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題名 強制性永續揭露政策對企業ESG績效與碳排放影響之研究──以「上市櫃公司永續發展路徑圖」為例
The Impact of Mandatory Sustainability Disclosure on Corporate ESG Performance and Carbon Emissions: Evidence from Taiwan’s Sustainability Development Roadmap for Listed Companies
作者 曾愉鈞
Tseng, Yu-Chun
貢獻者 楊曉文
曾愉鈞
Tseng, Yu-Chun
關鍵詞 合成雙重差分法
ESG績效
碳排放
永續政策
強制性揭露
日期 2025
上傳時間 1-Sep-2025 16:39:38 (UTC+8)
摘要 本研究旨在評估「上市櫃公司永續發展路徑圖」政策對台灣企業永續表現與碳排放行為之影響。金融監督管理委員會自2022年發布啟動該政策起，第一階段即針對資本額逾新臺幣一百億元或屬於高污染產業(如鋼鐵、水泥)的上市櫃公司，推動強制性非財務資訊揭露制度。為精確識別政策效果，本文採用合成雙重差分法(Synthetic Difference-in-Differences, SDID)進行實證分析，並以2016年至2024年之追蹤資料(panel data)為研究樣本。 研究結果顯示，該政策發布後，處理組企業之整體 ESG 績效顯著提升，尤以環境(E)與社會(S)構面之改善最為明確，而治理(G)構面則未觀察到顯著變化。此外，處理組企業之碳排放總量呈現下降趨勢，與合成控制組相對上升的趨勢形成對比，顯示政策亦可能促使企業採取實質之減排行為。為確保估計之有效性，本文納入多項控制變數以調整潛在異質性，並透過視覺化方式檢驗平行趨勢假設，結果整體支持政策與企業永續行為之因果關係。 本研究之實證結果不僅豐富台灣永續政策評估之相關文獻，亦對主管機關未來政策設計與企業永續轉型策略提供實務啟示。
This study aims to evaluate the impact of Taiwan’s “Sustainability Development Roadmap for Listed Companies” on corporate ESG performance and carbon emission behavior. Since the Financial Supervisory Commission launched the policy in 2022, the first phase has mandated non-financial disclosure for listed companies with paid-in capital exceeding NTD 10 billion or those operating in high-pollution industries such as steel and cement. To rigorously identify the policy effect, this study employs the Synthetic Difference-in-Differences (SDID) method using panel data from 2016 to 2024. The empirical results indicate that, following the policy implementation, firms in the treatment group experienced a significant improvement in overall ESG performance, particularly in the environmental (E) and social (S) dimensions, while no statistically significant changes were observed in the governance (G) dimension. Furthermore, the treatment group exhibited a declining trend in total carbon emissions, in contrast to the upward trend observed in the synthetic control group, suggesting that the policy may have induced firms to adopt substantive emission reduction measures. To ensure the robustness of the estimation, this study includes a set of control variables to address potential heterogeneity and employs graphical analysis to examine the parallel trend assumption. The findings overall support a causal relationship between the policy and corporate sustainability outcomes. The results of this study not only enrich the literature on Taiwan's sustainability policy evaluation but also provide practical insights for regulatory design and corporate sustainability transition strategies.
