2014年稅收籌劃外文翻譯-稅收籌劃對(duì)企業(yè)市場(chǎng)績(jī)效的影響（節(jié)選）

1、<p>　　1500英文單詞，8300英文字符，中文2630字</p><p>　　出處：Kawor S, Kportorgbi H K. Effect of Tax Planning on Firms Market Performance: Evidence from Listed Firms in Ghana[J]. International Journal of Economics &

2、Finance, 2014, 6(3).</p><p>　　Effect of Tax Planning on Firms Market Performance: Evidence from Listed Firms in Ghana</p><p>　　Seyram Kawor & Holy Kwabla Kportorgbi</p><p>　　Int

3、ernational Journal of Economics and Finance; Vol. 6, No. 3; 2014. P162-164.</p><p><b>　　Abstract</b></p><p>　　The study sought to ascertain the level of tax planning of firms and to

4、explore the relationship between tax planning and firms’ market performance. The study used 22 non-financial companies listed on the Ghana Stock Exchange over a twelve year period from 2000. The longitudinal correlative

5、designed was used. The results indicate that that firms’ tendency to engage in intensive tax planning activities reduces when tax authorities maintain low corporate income tax rates. Secondly, tax planning ha</p>

6、<p>　　Keywords: Ghana stock exchange, tax planning, market performance, longitudinal correlative design, investors</p><p>　　1. Introduction </p><p>　　Over the years and throughout the world

7、, the history of taxation brings out one fact; that taxes are coercive in nature and therefore economic units which are assigned the tax liability never wholly intend to bear the actual tax burden (Commonwealth Associati

8、on of Tax Administrators (CATA), 2007). Economic units, more specifically, corporate bodies are always adopting ways to minimise, postpone, or avoid entirely, the payment of tax. The attempts by the economic units to red

9、uce, postpone or avoi</p><p>　　The practice of tax planning dates back to 1947 when learned judge Hand, in the case Commissioner Newman, held that there is nothing sinister in arranging ones affairs so as to

10、 keep taxes as low as possible. Hoffman’s (1961) tax planning theory supports this argument. According to Hoffman, it is a necessity for firms to understand the prevailing tax laws and apply the laws in a manner that ens

11、ures the firms minimise their tax exposure. Hoffman posits that it makes no economic sense to pay more t</p><p>　　International governmental organizations, such as CATA (2009), suggest that corporate bodies

12、in Ghana, especially the large entities, engage in complex tax planning activities. Research by civil society groups such as Christian Aid (2008), Action Aid (2011), and Dan Watch (2011), confirm this assertions made by

13、the Domestic Revenue Division. The missing element in the findings is the quantitative expression of the tax planning activities of the firms. </p><p>　　The traditional thinking is that firms that derive max

14、imum benefit from tax planning perform better than those that do not plan their taxes (Murphy, 2007). From the empirical perspective, tax planning is positively associated with firms’ performance. For instance, Desai and

15、 Hines (2002); Chen, Chen, Chen and Shelvin (2010) reported positive association between tax planning savings and firm performance. The argument is that tax represents cost of doing business, and any action that has the

16、potent</p><p>　　Few studies in the UK dispel the traditional relationship between tax planning and firm performance. While admitting that tax planning has a positive association with accounting performance,

17、Desai and Dharmaphala (2007) reported that tax planning has a neutral association with market performance. Indeed Abdul-Wahab (2010) found a negative association between tax planning and firm performance. Kportorgbi (201

18、3) suggested that corporate governance strength plays a mediating factor in the tax plann</p><p>　　A study of the effect of tax planning savings on firms’ market performance is crucial for all stakeholders i

19、n the emerging security markets such as the Ghana stock Exchange. In fact each possible relationship has a unique implication for the players. For instance, a positive association implies that tax planning produces a win

20、-win situation for both management and shareholders (investors). A negative association connotes that tax planning benefits may not eventually trickle to the pocket of the </p><p>　　1.1 Objective of the Stud

