本研究深入探討台灣上市櫃公司環境、社會及治理（ESG）表現對股票流動性的影響，採用TEJ資料庫中的數據，涵蓋2016年至2023年期間台灣上市櫃公司的ESG量化分數和股票流動性指標 (liquidity)，共計9,850個公司年度觀察值作為研究樣本，使用迴歸方法進行實證分析。研究結果顯示，企業的ESG表現與股票流動性之間存在顯著正相關，ESG表現較佳的企業能夠吸引更多投資者，進而提高股票流動性。此外，本研究進一步分析風險降低機制(崩盤風險)及資訊透明度(發佈營收預估值之券商家數)對ESG與股票流動性關係的調節作用。結果顯示，風險降低機制顯著增強ESG對股票流動性的正向影響，而資訊透明度的調節作用在台灣市場中並不顯著。
研究亦檢視重污染產業對此關係的影響，發現這些產業中，高ESG表現可能會降低股票流動性，反映出不同產業對ESG表現的不同反應。進一步使用《天下雜誌》的「天下永續公民獎」作為衡量企業社會責任的指標，研究結果一致支持良好ESG表現對股票流動性的正面影響。綜合而言，本論文的研究結果顯示，台灣上市櫃公司提升ESG表現能夠有效增加股票流動性，而且此效果在風險較高的情況下更加顯著，為企業決策者和投資者提供重要的參考依據，也為政策制定者在推動企業透明度及永續發展方面提供決策上的參考。

This study explores the impact of Environmental, Social, and Governance (ESG) performance on stock liquidity for publicly listed companies in Taiwan. Utilizing data from the Taiwan Economic Journal (TEJ) database, the study covers the period from 2016 to 2023, incorporating ESG scores and stock liquidity indicators for Taiwanese listed companies, resulting in a sample of 9,850 firm-year observations. Empirical results based on regression methods reveal a significant and positive relation between a company's ESG performance and its stock liquidity. Companies with better ESG performance attract more investors, thereby enhancing stock liquidity. Additionally, the study examines the moderating effects of risk mitigation mechanisms (crash risk) and information transparency (number of analysts' revenue forecasts) on the ESG-liquidity relationship. The results indicate that risk mitigation mechanisms significantly strengthen the positive impact of ESG on stock liquidity, while the moderating effect of information transparency is not significant in the Taiwanese market.
The study also investigates the impact of heavily polluting industries on this relationship, and finds that high ESG performance in these industries may reduce stock liquidity, reflecting different industry responses to ESG performance. Furthermore, using the "CommonWealth Magazine CSR Award" as an additional indicator of corporate social responsibility, the results consistently support the positive impact of good ESG performance on stock liquidity. Overall, this study demonstrates that improving ESG performance can effectively increase stock liquidity for Taiwanese public companies, especially in higher-risk situations. This provides important empirical evidence for corporate decision-makers and investors, and serves as a reference for policymakers in promoting corporate transparency and sustainable development.

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