نگهداشت وجه نقد، ارزش شرکت و عملکرد مالی تحت محدودیت در تأمین مالی: موردمطالعه بازار سرمایه ایران

شمشاد, آزاده; ایمنی, محسن

doi:10.22105/imos.2021.314356.1184

نوع مقاله : مقاله پژوهشی

نویسندگان

¹ گروه حسابداری و کنترل، دانشگاه اراسموس، روتردام، هلند.

² گروه حسابداری، موسسه آموزش عالی آیندگان، تنکابن، ایران.

10.22105/imos.2021.314356.1184

چکیده

هدف: پژوهش حاضر به‌منظور جمع‌آوری شواهدی در خصوص بررسی ارتباط بین نگهداشت وجه نقد، ارزش شرکت و عملکرد مالی شرکت‌های تحت محدودیت در تأمین مالی بازار سرمایه ایران انجام گردیده است.

روش‌شناسی پژوهش: بدین منظور این پژوهش در بازه زمانی ۸ ساله بین 1391 لغایت 1398، برای 91 شرکت (تعداد مشاهدات ۷۲۸) مورد بررسی قرار گرفت. همچنین از رگرسیون داده‌های ترکیبی جهت آزمون روابط بین متغیرها استفاده شد.

یافته‌ها: نتایج پژوهش حاکی از آن است که رابطه غیرخطی بین نگهداشت وجه نقد و عملکرد وجود دارد و این رابطه به شکل U معکوس است، همچنین این رابطه با متغیر عملکردی (ROE) به‌عنوان متغیر جایگزین وجود داشته است. نتایج این مطالعه نشان می‌دهد که بین سطح غیر بهینه نگهداشت وجه نقد و عملکرد مالی رابطه منفی وجود دارد و نتایج حاکی از این است که شرکت‌های دارای محدودیت‌های مالی دست به نگهداشت وجه نقد زده که این امر موجب کاهش عملکرد مالی خواهد شد.

اصالت/ارزش افزوده علمی: شواهدی در مورد رابطه غیر‌خطی بین عملکرد شرکت و نگهداشت وجه نقد در شرایط خاص شرکت (محدودیت در تأمین مالی) ارائه می‌دهد. این شواهد به مدیران و سرمایه‌گذاران این بصیرت را می‌دهد که عملکرد شرکت‌ها و ارزش آتی آن‌ها را مورد بررسی قرار دهند و در شرایط خاصی همچون محدودیت در تأمین مالی برای شرکت‌‌ها آن‌ها چگونه تصمیم‌گیری کنند.

کلیدواژه‌ها

20.1001.1.27831345.1400.2.4.7.9

عنوان مقاله [English]

Cash Holding, Firm Value and Performance under Financial Constraint: A Case Study of the Iranian Capital Market

نویسندگان [English]

Azadeh Shemshad ¹
Mohsen Imeni ²

¹ Department of Accounting and Control, Erasmus University, Rotterdam, Netherlands.

² Department of Accounting, Ayandegan Institute of Higher Education, Tonekabon, Iran.

چکیده [English]

Purpose: The present study was conducted to gather evidence to investigate the relationship between cash holdings, firm value and financial performance of companies' constraints in financing the Iranian capital market.

Methodology: For this purpose, this study was investigated for 91 companies (number of observations 728) in the period of 8 years between 2012 and 2019. Also, panel data regression was used to test the relationships between variables.

Findings: The results indicate that there is a nonlinear relationship between cash holdings and performance and this relationship is inverted U-shaped, also this relationship has existed with the performance variable (ROE) as an alternative variable. This study shows a negative relationship between the non-optimal level of cash holdings and financial performance. The results indicate that companies with financial constraints hold cash holdings, which will reduce financial performance.

Originality/Value: Provides evidence of a non-linear relationship between firm performance and cash holdings under company-specific conditions (financial constraints). This evidence gives managers and investors the insight to examine the performance of companies and their future value, and how they make decisions in certain circumstances, such as financial constraints for companies.

کلیدواژه‌ها [English]

Financial constraints. Cash holdings. Firm value. Financial performance

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مدیریت نوآوری و راهبردهای عملیاتی

نگهداشت وجه نقد، ارزش شرکت و عملکرد مالی تحت محدودیت در تأمین مالی: موردمطالعه بازار سرمایه ایران

مراجع

مراجع

دوره 2، شماره 4
اسفند 1400
صفحه 434-446

نگهداشت وجه نقد، ارزش شرکت و عملکرد مالی تحت محدودیت در تأمین مالی: موردمطالعه بازار سرمایه ایران

مراجع

مراجع

دوره 2، شماره 4اسفند 1400صفحه 434-446

دوره 2، شماره 4
اسفند 1400
صفحه 434-446