21、y</p><p>　　The primary objective of this study is to explore the relationship between tax planning savings of firms listed on the Ghana Stock Exchange and firm market performance. The study also seeks to exa

22、mine the simultaneous influence of other firm specific variables on the tax planning-market performance relationship. </p><p>　　1.2 Tax Planning Intensity of Firms in Ghana </p><p>　　Commentator

23、s on tax behaviour of firms in Ghana paint a picture that suggests that large firms engage in tax planning activities. For instance CATA (2009) posits that Ghana Revenue Authority lost seventy-four million pounds between

24、 2005 and 2007 to the European Union (EU) in tax revenue as a result of tax avoidance by several multinational companies. Murphy (2004) also reported that firms have complex gamut of arsenals to reduce their tax burden.

25、The reports indicate that the tax avoiding mechan</p><p>　　Most of the reports are not precise in their estimation of the benefits that firms achieve through tax planning. The lack of precision in measuring

26、tax planning intensity is largely attributed to the insufficient reporting of issues of taxation by firms. Aside the mandatory disclosures to tax authorities, firms are reluctant in disclosing much on tax behaviours. Thi

27、s is due to the perceived thin line that exist between tax planning and tax evasion. Listed companies, however, provide provide adeq</p><p>　　2. Review of Related Literature</p><p>　　This sectio

28、n is subdivided into theoretical review and empirical review. The theoritical review encapsultes the Hoffman’s (1961) tax planning theory. Three main empirical studies are reviewed. They are Desai and Hines (2002), Desai

29、 and Dharmaphala (2009) and Abdul-Wahab (2010). </p><p>　　2.1 Hoffman’s Tax Planning Theory</p><p>　　According to Hoffman (1961) tax planning seeks to divert cash, which would ordinarily flow to

30、 tax authorities, to the corporate entities. Tax planning activities are desirable to the extent that they reduce taxable income to the barest minimum, without sacrificing accounting income. The theory is premised on the

31、 fact that firms tax liability is based on taxable income rather than accounting income. The idea is thus to intensify activities that reduce taxable income but has no indirect relationsh</p><p>　　Hoffman (1

32、961) also recognised the role of tax cost in the tax planning activities. The theory thus provided that the positive association between tax planning and corporate performance is on a basic assumption that tax benefits f

33、rom the tax planning exceed tax cost. The scope of the Hoffman’s tax planning theory does not address the dynamics of tax planning and market performance. As capital markets develop and the separation of ownership and co

34、ntrol of corporate bodies become well-spread, the </p><p>　　2.2 Empirical Review and Development of Hypothesis</p><p>　　Desai and Hines (2002) provide evidence on firm performance and tax planni

35、ng behaviour of firms. Again, the study investigates the relationship between tightening of tax systems and market value of firms. The study was based on 850 listed US firms. The study sample was purposively selected to

36、reflect the characteristics desired by the researchers. The study was cross sectional and the data relates to year 2000. Correlative-description design was adopted. Simple regression and t-tests were used t</p>&l

37、t;p>　　稅收籌劃對(duì)企業(yè)市場(chǎng)績(jī)效的影響：對(duì)加納上市公司的實(shí)證分析</p><p>　　Seyram Kawor & Holy Kwabla Kportorgbi</p><p>　　國(guó)際財(cái)經(jīng)周刊.2014年第6期第3卷.第162-164頁(yè).</p><p><b>　　摘要</b></p><p>　　本

