本文以台灣目前市面上四檔 ETF 基金中的高 ESG 評價上市企業作為研究對象，樣本期間2015 至 2019 年，針對金管會公司治理 3.0-永續發展藍圖的改革，探究公司治理表現突出的高 ESG 評價企業，其董事會中的獨立董事特質是否利於提升公司整體的營運績效。實證結果顯示 ESG 企業之獨立董事席次比例與公司績效具正向關係，並與企業財報重編為反向關係；而女性獨立董事比例與 CSR 績效及財報重編為正向關聯，與公司績效為負向關聯；獨立董事的學歷則與公司整體營運績效無顯著關係。另外，額外分析的結果證實 ESG 企業相較於非 ESG 企業擁有較佳的公司績效表現，且顯示與非 ESG 企業相比，ESG 企業的女性獨立董事的比例增加時，會導致公司績效下降，並提高財報重編的機率，降低企業的盈餘品質。

This research focuses on the FSC’s reform of the Corporate Governance 3.0 and takes listed companies with high ESG ratings during 2015-2019 as the research object. It is an aim to examines whether the characteristics of independent directors in the ESG companies are conducive to improving the company's overall operating performance. Empirical results show that the proportion of independent directors in ESG companies has a positive relationship with corporate performance but negative relationship with financial restatement. Moreover, the proportion of female independent directors is positively related to CSR performance and financial restatement, but negatively related to corporate performance. In addition, independent directors’ educational background has no significant relationship with the company's overall operating performance. What’ more, additional analysis confirms that ESG companies have better corporate performance than non-ESG companies. Furthermore, compared with non-ESG companies, the increase in the proportion of female independent directors in ESG companies would lead to corporate performance get worse, and make the probability of financial restatement increase, resulting in a decline in earnings quality.

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