ESG評分對公司績效的影響：公司國際化程度的交互作用之分析

Abstract

本研究探討台灣上市上櫃公司ESG評分（環境、社會、公司治理）對公司績效的影響，並分析國際化程度的調節作用。利用2016至2022年的台灣經濟新報資料庫（TEJ）數據，採用多元回歸和Panel數據分析方法，結果顯示環境和社會分數對總資產報酬率（ROA）和股東權益報酬率（ROE）影響不顯著，但對Tobin's Q有正向影響。公司治理分數對ROA無顯著影響，但對ROE和Tobin's Q有正向影響。 此外，研究結果顯示國際化程度顯著調節了ESG評分對公司績效的影響。當外銷值的增加會增強ESG評分對公司績效的負面影響，反之亦然，特別是在Tobin's Q方面之影響。這可能是因為高外銷比例的公司如果已經在國際市場上取得成功，則 ESG 分數的提升對其市場價值的增益效果較小。

This study investigates the impact of ESG scores (environmental, social, and governance) on the performance of listed companies in Taiwan and analyzes the moderating role of internationalization. Using data from the Taiwan Economic Journal (TEJ) database for the period 2016 to 2022, the study employs multiple regression and panel data analysis methods. The results show that environmental and social scores do not significantly affect the return on assets (ROA) and return on equity (ROE), but they have a positive impact on Tobin's Q. Governance scores do not significantly affect ROA, but they positively impact ROE and Tobin's Q.

Additionally, the results indicate that the degree of internationalization significantly moderates the impact of ESG scores on company performance. Increased export values enhance the negative impact of ESG scores on company performance and vice versa, especially regarding Tobin's Q. This may be because companies with a high export ratio that have already succeeded in international markets see a smaller incremental effect on market value from improved ESG scores.