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    題名: 從歐盟永續金融揭露規範檢視台灣資產管理永續揭露及永續基金發展之研究
    The Sustainable Disclosure Analysis of Asset Management and ESG Fund in Taiwan from Perspective EU Sustainable Finance Disclosure Regulation
    作者: 黃智偉
    Huang, Chih-Wei
    貢獻者: 黃正忠
    王儷玲
    Huang, Niven C.C.
    Wang, Li-Ling
    黃智偉
    Huang, Chih-Wei
    關鍵詞: 永續金融揭露規範
    環境社會公司治理
    永續投資
    共同基金
    漂綠
    SFDR
    ESG
    Sustainable Investment
    Mutual Fund
    Greenwashing
    日期: 2022
    上傳時間: 2022-09-02 14:53:27 (UTC+8)
    摘要: 依全球永續投資聯盟 (Global Sustainable Investment Alliance)截至2020年統計，全球永續投資的資產規模已經達35.3兆美元占全球專業管理資產規模的35.9%，隨著愈來愈多資金的流入，業者也紛紛嗅到此龐大的商機，因此永續議題的金融產品也在市場中快速崛起，但在相關法令規範尚未完備的情況下，魚目混珠的假永續的產品也陸續出現在投資市場，為了杜絕假永續的漂綠產品，政府開始積極著手進行法令的修訂，歐盟永續金融揭露規範 (SFDR)的頒布為此立法開啟了第一個好的典範。
    台灣共同基金業者也跟上這波永續及ESG潮流，從2019年起相繼發行及推廣以永續或ESG為名的基金產品，台灣主管機關同樣為避免漂綠行為，也相繼提出相關ESG基金揭露的審查監理規範，唯此規範僅為初階段的揭露的雛形。因此在台灣尚未有完整的投信及投顧事業ESG揭露規範及相關立法前的研究準備，透過本研究對歐盟永續金融揭露規範 (SFDR)的解析及對比台灣現行的揭露規範，發現台灣的永續揭露規範需加緊腳步並強化揭露內容，本研究之結論可以提供未來增訂相關永續揭露規範時的參考。
    金融機構在共同基金銷售扮演重要角色，近年來金融機構也隨著永續的潮流開始倡議永續金融，也在其財富管理業務導入永續及ESG基金的推廣。適逢SFDR產品分類規範的頒布，並在台灣尚未有相關分類的研究，本研究特別針對2021年12月31日在台灣核准的1,008檔，規模達新台幣3.89兆的境外基金，依SFDR分類做相關解析。發現台灣仍有高達五成以上的基金分布在SFDR第六條及未揭露的商品上，且2021年銷售資金淨流入第六條及未揭露的商品的比例高達61.3%，因此透過本研究之結論可以作為通路調整其基金資產結構及銷售行為，讓通路共同基金業務朝永續的方向繼續前進。
    永續投資對於資產管理業者而言已經成為不可逆的趨勢，而國內業者對於如何建構一個完整的永續投資架構及流程仍處於非常初期的階段。因此以法銀巴黎資產為達永續投資目標及符合透明揭露規範的實證，提供給國內業者發展永續投資時參考的對象。
    依本研究結果顯示，彙整為下述重要結論:
    (1)現行ESG基金揭露法規僅限特定產品(約占總基金檔數的3%)且揭露規範未包含公司層面，因此建議由主管機關(金管會)可以參酌SFDR並整合現行揭露規範並研擬成「台灣版的永續金融揭露規範」讓業者遵循。
    (2)經由SFDR產品分類規範與台灣境外基金資料分析結果，發現在台灣銷售的境外基金產品，在2021年淨銷售的狀況，仍有超過60%以上在SFDR第六條及未揭露的產品上，相較於歐洲在2021年第四季淨流入至第六條及未揭露的資金僅占整體的36%，在銷售機構持續倡議永續金融的當下，須轉型提高銷售或轉移資產至SFDR第八條及第九條的基金產品上。
    (3)檢視目前台灣資產管理業，除了有國外集團背景的業者有較完整的永續發展政策，其餘業者的發展都屬於剛起步階段，包含對於第三方ESG資訊的依賴及非專職的永續投資人員以及缺乏公司整體的永續策略等，甚至仍有近三成機構投資人截至2021年仍尚未制定自身的永續投資評估流程。因此，藉由對法銀巴黎資產發展永續投資的實證分析，提供國內業者發展永續投資的參考對象。
    According to the 2020 statistics issued by Global Sustainable Investment Alliance, the asset size of global sustainable investment has reached to 35.3 trillion US dollars, account for 35.9% of the global professional managed assets. With more financial institutions start to involve in this trend and participate this huge business opportunity, the “fake” sustainable theme related product has emerged in the market. In order to regulate and prevent this “fake” sustainable product, the government has begun to modify the regulation and the EU Sustainable Finance Disclosure Regulation (SFDR) became the first legislation in this field.
    Taiwan’s asset management industry has also kept up with this new trend of sustainability and ESG theme. Since 2019, most of the financial institutions have issued and promoted mutual fund products in the name of Sustainable or ESG. In order to avoid the “greenwashing “, Taiwan regulator has proposed new regulation of reviewing and supervising the ESG products, but at this stage, the regulation is only served as simple disclosure purpose. Through this thesis, it will explore the EU’s sustainable regulation and comparison with Taiwan existing disclosure rule and the urgency for Taiwan catch up with more comprehensive relevant sustainable disclosure regulation in the future.
    In addition, financial institutions play an important role in mutual fund sales, and in recent years, financial institutions have also begun to advocate sustainable investment inline the sustainability trend. All wealth management department of banks start to include and promote the sustainable/ ESG related funds. Last year EU announced the SFDR Product Classification, but such classification and study is not available in Taiwan. This thesis will analyze the 1,008 approved offshore funds with total size of NT$3.89 trillion in Taiwan as of December 31, 2021, with SFDR classification for relevant study. As the study result, It shows that 50% to 60% of the funds in Taiwan are distributed in SFDR Article 6 and undisclosed, so the conclusions of this study can be used to adjust the asset structure and sales behavior of sustainable funds, so that the mutual fund company can continue to move forward in the right direction of true sustainability.
    Sustainable investment has become an irreversible trend for asset managers, while domestic players are still in a very early stage of how to construct a complete sustainable investment structure and process. With BNP Paribas Asset Management expertise on sustainable investment and we propose a rigorous and complete structure and process through this thesis, which can be used as a reference for domestic players to develop sustainable investment in the future.
    1.The current ESG fund disclosure regulations are limited to specific products (about 3% of the total number of funds) and the disclosure specification does not cover at the company level, therefore it is recommended that the regulator (FSC) may refer to the SFDR and integrate into current disclosure regulation and develop a Taiwan version of the Sustainable Financial Disclosure Regulations.
    2.Through the analysis of SFDR product classification and offshore fund data, it is found that, more than 50% to 60% of the offshore fund products net sales in Taiwan are allocate in SFDR Article 6 and undisclosed. Compare with Europe, net sales not on to SFDR Article 6 and undisclosed account for 36%. When the distributor continues to advocate sustainable finance, it is necessary to transform and enhance the sales figure to inline SFDR Articles 8 and 9.
    3.Oversee the current asset management industry in Taiwan, except for those with foreign group background who have a relatively complete sustainable development policy, the rest of the asset manager is still in infancy, including the dependence on third-party ESG information and the non-professional sustainable investment personnel and lack of the company`s sustainable strategy etc. Through the analysis of the sustainable investment procedure of BNP Paribas Asset Management, it provides a good reference for domestic players to develop sustainable investment.
    參考文獻: 林盈秀 (2021)，歐盟祭三項規範剷除漂綠金融產品-台版永續分類標準上路後企業該如何因應?，台達電子文教基金會。
    檢自http://www.delta-foundation.org.tw/blogdetail/3186 (22. Sep.2021).

