تبیین نقش ویژگی های ارتقاء دهنده کیفیت سود در افزایش محتوای اطلاعاتی قیمت سهام: شواهدی از مدل همزمانی بازده سهام

نوع مقاله : مقاله پژوهشی

نویسندگان

1 استادیار گروه حسابداری، دانشکدة مهندسی صنایع و مدیریت، دانشگاه صنعتی شاهرود، شاهرود، ایران.

2 دکتری مدیریت مالی و پژوهشگر پژوهشگاه نیرو، گروه حسابداری و علوم مالی، تهران، ایران.

چکیده

این پژوهش با هدف تبیین نقش ویژگی­های ارتقاء دهنده کیفیت سود در افزایش محتوای اطلاعاتی قیمت سهام بر اساس مدل همزمانی بازده سهام، به انجام رسیده است. کیفیت سود مفهومی چند وجهی است و معیارهای متعددی برای اندازه­ گیری آن مطرح است، لذا به ‌منظور بررسی بهتر ابعاد متفاوت کیفیت سود و نیز قابلیت اتکای بالاتر نتایج، از چند شاخص شامل پایداری سود، هموارسازی سود، شفافیت سود و محافظه­ کاری به‌عنوان شاخص­ های کیفیت سود استفاده ‌شده است. برای این منظور، با استفاده از یک نمونه شامل ۱۰۳ شرکت از شرکت‌های پذیرفته ‌شده در بورس اوراق بهادار تهران، طی سال­ های 1388 الی 1397، نتایج حاکی از آن بود که هموارسازی سود، محافظه­کاری و عدم شفافیت سود تأثیری معنادار بر افزایش محتوای اطلاعاتی قیمت سهام (کاهش همزمانی بازده سهام) دارد؛ به‌ طوری ‌که با افزایش محافظه­کاری و هموارسازی سود بر محتوای اطلاعاتی قیمت سهام افزوده و با افزایش عدم شفافیت سود در گزارشگری مالی از میزان آن کاسته ‌شده است. پایداری سود نیز تأثیر معناداری بر متغیر مذکور نداشته است. این نتایج مؤید آن است که اطلاعات حسابداری با کیفیت بالاتر که در این پژوهش بر مبنای کیفیت سود سنجیده شده‌ است، ریسک و هزینه دستیابی به اطلاعات را کاهش می­ دهد و منجر به افزایش محتوای اطلاعاتی قیمت سهام که در پژوهش حاضر با همزمانی پایین بازده سهام نشان داده ‌شده است، می­ گردد.

کلیدواژه‌ها

عنوان مقاله [English]

Explaining the Role of Profit Quality Upgraded Features in Increasing the Stock Price Informativeness: Evidence of Synchronicity Model Stock Return

نویسندگان [English]

  • Mohsen Lotfi 1
  • afsaneh delshad 2
1 Assistant Prof, Faculty of Industrial Engineering and Management, Shahroud University of Technology, Shahroud, Iran.
2 PhD in Financial Management & researcher at Niroo Research Institute, Department of Accounting and Financial Sciences, Tehran, Iran.
چکیده [English]

The aim of this study was to explaining the role of profit quality upgrader features in increasing the stock price informativeness based on evidence of stock return synchronicity model. Earnings quality is a multifaceted concept and there are several criteria for measuring it, so in order to better examine the different dimensions of earnings quality and higher reliability of results, several indicators have been used such as earnings sustainability, income smoothing, earning transparency and conservatism as earnings quality criteria. In general, using an sample, included 103 companies listed on Tehran Stock Exchange between 2008 and 2018, the results showed that income smoothing, conservatism and lack of earning transparency have a significant effect on increasing the stock price informativeness (decreasing stock return Synchronicity), so that with increasing conservatism and income smoothing have added to stock price informativeness and with increasing non-transparency of earning in financial reporting has been decreased.  Also, earnings sustainability has not a significant effect on stock return synchronicity. These results confirm that higher quality accounting information measured in this study based on earnings quality, reduces the risk and cost of accessing information and leads to an increase in the stock price informativeness which has been shown in the present study with a low synchronicity of stock returns, as a result, the information content of the stock price is increased, which is shown in this paper with a concurrent low stock return synchronicity.

کلیدواژه‌ها [English]

  • Earnings quality
  • Stock price informativeness
  • Stock return synchronicity

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سابقه مقاله

  • تاریخ دریافت: 18 آذر 1398
  • تاریخ بازنگری: 16 شهریور 1399
  • تاریخ پذیرش: 16 فروردین 1399

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