بررسي ارتباط بين اهرم مركب با عناصر صورت جريان وجوه نقد شركت‌هاي پذيرفته شده در بورس اوراق بهادار تهران

Studying the relation between compound leverage either cash- flow statement in accepted companies in Tehran stock exchange

شركت ها براي رشد و پيشرفت نياز به سرمايه دارند. بخشي از سرمايه مي تواند در داخل شركت از طريق سود انباشته اي كه در نتيجه سودآوري شركت به وجود آمده است و بين سهامداران تقسيم نشده است تامين شود. مابقي سرمايه مي تواند از طريق بازارهاي سرمايه يا استقراض تامين شود. با اين حال تصميمات مربوط به ساختار سرمايه عمدتا به صورت قضاوتي مي باشد. بنابراين يك درك تئوريك براي منطقي كردن قضاوت بسيار ضروري مي باشد. هدف اين تحقيق بررسي ارتباط بين اهرم مركب با عناصر صورت جريان وجوه نقد شركت هاي پذيرفته شده در بورس اوراق بهادار تهران مي باشد. در راستاي تحقق اين هدف، شش فرضيه تدوين و با انتخاب 98 شركت واجد شرايط از بين شركت هاي پذيرفته شده در بورس اوراق بهادار تهران طي بازه زماني 5ساله، 1390 الي 1394، آزمون خواهد گرديد. يافته هاي تحقيق نشان مي دهد كه بين اهرم مركب و جريانات نقد ناشي از فعاليتهاي عملياتي، جريانات نقد ناشي از فعاليتهاي سرمايه گذاري، جريانات نقد ناشي از فعاليتهاي تامين مالي و جريانات نقدي طي دوره رابطه معني دار وجود دارد.

Abstract: Studying the relation between compound leverage either cash- flow statement in accepted companies in Tehran stock exchange After using debts in balance sheet the composition of leverage comes in to view. A firm with no debt is a completely capital structured company. But in real world this company does not exists and companies use different portion of leverages. One of the big problems in commercial units is the debts and the fixed operational costs and their effect on cash-flow input(output). A successful commercial unit can pay its debts soon enough. Information of cash-flow chart in beyond the balance sheet and the income statements.This report discuss the relation between commercial unit and its ability in making cash. This study in looking for the following this answers: -What is the effect of increase or decrease of Financial Leverage in cash-flow statements components? -What is the effect of increase or decrease of Operating Leverage in cash-flow statements components? -What is the effect of increase or decrease of compound Leverage in cash-flow statements components? For answering the above questions by using the general linear model method in Confidence level of 95% between two time independent variables with dependent variable test were used. Based on study assumption tests it can be told that maximum value of dependent variables were made in 1385 and 1388. Based on observed results from models and linear regression between leverages with cash flow statements components it was revealed that Compound Leverage can predict better than operating leverage and Financial Leverage and future cash flow more effectively. The advantage of this study is its comprehensiveness which variety of commercial, financial ,operating and compound leverages were tested for all 5 level of cash -flow statements in accepted companies in Tehran stock exchange. Keywords: Leverage, cash-flow statement, general linear model