機構投資人是否有效降低企業避稅行為對債務資金成本之影響？

Can Institutional Investors Effectively Reduce the Influence of Tax Avoidance Behavior on Cost of Debt?

本研究探討企業避稅及避稅與機構投資者間的交互作用對負債資金成本的影響。實證結果顯示企業避稅和負債資金成本之間存在替代關係，意味著企業避稅行為所產生之節稅效果較管理階層在避稅行為中可能產生的代理成本還強。此外，實證結果亦顯示機構投資人持股率愈高的公司，其負債資金成本愈低。此乃由於機構投資人可以減少企業避稅時所產生的資訊不對稱及代理問題，因而可增強避稅對負債資金成本的負向效果。本研究結果對於台灣債權人如何看待企業避稅行為提供直接證據，並證實控制股東與債權人間亦存有代理問題。本文研究結果有助於鼓勵企業加強其公司治理機制，例如可強化機構投資者的角色。

This study investigates the influence of tax avoidance on the cost of debt and itsinteraction effect with institutional investors. The empirical results indicate that asubstitution relationship exists between tax avoidance and the cost of debt among firmsin Taiwan. The results imply that the tax-savings effect of tax avoidance dominatesmanagerial opportunism in the relationship between tax avoidance and the cost of debt forTaiwanese firms. Moreover, the result suggests that firms with larger institutional holdingshave a lower cost of debt, implying that institutional investors can reduce informationasymmetry and managerial rent diversions related to tax avoidance, thereby amplifyingthe negative effect of tax avoidance on the cost of debt. Our findings contribute to researchon tax avoidance by providing direct evidence on how debtholders in Taiwan perceivecorporate tax avoidance. Based on our findings, firms are encouraged to implement orstrengthen their corporate governance by strengthening the role of institutional investors.