آزمون نظریه علامت دهی مالی شرکتی در راستای مدیریت عدم تقارن اطلاعاتی

نوع مقاله : مقاله پژوهشی

نویسندگان

1 دانشجوی دکتری مدیریت مالی، گروه مدیریت، دانشگاه اصفهان، اصفهان، ایران.

2 دانشیار، گروه مدیریت، دانشگاه اصفهان، اصفهان، ایران .

3 استاد، گروه اقتصاد، دانشگاه اصفهان، اصفهان، ایران.

چکیده

نظریه علامت‌دهی حاکی از نقش علامت در مدیریت بازار سهام شرکت وعدم تقارن اطلاعات است تا با کاهش نرخ تنزیل به حداکثرسازی ثروت سهامدار کمک شود. هدف این پژوهش مشخص کردن علامت-های مالی شرکتی است که مدیران بتوانند با ارائه آنها رابطه عدم تقارن اطلاعات و بازده مورد توقع را تعدیل کنند تا از هزینه علامت دهی اضافه جلوگیری کنند. لذا با استفاده از سه علامت مالی شرکتی، سه معیار بازده مورد توقع و یک معیار عدم تقارن اطلاعات (PIN)، 18 راهبرد مدیریت عدم تقارن اطلاعات طراحی و آزمون شد. روش آزمون فرضیه ها رگرسیون تابلویی نامتوازن و جامعه مورد مطالعه 261 شرکت پذیرفته شده در بورس اوراق بهادار تهران و فرابورس ایران از سال 1387 تا 1398 است که درآن تفاوت رابطه عدم تقارن و هزینه سرمایه بین شرکت‌های علامت داده با شرکت‌های علامت نداده مطالعه شد. نتایج حاکی از آن است که از راهبردهای بررسی شده علامت نسبت بدهی و تمرکز مالکیت رابطه نرخ تنزیل حاصل از مدل گوردون با عدم تقارن اطلاعات و علامت سود تقسیمی رابطه نرخ تنزیل حاصل از CAPM را با عدم تقارن اطلاعات را تعدیل کرده است.

کلیدواژه‌ها

عنوان مقاله [English]

Analyzing the Corporate Financial Signaling Theory in Order to Manage Information Asymmetry

نویسندگان [English]

  • Zahra Mohammadian 1
  • Saeed Fathi 2
  • Karim Azarbayejani 3
1 ِDepartment of Management, Faculty of Administrative Sciences and Economics, University of Isfahan, Isfahan, Iran.
2 Associate Prof, Department of Management, University of Isfahan, Isfahan, Iran.
3 Professor, Department of Economics, University of Isfahan, Isfahan, Iran.
چکیده [English]

The theory of signaling indicates the role of the signal in the management of the company's stock market. Information asymmetry that cannot be removed for confidentiality reduces shareholders` wealth. But by sending a signal (dividend ratio, debt ratio, ownership concentration), the relationship between information asymmetry and discount rate is adjusted, leading to increasing the wealth of shareholders. Due to the cost of signaling for companies, error signaling strategy that do not benefit the shareholders, reduces the shareholders` wealth. Using three corporate financial signals, three required return proxy and one information asymmetry proxy, 18 information asymmetry management strategies were designed and tested. With the information of 300 companies listed on the Tehran Stock Exchange and the OTC market of Iran from 2008 to 2020, the difference between the relationship of information asymmetry (PIN) and the cost of capital between signaled and not signaled companies was studied. The results indicate that debt ratio and ownership concentration signals have been able to moderate the relationship between the discount rate resulting from the Gordon model and information asymmetry. In addition, the dividend ratio signal has been able to moderate the relationship between the discount rate of CAPM and information asymmetry.

کلیدواژه‌ها [English]

  • Information asymmetry
  • Debt ratio
  • Dividend ratio
  • Capital cost
  • Ownership concentration

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چشم انداز مدیریت مالی
دوره 11، شماره 36
دی 1400
صفحه 145-172

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