پیوندهای مفید
اخبار و اعلانات
آمار
| تعداد نشریات | 25 |
| تعداد شماره‌ها | 962 |
| تعداد مقالات | 7,949 |
| تعداد مشاهده مقاله | 13,437,185 |
| تعداد دریافت فایل اصل مقاله | 9,554,408 |
بررسی تأثیر عوامل درونی برتغییرات قیمت سهام شرکتهای سرمایه گذاری پذیرفته شده در بورس اوراق بهادارتهران | ||
| حسابداری و منافع اجتماعی | ||
| مقاله 7، دوره 7، شماره 1 - شماره پیاپی 24، فروردین 1396، صفحه 103-138 اصل مقاله (1.58 M) | ||
| نوع مقاله: مقاله پژوهشی | ||
| شناسه دیجیتال (DOI): 10.22051/ijar.2017.2080. | ||
| نویسندگان | ||
| پرویز سعیدی1؛ حسین اسلامی مفیدآبادی* 2؛ سیدمحمدرضا خلیل زاده3 | ||
| 1دانشیاروﻋﻀﻮ ﻫﻴﺌﺖ ﻋﻠﻤﻲ داﻧﺸﮕﺎه آزاد اﺳﻼﻣﻲ، واﺣﺪ علی آبادکتول، دانشکده حسابداری ومدیریت، | ||
| 2دانشجوی دکتری مدیریت مالی دنشگاه آزاد اسلامی، واحد علوم وتحقیقات، دانشکده مدیریت واقتصاد، نویسنده مسئول، | ||
| 3عضو هیات علمی و مربی گروه حسابداری، مرکزآق قلا، واﺣﺪ گرگان، | ||
| چکیده | ||
| هدف اصلی پژوهش حاضر بررسی تأثیر عوامل درونی(درآمد هر سهم، سود نقدی هر سهم، نسبت قیمت به درآمد، نسبت نقدینگی، نرخ بازده دارایی و میزان افزایش سرمایه)، بر تغییرات قیمت سهام شرکت های سرمایه گذاری پذیرفته شده در بورس اوراق بهادار تهران، می باشد. روش این پژوهش توصیفی- همبستگی می باشد، و از آنجائیکه به بررسی روابط احتمالی علت ومعلولی از طریق شرایط موجود و عوامل علّی درگذشته می پردازد، در زمره پژوهش های پس رویدادی یا گذشته نگر قرار می گیرد. جامعه آماری پژوهش هم نیز، شامل کلیه شرکت های سرمایه گذاری در صنعت واسطه گری های مالی و فعالیت های جنبی درمحدودۀ زمانی بین سال های 1387 تا 1393 می باشد.گردآوری داده ها هم نیز به روش میدانی وکتابخانه ای بوده است. امّا جهت تجزیه و تحلیل آنها از نرم افزار اکسل(Excel) و اقتصاد سنجی ایویوز(Eviews)، استفاده شده است. همچنین با بهره گیری ازآزمون های آماری نظیر همبستگی و رگرسیون چند متغیره، آزمون تی استیودنت(t)، وضریب همبستگی پیرسون به آزمون فرضیات پرداخته شده است. نتایج حاصل از آزمون فرضیه اصلی با وجود رابطه بین متغیر های مستقل و وابسته ، یک مدل رگرسیونی ارائه می دهدکه درسطح 95 درصد اطمینان،سه متغیر درآمد هرسهم،سود نقدی هر سهم و نسبت قیمت به درآمد، نسبت نقدینگی بیش از سایر عوامل بر عرضه و تقاضا و نهایتا قیمت سهام اثر می گذارد. | ||
| کلیدواژه‌ها | ||
| شرکتهای سرمایه گذاری؛ تغییرات قیمت سهام؛ بورس اوراق بهادارتهران | ||
| عنوان مقاله [English] | ||
| The Investigation of the Effect of Internal Factors on the Changes of Stock Price of Investment Companies Listed in Tehran Stock Exchange | ||
| نویسندگان [English] | ||
| Parviz Saeedi1؛ Hossein Eslami Mofid Abadi2؛ Seyed Mohammad Reza Khalilzadeh3 | ||
| 1Associate Professor, Associate Professor of Islamic Azad University, Ali Abadctol Unit, Faculty of Accounting and Management, | ||
| 2Ph.D. student of financial management, Islamic Azad University, Research Branch, Faculty of Management and Economics, Corresponding Author | ||
| 3Member of the faculty and coach of the Accounting Department, Gorgan Center, Gorgan Branch | ||
| چکیده [English] | ||
| The main objective of this study is to investigate the effect of internal factors include (earnings per share, dividend per share price to earnings ratio, liquidity ratio, return on assets and the capital increase), on the stock price changes of investment companies listed on the Stock Exchange Tehran stock. This research method is descriptive, and since it pays to investigate the possible cause-effect relationships through the conditions and causal factors in the past, placed among the events or retrospective studies. The study population would also be included all investment companies in the financial intermediation industry and ancillary activities, during of the time between 2007 to 2014. For data collection field and library methods. But, for analysis of data used of Excel and Eviews software. Also, by the statistical tests such as correlation and multivariate regression, t-test and Pearson correlation coefficient, used for the tested of hypotheses. The results of the main hypothesis in spite of a relationship between dependent and independent variables proposed a regression model at confidence of 95%, 3 variables of earnings per share, dividend per share and the ratio of price to earnings, liquidity ratio affects more the supply and demand and finally on the price of stock compared to other factors. | ||
