پیوندهای مفید
اخبار و اعلانات
آمار
| تعداد نشریات | 25 |
| تعداد شماره‌ها | 938 |
| تعداد مقالات | 7,697 |
| تعداد مشاهده مقاله | 12,622,394 |
| تعداد دریافت فایل اصل مقاله | 8,985,879 |
ارتباط ارزشی ارزش منصفانه سبد سرمایه‌گذاری‌های سریع‌المعامله در شرکت‌های سرمایه‌گذاری | ||
| راهبرد مدیریت مالی | ||
| مقاله 2، دوره 12، شماره 1 - شماره پیاپی 44، فروردین 1403، صفحه 23-46 اصل مقاله (686.82 K) | ||
| نوع مقاله: مقاله پژوهشی | ||
| شناسه دیجیتال (DOI): 10.22051/jfm.2024.44721.2856 | ||
| نویسندگان | ||
| علی رحمانی* 1؛ فاطمه حامدی2؛ اسماعیل فرزانه کارگر3 | ||
| 1استاد، گروه حسابداری، دانشکده علوم اجتماعی و اقتصادی، دانشگاه الزهرا، تهران، ایران | ||
| 2دانشجوی دکتری، دانشکده علوم اجتماعی و اقتصادی، دانشگاه الزهرا، تهران. ایران | ||
| 3مربی گروه حسابداری، دانشکده مدیریت و حسابداری، دانشگاه هرمزگان، ایران | ||
| چکیده | ||
| علیرغم بازنگری در استاندارد حسابداری شماره 15 ایران و نیز الزامی شدن استاندارد شماره 42، اندازه گیری ارزش منصفانه، از ابتدای سال 1400، سرمایه‌گذاری‌های سریع‌المعامله در صورت‌های مالی عموماً به اقل بهای تمام‌شده و خالص ارزش فروش شناسایی می‌شوند. شرکت های سرمایه گذاری طبق الزامات افشای سازمان بورس و اوراق بهادار موظفند ارزش روز سرمایه گذاری ها را در مقاطع زمانی ماهانه در سایت کدال بارگذاری و افشا کنند. هدف این پژوهش بررسی سنجه اندازه‌گیری مناسب برای این قلم مهم از دارایی‌ها در شرکت‌های سرمایه‌گذاری است. به عبارت دیگر به مقایسه رویه فعلی افشا ارزش منصفانه در یادداشت های صورت های مالی و کدال در مقابل شناخت آن می پردازد. این پژوهش بر مبنای ارتباط ارزشی نسبی و فزاینده سنجه‌های رقیب یعنی بهای تمام‌شده و ارزش بازار با استفاده از رگرسیون خطی چندگانه متغیرهای حسابداری بر روی قیمت سهام انجام شده است. روش رگرسیون استوار نیز جهت آزمون استحکام نتایج بکار گرفته شد. دوره زمانی به‌صورت ماهانه از 01/01/1397 تا 10/02/1401 و جامعه آماری، کلیه شرکت‌های سرمایه‌گذاری است که قبل از سال 1397 در بورس اوراق بهادار تهران پذیرفته‌شده‌اند. نمونه شامل 47 شرکت سرمایه گذاری است و تعداد مشاهدات 2350 شرکت–ماه است. شواهد این پژوهش نشان داد که ارزش بازار سبد سرمایه‌گذاری بورسی، هم ارتباط ارزشی نسبی و هم ارتباط ارزشی فزاینده‌ای نسبت به بهای تمام‌شده آن دارد. یافته‌های حاصل از آزمون‌های اضافی نیز نشان داد که سرمایه‌گذاران از طریق کاهش ارتباط ارزشی ارقام مربوط به ارزش بازار سبد سرمایه‌گذاری‌های بورسی، واکنش مناسبی نسبت به وقوع بحران داشته‌اند. به عبارتی در زمان وقوع بحران که ارزش سهام موجود در سبد سرمایه‌گذاری شرکت‌ها دچار افت شدید می‌شود، این کاهش ارزش دارایی‌ها با شیب ملایم‌تری در قیمت سهام شرکت سرمایه‌گذار منعکس می‌شود. | ||
| کلیدواژه‌ها | ||
| سبد سرمایه‌گذاری؛ ارزش منصفانه سرمایه‌گذاری؛ ارتباط ارزشی؛ صنعت سرمایه‌گذاری؛ افشا در مقابل شناخت | ||
| عنوان مقاله [English] | ||
| The Value Relevance of Fair Value of Marketable Securities Portfolio in the Investment Companies | ||
| نویسندگان [English] | ||
| Ali Rahmani1؛ Fateme Hamedi2؛ Esmail Farzanehkargar3 | ||
| 1Professor, Department of Accounting, Faculty of Social Sciences and Economic s, Alzahra University, Tehran, Iran | ||
| 2Ph.D student of Accounting, Faculty of Social and Economic Sciences, Al zahra University, Tehran, Iran | ||
| 3Instructor, accounting Department, Faculty of management and accounting, Iran | ||
| چکیده [English] | ||
| Despite the revision of Iran's Accounting Standard No.15 and the requirement of Standard No.42, fair value measurement, since the beginning of 1400, marketable investments in financial statements are generally identified at the lower of cost and net sales value.According to the disclosure requirements of the Securities and Exchange Organization, investment companies are required to disclose the current price of investments on the CODAL site at monthly intervals.The purpose of this study is to investigate the appropriate criteria for this important item of assets in investment companies.that's mean, it compares the current practice of fair value disclosure in the notes to the financial statements and CODAL against its recognition.This study is based on the relative and incremental value relevance of competing measures (cost and market value) from the point of view of measurement using linear regression of accounting variables on the stock price.Robust regression method was also used to test the robustness of the results.The