چکیده:
اﻫﻤﯿﺖ و ﻣﯿﺰان اﺗﮑﺎ ﭘﺬﯾﺮی اﻃﻼﻋﺎت ﻣﺎﻟﯽ ﺑﺮای ﺗﺼﻤﯿﻢﮔﯿـﺮی ﮔﺮوﻫﻬـﺎی ذﯾﻨﻔـﻊ دردﻧﯿﺎی اﻣﺮوزی ﺑﺮای ﻫﻤﮕﺎن روﺷﻦ اﺳﺖ. ﻧﮑﺘﮥ ﺣـﺎﺋﺰ اﻫﻤﯿـﺖ اﯾـﻦ اﺳـﺖ ﮐـﻪ ﻧﯿﺎزﻫـﺎیاﻃﻼﻋﺎﺗﯽ اﺳﺘﻔﺎده ﮐﻨﻨﺪﮔﺎن از ﺻﻮرﺗﻬﺎی ﻣﺎﻟﯽ ﻣﺘﻔﺎوت اﺳـﺖ. اراﺋـﻪ اﻃﻼﻋـﺎت از ﻃﺮﯾـﻖاﻓﺸﺎی ﻣﻨﺎﺳﺐ در ﺻﻮرﺗﻬﺎی ﻣﺎﻟﯽ ﺗﺎ ﺟﺎﯾﯽ ﮐـﻪ اﻣﮑـﺎن ﭘـﯿﺶ ﺑﯿﻨـﯽ روﻧـﺪ ﺳـﻮد، ﺗـﺪاومﺳﻮددﻫﯽ، ﻋﻤﻠﮑﺮد ﻣﺪﯾﺮﯾﺖ و ﻏﯿﺮه را ﻓـﺮآﻫﻢ آورد، در ﻓﺮآﯾﻨـﺪ ﺗـﺼﻤﯿﻢ ﮔﯿـﺮی اﺳـﺘﻔﺎده ﮐﻨﻨﺪﮔﺎن ﺳﻮدﻣﻨﺪ واﻗﻊ ﺧﻮاﻫﺪ ﺷﺪ.در اﯾﻦ ﭘﮋوﻫﺶ راﺑﻄﻪ ﺑﯿﻦ ﺳﻄﺢ اﻓﺸﺎء و ﺑﺎزده ﺳﻬﺎم ﻣﻮرد ﺑﺮرﺳﯽ ﻗﺮار ﮔﺮﻓﺘﻪ اﺳـﺖ.ﺟﺎﻣﻌﻪ آﻣﺎری اﯾﻦ ﭘﮋوﻫﺶ از ﺷﺮﮐﺘﻬﺎی ﭘﺬﯾﺮﻓﺘﻪ ﺷﺪه در ﺑﻮرس اوراق ﺗﻬﺮان ﺗﺸﮑﯿﻞ ﺷﺪهاﺳﺖ ﮐﻪ ﺗﻌﺪاد آﻧﻬﺎ ﺗﺎ ﭘﺎﯾﺎن ﺳﺎل 1831، 934 ﺷﺮﮐﺖ ﺑﻮده اﺳﺖ و ﺟﻤﻌﯿﺖ ﻧﻤﻮﻧﻪ ﺷـﺎﻣﻞ ﺷﺮﮐﺖ ﺑﻪ روش ﻧﻤﻮﻧﻪﮔﯿﺮی ﺗﺼﺎدﻓﯽ ﻃﺒﻘﻪ ﺑﻨﺪی ﺷﺪه از ﺑﯿﻦ ﺟﺎﻣﻌﻪ آﻣﺎری اﻧﺘﺨﺎب ﺷﺪه اﺳﺖ.اﯾﻦ ﭘﮋوﻫﺶ ﺷﺎﻣﻞ ﯾﮏ ﺳﺆال و ﯾﮏ ﻓﺮﺿﯿﻪ اﺳﺖ. ﺑﺮای ﻣﺤﺎﺳﺒﻪ ﻣﺘﻐﯿﺮﻫﺎی ﻓﺮﺿـﯿﻪ ازاﻃﻼﻋﺎت ﻣﻮﺟﻮد در ﺳﺎزﻣﺎن ﺑﻮرس اوراق ﺑﻬـﺎدار ﺗﻬـﺮان اﺳـﺘﻔﺎده ﺷـﺪ و ﺑـﺮای آزﻣـﻮنﻓﺮﺿﯿﻪ از ﺿﺮﯾﺐ ﻫﻤﺒﺴﺘﮕﯽ ﭘﯿﺮﺳﻮن اﺳﺘﻔﺎده ﺷﺪه اﺳﺖ. ﺑﺎ ﺗﻮﺟـﻪ ﺑـﻪ داده ﻫـﺎی ﺑﺪﺳـﺖآﻣﺪه ﺑﻪ ﺳﻮال ﭘﮋوﻫﺶ ﭘﺎﺳﺦ داده ﺷﺪه و ﺑﺎ آزﻣﻮن ﻓﺮﺿـﯿﻪ در ﺳـﻄﺢ اﻃﻤﯿﻨـﺎن 59% اﯾـﻦ ﻧﺘﯿﺠﻪ ﺣﺎﺻﻞ ﺷﺪ ﮐﻪ ﺑﯿﻦ ﺳﻄﺢ اﻓﺸﺎء و ﺑﺎزده ﺳﻬﺎم راﺑﻄﻪ ﻣﻌﻨﯽداری وﺟﻮد ﻧﺪارد.
Having clear and comparable financial information is main factor in economic accountability and economic decision; it is also a unique necessity economic development and growth in both private and governmental sectors. Financial information users especially investors need these -information for affairs such as purchasing and selling the stocks, evaluation of manager's performance and other economic decisions. Investors invest in an economic entity when they have enough