اقتصاد و سیاست گذاری مالی

اقتصاد و سیاست گذاری مالی

رابطه میان نگهداشت وجه نقد و ظرفیت بدهی شرکت‌ها با در نظر گرفتن تأثیر محدودیت مالی

نوع مقاله : مقاله پژوهشی

نویسندگان
گروه حسابداری، دانشگاه پیام نور، تهران، ایران
چکیده
ظرفیت بدهی کسری از نسبت بدهی و همچنین حداکثر توانایی ایجاد بدهی مالی به‌وسیله شرکت یا مقدار بدهی که شرکت در منابع تأمین مالی خود می‌تواند ایجاد کند، به‌گونه‌ای که آن شرکت را ازنظر نقدی دچار مشکلات مالی و نقصان در بازپرداخت بدهی‌ها نکند تعریف‌شده است که تأثیر بسزایی بر تأمین مالی شرکت دارد؛ بنابراین هدف مطالعه حاضر یافتن این مورد است که چگونه نگهداشت وجه نقد می‌تواند ظرفیت بدهی شرکت را تحت تأثیر قرار دهد و محدودیت مالی چه تأثیری بر این رابطه دارد. پژوهش حاضر کاربردی و از بعد روش‌شناسی، همبستگی از نوع علّی (پس رویدادی) هست. جامعه آماری پژوهش، کلیه شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران بوده و با استفاده از روش نمونه‌گیری حذف سیستماتیک، 141 شرکت به‌عنوان نمونه پژوهش انتخاب‌شده و در دوره‌ زمانی 10 ساله بین سال‌های 1393 الی 1402 مورد بررسی قرار گرفتند. نتایج حاصل از آزمون فرضیه‌های پژوهش نشان داد که میان نگهداشت وجه نقد و ظرفیت بدهی (با ضریب اثر 79/0) رابطه مستقیم و معناداری وجود دارد. همچنین محدودیت مالی نقش تعدیل‌گر کاهشی بر رابطه میان نگهداشت وجه نقد و ظرفیت بدهی (با ضریب اثر 33/0) دارد. در پایان، نتایج این پژوهش از نظر تعمیم‌پذیری عمدتاً به بستر بازارهای نوظهور ازجمله ایران محدود است. همچنین نتایج نشان داد که ترجیح شرکت‌ها به استفاده از منابع داخلی (نقد) نسبت به بدهی و انتشار سهام جدید، می‌تواند بخشی از یافته‌های رابطه مثبت بین نگهداشت وجه نقد و ظرفیت بدهی و نیز نقش کاهنده محدودیت مالی بر این رابطه را توضیح دهد.
کلیدواژه‌ها

عنوان مقاله English

The Relationship Between Cash Holdings and Debt Capacity of Companies Considering the Impact of Financial Constraints

نویسندگان English

Abdolrasoul Rahmanian Koushkaki
Khadijeh Rabiee
Department of Accounting, Payame Noor University, Tehran, Iran
چکیده English

Debt capacity is a fraction of the debt ratio and also the maximum ability of a company to create financial debt or the amount of debt that a company can create in its financing sources, which is defined in such a way that the company does not experience financial problems in terms of cash and does not fail to repay debts, which has a significant impact on the financing of the company; therefore, the purpose of the present study is to find out how cash holding can affect the company's debt capacity and what effect financial constraints have on this relationship. The present study is applied and from a methodological perspective, the correlation is of a causal (post-event) type. The statistical population of the research was all companies listed on the Tehran Stock Exchange, and using the systematic exclusion sampling method, 141 companies were selected as the research sample and were studied over a 10-year period between 2014 and 2023. The results of testing the research hypotheses showed that there is a direct and significant relationship between cash holdings and debt capacity (with an effect coefficient of 0.79). Also, financial constraints have a reducing moderating role on the relationship between cash holdings and debt capacity (with an effect coefficient of 0.33). Finally, the results of this study are mainly limited to the context of emerging markets, including Iran, in terms of generalizability. The results also showed that the preference of companies to use internal resources (cash) over debt and issuing new shares can partly explain the findings of the positive relationship between cash holdings and debt capacity, as well as the reducing role of financial constraints on this relationship..

کلیدواژه‌ها English

Department of Accounting
Payame Noor University
Tehran
Iran
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