本文欲探討企業社會責任 (CSR) 與股利支付率之間的關係，以及CSR 與股利政策同時執行對財務績效的影響，由於CSR 活動廣泛，因此以Refinitiv ESG 評等資料庫做為衡量公司從事CSR 之指標，該評等將活動劃分成三大領域，分別為環境(Environment)、社會 (Social) 和治理 (Government)，以下簡稱ESG。研究結果發現平均而言公司從事ESG 活動對股利支付率與財務績效為正向影響，因為ESG 活動能提升獲利能力，從而創造支付股利的條件，另外股利政策具有降低資訊不對稱的功能，因此公司同時參與ESG 活動和增發股利時有助於提升市場績效，但是同時執行所產生的資源排擠反而會降低經營績效，不過當ESG 活動具有潛在代理問題時，則資源排擠反而會督促管理當局善用資源進而增加公司價值。

This paper examines the relationship between corporate social responsibility and dividend payout ratio, and the impact of simultaneous implementation of CSR and dividend policies on
the company's financial performance. Because CSR activities cover a wide range, we use the Refinitiv ESG rating database as a measure of corporate social responsibility. The ESG rating
divides CSR activities into three fields: Environment, Social and Government, referred to as ESG. The empirical results show that on the average, companies engaged in ESG activities have a positive impact on the dividend payout rate and financial performance. Because ESG activities can improve profitability and create conditions for distributing dividends. In addition, the dividend policy has the ability to reduce information asymmetry. Therefore, when a company participates in ESG activities and increases the distribution of dividends at the same time, it will improve MB. Nevertheless, resource crowding will reduce operating performance.
If there are potential agency problems in ESG activities, resource crowding will improve ROA, because the managers will make good use of resources and increase the company's value.

第一章 前言 1
第一節 研究動機與目的 1
第二節 研究架構與流程 6
第二章 文獻回顧與假說建立 7
第一節 企業社會責任對股利政策的影響 7
第二節 企業社會責任與股利政策對公司績效的影響 11
第三章 資料與樣本描述 17
第一節 資料來源與樣本選擇 17
第二節 ESG數據 18
第三節 變數說明 22
第四節 研究方法 25
第四章 實證分析 29
第一節 企業社會責任對股利支付率的影響 29
第二節 企業社會責任與股利政策對公司營運績效的影響 34
第三節 企業社會責任與股利政策對市場績效的影響 38
第四節 穩健性檢測 41
(一) ESG對股利支付的影響 41
(二) ESG與股利支付政策對經營績效的影響 42
第五章 結論 45

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