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1.
Fabio B. Gaertner Daniel P. Lynch Mary E. Vernon 《Contemporary Accounting Research》2020,37(4):1990-2019
This study examines the effect of the Tax Cuts and Jobs Act of 2017 (TCJA) on corporate defined benefit pension contributions. The TCJA decreases the corporate tax rate from 35 percent in 2017 to 21 percent in 2018 and thereafter. This change incentivizes firms to increase 2017 pension contributions to take advantage of tax deductions at a higher rate. Consistent with this incentive, we find firms increase defined benefit pension contributions by an average of 25 to 31 percent in 2017 compared with earlier years. We also find that taxpaying firms are the primary contributors. Further, taxpaying firms with high levels of pension-related deferred tax assets contribute over three times as much as taxpaying firms with low levels of pension-related deferred tax assets. We also find firms that increase pension contributions in 2017 reduce 2018 contributions, consistent with intertemporal income shifting rather than a permanent change in pension funding strategy. 相似文献
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企业研发费用税前加计扣除政策是我国通过税收优惠激励企业加大研发投入和提升自主创新能力的有效举措之一。立足福建省实施企业研发费用税前加计扣除政策主要措施与成效的基础上,对该政策在实施中存在的问题和原因进行分析,从而提出具有实践性和可操作的对策建议。 相似文献
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The super-deduction of research and development (R&D) expenses is at the core of the policy to stimulate enterprise innovation in China. This paper identifies whether firms are supported by the super-deduction policies for R&D expenses and uses the difference-in-differences method to investigate the impact of the policies on R&D investment. The results show that changes in policy in 2013 significantly increased the R&D investment of firms engaging in key state-supported technologies. Policy changes in 2016 significantly increased the R&D investment of firms engaging in non-key-state-supported technologies. Enterprises not only invested all their tax incentives in R&D activities but also increased their investment in self-raised funds. The super-deduction policy had different impacts on different industries, firms with different boards, and firms with different ownership. The policy significantly affected the manufacturing and construction industries, the Small and Medium Enterprise Board, and non-state-owned enterprises. Through a mechanism analysis, we found that the policy significantly reduced the user cost of R&D and increased the net cash flow of enterprises, which could raise a firm's R&D investment. It is necessary to increase policy support, expand the scope of super-deductible expenses, and increase the super-deduction rate based on industry classification according to the sensitivity of different industries to the policy. 相似文献
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本文对国家及安徽省出台的企业研发费用加计扣除政策进行了梳理,基于合芜蚌自主创新综合试验区高新技术企业和创新型企业进行问卷调查,总结了目前合芜蚌试验区企业研发费用加计扣除政策执行情况,并通过数据分析对政策落实情况和实施效果进行阐述与说明,针对该政策存在的主要问题,提出进一步完善该政策的对策建议。 相似文献
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We estimate the effect of R&D tax incentives on firm-level R&D expenditures (RDE) and patenting using a change in the eligibility criteria for a super deduction in China. In 2006, the Chinese government relaxed the “10 % eligibility criterion”, which stated that only firms with a 10 % or higher increase in prior-year RDE can claim an additional 50 % tax deduction. We use an event study approach to show that firms that became newly eligible to claim the super deduction (those just below the criterion) catches up on RDE and product innovation measured by the sales of new products. In the long run, we also observe a closing gap in the number of patents between the two groups of firms. Moreover, extending tax benefits to all firm helps to lower the tax burden, and we find no evidence of manipulation and relabeling. 相似文献
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Alexander Edwards;Michelle Hutchens;Anh V. Persson; 《Contemporary Accounting Research》2024,41(2):1248-1283
In 2018, the European Union (EU) introduced a new mandatory reporting requirement for a wide range of cross-border tax arrangements (EU Directive 2018/822, also known as DAC6). Unlike prior corporate transparency initiatives, which put the reporting responsibility primarily on the taxpayers, this directive puts the initial reporting responsibility on the third-party intermediaries who are involved in the reportable arrangement at any stage during the planning and execution process. We exploit the adoption of DAC6 in the EU to examine the effectiveness of third-party reporting in curbing cross-border tax planning by multinationals. Using a difference-in-differences research design, we find that affected firms reduce income shifting and report higher effective tax rates in the post-adoption period. The reduction in income shifting is stronger for affiliates operating in countries without legal professional privilege extensions and in countries where noncompliance penalties are higher. Our results highlight the importance of strong third-party reporting requirements in constraining cross-border tax planning. 相似文献
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Katharine D. Drake;Nathan C. Goldman;Stephen J. Lusch;Jaime J. Schmidt; 《Contemporary Accounting Research》2024,41(2):719-747
