上市公司托宾Q与企业业绩相关性研究  

Correlation Between Tobin Q of Listed Company and Enterprise Performance

作　　者：董峰[1] 

机构地区：[1]山东广播电视大学,山东济南250002

出　　处：《鸡西大学学报（综合版）》2015年第8期54-58,共5页JOurnal of Jixi University:comprehensive Edition

基　　金：山东广播电视大学2014年度青年教师科研项目资助文章;项目编号:2014QNYJ05

摘　　要：经济学家詹姆斯·托宾于1969年提出了托宾Q理论,托宾Q值常常被用来作为衡量公司绩效表现或公司市场价值的工具性指标。为验证托宾Q值在我国资本市场的适用性,选取2010年沪深两市所有数据完整上市公司1331家为研究样本,构建数据模型研究托宾Q值与上市公司业绩之间的关系。研究证明,在我国现今资本市场托宾Q值与上市公司业绩之间存在明显的正相关关系,用Q值作为评价企业绩效的指标具有一定的适用性。Q值与上市公司盈利能力之间存在明显正相关关系,但Q值与上市公司的增长能力并不具有明显正相关关系。结论证明Q值在我国资本市场具有一定的适用性,但还需要进一步探讨。Economist James Tobin proposed Tobin Q theory in 1969 , Tobin＇s Q value is often used as a measure of corporate performance or the performance of the company＇s market value tools indicators .Tobin＇s Q in order to verify the applicability of China ＇s capital market , select all the data in 2010 in Shanghai and Shenzhen listed companies in 1331 for the full sample , build the data model of the relationship between Tobin＇s Q and between the performance of listed companies .Studies have shown that in today＇s capital markets presence of a significant positive correlation between Tobin ＇s Q and the performance of listed companies , with a Q value as evaluating corporate performance indicators have some applicability .Between the Q value and profitability of listed companies was significantly positively correlated , but the Q value of the listed company＇s ability to grow and does not have a significant positive correlation.Conclusion prove Q values have some applicability in China＇s capital market, but also need to be further explored.

关 键 词：托宾Q 公司业绩 因子分析 

分 类 号：F275[经济管理—企业管理]