چکیده:
ﺷﺮﮐﺖ ﻫﺎ ﺑﺮای اﺟﺮای ﭘﺮوژه ﻫﺎی ﺳﺮﻣﺎﯾﻪ ﮔﺬاری ﺳﻮدآوردر دﺳﺘﺮس، ﺗﺴﻮﯾﻪ ﺑـﺪﻫﯽ ﻫـﺎی ﻣﻮﻋـﺪرﺳﯿﺪه، اﻓﺰاﯾﺶ ﺳﺮﻣﺎﯾﻪ در ﮔﺮدش و ﭘﺮداﺧﺖ ﺳﻮد ﺑﻪ ﺳﻬﺎﻣﺪاران ﺑﻪ ﻣﻨﺎﺑﻊ ﻣﺎﻟﯽ ﻧﯿﺎز دارﻧﺪ. ﺗﻮاﻧﺎﯾﯽ ﺷﺮﮐﺖﻫﺎ در ﺗﻌﯿﯿﻦ ﻣﻨﺎﺑﻊ ﻣﺎﻟﯽ ﻣﻨﺎﺳﺐ و ﺗﺼﻤﯿﻢ ﮔﯿﺮی ﺻﺤﯿﺢ در اﯾﻦ ﺧﺼﻮص از ﻋﻮاﻣﻞاﺻﻠﯽ ﻣﻮﻓﻘﯿﺖ ﺷﺮﮐﺖﺑﻪ ﺷﻤﺎر ﻣﯽ رود. از اﯾﻦ رو اﯾﻦ ﺗﺤﻘﯿﻖ ﺑﺎ ﻫﺪف ﺑﺮرﺳﯽ و ﺷﻨﺎﺧﺖ ارﺗﺒﺎط ﺑﯿﻦ روش ﻫﺎی ﺗـﺄﻣﯿﻦ ﻣـﺎﻟﯽ)اﻓﺰاﯾﺶ ﺳﺮﻣﺎﯾﻪ و وام ﺑﺎﻧﮑﯽ( ﺑﺎ ﻣﻮﻓﻘﯿﺖ و ﻋﺪم ﻣﻮﻓﻘﯿﺖ ﺷﺮﮐﺖ اﻧﺠﺎم ﺷﺪه اﺳﺖ. ﺑﺮای اﯾﻦ ﻣﻨﻈﻮر اﺑﺘﺪاﺷﺮﮐﺖ ﻫﺎﯾﯽ ﮐﻪ ﻃﯽ ﺳﺎل ﻫﺎی 2831 ﺗﺎ 6831 ﻓﻘﻂ از ﻃﺮﯾﻖ وام ﺑﺎﻧﮑﯽ و اﻓﺰاﯾﺶ ﺳﺮﻣﺎﯾﻪ ﺗـﺄﻣﯿﻦ ﻣـﺎﻟﯽﻧﻤﻮده اﻧﺪ، اﻧﺘﺨﺎب و ﺳﭙﺲ ﺑﺮ اﺳﺎس ﺑﺎزده ﺳﺎﻻﻧﻪ، ﺷﺮﮐﺖ ﻫﺎ ﺑﻪ دو ﮔﺮوه ﺷﺮﮐﺖﻫﺎی ﻣﻮﻓﻖ ﯾﻌﻨﯽ ﺷﺮﮐﺖﻫﺎﯾﯽ ﮐﻪ ﺑﺎزده ﺳﺎﻻﻧﻪ آﻧﻬﺎ ﺑﯿﺸﺘﺮ از ﻣﯿﺎﻧﮕﯿﻦ ﺑﺎزده ﺑﺎزار ﮐﻠﯿﻪ ﺷﺮﮐﺖ ﻫﺎی ﭘﺬﯾﺮﻓﺘﻪ ﺷـﺪه در ﺑـﻮرس اوراقﺑﻬﺎدار ﺗﻬﺮان ﻣﯽ ﺑﺎﺷﺪ و ﺷﺮﮐﺖ ﻫﺎی ﻧﺎﻣﻮﻓﻖ ﯾﻌﻨﯽ ﺷﺮﮐﺖ ﻫﺎﯾﯽ ﮐﻪ ﮐﻪ ﺑﺎزده ﺳﺎﻻﻧﻪ آﻧﻬﺎ ﮐﻤﺘﺮ از ﻣﯿﺎﻧﮕﯿﻦﺑﺎزده ﺑﺎزار ﮐﻠﯿﻪ ﺷﺮﮐﺖ ﻫﺎی ﭘﺬﯾﺮﻓﺘﻪ ﺷﺪه در ﺑﻮرس اوراق ﺑﻬﺎدار ﺗﻬﺮان ﻣﯽ ﺑﺎﺷﺪ، ﻃﺒﻘـﻪ ﺑﻨـﺪی ﮔﺮدﯾـﺪهاﻧﺪ. ﻧﻤﻮﻧﻪ ﻣﻮرد ﺑﺮرﺳﯽ ﻣﺸﺘﻤﻞ ﺑﺮ 426 ﺷﺮﮐﺖ ﻣﯽ ﺑﺎﺷﺪ ﮐﻪ 99 ﺷﺮﮐﺖ آن از ﻣﺤﻞ اﻓﺰاﯾﺶ ﺳﺮﻣﺎﯾﻪ )76ﺷﺮﮐﺖ ﻣﻮﻓﻖ و 23 ﺷﺮﮐﺖ ﻧﺎﻣﻮﻓﻖ( و 525 ﺷﺮﮐﺖ از ﻣﺤﻞ وام ﺑـﺎﻧﮑﯽ ﺗـﺄﻣﯿﻦ ﻣـﺎﻟﯽ ﻧﻤـﻮده اﻧـﺪ )771ﺷﺮﮐﺖ ﻣﻮﻓﻖ و 843 ﺷﺮﮐﺖ ﻧﺎﻣﻮﻓﻖ(، ﻧﺘﺎﯾﺞ ﺗﺤﻘﯿﻖ ﻧﺸﺎن ﻣﯽ دﻫﺪ ﮐﻪ ﺑـﯿﻦ روش ﻫـﺎی ﺗـﺄﻣﯿﻦ ﻣـﺎﻟﯽ وﻣﻮﻓﻘﯿﺖ و ﻋﺪم ﻣﻮﻓﻘﯿﺖ ﺷﺮﮐﺖ ﻫﺎی ﭘﺬﯾﺮﻓﺘﻪ ﺷﺪه در ﺑﻮرس اوراق ﺑﻬـﺎدار ﺗﻬـﺮان ارﺗﺒـﺎط ﻣﻌﻨـﯽ داریوﺟﻮد دارد و ﻫﻤﭽﻨﯿﻦ اﻓﺰاﯾﺶ ﺳﺮﻣﺎﯾﻪ ﺑﯿﺸﺘﺮ از وام ﺑﺎﻧﮑﯽ ﺑﺮ ﻣﻮﻓﻘﯿﺖ ﺷﺮﮐﺖ ﻫﺎ ﺗـﺄﺛﯿﺮ دارد ﺑـﻪ ﻋﺒـﺎرتدﯾﮕﺮ ﺗﻌﺪاد ﺷﺮﮐﺖ ﻫﺎی ﻣﻮﻓﻖ ﮐﻪ از ﻣﺤﻞ اﻓﺰاﯾﺶ ﺳﺮﻣﺎﯾﻪ ﺗﺄﻣﯿﻦ ﻣﺎﻟﯽ ﻧﻤﻮده اﻧﺪ ﻧﺴﺒﺖ ﺑﻪ ﮐـﻞ ﺷـﺮﮐﺖ ﻫﺎی اﯾﻦ ﮔﺮوه ﺑﯿﺸﺘﺮ از ﺷﺮﮐﺖ ﻫﺎی ﻣﻮﻓﻘﯽ اﺳﺖ ﮐﻪ از ﻣﺤﻞ وام ﺑﺎﻧﮑﯽ ﺗﺄﻣﯿﻦ ﻣﺎﻟﯽ ﻧﻤﻮه اﻧﺪ.
Companies need many financing resources for executing available investment projects, settlement of debt and pay dividend to stockholders. One of the main factors to be a successful company is determination of suitable financing resource and making sound decision in this regard.
The main objective of the present research is examining the relation between financing method (external financing) and successful of corporation in Tehran stock exchange during 1382-1386 and another objective is which financing resources(share issuing, loan) has a higher impact on company prosperity. We have used two categories of information for studying the above mentioned objectives. The first is library studies, and the second is secondary data in the form of extracted financial information from financial statements of listed companies in Tehran stock exchange which were recognized as smoothers for 82-86 in two categories, the first is including the companies which used share issue and the second is including the companies used bank loan. Then the investigated companies in these two categories, based on their stock return are categorized in two classes successful and unsuccessful. We have tested statistically our research main hypothesis that was a confirmation on the existence of a meaningful relationship between financing method and companies' successful.in conclusion of this research we realized that the share issuing method has a higher impact on successful companies in comparison with loan financing method.
