本研究針對2015年至2021年台灣上市櫃公司，分析四間評級機構的ESG評級數據，旨在探討ESG評級不確定性對企業的影響。實證結果分為三個部分：首先，公司ESG揭露與評級不確定性呈顯著正相關，顯示公司揭露愈多ESG資訊時，評級機構之間對於公司ESG表現的評估會產生更大之分歧。其次，ESG評級不確定性與公司貸款利差呈顯著正相關，表示當ESG評級不確定性增加時，可能使貸款銀行所感知到的公司風險也增加，導致公司的貸款利差相應增加。最後，本文檢視ESG評級不確定性對公司融資決策之影響，ESG評級不確定性與外部融資呈顯著負相關，而與內部融資呈正向關係但未達統計顯著水準。整體研究結果支持融資順位理論，企業面對ESG評級不確定性時，可能避免使用成本較高之外部融資，轉而採取其他融資途徑，如：內部融資。

The study examines the impact of ESG rating uncertainty on companies by analyzing ESG rating data from four rating agencies for companies listed on Taiwan Stock Exchange and Taipei Exchange between 2015 and 2021. The empirical results can be summarized in three parts. Firstly, there is a significant positive correlation between ESG disclosure and ESG rating uncertainty, indicating that increased disclosure of ESG information leads to greater divergence in evaluations of companies’ ESG performance among rating agencies. Secondly, ESG rating uncertainty is significantly positively associated with companies’ loan spreads, suggesting that higher ESG rating uncertainty may increase the perceived risk by lending banks, leading to higher loan spreads and elevated cost of debt. Lastly, the study examines the influence of ESG rating uncertainty on companies’ financing decisions. It reveals a significant negative correlation with external financing, and a non-statistically significant positive relationship with internal financing. The overall results support the pecking order theory, suggesting that companies facing ESG rating uncertainty may prefer alternative financing options, such as internal financing, over more expensive external financing.

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