企業社會責任及永續發展，已經是全球企業的熱門話題。因為疫情與天災，許多品牌供應鏈斷鏈，影響公司營收；現在企業必須學習在不斷變化商業環境中，如何落實ESG，減少風險的衝擊。過去也有不少研究發現公司若實踐企業社會責任能夠提升公司財務績效並且降低資金成本。現今出現了ESG作為公司永續發展的評分機制，大型企業開始揭露ESG相關資訊，企業要揭露的不僅是過去財務經營績效，更要以ESG的目標達到永續經營。而本研究針對環境較敏感的能源產業作為研究對象，以2012年至2020年間進行回歸分析，探討實施ESG能源公司能否降低權益資金成本。
本研究結果發現，在假說一部分，當使用Gordon衡量權益資金成本時，實施ESG會降低了公司的權益資金成本，與先前的許多文獻一致，而用CAPM衡量時，實施ESG反而會使公司的成本上升，這雖然不符合我們的預期，但在第四部分我們有解釋為何反而是增加權益資金成本。在假說二部分，使用兩種方式衡量皆可發現ESG排名往前或改善都能夠使權益資金成本下降，本次研究支持我們可以鼓勵公司從事ESG活動。

Corporate social responsibility and sustainable development have become popular issue for global companies. Due to the epidemic and natural disasters, the supply chain of many brands has been disconnected, affecting the company's revenue. Now companies must learn how to implement ESG and reduce the impact of risks in a changing business environment. In the past, many studies have found that if companies practice corporate social responsibility, they can improve their financial performance and reduce cost of capital. Nowadays, ESG has emerged as a scoring mechanism for the sustainable development of companies. Large-scale enterprises have begun to disclose ESG-related information. Enterprises need to disclose not only their past financial performance, but also achieve sustainable management with ESG goals. This study focuses on the environmentally sensitive energy industry as the research object and conducts a regression analysis from 2012 to 2020 to explore whether the implementation of ESG energy companies can reduce the cost of equity.
The results of this study find that, in the first hypothesis, when using Gordon to measure the cost of equity capital, implementing ESG can reduce the cost of equity for companies, consistent with much of the previous literature, while when measured by CAPM, implementing ESG instead increases the company's cost of equity. Although this is not in line with our expectations, but in the fourth section we explain why it is increasing the cost of equity capital instead. In the second hypothesis, no matter how to measure the cost of equity, it can be found that improving ESG ranking can reduce the cost of equity capital. The research partially supports us to encourage companies to engage in ESG activities.

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