摘要
近年來有關”永續發展”之議題逐漸被社會大眾討論，對於公司是否有做好永續發展成為投資人做決策的考量之一，從以前的 CSR 到現今的 ESG 都是探討公司對於永續發展的落實，但 CSR 只是一個表象，能把永續發展量化的是 ESG， 本研究根據揭露符合GRI 之項目個數來評斷該公司對於永續發展是否做得確實， 並以投資效率作為企業整體管理之衡量探討企業整體管理是否會影響公司揭露ESG 報告符合 GRI 項目之比例。 本研究以 2021 年上市上櫃公司為樣本，從 Heckman 兩階段迴歸模型作為第一階段估計出控制樣本選擇偏誤之控制變數，並以投資效率作為主要實測模型之自變數，探討 ESG 報告與投資效率之關聯性。實證結果發現，投資效率越高之公司，會願意揭露更多之 ESG 準則，讓 ESG 報告更完整。 本研究也進一步討論投資不足與過度投資對於ESG 報告及投資效率對強制揭露與自願揭露之 ESG 報告之影響，本研究實證結果顯示了 ESG 報告與投資效率呈現正向關係，但如果今天把投資效率拆成兩個樣本以及把 ESG 拆成兩個樣本來判斷，是否主要實測模型有不一樣之結果。期盼本研究的結果能增進對於台灣企業揭露 ESG 報告對於投資效率之間關連性之認識。
並列摘要
In recent years, the issue of "sustainable development" has gradually become a hot issue among the general public. Whether a company has done a good job in sustainable development has become one of the considerations for investors when making decisions. From the past CSR to the present ESG, both discuss companies' implementation of sustainable development. However, CSR is only superficial, while ESG can quantify sustainability. This study uses the number of items meeting GRI disclosure criteria to evaluate a company's sustainability efforts, and explores whether the integrate management investment efficiency affects the proportion of ESG reporting items meeting GRI criteria. This study takes the 2021 listed and OTC companies as samples, and uses the Heckman two-stage regression model as the first stage to estimate the control variables for controlling sample selection bias. Using investment efficiency as the main independent variable of the empirical model, we explore the association between ESG reports and investment efficiency. The empirical results show that companies with higher investment efficiency are willing to disclose more ESG criteria, making their ESG reports more complete. This study further examines the impacts of underinvestment and overinvestment on ESG reporting as well as investment efficiency in both mandatory and voluntary ESG reporting. The empirical results of this study show a positive relationship between ESG reporting and investment efficiency. However, if we separate our sample by investment efficiency and ESG, the results hold only in voluntary subsample.