隨著全球永續發展議程的日益突顯，企業面臨著越來越多的壓力來證明其對環境保護、社會責任和公司治理問題的關注。永續報告書作為企業對外透明度和社會責任的一個重要工具，對企業價值有著深遠影響。
本研究選取台灣上市櫃公司作為研究對象，採用實證方法分析，透過永續報告書中ESG評等比較企業間信用風險及財務績效的差異，探討其對企業價值的影響。
研究結果顯示，高ESG評等情況下，台灣上市櫃公司在財務比率指標上展現出較佳的財務績效，但對市場表現則是呈現無顯著影響，此外，這些公司普遍也有著較低的信用風險。具體而言，高ESG評等的企業較具有長期穩定的獲利能力，因此更受到利害關係人們的青睞，並在市場競爭中佔有優勢；降低信用風險，即提升信用評級，也是增強企業市場競爭力的重要因素之一。
最後，本研究期盼能為台灣上市櫃公司制定和實施永續策略提供有價值的參考依據，並為深入探討永續相關議題對企業價值的影響奠定堅實的基礎。

As the increasing prominence of the global sustainable development agenda, companies face growing pressure to demonstrate their concern for environmental, social, and governance (ESG) issues. Sustainability reports, as a crucial tool for corporate transparency and social responsibility, have a profound impact on corporate value.
This study selects Taiwanese listed companies as research subjects and adopts empirical approaches to analyze the differences in credit risk and financial performance between companies with ESG ratings in their sustainability reports, thereby exploring the impact on corporate value.
The research results show that under high ESG ratings, Taiwanese listed companies exhibit better financial performance of financial ratio indicators, though there is no significant impact on market performance. Additionally, these companies generally have lower credit risk. Specifically, companies with high ESG ratings tend to have more stable long-term profitability, which makes them more attractive to stakeholders and an advantage in market competition. Lowering credit risk, in other words, improving credit ratings, is also an important factor in enhancing a company's market competitiveness.
In conclusion, this study aims to provide valuable references for Taiwanese listed companies in formulating and implementing sustainable strategies, and to lay a foundation for further exploring the impact of sustainability-related issues on corporate value.

一、中文文獻
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2.施凱珍（2021）採SASB準則下ESG重大性議題與財務績效之探討，國立政治大學風險管理與保險學系碩士論文
3.廖彥傑（2023），台灣公司治理地圖－從破產機率分析，國立臺灣大學管理學院財務金融研究所碩士論文
4.厲柏宏（2023），ESG評分與財務績效相關性之研究，銘傳大學財務金融學系碩士在職專班碩士論文
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