参考ESG與獲利能力影響因素的既有文獻，本文首先建立包含ESG與獲利能力兩條方程式的聯立模型，依據2023年臺灣上市公司資料，透過3SLS分析影響ESG表現與公司獲利率之主要因素，並進一步探討兩者之間的交互關係。實證結果顯示，專利數量、董事會規模、董事會出席率與營業成本等變數對 ESG 分數具有正向影響，而董事長兼任總經理則呈負向影響，服務業ESG表現顯著優於非服務業。在獲利能力方面，權益法長期投資與大股東持股比例則為正向影響，而研發費用率與營業週轉天數對獲利率呈負向關係。ESG 與獲利率之間存在顯著雙向正向關係，形成良性循環。

Based on existing literature on the factors influencing ESG performance and profitability, this study first establishes a simultaneous regression model incorporating ESG and profitability. Using data from listed companies in Taiwan in 2023, this study employs a 3SLS approach to analyze the key determinants of ESG performance and corporate profitability and further explore their interaction. The empirical results indicate that variables such as patent count, board size, board meeting attendance, and operating costs positively affect ESG scores, whereas CEO duality has a negative impact. Additionally, ESG performance in the service industry is significantly superior to that in non-service industries. Regarding profitability, long-term equity investment and the shareholding ratio of major shareholders have a positive effect, while R&D expenditure ratio and operating cycle days negatively impact profitability. There is a significant bidirectional positive relationship between ESG and profitability, creating a virtuous cycle.

中文文獻
李淑華、簡雪芳、蔡彥卿（2014）。權益法長投之投資淨收益：盈餘持續性與股市反應。管理與系統， 21（3），483-516。

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