سیاست پولی انقباضی، ناکارایی سرمایه‌گذاری و نقش قابلیت‌مقایسه اطلاعات مالی در بورس اوراق بهادار تهران
فصلنامه بورس اوراق بهادار

فصلنامه بورس اوراق بهادار

سیاست پولی انقباضی، ناکارایی سرمایه‌گذاری و نقش قابلیت‌مقایسه اطلاعات مالی در بورس اوراق بهادار تهران

نوع مقاله : مقاله پژوهشی

نویسندگان
1 دانشیار، گروه مدیریت، واحد نیشابور، دانشگاه آزاد اسلامی، نیشابور، ایران
2 کارشناس ارشد مدیریت مالی، گروه مدیریت، واحد نیشابور، دانشگاه آزاد اسلامی، نیشابور، ایران.
چکیده
هدف از انجام این پژوهش بررسی تاثیر سیاست‌های پولی دولت‌ بر کارایی سرمایه‌گذاری شرکت‌ها است. در این راستا نقش تعدیل‌گر قابلیت مقایسه اطلاعات مالی مورد بررسی قرار گرفته است.
پژوهش حاضر از نوع پژوهش‌های کاربردی و توصیفی- همبستگی قلمداد می‌شود. جامعه آماری این پژوهش شامل شرکت‌های پذیرفته ‌شده در بورس اوراق بهادار تهران بین سال‌های 1392 تا 1400 است، که تعداد ۱۰۲ شرکت با ۹۱۸ مشاهده (سال-شرکت) مورد بررسی قرار گرفته‌اند.
یافته‌ها نشان می‌دهد از آنجا که ضریب برآورد شده برای سیاست پولی انقباضی 173/0 و در سطح اطمینان 99 درصد نیز معنادار است، که می‌توان رابطه مثبت معناداری با ناکارآیی سرمایه‌گذاری به ویژه در شکل کم‌سرمایه‌گذاری برای آن مشاهده کرد. همچنین چون ضریب برآورد شده برای اثر تعاملی مقایسه‌پذیری اطلاعات مالی معادل 152/0- شده که در سطح اطمینان 95 درصد نیز معنادار است، نشان می‌دهد این متغیر اثر تعدیل‌گر معنی‌داری بر رابطه میان سیاست پولی و کم سرمایه‌گذاری دارد.
بر این اساس مشاهده می‌شود سیاست‌ پولی انقباضی، شرکت‌ها را به سمت سرمایه‌گذاری کمتر سوق می‌دهد. این در حالی است که مقایسه‌پذیری اطلاعات مالی شرکت‌ها می‌تواند اثر این سیاست پولی را بر سرمایه‌گذاری کمتر آنها تضعیف کند. به عبارت دیگر با افزایش قابلیت مقایسه اطلاعات مالی، اثر سیاست‌های پولی انقباضی بر ناکارایی سرمایه‌گذاری شرکت‌ها کاهش می‌یابد. بنابر این هر دو فرضیه این پژوهش مورد تایید قرار گرفته اند.
در این پژوهش بررسی اثر تعدیل گر قابلیت مقایسه اطلاعات مالی بر رابطه میان سیاست پولی انقباضی دولت و ناکارایی سرمایه‌گذاری‌ شرکت‌ها می‌تواند به عنوان دانش افزایی مطالعه قلمداد شود.
کلیدواژه‌ها
موضوعات

عنوان مقاله English

Contractionary Monetary Policy, Investment Inefficiency and the role of Financial Information Comparability in Tehran Stock Exchange

نویسندگان English

Abdorreza Asadi 1
Atefeh Lashkari 2
1 ssociate Professor, Department of Management, Neyshabur Branch, Islamic Azad University, Neyshabur, Iran
2 M.Sc. Department of Management, Neyshabur Branch, Islamic Azad University, Neyshabur, Iran
چکیده English

The purpose of the research is to investigate the effect of government’s monetary policies on companies’ investment inefficiency. In this regard, the moderating role of comparability of financial information, has been examined.
The current research is categorized as an applied and descriptive-correlational research. The population of the research includes listed companies in Tehran Stock Exchange over the period of 2013-2021, after considering the criteria for selection, 102 companies with 918 observations are included to be investigated.
The findings indicate that since the estimated coefficient of monetary policy is 0.173 and significant at the 99%, there is a significant positive relationship between the variable and companies’ investment inefficiency, especially in the form of under-investment. Also, because of estimated coefficient for interactive effect of financial information comparability equals to -0.152, and significant at the 95%, it shows that the variable has a significant moderating effect on the relationship between monetary policy and under-investment.
In this regard, it is seen that contractionary monetary policy leads companies to under-investment. While the comparability of financial information can weaken the effect of monetary policy on companies’ under-investment. In other words, by increasing the comparability of financial information, the effect of contractionary monetary policies on the investment inefficiency tends to decrease. Therefore, both hypotheses of the study strongly have been confirmed.
In the current research, investigating the effect of comparability of financial information as a moderator of the effect of the government's contractionary monetary policy on corporate investment can be considered as a novelty of the study.

کلیدواژه‌ها English

Contractionary monetary policy
Investment inefficiency
Under-investment
Comparability of financial information
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