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題名 ESG策略與表現對企業經營績效之影響－台灣金融業觀點
The Impact of ESG Strategy and score on Corporate Performance: Perspective from Taiwan’s Financial Sector
作者 鄭柏凡
Cheng, Bo-Fan
貢獻者 樓永堅
Lou, Yong-Jian
鄭柏凡
Cheng, Bo-Fan
關鍵詞 ESG
企業社會責任
經營績效
金融業
TESG
ESG
CSR
Corporate Performance
Financial Sector
TESG
日期 2025
上傳時間 1-Sep-2025 15:12:55 (UTC+8)
摘要 本研究旨在探討台灣金融業在永續浪潮下，其ESG（環境、社會、公司治理）表現與企業經營績效之間的關聯性。研究樣本涵蓋2019年至2023年間台灣上市櫃金融業公司，採用台灣經濟新報（TEJ）之TESG評等資料與財務指標（ROE、ROA、EPS、Tobin’s Q）進行實證分析。研究設計包括文獻回顧、假說建立、樣本篩選與變數定義，運用描述性統計、相關分析與多元迴歸模型，並控制公司規模、年齡與負債比等變數。 實證結果顯示，ESG整體表現對資產報酬率（ROA）與市場價值（Tobin’s Q）具有正向影響，顯示整體ESG策略有助於提升資產效率與獲得市場認同；環境構面對每股盈餘（EPS）具顯著正向效果，支持其對獲利能力的促進；社會責任構面則對ROA與Tobin’s Q皆呈正向顯著，顯示社會投入有助於資產運用與市場信任。相對地，公司治理構面對EPS呈現微弱負向影響，且未顯著促進其他財務指標，顯示其短期內可能增加營運成本。整體而言，ESG的正面效益多體現在長期價值與資源效率面，短期獲利指標則受限於構面落實與制度成熟度。研究建議金融業應將ESG策略融入核心業務流程與績效管理機制，並強化與市場及利害關係人之溝通，方能轉化永續投入為企業價值。
This study explores the link between ESG (Environmental, Social, Governance) performance and corporate outcomes in Taiwan’s financial industry from 2019 to 2023. Using TESG scores from TEJ and financial indicators (ROE, ROA, EPS, Tobin’s Q), regression analysis was conducted with controls for firm size, age, and leverage. Results show that overall ESG performance positively impacts ROA and Tobin’s Q, suggesting better asset efficiency and market valuation. The environmental aspect significantly enhances EPS, while the social aspect improves both ROA and Tobin’s Q. In contrast, the governance aspect shows a slight negative effect on EPS and limited benefits elsewhere, possibly due to short-term cost pressures. The findings suggest ESG contributes more to long-term value than short-term profit. Financial firms are advised to integrate ESG into core strategies and strengthen stakeholder communication to enhance corporate value through sustainability.
