本篇研究利用永續發展研究機構(Sustainalytics Responsible Investment Services)於2014年公布美國上市公司之ESG分數作為樣本，探討公司積極投入企業社會責任之程度是否與公司持有之現金價值有關，並利用拔靴法解決樣本數不足之問題。研究結果有以下三點發現，第一，企業投入於企業社會責任積極程度越高(低)，其現金價值越低(高)；第二，同產業下之企業對於CSR投入之行為積極程度差異甚大，因此CSR的積極投入行為並沒有出現群聚現象；第三，不論企業投入於企業社會責任積極程度高低，發放一單位之普通股現金股利均減少公司價值，但較積極投入於企業社會責任之企業，其減少的幅度呈正相關，意味著CSR的投入能增加投資者之保護。綜合以上，對於公司而言，CSR之投入並不能提升公司持有現金之價值，但是對於投資者仍有正面影響。

This study discusses the relationship between corporate social responsibility (CSR) and the value of corporate cash holdings by using the multi-factor model and Bootstrap methodology. The data of ESG score of U.S. listed companies are provided by Sustainalytics Responsible Investment Services at 2014. The results of this study are following. First, the firms with higher ESG score tend to have lower the value of cash holding, and vice versa. Second, there are great variations in the ESG (Environment, Social and Governance) score among firms in the same industry. Third, no matter how higher ESG score, the value of cash holding will decrease at the same levels when the cash dividend increase, but the firm with higher ESG score tend to have lower decreases. That suggest the firms with higher ESG score have higher investor protection. In conclusion, the firms involve in CSR activity could not increase the value of cash holding, but have positive effect on shareholders.

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