本文旨在探討台灣上市櫃製造業投入 ESG 對企業財務表現之影響，主要目的在於評估企業在 ESG 整體及各構面的投入，是否能實質反映於企業的投資估值、經營績效與資金成本。研究樣本涵蓋 2020 年至 2024 年間的 1,245 家台灣上市櫃製造業公司，並採用縱橫資料模型進行實證分析。實證結果顯示，整體 ESG投入在短期內未能顯著提升資本市場估值 ， 顯示台灣資本市場尚未將長期永續效益完全反映於股價定價中 。 在資產報酬率方面， ESG 投入會顯著侵蝕短期的資產報酬率 ， 反映企業在符合永續評等標準的過程中需承擔額外的合規成本 。 就產業異質性而言，高科技製造業投入整體 ESG 對 ROA 的負向影響較傳統產業更為明顯，惟其社會構面之投入有助於緩解獲利受侵蝕的程度 ，反映人才留任對技術密集產業的關鍵效益。在資金成本方面，企業整體 ESG 表現之提升與較低之加權平均資金成本相關 ， 反映其有助於取得資本市場信任。此一降低效益具明顯產業差異，若高污染產業加強環境構面的投入、傳統產業強化公司治理層面，能向市場傳遞風險可控的正面訊號，從而獲得資金成本降低效益。

This study explores how ESG investments affect the financial performance of Taiwan's listed manufacturing companies. Using panel data from 1,245 companies between 2020 and 2024, the study evaluates whether corporate ESG investment, both overall and across individual ESG dimensions, can substantively enhance financial performance. Empirical results indicate that overall ESG investment fails to significantly boost capital market valuation, suggesting that the Taiwanese capital
market has not yet fully incorporated sustainability benefits into stock pricing. In addition, ESG investment is significantly negatively associated with Return on Assets, reflecting the compliance costs firms bear in meeting sustainability rating standards. This negative association with ROA is more pronounced among high-tech manufacturers; however, their investment in the social dimension helps mitigate the profitability erosion, underscoring the value of talent retention in human-capital-
intensive industries. Finally, improving overall ESG performance is associated with a lower Weighted Average Cost of Capital, consistent with the risk-mitigation hypothesis and possibly reflecting greater capital-market trust. Specifically, if highly polluting industries strengthen their investments in the environmental dimension, or if traditional industries enhance their corporate governance, they can send a signal of controllable risks to the market, which in turn is associated with a lower cost of capital.

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