Position: Home > Articles > Study on Tobin’s Q Measurement and Application
Journal of Heilongjiang Bayi Agricultural University
2010,22
(3)
97-100
TobinQ值估算方法及应用研究
作 者：
刘子旭;王淑霞;仪秀琴
单 位：
黑龙江八一农垦大学经济管理学院;西林钢铁集团阿城钢铁有限公司
关键词：
TobinQ;估算;经济租金;公司业绩
摘 要：
TobinQ值的估算问题是TobinQ理论在财务金融实证分析领域应用的关键问题,因为不同的TobinQ值估算方法的使用,将直接影响其作为被解释变量的实证分析的效果。为此,分析指出TobinQ的估算存在长期负债的市场价值估算和公司资产的重置成本估算两大难点问题,并进而围绕这两个难点问题,从理论估算方法和近似估算方法两个角度对TobinQ值的估算进行全面梳理和评述。最后,指出TobinQ值的应用主要是经济租金和公司业绩的衡量。
译 名：
Study on Tobin’s Q Measurement and Application
作 者：
Liu Zixu1,Wang Shuxia2,Yi Xiuqin1 (1.College of Economics and Management, Heilongjiang Bayi Agricultural University, Daqing 163319; 2. ArCheng Co., Ltd. Of Xilin Steel Group)
关键词：
Tobin’s Q; measurement;economic rent;firm performance
摘 要：
TobinQ’s estimation is the key issues in the field of application of empirical analysis of finance, because the usage of different estimation methods in TobinQ’s values will directly affect the empirical analysis results. This paper points out that the two difficult problems:the market value of long-term debt estimates and estimated replacement cost of assets of the company in TobinQ estimation. And thus we focus on these two difficult problems, from the theoretical calculation method and approximate method of TobinQ estimates to conduct a comprehensive sort and comments. Finally, we point out that the application of the value of TobinQ mainly in the measurement of economic rent and of firm performance.
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