金管會自2010年起持續推動企業揭露ESG資訊的規範，以接軌針對不同主題之國際永續政策，如重視氣候變遷對企業營運管理之影響的氣候相關財務揭露(TCFD)，以及專注於制定各產業具財務攸關性一致標準的SASB準則。然而企業揭露ESG資訊或是投入於ESG各項議題中，是否真的可為公司經營效率帶來正向效益，此為本研究欲探討之核心問題。因此本文首先使用GRI及TCFD準則相關的氣候變遷資料，實證分析2015年到2019年臺灣上市櫃公司自願揭露氣候變遷資訊是否可提升公司的經營效率；再運用Bloomberg ESG分數及政大NN IP野村投信金融研究中心提供的SASB分數資料，實證分析2012到2019年臺灣上市櫃公司揭露ESG資訊之程度以及投入於各產業ESG重大性議題之績效，對公司經營效率的影響。
在考慮內生性問題後，實證結果指出企業依照GRI準則自願揭露氣候變遷政策對公司的經營效率並無顯著影響，而企業參照TCFD準則自願鑑別氣候變遷風險與機會雖然能夠增加公司的純技術效率，卻也同時降低公司的規模效率。本研究亦證實企業的ESG分數與純技術效率之間存在顯著非線性關係，表示企業必須在揭露足夠的ESG資訊量後，額外的ESG資訊揭露才有助於提升公司的純技術效率，而SASB分數則與純技術效率之間存在顯著的正向線性關係，表明企業投入於ESG重大性議題能夠立即提升公司的純技術效率，此外企業不論是致力於揭露更完整的ESG資訊或是投入於ESG重大性議題中，皆不影響規模效率，因此企業遵循SASB準則的重大性地圖投入於ESG重大性議題中為更具經濟效益的ESG作為。

Since 2010, the Financial Supervisory Commission(FSC) has continued to promote the standardization of ESG information disclosure by enterprises, such as TCFD and SASB standards. However, whether companies invest in ESG issues can really bring positive benefits to the company's operating efficiency? This is the core question to be explored in this study. Therefore, this paper firstly analyzes whether Taiwan listed and OTC companies from 2015 to 2019 voluntarily disclose climate change information can improve the company's operating efficiency. Then analyzes whether the degree of ESG information disclosure and the performance of investing in major ESG issues in various industries by Taiwan listed and OTC companies from 2012 to 2019 have impact on the company's operating efficiency.
The empirical results show that companies voluntarily disclose climate change policies in accordance with the GRI guidelines have no significant impact on the company's operating efficiency, while companies voluntarily identify climate change risks and opportunities with reference to the TCFD guidelines can increase the company's pure technical efficiency(PTE), but also reduce the company's scale efficiency(SE). This study also confirms that there is a significant nonlinear relationship between companies' ESG scores and PTE, indicating that companies must disclose enough ESG information before additional ESG information disclosure can help improve the company's PTE. However, there is a significant positive linear relationship between the SASB score and PTE, indicating that companies' investment in ESG materiality issues can immediately improve the company's PTE. Therefore, companies that follow the materiality map of the SASB standard and invest in ESG material issues are more economical ESG actions.

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