本文研究使用Refinitiv ESG資料庫之ESG分數衡量公司的CSR績效，並且以該資料庫所包含之33個國家公司作為本研究之樣本，樣本期間取自2002年至2019年。本篇文章目的是探討企業社會責任 (Corporate Social Responsibility, CSR) 對資本結構之影響，以及CSR與資本結構如何影響公司的財務績效。整體而言，本文研究結果如以下三點：(1) CSR績效顯著負向影響資本結構，由於公司從事CSR有效降低對外部投資人的資訊不對稱，使得公司在權益融資方面之成本降低，我們認為公司可能傾向以權益融資而降低債務融資因此資本結構下降。(2) 在金融危機期間，高度舉債之公司若CSR績效較好有助於減緩公司債務積壓的問題。(3) CSR績效與公司市場績效有顯著正向影響。當公司高度舉債時，公司執行CSR策略有效減緩過度舉債對公司市場績效的負面影響，並且若該公司之CSR績效優良，該減緩之效果更加明顯。

Our study uses the ESG scores of the Refinitiv ESG database to measure the company's CSR performance, and uses the 33 national companies included in the database as our sample. The sample period is taken from 2002 to 2019. The purpose of our study is to explore the impact of Corporate Social Responsibility (CSR) on capital structure, and how CSR and capital structure affect company’s financial performance. On the whole, the results of this article are as follows: (1) CSR performance significantly negatively affects capital structure. Since the company's CSR effectively reduces the information asymmetry to external investors, the company's equity financing costs are reduced. It is believed that the company may be inclined to use equity financing to reduce debt financing and therefore its capital structure declines. (2) During the financial crisis, if a company with a high degree of debt has better CSR performance, it will help alleviate the problem of the company's debt overhang. (3) CSR performance have a significant positive impact on the company's market performance. When the company is heavily borrowing, the company implements the CSR strategy to effectively mitigate the negative impact of excessive borrowing on the company's market performance, and if the company's CSR performance is good, the mitigation effect will be more obvious.

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 5
第二章 文獻回顧與假說建立 7
第一節 企業社會責任與資本結構 7
第二節 資本結構與公司績效 9
第三節 企業社會責任與公司績效 10
第三章 研究樣本與方法 13
第一節 資料來源與樣本篩選 13
第二節 ESG分數衡量 13
第三節 變數與定義方式 16
第四節 統計方法與研究模型 18
第四章 實證結果與分析 25
第一節 樣本分布 25
第二節 CSR分數分布 26
第三節 敘述統計與相關分析 28
第四節 企業社會責任對資本結構之影響 29
第五節 企業社會責任與資本結構對公司經營績效之影響 31
第六節 企業社會責任與資本結構對公司市場績效之影響 33
第五章 結論 37

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