本研究主要探討企業避稅行為是否會影響公司的信用風險與債務資金成本，並探討公司治理是否具調節避稅與信用風險、債務資金成本之效果。本研究主要以2016年至2020年台灣上市櫃公司為研究對象，並採用第三屆至第七屆公司治理評鑑結果進行研究。實證結果發現: (1)對於債權人而言，企業從事積極的避稅活動會產生曝險效果(Risk exposure effect)，信用風險及債務資金成本皆會增加；(2)當企業有較佳的公司治理時，有助於降低公司的信用風險及債務資金成本；(3)部分證據顯示當公司治理較佳時，能抑制避稅衍生的代理問題及風險，從事避稅活動產生的曝險效果會減少，得以降低企業之信用風險及取得較低的債務資金成本。

The purpose of this study is to investigate the influence of companies' tax avoidance behavior on the cost of debt and its interaction effect with corporate governance. Using a sample composed of the listed and OTC companies in Taiwan during the period of 2016-2020 and the corporate governance evaluation data, this study finds that corporate tax avoidance activities lead to a risk exposure effect for creditors, which increases corporate credit risk and cost of debt. This study also finds that companies with better corporate governance will result in relatively lower credit risk and cost of debt. In addition, this study also provides some evidences that better corporate governance can suppress the agency problems and related risks derived from tax aggressiveness, indicating that the exposure effect arising from tax avoidance activities would be reduced, and it would lower corporate credit risk and cost of debt.

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