اثر گزارشات تحلیلی سامانه تدان بر کارایی اطلاعاتی بورس اوراق بهادار تهران

نوع مقاله : علمی - پژوهشی

نویسندگان

1 کارشناسی ارشد حسابداری، دانشگاه فردوسی مشهد، خراسان رضوی ، ایران.

2 دانشیار، گروه حسابداری، دانشگاه فردوسی مشهد، خراسان رضوی ، ایران

3 دانشیار، گروه حسابداری، دانشگاه فردوسی مشهد، خراسان رضوی، ایران.

چکیده

کارایی اطلاعاتی، یک متغیر با اهمیت در بازارهای مالی است چراکه جریان سرمایه و تخصیص بهینه منابع را تحت تاثیر قرار می‌دهد. از این رو، متولیان بازارهای مالی به دنبال بهبود هر چه بیشتر کارایی اطلاعاتی می­باشند. بر این اساس، در سال­های اخیر، سامانه تدان، برای فراهم آوردن بستری برای ارایه گزارشات تحلیل گران در بازار سرمایه ایجاد شده است. هدف این پژوهش، بررسی تجربی میزان اثرگذاری گزارشات تحلیل‌‌گران در سامانه تدان بر کارایی اطلاعاتی است. بدین منظور اثر گزارشات تحلیل‌گران در سامانه تدان بصورت کلی و همچنین بصورت طبقه‌بندی شده بر کارایی اطلاعاتی ۲۹۱ شرکت پذیرفته شده در بورس اوراق بهادار تهران طی سال‌های ۱۳۹۴ تا ۱۳۹۸ با استفاده از رگرسیون چند متغیره مورد بررسی قرار گرفت. کارایی اطلاعاتی در این پژوهش با استفاده از دو روش نسبت واریانس و مدل سه عاملی فاما و فرنچ محاسبه گردید. در مجموع، نتایج این پژوهش بیان‌گر عدم تاثیرگذاری گزارشات سامانه تدان بر کارایی اطلاعاتی شرکت‌های بورس اوراق بهادار تهران است. انواع آزمون­های اضافی و تحلیل حساسیت، حاکی از استحکام این نتایج می­باشد.

کلیدواژه‌ها


عنوان مقاله [English]

The impact of Tedan system analytical reports on the informational efficiency of Tehran Stock Exchange

نویسندگان [English]

  • Morteza Rafiee 1
  • Reza Hesarzadeh 2
  • Farzaneh Nasirzadeh 3
1 MA in Accounting, Department of Accounting, Ferdowsi University of Mashhad, Razavi Khorasan, Iran.
2 Associate Prof, Department of Accounting, Ferdowsi University of Mashhad, Razavi Khorasan, Iran.
3 Associate Prof, Department of Accounting, Ferdowsi University of Mashhad, Razavi Khorasan, Iran.
چکیده [English]

Informational efficiency is an influential variable in financial markets that affects the flow of capital and the optimal allocation of resources. There is extensive literature on the factors affecting information efficiency and our aim in this study is to examine the reports of analysts as one of the factors affecting this variable. For this purpose, the effect of analysts' reports in the Tedan system in general and also in a classified way on the information efficiency of 291 companies listed on the Tehran Stock Exchange during the years 2015 to 2020 was studied using multivariate regression. The information efficiency in this study has been calculated by two methods of variance ratio and Fama and French three-factor model and the results indicate that the Tedan system reports do not affect the information efficiency of Tehran Stock Exchange companies.

کلیدواژه‌ها [English]

  • Information efficiency
  • Tedan system
  • Analytical reports
  • Variance ratio
  • Fama and French three-factor model
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