اولویت بندی تصمیم گیریهای تأمین مالی براساس بازده سهام (مطالعه موردی: شرکتهای بورس اوراق بهادار تهران)
محورهای موضوعی :
مدیریت صنعتی
Kayvan Faramarzi
1
(PhD student in Accounting, International Bandar-e Anzali Branch, Islamic Azad University, Anzali, Iran)
Serveh Mohammadi
2
(MA Graduate in Accounting, Hamedan Branch, Islamic Azad University, Hamedan, Iran)
تاریخ دریافت : 1394/10/09
تاریخ پذیرش : 1395/04/28
تاریخ انتشار : 1395/06/04
کلید واژه:
financing,
بازده سهام,
ساختار سرمایه,
Capital Structure,
بازده سرمایه گذاری,
استقراض,
تامین مالی,
Stock’s Return,
Investment’s Return,
Borrowing,
چکیده مقاله :
ابزارهای تأمین مالی در سالهای اخیر توسعه روزافزونی داشته اند و روشهای تأمین مالی همواره چالش بسیار بزرگی بر سر راه مدیران است. این که چه ابزار مالی می تواند در تأمین احتیاجات مالی شرکت راهگشا باشد اولیت تحقیق حاضر است. در این تحقیق تلاش می شود با استفاده از از آزمون های آماری رگرسیون تک متغیره وگام به گام عوامل مؤثر بر انتخاب روش تأمین مالی شناسایی و اولویتبندی شود. بررسی انجام شده در میان شرکتهای پذیرفته شده در بورس اوراق بهادار تهران به بررسی تاثیر شیوه های مختلف تامین مالی بر بازده سهام این است که در بازه زمانی مشخصی (1390-1380)شیوه های معمول تامین اعتبار این شرکتها را بررسی و سعی دارد با تحلیل این شیوه ها بهترین شیوه ی تامین مالی این شرکتها را مشخص نماید. استقراض از سیستم بانکی، انتشار سهام و سود انباشته از روشهای مورد استفاده توسط شرکتها بوده واطلاعات مورد نیاز شامل صورتهای مالی (ترازنامه و صورت سود و زیان) از گزارش های مالی سالانه از نشریه های رسمی سازمان بورس اوراق بهادار تهران استخراج گردیده است. در این مقاله کلیه فرضیات ارایه شده در سطح اطمینان 95% مورد آزمون قرار گرفته اند. این پژوهش با نمونه ای شامل53 شرکت از بورس اوراق بهادار تهران طی دوره زمانی 1389-1380 صورت گرفته است. نتایج پژوهش نشان داد که مکانیزم های تامین از راه انتشار سهام و سود انباشته با بازده سهام رابطه مستقیم دارد در حالی که تأمین مالی از طریق استقراض با بازده سهام رابطه معکوس دارد. این نتایج می تواند در اولویت بندی و استفاده از مکانیزم های مناسب تامین مالی برای شرکتها و بنگاه های اقتصادی مورد استفاده قرار گیرد.
چکیده انگلیسی:
The main objective of this research is to study the effects of various methods of financing over stock’s return of accepted companies in Tehran stock exchange from 2001 to 2010. The studied companies are those which have been used various methods of financing including borrowing from bank system, issuance of stock, retained earnings and they have presented financial statements (balance sheet and statement of loss and gain), as well as the required financial information in the studied period. The results will be used to predict the method of financing for future years. Analyzing the research hypotheses, univariate and stepwise regression was used. All of the hypotheses have been tested in insurance level of 95%. This research has been done with a simple template included 53 companies from Tehran stock exchange from 2001 to 2010. The results of the research show that financing methods have a significant effect on stock’s return. And financing methods via borrowing from bank system has vice versa relation while financing from stock issuance and retained earning whit stock’s return has direct relation.
منابع و مأخذ:
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Eberhart, A. and Siddique, A. (2002). The long-term performance of corporate bonds (and stocks) flowing seasoned equity offerings. The review of financial studies, (15), 1385-1406.
Fahim, Seyyed Reza and Aghaie, MohammadAli.(2011). The role of borrowing in corporate profitability by looking at companies listed on the stock exchange, retrived at http://forum.sarmaye.com/showthread.php?t=480
Fama, F., Eugene. (1997). Market efficiency, long-term return and behavioral finance, Journal of Financial Economics, 49 (1998), 283—306.
Hashemi, Syed Abbas and Mehrabi, M. (2008). Identifying the factors affecting the advantage of using debt to finance companies listed in Tehran Stock Exchange, Journal of Accounting and Auditing, 15(54)137-154.
