ارزیابی عملکرد مالی شرکت های فعال در بورس اوراق بهادار تهران

نوع مقاله: مدیریت سازمانی(چالشهای کسب وکار -اخلاق و مسولیت اجتماعی -تحول سازمانی - عملکرد سازمانی -ریسک)

نویسندگان

1 کارشناسی ارشد دانشگاه مازندران

2 دانشیار دانشگاه مازندران

چکیده

امروزه به دلیل اهمیت عملکرد مالی شرکت ها در محیط رقابتی، استفاده از ابزارهای دقیق و مناسب برای ارزیابی عملکرد برای سازمان ها مسئله ای حیاتی محسوب می شود. همچنین معیارهای عملکرد مالی نیز باید به دقت مورد شناسایی قرار گیرند تا به خوبی قادر به بازتاب توان رقابتی شرکت ها باشند. لذا در این مطالعه بر اساس نظرات خبرگان حوزه مالی و بورس و با بهره گیری از معیارهای عملکرد مالی مبتنی بر ارزش و عملکرد مالی مبتنی بر حسابداری، با ارائه مدلی سلسله مراتبی و چند معیاره، به ارزیابی عملکرد مالی شرکت های گروه تولید خودرو بورس اوراق بهادار تهران پرداخته شد. به طوریکه در این رویکرد برای تعیین وزن معیارها از FAHP و برای رتبه بندی شرکت ها بر اساس بهترین عملکرد مالی از سه روش VIKOR ، ARAS و COPRAS به صورت همزمان بهره گرفته شد. یافته ها حکایت از اهمیت بالاتر معیارهای مبتنی بر ارزش نسبت به معیارهای حسابداری در عملکرد مالی شرکت ها داشت، همچنین نتایج حاصل از سه روش رتبه بندی تا حد زیادی بر یکدیگر منطبق بودند. رتبه بندی نهایی نیز با ادغام نتایج برگرفته از این سه روش، حاصل گردید.

کلیدواژه‌ها

موضوعات


عنوان مقاله [English]

Application of multi criteria decision making methods for financial performance evaluation of companies traded on Tehran Stock Exchange

چکیده [English]

Abstract:
Financial performance evaluation is very important in a highly competitive environment for companies, so an accurate and appropriate performance evaluation is critical. financial performance indicators must be carefully identified in the evaluation process because they reflect the competitiveness of a company. In this study, a hybrid approach of multicriteria decision making method is proposed for financial performance evaluation of automobile producer group companies of Tehran stock exchange (TSE). In this study for this purpose, with help of financial experts, a hierarchical financial performance evaluation model is structured based on the accounting based financial measures and value based financial measures (modern financial measures). In this quantitative approach fuzzy analytic hierarchy process (FAHP) was applied to determine the weight of the criteria and then the companies are ranked by using VIseKriterijumska KOmpromisno Rangiranje (VIKOR), Additive Ratio Assessment (ARAS) and Complex Proportional Assessment (COPRAS), simultaneously. The results represented the results represented the highest important of value based measures than accounting measures, also results of three outranking methods are almost identical and the results was combined to obtain final ranks.

Keywords: Multi criteria decision making methods, financial performance evaluation, value based financial measures (Modern financial measures), accounting based financial measures, Tehran Stock Exchange (TSE)

کلیدواژه‌ها [English]

  • Multi criteria decision making methods
  • financial performance evaluation
  • value based measures
  • accounting based measures
  • Tehran Stock Exchange
-                Amado, C., A., F., Santos, S., P., Marques, P., M., (2012).Integrating the Data Envelopment Analysis and the Balanced Scorecard approach for enhanced performance assessment. Omega, 40, 390-403.

-                Balzentis, A., Balzentis, T., Misiunas, A., (2012). An integrated assessment of lithuanianeconomoc sectors based on financial ratios and fuzzy MCDM methods. Technological and Economic Development of Economy, 18 (1), 34-53.

-                Bayrakdaroglu, A.&Yalcin, N., (2012).Strategic Financial Performance Evaluation of the Turkish Companies Traded on ISE.EGE ACADEMIC REVIEW, 12 (4), 529-539.

-                Cheng, C., H., Chen, C., T., Huang, S., F., (2012).Combining fuzzy integral with order weight average (OWA) method for evaluating financial performance in the semiconductor industry.African Journal of Business Management, 6 (21), 6358-6368.

