臺灣博碩士論文加值系統

隨著全球努力實現2050年淨零排放目標的加強，可持續性在金融領域的重要性日益受到認可。本論文旨在加深對市場對增資配股、股票回購和公司債券發行的反應，特別是與公司環境、社會和治理表現相關的反應的理解。本研究通過檢視ESG評分如何影響公司融資行為，特別針對台灣上市公司，填補了現有文獻中的空白。本研究採用累積異常報酬率來評估市場反應，重點關注現金增資、庫藏股回購和公司債券發行期間的市場反應。數據根據市價與股價淨值比進行細化分析。研究結果顯示，ESG評分顯著影響市場對這些融資活動的反應，並在不同類型公司和財務事件中表現出顯著差異。在現金增資中，強烈的社會責任會增強市場的正面反應，而較高的股票價格波動性則導致較負面的反應。在庫藏股回購中，良好的公司治理會對市場反應產生正面影響，而較高的市價與股價淨值比率則產生負面效果。波動性對庫藏股回購的反應有正面影響，顯示出對未來前景的信心。在公司債券發行方面，較差的社會表現和整體ESG評分會對低估值公司的市場反應產生負面影響，而透明度較低會進一步加劇負面看法。本研究強調了ESG評分在影響市場對各種資金籌措活動的反應中的重要作用。通過考慮ESG表現和財務特徵，公司可以制定更有效的融資策略。這些研究結果為公司和投資者提供了寶貴的見解，增進了對ESG評分與公司融資活動之間相互作用的理解。

As global efforts intensify to achieve Net Zero emissions by 2050, the significance of sustainability in the financial sector is increasingly recognized. This thesis aims to deepen the understanding of market reactions to SEOs, share repurchases, and corporate bond issuances, particularly in relation to companies' environmental, social, and governance performance. This study addresses a gap in the existing literature by examining how ESG scores influence corporate financing behaviors, focusing on listed companies in Taiwan. The study employs cumulative abnormal returns to assess market reactions, focusing on the period surrounding SEOs, share repurchases, and corporate bond issuances. Data is segmented based on the M/B ratio for granular analysis. Findings reveal that ESG scores significantly impact market reactions to these financing activities, with notable differences across company types and financial events. For SEOs, strong social responsibility enhances positive market reactions, while higher stock price volatility leads to more negative reactions. In share repurchases, good governance positively impacts market responses, while a higher M/B ratio has a negative effect. Volatility positively influences reactions to share buybacks, indicating confidence in future potential. For corporate bond issuances, poor social performance and overall ESG scores negatively impact low-valuation companies' market reactions, with lower transparency further exacerbating negative perceptions. This study underscores the critical role of ESG scores in shaping market reactions to various capital-raising activities. By considering ESG performance and financial characteristics, companies can develop more effective financing strategies. These findings provide valuable insights for both companies and investors, enhancing the understanding of the interplay between ESG scores and corporate financing activities.

Chinese Abstract ………………………………………………………….……………. i
English Abstract ………………………………………………………….……………. iii
Acknowledgements ………………………………………………………….…………..... v
Table of Contents ………………………………………………………….…………..... vi
List of Tables ………………………………………………………….…………..... vii
List of Figures ………………………………………………………….…………..... viii
Chapter 1 Introduction………………………………………………………..… 1
1.1 Research Motivation……………………………………………….... 1
1.2 Research Purpose………………………………………………..…... 2
Chapter 2 Literature Review……………………………….………………...…. 4
2.1 The Impact of ESG Scores on SEOs……………………………….... 4
2.2 The Impact of ESG Scores on Stock Buybacks……………………... 6
2.3 The Impact of ESG Scores on Corporate Bonds…………………..… 8
2.4 The Impact of M/B Ratio on ESG Scores………………………….... 9
Chapter 3 Data and Methodology……………………………………………..... 11
3.1 Data Description……………………………………………………... 11
3.2 Methodology……………………………………………………….... 12
3.2.1 Dependent Variables……………………………………………….... 12
3.2.2 Independent Variables……………………………………………...... 13
3.2.3 Control Variables…………………………………………………..... 13
Chapter 4 Experiments Results………………………………….…………….... 22
4.1 Summary Statistics………………………………………………....... 22
4.2 The relationship between SEOs and ESG………………………….... 23
4.3 The relationship between Repurchases and ESG……………………. 26
4.4 Data Segmentation Based on M/B Ratio…………………………..... 29
4.4.1 High M/B Ratio Companies (M/B ratio > 1)………………………... 29
4.4.2 Low M/B Ratio Companies (M/B ratio < 1)……………………….... 29
4.4.3 SEOs classified using M/B ratio…………………………………….. 30
4.4.4 Repurchases classified using M/B ratio……………………………... 33
4.4.5 Corporate Bonds classified using M/B ratio………………………… 36
Chapter 5 Conclusion…………………………………...................…………..... 38
Reference ………………………………………………………….……………. 41
Appendix I ………………………………………………………….……………. 44
Extended Abstract ………………………………………………………….……………. 45

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