پديد آورندگان :
صفي پور افشار، مجتبي دانشگاه شهيد باهنر كرمان - گروه حسابداري، كرمان، ايران , حسيني نژاد، حميدرضا دانشگاه تهران - گروه حسابداري، تهران، ايران , توسلي، محمد دانشگاه بين‌المللي امام خميني(ره) - گروه حسابداري، قزوين، ايران
كليدواژه :
تأمين مالي , ريسك جريان‌هاي نقد , ساختار سرمايه , كمبود وجه نقد
چكيده فارسي :
هدف: اين پژوهش در ابتدا به بررسي ارتباط ميان نوسان جريان‌هاي نقد و تصميمات ساختار سرمايه شركت‌ها پرداخته است و علاوه بر آن تأثير كمبود وجوه نقدي شركت‌ها بر رابطه ميان تصميمات تأمين مالي از طريق بدهي و ريسك جريان‌هاي نقدي بررسي شده است.
روش: اين پژوهش يك پژوهش كاربردي بوده و مدل‌هاي پژوهش با استفاده از رگرسيون برازش شده‌اند. جامعه پژوهش شامل شركت‌هاي پذيرفته‌شده در بورس اوراق بهادار تهران مي‌شود كه از سال‌هاي 1393 تا 1398 فعاليت داشته‌اند.
يافته‌ها: مطابق با انتظارات، نتايج نشان مي‌دهد كه بين ريسك جريان‌هاي نقد و ساختار سرمايه شركت‌ها (ميزان استفاده از بدهي) ارتباط مثبت و معناداري وجود دارد. همچنين، در شركت‌هايي كه جريان‌هاي نقدي عملياتي پاييني دارند، رابطه ميان ريسك جريان‌هاي نقدي و تأمين مالي از طريق بدهي شديدتر است.
نتيجه‌گيري: افزايش ريسك جريان‌هاي نقد، منجر به نياز به وجوه نقد به‌منظور تأمين مالي فعاليت‌ها مي‌شود و يا احتمال مواجه شدن با كمبود وجه نقد توسط شركت را ايجاد مي‌كند كه در اين صورت شركت به دنبال تأمين مالي از طريق بدهي خواهند بود.
چكيده لاتين :
Objective: Firstly, this research investigates the relationship between cash volatility and
financing decisions and then, investigates the effect of cash flow shortfalls on the relationship
between financing through debt and cash flow volatility. So, based on theoretical background
and pervious researches two hypotheses were developed. Based on first hypothesis, a positive
relationship is expected between cash flow risks and debt level in capital structure of firms.
Those firms facing with increased risk of cash flows, may need extra cash for the financing of
their operations or they may face with a shortage of cash which in this case they will look for
ways of financing through issuing debt. Also, it is expected that a shortage in operating cash
flows affects the relationship between cash flow risk and capital structure. In another words, the
relationship between debt in capital structure and cash flow risks is stronger for those firms with
a shortage in operating cash flows.
Methods: This is an applied research and we have used the regression to run the research
models. The Research sample consists of 178 firms (1068 firm-years) listed on the Tehran Stock
Exchange (TSE) during 2014 and 2019. Research sample is excluded from financial firms,
banks, insurance firms or firms with missing data. All data have been winsorized at the one
percent and 99 percent levels.
Results: As expected, the results show that there is a positive and significant relationship
between cash flow volatility and capital structure (use of debt). So, it can be said that those firms
facing a higher risk of cash flows, issue more debt. In addition, the results show that the
relationship between cash flow risk and the use of debt in capital structure is tenser for firms
with low operational cash flows. For those firms with high operating cash flow this relationship
does not exist.
Conclusion: increased risk of cash flows results in the need for financing of activities through
cash flow or creates a loss or shortage of cash flows by firms. Thereby, firms look for the way to
finance through issuing debts. Thereby, it is advisable for lenders and also for investor and
analyst to pay especial attention to cash flow variances and risk when analyzing cash flow
statements, operating cash flows and the financial statements of companies. Also, auditors
should consider these risk when assessing the continuity principle for issuing an audit report.
Future researches can identify other factor affecting the relationship between cash flow risk and
issuing debt. Also, the effects of financing level limitation on the relationship between cash flow
risk and capital structure can be investigated in future papers.
