台灣上市櫃企業ESG表現與公司價值和績效之關聯性分析

Abstract

國際社會對於企業社會責任以及永續性資訊揭露逐漸形成共識，本研究以台灣上市上櫃企業為探討對象，並以Sustainalytics 評級、FTSE Russell ESG 評級、ISS ESG評級、台灣公司治理評鑑評級作為ESG的評分資料，探討這些ESG評分對企業績效、企業價值以及報酬率的影響性。 本研究以迴歸模型作為驗證用模型，控制變數為: 公司規模、研究/開發費用、負債比率、現金和約當現金、以及資本密集度；企業績效的變數為: 資產報酬率、股東權益報酬率、純益率、以及每股盈餘；企業價值的變數為Tobin's Q。 實證結果方面，並不支持ESG評分對於企業績效、企業價值具有正向影響性。然而投資的目的是期望獲得超越大盤的報酬，所以本研究進一步分析ESG評分對報酬率的影響性，實證結果發現，僅台灣公司治理評鑑評級與Sustainalytics 評級對於超額報酬在單一年份具有正向影響性，因此本研究結果也不夠說明支持 ESG評分對於超額報酬是會產生影響性的。

The international community has gradually formed a consensus on corporate social responsibility and sustainability information disclosure. This research focuses on Taiwan-listed companies and ESG indicators including Sustainalytics、 FTSE Russell、ISS and Corporate Governance Evaluation Indicators of TWSE to explore their impact on corporate performance, corporate value and returns. This study uses regression model and the control variables are: company size, research/development expenses, debt ratio, cash and cash equivalents, and capital intensity; the variables of corporate performance are: return on assets, return on equity , net profit ratio, and earnings per share; the variable for enterprise value is Tobin's Q. The empirical results don’t support that ESG scores have a positive impact on corporate performance and corporate value. However, the purpose of investment is to get rate of returns that exceed the stock market index, so this study further analyzes the impact of ESG scores on the rate of returns. The empirical results show that only Corporate Governance Evaluation Indicators of TWSE and Sustainalytics scores have a positive impact on excess returns only in a single year. Therefore, the results of this study are not sufficient to support the impact of ESG scores on the rate of returns.