تاثیر قیمت‌گذاری نادرست بر سرمایه‌گذاری و ساختار سرمایه در شرکت‌های با محدودیت مالی

نوع مقاله : مقاله علمی پژوهشی

نویسندگان

1 استادیار مدیریت مالی، دانشکدۀ علوم اجتماعی و اقتصاد، دانشگاه الزهرا، تهران، ایران

2 کارشناس‎ارشد حسابداری، دانشکدۀ مدیریت و اقتصاد، دانشگاه آزاد اسلامی واحد علوم و تحقیقات، تهران، ایران

چکیده

هدف این مطالعه، بررسی تأثیر قیمت‏گذاری نادرست بر رفتار سرمایه‏گذاری و ساختار سرمایه است. همچنین نقش سطوح محدودیت مالی بر ارتباط میان قیمت‏گذاری نادرست و سرمایه‏گذاری و ساختار سرمایه را بررسی می‎کند. با استفاده از اطلاعات مالی 110 شرکت پذیرفته‌شده در بورس اوراق بهادار تهران در محدودۀ زمانی 1389‌ـ 1384 نتایج نشان می‏دهد که قیمت‏گذاری نادرست اثر معکوس بر رفتار سرمایه‏گذاری دارد، اما‌ این تأثیر فقط تفاوت اندکی هم بر شرکت‏های با محدودیت مالی زیاد و هم با محدودیت مالی کم دارد. علاوه‎بر این، قیمت‏گذاری نادرست، ساختار سرمایه را تحت‌تأثیر قرار می‏دهد. بین قیمت‏گذاری نادرست و ساختار سرمایه رابطۀ مستقیم برقرار است، اما قیمت‏گذاری نادرست در شرکت‏های با محدودیت مالی زیاد اثر معکوسی بر ساختار سرمایه می‎گذارد. روش آماری‌ استفاده‌شده در این پژوهش روش داده‏های پانل است.

کلیدواژه‌ها

موضوعات


عنوان مقاله [English]

The Effect of Mispricing on Investment and Capital Structure of Financial Constraints Firms

نویسندگان [English]

  • Ebrahim Abbasi 1
  • Maryam Sharifi 2
1 Assistant Prof. Financial Management, Faculty of Social Sciences & Economics, Alzahra University, Tehran, Iran
2 MSc. in Accounting, Faculty of Management and Economics , Science and Research Islamic Azad University,Tehran, Iran
چکیده [English]

The objective of this study is to examine the effect of mispricing on firm’s investment behavior and capital structure. It also tests the role of the level of financial constraints in the relationship between mispricing , investment and capital structure. Using data of 110 firms of Tehran stock exchang from 1384-1389, results indicated that mispricing has negative impact to firms investment. However, this effect only slightly different whether on high financial constraint firms (financially constraint) or on low financial constraint firms (less constraint). Moreover, this research also find that mispricing influence firm’s capital structure. Based on the finding in study, it has positive impact to firm’s capital structure. However, mispricing has negative impact to firm’s capital structure in high financial constraint firms. In this study is used of statictical method panel data.

کلیدواژه‌ها [English]

  • panel data
  • Mispricing
  • Investment
  • Capital structure
  • Financial Constraints
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