本研究主要探討：(一)探討企業避稅行為對債務資金成本之影響，(二)研究企業避稅與獨立董事間之交互作用對債務資金成本之影響，以及(三)研究企業避稅與產業審計專家之交互作用對債務資金成本之影響。本研究以2007至2013年台灣上市櫃公司為樣本，結果顯示，企業避稅程度愈高，債務資金成本愈高。獨立董事占董事會之比例愈高，確實能有效地發揮監督功能，進而降低企業避稅與債務資金成本間之關聯性。反觀，企業避稅程度較高的公司即使採用產業審計專家，對其債務資金成本則未有明顯之調節效果。

The purpose of this study is to: (1) investigate the influence of tax avoidance on the cost of debt,(2) understand whether independent directors moderate the relationship between tax avoidance and cost of debt, and (3) examine whether industry audit experts moderate the relationship between tax avoidance and cost of debt. This study uses Taiwan’s listed companies during 2007 to 2013 and the empirical results indicate that firms with greater tax avoidance lead to a higher cost of debt. The results also show that independent directors have negative moderating effect on the relationship between tax avoidance and cost of debt, resulting a lower cost of debt. However, the moderating effect of industry audit expertise on the relationship is not observed.

參考文獻
Anderson, R. C., Mansi, S. A., & Reeb, D. M. (2004). Board characteristics, accounting report integrity, and the cost of debt. Journal of Accounting and Economics, 37(3), 315-342.
Armstrong, C. S., Guay, W. R., & Weber, J. P. (2010). The role of information and financial reporting in corporate governance and debt contracting. Journal of Accounting and Economics, 50(2-3), 179-234.
Ashbaugh-Skaife, H., Collins, D. W., & LaFond, R. (2006). The effects of corporate governance on firms’ credit ratings. Journal of Accounting and Economics, 42(1-2), 203-243.
Balakrishnan, K., Blouin, J. L., & Guay, W. R. (2019). Tax aggressiveness and corporate transparency. The Accounting Review, 94(1), 45-69.
Balsam, S., Krishnan, J., & Yang, J. S. (2003). Auditor industry specialization and earnings quality. Auditing: A journal of practice & Theory, 22(2), 71-97.
Barnea, A., Haugen, R. A., & Senbet, L. W. (1981). An equilibrium analysis of debt financing under costly tax arbitrage and agency problems. The journal of finance, 36(3), 569-581.
Bhojraj, S., & Sengupta, P. (2003). Effect of corporate governance on bond ratings and yields: The role of institutional investors and outside directors. The journal of Business, 76(3), 455-475.
Blackwell, D. W., Noland, T. R., & Winters, D. B. (1998). The value of auditor assurance: Evidence from loan pricing. Journal of Accounting research, 36(1), 57-70.
Byun, H. Y. (2007). The cost of debt capital and corporate governance practices. 한국증권학회지, 36(5), 765-806.
Chen, P. F., He, S., Ma, Z., & Stice, D. (2016). The information role of audit opinions in debt contracting. Journal of Accounting and Economics, 61(1), 121-144.
Chen, S., Chen, X., Cheng, Q., & Shevlin, T. (2010). Are family firms more tax aggressive than non-family firms? Journal of Financial Economics, 95(1), 41-61.
Chi, H.-Y., & Chin, C.-L. (2011). Firm versus partner measures of auditor industry expertise and effects on auditor quality. Auditing: A journal of practice & Theory, 30(2), 201-229.
Chin, C.-L., Yao, W.-R., & Liu, P.-Y. (2014). Industry audit experts and ownership structure in the syndicated loan market: At the firm and partner levels. Accounting horizons, 28(4), 749-768.
Chin, C. L., & Chi, H. Y. (2009). Reducing restatements with increased industry expertise. Contemporary Accounting Research, 26(3), 729-765.
Chung, K. H. (1993). Asset characteristics and corporate debt policy: an empirical test. Journal of Business Finance & Accounting, 20(1), 83-98.
Chyz, J. A., Leung, W. S. C., Li, O. Z., & Rui, O. M. (2013). Labor unions and tax aggressiveness. Journal of Financial Economics, 108(3), 675-698.
Craswell, A. T., Francis, J. R., & Taylor, S. L. (1995). Auditor brand name reputations and industry specializations. Journal of Accounting and Economics, 20(3), 297-322.
