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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 | ||
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