ESG重大議題與法人持股：對公司價值的綜合影響分析

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题名:	ESG重大議題與法人持股：對公司價值的綜合影響分析
作者:	王俊皓;Wang, Chun-Hao
贡献者:	財務金融學系
关键词:	企業社會責任;ESG;漂綠;Corporate Social Responsibility;ESG;Greenwash
日期:	2024-07-16
上传时间:	2024-10-09 16:23:21 (UTC+8)
出版者:	國立中央大學
摘要:	本研究主要探討企業在永續報告書中重大議題矩陣上所列出之議題種類，以及相對位置與公司價值之關聯性，以及三大法人中的外資與非外資與公司列出之議題重大程度與公司價值之關聯性。手動蒐集 2020 及 2021 年所有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為研究資料之基礎。將每間公司所列出之議題根據 GRI 準則分成 E、S、G 三類，以及各議題於矩陣中之相對位置及比例。先建立四大區塊變數包括側重利害關係人比例(Stakeholder)、側重公司營運衝擊比例(Performance)、符合公司營運衝擊與利害關係人之一致性比例(Align)、以及重大性議題比例(Important)，後續根據各大變數中 E、S、G 各類議題所佔比例進行延伸探討。本研究發現，企業對於不同類型的關注議題，以及對議題影響及關注程度的評估差異，均會對公司價值產生影響。其中，治理相關議題對公司價值的影響尤為顯著。此外，本研究亦發現國外機構投資人能夠降低公司進行漂綠的可能性，且與企業關注之議題種類將會產生交互作用進而影響公司價值。 ;This study primarily investigates the types of issues listed on the materiality matrix in corporate sustainability reports, their relative positions, and their relationship with firm value. Additionally, it examines the association between the materiality of issues listed by companies and firm value, specifically considering foreign and domestic institutional investors. The research manually collects sustainability reports issued by all listed companies in 2020 and 2021, focusing on those containing a materiality matrix. Each company’s issues are categorized into Environmental(E), Social(S), and Governance(G) according to the GRI standards, and their relative positions and proportions within the matrix are analyzed. Four major variable blocks are established: Stakeholder Focus Ratio, Performance Impact Ratio, Alignment Ratio(consistency between company impact and stakeholder concerns), and Material Issues Ratio. Further analysis is conducted on the proportions of E, S, and G issues within each variable block. The findings reveal that the company′s focus on different types of issues and the assessment of their impact and concern levels significantly affect firm value. Governance-related issues, in particular, have a notable impact on firm value. Additionally, the study finds that foreign institutional investors can reduce the likelihood of corporate greenwashing and that their presence interacts with the types of issues the company focuses on, thereby influencing firm value.
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