دستکاری جریان‌های نقدی عملیاتی: شواهد تجربی در بازار سرمایه ایران

نوع مقاله : علمی - پژوهشی

نویسندگان

1 استادیار، گروه حسابداری، دانشگاه قم، قم ، ایران

2 دانشیار، گروه حسابداری، دانشگاه قم، قم ، ایران.

3 کارشناسی ارشد، گروه حسابداری، دانشگاه قم، قم، ایران.

10.48308/jfmp.2024.104507

چکیده

در این پژوهش به بررسی مقوله دستکاری جریان‌های نقدی عملیاتی در شرکت‌های پذیرفته شده در بورس اوراق بهادار تهران و زمینه‌های انگیزشیِ آن در قالب انگیزه‌های بازار سرمایه (دستیابی به اهداف از قبل تعیین شده و ناتوانی مالی) طی دوره زمانی 1399-1390 در قالب داده‌های فصلی و سالیانه پرداخته شد. برای انجام این پژوهش تعداد 150 شرکت بورسی طی دوره زمانی مذکور بررسی گردید. برای آزمون فرضیه‌ها، از تحلیل رگرسیونی تلفیقی/ترکیبی در قالب داده‌های فصلی و از آزمون خی دو در قالب داده‌های سالیانه در نرم‌افزار EViews 9 استفاده شد. در این پژوهش، متغیرهای مستقل عبارتند از متغیرهای مجازی تعیین‌کننده فصل چهارم و فصل اول سال مالی در قالب داده‌های فصلی برای آزمون فرضیه اول و متغیرهای میزان وجوه نقد عملیاتی، تغییرات وجوه نقد عملیاتی و درماندگی مالی در قالب داده‌های سالیانه برای آزمون فرضیه دوم. در پژوهش حاضر، متغیرهای وابسته شامل تغییرات سرمایه در گردش بر مبنای تغییر در چرخه وصول نقدی و تغییر در خالص سرمایه در گردش غیرنقدی به عنوان معیارهایی برای سنجش دستکاری و مدیریتِ جریان‌های نقدی عملیاتی در قالب داده‌های فصلی (سه ماهه) برای آزمون فرضیه اول است. در این پژوهش از متغیرهای کنترلی تغییرات فروش، سود خالص و تغییرات آن نیز در قالب داده‌های فصلی برای آزمون فرضیه اول استفاده گردید. یافته‌های پژوهش حاکی از تأییدِ دستکاری جریان‌های نقدی عملیاتی توسط شرکت‌های مورد بررسی است. دیگر نتایج حاکی از آن است که دستیابی به اهداف از قبل تعیین شده و ناتوانی و درماندگی مالی، در دستکاری جریان‌های نقدی عملیاتی مؤثر بوده‌اند.

کلیدواژه‌ها

عنوان مقاله [English]

Manipulation of operational cash flows: Empirical evidence in the Iranian capital market

نویسندگان [English]

  • Mostafa Ezadpour 1
  • Mohammad Javad Zare Bahnamiri 2
  • Behnam Poursoleymani 3
1 Assistant prof. , Department of Accounting , University of Qom , Qom , Iran.
2 Associate prof. , Department of Accounting , University of Qom , Qom , Iran.
3 MA., Department of Accounting, University of Qom, Qom, Iran.
چکیده [English]

In this research, the manipulation of operational cash flows in companies listed on the Tehran Stock Exchange companies and its motivational aspects in the form of capital market incentives (beat benchmarks (achieving predetermined goals) and financial distress) were investigated during the period of 2011-2020 in the form of seasonal and annual data. In order to do this research, 150 listed companies were investigated during the mentioned period. In order to test the hypotheses, Pooled/Panel regression analysis in the form of seasonal data, and the chi-square test in the form of annual data were used in EViews 9 software. In this research, the independent variables are the dummy variables that determine the fourth quarter and the first quarter of the financial year in the form of quarterly data to test the first hypothesis, and the variables of the levels and changes of operational cash flows and financial distress in the form of annual data to test the second hypothesis. In the current research, dependent variables include changes in working capital based on changes in the cash collection cycle and changes in net non-cash working capital as criteria for measuring the manipulation and management of operational cash flows in the form of quarterly data to test the first hypothesis. Also, in this research, the control variables of sales changes, net earnings and its changes were used in the form of seasonal data to test the first hypothesis. The findings of the research indicate the confirmation of the manipulation of operational cash flows by the investigated companies. Other results indicate that beat benchmarks (the achievement of predetermined goals) and financial distress have been effective in manipulating operational cash flows.

کلیدواژه‌ها [English]

  • Manipulation of operational cash flows
  • Capital market incentives
  • listed companies

مراجع

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چشم انداز مدیریت مالی
دوره 13، شماره 44
1402
صفحه 101-126

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