وجه نقد بهینه برآوردی، نرخ بازده دارایی¬های عملیاتی آینده، وجه نقد نگهداری شده، وجوه نقد مازاد، کسری وجه نقد.

cash is a critical source for business enterprises and creating balance between available cash and the required cash is the most important factor concerning the economic viability of a business enterprise. both of the companies that do not hold enough cash or hold too much cash, face too much problems. this paper investigates the impact of deviation from the estimated optimal cash level on firms’ future performance (return on net operating assets) in this paper, first, the optimum (acceptable) cash level for companies is estimated, then, it was asked whether the future performance of a company may be affected by deviation from the estimated optimal cash holdings, or not. to examine the research hypothesis, the financial data for 144 companies working in tehran stock exchange (tse) have been selected between the years 1385-1388 have been selected. in this research, we made use of rolling regression with panel data method for hypothesis testing. the results showed that the negative expected relationship between deviation from optimal cash holdings and the one-year-ahead return on net operating assets could not be accepted.