本研究探討企業不動產持有比例與 ESG 表現對企業績效與資金成本之影響，並 進一步分析不動產與 ESG 表現間的交互作用。樣本涵蓋 2017 年至 2022 年台灣上市 櫃公司，共計 7568 筆資料，研究方法採用多元迴歸分析。研究結果顯示，首先，在 企業績效方面，增加營業性不動產有助於提升企業績效。然而，由於其與 ESG 表現 之交互效果為負且顯著，表示在 ESG 表現愈佳的情況下，會減弱企業持有營業性不 動產對績效的正向影響。企業持有投資性不動產則不顯著影響其績效。此外，ESG 表現與企業績效之間具有穩定且正向的關聯，說明企業若能提升 ESG 表現，亦有助 於強化其市場評價與未來發展潛力。 其次，在債務資金成本方面，企業持有投資性不動產比例與債務資金成本呈現 顯著負向關係，顯示其有助於降低企業借貸成本。相較之下，營業性不動產對債務 資金成本的影響則未達統計顯著水準。至於 ESG 表現則與債務資金成本呈現顯著負 相關，表示企業若強化 ESG 表現，可能有助於提升信用評價並享有較低借貸利率。 再者，在權益資金成本方面，營業性不動產與系統性風險呈顯著負相關，但考慮與 ESG 表現的交互效果後，其總體影響轉為正向，顯示在高 ESG 表現下，企業持有營業性不動產反而增加企業系統性風險;在獨特性風險方面，營業性不動產無顯著影 響。相對地，投資性不動產持有比例與系統性風險及獨特性風險皆呈顯著負相關， 顯示其具備穩定個別風險與降低波動的功能。ESG 表現在納入產業固定效果後與系 統性風險之關係不再顯著，但對獨特性風險則有穩定且負向的顯著效果，仍有助於 企業風險控管。 綜上所述，企業透過強化 ESG 表現、靈活配置營業與投資性不動產，能夠在提 升績效與控制資金成本間取得平衡。然而，當企業未妥善考量不動產持有與 ESG 策 略時，亦可能對市場風險產生不利影響。本研究結果顯示，企業應從永續導向角度 思考資產配置及經營策略，以兼顧市場評價、風險控管與財務穩健，以提升長期競 爭優勢。;This study examines the effects of corporate real estate holdings and ESG performance on firm performance and cost of capital， with further analysis on their interaction. Using a sample of 7，568 firm-year observations from listed companies in Taiwan between 2017 and 2022， the study applies multiple regression analysis. First， regarding firm performance， a higher proportion of operating real estate positively affects performance. However， its interaction with ESG performance is significantly negative， indicating that strong ESG performance weakens the positive impact of operating real estate. Investment real estate has no significant effect， while ESG performance is positively and consistently linked to better firm performance. Second， in terms of debt cost， investment real estate is significantly negatively related to the cost of debt， suggesting it helps reduce borrowing costs. In contrast， operating real estate has no significant effect. ESG performance is also negatively associated with debt cost， implying that better ESG can lead to improved credit ratings and lower interest rates. Furthermore， operating real estate is negatively related to systematic risk， but its interaction with ESG turns the effect positive， meaning high ESG may increase systematic risk when operating real estate is high. Investment real estate reduces both systematic and idiosyncratic risks. ESG performance also lowers idiosyncratic risk， even after controlling for industry effects. Overall， firms can improve performance and manage capital costs by strengthening ESG performance and optimizing real estate holdings. However， misalignment between real estate strategies and ESG may increase risk. The findings suggest that firms should adopt a sustainability-oriented approach to asset allocation and strategic planning to enhance long-term competitiveness.
