極端氣候事件日漸頻繁的發生，人們投入更多的關注在永續發展議題上。隨著國際間永續發展的口號響起，企業也逐漸重視永續議題並履行企業社會責任（CSR）並從環境保育（Environment）、社會貢獻（Social）及公司治理（Governance）做起。然而ESG不再只是衡量企業實踐永續目標的工具，更多的是作為篩選投資標的的條件。文獻指出，當投資人的關注度越高，對有能力執行永續目標的企業會給予較好的評價，使得企業市場價值與真實價值之間存在偏差。本文欲探討台灣市場是否也存在這種現象。
本研究探討台灣上市櫃公司ESG分數與公司價值之間的關係。為了更準確的估算公司的真實價值，本文選用兩個估計模型，分別為剩餘所得模型（Residual Income Model）及線性迴歸模型（Linear Regression Model）。研究表明公司參與ESG活動會影響公司的價值，因為ESG會增加公司的市場價值，進而產生市場價值與真實價值的差異。本文更進一步探討ESG對被高估及被低估企業的影響，發現企業參與ESG的程度會擴大被高估企業的市場價值與真實價值之間的差距，但對於被低估企業而言，卻使得市場價值收斂至真實價值。本文無法觀察到信息不對稱可以減少ESG及公司價值關係的作用。因此，本文認為這種差距的產生可能歸因於投資人的投資行為及ESG趨勢引起的資本流動。
總體而言，本次研究對投資者及公司做出了一些貢獻。首先，了解到企業參與ESG的程度越高，企業的價值將有所提升，造成市場價值與真實價的偏差，而這種偏差可歸因於市場情緒的高漲。其次，無論投資者的偏好如何，投資人會將ESG列入投資策略中，以因應市場趨勢。最後，從公司的角度來看，改善企業社會責任的形象可能讓企業從更高的價值中獲得利益。

Corporates are gradually fulfilling corporate social responsibility (CSR), starting from environmental, social and governance (ESG). However, ESG is no longer a method to measure the realization of SDGs, but more as a condition for investment targets. Previous literature indicated that when investors focus on CSR, they will give better evaluations to corporates that are capable of implementing SDGs. This situation resulted in a deviation between the market value and true value. This article will intend to explore whether this phenomenon also exists in Taiwan.
This study examines the relationship between ESG and corporate value of listed companies in Taiwan. To estimate the true value accurately, this paper selects two models, namely “Residual Income Model” and “Linear Regression Model.” The results have shown ESG will affect the valuation because it will increase the market value, thereby creating a difference between market value and true value. This article further explores the impact of ESG on overvalued and undervalued corporates, and finds that the impact of ESG will widen the deviation between market value and true value of overvalued corporates. However, for undervalued ones, ESG makes market value converges to true value. This research can’t observe information asymmetry can moderate ESG and valuation deviation. Therefore, we speculate the gap may be attributed to the investors’ behavior and capital flows caused by ESG trends.
Overall, this research has made some contributions. First, it indicated ESG will increase the valuation deviation and this can be attributed to the upsurge in market sentiment. Second, regardless of investors’ preferences, investors will include ESG in their investment strategies in response to market trends. Finally, from a firm's perspective, improving CSR may allow corporates to benefit from higher valuations.

論文審定書 i
摘要 ii
Abstract iii
第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 4
第二章 文獻回顧與研究假說 6
第一節 ESG對企業的影響 6
第二節 ESG對被高估企業及被低估企業的影響 8
第三節 資訊不對稱的作用 11
第四節 市場情緒加深ESG的影響 13
第三章 資料來源與研究方法 14
第一節 資料與變數描述 14
第二節 實證方法 23
第三節 敘述統計 24
第四章 分析結果 26
第一節 ESG與公司價值的關係 26
第二節 ESG對被高估及被低估公司的影響 27
第三節 信息不對稱在ESG及公司價值之間的作用 30
第四節 市場情緒在ESG及公司價值之間的作用 33
第五節 穩健性檢測 37
第五章 結論與建議 42
第一節 分析結論 42
第二節 研究建議 44
參考文獻 46

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