探討企業永續行為：從漂綠行為說起

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Title:	探討企業永續行為：從漂綠行為說起
Authors:	沈冠丞;Shen, Kuan-Cheng
Contributors:	產業經濟研究所
Keywords:	企業永續經營;ESG;漂綠;企業規模;碳排放;CSR;ESG;Greenwashing;Firm size;carbon emission
Date:	2021-07-28
Issue Date:	2021-12-07 12:26:20 (UTC+8)
Publisher:	國立中央大學
Abstract:	眾多文獻探討企業財務績效與企業ESG評級表現的關係，鮮少文獻探討企業ESG行為的真實性與否，以及現在ESG評分制度本身。本研究以企業規模和企業ESG資訊揭露程度作為主要觀察自變數，企業規模本文分別使用總資產、營收、員工人數以及市值四個變數來控制。而企業ESG資訊揭露程度，本文使用企業的GRI準則項目的達成比率。控制變數為資產報酬率 (ROA)、負債淨值比 (D/E)、財務槓桿度(LEV)以及商譽等財務數據。而應變數則使用公司治理評鑑的企業ESG評分和企業碳排放濃度 (總碳排放量除以企業規模作為應變數)，分別代表企業永續表象行為以及企業永續實際行為。企業ESG評分是取台灣證券交易所的公司治理評鑑，而碳排放在國際上被認為是衡量永續行動的重要指標。本文為了更進一步了解產業之間的差異，將台灣產業分為製造業與非製造業，並排除金融業，來進行研究與比較。本研究依照所有產業、製造業和非製造業有不一樣的結果。本文發現所有產業下，企業規模與環境資訊揭露程度對ESG評級有正向影響，而製造業只有企業規模對ESG評分有正向影響，非製造業只在環境資訊揭露對ESG評分有正向影響。在碳排放濃度的部分，不論全產業或製造業與否，環境資訊揭露程度皆對碳排放濃度呈現正向顯著的結果。而企業規模對碳排放濃度沒有一致性的效果。最後本文根據研究結果，討論相關的政策與建議。本文認為我國的相關法規可以參照歐盟近年來頒布的ESG法規，例如Directive 2014/95/EU和SDFR針對企業ESG資訊加以規範。ESG評鑑的部分，則可以參照天下CSR評鑑的企業規模分級來評估各個企業的ESG表現。透過政府與民間的同心協力，逐步改善我國企業漂綠行為的可能，並促進企業實質層面的減碳行動。 ;There is a branch of literature discussing the relationship between corporate financial performance and corporate ESG rating, but only a few hinge upon the reality of corporate ESG behavior and the current ESG rating system. This study takes firm size and the degree of corporate ESG information disclosure as main dependent variables, using total assets, revenue, number of employees, and market capitalization as controls for firm size and corporate GRI standard completion rate as proxy for corporate ESG information disclosure. Controlling for financial variables, namely return on assets (ROA), debt-to-equity ratio (D/E), leverage, and goodwill, this article utilizes corporate ESG score and carbon emission density to represent the symbolic and real actions of corporate sustainability, respectively. Corporate ESG scores are sourced from the ESG rating of Taiwan Stock Exchange, and carbon emission is universally perceived as an important index to measure sustainable actions. To further research on the differences across industries, this study analyzes and compares manufacturing to non-manufacturing industries (excluding the financial industry). This research finds different results in all industries, as well as between manufacturing and non-manufacturing industries. For all industries, firm size and the degree of environmental information disclosure have a positive effect on ESG ratings. In the manufacturing industry, specifically, only firm size has a positive effect on ESG ratings, while in the non-manufacturing industry, only environmental information disclosure bears a positive effect on ESG ratings. Regarding carbon emission concentration, the degree of environmental information disclosure has a positive and significant effect on carbon emission concentration whether all, manufacturing, or nonmanufacturing industries are considered. However, firm size does not have an unanimous effect on carbon emission concentration.Based on the results, this study makes several policy recommendations. This paper believes that Taiwan’s regulations can draw reference to the ESG regulations promulgated by the EU in recent years, such as Directive 2014/95/EU and SDFR, to further regulate corporate ESG information. As regards ESG evaluation, ESG performance of individual firms can be evaluated under the corporate scale of Excellence Corporate Social Responsibility. Through the concerted efforts of the government and private sectors, Taiwan will gradually reduce the possibility of greenwashing behaviors and promote substantive actions on carbon reduction for enterpris.
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