ارزیابی محدودیت‌های استفاده یکپارچه از ابزارهای مالی مشتقه در بازار سرمایه ایران

هدف: هدف این پژوهش ارزیابی محدودیت‌های استفاده از ابزارهای مالی مشتقه در بازار سرمایه ایران است. روش: این پژوهش از نظر روش شناسی جمع‌آوری داده‌ها ترکیبی است، زیرا فقدان یک چارچوب نظری از محدودیت‌های ابزارهای مالی باعث گردید است تا استفاده از این ابزارها حداقل در سطح بازار سرمایه ایران از یکپارچگی لازم برخوردار نباشد. لذا ابتدا از طریق فرآیند فراترکیب و دلفی به عنوان مبنای تحلیل در بخش کیفی، تلاش گردید تا ابعاد مربوط به محدودیت‌های استفاده از ابزارهای مالی مشتقه تعیین گردد و سپس پایایی آن باهدف تعیین حد اجماع نظری مورد بررسی قرار گیرد. در بخش کمی پژوهش نیز از استنتاج فازی تودیم بهره برده شده است. زیرا هدف در این بخش تعیین مهمترین محدودیت یکپارچگی استفاده از ابزارهای مالی مشتقه در بازار سرمایه ایران بود. یافته‌ها: نتایج پژوهش در بخش کیفی از طریق غربالگری محتوایی 11 پژوهش، حکایت از انتخاب 7 بُعد محدودیت‌های استفاده از ابزارهای مالی مشتقه دارد. نتایج در بخش کمی پژوهش براساس ماتریس استنتاج فازی تودیم و تعیین وزن نهایی هریک از معیارهای پژوهش، از انتخاب عدم قابلیت مقایسه‌پذیری (a2) به عنوان مهمترین محدودیت یکپارچگی استفاده از ابزارهای مالی مشتقه در بازار سرمایه ایران حکایت دارد. نتیجه‎گیری: این نتیجه نشان داد قابلیت مقایسه‌پذیری به عنوان یکی از شاخص‌های کیفیت اطلاعات در استفاده از این ابزارها می‌تواند منافعی همچون کاهش هزینه پردازش اطلاعات را به همراه داشته باشد و از طریق این مکانیزم است که سطح ارزشگذاری‌های منصفانه بر روی دارایی‌های شرکت‌ها می‌تواند به افزایش یکپارچگی استفاده از ابزارهای مالی مشتقه کمک نماید.

investigating the limitations of integrated use of derivative financial instruments in the iranian capital market

objective: one of the financial instruments that plays an important role in investors' decision-making is the derivative financial instrument, which in iran's capital market has caused the market balance to be disturbed in terms of control and risk due to the existence of integrated usage restrictions for them. in fact, these financial instruments can be used both for commercial purposes and for protection against unpredictable risks in investments. but the existence of restrictions on the use of derivative financial instruments has caused huge losses, which cannot be hidden as a result of the financial scandals of large companies. therefore, in order to reduce such restrictions in the use of derivative financial instruments, many accounting and financial standards drafting boards such as the american financial accounting standards board and the australian accounting standards board in accordance with  statements; they compiled  and  with the aim of reducing the complications of using these instruments. the purpose of this research is investigating the limitations of using derivative financial instruments in the iranian capital market. methods: this research is mixed in terms of data collection methodology, because the lack of a theoretical framework of the financial instruments limitations has led to the use of these instruments, at least at the level of the iranian capital market does not have integrity. therefore, first, through the process of meta synthesis and delphi as the basis of analysis in the qualitative part, an attempt was made to determine the dimensions of the limitations of using derivative financial instruments and then its reliability was examined to determine the theoretical consensus. todim fuzzy inference has been used in the quantitative part of the research. because the purpose of this section was to determine the most important limitation of the integration of the use of derivative financial instruments in the iranian capital market. in this research, in the qualitative part, 15 accounting experts at the university level and in the quantitative part, 25 capital market experts; experts in financial reporting and the issuer supervision department of the stock exchange organization participated as the statistical population. results: in this research, based on the fact that the limitations of the integration of the use of derivative financial instruments have not been determined in the form of a coherent theoretical framework in the past researches, therefore, in this research, an attempt was made to determine the desired dimensions. the results of the qualitative research through content screening of 11 studies indicate the selection of 7 dimensions of restrictions on the use of derivative financial instruments, which were confirmed in two rounds of delphi analysis, the theoretical limit of these dimensions. the results in the quantitative part of the research based on the todim fuzzy inference matrix and determining the final weight of each research criterion indicate the selection of lack of financial statement comparability (a2) as the most important constraint on the integrity of the use of derivative financial instruments in the iranian capital market. conclusion: the result reflects the fact that comparability as one of the indicators of information quality in the use of these tools can have benefits such as reducing the cost of information processing and it is through this mechanism that the level of fair valuations on corporate assets can help increase the integrity of the use of derivative financial instruments. in fact, comparability as one of the indicators of information quality in the use of these tools can bring benefits such as reducing the cost of information processing, and it is through this mechanism that the level of fair valuations on the assets of companies can increase the integrity in the use of tools. financial derivatives help. so that by increasing the ability to compare information, the possibility of comparing the similarities and differences between the value of companies is increased and on the other hand, the effort of analysts to understand and analyze financial statements and to better understand the relationship between economic events and company performance is reduced, both of which are an effective factor on the efficiency of the market and the optimal allocation of resources is in the form of expanding the collection of information available to investors and reducing the cost of information, and it provides opportunities to invest in derivative financial instruments. while the lack of this capacity in iran's capital market, due to various reasons such as lack of information transparency or agency cost, has reduced the integrity of the use of this tool at the level of iran's capital market.