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1、外文文獻(xiàn)翻譯2011屆譯文一：企業(yè)稅收籌劃的有效性：基于對(duì)報(bào)酬的激勵(lì)作用（上）譯文二：企業(yè)稅收籌劃的有效性：基于對(duì)報(bào)酬的激勵(lì)作用（下）學(xué)生姓名周偉學(xué)號(hào)07062136院系經(jīng)濟(jì)與管理學(xué)院專業(yè)會(huì)計(jì)指導(dǎo)教師許慶高完成日期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
