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| Title: | 企業ESG績效與財務表現之關聯性 - 以2019~2023年之台灣IC設計業與IC製造業為例
The Relationship Between Corporate ESG Performance and Financial Performance - Case of Taiwan's IC design and IC manufacturing industries, 2019~2023 |
| Authors: | 陳俊霖
Chen, Chun-Lin |
| Contributors: | 蕭明福
陳俊霖
Chen, Chun-Lin |
| Keywords: | ESG
企業財務表現
ESG揭露分數
ESG performance
Financial performance
ESG disclosure |
| Date: | 2025 |
| Issue Date: | 2025-08-04 12:51:46 (UTC+8) |
| Abstract: | 近年來，全球投資市場對於環境(E)、社會責任(S)與公司治理(G)之相關議題日益重視，永續發展不僅成為企業經營新標準，也逐漸被納入投資人進行公司評價與決策的重要依據。
然而，多數國際文獻主要聚焦於歐美市場，對於亞洲(尤其是台灣市場)之實證探討仍相對有限。此外，不同產業對ESG面向的關注與投入重點亦有所不同，若未區分產業特性，恐導致ESG績效與財務表現關係的估計產生偏誤。
故本論文以台灣電子業為研究對象，並進一步將其區分為IC設計業與IC製造業兩大類型，運用台灣經濟新報(TEJ)資料庫蒐集2019至2023年之ESG與年度財務數據，探討ESG三面向(E：環境、S：社會責任、G：公司治理)對企業財務表現(ROA、ROE、EPS)之影響。
本論文採用Panel OLS模型進行實證分析，並納入研發支出(R&D)、公司規模(SIZE)、營收成長率(GROWTH)與自由現金流量(FCF)作為控制變數，以提升模型估計精準度。
研究結果指出，不論在IC設計業或IC製造業中，ESG整體績效皆對企業財務表現具正向影響，其中公司治理面向(G)為最穩定之關鍵因素。而在IC製造業中，環境(E)與社會責任(S)面向亦展現出顯著的正向效果，顯示出企業若能有效整合ESG策略，將有助於財務穩健與永續發展兼顧之目標。
In recent years, global investors have placed increasing emphasis on Environmental (E), Social (S), and Governance (G) issues. ESG performance has become a new standard for corporate operations and a key factor in investment decisions. However, most empirical research has focused on Western markets, with limited studies examining Asia, particularly Taiwan. Moreover, ESG impacts may vary by industry, and failing to account for these differences can lead to biased estimations.
This study investigates the relationship between ESG performance and annually financial performance in Taiwan's electronics industry from 2019 to 2023, using data from TEJ. The sample is divided into IC design and IC manufacturing firms to account for industry-specific characteristics. Financial performance is measured using ROA, ROE, and EPS, while ESG is analyzed through its three dimensions: Environmental (E), Social (S), and Governance (G).
Panel OLS models are employed, with R&D expenditure, firm size, revenue growth rate, and free cash flow as control variables. The results show that ESG performance overall has a positive effect on financial outcomes across both sectors, with Governance being the most consistently significant factor. In the IC manufacturing sector, Environmental and Social dimensions also show significant positive effects, suggesting that integrating ESG strategies contributes to both profitability and long-term sustainability. |
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| Description: | 碩士
國立政治大學
經濟學系
112258026 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0112258026 |
| Data Type: | thesis |
| Appears in Collections: | [經濟學系] 學位論文
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