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Arise瑶瑶
2024-06-02 05:49:43
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the proceeds from option exerc**es might not translate into tax deductions at the firm level for various reasons. in particular, loss-making firms, firms employing incentive stock options, or firms employing variable-priced options may not realize comparable tax benefits, as indicated by their net proceeds from options exerc**es. table 4 takes the 30 firms with the largest ratio of option exerc**es to operating cash flow from appendix table 1 of desai (2002) and details their reporting of the tax benefits associated with option exerc**es.在公司层面上,鉴于多个原因,行使期权所得的收益也许不能转为税务扣减额。特别是那些亏损的公司、采用股票期权激励制度的公司或执行可变价格期权的公司,从它们行使期权所得的净收益可以看出它们也许没有实现相应的税务优惠。表格4是从desai(2002)文献的附录1选取了期权行使与经营现金流比率最大的30家公司,并详述它们行使期权所获的相关税务优惠的报告。20 as described in hanlon and shevlin(2001), the incipient reporting of these tax benefits need not reflect the actual tax benefits realized by firms. nonetheless, 18 of the 30 firms with the largest ratios of option exerc**es to operating cash flow report tax benefits associated with the exerc**es. (th** propensity to report tax benefit figures corresponds to the figures reported in hanlon and shevlin for nasdaq firms.) 20 犹如hanlon和shevlin(2001年文献)所述,这些早期的税务优惠报告是不必反映公司实际实现的税务优惠的。尽管如此,期权行使与经营现金流比率最大的这30家公司,其中有18家却在报告中显示了行使期权所得的税务优惠。(这些倾向于宣布税务优惠的公司数字与hanlon和shevlin所报告的纳斯达克上市公司的数字是一致的。)unsurpr**ingly, there ** considerable heterogeneity with some firms (for example, ebay) reporting limited, if any, tax benefits from the deductions associated with the exerc**e of stock options. nonetheless, for all these firms reporting tax benefits, the **erage ratio of tax benefits to estimated net proceeds from option exerc**es ** 32 percent across the three years, suggesting that the option exerc**e figures correspond to tax deductions that are being close to fully employed.所以有些公司(如ebay)即使有也是有限地报告了行使期权所获的税务扣减优惠就不足为怪了,而且它们之间有相当大的差异。尽管如此,这些提出税务优惠申报的公司,以跨越三年计算,它们申报所得的税务优惠与与行使期权所获得的估计净收益的平均比例是32%,表明行使股票期权的数字与接近完全采取税务扣减的数字是相对应的。21 taken together, tables 2, 3, and 4 suggest that the proliferation of option instruments to compensate employees has had a significant role in creating a large and growing gap between tax income and book income and in changing the corporate profit base. additionally, the more detailed study of the largest firms suggests that the estimates from execucomp for the overall corporate universe are reliable estimates for the aggregate levels of the impact of option exerc**es on the corporate tax base. 21 综合起来,表格2、3和4显示在税务收入和账面收入之间造成巨大差异而且正在加大,以及改变公司利润基础这两方面,以股票期权作为奖赏员工的这种方式的激增,扮演了重要的角色。此外,对最大公司的更仔细研究表明,execucomp资料库对整体企业界行使股票期权对公司税基的总体影响程度的估计是可信赖的。【英语牛人团】 20210311