臺灣博碩士論文加值系統

ESG是現在各國政府、企業和投資者很關注的議題，永續發展經營模式也開始受到企業的重視，企業也意識到非財務指標對企業所帶來的影響，故本文探討落實ESG對公司超額利潤率及績效的影響，研究結果顯示ESG與超額利潤率(ROIC-WACC)呈不顯著影響，ESG與公司績效(Tobin’s Q)呈顯著正向影響，顯示公司長期將資源投入於ESG活動有助於增加公司績效，代表市場會給予公司正面評價，最終可以提升公司價值。若單以環境分數進行探討，顯示企業落實環境ESG對公司超額利潤率與績效皆不會產生顯著性影響。若政府想要積極推動公司落實ESG並與國際接軌，應給予資金不足與規模較小之公司進行優惠減稅，並協助落實ESG等活動。

ESG is now a topic of great concern to governments, enterprises and investors in various countries. The sustainable development business model has also begun to be valued by enterprises. Enterprises are also aware of the impact of non financial indicators on enterprises. Therefore, this paper discusses the impact of implementing ESG on the company's excess profit margin and performance. The research results show that ESG and excess profit margin (ROIC-WACC) have no significant impact, while ESG and company performance (Tobin's Q) have a significant positive impact. It shows that the company's long-term investment of resources in ESG activities can help increase the company's performance, which means that the market will give the company a positive evaluation, which can ultimately enhance the company's value. If the environmental score is used alone, it shows that the implementation of environmental ESG will not have a significant impact on the company's excess profit margin and performance. If the government wants to actively promote companies to implement ESG and be in line with international standards, it should give preferential tax cuts to companies with insufficient funds and small scales, and assist in the implementation of ESG and other activities.

摘要 ...............................ii
Abstract ...........................iii
誌謝 ...............................iv
目錄 ...............................v
表目錄 .............................vii
圖目錄 .............................viii
一、緒論 ...........................1
1.1研究背景與動機 ..................1
1.2研究目的 .......................4
1.3研究流程 .......................5
二、文獻回顧 ......................6
2.1ESG相關文獻探討 ................6
2.2公司績效相關文獻探討 ............7
2.3超額利潤率相關文獻探討 ..........9
2.4財務比率相關文獻探討 ............10
三、研究方法 .......................13
3.1研究架構 .......................13
3.2資料說明與研究期間 ..............14
3.3變數定義 .......................14
3.3.1應變數 .......................14
3.3.2自變數 .......................16
3.3.3控制變數 .....................16
3.4實證模型 .......................18
四、實證結果與分析 .................19
4.1敘述性統計 .....................19
4.2 ESG分數(ESG) .................24
4.2.1所有產業 .....................24
4.2.2不含金融產業 .................27
4.3 環境分數(ESG-E) ...............29
4.3.1所有產業 .....................29
4.3.2不含金融產業 .................31
五、結論與建議 ....................33
5.1結論與建議 .....................33
5.2後續研究建議 ...................34
參考文獻 ..........................35
中文參考文獻 .......................35
英文參考文獻 .......................37

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