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| Title: | 強制性永續揭露政策對企業ESG績效與碳排放影響之研究──以「上市櫃公司永續發展路徑圖」為例
The Impact of Mandatory Sustainability Disclosure on Corporate ESG Performance and Carbon Emissions: Evidence from Taiwan’s Sustainability Development Roadmap for Listed Companies |
| Authors: | 曾愉鈞
Tseng, Yu-Chun |
| Contributors: | 楊曉文
曾愉鈞
Tseng, Yu-Chun |
| Keywords: | 合成雙重差分法
ESG績效
碳排放
永續政策
強制性揭露 |
| Date: | 2025 |
| Issue Date: | 2025-09-01 16:39:38 (UTC+8) |
| Abstract: | 本研究旨在評估「上市櫃公司永續發展路徑圖」政策對台灣企業永續表現與碳排放行為之影響。金融監督管理委員會自2022年發布啟動該政策起，第一階段即針對資本額逾新臺幣一百億元或屬於高污染產業(如鋼鐵、水泥)的上市櫃公司，推動強制性非財務資訊揭露制度。為精確識別政策效果，本文採用合成雙重差分法(Synthetic Difference-in-Differences, SDID)進行實證分析，並以2016年至2024年之追蹤資料(panel data)為研究樣本。
研究結果顯示，該政策發布後，處理組企業之整體 ESG 績效顯著提升，尤以環境(E)與社會(S)構面之改善最為明確，而治理(G)構面則未觀察到顯著變化。此外，處理組企業之碳排放總量呈現下降趨勢，與合成控制組相對上升的趨勢形成對比，顯示政策亦可能促使企業採取實質之減排行為。為確保估計之有效性，本文納入多項控制變數以調整潛在異質性，並透過視覺化方式檢驗平行趨勢假設，結果整體支持政策與企業永續行為之因果關係。
本研究之實證結果不僅豐富台灣永續政策評估之相關文獻，亦對主管機關未來政策設計與企業永續轉型策略提供實務啟示。
This study aims to evaluate the impact of Taiwan’s “Sustainability Development Roadmap for Listed Companies” on corporate ESG performance and carbon emission behavior. Since the Financial Supervisory Commission launched the policy in 2022, the first phase has mandated non-financial disclosure for listed companies with paid-in capital exceeding NTD 10 billion or those operating in high-pollution industries such as steel and cement. To rigorously identify the policy effect, this study employs the Synthetic Difference-in-Differences (SDID) method using panel data from 2016 to 2024.
The empirical results indicate that, following the policy implementation, firms in the treatment group experienced a significant improvement in overall ESG performance, particularly in the environmental (E) and social (S) dimensions, while no statistically significant changes were observed in the governance (G) dimension. Furthermore, the treatment group exhibited a declining trend in total carbon emissions, in contrast to the upward trend observed in the synthetic control group, suggesting that the policy may have induced firms to adopt substantive emission reduction measures. To ensure the robustness of the estimation, this study includes a set of control variables to address potential heterogeneity and employs graphical analysis to examine the parallel trend assumption. The findings overall support a causal relationship between the policy and corporate sustainability outcomes.
The results of this study not only enrich the literature on Taiwan's sustainability policy evaluation but also provide practical insights for regulatory design and corporate sustainability transition strategies. |
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金融監督管理委員會 (2023)。國際財務報導準則(IFRS)永續揭露準則藍圖。https://www.fsc.gov.tw/ch/home.jsp?id=96&parentpath=0,2&mcustomize=news_view.jsp&dataserno=202308170002&dtable=News。擷取日期:2025/6/17。 |
| Description: | 碩士
國立政治大學
金融學系
111352022 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0111352022 |
| Data Type: | thesis |
| Appears in Collections: | [金融學系] 學位論文
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