تأثیرپذیری ساختار مالی شرکت های فعال در بورس از ابزارهای نوین تأمین مالی اسلامی (مقاله علمی وزارت علوم)
درجه علمی: نشریه علمی (وزارت علوم)
آرشیو
چکیده
هنگامی ﻧﻘﺶ بازار سرمایه ﭘﺮرﻧﮓ و ﺑﺮﺟﺴﺘﻪ می شود کﻪ اﻣکﺎن ﺗﺄﻣیﻦ ﻣﺎﻟی ﺑ ﺎ ﻧ ﺮخ ﻣﻨﺎﺳ ﺐ از ﻃﺮی ﻖ اﺑﺰارﻫ ﺎی ﻣﺘﻨﻮع و ﻣﺨﺘﻠﻒ ﻓﺮاﻫﻢ ﺷﻮد. در این بین، ﺻکﻮک ﻧﻮﻋی اﺑﺰار ﺗﺄﻣیﻦ ﻣﺎﻟی اﺳﻼﻣی ﺑﺮای ﺑﻨﮕﺎه ها اﺳ ﺖ ک ﻪ ﺷ ﺎیﺪ ﺑﺘ ﻮان آن را ازجمله ﺑﻬﺘﺮیﻦ و مهم ترین راﻫکﺎرﻫﺎی ﺗﺄﻣیﻦ ﻣﺎﻟی از ﻃﺮیﻖ ﺑﺎزار ﺳﺮﻣﺎیﻪ ﺑﺮﺷﻤﺮد. در مقاله حاضر به بررسی تأثیرپذیری ساختار مالی شرکت های فعال در بورس از ابزارهای نوین تأمین مالی اسلامی (صکوک)، با استفاده از تکنیک پانل دیتا با رویکرد هم انباشتگی (همجمعی) جوهانسون جوسیلیوس پرداخته شده است. بدین منظور از اطلاعات سالانه 83 شرکت پذیرفته شده در بورس اوراق بهادار تهران طی سال های 1389 تا 1398 استفاده شده است. براساس نتایج حاصله، کلیه ابزارهای نوین تأمین مالی اسلامی تأثیر مثبتی بر شاخص ساختار مالی (نسبت سرمایه به دارایی) داشتند؛ به طوری که در بلندمدت، تأثیر صکوک اجاره، صکوک مرابحه، صکوک منفعت، صکوک استصناع و صکوک مشارکت، معنادار بوده و با توجه به ضرایب، این متغیرها به ترتیب معادل 06/7، 32/20، 07/0، 32/3 و 84/0 درصد از تغییرات شاخص ساختار مالی را توضیح می دهند. بر این اساس، انتشار اوراق صکوک به طرز قابل توجهی می تواند ساختار مالی شرکت ها را بهبود بخشد.Effectiveness of the Financial Structure of Listed Companies from New Islamic Financing Instruments
1- INTRODUCTION
Considering the role of the capital market in the economy of countries and studying the performance of this market has a particular importance. One of the factors that affect the performance of the capital market is the decisions made regarding the financial structure of companies’ performance in this market. Today, in fact, the credit rating of companies is largely dependent on their financial structure, or in other words, their capital structure, and in fact, the basis of production and service provision depends on the way financial funds are provided and used. On the other hand, the financial structure of each company is an early warning regarding the number of financial resources of the company, and it is necessary to determine the factors affecting their financial structure in the strategic planning of companies. Many variables affect the financial structures of stock companies, among which we can mention financing with Islamic instruments. Sukuk is one of the important financial instruments and conforms with the Islamic Shari'ah, which provide an alternative source of funding, especially for large (very active) companies, and more efficient sources compared to conventional bonds.
2- THEORETICAL FRAMEWORK
In financial field, the way in which the company invests is called financial structure. Financial structure, or in other words capital structure, describes the long-term capital financing of a company, which represents debt and equity, and is a type of permanent financing that supports the growth of the company and related assets. One of the most important functions of the Islamic financial system is to facilitate financial flow and guide it towards the most efficient type of investment, and as a facilitator of financial flow, it gives producers the opportunity to move economic resources with greater speed and accuracy by relying on monetary and financial resources. The existence of these types of financial instruments increases capital efficiency and optimal allocation of resources in companies. Since Islamic financing can lead to global financial stability and economic growth; Therefore, wider access to financial services improves social participation and increases market power, and ultimately strengthens protective laws and solves problems and issues of financial development, and increases profitability and improves the financing process of companies.
3- METHODOLOGY
This research is considered as applied research in terms of its objective; Because it examines the relationships between variables, the subject of the research is the Tehran Stock Exchange Organization in terms of location, and the time scope of the research is from the fiscal year 2010 to 2019 by using the annual data of the companies. The 83 companies were selected as the statistical sample used in the research. In order to estimate the effects of the variables, the panel data technique with Johnssen's approach is used. In this research, the variable of financial structure is used as dependent variable and the variables of ejare sukuk, murabaha sukuk, sode sukuk, istisna sukuk and mosharekat sukuk are used as explanatory variables.
4- RESULTS & DISCUSSION
According to the empirical results of this study, all new Islamic financing instruments had a positive effect on the financial structure index (ratio of capital to assets). In the long run, ejare sukuk, murabaha sukuk, sode sukuk, istisna sukuk and mosharekat sukuk explain 7.06, 20.32, 0.07, 3.32 and 0.84 percent respectively, of the changes in the financial structure index.
5- CONCLUSIONS & SUGGESTIONS
The present study investigates effectiveness of the financial structure of listed companies from new Islamic financing instruments (Sukuk) by using the panel data technique with the Johanssen approach. For this purpose, the data of 83 listed companies on the Tehran Stock Exchange has been used during the years 2010 to 2019. According to the research results, instruments had a positive effect on the financial structure index (ratio of capital to assets). Accordingly, the issue of sukuk can significantly improve the financial structure of companies. Companies should use a complete combination of modern financing tools (Sukuk) to achieve benefits such as increasing liquidity, increasing shareholders' wealth and increasing diversity in financing sources.
تبلیغات
