بررسی اثر عوامل کلان اقتصادی بر نگهداشت وجه نقد در بورس اوراق بهادار تهران

محورهای موضوعی : بازارها و نهادهای مالی

هادی معماری ¹ , سید مظفر میربرگ کار ² , محمد رضا وطن پرست ³

1 - گروه مالی، واحد رشت، دانشگاه آزاد اسلامی، رشت، ایران.
2 - گروه مدیریت بازرگانی، واحد رشت، دانشگاه آزاد اسلامی، رشت، ایران.
3 - گروه حسابداری، واحد رشت، دانشگاه آزاد اسلامی، رشت، ایران.

تاریخ دریافت : 780/12/03 تاریخ پذیرش : 781/04/09 تاریخ انتشار : 1402/06/01

کلید واژه: عوامل کلان اقتصادی, نگهداشت وجه نقد, بورس اوراق ‌بهادار تهران,

چکیده مقاله :

هدف: هدف این پژوهش بررسی اثر عوامل کلان اقتصادی بر نگهداشت وجه نقد در شرکت‌های پذیرفته‌شده در بورس اوراق‌ بهادار تهران است.روش‌شناسی پژوهش: نمونه‌ای شامل 151 شرکت پذیرفته‌شده در بورس اوراق‌ بهادار تهران در بازه زمانی 1387 تا 1397 انتخاب گردید. سپس با استفاده از روش‌های آمار استنباطی 6 فرضیه مربوط به عوامل کلان اقتصادی بررسی شد.یافته‌ها: عواملی شامل نرخ بهره، رکود، تولید ناخالص داخلی، نقدینگی اقتصادی، نرخ ارز و تورم بر نگهداشت وجه نقد تأثیرگذار بودند به‌طوری‌که عوامل نرخ بهره و تولید ناخالص داخلی تأثیر معکوس و معنی‌داری بر نگهداشت وجه نقد داشته و رکود، نقدینگی اقتصادی، نرخ ارز و تورم بر نگهداشت وجه نقد تأثیر مثبت و معنی‌داری داشتند.اصالت / ارزش‌افزوده علمی: پژوهش حاضر، مطالعات قبلی در حوزه نگهداشت وجه نقد را توسعه داده و دانش موجود در حوزه مدیریت وجه نقد در شرکت‌ها را ارتقا می‌دهد. در این مطالعه به بررسی اثر عوامل کلان اقتصادی بر نگهداشت وجه نقد در شرکت‌های بورس اوراق ‌بهادار تهران در یک دوره زمانی پرداخته شده است. همچنین اثر عوامل تولید ناخالص داخلی و نقدینگی اقتصادی و نرخ ارز بر نگهداشت وجه نقد برای نخستین‌بار در ایران بررسی گردید. نتایج پژوهش می‌تواند به‌صورت راهنمایی برای شرکت‌های تازه‌تأسیس از لحاظ سیاست نگهداشت وجه نقد مؤثر باشد.

چکیده انگلیسی:

Purpose: The purpose of this research is to investigate the effect of macroeconomic factors on cash holding in companies listed on the Tehran Stock Exchange.Research methodology: A sample of 151 companies admitted to the Tehran Stock Exchange was selected between 2008 and 2018. Then, using inferential statistics methods, 6 hypotheses related to macroeconomic factors were investigated.Findings: Interest rate, recession, gross domestic product, economic liquidity, exchange rate and inflation had an effect on cash holding, so that the factors of interest rate and gross domestic product had an inverse and significant effect on cash holding and Recession, economic liquidity, exchange rate and inflation had a positive and significant effect on cash holding.Originality / value: The current research develops previous studies in the field of cash holding and improves the existing knowledge in the field of cash management in companies. In this study, the effect of macroeconomic factors on cash holding in Tehran Stock Exchange companies over a period of time has been investigated. Also, the effect of factors such as GDP, economic liquidity and exchange rate on cash retention was investigated for the first time in Iran. The results of the research can be a guide for newly established companies in terms of effective cash holding policy.

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