隨著永續發展趨勢，非財務資訊已逐漸成為評估企業長期價值之關鍵。本研究以2020年至2022年臺灣上市櫃公司為研究對象，共計1，726筆有效觀察值，探討ESG 揭露對「股價對未來盈餘之反應程度」之影響，並進一步檢驗家族企業之調節效果。研究採用Lundholm and Myers (2002)之未來盈餘反應係數(FERC)模型，並以自行建構之GRI揭露率作為衡量指標。實證結果顯示，不論ESG總體揭露，抑或環境(E)、社會(S)、公司治理(G)各構面之揭露，皆與未來盈餘反應係數呈顯著正向關係，顯示ESG資訊能降低資訊不對稱，改善企業資訊環境並提升盈餘資訊傳遞效率，進而強化股價對未來盈餘之反應程度，達成「將未來提前反映至當期」(bring the future forward)之效果。其中，公司治理資訊之提升效果最為顯著，顯示健全治理為投資人信賴非財務資訊之基礎。此外，家族與非家族企業之實證結果未呈現顯著差異，顯示ESG資訊之正面價值具備跨組織結構之穩定性。本研究之發現充實並深化了非財務資訊揭露於資本市場效率之相關文獻，亦可為臺灣永續發展政策提供在地化的實證參考。;With the growing emphasis on sustainable development， non-financial information has gradually become essential for evaluating firms’ long-term value. Using Taiwanese listed companies from 2020 to 2022 as the research sample， this study investigates the effect of ESG disclosure on the extent to which stock prices reflect future earnings information and further examines the moderating effect of family firms. A total of 1，726 firm-year observations are included. This study adopts the future earnings response coefficient (FERC) model proposed by Lundholm and Myers (2002) and employs a self-constructed GRI disclosure index as the measurement of ESG disclosure. The empirical results indicate that both overall ESG disclosure and its environmental， social， and governance dimensions are significantly positively associated with the future earnings response coefficient. The findings suggest that ESG disclosure reduces information asymmetry， improves firms’ information environment， thereby enhancing the transmission efficiency of earnings information and increasing the responsiveness of stock prices to future earnings， achieving the effect of "bringing the future forward." Among the three dimensions， governance disclosure exhibits the strongest effect， indicating that sound governance serves as a key foundation for investors’ trust in non-financial information. In addition， no significant differences are found between family and non-family firms， suggesting that the positive informational value of ESG disclosure remains stable across different organizational structures. Overall， the findings enrich and extend the literature on non-financial disclosure and capital market efficiency， while also providing localized empirical evidence to support sustainable development policies in Taiwan.
