本研究探討2015年至2022年間，臺灣上市(櫃)公司進行研發投資對其債務資金成本的影響，並探討當企業有良好的ESG表現時，是否強化研發投資和債務資金成本之間負向關聯性。研究結果表明，透入較高研發投資的公司能夠獲得較低的債務資金成本，顯示研發投資被視為對未來技術和產品創新的一種承諾，這不僅展示了公司的長期成長潛力，也加深了貸款機構對於公司能夠降低運營風險的信心。
此外，具有高ESG評分的公司通常在環境保護、社會責任和公司治理方面表現出色，這些因素逐漸被投資者和貸款機構認為是降低營運和法律風險的關鍵指標。當企業有較好的ESG成績時，債權人對企業進行的研發投資所承擔的風險預期降低，認為這些企業能夠有效管理與其投資相關的潛在風險。因此，良好的ESG表現能夠加強研發投資和債務資金成本之間的負向關聯。

This study uses 2015-2022 Taiwan listed companies to examine the impact of R&D investment on the cost of debt. This study further investigates whether strong ESG performance enhances the negative relationship between R&D investment and the cost of debt. The results indicate that companies investing in R&D achieve lower debt costs. Such investments are seen as a commitment to future technological and product innovation, showcasing the company's long-term growth potential and increasing lenders' confidence in the company's ability to mitigate operational risks.
Additionally, companies with high ESG scores typically excel in environmental protection, social responsibility, and corporate governance. These factors are increasingly recognized by investors and lenders as critical indicators for reducing operational and legal risks. When companies demonstrate strong ESG performance, creditors may perceive the risks associated with the company's R&D investments as lower, believing these companies can effectively manage potential risks related to their investments. Therefore, good ESG performance can strengthen the negative relationship between R&D investment and the cost of debt.

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