اثر المحتوى المعلوماتي لإعلانات اعادة شراء الاسهم في اسعارها اعتماداً على نمط الاسهم
الكلمات المفتاحية:
إعلانات اعادة شراء الاسهم، نمط الاسهمالملخص
هدفت هذه الدراسة الى تسليط الضوء لبيان اثر اعلان اعادة شراء الاسهم العادية في اسعارها باطار نظرية الاشارة اعتمادا على نمط الاسهم , والدور الذي تلعبه هذه النظرية في تفسير معالجة عدم التماثل المعلوماتي وبالشكل الذي يسهم في رفع كفاءة السوق , وتوافر المعلومات لمساعدة المستثمرين باتخاذ قرارات اكثر دقة , فإعادة الشراء تعد كإشارة ايجابية مرسلة الى السوق تعبر عن انخفاض اسعار الاسهم دون قيمتها الحقيقية . وتمحورت الدراسة على بعدين رئيسين للمشكلة والتي صيغت لأجلها الفرضيتين الآتيتين :
• ليس لنمط السهم علاقة بقوة الاشارة المرسلة لسوق المال عبر اعلان اعادة الشراء .
• ان سوق الكويت للأوراق المالية ليست كفوءة بالمستوى نصف القوي في الاستجابة للمحتوى المعلوماتي لإعلان اعادة الشراء .
وتكونت عينة الدراسة من 170 اعلاناً من 65 شركة مدرجة في سوق الكويت للأوراق المالية للمدة من 1/1/2012 الى 24/4/2015. ومن الجدير بالذكر ان اختيار سوق الكويت للأوراق المالية جاء وسيلة وليس غاية , اذ ان الغاية الاساس هو دراسة سوق العراق للأوراق المالية لكن ولأسباب فنية ترتبط بغياب الوعي العلمي اللازم لبرامج اعادة الشراء من جانب الشركات من جهة ومن جانب المتعاملين في السوق من جهة اخرى , انعدم استخدام هذه الالية المبدعة لسياسة الدفع وغابت معها المزايا المتعددة التي يمكن ان تأتي بها لجميع الاطراف والتي تبدأ بمصالح المستثمر الفردي ولا تنتهي عند رأب فجوة عدم التماثل المعلوماتي والارتقاء بكفاءة السوق التخصيصية لموارد الاقتصاد النادرة .
وباستعمال عدد من الأساليب المالية والاحصائية باستعمال برنامج EXCEL)) من أجل تحليل متغيرات الدراسة واختبار فرضياتها , وتوصلت الدراسة إلى عدد من الاستنتاجات لعل من أهمها ان لنمط السهم علاقة بقوة الاشارة المرسلة لسوق المال عبر اعلان اعادة الشراء , واستدل على ذلك عبر نتائج متوسطات العائدات غير العادية المتراكمة (CAAR) لاسهم القيمة مقابل اسهم النمو . اذ أن الغلبة من حيث الحجم والاتجاه كانت لاسهم القيمة وبفارق كبير , وهذا يتعارض مع الفرضية الاولى للدراسة . كما أثبتت النتائج الاستجابة غير الكفوءة ( متحيزة وبطيئة وغير تامة) من سوق الكويت للأوراق المالية للمحتوى المعلوماتي لإعلان اعادة الشراء , ما يؤكد عدم كفاءة السوق بالشكل نصف القوي وهذا يدعم صحة فرضية الدراسة الثانية . وبناءً على ذلك خرجت الدراسة بعدد من التوصيات لعل من اهمها ضرورة الاعتماد على نظرية الاشارة لاسيما في الاسواق المالية غير الكفوءة لتقليل مشكلة عدم التماثل المعلوماتي بين المطلعين والمستثمرين الخارجيين .
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