隨著疫情爆發及氣候變遷，各國政府為了達成淨零排碳的目標，在政策法規層面制定了許多與碳相關的規範。除此之外，未來企業將面臨更嚴格的出口條件，也會增加與碳排放相關的成本，因此，企業需要透過實踐ESG分散風險並提升獲利能力。本研究主要探討企業風險承擔、ESG績效、研發強度與高階經營團隊特徵之間的關係，除了檢視研發強度在企業風險承擔與ESG績效間的中介角色外，也分析高階經營團隊特徵對企業風險承擔與研發強度關係的調節效果。
本研究透過台灣經濟新報(TEJ)及上市企業股東會年報蒐集各變數相關資料，最後得到的樣本觀察值為3,414筆，涵蓋870家上市公司資料，並且利用廻歸分析了解變數之間的關係。分析結果顯示，本研究相關假說之驗證結果如下：(1)企業風險承擔與研發強度有正向關聯；(2)研發強度在企業風險承擔與ESG績效之間具有中介效果；(3)高階經營團隊之性別多樣性對企業風險承擔與研發強度的關係有負向調節效果；(4)高階經營團隊之平均教育程度對企業風險承擔與研發強度的關係有正向調節效果；(5)高階經營團隊之性別多樣會負向調節企業風險承擔與ESG績效關係的間接效果；(6)高階經營團隊特徵之平均教育程度會正向調節企業風險承擔與ESG績效關係的間接效果。
根據研究結果可知，企業風險承擔能夠透過企業研發強度的中介作用影響企業的ESG績效，另高階經營團隊特徵之差異對於企業風險承擔與研發強度之間也可以帶來不同的調節效果及調節式中介效果。據此，本研究最後討論研究結果對理論與實務的貢獻及未來研究建議與方向，供未來相關領域研究學者及企業進行參考。

With the pandemic’s outbreak and climate change changes, various governments formulated carbon regulations to achieve Net Zero Emissions. Besides, the company will face more strict export criteria and increase its carbon costs. By implementing ESG practices, the company can diversify corporate risk and enhance profitability. This study aims to examine the relationships among corporate risk-taking, ESG performance, research intensity, and Top Management Team (TMT) characteristics. Moreover, this study explores the mediating effect of research intensity and the moderating effect of Top Management Team (TMT) characteristics, with 3,414 valid samples gathered from TEJ and the annual reports of listed companies across 870 listed companies.
The analysis validates the following hypothesis: (1) There is a positive relationship between corporate risk-taking and research intensity；(2) Research intensity has a mediating effect on corporate risk-taking and ESG performance；(3) TMT gender diversity has a negative moderating effect on corporate risk-taking and research intensity；(4) TMT education level has a positive moderating effect on corporate risk-taking and research intensity；(5) TMT gender diversity negative indirectly moderate the relationship between corporate risk-taking and ESG performance；(6) TMT education level positive indirectly moderate the relationship between corporate risk-taking and ESG performance.
Based on the results, corporate risk-taking can influence research intensity, further influencing the company's ESG performance. Besides, the difference in TMT characteristics can bring different moderating and moderated mediation effects. This research also provides theoretical and practical implementations and suggestions for future research, providing a reference for scholars and companies in related fields.

論文審定書 i
誌謝 ii
中文摘要 iii
Abstract iv
目錄 v
圖目錄 vii
表目錄 viii
第一章、緒論 1
第一節 研究背景與動機 1
第二節 研究目的 4
第二章、文獻探討 5
第一節 變數介紹 5
第二節 假說推導 10
第三章、研究方法 17
第一節 研究架構 17
第二節 研究樣本 18
第三節 研究假說彙整 19
第四節 衡量工具 20
第五節 統計分析方法 26
第四章、資料分析與結果 27
第一節 敘述性統計分析 27
第二節 相關分析 28
第三節 廻歸分析 30
第五章、結論與建議 40
第一節 研究結論 40
第二節 研究意涵 44
第三節 研究限制與未來研究方向 47
參考文獻 49

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