本研究旨在探討環境、社會與治理（ESG）對公司績效的影響，並分析高學歷員工比例在此關係中的調節作用。隨著全球對於可持續發展的關注日益增加，企業在實施ESG策略時面臨著各種挑戰，而高學歷員工被認為能夠更有效地推動這些策略的執行。
本研究以台灣上市的製造業公司為樣本，數據來源取自台灣經濟新報（TEJ）資料庫，涵蓋2016年至2022年的資料，共計643家公司4501個觀察值。研究方法採用Panel Data Regression模型，將公司績效（以資產回報率ROA衡量）作為應變數，ESG總分及其各構面分數（環境、社會、治理）作為自變數，高學歷員工比例作為調節變數，並控制公司規模和產業類別的影響。
　　研究結果顯示，ESG表現對公司績效有顯著的正向影響，且各構面（環境、社會、治理）分數對公司績效的影響亦為正向。此外，高學歷員工比例對ESG與公司績效之間的關係具有顯著的調節效果，特別是在整體表現和社會構面上，高學歷員工的存在能夠強化ESG對公司績效的正向影響。
　　本研究的發現強調了ESG策略對企業績效的重要性，並指出高學歷員工在推動ESG策略實施中的關鍵角色。這些結果為企業在制定ESG策略和人力資源政策時提供了實證依據，並為政策制定者提供了有價值的建議，促進企業可持續發展。

This study investigates the impact of Environmental, Social, and Governance (ESG) practices on corporate performance, specifically examining how the proportion of employees with higher education moderates this relationship. With a growing focus on sustainable development, companies face challenges in implementing ESG strategies, and higher-education employees are believed to be key in driving these initiatives.
　　Using a sample of 643 listed manufacturing companies in Taiwan from the Taiwan Economic Journal (TEJ) database, covering 2016 to 2022 and totaling 4501 observations, the study employs a Panel Data Regression model. Corporate performance is measured by Return on Assets (ROA), with ESG scores and their components (environmental, social, governance) as independent variables, the proportion of higher-education employees as the moderating variable, and company size and industry category as control variables.
Results indicate that ESG performance positively impacts corporate performance, with each ESG component also showing positive effects. The proportion of higher-education employees significantly moderates this relationship, particularly in the Overall performance and social dimension, enhancing the positive impact of ESG on corporate performance.
These findings highlight the importance of ESG strategies for corporate performance and the crucial role of highly educated employees in implementing these strategies. The study provides empirical evidence to guide companies in formulating ESG and HR policies and offers valuable recommendations for policymakers to promote sustainable development in businesses.

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台灣經濟新報，永續報告書為何？有何參考準則？永續報告書內容一覽，上網日期113年4月13日，檢自 https://www.tejwin.com/insight/sustainability-report/

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