{"id":2988,"date":"2022-02-02T18:30:36","date_gmt":"2022-02-02T18:30:36","guid":{"rendered":"https:\/\/www.hnjournal.net\/?page_id=2988"},"modified":"2022-02-02T18:30:42","modified_gmt":"2022-02-02T18:30:42","slug":"3-2-35","status":"publish","type":"page","link":"https:\/\/www.hnjournal.net\/ar\/3-2-35\/","title":{"rendered":"\u0623\u062b\u0631 \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u062a\u0642\u0627\u0646\u0629 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0648\u0627\u0644\u0627\u062a\u0635\u0627\u0644\u0627\u062a \u0639\u0644\u0649 \u0627\u0644\u0627\u062f\u0627\u0621 \u0627\u0644\u0645\u0627\u0644\u064a \u0644\u0644\u0645\u0635\u0627\u0631\u0641 – \u062f\u0631\u0627\u0633\u0629 \u062a\u0637\u0628\u064a\u0642\u064a\u0629 \u0639\u0644\u0649 \u0639\u064a\u0646\u0629 \u0645\u0646 \u0627\u0644\u0645\u0635\u0627\u0631\u0641 \u0627\u0644\u062a\u062c\u0627\u0631\u064a\u0629 \u0627\u0644\u0639\u0631\u0627\u0642\u064a\u0629 \u0627\u0644\u062e\u0627\u0635\u0629 \u0627\u0644\u0645\u062f\u0631\u062c\u0629 \u0641\u064a \u0633\u0648\u0642 \u0627\u0644\u0639\u0631\u0627\u0642 \u0644\u0644\u0623\u0648\u0627\u0631\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0629"},"content":{"rendered":"

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1<\/sup> \u062c\u0627\u0645\u0639\u0629 \u0627\u0644\u0641\u0631\u0627\u0647\u064a\u062f\u064a \/ \u0628\u063a\u062f\u0627\u062f \u2013 \u0627\u0644\u0639\u0631\u0627\u0642<\/p>\n

\u0628\u0631\u064a\u062f \u0627\u0644\u0643\u062a\u0631\u0648\u0646\u064a: aminamoayed@yahoo.com<\/p>\n

HNSJ, 2022, 3(2); https:\/\/doi.org\/10.53796\/hnsj3235<\/p>\n

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\u0627\u0644\u0643\u0644\u0645\u0627\u062a \u0627\u0644\u0645\u0641\u062a\u0627\u062d\u064a\u0629: <\/strong>\u062a\u0642\u0627\u0646\u0629 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0648\u0627\u0644\u0627\u062a\u0635\u0627\u0644\u0627\u062a\u060c \u0627\u0644\u0627\u062f\u0627\u0621 \u0627\u0644\u0645\u0627\u0644\u064a\u060c \u0627\u0644\u0645\u0635\u0627\u0631\u0641 \u0627\u0644\u0639\u0631\u0627\u0642\u064a\u0629 \u0627\u0644\u062e\u0627\u0635\u0629 \u0627\u0644\u062a\u062c\u0627\u0631\u064a\u0629.<\/p>\n

\n

<\/a>Research title <\/strong><\/p>\n

The Effect of Using Information Technology on Bank\u2019s Financial Performance \u2013 Applied Study on a sample of Private commercial Iraqi Banks Listed in the Iraqi Stock Exchange<\/strong><\/p>\n

A.M. Amina Moayed Abdalla Aldewagi1<\/sup><\/strong><\/p>\n

1<\/sup> Al-Farahidi University<\/p>\n

Email: aminamoayed@yahoo.com<\/a><\/p>\n

HNSJ, 2022, 3(2); https:\/\/doi.org\/10.53796\/hnsj3235<\/p>\n

\n

Published at 01\/02\/2022 Accepted at 25\/01\/2021 <\/strong><\/p>\n

Abstract <\/strong><\/p>\n

Information technology is considered a software revolution in the world of the banking industry, as this technology has become intertwined in all areas of banking work in terms of control, effectiveness and raising productivity. The research aims to verify the impact of the use of information technology and the efficiency of this approach on the financial performance of banks by relying on a sample of Iraqi banks listed in the Iraqi Stock Exchange. Where the research chose the largest private commercial banks in terms of market value, which are 4 commercial banks (Kurdistan Bank, Trans-Iraq Bank, National Bank of Iraq and Bank of Baghdad). The data was extracted from the annual reports of these banks during the period 2016-2020 and published on the Iraq Stock Exchange website, so that the Panal Data analysis was conducted in the EViews 10.0 statistical analysis program. The researcher concluded that the use of information technology has a statistically significant effect on the rate of return on assets and the rate of return on equity as indicators to assess the financial performance of banks, not only this, but also that the efficiency of Iraqi banks’ use of this technology in the study sample has the same positive effect. The study also concluded that there is an effect of credit cards as a controlling variable in the impact of information and communication technology on the financial performance of the study sample banks.<\/p>\n

Key Words: <\/strong>information technology, financial performance, Iraqi banks.<\/p>\n

    \n
  1. \u0645\u0642\u062f\u0645\u0629:<\/strong><\/li>\n<\/ol>\n

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    \u0648\u0644\u0627 \u064a\u062e\u0641\u0649 \u0623\u0646 \u062f\u062e\u0648\u0644 \u062a\u0642\u0627\u0646\u0629 \u0627\u0644\u0627\u062a\u0635\u0627\u0644\u0627\u062a \u0625\u0644\u0649 \u0627\u0644\u0635\u0646\u0627\u0639\u0629 \u0627\u0644\u0645\u0635\u0631\u0641\u064a\u0629 \u0643\u0627\u0646 \u0633\u0628\u0628\u0627\u064b \u0648\u0627\u0636\u062d\u0627\u064b \u0641\u064a \u0625\u062d\u062f\u0627\u062b \u062b\u0648\u0631\u0629 \u0641\u064a \u0647\u0630\u0627 \u0627\u0644\u0642\u0637\u0627\u0639 \u0648\u0646\u0642\u0644\u0647 \u0646\u0642\u0644\u0629 \u0646\u0648\u0639\u064a\u0629 \u064a\u0645\u0643\u0646 \u0645\u0644\u0627\u062d\u0638\u062a\u0647\u0627 \u0641\u064a \u0637\u0628\u064a\u0639\u0629 \u0627\u0644\u062e\u062f\u0645\u0627\u062a \u0648\u0627\u0644\u0645\u0646\u062a\u062c\u0627\u062a \u0627\u0644\u0645\u0635\u0631\u0641\u064a\u0629 \u0627\u0644\u062c\u062f\u064a\u062f\u0629 \u0648\u0627\u0644\u062a\u064a \u0623\u0633\u0647\u0645\u062a \u0641\u064a \u0632\u064a\u0627\u062f\u0629 \u0643\u0641\u0627\u0621\u0629 \u0648\u062c\u0648\u062f\u0629 \u0627\u0644\u062e\u062f\u0645\u0629 \u0627\u0644\u0645\u0635\u0631\u0641\u064a\u0629 \u062e\u0635\u0648\u0635\u0627\u064b \u0645\u0639 \u0627\u0646\u062a\u0634\u0627\u0631 \u062e\u062f\u0645\u0627\u062a \u0627\u0644\u0627\u0646\u062a\u0631\u0646\u062a \u0648\u062a\u0637\u0628\u064a\u0642\u0627\u062a \u0627\u0644\u0647\u0648\u0627\u062a\u0641 \u0627\u0644\u0645\u062d\u0645\u0648\u0644\u0629 \u0648\u063a\u064a\u0631\u0647\u0627 \u0645\u0646 \u0627\u0644\u0645\u0646\u062a\u062c\u0627\u062a \u0648\u0627\u0644\u062a\u064a \u0623\u0628\u0631\u0632\u0647\u0627 \u0648\u0633\u0627\u0626\u0644 \u0627\u0644\u062f\u0641\u0639 \u0627\u0644\u0627\u0644\u0643\u062a\u0631\u0648\u0646\u064a \u0628\u0623\u0646\u0648\u0627\u0639\u0647\u0627 \u0627\u0644\u0645\u062a\u0639\u062f\u062f\u0629 (\u0628\u0637\u0627\u0642\u0627\u062a \u0627\u0644\u0627\u0626\u062a\u0645\u0627\u0646 ATM\u060c \u0627\u0644\u0628\u0637\u0627\u0642\u0627\u062a \u0627\u0644\u0630\u0643\u064a\u0629\u060c \u0627\u0644\u0627\u0646\u062a\u0631\u0646\u062a \u0627\u0644\u0628\u0646\u0643\u064a\u060c \u0627\u0644\u062a\u062d\u0648\u064a\u0644\u0627\u062a \u0627\u0644\u0627\u0644\u0643\u062a\u0631\u0648\u0646\u064a\u0629\u060c \u0648\u0627\u0644\u0646\u0642\u0648\u062f \u0627\u0644\u0627\u0644\u0643\u062a\u0631\u0648\u0646\u064a\u0629 …) (Rashid\u061b 2018).<\/p>\n

      \n
    1. \u0645\u0634\u0643\u0644\u0629 \u0627\u0644\u0628\u062d\u062b:<\/strong><\/li>\n<\/ol>\n

      \u0623\u0635\u0628\u062d \u0627\u0644\u0647\u0627\u062c\u0633 \u0641\u064a \u0627\u0644\u0635\u0646\u0627\u0639\u0629 \u0627\u0644\u0645\u0635\u0631\u0641\u064a\u0629 \u0647\u0648 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0641\u064a \u0642\u0637\u0627\u0639 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0648\u0627\u0644\u0627\u062a\u0635\u0627\u0644\u0627\u062a \u0628\u0645\u0627 \u064a\u0631\u062a\u0628\u0637 \u0628\u0647 \u0645\u0646 \u0623\u0633\u0627\u0644\u064a\u0628 \u062a\u0642\u0646\u064a\u0629 \u0648\u062a\u0643\u0646\u0648\u0644\u0648\u062c\u064a\u0629\u060c \u0628\u0647\u062f\u0641 \u062d\u0641\u0627\u0638 \u0627\u0644\u0645\u0635\u0627\u0631\u0641 \u0639\u0644\u0649 \u062d\u0635\u062a\u0647\u0627 \u0627\u0644\u0633\u0648\u0642\u064a\u0629 \u0648\u062a\u0644\u0627\u0641\u064a \u062e\u0637\u0631 \u0627\u0644\u062e\u0631\u0648\u062c \u0645\u0646 \u0627\u0644\u0633\u0648\u0642 \u0627\u0645\u0627\u0645 \u062c\u0645\u0647\u0648\u0631 \u0627\u0644\u0645\u0646\u0627\u0641\u0633\u064a\u0646\u060c \u0648\u0628\u0627\u0644\u062a\u0627\u0644\u064a \u0641\u0625\u0646 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0641\u064a \u0627\u0644\u062a\u0642\u0646\u064a\u0627\u062a \u0627\u0644\u062d\u062f\u064a\u062b\u0629 \u0641\u064a \u0625\u0637\u0627\u0631 \u062e\u0644\u0642 \u0645\u0646\u062a\u062c\u0627\u062a \u0645\u0635\u0631\u0641\u064a\u0629 \u062c\u062f\u064a\u062f\u0629 \u0644\u0627\u0628\u062f \u0623\u0646 \u0646\u0644\u062d\u0638 \u0623\u062b\u0627\u0631\u0647 \u0639\u0644\u0649 \u0627\u0644\u0639\u0645\u0644\u064a\u0627\u062a \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a\u0629 \u0644\u0644\u0645\u0635\u0627\u0631\u0641 \u0648\u0628\u0627\u0644\u062a\u0627\u0644\u064a \u0639\u0644\u0649 \u0627\u0644\u0623\u062f\u0627\u0621 (Takeda, et.al; 2020). \u063a\u064a\u0631 \u0623\u0646 \u0627\u0644\u062a\u062d\u0642\u0642 \u0645\u0646 \u0645\u062f\u0649 \u0623\u062b\u0631 \u0648\u0641\u0627\u0639\u0644\u064a\u0629 \u0647\u0630\u0627 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0639\u0644\u0649 \u0627\u0644\u0623\u062f\u0627\u0621 \u0627\u0644\u0645\u0627\u0644\u064a \u0644\u0644\u0645\u0635\u0627\u0631\u0641 \u0644\u0627\u064a\u0632\u0627\u0644 \u0645\u062d\u0637 \u0627\u0644\u062a\u0633\u0627\u0624\u0644 \u0645\u0646 \u0642\u0628\u0644 \u0627\u0644\u0643\u062b\u064a\u0631\u064a\u0646 \u0648\u0647\u0648 \u0645\u0627 \u064a\u0633\u062a\u062f\u0639\u064a \u0627\u0644\u0646\u0638\u0631 \u0641\u064a\u0647 \u0628\u0645\u0632\u064a\u062f \u0645\u0646 \u0627\u0644\u062f\u0642\u0629\u060c \u0648\u0639\u0644\u064a\u0647 \u064a\u0645\u0643\u0646\u0646\u0627 \u0637\u0631\u062d \u0627\u0644\u0623\u0633\u0626\u0644\u0629 \u0627\u0644\u062a\u0627\u0644\u064a\u0629 \u0641\u064a \u0633\u0628\u064a\u0644 \u0627\u0644\u0627\u062c\u0627\u0628\u0629 \u0639\u0646\u0647\u0627 \u0648\u0647\u064a:<\/p>\n

        \n
      • \u0645\u0627 \u0647\u0648 \u0623\u062b\u0631 \u0627\u0644\u0627\u0639\u062a\u0645\u0627\u062f \u0639\u0644\u0649 \u062a\u0642\u0627\u0646\u0629 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0648\u0627\u0644\u0627\u062a\u0635\u0627\u0644\u0627\u062a \u0639\u0644\u0649 \u0623\u062f\u0627\u0621 \u0627\u0644\u0645\u0635\u0627\u0631\u0641 \u0627\u0644\u0645\u0627\u0644\u064a\u061f<\/li>\n
      • \u0645\u0627 \u0647\u0648 \u0623\u062b\u0631 \u0643\u0641\u0627\u0621\u0629 \u062a\u0642\u0627\u0646\u0629 \u0627\u0644\u0627\u062a\u0635\u0627\u0644\u0627\u062a \u0648\u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0639\u0644\u0649 \u0623\u062f\u0627\u0621 \u0627\u0644\u0645\u0635\u0627\u0631\u0641 \u0627\u0644\u0645\u0627\u0644\u064a\u061f<\/li>\n
      • \u0645\u0627 \u0647\u0648 \u0623\u062b\u0631 \u0627\u0639\u062a\u0645\u0627\u062f \u062a\u0642\u0627\u0646\u0629 \u0627\u0644\u0627\u062a\u0635\u0627\u0644\u0627\u062a \u0648\u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0639\u0644\u0649 \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0627\u0644\u0623\u0635\u0648\u0644ROA\u061f<\/li>\n
      • \u0645\u0627 \u0647\u0648 \u0623\u062b\u0631 \u0643\u0641\u0627\u0621\u0629 \u0627\u0639\u062a\u0645\u0627\u062f \u062a\u0642\u0627\u0646\u0629 \u0627\u0644\u0627\u062a\u0635\u0627\u0644\u0627\u062a \u0648\u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0639\u0644\u0649 \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0627\u0644\u0623\u0635\u0648\u0644ROA\u061f<\/li>\n
      • \u0645\u0627 \u0647\u0648 \u0623\u062b\u0631 \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u062a\u0642\u0627\u0646\u0629 \u0627\u0644\u0627\u062a\u0635\u0627\u0644\u0627\u062a \u0648\u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0639\u0644\u0649 \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629ROE\u061f<\/li>\n
      • \u0645\u0627 \u0647\u0648 \u0623\u062b\u0631 \u0643\u0641\u0627\u0621\u0629 \u0627\u0644\u0627\u0639\u062a\u0645\u0627\u062f \u0639\u0644\u0649 \u062a\u0642\u0627\u0646\u0629 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0648\u0627\u0644\u0627\u062a\u0635\u0627\u0644\u0627\u062a \u0639\u0644\u0649 \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629ROE\u061f<\/li>\n<\/ul>\n
          \n
        1. \u0623\u0647\u0645\u064a\u0629 \u0627\u0644\u0628\u062d\u062b:<\/strong><\/li>\n<\/ol>\n

          \u0645\u0646 \u062e\u0644\u0627\u0644 \u0627\u0644\u0627\u0637\u0644\u0627\u0639 \u0639\u0644\u0649 \u0627\u0644\u0627\u0628\u062d\u0627\u062b \u0648\u0627\u0644\u062f\u0631\u0627\u0633\u0627\u062a \u0627\u0644\u0633\u0627\u0628\u0642\u0629 \u0644\u0627\u062d\u0638 \u0627\u0644\u0628\u0627\u062d\u062b \u0648\u062c\u0648\u062f \u062f\u0631\u0627\u0633\u0629 \u0648\u0627\u062d\u062f\u0629 \u062a\u062a\u0639\u0644\u0642 \u0628\u062f\u0631\u0627\u0633\u0629 \u062a\u0623\u062b\u064a\u0631 \u062a\u0642\u0627\u0646\u0629 \u0627\u0644\u0627\u062a\u0635\u0627\u0644\u0627\u062a \u0648\u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0639\u0644\u0649 \u0627\u0644\u0623\u062f\u0627\u0621 \u0627\u0644\u0645\u0635\u0631\u0641\u064a \u0641\u064a \u0627\u0644\u0645\u0635\u0627\u0631\u0641 \u0627\u0644\u0639\u0631\u0627\u0642\u064a\u0629 \u0627\u0644\u062e\u0627\u0635\u0629 (\u0627\u0644\u062c\u0628\u0648\u0631\u064a\u061b 2016) \u0625\u0630 \u0642\u0627\u0645 \u0627\u0644\u0628\u0627\u062d\u062b \u0628\u0625\u062c\u0631\u0627\u0621 \u062f\u0631\u0627\u0633\u0629 \u0627\u0633\u062a\u0642\u0635\u0627\u0626\u064a\u0629 \u0639\u0644\u0649 \u0639\u064a\u0646\u0629 \u0645\u0646 \u0627\u0644\u0645\u062f\u0631\u0627\u0621 \u0628\u0627\u0644\u0627\u0639\u062a\u0645\u0627\u062f \u0639\u0644\u0649 \u0627\u0633\u062a\u0628\u064a\u0627\u0646 \u064a\u062e\u062f\u0645 \u0647\u062f\u0641 \u0627\u0644\u0628\u062d\u062b \u0648\u0645\u062d\u0627\u0648\u0631\u0647\u060c \u0648\u0642\u062f \u062e\u0644\u0635\u062a \u0627\u0644\u062f\u0631\u0627\u0633\u0629 \u0625\u0644\u0649 \u0636\u0631\u0648\u0631\u0629 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0641\u064a \u062a\u0643\u0646\u0648\u0644\u0648\u062c\u064a\u0627 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0648\u0627\u0644\u0627\u062a\u0635\u0627\u0644\u0627\u062a \u0641\u064a \u0627\u0637\u0627\u0631 \u062a\u062d\u0633\u064a\u0646 \u0627\u0644\u0639\u0645\u0644 \u0627\u0644\u0645\u0635\u0631\u0641\u064a \u063a\u064a\u0631 \u0623\u0646\u0647\u0627 \u0644\u0645 \u062a\u0642\u062f\u0645 \u0646\u062a\u064a\u062c\u0629 \u062f\u0642\u064a\u0642\u0629 \u0639\u0646 \u0627\u0644\u0623\u062b\u0631 \u0627\u0644\u0630\u064a \u064a\u0633\u0647\u0645 \u0641\u064a\u0647 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0641\u064a \u0647\u0630\u0627 \u0627\u0644\u062c\u0627\u0646\u0628 \u0639\u0644\u0649 \u0627\u0644\u0627\u062f\u0627\u0621 \u0627\u0644\u0645\u0627\u0644\u064a \u0644\u0644\u0645\u0635\u0627\u0631\u0641 \u0627\u0644\u0639\u0631\u0627\u0642\u064a\u0629 \u0645\u0646 \u062e\u0644\u0627\u0644 \u0627\u0644\u0623\u0631\u0642\u0627\u0645. \u062a\u0628\u0631\u0632 \u0623\u0647\u0645\u064a\u0629 \u0627\u0644\u062f\u0631\u0627\u0633\u0629 \u0627\u0644\u0645\u0642\u062f\u0645\u0629 \u0645\u0646 \u062e\u0644\u0627\u0644 \u0627\u0644\u062a\u0637\u0631\u0642 \u0625\u0644\u0649 \u062c\u0627\u0646\u0628 \u063a\u0627\u064a\u0629 \u0641\u064a \u0627\u0644\u0623\u0647\u0645\u064a\u0629 \u0641\u064a \u0648\u0642\u062a\u0646\u0627 \u0627\u0644\u0631\u0627\u0647\u0646 \u0644\u0645\u0627 \u0644\u0647 \u0645\u0646 \u062a\u062f\u0627\u062e\u0644 \u0648\u0627\u0633\u0639 \u0641\u064a \u0627\u0644\u0635\u0646\u0627\u0639\u0629 \u0627\u0644\u0645\u0635\u0631\u0641\u064a\u0629 \u0648\u0645\u0627 \u0644\u0647 \u0645\u0646 \u062f\u0648\u0631 \u0647\u0627\u0645 \u0641\u064a \u0627\u0636\u0627\u0641\u0629 \u062e\u062f\u0645\u0627\u062a \u0645\u0635\u0631\u0641\u064a\u0629 \u062c\u062f\u064a\u062f\u0629 \u062a\u0633\u0647\u0645 \u0641\u064a \u0631\u0641\u0639 \u0633\u0648\u064a\u0629 \u0648\u062a\u0646\u0648\u0639 \u0627\u0644\u062e\u062f\u0645\u0627\u062a \u0648\u0627\u0644\u0645\u0646\u062a\u062c\u0627\u062a \u0627\u0644\u0645\u0635\u0631\u0641\u064a\u0629. \u0628\u0627\u0644\u0627\u0636\u0627\u0641\u0629 \u0625\u0644\u0649 \u062a\u0642\u062f\u064a\u0645 \u0646\u0645\u0648\u0630\u062c \u064a\u0641\u0633\u0631 \u0627\u0644\u062a\u0642\u0644\u0628\u0627\u062a \u0641\u064a \u0627\u0644\u0623\u062f\u0627\u0621 \u0627\u0644\u0645\u0627\u0644\u064a \u0644\u0644\u0645\u0635\u0627\u0631\u0641 \u0646\u062a\u064a\u062c\u0629 \u0627\u0644\u0627\u0639\u062a\u0645\u0627\u062f \u0639\u0644\u0649 \u062a\u0642\u0627\u0646\u0629 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0648\u0627\u0644\u0627\u062a\u0635\u0627\u0644\u0627\u062a.<\/p>\n

