تاثیر هزینه مالکانه رقابت بررابطه بین ناپایداری فروش و جریان های نقدی و قابلیت مقایسه صورت های مالی

ﻫﺮ اﻧﺪازه ﻗﺎﺑﻠﯿﺖ ﻣﻘﺎﯾﺴﻪ ﺻﻮرتﻫﺎی ﻣﺎﻟﯽ ﺑﯿﺸﺘﺮ ﺑﺎﺷﺪ، ﻋﺪم ﺗﻘﺎرن اﻃﻼﻋﺎﺗﯽ ﮐﻤﺘﺮ و ﺑﺎزار ﺳﺮﻣﺎﯾﻪ از ﮐﺎراﯾﯽ ﺑﯿﺸﺘﺮی ﺑﺮﺧﻮردار اﺳﺖ ﮐﻪ ﺳﺒﺐ ﺗﺨﺼﯿﺺ ﺑﻬﯿﻨﻪ ﻣﻨﺎﺑﻊ ﻣﯽﺷﻮد. ﺑﺮ اﯾﻦ اﺳﺎس ﻫﺪف اﯾﻦ ﭘﮋوﻫﺶ ﺑﺮرﺳﯽ ﺗﺄﺛﯿﺮ رﯾﺴﮏ ﻣﺒﺘﻨﯽ ﺑﺮ ﻧﻮﺳﺎن ﻓﺮوش و ﺟﺮﯾﺎنﻫﺎی ﻧﻘﺪی ﺑﺮ ﻗﺎﺑﻠﯿﺖ ﻣﻘﺎﯾﺴﻪ ﺻﻮرتﻫﺎی ﻣﺎﻟﯽ ﺑﺎ ﺗﺄﮐﯿﺪ ﺑﺮ ﻫﺰﯾﻨﻪ ﻣﺎﻟﮑﺎﻧﻪ رﻗﺎﺑﺖ در ﺷﺮﮐﺖﻫﺎی ﭘﺬﯾﺮﻓﺘﻪﺷﺪه در ﺑﻮرس اوراق ﺑﻬﺎدار ﺗﻬﺮان اﺳﺖ. ﺑﺮای آزﻣﻮن ﻓﺮﺿﯿﺎت ﭘﮋوﻫﺶ از دادهﻫﺎی 126 ﺷﺮﮐﺖ ﭘﺬﯾﺮﻓﺘﻪﺷﺪه در ﺑﻮرس اوراق ﺑﻬﺎدار ﺗﻬﺮان ﻃﯽ ﺳﺎلﻫﺎی 1389 ﺗﺎ 1396 ﮐﻪ ﺑﻪ روش ﺣﺬف ﺳﯿﺴﺘﻤﺎﺗﯿﮏ اﻧﺘﺨﺎب ﺷﺪهاﻧﺪ، رﮔﺮﺳﯿﻮن ﭼﻨﺪﻣﺘﻐﯿﺮه و ﻣﺪل دادهﻫﺎی ﺗﺮﮐﯿﺒﯽ اﺳﺘﻔﺎده ﺷﺪه اﺳﺖ. ﻧﺘﺎﯾﺞ ﭘﮋوﻫﺶ ﻧﺸﺎن ﻣﯽدﻫﺪ ﻧﻮﺳﺎن ﻓﺮوش ﺗﺄﺛﯿﺮ ﻣﻨﻔﯽ ﻣﻌﻨﯽداری ﺑﺮ ﻗﺎﺑﻠﯿﺖ ﻣﻘﺎﯾﺴﻪ ﺻﻮرتﻫﺎی ﻣﺎﻟﯽ دارد و اﯾﻦ ﺗﺄﺛﯿﺮ ﺑﺎ دﺧﺎﻟﺖ ﻫﺰﯾﻨﻪ ﻣﺎﻟﮑﺎﻧﻪ رﻗﺎﺑﺖ (ﻣﺨﺎرج ﺗﺤﻘﯿﻖ و ﺗﻮﺳﻌﻪ) ﺗﺸﺪﯾﺪ ﻣﯽﺷﻮد وﻟﯽ ﻧﻮﺳﺎن ﺟﺮﯾﺎن ﻧﻘﺪی و ﻧﻮﺳﺎن رﺷﺪ ﻓﺮوش و اﺛﺮ ﺗﻌﺎﻣﻠﯽ آنﻫﺎ ﺑﺎ ﻫﺰﯾﻨﻪ ﻣﺎﻟﮑﺎﻧﻪ رﻗﺎﺑﺖ (ﻣﺨﺎرج ﺗﺤﻘﯿﻖ و ﺗﻮﺳﻌﻪ)، ﺗﺄﺛﯿﺮ ﻣﻌﻨﯽداری ﺑﺮ ﻗﺎﺑﻠﯿﺖ ﻣﻘﺎﯾﺴﻪ ﺻﻮرتﻫﺎی ﻣﺎﻟﯽ ﻧﺪارﻧﺪ.

