2014/ 05 ‫ﳎﻠﺔ ﺃﺩﺍﺀ ﺍﳌﺆﺳﺴﺎﺕ ﺍﳉﺰﺍﺋﺮﻳﺔ – ﺍﻟﻌﺪﺩ‬

:‫ﺍﳊﻮﻛﻤﺔ ﻭﺩﻭﺭﻫﺎ ﰲ ﲢﺴﲔ ﺍﻷﺩﺍﺀ ﺍﳌﺎﱄ ﻟﻠﻤﺆﺳﺴﺎﺕ ﺍﳉﺰﺍﺋﺮﻳﺔ‬

‫( ﺑﺎﻟﺮﻭﻳﺒـﺔ‬NCA) ‫ﺣﺎﻟﺔ ﺍﳌﺆﺳﺴﺔ ﺍﳉﺰﺍﺋﺮﻳﺔ ﺍﳉﺪﻳﺪﺓ ﻟﻠﺘﻌﻠﻴﺐ‬

The role of governance in improving the financial performance of

the Algerian firms: The case of the new Algerian organization for
canning (NCA) Rouiba

‫ﺑﻮﺣﺪﻳﺪ ﻟﻴﻠﻰ‬ ‫ﳛﻴﺎﻭﻱ ﺍﳍﺎﻡ‬

‫ﻛﻠﻴﺔ ﺍﻟﻌﻠﻮﻡ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﻭﺍﻟﺘﺠﺎﺭﻳﺔ ﻭﻋﻠﻮﻡ ﺍﻟﺘﺴﻴﲑ‬ ‫ﻛﻠﻴﺔ ﺍﻟﻌﻠﻮﻡ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﻭﺍﻟﺘﺠﺎﺭﻳﺔ ﻭﻋﻠﻮﻡ ﺍﻟﺘﺴﻴﲑ‬
‫ﺟﺎﻣﻌﺔ ﺑﺎﺗﻨﺔ‬ ‫ﺟﺎﻣﻌﺔ ﺑﺎﺗﻨﺔ‬

:‫ﻣﻠﺨﺺ‬
‫ﺪﻑ ﻫﺬﻩ ﺍﻟﺪﺭﺍﺳﺔ ﺇﱃ ﺍﻟﺘﻌﺮﻑ ﻋﻠﻰ ﺍﻹﻃﺎﺭ ﺍﳌﻔﺎﻫﻴﻤﻲ ﻟﻠﺤﻮﻛﻤﺔ ﻭﻣﻨﺎﻓﻊ ﺗﻄﺒﻴﻘﻬﺎ ﺑﺎﳌﺆﺳﺴﺎﺕ ﻭﳏﺎﻭﻟﺔ ﺇﺑﺮﺍﺯ ﻣﺴﺎﳘﺘﻬﺎ ﰲ ﲢﺴﲔ ﻭﺗﻔﻌﻴﻞ ﺍﻷﺩﺍﺀ ﺍﳌﺎﱄ ﰲ‬
.‫ ﺭﻭﻳﺒﺔ ﺑﺎﳉﺰﺍﺋﺮ‬NCA ‫ﺍﳌﺆﺳﺴﺎﺕ ﺍﳉﺰﺍﺋﺮﻳﺔ ﻣﻦ ﺧﻼﻝ ﺩﺭﺍﺳﺔ ﺣﺎﻟﺔ ﻣﺆﺳﺴﺔ‬
‫ ﲣﻔﻴﺾ‬،‫ ﺯﻳﺎﺩﺓ ﻗﻴﻤﺘﻬﺎ‬،‫ ﺯﻳﺎﺩﺓ ﻓﺮﺹ ﺍﻟﺘﻤﻮﻳﻞ ﺍﳋﺎﺭﺟﻲ‬:‫ﻭﻟﻘﺪ ﺗﻮﺻﻠﺖ ﺍﻟﺪﺭﺍﺳﺔ ﺇﱃ ﺃﻥ ﺍﳊﻮﻛﻤﺔ ﺗﺴﺎﻫﻢ ﰲ ﲢﺴﲔ ﻭﺗﻄﻮﻳﺮ ﺍﻷﺩﺍﺀ ﺍﳌﺎﱄ ﻟﻠﻤﺆﺳﺴﺔ ﻣﻦ ﺧﻼﻝ‬
‫ ﺍﺗﻀﺢ ﺃﻥ ﺍﻟﺸﻔﺎﻓﻴﺔ ﺫﺍﺕ ﺩﻭﺭ ﻛﺒﲑ ﰲ ﺟﺬﺏ ﺭﺃﺱ‬،‫ ﺭﻭﻳﺒﺔ‬NCA ‫ ﻭﺑﺎﻟﻨﺴﺒﺔ ﳊﺎﻟﺔ ﻣﺆﺳﺴﺔ‬.‫ﳐﺎﻃﺮ ﺍﻷﺯﻣﺎﺕ ﺍﳌﺎﻟﻴﺔ ﻭﲢﺴﲔ ﺍﻟﻌﻼﻗﺔ ﻣﻊ ﻛﻞ ﺃﺻﺤﺎﺏ ﺍﳌﺼﺎﱀ‬
.‫ﺍﳌﺎﻝ ﻛﻤﺎ ﺃﻥ ﺍﻟﺘﻮﺍﺻﻞ ﺍﳌﻨﻈﻢ ﻣﻊ ﺃﻓﺮﺍﺩ ﺍﻟﻌﺎﺋﻠﺔ ﻭﺣﻞ ﺍﻟﺼﺮﺍﻋﺎﺕ ﻓﻴﻬﺎ ﻣﻦ ﺃﻫﻢ ﻋﻮﺍﻣﻞ ﳒﺎﺣﻬﺎ‬
.‫ ﺭﻭﻳﺒﺔ ﺑﺎﳉﺰﺍﺋﺮ‬NCA ‫ ﻣﺆﺳﺴﺔ‬،‫ ﺍﳌﺆﺳﺴﺎﺕ ﺍﳉﺰﺍﺋﺮﻳﺔ‬،‫ ﺍﻷﺩﺍﺀ ﺍﳌﺎﱄ‬،‫ ﺣﻮﻛﻤﺔ ﺍﳌﺆﺳﺴﺎﺕ‬:‫ﺍﻟﻜﻠﻤﺎﺕ ﺍﳌﻔﺘﺎﺣﻴﺔ‬

Abstract:

This study aims to shed light on corporate governance and its benefits. It tries to show its
contribution in improving the financial performance of the Algerian firms through the case of NCA
Rouiba in Algeria.
The study found that the governance contributes to the improvement and development of
financial performance in the firm through: increasing external funding opportunities, increasing its
value, reducing the risk of financial crises and improving the relationship with all interested parties.
For the case of NCA Rouiba, it is clear that transparency has an important role in attracting
capital, also communication between family members and conflicts management are the most
important factors of its success.

Key words: Corporate governance, financial performance, Algerian firms, the new Algerian
organization for canning (NCA) Rouiba

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 ‫ﺍﳊﻮﻛﻤﺔ ﻭﺩﻭﺭﻫﺎ ﰲ ﲢﺴﲔ ﺍﻷﺩﺍﺀ ﺍﳌﺎﱄ ﻟﻠﻤﺆﺳﺴﺎﺕ ﺍﳉﺰﺍﺋﺮﻳﺔ‬

‫ﻣﺪﺧﻞ‪:‬‬
‫ﺃﺩﺕ ﺍﻷﺯﻣﺎﺕ ﺍﳌﺎﻟﻴﺔ ﺍﻷﺧﲑﺓ ﰲ ﺩﻭﻝ ﺷﺮﻕ ﺁﺳﻴﺎ ﻭﺭﻭﺳﻴﺎ ﻭﺍﻟﻮﻻﻳﺎﺕ ﺍﳌﺘﺤﺪﺓ‪ ،‬ﻭﺍﻟﱵ ﻓﺠﺮﻫﺎ ﺍﻟﻔﺴﺎﺩ ﺍﻹﺩﺍﺭﻱ ﻭﺍﳌﺎﱄ ﻭﺳﻮﺀ ﺍﻹﺩﺍﺭﺓ‬
‫ﻭﺍﻟﻔﺠﻮﺓ ﺍﻟﻜﺒﲑﺓ ﺑﲔ ﻣﺮﺗﺒﺎﺕ ﻭﻣﻜﺎﻓﺂﺕ ﺍﳌﺪﻳﺮﻳﻦ ﺍﻟﺘﻨﻔﻴﺬﻳﲔ ﰲ ﺍﳌﺆﺳﺴﺎﺕ ﻭﺑﲔ ﺍﻷﺩﺍﺀ ﺍﳌﺎﱄ ﳍﺎ ﺇﱃ ﺻﻌﻮﺑﺔ ﻋﻤﻠﻴﺔ ﺟﺬﺏ ﺍﳌﺴﺘﻮﻳﺎﺕ‬
‫ﺍﻟﻜﺎﻓﻴﺔ ﻣﻦ ﺭﺃﺱ ﺍﳌﺎﻝ‪ ،‬ﺣﻴﺚ ﺗﻜﺒﺪ ﺍﻟﻜﺜﲑ ﻣﻦ ﺍﳌﺴﺎﳘﲔ ﻭﺧﺎﺻﺔ ﺍﳌﺆﺳﺴﺎﺕ ﺍﻻﺳﺘﺜﻤﺎﺭﻳﺔ‪ ،‬ﺧﺴﺎﺋﺮ ﻣﺎﻟﻴﺔ ﻓﺎﺩﺣﺔ ﺩﻓﻌﺘﻬﻢ ﺇﱃ ﺍﻹﻋﻼﻥ‬
‫ﺑﻮﺿﻮﺡ ﺃ‪‬ﻢ ﻟﻴﺴﻮﺍ ﻋﻠﻰ ﺍﺳﺘﻌﺪﺍﺩ ﻟﺘﺤﻤﻞ ﻧﺘﺎﺋﺞ ﺍﻟﻔﺴﺎﺩ ﻭﺳﻮﺀ ﺍﻹﺩﺍﺭﺓ‪ ،‬ﻛﻤﺎ ﺃﺻﺒﺢ ﺍﳌﺴﺘﺜﻤﺮﻭﻥ ﻗﺒﻞ ﻗﻴﺎﻣﻬﻢ ﺑﺎﻻﺳﺘﺜﻤﺎﺭ ﻳﻄﻠﺒﻮﻥ ﺍﻷﺩﻟﺔ‬
‫ﻭﺍﻟﱪﺍﻫﲔ ﻋﻠﻰ ﺃﻥ ﺍﳌﺆﺳﺴﺎﺕ ﺍﻟﱵ ﺗﺮﻏﺐ ﰲ ﺟﺬﺏ ﺍﺳﺘﺜﻤﺎﺭﺍ‪‬ﻢ ﻭﻓﻘﺎ ﻟﻠﻤﻤﺎﺭﺳﺎﺕ ﺍﻟﺴﻠﻴﻤﺔ ﻟﻸﻋﻤﺎﻝ ﻭﺍﻟﱵ ﺗﻀﻤﻦ ﺗﻘﻠﻴﻞ ﺇﻣﻜﺎﻧﻴﺔ ﺍﻟﻔﺴﺎﺩ‬
‫ﻭﺳﻮﺀ ﺍﻹﺩﺍﺭﺓ ﺇﱃ ﺃﻗﻞ ﺣﺪ ﳑﻜﻦ‪ ،‬ﻭﻳﻄﻠﻖ ﻋﻠﻰ ﻫﺬﻩ ﺍﳌﻤﺎﺭﺳﺎﺕ ﺍﻟﺴﻠﻴﻤﺔ ﺃﻭ ﺍﻷﺳﺎﻟﻴﺐ ﺍﻟﻌﻠﻤﻴﺔ ﺍﻟﺮﺷﻴﺪﺓ ﺍﻟﱵ ﺗﺪﺍﺭ ﻣﻦ ﺧﻼﳍﺎ ﺍﳌﺆﺳﺴﺎﺕ‬
‫ﻣﻔﻬﻮﻡ ﺍﳊﻮﻛﻤﺔ‪.‬‬
‫ﺃﺻﺒﺢ ﺍﳌﺴﺘﺜﻤﺮﻭﻥ ﻳﺒﺤﺜﻮﻥ ﻗﺒﻞ ﺗﻮﺟﻴﻪ ﺍﺳﺘﺜﻤﺎﺭﺍ‪‬ﻢ ﻋﻦ ﺍﳌﺆﺳﺴﺎﺕ ﺍﻟﱵ ﺗﺘﻤﻴﺰ ﺑﻮﺟﻮﺩ ﻫﻴﺎﻛﻞ ﺳﻠﻴﻤﺔ ﻟﻠﺤﻮﻛﻤﺔ ﺩﺍﺧﻠﻬﺎ ﻭﺍﻟﱵ ﺗﻀﻤﻦ‬
‫ﻣﺴﺘﻮﻯ ﻣﻌﲔ ﻣﻦ ﺍﻹﻓﺼﺎﺡ ﻭﺍﻟﺸﻔﺎﻓﻴﺔ ﰲ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﳌﺎﻟﻴﺔ ﺍﻟﱵ ﺗﻨﺸﺮﻫﺎ ﻫﺬﻩ ﺍﳌﺆﺳﺴﺎﺕ ﻭﺍﻟﻮﺿﻮﺡ ﻭﺍﻟﺪﻗﺔ ﰲ ﺍﻟﻘﻮﺍﺋﻢ ﺍﳌﺎﻟﻴﺔ ﺍﳋﺎﺻﺔ ‪‬ﺎ ﻗﺒﻞ‬
‫ﺃﻥ ﻳﻘﺪﻣﻮﺍ ﻋﻠﻰ ﺍﻻﺳﺘﺜﻤﺎﺭ ﻓﻴﻬﺎ‪ .‬ﻭﻗﺪ ﺃﺩﺕ ﺍﻻ‪‬ﻴﺎﺭﺍﺕ ﺍﳌﺎﻟﻴﺔ ﰲ ﺍﻟﻌﺪﻳﺪ ﻣﻦ ﺍﻟﺒﻠﺪﺍﻥ ﺇﱃ ﺍﻟﺘﻔﻜﲑ ﰲ ﻛﻴﻔﻴﺔ ﲪﺎﻳﺔ ﺍﳌﺴﺘﺜﻤﺮﻳﻦ ﻣﻦ ﺃﺧﻄﺎﺀ‬
‫ﳎﺎﻟﺲ ﺍﻹﺩﺍﺭﺓ ﻭﺯﻳﺎﺩﺓ ﺍﻻﻫﺘﻤﺎﻡ ﺑﺎﻟﺪﻭﺭ ﺍﻟﺬﻱ ﻳﻠﻌﺒﻪ ﻣﻔﻬﻮﻡ ﺣﻮﻛﻤﺔ ﺍﳌﺆﺳﺴﺎﺕ ﰲ ﺍﻟﺘﺄﻛﻴﺪ ﻋﻠﻰ ﺍﻻﻟﺘﺰﺍﻡ ﺑﺎﻟﺴﻴﺎﺳﺎﺕ ﻭﺍﻹﺟﺮﺍﺀﺍﺕ ﺍﻟﺮﻗﺎﺑﻴﺔ‬
‫ﻭﻋﻠﻰ ﺩﻭﺭﻫﺎ ﰲ ﺟﺬﺏ ﺍﻻﺳﺘﺜﻤﺎﺭﺍﺕ ﻭﺗﺪﻋﻴﻢ ﺍﻗﺘﺼﺎﺩﻳﺎﺕ ﺍﻟﺪﻭﻝ‪ ،‬ﻣﻦ ﺧﻼﻝ ﻭﺿﻊ ﺃﺳﺲ ﻣﻌﻴﻨﺔ ﻟﻠﻌﻼﻗﺎﺕ ﺑﲔ ﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ ﻭﺍﳌﺪﻳﺮﻳﻦ‬
‫ﻭﺍﳌﺴﺘﺜﻤﺮﻳﻦ ﻭﺃﺻﺤﺎﺏ ﺍﳌﺼﺎﱀ ﺑﺎﻟﺸﻜﻞ ﺍﻟﺬﻱ ﻳﺆﺩﻱ ﺇﱃ ﻭﺟﻮﺩ ﺷﻔﺎﻓﻴﺔ ﰲ ﺍﻟﺘﻌﺎﻣﻞ ﺑﲔ ﻫﺬﻩ ﺍﻷﻃﺮﺍﻑ‪ ،‬ﻭﺑﺎﻟﺘﺎﱄ ﻣﻨﻊ ﺣﺪﻭﺙ ﻣﺜﻞ ﻫﺬﻩ‬
‫ﺍﻻ‪‬ﻴﺎﺭﺍﺕ ﺍﳌﺎﻟﻴﺔ ﰲ ﺍﳌﺴﺘﻘﺒﻞ‪.‬‬

‫ﺃﻭﻻ‪ :‬ﻣﻨﻬﺠﻴﺔ ﺍﻟﺒﺤﺚ‬

‫‪ .I‬ﺇﺷﻜﺎﻟﻴﺔ ﺍﻟﺒﺤﺚ‪:‬‬
‫ﺗﻌﺘﱪ ﺍﳊﻮﻛﻤﺔ ﻣﻦ ﺍﻷﺳﺎﻟﻴﺐ ﺍﻟﺘﻨﻈﻴﻤﻴﺔ ﺍﳊﺪﻳﺜﺔ ﺍﻟﱵ ﺗﻀﻤﻦ ﺍﺳﺘﻤﺮﺍﺭﻳﺔ ﻭﺗﻄﻮﺭ ﺭﻓﺎﻫﻴﺔ ﺍﳌﺆﺳﺴﺎﺕ‪ ،‬ﰲ ﻇﻞ ﺍﻟﺒﻴﺌﺔ ﺍﻟﱵ ﺗﻨﺸﻂ ﻓﻴﻬﺎ ﻣﻌﻈﻢ‬
‫ﺍﳌﺆﺳﺴﺎﺕ ﻭﺍﻟﱵ ﺗﺘﻤﻴﺰ ﺑﻌﺪﻡ ﺍﻻﺳﺘﻘﺮﺍﺭ ﻭﺍﳌﺨﺎﻃﺮﺓ‪ ،‬ﺇﺫ ﳒﺪ ﺃﻥ ﳐﺘﻠﻒ ﺍﳌﻤﺎﺭﺳﺎﺕ ﺍﻹﺩﺍﺭﻳﺔ ﺍﳊﺪﻳﺜﺔ ﺗﺮﺍﻋﻲ ﺟﻴﺪﺍ ﻣﺒﺪﺃ ﺗﻀﺎﺭﺏ ﺍﳌﺼﺎﱀ ﺑﲔ‬
‫ﲨﻴﻊ ﺍﻷﻃﺮﺍﻑ ﺍﻟﻔﺎﻋﻠﺔ ﰲ ﺍﻟﺒﻴﺌﺔ ﺳﻮﺍﺀ ﻛﺎﻧﺖ ﺩﺍﺧﻠﻴﺔ ﺃﻭ ﺧﺎﺭﺟﻴﺔ‪ ،‬ﻧﻈﺮﺍ ﻟﻜﻮﻥ ﻛﻞ ﻃﺮﻑ ﻳﺴﻌﻰ ﻟﺘﺤﻘﻴﻖ ﺃﻫﺪﺍﻓﻪ‪.‬‬
‫ﻭﺍﳉﺰﺍﺋﺮ ﻣﻠﺰﻣﺔ ﻛﻐﲑﻫﺎ ﻣﻦ ﺍﻟﺪﻭﻝ ﺑﻀﻤﺎﻥ ﺣﻮﻛﻤﺔ ﺟﻴﺪﺓ ﳌﺆﺳﺴﺎ‪‬ﺎ ﻭﻫﻴﺎﻛﻠﻬﺎ‪ ،‬ﻟﺘﺤﻘﻴﻖ ﻣﺴﺘﻮﻳﺎﺕ ﺃﺩﺍﺀ ﺃﻓﻀﻞ ﺧﺎﺻﺔ ﺍﻷﺩﺍﺀ ﺍﳌﺎﱄ‪،‬‬
‫ﻭﻣﻦ ﺃﺟﻞ ﺧﻠﻖ ﺍﻟﻘﻴﻤﺔ ﻟﻜﻞ ﺍﻷﻃﺮﺍﻑ ﺍﻵﺧﺬﺓ‪ ،‬ﻭﻟﻌﻞ ﺍﳊﺮﻛﺎﺕ ﺍﻹﺻﻼﺣﻴﺔ ﺍﻟﱵ ﻋﺮﻓﺘﻬﺎ ﺍﳉﺰﺍﺋﺮ ﻣﻨﺬ ﺍﻟﺜﻤﺎﻧﻴﻨﺎﺕ ﺧﲑ ﺩﻟﻴﻞ ﻋﻠﻰ ﺭﻏﺒﺘﻬﺎ ﰲ‬
‫ﻣﺴﺎﻋﺪﺓ ﻣﺆﺳﺴﺎ‪‬ﺎ ﻭﻣﻨﺤﻬﺎ ﺍﻟﻔﺮﺻﺔ ﻟﻠﺒﻘﺎﺀ ﻭﺍﻻﺳﺘﻤﺮﺍﺭ‪.‬‬
‫ﻭﻣﻦ ﻫﻨﺎ ﺗﺄﰐ ﺇﺷﻜﺎﻟﻴﺔ ﺍﻟﺒﺤﺚ ﺍﳌﺘﻤﺜﻠﺔ ﰲ ﺍﻟﺘﺴﺎﺅﻝ ﺍﻟﺮﺋﻴﺴﻲ ﺍﻟﺘﺎﱄ‪ :‬ﻛﻴﻒ ﺗﺴﺎﻫﻢ ﺍﳊﻮﻛﻤﺔ ﰲ ﲢﺴﲔ ﺍﻷﺩﺍﺀ ﺍﳌﺎﱄ ﻟﻠﻤﺆﺳﺴﺎﺕ‬
‫ﺍﳉﺰﺍﺋﺮﻳﺔ؟‬

‫‪ .II‬ﺃﳘﻴﺔ ﺍﻟﺒﺤﺚ‪:‬‬
‫ﺗﻨﺒﻊ ﺃﳘﻴﺔ ﺍﻟﺒﺤﺚ ﻣﻦ ﳏﺎﻭﻟﺔ ﺍﻟﻜﺸﻒ ﻋﻦ ﻣﺴﺎﳘﺔ ﺍﳌﻤﺎﺭﺳﺎﺕ ﺍﻟﺴﻠﻴﻤﺔ ﻟﻠﺤﻮﻛﻤﺔ ﰲ ﺗﻄﻮﻳﺮ ﺍﻷﺩﺍﺀ ﺍﳌﺎﱄ ﻟﻠﻤﺆﺳﺴﺎﺕ‪ ،‬ﻷﻥ ﻗﺪﺭﺓ ﻫﺬﻩ‬
‫ﺍﻷﺧﲑﺓ ﻋﻠﻰ ﺗﻮﻟﻴﺪ ﺍﻷﺭﺑﺎﺡ ﻭﺗﻘﻠﻴﻞ ﺍﳌﺨﺎﻃﺮ ﻭﺯﻳﺎﺩﺓ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻮﻗﻴﺔ ﳏﺪﺩ ﺃﺳﺎﺳﻲ ﻟﻘﺮﺍﺭ ﺍﳌﺴﺘﺜﻤﺮ ﺑﺎﻻﺳﺘﺜﻤﺎﺭ ﰲ ﺗﻠﻚ ﺍﳌﺆﺳﺴﺎﺕ ﺃﻭ‬
‫ﺍﻻﻣﺘﻨﺎﻉ ﻋﻦ ﺫﻟﻚ ﻭﻛﺬﻟﻚ ﺍﻟﺘﻨﺒﺆ ﺑﺎﺳﺘﻤﺮﺍﺭﻫﺎ ﺃﻭ ﻓﺸﻠﻬﺎ ﻋﻠﻰ ﺍﳌﺪﻯ ﺍﻟﻄﻮﻳﻞ‪.‬‬

‫‪ .III‬ﺃﻫﺪﺍﻑ ﺍﻟﺒﺤﺚ‪:‬‬
‫ﻳﺴﻌﻰ ﻫﺬﺍ ﺍﻟﺒﺤﺚ ﺇﱃ ﲢﻘﻴﻖ ﲨﻠﺔ ﻣﻦ ﺍﻷﻫﺪﺍﻑ ﻣﻨﻬﺎ‪:‬‬
‫‪ -‬ﺗﺒﻴﺎﻥ ﺍﻹﻃﺎﺭ ﺍﻟﻨﻈﺮﻱ ﳊﻮﻛﻤﺔ ﺍﳌﺆﺳﺴﺎﺕ ﻭﻭﺍﻗﻌﻬﺎ ﺑﺎﳌﺆﺳﺴﺎﺕ ﺍﳉﺰﺍﺋﺮﻳﺔ‪.‬‬
‫‪ -‬ﺍﻟﺘﻌﺮﻑ ﻋﻠﻰ ﺍﻟﻌﻼﻗﺔ ﺑﲔ ﺣﻮﻛﻤﺔ ﺍﳌﺆﺳﺴﺎﺕ ﻭﺍﻷﺩﺍﺀ ﺍﳌﺎﱄ‪.‬‬
‫‪ -‬ﺇﺑﺮﺍﺯ ﻣﺴﺎﳘﺔ ﺍﳊﻮﻛﻤﺔ ﰲ ﲢﺴﲔ ﺍﻷﺩﺍﺀ ﺍﳌﺎﱄ ﻟﻠﻤﺆﺳﺴﺎﺕ ﺍﳉﺰﺍﺋﺮﻳﺔ‪ :‬ﺩﺭﺍﺳﺔ ﺣﺎﻟﺔ ﻣﺆﺳﺴﺔ ‪ NCA‬ﺭﻭﻳﺒﺔ ﺑﺎﳉﺰﺍﺋﺮ‪.‬‬

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‫ﳎﻠﺔ ﺃﺩﺍﺀ ﺍﳌﺆﺳﺴﺎﺕ ﺍﳉﺰﺍﺋﺮﻳﺔ – ﺍﻟﻌﺪﺩ ‪2014/ 05‬‬

