ESG評分與公司價值的關係：以Covid19為例

Abstract

在2020年1月到3月新冠肺炎爆發期間，具有ESG較高評分的公司將可以比ESG較低的公司獲得較佳的公司報酬，每增加一標準差的ESG分數，將可提升2-3個百分點的公司報酬，且在ESG的三大面向裡，又以G（公司治理）分數影響最劇烈，公司每提升一標準差的G分數，將可替公司報酬帶來9-10個百分點的提升。此外，公司報酬與G分數的相關性，只在疫情期間(2020/01-03)表現得較為顯著，在疫情復甦後，則沒有明顯證據顯示公司報酬與G分數具有相關性。

During the COVID-19 outbreak from January to March 2020, companies with higher ESG scores were able to achieve better corporate returns compared to those with lower ESG scores. For every increase of one standard deviation in ESG score, a 2-3 percentage point increase in corporate returns was observed. Among the three dimensions of ESG, the Governance (G) score had the most significant impact. A one standard deviation increase in the G score could lead to a 9-10 percentage point enhancement in corporate returns. Furthermore, the correlation between corporate returns and G scores was particularly significant during the pandemic period (January to March 2020), with no clear evidence of a similar correlation post-crisis from the pandemic.