近年來 ESG 議題受到投資人與企業高度重視，企業永續表現是否影響併購的決策與交易條件，已成為重要研究議題。本研究主要目的在探討目標公司的 ESG 績效對併購溢價與現金支付傾向之影響，並檢驗會計資訊品質在其中所扮演的調節角色，以 2003 年至 2024 年間美國上市公司的併購交易為樣本進行分析，實證結果顯示，目標公司 ESG 績效越好，收購方願意支付的併購溢價越高，且更傾向採取現金支付，加入會計資訊品質變數的分析顯示，其具有顯著的正向調節效果，良好的會計資訊品質可以有效降低資訊不對稱，增強 ESG 所傳遞的資訊價值對併購溢價與現金支付的正向影響。本研究補充 ESG 績效與企業併購之關聯的文獻，提供投資人與管理階層有關非財務資訊在併購決策中角色之參考。

Over the past few years, ESG (Environmental, Social, and Governance) issues have received significant attention from investors and companies. Whether a company's sustainability performance influences M&A decisions and transaction terms has become an important research topic. This study aims to investigate the influence of a target company's ESG performance on M&A premiums and cash payment propensity, and to examine the moderating role of accounting information quality. Focusing on a sample of corporate acquisitions of US listed companies from 2003 to 2024 as an analysis, empirical results show that the better the target company's ESG performance, the higher the acquisition premium the acquirer is willing to pay, and the more inclined they are to use cash payments. Analysis including the variable of accounting information quality shows a significant positive moderating effect; good accounting information quality can effectively reduce information asymmetry and enhance the positive impact of the information value conveyed by ESG on M&A premiums and cash payments. This study supplements the literature on ESG performance and corporate M&A, providing investors and management with a reference regarding the role of non-financial information in M&A decisions.

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