چکیده:
دﻟﻴﻞ ﻋﺪم ﻣﻮﻓﻘﻴﺖ ﺑﺨﺶ ﻋﻤﺪهای از ﺷﺮﻛﺖﻫﺎی ورﺷﻜﺴﺘﻪ، وﺿـﻌﻴﺖ ﻧـﺎﻣﻄﻠﻮب و ﻣـﺪﻳﺮﻳﺖ ﻧﺎﻣﻨﺎﺳـﺐﺳﺮﻣﺎﻳﻪ در ﮔﺮدش اﺳﺖ، ﺣﺎل آن ﻛﻪ اﻳﻦ ﺷﺮﻛﺖﻫﺎ در ﺑﻠﻨﺪﻣﺪت وﺿﻌﻴﺖ ﻣﺎﻟﻲ ﺧﻮﺑﻲ دارﻧﺪ، اﻣﺎ ﺑﻪ دﻟﻴﻞ ﻋـﺪمﻛﻔﺎﻳﺖ ﺳﺮﻣﺎﻳﻪ در ﮔﺮدش، ﺗﻮاﻧﺎﻳﻲ رﻗﺎﺑﺖ ﺧﻮد را از دﺳﺖ داده و از دور ﺧﺎرج ﻣﻲﮔﺮدﻧﺪ. واﺣﺪﻫﺎی ﺗﺠﺎری ﺑﺎﺑﻜﺎرﮔﻴﺮی ﺳﻴﺎﺳﺖ ﻫﺎی ﮔﻮﻧﺎﮔﻮن در ارﺗﺒﺎط ﺑﺎ ﻣﺪﻳﺮﻳﺖ ﺳﺮﻣﺎﻳﻪ در ﮔﺮدش ﻣﻲﺗﻮاﻧﻨﺪ ﻣﻴﺰان ﻧﻘﺪﻳﻨﮕﻲ ﺷﺮﻛﺖ راﺗﺤﺖ ﺗﺎﺛﻴﺮ ﻗﺮار دﻫﻨﺪ. اﻳﻦ راﻫﺒﺮدﻫﺎ ﻣﻲ ﺗﻮاﻧﺪ ﺑﺮ ﻣﻴﺰان ﺧﻄﺮ و ﺑﺎزده آن ﻫﺎ اﺛﺮ ﮔﺬار ﺑﺎﺷﺪ. ﺗﺤﻘﻴـﻖ ﺣﺎﺿـﺮ ﺑـﻪ دﻧﺒﺎل ﺑﺮرﺳﻲ ﺗﺎﺛﻴﺮ ﺳﻴﺎﺳﺖ ﻫﺎی ﺳﺮﻣﺎﻳﻪ در ﮔﺮدش ﺷﺮﻛﺖ ﻫﺎ ﺑﺮ ﻣﻴﺰان رﻳﺴﻚ ﺷﺮﻛﺖ ﻫﺎ ﻣﻲ ﺑﺎﺷﺪ.ﺟﺎﻣﻌﻪ آﻣﺎری اﻳﻦ ﺗﺤﻘﻴﻖ ﺻﻮرت ﻫﺎی ﻣﺎﻟﻲ ﺷﺮﻛﺖ ﻫﺎی ﭘﺬﻳﺮﻓﺘﻪ ﺷﺪه در ﺑﻮرس اوراق ﺑﻬﺎدار ﺗﻬﺮاناﺳﺖ. ﺑﺮای ﺗﺠﺰﻳﻪ و ﺗﺤﻠﻴﻞ دادهﻫﺎ از ﺗﺠﺰﻳﻪ و ﺗﺤﻠﻴﻞ ﭘﺎﻧﻠﻲ و ﺗﺠﺰﻳﻪ و ﺗﺤﻠﻴﻞ ANOVAاﺳﺘﻔﺎده ﺷـﺪه اﺳﺖ. ﺑﺮای اﻧﺪازهﮔﻴﺮی رﻳﺴﻚ ﺷﺮﻛﺖ از ﻣﻌﻴﺎر ﺑﺘﺎ اﺳﺘﻔﺎده ﺷﺪه اﺳﺖ.ﻧﺘﺎﻳﺞ ﺗﺤﻘﻴﻖ ﺣﺎﻛﻲ از آﻧﺴﺖ ﻛﻪ ﺑﻴﻦ ﺳﻴﺎﺳﺖ ﺳﺮﻣﺎﻳﻪ در ﮔﺮدش و رﻳﺴـﻚ ﺷـﺮﻛﺖ راﺑﻄـﻪ ﻣﺜﺒـﺖ وﻣﻌﻨﻲ دار وﺟﻮد دارد. دﻳﮕﺮ ﻳﺎﻓﺘﻪ ﻫﺎی ﺗﺤﻘﻴﻖ ﻧﻴﺰ ﺣﺎﻛﻲ از آﻧﺴﺖ، ﻛﻪ ﺑﻴﻦ اﻧﺪازه ﺷﺮﻛﺖ و رﻳﺴـﻚ، ﻳـﻚ راﺑﻄﻪ ﻣﺜﺒﺖ و ﻣﻌﻨﻲ دار وﺟﻮد دارد.
The reason that most bankruptcy corporations’ does not succeed is the unfavorable status and improper management of working capital. These corporations have good financial status in the long run, but because of incompetent working capital, are not able to compete with other corporations’ and they expelled. Profit units are able to affect corporations’ rate of cash by applying various policies in relation to working capital management. These strategies can affect rate of risk and their return. The present study survey the affect of policies of corporations’ working capital over the rare of Companies risk.
The Population in this research has the financial statements of accepted companies in Tehran Stock Exchange (TSE). In order to analyze data, panel analyzes and ANOVA were used. To measure the corporations’ risk Beta criteria was considered.
