بررسی تاثیر انعطاف پذیری مالی بر ریسک پذیری شرکت ها با نقش تعدیلی کارایی سرمایه گذاری
الموضوعات :
عبدالرسول مستاجران
1
,
سمانه افتخاری
2
,
طاهره سجادی راد
3
1 - عضو هیئت علمی گروه ریاضیات مالی، دانشکده علوم مالی، دانشگاه خوارزمی، تهران، ایران
2 - دانشجوی دکتری، گروه حسابداری، واحد تهران جنوب ، دانشگاه آزاد اسلامی، تهران، ایران
3 - دانشجوی دکتری، گروه حسابداری، واحد تهران جنوب ، دانشگاه آزاد اسلامی، تهران، ایران
الکلمات المفتاحية: انعطاف پذیری مالی, ریسک پذیری شرکتها, کارایی سرمایه گذاری,
ملخص المقالة :
در سال‌های اخیر، مفهوم انعطاف‌پذیری مالی به‌عنوان یک عامل کلیدی در تصمیم‌گیری‌های استراتژیک شرکتها به ویژه در اقتصادهای در حال توسعه مورد توجه قرار گرفته است. از طرفی، با توجه به رشد سریع اقتصادی و تغییرات پویا در محیط‌های مالی، ریسک‌پذیری شرکتها یک عامل حیاتی برای رشد و توسعه آن‌ها محسوب می‌شود؛ بنابراین، در این پژوهش بررسی شده است که آیا انعطاف‌پذیری مالی می‌تواند محرک ریسک‌پذیری شرکتی باشد یا خیر. بعلاوه نقش تعدیلی کارایی سرمایه‌گذاری در این رابطه نیز مورد بررسی قرار گرفته است. به این منظور از یک رویکرد تجربی کمّی مبتنی بر تحلیل رگرسیون چند متغیره استفاده شده و داده‌های گردآوری شده از 153 شرکت پذیرفته شده در بورس اوراق بهادار تهران طی سال‌های 1392 تا 1402 با تکنیک اقتصادسنجی پانل پویا (GMM) و نرم‌افزار ایویوز تحلیل شدند. نتایج نشان داد با افزایش انعطاف‌پذیری مالی، ریسک‌پذیری شرکتها نیز افزایش می‌یابد که نشان می‌دهد انعطاف‌پذیری مالی می‌تواند به‌عنوان یک منبع استراتژیک عمل کند و با فراهم کردن منابع مالی کافی، شرکتها را قادر به اتخاذ تصمیمات ریسکی‌تر نماید. همچنین، نقش کارایی سرمایه‌گذاری به‌عنوان یک عامل تعدیل‌کننده در این رابطه مورد تایید قرار گرفت و مشخص شد کارایی سرمایه‌گذاری، تاثیر مثبت انعطاف‌پذیری مالی بر ریسک‌پذیری را تقویت می‌کند. این یافته‌ها بینش‌های ارزشمندی را برای مدیران و سرمایه‌گذاران فراهم می‌آورد و بر اهمیت انعطاف‌پذیری مالی برای ریسک‌پذیری در شرکت‌های ایرانی تأکید می‌کند.
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