台灣上市電子業CSR、ESG與財務績效關聯性之研究

A Study on the Correlation between CSR, ESG and Financial Performance in Taiwan's Listed Electronics Industry

全球氣候變遷及傳染病等問題加劇，引發對企業永續發展的關注，CSR與ESG成為重要議題。本研究探討實踐CSR及ESG與公司經營財務績效指標間的關聯影響；本研究選取92家上市電子產業公司2013年至2022年間樣本資料，採用10項財務指標為自變數以及有無CSR及ESG為依變數，並運用二元羅吉斯迴歸進行分析研究。實證結果顯示，現金股利發放率波動最大，股價淨值比波動較小。另外，於CSR模型中，除了營業利益率和稅後淨利率外，其他指標均有顯著影響；於ESG模型中，除本益比外，其他指標皆對ESG表現有顯著的正向影響。
研究實證結果指出CSR與ESG受多項財務績效指標影響，企業在提升永續表現時應重視財務績效的改善。建議機構加強CSR、ESG資訊透明度，提升公眾對ESG的認識，並鼓勵企業積極推動永續發展，有助於公司經營財務績效進步。本研究提供了探討CSR、ESG與財務績效關係的價值參考，可作為後續研究的基礎。

The aggravation of global climate change and infectious diseases has raised concerns about corporate sustainability, and CSR and ESG have become important issues. This study investigates the impact of CSR and ESG practices on corporate financial performance indicators. 92 listed electronics companies were selected from 2013 to 2022, and 10 financial indicators were used as independent variables and the presence or absence of CSR and ESG as dependent variables, which were analyzed using binary Rogers regression. The empirical results show that the cash dividend payout ratio is the most volatile, and the net share price ratio is less volatile. In addition, in the CSR model, except for operating profit margin and after-tax net interest margin, all other indicators have a significant effect; and in the ESG model, except for the P⁄ E ratio, all other indicators have a significant positive effect on ESG performance.
The empirical results of the study indicate that CSR and ESG are affected by a number of financial performance indicators, and companies should emphasize the improvement of financial performance when enhancing sustainable performance. It is recommended that organizations should enhance the transparency of ESG and CSR information to raise public awareness of ESG and encourage companies to actively promote sustainable development, which will help improve the financial performance of company operations. The study provides a valuable reference for exploring the relationship between CSR, ESG and financial performance, and can serve as a basis for further research.