‫‪ .VI‬ﻣﻨﻬﺞ ﺍﻟﺒﺤﺚ‪:‬‬
‫ﺳﻨﻌﺘﻤﺪ ﰲ ﺍﻟﺒﺤﺚ ﻋﻠﻰ ﺍﳌﻨﻬﺞ ﺍﻻﺳﺘﻘﺮﺍﺋﻲ ﺑﺎﺳﺘﺨﺪﺍﻡ ﺍﻷﺳﻠﻮﺏ ﺍﻟﻮﺻﻔﻲ ﺍﻟﺘﺤﻠﻴﻠﻲ ﻣﻦ ﺧﻼﻝ ﲢﻠﻴﻞ ﻣﻔﺎﻫﻴﻢ ﺣﻮﻛﻤﺔ ﺍﳌﺆﺳﺴﺎﺕ ﻭﺍﻷﺩﺍﺀ‬
‫ﺍﳌﺎﱄ‪ ،‬ﻭﺫﻟﻚ ﺑﺎﻻﻋﺘﻤﺎﺩ ﻋﻠﻰ ﻭﺍﻗﻊ ﺍﻟﺒﻴﺎﻧﺎﺕ ﻭﺍﻟﺪﺭﺍﺳﺎﺕ ﺍﳌﺘﻮﻓﺮﺓ ﺇﺿﺎﻓﺔ ﺇﱃ ﺍﻻﺳﺘﻌﺎﻧﺔ ﺑﺒﻌﺾ ﺍﳌﻮﺍﻗﻊ ﺍﻻﻟﻜﺘﺮﻭﻧﻴﺔ‪.‬‬

‫‪ .V‬ﻫﻴﻜﻞ ﺍﻟﺒﺤﺚ‪:‬‬
‫ﻟﻺﺟﺎﺑﺔ ﻋﻠﻰ ﺍﻹﺷﻜﺎﻟﻴﺔ ﺍﳌﻄﺮﻭﺣﺔ‪ ،‬ﰎ ﺗﻘﺴﻴﻢ ﺍﻟﺒﺤﺚ ﺇﱃ ﺃﺭﺑﻌﺔ ﳏﺎﻭﺭ ﻫﻲ‪:‬‬
‫‪ −‬ﻣﺎﻫﻴﺔ ﺣﻮﻛﻤﺔ ﺍﳌﺆﺳﺴﺎﺕ‪.‬‬
‫‪ −‬ﻭﺍﻗﻊ ﻭﻋﺮﺍﻗﻴﻞ ﺗﻄﺒﻴﻖ ﺍﳊﻮﻛﻤﺔ ﺑﺎﳌﺆﺳﺴﺎﺕ ﺍﳉﺰﺍﺋﺮﻳﺔ‪.‬‬
‫‪ −‬ﺩﻭﺭ ﺍﳊﻮﻛﻤﺔ ﰲ ﲢﺴﲔ ﺍﻷﺩﺍﺀ ﺍﳌﺎﱄ ﻟﻠﻤﺆﺳﺴﺎﺕ‪.‬‬
‫‪ −‬ﻣﺴﺎﳘﺔ ﺣﻮﻛﻤﺔ ﺍﳌﺆﺳﺴﺎﺕ ﰲ ﲢﺴﲔ ﺍﻷﺩﺍﺀ ﺍﳌﺎﱄ ﺑﺎﳌﺆﺳﺴﺔ ﺍﳉﺪﻳﺪﺓ ﻟﻠﺘﻌﻠﻴﺐ ﺍﳉﺰﺍﺋﺮﻳﺔ )‪ (NCA‬ﺑﺎﻟﺮﻭﻳﺒﺔ‪.‬‬

‫ﺛﺎﻧﻴﺎ‪ :‬ﻣﺎﻫﻴﺔ ﺣﻮﻛﻤﺔ ﺍﳌﺆﺳﺴﺎﺕ‬

‫ﺑﻌﺪ ﺍﻟﻔﻀﺎﺋﺢ ﻭﺍﻷﺯﻣﺎﺕ ﺍﳌﺎﻟﻴﺔ ﻭﺍﻻ‪‬ﻴﺎﺭﺍﺕ ﺍﳌﺘﻌﺪﺩﺓ ﺍﻟﱵ ﺯﻋﺰﻋﺖ ﻋﺎﱂ ﺍﻷﻋﻤﺎﻝ ﰲ ﺍﻟﺴﻨﻮﺍﺕ ﺍﻷﺧﲑﺓ ﺧﺎﺻﺔ ﺑﺈﻓﻼﺱ ﺍﳌﺆﺳﺴﺎﺕ‬
‫ﺍﻟﻜﺒﲑﺓ ) ﺇﻧﺮﻭﻥ‪ ،‬ﻭﻭﺭﺩ ﻛﻮﻡ‪..،‬ﺍﱁ‪ ،(.‬ﺃﺛﲑ ﺟﻮ ﻣﻦ ﺍﳋﻮﻑ ﻭﺍﻟﺘﺮﺩﺩ ﻟﺪﻯ ﺃﺻﺤﺎﺏ ﺭﺅﻭﺱ ﺍﻷﻣﻮﺍﻝ ﻧﺘﻴﺠﺔ ﻟﻌﺪﻡ ﻗﺪﺭﺓ ﺁﻟﻴﺎﺕ ﺍﻹﺩﺍﺭﺓ ﰲ‬
‫ﺍﳌﺆﺳﺴﺎﺕ ﻋﻠﻰ ﲡﻨﺐ ﻫﺬﻩ ﺍﻷﺯﻣﺎﺕ‪...،‬ﺍﱁ‪.‬‬
‫ﻧﺘﻴﺠﺔ ﳍﺬﻩ ﺍﻟﻈﺮﻭﻑ ﺑﺪﺃ ﺍﳊﺪﻳﺚ ﻋﻦ ﺁﻟﻴﺔ ﺟﺪﻳﺪﺓ ﺗﺮﻛﺰ ﻋﻠﻰ ﺿﺮﻭﺭﺓ ﺇﺗﺒﺎﻉ ﺃﺳﺎﻟﻴﺐ ﺭﺷﻴﺪﺓ ﺗﻌﻤﻞ ﻋﻠﻰ ﲪﺎﻳﺔ ﺍﳌﺆﺳﺴﺔ ﻣﻦ ﺧﻼﻝ‬
‫ﺍﻟﻌﻤﻞ ﻋﻠﻰ ﺇﺭﺿﺎﺀ ﳐﺘﻠﻒ ﺍﳌﺘﻌﺎﻣﻠﲔ ﻣﻌﻬﺎ ﻭﺍﻟﺘﻮﻓﻴﻖ ﺑﲔ ﻣﺼﺎﳊﻬﻢ‪ ،‬ﻭﻗﺪ ﻋﺮﻓﺖ ﻫﺬﻩ ﺍﻵﻟﻴﺔ ﲝﻮﻛﻤﺔ ﺍﳌﺆﺳﺴﺎﺕ‪.‬‬

‫‪ .I‬ﻣﻔﻬﻮﻡ ﺣﻮﻛﻤﺔ ﺍﳌﺆﺳﺴﺎﺕ‪ ،‬ﺃﻫﺪﺍﻓﻬﺎ ﻭﺭﻛﺎﺋﺰﻫﺎ‪:‬‬

‫ﻟﻐﻮﻳﺎ‪ ،‬ﺍﺳﺘﻘﺮ ﳎﻤﻊ ﺍﻟﻠﻐﺔ ﺍﻟﻌﺮﺑﻴﺔ ﲟﺼﺮ ﺑﻌﺪ ﺍﻟﻌﺪﻳﺪ ﻣﻦ ﺍﶈﺎﻭﻻﺕ ﻭﺍﳌﺸﺎﻭﺭﺍﺕ ﻣﻊ ﻋﺪﺩ ﻣﻦ ﺧﱪﺍﺀ ﺍﻟﻠﻐﺔ ﺍﻟﻌﺮﺑﻴﺔ ﻭﺍﻻﻗﺘﺼﺎﺩﻳﲔ‬
‫ﻭﺍﻟﻘﺎﻧﻮﻧﻴﲔ ﺍﳌﻬﺘﻤﲔ ‪‬ﺬﺍ ﺍﳌﻮﺿﻮﻉ ﻋﻠﻰ ﻣﺼﻄﻠﺢ ﺣﻮﻛﻤﺔ ﺍﳌﺆﺳﺴﺎﺕ‪ .‬ﻭﻣﻌﻨﺎﻫﺎ ﺍﻟﻠﻐﻮﻱ ﺍﳊﻜﻢ ﺃﻭ ﺍﻟﺘﺤﻜﻢ‪ ،‬ﺃﻱ ﺍﻟﺴﻴﻄﺮﺓ ﻋﻠﻰ ﺍﻷﻣﻮﺭ‬
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‫ﺑﻮﺿﻊ ﺿﻮﺍﺑﻂ ﻭﻗﻴﻮﺩ ﲢﻜﻢ ﺍﻟﻌﻼﻗﺎﺕ ﺩﺍﺧﻞ ﺍﳌﺆﺳﺴﺔ‪.‬‬
‫ﺃﻣﺎ ﺍﺻﻄﻼﺣﺎ ﻭﺑﻌﺪ ﺃﻥ ﺃﺻﺒﺤﺖ ﺣﻮﻛﻤﺔ ﺍﳌﺆﺳﺴﺎﺕ ﻣﻦ ﺍﳌﻮﺿﻮﻋﺎﺕ ﺍﳌﺜﲑﺓ ﺟﺪﺍ ﺧﺎﺻﺔ ﺑﻌﺪﻣﺎ ﺍﻫﺘﻤﺖ ‪‬ﺎ ﺍﻟﻌﺪﻳﺪ ﻣﻦ ﺍﻟﺪﻭﺍﺋﺮ ﺍﻷﻛﺎﺩﳝﻴﺔ‬
‫ﻭﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﺍﻟﻌﺎﳌﻴﺔ‪ ،‬ﻓﻘﺪ ﻋﺮﻓﺖ ﻣﻦ ﻗﺒﻞ ﺻﻨﺪﻭﻕ ﺍﻟﻨﻘﺪ ﺍﻟﺪﻭﱄ ﻋﻠﻰ ﺃ‪‬ﺎ‪" :‬ﺍﻹﺩﺍﺭﺓ ﺍﻟﺮﺷﻴﺪﺓ ﻟﻠﻤﺆﺳﺴﺎﺕ ﺃﻭ ﺍﻻﻗﺘﺼﺎﺩ ﺑﺼﻮﺭﺓ ﻋﺎﻣﺔ ﻋﱪ‬
‫ﺣﺰﻣﺔ ﻣﻦ ﺍﻟﻘﻮﺍﻧﲔ ﻭﺍﻟﻘﻮﺍﻋﺪ ﺍﻟﱵ ﺗﺆﺩﻱ ﺇﱃ ﺍﻟﺸﻔﺎﻓﻴﺔ"‪ ،‬ﺃﻣﺎ ﻣﻨﻈﻤﺔ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺪﻭﻟﻴﺔ ﻓﻌﺮﻓﺘﻬﺎ ﺑﺄ‪‬ﺎ‪" :‬ﳎﻤﻮﻋﺔ ﺍﻷﻃﺮ ﺍﻟﺘﻨﻈﻴﻤﻴﺔ‪ ،‬ﺍﳍﻴﻜﻠﻴﺔ‪،‬‬
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‫ﻭﻋﻤﻠﻴﺎﺕ ﺍﻟﺘﺤﻜﻢ ﺍﻟﱵ ‪‬ﺪﻑ ﺇﱃ ﺗﻨﻈﻴﻢ ﺍﻟﻌﻼﻗﺔ ﺑﲔ ﺍﻹﺩﺍﺭﺓ‪ ،‬ﺍﳌﺎﻟﻚ ﻭﺃﺻﺤﺎﺏ ﺍﳌﺼﺎﱀ ﺍﻵﺧﺮﻳﻦ"‪.‬‬
‫ﻭﺑﺎﻟﺘﺎﱄ‪ ،‬ﻻ ﻳﻮﺟﺪ ﺗﻌﺮﻳﻒ ﻣﻮﺣﺪ ﳊﻮﻛﻤﺔ ﺍﳌﺆﺳﺴﺎﺕ ﻣﺘﻔﻖ ﻋﻠﻴﻪ ﻣﻦ ﻗﺒﻞ ﻛﺎﻓﺔ ﺍﻻﻗﺘﺼﺎﺩﻳﲔ ﻭﺍﻟﻘﺎﻧﻮﻧﻴﲔ ﻭﺍﶈﻠﻠﲔ‪ ،‬ﻭﻗﺪ ﻳﺮﺟﻊ ﺫﻟﻚ‬
‫ﺇﱃ ﺗﺪﺍﺧﻠﻪ ﰲ ﺍﻟﻌﺪﻳﺪ ﻣﻦ ﺍﻷﻣﻮﺭ ﺍﻟﺘﻨﻈﻴﻤﻴﺔ ﻭﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﻭﺍﳌﺎﻟﻴﺔ ﻭﺍﻻﺟﺘﻤﺎﻋﻴﺔ ﻟﻠﻤﺆﺳﺴﺎﺕ ﻭﻫﻮ ﺍﻷﻣﺮ ﺍﻟﺬﻱ ﻳﺆﺛﺮ ﻋﻠﻰ ﺍ‪‬ﺘﻤﻊ ﻭﺍﻻﻗﺘﺼﺎﺩ‬
‫ﻛﻜﻞ‪ 3،‬ﻓﺎﻟﺒﻌﺾ ﻳﻌﺮﻓﻬﺎ ﻋﻠﻰ ﺃ‪‬ﺎ‪" :‬ﺍﻟﻨﻈﺎﻡ ﺍﻟﺬﻱ ﻳﺘﻢ ﻣﻦ ﺧﻼﻟﻪ ﺗﻮﺟﻴﻪ ﺃﻋﻤﺎﻝ ﺍﳌﺆﺳﺴﺔ ﺇﱃ ﺃﻋﻠﻰ ﻣﺴﺘﻮﻯ ﻣﻦ ﺃﺟﻞ ﲢﻘﻴﻖ ﺃﻫﺪﺍﻓﻬﺎ ﻭﺍﻟﻮﻓﺎﺀ‬
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‫ﺑﺎﳌﻌﺎﻳﲑ ﺍﻟﻼﺯﻣﺔ ﻟﻠﻤﺴﺆﻭﻟﻴﺔ ﻭﺍﻟﱰﺍﻫﺔ ﻭﺍﻟﺸﻔﺎﻓﻴﺔ"‪.‬‬
‫ﻭﺗﻌﺮﻑ ﻛﺬﻟﻚ ﺑﺄ‪‬ﺎ‪" :‬ﳎﻤﻮﻋﺔ ﻣﻦ ﺍﻵﻟﻴﺎﺕ ﻭﺍﻹﺟﺮﺍﺀﺍﺕ ﻭﺍﻟﻘﻮﺍﻧﲔ ﻭﺍﻟﻨﻈﻢ ﻭﺍﻟﻘﺮﺍﺭﺍﺕ ﺍﻟﱵ ﺗﻀﻤﻦ ﻛﻞ ﻣﻦ ﺍﻻﻧﻀﺒﺎﻁ ﻭﺍﻟﺸﻔﺎﻓﻴﺔ‬
‫ﻭﺍﻟﻌﺪﺍﻟﺔ"‪ ،5‬ﻭﺑﺎﻟﺘﺎﱄ ‪‬ﺪﻑ ﺍﳊﻮﻛﻤﺔ ﺇﱃ ﲢﻘﻴﻖ ﺍﳉﻮﺩﺓ ﻭﺍﻟﺘﻤﻴﺰ ﰲ ﺍﻷﺩﺍﺀ ﻋﻦ ﻃﺮﻳﻖ ﺗﻔﻌﻴﻞ ﺗﺼﺮﻓﺎﺕ ﺇﺩﺍﺭﺓ ﺍﻟﻮﺣﺪﺓ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﰲ ﻣﺎ ﻳﺘﻌﻠﻖ‬
‫ﺑﺎﺳﺘﻐﻼﻝ ﺍﳌﻮﺍﺭﺩ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﺍﳌﺘﺎﺣﺔ ﻟﺪﻳﻬﺎ ﲟﺎ ﳛﻘﻖ ﺃﻓﻀﻞ ﻣﻨﺎﻓﻊ ﻟﻜﺎﻓﺔ ﺍﻷﻃﺮﺍﻑ ﺫﻭﻱ ﺍﳌﺼﻠﺤﺔ ﻭﻟﻠﻤﺠﺘﻤﻊ ﻛﻜﻞ‪.‬‬
‫ﻛﻤﺎ ﺗﻌﺮﻑ ﺣﻮﻛﻤﺔ ﺍﳌﺆﺳﺴﺎﺕ ﺑﺄ‪‬ﺎ "ﺇﳚﺎﺩ ﻭﺗﻨﻈﻴﻢ ﺍﻟﺘﻄﺒﻴﻘﺎﺕ ﻭﺍﳌﻤﺎﺭﺳﺎﺕ ﺍﻟﺴﻠﻴﻤﺔ ﻟﻠﻘﺎﺋﻤﲔ ﻋﻠﻰ ﺇﺩﺍﺭﺓ ﺍﳌﺆﺳﺴﺔ‪ ،‬ﲟﺎ ﳛﺎﻓﻆ ﻋﻠﻰ‬
‫ﺣﻘﻮﻕ ﺍﳌﺴﺎﳘﲔ ﻭﺍﻟﻌﺎﻣﻠﲔ ﺑﺎﳌﺆﺳﺴﺔ ﻭﺃﺻﺤﺎﺏ ﺍﳌﺼﺎﱀ"‪ ،6‬ﻭﻫﺬﺍ ﻣﺎ ﻳﻌﲏ ﺃﻥ ﺣﻮﻛﻤﺔ ﺍﳌﺆﺳﺴﺎﺕ ﺗﻌﺒﲑ ﻭﺍﺳﻊ ﻳﺘﻀﻤﻦ ﻗﻮﺍﻋﺪ ﻭﳑﺎﺭﺳﺎﺕ‬
‫ﺍﻟﺴﻮﻕ ﺍﻟﱵ ﲢﺪﺩ ﻛﻴﻔﻴﺔ ﺍﲣﺎﺫ ﺍﳌﺆﺳﺴﺔ ﻟﻘﺮﺍﺭﺍ‪‬ﺎ ﻭﺍﻟﺸﻔﺎﻓﻴﺔ ﺍﻟﱵ ﲢﻜﻢ ﻋﻤﻠﻴﺔ ﺍﲣﺎﺫ ﻫﺬﻩ ﺍﻟﻘﺮﺍﺭﺍﺕ‪ ،‬ﻭﻣﺪﻯ ﺍﳌﺴﺎﺀﻟﺔ ﺍﻟﱵ ﻳﺘﻌﺮﺽ ﳍﺎ‬
‫ﺍﳌﺴﺌﻮﻟﲔ ﻋﻨﻬﺎ‪.‬‬

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 ‫ﺍﳊﻮﻛﻤﺔ ﻭﺩﻭﺭﻫﺎ ﰲ ﲢﺴﲔ ﺍﻷﺩﺍﺀ ﺍﳌﺎﱄ ﻟﻠﻤﺆﺳﺴﺎﺕ ﺍﳉﺰﺍﺋﺮﻳﺔ‬

