ﺗﺄﺛﯾر اﻟﺗﻐﯾارت اﻟﺟﺑﺎﺋﯾﺔ ﻓﻲ ﺗﺣدﯾد اﻟﺳﯾﺎﺳﺔ اﻟﺗﻣوﯾﻠﯾﺔ ﻟﻠﻣؤﺳﺳﺎت اﻹﻗﺗﺻﺎدﯾﺔ اﻟﺟازﺋرﯾﺔ

Abstract

ﻣن ﺧﻼل دارﺳﺗﻧﺎ ﻟﻣوﺿوع ﺗﺄﺛﯾر اﻟﺗﻐﯾارت اﻟﺟﺑﺎﺋﯾﺔ ﻓﻲ ﺗﺣدﯾد اﻟﺳﯾﺎﺳﺔ اﻟﺗﻣوﯾﻠﯾﺔ ﻟﻠﻣؤﺳﺳﺎت اﻻﻗﺗﺻﺎدﯾﺔ اﻟﺟازﺋرﯾﺔ، ﺣﺎوﻟﻧﺎ إﺑارز أﻫﻣﯾﺔ اﻻﺳﺗارﺗﯾﺟﯾﺔ اﻟﺗﻲ ﺗﺑﻧﺗﻬﺎ اﻟدوﻟﺔ ﻟﻠﻧﻬوض ﺑﺎﻟﻘطﺎع اﻟﻣؤﺳﺳﺎﺗﻲ وﺗﺄﻫﯾﻠﯾﻪ ﻣن ﻣن ﺧﻼل ﺟﻣﻠﺔ اﻹﺻﻼﺣﺎت واﻟﺗﻌدﯾﻼت اﻟﺗﻲ ﻗﺎﻣت ﺑﻬﺎ ﻓﻲ ﻣﺟﺎل اﻟﺟﺑﺎﯾﺔ وﺗﺑﯾﺎن ﻣدى ،اﻟﻧﺎﺣﯾﺔ اﻟﺗﻣوﯾﻠﯾﺔ ﺗﺄﺛﯾرﻫﺎ ﻓﻲ ﺗﺣدﯾد اﻟﺳﯾﺎﺳﺔ اﻟﺗﻣوﯾﻠﯾﺔ ﻟﻠﻣؤﺳﺳﺔ اﻻﻗﺗﺻﺎدﯾﺔ، وذﻟك ﺑﺎﻻﻋﺗﻣﺎد ﻋﻠﻰ دارﺳﺔ ﻣﯾداﻧﯾﺔ ﻟﻌﯾﻧﺔ ﻣن ﻣؤﺳﺳﺔ ﺧﻼل اﻟﻔﺗرة اﻟﺗﻲ ﺗازﻣﻧت ﻣﻊ وﻗوع 60ﻛﺑرﯾﺎت اﻟﻣؤﺳﺳﺎت اﻻﻗﺗﺻﺎدﯾﺔ اﻟﻌﺎﻣﻠﺔ ﻓﻲ اﻟﺟازﺋر ﺷﻣﻠت 2014 آﺧر ﺗﻌدﯾل ﺟﺑﺎﺋﻲ ﺗﻐﯾر ﻋﻠﻰ إﺛرﻩ ﻣﻌدل اﻟﺿرﯾﺑﺔ ﻋﻠﻰ أرﺑﺎح اﻟﺷرﻛﺎت ﺗﻣﺛﻠت ﻓﻲ اﻟﻔﺗرة اﻟﻣﻣﺗدة ﻣن ، ﺣﯾث ﺗم اﺳﺗﺧدام ﻧﻣوذج اﻻﻧﺣدار اﻟﺧطﻲ اﻟﻣﺗﻌدد ﻟﻠﻣﺗﻐﯾارت اﻟﺗﺎﺑﻌﺔ اﻟﻣﺣﺻورة 2017إﻟﻰ "Tobit" ﻟﻠﻛﺷف ﻋﻠﻰ طﺑﯾﻌﺔ اﻟﻌﻼﻗﺔ اﻟﺗﻲ ﺗرﺑط اﻟﻣﺗﻐﯾر اﻟﺗﺎﺑﻊ )ﻧﺳﺑﺔ اﻟﻣدﯾوﻧﯾﺔ (ﺑﺎﻟﻣﺗﻐﯾارت اﻟﻣﻔﺳرة اﻟﻣﺗﻣﺛﻠﺔ ﻓﻲ ﻣﻌدل اﻟﺿرﯾﺑﺔ و اﻟوﻓارت اﻟﺿرﯾﺑﺔ اﻟﺑدﯾﻠﺔ، وﻛذا ﻣﺗﻐﯾارت اﻟﺗﺣﻛم اﻟﻣﺗﻣﺛﻠﺔ ﻓﻲ ﻣﺣددات ﻫﯾﻛل أرس اﻟﻣﺎل اﻟوﻓارت اﻟﺿرﺑﯾﺔ ،ﻗطﺎع اﻟﻧﺷﺎط ،اﻟﺳﯾوﻟﺔ ،اﻟﻣردودﯾﺔ ،ﺣﺟم اﻟﻣؤﺳﺳﺔ ، واﻟﺗﻲ ﺷﻣﻠت :ﻣﺗﻐﯾر اﻟﺿﻣﺎﻧﺎت اﻟﺑدﯾﻠﺔ وﻣﺗﻐﯾر اﻟﻣﺧﺎطر اﻟﻣﺎﻟﯾﺔ. أﺳﻔرت ﻫذﻩ اﻟدارﺳﺔ ﻋن ﺟﻣﻠﺔ ﻣن اﻟﻧﺗﺎﺋﺞ ﯾﻣﻛن إﯾﺟﺎز أﻫﻣﻬﺎ ﻓﻲ : وﺟود ﺗﺄﺛﯾر إﯾﺟﺎﺑﻲ ذو دﻻﻟﺔ إﺣﺻﺎﺋﯾﺔ ﻟﻠﺗﻐﯾر اﻟﺣﺎﺻل ﻓﻲ ﻣﻌدل اﻟﺿرﯾﺑﺔ ﻋﻠﻰ أرﺑﺎح اﻟﺷرﻛﺎت واﻟوﻓارت اﻟﺿرﯾﺑﯾﺔ اﻟﺑدﯾﻠﺔ ﻋﻠﻰ ﻧﺳﺑﺔ اﻟﻣدﯾوﻧﯾﺔ اﻟطوﯾﻠﺔ وﻣﺗوﺳطﺔ اﻷﺟل، ﻓﻲ ﺣﯾن أﺛر ﻛل ﻣن ﻣﺗﻐﯾر ﺣﺟم اﻟﻣؤﺳﺳﺔ واﻟﻣردودﯾﺔ واﻟﺳﯾوﻟﺔ ﺷﻛل ﺳﺎﻟب وذو دﻻﻟﺔ إﺣﺻﺎﺋﯾﺔ ﻋﻠﯾﻬﺎ، ﻛﻣﺎ أﺛﺑت ﻣﺗﻐﯾر ﻗطﺎع اﻟﻧﺷﺎط أﻫﻣﯾﺗﻪ ﻓﻲ ﺗﺣدﯾد ﻧﺳﺑﺔ ﻣدﯾوﻧﯾﺔ اﻟﻣؤﺳﺳﺎت ﻗﯾد اﻟدارﺳﺔ ﺣﺳب اﻟﻘطﺎع اﻟﺗﻲ ﺗﻧﺗﻣﻲ إﻟﯾﻪ، أﻣﺎ ﺑﺎﻟﻧﺳﺑﺔ ﻟﻣﺗﻐﯾر اﻟﺿﻣﺎﻧﺎت واﻟﻣﺧﺎطر اﻟﻣﺎﻟﯾﺔ ﻓﻠم ﯾﻛن ﻟﻬﻣﺎ أي أﺛر ﯾذﻛر. ﻛﻠﻣﺎت ﻣﻔﺗﺎﺣﯾﺔ: اﻟﺳﯾﺎﺳﺔ اﻟﺗﻣوﯾﻠﯾﺔ، اﻟﻣﺗﻐﯾر اﻟﺟﺑﺎﺋﻲ، ﻧﻣﺎذج ﺑﺎﻧل، ﻛﺑرﯾﺎت اﻟﻣؤﺳﺳﺎت اﻟﺟازﺋرﯾﺔ. III Abstract This study aimed to highlight the strategy adopted by the state to promote and qualify the institutional sector financially, through a series of reforms and amendments in the field of taxation elucidating their impact on determining the financial policy of the economic institution. This was achieved through a field study of a sample of major economic institutions operating in Algeria, comprising 60 establishments during the period coinciding with the last tax shock, which occurred between 2014 and 2017, altering the corporate profit tax rate. The study employed the Tobit multiple regression model for censored dependent variables to uncover the nature of the relationship between the dependent variable (debt ratio) and the explanatory variables, including the tax rate, alternative tax savings, and control variables such as capital structure determinants, including guarantees, firm size, profitability, liquidity, sector of activity, alternative Arab savings, and financial risk variables. This study resulted in a set of results, the most important of which can be summarized as follows: there is a statistically significant positive impact of changes in the corporate profit tax rate on the long and medium-term debt ratio, while variables such as firm size, profitability, and liquidity had a statistically significant negative impact. Moreover, the sector of activity variable proved its importance in determining the debt ratio of the studied institutions according to their respective sectors, while variables such as guarantees and financial risks had no significant effect.

Keywords: Financial Policy, Fiscal Variable, Panel Data, Algerian