臺灣博碩士論文加值系統

2020~2021年無疑是人們展現永續意識覺醒的重要時刻。在2021年第一季全球以永續發展為重點的基金累計資產規模逼近2兆美元，全球投資市場以真實數字呈現了大眾對ESG基金的熱愛。這意味著大眾對永續的追求從「理想」逐步落實成「行為」，更因此重新詮釋了人類與財富的關係。但過去學者之研究，有關企業投入ESG投資活動對其財務績效及公司價值的影響尚無定論，由於ESG投資對台灣是一個開始關注的議題，如何讓資本市場中投資人與企業在永續議題中創造雙贏值得繼續探究。本研究乃以2017年至2020年台灣上市公司為樣本，以被選入ESG投資基金(包含富邦臺灣公司治理100基金、元大臺灣ESG永續基金及國泰台灣ESG永續高股息基金)之公司分類為投入ESG活動績效樣本，來探究ESG績效能否強化公司財務績效與公司價值。實證結果發現，ESG績效與公司績效及公司價值之間的關聯性，呈正向顯著相關，代表ESG績效確實對公司財務績效及價值有好的影響效果，此研究結果與Clark et al.,(2015)相一致。本研究進一步發現，具有環境敏感性產業或集團特性的公司其ESG績效對財務績效及公司價值亦有提升效果。在目前氣候變遷與疫情多重影響下，兼顧環境與投資獲利的新永續時代，本研究可作為企業在評估是否投入ESG投資活動之決策的參考，期使投資人與企業雙方用投資讓世界變美好。

It is undoubtedly an important moment for people to show their awareness of sustainability in 2020 to 2021. In the first quarter of 2021, the cumulative asset scale of the global sustainability-focused funds approached 2 trillion U.S. dollars. The global investment market shows the public's interest in ESG funds with real numbers. This means that the public's pursuit of sustainability has gradually been implemented from "ideal" to "behavior", which reinterprets the relationship between people and wealth. However, in the past scholars’ research, the impact of ESG investment activities by companies on their financial performance and company value is still inconclusive, and since ESG investment is a topic of initial concern for Taiwan, how to make investors and companies in the capital market create a win-win situation in sustainability issues is worth continuing to explore. and uses com-panies that have been selected as ESG investment funds (including Fu-bon TWSE Corporate Governance 100 ETF, Yuanta FTSE4Good TIP Taiwan ESG ETF and Cathay MSCI Taiwan ESG Sustainability High Dividend Yield ETF) as a sample of ESG activity performance to explore whether ESG performance can enhance the company's financial performance and company value. The empirical results found that the correlation between ESG performance and company perfor-mance or company value is positive and significant, indicating that ESG perfor-mance does have a good effect on the company’s financial performance and value, this research result is consistent with the study of Clark et al., (2015). This study further found that the ESG performance of companies with environmentally sensi-tive industries or group characteristics also has an effect on financial performance and company value. Under the multiple impacts of the current climate change and the epidemic, a new sustainable era that balance the environment and investment profitability, This research can be used as a reference for companies in evaluating whether to invest in ESG investment activities, and hopes that investors and com-panies can use investment to make the world a better place.

封面
誌謝 i
摘要 ii
Abstract iii
目錄 iv
圖目錄 v
表目錄 vi
第一章 緒論 1
第一節 研究動機及背景 1
第二節 研究目的 4
第三節 研究架構與流程圖 5
第二章 文獻探討 7
第一節 ESG概念 7
第二節 ESG投資 9
第三節 文獻與假說發展 13
第三章 研究設計與實施 20
第一節 樣本選取與資料來源 20
第二節 實證模型 22
第三節 變數定義 24
第四章 實證結果與分析 27
第一節 敘述性統計 27
第二節 相關係數 29
第三節 迴歸分析結果 31
第五章 結論與建議 37
參考文獻 40

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三、網路資料
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