بررسی تأثیر جریان وجوه نقد بر شکاف میان نسبت اهرم واقعی و بهینه

نوع مقاله: مقاله علمی پژوهشی

نویسندگان

1 استادیار گروه مدیریت، دانشگاه شهید بهشتی، تهران، ایران

2 کارشناس ارشد مدیریت مالی، مؤسسۀ آموزش عالی ارشاد، دماوند، تهران، ایران

چکیده

هدف اصلی این پژوهش، بررسی تأثیر جریان وجوه نقد بر شکاف میان نسبت اهرم واقعی و اهرم بهینه در شرکت‎های پذیرفته‎شده در بورس اوراق بهادار تهران است؛ از این رو در پژوهش پیش رو تلاش شده است با کمک روش اقتصادسنجی پیشرفته، مانند مدل تعدیل جزئی و روش گشتاورهای تعمیم‎یافته (GMM) به تخمین معقولی از این تأثیر دست یابیم. برای تحقق این هدف، 101 شرکت بورسی تهران که اطلاعات مالی آنها طی دورۀ زمانی پژوهش (1388 تا 1393) در دسترس بود، بررسی شده است. نتایج پژوهش نشان می‎دهد جریان وجوه نقد بر شکاف میان نسبت اهرم واقعی و بهینه، اثر می‎گذارد. این شکاف، در شرکت‎هایی که نسبت اهرمی بالایی دارند، به‎دلیل مواجهه با هزینه‎های بحران مالی زیاد، بیشتر است. همچنین از این نتایج درمی‎یابیم که شرکت‎هایی که فرصت رشد و سرمایه‎گذاری، سودآوری و اندازۀ متفاوتی دارند با سرعت‎های مختلفی به سمت ساختار سرمایۀ بهینۀ خود حرکت می‎کنند. به‎طور کلی، این نتایج تأییدی بر قابلیت تشریح رفتار تأمین مالی شرکت‎ها از طریق نظریۀ توازن است. 

کلیدواژه‌ها


عنوان مقاله [English]

A study on the effect of cash flows on the gap between the actual leverage and optimal financial leverage ratio

نویسندگان [English]

  • Mohammad Osoolian 1
  • Elham Bagheri 2
2 Employee
چکیده [English]

The purpose of this paper is a study on the effect of cash flows on the gap between actual and optimal financial leverage ratio companies listed in Tehran Stock Exchange. In this regard, we try to help with advanced econometric techniques such as partial adjustment model on panel data and Generalized method of moments to achieve a reasonable estimate of the impacts.In this paper, were analyzed the financial information related to its 101 - firms during the years 2008-2015 were available. The results show that there is a gap between optimal and actual financial leverage. This deviation from the optimal leverage at companies that are facing financial crisis, more. Also, we find that , firms with more investment and Growth opportunities, higher profitability and larger size size move with different speeds to different target levers. In general, these findings are consistent with dynamic trade-off theory.

کلیدواژه‌ها [English]

  • Capital structure
  • Capital structure Adjustment Speed
  • Cash Flow
  • Dynamic Trad-off Theory
  • Target Leverage
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