流動性考量下ESG對企業實質面的影響｜國立中央大學博碩士論文系統

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研究生：	許瑞航 Ruei-Hang Hsu
論文名稱：	流動性考量下ESG對企業實質面的影響
指導教授：	黃承祖 Cheng-Tsu Huang
口試委員:
學位類別：	碩士 Master
系所名稱：	管理學院 - 企業管理學系 Department of Business Administration
論文出版年：	2025
畢業學年度：	113
語文別：	中文
論文頁數：	70
中文關鍵詞：	負面事件、類保險效果、企業社會責任、ESG 、流動性
外文關鍵詞：	Negative Events, Quasi-Insurance Effect, Corporate Social Responsibility, ESG, Liquidity
相關次數：	點閱：111 下載：0
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本研究旨在探討企業在負面事件發生時，ESG表現所具備之保護效果是否會因企業流動性條件不同而產生調節作用。此外，為釐清ESG保護效果的作用機制，本研究進一步探討其對企業內部營運與外部投資人行為的影響層面，聚焦於其是否實際反映於企業的實質營運或僅停留於投資人信念層面。與過往多著重市場反應或聲譽層面的研究不同，本研究透過企業裁罰公告作為負面事件衡量基礎，結合2016年至2023年間台灣上市櫃公司資料，從實證角度觀察ESG的內部營運效果。研究結果顯示，在流動性不足的企業中，良好的ESG表現有助於在負面事件發生時穩定資產報酬率（ROA）與員工留任率，支持ESG對實質營運具有正向影響；但對於高階管理人留任或投資人行為並無顯著效果。

This study aims to explore whether the protective effect of ESG performance will be moderated by different corporate liquidity conditions when negative events occur. In addition, in order to clarify the mechanism of the ESG protective effect, this study further explores its impact on the internal operations of the company and the behavior of external investors, focusing on whether it is actually reflected in the actual operations of the company or only stays at the level of investor beliefs. Unlike previous studies that have focused on market reactions or reputation, this study uses corporate penalty announcements as the basis for measuring negative events, combined with data from Taiwan's listed companies from 2016 to 2023, to observe the internal operating effects of ESG from an empirical perspective. The results show that in companies with insufficient liquidity, good ESG performance helps stabilize return on assets (ROA) and employee retention when negative events occur, supporting the positive impact of ESG on actual operations; but there is no significant effect on senior management retention or investor behavior.

摘要.......................................................i
Abstract..................................................ii
致謝.....................................................iii
目錄......................................................iv
表目錄....................................................vi
一、緒論...................................................1 
  1-1 研究背景.............................................1
  1-2 研究動機.............................................2 
  1-3 論文架構.............................................4 
二、文獻探討與假說..........................................5 
  2-1 CSR與ESG.............................................5
  2-2 ESG與權益資金成本.....................................6
  2-3 ESG類保險效果........................................8
  2-4 傳統CAPM理論及其局限性................................10
  2-5 ESG與員工離職率......................................11
  2-6 假說建立 ............................................12
三、研究方法................................................16
  3-1資料來源..............................................16 
  3-2研究方法..............................................17 
  3-3變數定義與衡量.........................................22 
四、實證結果................................................30 
  4-1 H1之實證結果..........................................30 
4-1-1敘述統計..............................................30
4-1-2相關性分析............................................32
4-1-3迴歸結果..............................................34
  4-2 H2A之實證結果 .......................................36
4-2-1相關性分析............................................36
4-2-2迴歸結果..............................................38
  4-3 H2B之實證結果 .......................................39
4-3-1相關性分析............................................39
4-3-2迴歸結果..............................................40
  4-4 H3之實證結果.........................................41
4-4-1相關性分析............................................41
4-4-2迴歸結果..............................................43
  4-5額外檢測..............................................45
  4-5-1檢測揭露程度之ESG分數................................45
  4-5-2改變控制變數.........................................46
  4-5-3檢測t+1期財務績效....................................47
  4-5-4排除退休高管.........................................49
  4-5-5以裁罰金額衡量事件嚴重程度............................50
  4-5-6檢測ESG各構面分數....................................52
五、結論與建議 .............................................55
  5-1研究結論與貢獻.........................................55
  5-2研究限制與建議.........................................56
參考文獻 ..................................................57

                                

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