对报酬激励作用外文翻译.docVIP

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） Corporate Tax-Planning Effectiveness: The Role of Compensation-Based Incentives (Ⅰ) John D. Phillips University of Connecticut ABSTRACT This study investigates whether compensating chief executive officers and business-unit managers using after-tax accounting-based performance measures leads to lower effective tax rates, the empirical surrogate used for tax-planning effectiveness. Utilizing proprietary compensation data obtained in a survey of corporate executives, the relation between effective tax rates and after-tax performance measures is modeled and estimated using a two-step approach that corrects for the endogeneity bias associated with firms decisions to compensate managers on a pre- versus after-tax basis. The results are consistent with the hypothesis that compensating business-unit managers, but not chief executive officers, on an after-tax basis leads to lower effective tax rates. KEYWORDS tax planning; performance measures; endogenous treatment effects. I. INTRODUCTION Effective tax planning, defined by Scholes et al. (2002) as tax planning that maximizes the firms expected discounted after-tax cash flows, requires managers to consider their decisions after-tax consequences. In this paper, I investigate whether after-tax accounting-based performance measures lead to lower effective tax rates (ETR), my empirical surrogate for tax planning effectiveness.1 The ETR, an income-statement-based outcome measure calculated as the ratio of total income tax expense to pre-tax income, generally measures the effectiveness of tax reduction strategies that lead to higher after-tax income. A lower ETR, however, can only proxy for tax savings and does not always imply that after-tax income and/or cash flows have been maximized.2 Despite this limitation, the ETR has been used to measure the effectiveness of spending on the tax function (Mills et al. 1998) and corporate tax department perf