A Supply Approach to Valuation
从管理者供给资本资产的视角出发，利用q理论推导出新的股权估值方程，仅需当前投资资本比即可估值，无需预测现金流或估计折现率。
A new methodology for equity valuation arises from the perspective of managers' supply of capital assets. Under <it>q</it>-theory, managers optimally adjust the supply of assets to changes in their market value. The first-order condition of investment then provides a valuation equation that infers asset prices from managers' costs of supplying the assets. This equation fits well the Tobin's <it>q</it> levels across many testing assets, including portfolios formed on <it>q</it>. With current investment-to-capital as the only input, the supply approach does not require cash flow forecasts or discount rate estimates, both of which are notoriously difficult to obtain in practice.