تاثير كارايي سرمايه فكري بر عملكرد شركت هاي خودروسازي پذيرفته شده دربورس تهران

The Effect of Intellectual Capital Efficiency on the Performance of Automotive Industry Companies Listed on the Tehran Stock Exchange

ﻫﺪف اﺻﻠﯽ اﯾﻦ ﺗﺤﻘﯿﻖ ارزﯾﺎﺑﯽ ﮐﺎراﯾﯽ ﺳﺮﻣﺎﯾﻪ ﻓﮑﺮي ﺷﺮﮐﺖ ﻫﺎي ﺻﻨﻌﺖ ﺧﻮدروﺳﺎزي ﭘﺬﯾﺮﻓﺘﻪ ﺷﺪه در ﺑﻮرس اوراق ﺑﻬﺎدار ﺗﻬﺮان ﺑﺎ اﺳﺘﻔﺎده از ﺗﮑﻨﯿﮏ ﺗﺤﻠﯿﻞ ﭘﻮﺷﺸﯽ داده ﻫﺎ (DEA) ﻣﯽﺑﺎﺷﺪ. در اﯾﻦ ﺗﺤﻘﯿﻖ ﺑﺎ ﺗﻮﺟﻪ ﺑﻪ روش ﺗﺤﻠﯿﻞ ﭘﻮﺷﺸﯽ داده ﻫﺎ ﻣﺘﻐﯿﺮ ﻫﺎي ﺳﺮﻣﺎﯾﻪ اﻧﺴﺎﻧﯽ، ﺳﺮﻣﺎﯾﻪ ﺳﺎﺧﺘﺎري و ﺑﻪ ﻃﻮر ﮐﻠﯽ ﺳﺮﻣﺎﯾﻪ ﻓﮑﺮي (ﺗﺮﮐﯿﺒﯽ از ﺳﺮﻣﺎﯾﻪ اﻧﺴﺎﻧﯽ و ﺳﺎﺧﺘﺎري) ﺑﻪ ﻋﻨﻮان ﻣﺘﻐﯿﺮ ﻫﺎي وروردي و ﻣﺘﻐﯿﺮﻫﺎي ارزش اﯾﺠﺎد ﺷﺪه ﺑﺮاي ﺻﺎﺣﺒﺎن ﺳﻬﺎم، ارزش اﻓﺰوده اﻗﺘﺼﺎدي و ﺷﺎﺧﺺ ﮐﯿﻮ ﺗﻮﺑﯿﻦ ﺑﻪ ﻋﻨﻮان ﻣﺘﻐﯿﺮ ﻫﺎي ﺧﺮوﺟﯽ ﺗﻌﺮﯾﻒ ﺷﺪه اﻧﺪ. ﻫﻤﭽﻨﯿﻦ ﺟﻬﺖ ﺗﻌﯿﯿﻦ ﺷﺮﮐﺖ ﻫﺎي ﮐﺎرا و ﻧﺎﮐﺎرا از ﺗﮑﻨﯿﮏ ﺗﺤﻠﯿﻞ ﭘﻮﺷﺸﯽ داده ﻫﺎ ﺑﺮ ﻣﺒﻨﺎي روش BCC وردي ﻣﺤﻮر ﮔﺮا و ﺑﺎ ﻓﺮض ﺑﺎزده ﻣﺘﻐﯿﺮ ﻧﺴﺒﺖ ﺑﻪ ﻣﻘﯿﺎس اﺳﺘﻔﺎده ﺷﺪه اﺳﺖ. ﻧﺘﺎﯾﺞ ﺣﺎﺻﻞ از ﺗﺠﺰﯾﻪ و ﺗﺤﻠﯿﻞ داده ﻫﺎي 32 ﺷﺮﮐﺖ ﺻﻨﻌﺖ ﺧﻮدروﺳﺎزي ﻧﺸﺎن ﻣﯽ دﻫﺪ ﻣﯿﺎﻧﮕﯿﻦ ﻣﯿﺰان ﮐﺎراﯾﯽ در اﯾﻦ ﺷﺮﮐﺖ ﻫﺎ 0/699 ﺑﻮده ﮐﻪ ﺑﯿﺸﺘﺮ از ﺣﺪ ﻣﺘﻮﺳﻂ ﻣﯽ ﺑﺎﺷﺪ. ﻫﻤﭽﻨﯿﻦ اﯾﻦ ﻧﺘﺎﯾﺞ ﻧﺸﺎن ﻣﯽ دﻫﺪ ﺷﺮﮐﺖ ﺷﺮﮐﺖ ﻫﺎي ﺻﻨﻌﺖ ﺧﻮدروﺳﺎزي ﺑﺮ ﻣﺒﻨﺎي ﮐﺎراﯾﯽ ﺳﺮﻣﺎﯾﻪ ﻓﮑﺮي داراي رﺗﺒﻪ ﻫﺎي ﻣﺘﻔﺎوﺗﯽ ﻧﺴﺒﺖ ﺑﻪ ﻫﻢ ﻣﯽ ﺑﺎﺷﻨﺪ، ﺗﺎﯾﯿﺪ ﻣﯽﮔﺮدد. ﻫﻤﭽﻨﯿﻦ اﯾﻦ ﻧﺘﺎﯾﺞ ﻧﺸﺎن ﻣﯽ دﻫﺪ ﺑﯿﻦ اﺑﻌﺎد ﮐﺎراﯾﯽ ﺳﺮﻣﺎﯾ ﻓﮑﺮي و ﺳﻮد آوري ﺷﺮﮐﺖ ﻫﺎي ﺻﻨﻌﺖ ﺧﻮدرو ﺳﺎزي راﺑﻄﻪ ﻣﺜﺒﺖ و ﻣﻌﻨﺎداري وﺟﻮد دارد.

The main purpose of this research is to evaluate the efficiency of intellectual capital of the automotive industry companies listed on the Tehran Stock Exchange using the Data Envelopment Analysis (DEA) technique. Based on the DEA method, the variables human capital, structural capital and intellectual capital (a combination of human capital and structural capital) have been defined in this research as the input variables, and created value for equity holders, economic value added, and the K-Tobin Index have been defined as the output variables. To determine the efficient and inefficient companies, we have used the data envelopment analysis technique based on the input - oriented BCC method and with the assumption of variable returns to scale. The results of the analysis of data from 32 automotive industry companies show that the average performance in these companies is 0.699, which is more than average level. The results also show that the automotive industry companies have different ranks based on the intellectual capital efficiency. In addition, these results indicate that there is a significant positive relationship between the dimensions of intellectual capital efficiency and the profitability of automotive industry companies.