عرضه ثانویه، بیش ارزش گذاری و سهامداران نهادی

نوع مقاله : مقاله پژوهشی

نویسندگان

1 دانشیار، گروه اقتصاد، دانشگاه یزد، یزد، ایران.

2 کارشناسی ارشد مدیریت مالی، دانشگاه یزد، یزد، ایران.

3 کارشناسی ارشد مدیریت مالی، دانشگاه علامه مقدس اردبیلی، اردبیل، ایران.

چکیده

مطالعه حاضر با هدف بررسی تأثیر بیش ارزش‌گذاری بر زمان بندی عرضه ثانیه سهام با نقش تعدیلی سهامداران نهادی انجام شده است. این مطالعه از نوع مطالعات توصیفی – همبستگی است. به منظور دستیابی به هدف پژوهش تعداد 114 شرکت از بین شرکت‌های پذیرفته شده در بورس اوراق بهادار تهران بین سال‌های 1390 تا 1400 به‌عنوان نمونه انتخاب و جهت تحلیل فرضیه‌ها نیز از روش رگرسیونی لجستیک بهره گرفته شد. یافته‌های پژوهش حاکی از آن بود که با توجه به این‌که متغیرهای بیش ارزش‌گذاری در سال‌های قبل از عرضه بر زمان‌بندی عرضه ثانویه تأثیر نداشته درنتیجه فرضیه زمان‌بندی توسط شرکت‌ها رد می‌شود. اما رابطه مستقیم و معنادار بیش ارزش‌گذاری در یک و دو سال بعد و در سال عرضه نشان می‌دهد سهام شرکتی که عرضه ثانویه سهام انجام می‌دهد در دوره‌های بعدی در بازار سهام بیش ارزش‌گذاری می‌شود این پدیده به علت چسبنده بودن قیمت سهام به قیمت پیش از زمان‌بندی عرضه ثانویه می‌باشد. همچنین نتایج نشان داد رابطه مستقیم و معناداری بین بیش ارزش‌گذاری با نقش تعدیلی سهام‌داران نهادی و زمان‌بندی عرضه ثانویه سهام وجود ندارد، همچنین یافته‌ها نشان داد سهامداران نهادی کوتاه‌مدت نسبت به سهامداران نهادی بلندمدت، بر رابطه بین بیش‌ارزش گذاری و عرضه ثانویه رابطه معنادارتری دارد. سهام شرکت‌هایی که سهم سهامداران نهادی آن‌ها بیشتر است به‌احتمال بیشتر پس از عرضه ثانویه بیش ارزش‌گذاری می‌شود این پدیده احتمالاً به دلیل پایبندی بیشتر سهامداران نهادی برای نگهداری سهام شرکت می‌باشد همچنین سهامداران نهادی شرکای بلندمدتی برای شرکت به حساب می‌آیند. در این میان سهامداران با دید بلندمدت و سهامداران با دید کوتاه‌مدت تفاوت وجود دارد و سهامداران نهادی کوتاه‌مدت سعی می‌کنند که سهام بیش‌ارزش‌گذاری‌شده را در عرضه ثانویه به فروش برسانند.

کلیدواژه‌ها

عنوان مقاله [English]

Seasoned Equity Offerings, Over-Valuation, and Institutional Stockholders

نویسندگان [English]

  • Habib Ansari Samani 1
  • Maryam Aminian Dehkordi 2
  • Sajjad Barandak 3
  • Foroogh Ghasemi Dehkordi 2
1 Associate Prof., Department of Economics, Yazd University, Yazd, Iran.
2 MSc. in Financial Management, Department of Accounting & Financial, Yazd University, Yazd, Iran.
3 MSc. in Financial Management, Department of Accounting, Moghadas Ardabili Institute University, Ardabil, Iran.
چکیده [English]

The present study has been conducted with the aim of investigating the overvaluation of stock offering timing with the moderating role of institutional shareholders. This study is a descriptive-correlation study. In order to achieve the goal of the research, 114 companies from among the companies admitted to the Tehran Stock Exchange between 1390 and 1400 were selected as a sample and for the analysis of the hypotheses, logistic regression method was used. The findings of the research indicated that due to the fact that there are excessive changes in valuation in the years before the release on the timing of the secondary presentation, as a result, the timing hypothesis is made by the companies. But the direct and significant relationship provides more than the value in one and two years later and in the year. The company that the secondary stock offering is carried out is overvalued in the stock market in the following periods. This phenomenon is due to the sticky price to the stock price before the timing. It is secondary. Also, the results showed that there is no direct and significant relationship between overvaluation with the moderating role of institutional shareholders and the timing of the secondary supply of shares, also the results showed that short-term institutional shareholders have a more significant relationship on the relationship between valuation and secondary supply than long-term institutional shareholders. The shares that the institutional shareholders come to more easily are overvalued after the offering. This phenomenon is probably due to the fact that the institutional shareholders are more focused on holding the company's shares, and also the institutional shareholders are considered long-term partners for the company. There is a difference between shareholders with a long-term view and shareholders with a short-term view, and short-term institutional shareholders try to sell overvalued shares in the secondary market.

کلیدواژه‌ها [English]

  • Secondary offering of shares
  • Overvaluation
  • Institutional ownership
  • Timing of secondary offering of shares

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