臺灣博碩士論文加值系統

本研究探討2012年至2020年上市上櫃的金融業公司在ESG永續經營的投入與曝光程度對於績效指標之影響，除了分析整體的金融產業，並將金融業細分為四個子產業比較ESG與媒體曝光資訊對績效指標的影響差異。實證結果發現，不論是在整體的金融產業，或是細分為銀行業、證券業、保險業與金控業時，企業社會責任相關作為投入越高，在企業社會責任報告書或公開資訊管道上揭露，或是運用新聞媒體報導公司在永續的相關作為，對於公司績效表現皆有正向且顯著的影響。
此外，本研究運用事件研究法，衡量在COVID-19的系統性風險影響下企業社會責任投入與媒體資訊揭露對績效之影響，實證發現，COVID-19期間，金融業公司在企業社會責任中的公司治理、永續環境、第三方認證表現越佳，以及ESG報導程度越高，會顯著增加異常報酬率，而企業社會責任之公司治理、永續環境面向表現越佳，顯著降低事件後的波動度，表示公司在上述企業社會責任面向中為投資人建立良好的社會形象，會在事件發生後具有類保險的效果。
綜上所述，本研究建議金融業在規劃短、中、長程的ESG永續推動時，可以多加強各個面向的企業社會責任作為，並且適時曝光公司推動ESG永續實施情形，強化公司與利害關係人之溝通，降低利害關係人對於公司營運的資訊不對稱程度，確實有助於金融業公司在績效之表現。

This study explores the impact of ESG sustainability investment and exposure on performance indicators of listed financial companies from 2012 to 2020. In addition to analyzing the overall financial industry, the financial industry is divided into four sub-industries to compare the impact of ESG and media exposure on performance indicators. Empirical results found that whether the financial industry in the whole, or it is subdivided into banking, securities, insurance and fubon financial industry, the higher corporate social responsibility related as input, the corporate social responsibility report or public information on pipeline, or use news media company in sustainable related as for corporate performance is positive and significant influence on the performance.
In addition, this research using event study method, measured in COVID - 19 of systemic risk information disclosure under the influence of corporate social responsibility investment and media, the influence on the performance of the empirical found that COVID - 19, finance companies in corporate social responsibility in corporate governance, sustainable environment, third-party certification performance is good, and the higher the degree of ESG report, The better performance of corporate governance and sustainable environment aspects of CSR will significantly reduce the volatility after the event, indicating that the company's establishment of a good social image for investors in the above CSR aspects will have an insurance-like effect after the event.
To sum up, this study suggested that the financial industry in planning a short, medium and long-term sustainability of ESG push, can strengthen the corporate social responsibility as each face, and timely exposure company promote ESG sustainable implementation situation, strengthen the company and the interested party of the communication, reduce the interested party to the company operating the degree of information asymmetry, it does contribute to the performance of financial companies.

中文摘要 i
Abstract ii
誌 謝 iii
目錄 iv
表目錄 v
圖目錄 vii
壹、 緒論 1
一、 研究動機與背景 1
二、 研究問題 4
三、 研究架構 5
貳、 文獻回顧 6
一、 金融業經營績效之相關研究 6
二、 企業社會責任與ESG永續發展之相關研究 11
三、 媒體聲譽之相關研究 14
四、 事件研究法之相關研究 16
參、 研究方法 18
一、 樣本說明 18
二、 公開訊息量化指標建立 20
三、 企業社會責任指標建立 24
四、 金融業績效指標 26
五、 事件研究法之應用 30
六、 控制變數 32
七、 研究模型 34
肆、 實證結果與分析 38
一、 敘述性統計 38
二、 相關係數分析 42
三、 迴歸分析 45
四、 穩健性分析 55
五、 事件研究法 66
伍、 結論 73
參考文獻 75
一、 中文文獻 75
二、 英文文獻 77

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