رابطه بين ساختار مالكيت و درماندگي مالي در شركتهاي پذيرفته شده بورس اوراق بهادار تهران

The Relationship between Ownership Structure and Financial Distress in Companies Accepted by Tehran Stock Exchange

درماندگي مالي در بنگاه هاي اقتصادي يكي از مسائل نگران كننده براي دولت ها و عموم سرمايه گذاران بوده است و تضعيف عملكرد مالي شركت ممكن است باعث ورشكستگي شركت گردد، در اين پژوهش به بررسي تاثير يكي از مهمترين سازوكارهاي نظام راهبري بنگاه (ساختار و تمركز مالكيت) و درماندگي مالي شركت ها پرداخته مي شود. هدف اين پژوهش بررسي رابطه ساختار مالكيت شركت ها با درماندگي مالي شركت ها مي باشد. ساختار مالكيت در اين پژوهش شامل تمركز مالكيت و مالكيت نهادي مي باشد كه نقش اين دو متغير بر روي درماندگي مالي شركت ها مورد بررسي قرار مي گيرد. مطالعات قبلي نشان داده اند كه تمركز مالكيت و مالكيت نهادي مي توانند نقش مهمي در درماندگي مالي شركت ها داشته باشند. براي اجراي پژوهش، اطلاعات 118 شركت از بازه زماني 90 الي 94 جمع آوري گرديد. جهت تجزيه و تحليل اطلاعات و آزمون فرضيه ها از نرم افزارEXEL و EVIEWS استفاده شد. يافته هاي پژوهش نشان مي دهند بين تمركز مالكيت شركت ها و درماندگي مالي شركت ها رابطه معناداري وجود دارد اما اين رابطه به دليل اين كه ضريب معناداري مثبت است مستقيم مي باشد و با افزايش تمركز مالكيت شركت ها درماندگي مالي شركت ها نيز افزايش مي يابد. همچنين نتايج نشان داد بين مالكيت نهادي شركت ها و درماندگي مالي شركت ها رابطه معناداري وجود دارد اما اين رابطه به دليل اين كه ضريب معناداري منفي است معكوس مي باشد و با افزايش مالكيت نهادي شركت ها درماندگي مالي شركت ها نيز كاهش مي يابد.

Financial distress in firms is one of the worrying issues for governments and public investors, and weakening corporate financial performance may lead to bankruptcy of the company. In this study, the impact of one of the most important mechanisms of the corporate governance system (structure and concentration of ownership) and The financial distress of companies is paid. The purpose of this study was to investigate the relationship between corporate ownership structure and corporate financial distress. The ownership structure in this study includes the concentration of ownership and institutional ownership, the role of these two variables being examined on corporate financial distress. Previous studies have shown that the concentration of ownership and institutional ownership can play an important role in corporate financial distress. for the implementation of the research, 118 companies were gathered from the time period of 90 to 94. EXEL and EVIEWS software were used to analyze information and test hypotheses. research findings indicate that there is a meaningful relationship between corporate ownership concentration and corporate financial distress, but this relationship is directly related to the fact that the positive meaning is positive and with the increasing concentration of corporate ownership, corporate financial distress also increases. The results also showed that there is a meaningful relationship between corporate institutional ownership and corporate financial distress, but this relationship is reversed because the negative significance factor is negative and with the increase of institutional ownership of companies, corporate financial distress is also reduced.