بررسی سطح کارایی شرکت‌های پذیرفته‌شده در بورس اوراق ‌بهادار تهران بر مبنای تکنیک تحلیل پوششی داده‌ها

محورهای موضوعی : مدیریت صنعتی

Hiresh Soltanpanah ¹ , Iman Dadashi ² , Samira Zarei ³

1 - Department of Management, Sanandaj Branch, Islamic Azad University, Kurdistan, Iran
2 - Department of Accounting, Babol Branch, Islamic Azad University, Babol, Iran
3 - Department of Accounting, West Tehran Branch, Islamic Azad University, Tehran, Iran

تاریخ دریافت : 1396/10/18 تاریخ پذیرش : 1396/10/18 تاریخ انتشار : 1392/06/01

کلید واژه: Data envelopment analysis, تحلیل پوششی داده‌ها, کارآیی نسبی, کارآیی مطلق, متغیر ورودی و خروجی, CCR, BCC, Relative Efficiency, Absolute efficiency, Input and Output variable,

چکیده مقاله :

در این پژوهش، کارایی شرکت‌های پذیرفته‌شده در بورس اوراق ‌بهادار تهران با استفاده از تکنیک تحلیل پوششی داده‌ها مورد سنجش قرار گرفته است. بدین منظور با استفاده از مدل‌های CCR داده‌گرا، BCC و رویکردهای CRS و VRS، کارآیی نسبی شرکت‌ها را محاسبه نموده و ناکارآیی آنها را به دو بخش تکنیکی و مقیاس، تفکیک نمودیم. در ادامه از بین واحدهای با کارآیی نسبی 100%، اقدام به تعیین شرکت‌هایی با کارآیی مطلق نموده و در پایان، با شناسایی واحدهای کارآمد ضعیف، گروه‌های مرجع را به عنوان الگویی برای بهبود کارآیی آنان، مشخص کردیم. داده‌‌های موردنیاز پژوهش، از صورت‌های مالی 75 شرکت پذیرفته‌شده در بورس اوراق ‌بهادار تهران در 3 صنعت، مواد و محصولات شیمیایی، فرآورده‌های غذایی و آشامیدنی و محصولات کانی غیرفلزی، برای دوره زمانی 1389-1385 گردآوری شده‌اند. با بررسی مطالعات انجام‌شده و نیز نظرسنجی از خبرگان مالی، جهت محاسبه کارایی شرکت‌ها، از 2 متغیر ورودی شامل، کل دارایی‌ها و نسبت کل بدهی به کل دارایی‌ها‌ و نیز 3 متغیر خروجی شامل، سود هر سهم، نرخ بازده سرمایه‌گذاری‌ها و نرخ بازده حقوق صاحبان سهام، استفاده شده است. نتایج حاصل از بررسی داده‌ها برای شرکت‌های ناکارآ، حاکی از آن بود که میزان قابل توجهی از ناکارآیی‌های موجود، ناشی از بهینه ‌نبودن حجم تولید در این شرکت‌هاست. همچنین یافته‌ها بیانگر آن بودند که تمامی شرکت‌های کارآ در سه صنعت مورد مطالعه، از نوع کارآی ضعیف بوده و هیچ شرکتی با کارآیی مطلق در بین آنها وجود ندارد.

چکیده انگلیسی:

In this research, we investigate the efficiency of companies listed on Tehran stock exchange using Data envelopment analysis (DEA). To do so, we compute the relative efficiency of the companies using input oriented CCR, BCC and CRS and VRS approaches and separate their inefficiency into two technical and scale sections. In continuous, we tend to determine the companies with the absolute efficiency among the companies with one hundred percent relative efficiency. Finally, we try to determine the reference groups as a pattern for improving their efficiency by identifying the weakly efficient companies. The research data were collected from financial statement of 75 companies listed in three different industries including chemical, food and non-metal in the Tehran stock exchange from 2006 to 2010. By considering the previous researchers, in order to compute the efficiency of the companies, we use from two input variables including total assets and total liability to total assets ratio and three output variables including EPS, ROA and ROE. The results show that the significant amount of existing inefficiency is because of the scale inefficiency in these companies, while all the efficient companies in these three industries are as the weakly efficiency type and there isn’t any company with the absolute efficiency among them.  

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