臺灣博碩士論文加值系統

本篇研究的主要目的係觀察 COVID-19 前後， ESG 投資對會計穩健性的影響。參照 Basu(1997) 提出的盈餘 / 報酬迴歸法，以 2018〜2021 年中華民國上市櫃公司為研究樣本進行實證分析，探討 ESG 投資與會計穩健性之間的關聯性，以及這種關係在 COVID-19 時期是否更加顯著。結果表明，若企業碳排放量愈少，其會計穩健性愈強，並且這種關係在 COVID-19 時期更加顯著。

另外，也出現不符合預期的情況，有依照 TCFD 架構揭露，捐贈金額較多，或是 ESG 分數較高之企業，其會計穩健性較差，並且在 COVID-19 時期更加顯著。本篇研究認為可能原因有以下幾點：（1）中華民國上市櫃公司，目前有依照相關揭露者不到 2%，關於這一點，目前金管會已要求在 2022 年的永續報告書編制時，揭露 TCFD 相關資訊。（2）區域不同造成研究結果的不同。（3）中華民國目前 ESG 投資市場並未像歐洲市場一樣，還處在發展確信階段。

The primary aim of this study is to investigate the influence of ESG investments on accounting robustness both before and after the outbreak of COVID-19. Using a sample of ROC-listed companies from 2018 to 2021, we employ the earning/returns regression method proposed by Basu (1997) to investigate the association between ESG investment and accounting soundness, and to examine whether this relationship is more pronounced during the COVID-19 period. Our findings reveal that companies emitting less carbon exhibit greater accounting robustness, and this relationship is even more pronounced during the COVID-19 era.

However, there are unexpected cases where, Companies with TCFD disclosures / high donations / higher ESG scores have weaker accounting soundness, especially during the COVID-19 period. We speculate that there could be several reasons for these findings: (1) Less than 2% of ROC-listed companies have made relevant disclosures. As such, the FSC has called for TCFD-related information to be disclosed in the 2022 Sustainability Report. (2) Different regions could lead to varied research results. (3) The ESG investment market in ROC is not yet as established as in Europe and is still in the process of building credibility.

中文摘要 i
英文摘要 ii
誌謝 iii
目錄 iv
表目錄 v
第一章 緒論 1
第一節 研究背景 1
第二節 研究動機 4
第二章 文獻探討 6
第一節 ESG 與會計穩健性 6
第二節 嚴重特殊傳染性肺炎 9
第三章 研究方法 11
第一節 樣本選取 11
第二節 變數定義：會計穩健性 11
第三節 變數定義：ESG 投資 12
第四節 實證模型 15
第四章 實證結果 21
第一節 描述性統計分析 21
第二節 相關性分析 27
第三節 迴歸結果分析 33
第五章 結論 47
參考文獻 49

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