بررسی تاثیر کیفیت گزارشگری مالی بر رابطه دارایی‌های وثیقه‌ای با تامین مالی و سرمایه‌گذاری

نوع مقاله: مقاله علمی

نویسنده

دانشگاه بوعلی سینا

چکیده

این پژوهش، رابطۀ بین اندازۀ دارایی‌های وثیقه‌ای را با میزان تأمین مالی و حجم سرمایه‌گذاری‌های نمونه‌ای متشکل از 247 شرکت پذیرفته‌شده در بورس اوراق بهادار تهران در بازۀ زمانی 1382 تا 1392 بررسی می‌کند و تأثیر کیفیت گزارشگری را بر رابطۀ ذکرشده می‌سنجد. همچنین، در این پژوهش به تأثیر میزان دارایی‌های وثیقه‌ای بر کیفیت گزارشگری شرکت‌ها توجه شده است. نتایج پژوهش نشان می‌دهد با افزایش دارایی‌های وثیقه‌ای، میزان تأمین مالی از محل بدهی‌ها افزایش می‌یابد و به تبع آن، میزان سرمایه‌گذاری شرکت نیز زیاد می‌شود؛ درحالی‌که افزایش کیفیت گزارشگری مالی، باعث تضعیف رابطۀ دارایی‌های وثیقه‌ای با میزان تأمین مالی و حجم سرمایه‌گذاری‌‌ها می‌شود. سرانجام، نتایج نشان می‌دهد وقتی حجم دارایی‌های وثیقه‌ای افزایش می‌یابد، شرکت‌ها کیفیت گزارشگری خود را کاهش می‌دهند. یافته‌های این پژوهش با مدل‌های نظری مبتنی بر مفاهیم انتخاب نامناسب و خطر اخلاقی، سازگاری دارند.

کلیدواژه‌ها

موضوعات


عنوان مقاله [English]

Investigating the Effect of Financial Reporting Quality on the Relation among Collateral Assets, Financing and Investment

نویسنده [English]

  • Abbas Aflatooni
Bu-Ali Sina University of Hamedan
چکیده [English]

This research investigates the relation between collateral assets and the firms' financing and investments in 247 firms listed in the Tehran Stock Exchange from 2003 to 2013 and examines the effect of financial reporting quality on this relation. Moreover, the impact of collateral assets on the financial reporting quality is taken into consideration. The results indicate that increase in collateral assets increases the amount of financing via debts and as a result increases firms' investments. Also, the increase in financial reporting quality undermines the relation between collateral assets and the amount of firms' financing and investments. Finally, with the increase in collateral assets, firms reduce their financial reporting quality. Results are compatible with the theoretical models based on the notions of adverse selection and moral hazard.

 

کلیدواژه‌ها [English]

  • Collateral assets
  • Financing
  • Investment
  • Reporting Quality
  • moral hazard

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