تاثیر فرصتهای سرمایه گذاری، رشد شرکت و بهره وری سرمایه بر عملکرد شرکت در بازار سرمایه ایران
محورهای موضوعی : مدیریت بازرگانی
حیدر محمدزاده سالطه
1
(استادیار، گروه حسابداری، واحد مرند،دانشگاه آزاد اسلامی،مرند،ایران)
کلید واژه: رشد شرکت, عملکرد شرکت, فرصتهای سرمایه گذاری, بهره وری سرمایه, کساد مالی,
چکیده مقاله :
سرمایه گذاران به دنبال افزایش ثروت خود هستند. فرصتهای رشد، نیروی محرکی هستند که انگیزه ایجاد می کنند و برای سرمایه گذاران پاداش محسوب می شوند. آنچه در شرایط کنونی باعث موفقیت می گردد، استفاده بهینه از فرصتهای سرمایه گذاری موجود است که در این جهت باید عوامل مؤثر بر عملکرد شرکتها را شناسایی کرد. استفاده به موقع و منطقی از فرصتهای سرمایه گذاری واحدهای تجاری تأثیر بسزایی در بهبود عملکرد شرکتها دارد. رشد شرکت از دید بازار سرمایه و مدیریت، متغیر مهمی است و می تواند بر عملکرد آن تاثیرگذار باشد. همچنین، بهره وری سرمایه به اندازه گیری توان مدیریت در استفاده بهینه از سرمایه به عنوان یکی از منابع مهم و محدود شرکت می پردازد و انتظار می رود که سهام شرکتهای با بهره وری سرمایه بالا، عملکرد بالاتری نیز داشته باشند. بنابراین در این پژوهش تأثیر فرصتهای سرمایه گذاری، رشد شرکت و بهره وری سرمایه بر عملکرد شرکتهای پذیرفته شده در بورس اوراق بهادار تهران مورد بررسی قرارگرفته است. جامعه آماری پژوهش، شامل شرکتهای پذیرفته شده در بورس اوراق بهادار تهران است که از این جامعه، تعداد 134 شرکت به عنوان نمونه آماری بر اساس روش نمونه گیری حذف سیستماتیک انتخاب شده اند. دوره مورد بررسی یک دوره 7 ساله (1392-1386) و روش آزمون فرضیه ها در این پژوهش، روش داده های ترکیبی بوده است. نتایج پژوهش نشان می دهد که فرصتهای سرمایه گذاری بر عملکرد شرکت تأثیر ندارد و رشد شرکت بر بازده دارایی تاثیر مثبت و معنادار دارد و بر ارزش افزوده بازار تأثیرگذار است. همچنین، بهره وری سرمایه بر عملکرد شرکت تاثیر مثبت و معنادار دارد.
Investors seek to maximize their wealth. Growth opportunities are the driving force that give motivation and are considered bonus for investors. What in the current situation will lead to success is the optimum use of the available investment opportunities in order to identify the factors affecting the firm's performance. Timely and rational use of investment opportunities by business units has a significant effect on performance improvement. Firm growth, from the perspective of capital market and management is an important variable and can be effective on firm performance. Therefore, in this research, the effect of investment opportunities and growth on firm performance of listed companies in Tehran Stock Exchange has been studied. The statistical population includes the companies listed in Tehran Stock Exchange, out of each a statistical sample of 134 corporates was selected by systematic elimination sampling method. The period under review was a 5-year period (2007-2011) and the hypotheses in this research were tested by using combined data (panel). The results show that investment opportunities do not affect firm performance, and firm growth has a positive and significant effect on return on asset but does not affect market value added. Also, capital productivity has a positive and significant effect on firm performance.
- Azador, I. (2007), “The relationship between investment opportunities and firm performance, thesis, Islamic Azad University, Neyshabur”.
- Khademi, V. (2009), “The relationship between investment opportunities and growth assets”, Journal of Accounting, V 24, N, 27.
- Shorvarzi, M., Azadvar, I. (2010), “The relationship between investment opportunities and performance of listed companies in Tehran Stock Exchange”, Journal of Accounting management, V 3, N 6.
- Ghakaz, M. Barzegar, R. (2012), “The relationship between the rate of sales growth and performance of the company, Proceedings of the National Conference on Accounting and Auditing, University of Sistan and Baluchestan.
- Baber, W, S Janakiraman & S-H Kang. (1996), Investment Opportunities & the structure of executive Compensation, Journal of Accounting & Economics, 21, pp 297-318.
- Brown, D.P., & Rowe, B.J. (2007), The Productivity premium in equity returns. University of Wisconsin US. Retrieved from http://ssrn.com/abstract =993467.
