本文探討資安投資(cybersecurity investment)與企業租稅規避(tax avoidance)行為之關聯性。既有文獻多聚焦於資安風險(cybersecurity risk)或資安事件(cyberattack)之經濟後果，較少探討企業主動進行資安投資對租稅決策之影響。基於資安投資可能透過改善資訊環境與強化外部監督抑制租稅規避，亦可能因高額成本壓力誘發企業透過避稅籌措資金，故須透過實證研究釐清兩者間關聯性。
　　本文以2007年至2023年美國上市公司為樣本，共29,818筆觀察值，透過文本分析衡量企業年報中資安投資揭露程度代理變數。實證結果顯示，資安投資與租稅規避呈顯著負向關係。傳導機制分析發現，資安投資可透過改善資訊環境以降低權益資金成本與強化外部監督，抑制激進避稅行為。橫斷面分析進一步顯示，此效果在董事會適度規模、內部資訊品質較佳及高研發支出之企業中更為顯著。此外，額外測試發現資安投資有助提升企業價值(firm value)。

This study investigates the relationship between cybersecurity investment and corporate tax avoidance. While existing literature predominantly focuses on the economic consequences of cybersecurity risks or cyberattacks, limited attention has been paid to the impact of proactive corporate cybersecurity investments on tax decisions. Because cybersecurity investments may constrain tax avoidance by improving the information environment and strengthening external monitoring, or conversely, induce firms to finance substantial cost pressures through tax avoidance, empirical research is necessary to clarify the association between the two.
Using a sample of U.S. listed firms from 2007 to 2023, comprising 29,818 firm-year observations, this study employs textual analysis to construct a proxy for the extent of cybersecurity investment disclosures in corporate annual reports. The empirical results demonstrate a significant negative relationship between cybersecurity investment and tax avoidance. Analyses of the transmission mechanisms reveal that cybersecurity investment mitigates aggressive tax avoidance by reducing the cost of equity capital, improving the information environment, and enhancing external monitoring. Cross-sectional analyses further indicate that this mitigating effect is more pronounced in firms with moderate board sizes, superior internal information quality, and high research and development (R&D) expenditures. Furthermore, additional tests find that cybersecurity investments contribute to enhanced firm value.

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