بررسي رابطه شفافيت اطلاعات حسابداري با احتمال ورشكستگي در شركتهاي پذيرفته شده در بورس اوراق بهادار تهران

investigates the relationship between accounting information transparency and the possibility of bankruptcy of the firms listed in the Tehran Stock Exchange

پژوهش حاضر به بررسي رابطه بين شفافيت اطلاعات حسابداري و احتمال ورشكستگي در شركتهاي پذيرفته شده در بورس اوراق بهادار تهران، همچنين بررسي تأثير شفافيت اطلاعات مالي بر احتمال ورشكستگي در شركتهاي با حاكميت شركتي قوي و ضعيف، با استفاده از داده هاي 141 شركت در بازه زماني 1387 الي 1393 در قالب دو فرضيه پرداخته است. جهت آزمون فرضيه هاي پژوهش، از مدل پيش بيني ورشكستگي z آلتمن و رتبه بندي شركتهاي بورسي (TR) توسط سازمان بورس از لحاظ كيفيت افشا (قابل اتكا بودن و به موقع بودن) استفاده شد. نتايج به دست آمده حاكي از آن است كه در شركتهاي مورد بررسي، با فرض ثابت در نظر گرفتن تمام عوامل تاثير گذار بر احتمال ورشكستگي شركتها با يك واحد تغيير در شفافيت اطلاعات حسابداري، ميزان 146/0- احتمال ورشكستگي تغيير مي كند. لذا فرضيه اول پژوهش تأييد مي شود. هم چنين با يك واحد تغيير در شفافيت اطلاعات حسابداري در شركتهاي داراي سهامداران نهادي، به ميزان 186/0- و در ساير شركتها به ميزان 110/0- احتمال ورشكستگي تغيير مي كند. لذا فرضيه دوم پژوهش نيز تأييد مي شود.

Abstract Rapid technological development and widespread environmental changes lead to a dramatically accelerating in the growth of the economy. Under increasing competition of economic enterprises, the access to profit has limited and the possibility of bankruptcy has increased. Financial accounting information is the product of corporate accounting and external reporting system. Entirely disclosure and transparency of financial information, is considered also as one of the most important indicators in the quality of corporate governance. This study investigates the relationship between accounting information transparency and the possibility of bankruptcy of the firms listed in the Tehran Stock Exchange. Also, by using data from 141 firms during the period 2008 to 2014, evaluates transparency of financial information on the possibility of bankruptcy in companies with strong or weak corporate governance. In order to test the hypotheses of the study, Altman Z-Score bankruptcy prediction model and ranking Exchange Company (TR) by the organization of exchange, in terms of disclosure quality (reliability and timeliness) was used. The results indicated that in the surveyed companies, the probability of bankruptcy -0.146 will change, if all factors affecting the probability of bankruptcy with a unit change in transparency of accounting information are assumed to be constant. Thus the first hypothesis is not rejected. In addition, with a unit change in the transparency of accounting information in firms who have institutional shareholders, the probability of bankruptcy to the -0.186 and in other companies to -0.110 will change. Thus second research hypothesis is also not rejected.