بررسی ارتباط غیرخطی بین سرمایه‎گذاری در دارایی‎های ثابت و عملکرد شرکت‎های پذیرفته شده در بورس اوراق بهادار تهران

نوع مقاله : مقاله پژوهشی

نویسندگان

1 استادیار حسابداری دانشگاه تربیت مدرس

2 دانشیار حسابداری دانشگاه تربیت مدرس

3 کارشناس ارشد حسابداری، دانشگاه تربیت مدرس

چکیده

هدف اصلی این پژوهش بررسی رابطۀ غیرخطی بین سرمایه‎گذاری در دارایی‎های ثابت و عملکرد شرکت‎های پذیرفته شده در بورس اوراق بهادار تهران طی سال‎های 86-90 به طور کلی و با توجه به تفاوت میزان سرمایه‎گذاری در دارایی‎های ثابت در صنایع مختلف، به تفکیک صنعت است. به منظور بررسی فرضیۀ پژوهش، از داده‎های تابلویی استفاده شده است. سرمایه‎گذاری در دارایی‎های ثابت به عنوان متغیر مستقل و عملکرد شرکت به عنوان متغیر وابسته و اندازۀ شرکت، ساختار سرمایه، سودآوری، تقسیم سود و نرخ بیکاری به عنوان متغیر کنترلی مورد بررسی قرار گرفتند. نتایج به دست آمده حاکی از وجود رابطۀ غیرخطی بین کلیۀ شرکت‏های موجود در نمونه می‏باشد؛ در صنایع کانی غیرفلزی، و محصولات غذایی، بین سرمایه‎گذاری در دارایی‎های ثابت و عملکرد شرکت، رابطۀ U شکل وجود دارد؛ یعنی یک نقطۀ حداقل خواهیم داشت که در آن به ازای سطح معینی از سرمایه‎گذاری در دارایی‎های ثابت، عملکرد حداقل خواهد شد. همچنین، نتابج نشان داد که در صنعت محصولات شیمیایی، رابطۀ U شکل وارونه است، که در آن یک نقطۀ حداکثر یا بهینه وجود دارد و برای سطح معینی از سرمایه‎گذاری در دارایی‎های ثابت، عملکرد حداکثر می‎شود.

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