خلاصة:
ﻫﺪف اﺻﻠﻲ از اﻧﺠﺎم اﻳﻦ ﺗﺤﻘﻴﻖ، ﻣﻘﺎﻳﺴﻪ ﺗﺄﺛﻴﺮ ﺳﻪ ﻣﻌﻴﺎر ﺑﻬﺮهوری ﻓﺮاﮔﻴﺮ، ﺳﻴﺴﺘﻢ ﻧﺴﺒﺖﻳـﺎﺑﻲ دوﭘـﺎنو ﻧﺴﺒﺖ Qﺗﻮﺑﻴﻦ ﻛﻪ از ﺳﻪ روﻳﻜﺮد ﺑﻪ ﺗﺮﺗﻴﺐ اﻗﺘﺼﺎدی، ﻣﺪﻳﺮﻳﺖ ﻣﺎﻟﻲ و ﺗﻠﻔﻴﻘﻲ درﺳﻨﺠﺶ ﻣﻴﺰان ﻛﺎراﻳﻲﻣﺪﻳﺮﻳﺖ ﺷﺮﻛﺖﻫﺎ ﻧﺎﺷﻲ ﻣﻲﮔﺮدد، ﺑﺮ ﭘﺎﻳﺪاری ﺳﻮد و ﺟﺮﻳﺎنﻫﺎی ﻧﻘﺪی، ﻛﻪ از روﻳﻜﺮد ﺣﺴﺎﺑﺪاری ﻧﺸﺄتﻣﻲﮔﻴﺮﻧﺪ، ﻣﻲﺑﺎﺷﺪ. ﺟﻬﺖ رﺳﻴﺪن ﺑﻪ اﻳﻦ ﻫﺪف، ﺗﺄﺛﻴﺮ ﻫﺮﻳﻚ از ﺳﻪ روش ﻣﺪل ﺑﻬﺮهوری ﻓﺮاﮔﻴﺮ، ﺳﻴﺴـﺘﻢﻧﺴﺒﺖﻳﺎﺑﻲ دوﭘﺎن و ﻧﺴﺒﺖ Qﺗﻮﺑﻴﻦ در ﻗﺎﻟﺐ دو ﻣﺪل رﮔﺮﺳﻴﻮﻧﻲ ﻃﺮاﺣﻲ ﺷﺪه ﺑـﺮای اﻳـﻦ ﻣﻨﻈـﻮر ﻣـﻮردارزﻳﺎﺑﻲ و آزﻣﻮن ﻗﺮار ﮔﺮﻓﺘﻪ اﺳﺖ. ﺑﻪﻋﺒﺎرت دﻳﮕﺮ، ﻫﺪف از اﻳﻦ ﺗﺤﻘﻴﻖ، ﭘﻴﺪا ﻛﺮدن ﻣﻌﻴﺎرﻫـﺎی ﺟـﺎﻳﮕﺰﻳﻦﻣﻨﺎﺳﺐ ﺑﺮای ﻣﻌﻴﺎر ﭘﺎﻳﺪاری ﺳﻮد و ﺟﺮﻳﺎنﻫﺎی ﻧﻘﺪی، در ﺟﻬﺖ ﺳﻨﺠﺶ ﻣﻴﺰان ﻛـﺎراﻳﻲ ﻣـﺪﻳﺮﻳﺖ اﺳـﺖ.ﺟﺎﻣﻌﻪ آﻣﺎری اﻳﻦ ﺗﺤﻘﻴﻖ ﺗﻌﺪاد 55 ﺷﺮﻛﺖ ﭘﺬﻳﺮﻓﺘﻪ ﺷﺪه در ﺑﻮرس اوراق ﺑﻬـﺎدار ﺗﻬـﺮان ﺑـﻴﻦ ﺳـﺎلﻫـﺎی5731 اﻟﻲ 7831ﺑﻮده اﺳﺖ. ﻧﺘﺎﻳﺞ اﻳﻦ ﺗﺤﻘﻴﻖ ﻧﺸﺎن ﻣﻲدﻫﺪ ﻛﻪ ﺗﺄﺛﻴﺮ ﻣﺪل ﺑﻬﺮهوری ﻓﺮاﮔﻴـﺮ ﺳـﻮﻣﺎﻧﺚ ﺑـﺮﭘﺎﻳﺪاری ﺳﻮد و ﺟﺮﻳﺎنﻫﺎی ﻧﻘﺪی ﺷﺮﻛﺖ از ﺳﻴﺴﺘﻢ ﻧﺴﺒﺖﻳﺎﺑﻲ دوﭘﺎن و ﻧﺴﺒﺖ Qﺗﻮﺑﻴﻦ ﺑﻴﺸﺘﺮ ﻧﻴﺴـﺖ وﻧﻤﻲﺗﻮاﻧﺪ ﺑﻪ ﺗﻨﻬﺎﻳﻲ ﺑﻪ ﻋﻨﻮان ﻳﻚ روش ﺟﺎﻣﻊ در ﺳﻨﺠﺶ ﻛﺎراﻳﻲ ﻣﺪﻳﺮﻳﺖ ﻣـﻮرد اﺳـﺘﻔﺎده ﻗـﺮار ﮔﻴـﺮد و ﺑﻜﺎرﮔﻴﺮی ﻫﺮﻳﻚ از اﻳﻦ روشﻫﺎ ﺑﻪ ﺗﻨﻬﺎﻳﻲ ﻣﻨﺠﺮ ﺑﻪ ﺗﺼﻤﻴﻤﺎت ﻣﺘﻔﺎوﺗﻲ ﺧﻮاﻫﺪ ﺷﺪ.
