بررسی تاثیر سیاست تقسیم سود بر ارزش ذاتی شرکت در بورس اوراق بهادار تهران

نوع مقاله : مقاله پژوهشی

نویسندگان

1 استادیار گروه مدیریت مالی و مهندسی مالی، دانشگاه خوارزمی، تهران، ایران

2 کارشناسی ارشد مهندسی مالی، دانشکده علوم مالی، دانشگاه خوارزمی، تهران، ایران.

3 استادیار گروه مدیریت مالی و مهندسی مالی، دانشکده علوم مالی، دانشگاه خوارزمی، تهران، ایران

چکیده

تقسیم سود به عنوان عاملی مهم و اثرگذار در ارزش سهام و در نتیجه ارزش بازار شرکت شناخته می‌شود. می‌توان گفت، سود تقسیمی (نقدی) همواره برای سرمایه‌گذاران و سهام‌داران از اهمیت بالایی برخوردار بوده است.  از این رو در این پژوهش، به بررسی اثر سیاست تقسیم سود بر ارزش شرکت با در نظرگرفتن اصول بنیادین شرکت و همچنین، تأثیر اندازه شرکت بر این ارتباط پرداخته و در انتها، مقدار صرف سود تقسیمی در این دوره ارائه شده است. به منظور دستیابی به هدف پژوهش، 93 شرکت پذیرفته شده در بورس اوراق بهادار تهران در طول دوره زمانی 8 ساله (1391-1398) 744 سال-شرکت با بکارگیری روش رگرسیون داده‌های پانل صورت گرفته است. رابطه بین سود تقسیمی پرداختی شرکت و ارزش شرکت مثبت و معنی‌دار بیان شده است. در نتیجه، صرف سود تقسیمی در این بازه، نیز مثبت است. صرف سود تقسیمی سهام برای شرکت باتوجه به مدل رگرسیون داده‌های پانل و صرف سود تقسیمی برای دارایی‌های شرکت بدست آمده است. بنابر نتایج، قیمت سهم با سود نقدی نسبت به سهم‌هایی با سود انباشته بیشتر است. صرف سود تقسیمی مثبت نشان‌دهنده ترجیح سرمایه‌گذاران برای سهام دارای سود تقسیمی است.

کلیدواژه‌ها


عنوان مقاله [English]

Investigating the Effect of Dividend Policy on the Fundamental Firm Value in Tehran Stock Exchange

نویسندگان [English]

  • Mohammad Ebrahim Aghababaei 1
  • Mona Rashidi 2
  • Ehsan Tayebi Sani 3
1 Assistant Professor, Department of Financial Management and Financial Engineering, Khwarazmi University, Tehran, Iran
2 Master of Financial Engineering, Faculty of Financial Sciences, Khwarazmi University, Tehran, Iran.
3 Assistant Professor, Department of Financial Management and Financial Engineering, Faculty of Financial Sciences, Khwarazmi University, Tehran, Iran
چکیده [English]

Objective: Dividends are recognized as an important and influential factor in the value of stocks and therefore the market value of the company. It can be said that dividend (cash) has always been of great importance for investors and shareholders. Therefore, in the research, the effect of dividend policy on firm value has been investigated by considering the basic principles of the company and also the effect of company size on this relationship. Finally, the amount of dividends premium in this period is stated.
Research Method: In order to achieve the goal of research, 93 companies listed on the Tehran Stock Exchange during a period of 8 years (2013-2020) 744 years-company has been done using the panel data regression method.
Results: The relationship between dividend payout and the firm value is positive and significant. As a result, the dividend premium in this period is also positive. Panel data regressions suggest that the dividend premium for firms’ equity and the dividend premium for firms’ assets. Dividend premium in this period is also positive. According to the results, the stock prices of dividend payers are great compared to those of non-payers (retained earnings). The stock price with dividend payout is higher than the shares with accumulated dividend. The positive dividend premium indicates the investors' preference for dividend payout

کلیدواژه‌ها [English]

  • Dividend Premium
  • Dividend policy
  • Firm value
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