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| Title: | 股利支付率及ESG評分之交互作用對於公司財務績效影響之實證分析
An Empirical Analysis of the Interaction Effect between Dividend Payout Ratio and ESG Scores on Corporate Financial Performance |
| Authors: | 林毓淇
Lin, Yu-Qi |
| Contributors: | 吳文傑
林毓淇
Lin, Yu-Qi |
| Keywords: | ESG評分
股利支付率
Tobin’s Q
超額報酬
ESG score
Dividend payout ratio
Tobin’s Q
Excess returns |
| Date: | 2024 |
| Issue Date: | 2024-08-05 14:46:10 (UTC+8) |
| Abstract: | 本研究使用台灣經濟新報文化事業股份有限公司TEJ之台灣上市櫃公司，於西元2016年至2023年的縱橫資料進行研究，探討公司於股利支付與ESG發展之間之交互作用對於公司財務績效的影響。
股利發放及ESG投資這兩件事，反映了公司於短期股東回報、長期發展之間之權衡，存在部分替代關係；然而從長期角度來看，良好的ESG發展可能提高公司長期盈利能力，進而提高公司未來股利支付，亦可能是相輔相成的關係。而兩者對於投資者而言，都是信號傳遞的管道。
實證結果顯示，ESG評分與股利支付率之間確實存在交互作用，且對公司財務績效有顯著正向影響。最小平方法模型、控制產業、同時控制產業及時間之最小平方法模型和隨機效果模型，結果皆顯示ESG評分股利支付率交乘項對於Tobin’s Q及超額報酬皆有正向顯著影響。證實ESG評分與股利支付率之間存在交互作用，即高股利支付率之公司投入ESG轉型時，相較於低股利支付率之公司而言，可以顯著提升公司財務績效，削弱因ESG轉型帶來之成本對財務績效所產生的負面影響，並且隨著ESG評分的提升，對於公司財務績效之負面影響趨緩，證實ESG評分對於公司財務績效有非線性影響；同時，股利支付率對於公司財務績效的負面影響，也將隨著公司投入ESG發展的提升而趨緩，當ESG評分提升至一定程度時，高股利支付率對於公司財務績效的負向影響將轉為正向。因此雖然從資源、資金角度而言，公司於投入ESG轉型及發放股利兩者之間，存在一定程度的替代關係，但實證結果說明若於兩者間取得適當平衡，將有助於提升公司財務績效。
本文亦發現負債比率對於超額報酬有顯著正向影響，與過去實證結果不同，推論債權融資相對股權融資有更高的收益，因此負債比率對於超額報酬呈現正向顯著之影響。而Beta值與總資產週轉次數對於Tobin’s Q與超額報酬皆有顯著正向影響，顯示高風險與高報酬相關，而公司整體資產使用效能越高，財務績效越好。
This study uses panel data of Taiwan-listed companies from 2016 to 2023 obtained from Taiwan Economic Journal Cultural & Educational Co., Ltd. (TEJ) to analyze the interaction between dividend payout ratio and ESG score on firm financial performance.
Dividend distribution and ESG investment reflect a company's trade-off between short-term shareholder returns and long-term development, exhibiting a partial substitution relationship. However, from a long-term perspective, strong ESG development may enhance a company's long-term profitability, potentially increasing future dividend payouts, suggesting a complementary relationship. Both factors serve as signaling mechanisms for investors.
The empirical results demonstrate a significant positive interaction between ESG scores and dividend payout rates, exerting a significant positive impact on corporate financial performance. The ordinary least squares (OLS) model, industry-controlled OLS model, industry and time-controlled OLS model, and random effects model all show that the interaction term of ESG scores and dividend payout rates has a significant positive effect on both Tobin's Q and excess returns. These findings confirm the existence of an interaction between ESG scores and dividend payout rates, indicating that high-dividend companies can significantly enhance their financial performance by engaging in ESG transition compared to low-dividend companies, mitigating the negative impact of ESG transition costs on financial performance. Moreover, as the ESG score improves, the negative impact on financial performance diminishes, demonstrating a non-linear effect of ESG scores on financial performance. Simultaneously, the negative effect of dividend payout rates on corporate financial performance will also diminish as the company's ESG development progresses, and once the ESG score reaches a certain level, the impact of high dividend payout rates on financial performance will shift from negative to positive. Although there exists a trade-off relationship between investing in ESG transition and dividend payout from a resource and capital allocation perspective, the empirical results suggest that achieving an appropriate balance between the two will contribute to improved financial performance.
Furthermore, the empirical results show that the debt ratio has a significant positive effect on excess returns, contrary to previous empirical findings, suggesting that debt financing yields higher returns relative to equity financing, thus contributing to the significant positive impact of the debt ratio on excess returns. Furthermore, beta values and total asset turnover ratios exhibit significant positive effects on both Tobin's Q and excess returns, indicating a correlation between higher risk and higher returns, and that the higher the overall asset utilization efficiency of a company, the better its financial performance. |
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| Description: | 碩士
國立政治大學
財政學系
111255024 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0111255024 |
| Data Type: | thesis |
| Appears in Collections: | [財政學系] 學位論文
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