تأثیر مدیریت ریسک کسب و کار و چرخه عمر بر ظرفیت بدهی شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران | ||
| چشم انداز مدیریت مالی | ||
| دوره 13، شماره 42، شهریور 1402، صفحه 145-171 اصل مقاله (524.16 K) | ||
| نوع مقاله: علمی - پژوهشی | ||
| شناسه دیجیتال (DOI): 10.48308/jfmp.2023.231250.1281 | ||
| نویسندگان | ||
| وهاب رستمی* 1؛ مهدی محمدی2؛ حامد کارگر3 | ||
| 1استادیار گروه حسابداری، دانشگاه پیام نور، تهران، ایران | ||
| 2استادیار گروه حسابداری واحد زنجان، دانشگاه آزاد اسلامی، زنجان، ایران | ||
| 3کارشناسی ارشد حسابداری، دانشگاه پیام نور، تهران، ایران | ||
| چکیده | ||
| افزایش ظرفیت بدهی منجر به بهبود انعطاف‌پذیری مالی شرکت می‌شود. انعطاف‌پذیری مالی نقش مهمی در توانمندسازی مالی شرکت در خصوص سرمایه‌گذاری در آینده ایفا می‌کند که با توجه به ریسک‌های موجود حفظ انعطاف‌پذیری اهمیت دارد که با اعمال مدیریت ریسک این مهم امکانپذیر است. پژوهش حاضر در پی ردیابی تأثیر مدیریت ریسک کسب وکار و چرخه عمر بر ظرفیت بدهی شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران است. در این راستا نمونه‌ای مشتمل بر 124 شرکت از بورس اوراق بهادار تهران در یک بازه زمانی ده ساله 1400-1391 به عنوان نمونه انتخاب و فرضیه‌های پژوهش با آزمون رگرسیون خطی چندگانه مبتنی بر داده‌های تلفیقی آزمون شد. نتایج پژوهش حاضر نشان داد که مدیریت ریسک بر ظرفیت بدهی شرکت‌ها تأثیر مثبت دارد، همچنین مدیریت ریسک در مراحل رکود چرخه عمر شرکت‌ها با شدت بیشتری بر ظرفیت بدهی تاثیرگذار است. همانطور که انتظار می‌رفت در شرایط بهره‌گیری بهتر از مکانیزم‌های مدیریت ریسک کسب‌وکار، ظرفیت بدهی شرکت‌ها نیز به‌طور معناداری بهبود یافته است. در نتیجه با بهره‌گیری بهتر از مکانیزم‌های مدیریت ریسک، اطمینان وام و اعتباردهندگان به شرکت افزایش یافته و به تبع آن نیز ظرفبت بدهی شرکت افزایش می‌یابد. | ||
| کلیدواژه‌ها | ||
| انعطاف‌پذیری مالی؛ چرخه عمر؛ ظرفیت بدهی؛ مدیریت ریسک بنگاه | ||
| عنوان مقاله [English] | ||
| The Effect of Business risk management and Life Cycle on Debt Capacity of the Companies Listed in Tehran Stock Exchange | ||
| نویسندگان [English] | ||
| Vahab Rostami1؛ Mehdi Mohammadi2؛ Hamed kargar3 | ||
| 1Assistant Prof., Department of Accounting, Payam Noor University, Tehran, Iran | ||
| 2Assistant Prof, Department of Accounting,, Zanjan branch, Islamic Azad University, Zanjan, Iran | ||
| 3MA. In Accounting, Payame Noor University, Tehran, Iran | ||
| چکیده [English] | ||
| Increasing the debt capacity leads to improving the company's financial flexibility. Financial flexibility plays an important role in the financial empowerment of the company regarding investment in the future, which is important to maintain flexibility according to the existing risks, which is possible with risk management. The current research aims to track the effect of business risk management and life cycle on the debt capacity of the companies listed in the Tehran Stock Exchange. In this regard, a sample of 124 companies from the Tehran Stock Exchange along a period of 2012-2021 were selected as sample and the research hypotheses were tested with aide of multiple linear regressions based on pooled data. The results showed that business risk management has a positive effect on the debt capacity of companies, and this business risk management effect during the recession stages of the life cycle of companies is more dominant. As expected, in the conditions of better use of business risk management mechanisms, the debt capacity of companies has also improved significantly. With better applying of risk management mechanisms, the reliability of loans and creditors to the company is increased too and as a result, the company's debt capacity is also improved. | ||
| کلیدواژه‌ها [English] | ||
| Business Risk Management, Debt Capacity, Financial Flexibility, Life Cycle | ||
| مراجع | ||
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