Loading...
|
Please use this identifier to cite or link to this item:
https://nccur.lib.nccu.edu.tw/handle/140.119/158657
|
| Title: | 公司治理 3.0對於企業融資限制之影響
The Impact of Corporate Governance 3.0 Sustainable Development Road Map on Corporate Financing Constraints |
| Authors: | 蔡筱彗
Tsai, Hsiao-Hui |
| Contributors: | 徐愛恩
Tsui, Ai-En
蔡筱彗
Tsai, Hsiao-Hui |
| Keywords: | ESG
政府政策
融資限制
ESG
government policy
financing constraints |
| Date: | 2025 |
| Issue Date: | 2025-08-04 14:51:07 (UTC+8) |
| Abstract: | 本研究探討金管會發布「公司治理 3.0—永續發展藍圖」對企業融資限制之 影響。過去研究指出，政府政策會影響市場投資評估標準，改變投資人對企業 價值的判斷。因此，本研究以 2017 至 2023 年臺灣上市櫃公司為樣本，檢視政 策發布後，市場是否更加重視企業 ESG 表現，企業能否藉此緩解融資限制。實 證結果顯示，政策發布後，企業的 TESG 永續發展指標分數與融資限制呈現更 顯著負相關，證明政策具有引導市場重視永續表現的效果。在額外分析中，進 一步探討政策所強調的第三方驗證措施，研究結果發現，經過第三方驗證的永 續報告書與融資限制呈顯著負相關，證實政策方向正確。此外，本研究亦拆解 E、S、G 三構面，探討各構面對融資限制的影響，結果發現環境與社會構面在 政策發布後與融資限制的關聯性較治理構面更為顯著，推測此差異可能與三構 面在揭露可衡量性、政策誘因及投資人關注程度的不同有關，整體說明政策促 使市場重視永續表現，進而改善企業融資限制。
This study examines the impact of the Financial Supervisory Commission’s “Corporate Governance 3.0 Sustainable Development Road Map” on corporate financing constraints. Using data from Taiwanese listed firms (2017–2023), the study investigates whether the policy led investors to place greater emphasis on ESG performance, allowing firms to ease financing constraints through ESG strategies. Results show that after the policy announcement, firms with higher TESG scores faced fewer financing constraints, confirming the policy’s market influence. Additional analysis finds that firms with third-party assured sustainability reports experienced further reductions in financing constraints, supporting the policy’s focus on disclosure verification. Finally, the disaggregation of ESG components reveals that environmental and social factors, more than governance, are significantly related to financing constraints after the policy, likely due to their distinct characteristics and market visibility. Overall, the findings highlight the policy’s effectiveness in guiding market attention toward sustainability and improving firms’ financing conditions. |
| Reference: | 沈中華、王健安 (2000)，融資限制對公司投資的影響，經濟論文，第 28 卷 第 1 期，頁 67-95。
金融監督管理委員會(2013)，2013 強化我國公司治理藍圖， https://www.sfb.gov.tw/ch/home.jsp?id=886&parentpath=0,8,882,884，擷取日 期:2025年4月15日。
金融監督管理委員會(2018)，新版公司治理藍圖(2018~2020)， https://www.sfb.gov.tw/ch/home.jsp?id=885&parentpath=0,8,882,884，擷取日 期:2025年4月15日。
金融監督管理委員會(2020)，公司治理 3.0–永續發展藍圖， https://www.sfb.gov.tw/ch/home.jsp?id=992&parentpath=0,8,882,884，擷取日 期:2025年4月15日。
陳俞如、林卓民、陳衍佑(2013)，代理問題、資訊揭露和資本投資現金流量 敏感性，管理與系統，第 20 卷第 3 期，頁 583-609。
Akerlof, G. A. (1970). The market for “lemons”: Quality uncertainty and the market mechanism. Uncertainty in economics ,235-251.
Al-Shaer, H. (2020). Sustainability reporting quality and post-audit financial reporting quality: Empirical evidence from the UK. Business Strategy and the Environment, 29(6), 2355–2373.
Apergis, N., Poufinas, T., & Antonopoulos, A. (2022). ESG scores and cost of debt. Energy Economics, 112, 106186.
Banerjee, R., Gupta, K. & Mudalige, P. (2020). Do environmentally sustainable practices lead to financially less constrained firms? International evidence. International Review of Financial Analysis, 68, 101337.
Bayar, O., Huseynov, F., & Sardarli, S. (2018). Corporate tax avoidance: Do managers always opportunistically act for themselves? Journal of Corporate Finance, 52, 647–669.
Campello, M., Graham, J. R., & Harvey, C. R. (2010). The real effects of financial constraints: Evidence from a financial crisis. Journal of Financial Economics, 97, 470–487.
Chen, L., Srinidhi, B., Tsang, A., & Yu, W. (2016). Audited financial reporting and voluntary disclosure of corporate social responsibility (CSR) reports. Journal of Management Accounting Research, 28(2), 53–76.
