربخشی مهندسی مالی در ایران به ترکیب هم‌زمان ابزارهای تأمین مالی و پوشش ریسک، ظرفیت درونی بنگاه و بستر نهادی و سیاستی وابسته است.

چکیده تصویری

طراحی مدل مهندسی مالی برای بهینه‌سازی تأمین مالی بنگاه‌ها در شرایط نوسانات ارزی، تورم و محدودیت اعتباری: رویکردی مبتنی بر سیاست‌گذاری مالی در اقتصاد ایران
کلیدواژه‌ها
موضوعات

عنوان مقاله English

Designing a Financial Engineering Model to Optimize Corporate Financing under Exchange Rate Volatility, Inflation, and Credit Constraints: A Financial Policy-Based Approach in the Iranian Economy

نویسنده English

Ali Reza Zamanpour
Department of Financial Engineering, Science and Research Branch, Islamic Azad University, Tehran, Iran.
چکیده English

The present study aimed to design and validate a financial engineering model for optimizing corporate financing under conditions of exchange rate volatility, inflation, and credit constraints, with an emphasis on financial policy requirements in the Iranian economy. In terms of purpose, the study was applied-developmental, and in terms of method, it employed an exploratory-validation mixed-methods design. In the qualitative phase, data were collected through semi-structured interviews with 26 financial experts, corporate financial managers, bank credit specialists, capital market practitioners, and financial policy scholars, and were analyzed through open, axial, and selective coding. In the quantitative phase, a researcher-developed questionnaire based on the qualitative findings was designed and administered to 386 financial specialists and managers of active firms in Iran. The qualitative findings led to the extraction of six main dimensions: macroeconomic risks, structural financing constraints, firms’ financial capacity, financial engineering instruments, financial policy requirements, and the outcomes of resilience and sustainable growth. The quantitative findings showed that financial policy, the effectiveness of financial engineering instruments, and firms’ financial capacity had positive and significant effects on financing optimization and firms’ financial resilience. The results indicated that financial engineering in the Iranian economy becomes effective when it moves beyond the mere design of instruments and is implemented within a coordinated system linking firms, the banking system, the capital market, and financial policymaking.

کلیدواژه‌ها English

Corporate Financing
Exchange Rate Volatility
Credit Constraints
Financial Policymaking
Iranian Economy
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