參考文獻 中華民國財政部（2022）。中華民國稅務行業標準分類 （第9次修訂)。2025年6月15日，取自：https://service.mof.gov.tw/public/Data/statistic/class/9th/K.pdf 未來流通研究所（2023）。《2023 台灣電子支付與純網銀產業版圖》全新上線！整併條例後的支付生態體系正式展開。2025年6月15日，取自：https://www.mirai.com.tw/2023-taiwans-electronic-payment-internet-only-banking-industry-landscape-diagram/ 呂振華（2025）。租賃及分期付款業：太陽能與電動車充電樁，打造智慧綠能生活。《CRIF中華徵信所電子報》，14(5)。2025年6月15日，取自：https://www.credit.com.tw/newcreditonline/Epaper/IndustrialSubjectContent.aspx?sn=408&unit=608 何丞利（2024）。建構永續性平衡計分卡之研究－以台灣金融產業為例。東海大學企業管理學系碩士稐文，未出版，台中市。 林子傑（2023）。ESG 評分與企業營運績效之關聯：非金融業對比金融業。國立臺灣科技大學財務金融研究所碩士論文，未出版，台北市。 金融監督管理委員會 (2024)。一百一十二年年報。2025年6月15日，取自：https://www.fsc.gov.tw/ch/home.jsp?id=137&parentpath=0,4 邱琮皓（2024）。衝破資本寒冬 台灣新創2023年募資近28億美元。經濟日報。2025年6月25日，取自：https://money.udn.com/money/story/5613/8313026 邱德成（2025）。創投在台灣扮演什麼角色？《創投專欄》。台灣創業投資商業同業公會。2025年7月7日，取自：https://www.tvca.org.tw/10-%E5%89%B5%E6%8A%95%E5%B0%88%E6%AC%84-39.html 袁競（2023）。企業 ESG 評分與經營績效之影響分析－以台灣上市公司為例。義守大學管理學院碩士論文，未出版，高雄市。 高敬堯（2023）。ESG 表現對企業績效之影響－以台灣股票市場電器及電子產業為例。國立臺北商業大學企業管理學系碩士論文，未出版，台北市。 葉育琪（2018）。企業社會責任對財務績效之影響－以金融控股公司為例。天主教輔仁大學企業管理學系碩士論文，未出版，新北市。 賴威仁、張凱君（2024）。打造臺灣成為亞洲資產管理中心。台灣經濟論衡，22(2)，40–45。 楊子慶（2020）。銀行企業社會責任與財務績效關聯性－以本國銀行為例。國立臺北科技大學經營管理系碩士論文，未出版，台北市。 彰化銀行資金營運處（2022）。專題論述：從 ESG 評級機制探討企業永續經營策略。彰化銀行。2025年6月25日，取自https://www.bankchb.com/chb_2a_resource/leap_do/gallery/1603939047319/69-9&10%E5%B0%88%E9%A1%8C%E8%AB%96%E8%BF%B0.pdf 蘇思云（2024）。純網銀業務逐步開放 惠譽：2024為關鍵年。中央社。2025年6月25日，取自：https://www.cna.com.tw/news/afe/202408050253.aspx Allison, D., Barry, K., Beaver, P., Browne, M., Cubillos, C., Hanger, W., Kluchko, L., LaDue, C., McGhee, M., & Mitsoff, G. (2005). ICAF financial services industry study. National Defense University, Industrial College of the Armed Forces. Aupperle, K. E., Carroll, A. B., & Hatfield, J. D. (1985). An empirical examination of the relationship between corporate social responsibility and profitability. Academy of Management Journal, 28(2), 446-463. Bird, R., Hall, A. D., Momentè, F., & Reggiani, F. (2007). What corporate social responsibility activities are valued by the market? Journal of Business Ethics, 76(2), 189–206. Bowen, H. R. (1953). Social responsibilities of the businessman. New York: Harper & Row. Buallay, A. (2019). Is sustainability reporting (ESG) associated with performance? Evidence from the European banking sector. Management of Environmental Quality: An International Journal, 30(1), 98–115 Carroll, A. B. (1979). A three-dimensional conceptual model of corporate performance. Academy of Management Review, 4(4), 497–505. Carroll, A. B. (1991). The pyramid of corporate social responsibility: Toward the moral management of organizational stakeholders. Business Horizons, 34(4), 39–48. Davis, K. (1960). Can business afford to ignore social responsibilities? California Management Review, 2(3), 70–76. Friedman, M. (1970). The social responsibility of business is to increase its profits. The New York Times Magazine. New York: The New York Times Freeman, R. E., Harrison, J. S., Wicks, A. C., Parmar, B. L., & De Colle, S. (2010). Stakeholder theory: The state of the art. Cambridge University Press. Global Reporting Initiative. (2016). GRI 101: