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Companies usually use different tools for financing their required financial sources and the most important of which is issuing new shares (valuable papers.), receiving loan and banking facilities. It is evident that using any of the said tools for financing required financial sources of any company shall have effect on the company shares value.

According to the available statistics and infomlatiol1 , the companies which are financing tools and lack of for financing their required included in Tehran Stock Exchange, due to lack of financing institutes. they can only issue new shares financial sources..

Most of the developing countries authorities such as Iran, have found that establishment of capital market and finance institutes is necessary for financing required financial sources of companies and for economic development. One of the basic problems of capita! market development in the said companies, is lack of general knowledge on process of determining value of valuable papers including regular shares as we]] as effective factors in their vaJues and correct interpretation of rdated events such as increase of capital and establishment of debt through receiving loan,

Results of the studies and researches in European countries and the USA indicate that at the time of issuing new shares, value Q[shares of such companies is decreased ( negative idea of investors on contents of capital increase) . Also when the companies take action to financ.e their requirements through receiving loan and banking facilities or repurchase of their own shares or exchange with debts. then share value of such companies is increased (positive idea ofinveslors on contenls of infom}ation of debt development ).

According. te> the performed researches. on non symmetric infonnation of directors in comparison with the investors who have sufficient knowledge and decision of directors of such companies in connection with financing r~quired financial sour<:es ( increasc of capital or development of debt) contains new infonnation on real and natural (entity) value of the company or indicate future perspective of the inveslors.

In this research, two theories have been designed fDr test of financing phenomena ( is.s.ujng new shares, long term debt) in Iran capital market.

First theory : Financing through increase of capital causes the shares value be decreased. The re:sults achieved from the first theory test indicate that share value is not decreased after increase of capital. Thus idea of investors to financing through increase of capital. is positive.

Second theory : Financing through receiving loan , causes the share value ~ increased, The results achieved from the test of the theory shows that share value IS increased after financing through receiving loan.

Due to non active appearance of financiaJ institutes ( not banking institutes) in Ir~ • receiving of loan and credits is possible only through bartks and some special organizations with difficulties and hard conditions. On the other hand since financin.g through issuing new shares is easier "than receiving loan ~d so.me other channels •. tS the possible reasons of theseo results of such rese~ch In capital market of Iran In comparison with capital market of European countnes and the USA.

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