We examine the moderating effect of corporate opacity on the relationship between family firms and tax avoidance. We find, ceteris paribus, that family firms and tax avoidance are negatively associated. However, the negative association is attenuated when corporate opacity increases. Our results indicate that corporate opacity affects firms’ tax avoidance, with this effect stronger for family firms than for non-family firms. We also find that tax avoidance by and corporate opacity of family firms are negatively associated with firm valuation. These results are consistent with the opportunistic perspective that family firms engage in more tax avoidance than non-family firms when corporate opacity is higher.

我们研究了企业不透明度对家族企业与避税之间关系的调节作用。我们发现，在其他条件不变的情况下，家族企业和避税呈负相关。然而，当企业不透明度增加时，负面关联会减弱。我们的研究结果表明，企业不透明度会影响企业的避税，这种影响对家族企业的影响要大于对非家族企业的影响。我们还发现，家族企业的避税和企业不透明度与企业估值呈负相关。这些结果与机会主义观点一致，即当公司不透明度较高时，家族企业比非家族企业更容易避税。