ESG對公司價值之影響

本篇研究主要探討ESG中，環境(Environment)、社會責任(Social)和公司治理(Governance)三個面向的非財務績效，建構一個ESG的綜合指標。目的為探討除了財務指標外，在ESG績效方面表現良好的公司是否會對企業的公司價值具有顯著影響。再者，本文進一步分別探討各自面向對其公司價值之影響。本研究以2018至2020年之台灣上市（櫃）公司為研究對象，將ESG績效、碳排放密集度、企業社會責任以及公司治理作為衡量變數，使用普通最小平方法（OLS）進行迴歸分析，並預期企業在ESG、環境、企業社會責任以及公司治理等面向之績效良好能提升企業價值與績效。實證結果顯示，ESG績效與公司價值呈現顯著正相關；減碳績效與公司價值呈現顯著正相關；企業社會責任績效與公司價值呈現顯著正相關；公司治理績效與公司價值呈現顯著正相關。最後，額外測試結果顯示，企業之ESG績效愈佳、減碳績效愈佳、CSR績效愈佳或具備完善的公司治理結構，對該公司之績效具有正向的影響。

關鍵字

ESG ；碳排放密集度；企業社會責任；公司治理

並列摘要

This paper investigates explores the non-financial performance of the three aspects of ESG：Environmental, Social and Corporate governance. Construct a comprehensive indicator of ESG. The objective is to explore whether a company that performs well in terms of ESG performance will have a significant impact on the firm value in addition to financial indicators. Furthermore, this article further explores the impact of each orientation（Environmental, Social and Corporate governance）on firm value. This study is aimed at Taiwan Listed companies from 2018 to 2020. This study uses the Ordinary Least Square model (OLS) and the ESG performance, carbon intensity, corporate social responsibility and corporate governance were used as independent variable. It is also expected that the good performance of the company's ESG, environment, corporate social responsibility and corporate governance aspects will enhance the firm value and firm performance. The results show the relationship between ESG performance, Carbon reduction performance, corporate social responsibility performance, corporate governance performance and firm value is significantly negative. Finally, the additional test results show that firms characterized by better ESG performance, better Carbon reduction performance, better corporate social responsibility performance or better corporate governance structure, which has the positive impact on the firm performance.