本文旨在探討ESG對臺灣金融機構經營績效之影響，首先根據產業經濟、財務績效指標、ESG相關的既有文獻建立可能影響經營績效的實證模型，其次依據2016年至2023年臺灣經濟新報資料庫的上市金融機構資料，分別將資產報酬率、稅後淨利率、Tobin’s Q作為經營績效衡量指標，透過多元迴歸進行實證分析。實證結果顯示，以資產報酬率、Tobin’s Q為被解釋變數時，環境構面分數具有正向影響、社會構面分數則具有負向影響、財務槓桿和員工人數之對數皆具有負向影響；以稅後淨利率為被解釋變數時，環境構面和治理構面分數皆有負向影響、財務槓桿則具有正向影響、員工人數之對數則亦具有負向影響。

This study aims to investigate the impact of ESG on the operational performance of financial institutions in Taiwan. First, based on industrial economics, financial performance indicators, and existing ESG-related literature, an empirical model was developed to identify potential factors influencing operational performance. Subsequently, using data from listed financial institutions in the Taiwan Economic Journal (TEJ) database from 2016 to 2023, the study adopts return on assets (ROA), net profit margin after tax, and Tobin’s Q as performance metrics, and conducts empirical analysis through multiple regression. The empirical results indicate that when ROA and Tobin’s Q are used as dependent variables, the environmental dimension score has a positive effect, while the social dimension score, financial leverage, and the logarithm of the number of employees all exhibit negative effects. When net profit margin after tax is the dependent variable, both the environmental and governance dimension scores have negative impacts, financial leverage shows a positive impact, and the logarithm of the number of employees again exhibits a negative effect.

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