近年來，因全球資本市場開始將焦點放在2050年淨零碳排和ESG等永續發展的議題上，ESG評價已經成為投資者、金融機構和其他利害關係人關心的一個重要議題。本研究以2013年至2022年台灣上市證券商為研究樣本，進一步探討台灣證券商之ESG評等與其IPO業務、承銷整體績效之間的關聯性，並希望能夠提供一個新的思維和角度來思考證券業是否要大量投入資源在ESG上。
本研究實證分析顯示，台灣上市證券商之ESG、E、S、G評分與 IPO、整體承銷績效之間的關係多數都未達統計上的顯著性，僅社會責任評分( s )對IPO案件總數、總承銷市佔率存在負向關聯，以及公司治理評分( g )對 IPO抑價比率呈現顯著負相關性。以上本研究認為，ESG 評分對於上市證券商的IPO、整體承銷績效之影響不那麼直接或是顯著，推測是因為證券商主要從事初級資本市場的交易，容易受到其他外部經濟因素的干擾，其證券承銷業務活動與環境保護、社會責任和公司治理的直接關聯可能較低。

In recent years, as global capital markets have begun to focus on the issues of net-zero carbon emissions by 2050 and ESG (Environmental, Social, and Governance) sustainable development, ESG evaluation has become a critical concern for investors, financial institutions, and other stakeholders. This study uses Taiwanese listed securities firms from 2013 to 2022 as research samples to further explore the relationship between the ESG ratings of Taiwanese securities firms and their IPO business and overall underwriting performance. It aims to provide a new perspective on whether the securities industry should invest heavily in ESG.
The empirical analysis of this study shows that the relationships between the ESG, E, S, and G scores of Taiwanese listed securities firms and their IPOs and overall underwriting performance are mostly not statistically significant. Only the social responsibility score (S) has a negative correlation with the total number of IPO cases and the overall underwriting market share, and the corporate governance score (G) has a significant negative correlation with the IPO underpricing rate. Based on the above findings, this study suggests that the impact of ESG ratings on the IPO and overall underwriting performance of listed securities firms is not so direct or significant. It is speculated that this is because securities firms primarily engage in primary capital market transactions, which are easily affected by other external economic factors. Therefore, the direct connection between their underwriting activities and environmental protection, social responsibility, and corporate governance may be relatively low.

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