隨著極端氣候、全球公共衛生事件與地緣政治不確定性日益加劇，ESG治理逐漸成為金融機構經營決策中不可或缺的核心考量。臺灣在推動「綠色金融行動方案2.0」與「公司治理3.0」後，金融控股公司在永續資訊揭露與ESG治理實踐上已具備高度制度化程度，然而現有研究對於ESG如何透過資源配置效率轉化為企業韌性之機制，尤其針對金融控股公司之本土實證，仍相當有限。
本研究採用動態二階段資料包絡分析法（Two-Stage Dynamic RDM DDF模型），以2020年至2024年間臺灣15家金融控股公司為研究樣本，將企業經營過程區分為「增強企業韌性階段」與「企業韌性表現階段」，並納入跨期與連結變數，以呈現ESG治理投入透過資源配置效率轉化為企業韌性之動態過程。研究結果顯示：（1）各金融控股公司在兩階段效率表現上差異顯著，兆豐金控、永豐金控、新光金控、富邦金控、國票金控與臺灣金控等多優於樣本平均，具標竿地位。（2）部分金融機構於第一階段將人力資源轉化為經營績效與ESG表現之效率偏低，顯示資源配置與永續治理整合仍待加強。（3）第二階段中，部分機構在財務穩定性與成長能力之轉化上存在落差，反映資本結構與長期策略仍具改善空間。（4）四象限分析可進一步辨識各公司於不同效率維度之優劣勢，提供差異化管理建議。
本研究揭示臺灣金融控股公司在ESG導入下之效率結構差異，並透過兩階段架構呈現永續治理轉化為企業韌性之動態路徑，補充現有文獻多以單一指標衡量且缺乏本土實證之不足，並為金融機構與政策制定者提供實務建議，以促進永續轉型與韌性提升。

With increasing climate risks, public health crises, and geopolitical uncertainty, ESG governance has become a core consideration in financial decision-making. Following Taiwan’s “Green Finance Action Plan 2.0” and “Corporate Governance 3.0,” financial holding companies have achieved a high level of institutionalization in ESG practices. However, limited research has examined how ESG is transformed into corporate resilience through resource allocation efficiency, particularly in Taiwan’s financial sector.
This study employs a Two-Stage Dynamic Data Envelopment Analysis (RDM DDF model) using 15 Taiwanese financial holding companies from 2020 to 2024. The process is divided into a “resilience enhancement stage” and a “resilience performance stage,” incorporating intertemporal and linking variables to capture the dynamic transformation of ESG into resilience. Results show that: (1) significant efficiency differences exist across firms, with several companies demonstrating benchmark performance; (2) some institutions exhibit low efficiency in converting human resources into ESG and operational outcomes in the first stage; (3) gaps remain in translating financial performance into resilience in the second stage; and (4) quadrant analysis identifies firm-specific strengths and weaknesses, providing managerial insights.
This study highlights structural differences in ESG-related efficiency and demonstrates the dynamic pathway from ESG governance to corporate resilience. It contributes by offering a two-stage analytical framework and providing empirical evidence for Taiwan’s financial holding sector.

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