THE MOST IMPORTANT GOAL OF CAPITAL structure POLICY IS TO IDENTIFY THE COMPOSITION OF FINANCIAL RESOURCES IN ORDER TO MAXIMIZE SHAREHOLDER WEALTH, ALTHOUGH THIS DEPENDS ON SEVERAL FACTORS.AMONG THESE FACTORS ARE CASH Flow FLUCTUATIONS. REGARDING THIS ISSUE, THIS RESEARCH INVESTIGATES THE RELATIONSHIP BETWEEN CASH Flow FLUCTUATIONS AND CAPITAL structure DECISION MAKING IN LISTED COMPANIES IN TEHRAN STOCK EXCHANGE. FOR THIS PURPOSE, 137 COMPANIES (FROM 1389 TO 1393) WERE INVESTIGATED. THE METHOD OF THIS RESEARCH IS DESCRIPTIVE AND IN TERMS OF TARGET (TYPE OF RESEARCH) IS APPLICABLE. THE RESEARCH LITERATURE WAS EXTRACTED FROM THE LIBRARY STUDY METHOD AND REQUIRED FINANCIAL DATA FROM REFERRING TO FINANCIAL STATEMENTS AND FINANCIAL SOFTWARE, AND ANALYZED BY EXCEL SOFTWARE, CLASSIFIED, CALCULATED AND FINALLY ANALYZED THROUGH EVIEWS AND STATA SOFTWARE. REGARDING THE STATISTICAL METHODS PERFORMED AT THE CONFIDENCE LEVEL OF 0.95, USING THE REGRESSION TEST, THE RESULTS SHOWED THAT CASH Flow FLUCTUATIONS ARE FINANCED BY ACCUMULATED PROFIT AND DEBT FINANCING IS NEGATIVELY CORRELATED.