تاثیر کارایی سرمایه فکری و شفافیت اطلاعاتی بر هزینه حقوق صاحبان سرمایه

نوع مقاله: مقاله پژوهشی

نویسندگان

1 استادیار، گروه اقتصاد، دانشگاه محقق اردبیلی، اردبیل، ایران

2 استاد گروه مدیریت دولتی و گردشگری، دانشگاه محقق اردبیلی، اردبیل، ایران.

3 دانشجوی دکتری حسابداری، گروه حسابداری، واحد اردبیل، دانشگاه آزاد اسلامی، اردبیل، ایران.

10.22111/jmr.2019.4750

چکیده

    نقش شفافیت اطلاعات مالی شرکتها و کارایی سرمایه فکری در سالهای اخیر اهمیت روزافزونی پیدا کرده‌ است. اطلاعات مالی غیرشفاف با کاهش کیفیت اطلاعات، منجر به افزایش ریسک اطلاعاتی، عدم اعتماد سرمایه‌گذاران، کاهش نقدینگی و افزایش هزینه حقوق صاحبان سرمایه می‌شود. از طرف دیگر، ناکارایی سرمایه فکری از طریق کانال‌های مختلف همچون کاهش تولید دانش محور منجر به کاهش ارزش شرکت و افزایش هزینه حقوق صاحبان سرمایه خواهد شد. در این تحقیق به منظور فراهم کردن شواهد تجربی درباره تاثیر شفافیت اطلاعاتی و کارایی سرمایه فکری بر هزینه حقوق صاحبان سهام شرکت‌ها، اطلاعات مالی 93 شرکت پذیرفته شده در بورس اوراق بهادار تهران در سال های 1388 تا 1395 با استفاده از داده‌های ترکیبی و مدل اثرات تصادفی مورد مطالعه قرار‌‌ گرفت. تحقیق حاضر از لحاظ هدف و ماهیت کاربردی – توصیفی با تاکید بر روابط همبستگی بوده و از شیوه مطالعات کتابخانه ای جهت جمع آوری داده ها استفاده گردید. یافته‌های تحقیق نشان داد که کارایی سرمایه فکری، سرمایه انسانی و سرمایه فیزیکی با هزینه حقوق صاحبان سهام رابطه دارد، ولی بین متغیرهای شفافیت اطلاعاتی وکارایی سرمایه ساختاری با هزینه حقوق صاحبان سهام رابطه‌ای وجود ندارد. بنابراین، در تصمیم‌گیریهای مدیریتی و سرمایه‌گذاری شرکتها، نقش کارایی سرمایه فکری، سرمایه انسانی و سرمایه فیزیکی در کاهش هزینه حقوق صاحبان سهام نباید نادیده گرفته ‌شود.

کلیدواژه‌ها


عنوان مقاله [English]

The Effect of Intellectual Capital Efficiency and Informational Transparency on Cost of Equity Owners

نویسندگان [English]

  • Zahra Fotourehchi 1
  • Habib Ebrahimpour 2
  • Davoud Panahi 3
1 Assistant Professor, Department of Economic and Management, Faculty of Humanities, University of Mohaghegh Ardabili
2 Professor, Department of Economic and Management, Faculty of Humanities, University of Mohaghegh Ardabili, Ardabil, Iran
3 Instructor, Department of Accounting, Ardabil Branch, Islamic Azad University, Ardabil, Iran
چکیده [English]

Abstract
The role of financial information transparency of companies and efficiency of intellectual capital has been more important in recent years. Non-transparent financial information along with reducing informational quality lead to increasing information risk, lack of confidence in investors, reducing liquidity and increasing cost of equity owners. On the other hand, inefficiency of intellectual capital through various channels such as reduction of knowledge-based producti on will lead to reducing the value of the company and increasing cost of equity owners. In this paper, in order to provide empirical evidences about impact of informational transparency and efficiency of intellectual capital on the rights of shareholders’ costs of companies, financial information of 93 accepted companies in the years 2008 to 2016 in the TSE has been studied using the combined data and random-effects model. Findings of the research indicate that the efficiency of intellectual capital, human and physical capitals have relationship with the cost of equity owners. However, there is no relationship between the variables of informational transparency and efficiency of structural capital with cost of equity owners. So, the role of the efficiency of intellectual capital, human and physical capitals for decreasing the cost of equity owners in management and investment decisions should not be ignored.
Introduction
Capital cost is one of the basic concepts in the field of financial literature. The cost of capital plays an important role in financing decisions. Management of the company in order to determine the financial resources, should determine the cost of financing and factors affecting it. Increasing information transparency and intellectual capital efficiency are among the factors influencing the reduction of equity costs. As non-transparent financial information reduces the quality of information, it leads to increased information risk, investors' distrust, lower liquidity, and rising costs for equity holders. On the other hand, t­he inefficiency of intellectual capital through various channels, such as the reduction of knowledge-based production, will lead to a devaluation of the company and an increase in the cost of the owners' equity. The purpose of this study is to investigate whether information transparency and the efficiency of intellectual capital affect the cost of shareholders' equity of listed companies in Tehran Stock Exchange.
Materials and Methods
In this study, a systematic deletion method has been used to determine the statistical sample. Also, in order to investigate the effect of information transparency and intellectual capital efficiency on equity costs, a multivariate regression model with panel data and a randomized model estimation method have been used. To measure the efficiency of intellectual capital, we use the value-added coefficient of intellectual capital proposed by PALIC. Also, Gordon's model has been selected to calculate the cost of equity.­
Discussion and Results
The results of model estimation show that there is no relationship between information transparency variable(P = 0.3333) and structural capital efficiency(P = 0.430) with cost of owners' equity, and also the relationship between the efficiency of intellectual capital(P = 0.0181), Human capital(P = 0.0077) and physical capital(P = 0.0053) at the cost of equity at a 99% confidence level. On the other hand, given the sign of the coefficients of variables, while the relationship between the efficiency of intellectual and human capital with the cost of equity is positive, this relationship is in the relationship between the efficiency of physical capital and the cost of equity reversal. In other words, only increasing the efficiency of physical capital would lead to a reduction in the cost of equity in Iran. These results indicate the inefficiency of intellectual capital and its components in relation to physical capital.
Conclusion
The results show that the efficiency of intellectual capital, human capital and physical capital is related to the cost of equity, but there is no relationship between the variables of information transparency and the efficiency of structural capital with the cost of equity. Also, with respect to the variable of coefficients, only increasing the efficiency of physical capital leads to a reduction in the cost of equity in the target companies. Considering the user structure of the Iranian economy, increasing the efficiency of physical capital is effective in reducing the cost of equity. The inefficiency of human capital in lowering the cost of equity is indicative of more employability than skilled labor and the inefficiency of intellectual capital existing in these companies. Therefore, in order to reduce the cost of shareholders' equity, managers, suppliers of corporate finance and investors, they should consider the relationship of these variables in making investment decisions and management decisions with more consideration.

کلیدواژه‌ها [English]

  • Intellectual capital efficiency
  • transparency of information
  • cost of equity owners
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