Abstract
Investment through the purchase of securities, constitute an important part of countries economic exchange. Therefore, making decisions about investing in a particular stock has become one of the most controversial areas of economic and financial research and various institutions have began to rank companies stock and determine priorities of stock purchase to investment. The current research, with the determination of important required indexes for companies ranking based on their shares value on the Tehran stock exchange, can greatly help to the accurate ranking of fifty premier listed companies. Initial ranking indicators are extracted and then a decision-making group (exchange experts) with the use of the Delphi method and also non-parametric statistic methods, determines the final indexes. Then, by using Fuzzy ANP, weight criteria are obtained with taking into account their interaction with each other. Finally, using fuzzy TOPSIS and information extraction about the premier fifty listed companies of Tehran stock exchange in 2014 are ranked with the software "Rahavard Novin”. Sensitivity analysis to criteria weight and relevant analysis presentation was conducted at the end of the study procedures.
Highlights
Much research in ranking and evaluating companies has been conducted, especially on stock exchange companies
These indexes are mentioned in 12 criteria-groups in below and were offered to experts by questionnaire to each experts mention their opinions about importance of this criterion in the ranking process of Tehran Stock Exchange company’s shares (Table I)
Ranking can be performed based on different parameters such as the criteria and fundamental analysis elements
Summary
Much research in ranking and evaluating companies has been conducted, especially on stock exchange companies. In [1], authors applied time series analysis and multi-criteria decision to anticipate the financial performance of companies. The aim of this study was to estimate the financial performance of companies in Turkey between 2012 and 2015. For this purpose, two time series analysis and multi-criteria decision approach analysis were used. In [3], authors began to combine soft computing and fundamental analysis to select stocks. The results show that the proposed method could pay to stock selection, well. The study results show that the proposed model could select the stock's choice based on the determined indexes very well. In [5], the performance of banks was evaluated with fuzzy hierarchical analysis and fuzzy TOPSIS. In [6], authors surveyed the TOPSIS approach as a ranking approach
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