عنوان مقاله [English]
نویسندگان [English]چکیده [English]
The aim of this study is to investigate relationships among financial constraint, cash value and investment. Financial constraint which most of firms struggle with is one of important issues for all companies in world-wide. The study samples consist of 86 firms listed in TSE for period of 1384-1388(430 year-firm). Three index WW, KZ and KZIR are used for determining whether firms have financial constraint or not. The method of this study is descriptive. Our research method is correlation type and uses backward method for investigating correlation among variables.
The results from first hypothesis show that holding optimal level of cash is very important for firms and cash increases firms' value in constrained more than unconstrained firms. Increasing in firm cash value lead to increasing stockholders wealth.
Results from second hypothesis shows that cash and investment have positive relationship. Also favoring to companies always is seeking to maximum their profit and return, one of ways to achieve this goal is investment. Third hypothesis suggest that changing in level of cash holding result in excess return in constrained firms more than unconstrained firms. This changing in level of cash holding can improve firm`s return and performance.