| dc.contributor.advisor | 郭維裕 | zh_TW |
| dc.contributor.advisor | Kuo, Wei-Yu | en_US |
| dc.contributor.author (Authors) | 涂瑞芬 | zh_TW |
| dc.contributor.author (Authors) | Tu, Ruei-Fen | en_US |
| dc.creator (作者) | 涂瑞芬 | zh_TW |
| dc.creator (作者) | Tu, Ruei-Fen | en_US |
| dc.date (日期) | 2026 | en_US |
| dc.date.accessioned | 2-Feb-2026 12:16:19 (UTC+8) | - |
| dc.date.available | 2-Feb-2026 12:16:19 (UTC+8) | - |
| dc.date.issued (上傳時間) | 2-Feb-2026 12:16:19 (UTC+8) | - |
| dc.identifier (Other Identifiers) | G0113ZB1047 | en_US |
| dc.identifier.uri (URI) | https://nccur.lib.nccu.edu.tw/handle/140.119/161382 | - |
| 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) | 113ZB1047 | zh_TW |
| dc.description.abstract (摘要) | 近年來，隨著氣候變遷風險升高、永續金融政策推動以及資本市場投資主軸的轉變，企業永續治理已逐漸由自願性揭露議題，轉化為影響企業長期經營穩定度與財務績效的重要因素。在此背景下，企業是否能有效將永續治理內化至經營策略與風險管理機制中，並進一步反映於財務表現，成為學術研究與實務界高度關注的核心議題。
道瓊永續指數（Dow Jones Sustainability Index, DJSI）為全球具代表性之永續評比指數，其評選制度以高度產業別導向與嚴謹的企業永續評鑑（Corporate Sustainability Assessment, CSA）為評估方法，被視為衡量企業永續治理成熟度的重要指標。基於此，本研究以長期入選 DJSI 之臺灣上市櫃公司為研究對象，探討企業永續治理與財務績效之關聯性，並分析不同產業中永續投入轉化為財務成果之差異。
本研究採質性比較分析方法，選取七家具代表性之臺灣上市櫃公司，涵蓋半導體、電子製造、金融、電信及工程承攬等產業，包括台積電、台達電、聯華電子、玉山金控、第一金控、中華電信與中鼎工程。研究資料主要來自企業年報、永續報告書、公開資訊觀測站及 DJSI 相關公開資訊，並以合併營收、稅後淨利、每股盈餘（EPS）、權益報酬率（ROE）等財務指標，搭配永續治理制度與重大性議題管理進行整體分析。
研究結果顯示，長期入選 DJSI 之企業普遍具備較成熟之治理制度與風險管理架構，其永續作為多能透過提升營運效率、降低風險成本、強化市場信任度等途徑，對財務績效產生正向或穩定影響。然而，不同產業間之影響程度與呈現方式存在差異，高資本密集或景氣循環明顯之產業，永續投入對獲利指標之影響具有時間落後效果；而金融與公共服務導向產業，則較能即時反映於資產品質、資金成本與獲利穩定度上。
整體而言，本研究顯示 DJSI 入選可作為企業永續治理成熟度之重要觀察指標，永續治理並非僅為成本支出，而是有助於提升企業長期經營韌性與財務穩定性。本研究結果除補充既有 ESG 與財務績效相關文獻外，亦可提供企業管理者、金融機構及政策制定單位於推動永續治理與永續金融政策時之實務參考。 | zh_TW |
| dc.description.abstract (摘要) | In recent years, growing concerns over climate change, the advancement of sustainable finance policies, and shifts in capital market investment preferences have transformed corporate sustainability governance from a voluntary disclosure practice into a critical factor influencing firms’ long-term stability and financial performance. Under this evolving landscape, whether sustainability governance can be effectively embedded into corporate strategy and risk management—and subsequently reflected in financial outcomes—has become a key issue for both academic research and business practice.
The Dow Jones Sustainability Index (DJSI) is one of the most globally recognized sustainability indices, characterized by its industry-specific assessment framework and rigorous Corporate Sustainability Assessment (CSA). Long-term inclusion in the DJSI is widely regarded as an indicator of a firm’s sustainability governance maturity. Accordingly, this study examines the relationship between sustainability governance and financial performance by focusing on Taiwanese listed companies that have been continuously selected for the DJSI, while also exploring industry-specific differences in how sustainability efforts translate into financial outcomes.
