بررسی اثر تعاملی محدودیت و توسعه مالی بر تبیین رابطه بین نقدشوندگی سهام و سرمایه گذاری آینده شرکت

نوع مقاله : مقاله پژوهشی

نویسندگان

1 استادیار گروه حسابداری، دانشکده مدیریت، اقتصاد و حسابداری، دانشگاه پیام نور، تهران، ایران .

2 مربی گروه حسابداری، دانشکده مدیریت، اقتصاد و حسابداری، دانشگاه پیام نور، تهران، ایران.

3 دانشجوی دکتری حسابداری، گروه حسابداری، دانشکده اقتصاد و مدیریت، دانشگاه ارومیه، ارومیه، ایران

چکیده

هدف این پژوهش بررسی اثر تعاملی محدودیت و توسعه مالی بر رابطه بین نقدشوندگی سهام و سرمایه‌گذاری آینده شرکت می‌باشد. بدین منظور، داده‌های ۱۱۱ شرکت پذیرفته‌شده در بورس اوراق بهادار طی بازه زمانی ۱۳۹۴ تا ۱۳۹۸ بر اساس الگوی رگرسیونی داده‌های ترکیبی تحلیل گردید. یافته‌ها بیانگر این است که معیار نقدشوندگی چندبعدی آمیهود بر سرمایه­گذاری آینده شرکت اثر مثبت و معنی‌داری دارد. بدین معنی که نقدشوندگی بالاتر سهام منجر به افزایش سطح سرمایه‌گذاری آتی شرکت شده و از این طریق جریان ورود وجه نقد، افزایش و هزینه سرمایه مرتبط با سرمایه‌گذاری های آتی، کاهش می یابد. همچنین مقدار ضرایب و جهت معیارهای مرتبط با سنجش متغیر تعاملی محدودیت مالی بیانگر نقش تعدیل گری مثبت و معنی‌دار این متغیر بر رابطه بین نقدشوندگی سهام و سرمایه­گذاری آتی شرکت می‌باشد. به علاوه، معیار مرتبط با سنجش شاخص توسعه مالی نیز، بر رابطه بین نقدشوندگی و سرمایه­گذاری آتی، نقش تعاملی داشته و افزایش این شاخص منجر به تقویت شدت رابطه بین متغیر مستقل و وابسته می­گردد. مدیریت و سیاست گذاران می‌توانند با شناخت وآگاهی از عوامل موثر بر نقدشوندگی سهام و فرصت‌های بهبود و رشد سرمایه‌گذاری آتی شرکت ، جریان ورود نقدینگی را تسهیل و کاهش هزینه سرمایه شرکت‌ها را امکان‌پذیر سازند.

کلیدواژه‌ها

موضوعات


عنوان مقاله [English]

Investigating the Interactive Effect of Financial Constraints and Development on the Relationship between Stock Liquidity and the Company's Future Investment

نویسندگان [English]

  • Mehdi Khorramabadi 1
  • Soheila Lashgarara 2
  • Maryam Asadi 3
1 1. Assistant Professor, Department of Accounting, Faculty of Management, Economics and Accounting, Payam Noor University, Tehran, Iran.
2 2. Instructor of Accounting Department, Faculty of Management, Economics and Accounting, Payam Noor University, Tehran, Iran.
3 3. Accounting PhD student, Department of Accounting, Faculty of Economics and Management, Urmia University, Urmia, Iran.
چکیده [English]

 The purpose of this research is to investigate the interactive effect of financial development and restrictions on the relationship between stock liquidity and future investment of the company.

 The method used to test the research hypotheses is to use the combined data regression model to analyze the data of 111 companies admitted to the Tehran Stock Exchange during the period from 2014 to 2018.

 The findings of the research show that the multidimensional liquidity criterion of Amihud has a positive and significant effect on the future investment of the company. In addition, the interactive variable of financial limitation leads to the intensification of the relationship between the multidimensional liquidity of Amihud and the future investor of the company. Also, the interactive variable of financial development leads to the strengthening of the relationship between the multidimensional liquidity of Amihud and the future investment of the company.

: The higher liquidity of the shares leads to an increase in the company's future investment level, and in this way, the cash flow, increase and cost of capital related to future investments are reduced. Also, the value of the coefficients and the direction of the criteria related to the measurement of the interactive variable of financial constraints indicate the positive and significant moderating role of this variable on the relationship between the liquidity of shares and the company's future investment. The criterion related to measuring the financial development index also has an interactive role on the relationship between liquidity and future investment,.

 Management and policy makers can facilitate the flow of liquidity and reduce the capital cost of companies by knowing the factors affecting the liquidity of stocks and the opportunities for improvement and growth of the company's future investment.

کلیدواژه‌ها [English]

  • Liquidity
  • Investment
  • Financial Limitation
  • Financial Development
  • Multidimensional Liquidity of Amihud
 
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