本研究的動機和背景是探討2020年至2022年疫情期間，公司治理評鑑結果及ESG報告書評分得獎結果是否對公司價值有正向影響，目的在研究公司面臨不尋常黑天鵝事件時，各項評鑑指標對公司價值是否依然具鑑別性。本論文採用定量研究法，收集樣本為所有上市公司（刪除金融業、未參與公司治理評鑑及值缺漏之公司），樣本總數為2517筆資料。本研究以Tobin's Q做為公司價值，以公司治理中心所發布的公司治理評鑑結果為公司治理的分數結果，並以臺灣永續能源基金會所發佈的ESG報告書評分得獎結果做為本次研究的數據來源。依此設定了二個假說：假說1認為公司治理評鑑結果對公司價值的影響為正向，結果表明該假說成立；假說2認為ESG報告書評分得獎結果對公司價值的影響為正向，但結果顯示該假說不成立。通過這些結果可以得出結論：假說1成立，表明公司治理評鑑可以作為公司價值的觀察指標。假說2不成立，顯示ESG報告書評分得獎結果對公司價值並無影響。綜上所述，公司治理對公司價值有顯著的正向影響，驗證了公司治理對提升公司價值的重要性。

The motivation and background of this study are to explore whether corporate governance evaluation results and ESG report awards had a positive impact on company value during the pandemic period from 2020 to 2022. The purpose is to examine whether various evaluation indicators still have distinguishing power on company value when companies face unusual black swan events. This thesis adopts a quantitative research method, collecting a sample of all listed companies (excluding financial industry, companies not participating in corporate governance evaluations, and those with missing values), with a total sample size of 2,517 data points.
This study uses Tobin's Q as a measure of company value, the corporate governance evaluation results published by the Corporate Governance Center as the corporate governance score, and the ESG report awards released by the Taiwan Institute for Sustainable Energy as the data source.
Two hypotheses were set accordingly: Hypothesis 1 posits that the corporate governance evaluation results positively affect company value, and the results confirm this hypothesis. Hypothesis 2 suggests that the ESG report awards positively affect company value, but the results show that this hypothesis is not supported.
From these results, it can be concluded that Hypothesis 1 is supported, indicating that corporate governance evaluations can serve as an indicator of company value. Hypothesis 2 is not supported, showing that ESG report awards do not impact company value. In summary, corporate governance has a significant positive impact on company value, confirming the importance of corporate governance in enhancing company value.

包沂靄（2022）。ESG對公司價值之影響。碩士論文。中原大學。
花于婷（2021）。公司治理評鑑結果對公司價值與公司經營績效之影響效果分析。碩士論文，銘傳大學。
林增薇（2023）。ESG績效對公司價值之影響-以台灣上市櫃公司為例。碩士論文。嶺東科技大學。
何宛玲（2024）。ESG與企業績效之關聯：以金融業為例。碩士論文，世新大學。
施欽倚（2022）。公司治理評鑑結果與公司經營績效及價值的關連性分析。碩士論文，國立陽明交通大學。
陳欣懋（2023）。ESG、品牌價值與企業價值之關聯性探討 - 以家電業為例。碩士論文。逢甲大學。
陳麗雅（2019）。公司治理評鑑、企業社會責任與企業價值。碩士論文。國立臺中科技大學。
甄友薇（2015）。企業社會責任報告書揭露品質之決定因素及其與公司績效之關聯性。碩士論文。國立臺灣大學。
廖敏堯（2024）。公司治理評鑑對財務績效及公司價值影響之研究-兼論股利發放之中介效果。碩士論文，國立雲林科技大學。
劉千瑜（2023）。企業社會責任表現和財務績效對於企業價值之影響： 天下永續公民獎評選之實證。碩士論文。國立臺灣大學。
蕭雨彤（2023）。ESG對企業價值的影響。碩士論文。國立中山大學。
金融監督管理委員會（2018）。新版公司治理藍圖（2018-2020），台北；金融監督管理委員會。
A Durnev & EH Kim, (2005), To steal or not to steal: Firm attributes, legal environment, and valuation, The Journal of finance, Wiley Online Library.
A Park &C Ravenel, (2013), Integrating sustainability into capital markets: Bloomberg LP And ESG's quantitative legitimacy, Journal of Applied Corporate Finance, Wiley Online Library.

