臺灣博碩士論文加值系統

近年來，隨著企業對於永續發展的投入不斷增加，企業不僅僅是追求獲利，更要將環境保護(E，Environmental)、社會責任(S，Social)以及公司治理(G，Governance)納入企業經營的策略，ESG也因此成為越來越重要的議題。本研究以2016~2022年台灣上市櫃公司為樣本，採用TEJ TESG永續資料庫中的ESG、環境、社會與公司治理構面分數，探討ESG分數對於公司短期財務績效(資產報酬率ROA、每股盈餘EPS)以及長期公司價值(Tobin’s Q)的影響，將樣本分為全樣本、高階經理人薪酬較高的公司和高階經理人薪酬較低的公司三個組別，比較影響程度是否不同，最後進一步探討高階經理人薪酬對企業ESG評分與短期財務績效、長期公司價值之調節效果。實證結果顯示，全樣本的ESG、環境、社會與公司治理構面分數對ROA、EPS及Tobin’s Q皆存在顯著的正相關，表示企業在環境、社會與公司治理各方面表現良好時，也會有更好的財務績效與公司價值，符合社會衝擊假說的觀點。高階經理人薪酬較高與薪酬較低的公司，其ESG分數與財務績效及公司價值皆存在顯著正相關，然而，在以下情況，高階經理人薪酬較高和薪酬較低的公司，其E、S、G與財務績效和公司價值間關係存在差異，對高階經理人薪酬較高的公司而言，社會分數(S)與ROA呈顯著正相關，環境分數(E)與EPS呈顯著正相關，公司治理分數(G)與Tobin’s Q呈顯著正相關，但在薪酬較低的公司中，這些相關性則不顯著。最後發現高階經理人薪酬會增強ESG與ROA及Tobin’s Q間的正向關係，說明高階經理人薪酬愈高的公司會能吸引和留住優秀人才，且能激勵高階經理人更有動機為了公司投入ESG，因此使ESG與ROA及Tobin’s Q之間的正向關係愈好，但對於ESG與EPS間的關係則沒有顯著影響。

In recent years, with increasing investment in sustainable development by companies, they are not only pursuing profits but also integrating Environmental (E), Social (S), and Governance(G) considerations into their business strategies. Consequently, ESG has become an increasingly important issue.This study discuss the impact of ESG scores on the short-term financial performance (ROA and EPS) and long-term firm value (Tobin’s Q) of companies listed on Taiwan Stock Exchange (TWSE) from 2016 to 2022. It utilizes ESG data from the TEJ TESG sustainability database. The sample is divided into three groups: the entire sample, companies with higher executive compensation, and companies with lower executive compensation. The study compares whether the impact varies across these groups. Additionally, it discuss the interaction between executive compensation and ESG and its relationship with short-term financial performance and long-term firm value.The empirical results indicate that there are significant positive correlations between ESG, environmental, social, and governance scores and both short-term financial performance and long-term firm value for the entire sample. It shows that when companies perform well in ESG, they also acquire better financial performance and firm value, consistent with the social impact hypothesis. Companies with higher executive compensation and those with lower compensation show a significant positive correlation between their ESG scores and financial performance as well as firm value. However, in the following condition, there are different relationships between environmental, social, and governance scores and financial performance and firm value for companies with higher and lower executive compensation. For companies with higher executive compensation, the social score is significantly positively correlated with ROA, the environmental score is significantly positively correlated with EPS, and the governance score is significantly positively correlated with Tobin’s Q. However, in companies with lower compensation, these correlations are not significant. Finally, it was found that higher executive compensation enhances the positive relationship between ESG and both ROA and Tobin’s Q. This indicates that companies with higher executive compensation are better able to attract and retain top talent, and can motivate senior executives to invest more in ESG initiatives for the company, so it strengthens the positive relationship between ESG and both ROA and Tobin’s Q. However, there is no significant impact on the relationship between ESG and EPS.

摘要 i
ABSTRACT ii
目錄 iii
圖目錄 iv
表目錄 v
第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 2
第三節 研究架構 2
第二章 文獻探討與研究假說 4
第一節 ESG及三大構面對公司財務績效與公司價值的影響 4
第二節 高階經理人薪酬對ESG與財務績效、公司價值關聯性之影響 6
第三章 資料與研究方法 9
第一節 資料來源與樣本選擇 9
第二節 變數定義與衡量 10
第三節 實證模型 15
第四章 實證分析與結果 19
第一節 敘述性統計分析 19
第二節 相關係數分析 21
第三節 共線性分析 25
第四節 多元迴歸分析 28
第五章 結論 38
第一節 研究結論 38
第二節 研究限制與建議 39
參考文獻 40

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