جریان نقد مطلوب سرمایه‌گذاران و سفته‌بازان در بازار سرمایۀ ایران

نوع مقاله : مقاله علمی پژوهشی

نویسندگان

1 دانشجوی دکتری مالی، دانشکدۀ مدیریت، دانشگاه تهران، تهران، ایران

2 استادیار گروه مالی، دانشگاه خاتم، تهران، ایران

چکیده

در این مقاله با استفاده از داده­های مربوط به سود تقسیمی، سود خالص و جریان نقد آزاد شرکت­های پذیرفته‎شده در بورس تهران طی سال­های 1381 تا 1390، نشان داده شده است که رویکرد سرمایه­گذاران در بازار سرمایۀ ایران برای تعیین ارزش سهام شرکت­ها، از معیار سود تقسیمی به معیارهای سود خالص و جریان نقد آزاد حرکت کرده ­است. یافتۀ فوق به‎معنای افزایش درجۀ بلوغ بازار سرمایه و همچنین کارایی آن است. همچنین در راستای فرضیۀ دخالت سفته­بازان بر قیمت سهام شرکت­های کوچک، با تفکیک شرکت­ها به دو دستۀ بزرگ و کوچک، مشخص شد که این دسته از سرمایه­گذاران به‎دلیل توان دستکاری قیمت سهام شرکت­های کوچک، ارزش سهام شرکت­های کوچک را با توجه به سود هر سهم تحت تأثیر قرار می­دهند.

کلیدواژه‌ها

موضوعات


عنوان مقاله [English]

ideal cash flow for normal investors and speculators in Iranian capital market

نویسندگان [English]

  • Maral Dadbin 1
  • Ahmad Pouyanfar 2
1 Ph.D. Candidate in Finance, Faculty of Management and Accounting, Tehran University, Tehran, Iran
2 Associate Prof., Finance Department, Khatam University, Tehran, Iran
چکیده [English]

In this paper, by using different cash flow benchmarks (dividends, net income and free cash flow) for the period of 1381 to 1390 for listed companies in Tehran Stock Exchange, we showed that investors are changing their attitudes from dividends cash flow measure to net income and free cash flow methods in recent years which can be interpreted as increase in the Iranian capital market maturity and efficiency. On the other hand, in line with the hypothesis of interference of speculators on small company’s stock prices, by dividing companies in two groups of small and large, we find that because of their ability to manipulate small company’s stock prices, theyuse net income as a suitable cash flow measure.

کلیدواژه‌ها [English]

  • Cash Flow
  • market value
  • Market size
  • speculators
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