租稅風險與租稅規避對公司價值的影響

Do Tax Risk and Tax Avoidance Affect Firm Value?

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。

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.