The objective of present study is to investigate the effects of capital structure on the value of listed companies in Tehran Stock Exchange. The statistical population of present study consisted of listed companies in Tehran Stock Exchange during 2009-2013 and the sample size was equal to 113 companies selected after applying criteria-filtering technique and elimination of outliers and irrelevant observations. In the present study, earnings per share, ratio of dividends per share, fixed assets turnover ratio, current ratio and financial leverage are considered as independent variables to investigate their effects on value of companies. Compiled data as well as panel data are used as fixed effects are supposed. The results of data analysis of different companies through multivariate regression showed 95 percent level of confidence.