摘要:Stock market has always attracted the attention of economist and stock managers. Also, higher stock prices reflect an increase in the discounted expected earnings, providing potentially useful information about future economic growth. Hence, the factors affecting on this market are examined in Iran during 1996-2015. For this reason, ARDL approach is applied for Data analysis. The results examine that while exchange rate, inflation rate and financial index rate have a positive significant effect, interest rate has a negative significant on real stock prices.