隨著全球永續發展的意識興起，ESG績效（環境、社會與公司治理）逐漸成為企業財務決策的重要考量因素。現有研究多以全產業樣本進行分析，然而ESG績效對資本結構的影響可能因產業特性而存在異質性，全產業研究結論未必能直接套用於特定產業情境。半導體產業作為台灣最具代表性的核心產業，不僅資本密集程度高、研發投入龐大，更因其在全球供應鏈中的關鍵地位而受到國際投資人與政府法規的高度關注，使得ESG績效的融資信號效果可能與其他產業有所不同。
因此，本研究聚焦於台灣半導體上市櫃公司，採用台灣經濟新報資料庫2017-2024年之永續績效指標與財務資料，探討ESG績效與企業資本結構之間的關聯性，並進一步檢驗公司規模與財務穩健度對此關聯性的調節效果。
研究結果指出，在半導體產業中，ESG績效與負債比率及長期負債比率呈顯著正向關係，與多數全產業研究呈現的負向結果有所不同。此差異可能源於半導體產業資本密集、成長性高且受國際資本市場高度關注的產業特性，使得ESG聲譽的融資信號效果較其他產業更為顯著，因此ESG績效提升能有效擴大企業的舉債空間。此外，ESG績效與長期資金適合率呈顯著負向關係，顯示企業在擴大舉債的同時，亦積極將資金投入廠房與設備的擴張。上述結果也說明ESG與資本結構的關聯性因產業特性而存在異質性，單一產業的實證結果能為全產業研究提供更嚴謹的實證依據。

As global awareness of sustainable development grows, ESG performance has increasingly become a critical factor in corporate financial decision-making. While most existing studies rely on all-industry samples, the impact of ESG on capital structure may vary across industries. As Taiwan's most representative core industry, the semiconductor sector is highly capital-intensive, R&D-driven, and subject to heightened scrutiny from international investors, suggesting that the financing signaling effect of ESG may differ from other industries.
This study examines the relationship between ESG performance and capital structure among Taiwan's listed semiconductor companies using TEJ database data from 2017 to 2024, and further investigates the moderating roles of firm size and financial soundness.
The results show that ESG performance is positively associated with both the debt ratio and long-term debt ratio, contrasting with the negative findings commonly reported in all-industry studies. This divergence likely reflects the industry's capital-intensive and high-growth nature, which amplifies ESG's financing signaling effect and expands firms' debt capacity. Additionally, ESG performance is negatively associated with the fixed assets to long-term capital ratio, indicating that firms actively channel borrowed funds into plant and equipment expansion. These findings highlight the industry-specific heterogeneity of the ESG–capital structure relationship, offering more nuanced insights to complement all-industry research.

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