臺灣博碩士論文加值系統

在當今氣候變遷帶動綠色能源蓬勃發展的背景下， ESG儼然已成為產官學界高度關切的焦點，本研究以2015年至2020年國內上市櫃公司為研究對象，探討ESG績效與股票流動性之關聯性。經實證發現， ESG績效越好的企業，其股票流動性越佳，顯示出投資者對ESG績效的重視。本文進一步探討相較於非高汙染產業，高汙染產業ESG績效與股票流動性具有較高之正向關聯性，經實證發現，當企業為高汙染產業時，提升其ESG績效，股票流動性上升相較於非高汙染產業更為顯著，對政府推動永續藍圖與社會責任投資(SRI)具有參考價值。

In the current context of the development of green energy driven by climate change, ESG has become a matter of high concern in the business, government, and academic sectors. This study focuses on domestic listed companies in Taiwan from 2015 to 2020 as the research sample and explores the correlation between ESG performance and stock liquidity. Empirical analysis shows that companies with better ESG performance tend to have higher stock liquidity, underscoring investors' emphasis on ESG performance. Furthermore, this paper investigates that compared to non-high-polluting industries, high-polluting industries exhibit a higher positive correlation between ESG performance and stock liquidity, it reveals that for companies in high-polluting industries, improving their ESG performance leads to a more significant increase in stock liquidity compared to those in non-high-polluting industries, this carries implications for government initiatives promoting sustainable development and for socially responsible investment (SRI).

摘要 i
ABSTRACT ii
目次 iii
表目次 iv
第一章、緒論 1
第二章、文獻回顧與研究假說 4
第一節 ESG績效 4
第二節 股票流動性 6
第三節 ESG績效對股票流動性之影響 6
第四節 高汙染產業之ESG績效對股票流動性之影響 8
第三章、研究方法 10
第一節 資料來源與選取 10
第二節 變數設計與衡量 10
第三節 研究設計 13
第四章、實證結果分析 15
第一節 產業樣本及年度分布情形 15
第二節 敘述性統計 15
第三節 相關係數矩陣 16
第四節 實證結果分析 16
第五節 敏感性分析 18
第五章、結論與建議 21
參考文獻 22
附錄 27
表1 產業樣本年度分布情形 27
表2 敘述統計量 29
表3 相關係數矩陣 30
表4 ESG績效與股票流動性之關聯性 31
表5 ESG績效與股票流動性之相關性-高汙染產業與非高汙染產業 32
表6 高汙染產業與非高汙染產業之股票流動性差異分析 33
表7 環境、社會及公司治理績效與股票流動性之關聯性 34
表8 (敏) ESG績效與股票流動性之相關性-高汙染產業與非高汙染產業 35

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