Abstract

High Tobin’s $q$ industries receive more funding from capital markets than low Tobin’s $q$ industries from 1971 to 1996. Since then, the opposite is true. The key to understanding this shift is that large firms, for which $q$ is more a proxy for rents than investment opportunities, have become more important within industries. For these firms, repurchases but not capital expenditures increase in the cross-section with $q$, so that $q$ explains the variation of repurchases more than of capital expenditures. Consequently, equity capital flows out of high $q$ industries because for these industries stock repurchases are high and issuances are low.

中文翻译：

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为什么股本资金从高托宾的$ \ boldsymbol {q} $行业中流出？

摘要

从1971年到1996年，高托宾的qq $行业从资本市场获得的资金要多于低托宾的qq $行业。自那时以来，情况恰恰相反。理解这种转变的关键在于，大型企业在行业中变得越来越重要，因为大型企业相对于投资机会而言，q $更能代表租金，而不是投资机会。对于这些公司，$ q $横截面中的回购增加，但资本支出没有增加，因此，$ q $解释了回购的变化大于资本支出的变化。因此，股本资本从高价q $$行业流出，因为对于这些行业，股票回购数量很高而发行量很低。