本研究探討企業避稅行為對債務資金成本之影響，並額外檢視當公司經由高審計品質會計師查核，是否影響避稅行為與債務資金成本間之關係，而本研究內容，係以四大會計師事務所作為高審計品質的衡量指標。本研究以我國2013年至2021年上市櫃公司為樣本，於研究結果顯示，在其他條件不變下，避稅行為與債務資金成本呈正的顯著相關，意旨避稅愈高，債務資金成本愈高。另外於實證結果發現，從事避稅活動之企業若經由四大會計師事務所查核，可緩和避稅行為與債務資金成本間的正向關係，代表四大會計師事務所具有調節作用，可降低債權人之疑慮，進而緩解債務資金成本的提高。

This Study explores the influence of the corporate tax avoidance on the cost of debt, and examines whether to affect the relationship between tax avoidance and the cost of debt when companies are audited by high quality auditors. This study uses the Big 4 as a measure of high audit quality. This study use Taiwan listed companies during 2013 to 2021 as a research sample. The results show that, other things being equal, the correlation between tax avoidance and the cost of debt is significantly positive. It means that the higher tax avoidance, the higher cost of debt. In addition, the empirical results show that the positive relationship between tax avoidance and the cost of debt can be alleviated if companies engaged in tax avoidance activities are audited by the Big 4.

林嬌能 (2016)。獨立董事在企業租稅規劃的監督效果。會計審計論叢，6(1)，55-86。
林嬌能 (2017)。會計產業專家、會計師公費與企業租稅規劃相關性之研究。會計學報，7(1)，51-88。
林嬌能、許彩蓮 (2011)。家族企業與租稅規劃之關聯性。會計學報，4(1)，23-49。
邱安安 (2018)。審計委員會與企業避稅。台灣管理學刊，18(1)，23-43。
范良芳、邱彥毅、薛敏正 (2019)。客戶重要性與租稅規避程度間之關聯。當代會計，20(1)，91-116。
姚立杰、付方佳、程小可 (2018)。企業避稅、債務融資能力和債務成本。中國軟科學，10，117-135。
黃美祝、楊佩璇 (2011)。集團企業與非集團企業避稅程度之比較。會計學報，4(1)，1-22。
黃美祝、汪瑞芝 (2015)。企業避稅對負債水準之影響。會計審計論叢，5(2)，1-32。
黃德芬、陳瑋杰 (2016)。移轉訂價與避稅行為及租稅負擔之關聯。財稅研究，45(2)，20-46。
廖益興、高儷華、單騰笙 (2018)。產業專精之查核是否能緩減企業之財稅差異？。經濟論文叢刊，46(1)，125-178。
Armstrong, Christopher S., Blouin, Jennifer L., Jagolinzer, Alan D., & Larcker, David F. (2015). Corporate Governance, Incentives, and Tax Avoidance. Journal of Accounting and Economics, 60(1), 1-17.
Bae, S. H. (2017). The Association Between Corporate Tax Avoidance And Audit Efforts: Evidence From Korea. Journal of Applied Business Research, 33(1), 153-172.
Bazerman, Max H., Morgan, Kimberly P., & Loewenstein, George F. (1997). The Impossibility of Auditor Independence. Sloan Management Review, 38(4), 89-94.
Chung, Sung Gon, Goh, Beng Wee, Lee, Jimmy, & Shevlin, Terry J (2015). Corporate Tax Aggressiveness and Managerial Rent Extraction: Evidence from Insider Trading. Working paper, University of California.
Chen Siew Yee, Noor Sharoja Sapiei, & Mazni Abdullah (2018). Tax Avoidance, Corporate Governance and Firm Value in The Digital Era. Journal of Accounting and Investment, 19(2), 160-175.
Cook, Kirsten A., Moser, William J., & Omer, Thomas C. (2017). Tax avoidance and ex ante cost of capital. Journal of Business Finance & Accounting, 44(7-8), 1109-1136.
Desai, Mihir A., & Dharmapala, Dhammika (2006). Corporate tax avoidance and high-powered incentives. Journal of Financial Economics, 79(1), 145-179.
