شفافیت گزارش گری مالی، گزارش حسابرسی و تغییرات ساختار سرمایه شرکت ها

در اﯾﻦ ﺗﺤﻘﯿﻖ از اﻟﮕﻮﻫﺎی ﺗﻐﯿﯿﺮات ﺳﻮد و ﻣﺠﻤﻮع اﻗﻼم ﺗﻌﻬﺪی ﺑﻪ ﻋﻨﻮان ﺳﻨﺠﻪ ﺷﻔﺎﻓﯿﺖ ﮔﺰارش ﮔﺮی ﻣﺎﻟﯽ ﺑﻬﺮه ﮔﺮﻓﺘﻪ ﺷﺪه و ﺑﺎ روش دﻟﻔﯽ ﻋﻮاﻣﻞ ﻣﻮﺛﺮ ﺑﺮ ﺷﻔﺎﻓﯿﺖ ﮔﺰارش ﮔﺮی ﻣﺎﻟﯽ ﺷﺮﮐﺖ ﻫﺎ ﺷﻨﺎﺳﺎﯾﯽ و ﺑﺎ ﻓﺮاﯾﻨﺪ ﺗﺤﻠﯿﻞ ﺷﺒﮑﻪ اﯾﯽ anp ، ﮔﺰﯾﻨﺶ ﻋﻮاﻣﻞ ﻣﻮﺛﺮ ﻧﻬﺎﯾﯽ ﺻﻮرت ﮔﺮﻓﺘﻪ اﺳﺖ. از ﺑﯿﺴﺖ ﻋﺎﻣﻞ ﺷﻨﺎﺳﺎﯾﯽ ﺷﺪه، ده ﻋﺎﻣﻞ ﻣﺸﺘﻤﻞ ﺑﺮ: ﻣﺎﻟﮑﯿﺖ ﻧﻬﺎدی و اﺳﺘﻘﻼل ﻫﯿﺎت ﻣﺪﯾﺮه)ﻣﮑﺎﻧﯿﺰم ﻫﺎی ﺣﺎﮐﻤﯿﺖ ﺷﺮﮐﺘﯽ(، دﻗﺖ اﻃﻼﻋﺎت و ﻧﻮﺳﺎن ﺳﻮد)ﺗﺤﻠﯿﻞ ﻣﺎﻟﯽ(، ﺑﺎزده داراﯾﯽ و ﺑﺎزده ﺳﺮﻣﺎﯾﻪ)ﻋﻤﻠﮑﺮد ﻣﺎﻟﯽ(، رﻗﺎﺑﺖ و اﻧﺪازه ﺷﺮﮐﺖ)ﻣﺤﯿﻂ(، ﺟﺮﯾﺎﻧﺎت ﻧﻘﺪی و ﻧﻘﺪ ﺷﻮﻧﺪﮔﯽ داراﯾﯽ ﻫﺎ)ﻧﻘﺪﯾﻨﮕﯽ(، ﺑﻪ ﻋﻨﻮان ﻋﻮاﻣﻞ ﻣﻮﺛﺮ ﺑﺮ ﺷﻔﺎﻓﯿﺖ ﮔﺰارش ﮔﺮی ﻣﺎﻟﯽ ﺗﻌﯿﯿﻦ ﮔﺮدﯾﺪه اﻧﺪ. از ﺷﺮﮐﺖ ﻫﺎی ﺑﻮرس ﺗﻬﺮان ﺑﻪ روش ﻏﺮﺑﺎﻟﮕﺮی 129 ﺷﺮﮐﺖ اﻧﺘﺨﺎب و در ﺑﺎزه زﻣﺎﻧﯽ 9 ﺳﺎﻟﻪ ﻣﻨﺘﻬﯽ ﺑﻪ 1397/12/29، ﻣﻮرد ﻣﻄﺎﻟﻌﻪ ﻗﺮار ﮔﺮﻓﺘﻪ اﺳﺖ. ﺑﺎ دو اﻟﮕﻮی ﻣﺠﻤﻮع اﻗﻼم ﺗﻌﻬﺪی و ﺗﻐﯿﯿﺮات ﺳﻮد ﻣﺒﺎدرت ﺑﻪ ﺑﺮآورد ﺷﻔﺎﻓﯿﺖ در ﮔﺰارش ﮔﺮی ﻣﺎﻟﯽ ﮔﺮدﯾﺪ. ﺑﺎ اﺳﺘﻔﺎده از رﮔﺮﺳﯿﻮن ﺧﻄﯽ ﻣﺮﮐﺐ ﻣﺒﺘﻨﯽ ﺑﺮ اﻟﮕﻮی ﺗﺤﻠﯿﻞ داده ﻫﺎی ﺗﺎﺑﻠﻮﯾﯽ و اﺛﺮات ﺛﺎﺑﺖ، ارﺗﺒﺎط ﺑﯿﻦ اﻟﮕﻮی ﺳﻄﺢ ﺷﻔﺎﻓﯿﺖ در ﮔﺰارش ﮔﺮی ﻣﺎﻟﯽ و ﻋﻮاﻣﻞ ﻣﻮﺛﺮ ﺑﺮ آن ﭘﺮداﺧﺘﻪ ﺷﺪ. ﻧﺘﺎﯾﺞ ﺗﺤﻘﯿﻖ ﻧﺸﺎن داد ﮐﻪ ﻧﻮع ارﺗﺒﺎط ﺑﯿﻦ ﻋﻮاﻣﻞ ﻣﻮﺛﺮ و ﺳﻄﺢ ﺷﻔﺎﻓﯿﺖ ﻣﺎﻟﯽ در ﻫﺮ ﯾﮏ از اﻟﮕﻮﻫﺎ ﻣﺘﻔﺎوت ﺑﻮده وﻟﯽ اﻟﮕﻮی ﻣﺠﻤﻮع اﻗﻼم ﺗﻌﻬﺪی از ﻗﺎﺑﻠﯿﺖ ﺗﻮﺿﯿﺢ دﻫﻨﺪﮔﯽ و ﻗﺎﺑﻠﯿﺖ اﺗﮑﺎی ﺑﯿﺸﺘﺮی ﺑﺮﺧﻮردار ﺑﻮده اﺳﺖ. ﻋﻼوه ﺑﺮ اﯾﻦ ﻧﺘﺎﯾﺞ ﺗﺤﻘﯿﻖ ﻧﺸﺎن داد ﮐﻪ اﻟﮕﻮی ﺗﺎﻣﯿﻦ ﻣﺎﻟﯽ ﺑﻠﻨﺪ ﻣﺪت ﺑﺮ ﺳﻄﺢ ﺷﻔﺎﻓﯿﺖ ﮔﺰارش ﮔﺮی ﻣﺎﻟﯽ ﺷﺮﮐﺖ ﻫﺎ ﻣﻮﺛﺮ ﺑﻮده و ﺷﺮﮐﺖ ﻫﺎﯾﯽ ﮐﻪ از ﺑﺪﻫﯽ اﺳﺘﻔﺎده ﮐﺮده اﻧﺪ، ﺑﻪ دﻟﯿﻞ ﻓﺸﺎر ﺑﺪﻫﯽ)اﻋﺘﺒﺎردﻫﻨﺪﮔﺎن( از ﺳﻄﺢ ﺑﺎﻻﺗﺮی از ﮔﺰارش ﮔﺮی ﻣﺎﻟﯽ ﺑﺮﺧﻮردار ﺑﻮده اﻧﺪ. ﻧﻬﺎﯾﺘﺎ ﺑﺮرﺳﯽ ﺗﺎﺛﯿﺮ ﻧﻮع اﻇﻬﺎر ﻧﻈﺮ ﺣﺴﺎﺑﺮس ﺑﺮ ﺳﻄﺢ ﺷﻔﺎﻓﯿﺖ ﮔﺰارش ﮔﺮی ﻣﺎﻟﯽ ﻧﺸﺎن داد ﮐﻪ ﺷﺮﮐﺖ ﻫﺎی ﻣﺸﻤﻮل اﻇﻬﺎر ﻧﻈﺮ ﻣﻘﺒﻮل از ﺷﻔﺎﻓﯿﺖ ﻣﺎﻟﯽ ﺑﯿﺸﺘﺮی ﺑﺮﺧﻮردار ﺑﻮده اﻧﺪ.

