為了因應氣候快速變遷、環保意識逐漸抬頭的現今社會潮流，公司實行的企業社會責任績效情況成為不可忽視的重要指標。本研究旨在探討ESG和疫情與公司財務績效之關聯性，並加以分析。本研究以臺灣市值前150大公司做為研究樣本，採用S&P Global ESG做為數據資料來源，來探討公司ESG分數與公司價值(托賓Q)、公司績效(資產報酬率、股東權益報酬率)之關聯性，並比較在新冠疫情影響下前後之差異。
本研究結論如下，ESG分數與公司績效(資產報酬率、股東權益報酬率)呈現負向關係，雖然並未達到顯著水準，但與預期假設結果不相符。然而，ESG分數與公司價值(托賓Q)呈現顯著正向關係，與預期假設結果相符，顯示公司擁有愈良好的企業社會責任表現，投資人對公司未來發展前景的評價愈高。
而新冠疫情的發生對於公司價值(托賓Q)、公司績效(資產報酬率、股東權益報酬率)皆呈現顯著正向關係，與預期假設結果不相符，顯示新冠疫情對於臺灣市值前150大公司整體為正面影響。另外，ESG分數與新冠疫情的交乘項結果顯示，其對於公司價值(托賓Q)、公司績效(資產報酬率、股東權益報酬率)皆無法產生顯著影響，與預期假設結果不相符。

In response to the rapidly changing climate and the rising awareness of environmental issues in today's society, the performance of corporate social responsibility implemented by companies has become an important indicator that cannot be ignored. This study aims to explore the relationship between ESG, the Covid-19 pandemic, and corporate financial performance and analyze their interconnections. This study uses the top 150 companies in terms of market capitalization in Taiwan as the research sample. The S&P Global ESG dataset is utilized as the source of data to investigate the relationship between corporate ESG scores and corporate value (Tobin's Q) as well as corporate performance (ROA and ROE). Additionally, the study compares the differences before and during the COVID-19 pandemic's impact on these relationships.
The conclusions of this study are as follows. There is a negative relationship between ESG scores and corporate performance (ROA and ROE). Although the relationship did not reach statistical significance, it is contrary to the expected hypothesis results. However, there is a significant positive relationship between ESG scores and corporate value (Tobin's Q), which aligns with the expected hypothesis results. This indicates that companies with better corporate social responsibility performance are evaluated more positively by investors in terms of their future development prospects.
The occurrence of the COVID-19 pandemic shows a significant positive relationship with both corporate value (Tobin's Q) and corporate performance (ROA and ROE), contradicting the expected hypothesis results. This indicates that the COVID-19 pandemic has positively impacted the top 150 companies in Taiwan. Additionally, the interaction effect between ESG scores and the COVID-19 pandemic shows that it does not have a significant impact on corporate value (Tobin's Q) and corporate performance (ROA and ROE), contradicting the expected hypothesis results.

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External Website Information
KPMG 2022 CEO Outlook: Growth strategies in turbulent times., P16.

中文文獻
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