Desai, Mihir A. ,& Dharmapala, Dhammika Corporate (2009). Tax Avoidance and Firm Value. The Review of Economics and Statistics, 91(3), 537-546.
Ghosh, Aloke, & Moon, Doocheol, (2005). Auditor Tenure and Perceptions of Audit Quality. The Accounting Review, 80(2), 585-612.
Gallemore, John, & Labro, Eva (2015). The importance of the internal information environment for tax avoidance. Journal of Accounting and Economics, 60(1), 149-167.
Guenther, David A., Matsunaga, Steven R., & Williams, Brian M. (2017). Is Tax Avoidance Related to Firm Risk?. The Accounting Review, 92(1), 115-136.
Hasan, Iftekhar, Hoi, Chun Keung (Stan), Wu, Qiang, & Zhang, Hao (2014). Beauty is in the eye of the beholder: The effect of corporate tax avoidance on the cost of bank loans. Journal of Financial Economics, 113(1), 109-130.
Kim, Jeong-Bon, Li, Yinghua, & Zhang, Liandong (2011). Corporate tax avoidance and stock price crash risk: Firm-level analysis. Journal of Financial Economics, 100(3), 639-662.
Kim, J.-B., Lee, J.J., & Park, J.C. (2015). Audit Quality and the Market Value of Cash Holdings: The Case of Office-Level Auditor Industry Specialization. A Journal of Practice & Theory, 34(2), 27-57.
Kovermann, J.H. (2018). Tax avoidance, tax risk and the cost of debt in a bank-dominated economy. Managerial Auditing Journal, 33(8-9), 683-699.
McGuire, Sean T., Omer, Thomas C., & Wang, Dechun (2012). Tax Avoidance: Does Tax-Specific Industry Expertise Make a Difference?. The Accounting Review, 87(3), 975-1003.
Mei-Juh Huang, & Jui-Chih Wang (2017). Can Institutional Investors Effectively Reduce the Influence of Tax Avoidance Behavior on Cost of Debt?. Taiwan Accounting Review, 13(2), 235-268.
Minh Ha, Nguyen, Tuan Anh, Pham, Yue, Xiao-Guang, & Hoang Phi Nam, Nguyen (2021). The impact of tax avoidance on the value of listed firms in Vietnam. Cogent Business & Management, 8(1), 1-13.
Neuman, Stevanie S., Omer, Thomas C., & Schmidt, Andrew P. (2020). Assessing Tax Risk: Practitioner Perspectives. Contemporary Accounting Research, 37(3), 1788-1827.
Pittman, Jeffrey A., & Fortin, Steve (2004). Auditor choice and the cost of debt capital for newly public firms. Journal of Accounting and Economics, 37(1), 113-136.
Salehi, M., Khazaet, S., & Tarigffl, H. (2019). Tax Avoidance and Corporate Risk: Evidence from a Market Facing Economic Sanction Country. The Journal of Asian Finance, Economics and Business, 6(4), 45-52.
Shevlin, Terry, Urcan, Oktay, & Vasvari, Florin P. (2013, August). Corporate Tax Avoidance and Public Debt Costs. Social Sciences Research Network, London Business School.
Shevlin, Terry, Urcan, Oktay, & Vasvari, Florin P. (2020). Corporate Tax Avoidance and Debt Costs. Journal of the American Taxation Association, 42(2), 117-143.
Shin, H-J., & Woo, Y.-S. (2017). The effect of tax avoidance on cost of debt capital: Evidence from Korea. South African Journal of Business Management, 48(4), 83-89.
Wei, C.-Y., & Chen, L. (2016). Auditor Industry Expertise and Clients’ Tax Avoidance: Evidence from China. NTU Management Review, 26(2), 1-36.
Yorke, Sally M., Amidu, Mohammed, & Agyemin-Boateng, Cletus (2016). The effects of earnings management and corporate tax avoidance on firm value. International Journal of Management Practice, 9(2), 112-131.