本研究以臺灣上市櫃公司探討企業避稅與公司價值之間的關係，同時討論產業專家會計師帶來的調節效果。實證結果顯示企業避稅可以提高公司價值，反應了避稅為公司帶來現金的好處。但衍生的代理問題也會影響避稅的市場評價，若有產業專家會計師存在，能夠較及時作損失認列，約束管理者濫用資金；據此，本研究主張並發現產業專家會計師會提高企業避稅的市場評價。額外分析顯示產業專家在不同的公司特質下，監督效果存在差異；明確來說，在自由現金流量高的公司，控制權與現金流量權偏離程度高的公司，以及控制股東現金流量權低的公司，產業專家增加避稅的正向評價的效果更明顯。

This study explores the relationship between corporate tax avoidance and corporate value among Taiwanese listed companies, while also discussing the moderating effects brought by industry expert accountants. The empirical results show that corporate tax avoidance can increase company value, reflecting the benefits of tax avoidance in bringing cash to the company. However, the derivative agency issues can also affect the market evaluation of tax avoidance. If there are industry experts and accountants present, they can recognize losses promptly and constrain managers from abusing funds; Based on this, this study advocates and finds that industry expert accountants can improve the market evaluation of corporate tax avoidance. Additional analysis shows that industry experts have varying supervisory effects under different company characteristics; Specifically, in companies with high free cash flow, companies with a high degree of deviation between control and cash flow rights, and companies with low control shareholder cash flow rights, the positive evaluation of tax avoidance by industry experts is more significant.

曾玉琦，2014、獨立董監、內部稽核與產業專家會計師對企業財務報導之影響，台灣管理學刊，第14卷第2期，第21-49頁。

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