სტატიები
ტომი 20, 1(29), 2025, Volume 20, Issue 1(29), 2025
© 2025

ნიგერიის ლისტინგური კომპანიების აქციების ფასებზე მოქმედი ფაქტორების კვლევა

ავტორები: ემანუელ ოიასორი

საკვანძო სიტყვები: აქციების ფასი; სპეციფიკური მახასიათებლები; მაკროეკონომიკური ცვლადები; პოლიტიკური მოვლენა; სამომხმარებლო საქონლის ფირმები.

J.E.L. Classification: B22, D53, E44

DOI: https://doi.org/10.52244/ep.2025.29.01

ციტირებისათვის: Oyasor E., (2025) Firm-specific and macroeconomic determinants of share pricing of listed firms in Nigeria (in English). Economic Profile, Vol. 20, 1(29), p. 7–20. DOI: https://doi.org/10.52244/ep.2025.29.01

ანოტაცია.

წარმოდგენილმა კვლევამ შეისწავლა ნიგერიული ფირმების აქციების ფასებზე მოქმედი სპეციფიკური და მაკროეკონომიკური დეტერმინანტები. კვლევა ფოკუსირებული იყო სამომხმარებლო საქონლის მწარმოებელი ფირმების მონაცემებზე, რომლებიც ამოღებულ იქნა თვრამეტი ფირმის  წლიური აუდიტორული ანგარიშებიდან (2010 წლიდან 2022 წლამდე). მაკროეკონომიკური მონაცემები ასევე მოპოვებულია მსოფლიო ბანკის მონაცემთა ბაზიდან და ნიგერიის ცენტრალური ბანკის სტატისტიკური ბიულეტენიდან. მონაცემების გასაანალიზებლად გამოყენებულ იქნა მომენტების გენერალიზებული მეთოდი (GMM). დასკვნით ნაწილში ნაჩვენებია დივიდენდის გადახდისა და აქციების ფასებზე დადებითი ეფექტი, შესაბამისად 1% და 5% მნიშვნელობის დონეზე.

აღმოჩნდა, რომ აქტივებზე ანაზღაურებამ და ფირმის ზრდამ უარყოფითად იმოქმედა აქციების ფასებზე, შესაბამისად, 1% და 10% მნიშვნელოვნების დონეზე. ასევე, ფულის მასამ უარყოფითი გავლენა მოახდინა 1%-იან მნიშვნელოვნების დონეზე, ხოლო ნედლი ნავთობის ფასმა დადებითი ეფექტი 10%-იან მნიშვნელოვნების დონეზე. შედეგმა ასევე აჩვენა, რომ პოლიტიკურმა მოვლენამ უარყოფითი გავლენა მოახდინა აქციების ფასებზე 1%-იან მნიშვნელოვნების დონეზე.

კვლევამ დაასკვნა, რომ ფირმის სპეციფიკური ფაქტორები და მაკროეკონომიკური ცვლადები მნიშვნელოვნად მოქმედებს ნიგერიაში სამომხმარებლო საქონლის ჩამოთვლილი ფირმების აქციების ფასებზე.

კვლევამ რეკომენდაცია გაუწია პოტენციურ ინვესტორებს სექტორში საინვესტიციო გადაწყვეტილების მიღებისას გაითვალისწინონ დივიდენდების გადახდასთან, ფირმის ზრდასთან, ფულის მიწოდებასთან და ნედლი ნავთობის ფასთან დაკავშირებული ასპექტები.

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