اثر اهرم مالی و جریان وجه نقد آزاد بر سرعت تعدیل نگهداشت وجه نقد

نوع مقاله: مقاله پژوهشی

نویسندگان

1 دانشیار گروه حسابداری، دانشگاه مازندران،

2 دانشجوی کارشناسی ارشد، دانشگاه مازندران

چکیده

پژوهش حاضر درصدد بررسی تأثیر اهرم مالی و جریان وجه نقد آزاد بر سرعت تعدیل نگهداشت وجه نقد است. اهمیت پژوهش حاضر ازاین‌جهت است که یافته‌های آن می‌تواند از جهت مدیریت کارای وجه نقد در جهت رسیدن به وجه نقد بهینه و تبیین سیاست بهینه وجه نقد مفید باشد به همین منظور داده‌های مربوط به تعداد 60 شرکت پذیرفته‌شده در بورس اوراق بهادار تهران طی دوره مالی 1382 تا 1394 به روش رگرسیونی تحلیل ترکیبی داده‌ها و سری زمانی مورد تجزیه تحلیل قرار گرفتند. نتایج بیانگر این است که بین اهرم مالی و جریان وجه نقد آزاد با سرعت تعدیل نگهداشت وجه نقد رابطه‌ی مستقیم وجود دارد و این ارتباط در حالت کسری وجه نقد صادق بوده ولی در حالت مازاد وجه نقد این ارتباط وجود ندارد. این یافته‌ها می‌تواند تأکید مجددی بر نیاز به مدیریت وجه نقد توسط مدیران، جهت دستیابی به تصمیمات وجه نقد بهینه باشد.

کلیدواژه‌ها


عنوان مقاله [English]

The Effect of Leverage and Free Cash Flow on the Cash Holding

نویسندگان [English]

  • Hossien Fakhari 1
  • Ahmad Asadzadeh 2
1 Accounting Faculty Member
2 Master student of accounting /Mazandaran
چکیده [English]

The aim of this study is to investigate the effect of leverage and free cash flow on the cash holding adjustments. This study is significant as its finding can be of help in the efficient management of cash holding for achievement of optimal cash and in establishment of a good policy for cash management. Therefore, in this study, information about 60 companies in Tehran Stock Exchange during 2003 to 2015 is gathered and analyzed with the Regression Method. The findings show that there is a direct relationship between the leverage and free cash flow with the cash holding adjustments. This relationship is as same as in the companies with the deficit but this relationship does not exist in the companies with the excess cash holding. These findings can be an emphasis on the need of cash management to achieve optimal cash decisions.

کلیدواژه‌ها [English]

  • Optimal Cash
  • Adjustment Speeds for Cash Holding
  • Leverage
  • Free Cash Flow

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