Jensen, M.C. and Smith. C. W. (1984). Theory of corporate finance". A historical review. Working paper, U.S.A., university of Rochester. (WWW.ssrn.Com)
Jensen, M. C. and Wiliam H. Meckling. (1976). Theory of firm: managerial behavior, agency costs and ownership structure. Working paper, U.S.A., university of rochester.(WWW.ssrn.com)
Khakhi, G., (2009). Research Methodology for Writing, Dissertation. Baztab Publication. 5th Edition.
Kordestani, GH and Najafi Omeran, Mazaher. (2008). Review of the Theory of Capital Structure, Journal of Accounting, 3(198) 40 to 54.
Maharani, Sasan and Mehrani, K. (2003). The relationship between profitability ratios and stock returns in Tehran Stock Excahnge. Journal of Accounting and Auditing, No. 33.
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Masulis, Ronald W. (1983). The impact of capital structure change in firm value: Some estimates, Journal of Finance 38, 107-126.
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Nouraei, M. (2009). Evaluation of the effect of different methods of financing on earnings per share and profitability indicators of listed companies in Tehran Stock Exchange, Master Thesis, Islamic Azad University, Hamedan.
Ongena, Steven, Roscovan, Viorel and Worker, Bas, J. M. (2007). Bank and Bonds. The impact of Bank loan announcements on bond and equity prices.
Rahnmay-Roodposhti, F, Talebnia, Qodratollah, Solimanifar, R. (2009). The relationship between cash from Financing activities and stock returns of companies listed in Tehran Stock Exchange, Journal of Stock Exchange, 8 (3) 65-89.
Rashidi, Accord, (2008). Study of different methods and choosing the appropriate method of financing investment projects in the utilities industry, MS Thesis, Islamic Azad University of Boroujerd.
Samie, R., (2007). The effect of the capital increase in the stock returns of companies listed in Tehran Stock Exchange, Master Thesis, Islamic Azad University of Boroujerd.
Sarmad, Zohere, Bazargan, Abbas and Hejaz, E. (2006). Research Methods in the Behavioral Sciences, Aagah publication, 13th Ed.
Shabahang, Reza. (1995). Financial Management. Journal of Audit Corporate, issue 92 (1).
Shabahang, Reza. (1995). Financial Management. Journal of Audit Corporate, issue 102 (21).
Shams Alam, Syed Hessam. (1996).The effect of the capital increase in the stock returns of companies listed on Tehran Stock Exchange, Master Thesis, Tehran University.
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Abzari, Mehdi, Dastgir, Mohsen & Gholipour, Ali. (2006). Review and analysis of methods of financing of listed companies in Tehran Stock Excahnge, Journal of Quantitative Economics, 4, 73-89.
Akbari, Fazlullah. (2005). Financial Statement Analysis, published by the Journal of Audit, Corporate publication, 129.
Anvari Rostami, A. (2012). Multi period designed mixed-integer programming model ideal for optimal finance company, Journal o Daneshvar, 42, 17-26.
Asquith, Paul and David W. Mullins, Jr. (1983). The impact of initiating dividend payments on shareholders wealth, Journal of Business 56, 77-96.
Asquith, Paul and Mullins, David W. (1986). Equity Issues And Offering Dilution. Journal of Financial Economics 15 (1986) 61-89. North-Holland.
Azar, Addel, Karimi, Cyrus. (2010). Predicting stock returns using accounting ratios neural network approach. Journal of Financial Research, Issue 28.
Azar, Addel, Momenie, Mansour. (2006). Statistics and Its Application in Management, Volume II, statistical analysis. Samt Publications, 11th ed.
Baharamian, AH. (2005). Effects of off-balance sheet financing on Profitability of listed companies in Tehran Stock Exchange, Master Thesis, Islamic Azad University of Boroujerd.
Ben- Haim, Shahar. (1988). The capital structure and cost of capital: A suggested exposition: Journal of Finance.
Bidgoli Islami, G. (2008). Issues in the theory of Financial Management. Terme publications 1st Ed.
Billet, Matthew T., Mark J. Flanerry and Jon A. Garfinkel. (2001). The long-term performance of firm flowing loan announcements", Working paper, University of Iowa.
Bradshaw, Mark, Richardson, Scoth and Sloan, Richard. (2006). The relation between corporate financing activities, analysts’ forecasts and stock returns", available at www.papers.ssrn.com.
