Classification of Companies with KZ index and relation between KZ index changes and future stock return

Capital optimal structure and mering debt optimization and the equity of shareholders needs choosing the best financing method and choosing the best appropriate time of financing. Companies are not equipped with the essential stability for financing and due to different economic reasons they have financial resources limitation. Therefore it is necessary to study financing behavior. The aim of this study is to classify sample statistatical companies in terms of the level of their financial limitation and to survey their relation with stock future return. The applied criterion to measure companies financial limitation level is kz index. Research statistical sample involves 109 companies in the Tehran stock exchange in 1384-1388 and has been analyzed statistically. The results indicates that there is ameaningful relation between stock future return and statistical sample companies financial limitations level.based on the results, the stock future return of companies withlower financial limitations level has been higher.