OʻZBEKISTON FOND BOZORIDA AKSIYADORLIK JAMIYATLARI KAPITAL TARKIBINI OPTIMALLASHTIRISH ORQALI BOZOR QIYMATINI OSHIRISHNING EMPIRIK TAHLILI
Keywords:
kapital tarkibi, bozor qiymati, aksiyadorlik jamiyati, Tobin’s Q, D/E nisbati, optimal leverej, kvadratik regressiya, fond bozori, korporativ moliya.Abstract
Maqolada Oʻzbekiston fond bozorida listingdan oʻtgan aksiyadorlik jamiyatlari misolida kapital tarkibining korxona bozor qiymatiga taʼsiri empirik jihatdan tadqiq etilgan. Umumlashtirilgan panel baholashdan farqli ravishda, tahlil har bir aksiyadorlik jamiyati uchun alohida tuzilgan kvadratik regressiya modellariga asoslanadi. Bunda bogʻliq oʻzgaruvchi sifatida Tobin’s Q va P/E multiplikatorlari, asosiy izohlovchi omil sifatida esa qarzning oʻz kapitaliga nisbati (D/E) va uning kvadrati qoʻllaniladi. Hisob-kitoblar bir qator aksiyadorlik jamiyatlarda qarz yuki bilan bozor qiymati oʻrtasida teskari U koʻrinishidagi chiziqsiz bogʻliqlik mavjudligini, yaʼni bozor qiymatini maksimallashtiruvchi muayyan optimal leverij darajasi shakllanishini koʻrsatdi. Xususan, ikki bank - HMKB va SQB boʻyicha barqaror optimal D/E oraligʻi (mos ravishda 5,25–5,37 va 6,69–6,84) aniqlangan boʻlsa, qator jamiyatlarda asosli maksimum kuzatilmadi. Olingan natijalar kapital tarkibini barcha emitentlar uchun yagona meʼyor asosida emas, balki har bir jamiyatning tarmoq xususiyati, aktivlar tarkibi va risk profilini hisobga olgan holda individual optimallashtirish zarurligini asoslaydi.
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