بررسي محتواي اطلاعاتي فزاينده معيار‌‌هاي سنتي و مبتني بر ارزش ارزيابي عملكرد سهام شركت‌‌هاي پذيرفته‌شده در بورس اوراق بهادار تهران

The Examination of Relative and Incremental Information Content of Economic Value Added and Traditional Performance Measures in Explanation of Stock Return Changes

پژوهش حاضر به بررسي محتواي اطلاعاتي فزاينده معيار‌هاي سنتي و مبتني بر ارزش ارزيابي عملكرد سهام شركت‌‌هاي پذيرفته‌شده در بورس اوراق بهادار تهران مي‌پردازد. جامعه آماري، شركت‌هاي پذيرفته‌شده در بورس اوراق بهادار تهران در دوره زماني 1383 تا 1387 است. روش آزمون فرضيه‌ها، تحليل ضريب همبستگي پيرسون و تحليل پانلي مي‎باشد. با بررسي فرضيه‌هاي تحقيق مشخص گرديد ارزش افزوده اقتصادي به جز وجوه نقد عملياتي، بر هيچ يك از معيار‌‌هاي عملكرد سنتي محتواي اطلاعاتي فزاينده‌اي ندارد. اما سود خالص و سود خالص عملياتي بر وجوه نقد عملياتي و سود باقيمانده محتواي اطلاعاتي فزاينده دارند. همچنين وجوه نقد عملياتي نيز فاقد محتواي اطلاعاتي فزاينده نسبت به سود باقيمانده است.

Various groups have regard to performance measures of companies and managers. The essential effort of institutions management in today’s competitive world is creating value for the company and maximizing wealth of shareholders. Whereas "Stock Return" has a direct effect on the shareholders’ wealth, it is considered as one of the most important aspects of financial performance of companies. The purpose of this research is the examination of relative information content of economic value added, and traditional performance measures, including Net Income, Net Operational Profit after Tax, Residual Income, Operation Cash Flow and also the examination of Incremental Informational Content of Economic Value Added components in explanation of Stock Return changes. The examined statistical sample consists of a number of companies accepted in Tehran Stock Exchange (TSE) during 2006-2008. The way of examination of research hypotheses is the analysis of Pearson Coefficient of Correlation and the Panel. The examination of research hypotheses shows that there is no meaningful relation among Economic Value Added, Operation Cash Flow and Stock Return. But there is a meaningful relation among Net Income, Net Operational Profit after Tax, Residual Income and Stock Return. Also, most components of Economic Value Added have Incremental Informational Content. The results of this research showed that Economic Value Added has Incremental Informational Content rather than Net Income.