اثر فناوری اطلاعات و ارتباطات بر رشد بازار سرمایه؛ شواهد تجربی از بورس اوراق بهادارتهران

نوع مقاله: مقاله پژوهشی

نویسندگان

1 دانشیار، گروه اقتصاد، دانشکده اقتصاد و علوم اجتماعی، دانشگاه بوعلی سینا، همدان، ایران

2 دانشجوی کارشناسی ارشد حسابداری، دانشکده ادبیات و علوم انسانی، رشت ، دانشگاه گیلان

چکیده

بسیاری از اقتصاددانان، کندی رشد اقتصادی در بازارهای مالی کشورهای در حال توسعه را به ناکارآمدی و توسعه نیافتگی بخش فناوری اطلاعات و ارتباطات نسبت داده و اصلاحات نظام­مند این بخش را برای دستیابی به رشد اقتصادی بیشتر و سریع‏تر توصیه می­کنند. هدف از این مطالعه، بررسی تأثیر رشد فناوری اطلاعات و ارتباطات در رشد بازار سرمایه ایران بر اساس شواهد تجربی گرفته شده از بازار بورس اوراق بهادار تهران طی سال‏های 1391 الی 1393 است. برای این منظور از متغیرهای مستقل شامل تعداد کاربران معاملات برخط، حجم معاملات بر خط، تعداد اطلاعیه های منتشر شده و کاربران مراجعه کننده به سامانه بازار بورس، مقدار هزینه­های انجام شده در حوزه فناوری اطلاعات و ارتباطات (ICT)، نسبت فعالان بازار سرمایه به تعداد کاربران بازار سرمایه و نسبت معاملات بر خط یا آنلاین به حجم کل معاملات استفاده شد تا به بررسی تاثیر عوامل یاد شده بر متغیر وابسته یعنی شاخص رشد بازار سرمایه بر مبنای حجم ریالی و حجم مقداری سهام معامله شده در بورس اوراق بهادار تهران بپردازیم. با استفاده از تحلیل رگرسیون چند متغیره و آزمون فرضیه­های پژوهش، یافته‏های پژوهش بیانگر این واقعیت است که ابزار و تجهیزات مرتبط با مقوله فناوری اطلاعات و ارتباطات (ICT) اثر مثبت و معنی‏داری بر رشد بازار سرمایه بورس اوراق بهادار کشور طی دوره مورد مطالعه داشته است. البته در نوع استفاده از روشهای متفاوت در شفاف سازی اطلاعات نیز تفاوت معنی‏دار مشاهده می‏گردد.

کلیدواژه‌ها


عنوان مقاله [English]

Impact of ICT development on Capital Market Growth; Evidences from Tehran Stock Exchange

نویسندگان [English]

  • amid Sepehrdoust 1
  • Leili Sadri 2
1 1. Associate Prof., Faculty of Economics and Social Sciences, Bu-Ali Sina University, Hamedan, Iran.
2 2. MSc. Student of Accountancy.Faculty of Human Science, Guilan University ، Rasht Iran
چکیده [English]

 
 
Many economists, attribute the slowing growth of financial markets to ICT sector inefficiency; therefore the purpose of this study is to find out the effect of ICT development on Growth of capital markets in Iran, using empirical evidences of Tehran Stock Exchange for the time period of 2012 to 2014. For this purpose, a multivariate regression (OLS) model was used to analyze the impact of independent ICT variables such as number of online transactions users, amount of online trading volume, number of electronic published stock exchange notices for exchange users, total amount of ICT expenditure costs, the ratio of capital market active users to total number of stock exchange users and the ratio of online transactions to total number of transactions occurred during the period of study on dependent variable of capital markets growth rate in Tehran Stock Exchange. The results imply that there is a direct and meaningful relationship between ICT tools and equipments and capital markets growth rate in Tehran Stock Exchange which ultimately increases transactions and traders quantity at the end. But the results showed also a distinct result for using different methods of information economics transparency in the Stock Exchange market.
 

