本研究的研究動機為探討永續報告書中揭露之三大構面各項指標，期望確認相關資訊是否會對於機構投資人持股比造成影響。本研究以臺灣2021年的上市櫃公司作為研究對象，針對環境保護(E)、社會責任(S)、公司治理(G)三大構面訂定了碳排放總量、ISO環境認證數、女性主管比例、獨立董事比例、法人說明會次數與第三方驗證等六項指標，並測試其對於機構投資人持股比影響。實證結果表明，碳排放總量與ISO環境認證數會負向顯著影響機構投資人持股比。而法人說明會次數則會正向顯著影響機構投資人持股比。儘管實證結果中有半數達到顯著性，然而ISO環境認證數之結果與本研究預期相反，因此本研究根據ISO環境認證之類別進行額外測試。額外測試之實證結果表明，ISO環境認證的類別對於機構投資人持股比有不同方向之影響。此外本研究亦將永續報告書區分為強制編制與自願編制兩類樣本進行額外分析。結果表明，在自願編制之永續報告書樣本中，碳排放總量、ISO環境認證數與法人說明會次數對於機構投資人持股比具有更顯著之影響。

The motivation of this study is to explore the indicators of the three dimensions disclosed in the ESG report, hoping to confirm whether the relevant information will affect the shareholding ratio of institutional investors. This study takes Taiwan's listed companies in 2021 as the research samples. The main purpose of this study is to use the six indicators of total carbon emissions, ISO environmental accreditations, proportion of female managers, proportion of independent directors, frequency of conference calls and third-party certification to test the impact on the shareholding ratio of institutional investors. The empirical results show that the total carbon emissions and ISO environmental accreditations negatively and significantly affect the shareholding ratio of institutional investors. While frequency of conference calls has a positive and significant impact on the shareholding ratio of institutional investors. Although half of the indicators reached significance, the results of ISO environmental accreditations was contrary to the expectations of this study. So this study carried out additional tests according to the category of ISO environmental accreditations. The empirical results of additional tests show that the type of ISO environmental accreditations has different impacts on the shareholding ratio of institutional investors. In addition, this study also divides the sustainability report into mandatory and voluntary samples for additional analysis. The results show that among the samples of voluntary sustainability reports, the total carbon emissions, ISO environmental accreditations and frequency of conference calls have a more significant impact on the shareholding ratio of institutional investors.

誌謝 I
摘要 II
Abstract III
第一章、 緒論 1
第一節、 研究背景 1
第二節、 研究動機 2
第三節、 研究目的 3
第四節、 研究流程 4
第二章、 文獻探討 5
第一節、 永續報告書 5
一、 永續發展之重要性 5
二、 永續報告書架構 5
第二節、 ESG三大構面 8
一、 環境保護構面(E) 8
(一)、 碳排放總量 9
(二)、 ISO認證 11
二、 社會責任構面(S) 13
(一)、 女性主管 13
三、 公司治理構面(G) 15
(一)、 獨立董事 15
(二)、 法說會 17
(三)、 第三方驗證 19
第三節、 機構投資人 20
第三章、 假說發展 23
第一節、 碳排放總量 23
第二節、 ISO環境認證數 24
第三節、 女性主管比例 26
第四節、 獨立董事比例 27
第五節、 法人說明會次數 29
第六節、 第三方驗證 30
第四章、 研究方法 33
第一節、 研究樣本、研究期間與資料來源 33
第二節、 實證模型及變數定義 35
第五章、 實證結果與分析 37
第一節、 敘述性統計 37
第二節、 實證結果分析 40
第三節、 額外測試 43
第六章、 結論 49
第一節、 實證結果意涵 49
第二節、 研究貢獻 50
第三節、 研究限制與未來建議 51
參考文獻 53

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