چکیده:
ﺗﻀﺎد ﻣﻨﺎﻓﻊ ﺑﻴﻦ ﺗﻬﻴﻪﻛﻨﻨﺪﮔﺎن اﻃﻼﻋﺎت و ﺳﺮﻣﺎﻳﻪﮔﺬاران، اﻣﻜﺎن اﺳﺘﻔﺎده از روشﻫﺎی ﻣﺨﺘﻠﻒ ﭘﺬﻳﺮﻓﺘﻪ ﺷﺪهﺣﺴﺎﺑﺪاری و ﻛﺎرﺑﺮد ﺳﻮد را در ﺗﺼﻤﻴﻢﮔﻴﺮی ﻫﺎ ﻣﻮرد ﺗﺮدﻳﺪ ﻗﺮار ﻣﻲدﻫﺪ ﻛﻪ اﻳﻦ اﻣﺮ، ﻟﺰوم ﺑﺮرﺳﻲ ﻣﻮﺿﻮع ﻛﻴﻔﻴﺖﺳﻮد را ﺿﺮوری ﻣﻲﺳﺎزد. ﺑﻨﺎﺑﺮاﻳﻦ در اﻳﻦ ﻣﻘﺎﻟﻪ ﺗﺎﺛﻴﺮ وﻳﮋﮔﻲﻫﺎی ﻛﻴﻔﻴﺖ ﺳﻮد در ﻋﻤﻠﻜﺮد ﺷﺮﻛﺖ ﻫﺎی ﭘﺬﻳﺮﻓﺘﻪﺷﺪه در ﺑﻮرس اوراق ﺑﻬﺎدار ﺗﻬﺮان ﻣﻮرد ﺑﺮرﺳﻲ ﻗﺮار ﮔﺮﻓﺘﻪ اﺳﺖ. ﺟﺎﻣﻌﻪ آﻣﺎری ﺗﺤﻘﻴﻖ را ﺷﺮﻛﺖ ﻫﺎی ﻓﻌﺎل درﺑﻮرس ﺗﻬﺮان در داﻣﻨﻪ ﺳﺎلﻫﺎی 1380 ﺗﺎ 1387ﺗﺸﻜﻴﻞ ﻣﻲدﻫﻨﺪ. در اﻳﻦ ﺗﺤﻘﻴﻖ ﺗﻌﺪاد 63 ﺷﺮﻛﺖ ﺑﻪ ﺻﻮرتﺗﺼﺎدﻓﻲ اﻧﺘﺨﺎب ﺷﺪه اﺳﺖ. ﺑﺮاﺳﺎس ﻧﺘﺎﻳﺞ ﺑﺪﺳﺖ آﻣﺪه از ﺗﺤﻠﻴﻞ رﮔﺮﺳﻴﻮن ﺗﺮﻛﻴﺒﻲ، ﺗﺎﺛﻴﺮ ارزش ﺑﺎزﺧﻮرد ﺑﺮ ﻣﺘﻐﻴﺮ Qﺗﻮﺑﻴﻦ و ﺑﺎزده داراﻳﻲﻫﺎ ﻣﺜﺒﺖ و ﻣﻌﻨﻲدار ﻣﺸﺎﻫﺪه ﺷﺪه اﺳﺖ. اﻣﺎ ﺗﺎﺛﻴﺮ ارزش ﭘﻴﺶﺑﻴﻨﻲ ﺑﺮ ﻣﺘﻐﻴﺮ واﺑﺴﺘﻪ Qﺗﻮﺑﻴﻦﻣﻌﻨﻲدار ﻧﺒﻮده و ﺑﺮ ﺑﺎزده داراﻳﻲﻫﺎ ﺗﺎﺛﻴﺮ ﻣﻨﻔﻲ و ﻣﻌﻨﻲدار ﻣﺸﺎﻫﺪه ﺷﺪه اﺳﺖ. ﻧﺘﺎﻳﺞ ﺣﺎﻛﻲ اﺳﺖ ﻛﻪ ارزش ﺑﺎزﺧﻮردﺑﻪ ﻋﻨﻮان ﺷﺎﺧﺺ ﻛﻴﻔﻴﺖ ﺳﻮد ﺑﺎ ﺷﺎﺧﺺ Qﺗﻮﺑﻴﻦ و ﺑﺎزده داراﻳﻲﻫﺎ ﺑﻪ ﻋﻨﻮان ﻋﻤﻠﻜﺮد ﺷﺮﻛﺖ راﺑﻄﻪ ﻣﺜﺒﺖ وﻣﻌﻨﻲداری دارد و در ﻣﻘﺎﻳﺴﻪ ﺑﺎ راﺑﻄﻪ ﺑﻴﻦ ارزش ﭘﻴﺶ ﺑﻴﻨﻲ و ﺷﺎﺧﺺ Qﺗﻮﺑﻴﻦ و ﺑﺎزده داراﻳﻲﻫﺎ ﺷﺪﻳﺪﺗﺮ اﺳﺖ،زﻳﺮا راﺑﻄﻪ ﺑﻴﻦ ارزش ﭘﻴﺶﺑﻴﻨﻲ و ﺷﺎﺧﺺ Qﺗﻮﺑﻴﻦ ﻣﻌﻨﻲدار ﻧﺒﻮده و راﺑﻄﻪ ﺑﻴﻦ ارزش ﭘﻴﺶﺑﻴﻨﻲ و ﺑﺎزده داراﻳﻲﻫﺎ ﺑﺎآﻧﻜﻪ ﺑﻪ ﺻﻮرت ﻣﻨﻔﻲ ﻣﻌﻨﻲدار اﺳﺖ اﻣﺎ در ﻣﻘﺎﻳﺴﻪ ﺑﺎ راﺑﻄﻪ ﺑﻴﻦ ارزش ﺑﺎزﺧﻮرد و ﺷﺎﺧﺺ Qﺗﻮﺑﻴﻦ و ﺑﺎزدهداراﻳﻲﻫﺎ ﺧﻔﻴﻒﺗﺮ اﺳﺖ. ﻧﺘﺎﻳﺞ ﻓﻮق ﺑﺎ ﺣﻀﻮر ﻣﺘﻐﻴﺮﻫﺎی ﻛﻨﺘﺮل اﻧﺪازه ﺷﺮﻛﺖ، اﻫﺮم ﺷﺮﻛﺖ و رﺷﺪ ﺷﺮﻛﺖ ﺑﺪﺳﺖ آﻣﺪه اﺳﺖ.
The conflict of interest between issuers of financial statements and the users of financial statements have been the subject of significant debate for using different methods of accounting accepted principles and implementing earning as an important criterion for decision making process. Thus, this controversial results, made us to contribute to this debate by investigating the relationship between earnings quality attributes and performance of Iranian