کلیدواژه‌ها [English]

  • Capital Market
  • Communications Information Technology
  • Growth
  • Tehran Stock Exchange
AbdollahZadeh, R. (2009).Information Technology and its Role in Financial Markets. Proceeding of Innovation and Technology management Symposium, Tehran, Iran. (In Persian)

Bhunia, A. (2011).An Impact of ICT on the Growth of Capital Market-Empirical Evidence from Indian Stock Exchange. Journal of Information and knowledge Management.

Chained, B. E., Uehenna, E. and Uoghalu, I.M. (2009). Capital Market Growth and Information Technology: Empirical Evidence from Nigeria, International Journal of Business and Economics Perspectives Vol.4, No.1, 2009.

Devina, R. Z. (2010).The Impact of Internet Financial Reporting on Stock Prices Moderated; by Corporate Governance; Evidences from Indonesia Capital Market. Electronic Copy Available At: http:// ssrn.com.

Erfani, A., Akbarzada, S. and Nodh Frahany, M. (1391). Comparison of the effects of ICT on economic growth of developed countries and underdeveloped. Journal of Economy and Regional Development, 19 (3), 56-75.

Etamadi, H., Elahi, S. and Hasanaghaee, K. (2006). The Impact of Information Technology on Qualitative Characteristics of Accountancy Information, Journal of Accountancy, No. 43, Pp. 3-24. (In Persian)

Fattahi, R. (2003).An Analysis of Information System Value Added Bibliography and Publicity,Quqrterly Journal, 6(2) Pp. 1-28. (In Persian)

Ferguson, C., Finn, F. and Hall, J. (2005). Electronic Commerce Investments; the Resource- Based View of the Firm, and Firm Market Value" International Journal of Accounting Information Systems, Vol. 6, pp. 5-29.

Gerald Fitz, J. and Gerald, A. (1981). Fundamental of system analysis: Using structured analysis and design techniques, 3rd Edition, Nework: John Wiley and Sons Inc.

Ghali, K. H. (2008). Financial Development and Economic Growth: The Tunisian Experience, Review of Development Economics, vol.3, issue 3, pages 310-22.

Hadidchi, K. (2010).The Impact of Information technology in treatment and library centers on Health quality improvement, M sc. Dissertation, Hameda Islamic University, Hamedan. (in Persian)

 Kashani, F. (2001).A Complementary Study of Financial Institutions. Banking and Monitary Research Center. Tehran, Iran. (In Persian)

Khuong, V. M. (2014). Information and Communication Technology (ICT) and Singapore’s Economic Growth. Lee Kuan Yew (LKY) School of public policy, www.lkyspp.nus.edu.sg.

Lucas, H.C., Oh, W., Simon, G., and Weber, B. (2002). Information Technology and the New York Stock Exchange and Strategic Resources from 1982-1991.

Madhooshi, M. (2008).Impact of Information and Communication Technology on Tehran Stock Exchange. Six th International Management Conference, Tehran. Iran. (In Persian)

Mithas, S. Krishnan, M.S. and Fornel, C. (2005). Effect of Information Technology Investments on Customer Satisfaction: Theory and Evidences. Ross School of Business Working Paper Series Working Paper No. 971.

Moradi, M. A., Kebriyae, M. and Ganji, M. (1392). The impact of ICTs on economic growth in Islamic countries. Journal of Economics and Modern Business, 4 (29 and 30), 79-108.

Nabavi, F., Fattahi, R. and Tajadod, N. (2007).Information Technology, Communication and Networks, Standards and Protocols. Ketabdar Publication, Tehran, Iran. (In Persian)

Namazi, M. and Nazemi, A. (2005). An Analytical Study of the researches on Tehran Stock Exchange. Financial Research Journal, 7(1), P. 66. (In Persian)

Naserbakht, N. and Albadavi, A. (2009).Role of Information Technology in Market learning Capability; Iran Banking Industry. Journal of Sharif, No. 45, Pp. 1-6. (In Persian)

Niebel, T. (2014). ICT and Economic Growth: Comparing Developing, Emerging and Developed Countries. ZEW Discussion Papers14-117, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.

