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بررسی تأثیر کارایی بازار بر رابطه بین نرخ بازده و سودآوری آتی شرکتها | ||
راهبرد مدیریت مالی | ||
مقاله 1، دوره 12، شماره 4 - شماره پیاپی 47، دی 1403، صفحه 1-28 اصل مقاله (585.47 K) | ||
نوع مقاله: مقاله پژوهشی | ||
شناسه دیجیتال (DOI): 10.22051/jfm.2024.46431.2901 | ||
نویسندگان | ||
حسن زلقی* 1؛ فرشته ظفری اکمل2 | ||
1دانشیارگروه حسابداری، دانشکده علوم و اقتصادی و اجتماعی، دانشگاه بوعلی سینا، همدان، ایران | ||
2کارشناسی ارشدحسابداری، دانشکده علوم اقتصادی و اجتماعی، دانشگاه بوعلی سینا، همدان، ایران. | ||
چکیده | ||
در شرایط کارایی بازار ، قیمتها بهطور صحیح نمایانگر عملکرد مالی آینده شرکت بوده و این قیمتها با ارزش ذاتی سهام همخوانی خواهند داشت. هدف این پژوهش، نشان دادن نقش کارایی بازار بهعنوان متغیری در رابطه بین نرخ بازده و سودآوری آتی و تعیین تأثیر کارایی بازار بر رابطه بین نرخ بازده و سودآوری آتی در شرکتهای پذیرفتهشده در بورس اوراق بهادار تهران است. تعداد 94 شرکت از میان شرکتهای پذیرفتهشده در بورس اوراق بهادار تهران طی سالهای 1392 تا 1401 به روش نمونهگیری حذف سیستماتیک جهت انجام تحلیل در نظر گرفته شد. جهت آزمون فرضیههای پژوهش از روش رگرسیون استفاده شد. همچنین بهمنظور ارزیابی تأثیر کارایی بازار بر ارتباط بین نرخ بازده و سود در اندازهگیری متغیر کارایی بازار بهجای استفاده از هریک از شاخصهای اندازهگیری بهتنهایی با استفاده از روش تحلیل مؤلفههای اصلی یک شاخص ترکیبی ایجاد میشود که دربرگیرنده ابعاد مختلف کارایی بازار باشد. نتایج پژوهش نشان میدهد بین بازده سهام و توان پیشبینی سودآوری شرکتها رابطه مثبتی وجود دارد. اما کارایی بازار نتوانسته است رابطه بین ارزش شرکت و سود آوری آتی را بهبود بخشد و همچنین کارایی بازار موجب تقویت رابطه بین سود آوری آتی و نرخ بازده سهام نشده است. | ||
کلیدواژهها | ||
کارایی بازار؛ نرخ بازده؛ سودآوری آتی شرکتها | ||
عنوان مقاله [English] | ||
Investigating the Effect of Market Efficiency on the Relationship between the Rate of Return and the Future Profitability of Firms | ||
نویسندگان [English] | ||
Hassan Zalaghi1؛ Fereshteh Zafari akmal2 | ||
1Associate professor in Accounting Department ، Faculty of Economic and Social Sciences Bu-Ali Sina University | ||
2Department of Accounting , Faculty of Economic and Social Sciences, Bu-Ali Sina University | ||
چکیده [English] | ||
Future Earnings are an important factor in stock price valuation models. In other words, in the conditions of market efficiency, the prices will correctly represent the future financial performance of the Firm and these Stock prices will be consistent with the intrinsic value of the Firm's shares. The importance of this research is to show the role of market efficiency as a variable in the relationship between the rate of return and the future profitability of the Firm. The purpose of this research is to determine the effect of market efficiency on the relationship between the rate of return and future profitability in companies listed on the Tehran Stock Exchange. In order to achieve the goal of the research, 94 Firms from among the Firms listed in the Tehran Stock Exchange during the years 2013 to 2022 were considered by the systematic elimination sampling method to perform the analysis. Regression method was used to test research hypotheses. Also, in order to evaluate the effect of market efficiency on the relationship between the rate of return and Earnings in measuring the variable of market efficiency, instead of using each of the measurement indicators alone, using the method of principal components analysis, a composite index is created that includes different dimensions of market efficiency. The results of the research show that there is a positive relationship between stock returns and the ability to predict the profitability of Firms. But market efficiency has not been able to improve the relationship between Firm value and future profitability, and also market efficiency has not strengthened the relationship between future profitability and stock return rate. | ||
کلیدواژهها [English] | ||
Market efficiency, Rate of return, Future profitability of Firms | ||
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