‫ﻭﺍﻻﻗﺘﺼﺎﺩ‬ ‫ﺍﻹﺩﺍﺭﺓ‬ ‫ﻛﻠﻴﺔ‬ -‫ﺍﳌﻮﺻﻞ‬ ‫ﺟﺎﻣﻌﺔ‬ ‫ﺍﻟﻌﺪﺩ‬ ‫ﺍﻟﺮﺍﻓﺪﻳﻦ‬ ‫ﺗﻨﻤﻴﺔ‬ ٩٤ ‫ﳎﻠﺪ‬ ٣١ ‫ﻟﺴﻨﺔ‬ ٢٠٠٩ ‫ﺹ‬ ‫ﺹ‬ ] ٢٥٣ -٢٧٠ [ ‫ﺍﻟﺒﺤﺚ‬ ‫ﺍﺳﺘﻼﻡ‬ ‫ﺗﺄﺭﻳﺦ‬ ١١ / ١٢ / ٢٠٠٧ ‫ﺍﻟﻨﺸﺮ‬ ‫ﻗﺒﻮﻝ‬ ‫ﺗﺄﺭﻳﺦ‬ ٢٤ / ٤ / ٢٠٠٨ ‫ﺘﻁﺒﻴﻕ‬ ‫ﺍﻟﻤﻭﺠﻭﺩ‬ ‫ﺘﺴﻌﻴﺭ‬ ‫ﻨﻤﻭﺫﺝ‬ ‫ﺍﻟﺭﺃﺴﻤﺎﻟﻲ‬ ‫ﺍﻷﻭﺭﺍﻕ‬ ‫ﺴﻭﻕ‬ ‫ﻓﻲ‬ ‫ﺍﻟﻜﻭﻴﺕ‬ ‫ﻓﻲ‬ ‫ﺍﻟﻤﺎﻟﻴﺔ‬ ‫ﺘﻮر‬ ‫ا‬ ‫ﻛ‬ ‫اﻴﻞ‬ ‫ﺐ‬ ‫ﻮ‬ ‫ﴎﻣﺪ‬ ‫ﶺ‬ ‫اﺘﺎذ‬ ‫ﺳ‬ -‫ﺔ‬ ‫اﳌﴫ‬ ‫و‬ ‫اﳌﺎﻴﺔ‬ ‫اﻟﻌﻠﻮم‬ ‫ﺴﻢ‬ ‫ﻓ‬ ‫ﻗﻟ‬ ‫ﺼﺎد‬ ‫و‬ ‫دارة‬ ‫ﻴﺔ‬ ‫ﻗ‬ ‫ﳇ‬ -‫اﳌﻮﺻﻞ‬ ‫ﺎﻣﻌﺔ‬ Sarmad_aljamil53@yahoo.com ‫ﺍﻟﻤﺴﺘﺨﻠﺹ‬ ‫اﻟ‬ ‫ﻮد‬ ‫اﻟﻤﻮﺟ‬ ‫ﺴﻌﯿﺮ‬ ‫ﺗ‬ ‫ﻮذج‬

more »

... ‫ﺪﯾﺮ‬ ‫ﺗﻘ‬ ‫ﻰ‬ ‫ﻋﻠ‬ ‫ﺔ‬ ‫اﻟﺪراﺳ‬ ‫ﺪت‬ ‫اﻋﺘﻤ‬ ‫ﻟﻘﺪ‬ ‫ﺎت‬ ‫ﺑﯿﺎﻧ‬ ‫ﻰ‬ ‫ﻋﻠ‬ ً ‫ﺘﻨﺎدا‬ ‫اﺳ‬ ‫ﻤﺎﻟﻲ‬ ‫ﺮأﺳ‬ ‫ﺐ‬ ‫ﺟﻮاﻧ‬ ‫ﻼث‬ ‫ﺛ‬ ‫ﻰ‬ ‫ﻋﻠ‬ ‫ﻖ‬ ‫اﻟﺘﻄﺒﯿ‬ ‫ﺎن‬ ‫ﻓﻜ‬ ‫ﺔ،‬ ‫اﻟﻤﺎﻟﯿ‬ ‫ﻸوراق‬ ‫ﻟ‬ ‫ﺖ‬ ‫اﻟﻜﻮﯾ‬ ‫ﻮق‬ ‫ﺳ‬ ‫ﻲ‬ ‫ﻓ‬ ‫ﺸﻮرة‬ ‫ﻣﻨ‬ : ‫ﺸﺮﻛﺎت‬ ‫اﻟ‬ ‫اﻷول‬ ‫اﻟﺜﺎﻧﻲ‬ ‫واﻟﺠﺎﻧﺐ‬ ‫اﻟﺴﻮق،‬ ‫ﻓﻲ‬ ‫اﻟﻤﺴﺠﻠﺔ‬ : ‫ﺐ‬ ‫واﻟﺠﺎﻧ‬ ‫ﺚ‬ ‫اﻟﺒﺤ‬ ‫ﺪة‬ ‫ﻣ‬ ‫ﻼل‬ ‫ﺧ‬ ‫ﺘﺜﻤﺎرﯾﺔ‬ ‫اﺳ‬ ‫ﺎﻓﻆ‬ ‫ﻣﺤ‬ ‫ﺎء‬ ‫ﺑﻨ‬ ‫ﻣﺤﺎوﻟﺔ‬ ‫اﻟﺒﺤﺚ‬ ‫ھﺪف‬ ‫ﺗﻀﻤﻨﮫ‬ ‫ﻣﺎ‬ ‫وھﺬا‬ ‫ﻣﺆﺷﺮه،‬ ‫ﻋﻠﻰ‬ ً ‫ﻣﻌﺘﻤﺪا‬ ‫اﻟﺴﻮق‬ ‫ﯾﺸﻤﻞ‬ ‫اﻟﺜﺎﻟﺚ‬ ‫ﺑﯿﻦ‬ ‫اﻟﻌﻼﻗﺔ‬ ‫دراﺳﺔ‬ ً ‫ﺿﻤﻨﯿﺎ‬ ‫ﻮد‬ ‫اﻟﻤﻮﺟ‬ ‫ﺴﻌﯿﺮ‬ ‫ﺗ‬ ‫ﻮذج‬ ‫ﻟﻨﻤ‬ ‫ﻲ‬ ‫اﻟﻜﻤ‬ ‫ﺎس‬ ‫اﻟﻘﯿ‬ ‫ﺔ‬ ‫ﻣﻨﮭﺠﯿ‬ ‫ﻖ‬ ‫ووﻓ‬ ‫ﻲ‬ ‫اﻟﻌﻠﻤ‬ ‫ﺚ‬ ‫اﻟﺒﺤ‬ ‫ﺮ‬ ‫أﻃ‬ ‫ﻤﻦ‬ ‫ﺿ‬ ‫واﻟﺨﻄﺮ‬ ‫اﻟﻌﺎﺋﺪ‬ ً ‫ﻻ‬ ‫أو‬ ‫ﺎ‬ ‫ھﻤ‬ ‫ﯿﻦ‬ ‫أﺳﺎﺳ‬ ‫ﺎﻧﺒﯿﻦ‬ ‫ﺟ‬ ‫ﻞ‬ ‫اﻟﺘﺤﻠﯿ‬ ‫ﺮ‬ ‫أﺷ‬ ‫ﺪ‬ ‫ﻟﻘ‬ ‫اﻟﺮأﺳﻤﺎﻟﻲ،‬ : ‫س‬ ‫ﺎ‬ ‫أﺳ‬ ‫ﻰ‬ ‫ﻋﻠ‬ ‫ﻮذج‬ ‫ﻟﻠﻨﻤ‬ ‫ﺎ‬ ‫ﺑﯿﺘ‬ ‫ﻞ‬ ‫ﻣﻌﺎﻣ‬ ‫ﺪ‬ ‫ﺗﺤﺪﯾ‬ ً ‫ﺎ‬ ‫وﺛﺎﻧﯿ‬ ‫ﺮد،‬ ‫ﻣﻔ‬ ‫ﺑﺸﻜﻞ‬ ‫اﻟﺸﺮﻛﺔ‬ ‫ﺳﮭﻢ‬ : ‫ﺎ‬ ‫أﺳ‬ ‫ﻰ‬ ‫ﻋﻠ‬ ‫ﻮذج‬ ‫ﻟﻠﻨﻤ‬ ‫ﺎ‬ ‫ﺑﯿﺘ‬ ‫ﻞ‬ ‫ﻣﻌﺎﻣ‬ ‫ﺪ‬ ‫ﺗﺤﺪﯾ‬ ‫ﺖ‬ ‫ﻛﺎﻧ‬ ‫ﺪ‬ ‫وﻗ‬ ‫ﺔ،‬ ‫اﻟﻤﺤﻔﻈ‬ ‫س‬ ‫ﺎر‬ ‫إﻃ‬ ‫ﻤﻦ‬ ‫ﺿ‬ ‫ﺮ‬ ‫واﻟﺨﻄ‬ ‫ﺪ‬ ‫اﻟﻌﺎﺋ‬ ‫ﺑﯿﻦ‬ ‫اﻟﻌﻼﻗﺔ‬ ‫أرﺿﯿﺔ‬ ‫ﯾﺪﻋﻢ‬ ‫ﻣﻤﺎ‬ ‫اﻟﻨﻤﺎذج‬ ‫وﻷﻏﻠﺐ‬ ‫ﺑﻤﻌﻈﻤﮭﺎ‬ ‫ﻣﻌﻨﻮﯾﺔ‬ ‫اﻟﻨﺘﺎﺋﺞ‬ ‫اﻟﺮأﺳﻤﺎﻟ‬ ‫اﻟﻤﻮﺟﻮد‬ ‫ﻟﺘﺴﻌﯿﺮ‬ ‫اﻟﺘﻘﻠﯿﺪي‬ ‫اﻟﻨﻤﻮذج‬ ‫ﻲ‬ . Abstract This research used the actual data of ALKWAIT capital market in estimating the capital asset pricing model. The application has three sides: the first one covered all companies listed in the market and the second side focused on the portfolios building during the research period, whereas the third took the market indices. However, this is the implication of the research objective which is studying the relationship between return and risk under the methodology of the capital asset pricing model. The research analysis indicated two important issues, the determination of beta coefficient for individual stock and for the portfolios. The result is significant in different levels of probability within the traditional capital asset pricing model.