1. NCCU Academic Hub
  2. 學術產出
  3. 社會科學學院
  4. 學位論文
  5. Item

學術產出-學位論文

文章檢視/開啟

書目匯出

Google ScholarTM

政大圖書館

引文資訊

TAIR相關學術產出

題名 ESG導入對台灣金融機構經營績效影響之探討
The Impact of ESG Implementation on the Operational Performance of Financial Institutions in Taiwan
作者 李昂
Lee, Ang
貢獻者 王國樑<br>余威廷
Wang, Kuo-Liang<br>Yu, Wei-Ting
李昂
Lee, Ang
關鍵詞 經營績效指標
ESG
產業經濟理論
多元迴歸分析
Operating Performance Indicators
ESG
Industrial Economics Theory
Multiple Regression Analysis
日期 2025
上傳時間 4-八月-2025 12:50:59 (UTC+8)
摘要 本文旨在探討ESG對臺灣金融機構經營績效之影響，首先根據產業經濟、財務績效指標、ESG相關的既有文獻建立可能影響經營績效的實證模型，其次依據2016年至2023年臺灣經濟新報資料庫的上市金融機構資料，分別將資產報酬率、稅後淨利率、Tobin’s Q作為經營績效衡量指標，透過多元迴歸進行實證分析。實證結果顯示，以資產報酬率、Tobin’s Q為被解釋變數時，環境構面分數具有正向影響、社會構面分數則具有負向影響、財務槓桿和員工人數之對數皆具有負向影響；以稅後淨利率為被解釋變數時，環境構面和治理構面分數皆有負向影響、財務槓桿則具有正向影響、員工人數之對數則亦具有負向影響。
This study aims to investigate the impact of ESG on the operational performance of financial institutions in Taiwan. First, based on industrial economics, financial performance indicators, and existing ESG-related literature, an empirical model was developed to identify potential factors influencing operational performance. Subsequently, using data from listed financial institutions in the Taiwan Economic Journal (TEJ) database from 2016 to 2023, the study adopts return on assets (ROA), net profit margin after tax, and Tobin’s Q as performance metrics, and conducts empirical analysis through multiple regression. The empirical results indicate that when ROA and Tobin’s Q are used as dependent variables, the environmental dimension score has a positive effect, while the social dimension score, financial leverage, and the logarithm of the number of employees all exhibit negative effects. When net profit margin after tax is the dependent variable, both the environmental and governance dimension scores have negative impacts, financial leverage shows a positive impact, and the logarithm of the number of employees again exhibits a negative effect.
參考文獻 中文參考文獻 1. 林姿妤（2024）。臺灣金融業 ESG 與績效關聯性之研究（碩士論文，國立臺北商業大學） 2. 許珊蜜 （2024）。ESG與碳排放量對企業財務績效的影響：以ESG評分為中介／調節變數（碩士論文，國立清華大學） 3. 陳立瑩（2022）。ESG 因子與公司財務績效之探討（碩士論文，國立臺北商業大學） 4. 陳學禹（2022）。ESG 對台灣銀行業財務績效之影響（碩士論文，東吳大學）。 5. 游琇螢（2019）。ESG 分數對公司績效表現與風險的影響—以臺灣市場為例（碩士論文，國立中央大學） 英文參考文獻 1. Balatbat, M. C. A., Siew, R. Y. J., & Carmichael, D. G. (2012). ESG scores and financial performance of Australian firms. Journal of Contemporary Accounting & Economics, 8(2), 103–119. 2. Baker, A. C., Larcker, D. F., McClure, C. G., Saraph, D., & Watts, E. M. (2024). Diversity washing. Journal of Accounting Research, 62(5), 1661–1709. 3. Berger, A. N., & Bonaccorsi di Patti, E. (2006). Capital structure and firm performance: A new approach to testing agency theory and an application to the banking industry. Journal of Banking & Finance, 30(4), 1065–1102. 4. Bermejo Climent, R., Figuerola-Ferretti Garrigues, I., Paraskevopoulos, I., & Santos, A. (2021). ESG disclosure and portfolio performance. Risks, 9(10), 172. 5. Columbia Law School Sabin Center for Climate Change Law. (2023). A comparative analysis of the SEC’s climate disclosure proposal. 6. Friede, G., Busch, T., & Bassen, A. (2015). ESG and financial performance: Aggregated evidence from more than 2000 empirical studies. Journal of Sustainable Finance & Investment, 5(4), 210–233. 7. Ferrero-Ferrero, I., Fernández-Izquierdo, M. Á., & Muñoz-Torres, M. J. (2013). Integrating sustainability into corporate governance: An empirical study on board diversity. Corporate Social Responsibility and Environmental Management, 23(4), 233–251. 8. Gangi, F., Meles, A., D’Angelo, E., & Daniele, L. M. (2019). Sustainable development and corporate governance in the financial system: Are environmentally friendly banks less risky? Corporate Social Responsibility and Environmental Management, 26(3), 529–547. 9. Gleason, K. C., Mathur, L. K., & Mathur, I. (2000). The interrelationship between culture, capital structure, and performance: Evidence from European retailers. Journal of Business Research, 50(2), 185–191. 10. Jensen, M. C. (1993). The modern industrial revolution, exit, and the failure of internal control systems. Journal of Finance, 48(3), 831–880. 11. Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360. 12. Krüger, P. (2015). Corporate goodness and shareholder wealth. Journal of Financial Economics, 115(2), 304–329. 13. Pfeffer, J., & Salancik, G. R. (1978). The external control of organizations: A resource dependence perspective. Harper & Row. 14. Steyn, G. (2014). Exploring Successful Principalship in South Africa: A Case Study. Journal of Asian and African Studies, 49(3), 347–361. 15. Serafeim, G. (2015). Integrated reporting and investor clientele. Journal of Applied Corporate Finance, 27(2), 34–51. 16. Spreckley, F. (1981). Social audit: A management tool for co-operative working. Beechwood College. 17. Steyn, M. (2014). Organisational benefits and implementation challenges of mandatory integrated reporting. Sustainability Accounting, Management and Policy Journal, 5(4), 476–503. 18. Susen, M., & Etter, M. A. (2024). Beyond financial outcomes: Assessing the influence of ESG tilt and momentum on employee satisfaction in S&P 500 corporations. Academy of Management Proceedings, 2024(1), Article 15068. 19. Waddock, S. A., & Graves, S. B. (1997). The corporate social performance–financial performance link. Strategic Management Journal, 18(4), 303–319. 20. Yoon, B., Lee, J. H., & Byun, R. (2018). Does ESG performance enhance firm value? Evidence from Korea. Sustainability, 10(10), 3635.
描述 碩士
國立政治大學
經濟學系
112258019
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0112258019
資料類型 thesis
dc.contributor.advisor 王國樑<br>余威廷zh_TW
dc.contributor.advisor Wang, Kuo-Liang<br>Yu, Wei-Tingen_US
dc.contributor.author (作者) 李昂zh_TW
dc.contributor.author (作者) Lee, Angen_US
dc.creator (作者) 李昂zh_TW
dc.creator (作者) Lee, Angen_US
dc.date (日期) 2025en_US
dc.date.accessioned 4-八月-2025 12:50:59 (UTC+8)-
dc.date.available 4-八月-2025 12:50:59 (UTC+8)-
dc.date.issued (上傳時間) 4-八月-2025 12:50:59 (UTC+8)-
dc.identifier (其他 識別碼) G0112258019en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/158276-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 經濟學系zh_TW
dc.description (描述) 112258019zh_TW
dc.description.abstract (摘要) 本文旨在探討ESG對臺灣金融機構經營績效之影響，首先根據產業經濟、財務績效指標、ESG相關的既有文獻建立可能影響經營績效的實證模型，其次依據2016年至2023年臺灣經濟新報資料庫的上市金融機構資料，分別將資產報酬率、稅後淨利率、Tobin’s Q作為經營績效衡量指標，透過多元迴歸進行實證分析。實證結果顯示，以資產報酬率、Tobin’s Q為被解釋變數時，環境構面分數具有正向影響、社會構面分數則具有負向影響、財務槓桿和員工人數之對數皆具有負向影響；以稅後淨利率為被解釋變數時，環境構面和治理構面分數皆有負向影響、財務槓桿則具有正向影響、員工人數之對數則亦具有負向影響。zh_TW
dc.description.abstract (摘要) This study aims to investigate the impact of ESG on the operational performance of financial institutions in Taiwan. First, based on industrial economics, financial performance indicators, and existing ESG-related literature, an empirical model was developed to identify potential factors influencing operational performance. Subsequently, using data from listed financial institutions in the Taiwan Economic Journal (TEJ) database from 2016 to 2023, the study adopts return on assets (ROA), net profit margin after tax, and Tobin’s Q as performance metrics, and conducts empirical analysis through multiple regression. The empirical results indicate that when ROA and Tobin’s Q are used as dependent variables, the environmental dimension score has a positive effect, while the social dimension score, financial leverage, and the logarithm of the number of employees all exhibit negative effects. When net profit margin after tax is the dependent variable, both the environmental and governance dimension scores have negative impacts, financial leverage shows a positive impact, and the logarithm of the number of employees again exhibits a negative effect.en_US
dc.description.tableofcontents 摘要 I ABSTRACT II 第壹章 緒論 1 第一節 研究背景 1 第二節 研究動機 2 第三節 研究架構與流程 3 第貳章 文獻回顧 4 第一節 相關理論回顧 4 第二節 ESG與企業績效相關文獻 5 第三節 金融產業ESG實踐的特性與影響 6 第四節 ESG對金融市場的潛在挑戰 7 第參章 研究方法 8 第一節 基礎研究模型介紹 8 第二節 研究架構 9 第三節 實證模型設計 10 第肆章 實證結果 16 第一節 資料及分析架構說明 16 第二節 共線性檢定與實證數據結果 19 第三節 全樣本與子樣本組間比較 27 第四節 組內模型變化比較：模型一至模型三的調整效果 27 第五節 數據結果分析與解讀 27 第伍章 結論與未來研究方向建議 30 參考文獻 34zh_TW
dc.format.extent 1804633 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0112258019en_US
