本文以 2020 至 2024 年台灣上市櫃 IC 設計產業為研究對象，採用固定效果模型，實證檢驗 ESG 整體績效及其環境、社會、公司治理三大構面，對財務績效與經營績效之影響，並透過交互項分析產業競爭結構之調節作用。研究結果顯示，ESG 整體績效對財務績效呈現顯著負向影響，支持「短期成本摩擦與資源排擠」假說，反映企業於永續轉型與法規遵循初期，相關投入之管理成本顯著高於其邊際效益。
進一步分析構面異質性，環境與治理構面為主要的成本壓力來源，對財務績效皆具顯著負向影響，彰顯了法遵與制度建置帶來的沉沒成本；社會責任構面之主效果雖不顯著，惟其與產業競爭程度存在顯著之正向交互作用，顯示在人才爭奪激烈的高競爭次產業中，社會責任投入具有緩衝人才流失、支撐股東報酬之潛在策略價值。此外，實證結果亦證實公司規模在攤提永續轉型成本上具備顯著優勢，而研發密集度對獲利之正向回報則展現明顯之時間滯延性。本文基於產業情境與構面層級之實證視角，釐清了 ESG 轉型在初期之經濟後果，並為企業永續資源配置與政策制定提供具體之參考建議。

Using a fixed-effects model, this study analyzes the impact of ESG performance on the profitability (ROE, ROA, OPM) of Taiwan's listed IC design firms (2020-2024). Findings reveal that overall ESG—driven primarily by Environmental (E) and Governance (G) compliance costs—negatively impacts short-term financial performance. Conversely, Social (S) initiatives show strategic value by mitigating talent loss in highly competitive environments. Furthermore, larger firm size helps amortize ESG costs, while R&D investments yield delayed returns. This research clarifies the short-term financial frictions of ESG transitions, providing practical insights for sustainable resource allocation.

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