تحليل تاثير اجراي سياست مولدسازي بر تأمين مالي طرح‌هاي اقتصادي دولت – مطالعه موردي: طرح ورزشگاه ولايت دانشگاه اصفهان

Abstract In recent years, the policy of asset monetization has received considerable attention as an effective approach to optimizing the use of idle public assets an‎d generating non-tax revenue for the government. The primary objective of this study is to analyze the impact of various asset monetization methods on financing government economic projects an‎d to identify the main implementation barriers associated with these policies. To this end, the critical factors affecting the success of asset monetization were identified through consultations with experts an‎d academic specialists in economics an‎d public asset management. The study employs a multi-criteria decision-making approach, specifically the Analytic Hierarchy Process (AHP) an‎d Simple Additive Weighting (SAW), to analyze an‎d rank the criteria. The statistical population includes senior managers an‎d experts from the General Directorate of Economic Affairs an‎d Finance of Isfahan Province, the Management an‎d Planning Organization of Isfahan Province, an‎d faculty members of the School of Administrative Sciences an‎d Economics at the University of Isfahan. Data were collected through structured questionnaires, an‎d findings were further analyzed via a case study of the Velayat Sports Complex project at the University of Isfahan. The results indicate that among the five main methods of asset monetization, the priority order is as follows: asset sales, asset swaps, offsetting surplus assets against contractors’ claims, public-private partnerships (PPPs), granting usufruct rights in exchange for project completion, an‎d, finally, capital market instruments. Asset sales received the highest overall weight, making it the most effective an‎d efficient method. In contrast, PPPs an‎d capital market approaches were ranked lower due to executional complexities, institutional constraints, an‎d underdeveloped legal an‎d financial infrastructures. Furthermore, the analysis reveals that implementation barriers can be categorized into six main areas: legal an‎d regulatory, strategic an‎d operational, financial an‎d economic, managerial an‎d organizational, an‎d socio-cultural factors. Key impediments include inconsistencies in higher-level legislation, difficulties in attracting private investors an‎d building trust, financial risks an‎d exchange rate volatility, reluctance of government entities to divest assets due to uncertainty over long-term benefits, dependence on public budgeting, an‎d lack of financial innovation. Collectively, these barriers have considerably slowed the implementation of asset monetization policies an‎d hindered the achievement of their intended objectives. The case study of the Velayat Sports Complex demonstrates that applying asset monetization strategies can reduce reliance on government funding, enable sustainable financing, activate idle assets, an‎d improve student welfare services. Nevertheless, achieving these outcomes requires structural reforms in governance, simplification of administrative procedures, an‎d the design of effective mechanisms to attract private sector investment. Keywords: Asset Monetization, Budget, Management of Government Assets, Financing, Construction projects, Velayat Stadium Project

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