疫情期間企業ESG表現與財務績效之關聯-以臺灣旅宿業為例

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題名:	疫情期間企業ESG表現與財務績效之關聯-以臺灣旅宿業為例
作者:	何謙;HO, CHIEN
貢獻者:	企業管理學系在職專班
關鍵詞:	環境保護;社會責任;公司治理;臺灣旅宿業;ESG;COVID-19
日期:	2023-07-18
上傳時間:	2024-09-19 15:26:55 (UTC+8)
出版者:	國立中央大學
摘要:	近年來隨著永續發展的觀念興起，企業在ESG(環境、社會及公司治理)的表現逐漸備受關注，且亦成為投資者在選擇投資標的時的重要考量資訊。本研究以2015年至2021年臺灣上市與上櫃之旅宿業為樣本，探討該產業在受到COVID-19的嚴重衝擊下，企業整體ESG對財務績效和公司價值的關聯性，另因旅宿業營運受到疫情諸多限制，又具有主要業務為服務人群、屬勞力密集產業等特性，在政府補助措施相輔相成下，進一步探討臺灣旅宿業在COVID-19期間的社會構面表現相較於非COVID-19期間，對其財務績效和公司價值是否具更顯著的正邊際解釋力。研究結果發現，臺灣旅宿業於2015年至2021年整體ESG對ROA、ROE及Tobin’s Q的影響顯著為正，而臺灣旅宿業整體ESG的表現，在COVID-19期間較非COVID-19期間對其財務績效並不具更顯著的正邊際解釋力；另外，在COVID-19期間，同時檢視企業環境、社會及公司治理各構面的表現對財務績效和公司價值的影響皆不顯著，但社會構面表現對ROE的影響在疫情期間較非疫情期間係數方向為正。;In recent years, with the rise of sustainable development concepts, the ESG (Environmental, Social, and Government) indicators of businesses have gradually attracted attention and have become an important consideration for investors when selecting investment targets. This study, using the accommodation industry in Taiwan listed on the stock exchange from 2015 to 2021 as the sample, exploring the correlation between the industry′s overall ESG and financial performance and corporate value under the severe impact of COVID-19. Considering the accommodation industry′s operations being subject to numerous restrictions due to the pandemic and its characteristics of serving people and being a labor-intensive sector, the study further explores whether the social dimension performance of Taiwan′s accommodation industry during the COVID-19 period, in conjunction with government subsidy measures, has a more significant positive explanatory power for its financial performance and corporate value compared to the non-COVID-19 period. The study found that in the Taiwan accommodation industry from 2015 to 2021, the overall ESG performance has a significant positive impact on ROA (Return on Assets), ROE (Return on Equity) and Tobin′s Q. However, the overall ESG performance of the Taiwan accommodation industry during COVID-19 does not have a more significant positive marginal explanatory power for its financial performance compared to the non-COVID-19 period. Additionally, during the COVID-19 period, while the performance of the enterprise environment, social and government dimensions were examined simultaneously, the impact on financial performance and company value was not significant. However, the performance in the social aspect had a positive impact on ROE (Return on Equity) during the pandemic period compared to the non-pandemic period in terms of coefficient direction.
顯示於類別:	[企業管理學系碩士在職專班] 博碩士論文

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