本研究在探討台灣金融業ESG表現與金融風險之間的關聯性，以 2015 年至 2020 年間的金融業為樣本，將其分為金控公司和非金控銀行，分別分析 ESG 整體表現以及環境保護（E）、社會責任（S）和公司治理（G）各個構面對於市場風險、個別風險、作業風險和信用風險的關聯性並納入了資產總額和權益比率作為控制變數。實證結果顯示，ESG總分在金控公司樣本中與市場風險及個別風險顯著關聯，意味著金控公司在 ESG 方面的表現能夠對其自身的價格風險產生影響，也反映良好的ESG實踐對於價格風險管理的重要性；而在ESG各個構面中，環境保護構面（E）與金控公司的信用風險有顯著的正相關，推測綠色金融業務帶來高的E分數也帶來高的信用風險；社會責任構面（S）與非金控樣本的作業風險有顯著負相關，意味著有較高的專注度及較單一的業務，相對於金控公司能夠減少掉潛在的法律風險和罰款；公司治理構面（G）與金控公司樣本中個別風險顯著負關聯，意味著擁有健全的公司治理能夠有效降低金控公司因內部管理問題而產生的個別風險；公司治理構面（G）也與非金控公司的信用風險有顯著的負關聯，表示相較於金控公司，非金控銀行的G分數越高信用風險越低。

This study investigates the relationship between the ESG performance and the risk-taking in Taiwan's financial industry. Using the financial industry from 2015 to 2020 as the sample, the institutions are divided into financial holding companies and non-financial holding banks. The study analyzes the overall ESG performance as well as the individual dimensions of Environment (E), Social (S), and Governance (G), in relation to market risk, idiosyncratic risk, operational risk, and credit risk, with total assets and equity ratio included as control variables.
The empirical results show that the overall ESG score is significantly associated with market risk and idiosyncratic risk in the sample of financial holding companies. This implies that the ESG performance of financial holding companies impacts their price risk, highlighting the importance of good ESG practices in managing price risk. Regarding the individual ESG dimensions: The E score shows a significant positive correlation with the credit risk of financial holding companies. This suggests that green finance activities, which contribute to a high E score, may also lead to a higher credit risk. The S score has a significant negative correlation with operational risk in non-financial holding banks. This implies that a higher focus and more specialized business, compared to financial holding companies, reduce potential legal risks and fines. The G score is significantly negatively associated with idiosyncratic risk in financial holding companies. This indicates that a strong corporate governance effectively reduces the idiosyncratic risk arising from internal management issues within these companies. Governance (G) also shows a significant negative correlation with the credit risk of non-financial holding banks, indicating that a higher G score in these banks is linked to lower credit risk compared to financial holding companies.

摘要...i
Abstract...ii
誌謝...iv
目錄...v
表目錄...vi
圖目錄...vii
第一章 緒論...1
1.1研究背景與動機...1
1.2研究目的...2
1.3...研究架構...3
第二章 文獻探討...5
2.1ESG的發展與規範...5
2.2國際ESG相關政策...8
2.3ESG的定義...10
2.4金融業面臨之風險...11
2.5ESG相關文獻...13
2.6ESG與銀行風險相關文獻...16
2.7ESG與銀行其他表現之文獻...18
第三章　研究方法...21
3.1研究樣本選取與資料來源...21
3.2研究變數定義...24
3.3研究模型...27
第四章 實證結果與分析...28
4.1敘述性統計分析...28
4.2相關係數分析...31
4.3回歸分析...33
第五章 結論...44
參考文獻...45

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