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Register a new userThe impact of financial leverage on liquidity and profitability A field study on a sample of companies listed on the Damascus Stock Exchange
أثر الرفع المالي على السيولة و الربحية دراسة تطبيقية على عينة من الشركات المدرجة في سوق دمشق للأوراق المالية
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Authors
أحمد العلي( باحث )
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هدفت هذه الدراسة إلى معرفة أثر الرفع المالي على الربحية مقاسة بكل من معدل العائد على الأصول، و معدل العائد على حقوق الملكية، و كذلك معرفة أثر الرفع المالي على السيولة مقاسة بكل من معدل التداول و معدل التدفق النقدي من الأنشطة التشغيلية.
The aim of this study investigate the effect of financial leverage on profitability, measured by the rate of return on assets and the rate of return on equity, as well as the effect of the financial leverage on liquidity measured by both the trading rate and the cash flow rate of operating activities.
Artificial intelligence review:
Research summary
هدفت هذه الدراسة إلى معرفة أثر الرفع المالي على الربحية والسيولة في الشركات المدرجة في سوق دمشق للأوراق المالية. تم اختيار عينة قصدية من أربع شركات خدمية وصناعية للفترة 2012-2016. استخدم الباحث المنهج الوصفي والتجريبي، واعتمد على برنامج SPSS 19 لتحليل البيانات. أظهرت النتائج وجود علاقة ارتباطية ذات دلالة معنوية بين الرفع المالي وكل من الربحية والسيولة. حيث يؤثر الرفع المالي إيجاباً على الربحية وسلباً على السيولة. يفسر الرفع المالي 55.4% من التغير في الربحية و27.7% من التغير في السيولة. توصي الدراسة بضرورة تحقيق التوازن بين الرفع المالي وأثره على الربحية والسيولة، واستغلال الطاقات الإنتاجية لزيادة التدفق النقدي، وتقليل الاعتماد على التمويل بالقروض.
Critical review
تعد هذه الدراسة مهمة في تسليط الضوء على العلاقة بين الرفع المالي وكل من الربحية والسيولة في الشركات السورية، خاصة في ظل الظروف الاقتصادية الصعبة التي تمر بها البلاد. ومع ذلك، يمكن توجيه بعض النقد البناء للدراسة. أولاً، اقتصرت العينة على أربع شركات فقط، مما قد يحد من تعميم النتائج على باقي الشركات المدرجة في السوق. ثانياً، لم تتناول الدراسة تأثير العوامل الخارجية مثل التغيرات الاقتصادية والسياسية على النتائج. أخيراً، كان من الممكن توسيع نطاق الدراسة لتشمل فترة زمنية أطول أو تضمين شركات من قطاعات أخرى لتحقيق نتائج أكثر شمولية.
Questions related to the research
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ما هو تأثير الرفع المالي على الربحية في الشركات محل الدراسة؟
أظهرت النتائج أن الرفع المالي يؤثر إيجاباً على الربحية في الشركات محل الدراسة، حيث يفسر الرفع المالي 55.4% من التغير في الربحية.
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كيف يؤثر الرفع المالي على السيولة في الشركات محل الدراسة؟
الرفع المالي يؤثر سلباً على السيولة في الشركات محل الدراسة، حيث يفسر الرفع المالي 27.7% من التغير في السيولة.
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ما هي التوصيات التي قدمتها الدراسة للشركات محل الدراسة؟
توصي الدراسة بضرورة تحقيق التوازن بين الرفع المالي وأثره على الربحية والسيولة، واستغلال الطاقات الإنتاجية لزيادة التدفق النقدي، وتقليل الاعتماد على التمويل بالقروض.
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ما هي المنهجية التي استخدمها الباحث في هذه الدراسة؟
استخدم الباحث المنهج الوصفي والتجريبي، واعتمد على برنامج SPSS 19 لتحليل البيانات واختبار الفرضيات.
References used
BRIGHAM, E.F. and EHRHARDT, M.C 2008 - Financial Management Theory and Practice , Florida: Harcourt ,Inc., 11th Edition
GIBSON , H . CHARLES , M 2007-Financial Reporting & Analysis ,10th edition, Thomson South – Western
HIRT G, S., BLOCK, B 1997- Foundations of Financial Management 8th ed. Business Horizons, New York
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