Given that tax-related critical audit matters (tax CAMs) were prevalent among accelerated filers (18.5% of observations) during the initial year of CAM disclosures, we examine whether an auditor's disclosure of tax CAMs is associated with variation in tax-related financial reporting quality, tax avoidance, and tax-related earnings management. Finding an association between tax CAMs and one of these tax outcomes would indicate that the new auditor reporting standard has indirectly affected investors. Examining the first year of CAM disclosures, we do not find that tax CAMs are associated with broad proxies of tax-related audit or financial reporting quality (e.g., restatements, internal control weaknesses, comment letters) or tax avoidance (e.g., effective tax rates or book-to-tax differences). We do find that tax CAMs are associated with a modest increase in tax accrual quality, an increase in the reserve for unrecognized tax benefits, and a reduction in the likelihood of tax-related earnings management. However, we do not find these tax CAM effects persist into the second year of CAM reporting. Our evidence is consistent with tax CAM disclosures having a modest but short-lived effect on companies' reporting of tax accounts. Our findings should inform the PCAOB as they conduct their post-implementation review of the new audit reporting standard. 相似文献
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税收优惠作为稳市场、促创新的重要辅助手段,对企业创新激励至关重要。基于2008-2021年A股上市公司数据,分析税收优惠对企业创新水平的影响,以及研发投入和融资约束在两者之间的作用机制。研究发现,税收优惠与企业创新城显著正相关关系,即税收优惠政策激励了企业创新;税收优惠通过激励企业加强研发投入和帮助其缓解融资约束,进而提高了企业创新动力;税收优惠对企业创新的激励作用在小规模和高科技企业中以及中西部地区更明显。研究结论为政府精准制定税收优惠政策,激发企业开展创新活动,提升企业价值提供了建议。 相似文献
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Dirk E. Black;Shane S. Dikolli;Christian Hofmann;Thomas Pfeiffer; 《Contemporary Accounting Research》2024,41(1):255-291
In empirically estimating the relation between CEO compensation and accounting-based firm and peer performance, researchers often define the performance variables net of CEO compensation expense. We analytically show that a researcher's use of CEO compensation as a regression's dependent variable and as an expense in defining a regression's independent variables representing accounting-based firm and peer performance will bias the researcher's pay-for-performance and relative performance evaluation (RPE) regression coefficients. In a panel estimation of CEO compensation, we document an attenuation bias in the coefficients on net firm and net peer performance. This evidence may partially explain inferences of weak CEO incentives and limited usage of RPE in prior work. Our results imply that in CEO compensation regressions, a researcher can remove biases in inferring CEO incentives and RPE usage by using gross rather than net accounting performance variables—that is, by adding back CEO compensation expense to net accounting measures. 相似文献
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对中国关于激励研发创新的相关政府补贴和税收优惠政策对企业创新水平和效率影响的相关研究进行了总结,目前政策主要着力点在于对企业或行业的激励上,尚可能带来企业进行\"策略性\"创新、对一线研发主体-研发人才的主观能动性激励不足等问题.基于个人所得税角度,通过对比中国大陆与其他三地的个人所得税制度,试图提出直接给予研发人才普适性税收优惠的建议,并就完善现有政府研发补贴及企业所得税收优惠政策进行了讨论.以期为更好吸引和留住研发人才,为中国科技兴国战略注入新动力提供参考. 相似文献
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Jin Kyung Choi Rebecca N. Hann Musa Subasi Yue Zheng 《Contemporary Accounting Research》2020,37(4):2615-2648
We examine whether the information conveyed in a relatively new analyst research output—capital expenditure (capex) forecasts—affects corporate investment efficiency. We find that firms with analyst capex forecasts exhibit higher investment efficiency. This effect is stronger when the forecasts are issued by analysts with higher ability or greater industry knowledge. Moreover, the effect of capex forecasts on investment efficiency varies with the signals they convey about future growth opportunities—positive-growth signals are more effective in reducing underinvestment, while negative-growth signals are more effective in reducing overinvestment. Cross-sectional tests suggest that these effects operate at least in part through both a financing channel and a monitoring channel. Taken together, our results suggest that analysts' capex forecasts convey useful information about firms' growth opportunities to managers and investors, which can facilitate efficient investment. 相似文献
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Michael P. Donohoe;Brian T. Gale;Michael A. Mayberry; 《Contemporary Accounting Research》2024,41(2):1311-1345
We examine shareholders' perceptions about how external tax advisors contribute to corporate tax planning. As residual claimants of corporate tax planning, shareholders benefit from lower corporate taxes, but also bear the financial and reputational costs of subsequent tax enforcement. Despite the influential advisory role of external tax advisors in corporate tax planning, existing research on how shareholders perceive this role is limited. Using event study methods and exploiting the heightened regulation of tax advice through the covered opinion rules as a setting, we observe average and cross-sectional stock returns consistent with shareholders perceiving external tax advisors as contributing unfavorably to tax planning by promoting excessively risky strategies. We further find that risky and overall tax planning declined across firms after the enactment of the rules, consistent with shareholders' perceptions about tax advisors' contributions to firms' tax planning. Overall, our findings contribute to research on shareholder perceptions and valuation of tax planning, and have important implications for practice, where regulatory oversight of external tax advisors remains a significant concern. 相似文献
