ابهام اطلاعاتی و تأثیر آن بر هم‌زمانی قیمت سهام طی مراحل چرخه عمر شرکت‌ها
محورهای موضوعی : سرمایه‌گذاری
غلامرضا عسکرزاده
1
,
امید کارگرشورکی
2
1 - گروه مالی، واحد یزد دانشگاه آزاد اسلامی، یزد، ایران.
2 - گروه مالی، واحد یزد دانشگاه آزاد اسلامی، یزد، ایران.
کلید واژه: ابهام اطلاعاتی, چرخه عمر شرکت, هم‌زمانی قیمت سهام,
چکیده مقاله :
هدف: عدم تقارن اطلاعاتی بین مدیران و سهامداران همواره یکی از دغدغه‌های سرمایه‌گذاران و افراد فعال در بازار سرمایه بوده است. هدف پژوهش حاضر بررسی تأثیر ابهام اطلاعاتی بر هم‌زمانی قیمت سهام طی مراحل چرخه عمر شرکت‌ها می‌باشد.
روش‌شناسی پژوهش: طرح پژوهش از نوع شبه تجربي و با استفاده از رويكرد پس‌رويدادي (از طريق اطلاعات گذشته) است. در این پژوهش از مدل رگرسیون چندگانه استفاده شده است و مبنای تجزیه‌وتحلیل داده‌ها اطلاعات گذشته صورت‌های مالی شرکت‌ها در طی سال‌های 1392 تا 1401 می‌باشد. داده‌های پژوهش از ارقام و اطلاعات واقعی صورت‌های مالی شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران از سایت کدال گردآوری شده است. پژوهش حاضر یک مطالعه با رویکرد كاربردي است و نتایج آن قابلیت استفاده برای مدیران، سرمایه‌گذاران و سایر افراد متخصص در زمینه تحلیل بازار سرمایه خواهد داشت.
یافته‌ها: نتایج حاصل از آزمون فرضیه‌های پژوهش نشان داد که ابهام اطلاعاتی تأثیر معکوس و معناداری بر هم‌زمانی قیمت سهام دارد. همچنین نتایج پژوهش نشان داد که تأثیر در مراحل عمر چرخه شرکت متفاوت است؛ به‌طوری‌که در مرحله رشد بیش‌ترین تأثیر و دیگر مراحل (بلوغ و افول) کم‌تر است. این نتایج بیانگر آن است که در دوره بلوغ ابهام اطلاعاتی شرکت بسیار کم است و هم‌زمانی قیمت سهام بیش‌تر است.
اصالت / ارزش‌افزوده علمی: یافته‌های پژوهش حاضر برای مدیران، سرمایه‌گذاران، تحلیلگران و نهادهای قانون‌گذار بسیار مفید خواهد بود و می‌تواند در کاهش هزینه‌های مبادله سهام، افزایش کارایی بازار، افزایش نقدشوندگی و در نهایت افزایش سود در معاملات منجر شود.
Objective: Information asymmetry between managers and shareholders has always been a concern for investors and capital market participants. This study aims to examine the impact of information ambiguity on stock price synchronicity across different stages of companies' life cycles.
Research Methodology: The research design is quasi-experimental, utilizing an ex-post facto approach (through historical data). This study employs multiple regression modeling, and the data analysis is based on historical financial statements of companies from 2013 to 2022. Research data was collected from actual figures and information in financial statements of companies listed on the Tehran Stock Exchange through the Codal website. This study follows an applied research approach, and its results will be applicable for managers, investors, and other specialists in capital market analysis.
Findings: The results from testing research hypotheses indicated that information ambiguity has a significant inverse effect on stock price synchronicity. Furthermore, the findings showed that this impact varies across different company life cycle stages; specifically, the effect is strongest during the growth stage and lesser in other stages (maturity and decline). These results suggest that during the maturity stage, company information ambiguity is very low, and stock price synchronicity is higher.
Originality/Scientific Value Added: The findings of this research will be highly valuable for managers, investors, analysts, and regulatory bodies, and can contribute to reducing stock transaction costs, improving market efficiency, increasing liquidity, and ultimately enhancing trading profits.
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