            \n
          1. \u0623\u0647\u062f\u0627\u0641 \u0627\u0644\u062f\u0631\u0627\u0633\u0629:<\/strong><\/li>\n<\/ol>\n

            \u062a\u062a\u0628\u0644\u0648\u0631 \u0623\u0647\u062f\u0627\u0641 \u0627\u0644\u062f\u0631\u0627\u0633\u0629 \u0645\u0646 \u062e\u0644\u0627\u0644 \u062a\u062d\u062f\u064a\u062f \u0623\u062b\u0631 \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u062a\u0642\u0627\u0646\u0629 \u0627\u0644\u0627\u062a\u0635\u0627\u0644\u0627\u062a \u0648\u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0639\u0644\u0649 \u0627\u0644\u0627\u062f\u0627\u0621 \u0627\u0644\u0645\u0627\u0644\u064a \u0644\u0644\u0645\u0635\u0627\u0631\u0641 \u0627\u0644\u062a\u062c\u0627\u0631\u064a\u0629 \u0627\u0644\u062e\u0627\u0635\u0629 \u0641\u064a \u0627\u0644\u0639\u0631\u0627\u0642\u060c \u0648\u064a\u062a\u0641\u0631\u0639 \u0639\u0646\u0647 \u0627\u0644\u0623\u0647\u062f\u0627\u0641 \u0627\u0644\u062a\u0627\u0644\u064a\u0629:<\/p>\n

              \n
            1. \u062a\u0648\u0636\u064a\u062d \u0623\u062b\u0631 \u0627\u0644\u0627\u0639\u062a\u0645\u0627\u062f \u0639\u0644\u0649 \u062a\u0642\u0627\u0646\u0629 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0648\u0627\u0644\u0627\u062a\u0635\u0627\u0644\u0627\u062a \u0639\u0644\u0649 \u0627\u0644\u0623\u062f\u0627\u0621 \u0627\u0644\u0645\u0627\u0644\u064a \u0644\u0644\u0645\u0635\u0627\u0631\u0641.<\/li>\n
            2. \u062a\u062d\u062f\u064a\u062f \u0623\u062b\u0631 \u0643\u0641\u0627\u0621\u0629 \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u0645\u0635\u0627\u0631\u0641 \u0644\u062a\u0643\u0646\u0648\u0644\u0648\u062c\u064a\u0627 \u0627\u0644\u0627\u062a\u0635\u0627\u0644\u0627\u062a \u0648\u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0639\u0644\u0649 \u0623\u062f\u0627\u0626\u0647\u0627 \u0627\u0644\u0645\u0627\u0644\u064a.<\/li>\n
            3. \u0645\u0639\u0631\u0641\u0629 \u0646\u062a\u0627\u0626\u062c \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u062a\u0642\u0627\u0646\u0629 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0648\u0627\u0644\u0627\u062a\u0635\u0627\u0644\u0627\u062a \u0639\u0644\u0649 \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0623\u0635\u0648\u0644 \u0627\u0644\u0645\u0635\u0627\u0631\u0641.<\/li>\n
            4. \u0627\u0644\u062a\u0639\u0631\u0641 \u0639\u0644\u0649 \u0623\u062b\u0631 \u0643\u0641\u0627\u0621\u0629 \u0627\u0644\u0627\u0639\u062a\u0645\u0627\u062f \u0639\u0644\u0649 \u062a\u0642\u0627\u0646\u0629 \u0627\u0644\u0627\u062a\u0635\u0627\u0644\u0627\u062a \u0648\u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0639\u0644\u0649 \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0623\u0635\u0648\u0644 \u0627\u0644\u0645\u0635\u0627\u0631\u0641.<\/li>\n
            5. \u0645\u0639\u0631\u0641\u0629 \u0623\u062b\u0631 \u062a\u0642\u0627\u0646\u0629 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0648\u0627\u0644\u0627\u062a\u0635\u0627\u0644\u0627\u062a \u0639\u0644\u0649 \u0623\u062f\u0627\u0621 \u0627\u0644\u0645\u0635\u0627\u0631\u0641 \u0627\u0644\u0645\u0627\u0644\u064a \u0645\u0645\u062b\u0644\u0627\u064b \u0628\u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u0644\u064a\u0629.<\/li>\n
            6. \u0645\u0639\u0631\u0641\u0629 \u0623\u062b\u0631 \u0643\u0641\u0627\u0621\u0629 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0641\u064a \u062a\u0642\u0627\u0646\u0629 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0648\u062a\u0643\u0646\u0648\u0644\u0648\u062c\u064a\u0627 \u0627\u0644\u0627\u062a\u0635\u0627\u0644\u0627\u062a \u0639\u0644\u0649 \u0623\u062f\u0627\u0621 \u0627\u0644\u0645\u0635\u0627\u0631\u0641 \u0627\u0644\u0645\u0627\u0644\u064a \u0645\u0645\u062b\u0644\u0627\u064b \u0628\u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u0644\u064a\u0629 \u0627\u0644\u0639\u0627\u0626\u062f.<\/li>\n
            7. \u0641\u0631\u0636\u064a\u0627\u062a \u0627\u0644\u062f\u0631\u0627\u0633\u0629:<\/strong><\/li>\n<\/ol>\n

              \u062a\u062a\u0645\u062d\u0648\u0631 \u0641\u0631\u0636\u064a\u0627\u062a \u0627\u0644\u062f\u0631\u0627\u0633\u0629 \u0628\u062d\u0633\u0628 \u0623\u0647\u0645\u064a\u0629 \u0648\u0645\u0634\u0643\u0644\u0629 \u0627\u0644\u062f\u0631\u0627\u0633\u0629 \u0648\u0641\u0642 \u0645\u0627 \u064a\u0644\u064a:<\/p>\n

                \n
              1. \u0627\u0644\u0641\u0631\u0636\u064a\u0629 \u0627\u0644\u0631\u0626\u064a\u0633\u064a\u0629 \u0627\u0644\u0623\u0648\u0644\u0649: \u0644\u0627 \u062a\u0648\u062c\u062f \u0639\u0644\u0627\u0642\u0629 \u0630\u0627\u062a \u062f\u0644\u0627\u0644\u0629 \u0627\u062d\u0635\u0627\u0626\u064a\u0629 \u0628\u064a\u0646 \u062a\u0642\u0627\u0646\u0629 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0648\u0627\u0644\u0627\u062a\u0635\u0627\u0644\u0627\u062a \u0648\u0627\u0644\u0627\u062f\u0627\u0621 \u0627\u0644\u0645\u0627\u0644\u064a \u0644\u0644\u0645\u0635\u0627\u0631\u0641 \u0627\u0644\u0639\u0631\u0627\u0642\u064a\u0629<\/em>\u060c \u0648\u062a\u062a\u0641\u0631\u0639 \u0639\u0646\u0647\u0627 \u0627\u0644\u0641\u0631\u0636\u064a\u0627\u062a \u0627\u0644\u062a\u0627\u0644\u064a\u0629:\n
                  \n
                1. \u0639\u062f\u0645 \u0648\u062c\u0648\u062f \u0639\u0644\u0627\u0642\u0629 \u0627\u062d\u0635\u0627\u0626\u064a\u0629 \u0630\u064a \u062f\u0644\u0627\u0644\u0629 \u0645\u0639\u0646\u0648\u064a\u0629 \u0628\u064a\u0646 \u0627\u0639\u062a\u0645\u0627\u062f \u062a\u0642\u0627\u0646\u0629 \u0627\u0644\u0627\u062a\u0635\u0627\u0644\u0627\u062a \u0648\u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0627\u0644\u0623\u0635\u0648\u0644 \u0641\u064a \u0627\u0644\u0645\u0635\u0627\u0631\u0641 \u0627\u0644\u062a\u062c\u0627\u0631\u064a\u0629 \u0627\u0644\u062e\u0627\u0635\u0629 \u0641\u064a \u0627\u0644\u0639\u0631\u0627\u0642.<\/li>\n
                2. \u0639\u062f\u0645 \u0648\u062c\u0648\u062f \u0639\u0644\u0627\u0642\u0629 \u0627\u062d\u0635\u0627\u0626\u064a\u0629 \u0630\u064a \u062f\u0644\u0627\u0644\u0629 \u0645\u0639\u0646\u0648\u064a\u0629 \u0628\u064a\u0646 \u0627\u0639\u062a\u0645\u0627\u062f \u062a\u0642\u0627\u0646\u0629 \u0627\u0644\u0627\u062a\u0635\u0627\u0644\u0627\u062a \u0648\u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u0644\u064a\u0629 \u0641\u064a \u0627\u0644\u0645\u0635\u0627\u0631\u0641 \u0627\u0644\u062a\u062c\u0627\u0631\u064a\u0629 \u0627\u0644\u062e\u0627\u0635\u0629 \u0641\u064a \u0627\u0644\u0639\u0631\u0627\u0642.<\/li>\n<\/ol>\n<\/li>\n
                3. \u0627\u0644\u0641\u0631\u0636\u064a\u0629 \u0627\u0644\u0631\u0626\u064a\u0633\u064a\u0629 \u0627\u0644\u062b\u0627\u0646\u064a\u0629: \u0644\u0627 \u062a\u0648\u062c\u062f \u0639\u0644\u0627\u0642\u0629 \u0630\u0627\u062a \u062f\u0644\u0627\u0644\u0629 \u0627\u062d\u0635\u0627\u0626\u064a\u0629 \u0628\u064a\u0646 \u0643\u0641\u0627\u0621\u0629 \u0627\u0644\u0627\u0639\u062a\u0645\u0627\u062f \u0639\u0644\u0649 \u062a\u0642\u0627\u0646\u0629 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0648\u0627\u0644\u0627\u062a\u0635\u0627\u0644\u0627\u062a \u0639\u0644\u0649 \u0627\u0644\u0623\u062f\u0627\u0621 \u0627\u0644\u0645\u0627\u0644\u064a \u0644\u0644\u0645\u0635\u0627\u0631\u0641 \u0627\u0644\u0639\u0631\u0627\u0642\u064a\u0629<\/em>\u060c \u0648\u064a\u062a\u0641\u0631\u0639 \u0639\u0646\u0647\u0627 \u0627\u0644\u0641\u0631\u0636\u064a\u0627\u062a \u0627\u0644\u062a\u0627\u0644\u064a\u0629:\n
                    \n
                  1. \u0644\u0627 \u062a\u0648\u062c\u062f \u0639\u0644\u0627\u0642\u0629 \u0630\u0627\u062a \u062f\u0644\u0627\u0644\u0629 \u0627\u062d\u0635\u0627\u0626\u064a\u0629 \u0628\u064a\u0646 \u0643\u0641\u0627\u0621\u0629 \u0627\u0644\u0627\u0639\u062a\u0645\u0627\u062f \u0639\u0644\u0649 \u062a\u0642\u0627\u0646\u0629 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0648\u0627\u0644\u0627\u062a\u0635\u0627\u0644\u0627\u062a \u0648\u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0627\u0644\u0623\u0635\u0648\u0644 \u0641\u064a \u0627\u0644\u0645\u0635\u0627\u0631\u0641 \u0627\u0644\u062a\u062c\u0627\u0631\u064a\u0629 \u0627\u0644\u062e\u0627\u0635\u0629 \u0641\u064a \u0627\u0644\u0639\u0631\u0627\u0642.<\/li>\n
                  2. \u0644\u0627 \u062a\u0648\u062c\u062f \u0639\u0644\u0627\u0642\u0629 \u0630\u0627\u062a \u062f\u0644\u0627\u0644\u0629 \u0627\u062d\u0635\u0627\u0626\u064a\u0629 \u0628\u064a\u0646 \u0643\u0641\u0627\u0621\u0629 \u0627\u0644\u0627\u0639\u062a\u0645\u0627\u062f \u0639\u0644\u0649 \u062a\u0642\u0627\u0646\u0629 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0648\u0627\u0644\u0627\u062a\u0635\u0627\u0644\u0627\u062a \u0648\u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u0644\u064a\u0629 \u0641\u064a \u0627\u0644\u0645\u0635\u0627\u0631\u0641 \u0627\u0644\u062a\u062c\u0627\u0631\u064a\u0629 \u0627\u0644\u062e\u0627\u0635\u0629 \u0641\u064a \u0627\u0644\u0639\u0631\u0627\u0642.<\/li>\n<\/ol>\n<\/li>\n
                  3. \u0645\u062c\u062a\u0645\u0639 \u0648\u0639\u064a\u0646\u0629 \u0627\u0644\u062f\u0631\u0627\u0633\u0629:<\/strong><\/li>\n<\/ol>\n

                    \u0645\u0646 \u062e\u0644\u0627\u0644 \u0633\u0648\u0642 \u0627\u0644\u0639\u0631\u0627\u0642 \u0644\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0629\u060c \u062a\u0645 \u062a\u062d\u062f\u064a\u062f \u0645\u062c\u062a\u0645\u0639 \u0627\u0644\u0628\u062d\u062b \u0645\u0645\u062b\u0644\u0627\u064f \u0628\u0627\u0644\u0645\u0635\u0627\u0631\u0641 \u0627\u0644\u062a\u062c\u0627\u0631\u064a\u0629 \u0627\u0644\u062e\u0627\u0635\u0629 \u0627\u0644\u0639\u0631\u0627\u0642\u064a\u0629 \u0627\u0644\u0645\u062f\u0631\u062c\u0629 \u0641\u064a \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0646\u0638\u0627\u0645\u064a\u0629 \u0648\u0639\u062f\u062f\u0647\u0627 20 \u0645\u0635\u0631\u0641 \u0643\u0645\u0627 \u0647\u064a \u0641\u064a \u0639\u0627\u0645 2021. \u0648\u0628\u0627\u0646\u062a\u0642\u0627\u0621 \u0639\u064a\u0646\u0629 \u0645\u0646 \u0623\u0643\u0628\u0631 5 \u0645\u0635\u0627\u0631\u0641 \u0628\u0627\u0644\u0642\u064a\u0645\u0629 \u0627\u0644\u0633\u0648\u0642\u064a\u0629 \u062d\u0633\u0628 \u062a\u0642\u0631\u064a\u0631 \u0633\u0648\u0642 \u0627\u0644\u0639\u0631\u0627\u0642 \u0644\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0644\u0639\u0627\u0645 2020\u064a\u0643\u0648\u0646 \u0644\u062f\u064a\u0646\u0627 \u0627\u0644\u0639\u064a\u0646\u0629 \u0627\u0644\u062a\u0627\u0644\u064a\u0629:<\/p>\n\n\n\n\n\n\n\n\n
                    \u0627\u0644\u0642\u064a\u0645\u0629 \u0627\u0644\u0633\u0648\u0642\u064a\u0629 (\u0645\u0644\u064a\u0648\u0646 \u062f\u064a\u0646\u0627\u0631 \u0639\u0631\u0627\u0642\u064a)<\/strong><\/td>\n\u0627\u0644\u0631\u0645\u0632<\/strong><\/td>\n\u0627\u0633\u0645 \u0627\u0644\u0645\u0635\u0631\u0641<\/strong><\/td>\n<\/tr>\n
                    404,000<\/strong><\/td>\nBKUI<\/strong><\/td>\n\u0643\u0631\u062f\u0633\u062a\u0627\u0646<\/strong><\/td>\n<\/tr>\n
                    264,000<\/strong><\/td>\nBTRI<\/strong><\/td>\n\u0639\u0628\u0631 \u0627\u0644\u0639\u0631\u0627\u0642<\/strong><\/td>\n<\/tr>\n
                    263,550<\/strong><\/td>\nBNAI<\/strong><\/td>\n\u0627\u0644\u0648\u0637\u0646\u064a \u0627\u0644\u0627\u0633\u0644\u0627\u0645\u064a<\/strong><\/td>\n<\/tr>\n
                    250,000<\/strong><\/td>\nBNOI<\/strong><\/td>\n\u0627\u0644\u0623\u0647\u0644\u064a \u0627\u0644\u0639\u0631\u0627\u0642\u064a<\/strong><\/td>\n<\/tr>\n
                    162,500<\/strong><\/td>\nBOB<\/strong><\/td>\n\u0645\u0635\u0631\u0641 \u0628\u063a\u062f\u0627\u062f<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

                    \u0648\u0633\u064a\u062a\u0645 \u0627\u0633\u062a\u062b\u0646\u0627\u0621 \u0627\u0644\u0645\u0635\u0627\u0631\u0641 \u0627\u0644\u0627\u0633\u0644\u0627\u0645\u064a\u0629 \u0645\u0646 \u0639\u064a\u0646\u0629 \u0627\u0644\u0628\u062d\u062b \u0644\u062a\u0635\u0628\u062d \u0627\u0644\u0639\u064a\u0646\u0629 4 \u0645\u0635\u0627\u0631\u0641 \u062a\u062c\u0627\u0631\u064a\u0629 \u062e\u0627\u0635\u0629. \u062d\u064a\u062b \u0633\u064a\u062a\u0645 \u062c\u0645\u0639 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u0645\u0646 \u0627\u0644\u062a\u0642\u0627\u0631\u064a\u0631 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0627\u0644\u0633\u0646\u0648\u064a\u0629 \u0627\u0644\u0645\u0646\u0634\u0648\u0631\u0629 \u0639\u0644\u0649 \u0645\u0648\u0642\u0639 \u0633\u0648\u0642 \u0627\u0644\u0639\u0631\u0627\u0642 \u0644\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0648\u0627\u0644\u062e\u0627\u0635\u0629 \u0628\u0643\u0644 \u0628\u0646\u0643 \u0639\u0646 \u0627\u0644\u0641\u062a\u0631\u0629 2016 \u062d\u062a\u0649 2020 \u0648\u0630\u0644\u0643 \u0643\u0648\u0646 \u0628\u0646\u062f \u062a\u0643\u0644\u0641\u0629 \u062a\u0642\u0627\u0646\u0629 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0648\u0627\u0644\u0627\u062a\u0635\u0627\u0644\u0627\u062a \u0644\u0645 \u064a\u062a\u0645 \u0642\u064a\u062f\u0647 \u0635\u0631\u0627\u062d\u0629 \u0641\u064a \u0627\u0644\u0642\u0648\u0627\u0626\u0645 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0639\u0646 \u0627\u0644\u0623\u0639\u0648\u0627\u0645 \u0627\u0644\u0633\u0627\u0628\u0642\u0629 \u0644\u0639\u064a\u0646\u0629 \u0627\u0644\u062f\u0631\u0627\u0633\u0629.<\/p>\n

                      \n
                    1. \u0627\u0644\u062f\u0631\u0627\u0633\u0627\u062a \u0627\u0644\u0633\u0627\u0628\u0642\u0629:<\/strong><\/li>\n
                    2. \u062f\u0631\u0627\u0633\u0629 (\u0627\u0644\u0628\u0648\u062f\u064a \u0648\u0627\u0644\u0639\u0645\u0627\u0631\u061b 2020) \u0628\u0639\u0646\u0648\u0627\u0646 (\u062f\u0648\u0631 \u062c\u0648\u062f\u0629 \u0627\u0644\u062e\u062f\u0645\u0629 \u0627\u0644\u0645\u0635\u0631\u0641\u064a\u0629 \u0641\u064a \u062a\u0628\u0646\u064a \u062a\u0642\u0646\u064a\u0627\u062a \u062a\u0643\u0646\u0648\u0644\u0648\u062c\u064a\u0627 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0648\u0627\u0644\u0627\u062a\u0635\u0627\u0644\u0627\u062a \u2013 \u062f\u0631\u0627\u0633\u0629 \u0639\u064a\u0646\u0629 \u0644\u0628\u0639\u0636 \u0641\u0631\u0648\u0639 \u0627\u0644\u0645\u0635\u0627\u0631\u0641 \u0627\u0644\u062e\u0627\u0635\u0629 \u0627\u0644\u0639\u0627\u0645\u0644\u0629 \u0641\u064a \u0627\u0644\u0644\u0627\u0630\u0642\u064a\u0629):<\/li>\n<\/ol>\n

