The effect of Taxes on Executive Compensations

我们调查了税收对高管薪酬的影响。我们特别关注股票期权制度。本文以431家日本大型非金融企业为样本，实证检验了衍生品使用与企业风险水平之间的关系。此前对公司是否系统性地通过衍生品降低或增加风险的研究表明，公司降低了风险。相比之下，本文的研究表明，衍生品的使用增加了总风险和特定于公司的风险。然而，增长的幅度在经济上并不显著。进一步的分析为衍生品和股票期权之间的关联提供了一些证据。结果表明，衍生品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研发活动上的投资更大。这些发现表明，日本公司使用衍生品来对冲Homog…此外，我们还考察了税收是否会影响企业的经营决策。本文分析了税收对日本企业并购交易结构的影响。收购者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，目标股东必须为资本利得缴纳税款，这是一笔应税交易。相比之下，在股票转股票交易中，目标股东不必支付资本利得的非税交易，并且可以递延纳税。本研究为税损结转收购倾向于选择非税交易结构提供了经验证据。我们预测，拥有较多个人股东的目标公司倾向于选择应税交易结构，因为其资本利得税率低于公司股东。但我们无法证实这一预测。这些研究几乎是第一次对日本企业决策与税收制度之间的关系进行实证分析。我们的贡献是展示税收对日本纳税人活动的影响。较少

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