‫ﻭﻋﻠﻰ ﺿﻮﺀ ﻣﺎ ﺳﺒﻖ‪ ،‬ﳝﻜﻦ ﺍﻟﻘﻮﻝ ﺃﻥ ﺣﻮﻛﻤﺔ ﺍﳌﺆﺳﺴﺎﺕ ﻫﻲ ﻧﻈﺎﻡ ﺇﺩﺍﺭﻱ ﻳﺘﻀﻤﻦ ﺇﺟﺮﺍﺀﺍﺕ ﻭﻗﻮﺍﻧﲔ ﻭﻣﻌﺎﻳﲑ ﻟﺘﻨﻈﻴﻢ ﺍﻟﻌﻼﻗﺔ ﻭﲢﻘﻴﻖ‬
‫ﺍﳌﻨﺎﻓﻊ ﻟﻜﻞ ﺍﻷﻃﺮﺍﻑ ﺫﻭﻱ ﺍﳌﺼﻠﺤﺔ ﻭﻟﻠﻤﺠﺘﻤﻊ‪ ،‬ﺣﻴﺚ ﺃﻥ ﻫﺪﻓﻬﺎ ﺍﻷﺳﺎﺳﻲ ﲢﺴﲔ ﺃﺩﺍﺀ ﺍﳌﺆﺳﺴﺎﺕ‪.‬‬
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‫ﻭﺑﺎﻟﺘﺎﱄ‪ ،‬ﺪﻑ ﺣﻮﻛﻤﺔ ﺍﳌﺆﺳﺴﺎﺕ ﺇﱃ ﲢﻘﻴﻖ ﻣﺎﻳﻠﻲ‪:‬‬
‫‪ −‬ﺑﻠﻮﻍ ﺍﻷﺩﺍﺀ ﺍﳌﺎﱄ ﺍﳉﻴﺪ ﻣﻦ ﺧﻼﻝ ﳏﺎﺳﺒﺔ ﺍﻹﺩﺍﺭﺓ ﺃﻣﺎﻡ ﺍﳌﺴﺎﳘﲔ‪.‬‬
‫‪ −‬ﺍﻟﺮﻗﺎﺑﺔ ﺍﳉﻴﺪﺓ ﻭﺍﻟﻔﺎﻋﻠﺔ ﻋﻠﻰ ﺃﺩﺍﺀ ﺍﳌﺆﺳﺴﺎﺕ ﻟﺘﻄﻮﻳﺮ ﻭﲢﺴﲔ ﻗﺪﺭ‪‬ﺎ ﺍﻟﺘﻨﺎﻓﺴﻴﺔ‪.‬‬
‫‪ −‬ﳏﺎﺭﺑﺔ ﺍﻟﺘﺼﺮﻓﺎﺕ ﻏﲑ ﺍﳌﻘﺒﻮﻟﺔ ﺳﻮﺍﺀ ﻛﺎﻧﺖ ﰲ ﺍﳉﺎﻧﺐ ﺍﳌﺎﺩﻱ ﺃﻭ ﺍﻹﺩﺍﺭﻱ ﺃﻭ ﺍﻷﺧﻼﻗﻲ‪.‬‬
‫‪ −‬ﲢﻘﻴﻖ ﺍﻟﺸﻔﺎﻓﻴﺔ ﻭﺍﻟﻌﺪﺍﻟﺔ ﻭﲪﺎﻳﺔ ﺣﻘﻮﻕ ﺍﳌﺴﺎﳘﲔ ﰲ ﺍﳌﺆﺳﺴﺔ‪.‬‬
‫‪ −‬ﲢﺪﻳﺪ ﺿﻮﺍﺑﻂ ﻭﻗﻮﺍﻋﺪ ﻭﻫﻴﺎﻛﻞ ﺇﺩﺍﺭﻳﺔ ﲤﻨﺢ ﺣﻖ ﻣﺴﺎﺀﻟﺔ ﺇﺩﺍﺭﺓ ﺍﳌﺆﺳﺴﺔ ﺃﻣﺎﻡ ﺍﳉﻤﻌﻴﺔ ﺍﻟﻌﺎﻣﺔ ﻭﺗﻀﻤﻦ ﺣﻘﻮﻕ ﺍﳌﺴﺎﳘﲔ ﻓﻴﻬﺎ‪.‬‬
‫‪ −‬ﺗﻨﻤﻴﺔ ﺍﻻﺳﺘﺜﻤﺎﺭﺍﺕ ﻭﺗﺪﻓﻘﻬﺎ ﻣﻦ ﺧﻼﻝ ﺗﻌﻤﻴﻖ ﺛﻘﺔ ﺍﳌﺴﺘﺜﻤﺮﻳﻦ ﰲ ﺃﺳﻮﺍﻕ ﺍﳌﺎﻝ‪.‬‬
‫‪ −‬ﺗﻨﻤﻴﺔ ﺍﳌﺪﺧﺮﺍﺕ ﻭﺗﻌﻈﻴﻢ ﺍﻟﺮﲝﻴﺔ ﻭﺇﳚﺎﺩ ﻓﺮﺹ ﻋﻤﻞ ﺟﺪﻳﺪﺓ‪.‬‬
‫‪ −‬ﺗﻄﻮﻳﺮ ﻭﲢﺴﲔ ﻭﻣﺴﺎﻋﺪﺓ ﺃﺻﺤﺎﺏ ﺍﻟﻘﺮﺍﺭ ﻋﻠﻰ ﺑﻨﺎﺀ ﺇﺳﺘﺮﺍﺗﻴﺠﻴﺔ ﻣﺘﻄﻮﺭﺓ ﲣﺪﻡ ﺍﻟﻜﻔﺎﺀﺓ ﺍﻹﺩﺍﺭﻳﺔ ﻭﺍﳌﺎﻟﻴﺔ ﻟﻠﻤﺆﺳﺴﺔ‪.‬‬
‫‪ −‬ﺗﻄﻮﻳﺮ ﺍﳌﻌﻠﻮﻣﺎﺕ ﻭﺍﳋﱪﺍﺕ ﻭﺍﳌﻬﺎﺭﺍﺕ ﻧﺘﻴﺠﺔ ﺍﻟﻌﻤﻞ ﺑﺎﳊﻮﻛﻤﺔ‪.‬‬
‫ﻭﺑﺎﻟﺘﺎﱄ‪ ،‬ﻧﺴﺘﻨﺘﺞ ﺃﻥ ﺃﻫﻢ ﺃﻫﺪﺍﻑ ﺣﻮﻛﻤﺔ ﺍﳌﺆﺳﺴﺎﺕ ﺍﻟﻌﻤﻞ ﻋﻠﻰ ﲢﺴﲔ ﻭﺗﻔﻌﻴﻞ ﺍﻷﺩﺍﺀ ﺑﻜﻞ ﺃﻧﻮﺍﻋﻪ ﰲ ﺍﳌﺆﺳﺴﺔ‪ ،‬ﻭﻛﺬﻟﻚ ﺍﻟﻌﻤﻞ ﺑﻜﻞ‬
‫ﺍﻟﻮﺳﺎﺋﻞ ﺍﳌﺘﺎﺣﺔ ﳉﺬﺏ ﺍﻻﺳﺘﺜﻤﺎﺭﺍﺕ ﺍﶈﻠﻴﺔ ﻭﺍﻷﺟﻨﺒﻴﺔ ﺳﻮﺍﺀ ﺑﺎﻟﺘﺸﺮﻳﻌﺎﺕ ﺃﻭ ﺍﻟﻘﻮﺍﻧﲔ ﻭﺍﻻﻣﺘﻴﺎﺯﺍﺕ ﺍﳌﻤﻨﻮﺣﺔ ﻟﻠﻤﺴﺘﺜﻤﺮﻳﻦ‪ ،‬ﺑﺎﻹﺿﺎﻓﺔ ﺇﱃ‬
‫ﺗﻄﺒﻴﻖ ﻣﺒﺪﺃ ﺍﻷﺧﻼﻕ ﺍﳊﻤﻴﺪﺓ ﺍﳉﻴﺪﺓ ﻭﺍﳌﻌﺎﻣﻼﺕ ﺍﻹﻧﺴﺎﻧﻴﺔ ﻭﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﺑﲔ ﺍﳌﺘﻌﺎﻣﻠﲔ ﻣﻊ ﺍﳌﺆﺳﺴﺎﺕ‪ ،‬ﻓﺎﳉﺎﻧﺐ ﺍﻷﺧﻼﻗﻲ ﰲ ﻋﻤﻞ‬
‫ﺍﳌﺆﺳﺴﺔ ﻫﻮ ﺍﻷﻛﺜﺮ ﻣﻼﺋﻤﺔ ﻟﺪﻋﻢ ﺍﳊﻮﻛﻤﺔ ﺍﳉﻴﺪﺓ ﻭﺍﻟﻨﺎﺟﺤﺔ‪.‬‬
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‫ﻭﻟﺘﺤﻘﻴﻖ ﻫﺬﻩ ﺍﻷﻫﺪﺍﻑ‪ ،‬ﻻﺑﺪ ﺃﻥ ﺗﻘﻮﻡ ﺣﻮﻛﻤﺔ ﺍﳌﺆﺳﺴﺎﺕ ﻋﻠﻰ ﺭﻛﺎﺋﺰ ﺃﺳﺎﺳﻴﺔ ﻣﻮﺿﺤﺔ ﰲ ﺍﳉﺪﻭﻝ ﺍﳌﻮﺍﱄ‪:‬‬
‫ﺍﳉﺪﻭﻝ ﺭﻗﻢ )‪ :(1‬ﺍﻟﺮﻛﺎﺋﺰ ﺍﻷﺳﺎﺳﻴﺔ ﳊﻮﻛﻤﺔ ﺍﳌﺆﺳﺴﺎﺕ‬
‫ﺍﻟﺮﻛﺎﺋﺰ ﺍﻷﺳﺎﺳﻴﺔ ﻟﻠﺤﻮﻛﻤﺔ‬
‫‪ -‬ﺿﻤﺎﻥ ﺍﻻﻟﺘﺰﺍﻡ ﺍﻟﺴﻠﻮﻛﻲ ﻣﻦ ﺧﻼﻝ ﺍﻻﻟﺘﺰﺍﻡ ﺑﺎﻷﺧﻼﻗﻴﺎﺕ ﻭﻗﻮﺍﻋﺪ ﺍﻟﺴﻠﻮﻙ ﺍﳌﻬﲏ‪ ،‬ﻭﺍﻟﺘﻮﺍﺯﻥ ﰲ ﲢﻘﻴﻖ ﻣﺼﺎﱀ‬
‫ﺍﻟﺴﻠﻮﻙ ﺍﻷﺧﻼﻗﻲ ﻛﺎﻓﺔ ﺍﻷﻃﺮﺍﻑ ﺍﳌﺮﺗﺒﻄﺔ ﺑﺎﳌﺆﺳﺴﺔ‪ ،‬ﻭﺍﻟﺸﻔﺎﻓﻴﺔ ﻋﻨﺪ ﻋﺮﺽ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﳌﺎﻟﻴﺔ‪.‬‬
‫‪ -‬ﺗﻔﻌﻴﻞ ﺩﻭﺭ ﺃﺻﺤﺎﺏ ﺍﳌﺼﺎﱀ ﻛﺎﳍﻴﺌﺎﺕ ﺍﻹﺷﺮﺍﻓﻴﺔ ﺍﻟﻌﺎﻣﺔ ﻣﺜﻞ ﻫﻴﺌﺔ ﺳﻮﻕ ﺍﳌﺎﻝ‪ ،‬ﺃﻭ ﺍﻷﻃﺮﺍﻑ ﺍﳌﺒﺎﺷﺮﺓ ﻟﻺﺷﺮﺍﻑ‬
‫ﺍﻟﺮﻗﺎﺑﺔ ﻭﺍﳌﺴﺎﺀﻟﺔ ﻭﺍﻟﺮﻗﺎﺑﺔ )ﺍﳌﺴﺎﳘﻮﻥ‪ ،‬ﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ‪ ،‬ﳉﻨﺔ ﺍﳌﺮﺍﺟﻌﺔ(‪ ،‬ﻭﺍﻷﻃﺮﺍﻑ ﺍﻷﺧﺮﻯ )ﺍﳌﻮﺭﺩﻭﻥ‪ ،‬ﺍﻟﻌﻤﻼﺀ‪ ،‬ﺍﳌﻘﺮﺿﻮﻥ(‪.‬‬
‫‪ -‬ﻭﺿﻊ ﻧﻈﺎﻡ ﻹﺩﺍﺭﺓ ﺍﳌﺨﺎﻃﺮ ﻭﺍﻹﻓﺼﺎﺡ ﻋﻨﻬﺎ ﻭﺇﻳﺼﺎﳍﺎ ﻷﺻﺤﺎﺏ ﺍﳌﺼﻠﺤﺔ‪.‬‬ ‫ﺇﺩﺍﺭﺓ ﺍﳌﺨﺎﻃﺮ‬
‫ﺍﳌﺼﺪﺭ‪ :‬ﻣﻦ ﺇﻋﺪﺍﺩ ﺍﻟﺒﺎﺣﺜﺘﲔ ﺑﺎﻻﻋﺘﻤﺎﺩ ﻋﻠﻰ‪ :‬ﻃﺎﺭﻕ ﻋﺒﺪ ﺍﻟﻌﺎﻝ ﲪﺎﺩ‪"،‬ﺣﻮﻛﻤﺔ ﺍﳌﺆﺳﺴﺎﺕ)ﺍﳌﻔﺎﻫﻴﻢ‪ ،‬ﺍﳌﺒﺎﺩﺉ‪ ،‬ﺍﻟﺘﺠﺎﺭﺏ(‪ ،‬ﺗﻄﺒﻴﻘﺎﺕ ﺍﳊﻮﻛﻤﺔ ﰲ ﺍﳌﺼﺎﺭﻑ"‪ ،‬ﺍﻟﺪﺍﺭ ﺍﳉﺎﻣﻌﻴﺔ‪،‬‬
‫ﺍﻹﺳﻜﻨﺪﺭﻳﺔ‪ ،2005 ،‬ﺹ‪.47‬‬
‫ﻣﻦ ﺧﻼﻝ ﻣﻼﺣﻈﺔ ﺍﳉﺪﻭﻝ ﺭﻗﻢ )‪ ،(1‬ﻳﺘﺒﲔ ﻟﻨﺎ ﺃﻥ ﺣﻮﻛﻤﺔ ﺍﳌﺆﺳﺴﺎﺕ ﺗﻘﻮﻡ ﻋﻠﻰ ﺛﻼﺛﺔ ﺭﻛﺎﺋﺰ ﺃﺳﺎﺳﻴﺔ ﺗﺘﻤﺜﻞ ﰲ‪ :‬ﺍﻟﺴﻠﻮﻙ‬
‫ﺍﻷﺧﻼﻗﻲ‪ ،‬ﺍﻟﺮﻗﺎﺑﺔ ﻭﺍﳌﺴﺎﺀﻟﺔ ﻭﺇﺩﺍﺭﺓ ﺍﳌﺨﺎﻃﺮ‪.‬‬

‫‪ .II‬ﻣﺒﺎﺩﺉ ﻭﳏﺪﺩﺍﺕ ﺣﻮﻛﻤﺔ ﺍﳌﺆﺳﺴﺎﺕ‪:‬‬

‫ﺗﺘﻤﺜﻞ ﻣﺒﺎﺩﺉ ﺣﻮﻛﻤﺔ ﺍﳌﺆﺳﺴﺎﺕ ﰲ ﺃ‪‬ﺎ‪" :‬ﳎﻤﻮﻋﺔ ﺍﻷﺳﺲ ﻭﺍﳌﻤﺎﺭﺳﺎﺕ ﺍﻟﱵ ﺗﻄﺒﻖ ﺑﺼﻔﺔ ﺧﺎﺻﺔ ﻋﻠﻰ ﻣﺆﺳﺴﺎﺕ ﺍﳌﺴﺎﳘﺔ‪،‬‬
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‫ﻭﺗﺘﻀﻤﻦ ﺍﳊﻘﻮﻕ ﻭﺍﻟﻮﺍﺟﺒﺎﺕ ﻟﻜﺎﻓﺔ ﺍﳌﺘﻌﺎﻣﻠﲔ ﻣﻊ ﺍﳌﺆﺳﺴﺔ ﻭﺍﻟﱵ ﺗﻈﻬﺮ ﻣﻦ ﺧﻼﻝ ﺍﻟﻨﻈﺎﻡ ﻭﺍﻟﻠﻮﺍﺋﺢ ﺍﻟﺪﺍﺧﻠﻴﺔ ﺍﳌﻄﺒﻘﺔ ‪‬ﺎ"‪.‬‬
‫ﰲ ﺃﻓﺮﻳﻞ ‪ 1998‬ﻃﻠﺐ ﳎﻠﺲ ﻣﻨﻈﻤﺔ ﺍﻟﺘﻌﺎﻭﻥ ﺍﻻﻗﺘﺼﺎﺩﻱ ﻭﺍﻟﺘﻨﻤﻴﺔ ﻣﻦ ﺍﳌﻨﻈﻤﺎﺕ ﺃﻥ ﺗﻘﻮﻡ ﺑﺎﻻﺷﺘﺮﺍﻙ ﻣﻊ ﺍﳊﻜﻮﻣﺎﺕ ﺍﻟﻮﻃﻨﻴﺔ‬
‫ﻭﻏﲑﻫﺎ ﻣﻦ ﺍﳌﻨﻈﻤﺎﺕ ﺍﻟﺪﻭﻟﻴﺔ ﻭﺍﻟﻘﻄﺎﻉ ﺍﳋﺎﺹ‪ ،‬ﺑﻮﺿﻊ ﳎﻤﻮﻋﺔ ﻣﻦ ﺍﳌﻌﺎﻳﲑ ﻭﺍﳌﺒﺎﺩﺉ ﺍﳋﺎﺻﺔ ﲝﻮﻛﻤﺔ ﺍﳌﺆﺳﺴﺎﺕ‪ ،‬ﻭﰲ ﺳﻨﺔ ‪2004‬‬
‫ﺗﻮﺻﻠﺖ ﺍﳌﻨﻈﻤﺔ ﺇﱃ ﳎﻤﻮﻋﺔ ﻣﻦ ﺍﳌﺒﺎﺩﺉ ﺍﻟﺮﲰﻴﺔ )ﻭﺫﻟﻚ ﺑﻌﺪ ﺍﻋﺘﻤﺎﺩﻫﺎ ﻣﺒﺎﺩﺉ ﻏﲑ ﺭﲰﻴﺔ ﺳﻨﺔ ‪ (1999‬ﺍﻟﱵ ‪‬ﺪﻑ ﺇﱃ ﺩﻋﻢ ﺍﻟﺜﻘﺔ ﰲ‬
‫ﺳﻮﻕ ﺭﺃﺱ ﺍﳌﺎﻝ ﻭﻛﺎﻧﺖ ﻫﺬﻩ ﺍﳌﺒﺎﺩﺉ ﻋﻠﻰ ﺍﻟﻨﺤﻮ ﺍﻟﺘﺎﱄ‪:‬‬
‫‪ −‬ﺿﻤﺎﻥ ﻭﺟﻮﺩ ﺇﻃﺎﺭ ﻓﻌﺎﻝ ﳊﻮﻛﻤﺔ ﺍﳌﺆﺳﺴﺎﺕ‪ :‬ﻭﻳﻘﺼﺪ ﺑﻪ ﺿﺮﻭﺭﺓ ﻭﺟﻮﺩ ﺇﻃﺎﺭ ﻗﺎﻧﻮﱐ ﻭﺗﻨﻈﻴﻤﻲ ﻣﺆﺳﺲ ﻓﻌﻼ ﳝﻜﻦ ﻛﺎﻓﺔ ﺍﳌﺸﺎﺭﻛﲔ‬
‫ﰲ ﺍﻟﺴﻮﻕ ﻣﻦ ﺍﻻﻋﺘﻤﺎﺩ ﻋﻠﻴﻪ ﰲ ﺇﻧﺸﺎﺀ ﻋﻼﻗﺎ‪‬ﻢ ﺍﻟﺘﻌﺎﻗﺪﻳﺔ ﺍﳋﺎﺻﺔ؛‬

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‫ﳎﻠﺔ ﺃﺩﺍﺀ ﺍﳌﺆﺳﺴﺎﺕ ﺍﳉﺰﺍﺋﺮﻳﺔ – ﺍﻟﻌﺪﺩ ‪2014/ 05‬‬

‫ﺣﻘﻮﻕ ﺍﳌﺴﺎﳘﲔ‪ :‬ﻳﻬﺪﻑ ﻫﺬﺍ ﺍﳌﺒﺪﺃ ﺇﱃ ﺍﻟﻌﻤﻞ ﻋﻠﻰ ﺍﶈﺎﻓﻈﺔ ﻋﻠﻰ ﻣﺼﺎﱀ ﺍﳌﺴﺎﳘﲔ ﺍﻟﱵ ﻳﻜﻔﻠﻬﺎ ﳍﻢ ﺍﻟﻘﺎﻧﻮﻥ‪ :‬ﻛﺎﳊﺮﻳﺔ ﰲ ﺍﻻﻧﺘﺨﺎﺏ‪،‬‬ ‫‪−‬‬
‫ﺍﻹﻓﺼﺎﺡ ﰲ ﺍﻟﻮﻗﺖ ﺍﳌﻨﺎﺳﺐ ﻋﻦ ﺍﳌﻌﻠﻮﻣﺎﺕ‪ ،‬ﺍﻟﺘﺼﻮﻳﺖ‪...،‬ﺍﱁ؛‬
‫ﺍﳌﻌﺎﻣﻠﺔ ﺍﳌﺘﻜﺎﻓﺌﺔ ﻟﻠﻤﺴﺎﳘﲔ‪ :‬ﻳﺘﻀﻤﻦ ﻫﺬﺍ ﺍﳌﺒﺪﺃ ﺗﺄﻛﻴﺪﺍ ﻋﻠﻰ ﺍﳌﻌﺎﻣﻠﺔ ﺍﳌﺘﻜﺎﻓﺌﺔ ﻟﻠﻤﺴﺎﳘﲔ ﰲ ﻧﻄﺎﻕ ﺃﺳﺎﻟﻴﺐ ﳑﺎﺭﺳﺔ ﺳﻠﻄﺔ ﺍﻹﺩﺍﺭﺓ‬ ‫‪−‬‬
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‫ﺑﺎﳌﺆﺳﺴﺔ‪ ،‬ﻭﻟﻜﻦ ﻻ ﻳﺘﺼﺪﻯ ﺍﳌﺒﺪﺃ ﻟﻠﺴﻴﺎﺳﺎﺕ ﺍﳊﻜﻮﻣﻴﺔ ﰲ ﳎﺎﻝ ﺗﻨﻈﻴﻢ ﺍﻻﺳﺘﺜﻤﺎﺭ ﺍﻷﺟﻨﱯ ﺍﳌﺒﺎﺷﺮ؛‬
‫ﺩﻭﺭ ﺃﺻﺤﺎﺏ ﺍﳌﺼﺎﱀ ﰲ ﺣﻮﻛﻤﺔ ﺍﳌﺆﺳﺴﺎﺕ‪ :‬ﻳﺘﻤﺜﻞ ﺃﺻﺤﺎﺏ ﺍﳌﺼﺎﱀ ﰲ ﺍﻷﻓﺮﺍﺩ ﺍﻟﻄﺒﻴﻌﻴﲔ ﻭﺍﳌﻌﻨﻮﻳﲔ ﺍﻟﺬﻳﻦ ﺗﺘﻮﻓﺮ ﻓﻴﻬﻢ ﺛﻼﺙ‬ ‫‪−‬‬
‫ﻣﻴﺰﺍﺕ ﺗﺘﻤﺜﻞ ﰲ ﻛﻞ ﻣﻦ‪ :‬ﺍﻟﻘﺪﺭﺓ ﻋﻠﻰ ﺍﻟﺘﺄﺛﲑ ﰲ ﺃﺩﺍﺀ ﺍﳌﺆﺳﺴﺔ‪ ،‬ﺗﻘﺪﱘ ﻣﻮﺍﺭﺩ ﺧﺎﺻﺔ ﻣﻦ ﺃﺟﻞ ﲤﻴﺰﻫﺎ ﻭﳒﺎﺣﻬﺎ‪ ،‬ﺍﻟﻘﺪﺭﺓ ﻋﻠﻰ ﲢﻤﻞ‬
‫ﺍﳌﺨﺎﻃﺮ ﻣﻌﻬﺎ؛‬
‫ﻭﺑﺎﻟﺘﺎﱄ‪ ،‬ﳚﺐ ﺃﻥ ﻳﻨﻄﻮﻱ ﺇﻃﺎﺭ ﳑﺎﺭﺳﺎﺕ ﺣﻮﻛﻤﺔ ﺍﳌﺆﺳﺴﺎﺕ ﻋﻠﻰ ﺍﻋﺘﺮﺍﻑ ﲝﻘﻮﻕ ﺃﺻﺤﺎﺏ ﺍﳌﺼﺎﱀ ﻛﻤﺎ ﻳﺮﺍﻫﺎ ﺍﻟﻘﺎﻧﻮﻥ‪ ،‬ﻭﺃﻥ ﻳﻌﻤﻞ‬ ‫‪−‬‬
‫ﺃﻳﻀﺎ ﻋﻠﻰ ﺗﺸﺠﻴﻊ ﺍﻟﺘﻌﺎﻭﻥ ﺑﲔ ﺃﺻﺤﺎﺏ ﺍﳌﺼﺎﱀ ﰲ ﳎﺎﻝ ﺧﻠﻖ ﺍﻟﺜﺮﻭﺓ ﻭﻓﺮﺹ ﺍﻟﻌﻤﻞ؛‬
‫ﺍﻹﻓﺼﺎﺡ ﻭﺍﻟﺸﻔﺎﻓﻴﺔ‪ :‬ﻳﻨﺒﻐﻲ ﺃﻥ ﻳﻜﻔﻞ ﺇﻃﺎﺭ ﺣﻮﻛﻤﺔ ﺍﳌﺆﺳﺴﺎﺕ ﲢﻘﻴﻖ ﺍﻹﻓﺼﺎﺡ ﺍﻟﺪﻗﻴﻖ ﻭﰲ ﺍﻟﻮﻗﺖ ﺍﳌﻨﺎﺳﺐ ﺑﺸﺄﻥ ﻛﺎﻓﺔ ﺍﳌﺴﺎﺋﻞ‬ ‫‪−‬‬
‫ﺍﳌﺘﺼﻠﺔ ﺑﺎﳌﺆﺳﺴﺔ ﻛﺎﳊﺎﻟﺔ ﺍﳌﺎﻟﻴﺔ‪ ،‬ﻫﻴﻜﻞ ﺍﳌﺎﻟﻴﺔ‪...،‬ﺍﱁ؛‬
‫ﻣﺴﺆﻭﻟﻴﺎﺕ ﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ‪ :‬ﺣﻴﺚ ﳚﺐ ﺃﻥ ﺗﺘﻴﺢ ﺣﻮﻛﻤﺔ ﺍﳌﺆﺳﺴﺎﺕ ﺍﳋﻄﻮﻁ ﺍﻹﺭﺷﺎﺩﻳﺔ ﻟﺘﻮﺟﻴﻪ ﻭﺇﺩﺍﺭﺓ ﺍﳌﺆﺳﺴﺔ‪ ،‬ﻛﻤﺎ ﳚﺐ ﺃﻥ‬ ‫‪−‬‬
‫ﺗﻜﻔﻞ ﺍﳌﺘﺎﺑﻌﺔ ﻟﻺﺩﺍﺭﺓ ﺍﻟﺘﻨﻔﻴﺬﻳﺔ ﻣﻦ ﻗﺒﻞ ﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ‪ ،‬ﻭﺃﻥ ﺗﻀﻤﻦ ﻣﺴﺎﺀﻟﺘﻪ ﻣﻦ ﻗﺒﻞ ﺍﳌﺴﺎﳘﲔ‪.‬‬
‫ﻭﺑﺎﻟﻨﺴﺒﺔ ﶈﺪﺩﺍﺕ ﺍﳊﻮﻛﻤﺔ‪ ،‬ﻫﻨﺎﻙ ﳎﻤﻮﻋﺘﺎﻥ ﻳﺘﻮﻗﻒ ﻋﻠﻴﻬﻤﺎ ﻣﺴﺘﻮﻯ ﺍﳉﻮﺩﺓ ﻭﺍﻟﺘﻄﺒﻴﻖ ﺍﳉﻴﺪ ﳍﺎ‪ ،‬ﻭﺍﳉﺪﻭﻝ ﺭﻗﻢ )‪ (2‬ﻳﻮﺿﺢ‬
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‫ﻫﺬﻩ ﺍﶈﺪﺩﺍﺕ‪ ،‬ﻛﺎﻵﰐ‪:‬‬
‫ﺍﳉﺪﻭﻝ ﺭﻗﻢ )‪ :(2‬ﳏﺪﺩﺍﺕ ﺍﳊﻮﻛﻤﺔ‬
‫ﳏﺪﺩﺍﺕ ﺍﳊﻮﻛﻤﺔ‬
‫ﺍﶈﺪﺩﺍﺕ ﺍﻟﺪﺍﺧﻠﻴﺔ‬ ‫ﺍﶈﺪﺩﺍﺕ ﺍﳋﺎﺭﺟﻴﺔ‬
‫‪ -‬ﺍﻟﻘﻮﺍﻋﺪ ﻭﺍﻟﺘﻌﻠﻴﻤﺎﺕ ﻭﺍﻷﺳﺲ ﺍﻟﱵ ﺗﻄﺒﻖ ﺩﺍﺧﻞ‬ ‫‪ -‬ﺍﳌﻨﺎﺥ ﺍﻟﻌﺎﻡ ﻟﻼﺳﺘﺜﻤﺎﺭ ﺍﳌﻨﻈﻢ ﻟﻸﻧﺸﻄﺔ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﰲ ﺍﻟﺪﻭﻟﺔ ﻣﺜﻞ ﺍﻟﻘﻮﺍﻧﲔ‬
‫ﺍﳌﺆﺳﺴﺔ‪.‬‬ ‫ﻭﺍﻟﺘﺸﺮﻳﻌﺎﺕ ﻭﺍﻹﺟﺮﺍﺀﺍﺕ ﺍﳌﻨﻈﻤﺔ ﻟﺴﻮﻕ ﺍﻟﻌﻤﻞ ﻭﺍﳌﺆﺳﺴﺎﺕ‪.‬‬
‫‪ -‬ﻭﺿﻊ ﻫﻴﺎﻛﻞ ﺇﺩﺍﺭﻳﺔ ﺳﻠﻴﻤﺔ ﺗﻮﺿﺢ ﻛﻴﻔﻴﺔ ﺍﲣﺎﺫ‬ ‫‪ -‬ﺗﻨﻈﻴﻢ ﺍﳌﻨﺎﻓﺴﺔ ﻭﻣﻨﻊ ﺍﳌﻤﺎﺭﺳﺎﺕ ﺍﻻﺣﺘﻜﺎﺭﻳﺔ ﻭﺍﻹﻓﻼﺱ‪.‬‬
‫ﺍﻟﻘﺮﺍﺭﺍﺕ ﺩﺍﺧﻞ ﺍﳌﺆﺳﺴﺎﺕ‪.‬‬ ‫‪ -‬ﻭﺟﻮﺩ ﻗﻄﺎﻉ ﻣﺎﱄ ﻛﻔﺆ )ﺍﻟﺒﻨﻮﻙ ﻭﺳﻮﻕ ﺍﳌﺎﻝ( ﻳﺴﺘﻄﻴﻊ ﺗﻮﻓﲑ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﻼﺯﻡ‬
‫‪ -‬ﺗﻮﺯﻳﻊ ﺍﻟﺴﻠﻄﺎﺕ ﻭﺍﳌﻬﺎﻡ ﺑﲔ ﺍﳉﻤﻌﻴﺔ ﺍﻟﻌﺎﻣﺔ‬ ‫ﻟﻠﻤﺸﺮﻭﻋﺎﺕ‪ ،‬ﻭﻛﻔﺎﺀﺓ ﺍﻷﺟﻬﺰﺓ ﻭﺍﳍﻴﺌﺎﺕ ﺍﻟﺮﻗﺎﺑﻴﺔ )ﻫﻴﺌﺔ ﺳﻮﻕ ﺍﳌﺎﻝ ﻭﺍﻟﺒﻮﺭﺻﺔ(‬
‫ﻭﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ ﻭﺍﳌﺪﻳﺮﻳﻦ ﺍﻟﺘﻨﻔﻴﺬﻳﲔ ﻣﻦ ﺃﺟﻞ ﲣﻔﻴﻒ‬ ‫ﰲ ﺇﺣﻜﺎﻡ ﺍﻟﺮﻗﺎﺑﺔ ﻋﻠﻰ ﺍﳌﺆﺳﺴﺎﺕ‪.‬‬
‫ﺍﻟﺘﻌﺎﺭﺽ ﺑﲔ ﻣﺼﺎﱀ ﻫﺬﻩ ﺍﻷﻃﺮﺍﻑ‪.‬‬ ‫‪ -‬ﻭﺟﻮﺩ ﺑﻌﺾ ﺍﳌﺆﺳﺴﺎﺕ ﺫﺍﺗﻴﺔ ﺍﻟﺘﻨﻈﻴﻢ ﺍﻟﱵ ﺗﻀﻤﻦ ﻋﻤﻞ ﺍﻷﺳﻮﺍﻕ ﺑﻜﻔﺎﺀﺓ ﻣﺜﻞ‬
‫‪ -‬ﺯﻳﺎﺩﺓ ﺍﻟﺜﻘﺔ ﰲ ﺍﻻﻗﺘﺼﺎﺩ ﺍﻟﻘﻮﻣﻲ‪ ،‬ﻭﺗﻌﻤﻴﻖ ﺩﻭﺭ‬ ‫ﺍﳉﻤﻌﻴﺎﺕ ﺍﳌﻬﻨﻴﺔ ﺍﻟﱵ ﺗﻀﻊ ﻣﻴﺜﺎﻕ ﺷﺮﻑ ﻟﻠﻌﺎﻣﻠﲔ ﰲ ﺍﻟﺴﻮﻕ‪ ،‬ﺍﳌﺮﺍﺟﻌﲔ‬
‫ﺳﻮﻕ ﺍﳌﺎﻝ ﻭﺯﻳﺎﺩﺓ ﻗﺪﺭﺗﻪ ﻋﻠﻰ ﺗﻌﺒﺌﺔ ﺍﳌﺪﺧﺮﺍﺕ ﻭﺭﻓﻊ‬ ‫ﻭﺍﶈﺎﺳﺒﲔ ﻭﺍﶈﺎﻣﲔ ﻭﺍﳌﺆﺳﺴﺎﺕ ﺍﻟﻌﺎﻣﻠﺔ ﰲ ﺳﻮﻕ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ‪.‬‬
‫ﻣﻌﺪﻻﺕ ﺍﻻﺳﺘﺜﻤﺎﺭ‪ ،‬ﻭﺍﳊﻔﺎﻅ ﻋﻠﻰ ﺣﻘﻮﻕ ﺍﻷﻗﻠﻴﺔ ﺃﻭ‬ ‫‪ -‬ﻭﺟﻮﺩ ﻣﺆﺳﺴﺎﺕ ﺧﺎﺻﺔ ﺑﺎﳌﻬﻦ ﺍﳊﺮﺓ ﻣﺜﻞ ﻣﻜﺎﺗﺐ ﺍﶈﺎﻣﺎﺓ ﻭﺍﳌﺮﺍﺟﻌﺔ‬
‫ﺻﻐﺎﺭ ﺍﳌﺴﺘﺜﻤﺮﻳﻦ‪.‬‬ ‫ﻭﺍﻻﺳﺘﺸﺎﺭﺍﺕ ﺍﳌﺎﻟﻴﺔ ﻭﺍﻻﺳﺘﺜﻤﺎﺭﻳﺔ‪.‬‬
‫ﺍﳌﺼﺪﺭ‪ :‬ﻣﻦ ﺇﻋﺪﺍﺩ ﺍﻟﺒﺎﺣﺜﺘﲔ ﺑﺎﻻﻋﺘﻤﺎﺩ ﻋﻠﻰ‪ :‬ﳏﻤﺪ ﻣﺼﻄﻔﻰ ﺳﻠﻴﻤﺎﻥ‪" ،‬ﺩﻭﺭ ﺣﻮﻛﻤﺔ ﺍﳌﺆﺳﺴﺎﺕ ﰲ ﻣﻌﺎﳉﺔ ﺍﻟﻔﺴﺎﺩ ﺍﳌﺎﱄ ﻭﺍﻹﺩﺍﺭﻱ"‪ ،‬ﺍﻟﺪﺍﺭ ﺍﳉﺎﻣﻌﻴﺔ‪،‬‬
‫ﺍﻹﺳﻜﻨﺪﺭﻳﺔ‪ ،‬ﻣﺼﺮ‪ ،2009 ،‬ﺹ ‪.15‬‬
‫ﻣﻦ ﺧﻼﻝ ﻣﻼﺣﻈﺔ ﺍﳉﺪﻭﻝ ﺍﻟﺴﺎﺑﻖ ﻳﺘﺒﲔ ﻟﻨﺎ ﺃﻥ ﳏﺪﺩﺍﺕ ﺍﳊﻮﻛﻤﺔ ﺗﺘﻤﺜﻞ ﰲ ﻛﻞ ﻣﻦ ﺍﶈﺪﺩﺍﺕ ﺍﻟﺪﺍﺧﻠﻴﺔ ﻭﺍﳋﺎﺭﺟﻴﺔ‪ ،‬ﻓﻬﺬﻩ ﺍﻻﺧﲑﺓ‬
‫ﺗﺘﻀﻤﻦ‪ :‬ﺍﳌﻨﺎﺥ ﺍﻟﻌﺎﻡ ﻟﻼﺳﺘﺜﻤﺎﺭ‪ ،‬ﺗﻨﻈﻴﻢ ﺍﳌﻨﺎﻓﺴﺔ ﻭﻭﺟﻮﺩ ﻗﻄﺎﻉ ﻣﺎﱄ ﻛﻔﺆ‪ ،‬ﺃﻣﺎ ﺍﶈﺪﺩﺍﺕ ﺍﻟﺪﺍﺧﻠﻴﺔ ﺗﺮﻛﺰ ﺃﻛﺜﺮ ﻋﻠﻰ ﺍﻟﺘﻨﻈﻴﻢ ﺍﳌﺘﺒﻊ‬
‫ﺑﺎﳌﺆﺳﺴﺔ‪.‬‬

