臺灣財政部在2015年將股利稅制由全額設算扣抵制更改為半額設算扣抵制，跟上國際稅務的趨勢，讓企業營所稅與個人綜所稅朝著分離的步伐邁進。本文首先探討此項租稅改革如何影響企業避稅行為。而在企業進行避稅手段的同時，勢必會衍生出訊息不對稱與代理問題的現象，此兩者正是造成企業投資缺乏效率的重要因素。所謂「投資效率」即實際投資水準與預期水準偏離之程度；偏離越小，效率越高。本文接續探討稅改後之避稅活動如何影響公司投資之效率性。
本研究樣本取自2013年至2017年臺灣的上市、上櫃公司，使用財稅差異數衡量企業避稅程度，並透過實證模型衡量投資之效率性。研究得到三大結論：首先，稅制改革後，企業避稅活動不但沒有如預期增加反而是減少了。其次，避稅程度越高的企業，其投資越缺乏效率性。最後，稅制改革後，隨著企業避稅程度降低，避稅行為與投資效率間的關係亦更顯趨緩。
本文的研究結果豐富了臺灣稅制改革之相關研究，同時加強了對企業避稅行為的認識，並加深對投資效率影響因素的瞭解。在實務上，本文也為公司股東、企業財務決策者、政府稅務機關提供了參考依據。

In 2015, Taiwanese Ministry of Finance switched from full imputation to partial imputation on dividend taxes. By making this move, Taiwanese government accelerated its pace to keep up with global tax trends in separating corporate and shareholders’ personal income taxes. The thesis explores how this tax law switch impacted corporate tax avoidance behaviors. Meanwhile, when executing tax avoidance strategies, companies inevitably face information asymmetry and agency issues, the two key causes of depressed investment efficiency. Investment efficiency is measured by the disparity between corporate actual investment and forecasted investment; the narrower the disparity, the higher investment efficiency. This paper thus further examines how corporate tax avoidance after the tax reform affected investment efficiency.
Data from Years 2013 to 2017 are collected from companies listed in the Taiwan Stock Exchange Market as research samples. The book-tax differences are selected as the proxy for corporate tax avoidance behaviors, and the investment efficiency is captured with Empirical Modelling. Three findings are concluded. After the tax reform, instead of projected increases, the numbers of overall corporate tax avoidance activities actually declined. Furthermore, lower investment efficiency is associated with a higher level of tax avoidance. Lastly, the lower level of corporate tax avoidance eased the negative correlation between corporate tax avoidance and investment efficiency.
The results of this thesis will contribute to the studies on Taiwan’s tax reforms, strengthen the understandings of corporate tax avoidance behaviors, and provide insights to forces impacting investment efficiency. Additionally, in practice, this paper will serve as an important reference for corporate shareholders, corporate financial decision-makers, and taxation policymakers.

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