The financial development, financial constraint and firms investment

The ratio of investment can have a significant impact on various criteria such as the ratio of cash flows and dividends. The long-term policies of managers are such that the ratio of cash flows of companies increases, and in the same way dividend profits will increase, and with increasing dividends, the amount of investment in research and development spending will also increase. The purpose of this study is to investigate the relationship between financial development, financial constraints and investment. This research is library and analytical-Ali research and is based on the analysis of panel data (data panel). In this research financial information of 104 companies accepted in Tehran Stock Exchange during the period 2012 to 2017 (624 companies - year) was investigated. The results of the research show that according to the analyzes carried out in relation to the confirmation of the first hypothesis of the research, it can be concluded that financial development has a significant and direct effect on the investment rate of firms, and finally, according to the analysis of the relationship By confirming the second hypothesis of the research, we conclude that financial constraints have a significant and inverse effect on the investment rate of firms..