خلاصة:
ﺑﻲﺷﻚ ﺳﺎﺧﺘﺎر ﺳﺮﻣﺎﻳﻪ ﺷﺮﻛﺖﻫﺎ)اﻫﺮمﻫﺎی ﻣﺎﻟﻲ( ﻧﻘﺶ ﺗﻌﻴﻴﻦﻛﻨﻨﺪهای درﺗﺼـﻤﻴﻤﺎت ﺳـﺮﻣﺎﻳﻪﮔـﺬاری دارﻧـﺪ.ﺗﺤﻘﻴﻘﺎت اﻧﺠﺎم ﺷﺪه دراﻳﻦ زﻣﻴﻨﻪ ﻧﺸﺎن ﻣﻲدﻫﺪﻛﻪ ﺑﻴﻦ ﺳﺎﺧﺘﺎر ﺳﺮﻣﺎﻳﻪ)اﻫﺮم ﻣﺎﻟﻲ( و ﻋﻮاﻣﻠﻲ ﻫﻤﭽـﻮن ﻧـﺮخ ﺑـﺎزدهداراﻳﻲﻫﺎ، ﺑﺎزده ﺳﻬﺎم، ﺗﻐﻴﻴﺮﭘﺬﻳﺮی ﺳﻮد، درﺻﺪ ﺗﻘﺴﻴﻢ ﺳﻮد، اﻧﺪازه ﺷﺮﻛﺖ، ارزش ﺑﺎزارﺳـﺮﻣﺎﻳﻪ ﻧﺴـﺒﺖ ﺑـﻪ ارزشدﻓﺘﺮی ﺣﻘﻮق ﺻﺎﺣﺒﺎن ﺳﻬﺎم، راﺑﻄﻪ وﺟﻮد دارد. ﻫﺪف ازﺑﺮرﺳﻲ ﺳﺎﺧﺘﺎرﺳﺮﻣﺎﻳﻪ، ﻣﺸﺨﺺ ﻛﺮدن ﺗﺮﻛﻴﺐ ﻣﻨﺎﺑﻊ ﻣﺎﻟﻲﺑﻪﻣﻨﻈﻮر ﺑﻪ ﺣﺪاﻛﺜﺮ رﺳﺎﻧﺪن ﺛﺮوت ﺳﻬﺎﻣﺪاران اﺳﺖ. ﺑﺎ وﺟﻮد اﻳﻦ ﭼﺎرﭼﻮب ﻧﻈﺮی اﻳﻦ ﺗﺤﻘﻴﻖ و ﺗﺤﻘﻴﻘﺎت اﻧﺠـﺎمﺷﺪه، ﻣĤﺧﺬ ﺧﻮﺑﻲ ﺑﺮای اﻳﻦ ﻛﺎراﺳﺖ. ﺗﺮدﻳﺪی ﻧﻴﺴﺖ ﻛﻪ درﻋﻤﻞ ﺑﺎ ﻣﺸﻜﻼت و ﻣﺴﺎﺋﻞ زﻳـﺎدی ﻣﻮاﺟـﻪ ﺧـﻮاﻫﻴﻢﺷﺪ، زﻳﺮا ﺳﺮﻣﺎﻳﻪ ﺳﻬﺎﻣﺪاران ﺗﺤﺖ ﺗﺄﺛﻴﺮ ﺗﻌﺪاد زﻳﺎدی ﻋﺎﻣﻞ ﻗﺮار ﻣﻲﮔﻴﺮد ﻛﻪ ﺳﺎﺧﺘﺎرﺳﺮﻣﺎﻳﻪ)اﻫﺮم ﻣﺎﻟﻲ( ﻳﻜﻲ از اﻳـﻦﻋﻮاﻣﻞ اﺳﺖ. ﺑﻨﺎﺑﺮاﻳﻦ ﻣﺪﻳﺮان ﻣﺎﻟﻲ ﺷﺮﻛﺖﻫﺎ ﺗﻮﺟﻪ ﺧﻮد را