| کلیدواژه‌ها [English] | ||
| Investment companies, Price change, Tehran Stock Exchange | ||
| مراجع | ||
|
Bidram, R. (2002). Eviews along with econometric, printing, publishing charter Tehran Eefficiency (In Persian). Campbell, John Y. (1987). "Stock Returns and the Term Structure", Journal of Financial Economics; No. 18: PP: 373-399. Campbell, John Y. and M. Yogo. (2002). "Efficient Tests of Stock Return Predictability", At John - Campbell @Harvard. edu. Campbell, John. Y. (1987). "Stock Returns and the Term Structure”, Journal of Financial Economics; No. 18: PP: 373-39. Chen, P. and Zhang, G. , (2007). "How do accounting variables explain stock pricemovements? Theory and evidence", Journal of Accounting and Economics. 2007; 43: PP: 219–244. Davani, GH. , (2004). "Stock exchange, stock and stock pricing, Fourth Edition, Tehran: the nokhostin publication. website address: http: //www. nabook. ir/ (In Persian). Ebrahimi, Mohammad. , Saeedi, Ali. (2011). The Effects of Accounting Variables and Firm’s Characteristics on Stock prices of Companies Listed in Tehran Stock Exchange (TSE). The journal of the Accounting and Auditing Review (research-scientific journal) -Faculty of Management and Accounting of Tehran University. Article No7, Volume 17, Issue 62, Spring 2011, PP: 1-16 (In Persian). Edelen, R. (2001). "Aggregate Price Effects of institutional Trading: A Study ofMutual fund Flow and Marcet Returvns", University of Philadelfhia; October 22. Fama, Eugene F. (1976). "Foundation of Finance", Manchester Basic Books Inc. Fama, Eugene F. , and Kenneth R. French. (1989). "Bussiness Conditions and Expected Returns on Stocks and Bounds”, Journal of Financial Economics, No. 25: PP: 23-49. Fama, Eugene F. , and Kenneth R. French. (1998). "Bussiness Conditions and Expected Returns on Stocks and Bounds", Journal of FinancialEconomics; No. 25: PP: 23-49. Fama, Eugene, and Kenneth French (1988). "Dividend Yields and Expected Stock Returns. " Journal of Financial Economics, 1988; Vol 22,: PP: 3-25. Fama, Eugene, and Kenneth French. (1988). "Dividend Yields and Expected Stock Returns", Journal of Financial Economics;Vol 22, P: 3. Fdayeenzhad, Ishmael. , (1994). Empirical Test of ETH in the Tehran Stock Exchange (TSE). The journal of Financial Research (research-scientific journal) - Faculty of Management Tehran University. Article No. 2, Volume 2, Issue 5, Autumn 1994, PP: 6-26. Available online in the website address: https: //jfr. ut. ac. ir/article_14095_1388. html (In Persian). Fischer, Donald E & Ronald J, (1991). "Security Analysis and Portfolio Management", 5d, ed, Prentice-hall, 1991. Francies,I. Lafond,R. Olsson,P. Schipper,K. (2005). "The market pricing of accruals quality ", journal of accounting and economics, Vol39No2, PP: 295-327. Frqandost, Sorayah, Hagighi, Kambiz. , (2002). Major factors affecting the stock price. Tehran: Tehran Stock Exchange, Monthly Magazine, Issue 33. Available online in the website address: http: //www. mahnamebourse. ir/index. aspx?fkeyid=&siteid=2&pageid=259 (In Persian). Gallizo J. L, M Salvador. (2006). "Share Prices and Accounting Variables: AHierarchical Bayesian Analysis", Review of Accounting and Finance; 5 (3): PP: 268-278. Ghaemi, Omid. , (1997). The relationship between trading volume and stock price. Master's thesis, Tehran, Tehran University, School of Accounting. Master Arts Thesis (MA) , Management and Accounting Faculty, Tehran University. Available online in the website address: http: //farabi. ut. ac. ir/index. php/fa/colleges-2/management-college (In Persian). Gordon M. J. (1962). "The investment, financing and valuation of the corporation, Homewood", Irwin. Gulen, Xing and Zhang. (2008). "“ValueVersus Growth: Time-Varying Expected Stock Returns", Ross School of Business Paper; 1115 (1): PP: 11-46. Hassanzadeh, Ramadan. , (2003). Research methods in the behavioral sciences, first edition. Tehran: Publihed