کیفیت گزارشگری شرکت های سرمایه‌پذیر با عملکرد صندوق‌های سرمایه‌گذاری مشترک
فصلنامه بورس اوراق بهادار

فصلنامه بورس اوراق بهادار

کیفیت گزارشگری شرکت های سرمایه‌پذیر با عملکرد صندوق‌های سرمایه‌گذاری مشترک

نوع مقاله : مقاله پژوهشی

نویسندگان
1 استادیار، گروه حسابداری، دانشکده مدیریت و حسابداری، دانشگاه شهید بهشتی، تهران، ایران
2 دانشیار، گرو حسابداری، دانشکد مدیریت و حسابداری، دانشگاه شهید بهشتی، تهران، ایران
3 کارشناس ارشد حسابداری، دانشکده مدیریت و حسابداری، دانشگاه شهید بهشتی، تهران، ایران،
چکیده
صندوق‌های سرمایه‌گذاری نقش مهمی در جمع‌آوری سرمایه‌های اندک دارند. آنها توسط ترکیب متنوع پرتفوی خود منجر به حداقل‌سازی ریسک و کسب بیشترین بازده می‌شوند. به همین سبب، شناخت عوامل موثر بر آنها اهمیت دارد. سرمایه‌گذاری در سهام یکی از مهمترین اقلام دارایی صندوق‌هاست که ضرورت پرداختن به کیفیت گزارشگری شرکت های پرتفوی را نمایان می سازد. در این پژوهش رابطه کیفیت گزارشگری مالی شرکت های پرتفوی سرمایه گذاری با عملکرد صندوق بررسی شد. بدین منظور از شاخص های نقدپذیری سود، کیفیت اقلام تعهدی و بهنگام بودن سود برای سنجش کیفیت گزارشگری مالی و از شاخص الفای جنسن برای سنجش عملکرد صندوق استفاده شد. جامعه آماری این پژوهش صندوق‌های فعال و نمونه شامل 50 صندوق سرمایه‌گذاری طی سالهای 1396 الی 1399 بود که به روش سهمیه‌بندی انتخاب شد. داده های پژوهش به روش حداقل مربعات تعمیم یافته تحلیل شدند. یافته‌های پژوهش نشان داد نقدپذیری سود و بهنگام بودن سود شرکت ها به ترتیب رابطه منفی و مثبت با عملکرد صندوق دارند. این نتایج اهمیت انتشار بهنگام گزارش های مالی نمایان ساخته و نشان می‌دهد نقدینگی سود تاثیری در عملکرد صندوق ندارد. این موضوع می‌تواند در تعیین سیاست‌های گزارشگری مالی مورد توجه قرار گیرد.
کلیدواژه‌ها
موضوعات

عنوان مقاله English

The reporting quality of investee companies and the performance of mutual funds

نویسندگان English

hamideh asnaashari 1
mohammad hossein safarzadeh 2
Reyhaneh Keikhah Akhar 3
1 Assistant Professor, Department of Accounting, Faculty of Management and Accounting, Shahid Beheshti University, Tehran, Iran
2 Associate Professor, Department of Accounting, Faculty of Management and Accounting, Shahid Beheshti University, Tehran, Iran
3 Master of Accounting, Faculty of Management and Accounting, Shahid Beheshti University, Tehran, Iran
چکیده English

Investment funds have an essential role in collecting small funds. They help to minimize risk and obtain the highest return on investment through the diverse composition of their portfolio. Therefore, it is crucial to understand the factors affecting these funds. Investing in stocks is one of the most critical assets of funds, highlighting the need to address the reporting quality of companies in their portfolio. This study aimed to investigate the relationship between the quality of financial reporting of investment portfolio companies and the fund's performance. Earnings liquidity, accruals quality, and earnings timeliness were used to measure the quality of financial reporting. In addition, fund performance was measured using Alpha Jensen's index. The research population included 50 investment funds selected by quota method from 2016-2020. The research data were analyzed using the generalized least squares method. The findings showed that the earnings liquidity and timeliness of companies have a negative and positive relationship with fund performance, respectively. These results indicate that timely financial report publication is crucial and interest liquidity does not affect fund performance. This issue should be considered when determining financial reporting policies.

کلیدواژه‌ها English

Mutual Funds
Financial Reporting Quality
Earnings Timeliness. Jensen Alpha
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