近年來，企業環境、社會與治理（ESG）績效對財務表現的影響備受學界與實務界關注，然其內部價值的傳導機制仍未有定論。本研究旨在探討 ESG 績效轉化為企業財務績效之過程，並以「員工流通率」與「營業費用率」作為中介變數，分別從人力資本穩定度與營運成本結構兩個視角進行剖析。本研究以 2016 至 2023 年間之上市櫃公司為研究對象，在剔除缺失值與極端值後，取得 12,273 筆數據，並運用結構方程模型（SEM）進行實證研究。

實證結果顯示，員工流通率與營業費用率分別在ESG社會構面績效與企業EPS間扮演完全中介及部分中介角色，ESG績效藉由降低員工流通率及營業費用率對企業EPS產生正面影響。

本研究之發現不僅彌補了過往文獻忽視 ESG 內部傳導機制的缺口，更揭示了 ESG 投資的重要性。企業在落實 ESG 時所帶來的人力資本穩固效益及其他無形溢酬，最終能為企業創造正向的財務價值。本研究結果可為企業管理階層在制定永續發展策略與資源配置時，提供具體的實證依據。

While the impact of Environmental, Social, and Governance (ESG) performance on corporate financial outcomes is widely discussed, its internal transmission mechanisms remain inconclusive. This study explores how ESG performance translates into financial value, using the "employee turnover rate" and "operating expense ratio" as mediators to analyze human capital stability and operating cost structures. Applying Structural Equation Modeling (SEM), we analyzed 12,273 data observations from listed and over-the-counter (OTC) companies between 2016 and 2023.

Empirical results indicate that employee turnover and operating expense ratios play full and partial mediating roles, respectively, between the social dimension of ESG and Earnings Per Share (EPS). Essentially, ESG performance positively impacts corporate EPS by reducing both turnover and operating expenses.

These findings bridge the literature gap regarding ESG's internal transmission mechanisms and highlight the importance of ESG investments. The human capital stability and intangible premiums generated by ESG initiatives ultimately create positive financial value, providing concrete empirical evidence to guide corporate management in sustainable strategy formulation and resource allocation.

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林鈺佳(2024)，企業ESG、員工分紅、員工薪資對員工流動率之影響，朝陽科技大學保險金融學系碩士論文。

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