پیوندهای مفید
اخبار و اعلانات
آمار
| تعداد نشریات | 25 |
| تعداد شماره‌ها | 939 |
| تعداد مقالات | 7,734 |
| تعداد مشاهده مقاله | 12,722,357 |
| تعداد دریافت فایل اصل مقاله | 9,063,992 |
اثر اهرم مالی و جریان وجه نقد آزاد بر سرعت تعدیل نگهداشت وجه نقد | ||
| راهبرد مدیریت مالی | ||
| مقاله 1، دوره 5، شماره 4 - شماره پیاپی 19، اسفند 1396، صفحه 1-23 اصل مقاله (1.03 M) | ||
| نوع مقاله: مقاله پژوهشی | ||
| شناسه دیجیتال (DOI): 10.22051/jfm.2018.15769.1402 | ||
| نویسندگان | ||
| حسین فخاری* 1؛ احمد اسد زاده2 | ||
| 1دانشیار گروه حسابداری، دانشگاه مازندران، | ||
| 2دانشجوی کارشناسی ارشد، دانشگاه مازندران | ||
| چکیده | ||
| پژوهش حاضر درصدد بررسی تأثیر اهرم مالی و جریان وجه نقد آزاد بر سرعت تعدیل نگهداشت وجه نقد است. اهمیت پژوهش حاضر ازاین‌جهت است که یافته‌های آن می‌تواند از جهت مدیریت کارای وجه نقد در جهت رسیدن به وجه نقد بهینه و تبیین سیاست بهینه وجه نقد مفید باشد به همین منظور داده‌های مربوط به تعداد 60 شرکت پذیرفته‌شده در بورس اوراق بهادار تهران طی دوره مالی 1382 تا 1394 به روش رگرسیونی تحلیل ترکیبی داده‌ها و سری زمانی مورد تجزیه تحلیل قرار گرفتند. نتایج بیانگر این است که بین اهرم مالی و جریان وجه نقد آزاد با سرعت تعدیل نگهداشت وجه نقد رابطه‌ی مستقیم وجود دارد و این ارتباط در حالت کسری وجه نقد صادق بوده ولی در حالت مازاد وجه نقد این ارتباط وجود ندارد. این یافته‌ها می‌تواند تأکید مجددی بر نیاز به مدیریت وجه نقد توسط مدیران، جهت دستیابی به تصمیمات وجه نقد بهینه باشد. | ||
| کلیدواژه‌ها | ||
| وجه نقد بهینه؛ سرعت تعدیل نگهداشت وجه نقد؛ اهرم مالی؛ جریان وجه نقد آزاد | ||
| عنوان مقاله [English] | ||
| The Effect of Leverage and Free Cash Flow on the Cash Holding | ||
| نویسندگان [English] | ||
| Hossien Fakhari1؛ Ahmad Asadzadeh2 | ||
| 1Accounting Faculty Member | ||
| 2Master student of accounting /Mazandaran | ||
| چکیده [English] | ||
| The aim of this study is to investigate the effect of leverage and free cash flow on the cash holding adjustments. This study is significant as its finding can be of help in the efficient management of cash holding for achievement of optimal cash and in establishment of a good policy for cash management. Therefore, in this study, information about 60 companies in Tehran Stock Exchange during 2003 to 2015 is gathered and analyzed with the Regression Method. The findings show that there is a direct relationship between the leverage and free cash flow with the cash holding adjustments. This relationship is as same as in the companies with the deficit but this relationship does not exist in the companies with the excess cash holding. These findings can be an emphasis on the need of cash management to achieve optimal cash decisions. | ||
| کلیدواژه‌ها [English] | ||
| Optimal Cash, Adjustment Speeds for Cash Holding, Leverage, Free Cash Flow | ||
| مراجع | ||
|
- Alles, L. Lian, Y. & Xu, C. Y. (2012). ((The determinants of target cash holdings and adjustment speeds: An empirical analysis of Chinese firms)). In 2012 Financial Markets & Corporate Governance Conference - Asadi, G, Baghdar, B (1394). ((Effect of the optimal level of cash holding on the value of companies accepted in Tehran Stock Exchange)). Audit knowledge, 15 (61), 49-27.in Persion. - Bates, T. W., Chang, C. H. & Chi, J. D. (2016). ((Why has the value of cash increased over time?)). - Brisker, E. R. Çolak, G. & Peterson, D. R. (2013). ((Changes in cash holdings around the S&P 500 