Abstract:
ﺳﺎﺧﺘﺎر ﺳﺮﻣﺎﻳﻪ ﺑﻪ ﻣﻌﻨﻲ ﻧﺤﻮه ﺗﺎﻣﻴﻦ ﻣﺎﻟﻲ ﺷﺮﻛﺖ، ﺑﺮ روی ارزش ﺷﺮﻛﺖ ﺗﺎﺛﻴﺮ ﻣﻲ ﮔﺬارد؛ ﺑﻪ ﻋﺒﺎرﺗﻲراﺑﻄﻪ ﺑﻴﻦ اﺟﺰای ﺗﺸﻜﻴﻞ دﻫﻨﺪه ﺳﺎﺧﺘﺎر ﺳﺮﻣﺎﻳﻪ ﻛﻪ آﻣﻴﺰه ای از اوراق ﻗﺮﺿﻪ و ﺳﻬﺎم ﺑﺮای ﺗﺎﻣﻴﻦ ﻣﺎﻟﻲ ﻣﻲ ﺑﺎﺷﺪ ﺑﺮ روی ﻧﺘﺎﻳﺞ ﻋﻤﻠﻜﺮد ﺷﺮﻛﺖ ﻫﺎ ﺗﺎﺛﻴﺮ ﺑﺴﺰاﻳﻲ دارد.ﺗﺼﻤﻴﻤﺎت ﻣﺮﺑﻮط ﺑﻪ ﺳﺎﺧﺘﺎر ﺳﺮﻣﺎﻳﻪ ﻧﻘﺶ ﻣﻮﺛﺮی در ﻛﺎراﻳﻲ و اﻋﺘﺒﺎر ﺷﺮﻛﺖ ﻫﺎ ﻧﺰد ﻣﻮﺳﺴﺎت ﺗﺎﻣﻴﻦﺳﺮﻣﺎﻳﻪ ﺧﻮاﻫﺪ داﺷﺖ و در ﻧﺘﻴﺠﻪ درک ﺗﺌﻮری ﺳﺎﺧﺘﺎر ﺳﺮﻣﺎﻳﻪ ﻣﻲ ﺗﻮاﻧﺪ ﺑﻪ ﻣﺪﻳﺮان اﻳﻦ اﻣﻜﺎن را ﺑﺪﻫﺪ ﺗﺎ ﺑﻪ ﺳﺎﺧﺘﺎر ﺳﺮﻣﺎﻳﻪ ﻣﻄﻠﻮب ﺑﻪ ﻣﻨﻈﻮر ﺑﻪ ﺣﺪاﻛﺜﺮ رﺳﺎﻧﺪن ﺛﺮوت ﺳﻬﺎﻣﺪاران دﺳﺖ ﻳﺎﺑﻨﺪ.ﺑﻨﺎﺑﺮاﻳﻦ، در اﻳﻦ ﺗﺤﻘﻴﻖ راﺑﻄﻪ داراﻳﻲ ﻗﺎﺑﻞ وﺛﻴﻘﻪ، ﺳﻮدآوری، رﻳﺴﻚ، ﺳﭙﺮ ﻣﺎﻟﻴﺎﺗﻲ ﻏﻴﺮ ﺑﺪﻫﻲ و اﻧﺪازهﺷﺮﻛﺖ ﺑﺎ ﻧﺴﺒﺖﻫﺎی ﺑﺪﻫﻲ )3 (L1،L2،Lدر ﺷﺮﻛﺖ ﻫﺎی ﭘﺬﻳﺮﻓﺘﻪ ﺷﺪه در ﺑﻮرس ﺗﻬﺮان ﻃﻲ ﺳﺎل ﻫـﺎی0831-6831 ﻣﻮرد ﺑﺮرﺳﻲ ﻗﺮار ﮔﺮﻓﺘﻪ اﺳﺖ و ﻧﺘﺎﻳﺞ ﺣﺎﺻﻞ از اﻳﻦ ﺗﺤﻘﻴﻖ ﺑﻴـﺎﻧﮕﺮ آن اﺳـﺖ ﻛـﻪ اﻟﮕـﻮیﺳﺎﺧﺘﺎر ﺳﺮﻣﺎﻳﻪ ﻋﻤﺪﺗﺎ ﺗﺎﺑﻊ ﻣﻌﻜﻮس ﺳﻮدآوری و ﺗﺎﺑﻊ ﻣﺴﺘﻘﻴﻢ رﻳﺴﻚ و اﻧـﺪازه ﺷـﺮﻛﺖ ﻣـﻲ ﺑﺎﺷـﺪ و ﺑـﺎ داراﻳﻲ ﻗﺎﺑﻞ وﺛﻴﻘﻪ و ﺳﭙﺮﻣﺎﻟﻴﺎﺗﻲ ﻏﻴﺮ ﺑﺪﻫﻲ راﺑﻄﻪ ﻣﻌﻨﺎداری ﻧﺪارد.
Capital structure means finance company on how the company affects the value, the working relationship between capital structure components of the combination of bond and equity finance are the performance results of companies play an important effect.
Decisions important part in efficient capital structure and credit institutions funds with the company and thus will understand capital structure theory can give managers the possibility to optimal capital structure in order to achieve maximum shareholder wealth justified.
