臺灣博碩士論文加值系統

2019年新冠肺炎疫情衝擊全球經濟，造成許多企業成長衰退甚至於倒閉，不同的企業在抵禦經濟衝擊的能力不同，受到的影響亦不盡相同。本文以此疫情危機作為研究背景，探討公司發展ESG是否強化財務績效及投入ESG較高之企業於外部環境改變之衝擊下是否相較投入較低之企業之影響較小，以台灣上市櫃公司為研究對象，研究區間為2018-2022年度。實證結果顯示不論是在新冠期間或非新冠期間，ESG評級與公司ROA與ROE均存在正向關係，表示公司投入ESG確實有助於提升財務績效。另在新冠疫情期間，這種正向影響更加顯著，這反映出在不確定和變動的市場環境中，實施ESG政策有助於增強公司的品牌形象和聲譽，進而增強公眾對公司的信任度。實證結果顯示企業ESG評級與ROA成長率及ROE成長率均為正相關，表示當外部環境受到經濟衝擊時，ESG表現較好之企業受到的影響相對為小，因為ESG考量環境、社會與治理三大構面的風險機會，當不可預測之事項發生時，有準備之企業衝擊相對為小。

In 2019, the global economy was significantly impacted by COVID-19, leading to recession and even bankruptcy. Different companies displayed varying capacities to withstand this economic shock, thus experiencing differing impacts. This study uses the COVID-19 crisis to explore whether corporate emphasis on Environmental, Social, and Governance (ESG) factors strengthens financial performance. It also investigates whether companies with higher ESG commitments are less affected by external environmental changes than those with lower commitments, focusing on listed companies in Taiwan from 2018 to 2022. The study results indicate that regardless of the COVID-19 period, ESG rank are positively associated with Return on Assets (ROA) and Return on Equity (ROE), suggesting that ESG investments enhance financial performance. During COVID-19, this positive impact is particularly pronounced, indicating that implementing ESG policies helps enhance a company's brand image and reputation amidst uncertain and volatile market conditions, thereby increasing public trust. Furthermore, the study findings demonstrate that higher ESG rank positively correlate with ROA and ROE growth rates. This implies that companies with better ESG performance experience relatively smaller impacts to face economic shocks. By considering risks and opportunities across the environmental, social, and governance dimensions, well-prepared companies are better equipped to mitigate the impacts of unforeseen events.

目 錄 i
表 目 錄 ii
第一章 緒論 1
1.1 研究背景與動機 1
1.2 研究範圍與目的 2
1.3 研究重要性 2
1.4 研究架構 3
第二章 文獻探討 4
2.1 ESG三大構面對企業財務績效之關聯及影響 5
2.2 整體經濟環境大幅改變時，ESG對財務績效之關聯及影響 8
第三章 研究方法 10
3.1 研究樣本與資料來源 10
3.2 研究變數定義 14
3.3 研究模型 15
第四章 實證結果與分析 17
4.1 敘述性統計 17
4.1.1 全部樣本 17
4.1.2 新冠疫情期間樣本 19
4.2 相關性係數 20
4.3 迴歸分析 23
第五章 結論與建議 29
5.1 研究結論 29
5.2 研究建議及限制 30
參考文獻 31

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