الفهرس | يوجد فقط 14 صفحة متاحة للعرض العام |
المستخلص In fact, the process of preparing financial statement is not a purpose in itself, but a means for delivering information to become beneficial for users in rational investment decision-making .Several authors think that the characteristics and nature of the disclosed information in financial statements differ due to difference in nature of the practiced economic activities by companies preparing these statements on one hand, and due to difference in economic, lawful political, and social factors dominant in the state on the other hand .It is worthily mentioned that several decisions made to allocate available resources are getting improved to great extent if the appropriate information are provided in accurate appropriate time and form .Regarding the stock market, the role of the accounting information in financial statements is associated with economic decisions either on the individual investor’s level or on the institutional investor’s level, paving the road for the market to fulfill its main role in optimal allocation of available resources .Research Problem :In terms of the increasing tendency of several world states towards applying the privatization policy in order to achieve several targets and advantages that may help fulfilling the targeted economic reformation ,accounting plays a critical role in executing a privatization program on all stages either it is in preparation stage, rescheduling debts, fiscal restructuring or during the execution stage and moving property to the private sector, even after that .In this regard, it could be claimed that the accounting information presented by the company before privatization to be moved to the private sector, doesn’t lose its value by being moved to the new investor, but these information are counted upon in making comparisons for identifying the company’s financial position after privatization. And since the privatization program requires accounting information based upon the market economic concepts, it may require accounting information during evaluation process and properties moving, also, after moving to the private sector; as in governmental projects, the social considerations come first in their priorities, while the main target of the private sector is to achieve profit first .In Libya, multiple companies are based upon non-economical bases, being based on social, political, and ideological considerations, as these public companies receive direct governmental aids in several forms :cash transformations, tax advantages, or in a form of credit in facilitated conditions and other traits .Applying privatization policy drives at stating principles of the free market may impose on the administration a disclosure of some items of the financial statements and presenting new information that develop remarkably as a natural outcome of the corporation companies that expose their shares in the stock market. These firms are demanded to present new disclosures, potential commitments, and sector reports in addition to the GAT agreement requirements and activation of the corporate governance .Regarding applying the privatization policy, the observed author of the accounting literature and experiments of other states will be convinced in this regard at applying of the privatization policy that the most common approaches used in privatization at moving property of public companies to the private sector would be through proposing shares to the market to underwriting in the stock which is characterized by transparency and wider participation of audience in privatization program .Moreover, the researcher thinks that the appearance of the stock market in the underdevelopment in general and the Arab states in particular as Libya could be the hope in achieving high efficiency in directing resources to be employed to serve the various investment activities which affect positively the state’s economy .For the previous, the researcher thinks that adopting privatization policy in Libya which has started in the ninetieth may affect positively the financial statements of companies registered in the Libyan stock market ,developing on the other hand, the legislative and organizational structure and circulation mechanism to improve the market’s characteristics and efficiency .Research Objective :The main objective of this research is to examine and study the Libyan stock market efficiency and its development since establishment and till 2013 through financial statements of the firms registered in the Libyan stock market. Because the applying of privatization policy. There are hopes on market’s efficiency because of development of circulation mechanisms as well as increasing disclosure and transparency level .Research Hypotheses :The research main hypothesis is determined in that :There is a significant relationship between the financial reports and the efficiency of the Libyan securities and exchange market underlying the privatization policy >from this major hypothesis, the following minor hypotheses are derived :1) There is a significant relationship between the financial reports of the registered companies in the Libyan securities and exchange market underlying the privatization policy and providing the reasonable limit of disclosure and transparency in these reports. 2) There is a significant relationship between the financial reports of the registered companies in the Libyan securities and exchange market underlying the privatization policy and commitment of these firms to the international standards of accounting. 3) There is a significant relationship between the financial reports of the registered companies in the Libyan securities and exchange market underlying the privatization policy and developing systems of the market’s circulation and technological advancements in presenting, exposing, and treating data and information. 4) There is a significant relationship between the financial reports of the registered companies in the Libyan securities and exchange market underlying the privatization policy and the operational efficiency of the market. 