بررسی ارتباط بین سرمایه فکری با ارزش بازار و عملکرد مالی شرکت‌های دولتی خصوصی شده پذیرفته شده در بورس اوراق بهادار تهران

نوع مقاله : مقاله پژوهشی

نویسندگان

1 ﮔﺮوه ﺣﺴﺎﺑﺪاری، داﻧﺸﮕﺎه آزاد اﺳﻼﻣﯽ واﺣﺪ ﮐﺮﻣﺎﻧﺸﺎه، ﮐﺮﻣﺎﻧﺸﺎه، اﯾﺮان

2 مربی گروه حسابداری، دانشگاه پیام نور، ایران

چکیده

امروزه، سرمایه فکری عامل اصلی سودآوری و حفظ مزیت رقابتی شرکت‌ها می باشد. در دنیای دانش محور کنونی، دارایی های دانشی و سرمایه فکری عامل اصلی سودآوری و حفظ مزیت رقابتی شرکت‌ها است. اهمیت سرمایه فکری و وجود شکاف بین ارزش دفتری و ارزش بازار شرکت‌ها بر کسی پوشیده نیست. در تحقیق حاضر به بررسی ارتباط بین سرمایه فکری با ارزش بازار و عملکرد مالی شرکت‌های دولتی خصوصی شده پذیرفته شده در بورس اوراق بهادار تهران پرداخته شده است. برای سنجش سرمایه فکری از روش ضریب ارزش افزوده سرمایه فکری (مدل پالیک) استفاده شده است. دوره زمانی مورد مطالعه سال های 1393-1385 و نمونه انتخابی شامل 59 شرکت دولتی خصوصی شده پذیرفته شده در بورس اوراق بهادار تهران می باشد. نتایج تحقیق نشان می دهد که کارایی سرمایه انسانی نسبت به سایر اجزاء سرمایه فکری دارای بیشترین تاثیر بر ارزش بازار شرکت می‌باشد. همچنین، ضریب کارایی سرمایه بر عملکرد مالی تاثیر مثبت و معناداری دارد.

کلیدواژه‌ها

موضوعات


عنوان مقاله [English]

Examine the relationship between intellectual capital and market value and the financial performance of privatized public companies listed on the Tehran Stock Exchange

نویسندگان [English]

  • Kaveh Parandin 1
  • Mehrdad Ghanbary 2
2 Assistant Professor and management of accounting science and research in Kermanshah
چکیده [English]

Today, Intellectual capital is the main operating profitability and maintains corporate competitive advantage. In today's knowledge-based world, knowledge assets and intellectual capital is the company's profitability and maintain competitive advantage. The importance of intellectual capital and the difference between book value and market value of companies is obvious. Therefore, the present study examined the relationship between intellectual capital and market value and the financial performance of accepted public companies listed on the Stock Exchange of Tehran. For measuring intellectual capital Value added intellectual coefficient (Pulic model) is used. The study period of 1393-1385 and the selected sample consisted of 59 accepted public companies listed on the Tehran Stock Exchange. The results show that human capital performance relative to other components of intellectual capital has the greatest impact on the market value of the company. Also, capital efficiency coefficient is positive and significant impact on financial performance.

کلیدواژه‌ها [English]

