محتوى المقالة الرئيسي

سعدالله محمد عبيد النعيمي Saadalnuaimy@uokirkuk.edu.iq
منتظر فاضل سعد البطاط Muntader.saad@uobasrah.edu.iq


الملخص

تعد كفاءة الاستثمار احد اهم مواضيع الادارة المالية، لأنها تمكن الشركات من حسن
استغلال الموارد وصولاً الى تعظيم قيمتها، وان استخدام نظرية الليمون للتعرف على اسباب
انحراف الشركات عن مستوى الكفاءة في الاستثمار عبر النقص به او الافراط به قد اضافة بعدا
اخر لعرض الموضوع والبحث في تلك الاسباب بما يتوافق مع حافات المعرفة المالية مما قد يمكن
الشركات من تلافيها، وقد تم تطبيق ذلك على عينة تمثل ب ) 15 ( شركة صناعية سعودية مدرجة
في سوق الاوراق المالية، منطلقا من هدف رئيس مفاده تفسير كفاءة الاستثمار وفق مدخل نظرية
الليمون، مستخدما البيانات الطولية وفق انموذج الانحدار المتعدد الذي يأخذ حجم الاستثمار الفعلي
بعده متغيراً معتمداً ومحددات كفاءة الاستثمار بعدها متغيرات تفسيرية يتم من خلالها تقدير حجم
الاستثمار المقدر، فاذا ما كان حجم الاستثمار الفعلي اكبر من الاستثمار المقدر فان هذا مؤشر على
الافراط في الاستثمار، اما اذا كان حجم الاستثمار المقدر اكبر من نظيره الفعلي فان هذا مؤشر
على النقص في الاستثمار، مما يعني الاعتماد على بواقي انموذج الانحدار لتقدير مستوى الكفاءة
في الاستثمار فالبواقي الايجابية تدل على الافراط في الاستثمار، اما البواقي السلبية فتدل على
النقص في الاستثمار، وقد توصل البحث الى تباين الشركات الصناعية السعودية من حيث الافراط
في الاستثمار والنقص به، وان الاول ناتج عن عدم تماثل المعلومات الذي يدفع المستثمرين الى
تسعير اسهم الشركات ذات النوعية المنخفضة والتي تسعى الى اصدارها لتمويل استثماراتها بسعر
مضخم والثاني ناتج عن عدم تماثل المعلومات الذي يدفع المستثمرين الى تسعير اسهم الشركات
ذات النوعية العالية التي تسعى الى اصدارها لتمويل استثماراتها بسعر مخفض، مما يتوجب على
الشركات الافصاح عن معلوماتها بكل شفافية وبوقتها المناسب قبل ان تفقد اهميتها وان تتصف
بالتمثيل الامين لواقع ادائها.

التنزيلات

بيانات التنزيل غير متوفرة بعد.

تفاصيل المقالة

كيفية الاقتباس
النعيمي س. م. ع., & البطاط م. ف. س. (2022). استخدام نظرية الليمون كمدخل لتفسير كفاءة الاستثمار في الشركات الصناعية السعودية المدرجة في سوق الأوراق المالية. مجلة تكريت للعلوم الادارية والاقتصادية, 18(57, 1), 359–379. https://doi.org/10.25130/tjaes.18.57.1.19
القسم
Articles

المراجع

Agarwal, Priyanka, 2016, an Essay on the Effects of Corporate Financing and

Investment Decisions, International Journal for Innovative Research in

Multidisciplinary Field Issn-2455-0620 Volume - 2, Issue-4.

Al-Hadi, Ahmed, Khamis, Hamdan, 2015, Three Essays on Market Risk Disclosures:

Corporate Governance, Investment Efficiency and Implied Cost of Equity Capital:

Evidence from Gulf Cooperation Council Countries (Gcc), This Thesis Is Presented for

of the Degree of Doctor of Philosophy of Curtin University.

Baltagi, B. H., 2008, Econometric analysis of panel data (Vol. 4), Chichester: John

wiley & sons.

Bhaumik, Sumon & Kumar Das, Pranab & Kumbhakar, Subal C, Firm Investment &

Credit Constraints in India, 1997-2006: A Stochastic Frontier Approach, 2011, William

Davidson Institute Working Paper Number 1010.