The effect of Competition Proprietary Costs on relationship between sales and cash flow Instability and Financial Statement Comparability

The more comparable of financial statements, the lower the information asymmetry and so capital market is more efficient, which results in the optimal allocation of resources. The purpose of this study was to investigate the effect of Proprietary Costs of Competition on relationship between sales and cash flow Instability and Financial Statement Comparability in the companies Accepted in Tehran Stock Exchange. To test research hypothesis, the data of 126 companies accepted in Tehran Stock Exchange during the years 20092017 and multivariate regression has been used. The results show that sales fluctuation has a significant negative effect on the Financial Statement Comparability, and this effect is aggravated by the involvement of the Proprietary Costs of Competition (R & D expenditures). However, the cash flow fluctuations and sales growth fluctuations and their interactive effect With Proprietary Costs of Competition (R & D expenditures) have no significant effect on Financial Statement Comparability. 1 Introduction One of the information channels about the status of companies is information about the financial statement comparability. The more comparable financial statements, the lower the information asymmetry and so capital market is more efficient, which results in the optimal allocation of resources. The purpose of this study was to investigate the effect of proprietary costs of competition on relationship between sales and cash flow instability and financial statement comparability in the companies accepted in Tehran Stock Exchange.   2 Hypothesis The proprietary costs of disclosing information is a cost that the organization will incur due to the disclosure of its confidential information and its potential use by its competitors. Increasing the competition proprietary costs leads to a reduction in the voluntary disclosure of information, information management and earning manipulation, which reduces the comparability of information. Competition will reduce the earnings and cash flows fluctuation and reduce the need for smoothing the profits.  On the other hand, given the fact that the market punishes companies that have not achieved the expected performance, company managers with more competition and lower proprietary costs are more likely to smooth cash flows and fluctuate their profits. Ultimately, any earning management and smoothing, on the one hand, will reduce the fluctuations in the company’s performance in the form of profits and cash flows (low risk showing the results of the company’s activities), and, on the other hand, reduce the information quality and the ability to compare financial statements. In this regard, the assumptions are as follows:   H1: The sales fluctuation affects the financial statements comparability. H2: The sales growth fluctuation affects the financial statements comparability. H3: The cash flows fluctuation affects the financial statements comparability. H4: The competition proprietary costs moderate the effect of sales fluctuation on financial statements comparability. H5: The competition proprietary costs moderate the effect of sales growth fluctuations on financial statements comparability. H6: The competition proprietary costs moderate the effect of cash flow fluctuations on financial statements comparability.   3 Methods  To test research hypothesis, the data of 126 companies accepted in Tehran Stock Exchange during the years 20092017 was extracted and multivariate regression was used.   4 Results  The results show that sales fluctuation has a significant negative effect on the financial statement comparability, and this effect is aggravated by the involvement of the proprietary costs of competition (R & D expenditures). However, the cash flow fluctuations and sales growth fluctuations and their interactive effect with proprietary costs of competition (R & D expenditures) have no significant effect on Financial Statement Comparability.   5 Discussion and Conclusion The sales instability relative to the sales growth and cash flows instability is more of a use by ordinary shareholders and investors in determining the information quality and thus determining the value of the company. In addition, the proprietary costs of competition in form of disclosing more information, due to more fluctuations in current period performance than future periods, reduces the quality and comparability of information more and more.