本研究以 2016 年至 2024 年台灣上市上櫃公司為樣本，探討企業環境、社會與公司治理（Environmental, Social, and Governance, ESG）整體績效及三個構面，對權益資金成本與機構投資人持股比例之影響，並檢驗企業年齡（成立年數）是否具有調節效果。實證結果顯示，整體 ESG 績效、環機構面績效以及社會構面績效與權益資金成本之間呈顯著正向關係，其與企業年齡之交互效果顯示 ESG 對愈年輕企業具有較大的邊際影響力；相較之下，公司治理構面之效果未達統計顯著。此外，企業年齡與機構投資人持股比例呈顯著負向關係，且企業年齡顯著調節公司治理構面績效與機構投資人持股比例之關係。整體而言，本研究顯示 ESG 對資本市場之影響具有構面差異性，且企業年齡在部分情境下發揮調節作用，補充了既有文獻對企業年齡調節之實證證據。;This study examines Taiwanese listed and OTC-listed firms from 2016 to 2024 to investigate the effects of overall Environmental, Social, and Governance (ESG) performance and its three individual dimensions on the cost of equity capital and institutional ownership, and to test whether firm age (years since establishment) plays a moderating role. The empirical results show that overall ESG performance, environmental performance, and social performance are significantly and positively associated with the cost of equity capital, and the interaction effects with firm age indicate that ESG exerts a greater marginal impact on younger firms; in contrast, the effect of the governance dimension is not statistically significant. In addition, firm age is significantly negatively related to institutional ownership, and firm age significantly moderates the relationship between governance performance and institutional ownership. Overall, the findings suggest that the impact of ESG on capital markets differs across dimensions, and that firm age serves as a moderating factor in certain contexts, thereby providing additional empirical evidence to the existing literature on the moderating role of firm age.
