تأثیر تأمین مالی داخلی بر بهره‌وری بنگاه‌ها: شواهد تجربی از صنعت خودرو در ایران

نوع مقاله: علمی - پژوهشی

نویسندگان

1 دانشجوی دکتری اقتصاد دانشگاه مازندران

2 دانشیار اقتصاد دانشگاه مازندران

3 دانشگاه مازندران

4 استادیار اقتصاد دانشگاه علامه طباطبائی

10.22096/esp.2017.26322

چکیده

در پژوهش حاضر تأثیر منابع مالی داخلی بر بهره‌وری کل عوامل تولید بنگاه‌ها در چارچوب تئوری نمایندگی مورد بررسی قرار می‌گیرد. برای این منظور از داده‌های تابلویی 26 شرکت فعال در صنعت خودرو و ساخت قطعات بورس اوراق بهادار تهران طی دوره زمانی 1379-1392 استفاده شد. ابتدا با استفاده از روش لوینسون و پترین (2003) بهره‌وری کل عوامل تولید برآورد شده و سپس با استفاده از روش گشتاورهای تعمیم‌یافته (GMM) تأثیر جریان نقدی داخلی بر بهره‌وری کل عوامل تولید شرکت‌ها مورد آزمون قرار گرفت. نتایج به ‌دست آمده نشان می‌دهند که دسترسی به منابع مالی داخلی به‌ طور منفی و قویاً معنی‌دار بهره‌وری کل عوامل تولید صنعت خودرو را تحت تأثیر قرار می‌دهد. همچنین تأمین مالی از طریق ابزارهای بدهی تأثیر مثبت و درجه دوم بر بهره‌وری کل عوامل تولید صنعت خودرو داشته است. با عنایت به یافته‌های پژوهش، دلایل و شواهد تجربی حاکی از تأیید فرضیه تأثیر منفی جریان نقدی بر بهره‌وری به‌ دلیل وجود هزینه‌های نمایندگی می‌باشد.

کلیدواژه‌ها


عنوان مقاله [English]

Internal Finance and Firms Productivity: Evidence from Iranian Automotive Industry

نویسندگان [English]

  • Ayoub Khazaei 1
  • Amir Mansour Tehranchian 2
  • null null 3
  • Reza Talebloo 4
چکیده [English]

This paper by relying on the agency theory surveys the impacts of internal finance on firms’ productivity, using a panel of 26 Iranian firms in automotive industry over the period 2000-2014. We first obtained a measure of firm-level TFP, using the Levinsohn and Petrin (2003) method and then by GMM estimators, the effects of internal finance on TFP analyzed.
We find that the availability of internal finance has negative and significant effect and debt finance has positive and quadratic effect on firms’ TFP. So, these results prove the hypothesis that cash flows have negative impact on TFP because of agency costs.

کلیدواژه‌ها [English]

  • TFP
  • Cash Flow
  • Working Capital
  • Internal Finance

الف- فارسی

  1. ابزری، مهدی؛ دستگیر، محسن؛ قلی‌پور، علی؛ «بررسی و تجزیه و تحلیل روش‌های تأمین مالی شرکت‌های پذیرفته شده در بورس اوراق بهادار تهران»، فصلنامه بررسی‌های اقتصادی، 1386، شماره 4.
  2. زراءنژاد، منصور؛ انصاری، الهه؛ «اندازه‌گیری بهره‌وری سرمایه در صنایع بزرگ استان خوزستان»، فصلنامه بررسی‌های اقتصادی (اقتصاد مقداری)، 1386، شماره 4.
  3. مهرآرا، محسن؛ رضایی، عباسعلی؛ «کیفیت نهادها و آثار آزادسازی تجاری در کشورهای در حال توسعه منتخب»، فصلنامه پژوهش‌نامه بازرگانی، 1389، شماره 56.

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