Relative Valuation of Alternative Methods of Tax Avoidance
研究了投资者如何区分不同避税方法对公司价值的影响，发现避税效果因税务风险、税收节省的持久性、税收筹划成本、隐性税收及财务报告披露差异而异。
ABSTRACT This paper examines the relative valuation of alternative methods of tax avoidance. Prior studies find that firm value is positively associated with overall tax avoidance; I provide evidence that investors distinguish between methods of tax reduction in their valuation of tax avoidance. My analyses suggest that the impact of tax avoidance on firm value varies with tax risk, permanence of tax savings, tax planning costs, implicit taxes, and contrasts in disclosures of tax reduction in the financial statements. Tax avoidance resulting from stock option deductions is positively associated with firm value, accelerated depreciation is not associated with firm value, and deferral of residual U.S. tax on foreign earnings is negatively associated with firm value. The discount on tax avoidance generated by residual tax deferral is limited to firms with a presence in a tax haven and to tax avoidance revealed to investors through disclosure of the estimated residual tax.