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Capital productivity refers to manager ability in optimal company’s capital usage as an important and limited source. Value-growth migration refers to stock’s position changings from value position to growth position. In this study we use CTEV ratio as Value-growth migration factor instead of book value to market value ratio ( ). The goal of this study is to investigate the relationship between Value-growth migration and capital productivity. To investigate this relationship we use Fama-MacBeth two-step regression. The Population of the research consists of all companies that had been in the list of the Fifty Active Companies published by Tehran Stock Exchange from 1388 to 1393 at least once. Finally with considering the restrictions we chose 80 of these companies. The results show significant relationship between Value-growth migration and capital productivity.