مروری جامع بر رویکردهای تبیین مدل هزینه حقوق صاحبان سهام در پژوهش‎های مالی

نوع مقاله: علمی ترویجی

نویسندگان

1 دانشجوی دکترا مدیریت مالی دانشگاه آزاد اسلامی علی آباد کتول

2 دانشجوی کارشناسی ارشد حسابداری، دانشگاه آزاد اسلامی واحد شیراز

3 دانشجوی کارشناسی ارشد مدیریت مالی، دانشگاه آزاد اسلامی واحد لاهیجان

چکیده

در ادبیات مالیاصطلاح هزینه‎سرمایه‎حقوق‎صاحبان‎سهامبه هزینه‌هایی که جهت دستیابی وجوه به شرکت متحمل می‎شود اشاره دارد. از نقطه‌نظر سرمایه‌گذار، هزینه‎سرمایه‎حقوق‎صاحبان‎سهام نرخ بازدهی است که انتظار می‎رود از سهمی که در پرتفوی خود نگهداری می‌شود تحصیل گردد. اگرچه هزینه ‎حقوق‎صاحبان‎سهام معیاری است که به‌طور مستقیم قابل‌مشاهده نیست، ازاین‌رو هیچ مدلی برای تبیین آن وجود ندارد که به‌عنوان مدلی معتبر و جهانی باشد. در مقاله حاضر مدل‌های رشد گوردون، رشد درآمدهای غیرعادی و مدل ارزشیابی سود باقیمانده به تفصیل مورد بررسی قرار گرفته‎اند. نتایج بررسی نشان می‎دهد که بیشتر پژوهشگران جهت اندازه‎گیری و محاسبه هزینه حقوق صاحبان سهام از مدل رشد گوردون به دلیل شناخته بودن و درک آسان آن استفاده‌ کرده‌اند. با این اوصاف هدف مقاله حاضر مروری جامع بر مدل‎های مختلف تبیین هزینه ‎حقوق‎صاحبان‎سهام است که این مدل‎ها در قالب پژوهش‌های مختلف و بسته به کارکرد آن در تصمیمات سرمایه‎گذاری مورد استفاده قرارگرفته‌اند.

کلیدواژه‌ها

موضوعات


عنوان مقاله [English]

A Comprehensive Overview of Approaches to Determining the Cost of Equity in Financial Research

نویسندگان [English]

  • Meysam Kaviani 1
  • Neda Khajehfard 2
  • Zeinab Montazeri 3
2 MSc Student in Accounting, Islamic Azad University, Shiraz, Iran
3 MSc Student in Financial Management, Islamic Azad University, Lahijan, Iran
چکیده [English]

In financial literature, cost of equity’s capital refer to the expenditures of acquiring funds to the company. From investor point of view, it is a return that expected to gain from each share in the portfolio. Although cost of equity is a criterion which cannot observe directly, so there is not global and reliable model for explaining it. In the present study, Gordon Growth Model, Abnormal Earnings Growth and Residual Income Valuation Model, are discussed in detail. Findings show that researchers have used the Gordon Growth Mode in order to measure and calculate the cost of equity, because it is easy to understand. Therefore, the purpose of current study is the comprehensive review of different model which explaining cost of equity; these models have usage in different form of research and according to its application in investment decisions.

کلیدواژه‌ها [English]

  • model
  • Cost of equity
  • Empirical research
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