Zur Zeitwertbilanzierung latenter Steuern in der internationalen Rechnungslegung

The significance of deferred taxes was increased by the introduction of international financial reporting standards. However, the usefulness of the information provided by interperiod tax allocation is regarded with skepticism by researchers and practitioners alike. This is largely due to the overestimation of the book value of non-current deferred tax liabilities and deferred tax assets as the present value of these items is disregarded. The IASB refuses to discount deferred taxes even though this would comply with the underlying asset-liability-concept. The IASB justifies the ban on discounting deferred taxes by the ??supposed?? high complexity; hence, cost-benefit considerations. The paper at hand analyses critical issues regarding the determination of the present value of deferred taxes. An approach for determining the maturity of deferred taxes, a risk-adequate discount rate and an approach for the derivation of a feasible net present value calculation are proposed. It is shown that discounting of deferred taxes is generally possible without resulting in more complex estimations than in those of other accounting areas. Despite the inevitable discretion management has in estimating the present value, it is still possible to represent such information faithfully so that the relevant information is useful to external users.     

Income determination for corporate tax purposes using IFRS as a starting point: evidence for listed companies within Austria, Germany, and The Netherlands

The internationalisation of financial accounting and the European Commission’s ambition to harmonise corporate taxation have raised the question whether IFRS accounts could be used for tax purposes. In order to quantify the effects of an IFRS-based taxation on corporate tax burdens in different EU member states, we estimate firms’ tax equity using notes on income taxes in IFRS financial statements of companies listed in Austria, Germany, and The Netherlands. The difference between estimated tax equity and IFRS-equity, adjusted for the effect resulting from the recognition of deferred taxes, shows the effect of using IFRS as a tax base on the present value of corporate taxes. We find that estimated tax equity is mostly lower than IFRS-equity, indicating that an IFRS-based taxation would often increase the present value of corporate taxes. The median of estimated tax equity is 5.6 % (Austria), 6.4 % (Germany) and 9.0 % (The Netherlands) below IFRS-equity. However, an IFRS-based taxation does not always induce higher equity as often argued in the literature. In 307 of 1,113 totally analysed firm-years, estimated tax equity exceeds IFRS-equity. To find a further estimation for the effects of tax base reforms we also approximate the total stock of unused tax losses and the amount of useable tax losses. We find that deferred tax assets for unused tax losses are depreciated to a substantial extent.     

Income Shifting in Italian Business Groups and some Governance Implications

This paper explores the relationship among group control, financial reporting strategies and governance implications in the pursuit of domestic tax planning. A very large number of papers deals with international tax planning in multidivisional enterprises, but very few are devoted to exploring significant incentives for national business groups to engage in tax planning strategies. In this paper we propose a one-period model relating to the tax incentives of income shifting in Italian business groups. We show that, given the total amount of expected earnings before taxes and the dividends received by the firms belonging to a business group, an optimal solution to the problem of minimizing the group tax burden exists. The optimal solution involves a gain in value for the group as a whole; nevertheless, since in business groups ownership is often differentiated among shareholders (often because of the separation between ownership and control), income shifting may determine wealth transfers, often in favor of the controlling shareholder. We therefore analyze the management and governance implications of such income shifting, for both shareholders and stakeholders (i.e. managers). This revised version was published online in July 2006 with corrections to the Cover Date.     

Warum Steuermoral? – Zur Explikation,Relevanz und Vorteilhaftigkeit von Steuermoral

The subject of this article is the explication, investigation of the relevance and the analysis of the advantages of tax morale. Tax morale is defined as the rejection of tax evasion and also as the rejection of special tax avoidance strategies. One argument in favor for tax morale is that tax payment can be interpreted as an elementary component of a fictitious social contract. In accordance with deontology ethics it can be traced back to the maxim “pacta sunt servanda”. Tax morale is relevant because tax evasion and tax avoidance strategies cannot be fully prevented by the tax law. The implementation of a social contract therefore requires a regulation for tax payment. The realization of a tax payment regulation would be simplified if tax payment would be beneficial. If economic income is accepted as an approximation of the financial utility from the social contract, the tax payment is absolutely beneficial in principle. In relation to the (immoral) non-payment of taxes, tax payment can be relatively advantageous or disadvantageous. One possible advantage is that (immoral) non-payment of taxes can result in punishment when detected. Another result of tax payment is the prevention of an impairment of the social contract.     

