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題名 ESG評分與財務績效指標的關係 : 以現金股利、股東權益、營收為例
An Analysis of the Impact of Corporate ESG Scores on Financial Indicators: Exploring the Relationship Between Sustainability and Firm Performance
作者 林建廷
Lin, Jian-Ting
貢獻者 許永明
Shiu, Yung-Ming
林建廷
Lin, Jian-Ting
關鍵詞 ESG評分
企業財務績效
現金股利
股東權益
營收
多元回歸分析
產業別異質性
永續發展指標
公司治理
社會責任
ESG ratings
Financial performance
Cash dividends
Shareholder's equity
Revenue
Multiple regression analysis
Industry heterogeneity
Corporate governance
Sustainability strategy
Taiwan stock market
日期 2025
上傳時間 1-Jul-2025 14:35:15 (UTC+8)
摘要 本研究旨在探討 ESG（環境、社會、治理）評分與企業財務績效之關聯性，聚焦台灣上市櫃企業於 2021 至 2024 年間之實證資料，並以三項關鍵財務指標——現金股利（DIV）、股東權益（EQUITY）與營業收入（REV）作為衡量基礎。研究資料取自台灣經濟新報（TEJ）ESG 評分模組與財務報表，透過多元線性迴歸分析，輔以產業分組與敏感度檢定（包含構面替代與極端值控制），以驗證 ESG 各構面對不同財務成果之影響。 研究結果顯示，ESG 總體評分與企業財務績效具正向關聯，然其影響效果呈現明顯構面差異與產業依賴性。治理構面（ESG_G）對現金股利與股東權益具有穩定正向影響，社會構面（ESG_S）則為營收成長的重要驅動因子；環境構面（ESG_E）之效果相對有限，但在電子科技業與高排放產業中展現邊際正向性，顯示其具產業敏感性。控制變數方面，公司規模與獲利能力對各項財務指標皆有顯著影響，突顯企業基本體質為 ESG 策略有效運作之必要基礎。 本研究進一步指出，不同產業對 ESG 構面反應不一，製造業偏重治理導向，電子科技業三構面皆具顯著貢獻，服務業則以社會構面最具關聯性。整體而言，ESG 表現已逐步轉化為企業價值與市場績效的重要驅動資源，亦為企業永續經營與資本市場互動間的重要橋樑。研究成果可作為企業制定 ESG 投資策略與政策單位推動永續揭露制度之實證依據。
This study investigates the relationship between Environmental, Social, and Governance (ESG) scores and corporate financial performance, focusing on publicly listed companies in Taiwan from 2021 to 2024. Three key financial indicators—cash dividends (DIV), shareholders’ equity (EQUITY), and operating revenue (REV)—are selected as the primary outcome variables. Data were obtained from the Taiwan Economic Journal (TEJ) ESG module and financial statements. A series of multiple linear regression analyses were conducted, incorporating industry-specific subgroup models and sensitivity tests, including winsorization for outliers and alternative model specifications. The empirical results reveal a positive association between overall ESG performance and corporate financial metrics, though the magnitude and significance of the effects vary across ESG dimensions and industries. The governance dimension (ESG_G) exhibits a consistent and significant positive effect on both cash dividends and shareholders’ equity, while the social dimension (ESG_S) emerges as the primary driver of revenue performance. The environmental dimension (ESG_E) demonstrates limited overall impact but shows marginally positive effects within the electronics and high-emission industries, indicating a degree of sectoral sensitivity. Among control variables, firm size and return on assets (ROA) significantly influence all financial outcomes, underscoring the importance of firm fundamentals in enabling effective ESG implementation. Furthermore, the study confirms substantial industry heterogeneity in ESG impacts. Manufacturing firms benefit most from strong governance practices, technology firms experience positive effects across all three ESG pillars, and service-oriented firms are especially responsive to social dimension initiatives. Overall, ESG performance has increasingly become a strategic asset that contributes to corporate value and financial outcomes, serving as a critical link between sustainability practices and capital market expectations. These findings provide empirical support for firms in designing ESG investment strategies and for policymakers in refining sustainability disclosure frameworks.
