本研究主要在討論企業對於環境、社會和公司治理(Environment、Social and Governance, ESG)的表現是否可解釋企業偏離自身長期資本結構，企業在付出企業社會責任時，將企業社會責任視為是一種保險效果，在公司面臨負面事件時減輕損失，因此使公司得以增加舉債，使其偏離長期資本結構。 本研究使用 MSCI ESG KLD 資料庫中 ESG 的分數結合 COMPUSTAT 資料庫，樣本時間從 1991 年至 2018 年，來檢視企業長期資本結構與 ESG 分數的關係。經由實證結果顯示 ESG 分數和偏離長期資本結構呈現顯著正向關係，表示企業 ESG 分數越高時，企業正向偏離長期資本結構的程度越大，同時，企業若是當年度 ESG 分數相對於前一年 ESG 分數上升(ΔESG)，也會造成企業正向偏離長期資本結構，亦即企業相較於前一年多付出 ESG，也會使得公司正向偏離。 另外，本研究也分別檢測 ESG 三個構面，企業在環境構面(E)和公司治理構面(G)分數和偏離長期資本結構具有正向顯著關係且公司治理構面的變動量(ΔG)也和偏離長期資本結構呈現正向顯著關係。 ;This study focuses on whether the extent to which firms pay for Environment、Social and Governance (ESG) can explain firms′ deviation from their own long-term capital structure. When firms pay for CSR, they view CSR as an insurance effect that mitigates losses when the firm faces negative events, thus allowing the firm to increase its debt raising and deviate from its long-term capital structure. This study examines the relationship between the long-term capital structure and ESG scores using the ESG scores from the MSCI ESG KLD database combined with the COMPUSTAT database for the sample period from 1991 to 2018.The empirical results show that there is a significant positive relationship between the ESG score and the deviation from the long-term capital structure, which means that the higher the ESG score of the company, the greater the positive deviation of the company from the longterm capital structure. An increase in ESG score (ΔESG) will also cause the company to deviate from the long-term capital structure, that is, the company pays more ESG than the previous year, which will also cause the company to deviate positively. In addition, the three ESG dimensions are examined separately, and the scores of environmental dimension (E) and corporate governance dimension (G) are positively and significantly related to the deviation from the long-term capital structure, and the change in corporate governance dimension (ΔG) is also positively and significantly related to the deviation from the long-term capital structure.
