ارتباط ارزشی ارزش منصفانه سبد سرمایه‌گذاری‌های سریع‌المعامله در شرکت‌های سرمایه‌گذاری

نوع مقاله : مقاله پژوهشی

نویسندگان

1 استاد، گروه حسابداری، دانشکده علوم اجتماعی و اقتصادی، دانشگاه الزهرا، تهران، ایران

2 دانشجوی دکتری، دانشکده علوم اجتماعی و اقتصادی، دانشگاه الزهرا، تهران. ایران

3 مربی گروه حسابداری، دانشکده مدیریت و حسابداری، دانشگاه هرمزگان، ایران

10.22051/jfm.2024.44721.2856

چکیده

علیرغم بازنگری در استاندارد حسابداری شماره 15 ایران و نیز الزامی شدن استاندارد شماره 42، اندازه گیری ارزش منصفانه، از ابتدای سال 1400، سرمایه‌گذاری‌های سریع‌المعامله در صورت‌های مالی عموماً به اقل بهای تمام‌شده و خالص ارزش فروش شناسایی می‌شوند. شرکت های سرمایه گذاری طبق الزامات افشای سازمان بورس و اوراق بهادار موظفند ارزش روز سرمایه گذاری ها را در مقاطع زمانی ماهانه در سایت کدال بارگذاری و افشا کنند. هدف این پژوهش بررسی سنجه اندازه‌گیری مناسب برای این قلم مهم از دارایی‌ها در شرکت‌های سرمایه‌گذاری است. به عبارت دیگر به مقایسه رویه فعلی افشا ارزش منصفانه در یادداشت های صورت های مالی و کدال در مقابل شناخت آن می پردازد. این پژوهش بر مبنای ارتباط ارزشی نسبی و فزاینده سنجه‌های رقیب یعنی بهای تمام‌شده و ارزش بازار با استفاده از رگرسیون خطی چندگانه متغیرهای حسابداری بر روی قیمت سهام انجام شده است. روش رگرسیون استوار نیز جهت آزمون استحکام نتایج بکار گرفته شد. دوره زمانی به‌صورت ماهانه از 01/01/1397 تا 10/02/1401 و جامعه آماری، کلیه شرکت‌های سرمایه‌گذاری است که قبل از سال 1397 در بورس اوراق بهادار تهران پذیرفته‌شده‌اند. نمونه شامل 47 شرکت سرمایه گذاری است و تعداد مشاهدات 2350 شرکت–‌ماه است. شواهد این پژوهش نشان داد که ارزش بازار سبد سرمایه‌گذاری بورسی، هم ارتباط ارزشی نسبی و هم ارتباط ارزشی فزاینده‌ای نسبت به بهای تمام‌شده آن دارد. یافته‌های حاصل از آزمون‌های اضافی نیز نشان داد که سرمایه‌گذاران از طریق کاهش ارتباط ارزشی ارقام مربوط به ارزش بازار سبد سرمایه‌گذاری‌های بورسی، واکنش مناسبی نسبت به وقوع بحران داشته‌اند. به عبارتی در زمان وقوع بحران که ارزش سهام موجود در سبد سرمایه‌گذاری شرکت‌ها دچار افت شدید می‌شود، این کاهش ارزش دارایی‌ها با شیب ملایم‌تری در قیمت سهام شرکت سرمایه‌گذار منعکس می‌شود.

کلیدواژه‌ها

موضوعات

عنوان مقاله [English]

The Value Relevance of Fair Value of Marketable Securities Portfolio in the Investment Companies

نویسندگان [English]

  • Ali Rahmani 1
  • Fateme Hamedi 2
  • Esmail Farzanehkargar 3
1 Professor, Department of Accounting, Faculty of Social Sciences and Economic s, Alzahra University, Tehran, Iran
2 Ph.D student of Accounting, Faculty of Social and Economic Sciences, Al zahra University, Tehran, Iran
3 Instructor, accounting Department, Faculty of management and accounting, Iran
چکیده [English]

Despite the revision of Iran's Accounting Standard No.15 and the requirement of Standard No.42, fair value measurement, since the beginning of 1400, marketable investments in financial statements are generally identified at the lower of cost and net sales value.According to the disclosure requirements of the Securities and Exchange Organization, investment companies are required to disclose the current price of investments on the CODAL site at monthly intervals.The purpose of this study is to investigate the appropriate criteria for this important item of assets in investment companies.that's mean, it compares the current practice of fair value disclosure in the notes to the financial statements and CODAL against its recognition.This study is based on the relative and incremental value relevance of competing measures (cost and market value) from the point of view of measurement using linear regression of accounting variables on the stock price.Robust regression method was also used to test the robustness of the results.The time period is monthly from 2018/03/21 to 2022/04/30 and the statistical population is all investment companies that were accepted to the Tehran Stock Exchange market before 2018.Finally, according to the available information of 47 companies, the population has been limited to 2350 Company - month.The evidence of this study showed that the market value of the marketable investments portfolio has both a relative and incremental value relevance compared to its cost.The findings of the additional tests also showed that the investors had an appropriate reaction to the crisis by reducing the value relevance of the numbers related to the market value of the marketable securities portfolio.that's mean, at the time of crisis when the value of stocks in the investment portfolio of companies falls sharply, this decrease in the value of assets is reflected with a gentle slope in the stock price of the investing company.

کلیدواژه‌ها [English]

  • Investment portfolio
  • Fair value of investment
  • Value Relevance
  • Investment industry
  • Disclosure versus recognition

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  • تاریخ دریافت: 28 مرداد 1402
  • تاریخ بازنگری: 26 شهریور 1402
  • تاریخ پذیرش: 05 اسفند 1402

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