{"title":"对公司层面托宾 Q 的一个有用解释是","authors":"Peter A. Zaleski","doi":"10.1002/mde.4332","DOIUrl":null,"url":null,"abstract":"<p>Industrial organization economists and financial analysts often employ firm level Tobin's <i>q</i>, typically interpreted as the firm's market value divided by its book value. The measurements, applications, and interpretations vary considerably enough to warrant the questioning of its usefulness. This paper develops a conceptual framework for Tobin's <i>q</i> and, in doing so, offers some useful interpretations that hopefully clear up some of the past misunderstandings regarding this useful metric.</p>","PeriodicalId":18186,"journal":{"name":"Managerial and Decision Economics","volume":"45 8","pages":"5381-5389"},"PeriodicalIF":2.5000,"publicationDate":"2024-07-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"A useful interpretation of firm level Tobin's q\",\"authors\":\"Peter A. Zaleski\",\"doi\":\"10.1002/mde.4332\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<p>Industrial organization economists and financial analysts often employ firm level Tobin's <i>q</i>, typically interpreted as the firm's market value divided by its book value. The measurements, applications, and interpretations vary considerably enough to warrant the questioning of its usefulness. This paper develops a conceptual framework for Tobin's <i>q</i> and, in doing so, offers some useful interpretations that hopefully clear up some of the past misunderstandings regarding this useful metric.</p>\",\"PeriodicalId\":18186,\"journal\":{\"name\":\"Managerial and Decision Economics\",\"volume\":\"45 8\",\"pages\":\"5381-5389\"},\"PeriodicalIF\":2.5000,\"publicationDate\":\"2024-07-23\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Managerial and Decision Economics\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://onlinelibrary.wiley.com/doi/10.1002/mde.4332\",\"RegionNum\":3,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q2\",\"JCRName\":\"ECONOMICS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Managerial and Decision Economics","FirstCategoryId":"96","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1002/mde.4332","RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"ECONOMICS","Score":null,"Total":0}
Industrial organization economists and financial analysts often employ firm level Tobin's q, typically interpreted as the firm's market value divided by its book value. The measurements, applications, and interpretations vary considerably enough to warrant the questioning of its usefulness. This paper develops a conceptual framework for Tobin's q and, in doing so, offers some useful interpretations that hopefully clear up some of the past misunderstandings regarding this useful metric.
期刊介绍：
Managerial and Decision Economics will publish articles applying economic reasoning to managerial decision-making and management strategy.Management strategy concerns practical decisions that managers face about how to compete, how to succeed, and how to organize to achieve their goals. Economic thinking and analysis provides a critical foundation for strategic decision-making across a variety of dimensions. For example, economic insights may help in determining which activities to outsource and which to perfom internally. They can help unravel questions regarding what drives performance differences among firms and what allows these differences to persist. They can contribute to an appreciation of how industries, organizations, and capabilities evolve.
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