本研究旨在探討整體ESG績效及其三大構面（環境ENV、社會SOC、治理GOV）對台灣上市櫃石化產業財務績效之影響，並納入相關財務變數進行實證分析。研究先透過敘述統計檢驗資料分佈情形，經Shapiro-Wilk檢定顯示所有變數均不具常態性，無多重共線性問題。後續以最小平方法（OLS）進行線性迴歸分析，探討ESG對TCRI (台灣企業信用風險指標)、EPS（每股盈餘）、ROE（股東權益報酬率）與ROA（資產報酬率）之影響。
實證結果顯示，在信用評等方面，整體ESG績效及ENV與GOV構面皆與TCRI呈負向顯著關係，顯示ESG實踐有助於降低信用風險。再者，EPS模型中，整體ESG績效呈臨界顯著，而GOV構面則呈正向顯著，反映公司治理能正面影響盈餘表現。接著在ROE方面，整體ESG績效與SOC、GOV構面皆呈正向顯著，顯示ESG揭露有助於提高股東報酬。最後，在ROA模型中，整體ESG績效與GOV構面亦呈正向顯著關聯，顯示ESG實踐能強化產業透明度並吸引長期投資者，進而提升整體資產報酬率。綜上所述，ESG整體表現及其構面對石化產業多項財務指標皆具有顯著影響，顯示推動ESG有助於提升企業財務穩健性與永續競爭力。

This study aims to investigate the impact of overall ESG performance and its three main dimensions—Environmental (ENV), Social (SOC), and Governance (GOV)—on the financial performance of publicly listed petrochemical companies in Taiwan. Relevant financial variables are also included in the empirical analysis. Descriptive statistics were first employed to examine data distribution, and the Shapiro-Wilk test indicated that all variables were non-normally distributed. No multicollinearity issues were detected. Ordinary Least Squares (OLS) regression analysis was then conducted to explore the effects of ESG on TCRI (Taiwan Corporate Credit Risk Index), EPS (Earnings Per Share), ROE (Return on Equity), and ROA (Return on Assets).The empirical results show that, with regard to credit ratings, overall ESG performance as well as the ENV and GOV dimensions are significantly negatively associated with TCRI, suggesting that ESG practices help reduce credit risk. In the EPS model, overall ESG performance is marginally significant, while the GOV dimension exhibits a significantly positive relationship, indicating that corporate governance can positively influence earnings performance. Regarding ROE, both overall ESG performance and the SOC and GOV dimensions show a strong positive correlation, implying that ESG disclosures contribute to enhancing shareholder returns. Finally, in the ROA model, both overall ESG performance and the GOV dimension are also significantly positively associated, suggesting that ESG practices enhance industry transparency, attract long-term investors, and ultimately improve asset returns.In conclusion, overall ESG performance and its individual dimensions significantly affect various financial indicators in the petrochemical industry, demonstrating that the promotion of ESG contributes to improved financial stability and sustainable competitiveness of enterprises.

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