بررسی تاثیر اختیار واقعی ناشی از انعطاف پذیری بر بازده سهام
الموضوعات : دانش مالی تحلیل اوراق بهادارمصطفی حیدری هراتمه 1 , شمس‌اله شیرین‌بخش 2
1 - هیات علمی دانشگاه ازاد اسلامی واحد نراق، نراق، ایران.
2 - دانشیار گروه اقتصاد دانشگاه علامه طباطبایی، تهران، ایران.
الکلمات المفتاحية: اختیارات واقعی, فرصت های سرمایه گذاری, انعطاف پذیری, Panel - Data,
ملخص المقالة :
در این تحقیق، نتایج نشان می دهد رابطه ی مثبت بازدهی - نوسان در سطح شرکت، متاثر از اختیارات واقعی خود شرکت است. در راستای نظریه ی اختیارات واقعی، می توان استنتاج و بیان نمود که: الف)رابطه مثبتنوسان- بازدهدر سطح شرکت برای شرکت هایی که دارای اختیارات واقعی بیشتری هستند، بسیار قوی تر نشان می دهد و از میزان حساسیت ارزش (بازدهی) سهام شرکت نسبت به تغییرات میزان نوسان بازده، بعد از به کارگیری اختیارات واقعی توسط شرکت ها به طرز چشم گیری کاسته می شود. ب) مسئولین و مدیران عملگرا و مجری قابلیت های انعطاف پذیری در زمینه های مختلف سرمایه گذاری، قادر به تبیین و تشریح تغییرات مقطعی در رابطه نوسان - بازدهخواهند بود . بنابراین رابطه نوسان - بازدهی برای شرکت هایی که دارای محدودیت های عملیاتی کمتر و قابلیت های بیشتر جهت پاسخگویی بیشتر و بهتر به درخواست های نامعین (انعطاف پذبری بیشتر) می باشند، بسیار قوی تر است . در مدل های مربوط به اختیارات واقعی، انعطاف پذیری مدیریتی، باعث تحدب تابع ارزش شرکت در ارتباط با ارزش فرآیند پایه شرکت می شود . بنابراین، با توجه به نظریه ی نابرابری ینسن، حساسیت ارزش شرکت نسبت به نوسان در دارایی های پایه، ضمن افزایش، باید به تقویت انعطاف پذیری شرکت نسبت به تغییر تصمیمات سرمایه گذاری و عملیاتی آن، کمک کند.
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