參考文獻 黃紹杰(2024)。論我國企業非財務資訊揭露-現行制度之評析與再建構例〔未出版之碩士論文〕。國立中正大學法律系研究所。 Aluchna, M., Roszkowska-Menkes, M., & Kamiński, B. (2023). From talk to action: The effects of the non-financial reporting directive on ESG performance. Meditari Accountancy Research, 31(7), 1–25. https://doi.org/10.1108/MEDAR-12-2021-1530 Arkhangelsky, D., Athey, S., Hirshberg, D. A., Imbens, G. W., & Wager, S. (2021). Synthetic Difference-in-Differences. The American Economic Review, 111(12), 4088–4118. https://www.jstor.org/stable/27086719 Bai, D., Hu, J., Irfan, M., & Hu, M. (2023). Unleashing the impact of ecological civilization pilot policies on green technology innovation: Evidence from a novel SC-DID model. Energy Economics, 125, 106813. https://doi.org/10.1016/j.eneco.2023.106813 Baratta, A., Cimino, A., Longo, F., Solina, V., & Verteramo, S. (2023). The Impact of ESG Practices in Industry with a Focus on Carbon Emissions: Insights and Future Perspectives. Sustainability, 15(8), Article 8. https://doi.org/10.3390/su15086685 Christensen, H. B., Hail, L., & Leuz, C. (2021). Mandatory CSR and sustainability reporting: Economic analysis and literature review. Review of Accounting Studies, 26(3), 1176–1248. https://doi.org/10.1007/s11142-021-09609-5 Clarke, D., Pailañir, D., Athey, S., & Imbens, G. (2023). Synthetic Difference In Differences Estimation (No. arXiv:2301.11859). arXiv. https://doi.org/10.48550/arXiv.2301.11859 Coelho, R., Jayantilal, S., & Ferreira, J. J. (2023). The impact of social responsibility on corporate financial performance: A systematic literature review. Corporate Social Responsibility and Environmental Management, 30(4), 1535–1560. https://doi.org/10.1002/csr.2446 Easley, D., & O’hara, M. (2004). Information and the Cost of Capital. The Journal of Finance, 59(4), 1553–1583. https://doi.org/10.1111/j.1540-6261.2004.00672.x Friede, G., Busch ,Timo, & and Bassen, A. (2015). ESG and financial performance: Aggregated evidence from more than 2000 empirical studies. Journal of Sustainable Finance & Investment, 5(4), 210–233. https://doi.org/10.1080/20430795.2015.1118917 Goss, A., & Roberts, G. S. (2011). The impact of corporate social responsibility on the cost of bank loans. Journal of Banking & Finance, 35(7), 1794–1810. https://doi.org/10.1016/j.jbankfin.2010.12.002 Hassan, O. A. G., & Romilly, P. (2018). Relations between corporate economic performance, environmental disclosure and greenhouse gas emissions: New insights. Business Strategy and the Environment, 27(7), 893–909. https://doi.org/10.1002/bse.2040 Jiang, S., & Ma, Z. (2024). How does the green credit policy affect corporate ESG performance? International Review of Economics & Finance, 93, 814–826. https://doi.org/10.1016/j.iref.2024.05.024 Khan, M., Serafeim, G., & Yoon, A. (2016). Corporate Sustainability: First Evidence on Materiality. Accounting Review, 91(6), 1697–1724. https://doi.org/10.2308/accr-51383 Kranz, S. (2022). Synthetic difference-in-differences with time-varying covariates. arXiv Preprint arXiv:2202.02903. Lock, I., & Seele, P. (2016). The credibility of CSR (corporate social responsibility) reports in Europe. Evidence from a quantitative content analysis in 11 countries. Journal of Cleaner Production, 122, 186–200. https://doi.org/10.1016/j.jclepro.2016.02.060 Lu, S., & Cheng, B. (2023). Does environmental regulation affect firms’ ESG performance? Evidence from China. Managerial and Decision Economics, 44(4), 2004–2009. https://doi.org/10.1002/mde.3796 Pulino, S. C., Ciaburri, M., Magnanelli, B. S., & Nasta, L. (2022). Does ESG Disclosure Influence Firm Performance? Sustainability, 14(13). https://doi.org/10.3390/su14137595 Russo-Spena, T., Tregua, M., & De Chiara, A. (2018). Trends and Drivers