نشریه پژوهش های راهبردی بودجه و مالیه
سال دوم شماره 3 (پیاپی 7، پاییز 1400)

Project financing is one of the most important and practical instruments in developed and developing countries and many medium and large scale projects in the world are implemented by using this approach. Unfortunately, this approach has not really been able to Be implemented in Iran our country, and one of the main reasons for this failure is the lack of knowledge and explanation of the requirements and dimensions of this method. Due to the dynamics of the capital market and emerging tools such as the private Equity fund, the project financing approach can be effectively used in these structures and the resources and supports of institutional and banking investors, etc. be used within the framework of this structure and project financing approach.For this purpose, in this study, while better understanding the issue, a relatively comprehensive review of internal and external scientific sources and obtaining expert opinions to design the model using thematic analysis method and by measuring and rearranging these factors, The operational model of using a private Equity fund to implement project financing In order to implement project financing in Iran, from the study and project selection phase to the evaluation, and finally the completion, operation and implementation of the private investment fund exit policy from the company were extracted

The purpose of this study is to investigate the effect of comparability of financial statements, financing constraints, cash holdings and debt-based capital structure as characteristics of the employer (firm) on audit fees.The research period is from 2011 to 2021 and the statistical sample consists of 119 companies listed on the Tehran Stock Exchange. The findings showed that the comparability of financial statements, financing constraints, capital structure based on Debt and cash holding with statistics are significantly negatively, positively, positively and positively related to audit fee, respectively.The results of the study indicate that by increasing the comparability of financial statements, the costs of obtaining and reviewing information and the need to make adjustments in information are reduced and lead to a reduction in audit fees. Financing constraints prevent companies from providing resources for desirable investments, and such a deterrent increases the risk of the client company, leading to more auditor effort and ultimately higher audit costs. The reason why the cash is kept requires a high degree of transparency, which all stakeholders in companies want to clarify. Therefore, this increases the workload of the auditor and increases the cost. The higher the ratio of debt-based capital structure, the greater the control of external creditors and suppliers over owners. Therefore, by increasing this ratio, outsiders demand more transparency, accuracy and seriousness of audit work, which will lead to an increase in auditors' fees.

There is no comprehensive agreement in the research literature that managers manage earnings in order to avoid losses, especially through accruals. Thus The main purpose of this research is to investigate the effect of accruals management to avoid losses in firms listed in Tehran Stock Exchange. The dependent variable is earnings per share (EPS), which is calculated the ratio of net profit to the number of shares. To measure accruals, the Forward-looking accruals model was used that calculated the difference between accruals and abnormal accruals. The statistical population of the study consisted of 207 firms listed in Tehran Stock Exchange between 2015-2021. The results of the regression showed that there is a positive correlation between the discretionary accruals and the probability of profit of each share will be zero. These results show that firms with beat the zero EPS have high volatility accruals compared to other companies. Accordingly, the research hypothesis is accepted.

The financial crisis can affect oil revenues due to the effect on oil price fluctuations and the amount of oil sold, so the purpose of this study is to model the financial crisis turbulence spillover in the oil markets network. For this purpose, the data of the period 2/1/2003 to 26/8/2019 and the complex network have been used. The findings show that the average path length is reduced to a minimum during financial crises. The density and weight of the oil market spillover network has increased during such periods. Turbulence in financial markets has increased in times of crisis. According to the research results, the financial crisis causes the Iranian oil market to be more affected by the network, but it is still an influential oil market in the oil markets network. Prior to the financial crisis, the largest turmoil in the Iranian oil market was from the Norway oil market and the lowest turbulence in the Iranian oil market was from the Russian oil market. The largest volatility spillover from the Iranian oil market to the Norway oil market has been. During the financial crisis, the biggest turbulence in the Iranian oil market came from the oil markets of Mexico, Libya and Saudi Arabia. The most significant spillover of turbulence from the Iranian oil market was to the Saudi oil market. After the financial crisis, the biggest volatility spillover from the Mexican oil market to the Iranian oil market. The least volatility spillover was from the Egypt oil market

Given the importance of acquiring halal property in economic activities and exchanges, identifying the basic infrastructures of financial and economic systems from the propositions and laws related to economic interactions is inevitable from the perspective of Islam. According to the proposed documents and critique of their use, it is not possible to extract the ruling on the legitimacy of income from accepting the risk because in some cases the use of the mentioned documents requires an independent reason for the legitimacy of risk acceptance. In some cases, the use of these criteria, due to the semantic difference between the narrations used and risk acceptance, does not have the ability to legitimize the attribution of income to the risk taker. On the other hand, Martyr Sadr has used positive reasons and examples that come from Islamic legal and financial superstructures and concludes the ruling of illegitimacy of income from accepting risk. Accordingly, risk acceptance (independent of work and property) cannot be considered as one of the factors of legitimate income. Given this inference, it seems that risk coverage (as one of the needs of the Muslim community) in non-transferable forms and methods and in the framework of risk sharing in reciprocal and participatory structures can be proposed.

Managers can choose to have cash in the company, distribute it to shareholders, or use it as an investment. Because top executives can get more accurate information about investment opportunities, they can have better investments and are more likely to achieve the desired result, so they can. Cash management can be expected to be better in them as well. A strong corporate governance mechanism can also critically increase the marginal value of cash. Cash value can also be presented to the power of corporate governance in a company. The main purpose of this study is to examine the moderating role of financial constraints and corporate governance on the relationship between managers' ability and cash margin value. The statistical population of this research is the companies accepted in Tehran Stock Exchange and its statistical sample includes data from 105 companies for the period of 6 years 2014-2020. Sampling method is a systematic method of elimination. The method used to estimate the multi-variable regression model is the combination method. The results of the research showed that managers' ability to affect the marginal value of cash has a positive effect. Also, the results showed that in firms with financial constraints, the effect of directors' ability to exceed the marginal value of cash is greater. In addition, it was found that in companies with stronger corporate governance, the impact of managers' ability to cash out more marginally was greater. And the moderation role of corporate governance is based on the relationship between the ability of managers and the marginal value of cash.