本研究以臺灣公開發行公司於2015年至2021年間的併購交易案件為研究主體，共計439筆併購樣本，檢驗主併公司ESG評級對併購事件宣告效果之影響，提供企業在ESG及併購策略制定的管理意涵。研究方法設計是由事件研究法衡量企業為併購宣告時股價的異常報酬率，並進一步透過多元迴歸模型分析ESG整體評級和各構面因子之於累計異常報酬的關聯，建構四項研究議題。

實證研究結果並未發現主併公司ESG整體評級與累計異常報酬的顯著關聯，無法驗證主併公司ESG評級高低是否影響併購宣告的累計異常報酬。此外，我們進一步探討環境、社會及公司治理構面對併購宣告的關連，研究結果顯示環境構面對宣告效果具顯著負影響，企業的環境投資無法於短期見效，使營運效率下降，因此與短期股價報酬呈現負相關。再者，社會構面因子則不具顯著影響，在併購交易的情境下，主併公司對員工關係的經營並非投資人主要考量的因素。最後，公司治理構面之於併購宣告效果存在顯著正相關，公司治理指標具經理人領導績效及利害關係人管理維護的複合意涵，投資人信任管理團隊的併購決策，從而帶來正面的宣告效果。綜合上述，本研究揭示主併公司的ESG績效與併購交易的宣告效果間存在關聯，其中環境、公司治理構面是累積異常報酬的重要解釋因子，唯有當企業能將ESG與併購策略綜合思考，才能在交易中創造更高的併購價值。

This study investigates the mergers and acquisitions transactions of publicly-listed companies in Taiwan from 2015 to 2021, examining the impact of acquirers' ESG ratings on the announcement effect and providing managerial implications for ESG and M&A strategy. The methodology measures abnormal returns using event study methodology and analyzes the relationship between overall ESG ratings and individual component factors (environmental, social, corporate governance) with cumulative abnormal returns through multiple regression models.

Empirical results did not find a significant correlation between the acquirer's overall ESG rating and CAR, failing to confirm whether the acquirer's ESG rating level affects the CAR of M&A announcements. Further investigation revealed a significant negative impact of the environmental dimension on the announcement effect, with corporate environmental investments not yielding short-term results. Social aspect did not have a significant impact, as the acquirer's management of employee relationships is not a primary investor consideration. Lastly, a significant positive correlation exists between the corporate governance dimension and the announcement effect. In summary, this study reveals a relationship between the acquirer's ESG performance and the announcement effect of M&A transactions, with the environmental and corporate governance dimensions being explanatory determinants of CAR. Only when acquirers can comprehensively consider ESG and M&A strategies can they create higher M&A value.

一、中文部分
資誠聯合會計師事務所（2022）。2022臺灣併購白皮書，臺北市。
鍾宇茜（2022）。主併公司ESG與併購績效－以美國企業為例。國立臺北大學，新北市。
魏鼎哲（2022）。CSR 績效對於併購活動之股東財富及未來財務影響。國立中山大學，高雄市。

