臺灣博碩士論文加值系統

本研究旨在探討企業的ESG表現對台灣觀光餐旅、食品工業及貿易百貨業市場效率的影響，隨著全球氣候變遷及環境保護議題日益受到重視，ESG已成為衡量企業長期競爭力與永續發展的重要指標，企業經營上不僅需注重財務績效，同時也需兼顧社會與環境責任。
本次研究透過資料包絡分析法（DEA）來分析企業在經營、永續和市場效率三個階段的表現。研究資料取自台灣經濟新報（TEJ）財經資料庫及TESG永續資料集，選取了2017年至2022年間台灣觀光餐旅、食品工業、貿易百貨業中48家上市櫃公司作為樣本，透過三階段的DEA模型評估其在經營、永續、市場三個不同階段的效率，探討ESG表現對企業市場效率的影響，並透過總要素效率分析了解各變數效率表現，更進一步使用變異數分析（ANOVA）檢驗了各變數對市場效率的顯著性，為不同產業的策略優化提供依據。
根據實證分析的結果顯示，企業的ESG表現對企業市場效率具有顯著的影響。總結而言，本研究揭示了企業ESG表現與市場效率間的關聯，並對台灣三大產業的未來策略提出了具體建議。企業若能持續提升其ESG表現，不僅能強化市場競爭力，還能實現更高的永續發展目標。

This study aims to explore the impact of corporate ESG performance on market efficiency in Taiwan's tourism and hospitality industry, the food industry, and the trading and department store industry. As global climate change and environmental protection issues gain increasing attention, ESG has become an important indicator for measuring a company’s long-term competitiveness and sustainable development. Companies must focus not only on financial performance but also on their social and environmental responsibilities.

This research utilizes Data Envelopment Analysis (DEA) to assess corporate performance in three stages: operational efficiency, sustainability, and market efficiency. The study's data is sourced from the Taiwan Economic Journal (TEJ) financial database and the TESG sustainability dataset, selecting 48 publicly listed companies from Taiwan’s tourism and hospitality industry, the food industry, and the trading and department store industry from 2017 to 2022 as the sample. Through the three-stage DEA model, the study evaluates efficiency in these different stages to investigate the impact of ESG performance on corporate market efficiency. Furthermore, Total Factor Efficiency analysis is employed to understand the efficiency of various variables, and Analysis of Variance (ANOVA) is used to examine the significance of each variable's effect on market efficiency, providing a basis for strategy optimization across different industries.

According to the empirical analysis, corporate ESG performance has a significant impact on market efficiency. In conclusion, this study reveals the relationship between corporate ESG performance and market efficiency and offers specific recommendations for future strategies in Taiwan’s three major industries. Companies that continuously improve their ESG performance can not only strengthen their market competitiveness but also achieve higher sustainable development goals.

第一章 緒 論 1
第一節 研究背景與動機 1
第二節 研究目的 3
第三節 研究流程與架構 4
第二章 文獻回顧 6
第一節 ESG定義 6
第二節 ESG對公司績效之影響相關文獻 7
第三節 運用資料包絡分析法分析ESG與公司績效相關文獻 10
第三章 研究方法 15
第一節 資料包絡分析法(DEA) 15
第二節 本文實證模型 17
第四章 實證結果與分析 25
第一節 資料來源與變數說明 25
第二節 敘述統計分析 30
第三節 實證結果分析 32
第五章 結論與建議 74
第一節 結論 74
第二節 建議 75
參考文獻 78
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二、英文文獻 79

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