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1、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日期2010年12月2日15CorporateTax-PlanningEffectiveness:TheRoleofCompensation-BasedIncentives(Ⅰ)JohnD.PhillipsUniversityofConnecticutABSTRACTThisstudyinvestigateswhethercompensati
2、ngchiefexecutiveofficersandbusiness-unitmanagersusingafter-taxaccounting-basedperformancemeasuresleadstolowereffectivetaxrates,theempiricalsurrogateusedfortax-planningeffectiveness.Utilizingproprietarycompensationdataobtainedinasurveyofcorporateexecutives,therelationbetweeneff
3、ectivetaxratesandafter-taxperformancemeasuresismodeledandestimatedusingatwo-stepapproachthatcorrectsfortheendogeneitybiasassociatedwithfirms'decisionstocompensatemanagersonapre-versusafter-taxbasis.Theresultsareconsistentwiththehypothesisthatcompensatingbusiness-unitmanagers,b
4、utnotchiefexecutiveofficers,onanafter-taxbasisleadstolowereffectivetaxrates.KEYWORDStaxplanning;performancemeasures;endogenoustreatmenteffects.I.INTRODUCTIONEffectivetaxplanning,definedbyScholesetal.(2002)astaxplanningthatmaximizesthefirm'sexpecteddiscountedafter-taxcashflows,
5、requiresmanagerstoconsidertheirdecisions'after-taxconsequences.Inthispaper,Iinvestigatewhetherafter-taxaccounting-basedperformancemeasuresleadtolowereffectivetaxrates(ETR),myempiricalsurrogatefortaxplanningeffectiveness.1TheETR,anincome-statement-basedoutcomemeasurecalculateda
6、stheratiooftotalincometaxexpensetopre-taxincome,generallymeasurestheeffectivenessoftaxreductionstrategiesthatleadtohigherafter-taxincome.AlowerETR,however,canonlyproxy15fortaxsavingsanddoesnotalwaysimplythatafter-taxincomeand/orcashflowshavebeenmaximized.2Despitethislimitation
7、,theETRhasbeenusedtomeasuretheeffectivenessofspendingonthetaxfunction(Millsetal.1998)andcorporatetaxdepartmentperformance(Douglasetal.1996).Also,loweringtheETRisfrequentlycitedasawaytoincreaseearnings(e.g.,Ziegler1997)andincreaseshareprice(e.g.,Mintz1999;Swenson1999).Accountin
8、gresearchhasaddressedtherelationbetweenaccounting-basedcompen
