近幾年，永續議題成為企業經營一個重要的議題，企業社會責任(Corporate Social Responsibility, CSR)強調企業除了重視其獲利狀況以增加股東報酬外，亦要對於社會及環境的永續發展及兼顧所有利害關係的權益； 而ESG原則是將環境、社會以及公司治理結合，用以評估公司在這三個面向的表現之衡量指標。為了探討ESG績效與公司財務限制及公司價值之關聯，本研究以2017~2020年臺灣非金融業上市櫃公司為樣本，以KZ指數為財務限制(Financial constraints)的衡量變數，並以Tobin’s Q衡量公司價值，探討ESG績效獲得肯定的公司是否較容易籌集資金，以及對其長期公司價值是否有明顯的助益，實證結果發現ESG與融資限制呈顯著負相關，與公司價值呈顯著正相關。

In recent years, sustainability has become a very important issue for business. Corporate Social Responsibility (CSR) emphasizes that enterprises should not only focus on obtaining benefits but also on sustainable development of society and environment, taking into account the rights and interests of all stakeholders. In addition, ESG is a measurement principle to evaluate company’s performance from three aspects, including environment, social and corporate governance. This study uses a sample of listed and OTC Taiwan’s non-financial company during 2017 – 2020 in order to investigate the association between ESG performance and financial constraints and the relationship between ESG and firm value. Using KZ index as the proxy for financial constraints and Tobin’s Q as the proxy for firm value, this study examines whether ESG can lower the company’s financing threshold and can benefit the company’s long-term value. The empirical results show that ESG is significantly negatively correlated with financing constraints, and significantly positively correlated with company value.

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