傳統觀點認為，透過減少稅務負擔來進行租稅規避的行為，能夠提升企業的價值 (Frank et al.,2009)，有利於股東，能夠得到法人投資者的認可。由於，避稅行為帶來的潛在風險及成本，對企業的長期利益不利，因而促使機構法人投資者抑制企業的避稅行為。本研究以我國上市櫃公司2013至2022年期間之追蹤資料(panel data)，採用分量迴歸模型(Quantile Regres-sion)，透過對不同分量賦予不同權重進行估計，以說明解釋變數在特定分位數下對被解釋變數的邊際效果。分析探討三大法人持股比率與企業租稅規避之間的關聯性。
實證結果顯示，三大法人持股比率較高時，對企業之監督努力較強，公司治理程度較高，企業避稅活動較少。反之，當三大法人持股比率較低時，其對企業的監督力度減弱，公司治理程度較低，公司避稅活動更為活躍。機構法人投資者在高持股比率下，能夠對企業施加更多的監督壓力，促使企業更遵守稅務規範，從而提升企業的治理能力並減少租稅規避行為。
The traditional view posits that tax avoidance strategies reducing tax liabilities enhance corporate value (Frank et al., 2009), benefiting shareholders and gaining insti-tutional investor approval. However, the potential risks and costs can harm a firm's long-term interests, prompting institutional investors to curb such activities. This study uses panel data from Taiwanese listed companies (2013-2022) and employs a Quantile Regression model to explore the relationship between institutional ownership and cor-porate tax avoidance.
Empirical results show that higher institutional ownership leads to stronger mon-itoring and better corporate governance, resulting in fewer tax avoidance activities. Conversely, lower institutional ownership weakens monitoring, reduces governance, and increases tax avoidance. High ownership stakes by institutional investors exert more supervisory pressure, promoting adherence to tax regulations, enhancing govern-ance, and reducing tax avoidance behaviors.
