بررسی رابطه بین اهرم مالی و معیارهای سنجش عملکرد شرکت‌های دارویی و مواد غذایی پذیرفته شده در بورس اوراق بهادار تهران با استفاده از تحلیل پوششی داده‌ها

نوع مقاله : مقاله پژوهشی

نویسندگان

1 دانشیار مدیریت و توسعه سازمانی دانشگاه آزاد اسلامی واحد علوم و تحقیقات تهران.

2 دانشجوی دکتری حسابداری دانشگاه آزاد اسلامی واحد علوم و تحقیقات کرمانشاه.

چکیده

مقدمه: تصمیم‌های تأمین مالی یا ساختار سرمایه، به دلیل تأثیرگذاری بر خطر و بازده سهامداران از تصمیم‌های مهم مدیریت مالی است. بنابراین، تعیین ساختار بهینه سرمایه یکی از مهم‌ترین مسائلی است که مدیران بنگاه‌های اقتصادی در فرایند تصمیم‌گیری‌های مالی با آن روبه‌رو هستند.
روش پژوهش: این پژوهش کاربردی است و از طرح شبه تجربی و رویکرد پس‌رویدادی استفاده می‌کند. برای آزمون فرضیه‌ها و تعیین متغیرهای خروجی تحلیل پوششی داده‌ها از آزمون همبستگی پیرسون استفاده شده است. جامعه آماری پژوهش را شرکت‌های دارویی و مواد غذایی پذیرفته شده در بورس اوراق بهادار تهران در بازه زمانی 1393-1387 تشکیل می‌دهد. در این پژوهش از نرم‌افزار SPSS نسخه 19و نرم‌افزار Frontier Analyst نسخه 3 استفاده شده است.
یافته‌ها: بین متغیرهای نسبت جاری، نسبت سود عملیاتی به فروش، بازده دارایی‌ها، ارزش افزوده اقتصادی، ارزش افزوده بازار و نسبت قیمت به سود هر سهم با اهرم مالی رابطه معنادار وجود دارد اما بین متغیرهای نسبت آنی و نسبت قیمت بازار به ارزش دفتری هر سهم با اهرم مالی رابطه معنادار وجود ندارد. با توجه به وجود رابطه معنادار یاد شده بین اهرم مالی و معیارهای سنجش عملکرد، اهرم مالی به عنوان متغیر ورودی و معیارهای سنجش عملکرد به عنوان متغیرهای خروجی در فن تحلیل پوششی داده‌ها انتخاب شد و سپس با بکارگیری الگوی بازده به مقیاس متغیر ورودی‌محور فن تحلیل پوششی داده‌ها ساختار بهینه سرمایه برای شرکت‌ها تعیین شد.
نتیجه‌گیری: نتایج پژوهش حاکی از این است که شرکت‌های دارویی و مواد غذایی که کارایی آن‌ها یک است از ابزار بدهی و ابزار سرمایه خود به نحو کاراتر استفاده کرده‌اند و این امر موجب شده است که این شرکت‌ها دارای عملکرد بهتری باشند. به عبارت دیگر، این شرکت‌ها نسبت به سایر شرکت‌ها از منابع مختلف مالی در اختیار خود به نحو مطلوب‌تر و کارآمدتری استفاده کرده‌اند.

کلیدواژه‌ها

عنوان مقاله [English]

Investigating the Relationship between Financial Leverage and the Criteria for Measuring the Performance of Food and Pharmaceutical Companies Listed on the Tehran Stock Exchange by Data Envelopment Analysis

نویسندگان [English]

  • H. Vakilifard 1
  • F. Feiz Abadi 2
1 Associate Professor, Management and Organizational Development, Islamic Azad Univesrity, Science and Research Branch, Tehran.
2 Ph. D. Student in Accounting, Islamic Azad Univesrity, Science and Research Branch, Kermanshah.
چکیده [English]

Introduction: Financing decisions or capital structure is one of the main decisions of financial management due to influencing the risk and the return of Shareholders. Therefore, determining the optimal capital structure is one of the most important issues which the managers of economic agencies encounter in the process of financial decisions.  
Method: This is an applied research and it uses the quasi–experimental design and the prospective approach. In order to test the hypotheses and identifying the output variables of Data Envelopment Analysis, Pearson Correlation test has been used. The statistical population of the research include the food and Pharmaceutical companies listed on the Tehran Stock Exchange during 2008–2014. In this research, SPSS Software Version 19 and Frontier Analyst Software Version 3 have been used.   
Results: There is a significant relationship between the current ratio variables, the ratio of the operational earnings to sale, the return of assets, economic value added, market value added, and the ratio of price to earnings per share with financial leverage. But, there is not any significant relationship between the quick ratio and the ration of market price to the book value per share with financial leverage. According to the existence of the mentioned significant relationship between financial leverage and the criteria for measuring performance, financial leverage has been selected as the input variable and the criteria for measuring performance as the output variables in Data Envelopment Analysis technique, then by the application of the variable return to scale Data Envelopment Analysis Model, the optimal capital structure for the companies has been selected.  
Conclusion: The results of the research state that the food and Pharmaceutical companies which have similar efficiency, have used their debt instrument and investment instrument more effectively. This has caused companies to have a better performance. In the other words, these companies have used their accessible different financial resources more effectively and optimally than the other companies.
 