The results of this research reveal that, there is a significant and positive relationship between the policies of working capital and corporations’ risk. Other findings of the present research show that there is a significant and positive relationship between corporations’ size and risk
خلاصه ماشینی:
ﭘﮋوﻫﺸﻨﺎﻣﻪ ﺣﺴﺎﺑﺪاری ﻣﺎﻟﻲ و ﺣﺴﺎﺑﺮﺳﻲ ﺑﻴﺎن ﻣﺴﺎﻟﻪ ﺗﺸﺮﻳﺢ ﮔﺮدﻳﺪ، ﺳﻪ ﻓﺮﺿﻴﻪ زﻳﺮ ﻣﻄﺮح ﻣﻲ ﮔﺮدد: ﻓﺮﺿﻴﻪ اول: ﺑﻴﻦ ﺳﻴﺎﺳﺖﻫﺎی ﺳﺮﻣﺎﻳﻪ در ﮔﺮدش ﺷﺮﻛﺖ ﺑﺎ رﻳﺴﻚ راﺑﻄﻪ ﻣﻌﻨـﻲداری وﺟﻮد دارد.
آﻳـﺎ ﺳﻴﺎﺳـﺖ ﻣﺤﺎﻓﻈﻪ ﻛﺎراﻧﻪﺗﺮ ﺷﺪه اﺳﺖ ﻳﺎ ﺟﺴﻮراﻧﻪ ﺗﺮ ؟ ﺑﺮای اﻧﺪازهﮔﻴﺮی ﺳﻴﺎﺳﺖ ﺳﺮﻣﺎﻳﻪ در ﮔـﺮدش از دو راﺑﻄﻪ 1 و 2 ﺑﻪ ﻋﻨﻮان ﻣﺒﻨﺎﻳﻲ ﺑﻪ ﻣﻨﻈـﻮر اﻧـﺪازه ﮔﻴـﺮی ﻧـﻮع ﺳﻴﺎﺳـﺖ و ﺗﻐﻴﻴـﺮات آن ﻧﺴﺒﺖ ﺑﻪ دوره ﻗﺒﻞ اﺳﺘﻔﺎده ﻣﻲﮔﺮدد ) ﻧﻴﻜﻮﻣﺮام و ﻫﻤﻜﺎران، 6831(: اوراق ﺑﻬﺎدار+ وﺟﻮه ﻧﻘﺪ = ﻧﺴﺒﺖ ﻧﻘﺪ )1( داراﻳﻲ ﻫﺎی ﺟﺎری اوراق ﺑﻬﺎدار+ وﺟﻮه ﻧﻘﺪ = ﻧﺴﺒﺖ ﻧﻘﺪ )2( ﺑﺪﻫﻲ ﻫﺎی ﺟﺎری اﻳﻦ دو ﻧﺴﺒﺖ ﺳﺮﻋﺖ ﺗﻮان ﭘﺮداﺧﺖ ﺗﻌﻬﺪات را در ﻛﻮﺗﺎه ﻣﺪت ﻧﺸﺎن ﻣـﻲ دﻫـﺪ.
ﭘﮋوﻫﺸﻨﺎﻣﻪ ﺣﺴﺎﺑﺪاری ﻣﺎﻟﻲ و ﺣﺴﺎﺑﺮﺳﻲ ﺟﺪول 6- آﻣﺎر ﺗﻮﺻﻴﻔﻲ ﻣﺘﻐﻴﺮﻫﺎی ﺗﺤﻘﻴﻖ ﺳﻄﺢ اﻃﻤﻴﻨﺎن 59% ﺑﺮای ﻣﻴﺎﻧﮕﻴﻦ ﺧﻄﺎی اﻧﺤﺮاف ﺣﺪاﻛﺜﺮ ﺣﺪاﻗﻞ ﻣﻴﺎﻧﮕﻴﻦ ﺗﻌﺪاد ﮔﺮوه اﺳﺘﺎﻧﺪارد ﻣﻌﻴﺎر ﺣﺪ ﺣﺪ ﺑﺎﻻ ﭘﺎﻳﻴﻦ 6/51 72/5- 702/1 125/0 371/0 94/2 468/0 052 0 95/2 45/1- 996/0 280/0- 881/0 409/0 803/0 32 1 99/6 84/5- 493/0 540/0 880/0 123/1 22/0 222 2 6/51 84/5- 996/0 633/0 290/0 459/1 715/0 054 ﻛﻞ * ﻣﻨﺒﻊ: ﻳﺎﻓﺘﻪ ﻫﺎی ﭘﮋوﻫﺸﮕﺮ ﻋﺪد ﺻﻔﺮ ﻣﺮﺑﻮط ﺑﻪ ﮔﺮوﻫﻲ اﺳﺖ، ﻛﻪ ﺳﻴﺎﺳﺖ آن ﻫﺎ ﻧﺴﺒﺖ ﺑﻪ ﺳﺎل ﻗﺒﻞ ﺳﻴﺎﺳـﺖ آن ﻫﺎ ﺟﺴﻮراﻧﻪ ﺗﺮ ﺷﺪه اﺳﺖ.
ﺳﻴﺎﺳﺖ ﻫﺎی ﺳﺮﻣﺎﻳﻪ در ﮔﺮدش و رﻳﺴﻚ ﺷﺮﻛﺖ ..................................................................
ﺳﻴﺎﺳﺖ ﻫﺎی ﺳﺮﻣﺎﻳﻪ در ﮔﺮدش و رﻳﺴﻚ ﺷﺮﻛﺖ ..................................................................
ﺳﻴﺎﺳﺖ ﻫﺎی ﺳﺮﻣﺎﻳﻪ در ﮔﺮدش و رﻳﺴﻚ ﺷﺮﻛﺖ ..................................................................