台灣金融業ESG與財務指標對股價報酬的影響

氣候變遷、淨零等環境保護與社會議題受到國際重視，企業經營已經不能僅看獲利，企業社會責任(Corporate Social Responsibility,簡稱CSR)已逐漸演變成檢視企業中長期經營的重要指標。由於CSR概念抽象沒有嚴謹的標準及規範，所以漸漸演變出永續發展ESG的議題代表具體的行動準則；因此在討論企業社會責任之時，應該由 ESG（環境、社會、公司治理）說起，ESG是邁向永續發展的重要課題。現今國際社會大型投資機構評估投資決策時不僅看 EPS同時也注重ESG的表現，這個概念希望引導企業與社會追求永續發展重視E(環境)S(社會)G (公司治理) 議題。近年來ESG在台灣投資市場已成為主流趨勢，我國金管會參酌歐、美等國家經驗，積極推展–綠色金融行動方案2.0與公司治理3.0，並將TCFD指標導入國內的銀行業、保險業、證券業之中。本論文希望透過相關實證的探討，進一步了解本國銀行ESG落實程度高低其財務指標對股價報酬的影響，以作為ESG永續金融政策的參考。

關鍵字

企業社會責任；永續發展；綠色金融；財務指標；股價報酬

並列摘要

Environmental protection and social issues such as climate change and net zero have received international attention. Corporate operations can no longer be based on profit alone. Corporate social responsibility (CSR) has gradually evolved into an important indicator for examining medium- and long-term business operations. Since the concept of CSR is abstract without strict standards and norms, the topic of sustainable development of ESG has gradually evolved to represent a specific code of conduct; therefore, when discussing corporate social responsibility, ESG (environment, society, and corporate governance) should be mentioned. ESG is an important topic towards sustainable development. Nowadays, large investment institutions in the international community not only look at EPS but also pay attention to the performance of ESG when evaluating investment decisions. This concept has become a mainstream trend in Taiwan's investment market in recent years. The international community is using the influence of the financial market to guide enterprises and society to pursue sustainability. Development attaches great importance to E (Environment) S (Social) G (Corporate Governance). In recent years, ESG has become a mainstream trend in Taiwan's investment market. my country's Financial Regulatory Commission, taking into account the experience of countries such as Europe and the United States, actively promotes - Green Finance Action Plan 2.0 and Corporate Governance 3.0, and introduced the TCFD indicator into the domestic banking, insurance and securities industries. This paper hopes to further understand the impact of domestic banks' ESG implementation level and their financial indicators on stock price returns through relevant empirical discussions, so as to serve as a reference for ESG sustainable financial policies.