本研究旨在探討ESG在新冠肺炎期間的影響。全球經濟在2020年深受新冠疫情帶來的巨大衝擊，雖然過去文獻指出企業平時實踐ESG所累積的社會信任有助於抵禦危機，但也有學者研究發現ESG在負面環境下使企業經營績效更加惡化。因此本文以臺灣上市櫃公司為研究樣本進行迴歸分析，探討疫情下企業ESG與財務績效的關係、投資人對ESG企業的投資態度與企業管理者的ESG投入決策，實證結果如下：
一、企業的ESG表現與疫情期間的財務績效呈顯著負相關，顯示在疫情期間若企業投入大量資源在ESG，對營運績效有負面影響。
二、企業ESG分數與股票流動性呈顯著負相關，顯示投資人在投資時並非以企業的社會責任績效為優先考量，仍以財務表現為決策主要依據。
三、企業特質如企業規模與企業管理者投入ESG多寡程度呈顯著正相關，顯示規模愈大，公司愈願意承擔企業社會責任；企業負債程度則為顯著負相關，顯示公司負債愈多，愈沒有能力與意願參與ESG。
本研究實證結果發現，ESG對臺灣企業在負面事件中的影響不如預期樂觀，有可能是因為ESG理念尚未深植於臺灣，希望政府能透過相關政策協助企業推行ESG，進而加深社會大眾對ESG的認同與支持，達到ESG永續發展的目的。

The study explores the effects of ESG during the COVID-19 pandemic. The global economy was deeply impacted by the COVID-19 in 2020. Past literatures indicated that the social trust accumulated by companies’ practicing ESG will assist in resisting the crisis; otherwise, some studies show that more practices on ESG will worsen business performance in the negative environment. Therefore, this paper uses Taiwan-listed companies as research samples and examines the relation between corporate ESG and financial performance under the epidemic, investors’ investment attitudes towards ESG companies and corporate managers’ ESG investment decisions. The empirical results are as follows:
1. There is a significant negative relationship between ESG performance of companies and financial performance during the epidemic. It suggests that companies investing a large number of resources in ESG will result in negative impacts on operating performance.
2. Companies’ ESG score and stock liquidity are significantly negatively related, indicating that investors take the financial performance into account first instead of corporate social responsibility performance when investing.
3. Enterprise characteristics such as enterprise size are significantly positively correlated with the amount of ESG investment by enterprise managers. When the scale is larger, the company is willing to accept more corporate social responsibility. The degree of corporate debt is significantly negatively correlated. The more debt the company has, the less ability and willingness it will have to participate in ESG.
The empirical results suggest that the effects of ESG on Taiwan companies in negative events are not as optimistic as expected. The reason may be that the ESG concept has not been deeply rooted in Taiwan. It is hoped that the government can help companies implement ESG through relevant policies, thereby deepening the public's recognition and support of ESG, to achieve the goal of ESG sustainable development.

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