ارتباط بين ارزش انعطاف پذيري مالي، كارايي سرمايه گذاري و سرعت تعديل سرمايه در گردش

The Relationship between of the Value of Financial Flexibility, Investment Efficiency and Adjustment Speed of Working Capital

ﻫﺪف اﯾﻦ ﭘﮋوﻫﺶ، ﺑﺮرﺳﯽ ارﺗﺒﺎط ﺑﯿﻦ ارزش اﻧﻌﻄﺎفﭘﺬﯾﺮي ﻣﺎﻟﯽ، ﮐﺎراﯾﯽ ﺳﺮﻣﺎﯾﻪﮔﺬاري و ﺳﺮﻋﺖ ﺗﻌﺪﯾﻞ ﺳﺮﻣﺎﯾﻪ در ﮔﺮدش ﻫﺴﺖ. اﯾﻦ ﭘﮋوﻫﺶ ازﻧﻈﺮ ﻫﺪف ﮐﺎرﺑﺮدي و از ﻧﻮع ﭘﮋوﻫﺶﻫﺎي ﺗﻮﺻﯿﻔﯽ- ﻫﻤﺒﺴﺘﮕﯽ اﺳﺖ. ﺟﺎﻣﻌﻪ آﻣﺎري ﭘﮋوﻫﺶ، ﺷﺮﮐﺖﻫﺎي ﭘﺬﯾﺮﻓﺘﻪﺷﺪه در ﺑﻮرس اوراق ﺑﻬﺎدار ﺗﻬﺮان اﺳﺖ ﮐﻪ ﺑﺮ اﺳﺎس روش ﻧﻤﻮﻧﻪﮔﯿﺮي ﺣﺬف ﺳﯿﺴﺘﻤﺎﺗﯿﮏ، ﺗﻌﺪاد 118 ﺷﺮﮐﺖ ﺑﻪﻋﻨﻮان ﻧﻤﻮﻧﻪ آﻣﺎري ﻃﯽ ﺳﺎلﻫﺎي 1389 ﺗﺎ 1395 اﻧﺘﺨﺎبﺷﺪهاﻧﺪ. ﺑﺮاي آزﻣﻮن ﻓﺮﺿﯿﻪﻫﺎي ﭘﮋوﻫﺶ از روش رﮔﺮﺳﯿﻮن ﺧﻄﯽ ﭼﻨﺪ ﻣﺘﻐﯿﺮه اﺳﺘﻔﺎدهﺷﺪه اﺳﺖ. ﻧﺘﺎﯾﺞ ﭘﮋوﻫﺶ ﻧﺸﺎن ﻣﯽدﻫﺪ ﺑﯿﻦ ارزش اﻧﻌﻄﺎفﭘﺬﯾﺮي ﻣﺎﻟﯽ ﺑﺎ ﮐﺎراﯾﯽ ﺳﺮﻣﺎﯾﻪﮔﺬاري در ﺧﺎﻟﺺ ﺳﺮﻣﺎﯾﻪ در ﮔﺮدش و ﺳﺮﻋﺖ ﺗﻌﺪﯾﻞ ﺳﺮﻣﺎﯾﻪ در ﮔﺮدش ارﺗﺒﺎط ﻣﺜﺒﺖ و ﻣﻌﻨﺎدار وﺟﻮد دارد و ﺷﺮﮐﺖﻫﺎ در ﺗﺼﻤﯿﻤﺎت ﻣﺮﺑﻮط ﺑﻪ ﺑﻬﯿﻨﻪ ﮐﺮدن ﺳﺮﻣﺎﯾﻪﮔﺬاري و ﺳﯿﺎﺳﺖ ﺳﺮﻣﺎﯾﻪ در ﮔﺮدش ﺧﻮد ﺑﻪ ﺳﻄﺢ ارزش اﻧﻌﻄﺎفﭘﺬﯾﺮي ﻣﺎﻟﯽ ﺗﻮﺟﻪ ﮐﺮده ﮐﻪ اﯾﻦ ﻣﻮﺿﻮع ﻣﯽﺗﻮاﻧﺪ در ﺑﻠﻨﺪﻣﺪت ﺑﻪ ﺗﻮاﻧﻤﻨﺪ ﺳﺎﺧﺘﻦ ارزش اﻧﻌﻄﺎفﭘﺬﯾﺮي ﻣﺎﻟﯽ و ﮐﺎراﺗﺮ ﻧﻤﻮدن ﻓﺮﺻﺖﻫﺎي ﺳﺮﻣﺎﯾﻪﮔﺬاري ﺳﻮدآور ﺑﺮاي ﺷﺮﮐﺖﻫﺎ ﺑﯿﻨﺠﺎﻣﺪ. ارﺗﺒﺎط ارزش اﻧﻌﻄﺎفﭘﺬﯾﺮي ﻣﺎﻟﯽ و ﺳﺮﻋﺖ ﺗﻌﺪﯾﻞ ﺳﺮﻣﺎﯾﻪ در ﮔﺮدش در ﺷﺮﮐﺖﻫﺎﯾﯽ ﮐﻪ ﺑﻪ ﻟﺤﺎظ ﻣﺎﻟﯽ ﺑﺎ ﻣﺤﺪودﯾﺖ ﺑﯿﺸﺘﺮي ﻣﻮاﺟﻪاﻧﺪ، ﺑﺎﻻﺗﺮ اﺳﺖ و اﯾﻦ ارﺗﺒﺎط در ﺷﺮﮐﺖﻫﺎي ﺑﺪون ﻣﺤﺪودﯾﺖ ﻣﺎﻟﯽ ﭘﺎﯾﯿﻦﺗﺮ اﺳﺖ و راﺑﻄﻪ ﻏﯿﺮﺧﻄﯽ )U ﺷﮑﻞ( ﺑﯿﻦ ﺳﺮﻣﺎﯾﻪ در ﮔﺮدش و ﻋﻤﻠﮑﺮد ﺷﺮﮐﺖ ﺑﺮﻗﺮار ﻧﻤﯽﺑﺎﺷﺪ.

The purpose of this research is to investigate the relationship between the value of financial flexibility, investment efficiency and adjustment rate of working capital. This research is an applied one based on the perspective of the purpose and descriptive-correlation research. Of the listed companies in Tehran Stock Exchange, 118 companies, have been selected based on systematic elimination sampling method during the years 2010-2016. The multivariate linear regression has been used to test the research hypotheses. The results of the research show that there is a positive and significant relationship between the value of financial flexibility with the efficiency of investment in net working capital and adjustment rate of working capital. Companies have also focused on the level of financial flexibility value in decisions to optimize their investment and working capital policies. This can, in the long term, enhance the financial flexibility value of the company and make investment opportunities more profitable. The relationship between the value of financial flexibility and the adjustment rate of working capital in firms that are financially more restricted is higher. This relationship is in turn lower in companies with no financial constraints and there is no non-linear relationship (U shaped) between working capital and firm performance.