بررسی رابطه بین ریسک تجاری و ریسک مالی با عملکرد شرکت‌های دارویی پذیرفته شده در بورس اوراق بهادار تهران

نوع مقاله: مقاله پژوهشی

نویسندگان

1 استادیار گروه اقتصاد دانشگاه پیام نور، تهران.

2 کارشناسی ارشد مدیریت مالی، دانشگاه آزاد اسلامی، واحد علوم و تحقیقات تهران، دانشکده مدیریت و اقتصاد

3 کارشناسی ارشد حسابداری از دانشگاه علوم اقتصادی

چکیده

مقدمه: معیارها و روش‌های مختلفی برای ارزیابی عملکرد شرکت‌ها وجود دارد. یکی از این معیارها، نسبت کیوتوبین است. هدف پژوهش حاضر بررسی رابطه نسبت کیوتوبین با ریسک تجاری و ریسک مالی است. برای محاسبه ریسک تجاری از درجه اهرم عملیاتی و برای محاسبه ریسک مالی از درجه اهرم مالی استفاده شده است.
روش پژوهش: جامعه آماری پژوهش حاضر شامل کلیه شرکت‌های دارویی پذیرفته شده در بورس اوراق بهادار تهران است که در نهایت 20 شرکت واجد شرایط طی دوره 1386 الی 1390 انتخاب شد. هم‌چنین، برای آزمون فرضیه‌های پژوهش از روش رگرسیون ترکیبی استفاده شده است.
یافته‌ها: نتایج پژوهش نشان می‌دهد که بین نسبت کیوتوبین و اهرم عملیاتی رابطه معناداری وجود نداشته ولی نسبت کیوتوبین با اهرم مالی شرکت‌های دارویی پذیرفته شده در بورس اوراق بهادار تهران رابطه معکوس و معنادار دارد.
نتیجه‌گیری: براساس یافته‌های پژوهش حاضر، ریسک تجاری تأثیری بر عملکرد شرکت‌های دارویی نداشته درحالی‌که ریسک مالی تأثیر معکوسی بر عملکرد شرکت‌های دارویی دارد و با افزایش بدهی شرکت‌های دارویی، عملکرد آن‌ها کاهش پیدا می‌کند.

کلیدواژه‌ها


عنوان مقاله [English]

Investigating the Relationship between Business Risk and Financial Risk with Performance of Pharmaceutical Companies Listed on Tehran Stock Exchange

نویسندگان [English]

  • H. Mirzaei 1
  • M. R. Khataee 2
  • Y. Ghanbari 3
1 Assistant Professor of Department of Economics, Payam Noor University
2 Master of Financial Management, Faculty of Management and Economics-Science and Research Branch, Islamic Azad University, Tehran, Iran.
3 Master of Accounting, University of Economic Sciences
چکیده [English]

Introduction: There are different criteria and methods for evaluating the performance of companies one of which is Tobin's Q ratio. The purpose of the current study is to investigate the relationship between Tobin's Q ratio with business and financial risk. Operation leverage and financial leverage were used to calculate the business risk and financial risk, respectively.
Method: Statistical sample of the present study consists of all pharmaceutical companies listed on Tehran Stock Exchange. Out of them, ultimately 20 companies which were eligible during 2007-2012 were selected. Also, Panel Data Analysis method was used to test the research hypotheses.
Results: The results of this research indicated that there was no significant relationship between Tobin's Q ratio and operation leverage but there was significant and inverse relationship between Tobin's Q ratio with financial leverage of pharmaceutical companies listed on Tehran Stock exchange.
Conclusion: Given the findings of the study, it can be concluded that commercial risk has no effect on pharmaceutical companies, while financial risk has negative effect in that as the debt of companies increases, their performance is reduced.

کلیدواژه‌ها [English]

  • Tobin's Q Ratio
  • Business Risk
  • Operation Leverage
  • Financial Risk
  • Financial Leverage
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