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Title: | 結合TESG評分與財務數據觀察臺灣上市公司表現 Combining TESG Scores with Financial Data Observing the Performance of Taiwan Listed Companies |
Authors: | 陳筱淇 Hsiao-Chi Chen |
Advisor: | 陳家麟 Chia-Lin Chen |
Keyword: | 縱橫數據,TESG評級,資產報酬率,股東權益報酬率,SASB產業分類,新冠疫情, Panel Data,TESG Rating,ROA,ROE,SICS,COVID-19, |
Publication Year : | 2024 |
Degree: | 碩士 |
Abstract: | 本研究以縱橫數據模型探討ESG治理對台灣上市櫃公司財務影響。根據TEJ的TESG資料庫,以2016年至2022年國內上市櫃849間企業的資產報酬率和股東權益報酬率為績效評估,採用ESG各構面的評級結合不同財務變數,探討企業在環境、社會、公司治理的投入對績效影響的關聯性。
透過模型數據發現:納入永續治理的量化分數後,企業在環境、社會、公司治理各構面的分數與ROE的相關性為正向顯著。其次,將企業分為領先、平均和落後三類之後,發現領先群組在ROE呈現出正向關聯,在ROA上的影響卻為負向不如預期。並且,企業的Tobin’s Q與股利殖利率根據產業差異互有正負影響。第三,通過分析不同SASB主產業的ESG表現和財務獲利表現的差異,發現相異的產業確實存在競爭模式之差異,舉如屬於ESG領先群組在提煉與礦產業、科技與通訊業對ROE有正向影響,然而在運輸業與ROE為負向關聯。最後,ROE與ROA互為應變數時均表現了正向關聯性,但是ROA作為自變數時係數明顯較低,暗示了企業可能須先為了處理永續議題負擔高昂的資產成本,一味地購置廠房設備不見得能均等地轉換為股東權益的營運成長,但投資人仍重視公司是否能有效整合不同層級的永續治理策略。 This study uses panel data to explore the financial impact of ESG governance on Taiwan's listed companies. According to the TESG ranking system in TEJ dataset, the ROA and ROE of 849 domestic listed companies from 2016 to 2022 are used as performance evaluations, and the ESG scores of TESG rating is combined with various financial variables to analyze the environmental, social, and governmental performance of enterprises. Through model data analysis, it is observed that incorporating quantified sustainable scores reveals a significant positive correlation between companies' scores in E, S, and G dimensions and ROE. Furthermore, categorizing companies into leading, average, and lagging groups shows a positive correlation between ROE and the leading group, while the impact on ROA is unexpectedly negative. Additionally, Tobin's Q and dividend yield exhibit positive or negative effects based on industry differences. Thirdly, analyzing the differences in ESG performance and financial profitability across different SASB main industries reveals competitive pattern variations. For instance, ESG-leading groups in the refining and mining, technology and communication industries positively impact ROE, while a negative association is found in the transportation industry. Finally, when ROE and ROA are interdependent variables, a positive correlation is evident. However, when ROA is used as an independent variable, the coefficient is significantly lower. This suggests that companies may need to initially bear high asset costs to address sustainability issues, and blindly acquiring facilities may not uniformly translate into operational growth in shareholders' equity. Nevertheless, investors still prioritize the effective integration of sustainable governance strategies at different levels. |
URI: | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/91698 |
DOI: | 10.6342/NTU202400248 |
Fulltext Rights: | 同意授權(全球公開) |
Appears in Collections: | 商學研究所 |
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ntu-112-1.pdf | 24.7 MB | Adobe PDF | View/Open |
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