本研究主要探討我國公司股利政策與ESG評等指標間之關聯，以2015~2022年間之上市櫃公司為研究樣本，採用panel data regression固定效果模型進行實證分析，探討ESG實踐與股利發放間之關聯，並進一步討論ESG評等指標中影響公司治理構面評分之因素，將公司治理構面分為三個部份，分別為股權結構、董事會結構以及控制權分離度，逐一探討其與現金股利發放水準間之關聯。
本研究模型以現金股利率為應變數探討其與自變數間之關聯性，建立10個研究假說討論ESG與現金股利發放間之關係，研究顯示ESG實踐對現金股利發放水準具有一定程度的影響力，並且得知環境保護、社會責任與公司治理三構面各別對現金股利發放水準皆有一定關係的影響。而在公司治理構面中，本實證研究結果發現在股權結構及董事會結構方面，對現金股利發放水準皆造成一定程度之影響。此外，本研究額外將產業分為電子業與非電子業進行實證分析，結果顯示，電子業之公司其自變數對現金股利發放水準的影響較非電子業之公司來的大。

This study investigates the relationship between dividend policy and ESG rating indicators of Taiwanese companies. The sample consists of listed and OTC companies from 2015 to 2022. This study applies panel data regression for empirical analysis to explore the association between ESG practices and dividend policy. Furthermore, the research examines the factors influencing the corporate governance dimension of ESG ratings, and is divided into three parts, including ownership structure, board structure and separation of control rights. Then this study investigates the relationship between these factors and the cash dividend distribution.
The empirical model considers the cash dividend as the dependent variable to explore its relationship with the independent variables. Then we established ten hypotheses to discuss the relationship between ESG and cash dividend distribution. The study demonstrates that ESG practices have a significant influence on dividend distribution. It is also found that the environmental protection, social responsibility, and corporate governance dimensions each have a significant relationship with dividend distribution. Within the corporate governance dimension, the empirical results show that both ownership structure and board structure have a certain impact on dividend distribution. Additionally, the study divides the industry into the electronics sector and non-electronics sector. The results indicate that the impact of the independent variables on dividend distribution is more significant in the electronics industry than non- electronics industry.

目錄
論文審定書 i
摘要 ii
ABSTRACT iii
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
第三節 研究流程 7
第二章 文獻回顧 8
第一節 ESG實踐與股利政策 8
第二節 公司治理與股利政策 13
第三章 研究設計 20
第一節 研究假說 20
第二節 變數衡量 25
第三節 實證模型 32
第四章 實證結果 37
第一節 研究樣本 37
第二節 敘述統計分析 41
第三節 相關性分析 45
第四節 實證分析 51
第五章 結論與建議 76
第一節 主要結論 76
第二節 貢獻與建議 77
參考文獻 78

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