本研究旨在探討企業投入環境-社會-治理(Environment-Social-Governance, ESG)活動是否有助於提升企業價值，文中將企業價值分為兩項構面，分別為投資者觀點構面及財務績效構面進行探討，以此檢視企業投入ESG活動是否能提升企業價值，本研究亦探討企業投入ESG活動之程度與企業價值之關聯性。本研究之研究對象皆為台灣上市櫃之企業，研究樣本期間為2018年至2021年，並且從MSCI資料庫取得ESG評分資訊，樣本經過篩選後可使用樣本數為5,897筆。
實證結果顯示，企業投入ESG活動能提升以投資者觀點之企業價值指標，與財務績效觀點之企業價值指標則不顯著；另外，企業ESG投入程度愈高，愈能提升以投資者觀點之企業價值指標。本研究亦進行敏感性測試，以加強本研究之穩健性。最後本研究進行了額外測試，探討ESG永續型ETF(國泰永續高股息)之成分股與企業價值之關聯，結果發現被納入高股息的公司，其企業價值並未顯著高於ESG非高股息公司。

This study investigates whether environment-social-governance (ESG) activities enhance the value of corporate. This study classifies the value of corporate into two dimensions, namely, the perspective of investors and the dimension of financial performance. To examine whether ESG activities enhance the value of corporate, this study also explores the relationship between the degree of ESG activities and the value of corporate. The study collects data from TSE (Taiwan Stock Exchange), Mops (Market Observation Post System) and MSCI (Morgan Stanley Capital International) during 2018-2021. After the samples are screened, the total observations are 5,897.
The empirical results show that the company's ESG activities can only improve the corporate value index from the perspective of investors, and the association with the perspective of financial performance is not significant. In addition, the higher the level of ESG activities, it can only increase the corporate value index from the perspective of investors. This study also conducts sensitivity tests to strengthen the robustness. Finally, this study conducts additional tests to explore the relationship between the ESG sustainable ETF (Cathay Sustainability High Dividend ETF) and the value of corporate. It was found that the managers of the ESG sustainable ETF (Cathay Sustainability High Dividend ETF) focused on high dividends when selecting stocks, rather than the value of corporate and future growth.

第一章 緒論 1
第一節 研究動機與目的 1
第二節 研究架構 4
第二章 文獻探討 5
第一節 企業永續發展 5
第二節 企業價值 10
第三節 ESG對企業價值之影響 10
第三章 研究設計 13
第一節 實證模型 13
第二節 變數說明 15
第三節 資料來源與樣本選取 20
第四章 實證結果與分析 21
第一節 敘述性統計 21
第二節 相關係數分析 29
第三節 實證結果 33
第四節 敏感性分析與額外測試 42
第五章 結論與建議 53
第一節 研究結論 53
第二節 研究限制與建議 54

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