本文探討公司投資、虧損扣抵(Tax Loss Carryforwards, TLCF)及兩者交互作用對企業價值之影響。過去研究普遍指出，投資通常對企業價值具有正向影響，然而，若企業進行過度投資，則對企業價值產生負面影響；虧損扣抵對企業價值的影響則尚無一致結論。一方面，虧損扣抵可提供節稅利益，用以抵減未來課稅所得，進而增加企業價值。另一方面，市場亦可能將虧損扣抵視為企業過去經營績效不佳之訊號，對其投資未來獲利能力產生疑慮。因此，本文將探討兩者之交互作用對企業價值的影響。
本研究以1988年至2017年間在美國註冊之上市企業為樣本，資料來源為Compustat北美資料庫，樣本數為75,818。實證結果顯示，首先，公司投資與企業價值間具正向關聯性；其次，虧損扣抵與企業價值間具正向關聯性。第三，虧損扣抵顯著削弱公司投資與企業價值的正向關聯性，因企業過去營運不佳卻擴大投資易引發市場對其獲利前景與虧損扣抵實現可能性的疑慮，且投資所產生的稅務利益亦因虧損扣抵的存在而被延後實現。
本文進行敏感性分析，替代公司投資、虧損扣抵指標的衡量方式、增加控制變數及調整winsorize方法，結果皆與先前一致。在橫斷面分析，本文依據財務限制，以及現金流不確定性進行分組迴歸，發現公司特徵對交乘項具有調節作用。為緩解內生性疑慮，本文採用1997年《納稅人減稅法案》(Taxpayer Relief Act of 1997)進行差異中之差異法(Difference-in-Differences, DiD)分析。最後，於額外測試中，本文改以未來第三期TOBINSQ 及股東權益報酬率作為企業價值的替代變數，結果與先前一致，惟股東權益報酬率，因性質差異，導致交乘項呈現正向效果，但整體結果仍支持公司投資與虧損扣抵間存在替代關係的推論。

This study investigates the impact of firm investments, tax loss carryforwards (TLCF), and their interaction on firm value. Prior research generally suggests that investment positively affects firm value, though overinvestment may undermine it. The effect of TLCF remains ambiguous. While TLCF can enhance firm value by generating tax shields to offset future taxable income, it may also signal poor historical performance, leading investors to discount the firm’s future profitability. This paper examines how the interplay between investments and TLCF influences firm valuation.
Using a sample of 75,818 U.S. publicly listed firms from 1988 to 2017 (data from Compustat North America), our empirical analysis yields three main findings. First, firm investments is positively related to firm value. Second, TLCF also exhibits a positive correlation with firm value. Third, TLCF significantly weakens the positive link between investment and firm value, as firms with past operating losses that expand investment may trigger market skepticism about their profit prospects and the realizability of TLCF. Moreover, the tax benefits generated by investments may be postponed due to the presence of TLCF.
We conduct robustness checks using alternative measures of investment and TLCF, additional controls, and an adjusted winsorization approach. Cross-sectional analyses based on financial constraints, and cash flow uncertainty. A difference-in-differences approach using the 1997 U.S. tax reforms further mitigates endogeneity concerns. Additional tests using alternative firm value proxies support the view that investments and TLCF act as substitutes in their influence on firm value.

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