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Register a new userThe Impact of Financing Decisions on Profitability "An Applied Study on Textile Industry companies"
أثر القرار التمويلي في الربحية "دراسة تطبيقية على شركات صناعة النسيج في سورية"
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Tishreen University ورقة بحثية
Publication date
2018
fields
Financial
and research's language is
العربية
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Shamra Editor
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يهدف هذا البحث إلى دراسة أثر القرار التمويلي (Financial Decision) على الربحية في شركات الصناعة النسيجية في الساحل السوري خلال الفترة (2000-2016) و هي ثلاث شركات غير مدرجة في سوق دمشق للأوراق المالية. و قد تم قياس القرار التمويلي بكل من نسبة الديون الإجمالية إلى إجمالي الأصول (Total Debt to Total assets) (TD)، و الربحية بكل من معدل العائد على الأصول (Return on Assets) (ROA) و معدل العائد على حقوق الملكية (Return on Equity) (ROE) و معدل العائد على رأس المال (Return on Capital) (ROC). و قد تم الاعتماد على سلسلة من البيانات المالية السنوية للشركات الثلاث خلال الفترة المدروسة (Panel Data). و بهدف تقدير نماذج الدراسة تم استخدام اختبار جذر الوحدة لاختبار استقراريه المتغيرات المدروسة. و بعد التأكد من استقراريتها تم تقدير نماذج الانحدار باستخدام طريقة المربعات الصغرى العادية. و قد توصلت الدراسة إلى نتائج عديدة أهمها أن للديون أثر سلبي في الربحية على اختلاف النسب المستخدمة في قياس كل من الديون و الربحية.
The purpose of this research is to study the impact of the financing decision (FD) on profitability in the textile industry companies in the Syrian coast during the period (2000- 2016), which are three companies not listed on the Damascus Stock Exchange. The financing decision was measured in terms of ratio of total debt to total assets (TD), Profitability was measured by return on assets (ROA), return on equity (ROE) and return on capital (ROC). A series of annual financial statements of the three companies were used during the period reviewed (Panel Data). In order to estimate the models of the study, the unit root test was applied to test the stability of the studied variables. After confirming their stability, the regression models were estimated using the normal lower squares method. The study reached several results, the most important of which is that the debt has a negative impact on profitability in different ratios used to measure both debt and profitability.
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Research summary
تهدف هذه الدراسة إلى تحليل تأثير القرارات التمويلية على ربحية شركات صناعة النسيج في الساحل السوري خلال الفترة 2000-2016. تم اختيار ثلاث شركات غير مدرجة في سوق دمشق للأوراق المالية كعينة للدراسة. تم قياس القرارات التمويلية بنسبة الديون الإجمالية إلى إجمالي الأصول (TD)، بينما تم قياس الربحية باستخدام معدل العائد على الأصول (ROA)، معدل العائد على حقوق الملكية (ROE)، ومعدل العائد على رأس المال (ROC). استخدمت الدراسة بيانات مالية سنوية وتم تقدير نماذج الانحدار باستخدام طريقة المربعات الصغرى العادية بعد التأكد من استقرارية المتغيرات. أظهرت النتائج أن للديون تأثير سلبي على الربحية بمختلف مقاييسها. كما تبين أن الأزمة السورية لم يكن لها تأثير كبير على نتائج الدراسة. توصي الدراسة بإعادة النظر في الهياكل التمويلية للشركات لتحسين الربحية والاعتماد على مصادر تمويل داخلية بدلاً من الخارجية.
Critical review
دراسة نقدية: تعتبر هذه الدراسة مهمة لأنها تسلط الضوء على تأثير القرارات التمويلية على ربحية قطاع حيوي في الاقتصاد السوري. ومع ذلك، هناك بعض النقاط التي يمكن تحسينها. أولاً، اقتصرت الدراسة على ثلاث شركات فقط، مما قد يحد من تعميم النتائج على القطاع بأكمله. ثانياً، لم تأخذ الدراسة في الاعتبار تأثير العوامل الخارجية الأخرى مثل التغيرات في أسعار المواد الخام أو السياسات الحكومية التي قد تؤثر على الربحية. ثالثاً، كان من الممكن أن تكون الدراسة أكثر شمولية إذا تضمنت شركات من محافظات أخرى أو شركات خاصة. وأخيراً، كان من المفيد استخدام تقنيات إحصائية متقدمة أخرى لتحليل البيانات بشكل أكثر دقة.
Questions related to the research
-
ما هو الهدف الرئيسي من هذه الدراسة؟
الهدف الرئيسي هو دراسة تأثير القرارات التمويلية على ربحية شركات صناعة النسيج في الساحل السوري خلال الفترة 2000-2016.
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ما هي المقاييس المستخدمة لقياس الربحية في هذه الدراسة؟
تم قياس الربحية باستخدام معدل العائد على الأصول (ROA)، معدل العائد على حقوق الملكية (ROE)، ومعدل العائد على رأس المال (ROC).
-
ما هي النتائج الرئيسية التي توصلت إليها الدراسة؟
توصلت الدراسة إلى أن للديون تأثير سلبي على الربحية بمختلف مقاييسها، وأن الأزمة السورية لم يكن لها تأثير كبير على نتائج الدراسة.
-
ما هي التوصيات التي قدمتها الدراسة لتحسين ربحية الشركات؟
توصي الدراسة بإعادة النظر في الهياكل التمويلية للشركات لتحسين الربحية والاعتماد على مصادر تمويل داخلية بدلاً من الخارجية.
References used
Abbas, A.; Bashir, Z.; Manzoor, S.; and Akram, M. N. (2013). Determinants of Firm’s Financial Performance: An Empirical Study on Textile Sector of Pakistan. Business and Economic Research, Vol. 3, No. 2, pp. 76-86
Adhikari, N. (2015). Determinants of Systematic Risk for Companies Listed on Nepal Stock Exchange. Global Journal of Management and Business Research: C Finance, Vol. 15, Issue 5, pp. 74-83
Ahmad, W.; Ahmed, T.; and Shabbir, G. (2015). Determinants of Textile Firms’ Profitability in Pakistan. Forman Journal of Economic Studies, Vol. 11, pp. 87-101
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