بررسی اثر جهانی‌شدن بر هزینۀ سرمایۀ شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران با رویکرد داده‏ های ترکیبی

نوع مقاله : مقاله علمی پژوهشی

نویسندگان

1 کارشناس ارشد حسابداری، دانشگاه پیام نور، ایران

2 دکتری اقتصاد، دانشگاه پیام نور، ایران

3 کارشناس‎ارشد حسابداری، دانشگاه آزاد اسلامی، بانه، ایران

چکیده

هدف مطالعۀ حاضر بررسی اثر جهانی‌شدن بر هزینۀ سرمایۀ شرکت‏های پذیرفته‌شده در بورس اوراق بهادار تهران است. در این راستا، از درجۀ باز‌بودن تجاری به‌منزلۀ شاخص جهانی‌شدن تجارت و همچنین از سایر متغیرهای کنترلی مؤثر بر هزینۀ سرمایه از‌قبیل اندازۀ شرکت، نسبت دارایی‏های ثابت به کل دارایی‏ها، نسبت آنی و نسبت بدهی‏ها به کل حقوق صاحبان سهام برای شرکت‏های پذیرفته‌شده در بورس اوراق بهادار تهران برای دورۀ زمانی 1389-1385 استفاده شده است. بر‌اساس نتایج پژوهش حاضر اثر جهانی‌شدن تجارت بر هزینۀ سرمایه برای کل شرکت‏ها، پذیرفته می‏شود و می‏توان گفت آزاد‌سازی تجاری سبب کاهش هزینۀ سرمایه خواهد شد. همچنین متغیرهای نسبت آنی، نسبت دارایی‏های ثابت به کل دارایی‏ها، اندازۀ شرکت و نسبت بدهی‏ها به کل حقوق صاحبان سهام تأثیر معنا‏داری بر هزینۀ سرمایه می‎گذارند، اما با تفکیک شرکت‏ها به صنایع مختلف این اثر متفاوت است؛ به‌طوری‌که، اثر جهانی‌شدن بسته به حجم صادرات و واردات هر‌یک از شرکت‏ها، تأثیری متفاوت بر شرکت‏ها خواهد گذاشت.

کلیدواژه‌ها

موضوعات


عنوان مقاله [English]

The Survey of the Impact of globalization on the cost of capital of listed companies in Tehran Stock Exchange: Panel Data Approach

نویسندگان [English]

  • Kaveh ghaderi 1
  • Saman Ghaderi 2
  • Salahadin Ghaderi 3
1 Instructor, Payam Noor University, Iran
2 Ph.D, Payam Noor University, Iran
3 Instructor, Islamic Azad University , Baneh, Iran
چکیده [English]

The purpose of this study is to evaluate the effect of globalization on the cost of capital accepted companies in Tehran Stock Exchange (TSE(. In this regard, the degree of trade openness as an index the globalization of trade and other control variables such as firm size, the ratio of fixed assets to total assets, instantaneous ratio and the ratio of debts to total of equity has been used for the accepted companies in Tehran Stock Exchange during 2005-2010. The results of using of panel data show that the globalization of trade has a negative effect on the cost of capital. Also, the instantaneous ratio of fixed assets to total assets, firm size and the ratio of total of debt to equity have a significant effect on the cost of capital. But by separation of firms in different industries, the effect is different. As depending on the volume of exports and imports of each company, the effects of globalization will have a different impact on firms.

کلیدواژه‌ها [English]

  • Globalization
  • Cost of capital
  • pooling data
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