ESG評價對公司價值之影響

以往對於公司治理、及公司價值的研究，傾向以單一或數個公司治理變數來探討問題。然而ESG公司永續經營是如此多種構面的議題，若採用單一或數個變數，似乎無法完整的代表ESG公司永續經營機制。所以本研究嘗試以結構方程模式（SEM）為研究方法，選取2015年到2019年共五年，台灣中型100指數的上市櫃公司為研究樣本，分析各項ESG公司永續經營各構面整合後的模型檢驗其能否代表ESG評價的程度，並進而影響公司價值。本研究採用由環境因子、社會因子、和公司治理因子等所構成7項ESG評價變數，作為ESG評價的測量，經營整個模型分析檢驗，研究結果尚稱配適，實證結果發現，ESG評價中共有五項變數對公司價值皆呈現顯著影響，顯示ESG評價對於公司價值，具有顯著影響。

關鍵字

環境保護；社會責任；公司治理；公司價值

並列摘要

Previous studies tended to discuss issues with single or several corporate governance variables for corporate governance and corporate value. However, the sustainable management of ESG companies is a multi-faceted issue. If the previous method is adopted, the sustainable management mechanism of ESG companies cannot be fully expressed. Therefore, this paper uses Structural Equation Modeling (SEM) as the research method, using the five-year period from 2015 to 2019, the listed and OTC companies of the Taiwan Mid-Cap 100 Index as the research samples, to analyze the integration of the sustainable management aspects of various ESG companies. The model is used to test whether it can represent the degree of ESG company's sustainable management indicators, and then affect the company's value. This study uses seven ESG evaluation variables consisting of environmental factors, social factors, and corporate governance factors : environmental factors, social factors, and corporate governance factors, as the measurement of ESG companies' sustainable management indicators. According to the empirical results, it is found that among the ESG companies' sustainable management indicators, there are five variables that have a significant impact on the company's value, indicating that the ESG company's sustainable management indicators have a significant impact on the company's value.