不同ESG評分模型對公司股價之影響

The Impact of Various ESG Scoring Models on Company Stock Prices: An Academic Journal Study

本篇研究旨在探討重視環境永續、社會責任及公司治理等各項表現之企業，其公司價值是否也有顯著影響，並進一步分別探究企業在不同評分模型各構面表現，對公司價值的影響情形。
實證結果顯示，「CSR天下永續公民獎」除了公司治理不顯著外，其餘在環境永續、社會參與、企業承諾及CSR總分之各構面績效與公司價值不論在股票價格落後三、六及十二期皆為負向的影響；將上述「CSR天下永續公民獎」獲獎公司在「台灣經濟新報TEJ+」發表「TESG永續發展指標」各構面表現來看，除了社會構面分數不顯著外，其餘環境構面分數、公司治理構面分數、事件雷達轉換計分及TESG分數在股票價格落後三、六及十二期皆為正向的影響。整體而言天下永續公民獎ESG構面績效分數越高，股票價格越低；TESG永續發展指標分數越高，股票價格越高，提供給投資人參考價值。

The purpose of this study is to explore whether the corporate value of companies that value environmental sustainability, social responsibility, and corporate governance have a significant impact on their corporate value, and to further explore the impact of corporate performance on various aspects of different scoring models on corporate value.
The empirical results show that, except for corporate governance, the CSR World Sustainable Citizenship Award is not significant, and the performance and corporate value of each aspect of environmental sustainability, social participation, corporate commitment and CSR total score are three or six behind the stock price. and the twelfth period are all negative impacts; the above-mentioned CSR World Sustainable Citizenship Award award-winning companies published TESG Sustainable Development Indicators in Taiwan Economic News TEJ+ to see the performance of each dimension, except for the social dimension score Except for not significant, the other environmental dimension scores, corporate governance dimension scores, ESG news scores and TESG scores all have a positive impact on the three, six and twelve periods behind the stock price. Overall, the higher the ESG dimension performance score of the World Sustainable Citizen Award, the lower the stock price; the higher the TESG sustainable development indicator score, the higher the stock price, which provides reference value for investors.