本研究將樣本鎖定在營建業，選擇臺灣上市上櫃之營建業公司2018年至2022年致股東報告書作為研究標的，並運用文字探勘技術處理致股東報告書中之文本資訊，以探討致股東報告書中 ESG 相關揭露與投資人行為間的關聯性，且以股價作為投資人行為之代理變數。實證結果發現，致股東報告書中有揭露環境及公司治理相關詞彙與股價呈現顯著正相關，說明投資人對於公司落實環境及公司治理相關政策持有正向看法。然而有揭露社會相關詞彙則與股價呈現顯著負相關，透過敘述性統計分析及進一步之額外分析發現係因 95.53% 之樣本，皆有揭露與產品品質相關之詞彙，而我國營建業銷售大多係以預售屋形式進行，故無法在購屋前先行確認建築物品質，因此投資人對於產品品質相關揭露抱持較負面想法。此外，本研究也針對致股東報告書 ESG 相關詞彙揭露比例與股價間關聯性進行探討，結果發現致股東報告書中 ESG 揭露比例與股價呈現顯著正相關，其中又以環境相關詞彙揭露比例與股價間關聯性最為顯著。綜上所述，營建業致股東報告書之 ESG 相關詞彙揭露具有資訊意涵，對股價有一定程度之影響。

This study focuses on the construction industry and selects the Reports to Shareholders of listed and OTC companies in Taiwan from 2018 to 2022 as the research subjects. In addition, this study uses text mining techniques to analysis the text information in Reports to Shareholders, in order to investigate the correlation between the ESG disclosure in Reports to Shareholders and investor behavior, which uses stock price as the proxy variable of investor behavior.
The empirical results show a significant positive correlation between the disclosure of environment and governance-related terms in Reports to Shareholders and stock prices, indicating that the investors have a positive point of view on impletion of environment and governance-related company policies. However, there is a significant negative correlation between the disclosure of social-related terms in Reports to Shareholders and stock prices. This might be contributed to that most of the sales patterns of construction industries in Taiwan are pre-sale houses. In addition, this study also discusses the correlation between the disclosure percentage of ESG-related terms in Reports to Shareholders and stock prices. The empirical results indicate a significant positive correlation between the disclosure percentage of ESG-related terms in Reports to Shareholders and stock prices. Among the disclosure of ESG-related terms, the correlation between the disclosure percentage of environment-related terms and stock prices is the most significant. In summary, the disclosure of ESG-related terms in Reports to Shareholders of construction industries is informative and have a certain influence on stock prices.

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