38、研究試圖確定企業(yè)的納稅籌劃水平，探討稅收籌劃與企業(yè)市場(chǎng)績(jī)效的關(guān)系。該研究收集了從2000年開(kāi)始12年以來(lái)在加納股票交易所上市的22家非金融企業(yè)的數(shù)據(jù)來(lái)輔助說(shuō)明。文章采用縱向相關(guān)設(shè)計(jì)進(jìn)行論述。結(jié)果表明，當(dāng)稅務(wù)機(jī)關(guān)維持較低的企業(yè)所得稅率時(shí)，公司從事密集稅收籌劃活動(dòng)的傾向降低了。其次，稅收籌劃對(duì)企業(yè)績(jī)效有著中性的影響。這一發(fā)現(xiàn)對(duì)以往稅收籌劃節(jié)稅反映投資者的資金這一論點(diǎn)提出了質(zhì)疑。本文最終的結(jié)論是，投資者必須建立相關(guān)的稅收籌劃制度，以確保自身的

39、投資資金能夠更好的通過(guò)稅收籌劃的手段反應(yīng)出來(lái)。</p><p>　　關(guān)鍵詞：加納股市，稅收籌劃，市場(chǎng)績(jī)效，縱向相關(guān)設(shè)計(jì)，投資者</p><p><b>　　1.前言</b></p><p>　　多年來(lái)，在世界各地，稅收的歷史帶說(shuō)明了一個(gè)事實(shí)，即稅收具有強(qiáng)制性，因此經(jīng)濟(jì)單位分配的稅收責(zé)任從來(lái)沒(méi)有完全打算實(shí)際承擔(dān)的稅收負(fù)擔(dān)（聯(lián)邦稅收管理協(xié)會(huì)（CAT

40、A），（2007）。經(jīng)濟(jì)單位，更具體地說(shuō)，是法人團(tuán)體，總是采取辦法盡量減少、推遲或完全避免納稅。經(jīng)濟(jì)單位減少、延期或者避免納稅的嘗試可以是合法的，也可以是違法的。法律手段被稱為稅收籌劃，而非法手段被稱為逃稅。逃稅的可怕后果使它成為上市公司不受歡迎的選擇（Murphy，2004）。</p><p>　　稅收籌劃的實(shí)踐可以追溯到1947年，當(dāng)時(shí)的一位經(jīng)驗(yàn)豐富的法官Hand，在Commissioner Newman中認(rèn)

41、為沒(méi)有什么陰險(xiǎn)的安排能夠最大限度減少的稅收。Hoffman（1961）的稅收籌劃理論表示對(duì)這一論點(diǎn)的支持。根據(jù)Hoffman的觀點(diǎn)，企業(yè)必須理解現(xiàn)行稅法，并以確保公司減少納稅機(jī)會(huì)的方式適用法律。Hoffman認(rèn)為，比法律要求的更高的稅收是沒(méi)有經(jīng)濟(jì)意義的。Scholes和Wolfson（1992）稅收籌劃框架也強(qiáng)調(diào)法人機(jī)構(gòu)從事稅務(wù)規(guī)劃的需要。根據(jù)Scholes和Wolfson的觀點(diǎn)，一個(gè)成功的公司，是一個(gè)適當(dāng)?shù)倪m應(yīng)稅收的環(huán)境。</p

42、><p>　　國(guó)際政府組織，如聯(lián)邦稅收管理委員會(huì)（2009），表明加納境內(nèi)的企業(yè)或者公司，尤其是大單位，從事相對(duì)復(fù)雜的稅收籌劃活動(dòng)。民間團(tuán)體如基督教援助組織（2008）、行動(dòng)援助（2011）和丹觀察（2011）的研究證實(shí)了國(guó)內(nèi)收入司所作的斷言。調(diào)查結(jié)果中遺漏的因素是企業(yè)稅收籌劃活動(dòng)的定量表達(dá)。</p><p>　　傳統(tǒng)的觀點(diǎn)認(rèn)為，那些從稅收籌劃中獲得最大利益的公司比那些不打算納稅的公司表現(xiàn)得更

