توانايي مديريتي، كارايي سرمايه گذاري و خطر سقوط سهام

Managerial ability, investment efficiency and risk of stock collapse

ﺑﺎ ﺗﻮﺟﻪ ﺑﻪ ﺗﺤﻮﻻﺗﯽ ﮐﻪ در ﺟﻬﺎن اﻣﺮوز رخ داده اﺳﺖ، در ﮐﺸﻮرﻫﺎي در ﺣﺎل ﺗﻮﺳﻌﻪ ﮐﻪ ﺑﺎ ﺗﻬﺪﯾﺪات ﻋﺪﯾﺪهاي روﺑﺮو ﻣﯽﺑﺎﺷﻨﺪ، اﯾﻦ ﮐﺸﻮرﻫﺎ ﺟﻬﺖ ﺣﻞ ﻣﺸﮑﻼت اﻗﺘﺼﺎدي ﺧﻮد ﻧﯿﺎزﻣﻨﺪ ﺑﻪ راﻫﮑﺎرﻫﺎي ﻣﻨﺎﺳﺐ ﺟﻬﺖ اﺳﺘﻔﺎده ﺑﻬﺘﺮ از اﻣﮑﺎﻧﺎت و ﺛﺮوتﻫﺎي ﺧﺪاداي ﺧﻮد ﻫﺴﺘﻨﺪ. ﯾﮑﯽ از راﻫﮑﺎرﻫﺎي ﻣﻬﻢ، ﺗﻮﺳﻌﻪ ﺳﺮﻣﺎﯾﻪ ﮔﺬاري اﺳﺖ. ﺑﺎ ﺗﻮﺟﻪ ﺑﻪ ﻣﺤﺪودﯾﺖ ﻣﻨﺎﺑﻊ، ﻋﻼوه ﺑﺮ ﻣﺴﺄﻟﻪ ﺗﻮﺳﻌﻪ ﺳﺮﻣﺎﯾﻪﮔﺬاري، اﻓﺰاﯾﺶ ﮐﺎراﯾﯽ ﺳﺮﻣﺎﯾﻪﮔﺬاري و آﮔﺎﻫﯽ از رﯾﺴﮏ ﺳﻘﻮط ﻗﯿﻤﺖ ﺳﻬﺎم از ﺟﻤﻠﻪ ﻣﺴﺎﺋﻞ ﺑﺴﯿﺎر ﺑﺎ اﻫﻤﯿﺖ ﻣﯽﺑﺎﺷﺪ. ﻫﺪف از ﭘﮋوﻫﺶ ﺣﺎﺿﺮ، ﺑﺮرﺳﯽ ﺗﺎﺛﯿﺮ ﺗﻮاﻧﺎﯾﯽ ﻣﺪﯾﺮﯾﺘﯽ ﺑﺮ ﮐﺎراﯾﯽ ﺳﺮﻣﺎﯾﻪﮔﺬاري ﺷﺮﮐﺖﻫﺎي ﭘﺬﯾﺮﻓﺘﻪ ﺷﺪه در ﺑﻮرس اوراق ﺑﻬﺎدار ﺗﻬﺮان و ﺑﺮرﺳﯽ ﺗﺎﺛﯿﺮ ﮐﺎراﯾﯽ ﺳﺮﻣﺎﯾﻪﮔﺬاري ﺑﺮ ﺧﻄﺮ ﺳﻘﻮط ﻗﯿﻤﺖ ﺳﻬﺎم ﺷﺮﮐﺖﻫﺎي ﭘﺬﯾﺮﻓﺘﻪ ﺷﺪه در ﺑﻮرس اوراق ﺑﻬﺎدار ﺗﻬﺮان ﺑﺎ اﺳﺘﻔﺎده از روش ﭘﺎﻧﻞ دﯾﺘﺎ ﺑﺮاي ﺑﺎزه زﻣﺎﻧﯽ 1390-1397 اﺳﺖ. ﻧﺘﺎﯾﺞ ﭘﮋوﻫﺶ ﻧﺸﺎن داد ﮐﻪ ﺗﻮاﻧﺎﯾﯽ ﻣﺪﯾﺮﯾﺘﯽ اﺛﺮ ﻣﺜﺒﺖ ﺑﺮ ﮐﺎراﯾﯽ ﺳﺮﻣﺎﯾﻪﮔﺬاري دارد ﺑﻪ ﻃﻮري ﮐﻪ اﮔﺮ ﺗﻮاﻧﺎﯾﯽ ﻣﺪﯾﺮﯾﺘﯽ ﯾﮏ واﺣﺪ اﻓﺰاﯾﺶ ﯾﺎﺑﺪ ﮐﺎراﯾﯽ ﺳﺮﻣﺎﯾﻪﮔﺬاري 0005/. واﺣﺪ اﻓﺰاﯾﺶ ﻣﯽﯾﺎﺑﺪ؛ رﯾﺴﮏ ﺳﻘﻮط ﻗﯿﻤﺖ ﺳﻬﺎم ﻣﻌﯿﺎر اول ﺳﺎل ﻗﺒﻞ و ﮐﺎراﯾﯽ ﺳﺮﻣﺎﯾﻪﮔﺬاري اﺛﺮ ﻣﻨﻔﯽ ﺑﺮ ﺧﻄﺮ ﺳﻘﻮط ﺳﻬﺎم دارد ﺑﻪ ﻃﻮري ﮐﻪ اﮔﺮ رﯾﺴﮏ ﺳﻘﻮط ﻗﯿﻤﺖ ﺳﻬﺎم ﻣﻌﯿﺎر اول ﺳﺎل ﻗﺒﻞ و ﮐﺎراﯾﯽ ﺳﺮﻣﺎﯾﻪﮔﺬاري ﯾﮏ واﺣﺪ اﻓﺰاﯾﺶ ﯾﺎﺑﺪ ﺧﻄﺮ ﺳﻘﻮط ﺳﻬﺎم ﺑﻪ ﺗﺮﺗﯿﺐ 08/. و 1,54 واﺣﺪ ﮐﺎﻫﺶ ﻣﯽﯾﺎﺑﺪ؛ رﯾﺴﮏ ﺳﻘﻮط ﻗﯿﻤﺖ ﺳﻬﺎم ﻣﻌﯿﺎر دوم ﺳﺎل ﻗﺒﻞ و ﮐﺎراﯾﯽ ﺳﺮﻣﺎﯾﻪﮔﺬاري اﺛﺮ ﻣﻨﻔﯽ ﻣﻌﻨﺎدار ﺑﺮ ﺧﻄﺮ ﺳﻘﻮط ﺳﻬﺎم دارد ﺑﻪ ﻃﻮري ﮐﻪ اﮔﺮ رﯾﺴﮏ ﺳﻘﻮط ﻗﯿﻤﺖ ﺳﻬﺎم ﻣﻌﯿﺎر دوم ﺳﺎل ﻗﺒﻞ و ﮐﺎراﯾﯽ ﺳﺮﻣﺎﯾﻪﮔﺬاري ﯾﮏ واﺣﺪ اﻓﺰاﯾﺶ ﯾﺎﺑﺪ ﺧﻄﺮ ﺳﻘﻮط ﺳﻬﺎم ﺑﻪ ﺗﺮﺗﯿﺐ 07/. و 1,81 واﺣﺪ ﮐﺎﻫﺶ ﻣﯽﯾﺎﺑﺪ.

