تورم، چرخه عملیاتی و نگهداشت وجه نقد

نوع مقاله: مقاله علمی پژوهشی

نویسندگان

1 استادیار حسابداری، دانشکدۀ مدیریت و اقتصاد، دانشگاه تربیت مدرس، تهران، ایران

2 کارشناس‎ارشد حسابداری، دانشگاه تربیت مدرس، تهران، ایران

3 دانشجوی کارشناسی ارشد حسابداری، دانشگاه تهران، تهران، ایران

چکیده

راهبرد نگه‎داشت وجه نقد، توازنی میان منافع و هزینه‌های نگه‎داشت وجه نقد است. در سطح کلان، شرکت‌ها در واکنش به تورم راهبرد نگه‎داشت وجه نقد را تعدیل می‌کنند. در سطح خرد، چرخۀ عملیاتی بیان‎کنندۀ گردش جریان‎های وجه نقد شرکت است و عاملی مؤثر بر راهبرد نگه‎داشت وجه نقد به‎شمار می‎رود. این پژوهش به بررسی تورم و چرخۀ عملیاتی بر میزان نگه‎داشت وجه نقد شرکت­ها می­پردازد. برای این کار، 1264 سال ـ شرکت در سال­های 1385 تا 1392 از شرکت­های پذیرفته‎شده در بورس اوراق بهادار تهران، نمونۀ پژوهش انتخاب شدند. برای آزمون فرضیه از مدل آلمدیا، کمپل و ویسبچ (2004) بهره برده شد. یافته­های پژوهش نشان می­دهد با افزایش تورم، میزان وجه نقد نگهداری‎شدۀ واحدهای تجاری کاهش می‌یابد و هنگامی که تورم به سطح خاصی برسد، میزان نگه‎داشت وجه نقد شرکت‌ها با افزایش تورم، افزایش می­یابد. همچنین هنگامی که چرخۀ عملیاتی افزایش یابد، میزان وجه نقد نگهداری‎شدۀ واحدهای تجاری کاهش می­یابد، با وجود این، هنگامی که چرخۀ عملیاتی به سطح خاصی برسد، میزان نگه‎داشت وجه نقد شرکت­ها تغییر نمی­کند.

کلیدواژه‌ها


عنوان مقاله [English]

Inflation, operating cycle, and cash holdings

نویسندگان [English]

  • Sahar Sepasi 1
  • Mohammad Esmaeili Kejani 2
  • Reza Safikhani 3
1 Assistant Professor in Accounting, Tarbiat Modares University, Tehran, Iran
2 MSc.in Accounting, Tarbiat Modares University, Tehran, Iran
3 MSc. Student in Accounting, Tarbiat Modares University, Tehran, Iran
چکیده [English]

A corporate cash-holding strategy is a trade-off between the costs and benefits of holding cash. At the macro level, firms are inclined to adjust their cash-holding strategies in response to inflation. At the micro level, the operating cycle, which indicates the turnover of corporate cash flow, is an effective corporate cash-holding strategy. This study investigates the effect of inflation and operating cycle on corporate cash holdings. To do so, a sample consisting of 1,264 Firm-year observations was gathered from Tehran Stock Exchange between 1385 and 1392. For hypothesis testing, Almeida, Campello and Weisbach (2004) model was used. The results of the study shows that as the inflation increases, the corporate cash holdings will decrease and when inflation reaches a certain point, the corporate cash holdings will go up as the inflation increases. Moreover, when operating cycle increases, corporate cash holdings decrease but when operating cycle reaches a certain point, the corporate cash holdings  stand still.

کلیدواژه‌ها [English]

  • Cash Holdings
  • inflation and operating cycle
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