隨著全球永續發展趨勢興起，企業對環境、社會及治理（ESG）表現的重視日益提升。臺灣自2023年起擴大要求上市櫃公司編製並申報永續報告書，金融業也將ESG表現納入授信評估，引導資金流向永續發展企業。
應全球性環境問題的迫切性，有別於過去文獻以ESG評比作為ESG績效的衡量，本研究以2020年至2023年臺灣上市櫃公司為研究樣本，並透過環境部列管汙染源系統對照出受環保裁處之企業，旨在探討企業受環保裁處紀錄對其企業價值與債務資金成本的影響。
實證結果發現企業受環保裁處的次數及金額與企業價值皆呈現負相關，但未達顯著水準，顯示環保裁處次數及金額對企業價值的影響有限；另外，企業受環保裁處的次數與債務資金成本的實證結果呈現負相關，推測可能是企業的裁處次數普遍較低，因此難以對債務資金成本產生明顯影響；而企業受環保裁處的金額與債務資金成本呈現正相關，但未達顯著水準，可能是企業的環保裁處金額占總資產的比例較小，因此對企業整體財務穩定性和融資成本的影響不明顯。

Amid the rising global trend towards sustainable development, the emphasis on Environmental, Social, and Governance (ESG) performance among companies is increasing. From 2023, Taiwan has mandated that listed companies enhance their sustainability reporting, with the financial sector integrating ESG metrics into lending assessments to channel investments toward sustainable enterprises. This study diverges from traditional literature that measures ESG performance merely through ratings; instead, it examines the impact of environmental penalties on corporate value and debt financing costs from 2020 to 2023, utilizing data from Taiwanese listed companies identified through the environmental authority's pollution source system. The findings suggest that both the frequency and amount of environmental penalties are negatively correlated with corporate value, although not significantly, indicating a limited impact. Moreover, while the frequency of penalties shows a negative correlation with debt financing costs, the amount of penalties shows a positive but insignificant correlation with debt costs, likely due to the penalties' small proportion relative to total assets, thus having minimal impact on overall financial stability and financing costs.

林秀鳳、鄭雅如、林秉孝與陳政彥 (2013)，自願性環保資訊揭露對公司價值之影響，東海管理評論，第15卷第1期，頁37-67
黃正忠、林泉興與林群燁（2020），永續指數成分股篩選方法面面觀，會計研究月刊，第411期，頁87-93
鄭聿敏（2021），環境、社會、治理面向相關裁罰之經濟後果－以臺灣上市櫃公司為例，國立成功大學財務金融研究所碩士論文
程立民與王信文（2015），環境資源不法利得與環境汙染事件判決於環保正義之探究—以高雄半導體廠排放汙染物事件為例，環境與管理研究，第16卷第2期，頁31-49
陳美惠與吳宴惠（2024）， ESG第三方確信、負面社會責任新聞報導與債務資金成本間之關聯性，會計評論，第78期，頁1-43
陳雅琦（2023），企業ESG表現對債務成本之影響，國立成功大學經營管理碩士學位學程碩士論文。
温玲玉與葉芷吟（2018），公司治理、環境績效、環境會計資訊揭露與權益價值之關聯性研究－以高污染潛勢工業區為例，企業管理學報，第119期，頁59-101
法務部，公開發行公司年報應行記載事項準則(最近修正日期: 2024年08月01日)，https://law.moj.gov.tw/LawClass/LawAll.aspx?pcode=G0400022
綠色和平，2023年10月13日，什麼是巴黎協定?全球氣候協議控制升溫成效如何?，https://www.greenpeace.org/hongkong/issues/climate/update/40157/
環境資訊中心，2014年12月9日，水汙染案發後不見改善誠意 國際連署譴責日月光，https://e-info.org.tw/node/97392
何晨瑋，2022年9月15日，英智庫爆石油巨頭「漂綠」！恐被課徵能源暴利稅， ESG遠見，https://esg.gvm.com.tw/article/12353
金融監督管理委員會，2023年03月28日，上市櫃公司永續發展行動方案，https://www.fsc.gov.tw/ch/home.jsp?id=96&parentpath=0%2C2&mcustomize=news_view.jsp&dataserno=202303280001&dtable=News
金融監督管理委員會銀行局，2024年01月11日，赤道原則專區，https://www.banking.gov.tw/ch/home.jsp?id=793&parentpath=0,8
臧婕敏、郭雅婷與許令儒，2024年04月11日，世界經濟論壇(WEF)《2024全球風險報告》重點整理與反思，台灣大學風險社會與政策研究中心，https://rsprc.ntu.edu.tw/web/research/research_in.jsp?lang=tw&rp_id=RP1728270983438
Bowen, H. R. (1953). Social Responsibilities of the Businessman. New York: Harper & Brothers.
