تاﺛﻴﺮ ﺗﻨﻮع ﺑﺨﺸﻲ ﭘﺮﺗﻔﻮي ﺷﺮﻛﺖ ﻫﺎي ﻫﻠﺪﻳﻨﮓ ﺑﺮ ﻋﻤﻠﻜﺮد ﻣﺎﻟﻲ (ﻣﻄﺎﻟﻌﺔ ﻣﻮردي: ﺷﺮﻛﺖ ﻫﺎي ﺳﻬﺎﻣﻲ ﻋﺎم اﻳﺮان)

A Survey on Relation between Corporate Portfolio Management and Financial Performance in the LLP Corporations in Iran

ﻫﻤﻮاره ﺗﺄﺛﻴﺮ ﺗﻨﻮع ﻛﺴﺐ وﻛﺎر ﺷﺮﻛﺖ ﺑﺮ ﻋﻤﻠﻜﺮد ﻣﻮﺿﻮع ﺑﺤـﺚ ﺑﺮاﻧﮕﻴـﺰ ي ﺑـﻮده اﺳـﺖ ﻣﺪل ﻫﺎي ﻛﻠﻲ ﺗﺄﺛﻴﺮ ﺗﻨﻮع ﺑﺮ ﻋﻤﻠﻜﺮد ﺑﻪ ﺳﻪ ﮔﺮوه ﻛﻠﻲ دﺳﺘﻪ ﺑﻨﺪي ﻣـﻲ ﺷـﻮﻧﺪ ﻣـﺪل ﻫـﺎي اﻳﺠـﺎد ارزش، ﻣﺪل ﻫﺎي U ﻣﻌﻜﻮس و ﻣﺪل ﻫﺎي ﻛﺎﻫﺶ ارزش. ﺗﺤﻘﻴﻘﺎت ﻣﺮﺑﻮط ﺑﻪ ﺗﺄﺛﻴﺮ اﺳﺘﺮاﺗﮋي ﺗﻨﻮع ﺑﺮ ﻋﻤﻠﻜﺮد ﻫﻨﻮز ﺑﻪ ﺑﻠﻮغ ﻧﺮﺳﻴﺪه اﺳﺖ؛ زﻳﺮا ﻣﺤﻘﻘﺎن در اﻳﻦ زﻣﻴﻨﻪ اﺟﻤﺎع ﻧﻈﺮ ﻧﺪارﻧـﺪ و ﺑـﻪ ﻧﺘـﺎﻳﺞ ﻗﺎﺑﻞ ﺗﻌﺒﻴﺮ و ﭘﺎﻳﺪاري دﺳﺖ ﻧﻴﺎﻓﺘﻪ اﻧﺪ؛ ﺑﻪ وﻳﮋه اﻳﻨﻜﻪ ﺗﻨﻮعﺑﺨﺸﻲ ﭘﺮﺗﻔـﻮي ﺷـﺮﻛﺖ ﻫـﺎي ﻫﻠـﺪﻳﻨﮓ اﻳﺮاﻧﻲ ﺗﺎﻛﻨﻮن ﺑﺮرﺳﻲ ﻧﺸﺪه اﺳﺖ. در اﻳﻦ ﭘﮋوﻫﺶ ﻣﺎ ﺑﻪ ﺑﺮرﺳﻲ ﺗﺄﺛﻴﺮ ﺗﻨﻮع ﺳـﺒﺪ ﻛﺴـﺐ وﻛـﺎر ﺑـﺮ ﻋﻤﻠﻜﺮد ﻣﺎﻟﻲ و رﻳﺴﻚ ﺷﺮﻛﺖ ﻫﻠﺪﻳﻨﮓ ﭘﺮداﺧﺘﻪاﻳﻢ. ﺑﺪﻳﻦ ﻣﻨﻈﻮر 37 ﺷـﺮﻛﺖ ﻫﻠـﺪﻳﻨﮓ ﺳـﻬﺎﻣﻲ ﻋﺎم ﻓﻌﺎل در ﺑﻮرس اوراق ﺑﻬﺎدار ﺗﻬﺮان را ﻃﻲ ﺳﺎلﻫﺎي 1390 ﺗﺎ 1394 )5 ﺳﺎل( ﺑﺮرﺳﻲ ﻛﺮدﻳﻢ. روش اﺳﺘﻔﺎده ﺷﺪه، رﮔﺮﺳﻴﻮن ﭼﻨﺪﮔﺎﻧﺔ دادهﻫﺎي ﺗﺎﺑﻠﻮﻳﻲ اﺳﺖ. ﺑﺮاي ﺑﺮرﺳﻲ اﻋﺘﺒﺎر ﻣﺪل و آزﻣـﻮن ﻓﺮﺿﻴﻪ ﻫﺎ، ﺑﻪ ﺗﺮﺗﻴﺐ آزﻣﻮن F و آزﻣﻮن t در ﻧﺮماﻓﺰار اﻳﻮﻳﻮز 9 اﺟﺮا ﺷﺪه اﺳﺖ. ﻧﺘـﺎﻳﺞ اﻳـﻦ ﺗﺤﻘﻴـﻖ ﻧﺸﺎن ﻣﻲ دﻫﺪ در ﺳﻄﺢ اﻃﻤﻴﻨﺎن 95 درﺻﺪ، ﺗﻨﻮع ﺳﺒﺪ ﻛﺴﺐ وﻛﺎر ﻫﻠـﺪﻳﻨﮓ راﺑﻄـ ﺔ ﻣﺴـﺘﻘﻴﻤ ﻲ ﺑـﺎ ﺑﺎزده داراﻳﻲ ﻫﺎ ﺑﺮﻗﺮار ﻛﺮده اﺳﺖ، اﻣﺎ ﺗﻨﻮع راﺑﻄﺔ ﺧﻄﻲ ﻣﻌﻨﺎداري ﺑﺎ اﻧﺤﺮاف ﺑﺎزده ﺳﻬﺎم ﻧﺪارد.

Up to now, the effects of diversification of business portfolio has been a controversial topic. Models of the effects of diversification on performance are categorized in three groups: Value Enhancing Models, Inverted-U Models and Value-Destroying Models. Researches on this subject have not achieved maturity because They have not achieved consensus on a single conclusion and These researches have not achieved interpretable and stable results. Specially diversification of Iranian holding companies have not been considered yet. In this survey, we consider the impact of business portfolio diversification on financial performance and risk. 37 LLP conglomerates that are active in The Teheran Stock Market are considered during 1390 to 1394 (5 years). For considering validity of model and coefficients respectively the F test and T test is used. These tests are done by Eviews 9. In the 95% level of confidence, the conclusions shows that there isn’t a linear relationship between diversification with ROE and risk.