اثرپذیری تصمیم‌گیری سرمایه‌گذاران از الزامات قانونی در بازار سرمایه

نوع مقاله : علمی - پژوهشی

نویسندگان

1 دانشجوی دکتری حسابداری، دانشگاه شهید باهنر کرمان، کرمان، ایران.

2 استاد گروه حسابداری،دانشکده مدیریت و اقتصاد،دانشگاه شهید باهنر کرمان، کرمان، ایران

3 استاد گروه حسابداری، دانشگاه شهید باهنر کرمان، کرمان، ایران

چکیده

هدف: اکثر نظریه‌های مالی اقتصادی بر این فرض استوارند که سرمایه‌گذاران در زمان تصمیم‌گیری به‌صورت کاملاً عقلایی عمل می‌کنند که با نظریه انسان اقتصادی عقلایی کاملاً منطبق است. سرمایه‌گذاران به هنگام سرمایه‌گذاری تمام جوانب را در نظر می‌گیرند و عقلایی‌ترین تصمیم را اتخاذ می‌کنند. ولی در برخی مواقع عواملی باعث بروز رفتار غیرعقلایی می‌شود و نحوه تصمیم‌گیری آن‌ها را تحت تأثیر قرار می‌دهد که ناشی از ناکارایی بازارهای مالی است. یکی از مهم‌ترین وظایف نهادهای ناظر بازار سرمایه، کنترل نوسان‌ها است که این کنترل با استفاده از ابزارها و قوانین مختلف انجام می‌شود. نظارت سازمان بورس بر شرکت‌ها از طریق مکانیزم‌های نظارتی انجام می‌شود. هدف از این پژوهش بررسی مکانیزم‌های برگزاری کنفرانس‌های خبری، اطلاعیه شفاف‌سازی در خصوص نوسان قیمت سهام، اطلاعیه شفاف‌سازی در خصوص شایعه و توقف نماد معاملاتی می‌باشد.
روش: جامعه‌ی آماری این پژوهش، کلیه‌ی شرکت‌های پذیرفته شده در بورس اوراق بهادار تهران، در یک دوره‌ی 7 ساله، از سال 1394 تا 1401 می‌باشد. داده‌های مورد نیاز برای اجرای این پژوهش، از طریق بانک اطلاعاتی سازمان بورس و اوراق بهادار تهران (کدال) و نرم‌افزار رهاورد نوین جمع‌آوری ‌شده است. علاوه بر این، با استفاده از نرم‌افزارهای اکسل (به منظور جمع‌آوری و مرتب‌سازی داده‌ها)، اس پی اس اس و ایویوز به آزمون فرضیه‌ها و تجزیه‌وتحلیل یافته‌ها پرداخته شده است. پژوهش حاضر از نوع پژوهش رویدادی است که مرسوم‌ترین آزمون آماری برای مطالعات رویداد پژوهی آزمون t است. در این پژوهش برای ارزیابی الزامات قانونی در بازار سرمایه، حجم معاملات پیرامون زمان انتشار اطلاعیه‌های برگزاری کنفرانس‌های خبری، شفاف‌سازی خصوص نوسان قیمت سهام، شفاف‌سازی در خصوص شایعه و توقف نماد معاملاتی مورد مطالعه قرار گرفت.
یافته‌ها: نتایج آزمون فرضیه‌های پژوهش نشان داد که برگزاری کنفرانس خبری و اطلاعیه شفاف‌سازی در خصوص شایعه بر تصمیم‌گیری سرمایه‌گذاران تأثیری ندارد. علاوه بر این، تجزیه‌وتحلیل داده‌های پژوهش حاکی از این است که اطلاعیه شفاف‌سازی در خصوص نوسان قیمت سهام و اطلاعیه شفاف‌سازی در خصوص شایعه و توقف نماد معاملاتی بر تصمیم‌گیری سرمایه‌گذاران تأثیر دارد.
نتیجه‌گیری: یکی از مهم‌ترین عوامل مؤثر در عدم تأثیر کنفرانس‌های خبری و اطلاعیه‌های شفاف‌سازی بر تصمیمات سرمایه‌گذاران، نقص در سیستم اطلاعاتی و کارایی ضعیف بازار بورس تهران است. علاوه بر این، عدم دانش تخصصی سرمایه گذاران نیز در این پدیده نقش دارد. سرمایه‌گذاران در بازار سهام تمایل دارند اطلاعات مربوط به قیمت، بازده و عملکرد سهام شرکت‌ها را بر اخبار منتشر شده توسط رسانه ها اولویت دهند. برای ترویج سرمایه گذاری در بازارهای سهام، کشورها باید اطلاعات بهتری را در اختیار سرمایه گذاران قرار دهند. این امر می تواند با افزایش الزامات تعیین شده توسط سازمان های نظارت بر بازار سهام و ایجاد چارچوبی برای ارزیابی سیاست‌ها و رویه ها با حمایت دولت ها محقق شود. بر اساس یافته‌های پژوهش، پیشنهاد می‌شود سازمان بورس و اوراق بهادار به‌عنوان نهاد نظارتی و شرکت بورس و اوراق بهادار به‌عنوان نهاد اجرایی بازار سرمایه، قوانین و مقررات حاکم بر بازار را بررسی و بازنگری کنند.