5) There is a significant relationship between the financial reports of the registered companies in the Libyan securities and exchange market underlying the privatization policy and the pricing efficiency of the market. 6) There is a significant relationship between the financial reports of the registered companies in the Libyan securities and exchange market underlying the privatization policy and developing the legislative and organizational structure of the market. e 7) There is a significant relationship between the financial reports of the registered companies in the Libyan securities and exchange market underlying the privatization policy and activation and response acceleration of the market. Consequently, it is must indicating that the results of statistical analysis for collected data by the sample recognized that accepting all the seven minor hypotheses of the study except the fifth one, which rejected. So it was possible to accepting. The research main hypothesis, which determined in that: “There is a significant relationship between the financial reports and the efficiency of the Libyan securities and exchange market underlying the privatization policy”. Research Plan: Chapter One: The research general framework: It tackles with the introduction, problem, objective, significance, hypotheses, methodology, limits, and plan. Chapter Two: The accounting information underlying the privatization policy and their impact on the efficiency of the securities and exchange market. Addressing the following: - Firstly: The impact of the privatization on the financial reports of the registered companies in the securities and exchange market. - Secondly: Quality of the financial reports in terms of committing to the international accounting standards, and their effect on the efficiency of the securities and exchange market. - Thirdly: Impact of the fair accounting disclosure on the efficiency of the securities and exchange market. Chapter Three: Authenticity of the Financial reports underlying developing of the privatization of the organizational environment of the f securities and exchange market, and their role in raising the efficiency of the market. Addressing the following: - Firstly: Development of legislative and organizational structure governing the securities and exchange market underlying the privatization policy, and its impact on the financial reports authenticity. - Secondly: Developing circulation systems in the securities and exchange market and technology of treating and exposing data as well as information of companies and their impact on operational and pricing efficiency of the market. - Thirdly: The financial reports underlying the privatization policy and its relation to activation and quick response of the securities and exchange market. Chapter Four: The research empirical study: It includes designing the questionnaire form, collecting data, research population and sample, then testing hypotheses and analyzing data. Chapter Five: The summary, results and the recommendations. Research Recommendations: 1. The researcher recommends that the Control and Supervision authority on Libyan securities and exchange market should transfer the international accounting standards guide and the disclosure guide from the guiding level to the commitment level for companies registered in the market for achieving disclosure and transparency in financial statements. 2. The researcher recommends that the Control and Supervision authority on Libyan securities and exchange market should transfer g the rational management bill “corporation governance” to the commitment level. 3. The researcher recommends the vast need for establishing a special indicator of corporation governance exposing the companies registered in the Libyan securities and exchange market. 4. The researcher recommends that the need for brokers and financial mediators to work on treating negative aspects through: - Considering laboring through providing training courses for raising efficiency and experience. - Seeking assistance of experts and financial analysts to raise efficacy. - Increasing capitals in a way reflects facility of presenting services and providing modern techniques in this field. - Sticking to governing laws and legislations of the Libyan securities and exchange market. 5. The researcher recommends the need that the Control and supervision authority on the Libyan securities and exchange market and brokerage companies and financial mediation should commit these companies to fulfill selling and purchasing orders quickly. 6. The researcher recommends that the supervising authority should decrease taxes imposed on circulation values. 7. The researcher recommends the need to determine a reasonable ratio of treatment sizes as fees in favor of the brokerage corporations and financial mediation. 8. The researcher recommends the authority of the Libyan securities and exchange market should commit companies to be registered on electronic sites on the internet as a basis for disclosure processes. h 9. The researcher recommends that the companies enrolled in the market should count on formal journals to spread out their financial reports. 10. The researcher recommends that the control and supervision authority on the Libyan market should increase their role of control on broking firms and financial mediation. 11. The researcher recommends that the internal auditing management should activate the role of this administration and the market control committee. 12. The researcher recommends that those in charge of the market should follow the companies facing troubles as the evaluation process may appear as some are exposed to losses may cause its loss of capitals. 13. The researcher recommends that there should be cooperation among Arabic financial markets through inclusion process for achieving market’s deepness and wideness. 14. The researcher recommends that the Arab markets should work on electronic circulation system and overcome obstacles may brokerage companies and fiscal mediation meet in order to activate these markets and raise their operational efficiency. |