企業重大性議題與漂綠-台灣市場的研究

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姓名

姜仁匡(Zen-Kuang Chiang) 查詢紙本館藏

畢業系所

財務金融學系

論文名稱

企業重大性議題與漂綠-台灣市場的研究

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摘要(中)

本研究依序探討了企業永續報告書中重大議題矩陣上議題分佈與公司價值、公司財務風險之間的關聯性，以及機構投資者對矩陣中所揭露資訊的影響，最後利用重大議題矩陣揭露之資訊探詢公司進行漂綠的可能性。手動蒐集 2015 年至 2020 年所有臺灣上市櫃公司所發行之永續報告書，並擷取有繪製重大議題矩陣的報告書作為研究資料之基礎。根據重大議題於矩陣上的分布情形推測其所揭露之資訊，建立三大主要變數側重利害關係人比例 (Stakeholder)、側重公司營運衝擊比例 (Performance)、以及符合公司營運衝擊與利害關係人之一致性比例 (Align)。
本研究發現企業執行ESG/CSR出發點的不同，將會影響公司價值、公司風險的暴露情況。此外發現機構投資人具備影響企業ESG/CSR的影響力，扮演監督之角色。最後本研究自行定義企業漂綠行為的衡量方法，並且在實證模型中發現，當重大性議題矩陣在短期內從側重公司營運衝擊面向偏離越多時，公司越有可能在實行漂綠。

摘要(英)

This study investigates the relationship between the distribution of significant issues in corporate sustainability reports and company value, financial risk, and the influence of institutional investors. It also explores the possibility of "greenwashing" behavior using the disclosed information in the materiality matrix. The study collected sustainability reports from Taiwan-listed companies issued between 2015 and 2020, focusing on those with materiality matrices. Three main variables were established: stakeholder focus ratio, performance focus ratio, and alignment ratio.
The findings suggest that different ESG/CSR approaches impact company value and risk exposure. Institutional investors play a supervisory role in influencing ESG/CSR practices. Lastly, the study defined its own measurement method for company greenwashing behavior and found, in the empirical model, that when the materiality matrix deviates further from a focus on operational impacts in the short term, companies are more likely to engage in greenwashing behavior.

關鍵字(中)

★ 漂綠
★ 企業社會責任

關鍵字(英)

★ Greenwash
★ Corporate Social Responsibility

論文目次

目錄 .......................................................................................................................................................... i 表目錄 .................................................................................................................................................... ii 摘要 ........................................................................................................................................................ iii Abstract .................................................................................................................................................iv 致謝 ......................................................................................................................................................... v
第一章 1-1 1-2
第二章 2-1 2-2 2-3 2-4
第三章 3-1 3-2
緒論........................................................................................................................................1 研究背景與動機...............................................................................................................................................1 研究特徵與貢獻...............................................................................................................................................3
文獻回顧..............................................................................................................................5 企業執行 ESG/CSR 與公司價值的關聯性..........................................................................................5 企業執行 ESG/CSR 與公司財務風險關聯性......................................................................................6 機構投資人與企業執行 ESG/CSR 的關聯性 ....................................................................................... 7 重大議題矩陣與公司漂綠行為的關聯性..............................................................................................9
樣本與研究模型..............................................................................................................11 樣本.....................................................................................................................................................................11 變數說明...........................................................................................................................................................12
3-3 模型建立 ............................................................................................................................................................ 19 3-4 敘述統計...........................................................................................................................................................23
第四章實證結果............................................................................................................................25 4-1 企業執行 ESG/CSR 與公司價值之實證分析結果..........................................................................25 4-2 企業執行 ESG/CSR 與公司財務風險之實證分析結果................................................................29 4-3 機構投資人與企業執行 ESG/CSR之實證分析結果......................................................................33 4-4 重大議題矩陣與公司漂綠行為之實證分析結果..............................................................................35
第五章結論與未來建議..............................................................................................................39 附錄 ....................................................................................................................................................... 41 參考文獻 ............................................................................................................................................. 45

參考文獻

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中文參考文獻
陳泰諭(2019)。企業社會責任活動之動機層次與公司價值之關聯性。國立中央大學財務金融學系碩士論文，桃園縣。
吳筌翔(2020)。企業執行 CSR 之策略與權益資金成本之關聯性。國立中央大學財務金融學系碩士論文，桃園縣。
吳哲萱(2022)。企業重大性議題與股價資訊性之關聯性-以臺灣上市(櫃)公司為實證研究。國立中央大學財務金融學系碩士論文，桃園縣。
曹晏寧(2020)。企業執行 CSR 之策略與公司價值之關聯性。國立中央大學財務金融學系碩士論文，桃園縣。
林誼萍(2021)。機構投資人與企業 CSR 策略之關聯性_以台灣上市櫃公司為實證研究。國立中央大學財務金融學系碩士論文，桃園縣。

指導教授

李韋憲(Wei-Hsien Li)

審核日期

2023-7-24

推文