臺灣博碩士論文加值系統

隨著環境與趨勢的變遷，永續發展已成為企業追求的一大方向，而企業社會責任(CSR)更是企業永續發展的主要概念；為了實現永續經營的目標並落實 CSR 的精神，近年來許多企業開始揭露環境(E)、社會(S)、公司治理(G)相關資訊，因此 ESG 也逐漸成為用來評估企業永續發展的重要指標。
本研究以2015年至2022年期間台灣之上市公司為研究對象，探討 ESG整體及個別構面績效對後續企業融資受限情況改變之影響，以及不同 ESG績效與融資受限變動程度之差異分析。本文採用常見的 KZ index (KaplanZingales Index)衡量公司融資受限程度。實證結果顯示，當公司前一年度 ESG整體績效較佳時，後一年度之融資受限情況會有顯著改善，且此一結果主要來自個別的社會(S)構面績效所影響；另外，本研究也發現，ESG 績效較低的公司會在後續的融資受限比 ESG 績效較高的公司有更多的改善情形，表示績效評等較差的公司會在後續的評等中做出更良好的表現，來提升企業的聲譽，以幫助企業未來更容易進行融資活動。

With the changing environmental landscape and trends, sustainable development has become a major direction for companies to pursue, with Corporate Social Responsibility (CSR) being a primary concept for sustainable business practices. In recent years, many companies have begun disclosing environmental (E), social (S), and corporate governance (G) information to achieve sustainable business goals and implement the spirit of CSR. Consequently,ESG has gradually become an important indicator for evaluating corporate sustainable development.
This study focuses on listed companies in Taiwan from 2015 to 2022 and investigates the impact of overall and individual dimensions of ESG performance on subsequent changes in corporate financing constraints, as well as analyzes differences in the degree of change in financing constraints associated with different levels of ESG performance. The study employs the common KZ index(Kaplan-Zingales Index) to measure the extent of corporate financing constraints.
Empirical results indicate that when a company demonstrates better overall ESG performance in the previous year, there is a significant improvement in subsequent financing constraints in the following year, primarily driven by the individual social (S) dimension performance. Additionally, the study finds that companies with lower ESG performance experience greater improvements in subsequent financing constraints compared to those with higher ESG performance,suggesting that companies with lower performance ratings tend to perform better in subsequent ratings to enhance corporate reputation, facilitating easier financing activities in the future.

中文摘要.................................. i
英文摘要.................................. ii
誌謝...................................... iii
目錄...................................... iv
表目錄.................................... vi
圖目錄.................................... vii
第一章 緒論.................................. 1
1.1 研究背景與動機............................ 1
1.2 研究目的.................................. 2
1.3 研究流程.................................. 2
第二章 文獻探討................................ 4
2.1 企業社會責任(CSR)&ESG相關文獻................. 4
2.2 融資受限相關文獻.............................. 5
第三章 研究方法................................. 7
3.1 資料與樣本來源................................ 7
3.2 依變數之定義及衡量........................... 7
3.3 控制變數之定義及衡量......................... 7
3.3.1 TESG分數(TESG)......................... 7
3.3.2 環境構面分數(E).......................... 8
3.3.3 社會構面分數(S)........................... 8
3.3.4 公司治理構面分數(G)....................... 8
3.3.5 公司規模(Market Value).................... 8
3.3.6 總資產報酬率(ROA)........................ 8
3.3.7 Tobin’s Q................................ 8
3.3.8 現金流量比率(CF Ratio).................... 8
3.3.9 負債比率(DEBT Ratio)...................... 9
3.3.10 獨立董事比率(DIR)........................ 9
3.3.11 法人持股(INSTI).......................... 9
3.3.12 股份盈餘偏離倍數(DEV).................... 9
3.3.13 集團控制型態(GROUP)...................... 9
3.4 實證模型.................................... 9
第四章 實證分析與結果........................... 11
4.1 敘述性統計................................. 11
4.2 迴歸分析.................................. 11
4.2.1 ESG整體績效對後續年度融資受限水準之影響..... 11
4.2.2 ESG個別績效對後續年度融資受限水準之影響..... 12
4.2.3 ESG整體績效對後續年度融資受限變動程度之影響.. 12
4.2.4 ESG個別績效對後續年度融資受限變動程度之影響.. 12
4.3強韌性檢定................................... 13
4.3.1 ESG績效對後續融資受限變動程度之影響:不同融資受限水準之子樣本分析............ 13
4.3.2 不同ESG績效與融資受限變動程度之差異分析...... 13
4.3.3 兩階段工具變數法........................... 13
4.3.4 ESG整體績效對後續年度融資受限變動程度之影響：疫情前後.................. 14
4.3.5 ESG個別績效對後續年度融資受限變動程度之影響：疫情前後.................. 14
第五章 結論與建議............................... 28
5.1 結論........................................ 28
5.2 研究限制與建議............................... 29
參考文獻....................................... 30
Extended Abstract.............................. 34

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