Foundation 2016. Global Reporting Initiative. Griffin, J. J., & Mahon, J. F. (1997). The corporate social performance and corporate financial performance debate: Twenty-five years of incomparable research. Business & Society, 36(1), 5–31. Hammond, S. A., & Slocum, J. W. (1996). The impact of prior firm financial performance on subsequent corporate reputation. Journal of Business Ethics, 15(2), 159–165. Ioannou, I., & Serafeim, G. (2017). The Consequences of Mandatory Corporate Sustainability Reporting. Harvard Business School Research Working Paper, (11-100). Kumar, R. (2014). Strategies and structures of financial institutions. In Strategies of Banks and Other Financial Institutions (3). US: Academic Press. Margolis, J. D., & Walsh, J. P. (2003). Misery loves companies: Rethinking social initiatives by business. Administrative Science Quarterly, 48(2), 268-305. McWilliams, A., & Siegel, D. (2000). Corporate social responsibility and financial performance: Correlation or misspecification? Strategic Management Journal, 21(5), 603-609. Nijs, L. (2016). A Pigovian approach in a globalizing financial industry. The Handbook of Global Shadow Banking, Volume I (pp. 251–324). London: Palgrave Macmillan. Orlitzky, M., Schmidt, F. L., & Rynes, S. L. (2003). Corporate social and financial performance: A meta-analysis. Organization Studies, 24(3), 403-441. Pinney, C., Lawrence, S., & Lau, S. (2019). Sustainability and capital markets—Are we there yet? Journal of Applied Corporate Finance, 31(2), 86–91. Principles for Responsible Investment. (2016). Principles for Responsible Investment – Brochure . United Nations. Sustainability Accounting Standards Board. (2017). SASB conceptual framework. SASB. Soana, M.-G. (2011). The relationship between corporate social performance and corporate financial performance in the banking sector. Journal of Business Ethics, 104(1), 133-148. Szilagyi, A. D. (1984). Management and performance. Goodyear Publishing Company. Task Force on Climate-related Financial Disclosures. (2017). Recommendations of the Task Force on Climate-related Financial Disclosures . Financial Stability Board. TEJ Finance Research Institute. (2022). Comparison of different ESG ratings. United Nations Global Compact & International Finance Corporation. (2004). Who cares wins: Connecting financial markets to a changing world. Vance, S. (1975). Are Socially Responsible Corporations Good Investment Risks? Managerial Review, 64, 18-24. Waddock, S. A., & Graves, S. B. (1997). The corporate social performance–financial performance link. Strategic Management Journal, 18(4), 303-319. Wang, Z. (2024). A probe into the high-quality development path of China’s financial industry. Proceedings of Business and Economic Studies, 7(3), 42–47. World Economic Forum. (1999). 1999: History of the World Economic Forum. Wright, P., & Ferris, S. P. (1997). Agency conflict and corporate strategy: The effect of divestment on corporate value. Strategic Management Journal, 18(1), 77-83. Yang, F. (2024). ESG management and corporate sustainability based on balanced scorecard. International Business & Economics Studies, 6(4). London: Scholink Co., Ltd.
