ESG資訊揭露對資金成本與外資持股之影響-以台灣上市櫃公司為例

Abstract

本研究使用2020至2023年台灣上市櫃公司，共6,411筆橫斷面版數據樣本，以發佈企業永續報告書及台灣經濟新報TESG永續資料集揭露分數量化衡量ESG非財務資訊的揭露程度對資金成本、外資持股比例之關聯。根據實證結果，在資金成本方面發現:發佈永續報告書或增加永續資訊揭露程度，皆能顯著幫助企業降低權益資金成本，但對於負債資金成本，越多的揭露行動並無法顯著影響降低成本，反而是企業ESG的實質表現，才為債權人相較關注的重點。在外資持股的測試上也發現:一般永續資訊的發佈與揭露對外資持股的增加並無顯著幫助，然而若企業願意發佈英文版永續報告書，則可降低資訊語言上的理解障礙，進一步幫助公司獲得較多外資的投資。總結以上結果，將為企業管理層對ESG議題與資金安排提供決策依據，亦可成為未來監理機關推動永續資訊揭露普及化與國際化的重要參考。

This study utilizes panel data comprising 6,411 observations from listed companies in Taiwan during the period from 2020 to 2023. By utilizing the issuance of ESG reports and ESG disclosure scores from the Taiwan Economic Journal (TEJ) TESG dataset, this research quantitatively assesses the level of non-financial ESG disclosure and its association with firms’ cost of capital and foreign ownership. The empirical findings reveal that, with regard to the cost of equity, both the publication of ESG reports and increased ESG disclosure levels are significantly associated with lower cost of equity.In contrast, for the cost of debt, enhanced disclosure alone does not yield a significant effect. Instead, creditors appear to place greater emphasis on a firm’s actual ESG performance. Regarding foreign ownership, the results show that general ESG disclosures do not significantly influence foreign investment. However, firms that provide English versions of ESG reports are more likely to attract foreign investors, as this reduces language barriers and enhances information accessibility. Overall, these findings offer practical implications for corporate managers in formulating ESG strategies and financial planning. Furthermore, the results serve as a valuable reference for policymakers in promoting the institutionalization and internationalization of sustainability disclosure standards.