بررسي ارتباط بين تغييرات ساختار سرمايه و تغييرات ارزش شركت‌هاي پذيرفته‌شده در بورس اوراق بهادار تهران

The Study of Relationship Between Capital Structure Changes and Firm Value Changes in Accepted Companies in Tehran Stock Exchange

This survey is presented to study the relationship between value changes and capital structure changes. 44 corporations were selected as a sample from 4 industrial groups: automotive, pharmaceutical, food and nonmetallic mineral industries. Multi regression between capital structure changes and value changes since 1381 to 1386 was computed. To assess the validity of our findings, we also controled for the reversion process towards the target debt level induced by the Static trade-off theoiy. In selected industries, the relationship between debt to equity ratio and firm value changes in nonmetallic mineral industry was eminent and no evidence was found in to support a significant relationship between the changes in debt to equity ratio and the changes in value in other selected industries.