    中華民國證券投資信託暨顧問同業公會 (2022)，共同基金銷售關鍵資訊-熟知KYC、KYP，與客戶共贏手冊，Page10-13。

    中華民國證券投資信託暨顧問同業公會 (2021)，境內外基金各項資料。
    檢自http:// SITCA (31. Dec.2021)

    元大投信 (2022)，元大台灣ESG永續ETF基金2022年5月月報。

    王儷玲 (2020)，高穩定兼永續性 退休理財的新選擇ESG投資，錢雜誌。
    檢自http://高穩定兼永續性 退休理財的新選擇ESG投資- Money錢雜誌 (moneynet.com.tw) (24. Sep.2020).

    王儷玲 (2022)，ESG投資讓永續與獲利雙贏，Smart自學網。
    檢自http://ESG投資讓獲利與永續雙贏- Smart自學網-財經好讀-保險-達人開講- (退休金,ESG,綠色債券) (businessweekly.com.tw) (1. March.2022)

    王儷玲 (2022)，拒當通膨升息下的「下流老人」，退休理財再進化，ESG永續投資成為世界新顯學，錢雜誌。
    檢自http://拒當通膨升息下的「下流老人」！退休理財再進化，ESG永續投資成世界新顯學-Money錢雜誌 (moneynet.com.tw) (1. March.2022)

    台灣指數公司 (2022)，指數看板-台灣永續指數。
    檢自http://www.taiwanindex.com.tw/index/index/F4GTTE

    台灣證券交易所公司治理中心 (2022)，盡職治理守則。
    檢自http:// TWSE公司治理中心

    法銀巴黎投顧 (2022)，公開說明書-永續投資政策，Page19-20。

    金融監督管理委員會 (2021)，ESG相關主題投信基金之資訊揭露事項審查監理原則。檢自http://證券暨期貨法令判解查詢系統 (selaw.com.tw)

    國立台北大學企業永續發展研究中心(2021)，台灣永續投資調查。

    基金資訊觀測站 (2022)，環境、社會及治理基金專區(ESG基金專區)。
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    黃志典，金融案例評析-境外基金總代理制的意義，黃志典教授個人網頁。

    黃帥升 (2021)，歐盟永續金融揭露規範(SFDR)之內涵與衝擊因應，會計研究月刊第427期。Page72。

    楊曉文 (2021)，訂定我國投信事業ESG揭露相關規範暨投信事業ESG投資與風險管理作業流程實務指引，中華民國證券投資信託暨顧問商業同業公會。

    廖淑君 (2021)，從歐盟金融服務永續揭露要求看我國永續金融之推動，中華財金中華財金法學會。
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    證券櫃檯買賣中心 (2022)，永續發展債券資訊。
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    參考文獻-(英文)
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    描述: 碩士
    國立政治大學
    經營管理碩士學程(EMBA)
    108932125
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0108932125
    資料類型: thesis
    DOI: 10.6814/NCCU202201163
    顯示於類別:[經營管理碩士學程EMBA] 學位論文

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