by Savalan Publiher. (In Persian). Hodrick, RobertJ. (1992). "Dividend Yield and Expected Stock Returns: Alternative Procedures for Inference and Measurement", The Review of Financial Studie; No. 5: 357-386. Hosni, Afshin. , (2007). Analysis of the information content of stock prices, Master Arts Thesis, Management and Accounting Faculty,Shahid Beheshti University. Available online in the website address: http: //en. sbu. ac. ir/sitepages/home. aspx (In Persian). Jahankhani, Ali; Parsaeian, Ali. , (1996). Stock Exchange, Second Edition. Tehran: published by Tehran University, Management College. Keim, Donald B. , and Robert F. Stambaugh. (1986). "Predicting Returnsin the Stock and Bound Market", Journal of Financial Economics; No. 17: PP: 357-390. Khan. (2012). "Effect of Dividends on Stock Prices–A Case of Chemical and Pharmaceutical Industry of Pakistan", Journal of Management, Vol. 2, No. 5, PP: 141-148. Kwok wai leung. (1999). "Accounting - Based and Market - based Measures of Firm Performance", Dissertation Abstracts International, Volume: 60-04, Section: A, page: 1217. ; Adviser: LAWRENCE A. GO. Kwok wai leung. (1999). "Accounting-Based and Market- based Measures of Firm Performance", Thesis (Ph. D. ) -University of Maryland, College Park;142-150. Thesis research directed by The Robert H. Smith School of Business. Includes bibliographical references. Mahdieh rezagholizadeh. ,Yavari Yavari. , Sahabi Sahabi. , Salehabadi Salehabadi. (2013). investigation the Effect of Stock’s Alternative Assets Fluctuations on the Stock Price Index. The journal of the Accounting and Auditing Review (research-scientific journal) -Faculty of Management and Accounting of Tehran University. Article No4, Volume 20, Issue 1, Spring 2013, PP: 53-76. Available online in the website address: https: //acctgrev. ut. ac. ir/article_35518_4581. html (In Persian). Management Review and Economic Studies. , (1996). Investment firms and advantages of accepting the Tehran Stock Exchange. Tehran. The Tehran Stock Exchange Press. Available online in the website address: http: //www. boursepub. ir/ (In Persian). Mehrani, Kaveh; Mehrani, S. , (2003). The relationship between profitability and return ratios, stock market Tehran Stock Exchange. Tehran: The journal of the Accounting and Auditing Review (research-scientific journal) -Faculty of Management and Accounting of Tehran University. Article. No. 6,Vo 10, Issue 3, Summer 2003, PP: 93-105. Available online in the website address: https: //acctgrev. ut. ac. ir/?_action=articleInfo&article=10446 (In Persian). Merton, H. miller and franco modiyliani (1961). "dividend policy, growth and the valuation of shares",The Journal of Business. 34 (4): PP: 411–433. Moinee, MA; Ghaemi, Mohammed Hossein. , (2007). Investigate and study the relationship between the ratio (P/E) Tehran Stock Exchange with macroeconomic variables. The journal of the Accounting and Auditing Review (research-scientific journal) -Faculty of Management and Accounting of Tehran University. Article. No. 5, Vo 14, Issue 1, Summer 2007,PP: 101-116. Available online in the website address: https: //acctgrev. ut. ac. ir/article_18551_0. html (In Persian). Naderi, Parviz; Bagheri, AR. , (2001). The relationship between the amount of cash dividends and stock price volatility. Tehran: Tehran Stock Exchange, specialized Monthly Magazine, Issue 30. Available online in the website address: http: //www. mahnamebourse. ir/index. aspx?fkeyid=&siteid=2&pageid=259 (In Persian). Namazih, M. , khajavi, S. , (2004). The usefulness of accounting variables in assessing the systematic risk in accepted corporations in Tehran Stock Exchange. Tehran: The journal of the Accounting and Auditing Review (research-scientific journal) -Faculty of Management and Accounting of Tehran University. Article. No. 4,Vo 11, Issue 4, Autumn 2004, PP: 93-105. Available online in the website address: https: //acctgrev. ut. ac. ir/article_10485. html (In Persian). Noferesti, M. , (1998). Unit root and co-integration in the