Price markups and firms’ Tobin’s Q ratios are widely believed to have been increasing in the past several decades. Various models for the calculation of price markups have been developed, each relying on the historically held definition of the ratio of price to marginal cost; however, all of these have methodological drawbacks, and some of the results they have produced have been poorly reflective of the near past wider macroeconomic experience. This paper defines a new approach for the definition and measurement of markup pricing, and it also avoids some of the issues surrounding the marginal cost approaches by using the measure of economic rent and the capital asset pricing model. The results show limited markup pricing for the UK’s FTSE 100 companies (2018–2023), but that certain real estate, technology/media and financial services/equity investment firms have enjoyed higher price markup levels. An analysis of the business models of these firms is used to qualitatively propose explanations for such markups. This work offers formal proof that that the expected price markup is equal to Tobin’s Q and finds that the empiric market level of markup is near equivalent to the market Tobin’s Q; the differences between the markup and Tobin’s Q at the level of the firm are equally assessed. This work challenges the general consensus that price markups are above one and have been increasing; it may also aid policy makers with respect to taxation policy and regulatory measures, as well as the financial management of firms in decisions concerning capital deployment and portfolio management. The method merits expansion to wider data sets, as well as to those from outside of the UK.

中文翻译：

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当前和预期的定价加成源自资本资产定价模型和托宾 Q 并应用于英国富时 100 指数

人们普遍认为，价格上涨和公司的托宾 Q 比率在过去几十年中一直在增加。人们已经开发出了各种计算价格加成的模型，每个模型都依赖于历史上对价格与边际成本之比的定义；然而，所有这些都存在方法上的缺陷，而且它们产生的一些结果未能很好地反映近期更广泛的宏观经济经验。本文为加成定价的定义和计量定义了一种新的方法，并且通过使用经济租金的衡量和资本资产定价模型，避免了边际成本方法的一些问题。结果显示，英国富时 100 指数公司（2018-2023 年）的加价定价有限，但某些房地产、技术/媒体和金融服务/股权投资公司享有较高的价格加价水平。对这些公司商业模式的分析用于定性地提出对此类加价的解释。这项工作提供了正式的证明，证明预期价格加成等于托宾 Q，并发现加成的经验市场水平几乎等于市场托宾 Q；公司层面的加成率和托宾 Q 值之间的差异同样被评估。这项工作挑战了普遍的共识，即价格加成高于 1 并且一直在增加；它还可以在税收政策和监管措施以及企业财务管理方面为政策制定者提供有关资本部署和投资组合管理的决策方面的帮助。该方法值得扩展到更广泛的数据集以及英国以外的数据集。