ﺑﻪ آﺛﺎر روشﻫﺎی ﻣﺨﺘﻠﻒ ﺗﺄﻣﻴﻦ ﻣﺎﻟﻲ ﻣﻌﻄﻮف ﻣﻲﻛﻨﻨـﺪ واز اﻳﻦ ﻃﺮﻳﻖ ﺳﺎﺧﺘﺎرﻫﺎی ﻣﺨﺘﻠﻒ ﻣﺎﻟﻲ را ﺑﺮ ﺳﺮﻣﺎﻳﻪ ﺳﻬﺎﻣﺪاران ﻣﻲﺳﻨﺠﻨﺪ. ﻫﺪف از اﻳﻦ ﺗﺤﻘﻴـﻖ ﺑﺮرﺳـﻲ ﻋﻮاﻣـﻞﺗﻌﻴﻴﻦ ﻛﻨﻨﺪه وراﺑﻄﻪ ﺑﻴﻦ ﺳﺎﺧﺘﺎر ﺳﺮﻣﺎﻳﻪ و ﻋﻮاﻣﻠﻲ ﻣﺜﻞ ﻧﺴﺒﺖ ﺟﺎری، ﻧﺴﺒﺖ ﺳـﻮدآوری، ﻧﺴـﺒﺖ داراﻳـﻲ ﺛﺎﺑـﺖ واﻧﺪازه ﻣﺆﺳﺴﻪ درﺷﺮﻛﺖﻫﺎی ﭘﺬﻳﺮﻓﺘﻪ ﺷﺪه ﺑﻮرس ﺗﻬﺮان اﺳﺖ، ﻛﻪ ﺑﺮاﺳﺎس ﺗﺌﻮریﻫﺎی ﺳـﺎﺧﺘﺎر ﺳـﺮﻣﺎﻳﻪ ﺻـﻮرتﮔﺮﻓﺘﻪ اﺳﺖ. ﺑﺪﻳﻦ ﻧﺤﻮﻛﻪ ﺷﺮﻛﺖﻫﺎ ﻳﻚ ﻧﺴﺒﺖ ﺑﺪﻫﻲ ﻣﻄﻠﻮب راﺗﻌﻴﻴﻦ ﻛﺮده و ﺑﻪﺳﻮی آن ﺣﺮﻛﺖ ﻣﻲﻛﻨﻨﺪ. در اﻳﻦﺗﺤﻘﻴﻖ و ﭘﮋوﻫﺶ ﺿﻤﻦ ﺑﺮرﺳﻲ اﻳﻦ ﻫﺪف، ﺗﻌﺪاد 09 ﺷﺮﻛﺖ از ﺑﻴﻦ ﺟﺎﻣﻌﻪ آﻣﺎری، ﻛﻪ اﻃﻼﻋﺎت ﻣﻮرد ﻧﻴـﺎزآن ﻫـﺎﻛﻪ ﺑﺮای ﻳﻚ دور ﻫﺸﺖ ﺳﺎﻟﻪ ﺗﺤﻘﻴﻖ)از1831اﻟﻲ8831( ﻗﺎﺑﻞ دﺳﺘﺮﺳﻲ ﻣﻲﺑﺎﺷﺪ، اﻧﺘﺨﺎب ﻣـﻲﺷـﻮد. ﺑـﺮای آزﻣـﻮنﻓﺮﺿﻴﻪﻫﺎی ﺗﺤﻘﻴﻖ از روش رﮔﺮﺳﻴﻮن ﺗﺮﻛﻴﺒﻲ اﺳﺘﻔﺎده ﻣﻲﺷﻮد و آزﻣﻮن ﻣﻌﻨﻲدار ﺑﻮدن اﻟﮕﻮﻫﺎ ﺑﺎ اﺳﺘﻔﺎده آﻣﺎرهﻫـﺎی tو Fﺻﻮرت ﻣﻲﮔﻴﺮد.
