本研究旨在探討台灣上市櫃公司之永續發展（ESG）表現，以及環境（E）、社會（S）與公司治理（G）三大子構面，是否與財務報表重編風險存在顯著關聯，並評估ESG指標作為財報重編預警資訊之可行性。本研究以 2015 年至 2023 年台灣上市櫃公司為研究樣本，採用 Logistic 迴歸模型進行分析，最終取得 11,216 筆公司年（firm-year）有效觀察值。
實證結果顯示，企業落後一期之 ESG 綜合表現與當期財報重編機率呈顯著負向關聯。進一步將ESG拆解為三大子構面後，發現社會構面（S）在降低財報重編風險上具有顯著且穩健之預警能力，而環境構面（E）與公司治理構面（G）則未達統計顯著水準。本研究推論，此結果可能與台灣資本市場公司治理制度高度法規化有關，使治理揭露較易呈現形式性合規，相較之下，社會責任投入通常伴隨較高之專屬成本與組織文化建構，因此較能反映企業之組織倫理與內部監督環境。
此外，本研究之主要結果於替換計量模型、產業調整及時間遞延等多項穩健性測試後，仍維持一致。整體而言，本研究補充了 ESG 與財務報導品質相關文獻，並可作為投資人評估企業下行風險、審計人員執行風險導向查核，以及主管機關推動永續揭露政策之實務參考。

This study examines whether corporate Environmental, Social, and Governance (ESG) performance is associated with the risk of financial restatements and evaluates the feasibility of ESG indicators as predictors of financial reporting risk. Using 11,216 firm-year observations of Taiwanese listed companies from 2015 to 2023, this study employs logistic regression models to analyze the relationship between ESG performance and the likelihood of financial restatements.
The empirical results indicate that lagged overall ESG performance is significantly and negatively associated with the probability of financial restatements. Further analyses reveal that the Social (S) pillar exhibits the strongest and most robust predictive power, whereas the Environmental (E) and Governance (G) pillars do not reach conventional levels of statistical significance. These findings suggest that, under Taiwan’s highly regulated corporate governance environment, governance-related disclosures may partially reflect symbolic compliance. In contrast, investments in the Social pillar often involve higher proprietary costs and are more difficult to imitate or manipulate, thereby serving as a more credible proxy for corporate integrity and internal monitoring culture.
The results remain consistent across multiple robustness tests, including alternative model specifications, industry-adjusted ESG measures, and extended lag structures. Overall, this study contributes to the literature on ESG and financial reporting quality by providing evidence that ESG performance contains incremental information about financial reporting risk. The findings also offer practical implications for investors assessing downside risks, auditors conducting risk-based audits, and regulators refining sustainability disclosure policies.

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