پیوندهای مفید
اخبار و اعلانات
آمار
| تعداد نشریات | 25 |
| تعداد شماره‌ها | 954 |
| تعداد مقالات | 7,830 |
| تعداد مشاهده مقاله | 13,144,692 |
| تعداد دریافت فایل اصل مقاله | 9,314,344 |
تببین نقش منابع تامین مالی ادغام و اکتساب بر عملکرد شرکت ها بر اساس نظریه سلسله مراتبی | ||
| راهبرد مدیریت مالی | ||
| مقاله 10، دوره 12، شماره 3 - شماره پیاپی 46، مهر 1403، صفحه 231-248 اصل مقاله (390 K) | ||
| نوع مقاله: مقاله پژوهشی | ||
| شناسه دیجیتال (DOI): 10.22051/jfm.2020.28047.2194 | ||
| نویسندگان | ||
| فاطمه ملکی امیری1؛ سیدعلی نبوی چاشمی* 2؛ عرفان معماریان3 | ||
| 1گروه مدیریت مالی- مهندسی مالی، واحد بابل، دانشگاه آزاد اسلامی، بابل، ایران. | ||
| 2گروه مدیریت مالی، واحد بابل، دانشگاه آزاد اسلامی، بابل، ایران | ||
| 3گروه اقتصاد، واحدبابل،دانشگاه آزاداسلامی،بابل،ایران | ||
| چکیده | ||
| هدف پژوهش حاضر بررسی تئوری سلسله‌مراتبی در تبیین نقش منابع تأمین‌مالی برعملکرد شرکت‌های تصاحب شده طی سال‌های 1394 تا 1398می‌باشد. در این پژوهش روش‌های تأمین‌مالی، با استفاده از مدل سلسله‌مراتبی از متغیرهای سود انباشته، نسبت بدهی و اهرم مالی سنجیده می‌شود و برای اندازه‌گیری عملکرد شرکت از متغیرهای بازده حقوق صاحبان سهام، بازده دارایی‌ها و نسبت کیوتوبین استفاده شده است. نتایج این پژوهش با استفاده از رگرسیون داده‌های ترکیبی نشان می‌دهد هرچه شرکت از سودانباشته به میزان بیشتری برای تأمین‌مالی استفاده نماید، موجب افزایش بازده حقوق صاحبان سهام و بازده دارایی‌ها و بهبود عملکرد شرکت می‌شود. همچنین، افزایش نسبت بدهی به عنوان منبع تأمین‌مالی موجب افزایش بازده حقوق صاحبان می‌گردد و این در حالی است که با افزایش اهرم مالی، بازده حقوق صاحبان سهام و نرخ بازده دارایی‌ها کاهش می‌یابد. همچنین در این پژوهش هیچ‌گونه رابطه معنی‌داری بین منابع تأمین‌مالی و ارزش شرکت مشاهده نگردید. | ||
| کلیدواژه‌ها | ||
| روش های تأمین مالی؛ ادغام و اکتساب؛ عملکرد شرکت؛ نظریه سلسله مراتبی | ||
| عنوان مقاله [English] | ||
| Explaining the Role of Sources of Financing Mergers and Acquisitions on the Company's Performance based on Pecking Order Theory | ||
| نویسندگان [English] | ||
| Fatemeh Maleki amiri1؛ Seyed Ali Nabavi Chashmi2؛ Erfan Memarian3 | ||
| 1Department of Financial engineering , Babol Branch, Islamic Azad University, Babol, Iran | ||
| 2Department of Finance, Babol Branch, Islamic Azad University, Babol, Iran. | ||
| 3Department of Economic, Babol Branch, Islamic Azad University, Babol, Iran | ||
| چکیده [English] | ||
| The purpose of this study is to explain the role of financing sources mergers and acquisitions on corporate performance based on Pecking Order Theory. What distinguishes this research from other mergers and acquisitions is the variable financing methods that are measured using a Pecking Order Theory of debt ratios, accumulated profits, and financial leverage. And to measure the firm's performance, variables such as equity returns, asset returns and the Kyotubin ratio are used.This study, using regression data on a sample of companies listed in the Tehran Stock Exchange that were acquired by other companies during the years 1391 to 1395, It shows that the source of financing of mergers and acquisitions has a different impact on the performance of the company. Whatever the company uses its debt ratio to fund, the company's performance has changed, increasing equity returns and decreasing returns on corporate assets. Also, increasing Retained earnings and Leverage as a source of financing , has increased the rate of return on assets and corporate performance, but the return on equity and value of the company has not changed. | ||
| کلیدواژه‌ها [English] | ||
| Financing sources, Merger and Acquisition, Company Performance, Pecking Order Theory | ||
|
سایر فایل های مرتبط با مقاله
|
||
| مراجع | ||
|
Arefi, A (2010), "Economic Value Added in Companies Listed in Tehran Stock Exchange". Accounting and Auditing Reviews, Volume 17, Number 59, pages 47-62 [In Persian].
