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ارائه الگوی رتبهبندی اعتباری شرکتهای پذیرفته شده در بازار سرمایه با استفاده از مدل معادلات ساختاری | ||
پژوهشهای راهبردی بودجه و مالیه | ||
مقاله 3، دوره 6، شماره 1 - شماره پیاپی 21، فروردین 1404، صفحه 77-104 اصل مقاله (980.99 K) | ||
نوع مقاله: مقاله پژوهشی | ||
نویسندگان | ||
حامد باشکوه اجیرلو* 1؛ حمید مرتضی نیا2؛ محمد سلگی3؛ مهدی احمدی4 | ||
1دانشجوی کارشناسی ارشد مدیریت مالی دانشگاه جامع امام حسین (ع) | ||
2استادیار مدیریت مالی دانشکده مدیریت و اقتصاد، دانشگاه جامع امام حسین (ع) | ||
3استاد گروه مدیریت مالی اسلامی، دانشکده مدیریت و اقتصاد، دانشگاه جامع امام حسین (ع)، تهران، ایران. | ||
4فارغالتحصیل دکتری علوم اقتصادی، گروه اقتصاد، دانشگاه علامه طباطبایی، تهران، ایران. | ||
تاریخ دریافت: 14 آذر 1403، تاریخ بازنگری: 21 اسفند 1403، تاریخ پذیرش: 31 فروردین 1404 | ||
چکیده | ||
رتبهبندی اعتباری برای مقایسه شرکتها بهلحاظ ریسک اعتباری با یکدیگر، تصمیمگیری مشارکتکنندگان بازار سرمایه را تسهیل میکند. این پژوهش با هدف شناسایی، وزندهی و طراحی الگوی رتبهبندی اعتباری شرکتهای پذیرفته شده در بازار سرمایه برای 19 صنعت انجام شد. برای شناسایی شاخصهای تعیینکننده و طراحی الگوی رتبهبندی اعتباری از رویکرد (کیفی-کمی) بهرهگرفته شد. در بخش کیفی شاخصهای نهایی از مطالعه ادبیات نظری و سپس اعتبارسنجی با خبرگان بهدست آمد. در بخش کمی نیز از معادلات ساختاری برای تعیین روابط بین شاخصها و مولفهها شد. با مطالعه ادبیات نظری و اعتبارسنجی با خبرگان 46 شاخص نهایی به عنوان عوامل تاثیرگذار روی رتبه اعتباری شرکتهای پذیرفته شده در بازار سرمایه شناسایی شد. با تعیین روابط بین شاخصها و مولفهها با استفاده از معادلات ساختاری، 6 شاخص حذف و مشخض شد که مولفههای نقدینگی، سودآوری و رشد، مسئولیت اجتماعی و زیستمحیطی، کیفیت حسابداری و کیفیت دارایی و اندازه شرکت به صورت مستقیم و مولفههای صنعت، نسبتهای ارزش بازار، نسبتهای اهرمی، نسبتهای کارایی، کیفیت حسابرسی و کیفیت مدیریت به صورت غیرمستقیم و از طریق مولفههای دیگر روی رتبه اعتباری تاثیرگذار هستند. مولفه نسبتهای نقدینگی و سودآوری و رشد به ترتیب با ضریب رگرسیونی 0.574 و 0.352 تاثیرگذارترین عوامل روی رتبه اعتباری شرکتها بودند. تاثیرگذاری 12 مولفه روی رتبه اعتباری نشان میدهد که شرکتهای پذیرفته شده در بازار سرمایه برای بهبود وضعیت اعتباری خود، میبایست به همه عوامل از جمله وضعیت نقدینگی ،ساختار سرمایه شرکت و سودآوری و رشر توجهات لازم را داشته باشند تا بتوانند بهسهولت به منابع مالی مورد نیاز دسترسی داشته باشند. | ||
کلیدواژهها | ||
رتبه بندی اعتباری؛ شرکتهای پذیرفته شده در بازار سرمایه؛ بازار سرمایه و ریسک اعتباری | ||
عنوان مقاله [English] | ||
Presenting a credit rating model for companies listed on the capital market using the structural equation model | ||
نویسندگان [English] | ||
hamed bashokouh ajirlu1؛ Hamid Mortazaniya2؛ Mohammad Solgi3؛ Mahdi Ahmadi4 | ||
1Master's student in financial management of Imam Hossein University (AS) | ||
2Assistant professor, Department of Financial Management, Faculty of Management and Economics, Imam Hussien University (AS), Tehran, Iran | ||
3Professor Assistant of the Department of Financial Management, Faculty of Management and Economics, Imam Hossein University, Tehran, Iran | ||
4Graduated from the Department of Economics, Allameh Tabatabaei University, Tehran, Iran.. | ||
چکیده [English] | ||
Purpose: Credit ratings facilitate decision-making by capital market participants to compare companies in terms of credit risk. This research aimed to identify, weight, and design a credit rating model for companies listed on the capital market for 19 industries. Method: A qualitative-quantitative approach was used to identify the determinants and design the credit rating model. In the qualitative part, the final indicators were obtained from a study of theoretical literature and then validated with experts. In the quantitative part, structural equations were used to determine the relationships between indicators and components and design the credit rating model. Findings: By studying theoretical literature and validating with experts, 46 final indicators were identified as factors affecting the credit rating of companies listed on the capital market. By determining the relationships between indicators and components using structural equations, 6 indicators were eliminated and it was determined that the components of liquidity, profitability and growth, social and environmental responsibility, accounting quality and asset quality and company size directly affect the credit rating and the components of industry, market value ratios, leverage ratios, efficiency ratios, audit quality and management quality indirectly and through other components affect the credit rating. The components of liquidity ratios and profitability and growth were the most influential factors on the credit rating of companies with a regression coefficient of 0.574 and 0.352, respectively. | ||
کلیدواژهها [English] | ||
Credit ratings, listed companies in capital market, capital market, and credit risk | ||
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آمار تعداد مشاهده مقاله: 55 تعداد دریافت فایل اصل مقاله: 39 |