本研究旨在探討特定美國政治事件所引發的ESG「政治阻力」，如何影響台灣資本市場，並檢視企業的ESG表現在此類衝擊下是否對股價產生差異化的影響；研究鎖定2024年川普再次當選美國總統與2025年其宣布退出《巴黎協定》為事件日，採用事件研究法，並針對台灣上市櫃公司的TESG綜合評級、溫室氣體排放分數及碳排強度等數據進行分析。
實證方法結合了平均數差異檢定與控制了公司規模、財務結構及產業效果的多元迴歸模型；研究發現，儘管初步的組間比較顯示溫室氣體管理較佳或碳效率較高的公司相對抗跌，但在更嚴謹的迴歸分析後，ESG相關因子的直接定價效果大多不顯著或呈現與預期不一致的結果；此結果顯示，在短期政治衝擊下，市場反應更多地受到傳統財務因素與產業特性的主導，而非直接、穩定地對ESG表現給予溢價或折價；本研究的發現對實務層面亦具管理意涵，強調投資者在面對短期不確定性時，ESG評估需結合企業基本面分析；而對企業而言，穩健的營運與財務狀況仍是抵禦外部衝擊的基石。

This study examines the stock price reactions of Taiwanese listed companies to anti-ESG political signals, specifically the 2024 re-election of Donald Trump and the 2025 U.S. withdrawal from the Paris Agreement. Using an event study methodology, the research analyzes the impact of three ESG metrics—the TESG rating, GHG emission score, and carbon intensity—through both difference-in-means tests and OLS regressions controlling for firm fundamentals. While preliminary T-tests suggest firms with better environmental metrics (higher GHG scores, lower carbon intensity) were more resilient, these effects were nullified in the more robust OLS regression analysis. After controlling for factors like firm size and leverage, the direct pricing effect of ESG characteristics largely disappeared or became inconsistent, with market reactions being more heavily influenced by traditional financial and industry factors. The study concludes that during short-term political shocks, investors in the Taiwanese market prioritize financial fundamentals over standalone ESG metrics, indicating that ESG's value may be more relevant in a long-term context.

中文文獻:
田瑞駒、黃宇軒 (2022)。臺灣股票市場的行為財務學觀點：政治不確定性對股票報酬與風險波動率的關係之影響。華人經濟研究，20(2)，57-80。
李州章 (2023)。碳排放效率對台灣金融控股公司財務績效之影響。國立臺北大學國際財務金融碩士在職專班碩士論文。
張譯文、周宗南、洪振義 (2024)。ESG評等與財務績效對企業股價的關聯性研究。財金論文叢刊，40，44-63。
許珊蜜 (2024)。ESG與碳排放量對企業財務績效的影響－以ESG評分為中介/調節變數。國立清華大學科技管理學院財務金融碩士在職專班碩士論文。
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