additions)). Journal of Banking & Finance, 37(5), 1787-1807. - Bulu, Q, Babajani, J and Mohseni Maleki, B (2012). ((The relationship between cash extra and less than optimal, with the future performance of the company accepted in Tehran Stock Exchange)). Accounting knowledge, 3 (11) ) .7-29. in Persion. - Dittmar, A. K. & Duchin, R. (2010). ((The dynamics of cash)). Ross School of Business Paper, (1138). - Fakhari, H, Taghavi, R and Bashiri Jouibari, M (1394). ((The Effect of Competition in the Product Market on Market Valuation from Company Cash Holdings)). Financial Accounting Knowledge, 2 (1), 47- 65. in Persion. - Ferreira, M. A. & Vilela, A. S. (2004).(( Why do firms hold cash? Evidence from EMU countries)). European Financial Management, 10(2), 295-319. - Hasas Yeganeh, Y, Jafari, A and Rassayian, A (2011). ((The factors determining the level of cash holdings of companies in Tehran Stock Exchange)). Financial accounting, 3 (9), 39-66. in Persion. - Jiang, Z. & Lie, E. (2016). ((Cash holding adjustments and managerial entrenchment)). Journal of Corporate Finance, 36, 190-205. - Khani, A, Yousefi, A (2013). ((The study of the rate of cash holdings adjustment towards its optimal level of cash holding in companies accepted in the Tehran Stock Exchange using the generalized torque method)). The 2nd National Conference Accounting, Financial Management and Investment, Gorgan, Iran. in Persion. - Khodaei Vali Zagard, M and Zare Teimouri, M (2010). ((The Effect of Financial Flexibility on Investment Decisions)). Financial Engineering and Management of Securities, 1 (3), 155-173. in Persion. - Martínez-Sola, C., García-Teruel, P. J., & Martínez-Solano, P. (2013). ((Corporate cash holding and firm value)). Applied Economics, 45(2), 161-170. - Mehrani, S, Sheykhi, K and Parchini, S (1392). ((Study of the relationship between conservatism in financial reporting and cash holdings)). Accounting Experimental Research, 2 (7), 33-17. in Persion. - Meshky Miaoqati, M, Elahi Roodpashti, S (2014). ((The study effect of the conservatism on market value of cash holdings)). Accounting Experimental Research, 4 (13), 43-23. in Persion. - Murad Zandi, A, Tonani, M (1394). ((The Effect of Free Cash Flow and Cash accumulation level on Financial Flexibility)). Financial Accounting and Auditing, 7 (27), 71-57. in Persion. - Oded, J(2012), Payout Policy, Financial Flexibility, and Agency Costs of Free Cash Flow. Journal of practice & Theory, 22(2),61. - Orlova,s(2013). Cash Holdings Speed of Adjustment. Oklahoma State University. - Ozkan, A. & Ozkan, N. (2004). ((Corporate cash holdings: An empirical investigation of UK companies)). Journal of Banking & Finance, 28(9), 2103-21-34. - Rasaiian, A, Rahimi, F and Hannari, S (2010). ((The Effect of Intra-organizational mechanisms Corporate Governance on the Level of Cash Holdings in Tehran Stock Exchange)). Financial Accounting, (6) 144-125. in Persion. - Schweser, K. (2012). Schweser Note for the CFA 2013 Level 2-Book 5-Derivatives and portfolio management. - Venkiteshwaran, V. (2011). ((Partial adjustment toward optimal cash holding levels)). Review of Financial Economics, 20(3), 113-121. - Yaffee, R (2003). A Primer on panel data analysis. New York University. Information Technology Services.
| ||
|
آمار تعداد مشاهده مقاله: 1,808 تعداد دریافت فایل اصل مقاله: 2,001 |
||