بررسی اثر معاملات سرمایه گذاران حقیقی بر ارزش شرکتهای پذیرفته شده در بازار سرمایه ایران

نوع مقاله : مقاله پژوهشی

نویسندگان

1 استادیار، گروه مالی و بانکداری، دانشکده مدیریت و حسابداری، دانشگاه علامه طباطبائی، تهران

2 استادیار دانشکده مدیریت و حسابداری دانشگاه علامه طباطبائی، تهران، ایران

3 کارشناس ارشد مدیریت مالی، گروه مدیریت مالی، دانشکده مدیریت و حسابداری، دانشگاه علامه طباطبایی، تهران، ایران

چکیده

بازارهای مالی از عوامل متعددی تاثیر می‌پذیرند که یکی از آن‌ها سرمایه‌گذاران هستند. باتوجه به روند اخیر ورود و اثرگذاری سرمایه‌گذاران حقیقی بر بازار سرمایه، پرداختن به آثار ناشی از رفتار معاملاتی سرمایه‌گذاران حقیقی در ابعاد مختلف از جمله حجم معاملات، بیش از پیش اهمیت یافته است. در این راستا، در پژوهش حاضر به بررسی اثر معاملات سرمایه‌گذاران حقیقی بر ارزش شرکت‌های پذیرفته شده در بازار سرمایه ایران در بازه زمانی سال1393 الی 1398 پرداخته می‌شود. لذا با استفاده از رگرسیون حداقل مربعات دو مرحله ای و آزمون علیت گرنجر مشخص شد که معاملات سرمایه‌گذاران حقیقی بر ارزش شرکت اثر مثبت و ‌معنی‌داری دارند. نتیجه دیگر حاکی از آن است که اثر معاملات سرمایه‌گذاران حقیقی بر ارزش شرکت در شرکت‌های خوب (بازده دارایی‌های بالاتر از میانه) نسبت به شرکت‌های بد قوی‌تر است؛ بدین معنی که معاملات سرمایه‌گذاران حقیقی از طریق بهبود محتوای اطلاعاتی قیمت، ارزش شرکت را افزایش می‌دهد.

کلیدواژه‌ها

موضوعات


عنوان مقاله [English]

The Impact of Individual Investor's Trading on Firm Value of Listed Companies in Capital Market

نویسندگان [English]

  • Mohammad Mahdi Bahrololoum 1
  • Moslem Peymany Foroushany 2
  • MohammadMahdi Rezaveisi 3
1 Assistant Professor, Finance and Banking Department, Management and Accounting Faculty, Allameh Tabatabei University, Tehran
2 Department of Accounting and Management, Allameh Tabataba'i University, Tehran, Iran
3 Allameh Tabataba'i, Tehran, Iran
چکیده [English]

Financial markets are affected by several factors, one of them is investors. Due to the recent trend of entry and influence of individual investors on the capital market, addressing the effects of the trading behavior of individual investors in various dimensions, including trading volume, has become more important than before. In this regard, the present study examines the effect of real investors' transactions on the value of companies admitted to the Iranian capital market in the period 2014 to 2019. Using two-stage least squares regression and Granger causality test, it was found that the transactions of individual investors have a positive and significant effect on the Firm value, thus that the transactions of real investors increase the value of the Firm. Another result is that the effect of real investors' transactions on the value of the Firm is stronger in good companies than in bad companies; this means that the transactions of real investors increase the value of the Firm by improving the price information content

کلیدواژه‌ها [English]

  • Individual Investor
  • Frim Value
  • Spread
  • Trading Volume
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