time period is monthly from 2018/03/21 to 2022/04/30 and the statistical population is all investment companies that were accepted to the Tehran Stock Exchange market before 2018.Finally, according to the available information of 47 companies, the population has been limited to 2350 Company - month.The evidence of this study showed that the market value of the marketable investments portfolio has both a relative and incremental value relevance compared to its cost.The findings of the additional tests also showed that the investors had an appropriate reaction to the crisis by reducing the value relevance of the numbers related to the market value of the marketable securities portfolio.that's mean, at the time of crisis when the value of stocks in the investment portfolio of companies falls sharply, this decrease in the value of assets is reflected with a gentle slope in the stock price of the investing company. | ||
| کلیدواژه‌ها [English] | ||
| Investment portfolio, Fair value of investment, Value Relevance, Investment industry, Disclosure versus recognition | ||
|
سایر فایل های مرتبط با مقاله
|
||
| مراجع | ||
|
Accounting standard number 15. Modified (2019). Accounting of investments. Audit Organization. (In Persian).
Accounting standard number 42. Fair value measurement (approved 2019). Audit Organization. (In Persian).
Adwan, S. (2016). “Value relevance of IFRS and the effect of the financial crisis: Evidence from European financial firm”. University of Essex.
Aflatoni, A,.(2013).statical analysis in financial management and accounting researcgs by EVIEW. Terme publications. (In Persian).
André, P., Cazavan-Jeny, A., Dick, W., Richard, C., & Walton, P. (2009). “Fair value accounting and the banking crisis in 2008: Shooting the messenger”. Accounting in Europe, 6(1), 3–24.
Badri, E., Ghaemi, M. H. (2021). Macro Impediments of Implementing Fair Value Accounting in Iran’s Banking Industry. Applied Research in Financial Reporting, 10(18), 303-342. (In Persian).
Banimahd, b., Aabi, M., Hassanpour, SH,. (2016). Empirical researchs and methodology in accounting”. Terme publications. (In Persian).
Barth, M. E., Beaver, W. H., & Landsman, W. R. (2001). “The relevance of the value relevance literature for financial accounting standard setting: Another view”. Journal of Accounting and Economics, 31(1–3), 77–104.
Barth, M.E. (1994). “Fair value accounting: evidence from investment securities and the market valuation of banks”. The Accounting Review, Vol. 69, No. 1, (Jan 1994), 1–25
Betakova, J.; Hrazdilova-Bockova, K. & Skoda, M. (2014). Fair Value Usefulness in Financial Statements. DAAAM INTERNATIONAL SCIENTIFIC BOOK 2014. pp.433-448. Chapter 35.
Christensen, H. B., & Nikolaev, V. V. (2013). “Does fair value accounting for non-financial assets pass the market test?”, Review of Accounting Studies, 18(3), 734–775.
Danyali Deh Howz, M., & Mansouri, H. (2012). Investigating Weak Form of Efficiency in Tehran Stock Exchange and Ranking Factors that Affect it. Economics Research, 12(47), 71-96. (In Persian).
Filip, A., Hammami, A., Huang, Z., Jeny, A., Magnan, M., & Moldovan, R. (2021). “The Value Relevance of Fair Value Levels: Time Trends under IFRS and U.S. GAAP”. Accounting in Europe, 18(2), 196–217.
Francis, J., K. Schipper. (1999). “Have Financial Statements Lost their Relevance?”, Journal of Accounting Research, Vol. 37(Issue. 2), 319-352.
Goh, B. W., Li, D., Ng, J., & Yong, K. O. (2015). “Market pricing of banks’ fair value assets reported under SFAS 157 since the 2008 financial crisis”. Journal of Accounting and Public Policy, 34(2), 129–145.
Golmohammadi, M., Rahmani, A. (2018). “Technical Challenges of Implementing Fair Values in Financial Reporting of Iran: Emphasizing on IFRS13 Requirements”. Accounting and Auditing Review, 25(3), 387-414. (In Persian).
Hamedi, F. (2017). The Value Relevance of Oprating Flows (Direct Versus Indirect Method): Measurement View. Master's thesis. The University of Qom. (In Persian).
Hejazi, R., Meyhami, S. (2017). “Survey adoption of fair value accounting standards and its impact on accounting profit”. Empirical Research in Accounting, 7(2), 127-150. (In Persian).
