Abstract:
ﻣﺤﺘﻮای اﻃﻼﻋﺎﺗﻲ ﺳﻮد، در ﺣﺴﺎﺑﺪاری ﺑﺎرﻫﺎ ﻣﻮرد آزﻣﻮن ﻗﺮار ﮔﺮﻓﺘﻪ اﺳﺖ. ﻣﺤﻘﻘﻴﻦ ﺑﻪ دﻧﺒﺎلﻣﻌﻴﺎرﻫﺎﻳﻲ ﺑﻮدهاﻧﺪ، ﻛﻪ ﺑﻪﻋﻨﻮان رﻗﻴﺒﻲ ﺑﺮای ﺳﻮد ﻣﻮرد اﺳﺘﻔﺎده ﻗﺮار ﮔﻴﺮد. ﻳﻜﻲ از رﻗﺒﺎی ﺟﺪی ﺳﻮد،ﺟﺮﻳﺎن وﺟﻮه ﻧﻘﺪ ﻣﻲﺑﺎﺷﺪ. در اﻳﻦ ﻣﻄﺎﻟﻌﻪ، ﻣﺤﺘﻮای اﻃﻼﻋﺎﺗﻲ ﻧﺴﺒﻲ و اﻓﺰاﻳﺸﻲ ﺑﺎزده داراﻳﻲﻫﺎ، ﺑﻪﻋﻨﻮانﻧﻤﺎﻳﻨﺪه ﻣﻌﻴﺎرﻫﺎی ﻣﺒﺘﻨﻲ ﺑﺮ ﺳﻮد و ﻧﺮخ ﺑﺎزده داﺧﻠﻲ ﺑﺮآوردی، ﺑﻪﻋﻨﻮان ﻧﻤﺎﻳﻨﺪه ﻣﻌﻴﺎرﻫﺎی ﻣﺒﺘﻨﻲ ﺑﺮ ﻧﺮخﺑﺎزﻳﺎﻓﺖ وﺟﻮه ﻧﻘﺪ، ﺑﺎ Qﺗﻮﺑﻴﻦ و ﺑﺎزده ﺳﻬﺎم، ﻛﻪ ﺷﺎﺧﺺﻫﺎی ﻋﻤﻠﻜﺮد ﺷﺮﻛﺖ ﻣﻲﺑﺎﺷﺪ، ﻣﻮرد آزﻣﻮنﻗﺮار ﮔﺮﻓﺘﻪ اﺳﺖ. روش ﺗﺤﻘﻴﻖ از ﻧﻮع ﻫﻤﺒﺴﺘﮕﻲ ﻣﻲﺑﺎﺷﺪ. ﺟﺎﻣﻌﻪ آﻣﺎری، ﺷﺮﻛﺖﻫﺎی ﭘﺬﻳﺮﻓﺘﻪ ﺷﺪه درﺑﻮرس ﺗﻬﺮان اﺳﺖ و ﺑﺮای آزﻣﻮن ﻓﺮﺿﻴﻪﻫﺎ از ﺿﺮﻳﺐ ﻫﻤﺒﺴﺘﮕﻲ ﭘﻴﺮﺳﻮن و روش رﮔﺮﺳﻴﻮن ﭼﻨﺪﮔﺎﻧﻪاﺳﺘﻔﺎده ﺷﺪه اﺳﺖ. ﻧﺘﺎﻳﺞ ﻧﺸﺎن ﻣﻲدﻫﺪ، ﻣﺤﺘﻮای اﻃﻼﻋﺎﺗﻲ ﻧﺴﺒﻲ ﻣﻌﻴﺎر ﻣﺒﺘﻨﻲ ﺑﺮ ﺳﻮد در ﻣﻘﺎﻳﺴﻪ ﺑﺎ ﻣﻌﻴﺎر ﻣﺒﺘﻨﻲ ﺑﺮ ﻧﺮخ ﺑﺎزﻳﺎﻓﺖ وﺟﻮه ﻧﻘﺪ ﺑﻴﺸﺘﺮ اﺳﺖ و ﻣﺤﺘﻮای اﻃﻼﻋﺎﺗﻲ اﻓﺰاﻳﺸﻲ ﻗﺎﺑﻞ آزﻣﻮن ﻧﻤﻲﺑﺎﺷﺪ.
The Content of Earnings has been investigated in many times. Accounting researchers have been looking for measurement which can be used as a competitor against earnings. One of the major competitors against earnings is cash flows. In this study, returns on assets is as proxies for earnings-based measures, and estimated internal rates of return is as proxies for cash recovery-based measures, That their relationship were investigated Tobin'Q and the stock returns, which are both indicators of the company’s performance. The research's method of the present study is based on the correlations. This study was conducted on the companies which were present in Tehran Stock Exchange. The study was done from 2005 to 2008. Pearson product moment correlations and multiple regressions were used to test hypotheses. According to the results, it can be concluded that the relative information content of earnings is more than the relative information content of cash recovery rates. And the incremental information content can't be investigated.