This study adopts a qualitative comparative analysis approach and selects seven representative Taiwanese listed companies across key industries, including semiconductors, electronics manufacturing, financial services, telecommunications, and engineering and construction. The sample firms are Taiwan Semiconductor Manufacturing Company (TSMC), Delta Electronics, United Microelectronics Corporation (UMC), E.SUN Financial Holding, First Financial Holding, Chunghwa Telecom, and CTCI Corporation. Data are collected from corporate annual reports, sustainability reports, public financial disclosures, and DJSI-related information. Financial performance is evaluated using consolidated revenue, net income after tax, earnings per share (EPS), and return on equity (ROE), in conjunction with an analysis of governance structures and material sustainability issues.
The findings indicate that firms with long-term DJSI inclusion generally exhibit more advanced governance frameworks and risk management capabilities. Their sustainability practices tend to contribute positively or stabilizingly to financial performance through improved operational efficiency, reduced risk costs, and enhanced market credibility. However, the magnitude and timing of these effects vary across industries. In capital-intensive and cyclical industries, the financial benefits of sustainability investments often exhibit a lagged effect, while in financial and public service-oriented industries, sustainability governance is more directly reflected in asset quality, funding costs, and earnings stability.
Overall, this study suggests that DJSI inclusion serves as a meaningful indicator of sustainability governance maturity, and that sustainability governance should be viewed not merely as a cost, but as a strategic investment that enhances long-term resilience and financial stability. The results contribute to the existing literature on ESG and financial performance and provide practical implications for corporate managers, financial institutions, and policymakers in promoting sustainability governance and sustainable finance. | en_US |
| dc.description.tableofcontents | 摘要 i
Abstract iii
目次 v
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 研究目的 2
第三節 論文架構 3
第四節 研究貢獻與研究定位 4
第二章 ESG發展趨勢與文獻探討 5
第一節 ESG 與永續發展之全球趨勢 5
第二節 ESG發展現況 5
第三節 目前ESG相關評比指數比較 6
第四節 ESG與企業財務績效之影響的相關文獻 9
第五節 ESG 與財務績效關係之理論整合架構 10
第六節 ESG相關名詞解釋與概念說明 11
第三章 研究方法 13
第一節 研究對象與範圍 13
第二節 研究資料來源與蒐集方法 15
第三節 研究分析方法 15
第四章 研究結果分析 17
第一節 入選DJSI指數之公司個案分析 17
第二節 七家公司永續績效與財務績效之整體比較分析 27
第三節 七家公司入選DJSI財務績效分析與永續治理影響 28
第四節 未入選DJSI金融控股公司之比較分析 31
第五節 跨公司財務績效表現之比較分析 32
第五章 結論與建議 35
第一節 研究結論 35
第二節 管理意涵 36
第三節 政策建議 37
第四節 研究限制與未來方向 38
參考文獻 39 | zh_TW |
| dc.format.extent | 1029471 bytes | - |
| dc.format.mimetype | application/pdf | - |
| dc.source.uri (資料來源) | http://thesis.lib.nccu.edu.tw/record/#G0113ZB1047 | en_US |
| dc.subject (關鍵詞) | 永續治理 | zh_TW |
| dc.subject (關鍵詞) | ESG | zh_TW |
| dc.subject (關鍵詞) | 道瓊永續指數（DJSI） | zh_TW |
| dc.subject (關鍵詞) | 財務績效 | zh_TW |
| dc.subject (關鍵詞) | 臺灣上市櫃公司 | zh_TW |
| dc.subject (關鍵詞) | Sustainability Governance | en_US |
| dc.subject (關鍵詞) | ESG | en_US |
| dc.subject (關鍵詞) | Dow Jones Sustainability Index (DJSI) | en_US |
| dc.subject (關鍵詞) | Financial Performance | en_US |
| dc.subject (關鍵詞) | Taiwanese Listed Companies | en_US |
| dc.title (題名) | 入選DJSI指數對財務績效之分析比較-以台灣上市櫃公司為例 | zh_TW |
| dc.title (題名) | A Comparative Analysis of the Financial Performance of DJSI-Selected Firms:Evidence from Taiwan’s Listed Companies | en_US |
