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題名 企業ESG評級對財務績效之影響—產業異質性與調節效果分析：以台灣製造業與服務業為例
The Impact of ESG Ratings on Financial Performance : An Analysis of Industry Heterogeneity and Moderating Effects in Taiwan’s Manufacturing and Service Sectors
作者 王伶安
Wang, Ling-Ann
貢獻者 蘇威傑
王伶安
Wang, Ling-Ann
關鍵詞 ESG評級
財務績效
製造業
服務業
產業異質性
調節效果
ESG Ratings
Financial Performance
Manufacturing Firms
Service Firms
Industry Heterogeneity
Moderating Effects
日期 2025
上傳時間 4-Aug-2025 13:48:38 (UTC+8)
摘要 本研究旨在探討企業ESG評級對財務績效之影響，並進一步檢視產業異質 性是否構成調節因素。隨著永續資訊揭露制度趨於成熟，ESG評級逐漸成為投資決策與企業風險評估之重要依據，惟其對財務績效之影響可能因資訊結構與產業條件而異。為探討此一議題，本文以臺灣上市櫃製造業與服務業企業為研究對象，選取TEJ資料庫中之TESG分數與事件雷達轉換計分，分別代表企業永續表現之整體型與事件型指標，並以ROA與Tobin's Q衡量財務績效，進行多元迴歸與產業分組分析。 實證結果顯示，TESG分數對ROA與Tobin's Q皆具穩定且顯著之正向預 測效果，顯示其具有跨產業解釋力與應用性。相對地，事件雷達轉換計分僅對ROA具顯著解釋力，且預測效果主要集中於服務業，顯示事件型ESG風險資訊對營運績效之影響具產業差異。進一步的交互作用與子樣本分析亦驗證，產業結構對事件型資訊與財務績效間之關係具有調節效果，驗證服務業樣本對ESG事件風險之財務反應較為敏感。 整體而言，ESG資訊具備財務預測功能，惟其效果會因資訊類別與產業結 構而異。本研究結果除補充ESG實證文獻中對資訊異質性與產業調節機制之理解，亦可為企業永續溝通、投資評估與評級制度設計提供實務參考。
This study investigates the impact of corporate ESG ratings on financial performance, with a particular focus on whether industry heterogeneity serves as a moderating factor. As sustainability disclosure frameworks become increasingly institutionalized, ESG ratings have emerged as a critical reference for investment decisions and corporate risk assessments. However, their effect on financial outcomes may vary depending on the nature of ESG information and industry context. To examine this issue, this study selects listed manufacturing and service firms in Taiwan as the research sample and adopts two indicators from the TEJ database—TESG scores and Event Radar Transformed Scores—representing, respectively, the overall type and event-type dimensions of corporate ESG performance. ROA and Tobin’s Q are employed as measures of financial performance, with empirical analyses conducted through multiple regression and industry subgroup comparisons. The results reveal that TESG scores exhibit a stable and significantly positive predictive effect on both ROA and Tobin’s Q, indicating cross-industry explanatory power and applicability. In contrast, the Event Radar Transformed Score is only significantly associated with ROA, with its predictive effect concentrated primarily in the service sector, suggesting that event-type ESG risk information influences operating performance in an industry-specific manner. Further interaction and subsample analyses confirm that industry structure moderates the relationship between event-type ESG indicators and financial outcomes, demonstrating that firms in the service sector show greater financial sensitivity to ESG-related incidents. Overall, ESG information demonstrates predictive power for financial performance; however, its effectiveness varies with the type of information and the industry structure. The findings of this study contribute to the literature on ESG information heterogeneity and industry-level moderating mechanisms, while also providing practical implications for sustainability communication, investment evaluation, and ESG rating system design.
