ارائۀ الگویی مناسب به منظور تعیین شرکت‌های جذاب برای سرمایه‌گذاری (مطالعۀ موردی: شرکت‌های پذیرفته شده در بورس اوراق بهادار تهران و فعال در صنایع شیمیایی)

نوع مقاله : مقاله علمی پژوهشی

نویسندگان

1 دانشیار بخش مدیریت دانشکدة اقتصاد، مدیریت و علوم اجتماعی دانشگاه شیراز، شیراز، ایران

2 کارشناس‌ارشد مدیریت صنعتی دانشگاه شیراز، شیراز، ایران

چکیده

 این پژوهش با هدف ارائة الگویی برای ارزیابی و مقایسة شرکت‌ها جهت راهنمایی سرمایه‌گذاران در انتخاب شرکت مناسب برای سرمایه‌گذاری با استفاده از تکنیک دلفی فازی انجام پذیرفت. پس از استخراج مدل، به منظور وزن‌دهی شاخص‌های انتخاب‌شده از فرایند تحلیل سلسله‌مراتبی فازی بهره گرفته شد. همچنین، اهمیت هر کدام از شاخص‌های مدل پژوهش تعیین شد. در ادامه شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران و فعال در صنایع شیمیایی با استفاده از مدل پیشنهادی و با استفاده از دو تکنیک ویکور و تاپسیس، در سه سال مالی به صورت مجزا ارزیابی و رتبه‌بندی شد. سپس، با هدف آزمون مدل پژوهش، سه سبد سرمایه‌گذاری متشکل از سهام چهار شرکت نخست در فهرست رتبه‌بندی نهایی هر کدام از سال‌های مورد بررسی تشکیل و با استفاده از شاخص سورتینو عملکرد هر کدام از این سبدها در بازة زمانی دو ماهه ارزیابی و با عملکرد صنعت شیمیایی در همان بازة دو ماهه مقایسه شد. نتایج حاکی از آن است که مدل پژوهش از دقت مناسبی برای راهنمایی سرمایه‌گذاران برخوردار است.

کلیدواژه‌ها

موضوعات


عنوان مقاله [English]

Presenting an Appropriate Pattern to Determine Attractive Companies for Investment (Case Study: Registered Companies in Tehran Stock Exchange and Active in Chemical Industries

نویسندگان [English]

  • Abbas Abbasi 1
  • Ali Mohammadi 1
  • Iman Estejab 2
1 Associate Prof., Faculty of Management, Economy and Social Sciences, Shiraz University, Shiraz, Iran
2 MSc in Industrial Management, Shiraz University, Shiraz, Iran
چکیده [English]

The purpose of this study was proposing a suitable pattern for evaluating and assessing companies. To reach this important goal, the fuzzy Delphi method (FDM was employed. After the evaluation pattern was created, the fuzzy analytic hierarchy process (FAHP) was used in order to find the weight of all selected factors, and the significance of each of evaluation factor was determined. Next, companies registered in Tehran Stock Exchange that are active in the chemical industries were examined and ranked separately in three financial years using two different techniques: VIKOR and TOPSIS. In order to determine the efficiency and accuracy of the model, three investment portfolios that included shares of the 4 companies ranked highest in each financial year were created. The performance of each investment portfolio was assessed and evaluated in a two months period using the Sortino ratio (SR) and compared with the chemical industry performance during the same period. The results reveal that the proposed pattern does provide investors with high level of accuracy.

کلیدواژه‌ها [English]

  • Company Analysis
  • Investment
  • Post Modern Portfolio Theory
  • Stock exchange
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