This study is an empirical analysis of the financing effect on the Capital Structure of the company. For this purpose and in terms of financing methods, first the authors have divided companies into two groups, including Corporations with much leverage in their capital structure and corporations with high stock issuance. Then they analyzed them by using the capital asset pricing model and capital structure theories. All of this research has been made in connection with the listed companies in Tehran Stock Exchange from 2006 to 2009. With Utilization of CAPM, the authors calculate risks and expected returns of two groups and compare the results to each other and market. They used statistical tests to examine assumptions, including F Levine and T student and other required tests. Results showed that the companies which have financed via issuance of stock have got less risk and higher return. Hereon this group of companies had a better performance against systematic risk and more value creation for its shareholders.
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