نشریه پژوهش های راهبردی بودجه و مالیه
سال دوم شماره 4 (پیاپی 8، زمستان 1400)

In the implementation of upstream oil and gas projects, the proceeds from the oil contracts are the most important asset of an exploration and production company. With an oil contract, the exploration and production company will generally be entitled to receive oil or natural gas. One of the favorable financing strategies and tailored to the conditions of upstream oil and gas projects is the use of oil and gas pre -sale contracts or the issuance of oil securities. One of the most common contracts in the world is Volume Production Payment (VPP). In this study, it was specified in an analytical way that the VPP method is not available from the jurisprudential and legal perspective, but the contractor or project company as the second party to the contract and on the basis of long -term oil sales contracts that are joined by the IPC contract. They can sell oil or natural gas for their financing. Oil and gas pre -sale in the exploration phase and the commercial uncertainty of the field is restricted.

This paper examines the effects of banks' equity facilities on the real sector of the economy with emphasis on financial crises using the threshold approach (STAR) based on the annual data of the Iranian economy during the period 1986-2019. The results of estimating the nonlinear part of the model show that there is a positive relationship between investment variables, bank savings volume, liquidity volume and crude oil income on investment, production and employment in the model. Also, the variables of real interest rate, exchange rate and financial crises have a negative relationship with investment, production and employment in the Iranian economy. In other words, it can be argued that the nature of production and investment in the Iranian economy is oil, and the booms and busts in the Iranian economy go hand in hand with the booms and busts of oil revenues. Increasing oil revenues will increase the country's monetary base and the volume of liquidity will increase, and naturally inflation will also increase. Expectations and uncertainty from inflation in the coming period also contribute to the sharpening of inflation, and as uncertainty increases, the volume of facilities granted by banks in the form of partnership contracts decreases, leading to money leaving the banking system and entering speculative markets. Investment in the manufacturing sector will decrease and the production and employment situation in the country will be worsened.

As the transparency of the banking system increases, the information gap will narrow and eventually competition between banks for profitability will increase. The importance of banking competition can be expressed and emphasized because with its increase, the economic growth rate will also be affected and the economic cycle will start. Therefore, paying attention to the two issues of transparency of the banking system and the competitiveness of banks and their influence from each other can be considered a turning point in the prosperity of the economy and move the country's economic growth rate in a positive direction. The present article deals with the impact of transparency, corruption index and banking characteristics on competition index accepted in Tehran Stock Exchange for the years 2013 to 2018. The present study is applied in terms of purpose and descriptive in terms of the analytical nature, and given that by using past information, the model is estimated to be a post -research type. The results of the model estimation show that transparency has a positive and significant effect on increased competitiveness, and the corruption index has reduced the competitiveness index in selected stock banks.

The output of direct / indirect relationships of companies' financial structure and marketing measures and their long-term impact on customer satisfaction has various theoretical dimensions in different countries. This article analyzes the relationship between capital structure and marketing practices of insurance companies with emphasis on advertising and important financial dimensions in companies. In this regard, by collecting data of insurance companies listed on Iranian capital market in the period 2015-2020 using data panel regression and generalized method of moment, the statics and dynamics of relationships are examined. The results of this study show that although customers do not know about the capital structure of the company, but the results are understood as a result of the marketing behavior of insurance companies. Companies that use more financial leverage are forced to pay debts from the company's internal resources, and this can, in addition to agency problems and devaluation of the market, slow down the company in marketing activities and ultimately have a negative impact on customer satisfaction. The results can be helpful in making comprehensive decisions by managers of insurance companies in choosing the appropriate financing in terms of the effect on customer satisfaction.