بررسي تاثير اثربخشي مديريت ريسك بر ريسك سقوط قيمت سهام با تاكيد بر نقش مديريت عمومي شركت

Investigating the effect of risk management on the risk of stock price falls with emphasis on the role of general management of the company

ﺯﻣﻴﻨﻪ: ﺭﻳﺴﮏ ﺳﻘﻮﻁ ﺳﻬﺎﻡ ﻫﻤﻮﺍﺭﻩ ﻳﮑﻲ ﺍﺯ ﻧﮕﺮﺍﻧﻲ ﻫﺎﻱ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﺍﻥ ﻭ ﺳﻬﺎﻣﺪﺍﺭﺍﻥ ﻣﻲ ﺑﺎﺷﺪ ﻭ ﺑﻪ ﻫﻤﻴﻦ ﺩﻟﻴﻞ ﭘﮋﻭﻫﺶ ﺣﺎﺿﺮ ﺑﻪ ﺑﺮﺭﺳﻲ ﺗﺄﺛﻴﺮ ﺍﺛﺮﺑﺨﺸﻲ ﻣﺪﻳﺮﻳﺖ ﺭﻳﺴﻚ ﺑﺮ ﺭﻳﺴﻚ ﺳﻘﻮﻁ ﻗﻴﻤﺖ ﺳﻬﺎﻡ ﺑﺎ ﺗﺄﮐﻴﺪ ﺑﺮ ﻧﻘﺶ ﻣﺪﻳﺮﻳﺖ ﻋﻤﻮﻣﻲ ﺷﺮﻛﺖ ﭘﺮﺩﺍﺧﺘﻪ ﺍﺳﺖ. ﺍﻳﻦ ﭘﮋﻭﻫﺶ ﺍﺯﻟﺤﺎﻅ ﻫﺪﻑ، ﮐﺎﺭﺑﺮﺩﻱ ﺑﻮﺩﻩ ﻭ ﺍﺯ ﺑﻌﺪ ﺭﻭﺵ ﺷﻨﺎﺳﻲ ﻫﻤﺒﺴﺘﮕﻲ ﺍﺯ ﻧﻮﻉ ﻋﻠﹼﻲ )ﭘﺲ ﺭﻭﻳﺪﺍﺩﻱ( ﺑﻮﺩﻩ ﺍﺳﺖ. ﻫﺪﻑ ﭘﮋﻭﻫﺶ: ﻫﺪﻑ ﭘﮋﻭﻫﺶ ﺑﺮﺭﺳﻲ ﺍﺛﺮﺑﺨﺸﻲ ﻣﺪﻳﺮﻳﺖ ﺭﻳﺴﮏ ﺑﺎ ﻧﻘﺶ ﺗﻌﺪﻳﻞ ﮐﻨﻨﺪﻩ ﻣﺪﻳﺮﻳﺖ ﻋﻤﻮﻣﻲ ﺑﺮ ﺭﻳﺴﮏ ﺳﻘﻮﻁ ﻗﻴﻤﺖ ﺳﻬﺎﻡ ﺩﺭ ﺷﺮﮐﺖ ﻫﺎﻱ ﭘﺪﻳﺮﻓﺘﻪ ﺷﺪﻩ ﻱ ﺑﻮﺭﺱ ﺍﻭﺭﺍﻕ ﺑﻬﺎﺩﺍﺭ ﺗﻬﺮﺍﻥ ﺍﺳﺖ. ﺭﻭﺵ ﭘﮋﻭﻫﺶ: ﺟﺎﻣﻌﻪ ﺁﻣﺎﺭﻱ ﭘﮋﻭﻫﺶ ﮐﻠﻴﻪ ﺷﺮﮐﺖ ﻫﺎﻱ ﭘﺬﻳﺮﻓﺘﻪ ﺷﺪﻩ ﺩﺭ ﺑﻮﺭﺱ ﺍﻭﺭﺍﻕ ﺑﻬﺎﺩﺍﺭ ﺗﻬﺮﺍﻥ ﺑﻮﺩﻩ ﮐﻪ ﺑﻪ ﺍﻋﻤﺎﻝ ﻣﺤﺪﻭﺩﻳﺖ ﻫﺎ ﻭ ﺭﻭﺵ ﻧﻤﻮﻧﻪ ﮔﻴﺮﻱ ﺣﺬﻑ ﺳﻴﺴﺘﻤﺎﺗﻴﮏ ﻭ ﺑﺎ ﺗﻮﺟﻪ ﺑﻪ ﺍﻳﻨﮑﻪ ﻳﮑﻲ ﺍﺯ ﻣﻌﻴﺎﺭﻫﺎﻱ ﺍﺛﺮﺑﺨﺸﻲ ﻣﺪﻳﺮﻳﺘﻲ ﺭﻳﺴﮏ ﺣﻖ ﺍﻟﺰﺣﻤﻪ ﺣﺴﺎﺑﺮﺳﻲ ﻣﻲ ﺑﺎﺷﺪ ﻭ ﺑﺮﺧﻲ ﺍﺯ ﺷﺮﮐﺖ ﻫﺎ ﻣﻴﺰﺍﻥ ﺣﻖ ﺍﻟﺰﺣﻤﻪ ﺭﺍ ﺍﻓﺸﺎ ﻧﮑﺮﺩﻩ ﺍﻧﺪ ﺑﻨﺎﺑﺮﺍﻳﻦ ﺗﻌﺪﺍﺩ 86 ﺷﺮﮐﺖ ﺑﻪ ﻋﻨﻮﺍﻥ ﻧﻤﻮﻧﻪ ﭘﮋﻭﻫﺶ ﺩﺭ ﻧﻈﺮ ﮔﺮﻓﺘﻪ ﺷﺪﻧﺪ ﻭ ﺩﺭ ﺩﻭﺭﻩ ﺯﻣﺎﻧﻲ 1390 ﺗﺎ 1398 ﻣﻮﺭﺩﺗﺤﻘﻴﻖ ﻗﺮﺍﺭ ﮔﺮﻓﺘﻨﺪ. ﺭﻭﺵ ﻣﻮﺭﺩﺍﺳﺘﻔﺎﺩﻩ ﺟﻬﺖ ﺟﻤﻊ ﺁﻭﺭﻱ ﺍﻃﻼﻋﺎﺕ، ﮐﺘﺎﺑﺨﺎﻧﻪ ﺍﻱ ﺑﻮﺩﻩ ﻭ ﺩﺍﺩﻩ ﻫﺎﻱ ﻣﺮﺑﻮﻁ ﺑﺮﺍﻱ ﺍﻧﺪﺍﺯﻩ ﮔﻴﺮﻱ ﻣﺘﻐﻴﺮﻫﺎ ﺍﺯ ﺳﺎﻳﺖ ﮐﺪﺍﻝ ﻭ ﺻﻮﺭﺕ ﻫﺎﻱ ﻣﺎﻟﻲ ﺷﺮﮐﺖ ﻫﺎ ﺟﻤﻊ ﺁﻭﺭﻱ ﺷﺪﻩ ﻭ ﺩﺭ ﻧﺮﻡ ﺍﻓﺰﺍﺭ ﺍﮐﺴﻞ ﻣﺤﺎﺳﺒﺎﺕ ﺍﻭﻟﻴﻪ ﺻﻮﺭﺕ ﮔﺮﻓﺖ ﺳﭙﺲ ﻓﺮﺿﻴﻪ ﻫﺎﻱ ﭘﮋﻭﻫﺶ ﺑﺎ ﺍﺳﺘﻔﺎﺩﻩ ﺍﺯ ﺭﻭﺵ ﺭﮔﺮﺳﻴﻮﻥ ﭼﻨﺪﮔﺎﻧﻪ ﻭ ﺁﻣﺎﺭﻩ ﺗﻲ ﻭ ﺑﺎ ﻧﺮﻡ ﺍﻓﺰﺍﺭ ﺍﻳﻮﻳﻮﺯ ﻣﻮﺭﺩ ﺁﺯﻣﻮﻥ ﻗﺮﺍﺭ ﮔﺮﻓﺘﻨﺪ. ﻳﺎﻓﺘﻪ ﻫﺎ: ﺑﺎ ﺗﻮﺟﻪ ﺑﻪ ﻧﺘﺎﻳﺞ ﺣﺎﺻﻞ ﺍﺯ ﺗﺨﻤﻴﻦ ﻧﻬﺎﻳﻲ ﻓﺮﺿﻴﻪ ﺍﻭﻝ ﭘﮋﻭﻫﺶ ﺑﻴﺎﻥ ﺷﺪ ﮐﻪ ﺑﺎ ﺍﻓﺰﺍﻳﺶ ﺍﺛﺮﺑﺨﺸﻲ ﻣﺪﻳﺮﻳﺖ ﺭﻳﺴﻚ، ﺭﻳﺴﻚ ﺳﻘﻮﻁ ﻗﻴﻤﺖ ﺳﻬﺎﻡ ﺷﺮﮐﺖ ﮐﺎﻫﺶ ﻳﺎﻓﺘﻪ ﻭ ﺍﺣﺘﻤﺎﻝ ﺳﻘﻮﻁ ﻧﺎﮔﻬﺎﻧﻲ ﻗﻴﻤﺖ ﺳﻬﺎﻡ ﮐﻨﺘﺮﻝ ﻣﻲ ﮔﺮﺩﺩ ﻭ ﺑﺎ ﺗﻮﺟﻪ ﺑﻪ ﻧﺘﺎﻳﺞ ﺣﺎﺻﻞ ﺍﺯ ﻓﺮﺿﻴﻪ ﺩﻭﻡ ﭘﮋﻭﻫﺶ ﺑﻴﺎﻥ ﺷﺪ ﮐﻪ ﻣﺪﻳﺮﻳﺖ ﻋﻤﻮﻣﻲ ﺑﺮﺭﺍﺑﻄﻪ ﺍﺛﺮﺑﺨﺸﻲ ﻣﺪﻳﺮﻳﺖ ﺭﻳﺴﻚ ﻭ ﮐﺎﻫﺶ ﺳﻘﻮﻁ ﻗﻴﻤﺖ ﺳﻬﺎﻡ ﺗﺎﺛﻴﺮ ﻣﻌﻨﺎﺩﺍﺭﻱ ﺩﺍﺭﺩ. ﻧﺘﻴﺠﻪ ﮔﻴﺮﻱ: ﺑﺎ ﺗﻮﺟﻪ ﺑﻪ ﺗﺎﻳﻴﺪ ﻧﻘﺶ ﻣﺪﻳﺮﻳﺖ ﺭﻳﺴﮏ ﻭ ﻣﺪﻳﺮﻳﺖ ﻋﻤﻮﻣﻲ ﺑﺮ ﺭﻳﺴﮏ ﺳﻘﻮﻁ ﻗﻴﻤﺖ ﺳﻬﺎﻡ ﻣﻲ ﺗﻮﺍﻥ ﺑﻴﺎﻥ ﮐﺮﺩ ﮐﻪ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﺍﻥ ﺟﻬﺖ ﮐﺎﻫﺶ ﺿﺮﺭﻫﺎﻱ ﺍﺣﺘﻤﺎﻟﻲ ﺩﺭ ﺍﻧﺘﺨﺎﺏ ﺳﺒﺪ ﺳﺮﻣﺎﻳﻪ ﮔﺬﺍﺭﻱ ﺧﻮﺩ ﮐﻤﻴﺘﻪ ﻣﺪﻳﺮﻳﺖ ﺭﻳﺴﮏ ﺷﺮﮐﺖ ﻫﺎ ﻭ ﻣﺎﻟﮑﻴﺖ ﻋﻤﻮﻣﻲ ﺁﻥ ﻫﺎ ﺭﺍ ﻣﺪ ﻧﻈﺮ ﻗﺮﺍﺭ ﺩﻫﻨﺪ.

The present study investigates the effect of risk management on stock price fall risk with emphasis on the role of general management of the company. This research is applied in terms of purpose and is causal (post-event) correlation methodology. The statistical population of the study was listed companies in Tehran Stock Exchange and using systematic elimination sampling method, 86 companies were selected as the research sample during the 9-year period between 2011 to 2019. The method used for data collection is library and data were collected from kodal site and financial statements of companies to measure variables and in Excel, initial calculations were performed and then stata software was used to test the research hypotheses. The results of this study show that the effectiveness of risk management has a significant and inverse effect on stock price fall rate. Also, general management has a significant and inverse effect on the effectiveness of risk management and stock price crash rate.