探討企業入選永續ESG指數對於財務績效的影響-以製造業及金融業為例

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題名:	探討企業入選永續ESG指數對於財務績效的影響-以製造業及金融業為例
作者:	陳筱潔;Chen, Hsiao-Chieh
貢獻者:	產業經濟研究所在職專班
關鍵詞:	企業社會責任;ESG;財務績效;ROA;ROE;CSR;Corporate Social Responsibility;ESG;Financial Performance;ROA;ROE;CSR
日期:	2021-07-21
上傳時間:	2021-12-07 12:22:56 (UTC+8)
出版者:	國立中央大學
摘要:	近年來，因氣候變遷劇烈，國際上紛紛推動企業落實企業社會責任，企業投入企業社會責任及ESG，需有成本費用及人力資源的投入，企業社會責任的投入是否對財務績效有正面的效益，本研究探討企業投入企業永續CSR及ESG與公司財務績效之關聯性，選取樣本以較高汙染的水泥業、鋼鐵業及對於企業社會責任著墨較深的金控業為樣本，並以2010年至2020年資本額達50億以上之上市公司，建構4個財務績效模型，以資產報酬率(ROA)、股東權益報酬率(ROE)作為財務績效的變數，並以OLS、固定效果、隨機效果及Hausman Test進行分析。實證結果發現(1)企業入選ESG指數對水泥業及金控業其財務績效ROE有顯著正相關(2)加入其他財務績效變數下，企業入選ESG指數對後對水泥業、鋼鐵業之財務績效ROA、ROE皆有顯著正相關，金控業之財務績效ROA無顯著相關(3)再以企業規模評估後，入選ESG指數對水泥產業其財務績效ROE維持顯著正相關。;In recent years, due to the dramatic climate change, the international corporations have been promoting the implementation of Corporate Social Responsibility (CSR) and Environment Social Governance (ESG) performance. There is a privilege of wining CSR indices certificated for corporations. However, it takes cost and it needs to input various resources, such as money and human resources, if corporations continually invest in CSR certification. Therefore, investors want to discuss that whether the corporations commit to CSR affects the corporate financial performance. This study investigates the relationships between CSR, ESG and corporate financial performance. The data for this study are selected including the cement industry, iron and steel industry, and the financial holding industry. And, this study focus on the capital sizes above 5 billion New Taiwan Dollars companies from 2010 to 2020. This study examines the data with four financial performance models, and it also uses Return on Assets (ROA) and Return on Equity (ROE) as financial performance indices. Moreover, this study uses Ordinaty Least Squares(OLS) and Hausman test to exam the panel data and determine an appropriate model based on the Fixed-effects Model and Random-effects Model. Firstly, this study finds out that there is a significant positive correlation between ESG indices and Return on Equity (ROE) including the cement industry and financial holding industry. Secondly, there is a significant positive correlation between ESG indices, ROA and ROE within other financial indicates. But, there is no significant correlation between ESG indices and ROA for financial holding industry. Lastly, there is a significant positive correlation between ESG indices and ROE within scale of a company indicate including cement industry.
顯示於類別:	[產業經濟研究所碩士在職專班 ] 博碩士論文

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