ارزیابی و ‌رتبه‌بندی ‌‌شرکت‌ها و صنایع بورسی کشور از منظر شاخص ارزش ایجاد شده سهامداران

نوع مقاله: مقاله مستقل

نویسندگان

1 دانش‌آموخته کارشناسی ارشد مدیریت MBA دانشگاه صنعتی شریف

2 استادیار دانشکده مدیریت و اقتصاد دانشگاه صنعتی شریف

چکیده

مفهوم ارزش و ارزش‌آفرینی تحولی را در ارزیابی عملکرد شرکت‌ها ایجاد کرده‌اند. معیارهای حسابداری و مالی در گذر زمان جای خود را به رویکردهای اقتصادی داده‌اند. معیار ارزش خلق‌شده سهامداران از جدیدترین معیارهای معرفی‌شده با رویکرد اقتصادی است که هم می‌تواند سرمایه‌گذاران را در انتخاب سرمایه‌گذاری با بازده مناسب‌تر کمک نموده و هم به مدیران جهت فهم بهتر استراتژی‌های رقابتی کمک می‌نماید. در پژوهش حاضر، با اعمال برخی اصلاحات در معیار ارزش خلق‌شده سهامدران برای اولین بار تعداد 239 شرکت و 16 صنعت کشور در طی دوره زمانی سه و هفت ساله (1388 لغایت 1394) ارزیابی و رتبه‌بندی شدند. همچنین روند عملکرد ‌‌شرکت‌ها و صنایع مختلف مورد بررسی قرار گرفت. نتایج نشان می‌دهد در بازه زمانی هفت ساله به طور کلی ارزش ایجاد شده کاهنده بوده‌است. در بازه زمانی هفت ساله تعداد 136 شرکت توانسته‌‌اند برای سهامداران خلق ارزش نموده و 43 شرکت از ارزش ایجاد شدده سهامداران کاسته‌‌اند. همچنین با محاسبه میانگین شاخص برای تمام شرکت‌ها در بازه سسه ساله برابر 11.9% و برای بازه هفت ساله 20.3% بدست آمد که این دو عدد در سطح 5 درصد معنادار بوده‌اسست. در پایان یک مدل گروه‌بندی شرکت‌ها بر اساس این شاخص معرفی و به 5 دسته کلی تقسسیم شدند.

کلیدواژه‌ها


عنوان مقاله [English]

Quantitive Evaluation and Ranking of All Iranian Companies based on CSV Criteria

نویسندگان [English]

  • Mohammad Saeed Aghajani 1
  • Arash Khalili Nasr 2
  • Ali Nabizadeh 1
1 saeed.agn@gmail.com
2 khalilinasr@sharif.edu
چکیده [English]

To understand why CSV often goes away and how important strategic thinking is to it, a manager must understand the relationship between competitive advantage, value creation, and business strategy. Every manager knows something about those things individually. Competitive advantage means outperforming competitors along dimensions like cost, technological capability, and acquisition of raw materials or providing superior value to customers. Value creation is the increase in shareholder value, which requires that the company earn more than its cost of capital. But not every manager understands how competitive advantage and shareholder value interact. A sound strategy generates both: for a strategy to win in the marketplace, it must create sustainable advantage; only when a strategy wins in the marketplace can it generate sustained shareholder value. In this paper, based on shareholder return for the period of 2012 to 2015 all Iranian companies, listed in Tehran Stock Exchange were ranked. Results showed that 136 companies have created value for shareholders; conversely, 43 companies have destroyed it. In the period studied, Shisheh Hamedan Co. was the leading shareholder value creator and, on the other end of the spectrum, Siman-e Shomal Co. was the top shareholder value destroyer.

کلیدواژه‌ها [English]

  • Shareholder Value Creation
  • Sustainable Competitive Advantage
  • Strategic management
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