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題名 ESG對公司財務績效之影響＿以全球半導體產業為例
ESG Impact to the Enterprise Financial Performance- Study in the Global Semiconductor Industry作者 吳沂珈
Wu, Yi-Chia貢獻者 陳立民<br>許書瑋
Chen, Li-Min<br>Hsu, Ryan Shu-Wei
吳沂珈
Wu, Yi-Chia關鍵詞 ESG
環境保護
半導體產業
財務績效
公司治理
Semiconductor industry
ESG
Environmental protection
Financial performance
Corporate governance日期 2024 上傳時間 1-Jul-2024 12:23:43 (UTC+8) 摘要 本研究主要探討公司投入ESG 中的環境面向E 是否能有效提升半導體產業之公司財務績效。接下來，以討論半導體公司之外部條件是否會對其財務績效產生影響，本研究以GDP及Unemployment兩大指標作為外部條件，因GDP常被視為一國經濟活動之好壞指標，也代表一個國家的生產力，而經濟或生產力則為民眾收入之來源，會影響其購買半導體終端產品之意願，故本研究將GDP視為半導體產業產品終端消費者之消費力；此外，Unemployment則為勞工失業指標，因失業會使消費者收入降低，進而影響民眾對半導體終端產品之購買力，因此本研究將此作為判斷終端消費者之消費力變動依據。上述兩個條件作為探討半導體公司是否會因此受到波及之因素，進而影響其財務表現。而最後以公司治理G作為調節變數，剖析G是否會加強E對半導體公司財務績效表現之正向影響。本 研究樣本為2018-2022年間，全球131間上市半導體公司，共418筆有效樣本。由迴歸分析結果所示，半導體公司揭露及投入環境保護之行動確實能有效提升公司之財務績效 (ROE)。然而，當消費者之消費力呈現衰退時，半導體公司財務績效也會受到影響。接著本研究進一步分析，若單考慮GDP與ROE之關係，可以發現當GDP成長率下降時，半導體公司ROE反而能有更好的表現。然若討論GDP及Unemployment同時對ROE產生之效果，Unemployment對ROE具正向影響力，且其中Unemployment相較於GDP，對ROE更具顯著性。而當半導體公司之公司治理G表現提高時，會使得E對於公司ROE之正向影響減少，也就是說當董事會集中使G 提升時，董事會因重視股東權益，追求利益最大化，將E投入視為成本支出，且在沒有受到外界要求進行環境保護時，董事會之決策往往不會重視環境保護相關之策略，因此會不利於半導體公司參與環境保護對財務績效之正向效益。本研究認為半導體公司投入環境保護確實能有效提升公司財務績效，然而，也必須同時關注外部條件之變化，像是GDP、Unemployment 等，以免公司財務績效受到損害。最後，半導體公司應由追求股東利益最大化轉為利害關係人效益最大化，並積極投入環境保護行動，以回應社會大眾之期待與國際組織之規範，讓這個高污染之產業能對社會、環境有所回饋及產生正向效益，達成淨零碳排之願景。
This study mainly explores whether a company's investment in the environmental aspect (E) of ESG can effectively enhance the financial performance of companies in the semiconductor industry. Subsequently, it discusses whether external conditions of semiconductor companies affect their financial performance, using GDP and unemployment as two major indicators. GDP is often seen as a measure of a country's economic activity and productivity, which influences the income of the population and their willingness to purchase semiconductor end products. Therefore, this study considers GDP as the purchasing power of consumers of semiconductor industry products. In addition, the unemployment rate (Unemployment) is an indicator of labor layoffs, as Unemployment reduces consumer income and thus their purchasing power for semiconductor end products. Consequently, this study uses it as a basis for judging changes in consumer purchasing power. These two conditions are examined to see if semiconductor companies are affected and thereby influence their financial performance. Finally, corporate governance (G) is used as a moderating variable to analyze whether G enhances the positive impact of E on the financial performance of semiconductor companies. The sample for this study consists of 131 publicly listed semiconductor companies worldwide, with a total of 418 valid samples from 2018 to 2022. According to the regression analysis results, the actions taken by semiconductor companies to disclose and invest in environmental protection can indeed effectively improve the company's financial performance (ROE). However, when consumer purchasing power declines, the financial performance of semiconductor companies is also affected. Further analysis shows that if only the relationship between GDP and ROE is considered, it can be observed that when the GDP growth rate decreases, the ROE of semiconductor companies tends to perform better. However, when discussing the effects of GDP and