本研究的目的在於探討企業積極避稅行為對其債務資金成本的影響，並檢視較佳的公司治理機制是否可有效減輕因避稅活動所產生的代理問題，為從事避稅之企業帶來較低的債務資金成本。本文利用2006年至2012年期間台灣的上市及上櫃公司為樣本，實證結果顯示，在其他條件不變下，較積極從事避稅活動的企業，其債務資金成本較小。另外，在公司治理機制衡量方面，較高的外部機構投資人持股比，可帶來良好的外部監督效果，加強企業積極避稅活動產生的資金成本減少效果；然而，若將公司治理定義為資訊揭露品質，則未發現其能有效減輕代理問題，並降低債務資金成本。研究結果支持債務資金成本與避稅行為間呈負向關係；然而，公司治理機制減輕代理問題的效果，則需視其衡量方式有不同的結果，在資訊揭露品質之衡量下，其對債務資金成本的影響並不明顯。

目錄

第一章 緒論 1
第一節 研究動機與目的 1
第二節 研究架構 3
第二章 文獻探討與假說發展 5
第一節 相關租稅名詞定義 5
第二節 公司治理概述 6
第三節 探討企業避稅議題之文獻 11
第四節 探討避稅與資本結構及負債資金成本間關係之文獻 13
第五節 假說發展 18
第三章 研究方法與設計 20
第一節 樣本資料來源與選取過程 20
第二節 實證研究模型及變數定義 22
第四章 實證結果 29
第一節 敘述性統計分析 29
第二節 相關係數分析 31
第三節 迴歸結果分析 34
第四節 敏感性分析 41
第五章 結論與建議 47
第一節 研究結論 47
第二節 研究限制與建議 48
參考文獻 50

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