طراحی مدل سنجش تأثیر اطلاعات مالی بر کارایی قیمت سهام با بهرهگیری از روش میک مک
محورهای موضوعی : مدیریت مالی
ساره تیموری
1
,
حسین کاظمی
2
,
رضا احتشام راثی
3
1 - گروه حسابداري، واحد قزوین، دانشگاه آزاد اسلامی، قزوین، ایران
2 - گروه حسابداری، واحد قزوین، دانشگاه آزاد اسلامی، قزوین، ایران
3 - گروه مدیریت صنعتی، واحد قزوین، دانشگاه آزاد اسلامی، قزوین، ایران
کلید واژه: اطلاعات مالی, کارایی قیمت, میک مک, تحلیل ساختاری, افشای مالی.,
چکیده مقاله :
در بازارهای مالی، اطلاعات مالی شرکتها منبعی حیاتی برای تصمیمگیری سرمایهگذاران محسوب میشود و نقشی کلیدی در انعکاس واقعیتهای اقتصادی در قیمت سهام ایفا میکند. هدف اصلی این پژوهش، طراحی یک مدل مفهومی به منظور سنجش تأثیر اطلاعات مالی بر کارایی قیمت سهام با بهرهگیری از روش تحلیل اثرات متقابل (میکمک) است. در چارچوب این مطالعه، ابتدا متغیرهای کلیدی مرتبط با سودمندی اطلاعات مالی شناسایی و سپس روابط میان آنها در قالب یک سیستم پویا مورد تحلیل قرار گرفت. جامعه آماری پژوهش را خبرگان حوزه مالی و دانشگاهی تشکیل میدهند و دادهها با استفاده از تکنیک دلفی و نیز تحلیل محتوای متون تخصصی گردآوری شد. یافتهها حاکی از آن است که عواملی همچون شفافیت افشاگری، پیچیدگی مقررات، بهموقع بودن اطلاعات، کیفیت گزارشگری مالی و ریسکهای سیاسی، بیشترین تأثیر را بر سودمندی اطلاعات مالی و در نتیجه بر کارایی قیمت سهام دارند. نتایج پژوهش نشان میدهد که تقویت شفافیت، استانداردسازی افشاگری و توجه به ارزشها و باورهای اجتماعی میتواند منجر به ارتقای اعتماد سرمایهگذاران و بهبود واکنش بازار به اطلاعات شود. مدل ارائهشده ضمن آنکه ابزاری کاربردی برای تحلیلگران و مدیران فراهم میآورد، بستری مناسب برای اصلاح سیاستهای نظارتی و توسعه مطالعات آتی در حوزه کارایی بازار سرمایه به شمار میرود.
In financial markets, corporate financial information serves as a vital resource for investor decision-making and plays a key role in reflecting economic realities in stock prices. The primary objective of this research is to design a conceptual model to assess the impact of financial information on stock price efficiency using the Mutual Effects Analysis method (MICMAC). Within this framework, key variables related to the usefulness of financial information were first identified, and then the relationships among them were analyzed within a dynamic system. The research population consisted of experts in the financial and academic fields, and data were collected using the Delphi technique and content analysis of specialized texts. The findings indicate that factors such as disclosure transparency, regulatory complexity, timeliness of information, financial reporting quality, and political risks have the most significant impact on the usefulness of financial information and, consequently, on stock price efficiency. The results demonstrate that enhancing transparency, standardizing disclosure practices, and considering social values and beliefs can lead to increased investor trust and improved market response to information. The proposed model not only provides a practical tool for analysts and managers but also establishes a suitable foundation for reforming regulatory policies and developing future studies in the domain of capital market efficiency.
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