許多企業為了減少在稅負方面的支出，運用各項手段來避稅已是常態，因此避稅策略是否確能使公司的資金獲得最有效之運用，進而增進公司價值及經營績效，是一項十分重要的課題。本研究以2016年至2023年臺灣非金融業上市櫃公司為研究樣本，探討企業避稅行為與公司價值之關聯；此外，企業如何利用一定程度的租稅規避，以達到對公司資金最有效之運用，公司治理機制在這之中亦扮演重要的角色，因此本研究亦以公司治理評鑑結果衡量企業公司治理程度，探討公司治理對企業避稅行為與公司價值關聯性之影響。實證結果發現，企業避稅程度與公司價值間呈顯著正相關，而公司治理評鑑結果並不會顯著改變企業避稅程度與企業價值之間的關聯性，亦即公司治理程度的良莠並不會影響原先企業避稅程度及企業價值的正向關聯。

Tax avoidance has become common among many firms seeking to reduce their tax burdens. Whether such tax avoidance strategies can lead to the most efficient use of corporate funds and thereby enhance firm value and operational performance remains an important issue. Using publicly listed non-financial firms in Taiwan from 2016 to 2023, this study investigates the relationship between corporate tax avoidance and firm value. Moreover, considering that corporate governance may play a crucial role in how firms engage in a certain degree of tax avoidance to optimize capital utilization, this study further examines the moderating effect of corporate governance on the relationship between tax avoidance and firm value. The level of corporate governance is measured using the results of Taiwan's Corporate Governance Evaluation System. The empirical findings reveal a significantly positive relationship between the extent of tax avoidance and firm value. However, corporate governance evaluation results do not significantly alter the relationship between tax avoidance and firm value. In other words, the strength of a firm’s corporate governance does not affect the observed positive association between tax avoidance and firm value.

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