托賓Q比率 （Tobin’s Q ratio）由諾貝爾經濟學獎得主、耶魯大學教授托賓 (James Tobin）制訂，提出上市公司的總市值應相等於其總股權價值（資產重置成本）。如市值單單反映公司的在冊資產，Q比率將等於1.0。如Q比率大於1.0，反映市值較公司在冊資產總值高。如Q比率少於1.0，市值較公司在冊資產總值低，反映市場被低估。
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The following is a scatterplot of Tobin's Q using historical data downloaded from St. Louis Fed.
The Tobin's Q ratio is a ratio devised by James Tobin of Yale University, Nobel laureate in economics. The Q ratio suggests that the combined market value of all the companies on the stock market should be about equal to their total equity value. If the market value reflected solely the recorded assets of companies, then Tobin's q would be 1.0. If Tobin's q is greater than 1.0, then the market value is greater than the value of the companies' recorded assets. On the other hand, if Tobin's q is less than 1, the market value is less than the recorded value of assets, suggesting that the market may be undervalued.
The plot is produced by R, and will be updated every quarter.
Note: If you use Chrome, you might need to clear browsing data by pressing Ctrl+Shift+Delete (on Mac the shortcut is: Shift+Command+Delete), and then refresh your screen to see the most updated plot.
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