information about it. Financial information is the most important factor for making a decision in purchasing the stocks, profitability and the return of that company. The company can increase stockholders wealth acquiring appropriate return.
In this research, relationship of disclosure level and stock return is studied. The statistical population of this research includes all the accepted companies in Tehran Stock Exchange. The number of these companies has been 439 by the end of 1381.
Statistical sample contains 104 companies that have been chosen by stratified random sampling among statistical population. This research includes a hypothesis and a question. To account hypothesis variable of the research the available information in Tehran Stock Exchange has been used.
To examine the hypothesis, Pierson correlation coefficient has been used. The research question has been replied according to acquired data, and has no accepted hypothesis in 95 percent confidence level. As a result there s no relationship between disclosure level and the stock return.
خلاصه ماشینی:
ﺳﻮدی ﮐﻪ در ﯾﮏ ﺳﺎل ﺑﺮای ﺻﺎﺣﺐ ﺳﻬﻢ اﯾﺠﺎد ﻣﯽﺷﻮد، ﻣﺘﺄﺛﺮ از دو ﻋﺎﻣﻞ اﺳﺖ: 1( اﻓﺰاﯾﺶ ﻗﯿﻤﺖ ﻫﺮ ﺳﻬﻢ 2( ﺳﻮد ﻧﻘﺪی ﭘﺮداﺧﺖ ﺷﺪه ﺑﻨﺎﺑﺮاﯾﻦ در اﯾﻦ ﭘﮋوﻫﺶ ﺑﺎزدﻫﯽ ﺳﻬﻢ ﺑﺎ ﺗﻮﺟﻪ ﺑﻪ اﺛـﺮات اﻓـﺰاﯾﺶ ﺳـﺮﻣﺎﯾﻪ از ﻃﺮﯾـﻖ ﻓﺮﻣﻮل )1( ﻣﺤﺎﺳﺒﻪ ﺷﺪه اﺳﺖ: - α1( 1000 ) ٠(1 + α1 + α2 ) P1 + D – P =R ) 1( ) 0001 (1 P0 + α ﮐﻪ در اﯾﻦ ﻓﺮﻣﻮل: :Rﺑﺎزده ﺳﻬﺎم ﺷﺮﮐﺖ 1 : Pﻗﯿﻤﺖ ﺑﺎزار ﺳﻬﺎم ﺷﺮﮐﺖ در ﭘﺎﯾﺎن ﺳﺎل 1 Current Earnings Performance 2 Gelb and zarowin ﺑﺮرﺳﯽ راﺑﻄﻪی ﺳﻄﺢ اﻓﺸﺎء و ﺑﺎزده ﺳﻬﺎم ﺷﺮﮐﺖﻫﺎی ﭘﺬﯾﺮﻓﺘﻪ ﺷﺪه در ﺑﻮرس اوراق ...
