ارزیابی تأثیر سیاست اعتباری بر سرمایهگذاری نامشهود شرکتهای بورسی در ایران: رویکرد رگرسیونی گشتاورهای تعمیمیافته | ||
| اقتصاد و الگو سازی | ||
| دوره 15، شماره 1 - شماره پیاپی 57، خرداد 1403، صفحه 107-132 اصل مقاله (1.03 M) | ||
| نوع مقاله: مقاله پژوهشی | ||
| شناسه دیجیتال (DOI): 10.48308/jem.2024.236071.1924 | ||
| نویسندگان | ||
| امیرحسین حمیدی فراهانی* 1؛ محمد آقارضی درمنی1؛ علی اصغر سالم2 | ||
| 1دانشجوی دکتری گروه اقتصاد نظری دانشکده اقتصاد دانشگاه علامه طباطبائی، تهران، ایران | ||
| 2دانشیار گروه اقتصاد نظری دانشکده اقتصاد دانشگاه علامه طباطبائی، تهران، ایران | ||
| چکیده | ||
| میزان سرمایهگذاری بنگاهها و عوامل موثر بر آن همواره یکی از مسائل مورد توجه پژوهشگران بوده و با گسترش فناوری، اهمیت سرمایهگذاری نامشهود در این زمینه افزایش یافته است. سرمایهگذاری نامشهود کمتر از سرمایهگذاری مشهود به تغییرات در ارزشگذاری بنگاه واکنش نشان میدهد، سریعتر مستهلک میشود و ارزش وثیقهگذاری کمتری دارد که موجب تفاوت الگوهای رفتاری آن با سرمایهگذاری مشهود میشود. هدف این پژوهش، ارزیابی تأثیر سیاست پولی از طریق کانال انتقال پولی بر سرمایهگذاری نامشهود شرکتهای بورسی در ایران است. جهت تحلیل این مسئله از روش گشتاورهای تعمیمیافته برای 50 شرکت در طی دوره 1390 تا 1401 استفاده شده است. نتایج نشان دهنده آن است که سیاست پولی تأثیر مثبت و معنادار بر میزان سرمایهگذاری در داراییهای نامشهود در شرکتها دارد. همچنین اندازه بنگاه، شاخص Q توبین، جریان وجوه نقد و میزان سرمایهگذاری نامشهود با یک وقفه، تأثیر مثبت و معنادار بر سرمایهگذاری نامشهود بنگاه در دوره مورد بررسی دارد. نتیجه دیگری که قابل تأمل است، تأثیر معنادار و مثبت تغییرات متغیر تولید ناخالص داخلی بر میزان سرمایهگذاری نامشهود بنگاههای تولیدی است. | ||
| کلیدواژهها | ||
| سیاست پولی؛ سرمایهگذاری نامشهود؛ گشتاورهای تعمیمیافته؛ شرکتهای بورسی | ||
| عنوان مقاله [English] | ||
| Evaluating the Effect of Credit Policy on Intangible Investment of Listed Companies in Stock Market of Iran: GMM Approach | ||
| نویسندگان [English] | ||
| Amirhossein Hamidi Farahani1؛ Mohammad Agharazi Dermani1؛ Ali Asghar Salem2 | ||
| 1PhD Candidate in Economics, Faculty of Economics, Allameh Tabataba’i University, Tehran, Iran | ||
| 2Associate Professor of Economics, Faculty of Economics, Allameh Tabataba’i University, Tehran, Iran | ||
| چکیده [English] | ||
| The level of investment by firms and the factors influencing it have always been a subject of interest for researchers. With the advancement of technology, the significance of intangible investment in this field has increased. Intangible investment shows less responsiveness to changes in firm valuation compared to tangible investment. It depreciates more quickly and has lower collateral value, leading to different behavioral patterns compared to tangible investment. This research aims to evaluate the impact of monetary policy on the intangible investment of listed companies in stock market of Iran through the monetary transmission channel. The Generalized Method of Moments approach has been used to analyze this issue for 50 companies during the period of 2011 to 2022. The results indicate that monetary policy has a positive and significant impact on companies' level of investment in intangible assets. Moreover, firm size, Tobin's Q ratio, cash flow, and the level of intangible investment have a positive and significant impact on intangible investment by firms in the examined period. Another finding is the significant and positive influence of changes in gross domestic product on the level of intangible investment by manufacturing firms. | ||
| کلیدواژهها [English] | ||
| Monetary Policy, Intangible Investment, Generalized Method of Moments, GMM | ||
| مراجع | ||
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