Hodder, L. D., Hopkins, P., & Schipper, K. (2014). “Fair value measurement in financial reporting”. Foundations and Trends in Accounting, 8(3–4),143–270.
Imhanzenobe, J. (2022). “Value relevance and changes in accounting standards: A review of the IFRS adoption literature”. Cogent Business & Management, 9(1),1-13.
Jaggi, B., Winder, J. P., & Lee, C. (2010). “Is There a Future for Fair Value Accounting After the 2008–2009 Financial Crisis?”. Review of Pacific Basin Financial Markets & Policies, 13(3), 469-493.
Karami, G.,beik boshrouyeh, S., (2022). A Pattern of Implementing Fair Value System in Iran: Focusing on Reporting and Monitoring. Empirical Research in Accounting, 12(1), 141-172. (In Persian).
Khodarahmi, B., Hamedi, F. (2018). Relative Value relevance of operating cash flows of measurement view. Journal of Accounting Knowledge, 9(3), 7-37. (In Persian).
Kothari , S., Zimmerman, J. (1995).” Price and return models”. Journal of Accounting and Economics, Vol .20( Issue 3),92-155.
Mac Neal, K. (1970). “Truth in Accounting”. Scholars Book, ISBN 978-0914348047, Kansas, USA.
Magnan, M. L. (2009). “Fair value accounting and the financial crisis: Messenger or contributor?”. Accounting Perspectives, 8(3), 189–213.
Marra, A. (2016). “The pros and cons of fair value accounting in a globalized economy: A never ending debate”. Journal of Accounting, Auditing & Finance, 31(4), 582–591.
Matsane, A., Nakpodia, F., & Areneke, G. (2022). Assessing the value relevance of fair value measurements: a South African perspective. Corporate Governance: The International Journal of Business in Society, 22(7), 1405–1424.
Mehraban, N, Jamali, E, (2014).” fair value accounting and its impact on financial Reporting”. International conference of accounting, economy and financial management. tehran. (In Persian).
Moradi, M., Jafari Daredor, M., Hosseinzadeh, S. (2019). “Challenges and Opportunities for Measuring Fair Value, in International Financial Reporting Standards Adoption in Iran”. Accounting and Auditing Review, 26(3), 456-481. (In Persian).
Muller, M. A., Riedl, E. J., & Sellhorn, T. (2015) “Recognition versus disclosure of fair values”, The Accounting Review, 90(6),2411-2447.
Nobes, C. (2015).” IFRS ten years on: Has the IASB imposed extensive use of fair value? Has the EU learnt to love IFRS? And does the use of fair value make IFRS illegal in the EU?” , Accounting in Europe, 12(2), 153–170.
Palea, V. (2013). Fair Value Accounting and its Usefulness to Financial Statement Users. SSRN Electronic Journal.
Petroni, K.; Wahlen, J.M. (1995). “Fair values of equity and debt securities and share prices of property-liability insurer”. The Journal of Risk and Insurance, 62(4), 719-737.
Rahman, M. J., & Liu, R. (2021). “Value relevance of accounting information and stock price reaction: Empirical evidence from China”. Journal of Accounting and Management Information Systems, 20(1),5-27.
Rezaei, S. (2020). “Fair value in financial reporting, A challenging but promising approach”. Applied researches in management and accounting. 18(1),16-27. (In Persian).
Seddighi, R., Marfou, M., & Ghasemi, A. (2019). The Effect of Fair Value Approach on Performance Indicators of Small and Medium Sized Investment Companies. Empirical Studies in Financial Accounting, 16(64), 59-80. (In Persian).
Sellhorn, T., & Stier, C. (2019). “Fair value measurement for long-lived operating assets: Research evidence”. European Accounting Review, 28(3), 573–603.
Siekkinen, J. (2016). “Value relevance of fair values in different investor protection environments”. Accounting Forum, 40 (1),1–15.
Shafizadeh, Bahareh. 2013. “Why we use “fair value “. (The reasons of using “fair value”). Donyay-e eghtesa newspaper, 2917. (In Persian)
Shirkavand, S, Mazaheri, T, SadeghiSharif, S, J,. Aqamiri, N, (2019). “Determinants of risky financial assets holding by industrial firms in Tehran Stock Exchange & contribution of these holdings to firm value”. Financial management perspective. 9(27), 169-197. (In Persian).
Shawat, R., Solaiem, H., & Badawy, H. (2021). Relevance of Fair Value information to Investors’ Decisions: Experimental Evidence from Egypt. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3910655
Trung, P. D., & Quang, P. H. (2019). “Adaptive market hypothesis: Evidence from the Vietnamese stock market. Journal of Risk and Financial Management”, 12(2), 81.
Veith, S., Werner, J. (2014). “Comparative value relevance studies: Country differences versus specification effects”. The International Journal of Accounting, vol. 49(Issue.3), 301–330.
Wolk, H.I., Dodd, J.L. & Rozycki, J.J. (2016). “Accounting Theory: Conceptual Issues in a Political and Economic Environment”, Sage Publication Inc. | ||
|
آمار تعداد مشاهده مقاله: 380 تعداد دریافت فایل اصل مقاله: 254 |
||