                      \u0647\u062f\u0641 \u0627\u0644\u0628\u062d\u062b \u0625\u0644\u0649 \u062a\u062d\u062f\u064a\u062f \u0623\u062b\u0631 \u062c\u0648\u062f\u0629 \u0627\u0644\u062e\u062f\u0645\u0629 \u0627\u0644\u0645\u0642\u062f\u0645\u0629 \u0645\u0646 \u0627\u0644\u0645\u0635\u0627\u0631\u0641 \u0641\u064a \u062a\u0628\u0646\u064a \u062a\u0642\u0646\u064a\u0627\u062a \u062a\u0643\u0646\u0648\u0644\u0648\u062c\u064a\u0627 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0648\u0627\u0644\u0627\u062a\u0635\u0627\u0644\u0627\u062a (\u062a\u0642\u0646\u064a\u0629 \u0627\u0644\u0645\u0648\u0628\u0627\u064a\u0644 \u0627\u0644\u0645\u0635\u0631\u0641\u064a)\u060c \u0648\u0641\u064a \u0632\u064a\u0627\u062f\u0629 \u0648\u0644\u0627\u0621 \u0627\u0644\u0639\u0645\u0644\u0627\u0621 \u0644\u0644\u0645\u0635\u0631\u0641. \u0642\u0627\u0645 \u0627\u0644\u0628\u0627\u062d\u062b \u0628\u062a\u0648\u0632\u064a\u0639 80 \u0627\u0633\u062a\u0628\u0627\u0646\u0629 \u0639\u0644\u0649 \u0645\u0648\u0638\u0641\u064a \u0641\u0631\u0648\u0639 \u0627\u0644\u0645\u0635\u0627\u0631\u0641 \u0627\u0644\u062e\u0627\u0635\u0629 \u0627\u0644\u0639\u0627\u0645\u0644\u0629 \u0641\u064a \u0645\u062d\u0627\u0641\u0638\u0629 \u0627\u0644\u0644\u0627\u0630\u0642\u064a\u0629 \u0648\u062d\u0635\u0644 \u0639\u0644\u0649 72 \u0627\u0633\u062a\u0628\u0627\u0646\u0629 \u0642\u0627\u0645 \u0628\u062a\u062d\u0644\u064a\u0644 \u0645\u062e\u0631\u062c\u0627\u062a\u0647\u0627\u060c \u0648\u0642\u062f \u062e\u0644\u0635\u062a \u0627\u0644\u062f\u0631\u0627\u0633\u0629 \u0625\u0644\u0649 \u0648\u062c\u0648\u062f \u0639\u0644\u0627\u0642\u0629 \u0630\u0627\u062a \u062f\u0644\u0627\u0644\u0629 \u0645\u0639\u0646\u0648\u064a\u0629 \u0628\u064a\u0646 \u0627\u0644\u0645\u0646\u0641\u0639\u0629 \u0627\u0644\u0645\u062f\u0631\u0643\u0629 \u0648\u0633\u0647\u0648\u0644\u0629 \u0627\u0644\u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u0645\u062f\u0631\u0643\u0629 \u0648\u062a\u0628\u0646\u064a \u0627\u0644\u0639\u0645\u0644\u0627\u0621 \u0644\u062e\u062f\u0645\u0629 \u0627\u0644\u0645\u0648\u0628\u0627\u064a\u0644 \u0627\u0644\u0645\u0635\u0631\u0641\u064a\u060c \u0643\u0645\u0627 \u0623\u0646 \u0627\u0644\u0645\u0646\u0641\u0639\u0629 \u0627\u0644\u062a\u064a \u064a\u062d\u0635\u0644 \u0639\u0644\u064a\u0647\u0627 \u0627\u0644\u0639\u0645\u0644\u0627\u0621 \u0645\u0646 \u0648\u0633\u0647\u0648\u0644\u0629 \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u062e\u062f\u0645\u0629 \u0627\u0644\u0645\u0635\u0631\u0641\u064a\u0629 \u0644\u0647 \u062a\u0623\u062b\u064a\u0631 \u0643\u0628\u064a\u0631 \u0641\u064a \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u0639\u0645\u0644\u0627\u0621 \u062a\u0642\u0646\u064a\u0629 \u0627\u0644\u0645\u0648\u0628\u0627\u064a\u0644 \u0627\u0644\u0645\u0635\u0631\u0641\u064a \u0641\u064a \u062a\u0639\u0627\u0645\u0644\u0627\u062a\u0647\u0645 \u0627\u0644\u0645\u0635\u0631\u0641\u064a\u0629.<\/p>\n

                        \n
                      1. \u062f\u0631\u0627\u0633\u0629 (\u0627\u0628\u0631\u0627\u0647\u064a\u0645 \u0648\u0628\u064a\u0637\u0627\u0631\u061b 2019) \u0628\u0639\u0646\u0648\u0627\u0646 (\u0623\u062b\u0631 \u062a\u0643\u0646\u0648\u0644\u0648\u062c\u064a\u0627 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0648\u0627\u0644\u0627\u062a\u0635\u0627\u0644\u0627\u062a \u0641\u064a \u0627\u0644\u0627\u062f\u0627\u0621 \u0627\u0644\u0645\u0627\u0644\u064a \u0644\u0644\u0645\u0635\u0627\u0631\u0641 \u0627\u0644\u062a\u062c\u0627\u0631\u064a\u0629 \u0627\u0644\u062e\u0627\u0635\u0629 \u0641\u064a \u0633\u0648\u0631\u064a\u0629):<\/li>\n<\/ol>\n

                        \u0627\u0633\u062a\u0646\u062c\u062a \u0627\u0644\u062f\u0631\u0627\u0633\u0629 \u0639\u0644\u0649 \u062a\u062d\u0644\u064a\u0644 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u0628\u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0633\u0644\u0648\u0628Panal Data\u060c \u0648\u0630\u0644\u0643 \u0644\u0628\u064a\u0627\u0646\u0627\u062a \u0627\u0644\u0642\u0648\u0627\u0626\u0645 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0641\u064a \u0627\u0644\u062a\u0642\u0627\u0631\u064a\u0631 \u0627\u0644\u0633\u0646\u0648\u064a\u0629 \u0644\u0640 7 \u0645\u0635\u0627\u0631\u0641 \u062a\u062c\u0627\u0631\u064a\u0629 \u0633\u0648\u0631\u064a\u0629 \u062e\u0644\u0627\u0644 \u0627\u0644\u0641\u062a\u0631\u0629 2010-2017. \u0648\u0643\u0627\u0646 \u0627\u0644\u0628\u0627\u062d\u062b\u0648\u0646 \u0642\u062f \u0627\u062e\u062a\u0627\u0631\u0648\u0627 \u0645\u0639\u062f\u0644 \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0627\u0644\u0623\u0635\u0648\u0644 ROA \u0648\u0645\u0639\u062f\u0644 \u0627\u0644\u0645\u062f\u064a\u0648\u0646\u064a\u0629 DR \u0643\u0645\u062a\u063a\u064a\u0631\u0627\u062a \u062a\u0627\u0628\u0639\u0629 \u062a\u0645\u062b\u0644 \u0627\u0644\u0623\u062f\u0627\u0621 \u0627\u0644\u0645\u0627\u0644\u064a \u0644\u0644\u0645\u0635\u0627\u0631\u0641 \u0645\u0642\u0627\u0628\u0644 \u0627\u0644\u0627\u0639\u062a\u0645\u0627\u062f \u0639\u0644\u0649 \u0627\u0644\u0645\u0628\u0627\u0644\u063a \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u0629 \u0641\u064a \u0627\u0644\u0628\u0631\u0627\u0645\u062c \u0648\u0627\u0644\u0623\u062c\u0647\u0632\u0629 \u0643\u0645\u062a\u063a\u064a\u0631\u0627\u062a \u062a\u0627\u0628\u0639\u0629. \u0643\u0645\u0627 \u062a\u0645 \u0627\u0644\u0627\u0633\u062a\u0639\u0627\u0646\u0629 \u0628\u0646\u0633\u0628\u0629 \u0627\u0644\u0648\u062f\u0627\u0626\u0639 \u0639\u0644\u0649 \u0627\u0644\u0623\u0635\u0648\u0644 \u0643\u0645\u062a\u063a\u064a\u0631 \u0636\u0627\u0628\u0637. \u0628\u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0628\u0631\u0646\u0627\u0645\u062c \u0627\u0644\u062a\u062d\u0644\u064a\u0644 \u0627\u0644\u0627\u062d\u0635\u0627\u0626\u064a EVIews 9.5\u0648\u062c\u062f\u062a \u0627\u0644\u062f\u0631\u0627\u0633\u0629 \u0625\u0644\u0649 \u0623\u0646 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u0627\u062a \u0641\u064a \u0627\u0644\u0623\u062c\u0647\u0632\u0629 \u0644\u0627 \u062a\u0624\u062b\u0631 \u0641\u064a \u0645\u0639\u062f\u0644 \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0627\u0644\u0623\u0635\u0648\u0644 \u0648\u0645\u0639\u062f\u0644 \u0627\u0644\u0645\u062f\u064a\u0648\u0646\u064a\u0629 \u0641\u064a \u062d\u064a\u0646 \u0623\u0646 \u0627\u0644\u0645\u0628\u0627\u0644\u063a \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u0629 \u0641\u064a \u0627\u0644\u0628\u0631\u0627\u0645\u062c \u062a\u0624\u062b\u0631 \u0641\u064a \u0645\u0639\u062f\u0644 \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0627\u0644\u0623\u0635\u0648\u0644 \u0644\u0643\u0646 \u0644\u0627 \u062a\u0624\u062b\u0631 \u0641\u064a \u0645\u0639\u062f\u0644 \u0627\u0644\u0645\u062f\u064a\u0648\u0646\u064a\u0629.<\/p>\n

                          \n
                        1. \u062f\u0631\u0627\u0633\u0629 (\u0627\u0644\u062c\u0628\u0648\u0631\u064a\u061b 2016) \u0628\u0639\u0646\u0648\u0627\u0646 (\u062f\u0648\u0631 \u062a\u0643\u0646\u0648\u0644\u0648\u062c\u064a\u0627 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0641\u064a \u062a\u062d\u0633\u064a\u0646 \u0627\u0644\u0623\u062f\u0627\u0621 \u0627\u0644\u0645\u0635\u0631\u0641\u064a \u2013 \u0628\u062d\u062b \u0641\u064a \u0639\u064a\u0646\u0629 \u0645\u0646 \u0627\u0644\u0645\u0635\u0627\u0631\u0641 \u0627\u0644\u062e\u0627\u0635\u0629 \u0627\u0644\u0639\u0631\u0627\u0642\u064a\u0629):<\/li>\n<\/ol>\n

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                            \n
                          1. \u062f\u0631\u0627\u0633\u0629 (Rashid; 2018) \u0628\u0639\u0646\u0648\u0627\u0646 (Impact of Information Technology (IT) Investment on Banks\u2019 Performance: A Study on Dhaka Stock Exchange (DSE) Listed Banks of Bangladesh) (\u0623\u062b\u0631 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0641\u064a \u062a\u0643\u0646\u0648\u0644\u0648\u062c\u064a\u0627 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0639\u0644\u0649 \u0623\u062f\u0627\u0621 \u0627\u0644\u0645\u0635\u0627\u0631\u0641- \u062f\u0631\u0627\u0633\u0629 \u0639\u0644\u0649 \u0627\u0644\u0645\u0635\u0627\u0631\u0641 \u0627\u0644\u0645\u062f\u0631\u062c\u0629 \u0641\u064a \u0633\u0648\u0642 \u062f\u0643\u0627 \u0644\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0641\u064a \u0628\u0646\u063a\u0644\u0627\u062f\u064a\u0634):<\/li>\n<\/ol>\n

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                              \n
                            1. \u062f\u0631\u0627\u0633\u0629 (Takedo et.al; 2020) \u0628\u0639\u0646\u0648\u0627\u0646 (The Impact of Information Technology Investment Announcements on the Market Value of the Japanese Regional Banks) (\u062a\u0623\u062b\u064a\u0631 \u0627\u0639\u0644\u0627\u0646\u0627\u062a \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0641\u064a \u062a\u0643\u0646\u0648\u0644\u0648\u062c\u064a\u0627 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0639\u0644\u0649 \u0627\u0644\u0642\u064a\u0645\u0629 \u0627\u0644\u0633\u0648\u0642\u064a\u0629 \u0644\u0644\u0645\u0635\u0627\u0631\u0641 \u0627\u0644\u064a\u0627\u0628\u0627\u0646\u064a\u0629 \u0627\u0644\u0627\u0642\u0644\u064a\u0645\u064a\u0629):<\/li>\n<\/ol>\n

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                                \n
                              1. \u0645\u0627 \u064a\u0645\u064a\u0632 \u0627\u0644\u062f\u0631\u0627\u0633\u0629 \u0627\u0644\u0645\u0642\u062f\u0645\u0629:<\/strong><\/li>\n<\/ol>\n

                                \u0625\u0646 \u062f\u0631\u0627\u0633\u062a\u0646\u0627 \u0627\u0644\u0645\u0642\u062f\u0645\u0629 \u062a\u0639\u0646\u0649 \u0628\u062f\u0631\u0627\u0633\u0629 \u0639\u064a\u0646\u0629 \u0645\u0646 4 \u0645\u0635\u0627\u0631\u0641 \u062a\u062c\u0627\u0631\u064a\u0629 \u062e\u0627\u0635\u0629 \u0645\u062f\u0631\u062c\u0629 \u0641\u064a \u0633\u0648\u0642 \u0627\u0644\u0639\u0631\u0627\u0642 \u0644\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0629\u060c \u0648\u0639\u0644\u0649 \u0627\u0644\u0631\u063a\u0645 \u0645\u0646 \u0623\u0646 \u062f\u0631\u0627\u0633\u0629 (\u0627\u0644\u062c\u0628\u0648\u0631\u064a\u061b 2016) \u0643\u0627\u0646\u062a \u062a\u0639\u0646\u0649 \u0628\u062f\u0631\u0627\u0633\u0629 \u0639\u064a\u0646\u0629 \u0645\u0634\u0627\u0628\u0647\u0629 \u0644\u0646\u0641\u0633 \u0627\u0644\u0645\u0648\u0636\u0648\u0639 \u0625\u0644\u0627 \u0623\u0646\u0646\u0627 \u0642\u0645\u0646\u0627 \u0628\u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u062a\u062d\u0644\u064a\u0644 \u0627\u0644\u0643\u0645\u064a \u0645\u0646 \u062e\u0644\u0627\u0644 \u062a\u062d\u0644\u064a\u0644 \u0639\u0644\u0627\u0642\u0629 \u062a\u0642\u0646\u064a\u0627\u062a \u0627\u0644\u0627\u062a\u0635\u0627\u0644\u0627\u062a \u0639\u0644\u0649 \u0627\u062f\u0627\u0621 \u0627\u0644\u0645\u0635\u0627\u0631\u0641 \u0627\u0644\u0639\u0631\u0627\u0642\u064a\u0629\u060c \u062d\u064a\u062b \u062a\u0645 \u0627\u0644\u0627\u0639\u062a\u0645\u0627\u062f \u0639\u0644\u0649 \u0627\u0644\u0645\u0635\u0627\u0631\u0641 \u0627\u0644\u0623\u0643\u0628\u0631 \u0628\u0627\u0644\u0642\u064a\u0645\u0629 \u0627\u0644\u0633\u0648\u0642\u064a\u0629 \u0628\u0627\u0646\u062a\u0642\u0627\u0621 \u0639\u064a\u0646\u0629 \u0645\u0646 4 \u0645\u0635\u0627\u0631\u0641 \u0645\u0646 \u0627\u062c\u0645\u0627\u0644\u064a \u0627\u0644\u0645\u0635\u0627\u0631\u0641 \u0641\u064a \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0646\u0638\u0627\u0645\u064a\u0629 \u0641\u064a \u0633\u0648\u0642 \u0627\u0644\u0639\u0631\u0627\u0642 \u0644\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0645\u0645\u0627 \u0642\u062f \u064a\u0633\u0647\u0645 \u0641\u064a \u062a\u062d\u062f\u064a\u062f \u0645\u0624\u0634\u0631 \u0623\u0648\u0644\u064a \u0644\u0623\u062b\u0631 \u0627\u0639\u062a\u0645\u0627\u062f \u062a\u0642\u0646\u064a\u0627\u062a \u0627\u0644\u0627\u062a\u0635\u0627\u0644\u0627\u062a \u0648\u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0639\u0644\u0649 \u0627\u0644\u0623\u062f\u0627\u0621 \u0627\u0644\u0645\u0627\u0644\u064a \u0644\u0644\u0642\u0637\u0627\u0639 \u0627\u0644\u0645\u0635\u0631\u0641\u064a \u0641\u064a \u0627\u0644\u0639\u0631\u0627\u0642.<\/p>\n

                                  \n
                                1. \u062d\u062f\u0648\u062f \u0627\u0644\u0628\u062d\u062b:<\/strong><\/li>\n<\/ol>\n

                                  \u0627\u0644\u062d\u062f\u0648\u062f \u0627\u0644\u0632\u0645\u0627\u0646\u064a\u0629: \u064a\u0646\u062d\u0635\u0631 \u0627\u0644\u0627\u0637\u0627\u0631 \u0627\u0644\u0632\u0645\u0646\u064a \u0644\u0644\u0628\u062d\u062b \u062e\u0644\u0627\u0644 \u0627\u0644\u0641\u062a\u0631\u0629 2016-2020 \u0648\u0630\u0644\u0643 \u0643\u0648\u0646 \u0628\u0646\u062f \u062a\u0643\u0644\u0641\u0629 \u062a\u0642\u0627\u0646\u0629 \u0627\u0644\u0627\u062a\u0635\u0627\u0644\u0627\u062a \u0648\u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0644\u0645 \u064a\u062a\u0645 \u0630\u0643\u0631\u0647 \u0635\u0631\u0627\u062d\u0629 \u0641\u064a \u0627\u064a\u0636\u0627\u062d\u0627\u062a \u0627\u0644\u0642\u0648\u0627\u0626\u0645 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0644\u0645\u0635\u0627\u0631\u0641 \u0639\u064a\u0646\u0629 \u0627\u0644\u062f\u0631\u0627\u0633\u0629 \u0639\u0646 \u0627\u0644\u0641\u062a\u0631\u0629 \u0642\u0628\u0644 2016.<\/p>\n

                                  \u0627\u0644\u062d\u062f\u0648\u062f \u0627\u0644\u0645\u0643\u0627\u0646\u064a\u0629: \u0648\u0647\u064a \u0645\u062d\u062f\u062f\u0629 \u062a\u0628\u0639\u0627\u064b \u0644\u0645\u062c\u062a\u0645\u0639 \u0639\u064a\u0646\u0629 \u0627\u0644\u0628\u062d\u062b \u0627\u0644\u0645\u0645\u062b\u0644 \u0644\u0644\u0645\u0635\u0627\u0631\u0641 \u0627\u0644\u062e\u0627\u0635\u0629 \u0627\u0644\u0639\u0627\u0645\u0644\u0629 \u0641\u064a \u0627\u0644\u0639\u0631\u0627\u0642.<\/p>\n

                                    \n
                                  1. \u0637\u0631\u0627\u0626\u0642 \u062c\u0645\u0639 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a:<\/strong><\/li>\n<\/ol>\n

                                    \u0633\u064a\u062a\u0645 \u0627\u0633\u062a\u062e\u0631\u0627\u062c \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u0645\u0646 \u0627\u0644\u0642\u0648\u0627\u0626\u0645 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0641\u064a \u0627\u0644\u062a\u0642\u0627\u0631\u064a\u0631 \u0627\u0644\u0633\u0646\u0648\u064a\u0629 \u0627\u0644\u0645\u0646\u0634\u0648\u0631\u0629 \u0639\u0644\u0649 \u0645\u0648\u0642\u0639 \u0647\u064a\u0626\u0629 \u0633\u0648\u0642 \u0627\u0644\u0639\u0631\u0627\u0642 \u0644\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0644\u0645\u0635\u0627\u0631\u0641 \u0639\u064a\u0646\u0629 \u0627\u0644\u062f\u0631\u0627\u0633\u0629.<\/p>\n

                                      \n
                                    1. \u0645\u062a\u063a\u064a\u0631\u0627\u062a \u0627\u0644\u0628\u062d\u062b:<\/strong><\/li>\n<\/ol>\n

                                      \u0627\u0644\u0645\u062a\u063a\u064a\u0631 \u0627\u0644\u0645\u0633\u062a\u0642\u0644:<\/p>\n

                                        \n
                                      • \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u062a\u0642\u0627\u0646\u0629 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0648\u0627\u0644\u0627\u062a\u0635\u0627\u0644\u0627\u062aITinv<\/sub> \u0648\u062a\u0645 \u0627\u0639\u062a\u0645\u0627\u062f \u0646\u0641\u0642\u0627\u062a \u0627\u0644\u0627\u062a\u0635\u0627\u0644\u0627\u062a \u0648\u0627\u0646\u062a\u0631\u0646\u062a \u0641\u064a \u0627\u0644\u0646\u0641\u0642\u0627\u062a \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a\u0629 \u0648\u0627\u0644\u0627\u062f\u0627\u0631\u064a\u0629 \u0641\u064a \u0627\u0644\u0642\u0648\u0627\u0626\u0645 \u0627\u0644\u0645\u0627\u0644\u064a\u0629.<\/li>\n
                                      • \u0643\u0641\u0627\u0621\u0629 \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u062a\u0642\u0627\u0646\u0629 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0648\u0627\u0644\u0627\u062a\u0635\u0627\u0644\u0627\u062a ITeff<\/sub>\u0639\u0646 \u0637\u0631\u064a\u0642 \u0642\u0633\u0645\u0629 \u0625\u062c\u0645\u0627\u0644\u064a \u0627\u0644\u0631\u0628\u062d \u0639\u0644\u0649 \u0646\u0641\u0642\u0629 \u0627\u0644\u0627\u062a\u0635\u0627\u0644\u0627\u062a \u0648\u0627\u0644\u0627\u0646\u062a\u0631\u0646\u062a.<\/li>\n<\/ul>\n

                                        \u0627\u0644\u0645\u062a\u063a\u064a\u0631 \u0627\u0644\u062a\u0627\u0628\u0639:<\/p>\n

                                        \u0645\u0645\u062b\u0644\u0627\u064b \u0628\u0627\u0644\u0627\u062f\u0627\u0621 \u0627\u0644\u0645\u0627\u0644\u064a \u0644\u0644\u0645\u0635\u0631\u0641 BPerfi,t<\/sub> \u062d\u064a\u062b \u0623\u0646 i \u062a\u0645\u062b\u0644 \u0627\u0644\u0645\u0635\u0631\u0641 \u0648t \u062a\u0645\u062b\u0644 \u0627\u0644\u0632\u0645\u0646.<\/p>\n