商业银行税务风险评估的实证分析

随着我国金融行业的飞速发展,商业银行所面临的税收压力越来越大,商业银行的管理层开始日益关注税务风险。税务风险有2种表现形式,即税负过重和税收处罚。根据15家上市商业银行2008～2010年的财务数据,构建了税负预警模型;采用税负对比法,对商业银行的税务风险进行了评估。分析结果表明,商业银行的营业税税务风险变化不大,但是企业所得税税负过重的商业银行有增多趋势。同时通过回归分析得出:营业收入、营业支出、营业税及附加、企业所得税对盈利综合税负有不同程度的影响。     

基于税盾效应的供应链贸易信用融资优化决策研究

针对中小企业融资困境的现实,本文基于贸易信用融资模式,引入税盾效应,建立了由单一核心供应商和单一经销商组成的含税盾的贸易信用模型,探讨有融资需求的经销商进行订货、核心供应商定价的决定策略,探究不同计息方式的价值实现和融资模式优选。通过stackbelberg博弈、比较分析和算例验证,研究发现以订货量确定为基准,融资需求出现的时点对供应链企业计息方式的选择均有影响。税法关于利息抵扣上限、贸易信用贷款利率、订货量等均影响经销商计息方式的选择,融资额度影响其订货策略;生产成本的差额、定价策略影响供应商的计息方式。     

The Redistributive Effects of the Tax Wedge in Italy

Abstract. This paper presents an original data set of microdata on the tax wedge in Italy, obtained by using the microsimulation model ITAXMOD, developed at ISPE (Institute for Studies on Economic Planning). These data are used to measure the components of the tax wedge and their burden on the total cost of labour at the individual level. The results have been aggregated across income brackets, socio-economic groups and sectors of employment. These data are the necessary preliminary input for any redistributive analysis and in addition they make the available data for Italy comparable with those of other countries. Scant attention has been paid up to now to the redistributive aspects of the tax wedge, since most analyses are based on the income of the “average production worker” which is far from an ideal standard for comparison. The computation of the tax wedge for different brackets of total labour cost has been explored in two ways. The first is related to the differing weights of the components of the tax wedge on cost of labour and no particular hypothesis has been made about the incidence of these components. The results show that the burden of personal income taxation and of social security contributions is very high even for wage-earners in the lowest brackets (in 1992, the estimated tax wedge is more than 44% of total labour cost even in the second decile of the labour cost). That might discourage both labour supply and labour demand across the entire spectrum of deciles of cost of labour. The second line of research studies the incidence of personal income taxes and employees' social security contributions on gross earnings, under the maintained hypothesis that these two components of the tax wedge are shouldered by the employees.     

Wird die Relevanz von Ertragsteuern für die Unternehmensrechnung nach rechtlichen oder ökonomischen Kriterien beurteilt? Kommentar zum Beitrag von Franz W. Wagner und Reinhard Sill

Wagner/Sill investigate analytically and empirically whether income taxes are integrated in cost accounting (CA) and whether the German local business tax (LBT) is different from other income taxes from a CA perspective. Using a contribution margin model, they show that neither the LBT nor other income taxes are crucial. By contrast, the empirical study reveals that businesses and industry associations perceive the LBT quite differently. The theoretical irrelevance of income taxes is a consequence of the simplified contribution margin model. Using a multi-period cost definition would induce time effects of taxation and hence the relevance of income taxes. In the empirical analysis, it is not clear what the authors mean by “integration” of taxes and which type of CA they have in mind. Since regulation is an important issue for CA, it would be helpful to distinguish between regulated and non-regulated industries in the questionnaire.     

The Phenomenology of Earnings Management within the Confines of Agency Theory

Agents' selective and acceptable reporting of economic events by different accounting systems, compounded by alternative accounting methods and estimates, make financial statements an approximation of economic reality. The tendency to delay accounting recognition of some transactions suggests that financial statements lag behind reality. The difference between reality and imaginary is often referred to as the agency problem. An essential characteristic of this problem is risk attitudes of principals (shareholders) and agents (management). Shareholders are considered risk neutral in their preferences for individual firms. They are in a position to diversify their shareholdings across multiple firms. Agents on the other hand have security and income that are inextricably linked to one firm. It would not be surprising to find agents exhibiting risk aversion in decisions regarding the firm. Immediately one's attention is drawn to the opportunity costs that arise for the risk-neutral shareholders who prefer that agents maximize their returns. The risk differential between agents and principals creates a problem in principal-agent relationship. It is within this framework that supervisory and incentive alignment mechanisms that alter the risk orientation of agents are set up. Powerful incentives act upon agents as they exercise their judgment, particularly when the judgment can trigger a stock market response that will, in turn, affect the firm in numerous ways. The responsibility of agents is to manage earnings. From a principal's perspective not all of the methods used to achieve this goal are equally desirable. Agents can either increase productivity or they can strategically manipulate accounting choices to affect earnings. The latter method need not come with any associated changes in productivity. Consequently, there is misstatement of the financial results and position. The calculus of earnings management is considered within the confines of agents' treatment of risk. Using an Agency Theory framework, this study examines the techniques used by agents to manage and manipulate earnings. The study initially tests the hypothesis whether earnings are really managed. For this purpose two manipulation indices were developed and based upon these indices the phenomenology earnings management was considered.     

