隨著人們對環境更加重視，ESG（Environment、Social、Governance）的觀念在金融市場也逐漸普及，此次疫情更是凸顯那些高度ESG企業具有較佳的抗跌能力，也成為投資人及外資在尋找投資標的時之重要非財務性指標之一。金融監督管理委員會（簡稱金管會）辦理之公司治理評鑑對於台灣之所有上市及上櫃公司評比具有一致性，於2020年開始「公司治理3.0—永續發展藍圖」（2021-2023年）之3年計畫，陸續將ESG之相關指標納入該評鑑中，故本研究選擇以金管會辦理之公司治理評鑑的宣布作為研究事件標的。過去學術研究發現公司治理愈好的公司，投資人將願意支付更多溢酬，故其股票價值會愈高的概念。本研究列入所有上市公司作為研究對象，並將其排名級距異動（上升或下降）納入考量，以第三屆（2017年公布）及以後各屆公布所有上市公司，以「事件研究法」將公司級距異動（升級或降級）與股價之關聯性進行實證研究。本研究實證結果上市公司上升至第一級距（<=5%）及第二級距（6%~20%），因投資人可能在消息公告前已有預期心理，於事件日及事件日前有對公司股價產生正向的顯著累積異常報酬，可作為投資人參考及篩選投資標的的指標之一，亦或提高公司對治理評鑑及ESG成本投入之意願。

As people become more environmentally conscious, the concept of ESG (Environment, Social, Governance) is gradually gaining popularity in the financial market. The recent pandemic has highlighted the better resilience of highly ESG-focused companies, making it an important non-financial indicator for investment when investors and foreign capital look for investment targets. The Corporate Governance Evaluation conducted by the Financial Supervisory Commission (FSC) has consistency in evaluating all listed and OTC companies in Taiwan. Starting in 2020, the three-year plan of "Corporate Governance 3.0 - Sustainable Development Roadmap" (2021-2023) has gradually incorporated ESG-related indicators into the evaluation. Therefore, this research chooses the Corporate Governance Evaluation conducted by the FSC as the research target event. Past academic research has found that investors are more willing to pay higher prices to invest in companies with better corporate governance, allowing those companies to enjoy relative higher stock values. This study includes all listed companies as the research subjects, and incorporates their ranking range changes (up or down) into consideration, using the "event study" to conduct research on the correlation between the company ranking range changes (upgrading or downgrading) and stock price variations for all listed companies announced in the third (2017) and subsequent editions. The empirical results of this research show that when listed companies rise to the first ranking range (<=5%) and the second ranking range (6%~20%), investors may have anticipated the news beforehand, resulting in significant positive cumulative abnormal returns on and before the event day. This can serve as an indicator for investors to refer to and screen investment targets, or to increase the willingness of companies to invest in corporate governance evaluation and ESG costs.

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