43、好（Murphy，2007）。從實(shí)證角度看，稅收籌劃與企業(yè)績(jī)效正相關(guān)。例如，Desai和Hines（2002）；Chen和shelvin（2010）報(bào)告的積極協(xié)稅計(jì)劃的儲(chǔ)蓄與企業(yè)績(jī)效之間的關(guān)系。學(xué)術(shù)界爭(zhēng)論的焦點(diǎn)在于，稅收代表了做生意的成本，任何有可能將稅收成本最小化的行動(dòng)都反映在更高的公司業(yè)績(jī)上。這一論點(diǎn)的前提是，稅收籌劃的成本和風(fēng)險(xiǎn)不超過(guò)計(jì)劃的節(jié)余。</p><p>　　英國(guó)鮮有針對(duì)消除傳統(tǒng)稅收籌劃與企業(yè)績(jī)效之

44、間的關(guān)系的研究和文獻(xiàn)，然而稅收籌劃與會(huì)計(jì)績(jī)效成正相關(guān)關(guān)系。Desai和Dharmaphala（2007）的研究認(rèn)為，稅收籌劃與市場(chǎng)績(jī)效成中性的關(guān)系。事實(shí)上Abdul Wahab（2010）發(fā)現(xiàn)了稅收籌劃與企業(yè)績(jī)效之間的負(fù)相關(guān)性。Kportorgbi（2013）認(rèn)為，公司治理強(qiáng)度在稅收籌劃與企業(yè)績(jī)效的關(guān)系起中介因素。</p><p>　　研究稅收籌劃儲(chǔ)蓄對(duì)公司市場(chǎng)績(jī)效的影響對(duì)于加納證券交易所等新興證券市場(chǎng)的所有利益

45、相關(guān)者都是至關(guān)重要的。事實(shí)上，每一種可能的關(guān)系都有其獨(dú)特的含義。例如，一個(gè)積極的關(guān)聯(lián)意味著稅收籌劃為管理層和股東（投資者）創(chuàng)造了雙贏局面。負(fù)相關(guān)意味著稅收籌劃的好處可能不會(huì)最終流到股東的口袋里。事實(shí)上，負(fù)關(guān)聯(lián)可能是代理問(wèn)題存在的一種跡象，管理層傾向于追求稅收計(jì)劃，以提高自己的利益，而不是提高投資者的利益。中立協(xié)會(huì)成立后，將對(duì)可能對(duì)雙方關(guān)系產(chǎn)生積極影響或消極影響的因素進(jìn)行后續(xù)研究。其次，本研究有必要向稅務(wù)籌劃代理人和投資者了解稅收籌劃的動(dòng)

46、態(tài)性。</p><p><b>　　1.1 研究目的</b></p><p>　　本研究的主要目的是探討加納證券交易所上市公司的稅收籌劃儲(chǔ)蓄與公司市場(chǎng)績(jī)效之間的關(guān)系。這項(xiàng)研究還試圖考察其他公司特定變量對(duì)稅收籌劃市場(chǎng)績(jī)效關(guān)系的同時(shí)影響。</p><p>　　1.2加納企業(yè)稅收籌劃強(qiáng)度研究</p><p>　　加納企業(yè)稅收行

47、為評(píng)論員描繪出大公司從事稅收籌劃活動(dòng)的圖景。例如聯(lián)邦稅收管理委員會(huì)（2009）認(rèn)為，加納稅務(wù)局在2005至2007年間共損失了七千四百萬(wàn)磅，這些資金主要是由于（歐盟）成員國(guó)的跨國(guó)企業(yè)通過(guò)合理避稅手段所造成的。Murphy（2004）還報(bào)告說(shuō)，公司擁有多種多樣復(fù)雜的手段和途徑來(lái)減輕其稅收負(fù)擔(dān)。報(bào)告表明，企業(yè)的避稅機(jī)制在很大程度上是由稅法所允許的。也有跡象表明，這些公司利用稅法的漏洞來(lái)獲得意外的稅收優(yōu)惠。稅收籌劃的途徑通常圍繞區(qū)位扶持政策，