                                          \n
                                        • \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0627\u0644\u0623\u0635\u0648\u0644: \u0646\u0633\u0628\u0629 \u0635\u0627\u0641\u064a \u0627\u0644\u0631\u0628\u062d \u0628\u0639\u062f \u0627\u0644\u0636\u0631\u064a\u0628\u0629 \u0648\u0627\u0644\u0641\u0648\u0627\u0626\u062f \u0625\u0644\u0649 \u0627\u062c\u0645\u0627\u0644\u064a \u0627\u0644\u0623\u0635\u0648\u0644 ROA.<\/li>\n
                                        • \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u0644\u064a\u0629: \u0646\u0633\u0628\u0629 \u0635\u0627\u0641\u064a \u0627\u0644\u0631\u0628\u062d \u0628\u0639\u062f \u0627\u0644\u0636\u0631\u064a\u0628\u0629 \u0648\u0627\u0644\u0641\u0648\u0627\u0626\u062f \u0625\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 ROE.<\/li>\n<\/ul>\n

                                          \u0627\u0644\u0645\u062a\u063a\u064a\u0631 \u0627\u0644\u0636\u0627\u0628\u0637:<\/p>\n

                                            \n
                                          • \u0646\u0633\u0628\u0629 \u0627\u064a\u0631\u0627\u062f \u0628\u0637\u0627\u0642\u0627\u062a \u0627\u0644\u0627\u0626\u062a\u0645\u0627\u0646 \u0645\u0646 \u0627\u062c\u0645\u0627\u0644\u064a \u0627\u064a\u0631\u0627\u062f\u0627\u062a \u0627\u0644\u0641\u0648\u0627\u0626\u062f (\u0627\u0644\u062a\u0633\u0647\u064a\u0644\u0627\u062a \u0627\u0644\u0627\u0626\u062a\u0645\u0627\u0646\u064a\u0629 \u0627\u0644\u0645\u0628\u0627\u0634\u0631\u0629) ATMre<\/sub>.<\/li>\n<\/ul>\n

                                            \u0648\u0639\u0644\u064a\u0647 \u064a\u0645\u0643\u0646 \u0627\u0644\u062a\u0639\u0628\u064a\u0631 \u0639\u0646 \u0645\u0639\u0627\u062f\u0644\u0629 \u0627\u0644\u0627\u0646\u062d\u062f\u0627\u0631 \u0639\u0644\u0649 \u0627\u0644\u0634\u0643\u0644 \u0627\u0644\u062a\u0627\u0644\u064a:<\/p>\n

                                            BPerfi,t<\/sub>= a0 <\/sub>+ a1<\/sub>ITinv<\/sub>+ a2<\/sub>ITeff<\/sub>+ a3 <\/sub>ATMre<\/sub>+ ei,t<\/sub><\/em><\/strong><\/p>\n

                                            e\u064a\u0645\u062b\u0644 \u0627\u0644\u062e\u0637\u0623 \u0627\u0644\u0639\u0634\u0648\u0627\u0626\u064a.<\/p>\n

                                              \n
                                            1. \u0637\u0631\u0642 \u0627\u0644\u0628\u062d\u062b:<\/strong><\/li>\n<\/ol>\n

                                              \u0633\u064a\u062a\u0645 \u0627\u0644\u0639\u0645\u0644 \u0639\u0644\u0649 \u0627\u0644\u062a\u0623\u0643\u062f \u0645\u0646 \u0639\u062f\u0645 \u0648\u062c\u0648\u062f \u0645\u0634\u0643\u0644\u0629 \u0627\u0644\u0627\u0631\u062a\u0628\u0627\u0637 \u0627\u0644\u0645\u062a\u0639\u062f\u062f \u0639\u0646 \u0637\u0631\u064a\u0642 \u0627\u062c\u0631\u0627\u0621 \u0627\u062e\u062a\u0628\u0627\u0631 \u0645\u0639\u0627\u0645\u0644 \u062a\u0636\u062e\u0645 \u0627\u0644\u062a\u0628\u0627\u064a\u0646\u060c \u062b\u0645 \u0627\u062c\u0631\u0627\u0621 \u0627\u062e\u062a\u0628\u0627\u0631\u0627\u062a \u0627\u0644\u0627\u0633\u062a\u0642\u0631\u0627\u0631\u064a\u0629 \u0644\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u0645\u0646 \u062e\u0644\u0627\u0644 \u0627\u062e\u062a\u0628\u0627\u0631\u0627\u062a (LLC,ASF,PP)\u060c \u0648\u0644\u0627\u062e\u062a\u064a\u0627\u0631 \u0627\u0644\u0646\u0645\u0648\u0630\u062c \u0627\u0644\u0645\u0646\u0627\u0633\u0628 \u0645\u0646 \u0646\u0645\u0627\u0630\u062c Panal Data \u0633\u064a\u062a\u0645 \u0627\u0644\u0639\u0645\u0644 \u0639\u0644\u0649 \u0627\u062e\u062a\u0628\u0627\u0631 \u0645\u0636\u0627\u0639\u0641 \u0644\u0627\u063a\u0631\u0627\u0646\u062c (LM Test)\u060c \u0648\u0644\u0644\u062a\u0623\u0643\u062f \u0645\u0646 \u0623\u0646 \u062c\u0645\u064a\u0639 \u0627\u0644\u0646\u0645\u0627\u0630\u062c \u062c\u064a\u062f\u0629 \u0648\u0635\u0627\u0644\u062d\u0629 \u0644\u062a\u062d\u062f\u064a\u062f \u062d\u0631\u0643\u0629 \u0627\u0644\u0645\u062a\u063a\u064a\u0631 \u0627\u0644\u062a\u0627\u0628\u0639 \u0628\u0627\u0644\u0627\u0639\u062a\u0645\u0627\u062f \u0639\u0644\u0649 \u0627\u0644\u0645\u062a\u063a\u064a\u0631\u0627\u062a \u0627\u0644\u0645\u0633\u062a\u0642\u0644\u0629 \u0633\u064a\u062a\u0645 \u0627\u062c\u0631\u0627\u0621 \u0627\u062e\u062a\u0628\u0627\u0631\u0627\u062a \u0639\u0644\u0649 \u0627\u0644\u0628\u0648\u0627\u0642\u064a\u060c \u0633\u064a\u0639\u062a\u0645\u062f \u0627\u0644\u0628\u0627\u062d\u062b \u0639\u0644\u0649 \u0628\u0631\u0646\u0627\u0645\u062c EViews 10.0 \u0641\u064a \u0627\u062c\u0631\u0627\u0621 \u0627\u0644\u0627\u062e\u062a\u0628\u0627\u0631\u0627\u062a \u0627\u0644\u0633\u0627\u0628\u0642\u0629.<\/p>\n

                                                \n
                                              1. \u0627\u0644\u0627\u0637\u0627\u0631 \u0627\u0644\u0646\u0638\u0631\u064a \u0644\u0644\u0628\u062d\u062b:<\/strong><\/li>\n<\/ol>\n

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                                                \u0648\u0646\u0638\u0631\u0627\u064b \u0644\u0644\u062f\u0648\u0631 \u0627\u0644\u0643\u0628\u064a\u0631 \u0644\u0647\u0630\u0647 \u0627\u0644\u062a\u0643\u0646\u0648\u0644\u0648\u062c\u064a\u0627 \u0641\u0625\u0646 \u0627\u0633\u062a\u062e\u062f\u0627\u0645\u0627\u062a \u062a\u0642\u0627\u0646\u0629 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0641\u064a \u0627\u0644\u0642\u0637\u0627\u0639 \u0627\u0644\u0645\u0635\u0631\u0641\u064a \u062a\u0639\u062a\u0628\u0631 \u0630\u064a \u0623\u0647\u0645\u064a\u0629 \u062e\u0627\u0635\u0629 \u0644\u0623\u0646\u0647\u0627 \u064a\u0645\u0643\u0646 \u0623\u0646 \u062a\u0624\u062b\u0631 \u0639\u0644\u0649 \u0639\u0645\u0644\u064a\u0627\u062a \u0627\u0644\u0628\u0646\u0643 \u0648\u0623\u062f\u0627\u0626\u0647 \u0645\u0646 \u062e\u0644\u0627\u0644 \u062a\u0637\u0648\u064a\u0631 \u0645\u0646\u062a\u062c\u0627\u062a \u0645\u0627\u0644\u064a\u0629 \u0645\u062a\u0637\u0648\u0631\u0629 \u062c\u062f\u064a\u062f\u0629\u060c \u0623\u0648 \u0642\u0646\u0648\u0627\u062a \u062a\u0633\u0644\u064a\u0645 \u0628\u062f\u064a\u0644\u0629 \u0645\u0642\u0627\u0631\u0646\u0629 \u0628\u0634\u0628\u0643\u0629 \u0627\u0644\u0641\u0631\u0648\u0639 \u0627\u0644\u062a\u0642\u0644\u064a\u062f\u064a\u0629 (\u0627\u0644\u0627\u0646\u062a\u0631\u0646\u062a \u0627\u0644\u0628\u0646\u0643\u064a)\u060c \u0623\u0648 \u062a\u0642\u0646\u064a\u0627\u062a \u0645\u062d\u0633\u0646\u0629 \u062c\u062f\u064a\u062f\u0629 \u064a\u0645\u0643\u0646 \u0623\u0646 \u062a\u0642\u0644\u0644 \u0645\u0646 \u0627\u0644\u062a\u0643\u0627\u0644\u064a\u0641 \u0627\u0644\u0645\u0635\u0631\u0641\u064a\u0629 \u0628\u0645\u0631\u0648\u0631 \u0627\u0644\u0648\u0642\u062a (Takeda et.al; 2020).\u0648\u062a\u0628\u0631\u0632 \u0646\u062a\u0627\u0626\u062c \u0623\u0639\u0645\u0627\u0644 \u0627\u0644\u0645\u0635\u0627\u0631\u0641 \u0641\u064a \u0645\u0624\u0634\u0631\u0627\u062a \u0627\u0644\u0623\u062f\u0627\u0621 \u0627\u0644\u0645\u0627\u0644\u064a \u0627\u0644\u0630\u064a \u064a\u0639\u0628\u0631 \u0639\u0646 \u0645\u0633\u0627\u0647\u0645\u0629 \u0627\u0644\u0639\u0645\u0644\u064a\u0627\u062a \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a\u0629 \u0641\u064a \u0627\u064a\u062c\u0627\u062f \u0642\u064a\u0645\u0629 \u0645\u0627 \u0623\u0648 \u0639\u0646 \u0641\u0639\u0627\u0644\u064a\u0629 \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u0645\u0648\u0627\u0631\u062f \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0627\u0644\u0645\u062a\u0627\u062d\u0629 \u0645\u0646 \u062e\u0644\u0627\u0644 \u0628\u0644\u0648\u063a \u0627\u0644\u0623\u0647\u062f\u0627\u0641 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0628\u0623\u0642\u0644 \u0627\u0644\u062a\u0643\u0627\u0644\u064a\u0641\u060c \u0641\u0647\u064a \u062a\u0633\u0647\u0645 \u0641\u064a \u062a\u0634\u062e\u064a\u0635 \u0627\u0644\u0645\u0634\u0627\u0643\u0644 \u0627\u0644\u062a\u064a \u062a\u0648\u0627\u062c\u0647\u0647\u0627 \u0627\u0644\u0628\u0646\u0648\u0643 \u0648\u0627\u0644\u062d\u0643\u0645 \u0639\u0644\u0649 \u0643\u0641\u0627\u0626\u062a\u0647\u0627 \u0641\u064a \u0642\u064a\u0627\u0645\u0647\u0627 \u0628\u0623\u0639\u0645\u0627\u0644\u0647\u0627 (\u0645\u0630\u0643\u0648\u0631\u061b 2016).<\/p>\n

                                                  \n
                                                1. \u0627\u0644\u062f\u0631\u0627\u0633\u0629 \u0627\u0644\u062a\u0637\u0628\u064a\u0642\u064a\u0629:<\/strong><\/li>\n<\/ol>\n

                                                  \u0633\u064a\u062a\u0645 \u0627\u0644\u0639\u0645\u0644 \u0639\u0644\u0649 \u0627\u0644\u062a\u0623\u0643\u062f \u0645\u0646 \u0639\u062f\u0645 \u0648\u062c\u0648\u062f \u0645\u0634\u0643\u0644\u0629 \u0627\u0644\u0627\u0631\u062a\u0628\u0627\u0637 \u0627\u0644\u0645\u062a\u0639\u062f\u062f \u0639\u0646 \u0637\u0631\u064a\u0642 \u0627\u062c\u0631\u0627\u0621 \u0627\u062e\u062a\u0628\u0627\u0631 \u0645\u0639\u0627\u0645\u0644 \u062a\u0636\u062e\u0645 \u0627\u0644\u062a\u0628\u0627\u064a\u0646\u060c \u062b\u0645 \u0627\u062c\u0631\u0627\u0621 \u0627\u062e\u062a\u0628\u0627\u0631\u0627\u062a \u0627\u0644\u0627\u0633\u062a\u0642\u0631\u0627\u0631\u064a\u0629 \u0644\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u0645\u0646 \u062e\u0644\u0627\u0644 \u0627\u062e\u062a\u0628\u0627\u0631\u0627\u062a (LLC,ASF,PP)\u060c \u0648\u0644\u0627\u062e\u062a\u064a\u0627\u0631 \u0627\u0644\u0646\u0645\u0648\u0630\u062c \u0627\u0644\u0645\u0646\u0627\u0633\u0628 \u0645\u0646 \u0646\u0645\u0627\u0630\u062c Panal Data \u0633\u064a\u062a\u0645 \u0627\u0644\u0639\u0645\u0644 \u0639\u0644\u0649 \u0627\u062e\u062a\u0628\u0627\u0631 \u0645\u0636\u0627\u0639\u0641 \u0644\u0627\u063a\u0631\u0627\u0646\u062c (LM Test)\u060c \u0648\u0644\u0644\u062a\u0623\u0643\u062f \u0645\u0646 \u0623\u0646 \u062c\u0645\u064a\u0639 \u0627\u0644\u0646\u0645\u0627\u0630\u062c \u062c\u064a\u062f\u0629 \u0648\u0635\u0627\u0644\u062d\u0629 \u0644\u0644\u062a\u062d\u0642\u0642 \u0645\u0646 \u0627\u0633\u062a\u062c\u0627\u0628\u0629 \u0627\u0644\u0645\u062a\u063a\u064a\u0631 \u0627\u0644\u062a\u0627\u0628\u0639 \u0648\u0641\u0642\u0627\u064b \u0644\u0644\u0645\u062a\u063a\u064a\u0631\u0627\u062a \u0627\u0644\u0645\u0633\u062a\u0642\u0644\u0629 \u0633\u064a\u062a\u0645 \u0627\u062c\u0631\u0627\u0621 \u0627\u062e\u062a\u0628\u0627\u0631\u0627\u062a \u0639\u0644\u0649 \u0627\u0644\u0628\u0648\u0627\u0642\u064a\u060c \u0633\u064a\u0639\u062a\u0645\u062f \u0627\u0644\u0628\u0627\u062d\u062b \u0639\u0644\u0649 \u0628\u0631\u0646\u0627\u0645\u062c EViews 10.0 \u0641\u064a \u0627\u062c\u0631\u0627\u0621 \u0627\u0644\u0627\u062e\u062a\u0628\u0627\u0631\u0627\u062a \u0627\u0644\u0633\u0627\u0628\u0642\u0629.<\/p>\n

                                                  \u0627\u062e\u062a\u0628\u0627\u0631 \u0627\u0644\u0627\u0631\u062a\u0628\u0627\u0637 \u0627\u0644\u0645\u062a\u0639\u062f\u062f:<\/strong><\/p>\n

                                                  \u0633\u064a\u062a\u0645 \u0627\u062e\u062a\u0628\u0627\u0631 \u0648\u062c\u0648\u062f \u0627\u0644\u0627\u0631\u062a\u0628\u0627\u0637 \u0627\u0644\u0645\u062a\u0639\u062f\u062f \u0628\u064a\u0646 \u0628\u064a\u0627\u0646\u0627\u062a \u0627\u0644\u062f\u0631\u0627\u0633\u0629 \u0639\u0646 \u0637\u0631\u064a\u0642 \u0627\u062e\u062a\u0628\u0627\u0631 \u0645\u0639\u0627\u0645\u0644 \u062a\u0636\u062e\u0645 \u0627\u0644\u062a\u0628\u0627\u064a\u0646\u060c \u062d\u064a\u062b \u0623\u0646 \u0642\u064a\u0645\u0629 \u0627\u0644\u0627\u062e\u062a\u0628\u0627\u0631 \u062a\u0634\u064a\u0631 \u0625\u0644\u0649 \u0648\u062c\u0648\u062f \u0627\u0631\u062a\u0628\u0627\u0637 \u0645\u062a\u0639\u062f\u062f \u0628\u064a\u0646 \u0628\u064a\u0627\u0646\u0627\u062a \u0627\u0644\u062f\u0631\u0627\u0633\u0629 \u0639\u0646\u062f\u0645\u0627 \u062a\u0643\u0648\u0646 \u0642\u064a\u0645\u0629 \u0627\u0644\u0645\u0639\u0627\u0645\u0644 \u0623\u0643\u062b\u0631 \u0645\u0646 10 (\u0623\u0628\u0648 \u0644\u0637\u064a\u0641\u061b 2019).<\/p>\n

                                                  \u0645\u0639\u0627\u0645\u0644 \u062a\u0636\u062e\u0645 \u0627\u0644\u062a\u0628\u0627\u064a\u0646 \u0644\u0644\u0645\u062a\u063a\u064a\u0631\u0627\u062a \u0627\u0644\u0645\u0633\u062a\u0642\u0644\u0629 \u062a\u0628\u0639\u0627\u064b \u0644\u0646\u0645\u0648\u0630\u062c \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0627\u0644\u0623\u0635\u0648\u0644:<\/em><\/p>\n\n\n\n\n\n\n\n\n\n
                                                  \u062c\u062f\u0648\u0644 (1) \u0642\u064a\u0645 \u0645\u0639\u0627\u0645\u0644 VIF \u0644\u0644\u0645\u062a\u063a\u064a\u0631\u0627\u062a \u0627\u0644\u0645\u0633\u062a\u0642\u0644\u0629 \u0641\u064a \u0646\u0645\u0648\u0630\u062c \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0627\u0644\u0623\u0635\u0648\u0644<\/strong><\/td>\n<\/tr>\n
                                                  \u0627\u0644\u0645\u062a\u063a\u064a\u0631<\/strong><\/td>\nCoefficient<\/strong><\/td>\nUncentered VIF<\/strong><\/td>\nCentered VIF<\/strong><\/td>\n<\/tr>\n
                                                  ITinv<\/sub><\/strong><\/td>\n6.56E-20<\/strong><\/td>\n2.95462<\/strong><\/td>\n1.86525<\/strong><\/td>\n<\/tr>\n
                                                  ITeff<\/sub><\/strong><\/td>\n5.54E-20<\/strong><\/td>\n2.54685<\/strong><\/td>\n1.92554<\/strong><\/td>\n<\/tr>\n
                                                  ATMre<\/sub><\/strong><\/td>\n0.005468<\/strong><\/td>\n10.25468<\/strong><\/td>\n1.25648<\/strong><\/td>\n<\/tr>\n
                                                  c<\/strong><\/td>\n0.087454<\/strong><\/td>\n1532.864<\/strong><\/td>\nNA<\/strong><\/td>\n<\/tr>\n
                                                  \u0627\u0644\u0645\u0635\u062f\u0631: \u0645\u062e\u0631\u062c\u0627\u062a \u0628\u0631\u0646\u0627\u0645\u062c EViews.<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

                                                  \u0642\u064a\u0645\u0629 \u0645\u0639\u0627\u0645\u0644 \u0627\u0644\u062a\u0636\u062e\u0645 \u0644\u0644\u0645\u062a\u063a\u064a\u0631 \u0627\u0644\u0636\u0627\u0628\u0637 \u0648\u0627\u0644\u0645\u062a\u063a\u064a\u0631\u0627\u062a \u0627\u0644\u0645\u0633\u062a\u0642\u0644\u0629 \u0644\u0627 \u062a\u062a\u062c\u0627\u0648\u0632 10 \u0627\u0644\u0623\u0645\u0631 \u0627\u0644\u0630\u064a \u064a\u062f\u0644 \u0639\u0644\u0649 \u0627\u0646\u062a\u0641\u0627\u0621 \u0648\u062c\u0648\u062f \u0645\u0634\u0643\u0644\u0629 \u0627\u0644\u0627\u0631\u062a\u0628\u0627\u0637 \u0627\u0644\u0645\u062a\u0639\u062f\u062f \u0648\u0628\u0627\u0644\u062a\u0627\u0644\u064a \u064a\u0645\u0643\u0646 \u062a\u0628\u0646\u0649 \u0645\u0639\u0627\u062f\u0644\u0629 \u0627\u0644\u0627\u0646\u062d\u062f\u0627\u0631 \u0627\u0644\u062a\u0627\u0644\u064a\u0629:<\/p>\n

                                                  ROAi,t<\/sub>= a0 <\/sub>+ a1<\/sub>ITinv<\/sub>+ a2<\/sub>ITeff<\/sub>+ a3 <\/sub>ATMre<\/sub>+ ei,t<\/sub><\/em><\/strong><\/p>\n

