近年來，環境、社會與公司治理（Environmental, Social and Governance, ESG）議題在全球資本市場備受關注。隨著永續投資浪潮興起與監管制度逐步完善，ESG 表現不僅成為投資決策的重要參考依據，也被視為企業價值與風險管理能力的指標之一。尤其在資訊不對稱程度較高的初次上市上櫃公司（IPO）市場中，ESG 資訊的揭露可能有助於提高投資人信心並影響公司定價與後續表現。
本文檢驗2017年至2023年間台灣初次上市櫃企業之 ESG 評等與IPO表現之關聯。以初始報酬率（Initial Return）與一年期買進持有超額報酬（Buy-and-Hold Abnormal Return）分別衡量短、長期績效。
實證結果顯示，ESG評等與初始報酬呈正相關但不顯著，改採四分位數分組後，發現ESG評等處於中間區間的企業反而出現較高的初始報酬，顯示可能存在非線性或門檻效果。進一步加入承銷商信譽作為調節後，發現ESG的降低折價效果在高信譽承銷商發行案下較為明顯，且主要由環境與社會構面驅動；公司治理構面於短期未見顯著。至於長期績效部分，高ESG綜合評等組與高公司治理分組與IPO一年後的表現呈正相關且統計顯著，部分支持ESG能改善IPO長期表現之假說。

In recent years, Environmental, Social, and Governance (ESG) issues have received increasing attention in global capital markets. With the rise of sustainable investing and the gradual development of regulatory frameworks, ESG performance has become not only an important reference for investment decisions but also a key indicator of corporate value and risk management capability. Particularly in the highly information-asymmetric initial public offering (IPO) market, ESG disclosure may enhance investor confidence and influence both the pricing and post-IPO performance of companies.
This study examines the relationship between firms’ ESG ratings and IPO performance for companies newly listed in Taiwan during 2017–2023. Short-term performance is measured by the initial return, and long-term performance by the one-year buy-and-hold abnormal return.
Empirically, ESG is positively but insignificantly related to Initial return (IR) in the baseline specification. Using ESG quartiles, firms in the middle ranges exhibit higher IR, suggesting potential nonlinearity/threshold effects. After introducing the moderator, the ESG × underwriter reputation interaction is significantly negative, indicating that ESG’s underpricing-mitigating effect is more pronounced for issues led by high-reputation underwriters, primarily driven by the Environmental and Social pillars, while the Governance pillar shows no short-term effect. For long-term performance, firms with high overall ESG and high Governance scores earn significantly higher one-year BHAR, partially supporting the hypothesis that ESG improves post-IPO performance.

論文審定書 i
摘要 ii
Abstract iii
目錄 iv
圖次 vi
表次 vii
第一章 緒論 1
第一節 研究背景 1
第二節 研究目的 4
第三節 研究內容與架構 5
第二章 文獻回顧 7
第一節 初次上市上櫃公司(IPOs)的折價現象 7
第二節 台灣股票市場承銷制度整理 10
第三節ESG與資訊不對稱 12
第四節 IPO長期績效不佳（Long-Run Underperformance） 20
第三章 研究方法 22
第一節 研究資料來源 22
第二節 研究設計與變數定義 22
第四章 實證結果與分析 31
第一節 敘述統計 31
第二節 迴歸分析 33
第五章 結論與未來研究方向 60
第一節 研究結論 60
第二節 研究貢獻 61
第三節 研究限制與建議 62
參考文獻 63

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