بررسی تأثیر انعطاف‌پذیری مالی بر سیاست‌های مالی شرکت‌ها و هزینه سرمایه سهام با استفاده از مدل گامبا و تریانتیس

نوع مقاله : علمی - پژوهشی

نویسندگان

1 دانشیار دانشگاه اصفهان

2 استادیار دانشگاه اصفهان

3 دانشجوی کارشناسی ارشد، دانشگاه اصفهان

چکیده

انعطاف­پذیری مالی از عوامل تعیین­کننده در اتخاذ تصمیمات مربوط به سیاست­های مالی شرکت­هاست. در این پژوهش، یک رویکرد جدید برای اندازه­گیری ارزشی که سهام­داران شرکت­ها به انعطاف­پذیری مالی می­دهند ارائه می­شود؛ و ارتباط میان انعطاف­پذیری مالی و سیاست­های مالی شامل تقسیم سود، ساختار سرمایه و نگهداشت وجه نقد و هم­چنین هزینه سرمایه سهام مورد بررسی قرار می­گیرد. این پژوهش در نمونه آماری 84 شرکت از شرکت­های پذیرفته شده در بورس اوراق بهادار تهران بین سال­های 1386 الی 1393 مورد بررسی قرار گرفته است. و از مدلی که توسط گامبا و تریانتیس (2008) به عنوان معیار انعطاف­پذیری مالی معرفی کرده­اند استفاده گردید. انعطاف­پذیری مالی با استفاده از چهار عامل فرصت­های رشد، سودآوری، هزینه تأمین مالی خارجی و نسبت مشهود بودن دارایی­ها اندازه­گیری می­شود. به­منظور آزمون فرضیه­های پژوهش از مدل رگرسیونی چند متغیره به روش داده های ترکیبی و الگوی لاجیت استفاده شد. نتایج نشان می­دهد که انعطاف­پذیری مالی بر متغیرهای­ اهرم مالی و هزینه سرمایه سهام­ تأثیر منفی و معنادار، بر متغیر نگهداشت وجه نقد دارای تأثیر مثبت و معنادار می­باشد. هم­چنین بر تصمیمات تقسیم سود شرکت­ها تأثیر قابل توجه­ای ندارد.

عنوان مقاله [English]

The Impact of the Value of Financial Flexibility on Corporate Financial Policies And The Cost of Equity Capital Using by Gamba and Traintis Model

نویسندگان [English]

  • Saeed Fathi 1
  • Ahmad Googerdchian 2
  • Atefeh Behzadi 3
1 Associate Prof, University of Isfahan
2 Assistan Prof, University of Isfahan
3 MA Student, University of Isfahan
چکیده [English]

Financial flexibility is one of the key factors in making decisions about the Company's financial policeis. In this paper, proposed a novel approach to measure the value a firm's shareholders attribute to its financial flexibility. And examined the relationship between financial flexibility and financial policies, including dividends, capital structure and cash holdings as well as the cost of equity capital. The sample of this study consists of 84 companies listed in Tehran Stock Exchange for the period 2007 to 2014 (1386 to 1393 Iranian calendar). In this study, the model developed by Gamba and Triantis ]12[ has been used as financial flexibility criteria. Financial flexibility is calculated using four factors: Growth opportunities, profitability, cost of external financing and Reversibility of capital. To test the hypothesizes, multivariable regression model to panel data and logit model was used. The result of this study shows, there is negative and meaningful relationship Between financial flexibility and Debt leverage and cost of equity capital, In addition to cash holdings is a significant and positive impact. It also has no significant impact between financial flexibility and decisions of division.

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