THE JOURNAL OF CONTEMPORARY ACCOUNTING RESEARCH, July 2018
来自于S公司的竞争对竞争对手C企业组织形式选择的影响
作者：Michael P. Donohoe（University of Illinois at Urbana-Champaign）
Petro Lisowsky（Boston University and Norwegian Center for Taxation）
Michael A. Mayberry（University of Florida）
摘要：美国国内税收法典的第C章对企业利润征收实体税，而第S章允许符合特定标准的公司不缴纳此税。尽管存在这些差异，但C和S公司经常竞争客户和资本。我们研究了S公司的竞争是否以及在何种程度上影响了竞争对手C公司未来的组织形式选择，并探讨了这种选择的结果。利用大都会统计区在1997 - 2010年间分组的4,462家美国私人商业银行的数据，我们发现来自S银行的更大竞争增加了竞争对手C银行转换到符合第S章规定的可能性。我们估计S公司转换的第一年税收节约总额超过3.72亿美元。与将这些税收节约用于与竞争对手维持比较平价相一致，我们发现转换银行提高了客户存款利率和广告强度。我们的研究结果有助于深入了解来自税收优惠企业的竞争是否会影响税收弱势企业的组织形式选择。
关键词：竞争；组织形式；S公司；税收
The Effects of Competition from S Corporations on the Organizational Form Choice of Rival C Corporations
Michael P. Donohoe（University of Illinois at Urbana-Champaign）, Petro Lisowsky（Boston University and Norwegian Center for Taxation）, Michael A. Mayberry（University of Florida）
ABSTRACT
Subchapter C of the U.S. Internal Revenue Code levies an entity-level tax on corporate profits, whereas Subchapter S allows corporations meeting specific criteria to elect out of this tax. Despite these differences, C and S corporations regularly compete for customers and capital. We examine whether and the extent to which competition from S corporations influences the future organizational form choice of rival C corporations, and explore outcomes of this choice. Using data for 4,462 private U.S. commercial banks grouped by Metropolitan Statistical Area during 1997–2010, we find that greater competition from S corporation banks increases the likelihood that rival C corporation banks convert to Subchapter S status. We estimate that the aggregate first-year tax savings from S conversion exceed $372 million. Consistent with these savings being used to maintain comparative parity with rivals, we find that converting banks increase their interest rates on customer deposits and advertising intensity. Our findings provide insight into whether competition from tax-advantaged firms influences the organizational form choice of rival tax-disadvantaged firms.
Keywords: competition; organizational form; S corporation; taxes
原文链接：https://onlinelibrary.wiley.com/doi/epdf/10.1111/1911-3846.12464
翻译：王霄霄
