隨著近年來全世界對於永續意識的抬頭，各大企業陸續開始注重企業永續發展，同時也開始積極執行ESG理念及報告書，ESG除了改善企業形象之外，同時也關注是否會進一步影響企業財務績效。本文主要探討ESG評分與臺灣企業財務績效之間的關聯，我們使用臺灣50指數加上臺灣中型100指數之成分股為研究樣本，以Panel Data資料建立固定效果模型及隨機效果模型，分別比較非金融業與金融業的ESG評分對資產報酬率（ROA）、權益報酬率（ROE）、Tobin's Q三者的影響，以了解ESG評分對不同類型的公司是否具有不同的影響。
本研究實證分析顯示，在非金融業中，環境評分（E）及公司治理評分（G）皆與ROA及ROE具有顯著正相關，社會評分（S）與ROA及ROE則呈現顯著負相關；在金融業中僅公司治理評分（G）與ROA具有顯著負相關，其他項目皆未達統計上的顯著。從本研究結果來看，ESG評分對營運績效的影響，可能因產業別而有所不同，使得非金融業與金融業的實證產生不同的結果。

As global awareness of sustainability has been on the rise in recent years, major corporations have successively started to focus on sustainable development while actively implementing ESG (Environmental, Social, and Governance) principles and reports. This paper primarily investigates the impact of ESG on the financial performance of Taiwanese corporations. Apart from enhancing corporate image, it also examines whether ESG will further influence financial performance. We employ components of the Taiwan 50 Index plus the Taiwan Mid-Cap 100 Index as our research samples. We establish fixed effect models and random effect models using panel data, and compare the influences of different sectors on the Return on Assets (ROA), Return on Equity (ROE), and Tobin's Q, to understand if ESG have different impacts on different types of companies.
The empirical analysis of this study indicates that, within the non-financial sector, both environmental scores and governance scores are significantly positively correlated with ROA and ROE, while social scores show a significant negative correlation with ROA and ROE. In the financial sector, only governance scores have a significant negative correlation with ROA, while others do not reach statistical significance. According to the results of this study, the impact of ESG scores on operating performance may vary by industry, resulting in different findings between non-financial and financial sectors.

中文文獻
陳冠達（2015）公司治理與企業社會責任對企業績效的影響-以臺灣食品工業為例，南臺科技大學工業管理研究所碩士論文。
游琇螢（2019）ESG分數對公司績效表現與風險的影響 —以臺灣市場為例，國立中央大學財務金融學系碩士論文。
楊子慶（2020）銀行企業社會責任與財務績效關聯性-以本國銀行為例，國立臺北科技大學經營管理系碩士論文。

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