本研究旨在探討企業涉入ESG爭議時，自願取得ESG確信對於分析師預測行為之調節效果，並進一步區分不同確信提供者之影響。以2010年至2023年美國S&P 500公司為樣本，實證結果發現，ESG爭議與分析師預測誤差及分歧度呈顯著正相關，顯示ESG爭議會增加企業盈餘不確定性與資訊不對稱，提升預測難度；涉ESG爭議之企業若主動取得ESG確信，能降低分析師預測誤差及分歧度，惟對預測分歧度之調節效果僅具邊際顯著性；進一步將確信提供者區分為四大會計師事務所與顧問公司，發現兩者皆有助於降低分析師預測誤差，但對於降低預測分歧度之效果有限。本研究進一步考量樣本潛在內生性與選擇偏誤問題，並將應變數替換為分析師未來一期之預測，整體而言，主要結論大致穩健，惟ESG確信對預測分歧度的邊際顯著效果以及顧問公司的調節作用並未穩健。

This study examines whether voluntary ESG assurance moderates the relationship between ESG controversies and analysts’ forecasts, and further investigates the role of different assurance providers. Based on a sample of S&P 500 firms from 2010 to 2023, the results show that companies with ESG controversies have higher analysts’ forecast errors and dispersions, indicating increased earnings uncertainty and information asymmetry. Importantly, I find that obtaining ESG assurance could mitigate the relation between ESG controversies and analysts’ forecast errors and dispersions, though the moderating effect on dispersions is only marginally significant. When distinguishing between Big 4 auditors and consulting firms, both are found to reduce forecast errors, but neither significantly reduces forecast dispersions. As for robustness check, I further examine potential endogeneity, control for sample selection bias, and replace the dependent variables with one-year-ahead analysts’ forecasts. Overall, the main results are largely robust, except that the marginally significant effect of ESG assurance on dispersions and the moderating effect of consulting firms are not robust.

林抒真，2023，國際永續確信準則（ISSA 5000）草案簡介，證券暨期貨月刊，第41卷第10期（10月）：17-28。
曾于哲，2023，CSRD將統一歐盟永續報告揭露標準，安永聯合會計師事務所，https://www.ey.com/zh_tw/insights/climate-change-sustainability-services/eu-corporate-sustainability-reporting-directive，擷取日期：2025年6月16日。
會計研究發展基金會，2022，確信準則3000號：非屬歷史性財務資訊查核或核閱之確信案件（TWSAE 3000），會計研究發展基金會，https://www.ardf.org.tw/ardf/2025/3000.pdf，擷取日期：2025年6月16日。
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