本研究以 2015~2018 年間的上市(櫃)公司為樣本，以有效稅率及現金有效稅 率作為避稅程度之代理變數，探討經理人的現金薪酬對企業避稅行為的影響。研究結果發現，當企業給付經理人越多的現金薪酬，公司有效稅率與現金有效稅率皆會提高，意味著現金薪酬的發放，會抑制經理人投入避稅活動，符合我們的預期。再者，我國自 2018 年起廢除設算扣抵制度，此舉將造成股東稅後現金流量減少，公司經理人可能會基於股東的立場，從事較多避稅行為。本研究顯示，稅制改革後企業的有效稅率與現金有效稅率皆有所降低，代表稅改後公司從事較多的避稅活動，並且弱化了薪酬與稅率之正向關係。
此外，本研究發現避稅可以提升企業價值，考量公司治理後，避稅程度越大的企業，其價值會更高。同時，本研究佐證，稅改後公司的避稅活程度提高，也進而增長了企業價值。

This study uses Taiwan-listed companies as samples from 2015 to 2018. I use cash and GAAP effective tax rate to proxy for tax avoidance, this study examines the relationship between executive compensation and tax avoidance. The results show that the more cash compensation CEO were paid, the higher cash and GAAP effective tax rate were. The adoption of cash compensation will mitigate the incentive that CEO engaged in corporate tax avoidance. Additionally, Taiwan has changed her tax system from partial dividend imputation system (partial DIS) to classical tax system starting in 2018. This change causes the cash flows after tax to shareholders to increase. This motives managers to engage in tax avoidance activities to a greater extent. This research concludes that both cash and GAAP effective tax rate have been reduced after tax reform. Meanwhile, our research suggests that the abolition of DIS will strengthen the relationship between cash compensation and tax avoidance.
In addition, this study found that tax avoidance can enhance the value of firm. After considering corporate governance, the greater the degree of tax avoidance, the higher the value of the firm. At the same time, this study corroborates that the increased tax avoidance activity of the company after tax reform has further increased the value of the company.

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