                                                  \u0645\u0639\u0627\u0645\u0644 \u062a\u0636\u062e\u0645 \u0627\u0644\u062a\u0628\u0627\u064a\u0646 \u0644\u0644\u0645\u062a\u063a\u064a\u0631\u0627\u062a \u0627\u0644\u0645\u0633\u062a\u0642\u0644\u0629 \u062a\u0628\u0639\u0627\u064b \u0644\u0646\u0645\u0648\u0630\u062c \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629:<\/em><\/p>\n\n\n\n\n\n\n\n\n\n
                                                  \u062c\u062f\u0648\u0644 (2) \u0642\u064a\u0645 \u0645\u0639\u0627\u0645\u0644 VIF \u0644\u0644\u0645\u062a\u063a\u064a\u0631\u0627\u062a \u0627\u0644\u0645\u0633\u062a\u0642\u0644\u0629 \u0641\u064a \u0646\u0645\u0648\u0630\u062c \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629<\/strong><\/td>\n<\/tr>\n
                                                  \u0627\u0644\u0645\u062a\u063a\u064a\u0631<\/strong><\/td>\nCoefficient<\/strong><\/td>\nUncentered VIF<\/strong><\/td>\nCentered VIF<\/strong><\/td>\n<\/tr>\n
                                                  ITinv<\/sub><\/strong><\/td>\n6.56E-20<\/strong><\/td>\n2.95462<\/strong><\/td>\n1.86525<\/strong><\/td>\n<\/tr>\n
                                                  ITeff<\/sub><\/strong><\/td>\n5.54E-20<\/strong><\/td>\n2.54685<\/strong><\/td>\n1.92554<\/strong><\/td>\n<\/tr>\n
                                                  ATMre<\/sub><\/strong><\/td>\n0.005468<\/strong><\/td>\n10.25468<\/strong><\/td>\n1.25648<\/strong><\/td>\n<\/tr>\n
                                                  c<\/strong><\/td>\n0.087454<\/strong><\/td>\n1532.864<\/strong><\/td>\nNA<\/strong><\/td>\n<\/tr>\n
                                                  \u0627\u0644\u0645\u0635\u062f\u0631: \u0645\u062e\u0631\u062c\u0627\u062a \u0628\u0631\u0646\u0627\u0645\u062c EViews.<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

                                                  \u0627\u0644\u062c\u062f\u0648\u0644 \u0631\u0642\u0645 (2) \u064a\u0634\u064a\u0631 \u0625\u0644\u0649 \u0639\u062f\u0645 \u0648\u062c\u0648\u062f \u0645\u0634\u0643\u0644\u0629 \u0627\u0644\u0627\u0631\u062a\u0628\u0627\u0637 \u0627\u0644\u0645\u062a\u0639\u062f\u062f \u0639\u0644\u0649 \u0627\u0639\u062a\u0628\u0627\u0631 \u0623\u0646 \u0642\u064a\u0645\u0629 \u0645\u0639\u0627\u0645\u0644 \u0627\u0644\u062a\u0636\u062e\u0645 \u0644\u0644\u0645\u062a\u063a\u064a\u0631\u0627\u062a \u0623\u0642\u0644 \u0645\u0646 10 \u0645\u0645\u0627 \u0648\u0628\u0627\u0644\u062a\u0627\u0644\u064a \u064a\u0645\u0643\u0646 \u062a\u0628\u0646\u0649 \u0645\u0639\u0627\u062f\u0644\u0629 \u0627\u0644\u0627\u0646\u062d\u062f\u0627\u0631 \u0627\u0644\u062a\u0627\u0644\u064a\u0629:<\/p>\n

                                                  ROEi,t<\/sub>= a0 <\/sub>+ a1<\/sub>ITinv<\/sub>+ a2<\/sub>ITeff<\/sub>+ a3 <\/sub>ATMre<\/sub>+ ei,t<\/sub><\/em><\/strong><\/p>\n

                                                  \u0627\u062e\u062a\u0628\u0627\u0631\u0627\u062a \u0627\u0644\u0627\u0633\u062a\u0642\u0631\u0627\u0631\u064a\u0629 \u0628\u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0645\u0646\u0647\u062c\u064a\u0629 \u062c\u0630\u0631 \u0627\u0644\u0648\u062d\u062f\u0629 Unit Root Tests:<\/strong><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
                                                  \u062c\u062f\u0648\u0644 (3) \u0627\u062e\u062a\u0628\u0627\u0631 \u062c\u0630\u0631 \u0627\u0644\u0648\u062d\u062f\u0629 \u0644\u0644\u0645\u062a\u063a\u064a\u0631\u0627\u062a \u0627\u0644\u0645\u0633\u062a\u0642\u0644\u0629<\/strong><\/td>\n<\/tr>\n
                                                  \u0627\u0644\u0645\u062a\u063a\u064a\u0631<\/strong><\/td>\n\u0627\u0644\u0627\u062e\u062a\u0628\u0627\u0631\u0627\u062a<\/strong><\/td>\n\u0639\u0646\u062f \u0627\u0644\u0645\u0633\u062a\u0648\u0649<\/strong><\/td>\n<\/tr>\n
                                                  \u0628\u062f\u0648\u0646 \u062b\u0627\u0628\u062a \u0648\u0627\u062a\u062c\u0627\u0647<\/strong><\/td>\n\u062b\u0627\u0628\u062a \u0641\u0642\u0637<\/strong><\/td>\n\u062b\u0627\u0628\u062a \u0648\u0627\u062a\u062c\u0627\u0647<\/strong><\/td>\n<\/tr>\n
                                                  \u0627\u0644\u0627\u062d\u062a\u0645\u0627\u0644\u064a\u0629<\/strong><\/td>\n\u0642\u064a\u0645\u0629 t<\/strong><\/td>\n\u0627\u0644\u0627\u062d\u062a\u0645\u0627\u0644\u064a\u0629<\/strong><\/td>\n\u0642\u064a\u0645\u0629 t<\/strong><\/td>\n\u0627\u0644\u0627\u062d\u062a\u0645\u0627\u0644\u064a\u0629<\/strong><\/td>\n\u0642\u064a\u0645\u0629 t<\/strong><\/td>\n<\/tr>\n
                                                  ITinv<\/sub><\/strong><\/td>\nLLC<\/strong><\/td>\n(0.0002)***<\/strong><\/td>\n(3.52)<\/strong><\/td>\n(0.0000)***<\/strong><\/td>\n(6.56)<\/strong><\/td>\n0.0000)***<\/strong><\/td>\n(10.90)<\/strong><\/td>\n<\/tr>\n
                                                  ADF<\/strong><\/td>\n(0.0069)***<\/strong><\/td>\n30.32<\/strong><\/td>\n0.0059)***<\/strong><\/td>\n30.78<\/strong><\/td>\n0.0255)**<\/strong><\/td>\n26.48<\/strong><\/td>\n<\/tr>\n
                                                  PP<\/strong><\/td>\n(0.0136)**<\/strong><\/td>\n27.55<\/strong><\/td>\n0.0239)***<\/strong><\/td>\n26.26<\/strong><\/td>\n(0.0000)***<\/strong><\/td>\n44.50<\/strong><\/td>\n<\/tr>\n
                                                  ITeff<\/sub><\/strong><\/td>\nLLC<\/strong><\/td>\n(0.21)<\/strong><\/td>\n(0.81)<\/strong><\/td>\n(0.0721)*<\/strong><\/td>\n(1.46)<\/strong><\/td>\n(0.0000)***<\/strong><\/td>\n(9.40)<\/strong><\/td>\n<\/tr>\n
                                                  ADF<\/strong><\/td>\n(0.19)<\/strong><\/td>\n18.34<\/strong><\/td>\n(0.0509)**<\/strong><\/td>\n23.46<\/strong><\/td>\n(0.0039)***<\/strong><\/td>\n32.10<\/strong><\/td>\n<\/tr>\n
                                                  PP<\/strong><\/td>\n(0.0078)***<\/strong><\/td>\n29.93<\/strong><\/td>\n(0.0241)***<\/strong><\/td>\n26.24<\/strong><\/td>\n(0.0000)***<\/strong><\/td>\n52.69<\/strong><\/td>\n<\/tr>\n
                                                  ATMre<\/sub><\/strong><\/td>\nLLC<\/strong><\/td>\n(1.00)<\/strong><\/td>\n5.32<\/strong><\/td>\n(0.0185)**<\/strong><\/td>\n(2.08)<\/strong><\/td>\n(0.0000)***<\/strong><\/td>\n(8.67)<\/strong><\/td>\n<\/tr>\n
                                                  ADF<\/strong><\/td>\n(1.00)<\/strong><\/td>\n0.48<\/strong><\/td>\n(0.96)<\/strong><\/td>\n6.16<\/strong><\/td>\n(0.0139)**<\/strong><\/td>\n20.91<\/strong><\/td>\n<\/tr>\n
                                                  PP<\/strong><\/td>\n(1.00)<\/strong><\/td>\n0.36<\/strong><\/td>\n(0.77)<\/strong><\/td>\n9.87<\/strong><\/td>\n(0.0002)***<\/strong><\/td>\n40.56<\/strong><\/td>\n<\/tr>\n
                                                  * \u0645\u0639\u0646\u0648\u064a\u0629 \u0627\u0644\u0627\u062e\u062a\u0628\u0627\u0631 \u0639\u0646\u062f \u0645\u0633\u062a\u0648\u0649 \u062f\u0644\u0627\u0644\u0629 10%<\/strong><\/p>\n

                                                  ** \u0645\u0639\u0646\u0648\u064a\u0629 \u0627\u0644\u0627\u062e\u062a\u0628\u0627\u0631 \u0639\u0646\u062f \u0645\u0633\u062a\u0648\u0649 \u062f\u0644\u0627\u0644\u0629 5%<\/strong><\/p>\n

                                                  *** \u0645\u0639\u0646\u0648\u064a\u0629 \u0627\u0644\u0627\u062e\u062a\u0628\u0627\u0631 \u0639\u0646\u062f \u0645\u0633\u062a\u0648\u0649 \u062f\u0644\u0627\u0644\u0629 1%<\/strong><\/td>\n<\/tr>\n

                                                  \u0627\u0644\u0645\u0635\u062f\u0631: \u0645\u062e\u0631\u062c\u0627\u062a \u0628\u0631\u0646\u0627\u0645\u062c EViews.<\/strong><\/td>\n<\/tr>\n
                                                  \u062c\u062f\u0648\u0644 (4) \u0627\u062e\u062a\u0628\u0627\u0631 \u062c\u0630\u0631 \u0627\u0644\u0648\u062d\u062f\u0629 \u0644\u0644\u0645\u062a\u063a\u064a\u0631\u0627\u062a \u0627\u0644\u0645\u0633\u062a\u0642\u0644\u0629<\/strong><\/td>\n<\/tr>\n
                                                  \u0627\u0644\u0645\u062a\u063a\u064a\u0631<\/strong><\/td>\n\u0627\u0644\u0627\u062e\u062a\u0628\u0627\u0631\u0627\u062a<\/strong><\/td>\n\u0639\u0646\u062f \u0627\u0644\u0645\u0633\u062a\u0648\u0649<\/strong><\/td>\n<\/tr>\n
                                                  \u0628\u062f\u0648\u0646 \u062b\u0627\u0628\u062a \u0648\u0627\u062a\u062c\u0627\u0647<\/strong><\/td>\n\u062b\u0627\u0628\u062a \u0641\u0642\u0637<\/strong><\/td>\n\u062b\u0627\u0628\u062a \u0648\u0627\u062a\u062c\u0627\u0647<\/strong><\/td>\n<\/tr>\n
                                                  \u0627\u0644\u0627\u062d\u062a\u0645\u0627\u0644\u064a\u0629<\/strong><\/td>\n\u0642\u064a\u0645\u0629 t<\/strong><\/td>\n\u0627\u0644\u0627\u062d\u062a\u0645\u0627\u0644\u064a\u0629<\/strong><\/td>\n\u0642\u064a\u0645\u0629 t<\/strong><\/td>\n\u0627\u0644\u0627\u062d\u062a\u0645\u0627\u0644\u064a\u0629<\/strong><\/td>\n\u0642\u064a\u0645\u0629 t<\/strong><\/td>\n<\/tr>\n
                                                  ROA<\/strong><\/td>\nLLC<\/strong><\/td>\n(0.0000)***<\/strong><\/td>\n(5.23)<\/strong><\/td>\n(0.0000)***<\/strong><\/td>\n(4.38)<\/strong><\/td>\n0.9864)<\/strong><\/td>\n2.20<\/strong><\/td>\n<\/tr>\n
                                                  ADF<\/strong><\/td>\n(0.0000)***<\/strong><\/td>\n51.77<\/strong><\/td>\n0.0094)***<\/strong><\/td>\n29.33<\/strong><\/td>\n0.9860)<\/strong><\/td>\n4.98<\/strong><\/td>\n<\/tr>\n
                                                  PP<\/strong><\/td>\n(0.0030)***<\/strong><\/td>\n32.90<\/strong><\/td>\n0.6599)<\/strong><\/td>\n11.33<\/strong><\/td>\n(1.00)<\/strong><\/td>\n0.13<\/strong><\/td>\n<\/tr>\n
                                                  ROE<\/strong><\/td>\nLLC<\/strong><\/td>\n(0.17)<\/strong><\/td>\n(0.95)<\/strong><\/td>\n(0.0000)***<\/strong><\/td>\n(5.72)<\/strong><\/td>\n(0.0000)***<\/strong><\/td>\n(5.11)<\/strong><\/td>\n<\/tr>\n
                                                  ADF<\/strong><\/td>\n(0.24)<\/strong><\/td>\n17.30<\/strong><\/td>\n(0.0039)***<\/strong><\/td>\n23.11<\/strong><\/td>\n(0.52)<\/strong><\/td>\n13.10<\/strong><\/td>\n<\/tr>\n
                                                  PP<\/strong><\/td>\n(0.0032)***<\/strong><\/td>\n32.70<\/strong><\/td>\n(0.0051)***<\/strong><\/td>\n31.27<\/strong><\/td>\n(0.0460)**<\/strong><\/td>\n23.99<\/strong><\/td>\n<\/tr>\n
                                                  * \u0645\u0639\u0646\u0648\u064a\u0629 \u0627\u0644\u0627\u062e\u062a\u0628\u0627\u0631 \u0639\u0646\u062f \u0645\u0633\u062a\u0648\u0649 \u062f\u0644\u0627\u0644\u0629 10%<\/strong><\/p>\n

                                                  ** \u0645\u0639\u0646\u0648\u064a\u0629 \u0627\u0644\u0627\u062e\u062a\u0628\u0627\u0631 \u0639\u0646\u062f \u0645\u0633\u062a\u0648\u0649 \u062f\u0644\u0627\u0644\u0629 5%<\/strong><\/p>\n

                                                  *** \u0645\u0639\u0646\u0648\u064a\u0629 \u0627\u0644\u0627\u062e\u062a\u0628\u0627\u0631 \u0639\u0646\u062f \u0645\u0633\u062a\u0648\u0649 \u062f\u0644\u0627\u0644\u0629 1%<\/strong><\/td>\n<\/tr>\n

                                                  \u0627\u0644\u0645\u0635\u062f\u0631: \u0645\u062e\u0631\u062c\u0627\u062a \u0628\u0631\u0646\u0627\u0645\u062c EViews.<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

                                                  \u0627\u0644\u062c\u062f\u0648\u0644 (3) \u0648\u0627\u0644\u062c\u062f\u0648\u0644 (4) \u0645\u0646 \u0627\u0644\u0648\u0627\u0636\u062d \u0623\u0646 \u0645\u062a\u063a\u064a\u0631\u0627\u062a \u0627\u0644\u062f\u0631\u0627\u0633\u0629 \u0645\u0633\u062a\u0642\u0631\u0629 \u0648\u0644\u0627 \u0648\u062c\u0648\u062f \u0644\u062c\u0630\u0631 \u0627\u0644\u0648\u062d\u062f\u0629.<\/p>\n

                                                  \u0627\u0644\u0645\u0642\u0627\u0631\u0646\u0629 \u0628\u064a\u0646 \u0646\u0645\u0627\u0630\u062c Panal Data:<\/strong><\/p>\n

                                                  \u0644\u0644\u0645\u0642\u0627\u0631\u0646\u0629 \u0628\u064a\u0646 \u0646\u0645\u0627\u0630\u062c (Panal) \u062a\u0645 \u0627\u062c\u0631\u0627\u0621 \u0627\u062e\u062a\u0628\u0627\u0631 \u0645\u0636\u0627\u0639\u0641 \u0644\u0627\u063a\u0631\u0627\u0646\u062c (LM)\u060c \u0648\u0638\u0647\u0631\u062a \u0627\u0644\u0646\u062a\u0627\u0626\u062c \u0641\u064a \u0627\u0644\u062c\u062f\u0648\u0644 \u0623\u062f\u0646\u0627\u0647.<\/p>\n\n\n\n\n\n\n\n
                                                  \u062c\u062f\u0648\u0644 (5) \u0627\u062e\u062a\u0628\u0627\u0631 \u0645\u0636\u0627\u0639\u0641 \u0644\u0627\u063a\u0631\u0627\u0646\u062c LM<\/strong><\/td>\n<\/tr>\n
                                                  \u0627\u0644\u0646\u0645\u0648\u0630\u062c<\/strong><\/td>\nBreusch-Pagan<\/strong><\/td>\nProb<\/strong><\/td>\nResult<\/strong><\/td>\n<\/tr>\n
                                                  \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0627\u0644\u0623\u0635\u0648\u0644 ROA<\/strong><\/td>\n15.546546<\/strong><\/td>\n0.000<\/strong><\/td>\nREM<\/strong><\/td>\n<\/tr>\n
                                                  \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 ROE<\/strong><\/td>\n82.58751<\/strong><\/td>\n0.000<\/strong><\/td>\nREM<\/strong><\/td>\n<\/tr>\n
                                                  \u0627\u0644\u0645\u0635\u062f\u0631: \u0645\u062e\u0631\u062c\u0627\u062a \u0628\u0631\u0646\u0627\u0645\u062c EViews.<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

                                                  \u0646\u062a\u0627\u0626\u062c \u0627\u0644\u0627\u062e\u062a\u0628\u0627\u0631 \u062a\u0634\u064a\u0631 \u0625\u0644\u0649 \u0623\u0646 \u0627\u0644\u0646\u0645\u0648\u0630\u062c \u0627\u0644\u0623\u0641\u0636\u0644 \u0647\u0648 \u0646\u0645\u0648\u0630\u062c(REM) \u0627\u0644\u062a\u0623\u062b\u064a\u0631\u0627\u062a \u0627\u0644\u0639\u0634\u0648\u0627\u0626\u064a\u0629 \u0648\u0641\u0642 \u0644\u0645\u0636\u0627\u0639\u0641 \u0644\u0627\u063a\u0631\u0627\u0646\u062c LM.<\/p>\n

                                                  \u062a\u0642\u062f\u064a\u0631 \u0645\u0639\u0644\u0645\u0627\u062a \u0627\u0644\u0646\u0645\u0627\u0630\u062c:<\/p>\n

                                                  \u0646\u0645\u0648\u0630\u062c \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0627\u0644\u0623\u0635\u0648\u0644: \u062d\u064a\u062b \u062a\u0645 \u062a\u0642\u062f\u064a\u0631 \u0627\u0644\u0646\u0645\u0648\u0630\u062c \u0627\u0644\u0645\u062d\u062f\u062f \u0645\u0646 \u062e\u0644\u0627\u0644 \u0627\u0644\u062c\u062f\u0648\u0644 \u0631\u0642\u0645 (6).<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
                                                  \u062c\u062f\u0648\u0644 (6) \u062a\u0642\u062f\u064a\u0631 \u0645\u0639\u0644\u0645\u0627\u062a \u0646\u0645\u0648\u0630\u062c \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0627\u0644\u0623\u0635\u0648\u0644 ROA<\/strong><\/td>\n<\/tr>\n
                                                  \u0627\u0644\u0646\u0645\u0648\u0630\u062c<\/strong><\/td>\nREM<\/strong><\/td>\n<\/tr>\n
                                                  C<\/strong><\/td>\n-0.068758<\/strong><\/p>\n

                                                  (0.0354)**<\/strong><\/td>\n<\/tr>\n

                                                  ITinv<\/sub><\/strong><\/td>\n6.05E-10<\/strong><\/p>\n

                                                  (0.09358)*<\/strong><\/td>\n<\/tr>\n

                                                  ITeff<\/sub><\/strong><\/td>\n4.85E-10<\/strong><\/p>\n

                                                  (0.04125)**<\/strong><\/td>\n<\/tr>\n

                                                  ATMre<\/sub><\/strong><\/td>\n0.01<\/strong><\/p>\n

                                                  (0.05824)*<\/strong><\/td>\n<\/tr>\n

                                                  R2<\/sup><\/strong><\/td>\n0.76548<\/strong><\/td>\n<\/tr>\n
                                                  Adj.R2<\/sup><\/strong><\/td>\n0.64254<\/strong><\/td>\n<\/tr>\n
                                                  F-Stat<\/strong><\/td>\n16.5847<\/strong><\/td>\n<\/tr>\n
                                                  Prob<\/strong><\/td>\n(0.0000)<\/strong><\/td>\n<\/tr>\n
                                                  DW<\/strong><\/td>\n1.84560<\/strong><\/td>\n<\/tr>\n
                                                  * \u0645\u0639\u0646\u0648\u064a\u0629 \u0627\u0644\u0627\u062e\u062a\u0628\u0627\u0631 \u0639\u0646\u062f \u0645\u0633\u062a\u0648\u0649 \u062f\u0644\u0627\u0644\u0629 10%<\/strong><\/p>\n

                                                  ** \u0645\u0639\u0646\u0648\u064a\u0629 \u0627\u0644\u0627\u062e\u062a\u0628\u0627\u0631 \u0639\u0646\u062f \u0645\u0633\u062a\u0648\u0649 \u062f\u0644\u0627\u0644\u0629 5%<\/strong><\/p>\n

                                                  *** \u0645\u0639\u0646\u0648\u064a\u0629 \u0627\u0644\u0627\u062e\u062a\u0628\u0627\u0631 \u0639\u0646\u062f \u0645\u0633\u062a\u0648\u0649 \u062f\u0644\u0627\u0644\u0629 1%<\/strong><\/td>\n<\/tr>\n

                                                  \u0627\u0644\u0645\u0635\u062f\u0631: \u0645\u062e\u0631\u062c\u0627\u062a \u0628\u0631\u0646\u0627\u0645\u062c EViews.<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

