社會責任已經是許多企業導入且將其融入自身經營策略，期盼在獲取收益的同時能夠與社會共同創造更大價值，形成良好的經濟循環並達到永續經營之目的。隨著多年來企業相應投入永續投資的行列，各界對於企業投入社會責任所帶來的影響有不同見解，本研究旨在瞭解環境、社會及公司治理（Environmental, Social and Governance, ESG）對企業價值之關聯性。
2019年末新冠肺炎（Covid-19）肆虐全球引發大規模經濟停滯，連帶許多企業相應倒閉，故本文欲瞭解在受到衝擊後，ESG對企業價值之影響效果，惟目前ESG評鑑尚未有公認的客觀評定標準，故本研究採用臺灣證交所公司治理中心之公司治理評鑑為依據，並將評鑑等級從優等依序排列1至7個等級。研究對象為台灣上市櫃公司，並以最小平方法逕行迴歸分析，樣本期間為2016年至2020年。
研究結果顯示，ESG評鑑等級與企業價值間為顯著正相關，表示ESG評鑑等級越差之企業則企業價值越低，拒絕本文假說一；另外加入新冠肺炎衝擊之虛擬變數，發現ESG評鑑等級與企業價值為顯著正向影響，表示受到衝擊後評鑑等級確實變差，但疫情衝擊與ESG評鑑等級之交乘項與企業價值間則是顯著負向影響，拒絕本文假說二，表示發生疫情後調降ESG評鑑等級之企業，其企業價值反而上升；可能原因係考量在2020年間，各界政府相應公布貨幣寬鬆政策，且台灣政府推動持續營運計畫降低供應鏈供給中斷、裁員等，並提供個人及中小企業緊急疏款貸款等應變措施，使熱錢大幅投入股票市場，故使企業價值大幅提升。

Social responsibility has already been introduced by many companies and combined their business strategies, hoping to create greater value with the society while earning benefits, becoming a good economic cycle, and develop continuously.
As companies have invested in sustainable investments over the years, their different points of view to the impact of CSR. This paper investigates the affect of Environmental, Social, and Corporate Governance (Environmental, Social and Governance, ESG) performance on firm value. At the end of 2019, the new coronavirus (Covid-19) outbreak is continuing to grow and caused large-scale economic shock, which led to companies shot down. Therefore, the goal of this paper is to analyze impact of ESG on corporate value after the impact.
Well recognized ESG valuation mechanism is not available so far, this research uses the Corporate Governance Center of the TSE (Taiwan Stock Exchange) as the basis to measure ESG performance, transfer ranks of the evaluation grades from 1 to 7. Research samples are from Taiwan listed companies during 2016 to 2020. The regression analysis was performed by using the Least Square Method.
Empirical results exhibit there are significantly negative relationship between ESG and firm value, in other words, means the lower the ESG rating, the lower the firm value, which rejects the hypothesis one of this paper. In addition, the dummy variable of the impact of Covid-19 is significantly positive influence on firm value.
However, the interaction effects of Covid-19 impact and ESG rating has significantly negative influence to the firm value, which also rejects the hypothesis two of this paper. The possible reason is that governments from all over the world have accordingly announced monetary easing policies. In addition, the Taiwanese government has promoted business continuity plan to reduce supply chain interruptions, layoffs, etc., so that money has been heavily invested in the stock market, the value of the firm has increased significantly.

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4.張琳與趙海濤（2019）。「企業環境、社會和公司治理(ESG)表現影響企業價值嗎?—基於A股上市公司的實證研究。武漢金融2019年10期。
5.游琇螢（2019）。「重視ESG的企業是否有較小的下方風險—以台灣市場為例」。中央大學財務金融學系碩士學位論文，桃園市。
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