Arefi, A (2009), "Investigation of Corporate Ownership Performance in Iran". Journal of Business Research, 50 [In Persian].
Banalieva, E.R., Cuervo-Cazurra, A.,Sarathy, R.,( 2018) . Dynamics of pro-market institutions and firm performance. J. Int. Bus. Stud. 49, 858–880.
Blue, G., Anabestani, A. (2012). Effect of firms' acquisition strategy on earnings management. Journal of Accounting Knowledge, 2(7), 99-120 [In Persian].
Deng, X., Kang, J.-K., & Low, B. S. (2013). Corporate social responsibility andstakeholder value maximization: Evidence from mergers. Journal of FinancialEconomics, 110(1), 87–109.
Elbekpashy, Mostafa & Elgiziry, Khairy (2018). " Investigating the Impact of Firm Characteristics on Capital Structure of Quoted and Unquoted SMEs". Accounting and Finance Research,Vol. 7, No. 1; 2018.
Elsas, R., Flannery, M. J., & Garfinkel, J. A. (2014). Financing major investments: Infor-mation about capital structure decisions. Review of Finance, 18(4), 1341–1386.
Fischer, M. (2017). The source of financing in mergers and acquisitions. The Quarterly Review of Economics and Finance, Volume 65, Pages 227-239.
Fu, F., Lin, L., & Officer, M. S. (2013). Acquisitions driven by stock overvaluation: Arethey good deals? Journal of Financial Economics, 109(1), 24–39.
Goodarzi, A ; Tehrani, R . (2016), "The Impact of Corporate Ownership on Target Firms' Financial Constraints". Journal of Accounting Knowledge / Seventh Year 72 / p. 89-50 [In Persian].
Heibati, F; Nicomaram, H; Mousavi, R . (2009), Financial Theory, Institute for Economic Affairs Publications [In Persian].
Liao, C. (2014). What drives corporate block acquisitions? The case for financial constraints. Journal of Corporate Finance, 26, 78-95.
Likitwongkajon, N.,&Vithessonthi,C.(2020).Do foreign investments increase firm value and firm performance? Evidence from Japan . Research in International Business and Finance, 51 , 101099 .
Mojtahedzadeh, V, Alavi & Khodabakhshi, (2009), "The Relationship between Financing and Operating Performance in Companies Listed in Tehran Stock Exchange", Accounting Research, Vol 1: pp. 28-49 [In Persian].
Offenberg, D., & Pirinsky, C. (2015). How do acquirers choose between mergers andtender offers? Journal of Financial Economics, 116(2), 331–348.
Pasban, M; Anvari,A; Asli Zadeh ,R & Sadeghi Nahr, R .( 2018 ) , "How to Apply and Integrate Strategy to Increase Corporate Empowerment". Second International Conference on Management, Accounting and Economics in Sustainable Development,[In Persian].
Rahimian,N; rezaei,F; mirabdollahi,F. (2014)." Relationship Between Ownership Structure And Financial Performance Listed in Tehran Securities Exchange", Journal of Financial Management Strategy, 1(3), pp. 65-88 [In Persian].
Ramlia,N. ; Latanb,H. & Solovida,G.(2019).Determinants of capital structure and firm financial performance—APLS-SEM approach: Evidence from Malaysia and Indonesia.The Quarterly Review of Economics and Finance, 71,148–160 .
Rezagharehbagh,R; Mohammadi,P.(2015)." Impact of Financing Approach on Corporate’s Financial Performance in Economic Fluctuations (Case Study of Automotive Industry)" , Journal of Financial Management Strategy, 3(1), pp. 51-70 [In Persian].
Salehi,M; Yosefi,S.(2016)." The Relationship between Capital Structure and Return on Assets, with an Emphasis on Inflation Caused by Government Decision Makings", Journal of Financial Management Strategy, 4(1), pp. 37-57 [In Persian].
Shiratahari, A ; Zare, Sh ; Abbassi Mouslou, Kh & Hosseini, M .( 2015) ,"Investigation of Financing Methods on the Value of Companies Listed in Tehran Stock Exchange". 2nd International Conference on Modern Research in Management, Economics and Accounting,KualaLumpur-Malaysia [In Persian].
Vermaelen, T., & Xu, M. (2014). Acquisition finance and market timing. Journal of Corporate Finance, 25, 73–91.
Vladimirov, V. (2015). Financing bidders in takeover contests. Journal of FinancialEconomics, 117(3), 534–557.
Zhennan Yuan , Frank Y. Chen , Xiaoming Yan,Yugang Yu. (2020). Operational implications of yield uncertainty in mergers and acquisitions . International Journal of Production Economics, 219 , 248-258 .
Zhe Sun , Tsvi Vinig , Thomas Daniël Hosman.(2017). The financing of Chinese outbound mergers and acquisitions: Is there a distortion between state-owned enterprises and privately owned enterprises?. Research in International Business and Finance 39 . 377–388. | ||
|
آمار تعداد مشاهده مقاله: 3,365 تعداد دریافت فایل اصل مقاله: 492 |
||
