證券市場轉板對ESG評分的影響

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题名:	證券市場轉板對ESG評分的影響
作者:	郭昀;KUO, YUN
贡献者:	產業經濟研究所
关键词:	ESG;市場轉換;傾向分數配對;差異中之差異法;ESG;market switching;Propensity Score Matching;difference-in-differences
日期:	2025-07-22
上传时间:	2025-10-17 12:15:08 (UTC+8)
出版者:	國立中央大學
摘要:	本研究旨在探討臺灣企業於證券市場進行轉板對其 ESG（環境、社會、公司治理）評分的影響，並檢驗不同轉板類型下對 ESG 各構面的具體效果。研究採用 2016 至 2024 年間臺灣上市櫃、興櫃及公開發行企業資料，涵蓋六種向上轉板(公開發行轉興櫃、公開發行轉上櫃、公開發行轉上市、興櫃轉上櫃、興櫃轉上市、上櫃轉上市)與三種向下轉板(上市轉公開發行、上櫃轉公開發行、興櫃轉公開發行)，搭配 TEJ 所提供之 TESG 評分，運用固定效果迴歸模型進行實證分析，並以傾向分數配對法（PSM）與差異中之差異法（DID）做為穩健性檢驗，以控制自選樣本偏誤並捕捉轉板行為的準因果效果。研究結果顯示，整體而言，企業進行市場轉板後的 ESG 評分有顯著變化，惟其方向與構面有所差異。具體而言，轉至揭露要求更高之市場類型通常伴隨治理分數的提升，顯示制度規範與市場監理機制對公司治理具強化作用；而在環境與社會構面上，則呈現異質性結果，反映不同企業特性與轉板動機之差異。研究亦指出，政策制定者與投資人應留意企業市場轉換所隱含的資訊揭露與永續策略變化，並可據以完善 ESG 評等與市場監理制度。 ;This study investigates the impact of market switching within Taiwan’s securities markets on firms’ ESG (Environmental, Social, and Governance) performance, with a particular focus on how different types of transfers affect each ESG dimension. Utilizing data from publicly listed, over-the-counter (OTC), and emerging-stock companies in Taiwan from 2016 to 2024, the analysis covers six upward transfers (from public issuance to emerging stock, OTC, and listed markets; from emerging stock to OTC and listed markets; and from OTC to listed markets) and three downward transfers (from listed to public issuance, OTC to public issuance, and emerging stock to public issuance). ESG scores are obtained from the TESG database provided by the Taiwan Economic Journal (TEJ). A fixed effects regression model is employed for empirical analysis, with Propensity Score Matching (PSM) and Difference-in-Differences (DiD) methods used as robustness checks to address self-selection bias and to identify the quasi-causal effects of market switching. The findings indicate that market switching are significantly associated with changes in firms’ ESG scores, although the direction and magnitude of these effects vary by ESG component. Specifically, transfers to markets with more stringent disclosure requirements are generally linked to improvements in governance scores, suggesting that institutional norms and regulatory oversight strengthen corporate governance. In contrast, results for the environmental and social dimensions are more heterogeneous, reflecting differences in firm characteristics and transfer motivations. The study highlights that both policymakers and investors should be attentive to the shifts in disclosure practices and sustainability strategies implied by market switching, which may inform the refinement of ESG rating systems and regulatory frameworks.
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