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The proceeds from option exercises might not translate into tax deductions at the firm level for various reasons. In particular, loss-making firms, firms employing incentive stock options, or firms employing variable-priced options may not realize comparable tax benefits, as indicated by their net proceeds from options exercises. Table 4 takes the 30 firms with the largest ratio of option exercises to operating cash flow from appendix table 1 of Desai (2002) and details their reporting of the tax benefits associated with option exercises.

在公司層面上，鑒於多個原因，行使期權所得的收益也許不能轉為稅務扣減額。特別是那些虧損的公司、采用股票期權激勵制度的公司或執行可變價格期權的公司，從它們行使期權所得的凈收益可以看出它們也許沒有實現相應的稅務優惠。表格4是從Desai（2002）文獻的附錄1選取了期權行使與經營現金流比率最大的30家公司，並詳述它們行使期權所獲的相關稅務優惠的報告。

20 As described in Hanlon and Shevlin(2001), the incipient reporting of these tax benefits need not reflect the actual tax benefits realized by firms. Nonetheless, 18 of the 30 firms with the largest ratios of option exercises to operating cash flow report tax benefits associated with the exercises. (This propensity to report tax benefit figures corresponds to the figures reported in Hanlon and Shevlin for Nasdaq firms.)

20 猶如Hanlon和Shevlin（2001年文獻）所述，這些早期的稅務優惠報告是不必反映公司實際實現的稅務優惠的。盡管如此，期權行使與經營現金流比率最大的這30家公司，其中有18家卻在報告中顯示了行使期權所得的稅務優惠。（這些傾向於宣布稅務優惠的公司數字與Hanlon和Shevlin所報告的納斯達克上市公司的數字是壹致的。）

Unsurprisingly, there is considerable heterogeneity with some firms (for example, eBay) reporting limited, if any, tax benefits from the deductions associated with the exercise of stock options. Nonetheless, for all these firms reporting tax benefits, the average ratio of tax benefits to estimated net proceeds from option exercises is 32 percent across the three years, suggesting that the option exercise figures correspond to tax deductions that are being close to fully employed.

所以有些公司（如eBay）即使有也是有限地報告了行使期權所獲的稅務扣減優惠就不足為怪了，而且它們之間有相當大的差異。盡管如此，這些提出稅務優惠申報的公司，以跨越三年計算，它們申報所得的稅務優惠與與行使期權所獲得的估計凈收益的平均比例是32%，表明行使股票期權的數字與接近完全采取稅務扣減的數字是相對應的。

21 Taken together, Tables 2, 3, and 4 suggest that the proliferation of option instruments to compensate employees has had a significant role in creating a large and growing gap between tax income and book income and in changing the corporate profit base. Additionally, the more detailed study of the largest firms suggests that the estimates from Execucomp for the overall corporate universe are reliable estimates for the aggregate levels of the impact of option exercises on the corporate tax base.

21 綜合起來，表格2、3和4顯示在稅務收入和賬面收入之間造成巨大差異而且正在加大，以及改變公司利潤基礎這兩方面，以股票期權作為獎賞員工的這種方式的激增，扮演了重要的角色。此外，對最大公司的更仔細研究表明，ExecuComp資料庫對整體企業界行使股票期權對公司稅基的總體影響程度的估計是可信賴的。

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