企业税收筹划的有效性：基于对报酬的激励作用外文翻译

《企业税收筹划的有效性：基于对报酬的激励作用外文翻译》由会员上传分享，免费在线阅读，更多相关内容在工程资料-天天文库。

1、企业税收筹划的有效性：基于对报酬的激励作用外文翻外文文献翻译2011届译文一:企业税收筹划的有效性:基于对报酬的激励作用（上）译文二:企业税收筹划的有效性:基于对报酬的激励作用（下）学生姓名周伟学号07062136院系经济与管理学院专业会计指导教师许庆高完成FI期2010年12月2CorporateTax-PlanningEffcctivcncss:TheRoleofCompcnsation-BasedIncentivesIJohnD.PhillipsUniversityofConnecticutABSTRACTThisst

2、udyinvestigateswhethercompcnsatingchiefexecutivcofficersandbusiness-unitmanagersusingafter-taxaccounting—basedperformancemeasuresleadstolowereffectivetaxratcs,theempiricalsurrogateusedfortax-planningeffectiveness.Utilizingproprietarycompensationdataobtainedinasurve

3、yofcorporateexecutives，therelationbetweeneffectivetaxratesandafter-taxperformancemeasuresismodeledandestimatedusingatwo~stepapproachthatcorrectsfortheendogeneitybiasassociatedwithfirms'decisionstocompensatemaneigersonapre-versusafter-taxbasis.Theresultsareconsisten

4、twiththehypothesisthatcompensatingbusiness-unitmanagers,butnotchiefexecutiveofficers,onanafter-taxbasisleadstolowereffectivctaxrates.KEYWORDStaxplarming;performancemeasures;endogenoustreatmenteffects.T.INTRODUCTIONEffectivetaxplanning,definedbyScholesetal.2002astax

5、planningthatimizesthefirm，sexpecteddiscountedafter-taxcashflows,requiresmanagerstoconsidertheirdccisions，after-taxconsequences-Inthispaper,Iinvestigatewhetherafter-taxaccounting-basedperformancemeasures1eadtolowereffectivetaxratesETR,myempiricalsurrogatefortaxplann

6、ingeffectiveness.1TheETR,anincome-statement-basedoutcomemeasurecalculatedastheratiooftotalincometaxexpcnsctopre一taxincome,generallymeasurestheeffectivenessoftaxreductionstrategiesthatleadtohigherafter-taxincome.AlowerETR,however,canonlyproxyfortaxsavingsanddoesnota

7、lwaysimplythatafter-taxincomeand/orcashflowshavebeenimized.2Despitethislimitation,theETRhasbeenusedtomeasuretheeffectivenessofspendingonthetaxfunctionMillsetal.1998andcorporatetaxdepartmentperformanceDouglasetal.1996.Also,loweringtheETRisfrequentlycitedasawaytoincr

8、easeearningse.g.,Ziegler1997andincreasesharepricee.g.,Mintz1999;Swenson1999.Accountingresearchhasaddressedtherelationbetweenaccounting-basedcompe