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Title: トービンQを凌駕する企業パフォーマンス指標の探求
Authors: 趙, 婉辰 Browse this author
鯉口, 庄吾 Browse this author
大澤, 弘幸 Browse this author
渡部, 元博 Browse this author
櫻田, 譲 Browse this author →KAKEN DB
Issue Date: Sep-2022
Publisher: 北海道大学大学院経済学研究院
Journal Title: Discussion Paper, Series B
Volume: 204
Start Page: 1
End Page: 18
Abstract: 本研究は企業価値の代理変数として多くの先行研究で用いられるトービンQを凌駕する総合評価指標Scoreの作成を試みている。そこで、企業の収益性・安全性・成長性・効率性・社会性の5つの観点から採用した10指標に対して行った主成分分析によって主成分得点Scoreを算出し、トービンQとScoreをそれぞれ被説明変数とする回帰分析を行なった。分析の結果、自由度調整済み決定係数がトービンQ採用モデルで約0.3、Score採用モデルで約0.5となり、Scoreが企業価値測定上優秀な指標であると示された。
This study attempts to create a comprehensive evaluation index Score that surpasses Tobin’s Q, which is used in many previous studies as a proxy variable for corporate value. We calculated the principal component score (Score) using a principal component analysis of 10 indicators picked from the five perspectives of corporate profitability, safety, growth, efficiency, and sociability, thereafter we conducted a regression analysis using Tobin’s Q and Score as the explained variables, respectively. The results of the analysis indicated that the freedom-adjusted R-squared was approximately 0.3 for the model adopting Tobin’s Q and approximately 0.5 for the model adopting Score, indicating that Score is an excellent indicator for measuring corporate value.
Type: bulletin (article)
Appears in Collections:Discussion paper > Series B

Submitter: 櫻田 譲

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