• The Korean Journal of Financial Management
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• v.13 no.1
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• pp.185-202
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• 1996

기업의 경제적 성과측정 또는 경제적 척도로서 토빈의 Q는 가치에 대해 산출된 경제적 가치를 계산함으로써 이론적인 경제적 효율성의 개념에 가장 근접한 개념으로 평가되고 있다. 그러나 정확한 계산이 어려운 토빈의 Q대신 실제로는 회계적 수익률, 주가 수익률 및 장부가격 대비 시장가치 비율(MB)등이 편의상 많이 사용되고 있다. 본 논문에서는 이러한 성과 측정 변수들간의 상관관계를 실증적으로 검증함으로써 이들 세 유형의 변수들이 토빈 Q의 대용적(代用的) 변수(變數)로서 신뢰성과 유용성이 있는지를 판정하고자 하였다. 연구 결과는 MB를 제외하고는 이들 변수들이나 또는 이들의 조합이 토빈 Q비율을 충분히 설명하기에는 너무 미흡하여 토빈 Q의 대용변수로서 경제적 효율성의 판단기준으로 사용될 경우에 그 신뢰성에 의문이 제기될 여지가 있음을 시사하고 있다. 특히, 회계적 수익률은 토빈 Q비율에 대한 설명력이 현저히 낮을 뿐 아니라, 이러한 결과는 수익률의 이동평균을 사용하거나, 연구개발비나 계열기업집단의 소속여부에 의해 잠재적인 무형자산의 영향을 반영할 수 있도록 수익률을 보완하여 사용하더라도 그 설명력이 크게 개선되지 않는 것으로 나타나고 있다.

• Journal of Venture Innovation
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• v.5 no.2
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• pp.101-110
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• 2022

It is easy for first movers of platform business model to monopolize the market due to the platform's own characteristics such as network effect and flywheel strategy. Accordingly, the regulations on platform operators are constantly being discussed in the recent monopoly regulation arguments, but the concrete regulations have not been settled worldwide. This is because there is no clear consensus on the valuation method which can objectively identify dominant platform firms from the others. This study suggested a platform valuation method based on the Tobin's Q theory, by measuring the moderating effect of the existence of specific scale of platform on the relationship between replacement cost and market valuation. Our method can not only be a standard for settling monopoly regulation by converging the regulation targets, but also contribute to active investment on the new platform firms by evaluating their potential growths quantitatively.

• Journal of the Korean Regional Science Association
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• v.36 no.1
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• pp.37-50
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• 2020

Estimating investment profits of real estate is critical to understand real estate markets and create relevant policy as real estate market and capital market combines closely. Thus, this study applied the concept of Tobin's Q to estimate investment profits for apartments as well as row-houses and multi-family homes in Seoul from 2010 to 2018. Investment profits were estimated by two approaches: subtracting the replacement cost from the transaction price and calculating ratio of the transaction price to the replacement cost, respectively. The spatio-temporal changes in investment profits were apparent in apartments compared with row-houses and multi-family homes. As a result of analyzing the spatial econometrics models, the investment profit was higher in the area with high density and new developments regardless of the housing types. The framework and key findings would be the effective reference to understand residential investment behavior, create relevant housing policy, introduce value capture of windfall, measure regional competitiveness, and estimate housing bubble.