本研究旨在探討台灣電子零組件、半導體及光電產業中，企業的環境、社會與公司治理(ESG)三個面向對公司價值之影響，以資產報酬率(ROA)做為公司價值的衡量指標，並試圖回應下列研究問題：企業ESG各個面向，會不會影響到公司本身價值？
研究資料採用2023年台灣經濟新報文化事業股份有限公司(Taiwan Economic Journal Co., Ltd，簡稱TEJ)中的資料庫，以蒐集各上市櫃之相關資料。控制變數包括研究發展費用率(RDR)及公司上市櫃年齡(LOA)，還有過去四年的平均ESG分數(AvgEI、AvgSI、AvgGI)，並運用多元迴歸分析方法，驗證2023年ESG指標分數對2022年公司價值(ROA)之影響。
根據研究的數據結果顯示，不同產業應根據其產業特性，制定優化ESG的策略，以提升公司價值。像是電子零組件業，應優先提升公司治理能力，進而持續推動環境與社會議題；半導體業則應優先強化環境管理策略，再逐步改善社會責任與公司治理；光電業對於ESG議題的關注相對有限，未來若能加強在ESG各個面向的投入，將有助於提升其公司價值和降低潛在風險。以提供企業管理者，在未來制定ESG策略時有相關指引，亦可為政策制定者，在推動產業永續發展與提升企業競爭力時有參考依據。

This study aims to explore the impact of environmental, social, and governance (ESG) factors on corporate value in Taiwan’s electronic components, semiconductor, and optoelectronics industries, using Return on Assets (ROA) as a measure of firm value. The main research question is whether the three dimensions of ESG influence corporate value. Data was collected from the 2023 Taiwan Economic Journal Co., Ltd. (TEJ) database, including information on all publicly listed companies. Control variables in this study are the research and development expense ratio (RDR), the age of the company’s listing (LOA), and the average ESG scores from the past four years (AvgEI, AvgSI, AvgGI). Multiple regression analysis was used to examine the influence of 2023 ESG scores on 2022 corporate value (ROA).
The results indicate that different industries should optimize ESG strategies according to their specific industry characteristics to enhance corporate value. For instance, the electronic components industry should prioritize improving corporate governance, followed by ongoing efforts in environmental and social aspects. The semiconductor industry should focus on strengthening environmental management strategies and gradually enhancing social responsibility and corporate governance. In contrast, the optoelectronics industry shows relatively limited attention to ESG issues; however, increased future investments in all ESG dimensions could help boost corporate value and mitigate potential risks. This study offers insights for corporate managers in formulating ESG strategies and serves as a valuable reference for policymakers promoting sustainable industrial development and enhancing corporate competitiveness.

學位論文審定書 i
謝誌 ii
摘要 iii
Abstract iv
目錄 v
圖 次 vi
表 次 vii
第一章 緒論 1
第一節 研究背景 1
第二節 研究動機 5
第三節 研究目的與問題 7
第四節 研究流程 8
第二章 文獻回顧 9
第一節 公司價值文獻回顧 9
第二節 影響公司價值之因素 13
第三節 公司價值與ESG之文獻回顧 17
第三章 研究方法 22
第一節 研究假設與架構 22
第二節 研究對象與資料分析 25
第三節 研究變項定義 26
第四章 研究結果分析 30
第一節 樣本特性分析 30
第二節 變項描述性分析 34
第三節 變項相關性分析 37
第四節 變項線性迴歸分析 41
第五節 小結 47
第五章 結論與建議 49
第一節 研究結論 49
第二節 管理意涵 50
第三節 研究限制與未來研究方向 52
參考文獻 53
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二、英文文獻 56

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