回顧以往的經濟發展歷史，人類對環境造成了破壞，貧富差距也隨著經濟的發展逐漸擴大，再加上近幾年來嚴重的天災不斷出現，大自然的反撲讓人們的越來越注重環保，並且開始重新評估企業對於社會的意義。過去十年裡，世界各國對於企業社會責任、永續投資等相關議題逐漸重視，並已有許多相關研究，隨著社會持續的近進步，企業落實對環境(Environmental)、社會(Social)以及公司治理(Governance)的責任投資已經成為大眾審視的觀點之一，本研究旨在探討企落實ESG之企業其經營績效是否也有較突出的表現，並以2016-2020年為樣本期間，將有收錄在Sustainalytics ESG評級之15家台灣金控公司做為樣本，針對金控公司之投入、產出項，並運用資料包絡分析法分析出各金控公司之經營績效，和麥氏生產力指數法分析跨期經營效能。資料包絡法分析顯示新光金控在2016-2020年間皆保持固定規模報酬，其技術效率值在這五年均為1，說明新光金控這五年在投入項和產出項的運用效率為這15家金控公司中最有效率的。而台新金控、日盛金控、元大金控則是在此期間相對無效率。最後再運用Tobit回歸模型檢視ESG評級和金控業經營績效之相互關係，探討企業落實ESG是否會改善其經營績效。研究結果最後顯示Sustainalytics ESG評級對整體績效無顯著相關，說明企業落實ESG對改善其經營績效是不顯著的。由於ESG為一家企業之長期策略，故未來有相關之研究應以更長的時間作分析，才能更準確的評估出企業落實ESG對整體經營績效的改善程度。

Looking back on the history of economic development in the past, human beings have caused damage to the environment, and the gap between rich and poor has gradually widened with the development of the economy, coupled with the continuous emergence of severe natural disasters in recent years, the counterattack of nature has made people pay more and more attention to environmental protection. In the past ten years, countries around the world have gradually paid attention to related issues such as corporate social responsibility and sustainable investment, and there have been many related studies. With the continuous and recent progress of society, companies have implemented environmental, social, and corporate responsible investment in governance has become one of the views under public scrutiny. This research aims to explore whether companies that implement ESG have outstanding performance in their operating performance. Taking 2016-2020 as the sample period, it will be included in 15 Taiwan financial holding companies rated by Sustainalytics ESG as a sample, aiming at the input and output of the financial holding company, and using the DEA to analyze the operating performance of each financial holding company, and then using the Tobit regression model to examine the relationship between ESG scores and financial holdings’ operating performance, and to explore whether companies’ implementation of ESG will improve their operating performance. The research results finally show that Sustainalytics ESG ratings are not significantly related to overall performance, indicating that the implementation of ESG by companies is not significant for improving their operating performance.

Abidin, Z. Z., Kamal, N. M., & Jusoff, K. (2009). Board structure and corporate performance in Malaysia. International Journal of Economics and Finance, 1(1), 150-164.
Al-Tuwaijri, S. A., Christensen, T. E., & Hughes Ii, K. (2004). The relations among environmental disclosure, environmental performance, and economic performance: a simultaneous equations approach. Accounting, organizations and society, 29(5-6), 447-471.
Aragón-Correa, J. A., Hurtado-Torres, N., Sharma, S., & García-Morales, V. J. (2008). Environmental strategy and performance in small firms: A resource-based perspective. Journal of environmental management, 86(1), 88-103.
Berger, A. N., & Humphrey, D. B. (1997). Efficiency of financial institutions: International survey and directions for future research. European Journal of Operational Research, 98(2), 175-212.
Earnhart, D., & Lizal, L. (2010). Effect of corporate economic performance on firm-level environmental performance in a transition economy. Environmental and resource economics, 46(3), 303-329.
Fama, E. F., & Jensen, M. C. (1983). Separation of ownership and control. The journal of law and Economics, 26(2), 301-325.
Fatemi, A., Glaum, M., & Kaiser, S. (2018). ESG performance and firm value: The moderating role of disclosure. Global Finance Journal, 38, 45-64.
Fethi, M. D., & Pasiouras, F. (2010). Assessing bank efficiency and performance with operational research and artificial intelligence techniques: A survey. European Journal of Operational Research, 204(2), 189-198.
Garcia, A. S., Mendes-Da-Silva, W., & Orsato, R. J. (2017). Sensitive industries produce better ESG performance: Evidence from emerging markets. Journal of cleaner production, 150, 135-147.
Giannarakis, G., Konteos, G., & Sariannidis, N. (2014). Financial, governance and environmental determinants of corporate social responsible disclosure. Management Decision.
