Abstract: The main purpose of this study was to investigate the relationship between inflation and operating cycle effect on cash holdings of listed companies on the Stock Exchange in Tehran. In this rate of inflation and operating cycle are considered as independent variables and their impact on corporate cash holdings are examined. Present study, applied research and research plan is the kind of post-event (using past information) to collect information from the library. Statistical society of present study is listed firms in the Tehran Stock Exchange during 2008-2013 and the sample size due to screening and after dropping observations are 154 companies. In this study, data Panel are used with fixed and random effects, the results of the analysis shows of corporate data using multivariate regression at 95% the rate of inflation and the operational cycle has a direct impact on corporate cash holdings.