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。本文以日本431家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。先前的研究调查了公司是否系统地降低或增加了衍生品的风险，结果表明公司降低了风险。相比之下，本文表明衍生品的使用增加了总风险和公司特定风险。然而，这一增长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，引入股票期权的企业比不引入股票期权的企业更大程度地投资于研发活动。这些发现表明，日本企业利用衍生品来对冲同类更大的风险，并采用股票期权补偿来承担核心业务风险。此外，我们还研究了税收是否影响企业管理决策的另一种设置。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交换现金或收购股票。在以股票换现金的交易中，目标股东必须就资本利得纳税，交易应纳税。相比之下，在股票对股票交易中，目标股东不必支付并且可以递延对资本利得的税收，进行非税交易。本研究提供了一个实证证据，证明获得与税收损失结转倾向于选择非税交易结构。我们预测，拥有许多个人股东的目标公司倾向于选择应税交易结构，因为资本利得的税率低于公司股东。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。我们致力于证明税收对日本纳税人活动的影响。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