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題名 企業經營效率與永續綜合評分之關聯—以台灣上市櫃公司為例
The Relationship Between Operational Efficiency and ESG Score—Evidence from Publicly Traded Firms in Taiwan
作者 洪彥祥
HUNG, Yan-Hsiang
貢獻者 徐愛恩
Tsui, Ai-En
洪彥祥
HUNG, Yan-Hsiang
關鍵詞 環境綜合表現
股東報酬
市場績效
企業自有資金
Environmental Performance
Shareholder Returns
Corporate Funding
Market Performance
日期 2024
上傳時間 5-Aug-2024 12:20:27 (UTC+8)
摘要 為了滿足利益關係人的永續資訊需求，企業開始揭露永續報告書。我國採用IFRS永續企業準則，並逐步要求公司揭露其永續資訊。此舉不僅可以提升國際能見度並加速企業永續轉型，也對於爭取永續投資基金有幫助，吸引更多國際資金來我國投資。 本研究採用台灣八個年度上市櫃公司永續綜合表現得分以及股東報酬，輔以十個年度之股東報酬率，藉以衡量企業替股東獲利之能力高低。同時研究企業現金規模與永續評分是否相關。研究結果顯示，當股東報酬率表現越好，永續綜合分數也較佳。再將綜合分數細分為環境、社會、治理三大層面，發現僅環境面之分數較為顯著相關。因此，本研究推論大部分企業僅將心力投入於環境議題，像是種樹、節能等短期措施，仍有進步空間。本研究也發現營運資金較大的公司，永續行動之表現也較佳，推論企業有額外資金才願意投入永續行動，並顧及其商譽而付出成本。
In recent years, in order to meet the sustainability information needs of investors and stakeholders, many companies have been disclosing sustainability reports. Additionally, organizations are striving to enhance the comparability and transparency of information disclosure to prevent greenwashing. In the past, investors assessed corporate value based on financial statement data, such as gross profit margin, earnings per share to ensure the comparability of financial information disclosure. Currently, companies' performance is measured by non-financial information related to ESG factors, such as carbon emissions, water resource pollution, and labor conditions in the supply chain. This study uses the environmental performance scores of Taiwanese listed companies, along with shareholder returns, to measure the companies' ability to generate profits for shareholders. The results indicate that companies with better shareholder returns also tend to have higher overall sustainability scores. However, when breaking down the overall score into the three dimensions of environment, social, and governance, only the environmental score shows a significant correlation. Therefore, my findings suggest that companies are currently focusing their efforts primarily on environmental issues, such as tree planting and energy saving, which are measures with visible short-term results. The study also finds that larger companies with more operating cash tend to perform better in sustainability actions, inferring that larger companies may be more willing to bear additional costs to protect their reputation.
參考文獻 林昱希, 2022, 強制編制永續報告書與環境揭露對生產力之影響 , 41-52頁。 林靈, 2023, 台灣上市櫃公司ESG表現對機構投資人持股之影響, 7-26頁。 Adame, K., Koski, J., McVay, S., & Lem, K. (2023). Free Cash Flow Disclosure in Earnings Announcements, Journal of Financial Reporting, 1-24. Alexandr, H. (2023). ESG reporting and capital market investors: insights from the global technology and fintech industries, Journal of Intellectual Capital, 1-12. Apergis, N., Poufinas, T., & Antonopoulos, A. (2022). ESG scores and cost of debt. Energy Economics, 112: 106186. Benlemlih, M. (2019). Corporate social responsibility and dividend policy. Research in International Business and Finance, 47, 104-138. Brush, T. H., Bromiley, P., & Hendrickx, M. (2000). The free cash flow hypothesis for sales growth and firm performance. Strategic management journal, 21(4): 455-472. Cao, J., Titman, S, Zhan, X, & Zhang, W. (2023). ESG Preference, Institutional Trading, and Stock Return Patterns, Journal of Financial and Quantitative Analysis, 1-33. Choi, B., & Luo, L. (2021). Does the market value greenhouse gas emissions? Evidence from multi-country firm data. The British Accounting Review, 53-109. Clément, A., Robinot, É., and Trespeuch, L. (2022). Improving ESG Scores with Sustainability Concepts. Sustainability journal, 14(20): 13154. Danila, A. (2023). Analysis of the relationship between environmental, social and governance factors and financial performance of romanian small and medium sized entreprises, Transformations in Business & Economics, 1-13. Dkhili, H. (2022). Does environmental, social and governance (ESG) affect market performance? The moderating role of competitive advantage, Competitiveness review: An International Business Journal, 2-26. Feng, Z, Wu, Z. (2021). ESG Disclosure, REIT Debt Financing and Firm Value. The Journal of Real Estate Finance and Economics, 3-33. Foltin. C, & Holtzblatt. M, (2022). The Relevance and Reliability of ESG Reporting, The Cpa Journal, 1-6. Garsaa, A., & Paulet, E. (2022). ESG Disclosure and Employee Turnover. New Evidence from Listed European Companies, Relations industrielles / Industrial Relations, 1-23. Habib, A. (2024). Does ESG Compliance Manipulate the Different Channels of Cash Holding? Montenegrin Journal of Economics, 1-11. Khan, M, A. (2022). ESG disclosure and Firm performance: A bibliometric and meta-analysis, Research in International Business and Finance, 1-19. Li, W, Jingqi, Z., & Chen, L. (2021). Cash dividends, return on equity and earnings persistence, Economic Research-ekonomska Istraživanja Journal, 1-15. Makhija, P, Chacko, E, Kukreja, M, & Agarwal, S. (2023). Sustainable Investing with ESG-Variables and Impacting Individual Investor Decisions, Sdmind Journal of Management, 1-9. Tozsér, D., Lakner, Z., Sudibyo, N.A., & Boros, A., (2024), Disclosure Compliance with Different ESG Reporting Guidelines: The Sustainability Ranking of Selected European and Hungarian Banks in the Socio-Economic Crisis Period, Administrative Sciences, 1-15. Wong, A.V.T. (2013). The Determinants of Performance in Alternative Markets for Small and Medium Enterprises: International Evidence, Studies in Business and Economics, 1-24.
