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題名：ESG評等對台灣公開發行公司風險之影響
作者：張舜芬
作者(外文)：Chang, Shun-Fen
校院名稱：國立政治大學
系所名稱：財務管理學系
指導教授：陳鴻毅
學位類別：博士
出版日期：2023
主題關鍵詞：ESG績效；ESG評等；ESG揭露；ESG；SASB；重大性議題；公司風險；特有風險；系統性風險；總風險；股價崩盤風險；財務限制；新型冠狀病毒；ESG performance；ESG disclosure；ESG；SASB；Materiality；Firm risk；Idiosyncratic risk；Systematic risk；Total risk；Stock price crash risk；Downside risk；Financial constraint；COVID-19
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本研究旨在探討台灣經濟新報資料庫（Taiwan Economic Journal，TEJ）披露的ESG分數（以及經SASB調整後的分數），與不同企業風險因子（財務風險、股價崩盤風險以及財務限制）之間的關聯。分數之高低主要考量台灣公開發行公司ESG參與程度之多寡。研究以2015～2021年的樣本進行分析，發現企業ESG（以及以SASB為基準的ESG）參與程度與各種風險呈現負相關，顯示在台灣，企業的永續作為猶如一張保護傘，保護企業避開凶險。這種現象在金融危機時期（包含COVID-19肆虐期間）仍然顯著──在COVID疫情之下，E、S、G之中的G（公司治理）發揮著關鍵影響力，ESG和SASB的Governance都與風險因子呈現負相關。此外，本研究針對ESG分數和SASB分數進行比較性分析，結果顯示兩者在預測企業風險上沒有顯著差異。總體而言，針對ESG績效是否有助於緩和風險，本研究提供了有力佐證。同時，比較性分析結果足以證明台灣企業在永續揭露上殫精竭力，盡可能導入包山包海的國際揭露準則（GRI、SASB、TCFD等），伴隨導入率更勝多數先進國家，比較性結果自然異於他國，也為台灣產業界在ESG道路上努力邁進做了最好的見證。
This study analyzes the association between TEJ disclosure-based ESG Scores (and SASB-adjusted Scores) and various measures of firm risks (such as financial risks, stock price crash risks and financial constraints) using a sample of firms in Taiwan from 2015 to 2021. The results show a negative association between ESG (and SASB-based ESG) engagement and various types of firm risks, indicating that sustainability initiatives function as a form of insurance-like protection in Taiwan. This phenomenon remains true even during the COVID-19 crisis. It is worth highlighting that governance plays a pivotal role amidst the crisis. The G Scores of both ESG and SASB demonstrate a capacity to function as a protective shield for firms, safeguarding them against the deleterious impacts of financial risks and constraints. Additionally, comparative analysis between ESG Scores and SASB Scores reveals no significant differences in their informativeness on firm risks. Overall, the study provides crucial evidence supporting the effectiveness of ESG disclosure in mitigating firm risks. Also, the comparative analysis clearly demonstrates that Taiwan’s companies have made tremendous efforts in sustainable disclosure, diligently adopting comprehensive standards (such as GRI, SASB, TCFD, etc.). The adoption rates surpass numerous advanced countries and the comparative outcomes naturally diverge from those of the US and EU. These results serve as a strong testament to the commitment of Taiwan’s businesses in advancing along the ESG path.
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