بررسی تأثیر ساختار سرمایه و نحوه تأمین مالی بر کارایی تکنیکی شرکت‌های دارویی پذیرفته‌شده در بورس اوراق بهادار تهران

نوع مقاله : مقاله پژوهشی

نویسندگان

1 مربی حسابداری دانشگاه آزاد اسلامی، واحد بابل، گروه حسابداری، بابل، ایران

2 دانشجوی کارشناسی ارشد دانشکده پرستاری و مامایی دانشگاه علوم پزشکی تهران

3 مربی حسابداری دانشگاه آزاد اسلامی، واحد تهران غرب، گروه حسابداری، تهران، ایران

4 کارشناس حسابداری تعهدی دانشگاه علوم پزشکی بابل

چکیده

مقدمه: حداکثر کردن ارزش شرکت مستلزم انتخاب ساختار سرمایه بهینه است. با توجه به شرایط رقابتی بازار، تعیین روش تأمین مالی مناسب برای افزایش کارایی و ادامه حیات شرکت‌ها امری ضروری است.
روش پژوهش: این پژوهش شامل دو بخش اصلی است. در بخش اول، رابطه بین ساختار سرمایه و کارایی تکنیکی22 شرکت‌ دارویی پذیرفته‌شده در بورس، برای دوره زمانی 1385-1389 بررسی شده است. به‌این منظور، از نسبت‌های مالکیت و بدهی برای سنجش ساختار سرمایه و تکنیک تحلیل پوششی داده‌ها (مدل‌ CCR نهاده‌محور)، با استفاده از نرم‌افزار 0/2 Win QSB، برای تعیین سطح کارایی تکنیکی استفاده شد. بررسی رابطه بین ساختار سرمایه و کارایی تکنیکی از طریق آزمون‌ همبستگی پیرسون و با استفاده از نرم‌افزارSPSS  نسخه 14 در سطح اطمینان 95% انجام شد. در بخش دوم پژوهش، با استفاده از مدل BCC و رویکرد VRS کارایی مقیاس شرکت‌ها را محاسبه و با تعیین کارآیی مطلق، واحدهای کارامد ضعیف را شناسایی و برای هر یک از آن‌ها، گروه مرجع مشخص شد.
یافته‌ها: براساس خروجی‌های DEA، شرکت‌های ایران‌دارو، پارس دارو، سینادارو و تهران‌دارو، جزو کاراترین شرکت‌های فعال در صنعت خود بوده، اما کارایی همگی آن‌ها از نوع ضعیف است.
نتیجه‌گیری: نتایج پژوهش نشان داد که بین ساختار سرمایه شرکت‌های دارویی و کارایی تکنیکی آن‌ها رابطه معناداری وجود ندارد. هم‌چنین، هیچ‌یک از شرکت‌های بررسی شده از حجم تولید بهینه‌ برخوردار نیستند و کارایی همه آن‌ها از نوع ضعیف است.

کلیدواژه‌ها

عنوان مقاله [English]

Examining the Effect of Capital Structure and Financing on the Technical Efficiency of Pharmaceutical Companies Listed on the Stock Exchange

نویسندگان [English]

  • I. Dadashi 1
  • M. Asghari 2
  • S. Zarei 3
  • M. Jafari Baei 4
1 Accounting trainer of Islamic Azad University, Babol Branch, Accounting department, Babol, Iran
2 M. A. student of faculty of Nursing and Midwifery of Medical sciences of Tehran
3 Accounting trainer of Islamic Azad University, Tehrane Gharb Branch, Accounting department, Tehran, Iran
4 B. A. in Accrual Accounting, Medical sciences University of Babol
چکیده [English]

Introduction: Choosing an optimal capital structure is prerequisite for maximizing the firm value. Given the competitive market conditions, determining the appropriate method of financing companies is boost for increasing their efficiency and viability.
Methods: This paper is composed of two main sections: the first section examines the relationship between capital structure and technical efficiency of 22 pharmaceutical companies listed on the Stock Exchange between 2006 and 2010. For this purpose, the property and debt ratios to evaluate capital structure and data envelopment analysis (input oriented CCR and BCC model) were used to detect technical efficiency using Win QSB 2.0 software. Additionally, Pearson correlation test was used to investigate the relationship between capital structure and Technical efficiency in 95% confidence level using SPSS software. In the second section, the Scale Efficiency of companies was computed by using BCC model and VRS approach. Moreover, the less efficient units were recognized by determining the absolute efficiency, and the reference group for each of them was specified.
Results: Although Pharmaceutical Companies of Iran Daro, Sina Daro, Pars Daro and Tehran Daro were the most effective companies in their industry based on DEA outputs, they are considered weak in terms of efficiency.
Conclusion: The results of the study indicate that there is no significant relationship between capital structure and efficiency of pharmaceutical companies. Moreover, all these companies had low efficiency. This indicates that none of the companies had the optimal production volume.

کلیدواژه‌ها [English]

  • Capital Structure
  • technical efficiency
  • Scale Efficiency
  • Data Envelopment Analysis

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