بررسي ميزان استفاده مديران شركت ها از نظريه ي اختيارات سرمايه گذاري

Studying the implementation of Real Options by Corporate Companiesʹ Managers

Using the traditional investment appraisal techniques for investment projects, such as discounted cash flow techniques (IRR, NPV ...), in the face of uncertainty, flexibility and management flexibility lead to incorrect assessments. Therefore, due to these shortcomings using real options idea tend to obtain correct project value which influence firmʹs value leads to a better project assessment. First step is to ask whether Iranian corporate managers are aware of the real options when assessing investment projects. Next question would be how they implement the real options idea in the face of environmental uncertain, changing interest rates, amount of investment outlays and R&D cost. In this study we have selected 117 companies from listed companies in Tehran Stock Exchange. By sending out questionnaires we have obtained our data and using linear regression models tested our four hypotheses. Results indicate that the amount of investment outlays, changing interest rates, environmental uncertain and R&D cost have impact on the use of real options by respondents.