اولویت بندی تصمیم گیریهای تأمین مالی براساس بازده سهام (مطالعه موردی: شرکتهای بورس اوراق بهادار تهران)

محورهای موضوعی : مدیریت صنعتی

Kayvan Faramarzi ¹ , Serveh Mohammadi ²

1 - PhD student in Accounting, International Bandar-e Anzali Branch, Islamic Azad University, Anzali, Iran
2 - MA Graduate in Accounting, Hamedan Branch, Islamic Azad University, Hamedan, Iran

تاریخ دریافت : 1394/10/09 تاریخ پذیرش : 1395/04/28 تاریخ انتشار : 1395/06/04

کلید واژه: financing, بازده سهام, ساختار سرمایه, Capital Structure, بازده سرمایه گذاری, استقراض, تامین مالی, Stock’s Return, Investment’s Return, Borrowing,

چکیده مقاله :

ابزارهای تأمین مالی در سالهای اخیر توسعه روزافزونی داشته اند و روشهای تأمین مالی همواره چالش بسیار بزرگی بر سر راه مدیران است. این که چه ابزار مالی می تواند در تأمین احتیاجات مالی شرکت راهگشا باشد اولیت تحقیق حاضر است. در این تحقیق تلاش می شود با استفاده از از آزمون های آماری رگرسیون تک متغیره وگام به گام عوامل مؤثر بر انتخاب روش تأمین مالی شناسایی و اولویتبندی شود. بررسی انجام شده در میان شرکتهای پذیرفته شده در بورس اوراق بهادار تهران به بررسی تاثیر شیوه های مختلف تامین مالی بر بازده سهام این است که در بازه زمانی مشخصی (1390-1380)شیوه های معمول تامین اعتبار این شرکتها را بررسی و سعی دارد با تحلیل این شیوه ها بهترین شیوه ی تامین مالی این شرکتها را مشخص نماید. استقراض از سیستم بانکی، انتشار سهام و سود انباشته از روشهای مورد استفاده توسط شرکتها بوده واطلاعات مورد نیاز شامل صورتهای مالی (ترازنامه و صورت سود و زیان) از گزارش های مالی سالانه از نشریه های رسمی سازمان بورس اوراق بهادار تهران استخراج گردیده است. در این مقاله کلیه فرضیات ارایه شده در سطح اطمینان 95% مورد آزمون قرار گرفته اند. این پژوهش با نمونه ای شامل53 شرکت از بورس اوراق بهادار تهران طی دوره زمانی 1389-1380 صورت گرفته است. نتایج پژوهش نشان داد که مکانیزم های تامین از راه انتشار سهام و سود انباشته با بازده سهام رابطه مستقیم دارد در حالی که تأمین مالی از طریق استقراض با بازده سهام رابطه معکوس دارد. این نتایج می تواند در اولویت بندی و استفاده از مکانیزم های مناسب تامین مالی برای شرکتها و بنگاه های اقتصادی مورد استفاده قرار گیرد.

چکیده انگلیسی:

The main objective of this research is to study the effects of various methods of financing over stock’s return of accepted companies in Tehran stock exchange from 2001 to 2010. The studied companies are those which have been used various methods of financing including borrowing from bank system, issuance of stock, retained earnings and they have presented financial statements (balance sheet and statement of loss and gain), as well as the required financial information in the studied period. The results will be used to predict the method of financing for future years. Analyzing the research hypotheses, univariate and stepwise regression was used. All of the hypotheses have been tested in insurance level of 95%. This research has been done with a simple template included 53 companies from Tehran stock exchange from 2001 to 2010. The results of the research show that financing methods have a significant effect on stock’s return. And financing methods via borrowing from bank system has vice versa relation while financing from stock issuance and retained earning whit stock’s return has direct relation.

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