Main objective of this research is to make a comparison between impact of total productivity, Du Pont Ratio system and the Tobins Q ratio which originate from economic, financial management and assimilating approaches, respectively, on assessment of managerial efficiency of organizations on other 2 criteria under the titles of earning persistence and cash flows that originate from accounting approach. For this purpose, 2 regression models have been designed and tested. On the other hand, aim of this research is to find alternative criteria with various approaches that are appropriate for each one of the two criteria, earning persistence and cash flows in assessment of managerial efficiency. Statistical population of this research is composed of 55 corporations that were accepted in Tehran stock Exchange in 1997-2008. Research consequences show that the effect of Sumanth total productivity model on earning persistence and cash flows is not more than Du Pont Ratio System and the Tobins Q ratio and cannot use as a comprehensive method in assessment of managerial efficiency singly and using of each method singly, leads to various decisions.
ملخص الجهاز:
ﺑﺎ ﻋﻨﺎﻳﺖ ﺑﻪ ﻣﻄﺎﻟﺐ ﻓﻮق ﻣﺴﺄﻟﻪ اﺻﻠﻲ در اﻳﻦ ﺗﺤﻘﻴﻖ را ﺑﺪﻳﻦ ﺻﻮرت ﻣﻲﺗﻮان ﻣﻄـﺮح ﻧﻤﻮد ﻛﻪ از ﺑﻴﻦ ﺳﻪ روش ﻣﺪل ﺑﻬﺮهوری ﻓﺮاﮔﻴﺮ ﺳﻮﻣﺎﻧﺚ، ﺳﻴﺴﺘﻢ ﻧﺴـﺒﺖﻳـﺎﺑﻲ دوﭘـﺎن و ﺗﻮﺑﻴﻦ ﻛﻪ از روﻳﻜﺮدﻫﺎی ﻣﺘﻔﺎوﺗﻲ ﻧﺸـﺄت ﻣـﻲﮔﻴﺮﻧـﺪ، ﻛـﺪام ﻳـﻚ دارای ﺗـﺄﺛﻴﺮ ﻧﺴﺒﺖ ﺑﻴﺸﺘﺮی ﺑﺮ ﭘﺎﻳﺪاری ﺳﻮد و ﺟﺮﻳﺎنﻫﺎی ﻧﻘﺪی ﻣﻲﺑﺎﺷﺪ و ﻣﻲﺗﻮاﻧـﺪ ﺑـﻪ ﻋﻨـﻮان ﻳـﻚ روش ﺟﺎﻳﮕﺰﻳﻦ ﻣﻨﺎﺳﺐ ﺑﺮای ﻫﺮ ﻳﻚ از دو ﻣﺘﻐﻴﺮ واﺑﺴﺘﻪ ﻋﻤﻞ ﻧﻤﺎﻳﺪ ؟ 4- اﻫﻤﻴﺖ و ﺿﺮورت ﺗﺤﻘﻴﻖ اﻧﺪازهﮔﻴﺮی ﻋﻤﻠﻜﺮد ﭘﺎﻳﻪ ﺑﺴﻴﺎری از ﺗﺼﻤﻴﻢﮔﻴﺮیﻫﺎ اﺳﺖ.
