تأثیر انحراف از ساختار سرمایۀ هدف بر ارزش شرکت

نوع مقاله : علمی - پژوهشی

نویسنده

استادیار گروه حسابداری، دانشگاه بوعلی سینا، همدان، ایران

چکیده

طبق نظریه توازن، شرکت‌ها دارای ساختار سرمایه هدف (یا بهینه) هستند که در آن، ارزش شرکت دارای حداکثر مقدار خود است و هر گونه انحراف از آن، موجب کاهش ارزش شرکت می­شود. در این پژوهش با پیروی از مبانی نظری موجود، متغیرهای تبیین‌کننده ساختار سرمایه انتخاب شده، با استفاده از آن‌ها میزان انحراف ساختار سرمایه واقعی شرکت‌ها از ساختار هدف آن‌ها سنجیده شده و سپس تأثیر انحراف از ساختار سرمایه هدف بر ارزش شرکت بررسی شده است. بدین‌منظور از داده‌های 148 شرکت پذیرفته‌شده در «بورس اوراق بهادار تهران» در بازه زمانی سال­های 1386-1396، رویکرد داده‌های ترکیبی و نیز رویکرد کنترل اثرات سال‌ها و صنایع استفاده شده است. نتایج پژوهش نشان می­دهد که با افزایش در انحراف ساختار سرمایه، ارزش شرکت کاهش می‌یابد. نتایج تحلیل‌های تکمیلی در شرکت‌هایی با ساختار سرمایه بیش‌اهرمی و کم­اهرمی و نیز نتایج تحلیل‌های تکمیلی با استفاده از یک مجموعه جایگزین از متغیرهای تبیین‌کننده ساختار سرمایه به­منظور سنجش میزان انحراف ساختار سرمایه، با یافته‌های اصلی پژوهش هم­خوانی دارد. یافته‌های پژوهش با پیش‌بینی‌های مطرح در نظریه توازن سازگار است.

کلیدواژه‌ها

عنوان مقاله [English]

The Deviation from Target Capital Structure and Firms’ Value

نویسنده [English]

  • Abbas Aflatooni
Assistant Prof, Department of Accounting, Bu-Ali Sina University, Hamedan, Iran
چکیده [English]

The Trade-off theory states that firms have a target (or an optimal) capital structure that maximizes the firm’s value and any deviation can decrease the firm’s value. Following the existing literature, this paper selects the capital structure determinants and using them calculates the deviation of firms’ actual capital structure from their target level, and finanlly investigates the effect of deviation from target capital structure on firms’ value. To this end, this papes uses data from 148 firms listed in Tehran Stock Exchange during 2007-2017 and also applies panel data approach and the approach to control the industry and year effects. The results indicate that an increase in deviation from the target capital structure decreases the firm’s value. The results of complementary analyses in over and under levered firms and also, the results of complementary analyses using an alternative set of capital structure determinant to calculate the capital structure deviation are consistent with the research primary results. The research results are consistent with the notions presented in Trade-off theory.

کلیدواژه‌ها [English]

  • Target capital structure
  • capital structure deviation
  • firm's value
  • Trade-off theory

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