 Quah, D. (2003). Digital Goods and the new economy. Center for Economic performance, London School of Economics and political Science.

Rastad, M. (2001).Financial Development and Economic Growth; a comparative Study of Oil Exporting Countries and Asian Sought East Countries.MA Dissertation, Research and Planning Institute, Tehran, Pp. 1-87. (In Persian)

Salmani, B. and Amiri, B. (2009). Financial development and economic growth: the case of developing countries. Journal of Quantitative Economics, 6 (4): 125-145.

Sarlak, H. (2004).The Effect of Technology and Information Transparency on Capital Market Efficiency.Proceeding of National Symposium of Accountancy, Tehran, Iran. (In Persian)

Sepehrdoust, H. and Khodaee, H. (2012). The Employment Effect of ICTs in the Organization of Islamic Conference. Trends in Applied Sciences Research, 7: 550-557. (In Persian)

Singh, A., and Weisse, B. (2000). Information Technology; Venture Capital and the Stock Market, A paper prepared as a background paper for the International Labor Organization’s World Employment Report 2000-2001.

Tahor, A. (2011).A study of the Information Technology Effect on Financial Market Efficiency.MA Dissertation in Accountancy.Azad University, Hamedan, Iran. (In Persian)

Yartey, C.A., and Adjani, C. K. (2007). Stock Market development in Sub-Saharan Africa: Critical Issues and Challenges.IMF Working Paper Series wp/07/209.

AbdollahZadeh, R. (2009).Information Technology and its Role in Financial Markets. Proceeding of Innovation and Technology management Symposium, Tehran, Iran. (In Persian)

Bhunia, A. (2011).An Impact of ICT on the Growth of Capital Market-Empirical Evidence from Indian Stock Exchange. Journal of Information and knowledge Management.

Chained, B. E., Uehenna, E. and Uoghalu, I.M. (2009). Capital Market Growth and Information Technology: Empirical Evidence from Nigeria, International Journal of Business and Economics Perspectives Vol.4, No.1, 2009.

Devina, R. Z. (2010).The Impact of Internet Financial Reporting on Stock Prices Moderated; by Corporate Governance; Evidences from Indonesia Capital Market. Electronic Copy Available At: http:// ssrn.com.

Erfani, A., Akbarzada, S. and Nodh Frahany, M. (1391). Comparison of the effects of ICT on economic growth of developed countries and underdeveloped. Journal of Economy and Regional Development, 19 (3), 56-75.

Etamadi, H., Elahi, S. and Hasanaghaee, K. (2006). The Impact of Information Technology on Qualitative Characteristics of Accountancy Information, Journal of Accountancy, No. 43, Pp. 3-24. (In Persian)

Fattahi, R. (2003).An Analysis of Information System Value Added Bibliography and Publicity,Quqrterly Journal, 6(2) Pp. 1-28. (In Persian)

Ferguson, C., Finn, F. and Hall, J. (2005). Electronic Commerce Investments; the Resource- Based View of the Firm, and Firm Market Value" International Journal of Accounting Information Systems, Vol. 6, pp. 5-29.

Gerald Fitz, J. and Gerald, A. (1981). Fundamental of system analysis: Using structured analysis and design techniques, 3rd Edition, Nework: John Wiley and Sons Inc.

Ghali, K. H. (2008). Financial Development and Economic Growth: The Tunisian Experience, Review of Development Economics, vol.3, issue 3, pages 310-22.

Hadidchi, K. (2010).The Impact of Information technology in treatment and library centers on Health quality improvement, M sc. Dissertation, Hameda Islamic University, Hamedan. (in Persian)

 Kashani, F. (2001).A Complementary Study of Financial Institutions. Banking and Monitary Research Center. Tehran, Iran. (In Persian)

Khuong, V. M. (2014). Information and Communication Technology (ICT) and Singapore’s Economic Growth. Lee Kuan Yew (LKY) School of public policy, www.lkyspp.nus.edu.sg.

Lucas, H.C., Oh, W., Simon, G., and Weber, B. (2002). Information Technology and the New York Stock Exchange and Strategic Resources from 1982-1991.

