中文摘要
本文分析两项企业税收优惠——加速折旧与国内生产活动扣除（DPAD）——对美国上市公司高管薪酬的影响。研究发现，两项税收优惠均显著提高了高管薪酬：企业每从税收优惠中获益1美元，其薪酬最高的五名高管的薪酬合计增加0.17至0.25美元。税收优惠对薪酬的提升作用主要出现在治理结构较弱的企业中，这表明该薪酬反应是由高管攫取租金所驱动的。（JEL D22, G34, H25, M12, M52）
Abstract
I analyze the effect of two corporate tax breaks, bonus depreciation and the Domestic Production Activities Deduction (DPAD), on executive compensation in publicly traded US firms. I find both tax breaks significantly increase executive compensation. For every dollar a firm benefits from the tax breaks, compensation of the firm’s top five highest-paid executives increases by $0.17 to $0.25. The tax breaks increase compensation primarily in firms with weaker governance structures, suggesting the compensation response is driven by executive rent extraction. (JEL D22, G34, H25, M12, M52)