استخدام كلفة رأس المال مدخلا لتفسير قيمة الشركة السوقية و أدائها المالي : دراسة تحليلية لعينة من شركات الأعمال المدرجة في سوق العراق للأوراق المالية للفترة 2010-2018

Abstract EN

The Study focused on testing the relationship between the cost of capital for a sample of Iraqi industrial companies and the value of the company and its performance, by insert the cost of shares and financial leverage.

Due what the cost of capital represents in achieving stability in profits and then maximizing the market value of the company.

Therefore, the study sought to deal with the cost of Capital as one of the inputs used to explain the value of the company through the information stated in the financial statements, and this information includes valuable signal for investors and lenders to enable them to formulate their financial decisions.

In order to test the research hypothesis, The cost of capital was measured for a random sample consisting of 12 companies from industrial companies contributing to the Iraqi market for the period 2010-2018 using annual data, The study indicated an additional test to measure the value and performance of the company, through its financing decision, and in detail the cost of capital was measured as the linking function to changes in the company's value and financial performance, and the study concluded that there is an impact of the cost of capital in the interpretation of the value of the company (Tobin Q) for the study sample companies, which It necessarily means that companies borrow and increase capital when their cost is less than return on investments.

As the percentage of what the cost of capital explains in determining the value of the company increases after the cost of the capital has been included, meaning that the cost of capital can be relied upon to interpret the value of the company, the study suggests and given the importance of estimating methods of calculating the cost of capital between companies and using them to predict the value of the company.

The study suggests that the financing decisions of the company's management be included in the mechanism of calculating the financial analysis by dealers in the financial market to estimate its cost and its management accurately.