بررسی رفتار منطقی بورس اوراق بهادار تهران بر اساس شکست روندهای معیارهای عملکردی

نوع مقاله : علمی - پژوهشی

نویسندگان

1 استادیار گروه حسابداری، واحد تهران شرق، دانشگاه آزاد اسلامی، تهران، ایران

2 استادیار گروه مدیریت مالی، واحد تهران شرق، دانشگاه آزاد اسلامی، تهران، ایران.

چکیده

هدف این پژوهش، بررسی رفتار منطقی بورس اوراق بهادار تهران بر اساس شکست هم‌زمان روندهای بلندمدت و کوتاه‎مدت افزایشی و کاهشی معیارهای عملکردی (سود هر سهم، سود عملیاتی هر سهم، جریان وجه نقد عملیاتی هر سهم و رشد خالص دارایی‎های تعدیل‌شده هر سهم برحسب تورم) و سود نقدی است. مطابق این هدف، با توجه به نظریه­های متفاوت مالی، شش فرضیه تدوین و داده­های مالی مرتبط با 301 شرکت بورسی برای دوره زمانی سال‎های 1371 تا 1395 مورد تجزیه‌وتحلیل قرار گرفت. روش پژوهش با استفاده از روش داده‌های تابلویی با رویکرد اثرات ثابت و استفاده از آزمون­های مقایسه­ای ضرایب بررسی شد. نتایج پژوهش نشان داد که برای فرضیه اصلی اول و دوم، به‌استثنای معیار عملکردی تغییرات خالص دارایی­های هر سهم (معیار ترازنامه‏ای عملکرد)، محتوای اطلاعاتی عملکرد آتی و واکنش بازار بر اساس شکست الگوهای بلندمدت و کوتاه‎مدت افزایشی و کاهشی، برای خبر بد بیشتر از خبر خوب است؛ علاوه بر این، برای چهار فرضیه اصلی سوم تا ششم نتایج مؤید آن است که محتوای اطلاعاتی عملکرد آتی و واکنش بازار، برای مقایسه الگوهای بلندمدت و کوتاه­مدت شکست معیارهای عملکردی و سود نقدی از رفتار معقولانه و نظری پیروی نمی­کند و نتایج متناقضی را نشان می‎دهد؛ درنتیجه، این چهار فرضیه رد شد.

کلیدواژه‌ها

عنوان مقاله [English]

Investigating the Logical Behavior of Tehran Stock Exchange Based on the Failure of the trend performance criteria

نویسندگان [English]

  • Javad Nikkar 1
  • Mostafa Hashemi Tilehnouei 2
1 Assistant Prof, Department of Accounting, East Tehran Branch, Islamic Azad University, Tehran, Iran.
2 Assistant Prof, Department of Financial Management, East Tehran Branch, Islamic Azad University, Tehran, Iran.
چکیده [English]

The purpose of this study is to investigate the Logical Behavior of the Tehran stock exchange Based on the simultaneous failure of increasing and decreasing Long-term and short-term trends of performance criteria (including earnings per share, operating profit per share, operating cash flows of each share and Net growth of assets of per share adjusted by inflation (and Corporate Dividend. for this purpose, According to different financial theories, Six hypotheses are developed and data on 301 companies listed in Tehran Stock Exchange for the period between the years 1993 to 2017 are analyzed. The research method using Panel data method with fixed effects approach and using comparative tests reviewed and tested. The results showed that for the main hypothesis of the first and second, with the exception of the functional criterion, the net changes in the assets of each share, the information content of future performance and market reaction on the basis of the failure of long-term and short-term trends are increasing and decreasing for bad news is more than good news. In addition, for four main thirty to sixth hypotheses, the results show that the information content of future performance and market reaction do not follow reasonable and theoretical behavior to compare long-run and short-term patterns of failure of the performance criteria and Dividend, and Displays conflicting results. As a result, these four main hypotheses have been rejected.

کلیدواژه‌ها [English]

  • Logical behavior of stock exchange
  • Stock market Logical reaction
  • Dividend Reporting Information Content
  • Failure of Long-Term Trends Performance criteria and Dividend
  • Failure of Short-Term Trends in Performance criteria and Dividend

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