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者中之家族企業所影響。
本研究對於家族企業租稅規避之課題提出進一步的解釋，過往雖有文獻實 證家族企業與避稅之關聯性，但並無文獻探討企業策略類型如何影響家族企業 之租稅規避及不同策略類型下之家族企業租稅規避程度，故本研究對租稅規避 之相關文獻做出貢獻。因此，此研究結果可協助投資人及政府機關辨認何種特 性之企業租稅規避程度可能較高，且台灣之家族企業不似美國等成熟資本市場，
投資人較易辨認企業之租稅規避行為而對企業之租稅規避產生制衡作用，故建 議在現狀下，台灣資本市場仍以散戶佔多數時，金融監督管理委員會證券期貨 局可針對企業之有效稅率及財稅差異等相關租稅規避指標督促企業加強揭露，
使投資人較容易判斷企業之租稅規避行為，使企業之避稅成本能有效被反應。
第二節 研究限制
由於課稅所得為稅務資訊，不會對外公開，本研究自行以當期所得稅費用 及法定稅率推估，且本研究所使用之控制變數，虧損扣抵及虧損扣抵變動亦因 無法取得公開資料，係以推估之課稅所得自行推算之，因此相關變數可能產生 衡量誤差。
本文所使用之避稅指標當期有效稅率、財稅差異及剩餘財稅差異依據 Hanlon and Heitzman (2010)所述，均無法捕捉財稅一致6之租稅規避行為，故在 解讀本研究之實證結果應小心本研究所衡量之租稅規避程度不包含財稅一致 之租稅規避行為。因此建議未來研究可發展能衡量財稅一致之租稅規避指標。
6 財稅一致一般指於稅務申報費用扣除，同時於財務報表列為費用之項目。
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