کلیدواژه‌ها [English]

  • Accounting Criteria
  • Data Envelopment Analysis Technique
  • Economic Criteria
  • Financial Leverage
  • Integrative Criteria

مراجع

 
1      Sandra, L. (2010). “Capital Structure Decision: The Use of Preference Share and Convertible Debt in The UK”, Available at: http://ssrn.com/.[Online][19 June 2016]
2      Ghalibaf, H. (2010). Financial Management, 8th Edition, Tehran: Pooran Pazhoohesh Publications. [In Persian]
3      Setayesh, M. and A. Ghayouri Moghadam (2009). “Determining the Optimal Capital Structure in the Level of Industries by Data Envelopment Analysis”, Journal of Financial Accounting Research, Vol. 1, Nos. 1 and 2, pp. 33-41. [In Persian]
4      Chin, M. (2000). “Capital Structure Decision”, M. S. Thesis in Accounting, University Utara Malaysia, Available at: http://ro.uow.edu.au/cgi/viewconte nt.cgi. [Online][19 June 2016]
5      Rahnamaye Rood Poshti, F.; Nikoo Maram, H.; and Sh. Shahverdiani (2006). Strategic Financial Management, 1st Edition, Tehran: Kasa Kavosh Publications. [In Persian]
6      Namazi, M. and A. Shokrollahi (2014). “Investigation the Interaction between Debt Policy and Institutional Ownership among Pharmaceutical and Non-Pharmaceutical Companies Listed on the Tehran Stock Exchange via Simultaneous Equations”, Journal of Health Accounting, Vol. 3, No. 4, pp. 80-103. [In Persian]
7      Banker, R. D.; Charnes, A.; and W. W. Cooper (1984). “Some Models for Estimation of Technical and Scale Inefficiencies in Data Envelopment Analysis”, Management Science, Vol. 30, No. 9, pp. 1078-1092.
8      Yan-li, W. and L. Chuan-zhe (2014). “Capital Structure, Equity Structure, and Technical Efficiency-Empirical Study Based on China Coal Listed Companies”, Procedia Earth and Planetary Science, Vol. 1, No. 1, pp.1635-1640.
9      Khajavi, Sh.; Azar, A.; and A. Momeni (2004). “The Measurement of Productivity in the Manufacturing Companies by Data Envelopment Analysis”, Journal of Business Strategies (Daneshvare Raftar), Vol. 8, No. 8, pp. 41-54. [In Persian]
10  Bei, Zh. and W. P. Wijewardana (2012). “Financial leverage, Firm Growth and Financial Strength in the Listed Companies in Sri Lanka”, Social and Behavioral Sciences, Vol. 40, No. 18,   pp. 709-715.
11  Mok, V.; Yeung, G.; and Z. Z. Li (2007). “Leverage Technical Efficiency and Profitability: An Application of DEA to Foreign-Invested Toy Manufacturing Firms in China”, Journal of Contemporary China, Vol. 51,No. 16, pp. 259-274.
12  Cameron, T. (2011). “Employing High-low Price Range in Forecasting Market Index Volatility”, International Research Journal of Applied Finance, Vol. 2, No. 7, pp. 739-746.
13  Tian, G. G. and R. Zayton (2007). “Capital Structure and Corporate Performance, Evidence from the Surveys of Small Business Finances”, Australasian Accounting Business and Finance Journal, Vol. 1, No. 4, pp. 40-48.
14  Andersen, T. J. (2005). “Risk Management, Capital Structure and Preformance Golbal Anthology”,Journal of Business & Economics Research, Vol. 26, No. 11, pp. 57-64.
15  Kobianco, H. M. P. and E. Fernandes (2004). “Capital Structure in the World Airline Industry”, Transportation Research Part A: Policy and Practice, Vol. 38, No. 6, pp. 421-434.
16  Aksu, H. (2003). “The Effect of Size, Book-to-Market Ratio and Prior Distress Information on the Market Reaction to Troubled Debt Restructuring Announcements”, Available at: http://ssrn.com/.[Online][19 June 2016]
17  Aghaie, M.; Kazempour, M.; and R. Mansour (2014). “The Effect of Free Cash Flows and Capital Structure on Different Criteria for Evaluating the Performance of the Material Industry and Pharmaceutical Products Companies Listed on the Tehran Stock Exchang”, Journal of Health Accounting, Vol. 3, No. 2, pp. 1-15.[In Persian]
18  Rahimian, N.; Tavakolnia, E.; and M. Tirgary (2013). “Investigating the Curvilinear Relationship between Capital Structure and the Value of the Companies Listed on the Tehran Stock Exchange”, Financial Knowledege of Securities Analysis, Vol. 6, No. 19, pp. 67-76. [In Persian]
19  Seyed Nezhad Fahim, S. R. (2002). “Investigating the Relationship between the Ratio of Liability with the Earnings and the Return of Assets”, M. A. Thesis in Accounting, Tarbiat Modares University. [In Persian]
20  Soofiani, A. (2005). “Investigating the Relationship between Capital Structure and Economic Value Added”, M. A. Thesis in Accounting, Alzahra University. [In Persian]
21  Bagherzade, S. (2003).“Defining the Model of Capital Structure of Companies Listed on the Tehran Stock Exchange”, Journal of Financial Research, Vol. 5, No. 16, pp. 33-46.  [In Persian]
22   Talebnia, Gh. and E. Shoja (2011). “The Relationship between Market Value Added Ratio to Accounting Earnings and Economic Value Added Ratio to Accounting Earnings in the Companies Listed on the Tehran Stock Exchange”, Journal of Management Accounting, Vol. 4, No. 8, pp. 47-60. [In Persian]

فایل ها

هم رسانی

ارجاع به این مقاله

آمار