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Preetika Joshi Edmund Outslay Anh Persson Terry Shevlin Aruhn Venkat 《Contemporary Accounting Research》2020,37(4):2357-2397
In this study, we examine the effect of increased tax transparency on the tax planning behavior of European banks. In 2014, the European Union introduced public country-by-country reporting requirements to the banking industry. Treating this new requirement as an exogenous shock, we find limited evidence consistent with a decline in income shifting by the banks' financial affiliates in the post-adoption period (starting from 2015). We do not, however, find robust evidence of a significant change in the consolidated book effective tax rates among the affected banks. Our findings suggest that increased transparency from public country-by-country reporting can deter tax-motivated income shifting but that it did not appear to materially influence the banks' overall tax avoidance. Our findings have policy implications for the ongoing debate between the European Parliament, the Organisation for Economic Co-operation and Development, and accounting standard-setting bodies on whether to require multinationals to publish country-by-country reports. 相似文献
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在我国汽车产业不断融入全球产业链且节能减排逐渐成为汽车产业发展要求这吲代首景下,利用1995年到2009年相关数据对汽车净出口率进行了实证分析,结果表明较高的科研投八报酬率及职工工资水平都不同程度地促进了我国汽车产业在全球产业链中的发展,而对高排量汽车提高消费税率则对其有阻碍作用。最后,提出了相应地提高我国汽车产业国际竞争力的政策建议。 相似文献
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基于R&D异质性视角,把R&D投资分为探索式创新投资和常规式创新投资,选取149家国内医药制造业上市公司2007-2013年的数据,研究多元化战略对企业创新投资模式的影响。实证研究的结果表明：专一化经营的医药企业重视R&D投入的研究阶段支出,进行探索式创新投资（R>0,D=0;R>0,D>0）;多元化经营的医药企业偏好常规式创新投资（R=0,D>0）,不愿把过多的资金投放入高风险、回报周期长的R&D研究阶段。研究结果可以为医药企业高管选择创新投资模式、政府对企业创新的金融支持政策制定提供决策参考。 相似文献
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Sarah Judge;Brian M. Goodson;Chad M. Stefaniak; 《Contemporary Accounting Research》2024,41(2):1284-1310
In 2017, the PCAOB began requiring audit firm tenure disclosure within the audit report for SEC registrant clients. Many commenters raised the concern that prominent disclosure of firm tenure would lead investors to inappropriately infer a negative relation between audit quality and long tenure. This is particularly troubling given that empirical evidence generally does not support this concern. In our first experiment, we predict and find that disclosing an audit firm's long tenure within the audit report increases investors' perceptions that the audit firm's independence was impaired while conducting the audit. However, we also identify an intervention that mitigates the effects of disclosing long tenure—an accompanying disclosure in the audit report of the firm's adherence to the SEC's mandatory partner rotation requirement. We find that such a disclosure moderates the effect of long tenure disclosure such that in the absence (presence) of a partner rotation disclosure, investors do (do not) perceive increased independence impairment when long firm tenure is disclosed. In a second experiment, we predict and find that long firm tenure disclosure reduces investors' preference to invest in an otherwise quantitatively optimal investment and that this relation is driven, in part, by perceptions of independence impairment. Again, this result is attenuated by partner rotation disclosure. Our results should be useful to regulators in understanding the effects of their disclosure mandate and to audit firms in understanding a practical way in which they might mitigate the implications of such effects. 相似文献
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Fábio Moraes da Costa Carol Liu Gina Cavalier Rosa Samuel L. Tiras 《Contemporary Accounting Research》2020,37(4):2501-2522
Bagnoli and Watts (2005) proposed that a manager could reduce information asymmetry by choosing an income-decreasing accounting choice that signals the firm's relatively good future prospects. A limitation in testing this theory is that most income-decreasing accounting choices over time reverse such that aggregated earnings would be the same, regardless of the choice. One income-decreasing accounting choice that never reverses is the choice of upward asset revaluation, where the resulting gains are recognized through other comprehensive income and reduce future earnings by increasing future depreciation expense. In the United Kingdom, prior to FRS15, firms had the option to upwardly revalue on a one-time basis. FRS15, and subsequently International Financial Reporting Standards, however, require those firms that upwardly revalue precommit to revalue on a consistent basis. This precommitment sacrifices future reporting discretion, which, according to the aforementioned study, serves as a costly signal of a firm's relatively good future prospects that reduces information asymmetry. The choice not to upwardly revalue, therefore, serves as a signal of a firm's relatively poor future prospects and also reduces information asymmetry, but this choice does not require precommitment such that the reduction in information asymmetry would be less than the choice to precommit to upward revaluations. Using a propensity-score matched-pair design on a sample of United Kingdom firms to test our predictions during the period requiring precommitment, we find lower forecast dispersion, lower return volatility, and a lower cost of capital for firms that precommit to upward asset revaluations, relative to those firms that choose not to upwardly revalue their operating assets. Keywords: upward asset revaluations, income-decreasing accounting choice, information asymmetry, precommitment 相似文献