Debt Capacity ,Securities Market Approach (Evidence from Tehran Stock Exchange)

The capital structure and the financing policy of companies is a subject that has always been of interest to theorists and researchers.On one hand,the lower debt financing cost and on the other hand,the low risk of equity financing has created a number of theories on the appropriate combination of financing in these two ways. The theory in this context believes that the company must be financed through debt until it can meet its obligations.So,the issue of finding a model that measures the capacity of debt in companies is very important. The goal of this research is providing a model for measuring debt capacity,so that financing from the debt instead of equity,keep the company away from the risk of failing to meet its obligations while saving financial costs.The approach used in this research is the securities market approach.It means that the companies have been registered in the securities exchange are considered as the basis of debt capacity,due to the necessity of observing standards.The statistical population of the study consisted of 154 companies without penalty for late payment during the period from 1390 to 1396.To calculate the debt capacity,specific corporate variables are used and the regression model is fitted in the form Panel data at the level of each industry.The result of the study is the achievement of ten models for estimating debt capacity for ten industry groups.At the end, the models obtained for the company were tested for companies with penalty for late payment, which indicated that the ratios were correct.