Madhooshi, M. (2008).Impact of Information and Communication Technology on Tehran Stock Exchange. Six th International Management Conference, Tehran. Iran. (In Persian)

Mithas, S. Krishnan, M.S. and Fornel, C. (2005). Effect of Information Technology Investments on Customer Satisfaction: Theory and Evidences. Ross School of Business Working Paper Series Working Paper No. 971.

Moradi, M. A., Kebriyae, M. and Ganji, M. (1392). The impact of ICTs on economic growth in Islamic countries. Journal of Economics and Modern Business, 4 (29 and 30), 79-108.

Nabavi, F., Fattahi, R. and Tajadod, N. (2007).Information Technology, Communication and Networks, Standards and Protocols. Ketabdar Publication, Tehran, Iran. (In Persian)

Namazi, M. and Nazemi, A. (2005). An Analytical Study of the researches on Tehran Stock Exchange. Financial Research Journal, 7(1), P. 66. (In Persian)

Naserbakht, N. and Albadavi, A. (2009).Role of Information Technology in Market learning Capability; Iran Banking Industry. Journal of Sharif, No. 45, Pp. 1-6. (In Persian)

Niebel, T. (2014). ICT and Economic Growth: Comparing Developing, Emerging and Developed Countries. ZEW Discussion Papers14-117, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.

 Quah, D. (2003). Digital Goods and the new economy. Center for Economic performance, London School of Economics and political Science.

Rastad, M. (2001).Financial Development and Economic Growth; a comparative Study of Oil Exporting Countries and Asian Sought East Countries.MA Dissertation, Research and Planning Institute, Tehran, Pp. 1-87. (In Persian)

Salmani, B. and Amiri, B. (2009). Financial development and economic growth: the case of developing countries. Journal of Quantitative Economics, 6 (4): 125-145.

Sarlak, H. (2004).The Effect of Technology and Information Transparency on Capital Market Efficiency.Proceeding of National Symposium of Accountancy, Tehran, Iran. (In Persian)

Sepehrdoust, H. and Khodaee, H. (2012). The Employment Effect of ICTs in the Organization of Islamic Conference. Trends in Applied Sciences Research, 7: 550-557. (In Persian)

Singh, A., and Weisse, B. (2000). Information Technology; Venture Capital and the Stock Market, A paper prepared as a background paper for the International Labor Organization’s World Employment Report 2000-2001.

Tahor, A. (2011).A study of the Information Technology Effect on Financial Market Efficiency.MA Dissertation in Accountancy.Azad University, Hamedan, Iran. (In Persian)

Yartey, C.A., and Adjani, C. K. (2007). Stock Market development in Sub-Saharan Africa: Critical Issues and Challenges.IMF Working Paper Series wp/07/209.

AbdollahZadeh, R. (2009).Information Technology and its Role in Financial Markets. Proceeding of Innovation and Technology management Symposium, Tehran, Iran. (In Persian)

Bhunia, A. (2011).An Impact of ICT on the Growth of Capital Market-Empirical Evidence from Indian Stock Exchange. Journal of Information and knowledge Management.

Chained, B. E., Uehenna, E. and Uoghalu, I.M. (2009). Capital Market Growth and Information Technology: Empirical Evidence from Nigeria, International Journal of Business and Economics Perspectives Vol.4, No.1, 2009.

Devina, R. Z. (2010).The Impact of Internet Financial Reporting on Stock Prices Moderated; by Corporate Governance; Evidences from Indonesia Capital Market. Electronic Copy Available At: http:// ssrn.com.

Erfani, A., Akbarzada, S. and Nodh Frahany, M. (1391). Comparison of the effects of ICT on economic growth of developed countries and underdeveloped. Journal of Economy and Regional Development, 19 (3), 56-75.

Etamadi, H., Elahi, S. and Hasanaghaee, K. (2006). The Impact of Information Technology on Qualitative Characteristics of Accountancy Information, Journal of Accountancy, No. 43, Pp. 3-24. (In Persian)

Fattahi, R. (2003).An Analysis of Information System Value Added Bibliography and Publicity,Quqrterly Journal, 6(2) Pp. 1-28. (In Persian)

Ferguson, C., Finn, F. and Hall, J. (2005). Electronic Commerce Investments; the Resource- Based View of the Firm, and Firm Market Value" International Journal of Accounting Information Systems, Vol. 6, pp. 5-29.

