本研究以臺灣之市值前100大公司為研究樣本，探討其公司財務績效與ESG評分之非線性關係。本研究採用Gonza′lez, Teräsvirta and van Dijk (2004, 2005) 所提出的縱橫平滑移轉迴歸模型(Panel smooth transition regression model, PSTR)， ESG評分使用臺灣經濟新報(TEJ)之TESG永續發展指標，並以負債比率代表資本結構做為模型中的門檻變數，觀察ESG評分對公司財務績效是否存在平滑移轉效果，並進一步探討不同資本結構對公司財務績效之平滑移轉效果下，永續發展指標總得分、環境評分、社會評分、公司治理評分、新聞評分及負債比率與對公司財務績效之影響變化。
實證結果發現，ESG評分與公司財務績效存在非線性關係，當門檻值負債比率低於87.1063%時，提升社會構面分數和新聞分數對財務績效呈現正相關，當負債比率高87.1063%時，提升環境構面分數和TESG量化分數對財務績效呈現正相關，表示皆具有一定程度的促進作用但不顯著，而新聞分數對財務績效影響顯著負相關。研究說明，在臺灣，無論企業的各項ESG評分表現如何，大部分對於公司財務績效並不會產生顯著影響，唯當超過一定負債比率下，企業花費成本提升新聞分數，對於公司財務績效並無幫助，反而帶來顯著負面影響。

This study examines the non-linear relationship between corporate performance and TESG sustainability indicators among Taiwan's top 100 companies by market capitalization. Employing the Panel Smooth Transition Regression (PSTR) model by Gonzálex, Teräsvirta, and van Dijk (2004, 2005), with the debt ratio as a threshold variable representing capital structure, we investigate the smooth transition effect of ESG scores on financial performance. The results indicate a non-linear relationship: below a debt ratio threshold of 87.1063%, social and news scores positively correlate with financial performance but are not significant. Above this threshold, environmental and TESG scores show a positive correlation, while news scores have a significant negative impact. This study highlights that in Taiwan, most ESG scores do not significantly impact financial performance unless the debt ratio exceeds a certain level, where increasing news scores can negatively affect financial performance.

致謝辭 I
中文摘要 II
ABSTRACT III
目錄 IV
表目錄 V
圖目錄 VI
第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 4
第三節 研究架構與流程 6
第二章 文獻探討 7
第一節 ESG概念及沿革 7
第二節 ESG對公司財務績效 10
第三節 資本結構與公司績效 12
第三章 研究方法 15
第一節 縱橫單根檢定 15
第二節 縱橫平滑移轉迴歸模型 19
第三節 縱橫平滑移轉迴歸模型之設定 24
第四章 實證結果與分析 29
第一節 樣本資料說明 29
第二節 資料之敘述統計 35
第三節 縱橫單根檢定 37
第四節 縱橫平滑移轉檢定 38
第五章 結論與建議 45
參考文獻	46

表目錄 
表4-1-1 剔除樣本-KY股  30 
表4-1-2 剔除樣本-資料不足之公司   30 
表4-1-3 剔除樣本-金融業公司 30 
表4-1-4 相關變數定義表 35 
表4-2-1 臺灣市值前100大之公司財務績效變數之敘述統計 36 
表4-3-1 縱橫單根檢定 37 
表4-4-1 ESG評分對財務績效(ROE)之同質性檢定 39 
表4-4-2 轉換模型選定 39 
表4-4-3 負債比率對前100大公司之股東權益報酬率之移轉區間個數檢定 40 
表4-4-4 負債比率對台灣前100大公司ROE之縱橫平滑移轉模型估計結果 43 
表4-4-5 不同負債比率下各解釋變數對公司ROE之影響 43 
表4-4-6 結果彙整 44

圖目錄 
圖1-3-1 研究流程圖  6 
圖3-2-1 m=1之轉換模型 22 
圖3-2-2 m=2之轉換模型 23 
圖4-1-1 TESG永續發展指標架構圖 34

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