臺灣博碩士論文加值系統

隨著永續發展議題逐漸受到重視，ESG（環境、社會與公司治理）成為企業評估的重要指標。本研究旨在探討2013至2023年間台灣生技醫療產業的董事會結構和研發投入對於漂綠行為之影響，透過TESG評級和碳排放濃度來分析企業的ESG表面行為和實際作為的差異，以衡量其是否貫徹環境方面的宣言。
本文使用ordered probit 模型和固定效果模型，取自台灣經濟新報(TEJ)資料庫共計118間公司及1,295資料樣本。研究發現董事會中女性董事比例對ESG評分有負面顯著影響，但同時對碳排放濃度有顯著的減少效果，表明女性董事不構成漂綠行為。獨立董事比例對ESG評分有正面顯著影響，但對碳排放濃度無顯著影響，顯示獨立董事的存在可能構成漂綠行為。最後研發投入(當期至落後三期)對兩者都沒有呈現顯著的影響，無法判斷其是否產生了漂綠行為。
政府和監管機構應鼓勵企業增加董事會中的女性比例，推動性別多樣性，這不僅有助於提升企業治理結構，還能促進環保行為的企劃與執行。由於獨立董事可能構成漂綠行為，本文建議應加強獨立董事的責任和監督，政府可以制定相關法規，加強獨立董事在環境和社會議題上的責任，並定期評估其表現。

As sustainability issues gain increasing attention, ESG (Environmental, Social, and Governance) has become an important metric for corporate evaluation. This study aims to explore the impact of board structure and R&D investment on greenwashing behavior in Taiwan's biotechnology and medical industry from 2013 to 2023, analyzing the difference between corporate ESG apparent actions and actual practices through TESG ratings and carbon emission levels to assess whether companies adhere to their environmental declarations.

This paper employs ordered probit and fixed effects models, using data from the Taiwan Economic Journal (TEJ) database, covering 118 companies and 1,295 observations. The study finds that the proportion of female directors in the board has a significant negative impact on ESG scores but significantly reduces carbon emissions, indicating that female directors do not contribute to greenwashing. The proportion of independent directors has a significant positive impact on ESG scores but no significant effect on carbon emissions, suggesting that independent directors may contribute to greenwashing. Finally, R&D investment (current and up to three lags) has no significant impact on either measure, being unable to claim its role in greenwashing behavior.

The government and regulatory authorities should encourage companies to increase the proportion of female directors in the board to promote gender diversity, which not only strengthens corporate governance structure but also facilitates the planning and execution of environmental initiatives. Given that independent directors may lead to greenwashing behavior, this paper recommends tightening the responsibilities and oversight of independent directors. The government can enact relevant laws and regulations to enhance the accountability of independent directors on environmental and social issues and evaluate their performance on a regular basis.

目錄
摘要 i
Abstract ii
致謝 iv
目錄 v
圖目錄 vi
表目錄 vii
第一章 緒論 1
第一節 研究背景 1
第二節 研究動機與漂綠行為 2
第三節 本國生技醫療產業概況 3
第四節 研究目的與問題 5
第五節 研究架構 6
第二章 文獻回顧 8
第一節 ESG與漂綠行為 (Greenwashing) 8
第二節 董事會結構和研發投入與ESG評級關聯性 9
第三節 董事會結構和研發投入與碳排放關聯性 11
第三章 研究方法 13
第一節 資料來源 13
第二節 變數說明 13
第三節 研究方法 18
第四節 ESG實際行為模型架構 19
第四章 實證結果 21
第一節 敘述性統計分析 21
第二節 相關係數分析 24
第三節 實證結果分析 27
第四節 延伸分析 33
第五章 結論 35
第一節 研究結論 35
第二節 研究限制與未來展望 36
第六章 參考文獻 37

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