ESG對現金持有及現金價值的影響 —以台灣上市上櫃公司為例

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吳旻容(Min-Jung Wu) 查詢紙本館藏

畢業系所

財務金融學系

論文名稱

ESG對現金持有及現金價值的影響 —以台灣上市上櫃公司為例
(The Effect of Environment, Social and Governance on Cash Holdings and Cash Value：Evidence from Taiwan)

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摘要(中)

本研究旨在探討公司ESG表現對其現金政策及現金持有價值的影響，樣本為台灣上市及上櫃公司，研究期間為2015年至2021年，並使用TEJ資料庫之ESG分數作為企業ESG表現依據。實證結果顯示ESG分數越高的公司會持有較多的現金，該類型公司較關注利害關係人，因此傾向持有現金以相對保守的政策證明有足夠流動性實現承諾及抵抗環境不確定性。在現金價值方面，ESG分數越高的公司現金價值較高，代表投資人會給予ESG表現佳公司較高評價，隨之提升該類型公司現金價值。為了預防研究中的內生性問題，我們利用兩階段最小平方法進行迴歸，在排除內生性疑慮之後，我們可以發現ESG分數中僅有治理構面會對現金持有產生正向影響，而環境和治理構面則會增加公司現金價值。

摘要(英)

This study aims to explore the impact of a company′s ESG performance on its cash policy and cash value. Our samples are listed and OTC firms in Taiwan, and the sample period is from 2015 to 2021. We use TEJ ESG score as the company′s ESG performance evaluation. Empirical results show that companies with higher ESG score will hold more cash, we consider that such companies are more concerned about stakeholders, so they tend to hold cash and use a relatively conservative policy to prove that they have sufficient liquidity to fulfill their commitments and resist environmental uncertainties. In terms of cash value, a company with a higher ESG score has higher cash value, which means that investors will give them higher evaluation, which will increase the cash value of this type of company. In order to prevent endogenous problems, we apply the two-stage least squares (2SLS) method for regression. After excluding endogenous concern, we find that only the governance score will have the positive impact on cash holdings, while the environment and governance scores will both increase the company′s cash value.

關鍵字(中)

★ 環境、社會及治理
★ 現金持有
★ 現金持有價值

關鍵字(英)

★ Environment, social and governance (ESG)
★ cash holdings
★ cash value

論文目次

Chinese abstract i
Abstract ii
Acknowledges iii
Content iv
List of Tables v
1. Introduction 1
2. Literature review and hypotheses development 7
2.1 Literature review of CSR/ESG and firm 7
2.2 Literature review of the purpose and influencing factors of corporate cash holdings 8
2.3 Literature review of influencing factors of the value of cash holdings 9
2.4 Hypotheses development 10
2.4.1 Environment, social and governance (ESG) and cash holdings 10
3. Data and methodology 15
3.1 Data 15
3.2 Variable description and methodology 16
3.2.1 The effect of ESG on corporate cash holdings 16
3.2.2 The effect of ESG on corporate cash value 18
4. Empirical results 20
4.1 Summary statistics 20
4.2 Regression results of the impact of ESG on corporate cash holdings 21
4.3 Regression results of the impact of ESG on corporate cash value 22
5. Robustness checks 24
5.1 Alternative measures of cash holdings and the scaling of control variables 24
5.2 Alternative measures of excess return 24
5.3 Dealing with endogeneity problem 25
6. Conclusion 27
Appendix All variables and definitions 29
Reference 30

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指導教授

何柏欣(Po-Hsin Ho)

審核日期

2023-6-28

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