企業社會責任議題持續發酵，近年來更擴展到環境面向，因此企業是否要投入ESG 成為一大關注焦點，對企業而言，ESG 是一場長期轉型之戰。本研究以 2017年至 2021 年台灣上市櫃公司為樣本進行分析，以有出具永續報告書的企業為有投入ESG 的企業，使用兩種研究方法，?檢定及 OLS 迴歸分析，有做 ESG 的企業股價績效是否較好?在 Covid-19 時期，有做 ESG 的上市櫃公司是否具有保險效果？
實證結果顯示，有做 ESG 的企業股價績效並沒有比較好，且在 Covid-19 時期，有做 ESG 的企業也未必具有保險效果。企業永續發展是跟隨地球永續發展，因此，實質投入 ESG，有實質的效益是必須，期盼大家都能了解永續的意義，一起創造企業及環境獲利雙贏的局面。

The issue of corporate social responsibility continues to ferment, and in recent years, it has been extended to the environment. Therefore, whether companies should invest in ESG has become a major concern. This study uses a sample of Taiwanese listed companies from 2017 to 2021. Companies with sustainability reports are those that have invested in ESG, using two research methods, ?-test and OLS regression analysis. In the Covid-19 period, do the listed companies with ESG have insurance effect? The empirical results show that the stock price performance of companies with ESG is not better, and that companies with ESG may not have had an insurance effect during the Covid-19 period. We hope that we can all understand the meaning of sustainability and work together to create a win-win situation for both companies and the environment.

英文文獻
1. Albuquerque, R., Koskinen, Y., Yang, S., & Zhang, C. (2020). Resiliency of environmental and social stocks: An analysis of the exogenous COVID-19 market crash. The Review of Corporate Finance Studies, 9(3), 593-621.
2. Amir Amel-Zadeh, George Serafeim (2017). Why and How Investors Use ESG Information:Evidence from a Global Survey. Financial Analysts Journal, 2018, Volume 74 Issue 3, p.87-103.
3. Andreas G.F. Hoepner, Ioannis Oikonomou, Zacharias Sautner, Laura T. Starks, Xiao Y. Zhou (2020). Finance Working Paper.
4. Broadstock, D. C., Chan, K., Cheng, L. T., & Wang, X. (2021). The role of ESG performance during times of financial crisis: Evidence from COVID-19 in China. Finance research letters, 38, 101716.
5. Broadstock, D. C., Matousek, R., Meyer, M., & Tzeremes, N. G. (2020). Does corporate social responsibility impact firms' innovation capacity? The indirect link between environmental & social governance implementation and innovation performance. Journal of Business Research, 119, 99-110.
6. Chen, H. Y., & Yang, S. S. (2020). Do investors exaggerate corporate ESG information? Evidence of the ESG momentum effect in the Taiwanese market. Pacific-Basin Finance Journal, 63, 101407.
7. David C. Broadstock, Kalok Chan, Louis T. W. Cheng, Xiao Wei Wang (2021). The Role of ESG Performance During Times of Financial Crisis: Evidence from COVID-19 in China. Finance Research Letters, Volume 38, 101716.
8. Demers, E., Hendrikse, J., Joos, P., & Lev, B. (2020). ESG didn’t immunize stocks against the COVID-19 market crash. Available at SSRN, 3675920.
9. Emirhan Ilhan, Philipp Krueger, Zacharias Sautner and Laura T. Starka (2020). Climate Risk Disclosure and Institutional Investors. Finance Working Paper.Friede, G., Busch, T., & Bassen, A. (2015). ESG and financial performance: aggregated evidence from more than 2000 empirical studies. Journal of sustainable finance & investment, 5(4), 210-233.
10. Garcia, A. S., Mendes-Da-Silva, W., & Orsato, R. J. (2017). Sensitive industries produce better ESG performance: Evidence from emerging markets. Journal of cleaner production, 150, 135-147.
11. Jagannathan, R., Ravikumar, A., & Sammon, M. (2017). Environmental, social, and governance criteria: Why investors are paying attention (No. w24063). National Bureau of Economic Research.
12. Kee-Hong Bae, Sadok El Ghoul, Gong, Zhaoran (Jason) and Omrane Guedhami (2021). Does CSR matter in times of crisis? Evidence from the COVID-19 pandemic. Journal of Corporate Finance, 2021, vol. 67, issue C.
13. Naaraayanan, S. L., Sachdeva, K., & Sharma, V. (2021). The real effects of environmental activist investing. European Corporate Governance Institute–Finance Working Paper, (743).
14. Omura, A., Roca, E., & Nakai, M. (2021). Does responsible investing pay during economic downturns: Evidence from the COVID-19 pandemic. Finance Research Letters, 42, 101914.
15. Rompotis, G. G. (2022). The ESG ETFs in the UK. Journal of Asset Management, 23(2), 114-129.
16. Shakil, M. H. (2021). Environmental, social and governance performance and financial risk: Moderating role of ESG controversies and board gender diversity. Resources Policy, 72, 102144.
17. Xin Deng, Jun-koo Kang, Buen Sin Low (2013). Corporate social responsibility and stakeholder value maximization: Evidence from mergers. Journal of Financial Economics, 110, 87-109.
18. Zhang, X., Zhao, X., & Qu, L. (2021). Do green policies catalyze green investment? Evidence from ESG investing developments in China. Economics Letters, 207, 110028.
中文文獻
1. 池祥麟(2015)，企業社會責任與財務績效的關聯，社區發展季刊，152，19-34。
2. 李大維(2022)，ESG對台灣上市櫃公司股票報酬之影響：以新冠肺炎疫情期間為例，國立台灣大學管理學院財務金融 學系碩士論文
3. 林宇璇( 2020)， 企業社會責任之溢酬效果分析,國立中山大學財務管理學系碩士論文
4. 湯偉宏(2020)，企業投入ESG效益之研究-以總體經濟、機構投資人探討，國立政治大學金融學系研究所碩士論文