dc.subject (關鍵詞) 經營績效指標zh_TW
dc.subject (關鍵詞) ESGzh_TW
dc.subject (關鍵詞) 產業經濟理論zh_TW
dc.subject (關鍵詞) 多元迴歸分析zh_TW
dc.subject (關鍵詞) Operating Performance Indicatorsen_US
dc.subject (關鍵詞) ESGen_US
dc.subject (關鍵詞) Industrial Economics Theoryen_US
dc.subject (關鍵詞) Multiple Regression Analysisen_US
dc.title (題名) ESG導入對台灣金融機構經營績效影響之探討zh_TW
dc.title (題名) The Impact of ESG Implementation on the Operational Performance of Financial Institutions in Taiwanen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 中文參考文獻 1. 林姿妤（2024）。臺灣金融業 ESG 與績效關聯性之研究（碩士論文，國立臺北商業大學） 2. 許珊蜜 （2024）。ESG與碳排放量對企業財務績效的影響：以ESG評分為中介／調節變數（碩士論文，國立清華大學） 3. 陳立瑩（2022）。ESG 因子與公司財務績效之探討（碩士論文，國立臺北商業大學） 4. 陳學禹（2022）。ESG 對台灣銀行業財務績效之影響（碩士論文，東吳大學）。 5. 游琇螢（2019）。ESG 分數對公司績效表現與風險的影響—以臺灣市場為例（碩士論文，國立中央大學） 英文參考文獻 1. Balatbat, M. C. A., Siew, R. Y. J., & Carmichael, D. G. (2012). ESG scores and financial performance of Australian firms. Journal of Contemporary Accounting & Economics, 8(2), 103–119. 2. Baker, A. C., Larcker, D. F., McClure, C. G., Saraph, D., & Watts, E. M. (2024). Diversity washing. Journal of Accounting Research, 62(5), 1661–1709. 3. Berger, A. N., & Bonaccorsi di Patti, E. (2006). Capital structure and firm performance: A new approach to testing agency theory and an application to the banking industry. Journal of Banking & Finance, 30(4), 1065–1102. 4. Bermejo Climent, R., Figuerola-Ferretti Garrigues, I., Paraskevopoulos, I., & Santos, A. (2021). ESG disclosure and portfolio performance. Risks, 9(10), 172. 5. Columbia Law School Sabin Center for Climate Change Law. (2023). A comparative analysis of the SEC’s climate disclosure proposal. 6. Friede, G., Busch, T., & Bassen, A. (2015). ESG and financial performance: Aggregated evidence from more than 2000 empirical studies. Journal of Sustainable Finance & Investment, 5(4), 210–233. 7. Ferrero-Ferrero, I., Fernández-Izquierdo, M. Á., & Muñoz-Torres, M. J. (2013). Integrating sustainability into corporate governance: An empirical study on board diversity. Corporate Social Responsibility and Environmental Management, 23(4), 233–251. 8. Gangi, F., Meles, A., D’Angelo, E., & Daniele, L. M. (2019). Sustainable development and corporate governance in the financial system: Are environmentally friendly banks less risky? Corporate Social Responsibility and Environmental Management, 26(3), 529–547. 9. Gleason, K. C., Mathur, L. K., & Mathur, I. (2000). The interrelationship between culture, capital structure, and performance: Evidence from European retailers. Journal of Business Research, 50(2), 185–191. 10. Jensen, M. C. (1993). The modern industrial revolution, exit, and the failure of internal control systems. Journal of Finance, 48(3), 831–880. 11. Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360. 12. Krüger, P. (2015). Corporate goodness and shareholder wealth. Journal of Financial Economics, 115(2), 304–329. 13. Pfeffer, J., & Salancik, G. R. (1978). The external control of organizations: A resource dependence perspective. Harper & Row. 14. Steyn, G. (2014). Exploring Successful Principalship in South Africa: A Case Study. Journal of Asian and African Studies, 49(3), 347–361. 15. Serafeim, G. (2015). Integrated reporting and investor clientele. Journal of Applied Corporate Finance, 27(2), 34–51. 16. Spreckley, F. (1981). Social audit: A management tool for co-operative working. Beechwood College. 17. Steyn, M. (2014). Organisational benefits and implementation challenges of mandatory integrated reporting. Sustainability Accounting, Management and Policy Journal, 5(4), 476–503. 18. Susen, M., & Etter, M. A. (2024). Beyond financial outcomes: Assessing the influence of ESG tilt and momentum on employee satisfaction in S&P 500 corporations. Academy of Management Proceedings, 2024(1), Article 15068. 19. Waddock, S. A., & Graves, S. B. (1997). The corporate social performance–financial performance link. Strategic Management Journal, 18(4), 303–319. 20. Yoon, B., Lee, J. H., & Byun, R. (2018). Does ESG performance enhance firm value? Evidence from Korea. Sustainability, 10(10), 3635.zh_TW