احساسات سرمایه‌گذاران و تصمیم‌های تامین مالی در بورس اوراق بهادار تهران

نوع مقاله : مقاله پژوهشی

نویسندگان

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

2 کارشناسی ارشد حسابداری، دانشگاه قم، قم، ایران.

چکیده

در پارادایم مالی رفتاری، احساسات سرمایه‌گذاران می‌تواند در تعیین قیمت اوراق بهادار و متعاقب آن هزینه‌های تامین مالی نقش پررنگی داشته باشد. از این رو پژوهش حاضر به مطالعه رابطه احساسات سرمایه‌گذاران و تصمیم‌های تامین مالی می‌پردازد.  از داده‌های 201 شرکت پذیرفته شده در بورس اوراق بهادار تهران طی سالهای 1390 تا 1398 و رویکرد کنترل اثرات سالها و صنایع استفاده شد. نتایج نشان می‌دهد با افزایش احساسات سرمایه‌گذاران، فاصله اهرم از اهرم هدف کاهش می‌یابد. این رابطه در شرکت‌هایی که اهرم بالاتر از اهرم هدف دارند (نسبت به شرکت‌های دسته مقابل)، قوی‌تر است. بین احساسات سرمایه‌گذاران و انتشار سهام رابطه مستقیم وجود ندارد، لذا احساسات سرمایه‌گذاران، شرکت‌ها را تشویق به انتشار سهام نمی‌نماید. رابطه احساسات سرمایه‌گذاران با انتشار بدهی نیز برخلاف نظریه سوگیری مدیران، معنی‌دار نیست. نتایج آزمون‌های تکمیلی در شرکت‌هایی که احتمال درماندگی مالی در آن‌ها زیاد است، نشان داد در شرکت‌هایی که سیاست‌های مالی آن‌ها مبتنی بر سطوح بالای اهرم است، احساس سرمایه‌گذاران شرکت‌ها را به سمت انتشار سهام و بازخرید بدهی سوق می‌دهد. شرکت‌های کوچک نیز با افزایش احساسات سرمایه‌گذاران، دست به انتشار سهام می‌زنند. اما پایین بودن سطح نگهداشت وجوه نقد، رابطه بین احساسات و انتشار سهام یا بدهی را تحت تاثیر قرار نمی‌دهد.

کلیدواژه‌ها


عنوان مقاله [English]

Investor Sentiment and Financing Decisions in Tehran Stock Exchange

نویسندگان [English]

  • Manijeh Ramsheh 1
  • Atefe Janati Manzari 2
  • maryam dadpanah 2
1 Assistant Prof, Department of Accountnig, University of Qom, Qom, Iran .
2 MSc in Accountnig, University of Qom, Qom, Iran.
چکیده [English]

Behavioral finance explains contradictory patterns with market efficiency hypotheses with behavioral biases. One of the most common price patterns in the stock market is the pattern of momentum, which can be driven by investors' adjustment and anchoring bias and disposition effect. In this study, the role of adjustment and anchoring bias and disposition effect on the formation of momentum returns on the Tehran Stock Exchange are examined. Using the portfolio study method and the data of the research period of 2007-2016, it was found that investors are more affected by adjustment and anchoring bias compared to disposition effect and form a pattern of momentum by reversing against the maximum price thresholds with a one-year period as the reference price. Also, among the maximum thresholds, investors are most affected by the maximum price of 26 weeks with a six-month waiting period, and further analysis and analysis using the Fama-Macbeth regression and the Fama-French three-factor model confirm these results.

کلیدواژه‌ها [English]

  • Investor Sentiment
  • Financing
  • Principal Component Analysis
  • Catering Theory
  • Manager Bias Theory
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