资源描述：
《企业税收筹划功效：基于补偿的激励作用【外文翻译】》由会员上传分享，免费在线阅读，更多相关内容在学术论文-天天文库。
1、外文翻译原文CorporateTax-PlanningEffectiveness:TheRoleofCompensation-BasedIncentivesMaterialSource:TheAccountingReview,2003(3)Author:JohnD.PhillipsABSTRACTThisstudyinvestigateswhethercompensatingchiefexecutiveofficersandbusiness-unitmanagersusingafter-taxaccounting-basedperformancemeasures
2、leadstolowereffectivetaxrates,theempiricalsurrogateusedfortax-planningeffectiveness.Utilizingproprietarycompensationdataobtainedinasurveyofcorporateexecutives,therelationbetweeneffectivetaxratesandafter-taxperformancemeasuresismodeledandestimatedusingatwo-stepapproachthatcorrectsfort
3、heendogeneitybiasassociatedwithfirms'decisionstocompensatemanagersonapre-versusafter-taxbasis.Theresultsareconsistentwiththehypothesisthatcompensatingbusiness-unitmanagers,butnotchiefexecutiveofficers,onanafter-taxbasisleadstolowereffectivetaxrates.INTRODUCTIONEffectivetaxplanning,de
4、finedbyScholesetal.(2002)astaxplanningthatmaximizesthefirm'sexpecteddiscountedafter-taxcashflows,requiresmanagerstoconsidertheirdecisions'after-taxconsequences.Inthispaper,Iinvestigatewhetherafter-taxaccounting-basedperformancemeasuresleadtolowereffectivetaxrates(ETRs),myempiricalsur
5、rogatefortaxplanningeffectiveness.TheETR,anincome-statement-basedoutcomemeasurecalculatedastheratiooftotalincometaxexpensetopre-taxincome,generallymeasurestheeffectivenessoftaxreductionstrategiesthatleadtohigherafter-taxincome.AlowerETR,however,canonlyproxyfortaxsavingsanddoesnotalwa
6、ysimplythatafter-taxincomeand/orcashflowshavebeenmaximized.Despitethislimitation,theETRhasbeenusedtomeasuretheeffectivenessofspendingonthetaxfunction(Millsetal.1998)andcorporatetaxdepartmentperformance(Douglasetal.1996).Also,loweringtheETRisfrequentlycitedasawaytoincreaseearnings(e.g
7、.,Ziegler1997)andincreaseshareprice(e.g.,Mintz1999;Swenson1999).Accountingresearchhasaddressedtherelationbetweenaccounting-basedcompensationandmanagers'actions(e.g.,Larcker1983;Healy1985;Wallace1997).Thispaperisthefirsttoaddresswhetherafter-taxaccounting-basedperformancemeasuresmotiv
8、atemanagerst
