本研究探討新冠疫情風險、ESG風險及ESG風險管理對半導體企業股票需求之影響，選取42家半導體企業，研究期間為2021年至2022年，建構2個需求函數及2個反需求函數，並選用混合普通最小平方法進行分析。實證模型採用半導體企業股票之成交股數與價格建構需求函數與反需求函數，並加入確診病例數與死亡人數的和作為新冠疫情風險變數；ESG風險變數則是採用Sustainalytics(2022)提供之ESG議題風險分數，並將2021年與2022年的ESG風險分數差作為ESG風險管理變數。實證結果發現：（1）新冠疫情風險與半導體企業股票的成交股數與價格為負向關係。（2）ESG風險與半導體企業股票的成交股數與價格為負向關係。（3）ESG風險管理與半導體企業股票的成交股數與價格為負向關係。

This study investigates the impact of COVID-19 risk, ESG risk, and ESG risk management on the demand for semiconductor company stocks. A sample of 42 semiconductor companies is selected, and the study period ranges from 2021 to 2022. Two demand functions and two inverse demand functions are built and the analysis is conducted using the Pooled OLS regression model. The empirical model uses the trade volume and prices of semiconductor company stocks to build the demand and inverse demand functions and incorporates the total number of confirmed cases and deaths as variables for COVID-19 risk. The ESG risk variable is based on the ESG issue risk scores provided by Sustainalytics, and the difference in ESG risk scores between 2021 and 2022 is used as the ESG risk management variable. The empirical results reveal that: (1) COVID-19 risk is significantly negatively related to the trade volume and prices of semiconductor company stocks. (2) ESG risk rating is significantly negatively related to the trade volume and prices of semiconductor company stocks. (3) ESG risk management is significantly negatively related to the trade volume and prices of semiconductor company stocks.

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