本研究欲探討企業社會責任 (CSR) 與企業財務績效之間的關係，首先，觀察公司特性與CSR之關係，再深入探討CSR與財務績效之影響，財務績效分為市場績效以及經營績效兩個面向進行探討，而CSR的範疇廣泛，因此以Refinitiv ESG資料庫之評級分數為CSR之指標，稱之ESG，該評級涵蓋三大主題 (環境、社會和公司治理) 、十個細項 (資源使用、排放、創新、勞動力、人權、社區、產品、管理、股東和CSR策略) 、ESG總分、ESG綜合分數以及ESG考慮爭議事件後的分數。
研究結果發現公司從事ESG活動能為公司的市場績效與經營績效帶來正向之影響，尤其是排放以及社區兩個面向之活動，而排人權方面則反之。此外，發現研發創新亦能為公司帶來正向之影響，增進公司價值。
本研究貢獻在於使用全球之數據庫，擁有國家樣本的數量多且樣本期間長，仔細的分析各年度、各國以及各產業之趨勢，亦縝密的探討ESG評級高和低之公司特性的差異、ESG對市場績效之影響以及ESG對經營績效之影響。

This paper examines the relationship between corporate social responsibility (CSR) and firm performance. First, describe the relationship between company characteristics and CSR. Second, we will discuss in more detail the impact of CSR on firm performance, which we divided into market performance and operating performance. Because CSR activities cover a wide range, we use the Refinitiv ESG rating database as a measure of corporate social responsibility. The ESG rating include ESG Score, ESG Combine Score, ESG controversies score, three major themes (environmental, social and governance) and ten sub-items (resource use, emissions, innovation, workforce, human rights, community, product responsibility, management, shareholders and CSR strategy).
The study finds that firms engaged in ESG activities can significantly improve market performance and operating performance, especially in terms of emissions and community, but the opposite is true when it comes to human rights. In addition, it is found that R&D and innovation can also bring a positive impact to the company and increase the firm's value.
The contribution of this research lies in the use of a global database, with a large number of country samples and a long sample period, careful analysis of trends in each year, country and industry, and a careful discussion of the differences in the characteristics of companies with high and low ESG ratings, how ESG impacts market performance, and how it impacts operating performance.

第一章 前言 1
第一節 研究動機與目的 1
第二章 文獻回顧與假說建立 7
第三章 資料與樣本分析 11
第一節 資料來源與樣本選擇 11
1. 國家 11
2. 產業 12
第二節 Refinitiv ESG資料庫概述以及衡量方式 13
第一節 變數說明 19
1. 敘述統計 19
2. 差異性分析 21
3. 相關係數 24
第二節 研究方法 25
第四章 實證分析 31
第一節 公司特性對ESG的影響 31
第一部分 公司特性對ESG總分、綜合分數以及爭議分數的影響 31
第二部分 公司特性對環境、社會和公司治理的影響 34
第三部分 公司特性對環境個別細項分數的影響 36
第四部分 公司特性對社會個別細項分數的影響 38
第五部分 公司特性對公司治理個別細項分數的影響 41
第二節 ESG對公司市場績效的影響 43
第三節 ESG對公司經營績效的影響 46
第五章 建議以及未來研究方向 51
第一節 結論和建議 51
第二節 未來研究方向 53

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