Unemployment on ROE simultaneously, Unemployment has a positive impact on ROE, and Unemployment has a more significant effect on ROE compared to GDP. When the corporate governance (G) performance of semiconductor companies improves, it reduces the positive impact of E on ROE. This means that when the board of directors focuses on shareholder interests and pursues profit maximization, they view E investments as a cost expenditure. In the absence of external demands for environmental protection, the board's decisions often do not prioritize environmental protection strategies, which is detrimental to the positive financial benefits of semiconductor companies' participation in environmental protection. This study concludes that investing in environmental protection can indeed effectively enhance the financial performance of semiconductor companies. However, changes in external conditions, such as GDP and Unemployment, must also be considered to avoid damage to financial performance. Finally, semiconductor companies should shift from pursuing shareholder profit maximization to stakeholder benefit maximization and actively engage in environmental protection actions. This is to meet societal expectations and international regulations, allowing this high-pollution industry to contribute positively to society and the environment, and also achieve the vision of net zero carbon emissions.參考文獻 英文文獻 Adidu, F. A., & Olannye, P. A. (2006). Basic small business entrepreneurship: A modern approach. Agbor: Royal Pace Publishers. Alareeni, B. A., & Hamdan, A. (2020). ESG impact on performance of US S&P 500-listed firms. 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A. S., Adnan, N. A., Kamal, S. M. Q. A. S., & Ali, I. M.(2016). The effects of environmental disclosure on financial performance in Malaysia. Procedia Economics and Finance, 35, 117-126. Odalo, S. K., Achoki, G., & Njuguna, A. (2016). Relating company size and financial performance in agricultural firms listed in the Nairobi securities exchange in Kenya. International Journal of Economics and Finance, 8(9), 34-40. Olofsson, P., Råholm, A., Uddin, G. S., Troster, V., & Kang, S. H. (2021). Ethical and unethical investments under extreme market conditions. International Review of Financial Analysis, 78, 101952. Oxelheim, L. (2003). Macroeconomic variables and corporate performance. Financial Analysts Journal, 59(4), 36-50. doi: 10.2469/faj.v59.n4.2544. Pandey, U. C., Sethi, V. C., Schischke, K. Z., Griese, H., & Reichl, H. (2004, January). Environmental management in semiconductor and printed circuit board industry in India. Part I: Survey results and case studies. 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Jurnal Reviu Akuntansi Dan Keuangan, 10(2), 261-270. doi: 10.22219/jrak.v10i2.11820. Udu, A. A. (2015). Environmental factors and business operations in Nigeria. International Journal of Business and Social Science, 6(11), 144-154. Vithessonthi, C., & Tongurai, J. (2015). The effect of leverage on performance: Domestically-oriented versus internationally-oriented firms. Research in International Business and Finance, 34, 265-280. World Bank Group (2015). Kenya economic update, available at:wwwwds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2015/10/14/090224b08314473e/1_0/Rendered/PDF/Kenya0economic0public0participation.pdf (accessed 15, June 2015). Zhu, S., Hu, H., Yang, H., Qu, Y., & Li, Y. (2023). Mini-review of best practices for greenhouse gas reduction in Singapore’s semiconductor industry. Processes, 11(7), 2120. 網路資源 Thomson Reuters Refinitiv ESG 評分說明書 2020。取自: https://www.lseg.com/en/data-analytics/sustainable-finance/esg-scores 描述 碩士
