بررسی تأثیر ریسک ورشکستگی شرکت و نوسان‎های سیستماتیک و ویژۀ بازده‌ سهام بر میزان نگهداشت وجه ‌نقد

نوع مقاله: مقاله علمی پژوهشی

نویسنده

استادیار حسابداری، دانشکدۀ اقتصاد و علوم اجتماعی، دانشگاه بوعلی سینا، همدان، ایران

چکیده

مدیران با انگیزه‌های متفاوتی به نگهداری وجه نقد در شرکت اقدام می‌کنند. یکی از انگیزه‌های آنان برای نگهداشت وجه نقد، انگیزۀ احتیاطی است. بر مبنای انگیزۀ احتیاطی و برای مقابله با بحران‌های مالی پیش‌بینی‎نشده و نااطمینانی‌های آتی، شرکت‌ها همواره بخشی از دارایی‌های خود را به شکل وجه نقد نگهداری می‌کنند. این پژوهش، رابطۀ دو معیار سنجش نا‌اطمینانی‌های آتی شرکت، شامل 1. نوسان‎های کلی بازده سهام و اجزای سیستماتیک (عادی) و ویژۀ (غیرعادی) آن و 2. ریسک ورشکستگی، را با میزان وجه نقد نگهداری‎شده در 193 شرکت پذیرفته‎شده در بورس اوراق بهادار تهران در بازۀ زمانی 1381 تا 1392 بررسی می‌کند. نتایج نشان می‌دهد با افزایش میزان نوسان‎های بازده سهام (به‎خصوص نوسان‎های ویژه) و افزایش ریسک ورشکستگی، ماندۀ وجه نقد نگهداری‎شده در شرکت نیز افزایش می‌یابد. یافته‌های این پژوهش با مفاهیم مطرح در نظریۀ توازن ایستا سازگاری دارد.

کلیدواژه‌ها


عنوان مقاله [English]

Investigating the Effect of Firms’ Bankruptcy Risk and Stock Returns’ Systematic and Idiosyncratic Volatilities on Cash Holding

نویسنده [English]

  • Abbas Aflatooni
Assistant Prof., Faculty of Economic and Social Sciences, Bu-Ali Sina University, Hamadan, Iran
چکیده [English]

The managers have different incentives to keep cash in firms. One of their incentives for cash holding is precautionary motives. Based on precautionary motives, and to deal with unexpected financial crisis and the subsequent uncertainties, firms always keep a part of their assets in cash type. This research investigates the relationship between two measures of firm’s future uncertainties includes: (1) stock return’s total volatilities and its systematic (normal) and idiosyncratic (abnormal) components, and (2) bankruptcy risk, with cash holding in 193 firms listed in Tehran Stock Exchange from 2002 to 2013. The results show that the increase in stock return volatilities (especially idiosyncratic volatilities) and also increase in bankruptcy risk, lead to increase in firms’ cash holding. The research findings are consistent with the concepts of the static trade-off theory.

کلیدواژه‌ها [English]

  • Bankruptcy risk
  • cash holding
  • idiosyncratic volatility
  • Systematic volatility
  • uncertainty
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