參考文獻 一、中文文獻 1.安永聯合會計師事務所（EY Taiwan），2024。IFRS永續揭露準則深度解析，了解永續準則架構，洞悉企業因應之道。https://www.ey.com/zh_tw/insights/assurance/trends-of-ifrs-s1-s2-sustainability-disclosure-standards-part1。搜尋日期：2025年3月10日。 2.金融監督管理委員會，2023。金管會發布我國接軌國際財務報導準則(IFRS)永續揭露準則藍圖，持續提升永續資訊報導品質及透明度。https://www.fsc.gov.tw/ch/home.jsp?dataserno=202308170002&dtable=News&id=96&mcustomize=news_view.jsp&parentpath=0%2C2。搜尋日期：2025年3月10日。 3.台灣經濟新報（TEJ），2023。永續報告書為何？有何參考準則？永續報告書內容一覽。https://www.tejwin.com/insight/sustainability-report/。搜尋日期：2025年3月12日。 4.聯合新聞網，2024。商業服務業貢獻GDP逾六成成長4.54個百分點。https://udn.com/news/story/7238/8455488。搜尋日期：2025年3月20日。 5.台灣經濟新報（TEJ），2023。TESG事件雷達_TEJ。https://www.tejwin.com/news/tesg-event-radar/。搜尋日期：2025年3月20日。 6.台灣經濟新報（TEJ），2022。TESG永續發展指標，臺灣企業專屬的ESG指標！。https://www.tejwin.com/news/%E5%8F%B0%E7%81%A3%E7%9A%84esg%E6%8C%87%E6%A8%99-tesg/。搜尋日期：2025年3月20日。 7.金融監督管理委員會，2023。金管會發布「上市櫃公司永續發展行動方案（2023年）」。 https://www.fsc.gov.tw/ch/home.jsp?id=96&parentpath=0,2&mcustomize=news_view.jsp&dataserno=202303280001&dtable=News。搜尋日期：2025年3月26日。 二、英文資料 1.Aouadi, A., & Marsat, S. 2018. Do ESG controversies matter for firm value? Evidence from international data. Journal of Business Ethics, 151(4)：1027-1047. 2.Aydogmus, M., Gulay, G., & Ergun, K. 2022. Impact of ESG performance on firm value and profitability. Borsa Istanbul Review, 22(S2)：119–127. 3.Berger, C. 2025. The maze of corporate ESG reporting standards. Climatiq. https://www.climatiq.io/blog/the-maze-of-corporate-esg-reporting-standards. Retrieved March 26, 2025. 4.Brigham, E. F., & Ehrhardt, M. C. 2013. Financial management: Theory & practice (14th ed.). Cengage Learning. 5.Chung, K. H., & Pruitt, S. W. 1994. A simple approximation of Tobin's q. Financial Management, 23(3)：70-74. 6.Clark, G. L., Feiner, A., & Viehs, M. 2015. From the stockholder to the stakeholder: How sustainability can drive financial outperformance. University of Oxford and Arabesque Asset Management. SSRN. 7.Dang, C., Li, Z., & Yang, C. 2018. Measuring Firm Size in Empirical Corporate Finance. Journal of Banking and Finance, 86：159-176. 8.ESG Pro. (n.d.). Learn the key differences between the GRI and the SASB, and their respective strengths and weaknesses. https://esgpro.co.uk/esg-reporting-frameworks-comparing-the-gri-and-the-sasb/. Retrieved April 18, 2025. 9.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. 10.Grewal, J., Hauptmann, C., & Serafeim, G. 2020. Material sustainability information and stock price informativeness. Journal of Business Ethics, 171(3)：513–544. 11.Koundouri, P., Pittis, N., & Plataniotis, A. 2022. The impact of ESG performance on the financial performance of European area companies：An empirical examination. Environmental Science Proceedings, 15(1)：13. 12.Wei, J., He, X., & Wu, Y. 2025. ESG Performance Empowers Financial Flexibility in Manufacturing Firms—Empirical Evidence from China. Sustainability, 17(3)：1171. 13.Xu, Y., & Zhu, N. 2024. The effect of environmental, social, and governance (ESG) performance on corporate financial performance in China: Based on the perspective of innovation and financial constraints. Sustainability, 16(8)：3329.