public listed firms in Tehran stock exchange. We examined sample of 63 firms that randomly selected in the period from 2002 to 2009. We derived a summary measure of earnings quality by applying factor analysis on two variables representing different components of two primary dimensions of earnings quality: Feedback value (FV) and Predictive Value (PV). Also two common financial performance measures namely Returns on Assets (ROA) and Tobin’s Q were examined. We then provide empirical evidence to address the question, whether earnings quality of Iranian listed firms is associated with their performance or not. Based on using pool regression, we interpret our results that, the feedback value of earnings has both positive and significant association with firm performance measures. On the other hand, predictive value has both negative and significant association with returns on assets and has not significant association with Tobin’s Q. further, the current study provide novel evidence towards the understanding of more powerful association between feedback value with firm performance measures than predictive value. Specifically in this survey, we controlled the influence of essential firm characteristics namely size, leverage, and growth on firm performance.
خلاصه ماشینی:
*ﻣﻨﺒﻊ: ﻳﺎﻓﺘﻪ ﻫﺎی ﭘﮋوﻫﺸﮕﺮ ﺟﺪول 4- ﺿﺮاﻳﺐ ﻫﻤﺒﺴﺘﮕﻲ ﭘﻴﺮﺳﻮن ﺑﻴﻦ ﻣﺘﻐﻴﺮﻫﺎی ﻣﻮرد ﻣﻄﺎﻟﻌﻪ ﺗﺤﻘﻴﻖ ارزش ﻣﺘﻐﻴﺮﻫﺎی Qﺗﻮﺑﻴﻦ ﺑﺎزده داراﻳﻲﻫﺎ اﻧﺪازه ﺷﺮﻛﺖ اﻫﺮم ﺷﺮﻛﺖ رﺷﺪ ﺷﺮﻛﺖ ارزش ﭘﻴﺶﺑﻴﻨﻲ ﺑﺎزﺧﻮرد ﺗﺤﻘﻴﻖ Qﺗﻮﺑﻴﻦ ١ ** ١ ٩١۶.
ﺑﺮاﺳﺎس ﻧﺘﺎﻳﺞ ﺑﺪﺳﺖ آﻣﺪه از ﻣﺪل ﭼﻬﺎرم ﻛﻪ در آن ارزش ﭘﻴﺶﺑﻴﻨﻲ ﻧﻤﺎﻳﻨﺪه ﻛﻴﻔﻴﺖ ﺳﻮد و ﺷﺎﺧﺺ ﺑﺎزده داراﻳﻲﻫﺎ ﻧﻤﺎﻳﻨﺪه ﻋﻤﻠﻜﺮد ﺷﺮﻛﺖ اﺳﺖ، ﺿﺮﻳﺐ ارزش ﺑﺎزﺧﻮرد ﺑﻪ ﺻﻮرت ﻣﺜﺒﺖ و در ﺳﻄﺢ 99% اﻃﻤﻴﻨﺎن ﺑﺮ ﺷﺎﺧﺺ ﺑﺎزده داراﻳﻲﻫﺎ ﺗﺎﺛﻴﺮ ﻣﻨﻔﻲ دارد.
