عوامل مؤثر بر ساختار سرمایه‌ی شرکت‌ها با تأکید بر چرخه تجاری

نوع مقاله : مقاله پژوهشی

نویسندگان

1 کارشناس ارشد گروه حسابداری، دانشکده علوم انسانی، واحد بناب، دانشگاه آزاد اسلامی، بناب، ایران

2 استادیار حسابداری دانشگاه آزاد اسلامی، دانشکده علوم انسانی، واحد بناب، دانشگاه آزاد اسلامی، بناب، ایران.

چکیده

ساختار سرمایه به عنوان مهم‌ترین پارامتر مؤثر بر ارزش‌گذاری و جهت‌گیری بنگاه اقتصادی در بازارهای سرمایه مطرح شده است. هدف این پژوهش بررسی عوامل مؤثر بر ساختار سرمایه‌ی شرکت‌ها با تأکید بر چرخه تجاری در شرکت‌های پذیرفته شده در بورس اوراق بهادار تهران می‌باشد. در این پژوهش، تعداد 102 شرکت در بورس اوراق بهادار تهران طی سال‌های 1392- 1385 مورد بررسی قرار گرفت که از 816 نمونه سال - شرکت این پژوهش بر اساس مدل چرخه تجاری؛ تعداد 483 سال - شرکت در دوره رکود به سر برده و 333 سال - شرکت در دوره رونق به سر می برند. پژوهش حاضر از لحاظ هدف کاربردی و روش پژوهش از نوع همبستگی و علّی پس رویدادی و روش آزمون فرضیه‌ها، آزمون همبستگی و رگرسیون کلاسیک است. نتایج پژوهش نشان می‌دهد که معیارهای سودآوری، اندازه شرکت، دارایی‌های مشهود و ریسک تجاری به عنوان متغیرهای مستقل بر ساختار سرمایه شرکت‌ها به عنوان متغیر وابسته؛ تأثیر معنی‌دار و قوی دارند.

کلیدواژه‌ها

عنوان مقاله [English]

Factors influencing Capital Structure of Companies with Emphasis on the Business Cycle

نویسندگان [English]

  • Hassan Hassani 1
  • Asgar Pakmaram 2
1 Master of Accountancy Azad University Bonab
2 Finance and Accounting Assistant Branch Chief of Department BONAB postgraduate and auditing and doctoral accounting
چکیده [English]

Capital structure as the most important and effective parameter on the orientation and valuation of the firm in the capital markets has been considered. The purpose of this study is to investigate the factors affecting the company's capital structure with an emphasis on the business cycle in the companies listed in Tehran Stock Exchange. In this study, 102 companies in Tehran Stock Exchange during the years 2007 to 2014 were studied; among the 816 firms-year based on business model in this research; 483 firms-year from recession period and 333 firms-year from prosperity. The study in terms of purpose is applied and the research method is correlation and causal after events and hypothesis testing is correlation and classic regression tests. The results show that the criteria of profitability, firm size, tangible assets and business risk have significant and strong effects (as the company's independent variables) on capital structure (as the dependent variable).

کلیدواژه‌ها [English]

  • Capital Structure
  • Economic Cycle
  • Profitability
  • Tangible Assets
  • Concentration Ownership

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سابقه مقاله

  • تاریخ دریافت: 17 شهریور 1395
  • تاریخ بازنگری: 22 فروردین 1396
  • تاریخ پذیرش: 03 خرداد 1396

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