過去許多文獻已證實ESG（Environmental, Social and Corporate Governance,）分數與企業績效有正向關聯性，由於台灣上市櫃公司多數未被國際型評級機構納入評分範圍，因此本研究抓取臺灣2009年至2020年上市櫃之永續（企業責任）報告書，作為文字探勘模型訓練樣本，模型所得ESG數量得分作為企業ESG活動量之衡量變數；另得ESG特異性得分作為企業為ESG績效做出特別努力之衡量變數，並先探討本研究所建立之模型ESG得分可行性，將ASSET4（Thomson Reuters Asset4）機構之ESG得分作為評估模型可行性之衡量變數，實證結果發現模型ESG數量得分以及ESG特異性得分與ASSET4分數呈顯著正相關，符合假說預期。本研究再進一步探討其與企業績效之關聯性，以臺灣2018年至2020年上市櫃公司為研究樣本，將Tobin's Q作為企業績效之衡量變數，模型ESG數量得分與ESG特異性得分與企業績效則皆無顯著相關。

In the past, much literature has confirmed that ESG (Environmental, Social and Corporate Governance) scores are positively correlated with corporate performance. Since most of Taiwan's listed and OTC companies are not included in the scoring range by international rating agencies, this study takes their sustainability reports as training samples for the text mining model, the samples interval is from 2009 to 2020, and the ESG quantity score obtained by the model is used as a measurement variable of the company's ESG activities, and the ESG specificity score is used as the quality of corporate ESG activities. We first examine the feasibility of the ESG scoring model established by this research, this paper uses the ESG scores of ASSET4 (Thomson Reuters Asset4) as the measurement variable for evaluating the feasibility of the model, and the results found that the model ESG quantity scores and ESG specificity scores were significantly positively correlated with ASSET4 scores, which was in line with the hypothesis. To further explore the relationship between the ESG scoring model and corporate performance, take Taiwan-listed OTC companies from 2018 to 2020 as the research samples, and use Tobin's Q as a measure of corporate performance. The model ESG quantity scores and ESG specificity scores are both not significantly related to corporate performance.

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三、 網路資源
馬睿君. (2020, September). 證券市場「環境、社會和公司 治理（ESG）」投資的發展治理（ESG）」投資的發展. 彰銀資料.chrome-extension://bocbaocobfecmglnmeaeppambideimao/pdf/viewer.html?file=https%3A%2F%2Fwww.bankchb.com%2Fchb_2a_resource%2Fleap_do%2Fgallery%2F1603939047319%2F699%2610%25E5%25B0%2588%25E9%25A1%258C%25E8%25AB%2596%25E8%25BF%25B0.pdf
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ASSET4 ESG SCORES ON CREDITVIEWS. (n.d.). THOMSON REUTERS. chrome-extension://bocbaocobfecmglnmeaeppambideimao/pdf/viewer.html?file=https%3A%2F%2Fcustomers.refinitiv.com%2Fcommunity%2Ffixedincome%2Fmaterial%2FASSET4ESGSCORES.pdf
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