Black, Bernard S., et al., (2006), Does Corporate Governance Predict Firms’ Market Values? Evidence from Korea. Journal of Law, Economics, & Organization, vol. 22, no. 2, 366-413.
CSDS Lokuwaduge & K Heenetigala, (2017), Integrating environmental, social and governance (ESG) disclosure for a sustainable development: An Australian study, Business Strategy and the Environment, Wiley Online Library.
David F. Larcker, et al., (2007), Corporate Governance, Accounting Outcomes, and
Organizational Performance, SSRN. D Yermack, (1996), Higher market valuation of companies with a small board of directors,
Journal of financial economics.
EP Yu & B Van Luu, (2021), International variations in ESG disclosure–do cross-listed companies care more?, International Review of Financial Analysis, Elsevier.
Eugene F. Fama (1970), Session Topic: Stock Market Price Behavior, Journal of finance, 414.
Healy, P.M. and Palepu, K.G., (2001), Information Asymmetry, Corporate Disclosure, and the Capital Markets: A Review of the Empirical Disclosure Literature, Journal of Accounting and Economics, Vol.31, .405-440.
LD Brown & ML Caylor, (2006), Corporate governance and firm valuation, Journal of accounting and public policy, 118, 107–155.
Klapper, L. F., & Love, I., (2004), Corporate Governance, Investor Protection, and Performance in Emerging Markets. Journal of Corporate Finance, 10(5), 703-728.
Peter Jones, et al. (2015), Managing Materiality: A Preliminary Examination of the Adoption of the New GRI Guidelines on Materiality within the Business Community, Journal of
Public Affairs, 222-230.
Peter Roselle, (2016), The Evolution of Integrating ESG Analysis into Wealth Management Decisions, Wiley Online Library.
R. Edward Freeman (2010), Formulating Strategies for Stakeholders. In: Strategic Management: A Stakeholder Approach, Cambridge University Press, 126-153.
Gompers, P. A., et al. (2003), Corporate Governance and Equity Prices. Quarterly Journal of Economics, 118, 107-156.
Robert Shiller, (1981), Do Stock Prices Move Too Much to be Justified by Subsequent Changes in Dividends? , The American Economic Review, vol.71 , 434.
上報，2020。【2020國際新聞Top 9】 美股融斷又創新高 史上首見負油價。檢自https://www.upmedia.mg/news_info.php?Type=3&SerialNo=102340
中央社，2022。台積電發連結ESG限制股票 魏哲家獲236張市值1.4億。檢自https://www.cna.com.tw/news/afe/202203250400.aspx
公司治理中心，2017。臺灣指數公司與FTSE Russell於12月18日共同發布臺灣永續指數(FTSE4Good TIP Taiwan ESG Index)，為推動臺灣永續投資發展開創新的里程碑。檢自https://cgc.twse.com.tw/pressReleases/promoteNewsArticleCh/2107
行政院，2018。《公司法》修正—鼓勵新創，加速投資。檢自https://www.ey.gov.tw/Page/5A8A0CB5B41DA11E/231434df-34a0-48ce-8769-5ca6a8a6dbe6
金融監督管委員會，2018。新版公司治理藍圖(2018~2020)。檢自https://www.sfb.gov.tw/ch/home.jsp?id=885&parentpath=0,8,882,884
金融監督管委員會，2020。公司治理簡介。檢自https://www.sfb.gov.tw/ch/home.jsp?id=882&parentpath=0,8
奇摩股市，2024。2603個股資訊。檢自https://tw.stock.yahoo.com/quote/2603.TW
維基百科，2023。2021年國際大事回顧。檢自https://zh.wikipedia.org/zh- tw/Wikipedia:2021%E5%B9%B4%E5%9C%8B%E9%9A%9B%E5%A4%A7%E4%BA%8B%E5%9B%9E%E9%A1%A7
衛生福利部，2023。COVID-19 防疫關鍵決策時間軸。檢自https://covid19.mohw.gov.tw/ch/sp-timeline0-205.html