Biddle, Gary C. & Hilary, Gilles & Rodrigo S. Verdi, 2009, How Does Financial

Reporting Quality Relate to Investment Efficiency? Journal of Accounting and

Economics 48.2-3, Pp 112-131. Http://Hdl.Handle.Net/1721.1/65333.

Chen, Lv, 2018, Credit Distortion, Firm Nature and Investment Efficiency, American

Journal of Industrial and Business Management, 8, Pp,867880:

Https://Doi.Org/10.4236/Ajibm. 2018.84060.

Cherkasova, Victoria& Rasadi, Daryush, 2017, Earnings Quality and Investment

Efficiency: Evidence from Eastern Europe, Review of Economic Perspectives, Vol. 17,

ISSUE 4, P. 441-468.

Ding, Sai& Knight, John & Zhang, Xiao, 2019, Does China Overinvest? Evidence from

a Panel of Chinese Firms, the European Journal of Finance, Vol. 25, No. 6, 489-507.

Https://Doi.Org/10.1080/1351847x.2016.1211546.

Drobetz, Wolfgang & Janzen, Malte& Meier, Iwan, 2016, Investment and Financing

Decisions of Private and Public Firms.

Elberry, Noha, Said, 2018, Corporate Investment Efficiency, Disclosure Practices and

Governance: A Systematic Literature Review and Empirical Evidence, the Thesis Is

Submitted in Partial Fulfillment of the Requirements for the Award of the Degree of

Doctor of Philosophy in Accounting and Financial Management at the University of

Portsmouth.

Firth, Michael & Xie, Lingmin& Zhang, Yuanyuan, 2016, How Do Analysts’ Forecast

Characteristics Relate to Investment Efficiency.

Franzoni, Francesco, 2007, Underinvestment and Overinvestment: The Market's View.

Franzoni, Francesco, 2008, Underinvestment vs. Overinvestment: Evidence from Price

Reactions to Pension Contributions, Journal of Financial Economics 00 (0000) 000-000.

Gao, X., & Fang, Y., 2016, Penalized weighted least squares for outlier detection and

robust regression, arXiv preprint arXiv: 1603.07427.

Gomariz, Fuensanta, Cutillas & Ballesta, Juan Pedro, Snchez,2013, Financial Reporting

Quality, Debt Maturity And Investment Efficiency, Journal Of Banking & Finance Xxx

(2013) Xxx–Xxx,Pp1-13, Http://Dx.Doi.Org/10.1016/J.Jbankfin.2013.07.013.

Gustafsson, Diana &Sundqvist, Per, 2010, Leverage Effect on Investment Efficiency in

Over- and Underinvesting Firms, Stockholm School of Economics.

Hodgson, T, M. & Breban, S. & C, L, Ford. & Streatfield, M, P & Urwin, R, C, 2000,

The Concept of Investment Efficiency and Its application To Investment Management

Structures, British Actuarial Journal/Volume 6/Issue 03/October 2000, Pp 451-545.

Hosni, Mohammed & Meysamy Maryam, 2018, Debt Maturity Effect Test and

Financial Reporting Quality on Low Investment and Over Investment, Scientific

Research Quarterly Financial Knowledge of Securities Analysis Twelfth Year, Number

Forty-One Spring 8.

Jakobsen, Johannes, 2017, a Leap of Faith? A Case Study of Information Asymmetries

and Trust in A Deal-By-Deal Venture Capital Structure, Master of Science in

Entrepreneurship, Norwegian University of Science and Technology, Department of

Industrial Economics and Technology Management.

Jalil, Azlina, Abdul, 2014, Financial Reporting Behaviour And Investment Efficiency:

Evidence from Private Family Companies, Submitted in Fulfilment of The

Requirements for The Degree of Doctor of Philosophy Deakin University.

Lankinen, Samuli, 2011, the Effect of Information Problems and Growth Opportunities

on the Valuation of Cash, Master's Thesis, Department of Finance Aalto University

School of Economics.

Meng, Qingwei, 2012, Corporate Investment, Financing and Payout Decisions:

Evidence from Uk-Listed Companies, A Thesis Submitted to The Department of

Accounting and Finance Birmingham Business School University of Birmingham For

the Degree of Doctor of Philosophy.

