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| 論文名稱 | 台灣金融業ESG投資績效與競爭力之關聯性分析 |
| 發表日期 | 2023-06-20 |
| 論文收錄分類 | 其他 |
| 所有作者 | 曹淑琳 |
| 作者順序 | 第一作者 |
| 通訊作者 | 是 |
| 刊物名稱 | 台灣銀行季刊 |
| 發表卷數 | 第74卷 |
| 是否具有審稿制度 | 是 |
| 發表期數 | 第2期 |
| 期刊或學報出版地國別/地區 | NATTWN-中華民國 |
| 發表年份 | 2023 |
| 發表月份 | 6 |
| 發表形式 | 紙本及電子期刊 |
| 所屬計劃案 | 無 |
| 可公開文檔 |
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| 可公開文檔 |
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| 附件 |
0525台灣金融業ESG投資績效與競爭力之關聯性分析 (1).pdf
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[摘要] :
近年來，企業社會責任(CSR)與永續發展逐漸受到重視，但企業為追求成長，往往對自然環境過度需求，造成生態失衡的危機，如全球暖化、氣候變遷等。而環境變遷對企業營運績效的影響，是追求永續發展必須面對的重要課題。金融機構因為可以掌控企業資金流向，在引導全世界邁向永續經營及社會責任，扮演關鍵的角色。因此，本文嘗試透過Lerner Index來衡量台灣在落實ESG責任有世界級表現的金融業，根據Robeco SAM的資料，在2020年入選道瓊永續指數的台灣8家金融業，分別是元大金控、中國信託金控、玉山金控、第一金控、台新金控、國泰金控、中華開發金控及富邦金控，並以此八家作為樣本，透過動態追蹤資料模型(dynamic panel data model, DPD model)進行參數估計，探討這八家金控公司ESG投資績效與市場競爭力之關係，檢驗金融業ESG的投資績效對市場之有效性，為金融業者在經營策略上提供建議及實務價值。研究結果發現台灣的金控業處在獨占性競爭市場；獲利績效與ESG投資績效皆對市場競爭力有單向因果關係，且金控公司之獲利績效與ESG投資績效對市場競爭力均有顯著正向影響。在控制變數方面，市場集中度與市場占有率對市場競爭力無顯著影響；經營年數對市場競爭力有顯著正向影響；而財務槓桿對市場競爭力則無顯著影響。
[英文摘要] :
In recent years, corporate social responsibility (CSR) and sustainable development have gradually received attention. However, in order to pursue growth, companies often over-demand the natural environment, causing ecological imbalance crises, such as global warming and climate change. The impact of environmental changes on corporate operating performance is an important issue that must be faced in pursuit of sustainable development. Because financial institutions can control the flow of corporate funds, they play a key role in guiding the world towards sustainable operations and social responsibility. Therefore, this article attempts to use the Lerner Index to measure Taiwan’s financial industry with world-class performance in implementing ESG responsibilities. According to Robeco SAM’s data, the eight financial companies in Taiwan that will be included in the Dow Jones Sustainability Index in 2020 are Yuanta Financial Holdings , China Trust Financial Holdings, Yushan Financial Holdings, First Financial Holdings, Taishin Financial Holdings, Cathay Pacific Financial Holdings, China Development Financial Holdings and Fubon Financial Holdings, and take these eight as samples, through the dynamic panel data model (dynamic panel data model, DPD model) to conduct parameter estimation, explore the relationship between the ESG investment performance and market competitiveness of these eight financial holding companies, test the effectiveness of the ESG investment performance of the financial industry on the market, and provide suggestions and practices for the financial industry on business strategies value. The research results found that Taiwan's financial holding industry is in an exclusive competitive market; both profit performance and ESG investment performance have a one-way causal relationship with market competitiveness, and the financial holding company's profit performance and ESG investment performance have both effects on market competitiveness. There is a significant positive impact. In terms of control variables, market concentration and market share have no significant impact on market competitiveness; operating years have a significant positive impact on market competitiveness; while financial leverage has no significant impact on market competitiveness.
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