描述 碩士
國立政治大學
企業管理研究所(MBA學位學程)
112363053
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0112363053
資料類型 thesis
dc.contributor.advisor 樓永堅zh_TW
dc.contributor.advisor Lou, Yong-Jianen_US
dc.contributor.author (Authors) 鄭柏凡zh_TW
dc.contributor.author (Authors) Cheng, Bo-Fanen_US
dc.creator (作者) 鄭柏凡zh_TW
dc.creator (作者) Cheng, Bo-Fanen_US
dc.date (日期) 2025en_US
dc.date.accessioned 1-Sep-2025 15:12:55 (UTC+8)-
dc.date.available 1-Sep-2025 15:12:55 (UTC+8)-
dc.date.issued (上傳時間) 1-Sep-2025 15:12:55 (UTC+8)-
dc.identifier (Other Identifiers) G0112363053en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/159119-
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) 112363053zh_TW
dc.description.abstract (摘要) 本研究旨在探討台灣金融業在永續浪潮下，其ESG（環境、社會、公司治理）表現與企業經營績效之間的關聯性。研究樣本涵蓋2019年至2023年間台灣上市櫃金融業公司，採用台灣經濟新報（TEJ）之TESG評等資料與財務指標（ROE、ROA、EPS、Tobin’s Q）進行實證分析。研究設計包括文獻回顧、假說建立、樣本篩選與變數定義，運用描述性統計、相關分析與多元迴歸模型，並控制公司規模、年齡與負債比等變數。 實證結果顯示，ESG整體表現對資產報酬率（ROA）與市場價值（Tobin’s Q）具有正向影響，顯示整體ESG策略有助於提升資產效率與獲得市場認同；環境構面對每股盈餘（EPS）具顯著正向效果，支持其對獲利能力的促進；社會責任構面則對ROA與Tobin’s Q皆呈正向顯著，顯示社會投入有助於資產運用與市場信任。相對地，公司治理構面對EPS呈現微弱負向影響，且未顯著促進其他財務指標，顯示其短期內可能增加營運成本。整體而言，ESG的正面效益多體現在長期價值與資源效率面，短期獲利指標則受限於構面落實與制度成熟度。研究建議金融業應將ESG策略融入核心業務流程與績效管理機制，並強化與市場及利害關係人之溝通，方能轉化永續投入為企業價值。zh_TW
dc.description.abstract (摘要) This study explores the link between ESG (Environmental, Social, Governance) performance and corporate outcomes in Taiwan’s financial industry from 2019 to 2023. Using TESG scores from TEJ and financial indicators (ROE, ROA, EPS, Tobin’s Q), regression analysis was conducted with controls for firm size, age, and leverage. Results show that overall ESG performance positively impacts ROA and Tobin’s Q, suggesting better asset efficiency and market valuation. The environmental aspect significantly enhances EPS, while the social aspect improves both ROA and Tobin’s Q. In contrast, the governance aspect shows a slight negative effect on EPS and limited benefits elsewhere, possibly due to short-term cost pressures. The findings suggest ESG contributes more to long-term value than short-term profit. Financial firms are advised to integrate ESG into core strategies and strengthen stakeholder communication to enhance corporate value through sustainability.en_US
dc.description.tableofcontents 第一章　緒論 1 第一節　研究背景與動機 1 第二節　研究目的 2 第三節　研究流程 4 第二章　文獻探討 5 第一節　金融產業與台灣金融業發展現況簡介 5 第二節　企業社會責任與ESG評級相關概念 8 第三節　CSR/ESG表現與經營績效關聯 14 第四節　假說建立 18 第三章　研究方法 22 第一節　研究設計與架構 22 第二節　研究資料來源與樣本 24 第三節　變數定義與衡量 26 第四章　研究結果 34 第一節　敘述性統計 34 第二節　相關性分析 35 第三節　迴歸分析 36 第四節　假說驗證 42 第五節　延伸研究 45 第五章　結論與建議 49 第一節　研究結論 49 第二節　管理意涵 50 第三節　研究限制與未來研究建議 52 參考文獻 54zh_TW
dc.format.extent 1708737 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0112363053en_US
dc.subject (關鍵詞) ESGzh_TW
dc.subject (關鍵詞) 企業社會責任zh_TW
dc.subject (關鍵詞) 經營績效zh_TW
dc.subject (關鍵詞) 金融業zh_TW
dc.subject (關鍵詞) TESGzh_TW
dc.subject (關鍵詞) ESGen_US
dc.subject (關鍵詞) CSRen_US
dc.subject (關鍵詞) Corporate Performanceen_US
dc.subject (關鍵詞) Financial Sectoren_US
dc.subject (關鍵詞) TESGen_US
dc.title (題名) ESG策略與表現對企業經營績效之影響－台灣金融業觀點zh_TW
dc.title (題名) The Impact of ESG Strategy and score on Corporate Performance: Perspective from Taiwan’s Financial Sectoren_US
dc.type (資料類型) thesisen_US
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