Mérel, Pierre & Ortiz-Bobea, Ariel & Paroissien, Emmanuel, 2012, How Big Is the

‘Lemons’ Problem? Historical Evidence from French Appellation Wines.

Mishkin, Frederic, S, 2004, the Economics of Money, Banking, and Financial Markets,

th Ed, the Addison-Wesley Series in Economics, Library of Congress.

Morgado, Artur & Pindado, Julio, 2002, The Underinvestment and Overinvestment

Hypotheses: An Analysis Using Panel Data.

Muthoo, Abhinay & Mutuswami, Suresh, 2010, Imperfect Competition and Efficiency

in Lemons Markets, Economic Research Papers Department of Economics, the

University of Warwick, No939.

Nurcholisah, Kania, 2016, The Effects Of Financial Reporting Quality On Information

Asymmetry And Its Impacts On Investment Efficiency, International Journal Of

Economics, Commerce And Management, Vol. Iv, Issue 5, Pp838-850,

Http://Ijecm.Co.Uk/.

Richardson, Scott, 2006, Over-Investment of Free Cash Flow, Rev Acc Stud (2006)

:159-189.

Rocca, Maurizio, La & Rocca, Tiziana, La & Cariola, Alfio, 2007, Overinvestment and

Underinvestment Problems determining Factors, Consequences and Solutions,

Corporate Ownership & Control/Volume 5, Issue 1, Pp 79-95.

Shin, Young Zik & Chang, Jeung‑Yoon& Jeon, Kyeongmin & Kim, Hyunpyo, 2019,

Female directors on the board and investment efficiency: evidence from Korea, Asian

Business & Management, https://doi.org/10.1057/s41291-019-00066-2.

Singh, Gurbachan, 2005, Real Assets, Financial Assets, Liquidity and the Lemon

Problem, Economics of Transition Volume 13 (4). 731-757.

Stein, Jeremy C., 2003, Economics of Finance, Elsevier Science.

Stoughton, Neal M. & Wong, Kit, Pong, & Yi, Long, 2017, Investment Efficiency and

Product Market Competition, Journal of Financial and Quantitative Analysis Vol. 52,

No. 6, Dec. 2017, Pp. 2611-2642.

Sulaimon Mutiu, O., 2015, Application of weighted least squares regression in

forecasting. Int. J. Recent. Res. Interdiscip. Sci, 2(3), 45-54.

Kupolusi, J. A., Adeleke, R. A., Akinyemi, O., & Oguntuase, B., 2015, Comparative

analysis of least square regression and fixed effect panel data regression using road

traffic accident in Nigeria, International Journal of Scientific & Technology Research,

(1), 42-52.

Thierer, Adam & Koopman, Christopher & Hobson, Anne & Kuiper, Chris, 2015, How

the Internet, The Sharing Economy, And Reputational Feedback Mechanisms Solve The“Lemons Problem”, Mercatus Working Paper, Mercatus Center at George Mason

University, Arlington.

Tomboc, Gmeleen, Faye, 2013, the Lemons Problem in Crowdfunding, The John

Marshall Journal of Information Technology & Privacy Law, Volume 30, Issue 2.253-

Vol. 17, Issue 4, 2017, Pp. 441-468.

Wooldridge, J. M., 2010, Econometric analysis of cross section and panel data. MIT

press.

Xie, Lingmin, 2013, How Does Asymmetric Information Relate to Investment

Efficiency? Evidence from Analysts' Earnings Forecasts and Daily Stock Trading, A

Thesis Submitted in Partial Fulfillment of The Requirements for The Degree of Master

of Philosophy in Business finance & Insurance, Lingnan University, Department of

Finance and Insurance, Hong Kong. Http://Dx.Doi. Org/10.14793/Fin_Etd.6.

Xin, Qu, 2017, Design of Ceo Equity-Based Compensation and Investment Efficiency,

A Thesis Submitted in Fulfillment of The Requirements of The Degree of Doctor of

Philosophy Department of Accounting, Finance and Economics Griffith Business

School, Griffith University.

Zulfikar, R., & STp, M. M., 2019, Estimation model and selection method of panel data

regression: an overview of common effect, fixed effect, and random effect model.