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    請使用永久網址來引用或連結此文件: https://nccur.lib.nccu.edu.tw/handle/140.119/158276


    題名: ESG導入對台灣金融機構經營績效影響之探討
    The Impact of ESG Implementation on the Operational Performance of Financial Institutions in Taiwan
    作者: 李昂
    Lee, Ang
    貢獻者: 王國樑
    余威廷
    Wang, Kuo-Liang
    Yu, Wei-Ting
    李昂
    Lee, Ang
    關鍵詞: 經營績效指標
    ESG
    產業經濟理論
    多元迴歸分析
    Operating Performance Indicators
    ESG
    Industrial Economics Theory
    Multiple Regression Analysis
    日期: 2025
    上傳時間: 2025-08-04 12:50:59 (UTC+8)
    摘要: 本文旨在探討ESG對臺灣金融機構經營績效之影響，首先根據產業經濟、財務績效指標、ESG相關的既有文獻建立可能影響經營績效的實證模型，其次依據2016年至2023年臺灣經濟新報資料庫的上市金融機構資料，分別將資產報酬率、稅後淨利率、Tobin’s Q作為經營績效衡量指標，透過多元迴歸進行實證分析。實證結果顯示，以資產報酬率、Tobin’s Q為被解釋變數時，環境構面分數具有正向影響、社會構面分數則具有負向影響、財務槓桿和員工人數之對數皆具有負向影響；以稅後淨利率為被解釋變數時，環境構面和治理構面分數皆有負向影響、財務槓桿則具有正向影響、員工人數之對數則亦具有負向影響。
    This study aims to investigate the impact of ESG on the operational performance of financial institutions in Taiwan. First, based on industrial economics, financial performance indicators, and existing ESG-related literature, an empirical model was developed to identify potential factors influencing operational performance. Subsequently, using data from listed financial institutions in the Taiwan Economic Journal (TEJ) database from 2016 to 2023, the study adopts return on assets (ROA), net profit margin after tax, and Tobin’s Q as performance metrics, and conducts empirical analysis through multiple regression. The empirical results indicate that when ROA and Tobin’s Q are used as dependent variables, the environmental dimension score has a positive effect, while the social dimension score, financial leverage, and the logarithm of the number of employees all exhibit negative effects. When net profit margin after tax is the dependent variable, both the environmental and governance dimension scores have negative impacts, financial leverage shows a positive impact, and the logarithm of the number of employees again exhibits a negative effect.
    參考文獻: 中文參考文獻
    1. 林姿妤（2024）。臺灣金融業 ESG 與績效關聯性之研究（碩士論文，國立臺北商業大學）

    2. 許珊蜜 （2024）。ESG與碳排放量對企業財務績效的影響：以ESG評分為中介／調節變數（碩士論文，國立清華大學）

    3. 陳立瑩（2022）。ESG 因子與公司財務績效之探討（碩士論文，國立臺北商業大學）

    4. 陳學禹（2022）。ESG 對台灣銀行業財務績效之影響（碩士論文，東吳大學）。

    5. 游琇螢（2019）。ESG 分數對公司績效表現與風險的影響—以臺灣市場為例（碩士論文，國立中央大學）

    英文參考文獻
    1. Balatbat, M. C. A., Siew, R. Y. J., & Carmichael, D. G. (2012). ESG scores and financial performance of Australian firms. Journal of Contemporary Accounting & Economics, 8(2), 103–119.

    2. Baker, A. C., Larcker, D. F., McClure, C. G., Saraph, D., & Watts, E. M. (2024). Diversity washing. Journal of Accounting Research, 62(5), 1661–1709.

    3. Berger, A. N., & Bonaccorsi di Patti, E. (2006). Capital structure and firm performance: A new approach to testing agency theory and an application to the banking industry. Journal of Banking & Finance, 30(4), 1065–1102.

    4. Bermejo Climent, R., Figuerola-Ferretti Garrigues, I., Paraskevopoulos, I., & Santos, A. (2021). ESG disclosure and portfolio performance. Risks, 9(10), 172.

    5. Columbia Law School Sabin Center for Climate Change Law. (2023). A comparative analysis of the SEC’s climate disclosure proposal.

    6. Friede, G., Busch, T., & Bassen, A. (2015). ESG and financial performance: Aggregated evidence from more than 2000 empirical studies. Journal of Sustainable Finance & Investment, 5(4), 210–233.

    7. Ferrero-Ferrero, I., Fernández-Izquierdo, M. Á., & Muñoz-Torres, M. J. (2013). Integrating sustainability into corporate governance: An empirical study on board diversity. Corporate Social Responsibility and Environmental Management, 23(4), 233–251.

    8. Gangi, F., Meles, A., D’Angelo, E., & Daniele, L. M. (2019). Sustainable development and corporate governance in the financial system: Are environmentally friendly banks less risky? Corporate Social Responsibility and Environmental Management, 26(3), 529–547.

    9. Gleason, K. C., Mathur, L. K., & Mathur, I. (2000). The interrelationship between culture, capital structure, and performance: Evidence from European retailers. Journal of Business Research, 50(2), 185–191.

    10. Jensen, M. C. (1993). The modern industrial revolution, exit, and the failure of internal control systems. Journal of Finance, 48(3), 831–880.

    11. Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360.

    12. Krüger, P. (2015). Corporate goodness and shareholder wealth. Journal of Financial Economics, 115(2), 304–329.

    13. Pfeffer, J., & Salancik, G. R. (1978). The external control of organizations: A resource dependence perspective. Harper & Row.

    14. Steyn, G. (2014). Exploring Successful Principalship in South Africa: A Case Study. Journal of Asian and African Studies, 49(3), 347–361.

    15. Serafeim, G. (2015). Integrated reporting and investor clientele. Journal of Applied Corporate Finance, 27(2), 34–51.

    16. Spreckley, F. (1981). Social audit: A management tool for co-operative working. Beechwood College.

    17. Steyn, M. (2014). Organisational benefits and implementation challenges of mandatory integrated reporting. Sustainability Accounting, Management and Policy Journal, 5(4), 476–503.

    18. Susen, M., & Etter, M. A. (2024). Beyond financial outcomes: Assessing the influence of ESG tilt and momentum on employee satisfaction in S&P 500 corporations. Academy of Management Proceedings, 2024(1), Article 15068.

    19. Waddock, S. A., & Graves, S. B. (1997). The corporate social performance–financial performance link. Strategic Management Journal, 18(4), 303–319.

    20. Yoon, B., Lee, J. H., & Byun, R. (2018). Does ESG performance enhance firm value? Evidence from Korea. Sustainability, 10(10), 3635.
    描述: 碩士
    國立政治大學
    經濟學系
    112258019
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0112258019
    資料類型: thesis
    顯示於類別:[經濟學系] 學位論文

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