- 學位論文
企業ESG評分與實質盈餘管理之關係
The Relationship between ESG Score and Real Earnings Management
摘要
隨著環境(Environmental)、社會(Social)和公司治理(Corporate Governance)的發展，投資人、利害關係人和股東越來越重視每間企業在ESG評分，因此ESG評分機構對於企業ESG評分也逐漸成為投資決策前應參考的資訊來源。企業也會開始在ESG三個構面上展開行動，以提升自身的ESG評分。本研究採用2016年至2022年間臺灣經濟新報(TEJ)資料庫中的台灣上市櫃公司為研究對象，探討企業ESG評分與實質盈餘管理之間的關聯性。研究結果發現當企業獲得較高的ESG評分，代表越具有道德並且實踐越多ESG行動，企業會朝向長期發展的目標邁進，不會將短期最大利潤當成優先考量，因此較不會進行實質盈餘管理，使企業不僅能建立和維護各方良好的關係，也能提高企業本身的聲譽和競爭力。另外，當企業獲得較高的ESG評分時，會較少操弄生產成本和裁決性支出來進行盈餘管理，而此結果在企業社會構面和公司治理構面評分中均相同。然而，當企業在環境構面獲得較高的評分時，會較少從事實質盈餘管理活動，且較不會操弄營運活動現金流量來進行盈餘管理。
並列摘要
With the development of Environmental, Social, and Corporate Governance (ESG), investors, stakeholders, and shareholders are increasingly focus on the ESG score of each company. Consequently, ESG rating agencies gradually become an essential reference for investment decisions. Companies are beginning to take action on ESG activities to improve their ESG score. This research examines the relationship between ESG score and real earnings management, using listed companies in Taiwan from the Taiwan Economic Journal (TEJ) database between 2016 and 2022 as the research subjects. The result of the research shows that companies having higher ESG score indicate they are more ethical and fulfill more ESG actions. For these companies, they will purse long-term goals instead of prioritizing short-term maximum profits. In this way, they do less real earnings management. This not only makes company establish and maintain good relationships with others, but also enhances their reputation and competitiveness. In addition, when companies obtain a higher ESG score, they are less likely to manipulate production costs and discretionary expenses for earnings management. This result is consistent in both social and corporate governance score. However, when companies receive higher scores on the environment, they engage less in real earnings management and are less likely to manipulate cash flow from operations for earnings management.