M.A. Thesis:

The research and development costs, liquidity and financial ability to predict the value of the company

Research and Development costs(R&D) and financial power play an important role in increase the value of companies. The purpose of this research is to determine the relationship among research and development costs, liquidity, financial power in predicting future value of Tehran Stock Exchange companies. Sample of 146 companies were randomly sampled during the period from 2010 to 2015 and tested using the panel data of the research hypotheses. The research findings show that there was a direct and significant relationship between future cash flow of the company and there was not the relationship between research and development costs and financial power with the company's future value. Therefore, the results of the research indicate that, over a short period of time (5 years), liquidity was a more important factor in influencing future company value, while R&D costs and financial strength, at least in the short term, had not an effect on predicting future value of companies.

Keywords: Key words: liquidity, research and development costs, financial power, firm value