نوع مقاله : پژوهشی

نویسندگان

1 فردوسی مشهد

2 فردوسی

3 دانشگاه فردوسی مشهد

4 آزاد اسلامی

چکیده

ازآنجایی‌که بیشترین ‌میزان ‌سرمایه ‌در ‌سراسر ‌جهان ‌از ‌طریق ‌بازارهای ‌سهام ‌مبادله ‌شده ‌‌و ‌اقتصاد ‌ملی‌ نیز‌ به‌شدت ‌متأثر ‌از ‌عملکرد‌ این بازارها ‌است افزایش حجم سرمایه‌گذاری ‌در شرکت­های پذیرفته‌شده در ‌بورس اوراق بهادار، باعث توسعه فعالیت و بهبود عملکرد شرکت و در پی آن جذب سرمایه بیشتر به سمت بازار سرمایه و بهبود اوضاع اقتصادی خواهد شد. لذا بررسی موارد کلان تسهیل فرایند سرمایه­گذاری در شرکت­های پذیرفته‌شده در بورس اوراق بهادار، موضوع قابل‌تأملی خواهد بود. بدین منظور‌ این تحقیق، اثر آزادسازی مالی بر حجم سرمایه‌گذاری را در دوره 2002-2015 در شرکت‌های پذیرفته‌شده در بورس و اوراق بهادار با استفاده از رویکرد معادلات ساختاری بررسی می‌نماید.
 از شاخص هریتیج به‌عنوان شاخص آزادسازی مـالی بالقوه، شاخص آزادسازی مالی (معکوس تفاضل نرخ بهره واقعی امریکا از نرخ بهره واقعی ایران) و کنترل نرخ بهره (تغییرات نرخ بهره)، به‌عنوان گویه­های آزادسازی مالی استفاده‌شده است.
نتایج بررسی حاکی از وجود رابطه مثبت بین آزادسازی مالی و حجم سرمایه‌گذاری است. از دلایل عمده آن می‌توان به ورود سرمایه‌گذاران خارجی در بورس و کاهش نرخ بهره بانکی اشاره کرد که باعث تمایل شرکت‌ها به سرمایه‌گذاری بیشتر شده است.
 

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