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تورم، چرخه عملیاتی و نگهداشت وجه نقد | ||
| بررسیهای حسابداری و حسابرسی | ||
| مقاله 3، دوره 22، شماره 4، 1394، صفحه 441-460 اصل مقاله (487.9 K) | ||
| نوع مقاله: مقاله علمی پژوهشی | ||
| شناسه دیجیتال (DOI): 10.22059/acctgrev.2016.56246 | ||
| نویسندگان | ||
| سحر سپاسی* 1؛ محمد اسمعیلی کجانی2؛ رضا صفی خانی3 | ||
| 1استادیار حسابداری، دانشکدۀ مدیریت و اقتصاد، دانشگاه تربیت مدرس، تهران، ایران | ||
| 2کارشناسارشد حسابداری، دانشگاه تربیت مدرس، تهران، ایران | ||
| 3دانشجوی کارشناسی ارشد حسابداری، دانشگاه تهران، تهران، ایران | ||
| چکیده | ||
| راهبرد نگهداشت وجه نقد، توازنی میان منافع و هزینه‌های نگهداشت وجه نقد است. در سطح کلان، شرکتها در واکنش به تورم راهبرد نگهداشت وجه نقد را تعدیل می‌کنند. در سطح خرد، چرخۀ عملیاتی بیانکنندۀ گردش جریانهای وجه نقد شرکت است و عاملی مؤثر بر راهبرد نگهداشت وجه نقد بهشمار میرود. این پژوهش به بررسی تورم و چرخۀ عملیاتی بر میزان نگهداشت وجه نقد شرکتها میپردازد. برای این کار، 1264 سال ـ شرکت در سالهای 1385 تا 1392 از شرکتهای پذیرفتهشده در بورس اوراق بهادار تهران، نمونۀ پژوهش انتخاب شدند. برای آزمون فرضیه از مدل آلمدیا، کمپل و ویسبچ (2004) بهره برده شد. یافتههای پژوهش نشان میدهد با افزایش تورم، میزان وجه نقد نگهداریشدۀ واحدهای تجاری کاهش مییابد و هنگامی که تورم به سطح خاصی برسد، میزان نگهداشت وجه نقد شرکتها با افزایش تورم، افزایش مییابد. همچنین هنگامی که چرخۀ عملیاتی افزایش یابد، میزان وجه نقد نگهداریشدۀ واحدهای تجاری کاهش مییابد، با وجود این، هنگامی که چرخۀ عملیاتی به سطح خاصی برسد، میزان نگهداشت وجه نقد شرکتها تغییر نمیکند. | ||
| کلیدواژه‌ها | ||
| تورم؛ چرخۀ عملیاتی؛ نگهداشت وجه نقد | ||
| عنوان مقاله [English] | ||
| Inflation, operating cycle, and cash holdings | ||
| نویسندگان [English] | ||
| Sahar Sepasi1؛ Mohammad Esmaeili Kejani2؛ Reza Safikhani3 | ||
| 1Assistant Professor in Accounting, Tarbiat Modares University, Tehran, Iran | ||
| 2MSc.in Accounting, Tarbiat Modares University, Tehran, Iran | ||
| 3MSc. Student in Accounting, Tarbiat Modares University, Tehran, Iran | ||
| چکیده [English] | ||
| A corporate cash-holding strategy is a trade-off between the costs and benefits of holding cash. At the macro level, firms are inclined to adjust their cash-holding strategies in response to inflation. At the micro level, the operating cycle, which indicates the turnover of corporate cash flow, is an effective corporate cash-holding strategy. This study investigates the effect of inflation and operating cycle on corporate cash holdings. To do so, a sample consisting of 1,264 Firm-year observations was gathered from Tehran Stock Exchange between 1385 and 1392. For hypothesis testing, Almeida, Campello and Weisbach (2004) model was used. The results of the study shows that as the inflation increases, the corporate cash holdings will decrease and when inflation reaches a certain point, the corporate cash holdings will go up as the inflation increases. Moreover, when operating cycle increases, corporate cash holdings decrease but when operating cycle reaches a certain point, the corporate cash holdings stand still. | ||
| کلیدواژه‌ها [English] | ||
| Cash Holdings, inflation and operating cycle | ||
| مراجع | ||
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