در اﻳﻦ آزﻣﻮن ﻣﺘﻐﻴﺮ اﻧﺪازه ﺷﺮﻛﺖ در ﻛﻨﺎر ﻣﺘﻐﻴﺮﻫﺎی ﻛﻴﻔﻴﺖ ﺳﻮد ﺑﺎ ﺷﺎﺧﺺﻫﺎی ارزش ﺑﺎزﺧﻮرد و ارزش ﭘﻴﺶﺑﻴﻨﻲ و ﻣﺘﻐﻴﺮﻫﺎی اﻫﺮم و رﺷﺪ ﺷﺮﻛﺖ ﺑﺮ دو ﺷﺎﺧﺺ ﻋﻤﻠﻜﺮد ﺷﺮﻛﺖﻫﺎ ﺷﺎﻣﻞ Qﺗﻮﺑﻴﻦ و ﺑﺎزده داراﻳﻲﻫﺎ ﺑﺎ ﭼﻬﺎر ﻣﺪل رﮔﺮﺳﻴﻮﻧﻲ آزﻣﻮن ﺷﺪه اﺳﺖ.
ﭘﮋوﻫﺸﻨﺎﻣﻪ ﺣﺴﺎﺑﺪاری ﻣﺎﻟﻲ و ﺣﺴﺎﺑﺮﺳﻲ، ﺳﺎل ﺳﻮم، ﺷﻤﺎره دوازدﻫﻢ، زﻣﺴﺘﺎن 0931 ﺟﺪول 9- ﻧﺘﺎﻳﺞ ﺗﺤﻠﻴﻞ رﮔﺮﺳﻴﻮن ﻣﺘﻐﻴﺮﻫﺎی ﻣﺴﺘﻘﻞ و واﺑﺴﺘﻪ ﻣﻄﺮح ﺷﺪه در ﻣﺪل ﺳﻮم ﻣﺘﻐﻴﺮ واﺑﺴﺘﻪ: ﺑﺎزده داراﻳﻴﻬﺎ، ﺗﻌﺪاد دوره: ﺷﺶ، ﺗﻌﺪاد ﺗﻘﺎﻃﻊ: 36، ﺗﻌﺪاد ﻣﺸﺎﻫﺪه: 873 آﻣﺎرهt ﺳﻄﺢ ﻣﻌﻨﻲ داری ﺧﻄﺎی اﺳﺘﺎﻧﺪارد ﺿﺮﻳﺐ ﻧﺎم ﻣﺘﻐﻴﺮ ٠٠٠٠.
در اﻳﻦ آزﻣﻮن ﻣﺘﻐﻴﺮ اﻧﺪازه اﻫﺮم در ﻛﻨﺎر ﻣﺘﻐﻴﺮﻫﺎی ﻛﻴﻔﻴﺖ ﺳﻮد ﺑﺎ ﺷﺎﺧﺺﻫﺎی ارزش ﺑﺎزﺧﻮرد و ارزش ﭘﻴﺶﺑﻴﻨﻲ و ﻣﺘﻐﻴﺮﻫﺎی اﻧﺪازه و رﺷﺪ ﺑﺮ دو ﺷﺎﺧﺺ ﻋﻤﻠﻜﺮد ﺷﺮﻛﺖﻫﺎ ﺷﺎﻣﻞ Qﺗﻮﺑﻴﻦ و ﺑﺎزده داراﻳﻲﻫﺎ ﺑﺎ ﭼﻬﺎر ﻣﺪل رﮔﺮﺳﻴﻮﻧﻲ آزﻣﻮن ﺷﺪه اﺳﺖ.
ﺗﻔﺴﻴﺮ ﻧﺘﻴﺠﻪ آزﻣﻮن ﻓﺮﺿﻴﻪ دوم: ﺑﺮاﺳﺎس ﻧﺘﺎﻳﺞ ﺑﺪﺳﺖ آﻣﺪه از ﺗﺤﻠﻴﻞ رﮔﺮﺳﻴﻮن ﺗﺎﺛﻴﺮ اﻧﺪازه ﺷﺮﻛﺖ ﺑﺮ ﻣﺘﻐﻴﺮ واﺑﺴﺘﻪ Qﺗﻮﺑﻴﻦ و ﺑﺎزده داراﻳﻴﻬﺎ در ﻛﻨﺎر ﻣﺘﻐﻴﺮﻫﺎی ﻛﻴﻔﻴﺖ ﺳﻮد ﺷﺎﻣﻞ ارزش ﺑﺎزﺧﻮرد و ارزش ﭘﻴﺶﺑﻴﻨﻲ و ﻫﻤﭽﻨﻴﻦ ﻣﺘﻐﻴﺮﻫﺎی اﻫﺮم ﺷﺮﻛﺖ و رﺷﺪ ﺷﺮﻛﺖ ﻣﻨﻔﻲ و ﻣﻌﻨﻲدار ﻣﺸﺎﻫﺪه ﺷﺪه اﺳﺖ.