- Damon, T. Tome, W, (2011), the effect of corporate growth on firm performance, Journal of Business Finance and Accounting, Vol. 11, pp17-41.
- Davis, E.P., & Madsen, J.B. (2008), Productivity and equity market fundamentals: 80 years of evidence for eleven OECD countries. Journal of International Money and Finance Forthcoming.
- Fazzari, SR, (2000), Investment-Cash Flow Sensitivities Are Useful: A Comment on Kaplan and zingales, The Quarterly Journal of Economics, 115, pp 595-705.
- Fesser, H.R. Willard, G.E. (1990), Founding strategy and performance: a comparison of high and low growth high tech forms, Strategic Management Journal, 11(2): pp 87-98.
- Gi-Shian Su. (2011), The relationship between corporate strategy, capital structure and firm performance: An empirical study of the listed companies in Vietnam, International Research Journal of Finance and Economics, Issue 50, pp1450-2887.
- Kumar, K. R. Krishnan, G. V. (2008), The value-relevance of cash flows and accruals: The role of investment opportunities, The Accounting Review, Volume 83 (4): pp997-1040.
- Lincka, J_S. Nettera, J. Shua, T. (2011), Can Earnings Management Ease Financial Constraints? Evidence from Earnings Management Prior to Investment, Social Science Research Net Work.
- Marion R., Hutchinson. (2004), An analysis of the Association Between Firms' Investment Opportunities, Board Composition, and Firm Performance, The University of Queensland-Accounting and Accountability: February 25.
- Olsen, R. Stewart, D. (2012), The relation of between market value stock, growth opportunity and firm performance", International Business Review 12, pp 26-37.
- Zhu, X, S Ramachandra & H Kabir. (2011), Changes in Value of Investment Opportunity Set & Goodwill Impairment, master of Business, Auckland University of Technology.
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- Azador, I. (2007), “The relationship between investment opportunities and firm performance, thesis, Islamic Azad University, Neyshabur”.
- Khademi, V. (2009), “The relationship between investment opportunities and growth assets”, Journal of Accounting, V 24, N, 27.
- Shorvarzi, M., Azadvar, I. (2010), “The relationship between investment opportunities and performance of listed companies in Tehran Stock Exchange”, Journal of Accounting management, V 3, N 6.
- Ghakaz, M. Barzegar, R. (2012), “The relationship between the rate of sales growth and performance of the company, Proceedings of the National Conference on Accounting and Auditing, University of Sistan and Baluchestan.
- Baber, W, S Janakiraman & S-H Kang. (1996), Investment Opportunities & the structure of executive Compensation, Journal of Accounting & Economics, 21, pp 297-318.
- Brown, D.P., & Rowe, B.J. (2007), The Productivity premium in equity returns. University of Wisconsin US. Retrieved from http://ssrn.com/abstract =993467.
- Damon, T. Tome, W, (2011), the effect of corporate growth on firm performance, Journal of Business Finance and Accounting, Vol. 11, pp17-41.
- Davis, E.P., & Madsen, J.B. (2008), Productivity and equity market fundamentals: 80 years of evidence for eleven OECD countries. Journal of International Money and Finance Forthcoming.
- Fazzari, SR, (2000), Investment-Cash Flow Sensitivities Are Useful: A Comment on Kaplan and zingales, The Quarterly Journal of Economics, 115, pp 595-705.
- Fesser, H.R. Willard, G.E. (1990), Founding strategy and performance: a comparison of high and low growth high tech forms, Strategic Management Journal, 11(2): pp 87-98.
- Gi-Shian Su. (2011), The relationship between corporate strategy, capital structure and firm performance: An empirical study of the listed companies in Vietnam, International Research Journal of Finance and Economics, Issue 50, pp1450-2887.
- Kumar, K. R. Krishnan, G. V. (2008), The value-relevance of cash flows and accruals: The role of investment opportunities, The Accounting Review, Volume 83 (4): pp997-1040.
- Lincka, J_S. Nettera, J. Shua, T. (2011), Can Earnings Management Ease Financial Constraints? Evidence from Earnings Management Prior to Investment, Social Science Research Net Work.
- Marion R., Hutchinson. (2004), An analysis of the Association Between Firms' Investment Opportunities, Board Composition, and Firm Performance, The University of Queensland-Accounting and Accountability: February 25.
- Olsen, R. Stewart, D. (2012), The relation of between market value stock, growth opportunity and firm performance", International Business Review 12, pp 26-37.
- Zhu, X, S Ramachandra & H Kabir. (2011), Changes in Value of Investment Opportunity Set & Goodwill Impairment, master of Business, Auckland University of Technology.