近年來，企業社會責任(CSR)及環境、社會和治理(ESG)概念崛起，促使企業將其納入經營活動中。2004 年聯合國首次提出的 ESG 整合已成為全球公認的可持續發展指標之一，期許公司能優先考慮可持續發展而不是僅僅追求利潤極大化。
本研究旨在深入探討台灣上市公司的 ESG 因素對公司表現的影響，有別於先前文獻，此研究特別著重考慮到市場情緒的調節作用，且公司表現利用三大面向來衡量，包括營運表現、財務表現和借貸成本，結果顯示高 ESG 評分的公司通常有更良好的公司表現，而市場情緒對這種關聯性具有調節作用，使得當市場很在意 ESG 時，高 ESG 分數的公司不一定能獲得市場青睞而降低公司表現，進一步凸顯出市場情緒在企業表現中的重要性。本研究之結論不僅加強對 ESG 因素的理解，也為企業、投資者、客戶及借貸者提供實質性之參考，以優化決策並幫助公司有效管理風險。

In recent years, the rise of novel ideas such as Corporate Social Responsibility (CSR), Environmental, Social, and Governance (ESG) has prompted companies to incorporate these factors into their operations. Companies now prioritize long-term sustainable development goals, such as ESG objectives, over mere profit maximization.
This research aims to delve into the influence of ESG factors on the performance of Taiwan-listed companies, with a particular focus on the moderating effect of market sentiment, the performance of companies is measured across three dimensions, including operational performance, financial performance, and cost of capital. The research finds that companies with high ESG scores typically exhibit better performance. However, it is worth noting that market sentiment moderates this relationship, implying that companies with high ESG scores may not necessarily garner favor from the market when the market concerns for ESG. The findings underscore the importance of market sentiment in corporate operations. The results of this study not only enhance understanding of ESG factors but also provide tangible reference points for companies and investors to optimize decision-making and effectively manage risks. This research contributes to bridging the gap between academia and practical applications, offering insights for stakeholders and facilitating informed decision-making in the context of sustainable and responsible business practices.

論文審定書 i
摘要 ii
Abstract iii
Chapter 1 Introduction 1
Chapter 2 Literature Review and Research Hypothesis 7
2.1 Overview of the origin and definition of ESG 7
2.2 The impact of ESG on companies 9
2.3 Impact of market sentiment on the influence of ESG 13
Chapter3 Research Methodology 16
3.1 Research sample 16
3.2 Regression Model Design 17
3.3 Empirical Regression Model Variables 20
3.3.1 Independent variables 20
3.3.2 Dependent variables 22
3.3.3 Control Variables 25
Chapter 4 Data Analysis and Research Results 34
4.1 Summary statistics analysis 34
4.2 Empirical Analysis 37
4.2.1 Impact of ESG Scores on ROE 37
4.2.2 Impact of ESG Scores on market share 41
4.2.3 Impact of ESG Scores on Tobin's Q 45
4.2.4 Impact of ESG Scores on borrowing cost 49
Chapter 5 Robustness Testing 53
Chapter 6 Conclusion and Research Limitations 59
6.1 Conclusion 59
6.2 Research limitations 60
References 62

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