ESG對企業永續的發展與限制一以某電子業上市公司為例

Abstract

本研究旨在探討企業實現ESG的過程中，面臨哪些挑戰與限制？提出綠色產品是否是永續的糖衣？電子大廠如何成就永續生態系？企業推動「移工零付費」是否達成政策目的？SROI（社會投資報酬率）可以解決難以量化的社會影響力難題嗎？股東行動主義面對家族企業的治理困境，以及企業型基金會是否可能淪為企業的「漂綠」單位？ 本研究個案發現，臺灣作為全球電子製造業的重要據點，在供應鏈中的角色至關重要，企業永續具有市場與政策雙邊壓力，部分企業「漂綠」行為，常以「短擇利益」優先，而不追求「長擇永續」。 「永續生態系」作為產業轉型的理論基礎，由於轉型成本高昂、供應鏈管理困難、投資回報的矛盾、利害關係人著重不同需求以及企業文化不適應，導致轉型失敗。 多數電子業支持「移工零付費」政策，仍有許多企業變相收費，加上企業的供應鏈往往遍布不同國家和地區，導致執行和監管難度極大。 企業參與「社會責任」經常面臨難以量化的問題，如果沒有 SROI 的框架與衡量指標，企業可能永遠不知道決策是否正確？透過「投入的資源成本」與「產出的社會價值」之間的相互關聯，SROI 的主要目的是為了促成資源投入者及受益者的對話，協助企業重新資源分配，使得社會減少負面的影響或加值。 臺灣電子業部分企業的股權結構集中、未落實利害關係人議和，家族治理現象明顯，這些特質在ESG落實過程中，可能成為限制股東行動主義的主要障礙。這可能導致 ESG 推動不力、流於形式與缺乏治理透明度，難以實現真正可持續發展的目標。 最後，企業型基金會投入公益時，容易僅在利益與品牌形象受益時才有所行動，讓企業在合法範圍內誇大其綠色屬性，成為助長漂綠的工具。

This study uses a public listed company in Taiwan as a case study to explore the challenges and constraints that businesses may face in the process of implementing ESG (Environmental, Social, and Governance) initiatives. This study focuses six questions: Are green products truly sustainable? How can electronics manufacturers build sustainable ecosystems? Does the “Zero Placement Fee” policy work? Can SROI (Social Return on Investment) quantify social impact? How does shareholder activism address family business governance issues? Are corporate foundations tools for greenwashing? The findings of this research are as follows: Taiwan, a key player in global electronics manufacturing, faces dual pressures from markets and policies, leading some companies to prioritize short-term profits through greenwashing over sustainability. Second, building a "sustainable ecosystem" often fails due to high costs, supply chain challenges, conflicting returns, diverse stakeholder needs, and incompatible corporate culture. Third, while many electronics firms support the “zero recruitment fees” policy, covert charges persist, and global supply chains complicate oversight. Company’s CSR efforts often struggle to quantify impact without an SROI framework. Fourth, SROI connects investments to social value, fostering dialogue between contributors and beneficiaries to optimize resource allocation and enhance social impact. Fifth, concentrated equity and family governance in Taiwan’s electronics industry hinder stakeholder engagement, limit shareholder activism, lead to superficial, non-transparent ESG efforts, and fail to achieve true sustainability goals. Finally, corporate foundations often prioritize profits or brand image, exaggerating environmental claims and contributing to greenwashing.