Effective Tax Planning
利用数据包络分析（DEA）构建了一个与Scholes-Wolfson范式一致的有效税务筹划度量指标，该指标衡量企业最大化税后回报的效率，并验证了其相对于传统ETR的增量信息含量。
ABSTRACT We use data envelopment analysis (DEA) to develop a measure of effective tax planning that is theoretically aligned with the Scholes-Wolfson paradigm and captures how efficiently firms maximize after-tax returns given their operating, investing, and financing decisions. We then (1) document that the measure is associated with higher after-tax returns to provide assurance DEA achieves its objective in our setting, (2) demonstrate that the measure is incremental to cash ETRs in predicting after-tax returns, (3) validate the measure by showing its association with lower tax and non-tax costs, and (4) provide evidence that the measure captures something about taxes distinct from overall firm performance. This measure is useful to researchers given the known limitations of ETRs as a measure of tax planning. Data Availability: Tax Effectiveness values are available on the authors' websites.