本研究提供了有力的證據，證明公司水污染對社區與勞工健康均造成危害。
為了建立因果關係，我以上市公司在前一年是否曾因水污染而遭罰款作為工具
變數。縣市層級的醫療支出與就診人次資料，以及職業傷害與補償的相關數
據，共同支持了本研究的發現。為了提出可信的影響機制，我將2015年《水污
染防治法》的修法作為政策衝擊，運用差異中的差異法進行分析。結果發現，
在政策實施後，高污染公司在職場安全方面有所改善，進而提升了勞工的健康
狀況。本研究凸顯了水污染與企業社會責任之間的關聯，因為這項負外部性會
導致身體健康與整體福祉的下降。關鍵詞：ESG、企業社會責任、水污染、社
區健康、勞工健康、醫療支出

This study presents strong evidence that firm water pollution harms both community and labor health. To establish causality, I instrument for water pollution using whether the publicly listed firm received a water pollution fine in the previous year. County-level medical expenditures and patient counts, along with data on occupational injuries and compensation, jointly support my findings. For providing plausible mechanisms, I use the 2015 amendment to the Water Pollution Control Act as policy shock to examine the difference-in-differences approach. I find that after the policy was implemented, high-pollution firms experienced improvements in workplace safety, which enhanced worker health. This study highlights that water pollution is linked to corporate social responsibility, as this negative externality leads to a decline in physical health and overall welfare. keywords:ESG, CSR, water pollution, community health, labor health, medical expenditure