二、英文部分
Aguinis, H., Glavas, A., 2012. What We Know and Don’t Know About Corporate Social Responsibility: A Review and Research Agenda. Journal of Management, 38(4), 932-968.
Aktas, N., Bodt, E.D., Cousin, J.G., 2011. Do financial markets care about SRI? Evidence from mergers and acquisitions. Journal of Banking & Finance, 35(7), 1753-1761.
Arouri, M., Gomes, M., Pukthuanthong, K., 2019. Corporate social responsibility and M&A uncertainty. Journal of Corporate Finance, 56, 176–198.
Barros, V., Matos, P.V., Sarmento, J.M., Vieira, P.R., 2022. M&A activity as a driver for better ESG performance. Technological Forecasting and Social Change, 175, 121338.
Ball, R., Brown, P., 1968. An Empirical Evaluation of Accounting Income Numbers. Journal of Accounting Research, 6(2), 159-178.
Bereskin, F., Byun, S.K., Officer, M.S., Oh, J.M., 2018. The Effect of Cultural Similarity on Mergers and Acquisitions: Evidence from Corporate Social Responsibility. Journal of Financial and Quantitative Analysis (JFQA), 53(5), 1995-2039.
Brown, S.J., Warner, J.B., 1985. Using daily stock returns: The case of event studies. Journal of Financial Economics, 14(1), 3-31.
Brown, S.J., Warner, J.B., 1980. Measuring security price performance. Journal of Financial Economics, 8(3), 205-258.
Caiazza, S., Galloppo, G., Paimanova, V., 2021. The role of sustainability performance after merger and acquisition deals in short and long-term. Journal of Cleaner Production, 314, 127982.
Cornell, B., Shapiro, A.C., 1987. Corporate stakeholder and corporate finance. Financial Management, 16, 5-14.
Cornell, B., Shapiro, A.C., 2021. Corporate stakeholders, corporate valuation and ESG. European Financial Management, 27(2), 196-207.
Deng, X., Kang, J.K., Low, B.S., 2013. Corporate social responsibility and stakeholder value maximization: evidence from mergers. Journal of Financial Economics, 110 (1), 87–109.
Doukas, J.A., Zhang, R., 2021. Managerial ability, corporate social culture, and M&As. Journal of Corporate Finance, 68, 101942.
Dolley, J.C., 1933. Characteristics and procedure of common stock split-ups. Harvard Business Review, 316-326.
Fatemi, A.M., Fooladi, I., Garehkoolchian, N., 2017. Gains from mergers and acquisitions in Japan. Global Finance Journal, 32, 166-178.
Fama, E.F., Fisher, L., Jensen, M.C., Roll, R., 1969. The Adjustment of Stock Prices to New Information. International Economic Review, 10(1), 1-21.
Friedman, M., 1998. The social responsibility of business is to increase its profits. In: Pincus, L.B. (Ed.), Perspectives in Business Ethics, McGraw- Hill, Singapore, pp. 246–251.
Hong, H., Liskovich, I., 2015. Crime, Punishment and the Halo Effect of Corporate Social Responsibility. National Bureau of Economic Research, 21215.
Huang, C.J., Ke, W.C., Chiang, R.P., Jhong, Y.C., 2023. Which of environmental, social, and governance pillars can improve merger and acquisition performance. Journal of Cleaner Production, 398(20), 136475.
Jensen, M.C., Meckling, W.H., 1976. Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360.
Jensen, M.C., 2001. Value maximization, stakeholder theory, and the corporate objective function. Journal of Applied Corporate Finance, 22(1), 32–42.
Kassinis, G., & Vafeas, N. 2006. Stakeholder pressures and environmental performance. Academy of Management Journal, 49(1), 145-159.
Krishnamurti, C., Shams, S., Pensierob, D., Velayutham, E., Socially responsible firms and mergers and acquisitions performance: Australian evidence. Pacific-Basin Finance Journal, 57(1), 101193.
Song, R., 2016. The Effect of ESG Information on Market Returns in Mergers. Masters thesis, Concordia University.
Tarmuji, I., Maelah, R., Tarmuji, N.H., 2016. The Impact of Environmental, Social and Governance Practices (ESG) on Economic Performance: Evidence from ESG Score. International Journal of Trade, Economics and Finance, 7(3).
Tampakoudis, I., Anagnostopoulou, E., 2020. The effect of mergers and acquisitions on environmental, social and governance performance and market value: evidence from EU acquirers. Business Strategy and the Environment, 29 (5), 1865–1875.
Tampakoudis, I., Nerantzidis, M., Soubeniotis, D., Soutsas, A., 2018. The effect of corporate governance mechanisms on European Mergers and Acquisitions. Corporate Governance, 18(5).
Tampakoudis, I., Noulas, A., Kiosses, N., Drogalas, G., 2021. The effect of ESG on value creation from mergers and acquisitions. What changed during the COVID-19 pandemic. Corporate Governance, 21(6).
Wang, Z., Lu, W., Liu, M., 2021. Corporate social responsibility overinvestment in mergers and acquisitions. International Review of Financial Analysis, 78, 101944.
Yen, T.Y., Andre, P., 2019. Market reaction to the effect of corporate social responsibility on mergers and acquisitions: Evidence on emerging markets. The Quarterly Review of Economics and Finance, 71, 114-131.
Zhang, T., Zhang, Z., Yang, J., 2022. When does corporate social responsibility backfire in acquisitions? Signal incongruence and acquirer returns. Journal of Business Ethics, 175, 45–58.
Zheng, Z., Li, J., Ren, X., Guo, J.M., 2023. Does corporate ESG create value? New evidence from M&As in China. Pacific-Basin Finance Journal, 77, 101916.