                                                  \u062d\u064a\u062b \u062a\u0634\u064a\u0631 \u0646\u062a\u0627\u0626\u062c \u0627\u0644\u062c\u062f\u0648\u0644 \u0623\u0646 \u0642\u064a\u0645\u0629 \u0645\u0639\u0627\u0645\u0644 \u0627\u0644\u062a\u062d\u062f\u064a\u062f \u0642\u062f \u0628\u0644\u063a\u062a \u0646\u0633\u0628\u0629 \u062c\u064a\u062f\u0629 \u0646\u062d\u0648 76% \u062a\u0642\u0631\u064a\u0628\u0627\u064b\u060c \u0645\u0645\u0627 \u064a\u062f\u0644 \u0639\u0644\u0649 \u0623\u0646 \u0627\u0644\u062a\u063a\u064a\u0631 \u0641\u064a \u0627\u0644\u0627\u0646\u0641\u0627\u0642 \u0639\u0644\u0649 \u062a\u0642\u0627\u0646\u0629 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0648\u0627\u0644\u0627\u062a\u0635\u0627\u0644\u0627\u062a \u064a\u0645\u0643\u0646 \u0623\u0646 \u064a\u0641\u0633\u0631 \u0627\u0644\u062a\u063a\u064a\u0631 \u0641\u064a \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0627\u0644\u0623\u0635\u0648\u0644 \u0628\u0646\u0633\u0628\u0629 76% \u062a\u0642\u0631\u064a\u0628\u0627\u064b. \u0643\u0645\u0627 \u0623\u0646 \u0645\u0639\u0646\u0648\u064a\u0629 \u0645\u0639\u0627\u0645\u0644 F \u0648\u0627\u0644\u0628\u0627\u0644\u063a\u0629 0.00 \u062a\u0624\u0643\u062f \u0639\u0644\u0649 \u0642\u062f\u0631\u0629 \u0627\u0644\u0645\u062a\u063a\u064a\u0631\u0627\u062a \u0627\u0644\u0645\u0633\u062a\u0642\u0644\u0629 \u0641\u064a \u062a\u0641\u0633\u064a\u0631 \u0627\u0644\u062a\u063a\u064a\u0631\u0627\u062a \u0641\u064a \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0627\u0644\u0623\u0635\u0648\u0644.<\/p>\n

                                                  \u0648\u0644\u0644\u062a\u0623\u0643\u062f \u0645\u0646 \u0645\u062f\u0649 \u0635\u0644\u0627\u062d\u064a\u0629 \u0627\u0644\u0646\u0645\u0648\u0630\u062c \u0627\u0644\u0645\u0642\u062f\u0631 \u062a\u0645 \u0627\u062e\u062a\u0628\u0627\u0631 \u0627\u0644\u0628\u0648\u0627\u0642\u064a \u0648\u0627\u0644\u062a\u064a \u0645\u0646 \u0627\u0644\u0645\u0641\u062a\u0631\u0636 \u0623\u0646 \u062a\u062a\u0628\u0639 \u0627\u0644\u062a\u0648\u0632\u064a\u0639 \u0627\u0644\u0637\u0628\u064a\u0639\u064a \u0648\u063a\u064a\u0631 \u0645\u0631\u062a\u0628\u0637\u0629 \u0630\u0627\u062a\u064a\u0627\u064b \u0623\u0648 \u0641\u0631\u062f\u064a\u0627\u064b \u0628\u0642\u064a\u0645\u0647\u0627 \u0639\u0628\u0631 \u0627\u0644\u0632\u0645\u0646 \u062f\u0648\u0646 \u0623\u0646 \u062a\u062a\u0636\u0645\u0646 \u062c\u0630\u0631 \u0648\u062d\u062f\u0629 \u0628\u0645\u0627 \u064a\u0634\u064a\u0631 \u0625\u0644\u0649 \u0627\u0633\u062a\u0642\u0631\u0627\u0631\u064a\u0629 \u0627\u0644\u0633\u0644\u0633\u0644\u0629 \u0627\u0644\u0632\u0645\u0646\u064a\u0629\u060c \u0648\u0627\u0644\u062c\u062f\u0648\u0644 (7) \u064a\u062a\u0636\u0645\u0646 \u0646\u062a\u0627\u0626\u062c \u0627\u062e\u062a\u0628\u0627\u0631 \u0627\u0644\u0628\u0648\u0627\u0642\u064a.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
                                                  \u062c\u062f\u0648\u0644 (7) \u0627\u062e\u062a\u0628\u0627\u0631 \u0627\u0644\u0628\u0648\u0627\u0642\u064a \u0641\u064a \u0646\u0645\u0648\u0630\u062c \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0627\u0644\u0623\u0635\u0648\u0644 ROA<\/strong><\/td>\n<\/tr>\n
                                                  \u0627\u0644\u0646\u0645\u0648\u0630\u062c<\/strong><\/td>\nREM<\/strong><\/td>\n<\/tr>\n
                                                  Jarque-Bera<\/strong><\/td>\n2.9952<\/strong><\/p>\n

                                                  (0.25546)<\/strong><\/td>\n<\/tr>\n

                                                  Q-Stat<\/strong><\/td>\nQ-Stat<\/strong><\/td>\nPAC<\/strong><\/td>\nAC<\/strong><\/td>\nProb<\/strong><\/td>\n<\/td>\n<\/tr>\n
                                                  0.3481<\/strong><\/td>\n0.081<\/strong><\/td>\n0.081<\/strong><\/td>\n0.721<\/strong><\/td>\n1<\/strong><\/td>\n<\/tr>\n
                                                  4.6335<\/strong><\/td>\n-0.144<\/strong><\/td>\n-0.135<\/strong><\/td>\n0.180<\/strong><\/td>\n2<\/strong><\/td>\n<\/tr>\n
                                                  5.3548<\/strong><\/td>\n-0.075<\/strong><\/td>\n-0.085<\/strong><\/td>\n0.226<\/strong><\/td>\n3<\/strong><\/td>\n<\/tr>\n
                                                  LM<\/strong><\/td>\n(0.2548)<\/strong><\/td>\n<\/tr>\n
                                                  Heteroscedasticity Test<\/strong><\/td>\n2.54832<\/strong><\/p>\n

                                                  (0.35846)<\/strong><\/td>\n<\/tr>\n

                                                  Stability<\/strong><\/td>\nLLC<\/strong><\/td>\nADF<\/strong><\/td>\nPP<\/strong><\/td>\n<\/tr>\n
                                                  -8.6548<\/strong><\/p>\n

                                                  (0.0000)<\/strong><\/td>\n

                                                  		54.2561<\/strong><\/p>\n

                                                  (0.0000)<\/strong><\/td>\n

                                                  		48.5135<\/strong><\/p>\n

                                                  (0.0000)<\/strong><\/td>\n<\/tr>\n

                                                  \u0627\u0644\u0645\u0635\u062f\u0631: \u0645\u062e\u0631\u062c\u0627\u062a \u0628\u0631\u0646\u0627\u0645\u062c EViews.<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

                                                  \u0627\u0644\u062c\u062f\u0648\u0644 \u0627\u0644\u0633\u0627\u0628\u0642 (7) \u064a\u0648\u0636\u062d \u0623\u0646 \u0627\u0644\u0628\u0648\u0627\u0642\u064a \u062e\u0627\u0636\u0639\u0629 \u0644\u0644\u062a\u0648\u0632\u064a\u0639 \u0627\u0644\u0637\u0628\u064a\u0639\u064a \u0628\u062d\u0633\u0628 \u0627\u062e\u062a\u0628\u0627\u0631 Jarque-Bera\u060c \u0648\u0644\u0627 \u062a\u0631\u062a\u0628\u0637 \u0630\u0627\u062a\u064a\u0627\u064b \u0648\u0641\u0642\u0627 \u0644\u0627\u062e\u062a\u0628\u0627\u0631 Q-Stat \u0623\u0648 \u0641\u0631\u062f\u064a\u0627 \u062a\u0628\u0639\u0627\u064b \u0644\u0627\u062e\u062a\u0628\u0627\u0631 LM\u060c \u0643\u0645\u0627 \u0623\u0646 \u0627\u0644\u0628\u0648\u0627\u0642\u064a \u0645\u0633\u062a\u0642\u0631\u0629 \u0639\u0628\u0631 \u0627\u0644\u0632\u0645\u0646 \u0648\u0644\u0627 \u062a\u062d\u062a\u0648\u064a \u062c\u0630\u0631 \u0627\u0644\u0648\u062d\u062f\u0629 \u0648\u0639\u0644\u064a\u0647 \u064a\u0645\u0643\u0646 \u0627\u0639\u062a\u0628\u0627\u0631 \u0627\u0644\u0646\u0645\u0648\u0630\u062c \u0627\u0644\u0645\u0642\u062f\u0631 \u0645\u0642\u0628\u0648\u0644 \u0644\u062a\u0641\u0633\u064a\u0631 \u0627\u0644\u062a\u063a\u064a\u0631\u0627\u062a \u0641\u064a \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0627\u0644\u0623\u0635\u0648\u0644 \u062a\u0628\u0639\u0627\u064b \u0644\u062a\u063a\u064a\u0631\u0627\u062a \u0642\u064a\u0645 \u0627\u0644\u0645\u062a\u063a\u064a\u0631\u0627\u062a \u0627\u0644\u0645\u0633\u062a\u0642\u0644\u0629.<\/p>\n

                                                  \u0646\u0645\u0648\u0630\u062c ROE\u062a\u0645 \u062a\u0642\u062f\u064a\u0631\u0647\u0627 \u0643\u0645\u0627 \u0641\u064a \u0627\u0644\u062c\u062f\u0648\u0644 \u0631\u0642\u0645 (8).<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
                                                  \u062c\u062f\u0648\u0644 (8) \u062a\u0642\u062f\u064a\u0631 \u0645\u0639\u0644\u0645\u0627\u062a \u0646\u0645\u0648\u0630\u062c \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629ROE<\/strong><\/td>\n<\/tr>\n
                                                  \u0627\u0644\u0646\u0645\u0648\u0630\u062c<\/strong><\/td>\nREM<\/strong><\/td>\n<\/tr>\n
                                                  C<\/strong><\/td>\n-0.56489<\/strong><\/p>\n

                                                  (0.025)**<\/strong><\/td>\n<\/tr>\n

                                                  ITinv<\/sub><\/strong><\/td>\n1.58E-10<\/strong><\/p>\n

                                                  (0.04358)**<\/strong><\/td>\n<\/tr>\n

                                                  ITeff<\/sub><\/strong><\/td>\n6.85E-10<\/strong><\/p>\n

                                                  (0.04125)**<\/strong><\/td>\n<\/tr>\n

                                                  ATMre<\/sub><\/strong><\/td>\n0.03548<\/strong><\/p>\n

                                                  (0.04824)**<\/strong><\/td>\n<\/tr>\n

                                                  R2<\/sup><\/strong><\/td>\n0.86548<\/strong><\/td>\n<\/tr>\n
                                                  Adj.R2<\/sup><\/strong><\/td>\n0.72254<\/strong><\/td>\n<\/tr>\n
                                                  F-Stat<\/strong><\/td>\n25.5847<\/strong><\/td>\n<\/tr>\n
                                                  Prob<\/strong><\/td>\n(0.0000)<\/strong><\/td>\n<\/tr>\n
                                                  DW<\/strong><\/td>\n2.64560<\/strong><\/td>\n<\/tr>\n
                                                  * \u0645\u0639\u0646\u0648\u064a\u0629 \u0627\u0644\u0627\u062e\u062a\u0628\u0627\u0631 \u0639\u0646\u062f \u0645\u0633\u062a\u0648\u0649 \u062f\u0644\u0627\u0644\u0629 10%<\/strong><\/p>\n

                                                  ** \u0645\u0639\u0646\u0648\u064a\u0629 \u0627\u0644\u0627\u062e\u062a\u0628\u0627\u0631 \u0639\u0646\u062f \u0645\u0633\u062a\u0648\u0649 \u062f\u0644\u0627\u0644\u0629 5%<\/strong><\/p>\n

                                                  *** \u0645\u0639\u0646\u0648\u064a\u0629 \u0627\u0644\u0627\u062e\u062a\u0628\u0627\u0631 \u0639\u0646\u062f \u0645\u0633\u062a\u0648\u0649 \u062f\u0644\u0627\u0644\u0629 1%<\/strong><\/td>\n<\/tr>\n

                                                  \u0627\u0644\u0645\u0635\u062f\u0631: \u0645\u062e\u0631\u062c\u0627\u062a \u0628\u0631\u0646\u0627\u0645\u062c EViews.<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

                                                  \u0646\u062a\u0627\u0626\u062c \u0627\u0644\u062c\u062f\u0648\u0644 (8) \u062a\u062f\u0644 \u0639\u0644\u0649 \u0623\u0646 \u0642\u064a\u0645\u0629 \u0645\u0639\u0627\u0645\u0644 \u0627\u0644\u062a\u062d\u062f\u064a\u062f \u0642\u062f \u0628\u0644\u063a\u062a \u0646\u0633\u0628\u0629 \u062c\u064a\u062f\u0629 \u0646\u062d\u0648 86% \u062a\u0642\u0631\u064a\u0628\u0627\u064b\u060c \u0645\u0645\u0627 \u064a\u062f\u0644 \u0639\u0644\u0649 \u0623\u0646 \u0627\u0644\u062a\u063a\u064a\u0631 \u0641\u064a \u0627\u0644\u0627\u0646\u0641\u0627\u0642 \u0639\u0644\u0649 \u062a\u0642\u0627\u0646\u0629 \u0627\u0644\u0627\u062a\u0635\u0627\u0644\u0627\u062a \u0648\u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u064a\u0641\u0633\u0631 \u062a\u063a\u064a\u0631 \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 \u0641\u064a \u0639\u064a\u0646\u0629 \u0627\u0644\u062f\u0631\u0627\u0633\u0629 \u0628\u0646\u0633\u0628\u0629 86% \u062a\u0642\u0631\u064a\u0628\u0627\u064b. \u0643\u0645\u0627 \u0623\u0646 \u0645\u0639\u0646\u0648\u064a\u0629 \u0645\u0639\u0627\u0645\u0644 F \u0648\u0627\u0644\u0628\u0627\u0644\u063a\u0629 0.00 \u062a\u0624\u0643\u062f \u0639\u0644\u0649 \u0642\u062f\u0631\u0629 \u0627\u0644\u0645\u062a\u063a\u064a\u0631\u0627\u062a \u0627\u0644\u0645\u0633\u062a\u0642\u0644\u0629 \u0641\u064a \u062a\u0641\u0633\u064a\u0631 \u0627\u0644\u062a\u063a\u064a\u0631\u0627\u062a \u0641\u064a \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629.<\/p>\n

                                                  \u0648\u0644\u0644\u062a\u0623\u0643\u062f \u0645\u0646 \u0645\u062f\u0649 \u0635\u0644\u0627\u062d\u064a\u0629 \u0627\u0644\u0646\u0645\u0648\u0630\u062c \u0627\u0644\u0645\u0642\u062f\u0631 \u062a\u0645 \u0627\u062e\u062a\u0628\u0627\u0631 \u0627\u0644\u0628\u0648\u0627\u0642\u064a \u0648\u0643\u0627\u0646\u062a \u0627\u0644\u0646\u062a\u0627\u0626\u062c \u0643\u0645\u0627 \u0647\u064a \u0641\u064a \u0627\u0644\u062c\u062f\u0648\u0644 (9).<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
                                                  \u062c\u062f\u0648\u0644 (9) \u0627\u062e\u062a\u0628\u0627\u0631 \u0627\u0644\u0628\u0648\u0627\u0642\u064a \u0641\u064a \u0646\u0645\u0648\u0630\u062c \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629ROE<\/strong><\/td>\n<\/tr>\n
                                                  \u0627\u0644\u0646\u0645\u0648\u0630\u062c<\/strong><\/td>\nREM<\/strong><\/td>\n<\/tr>\n
                                                  Jarque-Bera<\/strong><\/td>\n4.5651<\/strong><\/p>\n

                                                  (0.06546)<\/strong><\/td>\n<\/tr>\n

                                                  Q-Stat<\/strong><\/td>\nQ-Stat<\/strong><\/td>\nPAC<\/strong><\/td>\nAC<\/strong><\/td>\nProb<\/strong><\/td>\n<\/td>\n<\/tr>\n
                                                  0.1528<\/strong><\/td>\n0.071<\/strong><\/td>\n0.071<\/strong><\/td>\n0.854<\/strong><\/td>\n1<\/strong><\/td>\n<\/tr>\n
                                                  1.4335<\/strong><\/td>\n-0.164<\/strong><\/td>\n-0.155<\/strong><\/td>\n0.545<\/strong><\/td>\n2<\/strong><\/td>\n<\/tr>\n
                                                  2.3548<\/strong><\/td>\n-0.065<\/strong><\/td>\n-0.075<\/strong><\/td>\n0.351<\/strong><\/td>\n3<\/strong><\/td>\n<\/tr>\n
                                                  LM<\/strong><\/td>\n(0.6572)<\/strong><\/td>\n<\/tr>\n
                                                  Heteroscedasticity Test<\/strong><\/td>\n1.54832<\/strong><\/p>\n

                                                  (0.14586)<\/strong><\/td>\n<\/tr>\n

                                                  Stability<\/strong><\/td>\nLLC<\/strong><\/td>\nADF<\/strong><\/td>\nPP<\/strong><\/td>\n<\/tr>\n
                                                  -7.6548<\/strong><\/p>\n

                                                  (0.0000)<\/strong><\/td>\n

                                                  		49.2561<\/strong><\/p>\n

                                                  (0.0000)<\/strong><\/td>\n

                                                  		58.5135<\/strong><\/p>\n

                                                  (0.0000)<\/strong><\/td>\n<\/tr>\n

                                                  \u0627\u0644\u0645\u0635\u062f\u0631: \u0645\u062e\u0631\u062c\u0627\u062a \u0628\u0631\u0646\u0627\u0645\u062c EViews.<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

                                                  \u064a\u062a\u0636\u062d \u0645\u0646 \u062e\u0644\u0627\u0644 \u0627\u0644\u062c\u062f\u0648\u0644 \u0631\u0642\u0645 (9) \u0623\u0646 \u0627\u0644\u0628\u0648\u0627\u0642\u064a \u062e\u0627\u0636\u0639\u0629 \u0644\u0644\u062a\u0648\u0632\u064a\u0639 \u0627\u0644\u0637\u0628\u064a\u0639\u064a \u0628\u062d\u0633\u0628 \u0627\u062e\u062a\u0628\u0627\u0631 Jarque-Bera\u060c \u0648\u0644\u0627 \u062a\u0631\u062a\u0628\u0637 \u0630\u0627\u062a\u064a\u0627\u064b \u0648\u0641\u0642\u0627 \u0644\u0627\u062e\u062a\u0628\u0627\u0631 Q-Stat \u0623\u0648 \u0641\u0631\u062f\u064a\u0627 \u062a\u0628\u0639\u0627\u064b \u0644\u0627\u062e\u062a\u0628\u0627\u0631 LM\u060c \u0643\u0645\u0627 \u0623\u0646 \u0627\u0644\u0628\u0648\u0627\u0642\u064a \u0645\u0633\u062a\u0642\u0631\u0629 \u0639\u0628\u0631 \u0627\u0644\u0632\u0645\u0646 \u0648\u0644\u0627 \u062a\u062d\u062a\u0648\u064a \u062c\u0630\u0631 \u0627\u0644\u0648\u062d\u062f\u0629 \u0648\u0639\u0644\u064a\u0647 \u064a\u0645\u0643\u0646 \u0627\u0639\u062a\u0628\u0627\u0631 \u0627\u0644\u0646\u0645\u0648\u0630\u062c \u0627\u0644\u0645\u0642\u062f\u0631 \u0645\u0642\u0628\u0648\u0644 \u0644\u062a\u0641\u0633\u064a\u0631 \u0627\u0644\u062a\u063a\u064a\u0631\u0627\u062a \u0641\u064a \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 \u062a\u0628\u0639\u0627\u064b \u0644\u0644\u062a\u063a\u064a\u0631\u0627\u062a \u0641\u064a \u0642\u064a\u0645 \u0627\u0644\u0645\u062a\u063a\u064a\u0631\u0627\u062a \u0627\u0644\u0645\u0633\u062a\u0642\u0644\u0629.<\/p>\n

                                                    \n
                                                  1. \u0627\u062e\u062a\u0628\u0627\u0631 \u0627\u0644\u0641\u0631\u0636\u064a\u0627\u062a:<\/strong><\/li>\n<\/ol>\n
                                                      \n
                                                    • \u0646\u0645\u0648\u0630\u062c \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0627\u0644\u0623\u0635\u0648\u0644 ROA: \u062d\u064a\u062b \u064a\u0645\u0643\u0646 \u0627\u0644\u062a\u0639\u0628\u064a\u0631 \u0639\u0646 \u0627\u0644\u0646\u0645\u0648\u0630\u062c \u0648\u0641\u0642 \u0645\u0627 \u064a\u0644\u064a:<\/strong><\/li>\n<\/ul>\n

                                                      ROAi,t<\/sub>= -0.068758+ 6.05E-10ITinv<\/sub>+ 4.85E-10ITeff<\/sub>+ 0.01ATMre<\/sub><\/em><\/strong><\/p>\n

