本文旨在研究家族企業面臨財務限制時對於其公司績效的影響，並探討家族企業的ESG表現是否能正向調節兩者的關係。本研究使用2015至2022年台灣的上市上櫃家族企業研究發現，當面臨越高的財務限制，對其公司績效會造成負面影響。家族大股東可能為謀取私利而侵害少數股東的利益，並造成內、外部資訊不對稱，因而面臨財務限制，放棄其投資機會，進而降低公司績效。
接著，本研究發現家族企業擁有社會情感財富並遵循管家理論的觀點，會執行ESG活動以維持公司與利害關係人之間的關係，獲得聲譽資本並提升其公司績效。
最後，探討ESG活動是否能正向影響家族企業財務限制與公司績效間的負向關係。本研究發現，ESG反而更加劇了財務限制與公司績效間的負向關係，說明面臨財務限制的家族企業即便執行ESG活動也無法有效降低企業內部與外部資訊不對稱，導致外部融資成本無法被降低，對市場與會計績效皆產生負向效果。

This study aims to investigate the impact of financial constraints on the firm performance of family firms and explore whether the ESG performance can positively moderate the relationship. Focused on Taiwanese listed and OTC family firms from 2015 to 2022, the study found that higher financial constraints have a negative effect on their corporate performance. Large shareholders may act in their self-interest, harming the interests of minority shareholders and causing information asymmetry, leading to financial constraints, forgoing investment opportunities, and reducing firm performance. The study also found that family firms, possessing socioemotional wealth and following the stewardship theory, engage in ESG activities to maintain relationships with stakeholders, and enhance performance.
Finally, the study finds that ESG scores exacerbate the negative relationship between financial constraints and firm performance. Suggests that when family firms facing financial constraints, even if they engaging in ESG activities, cannot effectively reduce internal and external information asymmetry, leading to unreduced external financing costs and negative effects on both market and accounting performance.

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