بررسی تاثیر انعطاف پذیری مالی بر ریسک پذیری شرکت ها با نقش تعدیلی کارایی سرمایه گذاری
محورهای موضوعی : نقش اطلاعات حسابداری در اطلاع بخشی و کارایی بازار سرمایه
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
کلید واژه: انعطاف پذیری مالی, ریسک پذیری شرکتها, کارایی سرمایه گذاری,
چکیده مقاله :
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.
Abstract
In recent years, the concept of financial flexibility has gained attention as a key factor in the strategic decision-making of firms, especially in developing economies. On one hand, given the rapid economic growth and dynamic changes in financial environments, the risk-taking ability of firms is considered a vital factor for their growth and development. Therefore, this research examines whether financial flexibility can act as a driver of corporate risk-taking. Additionally, the moderating role of investment efficiency in this relationship has also been investigated. To this end, a quantitative empirical approach based on multivariate regression analysis was employed, utilizing data collected from 153 firms listed on the Tehran Stock Exchange during the years 2013 to 2023, analyzed using the dynamic panel econometric technique (GMM) and EViews software. The results indicated that with an increase in financial flexibility, the risk-taking of firms also increases, suggesting that financial flexibility can serve as a strategic resource, enabling firms to make riskier decisions by providing sufficient financial resources. Furthermore, the role of investment efficiency as a moderating factor in this relationship was confirmed, revealing that investment efficiency enhances the positive impact of financial flexibility on risk-taking. These findings provide valuable insights for managers and investors and emphasize the importance of financial flexibility for risk-taking in Iranian firms.
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