描述 碩士
國立政治大學
會計學系
111353005
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0111353005
資料類型 thesis
dc.contributor.advisor 徐愛恩zh_TW
dc.contributor.advisor Tsui, Ai-Enen_US
dc.contributor.author (Authors) 洪彥祥zh_TW
dc.contributor.author (Authors) HUNG, Yan-Hsiangen_US
dc.creator (作者) 洪彥祥zh_TW
dc.creator (作者) HUNG, Yan-Hsiangen_US
dc.date (日期) 2024en_US
dc.date.accessioned 5-Aug-2024 12:20:27 (UTC+8)-
dc.date.available 5-Aug-2024 12:20:27 (UTC+8)-
dc.date.issued (上傳時間) 5-Aug-2024 12:20:27 (UTC+8)-
dc.identifier (Other Identifiers) G0111353005en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/152478-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 會計學系zh_TW
dc.description (描述) 111353005zh_TW
dc.description.abstract (摘要) 為了滿足利益關係人的永續資訊需求，企業開始揭露永續報告書。我國採用IFRS永續企業準則，並逐步要求公司揭露其永續資訊。此舉不僅可以提升國際能見度並加速企業永續轉型，也對於爭取永續投資基金有幫助，吸引更多國際資金來我國投資。 本研究採用台灣八個年度上市櫃公司永續綜合表現得分以及股東報酬，輔以十個年度之股東報酬率，藉以衡量企業替股東獲利之能力高低。同時研究企業現金規模與永續評分是否相關。研究結果顯示，當股東報酬率表現越好，永續綜合分數也較佳。再將綜合分數細分為環境、社會、治理三大層面，發現僅環境面之分數較為顯著相關。因此，本研究推論大部分企業僅將心力投入於環境議題，像是種樹、節能等短期措施，仍有進步空間。本研究也發現營運資金較大的公司，永續行動之表現也較佳，推論企業有額外資金才願意投入永續行動，並顧及其商譽而付出成本。zh_TW
dc.description.abstract (摘要) In recent years, in order to meet the sustainability information needs of investors and stakeholders, many companies have been disclosing sustainability reports. Additionally, organizations are striving to enhance the comparability and transparency of information disclosure to prevent greenwashing. In the past, investors assessed corporate value based on financial statement data, such as gross profit margin, earnings per share to ensure the comparability of financial information disclosure. Currently, companies' performance is measured by non-financial information related to ESG factors, such as carbon emissions, water resource pollution, and labor conditions in the supply chain. This study uses the environmental performance scores of Taiwanese listed companies, along with shareholder returns, to measure the companies' ability to generate profits for shareholders. The results indicate that companies with better shareholder returns also tend to have higher overall sustainability scores. However, when breaking down the overall score into the three dimensions of environment, social, and governance, only the environmental score shows a significant correlation. Therefore, my findings suggest that companies are currently focusing their efforts primarily on environmental issues, such as tree planting and energy saving, which are measures with visible short-term results. The study also finds that larger companies with more operating cash tend to perform better in sustainability actions, inferring that larger companies may be more willing to bear additional costs to protect their reputation.en_US
dc.description.tableofcontents 第壹章 緒論 2 第一節 研究動機與目的 第二節 研究議題 第三節 研究章節架構 第貳章 文獻回顧 9 第一節 ESG之概念及我國發展現況 第二節 編製永續報告書對企業績效之影響 第三節 研究樣本 第參章 研究方法 20 第一節 研究假說 第二節 實證模型及變數定義與衡量 第肆章 實證結果分析 33 第一節 永續綜合評分表現與股東權益報酬績效 第二節 環境、社會、公司治理個別表現與股東權益報酬之關聯 第三節 現金相關持有率與永續綜合分數表現高低之關聯 第伍章 結論與建議 50 第一節 研究結論 第二節 研究限制及未來研究建議 參考文獻 53zh_TW
dc.format.extent 2128842 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0111353005en_US
dc.subject (關鍵詞) 環境綜合表現zh_TW
dc.subject (關鍵詞) 股東報酬zh_TW
dc.subject (關鍵詞) 市場績效zh_TW
dc.subject (關鍵詞) 企業自有資金zh_TW
dc.subject (關鍵詞) Environmental Performanceen_US
dc.subject (關鍵詞) Shareholder Returnsen_US
dc.subject (關鍵詞) Corporate Fundingen_US
