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  1. #1
    moderator
    Mon, 09 Mar 2009 01 PM:23:00
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    : 2005/2006






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    ɡ ɡ ѡ ϡ

    : ͡ ޡ ѡ .ϡ

    2006





















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    : ͡ ޡ ޡ ϡ ǡ .
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    . 2006 03






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    : ( ).................................55
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    01 75
    02 76
    03 . 77
    04 . 78
    05 . 78
    06 . 79
    07 . 80
    08 . 80
    09 . 81
    10 . 82
    11 . 83
    12 . 83
    13 . 84
    14 . 84
    15 . 85
    16 . 86
    17 . 87



    01 . 24
    02 . 45
    03 69
    04 . 71
    05 . 75
    06 . 76


    L'investissement financement .....
    Les titre financires.......
    Les actions..........
    Les obligations......
    Les drvs.....
    Les options.......
    Contrat a terme....
    Contrat de change........
    Le march des titres.......
    Le merch primaire.....
    Le march secondaire.....
    ............. Le march du bourse...
    .Le march hors bourse........
    Le troisime march酅.....
    Le quatrime march酅......
    Le rendement........
    Le risque.........
    Le diversification.....
    ..................................... Commission d'organisation et de surveillance opration des bourse(cosob)
    ...............................Socit de gestion de la bourse des valeurs(sgbv)
    Dpositaire contral des titres.....
    )............................. Variance (
    )............. cart-type(
    Cfficient de variance(CV).......... Covariance(cov).......
    .................................................................. ...................) Cfficient bta (

    ǡ ɡ ɡ .
    ɡ ǡ .
    ޡ ǡ ݡ ǡ .
    ɡ ɡ ɡ ǡ .
    .
    Summary
    Financial investment is the ownership of financial assets in the hope that it achieved behind dividend in the future and the financial investment has been achieved through a number of investment tools are equities and bonds over these tools known and widespread, Valsendat religion is a tool whereby the investor lender institution a sum of money in return for benefits periodically, The shares are for instruments acquired by the holder of the share capital of certain institution, The third class of securities called derivatives, which values derived from the value of shares and bonds. The stock market is the framework that deals with the tools of investment consists of the market, which specializes in the primary issuance of securities for the first time, The secondary market in which the securities traded after issuance. which in turn is divided into regulated markets and the markets of unregulated market in the Exchange organization is either unregulated market is the third market and the forth market..
    If the objective of the financial investment is to achieve a return in the future, however, is the risk that is a fluctuation in the returns of securities and is divided into systematic risks, and risks of irregular Risk regular is affecting all the prices of securities traded on the market. The risks are irregular affecting equities business specific or group of enterprises, there are risks associated with equity and the risks associated with the bonds, there are several ways to measure risk is divergence, standard deviation difference factor, beta factor, The less variation in the standard deviation has led to a decline in the financial risk associated with the paper.
    In addition, there are several methods to reduce the risk of the most important diversification Whenever well-diversified portfolio of Finance led to the reduction of risk, There are also policies and strategies pursued leads to minimize the risk of policies in the portfolio management of financial defence policy based on the element of the reservation to the risk element, by giving priority to the safety component at the expense of return and also a balanced policy which is based on the relative balance between returns and risk, The strategies is a strategy for selecting securities, which requires a technical and fundamental analysis, as well as ways of assessing securities to determine the real value, There are also strategic re-allocations portfolio allocations requiring a portfolio of multi-bank shares stocks of companies producing durable goods.
    Through field study carried out in the compound of ERIAD SETIF as one of the institutions registered in the Stock Exchange could be argued that there are risks of investing in stock compound kindergarten schools because of the continuing decline of revenue shares, as well as the low market price and distributions.













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    (02): .








