قابلیت مقایسه صورت‌های مالی و خطر سقوط مورد انتظار قیمت سهام

محورهای موضوعی : دانش مالی تحلیل اوراق بهادار

زهره حاجیها ¹ (دانشیار گروه حسابداری دانشگاه آزاد اسلامی واحد تهران شرق، تهران، ایران)
حسن چناری بوکت ² (عضو باشگاه پژوهشگران جوان و نخبگان، واحد تهران جنوب، دانشگاه آزاد اسلامی، تهران، ایران)

تاریخ دریافت : 1395/05/12 تاریخ پذیرش : 1396/01/01 تاریخ انتشار : 1397/07/01

کلید واژه: سرمایه‌گذاران, قابلیت مقایسه‌ی صورت‌های مالی, خطر سقوط قیمت سهام,

چکیده مقاله :

هدف این پژوهش مطالعه‌ی ارتباط بین قابلیت مقایسه‌ی صورت‌های مالی با خطر سقوط مورد انتظار (آتی) قیمت سهام در شرکت‌های پذیرفته شده در بورس اوراق بهادار تهران است. اطلاعات مورد نیاز برای این پژوهش از صورت‌های مالی 117 شرکت در دوره‌ی زمانی 1394-1390 گردآوری شده است. برای آزمون فرضیه‌ی پژوهش از رگرسیون چندمتغیره با داده‌های تابلویی استفاده شده است. برای محاسبه‌ی متغیر قابلیت مقایسه از مدل دی‌فرانکو و همکاران (2011) و برای محاسبه‌ی متغیر خطر سقوط مورد انتظار (آتی) قیمت سهام از مدل کوتاری و همکاران (2009) استفاده شده است. یافته‌ی حاصل از آزمون فرضیه‌ی پژوهش بیان‌گر وجود ارتباط معکوس و معنی‌دار بین قابلیت مقایسه‌ی صورت‌های مالی با خطر سقوط مورد انتظار (آتی) قیمت سهام است. به عبارتی با افزایش قابلیت مقایسه عدم اطمینان، تحلیل نادرست سرمایه‌گذاران و ترس آن‌ها از کاهش بیشتر قیمت‌ها در دوران پیدایش بحران کاهش می‌یابد.

چکیده انگلیسی:

AbstractThis study investigated the relationship between the comparability of financial statements with the expected crash risk stock prices in firms listed on the Tehran Stock Exchange. Information needed for the study of the financial statements of 117 firms in the period 1390-1394 has been collected. To test the hypothesis of multivariate regression with panel data is used. To calculate the variable comparability of the model De-Franco et al. (2011) and to calculate the variable crash risk expected stock price model Kothari et al (2009) is used. The findings of the research hypothesis and show that there is negative relationship between the comparability of financial statements with the expected crash risk stock prices. In other words, by increasing the comparability of uncertainty, incorrect analysis, investors and fear of further fall in prices will reduce the period of the crisis.

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