ﺑﺮای ﺑﺮرﺳﯽ ﻫﻤﺒﺴﺘﮕﯽ ﺑﯿﻦ ﺳﻄﺢ اﻓﺸﺎء و ﺑﺎزده ﺳﻬﺎم از ﺿﺮﯾﺐ ﻫﻤﺒﺴﺘﮕﯽ ﭘﯿﺮﺳﻮن اﺳﺘﻔﺎده ﺷﺪه اﺳﺖ.
ﭘﮋوﻫﺸﻨﺎﻣﻪ ﺣﺴﺎﺑﺪاری ﻣﺎﻟﯽ و ﺣﺴﺎﺑﺮﺳﯽ ﺟﺎﻣﻌﻪ آﻣﺎری اﯾﻦ ﭘﮋوﻫﺶ ﺷﺮﮐﺘﻬﺎی ﭘﺬﯾﺮﻓﺘﻪ ﺷﺪه در ﺑـﻮرس اوراق ﺑﻬـﺎدار ﺗﻬـﺮان و ﻗﻠﻤﺮو آن ﺳﺎل 1831 ﺗﺎ 5831 ﻣﯽﺑﺎﺷﺪ.
ﭘﮋوﻫﺸﻨﺎﻣﻪ ﺣﺴﺎﺑﺪاری ﻣﺎﻟﯽ و ﺣﺴﺎﺑﺮﺳﯽ 5- ﯾﺎﻓﺘﻪﻫﺎی ﭘﮋوﻫﺶ روش آﻣﺎری ﻣﻮرد اﺳﺘﻔﺎده ﺑﺮای آزﻣﻮن ﻓﺮﺿﯿﻪ، ﺿﺮﯾﺐ ﻫﻤﺒﺴﺘﮕﯽ ﭘﯿﺮﺳﻮن اﺳﺖ، ﮐـﻪ در آن ﺳﻄﺢ اﻓﺸﺎی ﻣﺘﻐﯿﺮ ﻣﺴﺘﻘﻞ و ﺑﺎزده ﺳﻬﺎم ﻣﺘﻐﯿﺮ واﺑﺴﺘﻪ در ﻧﻈﺮ ﮔﺮﻓﺘﻪ ﺷﺪه اﺳـﺖ و در آزﻣﻮن ﻓﺮﺿﯿﻪ ﺳﻄﺢ ﻣﻌﻨﯽداری 5% در ﻧﻈﺮ ﮔﺮﻓﺘﻪ ﺷﺪه اﺳﺖ.
ﺑﺮرﺳﯽ راﺑﻄﻪی ﺳﻄﺢ اﻓﺸﺎء و ﺑﺎزده ﺳﻬﺎم ﺷﺮﮐﺖﻫﺎی ﭘﺬﯾﺮﻓﺘﻪ ﺷﺪه در ﺑﻮرس اوراق ...
ﺑﺮرﺳﯽ راﺑﻄﻪی ﺳﻄﺢ اﻓﺸﺎء و ﺑﺎزده ﺳﻬﺎم ﺷﺮﮐﺖﻫﺎی ﭘﺬﯾﺮﻓﺘﻪ ﺷﺪه در ﺑﻮرس اوراق ...