Machine summary:
11-1- ﻧﺘﺎﻳﺞ و ﺗﺠﺰﻳﻪ و ﺗﺤﻠﻴﻞ آزﻣﻮن ﻓﺮﺿﻴﻪ اول ﻓﺮﺿﻴﻪ اول، ﻣﺤﺘﻮای اﻃﻼﻋﺎﺗﻲ ﻧﺴﺒﻲ ﻣﻌﻴﺎر ارزﻳﺎﺑﻲ ﻋﻤﻠﻜﺮد ﻣﺒﺘﻨﻲ ﺑﺮ ﺳﻮد در ﻣﻘﺎﻳﺴﻪ ﺑـﺎ ﻣﻌﻴﺎر ارزﻳﺎﺑﻲ ﻋﻤﻠﻜﺮد ﻣﺒﺘﻨﻲ ﺑﺮ ﻧﺮخ ﺑﺎزﻳﺎﻓﺖ وﺟﻮه ﻧﻘﺪ را ﻃﻲ دوره ﭘـﻨﭻ ﺳـﺎﻟﻪ از 2831 ﺗـﺎ 6831 ﻣﻮرد ﺑﺮرﺳﻲ ﻗﺮار داده اﺳﺖ.
1 دورﺑﻴﻦ واﺗﺴﻮن *ﻣﻨﺒﻊ: ﻳﺎﻓﺘﻪﻫﺎی ﭘﮋوﻫﺸﮕﺮ 11-2- ﻧﺘﺎﻳﺞ و ﺗﺠﺰﻳﻪ و ﺗﺤﻠﻴﻞ آزﻣﻮن ﻓﺮﺿﻴﻪ دوم ﻓﺮﺿﻴﻪ دوم ﻣﺤﺘﻮای اﻃﻼﻋﺎﺗﻲ اﻓﺰاﻳﺸﻲ ﻣﻌﻴﺎر ارزﻳـﺎﺑﻲ ﻋﻤﻠﻜـﺮد ﻣﺒﺘﻨـﻲ ﺑـﺮ ﺳـﻮد در ﻣﻘﺎﻳﺴﻪ ﺑﺎ ﻣﻌﻴﺎر ارزﻳﺎﺑﻲ ﻋﻤﻠﻜﺮد ﻣﺒﺘﻨﻲ ﺑﺮ ﻧﺮخ ﺑﺎزﻳﺎﻓﺖ وﺟﻮه ﻧﻘﺪ را ﺑﺮای دوره ﭘﻨﺞ ﺳﺎﻟﻪ از 2831 ﺗﺎ 6831 ﻣﻮرد آزﻣﻮن ﻗﺮار داده اﺳـﺖ.
71 ﺟﺪول 3- ﺧﻼﺻﻪ ﻧﺘﺎﻳﺞ آزﻣﻮن ﻓﺮﺿﻴﻪ دوم- ﻣﺪل ﺗﺠﻤﻌﻲ از 2831 ﺗﺎ 6831 ﻣﺪل ﻣﺘﻐﻴﺮﻫﺎی ﺧﺎرج ﺷﺪه ﻣﺘﻐﻴﺮﻫﺎی وارد ﺷﺪه روش ﺑﻪ ﻛﺎر رﻓﺘﻪ ROA EIRR LEV 5 ﮔﺎم ﺑﻪ ﮔﺎم Risk Size ROA EIRR Risk 6 ﮔﺎم ﺑﻪ ﮔﺎم Size LEV *ﻣﻨﺒﻊ: ﻳﺎﻓﺘﻪﻫﺎی ﭘﮋوﻫﺸﮕﺮ 11-3- ﻧﺘﺎﻳﺞ و ﺗﺠﺰﻳﻪ و ﺗﺤﻠﻴﻞ آزﻣﻮن ﻓﺮﺿﻴﻪ ﺳﻮم)ﺳﺎل 2831( ﻓﺮﺿﻴﻪ ﺳﻮم ﻣﺤﺘﻮای اﻃﻼﻋﺎﺗﻲ ﻧﺴﺒﻲ ﻣﻌﻴﺎر ارزﻳﺎﺑﻲ ﻋﻤﻠﻜﺮد ﻣﺒﺘﻨﻲ ﺑﺮ ﺳﻮد در ﻣﻘﺎﻳﺴﻪ ﺑﺎ ﻣﻌﻴﺎر ارزﻳﺎﺑﻲ ﻋﻤﻠﻜﺮد ﻣﺒﺘﻨﻲ ﺑﺮ ﻧـﺮخ ﺑﺎزﻳﺎﻓـﺖ وﺟـﻮه ﻧﻘـﺪ را ﺑـﺮای دو دوره 2831 و 6831 ﺑﻪ ﺻﻮرت ﻣﻘﻄﻌﻲ ﻣﻮرد ﺑﺮرﺳﻲ ﻗﺮار داده اﺳﺖ.
91 11-5- ﻧﺘﺎﻳﺞ و ﺗﺠﺰﻳﻪ و ﺗﺤﻠﻴﻞ آزﻣﻮن ﻓﺮﺿﻴﻪ ﭼﻬﺎرم ﻓﺮﺿﻴﻪ ﭼﻬﺎرم ﻣﺤﺘﻮای اﻃﻼﻋﺎﺗﻲ اﻓﺰاﻳﺸﻲ ﻣﻌﻴﺎر ارزﻳﺎﺑﻲ ﻋﻤﻠﻜﺮد ﻣﺒﺘﻨﻲ ﺑﺮ ﺳـﻮد در ﻣﻘﺎﻳﺴـﻪ ﺑـﺎ ﻣﻌﻴﺎر ارزﻳﺎﺑﻲ ﻋﻤﻠﻜﺮد ﻣﺒﺘﻨﻲ ﺑﺮ ﻧﺮخ ﺑﺎزﻳﺎﻓﺖ وﺟﻮه ﻧﻘﺪ را ﺑﺮای دو دوره 2831 و 6831 ﺑﻪﺻـﻮرت ﻣﻘﻄﻌﻲ ﻣﻮرد آزﻣﻮن ﻗﺮار داده اﺳﺖ.