We analyze the valuation-tax avoidance relation and find there is, in fact, a market value discount for tax avoidance. We identify several channels for the adverse valuation effects of tax avoidance. Tax-avoiding firms that (i) lack foreign income, (ii) are financially constrained, and (iii) incur relatively high capital expenditures have lower valuations. A portfolio long the highest and short the lowest tax-avoiding firms has a significantly positive four-factor alpha, highlighting greater risk and thus lower valuation associated with tax avoidance. Our results are robust to a variety of tests, including several different tax avoidance measures.

中文翻译：

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企业避税和企业价值折扣

我们分析了估值-避税关系，发现避税实际上存在市场价值折扣。我们确定了避税的不利估值影响的几个渠道。(i) 缺乏外国收入，(ii) 财务受限，以及 (iii) 资本支出相对较高的避税公司估值较低。做多最高避税公司和做空最低避税公司的投资组合具有显着正的四因子 alpha，突显出更大的风险，因此与避税相关的估值更低。我们的结果对各种测试都很稳健，包括几种不同的避税措施。