I spoke with APA's Technical Svcs. Div. and got an answer, but I'm not too convinced it is appropriate. The rep. claimed he checked it with his manager who is a P.E., but the document provided does not describe this as a method of determining punching shear.
Perimeter of point load X Fvtv = Punching Shear Capacity
F sub v t sub v is the "Panel Shear Through The Thickness" value listed on Page 21, Table 4B in APA's 28 page "Panel Design Specification" dated 2008. The document he sent me was D510.pdf. It is also listed with respect to span rating on pg. 18, Table 4A. Table 4B gave the most conservative value based on thickness of 105 vs. 115 on Table 4A.
So for my floor with a 4"x4" square point load on 23/32" AC plywood the value is 16 in x 105 lb/in = 1680 lb! I assume this is for the max. support spacing of 24" since the product is rated 48/24. My joists are 16" o.c.
Other load cases such as bending and deflection certainly control this design. I guess this calc would be most applicable for small footprints like a 1" square.