بررسی تنوع‌بخشی بانکیبر ارزشگذاری در بازار سهام ایران: رهنمودهایی برای بانک کشاورزی

فصلنامه علمی -پژوهشی تحقیقات اقتصاد کشاورزی

مقاله 10، دوره 12، شماره 48، بهمن 1399، صفحه 205-216   

نوع مقاله: مقاله پژوهشی

نویسنده

محمد خیری^*

رئیس دانشگاه پیام نور استان هرمزگان

تاریخ دریافت: 08 اسفند 1397،  تاریخ بازنگری: 07 اردیبهشت 1398،  تاریخ پذیرش: 19 مرداد 1399 

چکیده

تنوع‌بخشی بانکی از نتایج مهم جهانی‌شدن صنعت بانکداری و ایجاد رقابت در این صنعت است. این مقاله به طور تجربی تأثیرتنوعبخشی را بر ارزشگذاری بانک‌ها در بازار سهام ایران بررسیمی‌کند. از این رو بررسی ارتباط تنوع‌بخشی بانکی و ارزشگذاری در بازار سهام با داده‌های بانک‌های پذیرفته شده در بورس اوراق بهادار تهران طی دوره زمانی 1395-1389 صورت می‌گیرد. در این مقاله، از Q توبین برای شاخص ارزشگذاری در بازار سهام و از سهم درآمدهای بدون بهره‌ای برای شاخص تنوع‌بخشی بانکی استفاده می‌شود. نتایج تجزیهوتحلیلداده‌ها با استفاده از روش داده-های ترکیبینشانمی‌دهد تنوع‌بخش بانکی اثر منفی بر ارزشگذاری بانک‌ها در بازار سهام دارد؛ بدین ترتیب که تنوع‌بخشی بانکی از این رو که بانک‌ها را با ورود به مسیر کسب و کار جدید در معرض ریسک‌های بالقوه قرار می‌دهد،ارزشگذاری بانک را در بازار سهام کاهش می‌دهد. از این رو، سیاست تنوع‌بخشی در بانک کشاورزی می بایست به گونه ای مدنظر قرار گیرد کهبانک کشاورزی را در معرض ریسک بیشتری قرارندهد.

کلیدواژه‌ها

بانک؛ تنوع پذیری؛ درآمدهای غیر بهره ای؛ داده های ترکیبی

عنوان مقاله [English]

Investigating Bank Diversification on Valuation in the Iranian Stock Market: Guidelines for Agricultural Bank

نویسندگان [English]

mohammad kheiry

Assistant Prof., Faculty of Economic and Management Payam Noor University, Tehran, Iran.

چکیده [English]

Bank diversification is one of the important results of the globalization of the banking industry and the creation of competition in this industry. This paper empirically examines the impact of diversification on the valuation of banks in the Iranian stock market. Therefore, the relationship between banking diversification and valuation in the stock market with the data of accepted banks in Tehran Stock Exchange during the period of 2010-2016 is considered. In this paper, Tobin Q is used for the stock market valuation index and the share of non interest earnings for the Bank's diversification index. The results of data analysis using the data panel method show that banking diversification has a negative effect on the banks' valuation in the stock market; thus, the diversification of the bank due to entering of banks to new business, creates potential risks and reduces the bank's valuation in the stock market. Hence, the policy of diversification in the agricultural bank should be taken in such a way that it does not expose the agricultural bank to greater risk.

کلیدواژه‌ها [English]

Bank, diversity, non-profit income, panel data

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