Question

一段财务的外文 求高手翻译 谢谢

Our study shows that governance plays an important role in long-term tax management. The most important driver of tax management is the pay-performance-sensitivity (PPS) for both directors and CEOs. These results are strong and robust to various areas of tax planning. We find that high PPS leads to lower taxes, including both GAAP effective tax rates and cash taxes paid. A one-unit increase in CEO PPS results in a 0.541% decrease in industry-adjusted GAAP ETR and a 0.571% decrease in industry- adjusted cash ETR. Likewise, high PPS results in lower foreign and domestic taxes. A one-unit increase in CEO PPS results in a
0.166% decrease in industry-adjusted foreign taxes and a 0.477% decrease in industry-adjusted domestic taxes, a significant savings. The results show that regardless of the strategy (foreign or domestic), higher PPS results in better tax management. We find other corporate governance measures to be not as influential in tax management as incentive compensation. These results are consistent with Wintoki et al. (2010), who find little relation between corporate governance and performance measures after controlling for endogeneity. We do find that companies with different governance structures focus on different areas of tax management. Companies with a higher percentage of independent directors tend to focus on foreign tax management. Companies with larger boards that are less entrenched tend to focus on domestic taxes.

Answer 1

我们的研究表明，治理中起着长期的税收管理中的重要作用。税收管理的最重要的推动力是薪酬业绩敏感性（PPS）为董事和首席执行官。这些结果是强大的，对税收筹划的各个领域的强大。我们fi认为高PPS导致较低的税收，包括会计准则的有效税率和现金支付的税金。增加一一单位，首席执行官PPS的结果0.541%的减少在行业调整会计准则和行业的出口退税调整出口退税减少0.571%现金。同样，在较低的外国和国内税收高PPS结果。在首席执行官PPS结果在减少工业a0.166 %一一单位增加外国税收和产业调整，调整国内税下降了0.477%，一个显fi斜面储蓄。结果表明，无论战略（国外或国内），较高的PPS的结果更好的税收管理。我们fi等治理措施不在fl税收管理激励的影响。这些结果是一致的wintoki等人。（2010），谁fi公司治理和绩效的措施之间的关系在控制了内生性和小。我们fi认为不同治理结构公司注重税收管理的不同方面。有较高比例的独立董事的公司往往把重点放在涉外税收管理。公司具有较大的板不根深蒂固的倾向于把重点放在国内税。

Answer 2

Our study shows that governance plays an important role in long-term tax management. The most important driver of tax management is the pay-performance-sensitivity (PPS) for both directors and CEOs. These results are strong and robust to various areas of tax planning. We find that high PPS leads to lower taxes, including both GAAP effective tax rates and cash taxes paid. A one-unit increase in CEO PPS results in a 0.541% decrease in industry-adjusted GAAP ETR and a 0.571% decrease in industry- adjusted cash ETR. Likewise, high PPS results in lower foreign and domestic taxes. A one-unit increase in CEO PPS results in a
0.166% decrease in industry-adjusted foreign taxes and a 0.477% decrease in industry-adjusted domestic taxes, a significant savings. The results show that regardless of the strategy (foreign or domestic), higher PPS results in better tax management. We find other corporate governance measures to be not as influential in tax management as incentive compensation. These results are consistent with Wintoki et al. (2010), who find little relation between corporate governance and performance measures after controlling for endogeneity. We do find that companies with different governance structures focus on different areas of tax management. Companies with a higher percentage of independent directors tend to focus on foreign tax management. Companies with larger boards that are less entrenched tend to focus on domestic taxes.