Investment structure of companies (financial leverage), doubtlessly, has a significant role to make decision for investment. The studies show that there is a relation between investment structure (financial leverage) and other factors such as rate of return of assets, profit of shares, changes of profit, profit division percent, size of company, and capital market value than value volume of the rights of share holders.
The target to consider investment market is to define the structure of financial resources in order to maximize wealth of share holders. Theoretical framework of this research and also other researches is an appropriate database for such this purpose. There is no doubt that there will be a lot of problems in practice because the investment of shareholders is affected by too many factors among which we can mention investment structure (financial leverage).So financial managers of companies pay their attention to the effects of various methods to provide financial resources and evaluate the effect of different financial structures on investment of share holders. The aim of this research is to consider defining factors and the relation between investment structure and above-mentioned factors in the companies which are accepted in Tehran Stock Exchange Market. According to this target, we have selected 88 companies among the statistical society which provide our required data for an 8-year period of research (2002 to 2009). “Compound Regression” method is used to test research theories and “Significant Test Patterns” is done by F and t parameters.
ملخص الجهاز:
ﭘﮋوﻫﺸﻨﺎﻣﻪ ﺣﺴﺎﺑﺪاری ﻣﺎﻟﻲ و ﺣﺴﺎﺑﺮﺳﻲ، ﺳﺎل ﭼﻬﺎرم، ﺷﻤﺎره ﺳﻴﺰدﻫﻢ، ﺑﻬﺎر 1931 ﻫﻤﭽﻨﻴﻦ در ﺑﺮرﺳﻲ ﺗﻔﺎوت ﻣﻴﺎن دو ﻣﺘﻐﻴﺮ ﻣﺴﺘﻘﻞ و واﺑﺴﺘﻪ از آزﻣﻮن ﺗﻲ واﺑﺴـﺘﻪ ﻧﻴـﺰ اﺳﺘﻔﺎده ﮔﺮدﻳﺪ ﻛﻪ ﻧﺘﻴﺠﻪ ﺑﻪ ﺷﺮح ﺟﺪول 6 ﻣﻲﺑﺎﺷﺪ: ﺟﺪول 6- آزﻣﻮن ﺗﻲ واﺑﺴﺘﻪ 59/0 ﻓﺎﺻﻠﻪ اﻃﻤﻴﻨﺎن از ﺗﻔﺎوت ﺳﻄﺢ درﺟﻪ ﻣﻴﺎﻧﮕﻴﻦ ﺑﻴﻦ ﻣﺘﻐﻴﺮﻫﺎ t ﻣﻴﺎﻧﮕﻴﻦ ﻣﺘﻐﻴﺮﻫﺎ آزادی ﺗﻔﺎوتﻫﺎ ﻣﻌﻨﻲداری ﻛﺮاﻧﻪ ﭘﺎﻳﻴﻦ ﻛﺮاﻧﻪ ﺑﺎﻻ ﺳﺎﺧﺘﺎر 2208/0 ﺳﺮﻣﺎﻳﻪ 000/0 095/0 696 6825/0 9156/0 97/81 ﻧﺴﺒﺖ 9112/0 ﺳﻮدآوری *ﻣﻨﺒﻊ: ﻳﺎﻓﺘﻪﻫﺎی ﭘﮋوﻫﺸﮕﺮ ﻫﻤﺎﻧﮕﻮﻧﻪ ﻛﻪ در ﺟﺪول 6 ﻣﺸﺎﻫﺪه ﻣﻲﮔﺮدد ﺑﻴﻦ ﻣﻴـﺎﻧﮕﻴﻦ دو ﻣﺘﻐﻴـﺮ ﺗﻔـﺎوت وﺟـﻮد دارد.
