بررسی بی ثباتی پولی و مالی بر نقدشوندگی سهام صنایع انرژی بر

نوع مقاله : علمی - پژوهشی

نویسندگان

1 کارشناسی ارشد اقتصاد انرژی، دانشکده کسب و کار و اقتصاد، دانشگاه خلیج فارس، بوشهر، ایران.

2 استادیار، گروه اقتصاد، دانشکده کسب و کار و اقتصاد، دانشگاه خلیج فارس، بوشهر، ایران

3 استادیار، گروه اقتصاد، دانشکده کسب و کار و اقتصاد، دانشگاه خلیج فارس. بوشهر، ایران.

چکیده

بازارهای سرمایه با هدف تخصیص و تجهیز منابع ایجاد شده‌اند. یکی از مهم­ترین وظایف این بازار تأمین نقدشوندگی است. با توجه به اینکه نقدشوندگی نوعی ریسک برای دارایی های مالی تلقی می­شود و در دهه­های اخیر نیز مورد توجه بسیاری از متخصصین اقتصادی بوده است، لذا بررسی تغییرات در سیاست های پولی و مالی و اثر آن بر  نقدشوندگی حائز اهمیت بوده و گامی مؤثر در جهت دهی به بازار سرمایه است. در این پژوهش با استفاده از مدل خودرگرسیون برداری ساختاری (SVAR) به بررسی تأثیر بی ثباتی­های پولی و مالی بر نقدشوندگی سهام صنایع انرژی بر پرداخته ‌شده است. داده‌های مورد استفاده نیز داده­های 43 شرکت فعال در صنایع انرژی بر بورس اوراق بهادار برای بازه زمانی 1387 تا 1396 است. نتایج پژوهش حاکی از این بوده است که بی ثباتی پولی و مالی تأثیر منفی بر نقدشوندگی سهام صنایع انرژی­بر دارند.

کلیدواژه‌ها


عنوان مقاله [English]

The Effect of Monetary and Financial Instability on Energy-Intensive Industries Stocks

نویسندگان [English]

  • Sara Beiranvand 1
  • Mohammad Rezaei 2
  • Hadi Keshavarz 3
1 Master of Energy Economics, Faculty of Business and Economics, Persian Gulf University, Bushehr, Iran.
2 Assistant Prof, Department of Economics, Faculty of Business and Economics, Persian Gulf University, Bushehr, Iran
3 Assistant Prof, Department of Economics, Faculty of Business and Economics, Persian Gulf University, Bushehr, Iran.
چکیده [English]

Capital markets are created with the goal of allocating and equipping resources, and one of the most important tasks of these markets is to provide liquidity. A minimum of liquidity is essential for the survival of the capital market.  Given that liquidity is considered a type of risk for financial assets and in recent decades has been considered by many economists, so the study of monetary and fiscal policy shocks and their effect on liquidity is important. It is a significant step in orienting the capital market. In this study, using the Structural vector autoregressive (SVAR) model, the impact of monetary and financial instabilities on the liquidity of energy industry stocks has been investigated. The data used are 43 companies active in the energy industry on the stock exchange for 2008  to 2018. The results indicate that monetary and financial instability have a negative impact on the liquidity of energy-intensive industries.

کلیدواژه‌ها [English]

  • liquidity
  • Energy stocks
  • Monetary instability
  • Financial instability
  • Structural vector autoregression model
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