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بیش ارزشگذاری سهام بر هزینه بدهی شرکتها با در نظر گرفتن متغیر تعدیلگر عدمتقارناطلاعاتی | ||
حسابداری و منافع اجتماعی | ||
مقاله 5، دوره 10، شماره 2 - شماره پیاپی 37، تیر 1399، صفحه 91-112 اصل مقاله (1.14 M) | ||
نوع مقاله: مقاله پژوهشی | ||
شناسه دیجیتال (DOI): 10.22051/ijar.2020.24032.1479 | ||
نویسندگان | ||
علی رضا مومنی؛ علی اصغر صالحی؛ ندا سادات نورعلی زاده اصل* | ||
دانشگاه پیام نور تهران غرب، تهران، ایران | ||
چکیده | ||
شرکتها برای تأمینمالی پروژههای خود نیاز به جذب وجوه دارند که از طریق بازارسرمایه، استقراض، دریافت وام و یا انتشار اوراق مشارکت انجام میشود. شرکتها برای جلب سرمایه مورد نیاز خود به ایجاد بدهی میپردازند که بابت دریافت آن قرضدهندگان یا تسهیلاتدهندگان باید به شرکت اعتماد داشته و از بازپرداخت وجه خود مطمئن باشند. بنابراین، این امر موجب ایجاد انگیزه در مدیران میگردد تا سهامشان را بیشتر از ارزش واقعی قیمتگذاری نمایند، اما از آنجایی که بستانکاران ناظر بر شرکتهای قرضگیرنده هستند، میتوانند وجود بیشارزشگذاری را تشخیص دهند و بهره را برای شرکتهای بیشارزشگذاری شده افزایش دهند. با توجه به موارد گفته شده هدف از انجام این پژوهش بررسی رابطه بین بیشارزشگذاری و هزینه بدهی در شرکتهای پذیرفته شده در بورس اوراق بهادار تهران است. جامعه آماری این پژوهش 92 شرکت پذیرفته شده در بورس اوراق بهادار تهران برای دوره زمانی 1391 تا 1396 است. به منظور یافتن پاسخ سوالات تحقیق از روش دادههای ترکیبی بهره گرفته شده است. همچنین، برای تجزیه و تحلیل دادهها و استخراج نتایج پژوهش، از مدل رگرسیون چند متغیره استفاده شده است. نتایج به دست آمده از آزمون فرضیههای پژوهش نشان میدهد که بیشارزشگذاری باعث افزایش هزینه بدهی شرکت میشود، اما عدمتقارناطلاعاتی این رابطه را تشدید نمیکند. | ||
کلیدواژهها | ||
بیشارزشگذاری؛ هزینه بدهی؛ عدمتقارناطلاعاتی | ||
عنوان مقاله [English] | ||
Relationship between Stock Over-Valuation and Corporate Debt Costs with Considering the Moderator Variable of Information Asymmetry | ||
نویسندگان [English] | ||
Alireza Momeni؛ Aliasghar Salehi؛ Neda sadat Nooralizadeh asl | ||
Payame Noor University Tehran West, Tehran, Iran | ||
چکیده [English] | ||
Companies need to attract funds to finance their projects that can finance through borrowing, loan, or issue of Musharekat. Companies create debts to attract the capital that lenders or loan providers should trust the company and be sure of their refund. This would motivates managers to price their stock more than real value. Since creditors oversee borrower's companies, they can detect over-valuation and increase the interest for over-valued companies. According to what has been said, the purpose of this study is to investigate the relationship between over-valuation and debt cost in Listed Companies in Tehran Stock Exchange. Statistical population of this research included 92 companies Listed in Tehran Stock Exchange for the period 1391-1396 are surveyed. In order to find answers to research questions, combined data method is used. Also for data analysis and extracting of research results, multivariate regression model was used. The results of testing the research hypotheses show that over-valuation, increases the cost of corporate debt but information asymmetry does not exacerbate this relationship. | ||
کلیدواژهها [English] | ||
Debt Cost, Information Asymmetry, Overvaluation | ||
مراجع | ||
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