اثر حضور دولت در ساختار سرمایه بر رابطه سرمایه فکری و تصمیمات تأمین مالی در شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران با استفاده از مدل‌یابی معادلات ساختاری

نوع مقاله : علمی - پژوهشی

نویسنده

استادیار گروه حسابداری، دانشگاه الزهراء(س) ، تهران، ایران

چکیده

هدف اصلی این پژوهش، بررسی اثر مالکیت دولتی بر رابطه بین سرمایه فکری و تصمیمات تأمین مالی شرکت­های پذیرفته‌شده در «بورس اوراق بهادار تهران» است. مطالعات تجربی عوامل دیگری را شناسایی کرده­اند که با تصمیمات تأمین مالی مرتبط بوده و بر کارایی سرمایه فکری نیز تأثیرگذار هستند؛ بنابراین در این پژوهش، علاوه بر بررسی اثر سرمایه فکری و ابعاد آن بر تصمیمات تأمین مالی، اثر تعدیل‌کننده مالکیت دولتی بر رابطه سرمایه فکری و تصمیمات تأمین مالی نیز بررسی شده است. به‌منظور دستیابی به هدف پژوهش، دو فرضیه اصلی و دوازده فرضیه فرعی تدوین شد. نمونه پژوهش شامل 107 شرکت پذیرفته‌شده در «بورس اوراق بهادار تهران» طی بازه زمانی 1389 تا 1397 است. سرمایه فکری با استفاده از مدل پالیک و اهرم مالی با استفاده از دو شاخص اهرم دفتری و نسبت پوشش بهره اندازه­گیری شده است. برای آزمون فرضیه­ها و مدل مفهومی پژوهش نیز روش مدل­یابی معادلات ساختاری به­کار رفت. نتیجه پژوهش نشان­دهنده اثر مثبت سرمایه فکری بر استفاده از بدهی در ساختار سرمایه است. نتایج همچنین نشان داد که حضور مالکیت دولتی سبب افزایش شدت رابطه مثبت سرمایه فکری و استقراض می­شود. 

کلیدواژه‌ها

عنوان مقاله [English]

Effect of Government Presence in Capital Structure on the Relationship between Intellectual Capital and Financing Decisions in Listed Companies in Tehran Stock Exchange Using Structural Equation Modeling

نویسنده [English]

  • Parisa Saadat Behbahaninia
Assistant Prof, Department of Accounting, Alzahra University, Tehran, Iran
چکیده [English]

     The main purpose of present research is to investigate the effect of governmental ownership on the relationship between intellectual capital and financing decision. Empirical studies have identified other factors which are related to financing decisions and influence the intellectual capital efficiency. Therefore, in this research in addition to investigating the effect of intellectual capital and its dimensions on financing decisions, the moderating role of governmental ownership on the relationship between intellectual capital and financing decision has been considered as well. In order to attaining research goal, two main hypotheses and twelve sub-hypotheses have been provided. Research sample consisted of 107 listed companies in Tehran stock exchange for period from 2010 to 2018. Intellectual capital was calculated by Pulik model and leverage was measured by book leverage and interest rate ratio. Results show the positive effect of intellectual capital on using debts in capital structure. Also, results show that governmental ownership can enhance the positive relationship between intellectual capital and borrowing.

کلیدواژه‌ها [English]

  • Government Ownership
  • Intellectual Capital
  • Financial Leverage
  • Structural Equation Modeling

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چشم انداز مدیریت مالی
دوره 10، شماره 29 - شماره پیاپی 29
اردیبهشت 1399
صفحه 167-187

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