48、特定行業(yè)的優(yōu)惠和資金補(bǔ)貼等政策。其他的是時(shí)間變量和實(shí)體變量。</p><p>　　大多數(shù)的報(bào)告從不同程度上或精確或不精確地對(duì)公司通過(guò)稅收籌劃獲得的利益進(jìn)行了估計(jì)。在衡量稅收籌劃強(qiáng)度方面缺乏精確性，很大程度上是由于企業(yè)對(duì)稅收問(wèn)題的報(bào)告不足。除了向稅務(wù)機(jī)關(guān)強(qiáng)制披露之外，公司不愿透露更多的稅務(wù)行為。這是因?yàn)樵诙愂栈I劃和逃稅之間存在著微弱的聯(lián)系。然而，上市公司提供了足夠的信息來(lái)估計(jì)公司的節(jié)稅。這是由證券交易委員會(huì)提供的財(cái)

49、務(wù)報(bào)告準(zhǔn)則的保證來(lái)實(shí)現(xiàn)的。</p><p><b>　　2 相關(guān)文獻(xiàn)綜述</b></p><p>　　這一部分又分為理論回顧和實(shí)證檢驗(yàn)。理論綜述主要回顧了 Hoffman（1961）的稅收籌劃理論?；仡櫫巳齻€(gè)主要的實(shí)證研究。他們是Desai和Hines（2002），Desai和Dharmaphala（2009）以及Abdul Wahab（2010）進(jìn)行的研究。<

50、/p><p>　　2.1 霍夫曼的稅收籌劃理論</p><p>　　根據(jù)Hoffman（1961）的觀點(diǎn)，稅收籌劃旨在轉(zhuǎn)移現(xiàn)金，而現(xiàn)金通常流向稅務(wù)機(jī)關(guān)，流向企業(yè)實(shí)體。稅收籌劃活動(dòng)是可取的在一定程度上減少應(yīng)納稅所得額的最低限度，而不犧牲會(huì)計(jì)收益。事實(shí)上，該理論的前提是，企業(yè)的稅收責(zé)任是基于應(yīng)稅收入而不是會(huì)計(jì)收益。這樣做的目的是加強(qiáng)減少應(yīng)稅收入的活動(dòng)，但對(duì)會(huì)計(jì)利潤(rùn)沒(méi)有間接關(guān)系。這一理論確認(rèn)了企業(yè)稅

51、收籌劃活動(dòng)與企業(yè)績(jī)效之間的正相關(guān)關(guān)系。</p><p>　　Hoffman（1961）也認(rèn)識(shí)到稅收成本在稅收籌劃活動(dòng)中的作用。因此，稅收籌劃與企業(yè)績(jī)效之間的正相關(guān)關(guān)系，是建立在稅收籌劃的稅收效益大于稅收成本的基本假設(shè)之上的。Hoffman的稅收籌劃理論的范圍不涉及稅收籌劃和市場(chǎng)績(jī)效的動(dòng)態(tài)。隨著資本市場(chǎng)的發(fā)展，企業(yè)所有權(quán)與控制權(quán)的分離日益廣泛，迫切需要全面的稅收籌劃理論。這需要通過(guò)實(shí)證的角度而不是通過(guò)理論視角（In

52、ger，2012）。</p><p>　　2.2假說(shuō)的經(jīng)驗(yàn)回顧與發(fā)展</p><p>　　Desai和Hines（2002）的研究為企業(yè)業(yè)績(jī)和企業(yè)的稅收籌劃行為提供了一定參考。再次，研究稅收制度緊縮與企業(yè)市場(chǎng)價(jià)值之間的關(guān)系。這項(xiàng)研究是以850家美國(guó)上市公司為基礎(chǔ)的。研究樣本選取反映被研究者所要求的特性。這項(xiàng)研究是橫向的，選取企業(yè)2000年開(kāi)始的相關(guān)數(shù)據(jù)。采用相關(guān)描述設(shè)計(jì)。簡(jiǎn)單的回歸分析和t