ESG揭露對財務績效之影響：以台、日食品餐飲業為例

Abstract

近年來，我國屢次爆發食品安全衛生重大事件，企業社會責任(Corporate Social Responsibility) 開始廣受社會大眾關注，台灣政府也於2014年開始訂定相關法規要求特定行業，如食品業或餐飲營收超過總營收五成以上之上市櫃公司，需要強制揭露企業永續報告書(Sustainability Report)，而企業主動編製、揭露企業永續報告書也成為利害關係人在評估企業潛在風險及獲利能力的管道之一。因此本研究欲探討企業揭露永續報告書對財務績效之影響。此外，本研究還發現台灣為少數亞洲地區會利用法規強制企業揭露企業永續報告書的國家，因此想更進一步探討台灣與日本的差別，比較分析法規強制揭露會對企業財務績效造成的影響。 實證結果顯示，台灣在法律強制規範之前，自願揭露企業永續報告書的企業對其資產報酬率 (Return of Assets, ROA) 會造成負面影響，但在法律強制規範特定產業需強制揭露企業永續報告書後，企業揭露永續報告書對其財務績效並沒有產生顯著的影響。此外，因台灣食品與餐飲業多數為傳統產業，企業較著重於短期利益，因此在實施社會治理 (S) 相關行為時，部分資金被移轉至非營利活動中，進而削弱企業短期間的獲利而對財務績效造成負面影響。再者，台日兩國在文化以及政策上存在顯著的差異，日本企業會主動揭露ESG領域相關政策與企業永續報告書，有無揭露企業永續報告書並未與企業的財務績效呈現顯著關聯性，因此，揭露企業永續報告書對財務績效的影響也與台灣大相逕庭。

In recent years, significant food safety and sanitation incidents have heightened societal focus on corporate social responsibility in our country. In response, the Taiwanese government instituted regulations in 2014 requiring publicly listed companies in specific sectors, such as food and dining, which account for more than 50% of total revenues, to mandatorily disclose their sustainability reports. This has positioned sustainability reporting as a pivotal tool for stakeholders to evaluate the potential risks and profitability of firms in Taiwan. This research investigates the effects of voluntary versus mandatory sustainability disclosures on financial performance. Additionally, it examines the unique case of Taiwan, one of the few Asian regions enforcing such disclosures through legislation, to further understand the implications of regulatory disclosure on corporate financial outcomes. Empirical evidence from Taiwan shows that before mandatory regulation, voluntary disclosure of sustainability reports negatively impacted companies' financial performance, particularly return on assets (ROA). After the introduction of mandatory disclosures, no significant effect on financial outcomes was observed in specific industries. Additionally, in Taiwan's traditionally oriented food and hospitality sectors, resources allocated to social governance initiatives often divert to non-profit activities, reducing short-term profitability. In contrast, in Japan, despite active disclosure of ESG policies and sustainability reports, such disclosures do not significantly impact financial performance, underscoring a marked difference in the financial effects of sustainability reporting between the two nations.