تأثیر تجدید ساختار بر ترمیم ساختار مالی با تأکید بر چرخه عمر شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران

نوع مقاله : علمی - پژوهشی

نویسندگان

1 استادیار گروه مدیریت، دانشگاه صنعتی شاهرود، سمنان، ایران

2 استادیار گروه مدیریت، دانشگاه صنعتی شاهرود، سمنان،

چکیده

طبق نظریه توازن، شرکت‌ها دارای ساختار سرمایه هدف (یا بهینه) هستند که در آن، ارزش شرکت دارای حداکثر مقدار خود است و هر گونه انحراف از آن، موجب کاهش ارزش شرکت می­شود. در این پژوهش با پیروی از مبانی نظری موجود، متغیرهای تبیین‌کننده ساختار سرمایه انتخاب شده و با استفاده از آن‌ها میزان انحراف ساختار سرمایه واقعی شرکت‌ها از ساختار هدف آن‌ها سنجیده شد؛ سپس تأثیر انحراف از ساختار سرمایه هدف بر ارزش شرکت موردبررسی قرار گرفت. بدین‌منظور از داده‌های 148 شرکت پذیرفته‌شده در «بورس اوراق بهادار تهران» در بازه زمانی سال­های 1386-1396، رویکرد داده‌های ترکیبی و نیز رویکرد کنترل اثرات سال‌ها و صنایع استفاده شد. نتایج پژوهش نشان می­دهد که با افزایش در انحراف ساختار سرمایه، ارزش شرکت کاهش می‌یابد. نتایج تحلیل‌های تکمیلی در شرکت‌هایی با ساختار سرمایه بیش‌اهرمی و کم­اهرمی و نیز نتایج تحلیل‌های تکمیلی با استفاده از یک مجموعه جایگزین از متغیرهای تبیین‌کننده ساختار سرمایه به­منظور سنجش میزان انحراف ساختار سرمایه، با یافته‌های اصلی پژوهش هم­خوانی دارد. یافته‌های پژوهش با پیش‌بینی‌های مطرح در نظریه توازن سازگار است.

کلیدواژه‌ها

عنوان مقاله [English]

The Effect of Restructuring on Financial Recovery with Emphasis on Corporate life cycle at TSE

نویسندگان [English]

  • Abdolmajid Abdolbaghi Ataabadii 1
  • Sepideh Ahmadi 2
1 Assistant Prof, Department of Managemet, Shahrood University of Technology, Semnan, Iran.
2 Msc of Financial Management, University of Isfahan, Isfahan, Iran.
چکیده [English]

Recovery of the financial structure in order to avoid financial distress in the firm's life cycle is of particular importance, which can be influenced by structuring strategies. The main objective of this research is to assess the impact of life cycle and restructuring on financial recovery in a sample of 148 firms listed in Tehran stock Exchange during 2008-2017. Therefore, by identifying managerial, operational, and financial restructuring strategies during the life-cycle, its effect on the financial recovery in the form of logistic regression models has been investigated. The research findings indicate the effect of managerial restructuring strategy in conditions of growth and decline on of financial recovery, as well as operational strategies, especially in the phase of decline, can lead to restoration of financial recovery. Financial strategies in the area of dividend have a reversal effect on the financial recovery, but changes in the capital structure based on capital and debt can lead to financial recovery. Finally, the results show that multiple restructuring strategies have positive effects on financial recovery.

کلیدواژه‌ها [English]

  • Financial Recovery
  • Theory of Life Cycle
  • Financial Distress
  • Restructuring Strategy

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