in CSR Disclosure: A Focus on Reporting Practices in the Automotive Industry. Journal of Business Ethics, 151(2), 563–578. https://doi.org/10.1007/s10551-016-3235-2 Serafeim, G., & and Yoon, A. (2022). Which Corporate ESG News Does the Market React To? Financial Analysts Journal, 78(1), 59–78. https://doi.org/10.1080/0015198X.2021.1973879 Tang, S., & Demeritt, D. (2018). Climate Change and Mandatory Carbon Reporting: Impacts on Business Process and Performance. Business Strategy and the Environment, 27(4), 437–455. https://doi.org/10.1002/bse.1985 Waddock, S. A., & Graves, S. B. (1997). The Corporate Social Performance-Financial Performance Link. Strategic Management Journal, 18(4), 303–319. https://www.jstor.org/stable/3088143 Walls, J. L., Berrone, P., & Phan, P. H. (2012). Corporate governance and environmental performance: Is there really a link? Strategic Management Journal, 33(8), 885–913. https://doi.org/10.1002/smj.1952 Zhang, W., Luo, Q., & Liu, S. (2022). Is government regulation a push for corporate environmental performance? Evidence from China. Economic Analysis and Policy, 74, 105–121. https://doi.org/10.1016/j.eap.2022.01.018 金融監督管理委員會 (2020)。公司治理 3.0-永續發展藍圖。https://www.sfb.gov.tw/ch/home.jsp?id=95&parentpath=0,2&mcustomize=news_view.jsp&dataserno=202008250004&dtable=News。擷取日期:2025/6/17。 金融監督管理委員會 (2022)。上市櫃公司永續發展路徑圖。 https://www.sfb.gov.tw/ch/home.jsp?id=95&parentpath=0,2&mcustomize=news_view.jsp&dataserno=202203030001&dtable=News。擷取日期:2025/6/17。 金融監督管理委員會 (2023)。上市櫃公司永續發展行動方案。 https://www.fsc.gov.tw/ch/home.jsp?id=96&parentpath=0,2&mcustomize=news_view.jsp&dataserno=202303280001&dtable=News。擷取日期:2025/6/17。 金融監督管理委員會 (2023)。國際財務報導準則(IFRS)永續揭露準則藍圖。https://www.fsc.gov.tw/ch/home.jsp?id=96&parentpath=0,2&mcustomize=news_view.jsp&dataserno=202308170002&dtable=News。擷取日期:2025/6/17。
描述 碩士
國立政治大學
金融學系
111352022
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0111352022
資料類型 thesis
dc.contributor.advisor 楊曉文zh_TW
dc.contributor.author (Authors) 曾愉鈞zh_TW
dc.contributor.author (Authors) Tseng, Yu-Chunen_US
dc.creator (作者) 曾愉鈞zh_TW
dc.creator (作者) Tseng, Yu-Chunen_US
dc.date (日期) 2025en_US
dc.date.accessioned 1-Sep-2025 16:39:38 (UTC+8)-
dc.date.available 1-Sep-2025 16:39:38 (UTC+8)-
dc.date.issued (上傳時間) 1-Sep-2025 16:39:38 (UTC+8)-
dc.identifier (Other Identifiers) G0111352022en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/159345-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 金融學系zh_TW
dc.description (描述) 111352022zh_TW
dc.description.abstract (摘要) 本研究旨在評估「上市櫃公司永續發展路徑圖」政策對台灣企業永續表現與碳排放行為之影響。金融監督管理委員會自2022年發布啟動該政策起，第一階段即針對資本額逾新臺幣一百億元或屬於高污染產業(如鋼鐵、水泥)的上市櫃公司，推動強制性非財務資訊揭露制度。為精確識別政策效果，本文採用合成雙重差分法(Synthetic Difference-in-Differences, SDID)進行實證分析，並以2016年至2024年之追蹤資料(panel data)為研究樣本。 研究結果顯示，該政策發布後，處理組企業之整體 ESG 績效顯著提升，尤以環境(E)與社會(S)構面之改善最為明確，而治理(G)構面則未觀察到顯著變化。此外，處理組企業之碳排放總量呈現下降趨勢，與合成控制組相對上升的趨勢形成對比，顯示政策亦可能促使企業採取實質之減排行為。為確保估計之有效性，本文納入多項控制變數以調整潛在異質性，並透過視覺化方式檢驗平行趨勢假設，結果整體支持政策與企業永續行為之因果關係。 本研究之實證結果不僅豐富台灣永續政策評估之相關文獻，亦對主管機關未來政策設計與企業永續轉型策略提供實務啟示。zh_TW
dc.description.abstract (摘要) This study aims to evaluate the impact of Taiwan’s “Sustainability Development Roadmap for Listed Companies” on corporate ESG performance and carbon emission behavior. Since the Financial Supervisory Commission launched the policy in 2022, the first phase has mandated non-financial disclosure for listed companies with paid-in capital exceeding NTD 10 billion or those operating in high-pollution industries such as steel and cement. To rigorously identify the policy effect, this study employs the Synthetic Difference-in-Differences (SDID) method using panel data from 2016 to 2024. The empirical results indicate that, following the policy implementation, firms in the treatment group