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研究生:林奕澤
研究生(外文):LIN, YI-TSE
論文名稱:公司永續經營評分與公司財務表現關聯性—臺灣上市櫃公司之實證研究
論文名稱(外文):ESG Score and Firm’s Financial Performance- An Empirical Study of Taiwan Listed Companies
指導教授:李君屏李君屏引用關係
指導教授(外文):Lee, Jin-Ping
口試委員:王佳真林昆立
口試委員(外文):Wang, Jai-JenLin, Kun-Li
口試日期:2024-06-05
學位類別:碩士
校院名稱:逢甲大學
系所名稱:財務金融學系
學門:商業及管理學門
學類:財務金融學類
論文種類:學術論文
論文出版年:2024
畢業學年度:112
語文別:中文
論文頁數:126
中文關鍵詞:ESG評分財務表現股票報酬綠色溢酬
外文關鍵詞:ESG ScoreFinancial PerformanceStock Return
相關次數:
  • 被引用被引用:0
  • 點閱點閱:37
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  • 下載下載:9
  • 收藏至我的研究室書目清單書目收藏:1
永續發展概念的蓬勃發展,各國政府以及人民,希望企業追求獲利與成長的同時,能負起企業在環境保護、社會責任以及公司治理(Environment, Social and Governance; 簡稱 ESG)的責任,以提供人類永續生活的環境。在世界經濟體系中,具有不可或缺地位的臺灣企業,當然無法置身於這股全球浪潮之外。如何兼顧追求獲利與全球永續發展責任,成為企業必須面對的重要課題。過去,國內有許多研究,探討企業永續發展成效與公司經營績效的關聯性。但是,這些研究並未得到一致性的結果。這可能是因為以往臺灣對於企業 ESG 相關活動的投入與成效衡量方式,尚未建立一致性的系統,造成企業 ESG 成效的衡量上,無法得到有效且一致性的評估結果。
目前,臺灣在企業 ESG 活動成效,已建立與全球接軌的衡量方式。為能提供企業及投資人,企業永續發展成效與公司經營績效間相關性更完整的資訊。本研究使用2019年至2023年之臺灣上市櫃公司樣本,利用臺灣經濟新報中各公司之 TESG 分數、E 分數、S 分數以及 G 分數,分別代表公司在整體、環境層面、社會責任層面以及公司治理層面永續發展活動的成效。以股票報酬、超額報酬以及總資產報酬率,作為衡量公司財務表現的指標。分別使用普通最小平方法(OLS)、固定效果普通最小平方法(Fixed Effect OLS),檢視公司永續發展活動之成效與財務表現之關聯性。同時,為提供更穩健性的分析結果,本研究進一步使用三階段最小平方法來減少可能發生的內生性問題。研究結果顯示,公司永續經營成效與股票報酬、超額報酬呈顯著負相關,與反應公司資產管理效率之總資產報酬率呈顯著正相關。亦即,本研究結果支持權衡理論、良好管理理論以及經營階層的投機假說。
為探討臺灣資本市場是否存在綠色溢酬,本研究進一步分析公司永續發展經營成效對公司股票報酬以及超額報酬的影響。結果顯示,在考慮公司固定效果下,無論公司整體永續經營成效或單一層面永續經營成效,對公司當期或遞延一年之股票報酬或超額報酬,均呈現顯著的負向影響。這個結果顯示,目前臺灣資本市場並未存在綠色溢酬。
For the goal to build a sustainable environment, the enterprises all over the world are imposed more duties on environmental protection, social responsibility, and corporate governance. The Taiwanese companies having the indispensable position in the world economic system certainly cannot stay away from the global evolution. How to balance the pursuit of profit and the responsibility of global sustainable development becomes an important issue to the Taiwanese enterprises. There are many studies examined the correlation between the effectiveness of corporate sustainability and the company's business performance in Taiwan. However, these studies didn’t have a consistent conclusion because of the lack of steady process to measure the performance of corporate ESG-related activities. In line with the global standards, a steady framework needs to be built to help enterprises to measure their performance of corporate sustainability in Taiwan. The Taiwan Economic Journal (TEJ) develops a broad system to evaluate the performance of corporate sustainability. The TEJ provides the TESG score, E score, S score and G score of companies listed in Taiwan Stock Exchange (TSE) and Taipei Exchange to indicate the corporate sustainability performances form the aspects of company’s overall, environmental protection, social responsibility, and corporate governance, respectively.
We use the TESG score, E score, S score and G score of companies listed in Taiwan Stock Exchange (TSE) and Taipei Exchange as the corporate sustainability performance measurements. Using stock return, excess return, and return on total assets as the company's financial performance, we apply the Ordinary Least Squares method (OLS) and the Fixed Effect Ordinary Least Squares method (Fixed Effect OLS) to examine the correlation between the company's sustainability performances and financial performance. To provide more robust results, we also apply the Three-Stage Least Squares method to eliminate the possible endogeneity problems.
The main result shows that the company's sustainability performances are significantly negatively correlated with stock returns and excess returns. The result supports the Trade-off Theory and Managerial Opportunism Hypothesis. The result also shows that the company's sustainability performances significantly positively correlated with the return on total assets. That is, the result supports Good Management theory.
To explore whether green premium exists in Taiwan's capital market, this study examines the effect of the company's sustainability performances on stock return and excess return, respectively. The result shows that both the company's overall sustainability performance and single-level sustainability performances have significant negative effect on the company's stock return and excess return, respectively. The result implies that the green premium does not exist in Taiwan’s capital market in the study period.
第一章 緒論 1
第一節 研究背景及動機 1
第二節 研究目的 5
第三節 研究流程 6
第二章 文獻回顧 7
第一節 ESG沿革 7
第二節 企業永續發展成效與公司財務經營績效之關聯性 8
第三節 企業社會永續發展及財務績效衡量方式 11
第四節 ESG與股票溢酬 14
第三章 研究方法 15
第一節 假說建立 15
第二節 ESG評分與財務表現 19
第三節 ESG股票溢酬 26
第四章 樣本與研究結果 28
第一節 研究樣本 28
第二節 敘述統計 29
第三節 變數相關性 33
第四節 迴歸分析 35
第五章 結論 105
參考文獻 107
附錄A 114

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