本研究以2016年至2023年間臺灣上市（櫃）公司為研究對象，探討企業資訊揭露透明度對稅務風險之影響，並進一步分析特定企業特徵是否對兩者關係產生調節效果。實證結果顯示，資訊揭露透明度與稅務風險呈現顯著負相關，亦即企業資訊揭露愈充分透明，其所面臨的稅務風險愈低。然而，在避稅程度較高或具前期虧損的企業中，此一負向關係反轉為正向，表示在該等情境下，較高的資訊揭露透明度反而將提升企業稅務風險。此外，細項測試結果也顯示，公司治理指標對資訊揭露透明度與稅務風險的調節效果並不一致，僅部分指標具有顯著影響。其中，董事會規模較大者，其資訊揭露透明度對稅務風險將具有較強之抑制作用，而在獨立董監席次比例或董監持股比例較高的企業中，資訊揭露透明度與稅務風險間則呈現正相關。整體而言，資訊揭露透明度對稅務風險之影響會隨企業特徵而異，企業應視自身情況審慎調整揭露策略，以在法規遵循、揭露透明度與風險控管之間取得平衡。

This study examines the impact of corporate disclosure transparency on tax risk, using Taiwan-listed companies from 2016 to 2023 as the research sample. It further examines whether certain firm-specific characteristics moderate the relationship between disclosure transparency and tax risk. The empirical results reveal a significant negative association between disclosure transparency and tax risk, indicating that firms with higher transparency tend to face lower tax risk. However, this negative relationship reverses in firms with higher levels of tax avoidance or prior-year losses, suggesting that under such circumstances, greater transparency may actually increase tax risk. Additionally, the regression results show that the moderating effects of corporate governance indicators on the relationship between disclosure transparency and tax risk are not consistent—only some indicators exhibit significant effects. Specifically, firms with larger board sizes demonstrate a stronger mitigating effect of disclosure transparency on tax risk. In contrast, in firms with a higher proportion of independent directors or higher ownership by directors and supervisors, disclosure transparency is positively associated with tax risk. Overall, the effect of disclosure transparency on tax risk varies depending on firm characteristics. Firms should therefore adjust their disclosure strategies prudently in accordance with their circumstances, in order to strike a balance between regulatory compliance, transparency, and risk management.

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