محدوديت هاي مالي داخلي و خارجي و رابطه آن با سرمايه گذاري دارايي هاي سرمايه اي در شركت هاي پذيرفته شده بورس اوراق بهادار تهران

Investment in Capital Assets in Companies Listed in Tehran Stock Exchange

This study investigates investment in capital assets and internal and external financial constraints facing companies listed in Tehran Stock Exchange (TSE). A sample of 148 manufacturing companies is selected for a period of 1378-1387. In this study we use the ratio of earnings to ownership equity as internal financial constraint and Size of the company as external financial constraint. Statistical analysis and test of the hypotheses is conducted using ECM method. Results indicate that there is a positive relationship between firm size and investment sensitivity towards cash flow. Therefore, by increasing external financial constraint, the investment sensitivity towards the cash flow also increases. Further findings show that there is a negative relationship between operating cash flows and investment sensitivity towards the cash flow. Therefore, by decreasing internal financial constraint, the investment sensitivity towards cash flow also decreases.