تببین نقش منابع تامین مالی ادغام و اکتساب بر عملکرد شرکت ها بر اساس نظریه سلسله مراتبی

نوع مقاله : مقاله پژوهشی

نویسندگان

1 گروه مدیریت مالی- مهندسی مالی، واحد بابل، دانشگاه آزاد اسلامی، بابل، ایران.

2 گروه مدیریت مالی، واحد بابل، دانشگاه آزاد اسلامی، بابل، ایران

3 گروه اقتصاد، واحدبابل،دانشگاه آزاداسلامی،بابل،ایران

چکیده

هدف پژوهش حاضر بررسی تئوری سلسله‌مراتبی در تبیین نقش منابع تأمین‌مالی برعملکرد شرکت‌های تصاحب شده طی سال‌های 1394 تا 1398می‌باشد. در این پژوهش روش‌های تأمین‌مالی، با استفاده از مدل سلسله‌مراتبی از متغیرهای سود انباشته، نسبت بدهی و اهرم مالی سنجیده می‌شود و برای اندازه‌گیری عملکرد شرکت از متغیرهای بازده حقوق صاحبان سهام، بازده دارایی‌ها و نسبت کیوتوبین استفاده شده است. نتایج این پژوهش با استفاده از رگرسیون داده‌های ترکیبی نشان می‌دهد هرچه شرکت از سودانباشته به میزان بیشتری برای تأمین‌مالی استفاده نماید، موجب افزایش بازده حقوق صاحبان سهام و بازده دارایی‌ها و بهبود عملکرد شرکت می‌شود. همچنین، افزایش نسبت بدهی به عنوان منبع تأمین‌مالی موجب افزایش بازده حقوق صاحبان می‌گردد و این در حالی است که با افزایش اهرم مالی، بازده حقوق صاحبان سهام و نرخ بازده دارایی‌ها کاهش می‌یابد. همچنین در این پژوهش هیچ‌گونه رابطه معنی‌داری بین منابع تأمین‌مالی و ارزش شرکت مشاهده نگردید.

کلیدواژه‌ها


عنوان مقاله [English]

Explaining the Role of Sources of Financing Mergers and Acquisitions on the Company's Performance based on Pecking Order Theory

نویسندگان [English]

  • Fatemeh Maleki amiri 1
  • Seyed Ali Nabavi Chashmi 2
  • Erfan Memarian 3
1 Department of Financial engineering , Babol Branch, Islamic Azad University, Babol, Iran
2 Department of Finance, Babol Branch, Islamic Azad University, Babol, Iran.
3 Department of Economic, Babol Branch, Islamic Azad University, Babol, Iran
چکیده [English]

The purpose of this study is to explain the role of financing sources mergers and acquisitions on corporate performance based on Pecking Order Theory. What distinguishes this research from other mergers and acquisitions is the variable financing methods that are measured using a Pecking Order Theory of debt ratios, accumulated profits, and financial leverage. And to measure the firm's performance, variables such as equity returns, asset returns and the Kyotubin ratio are used.This study, using regression data on a sample of companies listed in the Tehran Stock Exchange that were acquired by other companies during the years 1391 to 1395, It shows that the source of financing of mergers and acquisitions has a different impact on the performance of the company. Whatever the company uses its debt ratio to fund, the company's performance has changed, increasing equity returns and decreasing returns on corporate assets. Also, increasing Retained earnings and Leverage as a source of financing , has increased the rate of return on assets and corporate performance, but the return on equity and value of the company has not changed.

کلیدواژه‌ها [English]

  • Financing sources
  • Merger and Acquisition
  • Company Performance
  • Pecking Order Theory
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