ارزﯾﺎﺑﯽ ﺳﻮدﻣﻨﺪي درﺗﺼﻤﯿﻢ اﻓﺸﺎء اﻃﻼﻋﺎت ﻣﻮﻟﻔﻪ ﻫﺎي رﯾﺴﮏ

Decision Usefulness evaluation of risk factor disclouser

ﻣﻮﻟﻔﻪﻫﺎي رﯾﺴﮏ ﺣﺎوي ﭘﯿﺎمﻫﺎي ﻣﻮﺛﺮ در ارزﯾﺎﺑﯽ و ﭘﯿﺶ ﺑﯿﻨﯽ رﺧﺪادﻫﺎي آﺗﯽ در ﺷﺮﮐﺖﻫﺎ ﺑﻮده و ﻗﻀﺎوت آﮔﺎﻫﺎﻧﻪ اﺳﺘﻔﺎده ﮐﻨﻨﺪﮔﺎن، ﺷﺮط ﺳﻮدﻣﻨﺪي اراﺋﻪ اﻃﻼﻋﺎت ﺗﮑﻤﯿﻠﯽ از ﻣﻮﻟﻔﻪﻫﺎي رﯾﺴﮏ ﻣﺨﺘﻠﻒ ﻃﺒﻘﻪ ﺑﻨﺪي ﺑﺎ ﻋﻤﻠﮑﺮدﻫﺎي رودرروي ﺷﺮﮐﺖﻫﺎ و ﺑﻬﺒﻮد ﮐﯿﻔﯿﺖ اراﺋﻪ اﻃﻼﻋﺎت ﺣﺴﺎﺑﺪاري اﺳﺖ. از اﯾﻦ رو ﻫﺪف ﭘﮋوﻫﺶ، ارزﯾﺎﺑﯽ ﺳﻮدﻣﻨﺪي در ﺗﺼﻤﯿﻢ ﺑﺮاي ﺳﺮﻣﺎﯾﻪ ﮔﺬاران ﺑﺎ اﻓﺸﺎء اﻃﻼﻋﺎت ﻣﻮﻟﻔﻪﻫﺎي رﯾﺴﮏ و ﭘﯿﺎﻣﺪﻫﺎي اﻗﺘﺼﺎدي ﻋﻤﻠﮑﺮد ﺷﺮﮐﺖﻫﺎ ﻣﯽﺑﺎﺷﺪ. ﺑﺪﯾﻦ ﻣﻨﻈﻮر اﯾﻦ ﭘﮋوﻫﺶ ﺑﺎ 87 ﺷﺮﮐﺖ ﻧﻤﻮﻧﻪ و در ﺑﺎزه زﻣﺎﻧﯽ 7 ﺳﺎﻟﻪ 1390-1396 ﺑﻪ ﺷﯿﻮه ﺗﻮﺻﯿﻔﯽ- ﻫﻤﺒﺴﺘﮕﯽ ﺑﺎ اﺟﺮاي آزﻣﻮن ﮐﺮوﺳﮑﺎل واﻟﯿﺲ و اﻟﮕﻮي رﮔﺮﺳﯿﻮن ﭼﻨﺪﮔﺎﻧﻪ ﺻﻮرت ﭘﺬﯾﺮﻓﺖ. ﻧﺘﺎﯾﺞ ﻧﺸﺎن داد ﮐﻪ، اﻓﺸﺎء اﻃﻼﻋﺎت ﻣﻮﻟﻔﻪﻫﺎي رﯾﺴﮏ در ﺳﻄﺢ ﮐﻞ ﺷﺮﮐﺖﻫﺎي ﻧﻤﻮﻧﻪ ﭘﮋوﻫﺶ ﺣﺎوي اﻃﻼﻋﺎت ﺳﻮدﻣﻨﺪ در ﭘﯿﺶ ﺑﯿﻨﯽ ﺧﻄﺮ ﺳﻘﻮط ﻗﯿﻤﺖ ﺑﺎزار ﺳﻬﺎم ﺷﺮﮐﺖﻫﺎ اﺳﺖ اﻣﺎ در ﺳﻄﺢ ﺗﻔﮑﯿﮏ ﺻﻨﺎﯾﻊ راﺑﻄﻪ ﻣﻌﻨﺎداري ﯾﺎﻓﺖ ﻧﺸﺪ. اﻓﺸﺎء اﻃﻼﻋﺎت ﻣﻮﻟﻔﻪﻫﺎي رﯾﺴﮏ در ﮐﻞ ﺷﺮﮐﺖﻫﺎي ﻧﻤﻮﻧﻪ ﭘﮋوﻫﺶ و در ﺳﻄﺢ ﺗﻔﮑﯿﮏ ﺻﻨﺎﯾﻊ ﺣﺎوي اﻃﻼﻋﺎت ﺳﻮدﻣﻨﺪ در ﭘﯿﺶ ﺑﯿﻨﯽ رﻓﺘﺎر ﻫﻢ زﻣﺎﻧﯽ ﻗﯿﻤﺖ ﺑﺎزار ﺳﻬﺎم ﺷﺮﮐﺖﻫﺎ اﺳﺖ. ﻫﺮﭼﻪ اﻓﺸﺎي ﻣﻮﻟﻔﻪﻫﺎي رﯾﺴﮏ داراي ﺷﻔﺎﻓﯿﺖ و اﻃﻼﻋﺎت ﺳﻮدﻣﻨﺪ ﺑﯿﺸﺘﺮي ﺑﺎﺷﺪ ﺗﺎﺛﯿﺮ زﯾﺎدﺗﺮي در اﻓﺰاﯾﺶ ﻗﺪرت ﭘﯿﺶ ﺑﯿﻨﯽ و ﺗﻮﺿﯿﺢ دﻫﻨﺪﮔﯽ ﺧﻄﺮ ﺳﻘﻮط ﻗﯿﻤﺖ ﺳﻬﺎم و ﻫﻢ زﻣﺎﻧﯽ ﻗﯿﻤﺖ ﺳﻬﺎم دارﻧﺪ. ﺑﺎ ﺗﻮﺟﻪ ﺑﻪ ﺧﺼﻮﺻﯿﺎت ﻋﻤﻠﮑﺮدي ﺻﻨﺎﯾﻊ ﻣﺨﺘﻠﻒ ، اﻓﺸﺎء ﻣﻮﻟﻔﻪ ﻫﺎي رﯾﺴﮏ ﻣﺘﻨﺎﺳﺐ ﺑﺎ آن ﺣﺎﺋﺰ اﻫﻤﯿﺖ اﺳﺖ.

The disclosure of risk elements contained effective messages in assessing the impact of future events in the company. Therefore, the conscious judgment of consumers is the usefulness of providing supplementary information from the risk elements of categorized factors on the different functions of firms and improving the quality of accounting information . thus , the purpose of this study is to evaluate the usefulness in decision makers with disclosure of risk elements and economic consequences of companies performance . for this purpose , the research with 87 sample companies and in the 7 - year period of 1396 - 1390 in the descriptive - correlation method showed that the disclosure of data elements of firm - level risk elements contained useful information in predicting the risk of fall of stock market prices but no significant relationship was found at the industry level . The disclosure of risk elements at the firm level of the industry contains useful information in predicting the synchronization behavior of firms ' stock market prices. The greater the disclosure of the risk elements has greater advantage, making a greater impact on the prediction and explanatory power of stock price and stock price appreciation.