تأثیر جریان‌ وجه نقد آزاد و ساختار سرمایه بر معیارهای مختلف ارزیابی عملکرد شرکت‌های صنعت مواد و محصولات دارویی عضو بورس اوراق بهادار تهران

نوع مقاله: مقاله پژوهشی

نویسندگان

1 استادیار حسابداری دانشگاه تربیت مدرس

2 دانشجوی کارشناسی‌ارشد حسابداری دانشگاه تربیت مدرس

3 دانشجوی 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


عنوان مقاله [English]

The Effect of Free Cash Flow and Capital Structure on Different Criteria for Evaluating the Performance of the Material Industry and Pharmaceutical Products Companies Listed on the Tehran Stock Exchange

نویسندگان [English]

  • M. Aghaie 1
  • M. Kazempour 2
  • R. Mansourlakoraj 3
1 Assistant Professor, Department of Accounting, Tarbiat Modares University
2 M. A. Student in Accounting, Tarbiat Modares University
3 M. A. Student in Accounting, Islamic Azad University, Noor Branch
چکیده [English]

Introduction: In the world today, regarding the competitive market conditions, it is necessary to determine an appropriate method for financing in order to increase profitability and corporate survival. Also, investors analyze performance of the company and capital structure according to the separation of ownership from management to have a good investment.
Method: The present study has examined the relationship between free cash flow and capital structure with the performance of the material industry and pharmaceutical products companies. Hence, 20 active companies which are listed on the Tehran Stock Exchange in this industry have been investigated from 2008 to 2013. In order to test the hypotheses of the research, the model of Panel data and software Eviews version 7 were used.
Results: Data analysis indicated that the relationship between the debt leverage with Tobin's Q index and return on equity is significant and positive, but it has a significant and negative relation with return of assets. Moreover, the relationship between free cash flow and return of assets is significant and negative, and it has a significant and positive relation with return on equity. However, it does not have any significant relationship with Tobin's Q index.
Conclusion: The results of research showed that the pharmaceutical companies can raise return on equity by increasing debt leverage and free cash flow. Also, return of assets can be reduced through increasing debt leverage and free cash flow. Besides, Tobin's Q index will be raised by increasing debt leverage; nevertheless, increasing in free cash flow has no effect on Tobin's Q index.

کلیدواژه‌ها [English]

  • Capital Structure
  • Free Cash Flow
  • Return on Assets
  • Return on Equity
  • Tobin's Q
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