企業需要透過企業社會責任(CSR)來保持良好的品牌形象的需求逐漸提升，相關機構也發展出環境、社會、公司治理(ESG)指標評估企業在CSR的成效。此外，投資人的策略受到CSR的影響，形成了社會責任投資(SRI)。台灣政府於2014年11月發布法規，強制部分企業繳交CSR報告書，因此本研究採用差異中之差異(DID)模型，來探討強制揭露CSR對企業市值的影響，此外，我們進一步探討ESG分數對於錯誤估值的影響。
本研究的樣本時間從2011年到2021年，涵蓋台灣上市企業資料。研究目的分析企業受到法規限制揭露CSR報告書後是否會影響到市值，與投資者得到ESG的資訊後對於市值的影響是否會造成錯誤估值。
我們的結果顯示，在實施政策後，受到規範的企業正向顯著的影響市值，此外， ESG分數也會對於錯誤估值指標有正向影響，這樣的影響來自被低估的群組，這說明企業改善ESG會使低估的程度縮小，市值會向真實價值靠攏。我們建議企業要提供CSR資訊，並改善ESG使企業市值不被低估，投資者要考慮企業CSR的狀況，並且不要對ESG分數高的企業過度樂觀。

Companies increasingly need to maintain a good brand through corporate social responsibility (CSR), and the Environmental, social, and governance (ESG) indicator has been developed to measure corporate effectiveness in CSR. In addition, the investor’s strategy is influenced by CSR, resulting in socially responsible investment (SRI). In November 2014, the Taiwanese government issued a regulation mandating some companies to submit CSR reports. Therefore, this study uses the difference-in-differences (DID) model to examine the impact of mandatory CSR disclosure on the market value of firms. Additionally, we further investigate the impact of ESG scores on mis-valuation.
The sample period is from 2011 to 2021, and the data we used was from Taiwanese-listed firms. This study aims to analyze whether the disclosure of CSR reports by companies subject to regulation affects market value and whether the impact of ESG information on market value will cause mis-valuation.
Our result shows a significant positive impact on the regulated companies’ market value after the policy’s implementation. In addition, ESG scores also have a positive impact on mis-valuation indicators. Further analysis shows that the impact came from undervalued groups. This indicates that the improvement of ESG will reduce the degree of undervaluation, and the market value will move closer to the true value. We suggest that companies should provide CSR information and improve ESG so that the company’s market value is not undervalued. Investors should consider corporate CSR status and not be overly optimistic about companies with high ESG scores.

論文審定書 i
誌謝 ii
摘要 iii
Abstract iv
Contents v
List of Figures vii
List of Tables viii
Chapter 1 Introduction 1
1.1 Research Background and Motivation 1
1.2 Research Purpose 6
1.3 Contribution 8
Chapter 2 Literature Review 9
2.1 Disclosing CSR information effect 9
2.2 Impact of implementing CSR 11
2.3 Impact of ESG scores on mis-valuation 16
Chapter 3 Methodology 18
3.1 Data and sample selection 18
3.2 Variables and descriptive statistics 20
3.3 Analysis method 32
Chapter 4 Results 34
4.1 Mandatory disclosure of CSR reports and market value relationship 34
4.2 The impact of ESG score on mis-valuation 36
4.3 Robustness analyses 41
Chapter 5 Conclusion 43
5.1 Conclusion 43
5.2 Limitations 44
5.3 Suggestions 46
References 47

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