企业对账面利润替代性最低税的反应

中文摘要

本文通过考察1987年的替代性最低税（AMT）账面利润调整，研究企业如何应对账面利润替代性最低税。本文使用Compustat数据和事件研究方法，没有发现企业规避该税的证据，也没有发现实际生产或投资存在显著反应的证据。企业税基的反应意味着账面利润弹性为−0.03［−0.63，0.56］，小于以往估计值，原因在于本文对均值回归进行了校正。零结果表明，企业面临强烈的非税收激励，因而会报告较高的账面利润。

Abstract

This paper studies how firms respond to book income alternative minimum taxes (AMTs) by examining the AMT book income adjustment in 1987. Using Compustat data and an event study approach, I find no evidence that firms avoid the tax, and no evidence of significant real production or investment responses. Firm tax base responses imply an elasticity of book income of − 0 . 03 [ − 0 . 63 , 0 . 56 ], smaller than previous estimates because I correct for mean reversion. The null results indicate that firms face strong, non-tax incentives to report high book incomes.