تشكيل محافظ استثمارية بإطار نظرية الإشارة : دراسة تطبيقية

Abstract EN

The aim of this study is to determine the value of the establishment under the theory of signal, and the role played by funding aspects used by the establishment the study sample, And how we evaluate the market for the type of signal used by the contribution of this theory in reducing information asymmetry and provide important information to help investors to make more accurate decisions.

The use of financial willingness is an important means of indicating the value of an enterprise According to researchers (Ross, Pyle & Leland), the good establishment adopts a higher borrowing ratio than the weak establishment, and used Two theories of financial structure, traditional theory and Pyle & Leland, were used to assess the proportion of shares held by Before the internal administration as a reference to the value of the establishment to the external investors.

The study sample consisted of (8) of the participating establishment listed in the Iraqi Stock Exchange and consists of two sectors (Industrial, Banker) that meet the criteria set for the selection period (2011-2015).

And the study reached a number of conclusions, perhaps the most important: The theory of signal takes the preferences of managers in determining the structure of their capital: , As a result of the variable activity of the sample establishments (industrial, banking).

The value of large capitalized banks is the best according to the traditional theory and the signal, so investors look at it with great confidence that the announcement of capital increase as a good signal and not bad and did not reduce the quality The results of the analysis indicate that the value portfolio of the property-financed enterprises within the model of the reference model is better than that of the portfolio formed according to the model of LELAND & PYLE.

Dl is required which shows the role of financial intermediation in assessing the market value of shares, under the reference model yield (is a constant evaluation of model which is the market value of the facility as a function on the part of the property rights held by the owner of the project), which leads to determine the market value of the facility.