描述 碩士
國立政治大學
企業管理研究所(MBA學位學程)
112363093
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0112363093
資料類型 thesis
dc.contributor.advisor 蘇威傑zh_TW
dc.contributor.author (Authors) 王伶安zh_TW
dc.contributor.author (Authors) Wang, Ling-Annen_US
dc.creator (作者) 王伶安zh_TW
dc.creator (作者) Wang, Ling-Annen_US
dc.date (日期) 2025en_US
dc.date.accessioned 4-Aug-2025 13:48:38 (UTC+8)-
dc.date.available 4-Aug-2025 13:48:38 (UTC+8)-
dc.date.issued (上傳時間) 4-Aug-2025 13:48:38 (UTC+8)-
dc.identifier (Other Identifiers) G0112363093en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/158454-
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) 112363093zh_TW
dc.description.abstract (摘要) 本研究旨在探討企業ESG評級對財務績效之影響，並進一步檢視產業異質 性是否構成調節因素。隨著永續資訊揭露制度趨於成熟，ESG評級逐漸成為投資決策與企業風險評估之重要依據，惟其對財務績效之影響可能因資訊結構與產業條件而異。為探討此一議題，本文以臺灣上市櫃製造業與服務業企業為研究對象，選取TEJ資料庫中之TESG分數與事件雷達轉換計分，分別代表企業永續表現之整體型與事件型指標，並以ROA與Tobin's Q衡量財務績效，進行多元迴歸與產業分組分析。 實證結果顯示，TESG分數對ROA與Tobin's Q皆具穩定且顯著之正向預 測效果，顯示其具有跨產業解釋力與應用性。相對地，事件雷達轉換計分僅對ROA具顯著解釋力，且預測效果主要集中於服務業，顯示事件型ESG風險資訊對營運績效之影響具產業差異。進一步的交互作用與子樣本分析亦驗證，產業結構對事件型資訊與財務績效間之關係具有調節效果，驗證服務業樣本對ESG事件風險之財務反應較為敏感。 整體而言，ESG資訊具備財務預測功能，惟其效果會因資訊類別與產業結 構而異。本研究結果除補充ESG實證文獻中對資訊異質性與產業調節機制之理解，亦可為企業永續溝通、投資評估與評級制度設計提供實務參考。zh_TW
dc.description.abstract (摘要) This study investigates the impact of corporate ESG ratings on financial performance, with a particular focus on whether industry heterogeneity serves as a moderating factor. As sustainability disclosure frameworks become increasingly institutionalized, ESG ratings have emerged as a critical reference for investment decisions and corporate risk assessments. However, their effect on financial outcomes may vary depending on the nature of ESG information and industry context. To examine this issue, this study selects listed manufacturing and service firms in Taiwan as the research sample and adopts two indicators from the TEJ database—TESG scores and Event Radar Transformed Scores—representing, respectively, the overall type and event-type dimensions of corporate ESG performance. ROA and Tobin’s Q are employed as measures of financial performance, with empirical analyses conducted through multiple regression and industry subgroup comparisons. The results reveal that TESG scores exhibit a stable and significantly positive predictive effect on both ROA and Tobin’s Q, indicating cross-industry explanatory power and applicability. In contrast, the Event Radar Transformed Score is only significantly associated with ROA, with its predictive effect concentrated primarily in the service sector, suggesting that event-type ESG risk information influences operating performance in an industry-specific manner. Further interaction and subsample analyses confirm that industry structure moderates the relationship between event-type ESG indicators and financial outcomes, demonstrating that firms in the service sector show greater financial sensitivity to ESG-related incidents. Overall, ESG information demonstrates predictive power for financial performance; however, its effectiveness varies with the type of information and the industry structure. The findings of this study contribute to the literature on ESG information heterogeneity and industry-level moderating mechanisms, while also providing practical implications for sustainability communication, investment evaluation, and ESG rating system design.en_US
dc.description.tableofcontents 第一章 緒論 1 1.1 研究背景 1 1.2 研究動機 3 1.3 研究問題與目的 4 第二章 文獻與假設發展 6 2.1 ESG表現與企業財務績效 6 2.2 產業差異的潛在效果 8 2.3 研究假說 10 第三章 研究方法 11 3.1資料來源與樣本選取 11 3.2變數描述與定義 14 3.3研究模型與迴歸方法 18 第四章 統計結果 22 4.1敘述性統計 22 4.2 假設驗證（迴歸分析結果） 24 4.3 額外分析 31 第五章 綜合討論 34 5.1 結論 34 5.2 實務意涵 38 5.3 研究限制與未來研究方向 39 參考文獻 42zh_TW
dc.format.extent 2371030 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0112363093en_US
dc.subject (關鍵詞) ESG評級zh_TW