Gerald Fitz, J. and Gerald, A. (1981). Fundamental of system analysis: Using structured analysis and design techniques, 3rd Edition, Nework: John Wiley and Sons Inc.

Ghali, K. H. (2008). Financial Development and Economic Growth: The Tunisian Experience, Review of Development Economics, vol.3, issue 3, pages 310-22.

Hadidchi, K. (2010).The Impact of Information technology in treatment and library centers on Health quality improvement, M sc. Dissertation, Hameda Islamic University, Hamedan. (in Persian)

 Kashani, F. (2001).A Complementary Study of Financial Institutions. Banking and Monitary Research Center. Tehran, Iran. (In Persian)

Khuong, V. M. (2014). Information and Communication Technology (ICT) and Singapore’s Economic Growth. Lee Kuan Yew (LKY) School of public policy, www.lkyspp.nus.edu.sg.

Lucas, H.C., Oh, W., Simon, G., and Weber, B. (2002). Information Technology and the New York Stock Exchange and Strategic Resources from 1982-1991.

Madhooshi, M. (2008).Impact of Information and Communication Technology on Tehran Stock Exchange. Six th International Management Conference, Tehran. Iran. (In Persian)

Mithas, S. Krishnan, M.S. and Fornel, C. (2005). Effect of Information Technology Investments on Customer Satisfaction: Theory and Evidences. Ross School of Business Working Paper Series Working Paper No. 971.

Moradi, M. A., Kebriyae, M. and Ganji, M. (1392). The impact of ICTs on economic growth in Islamic countries. Journal of Economics and Modern Business, 4 (29 and 30), 79-108.

Nabavi, F., Fattahi, R. and Tajadod, N. (2007).Information Technology, Communication and Networks, Standards and Protocols. Ketabdar Publication, Tehran, Iran. (In Persian)

Namazi, M. and Nazemi, A. (2005). An Analytical Study of the researches on Tehran Stock Exchange. Financial Research Journal, 7(1), P. 66. (In Persian)

Naserbakht, N. and Albadavi, A. (2009).Role of Information Technology in Market learning Capability; Iran Banking Industry. Journal of Sharif, No. 45, Pp. 1-6. (In Persian)

Niebel, T. (2014). ICT and Economic Growth: Comparing Developing, Emerging and Developed Countries. ZEW Discussion Papers14-117, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.

 Quah, D. (2003). Digital Goods and the new economy. Center for Economic performance, London School of Economics and political Science.

Rastad, M. (2001).Financial Development and Economic Growth; a comparative Study of Oil Exporting Countries and Asian Sought East Countries.MA Dissertation, Research and Planning Institute, Tehran, Pp. 1-87. (In Persian)

Salmani, B. and Amiri, B. (2009). Financial development and economic growth: the case of developing countries. Journal of Quantitative Economics, 6 (4): 125-145.

Sarlak, H. (2004).The Effect of Technology and Information Transparency on Capital Market Efficiency.Proceeding of National Symposium of Accountancy, Tehran, Iran. (In Persian)

Sepehrdoust, H. and Khodaee, H. (2012). The Employment Effect of ICTs in the Organization of Islamic Conference. Trends in Applied Sciences Research, 7: 550-557. (In Persian)

Singh, A., and Weisse, B. (2000). Information Technology; Venture Capital and the Stock Market, A paper prepared as a background paper for the International Labor Organization’s World Employment Report 2000-2001.

Tahor, A. (2011).A study of the Information Technology Effect on Financial Market Efficiency.MA Dissertation in Accountancy.Azad University, Hamedan, Iran. (In Persian)

Yartey, C.A., and Adjani, C. K. (2007). Stock Market development in Sub-Saharan Africa: Critical Issues and Challenges.IMF Working Paper Series wp/07/209.