بررسی رابطه شدت رقابت در بازار محصول و مومنتوم قیمتی بر هزینه ‎سرمایه شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران

نوع مقاله: مقاله پژوهشی

نویسندگان

1 استادیار گروه مدیریت، دانشگاه مازندران،

2 استاد گروه مدیریت، دانشگاه مازندران

3 کارشناس ارشد مدیریت بازرگانی (گرایش مالی)، دانشگاه مازندران

چکیده

هزینه سرمایه از مهم‌ترین و کلیدی‌ترین ابزارها در بسیاری از تصمیم‌گیری‌های مالی و مدیریتی است و از اهمیت بالایی برای مدیران شرکت‎ها برخوردار است که از عوامل متعددی متأثرمی‏شود. با توجه به اینکه توان جذب سرمایه تأمین مالی شرکت‌ها یکی از مهم‌ترین ارکان موردنیاز برای باقی ماندن در بازار رقابتی امروزاست؛ بنابراین هدف پژوهش حاضر بررسی رابطه شدت رقابت در بازار محصول بر هزینه سرمایه‏ شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران است. برای اندازه‌گیری رقابت در بازار محصول از شاخص هرفیندال – هیرشمن استفاده‌شده است. تعداد 95 شرکت به‌عنوان نمونه در بازه‎ی زمانی 1387 تا 1393 جهت آزمون فرضیه‌های پژوهش مورداستفاده قرار گرفتند. در این تحقیق برای تحلیل داده‌ها از نرم‌افزارهای اکسل و ایویوز استفاده‌شده است. نتایج این پژوهش نشان می‌دهد که رقابت در بازار محصول تأثیر منفی و معناداری بر هزینه سرمایه شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران می‌گذارد؛ اما رابطه معناداری بین استراتژی مومنتوم‌ قیمتی و هزینه سرمایه در شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران مشاهده نشد. این نتایج می‌تواند شرکت‌ها را در طراحی و بهره‌گیری از سیاست‌های هدفمند درباره روش‌های تأمین مالی یاری رسانیده که این امر ممکن است سهم بازار محصول را افزایش داده و باعث ثبات شرکت در بازار شود. 

کلیدواژه‌ها

موضوعات


عنوان مقاله [English]

Examining the Effect Of Product Market Competition and Return Momentum on Cost of Equity Capital of Companies Listed in Tehran Stock Exchang

نویسندگان [English]

  • Shahabeddin Shams 1
  • mahmood yahyazade 2
  • monavar shabani 3
چکیده [English]

The cost of capital is one of the most important and significant feature in many financial decisions and management. It also has the high value for the managers of companies and affects on several factors such as financial leverage, profitability, shareholders combination , composition of the board, company's activities, liquidity and size. Inspite of the fact that the ability of fundraising and financial providing of companies is the most important factors to remain in the current market competition, so this study examines the effect of product market competition and return momentum on the cost of capital of Companies listed in Tehran Stock Exchange over 2009-2014 .To do so, Excel and Eviews softwares were used in this research. Also, Herfindahl-Hirschman index is used to measure Product market competition return momentum. The results show that Product market competition has negatively significant effect on the cost of capital of Companies listed in Tehran Stock Exchange. However, there is no significant relationship between return momentum and the cost of capital.

کلیدواژه‌ها [English]

  • Product Market Competition
  • Cost of equity
  • Herfindahl-Hirschman
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