在各國重視環境與社會責任的發展下，ESG績效已成為衡量企業長期價值與經營穩健性的重要指標。企業是否將ESG表現在股利政策中具體反應，以及投資人情緒是否會加強其影響性，本研究以此為出發點，探討ESG績效對企業股利政策之影響，並進一步檢視投資人情緒於此關係中所扮演之調節角色。以2016至2022年間台灣證券交易所上市公司為樣本，探討三大股利政策面向：是否發放股利、股利發放率與股利發放率穩定度。研究發現企業ESG績效與股利政策三大面向均呈顯著關聯，ESG評分越高的企業，越傾向發放股利、提高股利發放率，並展現出更穩定的配息行為。投資人情緒對ESG與股利決策具顯著調節效果，特別是在情緒高漲時，ESG對股利發放傾向與股利發放率的影響更顯著，惟對股利發放率穩定度之調節效果不顯著，顯示穩定配息仍主要取決於企業財務體質與長期策略，而非市場短期情緒波動。;As countries attach importance to environmental and social responsibility, ESG performance has become an important indicator for measuring the long-term value and operational stability of enterprises. Whether enterprises reflect ESG performance in dividend policy and whether investor sentiment will enhance its influence, this study takes this as a starting point to explore the impact of ESG performance on corporate dividend policy and further examine the regulatory role of investor sentiment in this relationship. Using the listed companies on the Taiwan Stock Exchange from 2016 to 2022 as a sample, the three major dividend policy aspects are explored: whether to pay dividends, dividend payout ratio and dividend payout ratio stability. The study found that the ESG performance of enterprises is significantly correlated with the three major aspects of dividend policy. The higher the ESG score of enterprises, the more inclined they are to pay dividends, increase the dividend payout ratio, and show more stable dividend distribution behavior. Investor sentiment has a significant moderating effect on ESG and dividend decisions, especially when the sentiment is high, the impact of ESG on the tendency to pay dividends and the dividend payout ratio is more significant, but the moderating effect on the stability of the dividend payout ratio is not significant, indicating that stable dividends still depend mainly on the financial constitution and long-term strategy of enterprises, rather than short-term market sentiment fluctuations.
