اثر هموارسازي سود بر كيفيت درآمدها و عملكرد مالي شركتهاي پذيرفته شده در بورس اوراق بهادار تهران

The Effect of Income Smoothing and Earnings Quality on Financial performance of Firms

ﻫﻤﻮار ﺳﺎزي ﺳﻮد را ﻣ ﯽﺗﻮان ﮐﺎﻫﺶ ﻋﻤﺪي ﻧﻮ ﺳﺎﻧﺎت ﺳﻮد ﺗﻌﺮﯾﻒ ﻣﯽ ﺷﻮد. ﻋﺪهاي از ﺻﺎﺣﺒﻨﻈﺮان ﻣﻌﺘﻘﺪﻧﺪ ﺳﺮﻣﺎ ﯾﻪﮔﺬاران ﺗﻤﺎﯾﻞ ﺑﯿ ﺸﺘﺮي ﺑﺮاي ﺳﺮﻣﺎ ﯾﻪﮔﺬاري در ﺷﺮﮐﺖ ﻫﺎي ﻫﻤﻮار ﺳﺎز دارﻧﺪ و ﺣﺎ ﺿﺮﻧﺪ ﺑﻬﺎي ﺑﯿﺸﺘﺮي ﺑﺮاي اﯾﻦ ﺷﺮ ﮐﺖﻫﺎ ﺑﭙﺮدازﻧﺪ. ﻣﺤﻘﻘﺎن ﻣﻌﺘﻘﺪﻧﺪ ﺑﺮﺧﯽ وﯾﮋﮔﯽﻫﺎي ﺷﺮﮐﺖ ﺑﺮ اﻧﮕ ﯿﺰه ﻣﺪﯾﺮان ﺟﻬﺖ ﻫﻤﻮار ﺳﺎزي ﺳﻮد ﺗﺄ ﺛﯿﺮ دارد. در اﯾﻦ ﺗﺤﻘﯿﻖ ﺳﻌ ﯽ ﺷﺪ ﺿﻤﻦ ﺗﺸﺮ ﯾﺢ ﻣﺒﺎﻧﯽ ﻧﻈﺮي ﺗﺤﻘﯿﻖ، ارﺗﺒﺎط ﺑﯿﻦ ﻫﻤﻮارﺳــﺎزي ﺳــﻮد و وﯾﮋﮔﯽﻫﺎﯾﯽ از ﺷــﺮﮐﺖ ﻧﻈﯿﺮ ﮐﯿﻔﯿﺖ ﺳــﻮد، ﻧﺴــﺒﺖ ﻗﯿﻤﺖ ﺑﻪ درآﻣﺪﻫﺎ )P/E(و ﺑﺎزده ﺣﻘﻮق ﺻﺎﺣﺒﺎنﺳﻬﺎم) ROE(و ﺑﺎزده داراﯾﯽﻫﺎي ﮐﻠﯽّ )ROTA(در ﺑﻮرس اوراق ﺑﻬﺎدار ﺑﺮرﺳﯽ ﺷﻮد. ﺑﻪ ﻣﻨﻈﻮر ﺑﺮرﺳــ ﯽ ارﺗﺒﺎط ﺑﯿﻦ ﻫﻤﻮارﺳــﺎزي ﺳــﻮد و و ﯾﮋﮔﯿﻬﺎي ﺷــﺮﮐﺖ، داده ﻫﺎي ﻣﺮﺑﻮط ﺑﻪ دوره زﻣﺎﻧﯽ1390 ﺗﺎ 1396 ﺟﻤﻊ آوري و ﺗﺠﺰﯾﻪ و ﺗﺤﻠﯿﻞ ﺷــﻮد. ﺳــﭙﺲ ﺑﺎ اﺳــﺘﻔﺎده از ﻣﺪل اﯾﮑﻞ ﺷــﺮﮐﺖﻫﺎي ﻫﻤﻮار ﺳﺎز و ﻏ ﯿﺮ ﻫﻤﻮار ﺳﺎز از ﯾﮑﺪﯾﮕﺮ ﺗﻔﮑﯿﮏ ﮔﺮدﯾﺪﻧﺪ. ﺑﻪ ﻣﻨﻈﻮر آزﻣﻮن ﻓﺮ ﺿ ﯿﺎت ﭘﮋوﻫﺶ از رﮔﺮ ﺳ ﯿﻮن ﻟﻮﺟﯿﺖ ا ﺳﺘﻔﺎده ﺷﺪ . ﻧﺘﺎﯾﺞ ﻧ ﺸﺎن ﻣ ﯽ دﻫﺪ ﺷﺮﮐﺖ ﻫﺎ ﯾﯽ ﺑﺎ ﻧ ﺴﺒﺖ ﻗ ﯿﻤﺖ ﺑﻪ درآﻣﺪ )P/E ( ﺑﺎﻻﺗﺮ، اﻧﮕﯿﺰه ﺑﯿﺸﺘﺮي ﺑﺮاي ﮔﺰارش ﺳﻮد ﻫﻤﻮار ﺷﺪه دارﻧﺪ و ﺷﺮﮐﺖ ﻫﺎ ﯾﯽ ﺑﺎ ﻣﯿﺰان ﮐﯿﻔﯿﺖ ﺳﻮد ﺑﺎﻻﺗﺮ اﻧﮕ ﯿﺰه ﺑﯿﺸﺘﺮي ﺑﺮاي ﮔﺰارش ﺳــﻮد ﻫﻤﻮار ﺷــﺪه دارﻧﺪ . ﻧﻬﺎﯾﺘﺎً ﻣﺸــﺨﺺ ﺷــﺪ ﮐﻪ ﺷــﺮﮐ

Profit smoothing can be seen as a deliberate reduction in profit fluctuations, so that the activities of the company appear to be normal. Managers are making profit smoothing to reduce this volatility. Some experts believe that investors are more willing to invest in smoothing companies and are willing to pay more for them. Researchers believe that some of the characteristics of the company influence the motivation of managers to smooth profits. This study attempts to explain the theoretical foundations of the research, the relationship between earnings smoothing and company characteristics such as earnings quality, P/E and ROE and ROTA. Check the securities. In order to investigate the relationship between earnings smoothing and firm characteristics, data related to the period 2010-2017 were collected and analyzed. Logistic regression was used to test the research hypotheses. The results show that companies with higher price to earnings (P/E) ratios have more incentive to report earnings. an‎d companies with higher earnings quality are more motivated to report earnings smoothly. Finally, it was found that larger ROTAs had a greater incentive to report earnings.