                                                      \u062a\u0645 \u0627\u0644\u062a\u0648\u0635\u0644 \u0625\u0644\u0649 \u0623\u0646 \u0627\u0644\u0645\u0628\u0627\u0644\u063a \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u0629 \u0641\u064a \u062a\u0642\u0627\u0646\u0629 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0648\u0627\u0644\u0627\u062a\u0635\u0627\u0644\u0627\u062a \u062a\u0624\u062b\u0631 \u0639\u0644\u0649 \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0627\u0644\u0623\u0635\u0648\u0644 \u0639\u0646\u062f \u0645\u0633\u062a\u0648\u0649 \u062f\u0644\u0627\u0644\u0629 10%\u060c \u062d\u064a\u062b \u0623\u0646 \u0627\u0644\u062a\u063a\u064a\u0631 \u0641\u064a \u0642\u064a\u0645\u0629 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0628\u0642\u064a\u0645\u0629 \u0648\u062d\u062f\u0629 \u0648\u0627\u062d\u062f\u0629 \u0633\u0648\u0641 \u064a\u0624\u062b\u0631 \u0627\u064a\u062c\u0627\u0628\u0627 \u0639\u0644\u0649 \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0627\u0644\u0623\u0635\u0648\u0644 \u0628\u0646\u062d\u0648 (6.05E-10).\u0648\u0646\u0631\u0641\u0636 \u0627\u0644\u0641\u0631\u0636\u064a\u0629 \u0627\u0644\u0641\u0631\u0639\u064a\u0629 \u0627\u0644\u0623\u0648\u0644\u0649 \u0645\u0646 \u0627\u0644\u0641\u0631\u0636\u064a\u0629 \u0627\u0644\u0631\u0626\u064a\u0633\u064a\u0629 \u0627\u0644\u0623\u0648\u0644\u0649 \u0628\u0639\u062f\u0645 \u0648\u062c\u0648\u062f \u0639\u0644\u0627\u0642\u0629 \u0627\u062d\u0635\u0627\u0626\u064a\u0629 \u0630\u0627\u062a \u062f\u0644\u0627\u0644\u0629 \u0645\u0639\u0646\u0648\u064a\u0629 \u0628\u064a\u0646 \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u062a\u0642\u0627\u0646\u0629 \u0627\u0644\u0627\u062a\u0635\u0627\u0644\u0627\u062a \u0648\u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0639\u0644\u0649 \u0645\u0639\u062f\u0644 \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0627\u0644\u0623\u0635\u0648\u0644.<\/p>\n

                                                      \u0648\u0628\u0646\u0641\u0633 \u0627\u0644\u0633\u064a\u0627\u0642 \u0641\u0625\u0646 \u0643\u0641\u0627\u0621\u0629 \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u062a\u0642\u0627\u0646\u0629 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0648\u0627\u0644\u0627\u062a\u0635\u0627\u0644\u0627\u062a \u062a\u0624\u062b\u0631 \u0628\u0645\u0642\u062f\u0627\u0631 (4.85E-10) \u0627\u064a\u062c\u0627\u0628\u0627\u064b \u0641\u064a \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0627\u0644\u0623\u0635\u0648\u0644 \u0639\u0646\u062f \u0643\u0644 \u062a\u063a\u064a\u0631 \u0641\u064a \u0643\u0641\u0627\u0621\u0629 \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u062a\u0642\u0627\u0646\u0629 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0648\u0627\u0644\u0627\u062a\u0635\u0627\u0644\u0627\u062a \u0628\u0645\u0642\u062f\u0627\u0631 \u0648\u062d\u062f\u0629 \u0648\u0627\u062d\u062f\u0629. \u0648\u0646\u0631\u0641\u0636 \u0627\u0644\u0641\u0631\u0636\u064a\u0629 \u0627\u0644\u0641\u0631\u0639\u064a\u0629 \u0627\u0644\u062b\u0627\u0646\u064a\u0629 \u0645\u0646 \u0627\u0644\u0641\u0631\u0636\u064a\u0629 \u0627\u0644\u0631\u0626\u064a\u0633\u064a\u0629 \u0627\u0644\u0623\u0648\u0644\u0649 \u0627\u0644\u062a\u064a \u062a\u0641\u062a\u0631\u0636 \u063a\u064a\u0627\u0628 \u0623\u064a \u0623\u062b\u0631 \u0627\u062d\u0635\u0627\u0626\u064a \u0630\u0648 \u062f\u0644\u0627\u0644\u0629 \u0645\u0639\u0646\u0648\u064a\u0629 \u0628\u064a\u0646 \u0643\u0641\u0627\u0621\u0629 \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u062a\u0642\u0627\u0646\u0629 \u0627\u0644\u0627\u062a\u0635\u0627\u0644\u0627\u062a \u0648\u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0639\u0644\u0649 \u0645\u0639\u062f\u0644 \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0627\u0644\u0623\u0635\u0648\u0644.<\/p>\n

                                                      \u0643\u0645\u0627 \u064a\u0638\u0647\u0631 \u0627\u0644\u0646\u0645\u0648\u0630\u062c \u0623\u0646 \u0627\u0644\u0645\u062a\u063a\u064a\u0631 \u0627\u0644\u0636\u0627\u0628\u0637 \u064a\u0633\u0647\u0645 \u0628\u0634\u0643\u0644 \u0637\u0641\u064a\u0641 \u0641\u064a \u0627\u0644\u062a\u063a\u064a\u0631 \u0641\u064a \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0627\u0644\u0623\u0635\u0648\u0644.<\/p>\n

                                                      \u0645\u0645\u0627 \u0633\u0628\u0642 \u064a\u0645\u0643\u0646 \u0623\u0646 \u0646\u0631\u0641\u0636 \u0627\u0644\u0641\u0631\u0636\u064a\u0629 \u0627\u0644\u0631\u0626\u064a\u0633\u064a\u0629 \u0627\u0644\u0623\u0648\u0644\u0649 \u0644\u0639\u062f\u0645 \u0648\u062c\u0648\u062f \u0639\u0644\u0627\u0642\u0629 \u0625\u062d\u0635\u0627\u0626\u064a\u0629 \u0630\u0627\u062a \u062f\u0644\u0627\u0644\u0629 \u0645\u0639\u0646\u0648\u064a\u0629 \u0628\u064a\u0646 \u062a\u0642\u0627\u0646\u0629 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0648\u0627\u0644\u0627\u062a\u0635\u0627\u0644\u0627\u062a \u0648\u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0627\u0644\u0623\u0635\u0648\u0644 \u0644\u0644\u0645\u0635\u0627\u0631\u0641 \u0627\u0644\u0639\u0631\u0627\u0642\u064a\u0629.<\/p>\n

                                                        \n
                                                      • \u0646\u0645\u0648\u0630\u062c \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 ROE: \u062d\u064a\u062b \u064a\u0645\u0643\u0646 \u0627\u0644\u062a\u0639\u0628\u064a\u0631 \u0639\u0646 \u0627\u0644\u0646\u0645\u0648\u0630\u062c \u0648\u0641\u0642 \u0645\u0627 \u064a\u0644\u064a:<\/strong><\/li>\n<\/ul>\n

                                                        ROEi,t<\/sub>= -0.56489 + 1.58E-10 ITinv<\/sub>+ 6.85E-10 ITeff<\/sub>+ 0.03548 ATMre<\/sub><\/em><\/strong><\/p>\n

                                                        \u0645\u0646 \u062e\u0644\u0627\u0644 \u0627\u0644\u0646\u0645\u0648\u0630\u062c \u0627\u0644\u0633\u0627\u0628\u0642 \u062a\u0645 \u0627\u0644\u062a\u0648\u0635\u0644 \u0625\u0644\u0649 \u0623\u0646 \u0627\u0644\u0645\u0628\u0627\u0644\u063a \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u0629 \u0641\u064a \u062a\u0642\u0627\u0646\u0629 \u0627\u0644\u0627\u062a\u0635\u0627\u0644\u0627\u062a \u0648\u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0628\u0627\u0644\u0627\u0636\u0627\u0641\u0629 \u0625\u0644\u0649 \u0643\u0641\u0627\u0621\u0629 \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0647\u0630\u0647 \u0627\u0644\u062a\u0642\u0627\u0646\u0629 \u0648\u0627\u064a\u0631\u0627\u062f \u0628\u0637\u0627\u0642\u0627\u062a \u0627\u0644\u0627\u0626\u062a\u0645\u0627\u0646 \u062a\u0624\u062b\u0631 \u062c\u0645\u064a\u0639\u0647\u0627 \u0639\u0644\u0649 \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 \u0639\u0646\u062f \u0645\u0633\u062a\u0648\u0649 \u062f\u0644\u0627\u0644\u0629 5 %.<\/p>\n

                                                        \u062d\u064a\u062b \u0623\u0646 \u0627\u0644\u062a\u063a\u064a\u0631 \u0641\u064a \u0642\u064a\u0645\u0629 \u0627\u0644\u0627\u0646\u0641\u0627\u0642 \u0639\u0644\u0649 \u062a\u0642\u0627\u0646\u0629 \u0627\u0644\u0627\u062a\u0635\u0627\u0644\u0627\u062a \u0628\u0642\u064a\u0645\u0629 \u0648\u062d\u062f\u0629 \u0648\u0627\u062d\u062f\u0629 \u0633\u064a\u0632\u064a\u062f \u0642\u064a\u0645\u0629 \u0645\u0639\u062f\u0644 \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 \u0628\u0645\u0642\u062f\u0627\u0631 (1.58E-10)\u060c \u0648\u0639\u0644\u064a\u0647 \u0646\u0631\u0641\u0636 \u0627\u0644\u0641\u0631\u0636\u064a\u0629 \u0627\u0644\u0641\u0631\u0639\u064a\u0629 \u0627\u0644\u0623\u0648\u0644\u0649 \u0645\u0646 \u0627\u0644\u0641\u0631\u0636\u064a\u0629 \u0627\u0644\u0631\u0626\u064a\u0633\u064a\u0629 \u0627\u0644\u062b\u0627\u0646\u064a\u0629 \u0627\u0644\u062a\u064a \u062a\u0639\u062a\u0628\u0631 \u0639\u062f\u0645 \u0648\u062c\u0648\u062f \u0623\u062b\u0631 \u0627\u062d\u0635\u0627\u0626\u064a \u0630\u0648 \u062f\u0644\u0627\u0644\u0629 \u0645\u0639\u0646\u0648\u064a\u0629 \u0628\u064a\u0646 \u0627\u0639\u062a\u0645\u0627\u062f \u062a\u0642\u0627\u0646\u0629 \u0627\u0644\u0627\u062a\u0635\u0627\u0644\u0627\u062a \u0648\u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0639\u0644\u0649 \u0645\u0639\u062f\u0644 \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629.<\/p>\n

                                                        \u0628\u064a\u0646\u0645\u0627 \u064a\u0631\u062a\u0641\u0639 \u0645\u0639\u062f\u0644 \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 \u0628\u0645\u0642\u062f\u0627\u0631 (6.85E-10) \u0645\u0639 \u0643\u0644 \u062a\u063a\u064a\u0631 \u0641\u064a \u0643\u0641\u0627\u0621\u0629 \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u062a\u0642\u0627\u0646\u0629 \u0627\u0644\u0627\u062a\u0635\u0627\u0644\u0627\u062a \u0648\u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0628\u0645\u0642\u062f\u0627\u0631 \u0648\u062d\u062f\u0629 \u0648\u0627\u062d\u062f\u0629. \u0648\u0646\u0631\u0641\u0636 \u0627\u0644\u0641\u0631\u0636\u064a\u0629 \u0627\u0644\u0641\u0631\u0639\u064a\u0629 \u0627\u0644\u062b\u0627\u0646\u064a\u0629 \u0645\u0646 \u0627\u0644\u0641\u0631\u0636\u064a\u0629 \u0627\u0644\u0631\u0626\u064a\u0633\u064a\u0629 \u0627\u0644\u062b\u0627\u0646\u064a\u0629 \u0628\u0639\u062f\u0645 \u0648\u062c\u0648\u062f \u0639\u0644\u0627\u0642\u0629 \u0627\u062d\u0635\u0627\u0626\u064a\u0629 \u0630\u0627\u062a \u062f\u0644\u0627\u0644\u0629 \u0645\u0639\u0646\u0648\u064a\u0629 \u0628\u064a\u0646 \u0643\u0641\u0627\u0621\u0629 \u0627\u0644\u0627\u0639\u062a\u0645\u0627\u062f \u0639\u0644\u0649 \u062a\u0642\u0627\u0646\u0629 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0648\u0627\u0644\u0627\u062a\u0635\u0627\u0644\u0627\u062a \u0639\u0644\u0649 \u0645\u0639\u062f\u0644 \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629.<\/p>\n

                                                        \u0628\u0627\u0644\u0627\u0636\u0627\u0641\u0629 \u0625\u0644\u0649 \u0648\u062c\u0648\u062f \u0623\u062b\u0631 \u0644\u0648\u062c\u0648\u062f \u0628\u0637\u0627\u0642\u0627\u062a \u0627\u0644\u0627\u0626\u062a\u0645\u0627\u0646 \u0639\u0644\u0649 \u0645\u0639\u062f\u0644 \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629.<\/p>\n

                                                        \u0645\u0645\u0627 \u0633\u0628\u0642 \u064a\u0645\u0643\u0646 \u0623\u0646 \u0646\u0631\u0641\u0636 \u0641\u0631\u0636\u064a\u0629 \u0639\u062f\u0645 \u0648\u062c\u0648\u062f \u0639\u0644\u0627\u0642\u0629 \u0625\u062d\u0635\u0627\u0626\u064a\u0629 \u0628\u064a\u0646 \u0643\u0641\u0627\u0621\u0629 \u0627\u0644\u0627\u0639\u062a\u0645\u0627\u062f \u0639\u0644\u0649 \u062a\u0642\u0627\u0646\u0629 \u0627\u0644\u0627\u062a\u0635\u0627\u0644\u0627\u062a \u0648\u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0648\u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 \u0641\u064a \u0627\u0644\u0645\u0635\u0627\u0631\u0641 \u0627\u0644\u0639\u0631\u0627\u0642\u064a\u0629 \u0643\u0645\u0627 \u0641\u064a \u0627\u0644\u0641\u0631\u0636\u064a\u0629 \u0627\u0644\u0631\u0626\u064a\u0633\u064a\u0629 \u0627\u0644\u062b\u0627\u0646\u064a\u0629.<\/p>\n

                                                          \n
                                                        1. \u0627\u0644\u0646\u062a\u0627\u0626\u062c \u0648\u0627\u0644\u062a\u0648\u0635\u064a\u0627\u062a:<\/strong><\/li>\n
                                                        2. \u0639\u0643\u0633\u062a \u0639\u064a\u0646\u0629 \u0627\u0644\u062f\u0631\u0627\u0633\u0629 \u062a\u0623\u062b\u064a\u0631\u0627\u064b \u0648\u0627\u0636\u062d\u0627\u064b \u0644\u0644\u0645\u0628\u0627\u0644\u063a \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u0629 \u0641\u064a \u062a\u0642\u0627\u0646\u0629 \u0627\u0644\u0627\u062a\u0635\u0627\u0644\u0627\u062a \u0648\u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0639\u0644\u0649 \u0627\u062f\u0627\u0621 \u0627\u0644\u0645\u0635\u0627\u0631\u0641 \u0627\u0644\u0645\u0627\u0644\u064a \u0644\u0644\u0645\u0635\u0627\u0631\u0641 \u0627\u0644\u0639\u0631\u0627\u0642\u064a\u0629 \u0633\u0648\u0627\u0621 \u0645\u0646 \u062e\u0644\u0627\u0644 \u0645\u0639\u062f\u0644 \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0627\u0644\u0623\u0635\u0648\u0644 \u0623\u0648 \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629.<\/li>\n
                                                        3. \u0625\u0646 \u0627\u0644\u062a\u0648\u0633\u0639 \u0641\u064a \u0627\u0644\u062e\u062f\u0645\u0627\u062a \u0627\u0644\u0645\u0635\u0631\u0641\u064a\u0629 \u0627\u0644\u062a\u064a \u062a\u0631\u062a\u0643\u0632 \u0639\u0644\u0649 \u062a\u0642\u0627\u0646\u0629 \u0627\u0644\u0627\u062a\u0635\u0627\u0644\u0627\u062a \u0648\u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a (\u0645\u062b\u0644 \u0628\u0637\u0627\u0642\u0627\u062a \u0627\u0644\u0627\u0626\u062a\u0645\u0627\u0646) \u0633\u0648\u0641 \u064a\u0633\u0647\u0645 \u0641\u064a \u0631\u0641\u0639 \u0645\u0633\u062a\u0648\u0649 \u0627\u0644\u0623\u062f\u0627\u0621 \u0627\u0644\u0645\u0627\u0644\u064a \u0644\u0644\u0645\u0635\u0627\u0631\u0641 \u0627\u0644\u0639\u0631\u0627\u0642\u064a\u0629 \u0648\u0628\u0627\u0644\u062a\u0627\u0644\u064a \u0644\u0627\u0628\u062f \u0645\u0646 \u0631\u0641\u0639 \u0633\u0648\u064a\u0629 \u0647\u0630\u0647 \u0627\u0644\u062e\u062f\u0645\u0627\u062a \u0641\u064a \u0625\u0637\u0627\u0631 \u0627\u0644\u0633\u0639\u064a \u0644\u062a\u062d\u0642\u064a\u0642 \u0623\u062f\u0627\u0621 \u0645\u0627\u0644\u064a \u0623\u0641\u0636\u0644.<\/li>\n
                                                        4. \u0625\u0646 \u0645\u0639\u062f\u0644 \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 \u064a\u0639\u0643\u0633 \u0645\u0624\u0634\u0631\u0627\u064b \u0647\u0627\u0645\u0627\u064b \u0644\u0642\u064a\u0627\u0633 \u0627\u0644\u0623\u062f\u0627\u0621 \u0627\u0644\u0645\u0627\u0644\u064a \u0644\u0644\u0645\u0635\u0627\u0631\u0641 \u062d\u064a\u062b \u0623\u0646 \u0627\u0644\u0646\u0645\u0648\u0630\u062c \u0627\u0644\u0645\u0642\u062f\u0645 \u0644\u062a\u0642\u062f\u064a\u0631 \u0645\u0639\u0644\u0645\u0627\u062a \u0627\u0644\u0646\u0645\u0648\u0630\u062c \u0628\u0627\u0644\u0627\u0639\u062a\u0645\u0627\u062f \u0639\u0644\u0649 \u0647\u0630\u0627 \u0627\u0644\u0646\u0645\u0648\u0630\u062c \u0623\u0641\u0636\u0644 \u0645\u0646 \u0646\u0645\u0648\u0630\u062c \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0627\u0644\u0623\u0635\u0648\u0644 \u0648\u064a\u0645\u0643\u0646 \u0627\u064a\u0639\u0627\u0632 \u0630\u0644\u0643 \u0625\u0644\u0649 \u0643\u0648\u0646 \u0645\u0639\u062f\u0644 \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 \u064a\u0631\u0627\u0639\u064a \u0646\u062a\u0627\u0626\u062c \u0627\u0644\u0623\u0639\u0645\u0627\u0644 \u0645\u0639 \u062d\u0635\u0629 \u0627\u0644\u0645\u0633\u0627\u0647\u0645\u064a\u0646.<\/li>\n
                                                        5. \u062a\u0628\u0631\u0632 \u0623\u0647\u0645\u064a\u0629 \u0627\u0644\u0628\u062d\u062b \u0641\u064a \u0645\u062f\u0649 \u0627\u0644\u0627\u0646\u0641\u0627\u0642 \u0639\u0644\u0649 \u0627\u0644\u062a\u0642\u0627\u0646\u0627\u062a \u0627\u0644\u062d\u062f\u064a\u062b\u0629 \u0644\u0645\u0627 \u0644\u0647 \u0645\u0646 \u0623\u062b\u0631 \u0641\u064a \u0632\u064a\u0627\u062f\u0629 \u0627\u0644\u0639\u0627\u0626\u062f\u064a\u0629 \u0648\u062a\u062d\u0633\u064a\u0646 \u0627\u0644\u0627\u062f\u0627\u0621 \u0627\u0644\u0645\u0627\u0644\u064a \u0644\u0644\u0645\u0635\u0627\u0631\u0641 \u0645\u0645\u0627 \u064a\u062c\u0639\u0644 \u0627\u0644\u0628\u0627\u062d\u062b \u064a\u0648\u0635\u064a \u0628\u0636\u0631\u0648\u0631\u0629 \u0627\u062c\u0631\u0627\u0621 \u062f\u0631\u0627\u0633\u0629 \u0634\u0627\u0645\u0644\u0629 \u0644\u062c\u0645\u064a\u0639 \u0627\u0644\u0645\u0635\u0627\u0631\u0641 \u0627\u0644\u062e\u0627\u0635\u0629 \u0627\u0644\u062a\u0642\u0644\u064a\u062f\u064a\u0629 \u0645\u0646\u0647\u0627 \u0648\u0627\u0644\u0627\u0633\u0644\u0627\u0645\u064a\u0629 \u0641\u064a \u0627\u0644\u0639\u0631\u0627\u0642 \u0628\u0634\u0631\u0637 \u062f\u0631\u0627\u0633\u0629 \u0643\u0627\u0641\u0629 \u0627\u0644\u0645\u0624\u0634\u0631\u0627\u062a \u0627\u0644\u062a\u064a \u062a\u0642\u064a\u0633 \u0627\u0644\u0627\u062f\u0627\u0621 \u0627\u0644\u0645\u0627\u0644\u064a \u0644\u0644\u0645\u0635\u0627\u0631\u0641 \u0645\u0645\u0627 \u064a\u062a\u064a\u062d \u0645\u0646 \u062e\u0644\u0627\u0644\u0629 \u0627\u0644\u0648\u0642\u0648\u0641 \u0639\u0644\u0649 \u0646\u0642\u0627\u0637 \u0627\u0644\u0642\u0648\u0629 \u0648\u0627\u0644\u0636\u0639\u0641 \u0627\u0644\u062a\u064a \u062a\u0631\u062a\u0628\u0637 \u0641\u064a \u0647\u0630\u0627 \u0627\u0644\u0645\u062c\u0627\u0644 \u0641\u064a \u0642\u0637\u0627\u0639 \u0627\u0644\u0635\u0646\u0627\u0639\u0629 \u0627\u0644\u0645\u0635\u0631\u0641\u064a\u0629.<\/li>\n
                                                        6. \u0625\u0646 \u0627\u0644\u0645\u062a\u063a\u064a\u0631\u0627\u062a \u0627\u0644\u0636\u0627\u0628\u0637\u0629 \u062a\u0639\u062a\u0628\u0631 \u0645\u0624\u0634\u0631\u0627\u062a \u0647\u0627\u0645\u0629 \u0641\u064a \u062a\u0642\u062f\u064a\u0631 \u062a\u0623\u062b\u064a\u0631 \u062a\u0642\u0627\u0646\u0629 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0648\u0627\u0644\u0627\u062a\u0635\u0627\u0644\u0627\u062a \u0639\u0644\u0649 \u0627\u062f\u0627\u0621 \u0627\u0644\u0645\u0635\u0627\u0631\u0641 \u0627\u0644\u0645\u0627\u0644\u064a\u060c \u0648\u0642\u062f \u062a\u0645 \u0627\u0644\u0627\u0639\u062a\u0645\u0627\u062f \u0639\u0644\u0649 \u0627\u064a\u0631\u0627\u062f \u0628\u0637\u0627\u0642\u0627\u062a \u0627\u0644\u0627\u0626\u062a\u0645\u0627\u0646 \u0641\u0642\u0637 \u0641\u064a \u062d\u064a\u0646 \u064a\u0645\u0643\u0646 \u0627\u0636\u0627\u0641\u0629 \u0645\u062a\u063a\u064a\u0631\u0627\u062a \u0623\u062e\u0631\u0649 \u0645\u062b\u0644 \u0627\u0644\u0627\u0646\u062a\u0631\u0646\u062a \u0627\u0644\u0628\u0646\u0643\u064a \u0623\u0648 \u0627\u0644\u0631\u0633\u0627\u0626\u0644 \u0627\u0644\u0645\u0635\u0631\u0641\u064a\u0629 \u0623\u0648 \u0628\u0631\u0627\u0645\u062c \u0648\u062a\u0637\u0628\u064a\u0642\u0627\u062a \u0627\u0644\u0647\u0648\u0627\u062a\u0641 \u0627\u0644\u0630\u0643\u064a\u0629 \u0644\u064a\u062a\u0645 \u0627\u0644\u062a\u062d\u0642\u0642 \u0645\u0646 \u0645\u062f\u0649 \u062a\u0623\u062b\u064a\u0631\u0647\u0627 \u0639\u0644\u0649 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0641\u064a \u0647\u0630\u0647 \u0627\u0644\u062a\u0643\u0646\u0648\u0644\u0648\u062c\u064a\u0627.<\/li>\n
                                                        7. \u0628\u0645\u0627 \u0623\u0646 \u0627\u062d\u062f \u0623\u0647\u0645 \u062a\u0637\u0628\u064a\u0642\u0627\u062a \u062a\u0642\u064a\u0627\u062a \u0627\u0644\u0627\u062a\u0635\u0627\u0644\u0627\u062a \u0648\u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0647\u064a \u0631\u0641\u0639 \u0627\u0644\u0627\u0646\u062a\u0627\u062c\u064a\u0629 \u0641\u064a \u0627\u0644\u0645\u0635\u0627\u0631\u0641 \u064a\u0645\u0643\u0646 \u0645\u062d\u0627\u0648\u0644\u0629 \u062a\u062d\u062f\u064a\u062f \u0627\u0644\u0623\u062b\u0631 \u0627\u0644\u0630\u064a \u062a\u0633\u0647\u0645 \u0641\u064a\u0647 \u0647\u0630\u0627 \u0627\u0644\u062a\u0643\u0646\u0648\u0644\u0648\u062c\u064a\u0627 \u0639\u0644\u0649 \u0627\u0644\u0646\u0641\u0642\u0627\u062a \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0629 \u0648\u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a\u0629 \u0644\u0644\u0648\u0642\u0648\u0641 \u0639\u0644\u0649 \u0627\u0644\u0639\u0648\u0627\u0645\u0644 \u0627\u0644\u062a\u064a \u062a\u0631\u0641\u0639 \u0645\u0646 \u0627\u0646\u062a\u0627\u062c\u064a\u0629 \u0627\u0644\u0645\u0635\u0627\u0631\u0641.<\/li>\n<\/ol>\n

