Government spending and debt are very important and significant factors on the stock market in most of the world, especially in developing countries with a government-owned economic structure. The purpose of this study was to examine the effects of government spending and debt on the stock market in Iran. In this study, seasonal statistics and a self-interval correlation model were used. Based on the results of the bounds test, the existence of a long-run relationship between independent and affiliated companies was determined. The error correction term coefficient showed that the deviation from the long-run equilibrium relationship is corrected and adjusted at a high speed. The results of the long-run model have shown that there is a negative and significant relationship between the logarithm of government domestic debt, the logarithm of government external debt, the logarithm of interest rate, and the logarithm of exchange rate with stock market growth, and also a positive and significant relationship between government spending and stock market growth.