外文翻译--企业税收筹划的有效性：基于对报酬的激励作用（节选）

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1、 2900 单词， 1.7 万英文字符 ,5200 汉字 出处： Phillips J D. Corporate Tax-Planning Effectiveness: The Role of Compensation-Based IncentivesJ. Accounting Review, 2003, 78(3):847-874. 本科毕业论文外文资料翻译 系 别： 经济系 专 业： 会计学 姓 名： 学 号： 外文原文 Corporate Tax-Planning Effectiveness: The Role of Compensation-Based Incentives John

2、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. Utili

3、zing 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 manager

4、s 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. INTRODUC

5、TION 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

6、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 th