本研究聚焦於探討台灣上市企業的環境、社會與公司治理（Environmental, Social, and Governance, ESG）表現對股市錯誤定價（Equity Market Misvaluation）的影響，並分析經濟不確定性作為調節因素的作用。在研究中，採用台灣經濟新報（TEJ）資料庫的財務數據與 ESG 評分，涵蓋 2018 年至 2023 年間台灣上市公司樣本。實證結果表明，企業 ESG 綜合表現對股市錯誤定價具有顯著影響，特別是環境與社會構面在改善定價偏差方面的貢獻最為顯著。同時，經濟不確定性增加了錯誤定價的波動幅度，並加劇了市場效率的降低。本研究不僅填補了台灣市場相關文獻的空白，亦為政策制定者與投資者提供了具有參考價值的實證依據，期望促進資本市場的穩定與透明化，並推動企業實現永續發展目標。

This research focuses on examining the impact of Environmental, Social, and Governance (ESG) performance of Taiwanese publicly listed companies on equity market misvaluation and analyzes the role of economic uncertainty as a moderating factor. Using financial data and ESG scores from the Taiwan Economic Journal (TEJ) database, the sample covers Taiwanese publicly listed companies from 2018 to 2023. The empirical results indicate that the comprehensive ESG performance of companies has a significant effect on equity market misvaluation, with the environmental and social dimensions contributing most significantly to reducing pricing bias. Moreover, heightened economic uncertainty amplifies the volatility of misvaluation and exacerbates market inefficiency. This research not only fills a gap in the literature concerning the Taiwanese market but also provides valuable empirical insights for policymakers and investors. It aims to enhance market stability and transparency while fostering the sustainable development of enterprises.

論文審定書 i
誌謝 ii
摘要 iii
Abstract iv
目 錄 v
表次 vi
第一章 序論 1
第一節 研究背景與動機 1
第二節 研究目的 3
第二章 研究架構 6
第一節 文獻探討 6
第二節 研究假說 15
第三章 研究方法 17
第一節 樣本選取與資料來源 17
第二節 變數說明 18
第三節 實證模型建構 23
第四章 實證結果分析 24
第一節 敘述性統計 24
第二節 迴歸分析結果 31
第三節 分析結果討論 39
第五章 結論與建議 42
第一節 研究發現彙總 42
第二節 研究貢獻 43
第三節 研究限制與未來展望 44
第四節 結論與政策建議 45
參考文獻 46
英文文獻 46
中文文獻 56
參考網站 56

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