عوامل موثر بر انتخاب روش‌های بودجه‌بندی سرمایه‌ای درشرکتهای پذیرفته شده در بورس اوراق بهادار تهران

This paper examines the results of a survey of executives of companies listed on the tehran stock exchange regarding their companies’ capital budgeting practices and the major factors influencing these practices. the results show that the majority of responding companies use formal techniques to evaluate proposed capital investments. among these companies, the majority use discounted cash flow techniques as the primary measure for evaluating capital investment proposals. sensitivity analysis and decision tree analysis are the most commonly used risk assessment techniques. accounting return on equity and the capm are the most popular used techniques in calculating the cost of equity in iran. increasing future cash flow and growth in market shares followed by growth in long term earnings are the most important objectives in capital budgeting for the responding companies. the results also show that chief financial officer’s educational background and the size of annual capital investment (the increase in net fixed assets) influence the adoption of capital budgeting analysis technique.