Corporate Tax Preferences: Identification and Accounting Measurement
研究公司长期现金有效税率与项目是否享受税收优惠之间的关系，提出一种独立于财务会计处理的项目税收优惠度量方法，并发现长期现金有效税率作为税收优惠度量不可靠。
ABSTRACT This study evaluates the relation between a firm's long-run cash effective tax rate (ETR) and the extent to which a corporation's projects are tax-favored or tax-disfavored. We first derive a measure of the extent to which a project is tax-favored that is independent of the project's financial accounting treatment. We argue that our measure, which focuses on the present value of the government's tax collections from the project, is superior to the traditional measure that compares the pretax and after-tax internal rates of return of the project. We then use our measure as a benchmark with which to examine the relation between the ETR and tax preferences. We find that the long-run cash ETR is an unreliable tax preference measure, even when the asset is depreciated for financial reporting purposes at the rate at which its productivity declines.