دراسة قدرة المؤشرات التقليدية والحديثة على تفسير الأداء المالي للمؤسسات الاقتصادية المسعرة في البورصة - دراسة حالة بورصة الجزائر للفترة (2000-2013) -

Abstract

This study aims to measure and compare the explanatory power of the indicators of traditional and modern for my organization Saidal and hotel Eurasian Almsartin in Algeria Stock Exchange financial performance, which is a traditional and modern independent variables and financial performance indicators as measured by returns on variable stock continued for the period 2000 – 2013, Correlation matrix was used to highlight the relationship between the indicators, as well as models of linear regression and nonlinear explanatory ability to see, based on the statistical programs and EVIEWS3.1 SPSS20. The study found there is a statistically significant relationship between the traditional financial performance indicators (return on equity, return on assets, return on investment, leverage, needed in working capital of exploitation) and modern (cash flow return on investment, with the exception of the economic value added and market value-added, which did not give a moral statistically significant) and between quoted equities and economic institutions in Algeria stock returns, but the traditional indicators are most able to interpret the changes in stock returns, and particularly the profitability ratios that exceeded the power of interpretation in which 50 per cent, and this compared Modern indices in which the proportion of interpretation does not exceed 14 per cent.