參考文獻 Taiwan Economic Journal（2022） TESG 永續發展指標：台灣企業專屬的 ESG 指標！ https://www.tejwin.com/news/台灣的esg指標-tesg/ TEJ台灣經濟新報（2021）。TESG永續發展指標，台灣企業專屬的ESG指標！TEJ台灣經濟新報。https://www.tejwin.com/news/台灣的esg指標-tesg/ 工業技術研究院產科國際所（2023）。歐盟碳邊境調整機制(CBAM) 2023年5月正式文本說明。https://tppo.org.tw/upload/2023/11/20231123153740750.pdf 周雨蓁（2022）。歐盟碳邊境調整機制之進展與影響。經濟前瞻，204，128-134。https://www.airitilibrary.com/Publication/alDetailedMesh?DocID=10190376-202211-202211220010-202211220010-128-134&PublishTypeID=P001 張譯文、李明哲、王欣怡（2024）。美國上市公司ESG表現對股價之影響分析。財務金融研究季刊, 31(1), 45–68。 鉅亨網（CNYES）（2021）。永續投資世代來了！ESG 為什麼成為全球市場新顯學？ https://topics.cnyes.com/mega_bank2021_03 Aaker, D. A. (1991). Managing brand equity: Capitalizing on the value of a brand name. Free Press. Aboud, A., & Diab, A. (2019). The financial and market consequences of environmental, social and governance ratings: The implications of recent developments in corporate governance. 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描述 碩士
國立政治大學
國際金融碩士學位學程
112ZB1033
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0112ZB1033
資料類型 thesis
dc.contributor.advisor 許永明zh_TW
dc.contributor.advisor Shiu, Yung-Mingen_US
dc.contributor.author (Authors) 林建廷zh_TW
dc.contributor.author (Authors) Lin, Jian-Tingen_US
dc.creator (作者) 林建廷zh_TW
dc.creator (作者) Lin, Jian-Tingen_US
dc.date (日期) 2025en_US
dc.date.accessioned 1-Jul-2025 14:35:15 (UTC+8)-
dc.date.available 1-Jul-2025 14:35:15 (UTC+8)-
dc.date.issued (上傳時間) 1-Jul-2025 14:35:15 (UTC+8)-
dc.identifier (Other Identifiers) G0112ZB1033en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/157729-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 國際金融碩士學位學程zh_TW
dc.description (描述) 112ZB1033zh_TW
dc.description.abstract (摘要) 本研究旨在探討 ESG（環境、社會、治理）評分與企業財務績效之關聯性，聚焦台灣上市櫃企業於 2021 至 2024 年間之實證資料，並以三項關鍵財務指標——現金股利（DIV）、股東權益（EQUITY）與營業收入（REV）作為衡量基礎。研究資料取自台灣經濟新報（TEJ）ESG 評分模組與財務報表，透過多元線性迴歸分析，輔以產業分組與敏感度檢定（包含構面替代與極端值控制），以驗證 ESG 各構面對不同財務成果之影響。 研究結果顯示，ESG 總體評分與企業財務績效具正向關聯，然其影響效果呈現明顯構面差異與產業依賴性。治理構面（ESG_G）對現金股利與股東權益具有穩定正向影響，社會構面（ESG_S）則為營收成長的重要驅動因子；環境構面（ESG_E）之效果相對有限，但在電子科技業與高排放產業中展現邊際正向性，顯示其具產業敏感性。控制變數方面，公司規模與獲利能力對各項財務指標皆有顯著影響，突顯企業基本體質為 ESG 策略有效運作之必要基礎。 本研究進一步指出，不同產業對 ESG 構面反應不一，製造業偏重治理導向，電子科技業三構面皆具顯著貢獻，服務業則以社會構面最具關聯性。整體而言，ESG 表現已逐步轉化為企業價值與市場績效的重要驅動資源，亦為企業永續經營與資本市場互動間的重要橋樑。研究成果可作為企業制定 ESG 投資策略與政策單位推動永續揭露制度之實證依據。zh_TW
dc.description.abstract (摘要) This study investigates the relationship between Environmental, Social, and Governance (ESG) scores and corporate financial performance, focusing on publicly listed companies in Taiwan from 2021 to 2024. Three key financial indicators—cash dividends (DIV), shareholders’ equity (EQUITY), and operating revenue (REV)—are selected as the primary outcome variables. Data were obtained from the Taiwan Economic Journal (TEJ) ESG module and financial statements. A series of multiple linear regression analyses were conducted, incorporating industry-specific subgroup models and sensitivity tests, including winsorization for outliers and alternative model specifications. The empirical results reveal a positive association between