关于现金流量表分析目的的调查研究

以收付实现制为基础的现金流量表,对传统的以权责发生制为基础编制的资产负债表和损益表反映的信息能起到较好的修正作用和补充作用,因而正在成为财务分析的新宠。但在传统的财务分析指标中涉及到现金流量表项目的极少。为了完善财务分析体系,作者在理论分析的基础上提出了一套现金流量表分析指标,设计并发放了调查问卷,拟通过对调查情况的统计分析来验证或补充理论分析的结果。本文着重对现金流量表分析目的的调查结果进行研究,以确定现金流量表分析指标体系的层次。     

盈余质量对资本配置效率的影响及作用机理

本文以2004-2007年沪深两市的上市公司为研究样本,在Richardson、verdi研究的基础上,对中国现实制度背景下盈余质量和资本配置效率两者的关系进行了探讨.不同于国内外的现有研究,本文不仅检验了盈余质量是否影响上市公司的资本配置效率,还对盈余质量如何影响上市公司资本配置效率进行了检验.检验结果表明,盈余质量的改善一方面能直接提高上市公司的资本配置效率,另一方面则能够通过降低代理成本间接促进上市公司资本配置效率的提高.这一研究结论对理解盈余质量在上市公司资本配置效率中的作用,以及了解盈余质量与上市公司资本配置效率之间的中介传导机制和路径模式均具有较强的现实意义.     

所得税劳动供给效应的实证研究

个人所得税是最为复杂的税种之一,其完善需要以充分掌握各种相关信息为条件,这其中就包括了对纳税人税收行为的认识,对劳动供给的影响是其中之一。国外的同类研究历史较长,成果较多,但国内的研究非常有限,这成了进一步完善个人所得税的一个阻碍。本文以大范围的调查问卷数据为基础,以计量分析和描述统计为手段,试图达到揭示包括性别、年龄、文化程度、地区、婚姻状况、收入、收入比和单位性质等在内的自变量对税收劳动供给弹性的不同影响的目的,以为制定与国情相符的税制提供纳税人税收行为的信息。     

A frame of reference for strategy development

Strategy development in today's volatile business environment demands increased management concern with fundamental issues which go beyond the balance sheet and the income statement to deal with the proper positioning of the corporation and its units to achieve long-term profitable survival. This is well understood. On the other hand, it is equally clear that management capacity—in terms of man hours of talent available—is the most important resource of any corporation and is also limited. In this article the authors set out to develop a frame of reference for analysing the corporation, its individual business and its competitors. Their objective is to provide management with the tools they need to deploy their creative entrepreneurial talent more efficiently by focusing on strategically relevant issues, using guidelines based on the ever-increasing body of research available today.     

The Optimal Income Taxation of Couples

This paper analyzes the general nonlinear optimal income tax for couples, a multidimensional screening problem. Each couple consists of a primary earner who always participates in the labor market, but makes an hours‐of‐work choice, and a secondary earner who chooses whether or not to work. If second‐earner participation is a signal of the couple being better (worse) off, we prove that optimal tax schemes display a positive tax (subsidy) on secondary earnings and that the tax (subsidy) on secondary earnings decreases with primary earnings and converges to zero asymptotically. We present calibrated microsimulations for the United Kingdom showing that decreasing tax rates on secondary earnings is quantitatively significant and consistent with actual income tax and transfer programs.     

A specific accounting approach for public universities

Many universities in Germany and other countries have introduced financial (or commercial) accounting to manage effectively their finances. It aligns with so-called new public sector management reforms worldwide. In this paper we analyze whether the components of this type of financial accounting reform suit the nature and objectives of German public universities. While the analysis mainly relates to the German situation, there are likely to be implications for public universities universally. Drawing on an analysis of the reports of two well known German-speaking universities, Heidelberg and Vienna, we analyze whether the components of the new financial accounting reforms suit the nature and objectives of those public universities. While we argue that cash-flow statements and balance sheets remain important, it is shown that it is necessary for state-run educational institutions to change several key elements of traditional commercial accounting. Because the success goals of such universities are non-profit-oriented, their financial accounting should be augmented by a ‘change in value statement’, replacing the traditional income statement. As their valuation cannot be correlated with the definition of profit in (German) public universities this term is suggested. By change in value we mean specifically that assets may experience a total loss or a decrease in value. In management accounting output measures and performance indicators should substitute revenues as the counterpart of costs. Furthermore, long-term financial decisions play a crucial role in universities. Therefore, a form of investment accounting is very important for them. The conventional form has to be modified by ‘investment statements’ and ‘knowledge balances’ of their intellectual capital. In this paper we also show how the concept of a balanced scorecard can be applied to public universities and how specific accounting instruments can be integrated into it.     