Daniel A. Cohen and Thomas, Z. LYS. (2010). Weighing the evidence on the relation between external corporate financing activities accruals and stock return.
Davis Han- Min Wang. (2010). Corporate investment:financing and dividend policies in the high- tech industry.
Delaware, A., (2007). Theoretical and practical research in the humanities and social sciences", Roshed Publications, 6th Edition.
Eberhart, A. and Siddique, A. (2002). The long-term performance of corporate bonds (and stocks) flowing seasoned equity offerings. The review of financial studies, (15), 1385-1406.
Fahim, Seyyed Reza and Aghaie, MohammadAli.(2011). The role of borrowing in corporate profitability by looking at companies listed on the stock exchange, retrived at http://forum.sarmaye.com/showthread.php?t=480
Fama, F., Eugene. (1997). Market efficiency, long-term return and behavioral finance, Journal of Financial Economics, 49 (1998), 283—306.
Hashemi, Syed Abbas and Mehrabi, M. (2008). Identifying the factors affecting the advantage of using debt to finance companies listed in Tehran Stock Exchange, Journal of Accounting and Auditing, 15(54)137-154.
Jensen, M.C. and Smith. C. W. (1984). Theory of corporate finance". A historical review. Working paper, U.S.A., university of Rochester. (WWW.ssrn.Com)
Jensen, M. C. and Wiliam H. Meckling. (1976). Theory of firm: managerial behavior, agency costs and ownership structure. Working paper, U.S.A., university of rochester.(WWW.ssrn.com)
Khakhi, G., (2009). Research Methodology for Writing, Dissertation. Baztab Publication. 5th Edition.
Kordestani, GH and Najafi Omeran, Mazaher. (2008). Review of the Theory of Capital Structure, Journal of Accounting, 3(198) 40 to 54.
Maharani, Sasan and Mehrani, K. (2003). The relationship between profitability ratios and stock returns in Tehran Stock Excahnge. Journal of Accounting and Auditing, No. 33.
Marc Goergen, Luc Renne boog. (2010). Investment policy, internal financing and ownership concentration in the UK".
Masulis, Ronald W. (1983). The impact of capital structure change in firm value: Some estimates, Journal of Finance 38, 107-126.
Mayers, C., Stewart. (1984). The capital structure puzzle, the journal of finance, 34(3).
Modigliani, Franco and Merton, H., Miller. (1958). The cost of capital corporation finance and the theory of investment. American economic review.
Mojtahedzadeh, Vida, Alavi Tabari, Sayed Hussein and Khodabakhshi, N. (2009). The relationship between finance and operating performance of listed companies in Tehran Stock Exchange, Journal of Accounting Research, 1 (1), 28-49.
Naserbadi, Deler. (2010). The Information Content of Financial Statements abnormal returns on stock futures listed companies in Tehran Stock Exchange, Master Thesis, Islamic Azad University Central Tehran Branch.
Neveu, P., Raymond. (2007). Financial Management, translated by Jahankhani, Ali and Parsaeian, Ali, Samt publication, Volume I, 13th Edition.
Nouraei, M. (2009). Evaluation of the effect of different methods of financing on earnings per share and profitability indicators of listed companies in Tehran Stock Exchange, Master Thesis, Islamic Azad University, Hamedan.
Ongena, Steven, Roscovan, Viorel and Worker, Bas, J. M. (2007). Bank and Bonds. The impact of Bank loan announcements on bond and equity prices.
Rahnmay-Roodposhti, F, Talebnia, Qodratollah, Solimanifar, R. (2009). The relationship between cash from Financing activities and stock returns of companies listed in Tehran Stock Exchange, Journal of Stock Exchange, 8 (3) 65-89.
Rashidi, Accord, (2008). Study of different methods and choosing the appropriate method of financing investment projects in the utilities industry, MS Thesis, Islamic Azad University of Boroujerd.
Samie, R., (2007). The effect of the capital increase in the stock returns of companies listed in Tehran Stock Exchange, Master Thesis, Islamic Azad University of Boroujerd.
Sarmad, Zohere, Bazargan, Abbas and Hejaz, E. (2006). Research Methods in the Behavioral Sciences, Aagah publication, 13th Ed.
Shabahang, Reza. (1995). Financial Management. Journal of Audit Corporate, issue 92 (1).
Shabahang, Reza. (1995). Financial Management. Journal of Audit Corporate, issue 102 (21).
Shams Alam, Syed Hessam. (1996).The effect of the capital increase in the stock returns of companies listed on Tehran Stock Exchange, Master Thesis, Tehran University.
