بررسی عوامل موثر بر خط مشی های بدهی شرکت های پذیرفته شده در بورس اوراق بهادار تهران

نوع مقاله : علمی - پژوهشی

نویسندگان

1 کارشناس ارشد مدیریت مالی، گروه مدیریت مالی، واحد قزوین، دانشگاه آزاد اسلامی، قزوین، ایران

2 استادیار گروه مدیریت مالی، واحد قزوین، دانشگاه آزاد اسلامی، قزوین، ایران(نویسنده مسئول).

چکیده

همواره یکی از شاخص‌های تأثیرگذار در موفقیت شرکت‌ها، قدرت مالی شرکت است و بی‌شک ساختار سرمایه، نقشی کلیدی در این زمینه ایفا می‌کند. این پژوهش تأثیر خط‌مشی‌های اولیه بدهی بر خط‌مشی‌های آینده بدهی در شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران در بازه زمانی سال‌های 1380 تا 1394 را مورد‌ارزیابی قرار می‌دهد. در‌این‌راستا، ضمن بررسی تأثیر عوامل ویژه شرکت بر خط‌مشی‌های بدهی، به این پرسش نیز پاسخ داده می‌شود که آیا منفک‌شدن بالاترین مقام اجرایی شرکت‌ها بر سیاست‌های بدهی آن‌ها تأثیرگذار خواهد بود؟ در این پژوهش با‌استفاده‌از روش حذف سیستماتیک تعداد 115 شرکت به‌عنوان نمونه آماری انتخاب شد و با‌استفاده‌از مطالعات میدانی داده‌های موردنیاز گردآوری شده است. برای تجزیه‌وتحلیل داده‌ها و بررسی روابط بین متغیر‌ها از مدل رگرسیون خطی چند‌متغیره بهره جسته و روش آماری داده‌های پانل استفاده شده است. نتایج آزمون فرضیه‌ها نشان می‌دهد که تأثیر سیاست‌های اولیه بدهی بر سیاست‌های آینده بدهی معنادار نیست ولی تأثیر عوامل ویژه شرکت بر خط‌مشی‌های بدهی شرکت‌ها بااهمیت است؛ همچنین نتایج بررسی‌ها نشان می‌دهد که منفک‌شدن مدیرعامل یا بالاترین مقام اجرایی شرکت‌ها تأثیر معناداری بر سیاست‌های بدهی ندارد.

کلیدواژه‌ها

عنوان مقاله [English]

Investigating Factors Affecting Debt Policies of Companies Accepted in Tehran Stock Exchange

نویسندگان [English]

  • Mohamadmahdi Azadi 1
  • Amir Mohamadzadeh 2
1 Islamic Azad University, Qazvin Branch, Department of Management and Accounting, Qazvin, Iran
2 Department of Financial Management, Qazvin Branch, Islamic Azad University, Qazvin, Iran(Corresponding Author)t
چکیده [English]

Financial strength has always been, one of the influencing factors for the success of companies, and undoubtedly the company's capital structure, plays a key role in this context. Therefore, Capital structure and the influencing factors are the issues of interest for the researchers, especially in providing of finance. This study evaluated the impact of initial debt policy on Future debt policy, in the companies listed on Tehran Stock Exchange for the period of 2001 to 2015. In the following, along with the assessment the impact of particular Company’s factors on liabilities policy, this question is going to be answered that whether Chief Executive Office departure has effect on their liabilities policy? This research has the practical goal and the results of it are ex-post. With Systematic elimination, 115 cooperation companies have been chosen as a sample, and by the help of field study, the required data have been gathered.To analyze data and to assess relationships between variables, multivariate linear regression model and Statistical methods of panel data were used. The first hypothesis test results, show that the impact of initial liabilities policy on future liabilities policy is not significant. In the second hypothesis particular factors affecting on the company's liabilities policy examined and the results show the importance of the particular factors effects, on the company's liabilities policy. Based on test results in the third hypothesis, we come to this conclusion that the Chief Executive Office departure has no significant impact on corporate liabilities policy.

کلیدواژه‌ها [English]

  • Debt policy
  • leverage
  • Debt maturity
  • Debt granularity
  • Debt specialization

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