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NTU Management Review
Vol. 34 No. 3 Dec. 2024, 45-90
https://doi.org/10.6226/NTUMR.202412_34(3).0002

Do Tax Risk and Tax Avoidance Affect Firm Value?

租稅風險與租稅規避對公司價值的影響

Jenn-Shyong Kuo, Department of Accountancy, National Taipei University
郭振雄 / 國立臺北大學會計學系
Chen-Ying Ko, National Taxation Bureau of Taipei, Ministry of Finance
柯辰穎 / 財政部臺北國稅局
Da-Kai Wu, Department of Accounting, Feng Chia University
伍大開 / 逢甲大學會計學系
Yi-Cheng Ho, Department of Public Finance, National Chengchi University
何怡澄 / 國立政治大學財政學系
Received 2022/2, Final revision received 2023/12
Abstract
This paper examines the impact that tax risk and tax avoidance, both individually and
jointly, have on firm value. Using the data of listed companies in Taiwan from 2000-2019,
the results of measuring tax avoidance and tax risk with the cash effective tax rate suggest
that investors negatively value tax risk while positively value tax avoidance; moreover,
tax risk moderates the positive valuation of tax avoidance. In addition, we find that
across different tax systems or tax rate periods, tax avoidance and tax risk have roughly
the same impact on firm value; however, the magnitude of the impact varies in some
periods. Overall, compared with prior literature on firm value that has mostly focused on
tax avoidance, the empirical results of this study show that future researchers should also
consider the interaction between tax risk and tax avoidance.
【Keywords】tax risk, tax avoidance, firm value

摘 要
本研究以 2000 年至 2019 年臺灣上市櫃公司為研究對象，分別探討租稅風險、租稅規
避，以及此兩者的交互作用對於公司價值的影響。研究結果顯示以現金有效稅率衡量
租稅規避與租稅風險時，投資人負向評價租稅風險、正向評價租稅規避，而在租稅風
險與租稅規避的交互作用下，租稅風險減弱投資人對於租稅規避的正向評價。此外，
在不同稅制或稅率期間，租稅規避與租稅風險對企業價值的影響大致相同，但在某些
期間的影響幅度存在差異。相較於過往公司價值的文獻聚焦於租稅規避，本文實證結
果指出應同時考量租稅風險與租稅規避之間的交互作用。
【關鍵字】 租稅風險、租稅規避、公司價值

領域主編：王衍智教授

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