企業為追求永續發展勢必要考量所有利害關係人的利益，達到極大化社會責任績效，依可持續會計準則將其分成環境 (Environmental) 、社會 (Social) 、公司治理 (Governance) 三構面來探討，本文想了解政府作為股東投資該企業，在ESG績效上的表現如何，經實證結果發現，在環境績效的表現，溫室氣體排放量與政府持股呈現顯著正相關，顯示仍有進步的空間；在社會績效的表現，違反勞基法筆數與政府持股呈顯著負相關、基本員工薪酬呈顯著正相關，說明政府持股企業較能提供員工基本保障；在公司治理績效的表現，當最大外部股東持股率與政府持股呈顯著正相關，表示其更具有監督控制股東的力量；而最終控制股東持股率、董監持股設質率、股份盈餘偏離差與政府持股皆呈現顯著負相關，說明政府持股在公司治理績效表現優異，可降低代理問題，並為企業永續發展奠定堅實的基礎。;To pursue the sustainable development, it is necessary to maximize the social responsibility performance for all stakeholders. According to sustainable accounting standards, the practice focuses on three dimensions: Environmental, Social, and Governance. This study investigates the role of government-owned shares played in determining the ESG performance of the company. The empirical findings suggest that, in the environmental performance, greenhouse gas emissions are positively related to the ownership of government. These results suggest that governmental ownership has space to improve the firm’s performance on environment. Second, in terms of social performance, the number of violations of the Labor Standards Law is significantly negatively correlated with the ownership of government, and base salary for employees is significantly positively correlated. It shows that government-owned companies are better to provide a basic living allowance for employees. Last, in terms of corporate governance performance, the ownership of blockholder is significantly positively correlated with government-owned shares. The ownership of controlling shareholders, share pledged ratio of directors, and the deviation of control right and cash flow right are significantly negatively correlated with government-own shares. These suggest that government-own shares are effective in monitoring the shareholders. The results find that the ownership of government has an excellent performance in corporate governance, which can reduce the agency problems and establish the foundation for the sustainable development of the enterprise.
