قابلیت مقایسه صورت‌های مالی و استفاده مدیران از منابع شرکتی

هدف: قابلیت مقایسه صورت‌های مالی، سرمایه‌گذاران را قادر می‌سازد تا شباهت‌ها و تفاوت‌‌های اقتصادی شرکت‌های قابل‌مقایسه را تشخیص و درک کنند و این ویژگی می‌تواند بر قضاوت‌های متفاوت ارزش‌گذاری فعالان بازار اثرگذار باشد، لذا، هدف پژوهش حاضر بررسی تاثیر قابلیت مقایسه صورت‌های مالی بر نحوه استفاده مدیران از منابع شرکتی شامل نگهداشت وجه نقد و مخارج سرمایه‌ای است که این موضوع به درک نحوه ارزش‌گذاری فعالان بازار منجر می‌گردد. روش: به‌منظور آزمون فرضیه‌های پژوهش از الگوی رگرسیون چند متغیره مبتنی بر داده‌های ترکیبی استفاده‌شده است. جامعه آماری این پژوهش، کلیه شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران هستند و 102 شرکت در دوره زمانی 1390 تا 1398 به روش حذف سیستماتیک انتخاب شده‌اند. یافته‌ها: قابلیت مقایسه صورت‌های مالی بر ارزش نهایی نگهداشت وجه نقد تاثیر مثبت و معناداری دارد ولی بر ارزش نهایی مخارج سرمایه‌ای تاثیر معناداری ندارد. همچنین نتایج پژوهش حاکی از تاثیر مثبت و معنادار قابلیت مقایسه بر کارایی سرمایه‌گذاری است. نتیجه‌گیری: با افزایش قابلیت مقایسه صورت‌های مالی، سهامداران ارزش بیشتری به منابع نقدی شرکت داده و در نتیجه ارزش نهایی نگهداشت وجه نقد افزایش می‌یابد. نگهداری وجه نقد به طور متوسط باعث کاهش ارزش شرکت می‌شود ولی تنزل ارزش مرتبط با نگهداری وجه نقد را می‌توان با مقایسه صورت‌های مالی کاهش داد. همچنین سرمایه‌گذاران با مقایسه صورت‌های مالی شرکت‌های مشابه می‌توانند تصمیم مناسبی در تخصیص بهینه منابع خود اتخاذ نمایند و از این طریق، کارایی سرمایه‌گذاری خود را افزایش دهند.

financial statement comparability and managers’ use of corporate resources

objective: the comparability of financial statements enables investors to recognize and understand the similarities and economic differences of comparable companies, and this feature can affect different valuation judgments of market participants, so the purpose of this study is to how to influence the comparability of financial statements is based on the value of the shareholder, which has been examined through the comparability test of managers’ use of corporate resources, including cash holdings, capital expenditures, investments. the ability to compare financial statements facilitates the supervision of investors and increases the accuracy of managers in the use of corporate resources, and in this way, the value of the company is strengthened. this feature enables investors to see comparable companies’ economic similarities and differences. recognize and understand. by facilitating the comparison of information disclosure of a company with other similar companies, investors can make better conclusions about the performance of that company. the comparability feature in similar companies is particularly important and allows investors to obtain relevant information without relying on the company’s disclosure. in particular, in cases where managers use reporting powers to lack transparency and hide bad news, improving the comparison of information will allow external investors to understand better how managers allocate resources and pay attention. as a result, investors will be more able to recognize managers’ misuse of corporate resources. this helps managers direct resources towards projects with positive net present value. in other words, comparing financial statements reduces the information asymmetry between managers and external investors by facilitating the detection of timely signals about the profitability of completed projects and monitoring the consumption of corporate resources. comparability enables the external monitoring of managers’ use of corporate resources, specifically corporate cash, so it is predicted that the comparability of financial statements will force managers to use the cash more efficiently. therefore, the market will place a higher value on corporate cash holdings with more comparability of financial statements.since comparability increases external investors’ monitoring of managers’ use of corporate resources, therefore, from a perspective similar to the issue of the final value of cash holdings, we expect managers to spend capital more efficiently and effectively, and therefore, with increased comparability, investor’s financial statements will show capital expenditures to help increase the value. comparability not only allows investors to better understand the profitability of projects carried out by managers but also investors can better infer information about the value of a company based on the performance or disclosure of similar companies. therefore, comparability reduces information asymmetry between managers and investors, increasing investment efficiency. based on this argument, we expect that companies with more comparability of financial statements will not participate in investment more (less) than the limit and thus increase the efficiency of investment. therefore, the current research aims to investigate the effect of the comparability of financial statements on the way managers use corporate resources.methods: a multivariate regression model based on panel data has been used to test the research hypotheses. the statistical population of this study is all companies listed on the tehran stock exchange, and 102 companies from 2008 to 2018 have been selected by systematic method.results: financial statement comparability positively and significantly affects the marginal value of cash holdings but does not significantly affect capital expenditures.