اندازه گيري انعطاف پذيري مالي

Measuring of Financial Flexibility

تصميم گيري درباره تامين مالي وتركيب ساختار سرمايه در شركت ها به عوامل گوناگوني بستگي دارد. هدف اساسي تحقيق اندازه گيري انعطاف پذيري مالي شركت هاي پذيرفته شده در بورس اوراق بهادار تهران است. باتوجه به هدف پژوهش در مرحله اول، بر مبناي چارچوب، نظرات خبرگان مالي جهت كسب شناخت ودرك ديدگاه هاي آنان و مشخص ساختن ابعاد، مولفه ها، شاخص ها و عوامل تعيين كننده مدل انعطاف پذيري مالي شركت ها، ازطريق پرسشنامه اخذ شد. در مرحله دوم، بعد از ارايه مدل مورد اشاره، روش همبستگي به عنوان يكي از زير بخش هاي روش تحقيق توصيفي براي اندازه گيري مولفه هاي نگهداشت وجه نقد، ظرفيت بدهي و اندازه بازار سرمايه شركت هاي بورس تهران با اطلاعات واقعي وتاريخي صورت هاي مالي و اطلاعات معاملاتي سهام شركت ها، استفاده گرديد. نتايجاندازه گيري مولفه هاي سه گانه حاكي از اندازه و مقداركمتر نگهداشت وجه نقد، اندازه ومقدار بيشترظرفيت بدهي و روند نسبتاً نزولي اندازه بازار سرمايه (نقد شوندگي سهام) شركت هاي بورس تهران طي سال هاي 1380 تا 1394 است واندازه گيري ابعاد دوگانه انعطاف پذيري مالي نيزحاكي از استفاده از انعطاف پذيري مالي درونيو عدم استفاده از انعطاف پذيري مالي بيروني است كه با تئوري هاي توازن و سلسله مراتب وعدم تقارن اطلاعاتي قابل تبيين هستند.

Deciding on the financing and composition of capital structure in Corporates depends on a variety of factors. Several studies have shown that financial flexibility is the most important factor affecting capital structure and corporate financing decisions. The main objective of the research is to measure the financial flexibility of Corporates accepted in Tehran Securities Exchange (in accordance with the corporate environment and conditions). Therefore, according to the purpose of the research, in the first Step, based on the conceptual and theoretical framework derived from the exploration and exploration in specialized texts, the views of financial experts (including university professors and market experts) in order to understand their views and identify the dimensions, components , indexes and factors determining the financial flexibility of the Corporates were obtained through a questionnaire. In the second step, after referring to the model, the correlation method as one of the subsections of the descriptive research methodology for measuring the components of cash holdings, debt capacity, and capital market measure of Tehran Securities Exchange Corporates with the actual and historical information of financial statements and information Corporate stock trading (through multivariate regression tests and confirmatory factor analysis) The results of the measurement of the three components indicate that the amount of cash holdings, the size of the debt capability, and the relatively downward trend of the size of the capital market (stock liquidity) of the Tehran Securities Exchange corporations during the years 1380 to 1394, are. Measuring the dual dimension of financial flexibility also implies the use of internal financial flexibility and the non-use of external financial flexibility. Which can be explained by Trade off Theory, Pecking Order Theory and of asymmetric information Theory