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Borrowing and tax shield and their impact on the value of the corporation / Empirical Study in the Iraq Stock market | ||
| Journal of Kirkuk University For Administrative and Economic Sciences | ||
| Article 1, Volume 5, Issue 2, 2015, Pages 114-142 PDF (732.18 K) | ||
| Abstract | ||
| The value of the corporation element is effected by an important factor, the benefits that you get the facility of borrowing and of the savings tax , due to the high proportion of debt and the level of acceptable , came this research in the fundamental goal of his is to determine the nature of the relationship and the impact of debt financing and the resulting tax savings on the value of the facility , and to reach that goal is the formulation of a hypothesis president of the search that ( increase the market value of the facility to increase its reliance on borrowing in the structure of funding ) , which has been applied research on a sample of listed companies in the Iraqi market for securities made up of (5) and for the period (2008 _ 2012 ), summarized the relationship and determine the impact of debt financing and the resulting tax savings on the value of the entity using the analysis of the cost of funding the property and the borrower and the analysis of the savings tax and then analyze its impact on the value of the facility , and research has come to a number of conclusions that were in favor of the hypothesis is the most important cost of funding the borrower to fall for all the companies surveyed , and these companies have not benefited from funding the borrower as required , and in light of this research was presented a set of recommendations which supports the idea of research and came by and most important , the need to use funds borrowed long-term capital structure of the facility for its contribution to the reduction of the cost of capital and then maximize the value of the facility , taking into account the degree of risk . | ||
| Keywords | ||
| borrowing; tax; value of the corporation | ||
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