عوامل موثر در تعيين وجه نقد شركت‌ها

Determinants of Corporate Cash Holding

در اين تحقيق، با استفاده از مدل رگرسيون چندمتغيره و به‌كار گرفتن تجزيه و تحليل داده‌هاي پانلي، عوامل تعيين‌كننده وجه نقد شركت‌ها بررسي شده است. براي اين منظور، از ميان شركت‌هاي پذيرفته‌شده در بورس اوراق بهادار تهران، 144 شركت انتخاب شدند و اطلاعات مالي مربوط به سال‌هاي 1380 تا 1388 آن‌ها بررسي شد. نتيجه‌هاي پژوهش نشان مي‌دهد كه در سطح اطمينان 90 درصد، بين وجه نقد نگهداري‌شده، با متغيرهاي ارزش بازار به ارزش دفتري، اندازه شركت، جريان وجه نقد ناشي از عمليات، سرمايه در گردش خالص، مخارج سرمايه‌اي، اهرم مالي و ماليات رابطه وجود دارد.

Cash held by firms is a significant part of the balance sheet that is a critical source for for-profit organizations and creating a balance between available cash and cash requirements is the most significant factor concerning the economic viability of a for-profit company. Cash management is a broad area having to do with the collection, concentration, and disbursement of cash including measuring the level of liquidity, managing the cash balance, and short-term investment. So, one aspect of cash management is knowing the Optimum cash balance which should be targeted so that costs are minimized. In this paper, by using multiple regression method and employing panel data, we investigated the determination of corporate cash holding. To accomplish this research, the financial data pertaining to 144 companies working in Tehran Stock Exchange (TSE) between the years 1380-1388 (2001-2009) have been selected. The results demonstrates that, at 90% level there is a significant relation between cash and market-to-book, firm size, cash from operation, net working capital, capital expenditure, leverage and tax.