چکیده:
ﺗﺤﻘﻴﻖﻫﺎ ﻧﺸﺎن ﻣﻲدﻫﺪ ﻛﻪ ﻣﻬﻢ ﺗﺮﻳﻦ ﻋﺎﻣﻞ ﺗﺎﺛﻴﺮﮔﺬار ﺑﺮ ﻣﺴﺎﺋﻞ ﺗﺎﻣﻴﻦ ﻣﺎﻟﻲ )ﺑﻪ ﻋﻨﻮان ﭼﺎﻟﺶ ﭘﻴﺶ روی ﺷﺮﻛﺖﻫﺎ(، ﺣﻔﻆ اﻧﻌﻄﺎفﭘـﺬﻳﺮی ﻣـﺎﻟﻲ اﺳـﺖ. در اﻳﻦ ﺗﺤﻘﻴﻖ، ﺗﺎﺛﻴﺮ اﻧﻌﻄﺎفﭘﺬﻳﺮی ﻣﺎﻟﻲ، ﺑﺮ ﻣﻴﺰان ﺳﺮﻣﺎﻳﻪﮔﺬاری و ارزشآﻓﺮﻳﻨـﻲ ﺑﺮرﺳﻲ ﺷﺪه اﺳﺖ. ﺑﺮای ﺷﻨﺎﺳﺎﻳﻲ اﻧﻌﻄﺎفﭘﺬﻳﺮی ﻣﺎﻟﻲ، از ﻇﺮﻓﻴﺖ ﻣﺎزاد ﺑـﺪﻫﻲ اﺳﺘﻔﺎده ﺷﺪه و ﺳﺮﻣﺎﻳﻪﮔﺬاری و ارزشآﻓﺮﻳﻨﻲ ﺑﺎ اﺳﺘﻔﺎده از ﻣﺨﺎرج ﺳﺮﻣﺎﻳﻪای و ﺑﺎزده ﺳﻬﺎم، ﺗﻌﺮﻳﻒ ﻋﻤﻠﻴﺎﺗﻲ ﺷﺪهاﻧـﺪ. ﻧﻤﻮﻧـﻪی ﺗﺤﻘﻴـﻖ ﺷـﺎﻣﻞ 77 ﺷـﺮﻛﺖ و دورهی ﺗﺤﻘﻴﻖ ﺳﺎلﻫﺎی 8831-8731 اﺳﺖ. ﻧﺘﺎﻳﺞ ﺗﺤﻘﻴﻖ ﻧﺸـﺎن داد، اﻧﻌﻄـﺎف- ﭘﺬﻳﺮی ﻣﺎﻟﻲ ﺑﺮ ﻣﻴﺰان ﺳﺮﻣﺎﻳﻪﮔﺬاری، ﺗﺎﺛﻴﺮ ﻣﻨﻔﻲ و ﺑﺮ ارزشآﻓﺮﻳﻨﻲ ﺗﺎﺛﻴﺮ ﻣﺜﺒﺖ ﺑﺎ اﻫﻤﻴﺘﻲ داﺷﺘﻪ و ﺷﺮﻛﺖﻫﺎی دارای اﻧﻌﻄﺎفﭘﺬﻳﺮی ﻣـﺎﻟﻲ، از دﻳـﺪ ﺑـﺎزار ﺣـﺎﺋﺰ ارزش ﺑﻮدهاﻧﺪ.
Introduction: A critical challenge for companies is how to sustainably supply the required cash for ongoing current activities and long term capital investments. This required cash is supplied by internal sources such as retained earnings as well as by external sources such as new issued debt and capital. Although financing methods are affected by various and numerous internal and external factors، recent studies show that the most important factor which affects financing affairs is financial flexibility and this financial policy is going to be the dominant pattern in financing strategy.
Research Question: The research questions are as follows:
1) Does financial flexibility have a positive impact on firm’s investment?
2) Does financial flexibility have an impact on value enhancing?
So research hypotheses are as follows:
1) Financial flexibility has a positive impact on firm’s investment.
2) Financial flexibility has an impact on value enhancing.
Research Method: In this research we use spare (unused) debt capacity to measure financial flexibility. Our criteria for measuring investment and value enhancing are capital expenditure and stock return، respectively. Then، we have used multiple regressions to assess the relationship between the research variables. Our sample consists of 77 Tehran stock exchange firms and the sample period is during1999-2010.
Results: Despite our expectations the results show that financial flexibility doesn’t have a positive impact on investment. This finding indicates that first research hypothesis about positive impact of financial flexibility on investment، is rejected. Other results show that financial flexibility has an important positive impact on firm’s value enhancing and financial flexible firms are valuable from market participants and investor’s point of view. By this finding، research hypothesis about impact of financial flexibility policy on value enhancing is accepted.
