بررسی مقایسه‌ای رابطه‌های تنزیلی ارزشگذاری سهام در شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران

نوع مقاله : علمی - پژوهشی

نویسندگان

1 دانشیار، گروه حسابداری، دانشگاه اصفهان، اصفهان. ایران .

2 دانشگاه آزاد اسلامی واحد شهرکرد

چکیده

برای اتخاذ تصمیمات اصولی سرمایه­گذاری و تخصیص بهینه منابع سرمایه‌­ای باید رابطه­های قیمت­‌گذاری موجود را دائما̋ مورد بررسی قرار داد و رابطه­‌های مناسب­‌تر را معرفی نمود. لذا هدف پژوهش حاضر مقایسه دقت رابطه‌­های تنزیل سودهای نقد، تنزیل جریانات نقد، سود باقی­مانده و رشد سودهای غیرعادی در تبیین تغییرات قیمت سهام شرکت­‌های پذیرفته شده در بورس اوراق بهادار تهران طی  سال­های 1391 تا 1397 می‌­باشد. لذا برای انجام این پژوهش یک نمونه آماری شامل 105 شرکت بر اساس روش غربالگری انتخاب شده و مورد بررسی قرار گرفته است. نتایج حاصل از اجرای رابطه­ و انجام آزمون­ T نشان می­‌دهند که در بورس اوراق بهادار تهران ارزش­‌های ذاتی برآورد شده بوسیله رابطه‌­های تنزیل سودهای نقد و تنزیل جریانات نقد بیشترین همبستگی را با ارزش بازار سهام داشته ­اند. این نتایج نشان می‌­دهند که در بورس اوراق بهادار تهران اقلام نقدی سود و هم­چنین جریانات نقد بیشتر از سایر اطلاعات حسابداری به عنوان معیاری برای خرید و فروش سهام پذیرفته شده ­اند.

کلیدواژه‌ها

عنوان مقاله [English]

Comparative Investigating of Stock Valuation Discount Models in Companies Listed in Tehran Stock Exchange

نویسندگان [English]

  • Mehdi Arabsalehi 1
  • Alireza Kamali Dehkordi 2
1 Associate Prof. Department of Accounting, University of Isfahan, Isfahan, Iran.
2 Islamic Azad University, Shahrekord Branch
چکیده [English]

Stock investing decisions require information which Obtain through valuation models. Therefore, the purpose of this study is to compare the accuracy of the Dividend Discount Model, the Discounted Cash Flow Model, the Residual Earnings Model and the Abnormal Earnings Growth Model in explaining the stock price changes of listed companies in Tehran Stock Exchange during 2012-2018 (Iranian calendar 1391-1397). Target sample consists of 105 companies listed in Tehran stock exchange. Collected data were analyzed using T-test method.  The results show that in the Tehran Stock Exchange the intrinsic values estimated by the Dividend Discounted and the discounted cash flow model have the highest correlation with the market value of the stocks. These results also indicate that in the Tehran Stock Exchange These results show that cash dividends and cash flows were used more than any other information as a criterion for buying and selling stocks.

کلیدواژه‌ها [English]

  • Intrinsic Value
  • Dividend Discounted Model
  • Discounted Cash Flow Model
  • Residual Earnings Model
  • Abnormal Earnings Growth model

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چشم انداز مدیریت مالی
دوره 11، شماره 33
اردیبهشت 1400
صفحه 113-138

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