بررسی آثار مدیریت خطا بر فشار بازار سرمایه در شرکت های پذیرفته شده در بورس اوراق بهادار تهران (مقاله علمی وزارت علوم)
درجه علمی: نشریه علمی (وزارت علوم)
آرشیو
چکیده
هدف: بروز بحران های اخیر در بورس اوراق بهادر در جهان و ایران که موجب از دست رفتن سرمایه های فردی و ملی کلانی گردیده بی شک بیشترین تأثیر را از عوامل دورن شرکتی همچون مدیریت خطا گرفته است زیرا وجود اشکال در این مقوله موجبات کاهش تولید، افت درآمد، دستکاری سود، گزارشگری غلط و بالتبع سرمایه گذاری نامناسب و هدررفت سرمایه را فراهم آورده لذا، مطالعه آثار مدیریت خطا بر عوامل اثرگذار بر مقوله های موثر در سرمایه گذاری از جمله فشار بازار سرمایه، هدف پژوهش حاضر قرار گرفته است. روش: برای بررسی آثار مدیریت خطا بر فشار بازار سرمایه، نمونه 150 تایی از شرکت های پذیرفته شده در بورس اوراق بهادار تهران به روش حذف سیستماتیک انتخاب شده و در بازه زمانی سا ل های 1399- 1392 مورد مطالعه قرار گرفته اند. برای آزمون داده های کمی از رگرسیون چندمتغیره استفاده شده است. یافته ها: نتایج به دست آمده نشان می دهد از بین سه نوع مدیریت خطای عملیاتی، رعایتی و گزارشگری که به روش تحلیل محتوی از بطن گزارش حسابرس مستقل استخراج و گردآوری گردیده، مدیریت خطای عملیاتی و رعایتی اثر منفی و معناداری بر فشار بازار سرمایه داشته است بطوریکه با افزایش مدیریت خطا شاخص های فشار بازار سرمایه نظیر فشار سود، نسبت ارزش دفتری به ارزش بازار، اندازه شرکت و رشد سود سهمی افزایش قابل ملاحظه ای داشته اند. نتیجه گیری: بطور کلی نتایج پژوهش نشان داده فعالان بازار از علامت دهی ارقام صورت های مالی در جهت سرمایه گذاری خویش بخوبی استفاده نموده اند زیرا مدیریت خطا در بخش عملیاتی و رعایتی واحدهای تجاری، با بالابردن کارایی و اثربخشی عملیات واحدهای تجاری و رعایت قوانین و مقررات به ترتیب موجب ارتقاء سطح درامد، افزایش ارزش بازار حقوق صاحبان سهام، افزایش اندازه شرکت و افزایش رشد شرکت گردیده است.Investigating the Effects of Error Management on Capital Market Pressure in Companies Listed on the Tehran Stock Exchange
Objective: The recent crises in the Bahadur stock exchange in the world and Iran, which has caused the loss of individual and macro-national funds, has undoubtedly been most affected by modern corporate factors such as error management, because the existence of problems in this category causes a decrease in production, loss of income, manipulation. Profit has provided wrong reporting and consequently improper investment and capital wastage. Therefore, the study of the effects of error management on the factors affecting the effective categories in investment, including capital market pressure, is the aim of the current research.
Method: To investigate the effects of error management on capital market pressure, a sample of 150 companies listed in the Tehran Stock Exchange was selected by systematic elimination and studied in the period of 2012-2018. Multivariate regression has been used to test quantitative data.
Results: The obtained results show that among the three types of operational error management, compliance and reporting, which were extracted and compiled by the method of content analysis from the content of the independent auditor's report, operational and compliance error management had a negative and significant effect on capital market pressure, so that Increase in error management. Capital market pressure indicators such as profit pressure, ratio of book value to market value, company size and dividend growth have increased significantly.
Conclusion: In general, the results of the research show that the market participants have used the marking of financial statement figures in the direction of their investment, because error management in the operational and compliance department of business units, by increasing the efficiency and effectiveness of business units' operations and compliance with laws and regulations, respectively, leads to improvement The level of income, increasing the market value of equity, increasing the size of the company and increasing the growth of the company. Also According to the results obtained from the hypothesis test, it was found that the proper and optimal management of operational errors (efficiency and effectiveness) and compliance (observance of laws and regulations) had a significant impact on the indicators of capital market pressure. One of these indicators is profit pressure, which is obtained by dividing the income of continuous operations by the market value of equity, therefore, business units with proper error management have been able to efficiently and effectively use the assets of their business unit and use all the existing potentials and find complications of errors and management. They have achieved higher production and operating income, and also such companies have been able to supply the information needed by investors to the market at the right time by following the rules and regulations, and by gaining confidence in the capital market, they have achieved a higher stock market value. Such companies will be more successful if they can bring the numerator and denominator of the fraction closer together. This ratio shows that the market participants have made good use of the marking of financial statement figures and assumed the income figure related to the company's continuous operations, which is the result of proper error management of the company's operational activities, as a strong measure for the growth of the market value of the shareholders' equity, and for each unit Increase the income growth of the market value as well. Regarding the effect of operational and compliance error management on the ratio of book value to market value, the results showed that error management in this sector was able to bring the ratio of the numerator to the denominator close to one because the closer the market value is to the book value, the smaller the price bubble in the market. will be and stocks will be closer to their intrinsic value. Also, the effect of operational and compliance error management on the size of the company and the growth of profit per share has also been confirmed, which means that with the increase in error management, the stock market value and the growth value of profit per share have also increased, so that companies with less error have increased the growth of profit per share. Is. Also, the effect of company life on capital market pressure shows that larger companies bear less capital market pressure. In general, the results of the research show that error management in the operational and compliance department of business units, by increasing the efficiency and effectiveness of the operations of business units and complying with laws and regulations, respectively, leads to an increase in the level of income, an increase in the market value of equity, an increase in the size of the company and an increase in the growth of the company. It has been found that these results are consistent with the results of (Naderi et al, 2022) who have stated that operational error management improves the level of quantity and quality of profit and reduces the level of fraudulent financial reporting and increases the level of quality of financial reporting.
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