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首页> 外文期刊>AESTIMATIO: the IEB International Journal of Finance >Firms’ Accruals and Tobin’s q
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Firms’ Accruals and Tobin’s q

机译：企业的应计和托宾的q

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摘要

According to the neoclassical theory of investment, if firms' accruals are a form of short-term investment they should be greatly influenced by the shadow price of capital, namely Tobin's q. In the presence of financial market imperfections, cash- flows should also impact accruals since they proxy for liquidity constraints. In this paper, we test a new version of the cash-flows augmented accrual model featuring a proxy for Tobin's q, and compare it to the most common models found in the literature. To deal with the measurement errors often encountered in accounting data and Tobin's q empirical proxies, we rely on a modified version of the Hausman artificial regression, and find that all the key parameters of the accrual models are indeed systematically biased with measurement errors. More importantly, our findings largely qualify the accrual investment perspective, as both cash-flows and Tobin's q are found strongly significant regressors of firms' accruals. Interestingly, we find that the Tobin's q augmented model is able to isolate discretionary accruals, and to deliver residuals quite close to zero on average.
机译：根据新古典投资理论，如果企业的应计利润是短期投资的一种形式，则它们应受到资本影子价格即托宾q的极大影响。在存在金融市场不完善的情况下，现金流也应影响应计项目，因为它们可替代流动性约束。在本文中，我们测试了具有托宾q的代理的现金流量增强应计模型的新版本，并将其与文献中最常见的模型进行了比较。为了处理会计数据和托宾q经验代理中经常遇到的计量误差，我们依赖于Hausman人工回归的修改版本，并且发现应计模型的所有关键参数的确确实存在计量误差。更重要的是，我们的发现在很大程度上符合权责发生制投资的观点，因为现金流量和托宾q均被视为企业权责发生率的显着回归变量。有趣的是，我们发现Tobin的q增广模型能够隔离任意应计项目，并能够提供平均接近于零的残差。

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