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جریان نقد مطلوب سرمایهگذاران و سفتهبازان در بازار سرمایۀ ایران | ||
| تحقیقات مالی | ||
| مقاله 5، دوره 18، شماره 2، تیر 1395، صفحه 275-286 اصل مقاله (314.15 K) | ||
| نوع مقاله: مقاله علمی پژوهشی | ||
| شناسه دیجیتال (DOI): 10.22059/jfr.2016.61592 | ||
| نویسندگان | ||
| مارال دادبین* 1؛ احمد پویانفر2 | ||
| 1دانشجوی دکتری مالی، دانشکدۀ مدیریت، دانشگاه تهران، تهران، ایران | ||
| 2استادیار 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 | ||
| جریان نقد؛ ارزش شرکت؛ اندازه شرکت؛ سفته بازان | ||
| عنوان مقاله [English] | ||
| ideal cash flow for normal investors and speculators in Iranian capital market | ||
| نویسندگان [English] | ||
| Maral Dadbin1؛ Ahmad Pouyanfar2 | ||
| 1Ph.D. Candidate in Finance, Faculty of Management and Accounting, Tehran University, Tehran, Iran | ||
| 2Associate 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 | ||
| مراجع | ||
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Khanjani, Sh., Alahyari, H. (2008). Analysis of Information Content of Dividend, Book Value and Net interest on Share Price of Listed Companies in Tehran Stock Exchange. Journal of Financial Research, 8 (22), 3-20. (in Persian) Moradzedefard, M., Ghitasi, R., Masjed Mousavi, M. (2012), Analysing the Relation of Free Cash Flow of Firm and Free Cash Flow of Stockholders with Market Value of Stocks in Tehran Stock Exchange. Journal of Accounting Studies, (7), 1-18. (in Persian) Penman, S., Nissim, D. (2001) Ratio analysis and equity valuation: From research to practice. Columbia University, Graduate School of Business. Perrakis, R. et al, (2000) Investment Analysis, New York: McGraw-Hill. Sorensen, E., Williamson D. (1985). Some Evidence on the Value of the Dividend Discount Model. Financial analyst Journal, 41(6), 60-69. Tsuji, C. (2006). Does EVA beat earnings and cash flow in Japan? Applied Financial Economics, (16), 1199-1216. | ||
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