بررسی واکنش بازار به افزایش سرمایه از محل تجدید ارزیابی دارایی‌ها

خدامی پور, احمد; رضایی, ناهید; رضایی زاده خنامان, محمدرضا

doi:10.22034/jse.2021.11692.1783

بررسی واکنش بازار به افزایش سرمایه از محل تجدید ارزیابی دارایی‌ها

نوع مقاله : مقاله پژوهشی

نویسندگان

احمد خدامی پور ¹

ناهید رضایی ²

محمدرضا رضایی زاده خنامان ³

¹ دانشیار حسابداری، دانشگاه شهید باهنر کرمان، ایران

² کارشناسی ارشد، گروه حسابداری، دانشکده مدیریت و اقتصاد، دانشگاه شهید باهنر، کرمان، ایران.

³ کارشناسی ارشد، گروه حسابداری، دانشکده مدیریت و اقتصاد، دانشگاه شهید باهنر، کرمان، ایران

10.22034/jse.2021.11692.1783

چکیده

با توجه به این‌که با وقوع رویدادهای ناگهانی و ورود اطلاعات جدید به بازار نوسان‌های بازده افزایش می-یابد و منجر به نمود بازده غیرعادی سهام می‌شود؛ پژوهش حاضر به بررسی واکنش سرمایه‌‌گذاران به افزایش سرمایه از طریق تجدید ارزیابی دارایی‌ها می‌پردازد. نمونه آماری پژوهش مشتمل بر 147 شرکت پذیرفته شده در بورس اوراق بهادار تهران است که از طریق نمونه‌گیری تصادفی سیستماتیمک برای دوره زمانی1390 تا 1397 انتخاب و مورد تجزیه و تحلیل قرار گرفته‌ است. بازده غیرعادی انباشته طی بازه زمانی سه ماه قبل و سه ماه بعد ازاعلان آگهی افزایش سرمایه با استفاده از مدل بازار محاسبه شد و به عنوان معیاری برای سنجش واکنش سرمایه‌گذاران به افزایش سرمایه ازمحل تجدید ارزیابی دارایی‌ها لحاظ شده است. بر اساس یافته‌های پژوهش افزایش سرمایه از محل تجدید ارزیابی دارایی‌ها اثر مثبت و معناداری بر واکنش سرمایه‌گذاران دارد؛ هم‌چنین نتایج بیانگراین است که واکنش بازار به افزایش سرمایه از محل تجدید ارزیابی دارایی‌ها نسبت به افزایش سرمایه از محل آورده نقدی و سود انباشته بیشتر است.

کلیدواژه‌ها

واکنش بازار

بازده غیر عادی

تجدید ارزیابی دارایی‌های ثابت

افزایش سرمایه

موضوعات

بورس اوراق بهادار

عنوان مقاله English

Investigating the Market Reaction to the Capital Increase by the Assets Revaluation

نویسندگان English

Ahmad Khodamipour ¹

nahid rezaei ²

Mohammadreza Rezaeizadeh Khanaman ³

¹ Associate Professor, Shahid Bahonar University of Kerman, Iran

² Accounting of Shahid Bahonar Kerman

³ M.Sc. Student, Department of Accounting, Faculty of Management and Economics, Shahid Bahonar University, Kerman, Iran

چکیده English

Given that sudden events and the influx of new information into the market such as announcements of capital increases lead to heightened return volatility and the emergence of abnormal returns, the present study investigates investors' reactions to capital increases via asset revaluation. The statistical sample comprises 147 companies listed on the Tehran Stock Exchange, selected through systematic random sampling for the period 1390–1397 (2011–2018). Cumulative abnormal returns (CAR) were calculated over a six-month window (three months before and after the capital increase announcement) using the market model and served as a measure of investor reaction to capital increases from asset revaluation. The findings indicate that capital increases through asset revaluation have a positive and significant effect on investor reactions. Moreover, the results reveal that the market reacts more strongly to capital increases from asset revaluation compared to those from cash contributions and retained earnings. These findings can assist company managers in financial decision-making and help investors evaluate investment opportunities.

کلیدواژه‌ها English

market reaction

abnormal return

assets revaluation

Capital Increase

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