overall ESG performance and corporate financial metrics, though the magnitude and significance of the effects vary across ESG dimensions and industries. The governance dimension (ESG_G) exhibits a consistent and significant positive effect on both cash dividends and shareholders’ equity, while the social dimension (ESG_S) emerges as the primary driver of revenue performance. The environmental dimension (ESG_E) demonstrates limited overall impact but shows marginally positive effects within the electronics and high-emission industries, indicating a degree of sectoral sensitivity. Among control variables, firm size and return on assets (ROA) significantly influence all financial outcomes, underscoring the importance of firm fundamentals in enabling effective ESG implementation. Furthermore, the study confirms substantial industry heterogeneity in ESG impacts. Manufacturing firms benefit most from strong governance practices, technology firms experience positive effects across all three ESG pillars, and service-oriented firms are especially responsive to social dimension initiatives. Overall, ESG performance has increasingly become a strategic asset that contributes to corporate value and financial outcomes, serving as a critical link between sustainability practices and capital market expectations. These findings provide empirical support for firms in designing ESG investment strategies and for policymakers in refining sustainability disclosure frameworks.en_US
dc.description.tableofcontents 摘 要 II Abstract III 目 次 IV 表 次 VI 圖 次 VII 第一章　緒論 1 第一節　研究背景與動機 1 第二節　研究問題與研究目的 4 第三節　研究流程 6 第二章　文獻探討 7 第一節　ESG 概念與評分制度 7 第二節　ESG 與企業財務績效關聯理論 15 第三節　現金股利、股東權益與營收之理論基礎 21 第四節　ESG 與財務績效之實證研究回顧 26 第五節　ESG議題對投資者決策的影響 27 第六節　投資者是否有效地將ESG納入投資決策 29 第七節　小結 33 第三章　研究方法 35 第一節　資料來源與變數定義 35 第二節　研究方法與模型建立 38 第三節　分析方法 39 第四節　變數預期方向與說明 41 第四章　實證結果分析 44 第一節　描述性統計分析 44 第二節　迴歸分析結果與解釋 48 第三節　進階分析 56 第四節　研究結果討論 66 第五章　結論與建議 69 第一節　研究結論 70 第二節　研究貢獻 71 第三節　研究限制與未來研究建議 73 參考文獻 76zh_TW
dc.format.extent 2408214 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0112ZB1033en_US
dc.subject (關鍵詞) ESG評分zh_TW
dc.subject (關鍵詞) 企業財務績效zh_TW
dc.subject (關鍵詞) 現金股利zh_TW
dc.subject (關鍵詞) 股東權益zh_TW
dc.subject (關鍵詞) 營收zh_TW
dc.subject (關鍵詞) 多元回歸分析zh_TW
dc.subject (關鍵詞) 產業別異質性zh_TW
dc.subject (關鍵詞) 永續發展指標zh_TW
dc.subject (關鍵詞) 公司治理zh_TW
dc.subject (關鍵詞) 社會責任zh_TW
dc.subject (關鍵詞) ESG ratingsen_US
dc.subject (關鍵詞) Financial performanceen_US
dc.subject (關鍵詞) Cash dividendsen_US
dc.subject (關鍵詞) Shareholder's equityen_US
dc.subject (關鍵詞) Revenueen_US
dc.subject (關鍵詞) Multiple regression analysisen_US
dc.subject (關鍵詞) Industry heterogeneityen_US
dc.subject (關鍵詞) Corporate governanceen_US
dc.subject (關鍵詞) Sustainability strategyen_US
dc.subject (關鍵詞) Taiwan stock marketen_US
dc.title (題名) ESG評分與財務績效指標的關係 : 以現金股利、股東權益、營收為例zh_TW
dc.title (題名) An Analysis of the Impact of Corporate ESG Scores on Financial Indicators: Exploring the Relationship Between Sustainability and Firm Performanceen_US
dc.type (資料類型) thesisen_US
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