國立政治大學
企業管理研究所(MBA學位學程)
111363012資料來源 http://thesis.lib.nccu.edu.tw/record/#G0111363012 資料類型 thesis dc.contributor.advisor 陳立民<br>許書瑋 zh_TW dc.contributor.advisor Chen, Li-Min<br>Hsu, Ryan Shu-Wei en_US dc.contributor.author (Authors) 吳沂珈 zh_TW dc.contributor.author (Authors) Wu, Yi-Chia en_US dc.creator (作者) 吳沂珈 zh_TW dc.creator (作者) Wu, Yi-Chia en_US dc.date (日期) 2024 en_US dc.date.accessioned 1-Jul-2024 12:23:43 (UTC+8) - dc.date.available 1-Jul-2024 12:23:43 (UTC+8) - dc.date.issued (上傳時間) 1-Jul-2024 12:23:43 (UTC+8) - dc.identifier (Other Identifiers) G0111363012 en_US dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/152009 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 企業管理研究所(MBA學位學程) zh_TW dc.description (描述) 111363012 zh_TW dc.description.abstract (摘要) 本研究主要探討公司投入ESG 中的環境面向E 是否能有效提升半導體產業之公司財務績效。接下來，以討論半導體公司之外部條件是否會對其財務績效產生影響，本研究以GDP及Unemployment兩大指標作為外部條件，因GDP常被視為一國經濟活動之好壞指標，也代表一個國家的生產力，而經濟或生產力則為民眾收入之來源，會影響其購買半導體終端產品之意願，故本研究將GDP視為半導體產業產品終端消費者之消費力；此外，Unemployment則為勞工失業指標，因失業會使消費者收入降低，進而影響民眾對半導體終端產品之購買力，因此本研究將此作為判斷終端消費者之消費力變動依據。上述兩個條件作為探討半導體公司是否會因此受到波及之因素，進而影響其財務表現。而最後以公司治理G作為調節變數，剖析G是否會加強E對半導體公司財務績效表現之正向影響。本 研究樣本為2018-2022年間，全球131間上市半導體公司，共418筆有效樣本。由迴歸分析結果所示，半導體公司揭露及投入環境保護之行動確實能有效提升公司之財務績效 (ROE)。然而，當消費者之消費力呈現衰退時，半導體公司財務績效也會受到影響。接著本研究進一步分析，若單考慮GDP與ROE之關係，可以發現當GDP成長率下降時，半導體公司ROE反而能有更好的表現。然若討論GDP及Unemployment同時對ROE產生之效果，Unemployment對ROE具正向影響力，且其中Unemployment相較於GDP，對ROE更具顯著性。而當半導體公司之公司治理G表現提高時，會使得E對於公司ROE之正向影響減少，也就是說當董事會集中使G 提升時，董事會因重視股東權益，追求利益最大化，將E投入視為成本支出，且在沒有受到外界要求進行環境保護時，董事會之決策往往不會重視環境保護相關之策略，因此會不利於半導體公司參與環境保護對財務績效之正向效益。本研究認為半導體公司投入環境保護確實能有效提升公司財務績效，然而，也必須同時關注外部條件之變化，像是GDP、Unemployment 等，以免公司財務績效受到損害。最後，半導體公司應由追求股東利益最大化轉為利害關係人效益最大化，並積極投入環境保護行動，以回應社會大眾之期待與國際組織之規範，讓這個高污染之產業能對社會、環境有所回饋及產生正向效益，達成淨零碳排之願景。 zh_TW dc.description.abstract (摘要) This study mainly explores whether a company's investment in the environmental aspect (E) of ESG can effectively enhance the financial performance of companies in the semiconductor industry. Subsequently, it discusses whether external conditions of semiconductor companies affect their financial performance, using GDP and unemployment as two major indicators. GDP is often seen as a measure of a country's economic activity and productivity, which influences the income of the population and their willingness to purchase semiconductor end products. Therefore, this study considers GDP as the purchasing power of consumers of semiconductor industry products. In addition, the unemployment rate (Unemployment) is an indicator of labor layoffs, as Unemployment reduces consumer income and thus their purchasing power for semiconductor end products. Consequently, this study uses it as a basis for judging changes in consumer purchasing power. These two conditions are examined to see if semiconductor companies are affected and thereby influence their financial performance. Finally, corporate governance (G) is used as a moderating variable to analyze whether G enhances the positive impact of E on the financial performance of semiconductor companies. The sample for this study consists of 131 publicly listed