بررسي رابطه بين جريان نقد عملياتي و نسبت هاي نقدينگي با بازده سهام در شركت هاي پذيرفته شده در بورس اوراق بهادار تهران

Investigating the Relationship between Operating Cash Flows and Financial Ratios and Stock returns of Companies Listed in Tehran Stock Exchange

Data usefulness of financial statements depends on the power of definition and forecasting of companyʹs value that is affected by present and future returns. Stock returns depend on two factors: changes in stock price, beginning and ending price and dividend per share received. The objective of this study is to investigate the relationship between Operating Cash Flow (OCF) and some financial ratios such as Quick Ratio (QR), ratio of net Working Capital/total Assets (WC/A) with stock returns of the companies listed in Tehran stock exchange. The sample of this study consists of 50 active companies during 1380-85(2001-6) and the required data is collected by using Tadbirpardaz software and for editing and analyzing the research data we used ʹExcel jSPSS software. The findings as expected indicate that there is positive and significant relationship between operating cash flows and quick ratio with stock returns, but no significant relationship between net working capital/total assets ratio with stocks returns is found. One reason for such findings may be week efficiency of capital market in Iran which causes to lack of reflection of all existed data in stocks prices and stock returns.