本研究旨在探討企業避稅對企業價值之影響。企業避稅有助於提高公司可用現金卻也增加代理問題，因此本文率先檢視投資者如何給予企業避稅訂價；接著進入核心代理問題，探討其與避稅評價之間的關聯性。實證結果顯示，企業避稅與公司價值呈顯著正向關係；本研究將樣本區隔成高與低外部法人持股比率兩群子樣本進行橫斷面測試，發現在低外部法人持股比率的子樣本中，企業避稅與公司價值的正向關係較為明顯。由此證實核心代理問題愈高，市場對於避稅的正向評價就會愈低，係反應投資者所擔憂核心代理問題較高的公司，避稅衍生的侵佔問題。而且即使改變了衡量變數，仍不影響結論。

This study explores the impact of corporate tax avoidance on firm value. Corporate tax avoidance helps to increase the company’s available cash but also increases the agency problem. Therefore, this paper first examines how investors value corporate tax avoidance. Then, it enters the core agency problem and explores its moderating effect on the valuation of tax avoidance. The empirical results show that there is a significant positive relationship between corporate tax avoidance and company value. This study further divides the sample into two sub-samples with high and low external institutional ownership for cross-sectional test and find that in the sub-samples with low institutional ownership, positive relationship between corporate tax avoidance and corporate value is more pronounced. This proves that the higher the core agency problem is, the lower the market’s positive evaluation of tax avoidance will be, which reflects investors’ concerns about companies with higher core agency problems and the encroachment problem derived from tax avoidance.

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