    : ѡ ɡ ѡ
    2005 : 172.
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    1987 1988 ޡ ɡ 1975 1988 ɡ ɡ 1997 320.000 ɡ 88/03 02 1982 08 1991 ɡ ɡ ɡ ǡ ǡ 1992 932.000 ̡ :
    - 93/08 25 1993 .
    - 93/10 23 1993 .
    - 27 1995 .
    - 96/08 10 1996 .
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    - 97/03 18 1997 .
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    93/10 23 1993 03/04 17 2003 .
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    03/04 17 2003 ɡ 65.000.000 ɺ ݡ :BADR,BEA,CPA,BNA , CNEP.
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    1998 2005 19 1998 20 % ǡ COSOB 11 1998
    2500 800 ѡ 15 1999 15 1999.
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    25/25 ɡ 1.5 ѡ 1999
    20 % 1,2 250 ̡ 400 .
    4-
    02/195 01 2002 150.000.000.000 150.000 20.000.000.000 20.000.000.000 8.000.000.000 102.8 3% 4.000.000.000 104.4 3.25 % 8.000.000.000 104.05 3.5% 24 2004 05 ʡ 6 ʡ 07 .
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    1963 1971 ˡ ̡ 23 1998 ǡ 001 18 1999 5.000.000.000 13% 05 ʡ 12.000.000.000 ̡ 10.000 ̡ 50.000̡ 100.000.
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    2003 2.480.000.000 1.280.000.000 4% 03 ʡ 1.200.000.000 4.5% 05 ʡ .
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    2004 4.400.000.000 1.800.000.000 3 % 2.600.000.000 3.75 % 05 01 2004 25.000.000.000 04 ѡ 50.000 06 3.75 % 4.5 % ɡ 06 % .
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    01 1983 () 02 1990 100.000.000 ̡ 1000 350 ɡ 250 ɡ 200 200 ʡ 1993 850.000.000 8500 100.000 1994 .
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    - 03 1993 100.000.000 550.000.000 .
    - 08 1994 550.000.000 850.000.000 .
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    5.000.000.000 5.000.000 29 1998 20 % 63.000.000 ѡ ɡ ӡ ʡ .
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    (03): .
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    - - -
    4.000.000
    - - - - 42.000.000
    - - - - 3.500.000
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    - .
    1-
    :
    - 100.000.000.
    - 300 5% .
    - 100 .
    - .
    - .
    - .
    :
    - 4.000.000.000 4.000.000 1000 .
    - 20% .
    - 300 .
    2-
    :
    - ɺ
    - ɺ
    - ɺ
    - .
    2-1 : :
    - .
    - .
    - .
    - .
    - .
    - ɡ .
    2-2- : :
    - .
    - .
    - .
    - 5% .
    2-3 : :
    - .
    - .
    - .
    - .
    ɡ .
    2-4 : :
    - .
    - .
    - .
    - .

    ɡ .
    :
    - ݺ
    - ݺ
    - .

    :
    :
    - ݺ
    - .
    1-
    :
    (01): .
    () ()
    193911565 84074 1956 2000
    47422190 22019 409 2001
    5269530 4197 76 2002
    7660510 7889 52 2003
    3052950 2938 17 2004
    : .
    :
    (05): .

    : .
    2001 73.8% ɡ ɡ .
    2-
    :
    (02): .
    2004
    2003 2002 2001 2000
    1039.12 978.31 1255.55 2153.69 2308.55 ()
    : ( ).
    :
    (06): .

    : .
    2000 2001 2003 978.3 2004.
    :
    :
    - .
    - .

    1-
    1-1- : :
    :
    : .
    : i ( ).
    : i-1 ( ).
    : i .
    .
    (03): .
    %
    ()
    ()
    10.37 230 2308.55 2000
    -0.73 138 2153.69 2001
    -36.36 115 1255.55 2002
    -15.67 80.5 978.31 2003
    6.22 - 1039.12 2004
    : .
    ݡ 2000 10.37 % 2002 -36.36 % ʡ
    .
    1-2-
    :
    :
    : .
    : .
    : .
    :
    (04): .


    (%)

    2.07 0.2 10.37 2000
    -0.14 0.2 -0.73 2001
    -7.27 0.2 -36.36 2002
    -3.13 0.2 -15.67 2003
    1.24 0.2 6.22 2004
    -7.27 - -
    : .
    -9.722 %
    .
    2- : .
    2-1-
    :
    (05): .




    0.00619 0.03098 0.176 0.2 2000
    0.00084 0.00422 0.065 0.2 2001
    0.01697 0.08485 -0.2913 0.2 2002
    0.00142 0.00711 -0.0843 0.2 2003
    0.00362 0.01809 0.1345 0.2 2004
    0.02904 - - 1
    : 04 05.
    :

    :


    14% ޡ .
    2-2-
    .
    2-2-1- : :
    :
    (%): .
    (%): .
    (%): .
    (%): .
    : .
    (%): .

    (06): .


