| 摘要: | 本研究以 2017 年至 2022 年台灣上市公司資料為樣本，利用最大概似估計
(Maximum Likelihood Estimation, MLE) 方法進行分析，探討企業ESG與現金持有量之間的關聯性。實證結果顯示，企業的ESG分數與其現金持有量之間存在顯著的正向相關。具體而言，公司的ESG分數愈高，其現金持有量也愈高。聯立現金持有量與企業風險之方程式估計顯示，ESG表現的影響可分為直接效果和間接效果兩個途徑：首先，ESG表現對現金持有量的直接效果顯著且為正相關，代表高ESG評分企業傾向於持有更多現金，以因應潛在的財務需求和投資機會。其次，就企業系統風險和獨特性風險兩個途徑的間接效果而言，系統風險途徑顯示負向相關，這意味著高ESG評分企業因降低了系統風險而減少了部分現金持有需求。然而，獨特性風險途徑則無顯著相關性，顯示企業的獨特性風險並未對其現金持有量產生顯著影響。
綜合上述正向及負向影響，當考慮總和效果時，高ESG評分企業的現金持有量仍呈現正相關。這顯示ESG表現較佳的企業在實現永續發展目標的同時，仍舊注重現金持有與其維持財務穩定性和靈活性之功能。相對於既有文獻僅驗證ESG表現與現金持有量之間直接途徑的關係，本研究在此基礎之上，亦分析間接影響之系統風險途徑的負向相關性，以及獨特性風險途徑無顯著相關性。就管理意涵而言，本研究期能為企業在制定財務策略和投資者在評估企業價值時提供有價值的參考，促進企業在實現永續發展與財務穩定之間找到平衡點。
;This study uses data from listed companies in Taiwan from 2017 to 2022 and employs the Maximum Likelihood Estimation (MLE) method to analyze the relationship between corporate ESG (Environmental, Social, and Governance) performance and cash holdings.Empirical results show a significant positive correlation between a company′s ESG scores and its cash holdings. Specifically, the higher the company′s ESG score, the higher its cash holdings. The estimation of the simultaneous equations of cash holdings and corporate risks indicates that the impact of ESG performance can be divided into direct and indirect effects through two channels: Firstly, the direct effect of ESG performance on cash holdings is significant and positive, indicating that companies with higher ESG ratings tend to hold more cash to meet potential financial needs and investment opportunities. Secondly, the indirect effects through the channels of systemic risk and idiosyncratic risk show that the systemic risk channel has a negative correlation, meaning that companies with higher ESG ratings reduce some of their cash holding needs by lowering systemic risk. However, the idiosyncratic risk channel shows no significant correlation, indicating that a company′s idiosyncratic risk does not significantly affect its cash holdings.
Considering the combined positive and negative effects, when the total effect is taken into account, companies with higher ESG ratings still show a positive correlation with their cash holdings. This indicates that companies with better ESG performance, while achieving sustainable development goals, still focus on maintaining cash holdings to ensure financial stability and flexibility. Compared to existing literature that only verifies the direct relationship between ESG performance and cash holdings, this study further analyzes the negative correlation of the systemic risk channel and the non-significant correlation of the idiosyncratic risk channel in the indirect effects. In terms of managerial implications, this study aims to provide valuable references for companies in formulating financial strategies and for investors in evaluating corporate value, promoting a balance between achieving sustainable development and maintaining financial stability. |
