آزمون تأثیر عوامل حاکمیت شرکتی بر رتبه اعتباری در قالب مدل امتیاز بازار نوظهور (مورد مطالعه: بورس اوراق بهادار تهران)
محورهای موضوعی : دانش مالی تحلیل اوراق بهادارحسین وظیفه‌دوست 1 , میثم احمدوند 2 , محمد جواد ساده وند 3
1 - دانشیار و عضو هیئت علمی دانشگاه آزاد اسلامی، واحد علوم و تحقیقات تهران
2 - دانشجوی دکترای مدیریت مالی دانشگاه علامه طباطبائی(ره)
3 - دانشجوی دکترای مدیریت مالی دانشگاه آزاد اسلامی، واحد علوم و تحقیقات تهران
کلید واژه: رتبهبندی اعتباری, مدل امتیاز بازار نوظهور, حاکمیت شرکتی, حقوق سهامداران, بورس اوراق بهادار تهران,
چکیده مقاله :
هدف از نگارش مقاله پیش رو، بررسی رابطه عوامل حاکمیت شرکتی و رتبه اعتباری شرکتهای پذیرفتهشده در بورس اوراق بهادار تهران است. در این تحقیق ابتدا با استفاده از مدل امتیاز بازار نوظهور، رتبه اعتباری شرکتهای مورد بررسی محاسبه گردید. در مرحله بعد، عوامل حاکمیت شرکتی در چهار طبقه شامل حقوق سهامداران و ذینفعان، هیئت مدیره و کمیته‌های آن، حسابرسی، و افشاء عمومی و شفاف‌سازی جای گرفت. از هر یک از این طبقات، یک شاخص معرف و از مجموع آن‌ها یک شاخص ترکیبی ساخته شد. سپس رابطه بین این شاخص‌ها و رتبه اعتباری مورد بررسی قرار گرفت. یافته‌های تحقیق نشان می‌دهد که از بین عوامل حاکمیت شرکتی، صرفاً عوامل مرتبط با حقوق سهامداران و ذینفعان رابطه مثبت و معنی‌داری با رتبه اعتباری دارد. اما در ترکیب عوامل مزبور با سایر عوامل که در مجموع ساختار حاکمیتی شرکت را تشکیل می‌دهند، شواهدی پیرامون تأثیرگذاری بر رتبه اعتباری شرکتهای پذیرفته شده در بورس اوراق بهادار تهران مشاهده نشد.
This study reviews the impact of corporate governance indicators on credit ratings in a sample of firms listed on Tehran stock exchange. Regarding the absence of international credit rating agencies in Iran’s financial market, this paper firstly calculated credit ratings of selected firms using the emerging market score (EMS) model. The next step was dividing corporate governance indicators into four categories: shareholders’ and stakeholders’ rights, board of directors and its committees, auditing, and transparency and public disclosure. Based on each of these categories, a representative index, and by aggregating four representative indexes, a composite corporate governance index was built. Then, the relationship between these indexes and credit ratings was examined.Results suggest that only governance indicators related to shareholders’ and stakeholders’ rightsare significantly positively correlated with credit ratings. However, combining these indicators with other governance indicators (that is, indicators related to board of directors and its committees, auditing, and transparency and public disclosure), did not have any significant influence on credit ratings of Tehran stock exchange listed firms.
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