خلاصه ماشینی:
ﺑﺎ ﺗﻮﺟﻪ ﺑﻪ ﺗﻮﺿﯿﺤﺎت اراﺋﻪ ﺷﺪه و ﺑﺎ ﺗﻮﺟﻪ ﺑﻪ اﯾﻨﮑﻪ از ﺟﻤﻠﻪ ﮐﺎرﺑﺮدی ﺗﺮﯾﻦ ﻣﻨﺎﺑﻊ ﺑﺮون ﺳﺎزﻣﺎﻧﯽ ﺗﺄﻣﯿﻦ ﻣﺎﻟﯽ در ﻣﯿﺎن ﺷﺮﮐﺖ ﻫﺎی ﻓﻌﺎل در ﺑﻮرس ﺗﻬـﺮان، وام ﺑـﺎﻧﮑﯽ و اﻓـﺰاﯾﺶ ﺳـﺮﻣﺎﯾﻪ اﺳﺖ و از ﻃﺮﻓﯽ واﮐﻨﺶ ﺑﺎزار ﺳﻬﺎم ﻧﺴﺒﺖ ﺑﻪ درج ﻫﺮ ﻧﻮع اﻃﻼﻋـﺎت اﺳﺎﺳـﯽ در ﻧﻤـﺎد ﺗﻐﯿﯿﺮات ﻗﯿﻤﺖ و ﺑﺎزده ﺳﻬﺎم ﻣﺘﺠﻠﯽ ﻣﯽ ﺷﻮد، ﺳﺌﻮال اﺳﺎﺳﯽ ﮐﻪ ﻣﺤﻘﻖ در اﯾﻦ ﺗﺤﻘﯿﻖ ﺑﻪ دﻧﺒﺎل آن اﺳﺖ، اﯾﻦ اﺳﺖ ﮐﻪ آﯾﺎ ﺑﯿﻦ روش ﻫﺎی ﺗﺄﻣﯿﻦ ﻣﺎﻟﯽ )ﻣﻨـﺎﺑﻊ ﺗـﺄﻣﯿﻦ ﻣـﺎﻟﯽ ﺑـﺮون ﺳﺎزﻣﺎﻧﯽ( و ﻣﻮﻓﻘﯿﺖ ﺷﺮﮐﺖ ارﺗﺒﺎط ﻣﻌﻨﯽ داری وﺟﻮد دارد؟ ﺑﺮرﺳﯽ راﺑﻄﻪ ﺑﯿﻦ روشﻫﺎی ﺗﺄﻣﯿﻦ ﻣﺎﻟﯽ )ﻣﻨﺎﺑﻊ ﺑﺮون ﺳﺎزﻣﺎﻧﯽ( و...
7- روش ﺟﻤﻊآوری و ﺗﺠﺰﯾﻪ و ﺗﺤﻠﯿﻞ دادهﻫﺎ در اﯾﻦ ﺗﺤﻘﯿﻖ ﺟﺎﻣﻌﻪ ﻣﻮرد ﻣﻄﺎﻟﻌﻪ ﮐﻠﯿﻪ ﺷﺮﮐﺖ ﻫﺎی ﭘﺬﯾﺮﻓﺘﻪ ﺷـﺪه در ﺑـﻮرش اوراق ﺑﻬﺎدار ﺗﻬﺮان در ﺳﺎل ﻫﺎی 2831 ﺗﺎ 6831 ﮐﻪ ﺻﻮرت ﻫﺎی ﻣﺎﻟﯽ ﺧﻮد را ﺑﻪ ﺑﻮرس اوراق ﺑﻬﺎدار اراﺋﻪ ﻧﻤﻮده اﻧﺪ ﻣﯽ ﺑﺎﺷﺪ ﮐﻪ در زﯾﺮ ﺑﻪ اﺧﺘﺼـﺎر ﻧﺤـﻮه ﮔـﺰﯾﻨﺶ ﺟﺎﻣﻌـﻪ آﻣـﺎری و ﻣﺤﺪودﯾﺖ ﻫﺎی ﺟﺎﻣﻌﻪ آﻣﺎری ﺷﺮح داده ﺷﺪه اﺳﺖ )ﻧﻤﻮدار 1(: 7-1- ﺷﺮﮐﺖ ﻫﺎﯾﯽ ﮐﻪ در ﮔﺮوه واﺳﻄﻪ ﮔﺮی ﻣﺎﻟﯽ ﻗﺮار دارﻧﺪ ﺑﻪ دﻟﯿـﻞ اﯾﻨﮑـﻪ دارای اﻫﺮم ﻣﺎﻟﯽ ﺑﻪ ﻃﻮر ﻏﯿﺮ ﻣﻌﻤﻮل ﺑﺎﻻﯾﯽ دارﻧﺪ از ﺟﺎﻣﻌﻪ آﻣﺎری ﺣﺬف ﮔﺮدﯾﺪه اﻧﺪ )ﺷـﺮﮐﺖ ﻫﺎی ﻟﯿﺰﯾﻨﮓ، ﺳﺮﻣﺎﯾﻪ ﮔﺬاری، ﺑﯿﻤﻪ و ﺑﺎﻧﮏ ﻫﺎ و ﻣﻮﺳﺴﺎت اﻋﺘﺒﺎری(.