Abstarct: Capital formation is a key element of economic growth. The variable interest rate is one of the most efficient tools in the macro-economic policy and capital formation.in Iran, the government determines interest rates for some sectors and prevents from the operation of market forces in determining interest rates for those sectors. Food & Beverage is one of the zones. Given the importance of the industry in the development and economic growth, investment in this sector is important. According to investment theories ,variable interest rate have positive or negative effect on investment. Among other variables that have an impact on investment, profits and sales can be named. The aim of this study was to evaluate the effect of interest rates on investments in food and beverage manufacturing companies listed in Tehran Stock. In addition to variable interest rates, other factors such as sales and profits on the investment firms were examined. For this purpose data from 20 companies in Tehran Stock Exchange during the period 1380- 1392 were used for food and beverage companies. This study analyzed the relationship in the form of dynamic panel data models and generalized method of moments for dynamic panel data (GMM). According to the results of model estimation interest rates, sales and profits significantly positive effect on investment in food and beverage companies are listed in the Tehran Stock Exchange.