The Relationship between Financial Constraints, the Structure of Assets and Financing in Companies Listed in Tehran Stock Exchange

The main objective of this study was to investigate the moderating effect of financial constraints of Kaplan-Zingales Index (1997) on the relationship between the structure of collateral assets and financing structure of the companies listed in Tehran Stock Exchange (TSE). To this end, the study was carried out using systematic elimination skewed sample consists of 155 firms over the period of 11 years -from 2004 to 2015. The results show that moderating effect of financial constraints on the relationship between and the total collateral assets with financial leverage and components collateral assets (property, plant and equipment, inventory, accounts receivable) with the company's financial leverage is direct and significant. The test of the third hypothesis showed that there is no moderating effect of financial constraints on the relationship between long-term assets and long-term securities held by financial leverage. Furthermore, testing the moderating effect of financial constraints on the relationship between short-term bond funds with short-term financial leverage impose a direct and significant relationship; as well as the moderating effect of short-term financial constraints on components of collateral assets (inventory, accounts receivable) with short-term financial leverage denote that there is a direct and significant relationship and non-relationship for the aforementioned issues, respectively.