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 ‫ﺍﳊﻮﻛﻤﺔ ﻭﺩﻭﺭﻫﺎ ﰲ ﲢﺴﲔ ﺍﻷﺩﺍﺀ ﺍﳌﺎﱄ ﻟﻠﻤﺆﺳﺴﺎﺕ ﺍﳉﺰﺍﺋﺮﻳﺔ‬

‫‪ .III‬ﺃﳘﻴﺔ ﻭﻓﻮﺍﺋﺪ ﺣﻮﻛﻤﺔ ﺍﳌﺆﺳﺴﺎﺕ‪:‬‬

‫ﳝﺘﺪ ﻧﻈﺎﻡ ﺣﻮﻛﻤﺔ ﺍﳌﺆﺳﺴﺎﺕ ﻟﻴﺘﻘﺎﻃﻊ ﻣﻊ ﺍﻟﻌﺪﻳﺪ ﻣﻦ ﺍ‪‬ﺎﻻﺕ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ‪ ،‬ﺍﻟﻘﺎﻧﻮﻧﻴﺔ‪ ،‬ﺍﻻﺟﺘﻤﺎﻋﻴﺔ‪ ...‬ﻭﻏﲑﻫﺎ‪ ،‬ﻓﻤﻦ ﺍﻟﻨﺎﺣﻴﺔ‬
‫ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﺗﱪﺯ ﺃﳘﻴﺘﻬﺎ ﰲ ﻛﻮ‪‬ﺎ ﺗﻌﻤﻞ ﻋﻠﻰ ﺿﻤﺎﻥ ﺭﻓﻊ ﺍﻷﺩﺍﺀ ﺍﳌﺎﱄ‪ ،‬ﲣﺼﻴﺺ ﺃﻣﻮﺍﻝ ﺍﳌﺆﺳﺴﺔ‪ ،‬ﺗﺪﻋﻴﻢ ﺍﳌﺮﻛﺰ ﺍﻟﺘﻨﺎﻓﺴﻲ ﻟﻠﻤﺆﺳﺴﺔ ﻣﻦ‬
‫ﺧﻼﻝ ﻛﺴﺐ ﺛﻘﺔ ﺃﺻﺤﺎﺏ ﺍﳌﺼﺎﱀ ﰲ ﺍﻟﺴﻮﻕ‪ ،‬ﺑﺎﻹﺿﺎﻓﺔ ﺇﱃ ﻛﻮ‪‬ﺎ ﺗﺴﺎﻋﺪ ﻋﻠﻰ ﺟﺬﺏ ﺍﻻﺳﺘﺜﻤﺎﺭﺍﺕ ﺳﻮﺍﺀ ﺍﶈﻠﻴﺔ ﺃﻭ ﺍﻷﺟﻨﺒﻴﺔ‪.‬‬
‫ﺃﻣﺎ ﻣﻦ ﺍﻟﻨﺎﺣﻴﺔ ﺍﻟﻘﺎﻧﻮﻧﻴﺔ‪ ،‬ﺗﻌﺘﱪ ﺍﳊﻮﻛﻤﺔ ﻣﻬﻤﺔ ﻷ‪‬ﺎ ﺗﻌﻤﻞ ﻋﻠﻰ ﺿﻤﺎﻥ ﺣﻘﻮﻕ ﺍﻷﻃﺮﺍﻑ ﺍﳌﺨﺘﻠﻔﺔ ﺑﺎﳌﺆﺳﺴﺔ‪ .‬ﻟﺬﺍ‪ ،‬ﻓﺎﻟﺘﺸﺮﻳﻌﺎﺕ‬
‫ﺍﳌﻨﻈﻤﺔ ﻟﻌﻤﻠﻬﺎ ﺗﻌﺪ ﺍﻟﻌﻤﻮﺩ ﺍﻟﻔﻘﺮﻱ ﻷﻃﺮ ﻭﺁﻟﻴﺎﺕ ﺣﻮﻛﻤﺔ ﺍﳌﺆﺳﺴﺎﺕ‪ ،‬ﺣﻴﺚ ﺗﻨﻈﻢ ﺍﻟﻘﻮﺍﻧﲔ ﻭﺍﻟﻠﻮﺍﺋﺢ ﺍﻟﺪﺍﺧﻠﻴﺔ ﺑﺸﻜﻞ ﳏﺪﺩ ﻭﺩﻗﻴﻖ‬
‫ﺍﻟﻌﻼﻗﺎﺕ ﺑﲔ ﺍﻷﻃﺮﺍﻑ ﺍﳌﻌﻨﻴﺔ ﰲ ﺍﳌﺆﺳﺴﺔ )ﻗﻮﺍﻧﲔ ﺍﳌﺆﺳﺴﺎﺕ‪ ،‬ﺍﳌﻨﺎﻓﺴﺔ‪ ،‬ﺍﻟﻀﺮﺍﺋﺐ‪..،‬ﺍﱁ(‪ .‬ﺃﻱ ﺃﻥ ﺃﳘﻴﺘﻬﺎ ﻗﺎﻧﻮﻧﻴﺎ ﺗﺘﺠﻠﻰ ﻣﻦ ﺧﻼﻝ‬
‫ﺍﻟﺘﻐﻠﺐ ﻋﻠﻰ ﺳﻠﺒﻴﺎﺕ ﺗﻨﻔﻴﺬ ﺍﻟﺘﻌﺎﻗﺪﺍﺕ ﺍﻟﱵ ﳝﻜﻦ ﺃﻥ ﺗﻨﺸﺄ ﻧﺘﻴﺠﺔ ﺍﳌﻤﺎﺭﺳﺎﺕ ﺍﻟﺴﻠﺒﻴﺔ ﺍﻟﱵ ﺗﻨﺘﻬﻚ ﺻﻴﻎ ﺍﻟﻌﻘﻮﺩ ﺍﳌﱪﻣﺔ‪.‬‬
‫ﻭﻣﻦ ﺍﻟﻨﺎﺣﻴﺔ ﺍﻻﺟﺘﻤﺎﻋﻴﺔ ﻭﺑﺎﻋﺘﺒﺎﺭ ﺃﻥ ﺍﳌﺆﺳﺴﺎﺕ ﺗﺆﺛﺮ ﻭﺗﺘﺄﺛﺮ ﺑﺎﳊﻴﺎﺓ ﺍﻟﻌﺎﻣﺔ‪ ،‬ﺣﻴﺚ ﺃﻥ ﺃﺩﺍﺋﻬﺎ ﳝﻜﻦ ﺃﻥ ﻳﺆﺛﺮ ﻋﻠﻰ ﺍﻟﻮﻇﺎﺋﻒ‪،‬‬
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‫ﺍﳌﺪﺍﺧﻴﻞ‪ ،‬ﺍﳌﺪﺧﺮﺍﺕ‪ ،...‬ﻓﺈﻥ ﺍﳊﻔﺎﻅ ﻋﻠﻰ ﻫﺬﻩ ﺍﳌﺆﺳﺴﺎﺕ ﻭﺣﺴﻦ ﺇﺩﺍﺭ‪‬ﺎ ﻳﻌﺘﱪﺍﻥ ﻋﻨﺼﺮﺍﻥ ﺟﻮﻫﺮﻳﺎﻥ ﰲ ﻣﻌﺎﺩﻟﺔ ﺍﻷﺩﺍﺀ ﺍﻻﺟﺘﻤﺎﻋﻲ‪.‬‬
‫ﺇﺫﻥ‪ ،‬ﻓﺎﻹﻃﺎﺭ ﺍﻷﴰﻞ ﻟﻠﺤﻮﻛﻤﺔ ﻳﻜﻮﻥ ﻣﺮﺗﺒﻄﺎ ﲜﻤﻴﻊ ﺍﻟﻨﻮﺍﺣﻲ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﻭﺍﻻﺟﺘﻤﺎﻋﻴﺔ ﻭﺍﻟﻘﺎﻧﻮﻧﻴﺔ‪ ،‬ﺇﺫﺍ ﺻﻠﺤﺖ ﺍﳌﺆﺳﺴﺔ ﻛﻨﻮﺍﺓ ﺻﻠﺢ‬
‫ﺍﻻﻗﺘﺼﺎﺩ ﻭﺍ‪‬ﺘﻤﻊ‪.‬‬
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‫ﺃﻣﺎ ﺍﻟﻔﻮﺍﺋﺪ ﺍﻟﱵ ﺗﻘﺪﻣﻬﺎ ﺣﻮﻛﻤﺔ ﺍﳌﺆﺳﺴﺎﺕ‪ ،‬ﻓﻬﻲ‪:‬‬
‫‪ −‬ﺯﻳﺎﺩﺓ ﺍﻟﻘﻴﻤﺔ ﺍﻟﺴﻮﻗﻴﺔ ﻟﻠﻤﺆﺳﺴﺔ ﻭﺗﺼﻨﻴﻔﻬﺎ؛‬
‫‪ −‬ﺯﻳﺎﺩﺓ ﺍﻟﻘﻮﺓ ﺍﻟﺘﻨﺎﻓﺴﻴﺔ ﻭﺟﺬﺏ ﻣﺴﺎﳘﲔ ﻭﻣﺴﺘﺜﻤﺮﻳﻦ ﺟﺪﺩ؛‬
‫‪ −‬ﻣﺼﺪﺍﻗﻴﺔ ﺃﻋﻠﻰ ﻭﺗﻌﺰﻳﺰ ﻇﺮﻭﻑ ﺗﺴﻬﻴﻼﺕ ﺍﻻﻗﺘﺮﺍﺽ ﻭﺗﻜﻠﻔﺔ ﺭﺃﺱ ﺍﳌﺎﻝ؛‬
‫‪ −‬ﻓﺮﺹ ﺍﺳﺘﺜﻤﺎﺭﻳﺔ ﺟﺪﻳﺪﺓ ﻭﺃﻳﻀﺎ ﺟﺬﺏ ﻋﻤﺎﻝ ﺃﻓﻀﻞ‪.‬‬

‫ﺛﺎﻟﺜﹰﺎ‪ :‬ﺩﻭﺭ ﺍﳊﻮﻛﻤﺔ ﰲ ﲢﺴﲔ ﺍﻷﺩﺍﺀ ﺍﳌﺎﱄ ﻟﻠﻤﺆﺳﺴﺎﺕ‬

‫‪ .I‬ﺍﻷﺩﺍﺀ ﺍﳌﺎﱄ ﻭﺁﻟﻴﺎﺕ ﲢﺴﻴﻨﻪ ﺑﺎﳌﺆﺳﺴﺎﺕ‪:‬‬
‫ﺇﻥ ﻣﺼﻄﻠﺢ ﺍﻷﺩﺍﺀ ﻟﻴﺲ ﺣﺪﻳﺜﺎ ﺑﻞ ﺗﻮﺟﺪ ﻋﺪﺓ ﺩﺭﺍﺳﺎﺕ ﻭﺃﲝﺎﺙ ﻣﻦ ﺍﻟﻨﺎﺣﻴﺘﲔ ﺍﻟﻨﻈﺮﻳﺔ ﻭﺍﻟﺘﻄﺒﻴﻘﻴﺔ ﺍﻟﱵ ‪‬ﺪﻑ ﺇﱃ ﺗﺪﻗﻴﻖ ﻣﻔﻬﻮﻣﻪ‪ ،‬ﺇﻻ‬
‫ﺃﻧﻪ ﻻ ﻳﻮﺟﺪ ﺍﺗﻔﺎﻕ ﻋﺎﻡ ﺣﻮﻝ ﺗﻌﺮﻳﻔﻪ‪ .‬ﺇﺿﺎﻓﺔ ﺇﱃ ﺍﻻﺧﺘﻼﻑ ﰲ ﺍﳌﺼﻄﻠﺤﺎﺕ ﺍﳌﺴﺘﺨﺪﻣﺔ ﻟﻠﺪﻻﻟﺔ ﻋﻠﻰ ﺍﻷﺩﺍﺀ ﻣﺜﻞ ﺍﻟﻜﻔﺎﺀﺓ ﻭﺍﻟﻔﻌﺎﻟﻴﺔ‪ ،‬ﻭﺗﻌﻮﺩ‬
‫ﺃﺳﺒﺎﺏ ﺗﻨﻮﻉ ﻭﺍﺧﺘﻼﻑ ﺍﻟﺘﻌﺎﺭﻳﻒ ﺍﻟﱵ ﺃﻋﻄﻴﺖ ﳌﻔﻬﻮﻡ ﺍﻷﺩﺍﺀ ﺇﱃ ﻛﻮﻧﻪ ﻣﻔﻬﻮﻡ ﻭﺍﺳﻊ ﺍﻻﺳﺘﻌﻤﺎﻝ‪ ،‬ﺇﺩﺭﺍﻛﻲ‪ ،‬ﻣﺘﻄﻮﺭ ﻭﻣﺘﻌﺪﺩ ﺍﳌﻜﻮﻧﺎﺕ‪،‬‬
‫ﻭﺑﻨﺎﺀ ﻋﻠﻰ ﻣﺎ ﺳﺒﻖ‪ ،‬ﳝﻜﻦ ﺍﻟﻘﻮﻝ ﺃﻥ ﺍﻷﺩﺍﺀ ﺍﳌﺎﱄ ﻫﻮ ﻣﺪﻯ ﺑﻠﻮﻍ ﺍﻷﻫﺪﺍﻑ ﺍﳌﺎﻟﻴﺔ )ﺗﻌﻈﻴﻢ ﺍﻟﻌﻮﺍﺋﺪ ﻭﲣﻔﻴﺾ ﺍﻟﺘﻜﺎﻟﻴﻒ( ﺑﺎﻻﺳﺘﺨﺪﺍﻡ ﺍﻷﻣﺜﻞ‬
‫ﻟﻠﻤﻮﺍﺭﺩ ﺍﳌﺎﻟﻴﺔ‪ ،‬ﻭﺑﺎﻋﺘﺒﺎﺭﻩ ﻧﻈﺎﻣﺎ ﺷﺎﻣﻼ ﻭﻣﺘﻜﺎﻣﻼ ﻭﺩﻳﻨﺎﻣﻴﻜﻴﺎ‪ ،‬ﻓﺈﻧﻪ ﻳﺘﻄﻠﺐ ﺇﺗﺒﺎﻉ ﻣﺴﲑﰐ ﺍﻟﻌﻤﻠﻴﺎﺕ )‪ (Processus‬ﻭﺍﻟﺘﺤﺴﲔ ﺍﳌﺴﺘﻤﺮ‪،‬‬
‫ﻛﻤﺎ ﺃﻧﻪ ﻣﺘﻌﺪﺩ ﺍﳌﻌﺎﻳﲑ ﻛﺎﻟﺘﻜﻠﻔﺔ ﻭﺍﻟﻮﻗﺖ ﻭﺍﳉﻮﺩﺓ‪.‬‬
‫ﻭﻳﺘﻢ ﺍﻟﻠﺠﻮﺀ ﺇﱃ ﺁﻟﻴﺎﺕ ﻛﻔﻴﻠﺔ ﺑﺘﺤﺴﲔ ﺍﻷﺩﺍﺀ ﺍﳌﺎﱄ ﻟﻠﻤﺆﺳﺴﺔ ﺇﻣﺎ ﻋﻨﺪﻣﺎ ﻳﻜﻮﻥ ﺍﳌﻨﺠﺰ ﺃﻗﻞ ﻣﻦ ﺍﳌﺨﻄﻂ ﺃﻭ ﻭﺟﻮﺩ ﺍﻟﺘﻮﺍﺯﻥ ﺑﻴﻨﻬﻤﺎ‪،‬‬
‫ﺣﻴﺚ ﺃﻧﻪ ﲤﺎﺷﻴﺎ ﻣﻊ ﺗﻄﻮﺭﺍﺕ ﺍﶈﻴﻂ ﺗﻠﺠﺄ ﺍﳌﺆﺳﺴﺔ ﺇﱃ ﺍﻟﺘﺤﺴﲔ ﺍﳌﺴﺘﻤﺮ ﻷﺩﺍﺋﻬﺎ ﺍﳌﺎﱄ ﻭﻓﻖ ﻋﺪﺓ ﺁﻟﻴﺎﺕ ﺃﳘﻬﺎ‪:‬‬

‫‪ .1.I‬ﺍﻟﺘﺤﺴﲔ ﺍﳌﺴﺘﻤﺮ )‪:(KAIZEN‬‬

‫ﺗﺘﻤﺜﻞ ﻓﻠﺴﻔﺔ ﻫﺬﻩ ﺍﻵﻟﻴﺔ ﰲ ﺃﻥ ﺍﻟﺘﺤﺴﲔ ﻳﺘﻢ ﺑﻮﺍﺳﻄﺔ ﺍﻟﻌﻨﺼﺮ ﺍﻟﺒﺸﺮﻱ ﺫﻱ ﺍﳌﻬﺎﺭﺓ ﺍﻟﻌﺎﻟﻴﺔ‪ ،‬ﺍﶈﻔﺰ ﺑﺸﻜﻞ ﺟﻴﺪ ﺑﺎﺳﺘﺨﺪﺍﻡ ﺗﻜﻨﻮﻟﻮﺟﻴﺎ ﻣﺒﺴﻄﺔ‬
‫ﻭﻟﻴﺴﺖ ﻣﻌﻘﺪﺓ‪ .‬ﻭﻳﻌﺮﻑ ﺍﻟﺘﺤﺴﲔ ﺍﳌﺴﺘﻤﺮ ﻛﻤﺴﲑﺓ ﺃﻭ ﻛﻌﻤﻠﻴﺔ ﺗﻘﻮﻡ ‪‬ﺎ ﻓﺮﻕ ﺍﻟﻌﻤﻞ ‪‬ﺪﻑ ﺗﻄﻮﻳﺮ ﺍﻷﺩﺍﺀ ﺍﻟﺸﺎﻣﻞ ﻟﻠﻤﺆﺳﺴﺔ ﻣﻦ ﺧﻼﻝ ﲢﺴﲔ‬
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‫ﺍﳉﻮﺩﺓ ﻭﺇﺭﺿﺎﺀ ﺍﻟﺰﺑﺎﺋﻦ‪ ،‬ﻭﺑﺎﻟﺘﺎﱄ ﺿﻤﺎﻥ ﺍﻟﺘﻄﻮﺭ ﻭﺍﻟﻨﺠﺎﺡ ﻋﻠﻰ ﺍﳌﺪﻯ ﺍﻟﻄﻮﻳﻞ‪ .‬ﻭﺗﺘﻤﺜﻞ ﻣﺮﺍﺣﻞ ﻋﻤﻠﻴﺔ ﺍﻟﺘﺤﺴﲔ ﺍﳌﺴﺘﻤﺮ ﰲ ﻣﺎ ﻳﻠﻲ‪:‬‬
‫‪ −‬ﺍﲣﺎﺫ ﻗﺮﺍﺭ ﻭﺍﻟﺘﺰﺍﻡ ﺍﻹﺩﺍﺭﺓ ﺑﺘﻜﻮﻳﻦ ﳉﻨﺔ ﻗﻴﺎﺩﺓ ﻭﺗﻌﻴﲔ ﻣﺴﺌﻮﻝ ﻋﻦ ﺍﻟﻌﻤﻠﻴﺔ ﺑﻮﺿﻊ ﺇﺳﺘﺮﺍﺗﻴﺠﻴﺔ ﳍﺎ؛‬
‫‪ −‬ﺍﻟﺘﺨﻄﻴﻂ ﻣﻦ ﺧﻼﻝ‪ :‬ﺗﻌﺮﻳﻒ ﺍﻷﻫﺪﺍﻑ‪ ،‬ﻭﺿﻊ ﻫﻴﻜﻠﺔ ﺍﻟﺘﺤﺴﲔ ﻭﺍﳌﻮﺍﺭﺩ ﻭﻭﺿﻊ ﺧﻄﺔ ﻟﻠﺘﻨﻔﻴﺬ؛‬
‫‪ −‬ﺍﻟﺘﺤﻀﲑ‪ ،‬ﻭﺍﻟﺬﻱ ﻳﺸﻤﻞ‪ :‬ﺍﺧﺘﻴﺎﺭ ﺍﳌﺸﺎﺭﻛﲔ ﻭﺗﻜﻮﻳﻨﻬﻢ‪ ،‬ﻭﺿﻊ ﻭﺳﺎﺋﻞ ﺍﻟﺮﻗﺎﺑﺔ ﻭﲢﺪﻳﺪ ﺍﻹﺩﺍﺭﺓ ﺍﻟﻨﻘﺎﻁ ﺫﺍﺕ ﺍﻷﻭﻟﻮﻳﺔ ﰲ ﺍﻟﺘﺤﺴﲔ؛‬
‫‪ −‬ﺍﻟﺘﻄﺒﻴﻖ‪ ،‬ﻣﻦ ﺧﻼﻝ ﺗﻮﺟﻴﻪ ﳎﻬﻮﺩﺍﺕ ﻛﻞ ﺍﻷﻓﺮﺍﺩ ﳓﻮ ﲢﺴﲔ ﺍﻟﻌﻤﻠﻴﺎﺕ ﻭﺗﻜﻮﻳﻨﻬﻢ؛‬

