本研究旨在探討經理能力、租稅規避與杜邦衡量績效指標之間的關聯性。即租稅規避與公司績效的關聯性、經理能力與公司績效的關聯性，以及經理能力對於租稅規避與公司績效關係的調節效果。

採用Demerjian et al. (2012) 所建構的經理能力衡量指標，並且運用杜邦分析法(DuPont analysis)將稅前投資報酬率拆解為獲利能力、資產使用效率及財務與營運槓桿效果三個構面。運用迴歸分析法檢視租稅規避、經理能力與公司績效的關聯性，以及經理能力所扮演的調節角色。樣本涵蓋1987年至2022年間美國上市公司的43,429筆觀察值。

實證結果顯示，首先，公司租稅規避程度越高，稅前普通股權益報酬率、稅前淨營運資產報酬率、稅前淨營運利潤率、淨營運資產周轉率、稅前營運負債槓桿呈現較低水準，但會顯著提高稅前財務槓桿，而稅前營運資產報酬率無顯著改變；其次，經理能力對稅前淨營運資產報酬率、稅前營運資產報酬率與淨營運資產周轉率有顯著正面影響，但對稅前營運負債槓桿與稅前財務槓桿有顯著負向影響，由於獲利性及資產使用效率與槓桿(財務與營運負債)的效果相抵消，因此經理能力對稅前普通股權益報酬率無顯著的影響；最後，經理能力對租稅規避與稅前投資報酬率與獲利能力的關係有正面的調節效果，但僅獲利能力的效果可持續到未來。整體而言，研究結果支持經理能力在租稅規避與財務績效關係具有關鍵調節效果，突顯企業應重視經理能力對避稅策略成效及財務表現的影響。

This study investigates the relationship among managerial ability, tax avoidance, and DuPont-based performance measures, specifically focusing on (1) the association between tax avoidance and firm performance, (2) the association between managerial ability and firm performance, and (3) the moderating effect of managerial ability on the relationship between tax avoidance and firm performance. We employ the managerial ability measure developed by Demerjian et al. (2012) and apply the DuPont analysis framework, which decomposes the pre-tax return on investment into three dimensions: profitability, asset utilization efficiency, and the effects of financial and operating leverage. Regression analyses are conducted to examine the relationships among tax avoidance, managerial ability, and firm performance, as well as the moderating role of managerial ability. The sample consists of 43,429 firm-year observations of U.S. listed companies from 1987 to 2022.

The empirical results reveal the following. First, higher levels of corporate tax avoidance are associated with lower pre-tax return on common equity, pre-tax return on net operating assets, pre-tax net operating profit margin, net operating asset turnover, and pre-tax operating liability leverage, but significantly increase pre-tax financial leverage, while showing no significant effect on pre-tax return on operating assets.

Second, managerial ability has a significantly positive impact on pre-tax return on net operating assets, pre-tax return on operating assets, and net operating asset turnover, but a significantly negative effect on pre-tax operating liability leverage and pre-tax financial leverage. Since the positive effects on profitability and asset utilization efficiency are offset by the negative effects on leverage (both financial and operating), managerial ability has no significant effect on pre-tax return on common equity. Finally, managerial ability positively moderates the relationship between tax avoidance and both pre-tax return on investment and profitability, but only the effect on profitability persists into the future.

Overall, the findings support the critical moderating role of managerial ability in the relationship between tax avoidance and financial performance, highlighting the importance for firms to recognize the impact of managerial ability on the effectiveness of tax avoidance strategies and on financial outcomes.

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