فصلنامه دانش و پژوهش حسابداری
پیاپی 35 (زمستان 1392)

The typical techniques based on present value of cash flows to project valuation onlyfocus on current predictable cash flows and ignore future managerial flexibilities, therefore, may undervalue the projects and mislead the decision makers. The real options approach to projects valuation seeks to correct the deficiencies of the traditional valuation methods through recognizing that managerial flexibilities can bring significant values to projects. According to real options theory, an investment is of higher value in a more uncertain or volatile market because of investment decision flexibilities. In fact, many investments that would not be justifiable otherwise will be value enhancing, if the options embedded in them are considered. In this paper, we examine the merits of this argument. Real options analysis, as a strategic decision making tool, borrows ideas from financial options because it explicitly accounts for future flexibility value. So we use Binomial option pricing model to evaluate real options embedded in Projects and develop an applied example, then we attempt to value some kind of options and consider their effect on investment and valuation decisions.

The evolution and development of the companies closely related to capital structure. The company's capital structure reflected the company's capital descended from different sources. Financial managers have a responsible to select the best source of financing and creating the value for company. According analyze their attitude about capital structure choice can present the exhaustive attitude about dominate thought over companies and the way of their financing. This research is about capital structure and its purpose is discovering the main determinants in decision making of financial managers of accepted companies (Pharmaceutical, Automobile and Metal Manufacturing) in Tehran Stock Exchange about capital structure. To do so the random sample of financial managers of accepted companies (Pharmaceutical, Automobile and Metal Manufacturing) in Tehran Stock Exchange were selected and questioned. The result of research expressive that the potential costs of bankruptcy or near bankruptcy financial distress, minimize the risk of having to finance in bad times (related to choice between short and long term debt), inability of company to obtain funds using other sources (related to issuing common stock) are the most important determinants in decision making of financial managers about capital structure choice.