探討台灣 ESG 評等與股票表現：台灣半導體與傳統產業的比較研究

Abstract

這項研究探討了台灣ESG績效與股價波動之間的行業互動，重點關注半導體和傳產行業。做出明智的投資決策需要了解行業對ESG績效的影響，這在台灣日益注重可持續投資的背景下變得愈加重要。該研究特別旨在回答三個關鍵問題：首先，ESG績效是否對半導體和傳產行業的股價動態有重大影響，重點關注半導體行業在可持續發展上的更高承諾與傳產行業在ESG採用上較慢的進展。其次，研究探討了股價如何對這些行業的ESG衝擊作出反應，評估依賴創新的行業，如半導體，是否比傳產行業更快對ESG變化作出反應。第三，該研究研究了宏觀經濟變數，如利率和通脹，如何調節ESG績效與股價之間的關係，無論是在傳產行業還是半導體行業中。鑑於全球ESG資產預計到2026年將超過33.9萬億美元，了解ESG合規性如何影響不同行業的財務表現變得至關重要。這項研究為擴展有關行業、財務績效和ESG因素之間關係的文獻貢獻，特別是在台灣動態市場中的應用。

This research looks at the interaction of sectoral ESG performance with stock returns in Taiwan, focusing on semiconductors and traditional industries. Investing wisely requires understanding the sectoral implications of ESG performance, becomes increasingly important as Taiwan's commitment to sustainable investing increases. The study aims to answer three major research questions. First, does ESG performance significantly impact stock returns in semiconductor and traditional industries, especially semiconductor sector's greater commitment to sustainability, and the slow ESG adoption of traditional industries? The second question looks closely at whether stock prices react to ESG shocks in these sectors and does an industry that relies on innovation (which semiconductor companies do) react faster to ESG changes than traditional companies. Third, does inflation and interest rates and such macroeconomic variables influence a moderating relationship between ESG performance and stock prices across traditional and semiconductor industry? With worldwide ESG assets expected to exceed $33.9 trillion by 2026, it is important to understand how ESG compliance influences financial performance.