隨著近年來環保意識逐漸抬頭，世界各國開始越來越關注ESG等永續議題，本研究旨在探討台灣企業ESG分數和企業之信用風險以及破產風險之關係，並觀察在疫情期間，台灣企業之信用風險是否會顯著上升。研究結果顯示ESG分數與企業信用風險評等存在統計上的顯著關聯，並且也和Z-score (Altman 1968)存在統計上的顯著關聯，指出ESG分數表現較好的公司其信用風險以及破產風險確實較低，並且在疫情期間整體台灣企業之信用風險是顯著上升的，以及在疫情期間ESG分數較高的企業其信用風險和非疫情期間一樣皆較低。這一發現能為投資人在選擇投資標的時提供多一個參考指標，並讓管理階層有更多的動機執行ESG投資。

In recent years, with the rising awareness of environmental protection, countries around the world have increasingly focused on sustainable issues such as ESG. This study aims to explore the relationship between the ESG scores of Taiwanese companies and their credit risk and bankruptcy risk, and to observe whether the credit risk of Taiwanese companies significantly increased during the COVID. The results show a statistically significant correlation between ESG scores and credit risk ratings, as well as a statistically significant correlation with the Z-score (Altman, 1968). This indicates that companies with better ESG scores indeed have lower credit and bankruptcy risks. Additionally, the overall credit risk of Taiwanese companies significantly increased during the COVID, and companies with higher ESG scores maintained lower credit risks both during and outside the COVID. This finding can provide investors with an additional reference when selecting investment targets and motivate management to implement ESG investments.

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