ESG績效對公司錯誤估值與資本結構調整的影響—以台灣上市公司為例

Abstract

在全球永續資訊揭露規範推動與ESG投資快速擴張的背景下，ESG績效對公司的錯誤估值與資本結構調整的影響日益受到關注。本文以2016至2023年台灣上市公司為樣本，探討ESG績效對於公司錯誤估值的影響，以及是否加劇公司既有的高估情況，或有助於修正其低估現象，並進一步分析ESG績效所帶來的錯誤估值效應是否影響公司的融資決策進而導致資本結構的調整。 實證結果顯示，ESG績效的提升整體而言可帶來市場價值相較於真實價值的正向偏離，特別是在被高估的公司中效果更為顯著；但對於被低估的公司，ESG績效的提升並未有效修正其被低估的情況，推測市場對其財務基本面仍存疑。實證結果更發現，被高估的公司在有資金需求時會提升股權融資的比例，符合市場時機理論，但未顯著運用ESG績效所帶來的高估效應進行更多的股權融資，可能與債務融資享有較佳的條件有關。本研究有助於釐清ESG績效、錯誤估值與資本結構之間的關聯性，並提供企業、投資人與政府在永續金融發展下之決策參考。

With the growing emphasis on sustainability disclosure standards and the rapid expansion of ESG investing, the impact of ESG performance on firm misvaluation and capital structure adjustments has attracted increasing attention. This study focuses on listed firms in Taiwan from 2016 to 2023 to explore how ESG performance influences firm misvaluation, and further analyzes whether the misvaluation effects affect corporate financing decisions, thereby leading to capital structure adjustments. Results show that, overall, improvements in ESG performance are associated with a positive deviation of market value from intrinsic value, particularly pronounced among overvalued firms. However, for undervalued firms, enhanced ESG performance does not effectively correct the undervaluation, possibly due to concerns about their financial fundamentals. Additionally, overvalued firms with funding needs tend to rely more on equity financing, consistent with the market timing theory. Nevertheless, these firms do not significantly take advantage of the overvaluation driven by ESG performance, potentially due to more favorable terms associated with debt financing. This study explains the interrelationship between ESG performance, misvaluation, and capital structure, offering valuable insights for firms, investors, and policymakers in the context of sustainable finance development.