ارﺗﺒﺎط ﺑﯿﻦ ﻋﺪماﻃﻤﯿﻨﺎن ﺳﯿﺎﺳﺘﯽ ﺑﺎ ﺣﺴﺎﺑﺪاري داراﯾﯽﻫﺎي ﻣﺎﻟﯽ رﻣﺰﻧﮕﺎري ﺷﺪه

The Relationship between Policy Uncertainty and Accounting for Encrypted Financial Assets

ﻫﺪف ﻣﻘﺎﻟﻪ ﺣﺎﺿﺮ ﺑﺮرﺳﯽ ارﺗﺒﺎط ﺑﯿﻦ ﻋﺪماﻃﻤﯿﻨﺎن ﺳﯿﺎﺳﺘﯽ ﺑﺎ ارزﻫﺎي ﻣﺠﺎزي ﺑﺎ روﯾﮑﺮد ﺣﺴﺎﺑﺪاري داراﯾﯽ ﻫﺎي ﻣﺎﻟﯽ رﻣﺰﻧﮕﺎري ﺷﺪه ﺑﻮده اﺳﺖ. ﺷﺎﺧﺺ ﻋﺪماﻃﻤﯿﻨﺎن ﺳﯿﺎﺳﺘﯽ ﺑﺮ اﺳﺎس روﯾﮑﺮد ﺑﮑﺮ و ﻫﻤﮑﺎران )2016( ﺑﺎ ﻟﺤﺎظ اﺑﻌﺎد ﺳﯿﺎﺳﺖ ﭘﻮﻟﯽ، ﻣﺎﻟﯽ و ارزي ﺑﺮاي ﮐﺸﻮرﻫﺎي اﯾﺮان، ﭼﯿﻦ، آﻣﺮﯾﮑﺎ و اﻧﮕﻠﺴﺘﺎن ﻣﺤﺎﺳﺒﻪ ﮔﺮدﯾﺪ و ارﺗﺒﺎط آن ﺑﺎ ﺑﺎزار ارزﻫﺎي ﻣﺠﺎزي ، ﺑﻄﻮر ﺧﺎص ﺑﯿﺖ ﮐﻮﯾﻦ، ﻣﻮرد ارزﯾﺎﺑﯽ ﻗﺮار ﮔﺮﻓﺖ. در اﯾﻦ ﻣﻄﺎﻟﻌﻪ ﺳﻌﯽ ﺷﺪه ﺑﺎ اﺳﺘﻔﺎده از روﯾﮑﺮد ﺣﺴﺎﺑﺪاري داراﯾﯽﻫﺎي رﻣﺰﻧﮕﺎري ﺷﺪه ﮐﻪ ﻣﻬﻤﺘﺮﯾﻦ ﻣﻮرد آن ﺑﯿﺖ ﮐﻮﯾﻦ ﺑﻮده اﯾﻦ راﺑﻄﻪ ﻣﻮرد ارزﯾﺎﺑﯽ ﻗﺮار ﮔﯿﺮد. دوره زﻣﺎﻧﯽ اﯾﻦ ﻣﻄﺎﻟﻌﻪ ﺑﺎزه 2021-2012 ﺑﺮ اﺳﺎس ﻓﺮاواﻧﯽ دادهﻫﺎي ﻣﺎﻫﺎﻧﻪ ﺑﻮده اﺳﺖ. ﻧﺘﺎﯾﺞ ﺑﺪﺳﺖ آﻣﺪه از اﯾﻦ ﺑﺮآورد ﻣﺪل ﮔﺸﺘﺎورﻫﺎي ﺗﻌﻤﯿﻢ ﯾﺎﻓﺘﻪ ﺑﯿﺎنﮔﺮ اﯾﻦ ﺑﻮد ﮐﻪ ﺷﺎﺧﺺ ﻋﺪماﻃﻤﯿﻨﺎن ﺳﯿﺎﺳﺘﯽ در ﮐﺸﻮر ﭼﯿﻦ، آﻣﺮﯾﮑﺎ، اﻧﮕﻠﺴﺘﺎن و اﯾﺮان راﺑﻄﻪ ﻣﺜﺒﺖ ﺑﺎ ﺑﺎزدﻫﯽ ﻣﺎﻫﺎﻧﻪ ارزﻫﺎي ﻣﺠﺎزي داﺷﺘﻪ اﺳﺖ و ﺗﻨﻬﺎ ﺗﻌﺪاد وﻗﻔﻪﻫﺎي اﺛﺮﮔﺬاري ﻣﺘﻐﯿﺮﻫﺎ ﻣﺘﻔﺎوت ﺑﻮده اﺳﺖ. ﺑﺮ اﯾﻦ اﺳﺎس ﺳﺮﻣﺎﯾﻪﮔﺬاران در ﺑﺎزار ارزﻫﺎي ﻣﺠﺎزي ﻣﯽﺗﻮاﻧﻨﺪ ﺑﺎ ﭘﺬﯾﺮش رﯾﺴﮏ ﻧﺎﺷﯽ از ﻋﺪماﻃﻤﯿﻨﺎن ﺳﯿﺎﺳﺘﯽ و ﭘﯿﺶﺑﯿﻨﯽ وﺿﻌﯿﺖ ﻣﺘﻐﯿﺮﻫﺎي ﮐﻼن اﻗﺘﺼﺎدي، ﺑﺎزدﻫﯽ اﻧﺘﻈﺎري ﺑﺎﻻﺗﺮي را داﺷﺘﻪ ﺑﺎﺷﻨﺪ.

The aim of the present study was to investigate the relationship between policy uncertainty and cryptocurrencies with the financial accounting approach of cryptocurrency assets. The political uncertainty index was calculated based on the approach of Becker et al. (2016) in terms of monetary, financial and exchange rate policy dimensions for the countries of Iran, China, the United States and the United Kingdom, and its relationship with the cryptocurrencies market ,Bitcoin, was evaluated. In this study, an attempt was made to evaluate this relationship using the financial accounting approach of cryptocurrencies assets, the most important of which is Bitcoin. The time period of this study was 2012-2021 based on the frequency of monthly data. The results obtained from this estimation of the general method of movement model indicated that the index of political uncertainty in China, America, England and Iran had a positive relationship with the monthly yield of cryptocurrencies and only the number of interruptions of the variable's influence was different. . Therefore, investors in the cryptocurrencies market can have a higher expected return by accepting the risk caused by political uncertainty and predicting the state of macroeconomic variables