近年來企業社會責任（Corporate Social Responsibility, 簡稱CSR）與環境、社會、治理的概念（Environmental, Social, Governance, ESG），因聯合國與政府法規要求下，不管是在國際抑或是我國都備受要求與重視。然而對於企業施行ESG是否會對公司經營帶來正面效益，抑或是在負向事件下能減緩衝擊，是值得深入探討的議題。

因此本研究主要目的為探討負向系統風險事件發生時，平時台灣企業參與環境 、社會、公司治理（Environmental, Social, Governance, ESG）的表現對於股票報酬之間的影響關係，並以近期發生之新冠肺炎Covid-19疫情為例進行實證。由於本次Covid-19疫情尚在持續當中，故本研究取樣區間為世界首宗感染個案發生當日2019/12/1至2021/3/31，共計16幾個月份。以收錄於Thomson Reuters Eikon ESG資料庫之台灣公司為樣本，進行實證研究。

實證結果顯示，ESG Score雖與買進持有異常報酬 (BHAR)呈現正相關，但統計上未達顯著效果。推估可能是我國防疫措施相較於他國控制程度較好，於本段期間疫情較不嚴重，相較於他國偏向正常時期。而國安基金進場造成股價波動，且護盤動作不會對外揭露進場的時點或價量。因此實際上如何分配並選擇何種標的進行操作，詳細我們無從得知。因而導致與原先預估假設不同之可能性。

然而本次事件尚在持續當中，建議未來相關研究可於本次事件結束後，再次進行更精準的分析也許會有一些新的發現。

Recently, the concepts of Corporate Social Responsibility (CSR) and Environmental, Social, and Governance (ESG) have been required by United Nations and government regulations. Regardless of whether it is internationally or in Taiwan, it is highly demanded and valued. However, whether the implementation of ESG by enterprises will bring positive benefits to the company's operations, or if it can reduce the impact of negative events, is an issue worthy of in-depth discussion.

Therefore, the main purpose of this research is to explore the relationship between the ESG performance of Taiwanese companies and their stock returns when negative systemic risk events occur. And take the Covid-19 pandemic as a case for empirical research. Since the Covid-19 pandemic is still ongoing, the sampling period for this study is from December 1, 2019 to March 31, 2021, the day when the first infection case occurred in the world to the day sampling started, for a total of 16 months. And the samples of this study are using Taiwanese companies as a sample, which come from the Thomson Reuters Eikon database and the Taiwan Economic Journal (TEJ).

The empirical results show that although ESG Score is positively correlated with BHAR, but it hasn’t reached a significant effect in statistics. It is inferred that the Taiwan government’s precautionary measures are better than other countries, which made Taiwan’s epidemic situation is less severe and it tends to be normal compared to other countries. And the implementation of the national stabilization fund will cause stock prices to fluctuate, and the government will not disclose the time or quantity of the stock market. So, this leads to a different assumption from the original estimate. Besides, this incident is still ongoing, the author suggests that future studies can analyze again after the pandemic is over, it will be more precise to focus on the whole pandemic period and may get some new discoveries.

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