本研究探討鴉片類藥物濫用危機與企業租稅規避行為之關聯性。鴉片類藥物濫用危機降低勞動供給與員工生產力，削弱企業人力資本，影響企業營運以及組織資本與資本支出的投入，可能促使企業透過租稅規劃以因應衝擊。本研究以2010年至2020年美國上市企業為研究樣本，實證結果顯示，首先，當企業總部所在地鴉片類藥物相關死亡率上升時，企業租稅規避程度顯著提高。其次，安慰劑測試結果顯示，其他(非鴉片類藥物相關死亡率)指標與租稅規避之間不具關聯性，支持主要結果並非由一般性死亡、隨機死亡與整體健康環境變動等因素所驅動。第三，傳導機制分析顯示，鴉片類藥物相關死亡率與員工人數、勞動生產力及銷貨收入呈顯著負向關聯；並與銷管費用、組織資本、資本支出以及資本勞動產出比呈顯著正向關聯。第四，敏感性分析方面，本研究排除總部位於佛羅里達州以及醫療保健與製藥產業樣本、採用不同租稅規避衡量指標、採用其他固定效果、延長樣本期間、排除2017年《就業與減稅法案》影響、採用其他標準誤群集以及採用滯後一期控制變數進行檢驗，結果皆與主要實證結果一致。第五，為處理潛在內生性問題，本研究進一步利用處方藥物監測計畫(Prescription Drug Monitoring Programs, PDMPs)作為外生政策衝擊進行識別，實證結果顯示，處方藥物監測計畫實施後企業租稅規避程度下降，支持本研究假說。第六，橫斷面分析結果顯示，租稅規避行為在非藥物檢測州、高財務限制、勞力密集產業及公司治理佳的企業中更為顯著。最後，額外測試發現，租稅規避程度較高之企業，在面對鴉片類藥物濫用危機時，其企業價值所受到之負面影響較小。

This study examines the relationship between the opioid epidemic and corporate tax avoidance. The opioid crisis reduces labor supply and productivity, eroding firms’ human capital and disrupting operations. In response, firms may adjust their investments in organizational capital and capital expenditures, which can increase incentives to engage in tax planning as a means of mitigating these adverse shocks. Using a sample of U.S. publicly listed firms from 2010 to 2020, the empirical results show that higher opioid-related mortality rates in the county where a firm’s headquarters is located are associated with significantly greater corporate tax avoidance. Placebo tests indicate that other mortality measures are not significantly related to tax avoidance, suggesting that the main findings are not driven by general mortality, random deaths, or overall health conditions. Mechanism analyses reveal that opioid-related mortality rates are significantly negatively associated with the number of employees, labor productivity, and sales revenue, while being significantly positively associated with SG&A expenses, organizational capital, capital expenditures, and the capital–labor ratio. These findings support the proposed channels through which the opioid crisis affects firms’ tax behavior. Sensitivity analyses confirm the robustness of these findings. To address potential endogeneity concerns, this study exploits the implementation of PDMPs as an exogenous policy shock. The results show that corporate tax avoidance decreases following the adoption of PDMPs, providing further support for the study’s hypothesis. Cross-sectional analyses indicate that the effect is more pronounced in non-drug-testing states, financially constrained firms, labor-intensive industries, and institutional ownership. Additional analyses show that tax avoidance mitigates the negative impact of the opioid crisis on firm value.

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