DeAngelo, H., & Masulis, R. W. (1980). Optimal capital structure under corporate and personal taxation. Journal of Financial Economics, 8(1), 3-29.
Desai, M. A., & Dharmapala, D. (2006). Corporate tax avoidance and high-powered incentives. Journal of Financial Economics, 79(1), 145-179.
Desai, M. A., & Dharmapala, D. (2009). Corporate tax avoidance and firm value. The review of Economics and Statistics, 91(3), 537-546.
Dyreng, S. D., Hanlon, M., & Maydew, E. L. (2008). Long-run corporate tax avoidance. The Accounting Review, 83(1), 61-82.
Francis, J., LaFond, R., Olsson, P., & Schipper, K. (2005). The market pricing of accruals quality. Journal of Accounting and Economics, 39(2), 295-327.
Frank, M. M., Lynch, L. J., & Rego, S. O. (2009). Tax reporting aggressiveness and its relation to aggressive financial reporting. The Accounting Review, 84(2), 467-496.
Graham, J. R., & Tucker, A. L. (2006). Tax shelters and corporate debt policy. Journal of Financial Economics, 81(3), 563-594. Retrieved from https://www.sciencedirect.com/science/article/pii/S0304405X06000298
Gupta, S., & Newberry, K. (1997). Determinants of the variability in corporate effective tax rates: Evidence from longitudinal data. Journal of Accounting and Public Policy, 16(1), 1-34.
Hanlon, M. (2005). The persistence and pricing of earnings, accruals, and cash flows when firms have large book-tax differences. The Accounting Review, 80(1), 137-166.
Hanlon, M., & Heitzman, S. (2010). A review of tax research. Journal of Accounting and Economics, 50(2-3), 127-178.
Hanlon, M., & Slemrod, J. (2009). What does tax aggressiveness signal? Evidence from stock price reactions to news about tax shelter involvement. Journal of Public Economics, 93(1-2), 126-141.
Hasan, I., Hoi, C. K. S., Wu, Q., & Zhang, H. (2014). Beauty is in the eye of the beholder: The effect of corporate tax avoidance on the cost of bank loans. Journal of Financial Economics, 113(1), 109-130.
Hope, O.-K., Ma, M. S., & Thomas, W. B. (2013). Tax avoidance and geographic earnings disclosure. Journal of Accounting and Economics, 56(2-3), 170-189.
Isin, A. A. (2018). Tax avoidance and cost of debt: The case for loan-specific risk mitigation and public debt financing. Journal of Corporate Finance, 49, 344-378.
Jiang, J. (2008). Beating earnings benchmarks and the cost of debt. The Accounting Review, 83(2), 377-416.
John, K., Lynch, A. W., & Puri, M. (2003). Credit ratings, collateral, and loan characteristics: Implications for yield. The journal of Business, 76(3), 371-409.
Karjalainen, J. (2011). Audit quality and cost of debt capital for private firms: Evidence from Finland. International journal of auditing, 15(1), 88-108.
Khurana, I. K., & Moser, W. J. (2013). Institutional shareholders' investment horizons and tax avoidance. The Journal of the American Taxation Association, 35(1), 111-134.
Kim, J.-B., Li, O. Z., & Li, Y. (2010). Corporate tax avoidance and bank loan contracting. Available at SSRN 1596209.
Kim, J.-B., Li, Y., & Zhang, L. (2011). Corporate tax avoidance and stock price crash risk: Firm-level analysis. Journal of Financial Economics, 100(3), 639-662.
Kim, J. B., Simunic, D. A., Stein, M. T., & Yi, C. H. (2011). Voluntary audits and the cost of debt capital for privately held firms: Korean evidence. Contemporary Accounting Research, 28(2), 585-615.
Klein, A. (2002). Audit committee, board of director characteristics, and earnings management. Journal of Accounting and Economics, 33(3), 375-400.
Kothari, S. P., Leone, A. J., & Wasley, C. E. (2005). Performance matched discretionary accrual measures. Journal of Accounting and Economics, 39(1), 163-197.
Lim, Y. (2011). Tax avoidance, cost of debt and shareholder activism: Evidence from Korea. Journal of Banking & Finance, 35(2), 456-470.
