آزمون تأثیر عوامل حاکمیت شرکتی بر رتبه اعتباری در قالب مدل امتیاز بازار نوظهور (مورد مطالعه: بورس اوراق بهادار تهران)
الموضوعات : دانش مالی تحلیل اوراق بهادار
حسین وظیفه‌دوست
1
(دانشیار و عضو هیئت علمی دانشگاه آزاد اسلامی، واحد علوم و تحقیقات تهران)
میثم احمدوند
2
(دانشجوی دکترای مدیریت مالی دانشگاه علامه طباطبائی(ره))
محمد جواد ساده وند
3
(دانشجوی دکترای مدیریت مالی دانشگاه آزاد اسلامی، واحد علوم و تحقیقات تهران)
الکلمات المفتاحية: رتبهبندی اعتباری, مدل امتیاز بازار نوظهور, حاکمیت شرکتی, حقوق سهامداران, بورس اوراق بهادار تهران,
ملخص المقالة :
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.
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