本研究探討了2015年稅制改革和新聞曝光如何影響台灣家族企業的企業避稅，以2013到2017年台灣上市上櫃公司為研究對象。研究結果發現在2015年稅制改革後，對於一般企業來說，並沒有誘因去進行避稅規劃；相對而言，家族企業則會因稅制改革的變化，而更積極進行避稅行為。此外，在加入新聞曝光變數後，結果顯示，在稅制改革前，新聞曝光對於家族企業的避稅行為具有抑制、監督效果；但在稅制改革後，新聞曝光對於家族企業的避稅行為無法發揮效果。

This paper examines how 2015 tax reform and news exposure affect corporate tax avoidance of family firms in Taiwan. I collect related data for Taiwan-listed companies from 2013 to 2017 to test my hypotheses. I find that after the tax reform in 2015, firms on average are less likely to engage in tax avoidance activities. By contrast, family firms are more likely to engage in tax avoidance after 2015 tax reforms. Further, I find news exposure may weaken family firms' tax avoidance behavior. However, after the tax reform, the impact of news exposure on the tax avoidance behavior of family firms become less obvious.

Amiram, D., Bauer, A., & Frank, M. 2017. Tax Avoidance at Public Corporations Driven by Shareholder Taxes: Evidence from Changes in Dividend Tax Policy. Darden Business
School Working Paper No. 2111467, July 07, 2016. Columbia University, University of
Illinois and University of Virginia.
Anderson, R., & D. Reeb. 2003. Founding-family ownership and firmperformance:
Evidence from the S&P 500. Journal of Finance 58 (June): 1301-1328.
Martinez, A. L. , & G. C. Ramalho. 2014. Family Firms and Tax Aggressiveness in Brazil. International Business Research 7(3): 129-136.
Becker, C. L., M. L. Defond, J. Jiambalvo, & K. R. Subramanyam. 1998. The effect of audit quality on earnings management. Contemporary Accounting Research 15 (Spring): 1-24.
Borden, M. J. 2007. The role of financial journalists in corporate governance. Fordham Journal of Corporate and Financial Law 12(2): 311−369.
Chen, C. J. P., & B. Jaggi. 2000. Association between Independent Non-Executive
Directors, Family Control and Financial Disclosures in Hong Kong. Journal of
Accounting and Public Policy 19:4-5, 285-310.
Chen, M. C. 2009. An estimation model of taxable income. Journal of Management 26 (6):625-636.
Chen, S., X., Chen, Q. Cheng, & T. Shevlin. 2010. Are family firms more tax aggressive than non-family firms? Journal of Financial and Economics 95 (1): 41-61.
Chih, H. H., Chih, H. L., & Huang, Y. T. 2008. Doing Good with or without Being Known?
The Impact of Media Coverage of Corporate Social Performance on Corporate
Financial Performance. the 2nd World Business Ethics Forum (WBEF), Theme:
Rethinking the Value of Business Ethics, School of Business, Hong Kong Baptist
University.
Claessens, S., Djankov, S., & Lang, L.H.P. 2000. The separation of ownership and control in East Asian corporations. Journal of Financial Economics 58: 81-112.
DeAngelo, H., & L. DeAngelo. 2000. Controlling Stockholders and the Disciplinary Role of Corporate Payout Policy: A Study of the Time Mirror Company. Journal of Financial Economics 56(2): 153-207.
DeAngelo, L. E. 1986. Accounting numbers as market valuation substitutes: A study of
management buyouts of public stockholders. The Accounting Review 61(July): 400-
420.
Desai, M. A. 2003. The divergence between book income and tax income. Tax Policy and
the Economy 17: 169-206.
Desai, M. A. 2005. The degradation of reported corporate profits. The Journal of Economic Perspectives 19(4): 171-192.
Desai, M. A., & Dharmapala, D. 2006. Corporate Tax Avoidance and High-Powered
Incentives. Journal of Financial Economics 79(1): 145-179.
Desai, M. A., & D. Dharmapala. 2009. Corporate Tax Avoidance and Firm Value. The
Review of Economics and Statistics 91(3): 537-546.
Dyck, I. J. A., & Zingales, L. 2002. The corporate governance role of the media. University of Chicago, Mimeo.
