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研究生：	林欣怡 Lin, Sin-Yi
論文名稱：	永續報告書揭露是否實質影響企業決策與績效 The Real Effects of Mandatory Sustainability Reporting on Corporate Decision-Making and Performance
指導教授：	林軒竹 Lin, Husan-Chu
學位類別：	碩士 Master
系所名稱：	管理學院 - 財務金融研究所 Graduate Institute of Finance
論文出版年：	2026
畢業學年度：	114
語文別：	英文
論文頁數：	58
中文關鍵詞：	永續報告書、強制揭露、實質決策、企業績效
外文關鍵詞：	Sustainability Reporting, Mandatory Disclosure, Substantive Corporate Decisions, Firm Performance
相關次數：	點閱：2 下載：0
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本研究旨在探討「永續報告書強制揭露政策」能否實質驅動企業轉型與績效改變，或僅流於形式合規。以 2021 至 2024 年台灣上市櫃公司為樣本，本研究將金管會 2023 年針對資本額達 20 億元企業之強制規範作為準自然實驗，透過雙重差分模型 (DID) 進行實證檢驗。
結果顯示，該政策雖顯著提升企業永續揭露強度 (SDI)，達成資訊透明度目標；但在實質營運上，受限於決策遞延效應與初期合規費用的財務負擔，企業短期的資本 (CAPEX) 與研發支出 (R&D) 並未顯著增加。在轉型利益未顯現且當期費用增加的雙重影響下，內部會計績效 (ROA、ROE) 呈現停滯；同時，資本市場預期企業短期獲利能力受到政策壓力，對受規範企業產生顯著的負向市場反應 (Tobin's Q下降)。
本研究為台灣金管會的永續政策提供了本土市場的量化證據，證實了強制揭露政策雖成功達成了提升資訊透明度的首要監理目標，但企業目前正處於合規成本大於轉型利益過渡期。此發現不僅豐富了永續法規經濟後果之文獻，亦為監理機關與資本市場評估企業轉型時間落差提供實證依據。

This study investigates whether mandatory sustainability reporting substantially drives corporate transformation and performance, or merely induces symbolic compliance. Using Taiwanese listed firms from 2021 to 2024, we exploit the Financial Supervisory Commission’s 2023 disclosure mandate, targeting firms with paid-in capital over NT$2 billion, as a quasi-natural experiment via a Difference-in-Differences (DID) model.
Results show that while the policy significantly enhances Sustainability Disclosure Intensity (SDI) and achieves information transparency, short-term substantive operations remain largely unaffected. Constrained by decision-making time lags and initial compliance burdens, treated firms show no significant increase in capital (CAPEX) or R&D expenditures. Moreover, internal accounting performance (ROA, ROE) stagnates due to unrealized transition benefits and rising expenses. Concurrently, anticipating policy pressure on short-term profitability, capital markets exhibit a significant negative reaction (a decline in Tobin's Q) toward treated firms.
This study provides quantitative evidence from the local market for the Financial Supervisory Commission's (FSC) sustainability policies in Taiwan. It confirms that although the mandatory disclosure policy has successfully achieved its primary regulatory objective of enhancing information transparency, firms are currently in a transition period where compliance costs outweigh transition benefits. These findings not only enrich the literature on the economic consequences of sustainability regulations but also provide an empirical basis for regulatory authorities and capital markets to evaluate the time lag in corporate transitions.

摘要 I
Abstract II
誌謝 III
Table of Contents IV
List of Tables V
Chapter 1 Introduction 1
  1.1 Research Background 1
  1.2 Research Motivation 2
  1.3 Research Objectives 4
Chapter 2 Literature Review 7
  2.1 Theoretical Foundations of Sustainability Reporting and Firm Performance 7
  2.2 Formal Compliance and Substantive Action in Mandatory Disclosure 7
  2.3 Hypothesis Development 10
Chapter 3 Research Methodology 14
  3.1 Sample Selection and Data Sources 14
  3.2 Empirical models and Variable Definitions 16
    3.2.1 The Impact of the Policy on Disclosure Intensity 16
    3.2.2 The Impact of the Policy on Real Economic Outcomes 23
Chapter 4 Empirical Results Analysis 31
  4.1 Sample Distribution 31
  4.2 Descriptive Statistics 33
  4.3 Correlation Analysis 35
  4.4 Empirical Results 38
    4.4.1 The Impact of the Policy on Sustainability Disclosure Intensity (SDI) 38
    4.4.2 The Impact of the Policy on Substantive Corporate Decisions 40
    4.4.3 The Impact of the Policy on Market Performance 42
    4.4.4 The Impact of the Policy on Accounting Performance 44
Chapter 5 Conclusion and Recommendations 47
References 50
                                    

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Christensen, H. B., L. Hail, and C. Leuz, 2019. Economic Analysis of Widespread Adoption of CSR and Sustainability Reporting Standards. SSRN Working Paper.
Christensen, H. B., L. Hail, and C. Leuz, 2021. Mandatory CSR and Sustainability Reporting: Economic Analysis and Literature Review. Review of Accounting Studies, 26(3): 1176–1248
Dhaliwal, D. S., O. Z. Li, A. Tsang, and Y. G. Yang, 2011. Voluntary Nonfinancial Disclosure and the Cost of Equity Capital: The Initiation of Corporate Social Responsibility Reporting. The Accounting Review, 86(1): 59–100.
Eccles, R. G., I. Ioannou, and G. Serafeim, 2014. The Impact of Corporate Sustainability on Organizational Processes and Performance. Management Science, 60(11): 2835-2857.
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Gerwing, T., P. Kajüter, and M. Wirth, 2022. The role of sustainable corporate governance in mandatory sustainability reporting quality. Journal of Business Economics, 92: 517–555.
Ioannou, I., and G. Serafeim, 2017. The Consequences of Mandatory Corporate Sustainability Reporting. The Oxford Handbook of Corporate Social Responsibility, 452–489.
Nampoothiri, M. V., Entrop, O. & Annamalai, T. R, 2024. Effect of mandatory sustainability performance disclosures on firm value: Evidence from listed European firms. Corporate Social Responsibility and Environmental Management, 31(6): 5220-5235.
Vitale, G., S. Cupertino, G. Schiuma, and C. Troise, 2025. Investigating How Mandatory Sustainability Reporting Influences Corporate Governance Effects on ESG Performance: From Obligation to Impact for Sustainable Development. Corporate Social Responsibility and Environmental Management, 32(5): 6261–6282.

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