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تأثیر جریان وجه نقد آزاد و ساختار سرمایه بر معیارهای مختلف ارزیابی عملکرد شرکتهای صنعت مواد و محصولات دارویی عضو بورس اوراق بهادار تهران | ||
حسابداری سلامت | ||
مقاله 1، دوره 3، شماره 2 - شماره پیاپی 8، تیر 1393، صفحه 1-15 اصل مقاله (266.19 K) | ||
نوع مقاله: مقاله پژوهشی | ||
شناسه دیجیتال (DOI): 10.30476/jha.2014.16969 | ||
نویسندگان | ||
دکتر محمدعلی آقایی* 1؛ مرتضی کاظمپور2؛ رویا منصورلکورج3 | ||
1استادیار حسابداری دانشگاه تربیت مدرس | ||
2دانشجوی کارشناسیارشد حسابداری دانشگاه تربیت مدرس | ||
3دانشجوی کارشناسیارشد حسابداری دانشگاه آزاد اسلامی واحد نور | ||
چکیده | ||
مقدمه: در جهان امروز، با توجه به شرایط بازار رقابتی، تعیین روش تأمین مالی مناسب برای افزایش سودآوری و ادامه حیات شرکتها امری ضروری است. سرمایهگذاران نیز با توجه به جدایی مالکیت از مدیریت به تجزیه و تحلیل عملکرد شرکت و ساختار سرمایه میپردازند تا سرمایهگذاری درستی را انجام دهند. روش پژوهش: پژوهش حاضر به بررسی رابطه بین جریان وجه نقد آزاد و ساختار سرمایه با عملکرد شرکتهای صنعت مواد و محصولات دارویی پرداخته است. از اینرو، تعداد 20 شرکت فعال این صنعت پذیرفته شده در بورس اوراق بهادار تهران در بازه زمانی 1391-1386 مورد بررسی قرار گرفت. به منظور آزمون فرضیههای پژوهش از الگوی دادههای تلفیقی و نرمافزارEviews نسخه 7 استفاده شد. یافتهها: تجزیه و تحلیل دادهها نشان داد که رابطه اهرم بدهی با شاخص کیو توبین و نرخ بازده حقوق صاحبان سهام مثبت و معنادار و با نرخ بازده داراییها منفی و معنادار است. همچنین، رابطه جریان وجه نقد آزاد با نرخ بازده داراییها منفی و معنادار و با نرخ بازده حقوق صاحبان سهام مثبت و معنادار است اما با شاخص کیو توبین رابطه معناداری ندارد. نتیجهگیری: نتایج پژوهش نشان داد که شرکتهای دارویی با افزایش اهرم بدهی و جریان وجه نقد آزاد میتوانند نرخ بازده حقوق صاحبان سهام را افزایش دهند. همچنین، با افزایش اهرم بدهی و جریان وجه نقد آزاد میتوانند نرخ بازده داراییها را کاهش دهند. افزون براین، با افزایش اهرم بدهی، شاخص کیو توبین افزایش مییابد اما افزایش جریان وجه نقد آزاد تأثیری بر شاخص کیو توبین ندارد. | ||
کلیدواژهها | ||
جریان وجه نقد آزاد؛ ساختار سرمایه؛ نرخ بازده حقوق صاحبان سهام؛ نرخ بازده داراییها؛ کیو توبین | ||
مراجع | ||
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