本研究旨在探討ESG（環境、社會與公司治理）評分對台灣IPO（首次公開發行）企業股價報酬及企業價值之影響。隨著全球永續發展趨勢與政策推動，ESG已成為投資人評估企業風險與潛力的重要依據。然而，目前針對IPO企業的ESG影響之研究相對稀少，故本研究聚焦於2016年至2022年間台灣283家IPO公司，採用TEJ資料庫之TESG評分作為衡量指標，分析其對IPO後不同期間股價報酬與Tobin’s Q企業價值指標的影響。
研究結果顯示，整體ESG評分對IPO後短中期股價報酬並未呈現顯著影響，僅科技產業與ROE對報酬率具有穩定解釋力；惟公司治理構面(GOV)在部分模型中對一年期股價表現具有正向影響。另一方面，在企業價值部分，整體ESG評分在短期（掛牌後一個月至一年）反呈負相關，但社會（SOC）與公司治理構面則在中長期對Tobin’s Q具正向顯著影響，顯示ESG資訊之揭露在企業價值評估上可能具有延遲效果與構面異質性。
本研究結果對於監管機構、投資人及企業於永續政策制定與投資決策上具有實務與政策意涵，顯示ESG揭露於台灣IPO市場仍處於價值轉化初期階段，未來可持續觀察其市場反映與制度完善之互動演進。

This study investigates the impact of Environmental, Social, and Governance (ESG) scores on stock returns and firm value of IPO (Initial Public Offering) companies in Taiwan. Amid growing global emphasis on sustainable development, ESG performance has become a key indicator for assessing corporate risk and long-term value. However, little empirical research has examined ESG's influence in early capital markets, particularly for newly listed firms. Using data from 283 Taiwanese IPO firms between 2016 and 2022, this study employs ESG scores from the TESG database by TEJ to assess their effects on post-IPO stock returns and Tobin’s Q over various time horizons.
The findings reveal that aggregate ESG scores do not significantly influence short- to medium-term stock returns. Instead, return on equity (ROE) and classification as a tech firm were consistent predictors of higher performance. Notably, the governance (GOV) component shows a positive association with one-year stock returns. Regarding firm value, while total ESG scores show a negative correlation in the short term, both social (SOC) and governance (GOV) dimensions positively affect Tobin’s Q in the medium to long term. This suggests a delayed market response and heterogeneous effects across ESG dimensions.
These results offer practical and policy implications for regulators, investors, and corporate managers, indicating that while ESG disclosures may not yet be fully priced in Taiwan’s IPO market, their importance in valuation is emerging, especially in long-term perspectives.

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