ESG分數的影響因子分析：以台灣建設業為例

Abstract

本研究以2017年至2024年台灣45家上市櫃建設公司為研究對象，運用台灣經濟新報（TEJ）與 TESG 永續發展資料庫資料，採用追蹤資料迴歸模型，探討企業特性、公司治理及財務表現等因子對 ESG 表現之影響。 研究結果顯示，公司規模與法人持股比例對 ESG 表現具有顯著正向影響，而負債比率則呈顯著負向影響，顯示企業資源能力、外部監督及財務壓力皆會影響企業永續發展表現。 這些結果建議建設企業強化公司治理與提升永續資訊揭露品質及風險管理能力；政策面則可持續完善 ESG 相關制度與揭露規範，以促進建設產業永續發展。

This study examines the determinants of ESG performance among 45 listed construction companies in Taiwan during the period from 2017 to 2024 using panel data regression. ESG scores and financial data were obtained from the Taiwan Economic Journal (TEJ) and the TESG sustainability database. The empirical results indicate that firm size and institutional ownership have significant positive effects on ESG performance, whereas the debt ratio has a significant negative effect. These findings suggest that firms' resource capacity, external monitoring, and financial pressure play important roles in shaping corporate sustainability performance. These results suggest that construction companies should strengthen corporate governance and improve the quality of ESG disclosure and risk management. From a policy perspective, ESG-related regulations and disclosure requirements should be further enhanced to promote the sustainable development of Taiwan's construction industry.