本研究建立企業社會責任 (Corporate Social Responsibility, CSR)指標及ESG (Environmental, Social and Governance, ESG) 與環境議題特徵詞庫，探討CSR表現是否對綠色能源概念股財務結構有所影響，本研究亦納入ESG媒體報導程度探討其對企業財務結構之影響，並進一步比較COVID-19前後CSR與ESG媒體報導程度之影響差異。研究結果發現CSR對財務績效與獲利能力有顯著正向影響，對償債能力有顯著反向影響；有ESG或環境報導時，對財務績效、獲利能力及公司成長性有顯著正向影響；ESG報導程度越高，對公司財務績效、長期負債率、獲利能力與公司成長性為正向影響；環境報導程度對償債能力為正向影響，對財務績效與獲利能力為反向影響。考量COVID-19期間進行穩健性分析，在ESG與環境報導程度的部分，對所有財務結構皆有強化之影響，換言之在2020年疫情發生之後，伴隨國際與台灣金融市場對於ESG永續議題之重視，能源類股在媒體上若有更豐富的ESG與環境報導，有助於與利害關係人之溝通與資訊揭露，期間結合綠色金融行動方案之推行，對財務結構表現有更強化之影響。總體而言，本研究結果顯示CSR表現與ESG媒體報導對綠色能源概念股財務結構有顯著之影響，公司經營者或市場投資人可參考其影響性做為決策之參考。

This study establishes a corporate social responsibility (CSR) indicator and the characteristic lexicon of ESG and environmental issues, in order to explore whether CSR performance has an impact on the financial structure of green energy stocks. This study applies ESG media coverage to explore the impact on its financial structure and further compares the impact of CSR and ESG media reporting on financial structures before and after COVID-19. The results of the study show that CSR has a significant positive impact on financial performance and profitability, while there has a significant negative impact on solvency. When a company has ESG or environmental media coverage, it can have a significant positive impact on its financial performance, profitability and company operations. The degree of ESG reporting has a positive impact on financial performance, long-term debt ratio, profitability and company growth. The degree of environmental reporting has a positive impact on solvency, while there is a negative impact on financial performance and profitability. Considering the robustness analysis during the COVID-19 periods, the ESG and environmental reporting degree have a strengthening effect on all financial structures. In other words, after the outbreak of the epidemic in 2020, with the international and Taiwanese financial markets paying more attention to corporate ESG sustainability issues, if energy stocks have more ESG and environmental media reports, it will be helpful for stakeholders to communicate with each other and make the information disclosure. ESG and environmental reports exist a stronger impact on the financial structure performance combined with the implementation of the green finance action plan. Overall, the results of this study show that CSR performance and ESG media coverage and reporting content have a significant impact on the financial structure of green energy stocks. Company operators or market investors can refer to its influence as a reference for decision-making.

摘要 i
Abstract ii
誌謝 iii
目錄 iv
圖目錄 v
表目錄 v
壹、 緒論 1
一、 研究背景 1
二、 研究問題 3
貳、 文獻探討 5
一、 綠色能源 5
二、 企業社會責任(CSR)與ESG 7
三、 新聞資訊內涵 9
參、 研究方法 13
一、 資料來源 13
二、 綠色能源概念股取樣說明 13
三、 財務結構 14
四、 企業社會責任(CSR)指標建置 15
五、 ESG與環境報導程度衡量 16
六、 控制變數 19
七、 研究模型 21
肆、 實證分析 23
一、 敘述性統計分析 23
二、 相關係數分析 25
三、 模型分析結果 27
四、 穩健性分析 36
伍、 結論與建議 44
一、 結論 44
二、 未來展望與建議 45
參考文獻 46
一、 中文文獻 46
二、 英文文獻 46
附錄、綠色能源類股公司業務比重介紹 54

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