ESG績效評分對臺灣上市公司風險的影響之實證分析

Abstract

近年來，全球對環境、社會與公司治理(ESG)的重視逐漸提升，許多企業也愈加關注永續發展的議題。本研究旨在探討國內ESG績效評分，以及環境(E)、社會(S)、公司治理(G)各構面的評分對公司風險的影響。其中，公司風險衡量變數分別為總風險、系統性風險、非系統性風險、股票流動性風險，研究對象選取2020年至2023年間我國上市公司。而ESG績效分數取自台灣經濟新報(Taiwan Economic Journal, TEJ)，該評分標準是遵循國際SASB準則，並且依照我國產業特性給予永續績效分數。實證結果為ESG揭露績效評分和公司總風險、系統性風險呈現顯著負向關係；在三大因子中，環境和公司治理方面的評分對公司總風險、系統性風險呈現顯著的負相關，顯示企業環境、公司治理績效分數越高，總風險和系統性風險會下降。揭露ESG績效分數使得大眾得以獲得公開透明的非財務資訊，資訊不對等的程度下降，以及企業越積極投入公司治理、改善公司管理及經營結構，兼顧其他利害關係人利益並保障股東權益，將有助於提升公司風險承擔能力。

In recent years, the global emphasis on Environmental, Social, and Governance (ESG) has been steadily increasing, and many companies are becoming more focused on sustainability issues. This study aims to explore the impact of domestic ESG performance scores, as well as the scores of the Environmental (E), Social (S), and Governance (G) dimensions, on corporate risk. The variables used to measure corporate risk include total risk, systematic risk, unsystematic risk, and stock liquidity risk. The research subjects are publicly listed companies in Taiwan from 2020 to 2023. ESG performance scores are sourced from the Taiwan Economic Journal (TEJ), with the scoring standards based on international SASB guidelines and adjusted for the characteristics of Taiwanese industries to assign sustainability performance scores. The empirical results show a significant negative relationship between ESG disclosure performance scores and both total risk and systematic risk. Among the three factors, the Environmental and Governance scores exhibit a significant negative correlation with total risk and systematic risk, indicating that higher corporate performance scores in these dimensions lead to a reduction in total risk and systematic risk. Disclosing ESG performance scores allows the public to access transparent non-financial information, reducing the degree of information asymmetry. Furthermore, as companies become more actively involved in corporate governance, improve their management and operational structures, balance the interests of other stakeholders, and protect shareholders' rights, their ability to manage corporate risk is enhanced.