    ( )%
    ( )%
    ( ) %
    ( ) %

    0.91 0.2 4.54 0.65 2.59 10.37 2000
    -0.92 0.2 -4.58 -7.99 -5.02 -0.73 2001
    -6.18 0.2 -30.92 -33.46 -22.94 -36.36 2002
    -1.57 0.2 -7.86 -25.37 17.44 -15.66 2003
    2.75 0.2 13.73 17.30 17.68 6.22 2004
    -5.01 1 - - - -
    : .
    2-1-2-
    :
    (07): .





    0.00182 0.2 0.00912 0.0955 2000
    0.00037 0.2 0.00185 0.0043 2001
    0.01343 0.2 0.0671 -0.2591 2002
    0.00016 0.2 0.00081 -0.0285 2003
    0.00702 0.2 0.0351 0.1874 2004
    0.02135
    1 - -
    : .
    :

    :



    2-1-3-
    :
    (08): .





    0.00336 0.2 0.176 0.0955 2000
    0.00006 0.2 0.065 0.0043 2001
    0.01509 0.2 -0.2913 -0.2591 2002
    0.00048 0.2 -0.0843 -0.0285 2003
    0.00504 0.2 0.1345 0.1874 2004
    0.02403 1 - -
    : 06-08.
    :


    :
    ( ) :
    - N
    - N .
    1- N
    X1 X2 X3 :
    X1: .
    X2: .
    X3 : .
    .
    1-1- : :
    (09): .
    % (%) () ()
    5.4 0.2 2.59 20 390.77 2000
    -1 0.2 -5.02 22 349.15 2001
    -4.59 0.2 -22.94 25 244.05 2002
    3.49 0.2 -17.44 30 256.61 2003
    3.54 0.2 -17.68 35 266.99 2004
    1.97 1 - - -
    : ɡ 2004 :44.
    1-2- : :


    (10): .
    % (%) () ()
    0.13 0.2 0.65 20 785.23 2000
    -1.60 0.2 -7.99 13.6 708.85 2001
    -6.69 0.2 -33.46 09 462.65 2002
    -5.07 0.2 -25.37 24 321.26 2003
    3.46 0.2 17.30 20 356.85 2004
    -9.77 1 - - -
    : ɡ ޡ 2004 :44.
    ݡ :

    2-1- N
    X1 X2 X3 X1 ݡ X2 X3 .
    .
    2-1-1-
    :





    (11): .





    0.0000077 0.2 0.000038 0.0062 2000
    0.00098 0.2 0.004886 -0.0699 2001
    0.01241 0.2 0.06205 -0.2491 2002
    0.00479 0.2 0.02393 0.1547 2003
    0.00494 0.2 0.02468 0.1571 2004
    0.02313 1 - -
    : 10.
    :

    :



    .
    2-1-2-
    :
    (12): .





    0.00217 0.2 0.01086 0.1042 2000
    0.00006 0.2 0.00032 0.0178 2001
    0.01122 0.2 0.05612 -0.2369 2002
    0.00487 0.2 0.02434 -0.156 2003
    0.01466 0.2 0.07328 0.2707 2004
    0.03298 1 - -
    : 11.
    :

    :


    ɡ ɡ .
    .
    2-1-3-
    :
    (13): .





    0.00022 0.2 0.0062 0.176 2000
    -0.00129 0.2 -0.0699 0.065 2001
    0.01451 0.2 -0.2491 -0.2913 2002
    -0.00261 0.2 0.1547 -0.0843 2003
    0.00423 0.2 0.1571 0.1345 2004
    0.01506 1 - -
    : 06-12.
    2-1-4-
    :
    (14): .





    0.00367 0.2 0.1042 0.176 2000
    0.00023 0.2 0.0172 0.065 2001
    0.01381 0.2 -0.2369 -0.2913 2002
    0.00263 0.2 -0.1560 -0.0843 2003
    0.00728 0.2 0.2707 0.1345 2004
    0.02761 1 - -
    : 06-13.
    2-1-5-
    :


    (15): .





    0.00013 0.2 0.1042 0.0062 2000
    -0.00024 0.2 0.0172 -0.699 2001
    0.01180 0.2 -0.2369 -0.2491 2002
    -0.00483 0.2 -0.1560 0.1547 2003
    0.00850 0.2 0.2707 0.1571 2004
    0.01536 1 - -
    : 12-13.
    .
    :


    :
    :

    ǡ ɡ .
    2-2- : . .
    2-2-1- .
    :
    (16): .





