企業永續發展 (ESG)、碳排放與公司績效之關聯

近年來全球在極端氣候的影響下，環境保護日趨重視，企業未來將如何永續發展值得探討。本研究針對我國上市（櫃）公司自2018年至2020年所發布的碳排放量、社會責任及公司治理資訊分析探討與公司績效之關聯性，再進一步分析有無減碳轉型對公司績效之關聯性是否會受到影響。實證結果顯示，碳排放量對財務績效具有負向顯著關係，而碳排放量落後期部分對公司價值有不同的顯著影響。社會責任對財務績效方面有正向顯著關係，對公司價值方面也有正向顯著關係。公司治理對公司價值有負向顯著關係。本研究推論企業的營運高稼動率會有高碳排放量產生，當無法轉嫁時將侵蝕公司財務績效；而碳排放問題目前不受市場投資人重視。從ESG的三個面向實證顯示，企業提升ESG成效表現確實能有助於公司財務績效的提升。

關鍵字

企業永續發展 (ESG) ；碳排放；公司價值；公司績效

並列摘要

In recent years, under the influence of extreme climate, environmental protection has become more and more important. It is worth discussing how enterprises will develop sustainably in the future. This paper analyzes the relationship among the corporate performance, carbon emissions, social responsibility and corporate governance. Base on the disclosure of Taiwan listed (cabinet) companies from 2018 to 2020. The empirical results show that carbon emissions have a significant negative impact on the financial performance. The lag period of carbon emissions also has significant impact on the company value. Social responsibility significantly has a positive impact on the financial performance and present a positive significant relationship with company value. Corporate governance has a significant negative impact on the corporate value. We conclude that the high utilization rate of the company will cause high carbon emissions and will erode the company's financial performance with difficult cost pass through. And stock investor paid little concern on the carbon emissions issue. Empirical evidence from three aspects of ESG shows that positive relation between the performance of ESG and the company's financial performance.