سمیه علیمرادی جغدری

Companies have access to a variety of financial resources to implement available profitable investment projects, to settle overdue debts, to increase working capital, and to pay dividends to shareholders Correct decision making and the ability of companies to determine the appropriate financial resources are the main factors of company success. The effects of financing on the company's return and risk are the most important goals that management should pay attention to when choosing a financing method, and select resources that minimize financing costs. In this research, first, to identify financing methods and also the criteria for selecting the appropriate financing method, the fuzzy Delphi method has been used. Then, the AHP method was used to prioritize the parameters. The results of this study showed that the factors of efficiency, cost, sustainability, operationality, fairness, and transparency are the most important criteria for selecting financing methods in gas companies and also forming subsidiary consortia, receiving facilities, issuing participation bonds, creating an investing companies, presence in the stock market, creating a plan as a shareholder, have been identified as financing methods.

Companies have access to a variety of financial resources to implement available profitable investment projects, to settle overdue debts, to increase working capital, and to pay dividends to shareholders. These resources include cash from operating activities and the sale of assets (as intra-organizational sources of financing), borrowing loans from the bank, issuance of bonds, and issuance of new shares (as outside the organization sources of financing). Financing and its effects on the returns and risk of the company choose sources that minimize financing costs. Then, to prioritize the parameters, the hierarchical method, Topsis, and ANP were used. The results of this study indicated that the factors of efficiency, cost, sustainability, being operational, fairness, and transparency have been the most important criteria for choosing the financing method, as well as forming sub-consortia, receiving facilities, issuing participation bonds, establishing investment companies, presence in the securities market, creating a shareholder plan, and finally attracting foreign capital have been identified as financing methods. Also, the transparency of the financing method in the surveyed companies to identify the appropriate financing method had the least importance.