此篇研究以2011–2017 年台灣上市櫃公司的年資料為樣本，檢視股價崩跌風險 是否會因公司避稅行為而加劇。此論文實證研究顯示股價崩跌風險顯著隨著避稅活動增加，避稅交易可以做為管理階層將交易合理地複雜化的藉口，管理 階層及投資人之間的資訊不對稱造成代理問題，提供管理階層長期利用避稅交易進行尋租行為的工具，使股價在管理階層不斷累積的自利行為被揭穿後崩跌反應。

Using Taiwanese publicly traded firm-year observations over the 2011–2017 period as samples, I examine whether firm’s stock price crash risk is exacerbated by its tax avoidance behavior. My empirical results show that stock price crash risk increases significantly with corporate tax avoidance activities. My evidence is consistent with the notion that tax avoidance activities serve as masks and justifications for management to complicate transactions. Resulting information asymmetry between management and investors leads to agency problems. Therefore, managers can extract rents under the guise of tax avoidance for extended periods, which, in turn, results in stock price crashes when their self-benefiting behavior is ultimately brought to light.

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