ﻣﺸﺎﻳﺨﻲ و ﻫﻤﻜﺎران )4831( در ﺗﺤﻘﻴﻘﻲ ﺑﺎ ﻋﻨﻮان" ﻧﻘﺶ اﻗﻼم ﺗﻌﻬـﺪی اﺧﺘﻴـﺎری در ﻣﺪﻳﺮﻳﺖ ﺳﻮد ﺷﺮﻛﺖﻫﺎی ﭘﺬﻳﺮﻓﺘﻪ ﺷﺪه در ﺑﻮرس اوراق ﺑﻬﺎدار ﺗﻬﺮان "وﺟﻮه ﻧﻘﺪ ﺣﺎﺻﻞ از ﻋﻤﻠﻴﺎت را ﺑﻪاﻳﻦ دﻟﻴﻞ ﻛﻪ ﻛﻤﺘﺮ ﻣﻮرد دﺳﺖﻛﺎری و اﻋﻤﺎل ﻧﻈﺮ ﻣﺪﻳﺮﻳﺖ ﻗﺮار ﻣﻲﮔﻴـﺮد، ﺑﻪ ﻋﻨﻮان ﻣﻌﻴﺎر اﺻﻠﻲ ﻋﻤﻠﻜﺮد ﺷﺮﻛﺖ درﻧﻈﺮ ﮔﺮﻓﺘﻪاﻧﺪ و ارﺗﺒـﺎط آن را ﺑـﺎ اﻗـﻼم ﺗﻌﻬـﺪی اﺧﺘﻴﺎری ﻣﻮرد ﺑﺮرﺳﻲ ﻗﺮار دادهاﻧﺪ.
از آن ﺟﺎﻳﻲ ﻛﻪ ﻫﺪف از آزﻣﻮن ﻓﺮﺿﻴﻪ اول ﻣﻘﺎﻳﺴﻪ ﺗﺄﺛﻴﺮات ﺿﺮاﻳﺐ ﻫﺮﻳﻚ از روش- ﺗـﻮﺑﻴﻦ( در ﻣـﺪل ﻫﺎی ﺳﻨﺠﺶ ﻛﺎراﻳﻲ ﻣﺪﻳﺮﻳﺖ )ﺳﻴﺴﺘﻢ ﻧﺴﺒﺖﻳـﺎﺑﻲ دوﭘـﺎن و ﻣﻲﺑﺎﺷﺪ و از ﻃﺮﻳﻖ اﻳﻦ آزﻣﻮن ﻣﺸﺨﺺ ﻣﻲﮔﺮدد ﻛﻪ ﻛﺪام ﻳﻚ از ﺿﺮاﻳﺐ ﻧﺴـﺒﺖ ﺑـﻪ دو دارد )ﻳﻌﻨﻲ ﻛﺪام ﺿﺮﻳﺐ ﻧﺴﺒﺖ ﺑﻪ دو ﺿﺮﻳﺐ دﻳﮕﺮ ﺿﺮﻳﺐ دﻳﮕﺮ ﺗﺄﺛﻴﺮ ﺑﻴﺸﺘﺮی ﺑﺮ را ﻣﻲﺑﺎﻳﺴﺖ ﺑﻪﺻﻮرت زﻳﺮ ﻣﻄﺮح ﻧﻤﻮد: و ﺑﺰرگ ﺗﺮ اﺳﺖ(، درﻧﺘﻴﺠﻪ 1 0 ﻣﻌﻨﺎدار ﺑﺎﺷﺪ، آﻧﮕﺎه از و ﺑﺰرﮔﺘﺮ ﻧﻴﺴﺖ اﮔﺮ ﻣﺪل 0 ﻣﻌﻨﺎدار ﺑﺎﺷﺪ، آﻧﮕﺎه از و ﺑﺰرﮔﺘﺮ اﺳﺖ اﮔﺮ ﻣﺪل 1 :0 ﻳﺎ ﻳﺎ ﻳﺎ :1 ﻳﺎ ﺟﻬﺖ آزﻣﻮن ﻓﺮﺿﻴﻪ دوم را ﻧﺸﺎن ﻣﻲدﻫﺪ: ﺟﺪول ﺷﻤﺎره 3 ﺗﺤﻠﻴﻞ ﻣﺪل 82 .................................................................................