本研究旨在探討企業在負面事件發生時，ESG表現所具備之保護效果是否會因企業流動性條件不同而產生調節作用。此外，為釐清ESG保護效果的作用機制，本研究進一步探討其對企業內部營運與外部投資人行為的影響層面，聚焦於其是否實際反映於企業的實質營運或僅停留於投資人信念層面。與過往多著重市場反應或聲譽層面的研究不同，本研究透過企業裁罰公告作為負面事件衡量基礎，結合2016年至2023年間台灣上市櫃公司資料，從實證角度觀察ESG的內部營運效果。研究結果顯示，在流動性不足的企業中，良好的ESG表現有助於在負面事件發生時穩定資產報酬率（ROA）與員工留任率，支持ESG對實質營運具有正向影響；但對於高階管理人留任或投資人行為並無顯著效果。;This study aims to explore whether the protective effect of ESG performance will be moderated by different corporate liquidity conditions when negative events occur. In addition, in order to clarify the mechanism of the ESG protective effect, this study further explores its impact on the internal operations of the company and the behavior of external investors, focusing on whether it is actually reflected in the actual operations of the company or only stays at the level of investor beliefs. Unlike previous studies that have focused on market reactions or reputation, this study uses corporate penalty announcements as the basis for measuring negative events, combined with data from Taiwan′s listed companies from 2016 to 2023, to observe the internal operating effects of ESG from an empirical perspective. The results show that in companies with insufficient liquidity, good ESG performance helps stabilize return on assets (ROA) and employee retention when negative events occur, supporting the positive impact of ESG on actual operations; but there is no significant effect on senior management retention or investor behavior.
