بررسي رابطه چرخه عمر شركتها و نقدشوندگي سهام شركت ها

Studying the Relationship between Corporate life Cycle and Stock Liquidity of Companies

هدف اصلي اين پژوهش بررسي رابطه چرخه عمر شركت ها و نقدشوندگي سهام شركت هاست . در اين پژوهش تفكيك شركت ها به مراحل رشد، بلوغ و افول با استفاده از چهار عنصر رشد فروش، مخارج سرمايه اي، نسبت سود تقسيمي و سن شركت و با استفاده از روش آنتوني و رامش و بر طبق روش شناسي پارك و چن صورت گرفته و از معيار نرخ گردش به منزله معيار نقدشوندگي استفاده شده است. تحليل داده هاي گردآوري شده در اين پژوهش در سه مرحله انجام شده است . نخست، شركت هاي عضو نمونه آماري به مراحل رشد، بلوغ و افول طبق هبندي شده، سپس ميزان نقدشوندگي شركت هاي هر دسته بررسي شد و درنهايت، براي بررسي فرضي ههاي اين پژوهش بايد از آزمون مقايسه شاخص مركزي بيش از دو جامعه مستقل استفاده كرد . نتايج حاصل از 459 سال شركت طي دوره زماني 1388 تا 1390 نشان مي دهد كه نقدشوندگي سهام شرك تها در دوره بلوغ بيشتر از دوره افول است و در دوره هاي رشد و بلوغ برابر هستند.

A major source of financing in the capital markets by companies and governments all over the world is to recognize a suitable place to invest. One thing that is attractive for investors in the stock exchange is awareness of the factors which affects the liquidity of the shares, and the main objective of this study is to investigate the relationship between the corporate life cycle and the liquidity of the companyʹs shares. In this research, firms were assigned into growth, maturity and decline stages using four factors of sales growth, capital expenditures, dividends profit ratio and the age of company based on Anthony and Ramesh approach and in accordance with the methodology of Park and Chen (2006). In various researches such as Marshall (2006), Chan and Faff (2003), Baker and Stein (2003) and Datar et al. (1998) the circulation rate criterion is used as a measure of liquidity. In this study, collected data was analyzed in three stages. First, a sample of companies has been classified by growth, maturity and decline stages. Then the level of liquidity of the company for each group was examined. At the end, for testing the hypotheses, the central index comparison testing of more than two independent group was used. The results of 459 years-company during the period of 2009 to 2011 show that corporate stock liquidity during the periods of growth and maturity is alike, while the former is higher during maturity.