اثر تغییرات سرمایه در گردش بر فرصت های سرمایه گذاری

The purpose of this study is to evaluate the effect of changes in working capital on investment opportunities for the companies that are listed in tehran stock exchange. for this purpose, we study a panel data of 151 listed companies in tehran stock exchange, over the period 1384-1390(seven years). we use limer test and hausman test to identify the appropriate regression model (fixed effects or random effects) to test the hypotheses. the results of the study show that there is a significant and negative relation between changes in a company's working capital and investment opportunities