ESG績效、企業價值與股東價值創造： 臺灣半導體產業

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Title:	ESG績效、企業價值與股東價值創造：臺灣半導體產業
Authors:	洪雅筑
Contributors:	會計學系
Keywords:	永續發展 ESG 企業價值股東價值
Date:	2023
Issue Date:	2023-09-07 11:48:02 (UTC+8)
Abstract:	近年來，永續發展已成為現代企業發展的主要趨勢。為了應對環境和社會問題，企業需要開發和實施管理方法和工具，實現環境、社會和公司治理目標，同時滿足投資人對企業永續發展的期待。本研究目的是探討ESG績效對臺灣半導體產業企業價值和股東價值的影響。本文選取了2016年至2020年間臺灣上市上櫃半導體產業的樣本，並以臺灣經濟新報(TEJ)所提供的TESG（ESG相關資訊）和財務報表數據進行實證分析。透過線性迴歸模型，透過評估ESG績效對企業價值和股東價值的影響程度，以揭示ESG因素在臺灣半導體產業中的重要性。研究發現，環境構面(ENV)對托賓Q (Tobin's Q)呈負向影響，而對股東權益報酬率 (ROE)呈現正向影響；社會構面(SOC)則對托賓Q (Tobin's Q)和股東權益報酬率 (ROE)均呈現正向影響；公司治理構面(GOV)則對Tobin's Q和股東權益報酬率 (ROE)均呈現正向影響。研究結果顯示，企業在環境、社會和治理方面的表現，與其企業價值和股東價值創造密切相關。特別是在社會構面和治理構面，企業首先應該注重社會責任和透明度，進而才能提高企業價值和股東價值。 Sustainable development has become a key trend in modern enterprise, driving companies to develop and implement management methods and tools to address envi-ronmental and social issues. Achieving environmental, social, and corporate govern-ance (ESG) goals while meeting investor expectations for sustainable development is crucial. This study investigates the impact of ESG performance on corporate and shareholder value within Taiwan's semiconductor industry. Analyzing data from Tai-wan Economic News (TEJ) on ESG-related information and financial statements of Taiwan's OTC semiconductor industry from 2016 to 2020, we conducted an empirical analysis using a linear regression model. The findings reveal that the environmental dimension (ENV) negatively influences Tobin's Q but positively affects return on shareholder's equity (ROE). The social dimension (SOC) positively impacts both Tobin's Q and ROE, while Corporate Governance (GOV) positively influences Tobin's Q and ROE. These results highlight the significant relationship between environmental, social, and governance performance and enterprise and shareholder value creation. Particularly, companies should prioritize social responsibility and transparency in the context of society and governance to further enhance their enterprise and shareholder value.
Appears in Collections:	[會計學系暨研究所 ] 博碩士論文

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