تأثير الاقتراض على القيمة السوقية للمنشأة: دراسة حالة مجمع صيدال

Abstract

Financial Managementaims to maximizemarket value, so before anyfunding decision,we must knowits impact onthis value.The viewsof researcherson the impact offinancial structureon thevalue of the firmare varied.Someof them supportedthe existenceof this effecton the valueand thusan optimal structureof financing; others opposethe existence of theimpactof the financial structureonthe firm,and thereforerejectthe idea ofanoptimal structureof financing. This is what wehave investigatedin one of theindustrial enterprisesin Algeria."SAIDAL", werewe foundthat there is astatistically significantstrong inverse relationshipbetween debtandfirm value. Keywords: Financingstructure,Costof capital, Firm’svalue.