Transparency of Financial Reporting, Audit Report and Changes in Corporate Capital Structure

In this study, by using Delphi method, factors affecting transparency of financial reporting of companies have been identified and final effective factors have been selected through ANP network analysis process. Of the 20 factors identified, ten included: institutional ownership and board independence (corporate governance mechanisms), information accuracy and profit fluctuation (financial analysis), return on assets and return on capital (financial performance), competitiveness and size of company(environment),Cash Flows and Liquidity of Assets (Liquidity) have been identified as factors affecting the transparency of financial reporting. 129 firms were selected from Tehran Stock Exchange by Screening and studied over a 9year period ending on 1397/29/12. Two models of accruals and earnings changes were used to estimate transparency in financial reporting. Using composite linear regression based on panel data analysis model and fixed effects, the relationship between the level of transparency in financial reporting and its influencing factors was investigated.The results showed that the relationship between the effective factors and the level of financial transparency in each model was different but the accrual model had more explanatory ability and reliability.In addition, the results showed that the longterm financing model was effective on the level of transparency of corporate financial reporting, and that firms that used debt had a higher level of financial reporting due to debt pressure (creditors). Finally, examining the effect of the type of auditor’s statement on the level of financial reporting transparency showed that the companies subject to the Unmodified Opinion had greater financial transparency.