以公司托賓Q比率預測股價對公司投資變動的反應

Firm's Q Ratio as a Predictor of Market Response to Firm Capital Investment Changes

謝劍平(Joseph C. P. Shieh)

《管理評論》 14卷1期 (1995/01) Pp. 33-45

https://doi.org/10.6656/MR.1995.14.1.CHI.33

摘要

這篇論文是在探討公司托賓Q比率對於資本支出宣告，與股票市場反應大小間的關係。結果發現，關於宣告之超常報酬率及Q比率之間存有強烈且顯著的正相關。研究結果顯示，一般而言增加投資的決策會使股東受益。因為高Q比率公司的股東財富比低Q比率公司增加的快。這事實隱含了市場價值極大化是公司實際投資的最主要動機。最後，作者也建議後續研究者可針對公司規模大小與情報釋放對資本投資變動的反應做進一步之探討。

關鍵字

托賓Q比率 ； 資本支出 ； 股東財富 ； 價值極大化

並列摘要

This paper examines the relationship between Tobin's Q ratio and the magnitude of the stock market reaction to capital investment announcements. The paper finds a strong and significant positive relationship between the announcement related excess returns and the Q ratio. The results of the study show that on average shareholders benefited from decisions to increase investment. Since this enhancement of shareholder wealth was greater for high Q firms than for low Q firms, the evidence suggests that market value maximization be the dominant motivation for real investment in the companies examined. Finally, the author suggests that future research can investigate the relationship between firm size and information and the response of capital investment announcement.

並列關鍵字

Tobin's Q ratio ； Capital investment ； Stockholders' wealth ； Market value maximization