Abstarct: The main purpose of this study was to investigate the determinants of cash holdings of listed companies in Tehran Stock Exchange using financial information of 197 companies during 2010-2017. for this purpose, eleven hypotheses have been formulated and extracted from quantile regression to investigate the more accurate of the subject studied in different scenarios. the results of the hypothesis testing show that the previous period cash holdings, Leverage, dividends, growth opportunities, capital expenditure, net working capital, cash flow fluctuation, growth rate fluctuation, economic growth rate and interest rate have a significant affect on cash holdings. furthermore, the model is fitted to examine the more accurate factors on the level of cash in the oil economy in the country, in the high swing conditions of oil prices and low oil price fluctuation to examine the research scenarios. that in the low swing conditions of oil prices; the last period level of cash holdings, paying dividends, growth opportunities, capital expenditure, net capital in circulation, oil price fluctuation, and interest rates have significat affect and also in the high swing conditions of oil prices, the last period of cash holdigs, Leverage, profitability, growth opportunities, net working capital, cash flow fluctuation, and economic growth rate have significat affect on cash holdigs.Therefore, firms can pay more attention to these variables as a policy in cash holdings.