    0.00012 0.2 0.0062 0.0955 2000
    -0.00006 0.2 -0.0699 0.0043 2001
    0.01291 0.2 -0.2491 -0.2591 2002
    -0.00009 0.2 0.1547 -0.0285 2003
    0.00589 0.2 0.1571 0.1874 2004
    0.01877 1 - -
    : 08-12.

    :

    2-2-2-
    :







    (17): .





    0.00199 0.2 0.1042 0.0955 2000
    0.00015 0.2 0.1720 0.0043 2001
    0.01228 0.2 -0.2369 -0.2591 2002
    0.00089 0.2 -0.1560 -0.0285 2003
    0.01015 0.2 0.2707 0.1874 2004
    0.02546 1 - -
    : 08-13.
    :

    :

    1.57 1.57.
    ǡ ɡ
    .



    ǡ ǡ .
    ɺ ɡ .
    :
    - ǡ . - ѡ .
    - .
    - ɡ .
    - .
    - ɡ .
    :
    - .
    - ڡ .
    - ɺ . :
    - ɡ ȡ .
    - ѡ ǡ ɡ .
    - ޡ ɡ ɡ .
    - .
    ˺ ɡ ɡ ϡ .
    .


    1-
    1-1-
    01 - ( ) ɡ ѡ 2006.
    02 - () ɡ ɡ ɡ 2003.
    03 - () ɡ ݡ ɡ 1999.
    04 - ( ) ɡ ѡ .
    05 ( ) ɡ ʡ 1998.
    06 ( ) ǡ ɡ ѡ 2000.
    07 - () ߡ ѡ 2000.
    08 - ( ) ɡ ݡ ȡ ѡ 2003.
    09 ( ) ʡ ڡ ѡ 2000.
    10 ( ) ա ( ɡ ) ɡ ѡ 2000.
    11 ( ) ( ʡ ѡ ) ѡ ɡ 2003.
    12 () ѡ 2002.
    13 - ( ) ͡ ɡ ѡ 2001.
    14 () ѡ ѡ ѡ 1993.
    15 () ( ) ɡ ɡ 2005.
    16 - () ޡ ɡ ѡ 2002.
    17 - () ɡ ɡ ɡ 2000.
    18 - () ( ѡ ) ɡ 2001.
    19 - () ( ǡ ) ɡ ɡ 2003.
    20 () ɡ ɡ 2002.
    21 - () ɡ ɡ ѡ 2000.
    22 - () ɡ ڡ 2001.
    23 () ҡ ɡ ѡ 2005.
    24 - () ɡ ڡ 2003.
    1-2-
    01 - A.Choinel & G.Rouyer, Les marches financires: structure et acteurs, Panque edition, paris, 7emeedition, 1999.
    02 - Denis Mortissette, Dcisions financires a long terme, les ditions S M G, trois revires, 3eme dition, 1994.
    03 - Mansour Mansouri, La bourse des valeurs mobilires d'Alger, Edition distribution Houma, Alger, 2002.
    04 - O.Picon, La bourse: comment grer votre port feuille, Delemas, paris, 1991.
    05 - Simon, Encyclopdie des marchs financires, Tome: 1, economica, Paris, 1997.
    06 - Yannick Marquet, Les marchs d'option Ngociables sur contrat a terme, economica, Paris, 1998.
    2-
    01 - () ѡ ɡ ɡ ѡ 2002.
    02 - () ɡ ѡ ɡ ѡ1999.
    03 - ( ) ѡ ɡ ɡ2006.
    04 - () ǡ ɡ2004.
    05 - () ѡ ɡ - ɡ 2004.
    3-
    1 - ١ ѡ ɡ ѡ 2000.
    4-
    01 - ݡ ɡ1998.
    02 - ҡ 2004.
    03 - ɡ 2004.
    04 - ݡ ɡ 2000-2001-2002-2003-2004.
    [](( ))

    .

  2. #2

    Sun, 01 Mar 2009 07 PM:05:08
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  3. #3
    moderator
    Mon, 09 Mar 2009 01 PM:23:00
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  4. #4

    Wed, 06 Jan 2010 06 PM:15:41
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  5. #5
    moderator
    Mon, 09 Mar 2009 01 PM:23:00
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