受到全球氣候變遷和COVID-19疫情肆虐等影響，環境保護(Environment, E)、社會責任(Social, S)及公司治理(Governance, G)三大構面，簡稱ESG，逐漸廣受重視，促使永續發展的概念從全民共識走向具體規範，並成為政府部門與企業不可忽視的重要議題與共同致力推動的目標，利害關係人也轉而較願意提供資金給從事永續發展活動的公司。本文旨在探討公司從事永續發展活動與資金成本之關聯性，文中採用樣本配對的方式，使用明晟公司(Morgan Stanley Capital International, MSCI)自2019年至2021年之ESG評級資料，分別以負債資金成本、權益資金成本以及加權平均資金成本來衡量資金成本，探討有被納入ESG評級的公司與其資金成本之間的關聯性，更進一步研究ESG評級的高低對公司資金成本之影響。實證結果發現，有被MSCI納入ESG評級的公司對資金成本呈現負相關，表示有被MSCI納入ESG評級的公司具有較低的資金成本；進一步研究證實，ESG評級較高的公司對資金成本亦呈現負相關，表示ESG評級較高的公司具有較低的資金成本。最後，本研究透過三項敏感性分析來證實本文假說之穩健性。

Due to the impacts of global climate change and the COVID-19 pandemic, the three dimensions of Environment(E), Social(S), and Governance(G), referred to as ESG, have been regarded by more and more people. This has promoted the concept of sustainable development from the national consensus to specific norms and has become an important issue for both government and corporations and a goal that they should commit to promoting. Stakeholders are also more willing to provide funds to corporations engaged in sustainable development activities. The purpose of the study is to investigate the association between corporate sustainable development activities and cost of capital. The study uses a paired sampling method and collects the data of ESG ratings from Morgan Stanley Capital International (MSCI) over the period 2019-2021. The cost of debt, the cost of equity, and the weighted average cost of capital are proxies of cost of capital. The empirical results are as follows. First, corporations included in the ESG group are negatively correlated with cost of capital, indicating that corporations included in ESG group have lower cost of capital. Second, corporations with higher ESG ratings are negatively correlated with cost of capital, indicating that corporations with higher ESG ratings have lower cost of capital. Finally, several sensitivity analyses also verify the robustness of the main results.

摘要 I
Abstract II
第一章 緒論 1
第一節 研究動機與目的 1
第二節 研究架構 5
第二章 文獻回顧與假說發展 7
第一節 永續發展之演進 7
第二節 資金成本 10
第三節 ESG評鑑機構 11
第四節 ESG與資金成本 13
第三章 研究設計 17
第一節 實證模型 17
第二節 變數說明 20
第三節 資料來源與樣本選取 26
第四章 實證結果與分析 27
第一節 敘述性統計 27
第二節 相關係數分析 39
第三節 迴歸分析 50
第四節 敏感性分析 60
第五章 結論與建議 71
第一節 研究結論 71
第二節 研究限制與建議 72
參考文獻 73
一、 中文文獻 73
二、 英文文獻 74
三、 網路資料來源 77

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台灣證券交易所https://cgc.twse.com.tw/pressReleases/promoteNewsArticleCh/4144
證券櫃檯買賣中心https://www.tpex.org.tw/web/regular_emerging/governance/corporate_governance_09.php?l=zh-tw
United Nations https://www.un.org/en/academic-impact/sustainability
MSCI
https://www.msci.com/our-solutions/esg-investing/esg-ratings/esg-ratings-key-issue-framework
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鄭杰，用3大ESG評級挑出好公司，Smart智富月刊https://udn.com/news/story/6854/5754431
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