Investigation of the Factors Affecting the Deviation of Stock market Prices from the Present Value of Future Cash Flows in Companies Listed on Tehran Stock Exchange

Today, stock valuation is one of the most important matters in the field of financial research, because by investing in the stocks of other companies, assuming that optimal portfolio are selected, the investors Constantly seek maximum return based on a given level of market risk or minimum risk based on a given level of return, and project the future stock prices according to the daily exchange of many stocks. Financial researchers, propose various methods for projecting the value of companies and make comparisons between them. The present study compares the stock market price of 80 companies listed on the Tehran Stock Exchange with the discounted model of Free Cash Flow For The Firm (FCFF), over a 10-year period (2002-2011) and calculates the difference between them to investigate the effect of factors such as financial leverage, inflation, the amount of fixed and intangible assets on the difference. The findings from the analysis of combined data using multivariate regression models show that inflation and amount of fixed assets from Among the factors investigated in this study, have a significant negative relationship with the difference, deviation of the prediction value based on discounted model of Free Cash Flow For The Firm (FCFF), from the stock market price. Financial leverage and the value of intangible assets had no significant relationship with the deviation of the prediction value from the stock market price.