本篇論文要探討的主題為入選永續指數之成分股，對於企業之財務績效是否有顯著之影響。獲選為永續指數之成分股對於企業而言，代表企業在經營時確實將企業社會責任落實於經營策略中，並獲得公正第三方之認證。然而，獲選永續指數對企業而言，是否就能為企業之營運帶來良好之影響，至今未有定論；同時，針對台灣地區尚未有永續指數與企業財務績效之相關研究。因此本篇論文以台灣企業為研究之標的，探討獲選為道瓊永續性指數成分股之企業與財務績效之關聯性。

本文使用台灣經濟新報TEJ資料庫之季報資料，研究方法分為敘述統計分析與迴歸模型分析：以資產報酬率、股東權益報酬率做為研究變數，並加入杜邦方程式之稅後純益率、資產週轉率、權益乘數，採用Wilcoxon等級總和檢定比較財務績效；同時採用多元迴歸模型作為迴歸分析之模型，以資產周轉率、股東權益報酬率作為應變數，選用控制變數後，根據樣本與對照組、獲選前與獲選後設立虛擬變數並額外增設交乘項，逐項加入變數進行迴歸分析，並比較彙整其結果。最後針對研究結果提出結論與未來研究之建議。

The inclusion of sustainability index is a symbol of a firm operating well in corporate social responsibility (CSR). However, the relationship between sustainability index and corporate financial performance (CFP) is still ambiguous; in the meantime, there is no related research between sustainability index and CFP. Hence, this paper researches on Taiwan enterprises included in Dow Jones Sustainability Index (DJSI) and figures out how the sustainability index influences CFP.

All available Taiwan company data are obtained from Taiwan Economic Journal database. We have found three conclusions: First, the inclusion of DJSI makes the Taiwan enterprises have better CFP. Next, companies have better CFP after the inclusion of DJSI. Last, the long-term effect of inclusion of DJSI is more significant than short-term effect. Furthermore, we found that better profitability causes Taiwan enterprises included in DJSI have better CFP. Consequently, we can conclude that the inclusion of sustainability index will improve the CFP of Taiwan enterprises.

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