آیا ارزش افزوده اقتصادی در مقایسه با نسبتهای سودآوری محتوای اطلاعاتی بیشتر ی با نرخ بازده سهام دارد؟ شواهدی از مالزی

Iranian Journal of Accounting, Auditing and Finance

Article 1, Volume 2, Issue 3, January 0, Pages 1-16   

DOI: 10.22067/ijaaf.v3i1.68163

Author

حبیب اله نخعی^*

دانشگاه آزاد اسلامی واحد بیرجند

Abstract

هدف این مطالعه فراهم نمودن شواهد برای ادعای شرکت استورات است که مدعی است ارزش افزوده اقتصادی برمعیارهای سنتی حسابداری در تشریح نرخ بازده سهام برتری دارد. این مطالعه به آزمون محتوای اطلاعاتی نسبی و محتوای اطلاعاتی فزاینده ارزش افزوده اقتصادی و نسبتهای سودآوری مانند نرخ بازده داراییها، نرخ بازده حقوق صاحبان سهام، و نرخ بازده فروش می پردازد. نمونه آماری تحقیق شامل 395 شرکت غیرمالی پذیرفته شده در بازار اصلی بورس مالزی برای دوره مالی 2006 تا 2015 است. رگرسیون پانل دیتا برای آزمون فرضیات تحقیق استفاده شده است. نتایج تحقیق ما ادعای طرفداران ارزش افزوده اقتصادی مبنی بر برتری این معیار بر نسبتهای سودآوری را تایید نکرد. آزمون محتوای اطلاعاتی نسبی نشان داد نسبتهای سودآوری شامل نرخ بازده داراییها، نرخ بازده حقوق صاحبان سهام و نرخ بازده فروش در مقایسه با ارزش افزوده اقتصادی رابطه بیشتری با نرخ بازده سهام داردند. بعلاوه آزمون محتوای فزاینده اطلاعاتی آشکار نمود که ارزش افزوده اقتصادی دارای محتوای فزآینده اطلاعاتی کمی در مقایسه با نسبتهای سودآوری برای توضیح نرخ بازده سهام می باشد. بطور خلاصه نتایج نشان داد که ارزش افزوده اقتصادی معیار قابل قبولی برای ارزیابی عملکرد شرکت های مالایی است. بنابر این به شرکت های مالزیایی پیشنهاد می گردد برای ارزیابی عملکرد شرکت، همراه با نسبتهای سودآوری از ارزش افزوده اقتصادی نیز استفاده نمایند.

Keywords

ارزش افزوده اقتصادی; معیارهای حسابداری; نرخ بازده سهام; محتوای نسبی و فزآینده اطلاعاتی

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