Discussion and Conclusion: In this paper، we studied the interaction between financial flexibility and investment. Despite o our expectations، the results suggest that financial flexibility significantly has a negative impact on capital investments، thus، our results are in contrast to theoretical basis as well as works of Arsalan (2009) and Marchica and Mura (2010)، but our result is consistent with the Iranian works of Khodaee and Zare (2010) in which they argued that in Iranian stock market financial flexibility has no impact on capital investments decisions.
In addition، we performed a long-run performance analysis to test whether financial flexibility policy is genuinely value enhancing. The results of our study related to the association of financial flexibility and value enhancing reveals that α coefficient (which shows the effect of unique properties on return) is not equal between the companies which are financial flexible and non-financial flexible. It is high and positive in financial flexible firms and it is low and negative in non-financial flexible firm which is consistent with the Marchica and Mora (2010) study. This result suggests why the majority of companies are using this approach in financing of their operations.
خلاصه ماشینی:
" ﺑﻨﺎﺑﺮاﻳﻦ، ﺑﺎ ﺗﻮﺟﻪ ﺑﻪ ادﺑﻴﺎت و ﭘﻴﺸﻴﻨﻪی ﺗﺤﻘﻴﻖ ﻛﻪ ﺑﻴﺎﻧﮕﺮ اﺳـﺘﻔﺎدهی ﻓـﺮاوان از ﺳﻴﺎﺳـﺖ اﻧﻌﻄﺎفﭘﺬﻳﺮی ﻣﺎﻟﻲ ﺗﻮﺳﻂ ﺷﺮﻛﺖﻫﺎ اﺳﺖ، ﺳﻮالﻫﺎی ﺗﺤﻘﻴﻖ اﻳﻦ اﺳﺖ ﻛﻪ اﻳﻦ ﺧﻂﻣﺸﻲ ﺑـﺮ ﻣﻴﺰان ﺳﺮﻣﺎﻳﻪﮔﺬاری، ﻛﻪ ﺑﻪ ﻃﻮر ﻋﻤﺪه ﺗﺤﺖ ﺗﺎﺛﻴﺮ ﻣﻴﺰان و ﻧﺤﻮهی ﺗـﺎﻣﻴﻦ ﻣـﺎﻟﻲ اﺳـﺖ، ﭼـﻪ ﺗﺎﺛﻴﺮی دارد؟ اﻳﻦ اﻟﮕﻮی ﻣﺎﻟﻲ ﭼـﻪ ﺗـﺎﺛﻴﺮی ﺑـﺮ ارزشآﻓﺮﻳﻨـﻲ ﺷـﺮﻛﺖﻫـﺎ دارد ﻛـﻪ ﻳﻜـﻲ از ﻣﻬﻢﺗﺮﻳﻦ ﻋﻮاﻣﻞ ﻣﺪﻧﻈﺮ ﺳﺮﻣﺎﻳﻪﮔﺬاران اﺳﺖ؟ در اداﻣﻪ، اﺑﺘﺪا ﻣﺮوری ﺑﺮ ﻣﻬﻢﺗﺮﻳﻦ ﺗﺤﻘﻴﻖﻫﺎی اﻧﺠﺎم ﺷﺪه در ﺧﺼﻮص اﻧﻌﻄـﺎفﭘـﺬﻳﺮی ﻣﺎﻟﻲ ﻣﻲﺷﻮد و ﺳﭙﺲ ﻓﺮﺿﻴﻪﻫﺎی ﺗﺤﻘﻴﻖ و روش ﺗﺤﻘﻴﻖ، اراﺋـﻪ و در ﻧﻬﺎﻳـﺖ ﻧﺘـﺎﻳﺞ ﺗﺤﻘﻴـﻖ ﺑﻴﺎن ﻣﻲﺷﻮد.
