权益分类	功能权益	普通用户	{{item.name}}会员
{{category.name}}	{{benefitItem.name}}

The effect of Taxes on Executive Compensations

税收对高管薪酬的影响

基本信息

批准号：
18530355
负责人：
TAKAHASHI Takayuki
金额：
$ 1.48万
依托单位：
Yokohama City University
依托单位国家：
日本
项目类别：
Grant-in-Aid for Scientific Research (C)
财政年份：
2006
资助国家：
日本
起止时间：
2006 至 2007
项目状态：
已结题

来源：
https://kaken.nii.ac.jp/grant/KAKENHI-PROJECT-18530355/
关键词：
Accounting Financial Accountine Tax Accounting Mikiharu, Noma

项目摘要

We investigated the effect of taxes on executive compensations. We especially focus on the system of stock option. This paper empirically examines the relation between the use of derivatives and the risk level of firms in a sample of 431 large Japanese nonfinancial firms. Previous studies investigating whether firms systematically reduce or increase their risk with derivatives show that firms reduce their risk. By contrast, this paper shows that the use of derivatives increases total risk and firm-specific risk. However, the magnitude of the increase is not economically significant. Further analysis provides some evidence on the association between derivatives and stock options. The results show that there is a positive relation between the use of derivatives and stock options. In addition, firms introducing stock options invest in R&D activities to a greater extent than firms that do not introduce stock options. These findings suggest that Japanese firms use derivatives to hedge homog … More eneous risk and adopt stock option compensation to take core-business risk.Additionally, we investigated another setting whether taxes affect firm's managerial decision-making. We analyze the effect of taxes on transaction structure of corporate acquisitions in Japan. Acquirers and target shareholders can exchange target stock for cash or for acquire stock. In stock to cash transactions, target shareholders have to pay tax on the capital gain, taxable transaction. By contrast, in stock to stock transactions target shareholders doesn't have to pay and can defer tax on the capital gain, non-tax transaction. This research provides an empirical evidence that acquires with tax loss carryover tend to choice the non-tax transaction structure. We predicted that target firms with many individual shareholders tend to choice the taxable transaction structure because of lower tax rate than corporate shareholders on capital gains. But we can't confirm the prediction.These researches are the almost first empirical analysis of the relation between Japanese corporate decision-making and tax system. We contribute to demonstrate the effect of taxes on taxpayers' activities in Japan. Less

我们调查了税收对高管薪酬的影响。特别是股票期权制度。本文以431家日本大型非金融企业为样本，实证检验了衍生工具的使用与企业风险水平之间的关系。以前的研究调查公司是否系统地减少或增加他们的风险与衍生品表明，公司减少他们的风险。相反，本文表明，使用衍生品增加了总风险和公司特定的风险。然而，增加的幅度在经济上并不重要。进一步的分析提供了一些关于衍生品和股票期权之间联系的证据。研究结果表明，衍生工具的使用与股票期权之间存在正相关关系。此外，引入股票期权的公司比不引入股票期权的公司在更大程度上投资于R&D活动。这些发现表明，日本企业利用衍生品来对冲同质化风险。 ...更多信息另外，本文还考察了税收对企业经营决策的影响。我们分析了税收对日本企业收购交易结构的影响。收购人和目标股东可以用目标股票换取现金或收购股票。在股票转现金交易中，目标股东必须对资本利得纳税，这是一项应税交易。相比之下，在股票对股票交易中，目标股东不必支付并可以递延资本利得税，这是非税收交易。本研究提供了一个实证证据，说明有税损结转的并购倾向于选择非税交易结构。我们预测，目标公司有许多个人股东倾向于选择应税交易结构，因为税率低于公司股东的资本利得。这些研究几乎是首次对日本企业决策与税制之间的关系进行实证分析。我们的贡献是证明税收对日本纳税人活动的影响。少