本研究旨在探討製造業中小企業如何系統性地形成 ESG 策略，並建立策略執行對齊之管理架構，以回應企業在永續轉型過程中所面臨的策略整合與執行挑戰。相較於既有研究多聚焦於 ESG 揭露、永續報告、治理機制或績效衡量，本研究著重於 ESG 策略形成與策略執行對齊之連結，探討企業如何從外部 ESG 相關發展中辨識具有策略意義的機會，結合內部組織優勢形成聚焦的 ESG 策略主題，並進一步透過永續平衡計分卡建立未來執行所需的管理架構。
本研究採用質性單一個案研究法，以台灣一家精密機械製造的中小企業為研究對象，並以 Company D 為其匿名名稱。研究資料主要來自企業內部文件、管理階層訪談、組織與營運紀錄及相關次級資料。研究首先依據企業之使命、願景與核心價值確立策略方向，進一步分析外部 ESG 相關發展與內部組織優勢，再運用 ESG SO 分析進行機會與優勢之配對。根據分析結果，本研究辨識並歸納出兩項 ESG 策略主題，分別為「永續創新」（Sustainable Innovation）與「整合共享價值」（Integrated Shared Value）。其後，再運用永續平衡計分卡（Sustainability Balanced Scorecard, SBSC），將策略主題轉化為策略目標、因果關係、建議之關鍵績效指標、目標值及管理與檢討機制。
研究結果顯示，ESG 不宜僅被視為法規遵循、資訊揭露或績效衡量的要求，而可進一步納入企業策略管理流程。對資源相對有限的製造業中小企業而言，ESG 策略形成不應直接從 KPI 選擇開始，而應先辨識與企業具有策略相關性的外部 ESG 機會，評估其與既有組織優勢之適配性，再將相關組合整合為聚焦的策略主題。SBSC 則可在策略主題形成後，進一步作為策略執行對齊的管理架構，連結策略目標、績效指標、責任單位與後續監測機制。
本研究之核心貢獻在於提出一套適用於製造業中小企業之 ESG 策略形成與策略執行對齊整合架構，將策略方向、外部 ESG 機會、內部組織優勢、ESG SO 分析、策略主題與 SBSC 執行架構連結為一個連續的策略管理流程。此架構說明 ESG SO 分析如何作為策略形成工具，並進一步與 SBSC 相連結，以支持策略轉化與未來執行。惟本研究所提出之 SBSC、KPI 與目標值屬於未來實施與驗證之管理設計，並非已完成 ESG 執行或績效改善之實證結果；其實際成效仍有待後續實施及長期研究加以驗證。

Environmental, social, and governance considerations have become increasingly relevant to the strategic development of manufacturing firms. However, much of the existing ESG discussion has concentrated on disclosure, sustainability reporting, regulatory compliance, governance mechanisms, and performance indicators. These approaches are important for communicating and evaluating sustainability performance, but they provide less guidance on how firms, particularly resource constrained manufacturing small and medium sized enterprises, can determine which ESG issues should become strategic priorities and how these priorities can subsequently be translated into a managerial architecture for execution.
This study examines ESG as a strategic management process consisting of two connected stages: strategy formation and execution alignment. The study investigates how external ESG related developments can be interpreted in relation to internal organizational strengths to form focused ESG strategic themes, and how these themes can subsequently be translated into a structured execution alignment architecture through the Sustainability Balanced Scorecard. A qualitative single case study was conducted using Company D, a Taiwanese precision machinery manufacturing SME, as the case organization.
The findings indicate that ESG strategy formation should begin with the organization’s strategic direction rather than with KPI selection. Mission, vision, and core values establish the basis for interpreting external developments. Relevant environmental, social, governance, technological, customer, workforce, and industrial developments are then assessed as potential strategic opportunities and examined in relation to the organization’s existing strengths. Through ESG SO analysis, relevant opportunity and strength combinations can be consolidated into focused ESG strategic themes. Based on this analysis, the study identifies two overarching themes for Company D: Sustainable Innovation and Integrated Shared Value.
The study further demonstrates how the Sustainability Balanced Scorecard can function as an execution alignment architecture after strategic themes have been formed. The two themes are translated into strategic objectives across four customized perspectives: Impact, Stakeholder, Sustainable Process, and Sustainable Capability. A strategy map is then used to represent the proposed relationships among objectives, followed by the development of proposed KPIs, targets, responsibilities, data sources, and review mechanisms.
The core contribution of this study is an integrated ESG strategy formation and execution alignment framework for manufacturing SMEs. The framework connects strategic direction, external ESG opportunities, internal organizational strengths, ESG SO analysis, strategic themes, and SBSC based execution alignment within one continuous strategic management process. The proposed SBSC architecture, KPIs, and targets represent a managerial design for future implementation and validation rather than evidence of completed ESG performance improvement.

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