Given thechanges that have taken place in the world today,in developing countriesthat face many threats,these countries need appropriate solutions tosolve their economicproblems tomake better useof theirGod-givenfacilities and wealth.Oneof the important strategies is investment development.Due to limited resources,inaddition tothe issue ofinvestment development,increasing investment efficiency and awareness of the riskofstock falls are among the most important issues.The purposeof thisstudywas to investigate the effectofmanagerial abilityon the investment efficiencyof companieslisted on theTehran StockExchange andto investigate the effectof investment efficiency onthe risk of fallingstock pricesof companieslisted ontheTehranStockExchange usingthe methodThe data panel isfor the period 2011-2018.The results showedthat managerialability has a positive effecton investment efficiency so that if themanagerial abilityof a unit increases,investment efficiency/0005.The unit increases;The risk of falling stockpriceof the first benchmark of theprevious year and investmentefficiency have a negative effect on therisk ofstock falling, so that if the risk of falling stock priceofthe first benchmarkof the previousyear and the investment efficiencyof a unit increases,the riskof fallingstock is0.08 an‎d decreasesby1.54 points;The riskof fallingstock priceof the second benchmark of theprevious year and investment efficiency have a significant negative effect onthe risk of stockfalling, sothat if the riskof fallingstock price of thesecond benchmarkof the previous year and the investmentefficiency of one unit increases,the risk ofstock falling is/07Anddecreasesby1.81points