1395 1 6 2 *1 1 -1 -2 1394/12/18 : 1393/10/15 . . . . . 1392 1388 146 . . E-mail: [email protected] . . . * 1395 1 6 _________________________ . . : . -1 . .[387 1] . .[219 2] . . .[135 .[58 3] 4] . 50 __________________ ... -2 . . .[49 5] . . . . . (2004) 1 .[196 .[689 6] 7] (2009) 2 . . .[370 . 90 . 70 1. Chen et al. 2. Gosh et al. 51 8] 1395 1 6 .[28 _________________________ 9] . . . .[212 (2013) 10] . . .[115 . 11] ) . ( . .[743 12] -3 (1390) . 52 __________________ ... .[75 13] (1390) . (1391) (1393) .[53 .[12 14] 15] . . .[67 16] (1393) .[181 2 .[559 17] . (2009) 1 18] ( (2010) 1. Kiong Ting et al. 2. Nogueira et al. 3. Junior et al. 53 (2010) ) . [1 19] 1395 1 6 _________________________ ( ) (2011) 1 .[39 . (2012) 2 (2014) 3 20] .[537 .[278 22] 21] . .[66 23] .[139 (2015) 4 24] . . . ( ) . . . . . 1. Lango et al. 2. Fariha Abdullag et al. 3 Qadri & Waheed 4 Ooi et al. 54 __________________ ... . . . . . . ) . . ( . .[28 . 9] -4 . 55 1395 1 6 _________________________ . .[738 .[13 12] 15] . -5 . . 1965 .[904 .[68 .[341 27] ( .[263 .[364 ) (1987) 1 28] 29] . 1 26] 25] Celmins 56 __________________ ... ... . ... . . . . Y= A +A x +A x +A x x = (x , x , … , x ) . Y A = {A , A , … , A } y ,x ,..., y ,x . A ,…,A ,A . . a s ( A(x) = s ks x a , a , a . s A = (a, s , s ) A k) s = ks s s . :[73 x< a + ks 57 s 30] 1395 1 6 _________________________ A = (a, s ) A s A(x) = s x a , a , x< a a+s . . . Y Y y .[54 ( ( s (x )Y Y (j = 1,2, … , m) h h, j = 1,2, … , m 31] Min z = 2ms + 2 s. t. s =s =s h)s + (1 h)s + (1 h) h) 0 i = 0,1, … , n (s s x s x |x |) a +a + ax ax 58 y j = 1, … , m y j = 1, … , m y __________________ ... . Min z = (1 + k )ms + s. t. ( ( s h)s + (1 h)k s + (1 h) 0 i = 0,1, … , n h) i |x |) ((1 + k )s s x ks x a x j ax +a + . ax y j = 1, … , m y j = 1, … , m i j . . 10 9 x (MSE) h . . SW = + 1 HCE + 2 FS + 3 ROA + 4 LEV + £i FS HCE SW . :( £ ) 59 LEV ROA ( 1395 1 6 _________________________ . . . . :[58 = 14] ×( ( -WACC) ) WACC WACC = (K e × P e) +[ (1-t) (Ki × Pi) ] t Ke Pe . Ki : . . . Ke = Pi D +g P g :[243 P D 32] = × (1 60 ) __________________ ... . = = + + : :( ) ( VA HCE = HC HC VA HCE . VA=OP + EC + D + A D EC OP . VA A :( . ) ( :( ) ( . = :( . 61 ) ( 1395 1 6 _________________________ = 1 1 -1-5 1388 . . 1388 -1 . -2 . -3 . ( - 730) -4 146 . 62 (1392 1388) __________________ ... -6 . 2 -1-6 . . 2 0/62 0/14 13/26 12/22 1/11 0/63 0/12 13/19 9/71 0/21 0/16 0/11 1/36 8/87 4/86 0/16 - 0/11 10/09 0/31 0/0001 0/94 0/52 18/54 46/13 99/32 . . -2-6 . 63 1395 1 6 _________________________ SW = A + A HCE + A FS + A ROA + A LEV FS A1 = HCE SW A0 =(a0 , S0) LEV ROA : z = 2 730S + 2S (ai, si)i=(1,2,3,4) |x | + 2S |x | + 2S |x | + 2S 1460 |x | 2 1420 . z h LINGO . 3 ( , ) H 3 0/1 0/28 3/09 480/46 0/2 0/31 3/49 542/01 0/3 0/36 3/99 621/15 0/4 0/42 4/67 726/66 0/5 0/51 5/62 874/39 0/6 0/64 7/05 1095/97 0/7 0/86 9/43 1465/28 0/8 1/29 14/18 2203/90 0/9 2/59 28/44 4419/76 h(0,1) a0 = -0/25102 i=0,1,2,3,4 ,ai aHCE =0/08120 Si aFS= 0 64 aROA=0/18106 aLEV=0 __________________ ... . 1 COA MSE MSE . 4 4 MSE H 0/1 0/08 0/12 0/03200 0/2 0/08 0/10 0/03232 0/3 0/07 0/08 0/03159 0/4 0/08 0/06 0/03249 0/5 0/08 0/05 0/03222 0/6 0/08 0/04 0/03243 0/7 0/08 0/03 0/03239 0/8 0/08 0/01 0/03224 0/9 0/07 0/01 0/03079 . . 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