Therefore, In this research can be related to collateral assets, profitability, risk, and size non-debt tax shield company debt ratios (L3, L2, L1) affiliated companies during the years 1380-1386 stock exchange Tehran has been studied and the results of this research that the pattern of capital structure, function mainly direct inverse function of profitability and risk and company size is available and collateral assets and non-debt tax shield no significant relationship
Machine summary:
0 = 4 ⎧H 0 : a ⎨ 0 ≠ 4 ⎩H1 : a ﻫﻤﺎن ﻃﻮر ﻛﻪ از ﺟﺪول ﺿﺮاﻳﺐ ﻣﺘﻐﻴﺮﻫﺎ ﻣﺸﺨﺺ اﺳﺖ، ﺿﺮﻳﺐ ﻣﺘﻐﻴـﺮ NDTSﻳـﺎ ﺳﭙﺮ ﻣﺎﻟﻴﺎﺗﻲ ﻏﻴﺮ ﺑﺪﻫﻲ در ﺳﻄﺢ 59% ﻣﻌﻨﺎدار ﻧﺒﻮده و ﻧﺘﻴﺠﻪ ﻣﻲ ﮔﻴﺮﻳﻢ ﺳﭙﺮ ﻣﺎﻟﻴـﺎﺗﻲ ﻏﻴـﺮ ﺑﺪﻫﻲ ﺑﺎ ﻧﺴﺒﺖ ﺑﺪﻫﻲ ﺑﻪ داراﻳﻲ ﻫﺎ راﺑﻄﻪ ﻧﺪارد و ﻓﺮﺿﻴﻪ ﭼﻬﺎرم ﺗﺎﻳﻴﺪ ﻧﻤﻲ ﺷﻮد.
0 = 5 ⎧H 0 : a ⎨ 0 ≠ 5 ⎩H 1 : a ﻫﻤﺎن ﻃﻮر ﻛﻪ از ﺟﺪول ﺿﺮاﻳﺐ ﻣﺘﻐﻴﺮﻫﺎ ﻣﺸﺨﺺ اﺳـﺖ، ﺿـﺮﻳﺐ ﻣﺘﻐﻴـﺮ SIZEﻳـﺎ اﻧﺪازه ﺷﺮﻛﺖ در ﺳﻄﺢ 59% ﻣﻌﻨﺎدار ﻧﺒﻮده و ﻧﺘﻴﺠﻪ ﻣﻲ ﮔﻴﺮﻳﻢ اﻧـﺪازه ﺷـﺮﻛﺖ ﺑـﺎ ﻧﺴـﺒﺖ ﺑﺪﻫﻲ ﺑﻪ داراﻳﻲ ﻫﺎ راﺑﻄﻪ ﻧﺪارد و ﻓﺮﺿﻴﻪ ﭘﻨﺠﻢ ﺗﺎﻳﻴﺪ ﻧﻤﻲ ﺷﻮد.
ﭘﮋوﻫﺸﻨﺎﻣﻪ ﺣﺴﺎﺑﺪاری ﻣﺎﻟﻲ و ﺣﺴﺎﺑﺮﺳﻲ ﺿﺮاﻳﺐ ﻣﺘﻐﻴﺮﻫﺎ ﺑﺮای اﻟﮕﻮی اول ) 2 ( Lدر ﺟﺪول 6 اراﻳﻪ ﺷﺪه اﺳﺖ: ﺟﺪول6- ﺿﺮاﻳﺐ ﻣﺘﻐﻴﺮ ﻫﺎی ﻣﺪل ﺳﻄﺢ ﻋﻼﻣﺖ ﺿﺮاﻳﺐ ﻣﺪل ﻣﺘﻐﻴﺮﻫﺎ t اﻫﻤﻴﺖ α اﺧﺘﺼﺎری 633/0 469/0 003/0 ﻋﺮض از ﻣﺒﺪاء a 0 167/0 403/0 212/0 داراﻳﻲ ﻗﺎﺑﻞ وﺛﻴﻘﻪ S 000/0 393/02- 535/1- ﺳﻮد آوری RO 000/0 842/4 100/0 رﻳﺴﻚ R 245/0 016/0- 438/3- ﺳﭙﺮ ﻣﺎﻟﻴﺎﺗﻲ ﻏﻴﺮ ﺑﺪﻫﻲ NDTS 970/0 757/1 940/0 اﻧﺪازه SIZE * ﻣﻨﺒﻊ: ﻳﺎﻓﺘﻪ ﻫﺎی ﭘﮋوﻫﺸﮕﺮ ﻧﺘﺎﻳﺞ آزﻣﻮن ﺗﺤﻠﻴﻞ وارﻳﺎﻧﺲ و آزﻣﻮن اﺳﻤﻴﺮﻧﻮف ﻛﻮﻟﻤـﻮﮔﺮوف در ﺟـﺪول 7 اراﻳـﻪ ﺷﺪه اﺳﺖ: ﺟﺪول 7- ﻧﺘﺎﻳﺞ آزﻣﻮن ﺗﺤﻠﻴﻞ وارﻳﺎﻧﺲ و آزﻣﻮن اﺳﻤﻴﺮﻧﻮف ﻛﻮﻟﻤﻮﮔﺮوف 2 Rﺗﻌﺪﻳﻞ ﺿﺮﻳﺐ ﺿﺮﻳﺐ آزﻣﻮن-K ﺷﺮح ﻫﻤﺒﺴﺘﮕﻲR ﺷﺪه ﺗﻌﻴﻴﻦ S 177/0 104/0 604/0 736/0 ﻣﺪل * ﻣﻨﺒﻊ: ﻳﺎﻓﺘﻪ ﻫﺎی ﭘﮋوﻫﺸﮕﺮ ﻫﻤﺎن ﻃﻮر ﻛﻪ ﺟﺪول ﺗﺤﻠﻴﻞ وارﻳﺎﻧﺲ ﻧﺸﺎن ﻣﻲ دﻫﺪ، اﻟﮕﻮ در ﺳﻄﺢ 59 درﺻﺪ ﻣﻌﻨﻲ دار اﺳﺖ.