- 學位論文
編製永續報告書對公司財務績效的影響
The Impact of Sustainability Reporting on Corporate Financial Performance
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摘要
在全球環境意識的興起下，永續發展成為企業經營中的重要議題，隨著利害關係人對企業社會責任和永續資訊的需求不斷增加，企業透過永續報告書向外界展示其在環境、社會、治理層面的表現已然成為主流，為推動上市櫃公司實踐永續揭露的責任，臺灣政府自2010年以來逐步推動上市櫃公司編製永續報告書，且研擬在未來將所有上市櫃公司列入規範。在國際政策規範及永續轉型的浪潮下，儘管眾多文獻已探討了永續資訊揭露對公司的影響，但永續報告書對公司績效產生的影響仍然存在爭議以及不確定性，且在不同國家以及文化背景下存在差異，故本研究以臺灣非金融上市櫃公司做為主要研究對象，涵蓋其2007年至2022之財務資料，旨在透過雙重差分模型（Difference-in-Differences）探討編製永續報告書對臺灣上市櫃公司財務績效的影響。 研究結果顯示，編製永續報告書對公司的財務績效具有正向影響，平均而言，公司在編製永續報告書後，其資產報酬率顯著增加了0.360個百分點，且此效果在五年內呈現上升趨勢。異質性分析結果顯示，在將資料以市場做區別後，編製永續報告書對上櫃公司的正向影響程度大於對上市公司的影響。此外，被法規強制編製永續報告書的公司在初期資產報酬率的增長效果較為有限，而自願編製報告書的公司則呈現出較大的增長幅度。最後，在替換財務績效的衡量指標後，結果顯示編製永續報告書對Tobin’s Q也具有正面影響，並對負債比率具有負面影響，表明永續報告書提升了公司的市場價值，並改善了公司的償債能力。
並列摘要
Amid rising global environmental consciousness, sustainable development has become crucial in corporate operations. As stakeholders' demands for corporate social responsibility and sustainability information grow, companies are increasingly using sustainability reports to disclose their performance. To promote sustainability disclosure among listed companies, the Taiwanese government has progressively mandated the preparation of sustainability reports since 2010, with plans for future comprehensive requirements. Despite extensive research on the impacts of sustainability disclosure, the effects of sustainability reports remain debated and vary across different countries and cultural contexts. Using financial data of Taiwanese non-financial listed and over-the-counter companies from 2007 to 2022, this study employs the Difference-in-Differences methodology to estimate the impact of sustainability reports on financial performance. Results indicate that sustainability reports positively affect financial performance, with an average increase in return on assets (ROA) by 0.360 percentage points, showing an upward trend over five years. Heterogeneity analysis reveals a more pronounced positive impact on over-the-counter (OTC) companies compared to listed companies. Additionally, companies mandated by regulations showed limited initial ROA growth, whereas voluntarily reporting companies exhibited greater growth. Furthermore, substituting financial performance metrics showed that sustainability reports positively affect Tobin's Q and negatively impact the debt ratio, indicating enhanced market value and improved debt-paying ability.
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