隨著全球對環境、社會與治理(ESG)議題的重視，投資人日益將永續報告書視為評估企業長期價值的核心依據。然而，當法規由自願編製轉向強制揭露時，企業可能利用敘事性語調的裁量權來進行印象管理。本研究旨在探討強制編製背景下，企業過去發生的ESG負面違規事件與其報告書正向語調之間的關聯性，並檢驗我國法規監管強度遞增對此類行為的調節效果 。本研究鎖定首波受規範之食品、金融及化學工業為對象，利用深度學習模型FinBERT對2015年至2024年之文本進行語義情緒分析，以精確捕捉管理階層的語調特徵 。 實證結果發現，台灣企業在面臨ESG相關負面事件時，確實存在顯著的印象管理行為，管理階層傾向在隔年的報告書中採用較為積極的語調來淡化缺失對形象的損害。關鍵的調節效應顯示，在2017年至2020年的法規強化時期，由於規範僅要求「參考」準則，法律壓力不足以抑制企業的敘事裁量權，導致負面事件與積極語調的正相關關係依然穩健 。直至2021年進入法規嚴謹期，主管機關將要求轉為「依照」準則並導入TCFD與SASB框架後，高強度的監管才發揮實質遏阻效果，有效抑制了企業的語調操縱行為 。本研究證實法律嚴謹性的提升能有效降低漂綠傾向，相關結果可提供監理機關完善審核機制，並作為投資人辨識非財務資訊品質之實務參考 。;With the global emphasis on Environmental， Social， and Governance (ESG) issues， investors increasingly regard sustainability reports as a core basis for evaluating the long-term value of enterprises. However， as regulations shift from voluntary preparation to mandatory disclosure， firms may exploit the discretion over narrative tone to engage in impression management. This study aims to investigate the association between prior ESG-related negative violation events and the positive tone of reports under the context of mandatory preparation， while examining the moderating effects of increasing regulatory stringency in Taiwan. Focusing on the food， finances， and chemical industries — the first group subject to mandatory regulations — this research utilizes the deep learning model FinBERT to conduct semantic sentiment analysis on texts from 2015 to 2024 to accurately capture the tonal characteristics of management. The empirical results indicate that Taiwanese enterprises indeed exhibit significant impression management behavior when facing ESG-related negative events. Management tends to adopt a more positive tone in the following year’s report to downplay the damage of deficiencies to the corporate image. Key moderating effects reveal that during the Regulatory Intensification Period (2017–2020)， because the regulations only required "reference" to the standards， the legal pressure was insufficient to restrain firms’ narrative discretion， leading to a robust positive correlation between negative events and positive tone. It was not until 2021， the Regulatory Rigor Period， when the competent authority shifted the requirement to "in accordance with" the standards and introduced TCFD and SASB frameworks， that high-intensity supervision exerted a substantial deterrent effect， effectively inhibiting firms′ tone manipulation. This study confirms that the enhancement of legal rigor can effectively reduce greenwashing tendencies. The findings serve as a policy reference for regulatory authorities to improve auditing mechanisms and provide practical guidance for investors in identifying the quality of non-financial information.
