:

-
-
-

:





) 1992 (2001
..
: :
:
.
.

].[1
:
-1 :
.

-2 : .
-3 :
.
-4 :

1921 1923 1945

][2

 :
:
-1 :


.
-2 :
.
.
-3

]. [3
-4

.
:
:
-1 :



.
-2

.
-3 )(
-4 :

.
-5
.

.
.
(327.p , 1999 , Damodaran) .
:
:
. :

 :
) (surplus ) (Budget .
.
:
.
: ,
.
: :

].[4
- :
) (
:
: :
.1 : :



.
.2 ) (
. .
.3 .
.
) (300 ) (%25 ) (75
) (%50
) (75 ) (150 ) (75
.
: :


.
: (Interest rates) :



] [5
,
.





)( :
.1 ):(Inflation

.
.
) (10

) (15



.
,Weston, et.al) .
(774p,1996
) %10 (%20

) (Fisher Effect
) .(232.p ,2000 ,ura mud

et.al ,Henning) .
(427.p ,1988
)( )(premium Risk
, ) (Kx
) (IP :

K= Kx +IP

((130.P ,1993 ,Brighan & Weston

 ) (LP ) (DRP
) (MRP IP + DRP + +K= Kx :
MRP

.2 :

,
, ,
, .

3. )(Exchange rates
. ,
, , [6],

) .(Exchange Rate Foreign
,
.
.1 :

].[7
.2 :

]. [8

:
:
.1
.
.2 ].[9
.3
.
.4 :

.

 .5 :

,
.
.6 : ,
, ,
,
.


.

: :
. : :
.1 .
.2 ,
,
.
.3 ,
.
.4 .
. : :
.1
.
.2 ) (
.
.3
.
.4
.
.5 .

/ -

.1 , , ,
.1983

taxes on Venezia, It zhak, The effext of Inflation and & Brenner, Menachem .2
Vol, XXX VIII, ,Jrowth Inrestments anel Replace ment policies, The Jourunal of finance
.December
,sons, Ine & John Willey .york New ,Corperate Finance Damodaran, Aswath, applied .3
.1999
.1992 , , .4
5. Weston, J, Fned, Besley, seott & Brigham, F, Essentials of Managerial Finance, ll. Ed, New york, 1996.

6. Henning, N, Cgarles, pigott, Willian & Haneyseott, Robert, Fiancial Markets and the
economy, Prentice Hall, New Jersey, 1988.
7. Weston, J, Fneel & Brigham, f, Engene, Essentials of Managerial Finance, 10. eel, the
Dryden press, Vew york, 1993.
8. MADURA, TEFF, Inter national Financial, management, 6th. ed, New york, 2000.
, .9
. 2001 , 1