The investment method includes a wide range of activities that are done to generate future profits. Accordingly, investment may be made in operating or non-operating assets. Choosing the investment method basically means that the capital under the control of the company is used in its main business. Based on this, the purpose of this research is to investigate the relationship between investment portfolio selection and capital productivity according to the company's life cycle theory. The current research is practical in terms of its purpose, and in terms of method, it is a causal (post-event) type of research. The statistical population of the research is the companies admitted to the Tehran Stock Exchange, due to some inconsistencies among the members of the society, 132 companies were selected as a research sample in the period between 1393 and 1400, according to the conditions and the application of restrictions related to the selection of the sample. became Linear regression has been used to test research hypotheses. The results showed that choosing an investment portfolio with capital efficiency has a positive and significant effect. Also, the choice of investment portfolio with capital productivity in the stages of growth, maturity and decline showed a positive and significant effect.