  • financial performance
  • intellectual capital
  • Market Capitalization
Abbasi, Ebrahim, Sedghi, Aman Goldi. (2010). Investigating the Effect of Intellectual Capital on Financial Performance of Companies in Tehran Stock Exchange, Accounting and Auditing, No. 60, Summer 2010, pp. 63-62. (IN PERSIAN)
Anne Ho, Carol and Williams ,S. Mitchell (2003) International comparative analysis of the association between board structure and the efficiency of value added by a firm from its physical capital and intellectual capital resources; The International Journal of Accounting 38 , p465–491.
Bontis,N. ,Dargonetti,N,C. , Jacobsen ,K. and Roos ,G. (1999) , “ The knowledge toolbox: A review of the tools available to measure and manage intangible resource ”, European Management Journal , Vol. 17 No. 4 ,pp. 391-402.
Chang ,W, Hsieh,J, (2011) ,” The dynamics of intellectual capital in organizational development” African Journal of Business Management Vol. 5 (6) , pp. 2345-2355, 18 March 2011.
Chang ,W, Hsieh,J, (2011) ,” The dynamics of intellectual capital in organizational development” African Journal of Business Management Vol. 5 (6) , pp. 2345-2355, 18 March 2011.
Chen, M. C. , Cheng, S. J. and Hwang, Y. (2005) , “An empirical investigation of the relationship between intellectual capital and firms’ market value and financial performance”, Journal of Intellectual Capital, Vol. 6 No. 2, pp. 159-76.
Edvinsson, L. , Malone M. S. (1997) , "Intellectual Capital: Realizing Your Company's True Value by Finding its Hidden Brainpower", New York: Harper Business.
G. Bharathi Kamath,G. (2015). “Impact of Intellectual capital on Financial Performance and Market Valuation of Firms in India”. International Letters of Social and Humanistic Sciences, ISSN: 2300-2697, Vol. 48, pp 107-122.
Gassmann O. , N. Ziegler, F. Ruether, M. A. Bader. (2012). “the role of IT for Managing Intellectual Property – An Empirical Analysis”. World Patent Information, In Press, Corrected Proof.
Hemati, Hassan, Moeinuddin, Mahmoud, Mozaffari Shams, Maryam (2010) "The Investigation of the Relationship Between Intellectual Capital and Market Value and Financial Performance of Non-financial Companies" Journal of Financial Accounting, 2008 (Issue 7) , 48-23. (IN PERSIAN)
Hemati, Hassan, Niko nesbati, Mohammad. (2013). "The study of the relationship between intellectual capital and market value of listed companies in Tehran Stock Exchange", Planning and Budget Quarterly, Eighth Year, No. 3, 87-108. (IN PERSIAN)
Lev, B. , & Zarowin, P. (1999). The capitalization, amortization, and value-relevance of
Lu W. M. (2012). “Intellectual Capital and University Performance in Taiwan”. Economic Modelling, Vol. 29, No. 4, PP. 1081-1089.
Maditinos,D, Chatzoudes,D, Tsairidis,Ch, Theriou,T, (2011) ” The impact of intellectual capital on firms’ market value and financial performance”, Journal of Intellectual Capital Vol. 12 No. 1, 011pp. 132-151.
Maditinos,D, Chatzoudes,D, Tsairidis,Ch, Theriou,T, (2011) ” The impact of intellectual capital on firms’ market value and financial performance”, Journal of Intellectual Capital Vol. 12 No. 1, 011pp. 132-151.
Marr, B. (2004) “Measuring and Benchmarking Intellectual”, Benchmarking: an International Journal, Vol. 11, No. 6, pp. 559-570
Mojtahed Zadeh, Vida, Alavi Tabari, Seyyed Hossein, Mehdi Zadeh, Mehrnaz. (2010). "The relationship between intellectual capital (human, customer and structural) and the performance of the insurance industry (from the viewpoint of managers) ". Accounting and Auditing Reviews, Volume 17, Number 60, 119-109. (IN PERSIAN)
Namazi, Mohammad, Ebrahimi, Shahla. (2009). "The study of the effect of intellectual capital on current and future financial performance of listed companies in Tehran Stock Exchange", Financial Research Quarterly, Winter 2009. Fourth issue, p. 10. (IN PERSIAN)
Rahmani, Ali, Aref Nia, Zohreh. (2012). "Identifying Intellectual capital and its relation to equity costs". Quarterly Journal of Empirical Accounting Research, Second Year, No. 6, 17-1. (IN PERSIAN)
Roos, J. , Edvinsson, L. and Dragonetti, N. C. (1997) , Intellectual capital – Navigating in new Business landscape, New York university press, New York, NY.
Talebnia, ghodrattollah, Khan Hosseini, Davood, Moazz, Elaheh, Niko Nesbati, Mohammad (2012). "Investigating the Influence of Intellectual Capital on Market Value and Financial Performance of Cement Industry Companies Accepted in Tehran Stock Exchange". Quarterly Journal of Empirical Accounting Research, Vol. 2, No. 5, 66-51. (IN PERSIAN)
Tan, H. P. , Plowman, D. , & Hancock, P. (2007). Intellectual capital and financial returns of companies. The Graduate School of Management, University of Western Australia, Crawley, Australia. Journal of Intellectual Capital, 8 (1) , 76-95.
Zéghal, Anis Maaloul, (2010) "Analysing value added as an indicator of intellectual capital and its consequences on company performance", Journal of Intellectual Capital, Vol. 11 Iss: 1, pp. 39 – 60