Chava, S. (2014). Environmental externalities and cost of capital. Management Science, 60(9), 2223-2247. https://doi.org/10.1287/mnsc.2013.1863
Chung, K. H., & Pruitt, S. W. (1994). A simple approximation of Tobin's q. Financial Management, 23(3), 70-74.
Freeman, R. E. (1984). Strategic management: A stakeholder approach. Boston: Pitman.
Friedman, M. (1970, September 13). The social responsibility of business is to increase its profits. The New York Times Magazine.
Horrigan, J. O. (1966). The Determination of Long-Term Credit Standing with Financial Ratios. Journal of Accounting Research, 4, 44–62. https://doi.org/10.2307/2490168
Lavin, J. F., & Montecinos-Pearce, A. A. (2022). Heterogeneous Firms and Benefits of ESG Disclosure: Cost of Debt Financing in an Emerging Market. Sustainability, 14(23), 15760. https://doi.org/10.3390/su142315760
Lindenberg, E., & Ross, S. (1981). Tobin's q ratio and industrial organization. Journal of Business, 54(1), 1-32.
Whelan, T., Atz, U., Holt, T. V., Casey Clark, C., Salazar, P., Liu, Z., & Bruno, C. (2021). ESG AND FINANCIAL PERFORMANCE: Uncovering the Relationship by Aggregating Evidence from 1,000 Plus Studies Published between 2015 – 2020.
Xu, Y., & Zheng, H. (2024). ESG performance and corporate value: The mediating role of reputation. Industrial Engineering and Innovation Management, 7(1). https://doi.org/10.23977/ieim.2024.070105
MSCI. (2022). Sustainability-linked financing: Using MSCI ESG ratings to help lower capital costs. MSCI. https://www.msci.com/our-clients/corporates/sustainability-linked-financing
PBS Newshour. (2022, September 24). Big oil pledged to fight climate change, but do their actions line up? PBS. https://www.pbs.org/newshour/show/big-oil-pledged-to-fight-climate-change-but-do-their-actions-line-up
Pérez, L., Hunt, V., Samandari, H., Nuttall, R., & Biniek, K. (2022). Does ESG really matter—and why? McKinsey & Company. https://www.mckinsey.com/capabilities/sustainability/our-insights/does-esg-really-matter-and-why
See, G. (2024, March 8). Can joint financing for Asian manufacturers help clean up fast fashion’s supply chain? Eco-Business. https://www.eco-business.com/news/can-joint-financing-for-asian-manufacturers-help-clean-up-fast-fashions-supply-chain/
Terra Choice. (2007). Sins of greenwashing. https://www.ul.com/insights/sins-greenwashing
United Nations. (2000). The Global Compact. https://unglobalcompact.org/what-is-gc/mission/principles#
United Nations. (2004). Who cares wins. https://documents1.worldbank.org/curated/en/280911488968799581/pdf/113237-WP-WhoCaresWins-2004.pdf
United Nations Framework Convention on Climate Change. (n.d.). Status of ratification of the Paris Agreement. UNFCCC. https://unfccc.int/process/the-paris-agreement/status-of-ratification