مطالعه تاثير تامين مالي خارج از ترازنامه بر ارزش شركت هاي پذيرفته شده در بورس اوراق بهادار تهران

The Effect of Off Balance Sheet Financing on The Value of Accepted Companies in the Tehran Stocks Exchange

In this paper ,the effect of off-balance sheet financing on the value of accepted companies in the Tehran Stock Exchange has been studied . and it has been indicated that this way of financing usually used when the companies tending to acquisition of asset, those companies do not want to represent in the balance sheet that asset and the way of financing in which it is usual trough the debts. This way of financing will improve capital structure and consequently it will change the risk curve. Then this paper will state the tools off balance sheet financing and will inspect each one according to cost advantage , management option , risk transfer and transaction coats/asymmetric information and finally states that in the Tehran Stock Exchange just the tools of operating lease (reported in financial statement notes)is being used. Available research is a descriptive type , required information has been gathered through searching documents in the text of financial reports . Through doing this research the information related to companies of stock exchange has been studied . They used activities of off-balance sheet financing (operating lease) along 1380-1385. Analyzing gathered information and testing of research hypothesis shows in spite of emphasis on the issued theory about this matter, off-balance sheet financing does not increase the value of accepted companies in the Tehran Stock Exchange.