●Tobin'sq The ratio of the market value of installed capital to its replacement cost(重置成本). ●Financing constraint(筹资限制) A limit on the quantity of funds a firm can raise-such as through borrowing-in order to buy capital. 注：重置成本·-由于设备磨损而须重新购置的成本 ⚫ Tobin’s q The ratio of the market value of installed capital to its replacement cost (重置成本). ⚫ Financing constraint(筹资限制) A limit on the quantity of funds a firm can raise-such as through borrowing-in order to buy capital. 注：重置成本－-由于设备磨损而须重新购置的成本