| 摘要: | 環境、社會和公司治理(Environmental, Social, and Governance,
ESG)是近年來備受矚目的議題。因此，本研究針對台美半導體產
業探討環境(E)、社會(S)和治理(G)對其績效的影響。本研究以2013
年到2022年之美國、台灣半導體產業公司為研究對象。採用隨機
邊界法(Stochastic Frontier Approach, SFA)分別估計E、S、G 及特
徵變數對美國、台灣半導體產業績效之影響；之後採共同隨機邊界
法(Stochastic Metafrontier Approach, SMA)進行比較美國、台灣半導
體產業之技術缺口比率(Technology Gap Ratios, TGR)及共同邊界
技術效率(Meta-Froniter Technical Efficiency, MTE)。實證結果顯示
落實環境保護有助於提升台灣半導體產業之技術效率，反之，美國
半導體產業落實環境保護會增加成本，進而降低其技術效率；而提
升社會責任會增加企業運營成本，降低台灣半導體產業之技術效
率，美國半導體產業落實社會責任則有助於提升其技術效率；強化
公司治理亦會提升台灣半導體產業、美國半導體產業之技術效率。
無論是技術缺口效率(TGR)或共同技術效率(MTE)，台灣半導體產
業效率優於美國半導體產業效率。
In recent years, there has been a significant increase in the attention paid to
environmental, social, and governance (ESG) issues. This study therefore investigates the
impact of environmental (E), social (S), and governance (G) factors on the performance
of the semiconductor industry in Taiwan and the United States. The study focuses on
semiconductor companies from 2013 to 2022 in these two countries. The Stochastic
Frontier Approach (SFA) is employed to separately estimate the effects of E, S, G, and
characteristic variables on the performance of the semiconductor industry in both the US
and Taiwan. Subsequently, the Stochastic Metafrontier Approach (SMA) is used to
compare the Technology Gap Ratios (TGR) and Meta Technical Efficiency (MTE)
between the US and Taiwan semiconductor industries. Empirical results show that
implementing environmental protection helps to enhance the technical efficiency of
Taiwanese semiconductor industry, whereas in the US, implementing environmental
protection increases costs and thus reduces technical efficiency. Conversely, enhancing
social responsibility increases operating costs and reduces the technical efficiency of
Taiwanese semiconductor industry, while in the US, implementing social responsibility
helps to improve its technical efficiency. Furthermore, the strengthening of corporate
governance also enhances technical efficiency in both the Taiwanese and US
semiconductor industries. Regardless of whether the analysis is conducted using TGR or
MTE, the efficiency of the Taiwanese semiconductor industry is found to be superior to
that of the US semiconductor industry. |
