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تأثیر سیاست پولی بر عملکرد بنگاههای منتخب فعال در بورس اوراق بهادار تهران با تأکید بر کانال محدودیت مالی | ||
| فصلنامه علمی پژوهش های اقتصاد صنعتی | ||
| دوره 9، شماره 32، تیر 1404، صفحه 1-24 اصل مقاله (1.29 M) | ||
| نوع مقاله: کاربردی | ||
| شناسه دیجیتال (DOI): 10.30473/jier.2026.76065.1518 | ||
| نویسندگان | ||
| بهنام ایزدی1؛ ابراهیم هادیان* 2؛ سکینه اوجی مهر3؛ احمد صدرایی جواهری3 | ||
| 1دانشجوی دکتری اقتصاد،بخش اقتصاد، دانشگاه شیراز | ||
| 2استاد، بخش اقتصاد، دانشگاه شیراز | ||
| 3دانشیار، بخش اقتصاد، دانشگاه شیراز | ||
| چکیده | ||
| سیاست پولی مجموعه اقداماتی است که سیاستگذار پولی به منظور کنترل فعالیتهای اقتصادی و نیل به اهداف اقتصادی به کار میگیرد. تأثیرگذاری سیاستپولی بر بخشهای مختلف خرد و کلان اقتصادی به صورت یک فرآیند شکل میگیرد که به آن مکانیزم انتقال سیاست پولی اطلاق میگردد. این فرآیند از به کارگیری ابزار سیاست پولی شروع و به تولید و سایر متغیرهای حقیقی نهایی اقتصاد منتهی میشود. هدف مقاله بررسی تأثیر سیاست پولی بر عملکرد بنگاههای روبرو با محدودیت مالی میباشد. بدین منظور از اطلاعات فصلی 79 بنگاه غیرمالی فعال در بازار بورس اوراق بهادار تهران طی دورهی فصل دوم 1392 الی فصل اول 1403 و روش گشتاورهای تعمیم یافته استفاده گردیده است. در ابتدا نقش کانال ترازنامه بر عملکرد بنگاهها تأیید گردید که نشاندهندهی روبرو بودن آنها با محدودیت مالی است. همچنین با اعمال سیاست پولی انبساطی نقش محدودیت مالی بر عملکرد بنگاهها کاهش یافت. در نهایت یکی از متغیرهای اقتصادی موثر بر توان بنگاهها در مواجهه با محدودیت مالی، میزان دارایی (اندازه) بوده که بصورت متعامد در مدل نهایی اعمال گردید. نتایج نشان داد که با افزایش اندازه به دلیل کاهش میزان محدودیت مالی، آنگاه حساسیت عملکرد بنگاهها به سیاست پولی اعمالی از سوی سیاستگذار اقتصادی کاهش مییابد به نحویکه تأثیر محدودیت مالی بر شاخص ترکیبی عملکرد بنگاهها از مقدار 8065/0- در مدل اولیه به 0631/0- در مدل نهایی که با اعمال متغیر اندازهی بنگاه بوده تغییر مییابد. | ||
| کلیدواژهها | ||
| محدودیت مالی؛ اندازهی بنگاه؛ سیاست پولی؛ اهرم مالی | ||
| عنوان مقاله [English] | ||
| The Impact of Monetary Policy on the Performance of Selected Firms Active in the Tehran Stock Exchange with Emphasis on the Financial Constraints Channel | ||
| نویسندگان [English] | ||
| behnam izady1؛ ebrahim hadian2؛ sakineh ojimehr3؛ ahmad sadraie javaheri3 | ||
| 1PhD Student of Economics, Department of Economics, Shiraz University | ||
| 2Professor of Economics, Department of Economics, Shiraz University | ||
| 3Associate Professor of Economics, Department of Economics, Shiraz University | ||
| چکیده [English] | ||
| A B S T R A C T Monetary policy refers to the set of measures that monetary policymakers employ to control economic activities and achieve economic objectives. The impact of monetary policy on various micro and macroeconomic sectors takes shape through a process known as the monetary policy transmission mechanism. This process begins with the application of monetary policy tools and culminates in output and other final real economic variables. The objective of this article is to examine the effect of monetary policy on the performance of firms facing financial constraints. For this purpose, quarterly data from 79 non-financial firms active in the Tehran Stock Exchange during the period from the second quarter of 2013 to the first quarter of 2024, along with the Generalized Method of Moments (GMM) technique, were used. Initially, the role of the balance sheet channel on firm performance was confirmed, indicating that these firms face financial constraints. Furthermore, with the implementation of expansionary monetary policy, the impact of financial constraints on firm performance diminished. Finally, one of the economic variables affecting firms' ability to cope with financial constraints was their asset size, which was incorporated orthogonally into the final model. The results indicated that as size increases, due to a reduction in the degree of financial constraints, the sensitivity of firm performance to the monetary policy implemented by economic policymakers decreases. Consequently, the impact of financial constraints on the composite index of firm performance changed from -0.8065 in the initial model to -0.0631 in the final model, which included the firm size variable. | ||
| کلیدواژهها [English] | ||
| Financial Constraint, Firm Size, Monetary Policy, Financial Leverage | ||
| مراجع | ||
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