ﺑﺎ ﺗﻮﺟﻪ ﺑﻪ ﭘﻴﺸﻴﻨﻪی ﺗﺤﻘﻴﻖ ﻛﻪ ﺑﻴﺎن ﻣﻲدارد اﻧﻌﻄﺎفﭘﺬﻳﺮی ﻣﺎﻟﻲ از ﻃﺮﻳﻖ ﺣﻔﻆ ﻇﺮﻓﻴﺖ ﻣﺎزاد ﺑﺪﻫﻲﻫﺎ ﺑﻪدﺳﺖ ﻣﻲآﻳﺪ)اﺳﻜﻮﺑﻴﻦ و ونﻫﺎل، 1102؛ ﻣﺎرﭼﻴﻜﺎ و ﻣﻮرا،0102 و ارﺳﻼن و ﻓﻠﻮراﻛﻴﺲ، 9002(، در اﻳﻦ ﺗﺤﻘﻴﻖ، ﺑﺮای اﻧﺪازهﮔﻴﺮی اﻧﻌﻄﺎفﭘﺬﻳﺮی ﻣﺎﻟﻲ، از ﻇﺮﻓﻴـﺖ ﻣـﺎزاد ﻣﺠﻠﻪ ﭘﻴﺸﺮﻓﺖﻫﺎی ﺣﺴﺎﺑﺪاری، دوره ﭼﻬﺎرم، ﺷﻤﺎره دوم، ﭘﺎﻳﻴﺰ و زﻣﺴﺘﺎن 1931 06 ﺑﺪﻫﻲ ﺷﺮﻛﺖ و ﺑﻪ ﺷﻜﻞ زﻳﺮ اﺳﺘﻔﺎده ﻣﻲﺷﻮد: در ﻧﺨﺴﺘﻴﻦ ﮔﺎم در ﺗﺤﻠﻴﻞﻫﺎی ﺧﻮد، از ﻣﺪل ﻓﺮاﻧﻚ و ﮔﻮﻳﺎل)9002( و ﻣﺎرﭼﻴﻜﺎ و ﻣﻮرا )0102( ﺟﻬﺖ ﺷﻨﺎﺳﺎﻳﻲ ﻇﺮﻓﻴﺖ ﻣﺎزاد ﺑﺪﻫﻲ ﺷﺮﻛﺖﻫﺎ و ﺑﻪ ﺷﺮح زﻳﺮ اﺳﺘﻔﺎده ﻣﻲﺷﻮد.
ﻧﺘـﺎﻳﺞ ﺣﺎﺻـﻞ از ﺗﺤﻠﻴﻞﻫﺎی آﻣﺎری ﻣﺪل ﻣﺬﻛﻮر ﺑﻪ ﺷﺮح زﻳﺮ اﺳﺖ: ﻣﺠﻠﻪ ﭘﻴﺸﺮﻓﺖﻫﺎی ﺣﺴﺎﺑﺪاری، دوره ﭼﻬﺎرم، ﺷﻤﺎره دوم، ﭘﺎﻳﻴﺰ و زﻣﺴﺘﺎن 1931 66 ﻧﮕﺎره 1 : ﻧﺘﺎﻳﺞ آزﻣﻮن ﻓﺮﺿﻴﻪ ی ﺗﺎﺛﻴﺮﮔﺬاری اﻧﻌﻄﺎف ﭘﺬﻳﺮی ﻣﺎﻟﻲ ﺑﺮ ﻣﻴﺰان ﺳﺮﻣﺎﻳﻪ ﮔﺬاری آزﻣﻮن ﻫﻢ ﺳﻄﺢ آﻣﺎره-t ﺿﺮاﻳﺐ ﻣﺘﻐﻴﺮ ﺧﻄﻲ ﻣﻌﻨﺎداری 641/1 000/0 312/9 407/0 ﺳﺮﻣﺎﻳﻪﮔﺬاری 052/1 534/0 187/0 330/0 ﺟﺮﻳﺎنﻫﺎی ﻧﻘﺪ ﻋﻤﻠﻴﺎﺗﻲ Qﺗﻮﺑﻴﻦ 250/1 000/0 443/4 310/0 447/1 100/0 302/3- 398/0- اﻧﻌﻄﺎفﭘﺬﻳﺮی ﻣﺎﻟﻲ 751/1 200/0 080/3 463/0 اﻧﻌﻄﺎفﭘﺬﻳﺮی ﻣﺎﻟﻲ* ﺟﺮﻳﺎﻧﺎت ﻧﻘﺪی ﻣﻘﺪار 2R 181/0 667/1 آﻣﺎره دورﺑﻴﻦ-واﺗﺴﻮن آﻣﺎره F 466/23 000/0 ﺳﻄﺢ ﻣﻌﻨﺎداری دراﻳﻦ ﻣﺪل، ﻣﻘﺪار اﺣﺘﻤﺎل Fﺑﺮاﺑـﺮ ﺑـﺎ 000/0 اﺳـﺖ و اﻳـﻦ ﺑـﺪان ﻣﻌﻨﺎﺳـﺖ ﻛـﻪ ﻣـﺪل ﻣﻌﻨﻲداری وﺟﻮد دارد."