experienced a significant improvement in overall ESG performance, particularly in the environmental (E) and social (S) dimensions, while no statistically significant changes were observed in the governance (G) dimension. Furthermore, the treatment group exhibited a declining trend in total carbon emissions, in contrast to the upward trend observed in the synthetic control group, suggesting that the policy may have induced firms to adopt substantive emission reduction measures. To ensure the robustness of the estimation, this study includes a set of control variables to address potential heterogeneity and employs graphical analysis to examine the parallel trend assumption. The findings overall support a causal relationship between the policy and corporate sustainability outcomes. The results of this study not only enrich the literature on Taiwan's sustainability policy evaluation but also provide practical insights for regulatory design and corporate sustainability transition strategies.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 研究貢獻 3 第二章 台灣企業非財務資訊揭露發展與現況 4 第一節 台灣非財務資訊揭露制度沿革 4 第二節 上市櫃公司永續發展路徑圖 6 第三章 文獻回顧與研究假說 8 第一節 文獻回顧 8 第二節 研究假說 10 第四章 研究模型及變數 11 第一節 研究樣本 11 第二節 研究模型 12 第三節 模型變數 17 第五章 實證結果 21 第一節 敘述性統計分析 21 第二節 合成控制組建構與平行趨勢檢驗 25 第三節 迴歸結果 30 第四節 安慰劑測試 33 第六章 結論 35 第七章 參考文獻 37 第一節 中文文獻 37 第二節 英文文獻 37 第三節 網路文獻 40 第八章 附錄 41zh_TW
dc.format.extent 2038079 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0111352022en_US
dc.subject (關鍵詞) 合成雙重差分法zh_TW
dc.subject (關鍵詞) ESG績效zh_TW
dc.subject (關鍵詞) 碳排放zh_TW
dc.subject (關鍵詞) 永續政策zh_TW
dc.subject (關鍵詞) 強制性揭露zh_TW
dc.title (題名) 強制性永續揭露政策對企業ESG績效與碳排放影響之研究──以「上市櫃公司永續發展路徑圖」為例zh_TW
dc.title (題名) The Impact of Mandatory Sustainability Disclosure on Corporate ESG Performance and Carbon Emissions: Evidence from Taiwan’s Sustainability Development Roadmap for Listed Companiesen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 黃紹杰(2024)。論我國企業非財務資訊揭露-現行制度之評析與再建構例〔未出版之碩士論文〕。國立中正大學法律系研究所。 Aluchna, M., Roszkowska-Menkes, M., & Kamiński, B. (2023). From talk to action: The effects of the non-financial reporting directive on ESG performance. Meditari Accountancy Research, 31(7), 1–25. https://doi.org/10.1108/MEDAR-12-2021-1530 Arkhangelsky, D., Athey, S., Hirshberg, D. A., Imbens, G. W., & Wager, S. (2021). Synthetic Difference-in-Differences. The American Economic Review, 111(12), 4088–4118. https://www.jstor.org/stable/27086719 Bai, D., Hu, J., Irfan, M., & Hu, M. (2023). Unleashing the impact of ecological civilization pilot policies on green technology innovation: Evidence from a novel SC-DID model. Energy Economics, 125, 106813. https://doi.org/10.1016/j.eneco.2023.106813 Baratta, A., Cimino, A., Longo, F., Solina, V., & Verteramo, S. (2023). The Impact of ESG Practices in Industry with a Focus on Carbon Emissions: Insights and Future Perspectives. Sustainability, 15(8), Article 8. https://doi.org/10.3390/su15086685 Christensen, H. B., Hail, L., & Leuz, C. (2021). Mandatory CSR and sustainability reporting: Economic analysis and literature review. Review of Accounting Studies, 26(3), 1176–1248. https://doi.org/10.1007/s11142-021-09609-5 Clarke, D., Pailañir, D., Athey, S., & Imbens, G. (2023). Synthetic Difference In Differences Estimation (No. arXiv:2301.11859). arXiv. https://doi.org/10.48550/arXiv.2301.11859 Coelho, R., Jayantilal, S., & Ferreira, J. J. (2023). The impact of social responsibility on corporate financial performance: A systematic literature review. Corporate Social Responsibility and Environmental Management, 30(4), 1535–1560. https://doi.org/10.1002/csr.2446 Easley, D., & O’hara, M. (2004). Information and the Cost of Capital. The Journal of Finance, 59(4), 1553–1583. https://doi.org/10.1111/j.1540-6261.2004.00672.x