ESG對臺灣上市櫃公司股票報酬之影響：以新冠肺炎疫情期間為例

Abstract

本論文旨在探討臺灣股市在新冠肺炎疫情爆發時，近年來受到關注的環境、社會與公司治理(ESG)評級是否對股價抵禦能力有正向作用，而在市場反應完疫情影響後，股價恢復階段是否亦受到ESG評級影響。本文利用共133家擁有第三方評級機構所評比之ESG評級的臺灣企業，檢視2020年全球新冠肺炎疫情爆發期間與2021年臺灣新冠肺炎疫情爆發期間其股價表現是否受評級影響。實證結果顯示擁有較高評級的公司股價在兩個疫情期間幾乎無顯著的抵禦能力與恢復能力。這樣的結果並非表示永續議題並不重要，而可能是在面對非人為的災難時，因其為系統性風險，故企業往往也無能為力，而其ESG作為的成敗亦無法彰顯。

This paper studies whether the ESG rating has the positive effect on the ability of defense of the stock price in the period of COVID-19 pandemic in Taiwan. Furthermore, we test whether the rating has the positive effect on the recovery of the stock price after the pandemic. We use the 133 Taiwanese companies with ESG ratings which are rated by the third-party rating agency to examine whether the stock price performance is affected by the ESG rating during the global COVID-19 outbreak in 2020 and during the outbreak in Taiwan in 2021. The empirical results show that the stock prices of companies with higher ratings almost do not have a significant ability of defense and resilience during the two pandemic periods. These results do not indicate that sustainable issues are not important. When facing non-human-induced disasters, companies can possibly do nothing, because it is the systematic risk. Therefore, the success or failure of companies’ ESG efforts cannot be demonstrated as well.