隱稅反應租稅優惠資產較風險相同的租稅不利資產所承受之較低的稅前報酬率。本文透過Callihan and White(1999)所提出以財務報表資料直接衡量隱稅的方式，驗證Scholes and Wolfson(1992)模型中隱稅與稅前報酬率的負向關係，以及市場結構力量轉移隱稅負擔的情形。經由實證結果發現，我國上市公司之隱稅與稅前報酬率確實存在顯著的負向關係，市場結構的代理變數之一產業集中度和隱稅存在顯著的負向關係，有轉移隱稅的效果，然而另一代理變數市佔率則無以上效果。產業集中度和稅前報酬率的交乘項和隱稅呈正相關，顯示市場結構力量減弱原本隱稅與稅前報酬的負向關係。另一方面，透過研究兩稅合一前後投資收益扣抵比率改變間接地驗證隱稅的效果，發現兩稅合一後投資收益與調整風險後稅前報酬率的正向關係較兩稅合一前減弱，符合為取得租稅優惠資產犧牲稅前報酬率的理論。

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