本研究旨在探討貪婪CEO對企業避稅之市場評價的影響。本研究主張當CEO愈婪，愈有可能使用避稅來達成盈餘目標，並取得較多的可用現金流量，但用以追求私利，而非極大化股東利益為目標，因此，預期CEO貪婪程度與企業避稅之市場評價呈負相關。本文採用1992至2020年間的S&P1500非金融業公司為樣本，以迴歸進行實證，結果發現CEO的貪婪程度與市場對避稅的評價呈正相關，即CEO越貪婪，市場越正向評價其避稅行為。本研究解釋為貪婪的CEO在追求利益和權力的同時，也重視自身名聲，因此更傾向執行相對低風險的避稅策略。而本研究再次以所得稅費用基礎的有效稅率進行迴歸，結果亦為相同。橫斷面分析顯示，在高股份基礎給付的公司中，CEO的貪婪與避稅評價的正相關更為明顯，此更能強化說明貪婪的CEO在避稅上更趨於與股東利益一致，避免高避稅風險，因此市場對其避稅行為給予更高的評價。本研究結果可提供董事會在CEO遴選時應考慮其貪婪特質，特別是當公司需要執行更多避稅行為時。

The purpose of this study is to investigate the impact of greedy CEOs on the market's valuation of corporate tax avoidance. The study uses non-financial companies in the S&P 1500 index from 1992 to 2020 as the sample and employs regression analysis for empirical validation. The results show a positive correlation between the greed of the CEO and the market's valuation of tax avoidance, indicating that the market tends to evaluate tax avoidance behavior more positively for greedier CEOs. The study suggests that greedy CEOs, while pursuing their interests and power, also value their own reputation, leading them to prefer relatively low-risk tax avoidance strategies. Furthermore, when using the effective tax rate based on income tax expenses for regression analysis, the results remain consistent. Cross-sectional analysis also indicates that in companies with high shareholding, the positive correlation between CEO greed and tax avoidance valuation is even more significant. This further strengthens the explanation that greedy CEOs align more with shareholder interests in tax avoidance, avoiding the risk of high tax burdens, and thus receive higher valuations from the market for their tax avoidance behavior. The results of this study can provide guidance for boards of directors to consider the greedy traits of CEOs, especially when the company needs to engage in more tax avoidance activities.

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