تجديد ارزيابي دارايي‌هاي ثابت و اثر آن بر عملكرد شركت و بازده سهام

Fixed Asset Revaluation, Future Firm Performance an‎d Stock Return

در سال‌هاي اخير در پي معافيت مالياتي در مورد افزايش سرمايه بنگاه‌هاي اقتصادي از محل تجديد ارزيابي دارايي ­ها، شركت­ هاي زيادي براي اولين بار اقدام به تجديد ارزيابي دارايي­ هاي خود نمودند. تجديد ارزيابي دارايي‌ها موجب ورود يا عدم خروج نقدينگي از شركت نخواهد شد، بنابراين تغييري در منابع شركت ايجاد نمي­ كند؛ اما اين رويداد مي‌تواند دستخوش ديدگاه مديران شده و به تغيير در عملكرد آتي شركت منجر شود و با علامت­ دهي به بازار سرمايه، تغييرات بازده سهام را در پي داشته باشد. هدف اين پژوهش بررسي عملكرد آتي و عكس ­العمل بازار سرمايه در پي تصميم به تجديد ارزيابي دارايي ­ها است. بدين منظور نمونه‌اي متشكل از 176 شركت طي سال‌هاي 1390 الي 1398 انتخاب گرديد. نتايج مدل رگرسيون نشان دهنده عدم وجود رابطه بين تجديد ارزيابي دارايي­ها و عملكرد آتي شركت و وجود رابطه مستقيم بين مازاد تجديد ارزيابي و قيمت سهام شركت مي ­باشد. نتايج همچنين نشان داد تجديد ارزيابي از طريق تغيير اهرم بدهي مي­تواند بازده سهام را دستخوش تغيير نمايد.

In recent years, based of some reformes in budget laws of Iran, the increase in the capital of enterprises, arising from the revaluation of their assets, has been exempted of tax. Althought, the increase in capital from asset revaluation reserve will not inflate cash inflow or outflow from the company, but this event could have endangered the managerschr('39') perspective and changed the future performance and stock returns.The purpose of this research is to investigate the effect of asset revaluation on future performance of the company and its impact on stock returns in companies listed in Tehran Stock Exchange. In order to achieve this goal, 4 hypotheses were developed. 176 companies for the first, thirth and forth hypothesises and 40 companies for the second hypothesis were selected among the companies listed in Tehran Stock Exchange during the years 2011 to 2019, and the multivariate regression model was used by the panel data method.The results of the research hypotheses show that there is no significant relationship between revaluation of fixed assets and future performance of the company. In addition, the results of the research showed that there is a significant relationship between the revaluation amount and share price of the company, although no significant effect on stock return were observed.