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‫ﳎﻠﺔ ﺃﺩﺍﺀ ﺍﳌﺆﺳﺴﺎﺕ ﺍﳉﺰﺍﺋﺮﻳﺔ – ﺍﻟﻌﺪﺩ ‪2014/ 05‬‬

‫‪ −‬ﺍﳌﺘﺎﺑﻌﺔ ﻭﺍﻟﺘﺤﺴﲔ‪ ،‬ﻣﻦ ﺧﻼﻝ‪ :‬ﻣﺘﺎﺑﻌﺔ ﺃﻧﺸﻄﺔ ﻭﻧﺘﺎﺋﺞ ﻓﺮﻕ ﺍﻟﻌﻤﻞ ﻣﻦ ﻃﺮﻑ ﳉﻨﺔ ﺍﻟﻘﻴﺎﺩﺓ‪ ،‬ﺗﻘﻴﻴﻢ ﺍﻟﻌﻤﻠﻴﺔ ﻭﻛﺬﺍ ﺗﻄﻮﻳﺮ ﻭﺗﻜﻴﻴﻒ‬
‫ﻋﻤﻠﻴﺎﺕ ﺍﻟﺘﺤﺴﲔ ﺑﺎﺳﺘﻤﺮﺍﺭ‪.‬‬
‫ﻭﻟﺒﻠﻮﻍ ﺍﻟﺘﺤﺴﲔ ﺍﳌﺴﺘﻤﺮ ﺑﻔﻌﺎﻟﻴﺔ‪ ،‬ﻻﺑﺪ ﻣﻦ ﺗﻄﺒﻴﻖ ﺍﳌﺆﺳﺴﺔ ﻟﻸﻧﺸﻄﺔ ﺍﻟﺘﺎﻟﻴﺔ‪ :‬ﺍﻷﻧﺸﻄﺔ ﺍﻟﺘﺼﺤﻴﺤﻴﺔ ﻭﺍﻟﻮﻗﺎﺋﻴﺔ‪ ،‬ﺍﻟﺘﺪﻗﻴﻖ‪ ،‬ﺍﻟﺘﻜﻮﻳﻦ‪ ،‬ﺍﻟﺘﺤﻔﻴﺰ‬
‫ﻭﺇﺭﺿﺎﺀ ﺍﻟﺰﺑﺎﺋﻦ ﺑﺎﺳﺘﻤﺮﺍﺭ‪ ،‬ﻭﺑﺎﻟﺮﻏﻢ ﻣﻦ ﺇﻣﻜﺎﻧﻴﺔ ﺗﻄﺒﻴﻖ ﺍﻟﺘﺤﺴﲔ ﺍﳌﺴﺘﻤﺮ‪ ،‬ﺇﻻ ﺃﻥ ﺍﳌﺆﺳﺴﺔ ﺗﻮﺍﺟﻪ ﺑﻌﺾ ﺍﻟﺼﻌﻮﺑﺎﺕ ﺃﳘﻬﺎ‪:‬‬
‫‪ −‬ﻣﻘﺎﻭﻣﺔ ﺍﻟﺘﻐﻴﲑ ﻣﻦ ﻃﺮﻑ ﺃﻓﺮﺍﺩ ﺍﳌﺆﺳﺴﺔ؛‬
‫‪ −‬ﺭﺩﺍﺀﺓ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺳﻮﺍﺀ ﻋﺪﻡ ﻓﻬﻢ ﺍﳌﺼﻄﻠﺤﺎﺕ ﺃﻭ ﻣﻌﻠﻮﻣﺎﺕ ﺧﺎﻃﺌﺔ ﻣﻌﻄﺎﺓ ﻣﻦ ﻃﺮﻑ ﺍﻟﺰﺑﻮﻥ؛‬
‫‪ −‬ﺿﻌﻒ ﺍﻟﺘﻜﻮﻳﻦ ﺣﻴﺚ ﻳﺸﻤﻞ ﺍﻹﻃﺎﺭﺍﺕ ﺑﻨﺴﺐ ﻋﺎﻟﻴﺔ ﻭﺑﺎﳉﺎﻧﺐ ﺍﻟﻨﻈﺮﻱ؛‬
‫‪ −‬ﺳﻮﺀ ﺍﻹﺩﺍﺭﺓ ﻋﻤﻮﻣﺎ ﺣﻴﺚ ﻳﺒﻘﻰ ﺍﳌﺴﲑ ﻳﻘﺎﻭﻡ ﻓﻜﺮﺓ ﻣﺸﺎﺭﻛﺔ ﺍﻷﻓﺮﺍﺩ ﰲ ﺍﻹﺩﺍﺭﺓ‪.‬‬

‫‪ .2.I‬ﺍﻟﻘﻴﺎﺱ ﺍﳌﻘﺎﺭﻥ )‪:(BENCHMARKING‬‬

‫ﻳﻌﺘﱪ ﺍﻟﻘﻴﺎﺱ ﺍﳌﻘﺎﺭﻥ ﻋﻤﻠﻴﺔ "ﻗﻴﺎﺱ ﺍﻷﺩﺍﺀ ﻣﻘﺎﺭﻧﺔ ﺑﺄﺩﺍﺀ ﺍﳌﺆﺳﺴﺎﺕ ﺍﻟﺮﺍﺋﺪﺓ ﰲ ﻧﻔﺲ ﺍ‪‬ﺎﻝ‪ ،‬ﻭﲢﺪﻳﺪ ﺍﻟﻜﻴﻔﻴﺔ ﺍﻟﱵ ﻋﻦ ﻃﺮﻳﻘﻬﺎ ﺣﻘﻘﺖ ﺗﻠﻚ‬
‫ﺍﳌﺆﺳﺴﺎﺕ ﺫﻟﻚ ﺍﳌﺴﺘﻮﻯ ﻣﻦ ﺍﻷﺩﺍﺀ‪ ،‬ﻭﺍﺳﺘﺨﺪﺍﻡ ﺗﻠﻚ ﺍﳌﻌﻠﻮﻣﺎﺕ ﻛﺄﺳﺎﺱ ﻟﻸﻫﺪﺍﻑ ﻭﺍﻻﺳﺘﺮﺍﺗﻴﺠﻴﺎﺕ ﻭﺍﻟﺘﻄﺒﻴﻖ"‪ ،15‬ﻭﺫﻟﻚ ‪‬ﺪﻑ ﲢﺴﻴﻨﻪ‪.‬‬
‫ﻭﺑﺘﺤﻘﻴﻖ ﻫﺬﺍ ﺍﳍﺪﻑ‪ ،‬ﺗﺘﻀﺢ ﺃﳘﻴﺔ ﺍﻟﻘﻴﺎﺱ ﺍﳌﻘﺎﺭﻥ ﻭﺍﳌﺘﻤﺜﻠﺔ ﰲ ﺃﻧﻪ‪ :‬ﻳﺘﻴﺢ ﺍﻟﻔﺮﺻﺔ ﳌﻘﺎﺭﻧﺔ ﺃﺩﺍﺋﻬﺎ ﻣﻊ ﺍﳌﺆﺳﺴﺎﺕ ﺍﻷﻓﻀﻞ ﻭﺍﳌﺘﻤﻴﺰﺓ‪ ،‬ﳝﺜﻞ ﻧﻘﻄﺔ‬
‫ﺍﻟﺒﺪﺍﻳﺔ ﻟﻌﻤﻠﻴﺔ ﺍﻟﺘﻄﻮﻳﺮ‪ ،‬ﻳﺴﺎﻋﺪ ﺍﳌﺆﺳﺴﺔ ﻟﻠﺒﻘﺎﺀ ﻋﻠﻰ ﻗﻤﺔ ﺍﳌﻨﺎﻓﺴﺔ ﲟﺘﺎﺑﻌﺔ ﺍﻟﺘﻄﻮﺭﺍﺕ ﺍﳉﺎﺭﻳﺔ ﺧﺎﺭﺟﻬﺎ ﻭﻳﻌﺠﻞ ﲢﺴﲔ ﺍﻷﺩﺍﺀ ﳌﻮﺍﺟﻬﺔ ﺍﳌﻨﺎﻓﺴﲔ‬
‫ﻣﻦ ﺧﻼﻝ ﺍﻻﺳﺘﺨﺪﺍﻡ ﺍﻷﻣﺜﻞ ﻟﻠﻤﻌﻠﻮﻣﺎﺕ ﺍﳌﺘﺤﺼﻞ ﻋﻠﻴﻬﺎ‪ ،‬ﻭﺗﺘﻤﺜﻞ ﻣﺮﺍﺣﻞ ﺗﻨﻔﻴﺬ ﻋﻤﻠﻴﺔ ﺍﻟﻘﻴﺎﺱ ﺍﳌﻘﺎﺭﻥ ﰲ‪ :‬ﺍﻟﺘﺨﻄﻴﻂ‪ ،‬ﺍﻟﺒﺤﺚ ﺍﳌﻜﺜﻒ ﻋﻦ‬
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‫ﺃﻓﻀﻞ ﺃﺩﺍﺀ ﰲ ﺍﻟﺼﻨﺎﻋﺔ ﺃﻭ ﺧﺎﺭﺟﻬﺎ‪ ،‬ﺍﳌﻼﺣﻈﺔ‪ ،‬ﺍﻟﺘﺤﻠﻴﻞ‪ ،‬ﺍﻟﺘﻜﻴﻒ ﻭﺍﻟﺘﻜﺮﺍﺭ )ﺍﻻﺳﺘﻤﺮﺍﺭ(‪.‬‬
‫ﻭﻳﺘﻄﻠﺐ ﺗﻄﺒﻴﻖ ﺍﻟﻘﻴﺎﺱ ﺍﳌﻘﺎﺭﻥ ﺑﻨﺠﺎﺡ ﺗﻐﻴﲑ ﺍﻟﻘﻴﻢ ﺑﺎﳌﺆﺳﺴﺔ ﻣﻦ ﺧﻼﻝ‪:‬‬
‫‪ −‬ﺗﻮﺟﻴﻪ ﻭﺗﺪﻋﻴﻢ ﺍﻹﺩﺍﺭﺓ ﺍﻟﻌﻠﻴﺎ ﻟﻠﻌﻤﻠﻴﺔ ﻭﺍﻟﺘﺰﺍﻣﻬﺎ ﺑﺎﻟﺘﻐﻴﲑ؛‬
‫‪ −‬ﺍﻻﺧﺘﻴﺎﺭ ﺍﻟﺴﻠﻴﻢ ﻟﻔﺮﻳﻖ ﺍﻟﻘﻴﺎﺱ ﺍﳌﻘﺎﺭﻥ ﻭﺗﺪﺭﻳﺒﻪ ﻟﻠﺘﻮﺍﺻﻞ ﻣﻊ ﺍﻹﺩﺍﺭﺓ؛‬
‫‪ −‬ﻭﺿﻮﺡ ﺍﳋﻄﻂ ﺍﻹﺳﺘﺮﺍﺗﻴﺠﻴﺔ ﺍﳌﺒﻴﻨﺔ ﳌﺼﺎﺩﺭ ﺍﻟﺘﻘﺪﻡ ﻭﺃﻭﻟﻮﻳﺎﺕ ﺍﻟﻘﻴﺎﺱ؛‬
‫‪ −‬ﺇﺭﺳﺎﺀ ﺍﳋﻄﻂ ﺍﻟﺘﻔﺼﻴﻠﻴﺔ ﻟﻸﻧﺸﻄﺔ ﻭﺇﻣﻜﺎﻧﻴﺔ ﺣﺼﺮ ﺍﻟﺘﻄﻮﺭﺍﺕ‪.‬‬
‫ﻫﺬﻩ ﺃﻫﻢ ﻋﻮﺍﻣﻞ ﳒﺎﺡ ﺗﻄﺒﻴﻘﻪ‪ ،‬ﻟﻜﻨﻪ ﺗﻮﺟﺪ ﻋﻮﺍﺋﻖ ﻭﺻﻌﻮﺑﺎﺕ ﻟﺘﻄﺒﻴﻘﻪ ﺗﺘﺮﻛﺰ ﺃﺳﺎﺳﺎ ﰲ ﻣﻘﺎﻭﻣﺔ ﺍﻟﺘﻐﻴﲑ‪ ،‬ﻭﻣﻦ ﺃﻫﻢ ﻫﺬﻩ ﺍﻟﻌﻮﺍﺋﻖ‪:‬‬
‫‪ −‬ﺍﳋﻮﻑ ﻣﻦ ﺇﺟﺮﺍﺀ ﻣﻘﺎﺭﻧﺔ ﻣﻊ ﳕﻮﺫﺝ ﺩﻭﻥ ﺍﳌﺴﺘﻮﻯ ﳑﺎ ﻳﺆﺩﻱ ﺇﱃ ﺿﻴﺎﻉ ﺍﻟﻮﻗﺖ؛‬
‫‪ −‬ﺍﳋﻮﻑ ﻣﻦ ﻋﺪﻡ ﲢﻘﻴﻖ ﻣﻴﺰﺓ ﺗﻨﺎﻓﺴﻴﺔ ‪‬ﺮﺩ ﺍﳌﺸﺎﺭﻛﺔ ﻓﻘﻂ ﰲ ﺍﳌﻌﻠﻮﻣﺎﺕ؛‬
‫‪ −‬ﺍﻻﻋﺘﻤﺎﺩ ﻋﻠﻰ ﺍﻟﺸﻌﺎﺭﺍﺕ ﺍﻟﺮﻧﺎﻧﺔ ﻭﺍﻟﺘﻔﺎﺧﺮ ﺑﺄ‪‬ﺎ ﺍﻷﻓﻀﻞ ﻭﻻ ﲢﺘﺎﺝ ﺇﱃ ﺍﻟﻘﻴﺎﺱ ﺍﳌﻘﺎﺭﻥ؛‬
‫‪ −‬ﺍﻻﺳﺘﻬﺘﺎﺭ ﻭﺍﻋﺘﺒﺎﺭ ﺍﻟﻘﻴﺎﺱ ﺍﳌﻘﺎﺭﻥ ﺳﻬﻞ ﻭﻳﺘﻄﻠﺐ ﻓﻘﻂ ﺍﻟﻌﻤﻞ؛‬
‫‪ −‬ﺍﺳﺘﺜﻤﺎﺭ ﻣﻜﺜﻒ ﻭﻻ ﻳﺸﺠﻊ ﻋﻠﻰ ﺍﻹﺑﺪﺍﻉ ﻭﺍﻻﺑﺘﻜﺎﺭ‪.‬‬

‫‪ .II‬ﺍﳊﻮﻛﻤﺔ ﻭﻣﺴﺎﳘﺘﻬﺎ ﰲ ﲢﺴﲔ ﺍﻷﺩﺍﺀ ﺍﳌﺎﱄ ﻟﻠﻤﺆﺳﺴﺎﺕ‪:‬‬

‫ﻳﻌﺪ ﺗﻮﻓﲑ ﺍﻟﺘﻤﻮﻳﻞ ﻋﻨﺼﺮﺍ ﺃﺳﺎﺳﻴﺎ ﻻﺳﺘﻤﺮﺍﺭ ﻭﺑﻘﺎﺀ ﺍﳌﺆﺳﺴﺎﺕ‪ ،‬ﺇﻻ ﺃﻥ ﺗﻮﻓﲑﻩ ﻳﻌﺘﻤﺪ ﻋﻠﻰ ﻛﻔﺎﺀﺓ ﲣﺼﻴﺺ ﺍﳌﻮﺍﺭﺩ ﻣﻦ ﺧﻼﻝ‬
‫ﺍﻟﻮﺳﻄﺎﺀ ﰲ ﺍﻷﺳﻮﺍﻕ ﺍﳌﺎﻟﻴﺔ ﻟﻐﺎﻳﺎﺕ ﺍﺳﺘﺜﻤﺎﺭﻳﺔ ﻭﺇﻧﺘﺎﺟﻴﺔ‪ ،‬ﻭﺗﻌﺘﻤﺪ ﻋﻤﻠﻴﺔ ﺍﻟﺘﺨﺼﻴﺺ ﻋﻠﻰ ﺍﻟﻌﺎﺋﺪ ﺍﳌﺘﻮﻗﻊ ﻣﻦ ﻗﺒﻞ ﺍﳌﺴﺘﺜﻤﺮﻳﻦ‪ ،‬ﻭﻛﺬﻟﻚ‬
‫ﻗﺎﺑﻠﻴﺔ ﻫﺬﻩ ﺍﳌﺆﺳﺴﺎﺕ ﻟﻼﺳﺘﻤﺮﺍﺭ ﻭﺍﻟﺒﻘﺎﺀ ﻭﺍﻟﺬﻱ ﳝﻜﻦ ﺗﻘﻴﻴﻤﻪ ﻣﻦ ﺧﻼﻝ ﺃﺳﺎﻟﻴﺐ ﲢﻠﻴﻞ ﺍﻟﻌﻼﻗﺔ ﺑﲔ ﺍﻟﻌﺎﺋﺪ ﻭﺍﳌﺨﺎﻃﺮﺓ‪ ،‬ﺇﺿﺎﻓﺔ ﺇﱃ ﺩﺭﺟﺔ‬
‫ﺛﻘﺔ ﺍﳌﺴﺘﺜﻤﺮ ﺍﻟﱵ ﺗﻌﺘﻤﺪ ﻋﻠﻰ ﳎﻤﻮﻋﺔ ﻭﺍﺳﻌﺔ ﻣﻦ ﺍﻟﻌﻮﺍﻣﻞ ﺍﻟﻘﺎﻧﻮﻧﻴﺔ ﻭﺍﳌﺆﺳﺴﺎﺗﻴﺔ ﻭﺍﻟﺘﺸﺮﻳﻌﻴﺔ ﺍﻟﱵ ﺗﻀﻤﻦ ﻟﻪ ﲪﺎﻳﺔ ﺍﺳﺘﺜﻤﺎﺭﺍﺗﻪ‪ ،‬ﻭﻣﻦ ﻫﻨﺎ ﺗﺄﰐ‬
‫ﺣﻮﻛﻤﺔ ﺍﳌﺆﺳﺴﺎﺕ ﻟﺘﺘﻌﺎﻣﻞ ﻣﻊ ﺍﻟﻄﺮﻕ ﺍﻟﱵ ﻣﻦ ﺧﻼﳍﺎ‪:‬‬
‫‪ −‬ﻳﻄﻤﺌﻦ ﺍﳌﺴﺘﺜﻤﺮ ﻋﻠﻰ ﻋﺎﺋﺪ ﺍﺳﺘﺜﻤﺎﺭﺍ‪‬ﻢ؛‬
‫‪ −‬ﻳﺘﻤﻜﻦ ﺍﳌﻤﻮﻟﻮﻥ ﻣﻦ ﺟﻌﻞ ﺍﳌﺪﻳﺮﻳﻦ ﻳﻌﻴﺪﻭﻥ ﺇﻟﻴﻬﻢ ﺑﻌﺾ ﺍﻷﺭﺑﺎﺡ؛‬
‫‪ −‬ﻳﺘﺄﻛﺪ ﺍﳌﺴﺘﺜﻤﺮﻭﻥ ﺃﻥ ﺍﳌﺪﻳﺮﻳﻦ ﻟﻦ ﻳﻬﺪﺭﻭﺍ ﺍﳌﺎﻝ ﺍﻟﺬﻱ ﻳﺴﺘﺜﻤﺮﻭﻧﻪ ﰲ ﺍﳌﺆﺳﺴﺔ؛‬
‫‪ −‬ﺍﻟﺘﺄﻛﺪ ﻣﻦ ﺃﻥ ﺍﳌﺆﺳﺴﺔ ﻻ ﺗﺴﺘﺜﻤﺮ ﰲ ﻣﺸﺎﺭﻳﻊ ﻓﺎﺷﻠﺔ‪.‬‬

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 ‫ﺍﳊﻮﻛﻤﺔ ﻭﺩﻭﺭﻫﺎ ﰲ ﲢﺴﲔ ﺍﻷﺩﺍﺀ ﺍﳌﺎﱄ ﻟﻠﻤﺆﺳﺴﺎﺕ ﺍﳉﺰﺍﺋﺮﻳﺔ‬

