本文嘗試以行為代理理論解釋公司的ESG表現和公司資本結構間的關聯性，通過檢驗公司的ESG表現對資本結構調整速度的影響，來釐清ESG表現對公司營運效率的影響是正面或負面的兩派矛盾觀點。實證結果顯示，ESG表現排名差的公司，調整其資本結構至最適的速度比排名高的公司還快。此外，本研究額外測試槓桿不足及槓桿過度的子樣本，結果發現過度槓桿的公司，其ESG表現會顯著影響公司的資本結構。亦即，正面ESG表現評分越高的公司，其資本結構的調整速度會越快；爭議性ESG面向評分越高的公司，反而會降低其調整至最適資本結構的速度。

This paper attempts to explain the correlation between a firm's ESG performance and the firm's capital structure by using behavioral agency theory to clarify the two contradictory views on whether ESG performance has a positive or negative impact on a firm's operational efficiency by examining the impact of a firm's ESG performance on the speed of adjusting its capital structure. The empirical results show that firms with poor ESG performance rankings adjust their capital structure to the optimal level faster than firms with high rankings. In addition, this study additionally tested the under-leverage and over-leverage sub-samples and found that the ESG performance of over-leverage firms significantly affects the capital structure of the firms. That is, companies with higher positive ESG performance scores will adjust their capital structure faster; companies with higher controversial ESG scores on the contrary will reduce the speed of adjusting to the optimal capital structure.

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