مدیریت شاخص در بازار سرمایه

محورهای موضوعی : بازارها و نهادهای مالی

مژگان صفا ¹ , یاسر صادقی ² , رضا شمسی ³

1 - گروه حسابداری، واحد قم، دانشگاه آزاداسلامی، قم، ایران.
2 - گروه حسابداری، واحد قم، دانشگاه آزاد اسلامی، قم، ایران.
3 - گروه حسابداری، واحد قم، دانشگاه آزاد اسلامی، قم، ایران.

تاریخ دریافت : 1402/05/03 تاریخ پذیرش : 1403/01/11 تاریخ انتشار : 1403/01/29

کلید واژه: بورس اوراق بهادار, تحلیل تم, دست‌کاری شاخص, شاخص‌های مالی, مدیریت شاخص,

چکیده مقاله :

هدف: اساس و بنیه اقتصادی جوامع و ساختار اقتصادی آنها، وجود بازارهای مالی متعدد من‌جمله بورس است که به‌واسطه نقش پُررنگ خود در تأمین مالی پیشران‌ها، در زمرة اساسی‌ترین رُکن اقتصادی به شمار می‌روند. سنجه‌های انعکاس عملکرد شرکت‌ها در این بازار، شاخص‌ها است. لکن به دلایل عدیده‌ای گاهی اوقات دستخوش تغییرات تصنعی می‌شوند. شناسایی دلایل شکل‌گیری این آسیب در بازه زمانی 1397 الی 1400 هدف اصلی پژوهش است. روش‌شناسی پژوهش: انجام پژوهش از سه مرحله تشکیل شده است: اول؛ با بهره‌گیری از تحلیل تم، به بررسی شواهد موجود جهت احصاء عوامل کلیدی و انواع دست‌کاری در شاخص‌های بورسی می‌پردازد. دوم؛ با استفاده از تکنیک دلفی دومرحله‌ای یافته‌های جدیدی شناسایی و با یافته‌های مرحلة نخست تجمیع و آن را به تأیید خبرگان می‌رساند. سوم؛ با بهره‌گیری از فن دلفی- فازی، عوامل کلیدی به‌دست‌آمده را با استفاده از نظر همان خبرگان، غربالگری می‌نماید. یافته‌ها: یافته‌های پژوهش نشان می‌دهد بورس تهران مُستعد دست‌کاری در شاخصهاست و دست‌کاری و مدیریت شاخص‌ها در آن به دو گونه کلی صورت میپذیرد: بخشی از آنها با اقدامات واقعی، اما همراه با نیت سوء بوده و بهعنوان مدیریت شاخص واقعی معرفی میشود و بخش دیگر آن نیز با اقدامات ساختگی و دارای نیت سوء میباشد که بهعنوان مدیریت شاخص مصنوعی دستهبندی و تشریح میشود. اصالت / ارزش‌افزوده علمی: نتایج این پژوهش میتواند در بازنگری و اصلاح دستورالعملها و چارچوب شفافیت اطلاعات در زمینه شاخص‌ها مؤثر باشد. نوآوری محتوایی در شناسایی ابعاد و نحوة دست‌کاری شاخص بورس از دیگر دستاوردهای پژوهش است.

چکیده انگلیسی:

Purpose: The basis and economic foundation and their economic structure is the existence of numerous financial markets, including the stock exchange, which is considered one of the main economic pillars due to its strong role in providing drivers. The indicators reflect the performance of companies in this market. But instead of many, they sometimes undergo artificial changes. Identifying the formation of this damage in the period of 2018-2021 is the main goal of the research. Research methodology: conducting research consists of three stages: first; By using the theme analysis, it examines the available evidence to calculate the key factors and types of manipulation in the stock. Second; Using the two-stage Delphi , new findings are identified and combined with the findings and confirmed by experts. Third; Using the Delphi-Fuzzy technique, it screens the previously obtained key factors using the opinion of same experts. Findings: research show that the Tehran Stock Exchange is prone to manipulation of indices and the manipulation and management of indices takes place in two general ways: some of them are real actions, but with ulterior motives and are introduced as real index management, and the other part It is also with fake and ill-intentioned actions, which is categorized and described as artificial index management. Originality/scientific added value: this research can be effective in revising and modifying the guidelines and information transparency framework in the field of indicators. Content innovation in identifying dimensions and how to manipulate the stock market index is one of the other achievements.

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