本文探討企業設置子公司在租稅天堂，是否對企業避稅的市場評價有不同的影響。跨國企業透過市場機制運作，為達到最有效率的資源配置，設置子公司在租稅天堂作為境外公司供營運調度，利於企業進行國際佈局，並藉由租稅天堂的稅制差異與法律治理環境寬鬆等因素，也成為操作利潤分配及控制股東謀取私利的工具。本研究對象以台灣上市櫃公司為樣本，以Tobin Q 衡量企業價值，現金有效稅率衡量企業避稅程度。研究發現，企業設置子公司在租稅天堂會顯著降低避稅的正向市場評價。

In this paper, whether or not “companies setting up a subsidiary in a tax haven” had a different impact on “the market evaluation of corporate tax avoidance” was explored. In order to achieve the most efficient resource allocation, tax haven subsidiaries were set up as offshore companies for operational scheduling, which have also become tools for profit distribution and control of shareholders to seek personal gain due the differential taxes, loosened legal governance environments, and other factors. In this study, the OLS regression research model was adopted, with the samples of TAIEX-listed and OTC-listed companies as research participants.Tobin Q was employed to measure corporate value, and cash effective tax rate was used to measure the degree of companies’ tax avoidance. Research results show that companies’ setup of a subsidiary in a tax haven significantly reduced the positive market evaluation of tax avoidance.

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