近年來極端氣候危及地球環境的問題引發全球對永續發展的重視，ESG成為了國際主流。國內外已有許多研究探討分析善盡企業社會責任對公司財務績效與股價的影響。本文以國內十四家金控公司為研究對象，參考CSRone永續智庫提供的2019至2021年度的永續評比數據資料，並蒐集台灣經濟新報資料庫2019/01/01至2021/12/31共三個年度的年資料，採用縱橫資料迴歸的最小平方法，檢驗金控公司的ESG績效與股票表現的關係。本文的研究結果證實，金控公司的獲利能力、償債能力、成長率之財務指標和ESG評分對股價報酬有相當程度的正向影響，可作為企業制定相關策略時的依據，並提供給投資人在訂定投資組合時當作參考。 In recent years, the issue of extreme weather conditions that have been threatening the Earth's environment has raised global concerns about sustainable development. ESG has become the international mainstream in response. Numerous domestic and international studies have explored and analyzed the impact of corporate social responsibility on a company's financial performance and stock price. This study focuses on 14 domestic financial holding companies as research subjects. It refers to the sustainability evaluation data (from year 2019 to 2021) from CSRone Sustainable Intelligence Center and collects the annual data (from January 1, 2019 to December 31, 2021) from Taiwan Economic Journal. Using the least squares method of panel data regression, this study examines the relationship between ESG performance and the stock price of the financial holding companies. The empirical results confirm that the financial indicators (including profitability, debt-paying ability, growth rate) and ESG score have a positive impact on the stock price returns. It can serve as a basis for companies in formulating relevant strategies and provide guidance to investors when determining their investment portfolios.
