توانایی الگوهای چرخه عمر شرکت در تبیین انعطاف‌پذیری مالی (بر اساس شاخص تعدیل‌شده انعطاف‌پذیری مالی)

نوع مقاله : علمی - پژوهشی

نویسندگان

1 دانشجوی دکتری حسابداری، واحد تبریز، دانشگاه آزاد اسلامی، تبریز، ایران.

2 دانشیار،گروه حسابداری، واحد تبریز، دانشگاه آزاد اسلامی، تبریز، ایران

3 استادیار، گروه حسابداری، واحد تبریز، دانشگاه آزاد اسلامی، تبریز، ایران.

چکیده

هدف از پژوهش حاضر بررسی توانایی الگوهای مختلف چرخه عمر شرکت در تبیین انعطاف‌پذیری مالی در بازار سرمایه ایران است. بنابراین برای دستیابی به هدف پژوهش یک شاخص انعطاف‌پذیری مالی تعدیل‌شده و چند بعدی جهت انعکاس ویژگی‌های جاری بورس اوراق بهادار ایران به صورت شاخصی ترکیبی و بر اساس ‏نظرات خبرگان به روش تحلیل سلسله مراتبی و ضریب تغییرات استخراج شده است و سپس با استفاده از این معیارِ تعدیل شدهِ انعطاف‌پذیری مالی، توانایی تبیین الگوهای مختلف چرخه عمر شرکت مورد آزمون قرار گرفته است. فرضیه‌های پژوهش بر روی نمونه‌ای از 180 شرکت پذیرفته شده در بورس اوراق بهادار تهران طی سال‌های 1387 تا 1397 با استفاده از رگرسیون داده‌های ترکیبی مورد آزمون قرار گرفته است. نتایج نشان داد که به طور کلی در بین سه الگوی چرخه عمر، الگوی دیکینسون با ترکیب خالص جریان وجوه نقد ناشی از فعالیت‌های عملیاتی، سرمایه‌گذاری و تامین مالی یک شرکت، نقشه چرخه عمر شرکت را در هر تاریخی از صورت‌های مالی به طور کامل‌تر و همه جانبه‌تری فراهم می‌آورد و همین عامل توانایی تبیین این الگو را بالاتر برده است.

کلیدواژه‌ها

عنوان مقاله [English]

The Ability of Firm Life Cycle Patterns in Explaining Financial Flexibility (Based on the Adjusted Financial Flexibility Index)

نویسندگان [English]

  • Vahid Taghavi Fardoud 1
  • Rasoul Baradaran Hasanzadeh 2
  • Ahmad Mohammadi 3
1 Ph.D. Candidate in Accounting, Tabriz branch, Islamic Azad University, Tabriz, Iran.
2 Associate Prof, Department of Accounting, Tabriz branch, Islamic Azad University, Tabriz, Iran
3 Assistant Prof, Department of Accounting, Tabriz branch, Islamic Azad University, Tabriz, Iran
چکیده [English]

The purpose of the present study is to investigate the ability of different models of firm life cycle in explaining financial flexibility in Iran Stock Exchange. Therefore, to achieve the research objective, an adjusted and multidimensional financial flexibility index to reflect the current characteristics of the Iranian Stock Exchange in the form of composite index based on the experts' views using the hierarchical analysis method and the coefficient of variation was extracted, and then using this adjusted criterion of financial flexibility, the ability of different patterns of firm life cycle to explain financial flexibility was tested. The research hypotheses were tested on a sample of 180 companies listed on the Tehran Stock Exchange during the years 2009 to 2019 using panel data regression. The results showed that generally, among the three life cycle models, the Dickinson model combines the net cash flow from operating, investing and financing activities of a company and provides a more complete and comprehensive life cycle map of the company at any date of financial statements, and this reason has increased the ability of Dickinson’s model in explaining financial flexibility.

کلیدواژه‌ها [English]

  • Firm Life Cycle
  • Financial Flexibility
  • Growth
  • Maturity
  • Decline

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