| dc.type (資料類型) | thesis | en_US |
| dc.relation.reference (參考文獻) | 一、國際學術期刊與研究報告
1.Bénabou, R., & Tirole, J. (2010).Individual and corporate social responsibility. Economica, 77(305), 1–19. https://doi.org/10.1111/j.1468-0335.2009.00843.x
2.Clark, G. L., Feiner, A., & Viehs, M. (2015).From the stockholder to the stakeholder: How sustainability can drive financial outperformance. University of Oxford & Arabesque Partners. https://arabesque.com/research/
3.Eccles, R. G., Ioannou, I., & Serafeim, G. (2014). The impact of corporate sustainability on organizational processes and performance. Management Science, 60(11), 2835–2857. https://doi.org/10.1287/mnsc.2014.1984
4.El Ghoul, S., Guedhami, O., Kwok, C. C. Y., & Mishra, D. R. (2011). Does corporate social responsibility affect the cost of capital? Journal of Banking & Finance, 35(9), 2388–2406. https://doi.org/10.1016/j.jbankfin.2011.02.007
5.Friede, G., Busch, T., & Bassen, A. (2015).ESG and financial performance: Aggregated evidence from more than 2,000 empirical studies. Journal of Sustainable Finance & Investment, 5(4), 210–233. https://doi.org/10.1080/20430795.2015.1118917
6.Khan, M., Serafeim, G., & Yoon, A. (2016).Corporate sustainability: First evidence on materiality. The Accounting Review, 91(6), 1697–1724. https://doi.org/10.2308/accr-51383
7.Lourenço, I. C., Branco, M. C., Curto, J. D., & Eugénio, T. (2012). How does the market value corporate sustainability performance? Journal of Business Ethics, 108(4), 417–428. https://doi.org/10.1007/s10551-011-1102-8
8.Porter, M. E., & Kramer, M. R. (2011).Creating shared value. Harvard Business Review, 89(1–2), 62–77.
9.Whelan, T., & Atz, U. (2021).ESG and financial performance: Uncovering the relationship. NYU Stern Center for Sustainable Business. https://www.stern.nyu.edu/sites/default/files/assets/documents/ESG%20and%20Financial%20Performance.pdf
二、永續評比、國際準則與制度文件
1.FTSE Russell. (2024).FTSE4Good index series methodology. https://www.lseg.com/ftse-russell
2.IFRS Foundation. (2023).IFRS S1: General requirements for disclosure of sustainability-related financial information. https://www.ifrs.org/
3.IFRS Foundation. (2023).IFRS S2: Climate-related disclosures. https://www.ifrs.org/
4.MSCI. (2024).MSCI ESG ratings methodology. https://www.msci.com/our-solutions/esg-investing/esg-ratings
5.RobecoSAM. (2023).The sustainability yearbook. RobecoSAM. https://www.spglobal.com/esg/csa/
6.S&P Dow Jones Indices.(2024).Dow Jones Sustainability Indices methodology. S&P Global. https://www.spglobal.com/spdji/
7.S&P Global.(2024).Corporate Sustainability Assessment (CSA) methodology. https://www.spglobal.com/esg/csa/
8.Task Force on Climate-related Financial Disclosures (TCFD). (2017). Final report: Recommendations of the Task Force on Climate-related Financial Disclosures. https://www.fsb-tcfd.org/
三、中文學位論文與國內研究
1.鄒明芝（2022）。ESG與營運績效之關聯性─以臺灣上市公司為例（未出版之碩士論文）。國立高雄科技大學。
2.陳筱潔（2021）。探討企業入選永續ESG指數對於財務績效的影響-以製造業及金融業為例（未出版之碩士論文）。國立中央大學。
3.柯奕（2022）。ESG品質與揭露對企業財務表現的影響（未出版之碩士論文）。國立台灣大學。
四、政府機關與政策文件
1.金融監督管理委員會（2022）。公司治理藍圖 3.0。https://www.fsc.gov.tw/
2.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/
五、企業年報與永續報告書
1.台灣積體電路製造股份有限公司（2023、2024）。2023、2024年年報暨永續報告書。
2.台達電子工業股份有限公司（2023、2024）。2023、2024年年報暨永續報告書。
3.聯華電子股份有限公司（2023、2024）。2023、2024年年報暨永續報告書。
4.玉山金融控股股份有限公司（2023、2024）。2023、2024年年報暨永續報告書。
5.第一金融控股股份有限公司（2023、2024）。2023、2024年年報暨永續報告書。
6.中華電信股份有限公司（2023、2024）。2023、2024年年報暨永續報告書。
7.中鼎工程股份有限公司（2023、2024）。2023、2024年年報暨永續報告書。
8.凱基金融控股股份有限公司（2023、2024）。2023、2024年年報暨永續報告書。
9. 台灣金融控股股份有限公司（2023、2024）。2023、2024年年報暨永續報告書。 | zh_TW |
