外資持股比例及政府持股比例對ESG表現及ESG揭露之影響

Abstract

近年來，國際吹起Environmental-Social-Governance (ESG)風潮，ESG相關資訊也成為投資人在做投資決策時重視的指標之一。為了讓台灣投資人能透過企業之特定特徵，推測企業日後ESG之發展，本文針對台灣企業之外資持股比例、政府持股比例對於企業未來一年之ESG表現分數、ESG揭露分數的影響進行研究。本文自臺灣經濟新報(TEJ)資料庫採集台灣上市櫃企業2018-2021年之資料，共有5869份有效樣本，並設立四個多元迴歸模型。迴歸結果顯示，外資持股比例、政府持股比例，皆各與ESG表現分數、ESG揭露分數呈現顯著正相關。從結果可以看出，外資、政府持股比例高，確實會促使企業更重視ESG，讓企業未來一年之ESG表現分數、揭露分數較高。另外，本文將「持股比例」改為「是否有持股」進行額外測試，結果除了外資持股與ESG揭露分數未有顯著關係外，其餘三個迴歸模型皆呈現顯著正相關，可見只要有外資或政府持股，對於企業ESG之發展即有影響。

In recent years, there has been a growing international trend of Environmental-Social-Governance (ESG), making ESG-related information a crucial factor considered by investors when making investment decisions. Aiming to help Taiwanese investors predict the future ESG development of Taiwanese companies based on specific characteristics, this study investigates the impact of foreign shareholding percentage and government shareholding percentage on the ESG performance scores and ESG disclosure scores of Taiwanese companies for the upcoming year. This study utilized data from the Taiwan Economic Journal (TEJ) database for Taiwan-listed companies from 2018 to 2021. It included 5869 valid samples and established four multiple regression models. The findings from the regression analysis show significant positive correlations between foreign shareholding percentage and government shareholding percentage with ESG performance scores and ESG disclosure scores. Therefore, from the results, it can be observed that higher levels of foreign and government shareholding effectively drive companies to prioritize ESG, leading to higher ESG performance scores and disclosure scores for the upcoming year. In addition, this study performed supplementary tests by replacing "shareholding percentage" with "whether there is shareholding." The findings revealed that, apart from foreign shareholding, which did not demonstrate a significant relationship with ESG disclosure scores, the remaining three regression models all showed significant positive correlations. This indicates that as long as foreign or government shareholdings exist, they can influence the development of corporate ESG practices.