台灣醫療業溫室氣體排放占全國4.6%高於全球平均，生醫產業必須加速做出ESG轉型及切入全球綠色供應鏈的具體行動，本研究旨在探討生技醫療產業的ESG各個構面與財務績效（ROE、ROA及Tobin’s Q）的影響。 本研究選取2016-2023共8年在台灣證券交易所上市櫃生技醫療業做為樣本，共467筆觀察值。採取複迴歸分析方法，加入公司規模（總資產）與負債權益比做為控制變數，以探討ESG表現對財務績效之影響，所有變數資料取自台灣經濟新報（TEJ）資料庫的年度末數據資料。 實證結果顯示，環境保護與社會責任之成效對ROE和ROA均有顯著正向影響，表示此產業優先投入更大的資源在這兩方面是有效提升公司財務績效。環境保護及社會責任表現績效對Tobin’s Q之負向顯著影響，公司可以通過有效的ESG戰略規劃、透明的財務報告、良好的公司治理結構等方式和投資方說明溝通以增强其信心，進一步推動公司股票市場價格的上漲。最後，公司治理之表現績效對於三種企業財務績效表現皆不顯著，顯示對於公司治理之投入，例如增加研發費用、調整集團控制型態、提高資訊透明度等，未受到投資方重視。 ;Greenhouse gas emissions from Taiwan′s healthcare sector account for 4.6% of the nation′s total, which is higher than the global average. The biomedical industry must accelerate its ESG transformation and take concrete actions to integrate into the global green supply chain. This study aims to explore the impact of various ESG dimensions on the financial performance (ROE, ROA, and Tobin′s Q) of the biotechnology and healthcare industry. This study selects a sample of 467 observations from the biotechnology and medical industry listed on the Taiwan Stock Exchange (TWSE) over the period from 2016 to 2023 (8 years). A multiple regression analysis method is used, with company size (total assets) and the debt-to-equity ratio as control variables, to explore the impact of ESG performance on financial performance. All variable data is sourced from the annual end data in the Taiwan Economic Journal (TEJ) database. The empirical results show that performance in environmental protection and social responsibility has a significantly positive impact on both ROE and ROA. This indicates that prioritizing greater resource allocation in these two areas effectively enhances the financial performance of companies in this industry. However, the performance in environmental protection and social responsibility has a significantly negative impact on Tobin′s Q. Companies can address this by implementing effective ESG strategic planning, transparent financial reporting, and strong corporate governance structures to communicate with investors and strengthen their confidence, thereby potentially boosting the company′s stock market value.
Lastly, the performance of corporate governance shows no significant impact on any of the three financial performance indicators, suggesting that investments in corporate governance—such as increasing R&D expenditure, adjusting group control structures, and enhancing information transparency—are not being valued by investors.
