تاثير توسعه مالي بر سرمايه گذاري شركت هاي عضو بورس اوراق بهادار تهران

The Effect of Financial Development on the Investment of the Companies Listed on the Tehran Stock Exchange

مقاله حاضر به ارزيابي تاثير توسعه مالي بر سرمايه گذاري شركت هاي عضو بورس اوراق بهادار تهران مي پردازد. براي اين منظور با استفاده از داده هاي 258 شركت طي دوره 1384 تا 1395 و روش گشتاورهاي تعميم يافته پويا، مدل سرمايه گذاري با لحاظ محدوديت مالي برآورد گرديد. نتايج تحقيق نشان داد كه شركت هاي مورد بررسي در زمينه سرمايه گذاري مواجه با محدوديت مالي بوده و توسعه مالي با كاهش محدوديت مالي شركت ها بر سرمايه گذاري آنها تاثير مثبت دارد. علاوه بر اين، نتايج تحقيق نشان داد كه تاثير مثبت توسعه مالي بر سرمايه گذاري شركت هاي بزرگ، بيشتر از شركت هاي كوچك بوده و در دوره رونق، محدوديت مالي شركت ها كاهش مي يابد و توسعه مالي اثر مثبت دوره رونق اقتصادي بر كاهش محدوديت مالي شركت ها را افزايش مي دهد.

The present study examined the impact of financial development on the investment of the companies listed on the Tehran Stock Exchange. To achieve this goal, data gathered from 258 companies during 2005 to 2016 and the dynamic generalized method of moments were utilized to formulate the investment model with financial constraints. The results of the study showed that these companies faced financial constraints on investment and financial development has increased their investment by reducing the financial constraints. The results also indicated that the positive effect of financial development on investment has been bigger in the case of larger companies than in smaller companies. It was further revealed that during the economic boom, financial constraints on companies were reduced and financial development led to the reinforcement of the positive effect of the boom on reduction of the companies’ financial constraints.