本研究依序探討了企業永續報告書中重大議題矩陣上議題分佈與公司價值、公司財務風險之間的關聯性，以及機構投資者對矩陣中所揭露資訊的影響，最後利用重大議題矩陣揭露之資訊探詢公司進行漂綠的可能性。手動蒐集 2015 年至 2020 年所有臺灣上市櫃公司所發行之永續報告書，並擷取有繪製重大議題矩陣的報告書作為研究資料之基礎。根據重大議題於矩陣上的分布情形推測其所揭露之資訊，建立三大主要變數 側重利害關係人比例 (Stakeholder)、側重公司營運衝擊比例 (Performance)、以及符合公司營運衝擊與利害關係人之一致性比例 (Align)。 本研究發現企業執行ESG/CSR出發點的不同，將會影響公司價值、公司風險的暴露情況。此外發現機構投資人具備影響企業ESG/CSR的影響力，扮演監督之角色。最後本研究自行定義企業漂綠行為的衡量方法，並且在實證模型中發現，當重大性議題矩陣在短期內從側重公司營運衝擊面向偏離越多時，公司越有可能在實行漂綠。 ;This study investigates the relationship between the distribution of significant issues in corporate sustainability reports and company value, financial risk, and the influence of institutional investors. It also explores the possibility of "greenwashing" behavior using the disclosed information in the materiality matrix. The study collected sustainability reports from Taiwan-listed companies issued between 2015 and 2020, focusing on those with materiality matrices. Three main variables were established: stakeholder focus ratio, performance focus ratio, and alignment ratio. The findings suggest that different ESG/CSR approaches impact company value and risk exposure. Institutional investors play a supervisory role in influencing ESG/CSR practices. Lastly, the study defined its own measurement method for company greenwashing behavior and found, in the empirical model, that when the materiality matrix deviates further from a focus on operational impacts in the short term, companies are more likely to engage in greenwashing behavior.
