避稅一直是各界重視的議題之一，企業避稅的消息常被新聞報導，公司的股東
在得知公司避稅時，有些股東會贊同公司的作法，但有些股東可能會對公司避稅有
不好的觀感，以往的文獻用公司避稅及權益資金成本的關聯探討了股東對公司避稅
的觀感。會計師產業專家在文獻中被認為有提升資訊品質和降低代理問題的效果，
但在避稅和權益資金成本的文獻中尚未有加入會計師產業專家的影響探討的例子，
因此本文加入會計師產業專家的效果，本文認為由產業專家查核的公司，股東會較
不擔憂避稅產生的風險，因而會使權益資金成本增加的幅度稍微降低。本文以美國
公司作為樣本。實證結果顯示，有部分證據指出會計師產業專家可以使股東對避稅
的擔憂減少使權益資金本上升的幅度下降。

This paper investigates the effect of auditor industry expertise in the relationship of tax avoidance and equity cost of capital. We use least squares method to test our hypothesis. We find that auditor industry expertise can reduce the stockholders’ concern to tax avoidance. We also find that auditor industry expertise can increase firm’s information quality and reduce the agency problem of manager and stockholders, so they can reduce the stockholders’ concern when firms involve in tax avoidance. Overall, auditor industry expertise can reduce the positive relation of tax avoidance and equity cost of capital because they can increase firm’s information quality and reduce the agency problem.

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