本研究探討企業的避稅行為對債務資金成本（銀行貸款成本）的影響。本研究將企業避稅行為拆分為正常避稅及異常避稅，並進一步將異常避稅行為細分為異常激進避稅與異常保守避稅，分別檢視其與銀行貸款成本的關聯性。本研究預期企業若在合理的避稅範圍內從事避稅行為，可以為公司增加稅後現金流量，降低其銀行貸款成本；然而企業若採異常激進的避稅行為，可能導致額外的風險增加，例如代理風險、稅務風險，這些風險有可能會讓公司的違約風險升高，進而增加債權人的疑慮，使其貸款成本變高。而企業避稅若異常保守，亦會使企業無法有效執行租稅規劃來極大化公司可用的現金流量，進而削弱其財務彈性，因此企業從事異常激進或異常保守的避稅行為皆會增加其銀行貸款成本。實證結果發現，企業正常避稅與銀行貸款成本呈顯著正相關，對於異常的避稅行為，包含異常激進與異常保守之避稅行為，皆與銀行貸款成本呈顯著正相關。本研究也發現代理問題會強化異常激進避稅行為與銀行貸款成本的正向關係，而有部分證據顯示財務限制會加劇債權人對企業異常保守避稅的負面評價。整體而言，本研究結果顯示債權人能夠辨別企業的異常避稅，並給予不同的訂價決策。除此之外，本研究拆分異常避稅為異常激進避稅行為以及異常保守避稅行為，結果發現，債權人對異常激進避稅行為與異常保守避稅行為皆給予較負面的評價。

This study examines the impact of corporate tax avoidance on the cost of bank loans. This study divides corporate tax avoidance into normal tax avoidance and abnormal tax avoidance, and divides abnormal tax avoidance into abnormal aggressive tax avoidance and abnormal conservative tax avoidance, and examines the correlation between them and bank loan costs respectively. The study expects that if a firm engages in tax avoidance within a reasonable scope, it can increase after-tax cash flow for the company and reduce the cost of bank loans; however, if a firm adopts abnormally aggressive tax avoidance, it may lead to additional risks, such as agency risk and tax risk, which may increase the default risk of the company and further increase creditors' concerns and make its loan cost higher. If a company's tax avoidance is abnormally conservative, it will not be able to effectively implement tax planning to maximize the cash flow available to the company, which will in turn reduce its financial flexibility. The empirical results show that normal tax avoidance is significantly and positively correlated with the cost of bank loans, while abnormal tax avoidance behavior, including abnormal aggressive and abnormal conservative tax avoidance behavior, is significantly and positively correlated with the cost of bank loans.

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