دانلود مقاله افزایش عملکرد مالی توسط ساختار سرمایه بر پایه نسبت طلایی
چکیده
مقدمه
مروری بر مطالعات پیشین
مطالب و روش ها
نتایج و بحث
نتیجه گیری
منابع
Abstract
Introduction
Literature review
Materials and methods
Results and discussion
Conclusions
References
چکیده
در قرن بیستم، نسبت طلایی توسط علم مدرن، از جمله اقتصاد، تجارت و امور مالی کشف شده است. در حوزه مالی، این نسبت بیشتر برای تحلیل تکنیکال اعمال می‌شود و کمتر به استفاده از آن در حل مشکلات مالی شرکت‌ها مانند تصمیمات ساختار سرمایه توجه می‌شود. در این مطالعه، داده های 455 شرکت تولیدی و خدماتی ایالات متحده و اروپا از دوره 2010-2019 مورد بررسی قرار گرفته است. هدف از این تحقیق تعیین این بود که آیا ساختار سرمایه مبتنی بر نسبت طلایی بر عملکرد مالی و پذیرش بازار تأثیرات مثبتی دارد یا خیر. ما بین انحراف از ساختار سرمایه مبتنی بر نسبت طلایی و انحرافات درآمد، درآمد، قیمت سهام و داده‌های ارزش بازار شرکت‌ها از حداکثر تاریخی آنها روابط مثبت معناداری پیدا کردیم. بنابراین، نشان دادن ساختار سرمایه مبتنی بر نسبت طلایی ممکن است ابزار کارآمدی برای شرکت‌ها برای تقویت عملکرد و پذیرش بازار باشد. بر اساس نتایج ما، این رابطه در ایالات متحده آشکارتر از اروپا و برای شرکت های خدماتی قوی تر از شرکت های تولیدی است.
توجه! این متن ترجمه ماشینی بوده و توسط مترجمین ای ترجمه، ترجمه نشده است.
Abstract
In the 20th century, the golden ratio has been discovered by modern science, including economics, business, and finance. In the field of finance, the ratio is mostly applied for technical analysis, and much less attention is given to its use in solving corporate finance problems, such as capital structure decisions. In this study, 455 US and European manufacturing and service firm's data are examined from the period 2010–2019. The purpose of the investigation was to determine if there are any positive impacts of a golden ratio-based capital structure on financial performance and market acceptance. We find significant positive relationships between the deviation from the golden ratio-based capital structure and the deviations of firms' revenue, income, stock price and market value data from their historical maximum. Thus, indicating the golden ratio-based capital structure may be an efficient tool for firms to boost their performance and market acceptance. Based on our results, this relationship is more obvious in the United States than in Europe, and stronger for service firms than for manufacturing companies.
Introduction
0, 1, 1, 2, 3, 5, 8, 13, 21, 34, 55, 89, 144, 233, 377, 610, 987, 1597, 2584, 4181, 6765…the series that came to life as the solution of rabbits’ birth rate calculations by the famous mathematician Leonardo da Pisa in the 12th century. Da Pisa was well known in his time for introducing the decimal number system to Europe and became a legend for eternity for the “Fibonacci Summation” series, named after his nickname. In this series each number will be produced by summing the previous two, starting from 0 and 1. The series creates a unique proportion by dividing any number by the previous number, the result will approach 1.618 asymptotically.
Conclusions
The golden ratio (1.618, also named as the divine proportion or phi) is present in almost all fields of life and science, including economics and business. The business-related applications found in the literature mainly focus on technical analysis, and much less attention has been given to the use of this ratio for fundamental analysis of companies. This study investigated whether considering the golden ratio in capital structure decisions can make any positive impact on a firm's financial performance (revenue and profit-generating ability) and/or market acceptance (that is, the investor's opinion about the firm in this context, which is manifested in stock prices and the market value of the company).