本研究旨在探討金管會推動之「永續金融評鑑」與臺灣金融業財務績效及企業價值之關聯性。研究樣本涵蓋 2022 年至 2024 年之臺灣金融機構面板資料，並採用固定效應模型進行計量分析。基於資料可得性與估計之嚴謹性，本研究之會計績效模型包含 171 筆有效觀察值，市場價值模型則為 138 筆有效觀察值。
本研究期望透過科學化之數據檢驗，釐清金融機構投入永續轉型對其財務與市場評價之影響。本研究之探討不僅可為國內新興之永續金融政策提供量化參考，亦可協助主管機關評估政策推動成效、提供金融業者優化資源配置之管理意涵，並作為市場參與者客觀之投資決策指標。

This study investigates the strategic relationship between the "Sustainable Finance Evaluation" mandated by the Financial Supervisory Commission and both the financial performance and market corporate value of financial institutions in Taiwan. Utilizing a panel dataset from 2022 to 2024 and employing a Panel Fixed Effects Model, this research bifurcates the sample into an accounting performance model (171 observations) and a market valuation model (138 observations) based on data availability. The empirical findings reveal a distinct asymmetrical "J-curve" effect: achieving a top-tier evaluation ranking exerts a temporary compression on current-period accounting profitability (ROE) due to substantial compliance and structural transition costs, particularly within the highly leveraged banking sector. Conversely, the capital market rewards these top-tier institutions with a significant signaling premium, manifested in enhanced market valuations (P/B Ratio and Tobin's Q). Robustness checks confirm that the negative accounting shock is short-lived, dissolving in subsequent periods as dynamic governance dividends materialize. These insights offer crucial institutional references for regulators, corporate executives, and market investors.

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林俊傑、劉梧柏、黃華瑋 (2018)。公司治理評覽與財務績效及公司價值之關聯性探討：以臺灣上市櫃企業公司治理評鑑為例。商略學報，10(1)，23-46。
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