نوع مقاله : مقاله پژوهشی

نویسندگان

1 گروه حسابداری، دانشگاه بین‌المللی امام رضا، مشهد، ایران.

2 گروه حسابداری، دانشگاه پیام نور، تهران، ایران.

10.22105/imos.2023.362194.1251

چکیده

هدف: معمولا سرمایه‌گذاران نسبت به ریسک واکنش نشان داده و معیارهای ریسک بر تصمیم‌های سرمایه‌گذاری آن‌ها، تاثیر می‌گذارد. استمرار معاملات سهام برای سرمایه‌گذاران نیز اهمیت شایانی می‌تواند داشته باشد؛ بنابراین هدف پژوهش حاضر بررسی تاثیر معیارهای ریسک بر استمرار معاملات شرکت‌های بورسی با تاکید بر اثربخشی مدیریت ریسک طی سال‌های 1390 تا 1399 می‌­باشد.
روش‌شناسی پژوهش: بدین­‌منظور، جهت آزمون فرضیه‌های پژوهش از روش رگرسیون چند متغیره و اطلاعات مالی 107 شرکت پذیرفته‌شده در بورس اوراق بهادار تهران استفاده‌ شده است. روش پژوهش به‌صورت استقرایی-قیاسی است که در آن مبانی نظری و پیشینه پژوهش از راه کتابخانه، مقاله و اینترنت جمع‌آوری‌ شده و در رد یا اثبات فرضیه‌های پژوهش با به‌کارگیری روش‌های آماری مناسب در تعمیم نتایج استفاده ‌شده است. داده‌های مالی در نرم‌افزار اکسل جهت تشکیل پایگاه داده‌ها جمع‌آوری‌ شده است و سپس با استفاده از نرم‌افزار ایویوز نسخه 12 جهت آزمون فرضیه‌های تحقیق مورد تجزیه‌وتحلیل قرار گرفته‌اند.
یافته‌ها: نتایج تحقیق نشان داد که معیارهای ریسک مطابق مبانی نظری پژوهش، کاهش استمرار معاملات شرکت‌ها را به دنبال دارد و هم‌چنین مدیریت ریسک بر رابطه ریسک سیستماتیک، ریسک مالی و ریسک قیمت سهام با استمرار معاملات شرکت تاثیر معنادار و مستقیم داشته اما اثربخشی مدیریت ریسک بر رابطه ریسک بحران مالی و استمرار معاملات تایید نشد.
اصالت/ارزش افزوده علمی: از جنبه نوآوری پژوهش می‌توان به این موضوع اشاره کرد که در ایران به بحث استمرار معاملات و ریسک باوجوداین‌که هر دو معیار معمولا مدنظر سرمایه‌گذاران و هم‌چنین مدیران شرکت‌ها می‌باشد، تحقیقی انجام‌ نشده است و وجود سیستم مدیریت ریسک اثربخش نیز می‌تواند در رابطه با ریسک و استمرار معاملات دارای محتوای اطلاعاتی باشد که در تحقیق حاضر نیز این موضوع موردبررسی قرار گرفته است. با توجه به نتایج تحقیق می‌توان بیان کرد معیارهای ریسک برای سرمایه‌گذاران دارای محتوای اطلاعاتی می‌باشند؛ لذا مدیرانی که نقد شوندگی سهام شرکت آن‌ها در اولویت اهدافشان می‌باشد، باید در تصمیمات خود به‌گونه‌ای عمل کنند که سطح بدهی به دارایی در حد بهینه قرار گیرد یا به شکلی رفتار کنند که شرکت دچار مشکلات بحران مالی نگردد.

کلیدواژه‌ها

عنوان مقاله [English]

The impact of risk criteria on the continuity of transactions of companies listed on the tehran stock exchange, emphasizing the effective role of risk management

نویسندگان [English]

  • Elahe Kharaziyan Motlagh 1
  • Seyed Hesam Vaghfi 2

1 Department of Accounting, emam Reza International University, Mashhad, Iran.

2 Department of Management, Economics and Accounting, Payame Noor University, Tehran, Iran.

چکیده [English]

Purpose: Investors usually react to risk and risk criteria affect their investment decisions. Continuity of stock trading can be very important for investors. Therefore, the aim of the current research is to investigate the impact of risk criteria on the continuity of transactions of stock exchange companies with emphasis on the effectiveness of risk management during the years 2019 to 2020.
Methodology: For this purpose, multivariate regression method and financial information of 107 companies accepted in Tehran Stock Exchange were used to test the research hypotheses. The research method is inductive-deductive in which the theoretical foundations and background of the research were collected through the library, articles and the internet and were used to reject or prove the research hypotheses by applying appropriate statistical methods to generalize the results. The financial data has been collected in Excel software to form a database and then analyzed using Evioz version 12 software to test the research hypotheses.
Findings: The results of the research showed that the risk criteria according to the theoretical foundations of the research aims to reduce the continuity of the company's transactions, and also risk management has a significant and direct impact on the relationship between systematic risk, financial risk and stock price risk with the continuity of the company's transactions, but the effectiveness of the management. The risk on the relationship between the risk of financial crisis and the continuity of transactions was not confirmed.
Originality/Value: From the aspect of research innovation, it can be mentioned that in Iran, no research has been done on the issue of transaction continuity and risk, even though both criteria are usually considered by investors as well as company managers, and the existence of an effective risk management system can also have informational content regarding the risk and continuity of transactions that this issue has also been examined in the current research. According to the results of the research, it can be said that risk criteria for investors have informational content, so managers who prioritize the liquidity of their company's shares should act in their decisions in such a way that the amount of debt to assets in be the optimal limit or behave in such a way that the company does not fall under the problems of financial crisis.

کلیدواژه‌ها [English]

  • Risk
  • Transaction
  • Management
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