非经常性损益盈余管理的动机、手段和作用研究——来自中国上市公司的经验证据

本文研究了我国上市公司利用非经常性损益进行盈余管理的行为,发现无论是亏损公司还是盈利公司的盈余管理相当倚重于非经常性损益。利用非经常性损益进行盈余管理动机各异:亏损公司主要是为了实现扭亏和避免亏损等,高盈利公司则是为了平滑利润和避免利润下降。实证结果还表明,非经常性损益确实对上市公司扭亏乃至后续年度是否继续亏损起到了重要作用,且其作用远大于扣除非经常性损益后的操控性应计利润。基于上述研究结果,建议将非经常性损益作为会计核算的一项独立内容纳入利润表,并进行具体、透明的表外披露;同时,也建议在监管政策实施中全面考虑非经常性损益的影响。     

Optimal Strategies for Traditional versus Roth IRA/401(k) Consumption During Retirement

We establish an algorithm that produces an optimal strategy for retirees to withdraw funds between their tax‐deferred accounts (TDAs), like traditional IRA/401(k) accounts, and their Roth IRA/401(k) accounts, in the context of a financial model based on American tax law. This optimal strategy follows a geometrically simple, intuitive approach that can be used to maximize the size of a retiree's bequest to an heir or, alternatively, to maximize a retiree's portfolio longevity. We give examples where retirees following the approach currently implemented by major investment firms, like Fidelity and Vanguard, will reduce their bequests by approximately 10% or lose 18 months of portfolio longevity compared to our optimal approach. Further, our strategy and algorithm can be extended to many cases where the retiree has additional, known yearly sources of money, such as income from part‐time work, taxable investment accounts, and Social Security.      

TAX POLICY REFORM: THE ROLE OF EMPIRICAL EVIDENCE

To understand the role of evidence in tax policy design, this paper organizes the empirical analysis of reform under five loosely related headings: (i) key margins of adjustment, (ii) measurement of effective tax rates, (iii) the importance of information and complexity, (iv) evidence on the size of responses, and (v) implications from theory for tax design. The context for the discussion is the recently published Mirrlees Review of tax reform. Although the Review focused on all aspects of tax reform, this paper highlights the taxation of earnings. It also comments on earnings taxation in the context of VAT base‐broadening reforms and the taxation of capital.     

管理层股权激励与企业未来盈余定价——来自中国资本市场的证据

本文探讨管理层股权激励对企业未来盈余定价的影响,并进一步将企业未来盈余分解为行业成分和公司特质成分,考察股权激励对不同成分未来盈余定价的影响,以及不同模式股权激励对上述关系影响的差异。利用实施股权激励的中国A股上市公司2006-2016年间的数据,本文发现：（1）股权激励提高了当期股票收益率与企业未来盈余的相关性。说明管理层股权激励有助于投资者对企业未来盈余定价;（2）管理层股权激励并不影响投资者对行业成分未来盈余定价,但会加速投资者对公司特质未来盈余定价;（3）管理层的股票型激励有助于投资者对企业未来盈余定价,同时也能加速投资者对公司特质未来盈余定价,但股票期权激励并无上述作用。研究结果意味着,整体而言股权激励能够缓解管理层与股东之间信息披露的代理问题,激励管理层向外部投资者披露更多高质量的公司基本面信息,从而降低投资者对公司特质未来盈余信息的搜寻成本,最终通过加速公司特质未来盈余信息融入股价来促进投资者对企业未来盈余定价。本文揭示了管理层股权激励促进投资者对企业未来盈余定价的微观机制,同时,研究结论对提高中国证券市场的信息效率提供了重要的理论参考。     

信息不确定性与盈余公告后漂移现象(PEAD)——来自中国上市公司的经验证据

盈余公告后的漂移现象(PEAD)一直是财务学和会计学关注的热点之一。本文从信息不确定性的角度出发,对PEAD现象的存在性和持续性问题作了研究。我们的结论是:信息质量是PEAD产生和持续的重要原因之一,它既可以通过影响未预期盈余的大小,间接影响盈余公告后的漂移现象(PEAD),这主要表现在,信息质量差的股票多集中在未预期盈余极端组合中;也可以直接对PEAD产生影响,即在盈余公告后,信息质量差的投资组合平均累计超常收益大于信息质量好的投资组合。另外,随着时间推移,信息质量差的投资组合的超常收益下降幅度较大,这主要是因为随着理性的投资者对盈余公告中的相关信息的解读,信息不确定性下降,风险逐步释放,所以这类股票的超常收益下降幅度较大,而信息质量好的股票有较少的信息不确定性,故超常收益下降较少。