Using Patent Capital to Estimate Tobin’s Q
构建了一个纳入专利资本重置成本的新托宾Q代理指标（专利Q），该指标比现有代理指标多解释高达62%的投资变动，且投资对专利Q更敏感，但控制专利Q后现金流系数反而更大。
Abstract I construct a new proxy for Tobin’s Q that incorporates the replacement cost of patent capital. This proxy, which I call patent Q , explains up to 62% more variation in investment than other proxies for Q. Furthermore, investment is more sensitive to patent Q than to other proxies for Q. Although investment is predicted more accurately by, and is more sensitive to, patent Q , controlling for patent Q leads to relatively larger, not smaller, cash flow coefficients. All results are stronger in subsamples with more patent capital. Overall, patent Q strengthens the historically weak investment– Q relation.