Mansi, S. A., Maxwell, W. F., & Miller, D. P. (2004). Does auditor quality and tenure matter to investors? Evidence from the bond market. Journal of Accounting research, 42(4), 755-793.
Mills, L., Erickson, M. M., & Maydew, E. L. (1998). Investments in tax planning. The Journal of the American Taxation Association, 20(1), 1.
Mills, L. F. (1998). Book-tax differences and Internal Revenue Service adjustments. Journal of Accounting research, 36(2), 343-356.
Mills, L. F., & Sansing, R. C. (2000). Strategic tax and financial reporting decisions: Theory and evidence. Contemporary Accounting Research, 17(1), 85-106.
Minnis, M. (2011). The value of financial statement verification in debt financing: Evidence from private US firms. Journal of Accounting research, 49(2), 457-506.
Myers, S. C. (1984). The capital structure puzzle. The journal of finance, 39(3), 574-592.
Piot, C., & Missonier-Piera, F. (2007). Corporate governance, audit quality and the cost of debt financing of French listed companies. Communication présentée au 28ème Congrès de l’Association Francophone de Comptabilité, Poitiers.
Pittman, J. A., & Fortin, S. (2004). Auditor choice and the cost of debt capital for newly public firms. Journal of Accounting and Economics, 37(1), 113-136.
Rego, S. O., & Wilson, R. (2012). Equity risk incentives and corporate tax aggressiveness. Journal of Accounting research, 50(3), 775-810.
Reichelt, K. J., & Wang, D. (2010). National and office‐specific measures of auditor industry expertise and effects on audit quality. Journal of Accounting research, 48(3), 647-686.
Reynolds, J. K., & Francis, J. R. (2000). Does size matter? The influence of large clients on office-level auditor reporting decisions. Journal of Accounting and Economics, 30(3), 375-400.
Richardson, G., Taylor, G., & Lanis, R. (2013). The impact of board of director oversight characteristics on corporate tax aggressiveness: An empirical analysis. Journal of Accounting and Public Policy, 32(3), 68-88.
Samaha, K., Khlif, H., & Hussainey, K. (2015). The impact of board and audit committee characteristics on voluntary disclosure: A meta-analysis. Journal of International Accounting, Auditing and Taxation, 24, 13-28.
Sartori, N. (2008). Effects of strategic tax behaviors on corporate governance. Available at SSRN 1358930.
Shevlin, T., Urcan, O., & Vasvari, F. (2013). Corporate tax avoidance and public debt costs. Available at SSRN, 2228601.
Shevlin, T., Urcan, O., & Vasvari, F. P. (2019). Corporate tax avoidance and debt costs. Journal of the American Taxation Association.
Smith Jr, C. W., & Warner, J. B. (1979). On financial contracting: An analysis of bond covenants. Journal of Financial Economics, 7(2), 117-161.
Van Binsbergen, J. H., Graham, J. R., & Yang, J. (2010). The cost of debt. The journal of finance, 65(6), 2089-2136.
Watts, R. L. (2003). Conservatism in accounting part I: Explanations and implications. Accounting horizons, 17(3), 207-221.
Watts, R. L., & Zimmerman, J. L. (1978). Towards a positive theory of the determination of accounting standards. Accounting review, 112-134.
Watts, R. L., & Zimmerman, J. L. (1986). Positive accounting theory.
Wilson, R. J. (2009). An examination of corporate tax shelter participants. The Accounting Review, 84(3), 969-999.
林嬌能. (2017). 會計產業專家, 會計師公費與企業租稅規劃相關性之研究. 會計學報, 7(1), 51-88.
邱垂昌, & 莊清騄. (2010). 獨立董監事, 公司資訊透明度與公司價值之關聯性. 中山管理評論, 18(4), 949-1008.
許文馨, & 劉心才. (2018). Tax Avoidance and Pyramidal Layers. [公司避稅與金字塔結構]. 臺大管理論叢, 28(1), 1-41. doi:10.6226/ntumr.201804_28(1).0001
黃美祝. (2019). The Relationship between Board Interlocks and Corporate Tax Avoidance/董事連結與企業避稅程度之關聯性. Tai Da Guan Li Lun Cong, 29(2), 201.
簡俱揚, & 陳玉梅. (2009). 產業審計專家與獨立董監事對新發行公司債資金成本的影響. 當代會計, 10(1), 99-130.