Godfrey, P. C., Merrill, C. B., & Hansen, J. M. (2009). The relationship between corporate social responsibility and shareholder value: An empirical test of the risk management hypothesis. Strategic management journal, 30(4), 425-445.
Harjoto, M., Laksmana, I., & Lee, R. (2014). Board Diversity and Corporate Social Responsibility. Journal of Business Ethics, 132(4), 641-660. doi:10.1007/s10551-014-2343-0
Henri, J.-F., & Journeault, M. (2010). Eco-control: The influence of management control systems on environmental and economic performance. Accounting, organizations and society, 35(1), 63-80.
Jasch, C. (2006). Environmental management accounting (EMA) as the next step in the evolution of management accounting. In: Elsevier.
Klettner, A., Clarke, T., & Boersma, M. (2014). The governance of corporate sustainability: Empirical insights into the development, leadership and implementation of responsible business strategy. Journal of Business Ethics, 122(1), 145-165.
Margolis, J. D., & Walsh, J. P. (2003). Misery loves companies: Rethinking social initiatives by business. Administrative science quarterly, 48(2), 268-305.
Melnyk, S. A., Sroufe, R. P., & Calantone, R. (2003). Assessing the impact of environmental management systems on corporate and environmental performance. Journal of operations management, 21(3), 329-351.
Orlitzky, M., Schmidt, F. L., & Rynes, S. L. (2003). Corporate social and financial performance: A meta-analysis. Organization studies, 24(3), 403-441.
Ponnu, C. H. (2008). Corporate governance structures and the performance of Malaysian public listed companies. International Review of Business Research Papers, 4(2), 217-230.
Reuters, T. (2015). Thomson Reuter’s data stream ASSET 4 ESG content. URL. In.
Said, R., Zainuddin, Y. H., & Haron, H. (2009). The relationship between corporate social responsibility disclosure and corporate governance characteristics in Malaysian public listed companies. Social Responsibility Journal.
Sen, A., Darabi, J., Knapp, D., & Liu, J. (2006). Modeling and characterization of a carbon fiber emitter for electrospray ionization. Journal of Micromechanics and Microengineering, 16(3), 620.
Siew, R. (2012). ESG Scores and its Influence on firm performance: Australian Evidence.
Srivastava, A. K., Srivastava, A. A., Gupta, D. A., & Singh, D. R. (2017). Corporate Social Responsibility (A Literature Review) doi:10.13140/RG.2.2.25379.76322
Staub, R. B., da Silva e Souza, G., & Tabak, B. M. (2010). Evolution of bank efficiency in Brazil: A DEA approach. European Journal of Operational Research, 202(1), 204-213. doi:https://doi.org/10.1016/j.ejor.2009.04.025
Tarmuji, I., Maelah, R., & Tarmuji, N. H. (2016). The Impact of Environmental, Social and Governance Practices (ESG) on Economic Performance: Evidence from ESG Score. International Journal of Trade, Economics and Finance, 7(3), 67-74. doi:10.18178/ijtef.2016.7.3.501
Turban, D. B., & Greening, D. W. (1997). Corporate social performance and organizational attractiveness to prospective employees. Academy of management journal, 40(3), 658-672.
Wagner, M. (2010). The role of corporate sustainability performance for economic performance: A firm-level analysis of moderation effects. Ecological Economics, 69(7), 1553-1560.
Yang, C., & Liu, H.-M. (2012). Managerial efficiency in Taiwan bank branches: A network DEA. Economic Modelling, 29(2), 450-461. doi:https://doi.org/10.1016/j.econmod.2011.12.004
李義隆, 郭淑惠, 郭兆玲, & 簡逢陞. (2019). 管理學院，38卷，2期, 177-193. doi:10.6504/JMBR.201906_36(2).0003
卓翠月, 黃明祥, & 楊永列. (2011). 銀行業效率變數選擇與獲利能力關聯性之研究. 東海管理評論.
許鈺珮, & 張錫介. (2005). 金融控股公司法實施對台灣銀行業經營效率影響之分析. 金融風險管理季刊，第一卷，第二期.
陳美燁. (2005). 以DEA法評估台灣金控子銀行之經營績效. 國立交通大學
管理科學系碩士論文
陳立崇. (2020). 重視ESG的企業是否有較小的下方風險-以台灣市場為例. 國立中央大學財務金融學系碩士論文.
曾真真. (2007). 應用資料包絡法及Malmquist生產力指數衡量壽險業之經營效率：利害關係人觀點. 中華管理評論.
楊偉宏. (2020). 企業投入ESG效益之研究-以總體經濟、機構投資人探討. 國立政治大學金融學系研究所碩士學位論文. doi:10.6814/NCCU202001520