摘要
现代市场经济中企业组织形式和薪酬方式的创新,很大程度上是因为税收。政府通过税制可以有力地引导企业组织形式和薪酬方式的走向。反过来看,税收也成为一种重要的公司治理机制。以股东价值最大化为目标的公司会不断对税收利益与组织形式、投融资和薪酬决策中的非税收成本进行权衡,甚至不惜通过激励性股票期权不当处置过程中产生的税收利益与财务报告成本进行比较,以实现税收利益最优。本文将以有代表性的股票期权发源地美国为考察对象,实证分析股票期权及不当处置对税收的影响,同时通过模型的建立来估计不当处置的净税收利益,并运用所得结论反思有关税收政策以期对完善相关税制有所启示。
Bringing about new trails to an enterprise＇s organizational makeup and compensation style which the government can lead effectively by taxation largely depends on tax revenue. The other way round , tax revenue has become an important company administering mechanism. A company which regards the stockholder＇ interests most will balance the nonrevenue cost between tax interests and organizational makup, financial input, pay decision. They even by comparing the revenue interests produced in the course of improper handling of ISOs with financial statement cost at all cost .so as to bring about more interests. The paper will choose American, the typical origin of stock option as its object, and study the stock option and the influnce brought by its improper handling. Mealwhile, we will build a moldel to estimate the net tax interests, produced by improper handling and think over again some relating policies through the conclution,looking forward to perfect the taxation.
出处
《兰州学刊》
2005年第4期109-111,198,共4页
关键词
股票期权
不当处置
税收影响
stock option
improper handling
influnce on tax
