近年來，國際上越來越重視ESG永續發展的相關議題，為了因應趨勢，臺灣對於ESG的揭露也越來越重視，不論是消費市場、投資機構或是主管機關都開始關注ESG議題，企業也必須在不斷變化的商業環境中，關注要如何落實ESG以營造國際競爭力，增加公司價值，達到企業永續發展的目標。本研究使用2015至2020年上市上櫃公司作為樣本，探討企業ESG績效的表現狀況對公司價值的影響，並進一步檢測當公司被公告為肥貓公司時，是否會調節ESG績效與公司價值兩者之間的關係。研究結果顯示，當公司揭露有良好的ESG績效，能夠提高公司價值，但當企業被公告在肥貓公司的名單中，會造成公司價值降低。

Recently, the ESG issues have aroused wide public attention. And Taiwan was also attracted more and more attention to ESG,whether it is the consumer, investment or authorities. Enterprises must also pay attention to how to implement ESG to build international competitiveness,increase firm value,and achieve the goal of corporate sustainability. The study collects sample based on Taiwanese listed firms during 2015 to 2020. This study aims to investigate the impact of ESG performance on firm value. In further analysis, when the company is announced as a fat cat company that affect the relationship between ESG performance and firm value. The empirical results show that when the company with greater commitment of ESG performance would enhance firm value. However,when the firms have negative announcement,the impact of ESG performance on firm value will decrease.

第壹章、 緒論 1
第一節、 研究背景與目的 1
第二節、 研究架構 4
第貳章、 文獻回顧與假說發展 5
第一節、 ESG 5
第二節、 影響公司價值之因素 13
第三節、 肥貓公司 14
第四節、 假說發展 15
第參章、 研究設計 19
第一節、 模型與變數定義 19
第二節、 樣本篩選與資料來源 25
第肆章、 實證結果與分析 27
第一節、 樣本敘述性統計 27
第二節、 相關係數分析 30
第三節、 實證結果分析 32
第伍章、 額外測試 35
第陸章、 研究結論、貢獻與限制 49
第一節、 研究結論 49
第二節、 研究貢獻 50
第三節、 研究限制與建議 50
參考文獻 53

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