Dyreng, S., Hanlon, M., & Maydew, E. 2008. Long-run Corporate Tax Avoidance. The
Accounting Review 83: 61-82.
Fang, L., & J. Peress. 2009. Media Coverage and the Cross-section of Stock Returns The Journal of Finance 5: 2023-2052.
Frank, M., L. Lynch, & S. Rego. 2009. Tax reporting aggressiveness and its relation to aggressive financial reporting. The Accounting Review 84 (2): 467-496.
Freedman, J., Loomer, G., & Vella, J. 2007. Moving Beyond Avoidance? Tax Risk and the
Relationship between Large Business and HMRC. Oxford University Centre for
Business Taxation, Saïd Business School.
Graham, J. R., & A. L. Tucker. 2006. Tax shelters and corporate debt policy. Journal of Financial Economics 81(3): 563-594.
Hanlon, M. 2005. The persistence and pricing of earnings, accruals, and cash flows when firms have large book-tax differences. The Accounting Review 80(1): 137-166.
Hanlon, M., & Heitzman, S. 2010. A review of tax research. Journal of Accounting and
Economics 50 (2-3):127-178.
Hanlon, M., Maydew, E. L., & Shevlin, T. J. 2006. Booktax conformity and the information content of earnings. University of Michigan, MI.
Healy, P. M., & Palepu, K. G. 2001. Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature. Journal of Accounting and Economics 31(1-3): 405−440.
Islam, R. 2002. Into the looking glass: W hat the media tell and why-An overview. In R.
Islam, S. Djankov and Caralee McLeish (Eds.) The right to tell: The role of mass media in economic development (pp. 1-23). W ashington, D.C.: The W orld Bank.
Jensen, M. C., & W. H., Meckling. 1976. Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics 3: 305-360.
La Porta, R. Lopez-de-Silanes, F., & Shleifer, A. 1999. Corporate ownership around the world. Journal of Finance 54: 471-517.
Lanis, R., & Richardson, G. 2011. The Effect of Board of Director Composition on Corporate Tax Aggressiveness. Journal of Accounting and Public Policy 30(1): 50-70
Lim, Y. 2011. Tax avoidance, cost of debt and shareholder activism: Evidence from Korea. Journal of Banking & Finance 35(2): 456-470.
Manzon, G., & Plesko, G. 2002. Relation between financial & tax reporting measure of
income. The Tax Law Review 55: 175-214.
Mills, L. F., & Plesko, G. A. 2003. Bridging the reporting gap: A proposal for more
information reconciling of book and tax income. National Tax Journal 56(4): 865-893.
Mills, L. 1998. Book-tax differences and Internal Revenue Service adjustments. Journal of Accounting Research 36:2, 343-356.
Mills. L. F., Newberry, K. J., & Trautman, W. B. 2002. Trends in book-tax income and
balance sheet differences. Tax Note 19(8):1109-1124.
Nguyen, B. D. 2009. Is more news good news? Media coverage of CEOs, firm value, and
rent extraction. Chinese University of Hong Kong.
Phillips, J., M. Pincus, & S. O. Rego. 2003. Earnings management: new evidence based on deferred tax expense. The Accounting Review 78(2): 491-521.
Plesko, G. A. 2002. Reconciling corporation book and tax net income: Tax years 1996-1998. SOI Bulletin 21(4): 1-16.
Plesko, G. A. 2004. Corporate tax avoidance and the properties of corporate earnings.
National Tax Journal 57(3): 729-737.
Scholes, M. S., M. A. Wolfson, M. M. Erickson, E. L. Maydew, & T. J. Shevlin. 2009. Taxes and business strategy: a planning approach, Prentice Hall.
Shleifer, A., & Vishny, R. 1997. A survey of Corporate Governance. Journal of Finance
52(2): 737-783.
Tang, T., & Firth, M. 2012. Earnings Persistence and Stock Market Reactions to the Different Information in Book-Tax Differences Evidence from China The International Journal of Accounting 47(3): 369-397.
Wilson, R. 2009. An examination of corporate tax shelter participants. The Accounting
Review 84: 969-999.
黃美祝(2010)。財稅差異金額大小對國稅局選案查核之影響。會計評論，第50期，23-55。
葉銀華(1999)。家族控股集團、核心企業與報酬互動之研究─台灣與香港證券市場之比較。管理評論，第18(2)期，57-90。