‫ﺇﻥ ﺍﳌﻤﺎﺭﺳﺎﺕ ﺍﻟﺴﻠﻴﻤﺔ ﻟﻠﺤﻮﻛﻤﺔ ﺳﺘﺴﺎﻋﺪ ﺍﳌﺆﺳﺴﺎﺕ ﻭﺍﻻﻗﺘﺼﺎﺩ ﺑﺸﻜﻞ ﻋﺎﻡ ﻋﻠﻰ ﺟﺬﺏ ﺍﻻﺳﺘﺜﻤﺎﺭﺍﺕ‪ ،‬ﻭﺩﻋﻢ ﺍﻷﺩﺍﺀ ﺍﻻﻗﺘﺼﺎﺩﻱ‬
‫ﻭﺍﳌﺎﱄ‪ ،‬ﻭﺍﻟﻘﺪﺭﺓ ﻋﻠﻰ ﺍﳌﻨﺎﻓﺴﺔ ﰲ ﺍﳌﺪﻯ ﺍﻟﻄﻮﻳﻞ ﻣﻦ ﺧﻼﻝ‪:‬‬
‫‪ −‬ﺍﻟﺘﺄﻛﻴﺪ ﻋﻠﻰ ﺍﻟﺸﻔﺎﻓﻴﺔ ﰲ ﻣﻌﺎﻣﻼﺕ ﺍﳌﺆﺳﺴﺔ ﻭﰲ ﺇﺟﺮﺍﺀﺍﺕ ﺍﶈﺎﺳﺒﺔ ﻭﺍﳌﺮﺍﺟﻌﺔ ﺍﳌﺎﻟﻴﺔ؛‬
‫‪ −‬ﻣﺴﺎﻋﺪﺓ ﺍﳌﺪﻳﺮﻳﻦ ﻭﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ ﻋﻠﻰ ﺗﻄﻮﻳﺮ ﺇﺳﺘﺮﺍﺗﻴﺠﻴﺔ ﺳﻠﻴﻤﺔ ﻟﻠﻤﺆﺳﺴﺔ‪ ،‬ﻭﺿﻤﺎﻥ ﺍﲣﺎﺫ ﻗﺮﺍﺭﺍﺕ ﺍﻟﺪﻣﺞ ﺑﻨﺎﺀ ﻋﻠﻰ ﺃﺳﺲ‬
‫ﺳﻠﻴﻤﺔ‪ ،‬ﳑﺎ ﻳﺴﺎﻋﺪﻫﺎ ﻋﻠﻰ ﺟﺬﺏ ﺍﻻﺳﺘﺜﻤﺎﺭﺍﺕ ﺑﺸﺮﻭﻁ ﺟﻴﺪﺓ؛‬
‫‪ −‬ﻓﺘﺢ ﺃﺑﻮﺍﺏ ﻋﺪﺩ ﺃﻛﱪ ﻣﻦ ﺃﺳﻮﺍﻕ ﺭﺃﺱ ﺍﳌﺎﻝ‪.‬‬
‫ﺃﻣﺎ ﻓﻴﻤﺎ ﻳﺘﻌﻠﻖ ﺑﻌﻼﻗﺔ ﺍﳊﻮﻛﻤﺔ ﺑﺎﻷﺩﺍﺀ ﺍﳌﺎﱄ ﻟﻠﻤﺆﺳﺴﺎﺕ‪ ،‬ﻓﻘﺪ ﺣﺪﺩ ﺍﻟﻔﻜﺮ ﺍﶈﺎﺳﱯ ﻭﺍﳌﺎﱄ ﳎﻤﻮﻋﺔ ﻣﻦ ﺍﻟﻘﻨﻮﺍﺕ ﺍﻟﱵ ﳝﻜﻦ ﻣﻦ ﺧﻼﳍﺎ‬
‫ﺃﻥ ﺗﺴﺎﻫﻢ ﰲ ﺗﻄﻮﻳﺮ ﺍﻷﺩﺍﺀ ﺍﳌﺎﱄ‪ ،‬ﻭﺗﺘﻤﺜﻞ ﻫﺬﻩ ﺍﻟﻘﻨﻮﺍﺕ ﰲ ﺍﻵﰐ‪ :‬ﺯﻳﺎﺩﺓ ﻓﺮﺹ ﺍﻟﻮﺻﻮﻝ ﳌﺼﺎﺩﺭ ﺍﻟﺘﻤﻮﻳﻞ ﺍﳋﺎﺭﺟﻲ‪ ،‬ﺯﻳﺎﺩﺓ ﻗﻴﻤﺔ ﺍﳌﺆﺳﺴﺔ‪،‬‬
‫ﲣﻔﻴﺾ ﳐﺎﻃﺮ ﺍﻷﺯﻣﺎﺕ ﺍﳌﺎﻟﻴﺔ‪ ،‬ﲢﺴﲔ ﺍﻟﻌﻼﻗﺔ ﻣﻊ ﻛﻞ ﺃﺻﺤﺎﺏ ﺍﳌﺼﺎﱀ‪.‬‬
‫ﺇﻻ ﺃﻥ ﺩﻭﺭ ﺍﳊﻮﻛﻤﺔ ﰲ ﲢﺴﲔ ﺍﻷﺩﺍﺀ ﺍﳌﺎﱄ ﻟﻠﻤﺆﺳﺴﺎﺕ ﻻ ﳝﻜﻦ ﺃﻥ ﻳﻜﻮﻥ ﻓﻌﺎﻻ ﺇﻻ ﺇﺫﺍ ﺗﻮﺍﻓﺮﺕ ﺍﳋﺼﺎﺋﺺ ﺍﻵﺗﻴﺔ ﰲ ﻫﻴﻜﻞ ﺍﳊﻮﻛﻤﺔ‪:‬‬
‫‪ −‬ﺍﻟﻘﺪﺭﺓ ﻋﻠﻰ ﻣﻨﺢ ﺍﻟﻀﻤﺎﻥ ﺑﺄﻥ ﺍﻟﻮﻛﻴﻞ ﻳﺄﺧﺬ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺍﻟﱵ ﺗﺘﻮﺍﻓﻖ ﻭﺍﻟﻌﻘﺪ ﺍﻟﺬﻱ ﰎ ﺗﺄﺳﻴﺴﻪ ﺑﲔ ﺍﻟﻮﻛﻴﻞ ﻭﺍﳌﺎﻟﻚ )ﺍﳌﺴﺎﳘﲔ(‬
‫ﻭﺿﻤﺎﻥ ﺍﺳﺘﻤﺮﺍﺭ ﺗﺪﻓﻖ ﺭﺃﺱ ﻣﺎﻝ ﻟﺘﻤﻮﻳﻞ ﺍﳌﺆﺳﺴﺎﺕ؛‬
‫‪ −‬ﺍﳊﺪ ﻣﻦ ﺍﻵﺛﺎﺭ ﺍﳌﺘﺮﺗﺒﺔ ﻋﻠﻰ ﻋﺪﻡ ﺍﺗﺴﺎﻕ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺑﲔ ﺍﳌﺪﻳﺮﻳﻦ ﻭﻣﺰﻭﺩﻱ ﺭﺃﺱ ﺍﳌﺎﻝ ﻭﺍﻟﺬﻱ ﳝﻜﻦ ﺃﻥ ﻳﺆﺩﻱ ﺇﱃ ﺿﻴﺎﻉ ﺛﺮﻭﺓ‬
‫ﺍﳌﻘﺮﺿﲔ )ﺍﳌﻤﻮﻟﲔ( ؛‬
‫‪ −‬ﺍﻟﻘﺪﺭﺓ ﻋﻠﻰ ﲪﺎﻳﺔ ﻣﺼﺎﱀ ﺍﳌﺴﺎﳘﲔ ﻭﺍﳊﺪ ﻣﻦ ﺍﻟﺘﻼﻋﺐ ﺍﳌﺎﱄ ﻭﺍﻹﺩﺍﺭﻱ ﻭﻣﻮﺍﺟﻬﺔ ﺍﻟﺘﺤﺎﻳﻞ ﻭﺍﳋﺪﺍﻉ ﺍﻟﺬﻱ ﻳﻮﺟﻪ ﻟﺴﻠﺐ ﻣﺼﺎﺩﺭ‬
‫ﻭﺃﻣﻮﺍﻝ ﺍﳌﺆﺳﺴﺔ‪.‬‬
‫ﻭﺑﺎﻟﺘﺎﱄ‪ ،‬ﻧﻼﺣﻆ ﺃﻥ ﺍﻟﺘﻄﺒﻴﻖ ﺍﳉﻴﺪ ﳌﺒﺎﺩﺉ ﺣﻮﻛﻤﺔ ﺍﳌﺆﺳﺴﺎﺕ ﳝﺜﻞ ﺳﺒﻴﻞ ﺍﻟﺘﻘﺪﻡ ﻟﻜﻞ ﻣﻦ ﺍﻷﻓﺮﺍﺩ ﻭﺍﳌﺆﺳﺴﺎﺕ ﻭﺍ‪‬ﺘﻤﻊ ﻛﻜﻞ‪ ،‬ﻷﻥ‬
‫ﺫﻟﻚ ﻳﻀﻤﻦ ﻟﻸﻓﺮﺍﺩ ﻗﺪﺭﺍ ﻣﻨﺎﺳﺒﺎ ﻣﻦ ﺍﻟﻀﻤﺎﻥ ﻟﺘﺤﻘﻴﻖ ﺭﲝﻴﺔ ﻣﻌﻘﻮﻟﺔ ﻣﻦ ﺍﺳﺘﺜﻤﺎﺭﺍ‪‬ﻢ‪ ،‬ﻛﻤﺎ ﺗﻀﻤﻦ ﺗﻠﻚ ﺍﻵﻟﻴﺎﺕ ﻗﻮﺓ ﻭﺳﻼﻣﺔ ﺃﺩﺍﺀ‬
‫ﺍﳌﺆﺳﺴﺎﺕ‪ ،‬ﻭﻣﻦ ﰒ ﺗﺪﻋﻴﻢ ﻭﺍﺳﺘﻘﺮﺍﺭ ﺗﻘﺪﻡ ﺍﻷﺳﻮﺍﻕ ﺍﳌﺎﻟﻴﺔ ﻭﺍﻻﻗﺘﺼﺎﺩﻳﺎﺕ ﻭﺍ‪‬ﺘﻤﻌﺎﺕ‪.‬‬

‫ﺧﺎﻣﺴﺎ‪ :‬ﻣﺴﺎﳘﺔ ﺣﻮﻛﻤﺔ ﺍﳌﺆﺳﺴﺎﺕ ﰲ ﲢﺴﲔ ﺍﻷﺩﺍﺀ ﺍﳌﺎﱄ ﺑﺎﳌﺆﺳﺴﺔ ﺍﳉﺰﺍﺋﺮﻳﺔ ﺍﳉﺪﻳﺪﺓ ﻟﻠﺘﻌﻠﻴﺐ )‪ (NCA‬ﺑﺎﻟﺮﻭﻳﺒﺔ‬
‫ﺳﻨﻮﺿﺢ ﺩﻭﺭ ﺍﳊﻮﻛﻤﺔ ﰲ ﲢﺴﲔ ﺍﻷﺩﺍﺀ ﺍﳌﺎﱄ ﲟﺆﺳﺴﺔ ‪ NCA‬ﺭﻭﻳﺒﺔ ﺑﺎﳉﺰﺍﺋﺮ‪ ،‬ﻣﻦ ﺧﻼﻝ ﺍﻟﺘﻄﺮﻕ ﺇﱃ ﺍﻟﻌﻨﺎﺻﺮ ﺍﻵﺗﻴﺔ‪:‬‬

‫‪ .I‬ﺍﻟﺘﻌﺮﻳﻒ ﲟﺆﺳﺴﺔ ‪ NCA‬ﺭﻭﻳﺒﺔ ﺑﺎﳉﺰﺍﺋﺮ‪:‬‬

‫ﺗﺄﺳﺴﺖ ﻫﺬﻩ ﺍﳌﺆﺳﺴﺔ ﺍﻟﻌﺎﺋﻠﻴﺔ )ﻋﺎﺋﻠﺔ ﻋﺜﻤﺎﱐ( ﺑﺮﻭﻳﺒﺔ ﰲ ﺍﳉﺰﺍﺋﺮ ﻋﺎﻡ ‪ 1966‬ﻹﻧﺘﺎﺝ ﺍﳌﺼﱪﺍﺕ‪ .‬ﻭﻟﺘﻴﺴﲑ ﺗﻄﻮﺭﻫﺎ‪ ،‬ﻗﺮﺭﺕ ﺍﳌﺆﺳﺴﺔ ﺃﻥ‬
‫ﺗﺪﺧﻞ ﺷﺮﻳﻜﹰﺎ ﰲ ﺍﳌﻠﻜﻴﺔ‪ ،‬ﻭﻛﺎﻥ ﻣﻦ ﺑﲔ ﺷﺮﻭﻁ ﺍﳌﺴﺘﺜﻤﺮ ﺃﻥ ﻃﻠﺐ ﻣﻦ ﻣﺆﺳﺴﺔ ‪ NCA‬ﺗﻐﻴﲑ ﺃﺳﻠﻮﺏ ﺍﳊﻮﻛﻤﺔ ﰲ ﺍﳌﺆﺳﺴﺔ‪ ،‬ﻭﻗﺪ ﺃﺩﺕ‬
‫ﺍﻟﺘﻌﺪﻳﻼﺕ ﺇﱃ ﺯﻳﺎﺩﺓ ﺍﻻﺳﺘﻘﺮﺍﺭ ﻭﺍﻟﻨﻤﻮ ﻓﻴﻬﺎ ﳑﺎ ﻋﺎﺩ ﺑﺎﻟﻨﻔﻊ ﻋﻠﻰ ﻣﺆﺳﺴﺔ ‪ NCA‬ﻭﺍﳌﺴﺘﺜﻤﺮ‪.‬‬

‫‪ .II‬ﺍﻟﺘﻄﻮﺭ ﺍﻟﺘﺎﺭﳜﻲ ﻹﺩﺍﺭﺓ ﻣﺆﺳﺴﺔ ‪ NCA‬ﰲ ﺭﻭﻳﺒﺔ ﺑﺎﳉﺰﺍﺋﺮ‪:‬‬

‫ﻃﻮﺍﻝ ﺍﻟﺴﺒﻌﻴﻨﻴﺎﺕ ﰲ ﺍﻟﻘﺮﻥ ﺍﻟﻌﺸﺮﻳﻦ ﻋﻤﻠﺖ ﻣﺆﺳﺴﺔ ‪ NCA‬ﺑﺮﻭﻳﺒﺔ ﰲ ﺗﺼﻨﻴﻊ ﺍﳌﺼﱪﺍﺕ ﻋﻠﻰ ﻏﺮﺍﺭ ﺍﻟﻄﻤﺎﻃﻢ ﺍﳌﺼﱪﺓ‪ ،‬ﺍﳌﺮﰉ‪ ،‬ﺍﳌﻮﺍﱀ‬
‫ﻭﻏﲑﻫﺎ‪ ،‬ﺣﻴﺚ ﻛﺎﻧﺖ ﺭﻭﻳﺒﺔ ﺁﻧﺬﺍﻙ ﻣﻌﺮﻭﻓﺔ ﲟﺮﰉ ﺍﳌﺸﻤﺶ‪ .‬ﻭﰲ ﺫﻟﻚ ﺍﻟﻮﻗﺖ ﻭﲢﺖ ﺳﻴﺎﺳﺎﺕ ﺍﳉﺰﺍﺋﺮ ﺍﻟﱵ ﺍﺗﺴﻤﺖ ﺑﺎﻟﻘﻴﺎﺩﺓ ﺍﻻﺷﺘﺮﺍﻛﻴﺔ‪،‬‬
‫ﺗﺪﺧﻠﺖ ﺍﳊﻜﻮﻣﺔ ﰲ ﻗﺮﺍﺭﺍﺕ ﺍﳌﺆﺳﺴﺔ ﺍﻻﺳﺘﺜﻤﺎﺭﻳﺔ‪ ،‬ﻭﻛﺎﻥ ﺃﺳﻠﻮﺏ ﺍﻹﺩﺍﺭﺓ ﺑﻌﻴﺪ‪‬ﺍ ﻋﻦ ﺍﻟﺸﻔﺎﻓﻴﺔ‪ .‬ﻭﲝﻠﻮﻝ ﺍﻟﺜﻤﺎﻧﻴﻨﻴﺎﺕ ﺗﺮﺍﺧﺖ ﺍﻟﻘﻴﻮﺩ‬
‫ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﺇﱃ ﺣﺪ ﻣﺎ ﻭﺣﺼﻠﺖ ﺍﳌﺆﺳﺴﺔ ﻋﻠﻰ ﻣﻮﺍﻓﻘﺔ ﻟﻠﺘﻮﺳﻊ‪ ،‬ﻏﲑ ﺃﻥ ﺍﻟﺪﻭﻟﺔ ﻭﺍﺻﻠﺖ ﻗﻴﻮﺩﻫﺎ ﻋﻠﻰ ﻃﺎﻗﺔ ﺗﺸﻐﻴﻞ ﻣﻌﺪﺍﺕ ﺍﳌﺆﺳﺴﺔ‬
‫ﻭﺑﺪﺃﺕ ﺇﻧﺘﺎﺝ ﺍﻟﻌﺼﺎﺋﺮ ﺣﻴﺚ ﺃﻧﺘﺠﺖ ﺃﻭﻝ ﻋﺼﲑ ﻓﻮﺍﻛﻪ ﺳﻨﺔ ‪ 1980‬ﺭﻓﻘﺔ ﺍﳌﺼﱪﺍﺕ ﰲ ﻋﻠﺐ ﻣﻌﺪﻧﻴﺔ ﺇﱃ ﻏﺎﻳﺔ ‪‬ﺎﻳﺔ ﺍﻟﺜﻤﺎﻧﻴﻨﺎﺕ‪ ،‬ﺃﻳﻦ‬
‫ﺑﺪﺃﺕ ﺍﻟﺘﻌﻠﻴﺐ ﰲ ﻋﻠﺐ ﺍﻟﻜﺮﺗﻮﻥ‪ .‬ﻭﰲ ﺍﻟﺘﺴﻌﻴﻨﻴﺎﺕ‪ ،‬ﰎ ﺇﺻﺪﺍﺭ ﺗﻌﻠﻴﻤﺔ ﺍ‪‬ﺎﺭﺕ ﺑﺴﺒﺒﻬﺎ ﺍﻟﺼﻨﺎﻋﺔ ﺍﻟﻐﺬﺍﺋﻴﺔ‪ ،‬ﺣﻴﺚ ﺃﺻﺪﺭﺕ ﺍﳊﻜﻮﻣﺔ ﺁﻧﺬﺍﻙ‬
‫ﺿﺮﻳﺒﺔ ﻛﺒﲑﺓ ﻋﻠﻰ ﺍﳌﺼﱪﺍﺕ ﺃﻭ ﺍﻟﺼﻨﺎﻋﺔ ﺍﻟﺘﺤﻮﻳﻠﻴﺔ‪ ،‬ﳑﺎ ﺟﻌﻞ ﺍﻟﻌﻤﻞ ﰲ ﻫﺬﺍ ﺍ‪‬ﺎﻝ ﺷﺒﻪ ﻣﺴﺘﺤﻴﻞ‪ ،‬ﻭﺟﻌﻞ ﺍﳌﺆﺳﺴﺔ ﺗﻌﺎﱐ ﺑﺸﻜﻞ ﻛﺒﲑ ﺇﱃ‬
‫‪‬ﺎﻳﺔ ﺍﻟﺘﺴﻌﻴﻨﺎﺕ‪ ،‬ﻭﻣﻊ ﺑﺪﺍﻳﺔ ﺍﻷﻟﻔﻴﺔ ﺍﳊﺎﻟﻴﺔ ﰎ ﺇ‪‬ﺎﺀ ﺍﻟﻌﻤﻞ ﰲ ﺍﳌﺼﱪﺍﺕ ﻭﺍﻟﺘﺮﻛﻴﺰ ﻋﻠﻰ ﺍﻟﻌﺼﺎﺋﺮ ﺍﻟﻄﺒﻴﻌﻴﺔ‪ ،‬ﻭﻫﻲ ﺍﻟﺼﻨﺎﻋﺔ ﺍﻟﱵ ﱂ ﲤﺴﻬﺎ ﻫﺬﻩ‬
‫ﺍﻟﻀﺮﻳﺒﺔ ﺍﻟﻜﺒﲑﺓ ﻭﺑﺪﺃﺕ ﺇﻋﺎﺩﺓ ﻫﻴﻜﻠﺔ ﺍﻟﺸﺮﻛﺔ ﻋﻠﻰ ﻫﺬﺍ ﺍﻷﺳﺎﺱ‪ ،‬ﻓﻠﻘﺪ ﺑﺪﺃ ﻋﻬﺪ ﺟﺪﻳﺪ ﻣﻦ ﺍﻟﺘﺤﺮﺭ ﺍﻟﺴﻴﺎﺳﻲ ﻭﺍﻻﻗﺘﺼﺎﺩﻱ‪ ،‬ﻭﺟﺎﺀﺕ ﻫﺬﻩ‬

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‫ﳎﻠﺔ ﺃﺩﺍﺀ ﺍﳌﺆﺳﺴﺎﺕ ﺍﳉﺰﺍﺋﺮﻳﺔ – ﺍﻟﻌﺪﺩ ‪2014/ 05‬‬

‫ﺍﻟﺘﻐﲑﺍﺕ ﰲ ﻭﻗﺖ ﻣﻬﻢ‪ ،‬ﺣﻴﺚ ﻭﺍﺟﻪ ﺍﳉﻴﻞ ﺍﻟﺜﺎﱐ ﻣﻦ ﺍﻟﻌﺎﺋﻠﺔ ﺍﻟﺘﺤﺪﻱ ﺍﻟﺮﺋﻴﺴﻲ ﺍﻟﺬﻱ ﻳﻮﺍﺟﻪ ﺍﻟﻌﺪﻳﺪ ﻣﻦ ﺍﳌﺆﺳﺴﺎﺕ ﺍﻟﻌﺎﺋﻠﻴﺔ‪ :‬ﺇﺫﺍ ﱂ ﺗﺘﻮﺳﻊ‬
‫ﺍﳌﺆﺳﺴﺔ‪ ،‬ﺳﻴﺘﻔﻮﻕ ﺣﺠﻢ ﺍﻟﻌﺎﺋﻠﺔ ﻋﻨﻬﺎ‪ .‬ﻭﺃﺩﺭﻙ ﺍﻟﺮﺋﻴﺲ ﺍﻟﺘﻨﻔﻴﺬﻱ ﺃﻧﻪ ﺳﺘﻜﻮﻥ ﻫﻨﺎﻙ ﺣﺎﺟﺔ ﺇﱃ ﲤﻮﻳﻞ ﺍﻟﻨﻤﻮ ﺍﳌﻨﺎﺳﺐ‪ .‬ﻏﲑ ﺃﻧﻪ ﻛﺎﻥ ﻣﻦ‬
‫ﺍﳌﺴﺘﺤﻴﻞ ﺃﻥ ﻳﺴﻌﻰ ﻟﻠﺤﺼﻮﻝ ﻋﻠﻰ ﲤﻮﻳﻞ ﻣﺼﺮﰲ ﻷﻥ ﻣﻌﺪﻝ ﺍﻟﺪﻳﻦ ﺑﺎﳌﺆﺳﺴﺔ ﻛﺎﻥ ﻣﺮﺗﻔﻌ‪‬ﺎ ﻟﻠﻐﺎﻳﺔ‪ .‬ﻭﻟﺬﻟﻚ ﺍﲣﺬ ﻗﺮﺍﺭ‪‬ﺍ ﺷﺠﺎﻋ‪‬ﺎ ﺑﺄﻥ ﻳﺪﺧﻞ‬
‫ﻣﺆﺳﺴﺔ ﺧﺎﺻﺔ ﻣﻦ ﺧﺎﺭﺝ ﺍﻟﻌﺎﺋﻠﺔ‪ ،‬ﻭﻋﻠﻰ ﺍﻟﺮﻏﻢ ﻣﻦ ﺍﻟﺘﺮﺩﺩ ﺍﻟﺸﺪﻳﺪ‪ ،‬ﺍﻗﺘﻨﻊ ﺃﻓﺮﺍﺩ ﺍﻟﻌﺎﺋﻠﺔ ﰲ ﺍﻟﻨﻬﺎﻳﺔ ﺑﺄﻥ ﻫﺬﻩ ﺍﳋﻄﻮﺓ ﻫﻲ ﺍﻻﺧﺘﻴﺎﺭ ﺍﻟﻮﺣﻴﺪ‬
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‫ﺍ‪‬ﺪﻱ ﺍﻗﺘﺼﺎﺩﻳ‪‬ﺎ ﻟﻠﻨﻤﻮ‪.‬‬

‫‪ .III‬ﻗﺪﺭﺓ ﺍﻟﺸﻔﺎﻓﻴﺔ ﻋﻠﻰ ﺟﺬﺏ ﺍﻻﺳﺘﺜﻤﺎﺭﺍﺕ ﰲ ﻣﺆﺳﺴﺔ ‪ NCA‬ﺭﻭﻳﺒﺔ‪:‬‬

‫ﻻﺣﻆ ﺍﻟﺮﺋﻴﺲ ﺍﻟﺘﻨﻔﻴﺬﻱ ﰲ ﻫﺬﻩ ﺍﳌﺆﺳﺴﺔ ﻋﺎﻡ ‪ 1999‬ﺃﻧﻪ ﻧﺘﻴﺠﺔ ﻻﻧﻌﺪﺍﻡ ﻭﺟﻮﺩ ﻗﻮﺍﻋﺪ ﺇﺭﺷﺎﺩﻳﺔ ﻭﺍﺿﺤﺔ ﺗﻌﻮﺩ ﺇﱃ ﺗﺎﺭﻳﺦ ﺗﺄﺳﻴﺲ‬
‫ﺍﳌﺆﺳﺴﺔ‪ ،‬ﻓﺈﻥ ﺍﳌﻤﺎﺭﺳﺎﺕ ﺍﶈﺎﺳﺒﻴﺔ ‪‬ﺎ ﻻ ﺗﺘﻔﻖ ﻣﻊ ﺍﳌﻤﺎﺭﺳﺎﺕ ﺍﻷﻓﻀﻞ ﺩﻭﻟﻴ‪‬ﺎ‪.‬‬
‫ﻟﻘﺪ ﻛﺎﻧﺖ ﺑﻴﺌﺔ ﺍﻟﺴﻴﺎﺳﺎﺕ ﺍﳊﻜﻮﻣﻴﺔ ﻭﺍﻟﻀﺮﺍﺋﺐ ﺍﻟﺒﺎﻫﻈﺔ ﺳﺒﺒﺎ ﰲ ﺗﺜﺒﻴﻂ ﳘﻢ ﻟﻴﺲ ﻓﻘﻂ ﻣﺆﺳﺴﺔ ‪ NCA‬ﺭﻭﻳﺒﺔ ﺑﻞ ﺍﻟﻜﺜﲑ ﻣﻦ‬
‫ﻣﺆﺳﺴﺎﺕ ﺍﻟﻘﻄﺎﻉ ﺍﳋﺎﺹ ﰲ ﺍﳉﺰﺍﺋﺮ ﻟﻺﻓﺼﺎﺡ ﺍﻟﺘﺎﻡ ﻋﻦ ﻣﻌﻠﻮﻣﺎ‪‬ﺎ ﺍﳌﺎﻟﻴﺔ‪ ،‬ﻏﲑ ﺃﻥ ﺍﻟﺮﺋﻴﺲ ﺍﻟﺘﻨﻔﻴﺬﻱ ﻛﺎﻥ ﻣﺘﺤﻤﺴ‪‬ﺎ ﻷﻥ ﻳﺪﻓﻊ ﺍﳌﺆﺳﺴﺔ‬
‫ﻟﻠﺘﻨﺎﻓﺲ ﻋﻠﻰ ﺍﳌﺴﺘﻮﻯ ﺍﻟﺪﻭﱄ‪ ،‬ﻭﺃﺩﺭﻙ ﺃﻧﻪ ﻟﺘﺤﻘﻴﻖ ﺃﻫﺪﺍﻑ ﺍﻟﻌﻤﻞ‪ ،‬ﳚﺐ ﺃﻥ ﻳﻀﻊ ﰲ ﺍﳌﻘﺪﻣﺔ ﻗﻀﺎﻳﺎ ﻣﺜﻞ ﺿﻤﺎﻥ ﺍﳉﻮﺩﺓ‪ ،‬ﻭﺗﺴﻮﻳﺔ‬
‫ﺍﻟﻌﻤﻠﻴﺎﺕ ﻣﻊ ﺫﻭﻱ ﺍﻟﻌﻼﻗﺔ‪ ،‬ﻭﺍﻟﺸﻔﺎﻓﻴﺔ ﻣﻊ ﺍﳌﺴﺎﳘﲔ‪.‬‬
‫ﻟﻘﺪ ﺣﺎﻓﻈﺖ ﺍﻟﻌﺎﺋﻠﺔ ﻋﻠﻰ ﺍﳌﺆﺳﺴﺔ ﺍﻟﺮﺋﻴﺴﻴﺔ‪ ،‬ﻏﲑ ﺃ‪‬ﺎ ﺃﺑﻠﻐﺖ ﺑﺄﻥ ﺍﻟﻔﺮﻉ ﺍﳉﺪﻳﺪ ﺳﻴﻨﻔﺬ ﺃﺳﻠﻮﺏ ﺇﺩﺍﺭﺓ ﻳﻘﻮﻡ ﻋﻠﻰ ﺃﺳﺎﺱ ﺍﻟﺸﻔﺎﻓﻴﺔ ﺍﻟﺘﺎﻣﺔ‬
‫ﻣﺎ ﺑﲔ ﺍﻟﻌﺎﺋﻠﺔ ﻭﺍﻟﻌﺎﻣﻠﲔ ﻭﺻﻨﺎﺩﻳﻖ ﺍﻻﺳﺘﺜﻤﺎﺭ ﻭﺍﻟﺒﻨﻮﻙ ﻭﺃﺻﺤﺎﺏ ﺍﳌﺼﺎﱀ‪ ،‬ﻓﻘﺪ ﻛﺎﻧﺖ ﻫﻨﺎﻙ ﺗﻐﲑﺍﺕ ﻋﺪﻳﺪﺓ ﰲ ﺍﻟﺴﻮﻕ‪ ،‬ﻭﻧﺘﻴﺠﺔ ﻟﺴﻠﻄﺔ‬
‫ﺍﻟﺪﻭﻟﺔ‪ ،‬ﻓﻘﺪ ﻛﺎﻧﺖ ﺍﳌﺆﺳﺴﺔ ﺗﻌﻤﻞ ﺑﺄﺳﻠﻮﺏ ﻳﻘﻮﺩﻩ ﺍﻟﻌﺮﺽ ﺑﺪﻭﻥ ﺍﺳﺘﺠﺎﺑﺔ ﻟﻠﺴﻮﻕ‪ ،‬ﻭﰲ ﻧﻔﺲ ﺍﻟﻮﻗﺖ‪ ،‬ﻛﺎﻥ ﺣﺠﻢ ﺍﻟﻌﺎﺋﻠﺔ ﺃﺧﺬ ﰲ ﺍﻟﻜﱪ‪،‬‬
‫ﻭﻛﺎﻥ ﻋﻠﻰ ﺍﳌﺆﺳﺴﺔ ﺃﻥ ﲡﺪ ﻃﺮﻳﻘﹰﺎ ﻟﻠﺘﻮﺳﻊ ﺍﳌﺮﺑﺢ‪ .‬ﻭﻗﺪ ﺩﺭﺱ ﺍﻟﺮﺋﻴﺲ ﺍﻟﺘﻨﻔﻴﺬﻱ ﺷﺒﻜﺎﺕ ﺍﻟﺘﻮﺯﻳﻊ ﻭﺃﻋﺎﺩ ﺗﻨﺸﻴﻄﻬﺎ‪ ،‬ﻛﻤﺎ ﻧﻈﻢ ﺧﻂ‬
‫ﺍﻹﻧﺘﺎﺝ‪ ،‬ﻭﺃﺩﺧﻞ ﺑﺮﺍﻣﺞ ﺗﺪﺭﻳﺐ ﻟﻠﻌﺎﻣﻠﲔ‪ .‬ﻭﻛﺎﻧﺖ ﺗﻠﻚ ﺍﳋﻄﻮﺍﺕ ﻻﺯﻣﺔ ﻟﻠﺤﺼﻮﻝ ﻋﻠﻰ ﺭﺃﺱ ﻣﺎﻝ ﻟﺘﻤﻮﻳﻞ ﺗﻮﺳﻊ ﺍﳌﺆﺳﺴﺔ‪ .‬ﻭﰲ ﺍﻟﻌﺎﻡ‬
‫ﺍﻷﻭﻝ‪ ،‬ﻛﺎﻥ ﻧﻈﺎﻡ ﺍﻟﻌﻤﻠﻴﺎﺕ ﺍﳉﺪﻳﺪ ﺻﻌﺐ ﺍﻟﺘﻨﻔﻴﺬ‪ ،‬ﻏﲑ ﺃﻥ ﺍﳌﺆﺳﺴﺔ ﻻﻗﺖ ﺯﻳﺎﺩﺓ ﰲ ﺍﳌﺒﻴﻌﺎﺕ ﻗﺪﺭﻫﺎ ‪ % 50‬ﻧﺘﻴﺠﺔ ﻟﺘﺤﺴﻦ ﺍﻷﺩﺍﺀ‪.‬‬
‫ﻭﻃﻮﺍﻝ ﺗﻠﻚ ﺍﻟﻌﻤﻠﻴﺔ‪ ،‬ﻭﺿﻊ ﺍﻟﺮﺋﻴﺲ ﺍﻟﺘﻨﻔﻴﺬﻱ ﺇﻃﺎﺭ‪‬ﺍ ﻣﻨﻈﻤ‪‬ﺎ ﻟﻠﺘﻮﺍﺻﻞ ﺍﳌﻔﺘﻮﺡ ﻭﺍﻟﺪﺍﺋﻢ ﻣﻊ ﺍﳌﺴﺎﳘﲔ‪ ،‬ﻭﺗﺪﺧﻞ ﺍﳌﺴﺎﳘﻮﻥ ﲨﻴﻌ‪‬ﺎ ﺑﺼﻮﺭﺓ‬
‫ﻣﺒﺎﺷﺮﺓ ﰲ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺍﻟﺮﺋﻴﺴﻴﺔ‪ ،‬ﺃﻭ ﺃﺑﻠﻐﻮﺍ ‪‬ﺎ ﻋﻠﻰ ﺍﻷﻗﻞ‪ .‬ﻭﺑﺪﻭﻥ ﻫﺬﺍ ﺍﻟﺘﻮﺍﺻﻞ ﺍﳌﻨﻈﻢ ﺭﲟﺎ ﱂ ﻳﻜﻦ ﺑﺎﺳﺘﻄﺎﻋﺘﻪ ﺍﳊﺼﻮﻝ ﻋﻠﻰ ﺗﺄﻳﻴﺪ ﻛﺎﻓﺔ‬
‫ﺍﳌﺴﺎﳘﲔ ﰲ ﺍﳌﻮﺍﻓﻘﺔ ﻋﻠﻰ ﺭﺅﻳﺔ ﺍﳌﺆﺳﺴﺔ ﺍﳉﺪﻳﺪﺓ‪ ،‬ﳑﺎ ﺃﺩﻯ ﰲ ﺍﻟﻨﻬﺎﻳﺔ ﺇﱃ ﺍﻟﻨﺠﺎﺡ ﺍﳊﺎﱄ ﻟﻠﻤﺆﺳﺴﺔ‪.‬‬

