- 學位論文
ESG表現較佳之中國大陸上市公司股價報酬之研究
A Study of Stock Return Performance on Firm’s ESG Evidence from China
摘要
中國大陸是除了美國以外，全球第二大獨立經濟體，最近幾年ESG已成為中國大陸政府關注的焦點，“十四五”規劃和2035年遠景目標綱要皆強調綠色發展理念。本研究檢驗「2022福布斯中國ESG50強榜單」以定期定額及微笑曲線投資中國大陸上市股票、成分股指數，與指數股票型基金在不同投資期間下之報酬率、年化報酬率、平均數、標準差及報酬風險比率，並探討績效「在相同投資期間投資不同產業」與使用「微笑曲線」之差異分析，再討論報酬率對績效之影響及報酬率對風險之影響。 藉由定期定額研究顯示，挑選ESG表現優良的上市公司之投資績效較有機會勝過大盤。彙整研究結果，微笑曲線可用於投資，並且可以規避風險增加獲利，並且中國平安、海螺水泥、隆基綠能、榮盛石化、長城汽車、伊利股份與國泰永續高股息皆是對於長期投資較佳之企業。
並列摘要
China is the second largest independent economy in the world after the United States. In recent years ESG has become the focus of attention of the Chinese government. Green development is a concept that emphasizes on Fourteenth Five-Year Plan and 2035 long-term target outline. This study examines the "2022 Forbes China ESG 50 List" Invest in listed stocks in China with Dollar-Cost Averaging and Smiling Curve. Evaluating the performance of under different investment periods annualized rate of return, and reward-to-risk ratio. And discuss the performance difference analysis of "investing in different industries during the same investment period" and using the "smile curve", and then discuss the impact of the rate of return on performance and the impact of the rate of return on risk. According to regular quantitative research, the investment performance of selected listed companies with excellent ESG performance has a better chance of outperforming the market. Summarizing the research results, the smiling curve can be used for investment, and can avoid risks and increase profits, and Ping An, Conch Cement, Longi Green Energy, Rongsheng Petrochemical, Great Wall Motor, Yili and Cathay Pacific Perpetual High Dividend are all relatively high dividends for long-term investment. Excellent enterprise.
參考文獻
延伸閱讀
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