تاثیر تغییرات رتبه اعتباری بر کیفیت افشاء شرکت‏های پذیرفته شده در بورس اوراق بهادار

نوع مقاله : مقاله پژوهشی

نویسندگان

1 دانشیار، گروه حسابداری، دانشکده اقتصاد و مدیریت، دانشگاه ارومیه، ارومیه، ایران

2 دانشجوی دکتری، گروه حسابداری، دانشکده علوم اجتماعی و اقتصاد، دانشگاه الزهرا، تهران، ایران.

3 کارشناسی ارشد، گروه حسابداری، دانشکده اقتصاد و مدیریت، دانشگاه ارومیه، ارومیه، ایران.

10.22051/jfm.2024.45333.2880

چکیده

 
مبنای اصلی تصمیم‏گیری مشارکت کنندگان در بورس اوراق بهادار اطلاعاتی است که شرکتهای پذیرفته شـده در بورس، منتشر می‏کنند. در صورت عدم افشاء صحیح اطلاعات، بدون تردید، ساز و کار کشف قیمت در بازار به درستی عمل نخواهد کرد و قیمت‏گذاری اوراق به شیوه‏ای مطلوب انجام نخواهد شد. بنابراین با توجه به اهمیت سطح افشا، شناسایی عوامل موثر بر کیفیت افشاء، حائز اهمیت است لذا در این پژوهش اقدام به بررسی تاثیر تغییرات رتبه اعتباری بر کیفیت افشاء شده است. جهت اجرای پژوهش نمونه‏ای متشکل از 126 شرکت پذیرفته شده در بورس اوراق بهادار تهران طی بازه زمانی 1391 الی 1400 مورد بررسی قرار گرفتند. جهت انجام تحلیل، داده‏های مربوط به رتبه اعتباری، رتبه کیفیت افشاء و متغیرهای کنترلی، از نرم‏افزار ره‏آورد نوین و یادداشت‏های همراه صورت‏های مالی استخراج شده است. همچنین جهت آزمون فرضیه­های پژوهش از روش EGLS استفاده شده است. براساس نتایج حاصل از پژوهش، رابطه منفی بین تغییرات رتبه اعتباری و کیفیت افشاء وجود دارد. به‏عبارتی تغییرات رتبه اعتباری بر سطح افشای اختیاری شرکت‏ها موثر بوده اما این تاثیر از نظر آماری معنی‌دار به دست نیامد، در حالی که بین رتبه اعتباری و کیفیت افشاء رابطه منفی و معنی‌دار برقرار بود. به عبارت دیگر، هرچه رتبه اعتباری بالاتر باشد، کیفیت افشاء شرکت پایین‏تر است. بنابراین، هرچه رتبه اعتباری بالاتر باشد به دلیل  ارزیابی پایین­تر ریسک توسط سرمایه‌گذاران، تقاضای آنها برای افشاء بیشتر اطلاعات نیز کاهش پیدا می‏کند. به عبارتی افزایش رتبه اعتباری از طریق کاهش تقاضای اطلاعات می‏تواند منجر به کاهش افشاء شود.
 

کلیدواژه‌ها

عنوان مقاله [English]

The effect of changes in credit rating on the quality of disclosure Tehran Stock Exchange listed companies.

نویسندگان [English]

  • Parviz Piri 1
  • Golshan Mohammadikhanghah 2
  • Golale Zeinab 3
1 Associate Prof., Department of Accounting, Faculty of Economics and Management, Urmia University, Urmia, Iran
2 Phd student, Social Sciences and Economics of Alzahra University, Tehran, Iran
3 Master's degree ,Department of Accounting, Faculty of Economics and Management, Urmia University, Urmia, Iran.
چکیده [English]

Abstarct



Todays one of the most important factor for dicision making process by market participants at Tehran Stock Exchange listed companice is the information published by the companies listed in If the information is not properly disclosed, without a doubt, the price discovery mechanism in the market will not work properly and the pricing of the bonds will not be done in a favorable way. Therefore, according to the importance of the level of disclosure, it is important to identify the factors affecting the quality of disclosure, therefore, in this research, the impact of credit rating changes on the quality of disclosure has been investigated. In order to carry out the research, a sample consisting of 126 companies listed in Tehran Stock Exchange during the period of 2012 to 2021 were examined. In order to perform the analysis, the data related to the credit rating, disclosure quality rating and control variables were extracted from Rahvard Navin software and the accompanying notes of the financial statements. Based on the results of the research, there is a negative relationship between credit rating changes and disclosure quality. In other words, credit rating changes are effective on the voluntary disclosure level of companies, but this effect was not statistically significant. While there was a negative and significant relationship between credit rating and disclosure quality. In other words, the higher the credit rating, the lower the company's disclosure quality. The higher the credit rating, because investors evaluate the risk as low, their demand for more information disclosure also decreases. In other words, increasing the credit rating through reducing the demand for information can lead to a reduction in disclosure.





Keywords: credit rating, credit risk, disclosure quality



JEL: M41 

کلیدواژه‌ها [English]

  • credit rating
  • credit risk
  • disclosure quality

مراجع

 
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  • تاریخ دریافت: 20 آبان 1402
  • تاریخ بازنگری: 24 اسفند 1402
  • تاریخ پذیرش: 10 شهریور 1403

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