近年來隨著環保意識崛起，越來越多人開始重視綠色永續議題，許多投資者開始將ESG分數作為投資標的的考量因素之一，因此本研究針對台灣上市櫃公司四個面向的財務特徵，分析對於ESG評等的影響，希望能有助於投資者依據財務特徵來預測公司的ESG表現。實證結果發現，淨營業收入和EBIT對ESG評分呈現顯著正向影響，隱含公司的收益能力和獲利能力越高時，其ESG的執行成果傾向優於同產業的其他公司。成本支出面上，研發費用對ESG評分為正向影響，因此推論公司可能透過研發新技術改良低碳製程，使公司產品更具競爭力，但資本支出的增加卻會使ESG評分下降，尤其是對環境面造成明顯的負面影響。成長面的營收和淨利成長率皆會對整體ESG評分造成負向影響，推測公司可能為了全力衝刺本業的發展，而無閒暇之力顧及ESG的執行。安全面的自由現金流量、現金持有量和股利支付率對ESG評分皆呈正向顯著影響，顯示公司的資金充裕，在不易受財務限制的狀況下，傾向願意揭露公司相關資訊，達到資訊透明化，使整體ESG表現較佳。

In recent years, with the rise of environmental protection awareness, more and more people have begun to pay attention to the issue of green sustainability. Many investors have begun to consider ESG score as one of the factors for investment targets. Therefore, this study analyzes the impact of four different financial characteristics of Taiwan listed and OTC companies on ESG score, aiming to help investors predict a company's ESG performance based on its financial features. The empirical results show that net operating income and EBIT have a significant positive impact on ESG score. This suggests that companies with higher profitability and earning capacity tend to have better ESG performance compared to other companies in the same industry. In terms of cost expenditures, research and development expenses have a positive impact on ESG score. It can be inferred that companies may improve their carbon footprint by developing new technologies, making their products more competitive. However, the increase in capital expenditures will reduce ESG score, especially causing significant negative effects on the environment. On the growth aspect, both revenue growth and net profit growth rates have a negative impact on overall ESG ratings. This suggests that companies may prioritize their core business development without sufficient focus on ESG implementation. Regarding safety aspects, free cash flow, cash holding, and dividend payout ratios all have a significant positive impact on ESG ratings. This indicates that companies with sufficient funds, under less financial constraints, tend to be more willing to disclose relevant information and achieve information transparency, resulting in better overall ESG performance.

論文審定書 i
摘要 ii
目錄 iv
圖目錄 v
表目錄 vi
第一章 緒論 1
第一節 研究背景及動機 1
第二節 研究目的 2
第二章 文獻回顧 4
第一節 收益面文獻回顧 4
第二節 成本面文獻回顧 5
第三節 成長面文獻回顧 6
第四節 安全面文獻回顧 7
第三章 初步個案分析 8
第四章 研究方法 12
第一節 資料來源與樣本選取 12
第二節 變數定義 12
第三節 實證模型 14
第五章 研究結果 16
第一節 敘述性統計 16
第二節 相關性分析 17
第三節 實證結果分析 17
第四節 穩健性測試 22
第六章 結論與研究限制 23
附錄 25
參考文獻 41

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