Chen, Y. M., & Jian, J. Y. (2006). The impact of information disclosure and transparency rankings system (IDTRs) and corporate governance structure on interest cost of debt. Available at SSRN: https://ssrn.com/abstract=926859
Deng, X., Kang, J.K. & Low, B.S. (2013). Corporate social responsibility and stakeholder value maximization: evidence from mergers. Journal of Financial Economics, 110(1), 87–109.
Diamond, D. W., & Verrecchia, R. E. (1991). Disclosure, liquidity, and the cost of capital. The Journal of Finance, 46(4), 1325–1359.
Fatemi, A., Glaum, M., & Kaiser, S. (2018). ESG performance and firm value: The moderating role of disclosure. Global Finance Journal, 38, 45–64.
Fazzari, S. M., & Athey, M. J. (1987). Asymmetric information, financing constraints, and investment. The Quarterly Journal of Economics, 102(2), 481-504.
Greenwald, B. C., & Stiglitz, J. E. (1990). Asymmetric information and the new theory of the firm: Financial constraints and risk behavior (NBER working paper series No. 3359). National Bureau of Economic Research Cambridge.
Guo, X., Li, S., Song, X. & Tang, Z. (2024). ESG, financial constraint and financing activities: A study in the Chinese market. Accounting & Finance, 64, 1637– 1663.
Hadlock, C. J., & Pierce, J. R. (2010). New evidence on measuring financial constraints: Moving beyond the KZ index. Review of Financial Studies, 23(5), 1909–1940.
Hu, J. X., Zou, Q., & Yin, Q. Q. (2023). Research on the effect of ESG performance on stock price synchronicity: Empirical evidence from China's capital markets. Finance Research Letters, 55, 103847.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360.
Kaplan, S. N., & Zingales, L. (1997). Do investment-cash flow sensitivities provide useful measures of financing constraints? The Quarterly Journal of Economics, 112(1), 169-215.
Kleidon, A. W. (1986). Variance bounds tests and stock price valuation models. Journal of Political Economy, 94(5), 953-1001.
Krueger, P., Sautner, Z., & Starks, L. T. (2020). The importance of climate risks for institutional investors. The Review of Financial Studies, 33(3), 1067-1111.
Lamont, O., Polk, C., & Saaá-Requejo, J. (2001). Financial constraints and stock returns. The Review of Financial Studies, 14(2), 529-554.
Lasantha, R., Tawiah, V., Atif, M., Puwanenthiren, P., & Nadarajah, S. (2024). Unveiling the impact of foreign competition on the bond market: Insights from S&P debt ratings. Economics Letters, 241, 111797.
Mackey, A., Mackey, T. B., & Barney, J. B. (2007). Corporate social responsibility and firm performance: Investor preferences and corporate strategies. Academy of Management Review, 32(3), 817–835.
Modigliani, F., & Miller, M. H. (1958). The cost of capital, corporation finance and the theory of investment. The American Economic Review, 48(3), 261–297.
Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2), 187–221.
Pierson, P. (1993). When effect becomes cause: Policy feedback and political change. World Politics, 45(4), 595–628.
PricewaterhouseCoopers. (2021). 2021 Global investor ESG survey: The economic realities of ESG.
Raimo, N., Caragnano, A., Zito, M., Vitolla, F.,& Mariani M. (2021). Extending the benefits of ESG disclosure: The effect on the cost of debt financing. Corporate Social Responsibility and Environmental Management, 28, 1412–1421.
Rezaee, Z., & Tuo, L. (2019). Are the quantity and quality of sustainability disclosures associated with the innate and discretionary earnings quality? Journal of Business Ethics, 155(3), 763–786.
Shakil, M. H. (2022). Environmental, social and governance performance and stock price volatility: A moderating role of firm size. Journal of Public Affairs, 22 (e2574).
Sharfman, M.P. & Fernando, C.F. (2008). Environmental risk management and the cost of capital. Strategic Management Journal, 29, 569–592.
Simnett, R., Vanstraelen, A., & Chua, W. F. (2009).Assurance on sustainability reports: An international comparison. The Accounting Review, 84(3), 937–967.
Whited, T. M. (2006a). Financial constraints, risk, and investment. Journal of Finance, 61 (2), 589-621.
Whited, T. M., & Wu, G. (2006b). Financial constraints risk. The Review of Financial Studies, 19(2), 531-559. |
| Description: | 碩士
國立政治大學
會計學系
112353018 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0112353018 |
| Data Type: | thesis |
| Appears in Collections: | [會計學系] 學位論文
|
Files in This Item:
| File |
Description |
Size | Format | |
|---|
| 301801.pdf | | 1119Kb | Adobe PDF | 0 | View/Open |
|
All items in 政大典藏 are protected by copyright, with all rights reserved.
|