dc.subject (關鍵詞) Market Performanceen_US
dc.title (題名) 企業經營效率與永續綜合評分之關聯—以台灣上市櫃公司為例zh_TW
dc.title (題名) The Relationship Between Operational Efficiency and ESG Score—Evidence from Publicly Traded Firms in Taiwanen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 林昱希, 2022, 強制編制永續報告書與環境揭露對生產力之影響 , 41-52頁。 林靈, 2023, 台灣上市櫃公司ESG表現對機構投資人持股之影響, 7-26頁。 Adame, K., Koski, J., McVay, S., & Lem, K. (2023). Free Cash Flow Disclosure in Earnings Announcements, Journal of Financial Reporting, 1-24. Alexandr, H. (2023). ESG reporting and capital market investors: insights from the global technology and fintech industries, Journal of Intellectual Capital, 1-12. Apergis, N., Poufinas, T., & Antonopoulos, A. (2022). ESG scores and cost of debt. Energy Economics, 112: 106186. Benlemlih, M. (2019). Corporate social responsibility and dividend policy. Research in International Business and Finance, 47, 104-138. Brush, T. H., Bromiley, P., & Hendrickx, M. (2000). The free cash flow hypothesis for sales growth and firm performance. Strategic management journal, 21(4): 455-472. Cao, J., Titman, S, Zhan, X, & Zhang, W. (2023). ESG Preference, Institutional Trading, and Stock Return Patterns, Journal of Financial and Quantitative Analysis, 1-33. Choi, B., & Luo, L. (2021). Does the market value greenhouse gas emissions? Evidence from multi-country firm data. The British Accounting Review, 53-109. Clément, A., Robinot, É., and Trespeuch, L. (2022). Improving ESG Scores with Sustainability Concepts. Sustainability journal, 14(20): 13154. Danila, A. (2023). Analysis of the relationship between environmental, social and governance factors and financial performance of romanian small and medium sized entreprises, Transformations in Business & Economics, 1-13. Dkhili, H. (2022). Does environmental, social and governance (ESG) affect market performance? The moderating role of competitive advantage, Competitiveness review: An International Business Journal, 2-26. Feng, Z, Wu, Z. (2021). ESG Disclosure, REIT Debt Financing and Firm Value. The Journal of Real Estate Finance and Economics, 3-33. Foltin. C, & Holtzblatt. M, (2022). The Relevance and Reliability of ESG Reporting, The Cpa Journal, 1-6. Garsaa, A., & Paulet, E. (2022). ESG Disclosure and Employee Turnover. New Evidence from Listed European Companies, Relations industrielles / Industrial Relations, 1-23. Habib, A. (2024). Does ESG Compliance Manipulate the Different Channels of Cash Holding? Montenegrin Journal of Economics, 1-11. Khan, M, A. (2022). ESG disclosure and Firm performance: A bibliometric and meta-analysis, Research in International Business and Finance, 1-19. Li, W, Jingqi, Z., & Chen, L. (2021). Cash dividends, return on equity and earnings persistence, Economic Research-ekonomska Istraživanja Journal, 1-15. Makhija, P, Chacko, E, Kukreja, M, & Agarwal, S. (2023). Sustainable Investing with ESG-Variables and Impacting Individual Investor Decisions, Sdmind Journal of Management, 1-9. Tozsér, D., Lakner, Z., Sudibyo, N.A., & Boros, A., (2024), Disclosure Compliance with Different ESG Reporting Guidelines: The Sustainability Ranking of Selected European and Hungarian Banks in the Socio-Economic Crisis Period, Administrative Sciences, 1-15. Wong, A.V.T. (2013). The Determinants of Performance in Alternative Markets for Small and Medium Enterprises: International Evidence, Studies in Business and Economics, 1-24.zh_TW