ESG 表現、企業信任與財務績效 —以台灣上市公司為例

Abstract

本研究探討台灣上市公司之永續表現（ESG）、企業信任與財務績效之關係。研究期間為2014年至2025年，樣本涵蓋991家台灣上市公司，共8,366筆公司年度觀察值。財務績效分別以資產報酬率（ROA）與Tobin’s Q衡量；企業信任則從投資人、債權人、供應商及政府等利害關係人面向建構綜合指標。實證方法採用固定效果迴歸、動態迴歸、中介與調節效果分析。 實證結果顯示，ESG表現與企業財務績效整體呈正向關聯，但其效果主要反映於市場績效。ESG對Tobin’s Q具有顯著且穩健的正向影響，即使控制前一期公司價值後仍然成立；相較之下，ESG對ROA的正向關聯在控制前一期獲利能力後不再顯著，顯示ESG較容易反映於投資人對企業未來價值之評估，而未必立即轉化為當期會計獲利。 此外，企業信任並未在ESG與財務績效之間形成中介效果，但ESG與信任之交乘項呈顯著正向，顯示信任具有調節作用。當企業具備較高信任基礎時，其ESG表現較容易被市場視為可信且具持續性的經營承諾，進而強化ESG對財務績效之正向影響。企業規模與產業特性分析亦顯示，大型企業之ESG表現較能提升企業信任，而高污染產業之ESG表現對市場價值的正向影響較為明顯。整體而言，企業除提升ESG實質表現外，亦應累積利害關係人信任，以提高ESG訊號之可信度與市場接受程度。

This study examines the relationships among ESG performance, corporate trust, and financial performance among Taiwanese listed firms. The sample covers 991 firms from 2014 to 2025, with 8,366 firm-year observations. Financial performance is measured by ROA and Tobin’s Q, while corporate trust is constructed from the perspectives of investors, creditors, suppliers, and the government. The empirical analysis includes fixed-effects regressions, dynamic models, and mediation and moderation tests. The results show that ESG performance is positively associated with financial performance, mainly through market-based valuation. ESG has a significant and robust positive effect on Tobin’s Q, but its positive relationship with ROA becomes insignificant after controlling for lagged profitability. This suggests that ESG is more likely to be reflected in investors’ expectations of future firm value than in current accounting earnings. Corporate trust does not mediate the relationship between ESG and financial performance, but it significantly strengthens the positive effect of ESG. This moderating effect indicates that ESG performance is more likely to be viewed as credible when a firm has a stronger trust foundation. The effect is more evident among larger firms and in highly polluting industries. Overall, firms should improve both substantive ESG performance and stakeholder trust to enhance the credibility and market acceptance of ESG signals.