TESG等級對公司財務績效之影響

The Impact of TESG Ratings on the Financial Performance of the Company

鑒於企業越來越重視企業永續發展(ESG)相關政策並開始關注社會和環境責任，本研究旨在調查TESG評等等級與台灣公司財務績效之間的聯繫。研究期間，本研究使用2015年至2021年間上市、櫃公司資料，財務資料來自臺灣經濟新報(TEJ)，共1574家公司樣本，並依據台灣產業特性，將這些資料分為電子和非電子業以辨別產業之間的差異性。本研究所採用的三個應變數分別為：股東權益報酬率(Return on equity)、資產報酬率(Return on assets)以及Tobin's Q，以此作為公司財務績效的代理指標。而有關ESG評等等級則使用臺灣經濟新報(TEJ)的TESG評等。本文研究目的在檢視TESG評等等級與等級變動對企業營運績效的影響，以縱橫資料(pooling data)建立多個迴歸模型進行實證分析，結果發現台灣企業的TESG評等大多集中在中間等級，且三種應變數的實證結果都支持越高等級的TESG評等水準，可以讓企業的獲利更好；但是TESG評等的調整，對於公司同期的財務績效，並沒有顯著的影響。

In light of the increasing emphasis on Environmental, Social, and Governance (ESG) policies and the growing attention to social and environmental responsibilities by companies, this study aims to investigate the relationship between TESG rating levels and the financial performance of Taiwanese companies. During the study period, the financial data of 1,574 listed and OTC companies from 2015 to 2021 were used, with data sourced from Taiwan Economic Journal (TEJ). The data were classified into electronic and non-electronic industries to distinguish differences between industries based on the characteristics of Taiwan's industry. The three dependent variables used in this study were Return on Equity, Return on Assets, and Tobin's Q, which were used as proxy indicators of the company’s financial performance. The ESG rating levels were derived from TESG ratings provided by TEJ. This study aimed to examine the impact of TESG rating levels and rating changes on companies' operational performance. Multiple regression models were established using pooling data to conduct empirical analysis. The results showed that Taiwan companies' TESG ratings were mostly concentrated in the middle levels, and the empirical results of the three dependent variables supported the view that higher levels of TESG rating can lead to better profitability for companies. However, the adjustment of TESG ratings did not have a significant impact on the financial performance of the companies during the same period.