ارائه مدلي جهت انتخاب سبد سهام بانكي در شرايط عدم اطمينان )خاكستري( به روش تاپسيس

Modeling the bank stock portfolio selecting in vague conditions (gray) by TOPSIS method

يكي از مهم ترين مسائلي كه در حوزه سرمايه گذاري بهابازار اوراق بهادار مطرح مي شود تعيين بهترين زيرمجموعه از انواع سهام بر اساس اهداف متعدد مدنظر سرمايه گذار است. در اين مقاله شاخص هاي مالي در چهار خوشه اصلي شامل خوشه سودآوري، خوشه رشد، خوشه بازار و خوشه ريسك دسته بندي شده اند. همچنين بر مبناي شرايط مدل و ناقص بودن اطلاعات از تئوري خاكستري به عنوان يكي از روش هايي است كه براي مطالعه عدم اطمينان و ناكامل بودن اطلاعات به كار مي رود استفاده شده و از روش تاپسيس جهت اولويت بندي عوامل استفاده گرديده است. در اين پژوهش طبق نظر به دست آمده از 5 كارشناس راجع به اثرگذاري هر يك از شاخص هاي مالي بر سبد سهام، مهم ترين شاخص هاي نشان داده شده فروش خالص، سود هر سهم پس از كسر ماليات و دارايي هاي نامشهود بوده كه هركدام به ترتيب با ) 0.72,0.94 ( ،) 0.68,0.82 ( ،) 0.68,0.86 ( مقدار ضريب خاكستري مشخص شدند كه به وضوح اولويت بازگشت سرمايه و اعتبار ثابت شركت هاي حاضر در بورس را نشان مي دهد.

One of the most important which is considered in scope of financing is specifying of the best subset from the range of stock grounded on spectrum of goals of financing. The problem is entitled as one the most delicate form in Optimizing which has been initiated by Marquins for first time and it’s main goal is to seek for a method for satisfying both more Extra Value and less risk. Selecting Index Price can be considered as non-linear which has no accurate algorithm for getting The optimize solution. The first solution is to select some goal functions in the model which would be as candidate for practical locally for stocks. Decision maker will seek for solution space according an interchanging and by sets which are offered harmonically. Another solution is a goal function which contents different characteristics of other functions. The aforementioned method specifies feasibility of every index for decision maker which is more credible. In both of them for selecting members of Index, they are grounded on different Buy Sheets which are realized by decision maker inline of practical potential. Also, the ranking can be considered as heuristics because of the fact that interchangers may make some decisions about maintaining, selling or buying of stocks of corporations in the critical times. Topsis. Gray. Stock portfolio, stock market.