Abstract:
ﻋﻤﻠﮑﺮد (ﺑﺎزده و ﺑﺎزده داراﯾﯽ) ﯾﮑﯽ از ﻓﺎﮐﺘﻮرﻫﺎی ﻣﻬﻢ در اﻧﺘﺨﺎب ﺑﻬﺘﺮﯾﻦ ﺳﺮﻣﺎﯾﻪ ﮔﺬاری اﺳﺖ و ﺳﺮﻣﺎﯾﻪ ﮔﺬاران ﺗﻤﺎﯾﻞ ﺑﻪ اﻓﺰاﯾﺶ ﺑﺎزده و ﺑﺎزده داراﯾﯽ ﺳﻬﺎم دارﻧﺪ و آﻧﭽﻪ ﺑﺮ اﯾﻦ ﻋﻤﻠﮑﺮد ﺳﻬﺎم ﻣﯽ ﺗﻮاﻧﺪ ﺗﺎﺛﯿﺮ ﺑﮕﺬارد ﻗﺎﺑﻠﯿﺖ ﻫﺎی ﺷﺮﮐﺖ اﺳﺖ. از اﯾﻦ رو ﻫﺪف اﺻﻠﯽ اﯾﻦ ﺗﺤﻘﯿﻖ ﺑﺮرﺳﯽ، ﺗﺎﺛﯿﺮ ﻗﺎﺑﻠﯿﺖ ﻫﺎی درون ﺷﺮﮐﺘﯽ ﺑﺮ ﻋﻤﻠﮑﺮد ﺷﺮﮐﺖ ﻃﯽ ﺳﺎل ﻫﺎی 1384 ﺗﺎ 1393 ﻣﯽ ﺑﺎﺷﺪ، در اﯾﻦ ﺗﺤﻘﯿﻖ ﻗﺎﺑﻠﯿﺖ ﻫﺎی درون ﺷﺮﮐﺘﯽ ﻣﺘﻐﯿﺮ ﻣﺴﺘﻘﻞ اﺳﺖ، ﮐﻪ ﺷﺎﻣﻞ ﻗﺎﺑﻠﯿﺖ ﻫﺎی ﻋﻤﻠﯿﺎﺗﯽ (ﮔـﺮدش داراﯾـﯽ، ﮔـﺮدش ﻣﻄﺎﻟﺒـﺎت) و ﻓﻌﺎﻟﯿـﺖ ﻫـﺎی ﺑﺎزارﯾـﺎﺑﯽ (ﻧـﺮخ رﺷﺪ ﻓﺮوش، ﺳﻬﻢ ﺑﺎزار) و اﻧﻌﻄﺎف ﭘﺬﯾﺮی ﻣﺎﻟﯽ (ﻧﺴﺒﺖ ﺑﺪﻫﯽ، ﭘﻮﺷﺶ ﻫﺰﯾﻨﻪ ﻫﺎی ﺑﻬﺮه) اﺳﺖ، ﮐﻪ ﺗﺎﺛﯿﺮ آن ﻫﺎ ﺑﺮ ﻣﺘﻐﯿﺮ واﺑﺴـﺘﻪ ﻋﻤﻠﮑـﺮد ﺷﺮﮐﺖ (ﺑﺎزده ﺳﻬﺎم، ﻧﺮخ ﺑﺎزده داراﯾﯽ) ﻣﻮرد ﺑﺮرﺳﯽ ﻗﺮار ﮔﺮﻓﺘﻪ اﺳﺖ، ﻧﺘﺎﯾﺞ ﺣﺎﺻﻞ از ﺗﺠﺰﯾﻪ و ﺗﺤﻠﯿﻞ 188 ﺷﺮﮐﺖ ﭘﺬﯾﺮﻓﺘﻪ ﺷـﺪه در ﺑﻮرس اوراق ﺑﻬﺎدار ﺗﻬﺮان، ﮐﻪ ﺑﺎ اﺳﺘﻔﺎده از ﻣﺪل رﮔﺮﺳﯿﻮن ﭘـﺎﻧﻠﯽ در ﺳـﻄﺢ اﻃﻤﯿﻨـﺎن 95 درﺻـﺪ اﻧﺠـﺎم ﺷـﺪه اﺳـﺖ، ﻧﺸـﺎن داد ﮐـﻪ ﻣﺘﻐﯿﺮ ﮔﺮدش داراﯾﯽ ﺑﺮ ﻋﻤﻠﮑﺮد ﺷﺮﮐﺖ (ﺑﺎزده ﺳﻬﺎم، ﻧﺮخ ﺑﺎزده داراﯾﯽ) ﺗﺎﺛﯿﺮ ﻣﺜﺒﺖ دارد، و ﻟـﯽ ﻣﺘﻐﯿـﺮ ﮔـﺮدش ﻣﻄﺎﻟﺒـﺎت ﺑـﺮ ﻋﻤﻠﮑـﺮد ﺷﺮﮐﺖ (ﺑﺎزده ﺳﻬﺎم، ﻧﺮخ ﺑﺎزده داراﯾﯽ) ﺗﺎﺛﯿﺮ ﻧﺪارد و ﻧﺮخ رﺷﺪ ﻓﺮوش ﺑﺮ ﻋﻤﻠﮑﺮد ﺷﺮﮐﺖ (ﺑﺎزده ﺳﻬﺎم، ﻧﺮخ ﺑـﺎزده داراﯾـﯽ) ﺗﺎﺛﯿﺮﻣﺜﺒـﺖ دارد، وﻟﯽ ﺳﻬﻢ ﺑﺎزار ﺑﺮ ﻋﻤﻠﮑﺮد ﺷﺮﮐﺖ (ﺑﺎزده ﺳﻬﺎم، ﻧﺮخ ﺑﺎزده داراﯾﯽ) ﺗﺎﺛﯿﺮ ﻧﺪارد و ﭘﻮﺷﺶ ﻫﺰﯾﻨﻪ ﻫﺎی ﺑﻬﺮه ﺑﺮ ﻋﻤﻠﮑﺮد ﺷﺮﮐﺖ (ﻧـﺮخ ﺑﺎزده داراﯾﯽ) ﺗﺎﺛﯿﺮ ﻣﺜﺒﺖ دارد، وﻟﯽ ﻧﺴﺒﺖ ﺑﺪﻫﯽ ﺑﺮ ﻋﻤﻠﮑﺮد ﺷﺮﮐﺖ (ﻧﺮخ ﺑﺎزده داراﯾﯽ) ﺗﺎﺛﯿﺮ ﻧﺪارد و ﭘﻮﺷﺶ ﻫﺰﯾﻨـﻪ ﻫـﺎی و ﻧﺴـﺒﺖ ﺑﺪﻫﯽ ﺑﺮ ﻋﻤﻠﮑﺮد ﺷﺮﮐﺖ (ﺑﺎزده ﺳﻬﺎم) ﺗﺎﺛﯿﺮ ﻧﺪارد و ﻣﯿﺰان ﺗﺎﺛﯿﺮ ﻗﺎﺑﻠﯿﺖ ﻫﺎی ﻋﻤﻠﯿﺎﺗﯽ و ﻓﻌﺎﻟﯿﺖ ﻫﺎی ﺑﺎزارﯾﺎﺑﯽ ﺑـﺮ ﻧـﺮخ ﺑـﺎزده داراﯾـﯽ ﺳﻬﺎم ﺑﯿﺸﺘﺮ اﺳﺖ.
The main objective of this study,is evaluate the capabilities impact of the corporate performance during 2005 to 2014 annually. In this study, the corporate capabilities is independent variable, Including operational capabilities (Asset turnover, Receivables turnover) and marketing activities (Sales growth rate, Market share) and financial flexibility (the ratio of debt-covering interest costs) that their impact on the dependent variable , corporate performance (The stock return, Return on assets has been studied. The results of the analysis of 188 companies listed on the Tehran Stock Exchange that was conducted using panel regression model at a confidence level of 95% showed, that variable operational capabilities (Asset turnover) on company performance (Stock return, Return on assets) has a positive effect but variable operational capabilities (workflow demands) corporate performance (stock return, return on assets) does not affect and marketing activities (Sales growth rate) on firm performance (Stock return, return on assets) has a positive impact, But marketing activities (market share) on corporate performance (Stock return, Return on assets) does not affect and financial flexibility (Covering the interest costs) on corporate performance (ROA) has a positive impact, but financial flexibility (The ratio of debt) corporate performance (ROA) does not affect and financial flexibility (Covering the expenses, Debt ratio) on corporate performance (stock return) does not affect and the impact of marketing activities and operational capabilities on the rate of ROA stock is more.