臺灣博碩士論文加值系統

鑑於ESG全球對永續議題的關注日益增加，來自利害關係人對企業社會責任的要求，迫使企業轉變其經營模式，ESG分數已經逐漸成為企業管理和投資決策的重要考量。過去的研究大多探討ESG因素與公司營運績效的關聯，這些研究主要集中在公司當期的ESG表現對其營運績效的影響。然而，本文的研究角度旨在探討前一年度永續報告書中的ESG分數是否能夠有效預測當年度的公司績效，並將公司績效分為財務績效及市場績效衡量。ESG分數與公司財務績效（以ROA和ROE為衡量指標）呈正向相關，當ESG分數愈高則財務績效也愈好；市場績效則以公司市場價值（以Tobin’s Q為衡量指標）與股價(SHARE)作為其衡量變數，結果顯示ESG分數與Tobin’s Q呈負向關聯，對股價則無影響。表示公司財務績效的好壞和市場價值的高低，能夠透過前一年度的ESG分數表現來預測。這意味著公司在投入ESG發展後，短期內ESG表現能有效預測財務績效，但投資者若以ESG分數預測其長期市場價值，則無法有效衡量其股價。

In light of the growing global interest in sustainability issues, ESG scores have gradually become an important consideration in corporate management and investment decisions, as demands from stakeholders for corporate social responsibility have forced companies to change their business models. Most of the past studies have explored the association between ESG factors and corporate performance, and these studies have mainly focused on the impact of a firm's ESG performance on its operational performance in the current period. However, the research of this paper aims to investigate whether ESG scores in the previous year's can effectively predict the current year's corporate performance, and to categorize corporate performance into financial performance and market performance measures. ESG scores are positively correlated with corporate financial performance (as measured by ROA and ROE), and the higher the ESG scores, the better the financial performance; market performance is measured by the company's market value (as measured by Tobin's Analytics), which is the most important factor for the company's performance. Market performance is measured by the company's market value (measured by Tobin's Q) and stock price (SHARE), and the results show that ESG score is negatively correlated with Tobin's Q and has no effect on stock price. This means that a company's financial performance and market value can be predicted by the performance of its ESG score in the previous year. This means that ESG performance can be a good predictor of financial performance in the short term after a company has invested in ESG development, but investors who use ESG scores to predict its long-term market value will not be able to effectively measure its share price.

第一章 緒論 1
第一節 研究動機及背景 1
第二節 研究目的 3
第三節 研究架構與流程 4
第二章 文獻回顧與假說發展 5
第一節 ESG分數的概念與發展 6
第二節 ESG分數對財務績效的影響 10
第三節 ESG分數對市場績效的影響 12
第三章 研究方法 14
第一節 樣本選擇與資料來源 14
第二節 實證模型 16
第三節 變數定義 16
第四章 實證結果與分析 24
第一節 敘述性統計 24
第二節 相關係數分析 26
第三節 實證結果 28
第四節 敏感性測試 31
第五章 結論與建議 34
參考文獻 35
圖目錄
圖1 研究流程圖 4
圖2 TESG永續發展指標三大支柱及16項主題 8、9
表目錄
表1 樣本篩選表 15
表2 產業分布狀況表 15
表3 ESGSCORE變數定義表 22
表4 各項變數定義表 23
表5 敘述性統計量表 24
表6 永續報告書差異檢定 25
表7 敘述性統計量表 27
表8 迴歸模型分析 29
表9 敏感性迴歸分析 32
附表1 TESG分數分析表 44

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