994 ﺗﺄﻳﻴﺪ ﻓﺮﺿﻴﻪ ﭼﻬﺎرم *ﻣﻨﺒﻊ: ﻳﺎﻓﺘﻪﻫﺎی ﭘﮋوﻫﺸﮕﺮ 11-ﻧﺘﻴﺠﻪﮔﻴﺮی ﺷﻮاﻫﺪ ﺣﺎﺻﻞ از اﻳﻦ ﺗﺤﻘﻴﻖ ﺣﻜﺎﻳﺖ از اﻳﻦ دارد ﻛﻪ اﻟﮕﻮی ﺳﺎﺧﺘﺎر ﺳﺮﻣﺎﻳﻪ ﺷﺮﻛﺖﻫﺎی ﭘﺬﻳﺮﻓﺘﻪ ﺷﺪه در ﺑﻮرس اوراق ﺑﻬﺎدار ﺗﻬﺮان، ﻋﻤﺪﺗﺎ ﺗﺎﺑﻊ ﻣﻌﻜﻮس ﻣﺘﻐﻴﺮ اﻧـﺪازه ﺷـﺮﻛﺖ ﻣﻲﺑﺎﺷﺪ و ﺗﺎﺑﻊ ﻣﺴﺘﻘﻴﻢ ﻣﺘﻐﻴﺮﻫﺎی داراﻳﻲ ﺛﺎﺑﺖ و ﻧﺴﺒﺖ ﺟـﺎری ﺷـﺮﻛﺖ ﻣـﻲﺑﺎﺷـﺪ و ﺑـﺎ ﻧﺴﺒﺖ ﺳﻮدآوری راﺑﻄﻪ ﻧﺪارد وﻟﻲ ﺑﺎ اﺧﺘﻼف ﻣﻴﺎﻧﮕﻴﻦﻫﺎ راﺑﻄﻪ ﻣﻨﻔﻲ دارد؛ اﻣـﺎ ﺑـﺎ ﻧﺘـﺎﻳﺞ ﺣﺎﺻﻞ از ﺗﺌﻮری ﺗﻮازی اﻳﺴﺘﺎ، ﻫﻤﺨﻮاﻧﻲ ﻧﺪارد.
ﻧﺘﺎﻳﺞ ﺣﺎﺻﻞ از ﻣﺪل ﻧﺸﺎن ﻣﻲﻫﺪ ﻛﻪ در ﺑﻮرس اوراق ﺑﻬﺎدار ﺗﻬـﺮان و در ﻗﻠﻤـﺮو زﻣـﺎﻧﻲ ﺗﺤﻘﻴﻖ راﺑﻄﻪ ﻣﻌﻨﺎدار آﻣﺎری ﺑﻴﻦ داراﻳﻲﻫﺎی ﻗﺎﺑﻞ وﺛﻴﻘﻪ و ﻧﺴﺒﺖﻫﺎی ﺑﺪﻫﻲ وﺟﻮد دارد و اﻳﻦ ﻓﺮﺿﻴﻪ ﺗﺄﻳﻴﺪ ﻣﻲﺷﻮد.
ﭘﮋوﻫﺸﻨﺎﻣﻪ ﺣﺴﺎﺑﺪاری ﻣﺎﻟﻲ و ﺣﺴﺎﺑﺮﺳﻲ، ﺳﺎل ﭼﻬﺎرم، ﺷﻤﺎره ﺳﻴﺰدﻫﻢ، ﺑﻬﺎر 1931 ﻓﺮﺿﻴﻪ ﭼﻬﺎرم ﺑﺎ اﺳﺘﻔﺎده از ﻣﺪل آزﻣﻮن ﺷﺪ، اﻳﻦ ﻓﺮﺿﻴﻪ ﺑﻴﺎن ﻣﻲﻛﻨﺪ ﻛـﻪ ﺑـﻴﻦ اﻧـﺪازه ﺷﺮﻛﺖ و ﻧﺴﺒﺖ ﺑﺪﻫﻲ) (Lراﺑﻄﻪ ﻣﻨﻔﻲ و ﻣﻌﻜـﻮس وﺟـﻮد دارد.