公司的避稅行為可以把更多現金留在公司，讓股東享受更多經營成果，故傳統觀點認為避稅行為可以提升公司價值。然而，避稅行為同時也可能產生被補稅處罰、代理問題、公司聲譽受損等非稅務成本，抵銷避稅行為所創造的利益；且投資人對於公司避稅行為的評價，可能受到國家保護投資人的法律制度的完備性、公司治理的監督機制等地區特性影響，故我國公司能否利用避稅行為提升公司價值，應進行本土性的實證研究。再者，公司稅務規劃涉及複雜的稅務專業知識，且公司董、監事或經理人等內部人的特質也可能影響公司的租稅規劃，若內部人為具有精熟稅務知識的稅務專家，將對公司避稅與公司價值的關係產生何種影響，亦應有本土性的實證研究。本文以我國2016年至2020年上市櫃公司（不含於金融、保險及證券業）為樣本，實證研究結果發現，公司避稅與公司價值之間呈顯著負相關；而內部人稅務專家對公司避稅與公司價值的負向效果有所減緩。此外，高稅務風險公司採取更多避稅行為時可能引發投資人擔憂，而低稅務風險公司的避稅行為較不具有重要性；在低稅務風險公司，內部人稅務專家可以減緩避稅行為對公司價值的負向影響，但在高稅務風險公司沒有這種減緩效果。

Corporate tax avoidance makes it possible to keep more cash in the corporate and allows shareholders to enjoy more operating benefits. However, tax avoidance may also result in nontax costs such as tax penalties, agency problems, and damages to the company’s reputation, which offset the benefits created by tax avoidance. In addition, corporate tax avoidance involves complex tax expertise, improper tax avoidance may increase nontax costs. This study examines the association between corporate tax avoidance, insider tax specialists, and corporate value in Taiwan. The results of the empirical research found that there was a significant negative correlation between corporate tax avoidance and firm value; while the existence of insider tax specialists moderated the negative impact corporate tax avoidance had on firm value. Additionally, the more tax avoidance behaviors conducted by high tax-risk companies, the more likely it might arouse investor concerns, while low tax-risk companies’ tax avoidance behaviors were less significant. In low tax-risk companies, insider tax specialists could mitigate the negative impact tax avoidance had on firm value, but such mitigating effect was not found with high tax-risk companies.

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