ESG 揭露對台灣上市公司財務績效之影響

Abstract

本文使用TEJ資料庫中2020年至2023年852家上市公司的探討ESG揭露對財務績效的影響。財務績效以ROA、ROE和Tobin's Q做為衡量變數，揭露變數包括ESG總體揭露分數、環境揭露分數、社會揭露分數和治理揭露分數。研究結果顯示ESG揭露皆對ROA和ROE存在顯著負相關關係，但對Tobin's Q無顯著影響。進一步探討ESG評級差異其揭露對財務績效影響，研究結果顯示，ESG評級較低的企業樣本群體其揭露對財務績效存在負面影響。另外，本文也發現外銷比例高且屬於SASB產業別中的「科技與通訊」或「提煉與礦產加工」的企業，在ESG揭露表現普遍更佳，反映出國際市場競爭壓力及產業特性對揭露程度的重要影響。

This study collects data from the TEJ database, encompassing 852 publicly listed companies in Taiwan from 2020 to 2023, to examine the relationship between ESG disclosure and financial performance. Financial performance is evaluated using ROA, ROE, and Tobin's Q, while disclosure variables include overall ESG disclosure scores, environmental disclosure scores, social disclosure scores, and governance disclosure scores. Empirical findings indicate a significant negative correlation between ESG disclosure and both ROA and ROE, whereas no statistically significant impact is observed on Tobin's Q. Further analysis of ESG rating disparities demonstrates that firms with lower ESG ratings exhibit a negative relationship between ESG disclosure and financial performance. Moreover, the study identifies that firms with a high export ratio and classified under the SASB-defined sectors of "Technology & Communications" or "Extractives & Mineral Processing" generally achieve superior ESG disclosure performance. These findings underscore the critical role of international market competitive pressures and industry-specific characteristics in shaping the extent of ESG disclosure.