                                                          \u0627\u0644\u0645\u0631\u0627\u062c\u0639:<\/strong><\/p>\n

                                                            \n
                                                          1. \u0627\u0628\u0631\u0627\u0647\u064a\u0645\u060c \u062d\u0646\u0627.\u061b \u0648\u0628\u064a\u0637\u0627\u0631\u060c \u0645\u0646\u0649.\u061b (2019) \u0623\u062b\u0631 \u062a\u0643\u0646\u0648\u0644\u0648\u062c\u064a\u0627 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0648\u0627\u0644\u0627\u062a\u0635\u0627\u0644\u0627\u062a \u0641\u064a \u0627\u0644\u0623\u062f\u0627\u0621 \u0627\u0644\u0645\u0627\u0644\u064a \u0644\u0644\u0645\u0635\u0627\u0631\u0641 \u0627\u0644\u062a\u062c\u0627\u0631\u064a\u0629 \u0641\u064a \u0633\u0648\u0631\u064a\u0629\u060c \u0645\u062c\u0644\u0629 \u062c\u0627\u0645\u0639\u0629 \u062d\u0645\u0627\u0629\u060c \u0627\u0644\u0645\u062c\u0644\u062f \u0627\u0644\u062b\u0627\u0646\u064a\u060c \u0627\u0644\u0639\u062f\u062f \u0627\u0644\u062d\u0627\u062f\u064a \u0639\u0634\u0631\u060c \u0627\u0644\u0635\u0641\u062d\u0627\u062a: 125-146.<\/li>\n
                                                          2. \u0623\u0628\u0648 \u0644\u0637\u064a\u0641\u060c \u062f\u0627\u0646\u0627.\u060c (2019). \u0623\u062b\u0631 \u0627\u0644\u0647\u064a\u0643\u0644 \u0627\u0644\u062a\u0645\u0648\u064a\u0644\u064a \u0639\u0644\u0649 \u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0648\u0627\u0644\u0645\u062e\u0627\u0637\u0631\u0629 \u2013 \u062f\u0631\u0627\u0633\u0629 \u062a\u0637\u0628\u064a\u0642\u064a\u0629 \u0639\u0644\u0649 \u0627\u0644\u0645\u0635\u0627\u0631\u0641 \u0627\u0644\u062e\u0627\u0635\u0629 \u0627\u0644\u062a\u0642\u0644\u064a\u062f\u064a\u0629 \u0641\u064a \u0633\u0648\u0631\u064a\u0629 \u062e\u0644\u0627\u0644 \u0627\u0644\u0641\u062a\u0631\u0629 \u0627\u0644\u0632\u0645\u0646\u064a\u0629 (2009-2013)\u060c \u0631\u0633\u0627\u0644\u0629 \u0645\u0627\u062c\u0633\u062a\u064a\u0631\u060c \u062c\u0627\u0645\u0639\u0629 \u062a\u0634\u0631\u064a\u0646\u060c \u0643\u0644\u064a\u0629 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u060c \u0633\u0648\u0631\u064a\u0629.<\/li>\n
                                                          3. \u0628\u0646 \u062d\u0645\u0644\u0629\u060c \u0639\u0641\u0627\u0641.\u060c (2015). \u0623\u062b\u0631 \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u062a\u0643\u0646\u0648\u0644\u0648\u062c\u064a\u0627 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0648\u0627\u0644\u0627\u062a\u0635\u0627\u0644 \u0639\u0644\u0649 \u0623\u062f\u0627\u0621 \u0627\u0644\u0628\u0646\u0648\u0643 \u2013 \u062f\u0631\u0627\u0633\u0629 \u0627\u0633\u062a\u0637\u0644\u0627\u0639\u064a\u0629 \u0645\u0646 \u0648\u062c\u0647\u0629 \u0646\u0638\u0631 \u0639\u064a\u0646\u0629 \u0645\u0646 \u0645\u0648\u0638\u0641\u064a \u0628\u0639\u0636 \u0627\u0644\u0648\u0643\u0627\u0644\u0627\u062a \u0627\u0644\u0628\u0646\u0643\u064a\u0629 \u0628\u0623\u0645 \u0627\u0644\u0628\u0648\u0627\u0642\u064a (BADR, BNA, CPA, CNEP)\u060c \u0631\u0633\u0627\u0644\u0629 \u0645\u0627\u062c\u0633\u062a\u064a\u0631\u060c \u062c\u0627\u0645\u0639\u0629 \u0627\u0644\u0639\u0631\u0628\u064a \u0628\u0646 \u0645\u0647\u064a\u062f\u064a- \u0623\u0645 \u0627\u0644\u0628\u0648\u0627\u0642\u064a \u2013 \u0627\u0644\u062c\u0632\u0627\u0626\u0631\u060c \u0643\u0644\u064a\u0629 \u0627\u0644\u0639\u0644\u0648\u0645 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 \u0648\u0627\u0644\u0639\u0644\u0648\u0645 \u0627\u0644\u062a\u062c\u0627\u0631\u064a\u0629 \u0648\u0639\u0644\u0648\u0645 \u0627\u0644\u062a\u0633\u064a\u064a\u0631.<\/li>\n
                                                          4. \u0627\u0644\u0628\u0648\u062f\u064a\u060c \u0631\u0628\u064a\u0639.\u061b \u0627\u0644\u0639\u0645\u0627\u0631\u060c \u0631\u0636\u0648\u0627\u0646.\u061b (2020) \u062f\u0648\u0631 \u062c\u0648\u062f\u0629 \u0627\u0644\u062e\u062f\u0645\u0629 \u0627\u0644\u0645\u0635\u0631\u0641\u064a\u0629 \u0641\u064a \u062a\u0628\u0646\u064a \u062a\u0642\u0646\u064a\u0627\u062a \u062a\u0643\u0646\u0648\u0644\u0648\u062c\u064a\u0627 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0648\u0627\u0644\u0627\u062a\u0635\u0627\u0644\u0627\u062a \u2013\u062f\u0631\u0627\u0633\u0629 \u0639\u064a\u0646\u0629 \u0644\u0628\u0639\u0636 \u0641\u0631\u0648\u0639 \u0627\u0644\u0645\u0635\u0627\u0631\u0641 \u0627\u0644\u062e\u0627\u0635\u0629 \u0627\u0644\u0639\u0627\u0645\u0644\u0629 \u0641\u064a \u0627\u0644\u0644\u0627\u0630\u0642\u064a\u0629\u060c \u0645\u062c\u0644\u0629 \u062c\u0627\u0645\u0639\u0629 \u062d\u0645\u0627\u0629\u060c \u0627\u0644\u0645\u062c\u0644\u062f \u0627\u0644\u062b\u0627\u0644\u062b\u060c \u0627\u0644\u0639\u062f\u062f \u0627\u0644\u0631\u0627\u0628\u0639\u060c \u0627\u0644\u0635\u0641\u062d\u0627\u062a: 186-197.<\/li>\n
                                                          5. \u0627\u0644\u062c\u0628\u0648\u0631\u064a\u060c \u0625\u062d\u0633\u0627\u0646.\u060c (2016) \u0628\u0639\u0646\u0648\u0627\u0646 (\u062f\u0648\u0631 \u062a\u0643\u0646\u0644\u0648\u062c\u064a\u0627 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0641\u064a \u062a\u062d\u0633\u064a\u0646 \u0627\u0644\u0623\u062f\u0627\u0621 \u0627\u0644\u0645\u0635\u0631\u0641\u064a \u2013 \u0628\u062d\u062b \u0641\u064a \u0639\u064a\u0646\u0629 \u0645\u0646 \u0627\u0644\u0645\u0635\u0627\u0631\u0641 \u0627\u0644\u062e\u0627\u0635\u0629 \u0627\u0644\u0639\u0631\u0627\u0642\u064a\u0629)\u060c \u0645\u062c\u0644\u0629 \u0643\u0644\u064a\u0629 \u0645\u062f\u064a\u0646\u0629 \u0627\u0644\u0639\u0644\u0645 \u0627\u0644\u062c\u0627\u0645\u0639\u064a\u0629\u060c \u0627\u0644\u0645\u062c\u0644\u062f 8\u060c \u0627\u0644\u0639\u062f\u062f 2\u060c \u0627\u0644\u0635\u0641\u062d\u0627\u062a: 147-168.<\/li>\n
                                                          6. \u062e\u0627\u0644\u062f\u060c \u0631\u0634\u064a\u062f. (2018). \u0648\u0627\u0642\u0639 \u062a\u0642\u064a\u064a\u0645 \u0623\u062f\u0627\u0621 \u0627\u0644\u0639\u0627\u0645\u0644\u064a\u0646 \u0645\u0646 \u0648\u062c\u0647\u0629 \u0646\u0638\u0631 \u0645\u062f\u064a\u0631\u064a \u0627\u0644\u0645\u0648\u0627\u0631\u062f \u0627\u0644\u0628\u0634\u0631\u064a\u0629\u060c \u062f\u0631\u0627\u0633\u0629 \u062d\u0627\u0644\u0629 \u0639\u064a\u0646\u0629 \u0645\u0646 \u0627\u0644\u0645\u0624\u0633\u0633\u0627\u062a \u0627\u0644\u0646\u0641\u0637\u064a\u0629 \u0628\u062d\u0627\u0633\u064a \u0645\u0633\u0639\u0648\u062f. \u0645\u062c\u0644\u0629 \u0627\u0644\u0628\u0627\u062d\u062b\u060c \u0635 1-16.<\/li>\n
                                                          7. \u0634\u0637\u064a\u060c \u0641\u062a\u062d\u064a. (2018). \u062f\u0648\u0631 \u062a\u0643\u0646\u0648\u0644\u0648\u062c\u064a\u0627 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0648\u0627\u0644\u0627\u062a\u0635\u0627\u0644 \u0641\u064a \u062a\u0646\u0645\u064a\u0629 \u0627\u0644\u0645\u0648\u0627\u0631\u062f \u0627\u0644\u0628\u0634\u0631\u064a\u0629 \u0628\u0644\u062f\u064a\u0629 \u0627\u0644\u0645\u063a\u064a\u0631 \u0646\u0645\u0648\u0630\u062c\u0627\u064b. \u0631\u0633\u0627\u0644\u0629 \u0645\u0627\u062c\u0633\u062a\u064a\u0631\u060c \u0643\u0644\u064a\u0629 \u0627\u0644\u0639\u0644\u0648\u0645 \u0627\u0644\u0625\u0646\u0633\u0627\u0646\u064a\u0629 \u0648\u0627\u0644\u0627\u062c\u062a\u0645\u0627\u0639\u064a\u0629\u060c \u062c\u0627\u0645\u0639\u0629 \u0627\u0644\u0628\u0644\u064a\u062f\u0629: \u0627\u0644\u062c\u0632\u0627\u0626\u0631.<\/li>\n
                                                          8. \u0642\u0627\u0633\u0645\u060c \u0633\u0627\u0645\u0631.\u060c (2015). \u0623\u062b\u0631 \u062a\u0643\u0646\u0648\u0644\u0648\u062c\u064a\u0627 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0641\u064a \u062c\u0648\u062f\u0629 \u0627\u0644\u062e\u062f\u0645\u0629 \u0627\u0644\u0645\u0635\u0631\u0641\u064a\u0629 \u2013 \u062f\u0631\u0627\u0633\u0629 \u0645\u064a\u062f\u0627\u0646\u064a\u0629 \u0639\u0644\u0649 \u0641\u0631\u0648\u0639 \u0627\u0644\u0645\u0635\u0631\u0641 \u0627\u0644\u062a\u062c\u0627\u0631\u064a \u0627\u0644\u0633\u0648\u0631\u064a \u0628\u0627\u0644\u0644\u0627\u0630\u0642\u064a\u0629\u060c \u0645\u062c\u0644\u0629 \u062c\u0627\u0645\u0639\u0629 \u062a\u0634\u0631\u064a\u0646 \u0644\u0644\u0628\u062d\u0648\u062b \u0648\u0627\u0644\u062f\u0631\u0627\u0633\u0627\u062a \u0627\u0644\u0639\u0644\u0645\u064a\u0629\u060c \u0627\u0644\u062c\u0644\u062f 37\u060c \u0627\u0644\u0639\u062f\u062f 2\u060c \u0627\u0644\u0635\u0641\u062d\u0627\u062a: 109-124.<\/li>\n
                                                          9. \u0645\u0630\u0643\u0648\u0631\u060c \u0628\u0634\u0631\u0649. (2017). \u0623\u062b\u0631 \u0648\u0633\u0627\u0626\u0644 \u0627\u0644\u062f\u0641\u0639 \u0627\u0644\u0627\u0644\u0643\u062a\u0631\u0648\u0646\u064a \u0639\u0644\u0649 \u0627\u0644\u0623\u062f\u0627\u0621 \u0627\u0644\u0645\u0627\u0644\u064a \u0644\u0644\u0628\u0646\u0648\u0643-\u062f\u0631\u0627\u0633\u0629 \u062d\u0627\u0644\u0629 \u0628\u0646\u0643 \u0627\u0644\u0641\u0644\u0627\u062d\u0629 \u0648\u0627\u0644\u062a\u0646\u0645\u064a\u0629 \u0627\u0644\u0631\u064a\u0641\u064a\u0629- \u0648\u0643\u0627\u0644\u0629 \u0623\u0645 \u0627\u0644\u0628\u0648\u0627\u0642\u064a 324\u060c \u0631\u0633\u0627\u0644\u0629 \u0645\u0627\u062c\u0633\u062a\u064a\u0631\u060c \u062c\u0627\u0645\u0639\u0629 \u0627\u0644\u0639\u0631\u0628\u064a \u0628\u0646 \u0645\u0647\u064a\u062f\u064a- \u0623\u0645 \u0627\u0644\u0628\u0648\u0627\u0642\u064a \u2013 \u0627\u0644\u062c\u0632\u0627\u0626\u0631\u060c \u0643\u0644\u064a\u0629 \u0627\u0644\u0639\u0644\u0648\u0645 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 \u0648\u0627\u0644\u0639\u0644\u0648\u0645 \u0627\u0644\u062a\u062c\u0627\u0631\u064a\u0629 \u0648\u0639\u0644\u0648\u0645 \u0627\u0644\u062a\u0633\u064a\u064a\u0631.<\/li>\n
                                                          10. \u0627\u0644\u0646\u062c\u0627\u0631\u060c \u0641\u0627\u064a\u0632. (2010). \u0646\u0638\u0645 \u0627\u0644\u0645\u0639\u0644\u0648\u0645\u0627\u062a \u0627\u0644\u0625\u062f\u0627\u0631\u064a\u0629. \u062f\u0627\u0631 \u0627\u0644\u062d\u0627\u0645\u062f \u0644\u0644\u0646\u0634\u0631 \u0648\u0627\u0644\u062a\u0648\u0632\u064a\u0639\u060c \u0627\u0644\u0637\u0628\u0639\u0629 \u0627\u0644\u062b\u0627\u0646\u064a\u0629\u060c \u0639\u0645\u0627\u0646: \u0627\u0644\u0623\u0631\u062f\u0646.<\/li>\n
                                                          11. Appiahene, Peter; Missah, Yaw Marfo; Najim, Ussiph (2019). Evaluation of information technology impact on bank\u2019s performance: The Ghanaian experience. International Journal of Engineering Business Management, 11(), 184797901983533\u2013. doi:10.1177\/1847979019835337.<\/li>\n
                                                          12. Rashid, Syed M., (2018) Impact of Information Technology (IT) Investment on Banks\u2019 Performance: A Study on Dhaka Stock Exchange (DSE) Listed Banks of Bangladesh, Journal of Information Engineering and Applications, Vol.8, No.2, PP:8-12.<\/li>\n
                                                          13. Sarji, Mustapha (2017) Information Technology and its influence on the Lebanese bankingsector, IOSR Journal of Business and Management, Vol 19, Issue 4, pp 19- 28.<\/li>\n
                                                          14. Takeda, Fumiko; Takeda, Koichi; Takemura, Toshihiko; Ueda, Ryota (2020). The Impact of Information Technology Investment Announcements on the Market Value of the Japanese Regional Banks. Finance Research Letters, (), 101811\u2013. doi:10.1016\/j.frl.2020.101811<\/li>\n<\/ol>\n

                                                            \n","protected":false},"excerpt":{"rendered":"

                                                            \u0645 . \u0645 . \u0622\u0645\u0646\u0629 \u0645\u0624\u064a\u062f \u0639\u0628\u062f \u0627\u0644\u0644\u0647 \u0627\u0644\u062f\u064a\u0648\u0647 \u062c\u064a1 1 \u062c\u0627\u0645\u0639\u0629 \u0627\u0644\u0641\u0631\u0627\u0647\u064a\u062f\u064a \/ \u0628\u063a\u062f\u0627\u062f \u2013 \u0627\u0644\u0639\u0631\u0627\u0642 \u0628\u0631\u064a\u062f \u0627\u0644\u0643\u062a\u0631\u0648\u0646\u064a: aminamoayed@yahoo.com HNSJ, 2022, 3(2); https:\/\/doi.org\/10.53796\/hnsj3235 \u062a\u0646\u0632\u064a\u0644 \u0627\u0644\u0645\u0644\u0641 \u062a\u0627\u0631\u064a\u062e \u0627\u0644\u0646\u0634\u0631: 01\/02\/2022\u0645 \u062a\u0627\u0631\u064a\u062e […]<\/p>\n","protected":false},"author":2,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_joinchat":[],"footnotes":""},"class_list":["post-2988","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/www.hnjournal.net\/ar\/wp-json\/wp\/v2\/pages\/2988","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.hnjournal.net\/ar\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.hnjournal.net\/ar\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.hnjournal.net\/ar\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.hnjournal.net\/ar\/wp-json\/wp\/v2\/comments?post=2988"}],"version-history":[{"count":1,"href":"https:\/\/www.hnjournal.net\/ar\/wp-json\/wp\/v2\/pages\/2988\/revisions"}],"predecessor-version":[{"id":2996,"href":"https:\/\/www.hnjournal.net\/ar\/wp-json\/wp\/v2\/pages\/2988\/revisions\/2996"}],"wp:attachment":[{"href":"https:\/\/www.hnjournal.net\/ar\/wp-json\/wp\/v2\/media?parent=2988"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}