dc.subject (關鍵詞) 財務績效zh_TW
dc.subject (關鍵詞) 製造業zh_TW
dc.subject (關鍵詞) 服務業zh_TW
dc.subject (關鍵詞) 產業異質性zh_TW
dc.subject (關鍵詞) 調節效果zh_TW
dc.subject (關鍵詞) ESG Ratingsen_US
dc.subject (關鍵詞) Financial Performanceen_US
dc.subject (關鍵詞) Manufacturing Firmsen_US
dc.subject (關鍵詞) Service Firmsen_US
dc.subject (關鍵詞) Industry Heterogeneityen_US
dc.subject (關鍵詞) Moderating Effectsen_US
dc.title (題名) 企業ESG評級對財務績效之影響—產業異質性與調節效果分析：以台灣製造業與服務業為例zh_TW
dc.title (題名) The Impact of ESG Ratings on Financial Performance : An Analysis of Industry Heterogeneity and Moderating Effects in Taiwan’s Manufacturing and Service Sectorsen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 一、中文文獻 1.安永聯合會計師事務所（EY Taiwan），2024。IFRS永續揭露準則深度解析，了解永續準則架構，洞悉企業因應之道。https://www.ey.com/zh_tw/insights/assurance/trends-of-ifrs-s1-s2-sustainability-disclosure-standards-part1。搜尋日期：2025年3月10日。 2.金融監督管理委員會，2023。金管會發布我國接軌國際財務報導準則(IFRS)永續揭露準則藍圖，持續提升永續資訊報導品質及透明度。https://www.fsc.gov.tw/ch/home.jsp?dataserno=202308170002&dtable=News&id=96&mcustomize=news_view.jsp&parentpath=0%2C2。搜尋日期：2025年3月10日。 3.台灣經濟新報（TEJ），2023。永續報告書為何？有何參考準則？永續報告書內容一覽。https://www.tejwin.com/insight/sustainability-report/。搜尋日期：2025年3月12日。 4.聯合新聞網，2024。商業服務業貢獻GDP逾六成成長4.54個百分點。https://udn.com/news/story/7238/8455488。搜尋日期：2025年3月20日。 5.台灣經濟新報（TEJ），2023。TESG事件雷達_TEJ。https://www.tejwin.com/news/tesg-event-radar/。搜尋日期：2025年3月20日。 6.台灣經濟新報（TEJ），2022。TESG永續發展指標，臺灣企業專屬的ESG指標！。https://www.tejwin.com/news/%E5%8F%B0%E7%81%A3%E7%9A%84esg%E6%8C%87%E6%A8%99-tesg/。搜尋日期：2025年3月20日。 7.金融監督管理委員會，2023。金管會發布「上市櫃公司永續發展行動方案（2023年）」。 https://www.fsc.gov.tw/ch/home.jsp?id=96&parentpath=0,2&mcustomize=news_view.jsp&dataserno=202303280001&dtable=News。搜尋日期：2025年3月26日。 二、英文資料 1.Aouadi, A., & Marsat, S. 2018. Do ESG controversies matter for firm value? Evidence from international data. Journal of Business Ethics, 151(4)：1027-1047. 2.Aydogmus, M., Gulay, G., & Ergun, K. 2022. Impact of ESG performance on firm value and profitability. Borsa Istanbul Review, 22(S2)：119–127. 3.Berger, C. 2025. The maze of corporate ESG reporting standards. Climatiq. https://www.climatiq.io/blog/the-maze-of-corporate-esg-reporting-standards. Retrieved March 26, 2025. 4.Brigham, E. F., & Ehrhardt, M. C. 2013. Financial management: Theory & practice (14th ed.). Cengage Learning. 5.Chung, K. H., & Pruitt, S. W. 1994. A simple approximation of Tobin's q. Financial Management, 23(3)：70-74. 6.Clark, G. L., Feiner, A., & Viehs, M. 2015. From the stockholder to the stakeholder: How sustainability can drive financial outperformance. University of Oxford and Arabesque Asset Management. SSRN. 7.Dang, C., Li, Z., & Yang, C. 2018. Measuring Firm Size in Empirical Corporate Finance. Journal of Banking and Finance, 86：159-176. 8.ESG Pro. (n.d.). Learn the key differences between the GRI and the SASB, and their respective strengths and weaknesses. https://esgpro.co.uk/esg-reporting-frameworks-comparing-the-gri-and-the-sasb/. Retrieved April 18, 2025. 9.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. 10.Grewal, J., Hauptmann, C., & Serafeim, G. 2020. Material sustainability information and stock price informativeness. Journal of Business Ethics, 171(3)：513–544. 11.Koundouri, P., Pittis, N., & Plataniotis, A. 2022. The impact of ESG performance on the financial performance of European area companies：An empirical examination. Environmental Science Proceedings, 15(1)：13. 12.Wei, J., He, X., & Wu, Y. 2025. ESG Performance Empowers Financial Flexibility in Manufacturing Firms—Empirical Evidence from China. Sustainability, 17(3)：1171. 13.Xu, Y., & Zhu, N. 2024. The effect of environmental, social, and governance (ESG) performance on corporate financial performance in China: Based on the perspective of innovation and financial constraints. Sustainability, 16(8)：3329.zh_TW