رابطه ارزش بازار سهام با ساختار سرمايه در شركت هاي پذيرفته شده بورس اوراق بهادار تهران

The Study of the Relationship of Stock Market Value on the Capital Structure in Admitted Companies in Tehran Securities Market

The main purpose of this paper is to study stock market value on the capital structure in admitted companies in Tehran Securities Market. To do this, all admitted companies in Tehran Securities Market which submitted the required financial statements and information in 2000-2006 were studied. Based on the characteristics defined in statistical society of this research, on the whole 165 companies of the total statistical society of Tehran Securities Market were selected. In this research to assess and measure the market value, market value ratio to companyʹs share clerical value was used. Then the data was studied and tested by regression model of statistical tests. The results show a significant relationship between capital structure and stock market value during 2000-2006. Also it was proved that there is a direct relationship between stock market value and foreign financing by increasing liability and selling shares and it was confirmed that there is a reverse relationship between stock market value and foreign financing by accumulated dividend. These results are against the predicted results of the preferred theory of capital structure and are in accord with warning theory. Finally, the extension and generalization of the research results led to confirming a rather new theory on capital structure called Market Timing Theory.