تاثیر مالکیت دولتی، ارتباطات سیاسی و معامله با اشخاص وابسته بر تامین مالی برون سازمانی و سرمایه‌گذاری

نوع مقاله : مقاله پژوهشی

نویسندگان

1 دانش آموخته کارشناسی ارشد، گروه حسابداری، دانشگاه سمنان، سمنان، ایران.

2 دانشیار، گروه حسابداری، دانشکده اقتصاد، مدیریت و علوم اداری، دانشگاه سمنان، سمنان، ایران

3 استادیار گروه حسابداری، دانشکده اقتصاد، مدیریت وعلوم اداری، دانشگاه سمنان، سمنان، ایران

چکیده

این پژوهش رابطه بین مالکیت دولتی، ارتباطات سیاسی و معامله با اشخاص وابسته با تامین مالی برون سازمانی و سرمایه‌گذاری را بررسی می­کند. با روش نمونه­گیری حذف نظامند از شرکت­های پذیرفته شده در بورس اوراق بهادار تهران، 102 شرکت طی سال­های 1393-1399 انتخاب شده­اند. فرضیه­ها با استفاده از الگوی رگرسیون چندگانه با اثرات ثابت بررسی شده­اند. نتایج نشان می­دهد مالکیت دولتی و ارتباطات سیاسی با تامین مالی برون سازمانی رابطه منفی و معنی­دار دارد و معامله با اشخاص وابسته با تامین مالی برون سازمانی رابطه مثبت و معنی­دار دارد. اما مالکیت دولتی، ارتباطات سیاسی و معامله با اشخاص وابسته با سرمایه‌گذاری رابطه ندارد. بنابراین، شرکت­های دولتی از منابع مالی دولتی بجای تامین مالی برون سازمانی استفاده می­کنند. معاملات با اشخاص وابسته می­تواند با هدف تخصیص بهینه منابع داخلی، کاهش هزینه­های معاملاتی و بهبود بازده دارایی در بین شرکت­های گروه انجام شوند. مالکیت دولتی ابزاری برای اجرای اهداف دولت است. با تغیر شرایط اقتصادی در سرمایه­گذاری نیز تجدیدنظر می­شود. ارتباطات سیاسی می­تواند منجر به تحریف و یا القاء تصمیمات سرمایه­گذاری نامناسب شود. نبود رابطه بین معامله با اشخاص وابسته و سرمایه‌گذاری مؤید تضاد منافع و تصاحب منابع شرکت به وسیله آنها است.

کلیدواژه‌ها

موضوعات


عنوان مقاله [English]

The Impact of Governmental Ownership, Political Connections, and Related-Party Transactions on External Financing and Investment

نویسندگان [English]

  • Zinat BabaeiParkohi 1
  • Seyyed Kazem Ebrahimi 2
  • Mohammad Amri-Asrami 3
1 MA educated, Accounting Department,, Semnan University, Semnan, Iran.
2 َAssociate Professor, Accounting Department,, Faculty of Economics, Management,and Administrative Sciences, Semnan University, Semnan, Iran.
3 Assistant professor of accounting Department , Faculty of Economics, Management and Administrative Sciences, Semnan University, Semnan, Iran.
چکیده [English]

This study investigated the relations between governmental ownership, political relations and related party transactions on external financing and investment. Sampling was done by systematic screening method from companies listed on the Tehran Stock Exchange, 102 companies were selected during the years 2014-2020. The research hypotheses were tested using a multiple regression model with fixed effects. Governmental ownership and political connections have a negative and significant relation with external financing, and related party transactions have a positive and significant relation with external financing. But Governmental ownership, political connections, and related party transactions are not related to investment. government-owned companies use government funding instead of external financing. Corporate political connections are not necessarily to attract external funding. related party transactions can be done with the aim of optimally allocating internal resources, reducing transaction costs, and improving asset returns among group companies. governmental ownership is a tool for achieving government goals. Investment is also being revised as economic conditions change. Political connections can lead to the distortion or induction of inappropriate investment decisions. The lack of a relation between related party transactions and investment confirms the conflict of interest and the abuse of the company's resources through them.

کلیدواژه‌ها [English]

  • Governmental Ownership
  • Political Connections
  • Related Party Transactions
  • External Financing
  • Investment
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