کلیدواژه‌ها


عنوان مقاله [English]

The effectiveness of investors' decision-making from legal requirements in the capital market

نویسندگان [English]

  • Hadis Javanmard 1
  • Ahmad Khodamipour 2
  • Omid Pourheidari 3
1 Ph.D Candidate of Accounting, Shahid Bahonar University of Kerman, Kerman, Iran.
2 Professor, Department of Accounting, Shahid Bahonar University of Kerman, Kerman, Iran
3 Professor, Department of Accounting, Shahid Bahonar University of Kerman, Kerman, Iran.
چکیده [English]

Purpose: Most economic and financial theories are based on the assumption that investors act rationally when making decisions, which is consistent with the theory of rational economic man. Investors typically consider all aspects before making decisions, aiming to choose the most sensible option. However, factors can sometimes lead to irrational behavior and impact decision-making, often due to inefficiencies in financial markets. One of the key roles of capital market supervisory bodies is to control fluctuations, using various tools and laws to do so. The stock exchange organization oversees companies through supervisory mechanisms. The purpose of this research is to examine the mechanisms of holding news conferences, issuing clarification announcements regarding stock price fluctuations, addressing rumors, and suspending trading symbols.
Method: The statistical population for this research includes all firms listed on the Tehran Stock Exchange from 2015 to 2022. Data necessary for this study was gathered from the information bank of the Tehran Stock Exchange and Securities Organization (Codal) and Rahvard Novin software. Excel software was utilized for data collection and organization, while SPSS and Eviews were used to test hypotheses and analyze findings. This research follows an event study design, with the t-test being the most commonly used statistical test for such studies. The study focuses on evaluating legal requirements in the capital market by examining transaction volumes, announcements for news conferences, clarification of stock price fluctuations, dispelling of rumors, and trading symbol suspensions.
Findings: The results of the research hypotheses test showed that holding a news conference and a clarification announcement about the rumor does not affect investors' decision-making. In addition, the analysis of the research data indicates that the clarification announcement regarding the stock price fluctuation and the clarification announcement regarding the rumor and stoppage of the trading symbol affects the investors' decision-making.
Conclusion: Conclusion: One of the most significant factors contributing to the lack of influence of news conferences and clarification notices on investors' decisions is the deficiencies in the information system and the low efficiency of the Tehran Stock Exchange market. Additionally, investors' lack of specialized knowledge plays a role in this phenomenon. Investors in the stock market tend to prioritize information related to the price, yield, and performance of companies' shares over news published by media outlets. To promote investment in stock markets, countries must provide better information to investors. This can be achieved by enhancing the requirements set by stock market monitoring organizations and developing a framework for evaluating policies and procedures with the support of governments. Based on the research findings, it is recommended that the Stock Exchange and Securities Organization, as the regulatory body, and the Stock Exchange and Securities Company, as the executive entity of the capital market, review and revise the rules and regulations governing the market.

کلیدواژه‌ها [English]

  • Holding a conference
  • Clarification announcement
  • Trading symbol stop
  • Investors decision-makin
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