Enterprises Valuation in Tehran Stock Exchange by Analyzing Actual Cash Flows and Using the Model Arzac 2005

Subject Areas :

Roya Darabi ¹ , Katayoon Alimardani ²

1 - استادیار دانشگاه آزاد اسلامی واحد تهران جنوب
2 - کارشناس ارشد حسابداری دانشگاه آزاد اسلامی واحد تهران جنوب

Received: 2015-05-09 Accepted : 2015-05-09 Published : 2013-02-19

Keywords: valuation, Enterprise Value, Estimated Enterprise Value, Capital Cash FloW,

Abstract :

Valuation is assumed as the common aspect of all financial activities. This plays the main role in optimum allocating of capital. Valuation of enterprises is the most important and also the most complicated economic concepts in all countries so that in advanced countries with advanced capital markets, value of enterprises is specified through investment banks, investment consultants and specialized standards for each industry. In our country, by communicating general politics of the article 44 of law by the leader Mr. Khamenei and the importance of valuation to execute his orders and regarding to the problems in last year’s in valuation of the enterprises which are made by the organizations trying to make the enterprises private, this has become a substantial subject. In this research which is deductive-inductive, we are inspecting the value of adopted enterprises in Tehran stock exchanges by using actual cash flow and comparing it with market value through analyzing the regression. There are two hypotheses given to investigate this subject, that to investigate it in years 1382-1387, 60 enterprises are ed as sample which are divided in to 3 groups; enterprises with 5 year information(39 enterprises), enterprises with 4 year information(49 enterprises) and enterprises with 3 year information(48 enterprises) related to cash flows, and value of enterprise is calculated by using actual capital cash flows and it is compared with market value of enterprise. In fact, in this research well known statement in finance textbooks about equality of enterprise value with Present Value of Future cash flow is being challenged.

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