本研究旨在探討台灣公司所採行的企業社會責任相關活動，其中包含了環境、社會、治理議題，是否有益於公司價值，以及治理與公司價值之間的關係是否會因為其他兩個因子而受到影響。本研究利用台灣新報TESG資料庫所揭露2016年至2023年的台灣上市櫃公司作為樣本，利用OLS迴歸進行實證研究。研究結果顯示無論是治理、社會或是環境因子皆會對公司價值產生正面影響，意即台灣的公司所採行之ESG相關活動對於企業來說是有正面效益，能夠增加公司價值。另外實證研究結果也顯示，公司價值與公司治理之間的關係會受到環境以及社會因子的顯著影響，且為正面影響，這可能表示當公司進行環境與社會相關政策時能夠提升公司治理的成效，當管理層考慮這些相關政策的時候可能不只不會產生代理成本，反而使管理人更慎重地去執行相關政策，致使公司價值提升。另一角度也可以說公司治理能夠有效提升環境與社會因子跟公司價值之間的關係，當公司在好的公司治理下所採行之環境跟社會政策才能有益於公司。

The aim of this study is to investigate whether the CSR-related activities implemented by Taiwanese companies, which encompass environmental, social, and governance issues, have a positive impact on firm value. Additionally, the study examines whether the relationship between governance and firm value is influenced by the other two factors. The sample used in this study consists of Taiwanese listed companies from 2016 to 2023, as identified by the Taiwan Economics Journal database. An empirical study is conducted using OLS regression. The study's results indicate that governance, social, and environmental factors positively impact firm value. This suggests that CSR-related activities adopted by Taiwanese companies have positive benefits for firms and can increase their value. Additionally, the empirical results indicate that the relationship between firm value and corporate governance is positively influenced by environmental and social factors. This suggests that implementing environmental and social policies can improve the effectiveness of corporate governance. Furthermore, managers may be able to implement these policies more prudently without incurring agency costs. As a result, the value of the company can be enhanced.

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