semiconductor companies worldwide, with a total of 418 valid samples from 2018 to 2022. According to the regression analysis results, the actions taken by semiconductor companies to disclose and invest in environmental protection can indeed effectively improve the company's financial performance (ROE). However, when consumer purchasing power declines, the financial performance of semiconductor companies is also affected. Further analysis shows that if only the relationship between GDP and ROE is considered, it can be observed that when the GDP growth rate decreases, the ROE of semiconductor companies tends to perform better. However, when discussing the effects of GDP and Unemployment on ROE simultaneously, Unemployment has a positive impact on ROE, and Unemployment has a more significant effect on ROE compared to GDP. When the corporate governance (G) performance of semiconductor companies improves, it reduces the positive impact of E on ROE. This means that when the board of directors focuses on shareholder interests and pursues profit maximization, they view E investments as a cost expenditure. In the absence of external demands for environmental protection, the board's decisions often do not prioritize environmental protection strategies, which is detrimental to the positive financial benefits of semiconductor companies' participation in environmental protection. This study concludes that investing in environmental protection can indeed effectively enhance the financial performance of semiconductor companies. However, changes in external conditions, such as GDP and Unemployment, must also be considered to avoid damage to financial performance. Finally, semiconductor companies should shift from pursuing shareholder profit maximization to stakeholder benefit maximization and actively engage in environmental protection actions. This is to meet societal expectations and international regulations, allowing this high-pollution industry to contribute positively to society and the environment, and also achieve the vision of net zero carbon emissions. en_US dc.description.tableofcontents 摘要 1 Abstract 3 表次 7 圖次 7 第一章 緒論 8 第一章 研究背景 8 第二節 研究動機及目的 9 第三節 研究架構. 11 第二章 文獻探討 12 第一節 投入環境保護動機 12 一、 公司目標與責任 12 二、 ESG 參與 12 第二節 公司外部條件與績效 13 一、 影響公司之外部因素 13 第三節 公司治理 14 一、 公司治理與董事會 14 第三章 研究方法 16 第一節 樣本與資料來源 16 第二節 變數定義 16 一、 應變數 16 二、 自變數 17 三、 控制變數 19 第三節 研究架構及假說 21 一、 假說一— E和GDP 與 ROE之關係 21 二、 假說二— E、GDP 及Unemployment 與 ROE之關係 22 三、 假說三— G 調節E與ROE之關係 23 第四節 模型建立 25 第四章 研究結果 27 第一節 敘述性統計 27 第二節 迴歸分析 31 一、 E表現對公司財務績效之影響 31 二、 GDP 表現對公司財務績5 效之影響 31 三、 Unemployment表現對公司財務績效之影響 32 四、 G 會調節E表現對公司財務績效之影響 34 第五章 結論與建議 38 第六章 參考文獻 41 附錄 48 zh_TW dc.format.extent 1643373 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0111363012 en_US dc.subject (關鍵詞) ESG zh_TW dc.subject (關鍵詞) 環境保護 zh_TW dc.subject (關鍵詞) 半導體產業 zh_TW dc.subject (關鍵詞) 財務績效 zh_TW dc.subject (關鍵詞) 公司治理 zh_TW dc.subject (關鍵詞) Semiconductor industry en_US dc.subject (關鍵詞) ESG en_US dc.subject (關鍵詞) Environmental protection en_US dc.subject (關鍵詞) Financial performance en_US dc.subject (關鍵詞) Corporate governance en_US dc.title (題名) ESG對公司財務績效之影響＿以全球半導體產業為例 zh_TW dc.title (題名) ESG Impact to the Enterprise Financial Performance- Study in the Global Semiconductor Industry en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 英文文獻 Adidu, F. 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