在過去幾年中，已有不少企業責任相關之研究，本研究旨在探討ESG與企業財務績效之關聯性，另外更進一步檢測環境(E)、社會參與(S)、公司治理(G)各別面向與財務績效間的關係，並加以分析。本研究以台灣50上市櫃公司做為研究樣本，並採用S&P Global ESG與Refinitiv ESG為數據資料來源，研究期間為2017年至2021年，共計5年，資料頻率之單位為年。
實證結果發現，ESG總分與Tobin’s Q以及ROE呈現負相關，與預期假設結果不相符；然而，ESG總分與ROA呈現正相關，與預期假設結果相符，顯示企業愈有良好的企業社會責任表現時，愈能將公司有限的資源發揮到效用極大化，並產生較高的資產報酬率，亦能為公司帶來較多的獲利。
在ESG各項指標研究方面，實證結果發現，環境評分與社會評分皆在ROA與ROE呈現負相關，與預期假設結果不符；而公司治理表現與ROA以及ROE呈現顯著正相關，與預期假設結果相符，亦顯示股東與董事會對企業經營決策的重要性。故企業在追求利潤極大化的同時，也必須注意公司治理的狀況，企業才能永續經營並創造自身的競爭優勢。

In the past few decades, there have been many studies related to Corporate Social Responsibility (CSR). This study aims to explore the relationship between ESG and corporate financial performance. Besides, the relationship of the environment, social and corporate governance with corporate financial performance is individually examined and analyzed. The data of this research is from Taiwan Top 50 which are listed on OTC companies as the research samples, and utilizes S&P Global ESG and Refinitiv ESG as the data sources. The research period is from 2017 to 2021, totaling 5 years.
The empirical results show that the total ESG score is negatively correlated with Tobin's Q and ROE, which is inconsistent with the expected hypothetical outcomes; however, the total ESG score and ROA are positively correlated, which is consistent with the expected hypothetical outcomes. It indicates that the better performance of the enterprise social responsibility is, the more the limited resources of the company can be maximized. Therefore, ROA can be generated higher and brings more profits to the company.
In terms of ESG indicator research, empirical results show that both environmental scores and social scores are negatively correlated with ROA and ROE, which is inconsistent with the expected hypothetical outcomes; while corporate governance performance has a significant positive correlation with ROA and ROE, which is consistent with the expected hypothetical outcomes. The result also shows that the importance of shareholders and the board of directors in corporate business decisions. Hence, while pursuing profit maximization, enterprises must also pay attention to the status of corporate governance, so that enterprises can operate sustainably and create their own competitive advantages.

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