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| Title: | ESG揭露程度與財務成本之關聯性探討-以台灣上市公司為例
The Association between ESG Disclosure and Financial Cost-Taiwan Listed Companies for example |
| Authors: | 蔡嘉瑋
Tsai, Chia-Wei |
| Contributors: | 林宛瑩
Lin, Wan-Ying
蔡嘉瑋
Tsai, Chia-Wei |
| Keywords: | CSR
ESG
SASB
財務成本
CSR
ESG
SASB
Financial cost |
| Date: | 2022 |
| Issue Date: | 2022-08-01 17:12:55 (UTC+8) |
| Abstract: | 近年來社會大眾更加關注永續發展的理念，並逐漸從企業社會責任擴大到環境、社會責任與公司治理（ESG）。美國SASB準則之推行，以及我國公司治理制度之發展，也促使企業益加重視永續相關資訊之揭露。本研究以在2018年至2020年間出具永續報告書或企業社會責任報告書之台灣一般產業上市公司為研究對象，探討企業在採用SASB準則框架下，其ESG揭露程度與財務成本間之關聯性。
在控制財務特性及公司治理特性之變數下，本研究實證結果顯示，企業之ESG揭露程度（分別以揭露分數及揭露等級衡量）與財務成本間存在顯著關聯性。亦即，企業之ESG揭露程度較佳，其財務成本顯著較低。本研究個別針對環境（E）、社會責任（S）及公司治理（G）三個層面，額外分析其與財務成本之關聯性。研究結果仍顯示，個別層面之揭露程度亦與財務成本存在顯著關聯，個別層面資訊揭露較佳之企業，其財務成本顯著較低。
Sustainability issues have attracted great attention from the general public in recent years. The concept of sustainability has also expanded from Corporate Social Responsibility (CSR) to Environmental, Social and Governance (ESG). Coupled with the implementation of the SASB standard in the United States, as well as the development of Corporate Governance in Taiwan, enterprises are also focusing on the disclosure of sustainability-related information. Using TWSE listed companies that have issued sustainability or CSR reports over the period of 2018 to 2020 as research sample, this study examines whether there is an association between firms’ degree of ESG disclosure under the framework of the SASB standard and the financial cost.
After controlling for firm-specific and corporate governance related variables, the empirical results show that there is a significant association between ESG disclosure (in terms of ESG disclosure scores as well as ranks) and financial cost. That is, the higher the degree of ESG disclosure of a company, the lower its financial cost. A further analysis of disclosure degree of individual aspect of ESG on financial cost is performed to investigate whether the individual ESG disclosure effect exits. The findings show that the main findings still hold. |
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| Description: | 碩士
國立政治大學
會計學系
109353110 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0109353110 |
| Data Type: | thesis |
| DOI: | 10.6814/NCCU202201117 |
| Appears in Collections: | [會計學系] 學位論文
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