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Author: 張育瑄
Yuh-Shiuan Chang
Thesis Title: ESG與企業財務績效之關聯性分析
The Analysis of Correlation between ESG and Corporate Financial Performance
Advisor: 陳俊男
Chun-Nan Chen
Committee: 陳俊男
Chun-Nan Chen
Jian-Ping Hsieh
Yan-Ru Chen
Hsuan-Chu Lin
Degree: 碩士
Department: 管理學院 - 財務金融研究所
Graduate Institute of Finance
Thesis Publication Year: 2022
Graduation Academic Year: 110
Language: 中文
Pages: 50
Keywords (in Chinese): ESGCSR企業社會責任財務績效公司價值
Keywords (in other languages): ESG, CSR, Corporate Social Responsibility, Financial Performance, Company Value
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  • 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。

    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.

    摘要 I Abstract II 誌謝 IV 目錄 V 表目錄 VII 第一章 緒論 1 第一節 研究背景 1 第二節 研究動機與目的 3 第三節 研究架構 5 第二章 文獻探討 6 第一節 ESG定義與意涵 6 第二節 ESG問題探討 7 第三節 企業社會責任(CSR)相關文獻 8 一、企業社會責任與財務績效為正相關 8 二、企業社會責任與財務績效為負相關 10 第四節 企業績效相關實證文獻 11 一、企業價值 11 二、股票報酬率 12 三、營運績效 12 第三章 研究方法 14 第一節 研究樣本 14 一、 S&P Global ESG 14 二、 Refinitiv ESG 14 三、TEJ 臺灣經濟新報資料庫 15 四、本研究樣本公司整理 16 第二節 研究假說 16 第三節 變數定義 17 一、 應變數 17 二、 自變數 18 三、控制變數 19 第四節 實證模型 21 第四章 實證結果與分析 23 第一節 敘述性統計 23 第二節 相關係數分析 25 第三節 迴歸分析 27 第五章 結論與建議 33 第一節 結論 33 第二節 研究限制與建議 34 參考文獻 35 英文文獻 35 中文文獻 39

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