‫‪ .VI‬ﺃﳘﻴﺔ ﺍﻟﺘﻘﺮﻳﺮ ﺍﻟﺴﻨﻮﻱ ﰲ ﺍﻟﺘﻮﺍﺻﻞ ﻣﻊ ﺍﳌﺴﺎﳘﲔ ﻭﲢﺴﲔ ﺍﻷﺩﺍﺀ ﺍﳌﺎﱄ‪:‬‬

‫ﻣﻨﺬ ﻋﺎﻡ ‪ ، 2003‬ﺑﺪﺃﺕ ﻣﺆﺳﺴﺔ ‪ NCA‬ﺭﻭﻳﺒﺔ ﰲ ﻧﺸﺮ ﺗﻘﺮﻳﺮ ﺳﻨﻮﻱ‪ ،‬ﳑﺎ ﻳﺴﻤﺢ ﺑﺎﻟﺘﻮﺍﺻﻞ ﺍﻟﻮﺍﺿﺢ ﻭﺍﻟﻔﻌﺎﻝ ﻣﺎ ﺑﲔ ﺍﳌﺴﺎﳘﲔ‬
‫ﻭﺍﻟﻌﺎﻣﻠﲔ‪ ،‬ﻭﺍﳌﺴﺘﺜﻤﺮﻳﻦ‪ ،‬ﻭﺍﻟﻌﺎﺋﻠﺔ‪ .‬ﻭﱂ ﻳﻌﺪ ﺍﳌﺴﺎﳘﻮﻥ ﺍﻟﺬﻳﻦ ﻣﻦ ﺍﻟﻌﺎﺋﻠﺔ ﰲ ﺍﻟﻐﺎﻟﺐ ﲝﺎﺟﺔ ﻟﻼﺳﺘﻔﺴﺎﺭ ﻋﻦ ﺍﻷﺭﺑﺎﺡ ﻭﺍﳋﺴﺎﺋﺮ ﺃﻭ ﻣﺎ ﺗﻘﻮﻡ‬
‫ﺍﳌﺆﺳﺴﺔ ﺑﻪ‪ ،‬ﻓﻘﺪ ﻧﺸﺮ ﻛﻞ ﺷﻲﺀ ﰲ ﺍﻟﺘﻘﺮﻳﺮ ﺍﻟﺴﻨﻮﻱ‪.‬‬
‫ﻭﻟﺘﺸﺠﻴﻊ ﲢﻤﻞ ﺍﳌﺴﺌﻮﻟﻴﺔ‪ ،‬ﲢﻤﻞ ﺭﺋﻴﺲ ﻛﻞ ﺇﺩﺍﺭﺓ ﺍﳌﺴﺌﻮﻟﻴﺔ ﻋﻦ ﺇﺩﺍﺭﺗﻪ ﰲ ﺍﻟﺘﻘﺮﻳﺮ ﺍﻟﺴﻨﻮﻱ‪ ،‬ﻭﻗﺪ ﺗﻀﻤﻦ ﺃﻗﺴﺎﻣ‪‬ﺎ ﻋﻦ ﺍﻟﺘﺴﻮﻳﻖ ﻭﺍﻟﺘﻤﻮﻳﻞ‬
‫ﻭﺍﻟﺒﻴﺌﺔ‪ ،‬ﻭﻛﺘﺐ ﺍﻟﺮﺋﻴﺲ ﺍﻟﺘﻨﻔﻴﺬﻱ ﻣﻠﺨﺼ‪‬ﺎ ﺗﻨﻔﻴﺬﻳ‪‬ﺎ ﻟﻜﺎﻓﺔ ﺍﻷﻗﺴﺎﻡ‪ .‬ﻭﰲ ﺑﺪﺍﻳﺔ ﻛﻞ ﻋﺎﻡ ﻗﺎﻡ ﺍﻟﺮﺋﻴﺲ ﺍﻟﺘﻨﻔﻴﺬﻱ ﺑﺈﻋﺪﺍﺩ ﺭﺅﻳﺘﻪ ﻟﻠﻌﺎﻡ ﺍﻟﺘﺎﱄ‪،‬‬
‫ﻭﻛﺎﻥ ﺍﳋﻄﺎﺏ ﺍﳌﻮﺟﻪ ﺇﱃ ﺍﳌﺪﺭﺍﺀ ﻭﺍﳌﺴﺎﳘﲔ ﻋﺒﺎﺭﺓ ﻋﻦ ﻧﻈﺮﺓ ﺷﺎﻣﻠﺔ ﻟﻜﻴﻔﻴﺔ ﺭﺅﻳﺘﻪ ﻷﺳﻠﻮﺏ ﺍﻟﺘﺸﻐﻴﻞ ﰲ ﺍﳌﺆﺳﺴﺔ ﰲ ﺍﻟﻌﺎﻡ ﺍﻟﻘﺎﺩﻡ ﻋﻠﻰ‬
‫ﺍﳌﺴﺘﻮﻳﺎﺕ ﺍﻹﺳﺘﺮﺍﺗﻴﺠﻴﺔ ﻭﺍﻟﺘﻨﻈﻴﻤﻴﺔ ﻭﺍﻟﺘﺸﻐﻴﻠﻴﺔ‪ ،‬ﻭﻛﺬﻟﻚ ﺑﺎﻟﻨﺴﺒﺔ ﻟﻠﻤﺒﻴﻌﺎﺕ ﻭﺍﻷﺳﻬﻢ ﻭﺍﻻﲡﺎﻩ ﺍﻻﺳﺘﺮﺍﺗﻴﺠﻲ ‪.‬ﻛﻤﺎ ﺗﻀﻤﻦ ﺍﻟﺘﻘﺮﻳﺮ ﺍﻟﺘﻘﻴﻴﻢ‬
‫ﻟﺘﻮﻗﻌﺎﺕ ﺍﻟﻌﺎﻡ ﺍﻟﺴﺎﺑﻖ ﰲ ﻣﻘﺎﺑﻞ ﺍﻟﻨﺘﺎﺋﺞ ﺍﻟﻮﺍﻗﻌﻴﺔ‪.‬‬
‫ﻭﻳﻌﺘﱪ ﺍﻷﺩﺍﺀ ﺍﳌﺎﱄ ﻭﺍﻟﻌﻤﻠﻴﺎﺕ ﺍﻟﺮﺍﺳﺨﺔ ﻣﻦ ﺍﻟﻌﻮﺍﻣﻞ ﺍﻟﺮﺋﻴﺴﻴﺔ ﳉﺬﺏ ﺍﻻﺳﺘﺜﻤﺎﺭ‪ ،‬ﻏﲑ ﺃﻧﻪ ﻳﻠﺰﻡ ﺍﻟﺘﻮﺍﺻﻞ ﺑﺸﺄﻥ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﳋﺎﺻﺔ‬
‫ﺑﺎﳌﺆﺳﺴﺔ ﺑﺄﺳﻠﻮﺏ ﻭﺍﺿﺢ ﻭﺷﻔﺎﻑ ﻳﺴﺎﻋﺪ ﺍﻷﻓﺮﺍﺩ ﻋﻠﻰ ﺗﻘﺪﻳﺮ ﻭﺗﻘﻴﻴﻢ ﻣﺎ ﻟﺪﻯ ﺍﳌﺆﺳﺴﺔ‪ .‬ﻭﰲ ﺫﻟﻚ ﺍﻟﻮﻗﺖ‪ ،‬ﻓﻤﺆﺳﺴﺔ ‪ NCA‬ﺭﻭﻳﺒﺔ‬
‫ﻛﺎﻧﺖ ﻣﻦ ﺑﲔ ﺍﳌﺆﺳﺴﺎﺕ ﺍﶈﻠﻴﺔ ﺍﻟﻘﻠﻴﻠﺔ ﰲ ﺍﳉﺰﺍﺋﺮ ﺍﻟﱵ ﺗﺼﺪﺭ ﺗﻘﺮﻳﺮ‪‬ﺍ ﺳﻨﻮﻳ‪‬ﺎ‪ ،‬ﺗﻀﻤﻦ ﺧﻄﺔ ﺍﳌﺆﺳﺴﺔ ﺍﻟﺘﻮﺳﻌﻴﺔ ﻭﺭﺅﻳﺘﻬﺎ ﻭﺃﺭﻗﺎﻡ ﺃﺭﺑﺎﺣﻬﺎ‬
‫ﻭﺧﺴﺎﺋﺮﻫﺎ‪ ،‬ﻭﻛﺬﻟﻚ ﻣﺆﺷﺮﺍﺕ ﺍﻷﺩﺍﺀ ﺍﻟﺮﺋﻴﺴﻴﺔ‪ .‬ﻭﺍﺳﺘﻄﺎﻋﺖ ﺍﳌﺆﺳﺴﺔ ﺑﺼﻮﺭﺓ ﻓﺮﻳﺪﺓ ﰲ ﻫﺬﻩ ﺍﻟﺴﻮﻕ ﻭﲞﻄﻰ ﺳﺎﺑﻘﺔ ﳌﻨﺎﻓﺴﻴﻬﺎ ﰲ ﳎﺎﻝ‬
‫ﺍﻟﺸﻔﺎﻓﻴﺔ ﺃﻥ ﲢﻈﻰ ﺑﺜﻘﺔ ﺍﳌﺴﺘﺜﻤﺮﻳﻦ ﻭﲡﺘﺬﺏ ﺍﺳﺘﺜﻤﺎﺭﺍﺕ ﺟﺪﻳﺪﺓ ﻣﻦ ﺧﻼﻝ ﺻﻨﺪﻭﻕ ﺍﻻﺳﺘﺜﻤﺎﺭ ﺍﳋﺎﺹ ﺍﻹﻗﻠﻴﻤﻲ ﺍﳌﻌﺮﻭﻑ ﺑﺎﺳﻢ )ﺇﻓﺮﻳﻘﻴﺎ‬
‫ﺇﻧﻔﺴﺖ(‪ .‬ﻭﻋﻨﺪﻣﺎ ﺍﺳﺘﺜﻤﺮ ﺻﻨﺪﻭﻕ ﺍﻻﺳﺘﺜﻤﺎﺭ ﺍﳋﺎﺹ ﰲ ﻋﺎﻡ ‪ ،2005‬ﻃﻠﺐ ﺗﻐﻴﲑﺍﺕ ﺟﺴﻴﻤﺔ ﰲ ﺣﻮﻛﻤﺔ ﺍﳌﺆﺳﺴﺔ ﻛﺄﺳﻠﻮﺏ ﳊﻤﺎﻳﺔ‬

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 ‫ﺍﳊﻮﻛﻤﺔ ﻭﺩﻭﺭﻫﺎ ﰲ ﲢﺴﲔ ﺍﻷﺩﺍﺀ ﺍﳌﺎﱄ ﻟﻠﻤﺆﺳﺴﺎﺕ ﺍﳉﺰﺍﺋﺮﻳﺔ‬

‫ﺃﻣﻮﺍﻟﻪ‪ ،‬ﻭﻛﻤﺎ ﺍﺗﻀﺢ ﺃﻥ ﺍﻟﺘﻐﻴﲑﺍﺕ ﻛﺎﻧﺖ ﻣﺮﲝﺔ ﳉﻤﻴﻊ ﺍﻷﻃﺮﺍﻑ‪ .‬ﻓﻘﺪ ﺃﻋﻄﺖ ﺍﻟﺘﻌﺪﻳﻼﺕ ﺍﻟﻼﺯﻣﺔ ﻟﻠﺤﻮﻛﻤﺔ )ﺇﻓﺮﻳﻘﻴﺎ ﺇﻧﻔﺴﺖ( ﺛﻘﺔ ﺃﻛﱪ‬
‫ﰲ ﺍﺳﺘﺜﻤﺎﺭﻩ‪ ،‬ﺑﻴﻨﻤﺎ ﺣﺴ‪‬ﻨﺖ ﻣﺆﺳﺴﺔ ‪ NCA‬ﺭﻭﻳﺒﺔ ﻣﻦ ﻫﻴﻜﻠﻬﺎ ﺍﻟﺪﺍﺧﻠﻲ‪ ،‬ﻭﺯﺍﺩﺕ ﺛﻘﺘﻬﺎ ﻭﻭﺳﻌﺖ ﺭﺃﺱ ﻣﺎﳍﺎ‪ .‬ﻭﻋﺎﺩﺕ ﺯﻳﺎﺩﺓ ﳕﻮﻫﺎ‬
‫ﺑﺎﻟﻨﻔﻊ ﻋﻠﻴﻬﺎ ﻭﻋﻠﻰ ﻛﻞ ﻣﻦ ﺇﻓﺮﻳﻘﻴﺎ ﺇﻧﻔﺴﺖ‪.‬‬

‫‪ .V‬ﺗﺴﻮﻳﺔ ﺍﳋﻼﻓﺎﺕ ﰲ ﻣﺆﺳﺴﺔ ‪ NCA‬ﺭﻭﻳﺒﺔ‪:‬‬

‫ﰲ ﺃﻳﺔ ﻣﺆﺳﺴﺔ ﺳﺘﻜﻮﻥ ﻫﻨﺎﻙ ﺧﻼﻓﺎﺕ ﺑﲔ ﺻﻨﺎﻉ ﺍﻟﻘﺮﺍﺭ‪ ،‬ﻏﲑ ﺃﻥ ﺣﺴﺎﺳﻴﺔ ﺍﻟﻌﻼﻗﺎﺕ ﺍﻟﺸﺨﺼﻴﺔ ﰲ ﺍﳌﺆﺳﺴﺎﺕ ﺍﻟﻌﺎﺋﻠﻴﺔ ﺗﻀﻴﻒ ﺑﻌﺪ‪‬ﺍ‬
‫ﺇﺿﺎﻓ‪‬ﻴﺎ‪ ،‬ﻭﳝﻜﻦ ﺃﻥ ﺗﻨﺸﺄ ﺻﺮﺍﻋﺎﺕ ﺧﻄﲑﺓ ﻭﺃﻥ ﺗﺘﺨﺬ ﻗﺮﺍﺭﺍﺕ ﻟﻴﺴﺖ ﻫﻲ ﺍﻷﻧﺴﺐ ﻟﺼﺎﱀ ﺍﻟﻌﻤﻞ‪ ،‬ﻭﰲ ﻣﺆﺳﺴﺔ ‪ NCA‬ﺭﻭﻳﺒﺔ‪ ،‬ﱂ ﺗﺘﻢ‬
‫ﻣﻌﺎﳉﺔ ﻏﺎﻟﺒﻴﺔ ﺧﻼﻓﺎﺕ ﺍﻟﻌﺎﺋﻠﺔ ﻛﻤﺎ ﻳﻨﺒﻐﻲ ﰲ ﺍﺟﺘﻤﺎﻋﺎﺕ ﺍ‪‬ﻠﺲ‪.‬‬
‫ﻭﻛﺎﻧﺖ ﺇﺟﺮﺍﺀﺍﺕ ﻗﺪ ﻭﺿﻌﺖ ﻟﻠﺤﺪ ﻣﻦ ﺍﻟﺼﺮﺍﻋﺎﺕ ﺑﺘﻮﺛﻴﻖ ﺍﻟﻮﺿﻊ‪ ،‬ﻭﰲ ﻛﻞ ﺣﺎﻟﺔ ﻣﻦ ﺣﺎﻻﺕ ﺍﻻﺧﺘﻼﻑ ﻋﻠﻰ ﻗﻀﻴﺔ ﻣﺎ‪ ،‬ﺳﺠﻞ‬
‫ﺍﻟﺮﺋﻴﺲ ﺍﻟﺘﻨﻔﻴﺬﻱ ﺍﻟﻘﻀﻴﺔ ﻭﺍﳊﻞ ﰲ ﺧﻄﺎﺏ ﺭﲰﻲ‪ .‬ﻭﺃﺩﺕ ﻫﺬﻩ ﺍﳋﻄﻮﺓ ﺍﻟﺒﺴﻴﻄﺔ ﺇﱃ ﺣﻞ ﻣﺸﻜﻠﺔ ﻣﻦ ﺍﳌﺸﻜﻼﺕ ﺍﻟﺸﺎﺋﻌﺔ ﰲ ﺍﻟﻌﺪﻳﺪ ﻣﻦ‬
‫ﺍﳌﺆﺳﺴﺎﺕ ) ﺳﻮﺍﺀ ﺍﻟﻌﺎﺋﻠﻴﺔ ﺃﻭ ﻏﲑﻫﺎ(‪ ،‬ﻭﻫﻲ ﺃﻥ ﺍﻻﺧﺘﻼﻑ ﰲ ﻭﺟﻬﺔ ﺍﻟﻨﻈﺮ ﻭﲟﺮﻭﺭ ﺍﻟﻮﻗﺖ ﻳﺆﺩﻱ ﺇﱃ ﺍﻻﺧﺘﻼﻑ ﰲ ﺗﺬﻛﺮ ﻭﻗﺎﺋﻊ ﻣﺎ‬
‫ﺣﺪﺙ ﺑﺎﻟﻔﻌﻞ‪ .‬ﻭﻋﻨﺪﻣﺎ ﺍﻧﻀﻢ ﺍﻟﺮﺋﻴﺲ ﺍﻟﺘﻨﻔﻴﺬﻱ ﺇﱃ ﺍﳌﺆﺳﺴﺔ ﺍﻟﻌﺎﺋﻠﻴﺔ ﺃﺩﺭﻙ ﺑﺴﺮﻋﺔ ﺃﻥ ﳕﻮ ﺍﻟﻌﺎﺋﻠﺔ ﲡﺎﻭﺯ ﰲ ﺳﺮﻋﺘﻪ ﳕﻮ ﺍﳌﺆﺳﺴﺔ‪ ،‬ﻭﻗﺪﺭ‬
‫ﻭﺟﻮﺩ ﳓﻮ ‪ 45‬ﻓﺮﺩ‪‬ﺍ ﻣﻦ ﺃﻓﺮﺍﺩ ﺍﻟﻌﺎﺋﻠﺔ ﺑﺎﻋﺘﺒﺎﺭ ﺣﺎﻻﺕ ﺍﻟﺰﻭﺍﺝ ﻭﺍﳌﻮﺍﻟﻴﺪ ﻣﻨﺬ ﺇﻧﺸﺎﺀ ﺍﳌﺆﺳﺴﺔ‪ ،‬ﻭﰲ ﻏﻀﻮﻥ ﺳﺖ ﺳﻨﻮﺍﺕ ﺃﺧﺮﻯ ﻛﺎﻥ ﻣﻦ‬
‫ﺼﺎ‪ ،‬ﻭﻟﺬﻟﻚ ﻓﻘﺪ ﻛﺎﻥ ﲝﺎﺟﺔ ﻷﻥ ﻳﻔﻜﺮ ﰲ ﻃﺮﻕ ﺟﺪﻳﺪﺓ ﳉﺬﺏ ﺭﺃﺱ ﻣﺎﻝ ﺇﱃ ﺍﳌﺆﺳﺴﺔ‬ ‫ﺍﳌﺘﻮﻗﻊ ﺃﻥ ﻳﺰﻳﺪ ﺍﻟﻌﺪﺩ ﺇﱃ ﺃﻛﺜﺮ ﻣﻦ ‪ 65‬ﺷﺨ ‪‬‬
‫ﺑﻴﻨﻤﺎ ﳛﺎﻓﻆ ﻋﻠﻰ ﺩﻭﺭ ﺍﻟﻌﺎﺋﻠﺔ ﻭﻗﺪﺭ‪‬ﺎ ﻋﻠﻰ ﺍﳌﺸﺎﺭﻛﺔ ﻓﻴﻬﺎ‪ .‬ﻭﻟﻮ ﺃﻥ ﺍﻟﻮﺿﻊ ﻇﻞ ﻋﻠﻰ ﺣﺎﻟﻪ‪ ،‬ﻷﺩﺕ ﺣﺎﺟﺔ ﺍﻟﻌﺎﺋﻠﺔ ﺍﳌﺎﻟﻴﺔ ﺇﱃ ﺗﻀﻴﻴﻖ ﺧﻨﺎﻕ‬
‫ﺍﳌﺆﺳﺴﺔ‪ .‬ﻭﻛﺎﻧﺖ ﺍﳌﺮﺣﻠﺔ ﺍﻟﺘﺎﻟﻴﺔ ﻣﻦ ﺇﺳﺘﺮﺍﺗﻴﺠﻴﺔ ﺍﳌﺆﺳﺴﺔ ﻫﻲ ﺃﻥ ﺗﺪﺭﺝ ﰲ ﺳﻮﻕ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﻭﻋﺮﺽ ‪ % 25 - 20‬ﻣﻦ ﺭﺃﺱ ﻣﺎﳍﺎ‬
‫ﻟﻠﺘﺪﺍﻭﻝ‪ ،‬ﻏﲑ ﺃﻧﻪ ﻟﺪﺧﻮﻝ ﺳﻮﻕ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﺑﻨﺠﺎﺡ‪ ،‬ﻋﻠﻰ ﺍﳌﺆﺳﺴﺔ ﺃﻥ ﺗﺘﻤﺘﻊ ﺑﺜﻘﺔ ﺍﻟﺴﻮﻕ‪ .‬ﻭﻟﻘﺪ ﺳﺎﻋﺪﺕ ﲢﺴﻴﻨﺎﺕ ﺣﻮﻛﻤﺔ‬
‫ﺍﳌﺆﺳﺴﺎﺕ ﰲ ﺍﳌﺆﺳﺴﺔ‪ ،‬ﺧﺎﺻﺔ ﰲ ﳎﺎﻝ ﺍﻟﺘﻘﺎﺭﻳﺮ ﻭﺍﻟﺸﻔﺎﻓﻴﺔ ﰲ ﺑﻠﻮﻍ ﺍﳋﻄﻮﺓ ﺍﻟﺘﺎﻟﻴﺔ‪ .‬ﻭﻛﺎﻥ ﺍﻟﺘﻮﺍﺻﻞ ﻭﺍﻟﻨﻘﺎﺵ ﺍﳌﺘﻮﺍﺻﻞ ﻣﺎ ﺑﲔ ﺃﻓﺮﺍﺩ‬
‫ﺍﻟﻌﺎﺋﻠﺔ ﺃﺛﻨﺎﺀ ﺗﻨﻔﻴﺬ ﺍﻟﺘﻐﻴﲑﺍﺕ ﺍﻟﻼﺯﻣﺔ ﻟﺘﺴﺠﻴﻞ ﺍﳌﺆﺳﺴﺔ ﰲ ﺳﻮﻕ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ‪ ،‬ﻭﺍﺣﺘﺎﺝ ﺃﻓﺮﺍﺩ ﺍﻟﻌﺎﺋﻠﺔ ﻷﻥ ﻳﺪﺭﻛﻮﺍ ﳏﺮﻛﺎﺕ ﻭﺁﺛﺎﺭ ﻫﺬﻩ‬
‫ﺍﻟﻘﺮﺍﺭﺍﺕ‪ ،‬ﺣﻴﺚ ﻛﺎﻧﺖ ﺳﺘﺆﺛﺮ ﻋﻠﻰ ﺧﻄﻄﻬﻢ ﺑﺎﻟﺒﻘﺎﺀ ﰲ ﺍﳌﺆﺳﺴﺔ ﺃﻭ ﺍﳋﺮﻭﺝ ﻣﻨﻬﺎ‪ ،‬ﻭﻟﻠﻘﻴﺎﻡ ﺑﺬﻟﻚ ﺑﺼﻮﺭﺓ ﻣﻨﻈﻤﺔ‪ ،‬ﻛﻠﻒ ﺍﻟﺮﺋﻴﺲ‬
‫ﺍﻟﺘﻨﻔﻴﺬﻱ ﺷﺨﺼ‪‬ﺎ ﻣﻦ ﺍﻟﻌﺎﺋﻠﺔ ‪ -‬ﳝﺘﻬﻦ ﺍﶈﺎﻣﺎﺓ‪ -‬ﲟﺮﺍﺟﻌﺔ ﻭﺗﻨﺴﻴﻖ ﻛﺎﻓﺔ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺍﻟﺮﺋﻴﺴﻴﺔ ﻭﺍﳋﻄﻂ ﺍﻹﺳﺘﺮﺍﺗﻴﺠﻴﺔ ﻣﻊ ﺑﻘﻴﺔ ﺃﻓﺮﺍﺩ ﺍﻟﻌﺎﺋﻠﺔ‪،‬‬
‫ﻭﻧﺸﺮ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﻷﺧﺮﻯ ﺍﳌﺘﻌﻠﻘﺔ ‪‬ﺬﻩ ﺍﻟﻌﻤﻠﻴﺔ‪.‬‬