-                Chou, W., C.&Cheng, Y., P., (2012).A hybrid fuzzy MCDM approach for evaluating website quality of professional accounting firms.Expert System with Applications, 39, 2783-2793.

-                Cravens, K., S., Oliver, E., G., Stewart, J., S., (2010). Can a positive approach to performance evaluation accomplish your goals?.Kelley School of Business, 53, 269-279.

-                Ehrbar, A. (1999),Using EVA registered trademark to measure performance and assess strategy Strategy and Leadership, 27 (3) (1999), pp. 20–24

-                Ergul, N. &Seyfullahogullari, C., A., (2012). The Ranking of Retail Companies Trading in ISE. European Journal of Scientific Research, 70 (1), 29-37.

-                Ertugrul, I., &Karakasoglu, N., (2009). Performance evaluation of Turkish cement firms with fuzzy analytic hierarchy process and TOPSIS methods. Expert Systems with Applications, 36, 702-715.

-                Hajiabasi, M., Kaviani, M.,SamadiLargani, M., SamadiLargani, M., Montazeri, H., (2012). Comparison of information content value creation measures(EVA, REVA, MVA, SVA, CSV and CVA) and accounting measures (ROA, ROE, EPS, CFO) in predicting the Shareholder Return (SR) Evidence from Iran Stock Exchange. ARPN Journal of Science and Technology, 2 (5), 517-521.

-                Ignatius, J., Behzadian, M., Malekan, H., S., Lalitha, D., (2012). Financial Performance of Iran’s Automotive Sector based on PROMETHEE II. Proceeding of the 2012 IEEE ICMIT, 35-38.

-                Kashanipour, M. and Rasaeian A. (2001), The relationship between Tobin’s Q and companies performance measurement in Iran, Financial accounting, 3, 131-146. (in Persion)

-                Kung, J.,Y., Chuang, T., N., Ky, C., M., (2011). A Fuzzy MCDM Method to Select The Best Company Based on Financial Report Analysis. IEEE International Conference on Fuzzy Systems June 27-30, Taipei, Taiwan, 2013-2017.

-                Lee, P., T., W., Lin, C., W., Shin, S., H., (2012). A comparative study on financial positions of shipping companies in Taiwan and Korea using entropy and grey relation analysis. Expert Systems with Applications, 39, 5649-5657.

-                Lin, H., F., (2010). An application of  Fuzzy AHP for evaluating course website quality. Computers & Education, 54(4). 877-888.

-                Mahdavi, G., H. and Hosseiniazanakhari, S., M. (2008), What’s the bestfinancial performance measurement?,Journal of Economic, 31, 121-146. (in Persion)

-                RahnamaRoodeposhti, F. and Khanmohammadi, M., H. (2011), Comparison of accounting based performance evaluation measurement and value based performance evaluation measurement for estimated economic rate of return for companies, Financial knowledge for Securities Analysis, 10, 19-43. (in Persion)

-                RahnamaRoodeposhti, F., Nikoomaram, H. and Shahverdiani S. (2011), Strategic financial management (Value creation), Tehran, Hakimbashi publishing. (in Persion)

-                Safaei, A. and Khalili, S. (2012), Theoretical comparison of financial performance evaluation approaches of organization, first nation conference of accounting, finance management and investment, Applied Science University of Golestan, Gorgan. (in Persion)

-                Taghizadeh, R. and Fazli, S. (2011), Applying hybrid approachog GRA and FTOPSIS for companies performance measurement, Industrial managemnent, 2, 125-150. (in Persion)

-                Yalcin, N., Bayrakderaglu, A., Kahraman, C., (2012). Application of fuzzy multi-criteria decision making methods for financial performance evaluationofTurkish manufacturing industries.  Expert Systems with Applications, 39, 350-364.

-                Yook, K., & C., McCabe, G., M., (2001). MVA and the cross-section of expected stock returns. The Journal of Portfolio Management, 27 (3), 75–87.

-                Zapounidis, C., &Doumpos, M. (2002). Multicriteria classification and sorting methods: a literature review. European Journal of Operational Research 138(2), 229–246.

-                Zavadskas, E., K.,  Kaklauskas,  A., Turskis, Z., Tamošaitien, J. (2008). Selection of the effective dwelling house walls by applying attributes values determined at intervals. Civil Eng Manage, 14 , 85–93.

-                Zavadskas, E., & K., Turskis, Z., (2011), Multiple criteria decision making (MCDM) methods in economics, Technological and Economic Development of Economy, 17 (2), 397-427.