本研究旨在探討通才CEO與公司避稅評價之影響。本文認為具備通用技能的CEO能運用其多元的技能，進行有效地避稅策略，並善用節省的稅金，因此，預期市場對通才CEO的避稅行為給予較正面的評價。相反的觀點是通才CEO因技能多元具有就業優勢，可能會從事較為激進的避稅行為，提升公司獲利表現但也伴隨較大的稅負風險，在此情況則預期市場對通才CEO的避稅行為給予較負面的評價。實證結果顯示，相較於專才CEO，市場對通才CEO的避稅行為給予較正面之評價。橫斷面分析顯示，市場對於通才CEO的避稅行為給予正面評價，在市價淨值比較高的公司更為明顯，表示在成長機會較多的公司中，市場會認為高能力的通才CEO較能善用節省的稅金於有價值的方案，因此強化市場對於此避稅評價。然而，本研究透過更換通才特質定義及避稅行為的衡量方式進行分析，其結果為未能支持本研究結論，表示通才CEO與避稅評價之關聯可能受到衡量方式選擇而產生不同結果。

This study investigates the impact of generalist CEOs on the market’s valuation of corporate tax avoidance. We propose that these CEOs, with their diverse skill sets, can implement effective tax avoidance strategies and wisely reinvest the savings, leading to a positive market evaluation. Conversely, an alternative view suggests that their broad skills and strong employability might encourage more aggressive tax avoidance, boosting profits but also increasing tax risks, potentially resulting in a negative market evaluation. The empirical findings indicate that the market generally assigns a more positive valuation to tax avoidance under generalist CEOs compared to specialist CEOs. Cross-sectional analysis further shows this positive market reaction is more pronounced in companies with higher market-to-book ratios. This suggests that in firms with greater growth opportunities, the market believes highly capable generalist CEOs are better positioned to deploy tax savings into valuable projects, thus enhancing this positive valuation. However, sensitivity analyses using alternative definitions of generalist characteristics and tax avoidance measures did not consistently support our main conclusion, suggesting the relationship might depend on the measurement choices.

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