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ارائه الگویی برای تامین مالی شرکتهای معدنی پذیرفته شده در بورس به منظور افزایش NPV | ||
| نشریه مهندسی عمران امیرکبیر | ||
| مقاله 9، دوره 55، شماره 9، آذر 1402، صفحه 1883-1908 اصل مقاله (2.18 M) | ||
| نوع مقاله: مقاله پژوهشی | ||
| شناسه دیجیتال (DOI): 10.22060/ceej.2023.22113.7907 | ||
| نویسندگان | ||
| سیروس اندیشه؛ مجید عطائی پور* ؛ زینب جهانبانی | ||
| دانشکده مهندسی معدن، دانشگاه صنعتی امیرکبیر، تهران، ایران | ||
| چکیده | ||
| چگونگی تأمین مالی پروژههای معدنی یکی از مسائل پیش روی سرمایهگذاران در مراحل مختلف عمر آن پروژه است. برای تامین مالی پروژههای معدنی گزینههای مختلفی وجود دارد که هرکدام ویژگیهای خاص خود را دارند. میزان بهرهگیری از این گزینهها بستگی به شرایط و محدودیت های حاکم بر طرح و ترجیحات سرمایهگذاران دارد. در مطالعه حاضر پس از شناسایی معیارهای تاثیرگذار بر NPV شرکتهای معدنی، به کمک پرسشنامه و به کارگیری تکنیک دلفی پنج معیار مکانیزم بازپرداخت، حجم سرمایه، نرخ سود، هزینه دسترسی و ریسک روش، به عنوان معیارهای اصلی برای بررسی گزینههای مختلف تامین مالی (شامل بانک خارجی، بورس، صکوک، سرمایه گذار داخلی و بانک و موسسات مالی و اعتباری داخلی) انتخاب شدند. از آنجا که این معیارها مستقل از یکدیگر نبوده و وابستگی بین آنها بر انتخاب روش تامینمالی و درنتیجه هدف تحقیق تاثیرگذار است، از روش فرآیند تحلیل شبکه (ANP) استفاده شد و وزن نسبی هر کدام که نشان دهنده اهمیت و ارجحیت هر معیار بر دیگر معیارها است، به دست آمد. در مرحله بعد با توجه به معیارهای گفته شده و تعیین میزان تاثیر هرکدام بر NPV شرکتهای معدنی، باید گزینهها به گونهای اولویتبندی شوند که بیشترینNPV را بهدنبال داشته باشد. یافته های حاصل از تحقیق نشان می دهد که بانک خارجی با وزن نسبی نهایی 0/398 به عنوان بهترین گزینه بوده و پس از آن به ترتیب سرمایه گذار داخلی با وزن نسبی 0/217، صکوک با وزن نسبی نهایی 0/161، بورس با وزن نسبی نهایی 0/138 و در انتها بانک و موسسات مالی اعتباری با وزن نهایی0/086، مناسب ترین روش ها هستند. | ||
| کلیدواژهها | ||
| تامین مالی؛ پروژههای معدنی؛ فرآیند تحلیل شبکه (ANP)؛ مقایسات زوجی؛ ارزش خالص فعلی (NPV) | ||
| عنوان مقاله [English] | ||
| Development of a model for financing the mining companies accepted in the Exchange in order to increase NPV | ||
| نویسندگان [English] | ||
| Siroos Andisheh؛ Majid Ataee-pour؛ Zeinab Jahanbani | ||
| Department of Mining Engineering, Amirkabir University of Technology, Tehran, Iran | ||
| چکیده [English] | ||
| Financing the mining projects is one of the issues against investors at different stages of the project. There are several options for financing mining projects and each of them has its properties. The rate of using these choices depends on the plan’s circumstance and investors’ Preferences. In the present study, after identifying the criteria affecting the NPV of mining companies, with the help of a questionnaire and using the Delphi technique, five criteria of refund mechanism, the volume of capital, interest rates, access costs, and risks, were selected as the main criteria for studying different financing alternatives (including stock exchange, sukuk, banks and financial and credit institutions, internal capital, and foreign bank). Since these criteria are not independent and the dependency between them affects the choice of financing method and as a result the goal of this research, the method of Analytical Network Process (ANP) was used and the relative weight of each criterion is obtained. In the next step, according to the mentioned criteria and determining the impact of each on the NPV of mining companies, the alternatives should be prioritized in such a way as to achieve the highest NPV. The findings of the research show that foreign banks with a final relative weight of 0.398 is the best option. After that, the use of internal capital with a relative weight of 0.217, sukuk with a final relative weight of 0.161, the stock exchange with a final relative weight of 0.138, and finally, internal banks with a final weight of 0.086 are the most appropriate methods, respectively. | ||
| کلیدواژهها [English] | ||
| Financing, Mining projects, Analytical Network Processes (ANP), pair-wise comparisons, Net present value (NPV) | ||
| مراجع | ||
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