Friede, G., Busch ,Timo, & and Bassen, A. (2015). ESG and financial performance: Aggregated evidence from more than 2000 empirical studies. Journal of Sustainable Finance & Investment, 5(4), 210–233. https://doi.org/10.1080/20430795.2015.1118917 Goss, A., & Roberts, G. S. (2011). The impact of corporate social responsibility on the cost of bank loans. Journal of Banking & Finance, 35(7), 1794–1810. https://doi.org/10.1016/j.jbankfin.2010.12.002 Hassan, O. A. G., & Romilly, P. (2018). Relations between corporate economic performance, environmental disclosure and greenhouse gas emissions: New insights. Business Strategy and the Environment, 27(7), 893–909. https://doi.org/10.1002/bse.2040 Jiang, S., & Ma, Z. (2024). How does the green credit policy affect corporate ESG performance? International Review of Economics & Finance, 93, 814–826. https://doi.org/10.1016/j.iref.2024.05.024 Khan, M., Serafeim, G., & Yoon, A. (2016). Corporate Sustainability: First Evidence on Materiality. Accounting Review, 91(6), 1697–1724. https://doi.org/10.2308/accr-51383 Kranz, S. (2022). Synthetic difference-in-differences with time-varying covariates. arXiv Preprint arXiv:2202.02903. Lock, I., & Seele, P. (2016). The credibility of CSR (corporate social responsibility) reports in Europe. Evidence from a quantitative content analysis in 11 countries. Journal of Cleaner Production, 122, 186–200. https://doi.org/10.1016/j.jclepro.2016.02.060 Lu, S., & Cheng, B. (2023). Does environmental regulation affect firms’ ESG performance? Evidence from China. Managerial and Decision Economics, 44(4), 2004–2009. https://doi.org/10.1002/mde.3796 Pulino, S. C., Ciaburri, M., Magnanelli, B. S., & Nasta, L. (2022). Does ESG Disclosure Influence Firm Performance? Sustainability, 14(13). https://doi.org/10.3390/su14137595 Russo-Spena, T., Tregua, M., & De Chiara, A. (2018). Trends and Drivers in CSR Disclosure: A Focus on Reporting Practices in the Automotive Industry. Journal of Business Ethics, 151(2), 563–578. https://doi.org/10.1007/s10551-016-3235-2 Serafeim, G., & and Yoon, A. (2022). Which Corporate ESG News Does the Market React To? Financial Analysts Journal, 78(1), 59–78. https://doi.org/10.1080/0015198X.2021.1973879 Tang, S., & Demeritt, D. (2018). Climate Change and Mandatory Carbon Reporting: Impacts on Business Process and Performance. Business Strategy and the Environment, 27(4), 437–455. https://doi.org/10.1002/bse.1985 Waddock, S. A., & Graves, S. B. (1997). The Corporate Social Performance-Financial Performance Link. Strategic Management Journal, 18(4), 303–319. https://www.jstor.org/stable/3088143 Walls, J. L., Berrone, P., & Phan, P. H. (2012). Corporate governance and environmental performance: Is there really a link? Strategic Management Journal, 33(8), 885–913. https://doi.org/10.1002/smj.1952 Zhang, W., Luo, Q., & Liu, S. (2022). Is government regulation a push for corporate environmental performance? Evidence from China. Economic Analysis and Policy, 74, 105–121. https://doi.org/10.1016/j.eap.2022.01.018 金融監督管理委員會 (2020)。公司治理 3.0-永續發展藍圖。https://www.sfb.gov.tw/ch/home.jsp?id=95&parentpath=0,2&mcustomize=news_view.jsp&dataserno=202008250004&dtable=News。擷取日期:2025/6/17。 金融監督管理委員會 (2022)。上市櫃公司永續發展路徑圖。 https://www.sfb.gov.tw/ch/home.jsp?id=95&parentpath=0,2&mcustomize=news_view.jsp&dataserno=202203030001&dtable=News。擷取日期:2025/6/17。 金融監督管理委員會 (2023)。上市櫃公司永續發展行動方案。 https://www.fsc.gov.tw/ch/home.jsp?id=96&parentpath=0,2&mcustomize=news_view.jsp&dataserno=202303280001&dtable=News。擷取日期:2025/6/17。 金融監督管理委員會 (2023)。國際財務報導準則(IFRS)永續揭露準則藍圖。https://www.fsc.gov.tw/ch/home.jsp?id=96&parentpath=0,2&mcustomize=news_view.jsp&dataserno=202308170002&dtable=News。擷取日期:2025/6/17。zh_TW