外文翻译---企业税收筹划的有效性

《外文翻译---企业税收筹划的有效性》由会员上传分享，免费在线阅读，更多相关内容在教育资源-天天文库。

1、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）学生姓名学号院系经济与管理学院15CorporateTax-PlanningEffectiveness:TheRoleofCompensation-BasedIncentives(Ⅰ)JohnD.PhillipsUniversityofConnecticutABSTRACTThisstudyinvestigateswhethercompensatingchiefexecutiveofficersandbusiness-unitmanagersusingafter-

2、taxaccounting-basedperformancemeasuresleadstolowereffectivetaxrates,theempiricalsurrogateusedfortax-planningeffectiveness.Utilizingproprietarycompensationdataobtainedinasurveyofcorporateexecutives,therelationbetweeneffectivetaxratesandafter-taxperformancemeasuresismodeledandestimatedusinga

3、two-stepapproachthatcorrectsfortheendogeneitybiasassociatedwithfirms'decisionstocompensatemanagersonapre-versusafter-taxbasis.Theresultsareconsistentwiththehypothesisthatcompensatingbusiness-unitmanagers,butnotchiefexecutiveofficers,onanafter-taxbasisleadstolowereffectivetaxrates.KEYWORDSt

4、axplanning;performancemeasures;endogenoustreatmenteffects.I.INTRODUCTIONEffectivetaxplanning,definedbyScholesetal.(2002)astaxplanningthatmaximizesthefirm'sexpecteddiscountedafter-taxcashflows,requiresmanagerstoconsidertheirdecisions'after-taxconsequences.Inthispaper,Iinvestigatewhetherafte

5、r-taxaccounting-basedperformancemeasuresleadtolowereffectivetaxrates(ETR),myempiricalsurrogatefortaxplanningeffectiveness.1TheETR,anincome-statement-basedoutcomemeasurecalculatedastheratiooftotalincometaxexpensetopre-taxincome,generallymeasurestheeffectivenessoftaxreductionstrategiesthatle

6、adtohigherafter-taxincome.AlowerETR,however,canonlyproxyfortaxsavingsanddoesnotalwaysimplythatafter-taxincomeand/orcashflowshavebeenmaximized.2Despitethislimitation,theETRhasbeenusedtomeasuretheeffectivenessofspendingonthetaxfunction(Millsetal.1998)andcorporatetaxdepartmentperformance(Doug

7、lasetal.1996).Also,loweringtheETRisfrequentlycitedasawaytoincreaseearnings15(e.g.,Ziegler1997)andincreaseshareprice(e.g.,Mintz1999;Swenson1999).Accountingresearchhasaddressedtherelationbetweenaccounting-basedcompensationandmanagers'actions(e.g.,Larcker1983;Hea