隨著全球永續發展趨勢，ESG（Environmental, Social, and Governance）已成為企業評價之關鍵指標，然既有文獻多聚焦於財務績效，較少探討其對區域環境品質的空間效益。鑑於台灣空氣汙染具高度空間聚集與異質性，本研究採空間計量方法，分析企業ESG與二氧化氮（NO2）濃度之關聯，以評估企業永續治理對區域環境品質的實際影響。
本研究以2021至2023年臺灣本島為範圍，採用2公里×2公里之網格作為分析之最小統計單元。研究以二氧化氮年平均濃度為因變數，並將企業溫室氣體排放量經Z-score反向標準化作為ESG投入之替代變數，同時納入交通、工業、土地利用及氣象等變數。為解決地理資料之空間自相關問題，本研究利用空間自迴歸結合模型（Spatial Autoregressive Combined Model, SAC）進行實證分析，以同時控制空間延遲與誤差效應。
實證結果顯示，ESG投入對空氣品質之影響具顯著時空差異。全台範圍下，企業在ESG的投入從顯著的負向因素轉變為為顯著的正向因素。區域分析方面，北部地區受高度都市化背景干擾，變化效果短期內不明顯；中部地區受地形與複合污染源影響，變化趨勢不穩定；南部地區則因重工業與石化產業聚集，汙染濃度較高，個別企業之ESG投入並未產生顯著區域改善效益。

As global emphasis on sustainability intensifies, ESG has emerged as a pivotal metric for corporate evaluation. However, the spatial environmental externalities of ESG initiatives remain under-explored. This study employs spatial econometric methods to analyze the association between corporate ESG governance and NO2 concentrations in Taiwan, investigating temporal and spatial variations to assess the tangible impacts of corporate sustainability.
Utilizing a 2km×2km fishnet grid across Taiwan from 2021 to 2023, this study operationalizes ESG engagement through the inverse Z-score standardization of Carbon emissions. To account for spatial autocorrelation, a Spatial Autoregressive Combined model(SAC) is implemented, incorporating transportation, industrial, and meteorological controls.
Results indicate significant spatiotemporal divergence in ESG efficacy. Nationally, the influence of corporate ESG investment transitioned from a significantly negative factor to a significantly positive one over the study period. Regionally, the intensive urbanization background in Northern Taiwan obscured short-term benefits, while topographic factors in Central Taiwan led to unstable trends. In Southern Taiwan, the concentration of heavy industrial clusters rendered individual corporate ESG efforts insufficient to yield significant regional air quality enhancements.

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