econometric. Tehran: The Institute of Cultural Services Rasa, first edition (In Persian). Noorbakhsh. , Asgar. , Asgari , Gholam Reza. , Nasiri Rohallah. , (2011). A Survey of Market Efficiency in Tehran Stock Exchange (TSE). Tehran: The journal of the Accounting and Auditing Review (research-scientific journal) -Faculty of Management and Accounting of Tehran University. Article. No. 6,Vo 17, Issue 62, Spring 2011, PP: 103-116. Available online in the website address: https: //acctgrev. ut. ac. ir/article_22521. html (In Persian). Ohlson, J. A. (1980). "Financial ratios and the probabilistic prediction of bankruptcy, Journal of Accounting Research;18 (1): PP: 109-131. Ohlson, J. A. (1992). "The relationship between accounting information and stock returns", Journal of Accounting Research; 18 (1): 109-131. Ohlson, J. A. (1995). "Earnings, book values, and dividends in equity valuation", Contemporary Accounting Research, Spring; PP: 661-687. Ohlson, J. A. (2006). "A practical model of earnings measurement",The Accounting Review; 81 (1) , PP: 271-279. Olsen, Dennis and Charles Mossman. (2003). "Neural Network Forecastof Canadian Stock Returns", International Journal of Forecasting; No. 19, PP: 453-465. Parker Jones, Charles. , (2000). Portfolio management, translated by Mohammad Alizadeh, printing. Tehran: publish of the Iranian academic community and Industrial Research and Training Center (In Persian). Pourheydari, Omid. (2010). The Relationship between Accounting Variables and Stock Price Movements in Tehran Stock Exchange (TSE). The journal of the Accounting and Auditing Review (research-scientific journal) -Faculty of Management and Accounting of Tehran University. Article No. 2, Vo 17, Issue 2, Autumn 2010, PP: 23-40 (In Persian). Rahimi Ashtiani, Rahim. , (2004). Examine the relationship between accounting variables and operating cash flow, investment, financing and stock returns in the Tehran Stock Exchange, Master Arts Thesis, Mashhad, Islamic Azad University, Mashhad Branch (In Persian). Rahimi, Ali. , (1995). The relationship between stock returns and the ratio (P/E) firms listed in the Tehran Stock Exchange, accounting master's thesis, Tehran, Master Arts, Thesis in Accounting, Management and Accounting Faculty, Shahid Beheshti University. Available online in the website address: http: //en. sbu. ac. ir/sitepages/home. aspx (In Persian). Reza Tehrani; Hojjat Allah Ansari; alireza Saranj. , (2009). The Study of MeanReversion in Tehran Security Exchange Using Variance Ratio Test. The journal of the Accounting and Auditing Review (research-scientific journal) -Faculty of Management and Accounting of Tehran University. Article No 2, Volume 16, Issue 1, Spring 2009, PP: 17-32 (In Persian). Saeedi, Parviz. , (1392). "Financial Management (Volume II) ", Tehran. Publishing Research Institute resultant publications, printing, Autumn 1392. Shahmoradi, M. , (2002). "Relationship between accounting earnings and stock returns of companies listed in Tehran Stock Exchange", Master Arts Thesis (MA) , Management and Accounting Faculty, Shahid Beheshti University. website address: http: //en. sbu. ac. ir/sitepages/home. aspx (In Persian). Sinaee, Hassan Ali. , (1994). Measuring of the efficiency of Tehran Stock Exchange (TSE). The journal of Financial Research (research-scientific journal) -Faculty of Management and Accounting of Tehran University. Article No. 2, Volume 1, Issue 2, Winter 1994,PP: 46-70. Available online in the website address: https: //jfr. ut. ac. ir/article_14095_1388. html (In Persian). Sujeewa, Kodithuwakku. , (2016). "Impact of Firm Specific Factors on the Stock Prices: A Case Study on Listed Manufacturing Companies in Colombo Stock Exchange. International", Journal for Research in Business, Management and Accounting, 2 (3) , PP: 67-76. Tehrani, Reza. , (1996). The factors affecting the stock price in the Tehran Stock Exchange. PhD thesis, in Business Administration, Tehran University. | ||
|
آمار تعداد مشاهده مقاله: 2,019 تعداد دریافت فایل اصل مقاله: 4,637 |
||