External Financing Method: Financing through Debt and Stock Issuance
محورهای موضوعی : Environmental policy and management
رضا آقاجان نشتایی
1
,
ابراهیم چیرانی
2
,
مهرداد گودرزوند چگینی
3
1 - گروه مدیریت بازرگانی، واحد رشت، دانشگاه آزاد اسلامی، رشت، ایران
2 - گروه مدیریت بازرگانی، واحد رشت، دانشگاه آزاد اسلامی، رشت، ایران
3 - گروه مدیریت بازرگانی، واحد رشت، دانشگاه آزاد اسلامی، رشت، ایران
کلید واژه: Financial Markets, Financing through debt, stock issuance,
چکیده مقاله :
Countries need short, medium, and long-term investment plans for production growth and development. Different sources for these investments can be supplied through retained profit, stock issuance, and bank loans, or a combination them. Institutions and firms need huge amount of capitals for their survival, production, and also development of activities. In addition, these institutions and firms rely heavily on financial markets for self-financing. The role of financial markets is to provide the required capitals for institutions and firms. Financing strategy is considered as one of the main areas of financial management decisions in companies seeking to increase shareholders’ wealth. Therefore, the aim of this paper was to discuss conventional methods of external financing through debt and stock issuance and explain their associated advantages and disadvantages.
امروزه پیشرفت در هر کشور و رشد تولیدات، مستلزم برنامه‌های سرمایه‌گذاری کوتاه‌مدت، میان‌مدت و بلند مدت است. منابع این سرمایه‌گذاری‌ها از طریق سود انباشته، انتشار سهام، تسهیلات بانکی یا به وسیله ترکیبی از این منابع قابل تامین است. موسسات و بنگاه‌های اقتصادی برای ادامه حیات و فعالیت‌های تولیدی خود و همچنین توسعه فعالیتها، به سرمایه‌های کلان نیاز دارند. همچنین، این موسسات و بنگاه‌های اقتصادی برای تامین سرمایه خود وابستگی شدیدی به بازارهای مالی دارند. نقش این بازارهای مالی در اختیار گذاشتن سرمایه های لازم برای موسسات و شرکت‌ها است. راهکار تامین مالی، یکی از اصلی‌ترین حوزه‌های تصمیم‌گیری مدیریت مالی شرکت‌ها در راستای افزایش ثروت سهامداران به شمار می‌رود. لذا در این مقاله به تعریف روشهای مرسوم تامین مالی خارجی(تامین مالی از طریق بدهی و انتشار سهام)، مزایا و معایب آنها پرداخته‌ایم.
Ahmadi, M. (2013). Studying the impact of financing methods on the value of companies listed in Tehran Stock Exchange.Unpublished thesis, Faculty Management and Accounting, Centeral Tahran Branch, Islamic Azad University, Iran.
Amiri, H., & Mohammadi Khorzoghi, H. (2012). Analyzing the relationship between financing through debt and the quality of earnings in companies listed on Tehran Stock Exchange. Journal of Financial Accounting, 4(16), 61-81.
Aqajani, H. A., Abasgholi Pour, M., & Fahimi Raad, M. (2013). Explaining the methods of financing in case study entrepreneurial projects in Mazandaran Province: The development of technology. Journal of from parks and incubators, 9, (36), 36-29.
Babaei Fasamy, M. (2014). The relationship between methods of financing (retained profit, stock issuance and debt) and stock returns in companies listed in Tehran Stock Exchange in terms of the type of industry and company size. Unpublished thesis, Faculty Management and Accounting, Rasht Branch, Islamic Azad University, Iran.
Carbonara, N., Costantino, N., & Pellegrino, R. (2014). Concession Period for PPPs: A win-win model for a fair risk sharing. International Journal of Project Management, 32, 1223-1232
Chowdhury , R. H., & Maung, M. (2013). Corporate entrepreneurship and debt financing: Evidence from the GCC countries. International Journal of Managerial Finance, 9(4), 294-313.
Deh Haft, M. (2015). The relationship between entrepreneurship and financing through debt in companies listed in Tehran Stock Exchange. Unpublished thesis, Faculty Management and Accounting, Rasht Branch, Islamic Azad University, Iran.
Hampton, J. (2006). Financial management (Masoud Vakilifard, Trans.). Tehran: Samareh Publications.
Hampton, J., Hurt, B., Stewart, F., & Vance, P. (2011). Decisions on financial issues (Hamid Reza Vakilifard, Trans.).Tehran: Jangal Publications.
Kordestani, G.R., & Pirdavary, T. (2012). Capitcal structure of empirical test of market timing theory. Journal of Accounting, 9, 142-123.
Shahid Ebrahim, M. Sourafel Girma, M., Shahc, E., & Williams, J. (2014). Dynamic capital structure and political patronage: The case of Malaysia. International Review of Financial Analysis, 31, 117-128.
Sheikh, M. J., Dehghani, J., & Raiee Ezabadi, M. I. (2013). The Effect of Inflation Rate on Financing of Company listed in Tehran Security Exchange (Debt Financing and Equity Financing).Journal of Asset Management and Financing, 1 (2), 68-51.
Talebnia, G., Desineh, M., & Moridi, F. (1394). The impact of financing decisions on the management of cash flows. Researches in Financial Accounting and Auditing, 7(26), 106-87.
Yazdanfar, D., & Öhman, P. (2015). Debt financing and firm performance: An empirical study based on Swedish data. The Journal of Risk Finance, 16(1), 102-118.
