本研究探討企業進行避稅行為，對企業價值之影響。本研究將避稅行為拆分為正常避稅行為與異常避稅行為，並且將異常避稅行為再細分成異常激進避稅行為與異常保守避稅行為後，討論在採取不同避稅行為的狀況下，是否會使市場給予不一樣的企業評價。接著，本研究也進行相關橫斷面分析，探討可能影響避稅評價之調節因素。研究發現，投資者會對企業的正常避稅行為給予正面評價，對於異常避稅行為，包含異常激進與異常保守之避稅行為，皆給予負面評價。本研究也發現代理問題會加劇異常激進避稅的負向評價，而財務限制會惡化異常保守避稅之負向評價。以上結果證實，對於不同的避稅行為，投資者會給予不同的市場評價。因此應以拆分後的避稅行為，分別探討該避稅行為對企業價值的影響。

The study discusses the impact of different tax avoidance behaviors on firm value, and also explores the moderator that may affect the evaluation of tax avoidance. The study found that investors would give positive evaluations on the normal tax avoidance behaviors, and negative evaluations on abnormal tax avoidance behaviors, including abnormal aggressive and conservative tax avoidance. This study also found that agency problems will exacerbate the negative evaluation of abnormal aggressive tax avoidance, while financial constraints will exacerbate the negative evaluation of abnormal conservative tax avoidance. The above results confirm that investors will give different market evaluations for different tax avoidance behaviors. Therefore, the tax avoidance behaviors after the decomposition should be used to discuss the impact of the tax avoidance behavior on firm value.

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