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ارزیابی مکانیزمهای نظارتی سازمان بورس اوراق بهادار با استفاده از رویکردهای ISM- MICMAC | ||
راهبرد مدیریت مالی | ||
مقاله 5، دوره 12، شماره 4 - شماره پیاپی 47، دی 1403، صفحه 121-144 اصل مقاله (431.08 K) | ||
نوع مقاله: مقاله پژوهشی | ||
شناسه دیجیتال (DOI): 10.22051/jfm.2024.47517.2934 | ||
نویسندگان | ||
حدیث جوانمرد1؛ احمد خدامی پور* 2؛ امید پور حیدری2 | ||
1دانشجوی دکتری حسابداری، دانشکده مدیریت و اقتصاد، واحد کرمان، دانشگاه شهید باهنر کرمان، کرمان، ایران | ||
2استاد گروه حسابداری، دانشگاه شهید باهنر کرمان، کرمان، ایران | ||
چکیده | ||
یکی از عواملی که میتواند به جریان مطلوب معاملات در بازارهای مالی کمک نماید ایجاد چارچوبی است که به وسیله آن تمام طرفهای موجود از جمله ناشران، کارگزاران و اشخاص حقیقی یا حقوقی فعال در بازار سهام بتوانند به راحتی و با حداکثر امنیت به معامله بپردازند. به همین دلیل است که در تمامی بازارهای اوراق بهادار نهادهایی برای حفظ چارچوب معاملات و کنترل بر شیوه انجام آن فعالیت میکنند. در ایران نیز سازمان بورس و اوراق بهادار به عنوان متولی انجام معاملات در بازار سرمایه، از طریق شرکتهای زیر مجموعه خود (شامل شرکت بورس اوراق بهادار تهران و شرکت فرابورس ایران) در انجام معاملات سهام نظارت دارد. هدف این پژوهش، ارزیابی و شناسایی مکانیزمهای نظارتی بازار بورس اوراق بهادار با استفاده از رویکردی ترکیبی بر مبنای تکنیک ISM و تجزیهوتحلیل MICMAC میباشد. نتایج حاصل از تحلیل یافتههای پژوهش نشان داد که متغیرهای حد دامنه نوسان به عنوان مؤثرترین و اولین متغیر اثرگذار تعیین شده است. سپس به ترتیب متغیرهای حجممبنا، اطلاعیه شفافسازی در خصوص شایعه، اطلاعیه شفافسازی در خصوص نوسان قیمت سهام، برگزاری کنفراس خبری و توقف نماد معاملاتی در ردههای بعدی متغیرهای مؤثر قرار دارند. بنابراین با توجه به نتایج پژوهش حاضر به سازمان بورس اوراق بهادار به عنوان نهاد ناظر پیشنهاد میشود در مورد اینکه محدود دامنهی نوسان به چه میزان باشد و یا اینکه این مکانیزم نظارتی وجود داشته باشد یا خیر تجدیدنظر کند تا سایر مکانیزمهای نظارتی که تحت تأثیر مکانیزم محدوده دامنهی نوسان قرار دارند بتوانند تأثیرات بهینه و مثبت و مثمر ثمری در تصمیمگیری سرمایهگذاران داشته باشند و سرمایهگذاران آسیب کمتری در خصوص انتخاب و خرید سهام شرکتها ببینند. | ||
کلیدواژهها | ||
مکانیزمهای نظارتی؛ دامنهی مجاز نوسان قیمت سهام؛ حجم مبنا؛ اطلاعیه شفافسازی؛ برگزاری کنفرانس خبری و توقف نماد معاملاتی | ||
عنوان مقاله [English] | ||
Evaluation of the Regulatory Mechanisms of the Stock Exchange Organization Using ISM-MICMAC Methods | ||
نویسندگان [English] | ||
Hadis Javanmard1؛ Ahmad Khodamipour2؛ Omid Pourheidari2 | ||
1Ph.D. student of accounting, Faculty of Management and Economics, Shahid Bahonar University of Kerman, Kerman, Iran | ||
2Professor Department of Accounting, Shahid Bahonar University of Kerman, Kerman, Iran | ||
چکیده [English] | ||
Abstract One of the factors that can contribute to the favorable flow of transactions in the financial markets is the creation of a framework through which all existing parties, including publishers, brokers, and natural or legal persons active in the stock market, can easily and with maximum security make a deal This is the reason why institutions operate in all securities markets to maintain the trading framework and control the way it is carried out. In Iran, the Securities and Exchange Organization supervises stock transactions through its subsidiaries (including the Tehran Stock Exchange and the Iran Foreign Exchange Company) as the custodian of transactions in the capital market. This research aims to evaluate and identify the regulatory mechanisms of the stock market using a combined approach based on the ISM technique and MICMAC analysis. The analysis of the research findings showed that the fluctuation range limit variables were determined as the most effective and the first influencing variables. Then, volume-based variables, clarification announcements regarding rumors, clarification announcements regarding stock price fluctuation, holding a news conference, and trading symbol stops are in the following categories of influential variables. Therefore, according to the results of the present research, it is suggested that the stock exchange organization as a supervisory body reconsider how much the range of fluctuations should be limited or whether this monitoring mechanism exists or not so that other monitoring mechanisms that are affected The fluctuation range mechanism is supposed to have optimal, positive and fruitful effects on investors' decision-making, and investors will see less damage regarding the selection and purchase of company shares. | ||
کلیدواژهها [English] | ||
Supervisory mechanisms: Price limits, Base volume, Clarification notices, News conference holding, Halting trading symbols | ||
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