永續發展揭露排名與權益資金成本之關聯性

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Title:	永續發展揭露排名與權益資金成本之關聯性
Other Titles:	The Relationship between the Ratings of ESG Disclosure and Cost of Equity
Authors:	李映璇 LI, YING-SYUAN
Contributors:	陳瓊燕;郭佳如 Chen, Chiung-Yen;Kuo, Chia-Ju 會計與資訊學系
Keywords:	ESG（環境、社會、公司治理）得分;永續發展指標;永續發展揭露排名;權益資金成本 ESG Score;TESG;ESG Ratings;Cost of Equity
Date:	2023
Issue Date:	2023-11-22 01:33:47 (UTC+0)
Abstract:	近年來永續發展議題成為各界所關注之焦點，企業在此浪潮下，無不積極推動永續發展，提出具體目標並參與實踐以創造競爭優勢。過去文獻較多探討財務資訊揭露程度或企業社會責任與資金成本之關係，較少以整體永續發展排名進行探討。自2023年起證交所要求企業實收資本額達二十億元以上，應編製並申報永續報告書，並頒布施行相關法令，足見我國政府對全球ESG浪潮之重視。本研究旨在探討台灣上市櫃公司之永續發展指標(TESG)排名與企業權益資金成本的關聯性，並進一步分析環境、社會及公司治理等構面之評分是否影響企業的權益資金成本。資料來源為台灣經濟新報資料庫(TEJ)之財務資料與永續發展指標(TESG)。研究樣本之研究期間為2015年至2021年，共計七年。迴歸分析結果發現，TESG評等越佳的企業，其權益資金成本越低。其次，ESG分別以三構面得分來檢視與權益資金成本之關係，發現僅有公司治理構面與權益資金成本呈現顯著負相關，其餘二構面都沒有顯著關係之結論。本研究結果可提供企業管理當局訂定未來ESG實踐策略之參考。 In recent years, sustainable development has become a focal point of concern across various sectors. Companies are actively promoting sustainable development, setting specific goals, and participating in practical initiatives to create a competitive advantage. Previous literature has mostly explored the relationship between the extent of financial information disclosure or corporate social responsibility and capital costs, with less focus on overall sustainability rankings. Since 2023, the Taiwan stock exchange has required companies with a paid-in capital of over two billion to compile and disclose sustainability reports, and relevant laws and regulations have been enacted, indicating our government's emphasis on the ESG.The aim of this study is to investigate the relationship between TESG rankings of Taiwan's listed and OTC companies and their cost of equity. Furthermore, the study analyzes whether scores in the environmental, social, and corporate governance dimensions affect a company's cost of equity . The data is sourced from TEJ's financial information and TESG indicators. The study period covers the years 2015 to 2021, totaling seven years. The results of regression analysis reveal that companies with higher TESG ratings have lower costs of equity. Additionally, when examining the ESG scores across the three dimensions, only the corporate governance dimension shows a significant negative correlation with equity costs , while the other two dimensions do not exhibit a significant relationship. The findings of this study can provide insights to corporate management in formulating future ESG implementation strategies.
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