‫ﺧﻼﺻﺔ‪:‬‬
‫ﺗﺸﻜﻞ ﺣﻮﻛﻤﺔ ﺍﳌﺆﺳﺴﺎﺕ ﺃﻫﻢ ﺍﳌﻮﺿﻮﻋﺎﺕ ﺍﻟﱵ ﺗﺴﺘﻘﻄﺐ ﺍﻫﺘﻤﺎﻡ ﺍﳉﺰﺍﺋﺮ ﰲ ﺍﻟﻮﺿﻊ ﺍﻟﺮﺍﻫﻦ ﺣﻴﺚ ﺃﺻﺒﺤﺖ ﺃﻭﻟﻮﻳﺔ ﻭﻃﻨﻴﺔ‬
‫ﻭﺇﺳﺘﺮﺍﺗﻴﺠﻴﺔ‪ ،‬ﻭﻣﺮﺩ ﺫﻟﻚ ﻳﻌﻮﺩ ﻟﻠﺤﺎﺟﺔ ﺍﳌﺎﺳﺔ ﻭﺍﳌﺘﻨﺎﻣﻴﺔ ﳌﺆﺳﺴﺎﺗﻨﺎ ﻗﺼﺪ ﺗﻮﻃﻴﺪ ﻗﺪﺭﺍ‪‬ﺎ ﺍﻟﺘﻨﺎﻓﺴﻴﺔ ﺍﻟﺪﺍﺧﻠﻴﺔ ﻟﻠﻔﻮﺯ ﺑﺮﻫﺎﻧﺎﺕ ﻭﲢﺪﻳﺎﺕ ﺳﻮﻕ‬
‫ﻣﻔﺘﻮﺣﺔ ﻭﻣﺘﻄﻮﺭﺓ‪ ،‬ﺣﻴﺚ ﺗﻌﺘﱪ ﺍﳌﺆﺳﺴﺎﺕ ﺍﻟﺼﻐﲑﺓ ﻭﺍﳌﺘﻮﺳﻄﺔ ﺍﳋﺎﺻﺔ ﺍﳌﻌﲏ ﺍﻷﻭﻝ ‪‬ﺬﻩ ﺍﻟﺮﻫﺎﻧﺎﺕ ﰲ ﻇﻞ ﲢﺪﻳﺎﺕ ﺍﻻﻧﺪﻣﺎﺝ‪ ،‬ﺑﺎﻋﺘﺒﺎﺭ‬
‫ﺍﳌﻜﺎﻧﺔ ﺍﳌﺮﺍﺩ ﺑﻠﻮﻏﻬﺎ ﻛﻤﺤﺮﻙ ﳋﻠﻖ ﺍﻟﺜﺮﻭﺓ ﺧﺎﺭﺝ ﺍﶈﺮﻭﻗﺎﺕ ﻭﺇﺣﺪﺍﺙ ﻣﻨﺎﺻﺐ ﺷﻐﻞ ﺩﺍﺋﻤﺔ‪.‬‬
‫ﻭﺑﺬﻟﻚ ﻳﻘﻊ ﻋﻠﻰ ﻋﺎﺗﻖ ﺍﳌﺆﺳﺴﺎﺕ ﺭﻓﻊ ﲢﺪﻱ ﻣﺰﺩﻭﺝ‪ :‬ﻳﺘﻤﺜﻞ ﺍﻟﺘﺤﺪﻱ ﺍﻷﻭﻝ ﰲ ﺍﻟﺘﺤﻀﲑ ﳌﺮﺣﻠﺔ ﻣﺎ ﺑﻌﺪ ﺍﻟﻨﻔﻂ ﻭﺍﻟﺘﺤﺪﻱ ﺍﻟﺜﺎﱐ‬
‫ﻳﺘﻤﺜﻞ ﰲ ﺍﻻﻧﺘﻘﺎﻝ ﳓﻮ ﺍﻗﺘﺼﺎﺩ ﺳﻮﻕ ﺣﺪﻳﺚ ﻳﺘﻤﻴﺰ ﺑﺘﻨﺎﻓﺴﻴﺔ ﺍﳌﺆﺳﺴﺎﺕ ﺍﻟﱵ ﺗﺸﻜﻞ ﻧﺴﻴﺠﻪ‪ ،‬ﻭﻫﺬﺍ ﻫﻮ ﺍﻟﺮﻫﺎﻥ ﺍﻟﺮﺋﻴﺴﻲ ﳊﻮﻛﻤﺔ‬
‫ﺍﳌﺆﺳﺴﺎﺕ ﺍﳉﺰﺍﺋﺮﻳﺔ‪.‬‬
‫ﻭﻟﻘﺪ ﺗﻮﺻﻠﺖ ﺍﻟﺪﺭﺍﺳﺔ ﺇﱃ ﺃﻥ ﺍﳊﻮﻛﻤﺔ ﺗﺴﺎﻫﻢ ﰲ ﲢﺴﲔ ﻭﺗﻄﻮﻳﺮ ﺍﻷﺩﺍﺀ ﺍﳌﺎﱄ ﻣﻦ ﺧﻼﻝ‪ :‬ﺯﻳﺎﺩﺓ ﻓﺮﺹ ﺍﻟﺘﻤﻮﻳﻞ ﺍﳋﺎﺭﺟﻲ‪ ،‬ﺯﻳﺎﺩﺓ ﻗﻴﻤﺔ‬
‫ﺍﳌﺆﺳﺴﺔ‪ ،‬ﲣﻔﻴﺾ ﳐﺎﻃﺮ ﺍﻷﺯﻣﺎﺕ ﺍﳌﺎﻟﻴﺔ ﻭﲢﺴﲔ ﺍﻟﻌﻼﻗﺔ ﻣﻊ ﻛﻞ ﺃﺻﺤﺎﺏ ﺍﳌﺼﺎﱀ‪.‬‬
‫ﻭﺑﺎﻟﻨﺴﺒﺔ ﳊﺎﻟﺔ ﻣﺆﺳﺴﺔ ‪ NCA‬ﺭﻭﻳﺒﺔ‪ ،‬ﺍﺗﻀﺢ ﺃﻥ ﺍﻟﺸﻔﺎﻓﻴﺔ ﺫﺍﺕ ﺩﻭﺭ ﻛﺒﲑ ﰲ ﺟﺬﺏ ﺭﺃﺱ ﺍﳌﺎﻝ ﻛﻤﺎ ﺃﻥ ﺍﻟﺘﻮﺍﺻﻞ ﺍﳌﻨﻈﻢ ﻣﻊ ﺃﻓﺮﺍﺩ‬
‫ﺍﻟﻌﺎﺋﻠﺔ ﻭﺣﻞ ﺍﻟﺼﺮﺍﻋﺎﺕ ﻓﻴﻬﺎ ﻣﻦ ﺃﻫﻢ ﻋﻮﺍﻣﻞ ﳒﺎﺣﻬﺎ‪.‬‬
‫ﺑﻨﺎﺀﺍ ﻋﻠﻰ ﺍﻟﻨﺘﺎﺋﺞ ﺍﻟﱵ ﰎ ﺍﻟﺘﻮﺻﻞ ﺇﻟﻴﻬﺎ‪ ،‬ﳝﻜﻦ ﺗﻘﺪﱘ ﺍﻻﻗﺘﺮﺍﺣﺎﺕ ﺍﻟﺘﺎﻟﻴﺔ‪:‬‬
‫‪ −‬ﺿﺮﻭﺭﺓ ﺇﺻﺪﺍﺭ ﻗﻮﺍﻧﲔ ﻭﻗﻮﺍﻋﺪ ﻭﻃﻨﻴﺔ ﻹﺭﺳﺎﺀ ﺣﻮﻛﻤﺔ ﺍﳌﺆﺳﺴﺎﺕ ﰲ ﺍﳉﺰﺍﺋﺮ‪ ،‬ﻭﺃﻳﻀﺎ ﺍﻟﺘﺄﻛﻴﺪ ﻋﻠﻰ ﺇﻟﺰﺍﻣﻴﺔ ﻧﺸﺮ ﺍﻟﺘﻘﺎﺭﻳﺮ ﺍﻟﺴﻨﻮﻳﺔ‬
‫ﳌﺨﺘﻠﻒ ﺍﳌﺆﺳﺴﺎﺕ ﺍﻟﱵ ﳚﺐ ﺃﻥ ﺗﺘﻀﻤﻦ ﳐﺘﻠﻒ ﺍﳌﻌﻠﻮﻣﺎﺕ ﺍﳌﺎﻟﻴﺔ ﻭﻏﲑ ﺍﳌﺎﻟﻴﺔ؛‬

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‫ﳎﻠﺔ ﺃﺩﺍﺀ ﺍﳌﺆﺳﺴﺎﺕ ﺍﳉﺰﺍﺋﺮﻳﺔ – ﺍﻟﻌﺪﺩ ‪2014/ 05‬‬

‫‪ −‬ﺇﺟﺮﺍﺀ ﺗﻘﻴﻴﻢ ﺷﺎﻣﻞ ﻷﺩﺍﺀ ﳎﻠﺲ ﺍﳌﻌﺎﻳﲑ ﺍﶈﺎﺳﺒﻴﺔ ﻭﺍﻟﺮﻗﺎﺑﻴﺔ ﰲ ﺍﳉﺰﺍﺋﺮ ﻟﺘﺤﺪﻳﺪ ﺍ‪‬ﺎﻻﺕ ﺍﻟﱵ ﺗﺴﺘﻮﺟﺐ ﺍﻟﺘﻐﻴﲑ ﻣﺜﻞ ﺟﻬﺔ ﺍﺭﺗﺒﺎﻁ‬
‫ﺍ‪‬ﻠﺲ ﻭﺍﳉﻬﺎﺕ ﺍﳌﻤﺜﻠﺔ ﺣﺎﻟﻴﺎ ﰲ ﻋﻀﻮﻳﺘﻪ ﻭﻣﺴﺘﻮﻯ ﻣﺴﺎﳘﺘﻬﺎ ﰲ ﺇﳒﺎﺯ ﺃﻋﻤﺎﻝ ﺍ‪‬ﻠﺲ ﻭﳒﺎﺣﻬﺎ‪ ،‬ﻓﻀﻼ ﻋﻦ ﺍﳌﺴﺘﻠﺰﻣﺎﺕ‬
‫ﺍﻷﺳﺎﺳﻴﺔ ﺍﳌﺎﻟﻴﺔ ﻭﻏﲑ ﺍﳌﺎﻟﻴﺔ ﺍﻟﱵ ﳚﺐ ﺃﻥ ﺗﺘﻮﻓﺮ ﻟﺪﻯ ﺍ‪‬ﻠﺲ ﻟﻀﻤﺎﻥ ﻭﺗﻌﺰﻳﺰ ﺍﺳﺘﻘﻼﻟﻴﺘﻪ؛‬
‫‪ −‬ﺍﻋﺘﻤﺎﺩ ﺍﳌﻌﺎﻳﲑ ﺍﶈﺎﺳﺒﻴﺔ ﻭﺍﻟﺘﺪﻗﻴﻘﻴﺔ ﺍﻟﺪﻭﻟﻴﺔ ﺑﺼﻔﺔ ﺇﻟﺰﺍﻣﻴﺔ ﺃﻭ ﺍﺧﺘﻴﺎﺭﻳﺔ ﺍﺳﺘﻨﺎﺩﺍ ﺇﱃ ﻧﺘﺎﺋﺞ ﺍﳌﺮﺍﺟﻌﺔ ﺍﻟﱵ ﻣﻦ ﺍﳌﻔﺘﺮﺽ ﺃﻥ ﺗﻘﻮﻡ ‪‬ﺎ‬
‫ﺍﻟﻠﺠﻨﺔ ﻟﻜﻞ ﻣﻦ ﺍﻟﻘﻮﺍﻧﲔ ﻭﺍﻷﻧﻈﻤﺔ ﻭﺍﻟﺘﻌﻠﻴﻤﺎﺕ‪ ،‬ﻭﻛﺬﻟﻚ ﻧﺘﺎﺋﺞ ﺗﻘﻴﻴﻢ ﺃﺩﺍﺀ ﳎﻠﺲ ﺍﳌﻌﺎﻳﲑ ﺍﶈﺎﺳﺒﻴﺔ ﻭﺍﻟﺮﻗﺎﺑﻴﺔ ﺍﳉﺰﺍﺋﺮﻳﺔ‪.‬‬

‫ﺍﳌﺮﺍﺟﻊ ﻭﺍﳍﻮﺍﻣﺶ ﺍﳌﻌﺘﻤﺪﺓ‪:‬‬

‫‪ -‬ﳏﻤﺪ ﻣﺼﻄﻔﻰ ﺳﻠﻴﻤﺎﻥ‪" ،‬ﺣﻮﻛﻤﺔ ﺍﳌﺆﺳﺴﺎﺕ‪ :‬ﺩﻭﺭ ﺃﻋﻀﺎﺀ ﳎﺎﻟﺲ ﺍﻹﺩﺍﺭﺓ ﻭﺍﳌﺪﻳﺮﻳﻦ ﺍﻟﺘﻨﻔﻴﺬﻳﲔ"‪ ،‬ﺍﻟﺪﺍﺭ ﺍﳉﺎﻣﻌﻴﺔ‪ ،‬ﺍﻹﺳﻜﻨﺪﺭﻳﺔ‪ ،‬ﻣﺼﺮ‪ ،2008،‬ﺹ ‪.14‬‬ ‫‪1‬‬

‫‪ - 2‬ﳏﻤﺪ ﻣﺼﻄﻔﻰ ﺳﻠﻴﻤﺎﻥ‪" ،‬ﺩﻭﺭ ﺣﻮﻛﻤﺔ ﺍﳌﺆﺳﺴﺎﺕ ﰲ ﻣﻌﺎﳉﺔ ﺍﻟﻔﺴﺎﺩ ﺍﳌﺎﱄ ﻭﺍﻹﺩﺍﺭﻱ"‪ ،‬ﺍﻟﺪﺍﺭ ﺍﳉﺎﻣﻌﻴﺔ‪ ،‬ﺍﻹﺳﻜﻨﺪﺭﻳﺔ‪ ،‬ﻣﺼﺮ‪ ،2009 ،‬ﺹ ‪.18‬‬
‫‪ -‬ﳏﻤﺪ ﻃﺎﺭﻕ ﻳﻮﺳﻒ‪" ،‬ﺣﻮﻛﻤﺔ ﺍﳌﺆﺳﺴﺎﺕ"‪ ،‬ﳎﻠﺔ ﺍﶈﺎﺳﺐ‪ ،‬ﺍﻟﻌﺪﺩ‪ ،20‬ﺃﻛﺘﻮﺑﺮ‪ ،‬ﺩﻳﺴﻤﱪ‪ ،2003‬ﺹ‪.1‬‬ ‫‪3‬‬

‫‪4‬‬
‫ﻣﺘﻮﻓﺮ ﻋﻠﻰ ﺍﳌﻮﻗﻊ ﺍﻻﻟﻜﺘﺮﻭﱐ‪) :‬ﺑﺘﺎﺭﻳﺦ‪www.encycogov.com (2013/07/17:‬‬ ‫‪-‬‬
‫‪ - 5‬ﻃﺎﺭﻕ ﻋﺒﺪ ﺍﻟﻌﺎﻝ ﲪﺎﺩ‪"،‬ﺣﻮﻛﻤﺔ ﺍﳌﺆﺳﺴﺎﺕ)ﺍﳌﻔﺎﻫﻴﻢ‪ ،‬ﺍﳌﺒﺎﺩﺉ‪ ،‬ﺍﻟﺘﺠﺎﺭﺏ(‪ ،‬ﺗﻄﺒﻴﻘﺎﺕ ﺍﳊﻮﻛﻤﺔ ﰲ ﺍﳌﺼﺎﺭﻑ"‪ ،‬ﺍﻟﺪﺍﺭ ﺍﳉﺎﻣﻌﻴﺔ‪ ،‬ﺍﻹﺳﻜﻨﺪﺭﻳﺔ‪ ،2005 ،‬ﺹ‪.3‬‬
‫‪ - 6‬ﳏﺴﻦ ﺃﲪﺪ ﺍﳋﻀﲑﻱ‪" ،‬ﺣﻮﻛﻤﺔ ﺍﳌﺆﺳﺴﺎﺕ"‪ ،‬ﳎﻤﻮﻋﺔ ﺍﻟﻨﻴﻞ ﺍﻟﻌﺮﺑﻴﺔ‪ ،‬ﺍﻟﻘﺎﻫﺮﺓ‪ ،2005،‬ﺹ‪. 47‬‬
‫ﺟﻼﻝ ﺍﻟﻌﺒﺪ‪" ،‬ﺣﻮﻛﻤﺔ ﺍﳌﺆﺳﺴﺎﺕ ﻣﺎﺫﺍ ﺗﻌﲏ؟ ﻭﻣﺎ ﺍﻧﻌﻜﺎﺳﺎ‪‬ﺎ ﻋﻠﻰ ﺳﻮﻕ ﺍﳌﺎﻝ ﻭﲪﻠﺔ ﺍﻷﺳﻬﻢ"‪ ،‬ﺟﺮﻳﺪﺓ ﻋﻜﺎﺽ‪ ،‬ﻋﺪﺩ‪.2006/12/17 ،209‬‬ ‫‪-7‬‬
‫‪ - 8‬ﻃﺎﺭﻕ ﻋﺒﺪ ﺍﻟﻌﺎﻝ ﲪﺎﺩ‪ ،‬ﻣﺮﺟﻊ ﺳﺎﺑﻖ‪ ،‬ﺹ ‪.47‬‬
‫‪ - 9‬ﳏﻤﺪ ﻣﺼﻄﻔﻲ ﺳﻠﻴﻤﺎﻥ‪" ،‬ﺩﻭﺭ ﺣﻮﻛﻤﺔ ﺍﳌﺆﺳﺴﺎﺕ ﰲ ﻣﻌﺎﳉﺔ ﺍﻟﻔﺴﺎﺩ ﺍﳌﺎﱄ ﻭﺍﻹﺩﺍﺭﻱ"‪ ،‬ﻣﺮﺟﻊ ﺳﺎﺑﻖ‪ ،‬ﺹ ﺹ‪.16-15‬‬
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‫‪- Yahchouchi .G, " Valeur ajoutée par les parties prenantes et création de valeur de l’entreprise ",‬‬
‫‪www.lacpa.org.lb/.../18%20Dr.%20Georges%20Yahchouchi.pdf‬‬
‫‪ - 11‬ﳏﻤﺪ ﻣﺼﻄﻔﻰ ﺳﻠﻴﻤﺎﻥ‪ ،‬ﻣﺮﺟﻊ ﺳﺎﺑﻖ‪ ،‬ﺹ‪.15 .‬‬
‫‪" -‬ﺣﻮﻛﻤﺔ ﺍﳌﺆﺳﺴﺎﺕ ﻭﺃﺳﻮﺍﻕ ﺍﳌﺎﻝ ﺍﻟﻌﺮﺑﻴﺔ"‪ ،‬ﻣﻨﺸﻮﺭﺍﺕ ﺍﳌﻨﻈﻤﺔ ﺍﻟﻌﺮﺑﻴﺔ ﻟﻠﺘﻨﻤﻴﺔ ﺍﻹﺩﺍﺭﻳﺔ‪ ،‬ﺍﻟﻘﺎﻫﺮﺓ‪ ،‬ﻣﺼﺮ‪ ،2007،‬ﺹ ‪.09‬‬ ‫‪12‬‬

‫‪ -‬ﻣﺘﻮﻓﺮ ﻋﻠﻰ ﺍﳌﻮﻗﻊ ﺍﻻﻟﻜﺘﺮﻭﱐ ﺑﺘﺎﺭﻳﺦ‪http://www.yu.edu.jo/CGSR :2013/07/20:‬‬

‫‪13‬‬

‫‪ - 14‬ﻋﻤﺮ ﻭﺻﻔﻲ ﺍﻟﻌﻘﻴﻠﻲ‪ " ،‬ﻣﺪﺧﻞ ﺇﱃ ﺍﳌﻨﻬﺠﻴﺔ ﺍﳌﺘﻜﺎﻣﻠﺔ ﻹﺩﺍﺭﺓ ﺍﳉﻮﺩﺓ ﺍﻟﺸﺎﻣﻠﺔ‪ ،‬ﺩﺍﺭ ﻭﺍﺋﻞ ﻟﻠﻨﺸﺮ‪ ،‬ﺍﻷﺭﺩﻥ‪ ،2001 ،‬ﺹ‪.‬ﺹ‪.142 -137 .‬‬
‫‪ - 15‬ﺩﻳﻞ ﺑﺴﺘﺮﻓﻴﻠﺪ ﻭﺁﺧﺮﻭﻥ‪ ،‬ﺗﺮﲨﺔ ﺭﺍﺷﺪ ﺑﻦ ﳏﻤﺪ ﺍﳊﻤﺎﱄ‪" ،‬ﺇﺩﺍﺭﺓ ﺍﳉﻮﺩﺓ ﺍﻟﺸﺎﻣﻠﺔ"‪ ،‬ﺟﺎﻣﻌﺔ ﺍﳌﻠﻚ ﺳﻌﻮﺩ‪ ،‬ﺍﻟﺴﻌﻮﺩﻳﺔ‪ ،2004 ،‬ﺹ‪.307‬‬
‫‪ - 16‬ﺗﻮﻓﻴﻖ ﳏﻤﺪ ﻋﺒﺪ ﺍﶈﺴﻦ‪" ،‬ﺗﻘﻴﻴﻢ ﺍﻷﺩﺍﺀ‪ :‬ﻣﺪﺍﺧﻞ ﺟﺪﻳﺪﺓ ‪..‬ﻟﻌﺎﱂ ﺟﺪﻳﺪ"‪ ،‬ﺩﺍﺭ ﺍﻟﻨﻬﻀﺔ ﺍﻟﻌﺮﺑﻴﺔ‪ ،‬ﻣﺼﺮ‪ ،2002 ،‬ﺹ ﺹ‪.262 -258.‬‬
‫‪ -‬ﻣﺘﻮﻓﺮ ﻋﻠﻰ ﺍﳌﻮﻗﻊ ﺍﻻﻟﻜﺘﺮﻭﱐ‪:‬ﺑﺘﺎﺭﻳﺦ‪2013/08/17:‬‬ ‫‪17‬‬

‫‪http://www.elmihwar.com/index.php/economie/item/1149-2013-04-20-20-41-30‬‬
‫‪http://www.cipe-arabia.org/index.php/themes/democratic-governance/202-2011-08-09-14-40-38‬‬

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