سارا سهبدوش
عنوان پایاننامه
تاثیرعدم تقارن اطلاعاتی و اهرم مالی برتصمیمات سرمایه گذاری در شرکتهای پذیرفته شده دربازار بورس اوراق بهادار تهران
- رشته تحصیلی
- حسابرسي
- مقطع تحصیلی
- کارشناسی ارشد
- تاریخ دفاع
- ۳۰ بهمن ۱۴۰۱
- ساعت دفاع
- چکیده
- شرکت اثرگذار است
- Abstract
- Investment decision is considered as one of the influencing factors on the performance of companies. Therefore, every company tries to make better investments, but the existence of asymmetric information due to the conflict of interests between shareholders and managers causes companies to deviate from investment efficiency. On the other hand, financial leverage is also described as one of the reasons for investment efficiency. An increase in leverage leads to an increase in the cost of financing and ultimately to a decrease in investment by companies. So, despite the information asymmetry, financial leverage can have a double effect on the reduction of the company's investment. However, in the absence of appropriate scientific and experimental evidence, the present research examines the relationship between information asymmetry and financial leverage on investment decisions. In this regard, a sample consisting of ۱۳۶ companies admitted to the stock exchange during the period of ۲۰۱۴-۲۰۲۱ was selected and tested. The results using the multi-factor regression method show that as the information asymmetry increases, the investment amount of the companies will decrease. However, overinvested firms are not more affected by information asymmetry than other firms. Also, reducing the amount of financial leverage has a negative effect on the company's investment, and information asymmetry affects the relationship between financial leverage and the company's investment.