本研究以台灣企業為研究對象，探討疫情前後及碳費政策即將施行的背景下，企業ESG表現與財務績效之間的關聯性。使用資產報酬率（ROA）與股東權益報酬（ROE）分別作為財務績效的衡量指標，並納入企業規模、財務槓桿與利潤率等控制變數，透過實證分析ESG表現、高碳排放特徵及其交互作用對企業財務績效的影響。
研究結果顯示，企業的ESG表現對財務績效有顯著的正向影響，表示良好的ESG能提升企業的市場競爭力和長期財務表現。在疫情期間，良好的ESG表現對企業的財務績效具有一定的「保險效果」，幫助企業在不確定性中穩定表現。後疫情時期，市場對ESG的重視度提升，使ESG對財務績效的正向影響更加顯著。然而，本研究進一步發現，高碳排放特徵及其與ESG的交互作用對財務績效的影響並未達顯著水準，可能反映高碳排放企業在應對碳費政策時，ESG尚未完全發揮應有的效用。

This study focuses on Taiwanese companies to examine the association between ESG performance and financial performance in the context of the COVID-19 pandemic and the impending implementation of carbon tax policies. Return on Assets (ROA) and Return on Equity (ROE) are used as financial performance metrics, while company size, financial leverage, and profit margin are included as control variables. Through empirical analysis, this study investigates the impact of ESG performance, high carbon emissions, and their interaction on corporate financial performance.
The results reveal that ESG performance has a significant positive impact on financial performance, indicating that strong ESG practices enhance a company's market competitiveness and long-term financial outcomes. During the pandemic, superior ESG performance provided a "protective effect," helping firms maintain stability amidst uncertainty. In the post-pandemic period, the increased market emphasis on ESG further amplified its positive influence on financial performance. However, this study also finds that the impact of high carbon emissions and their interaction with ESG on financial performance was not statistically significant. This may suggest that high-carbon-emission companies have yet to fully leverage ESG practices in responding to carbon tax policies.

一、 中文文獻
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6. 楊麗華、張偉（2022）。《政策驅動下的台灣企業ESG策略與財務表現——以碳排放政策為例》。環境經濟學報，29(2)，34-50。
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