公司的避稅行為將現金保留在公司，增加公司的現金流量，股東可由此獲益。但公司避稅行為可能因違反法規而受到處罰，且公司避稅將侵蝕國家稅基，各國對於公司避稅行為的規範日趨嚴格。公司管理階層為進行避稅，勢必將透過複雜、隱蔽的手段操縱盈餘，造成資訊不透明。管理階層更可能藉此機會追求自我利益，衍生代理問題。另有正面觀點認為，公司法律專家可以提高資訊透明度，降低代理問題，並減少公司的違規行為，依此觀點，法律專家對於避稅與公司價值間的關係具有正向效果；然另有負面觀點認為，法律專家欠缺會計、財務相關知識，無法有效監督公司，且法律專家更容易利用其專業知識掌握法律的界線及漏洞，進而加以規避，以此追求自己的利益，依此觀點，公司法律專家將惡化避稅對公司價值的影響。本文以2014年至2020年我國上市櫃公司為研究樣本，排除金融、保險及證券業，探討在我國避稅與公司價值之關係，以及法律專家介入對避稅與公司價值關係的調節效果。實證結果發現，投資人對於公司的避稅行為給予負面的評價，公司避稅程度越高，公司價值越低。此結果反映市場對於公司進行避稅所衍生之資訊不透明、代理風險等問題抱持疑慮。而法律專家的介入，將導致市場對公司避稅的行為給予更為負面的評價，支持前述之負面觀點。然公司如具有較強外部監督，可緩解法律專家對於避稅與公司價值關係之惡化。最後以產業調整後有效稅率作為避稅之另類代理變數進行驗證，實證結果堪稱穩健。

About the role that legal experts play, the positive view is that legal experts improve information transparency, reduce agency problems, and corporate irregularities. Hence, legal experts have a positive effect on the relation between tax avoidance and firm value. On the contrary, the negative view is that legal experts lack accounting and financial ability and cannot supervise companies effectively. Besides, legal experts may help companies exploit loopholes in the law. According to this view, legal experts will worsen the relation of tax avoidance and firm value. This paper examines the link between tax avoidance and firm value in Taiwan, as well as the influence of legal experts on the link. The empirical result shows that investors give a negative evaluation to tax avoidance of the company. The more aggressive tax avoidance the company engages in, the lower the company's stock price. Legal experts in the company will lead to a more negative evaluation of the company's tax avoidance. It supports the negative views of legal experts. Furthermore, external supervision can mitigate the adverse effect of legal experts on the market valuation of tax avoidance.

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