企業 ESG 表現的影響因子—以臺灣提煉與礦產加工產業為例

Abstract

隨著全球氣候變遷與企業永續責任日益受到重視，ESG（Environmental, Social, and Governance；環境、社會與治理）已成為評估企業永續經營能力與風險控管水準的重要指標。近年來，國際投資機構與監理單位積極將 ESG 納入投資評估與資訊揭露標準，臺灣亦透過金管會與證交所推動法規制度，建立具有國際接軌性的 ESG 評分與揭露架構。然而，國內現有文獻多集中於高科技產業，對於資本密集、環境敏感度高之產業類別所進行之 ESG 研究相對有限。 本研究以臺灣提煉與礦產加工產業為對象，運用 2016 年至 2024 年臺灣經濟新報（TEJ）之資料，針對企業內部七項變數（負債比率、營收成長率、實收資本額、法人持股比例、公司年齡、研發支出比率、員工人數）進行分析，並將 ESG 總分與環境構面分數（Environmental Score）、社會構面分數（Social Score）及治理構面分數（Governance Score）等三構面分別作為應變數，進行多元迴歸與構面異質性分析。結果發現，不同企業內部因素對 ESG 各構面之影響具顯著性與異質性特徵：如法人持股與資本規模顯著影響治理構面與 ESG 總分，研發支出比率與環境構面關聯密切，員工人數則主要影響社會構面表現。 本研究實證結果可作為高風險產業永續轉型、政策規劃與投資決策之參考依據，並強調 ESG 構面拆解之必要性，有助於避免單一總分評價所造成之判斷偏誤。

With increasing global attention to climate change and corporate sustainability responsibilities, ESG (Environmental, Social, and Governance) has become a critical indicator for assessing a company’s sustainable operational capacity and risk management performance. In recent years, international institutional investors and regulatory bodies have actively incorporated ESG into investment evaluations and disclosure standards. Taiwan has also promoted ESG disclosure frameworks aligned with international standards through initiatives led by the Financial Supervisory Commission and the Taiwan Stock Exchange. However, existing domestic literature has mainly focused on the high-tech industry, with limited research targeting capital-intensive and environmentally sensitive sectors. This study examines firms in Taiwan’s refining and mineral processing industry, utilizing data from the Taiwan Economic Journal (TEJ) spanning 2016 to 2024. It analyzes seven internal corporate variables—debt ratio, sales growth rate, capital size, institutional ownership, firm age, research and development ratio, and number of employees—while treating the ESG total score and its three sub-dimensions—Environmental Score, Social Score, and Governance Score—as dependent variables in a series of multiple regression and heterogeneity analyses. The results reveal that different internal factors have significant and heterogeneous impacts across ESG dimensions: institutional ownership and capital size significantly influence both the Governance Score and overall ESG score; research and development ratio closely related to environmental performance; and the number of employees primarily affects social performance. The empirical findings offer insights for the sustainable transition of high-risk industries and provide a reference for policy formulation and investment decisions. Moreover, the study highlights the importance of disaggregating ESG scores to avoid potential misjudgments arising from reliance on a single composite score.