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| Title: | ESG對公司財務績效之影響＿以全球半導體產業為例
ESG Impact to the Enterprise Financial Performance- Study in the Global Semiconductor Industry |
| Authors: | 吳沂珈
Wu, Yi-Chia |
| Contributors: | 陳立民
許書瑋
Chen, Li-Min
Hsu, Ryan Shu-Wei
吳沂珈
Wu, Yi-Chia |
| Keywords: | ESG
環境保護
半導體產業
財務績效
公司治理
Semiconductor industry
ESG
Environmental protection
Financial performance
Corporate governance |
| Date: | 2024 |
| Issue Date: | 2024-07-01 12:23:43 (UTC+8) |
| Abstract: | 本研究主要探討公司投入ESG 中的環境面向E 是否能有效提升半導體產業之公司財務績效。接下來，以討論半導體公司之外部條件是否會對其財務績效產生影響，本研究以GDP及Unemployment兩大指標作為外部條件，因GDP常被視為一國經濟活動之好壞指標，也代表一個國家的生產力，而經濟或生產力則為民眾收入之來源，會影響其購買半導體終端產品之意願，故本研究將GDP視為半導體產業產品終端消費者之消費力；此外，Unemployment則為勞工失業指標，因失業會使消費者收入降低，進而影響民眾對半導體終端產品之購買力，因此本研究將此作為判斷終端消費者之消費力變動依據。上述兩個條件作為探討半導體公司是否會因此受到波及之因素，進而影響其財務表現。而最後以公司治理G作為調節變數，剖析G是否會加強E對半導體公司財務績效表現之正向影響。本
研究樣本為2018-2022年間，全球131間上市半導體公司，共418筆有效樣本。由迴歸分析結果所示，半導體公司揭露及投入環境保護之行動確實能有效提升公司之財務績效 (ROE)。然而，當消費者之消費力呈現衰退時，半導體公司財務績效也會受到影響。接著本研究進一步分析，若單考慮GDP與ROE之關係，可以發現當GDP成長率下降時，半導體公司ROE反而能有更好的表現。然若討論GDP及Unemployment同時對ROE產生之效果，Unemployment對ROE具正向影響力，且其中Unemployment相較於GDP，對ROE更具顯著性。而當半導體公司之公司治理G表現提高時，會使得E對於公司ROE之正向影響減少，也就是說當董事會集中使G 提升時，董事會因重視股東權益，追求利益最大化，將E投入視為成本支出，且在沒有受到外界要求進行環境保護時，董事會之決策往往不會重視環境保護相關之策略，因此會不利於半導體公司參與環境保護對財務績效之正向效益。本研究認為半導體公司投入環境保護確實能有效提升公司財務績效，然而，也必須同時關注外部條件之變化，像是GDP、Unemployment 等，以免公司財務績效受到損害。最後，半導體公司應由追求股東利益最大化轉為利害關係人效益最大化，並積極投入環境保護行動，以回應社會大眾之期待與國際組織之規範，讓這個高污染之產業能對社會、環境有所回饋及產生正向效益，達成淨零碳排之願景。
This study mainly explores whether a company's investment in the environmental aspect (E) of ESG can effectively enhance the financial performance of companies in the semiconductor industry. Subsequently, it discusses whether external conditions of semiconductor companies affect their financial performance, using GDP and unemployment as two major indicators. GDP is often seen as a measure of a country's economic activity and productivity, which influences the income of the population and their willingness to purchase semiconductor end products. Therefore, this study considers GDP as the purchasing power of consumers of semiconductor industry products. In addition, the unemployment rate (Unemployment) is an indicator of labor layoffs, as Unemployment reduces consumer income and thus their purchasing power for semiconductor end products. Consequently, this study uses it as a basis for judging changes in consumer purchasing power. These two conditions are examined to see if semiconductor companies are affected and thereby influence their financial performance. Finally, corporate governance (G) is used as a moderating variable to
analyze whether G enhances the positive impact of E on the financial performance of semiconductor companies. The sample for this study consists of 131 publicly listed semiconductor companies worldwide, with a total of 418 valid samples from 2018 to 2022.
According to the regression analysis results, the actions taken by semiconductor companies to disclose and invest in environmental protection can indeed effectively improve the company's financial performance (ROE). However, when consumer purchasing power declines, the financial performance of semiconductor companies is also affected. Further analysis shows that if only the relationship between GDP and ROE is considered, it can be observed that when the GDP growth rate decreases, the ROE of semiconductor companies tends to perform better. However, when discussing the effects of GDP and Unemployment on ROE simultaneously, Unemployment has a positive impact on ROE, and Unemployment has a more significant effect on ROE compared to GDP. When the corporate governance (G) performance of semiconductor companies improves, it reduces the positive impact of E on ROE. This means that when the board of directors focuses on shareholder interests and pursues profit maximization, they view E investments as a cost expenditure. In the absence of external demands for environmental protection, the board's decisions often do not prioritize environmental protection strategies, which is detrimental to the positive financial benefits of semiconductor companies' participation in environmental protection.
This study concludes that investing in environmental protection can indeed effectively enhance the financial performance of semiconductor companies. However, changes in
external conditions, such as GDP and Unemployment, must also be considered to avoid damage to financial performance. Finally, semiconductor companies should shift from pursuing shareholder profit maximization to stakeholder benefit maximization and actively engage in environmental protection actions. This is to meet societal expectations and international regulations, allowing this high-pollution industry to contribute positively to society and the environment, and also achieve the vision of net zero carbon emissions. |
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網路資源
Thomson Reuters Refinitiv ESG 評分說明書 2020。取自:
https://www.lseg.com/en/data-analytics/sustainable-finance/esg-scores |
| Description: | 碩士
國立政治大學
企業管理研究所(MBA學位學程)
111363012 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0111363012 |
| Data Type: | thesis |
| Appears in Collections: | [企業管理研究所（MBA學位學程）] 學位論文
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