隨著世界各國朝著永續發展腳步的邁進，企業所關注的議題也由過去的企業社會責任(CSR)變成探討由環境、社會、公司治理三大構面所構成的ESG議題。而企業的發展也和眾多面向息息相關，其中財務績效就是極為重要的評斷依據。在過去許多研究透過對ESG及財務績效作相關性分析，探討ESG績效對於財務績效或公司價值造成變動。本研究旨在探討台灣上市公司ESG績效和財務績效之間的相互關係，並進一步研究永續報告書揭露對財務績效是否產生調節效果。
本研究以2015年至2021年我國上市公司為樣本期間，並以TEJ資料庫內的ESG項目探討與財務績效之關係。實證結果指出ESG總分分數與財務績效具有顯著正相關，與Iliev and Roth (2023)的研究結果一致；在永續報告書是否揭露上，揭露永續報告書對公司的財務績效具有積極影響，提升ESG成效確實有助於企業永續發展。
As countries around the world are moving towards sustainable development, the focus of corporates' attention has shifted from traditional Corporate Social Responsibil-ity (CSR) to the topic of environmental, social, and governance, also known as ESG. The development of corporations is also related and linked to various dimensions. Fi-nancial performance being one of the most crucial evaluation criteria. In the past, there has been much research and analyses on the relationships between ESG and financial performance, discussing the impact of ESG on financial performance and the values that brings to the company. This research study aims to examine the interrelationships between ESG and the financial performance of publicly listed companies in Taiwan. Moreover, the research also investigates whether the disclosure of sustainability reports has a moderating effect or impact on financial performance.
This research uses the data of publicly listed companies in Taiwan from 2015 to 2021 and explores the relationship between ESG factors and financial performance based on data from the TEJ database. The empirical results indicate a significant posi-tive correlation between the overall ESG score and financial performance, consistent with the findings of Iliev and Roth (2023). Regarding the disclosure of sustainability reports, it shows that the disclosure of sustainability reports has a positive impact on a company's financial performance, confirming that improving ESG performance will indeed contribute to corporate sustainable development.
