本研究以赤道原則 (Equator Principles,以下簡稱EP) 的角度,探討機構投資人認為EP在投資決策的有用性,銀行企業社會責任 (Corporate Social Responsibility,以下簡稱CSR) 績效高低對於簽署EP的影響,以及銀行採行 EP 的評價為何。 針對北部地區具有相當投資經驗之基金經理人以及壽險公司投資部人員共計173位,以實驗設計的方式進行測驗。本研究結果發現,(1)機構投資人普遍認為EP在投資決策的有用性皆小於財務資訊、治理資訊以及CSR資訊,(2)在銀行的CSR績效皆高於同業時,機構投資人對銀行有無簽署EP的評價不會有顯著的差異,(3)在銀行的CSR績效低於同業時,機構投資人對銀行有簽署EP的評價顯著高於沒有簽署EP的評價。本研究進一步發現,機構投資人對於銀行有簽署EP的評價顯著高於沒有簽署EP的評價。
This study disscussed on the usefulness of Equator Principles (EP) for institutional investors when making investment decisions. The research compared the effect of Corporate Social Responsibility (CSR) performance and the evaluation of adopting the EP for bank. We used the experimental design method to analyze the 173 institutional investors who had quite investment experience in the northen region of Taiwan.The result of this study were as follow: First, the institution investors generally regarded the usefulness of the EP in the investment decision-making was lower than financial information, governance information and CSR information. Second, when bank’s CSR performance was higher than the average of industry, the institutional investors evaluated the effect of adopting EP or not, there will be no significant difference. Third, when bank’s CSR performance was lower than the average of industry, the institutional investors evaluated the effect of adopting EP was significantly higher than did not adopt EP. This study further found that the institutional investors evaluated higher P/E ratio of bank, which adopted the EP than the bank did not adopt EP.
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