高新技术企业投资决策的托宾Q方法研究  

On Tobin Q Method Concerning Investment Decision-making of High-tech Enterprise

作　　者：唐宇[1] 史英超[1] 

机构地区：[1]哈尔滨理工大学经济学院,哈尔滨150040

出　　处：《天津商业大学学报》2012年第1期44-48,共5页Journal of Tianjin University of Commerce

基　　金：教育部人文社会科学研究项目"基于产业联盟的产业技术标准化路径与运作模式研究"(10YJC630246)

摘　　要：针对高新技术企业投资的特点,进行高新技术企业投资决策方法选择,并最终选取托宾Q方法进行决策。在决策时,回避用股价计量企业价值的缺陷,而通过EVA与企业价值的内在联系,将EVA引入企业价值计量。根据高新技术企业特点,选取对EVA值影响较大的调整项目,通过项目调整,企业价值计量结果更加合理,并在此基础上进行托宾Q方法的投资决策。将EVA引入托宾Q投资决策,避免了股价易受多因素影响且存在一定的主观性的弊端,决策更加有效,且避免了企业的短期决策,利于企业可持续发展。In view of the investment characters of high-tech enterprises,this article applies the basic principle of Tobin Q theory to the method selection of investment decision-making,and ultimately selects Tobin Q method to make investment decisions.In decision-making,it tries to avoid the shortcomings of measuring enterprise value with stock price,and to introduce EVA to the measurement of enterprise value based on the internal relationship between the two.According to the characters of high-tech enterprises,it selects the items that have great impacts on EVA value,and makes enterprise value measurement more reasonable.Based on the above,Tobin Q method is used for investment decision making.The introduction of EVA into Tobin Q investment decision-making averts the subjectivity of measuring enterprise value with stock price and the short-term decision-making,which makes decision-making more effective and favors the sustainable development of enterprise.

关 键 词：托宾Q理论 EVA 投资决策 

分 类 号：F276.44[经济管理—企业管理]